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Exhibit
|
Title
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BROOKFIELD INFRASTRUCTURE PARTNERS L.P.,
by its general partner, BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED |
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Date:
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May 13, 2020
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By:
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/s/ WILLIAM COX
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Name: William Cox
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Title: Director
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INDEX
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Page
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As of
|
||||||
US$ MILLIONS, UNAUDITED
|
Notes
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
6
|
|
$
|
1,226
|
|
|
$
|
827
|
|
Financial assets
|
6
|
|
516
|
|
|
432
|
|
||
Accounts receivable and other
|
6
|
|
1,705
|
|
|
1,960
|
|
||
Inventory
|
|
|
193
|
|
|
242
|
|
||
Assets classified as held for sale
|
|
|
38
|
|
|
2,380
|
|
||
Current assets
|
|
|
3,678
|
|
|
5,841
|
|
||
Property, plant and equipment
|
7
|
|
21,895
|
|
|
23,013
|
|
||
Intangible assets
|
8
|
|
12,712
|
|
|
14,386
|
|
||
Investments in associates and joint ventures
|
9
|
|
4,451
|
|
|
4,967
|
|
||
Investment properties
|
|
|
379
|
|
|
416
|
|
||
Goodwill
|
5
|
|
6,022
|
|
|
6,553
|
|
||
Financial assets
|
6
|
|
1,334
|
|
|
763
|
|
||
Other assets
|
|
|
314
|
|
|
257
|
|
||
Deferred income tax asset
|
|
|
119
|
|
|
112
|
|
||
Total assets
|
|
|
$
|
50,904
|
|
|
$
|
56,308
|
|
|
|
|
|
|
|
||||
Liabilities and Partnership Capital
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
||||
Accounts payable and other
|
6
|
|
$
|
2,223
|
|
|
$
|
2,410
|
|
Non-recourse borrowings
|
6,10
|
|
1,821
|
|
|
1,381
|
|
||
Financial liabilities
|
6
|
|
375
|
|
|
329
|
|
||
Liabilities directly associated with assets classified as held for sale
|
|
|
—
|
|
|
1,319
|
|
||
Current liabilities
|
|
|
4,419
|
|
|
5,439
|
|
||
Corporate borrowings
|
6,10
|
|
2,742
|
|
|
2,475
|
|
||
Non-recourse borrowings
|
6,10
|
|
15,844
|
|
|
17,163
|
|
||
Financial liabilities
|
6
|
|
2,010
|
|
|
1,844
|
|
||
Other liabilities
|
|
|
2,459
|
|
|
2,570
|
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||
Deferred income tax liability
|
|
|
4,352
|
|
|
4,620
|
|
||
Preferred shares
|
6
|
|
20
|
|
|
20
|
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||
Total liabilities
|
|
|
31,846
|
|
|
34,131
|
|
||
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|
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|
|
|
||||
Partnership capital
|
|
|
|
|
|
||||
Limited partners
|
14
|
|
4,008
|
|
|
5,048
|
|
||
General partner
|
14
|
|
19
|
|
|
24
|
|
||
Non-controlling interest attributable to:
|
|
|
|
|
|
||||
Redeemable Partnership Units held by Brookfield
|
14
|
|
1,606
|
|
|
2,039
|
|
||
Class A shares of Brookfield Infrastructure Corporation
|
14
|
|
625
|
|
|
—
|
|
||
Exchange LP Units
|
14
|
|
14
|
|
|
18
|
|
||
Interest of others in operating subsidiaries
|
|
|
11,851
|
|
|
14,113
|
|
||
Preferred unitholders
|
14
|
|
935
|
|
|
935
|
|
||
Total partnership capital
|
|
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19,058
|
|
|
22,177
|
|
||
Total liabilities and partnership capital
|
|
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$
|
50,904
|
|
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$
|
56,308
|
|
|
|
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For the three-month
period ended March 31 |
||||||
US$ MILLIONS, UNAUDITED
|
Notes
|
|
2020
|
|
|
2019
|
|
||
Revenues
|
13
|
|
$
|
2,196
|
|
|
$
|
1,593
|
|
Direct operating costs
|
|
|
(1,239
|
)
|
|
(798
|
)
|
||
General and administrative expenses
|
|
|
(61
|
)
|
|
(61
|
)
|
||
Depreciation and amortization expense
|
7,8
|
|
(400
|
)
|
|
(292
|
)
|
||
|
|
|
496
|
|
|
442
|
|
||
Interest expense
|
|
|
(282
|
)
|
|
(212
|
)
|
||
Share of earnings from investments in associates and joint ventures
|
9
|
|
48
|
|
|
18
|
|
||
Mark-to-market on hedging items
|
6
|
|
198
|
|
|
(18
|
)
|
||
Other (expense) income
|
|
|
(206
|
)
|
|
10
|
|
||
Income before income tax
|
|
|
254
|
|
|
240
|
|
||
Income tax expense
|
|
|
|
|
|
||||
Current
|
|
|
(58
|
)
|
|
(63
|
)
|
||
Deferred
|
|
|
(48
|
)
|
|
(12
|
)
|
||
Net income
|
|
|
$
|
148
|
|
|
$
|
165
|
|
|
|
|
|
|
|
||||
Attributable to:
|
|
|
|
|
|
||||
Limited partners
|
|
|
$
|
52
|
|
|
$
|
(6
|
)
|
General partner
|
|
|
46
|
|
|
38
|
|
||
Non-controlling interest attributable to:
|
|
|
|
|
|
||||
Redeemable Partnership Units held by Brookfield
|
|
|
21
|
|
|
(2
|
)
|
||
Class A shares of Brookfield Infrastructure Corporation
|
|
|
—
|
|
|
—
|
|
||
Exchange LP Units
|
|
|
—
|
|
|
—
|
|
||
Interest of others in operating subsidiaries
|
|
|
29
|
|
|
135
|
|
||
Basic and diluted income (loss) per limited partner unit(1):
|
14
|
|
$
|
0.13
|
|
|
$
|
(0.05
|
)
|
1.
