Patria Investments Limited(NASDAQ:PAX) 
Patria Investments Limited operates as a private market investment firm focused on investing in Latin America. It offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and c...
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-10 | 2025-09-26 | 2025-07-31 | 2023-04-17 | 2022-10-05 | 2022-09-20 | 2021-12-31 | 2021-11-18 | 2021-08-19 | 2021-05-20 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
net revenue from services | 86,461,000 | 82,522,000 | 79,567,000 | 56,990,000 | 55,618,000 | 54,988,000 | |||||
personnel expenses | -35,843,000 | -33,082,000 | -29,068,000 | -11,259,000 | |||||||
deferred consideration | -867,000 | -865,000 | |||||||||
amortization of intangible assets | -10,504,000 | -9,224,000 | -9,936,000 | -1,508,000 | |||||||
general and administrative expenses | -11,858,000 | -11,683,000 | -12,045,000 | ||||||||
other income/ | -339,000 | -496,000 | 1,753,000 | -6,282,000 | -5,078,000 | -2,167,000 | -92,000 | 11,000 | -2,363,000 | ||
share of equity-accounted earnings | -225,000 | -652,000 | -997,000 | ||||||||
finance income | 9,101,000 | 1,181,000 | |||||||||
finance expense | -11,589,000 | -12,281,000 | |||||||||
net income before income tax | 24,562,000 | 14,950,000 | 14,604,000 | ||||||||
income tax expense | -355,000 | 1,954,000 | |||||||||
net income for the period | 24,207,000 | 14,121,000 | 16,558,000 | 13,219,000 | 15,906,000 | 18,316,000 | 21,524,000 | 73,400,000 | 13,062,000 | ||
attributable to: | |||||||||||
owners of the company | 22,571,000 | 12,851,000 | 12,221,000 | 15,906,000 | 18,316,000 | ||||||
non-controlling interests | 1,636,000 | 1,270,000 | 894,000 | 998,000 | -1,000 | -1,284,000 | |||||
basic earnings per share | 0.14 | 0.08 | 0.099 | ||||||||
diluted earnings per share | 0.139 | 0.08 | 0.098 | ||||||||
carried interest allocation | -897,000 | -30,380,000 | |||||||||
income tax | -829,000 | -2,200,000 | 341,000 | -4,194,000 | 855,000 | 1,178,000 | |||||
deferred consideration payable | -741,000 | ||||||||||
share of equity-accounted losses | |||||||||||
financial income | 3,778,000 | ||||||||||
financial expense | -18,704,000 | ||||||||||
owners of the parent company | 15,664,000 | ||||||||||
cost of services rendered | -25,993,000 | -27,417,000 | -27,624,000 | -15,195,000 | -43,147,000 | -11,985,000 | |||||
gross profit | 30,997,000 | 28,201,000 | 27,364,000 | 24,500,000 | 75,850,000 | 18,628,000 | |||||
yoy | 26.52% | -62.82% | 46.90% | ||||||||
qoq | 9.91% | 3.06% | -67.70% | 307.18% | |||||||
operating income and expenses | -15,155,000 | -14,700,000 | -9,436,000 | -3,093,000 | -3,784,000 | -4,783,000 | |||||
administrative expenses | -8,221,000 | -8,625,000 | -7,269,000 | -3,001,000 | -3,795,000 | -2,420,000 | |||||
operating income before net financial income/ | 15,842,000 | 13,501,000 | 17,928,000 | 72,066,000 | 13,845,000 | ||||||
net financial income/ | -423,000 | 2,064,000 | 4,582,000 | 156,000 | -258,000 | ||||||
income before income tax | 15,419,000 | 15,565,000 | 22,510,000 | 20,669,000 | 72,222,000 | 13,587,000 | |||||
basic earnings per thousand shares | 83.03 | 158.09 | |||||||||
diluted earnings per thousand shares | 83.03 | 157.77 | |||||||||
basic and diluted earnings per thousand shares | 108.06 | 124.44 | 539.13 | 105.37 | |||||||
revenue from services | 39,695,000 | 118,997,000 | 30,613,000 | ||||||||
operating income before net financial income | 21,407,000 | ||||||||||
net financial income | -738,000 | ||||||||||
owners of the parent | 21,524,000 | 73,401,000 | 14,346,000 | ||||||||
the accompanying notes are integral parts of these condensed consolidated interim financial statements. | |||||||||||
income taxes | -525,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-03-31 | 2024-09-30 | 2024-07-31 | 2022-09-30 | 2021-09-30 | 2020-12-31 | 2020-05-20 |
|---|---|---|---|---|---|---|---|
