Brookfield Infrastructure Reports Strong 2013 Year-End Results
Distribution Increased by 12%
HAMILTON, BERMUDA--(Marketwired - Feb 5, 2014) -
Investors, analysts and other interested parties can access
Brookfield Infrastructure's 2013 fourth quarter and year-end
results as well as the Letter to Unitholders and Supplemental
Information on the web site under the Investor Relations section at
www.brookfieldinfrastructure.com.
The 2013 fourth quarter and year-end results conference call can
be accessed via webcast February 5, 2014 at 9:00 a.m. ET at
www.brookfieldinfrastructure.com or via teleconference at
1-800-319-4610 toll free in North America, or for overseas calls
please dial +1-631-982-4565 at approximately 8:50 a.m. The
teleconference taped rebroadcast will also be available until
midnight on March 5, 2014. To access this rebroadcast, please call
1-800-319-6413 or outside Canada & U.S. please call
+1-604-638-9010 (password: 9245#).
Brookfield Infrastructure (NYSE:BIP)(TSX:BIP.UN) today announced
its results for the year ended December 31, 2013.
|
|
|
US$ millions (except per unit amounts) |
Three months ended Dec 31 |
Year ended Dec 31 |
|
2013 |
|
2012 |
2013 |
|
2012 |
FFO1 |
$ |
175 |
|
$ |
130 |
$ |
682 |
|
$ |
462 |
|
-
per unit2 |
$ |
0.83 |
|
$ |
0.65 |
$ |
3.30 |
|
$ |
2.41 |
Net (loss) income |
$ |
(195 |
) |
$ |
50 |
$ |
(58 |
) |
$ |
106 |
|
- per unit3 |
$ |
(0.96 |
) |
$ |
0.23 |
$ |
(0.43 |
) |
$ |
0.47 |
Brookfield Infrastructure posted strong results for the year
ended December 31, 2013 with funds from operations ("FFO")
totalling $682 million ($3.30 per unit) compared to FFO of $462
million ($2.41 per unit) in 2012. This 48% increase (37% on a per
unit basis) in FFO was primarily the result of virtually all our
operations performing better than the prior year, benefitting from
organic growth and incremental earnings from capital deployed to
grow its transport and utilities businesses. For the year,
Brookfield Infrastructure generated an AFFO yield4 of 13%, and
currently has a payout ratio5 of 57% that is conservative versus
its long-term target range of 60%-70%.
"This was a successful year for our business as we accomplished
a number of financial and operating priorities and delivered our
strongest year from an FFO perspective," said Sam Pollock, Chief
Executive Officer of Brookfield Infrastructure. "In 2013, we
strengthened our balance sheet through execution of opportunistic
refinancings, completion of our capital recycling program and
reduction of our overall financial risk profile. We made
significant organic growth investments in our existing business and
secured $1.1 billion of new investments in North and South America.
Going into 2014, we are excited about our prospects and believe we
are well positioned to continue to deliver strong returns for our
unitholders."
Segment Performance
Brookfield Infrastructure's utilities platform produced FFO of
$377 million compared to $308 million in 2012. This 22% increase
was primarily due to the acquisition of a UK regulated distribution
business, and the increased ownership in its Chilean electricity
transmission system. Excluding the impact of new investments,
results increased by 7%, benefitting from inflation indexation,
additions to the rate base, as well as lower financing costs.
The transport platform generated FFO of $326 million in 2013,
compared to $168 million in the prior year. The significant
increase in FFO was driven by the full commissioning of the
Australian railroad's expansion that was completed in the first
quarter of 2013, and the contribution from the toll road business,
following investments made over the past 12 months.
Brookfield Infrastructure's energy platform earned FFO of $70
million in 2013, compared to $76 million in 2012. Contributions
from its district energy business and improved performance at its
energy distribution businesses were more than offset by weaker
results at its North American gas transmission business, which
continues to face difficult market pressures from the rapidly
changing energy landscape in the U.S.
