Latest news with #non‐IFRS
Yahoo
3 days ago
- Business
- Yahoo
Partners Value Investments L.P. Announces Q2 2025 Interim Results
TORONTO, Aug. 15, 2025 (GLOBE NEWSWIRE) -- Partners Value Investments L.P. (the 'Partnership', TSX: TSX: announced today its financial results for the six months ended June 30, 2025. All amounts are stated in U.S. dollars. The Partnership recorded a net loss of $6.2 million for the quarter ended June 30, 2025, compared to net income of $21.6 million in the prior year quarter. The decrease in income was primarily due to unfavorable foreign currency movements as a result of the appreciation of the Canadian dollar against the U.S. dollar and higher tax recoveries recorded in the prior year quarter, partially offset by higher dividend and investment income compared to the prior year quarter. A loss of $8.6 million was attributable to the Equity Limited Partners, and income of $2.4 million was attributable to Preferred Limited Partners. On August 8, 2025, the Partnership completed a ten-for-one unit split of the outstanding equity units of the Partnership ('Unit Split'). All unit count and per-unit disclosures are presented on a post-split basis. As at June 30, 2025, the market prices of a Brookfield Corporation ('BN', NYSE/TSX: BN) and Brookfield Asset Management Ltd. ('BAM', NYSE/TSX: BAM) share were $61.85 and $55.28, respectively. As at August 14, 2025, the market prices of a BN and BAM share were $65.60 and $62.11, respectively. Consolidated Statements of Operations For the period ended June 30, Unaudited(Thousands, US dollars) Three months ended Six months ended 2025 2024 2025 2024 Investment income Dividends $ 26,241 $ 23,429 $ 52,800 $ 47,456 Other investment income 6,450 4,160 13,629 8,195 32,691 27,589 66,429 55,651 Expenses Operating expenses (1,048 ) (1,301 ) (2,400 ) (3,738 ) Financing costs (2,501 ) (2,545 ) (4,918 ) (5,026 ) Retractable preferred share dividends (11,567 ) (10,223 ) (21,608 ) (19,959 ) 17,575 13,520 37,503 26,928 Other items Investment valuation (loss) gain (1,218 ) 443 5,994 1,367 Amortization of deferred financing costs (1,246 ) (871 ) (2,158 ) (1,755 ) Foreign currency (loss) gain (19,757 ) 5,398 (19,881 ) 14,297 Current tax (expense) recovery (2,186 ) (1,742 ) (2,547 ) 6,327 Deferred tax recovery (expense) 650 4,865 (452 ) 707 Net (loss) income $ (6,182 ) $ 21,613 $ 18,459 $ 47,871 The information in the following table shows the changes in net book value: For the period ended June 30(Thousands, except per unit amounts) Three months ended Six months ended Total Per Unit1 Total Per Unit1 Net book value, beginning of period2 $ 7,566,844 $ 9.63 $ 8,375,682 $ 10.28 Net (loss) income3 (8,599 ) 13,621 Other comprehensive income3 1,433,827 605,380 Adjustment for impact of warrants2 19,208 19,035 Equity LP repurchases (911 ) (3,349 ) Net book value, end of period4 $ 9,010,369 $ 11.47 $ 9,010,369 $ 11.47 Adjusted to reflect the ten-for-one unit split effective August 8, 2025. Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners' equity, non-controlling interests' equity plus the value of consideration to be received on exercising of warrants, which as at June 30, 2025, was $133 million (December 31, 2024 – $114 million), and includes the impact of foreign currency movements. Attributable to Equity Limited Partners. At the end of the period, the diluted Equity LP units outstanding were 785,500,170 (December 31, 2024 – 814,746,100); this includes 25,873,510 (December 31, 2024 – 56,406,000) Equity LP units exchangeable on a one-for-one basis with shares of a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2024 – 585,938) warrants held by partially-owned subsidiaries of the Partnership. Financial Profile The Partnership's principal investments are its interest in approximately 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at June 30, 2025. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests. The information in the following table has been extracted from the Partnership's Consolidated Statements of Financial Position: Consolidated Statements of Financial Position (Unaudited)As at(Thousands, US dollars) June 30,2025 December 31,2024 Assets Cash and cash equivalents $ 200,841 $ 156,977 Accounts receivable and other assets 56,005 48,924 Investment in Brookfield Corporation1 7,482,044 6,949,656 Investment in Brookfield Asset Management Ltd.2 1,703,095 1,669,488 Investment in Brookfield Wealth Solutions Ltd.3 507,435 471,787 Other investments carried at fair value 379,591 343,090 $ 10,329,011 $ 9,639,922 Liabilities and equity Accounts payable and other liabilities $ 29,264 $ 42,055 Corporate borrowings 220,076 208,168 Preferred shares4 1,009,633 939,057 Deferred tax liabilities 11,715 7,933 $ 1,270,688 $ 1,197,213 Equity Equity Limited Partners 8,877,291 8,261,639 Preferred Limited Partners 152,002 152,040 Non-controlling interests 29,030 29,030 9,058,323 8,442,709 $ 10,329,011 $ 9,639,922 The investment in Brookfield Corporation consists of 121 million