Distributable Earnings of $5.0 billion for the Last Twelve Months
Liquidity of Nearly $120 billion Today
Retail and Wealth Flows Now Approximately $800 million Monthly;
Expected to be Over $1.5 billion Monthly in 2024
BROOKFIELD, NEWS, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Brookfield Corporation
(NYSE: BN, TSX: BN) announced strong financial results for the quarter ended
September 30, 2023.
Nick Goodman, President of Brookfield Corporation, stated, "We delivered strong
financial results in the third quarter, bolstered by the growing cash flows and
robust earnings of our underlying businesses. We are well positioned for the
balance of the year and heading into 2024, supported by strong momentum in
fundraising, anticipated acquisitions in our insurance solutions business, the
resilience of our market-leading operating businesses and our differentiated
capital base. As always, our focus remains on creating long-term wealth for all
stakeholders."
Operating Results
Distributable earnings ("DE") before realizations increased by 11% per share
over the last twelve months ("LTM"), after adjusting for the special
distribution of 25% of our asset management business in December last year.
(Unaudited) Three Months Last Twelve
(For the periods ended September 30) Ended Months Ended
((US$ millions, except per share ------------------- ------------------
amounts)) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income(1) $ 35 $ 716 $ 2,015 $ 8,612
Distributable earnings before
realizations(2,3) 1,056 1,216 4,156 4,224
- Adjusted for the special
distribution(2,3,4) 1,056 1,085 4,049 3,707
- Per Brookfield share(2,3,4) 0.67 0.67 2.54 2.28
Distributable earnings(2,3) 1,150 1,363 4,992 5,032
- Per Brookfield share(2,3) 0.73 0.85 3.13 3.10
-------------------------------------------------------------------------------
(See endnotes on page 8.)
Net income in the third quarter was $35 million. DE before realizations were
$1.1 billion for the quarter and $4.2 billion over the LTM. Our resilient and
growing cash flows were supported by strong underlying operating earnings. The
comparative period net income included higher one-time valuation gains.
Within our asset management business, fee-related earnings increased by 13%,
when excluding performance fees, compared to the prior year, due to successful
fundraising efforts and capital deployment.
Our insurance solutions business continues to deliver earnings growth driven by
strong investment performance on our growing insurance asset base.
Our operating businesses generated stable and predictable streams of cash flows,
supported by the underlying earnings across our renewable power & transition,
infrastructure, and private equity businesses and growth in same-store net
operating income ("NOI") in our real estate business.
During the quarter and over the last twelve months, earnings from realizations
were $94 million and $836 million, respectively, with total DE for the quarter
and the last twelve months of $1.2 billion and $5.0 billion, respectively.
Regular Dividend Declaration
The Board declared a quarterly dividend for the Corporation of $0.07 per share,
payable on December 29, 2023 to shareholders of record as at the close of
business on November 30, 2023. The Board also declared the regular monthly and
quarterly dividends on its preferred shares.
Operating Highlights
DE before realizations were $1.1 billion for the quarter and $4.2 billion for
the LTM, representing an increase of 11% per share over the prior year, after
adjusting for the special distribution of 25% of our asset management business.
Total DE for the quarter was $1.2 billion and $5.0 billion for the LTM.
Asset Management:
* Distributable earnings were $634 million in the quarter and $2.6 billion
over the LTM.
* Fee-related earnings increased by 13%, when excluding performance fees,
compared to the prior year.
* Fundraising continues to be strong with inflows of $61 billion year to date
and $71 billion for the LTM. Fee-bearing capital was $440 billion as of
September 30, 2023, an increase of $33 billion or 8% over the LTM.
* We closed our largest ever private equity fund in the quarter and the
world's largest private infrastructure debt fund after quarter end. We
remain on track towards achieving our $150 billion capital raising target.
Insurance Solutions:
* Distributable operating earnings were $182 million in the quarter and
$657 million over the LTM, an increase of 14% compared to the prior year
quarter.
* During the quarter, our insurance assets grew to approximately $50 billion
and our average investment portfolio yield was 5.5%, about 200 bps higher
than the average cost of capital.
* We continue to track towards reaching $800 million of annualized earnings by
the end of 2023. With the expected closing of Argo Group and American Equity
Life, our insurance solutions business will grow to over $100 billion of
assets and $1.2 billion of annualized earnings with a credible path to a
stabilized earnings run-rate of approximately $2 billion annually over time.
Operating Businesses:
* Distributable earnings were $366 million for the quarter and $1.5 billion
over the LTM.
* Operating Funds from Operations within our renewable power & transition and
infrastructure businesses increased by 14% over the LTM, generating stable
and growing cash distributions. Our private equity business continues to
contribute resilient and high-quality cash flows.
* Strong performance within our core real estate portfolio drove same-store
NOI growth of 9% compared to the prior year, capturing higher revenues and
tenant demand. Leasing activity remains strong with 0.8 million square feet
completed in the quarter across all our office assets, and foot traffic
increased by 7% versus the comparative period at our core retail portfolio.
