Cash flow from operations for the fourth quarter on the same basis increased to $241 million ($0.40 per share) from $163 million ($0.25 per share), representing a 48% increase.
Total cash flow from operations, including major disposition gains, was $1.4 billion ($2.33 per share), compared with $1.9 billion ($3.11 per share) on the same basis in 2007, and for the fourth quarter totaled $247 million ($0.41 per share) compared with $575 million ($0.94 per share).
Excluding major disposition gains, net income in 2008 was $525 million ($0.81 per share) compared with $349 million ($0.51 per share) on the same basis last year.
Net income in 2007 reflected a large number of disposition gains. In addition, the 2008 results reflect increases in a higher level of non-cash charges, including depreciation on assets purchased in 2007, offset in part by a non-cash tax recovery arising from an increase in the value of our tax assets.
“Our renewable power and office property businesses both produced strong operating cash flows during the quarter, which led to the overall improvement in operating cash flows. The stable revenue profiles of these businesses should provide us with a strong earnings base for 2009 and beyond,” commented Bruce Flatt, senior managing partner of Brookfield. “In addition, we continue to bolster our capitalization and liquidity which, at over $3 billion of core liquidity, remains at historically high levels.”
