BROOKFIELD, News,
“Brookfield Infrastructure delivered another solid quarter, generating strong financial results and achieving our annual growth and asset sale objectives,” said
Overview
These results were delivered despite FFO contributions foregone with a record year to date of asset sales. We generated over
Approximately
| For the three months ended |
For the nine months ended |
||||||||||||
| US$ millions (except per unit amounts), unaudited1 | 2025 | 2024 | 2025 | 2024 | |||||||||
| Net income (loss)2 | $ | 440 | $ | (52 | ) | $ | 634 | $ | 126 | ||||
| – per unit3 | $ | 0.44 | $ | (0.18 | ) | $ | 0.45 | $ | (0.18 | ) | |||
| FFO4 | $ | 654 | $ | 599 | $ | 1,938 | $ | 1,822 | |||||
| – per unit5 | $ | 0.83 | $ | 0.76 | $ | 2.46 | $ | 2.31 | |||||
FFO for the third quarter was
Strategic Initiatives
We have met our deployment objective for the year, securing six new investments totaling over
We also recently secured two utility acquisitions in
The second is the acquisition of a South Korean industrial gas business that supplies gaseous nitrogen, clean dry air and other industrial gases to industry-leading and investment-grade semiconductor manufacturers. The business includes a pipeline segment that represents approximately 75% of the consolidated EBITDA and is underpinned by 20-year, minimum take-or-pay offtake agreements, with significant cost pass throughs. The remaining 25% is derived from supplying bulk liquified gases to its pipeline customers, with exclusive feedstock access from Korea’s largest refinery and supported primarily by long-term contracts that have cost pass throughs or inflation indexation. The total equity purchase price is
We successfully completed two other transactions this year, including the acquisition of
The momentum in our asset sale program has continued, having locked in significant value created during our ownership, and showcasing our fully self-funded business model. For the year, we have generated over
The two most significant and recent sales were completed in the public markets. First, we fully exited our remaining 26% interest in our Australian export terminal at a 9% premium to the prior sale price of a 23% interest in June. We generated
In mid-October, Brookfield sold a 28% interest in our
We have been successful in two additional smaller-scale asset sales. During the quarter we sold a 33% stake in our Indian gas transmission operation, retaining a 42% interest in the business. We also entered into an agreement to sell our
Segment Performance
The following table presents FFO by segment:
| For the three months ended |
For the nine months ended |
||||||||||||||
| US$ millions, unaudited1 | 2025 | 2024 | 2025 | 2024 | |||||||||||
| FFO by segment | |||||||||||||||
| Utilities | $ | 190 | $ | 188 | $ | 569 | $ | 558 | |||||||
| Transport | 286 | 308 | 878 | 929 | |||||||||||
| Midstream | 156 | 147 | 482 | 460 | |||||||||||
| Data | 138 | 85 | 353 | 231 | |||||||||||
| Corporate | (116 | ) | (129 | ) | (344 | ) | (356 | ) | |||||||
| FFO4 | $ | 654 | $ | 599 | $ | 1,938 | $ | 1,822 | |||||||
The utilities segment generated FFO of
FFO for the transport segment was
Our midstream segment generated FFO of
The data segment generated FFO of
Balance Sheet and Liquidity
The capital markets were favorable throughout the third quarter, characterized by robust new issuance activity and tightening credit spreads. During the period, we executed financings to enhance liquidity, support growth initiatives and refinance near-term maturities. This included a corporate issuance of medium-term notes in September across two tranches totaling
Our balance sheet remains well-capitalized. As a result of our proactive approach to refinancing, less than 1% of our non-recourse debt is maturing over the next 12 months and we maintain a well-laddered maturity profile, with a weighted average maturity of approximately seven years. Total liquidity at the end of the third quarter was
Distribution and Dividend Declaration
The Board of Directors of BIP declared a quarterly distribution in the amount of
Unit Repurchases and Establishment of an ATM Program
Overall, any ATM program is expected to be non-dilutive as it is expected that the combined number of LP Units and BIPC Shares of
Conference Call and Quarterly Earnings Details
Investors, analysts and other interested parties can access Brookfield Infrastructure’s Third Quarter 2025 Results and Supplemental Information, under the Investor Relations section at https://bip.brookfield.com.
