BIAL

Fairfax India Holdings Corporation: Financial Results for the Year Ended December 31, 2023

Retrieved on: 
Thursday, February 15, 2024

TORONTO, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2023 net earnings of $371.8 million ($2.72 net earnings per diluted share), compared to 2022 net earnings of $191.4 million ($1.34 net earnings per diluted share). The company's book value per share at December 31, 2023 of $21.85 increased compared to $20.89 at September 30, 2023 ($19.11 at December 31, 2022) through the realization of gains on the sales of investments and strong performance of the investment portfolio. The company's book value per share has grown at a compound annual growth rate of 9.2% (9.6% prior to the performance fee described below) from the initial public offering price of $10.00 per share. The company's growth in 2023 was supported by strong Indian equity markets and economic fundamentals.

Key Points: 
  • The financial results are derived from financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS®"), except as otherwise noted, and are unaudited.
  • See "Glossary of non-GAAP and other financial measures" at the end of this press release for further details.)
  • Fairfax India is in strong financial health, with cash and marketable securities at December 31, 2023 of approximately $209 million, prior to the sales of NSE described below.
  • Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements.

Fairfax India Completes Acquisition of an Additional 7% Interest in Bangalore International Airport Limited

Retrieved on: 
Tuesday, December 12, 2023

TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that it has completed the second closing of its acquisition of an additional equity interest in Bangalore International Airport Limited (“BIAL”) from Siemens Project Ventures GmbH, part of Siemens Financial Services (“SFS”).

Key Points: 
  • TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that it has completed the second closing of its acquisition of an additional equity interest in Bangalore International Airport Limited (“BIAL”) from Siemens Project Ventures GmbH, part of Siemens Financial Services (“SFS”).
  • In connection with the second closing, Fairfax India, through its wholly-owned subsidiary, acquired an additional 7% equity interest in BIAL for consideration of $175 million.
  • As previously announced, in the initial transaction, Fairfax India, through its wholly-owned subsidiary, acquired an additional 3% equity interest in BIAL from SFS for consideration of $75 million.
  • KIAB is the first greenfield airport in India built through a public-private partnership.

Amneal and BIAL Announce U.S. Licensing Agreement for ONGENTYS® (opicapone)

Retrieved on: 
Thursday, December 7, 2023

Amneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal”) and BIAL - Portela & Ca., S.A. (“BIAL”), today announced a licensing agreement where Amneal will have exclusive rights to market and distribute ONGENTYS® (opicapone) in the U.S. starting on December 18, 2023.

Key Points: 
  • Amneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal”) and BIAL - Portela & Ca., S.A. (“BIAL”), today announced a licensing agreement where Amneal will have exclusive rights to market and distribute ONGENTYS® (opicapone) in the U.S. starting on December 18, 2023.
  • Carbidopa/levodopa (CD/LD), which works to control the symptoms of PD, has been the gold-standard treatment for PD since the 1970s.
  • ONGENTYS® works by inhibiting the COMT enzyme – which breaks down LD – making more LD available to reach the brain, thereby reducing “Off” time.
  • The financial terms of the agreement were not disclosed, and any incremental expenses associated with this product are contemplated within Amneal’s guidance.

Fairfax India Holdings Corporation: Second Quarter Financial Results

Retrieved on: 
Thursday, August 3, 2023

TORONTO, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX: FIH.U) announces net earnings of $159.3 million in the second quarter of 2023 ($1.12 net earnings per diluted share), compared to a net loss of $69.7 million in the second quarter of 2022 ($0.50 net loss per diluted share).

Key Points: 
  • TORONTO, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX: FIH.U) announces net earnings of $159.3 million in the second quarter of 2023 ($1.12 net earnings per diluted share), compared to a net loss of $69.7 million in the second quarter of 2022 ($0.50 net loss per diluted share).
  • The company recorded a performance fee of $35.6 million for the second quarter of 2023 and at June 30, 2023 had accrued $63.0 million to the benefit of Fairfax Financial Holdings.
  • Fairfax India is in strong financial health, with cash and marketable securities of approximately $287 million.
  • Prem Watsa, Chairman of Fairfax India, commented, “We would like to thank Deepak for his invaluable contribution to the growth of Fairfax India over the years.

Fairfax India Completes Acquisition of an Additional 3% Interest in Bangalore International Airport Limited

Retrieved on: 
Wednesday, June 21, 2023

TORONTO, June 21, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, it has completed the acquisition of an additional 3% equity interest in Bangalore International Airport Limited (“BIAL”) from Siemens Project Ventures GmbH, part of Siemens’ Financial Services (“SFS”), for consideration of $75 million (approximately INR 6.2 billion at current exchange rates). As a result of the closing of the first transaction, Fairfax India’s aggregate share ownership in BIAL has increased to 57% (13.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited).

