Brookfield Investments Corporation
TSX VENTURE : BRN.PR.A

Brookfield Investments Corporation

November 28, 2012 17:01 ET

Brookfield Investments Corporation Announces Third Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2012) - Brookfield Investments Corporation (TSX VENTURE:BRN.PR.A) reported net income of $23 million or $0.47 per common share for the three months ended September 30, 2012 compared with net income of $37 million or $0.81 per common share for the same period in 2011. The company received an $11 million distribution from its UK property operations in the current quarter, representing a $5 million increase over the prior year, and benefited from increased prices and improved volumes within its forest products operations. Net income in the same quarter in the prior year included $21 million of foreign currency translation gains compared to $3 million of foreign currency losses in the current quarter.

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 over $150 billion in assets under management, with a focus on property, renewable power, infrastructure and private equity.

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)
September 30

December 31
(US$ millions) 2012 2011
Assets
Current assets
Deposits receivable $ 271 $ 243
Securities 224 217
Non-current assets
Investments - Securities
Brookfield Office Properties Inc. 918 866
Brookfield Residential Properties Inc. 79 44
Investments - Associates
Brookfield Europe L.P. 498 465
Western Forest Products Inc. 168 165
Norbord Inc. 73 70
$ 2,231 $ 2,070
Liabilities
Current liabilities
Accounts payable $ 2 $ 2
Retractable preferred shares 1,147 1,125
Deferred tax liability 55 55
Equity 1,027 888
$ 2,231 $ 2,070

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) Three months ended
September 30
Nine months ended
September 30
(US$ millions, except per share amounts) 2012 2011 2012 2011
Investment Income
Equity accounted income $ 23 $ 19 $ 20 $ 69
Dividend and interest income 11 10 32 30
Foreign exchange (loss) income (3 ) 21 (1 ) 19
31 50 51 118
Expenses
Interest 8 8 22 23
Net income before income taxes 23 42 29 95
Income tax expense - 5 - 9
Net income $ 23 $ 37 $ 29 $ 86
Net income per common share $ 0.47 $ 0.81 $ 0.59 $ 1.87

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited) Three months ended
September 30
Nine months ended
September 30
(US$ millions) 2012 2011 2012 2011
Net income $ 23 $ 37 $ 29 $ 86
Other comprehensive (loss) income
Foreign currency translation 18 (7 ) 24 4
Available-for-sale securities - fair value changes (28 ) (348 ) 94 (239 )
Equity accounted other comprehensive (loss) income (2 ) (2 ) (5 ) 4
Deferred income tax - 1 (3 ) (1 )
(12 ) (356 ) 110 (232 )
Comprehensive income (loss) $ 11 $ (319 ) $ 139 $ (146 )

Contact Information

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