BN shares with a quoted market value of $61.85 per share as at June 30, 2025 (December 31, 2024 – $57.45). The investment in Brookfield Asset Management Ltd. consists of 31 million BAM shares with a quoted market value of $55.28 per share as at June 30, 2025 (December 31, 2024 – $54.19). Brookfield Wealth Solutions Ltd. ('BWS') Class A shares are exchangeable into BN Class A shares on a one-for-one basis. Represents $786 million of retractable preferred shares less $12 million of unamortized issue costs as at June 30, 2025 (December 31, 2024 – $712 million less $9 million) and $236 million of three series of preferred shares (December 31, 2024 – $236 million). For further information, contact Investor Relations at ir@ Partnership is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement. This news release contains 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian provincial securities laws and any applicable Canadian securities regulations (collectively, 'forward-looking statements'). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management's current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of the Partnership, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which are in turn based on management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of the Partnership are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as 'expect', 'anticipate', 'believe', 'foresee', 'could', 'estimate', 'goal', 'intend', 'plan', 'seek', 'strive', 'will', 'may' and 'should' and similar expressions. Although the Partnership believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates and heightened inflationary pressures; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including acquisitions and dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; and other risks and factors detailed from time to time in the Partnership's documents filed with the securities regulators in Canada. We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release and such other date specified herein. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise. Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, or growth objectives will be met or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
5 days ago
- Business
- Cision Canada
TERRAVEST ANNOUNCES THIRD QUARTER RESULTS FOR FISCAL 2025 AND DIVIDEND DECLARATION Français
TORONTO, Aug. 14, 2025 /CNW/ - TerraVest Industries Inc., (TSX: TVK) ("TerraVest" or the "Company") announces its results for the third quarter ended June 30, 2025 and the declaration of its quarterly dividend. THIRD QUARTER AND NINE MONTHS REVIEW AND OUTLOOK Management believes that there are certain non‐IFRS financial measures that can be used to assist shareholders in analyzing the performance of TerraVest. The table below highlights certain financial results and reconciles net income to Adjusted earnings before interests, income taxes, depreciation and amortization ("Adjusted EBITDA") for the third quarter and nine months ended June 30, 2025 and the comparative periods in fiscal 2024. Sales for the third quarter and nine months ended June 30, 2025 were $405,707 and $951,742 versus $238,129 and $681,162 for the prior comparable periods. This represents increases of 70% and 40% respectively. However, TerraVest acquired all the issued and outstanding shares of Tankcon FRP Inc. ("Tankcon") in May 2025, of Simplex, Inc. ("Simplex") and L.B.T., Inc. ("LBT") in April 2025, of EnTrans Holding, Inc. ("Entrans") in March 2025 and of Advance Engineered Products Ltd. ("Advance") in April 2024. In addition, TerraVest acquired all the Canadian assets of Aureus Energy Services Inc. ("Aureus") in January 2025 and all the operating assets of the subsidiaries of Highland Tank Holdings LLC ("Highland") in November 2023, of which only Highland and Advance partially contributed to the prior comparable nine‑month period. Excluding Tankcon, Simplex, LBT and Entrans, sales for the third quarter ended June 30, 2025 were $233,016 versus $238,129 for the prior comparable period and excluding the same acquisitions plus Highland and Advance, sales for the nine months ended June 30, 2025 were $536,362 versus $544,352 for the prior comparable period. This represents decreases of 2% and 1% respectively for TerraVest's base portfolio (excluding Tankcon, Simplex, LBT, Entrans, Advance and Highland). Aureus results can't be excluded from TerraVest results as Aureus activities have been fully integrated into one of TerraVest's existing subsidiaries whose operations are similar in nature. The decreases in sales for TerraVest base portfolio businesses versus prior comparable periods are primarily attributable to softer demand for storage tanks, for certain compressed gas transportation equipment product lines and for energy processing equipment, combined with a throughput issue in one of the subsidiaries in the Compressed Gas Equipment segment, partially offset by increased demand for domestic compressed gas tanks, and increased