|
Basic and diluted income (loss) per limited partner unit for the three-month period ended March 31, 2019 has been restated to reflect the impact of the special distribution on March 31, 2020. Refer to Note 2, Summary of Accounting Policies for further details.
|
|
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS, UNAUDITED
|
Notes
|
|
2020
|
|
|
2019
|
|
||
Net income
|
|
|
$
|
148
|
|
|
$
|
165
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
||||
Items that will not be reclassified subsequently to profit or loss:
|
|
|
|
|
|
||||
Marketable securities, net of tax
|
6
|
|
8
|
|
|
29
|
|
||
Unrealized actuarial gains (losses)
|
|
|
19
|
|
|
(8
|
)
|
||
Tax impact of remeasurement of revaluation surplus
|
|
|
(33
|
)
|
|
—
|
|
||
|
|
|
(6
|
)
|
|
21
|
|
||
Items that may be reclassified subsequently to profit or loss:
|
|
|
|
|
|
||||
Foreign currency translation
|
|
|
(1,835
|
)
|
|
118
|
|
||
Cash flow hedge
|
6
|
|
(249
|
)
|
|
(13
|
)
|
||
Net investment hedge
|
6
|
|
134
|
|
|
(23
|
)
|
||
Taxes on the above items
|
|
|
40
|
|
|
7
|
|
||
Investment in associates and joint ventures
|
9
|
|
106
|
|
|
(32
|
)
|
||
|
|
|
(1,804
|
)
|
|
57
|
|
||
Total other comprehensive (loss) income
|
|
|
(1,810
|
)
|
|
78
|
|
||
Comprehensive (loss) income
|
|
|
$
|
(1,662
|
)
|
|
$
|
243
|
|
|
|
|
|
|
|
||||
Attributable to:
|
|
|
|
|
|
||||
Limited partners
|
|
|
$
|
(533
|
)
|
|
$
|
(3
|
)
|
General partner
|
|
|
43
|
|
|
38
|
|
||
Non-controlling interest attributable to:
|
|
|
|
|
|
||||
Redeemable Partnership Units held by Brookfield
|
|
|
(223
|
)
|
|
(1
|
)
|
||
Class A shares of Brookfield Infrastructure Corporation
|
|
|
(1
|
)
|
|
—
|
|
||
Exchange LP Units
|
|
|
(2
|
)
|
|
—
|
|
||
Interest of others in operating subsidiaries
|
|
|
(946
|
)
|
|
209
|
|
|
|
Limited Partners
|
|
|
|
Non-Controlling Interest – Redeemable
Partnership Units held by Brookfield
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2020 US$ MILLIONS |
|
Limited
partners’
capital
|
|
|
(Deficit)
|
|
|
Ownership
changes
|
|
|
Accumulated
other
comprehensive
income (loss)(1)
|
|
|
Limited
partners
|
|
|
General
partner
|
|
|
Redeemable
units held by
Brookfield
|
|
|
(Deficit)
|
|
|
Ownership
changes
|
|
|
Accumulated
other
comprehensive
income (loss)(1)
|
|
|
Non-controlling
interest –
Redeemable
Partnership
Units held by
Brookfield
|
|
|
Non-controlling
interest – class A shares of BIPC |
|
|
Non-controlling
interest – Exchange LP Units
|
|
|
Non-controlling
interest – in
operating
subsidiaries
|
|
|
Preferred
Unitholders
Capital
|
|
|
Total
partners’
capital
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2020
|
|
$
|
5,495
|
|
|
$
|
(1,430
|
)
|
|
$
|
510
|
|
|
$
|
473
|
|
|
$
|
5,048
|
|
|
$
|
24
|
|
|
$
|
2,328
|
|
|
$
|
(613
|
)
|
|
$
|
101
|
|
|
$
|
223
|
|
|
$
|
2,039
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
14,113
|
|
|
$
|
935
|
|
|
$
|
22,177
|
|
Net income
|
|
—
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
46
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
148
|
|
||||||||||||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(585
|
)
|
|
(585
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(244
|
)
|
|
(244
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(975
|
)
|
|
—
|
|
|
(1,810
|
)
|
||||||||||||||||
Comprehensive (loss) income
|
|
—
|
|
|
52
|
|
|
—
|
|
|
(585
|
)
|
|
(533
|
)
|
|
43
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
(244
|
)
|
|
(223
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(946
|
)
|
|
—
|
|
|
(1,662
