Brookfield Asset Management Inc. (NYSE: BAM,
TSX: BAM.A) today announced financial results for the quarter ended
September 30, 2019.
Bruce Flatt, CEO of Brookfield, stated, “Our
results were strong, underpinned by long-term businesses which are
doing well. With the completion of our Oaktree transaction we
broadened our product offering and this should be additive for our
clients. Our $65 billion of capital available for investments is
our highest, ever.”
Operating Results
UnauditedFor the periods ended September 30(US$ millions, except
per share amounts) |
Three Months Ended |
Last Twelve Months Ended |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
|
2018 |
|
Net income1 |
$ |
1,756 |
|
$ |
941 |
|
$ |
6,744 |
|
|
$ |
6,543 |
|
Per Brookfield
share2 |
0.91 |
|
0.11 |
|
3.73 |
|
|
2.56 |
|
Funds from operations2,3 |
$ |
826 |
|
$ |
1,085 |
|
$ |
4,341 |
|
|
$ |
4,346 |
|
Per Brookfield share2,3 |
0.80 |
|
1.07 |
|
4.29 |
|
|
4.28 |
|
1. Consolidated basis – includes amounts
attributable to non-controlling
interests.2. Excludes amounts attributable
to non-controlling interests.3. See Basis
of Presentation on page 8 and a reconciliation of net income to FFO
on page 5.
Net income was $1.8 billion for the quarter
and $6.7 billion over the last twelve months. Over the last
year, we closed a number of acquisitions and advanced initiatives
which contributed to our results in the current period. The current
quarter also benefited from a deferred tax recovery.
Funds from operations (“FFO”) were $826 million
for the quarter and $4.3 billion over the last twelve months.
Our fee related earnings before performance fees increased by 35%
and 26% in the quarter and over the LTM, respectively, reflecting
the substantial increase in the scale of our business. This was
mainly driven by the large amount of capital raised in our flagship
funds in the last twelve months across each of our strategies, as
well as unit price appreciation across our listed partnerships. Fee
related earnings in the prior year quarter included
$94 million of performance fees and we recorded no performance
fees in the current quarter.
Our invested capital generated strong returns
across most of our businesses. However, the resultant earnings
growth was largely offset by mark-to-market volatility on listed
financial assets and a retracement of earnings within one of
our private equity operations that recorded particularly strong
results in 2018. The prior year quarter included higher disposition
gains within our private equity and real estate businesses.
Dividend Declaration
The Board declared a quarterly dividend of
US$0.16 per share (representing US$0.64 per annum), payable on
December 31, 2019 to shareholders of record as at the close of
business on November 29, 2019. The Board also declared the
regular monthly and quarterly dividends on its preferred
shares.
Operating Highlights
We completed the acquisition of a 61.2% interest
in Oaktree Capital Management. Together, our total assets under
management and fee bearing capital now stand at over $500 billion
and $270 billion, respectively, and we have over 1,800 combined
institutional investors globally.
We added $102 billion of private fund fee
bearing capital as a result of the completion of the privatization
of Oaktree which we completed on the last day of the quarter. We
also raised $2 billion of private fund capital in the quarter,
bringing the total third-party capital raised over the last twelve
months to $28 billion. This included $19 billion of fee bearing
capital from flagship fundraising, $3 billion across our growing
long-life fund strategies, and $6 billion across other fund
co-investments.
Subsequent to quarter end, we held the final
close of our fifth flagship private equity fund, reaching a total
fund size of $9 billion.
Based on strong investor demand, the fund
attracted total capital commitments exceeding the original
$7 billion fundraising target. In addition, we expect our
latest flagship infrastructure fund to hold its final close by the
end of 2019 or early in 2020, bringing the latest round of flagship
fundraising to completion. Together with co-investment capital
raised to date, we expect this round of flagship fundraising to
exceed the initial target of ±$50 billion. As at September 30, 2019
our latest flagship real estate, infrastructure and private equity
funds were already approximately 45% invested or committed in
aggregate, based on current funds raised, and we continue to see
opportunity to deploy this capital for value globally.
Annualized fees and target carried interest now
stand at a run-rate of $5.4 billion.
Fee related earnings, before performance fees,
increased by 26% over the last twelve month period, attributable to
private fund capital raised and the increased capitalization of our
listed partnerships. The current period includes no fee related
earnings from Oaktree as the transaction closed on the final day of
the quarter, however annualized fee revenues together with Oaktree
is now $2.8 billion, or $1.4 billion net of costs.