sales in the Service and the HVAC and Containment Equipment segments. Net income for the third quarter and nine months ended June 30, 2025 were $13,306 and $77,086 versus $14,387 and $59,419 for the prior comparable periods. This represents a decrease of 8% and an increase of 30% respectively. The quarterly decrease in net income is primarily explained by additional depreciation and amortization expenses and financing costs as a result of business acquisitions and a loss on foreign exchange. The quarterly decrease was partially offset by the positive contributions of the business acquisitions and a favorable change in fair value of both investment in equity instruments and derivative financial instruments. The increase in net income for the nine months ended June 30, 2025 versus the prior comparable period is mainly attributable to the positive contributions of the business acquisitions, some of which only partially contributed to the prior comparable period, a favorable change in fair value of investment in equity instruments and a gain on bargain purchase. The increase for the nine-month period was partially offset by the same factors explained for the quarterly variance. Adjusted EBITDA for the third quarter and nine months ended June 30, 2025 were $68,098 and $182,685 versus $49,062 and $142,052 for the prior comparable periods. This represents increases of 39% and 29% respectively, which is the result of the reasons explained above. The table below reconciles cash flow from operating activities to Cash Available for Distribution for the third quarter and nine months ended June 30, 2025 and the comparative periods in fiscal 2024. Cash flow from operating activities for the third quarter and nine months ended June 30, 2025 were $27,957 and $98,785 versus $45,303 and $127,022 for the prior comparable periods. This represents decreases of 38% and 22% respectively. The decreases are attributable to additional interest and income taxes paid and an unfavorable change in working capital items, primarily inventory levels and customer deposits, partially offset by increased net income. Maintenance Capital Expenditures were $4,571 for the third quarter ended June 30, 2025 versus $5,953 for the prior comparable period representing a decrease of 23%, which is primarily explained by the timing of such capital expenditures and the nature of the capital projects in progress. During the third quarter ended June 30, 2025, TerraVest's total purchase of property, plant and equipment ("PP&E") paid was $12,317 of which $7,746 is considered growth capital. The growth capital incurred during the third quarter was mainly used to invest in new manufacturing product lines and increase its asset base in one of its service businesses. Cash Available for Distribution for the third quarter and nine months ended June 30, 2025 increased by 8% and 16% respectively versus the prior comparable periods. These increases are a result of reasons explained above and elsewhere in this press release. Outlook In general, TerraVest's portfolio of businesses is performing well. Recent acquisitions have made a meaningful contribution and we expect this to continue throughout the fiscal year. Opportunities to enhance performance through synergies between recent acquisitions and the base portfolio of businesses continue to exist and are a focus for management. Recent tariff announcements have created an environment of uncertainty in North America's manufacturing sector. This uncertainty has resulted in softer demand recently for a few of TerraVest's businesses. However, TerraVest's portfolio businesses are well-positioned manufacturing products predominantly for their domestic markets, which greatly limits the impacts of any potential tariffs. The Company continues to make targeted investments to improve its manufacturing efficiency and expand its product lines, particularly in end-markets where it has a meaningful presence. With the new credit facility obtained in March 2025, TerraVest is very well-positioned to pursue its acquisition strategy. Business Combinations In May 2025, subsidiaries of TerraVest entered into an agreement to purchase all the issued and outstanding shares of Tankcon FRP Inc. as well as certain assets from affiliated entities, Tankcon Leasing Inc. and 9271-7743 Québec Inc. (altogether referred to as "Tankcon"). Headquartered in Blainville Québec, Tankcon is a premier North American manufacturer of fiber-reinforced polymer ("FRP") tank trailers and lessor of such trailers. In April 2025, a subsidiary of TerraVest entered into an agreement to purchase all the issued and outstanding shares of Simplex, Inc. ("Simplex"). Headquartered in Springfield Illinois, Simplex is a leading technology company that designs and manufactures electrical test systems (load banks) and fuel supply systems for the standby power generation industry. In April 2025, a subsidiary of TerraVest entered into an agreement to purchase all the issued and