Brookfield Asset Management Inc. (TSX: BAM.A)(NYSE: BAM)(EURONEXT:
BAMA) -
Investors, analysts and other interested parties can access
Brookfield Asset Management's 2009 Results as well as the
Shareholders' Letter and Supplemental Information on Brookfield's
website under the Investor Centre/Financial Reports section at
www.brookfield.com.
The 2009 Results conference call can be accessed via webcast on
February 19, 2010 at 11 a.m. Eastern Time at www.brookfield.com or
via teleconference at 1-800-319-4610 toll free in North America.
For overseas calls please dial 1-604-638-5340, at approximately
10:50 a.m. Eastern Time. The teleconference taped rebroadcast can
be accessed at 1-800-319-6413 or 604-638-9010 (Password 2811).
Brookfield Asset Management Inc. (TSX: BAM.A)(NYSE:
BAM)(EURONEXT: BAMA) today announced its results for the fourth
quarter and year ended December 31, 2009.
Cash Flow From Operations
Cash flow from operations for the fourth quarter increased to
$381 million ($0.63 per share) from $247 million ($0.41 per share),
representing a 54% increase. Cash flow from operations for the full
year was $1.45 billion, or $2.43 per share, compared with $2.33 per
share reported in 2008.
Three months ended Years ended
December 31 December 31
------------------ ------------------
US$ millions (except per share
amounts) 2009 2008 2009 2008
---------------------------------------------------------------------------
Cash flow from operations $ 381 $ 247 $ 1,450 $ 1,423
- per share 0.63 0.41 2.43 2.33
---------------------------------------------------------------------------
"Our renewable power and office property businesses generated
strong operating cash flows during the quarter and throughout the
year. The stable revenue profiles of these businesses provide us
with a strong earnings base in order to continue to pursue
investment opportunities at this exceptional point in the market
cycle," commented Bruce Flatt, CEO of Brookfield. "Furthermore, the
substantial amount of capital deployed by us in the last year sets
the stage for continued asset value growth in the future."
Net Income
Net income for 2009 was $454 million ($0.71 per share) compared
to $649 million ($1.02 per share) in 2008. Net income in 2008
reflected a large non-cash tax recovery arising from an increase in
the value of our tax assets.
Three months ended Years ended
December 31 December 31
------------------ ------------------
US$ millions (except per share
amounts) 2009 2008 2009 2008
---------------------------------------------------------------------------
Net income $ 102 $ 171 $ 454 $ 649
- per share 0.15 0.27 0.71 1.02
---------------------------------------------------------------------------
This news release and accompanying financial statements make
reference to cash flow from operations on a total and per share
basis. Cash flow from operations is defined as net income excluding
depreciation and amortization, interests of non-controlling
shareholders, future income taxes and other items as described in
the consolidated statements of income that are not otherwise
included in net income. Brookfield uses cash flow from operations
to assess its operating results and the value of its business and
believes that many of its shareholders and analysts also find this
measure of value to them. The company provides the components of
cash flow from operations and a full reconciliation between cash
flow from operations and net income in the Supplemental Information
accompanying this news release. Cash flow from operations is a
non-GAAP measure which does not have any standard meaning
prescribed by GAAP and therefore may not be comparable to similar
measures presented by other companies.
Dividend Declaration
The Board of Directors declared a dividend of US$0.13 per Class
A Common Share, payable on May 31, 2010, to shareholders of record
as at the close of business on May 1, 2010. The Board also declared
all of the regular monthly and quarterly dividends on its preferred
shares.
Information on Brookfield Asset Management's declared share
dividends can be found on the company's website under Investor
Centre/Stock and Dividend Information.
Additional Information
The Letter to Shareholders and the company's Supplemental
Information for the year ended December 31, 2009 contain further
information on the company's strategy, operations and financial
results. Shareholders are encouraged to read these documents, which
are available on the company's website.
Brookfield Asset Management Inc., focused on property, renewable
power and infrastructure assets, has over $100 billion of assets
under management and is co-listed on the New York and Toronto Stock
Exchanges under the symbol BAM and on NYSE Euronext under the
symbol BAMA. For more information, please visit our website at
www.brookfield.com.