Earnings from realizations of mature assets were $94 million for the quarter and
$836 million for the LTM.
* Executed on approximately $25 billion of asset sales year to date, bringing
the total monetizations completed over the LTM to over
$35 billion-substantially all transacting at values higher than our IFRS
carrying values, providing strong evidence for the carrying values of our
high-quality investments.
* Year to date, we have recognized $470 million of net realized carried
interest into income and continue to see a path to realize well over
$500 million of net realized carried interest into income this year.
* Total accumulated unrealized carried interest now stands at $9.9 billion,
representing an increase of 12% over the LTM, net of carried interest
realized into income.
We ended the quarter with nearly $120 billion of capital available to deploy
into new investments.
* Since the end of the last quarter, we returned over $400 million to
shareholders through regular dividends and share repurchases. Over the LTM,
we have repurchased approximately $750 million of Class A shares in the open
market.
* We have significant amounts of deployable capital of nearly $120 billion,
which includes $35 billion of cash, financial assets and undrawn credit
lines at the Corporation and our affiliates.
* Our balance sheet remains conservatively capitalized, with a weighted-
average term of 12 years and modest maturities through to the end of 2024.
* We maintain strong access to the capital markets enabling us to refinance
existing operations and fund growth. In just the past few months, our
businesses have been able to access the capital markets and execute a number
of financings, increasing the duration, and in many cases tightening the
spreads of the debt.
* Within our real estate business, we have successfully refinanced our 2023
maturities across 131 individual loans with no material impact to liquidity,
and we expect to be able to refinance our upcoming maturities with similar
success.
CONSOLIDATED BALANCE SHEETS
September December
30 31
(Unaudited )
((US$ millions)) 2023 2022
-------------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 12,087 $ 14,396
Other financial assets 26,334 26,899
Accounts receivable and other 34,613 30,208
Inventory 12,185 12,843
Equity accounted investments 54,431 47,094
Investment properties 121,520 115,100
Property, plant and equipment 136,428 124,268
Intangible assets 40,802 38,411
Goodwill 33,698 28,662
Deferred income tax assets 3,717 3,403
-------------------------------------------------------------------------------
Total Assets $ 475,815 $ 441,284
-------------------------------------------------------------------------------
Liabilities and Equity
Corporate borrowings $ 13,007 $ 11,390
Accounts payable and other 57,116 57,941
Non-recourse borrowings 213,559 202,684
Subsidiary equity obligations 4,220 4,188
Deferred income tax liabilities 24,656 23,190
Equity
Non-controlling interests in net
assets $ 118,786 $ 98,138
Preferred equity 4,103 4,145
Common equity 40,368 163,257 39,608 141,891
-------------------------------------------------------------------------------
Total Equity 163,257 141,891
-------------------------------------------------------------------------------
Total Liabilities and Equity $ 475,815 $ 441,284
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) Three Months Ended Nine Months Ended
(For the periods ended --------------------------- --------------------------
September 30)
((US$ millions, except
per share amounts)) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Revenues $ 24,441 $ 23,418 $ 71,406 $ 68,556
Direct costs(1) (18,842 ) (17,771 ) (54,166 ) (52,610 )
Other income and gains 381 111 2,245 605
Equity accounted income 809 933 1,639 2,340
Interest expense
- Corporate borrowings (164 ) (128 ) (454 ) (369 )
- Non-recourse
borrowings
Same-store (3,581 ) (2,746 ) (9,558 ) (7,048 )
Acquisitions, net of
dispositions(2) (268 ) - (1,132 ) -
Upfinancings(2) (68 ) - (314 ) -
Corporate costs (16 ) (30 ) (53 ) (89 )
Fair value changes (170 ) (549 ) (70 ) 834
Depreciation and
amortization (2,246 ) (1,997 ) (6,648 ) (5,694 )
Income tax (241 ) (525 ) (924 ) (1,374 )
-------------------------------------------------------------------------------
Net income $ 35 $ 716 $ 1,971 $ 5,151
-------------------------------------------------------------------------------
Net income attributable
to:
Brookfield shareholders $ 230 $ 423 $ 431 $ 2,372
Non-controlling
interests (195 ) 293 1,540 2,779
-------------------------------------------------------------------------------
$ 35 $ 716 $ 1,971 $ 5,151
-------------------------------------------------------------------------------
Net income per share
Diluted $ 0.12 $ 0.24 $ 0.20 $ 1.40
Basic 0.12 0.25 0.20 1.44
-------------------------------------------------------------------------------
(1. Direct costs disclosed above exclude depreciation and amortization
expense.)
(2. Interest expense from acquisitions, net of dispositions, and upfinancings
completed over the twelve months ended September 30, 2023.)
