Distributable Earnings of $4.8 billion and Net Income of $5.1 billion for the
Year
Quarterly Dividend Raised by 14%
BROOKFIELD, NEWS, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Brookfield Corporation
(NYSE: BN, TSX: BN) announced strong financial results for the year ended
December 31, 2023.
Nick Goodman, President of Brookfield Corporation, said, "Our business had
another excellent year in 2023 and we delivered strong financial results. Our
asset management business saw very strong fundraising momentum, our insurance
solutions business had a transformational year, and our operating businesses
continued to demonstrate their resilience. These, combined with our access to
multiple sources of capital, enabled us to execute a number of value
acquisitions during the year."
He added, "We repurchased over $600 million of shares in 2023 and expect to
acquire at least a further $1 billion this year, adding value to all remaining
shares. With significant growth levers embedded in the business, we are well
positioned to continue to deliver strong financial results going forward and to
achieve our targeted 15%+ per share returns for our shareholders over the long
term."
Operating Results
Distributable earnings ("DE") before realizations increased by 17% and 12% per
share compared to the prior periods, after adjusting for the special
distribution of 25% of our asset management business in December 2022.
Three Months
Unaudited Ended Years Ended
For the periods ended December 31 ------------------- ------------------
(US$ millions, except per share amounts) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income(1) $ 3,134 $ 44 $ 5,105 $ 5,195
Distributable earnings before
realizations(2,3) 1,209 1,142 4,223 4,314
- Adjusted for the special
distribution(2,3,4) 1,209 1,035 4,223 3,825
- Per Brookfield share(2,3,4) 0.76 0.65 2.66 2.38
Distributable earnings(2,3) 1,312 1,498 4,806 5,229
- Per Brookfield share(2,3) 0.83 0.94 3.03 3.25
-------------------------------------------------------------------------------
(See endnotes on page 8.)
Each of our businesses delivered strong financial results during the year,
amidst a challenging market backdrop. Net income was $5.1 billion for the year,
and DE before realizations were $1.2 billion for the quarter and $4.2 billion
for the year.
Our asset management business benefited from continued fundraising momentum and
strong capital deployment across our flagship funds and complementary fund
offerings, driving an increase in DE of 7% compared to the prior year.
In our insurance solutions business, we continued to scale our asset base and
leverage our investment capabilities to drive earnings growth.
Our operating businesses generated stable and growing cash distributions,
underpinned by the resilient earnings across our renewable power & transition,
infrastructure and private equity businesses, as well as 7% growth in same-store
net operating income ("NOI") within our core real estate.
During the quarter and for the year, earnings from realizations were
$103 million and $583 million, respectively, with total DE for the quarter and
for the year of $1.3 billion and $4.8 billion, respectively.
Regular Dividend Declaration
The Board declared a 14% increase in the quarterly dividend for Brookfield
Corporation to $0.08 per share (representing $0.32 per annum), payable on March
28, 2024 to shareholders of record as at the close of business on March
13, 2024. The Board also declared the regular monthly and quarterly dividends on
our preferred shares.
Operating Highlights
DE before realizations were $1.2 billion ($0.76/share) for the quarter and $4.2
billion ($2.66/share) for the year, representing an increase of 17% and 12% per
share over the prior periods, respectively, after adjusting for the special
distribution of 25% of our asset management business. Total DE was $1.3 billion
($0.83/share) for the quarter and $4.8 billion ($3.03/share) for the year.
Asset Management:
* Distributable earnings were $649 million ($0.41/share) in the quarter and
$2.6 billion ($1.61/share) for the year.
* Our private fund strategies continue to attract strong interest from our
clients, leading to $93 billion of capital raised which, combined with the
approximately $50 billion anticipated upon the closing of American Equity
Life ("AEL"), brings the total to $143 billion. Fee-bearing capital was
$457 billion as of December 31, 2023, an increase of $39 billion or 9% over
the prior year, and will shortly be over $500 billion with the closing of
AEL.
* Fee-related earnings increased by 6% compared to the prior year.
* Our fundraising outlook remains strong heading into 2024, which should
contribute to meaningful earnings growth.
Insurance Solutions:
* Distributable operating earnings were $253 million ($0.16/share) in the
quarter and $740 million ($0.47/share) for the year.
* Our insurance assets increased to approximately $60 billion, with the close
of Argo Group and the origination of new annuity policies. Our average
investment portfolio yield on our insurance assets was 5.5%, approximately
2% higher than the average cost of capital.
* As at the end of 2023, annualized earnings in this business were
$940 million. With the closing of AEL expected shortly, our insurance
solutions business will grow to over $100 billion of assets and $1.3 billion
of annualized earnings.