|
)
|
||||||||||||||||
Unit issuance(2)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||||||||||
Partnership distributions(3)
|
|
—
|
|
|
(158
|
)
|
|
—
|
|
|
—
|
|
|
(158
|
)
|
|
(46
|
)
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(270
|
)
|
||||||||||||||||
Partnership preferred distributions(3)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
||||||||||||||||
Disposition of subsidiaries(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(866
|
)
|
|
—
|
|
|
(866
|
)
|
||||||||||||||||
Subsidiary distributions to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(479
|
)
|
|
—
|
|
|
(479
|
)
|
||||||||||||||||
Issuance of class A shares of BIPC(5)
|
|
—
|
|
|
(398
|
)
|
|
(61
|
)
|
|
18
|
|
|
(441
|
)
|
|
(2
|
)
|
|
—
|
|
|
(174
|
)
|
|
(14
|
)
|
|
5
|
|
|
(183
|
)
|
|
626
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||||||
Other items(4)
|
|
1
|
|
|
74
|
|
|
98
|
|
|
(74
|
)
|
|
99
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
41
|
|
|
(31
|
)
|
|
41
|
|
|
—
|
|
|
(1
|
)
|
|
29
|
|
|
—
|
|
|
168
|
|
||||||||||||||||
Balance as at March 31, 2020
|
|
$
|
5,498
|
|
|
$
|
(1,869
|
)
|
|
$
|
547
|
|
|
$
|
(168
|
)
|
|
$
|
4,008
|
|
|
$
|
19
|
|
|
$
|
2,328
|
|
|
$
|
(803
|
)
|
|
$
|
128
|
|
|
$
|
(47
|
)
|
|
$
|
1,606
|
|
|
$
|
625
|
|
|
$
|
14
|
|
|
$
|
11,851
|
|
|
$
|
935
|
|
|
$
|
19,058
|
|
1.
|
Refer to Note 16 Accumulated Other Comprehensive (Loss) Income.
|
2.
|
Refer to Note 14 Partnership Capital.
|
3.
|
Refer to Note 15 Distributions.
|
4.
|
Refer to Note 4 Disposition of Businesses.
|
5.
|
Refer to Note 2 Summary of Accounting Policies and Note 14 Partnership Capital.
|
|
|
Limited Partners
|
|
|
|
Non-Controlling Interest – Redeemable
Partnership Units held by Brookfield
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2019 US$ MILLIONS |
|
Limited
partners’
capital
|
|
|
(Deficit)
|
|
|
Ownership
changes
|
|
|
Accumulated
other
comprehensive
income(1)
|
|
|
Limited
partners
|
|
|
General
partner
|
|
|
Redeemable
units held by
Brookfield
|
|
|
(Deficit)
|
|
|
Ownership
changes
|
|
|
Accumulated
other
comprehensive
income(1)
|
|
|
Non-controlling
interest –
Redeemable
Partnership
Units held by
Brookfield
|
|
|
Non-controlling interest – Exchange LP Units
|
|
|
Non-controlling
interest – in
operating
subsidiaries
|
|
|
Preferred
Unitholders
Capital
|
|
|
Total
partners’
capital
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2019
|
|
$
|
4,911
|
|
|
$
|
(856
|
)
|
|
$
|
249
|
|
|
$
|
209
|
|
|
$
|
4,513
|
|
|
$
|
22
|
|
|
$
|
2,078
|
|
|
$
|
(370
|
)
|
|
$
|
3
|
|
|
$
|
112
|
|
|
$
|
1,823
|
|
|
$
|
71
|
|
|
$
|
7,303
|
|
|
$
|
936
|
|
|
$
|
14,668
|
|
Net income
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
38
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
135
|
|
|
—
|
|
|
165
|
|
|||||||||||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
78
|
|
|||||||||||||||
Comprehensive (loss) income
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
38
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
209
|
|
|
—
|
|
|
243
|
|
|||||||||||||||
Unit issuance(2)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||||
Unit repurchases(2)
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(29
|
)
|
|||||||||||||||
Partnership distributions(3)
|
|
—
|
|
|
(140
|
)
|
|
—
|
|
|
—
|
|
|
(140
|
)
|
|
(38
|
)
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(238
|
)
|
|||||||||||||||
Partnership preferred distributions(3)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|||||||||||||||
