Partners Value Investments L.P. Reports Q2 2024 Interim Results
Partners Value Investments L.P. (the “Partnership”, TSX: PVF.UN, TSX: PVF.PR.U) has released its financial results for the six-month period ending June 30, 2024. All amounts are in U.S. dollars.
Overview of Financial Performance
For the quarter ending June 30, 2024, the Partnership achieved a net income of $21.6 million, a notable turnaround from a net loss of $8.1 million during the same quarter last year. This significant increase in income was primarily due to higher dividend revenues and gains from foreign currency, taxes, and investment valuations. The income distribution included $19.2 million for the Equity Limited Partners and $2.4 million for the Preferred Limited Partners.
Market Updates and Share Prices
As of June 30, 2024, the market prices for Brookfield Corporation (the “Corporation”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (the “Manager”, NYSE/TSX: BAM) were reported at $41.54 and $38.05, respectively. Subsequently, on August 16, 2024, these prices rose, with shares valued at $46.57 for BN and $40.90 for BAM.
Financial Profile
The Partnership's key investments include approximately 121 million Class A Limited Voting Shares of the Corporation and around 31 million Class A Limited Voting Shares of the Manager. This translates to roughly an 8% interest in the Corporation and a 7% interest in the Manager as of June 30, 2024. Additionally, the Partnership boasts a diverse investment portfolio that includes both marketable securities and interests in private funds.
Statements of Financial Position
Here are some highlights from the Partnership’s Consolidated Statements of Financial Position:
- Cash and Cash Equivalents: $112,227
- Accounts Receivable and Other Assets: $32,518
- Deferred Tax Asset: $1,185
- Investment Values:
- Brookfield Corporation Investment: $5,025,128
- Brookfield Asset Management Investment: $1,172,250
The total assets stand at $7,017,765. A closer look at liabilities reveals accounts payable and other liabilities totaling $22,906, along with corporate borrowings amounting to $218,798.
Changes in Net Book Value
For the period ending June 30, the net book value showed the following changes:
- Beginning Net Book Value: $6,088,647
- Net Income: $19,205
- Ending Net Book Value: $5,904,130
This information reflects the Partnership's efforts to effectively manage its assets and liabilities within the current financial environment.
Contact Information
For additional details, investors can reach out to Investor Relations at ir@pvii.ca.
Frequently Asked Questions
1. What is the main financial result presented in this interim report?
The Partnership reported a net income of $21.6 million for Q2 2024, which is a significant improvement compared to a net loss of $8.1 million in the same quarter the previous year.
2. How are the Partnership's investments structured?
The Partnership holds approximately 121 million Class A Limited Voting Shares of Brookfield Corporation and 31 million Class A Limited Voting Shares of Brookfield Asset Management Ltd., representing substantial interests in both companies.
3. What were the market prices of Brookfield Corporation shares?
During the reporting period, the share prices were $41.54 each, which increased to $46.57 by August 16, 2024.
4. How does the Partnership maintain its asset values?
The Partnership employs a diversified investment portfolio, which includes marketable securities and interests in private funds, to sustain and potentially enhance its asset values.
5. Where can investors find more information about the Partnership?
Investors can reach out to the Partnership's Investor Relations team via email at ir@pvii.ca for further information and inquiries.
