Consolidated interim financial information for the period ended June 30, 2023
Contents
Management Report
03
Independent auditors' report on the consolidated interim financial information
06
Consolidated balance sheet
08
Consolidated statement of comprehensive income (loss)
09
Consolidated statement of changes
11
Consolidated statement of cash flows ‐ Indirect method
13
Notes to the consolidated interim financial information
15
2
GP Investments
Second Quarter of 2023
Earnings Release
3
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
4
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
5
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.
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GP Investments Ltd. published this content on 19 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2023 19:56:05 UTC.
GP Investments, Ltd. is a Bermuda-based private equity and alternative investment company. The Companyâs operations comprise private equity, real estate and direct investment activities, including the management of limited partnerships. Its segments include private equity and real estate. In the private equity business, it invests to acquire control or joint control with the original owners with the objective of lead the invested company. In real estate business, it invests primarily at the asset level, directly in projects in the residential, office and retail segments. Its investment portfolio includes Spice Private Equity Ltd., Grupo SBF, BR Properties, and 2TM Group. It invests in approximately 15 sectors, such as industry, health services, mobile resource management, retail, logistics, real estate/shopping malls, Internet and technology, hotel, telecommunication, utilities, education, entertainment/restaurants, consumer goods, human resources (HR) services, and oil and gas.