Brookfield Business Partners Reports 2016 Year End Results

Feb 06, 2017

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	Year ended December 31
US$ millions, unaudited		2016			2015
Net (loss) income attributable to unitholders¹	$	(29	)	$	208
Company FFO^1,2	$	200		$	264

		Year ended December 31
US$ millions, unaudited			2016			2015
Company FFO by segment
	Construction Services	$	94		$	98
	Other Business Services		54			83
	Energy		63			69
	Other Industrial Operations		6			14
	Corporate and Other		(17	)		-
Company FFO^1,2		$	200		$	264

		As of December 31
US$ millions, unaudited			2016		2015

Assets
Cash and cash equivalents		$	1,050	$	354
Financial assets			539		409
Accounts receivable, net			1,797		1,635
Inventory and other assets			647		736
Assets held for sale			264		12
Property, plant and equipment			2,096		2,364
Deferred income tax assets			111		64
Intangible assets			371		445
Equity accounted investments			166		492
Goodwill			1,152		1,124
Total assets		$	8,193	$	7,635

Liabilities and equity
Liabilities
Accounts payable and other		$	2,457	$	2,375
Liabilities associated with assets held for sale			66		-
Borrowings			1,551		2,074
Deferred income tax liabilities			81		102
Total liabilities			4,155		4,551

Equity¹
Limited partners			1,206		-
General partner			-		-
Brookfield Asset Management Inc.			-		1,787
Non-controlling interests attributable to:
	Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc.		1,295		-
	Interest of others in operating subsidiaries		1,537		1,297
Total equity			4,038		3,084
Total liabilities and equity		$	8,193	$	7,635

US$ millions, unaudited			Year ended December 31
US$ millions, unaudited				2016			2015

Revenues			$	7,960		$	6,753
Direct operating costs				(7,386	)		(6,132	)
General and administrative expenses				(269	)		(224	)
Depreciation and amortization expense				(286	)		(257	)
Interest expense				(90	)		(65	)
Equity accounted income, net				68			4
Impairment expense				(261	)		(95	)
Gain on acquisitions/dispositions, net				57			269
Other (expenses) income, net				(11	)		70
Income (loss) before income tax				(218	)		323
Income tax (expense) recovery
	Current			(25	)		(49	)
	Deferred			41			(5	)
Net (loss) income			$	(202	)	$	269
Attributable to¹:
	Limited partners			3			-
	General partner			-			-
	Brookfield Asset Management Inc.			(35	)		208
	Non-controlling interests attributable to:
		Redemption-Exchange Units held by Brookfield Asset Management Inc.		3			-
		Interest of others	$	(173	)	$	61

For the year ended December 31, 2016 US$ millions, unaudited	Construction Services			Other Business Services			Energy			Other Industrial Operations				Corporate and Other		As per IFRS Financials
Revenues	$	4,387		$	2,006		$	286		$	1,280		$	1		$	7,960
Direct operating costs		(4,235	)		(1,818	)		(173	)		(1,160	)		-			(7,386	)
General and administrative expenses		(48	)		(98	)		(17	)		(89	)		(17	)		(269	)
Interest expense		(1	)		(14	)		(30	)		(44	)		(1	)		(90	)
Equity accounted Company FFO		-			23			135			-			-			158
Current income taxes		(8	)		(12	)		(1	)		(4	)		-			(25	)
Realized disposition gains, net		-			-			25			32			-			57
Company FFO attributable to others		(1	)		(33	)		(162	)		(9	)		-			(205	)
Company FFO^1,2		94			54			63			6			(17	)		200
Depreciation and amortization																	(286	)
Impairment expense																	(261	)
Deferred income taxes																	41
Other expense, net																	(11	)
Non-cash items attributable to equity accounted investments																	(90	)
Non-cash items attributable to others																	378
Net loss attributable to unitholders²																$	(29	)

For the year ended December 31, 2015 US$ millions, audited	Construction Services			Other Business Services			Energy			Other Industrial Operations				Corporate and Other	As per IFRS Financials
Revenues	$	3,833		$	1,691		$	337		$	892		$	-	$	6,753
Direct operating costs		(3,670	)		(1,528	)		(190	)		(744	)		-		(6,132	)
General and administrative expenses		(45	)		(92	)		(20	)		(67	)		-		(224	)
Interest expense		(2	)		(13	)		(25	)		(25	)		-		(65	)
Equity accounted Company FFO		3			22			79			-			-		104
Current income taxes		(20	)		(20	)		(1	)		(8	)		-		(49	)
Realized disposition gain, net		-			40			-			-			-		40
Company FFO attributable to others		(1	)		(17	)		(111	)		(34	)		-		(163	)
Company FFO^1,2		98			83			69			14			-		264
Depreciation and amortization																(257	)
Impairment expense																(95	)
Gain on acquisition																229
Deferred income taxes																(5	)
Other income, net																70
Non-cash items attributable to equity accounted investments																(100	)
Non-cash items attributable to others																102
Net income attributable to parent company															$	208