Partners Value Investments Inc. Reports Q2 2024 Financials
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Partners Value Investments Inc. Announces Q2 2024 Interim Results
TORONTO — Partners Value Investments Inc. (the “Company”, TSX: PVF.WT, PVF.PR.V) announced today its financial results for the six months ended June 30, 2024. All amounts are stated in U.S. dollars.
The Company recorded net income of $94.5 million for the three months ended June 30, 2024, compared to a net loss of $120.4 million in the prior year quarter. This substantial increase in net income was primarily due to current period remeasurement gains of $94.6 million associated with retractable shares, as opposed to remeasurement losses of $118.8 million in the same quarter of the previous year. The Company’s retractable common shares are classified as liabilities due to their cash retraction feature, and the gains or losses in a given period are characterized by the appreciation or depreciation of the Partners Value Investments L.P. (the “Partnership”) unit price. The quarter recorded a Partnership unit price decrease of $1.34, contrasting with an increase of $1.80 observed the previous year.
Excluding retractable share and warrant liability remeasurement gains, and dividends paid on retractable shares, Adjusted Earnings for the Company amounted to $28.9 million for the three months ended June 30, 2024, a significant improvement from Adjusted Losses of $9.2 million in the equivalent prior year quarter. This increase was largely attributed to foreign currency and investment valuation gains.
As of June 30, 2024, the market prices of a Brookfield Corporation (NYSE/TSX: BN) and Brookfield Asset Management Ltd. (NYSE/TSX: BAM) share were $41.54 and $38.05, respectively, with updated prices of $46.57 and $40.90 recorded as of August 16, 2024.
Financial Profile
The Company’s principal investments include an interest in 121 million Class A Limited Voting Shares of the Corporation, alongside approximately 31 million Class A Limited Voting Shares of the Manager. This represents roughly an 8% interest in the Corporation and a 7% interest in the Manager as of June 30, 2024. Furthermore, the Company possesses a diversified investment portfolio that includes marketable securities and private fund interests.
The following financial information has been extracted from the Company’s Consolidated Statements of Financial Position:
Consolidated Statements of Financial Position
(Unaudited, Thousands, US dollars)
Assets
Cash and cash equivalents: $112,218
Accounts receivable and other assets: $38,739
Deferred tax assets: $1,185
Investment in Brookfield Corporation: $5,025,128
Investment in Brookfield Asset Management Ltd.: $1,172,250
Other investments carried at fair value: $950,302
Total Assets: $7,299,822
Liabilities and Equity
Accounts payable and other liabilities: $23,675
Corporate borrowings: $218,798
Preferred shares: $701,280
Retractable common shares: $3,838,591
Equity: $7,299,822
Total Liabilities and Equity: $7,215,834
For further information, contact Investor Relations at ir@pvii.ca.
Frequently Asked Questions
1. What were the key financial results announced by Partners Value Investments Inc.?
Partners Value Investments Inc. reported a net income of $94.5 million for Q2 2024, a significant recovery from a net loss of $120.4 million in the same quarter last year.
2. How did the company's adjusted earnings change over the year?
The adjusted earnings increased to $28.9 million for Q2 2024, compared to adjusted losses of $9.2 million in the prior year quarter.
3. What were the market prices of Brookfield Corporation and Brookfield Asset Management Ltd. shares as of June 30, 2024?
As of June 30, 2024, the market prices were $41.54 for Brookfield Corporation shares and $38.05 for Brookfield Asset Management Ltd. shares.
4. What constitutes the Company’s principal investments?
The principal investments include an 8% interest in Brookfield Corporation and a 7% interest in Brookfield Asset Management Ltd., alongside a diversified portfolio of marketable securities and private fund interests.
5. Who can be contacted for more information about the Company?
Interested parties can contact Investor Relations at ir@pvii.ca for additional information.
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