To participate in the Conference Call today at
Additional Information
The Board has reviewed and approved this news release, including the summarized unaudited financial information contained herein.
About
Contact Information
| Media: | Investors: |
| Director | Senior Vice President |
| Communications | Corporate Development & Investor Relations |
| Tel: +44 204 557 4334 | Tel: +1 416 956 5129 |
| Email: [email protected] | Email: [email protected] |
Cautionary Statement
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities referred to herein, nor shall there be any offer for sale, or solicitation of an offer to buy, any of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of any securities referred to herein will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering.
This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “target”, “future”, “growth”, “expect”, “believe”, “may”, 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 may include statements regarding expansion of Brookfield Infrastructure’s business, the likelihood and timing of successfully completing the transactions referred to in this news release, statements with respect to our assets tending to appreciate in value over time, the future performance of acquired businesses and growth initiatives, the commissioning of our capital backlog, the pursuit of projects in our pipeline, the level of distribution growth over the next several years and our expectations regarding returns to our unitholders as a result of such growth. Although
Any statements contained herein with respect to tax consequences are of a general nature only and are not intended to be, nor should they be construed to be, legal or tax advice to any person, and no representation with respect to tax consequences is made. Unitholders and shareholders are urged to consult their tax advisors with respect to their particular circumstances.
References to
References to the Partnership are to
- Please refer to page 13 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, BIPC exchangeable LP units and BIPC exchangeable shares and class A.2 exchangeable shares. - Average number of limited partnership units outstanding on a time weighted average basis for the three and nine-month periods ended
September 30, 2025 of 461.1 million and 459.8 million, respectively (2024: 461.7 million and 461.5 million). - We define FFO as net income excluding the impact of certain non-cash items including depreciation and amortization, deferred income taxes, mark-to-market gains (losses) and other income (expenses) that are not related to normal revenue earning activities or that are not normal, recurring cash operating expenses necessary for business operations. FFO includes income (loss) earned by data center developers which is generated through development, commercialization, and sale of completed sites. The inclusion of this income reflects the operating performance of such investments and includes income (or losses) recognized in the current and prior periods. FFO also includes balances attributable to the Partnership generated by investments in associates and joint ventures accounted for using the equity method and excludes amounts attributable to non-controlling interests based on the economic interests held by non-controlling interests in consolidated subsidiaries. We believe that FFO, when viewed in conjunction with our IFRS results, provides a more complete understanding of factors and trends affecting our underlying operations. FFO is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by IFRS as issued by the
International Accounting Standards Board . FFO is therefore unlikely to be comparable to similar measures presented by other issuers. A reconciliation of net income to FFO is available on page 11 of this release. Readers are encouraged to consider both measures in assessing our company’s results. - Average number of partnership units outstanding on a fully diluted time weighted average basis for the three and nine-month periods ended
September 30, 2025 was 791.5 million and 790.2 million, respectively (2024: 792.2 million and 792.1 million).
| Consolidated Statements of Financial Position | |||||
| As of | |||||
| US$ millions, unaudited | 2025 |
2024 |
|||
| Assets | |||||
| Cash and cash equivalents | $ | 2,613 | $ | 2,071 | |
| Financial assets | 239 | 255 | |||
| Property, plant and equipment and investment properties | 65,258 | 55,910 | |||
| Intangible assets and goodwill | 36,725 | 28,622 | |||
| Investments in associates and joint ventures | 5,275 | 5,672 | |||
| Assets held for sale | 2,301 | 1,958 | |||
| Deferred income taxes and other | 11,888 | 10,102 | |||
| Total assets | $ | 124,299 | $ | 104,590 | |
| Liabilities and partnership capital | |||||
| Corporate borrowings | $ | 5,263 | $ | 4,542 | |
| Non-recourse borrowings | 56,655 | 46,552 | |||
| Financial liabilities | 3,519 | 2,780 | |||
| Liabilities on held for sale assets | 1,502 | 1,209 | |||
| Deferred income taxes and other | 22,892 | 19,654 | |||
| Partnership capital | |||||
| Limited partners | 4,512 | 4,704 | |||
| General partner | 23 | 27 | |||
| Non-controlling interest attributable to: | |||||
| Redeemable partnership units held by Brookfield | 1,855 | 1,926 | |||
| Exchangeable units/shares1 | 1,344 | 1,417 | |||
| Perpetual subordinated notes | 293 | 293 | |||
| Interest of others in operating subsidiaries | 25,619 | 20,568 | |||
| Preferred unitholders | 822 | 918 | |||
| Total partnership capital | 34,468 | 29,853 | |||
| Total liabilities and partnership capital | $ | 124,299 | $ | 104,590 | |
- Includes non-controlling interest attributable to BIPC exchangeable shares and class A.2 exchangeable shares, BIPC exchangeable LP units and
Exchange LP units.
