Brookfield Infrastructure (NYSE:BIP) (TSX:BIP.UN) today announced
its results for the third quarter ended September 30, 2017.
|
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|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
US$ millions (except per unit amounts), unaudited |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
Net
income1 |
$ |
11 |
|
$ |
78 |
|
$ |
32 |
|
$ |
312 |
– per
unit2,3 |
$ |
(0.04 |
) |
$ |
0.16 |
|
$ |
(0.13 |
) |
$ |
0.73 |
FFO4 |
$ |
301 |
|
$ |
235 |
|
$ |
857 |
|
$ |
699 |
– per unit5 |
$ |
0.81 |
|
$ |
0.68 |
|
$ |
2.32 |
|
$ |
2.02 |
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Infrastructure reported net income
for the quarter of $11 million (a loss of $0.04 per unit) compared
to net income of $78 million ($0.16 per unit) in the prior year.
While net income was higher across all of our operating segments
compared to 2016, these results were offset by the impact of
non-cash movements relating to foreign currency hedges. The prior
period also included a non-recurring gain of $92 million
recorded in our ports business.
FFO of $301 million increased by 28% compared to
the prior year driven by contribution from the recent acquisition
of our regulated gas transmission business in Brazil and strong
organic growth. Our payout ratio6 for the period was 65%, which
remains within our target range of 60-70%.
“FFO per unit continues to grow as we progress
through the second half of the year, up 19% since last year,” said
Sam Pollock, Chief Executive Officer of Brookfield Infrastructure.
“A strong global economy is fueling the need for ongoing
infrastructure capital, and we are well-positioned to participate
through our capital backlog and new investment opportunities.”
Segment Performance
The utilities segment generated FFO of $170
million, representing a step-change increase over the prior year.
Results benefitted from a sizable contribution from our newly
acquired Brazilian regulated gas transmission operations, additions
to rate base and upward inflation adjustments. These results were
modestly offset by the impact of the sale of our Canadian
electricity transmission asset last year.
The transport segment posted solid results and
delivered FFO of $136 million for the third quarter, an increase of
21% compared to the prior year. Results for this segment reflected
substantial volume growth, particularly in the toll road
business.
The energy segment generated FFO of $48 million
in the third quarter, or 20% higher compared to the prior year.
Results reflect the growing contribution from our North American
gas transmission business. This business is reporting stronger
results due to higher gas transport volumes, new contracts and
reduced leverage levels. Our district energy operations also
performed well, while the gas storage business had weaker results
due to lower gas spreads compared to the prior year.
Our communications infrastructure operations in
France generated FFO of $19 million in the quarter, which is
consistent with the prior year. Results in local currency
terms were higher by 8%, primarily reflecting additional
contribution from growth projects.
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Three Months Ended September 30 |
|
Nine Months Ended September 30 |
US$ millions, unaudited |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
FFO by
segment |
|
|
|
|
|
|
|
|
Utilities |
$ |
170 |
|
|
$ |
102 |
|
|
$ |
438 |
|
|
$ |
302 |
|
Transport |
|
136 |
|
|
|
112 |
|
|
|
393 |
|
|
|
308 |
|
Energy |
|
48 |
|
|
|
40 |
|
|
|
153 |
|
|
|
123 |
|
Communications Infrastructure |
|
19 |
|
|
|
19 |
|
|
|
57 |
|
|
|
57 |
|
Corporate and other |
|
(72 |
) |
|
|
(38 |
) |
|
|
(184 |
) |
|
|
(91 |
) |
FFO |
$ |
301 |
|
|
$ |
235 |
|
|
$ |
857 |
|
|
$ |
699 |
|
|
|
|
|
|
|
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Update on Strategic
Initiatives
- Indian toll road portfolio – In August, we
agreed to acquire two high-quality, well-located roads in southern
India for $100 million (BIP’s share). These roads are in the
advanced stages of construction and are therefore partially
tolling, with full commissioning expected in early 2018. This
acquisition is a tuck-in to our existing portfolio of Indian toll
roads, bringing BIP’s total road portfolio in this country to over
600 kilometres.
