Helios Fairfax Partners Reports Second Quarter Financial Results

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TORONTO, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the six months ended June 30, 2023. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from the interim consolidated financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), except as otherwise noted.

Management Commentary

“In Q2 we advanced our strategy of seeding investments by making notable investments in two new strategies, Helios Seven Rivers Fund and Helios Sports & Entertainment Group, which are expected to contribute to driving excess management fee income and carried interest proceeds,” said Tope Lawani and Babatunde Soyoye, Co-CEO’s of Helios Fairfax Partners. “We also made capital contributions for follow-on investments which will be deployed in the rapidly growing data center sector. Finally, we remain focused on the full and timely exit of our legacy non-core assets in an orderly manner. With $118 million in cash available at the end of Q2, we will continue to deploy our capital in investments that align with the long-term secular trends of demographics & urbanization and technology & innovation which will drive Africa’s economy for years to come.”

Highlights During and Subsequent to the Second Quarter of 2023

• Book value per share for the second quarter of 2023 grew $0.04 or 0.8% quarter-over-quarter.
• Book value per share for the six months ended June 30, 2023 grew $0.10 or 2.0%.
• The company had earnings of $7.0 million in the first quarter of 2023, which grew to $11.0 million in the second quarter of 2023, an increase of 57% during the second quarter.
• The company contributed its investment in Other Common Shares and cash of $14.1 million, for a total investment of $30.0 million, to Helios Seven Rivers Fund in exchange for a 93.7% equity interest in Helios Seven Rivers Fund, a strategy developed to apply hedge fund style investment processes to investments made in African public securities markets.
• The company invested $6.0 million in Helios Sports & Entertainment Group, a strategy developed to invest in companies, businesses, and opportunities in the African sports and entertainment sector.
• The company funded capital contributions of $1.1 million for TopCo LP and $7.2 million for Helios Fund IV to make follow-on investments in IXAfrica, a private company developing and operating hyperscale-ready data centers in Kenya.
• The company entered into a Sale and Purchase Agreement whereby it agreed to sell a portion of its investment in its Indirect equity interest in AGH, its equity interest in Philafrica, and the Philafrica facility, all of which are Legacy Investments, subject to certain conditions.