We recognized $595 million of realized
carried interest into income over the last twelve months before
costs, including $59 million in the current quarter from capital
returned within our first flagship real estate fund. We continue to
expect realizations within this fund in the fourth quarter of 2019
and in the first half of 2020, as we sell the remaining investments
within the fund and return capital to its investors. Together with
Oaktree, annualized target carried interest stands at $2.6 billion,
or $1.7 billion net of costs.
We deployed $33 billion of capital over the last
twelve months and reached a record level of approximately $65
billion of deployable capital across the business.
We advanced several previously announced
transactions during the quarter and announced commitments to a
number of new transactions. We invested $5.2 billion to acquire our
61.2% share of Oaktree, including funding of approximately $2.4
billion of cash and approximately 53 million of Class A shares of
Brookfield, valued at $2.8 billion on the closing date of the
transaction. In our infrastructure business, we completed the
acquisition of a data distribution business in New Zealand. We also
announced commitments to several transactions which we expect to
close during the fourth quarter or early 2020. Within our private
equity business, we signed an agreement to acquire a controlling
interest in the largest private residential mortgage insurer in
Canada, as well as the acquisition of a 45% interest in a leading
global infrastructure services company that provides access and
scaffolding systems and specialized services to the industrial,
infrastructure and commercial property markets.
At the end of the quarter, we had $50.8 billion
of uncalled fund commitments available for transactions yet to
close and new investments. We also had $13.8 billion of liquidity
in the form of cash and financial assets, as well as long-dated,
committed undrawn credit facilities, across our listed entities.
Our liquidity is increasingly supplemented by the cash available
for distribution and/or reinvestment. Today the business generates
$2.5 billion of free cash flow on an annualized basis, before
the impact of any carried interest. We continue to expect to
realize carried interest within our earlier vintage flagship funds
in the fourth quarter of 2019 and in the first half of 2020.
CONSOLIDATED BALANCE SHEETS
Unaudited (US$ millions) |
|
September 30 |
|
|
December 31 |
|
|
2019 |
|
|
2018 |
|
Assets |
|
|
Cash and cash equivalents |
$ |
7,595 |
|
$ |
8,390 |
|
Other financial assets |
7,975 |
|
6,227 |
|
Accounts receivable and
other |
19,080 |
|
16,931 |
|
Inventory |
9,732 |
|
6,989 |
|
Assets classified as held for
sale |
3,759 |
|
2,185 |
|
Equity accounted
investments |
40,008 |
|
33,647 |
|
Investment properties |
85,993 |
|
84,309 |
|
Property, plant and
equipment |
77,413 |
|
67,294 |
|
Intangible assets |
24,599 |
|
18,762 |
|
Goodwill |
11,594 |
|
8,815 |
|
Deferred income tax
assets |
3,660 |
|
2,732 |
|
Total Assets |
$ |
291,408 |
|
$ |
256,281 |
|
|
|
|
Liabilities and
Equity |
|
|
Corporate borrowings |
$ |
7,035 |
|
$ |
6,409 |
|
Accounts payable and
other |
34,174 |
|
23,989 |
|
Liabilities associated with
assets classified as held for sale |
2,084 |
|
812 |
|
Non-recourse borrowings of
entities that we manage |
123,204 |
|
111,809 |
|
Deferred income tax
liabilities |
13,214 |
|
12,236 |
|
Subsidiary equity
obligations |
4,096 |
|
3,876 |
|
Equity |
