Pinetree Capital Ltd. Announces Fiscal 2010 Financial Results; An 86% Increase in Net Asset Value
March 10 2011 - 4:00PM
Marketwired
Pinetree Capital Ltd. ("Pinetree") (TSX: PNP) today announces its
audited consolidated financial results for the year ended December
31, 2010.
Net asset value per share increased to $4.71 as at December 31,
2010 from $2.53 as at December 31, 2009, an 86% increase.
For the year ended December 31, 2010, Pinetree had net income of
$296 million, as compared to $157 million last year. The net income
was primarily from net investment gains of $383 million in the
year, comprised of $341 million in unrealized gains on investments
and realized gains on dispositions of investments of $43 million.
Earnings per share were $2.18, as compared to $1.19 per share in
the year ended December 31, 2009.
The composition of Pinetree's investment portfolio (accounted
for at fair value) by sector as at December 31, 2010, as compared
to the prior year, is outlined in the following table:
============================================================================
December 31, 2010 December 31, 2009
--------------------------------------------
Sector ($'000) % of Total ($'000) % of Total
----------------------------------------------------------------------------
Resources:
Precious Metals 316,667 39.9 158,027 43.1
Base Metals 148,063 18.6 71,711 19.5
Uranium and Coal 171,112 21.6 49,066 13.4
Oil & Gas 72,263 9.1 34,404 9.4
Potash, Lithium and Rare
Earths 66,524 8.4 27,103 7.4
--------------------------------------------
Total Resources 774,629 97.6 340,311 92.8
--------------------------------------------
Technology/Other 19,235 2.4 26.413 7.2
============================================================================
As at December 31, 2010, total investments at fair value was
$794 million, as compared to $367 million as at December 31, 2009,
while the total number of investments decreased to 428 from 429 as
at December 31, 2009. Three hundred and ninety of the investments
or 91.1% (December 31, 2009 - 383 or 89.3%) were in the resource
sector, consistent with Pinetree's primary investment strategy.
During the three months ended December 31, 2010, Pinetree had
unaudited net income of $229 million, as compared to $20 million
for the same period last year. The net income was primarily from
net investment gains of $292 million in the quarter, comprised of
$265 million in unrealized gains on investments and realized gains
on dispositions of investments of $27 million. Earnings per share
were $1.68, as compared to $0.15 per share in the three months
ended December 31, 2009.
Sheldon Inwentash, Pinetree's Chairman and CEO, stated, "2010
was a very strong year for Pinetree and the markets in which we
invest, as the value of our investment portfolio more than doubled.
We also expanded the portfolio in areas where we see opportunities
for continued growth going forward. Our outlook for the resource
sector remains positive."
About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the
laws of the Province of Ontario and its shares are publicly-traded
on the Toronto Stock Exchange ("TSX") under the symbol "PNP".
Pinetree is a diversified investment and venture capital firm
focused on the small cap market. Pinetree's investments are
primarily in the resources sector: Precious Metals, Uranium and
Coal, Base Metals, Oil and Gas, and Potash, Lithium and Rare
Earths. Pinetree's investment approach is to develop a macro view
of a sector, build a position consistent with the view by
identifying micro-cap opportunities within that sector, and devise
an exit strategy designed to maximize our relative return in light
of changing fundamentals and opportunities and is recognized as a
value added partner in the resource industry.
Pinetree discloses an unaudited monthly net asset value per
share within 15 days after a month-end. For the latest month-end
net asset value per share and for more details about Pinetree and
its investments, please visit our website at
www.pinetreecapital.com.
Use of Non-GAAP Measures
"Net asset value per share" is a non-GAAP measure defined as
total assets less total liabilities divided by the total number of
common shares of Pinetree outstanding. The term net asset value per
share does not have any standardized meaning according to GAAP and
therefore may not be comparable to similar measures presented by
other companies. We believe that the measure provides information
useful to our shareholders in understanding our performance,
facilitates the comparison of the quarterly and year-end results of
our ongoing operations and provides a meaningful measure to
evaluate our business relative to that of our peers.
Contacts: Pinetree Capital Ltd. Sheldon Inwentash Chairman &
CEO 416-941-9600 Investor Relations: Pinetree Capital Ltd. Richard
Patricio Vice President, Legal and Corporate Affairs 416-941-9600
ir@pinetreecapital.com www.pinetreecapital.com
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