Brookfield Investments Corporation

TSX VENTURE : BRN.PR.A


Brookfield Investments Corporation

April 30, 2014 18:45 ET

Brookfield Investments Corporation Announces Year End 2013 Financial Results

TORONTO, ONTARIO--(Marketwired - April 30, 2014) - Brookfield Investments Corporation (the "company") (TSX VENTURE:BRN.PR.A) reported $223 million of net income or $4.48 per common share for the year ended December 31, 2013 compared with $48 million, or $0.95 per common share in 2012. Net income increased by $175 million compared to the prior year primarily from the recognition of $132 million of realized and unrealized gains, as well as an increased level of investment income. The increase of investment income is the result of distributions received on the company's indirect investment in Brookfield Property Partners L.P. (BPY), which was acquired in April 2013, and increased pricing and volumes within the company's forest product investments.

Comprehensive income, which consists of net income and other comprehensive income, was $nil in 2013 compared to income of $243 million in 2012. Other comprehensive loss was $223 million during the year, compared to income of $195 million in 2012. The current year loss consists of unrealized losses and negative currency revaluation on the company's investment portfolio.

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. Brookfield Asset Management Inc. is a global alternative asset manager with over $175 billion in assets under management, has over 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and BAM.A, respectively.

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


December 31

December 31
(US$ millions) 2013 2012
Assets
Current assets
Deposits receivable $ 442 $ 180
Securities 44 224
Investments - Securities - 943
Non-current assets
Investments - Securities 484 245
Investments - Associates 1,438 740
$ 2,408 $ 2,332
Liabilities
Current liabilities
Accounts payable and other liabilities $ 14 $ 1
Retractable preferred shares 1,104 1,142
Deferred income tax liabilities 45 58
Equity 1,245 1,131
$ 2,408 $ 2,332

CONSOLIDATED STATEMENTS OF OPERATIONS

Years ended December 31 (US$ millions, except per share amounts) 2013 2012
Investment Income
Equity accounted income $ 112 $ 32
Dividend and interest income 27 44
Realized and Unrealized gains 132 8
Foreign exchange loss (2 ) (1 )
Interest expense (29 ) (29 )
Income tax expense (17 ) (6 )
Net income $ 223 $ 48
Net income per common share $ 4.48 $ 0.95

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years ended December 31 (US$ millions) 2013 2012
Net income $ 223 $ 48
Other comprehensive income (loss)
Foreign currency translation (48 ) 26
Available-for-sale securities - fair value changes (1 ) 174
Equity accounted other comprehensive loss (203 ) (3 )
Deferred income tax 29 (2 )
(223 ) 195
Comprehensive income $ - $ 243

Contact Information

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