105 0 Kommentare Helios Fairfax Partners Reports Third Quarter Financial Results

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TORONTO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the three and nine months ended September 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

“We made noteworthy progress monetizing Legacy Non-Core Investments in the third quarter of 2023, realizing $14 million in proceeds from the sale of a significant tranche of one of the remaining investments and we are on track to complete the sale of the residual portion during 2024. We have also entered into an agreement to sell certain other related Legacy Non-Core Investments which are expected to be completed through 2024,” said Tope Lawani and Babatunde Soyoye, Co-CEO’s of Helios Fairfax Partners. “Consistent with our strategy of seeding investments in the sports and entertainment sector, we funded an additional loan facility for Event Horizon which will be deployed in investments that benefit from the urbanization of a young and dynamic African population. With $116 million in cash available at the end of the quarter, we remain well positioned to continue to make what we believe are innovative and value-creating investments in Africa as a trusted partner of choice to corporates and entrepreneurs.”

Highlights During the Third Quarter of 2023

Book value per share for the third quarter of 2023 decreased by $0.02 or 0.4% quarter-over-quarter. The investment in Alternative Asset Management and in Helios Managed Investments contributed $0.05 while the sale of a significant tranche of one of the Insured and Guaranteed Legacy Non-Core Investments reduced it by $0.12, supporting the company’s strategy on exits.
Book value per share for the nine months ended September 30, 2023 grew $0.08 or 1.6%.
The company had earnings of $11.0 million in the first six months of 2023, which decreased to $9.2 million for the first 9 months of 2023, a decrease of 16% during the third quarter.
The company funded an additional $4.5 million under the loan facility for Event Horizon.
The company completed a sale of a portion of its indirect equity interest in AGH, one of its Insured and Guaranteed Legacy Non-Core Investments, for an aggregate consideration of $14 million and committed to sell its remaining indirect equity interest in AGH for an aggregate consideration of $2.4 million during 2024.