Brookfield Investments Corporation Announces Third Quarter Financial Results
November 29 2011 - 3:42PM
Marketwired
Brookfield Investments Corporation ("Brookfield Investments" or the
"company") (TSX VENTURE:BRN.PR.A) recorded net income of $37
million or $0.81 per common share for the three months ended
September 30, 2011 compared to $24 million or $0.52 per common
share for the same period in the prior year. Net income in the
current quarter increased primarily as a result a $10 million
increase in the fair value of the company's indirect investment in
Canary Wharf, which is held through its equity accounted investment
in Brookfield Europe L.P., as well as a higher amount of unrealized
foreign currency revaluation gains. These amounts were partially
offset by a decrease in Canary Wharf's dividend by $3 million to $6
million, when compared to the prior year.
The company reported a comprehensive loss of $319 million for
the quarter ended September 30, 2011, which consists of net income
and other comprehensive loss, compared to comprehensive income of
$128 million for the same period last year. The current period loss
was primarily the result of a $348 million unrealized loss on the
company's investment securities, which are recorded at fair
value.
The company's Board of Directors declared the regular quarterly
dividend of C$0.29375 per share on its Senior Preferred Shares,
Series A payable on December 31, 2011 to shareholders of record on
December 20, 2011.
Brookfield Investments Corporation holds investments in the
property and forest products sectors, as well as a portfolio of
preferred shares issued by companies within the Brookfield Asset
Management Inc. group. The common shares of Brookfield Investments
Corporation are wholly owned by Brookfield Asset Management Inc., a
global asset manager focused on property, power and infrastructure
assets.
Consolidated Statements of Operations
Three months ended Nine months ended
(unaudited)
US$ millions, except September 30 September 30 September 30 September 30
per share amounts 2011 2010 2011 2010
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Investment income
Equity accounted
income from
Brookfield Europe
L.P. $ 19 $ 13 $ 69 $ 28
Equity accounted
income from
Norbord Inc. - - - 3
Dividend and
interest income 10 9 30 25
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29 22 99 56
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Expenses
Interest 8 8 23 22
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21 14 76 34
Foreign exchange
income (loss) 21 10 19 (23)
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Net income before
income taxes 42 24 95 11
Income tax expense (5) - (9) (4)
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Net income $ 37 $ 24 $ 86 $ 7
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Net income per common
share $ 0.81 $ 0.52 $ 1.87 $ 0.15
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Consolidated Statements of Comprehensive (Loss) Income
Three months ended Nine months ended
(unaudited) September 30 September 30 September 30 September 30
US$ millions 2011 2010 2011 2010
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Net income $ 37 $ 24 $ 86 $ 7
Other comprehensive
(loss) income
Foreign currency
translation (7) 16 4 (10)
Available-for-sale
securities (348) 92 (239) 220
Equity accounted
other
comprehensive
(loss) income (2) (1) 4 (2)
Deferred income tax 1 (3) (1) -
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(356) 104 (232) 208
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Comprehensive (loss)
income $ (319) $ 128 $ (146) $ 215
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Consolidated Balance Sheets
(unaudited)
September 30, December 31, January 1,
US$ millions 2011 2010 2010
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Assets
Current assets
Deposits receivable $ 9 $ - $ 3
Securities 218 227 190
Non-current assets
Investments - Securities
Brookfield Office
Properties Inc. 763 973 672
Brookfield Residential
Properties Inc. 37 - -
Investments - Associates
Brookfield Europe L.P. 413 366 332
Norbord Inc. 72 79 79
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$ 1,512 $ 1,645 $ 1,276
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Liabilities
Current liabilities
Deposits payable $ - $ 27 $ -
Retractable preferred shares 701 708 700
Deferred taxes 52 40 36
Equity 759 870 540
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$ 1,512 $ 1,645 $ 1,276
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Contacts: Brookfield Investments Corporation Derek E. Gorgi Vice
President and Chief Financial Officer 416-363-9491
Brookfield Investments (TSXV:BRN.PR.A)
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