Please note that Brookfield's audited annual and unaudited
quarterly reports have been filed on EDGAR and SEDAR and can also
be found in the investor section of our website at
www.brookfield.com. Hard copies of the annual and quarterly reports
can be obtained free of charge upon request.
For more information, please visit our website at
www.brookfield.com.
Note: This news release contains forward-looking information
within the meaning of Canadian provincial securities laws and
"forward-looking statements" within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, "safe harbour"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. The words "expected," "payable," "continue," and
"pursue," derivations thereof and other expressions, including
conditional verbs such as "may," are predictions of or indicate
future events, trends or prospects or identify forward-looking
statements. Forward-looking statements in this news release include
statements in regards to our ability to pursue investment
opportunities, future asset value growth, accounting policies
expected to be adopted under IFRS and the potential modification of
the application thereof. Although Brookfield Asset Management
believes that its anticipated future results, performance or
achievements expressed or implied of such assets by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
as such statements and information involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the company to differ materially
from anticipated future results, performance or achievement
expressed or implied by such forward-looking statements and
information.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward-looking statements
include: economic and financial conditions in the countries in
which we do business; the behaviour of financial markets, including
fluctuations in interest and exchange rates; availability of equity
and debt financing; strategic actions including dispositions; the
ability to complete and effectively integrate acquisitions into
existing operations and the ability to attain expected benefits;
the company's continued ability to attract institutional partners
to its Specialty Funds; adverse hydrology conditions; regulatory
and political factors within the countries in which the company
operates; acts of God, such as earthquakes and hurricanes; the
possible impact of international conflicts and other developments
including terrorist acts; changes in accounting policies to be
adopted under IFRS and other risks and factors detailed from time
to time in the company's form 40-F filed with the Securities and
Exchange Commission as well as other documents filed by the company
with the securities regulators in Canada and the United States,
including the company's most recent Management's Discussion and
Analysis of Financial Results under the heading "Business
Environment and Risks."
We caution that the foregoing factors that may affect future
results is not exhaustive. When relying on our forward-looking
statements to make decisions with respect to Brookfield Asset
Management, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Except as required by law, the company undertakes no obligation to
publicly update or revise any forward-looking statements or
information, whether written or oral, as a result of new
information, future events or otherwise.
STATEMENTS OF NET CASH FLOW FROM OPERATIONS
Three months ended Years ended
December 31 December 31
(Unaudited) ------------------ ------------------
US$ millions (except per share
amounts) 2009 2008 2009 2008
---------------------------------------------------------------------------
Fees earned $ 123 $ 66 $ 298 $ 289
Revenues less direct operating
costs
Renewable power generation 51 69 660 466
Commercial properties 105 44 356 297
Infrastructure 19 46 64 141
Development activities 70 (16) 134 60
Special situations 38 29 112 283
Investment and other income 125 144 346 425
---------------------------------------------------------------------------
531 382 1,970 1,961
Expenses
Interest 73 71 267 266
Operating costs 73 62 250 263
Current income taxes 4 2 3 9
---------------------------------------------------------------------------
Cash flow from operations $ 381 $ 247 $ 1,450 $ 1,423
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cash flow from operations per
common share - diluted $0.63 $ 0.41 $ 2.43 $ 2.33
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Notes
The statements of net cash flow from operations above are
prepared on a basis that is consistent with the company's
Supplemental Information (see below) and differs from net income as
presented in the company's consolidated statements of income on
page 6 of this release, which is prepared in accordance with
Canadian generally accepted accounting principles ("GAAP").
Management uses cash flow from operations as a key measure to
evaluate performance and to determine the underlying value of its
businesses. Readers are encouraged to consider both measures in
assessing Brookfield Asset Management's results. Cash flow from
operations is equal to net income prior to "other items" as
presented in the consolidated statements of income on page 6 of
this release.
Cash flow from operations in this statement represents the
operations of Brookfield Asset Management and is net of carrying
charges associated with related liabilities and cash flows
attributable to non-controlling interests. Readers are encouraged
to refer to the company's Supplemental Information which are
available at www.brookfield.com.