net revenue from services | 79,567,000 | 78,055,000 | 63,908,000 | 56,990,000 | |||
personnel expenses | -29,068,000 | -29,939,000 | -18,445,000 | ||||
deferred consideration payable | -741,000 | ||||||
amortization of intangible assets | -9,936,000 | -7,454,000 | -6,044,000 | ||||
general and administrative expenses | -12,045,000 | -12,217,000 | -9,190,000 | ||||
other income/ | 1,753,000 | -8,652,000 | -6,986,000 | -6,282,000 | -92,000 | ||
share of equity-accounted losses | |||||||
financial income | 3,778,000 | ||||||
financial expense | -18,704,000 | ||||||
net income before income tax | 14,604,000 | 10,157,000 | 20,073,000 | ||||
income tax expense | 1,954,000 | ||||||
net income for the period | 16,558,000 | 1,878,000 | 15,853,000 | 13,219,000 | 21,524,000 | ||
attributable to: | |||||||
owners of the parent company | 15,664,000 | ||||||
non-controlling interests | 894,000 | 1,412,000 | 404,000 | 998,000 | |||
basic earnings per share | 99.03 | ||||||
diluted earnings per share | 97.91 | ||||||
carried interest allocation | |||||||
deferred consideration | -3,028,000 | -2,394,000 | |||||
share of equity-accounted (losses) earnings | -62,000 | ||||||
net financial income/ | -6,546,000 | -567,000 | -423,000 | -738,000 | |||
income tax | -8,279,000 | -4,220,000 | -2,200,000 | 855,000 | |||
owners of the company | 466,000 | 15,449,000 | 12,221,000 | ||||
basic earnings per thousand shares | 3.01 | 102.89 | 83.03 | 158.09 | |||
diluted earnings per thousand shares | 3 | 101.53 | 83.03 | 157.77 | |||
share of equity-accounted earnings | -209,000 | -652,000 | |||||
cost of services rendered | -25,993,000 | -15,195,000 | |||||
gross profit | 30,997,000 | 24,500,000 | |||||
operating income and expenses | -15,155,000 | -3,093,000 | |||||
administrative expenses | -8,221,000 | -3,001,000 | |||||
operating income before net financial income/ | 15,842,000 | 21,407,000 | |||||
income before income tax | 15,419,000 | 20,669,000 | |||||
revenue from services | 39,695,000 | ||||||
owners of the parent | 21,524,000 | ||||||
the accompanying notes are integral parts of these condensed consolidated interim financial statements. | |||||||
cash and cash equivalents | 14,052,000 | 14,052,000 | |||||
short term investments | 9,929,000 | 9,929,000 | |||||
accounts receivable | 24,022,000 | 24,022,000 | |||||
project advances | 1,277,000 | 1,277,000 | |||||
other assets | 3,703,000 | 3,703,000 | |||||
recoverable taxes | 692,000 | 692,000 | |||||
current assets | 53,675,000 | 53,675,000 | |||||
deferred tax assets | 2,338,000 | 2,338,000 | |||||
long term investments | 1,986,000 | 1,986,000 | |||||
property and equipment | 3,819,000 | 3,819,000 | |||||
intangible assets | 22,357,000 | 22,357,000 | |||||
non current assets | 53,528,000 | ||||||
total assets | 107,203,000 | 107,203,000 | |||||
the accompanying notes are integral parts of these consolidated financial statements. | |||||||
amortization of intagible assets | |||||||
income taxes | |||||||
net income for the year | |||||||
basic and diluted earnings per share | |||||||
non-current assets | 53,528,000 | ||||||
patria investments limited | |||||||
condensed consolidated income statement | |||||||
for the three-month periods ended march 31, 2021 and 2020 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-10 | 2025-09-26 | 2025-07-31 | 2025-02-11 | 2024-11-05 | 2024-07-31 | 2023-11-27 | 2023-11-03 | 2023-04-17 | 2022-10-05 | 2022-09-20 | 2021-11-18 | 2021-08-19 | 2021-05-20 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||
net income for the period | 54,886,000 | 30,679,000 | 16,558,000 | 20,265,000 | 18,387,000 | 15,853,000 | 72,424,000 | 53,585,000 | 47,441,000 | 34,222,000 | 18,316,000 | 107,986,000 | 86,462,000 | 13,062,000 |
adjustments to net income for the period | ||||||||||||||