| Consolidated Statements of Operating Results | |||||||||||||||
| For the three months ended |
For the nine months ended |
||||||||||||||
| US$ millions, except per unit information, unaudited | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenues | $ | 5,975 | $ | 5,270 | $ | 16,796 | $ | 15,595 | |||||||
| Direct operating costs | (4,416 | ) | (3,897 | ) | (12,375 | ) | (11,685 | ) | |||||||
| General and administrative expense | (107 | ) | (113 | ) | (312 | ) | (302 | ) | |||||||
| 1,452 | 1,260 | 4,109 | 3,608 | ||||||||||||
| Interest expense | (1,014 | ) | (873 | ) | (2,822 | ) | (2,493 | ) | |||||||
| Share of earnings from associates and joint ventures | 437 | 56 | 548 | 192 | |||||||||||
| Mark-to-market losses | (158 | ) | (23 | ) | (423 | ) | (61 | ) | |||||||
| Other income (expense) | 320 | (107 | ) | 712 | 158 | ||||||||||
| Income before income tax | 1,037 | 313 | 2,124 | 1,404 | |||||||||||
| Income tax (expense) recovery | |||||||||||||||
| Current | (173 | ) | (135 | ) | (564 | ) | (429 | ) | |||||||
| Deferred | (114 | ) | 56 | (32 | ) | 257 | |||||||||
| Net income | 750 | 234 | 1,528 | 1,232 | |||||||||||
| Non-controlling interest of others in operating subsidiaries | (310 | ) | (286 | ) | (894 | ) | (1,106 | ) | |||||||
| Net income (loss) attributable to partnership | $ | 440 | $ | (52 | ) | $ | 634 | $ | 126 | ||||||
| Attributable to: | |||||||||||||||
| Limited partners | $ | 210 | $ | (73 | ) | $ | 230 | $ | (55 | ) | |||||
| General partner | 81 | 73 | 241 | 220 | |||||||||||
| Non-controlling interest | |||||||||||||||
| Redeemable partnership units held by Brookfield | 87 | (30 | ) | 96 | (23 | ) | |||||||||
| Exchangeable units/shares1 | 62 | (22 | ) | 67 | (16 | ) | |||||||||
| Basic and diluted income (loss) per unit attributable to: | |||||||||||||||
| Limited partners2 | $ | 0.44 | $ | (0.18 | ) | $ | 0.45 | $ | (0.18 | ) | |||||
- Includes non-controlling interest attributable to BIPC exchangeable shares and class A.2 exchangeable shares, BIPC exchangeable LP units and
Exchange LP units. - Average number of limited partnership units outstanding on a time weighted average basis for the three and nine-month periods ended
September 30, 2025 was 461.1 million and 459.8 million, respectively (2024: 461.7 million and 461.5 million).
