BROOKFIELD, NEWS,
“Our base business generated strong results in the second quarter, benefiting from the ongoing economic recovery,” said
| For the three months ended | For the six months ended | ||||||||||||||
| US$ millions (except per unit amounts), unaudited1 | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Net income (loss)2 | $ | 352 | $ | (61 | ) | $ | 542 | $ | 58 | ||||||
| – per unit3 | $ | 0.61 | $ | (0.25 | ) | $ | 0.88 | $ | (0.12 | ) | |||||
| FFO4 | $ | 394 | $ | 333 | $ | 825 | $ | 691 | |||||||
| – per unit (split-adjusted)5 | $ | 0.85 | $ | 0.72 | $ | 1.77 | $ | 1.49 | |||||||
Brookfield reported net income of
Funds from Operations (or FFO) of
Segment Performance
The utilities segment generated FFO of
FFO for the transport segment was
FFO for the midstream segment totaled
The data segment recorded FFO of
The following table presents FFO by segment:
| For the three months ended | For the six months ended | ||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| FFO by segment | |||||||||||||||
| Utilities | $ | 190 | $ | 157 | $ | 356 | $ | 322 | |||||||
| Transport | 173 | 127 | 335 | 266 | |||||||||||
| Midstream | 60 | 60 | 206 | 137 | |||||||||||
| Data | 60 | 43 | 120 | 85 | |||||||||||
| Corporate | (89 | ) | (54 | ) | (192 | ) | (119 | ) | |||||||
| FFO | $ | 394 | $ | 333 | $ | 825 | $ | 691 | |||||||
Update on Strategic Initiatives
We completed or advanced several important initiatives in, and subsequent to, the second quarter of 2021:
- North American District Energy Business – The divestment of our Canadian and U.S. district energy platforms closed in June and July, respectively, and resulted in aggregate proceeds to Brookfield Infrastructure of approximately
$1.0 billion . - Inter Pipeline Ltd. – We have made significant progress with our bid to acquire IPL. On
July 27th , IPL’s Board of Directors formally recommended that existing shareholders accept our offer. This follows the termination of the proposed transaction with another company, and recommendations from two leading independent proxy advisors to vote against this competing transaction. We now expect a clear path to acquire the company, with the tender offer expiring tomorrow,August 6th . Based on conversations to date with many IPL shareholders, we are confident that we will progress with the privatization and look forward to deploying approximately $2 billion (BIP’s share) in this essential midstream operation. - India Data Centers Portfolio – In July, we announced a joint venture with Digital Realty to develop and operate data centers in
India . Our intention is to replicate our successful partnership inLatin America , where we have jointly developed nine data centers since 2019.
Distribution and Dividend Declaration
The Board of Directors has declared a quarterly distribution in the amount of
Additional Information
The Board has reviewed and approved this news release, including the summarized unaudited financial information contained herein.
Brookfield Infrastructure’s Letter to Unitholders and Supplemental Information are available at www.brookfield.com/infrastructure.
Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over $625 billion of assets under management. For more information, go to www.brookfield.com.
Please note that Brookfield Infrastructure Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR and Edgar, and can also be found in the shareholders section of its website at www.brookfield.com/infrastructure. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
For more information, please contact:
| Media: | Investors: |
| Senior Vice President, Communications | Manager, Investor Relations |
| Tel: (416) 369-8236 | Tel: (416) 956-5183 |
| Email: [email protected] | Email: [email protected] |
Conference Call and Quarterly Earnings Details
Investors, analysts and other interested parties can access Brookfield Infrastructure’s Second Quarter 2021 Results as well as the Letter to Unitholders and Supplemental Information on Brookfield Infrastructure’s website under the Investor Relations section at www.brookfield.com/infrastructure.
The conference call can be accessed via webcast on
Note: This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
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, general partnership units,
References to the Partnership are to
- Please refer to page 11 for results of
Brookfield Infrastructure Corporation . - Includes net income attributable to limited partners, the general partner, and non-controlling interests ‒ Redeemable Partnership Units held by Brookfield, Exchange LP Units, and BIPC exchangeable shares.