|
|
Preferred equity |
4,145 |
|
4,168 |
|
Non-controlling interests in net assets |
74,029 |
|
67,335 |
|
Common equity |
29,427 |
|
25,647 |
|
Total
Equity |
107,601 |
|
97,150 |
|
Total Liabilities and Equity |
$ |
291,408 |
|
$ |
256,281 |
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
UnauditedFor the periods ended September 30(US$ millions, except
per share amounts) |
Three Months Ended |
|
Nine Months Ended |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Revenues |
$ |
17,875 |
|
|
$ |
14,858 |
|
|
$ |
50,007 |
|
|
$ |
40,765 |
|
Direct costs |
(13,910 |
) |
|
(11,967 |
) |
|
(38,880 |
) |
|
(32,839 |
) |
Other income and gains |
51 |
|
|
144 |
|
|
972 |
|
|
581 |
|
Equity accounted income |
414 |
|
|
50 |
|
|
1,761 |
|
|
680 |
|
Expenses |
|
|
|
|
|
|
|
Interest |
(1,926 |
) |
|
(1,274 |
) |
|
(5,375 |
) |
|
(3,377 |
) |
Corporate costs |
(23 |
) |
|
(25 |
) |
|
(72 |
) |
|
(76 |
) |
Fair value changes |
394 |
|
|
132 |
|
|
(835 |
) |
|
1,537 |
|
Depreciation and
amortization |
(1,299 |
) |
|
(833 |
) |
|
(3,567 |
) |
|
(2,175 |
) |
Income tax |
180 |
|
|
(144 |
) |
|
(295 |
) |
|
(636 |
) |
Net income |
$ |
1,756 |
|
|
$ |
941 |
|
|
$ |
3,716 |
|
|
$ |
4,460 |
|
|
|
|
|
|
|
|
|
Net income attributable
to: |
|
|
|
|
|
|
|
Brookfield shareholders |
$ |
947 |
|
|
$ |
163 |
|
|
$ |
1,961 |
|
|
$ |
1,700 |
|
Non-controlling interests |
809 |
|
|
778 |
|
|
1,755 |
|
|
2,760 |
|
|
$ |
1,756 |
|
|
$ |
941 |
|
|
$ |
3,716 |
|
|
$ |
4,460 |
|
|
|
|
|
|
|
|
|
Net income per share |
|
|
|
|
|
|
|
Diluted |
$ |
0.91 |
|
|
$ |
0.11 |
|
|
$ |
1.85 |
|
|
$ |
1.53 |
|
Basic |
0.93 |
|
|
0.11 |
|
|
1.90 |
|
|
1.57 |
|
SUMMARIZED FINANCIAL
RESULTS
RECONCILIATION OF NET INCOME TO FUNDS
FROM OPERATIONS
Unaudited For the periods ended September 30 (US$ millions) |
Three Months Ended |
|
Last Twelve Months Ended |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Net income |
$ |
1,756 |
|
|
$ |
941 |
|
|
$ |
6,744 |
|
|
$ |
6,543 |
|
Realized disposition gains in
fair value changes or prior periods |
190 |
|
|
387 |
|
|
972 |
|
|
1,135 |
|
Non-controlling interests |
(1,741 |
) |
|
(1,415 |
) |
|
(7,050 |
) |
|
(6,030 |
) |
Financial statement components
not included in FFO |
|
|
|
|
|
|
|
Equity accounted fair value changes and other non-FFO items |
180 |
|
|
446 |
|
|
274 |
|
|
1,570 |
|
Fair value changes |
(394 |
) |
|
(132 |
) |
|
578 |
|
|
(1,817 |
) |
Depreciation and amortization |
1,299 |
|
|
833 |
|
|
4,494 |
|
|
2,765 |
|
Deferred income taxes |
(464 |
) |
|
25 |
|
|
(1,671 |
) |
|
180 |
|
Funds from operations1,2 |
$ |
826 |
|
|
$ |
1,085 |
|
|
$ |
4,341 |
|
|
$ |
4,346 |
|
SEGMENT FUNDS FROM
OPERATIONS
UnauditedFor the periods ended September 30(US$ millions, except
per share amounts) |
Three Months Ended |
|
Last Twelve Months Ended |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Asset management |
$ |
345 |
|
|
$ |
320 |
|
|
$ |
1,461 |
|
|
$ |
1,286 |
|
Real estate |
271 |
|
|
464 |
|
|
1,514 |
|
|
1,745 |
|
Renewable power |
44 |
|
|
48 |
|
|
381 |
|
|
307 |
|
Infrastructure |
103 |
|
|
80 |
|
|
454 |
|
|
598 |
|
Private equity |
154 |
|
|
247 |
|
|
867 |
|
|
615 |
|
Residential |
42 |
|
|
16 |
|
|
90 |
|
|
93 |
|
Corporate |
(133 |
) |
|
(90 |
) |
|
(426 |
) |
|
(298 |
) |
Funds from operations1,2 |
$ |
826 |
|
|
$ |
1,085 |
|
|
$ |
4,341 |
|
|
$ |
4,346 |
|
|
|
|
|
|
|
|
|
Per
share3 |
$ |
0.80 |
|
|
$ |
1.07 |
|
|
$ |
4.29 |
|
|
$ |
4.28 |
|
- Non-IFRS measure – see Basis of Presentation on page 8.
