Pinetree Capital Ltd. Results For The Three Months And Year Ended December 31, 2005
March 20, 2006
- Fair Value of Investments increased 113% to $176.1 million from $82.4 million as at
December 31, 2004 ;
- Net Asset Value increased 79% to $7.46 (basic) per share from $4.16 (basic) per share as at December 31, 2004;
Toronto, Ontario (March 20, 2006) –
Investments at Fair Value stood at $176.1 million as at December 31, 2005 as compared to $121.1 million at the end of the previous quarter (a 45% increase) and $82.4 million at the end of last fiscal year (a 113% increase).
Net Asset Value per share (basic) was $7.46 as at
During the fourth quarter, Pinetree generated $38.4 million of net investment gains as compared to $7.6 million in the fourth quarter of fiscal 2004 (a 404% increase). In the twelve months ended
Net income in the fourth quarter was $26.0 million, an increase of 308% over the $6.4 million earned in the fourth quarter of 2004. For the full year, net income was $51.6 million versus a loss of $4.0 million in 2004.
The composition of Pinetree’s investment portfolio changed during 2005, as outlined in the following table.
|
As At
|
As At
|
% Change In Fair Value From Prior Year | ||||
|
Sector |
Fair Value ($) |
% of Total |
Fair Value ($) |
% of Total |
||
|
Resources: |
||||||
|
Uranium/Coal |
28,937,000 |
16.4 |
13,339,000 |
16.2 |
117% | |
|
Oil & Gas |
40,793,000 |
23.2 |
9,163,000 |
11.1 |
345% | |
|
Precious Metals |
38,239,000 |
21.7 |
29,188,000 |
35.4 |
31% | |
|
Base Metals |
15,231,000 |
8.7 |
3,445,000 |
4.2 |
342% | |
|
Total Resources |
123,200,000 |
70.0 |
55,135,000 |
66.9 |
123% | |
|
Biotechnology |
5,938,000 |
3.4 |
6,700,000 |
8.1 |
(11%) | |
|
Energy Related Technology |
18,749,000 |
10.6 |
6,116,000 |
7.4 |
207% | |
|
Technology/Other |
28,256,000 |
16.0 |
14,475,000 |
17.6 |
95% | |
In terms of Fair Value, the largest increases over last year were in Oil & Gas, Base Metals and Energy Related Technology, while the only decrease was in Biotechnology. Overall, the Fair Value of Pinetree’s Resource investments grew by 123% during the year.
“Our results for the year, and the composition of our portfolio at year-end, strongly reflect Pinetree’s early and continuing focus on the resources sector, with a primary interest in energy related resources,” commented
About Pinetree
Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
Investor Relations Contact for Pinetree Capital Ltd.:
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2810
416-941-9600
Email: ir@pinetreecapital.com Web Site: www.pinetreecapital.com