Welcome!

News Feed Item

Brookfield Investments Corporation Announces Year End 2013 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- 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           2013       2012 
 share amounts)                                                             
----------------------------------------------------------------------------
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 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
Regardless of what business you’re in, it’s increasingly a software-driven business. Consumers’ rising expectations for connected digital and physical experiences are driving what some are calling the "Customer Experience Challenge.” In his session at @DevOpsSummit at 20th Cloud Expo, Marco Morales, Director of Global Solutions at CollabNet, will discuss how organizations are increasingly adopting a discipline of Value Stream Mapping to ensure that the software they are producing is poised to o...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...