depreciation expense | 4,681,000 | 2,883,000 | 1,296,000 | 3,779,000 | 2,459,000 | 1,192,000 | 3,613,000 | 2,308,000 | 2,761,000 | 1,764,000 | 780,000 | 1,329,000 | 846,000 | 417,000 |
amortization expense | 29,664,000 | 19,160,000 | 9,936,000 | 19,901,000 | 12,447,000 | 6,044,000 | 16,294,000 | 10,419,000 | 12,697,000 | 8,547,000 | 4,408,000 | 4,536,000 | 3,087,000 | 1,540,000 |
unrealized losses on long-term investments | 2,775,000 | 6,337,000 | 5,007,000 | 16,250,000 | 8,944,000 | 3,070,000 | 7,487,000 | 8,871,000 | -4,336,000 | -4,602,000 | -4,477,000 | |||
unrealized losses on warrant liability | 1,102,000 | 1,102,000 | 1,102,000 | 150,000 | 160,000 | 780,000 | -2,654,000 | 185,000 | ||||||
unrealized losses energy trading contracts | -6,084,000 | -3,928,000 | -2,165,000 | |||||||||||
unrealized losses on asset-linked receivable | -3,053,000 | -3,053,000 | -3,053,000 | -11,243,000 | -7,314,000 | -4,367,000 | -7,929,000 | -9,563,000 | ||||||
unrealized losses on derivative financial instruments | -61,000 | 929,000 | 877,000 | 254,000 | ||||||||||
tria call option | 560,000 | |||||||||||||
consideration payable adjustments | 10,907,000 | 6,332,000 | 1,665,000 | 15,929,000 | ||||||||||
gross obligation adjustments | 2,841,000 | 1,934,000 | ||||||||||||
deferred consideration adjustments | 2,473,000 | 1,606,000 | 741,000 | 2,125,000 | 1,902,000 | 788,000 | 788,000 | |||||||
interest income on accounts receivable | ||||||||||||||
interest expense on asset-backed payable | 1,835,000 | |||||||||||||
interest expense on loans | 9,280,000 | 6,978,000 | 3,529,000 | 6,493,000 | 3,351,000 | 451,000 | ||||||||
interest expense on lease liabilities | 1,475,000 | 854,000 | 363,000 | 1,004,000 | 687,000 | 329,000 | 965,000 | 659,000 | 1,303,000 | 765,000 | 335,000 | 761,000 | 498,000 | 239,000 |
loan fees expensed | 781,000 | |||||||||||||
deferred income taxes expense | -10,686,000 | -8,730,000 | -6,149,000 | 1,929,000 | -1,761,000 | 793,000 | -12,590,000 | -8,635,000 | 1,059,000 | 1,105,000 | 2,536,000 | -1,622,000 | -700,000 | 519,000 |
current income taxes expense | 9,916,000 | 7,605,000 | 4,195,000 | 11,199,000 | 6,610,000 | 3,427,000 | 7,483,000 | 4,081,000 | 4,994,000 | 2,748,000 | 1,658,000 | 114,000 | 47,000 | 6,000 |
share of equity accounted earnings | 225,000 | 225,000 | 378,000 | 316,000 | 209,000 | 575,000 | 533,000 | 1,649,000 | 997,000 | |||||
non-cash personnel expenditure | 446,000 | |||||||||||||
share based incentive plan | 10,695,000 | 7,439,000 | 3,583,000 | 12,667,000 | 6,137,000 | 447,000 | 974,000 | 746,000 | 516,000 | 325,000 | 200,000 | 699,000 | 610,000 | |
other adjustments to net income | 8,000 | 410,000 | 269,000 | 438,000 | 301,000 | 109,000 | ||||||||
changes in operating assets and liabilities | ||||||||||||||
accounts receivable | 90,446,000 | 87,085,000 | 89,466,000 | 40,245,000 | 12,780,000 | -7,387,000 | -15,613,000 | -2,000 | 12,217,000 | 16,928,000 | 4,345,000 | -95,842,000 | -87,125,000 | 500,000 |
projects advances | -4,561,000 | -4,363,000 | -2,966,000 | 3,403,000 | 372,000 | 2,217,000 | -5,634,000 | -1,033,000 | -4,326,000 | -3,168,000 | 31,000 | -1,263,000 | -617,000 | 544,000 |
personnel and related taxes | -6,560,000 | -17,112,000 | -24,300,000 | 2,458,000 | -2,889,000 | -10,087,000 | -10,303,000 | -13,290,000 | -19,999,000 | -19,124,000 | -24,272,000 | 8,964,000 | 2,580,000 | -3,547,000 |
carried interest allocation | -1,951,000 | -1,946,000 | -801,000 | -4,028,000 | -4,028,000 | -4,047,000 | 2,281,000 | 11,419,000 | -9,341,000 | -6,936,000 | -2,482,000 | 30,724,000 | 30,380,000 | |
payment of taxes | -13,762,000 | |||||||||||||
deferred consideration paid | -3,146,000 | -3,146,000 | ||||||||||||
net decrease in energy trading contract liabilities | -13,234,000 | -4,199,000 | -2,943,000 | |||||||||||