The following table presents net income and FFO by segment:
|
|
|
|
|
US$ millions, unaudited |
Three months ended Dec. 31 |
|
Year ended Dec. 31 |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) by segment |
|
|
|
|
|
|
|
|
|
|
|
|
Utilities |
$ |
107 |
|
$ |
13 |
|
$ |
236 |
|
$ |
111 |
|
|
Transport |
|
12 |
|
|
16 |
|
|
65 |
|
|
33 |
|
|
Energy |
|
(270 |
) |
|
(14 |
) |
|
(254 |
) |
|
- |
|
|
Corporate and other |
|
(44 |
) |
|
35 |
|
|
(105 |
) |
|
(38 |
) |
Net (loss) income |
$ |
(195 |
) |
$ |
50 |
|
$ |
(58 |
) |
$ |
106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities |
$ |
92 |
|
$ |
85 |
|
$ |
377 |
|
$ |
308 |
|
|
Transport |
|
94 |
|
|
54 |
|
|
326 |
|
|
168 |
|
|
Energy |
|
16 |
|
|
21 |
|
|
70 |
|
|
76 |
|
|
Corporate and other |
|
(27 |
) |
|
(30 |
) |
|
(91 |
) |
|
(90 |
) |
FFO |
$ |
175 |
|
$ |
130 |
|
$ |
682 |
|
$ |
462 |
|
Brookfield Infrastructure reported a net loss of $58 million
($0.43 per unit) for the year ended December 31, 2013, compared to
net income of $106 million ($0.47 per unit) in 2012. Valuations of
the Partnership's property, plant and equipment increased by $250
million across many of its businesses, net of a $275 million charge
recorded on its investment in the North American natural gas
transmission business. These valuation gains were recorded in Other
Comprehensive income, whereas the impairment charge was recorded in
income, which was the main contributor to the decline in earnings
compared to the prior year.
Growth Initiatives
In 2013, Brookfield Infrastructure secured over $1.1 billion of
new investments in its transport and energy platforms. It invested
$600 million to increase its ownership in its toll road business in
Brazil and to expand its district energy platform in North America.
Additionally, in December, Brookfield Infrastructure agreed to
invest approximately $500 million into two container terminal
facilities in California and a South American infrastructure
logistics business.
North American Port Investments
Brookfield established a joint venture with Mitsui OSK Lines'
(MOL) container terminals to add value to its container terminals
in the U.S. and to participate in future expansions in growing
regions. As part of the formation of this joint venture, Brookfield
Infrastructure signed agreements to invest alongside institutional
investors in an approximately 50% equity stake in MOL's container
terminals in Los Angeles and Oakland. These gateway terminals
handled approximately 900,000 TEUs in 2013 and have surplus
capacity to facilitate volume growth in the future. The Los Angeles
terminal is undergoing a $185 million modernization project that
will double its capacity, increase efficiency and enhance its
low-cost operation. Once complete in 2016, this will be one of the
most automated terminals in North America. Completion of this
transaction is expected in the first quarter of 2014, subject to
obtaining all required consents and regulatory approvals.
South American Port and Rail Investments
Brookfield Infrastructure signed agreements to invest alongside
institutional investors to acquire an approximate 27% interest in
VLI, one of Brazil's largest rail and port logistics businesses.
This investment provides Brookfield Infrastructure with the
opportunity to participate in the evolution and growth of the
logistics and transportation industries in Brazil. VLI's rail
consists of approximately 4,000 km under concession, with
approximately 17,100 wagons and approximately 680 locomotives, and
is integrated with five inland terminals and three ports. VLI
expects to deploy over R$6.0 billion to upgrade and expand
operations over the next seven years, allowing it to capture volume
growth from increased activity in the agriculture, steel and other
industrial sectors in Brazil. The terms of Brookfield's investment
include a mechanism, guaranteed by the seller, to ensure that a
minimum return is achieved over a period of up to six years from
closing, which is expected to occur in the first half of 2014,
subject to obtaining all required consents and regulatory
approvals.
Distributions
The Board of Directors has declared a quarterly distribution in
the amount of $0.48 per unit, payable on March 31, 2014 to
unitholders of record as at the close of business on February 28,
2014. This represents a 12% increase compared to the prior
year.
Distributions are eligible for reinvestment under the
Partnership's Distribution Reinvestment Plan. Information on this
Plan and on declared distributions can be found on Brookfield
Infrastructure's website under Investor
Relations/Distributions.
Additional Information
Brookfield Infrastructure's Letter to Unitholders and the
Supplemental Information are available at
www.brookfieldinfrastructure.com.