- Excludes amounts attributable to non-controlling
interests.
- Per share amounts are inclusive of dilutive effect of
mandatorily redeemable preferred shares held in a consolidated
subsidiary.
EARNINGS PER SHARE
Unaudited For the periods ended September 30(US$ millions, except
per share amounts) |
Three Months Ended |
|
Last Twelve Months Ended |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Net income |
$ |
1,756 |
|
|
$ |
941 |
|
|
$ |
6,744 |
|
|
$ |
6,543 |
|
Non-controlling interests |
(809 |
) |
|
(778 |
) |
|
(2,899 |
) |
|
(3,797 |
) |
Net income attributable to
shareholders |
947 |
|
|
163 |
|
|
3,845 |
|
|
2,746 |
|
Preferred share dividends |
(38 |
) |
|
(38 |
) |
|
(150 |
) |
|
(153 |
) |
Dilutive effect of conversion of subsidiary preferred shares |
(17 |
) |
|
(20 |
) |
|
(53 |
) |
|
(87 |
) |
Net
income available to common shareholders |
$ |
892 |
|
|
$ |
105 |
|
|
$ |
3,642 |
|
|
$ |
2,506 |
|
|
|
|
|
|
|
|
|
Weighted average shares |
956.1 |
|
|
957.9 |
|
|
956.2 |
|
|
958.1 |
|
Dilutive effect of the
conversion of options and escrowed shares using treasury stock
method1 |
24.1 |
|
|
20.1 |
|
|
21.3 |
|
|
21.2 |
|
Shares and share equivalents |
980.2 |
|
|
|
978.0 |
|
|
977.5 |
|
|
979.3 |
|
|
|
|
|
|
|
|
|
Diluted
earnings per share2 |
$ |
0.91 |
|
|
$ |
0.11 |
|
|
$ |
3.73 |
|
|
$ |
2.56 |
|
- Includes management share option plan and escrowed stock
plan.
- Per share amounts are inclusive of dilutive effect of
mandatorily redeemable preferred shares held in a consolidated
subsidiary.
CASH AVAILABLE FOR DISTRIBUTION AND/OR
REINVESTMENT
Unaudited For the periods ended September 30 (US$
millions) |
Three Months Ended |
|
Last Twelve Months Ended |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Fee related earnings |
$ |
306 |
|
|
$ |
320 |
|
|
$ |
1,034 |
|
|
$ |
1,218 |
|
Distributions from
investments |
420 |
|
|
506 |
|
|
1,632 |
|
|
1,610 |
|
Other invested capital
earnings |
|
|
|
|
|
|
|
Corporate interest expense |
(87 |
) |
|
(83 |
) |
|
(342 |
) |
|
(311 |
) |
Corporate costs and taxes |
(9 |
) |
|
(27 |
) |
|
(139 |
) |
|
(118 |
) |
Other wholly owned investments |
1 |
|
|
18 |
|
|
(14 |
) |
|
135 |
|
|
(95 |
) |
|
(92 |
) |
|
(494 |
) |
|
(294 |
) |
Preferred share dividends |
(38 |
) |
|
(38 |
) |
|
(150 |
) |
|
(153 |
) |
Cash available for distribution and/or reinvestment before realized
carried interest |
593 |
|
|
696 |
|
|
2,022 |
|
|
2,381 |
|
Realized carried interest, net3 |
39 |
|
|
— |
|
|
427 |
|
|
68 |
|
Cash
available for distribution and/or reinvestment |
$ |
632 |
|
|
$ |
696 |
|
|
$ |
2,449 |
|
|
$ |
2,449 |
|
3. Non-IFRS measure –
see Basis of Presentation on page 8.
Additional Information
The Letter to Shareholders, the company’s
Supplemental Information and Management’s Discussion and Analysis
for the three months ended September 30, 2019, 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.
The statements contained herein are based
primarily on information that has been extracted from our financial
statements for the quarter ended September 30, 2019, which have
been prepared using IFRS, as issued by the IASB. The amounts have
not been audited by Brookfield’s external auditor.
Brookfield’s Board of Directors have reviewed
and approved this document, including the summarized unaudited
consolidated financial statements prior to its release.
