BROOKFIELD, NEWS,
“We had a successful 2023, achieving strong business performance and generating over
| Three Months Ended |
Year Ended |
|||||||||
| US$ millions (except per unit amounts), unaudited | 2023 | 20224 | 2023 | 20224 | ||||||
| Net income (loss) attributable to Unitholders1 | $ | 1,423 | $ | (14 | ) | $ | 1,405 | $ | 98 | |
| Net income (loss) per limited partnership unit2 | $ | 6.57 | $ | (0.06 | ) | $ | 6.49 | $ | 0.48 | |
| Adjusted EBITDA3 | $ | 608 | $ | 627 | $ | 2,491 | $ | 2,254 | ||
Net income attributable to Unitholders for the year ended
Adjusted EBITDA for the year ended
Operational Update
The following table presents Adjusted EBITDA by segment:
| Three Months Ended |
Year Ended |
||||||||||||
| US$ millions, unaudited | 2023 | 20224 | 2023 | 20224 | |||||||||
| Business Services | $ | 227 | $ | 181 | $ | 900 | $ | 641 | |||||
| Industrials | 222 | 230 | 855 | 879 | |||||||||
| Infrastructure Services | 184 | 254 | 853 | 872 | |||||||||
| Corporate and Other | (25 | ) | (38 | ) | (117 | ) | (138 | ) | |||||
| Adjusted EBITDA | $ | 608 | $ | 627 | $ | 2,491 | $ | 2,254 | |||||
Our Business Services segment generated Adjusted EBITDA of
Our Industrials segment generated Adjusted EBITDA of
Our Infrastructure Services segment generated Adjusted EBITDA of
The following table presents Adjusted EFO5 by segment:
| Three Months Ended |
Year Ended |
||||||||||||
| US$ millions, unaudited | 2023 | 20224 | 2023 | 20224 | |||||||||
| Adjusted EFO | |||||||||||||
| Business Services | $ | 181 | $ | 93 | $ | 636 | $ | 427 | |||||
| Industrials | 115 | 119 | 492 | 473 | |||||||||
| Infrastructure Services | 1,790 | 148 | 2,070 | 513 | |||||||||
| Corporate and Other | (77 | ) | (67 | ) | (335 | ) | (178 | ) | |||||
Adjusted EFO for the year ended
Strategic Initiatives
- Leadership Transition
OnFebruary 1 , the Board of Directors ofBrookfield Business Partners formally appointedAnuj Ranjan Chief Executive Officer ofBrookfield Business Partners . In addition,Cyrus Madon was appointed Executive Chairman, where he will continue to serve as an Executive Officer and maintain his role on the investment committee ofBrookfield Business Partners . He will also join the Board of Directors as Executive Chairman.Jeffrey Blidner will step down as Board Chairman and remain a member of the Board of Directors.
- Capital Recycling
During the quarter we completed the sale of Westinghouse, our nuclear technology services operation and the partial sale of our interest in Everise, our technology services operation. We also sold a portion of our investments in public securities including common shares of GrafTech, reducing our current ownership interest in the business to approximately 3%. Our share of aggregate net proceeds from these sales during the quarter and since the start of the year was approximately$1.6 billion .
- Real Estate Services Operation
In December we agreed to sell our general partner interest and residential real estate brokerage portfolio to Bridgemarq, a publicly listed real estate services and brokerage business. In exchange we agreed to take back limited partnership units in the public entity which will increase our ownership interest to approximately 42%. The transaction is expected to close in the second quarter of 2024, subject to shareholder approval.
- Unit Repurchase Program
For the year endedDecember 31, 2023 we repurchased and canceled 331,875 units ofBrookfield Business Partners L.P. Brookfield Corporation , the parent company ofBrookfield Business Partners , purchased an additional 374,533 units. As an affiliate, Brookfield Corporation’s unit purchases were completed under our normal course issuer bid (NCIB).
Liquidity
During the quarter, we redeemed
We ended the year with approximately
Distribution
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 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 and twelve months ended
December 31, 2023 which were 74.3 million and 74.5 million, respectively (December 31, 2022 : 74.6 million and 75.3 million, respectively). - 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 IFRS 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 elsewhere in this release.