Brookfield Infrastructure operates high quality,
long-life assets that generate stable cash flows, require
relatively minimal maintenance capital expenditures and, by virtue
of barriers to entry and other characteristics, tend to appreciate
in value over time. Its current business consists of the ownership
and operation of premier utilities, transport and energy assets in
North and South America, Australasia, and Europe. It also seeks
acquisition opportunities in other infrastructure sectors with
similar attributes. Brookfield Infrastructure's payout policy
targets 5% to 9% annual growth in distributions. Units trade on the
New York and Toronto stock exchanges under the symbols BIP and
BIP.UN, respectively. For more information, please visit Brookfield
Infrastructure's website at
www.brookfieldinfrastructure.com.
Note: This news release contains forward-looking information
within the meaning of Canadian provincial securities laws and
"forward-looking statements" within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. The words "continue", "will", "tend to", "target"
"future", "growth", "expect", "believe", derivatives thereof and
other expressions which are predictions of or indicate future
events, trends or prospects and which do not relate to historical
matters identify the above mentioned and other forward-looking
statements. Forward-looking statements in this news release include
statements regarding expansion of Brookfield Infrastructure's
business, statements with respect to our assets tending to
appreciate in value over time, the future performance of acquired
businesses and growth initiatives, and the level of distribution
growth over the next several years.
Although Brookfield Infrastructure believes that these
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on them, or any other forward looking
statements or information in this news release. The future
performance and prospects of Brookfield Infrastructure are subject
to a number of known and unknown risks and uncertainties. Factors
that could cause actual results of Brookfield Infrastructure to
differ materially from those contemplated or implied by the
statements in this news release include general economic conditions
in the jurisdictions in which we operate and elsewhere which may
impact the markets for our products, the ability to achieve growth
within Brookfield Infrastructure's businesses and in particular
completion on time and on budget of various large capital projects,
which themselves depend on access to capital and continuing
favourable commodity prices, the impact of market conditions on our
energy distribution and transmission businesses, the fact that
success of Brookfield Infrastructure is dependent on market demand
for an infrastructure company, which is unknown, the availability
of equity and debt financing for Brookfield Infrastructure, the
ability to effectively complete new acquisitions in the competitive
infrastructure space (including the ability to complete announced
acquisitions that may be subject to conditions precedent) and to
integrate acquisitions into existing operations, the future
performance of these acquisitions, including traffic volumes on our
toll roads, the market conditions of key commodities, the price,
supply or demand for which can have a significant impact upon the
financial and operating performance of our business and other risks
and factors described in the documents filed by Brookfield
Infrastructure with the securities regulators in Canada and the
United States including under "Risk Factors" in Brookfield
Infrastructure's most recent Annual Report on Form 20-F and other
risks and factors that are described therein. Except as required by
law, Brookfield Infrastructure undertakes no obligation to publicly
update or revise any forward-looking statements or information,
whether as a result of new information, future events or
otherwise.
|
|
|
References to Brookfield