outstanding shares of L.B.T., Inc. ("LBT"). Headquartered in Omaha Nebraska, LBT is a premier North American manufacturer of tank trailers. In March 2025, a subsidiary of TerraVest entered into an agreement to acquire all the issued and outstanding shares of EnTrans Holding, Inc. ("Entrans"). Headquartered in Athens Tennessee, Entrans is a premier North American manufacturer of tank trailers and transportation solutions. In January 2025, TerraVest's partially owned subsidiary, Green Energy Services Inc. ("GES"), entered into an acquisition agreement to acquire all the Canadian assets of Aureus Energy Services Inc. ("Aureus"). Aureus provides water management heating activities and hot oiling services to the Western Canadian energy industry. The hot oiling services business was sold during the second quarter of fiscal 2025. The following section provides the financial results of TerraVest's operations for the third quarter and nine months ended June 30, 2025 and the comparative periods in fiscal 2024. Sales for the third quarter and nine months ended June 30, 2025 increased by 70% and 40% respectively versus the prior comparable periods. The reasons have been explained previously in this press release. Gross profit for the third quarter and nine months ended June 30, 2025 increased by 52% and 35% respectively versus the prior comparable periods. This is primarily explained by the contribution of Tankcon, Simplex, LBT, Aureus and Entrans for the third quarter and nine months ended June 30, 2025 and of Advance and Highland for the nine months ended June 30, 2025. A less favorable product mix and reduced activity levels in some of TerraVest's base portfolio businesses partially offset the increases in gross profits versus prior comparable periods. Administration expenses for the third quarter and nine months ended June 30, 2025 increased by 74% and 58% respectively compared to the prior comparable periods. The increases in administration expenses are mainly due to the addition of Entrans, LBT, Simplex, Advance and Highland (the latter two are only for the nine-month period) and to additional business acquisition-related costs versus the prior comparable periods. TerraVest also incurred additional amortization of intangible assets expense as a result of the numerous business acquisitions completed in the current and prior fiscal year. Selling expenses for the third quarter and nine months ended June 30, 2025 increased by 42% and 33% respectively versus the prior comparable periods. The increases in selling expenses are explained by the addition of Entrans, Simplex, Advance and Highland (the latter two are only for the nine-month period) and by increased commission expenses as a result of increased sales in certain product lines. Financing costs for the third quarter and nine months ended June 30, 2025 increased by 195% and 69% respectively versus the prior comparable periods. The increases are primarily explained by additional interest expense on long-term debt as a result of increased debt level following the acquisition of Entrans, LBT, Simplex and Tankcon and by additional interest on lease liabilities because of additional lease liabilities compared to the prior periods. The amortization of financing costs also increased versus the prior comparable periods following the amendment of the credit facilities in March 2025. The variation for the nine months ended June 30, 2025 is also explained by a fee incurred for the early repayment of an outstanding term loan refinanced as part of the amendment of the revolving operating credit facility. Other (gains) losses variance for the third quarter and nine months ended June 30, 2025 reflect a favorable change in fair value of investment in equity instruments and a gain on bargain purchase on the acquisition of Aureus (only for the nine-month period), partially offset by a loss on foreign exchange resulting from a US dollar exposure on one of TerraVest's subsidiaries (gain for the nine-month period). The variation is also explained by a non‑recurring gain on disposal of a building in the second quarter of fiscal 2024. Income tax expense variance for the third quarter and nine months ended June 30, 2025 is the result of the variation in taxable earnings and the timing of income tax expense adjustments. As a result of the above, net income attributable to common shareholders for the third quarter and nine months ended June 30, 2025 decreased by 6% and increased by 32% respectively versus the prior comparable periods. TerraVest is pleased to announce that the Board of Directors has declared a quarterly dividend of $0.175 per common share payable on October 10, 2025 to shareholders of record as at the close of business on September 30, 2025. Additional information can be found in TerraVest's annual consolidated financial statements and MD&A which are available on SEDAR+ at Non‑IFRS Financial Measures T his news release makes reference to certain non‑IFRS financial measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS. TerraVest's definitions may differ from those of other issuers and therefore may not be comparable to similarly titled measures used by other issuers. The Company uses non‑IFRS financial measures including adjusted EBITDA, cash available for distribution, dividend payout ratio and maintenance capital expenditures. Adjusted EBITDA: is defined as net income adjusted for income tax expense, financing costs, depreciation, amortization, change in fair value of derivative financial instruments, change in fair value of investment in equity instruments and investment in a limited partnership, gains or losses on foreign exchange, gains or losses on disposal of other property, plant and equipment and property, plant and equipment for rental, gains or losses on disposal of intangible assets, gains or losses on lease modification, gains or losses on remeasurement of equity interest, gain on bargain purchase, gains or losses on sale of business, non-recurring acquisition related costs, impairment charges and other non-recurring and/or non-operations related items that do not reflect the current ongoing operations of TerraVest. Management believes this is a useful metric in evaluating the ongoing operating performance of TerraVest. Readers are cautioned that Adjusted EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of TerraVest's performance. Cash Available for Distribution: is defined as cash flow from operating activities adjusted for changes in non-cash operating working capital, maintenance capital expenditures and repayment of lease liabilities. Management believes that Cash Available for Distribution, as a liquidity measure, is a useful metric that provides an indication of the cash available from ongoing operations that can be distributed to shareholders as a dividend. Readers are cautioned that Cash Available for Distribution should not be construed as an alternative to cash flow from operating activities determined in accordance with IFRS as an indicator of TerraVest's liquidity and cash flows. Dividend Payout Ratio: is defined as dividends paid in cash during the period divided by Cash Available for Distribution for the period. Management believes that Dividend Payout Ratio is a useful metric as it provides an indication of TerraVest's ability to sustain its current dividend policy. There is no directly comparable IFRS measure for Dividend Payout Ratio. Maintenance Capital Expenditures: is defined as Capital Expenditures made to sustain the operations of TerraVest's operating businesses and to maintain the productive capacity of the businesses over an economic cycle, whether or not they yield significant cost or production efficiencies. Management believes that Maintenance Capital Expenditures should be funded by cash flow from existing operating activities and, therefore, deducted in determining Cash Available for Distribution. There is no directly comparable IFRS measure for Maintenance Capital Expenditures. Working Capital: is calculated by subtracting current liabilities from current assets. Management uses Working Capital as a measure for assessing overall liquidity. There is no directly comparable IFRS measure for Working Capital. Caution Regarding Forward-Looking Statements This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our strategic direction and evaluation of the business segments and TerraVest as a whole, and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as "expects" and "will" or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements require us to make assumptions and, accordingly, forward looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements. Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.
Yahoo
21-05-2025
- Business
- Yahoo
Partners Value Investments L.P. Announces Q1 2025 Interim Results
TORONTO, May 20, 2025 (GLOBE NEWSWIRE) -- Partners Value Investments L.P. (the 'Partnership', TSX: TSX: announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars. The Partnership recorded net income of $24.6 million for the three months ended March 31, 2025, compared to net income of $26.3 million in the prior year quarter. Net income was in line with the prior year quarter as higher investment income and valuation gains were offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter. Income of $22.2 million was attributable to the Equity Limited Partners ($0.32 per Equity LP unit) and income of $2.4 million was attributable to Preferred Limited Partners. As at March 31, 2025, the market prices of a Brookfield Corporation ('BN', NYSE/TSX: BN) and Brookfield Asset Management Ltd. ('BAM', NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively. Consolidated Statements of Operations (Unaudited)For the three months ended March 31(Thousands, US dollars) 2025 2024 Investment income Dividends $ 26,559 $ 24,027 Other investment income 7,179 4,035 33,738 28,062 Expenses Operating expenses (1,352 ) (2,437 ) Financing costs (2,417 ) (2,481 ) Retractable preferred share dividends (10,041 ) (9,736 ) (13,810 ) (14,654 ) Other items Investment valuation gains 7,212 924 Amortization of deferred financing costs (912 ) (884 ) Foreign currency (losses) gains (124 ) 8,899 Current taxes (expense) recovery (361 ) 8,069 Deferred taxes expense (1,102 ) (4,158 ) Net income $ 24,641 $ 26,258 The information in the following table shows the changes in net book value: (Unaudited)For the three months ended March 31(Thousands, except per unit amounts) 2025 2024 Total Per Unit Total Per Unit Net book value, beginning of period1 $ 8,375,682 $ 102.80 $ 5,783,620 $ 70.74 Net income2 22,220 24,714 Other comprehensive (loss) income2 (828,447 ) 290,050 Adjustment for impact of warrants1 (173 ) (6,120 ) Equity LP repurchases (2,438 ) (3,617 ) Net book value, end of period3 $ 7,566,844 $ 96.32 $ 6,088,647 $ 74.52 Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners' equity, non-controlling interests' equity plus the value of consideration to be received on exercising of warrants, which as at March 31, 2025, was $114 million (December 31, 2024 – $114 million). Attributable to Equity Limited Partners. At the end of the period, the diluted Equity LP units outstanding were 78,560,143 (December 31, 2024 – 81,474,610); this includes 2,702,321 (December 31, 2024 – 5,640,600) Equity LP units exchangeable on a one-for-one basis with shares of a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2024 – 585,938) warrants held by partially-owned subsidiaries of the Partnership. Financial Profile The Partnership's principal investments are its interest in approximately 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests. The information in the following table has been extracted from the Partnership's Consolidated Statements of Financial Position: Consolidated Statements of Financial Position (Unaudited)As at(Thousands, US dollars) March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 308,077 $ 156,977 Accounts receivable and other assets 54,375 48,924 Investment in Brookfield Corporation1 6,339,885 6,949,656 Investment in Brookfield Asset Management Ltd.2 1,492,635 1,669,488 Investment in Brookfield Wealth Solutions Ltd.3 428,584 471,787 Other investments carried at fair value 346,818 343,090 $ 8,970,374 $ 9,639,922 Liabilities and equity Accounts payable and other liabilities $ 44,194 $ 42,055 Corporate borrowings 208,094 208,168 Preferred shares4 1,074,573 939,057 Deferred tax liability 9,469 7,933 1,336,330 1,197,213 Equity Equity Limited Partners 7,452,974 8,261,639 Preferred Limited Partners 152,040 152,040 Non-controlling interests 29,030 29,030 7,634,044 8,442,709 $ 8,970,374 $ 9,639,922 The investment in Brookfield Corporation ('BN') consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45). The investment in Brookfield Asset Management Ltd. ('BAM') consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19). Brookfield Wealth Solutions Ltd. ('BWS') Class A shares are exchangeable into BN Class A shares on a one-for-one basis. Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as at March 31, 2025 (December 31, 2024 – $712 million less $9 million) and $236 million of three series of preferred shares (December 31, 2024 – $236 million). For further information, contact Investor Relations at ir@ or 416-643-7621. Note: This news release contains 'forward-looking information' within the meaning of Canadian provincial securities laws and 'forward-looking statements' within the meaning of applicable Canadian securities regulations. The words 'potential' and 'estimated' and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership's documents filed with the securities regulators in Canada. The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership's forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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20-05-2025
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Partners Value Investments L.P. Announces Q1 2025 Interim Results
TORONTO, May 20, 2025 (GLOBE NEWSWIRE) -- Partners Value Investments L.P. (the 'Partnership', TSX: TSX: announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars. The Partnership recorded net income of $24.6 million for the three months ended March 31, 2025, compared to net income of $26.3 million in the prior year quarter. Net income was in line with the prior year quarter as higher investment income and valuation gains were offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter. Income of $22.2 million was attributable to the Equity Limited Partners ($0.32 per Equity LP unit) and income of $2.4 million was attributable to Preferred Limited Partners. As at March 31, 2025, the market prices of a Brookfield Corporation ('BN', NYSE/TSX: BN) and Brookfield Asset Management Ltd. ('BAM', NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively. Consolidated Statements of Operations (Unaudited)For the three months ended March 31(Thousands, US dollars) 2025 2024 Investment