Brookfield Investments Corporation
TSX VENTURE : BRN.PR.A

May 30, 2012 17:07 ET

Brookfield Investments Corporation Announces First Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - May 30, 2012) - Brookfield Investments Corporation (TSX VENTURE:BRN.PR.A) reported net loss of $3 million or $0.05 per common share for the three months ended March 31, 2012 compared with net income of $47 million or $1.02 per common share for the same period in 2011. The net loss in the current period is the result of the company's share of an impairment of a loan held within Brookfield Europe L.P., whereas the prior year included a higher amount of mark-to-market gains recorded on Brookfield Europe's investment in Canary Wharf.

Brookfield Investments Corporation holds investments in the property and forest products sectors, as well as a portfolio of preferred shares issued by companies within the Brookfield group. The common shares of Brookfield Investments Corporation are wholly owned by Brookfield Asset Management Inc., a global alternative asset manager with approximately $150 billion in assets under management, with a focus on property, renewable power, infrastructure and private equity assets.

Derek Gorgi, Vice President and Chief Financial Officer, will be available at 416-363-9491 to answer any questions on the company's financial results.

CONSOLIDATED BALANCE SHEETS

(unaudited)
March 31

December 31
(US$ millions) 2012 2011
Assets
Current assets
Deposits receivable $ 260 $ 243
Securities 225 217
Non-current assets
Investments - Securities
Brookfield Office Properties Inc. 966 866
Brookfield Residential Properties Inc. 59 44
Investments - Associates
Brookfield Europe L.P. 472 465
Western Forest Products Inc. 169 165
Norbord Inc. 70 70
$ 2,221 $ 2,070
Liabilities
Current liabilities
Accounts payable $ 2 $ 2
Retractable preferred shares 1,139 1,125
Deferred taxes 55 55
Equity 1,025 888
$ 2,221 $ 2,070

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) Three months ended
March 31
(US$ millions, except per share amounts) 2012 2011
Investment Income
Equity accounted (loss) income from Brookfield Europe L.P. $ (7 ) $ 49
Dividend and interest income 11 10
4 59
Expenses
Interest 7 7
Net (loss) income before income taxes (3 ) 52
Income tax expense ΓÇÆ 5
Net (loss) income $ (3 ) $ 47
Net (loss) income per common share $ (0.05 ) $ 1.02

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited) Three months ended
March 31
(US$ millions) 2012 2011
Net (loss) income $ (3 ) $ 47
Other comprehensive income
Foreign currency translation 17 10
Available-for-sale securities - fair value changes 123 19
Equity accounted other comprehensive income ΓÇÆ 6
Deferred income tax ΓÇÆ (4 )
140 31
Comprehensive income $ 137 $ 78

Contact Information

  • Brookfield Investments Corporation
    Derek Gorgi
    Vice President and Chief Financial Officer
    416-363-9491