Invested $50 billion and Monetized $15 billion of Assets YTD
On Track to Achieve Record Inflows of Close to $150 billion in 2023
BROOKFIELD, NEWS, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Brookfield Corporation
(NYSE: BN, TSX: BN) today announced financial results for the quarter ended
June 30, 2023.
Nick Goodman, President of Brookfield Corporation, stated, "Financial
performance was very strong during the second quarter, as our operations
continued to generate stable and growing cash flows. Momentum continues to grow
across the business; so far this year we have announced more than $50 billion of
acquisitions, sold approximately $15 billion of assets, and are on track to
achieve a record of close to $150 billion of inflows in 2023."
He added, "We continue to differentiate our franchise with nearly $120 billion
of liquidity, strong access to large scale capital, and our deep investment and
operating expertise-all of which enables us to further scale our operations with
the goal of having one of the largest pools of discretionary capital globally."
Operating Results
Distributable earnings ("DE") before realizations increased by 21% compared to
the prior year, after adjusting for the special distribution of 25% of our asset
management business that we completed in December last year.
Unaudited Three Months Last Twelve Months
For the periods ended June 30 Ended Ended
(US$ millions, except per share ------------------- -------------------
amounts) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income(1) $ 1,512 $ 1,475 $ 2,696 $ 10,618
Distributable earnings before
realizations(2,3) 1,013 1,009 4,316 3,881
- Adjusted for the special
distribution(2,3,4) 1,013 881 4,078 3,381
- Per Brookfield share(2,3,4) 0.64 0.54 2.56 2.09
Distributable earnings(2,3) 1,187 1,186 5,205 4,911
- Per Brookfield share(2,3) 0.75 0.73 3.26 3.03
-------------------------------------------------------------------------------
See endnotes on page 8.
Net income in the second quarter was $1.5 billion. DE before realizations were
$1.0 billion for the quarter and $4.3 billion for the last twelve months
("LTM"). Both benefiting from the strong financial performance and resilient
nature of our underlying businesses with the comparative period net income for
the LTM including higher valuation gains.
Our asset management business benefited from another strong quarter of
fundraising and deployment, increasing fee-related earnings by 16%, when
excluding performance fees, compared to the prior year.
Our insurance solutions business delivered a very strong quarter as we continue
to focus on expanding the investment returns of our existing assets by
redeploying our short-duration investment portfolio into higher yielding assets.
Our operating businesses generated stable and recurring cash flows, reflecting
the strong underlying fundamentals of our high-quality businesses. This was
supported by the earnings growth across our renewable power & transition,
infrastructure, and private equity businesses and same-store net operating
income ("NOI") growth in our real estate business.
During the quarter and over the LTM, earnings from realizations were
$174 million and $889 million, respectively, with total DE for the quarter and
LTM of $1.2 billion and $5.2 billion, respectively.
Regular Dividend Declaration
The Board declared a quarterly dividend for the Corporation of $0.07 per share,
payable on September 29, 2023 to shareholders of record as at the close of
business on August 31, 2023. The Board also declared the regular monthly and
quarterly dividends on its preferred shares.
Operating Highlights
DE before realizations were $1.0 billion for the quarter and $4.3 billion for
the LTM, representing an increase of 21% 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 $5.2 billion for the LTM.
Asset Management:
* Distributable earnings were $604 million in the quarter and $2.7 billion
over the LTM.
* Fee-related earnings increased by 16%, when excluding performance fees,
compared to the prior year.
* Fundraising momentum remains strong with inflows of $37 billion year to date
and $74 billion for the LTM. Fee-bearing capital was $440 billion as of June
30, 2023, an increase of $48 billion or 12% over the LTM.
* Our fundraising efforts are expected to accelerate in the second half of
this year which, when combined with insurance inflows, should allow us to
raise a record of close to $150 billion of capital in 2023.
Insurance Solutions:
* Distributable operating earnings were $160 million in the quarter and
$634 million over the LTM.
* During the quarter, spread earnings expanded by 20 bps with our average
investment portfolio yield now 5.4% on approximately $45 billion of assets,
about 220 bps higher than the average cost of capital.
* We remain on track to achieving annualized earnings from this business of
$800 million by the end of 2023, with a further step change in earnings
expected from the closes of Argo Group and the recently announced
acquisition of American Equity Life. With these recently announced
acquisitions, our Insurance Solutions business will grow to over $100
billion of assets and the earnings base to a stabilized run-rate of
approximately $2 billion annually.
Operating Businesses:
* Distributable earnings were $397 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 23% over the LTM, supporting stable
and growing cash distributions. Our private equity business continues to
deliver resilient and high-quality cash flows.
* Strong leasing momentum within our real estate business drove NOI growth of
8% in our core portfolio compared to the prior year. Although cash flows
continue to be impacted by interest rates in the near term, we have deep
conviction in the value of our real estate portfolio over the long term.
Earnings from realizations of mature assets were $174 million for the quarter
and $889 million for the LTM.