- Indian telecom business – Our agreement to
acquire the previously announced $200 million investment
(BIP’s share) in a portfolio of over 40,000 towers from Reliance
Telecom was conditional on, among other standard conditions, the
merger of Reliance Communications with Aircel. The merger will not
proceed and therefore our transaction as previously announced will
not proceed either. However, we continue to monitor the evolving
situation to determine if revised terms can be agreed upon.We
remain patient in pursuing this and several other potential
opportunities in this sector. In particular, we are evaluating a
number of tower portfolios in the hopes of developing a scalable
presence in India.
- Peruvian water utility – Closing the
acquisition of a Peruvian water irrigation system for an investment
of approximately $15 million (BIP’s share) remains ongoing
following receipt of customary regulatory approvals.
Distribution
The Board of Directors has declared a quarterly
distribution in the amount of $0.435 per unit, payable on or about
December 29, 2017 to unitholders of record as at the close of
business on November 30, 2017. The regular quarterly dividends on
the Cumulative Class A Preferred Limited Partnership Units, Series
1, Series 3, Series 5 and Series 7 have also been declared.
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
Partners is a leading global infrastructure company that
owns and operates high-quality, long-life assets in the utilities,
transport, energy and communications infrastructure sectors across
North and South America, Asia Pacific and Europe. We are focused on
assets that generate stable cash flows and require minimal
maintenance capital expenditures. Brookfield Infrastructure
Partners is listed on the New York and Toronto stock exchanges.
Further information is available at
www.brookfield.com/infrastructure. Important information may be
disseminated exclusively via the website; investors should consult
the site to access this information.
Brookfield Infrastructure is the flagship listed
infrastructure company of Brookfield Asset Management, a leading
global alternative asset manager with approximately $250 billion of
assets under management. For more information, go to
www.brookfield.com.
Please note that Brookfield Infrastructure
Partner’s previous audited annual and unaudited quarterly reports
have been filed on SEDAR and can also be found in the investors
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:Claire Holland Vice President,
Communications Tel: (416) 369-8236 Email:
claire.holland@brookfield.com |
|
|
Investors:Rene Lubianski Senior Vice President,
Corporate Development Tel: (416) 956-5196 Email:
rene.lubianski@brookfield.com |
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Conference Call and Quarterly Earnings
Details
Investors, analysts and other interested parties
can access Brookfield Infrastructure’s Third Quarter 2017 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 November 3, 2017 at 9:00 a.m. Eastern Time at
http://services.choruscall.ca/links/bip20171103.html or via
teleconference at 1-800-319-4610 toll free in North America. For
overseas calls please dial +1-604-638-5340 at approximately 8:50
a.m. Eastern Time. A recording of the teleconference can be
accessed at 1-855-669-9658 or +1-604-674-8052 (Access code: 1690).
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 “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 acquisitions 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 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 and
services, 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, and our ability to achieve the milestones necessary to
deliver the targeted returns to our unitholders, the impact of
market conditions on our 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
and potential acquisitions that may be subject to conditions
precedent, and the inability to reach final agreement with
