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Brookfield Asset Management Announces Record $23 billion of Fundraising and Reports Second Quarter 2020 Results

BROOKFIELD, NEWS, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) today announced financial results for the quarter ended June 30, 2020.

Bruce Flatt, CEO of Brookfield, stated, “We had our best fundraising period, ever; with $23 billion of capital added to our franchise, increasing total capital for deployment to $77 billion. Very strong performance in our asset management business and continued resiliency within most of our operations contributed to strong operating results.”

Operating Results

For the periods ended June 30
(US$ millions, except per share amounts)
Three Months Ended Last Twelve Months Ended
Net (loss) income attributable to shareholders1$(656) $399  $844  $3,061 
Per Brookfield share1,2(0.43) 0.24  0.47  1.95 
Funds from operations1,3$1,161  $1,108  $4,075  $4,600 
Per Brookfield share1,2,30.73  0.73  2.59  3.04 
Net (loss) income4$(1,493) $704  $1,744  $5,929 

1.     Excludes amounts attributable to non-controlling interests.
2.     2019 per share amounts have been updated to reflect BAM’s three-for-two stock split effective April 1, 2020.
3.     See Basis of Presentation on page 9 and a reconciliation of net (loss) income to FFO on page 6.
4.     Consolidated basis – includes amounts attributable to non-controlling interests.

Most of our operations continued to generate favorable operating profits, driven by their revenues being largely contracted or regulated. Despite that, some of our operating businesses were impacted by the economic shutdown in the second quarter. In addition, we recorded some non-cash revaluations, largely attributed to our real estate portfolio. As a result, we recorded a net loss of $656 million attributable to shareholders, or $0.43 per share. Income of $844 million was recorded over the last twelve months.

Funds from operations (“FFO”) were $1.2 billion for the quarter and $4.1 billion over the last twelve months. Fee-related earnings before performance fees increased by 23% on a quarter-over-quarter basis to $324 million, and 41% over the last twelve months to $1.3 billion. This reflects strong fundraising in our long-term and perpetual private funds, solid performance in our listed partnerships, and the contribution of fee-related earnings from our credit business. Growth in FFO from invested capital deployed over the last twelve months was offset during the quarter by the impact of the short-term shutdowns across certain of our real estate businesses and some of our private equity businesses. This resulted in our operating FFO being in line with the prior year, and we are now seeing recoveries accelerating in many jurisdictions in which we operate. As a result, we expect this to contribute to better results for the second half of 2020.

During the quarter we recognized $473 million of disposition gains in FFO, mainly as a result of a partial sell down of our investment in BEP. The transaction served to increase the public float and liquidity of BEP units, which have experienced strong growth in performance and demand. Today, we remain a 52% owner of the company.

Dividend Declaration

The Board declared a quarterly dividend of US$0.12 per share, payable on September 30, 2020 to shareholders of record as at the close of business on August 31, 2020. The Board also declared the regular monthly and quarterly dividends on its preferred shares.

Operating Highlights

We raised $23 billion of capital in our asset management operations since we last reported, taking our assets under management to approximately $550 billion. This included commitments of $12 billion to our latest distressed debt fund and continued inflows to our perpetual private funds. Total growth in fee-bearing capital over ...

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