2014 CBSBrookfield Asset Management Inc.Consolidated Balance
Sheets(Millions)NoteDec. 31, 2014Dec. 31, 2013AssetsCash and cash
equivalents6$3,160$3,663Other financial assets66,2854,947Accounts
receivable and other78,3996,666Inventory85,6206,291Assets
classified as held for sale92,8070.0Equity accounted
investments1014,91613,277Investment
properties1146,08338,336Property, plant and
equipment1234,61731,019Sustainable resources13446502Intangible
assets144,3275,044Goodwill151,4061,588Deferred income tax
assets161,4141,412Total Assets$129,480$112,745Liabilities and
EquityAccounts payable and other17$10,408$10,316Liabilities
associated with assets classified as held for
sale91,4190.0Corporate borrowings184,0753,975Non-recourse
borrowingsProperty-specific mortgages1940,36435,495Subsidiary
borrowings198,3297,392Deferred income tax
liabilities168,0976,164Subsidiary equity
obligations203,5411,877EquityPreferred
equity213,5493,098Non-controlling interests2129,54526,647Common
equity2120,15317,781Total equity53,24747,526Total Liabilities and
Equity$129,480$112,745
2014 CSoOBrookfield Asset Management Inc.Consolidated Statements
of OperationsYears Ended December 31(Millions, Except Per Share
Amounts)Note20142013Revenues22$18,364$20,093Direct
costs23(13,118)(13,928)Other income and gains241901,262Equity
accounted income101,594759ExpensesInterest(2,579)(2,553)Corporate
costs(123)(152)Fair value changes253,674663Depreciation and
amortization(1,470)(1,455)Income taxes16(1,323)(845)Net
income$5,209$3,844Net income attributable
to:Shareholders$3,110$2,120Non-controlling
interests2,0991,724$5,209$3,844Net income per
share:Diluted21$4.67$3.12Basic21$4.79$3.21
2014 CSoCIBrookfield Asset Management Inc.Consolidated
Statements of Comprehensive IncomeYears Ended December
31(Millions)Note20142013Net income$5,209$3,844Other comprehensive
income (loss)Items that may be reclassified to net incomeFinancial
contracts and power sale agreements(301)442Available-for-sale
securities(105)(24)Equity accounted investments10(22)8Foreign
currency translation(1,717)(2,429)Income
taxes1622(114)(2,123)(2,117)Items that will not be reclassified to
net incomeRevaluations of property, plant and
equipment2,998825Revaluation of pension obligations29(77)26Equity
accounted investments10245231Income taxes16(632)(166)2,534916Other
comprehensive (loss) income411(1,201)Comprehensive
income$5,620$2,643Attributable to:ShareholdersNet
income$3,110$2,120Other comprehensive (loss)
income301(795)Comprehensive income$3,411$1,325Non-controlling
interestsNet income$2,099$1,724Other comprehensive income
(loss)110(406)Comprehensive income$2,209$1,318Comprehensive
income15Diluted$3$3
2014 CSoCIEBrookfield Asset Management Inc.Consolidated
Statement of Changes in EquityAccumulated Other Comprehensive
IncomeYear ended December 31, 2014(Millions)Common Share
CapitalContributed SurplusRetained EarningsOwnership
Changes1Revaluation SurplusCurrency TranslationOther
Reserves2Common EquityPreferred EquityNon-controlling
InterestsTotal EquityBalance as at December 31,
2013$2,899$159$7,159$2,354$5,165$190$(145)$17,781$3,098$26,647$47,526Changes
in yearNet income$3,110$3,110$2,099$5,209Other comprehensive
income$1,094$(670)$(123)$301$110$411Comprehensive
income$3,110$1,094$(670)$(123)$3,411$2,209$5,620Shareholder
distributionsCommon equity$(388)$(388)$(388)Preferred
equity$(154)$(154)$(154)Non-controlling
interests$(2,428)$(2,428)Other itemsEquity issuances, net of
redemptions$132$(18)$(69)$45$451$2,505$3,001Share-based
compensation$44$(7)$37$16$53Ownership
changes$51$(375)$(126)$39$(168)$(579)$596$17Total change in
year$132$26$2,543$(375)$968$(631)$(291)$2,372$451$2,898$5,721Balance
as at December 31,
2014$3,031$185$9,702$1,979$6,133$(441)$(436)$20,153$3,549$29,545$53,2471.