counterparties to transactions referred to in this press release as
being currently pursued, given that there can be no assurance that
any such transaction will be agreed to or completed) and to
integrate acquisitions into existing operations, the future
performance of these acquisitions, changes in technology which have
the potential to disrupt the business and industries in which we
invest, 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. Includes net income attributable to non-controlling
interests ‒ Redeemable Partnership Units held by Brookfield,
limited partners and the general partner. |
2. Average number of limited partnership units outstanding on
a time weighted average basis for the three and nine-month periods
ended September 30, 2017 was 262.6 million and 260.6 million,
respectively (2016 – 243.4 million and 243.3 million,
respectively). |
3. Loss per LP unit as allocation of net income is reduced by
preferred unit and incentive distributions paid during the
period. |
4. 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 below. |
5. 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 nine-month periods ended
September 30, 2017 was 373.9 million and 371.0 million,
respectively (2016 – 345.3 million and 345.2 million,
respectively). |
6. Payout ratio is defined as distributions paid (inclusive
of GP incentive and preferred unit distributions) divided by
FFO. |
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|
Brookfield Infrastructure Partners
L.P. Consolidated Statements of Financial
Position |
|
|
|
|
|
|
|
|
|
|
As of |
US$ millions, unaudited |
|
Sept 30,2017 |
|
|
Dec 31,2016 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and
cash equivalents |
$ |
492 |
|
$ |
786 |
Financial
assets |
|
221 |
|
|
92 |
Property,
plant and equipment |
|
9,434 |
|
|
8,656 |
Intangible
assets |
|
10,091 |
|
|
4,465 |
Investments
in associates |
|
5,085 |
|
|
4,727 |
Investment
properties |
|
168 |
|
|
154 |
Deferred
income taxes and other |
|
3,275 |
|
|
2,376 |
Assets classified as held for sale |
|
7 |
|
|
19 |
Total assets |
$ |
28,773 |
|
$ |
21,275 |
|
|
|
|
|
|
Liabilities and partnership capital |
|
|
|
|
|
Corporate borrowings |
$ |
1,716 |
|
$ |
1,002 |
Non-recourse borrowings |
|
7,931 |
|
|
7,324 |
Financial
liabilities |
|
1,404 |
|
|
381 |
Deferred income taxes and other |
|
4,227 |
|
|
2,924 |
Total liabilities |
|
15,278 |
|
|
11,631 |
|
|
|
|
|
|
Partnership capital |
|
|
|
|
|
Limited
partners |
|
4,926 |
|
|
4,611 |
General
partner |
|
26 |
|
|
27 |
Non-controlling interest attributable to: |
|
|
|
|
|
Redeemable partnership units held by Brookfield |
|
1,995 |
|
|
1,860 |
Interest of others in operating subsidiaries |
|
5,953 |
|
|
2,771 |
Preferred unitholders |
|
595 |
|
|
375 |
Total partnership capital |
|
13,495 |
|
|
9,644 |
Total liabilities and partnership
capital |
$ |
28,773 |
|
$ |
21,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Infrastructure Partners
L.P.Consolidated Statements of Operating Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period
ended Sept 30, |
|
For the nine-month period
ended Sept 30, |
US$ millions (except per unit information), unaudited |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
|
|
961 |
|
|
$ |
522 |
|
|
$ |
2,551 |
|
|
$ |
1,438 |
|
Direct operating
costs |
|
|
|
(394 |
) |
|
|
(267 |
) |
|
|
(1,110 |
) |
|
|
(667 |
) |
General and
administrative expenses |
|
|
|
(63 |
) |
|
|
(45 |
) |
|
|
(173 |
) |
|
|
(122 |
) |
Depreciation and amortization expense |
|
|
|
(215 |
) |
|
|
(126 |
) |
|
|
(541 |
) |
|
|
(334 |
) |
|
|
|
|
289 |
|
|
|
84 |
|
|
|
727 |
|
|
|
315 |
|
Interest expense |
|
|
|
(114 |
) |
|
|
(98 |
) |
|
|
(315 |
) |
|
|
(294 |
) |
Share of earnings from
associates |
|
|
|
24 |
|
|
|
32 |
|
|
|
83 |
|
|
|
142 |
|
Revaluation (losses)
gains on hedging items |
|
|
|
(18 |
) |
|
|
(39 |
) |
|
|
(84 |
) |
|
|
1 |
|
Other
income |
|
|
|
— |