income Dividends $ 26,559 $ 24,027 Other investment income 7,179 4,035 33,738 28,062 Expenses Operating expenses (1,352 ) (2,437 ) Financing costs (2,417 ) (2,481 ) Retractable preferred share dividends (10,041 ) (9,736 ) (13,810 ) (14,654 ) Other items Investment valuation gains 7,212 924 Amortization of deferred financing costs (912 ) (884 ) Foreign currency (losses) gains (124 ) 8,899 Current taxes (expense) recovery (361 ) 8,069 Deferred taxes expense (1,102 ) (4,158 ) Net income $ 24,641 $ 26,258 The information in the following table shows the changes in net book value: (Unaudited)For the three months ended March 31(Thousands, except per unit amounts) 2025 2024 Total Per Unit Total Per Unit Net book value, beginning of period1 $ 8,375,682 $ 102.80 $ 5,783,620 $ 70.74 Net income2 22,220 24,714 Other comprehensive (loss) income2 (828,447 ) 290,050 Adjustment for impact of warrants1 (173 ) (6,120 ) Equity LP repurchases (2,438 ) (3,617 ) Net book value, end of period3 $ 7,566,844 $ 96.32 $ 6,088,647 $ 74.52 Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners' equity, non-controlling interests' equity plus the value of consideration to be received on exercising of warrants, which as at March 31, 2025, was $114 million (December 31, 2024 – $114 million). Attributable to Equity Limited Partners. At the end of the period, the diluted Equity LP units outstanding were 78,560,143 (December 31, 2024 – 81,474,610); this includes 2,702,321 (December 31, 2024 – 5,640,600) Equity LP units exchangeable on a one-for-one basis with shares of a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2024 – 585,938) warrants held by partially-owned subsidiaries of the Partnership. Financial Profile The Partnership's principal investments are its interest in approximately 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests. The information in the following table has been extracted from the Partnership's Consolidated Statements of Financial Position: Consolidated Statements of Financial Position (Unaudited)As at(Thousands, US dollars) March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 308,077 $ 156,977 Accounts receivable and other assets 54,375 48,924 Investment in Brookfield Corporation1 6,339,885 6,949,656 Investment in Brookfield Asset Management Ltd.2 1,492,635 1,669,488 Investment in Brookfield Wealth Solutions Ltd.3 428,584 471,787 Other investments carried at fair value 346,818 343,090 $ 8,970,374 $ 9,639,922 Liabilities and equity Accounts payable and other liabilities $ 44,194 $ 42,055 Corporate borrowings 208,094 208,168 Preferred shares4 1,074,573 939,057 Deferred tax liability 9,469 7,933 1,336,330 1,197,213 Equity Equity Limited Partners 7,452,974 8,261,639 Preferred Limited Partners 152,040 152,040 Non-controlling interests 29,030 29,030 7,634,044 8,442,709 $ 8,970,374 $ 9,639,922 The investment in Brookfield Corporation ('BN') consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45). The investment in Brookfield Asset Management Ltd. ('BAM') consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19). Brookfield Wealth Solutions Ltd. ('BWS') Class A shares are exchangeable into BN Class A shares on a one-for-one basis. Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as at March 31, 2025 (December 31, 2024 – $712 million less $9 million) and $236 million of three series of preferred shares (December 31, 2024 – $236 million). For further information, contact Investor Relations at ir@ or 416-643-7621. Note: This news release contains 'forward-looking information' within the meaning of Canadian provincial securities laws and 'forward-looking statements' within the meaning of applicable Canadian securities regulations. The words 'potential' and 'estimated' and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership's documents filed with the securities regulators in Canada. The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership's forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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29-03-2025
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Partners Value Investments L.P. Announces 2024 Annual Results
TORONTO, March 28, 2025 (GLOBE NEWSWIRE) -- Partners Value Investments L.P. (the 'Partnership', TSX: TSX: announced today its financial results for the year ended December 31, 2024. All amounts are stated in U.S. dollars. The Partnership recorded net income of $74 million for the year ended December 31, 2024, compared to $15 million in the prior year. The increase in income was primarily driven by higher investment income and valuation gains as well as foreign currency gains. Income of $65 million was attributable to the Equity Limited Partners, and $9 million was attributable to Preferred Limited Partners. As at December 31, 2024, the market prices of a Brookfield Corporation (the 'Corporation', NYSE/TSX: BN) and Brookfield Asset Management Ltd. (the 'Manager', NYSE/TSX: BAM) share were $57.45 and $54.19, respectively. As at