- On
January 1, 2023 , our residential mortgage insurer adopted a new accounting standard, IFRS 17. Our comparative period information has been adjusted to present the results of our residential mortgage insurer measured in accordance with IFRS 17. The new IFRS 17 accounting standard has no impact on the fundamental economics or cash flows of the business. Total earnings recognized over the duration of an insurance contract are unchanged, however the timing of revenues and earnings is impacted by the new IFRS 17 measurement model. Compared to the previous accounting standard, the recognition of revenue in accordance with IFRS 17 has more sensitivity to changes in macroeconomic variables and will generally be slower except in periods of rapidly increasing home prices. Losses on claims will be largely unchanged with the adoption of IFRS 17, but loss ratios will be higher during periods of slower revenue recognition in accordance with IFRS 17. - 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 IFRS 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.
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: Tel: +44 207 408 8375 Email: [email protected] |
Investors: Tel: +1 (416) 645-2736 Email: [email protected] |
Conference Call and 2023 Earnings Webcast Details
Investors, analysts and other interested parties can access Brookfield Business Partners’ 2023 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
Consolidated Statements of Financial Position |
|||||||||
| As at | |||||||||
| US$ millions, unaudited | |||||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 3,252 | $ | 2,870 | |||||
| Financial assets | 13,176 | 12,908 | |||||||
| Accounts and other receivable, net | 6,563 | 7,278 | |||||||
| Inventory and other assets | 5,321 | 7,559 | |||||||
| Property, plant and equipment | 15,724 | 15,893 | |||||||
| Deferred income tax assets | 1,220 | 1,245 | |||||||
| Intangible assets | 20,846 | 23,953 | |||||||
| Equity accounted investments | 2,154 | 2,065 | |||||||
| 14,129 | 15,479 | ||||||||
| Total Assets | $ | 82,385 | $ | 89,250 | |||||
| Liabilities and Equity | |||||||||
| Liabilities | |||||||||
| Corporate borrowings | $ | 1,440 | $ | 2,100 | |||||
| Accounts payable and other | 18,378 | 20,430 | |||||||
| Non-recourse borrowings in subsidiaries of |
40,809 | 44,593 | |||||||
| Deferred income tax liabilities | 3,226 | 3,698 | |||||||
| Equity | |||||||||
| Limited partners | $ | 1,909 | $ | 1,408 | |||||
| Non-controlling interests attributable to: | |||||||||
| Redemption-exchange units | 1,792 | 1,318 | |||||||
| Special limited partner | — | — | |||||||
| BBUC exchangeable shares | 1,875 | 1,378 | |||||||
| Preferred securities | 740 | 1,490 | |||||||
| Interest of others in operating subsidiaries | 12,216 | 12,835 | |||||||
| 18,532 | 18,429 | ||||||||
| Total Liabilities and Equity | $ | 82,385 | $ | 89,250 | |||||
Notes:
- Comparative prior period results have been adjusted in accordance with the new IFRS 17 accounting standard adopted at our residential mortgage insurer on
January 1, 2023 .
Consolidated Statements of Operating Results |
|||||||||||||
| Three Months Ended |
Year Ended |
||||||||||||
| US$ millions, unaudited | 2023 | 20221 | 2023 | 20221 | |||||||||
| Revenues | $ | 13,405 | $ | 14,640 | $ | 55,068 | $ | 57,385 | |||||
| Direct operating costs | (12,209 | ) | (13,292 | ) | (50,021 | ) | (53,110 | ) | |||||
| General and administrative expenses | (336 | ) | (395 | ) | (1,538 | ) | (1,360 | ) | |||||
| Interest income (expense), net | (858 | ) | (805 | ) | (3,596 | ) | (2,538 | ) | |||||
| Equity accounted income (loss), net | 48 | 36 | 132 | 165 | |||||||||
| Impairment reversal (expense), net | (780 | ) | (49 | ) | (831 | ) | 9 | ||||||
| Gain (loss) on acquisitions/dispositions, net | 4,477 | 17 | 4,686 | 28 | |||||||||
| Other income (expense), net | (344 | ) | (127 | ) | (178 | ) | (658 | ) | |||||
| Income (loss) before income tax | 3,403 | 25 | 3,722 | (79 | ) | ||||||||
| Income tax (expense) recovery | |||||||||||||
| Current | (171 | ) | (172 | ) | (775 | ) | (458 | ) | |||||
| Deferred | 252 | 182 | 830 | 777 | |||||||||
| Net income (loss) | $ | 3,484 | $ | 35 | $ | 3,777 | $ | 240 | |||||
| Attributable to: | |||||||||||||
| Limited partners | $ | 488 | $ | (5 | ) | $ | 482 | $ | 36 | ||||
| Non-controlling interests attributable to: | |||||||||||||
| Redemption-exchange units | 457 | (4 | ) | 451 | 34 | ||||||||
| Special limited partner | — | — | — | — | |||||||||
| BBUC exchangeable shares | 478 | (5 | ) | 472 | 28 | ||||||||
| Preferred securities | 17 | 22 | 83 | 27 | |||||||||
| Interest of others in operating subsidiaries | 2,044 | 27 | 2,289 | 115 | |||||||||
Notes:
- Comparative prior period results have been adjusted in accordance with the new IFRS 17 accounting standard adopted at our residential mortgage insurer on
January 1, 2023 .
