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Partners Value Investments Inc. Announces Q3 2019 Interim Results

TORONTO, Nov. 22, 2019 (GLOBE NEWSWIRE) -- Partners Value Investments Inc. (the “Company”, TSX: PVF.WT) announced today its financial results for the three months ended September 30, 2019. All amounts are stated in US dollars.

The Company generated net loss of $35 million for the three months ended September 30, 2019 compared to net loss of $29 million in the prior year period. The decrease in net income was primarily driven by the change in valuation losses and an increase in warrant liability, partially offset by foreign currency gains.

The market price of a Brookfield share was $53.09 as at September 30, 2019 (December 31, 2018 – $38.35).

Consolidated Statements of Operations

(unaudited)
For the periods ended September 30
(Thousands, US dollars)
Three months ended Nine months ended 
 2019   2018   2019   2018  
Investment income     
Dividends$19,041  $18,541  $55,708  $56,219  
Other investment income 1,634   717   7,417   3,476  
  20,675   19,258   63,125   59,695  
Expenses      
Operating expenses (34)  (631)  (1,866)  (3,690) 
Financing costs (29)  (748)  (200)  (2,436) 
Retractable preferred share dividends (5,498)  (7,213)  (18,628)  (20,706) 
   15,114   10,666    42,431   32,863  
Other items      
Investment valuation (losses) gains (12,137)  8,945   (1,266)  29,123  
Warrant liability valuation (losses) gains  (55,703)  (27,910)   (89,201)  28,439  
Amortization of deferred financing costs (498)  (871)  (2,224)  (1,938) 
Current taxes expense 4,005   (7,574)  (6,083)  (15,203) 
Deferred taxes recovery 776   1,216   5,936   2,065  
Equity accounted income -   572   -   651  
Foreign currency gains (losses) 13,093   (13,620)  (34,051)  34,783  
Net (loss) income $(35,350) $(28,576) $(84,458) $110,783  
   (49,100)

Financial Profile

The Company’s principal investment is its interest in 86 million Class A Limited Voting Shares (“Brookfield shares”) of Brookfield, representing a 9% fully diluted interest as at September 30, 2019. In addition, the Company owns a diversified investment portfolio of marketable securities.

The information in the following table has been extracted from the Company’s Statement of Financial Position:

As at
(Thousands, US dollars, except per share amounts)
 September
30,  2019
  December
31, 2018
Assets  
Cash and cash equivalents$92,990 $272,316
Investment in Brookfield Asset Management Inc. 1 4,557,194  3,291,927
Other investments carried at fair value 479,407  442,505
Accounts receivable and other assets 16,775  22,064
 $5,146,366 $4,028,812
Liabilities and Equity  
Accounts payable and other liabilities$19,346 $30,766
Preferred shares2 444,969  602,724
Warrant liability 333,286  237,226
Deferred taxes3 555,816  395,015
  1,353,417  1,265,731
Equity  
Common equity 3,792,949  2,763,081
 $5,146,366 $4,028,812
 
  1. The investment in Brookfield Asset Management Inc. consists of 86 million Brookfield shares with a quoted market value of $53.09 per share as at September 30, 2019 (December 31, 2018 – $38.35).
  2. Represents $453 million of retractable preferred shares less $8 million of unamortized issue costs as at September 30, 2019 (December 31, 2018 – $613 million less $10 million).
  3. The deferred tax liability represents the potential future income tax liability of the Company recorded for accounting purposes based on the difference between the carrying values of the Company’s assets and liabilities and their respective tax values, as well as giving effect to estimated capital and non- capital losses.

For further information, contact Investor Relations at ir@pvii.ca or 416-956-5142.

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. Forward-looking information in this news release includes statements with regard to the Company’s potential future income taxes.

Although the Company 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 Company 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 Asset Management Inc., 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; 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, 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 Company’s documents filed with the securities regulators in Canada.

The Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Company’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 Company 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 otherwise.

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