other assets and liabilities | 72,686,000 | 50,791,000 | 4,171,000 | 5,135,000 | 154,000 | 6,808,000 | 3,441,000 | -3,379,000 | 3,530,000 | -2,831,000 | -8,013,000 | -5,101,000 | -3,623,000 | 20,747,000 |
payment of placement agent fees | -1,292,000 | -2,017,000 | -1,184,000 | -9,789,000 | -5,824,000 | -4,758,000 | -1,200,000 | -1,200,000 | -445,000 | |||||
net cash from operating activities | 242,843,000 | 176,946,000 | 100,072,000 | 41,935,000 | 117,282,000 | 71,936,000 | 90,353,000 | 33,922,000 | 26,267,000 | 79,519,000 | 31,679,000 | 34,555,000 | ||
capital expenditures | -6,900,000 | -4,632,000 | 0 | 0 | 0 | 0 | -8,825,000 | -4,091,000 | -1,325,000 | -524,000 | -118,000 | -62,000 | ||
free cash flows | 235,943,000 | 172,314,000 | 100,072,000 | 41,935,000 | 117,282,000 | 71,936,000 | 81,528,000 | 29,831,000 | 24,942,000 | 78,995,000 | 31,561,000 | 34,493,000 | ||
cash flows from investing activities | ||||||||||||||
increase in short term investments | -15,835,000 | -22,551,000 | ||||||||||||
decrease in short term investments | 644,000 | 2,276,000 | -9,146,000 | 6,587,000 | -1,629,000 | 10,460,000 | 26,155,000 | 22,660,000 | 74,169,000 | -172,387,000 | 17,866,000 | -240,910,000 | -276,280,000 | -290,435,000 |
increase in long-term investments | -6,789,000 | -33,872,000 | -17,181,000 | -1,869,000 | -2,623,000 | |||||||||
decrease in long-term investments | 8,420,000 | 20,425,000 | 3,260,000 | -5,082,000 | 88,000 | -1,244,000 | -9,320,000 | -11,946,000 | ||||||
deposit into spac trust account | -545,000 | -409,000 | -205,000 | |||||||||||
proceeds from redemptions from the spac trust account | 56,231,000 | 141,301,000 | 141,301,000 | 65,164,000 | 65,164,000 | |||||||||
acquisition of property and equipment | -6,900,000 | -4,632,000 | -1,652,000 | -1,554,000 | -8,825,000 | -4,091,000 | -1,325,000 | -524,000 | -118,000 | -62,000 | ||||
disposal of property and equipment | 4,000 | 1,480,000 | ||||||||||||
acquisition of software and computer programs | -2,784,000 | -1,599,000 | -84,000 | -3,773,000 | -2,453,000 | -769,000 | -895,000 | -663,000 | -614,000 | -387,000 | -80,000 | -535,000 | -96,000 | -166,000 |
capital increase in investments in associates | -123,000 | -278,000 | -163,000 | -150,000 | ||||||||||
acquisition of contractual rights - genial | -5,686,000 | |||||||||||||
acquisition of contractual rights - vectis | -4,585,000 | |||||||||||||
acquisition of subsidiaries, net of cash acquired | -1,078,000 | -1,078,000 | -1,078,000 | |||||||||||
other intangibles assets acquired | -94,000 | |||||||||||||
net cash from investing activities | 20,880,000 | -223,792,000 | -202,960,000 | -230,851,000 | -248,354,000 | -283,176,000 | -297,373,000 | |||||||
cash flows from financing activities | ||||||||||||||
proceeds from loans | 226,896,000 | 176,396,000 | ||||||||||||
repayment of loans | -307,766,000 | -241,511,000 | ||||||||||||
interest paid on loans | -9,972,000 | -8,679,000 | ||||||||||||
payment of loans fees | -920,000 | -508,000 | ||||||||||||
dividends paid to the company’s shareholders | -71,221,000 | -47,301,000 | -23,589,000 | -109,376,000 | -86,472,000 | -59,903,000 | -115,718,000 | -78,601,000 | ||||||
dividends paid to non-controlling interests in subsidiaries | -2,819,000 | -5,850,000 | -2,113,000 | -929,000 | -1,970,000 | -1,417,000 | ||||||||
capital contributions received from non-controlling interest (nci) shareholders | 3,506,000 | 3,506,000 | 703,000 | 703,000 | 703,000 | |||||||||
deposits into spac trust account - commitment subject to possible redemption | 545,000 | 409,000 | 205,000 | |||||||||||
redemption of spac shareholders | -56,231,000 | -141,301,000 | -141,301,000 | |||||||||||
settlement of acquisition payables | -47,112,000 | -22,867,000 | -26,012,000 | |||||||||||
lease payments | -2,890,000 | -1,957,000 | -905,000 | -2,270,000 | -1,461,000 | -648,000 | -1,591,000 | -727,000 | -1,260,000 | -757,000 | -373,000 | -589,000 | -393,000 | -196,000 |
