Pinetree
Capital Ltd. Announces Financial Results For The Year
Ended December 31, 2011
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
|
|
Resources:
|
|
|
|
|
|
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 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.