BROOKFIELD, NEWS,
“We are pleased with our strong second quarter results and the continued resilience of our operations," said
| Three Months Ended | Six Months Ended | ||||||||||||
| US$ millions (except per unit amounts), unaudited | 2022 | 2021 | 2022 | 2021 | |||||||||
| Net income (loss) attributable to unitholders1 | $ | 143 | $ | (15 | ) | $ | 171 | $ | 515 | ||||
| Net income (loss) per limited partnership unit2 | $ | 0.65 | $ | (0.63 | ) | $ | 0.83 | $ | 2.94 | ||||
| Adjusted EBITDA3 | $ | 543 | $ | 381 | $ | 1,049 | $ | 768 | |||||
Net income attributable to unitholders for the three months ended
Operational Update
The following table presents Adjusted EBITDA by segment:
| Three Months Ended | Six Months Ended | ||||||||||||
| US$ millions, unaudited | 2022 | 2021 | 2022 | 2021 | |||||||||
| Infrastructure Services | $ | 205 | $ | 125 | $ | 413 | $ | 261 | |||||
| Industrials | 204 | 145 | 421 | 317 | |||||||||
| Business Services | 166 | 145 | 280 | 249 | |||||||||
| Corporate and Other | (32 | ) | (34 | ) | (65 | ) | (59 | ) | |||||
| Adjusted EBITDA3 | $ | 543 | $ | 381 | $ | 1,049 | $ | 768 | |||||
Our Infrastructure Services segment generated Adjusted EBITDA of
Our Industrials segment generated Adjusted EBITDA of
Our Business Services segment generated Adjusted EBITDA of
The following table presents Adjusted EFO4 by segment:
| Three Months Ended | Six Months Ended | ||||||||||||
| US$ millions, unaudited | 2022 | 2021 | 2022 | 2021 | |||||||||
| Infrastructure Services | $ | 124 | $ | 72 | $ | 263 | $ | 145 | |||||
| Industrials | 101 | 216 | 223 | 637 | |||||||||
| Business Services | 151 | 93 | 231 | 163 | |||||||||
| Corporate and Other | (34 | ) | (25 | ) | (65 | ) | (44 | ) | |||||
Adjusted EFO for the three months ended
Strategic Initiatives
Automotive Dealer Software and Technology Services
InJuly 2022 we completed the acquisition of CDK Global Inc., a leading provider of mission-critical technology services and software solutions to the automotive dealer industry, for approximately$8.5 billion . The transaction was funded with$3.5 billion of equity of which we expect our share to be approximately$865 million for a 25% ownership interest, with the balance funded from institutional partners.
- Australian Residential Mortgage Lending Services
InMay 2022 we completed the acquisition ofLa Trobe Financial , an Australian non-bank lender and asset manager, for approximately$1 billion . We expect our share to be approximately$250 million for a 30% ownership interest, a portion of which may be syndicated to other institutional investors.
- Roofing Products Manufacturer
InMay 2022 we completed the acquisition ofCupa Group , a provider of slate roofing products, for approximately$860 million . We funded approximately$100 million of the$359 million equity investment.
- Unit Repurchase Program
For the three months endedJune 30, 2022 we repurchased 1,407,354 ofBrookfield Business Partners L.P. units under our normal course issuer bid (NCIB).
