GP Investments
Second Quarter of 2023
Earnings Release
2
2Q23 Highlights
August 14, 2023 - GP Investments, Ltd. ("GP") [B3: GPIV33] reports its results for the 2nd quarter of 2023.
GP recorded a net loss of USD 2.5 million in Q2 2023, and the company's Net Asset Value ("NAV") at the end of the period was USD 223.5 million.
The main events in Q2 2023 were:
BR Properties: In April, Slabs Investimentos, Ltda., a subsidiary of GP, successfully concluded a Voluntary Tender Offer, and at the end of the second quarter, GP through Slabs held 96% of BR Properties' share capital.
Spice PE: In April, the tender offer process was completed, and Spice PE shares ceased trading on the SIX Swiss Exchange on April 19, 2023.
G2D Results: The company recorded a net profit of USD 0.5 million in Q2 2023, and G2D's NAV at the end of the quarter was USD 169.9 million.
GP Investments - Portfolio Overview
GP Investments' Portfolio | G2D's Portfolio |
GP Investments
3
Net Asset Value (NAV)
The table below exhibits GP Investments' NAV composition as of June 2023, determined by the proportional stake in Spice and G2D investments:
Value of Investments (in USD million) | GP | G2D | GP + G2D | |
Equity Portfolio | 293.6 | 180.0 | 473.5 | |
Publicly Traded Companies | 192.8 | - | 192.8 | |
BR Properties¹ | 148.5 | - | 148.5 | |
Centauro² | 41.1 | - | 41.1 | |
BRPR Corporate Offices² | 3.2 | - | 3.2 | |
Privately-Held Companies | 100.8 | 180.0 | 280.8 | |
Akad | 35.0 | - | 35.0 | |
Bravo Brio + VDC | 32.5 | - | 32.5 | |
2TM | 15.3 | - | 15.3 | |
Legacy Portfolio | 14.1 | - | 14.1 | |
Real Estate Investments³ | 3.9 | - | 3.9 | |
G2D Investments' Portfolio | - | 180.0 | 180.0 | |
Assets and Liabilities | (154.0) | (96.1) | (250.1) | |
Cash and Cash Equivalents | 29.3 | 10.9 | 40.2 | |
Financial Investments | 15.5 | - | 15.5 | |
Loans and Receivables | 23.6 | - | 23.6 | |
Other Assets | 27.4 | 0.1 | 27.5 | |
Liabilities | 4 | (239.8) | (21.1) | (260.9) |
Minority Interest | (10.1) | (86.0) | (96.0) | |
NAV (Shareholders' Equity) | 139.5 | 83.9 | 223.5 |
- The value of the investment is based on the company's acquisition cost of the company valued at the exchange rate of 30/06/2023 of 4.8192 BRL/USD.
- The value of the investment is based on the company's market capitalization on June 30, 2023.
- Value of the investment is based on the acquisition value for some of the fund's projects, and on DCF methodology for others, according to GPRE's Policies as described in the 1Q13 Earnings Release - both being adjusted by the exchange rate of June 30, 2023.
- On 30/06/2023, GP's debt was composed of perpetual bonds with a balance of USD 74.8M and a loan at Slabs level with a balance of USD 150.5M.
NAV Change Breakdown
(In USD million)
224.3 1.1
18.1
(10.0)
0.2 (4.1)
(6.7) | 223.5 |
(0.3) | 0.8 |
NAV 1Q23 Management | Changes | Net Realized | G2D's Net | Expenses Net Financial Intercompany | Others | NAV 2Q23 | |
Fee | in FMV | Loss | Income | Results | Mgmt. Fee |
As of June 30, 2023, the total net asset value of GP Investments stood at USD 223.5 million.
Investor Relations
Rodrigo Boscolo, CFO and Investor Relations Officer
Eduardo Coutinho, Investor Relations Manager
+55 (11) 3556-5505
ir@gp-investments.com
GP Investments
Notes: The GP Investments business review report presents unaudited managerial results; Proportional balance sheet consolidates financial accounts of GP's subsidiaries, excluding minority interests.
