TORONTO, August 5, 2004 – Brascan Corporation (TSX: BNN.A, NYSE: BNN) today reported cash flow from operations of $178 million in the second quarter of 2004 ($0.64 per share) compared with $132 million ($0.44 per share) in the second quarter of 2003. Cash flow from operations for the first six months ended June 30, 2004 totalled $324 million, or $1.13 per fully diluted share compared with $262 million ($0.88 per share) during the corresponding period last year.
The growth in cash flow was driven by improved operating results at a number of operations. In particular, Brascan's power operations benefited from an increase in generation levels compared with the same period last year. Net income for the quarter totalled $189 million compared with
$63 million in 2003. On a per share basis, this resulted in net income of $0.67 per share compared with $0.18 in the same period last year.
|
For the three months ended June 30 |
|
For the six months ended June 30 |
US$ millions (unaudited) |
|
|
|
(except per share amounts) |
2004 |
2003 |
|
2004 |
2003 |
|
|
|
|
Cash flows from operations |
$ |
178 |
$ |
132 |
|
$ |
324 |
$ |
262 |
|
– per share |
$ |
0.64 |
$ |
0.44 |
|
$ |
1.13 |
$ |
0.88 |
Net income |
$ |
189 |
$ |
63 |
|
$ |
336 |
$ |
119 |
|
– per share |
$ |
0.67 |
$ |
0.18 |
|
$ |
1.17 |
$ |
0.33 |
|
|
“ We are confident in our ability to deliver on our operational and financial targets for 2004 and we are working on a number of initiatives to continue to position our operations for the future, ” commented Bruce Flatt, President and CEO of Brascan.
Dividend Declaration
On August 4, 2004, the Board of Directors declared a quarterly common share dividend of US$0.14 per share, to be paid on November 30, 2004 to shareholders of record November 1, 2004.
Information on the stock split dividend and on Brascan's common and preferred share dividends can be found on Brascan's web site under Stock Information.
Additional Information
The Letter to Shareholders for the second quarter ended June 30, 2004 contains further information on the company's strategy, operations and financial results. This letter is available on the company's web site.
A Supplementary Information Package with additional financial information is also posted on Brascan's web site (under Investor Centre, Financial Reports and Investor Presentations) and should be read in conjunction with this press release. The Supplementary Information Package includes management's estimates of the underlying value of the company's operations.
Brascan Profile
Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of $17 billion and a further $7 billion of assets under management. This includes 70 premier office properties and 120 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively.
For more information, please visit our web site at www.brascancorp.com
or contact:
|
Katherine C. Vyse
Senior Vice-President
Investor Relations and Communications
Tel: 416-369-8246
e-mail: kvyse@brascancorp.com |
Note: This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “expect”, “anticipate”, “intend”, “estimate” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the company's 40-F filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
