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 · INCOME STATEMENT ANALYSIS
INCOME STATEMENT ANALYSIS
The following table summarizes the financial results of the company for 2023, 2022 and 2021:
| FOR THE YEARS ENDED DEC. 31(MILLIONS, EXCEPT PER SHARE AMOUNTS) | Change | ||||
|---|---|---|---|---|---|
| 2023 · 2022 · 2021 · 2023 vs. 2022 · 2022 vs. 2021 | |||||
| Revenues | $95,924 | $92,769 | $75,731 | $3,155 | $17,038 |
| Direct costs1 | (81,409) | (78,511) | (64,000) | (2,898) | (14,511) |
| Other income and gains | 6,501 | 1,594 | 3,099 | 4,907 | (1,505) |
| Equity accounted income | 2,068 | 2,613 | 2,451 | (545) | 162 |
| Expenses | |||||
| Interest | (15,503) | (10,702) | (7,604) | (4,801) | (3,098) |
| Corporate costs | (69) | (122) | (116) | 53 | (6) |
| Fair value changes | (1,396) | (977) | 5,151 | (419) | (6,128) |
| Income tax expense | (1,011) | (1,469) | (2,324) | 458 | 855 |
| Net income | 5,105 | 5,195 | 12,388 | (90) | (7,193) |
| Non-controlling interests | (3,975) | (3,139) | (8,422) | (836) | 5,283 |
| Net income attributable to shareholders | $1,130 | $2,056 | $3,966 | $(926) | $(1,910) |
| Net income per share | $0.61 | $1.19 | $2.39 | $(0.58) | $(1.20) |
- Direct costs include $9.1 billion of depreciation and amortization expense for the year ended December 31, 2023 (2022 – $7.7 billion; 2021 – $6.4 billion).
2023 vs. 2022
Revenues for the year were $95.9 billion, an increase of $3.2 billion or 3% compared to 2022, primarily due to higher same-store results and the impact of recent acquisitions, net of dispositions, including:
higher contributions from our Infrastructure segment due to organic growth as a result of inflation indexation and increases to rate base;
higher revenue from our Real Estate segment as a result of lease commencements in our core portfolio;
growth of our Renewable Power and Transition segment due to higher realized pricing and inflation indexation on contracts; and
revenues from recent acquisitions, net of the impact of dispositions, primarily in our Infrastructure and Private Equity segments; partially offset by
lower volumes and unfavourable pricing at our road fuels operation in our Private Equity segment and lower hydrology in Canada and Colombia from our Renewable Power and Transition segment.
A discussion of the impact on revenues and net income from recent acquisitions and dispositions can be found on page 46.
Direct costs increased by 4% or $2.9 billion as:
lower fuel inventory costs at our road fuels operation and the impact of the deconsolidation upon disposition of our nuclear technology services operation within our Private Equity segment were more than offset by
increased costs associated with inflation and organic growth at our Infrastructure and Renewable Power and Transition segments; and
higher direct costs related to recent acquisitions, net of dispositions.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.