Acquisition of subsidiaries(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,844
|
|
|
—
|
|
|
1,844
|
|
|||||||||||||||
Subsidiary distributions to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(368
|
)
|
|
—
|
|
|
(368
|
)
|
|||||||||||||||
Other items
|
|
50
|
|
|
(26
|
)
|
|
247
|
|
|
26
|
|
|
297
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
104
|
|
|
12
|
|
|
104
|
|
|
(47
|
)
|
|
(189
|
)
|
|
—
|
|
|
165
|
|
|||||||||||||||
Balance as at March 31, 2019
|
|
$
|
4,935
|
|
|
$
|
(1,036
|
)
|
|
$
|
496
|
|
|
$
|
238
|
|
|
$
|
4,633
|
|
|
$
|
22
|
|
|
$
|
2,078
|
|
|
$
|
(447
|
)
|
|
$
|
107
|
|
|
$
|
125
|
|
|
$
|
1,863
|
|
|
$
|
23
|
|
|
$
|
8,799
|
|
|
$
|
935
|
|
|
$
|
16,275
|
|
1.
|
Refer to Note 16 Accumulated Other Comprehensive (Loss) Income.
|
2.
|
Refer to Note 14 Partnership Capital.
|
3.
|
Refer to Note 15 Distributions.
|
4.
|
Refer to Note 5 Acquisition of Businesses.
|
|
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS, UNAUDITED
|
Notes
|
|
2020
|
|
|
2019
|
|
||
Operating Activities
|
|
|
|
|
|
||||
Net income
|
|
|
$
|
148
|
|
|
$
|
165
|
|
Adjusted for the following items:
|
|
|
|
|
|
||||
Earnings from investments in associates and joint ventures, net of distributions received
|
9
|
|
45
|
|
|
13
|
|
||
Depreciation and amortization expense
|
7,8
|
|
400
|
|
|
292
|
|
||
Mark-to-market on hedging items, provisions and other
|
6
|
|
181
|
|
|
54
|
|
||
Deferred income tax expense
|
|
|
48
|
|
|
12
|
|
||
Changes in non-cash working capital, net
|
|
|
(100
|
)
|
|
25
|
|
||
Cash from operating activities
|
|
|
722
|
|
|
561
|
|
||
|
|
|
|
|
|
||||
Investing Activities
|
|
|
|
|
|
||||
Acquisition of subsidiaries, net of cash acquired
|
5
|
|
—
|
|
|
(2,150
|
)
|
||
Disposal of subsidiaries, net of cash disposed
|
4
|
|
722
|
|
|
—
|
|
||
Investments in associates and joint ventures
|
9
|
|
—
|
|
|
(188
|
)
|
||
Acquisition funded on behalf of parent
|
|
|
—
|
|
|
(581
|
)
|
||
Purchase of long-lived assets
|
7,8
|
|
(387
|
)
|
|
(244
|
)
|
||
Disposal of long-lived assets
|
7,8
|
|
11
|
|
|
7
|
|
||
Purchase of financial assets
|
|
|
(263
|
)
|
|
(5
|
)
|
||
Sale of financial assets
|
|
|
110
|
|
|
5
|
|
||
Net settlement of foreign exchange hedging items
|
6
|
|
82
|
|
|
(1
|
)
|
||
Cash used by investing activities
|
|
|
275
|
|
|
(3,157
|
)
|
||
|
|
|
|
|
|
||||
Financing Activities
|
|
|
|
|
|
||||
Distributions to general partner
|
15
|
|
(46
|
)
|
|
(38
|
)
|
||
Distributions to other unitholders
|
15
|
|
(236
|
)
|
|
(212
|
)
|
||
Subsidiary distributions to non-controlling interest
|
|
|
(479
|
)
|
|
(368
|
)
|
||
Capital provided by non-controlling interest
|
|
|
178
|
|
|
1,272
|
|
||
Capital provided to non-controlling interest
|
4
|
|
(616
|
)
|
|
—
|
|
||
Proceeds from partial disposition of subsidiaries to non-controlling interest, net of taxes
|
4
|
|
168
|
|
|
165
|
|
||
Deposit received from parent
|
17
|
|
—
|
|
|
367
|
|
||
Proceeds from corporate credit facility
|
10
|
|
943
|
|
|
1,876
|
|
||
Repayment of corporate credit facility
|
10
|
|
(550
|
)
|
|
(1,421
|
)
|
||
Proceeds from non-recourse borrowings
|
10
|
|
1,640
|
|
|
1,899
|
|
||
Repayment of non-recourse borrowings
|
10
|
|
(1,481
|
)
|
|
(777
|
)
|
||
Lease liability repaid
|
|
|
(43
|
)
|
|
(36
|
)
|
||
Preferred units and preferred shares issued, net of repurchases
|
14
|
|
—
|
|
|
72
|
|
||
Partnership units issued, net of costs and repurchases
|
14
|
|
2
|
|
|
(26
|
)
|
||
Cash from financing activities
|
|
|
(520
|
)
|
|
2,773
|
|
||
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