Infrastructure are to the Partnership together with its
subsidiaries and operating entities. Brookfield Infrastructure's
results include limited partnership units held by public
unitholders, redeemable partnership units and general partnership
units. |
References to the
Partnership are to Brookfield Infrastructure Partners
L.P. |
|
1 |
FFO is defined as net income excluding the impact
of depreciation and amortization, deferred income taxes, breakage
and transaction costs, non-cash valuation gains or losses and other
items. A reconciliation of net income to FFO is available on page 5
of this release. |
2 |
Average number of partnership units outstanding on
a fully diluted time weighted average basis, assuming the exchange
of redeemable partnership units held by Brookfield for limited
partnership units, for the three and 12 months ended December 31,
2013 were 210.0 million and 206.7 million, respectively (2012 -
200.8 million and 191.5 million, respectively). |
3 |
Represents net income per limited partnership unit
(see Consolidated Statements of Operating Results on page 8 for
details). |
4 |
AFFO yield is defined as AFFO (FFO less maintenance
capital expenditures) over time weighted average invested
capital. |
5 |
Payout ratio is defined as distributions to
unitholders plus GP incentive distribution rights divided by
FFO. |
|
|
Brookfield Infrastructure Partners L.P. |
Statements of Funds from Operations |
|
|
|
|
|
|
For the three-month period ended Dec. 31 |
|
For the 12-month period ended Dec. 31 |
|
(US$ MILLIONS, UNAUDITED) |
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Utilities |
$ |
138 |
|
$ |
131 |
|
$ |
547 |
|
$ |
469 |
|
|
Transport |
|
143 |
|
|
91 |
|
|
497 |
|
|
275 |
|
|
Energy |
|
33 |
|
|
37 |
|
|
137 |
|
|
144 |
|
|
Corporate and other |
|
(28 |
) |
|
(15 |
) |
|
(71 |
) |
|
(47 |
) |
Total |
|
286 |
|
|
244 |
|
|
1,110 |
|
|
841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing costs |
|
(104 |
) |
|
(113 |
) |
|
(423 |
) |
|
(393 |
) |
Other (expenses) income |
|
(7 |
) |
|
(1 |
) |
|
(5 |
) |
|
14 |
|
Funds from operations (FFO) |
|
175 |
|
|
130 |
|
|
682 |
|
|
462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
(98 |
) |
|
(91 |
) |
|
(400 |
) |
|
(300 |
) |
Impairment charge |
|
(275 |
) |
|
- |
|
|
(275 |
) |
|
(16 |
) |
Deferred taxes and other items |
|
3 |
|
|
11 |
|
|
(65 |
) |
|
(40 |
) |
Net (loss) income attributable to the partnership |
$ |
(195 |
) |
$ |
50 |
|
$ |
(58 |
) |
$ |
106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
Funds from operations in this statement is on a segmented
basis and represents the operations of Brookfield Infrastructure
net of charges associated with related liabilities and
non-controlling interests. Adjusted EBITDA is defined as FFO
excluding the impact of interest expense, cash taxes and other
income or expenses. Net income attributable to the partnership
includes net income attributable to non-controlling interests -
redeemable partnership units held by Brookfield, limited partners
and the general partner. |
|
The Statements of Funds from Operations above are prepared
on a basis that is consistent with the Partnership's Supplemental
Information and differs from net income as presented in Brookfield
Infrastructure's Consolidated Statements of Operating Results on
page 8 of this release, which is prepared in accordance with IFRS.
Management uses FFO as a key measure to evaluate performance and to
determine the underlying value of its businesses. Readers are
encouraged to consider both measures in assessing Brookfield
Infrastructure's results. |
|
Brookfield Infrastructure Partners L.P. |
Statements of Partnership Capital |
|
|
|
|
|
|
As of December 31 |
(US$ MILLIONS, UNAUDITED) |
|
2013 |
|
2012 |
|
|
|
|
|
Assets |
|
|
|
|
Operating Platforms |
|
|
|
|
|
Utilities |
$ |
1,928 |
$ |
2,218 |
|
Transport |
|
2,456 |
|
2,335 |
|
Energy |
|
702 |
|
938 |
Corporate cash and financial assets |