Information on our dividends can be found on our
website under Stock & Distributions/Distribution History.
Quarterly Earnings Call
Details
Investors, analysts and other interested parties
can access Brookfield Asset Management’s 2019 Third Quarter Results
as well as the Shareholders’ Letter and Supplemental Information on
Brookfield’s website under the Reports & Filings section at
www.brookfield.com.
To participate in the Conference Call, please
dial 1-866-688-9425 toll free in North America, or for overseas
calls please dial 1-409-216-0815 (Conference ID: 3339309) at
approximately 10:50 a.m. The Conference Call will also be Webcast
live at www.brookfield.com under Brookfield Asset Management/Events
and Presentations. For those unable to participate in the
Conference Call, the telephone replay will be archived and
available until midnight November 21, 2019. To access this
rebroadcast, please call 1-855-859-2056 or 1-404-537-3406
(Conference ID: 3339309).
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
over $500 billion of assets under management across real
estate, infrastructure, renewable power, private equity and
credit. Brookfield owns and operates long-life assets and
businesses, many of which form the backbone of the global economy.
Utilizing its global reach, access to large-scale capital and
operational expertise, Brookfield offers a range of alternative
investment products to investors around the world—including public
and private pension plans, endowments and foundations, sovereign
wealth funds, financial institutions, insurance companies and
private wealth investors. Brookfield Asset Management is listed on
the New York and Toronto stock exchanges under the symbol BAM and
BAM.A respectively. For more information, please visit our website
at www.brookfield.com.
Please note that Brookfield’s previous audited
annual and unaudited quarterly reports have been filed on EDGAR and
SEDAR and can also be found in the investor section of its 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 or contact:
Communications &
Media:Claire HollandVice President, Branding &
CommunicationsTel: (416) 369-8236Email:
claire.holland@brookfield.com |
|
Investor
RelationsLinda Northwood Director, Investor
Relations Tel: (416) 359-8647 Email:
linda.northwood@brookfield.com |
Basis of Presentation
This news release and accompanying financial
statements are based on International Financial Reporting Standards
(“IFRS”), as issued by the International Accounting Standards Board
(“IASB”), unless otherwise noted.
We make reference to Funds from Operations
(“FFO”). We define FFO as net income attributable to shareholders
prior to fair value changes, depreciation and amortization, and
deferred income taxes, and include realized disposition gains that
are not recorded in net income as determined under IFRS. FFO also
includes the company’s share of equity accounted investments’ FFO
on a fully diluted basis. FFO consists of the following
components:
- FFO from Operating Activities represents the company’s share of
revenues less direct costs and interest expenses; excludes realized
carried interest and disposition gains, fair value changes,
depreciation and amortization and deferred income taxes; and
includes our proportionate share of FFO from operating activities
recorded by equity accounted investments on a fully diluted basis.
We present this measure as we believe it assists in describing our
results and variances within FFO.
- Realized Carried Interest represents our contractual share of
investment gains generated within a private fund after considering
our clients minimum return requirements. Realized carried interest
is determined on third-party capital that is no longer subject to
future investment performance.
- Realized Disposition Gains are included in FFO because we
consider the purchase and sale of assets to be a normal part of the
company’s business. Realized disposition gains include gains and
losses recorded in net income and equity in the current period, and
are adjusted to include fair value changes and revaluation surplus
balances recorded in prior periods which were not included in prior
period FFO.
We use FFO to assess our operating results and
the value of Brookfield’s business and believe that many
shareholders and analysts also find this measure of value to
them.
We note that FFO, its components, and its per
share equivalent are non-IFRS measures which do not have any
standard meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers and
entities.
We make reference to Invested Capital. Invested
Capital is defined as the amount of common equity in our segments
and underlying businesses within the segments.
We make reference to Cash available for
distribution and/or reinvestment, which is referring to the sum of
our Asset Management segment FFO and distributions received from
our ownership of investments, net of Corporate activities FFO and
preferred share dividends. This provides insight into earnings
received by the corporation that are available for distribution to
common shareholders or to be reinvested into the business.
We provide additional information on key terms
and non-IFRS measures in our filings available at
www.brookfield.com.
Notice to Readers
Brookfield is not making any offer or invitation
of any kind by communication of this news release and under no
circumstance is it to be construed as a prospectus or an
advertisement.
