Brookfield Investments Corporation Announces 2010 Fourth Quarter Financial Results
April 29 2011 - 5:52PM
Marketwired
Brookfield Investments Corporation (TSX VENTURE: BRN.PR.A) reported
a net loss of $24 million for the year ended December 31, 2010
compared with a net loss of $130 million for 2009. The current
year's net results includes $41 million of non-cash foreign
exchange losses, compared with $13 million of foreign exchange
losses in the prior year. The prior year also includes a one-time
$67 million loss on the permanent impairment of the company's
investment in Fraser Papers Inc.
Net loss for the three months ended December 31, 2010 was $17
million, compared to a net loss of $73 million for the same period
in 2009.
The company's investment in Brookfield Europe contributed income
of $13 million in 2010 (2009 - $9 million). Panelboard investments,
held through Norbord Inc., contributed a net income of $2 million
for 2010, compared to a loss of $8 million in 2009. The investment
in Fraser Papers Inc. was written off in late 2009, and therefore
had no impact to the 2010 results, compared to a net loss of $123
million in 2009, which includes a $67 million provision.
Dividend and interest income for 2010 was $33 million, compared
to $29 million in 2009. Dividend payments, classified as interest
expense totalled $29 million in 2010, compared to $30 million in
2009.
Other loss for 2009 of $11 million was recorded due mainly to
the revaluation of the company's Norbord exchangeable debentures,
which were settled in the second quarter of 2009.
The Company's Board of Directors has declared a quarterly
dividend of C$0.29375 per share on its Senior Preferred Shares,
Series A payable on June 30, 2011 to shareholders of record on June
20, 2011.
Brookfield Investments Corporation holds investments in the
forest products and property sectors, as well as a portfolio of
preferred shares issued by companies within the Brookfield group.
The common shares of Brookfield Investments Corporation are wholly
owned by Brookfield Asset Management Inc., a global asset manager
focused on property, power and infrastructure assets.
----------------------------------------------------------------------------
Consolidated Balance Sheets
----------------------------------------------------------------------------
(unaudited) December 31 December 31
US$ millions 2010 2009
----------------------------------------------------------------------------
Assets
Securities $ 266 $ 262
Investments
Brookfield Properties Corporation 973 672
Brookfield Europe L.P. 127 119
Norbord Inc. 82 80
----------------------------------------------------------------------------
$ 1,448 $ 1,133
----------------------------------------------------------------------------
Liabilities
Deposits payable $ 35 $ 5
Accounts payable 11 9
Retractable preferred shares 708 700
Shareholders' equity 694 419
----------------------------------------------------------------------------
$ 1,448 $ 1,133
----------------------------------------------------------------------------
Consolidated Statements of Operations
---------------------------------------------------------------------------
Three months Twelve months
ended December ended December
(unaudited) 31 31
-----------------------------------
US$ millions 2010 2009 2010 2009
---------------------------------------------------------------------------
Income
Equity accounted income from
Brookfield Europe L.P. $ 1 $ 4 $ 13 $ 9
Equity accounted income (loss) from
Norbord Inc. (1) (1) 2 (8)
Equity accounted loss from Fraser
Papers Inc. - (11) - (56)
Dividend and interest income 8 9 33 29
Foreign exchange loss (18) (1) (41) (13)
Other loss - - - (11)
---------------------------------------------------------------------------
(10) - 7 (50)
Expenses
Interest 7 8 29 30
Provision for impairment - 67 - 67
---------------------------------------------------------------------------
7 75 29 97
---------------------------------------------------------------------------
Net loss before income taxes (17) (75) (22) (147)
Income taxes (expense) recovery - 2 (2) 17
---------------------------------------------------------------------------
Net loss $ (17) $ (73) $ (24) $ (130)
---------------------------------------------------------------------------
Net loss per common share $ (0.34) $ (1.59) $ (0.52) $ (2.82)
---------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income (Loss)
----------------------------------------------------------------------------
Three months Twelve months
ended ended
(unaudited) December 31 December 31
-----------------------------------
US$ millions 2010 2009 2010 2009
----------------------------------------------------------------------------
Net loss $ (17) $ (73) $ (24) $ (130)
Other comprehensive income (loss)
Foreign currency translation (1) 1 (5) 9
Available-for-sale securities 113 50 305 186
Equity accounted other comprehensive
income (loss) 1 1 (1) 3
----------------------------------------------------------------------------
113 52 299 198
----------------------------------------------------------------------------
Comprehensive income (loss) $ 96 $ (21) $ 275 $ 68
----------------------------------------------------------------------------
---------------------------------------------------------------------------
Consolidated Statements of Accumulated Other Comprehensive Income (Loss)
---------------------------------------------------------------------------
Three months ended Twelve months ended
(unaudited) December 31 December 31
-------------------------------------------
US$ millions 2010 2009 2010 2009
----------------------------------------------------------------------------
Balance, beginning of period $ (18) $ (256) $ (204) $ (402)
Other comprehensive income 113 52 299 198
----------------------------------------------------------------------------
Balance, end of period $ 95 $ (204) $ 95 $ (204)
----------------------------------------------------------------------------
Consolidated Statements of Deficit
----------------------------------------------------------------------------
Three months ended Twelve months ended
(unaudited) December 31 December 31
-------------------------------------------
US$ millions 2010 2009 2010 2009
----------------------------------------------------------------------------
Deficit, beginning of period $ (428) $ (348) $ (421) $ (291)
Net loss (17) (73) (24) (130)
----------------------------------------------------------------------------
Deficit, end of period $ (445) $ (421) $ (445) $ (421)
----------------------------------------------------------------------------
Consolidated Statements of Cash Flows
---------------------------------------------------------------------------
Three months ended Twelve months ended
(unaudited) December 31 December 31
-------------------------------------------
US$ millions 2010 2009 2010 2009
----------------------------------------------------------------------------
Cash flow from (used in)
operating activities
Net loss $ (17) $ (73) $ (24) $ (130)
Adjusted for the following:
Equity accounted (income)
losses - 8 (15) 55
Provision for impairment - 67 - 67
Future income tax provisions - (2) 2 (17)
Net change in non-cash items 18 1 41 24
----------------------------------------------------------------------------
1 1 4 (1)
----------------------------------------------------------------------------
Cash flow used in investing
activities
Investment in Brookfield
Properties - - - (350)
----------------------------------------------------------------------------
- - - (350)
----------------------------------------------------------------------------
Cash and deposits receivable
(payable)
Increase / (Decrease) prior to
foreign currency revaluations 1 1 4 (351)
Impact of foreign exchange (13) 1 (34) 5
Balance, beginning of period (23) (7) (5) 341
----------------------------------------------------------------------------
Balance, end of period $ (35) $ (5) $ (35) $ (5)
----------------------------------------------------------------------------
Contacts: Sachin Shah, Vice President and Chief Financial
Officer, will be available at 416-363-9491 to answer any questions
on the company's financial results.
Brookfield Investments (TSXV:BRN.PR.A)
Historical Stock Chart
From Oct 2024 to Nov 2024
Brookfield Investments (TSXV:BRN.PR.A)
Historical Stock Chart
From Nov 2023 to Nov 2024
