EX-4.7 3 t12014a1exv4w7.txt EX-4.7 . . . CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED TWELVE MONTHS ENDED DEC. 31 DEC. 31 ------------------ ------------------- US$ millions, except per share amounts 2003 2002 2003 2002 -------------------------------------- ------- ------- ------- ------- TOTAL REVENUES AND GAINS $ 1,110 $ 943 $ 3,302 $ 3,064 ------- ------- ------- ------- NET OPERATING INCOME Real estate 235 191 841 745 Power generation 57 38 172 153 Funds management 34 32 166 140 Property gains 100 -- 100 60 Investment income and other 65 29 156 116 ------- ------- ------- ------- 491 290 1,435 1,214 EXPENSES Interest expense 126 113 471 466 Minority share of income before non-cash items 119 59 319 287 Other operating costs and taxes 39 17 88 56 ------- ------- ------- ------- INCOME BEFORE NON-CASH ITEMS 207 101 557 405 Depreciation and amortization 40 31 149 121 Taxes and other non-cash items 66 24 165 104 Minority share of non-cash items (28) (20) (100) (84) ------- ------- ------- ------- INCOME BEFORE INVESTMENTS 129 66 343 264 Equity accounted income (loss) from investments 60 (176) 65 (181) ------- ------- ------- ------- NET INCOME (LOSS) $ 189 $ (110) $ 408 $ 83 ======= ======= ======= ======= Net income (loss) per common share Diluted $ 1.00 $ (0.73) $ 1.98 $ 0.21 ------- ------- ------- ------- Basic $ 1.03 $ (0.73) $ 2.03 $ 0.21 ======= ======= ======= =======
CONSOLIDATED STATEMENT OF CASH FLOW FROM OPERATIONS
THREE MONTHS ENDED TWELVE MONTHS ENDED DEC. 31 DEC. 31 ------------------ ------------------- US$ millions 2003 2002 2003 2002 ------------ ------- ------- ------- ------- INCOME BEFORE NON-CASH ITEMS $ 207 $ 101 $ 557 $ 405 Dividends from Noranda Inc. 12 12 49 48 Dividends from Nexfor Inc. 5 4 18 16 ----- ----- ----- ----- CASH FLOW FROM OPERATIONS AND GAINS $ 224 $ 117 $ 624 $ 469 ===== ===== ===== =====
See Note 1 Brascan Corporation 3 2003 Year End Results CONSOLIDATED BALANCE SHEET
DECEMBER 31 December 31 US$ millions 2003 2002 ------------ ----------- ----------- ASSETS Operating assets Real estate $ 8,311 $ 7,912 Power generation 1,927 1,587 Funds management 1,215 1,209 -------- -------- 11,453 10,708 Investments 2,003 1,464 Accounts receivable and other 1,623 1,200 Financial assets 854 718 Cash and cash equivalents 382 332 -------- -------- $ 16,315 $ 14,422 ======== ======== LIABILITIES Corporate borrowings $ 1,213 $ 1,035 Non-recourse borrowings Property specific mortgages 4,881 4,992 Other debt of subsidiaries 2,075 1,867 Accounts and other payables 1,745 1,262 SHAREHOLDERS' INTERESTS Minority interests of others in assets 1,516 1,456 Preferred equity Corporate 852 735 Subsidiaries 1,009 450 Common equity 3,024 2,625 -------- -------- $ 16,315 $ 14,422 ======== ========
NOTE 1 The press release and accompanying consolidated financial statements make reference to cash flow from operations on a total and per share basis. Management uses cash flow from operations as a key measure to evaluate performance and to determine the underlying value of its businesses. The consolidated statement of cash flow from operations provides a full reconciliation between this measure and net income. Readers are encouraged to consider both measures in assessing Brascan's results. - 30 - Brascan Corporation 4 2003 Year End Results