|
|
|
||||
Change during the period
|
|
|
477
|
|
|
177
|
|
||
Impact of foreign exchange on cash
|
|
|
(78
|
)
|
|
3
|
|
||
Balance, beginning of period
|
|
|
827
|
|
|
540
|
|
||
Balance, end of period
|
|
|
$
|
1,226
|
|
|
$
|
720
|
|
i)
|
Class A shares
|
ii)
|
Basic and diluted income per unit:
|
|
|
Total attributable to Brookfield Infrastructure
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2020 US$ MILLIONS |
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure |
|
Corporate
|
|
Total
|
|
Contribution
from investments in associates |
|
Attributable to non-controlling
interest |
|
As per IFRS
financials(1) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Revenues
|
|
$
|
275
|
|
|
$
|
325
|
|
|
$
|
277
|
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
986
|
|
|
$
|
(329
|
)
|
|
$
|
1,539
|
|
|
$
|
2,196
|
|
Costs attributed to revenues
|
|
(82
|
)
|
|
(159
|
)
|
|
(129
|
)
|
|
(53
|
)
|
|
—
|
|
|
(423
|
)
|
|
137
|
|
|
(953
|
)
|
|
(1,239
|
)
|
|||||||||
General and administrative costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|||||||||
Adjusted EBITDA
|
|
193
|
|
|
166
|
|
|
148
|
|
|
56
|
|
|
(61
|
)
|
|
502
|
|
|
(192
|
)
|
|
586
|
|
|
|
||||||||||
Other (expense) income
|
|
(12
|
)
|
|
(1
|
)
|
|
3
|
|
|
(2
|
)
|
|
19
|
|
|
7
|
|
|
4
|
|
|
(29
|
)
|
|
(18
|
)
|
|||||||||
Interest expense
|
|
(35
|
)
|
|
(45
|
)
|
|
(36
|
)
|
|
(12
|
)
|
|
(23
|
)
|
|
(151
|
)
|
|
42
|
|
|
(173
|
)
|
|
(282
|
)
|
|||||||||
FFO
|
|
146
|
|
|
120
|
|
|
115
|
|
|
42
|
|
|
(65
|
)
|
|
358
|
|
|
(146
|
)
|
|
384
|
|
|
|
||||||||||
Depreciation and amortization
|
|
(45
|
)
|
|
(90
|
)
|
|
(64
|
)
|
|
(48
|
)
|
|
—
|
|
|
(247
|
)
|
|
111
|
|
|
(264
|
)
|
|
(400
|
)
|
|||||||||
Deferred taxes
|
|
(39
|
)
|
|
8
|
|
|
(5
|
)
|
|
—
|
|
|
(3
|
)
|
|
(39
|
)
|
|
10
|
|
|
(19
|
)
|
|
(48
|
)
|
|||||||||
Mark-to-market on hedging items and other
|
|
(10
|
)
|
|
(66
|
)
|
|
(25
|
)
|
|
(18
|
)
|
|
166
|
|
|
47
|
|
|
(23
|
)
|
|
(72
|
)
|
|
(48
|
)
|
|||||||||
Share of earnings from associates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
48
|
|
|||||||||
Net income attributable to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|||||||||
Net income (loss) attributable to partnership(2)
|
|
$
|
52
|
|
|
$
|
(28
|
)
|
|
$
|
21
|
|
|
$
|
(24
|
)
|
|
$
|
98
|
|
|
$
|
119
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
119
|
|
|
|
Total attributable to Brookfield Infrastructure
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2019 US$ MILLIONS |
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure |
|
Corporate
|
|
Total
|
|
Contribution
from investments in associates |
|
Attributable to non-controlling
interest |
|
As per IFRS
financials(1) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Revenues
|
|
$
|
269
|
|
|
$
|
389
|
|
|
$
|
245
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
965
|
|
|
$
|
(368
|
)
|
|
$
|
996
|
|
|
$
|
1,593
|
|
Costs attributed to revenues
|
|
(88
|
)
|
|
(200
|
)
|
|
(118
|
)
|
|
(26
|
)
|
|
—
|
|
|
(432
|
)
|
|
177
|
|
|
(543
|
)
|
|
(798
|
)
|
|||||||||
General and administrative costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|||||||||
Adjusted EBITDA
|
|
181
|
|
|
189
|
|
|
127
|
|
|
36
|
|
|
(61
|
)
|
|
472
|
|
|
(191
|
)
|
|
453
|
|
|
|
||||||||||
Other (expense) income
|
|
(10
|
)
|
|
(1
|
)
|
|
8
|
|
|
1
|
|
|
21
|
|
|
19
|
|
|
3
|
|
|
(38
|
)
|
|
(16
|
)
|
|||||||||
Interest expense
|
|
(34
|
)
|
|
(49
|
)
|
|
(28
|
)
|
|
(9
|
)
|
|
(20
|
)
|
|
(140
|
)
|
|
41
|
|
|
(113
|
)