* Transacted on approximately $15 billion of asset sales during the first half
of the year, bringing the total monetizations completed over the LTM to
around $30 billion-all transacting at values higher than our IFRS carrying
values, providing strong support for the carrying values of our investments
and more than $20 billion of carried interest we forecast to realize into
income over the next 10 years.
* Year to date, we have recognized $376 million of net realized carried
interest into income and continue to see a path to realize over $500 million
of net realized carried interest into income this year.
* Total accumulated unrealized carried interest now stands at $9.5 billion,
representing an increase of $104 million during the quarter, net of carried
interest realized into income.
We ended the quarter with nearly $120 billion of capital available to deploy
into new investments.
* In addition to reinvesting back into our businesses, we returned
$146 million to shareholders through regular dividends and share repurchases
during the quarter. In the LTM, we have repurchased $536 million of Class A
shares in the open market.
* We have significant group-wide liquidity of nearly $120 billion, which
includes $34 billion of cash, financial assets and undrawn credit lines at
the Corporation and our affiliates. Our balance sheet remains conservatively
capitalized, with a weighted-average term of 13 years and modest maturities
through to the end of 2024.
CONSOLIDATED BALANCE SHEETS
December
June 30 31
Unaudited
(US$ millions) 2023 2022
-------------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 12,427 $ 14,396
Other financial assets 29,466 26,899
Accounts receivable and other 31,747 30,208
Inventory 13,006 12,843
Equity accounted investments 52,141 47,094
Investment properties 119,780 115,100
Property, plant and equipment 127,462 124,268
Intangible assets 41,217 38,411
Goodwill 32,329 28,662
Deferred income tax assets 3,559 3,403
-------------------------------------------------------------------------------
Total Assets $ 463,134 $ 441,284
-------------------------------------------------------------------------------
Liabilities and Equity
Corporate borrowings $ 13,068 $ 11,390
Accounts payable and other 60,016 57,941
Non-recourse borrowings 206,085 202,684
Subsidiary equity obligations 4,049 4,188
Deferred income tax liabilities 24,333 23,190
Equity
Non-controlling interests in net assets $ 110,982 $ 98,138
Preferred equity 4,103 4,145
Common equity 40,498 155,583 39,608 141,891
-------------------------------------------------------------------------------
Total Liabilities and Equity $ 463,134 $ 441,284
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited Three Months Ended Six Months Ended
For the periods ended --------------------------- --------------------------
June 30
(US$ millions, except
per share amounts) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Revenues $ 23,668 $ 23,256 $ 46,965 $ 45,138
Direct costs(1) (17,692 ) (17,955 ) (35,324 ) (34,839 )
Other income and gains 1,483 465 1,864 494
Equity accounted income 401 564 830 1,407
Interest expense
- Corporate borrowings (154 ) (124 ) (290 ) (241 )
- Non-recourse
borrowings
Same-store (3,160 ) (2,281 ) (5,845 ) (4,302 )
Acquisitions, net of
dispositions(2) (299 ) - (782 ) -
Upfinancings(2) (151 ) - (460 ) -
Corporate costs (23 ) (26 ) (37 ) (59 )
Fair value changes 62 (397 ) 100 1,383
Depreciation and
amortization (2,214 ) (1,886 ) (4,402 ) (3,697 )
Income tax (409 ) (141 ) (683 ) (849 )
-------------------------------------------------------------------------------
Net income $ 1,512 $ 1,475 $ 1,936 $ 4,435
-------------------------------------------------------------------------------
Net income attributable
to:
Brookfield shareholders $ 81 $ 590 $ 201 $ 1,949
Non-controlling
interests 1,431 885 1,735 2,486
-------------------------------------------------------------------------------
$ 1,512 $ 1,475 $ 1,936 $ 4,435
-------------------------------------------------------------------------------
Net income per share
Diluted $ 0.03 $ 0.34 $ 0.08 $ 1.16
Basic 0.03 0.35 0.08 1.20
-------------------------------------------------------------------------------
1. Direct costs exclude depreciation and amortization expenses disclosed above.
2. Interest expense from acquisitions, net of dispositions, and upfinancings
completed over the twelve months ended June 30, 2023.
