Brookfield Corporation · NYSE:BN
Brookfield — Shareholder Meeting (June 2024)
39 slides from Brookfield's shareholder meeting presentation, Jun 7, 2024
Slide 1: AGM Presentation
AGM Presentation Brookfield Corporation Friday, June 7, 2024
Slide 2: Business of the Meeting
Business of the Meeting Frank McKenna, Chair of the Board 2
Slide 3: Receiving the Consolidated Financial Statements
Receiving the Consolidated Financial Statements Election of Directors Appointment of External Auditors Advisory Resolution on Approach to Executive Compensation Resolution on Brookfield Reinsurance Ltd Escrowed Stock Plan
Slide 4: Receiving the Consolidated Financial Statements
Receiving the Consolidated Financial Statements Election of Directors Appointment of External Auditors Advisory Resolution on Approach to Executive Compensation Resolution on Brookfield Reinsurance Ltd Escrowed Stock Plan
Slide 5: Nominees for Election by the Class A Shareholders
Nominees for Election by the Class A Shareholders ELYSE ANGELA JANICE MAUREEN ALLAN BRALY FUKAKUSA KEMPSTON DARKES 5
Slide 6: Nominees for Election by the Class A Shareholders
Nominees for Election by the Class A Shareholders HUTHAM FRANK DIANA OLAYAN MCKENNA TAYLOR 6
Slide 7: Nominees for Election by the Class B Shareholders
Nominees for Election by the Class B Shareholders JEFFREY JACK BRUCE BRIAN BLIDNER COCKWELL FLATT LAWSON 7
Slide 8: Nominees for Election by the Class B Shareholders
Nominees for Election by the Class B Shareholders HOWARD RAFAEL LORD MARKS MIRANDA O’DONNELL 8
Slide 9: Receiving the Consolidated Financial Statements
Receiving the Consolidated Financial Statements Election of Directors Appointment of External Auditors Advisory Resolution on Approach to Executive Compensation Resolution on Brookfield Reinsurance Ltd Escrowed Stock Plan
Slide 10: Receiving the Consolidated Financial Statements
Receiving the Consolidated Financial Statements Election of Directors Appointment of External Auditors Advisory Resolution on Approach to Executive Compensation Resolution on Brookfield Reinsurance Ltd Escrowed Stock Plan
Slide 11: Receiving the Consolidated Financial Statements
Receiving the Consolidated Financial Statements Election of Directors Appointment of External Auditors Advisory Resolution on Approach to Executive Compensation Resolution on Brookfield Reinsurance Ltd Escrowed Stock Plan
Slide 12: AGM Presentation
AGM Presentation Brookfield Corporation Friday, June 7, 2024
Slide 13: Shareholder Presentation
Shareholder Presentation Nick Goodman, President 13
Slide 14: Key Takeaways, Year in Review, Looking Forward, In Summary
Key Takeaways Year in Review Looking Forward In Summary
Slide 15: 1. Key Takeaways
1. Key Takeaways 15
Slide 16: BN captures ALL the value Brookfield creates
BN captures ALL the value Brookfield creates We delivered strong operating results, generating ~$5 billion of distributable earnings We are set up to grow earnings at 20%+ per annum over the next five years We expect to generate ~$45 billion of free cash flow over the next five years, that will driv
Slide 17: 2. Year in Review
2. Year in Review 17
Slide 18: We continued to scale our perpetual capital base
We continued to scale our perpetual capital base across a diversified portfolio of high-quality businesses and assets ~$155B Perpetual Capital Asset Management Wealth Solutions Operating Businesses $96B $17B $42B Leading global alternative Global wealth Portfolio of global, scale asset management bu
Slide 19: We had an excellent last 12 months
We had an excellent last 12 months… Our Manager raised ~$90 billion of capital Our Wealth Solutions business grew insurance assets to $100+ billion Our Operating Businesses generated stable cash flows, as well as 5% growth in same-store net operating income from our core real estate portfolio Genera
Slide 20: Our Asset Management Business is set up for significant growth
Our Asset Management Business is set up for significant growth Successful fundraising across our strategies and recently announced strategic transactions AUM increased to nearly $1 trillion with significant tailwinds for further growth Generate $2.6 billion of annualized distributable earnings Leadi
Slide 21: We continue to build our Wealth Solutions Business
