Brookfield Business Partners (NYSE: BBUC, BBU; TSX: BBUC, BBU.UN)
announced today financial results for the quarter ended
March 31, 2024.
“We are pleased with our first quarter results
supported by the ongoing performance of our largest operations,”
said Anuj Ranjan, CEO of Brookfield Business Partners. “We
generated strong margins and the progress achieved on our value
creation plans is contributing to higher quality earnings of our
operations. Our access to capital continues to be favorable and we
generated approximately $300 million of net proceeds from our
capital recycling initiatives including agreements to sell two
small operations.”
|
Three Months EndedMarch 31, |
US$ millions (except per unit amounts), unaudited |
|
2024 |
|
|
2023 |
|
Net income (loss) attributable to Unitholders1 |
$ |
48 |
|
$ |
74 |
|
Net income (loss) per limited
partnership unit2 |
$ |
0.23 |
|
$ |
0.34 |
|
|
|
|
Adjusted EBITDA3 |
$ |
544 |
|
$ |
622 |
|
|
Net income attributable to Unitholders for the
three months ended March 31, 2024 was $48 million ($0.23
income per limited partnership unit) compared to net income of $74
million ($0.34 per limited partnership unit) in the prior
period.
Adjusted EBITDA for the three months ended
March 31, 2024 was $544 million compared to $622 million in
the prior period. Prior period results included contribution from
our nuclear technology services operation which was sold in
November 2023.
Operational Update
The following table presents Adjusted EBITDA by
segment:
|
Three Months EndedMarch 31, |
US$ millions, unaudited |
|
2024 |
|
|
2023 |
|
Industrials |
$ |
228 |
|
$ |
219 |
|
Business Services |
|
205 |
|
|
212 |
|
Infrastructure Services |
|
143 |
|
|
225 |
|
Corporate and Other |
|
(32 |
) |
|
(34 |
) |
Adjusted EBITDA |
$ |
544 |
|
$ |
622 |
|
Our Industrials segment
generated Adjusted EBITDA of $228 million for the three months
ended March 31, 2024, compared to $219 million during the same
period in 2023. Strong performance at our advanced energy storage
operation was partially offset by reduced contribution from
engineered components manufacturing.
Our Business Services segment
generated Adjusted EBITDA of $205 million for the three months
ended March 31, 2024, compared to $212 million during the same
period in 2023. Increased contribution from our dealer software and
technology services operation and residential mortgage insurer was
offset by reduced performance at our construction operation and our
Australian healthcare services operation which continues to operate
in a challenging environment.
Our Infrastructure Services
segment generated Adjusted EBITDA of $143 million for the three
months ended March 31, 2024, compared to $225 million during
the same period in 2023 which included contribution from our
nuclear technology services operation that was sold in November
2023. Current period results benefited from improved performance at
work access services offset by reduced contribution from offshore
oil services.
The following table presents Adjusted EFO4 by
segment:
|
Three Months EndedMarch 31, |
US$ millions, unaudited |
|
2024 |
|
|
2023 |
|
Adjusted EFO |
|
|
Industrials |
$ |
180 |
|
$ |
162 |
|
Business Services |
|
168 |
|
|
213 |
|
Infrastructure Services |
|
72 |
|
|
86 |
|
Corporate and Other |
|
(89 |
) |
|
(80 |
) |
Adjusted EFO for the three months ended
March 31, 2024 reflected increased contribution from our
Industrials segment offset by the disposition of our nuclear
technology services operation in our Infrastructure Services
segment and the impact of higher interest expense in our Business
Services segment. Adjusted EFO in the current period included $50
million of other income related to a distribution at our
entertainment operation in our Business Services segment and $62
million of net gains primarily related to the sale of public
securities in our Industrials segment. Adjusted EFO in the prior
period included approximately $130 million of net gains primarily
related to the sale of public securities and our residential
property management operation in our Business Services segment.
Strategic Initiatives
- Capital
RecyclingDuring the quarter, we reached an agreement to
sell our Canadian aggregates production operation and the U.K. and
European assets of our road fuels operation. Total net proceeds
from these transactions is expected to be approximately $390
million of which BBU’s share is expected to be approximately $180
million.
