Dundee Corporation Reports 2012 Financial Results
March 14 2013 - 5:07PM
Marketwired Canada
Dundee Corporation (TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) (the "Corporation")
reports its financial results as at and for the year ended December 31, 2012.
The Corporation's audited annual consolidated financial statements, along with
its management's discussion and analysis and annual information form 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
-- Net Earnings - Net earnings from continuing operations attributable to
owners of Dundee Corporation during the year ended December 31, 2012
were $10.8 million, or $0.04 per share on a fully diluted basis. This
compares with net earnings from continuing operations attributable to
owners of Dundee Corporation of $153.5 million, or $2.17 per fully
diluted share, earned in the prior year. Net earnings in the prior year
included a pre-tax gain of $95.6 million from the Corporation's
divestment of its investment in Breakwater Resources Ltd. Net earnings
in the current year reflect lower equity earnings, realized losses from
investments, and an impairment as a result of the current price of
natural gas against the reserves of a subsidiary.
-- Fee Earning Assets under Management and Administration - Fee earning
assets under management and administration increased to $15.8 billion at
December 31, 2012, compared with $12.3 billion at December 31, 2011.
-- Equity Accounted Investments - Earnings from equity accounted
investments were $35.1 million during the year ended December 31, 2012
compared with $61.8 million earned during the prior year. The decrease
included the Corporation's share of a significant provision against
certain resource properties estimated at approximately $11 million. At
December 31, 2012, the market value of equity accounted investments was
$685.8 million, compared with $617.0 million at December 31, 2011.
-- Market Value of Investments - The market value of the Corporation's
portfolio of investments, excluding equity accounted investments, was
$1.2 billion at December 31, 2012.
-- Corporate Debt at December 31, 2012 was $333.1 million, of which $297.3
million was borrowed by the Corporation's operating subsidiaries,
primarily Dundee Realty Corporation and Dundee Energy Limited. This
compares with corporate debt of $546.6 million at December 31, 2011.
ABOUT THE CORPORATION
Dundee Corporation is a public Canadian independent holding company listed on
the Toronto Stock Exchange ("TSX") under the symbol "DC.A." Through its
operating subsidiaries, Dundee Corporation is engaged in diverse business
activities in the areas of its core competencies including investment advisory
and corporate finance, real estate and infrastructure, energy, resources and
agriculture. Dundee Corporation also holds, directly and indirectly, a portfolio
of investments mostly in these core focus areas, as well as other select
investments in both publicly listed and private companies.
FOR FURTHER INFORMATION PLEASE CONTACT:
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
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