- Average number of limited partnership units outstanding on a time weighted average basis for the three and six-month periods ended
June 30, 2021 were 295.5 million and 295.5 million, respectively (2020 – 294.7 million and 294.1 million). Loss per limited partnership unit for the six-month period endedJune 30, 2020 has been adjusted to reflect the dilutive impact of the special distribution. - FFO is defined as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, and non-cash valuation gains or losses. A reconciliation of net income to FFO is available on page 8 of this release.
- Average number of partnership units outstanding on a fully diluted time weighted average basis for the three and six-month periods ended
June 30, 2021 were 465.1 million and 465.0 million, respectively (2020: 464.9 million and 464.8 million, adjusted for the BIPC special distribution).
Consolidated Statements of Financial Position
| As of | |||||||
| US$ millions, unaudited | 2021 | 2020 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 1,275 | $ | 867 | |||
| Financial assets | 597 | 425 | |||||
| Property, plant and equipment and investment properties | 28,568 | 32,102 | |||||
| Intangible assets and goodwill | 19,217 | 18,401 | |||||
| Investments in associates and joint ventures | 5,127 | 5,528 | |||||
| Deferred income taxes and other | 5,494 | 4,008 | |||||
| Total assets | $ | 60,278 | $ | 61,331 | |||
| Liabilities and partnership capital | |||||||
| Corporate borrowings | $ | 2,822 | $ | 3,158 | |||
| Non-recourse borrowings | 19,999 | 20,020 | |||||
| Financial liabilities | 2,894 | 3,374 | |||||
| Deferred income taxes and other | 13,112 | 13,106 | |||||
| Partnership capital | |||||||
| Limited partners | 4,275 | 4,233 | |||||
| General partner | 20 | 19 | |||||
| Non-controlling interest attributable to: | |||||||
| Redeemable partnership units held by Brookfield | 1,703 | 1,687 | |||||
| BIPC exchangeable shares and | 654 | 650 | |||||
| Interest of others in operating subsidiaries | 13,475 | 13,954 | |||||
| Preferred unitholders | 1,324 | 1,130 | |||||
| Total partnership capital | 21,451 | 21,673 | |||||
| Total liabilities and partnership capital | $ | 60,278 | $ | 61,331 | |||
Consolidated Statements of Operating Results
| For the three months ended | For the six months ended | ||||||||||||||
| US$ millions, except per unit information, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Revenues | $ | 2,663 | $ | 1,946 | $ | 5,346 | $ | 4,142 | |||||||
| Direct operating costs | (1,433 | ) | (1,063 | ) | (2,779 | ) | (2,302 | ) | |||||||
| General and administrative expense | (96 | ) | (72 | ) | (191 | ) | (133 | ) | |||||||
| Depreciation and amortization expense | (492 | ) | (375 | ) | (961 | ) | (775 | ) | |||||||
| 642 | 436 | 1,415 | 932 | ||||||||||||
| Interest expense | (362 | ) | (247 | ) | (717 | ) | (529 | ) | |||||||
| Share of earnings from associates and joint ventures | 10 | 11 | 77 | 59 | |||||||||||
| Mark-to-market on hedging items | (15 | ) | (75 | ) | 20 | 123 | |||||||||
| Other income (expense) | 1,317 | (28 | ) | 1,344 | (234 | ) | |||||||||
| Income before income tax | 1,592 | 97 | 2,139 | 351 | |||||||||||
| Income tax expense | |||||||||||||||
| Current | (74 | ) | (55 | ) | (168 | ) | (113 | ) | |||||||
| Deferred | (212 | ) | (8 | ) | (252 | ) | (56 | ) | |||||||
| Net income | 1,306 | 34 | 1,719 | 182 | |||||||||||
| Non-controlling interest of others in operating subsidiaries | (954 | ) | (95 | ) | (1,177 | ) | (124 | ) | |||||||
| Net income (loss) attributable to partnership | $ | 352 | $ | (61 | ) | $ | 542 | $ | 58 | ||||||
| Attributable to: | |||||||||||||||
| Limited partners | $ | 192 | $ | (67 | ) | $ | 281 | $ | (15 | ) | |||||
| General partner | 51 | 45 | 101 | 91 | |||||||||||
| Non-controlling interest | |||||||||||||||
| Redeemable partnership units held by Brookfield | 79 | (29 | ) | 116 | (8 | ) | |||||||||
| BIPC exchangeable shares and | 30 | (10 | ) | 44 | (10 | ) | |||||||||
| Basic and diluted earnings (loss) per unit attributable to: | |||||||||||||||
| Limited partners1 | $ | 0.61 | $ | (0.25 | ) | $ | 0.88 | $ | (0.12 | ) | |||||
- Average number of limited partnership units outstanding on a time weighted average basis for the three and six-month periods ended
June 30, 2021 were 295.5 million and 295.5 million, respectively (2020 – 294.7 million and 294.1 million). Loss per limited partnership unit for the six-month period endedJune 30, 2020 has been adjusted to reflect the dilutive impact of the special distribution.
