Brookfield Investments Corporation Announces 2012 Financial Results

Marketwired

TORONTO, ONTARIO--(Marketwired - Apr 30, 2013) - Brookfield Investments Corporation (TSX VENTURE:BRN.PR.A) reported net income of $48 million, or $0.95 per common share, for the year ended December 31, 2012 compared with $70 million, or $1.52 per common share, in 2011. The decrease in net income is primarily a result of a lower amount of valuation gains in the current year from the company's indirect investment in Canary Wharf Group plc, which is held through Brookfield Europe. This was partially offset by improved earnings from the company's forest product investments, which are benefitting from the ongoing U.S. housing recovery.

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 asset manager focused on property, power and infrastructure 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
December 31 December 31
(US$ millions) 2012 2011
Assets
Current assets
Deposits receivable $ 180 $ 243
Securities 224 217
Non-current assets
Investments - Securities
Brookfield Office Properties Inc. 943 866
Brookfield Residential Properties Inc. 245 44
Investments - Associates
Brookfield Europe L.P. 502 465
Norbord Inc. 159 70
Western Forest Products Inc. 79 165
$ 2,332 $ 2,070
Liabilities
Current liabilities
Accounts payable $ 1 $ 2
Retractable preferred shares 1,142 1,125
Deferred taxes 58 55
Equity 1,131 888
$ 2,332 $ 2,070
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended December 31
(US$ millions, except per share amounts)
2012 2011
Investment Income
Equity accounted income $ 32 $ 67
Disposition gain 8 -
Dividend and interest income 44 40
Foreign exchange (loss) income (1 ) 3
83 110
Expenses
Interest (29 ) (30 )
Net income before income taxes 54 80
Income tax expense (6 ) (10 )
Net income $ 48 $ 70
Net income per common share $ 0.95 $ 1.52
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Years ended December 31
(US$ millions)
2012 2011
Net income $ 48 $ 70
Other comprehensive income (loss)
Foreign currency translation 26 4
Available-for-sale securities - fair value changes 174 (129 )
Equity accounted other comprehensive (loss) income (3 ) 3
Deferred income tax (2 ) -
195 (122 )
Comprehensive income (loss) $ 243 $ (52 )
Contact:
Brookfield Investments Corporation
Derek Gorgi
Vice President and Chief Financial Officer
416-363-9491

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