BROOKFIELD Corp /ON/
For the period ended Dec 31, 2023. Filed Mar 19, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Mar 19, 2024
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Contents
EX-99.2 · EQUITY
EQUITY
The significant variances in common equity and non-controlling interests are discussed below. Preferred equity is discussed in Part 4 – Capitalization and Liquidity.
The following table presents the major contributors to the year-over-year variances for common equity:
| AS AT AND FOR THE YEARS ENDED DEC. 31(MILLIONS) | 2023 | 2022 |
|---|---|---|
| Common equity, beginning of year | $39,608 | $42,210 |
| Changes in period | ||
| Net income attributable to shareholders | 1,130 | 2,056 |
| Other comprehensive income | 803 | (263) |
| Common dividends | (436) | (879) |
| Common dividends – special distribution | — | (2,356) |
| Preferred dividends | (166) | (150) |
| Repurchases, net of equity issuances | (580) | (565) |
| Ownership changes and other | 1,315 | (445) |
| 2,066 | (2,602) | |
| Common equity, end of year | $41,674 | $39,608 |
Common equity increased by $2.1 billion to $41.7 billion during the year, primarily due to:
net income attributable to common shareholders of $1.1 billion; and
other comprehensive income of $803 million, primarily due to unrealized mark-to-market movements on commodity hedges and financial assets; and
ownership changes and other of $1.3 billion primarily attributable to the increase in the value of our investment in BNRE as a result of the adoption of IFRS 17, Insurance Contracts (“IFRS 17”) at the beginning of 2023. In addition, gains were recognized on common equity upon issuance of BIPC shares in connection with the acquisition of our intermodal logistics operation in the third quarter of 2023; partially offset by
distributions of $602 million to shareholders as common and preferred share dividends;
share repurchases, net of issuances, of $580 million, mainly related to the repurchase of 20.2 million Class A Limited Voting Shares (“Class A shares”) during the year.
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