Dundee Corporation Reports Second Quarter 2013 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/12/13 -- Dundee Corporation (TSX: DC.A)(TSX: DC.PR.B)(TSX: DC.PR.C) (the "Corporation") is reporting its financial results as at and for the three and six months ended June 30, 2013. The Corporation's unaudited condensed interim consolidated financial statements, along with the accompanying management's discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed under the Corporation's profile at or the Corporation's website at .
COMPLETION OF DISTRIBUTION OF DUNDEE REALTY CORPORATION
On May 30, 2013, the Corporation completed a restructuring, through a tax efficient plan of arrangement (the "Arrangement") that effectively distributed the majority of its ownership in Dundee Realty Corporation ("Dundee Realty") to its shareholders, through the creation of a new public entity, DREAM Unlimited Corp. ("DREAM"). The Arrangement was accounted for as a distribution of all of the underlying assets of Dundee Realty, resulting in the inclusion in current period net earnings of a $599.4 million gain. In addition to the gain, the Corporation has classified the operating results of Dundee Realty prior to completion of the Arrangement as discontinued operations. As part of the Arrangement, the Corporation retained a 29% interest in DREAM, which leaves it with a 20% effective interest in Dundee Realty, compared with the 70% it owned prior to the Arrangement.
CHANGES IN ACCOUNTING GUIDELINES - EARLY IMPLEMENTATION OF IFRS 9
In concert with the completion of the Arrangement, the Corporation early adopted International Financial Reporting Standard ("IFRS") 9. Under this standard, the Corporation's portfolio of investments and other financial instruments will generally be measured at fair value, with changes in fair value being recognized in net earnings. Under the application of previous accounting guidelines, changes in fair value were recorded in other comprehensive income, other than decreases in value of financial assets that were deemed to be other-than temporary. The implementation of IFRS 9 will cause significant volatility to the Corporation's earnings on a period-over-period basis.
FINANCIAL HIGHLIGHTS
ABOUT THE CORPORATION
Dundee Corporation is a public Canadian independent holding company listed on the Toronto Stock Exchange ("TSX") under the symbol "DC.A". Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of its core competencies including investment advisory and corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these core focus areas, as well as other select investments in both publicly listed and private companies.
Contacts:
Dundee Corporation
Ned Goodman
President and Chief Executive Officer
(416) 365-5665
Dundee Corporation
Lucie Presot
Vice President and Chief Financial Officer
(416) 365-5157
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Datum: 12.08.2013 - 21:06 Uhr
Sprache: Deutsch
News-ID 286908
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TORONTO, ONTARIO
Kategorie:
Personal Finance
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