4
Proportional Balance Sheet
Proportional Balance Sheet | 2Q23 | 1Q23 | 4Q22 | 2Q23 | 1Q23 | 4Q22 | |
In USD million | |||||||
Assets | Liabilities and shareholders' equity | ||||||
Current assets | 74.1 | 93.3 | 100.0 | Current liabilities | 178.7 | 38.1 | 39.8 |
Cash and cash equivalents | 40.2 | 55.9 | 65.4 | Accounts payable | 2.2 | 2.1 | 1.8 |
Financial investments | 15.5 | 16.1 | 16.1 | Taxes payable | 0.7 | 0.7 | 0.6 |
Management and performance fees | 0.2 | 0.3 | 0.2 | Payroll accruals, performance fee and related charges | 1.6 | 1.2 | 2.4 |
Deferred costs and prepaid expenses | 0.4 | 0.6 | 0.5 | Accrued interest | 1.4 | 1.4 | 1.4 |
Receivable from other subsidiaries | 16.8 | 19.6 | 17.0 | Loans and financings | 170.5 | 30.5 | 30.4 |
Other | 0.9 | 0.8 | 0.8 | Other | 2.4 | 2.2 | 3.2 |
Non-current liabilities | 82.2 | 82.0 | 82.6 | ||||
Perpetual notes | 74.8 | 74.8 | 74.8 | ||||
Provision for contigencies | 7.3 | 7.2 | 7.8 | ||||
Non-current assets | 506.3 | 354.5 | 368.9 | ||||
Investments | 496.3 | 345.1 | 360.1 | Shareholders' equity | 319.5 | 328.8 | 346.5 |
Equity Portfolio | 494.4 | 340.0 | 355.1 | Share capital | 0.2 | 0.2 | 0.2 |
Financial investments at fair value through profit and loss | 1.8 | 5.1 | 5.0 | Share premium | 596.5 | 594.9 | 594.5 |
Receivables from employees and shareholders | 6.8 | 6.3 | 6.3 | Retained earnings / losses | (346.7) | (344.2) | (326.8) |
Furniture and equipment | 1.0 | 1.0 | 0.8 | Treasury shares | - | - | - |
Receivables from related parties | 1.0 | 1.2 | 1.1 | Other accumulated comprehensive income | (26.6) | (26.6) | (26.9) |
Other | 1.3 | 1.0 | 0.7 | Minority Interest | 96.0 | 104.5 | 105.6 |
Total assets | 580.4 | 447.8 | 468.9 | Total liabilities and shareholders' equity | 580.4 | 448.9 | 468.9 |
GP Investments
5
Proportional Income Statement
Proportional Income Statement | 2Q23 | 2Q22 |
In USD million | ||
Fund Management Revenues | 1.1 | 2.2 |
Management fees | 1.1 | 2.3 |
Performance fees | - | (0.1) |
Capital Results Revenues | 8.2 | (44.5) |
Appreciation / Depreciation in fair value of investments | 18.1 | (44.6) |
Net realized gains | (10.0) | 0.0 |
Dividends and others | 0.1 | 0.1 |
Total Revenues | 9.3 | (42.2) |
Operating expenses | (4.9) | (3.0) |
Bonus and carried interest sharing expenses | (0.3) | (0.2) |
Contingencies | 0.7 | (0.2) |
Total Expenses | (4.5) | (3.4) |
Intercompany management fees | (0.3) | (0.0) |
Stock options | (0.5) | (0.7) |
Financial income / loss net | (6.7) | (3.7) |
Financial income | 2.7 | (1.5) |
Financial expenses | (9.4) | (2.1) |
EBT | (2.7) | (50.0) |
Income taxes | (0.1) | (0.1) |
G2D's Net income | 0.2 | (37.4) |
Spice's Net income | 0.1 | (9.9) |
Net Income / loss for the period | (2.5) | (97.4) |
GP Investments
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Disclaimer
GP Investments Ltd. published this content on 14 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 01:43:04 UTC.