Welcome!

News Feed Item

Partners Value Fund Inc. Announces 2013 Results

TORONTO, ONTARIO -- (Marketwired) -- 04/14/14 -- Partners Value Fund Inc. ("Partners Value Fund" or the "Company") (TSX VENTURE: PVF), formerly BAM Investments Corp., today announced its financial results for the year ended December 31, 2013.

Partners Value Fund recorded net income of $33 million ($0.44 per common share) for the year ended December 31, 2013 compared to $19 million ($0.26 per common share) in the prior year. The increase in net income was primarily the result of increased dividend income and valuation gains associated with the Company's other securities investment portfolio.

Consolidated Statements of Operations


For the years ended December 31
(Thousands, except per share amount)                    2013           2012
---------------------------------------------------------------------------
Investment Income
Dividends and interest                           $    43,451    $    34,871
Other investment income (loss)                         6,277              -
---------------------------------------------------------------------------
                                                      49,728         34,871
Less:
  Operating expenses                                   1,198            705
  Retractable preferred share dividends               27,595         25,977
---------------------------------------------------------------------------
Income from operations(1)                             20,935          8,189
Adjust for other items:
  Equity accounted income                             16,895         14,522
  Amortization of deferred financing costs           (1,687)        (1,421)
  Income tax expense                                 (3,589)        (2,170)
---------------------------------------------------------------------------
Net income                                       $    32,554    $    19,120
---------------------------------------------------------------------------
Net income per common share                      $      0.44    $      0.26
---------------------------------------------------------------------------
Notes:
(1) Income from operations is a non-IFRS measure used by the Company to
better reflect the operating performance during the year. The measure is
defined as investment income less expenses, as shown on the Consolidated
Statements of Operations, and then adjusted for cash distributions received
from the Company's equity accounted investment.

Financial Profile and Net Book Value

The Company's principal investment is a direct and indirect interest in 56.2 million Class A Limited Voting Shares ("Class A Shares") of Brookfield Asset Management Inc. ("Brookfield"), representing 7.6 Brookfield Class A Shares for every 10 common shares of Partners Value Fund.

The net book value of the Company's common shares as at December 31, 2013 was equal to $25.36 per share compared to $20.68 per share in the prior year. The increase in net book value was mainly due to the increase in the market price of Brookfield's Class A Shares held, which were equal to $41.10 per share as of December 31, 2013 compared to $36.17 per share in the prior year. The information in the following table shows the changes in net book value for the year ended December 31, 2013:


For the years ended
December 31
(Thousands, except per
share amount)                        2013                    2012
                           ------------------------------------------------
                                  Total   Per Share       Total   Per Share
---------------------------------------------------------------------------
Net book value, beginning
 of year(1)                 $ 1,534,746     $ 20.68 $ 1,102,815     $ 14.86
Net Income(2)                    32,554        0.44      19,120        0.26
Other comprehensive
 income(2)                      314,255        4.24     412,811        5.56
---------------------------------------------------------------------------
Net book value, end of
 year(1)(3)                 $ 1,881,555     $ 25.36 $ 1,534,746     $ 20.68
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Notes:
(1) Net book value per common share is non-IFRS measure.
(2) The weighted average number of common shares outstanding during the
year ended December 31, 2013 was 74,206,510 (December 31, 2012 -
74,206,510).
(3) As at December 31, 2013, there were 74,206,510 (December 31, 2012 -
74,206,510) voting and non-voting common shares of the Company issued and
outstanding on a fully diluted basis.

The information in the following table has been extracted from the Company's statement of financial position as at December 31, 2013:

Statement of Financial Position


As at December 31
(Thousands, except per share amounts)                   2013           2012
---------------------------------------------------------------------------
Assets
Cash and cash equivalents                        $     5,102    $    25,882
Accounts receivable and other                          2,083          1,269
Brookfield Asset Management Inc.(1)                2,310,897      2,033,703
Other securities                                     354,180        159,706
---------------------------------------------------------------------------
                                                 $ 2,672,262    $ 2,220,560
Liabilities and Shareholders' Equity
Accounts payable and other                       $     5,196    $       277
Retractable preferred shares(2)                      537,531        488,139
Deferred taxes(3)                                    247,980        197,398
---------------------------------------------------------------------------
                                                     790,707        685,814
Shareholders' Equity
Common equity                                      1,881,555      1,534,746
---------------------------------------------------------------------------
                                                 $ 2,672,262    $ 2,220,560
---------------------------------------------------------------------------
Net book value per common share(4)(5)            $     25.36    $     20.68
---------------------------------------------------------------------------
Notes:
(1) The investment in Brookfield Asset Management Inc. consists of 56.2
million Brookfield Class A Shares at a bid price of $41.10 per Class A
Share as at December 31, 2013 (December 31, 2012 - $36.17).
(2) Represents $542 million of retractable preferred shares less $5 million
of unamortized issue costs. (December 31, 2012 - $492 million less $4
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.
(4) As at December 31, 2013, there were 74,206,510 (December 31, 2012 -
74,206,510) voting and non-voting common shares of the Company issued and
outstanding on a fully diluted basis.
(5) Net book value per common share is a non-IFRS measure.

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.

Contacts:
Partners Value Fund Inc.
Edward C. Kress
President
(416) 956-5140

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.