Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 189

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 189
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9 from reversal of previously accrued expenses related to the value of contingent consideration payable on acquisition of Moneda; and (ii) an increase of US$8.1 million in other expenses related to acquisition obligation adjustment and expenses; and (iii) an increase of US$5.1 million in transaction costs for acquiring interests in businesses; and (iv) an increase of US$0.8 million other expenses as result of integrating acquired business.

Share of equity accounted earnings

Share of equity-accounted earnings from entities we have significant influence over but do not control amounted to a loss of US$0.7 million for 2023, (US$2.4 million for 2022), after previously acquiring interests directly in Kamaroopin and indirect associate interests held through VBI Real Estate. The decrease in share of equity accounted losses of US$1.7 million or 70.8%, mainly attributable to the reclassification of Patria's equity stake in Kamaroopin following the completion of the business combination and acquisition by Patria of 100% of the share capital of Kamaroopin in April 2023. (For more information on Kamaroopin, see “ - Launch of Growth Equity Strategy and Agreement to Partner with Kamaroopin "). The majority of share of equity-accounted earnings consist of the amortization of identifiable intangible assets acquired as part of the initial associate investment.

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  Table of Contents  

Net Financial Income/(Expense)

Net financial income/(expenses) in 2023 were US$1.7 million net financial loss, a decrease of US$9.8 million from US$8.1 million net financial gain in 2022 primarily attributable to lower unrealized gains on long term investments (compared to a decrease of US$4.7 million in 2022), lower unrealized gains on the SPAC's warrant liability (decrease by US2.4 million from 2022) and unrealized losses on derivative financial instruments related to acquisition-related activity (decrease by US$3.2 million from 2022).

Net income Before Income Tax

As a result of the foregoing, net income before income tax in 2023 was US$118.0 million, an increase of US$15.6 million, or 15.2%, from US$102.4 million in 2022.

Income Tax

Income tax in 2023 was positive US$2.8 million, a decrease in income