SUMMARIZED FINANCIAL RESULTS
DISTRIBUTABLE EARNINGS
Last Twelve Months
Unaudited Three Months Ended Ended
For the periods ended June 30 ----------------------- ----------------------
(US$ millions) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Asset management $ 604 $ 768 $ 2,721 $ 2,919
Insurance solutions 160 46 634 85
BEP 105 100 410 390
BIP 80 75 310 289
BBU 9 9 36 27
BPG 196 218 778 921
Other 7 (23 ) (22 ) (99 )
-------------------------------------------------------------------------------
Operating businesses 397 379 1,512 1,528
Corporate costs and other (148 ) (184 ) (551 ) (651 )
-------------------------------------------------------------------------------
Distributable earnings before
realizations(1) 1,013 1,009 4,316 3,881
Realized carried interest, net 170 48 755 463
Disposition gains from principal
investments 4 129 134 567
-------------------------------------------------------------------------------
Distributable earnings(1) $ 1,187 $ 1,186 $ 5,205 $ 4,911
-------------------------------------------------------------------------------
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 June------------------------- --------------------------
30
(US$ millions) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income $ 1,512 $ 1,475 $ 2,696 $ 10,618
Financial statement
components not included in
DE:
Equity accounted fair
value changes and other
items 703 535 2,586 1,500
Fair value changes (62 ) 397 2,260 (4,063 )
Depreciation and
amortization 2,214 1,886 8,388 7,053
Deferred income taxes (151 ) (189 ) (288 ) 956
Non-controlling interests
in the above items(1) (3,127 ) (2,857 ) (10,574 ) (11,100 )
Realized disposition gains
in fair value changes or
prior periods 283 152 782 1,169
Less: total disposition
gains (416 ) (197 ) (1,196 ) (1,232 )
Less: realized carried
interest, net (170 ) (48 ) (755 ) (463 )
Cash retained in (returned
from) businesses 227 (145 ) 417 (557 )
-------------------------------------------------------------------------------
Distributable earnings
before realizations(2) 1,013 1,009 4,316 3,881
Realized carried interest,
net(3) 170 48 755 463
Disposition gains from
principal investments 4 129 134 567
-------------------------------------------------------------------------------
Distributable earnings(2) $ 1,187 $ 1,186 $ 5,205 $ 4,911
-------------------------------------------------------------------------------
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 Last Twelve Months Ended
For the periods ended --------------------------- --------------------------
June 30
(US$ millions) 2023 2022 2023 2022
-------------------------------------------------------------------------------
Net income $ 1,512 $ 1,475 $ 2,696 $ 10,618
Non-controlling
interests (1,431 ) (885 ) (2,388 ) (6,754 )
-------------------------------------------------------------------------------
Net income attributable
to shareholders 81 590 308 3,864
Preferred share
dividends(1) (41 ) (37 ) (158 ) (147 )
Dilutive effect of
conversion of subsidiary
preferred shares - - - (1 )
-------------------------------------------------------------------------------
Net income available to
common shareholders 40 553 150 3,716
Dilutive impact of
exchangeable shares of
affiliate - 1 - 5
-------------------------------------------------------------------------------
Net income available to
common shareholders
including dilutive
impact of exchangeable
shares $ 40 $ 554 $ 150 $ 3,721
-------------------------------------------------------------------------------
Weighted average shares 1,564.0 1,564.4 1,568.3 1,562.3
Dilutive effect of
conversion of options
and escrowed shares
using treasury stock
method(2)and
exchangeable shares of
affiliate 14.4 52.7 16.2 58.6
-------------------------------------------------------------------------------
Shares and share
equivalents 1,578.4 1,617.1 1,584.5 1,620.9
-------------------------------------------------------------------------------
Diluted earnings per
share(3) $ 0.03 $ 0.34 $ 0.09 $ 2.30
-------------------------------------------------------------------------------
1. Excludes dividends paid on perpetual subordinated notes of $2 million (2022
- $2 million) and $10 million (2022 - $9 million) for the three and twelve
months ended June 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 June 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 twelve months ended
June 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 Second 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 (https://bn.brookfield.com/).
To participate in the Conference Call today at 10:00 a.m. ET, please pre-
register at
https://register.vevent.com/register/BIf5973af872c94d779ebaa4984cdb3e25. 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/w4ycvbgx. For those unable to participate in the Conference
Call, the telephone replay will be archived and available until August
10, 2024. To access this rebroadcast, please visit: https://edge.media-
server.com/mmc/p/w4ycvbgx.
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 June 30, 2022 and the twelve months ended June
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, and, "safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 and in any applicable Canadian securities
regulations. Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions, include
statements which reflect management's expectations 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 include words
such as "expects," "anticipates," "plans," "believes," "estimates," "seeks,"
"intends," "targets," "projects," "forecasts" or negative versions thereof and
other similar expressions, or future or conditional verbs such as "may," "will,"
"should," "would" and "could." 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 we believe that our anticipated future results, performance or
achievements expressed or implied by the forward-looking statements and
information are based upon reasonable assumptions and expectations, the reader
should not place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and other factors,
many of which are beyond our control, which may cause the actual results,
performance or achievements of Brookfield Corporation or Brookfield Asset
Management Ltd. to differ materially from anticipated future results,
performance or achievement expressed or implied by such forward-looking
statements and information.
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 its
results. Readers are urged to consider the foregoing risks, as well as other
uncertainties, factors and assumptions carefully in evaluating the forward-
looking information and are cautioned not to place undue reliance on such
forward-looking information. Except as required by law, the company undertakes
no obligation to publicly update or revise any forward-looking statements or
information, 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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