STATEMENTS OF NET INVESTED CAPITAL
(Unaudited) December 31 December 31
US$ millions (except per share amounts) 2009 2008
---------------------------------------------------------------------------
Assets
Fee generating businesses $ 803 $ 534
Operating platforms
Renewable power generation 8,318 8,478
Commercial properties 4,841 4,702
Infrastructure 1,546 1,174
Development activities 2,403 1,426
Special situations 1,631 1,622
Cash and financial assets 1,645 1,903
Other assets 945 771
---------------------------------------------------------------------------
$ 22,132 $ 20,610
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Liabilities
Corporate borrowings $ 2,593 $ 2,284
Subsidiary borrowings 779 675
Other liabilities 2,028 2,239
---------------------------------------------------------------------------
5,400 5,198
Capitalization
Capital securities 632 543
Shareholders' equity
Preferred equity 1,144 870
Common equity 14,956 13,999
---------------------------------------------------------------------------
16,732 15,412
---------------------------------------------------------------------------
$ 22,132 $ 20,610
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net invested capital per common share $ 25.65 $ 24.06
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Notes:
The statements of net invested capital has been prepared using
the standards and interpretations currently issued under
International Financial Reporting Standards ("IFRS") and expected
to be effective at the end of our first annual IFRS reporting
period, which is intended to be December 31, 2010. Certain
accounting policies expected to be adopted under IFRS may not be
adopted and the application of such policies to certain
transactions or circumstances may be modified and as a result the
pro-forma December 31, 2009 and December 31, 2008 underlying values
prepared on a basis consistent with IFRS are subject to change. The
amounts have not been audited or subject to review by our external
auditor.
In addition, balances exclude upward adjustments to reflect the
fair value of assets that are carried at the lower of cost or net
realizable value or otherwise not recognized under IFRS, as well as
adjustments to reflect the application of tax rates to the
difference between these carrying values and tax values.
Prepared on a segmented basis, net of non-recourse debt,
minority interests and prior to future tax differences.
CONSOLIDATED STATEMENTS OF INCOME
Three months ended Years ended
December 31 December 31
(Unaudited) ------------------ ------------------
US$ millions (except per share
amounts) 2009 2008 2009 2008
---------------------------------------------------------------------------
Total revenues $ 3,457 $ 3,015 $12,082 $12,909
Fees earned $ 123 $ 66 $ 298 $ 289
Revenues less direct operating
costs
Renewable power generation 182 158 1,138 886
Commercial properties 510 388 1,770 1,831
Infrastructure 25 68 109 196
Development activities 161 (11) 329 166
Special situations 24 49 119 304
Investment and other income 217 216 752 944
---------------------------------------------------------------------------
1,242 934 4,515 4,616
Expenses
Interest 456 447 1,784 1,984
Operating costs 120 107 393 406
Current income taxes (44) (47) (4) (7)
Non-controlling interests 329 180 892 810
---------------------------------------------------------------------------
381 247 1,450 1,423
Other items
Depreciation and amortization (325) (355) (1,275) (1,330)
Revaluation and other items (102) (276) (370) (342)
Future income taxes (75) 545 (24) 461
Non-controlling interests in the 223 10 673 437
foregoing items
---------------------------------------------------------------------------
Net income $ 102 $ 171 $ 454 $ 649
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net income per common share
Diluted $ 0.15 $ 0.27 $ 0.71 $ 1.02
Basic $ 0.16 $ 0.28 $ 0.72 $ 1.04
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Note
The consolidated statements of income are prepared on a basis
consistent with the company's consolidated financial statements,
which are prepared in accordance with Canadian GAAP.
Contacts: Investors: Brookfield Asset Management Katherine Vyse
SVP, Investor Relations and Communication (416) 369-8246 (416)
363-2856 (FAX) kvyse@brookfield.com Media: Brookfield Asset
Management Denis Couture SVP, Corporate and International Affairs
(416) 956-5189 (416) 363-2856 (FAX) dcouture@brookfield.com
www.brookfield.com
Brookfield Asset Managem... (TSX:BAM.A)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Brookfield Asset Managem... (TSX:BAM.A)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