interest paid on lease liabilities | -1,475,000 | -854,000 | -363,000 | -1,004,000 | -687,000 | -329,000 | -965,000 | -659,000 | -1,303,000 | -765,000 | -335,000 | -748,000 | -486,000 | -233,000 |
net cash from financing activities | -269,459,000 | -143,366,000 | 144,613,000 | 170,529,000 | 201,076,000 | 198,921,000 | 262,415,000 | 277,297,000 | ||||||
foreign exchange variation on cash and cash equivalents in foreign currencies | 2,661,000 | 2,981,000 | 2,126,000 | -363,000 | -1,117,000 | -758,000 | -43,000 | 899,000 | -644,000 | -314,000 | 1,158,000 | 166,000 | 224,000 | 195,000 |
increase in cash and cash equivalents | -3,075,000 | -4,879,000 | 2,652,000 | 22,276,000 | 12,899,000 | 10,934,000 | -8,990,000 | -4,169,000 | 10,530,000 | 1,177,000 | 30,252,000 | 11,142,000 | 14,674,000 | |
cash and cash equivalents at the beginning of the period | 33,418,000 | 33,418,000 | 33,418,000 | 16,050,000 | 16,050,000 | 16,050,000 | 26,519,000 | 26,519,000 | 15,264,000 | 15,264,000 | 15,264,000 | 14,052,000 | 14,052,000 | 14,052,000 |
cash and cash equivalents at the end of the period | 30,343,000 | 28,539,000 | 36,070,000 | 38,326,000 | 28,949,000 | 26,984,000 | 17,529,000 | 22,350,000 | 25,794,000 | 16,441,000 | 12,914,000 | 44,304,000 | 25,194,000 | 28,726,000 |
non-cash operating. investing and financing activity | ||||||||||||||
addition and disposal of right of use assets | 2,700,000 | 1,611,000 | 124,000 | 2,635,000 | 3,871,000 | 2,810,000 | 1,186,000 | 1,126,000 | ||||||
capital contribution from nci shareholders in lieu of dividend payable to nci shareholders | 1,501,000 | 1,501,000 | 1,501,000 | 1,086,000 | 1,086,000 | |||||||||
company class a common shares issued | 71,655,000 | 71,656,000 | -52,783,000 | 72,372,000 | 52,687,000 | 37,407,000 | ||||||||
additions to contractual rights – cshg | ||||||||||||||
additions to goodwill – cshg | ||||||||||||||
additions to contractual rights – gpms | ||||||||||||||
additions to non-compete – gpms | ||||||||||||||
additions to goodwill – gpms | ||||||||||||||
decrease in goodwill – nexus | -1,049,000 | -1,049,000 | ||||||||||||
nci recognized in the business combination with tria | ||||||||||||||
increase in goodwill – tria | 1,972,000 | |||||||||||||
interest earned on spac trust account subject to redemption | 1,633,000 | 1,123,000 | 551,000 | 7,603,000 | ||||||||||
increase in deferred tax liability and corresponding increase in goodwill | 58,230,000 | 58,230,000 | 58,230,000 | |||||||||||
unrealized (gains)/losses on long-term investments | ||||||||||||||
unrealized (gains)/losses on warrant liability | ||||||||||||||
unrealized (gains)/losses energy trading contracts | ||||||||||||||
unrealized (gains)/losses on asset-linked receivable | ||||||||||||||
unrealized (gains)/losses on derivative financial instruments | ||||||||||||||
net decrease (increase) in energy trading contract liabilities | ||||||||||||||
(decrease)/increase in cash and cash equivalents | ||||||||||||||
interest expense on accounts receivable | 3,086,000 | 3,087,000 | ||||||||||||
recoverable taxes | -1,184,000 | -172,000 | -1,595,000 | -2,102,000 | -1,508,000 | 3,297,000 | 998,000 | -1,825,000 | -1,826,000 | -1,432,000 | -222,000 | -172,000 | -220,000 | |
taxes payable | -538,000 | 110,000 | 2,873,000 | 2,198,000 | ||||||||||
payment of income taxes | -8,273,000 | -3,305,000 | -8,300,000 | -6,137,000 | -1,213,000 | -2,370,000 | -1,433,000 | -187,000 | -148,000 | -147,000 | -236,000 | -236,000 | -189,000 | |
net cash (used)/provided by investing activities | -41,440,000 | |||||||||||||
gross obligation under put option and goodwill – tria | 2,156,000 | |||||||||||||
unrealized net financial investment income | -501,000 | |||||||||||||
unrealized losses on call options | 929,000 | |||||||||||||
gross obligation under put – unwinding | 1,103,000 | |||||||||||||
