Pinetree Capital Announces Audited Financial Results for the Year Ended December 31, 2021 and Appoints Chief Investment Officer

TORONTO, ON /ACCESSWIRE/February 25, 2022/ Pinetree Capital Ltd. (TSX: PNP) (“Pinetree” or the “Company”) today announced its financial results for the fiscal year ended December 31, 2021. All figures provided in this press release are in thousands of dollars, except amounts per share and outstanding shares.

Financial results for the three months and year ended December 31, 2021

The following information should be read in conjunction with our audited annual consolidated financial statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our annual MD&A for the year ended December 31, 2021, which can be viewed at SEDAR at www.sedar.com.

Selected financial information

As of December 31, 2021

As of December 31, 2020

Total assets

$

38,851

$

19,484

Total responsibilities

412

383

Book value

38,439

19 101

Outstanding shares

9,387,000

4,522,599

Book value per share (BVPS)

$

4.09

$

4.22

Outstanding shares

Equity
in thousands of dollars

Book value per share (BVPS) 1
$

Quarterly expenses
‘000$

expenses as
BV percentage 1

31 December 21

9,387,000

38,439

4.09

226

0.6

09/30/21

9,387,000

38,547

4.11

263

0.7

Jun-30-21

9,420,198

39,480

4.19

216

0.5

31-mar-21

4,710,099

21,904

4.65

217

1.0

December 31, 2020

4,522,599

19 101

4.22

132

0.7

09/30/20

4,522,599

16,493

3.64

114

0.7

Jun-30-20

4,522,599

15,399

3.40

121

0.8

March 31, 2020

4,522,599

15,540

3.44

61

0.4

1 See “Use of Non-IFRS Financial Measures”

Outstanding shares and equity amounts are as of the end of the quarter

Quarterly expense amounts are for the three months ending on the quarter end date

As of December 31, 2021, Pinetree’s equity was $38,439 compared to $19,101 as of December 31, 2020. This resulted in a decrease in Pinetree’s BVPS from $4.22 as of December 31, 2020 to $4.09 as of December 31, 2021. The change represents a decrease of $0.13 or 3.1%.

As of December 31, 2021, the Company held equity investments at fair value totaling $24,703, which represented 64% of the carrying value. This compares to equity investments at fair value of $13,531 representing 70% of book value as of December 31, 2020.

Loss per share for the three months ended December 31, 2021 was $0.01, compared to earnings per share of $0.29 for the three months ended December 31, 2020. Earnings per share for the three months ended December 31, 2021 was $0.19, compared to $0.27 for the three months ended December 31, 2021. the twelve months ended December 31, 2020.

Expenses for the twelve months ended December 31, 2021 were $922, which is 2.4% of book value as of December 31, 2021. This compares to expenses of $428 for the twelve months ended December 31, 2021. 2020, which corresponds to 2.2% of the book value. as of December 31, 2020. Expenses include exchange rate fluctuations resulting from cash balances held in currencies other than the Canadian dollar. Since expenses fluctuate from quarter to quarter, management monitors costs on a rolling twelve-month basis.

Three months completed

The 31st of December,

Year ended December 31

2021

2020

2021

2020

Net investment gains

97

2,691

2,024

1,374

Other income

59

63

370

304

Total expenses

(226

)

(146

)

(935

)

(475

)

Net profit (loss)

(70

)

2,608

1,459

1,203

Earnings (loss) per share –

basic and fully diluted

(0.01

)

0.58

0.19

0.27

For the three months ended December 31, 2021, other income totaled $59 (three months ended December 31, 2020 – $63). Other income included interest income of $59 (three months ended December 31, 2020 – interest and dividend income of $49 and $14, respectively).

For the twelve months ended December 31, 2021, other income totaled $370 (twelve months ended December 31, 2020 – $304). Other income included interest and dividend income of $208 and $162, respectively (twelve months ended December 31, 2020 – interest and dividend income of $231 and $73, respectively).

Appointment of the Chief Investment Officer

In April 2021, Mr. Shezad Okhai joined the Company as an investment manager. The Board of Directors is pleased to announce that Mr. Okhai has since been appointed Chief Investment Officer of Pinetree.

Forward-looking statements

Certain statements contained herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause Pinetree’s or the industry’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be construed as guarantees of future performance or results, and will not necessarily be precise indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Pinetree undertakes no obligation, except as required by law, to update the statements. forward-looking to reflect new events or circumstances.

Non-IFRS Measures, Non-GAAP Measures

BVPS (book value per share) is a non-IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding at a precise date. BVPS does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Pinetree’s consolidated financial statements and, therefore, no applicable quantitative reconciliation for this non-IFRS financial measure. The Company has calculated BVPS consistently for many years and believes that BVPS can provide useful information to its shareholders to understand its performance and can assist in the evaluation of its business against that of its peers.

About Pinetree Capital Ltd.

Pinetree is a value-driven, technology-focused investment and merchant banking firm. The common shares of Pinetree are listed on the TSX under the symbol “PNP”.

For more information:
John Bouffard
Financial director
416-941-9600 ext. 200
[email protected]
www.pinetreecapital.com

THE SOURCE: Pinetree Capital Ltd.

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