Consolidated Statements of Cash Flows
| For the three months ended | For the six months ended | ||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Operating Activities | |||||||||||||||
| Net income | $ | 1,306 | $ | 34 | $ | 1,719 | $ | 182 | |||||||
| Adjusted for the following items: | |||||||||||||||
| Earnings from investments in associates and joint ventures, net of distributions received | (10 | ) | 27 | (18 | ) | 72 | |||||||||
| Depreciation and amortization expense | 492 | 375 | 961 | 775 | |||||||||||
| Mark-to-market on hedging items, provisions and other | (1,254 | ) | 84 | (1,348 | ) | 265 | |||||||||
| Deferred income tax expense | 212 | 8 | 252 | 56 | |||||||||||
| Change in non-cash working capital, net | (182 | ) | 87 | (276 | ) | (13 | ) | ||||||||
| Cash from operating activities | 564 | 615 | 1,290 | 1,337 | |||||||||||
| Investing Activities | |||||||||||||||
| Net proceeds from (investments in): | |||||||||||||||
| Operating assets | 2,539 | — | 2,443 | 722 | |||||||||||
| Sale of associates | — | — | 412 | — | |||||||||||
| Long-lived assets | (402 | ) | (266 | ) | (723 | ) | (642 | ) | |||||||
| Financial assets | (101 | ) | (103 | ) | 24 | (256 | ) | ||||||||
| Net settlements of foreign exchange contracts | (18 | ) | 1 | (17 | ) | 83 | |||||||||
| Cash from (used by) investing activities | 2,018 | (368 | ) | 2,139 | (93 | ) | |||||||||
| Financing Activities | |||||||||||||||
| Distributions to limited and general partners | (305 | ) | (283 | ) | (608 | ) | (565 | ) | |||||||
| Net borrowings (repayments): | |||||||||||||||
| Corporate | 373 | 272 | (391 | ) | 665 | ||||||||||
| Subsidiary | 450 | 72 | 623 | 231 | |||||||||||
| Deposit repaid to parent | (744 | ) | — | (344 | ) | — | |||||||||
| Preferred units issued | — | — | 194 | — | |||||||||||
| Partnership units issued | 3 | 3 | 6 | 5 | |||||||||||
| Net capital provided to non-controlling interest and other | (2,253 | ) | (166 | ) | (2,498 | ) | (958 | ) | |||||||
| Cash used by financing activities | (2,476 | ) | (102 | ) | (3,018 | ) | (622 | ) | |||||||
| Cash and cash equivalents | |||||||||||||||
| Change during the period | $ | 106 | $ | 145 | $ | 411 | $ | 622 | |||||||
| Cash reclassified as held for sale | — | — | (6 | ) | — | ||||||||||
| Impact of foreign exchange on cash | 29 | 9 | 3 | (69 | ) | ||||||||||
| Balance, beginning of period | 1,140 | 1,226 | 867 | 827 | |||||||||||
| Balance, end of period | $ | 1,275 | $ | 1,380 | $ | 1,275 | $ | 1,380 | |||||||
Statements of Funds from Operations
| For the three months ended | For the six months ended | ||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Adjusted EBITDA | |||||||||||||||
| Utilities | $ | 251 | $ | 203 | $ | 474 | $ | 417 | |||||||
| Transport | 239 | 174 | 472 | 369 | |||||||||||
| Midstream | 82 | 82 | 267 | 182 | |||||||||||
| Data | 84 | 53 | 166 | 109 | |||||||||||
| Corporate | (96 | ) | (72 | ) | (191 | ) | (133 | ) | |||||||
| Total | 560 | 440 | 1,188 | 944 | |||||||||||
| Financing costs | (178 | ) | (148 | ) | (364 | ) | (299 | ) | |||||||
| Other income | 12 | 41 | 1 | 46 | |||||||||||
| Funds from operations (FFO) | 394 | 333 | 825 | 691 | |||||||||||
| Depreciation and amortization | (273 | ) | (222 | ) | (553 | ) | (469 | ) | |||||||
| Deferred taxes and other items | 231 | (172 | ) | 270 | (164 | ) | |||||||||