|
|
|
109 |
|
|
|
19 |
|
|
|
171 |
|
Income before income
tax |
|
|
|
181 |
|
|
|
88 |
|
|
|
430 |
|
|
|
335 |
|
Income tax (expense)
recovery |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
(17 |
) |
|
|
(8 |
) |
|
|
(67 |
) |
|
|
(20 |
) |
Deferred |
|
|
|
(13 |
) |
|
|
23 |
|
|
|
(31 |
) |
|
|
35 |
|
Net income |
|
|
|
151 |
|
|
|
103 |
|
|
|
332 |
|
|
|
350 |
|
Non-controlling interest of others in operating subsidiaries |
|
|
|
(140 |
) |
|
|
(25 |
) |
|
|
(300 |
) |
|
|
(38 |
) |
Net
income attributable to partnership |
$ |
|
|
11 |
|
|
$ |
78 |
|
|
$ |
32 |
|
|
$ |
312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Limited
partners |
|
|
|
(11 |
) |
|
|
40 |
|
|
|
(35 |
) |
|
|
177 |
|
General
partner |
|
|
|
28 |
|
|
|
22 |
|
|
|
84 |
|
|
|
62 |
|
Non-controlling interest – redeemable partnership units
held by Brookfield |
|
|
|
(6 |
) |
|
|
16 |
|
|
|
(17 |
) |
|
|
73 |
|
Basic and diluted
(loss) earnings per unit attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Limited
partners1 |
$ |
|
|
(0.04 |
) |
|
$ |
0.16 |
|
|
$ |
(0.13 |
) |
|
$ |
0.73 |
|
1. Average number of limited partnership units
outstanding on a time weighted average basis for the three and
nine-month periods ended September 30, 2017 were 262.6 million and
260.6 million, respectively (2016 – 243.4 million and 243.3
million, respectively). |
|
|
|
|
|
Brookfield Infrastructure Partners
L.P.Consolidated Statements of Cash Flows |
|
|
|
|
|
US$ millions, unaudited |
For the three-month
periodended Sept 30, |
|
|
For the nine-month period
ended Sept 30, |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Activities |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
151 |
|
|
|
103 |
|
|
$ |
332 |
|
|
$ |
350 |
|
Adjusted for the
following items: |
|
|
|
|
|
|
|
|
|
|
|
Share of earnings from associates, net of distributions |
(20 |
) |
|
|
(20 |
) |
|
|
(41 |
) |
|
|
(110 |
) |
Depreciation and amortization expense |
|
215 |
|
|
|
126 |
|
|
|
541 |
|
|
|
334 |
|
Market-to-market on hedging items, provisions and other |
|
27 |
|
|
|
66 |
|
|
|
102 |
|
|
|
34 |
|
Deferred
tax expense (recovery) |
|
13 |
|
|
|
(23 |
) |
|
|
31 |
|
|
|
(35 |
) |
Change in
non-cash working capital, net |
|
(11 |
) |
|
|
91 |
|
|
|
7 |
|
|
|
91 |
|
Cash from
operating activities |
|
375 |
|
|
|
343 |
|
|
|
972 |
|
|
|
664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
|
|
|
Investments, net of
disposals: |
|
|
|
|
|
|
|
|
|
|
|
Operating
assets |
|
— |
|
|
|
(219 |
) |
|
|
(4,203 |
) |
|
|
(412 |
) |
Associates |
|
(33 |
) |
|
|
(212 |
) |
|
|
(351 |
) |
|
|
(716 |
) |
Long-lived assets |
|
(164 |
) |
|
|
(173 |
) |
|
|
(474 |
) |
|
|
(465 |
) |
Financial
assets |
|
(64 |
) |
|
|
436 |
|
|
|
(88 |
) |
|
|
429 |
|
Net
settlements of foreign exchange contracts |
|
(3 |
) |
|
|
79 |
|
|
|
(43 |
) |
|
|
109 |
|
Cash used
by investing activities |
|
(264 |
) |
|
|
(89 |
) |
|
|
(5,159 |
) |
|
|
(1,055 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
|
|
|
Distributions to
limited and general partners |
|
(196 |
) |
|
|
(160 |
) |
|
|
(586 |
) |
|
|
(466 |
) |
Net borrowings: |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
(703 |
) |
|
|
(713 |
) |
|
|
608 |
|
|
|
85 |
|
Subsidiary |
|
65 |
|
|
|
109 |
|
|
|
274 |
|
|
|
164 |
|
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(38 |
) |
Issuance of preferred
units |
|
— |
|
|
|
186 |
|
|
|
220 |
|
|
|
186 |
|
Issuance of partnership
units, net of repurchases |
|
977 |
|
|
|
8 |
|
|
|
988 |
|
|
|
13 |
|
Capital
provided by non-controlling interest, net of distributions |
|
(243 |
) |
|
|
383 |
|
|
|
2,372 |
|
|
|
684 |
|
Cash
(used by) from financing activities |
|
(100 |
) |
|
|
(187 |
) |
|
|
3,876 |
|
|
|
628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
|
|
|
|
|
|
|
Change
during the period |
$ |
11 |
|
|
$ |
67 |
|
|
$ |
(311 |
) |
|
$ |
237 |
|
Impact of
foreign exchange on cash |
|
13 |
|
|
|
(4 |
) |
|
|
17 |
|
|
