Brookfield Corporation(BN)2024-02-07 16:00Financial Performance - Net income for the quarter was 44 million in the same quarter of 2022[2] - Net income for the year ended December 31, 2023, was 5.2 billion in 2022[24] - Total distributable earnings for the year were 3.03/share), a decrease of 8.1% from 4.8 billion, with DE before realizations increasing by 17% compared to the prior year[24][26] - Diluted earnings per share for Q4 2023 were 0.23 in Q4 2022[24] Asset Management - The asset management business raised 457 billion, a 9% increase year-over-year[32] - Fee-related earnings in the asset management segment increased by 6% compared to the prior year[32] Investments and Capital - Total assets increased to 441.3 billion in 2022, representing an increase of 11.1%[1] - The company ended the quarter with 38 billion in cash and financial assets[10] - The company monetized over 1.1 billion to shareholders through dividends and share repurchases, with over 0.08 per share, payable on March 28, 2024[30] - The company repurchased over 1 billion more in 2024[25] Operational Performance - Operating funds from operations in renewable power and infrastructure businesses increased by 7% year-over-year, supporting stable cash distributions[7] - Same-store net operating income (NOI) growth in core real estate was 7% compared to the prior year[5] Future Outlook and Risks - The company expects to achieve targeted returns of 15%+ per share for shareholders over the long term[25] - Brookfield Corporation emphasizes that forward-looking statements are based on estimates and assumptions, and actual results may differ materially due to various risks and uncertainties[57] - Target returns and growth objectives are presented based on various assumptions, with no assurance that they will be achieved due to potential risks and uncertainties[58] - The company acknowledges the impact of economic, political, and market factors on its operations, which could lead to lower-than-target returns[57] - The company is subject to various risks, including changes in government regulation, competition, and technological changes, which could affect its performance[57] Financial Metrics and Definitions - The company defines Funds from Operations (FFO) as net income attributable to shareholders prior to fair value changes, depreciation, and amortization, which includes realized disposition gains[53] - Realized Carried Interest represents the company's share of investment gains after considering clients' minimum return requirements, highlighting the importance of third-party capital[52] - Brookfield Corporation uses DE and FFO to assess operating results and believes these measures are valuable to shareholders and analysts[54] - The company cautions that non-IFRS financial measures, such as DE and FFO, may differ from those disclosed by other businesses and should not be considered in isolation[55] Strategic Actions - Strategic actions, including acquisitions and dispositions, are critical for the company, with a focus on effective integration to attain expected benefits[57] - Brookfield Corporation highlights the importance of managing human capital and operational risks as part of its business strategy[57]