| Net income (loss) attributable to the partnership | $ | 352 | $ | (61 | ) | $ | 542 | $ | 58 | ||||||
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 and other income or expenses. Net income attributable to the partnership includes net income attributable to limited partners, the general partner, and non-controlling interests – redeemable partnership units held by Brookfield, Exchange LP Units and BIPC exchangeable shares.
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 6 of this release, which is prepared in accordance with IFRS. Management uses funds from operations (FFO) as a key measure to evaluate operating performance. Readers are encouraged to consider both measures in assessing Brookfield Infrastructure’s results.
Statements of Funds from Operations per Unit
| For the three months ended | For the six months ended | ||||||||||||||
| US$, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Earnings (loss) per limited partnership unit1 | $ | 0.61 | $ | (0.25 | ) | $ | 0.88 | $ | (0.12 | ) | |||||
| Add back or deduct the following: | |||||||||||||||
| Depreciation and amortization | 0.59 | 0.48 | 1.19 | 1.01 | |||||||||||
| Deferred taxes and other items | (0.35 | ) | 0.49 | (0.30 | ) | 0.60 | |||||||||
| FFO per unit2 | $ | 0.85 | $ | 0.72 | $ | 1.77 | $ | 1.49 | |||||||
- Average number of limited partnership units outstanding on a time weighted average basis for the three and six-month periods ended
June 30, 2021 were 295.5 million and 295.5 million, respectively (2020 – 294.7 million and 294.1 million). Loss per limited partnership unit for the six-month period endedJune 30, 2020 has been adjusted to reflect the dilutive impact of the special distribution. - Average number of partnership units outstanding on a fully diluted time weighted average basis for the three and six-month periods ended
June 30, 2021 were 465.1 million and 465.0 million, respectively (2020: 464.9 million and 464.8 million, adjusted for the BIPC special distribution).
Notes:
The Statements of Funds from Operations per unit above are prepared on a basis that is consistent with the Partnership’s Supplemental Information and differs from net income per limited partnership unit as presented in Brookfield Infrastructure’s Consolidated Statements of Operating Results on page 6 of this release, which is prepared in accordance with IFRS. Management uses funds from operations per unit (FFO per unit) as a key measure to evaluate operating performance. Readers are encouraged to consider both measures in assessing Brookfield Infrastructure’s results.
Statements of
| As of | |||||||
| US$ millions, unaudited | 2021 | 2020 | |||||
| Assets | |||||||
| Operating groups | |||||||
| Utilities | $ | 2,519 | $ | 2,896 | |||
| Transport | 4,172 | 4,209 | |||||
| Midstream | 1,882 | 2,245 | |||||
| Data | 1,894 | 1,995 | |||||
| Cash and cash equivalents | 836 | 464 | |||||
| $ | 11,303 | $ | 11,809 | ||||
| Liabilities | |||||||
| Corporate borrowings | $ | 2,822 | $ | 3,158 | |||
| Other liabilities | 1,829 | 2,062 | |||||
| 4,651 | 5,220 | ||||||
| Capitalization | |||||||
| Partnership capital | 6,652 | 6,589 | |||||
| $ | 11,303 | $ | 11,809 | ||||
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 limited partners, the general partner and non-controlling interests – redeemable partnership units held by Brookfield, Exchange LP Units, and BIPC exchangeable shares.
