TORONTO, November 3, 2005 – Brookfield Asset Management Inc. (currently Brascan Corporation) (TSX/NYSE: BAM) today announced operating results for the third quarter ended September 30, 2005. Net income totalled $736 million ($2.73 per share) compared with $133 million ($0.49 per share) in the same period last year, and includes a gain on the sale of our remaining investment in Falconbridge of $636 million after tax.
Operating cash flow, which excludes a gain on the sale of our Falconbridge shares,
for the three months ended September 30, 2005 totalled $286 million ($1.04 per share) compared with $188 million ($0.70 per share) last year.
The following table presents the results on a total and per share basis.
|
For the three months
ended September 30 |
For the nine months
ended September 30 |
US$ millions (unaudited)
(except per share amounts) |
2005 |
2004 |
2005 |
2004 |
| Net income |
$ |
736 |
$ |
133 |
$ |
1,511 |
$ |
468 |
|
– per share |
$ |
2.73 |
$ |
0.49 |
$ |
5.58 |
$ |
1.73 |
| Cash flows from operations |
$ |
286 |
$ |
188 |
$ |
656 |
$ |
493 |
|
– per share |
$ |
1.04 |
$ |
0.70 |
$ |
2.37 |
$ |
1.83 |
Bruce Flatt, Chief Executive Officer of Brookfield Asset Management commented: “Our core operations in property, power and infrastructure assets performed in line with expectations and we are well positioned to generate additional growth in operating cash flows for the balance of the year. The disposition of our investment in Falconbridge significantly increased our liquidity and represents the culmination of our plan to monetize our resource investments.”
Dividend Declaration
On November 2, 2005, the Board of Directors declared a regular dividend of US$0.15 per Class A Share, payable on February 28, 2006, to shareholders of record as at the close of business on February 1, 2006.
Information on Brookfield Asset Management's common and preferred share dividends can be found on the company's web site under Investor Centre/Stock Information.
Corporate Activities
A special meeting of shareholders will be held on November 10, 2005 to consider a resolution to change the name of the company to Brookfield Asset Management Inc. This will enable the company to operate under one unified name across our operations. In addition, the currently outstanding offer to repurchase up to $500 million of common shares at $41.00 per share will expire on November 9, 2005.
Additional Information
The Letter to Shareholders and the company's Supplemental Financial Information for the nine months ended September 30, 2005 contains 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 web site.
Brookfield Asset Management Inc. (currently Brascan Corporation) is a specialist asset manager. Focused on property, power and infrastructure assets, the company has approximately $40 billion of assets under management. The company is co-listed on the New York and Toronto Stock Exchanges. For more information, please visit our web site at www.brascancorp.com.
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
|
