The Partnership recorded net income of
As at
Consolidated Statements of Operations
For the years ended (Thousands, US dollars) | ||||||||
2023 | 2022 | |||||||
Investment income | ||||||||
Dividends | $ | 85,114 | $ | 1,120,641 | ||||
Other investment income | 11,802 | 6,694 | ||||||
96,916 | 1,127,335 | |||||||
Expenses | ||||||||
Operating expenses | (6,156 | ) | (2,359 | ) | ||||
Financing costs | (9,484 | ) | (9,789 | ) | ||||
Retractable preferred share dividends | (41,954 | ) | (39,753 | ) | ||||
(57,594 | ) | (51,901 | ) | |||||
Other items | ||||||||
Investment valuation (losses) gains | (6,237 | ) | 10,653 | |||||
Amortization of deferred financing costs | (3,380 | ) | (3,363 | ) | ||||
Foreign currency (losses) gains | (10,435 | ) | 37,272 | |||||
Current taxes expense | (1,270 | ) | (19,990 | ) | ||||
Deferred taxes (expense) recovery | (3,280 | ) | 21,439 | |||||
Net income | $ | 14,720 | $ | 1,121,445 |
The information in the following table shows the changes in net book value:
For the years ended (Thousands, except per unit amounts) | 2023 | 2022 | ||||||||||||||
Total | Per Unit | Total | Per Unit | |||||||||||||
Net book value, beginning of year1 | $ | 4,656,824 | $ | 57.60 | $ | 7,482,738 | $ | 92.47 | ||||||||
Net income2 | 5,368 | 1,114,558 | ||||||||||||||
Other comprehensive (loss) income2 | 1,443,806 | (3,910,893 | ) | |||||||||||||
Adjustment for impact of warrants1, 3 | (89,755 | ) | (25,355 | ) | ||||||||||||
Re-organization4 | 98,318 | — | ||||||||||||||
Distribution4 | (327,850 | ) | — | |||||||||||||
(3,091 | ) | (4,224 | ) | |||||||||||||
Net book value, end of year5 | $ | 5,783,620 | $ | 70.74 | $ | 4,656,824 | $ | 57.60 |
1 | Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an | |
2 | Attributable to | |
3 | The basic weighted average number of | |
4 | As a result of the re-organization, the Partnership issued net equity of | |
5 | At the end of the year, the diluted |
Financial Profile
The Partnership’s principal investments are its interest in approximately 121 million Class A Limited Voting Shares of the Corporation and approximately 31 million Class A Limited Voting Shares of the Manager. This represents approximately an 8% interest in the Corporation and an 8% interest in the Manager as at
The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:
Consolidated Statements of Financial Position
As at (Thousands, US dollars) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 199,856 | $ | 185,722 | ||||
Accounts receivable and other assets | 31,416 | 31,270 | ||||||
Deferred tax asset | 4,309 | 1,604 | ||||||
Investment in Brookfield Corporation1 | 4,853,261 | 4,149,188 | ||||||
Investment in Brookfield Asset Management Ltd.2 | 1,237,554 | 934,183 | ||||||
Other investments carried at fair value | 612,009 | 328,264 | ||||||
$ | 6,938,405 | $ | 5,630,231 | |||||
Liabilities and equity | ||||||||
Accounts payable and other liabilities | $ | 34,150 | $ | 36,860 | ||||
Corporate borrowings | 225,789 | 220,711 | ||||||
Preferred shares3 | 993,267 | 905,132 | ||||||
1,253,206 | 1,162,703 | |||||||
Equity | ||||||||
5,521,067 | 4,304,516 | |||||||
— | 1 | |||||||
152,152 | 153,049 | |||||||
Non-controlling interests | 11,980 | 9,962 | ||||||
5,685,199 | 4,467,528 | |||||||
$ | 6,938,405 | $ | 5,630,231 |
1 | The investment in Brookfield Corporation consists of 121 million Corporation shares with a quoted market value of | |
2 | The investment in Brookfield Asset Management Ltd. consists of 31 million Manager shares with a quoted market value of | |
3 | Represents | |
4 | In connection with the re‐organization of the Partnership on |
For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.
Although the Partnership believes that its 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 its control, which may cause the actual results, performance or achievements of the Partnership 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 and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in
The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.
Source:
2024 GlobeNewswire, Inc., source