|
523 |
|
7 |
Other assets, net |
|
- |
|
472 |
|
$ |
5,609 |
$ |
5,970 |
|
|
|
|
|
Liabilities |
|
|
|
|
Corporate borrowings |
$ |
377 |
$ |
946 |
Other liabilities, net |
|
46 |
|
- |
|
|
423 |
|
946 |
|
|
|
|
|
Capitalization |
|
|
|
|
Partnership capital |
|
5,186 |
|
5,024 |
|
$ |
5,609 |
$ |
5,970 |
|
|
|
|
|
|
|
|
|
|
Notes: |
Partnership capital in these statements represents
Brookfield Infrastructure's investments in its operations on a
segmented basis, net of underlying liabilities and non-controlling
interests, and includes partnership capital attributable to
non-controlling interests - redeemable partnership units held by
Brookfield, limited partners and the general partner. |
|
Accordingly, the statements above differ from Brookfield
Infrastructure's Consolidated Statements of Financial Position
contained in its financial statements, which are prepared in
accordance with IFRS. Readers are encouraged to consider both bases
of presentation in assessing Brookfield Infrastructure's financial
position on page 7 of this release. |
|
Brookfield Infrastructure Partners L.P. |
Consolidated Statements of Financial Position |
|
|
|
As of December 31 |
(US$ MILLIONS, UNAUDITED) |
|
2013 |
|
2012 |
|
|
|
|
|
Assets |
|
|
|
|
Cash and cash equivalents |
$ |
538 |
$ |
263 |
Financial assets |
|
259 |
|
- |
Accounts receivable |
|
381 |
|
372 |
Other current assets |
|
90 |
|
111 |
Total current assets |
|
1,268 |
|
746 |
|
|
|
|
|
Property, plant and equipment |
|
7,763 |
|
7,970 |
Intangible assets |
|
4,006 |
|
4,497 |
Standing timber |
|
- |
|
2,997 |
Investments in associates |
|
2,039 |
|
2,179 |
Investment properties |
|
164 |
|
213 |
Deferred income taxes and other |
|
442 |
|
1,116 |
Total assets |
$ |
15,682 |
$ |
19,718 |
|
|
|
|
|
Liabilities and partnership capital |
|
|
|
|
Accounts payable and other |
$ |
553 |
$ |
582 |
Non-recourse borrowings |
|
71 |
|
663 |
Financial liabilities |
|
36 |
|
46 |
Total current liabilities |
|
660 |
|
1,291 |
|
|
|
|
|
Corporate borrowings |
|
377 |
|
946 |
Non-recourse borrowings |
|
5,719 |
|
6,330 |
Financial liabilities |
|
511 |
|
839 |
Deferred income taxes and other |
|
1,810 |
|
2,504 |
Total liabilities |
|
9,077 |
|
11,910 |
|
|
|
|
|
Partnership capital |
|
|
|
|
Limited partners |
|
3,751 |
|
3,632 |
General partner |
|
27 |
|
27 |
Non-controlling interest - redeemable partnership units held by
Brookfield |
|
1,408 |
|
1,365 |
Non-controlling interest - in operating subsidiaries |
|
1,419 |
|
2,784 |
Total partnership capital |
|
6,605 |
|
7,808 |
Total liabilities and partnership capital |
$ |
15,682 |
$ |
19,718 |
|
|
|
|
|
|
|
|
|
|
Brookfield Infrastructure Partners L.P. |
Consolidated Statements of Operating Results |
|
|
|
|
|
|
|
For the three-month period ended Dec. 31 |
|
For the 12-month period ended Dec. 31 |
|
(US$ MILLIONS, EXCEPT PER UNIT INFORMATION,
UNAUDITED) |
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
470 |
|
$ |
451 |
|
$ |
1,826 |
|
$ |
1,524 |
|
Direct operating costs |
|
(212 |
) |
|
(229 |
) |
|
(823 |
) |
|
(766 |
) |
General and administrative expenses |
|
(28 |
) |
|
(28 |
) |
|
(110 |
) |
|
(95 |
) |
Depreciation and amortization expense |
|
(79 |
) |
|
(72 |
) |
|
(329 |
) |
|
(230 |
) |
|
|
151 |
|
|
122 |
|
|
564 |
|
|
433 |
|
Interest expense |
|
(98 |
) |
|
(98 |
) |
|
(362 |
) |
|
(322 |
) |
Share of (losses) earnings from associates |
|
(272 |
) |
|
(7 |
) |
|
(217 |
) |
|
1 |
|
Gain on sale of associate |
|
35 |
|
|
- |
|
|
53 |
|
|
- |
|
Valuation gains (losses) and other |
|
27 |
|
|
(6 |
) |
|
(16 |
) |
|
(41 |
) |
(Loss) income before income tax |
|
(157 |
) |
|
11 |
|
|
22 |
|
|
71 |
|
Income tax (expense) recovery |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
(7 |
) |
|
(1 |
) |
|
(3 |
) |
|
(12 |
) |
|
Deferred |
|
(12 |
) |
|
5 |
|
|
1 |
|
|
42 |
|
Net (loss) income from continuing operations |
|
(176 |
) |
|
15 |
|
|
20 |
|
|
101 |
|