Key Points: 
  • As a result of the closing of the first transaction, Fairfax India’s aggregate share ownership in BIAL has increased to 57% (13.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited).
  • BIAL is a private company located in Bengaluru, India.
  • BIAL, under a concession agreement with the Government of India until the year 2068, has the exclusive rights to carry out the development, design, financing, construction, commissioning, maintenance, operation and management of the Kempegowda International Airport Bengaluru (“KIAB”) through a public-private partnership.
  • KIAB is the first greenfield airport in India built through a public-private partnership.

Fairfax India Holdings Corporation: First Quarter Financial Results

Retrieved on: 
Thursday, May 11, 2023

TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX: FIH.U) announces a net loss of $55.5 million in the first quarter of 2023 ($0.40 net loss per diluted share), compared to net earnings of $56.0 million in the first quarter of 2022 ($0.38 net earnings per diluted share).

Key Points: 
  • The financial results are derived from financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), except as otherwise noted, and are unaudited.
  • TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX: FIH.U) announces a net loss of $55.5 million in the first quarter of 2023 ($0.40 net loss per diluted share), compared to net earnings of $56.0 million in the first quarter of 2022 ($0.38 net earnings per diluted share).
  • The company recorded a performance fee recovery of $14.5 million for the first quarter of 2023 and at March 31, 2023 had accrued $27.2 million to the benefit of Fairfax Financial Holdings.
  • Fairfax India is in strong financial health, with cash and marketable securities of approximately $326 million.

Fairfax India to Acquire Additional Interest in Bangalore International Airport Limited

Retrieved on: 
Tuesday, May 9, 2023

TORONTO, May 09, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, it has entered into an agreement to acquire an additional 3% equity interest in Bangalore International Airport Limited (“BIAL”) from Siemens Project Ventures GmbH, part of Siemens Financial Services (“SFS”), for consideration of $75 million. The transaction is expected to close in Q2 2023, subject to the satisfaction of certain closing conditions.

Key Points: 
  • TORONTO, May 09, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, it has entered into an agreement to acquire an additional 3% equity interest in Bangalore International Airport Limited (“BIAL”) from Siemens Project Ventures GmbH, part of Siemens Financial Services (“SFS”), for consideration of $75 million.
  • The transaction is expected to close in Q2 2023, subject to the satisfaction of certain closing conditions.
  • Fairfax India has also agreed to acquire an additional 7% equity interest in BIAL from SFS for additional consideration of $175 million, subject to the satisfaction of certain performance conditions by BIAL and other closing conditions, which are expected to be tested subsequent to October 31, 2023.
  • We have had great support from Siemens through SFS over the past few years and look forward to our continued partnership," said Prem Watsa, Chairman of Fairfax India.

Fairfax India Holdings Corporation: Financial Results for the Year Ended December 31, 2022

Retrieved on: 
Thursday, February 16, 2023

TORONTO, Feb. 16, 2023 (GLOBE NEWSWIRE) --

Key Points: 
  • See "Glossary of non-GAAP and other financial measures" at the end of this press release for further details.)
  • Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2022 net earnings of $191.4 million ($1.34 net earnings per diluted share), compared to 2021 net earnings of $494.5 million ($3.22 net earnings per diluted share).
  • The company recorded a performance fee recovery of $36.4 million for 2022 and at December 31, 2022 had accrued $41.5 million to the benefit of Fairfax Financial Holdings.
  • Fairfax India is in strong financial health, with cash and marketable securities of approximately $334 million.

Scientist.com Announces Launch of Research Marketplace for BIAL

Retrieved on: 
Wednesday, January 11, 2023

Scientist.com, the biopharma industry’s leading R&D platform, today announced the launch of a private online marketplace for BIAL.

Key Points: 
  • Scientist.com, the biopharma industry’s leading R&D platform, today announced the launch of a private online marketplace for BIAL.
  • The partnership will connect BIAL researchers with over 4,000 pre-signed service providers available on Scientist.com’s digital platform.
  • That is why we are excited to partner with Scientist.com to streamline our R&D efforts and connect with the best scientific research partners and solution providers,” said Joerg Holenz, General Manager of BIAL R&D.
  • "At Scientist.com, we are committed to supporting companies like BIAL that are dedicated to improving the lives of people living with neurological diseases.

Dufry secures duty-free joint venture contract at Bengaluru Airport

Retrieved on: 
Friday, November 11, 2022

Dufry will be operating these new outlets in a 50:50 Joint Venture with airport operator Bangalore International Airport Limited (BIAL).

Key Points: 
  • Dufry will be operating these new outlets in a 50:50 Joint Venture with airport operator Bangalore International Airport Limited (BIAL).
  • The contract embraces more than 3,600 m of retail space spread across International Departures and Arrivals in the new terminal.
  • The joint venture is in line with BIALs recently adapted commercial strategy based on trust and collaboration, as well as sharing of risks and rewards.
  • The joint venture is not restricted to core duty-free shops and will therefore enable Dufry to also explore opportunities for luxury retail and other formats.