* Through our retail wealth and insurance solutions platforms, we remain on
track to reach $1.5 billion of monthly retail capital inflows in 2024.
Operating Businesses:
* Distributable earnings were $400 million ($0.25/share) in the quarter and
$1.5 billion ($0.92/share) for the year.
* Operating Funds from Operations within our renewable power & transition and
infrastructure businesses increased by 7% over the year, supporting stable
cash distributions. Our private equity business continues to deliver strong
earnings growth, with Adjusted EBITDA up by 11%, benefiting from the
essential nature of the services they provide.
* In our real estate business, our core portfolio produced same-store NOI
growth of 7% compared to the prior year. We continue to capture tenant
demand with over 15 million square feet of leases executed in the year
across all our office assets, and tenant sales per square foot were 21%
higher than 2019 in our core retail portfolio.
Earnings from the monetization of mature assets were $103 million ($0.07/share)
for the quarter and $583 million ($0.37/share) for the year.
* During the year, we monetized over $30 billion of assets-substantially all
transacting at values higher than our IFRS carrying values, validating the
carrying values of our investments.
* We recognized $570 million of net realized carried interest into income
during the year, and with the pool of carry-eligible capital growing larger
every year, we expect significant cash flows going forward.
* Total accumulated unrealized carried interest now stands at $10.2 billion,
representing an increase of 11% over the year, net of carried interest
realized into income.
We ended the quarter with $122 billion of capital available to deploy into new
investments.
* Over the year, we returned $1.1 billion to shareholders through regular
dividends and share repurchases, with total share buybacks of over
$600 million.
* We have $122 billion of deployable capital, which includes $38 billion of
cash, financial assets and undrawn credit lines at the Corporation and our
affiliates.
* Our balance sheet remains conservatively capitalized, with a weighted-
average term of 13 years and modest maturities through to the end of 2025.
* We continue to have strong access to the capital markets. In December, we
received a credit rating upgrade from DBRS on our senior unsecured debt to
A, reflecting the strength of our franchise and continued growth in our
earnings.
CONSOLIDATED BALANCE SHEETS
December December
31 31
Unaudited
(US$ millions) 2023 2022
-------------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 11,222 $ 14,396
Other financial assets 28,324 26,899
Accounts receivable and other 31,001 30,208
Inventory 11,412 12,843
Equity accounted investments 59,124 47,094
Investment properties 124,152 115,100
Property, plant and equipment 147,617 124,268
Intangible assets 38,994 38,411
Goodwill 34,911 28,662
Deferred income tax assets 3,338 3,403
-------------------------------------------------------------------------------
Total Assets $ 490,095 $ 441,284
-------------------------------------------------------------------------------
Liabilities and Equity
Corporate borrowings $ 12,160 $ 11,390
Accounts payable and other 59,011 57,941
Non-recourse borrowings 221,550 202,684
Subsidiary equity obligations 4,145 4,188
Deferred income tax liabilities 24,987 23,190
Equity
Non-controlling interests in net assets $ 122,465 $ 98,138
Preferred equity 4,103 4,145
Common equity 41,674 168,242 39,608 141,891
-------------------------------------------------------------------------------
Total Equity 168,242 141,891
-------------------------------------------------------------------------------
Total Liabilities and Equity $ 490,095 $ 441,284
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited Three Months Ended Years Ended
For the periods ended --------------------------- --------------------------
December 31
(US$ millions, except
per share amounts) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Revenues $ 24,518 $ 24,213 $ 95,924 $ 92,769
Direct costs(1) (18,168 ) (18,218 ) (72,334 ) (70,828 )
Other income and gains 4,256 989 6,501 1,594
Equity accounted income 429 273 2,068 2,613
Interest expense
- Corporate borrowings (142 ) (158 ) (596 ) (527 )
- Non-recourse
borrowings
Same-store (3,637 ) (3,127 ) (13,195 ) (10,175 )
Acquisitions, net of
dispositions(2) (260 ) - (1,392 ) -
Upfinancings(2) (6 ) - (320 ) -
Corporate costs (16 ) (33 ) (69 ) (122 )
Fair value changes (1,326 ) (1,811 ) (1,396 ) (977 )
Depreciation and
amortization (2,427 ) (1,989 ) (9,075 ) (7,683 )
Income tax (87 ) (95 ) (1,011 ) (1,469 )
-------------------------------------------------------------------------------
Net income $ 3,134 $ 44 $ 5,105 $ 5,195
-------------------------------------------------------------------------------
Net income (loss)
attributable to:
Brookfield shareholders $ 699 $ (316 ) $ 1,130 $ 2,056
Non-controlling
interests 2,435 360 3,975 3,139
-------------------------------------------------------------------------------
$ 3,134 $ 44 $ 5,105 $ 5,195
-------------------------------------------------------------------------------
Net income (loss) per
share
Diluted $ 0.42 $ (0.23 ) $ 0.61 $ 1.19
Basic 0.43 (0.23 ) 0.62 1.22
-------------------------------------------------------------------------------
(1. Direct costs disclosed above exclude depreciation and amortization expense.