|
|
(212
|
)
|
|||||||||
FFO
|
|
137
|
|
|
139
|
|
|
107
|
|
|
28
|
|
|
(60
|
)
|
|
351
|
|
|
(147
|
)
|
|
302
|
|
|
|
||||||||||
Depreciation and amortization
|
|
(45
|
)
|
|
(91
|
)
|
|
(59
|
)
|
|
(25
|
)
|
|
—
|
|
|
(220
|
)
|
|
98
|
|
|
(170
|
)
|
|
(292
|
)
|
|||||||||
Deferred taxes
|
|
(13
|
)
|
|
6
|
|
|
(2
|
)
|
|
4
|
|
|
3
|
|
|
(2
|
)
|
|
(4
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|||||||||
Mark-to-market on hedging items and other
|
|
(11
|
)
|
|
(40
|
)
|
|
(14
|
)
|
|
(6
|
)
|
|
(28
|
)
|
|
(99
|
)
|
|
35
|
|
|
9
|
|
|
(55
|
)
|
|||||||||
Share of earnings from associates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|||||||||
Net income attributable to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(135
|
)
|
|
(135
|
)
|
|||||||||
Net income (loss) attributable to partnership(2)
|
|
$
|
68
|
|
|
$
|
14
|
|
|
$
|
32
|
|
|
$
|
1
|
|
|
$
|
(85
|
)
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30
|
|
1.
|
The above table provides each segment’s results in the format that management organizes its segments to make operating decisions and assess performance. Each segment is presented on a proportionate basis, taking into account Brookfield Infrastructure’s ownership in operations accounted for using the consolidation and equity methods under IFRS. The above table reconciles Brookfield Infrastructure’s proportionate results to our partnership’s Consolidated Statements of Operating Results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and joint ventures and reflecting the portion of each line item attributable to non-controlling interests.
|
2.
|
Includes net income (loss) attributable to non-controlling interests—Redeemable Partnership Units held by Brookfield, non-controlling interests—Exchange LP Units, general partner, limited partners and class A shares of BIPC.
|
|
Total Attributable to Brookfield Infrastructure
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
AS OF MARCH 31, 2020
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure
|
|
Corporate
|
|
Total
|
|
Contribution
from
investments
in associates
|
|
Attributable
to non-
controlling
interest
|
|
Working
capital
adjustment
and other
|
|
As per
IFRS
financials(1)
|
||||||||||||||||||||
US$ MILLIONS
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Total assets
|
$
|
5,102
|
|
|
$
|
5,709
|
|
|
$
|
5,407
|
|
|
$
|
2,063
|
|
|
$
|
(952
|
)
|
|
$
|
17,329
|
|
|
$
|
(2,752
|
)
|
|
$
|
28,739
|
|
|
$
|
7,588
|
|
|
$
|
50,904
|
|
|
Total Attributable to Brookfield Infrastructure
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
AS OF DECEMBER 31, 2019
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure
|
|
Corporate
|
|
Total
|
|
Contribution
from
investments
in associates
|
|
Attributable
to non-
controlling
interest
|
|
Working
capital
adjustment
and other
|
|
As per
IFRS
financials(1)
|
||||||||||||||||||||
US$ MILLIONS
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Total assets
|
$
|
5,825
|
|
|
$
|
6,916
|
|
|
$
|
5,589
|
|
|
$
|
2,204
|
|
|
$
|
(1,284
|
)
|
|
$
|
19,250
|
|
|
$
|
(2,884
|
)
|
|
$
|
32,621
|
|
|
$
|
7,321
|
|
|
$
|
56,308
|
|
1.
|
The above table provides each segment’s assets in the format that management organizes its segments to make operating decisions and assess performance. Each segment is presented on a proportionate basis, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment respectively. The above table reconciles Brookfield Infrastructure’s proportionate assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities.