The Statements of
Brookfield Infrastructure Corporation Reports
Second Quarter 2021 Results
The Board of Directors of
The Shares of BIPC are structured with the intention of being economically equivalent to the non-voting limited partnership units of
Results
The net income and Funds from Operations1 (FFO) of BIPC are captured in the Partnership’s financial statements and results.
Net income, after adjusting for the revaluation of and dividends paid on our Shares that are classified as liabilities under IFRS, was
Our business generated FFO of
Note: This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
- FFO is defined as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, and non-cash valuation gains or losses. We also exclude from FFO dividends paid to the holders of the Shares which are presented as interest expense, as well as interest expense on loans payable to the Partnership which represent the Partnership’s investment in our company. A reconciliation of net income to FFO is available on page 16 of this release.
Consolidated Statements of Financial Position
| As of | |||||||
| US$ millions, unaudited | 2021 | 2020 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 370 | $ | 192 | |||
| Accounts receivable and other | 531 | 394 | |||||
| Property, plant and equipment | 4,634 | 5,111 | |||||
| Intangible assets | 2,997 | 2,948 | |||||
| 542 | 528 | ||||||
| Deferred tax asset and other | 102 | 171 | |||||
| Total assets | $ | 9,176 | $ | 9,344 | |||
| Liabilities and Equity | |||||||
| Accounts payable and other | $ | 501 | $ | 505 | |||
| Exchangeable and class B shares | 2,497 | 2,221 | |||||
| Non-recourse borrowings | 3,740 | 3,477 | |||||
| Loans payable to Brookfield Infrastructure | 825 | 1,143 | |||||
| Financial liabilities | 978 | 1,031 | |||||
| Deferred tax liabilities and other | 1,783 | 1,539 | |||||
| Equity | |||||||
| Equity in net assets attributable to the Partnership | (1,983 | ) | (1,722 | ) | |||
| Non-controlling interest | 835 | 1,150 | |||||
| Total equity | (1,148 | ) | (572 | ) | |||
| Total liabilities and equity | $ | 9,176 | $ | 9,344 | |||
Consolidated Statements of Operating Results
| For the three months ended | For the six months ended | ||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Revenues | $ | 416 | $ | 322 | $ | 815 | $ | 706 | |||||||
| Direct operating costs | (72 | ) | (54 | ) | (141 | ) | (116 | ) | |||||||
| Depreciation and amortization expense | (70 | ) | (67 | ) | (145 | ) | (143 | ) | |||||||
| 274 | 201 | 529 | 447 | ||||||||||||
| Interest expense | (68 | ) | (62 | ) | (131 | ) | (94 | ) | |||||||
| Remeasurement of exchangeable and class B shares | (103 | ) | (238 | ) | (276 | ) | (140 | ) | |||||||
| Mark-to-market and other income (expense) | 135 | (43 | ) | 101 | (61 | ) | |||||||||
| Income (loss) before income tax | 238 | (142 | ) | 223 | 152 | ||||||||||
| Income tax expense | |||||||||||||||
| Current | (51 | ) | (35 | ) | (104 | ) | (79 | ) | |||||||
| Deferred | (122 | ) | (17 | ) | (140 | ) | (66 | ) | |||||||
| Net income (loss) | $ | 65 | $ | (194 | ) | $ | (21 | ) | $ | 7 | |||||
| Attributable to: | |||||||||||||||
| Partnership | $ | (43 | ) | $ | (266 | ) | $ | (221 | ) | $ | (149 | ) | |||
| Non-controlling interest | 108 | 72 | 200 | 156 | |||||||||||
Consolidated Statements of Cash Flows
| For the three months ended | For the six months ended | ||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Operating Activities | |||||||||||||||