-
RefinancingSubsequent to quarter end, BrandSafway,
our work access services operation completed the repricing of a
$1.3 billion term loan at SOFR plus 4.50%, reducing the interest
rate spread on the debt from SOFR plus 5.50%. Total proceeds raised
of $1.5 billion were upsized from the original loan size of $1.3
billion and excess proceeds were used to repay the existing
borrowings.
Liquidity
We ended the quarter with approximately $1.6
billion of liquidity at the corporate level including $137 million
of cash and liquid securities, $25 million of remaining preferred
equity commitment from Brookfield Corporation and $1.4 billion of
availability on our corporate credit facilities.
Distribution
The Board of Directors has declared a quarterly
distribution in the amount of $0.0625 per unit, payable on
June 28, 2024 to unitholders of record as at the close of
business on May 31, 2024.
Additional Information
The Board has reviewed and approved this news
release, including the summarized unaudited interim consolidated
financial statements contained herein.
Brookfield Business Partners’ Letter to
Unitholders and the Supplemental Information are available on our
website https://bbu.brookfield.com under Reports &
Filings.
Notes:
- Attributable to
limited partnership unitholders, general partnership unitholders,
redemption-exchange unitholders, special limited partnership
unitholders and BBUC exchangeable shareholders.
- Net income (loss)
per limited partnership unit calculated as net income (loss)
attributable to limited partners divided by the average number of
limited partnership units outstanding for the three months ended
March 31, 2024 which was 74.3 million (March 31, 2023:
74.6 million).
- Adjusted EBITDA is
a non-IFRS measure of operating performance presented as net income
and equity accounted income at the partnership’s economic ownership
interest in consolidated subsidiaries and equity accounted
investments, respectively, excluding the impact of interest income
(expense), net, income taxes, depreciation and amortization
expense, gains (losses) on acquisitions/dispositions, net,
transaction costs, restructuring charges, revaluation gains or
losses, impairment expenses or reversals, other income or expenses,
and preferred equity distributions. The partnership’s economic
ownership interest in consolidated subsidiaries and equity
accounted investments excludes amounts attributable to
non-controlling interests consistent with how the partnership
determines net income attributable to non-controlling interests in
its unaudited interim condensed consolidated statements of
operating results. The partnership believes that Adjusted EBITDA
provides a comprehensive understanding of the ability of its
businesses to generate recurring earnings which allows users to
better understand and evaluate the underlying financial performance
of the partnership’s operations and excludes items that the
partnership believes do not directly relate to revenue earning
activities and are not normal, recurring items necessary for
business operations. Please refer to the reconciliation of net
income (loss) to Adjusted EBITDA included in this release.
- Adjusted EFO is the
partnership’s segment measure of profit or loss and is presented as
net income and equity accounted income at the partnership’s
economic ownership interest in consolidated subsidiaries and equity
accounted investments, respectively, excluding the impact of
depreciation and amortization expense, deferred income taxes,
transaction costs, restructuring charges, unrealized revaluation
gains or losses, impairment expenses or reversals and other income
or expense items that are not directly related to revenue
generating activities. The partnership’s economic ownership
interest in consolidated subsidiaries excludes amounts attributable
to non-controlling interests consistent with how the partnership
determines net income attributable to non-controlling interests in
its unaudited interim condensed consolidated statements of
operating results. In order to provide additional insight regarding
the partnership’s operating performance over the lifecycle of an
investment, Adjusted EFO includes the impact of preferred equity
distributions and realized disposition gains or losses recorded in
net income, other comprehensive income, or directly in equity, such
as ownership changes. Adjusted EFO does not include legal and other
provisions that may occur from time to time in the partnership’s
operations and that are one-time or non-recurring and not directly
tied to the partnership’s operations, such as those for litigation
or contingencies. Adjusted EFO includes expected credit losses and
bad debt allowances recorded in the normal course of the
partnership’s operations. Adjusted EFO allows the partnership to
evaluate its segments on the basis of return on invested capital
generated by its operations and allows the partnership to evaluate
the performance of its segments on a levered basis.
Brookfield Business Partners is
a global business services and industrials company focused on
owning and operating high-quality businesses that provide essential
products and services and benefit from a strong competitive
position. Investors have flexibility to invest in our company
either through Brookfield Business Corporation (NYSE, TSX: BBUC), a
corporation, or Brookfield Business Partners L.P. (NYSE: BBU; TSX:
BBU.UN), a limited partnership. For more information, please visit
https://bbu.brookfield.com.
Brookfield Business Partners is the flagship
listed vehicle of Brookfield Asset Management’s Private Equity
Group. Brookfield Asset Management is a leading global alternative
asset manager with over $900 billion of assets under
management.
Please note that Brookfield Business Partners’
previous audited annual and unaudited quarterly reports have been
filed on SEDAR+ and EDGAR, and are available at
https://bbu.brookfield.com under Reports & Filings. Hard
copies of the annual and quarterly reports can be obtained free of
charge upon request.
For more information, please contact: |
|
|
Media:Marie FullerTel: +44 207 408 8375Email:
marie.fuller@brookfield.com |
Investors:Alan FlemingTel: +1 (416) 645-2736Email:
alan.fleming@brookfield.com |
|
|
Conference Call and Quarterly Earnings Webcast
Details
Investors, analysts and other interested parties
can access Brookfield Business Partners’ first quarter 2024 results
as well as the Letter to Unitholders and Supplemental Information
on our website https://bbu.brookfield.com under Reports &
Filings.
The results call can be accessed via webcast on
May 3, 2024 at 10:00 a.m. Eastern Time at BBU2024Q1Webcast or
participants can preregister at BBU2024Q1ConferenceCall. Upon
registering, participants will be emailed a dial-in number, direct
passcode, and unique PIN. A replay of the webcast will be available
at https://bbu.brookfield.com.
Brookfield Business Partners L.P. |
Consolidated Statements of Financial Position |
|
|
As at |
US$
millions, unaudited |
March 31, 2024 |
|
December 31, 2023 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,148 |
|
|
$ |
3,252 |
Financial assets |
|
|
13,138 |
|
|
|
13,176 |
Accounts and other receivable,
net |
|
|
6,915 |
|
|
|
6,563 |
Inventory and other
assets |
|
|
5,187 |
|
|
|
5,321 |
Property, plant and
equipment |
|
|
15,406 |
|
|
|
15,724 |
Deferred income tax
assets |
|
|
1,216 |
|
|
|
1,220 |
Intangible assets |
|
|
20,302 |
|
|
|
20,846 |
Equity accounted
investments |
|
|
2,143 |
|
|
|
2,154 |
Goodwill |
|
|
13,960 |
|
|
|
14,129 |
Total Assets |
|
$ |
81,415 |
|
|
$ |
82,385 |
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Corporate borrowings |
|
$ |
1,870 |
|
|
$ |
1,440 |
Accounts payable and
other |
|
|
18,046 |
|
|
|
18,378 |
Non-recourse borrowings in
subsidiaries of Brookfield Business Partners |
|
|
40,013 |
|
|
|
40,809 |
Deferred income tax
liabilities |
|
|
3,086 |
|
|
|
3,226 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Limited partners |
$ |
1,887 |
|
|
$ |
1,909 |
|
Non-controlling interests
attributable to: |
|
|
|
|
|
Redemption-exchange units |
|
1,771 |
|
|
|
1,792 |
|
Special limited partner |
|
— |
|
|
|
— |
|
BBUC exchangeable shares |
|
1,853 |
|
|
|
1,875 |
|
Preferred securities |
|
740 |
|
|
|
740 |
|
Interest of others in operating subsidiaries |
|
12,149 |
|
|
|
12,216 |
|
|
|
|
18,400 |
|
|
|
18,532 |
Total Liabilities and Equity |
|
$ |
81,415 |
|
|
$ |
82,385 |
Brookfield Business Partners L.P. |
Consolidated Statements of Operating Results |
|
US$
millions, unaudited |
Three Months EndedMarch 31, |
|
2024 |
|
|
2023 |
|
|
|
|
Revenues |
$ |
12,015 |
|
$ |
13,758 |
|
Direct operating costs |
|
(10,878) |
|
|
(12,466) |
|
General and administrative
expenses |
|
(317) |
|
|
(401) |
|
Interest income (expense),
net |
|
(796) |
|
|
(865) |
|
Equity accounted income
(loss) |
|
23 |
|
|
25 |
|
Impairment reversal (expense),
net |
|
10 |
|
|
— |
|
Gain (loss) on
acquisitions/dispositions, net |
|
15 |
|
|
81 |
|
Other
income (expense), net |
|
116 |
|
|
129 |
|
Income (loss) before income tax |
|
188 |
|
|
261 |
|
Income tax (expense)
recovery |
|
|
Current |
|
(90) |
|
|
(126) |
|
Deferred |
|
105 |
|
|
68 |
|
Net income (loss) |
$ |
203 |
|
$ |
203 |
|
Attributable to: |
|
|
Limited partners |
$ |
17 |
|
$ |
25 |
|
Non-controlling interests attributable to: |
|
|
Redemption-exchange units |
|
15 |
|
|
24 |
|
Special limited partner |
|
— |
|
|
— |
|
BBUC exchangeable shares |
|
16 |
|
|
25 |
|
Preferred securities |
|
13 |
|
|
22 |
|
Interest of others in operating subsidiaries |
|
142 |
|
|
107 |
|
Brookfield Business Partners L.P. |
Reconciliation of Non-IFRS Measures |
|
US$
millions, unaudited |
|
Three Months Ended March 31, 2024 |
|
Business Services |
|
Infrastructure Services |
|
Industrials |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
240 |
|
|
$ |
(65 |
) |
|
$ |
98 |
|
|
$ |
(70 |
) |
|
$ |
203 |
|
|
|
|
|
|
|
|
|
|
|
|
Add or subtract the
following: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
254 |
|
|
|
212 |
|
|
|
342 |
|
|
|
— |
|
|
|
808 |
|
Impairment reversal (expense), net |
|
|
(4 |
) |
|
|
(12 |
) |
|
|
6 |
|
|
|
— |
|
|
|
(10 |
) |
Gain (loss) on acquisitions/dispositions, net |
|
|
(15 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
Other income (expense), net1 |
|
|
(140 |
) |
|
|
(18 |
) |
|
|
32 |
|
|
|
10 |
|
|
|
(116 |
) |
Income tax (expense) recovery |
|
|
24 |
|
|
|
(3 |
) |
|
|
(27 |
) |
|
|
(9 |
) |
|
|
(15 |
) |
Equity accounted income (loss) |
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(18 |
) |
|
|
— |
|
|
|
(23 |
) |
Interest income (expense), net |
|
|
252 |
|
|
|
180 |
|
|
|
327 |
|
|
|
37 |
|
|
|
796 |
|
Equity accounted Adjusted EBITDA2 |
|
|
17 |
|
|
|
39 |
|
|
|
16 |
|
|
|
— |
|
|
|
72 |
|
Amounts attributable to non-controlling interests3 |
|
|
(422 |
) |
|
|
(186 |
) |
|
|
(548 |
) |
|
|
— |
|
|
|
(1,156 |
) |
Adjusted EBITDA |
|
$ |
205 |
|
|
$ |
143 |
|
|
$ |
228 |
|
|
$ |
(32 |
) |
|
$ |
544 |
|
Notes:
- Other income
(expense), net corresponds to amounts that are not directly related
to revenue earning activities and are not normal, recurring income
or expenses necessary for business operations. The components of
other income (expense), net include $158 million of net
revaluation gains, $50 million of other income related to a
distribution at our entertainment operation, $21 million of
transaction costs, $19 million of business separation
expenses, stand-up costs and restructuring charges, and
$52 million of other expenses.
- Equity accounted
Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to
the partnership that is generated by its investments in associates
and joint ventures accounted for using the equity method.
- Amounts
attributable to non-controlling interests are calculated based on
the economic ownership interests held by the non-controlling
interests in consolidated subsidiaries.
Brookfield Business Partners L.P. |
Reconciliation of Non-IFRS Measures |
|
US$
millions, unaudited |
|
Three Months Ended March 31, 2023 |
|
Business Services |
|
Infrastructure Services |
|
Industrials |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
176 |
|
|
$ |
101 |
|
|
$ |
(31 |
) |
|
$ |
(43 |
) |
|
$ |
203 |
|
|
|
|
|
|
|
|
|
|
|
|
Add back or deduct the
following: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
253 |
|
|
|
303 |
|
|
|
344 |
|
|
|
— |
|
|
|
900 |
|
Gain (loss) on acquisitions/dispositions, net |
|
|
(67 |
) |
|
|
(14 |
) |
|
|
— |
|
|
|
— |
|
|
|
(81 |
) |
Other income (expense), net1 |
|
|
29 |
|
|
|
(187 |
) |
|
|
28 |
|
|
|
1 |
|
|
|
(129 |
) |
Income tax expense (recovery) |
|
|
39 |
|
|
|
7 |
|
|
|
35 |
|
|
|
(23 |
) |
|
|
58 |
|
Equity accounted income (loss) |
|
|
(2 |
) |
|
|
(9 |
) |
|
|
(14 |
) |
|
|
— |
|
|
|
(25 |
) |
Interest income (expense), net |
|
|
241 |
|
|
|
260 |
|
|
|
333 |
|
|
|
31 |
|
|
|
865 |
|
Equity accounted Adjusted EBITDA2 |
|
|
14 |
|
|
|
42 |
|
|
|
15 |
|
|
|
— |
|
|
|
71 |
|
Amounts attributable to non-controlling interests3 |
|
|
(471 |
) |
|
|
(278 |
) |
|
|
(491 |
) |
|
|
— |
|
|
|
(1,240 |
) |
Adjusted EBITDA |
|
$ |
212 |
|
|
$ |
225 |
|
|
$ |
219 |
|
|
$ |
(34 |
) |
|
$ |
622 |
|
Notes:
- Other income
(expense), net corresponds to amounts that are not directly related
to revenue earning activities and are not normal, recurring income
or expenses necessary for business operations. The components of
other income (expense), net include $234 million of net gains
on debt modification and extinguishment, $47 million of
business separation expenses, stand-up costs and restructuring
charges, $21 million of transaction costs, and
$37 million of other expenses.
- Equity accounted
Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to
the partnership that is generated by our investments in associates
and joint ventures accounted for using the equity method.
- Amounts
attributable to non-controlling interests are calculated based on
the economic ownership interests held by the non-controlling
interests in consolidated subsidiaries.
Brookfield Business Corporation Reports
First Quarter 2024 Results
Brookfield, News, May 3, 2024 –
Brookfield Business Corporation (NYSE, TSX: BBUC) announced today
its net income (loss) for the quarter ended March 31,
2024.
|
Three Months EndedMarch 31, |
US$
millions, unaudited |
|
2024 |
|
|
2023 |
|
|
|
|
Net
income (loss) attributable to Brookfield Business Partners |
$ |
(150) |
|
$ |
(140) |
|
Net loss attributable to Brookfield Business
Partners for the three months ended March 31, 2024 was $150
million compared to net loss of $140 million during the same period
in 2023. Current period results included a remeasurement loss on
our exchangeable and class B shares that are classified as
liabilities under IFRS. As at March 31, 2024, the exchangeable
and class B shares were remeasured to reflect the closing price of
$22.10 per unit. Prior period results included contribution from
our nuclear technology services operation which was sold in
November 2023.
Dividend
The Board of Directors has declared a quarterly
dividend in the amount of $0.0625 per share, payable on
June 28, 2024 to shareholders of record as at the close of
business on May 31, 2024. This dividend is identical in amount
per share and has identical record and payment dates to the
quarterly distribution declared by the Board of Directors of the
general partner of Brookfield Business Partners on its units.
Additional Information
Each exchangeable share of Brookfield Business
Corporation has been structured with the intention of providing an
economic return equivalent to one unit of Brookfield Business
Partners L.P. Each exchangeable share will be exchangeable at the
option of the holder for one unit. Brookfield Business Corporation
will target that dividends on its exchangeable shares will be
declared and paid at the same time as distributions are declared
and paid on the Brookfield Business Partners’ units and that
dividends on each exchangeable share will be declared and paid in
the same amount as distributions are declared and paid on each unit
to provide holders of exchangeable shares with an economic return
equivalent to holders of units.
In addition to carefully considering the
disclosures made in this news release in its entirety, shareholders
are strongly encouraged to carefully review the Letter to
Unitholders, Supplemental Information and other continuous
disclosure filings which are available at
https://bbu.brookfield.com.
Please note that Brookfield Business
Corporation’s previous audited annual and unaudited quarterly
reports have been filed on SEDAR+ and EDGAR and are available at
https://bbu.brookfield.com/bbuc under Reports & Filings. Hard
copies of the annual and quarterly reports can be obtained free of
charge upon request.
Brookfield Business Corporation |
Consolidated Statements of Financial Position |
|
|
As at |
US$
millions, unaudited |
March 31, 2024 |
|
December 31, 2023 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
743 |
|
|
$ |
772 |
Financial assets |
|
|
303 |
|
|
|
224 |
Accounts and other receivable,
net |
|
|
3,601 |
|
|
|
3,569 |
Inventory, net |
|
|
59 |
|
|
|
61 |
Other assets |
|
|
710 |
|
|
|
737 |
Property, plant and
equipment |
|
|
2,622 |
|
|
|
2,743 |
Deferred income tax
assets |
|
|
227 |
|
|
|
221 |
Intangible assets |
|
|
6,756 |
|
|
|
6,931 |
Equity accounted
investments |
|
|
216 |
|
|
|
222 |
Goodwill |
|
|
5,650 |
|
|
|
5,702 |
Total Assets |
|
$ |
20,887 |
|
|
$ |
21,182 |
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Accounts payable and
other |
|
$ |
4,939 |
|
|
$ |
4,818 |
Non-recourse borrowings in
subsidiaries of Brookfield Business Corporation |
|
|
8,545 |
|
|
|
8,823 |
Exchangeable and class B
shares |
|
|
1,612 |
|
|
|
1,501 |
Deferred income tax
liabilities |
|
|
1,235 |
|
|
|
1,280 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Brookfield Business
Partners |
$ |
722 |
|
|
$ |
880 |
|
Non-controlling interests |
|
3,834 |
|
|
|
3,880 |
|
|
|
|
4,556 |
|
|
|
4,760 |
Total Liabilities and Equity |
|
$ |
20,887 |
|
|
$ |
21,182 |
Brookfield Business Corporation |
Consolidated Statements of Operating Results |
|
US$
millions, unaudited |
Three Months EndedMarch 31, |
|
2024 |
|
|
20231 |
|
Continuing operations |
|
|
Revenues |
$ |
1,865 |
|
$ |
1,865 |
|
Direct operating costs |
|
(1,652) |
|
|
(1,616) |
|
General and administrative
expenses |
|
(64) |
|
|
(61) |
|
Interest income (expense),
net |
|
(210) |
|
|
(212) |
|
Equity accounted income
(loss) |
|
1 |
|
|
(2) |
|
Impairment reversal (expense),
net |
|
(2) |
|
|
— |
|
Remeasurement of exchangeable
and class B shares |
|
(111) |
|
|
(121) |
|
Other
income (expense), net |
|
(11) |
|
|
(38) |
|
Income (loss) before income tax from continuing operations |
|
(184) |
|
|
(185) |
|
Income tax (expense)
recovery |
|
|
Current |
|
(44) |
|
|
(10) |
|
Deferred |
|
54 |
|
|
13 |
|
Net income (loss) from continuing operations |
$ |
(174) |
|
$ |
(182) |
|
Discontinued operations |
|
|
Net
income (loss) from discontinued operations |
|
— |
|
|
(3) |
|
Net income (loss) |
$ |
(174) |
|
$ |
(185) |
|
Attributable to: |
|
|
Brookfield Business Partners |
$ |
(150) |
|
$ |
(140) |
|
Non-controlling interests |
|
(24) |
|
|
(45) |
|
Notes:
- Comparative prior
period results have been adjusted to reflect our nuclear technology
services operation as a discontinued operation presented as a
single amount excluded from continuing operations. Our nuclear
technology services operation was reported as part of continuing
operations until the end of the third quarter of 2023. Following
the sale in the fourth quarter of 2023, comparative prior period
results reflect the classification as a discontinued
operation.