2. Interest expense from acquisitions, net of dispositions, and upfinancings
completed over the year ended December 31, 2023.)
SUMMARIZED FINANCIAL RESULTS
DISTRIBUTABLE EARNINGS
Unaudited Three Months Ended Years Ended
For the periods ended December ----------------------- ----------------------
31
(US$ millions) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Asset management $ 649 $ 702 $ 2,554 $ 2,944
Insurance solutions 253 170 740 388
BEP 102 100 417 400
BIP 79 75 319 300
BBU 9 9 36 33
BPG 218 251 733 854
Other (8 ) 11 (43 ) (53 )
-------------------------------------------------------------------------------
Operating businesses 400 446 1,462 1,534
Corporate costs and other (93 ) (176 ) (533 ) (552 )
-------------------------------------------------------------------------------
Distributable earnings before
realizations(1) 1,209 1,142 4,223 4,314
Realized carried interest, net 100 280 570 555
Disposition gains from principal
investments 3 76 13 360
-------------------------------------------------------------------------------
Distributable earnings(1) $ 1,312 $ 1,498 $ 4,806 $ 5,229
-------------------------------------------------------------------------------
(1. Non-IFRS measure - see Non-IFRS and Performance Measures section on page 8.)
RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS
Unaudited Three Months Ended Years Ended
For the periods ended ------------------------- ------------------------
December 31
(US$ millions) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income $ 3,134 $ 44 $ 5,105 $ 5,195
Financial statement
components not included in
DE:
Equity accounted fair value
changes and other items 1,097 938 2,902 1,840
Fair value changes and other 1,549 1,811 1,952 977
Depreciation and
amortization 2,427 1,989 9,075 7,683
Disposition gains in net
income (4,424 ) (1,280 ) (6,080 ) (2,604 )
Deferred income taxes (416 ) (285 ) (897 ) 191
Non-controlling interests in
the above items(1) (2,064 ) (1,802 ) (7,941 ) (8,109 )
Less: realized carried
interest, net (100 ) (280 ) (570 ) (555 )
Working capital, net 6 7 677 (304 )
-------------------------------------------------------------------------------
Distributable earnings
before realizations(2) 1,209 1,142 4,223 4,314
Realized carried interest,
net(3) 100 280 570 555
Disposition gains from
principal investments 3 76 13 360
-------------------------------------------------------------------------------
Distributable earnings(2) $ 1,312 $ 1,498 $ 4,806 $ 5,229
-------------------------------------------------------------------------------
(1. Amounts attributable to non-controlling interests are calculated based on
the economic ownership interests held by non-controlling interests in
consolidated subsidiaries. By adjusting DE attributable to non-controlling
interests, we are able to remove the portion of DE earned at non-wholly owned
subsidiaries that is not attributable to Brookfield.)
(2. Non-IFRS measure - see Non-IFRS and Performance Measures section on page 8.)
(3. Includes our share of Oaktree's distributable earnings attributable to
realized carried interest.)
EARNINGS PER SHARE
Unaudited Three Months Ended Years Ended
For the periods ended --------------------------- --------------------------
December 31
(US$ millions) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income $ 3,134 $ 44 $ 5,105 $ 5,195
Non-controlling
interests (2,435 ) (360 ) (3,975 ) (3,139 )
-------------------------------------------------------------------------------
Net income (loss)
attributable to
shareholders 699 (316 ) 1,130 2,056
Preferred share
dividends(1) (43 ) (39 ) (166 ) (150 )
-------------------------------------------------------------------------------
Net income (loss)
available to common
shareholders 656 (355 ) 964 1,906
Dilutive impact of
exchangeable shares of
affiliate 3 - 5 5
-------------------------------------------------------------------------------
Net income (loss)
available to common
shareholders including
dilutive impact of
exchangeable shares $ 659 $ (355 ) $ 969 $ 1,911
-------------------------------------------------------------------------------
Weighted average shares 1,540.1 1,574.8 1,558.5 1,567.5
Dilutive effect of
conversion of options
and escrowed shares
using treasury stock
method(2)and
exchangeable shares of
affiliate 40.8 - 29.7 40.7
-------------------------------------------------------------------------------
Shares and share
equivalents 1,580.9 1,574.8 1,588.2 1,608.2
-------------------------------------------------------------------------------
Diluted earnings per
share(3) $ 0.42 $ (0.23 ) $ 0.61 $ 1.19
-------------------------------------------------------------------------------
(1. Excludes dividends paid on perpetual subordinated notes of $2 million (2022
- $2 million) and $10 million (2022 - $10 million) for the three months and year
ended December 31, 2023, which are recognized within net income.)