| Net income (loss) | $ | 65 | $ | (194 | ) | $ | (21 | ) | $ | 7 | |||||
| Adjusted for the following items: | |||||||||||||||
| Depreciation and amortization expense | 70 | 67 | 145 | 143 | |||||||||||
| Mark-to-market on hedging items and other | (141 | ) | 35 | (120 | ) | 48 | |||||||||
| Remeasurement of exchangeable and class B shares | 103 | 238 | 276 | 140 | |||||||||||
| Deferred income tax expense | 122 | 17 | 140 | 66 | |||||||||||
| Change in non-cash working capital, net | 16 | 5 | (61 | ) | (56 | ) | |||||||||
| Cash from operating activities | 235 | 168 | 359 | 348 | |||||||||||
| Investing Activities | |||||||||||||||
| Disposal of subsidiaries, net of cash disposed | 817 | — | 817 | — | |||||||||||
| Purchase of long-lived assets, net of disposals | (101 | ) | (63 | ) | (196 | ) | (184 | ) | |||||||
| Settlement of foreign exchange hedging items | (76 | ) | — | (76 | ) | — | |||||||||
| Cash from (used by) investing activities | 640 | (63 | ) | 545 | (184 | ) | |||||||||
| Financing Activities | |||||||||||||||
| Distributions to non-controlling interest | (175 | ) | (87 | ) | (281 | ) | (188 | ) | |||||||
| Distributions to, net of contributions from, the Partnership | — | — | — | (33 | ) | ||||||||||
| Proceeds from borrowings | 331 | — | 377 | 435 | |||||||||||
| Repayments of borrowings | (533 | ) | — | (551 | ) | (380 | ) | ||||||||
| Capital provided to non-controlling interest | (283 | ) | — | (283 | ) | — | |||||||||
| Cash used by financing activities | (660 | ) | (87 | ) | (738 | ) | (166 | ) | |||||||
| Cash and cash equivalents | |||||||||||||||
| Change during the period | $ | 215 | $ | 18 | $ | 166 | $ | (2 | ) | ||||||
| Impact of foreign exchange on cash | 31 | — | 12 | (41 | ) | ||||||||||
| Balance, beginning of period | 124 | 143 | 192 | 204 | |||||||||||
| Balance, end of period | $ | 370 | $ | 161 | $ | 370 | $ | 161 | |||||||
Statements of Funds from Operations
| For the three months ended | For the six months ended | ||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Adjusted EBITDA | |||||||||||||||
| Utilities | $ | 163 | $ | 124 | $ | 309 | $ | 266 | |||||||
| Corporate | (10 | ) | (8 | ) | (20 | ) | (14 | ) | |||||||
| Total | 153 | 116 | 289 | 252 | |||||||||||
| Financing costs | (21 | ) | (17 | ) | (39 | ) | (36 | ) | |||||||
| Other expenses | (14 | ) | (9 | ) | (28 | ) | (19 | ) | |||||||
| Funds from operations (FFO) | 118 | 90 | 222 | 197 | |||||||||||
| Depreciation and amortization | (39 | ) | (36 | ) | (80 | ) | (74 | ) | |||||||
| Remeasurement of exchangeable and class B shares | (103 | ) | (238 | ) | (276 | ) | (140 | ) | |||||||
| Deferred taxes and other items | (19 | ) | (82 | ) | (87 | ) | (132 | ) | |||||||
| Net loss attributable to the Partnership | $ | (43 | ) | $ | (266 | ) | $ | (221 | ) | $ | (149 | ) | |||
Notes:
Funds from operations in this statement is on a segmented basis and represents the operations of
The Statements of Funds from Operations above are prepared on a basis that differs from net income as presented in Brookfield Infrastructure Corporation’s Consolidated Statements of Operating Results on page 14 of this release, which is prepared in accordance with IFRS. Management uses FFO as a key measure to evaluate operating performance. Readers are encouraged to consider both measures in assessing our company’s results.
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English |