Clairvest Reports Fiscal 2022 First Quarter Results
11 Août 2021 - 11:46PM
Clairvest Group Inc. (TSX: CVG) today reported results for the
fiscal 2022 first quarter ended June 30, 2021 as well as material
events which occurred subsequent to quarter end. (All figures are
in Canadian dollars unless otherwise stated)
Highlights
- June 30, 2021 book value was $867.3
million or $57.60 per share compared with $857.8 million or $56.96
per share as at March 31, 2021
- Net income for the quarter ended
June 30, 2021 was $18.1 million or $1.21 per share
- Subsequent to quarter end,
Clairvest paid $0.5696 in dividends
Clairvest’s book value was $867.3 million or
$57.60 per share as at June 30, 2021, compared with $857.8 million
or $56.96 per share as at March 31, 2021. The increase in book
value for the quarter was attributable to net income for the
quarter of $18.1 million, or $1.21 per share net of $8.6 million or
$0.5696 per share of dividends accrued as at June 30, 2021. The net
income arose from valuation increases in a number of the investee
companies, partially offset by declines in others.
“We are pleased with the progress of our
portfolio companies as they continue to grow through acquisitions
and through investments in new talent and resources,” said Ken
Rotman, CEO of Clairvest. “At the same time, our team is focused on
domain research in our core and in new industries that we believe
can generate unique investment opportunities. We understand the
importance to prudently invest our capital and believe our patience
and disciplined investment approach will continue to be
rewarded.”
Subsequent to quarter end, Clairvest paid an
annual ordinary dividend of $0.10 per share and a special dividend
of $0.4696 per share, such that in aggregate, the dividends
represent 1% of the March 31, 2021 book value. Both dividends were
paid on July 23, 2021 to common shareholders of record as at July
2, 2021 and are eligible dividends for Canadian income tax
purposes.
Summary of
Financial Results – Unaudited |
|
|
|
Financial
Results(1) |
Quarter ended |
June 30 |
2021 |
2020 |
($000’s, except per share amounts) |
$ |
$ |
Net investment gain |
28,951 |
74,690 |
Net carried interest from Clairvest Equity Partners III and IV |
(334) |
(7,885) |
Distributions, interest income, dividends and fees |
7,300 |
11,142 |
Total expenses, excluding income taxes |
11,750 |
6,287 |
Net income and comprehensive income |
18,099 |
64,352 |
Basic and fully diluted net income per share |
1.21 |
4.27 |
Financial Position |
June 30 |
March 31, |
2021 |
2021 |
($000’s, except share information and per share amounts) |
$ |
$ |
Total assets |
1,014,148 |
985,025 |
Total cash, cash equivalents and temporary investments |
341,447 |
279,373 |
Carried interest from Clairvest Equity Partners III and IV |
33,984 |
34,318 |
Corporate investments(1) |
581,618 |
534,667 |
Total liabilities |
146,819 |
127,218 |
Management participation from Clairvest Equity Partners III and
IV |
25,416 |
25,996 |
Book value(2) |
867,329 |
857,807 |
Common shares outstanding |
15,058,401 |
15,058,401 |
Book value per share(2) |
57.60 |
56.96 |
(1) Includes carried interest of $91,124 (March
31: $88,343) and management participation of $62,543 (March 31:
$60,346) from Clairvest Equity Partners V and VI, and $62,546
(March 31, 2021: $65,953) in cash, cash equivalents and temporary
investments held by Clairvest’s acquisition entities.(2) Book value
is a Non-IFRS measure calculated as the value of total assets less
the value of total liabilities.
Clairvest’s first quarter fiscal 2022 financial
statements and MD&A are available on the SEDAR website at
www.sedar.com and the Clairvest website at www.clairvest.com.
About Clairvest
Clairvest’s mission is to partner with
entrepreneurs to help them build strategically significant
businesses. Founded in 1987 by a group of successful Canadian
entrepreneurs, Clairvest is a top performing private equity
management firm with over CAD $2.5 billion of capital under
management. Clairvest invests its own capital and that of third
parties through the Clairvest Equity Partners limited partnerships
in owner-led businesses. Under the current management team,
Clairvest has initiated investments in 56 different platform
companies and generated top quartile performance over an extended
period.
Contact Information
Stephanie LoManager, Investor Relations and
MarketingClairvest Group
Inc. Tel: (416)
925-9270Fax: (416) 925-5753stephaniel@clairvest.com
Forward-looking Statements
This news release contains forward-looking
statements with respect to Clairvest Group Inc., its subsidiaries,
its CEP limited partnerships and their investments. These
statements are based on current expectations and are subject to
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Clairvest,
its subsidiaries, its CEP limited partnerships and their
investments to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include general and
economic business conditions and regulatory risks. Clairvest is
under no obligation to update any forward-looking statements
contained herein should material facts change due to new
information, future events or otherwise.
www.clairvest.com
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