Cautionary Statement Regarding
Forward-looking Statements and Information
Note: This news release contains
“forward-looking information” within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws.
Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions,
include statements regarding the operations, business, financial
condition, expected financial results, performance, prospects,
opportunities, priorities, targets, goals, ongoing objectives,
strategies and outlook of Brookfield Business Partners, as well as
regarding recently completed and proposed acquisitions,
dispositions, and other transactions, and the outlook for North
American and international economies for the current fiscal year
and subsequent periods, and include words such as “expects”,
“anticipates”, “plans”, “believes”, “estimates”, “seeks”,
“intends”, “targets”, “projects”, “forecasts”, “views”,
“potential”, “likely” or negative versions thereof and other
similar expressions, or future or conditional verbs such as “may”,
“will”, “should”, “would” and “could”.
Although we believe that our anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, investors and other
readers should not place undue reliance on forward-looking
statements and information because they involve known and unknown
risks, uncertainties and other factors, many of which are beyond
our control, which may cause the actual results, performance or
achievements of Brookfield Business Partners to differ materially
from anticipated future results, performance or achievements
expressed or implied by such forward-looking statements and
information.
Factors that could cause actual results to
differ materially from those contemplated or implied by
forward-looking statements include, but are not limited to: general
economic conditions and risks relating to the economy, including
unfavorable changes in interest rates, foreign exchange rates,
inflation and volatility in the financial markets; global equity
and capital markets and the availability of equity and debt
financing and refinancing within these markets; strategic actions
including our ability to complete dispositions and achieve the
anticipated benefits therefrom; the ability to complete and
effectively integrate acquisitions into existing operations and the
ability to attain expected benefits; changes in accounting policies
and methods used to report financial condition (including
uncertainties associated with critical accounting assumptions and
estimates); the ability to appropriately manage human capital; the
effect of applying future accounting changes; business competition;
operational and reputational risks; technological change; changes
in government regulation and legislation within the countries in
which we operate; governmental investigations; litigation; changes
in tax laws; ability to collect amounts owed; catastrophic events,
such as earthquakes, hurricanes and pandemics/epidemics; the
possible impact of international conflicts, wars and related
developments including terrorist acts and cyber terrorism; and
other risks and factors detailed from time to time in our documents
filed with the securities regulators in Canada and the United
States including those set forth in the “Risk Factors” section in
our annual report for the year ended December 31, 2023 filed on
Form 20-F.
Statements relating to “reserves” are deemed to
be forward-looking statements as they involve the implied
assessment, based on certain estimates and assumptions, that the
reserves described herein can be profitably produced in the future.
We qualify any and all of our forward-looking statements by these
cautionary factors.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. When
relying on our forward-looking statements and information,
investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. Except as
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements or information, whether
written or oral, that may be as a result of new information, future
events or otherwise.
Cautionary Statement Regarding the Use
of Non-IFRS Measure
This news release contains references to a
Non-IFRS measure. Adjusted EBITDA is not a generally accepted
accounting measure under IFRS and therefore may differ from
definitions used by other entities. We believe this is a useful
supplemental measure that may assist investors in assessing the
financial performance of Brookfield Business Partners and its
subsidiaries. However, Adjusted EBITDA should not be considered in
isolation from, or as a substitute for, analysis of our financial
statements prepared in accordance with IFRS.
References to Brookfield Business Partners are
to Brookfield Business Partners L.P. together with its
subsidiaries, controlled affiliates and operating entities.
Unitholders’ results include limited partnership units,
redemption-exchange units, general partnership units, BBUC
exchangeable shares and special limited partnership units. More
detailed information on certain references made in this news
release will be available in our Management’s Discussion and
Analysis of Financial Condition and Results of Operations in our
interim report for the first quarter ended March 31, 2024 furnished
on Form 6-K.
Brookfield Business (NYSE:BBUC)
Historical Stock Chart
From Oct 2024 to Nov 2024
Brookfield Business (NYSE:BBUC)
Historical Stock Chart
From Nov 2023 to Nov 2024