TORONTO, February 14, 2005 – Brascan Corporation (TSX: BNN.LV.A, NYSE: BNN) today announced record operating results for the year ended December 31, 2004.
Cash flow from operations totalled $670 million and net income increased to
$688 million, compared with $624 million and $403 million, respectively for 2003.
|
For the year ended December 31 |
|
Total |
Comparable Basis* |
US$ millions
(except per share amounts) |
2004 |
2003 |
2004 |
2003 |
|
|
|
Net income |
$ |
688 |
$ |
403 |
$ |
618 |
$ |
311 |
|
– per share |
$ |
2.38 |
$ |
1.31 |
$ |
2.11 |
$ |
0.96 |
Cash flows from operations |
$ |
670 |
$ |
624 |
$ |
577 |
$ |
517 |
|
– per share |
$ |
2.34 |
$ |
2.14 |
$ |
1.98 |
$ |
1.74 |
| * Excluding property and disposition gains |
|
|
|
|
|
|
|
|
Cash flow from operations per share increased by 14% year over year on a comparable basis. Net income per share more than doubled. Power generation and homebuilding activities contributed strongly to the growth in cash flow from operations. Net property and disposition gains contributed $93 million to operating cash flow, compared with $107 million during 2003. Resource sector investments achieved substantial increases in earnings which contributed to the increase in Brascan's net income.
Bruce Flatt, President and Chief Executive Officer of Brascan commented: “All of our operations made substantial progress during 2004. In particular, our power generation operations increased their contribution due to the acquisition of new facilities and a return to normal hydrology levels. Our property operations, and in particular our homebuilding operations, continued to benefit from strong fundamentals in each of our core markets. We are confident of achieving continued growth in line with our business objectives as we enter 2005.”
Dividend Declaration
On February 11, 2005, the Board of Directors declared a dividend of US$0.15 per Class A Share, representing an increase of 7%, payable on May 31, 2005 to shareholders of record as at the close of business on May 1, 2005.
Information on Brascan's common and preferred share dividends can be found on Brascan's web site under Investor Centre/Stock Information.
Additional Information
The Letter to Shareholders and the company's Supplemental Financial Information for the year ended December 31, 2004 contains further information on the company's strategy, operations and financial results. These documents are available on the company's web site.
Brascan Profile
Brascan Corporation is an asset management company. With a focus on property, power generation and other infrastructure assets, the company has direct investments of $20 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.LV.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 |