Income from discontinued operations, net of income
tax |
|
- |
|
|
165 |
|
|
45 |
|
|
190 |
|
Non-controlling interest - in operating
subsidiaries |
|
(19 |
) |
|
(130 |
) |
|
(123 |
) |
|
(185 |
) |
Net (loss) income attributable to partnership |
$ |
(195 |
) |
$ |
50 |
|
$ |
(58 |
) |
$ |
106 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest - redeemable partnership units
held by Brookfield |
$ |
(58 |
) |
$ |
14 |
|
$ |
(26 |
) |
$ |
26 |
|
General partner |
|
7 |
|
|
4 |
|
|
31 |
|
|
16 |
|
Limited partners |
|
(144 |
) |
|
32 |
|
|
(63 |
) |
|
64 |
|
Basic and diluted (loss) earnings per unit attributable
to: Limited partners1 |
$ |
(0.96 |
) |
$ |
0.23 |
|
$ |
(0.43 |
) |
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Average number of limited partnership units outstanding on a
time weighted average basis for the three and 12 months ended
December 31, 2013 were 150.2 million and 147.8 million,
respectively (2012 - 143.6 million and 136.9 million,
respectively). |
|
Brookfield Infrastructure Partners L.P. |
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
For the three-month period ended Dec. 31 |
|
For the 12-month period ended Dec. 31 |
|
(US$ MILLIONS, UNAUDITED) |
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Operating Activities |
|
|
|
|
|
|
|
|
Net (loss) income from continuing operations |
$ |
(176 |
) |
$ |
15 |
|
$ |
20 |
|
$ |
101 |
|
Adjusted for the following items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of income tax |
|
- |
|
|
165 |
|
|
45 |
|
|
190 |
|
|
Share of earnings from associates, net of distributions |
|
323 |
|
|
43 |
|
|
307 |
|
|
62 |
|
|
Depreciation and amortization expense |
|
79 |
|
|
72 |
|
|
329 |
|
|
230 |
|
|
Gain on sale of associate |
|
(35 |
) |
|
- |
|
|
(53 |
) |
|
- |
|
|
Valuation losses (gains) and other |
|
6 |
|
|
(258 |
) |
|
53 |
|
|
(136 |
) |
|
Deferred tax recovery |
|
12 |
|
|
67 |
|
|
12 |
|
|
30 |
|
Change in non-cash working capital, net |
|
(46 |
) |
|
137 |
|
|
(19 |
) |
|
158 |
|
Cash from operating activities |
|
163 |
|
|
241 |
|
|
694 |
|
|
635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from (investments in): Operating
assets |
|
(43 |
) |
|
(384 |
) |
|
566 |
|
|
(409 |
) |
|
Associates |
|
411 |
|
|
(493 |
) |
|
(61 |
) |
|
(728 |
) |
|
Long-lived assets |
|
(107 |
) |
|
(127 |
) |
|
(420 |
) |
|
(637 |
) |
|
Financial assets |
|
150 |
|
|
49 |
|
|
(221 |
) |
|
- |
|
Net settlement of foreign exchange contracts |
|
(28 |
) |
|
(5 |
) |
|
(26 |
) |
|
10 |
|
Cash from (used by) investing activities |
|
383 |
|
|
(960 |
) |
|
(162 |
) |
|
(1,764 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution to limited and general partners |
|
(98 |
) |
|
(79 |
) |
|
(388 |
) |
|
(304 |
) |
Corporate debt issuance |
|
- |
|
|
408 |
|
|
- |
|
|
408 |
|
Net (repayments) borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(193 |
) |
|
454 |
|
|
(546 |
) |
|
546 |
|
|
Subsidiary |
|
70 |
|
|
(155 |
) |
|
520 |
|
|
182 |
|
Issuance of partnership units (inclusive of dividend
reinvestment plan) |
|
2 |
|
|
1 |
|
|
338 |
|
|
500 |
|
Subsidiary distributions to non-controlling
interest |
|
(62 |
) |
|
(33 |
) |
|
(156 |
) |
|
(94 |
) |
Cash (used by) from financing activities |
|
(281 |
) |
|
596 |
|
|
(232 |
) |
|
1,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change during the period |
$ |
265 |
|
$ |
(123 |
) |
$ |
300 |
|
$ |
109 |
|
|
Impact of foreign exchange on cash |
|
(7 |
) |
|
2 |
|
|
(25 |
) |
|
1 |
|
|
Balance, beginning of period |
|
280 |
|
|
384 |
|
|
263 |
|
|
153 |
|
Balance, end of period |
$ |
538 |
|
$ |
263 |
|
$ |
538 |
|
$ |
263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investors:Tracey WiseVice President, Investor RelationsTel:
416-956-5154Email: tracey.wise@brookfield.comMedia:Andrew
WillisSenior Vice President, Communications and MediaTel:
416-369-8236Email: andrew.willis@brookfield.com
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