Basis of Presentation
This news release and accompanying financial statements are based on International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), unless otherwise noted.
We make reference to
Funds from Operations (“FFO”). We define FFO as net income attributable to shareholders prior to fair value changes, depreciation and amortization, and deferred income taxes, and include realized disposition gains that are not recorded in net income as determined under IFRS. FFO also includes the company’s share of equity accounted investments’ FFO on a fully diluted basis. FFO consists of the following components:
FFO from Operating Activities represents the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from
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(US$ millions, except per share amounts)
Three Months Ended
2,3
Excludes amounts attributable to non-controlling interests.
2019 per share amounts have been updated to reflect BAM s three-for-two stock split effective April 1, 2020.
See Basis of Presentation on page 8 and a reconciliation of net income to FFO on page 5.
Performance in the fourth quarter was very strong, resulting in net income of $1.8 billion and record funds from operations (FFO) of $2.1 billion, driven by an increase in fee-related earnings, the growth and stability in our operating businesses and disposition gains recognized on asset sales. Fee-related earnings for the quarter were $411 million. This reflects increases in our private fund capital as well as higher market capitalizations across our listed affiliates. In particular, the launches of BIPC and BEPC have been very
West Fraser Announces 2020 Annual and Fourth Quarter Results, Initiates Normal Course Issuer Bid, Dividend Declared
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VANCOUVER, BC, Feb. 11, 2021 /PRNewswire/ - West Fraser Timber Co. Ltd. ( West Fraser , we , us , our , or the Company ) (TSX and NYSE both under the trading symbol WFG) today reported the fourth quarter and annual results of 2020. All dollar amounts in this news release are expressed in Canadian dollars.
Despite a year filled with uncertainty, West Fraser maintained its strategy and delivered strong results. We minimized COVID-19 related business disruptions, thanks to our focus on workplace safety and the agility of our people and operations, and benefitted from strong demand for our products. The acquisition of Norbord Inc. ( Norbord ) was completed on February 1, 2021. Norbord s complementary products and operations expand West Fraser s geographic and product diversification and positions the
AstraZeneca delivered strong results in the year, in line with guidance that was reconfirmed during the year. With over half of Total Revenue coming from the fast-growing new medicines
1, the Company leveraged its revenue growth to make further progress in profitability, while the strategy of sustainable growth through innovation brought numerous further benefits for patients. AstraZeneca s patient-centric strategy, focus on innovation and capital-allocation priorities remain unchanged, with sustainable long-term growth in revenue, profit and cash generation set to continue.
Pascal Soriot, Chief Executive Officer, commented: The performance last year marked a significant step forward for AstraZeneca. Despite the significant impact from the pandemic, we delivered double-digit revenue growth to leverage improved profitability and cash generation. The consistent achievements in the pipeline, the accelerating performance of our business and the progress of the COVID-19
(1) production was 255,361 GEO
(1) including gold and silver production of 221,659 ounces and 2.59 million ounces, respectively. The strong gold production followed standout performances from Jacobina and Minera Florida, and silver production was underpinned by an exceptionally strong performance from El Peñón.
Full year GEO
(1) production of 901,155 GEO
(1), including 779,810 ounces of gold and 10.37 million ounces of silver, exceeded original guidance for the year of 890,000 GEO, and was within the plus or minus three per cent variance range of the Company’s revised guidance. GEO
(1) production for the year at Jacobina, El Peñón, Canadian Malartic, and Minera Florida were all well above plan. The entire difference was attributable to further changes to COVID-19 restrictions imposed in Argentina near the end of the year which impacted production at Cerro Moro.