|
US$ MILLIONS
|
|
||
Cash
|
$
|
377
|
|
Total Consideration
|
$
|
377
|
|
US$ MILLIONS
|
|
||
Accounts receivable and other
|
$
|
5
|
|
Property, plant and equipment
|
1,198
|
|
|
Intangible assets
|
74
|
|
|
Goodwill
|
218
|
|
|
Deferred income tax assets
|
41
|
|
|
Accounts payable and other liabilities
|
(218
|
)
|
|
Net assets acquired before non-controlling interest
|
1,318
|
|
|
Non-controlling interest(2)
|
(941
|
)
|
|
Net assets acquired
|
$
|
377
|
|
1.
|
The fair values of certain acquired assets and liabilities for this operation have been determined on a provisional basis given the proximity of the acquisition to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily related to the fair value of property, plant and equipment, intangible assets and the resulting impact to goodwill as at the date of acquisition.
|
2.
|
Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.
|
US$ MILLIONS
|
|
||
Cash
|
$
|
602
|
|
Total Consideration
|
$
|
602
|
|
US$ MILLIONS
|
|
||
Cash and cash equivalents
|
$
|
67
|
|
Accounts receivable and other
|
509
|
|
|
Assets classified as held for sale(2)
|
1,584
|
|
|
Property, plant and equipment
|
5,283
|
|
|
Intangible assets
|
1,992
|
|
|
Investment in associate
|
48
|
|
|
Goodwill
|
2,042
|
|
|
Accounts payable and other liabilities
|
(612
|
)
|
|
Non-recourse borrowings
|
(1,567
|
)
|
|
Liabilities directly associated with assets classified as held for sale(2)
|
(893
|
)
|
|
Other liabilities
|
(566
|
)
|
|
Deferred income tax liabilities
|
(1,111
|
)
|
|
Net assets acquired before non-controlling interest
|
6,776
|
|
|
Non-controlling interest(3)
|
(6,174
|
)
|
|
Net assets acquired
|
$
|
602
|
|
1.
|
The fair values of certain acquired assets and liabilities for this operation have been determined on a provisional basis given the proximity of the acquisition to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and other tax matters, provisions and the resulting impact to goodwill as at the date of the acquisition.
|
2.
|
Brookfield Infrastructure agreed to sell the Australian operations of G&W. As a result, the assets and liabilities of these businesses were classified as held for sale as at December 31, 2019. The sale was completed on February 15, 2020. Refer to Note 4 Disposition of Businesses for further details.
|
3.
|
Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.
|
US$ MILLIONS
|
|
||
Cash
|
$
|
73
|
|
Deferred consideration
|
68
|
|
|
Total Consideration
|
$
|
141
|
|
US$ MILLIONS
|
|
||
Cash and cash equivalents
|
$
|
9
|
|
Accounts receivable and other
|
18
|
|
|
Property, plant and equipment
|
95
|
|
|
Intangible assets
|
465
|
|
|
Goodwill
|
301
|
|
|
Accounts payable and other liabilities
|
(53
|
)
|
|
Non-recourse borrowings
|
(195
|
)
|
|
Deferred income tax liability
|
(76
|
)
|
|
Net assets acquired before non-controlling interest
|
564
|
|
|
Non-controlling interest(2)
|
(423
|
)
|
|
Net assets acquired
|
$
|
141
|
|
1.
|
The fair values of certain acquired assets and liabilities for this operation have been determined on a provisional basis given the proximity of the acquisition to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, non-recourse borrowings, deferred income taxes and other tax matters, and the resulting impact to goodwill as at the date of the acquisition.
|
2.
|
Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.
|
US$ MILLIONS
|
|
||
Cash
|
$
|
443
|
|
Total Consideration
|
$
|
443
|
|
US$ MILLIONS
|
|
||
Accounts receivable and other
|
$
|
94
|
|
Property, plant and equipment
|
2,134
|
|
|
Intangible assets
|
295
|
|
|
Accounts payable and other liabilities
|
(66
|
)
|
|
Net assets acquired before non-controlling interest
|
2,457
|
|
|
Non-controlling interest(1)
|
(2,014
|
)
|
|
Net assets acquired
|
$
|
443
|
|
1.
|
Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.
|
US$ MILLIONS
|
|
||
Cash
|
$
|
78
|
|
Total Consideration
|
$
|
78
|
|
US$ MILLIONS
|
|
||
Accounts receivable and other
|
$
|
2
|
|
Investment properties
|
211
|
|
|
Goodwill
|
68
|
|
|
Accounts payable and other liabilities
|
(9
|
)
|
|
Net assets acquired before non-controlling interest
|
272
|
|
|
Non-controlling interest(1)
|
(194
|
)
|
|
Net assets acquired
|
$
|
78
|
|
1.
