Dundee Corporation Reports Third Quarter 2012 Financial

Dundee Corporation Reports Third Quarter 2012 Financial Results 
TORONTO, ONTARIO -- (Marketwire) -- 11/13/12 -- Dundee Corporation
(TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) (the "Corporation") is today
reporting its financial results as at and for the three and nine
months ended September 30, 2012. The Corporation's unaudited
condensed interim consolidated financial statements, along with the
accompanying management's discussion and analysis, have been filed on
the System for Electronic Document Analysis and Retrieval ("SEDAR")
and may be viewed under the Corporation's profile at www.sedar.com or
the Corporation's website at www.dundeecorp.com. 
FINANCIAL HIGHLIGHTS 


 
--  Fee Earning Assets under Management and Administration - Fee earning
    assets under management and administration increased to $15.4 billion at
    September 30, 2012, compared with $12.3 billion at each of September 30,
    2011 and December 31, 2011. 
    
--  Equity Accounted Investments - Earnings from equity accounted
    investments were $3.3 million during the third quarter of 2012 compared
    with $15.4 million earned during the same period of the prior year. At
    September 30, 2012, the market value of equity accounted investments was
    $697.6 million.  
    
--  Market Value of Investments - The market value of the Corporation's
    portfolio of investments, excluding equity accounted investments, was
    $1.2 billion at September 30, 2012, and included $0.5 billion in shares
    of The Bank of Nova Scotia, which were received by the Corporation on
    its divestment of DundeeWealth Inc. in February 2011.  
    
--  Net Earnings - Driven primarily from realized losses on dispositions of
    certain investments, during the third quarter the Corporation incurred a
    net loss of $8.1 million attributable to owners of the parent, compared
    to net earnings of $88.6 million earned during the same period of the
    prior year. Earnings in the third quarter of the prior year included a
    pre-tax gain of $95.6 million from the Corporation's divestment of its
    investment in Breakwater Resources Ltd. 
    
--  Corporate Debt at September 30, 2012 was $376.5 million, all of which
    was borrowed by our operating subsidiaries. At September 30, 2012, there
    
were no amounts borrowed pursuant to the credit facilities at the
    corporate level.  

 
At September 30, 2012, fee earning assets under management and
administration had increased to $15.4 billion, representing a 25%
increase over $12.3 billion in fee earning assets under management
and administration at September 30, 2011, and December 31, 2011. A
significant part of this growth occurred in the real estate asset
management division, which benefited from a number of successful new
acquisitions of quality assets, including the acquisition in June
2012 of a 67% interest in the Scotia Plaza complex, a premier office
complex located in downtown Toronto.  
Operating results from Dundee Realty's land and housing business were
strong, with revenue increasing 42% to $119.5 million from $84.3
million in the third quarter of the prior year, and with a 50%
increase in contribution margins from $21.2 million in the third
quarter of 2011 to $31.8 million in the current quarter. Real estate
results in the third quarter of 2012 benefited from higher land under
development sales, primarily in western Canada, compared to the same
period of the prior year. The real estate segment also benefited from
first year condominium sales in two of Dundee Realty's projects in
the Toronto area. Condominium sales are dependent upon the timing of
completion of development projects and may vary significantly from
period to period. 
Equity markets advanced during the third quarter of 2012, sustained
in part by stimulus provided by central banks, most notably in the
United States and in the European Union. This is reflected in the
market value of the Corporation's portfolio, which appreciated in
value by approximately $25.2 million since June 30, 2012, and $16.2
million on a year-to-date basis. 
Dundee Capital Markets incurred a loss before taxes of $2.4 million
in the third quarter of 2012, compared with a loss of $1.5 million in
the same quarter of the prior year. Capital markets investment
banking revenue in the third quarter of 2012 increased 54% over the
third quarter of the prior year, however this was offset by higher
general and administrative costs associated with certain
restructuring activities, including its expansion into the United
Kingdom.  
The Corporation continues to investigate numerous opportunities to
expand its agricultural portfolio. The focus of this effort is to
spot good potential, in advance of the general market. In
agriculture, this means developing a thorough understanding of how
marketplace trends are likely to affect industry players; ferreting
out new "game changing" agricultural processes and technologies, as
well as high growth niche markets; and investing in companies that
have a sustainable competitive advantage. 
ABOUT THE CORPORATION 
Dundee Corporation is an independent publicly traded Canadian asset
management company. The Corporation's asset management activities are
focused in the areas of the Corporation's core competencies and
include real estate and infrastructure as well as energy, resources
and agriculture. Asset management activities are carried out by
Goodman Investment Counsel Inc. (formerly Ned Goodman Investment
Counsel Limited), a registered portfolio manager and exempt market
dealer across Canada and an investment fund manager in the provinces
of Ontario, Quebec and Newfoundland; and by DREAM, the asset
management division of Dundee Realty Corporation, a 70% owned
subsidiary of the Corporation. Asset management activities are
supported by the Corporation's ownership interest in Dundee Capital
Markets Inc. Dundee Capital Markets is also the asset manager of the
Corporation's flow-through limited partnership business carried out
through the "CMP", "CDR" and "Canada Dominion Resources" brands.
Dundee Corporation also owns and manages direct investments in these
core focus areas, through ownership of both publicly listed and
private companies. Real estate operations are carried out through the
Corporation's investment in Dundee Realty Corporation, an owner,
developer and manager of residential and recreational properties in
North America. Energy and resource operations include the
Corporation's ownership in Dundee Energy Limited, an oil and natural
gas company with a mandate to create long-term value through the
development of high impact energy projects. The Corporation also
holds other investments in the resource sector, several of which are
equity accounted. Agricultural activities are carried out through
Dundee Agricultural Corporation. Dundee Agricultural Corporation
holds an 84% interest in Blue Goose Capital Corporation, a privately
owned Canadian company with a leading position in the organic and
natural beef production market with operations in both British
Columbia and Ontario.
Contacts:
Dundee Corporation
Ned Goodman
President and Chief Executive Officer
(416) 365-5665 
Dundee Corporation
Lucie Presot
Vice President and Chief Financial Officer
(416) 365-5157
www.dundeecorp.com
 
 
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