| Consolidated Statements of Cash Flows | |||||||||||||||
| For the three months ended |
For the nine months ended |
||||||||||||||
| US$ millions, unaudited | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Operating activities | |||||||||||||||
| Net income | $ | 750 | $ | 234 | $ | 1,528 | $ | 1,232 | |||||||
| Adjusted for the following items: | |||||||||||||||
| Earnings from investments in associates and joint ventures, net of distributions received | 93 | 22 | 321 | 24 | |||||||||||
| Depreciation and amortization expense | 1,050 | 854 | 2,951 | 2,672 | |||||||||||
| Mark-to-market, provisions and other | (200 | ) | 92 | (320 | ) | (192 | ) | ||||||||
| Deferred income tax expense (recovery) | 114 | (56 | ) | 32 | (257 | ) | |||||||||
| Change in non-cash working capital, net | 63 | 48 | (585 | ) | (387 | ) | |||||||||
| Cash from operating activities | 1,870 | 1,194 | 3,927 | 3,092 | |||||||||||
| Investing activities | |||||||||||||||
| Net (investments in) proceeds from: | |||||||||||||||
| Operating assets | (7,960 | ) | (1,673 | ) | (7,698 | ) | (2,304 | ) | |||||||
| Associates | 775 | — | 1,449 | (350 | ) | ||||||||||
| Long-lived assets | (2,044 | ) | (865 | ) | (3,802 | ) | (3,210 | ) | |||||||
| Financial assets | (189 | ) | 246 | 37 | 363 | ||||||||||
| Net settlements of foreign exchange contracts | (29 | ) | (13 | ) | (47 | ) | (22 | ) | |||||||
| Other investing activities | (692 | ) | (4 | ) | (642 | ) | (132 | ) | |||||||
| Cash used by investing activities | (10,139 | ) | (2,309 | ) | (10,703 | ) | (5,655 | ) | |||||||
| Financing activities | |||||||||||||||
| Distributions to limited and general partners | (435 | ) | (411 | ) | (1,308 | ) | (1,233 | ) | |||||||
| Net borrowings: | |||||||||||||||
| Corporate | 342 | 37 | 628 | 299 | |||||||||||
| Subsidiary | 4,318 | 2,251 | 5,389 | 7,209 | |||||||||||
| Net preferred units redeemed | — | — | (90 | ) | — | ||||||||||
| Partnership units issued (repurchased) | 3 | 3 | (21 | ) | 9 | ||||||||||
| Net capital provided by (to) non-controlling interest | 4,775 | (141 | ) | 3,504 | (2,915 | ) | |||||||||
| Lease liability repaid and other | (411 | ) | (369 | ) | (807 | ) | (1,018 | ) | |||||||
| Cash from financing activities | 8,592 | 1,370 | 7,295 | 2,351 | |||||||||||
| Cash and cash equivalents | |||||||||||||||
| Change during the period | $ | 323 | $ | 255 | $ | 519 | $ | (212 | ) | ||||||
| Cash reclassified as held for sale | (34 | ) | — | (62 | ) | — | |||||||||
| Impact of foreign exchange and other on cash | (18 | ) | 21 | 85 | (43 | ) | |||||||||
| Balance, beginning of period | 2,342 | 1,326 | 2,071 | 1,857 | |||||||||||
| Balance, end of period | $ | 2,613 | $ | 1,602 | $ | 2,613 | $ | 1,602 | |||||||
| Reconciliation of Net Income to Funds from Operations | |||||||||||||||
| For the three months ended |
For the nine months ended |
||||||||||||||
| US$ millions, unaudited | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net income | $ | 750 | $ | 234 | $ | 1,528 | $ | 1,232 | |||||||
| Add back or deduct the following: | |||||||||||||||
| Depreciation and amortization | 1,050 | 854 | 2,951 | 2,672 | |||||||||||
| Share of earnings from investments in associates and joint ventures | (437 | ) | (56 | ) | (548 | ) | (192 | ) | |||||||
| FFO contribution from investments in associates and joint ventures1 | 274 | 238 | 756 | 708 | |||||||||||
| Deferred tax expense (recovery) | 114 | (56 | ) | 32 | (257 | ) | |||||||||
| Mark-to-market losses | 158 | 23 | 423 | 61 | |||||||||||
| Other (income) expenses2 | (217 | ) | 200 | (400 | ) | 100 | |||||||||
| Consolidated Funds from Operations | $ | 1,692 | $ | 1,437 | $ | 4,742 | $ | 4,324 | |||||||
| FFO attributable to non-controlling interests3 | (1,038 | ) | (838 | ) | (2,804 | ) | (2,502 | ) | |||||||
| FFO | $ | 654 | $ | 599 | $ | 1,938 | $ | 1,822 | |||||||
- FFO contribution from investments in associates and joint ventures correspond to the FFO attributable to the partnership that are generated by its investments in associates and joint ventures accounted for using the equity method.