|
5 |
|
Balance, beginning of period |
|
468 |
|
|
|
378 |
|
|
|
786 |
|
|
|
199 |
|
Balance, end of period |
$ |
492 |
|
|
$ |
441 |
|
|
$ |
492 |
|
|
$ |
441 |
|
|
|
|
|
Brookfield Infrastructure Partners
L.P.Statements of Funds from
Operations |
|
|
|
|
|
For the three-month
periodended Sept 30, |
|
|
For the nine-month period
ended Sept 30, |
|
US$
millions, unaudited |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Utilities |
$ |
200 |
|
|
$ |
131 |
|
|
$ |
533 |
|
|
$ |
399 |
|
Transport |
|
179 |
|
|
|
162 |
|
|
|
515 |
|
|
|
441 |
|
Energy |
|
62 |
|
|
|
64 |
|
|
|
211 |
|
|
|
202 |
|
Communications Infrastructure |
|
23 |
|
|
|
23 |
|
|
|
68 |
|
|
|
67 |
|
Corporate and other |
|
(63 |
) |
|
|
(45 |
) |
|
|
(173 |
) |
|
|
(122 |
) |
Total |
|
401 |
|
|
|
335 |
|
|
|
1,154 |
|
|
|
987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing costs |
|
(108 |
) |
|
|
(116 |
) |
|
|
(328 |
) |
|
|
(344 |
) |
Other
income |
|
8 |
|
|
|
16 |
|
|
|
31 |
|
|
|
56 |
|
Funds
from operations (FFO) |
|
301 |
|
|
|
235 |
|
|
|
857 |
|
|
|
699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
(195 |
) |
|
|
(158 |
) |
|
|
(539 |
) |
|
|
(448 |
) |
Deferred
taxes and other items |
|
(95 |
) |
|
|
1 |
|
|
|
(286 |
) |
|
|
61 |
|
Net
income attributable to the partnership |
$ |
11 |
|
|
$ |
78 |
|
|
$ |
32 |
|
|
$ |
312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 above, 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. |
|
|
|
|
Brookfield Infrastructure Partners
L.P.Statements of Funds from Operations per
unit |
|
|
|
|
|
For the three-month
periodended Sept 30, |
|
|
For the nine-month period
ended Sept 30, |
US$,
unaudited |
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
limited partnership unit1 |
$ |
(0.04 |
) |
|
$ |
0.16 |
|
$ |
(0.13 |
) |
|
$ |
0.73 |
|
Add back or deduct the
following: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
0.52 |
|
|
|
0.46 |
|
|
1.45 |
|
|
|
1.30 |
|
Deferred
taxes and other items |
|
0.33 |
|
|
|
0.06 |
|
|
1.00 |
|
|
|
(0.01 |
) |
FFO per unit2 |
$ |
0.81 |
|
|
$ |
0.68 |
|
$ |
2.32 |
|
|
$ |
2.02 |
|
1. Average number of limited partnership units
outstanding on a time weighted average basis for the three and
nine-month periods ended September 30, 2017 were 262.6 million and
260.6 million, respectively (2016 – 243.4 million and 243.3
million, respectively). |
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
nine-month periods ended September 30, 2017 were 373.9 million and
371.0 million, respectively (2016 – 345.3 million and 345.2
million, respectively). |
|
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 above, 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. |
|
|
|
Brookfield Infrastructure Partners
L.P.Statements of Partnership Capital |
|
|
|
|
As of |
US$
millions, unaudited |
Sept 30,
2017 |
|
Dec 31, 2016 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Operating groups |
|
|
|
|
|
Utilities |
$ |
3,168 |
|
$ |
1,807 |
Transport |
|
3,841 |
|
|
3,549 |
Energy |
|
1,775 |
|
|
1,564 |
Communications Infrastructure |
|
567 |
|
|
541 |
Corporate
cash and financial assets |
|
250 |
|
|
549 |
|
$ |
9,601 |
|
$ |
8,010 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Corporate
borrowings |
$ |
1,716 |
|
$ |
1,002 |
Other
liabilities |
|
938 |
|
|
510 |
|
|
2,654 |
|
|
1,512 |
Capitalization |
|
|
|
|
|
Partnership capital |
|
6,947 |
|
|
6,498 |
|
$ |
9,601 |
|
$ |
8,010 |
|
|
|
|
|
|
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. |
|
The Statements of Partnership Capital above are
prepared on a basis that is consistent with the Partnership’s
Supplemental Information and differs from Brookfield
Infrastructure’s Consolidated Statements of Financial Position
above, which is prepared in accordance with IFRS. Readers are
encouraged to consider both measures in assessing Brookfield
Infrastructure's financial position. |
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