SUMMARIZED FINANCIAL RESULTS
DISTRIBUTABLE EARNINGS
(Unaudited) Last Twelve Months
(For the periods ended September Three Months Ended Ended
30) ----------------------- ----------------------
((US$ millions)) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Asset management $ 634 $ 748 $ 2,607 $ 3,008
Insurance solutions 182 159 657 239
BEP 105 100 415 395
BIP 80 75 315 296
BBU 9 9 36 30
BPG 179 191 766 882
Other (7 ) (5 ) (24 ) (83 )
-------------------------------------------------------------------------------
Operating businesses 366 370 1,508 1,520
Corporate costs and other (126 ) (61 ) (616 ) (543 )
-------------------------------------------------------------------------------
Distributable earnings before
realizations(1) 1,056 1,216 4,156 4,224
Realized carried interest, net 94 99 750 416
Disposition gains from principal
investments - 48 86 392
-------------------------------------------------------------------------------
Distributable earnings(1) $ 1,150 $ 1,363 $ 4,992 $ 5,032
-------------------------------------------------------------------------------
(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 Last Twelve Months Ended
For the periods ended ------------------------- --------------------------
September 30
(US$ millions) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income $ 35 $ 716 $ 2,015 $ 8,612
Financial statement
components not included in
DE:
Equity accounted fair
value changes and other
items 298 141 2,743 1,334
Fair value changes and
other 503 549 2,214 (2,814 )
Depreciation and
amortization 2,246 1,997 8,637 7,433
Deferred income taxes (238 ) 240 (766 ) 768
Non-controlling interests
in the above items(1) (1,906 ) (2,347 ) (10,133 ) (10,226 )
Realized disposition gains
in fair value changes or
prior periods 203 170 815 1,084
Less: total disposition
gains (297 ) (151 ) (1,342 ) (1,055 )
Less: realized carried
interest, net (94 ) (99 ) (750 ) (416 )
Working capital, net 306 - 723 (496 )
-------------------------------------------------------------------------------
Distributable earnings
before realizations(2) 1,056 1,216 4,156 4,224
Realized carried interest,
net(3) 94 99 750 416
Disposition gains from
principal investments - 48 86 392
-------------------------------------------------------------------------------
Distributable earnings(2) $ 1,150 $ 1,363 $ 4,992 $ 5,032
-------------------------------------------------------------------------------
(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 Nine Months Ended
(For the periods ended --------------------------- --------------------------
September 30)
((US$ millions)) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income $ 35 $ 716 $ 1,971 $ 5,151
Non-controlling
interests 195 (293 ) (1,540 ) (2,779 )
-------------------------------------------------------------------------------
Net income attributable
to shareholders 230 423 431 2,372
Preferred share
dividends(1) (41 ) (37 ) (123 ) (111 )
Dilutive effect of
conversion of subsidiary
preferred shares - - - -
-------------------------------------------------------------------------------
Net income available to
common shareholders 189 386 308 2,261
Dilutive impact of
exchangeable shares of
affiliate 1 1 2 4
-------------------------------------------------------------------------------
Net income available to
common shareholders
including dilutive
impact of exchangeable
shares $ 190 $ 387 $ 310 $ 2,265
-------------------------------------------------------------------------------
Weighted average shares 1,561.2 1,562.5 1,565.8 1,565.0
Dilutive effect of
conversion of options
and escrowed shares
using treasury stock
method(2) and
exchangeable shares of
affiliate 24.5 48.9 23.9 53.5
-------------------------------------------------------------------------------
Shares and share
equivalents 1,585.7 1,611.4 1,589.7 1,618.5
-------------------------------------------------------------------------------
Diluted earnings per
share(3) $ 0.12 $ 0.24 $ 0.20 $ 1.40
-------------------------------------------------------------------------------
(1. Excludes dividends paid on perpetual subordinated notes of $3 million
(2022 - $3 million) and $8 million (2022 - $8 million) for the three and nine
months ended September 30, 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 and twelve months ended September 30, 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 nine months ended
September 30, 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 have 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 Third Quarter Results as well as the Shareholders' Letter and
Supplemental Information on Brookfield Corporation's website under the Reports &
Filings section at 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/BIc98538657e48446eb1275978dc776389. 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/go/bnq3-2023. For those unable to participate in the Conference
Call, the telephone replay will be archived and available until November
9, 2024. To access this rebroadcast, please visit: https://edge.media-
server.com/mmc/go/bnq3-2023.
About Brookfield Corporation
Brookfield Corporation (NYSE: BN, TSX: BN) is focused on compounding capital
over the long term to earn attractive total returns for our shareholders. Today,
our capital is deployed across three businesses - Asset Management, Insurance
Solutions and our Operating Businesses, generating substantial and growing free
cash flows, all of which is underpinned by a conservatively capitalized balance
sheet.
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://www.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 or
contact:
Communications & Media: Investor Relations:
Kerrie McHugh Hayes 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 also 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 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.
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 Before
Realizations and 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 ended September 30, 2023 and the twelve months ended
September 30, 2023 and 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 ofthe 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 the impact of current market or economic conditions
on our operating businesses, the future state of the economy or the securities
market and expected future deployment of capital and dispositions as well as
statements regarding future earnings.
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 including
as a result of COVID-19 and related global economic disruptions; (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 credit; 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.
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