CLAIRVEST GROUP INC. NOTICE TO READER June 30, 2023 (unaudited)
NOTICE TO READER PURSUANT TO NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS
Under National Instrument 51-102 - Continuous Disclosure Obligations, if an auditor has not performed a review of a reporting issuer's interim financial statements, the financial statements must be accompanied by a notice indicating that they have not been reviewed by an auditor.
The Company's independent auditor has not performed a review of these interim condensed consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
CLAIRVEST GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited)
$000's | June 30 | March 31 | ||
2023 | 2023 | |||
ASSETS | $ | 121,692 | ||
Cash and cash equivalents (notes 4 and 13) | $ | 217,870 | ||
Temporary investments (note 4) | 168,247 | 172,962 | ||
Accounts receivable and other assets (note 11(g)) | 74,522 | 65,727 | ||
Loans receivable (note 11(f)) | 85,274 | 24,350 | ||
Income taxes recoverable | 10,218 | 1,142 | ||
Derivative instruments asset (note 14) | 887 | - | ||
Carried interest from Clairvest Equity Partners III and IV (note 8) | 49,905 | 49,314 | ||
Corporate investments (note 6) | 911,482 | 891,709 | ||
Fixed assets (notes 9 and 15(g)) | 6,843 | 6,577 | ||
$ | 1,429,070 | $ | 1,429,651 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities | $ | 15,610 | ||
Accounts payable and accrued liabilities | 13,834 | |||
Dividend payable | 12,177 | - | ||
Income taxes payable | - | 25,201 | ||
Derivative instruments liability (note 14) | - | 7,077 | ||
Accrued compensation expense (notes 12 and 15(b)) | 18,435 | 17,024 | ||
Share-based compensation (note 12) | 80,591 | 74,269 | ||
Management participation from Clairvest Equity Partners III and IV (note 8) | 39,160 | 38,365 | ||
Deferred income tax liability | 38,085 | 36,154 | ||
204,058 | 211,924 | |||
Contingencies, commitments and guarantees (notes 11 and 15) | ||||
Shareholders' Equity | 80,642 | |||
Share capital (note 10) | 80,642 | |||
Retained earnings | 1,144,370 | 1,137,085 | ||
1,225,012 | 1,217,727 | |||
$ | 1,429,070 | $ | 1,429,651 |
(see accompanying notes to interim condensed consolidated financial statements)
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CLAIRVEST GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Quarter ended | |||||
2023 | June 30 | ||||
$000's (except per share information) | 2022 | ||||
REVENUE | $ | 24,469 | |||
Net investment gain (loss) (notes 5 and 6) | $ | (11,021) | |||
Distributions and interest income (notes 6, 7 and 11) | 7,124 | 4,600 | |||
Carried interest from Clairvest Equity Partners III and IV (note 8) | 591 | (585) | |||
Dividend income | 679 | 555 | |||
Management fees (note 7) | 3,298 | 2,871 | |||
Advisory and other fees | 708 | 577 | |||
36,869 | (3,003) | ||||
EXPENSES | 4,567 | ||||
Employee compensation and benefits (note 12 and 15(b)) | 3,168 | ||||
Share-based compensation expenses (note 12) | 6,094 | 7,380 | |||
Administration and other expenses | 3,642 | 2,139 | |||
Finance and foreign exchange expenses (recovery) | 733 | (1,527) | |||
Management participation from Clairvest Equity Partners III and IV (note 8) | 795 | (584) | |||
15,831 | 10,576 | ||||
Income (loss) before income taxes | 21,038 | (13,579) | |||
Income tax expense (recovery) | 1,576 | (2,241) | |||
Net income (loss) and comprehensive income (loss) for the period | 19,462 | (11,338) | |||
Basic and fully diluted net income (loss) and comprehensive income (loss) per share | $ | 1.30 | $ | (0.75) | |
(see accompanying notes to interim condensed consolidated financial statements) |
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CLAIRVEST GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Total | ||||||
Retained | shareholders' | |||||
$000's | Share capital | earnings | equity | |||
As at April 1, 2023 | $ | 80,642 | $ | 1,137,085 | $ | 1,217,727 |
Changes in shareholders' equity | 19,462 | 19,462 | ||||
Net income and comprehensive income for the period | ||||||
1,156,547 | 1,237,189 | |||||
Dividends declared ($0.8105 per share) | (12,177) | (12,177) | ||||
As at June 30, 2023 | $ | 80,642 | $ | 1,144,370 | $ | 1,225,012 |
As at April 1, 2022 | $ | 80,794 | $ | 1,098,293 | $ | 1,179,087 |
Changes in shareholders' equity | ||||||
Net loss and comprehensive loss for the period | (11,338) | (11,338) | ||||
1,086,955 | 1,167,749 | |||||
Dividends declared ($0.7833 per share) | (11,789) | (11,789) | ||||
As at June 30, 2022 | $ | 80,794 | $ | 1,075,166 | $ | 1,155,960 |
(see accompanying notes to interim condensed consolidated financial statements)
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CLAIRVEST GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
$000's
Quarter ended June 30
2023 2022
OPERATING ACTIVITIES | $ | 19,462 | |||
Net income (loss) and comprehensive income (loss) for the period | $ | (11,338) | |||
Add (deduct) items not involving a current cash outlay: | 295 | ||||
Amortization of fixed assets | 291 | ||||
Share-based compensation | 6,094 | 7,380 | |||
Deferred income tax expense (recovery) | 1,931 | (13,510) | |||
Net investment (gain) loss | (24,469) | 11,021 | |||
Carried interest and management participation from Clairvest Equity Partners III and IV | 204 | 126 | |||
Non-cash items relating to foreign exchange forward contracts | (5,923) | 3,437 | |||
Non-cash items relating to corporate investments | 7,279 | (2,515) | |||
Adjustments for: | 4,873 | (5,108) | |||
2,132 | |||||
Net proceeds on sale (cost of acquisition) of temporary investments | (28,866) | ||||
Net loans advanced to acquisition entities or the CEP Funds (note 11(f)) | (60,924) | (30,720) | |||
Cost of settlement of realized foreign exchange forward contracts | (2,041) | (218) | |||
Increase in restricted cash | - | (5,156) | |||
Settlement of share-based compensation liability | 228 | 323 | |||
(60,605) | (64,637) | ||||
Net change in non-cash working capital balances related to operations (note 13) | (39,885) | 2,758 | |||
Cash used in operating activities | (95,617) | (66,987) | |||
INVESTING ACTIVITIES | (561) | ||||
Purchase of fixed assets | (10) | ||||
Cash used in investing activities | (561) | (10) | |||
Net decrease in cash during the period | (96,178) | (66,997) | |||
Cash and cash equivalents, beginning of period | 217,870 | 218,417 | |||
Cash and cash equivalents, end of period (note 13) | $ | 121,692 | $ | 151,420 | |
Supplemental cash flow information | $ | 3,702 | |||
Interest received | $ | 1,533 | |||
Distributions received | $ | 220 | $ | 973 | |
Income taxes paid | $ | 33,919 | $ | 535 | |
Interest paid | $ | 169 | $ | 172 |
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Clairvest Group Inc. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 21:31:10 UTC.