- Other (income) expenses corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other income/expenses excluded from FFO primarily includes gains on acquisitions and dispositions of subsidiaries, associates and joint ventures, gains or losses relating to foreign currency translation reclassified from accumulated comprehensive income to other expense, acquisition costs, gains/losses on remeasurement of borrowings, amortization of deferred financing costs, fair value remeasurement gains/losses, accretion expenses on deferred consideration or asset retirement obligations, impairment losses, and gains or losses on debt extinguishment.
- Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. By adjusting FFO attributable to non-controlling interests, our partnership is able to remove the portion of FFO earned at non-wholly owned subsidiaries that are not attributable to our partnership.
| Statements of Funds from Operations per Unit | ||||||||||||||
| For the three months ended |
For the nine months ended |
|||||||||||||
| US$, unaudited | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Income (loss) per limited partnership unit1 | $ | 0.44 | $ | (0.18 | ) | $ | 0.45 | $ | (0.18 | ) | ||||
| Add back or deduct the following: | ||||||||||||||
| Depreciation and amortization | 0.57 | 0.52 | 1.64 | 1.58 | ||||||||||
| Deferred taxes and other items | (0.18 | ) | 0.42 | 0.37 | 0.91 | |||||||||
| FFO per unit2 | $ | 0.83 | $ | 0.76 | $ | 2.46 | $ | 2.31 | ||||||
- Average number of limited partnership units outstanding on a time weighted average basis for the three and nine-month periods ended
September 30, 2025 was 461.1 million and 459.8 million, respectively (2024: 461.7 million and 461.5 million). - Average number of partnership units outstanding on a fully diluted time weighted average basis for the three and nine-month periods ended
September 30, 2025 was 791.5 million and 790.2 million, respectively (2024: 792.2 million and 792.1 million).
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 9 of this release, which is prepared in accordance with IFRS. Management uses FFO per unit as a key measure to evaluate operating performance. Readers are encouraged to consider both measures in assessing Brookfield Infrastructure’s results.
Brookfield Infrastructure Corporation Reports Third Quarter 2025 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 of BIPC is captured in the Partnership’s financial statements and results.
BIPC reported net income of $320 million for the three-month period ended
Establishment of an ATM Program and Unit Repurchases
Overall, any ATM program is expected to be non-dilutive as it is expected that the combined number of LP Units and BIPC Shares of
Cautionary Statement
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities referred to herein, nor shall there be any offer for sale, or solicitation of an offer to buy, any of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of any securities referred to herein will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering.
This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
| Consolidated Statements of Financial Position | |||||||
| As of | |||||||
| US$ millions, unaudited | 2025 |
2024 |
|||||
| Assets | |||||||
| Cash and cash equivalents | $ | 380 | $ | 674 | |||
| Due from |
1,427 | 1,278 | |||||
| Property, plant and equipment | 13,990 | 12,572 | |||||
| Intangible assets | 3,201 | 2,892 | |||||
| Investments in associates | 313 | — | |||||
| 1,704 | 1,609 | ||||||
| Assets held for sale | — | 1,958 | |||||
| Deferred tax asset and other | 2,979 | 2,604 | |||||
| Total assets | $ | 23,994 | $ | 23,587 | |||
| Liabilities and equity | |||||||
| Accounts payable and other | $ | 1,127 | $ | 994 | |||
| Loans payable to |
100 | 102 | |||||
| Shares classified as financial liability | 4,803 | 4,644 | |||||
| Non-recourse borrowings | 13,386 | 12,178 | |||||
| Liabilities held for sale | — | 1,209 | |||||
| Deferred tax liabilities and other | 2,380 | 2,238 | |||||
| Equity | |||||||