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 harbor”
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, include statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of Brookfield and its
subsidiaries, as well as the outlook for North American and
international economies for the current fiscal year and subsequent
periods, and include words such as “expects,” “anticipates,”
“plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,”
“projects,” “forecasts” or negative versions thereof and other
similar expressions, or future or conditional verbs such as “may,”
“will,” “should,” “would” and “could.”
Where this news release refers to “target
carried interest” it is based on an assumption that existing funds
meet their target gross returns. Target gross returns are
typically ~20% for opportunistic funds; 10% to 15% for value add,
credit and core funds. Fee terms vary by investment strategy
and may change over time.
Although we believe that our anticipated future
results, performance or achievements expressed or implied 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
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause the actual results, performance or achievements of Brookfield
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, but are not limited to:
(i) investment returns that are lower than target;
(ii) the impact or unanticipated impact of general economic,
political and market factors in the countries in which we do
business; (iii) the behavior of financial markets, including
fluctuations in interest and foreign exchange rates;
(iv) global equity and capital markets and the availability of
equity and debt financing and refinancing within these markets;
(v) strategic actions including dispositions; the ability to
complete and effectively integrate acquisitions into existing
operations and the ability to attain expected benefits;
(vi) changes in accounting policies and methods used to report
financial condition (including uncertainties associated with
critical accounting assumptions and estimates); (vii) the
ability to appropriately manage human capital; (viii) the
effect of applying future accounting changes; (ix) business
competition; (x) operational and reputational risks;
(xi) technological change; (xii) changes in government
regulation and legislation within the countries in which we
operate; (xiii) governmental investigations;
(xiv) litigation; (xv) changes in tax laws;
(xvi) ability to collect amounts owed;
(xvii) catastrophic events, such as earthquakes and
hurricanes; (xviii) the possible impact of international
conflicts and other developments including terrorist acts and
cyberterrorism; (xix) the introduction, withdrawal, success
and timing of business initiatives and strategies; (xx) the
failure of effective disclosure controls and procedures and
internal controls over financial reporting and other risks;
(xxi) health, safety and environmental risks; (xxii) the
maintenance of adequate insurance coverage; (xxiii) risks
specific to our business segments including our real estate,
renewable power, infrastructure, private equity, and residential
development activities; (xxiv) and factors detailed from time
to time in our documents filed with the securities regulators in
Canada and the United States
We caution that the foregoing list of important
factors that may affect future results is not exhaustive and other
factors could also adversely affect its results. Investors and
other readers are urged to consider the foregoing risks, as well as
other uncertainties, factors and assumptions carefully in
evaluating the forward-looking information and are cautioned not to
place undue reliance on such forward-looking information.
Except as required by law, the corporation undertakes no obligation
to publicly update or revise any forward-looking statements or
information, whether written or oral, that may be as a result of
new information, future events or otherwise.
Past performance is not indicative nor a
guarantee of future results. There can be no assurance that
comparable results will be achieved in the future, that future
investments will be similar to the historic investments discussed
herein (because of economic conditions, the availability of
investment opportunities or otherwise), that targeted returns,
diversification or asset allocations will be met or that an
investment strategy or investment objectives will be achieved.
Target returns set forth in this news release
are for illustrative and informational purposes only and have been
presented based on various assumptions made by Brookfield in
relation to the investment strategies being pursued by the funds,
any of which may prove to be incorrect. There can be no assurance
that targeted returns will be achieved. Due to various risks,
uncertainties and changes (including changes in economic,
operational, political or other circumstances) beyond Brookfield’s
control, the actual performance of the funds and the business could
differ materially from the target returns set forth herein. In
addition, industry experts may disagree with the assumptions used
in presenting the target returns. No assurance, representation or
warranty is made by any person that the target returns will be
achieved, and undue reliance should not be put on them. Prior
performance is not indicative of future results and there can be no
guarantee that the funds will achieve the target returns or be able
to avoid losses.
Certain of the information contained herein is
based on or derived from information provided by independent
third-party sources. While Brookfield believes that such
information is accurate as of the date it was produced and that the
sources from which such information has been obtained are reliable,
Brookfield makes no representation or warranty, express or implied,
with respect to the accuracy, reasonableness or completeness of any
of the information or the assumptions on which such information is
based, contained herein, including but not limited to, information
obtained from third parties.
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