disposal/(acquisition) of property and equipment | -2,180,000 | -1,019,000 | -1,017,000 | -322,000 | ||||||||||
net cash provided/(used) by investing activities | -9,433,000 | 23,167,000 | 22,993,000 | -52,768,000 | 70,795,000 | 68,377,000 | ||||||||
proceeds from credit facility | 55,396,000 | 85,000,000 | ||||||||||||
repayment of credit facilities | -91,011,000 | -15,000,000 | ||||||||||||
interest paid on credit facilities | -3,803,000 | -358,000 | ||||||||||||
payment of credit facility fees | -31,000 | -469,000 | ||||||||||||
net cash (used)/provided in financing activities | -90,113,000 | -120,535,000 | -60,579,000 | 22,525,000 | ||||||||||
the accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. | ||||||||||||||
non-cash losses on other derivative financial instruments | 302,000 | 302,000 | ||||||||||||
tria call option recognized | -791,000 | |||||||||||||
gross obligation under put - unwinding | -450,000 | -619,000 | 2,755,000 | 6,726,000 | 4,426,000 | |||||||||
net gain on derecognition of associate | ||||||||||||||
mark-to-market adjustments on energy trading contracts | -3,909,000 | -1,890,000 | ||||||||||||
unearned revenues | 29,415,000 | 29,326,000 | 30,559,000 | 30,371,000 | 28,781,000 | |||||||||
decrease in energy trading contracts | -16,161,000 | -1,383,000 | ||||||||||||
deferred consideration payable on acquisition | 8,904,000 | 2,394,000 | 18,334,000 | 12,222,000 | 18,333,000 | 12,222,000 | 6,111,000 | |||||||
net cash generated from operating activities | 120,007,000 | 51,602,000 | ||||||||||||
investment made into spac trust account | -1,772,000 | -1,568,000 | ||||||||||||
acquisition of business – credit suisse real estate | -58,243,000 | |||||||||||||
acquisition of subsidiary net of cash acquired - aberdeen | -54,266,000 | -54,266,000 | ||||||||||||
acquisition of subsidiary net of cash acquired - nexus | 345,000 | |||||||||||||
acquisition of contractual rights – blue macaw | -4,370,000 | -4,370,000 | ||||||||||||
acquisition of contractual rights – bari | -1,876,000 | |||||||||||||
acquisition of subsidiary net of cash acquired – kamaroopin | ||||||||||||||
proceeds from credit facilities | 176,000,000 | 176,000,000 | ||||||||||||
debt issuance costs incurred on credit facilities | -2,235,000 | -2,536,000 | ||||||||||||
deposits received into spac trust account | 1,772,000 | 1,568,000 | ||||||||||||
settlement of contingent consideration - vbi | -10,118,000 | -1,265,000 | ||||||||||||
vbi call option exercised – cash paid | -4,568,000 | |||||||||||||
payment of acquisition payables - kamaroopin | -1,016,000 | -1,016,000 | ||||||||||||
payment of acquisition payables – bari & move | -3,165,000 | -1,999,000 | ||||||||||||
payment of additional consideration to previous shareholders of vbi | -2,749,000 | |||||||||||||
additions to placement agents | ||||||||||||||
additions to contractual rights – credit suisse real estate business | 49,593,000 | 50,268,000 | ||||||||||||
additions to goodwill – credit suisse real estate business | 20,745,000 | 20,070,000 | ||||||||||||
additions to contractual rights – aberdeen plc | 12,195,000 | 8,987,000 | ||||||||||||
additions to non-compete – aberdeen plc | 4,251,000 | 1,137,000 | ||||||||||||
additions to goodwill – aberdeen plc | 35,997,000 | 34,687,000 | ||||||||||||
additions to goodwill – nexus | 10,477,000 | |||||||||||||
additions to contractual rights – nexus | 9,809,000 | |||||||||||||
additions to non-compete – nexus | 1,219,000 | |||||||||||||
consideration payable on acquisition | 3,452,000 | |||||||||||||
nci recognized in the business combination with tria energy | 6,604,000 | 6,604,000 | ||||||||||||
gross obligation under put option – tria energy | 17,117,000 | 17,117,000 | ||||||||||||
net income for the year | ||||||||||||||
adjustments to net income for the year | ||||||||||||||
