TORONTO, ONTARIO--(Marketwired - March 6, 2014) - Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its audited consolidated financial results for the year ended December 31, 2013.
Pinetree had a net loss of $123 million for the year, as compared to $146 million for 2012. The 2013 net loss was primarily the result of net investment losses of $107 million, comprised of $57 million in unrealized losses on investments and $50 million in realized losses on dispositions of investments. Loss per share for 2013 was $0.85, as compared to $1.07 for 2012.
As at December 31, 2013, the fair value of the Company's total investments was $134 million, as compared to $270 million as at December 31, 2012. The composition of Pinetree's investment portfolio by sector as at December 31, 2013 and 2012 is outlined in the following table:
||December 31, 2013
||December 31, 2012
||% of Total
||% of Total
||Oil and gas
||Potash, lithium and rare earths
|Technology and other
Net asset value per share ("NAV") was $0.65 as at December 31, 2013, a 58% decrease from the December 31, 2012 NAV of $1.55. The December 2013 NAV which is derived from the Company's audited financial statements differs from the $0.67 December unaudited NAV previously disclosed by Pinetree in January 2014 due to year-end adjustments. (See "Use of Non-GAAP Measures" below.)
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 following sectors: Precious Metals, Uranium and Technology. 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.
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 www.pinetreecapital.com.
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.