![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fairfax India Holdings Corporation | TSX:FIH.U | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.14 | 0.97% | 14.52 | 14.41 | 14.78 | 14.63 | 14.39 | 14.39 | 19,865 | 21:00:28 |
Highlights for 2023 (with comparisons to 2022, except as otherwise noted) included the following:
There were 135.5 million and 138.5 million weighted average common shares outstanding during the fourth quarters of 2023 and 2022, respectively. At December 31, 2023 there were 105,398,509 subordinate voting shares and 30,000,000 multiple voting shares outstanding.
Unaudited balance sheets, earnings and comprehensive income (loss) information follow and form part of this press release.
Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
For further information, contact: | John Varnell, Vice President, Corporate Affairs |
(416) 367-4755 | |
FAIRFAX INDIA HOLDINGS CORPORATION95 Wellington Street West, Suite 800, Toronto, Ontario, M5J 2N7 Telephone: 416-367-4755
This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company's or an Indian Investment's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: COVID-19 pandemic, the conflicts in Ukraine and Israel, and the development of other geopolitical events and economic disruptions worldwide; oil price risk; geographic concentration of investments; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; weather risk; taxation risks; emerging markets; MLI; economic risk; and trading price of subordinate voting shares relative to book value per share risk. Additional risks and uncertainties are described in the company's annual information form dated March 10, 2023 which is available on SEDAR+ at www.sedarplus.ca and on the company's website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.
Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.
Information on | |||||
CONSOLIDATED BALANCE SHEETS | |||||
as at December 31, 2023 and December 31, 2022 | |||||
(unaudited - US$ thousands) | |||||
December 31, 2023 | December 31, 2022 | ||||
Assets | |||||
Cash and cash equivalents | 174,615 | 147,448 | |||
Short term investments | — | 49,692 | |||
Bonds | 63,263 | 140,693 | |||
Common stocks | 3,581,043 | 3,020,223 | |||
Total cash and investments | 3,818,921 | 3,358,056 | |||
Interest receivable | 1,367 | 5,599 | |||
Income taxes refundable | 220 | 1,012 | |||
Other assets | 1,027 | 902 | |||
Total assets | 3,821,535 | 3,365,569 | |||
Liabilities | |||||
Accounts payable and accrued liabilities | 912 | 1,143 | |||
Accrued interest expense | 8,611 | 8,611 | |||
Income taxes payable | — | 331 | |||
Payable to related parties | 120,858 | 50,851 | |||
Deferred income taxes | 108,553 | 50,554 | |||
Borrowings | 497,827 | 497,306 | |||
Total liabilities | 736,761 | 608,796 | |||
Equity | |||||
Common shareholders' equity | 2,958,718 | 2,642,036 | |||
Non-controlling interests | 126,056 | 114,737 | |||
Total equity | 3,084,774 | 2,756,773 | |||
3,821,535 | 3,365,569 | ||||
Book value per share | $ | 21.85 | $ | 19.11 |
Information onCONSOLIDATED STATEMENTS OF EARNINGSfor the fourth quarters and years ended December 31, 2023 and 2022 (unaudited - US$ thousands except per share amounts) | |||||||||||
Fourth quarter | Year ended December 31, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
Income | |||||||||||
Interest | 3,511 | 3,397 | 16,833 | 11,353 | |||||||
Dividends | 12,208 | 2,850 | 28,831 | 23,985 | |||||||
Net realized gains on investments | 145,758 | 68,769 | 193,203 | 95,882 | |||||||
Net change in unrealized gains on investments | 44,581 | 47,705 | 361,702 | 153,656 | |||||||
Net foreign exchange gains (losses) | 322 | (3,161 | ) | (1,713 | ) | (47,350 | ) | ||||
206,380 | 119,560 | 598,856 | 237,526 | ||||||||
Expenses | |||||||||||
Investment and advisory fees | 10,720 | 9,444 | 39,382 | 38,988 | |||||||
Performance fee (recovery) | 27,849 | 8,855 | 69,385 | (36,428 | ) | ||||||
General and administration expenses | 1,884 | 6,317 | 12,672 | 13,470 | |||||||
Interest expense | 6,380 | 6,380 | 25,521 | 25,521 | |||||||
46,833 | 30,996 | 146,960 | 41,551 | ||||||||
Earnings before income taxes | 159,547 | 88,564 | 451,896 | 195,975 | |||||||
Provision for (recovery of) income taxes | 22,794 | (3,996 | ) | 68,050 | 4,487 | ||||||
Net earnings | 136,753 | 92,560 | 383,846 | 191,488 | |||||||
Attributable to: | |||||||||||
Shareholders of Fairfax India | 134,968 | 92,574 | 371,770 | 191,439 | |||||||
Non-controlling interests | 1,785 | (14 | ) | 12,076 | 49 | ||||||
136,753 | 92,560 | 383,846 | 191,488 | ||||||||
Net earnings per share | $ | 1.00 | $ | 0.67 | $ | 2.72 | $ | 1.38 | |||
Net earnings per diluted share | $ | 1.00 | $ | 0.65 | $ | 2.72 | $ | 1.34 | |||
Shares outstanding (weighted average) | 135,464,165 | 138,481,733 | 136,818,139 | 139,066,682 |
Information onCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)for the fourth quarters and years ended December 31, 2023 and 2022 (unaudited - US$ thousands) | ||||||||
Fourth quarter | Year ended December 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Net earnings | 136,753 | 92,560 | 383,846 | 191,488 | ||||
Other comprehensive loss, net of income taxes | ||||||||
Item that may be subsequently reclassified to net earnings | ||||||||
Unrealized foreign currency translation losses, net of income taxes of nil (2022 - nil) | (6,485 | ) | (48,570 | ) | (18,614 | ) | (301,507 | ) |
Other comprehensive loss, net of income taxes | (6,485 | ) | (48,570 | ) | (18,614 | ) | (301,507 | ) |
Comprehensive income (loss) | 130,268 | 43,990 | 365,232 | (110,019 | ) | |||
Attributable to: | ||||||||
Shareholders of Fairfax India | 128,727 | 45,947 | 353,913 | (97,114 | ) | |||
Non-controlling interests | 1,541 | (1,957 | ) | 11,319 | (12,905 | ) | ||
130,268 | 43,990 | 365,232 | (110,019 | ) |
GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURESManagement analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company's Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS and may not be comparable to similar measures presented by other companies. Those measures are described below.
Book value per share - The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings. This measure is calculated by the company as common shareholders' equity divided by the number of common shares outstanding.
Book value per share prior to the performance fee - This measure adjusts common shareholders' equity in the book value per share calculation to remove the performance fee accrued, and is a key performance measure.
Cash and marketable securities - This measure is calculated by the company as the sum of cash, cash equivalents, short term investments, Government of India bonds and Other Public Indian Investments. The company uses this measure to monitor short term liquidity risk.
1 Year Fairfax India Chart |
1 Month Fairfax India Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions