Financial Results for the First Quarter of 2024 - Seite 2

Financial Position and Results of Operations

HFP reported a net loss of $4.7 million in the first quarter of 2024 as compared to net earnings of $7.0 million in the comparable period of 2023. The net loss was driven primarily by unrealized losses on the company’s investment in TopCo. The unrealized losses on the company’s investment in TopCo was driven primarily by the impact of lower forecasted management fees for the Helios Funds which reduces the excess management fees to TopCo Class B and a decrease in carried interest expected to be received from TopCo Class A. The unrealized losses were offset by unrealized gains related to Helios Managed Investments which increased due to the strong performance of the underlying investments in Helios Fund IV. Results from operations also include $4.5 million of expenses offset by interest and dividend income of $1.8 million.

HFP reported a book value per share of $4.35 as of March 31, 2024, as compared to $4.39 in the prior quarter.
The contribution to book value per share from the increase in the fair value of the company’s investment in Helios Managed Investments was offset by the reduction in book value per share from the unrealized loss in the company’s investment in TopCo, resulting in a nominal impact from the company’s investments.

Included in book value per share is $89.3 million of cash and cash equivalents as at March 31, 2024, which is available to fund future investments. At March 31, 2024, HFP had 108,094,107 common shares outstanding, as compared to 108,169,817 common shares outstanding at December 31, 2023.

HFP's detailed first quarter report can be accessed at its website www.heliosinvestment.com/helios-fairfax-partners.

About Helios Fairfax Partners Corporation

Helios Fairfax Partners Corporation is an investment holding company whose investment objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in Africa and African businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, Africa.

Contact Information

Neil Weber
LodeRock Advisors
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