Brookfield Investments Corporation Announces 2012 Financial Results

Brookfield Investments Corporation Announces 2012 Financial Results 
TORONTO, ONTARIO -- (Marketwired) -- 04/30/13 -- 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
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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
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                                                 $       2,332 $       2,070
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Liabilities                                                                 
  Current liabilities                                                       
    Accounts payable                             $           1 $           2
    Retractable preferred shares                         1,142         1,125
  Deferred taxes                                            58            55
Equity                                                   1,131           888
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                                                 $       2,332 $       2,070
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CONSOLIDATED STATEMENTS OF OPERATIONS                                       
                                                                            
                                                                            
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Years ended December 31                                                     
(US$ millions, except per share amounts)                      2012     2011 
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Investment Income                                                           
  Equity accounted income                                  $    32  $    67 
  Disposition gain                                               8        - 
  Dividend and interest income                                  44       40 
  Foreign exchange (loss) income                                (1)       3 
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                                                                83      110 
Expenses                                                                    
  Interest                                                     (29)     (30)
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Net income before income taxes                                  54       80 
  Income tax expense                                            (6)     (10)
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Net income                                                 $    48  $    70 
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Net income per common share                                $  0.95  $  1.52 
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 


 
                                                    
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Years ended December 31                             
(US$ millions)                        2012     2011 
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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)       - 
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                                       195     (122)
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Comprehensive income (loss)        $   243  $   (52)
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Contacts:
Brookfield Investments Corporation
Derek Gorgi
Vice President and Chief Financial Officer
416-363-9491
 
 
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