March 28, 2025, the market prices of a BN and BAM share were $51.85 and $48.50, respectively. Consolidated Statements of Operations For the years ended December 31 (Thousands, US dollars) 2024 2023 Investment income Dividends $ 95,071 $ 85,114 Other investment income 18,609 11,802 113,680 96,916 Expenses Operating expenses (6,552 ) (6,156 ) Financing costs (10,136 ) (9,484 ) Retractable preferred share dividends (39,879 ) (41,954 ) (56,567 ) (57,594 ) Other items Investment valuation gains (losses) 5,703 (6,237 ) Amortization of deferred financing costs (3,506 ) (3,380 ) Foreign currency gains (losses) 25,519 (10,435 ) Current taxes expense (3,514 ) (1,270 ) Deferred taxes expense (7,489 ) (3,280 ) Net income $ 73,826 $ 14,720 The information in the following table shows the changes in net book value: For the years ended December 31 2024 2023 (Thousands, except per unit amounts) Total Per Unit Total Per Unit Net book value, beginning of year1 $ 5,783,620 $ 70.74 $ 4,656,824 $ 57.60 Net income2 65,054 5,368 Other comprehensive income2 2,690,274 1,443,806 Adjustment for impact of warrants1 (148,510 ) (89,755 ) Re-organization3 — 98,318 Distribution3 — (327,850 ) Equity LP repurchases (14,756 ) (3,091 ) Net book value, end of year4 $ 8,375,682 $ 102.80 $ 5,783,620 $ 70.74 Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity Limited Partnership ('Equity LP') unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners' equity, non-controlling interests' equity plus the value of consideration to be received on exercising of warrants, which as at December 31, 2024, was $114 million (December 31, 2023 – $263 million). Attributable to Equity Limited Partners. As a result of the 2023 re-organization, the Partnership issued net equity of $98 million and a distribution-in-kind of $328 million of net assets to Equity Limited Partners. At the end of the year, the diluted Equity LP units outstanding were 81,474,610 (December 31, 2023 – 81,760,920); this includes 5,640,600 (December 31, 2023 – nil) Equity LP units exchangeable on a one-for-one basis with shares held by a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2023 – 26,085,938) warrants held by partially-owned subsidiaries of the Partnership. Financial Profile The Partnership's principal investments are its interest in approximately 121 million Class A Limited Voting Shares of the Corporation and approximately 31 million Class A Limited Voting Shares of the Manager. This represents approximately an 8% interest in the Corporation and a 7% interest in the Manager as at December 31, 2024. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests. The information in the following table has been extracted from the Partnership's Consolidated Statements of Financial Position: Consolidated Statements of Financial Position As at (Thousands, US dollars) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 156,977 $ 199,856 Accounts receivable and other assets 48,924 31,416 Deferred tax asset — 4,309 Investment in Brookfield Corporation1 6,949,656 4,853,261 Investment in Brookfield Asset Management Ltd.2 1,669,488 1,237,554 Other investments carried at fair value 814,877 612,009 $ 9,639,922 $ 6,938,405 Liabilities and equity Accounts payable and other liabilities $ 42,055 $ 34,150 Corporate borrowings 208,168 225,789 Preferred shares3 939,057 993,267 Deferred tax liability 7,933 — 1,197,213 1,253,206 Equity Equity Limited Partners 8,261,639 5,521,067 General Partner4 — — Preferred Limited Partners 152,040 152,152 Non-controlling interests 29,030 11,980 8,442,709 5,685,199 $ 9,639,922 $ 6,938,405 The investment in the Corporation consists of 121 million Corporation shares with a quoted market value of $57.45 per share as at December 31, 2024 (December 31, 2023 – $40.12). The investment in the Manager consists of 31 million Manager shares with a quoted market value of $54.19 per share as at December 31, 2024 (December 31, 2023 – $40.17). Represents $712 million of retractable preferred shares less $9 million of unamortized issue costs as at December 31, 2024(December 31, 2023 – $767 million less $10 million) and $236 million of three series of preferred shares (December 31, 2023 – $236 million). In connection with the 2023 re‐organization of Partners Value Investments LP on November 24, 2023, the General Partner's interest was reduced to $1 from $1 thousand in the prior year. For further information, contact Investor Relations at ir@ or 416-643-7621. Note: This news release contains 'forward-looking information' within the meaning of Canadian provincial securities laws and 'forward-looking statements' within the meaning of applicable Canadian securities regulations. The words 'potential' and 'estimated' and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership's documents filed with the securities regulators in Canada. The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership's forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or in to access your portfolio