We continue to build our Wealth Solutions Business Increased insurance asset base to over $100 billion and established as a top three provider of annuities in the U.S. Generate ~$1.4 billion of annualized distributable earnings today Average cash yield on our capital is now ~18%, with our investment
Slide 22: Our Operating Businesses continue to grow and compound in value
Our Operating Businesses continue to grow and compound in value We own market-leading real asset portfolios that generate recurring, inflation-linked cash flows Generate $1.6 billion of annualized distributable earnings supported by the resilient and high- quality earnings across our businesses Bene
Slide 23: Our distributable earnings continue to scale
Our distributable earnings continue to scale… 5 years ago Today $1.44 $3.20 DE Per Share Note: Annualized distributable earnings before realizations plus actual realizations on a per share basis for the twelve months ended Mar. 31, 2024. Management did not disclose an estimate of annualized cash flo
Slide 24: We returned $1+ billion of capital to our shareholders
…and we returned $1+ billion of capital to our shareholders via regular dividends and share repurchases Note: For the last twelve months ended March 31, 2024. 24
Slide 25: Strong access to capital and a conservative balance sheet
We continue to have strong access to capital across the business and maintain a conservative balance sheet $100B $150B A- 2023 Deployable Corporate Financings Capital Rating Note: Deployable capital is pro-forma for the acquisition of American Equity Life. 25
Slide 26: 3. Looking Forward
3. Looking Forward 26
Slide 27: Growing earnings of existing businesses by ~20% per year
We are well positioned to grow the earnings of our existing businesses by ~20% per year… 27
Slide 28: ~$45 billion of free cash flow over the next five years
…and generate ~$45 billion of free cash flow over the next five years 28
Slide 29: Path to Annual DE Growth of ~20% Through 2028
Our Business Plan for Our Existing Businesses Chart a Path to Annual DE Growth of ~20% Through 2028 Distributable Earnings per Share ~$7.00 ~20% CAGR $3.20 $2.86 20231 20242 2028 Operating Businesses Asset Management Wealth Solutions Realized Carried Interest 1. Represents the distributable earnings
Slide 30: ~$45 billion of free cash flow over five years
If we achieve our plan, we expect to generate ~$45 billion of free cash flow over the next five years Operating Businesses ~$45B Asset Management Wealth Solutions Realized Carried Interest 30
Slide 31: Allocating free cash flows and recycling capital
We focus on allocating our free cash flows to optimize the business and recycling capital to sustain long-term growth and returns Invest into/alongside our Asset Management business Support the scaling of our Wealth Solutions business Invest alongside our Operating Businesses in large, strategic tra
Slide 32: Cash Reinvestment Could Add to 5-Year Growth in DE
Cash Reinvestment Could Add Meaningfully to Our 5-Year Growth in DE Distributable Earnings per Share ~25% CAGR ~$8.00 ~20% ~$7.00 CAGR ~$1.00 Impact Base of Cash Business Growth Reinvestment $2.86 $3.20 20231 20242 2028 2028 Existing Businesses 1. Represents the distributable earnings per share pres
Slide 33: 4. In Summary
4. In Summary 33
Slide 34: In summary, we are focused on…
In summary, we are focused on… Optimizing synergies across the Brookfield ecosystem Allocating cash flows and recycling capital to further enhance returns Maintaining a conservative balance sheet and strong liquidity Setting ourselves up to deliver 15%+ total returns on a per share basis over the lo
Slide 35: Q&A
Q&A
Slide 36: Thank You
Thank You
Slide 37: Notice to Recipients
Notice to Recipients Brookfield Corporation is not making any offer or invitation of any kind by communication of this presentation and under no circumstance is it to be construed as a prospectus or an advertisement. Except where otherwise indicated herein, the information provided herein is based o
Slide 38: Notice to Recipients (cont’d)
Notice to Recipients (cont’d) CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES Brookfield Corporation prepares its financial statements in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). We disclose a nu
Slide 39: Brookfield
Brookfield