(2. Includes management share option plan and escrowed stock plan.)
(3. Per share amounts are inclusive of dilutive effect of mandatorily redeemable
preferred shares held in a consolidated subsidiary.)
Additional Information
The Letter to Shareholders and the company's Supplemental Information for the
three months and year ended December 31, 2023, 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 and year ended December
31, 2023, which have been prepared using IFRS, as issued by the IASB. The
amounts have not been audited by Brookfield Corporation's external auditor.
Brookfield Corporation's Board of Directors has 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
Corporation's 2023 Fourth Quarter Results as well as the Shareholders' Letter
and Supplemental Information on Brookfield Corporation's website under the
Reports & Filings section at www.bn.brookfield.com (http://bn.brookfield.com).
To participate in the Conference Call today at 10:00 a.m. EST, please pre-
register at
https://register.vevent.com/register/BId6d208f8e3d945d3895a5237b545f122. Upon
registering, you will be emailed a dial-in number, and unique PIN. The
Conference Call will also be webcast live at https://edge.media-
server.com/mmc/p/k46r888g. For those unable to participate in the Conference
Call, the telephone replay will be archived and available until February
8, 2025. To access this rebroadcast, please visit: https://edge.media-
server.com/mmc/p/k46r888g.
About Brookfield Corporation
Brookfield Corporation is a premier global wealth manager for institutions and
individuals around the world. With one of the largest pools of discretionary
capital globally, we invest in real assets that form the backbone of the global
economy to deliver attractive risk-adjusted returns to our stakeholders. We do
this three ways: directly with our $150 billion of capital, through Brookfield
Asset Management, one of the leading global alternative asset managers with over
$900 billion of assets under management, and through our Insurance Solutions
business which today has $60 billion of assets. Over the long term, we are
focused on delivering 15%+ annualized returns to our shareholders. Brookfield
Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).
Please note that Brookfield Corporation'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
(http://bn.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.bn.brookfield.com
(http://bn.brookfield.com) or contact:
Communications & Media: Investor Relations:
Kerrie McHugh Linda Northwood
Tel: (212) 618-3469 Tel: (416) 359-8647
Email: kerrie.mchugh@brookfield.com Email:
(mailto:kerrie.mchugh@brookfield.com) linda.northwood@brookfield.com
(mailto:linda.northwood@brookfield.
com)
Non-IFRS and Performance Measures
This news release and accompanying financial information are based on
International Financial Reporting Standards ("IFRS"), as issued by the
International Accounting Standards Board ("IASB"), unless otherwise noted.
We make reference to Distributable Earnings ("DE"). We define DE as the sum of
distributable earnings from our asset management business, distributable
operating earnings from our insurance solutions business, distributions received
from our ownership of investments, realized carried interest and disposition
gains from principal investments, net of earnings from our Corporate Activities,
preferred share dividends and equity-based compensation costs. We also make
reference to DE before realizations, which refers to DE before realized carried
interest and realized disposition gains from principal investments. We believe
these measures provide insight into earnings received by the company that are
available for distribution to common shareholders or to be reinvested into the
business.
Realized carried interest and realized disposition gains are further described
below:
* 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 from principal investments are included in DE
because we consider the purchase and sale of assets from our directly held
investments 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 DE.
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 it includes 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:
* Operating FFO 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 as defined above.
* 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 DE and FFO to assess our operating results and the value of Brookfield
Corporation's business and believe that many shareholders and analysts also find
these measures of value to them.
We make reference to Net Operating Income ("NOI"), which refers to the revenues
from our operations less direct expenses before the impact of depreciation and
amortization within our real estate business. We present this measure as we
believe it is a key indicator of our ability to impact the operating performance
of our properties. As NOI excludes non-recurring items and depreciation and
amortization of real estate assets, it provides a performance measure that, when
compared to prior periods, reflects the impact of operations from trends in
occupancy rates and rental rates.
We report adjusted earnings before interest, taxes, depreciation, and
amortization ("Adjusted EBITDA"), which refers to our private equity business'
net income and equity accounted income at its share, excluding the impact of
interest income (expense), net, income taxes, depreciation and amortization,
gains (losses) on acquisitions/dispositions, net, transaction costs,
restructuring charges, revaluation gains or losses, impairment expenses or
reversals, other income (expense), net and distributions to preferred equity
holders. We believe that Adjusted EBITDA is a measure of our private equity
business' ability to generate recurring earnings.