Reconciliation of Non-IFRS Measures
| Three Months Ended |
||||||||||||||||||||
| US$ millions, unaudited | Business Services |
Infrastructure Services |
Industrials | Corporate and Other |
Total | |||||||||||||||
| Net income (loss) | $ | 51 | $ | 3,744 | $ | (264 | ) | $ | (47 | ) | $ | 3,484 | ||||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 287 | 257 | 347 | — | 891 | |||||||||||||||
| Impairment reversal (expense), net | 650 | 33 | 97 | — | 780 | |||||||||||||||
| Gain (loss) on acquisitions/dispositions, net | (566 | ) | (3,902 | ) | (9 | ) | — | (4,477 | ) | |||||||||||
| Other income (expense), net1 | (24 | ) | 46 | 317 | 5 | 344 | ||||||||||||||
| Income tax (expense) recovery | 18 | (10 | ) | (68 | ) | (21 | ) | (81 | ) | |||||||||||
| Equity accounted income (loss), net | (6 | ) | (22 | ) | (20 | ) | — | (48 | ) | |||||||||||
| Interest income (expense), net | 259 | 225 | 336 | 38 | 858 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 17 | 51 | 17 | — | 85 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (459 | ) | (238 | ) | (531 | ) | — | (1,228 | ) | |||||||||||
| Adjusted EBITDA | $ | 227 | $ | 184 | $ | 222 | $ | (25 | ) | $ | 608 | |||||||||
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
$247 million loss related to the reclassification of our graphite electrode operations as a financial asset,$80 million of business separation expenses, stand-up costs and restructuring charges,$37 million in transaction costs,$96 million of net gains on debt extinguishment/modifications and$76 million of other expenses. - Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
- Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
Reconciliation of Non-IFRS Measures
| Year Ended |
||||||||||||||||||||
| US$ millions, unaudited | Business Services |
Infrastructure Services |
Industrials | Corporate and Other |
Total | |||||||||||||||
| Net income (loss) | $ | 602 | $ | 3,616 | $ | (245 | ) | $ | (196 | ) | $ | 3,777 | ||||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 1,045 | 1,174 | 1,373 | — | 3,592 | |||||||||||||||
| Impairment reversal (expense), net | 656 | (13 | ) | 188 | — | 831 | ||||||||||||||
| Gain (loss) on acquisitions/dispositions, net | (720 | ) | (3,916 | ) | (50 | ) | — | (4,686 | ) | |||||||||||
| Other income (expense), net1 | (138 | ) | (90 | ) | 396 | 10 | 178 | |||||||||||||
| Income tax (expense) recovery | 245 | (6 | ) | (218 | ) | (76 | ) | (55 | ) | |||||||||||
| Equity accounted income (loss), net | (25 | ) | (51 | ) | (56 | ) | — | (132 | ) | |||||||||||
| Interest income (expense), net | 1,031 | 1,051 | 1,369 | 145 | 3,596 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 61 | 183 | 63 | — | 307 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (1,857 | ) | (1,095 | ) | (1,965 | ) | — | (4,917 | ) | |||||||||||
| Adjusted EBITDA | $ | 900 | $ | 853 | $ | 855 | $ | (117 | ) | $ | 2,491 | |||||||||
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
$247 million loss related to the reclassification of our graphite electrode operations as a financial asset,$93 million of net revaluation gains,$246 million of business separation expenses, stand-up costs and restructuring charges,$116 million in transaction costs,$446 million of net gains on debt modification and extinguishment, and$108 million of other expense. - Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
- Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
Reconciliation of Non-IFRS Measures |
||||||||||||||||||||
| Three Months Ended |