| Equity in net assets attributable to the Partnership | (1,200 | ) | (1,253 | ) | |||
| Non-controlling interest | 3,398 | 3,475 | |||||
| Total equity | 2,198 | 2,222 | |||||
| Total liabilities and equity | $ | 23,994 | $ | 23,587 | |||
| Consolidated Statements of Operating Results | |||||||||||||||
| For the three months ended |
For the nine months ended |
||||||||||||||
| US$ millions, unaudited | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenues | $ | 917 | $ | 912 | $ | 2,712 | $ | 2,722 | |||||||
| Direct operating costs | (336 | ) | (339 | ) | (994 | ) | (1,007 | ) | |||||||
| General and administrative expenses | (20 | ) | (21 | ) | (59 | ) | (56 | ) | |||||||
| 561 | 552 | 1,659 | 1,659 | ||||||||||||
| Interest expense | (312 | ) | (269 | ) | (852 | ) | (767 | ) | |||||||
| Share of income from investments in associates | 12 | — | 22 | — | |||||||||||
| Remeasurement of financial liability associated with our exchangeable shares1 | 86 | (1,003 | ) | (157 | ) | (468 | ) | ||||||||
| Mark-to-market and other | 69 | (3 | ) | 394 | (109 | ) | |||||||||
| Income (loss) before income tax | 416 | (723 | ) | 1,066 | 315 | ||||||||||
| Income tax (expense) recovery | |||||||||||||||
| Current | (86 | ) | (80 | ) | (297 | ) | (275 | ) | |||||||
| Deferred | (10 | ) | (5 | ) | 4 | (8 | ) | ||||||||
| Net Income (loss) | $ | 320 | $ | (808 | ) | $ | 773 | $ | 32 | ||||||
| Attributable to: | |||||||||||||||
| Partnership | $ | 82 | $ | (977 | ) | $ | (6 | ) | $ | (458 | ) | ||||
| Non-controlling interest | 238 | 169 | 779 | 490 | |||||||||||
- Reflects gains (losses) on shares with an exchange/redemption option that are classified as liabilities under IFRS.
| Consolidated Statements of Cash Flows | |||||||||||||||
| For the three months ended |
For the nine months ended |
||||||||||||||
| US$ millions, unaudited | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Operating activities | |||||||||||||||
| Net income (loss) | $ | 320 | $ | (808 | ) | $ | 773 | $ | 32 | ||||||
| Adjusted for the following items: | |||||||||||||||
| Earnings from investments in associates, net of distributions received | (12 | ) | — | (22 | ) | — | |||||||||
| Depreciation and amortization expense | 167 | 194 | 515 | 580 | |||||||||||
| Mark-to-market and other | (56 | ) | 14 | (363 | ) | 93 | |||||||||
| Remeasurement of financial liability associated with our exchangeable shares | (86 | ) | 1,003 | 157 | 468 | ||||||||||
| Deferred income tax expense (recovery) | 10 | 5 | (4 | ) | 8 | ||||||||||
| Change in non-cash working capital, net | 46 | 56 | 54 | 72 | |||||||||||
| Cash from operating activities | 389 | 464 | 1,110 | 1,253 | |||||||||||
| Investing activities | |||||||||||||||
| Disposal of subsidiaries, net of cash disposed | — | — | 431 | — | |||||||||||
| Disposal of associates | 426 | — | 426 | — | |||||||||||
| Purchase of long-lived assets, net of disposals | (1,009 | ) | (354 | ) | (1,251 | ) | (755 | ) | |||||||
| Purchase of financial assets | — | — | (35 | ) | — | ||||||||||
| Acquisition of subsidiaries | (98 | ) | — | (98 | ) | — | |||||||||
| Other investing activities | (192 | ) | 19 | (183 | ) | 106 | |||||||||
| Cash used by investing activities | (873 | ) | (335 | ) | (710 | ) | (649 | ) | |||||||
| Financing activities | |||||||||||||||
| Net capital provided to non-controlling interest | (259 | ) | (281 | ) | (777 | ) | (1,821 | ) | |||||||
| Net borrowings | (75 | ) | (70 | ) | 59 | 946 | |||||||||
| Other financing activities | (21 | ) | — | (37 | ) | 18 | |||||||||
| Cash used by financing activities | (355 | ) | (351 | ) | (755 | ) | (857 | ) | |||||||
| Cash and cash equivalents | |||||||||||||||
| Change during the period | $ | (839 | ) | $ | (222 | ) | $ | (355 | ) | $ | (253 | ) | |||
| Impact of foreign exchange on cash | 2 | 1 | 61 | (41 | ) | ||||||||||
| Balance, beginning of period | 1,217 | 466 | 674 | 539 | |||||||||||
| Balance, end of period | $ | 380 | $ | 245 | $ | 380 | $ | 245 | |||||||
Source:
| Title | Document |
|---|---|
English |