Includes gains or losses on changes in ownership interests of
consolidated subsidiaries2. Includes available-for-sale securities,
cash flow hedges, actuarial changes on pension plans and equity
accounted other comprehensive income, net of associated income
taxes
2013 CSoCIEBrookfield Asset Management Inc.Consolidated
Statement of Changes in EquityAccumulated Other Comprehensive
IncomeYear ended December 31, 2013(Millions)Common Share
CapitalContributed SurplusRetained EarningsOwnership
Changes1Revaluation SurplusCurrency TranslationOther ReservesCommon
EquityPreferred EquityNon-controlling InterestsTotal EquityBalance
as at December 31,
2012$2,855$149$6,813$2,088$5,289$1,405$(449)$18,150$2,901$23,287$44,338Changes
in yearNet income$2,120$2,120$1,724$3,844Other comprehensive
loss$101$(1,183)$287$(795)$(406)$(1,201)Comprehensive
income$2,120$101$(1,183)$287$1,325$1,318$2,643Shareholder
distributionsCommon
equity$(1,287)$(32)$17$(1,302)$906$(396)Preferred
equity$(145)$(145)$(145)Non-controlling interests$(910)$(910)Other
itemsEquity issuances, net of
redemptions$44$(12)$(331)$(299)$197$1,675$1,573Share-based
compensation$22$(31)$(9)$45$36Ownership
changes$20$266$(225)$61$326$387Total change in
year$44$10$346$266$(124)$(1,215)$304$(369)$197$3,360$3,188Balance
as at December 31,
2013$2,899$159$7,159$2,354$5,165$190$(145)$17,781$3,098$26,647$47,5261.
Includes gains or losses on changes in ownership interests of
consolidated subsidiaries2. Includes available-for-sale securities,
cash flow hedges, actuarial changes on pension plans and equity
accounted other comprehensive income, net of associated income
taxes
2014 CSoCFBrookfield Asset Management Inc.Consolidated
Statements of Cash FlowsYears Ended December
31(Millions)Note20142013Operating activitiesNet
income$5,209$3,844Other income and gains24(190)(1,820)Share of
undistributed equity accounted earnings(920)(307)Fair value
changes25(3,674)(663)Depreciation and
amortization1,4701,455Deferred income taxes161,209686Investments in
residential inventory57(378)Net change in non-cash working capital
balances(587)(539)2,5742,278Financing activitiesCorporate
borrowings arranged454949Corporate borrowings
repaid0.0(224)Commercial paper and bank borrowings,
net(88)(35)Property-specific mortgages
arranged10,93911,073Property-specific mortgages
repaid(8,650)(10,029)Other debt of subsidiaries
arranged5,4636,781Other debt of subsidiaries
repaid(3,191)(6,115)Subsidiary equity obligations
issued1,947541Subsidiary equity obligations
redeemed(342)(343)Capital provided from non-controlling
interests5,7333,218Capital repaid to non-controlling
interests(3,228)(1,543)Preferred equity issuances706191Preferred
equity redemption(268)0.0Common shares issued10885Common shares
repurchased(63)(388)Distributions to non-controlling
interests(2,345)(910)Shareholder
distributions(542)(541)6,6332,710Investing
activitiesAcquisitionsInvestment properties(1,970)(1,835)Property,
plant and equipment(1,098)(1,374)Sustainable
resources(27)(53)Equity accounted investments(1,645)(2,326)Other
financial assets(3,877)(2,745)Acquisition of
subsidiaries(5,999)(2,960)DispositionsInvestment
properties2,192948Property, plant and equipment31398Equity
accounted investments471657Other financial
assets3,6511,502Disposition of subsidiaries1614,057Restricted cash
and deposit(1,768)(10)(9,596)(4,041)Cash and cash equivalentsChange
in cash and cash equivalents(389)947Foreign exchange
revaluation(114)(134)Balance, beginning of year3,6632,850Balance,
end of year31$3,160$3,663