||||||||||||||||||||
| US$ millions, unaudited | Business Services |
Infrastructure Services |
Industrials | Corporate and Other |
Total | |||||||||||||||
| Net income (loss) | $ | (5 | ) | $ | (50 | ) | $ | 114 | $ | (24 | ) | $ | 35 | |||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 254 | 259 | 329 | — | 842 | |||||||||||||||
| Impairment reversal (expense), net | 53 | — | (4 | ) | — | 49 | ||||||||||||||
| Gain (loss) on acquisitions/dispositions, net | (9 | ) | — | (8 | ) | — | (17 | ) | ||||||||||||
| Other income (expense), net1 | 67 | 82 | (23 | ) | 1 | 127 | ||||||||||||||
| Income tax (expense) recovery | (7 | ) | 34 | (2 | ) | (35 | ) | (10 | ) | |||||||||||
| Equity accounted income (loss), net | (10 | ) | (8 | ) | (18 | ) | — | (36 | ) | |||||||||||
| Interest income (expense), net | 223 | 241 | 321 | 20 | 805 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 14 | 37 | 20 | — | 71 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (399 | ) | (341 | ) | (499 | ) | — | (1,239 | ) | |||||||||||
| Adjusted EBITDA | $ | 181 | $ | 254 | $ | 230 | $ | (38 | ) | $ | 627 | |||||||||
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 $22 million of net revaluation gains,
$143 million of business separation expenses, stand-up costs and restructuring charges,$37 million in transaction costs, $11 million of net gains on the sale of property, plant and equipment and $20 million of other income. - Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
- Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
- Comparative prior period results have been adjusted in accordance with the new IFRS 17 accounting standard adopted at our residential mortgage insurer on
January 1, 2023 .
Reconciliation of Non-IFRS Measures |
||||||||||||||||||||
| Year Ended |
||||||||||||||||||||
| US$ millions, unaudited | Business Services |
Infrastructure Services |
Industrials | Corporate and Other |
Total | |||||||||||||||
| Net income (loss) | $ | 244 | $ | (40 | ) | $ | 177 | $ | (141 | ) | $ | 240 | ||||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 684 | 1,220 | 1,319 | — | 3,223 | |||||||||||||||
| Impairment reversal (expense), net | 76 | 125 | (210 | ) | — | (9 | ) | |||||||||||||
| Gain (loss) on acquisitions/dispositions, net | (9 | ) | — | (19 | ) | — | (28 | ) | ||||||||||||
| Other income (expense), net1 | 177 | 243 | 226 | 12 | 658 | |||||||||||||||
| Income tax (expense) recovery | 65 | (391 | ) | 87 | (80 | ) | (319 | ) | ||||||||||||
| Equity accounted income (loss), net | (36 | ) | (47 | ) | (82 | ) | — | (165 | ) | |||||||||||
| Interest income (expense), net | 549 | 782 | 1,136 | 71 | 2,538 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 51 | 139 | 89 | — | 279 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (1,160 | ) | (1,159 | ) | (1,844 | ) | — | (4,163 | ) | |||||||||||
| Adjusted EBITDA | $ | 641 | $ | 872 | $ | 879 | $ | (138 | ) | $ | 2,254 | |||||||||
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
$251 million of net revaluation losses,$296 million of business separation expenses, stand-up costs and restructuring charges,$146 million in transaction costs,$36 million of net gains on the sale of property, plant and equipment and$1 million of other expense. - Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
- Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
- Comparative prior period results have been adjusted in accordance with the new IFRS 17 accounting standard adopted at our residential mortgage insurer on
January 1, 2023 .