We disclose a number of financial measures in this news release that are
calculated and presented using methodologies other than in accordance with IFRS.
These financial measures, which include DE and FFO, should not be considered as
the sole measure of our performance and should not be considered in isolation
from, or as a substitute for, similar financial measures calculated in
accordance with IFRS. We caution readers that these non-IFRS financial measures
or other financial metrics are not standardized under IFRS and may differ from
the financial measures or other financial metrics disclosed by other businesses
and, as a result, may not be comparable to similar measures presented by other
issuers and entities.
We provide additional information on key terms and non-IFRS measures in our
filings available at www.bn.brookfield.com (http://bn.brookfield.com).
End Notes
------------
(1. Consolidated basis - includes amounts attributable to non-controlling
interests. )
(2. Excludes amounts attributable to non-controlling interests.)
(3. See Reconciliation of Net Income to Distributable Earnings on page 5 and
Non-IFRS and Performance Measures section on page 8.)
(4. Distributable earnings before realizations, including per share amounts, for
the three months and yearended December 31, 2022 were adjusted for the special
distribution of 25% of our asset management business on December 9, 2022.)
Notice to Readers
Brookfield Corporation 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 the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of
1934, "safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 and in any applicable Canadian securities
regulations (collectively, "forward-looking statements"). Forward-looking
statements include statements that are predictive in nature, depend upon or
refer to future results, events or conditions, and include, but are not limited
to, statements which reflect management's current estimates, beliefs and
assumptions regarding the operations, business, financial condition, expected
financial results, performance, prospects, opportunities, priorities, targets,
goals, ongoing objectives, strategies, capital management and outlook of
Brookfield Corporation and its subsidiaries, as well as the outlook for North
American and international economies for the current fiscal year and subsequent
periods, and which are in turn based on our experience and perception of
historical trends, current conditions and expected future developments, as well
as other factors management believes are appropriate in the circumstances. The
estimates, beliefs and assumptions of Brookfield Corporation are inherently
subject to significant business, economic, competitive and other uncertainties
and contingencies regarding future events and as such, are subject to change.
Forward-looking statements are typically identified by words such as "expect,"
"anticipate," "believe," "foresee," "could," "estimate," "goal," "intend,"
"plan," "seek," "strive," "will," "may" and "should" and similar expressions. In
particular, the forward-looking statements contained in this news release
include statements referring to the impact of current market or economic
conditions on our business, the future state of the economy or the securities
market, the AEL acquisition, including its anticipated closing timeline and
expected impact on our business, the anticipated allocation and deployment of
our capital, our fundraising targets, and our target growth objectives.
Although Brookfield Corporation believes that such forward-looking statements
are based upon reasonable estimates, beliefs and assumptions, actual results may
differ materially from the forward-looking statements. 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) 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 acquisitions and 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, hurricanes and
epidemics/pandemics; (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) the existence of information barriers between certain businesses within
our asset management operations; (xxiv) risks specific to our business segments
including real estate, renewable power and transition, infrastructure, private
equity, and reinsurance; and (xxv) 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 future
results. Readers are urged to consider these risks, as well as other
uncertainties, factors and assumptions carefully in evaluating the forward-
looking statements and are cautioned not to place undue reliance on such
forward-looking statements, which are based only on information available to us
as of the date of this news release. Except as required by law, Brookfield
Corporation undertakes no obligation to publicly update or revise any forward-
looking statements, 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 historic investments discussed herein,
that targeted returns, growth objectives, diversification or asset allocations
will be met or that an investment strategy or investment objectives will be
achieved (because of economic conditions, the availability of appropriate
opportunities or otherwise).
Target returns and growth objectives set forth in this news release are for
illustrative and informational purposes only and have been presented based on
various assumptions made by Brookfield Corporation in relation to the investment
strategies being pursued, any of which may prove to be incorrect. There can be
no assurance that targeted returns or growth objectives will be achieved. Due to
various risks, uncertainties and changes (including changes in economic,
operational, political or other circumstances) beyond Brookfield Corporation's
control, the actual performance of the business could differ materially from the
target returns and growth objectives set forth herein. In addition, industry
experts may disagree with the assumptions used in presenting the target returns
and growth objectives. No assurance, representation or warranty is made by any
person that the target returns or growth objectives 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 Brookfield Corporation will
achieve the target returns or growth objectives 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
Corporation 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 Corporation 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.
Â