Consolidated Financial Statements and Notes - Brookfield Asset ...

MILLIONS 2005 2004AssetsCash and equivalents $ 92 $ 58Restricted cash 146 95Securities 1,570 917Loans and notes receivable 48 21Accounts receivable and other 171 131$ 2,027 $ 1,222LiabilitiesAccounts payableDeposit liabilities $ 848 $ 483Claims and other 528 234Borrowings 57 10Non-controlling interests 99 100Net Assets $ 495 $ 39516. REVENUES LESS DIRECT OPERATING COSTSDirect operating costs include all attributable expenses except interest, depreciation and amortization, non-controlling interestin income and tax expenses. The details are as follows:2005 2004MILLIONS Revenue Expenses Net Revenue Expenses NetProperty operations $ 3,161 $ 1,951 $ 1,210 $ 2,687 $ 1,714 $ 973Power generation 800 331 469 469 201 268Timberlands and infrastructure 170 106 64 99 73 26Specialty funds 58 4 54 58 10 48Investment and other income 785 558 227 387 199 188$ 4,974 $ 2,950 $ 2,024 $ 3,700 $ 2,197 $ 1,50317. NON-CONTROLLING INTERESTSNon-controlling interests of others is segregated into the share of income before certain items and their share of those items, whichinclude depreciation and amortization and taxes and other provisions attributable to the non-controlling interest.MILLIONS 2005 2004Distributed as recurring dividendsPreferred $ 12 $ 15Common 109 73Undistributed 113 100Non-controlling interests expense $ 234 $ 188Non-controlling interests share of income prior to the following $ 386 $ 360Non-controlling interests share of depreciation and amortization, and future income taxes and other provisions (152) (172)Non-controlling interests expense $ 234 $ 188During 2004, the company’s residential home building subsidiary paid a special dividend of $140 million to the holders of noncontrollinginterests in addition to recurring dividends as noted above.Brookfield Asset Management | 2005 Annual Report 85