Brookfield Business Corporation Reports 2023 Year End Results
Brookfield, News,
| Three Months Ended |
Year Ended |
||||||||
| US$ millions, unaudited | 2023 | 2022 | 2023 | 2022 | |||||
| Net income (loss) attributable to |
$ | 454 | $ | 194 | $ | 519 | $ | 911 | |
Net income attributable to
Dividend
The Board of Directors has declared a quarterly dividend in the amount of
Additional Information
Each exchangeable share of
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.
Consolidated Statements of Financial Position |
|||||||||
| As at | |||||||||
| US$ millions, unaudited | |||||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 772 | $ | 736 | |||||
| Financial assets | 224 | 497 | |||||||
| Accounts and other receivable, net | 3,569 | 3,191 | |||||||
| Inventory, net | 61 | 635 | |||||||
| Other assets | 737 | 1,466 | |||||||
| Property, plant and equipment | 2,743 | 3,765 | |||||||
| Deferred income tax assets | 221 | 626 | |||||||
| Intangible assets | 6,931 | 9,295 | |||||||
| Equity accounted investments | 222 | 251 | |||||||
| 5,702 | 6,914 | ||||||||
| Total Assets | $ | 21,182 | $ | 27,376 | |||||
| Liabilities and Equity | |||||||||
| Liabilities | |||||||||
| Accounts payable and other | $ | 4,818 | $ | 7,639 | |||||
| Non-recourse borrowings in subsidiaries of |
8,823 | 12,913 | |||||||
| Exchangeable and class B shares | 1,501 | 1,237 | |||||||
| Deferred income tax liabilities | 1,280 | 1,516 | |||||||
| Equity | |||||||||
| $ | 880 | $ | 359 | ||||||
| Non-controlling interests | 3,880 | 3,712 | |||||||
| 4,760 | 4,071 | ||||||||
| Total Liabilities and Equity | $ | 21,182 | $ | 27,376 | |||||
Consolidated Statements of Operating Results |
|||||||||||||
| Three Months Ended |
Year Ended |
||||||||||||
| US$ millions, unaudited | 2023 | 20221 | 2023 | 20221 | |||||||||
| Continuing operations | |||||||||||||
| Revenues | $ | 1,946 | $ | 1,907 | $ | 7,683 | $ | 6,803 | |||||
| Direct operating costs | (1,750 | ) | (1,706 | ) | (6,794 | ) | (6,163 | ) | |||||
| General and administrative expenses | (77 | ) | (67 | ) | (268 | ) | (203 | ) | |||||
| Interest income (expense), net | (206 | ) | (194 | ) | (878 | ) | (523 | ) | |||||
| Equity accounted income (loss), net | 2 | 5 | 3 | 8 | |||||||||
| Impairment reversal (expense), net | (602 | ) | (21 | ) | (606 | ) | (21 | ) | |||||
| Gain (loss) on acquisitions/dispositions, net | — | — | 87 | — | |||||||||
| Remeasurement of exchangeable and class B shares | (392 | ) | 182 | (264 | ) | 836 | |||||||
| Other income (expense), net | 48 | (43 | ) | 126 | (75 | ) | |||||||
| Income (loss) before income tax from continuing operations | (1,031 | ) | 63 | (911 | ) | 662 | |||||||
| Income tax (expense) recovery | |||||||||||||
| Current | (6 | ) | (14 | ) | (167 | ) | (59 | ) | |||||
| Deferred | 1 | 48 | 95 | 93 | |||||||||
| Net income (loss) from continuing operations | $ | (1,036 | ) | $ | 97 | $ | (983 | ) | $ | 696 | |||
| Discontinued operations | |||||||||||||
| Net income (loss) from discontinued operations | 3,885 | 61 | 3,812 | 380 | |||||||||
| Net income (loss) | $ | 2,849 | $ | 158 | $ | 2,829 | $ | 1,076 | |||||
| Attributable to: | |||||||||||||
| $ | 454 | $ | 194 | $ | 519 | $ | 911 | ||||||
| Non-controlling interests | 2,395 | (36 | ) | 2,310 | 165 | ||||||||
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 third quarter of 2023 and has since been classified as discontinued operations for both the current and comparative periods.
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
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
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
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 Measures
This news release contains references to Non-IFRS measures. 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
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