Pinetree Capital Ltd.

Pinetree Capital Ltd.

March 08, 2012 16:06 ET

Pinetree Capital Ltd. Announces Financial Results for the Year Ended December 31, 2011

TORONTO, ONTARIO--(Marketwire - March 8, 2012) - Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its audited consolidated financial results for the year ended December 31, 2011.

All comparative information contained in the December 31, 2011 consolidated financial statements has been restated to conform to the accounting policies under International Financial Reporting Standards.

For the year ended December 31, 2011, Pinetree had a net loss of $298 million, as compared to net profit of $298 million last year. Net loss for the year ended December 31, 2011 was primarily the result of net investment losses of $331 million, comprised of $426 million in unrealized losses on investments offset by realized gains on dispositions of investments of $95 million. Loss per share was $2.19 for the year ended December 31, 2011, as compared to earnings per share of $2.19 for the year ended December 31, 2010.

The composition of Pinetree's investment portfolio by sector as at December 31, 2011 as compared to the end of last year is outlined in the following table:

December 31, 2011 December 31, 2010
Sector ($'000) % of Total ($'000) % of Total
Precious Metals 233,771 54.7 316,667 39.6
Base Metals 61,050 14.3 153,221 19.2
Oil and Gas 43,125 10.1 72,263 9.0
Potash, Lithium and Rare Earths 38,840 9.1 66,524 8.3
Uranium 28,272 6.6 109,720 13.7
Coal 5,320 1.2 61,392 7.7
Total Resources 410,378 96.0 779,787 97.5
Technology and Other 17,291 4.0 19,235 2.5

As at December 31, 2011, total investments at fair value was $428 million, as compared to $799 million as at December 31, 2010.

Net asset value per share decreased 44.9% to $2.61 as at December 31, 2011, from $4.74 as at December 31, 2010.

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 merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree 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 each 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

Use of Non-GAAP Measures

NAV (net asset value per share) is a non-GAAP (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 as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.

Contact Information

  • Pinetree Capital Ltd.
    Sheldon Inwentash
    Chairman & CEO

    Pinetree Capital Ltd.
    Gerry Feldman
    CFO & Vice President, Corporate Development

    Investor Relations: Pinetree Capital Ltd.
    Richard Patricio
    Vice President, Legal and Corporate Affairs