amortization expense on intangible assets | ||||||||||||||
amortization expense on credit facility costs | ||||||||||||||
net financial investment income | -1,674,000 | -1,226,000 | -1,570,000 | -879,000 | -437,000 | -121,000 | -71,000 | -88,000 | ||||||
unrealized (gains)/losses on other financial instruments | ||||||||||||||
gain on associate derecognition | -4,199,000 | |||||||||||||
mtm on energy trading contracts | ||||||||||||||
other non-cash effects | 434,000 | 172,000 | 20,000 | -231,000 | -102,000 | -634,000 | -776,000 | 29,000 | ||||||
energy trading contracts | ||||||||||||||
decrease (increase) in short term investments | ||||||||||||||
decrease (increase) in long-term investments | ||||||||||||||
investment into spac trust account | -1,200,000 | -300,000 | ||||||||||||
payment of business acquisition payable | -16,437,000 | -16,437,000 | ||||||||||||
acquisition of investments in associates | -7,789,000 | -7,789,000 | -7,789,000 | |||||||||||
acquisition of contractual rights | ||||||||||||||
net cash provided by/used in investing activities | ||||||||||||||
ipo proceeds – spac | ||||||||||||||
ipo transaction costs – spac | -4,665,000 | -4,665,000 | -4,665,000 | |||||||||||
repayment of credit facility, interest and debt issuance costs incurred | ||||||||||||||
redemptions from spac shareholders | -65,164,000 | -65,164,000 | ||||||||||||
payment of acquisition payables | ||||||||||||||
net cash provided by/used in financing activities | ||||||||||||||
increase/(decrease) in cash and cash equivalents | ||||||||||||||
cash and cash equivalents at the beginning of the year | ||||||||||||||
cash and cash equivalents at the end of the year | ||||||||||||||
non-cash operating, investing and financing activity | ||||||||||||||
contingent consideration payable on acquisition | ||||||||||||||
option arrangements | ||||||||||||||
deferred consideration on acquisition | ||||||||||||||
vbi – 50% acquisition | ||||||||||||||
vbi - gross obligation under put option | ||||||||||||||
igah – gross obligation under put option recognized | ||||||||||||||
tria - gross obligation under put option recognized | ||||||||||||||
spac private placement warrants issued by spac to sponsor | ||||||||||||||
issuance of spac class a ordinary shares subject to possible redemption | ||||||||||||||
amortization of spac issuance costs to accrete spac class a ordinary shares to redemption value | ||||||||||||||
contingent consideration adjustments | 8,042,000 | 717,000 | 3,746,000 | 2,196,000 | ||||||||||
acquisition of subsidiary net of cash acquired - cshg | -58,243,000 | |||||||||||||
unrealized losses on other derivative financial instruments | -2,121,000 | |||||||||||||
taxes payable and deferred taxes | -1,208,000 | -1,471,000 | -7,379,000 | -6,216,000 | -5,335,000 | -3,077,000 | -404,000 | -419,000 | -393,000 | |||||
advance for payment of acquisition | -60,046,000 | |||||||||||||
deposits into spac trust account | -900,000 | |||||||||||||
non-cash (gains)/losses on other derivative financial instruments | ||||||||||||||
decrease (increase) in energy trading contracts | ||||||||||||||
net cash from/used in investing activities | ||||||||||||||
ipo proceeds | 302,722,000 | 302,722,000 | 302,722,000 | |||||||||||
ipo transaction costs | -1,737,000 | -1,737,000 | -1,737,000 | |||||||||||
ipo proceeds – spac * | 230,000,000 | 230,000,000 | 230,000,000 | |||||||||||
repayment of credit facility and fees | ||||||||||||||
payment of acquisition payable | -14,684,000 | -998,000 | ||||||||||||
net cash from/used in financing activities | ||||||||||||||
transfer of long-term investment with a corresponding decrease in liability | ||||||||||||||
ipo transaction costs decrease in assets with corresponding decrease in equity | 624,000 | 624,000 | 624,000 | |||||||||||
