Brookfield Investments Corporation
TSX VENTURE : BRN.PR.A

Brookfield Investments Corporation

August 24, 2012 17:29 ET

Brookfield Investments Corporation Announces Second Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2012) - Brookfield Investments Corporation (TSX VENTURE:BRN.PR.A) reported net income of $9 million or $0.18 per common share for the three months ended June 30, 2012 compared with net income of $2 million or $0.04 per common share for the same period in 2011. Investment income increased by $7 million to $16 million in the current period, primarily due to income earned on the company's investment in Western Forest Products, which was acquired in December 2011, and a higher amount of foreign currency revaluation gains.

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) (unaudited)
June 30

December 31
(US$ millions) 2012 2011
Assets
Current assets
Deposits receivable $ 249 $ 243
Securities 224 217
Non-current assets
Investments - Securities
Brookfield Office Properties Inc. 965 866
Brookfield Residential Properties Inc. 62 44
Investments - Associates
Brookfield Europe L.P. 464 465
Western Forest Products Inc. 165 165
Norbord Inc. 70 70
$ 2,199 $ 2,070
Liabilities
Current liabilities
Accounts payable $ 2 $ 2
Retractable preferred shares 1,128 1,125
Deferred tax liability 53 55
Equity 1,016 888
$ 2,199 $ 2,070
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) Three months ended
June 30
Six months ended
June 30
(US$ millions, except per share amounts) 2012 2011 2012 2011
Investment Income
Equity accounted income (loss) $ 4 $ 1 $ (3 ) $ 50
Dividend and interest income 10 10 21 20
Foreign exchange income (loss) 2 (2 ) 2 (2 )
16 9 20 68
Expenses
Interest 7 8 14 15
Net income before income taxes 9 1 6 53
Income tax (expense) recovery 1 (4 )
Net income $ 9 $ 2 $ 6 $ 49
Net income per common share $ 0.18 $ 0.04 $ 0.12 $ 1.06
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited) Three months ended June 30 Six months ended
June 30
(US$ millions) 2012 2011 2012 2011
Net income $ 9 $ 2 $ 6 $ 49
Other comprehensive (loss) income
Foreign currency translation (11 ) 1 6 11
Available-for-sale securities - fair value changes (1 ) 90 122 109
Equity accounted other comprehensive (loss) income (3 ) (3 ) 6
Deferred income tax (3 ) 2 (3 ) (2 )
(18 ) 93 122 124
Comprehensive (loss) income $ (9 ) $ 95 $ 128 $ 173

Contact Information

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