Liquidity
We ended the quarter 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 six months ended
June 30, 2022 which was 75.3 million and 76.0 million, respectively (June 30, 2021 : 78.6 million and 78.7 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, gains (losses) on acquisition/disposition, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, and other income (expense), net. 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 statement 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 to Adjusted EBITDA included elsewhere 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, deferred income taxes, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, and other income or expense items. 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 statement of operating results. In order to provide additional insight regarding the Partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes realized disposition gains or losses, recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. 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: +1 (416) 943-7937 Email: [email protected] | Investors: Tel: +1 (416) 645-2736 Email: [email protected] |
Conference Call and Quarterly Earnings Webcast Details
Investors, analysts and other interested parties can access Brookfield Business Partners’ second quarter 2022 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 | $ | 2,399 | $ | 2,588 | |||||||||
| Financial assets | 13,183 | 8,550 | |||||||||||
| Accounts and other receivable, net | 6,649 | 5,638 | |||||||||||
| Inventory and other assets | 7,614 | 6,359 | |||||||||||
| Property, plant and equipment | 15,172 | 15,325 | |||||||||||
| Deferred income tax assets | 1,211 | 888 | |||||||||||
| Intangible assets | 19,220 | 14,806 | |||||||||||
| Equity accounted investments | 1,940 | 1,480 | |||||||||||
| 9,907 | 8,585 | ||||||||||||
| Total Assets | $ | 77,295 | $ | 64,219 | |||||||||
| Liabilities and Equity | |||||||||||||
| Liabilities | |||||||||||||
| Corporate borrowings | $ | 1,981 | $ | 1,619 | |||||||||
| Accounts payable and other | 20,011 | 19,636 | |||||||||||
| Non-recourse borrowings in subsidiaries of | 38,512 | 27,457 | |||||||||||
| Deferred income tax liabilities | 2,762 | 2,507 | |||||||||||
| Equity | |||||||||||||
| Limited partners | $ | 1,416 | $ | 2,252 | |||||||||
| Non-controlling interests attributable to: | |||||||||||||
| Redemption-exchange units | 1,325 | 2,011 | |||||||||||
| Special limited partnership units | — | — | |||||||||||
| Preferred shares | 15 | 15 | |||||||||||
| BBUC exchangeable shares | 1,385 | — | |||||||||||
| Interest of others in operating subsidiaries | 9,888 | 8,722 | |||||||||||
| 14,029 | 13,000 | ||||||||||||
| Total Liabilities and Equity | $ | 77,295 | $ | 64,219 | |||||||||
Consolidated Statements of Operating Results
| US$ millions, unaudited | Three Months Ended | Six Months Ended | |||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| Revenues | $ | 14,626 | $ | 11,235 | $ | 28,098 | $ | 21,064 | |||||
| Direct operating costs | (13,674 | ) | (10,549 | ) | (26,269 | ) | (19,527 | ) | |||||
| General and administrative expenses | (310 | ) | (253 | ) | (610 | ) | (504 | ) | |||||
| Interest income (expense), net | (556 | ) | (351 | ) | (1,016 | ) | (699 | ) | |||||
| Equity accounted income (loss), net | 41 | 7 | 91 | 36 | |||||||||
| Impairment reversal (expense), net | 78 | — | 78 | (201 | ) | ||||||||
| Gain (loss) on acquisitions/dispositions, net | — | 16 | — | 1,823 | |||||||||
| Other income (expense), net | (218 | ) | (97 | ) | (317 | ) | (58 | ) | |||||
| Income (loss) before income tax | (13 | ) | 8 | 55 | 1,934 | ||||||||
| Income tax (expense) recovery | |||||||||||||
| Current | (75 | ) | (118 | ) | (154 | ) | (311 | ) | |||||
| Deferred | 382 | 81 | 412 | 115 | |||||||||
| Net income (loss) | $ | 294 | $ | (29 | ) | $ | 313 | $ | 1,738 | ||||
| Attributable to: | |||||||||||||
| Limited partners | $ | 49 | $ | (50 | ) | $ | 63 | $ | 231 | ||||
| Non-controlling interests attributable to: | |||||||||||||
| Redemption-exchange units | 46 | (44 | ) | 58 | 205 | ||||||||
| Special limited partners | — | 79 | — | 79 | |||||||||
| BBUC exchangeable shares | 48 | — | 50 | — | |||||||||
| Interest of others in operating subsidiaries | 151 | (14 | ) | 142 | 1,223 | ||||||||
Reconciliation of Non-IFRS Measures
| US$ millions, unaudited | Three Months Ended | |||||||||||||||||||
| Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||||
| Net income (loss) | $ | 113 | $ | 137 | $ | 85 | $ | (41 | ) | $ | 294 | |||||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 118 | 340 | 328 | — | 786 | |||||||||||||||
| Impairment reversal (expense), net | 3 | 125 | (206 | ) | — | (78 | ) | |||||||||||||
| Other income (expense), net1 | 65 | 50 | 96 | 7 | 218 | |||||||||||||||
| Income tax (expense) recovery | 48 | (402 | ) | 63 | (16 | ) | (307 | ) | ||||||||||||
| Equity accounted income (loss), net | (10 | ) | (11 | ) | (20 | ) | — | (41 | ) | |||||||||||
| Interest income (expense), net | 67 | 190 | 281 | 18 | 556 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 15 | 39 | 23 | — | 77 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (253 | ) | (263 | ) | (446 | ) | — | (962 | ) | |||||||||||
| Adjusted EBITDA | $ | 166 | $ | 205 | $ | 204 | $ | (32 | ) | $ | 543 | |||||||||
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 includes $131 million of net revaluation losses, $37 million of business separation expenses, stand-up costs and restructuring charges, $40 million of transaction costs, $20 million of net gains on the sale of property, plant and equipment and $30 million of other expenses.
- Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the Partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
- Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
Reconciliation of Non-IFRS Measures
| US$ millions, unaudited | Six Months Ended | |||||||||||||||||||
| Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||||
| Net income (loss) | $ | 145 | $ | 189 | $ | 51 | $ | (72 | ) | $ | 313 | |||||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 232 | 591 | 665 | — | 1,488 | |||||||||||||||
| Impairment reversal (expense), net | 3 | 125 | (206 | ) | — | (78 | ) | |||||||||||||
| Other income (expense), net1 | 61 | 94 | 155 | 7 | 317 | |||||||||||||||
| Income tax (expense) recovery | 50 | (404 | ) | 125 | (29 | ) | (258 | ) | ||||||||||||
| Equity accounted income (loss) | (15 | ) | (30 | ) | (46 | ) | — | (91 | ) | |||||||||||
| Interest income (expense), net | 141 | 321 | 525 | 29 | 1,016 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 24 | 65 | 46 | — | 135 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (361 | ) | (538 | ) | (894 | ) | — | (1,793 | ) | |||||||||||
| Adjusted EBITDA | $ | 280 | $ | 413 | $ | 421 | $ | (65 | ) | $ | 1,049 | |||||||||
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 $148 million of net revaluation losses, $66 million of business separation expenses, stand-up costs and restructuring charges, $59 million of transaction costs, $18 million of net gains on the sale of property, plant and equipment and $62 million of other expenses.
- Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
- Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
Reconciliation of Non-IFRS Measures
| US$ millions, unaudited | Three Months Ended | |||||||||||||||||||
| Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||||
| Net income (loss) | $ | 100 | $ | (90 | ) | $ | (13 | ) | $ | (26 | ) | $ | (29 | ) | ||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 121 | 176 | 256 | — | 553 | |||||||||||||||
| Gain (loss) on acquisitions/dispositions, net | — | — | (16 | ) | — | (16 | ) | |||||||||||||
| Other income (expense), net1 | 19 | 36 | 41 | 1 | 97 | |||||||||||||||
| Income tax (expense) recovery | 50 | 9 | (10 | ) | (12 | ) | 37 | |||||||||||||
| Equity accounted income (loss), net | — | (2 | ) | (5 | ) | — | (7 | ) | ||||||||||||
| Interest income (expense), net | 64 | 84 | 200 | 3 | 351 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 5 | 32 | 20 | — | 57 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (214 | ) | (120 | ) | (328 | ) | — | (662 | ) | |||||||||||
| Adjusted EBITDA | $ | 145 | $ | 125 | $ | 145 | $ | (34 | ) | $ | 381 | |||||||||
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 $27 million of net revaluation gains, $50 million of business separation expenses, stand-up costs and restructuring charges, $12 million of net losses on debt extinguishment/modification and $62 million of other expenses.
- Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the Partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
- Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
Reconciliation of Non-IFRS Measures
| US$ millions, unaudited | Six Months Ended | |||||||||||||||||||
| Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||||
| Net income (loss) | $ | 233 | $ | (66 | ) | $ | 1,616 | $ | (45 | ) | $ | 1,738 | ||||||||
| Add back or deduct the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 224 | 348 | 523 | — | 1,095 | |||||||||||||||
| Impairment reversal (expense), net | (13 | ) | — | 214 | — | 201 | ||||||||||||||
| Gain (loss) on acquisitions/dispositions, net | — | — | (1,823 | ) | — | (1,823 | ) | |||||||||||||
| Other income (expense), net1 | 35 | 9 | 13 | 1 | 58 | |||||||||||||||
| Income tax expense (recovery) | 92 | 13 | 113 | (22 | ) | 196 | ||||||||||||||
| Equity accounted income (loss) | 2 | (6 | ) | (32 | ) | — | (36 | ) | ||||||||||||
| Interest income (expense), net | 112 | 167 | 413 | 7 | 699 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 8 | 60 | 40 | — | 108 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (444 | ) | (264 | ) | (760 | ) | — | (1,468 | ) | |||||||||||
| Adjusted EBITDA | $ | 249 | $ | 261 | $ | 317 | $ | (59 | ) | $ | 768 | |||||||||
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 $146 million of net revaluation gains, $74 million of business separation expenses, stand-up costs and restructuring charges, $12 million of net loss on debt extinguishment/modification and $118 million of other expenses.
- Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
- Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
Reconciliation of Net Income per Unit
| US$, unaudited | Three Months Ended | Six Months Ended | |||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| Net income (loss) per unitholder1,2 | $ | 0.65 | $ | (0.10 | ) | $ | 0.83 | $ | 3.47 | ||||
| Less: incentive distribution to special limited partners2 | — | (0.53 | ) | — | (0.53 | ) | |||||||
| Net income (loss) per limited partnership unit2 | $ | 0.65 | $ | (0.63 | ) | $ | 0.83 | $ | 2.94 | ||||
Notes:
- Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
- Average number of units outstanding on a fully diluted time-weighted average basis, assuming the exchange of redemption-exchange units held by Brookfield Asset Management for limited partnership units, inclusive of all shares outstanding and adjusted for the BBUC share split, for the three and six months ended
June 30, 2022 was 218.0 million and 218.7 million, respectively (2021: 148.3 million and 148.4 million, respectively, unadjusted for the BBUC share split).
Brookfield Business Corporation Reports Second Quarter 2022 Results
Brookfield, News,
| Three Months Ended | Six Months Ended | ||||||||||||
| US$ millions, unaudited | 2022 | 2021 | 2022 | 2021 | |||||||||
| Net income (loss) attributable to | $ | 789 | $ | (12 | ) | $ | 625 | $ | (1 | ) | |||
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 | $ | 828 | $ | 894 | |||||||||
| Financial assets | 1,241 | 349 | |||||||||||
| Accounts and other receivable, net | 2,946 | 2,281 | |||||||||||
| Inventory, net | 615 | 580 | |||||||||||
| Other assets | 944 | 920 | |||||||||||
| Property, plant and equipment | 3,783 | 4,036 | |||||||||||
| Deferred income tax assets | 613 | 348 | |||||||||||
| Intangible assets | 4,685 | 4,226 | |||||||||||
| Equity accounted investments | 80 | 70 | |||||||||||
| 2,435 | 2,216 | ||||||||||||
| Total Assets | $ | 18,170 | $ | 15,920 | |||||||||
| Liabilities and Equity | |||||||||||||
| Liabilities | |||||||||||||
| Accounts payable and other | $ | 6,908 | $ | 7,191 | |||||||||
| Loan payable to | — | 1,860 | |||||||||||
| Non-recourse borrowings in subsidiaries of | 7,893 | 5,246 | |||||||||||
| Exchangeable and class B shares | 1,546 | — | |||||||||||
| Deferred income tax liabilities | 491 | 487 | |||||||||||
| Equity | |||||||||||||
| $ | 56 | $ | (516 | ) | |||||||||
| Non-controlling interests | 1,276 | 1,652 | |||||||||||
| 1,332 | 1,136 | ||||||||||||
| Total Liabilities and Equity | $ | 18,170 | $ | 15,920 | |||||||||
Consolidated Statements of Operating Results
| US$ millions, unaudited | Three Months Ended | Six Months Ended | |||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| Revenues | $ | 2,318 | $ | 2,452 | $ | 4,569 | $ | 4,821 | |||||
| Direct operating costs | (2,110 | ) | (2,269 | ) | (4,135 | ) | (4,444 | ) | |||||
| General and administrative expenses | (72 | ) | (80 | ) | (140 | ) | (142 | ) | |||||
| Interest income (expense), net | (133 | ) | (100 | ) | (240 | ) | (199 | ) | |||||
| Equity accounted income (loss), net | 2 | — | 3 | 1 | |||||||||
| Remeasurement of exchangeable and class B shares | 696 | — | 528 | — | |||||||||
| Other income (expense), net | (24 | ) | (38 | ) | (67 | ) | (27 | ) | |||||
| Income (loss) before income tax | 677 | (35 | ) | 518 | 10 | ||||||||
| Income tax (expense) recovery | |||||||||||||
| Current | (17 | ) | (8 | ) | (33 | ) | (31 | ) | |||||
| Deferred | 390 | — | 402 | 14 | |||||||||
| Net income (loss) | $ | 1,050 | $ | (43 | ) | $ | 887 | $ | (7 | ) | |||
| Attributable to: | |||||||||||||
| $ | 789 | $ | (12 | ) | $ | 625 | $ | (1 | ) | ||||
| Non-controlling interests | 261 | (31 | ) | 262 | (6 | ) | |||||||
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, the reader 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: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; including as a result of the ongoing novel coronavirus (SARS-CoV-2) pandemic, including any SARS-CoV-2 variants (collectively, “COVID-19”); the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; 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 Russia’s military operation in
In addition, our future results may be impacted by various government mandated economic restrictions resulting from the ongoing COVID-19 pandemic and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may negatively impact our revenues, affect our ability to identify and complete future transactions, impact our liquidity position and result in a decrease of cash flows and impairment losses and/or revaluations on our investments and assets, and therefore we may be unable to achieve our expected returns. See “Risks Associated with the COVID-19 Pandemic” in the “Risks Factors” section included in our 2021 Annual Report.
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,
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 measure is a useful supplemental measure that may assist investors in assessing the financial performance of
References to
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