ipo transaction costs accrual increase in liability with corresponding decrease in equity | 1,899,000 | 1,915,000 | 1,948,000 | |||||||||||
changes in interest of subsidiaries | 385,000 | 385,000 | ||||||||||||
acquisition of subsidiaries through share issuance of company’s class a common shares | ||||||||||||||
igah – gross obligation under put option | ||||||||||||||
transaction costs allocated - spac | 315,000 | 315,000 | 315,000 | |||||||||||
acquisition of subsidiaries net of cash acquired | -1,846,000 | |||||||||||||
capital contributions received from nci shareholders | 3,068,000 | 2,185,000 | ||||||||||||
net cash (used)/provided by financing activities | -197,024,000 | -145,381,000 | ||||||||||||
non-cash operating and investing activity | ||||||||||||||
addition of placement agents | 4,385,000 | |||||||||||||
class a common shares issued | 10,130,000 | 10,130,000 | ||||||||||||
gross obligation raised under put option | 60,866,000 | |||||||||||||
the accompanying notes are integral parts of these condensed consolidated interim financial statements. | ||||||||||||||
net gain on associate derecognition | 4,199,000 | |||||||||||||
acquisition of subsidiaries net of cash acquired – kamaroopin | -1,846,000 | |||||||||||||
unrealized fair value losses on contingent consideration | 2,880,000 | 1,718,000 | 840,000 | |||||||||||
ipo expenses accrual | 1,693,000 | 1,693,000 | 1,693,000 | |||||||||||
investment into trust account | -236,900,000 | |||||||||||||
acquisition of subsidiaries net of cash | -10,215,000 | |||||||||||||
dividends paid | -78,159,000 | -53,284,000 | -23,551,000 | -100,727,000 | -37,691,000 | -23,259,000 | ||||||||
addition of right of use assets | 1,330,000 | 2,471,000 | 742,000 | 793,000 | 793,000 | 890,000 | ||||||||
*includes proceeds received for derivative financial instruments included in units issued by spac | ||||||||||||||
transaction costs allocated – spac | ||||||||||||||
personnel and related taxes payable | ||||||||||||||
decrease in short-term investment – loan | ||||||||||||||
accrued placement agent liabilities with a corresponding increase in intangible | ||||||||||||||
dividends declared | ||||||||||||||
acquisition of subsidiaries through share issuance | ||||||||||||||
decrease in cash and cash equivalents | 1,177,000 | -2,350,000 | ||||||||||||
unrealized (gains)/losses on other derivative financial instruments | ||||||||||||||
unrealized fair value (gains)/losses on contingent consideration | ||||||||||||||
(increase)/decrease in short term investments | ||||||||||||||
strategic bonus | 275,000 | |||||||||||||
investment of cash into trust account | -236,900,000 | |||||||||||||
loss on transfer of investment | ||||||||||||||
valuation adjustment of long-term investments | ||||||||||||||
payments related to p2 group purchase | ||||||||||||||
valuation adjustment of long term investments | 577,000 | 415,000 | ||||||||||||
increase in long term investments | 506,000 | |||||||||||||
acquisition of investments in long term investments | -6,891,000 | -6,891,000 | -6,891,000 | |||||||||||
transfer of long term investment with a corresponding decrease in liability | 300,000 | 300,000 | 300,000 | |||||||||||
decrease in long term investments | 209,000 | 181,000 | ||||||||||||
decrease (increase) in long term investments | ||||||||||||||
valuation adjustment to long term investments | 141,000 | |||||||||||||
net loss on sale / disposal of property and equipment | ||||||||||||||
valuation adjustments to long term investments | ||||||||||||||
deferred income tax expense | ||||||||||||||
current income tax expense | ||||||||||||||
net decrease in short term investments | ||||||||||||||
decrease in short-term investment - loan | ||||||||||||||
amount received on sale of property and equipment | ||||||||||||||
amount received due to canceling a software development project | ||||||||||||||
payment related to p2 purchase |