|
Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.
|
US$ MILLIONS
|
|
||
Cash
|
$
|
24
|
|
Pre-existing interest in business(1)
|
30
|
|
|
Total consideration
|
$
|
54
|
|
1.
|
Prior to the acquisition, Brookfield held an interest in two of the acquirees which were accounted for using the equity method.
|
US$ MILLIONS
|
|
||
Cash and cash equivalents
|
$
|
16
|
|
Accounts receivable and other
|
6
|
|
|
Intangible assets
|
422
|
|
|
Goodwill
|
15
|
|
|
Accounts payable and other liabilities
|
(21
|
)
|
|
Non-recourse borrowings
|
(210
|
)
|
|
Deferred income tax liabilities
|
(55
|
)
|
|
Net assets acquired before non-controlling interest
|
173
|
|
|
Non-controlling interest(2)
|
(119
|
)
|
|
Net assets acquired
|
$
|
54
|
|
1.
|
The fair values of certain acquired assets and liabilities have been determined on a provisional basis given the proximity of the acquisitions to the reporting date. Our partnership is in the process of obtaining additional information primarily related to the fair value of intangible assets, goodwill and provisions as at the date of acquisition.
|
2.
|
Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.
|
US$ MILLIONS
Financial Instrument Classification
|
|||||||||||||||
MEASUREMENT BASIS
|
Fair value through profit or loss
|
|
Fair value through OCI
|
|
Amortized Cost
|
|
Total
|
||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,226
|
|
|
$
|
1,226
|
|
Accounts receivable and other
|
—
|
|
|
—
|
|
|
1,705
|
|
|
1,705
|
|
||||
Financial assets (current and non-current)(1)
|
1,346
|
|
|
16
|
|
|
321
|
|
|
1,683
|
|
||||
Marketable securities
|
89
|
|
|
78
|
|
|
—
|
|
|
167
|
|
||||
Total
|
$
|
1,435
|
|
|
$
|
94
|
|
|
$
|
3,252
|
|
|
$
|
4,781
|
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Corporate borrowings
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,742
|
|
|
$
|
2,742
|
|
Non-recourse borrowings (current and non-current)
|
—
|
|
|
—
|
|
|
17,665
|
|
|
17,665
|
|
||||
Accounts payable and other
|
—
|
|
|
—
|
|
|
2,223
|
|
|
2,223
|
|
||||
Preferred shares(2)
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
||||
Financial liabilities (current and non-current)(1)
|
773
|
|
|
—
|
|
|
1,612
|
|
|
2,385
|
|
||||
Total
|
$
|
773
|
|
|
$
|
—
|
|
|
$
|
24,262
|
|
|
$
|
25,035
|
|
1.
|
Derivative instruments which are elected for hedge accounting totaling $999 million are included in financial assets and $550 million of derivative instruments are included in financial liabilities.
|
2.
|
$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
|
US$ MILLIONS
Financial Instrument Classification
|
|||||||||||||||
MEASUREMENT BASIS
|
Fair value through profit or loss
|
|
Fair value through OCI
|
|
Amortized Cost
|
|
Total
|
||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
827
|
|
|
$
|
827
|
|
Accounts receivable and other
|
—
|
|
|
—
|
|
|
1,960
|
|
|
1,960
|
|
||||
Financial assets (current and non-current)(1)
|
893
|
|
|
16
|
|
|
144
|
|
|
1,053
|
|
||||
Marketable securities
|
69
|
|
|
73
|
|
|
—
|
|
|
142
|
|
||||
Total
|
$
|
962
|
|
|
$
|
89
|
|
|
$
|
2,931
|
|
|
$
|
3,982
|
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Corporate borrowings
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,475
|
|
|
$
|
2,475
|
|
Non-recourse borrowings (current and non-current)
|
—
|
|
|
—
|
|
|
18,544
|
|
|
18,544
|
|
||||
Accounts payable and other
|
—
|
|
|
—
|
|
|
2,410
|
|
|
2,410
|
|
||||
Preferred shares(2)
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
||||
Financial liabilities (current and non-current)(1)
|
490
|
|
|
—
|
|
|
1,683
|
|
|
2,173
|
|
||||
Total
|
$
|
490
|
|
|
$
|
—
|
|
|
$
|
25,132
|
|
|
$
|
25,622
|
|
1.
|
Derivative instruments which are elected for hedge accounting totaling $694 million are included in financial assets and $285 million of derivative instruments are included in financial liabilities.
|
2.
|
$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
US$ MILLIONS
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
1,226
|
|
|
$
|
1,226
|
|
|
$
|
827
|
|
|
$
|
827
|
|
Accounts receivable and other
|
1,705
|
|
|
1,705
|
|
|
1,960
|
|
|
1,960
|
|
||||
Financial assets (current and non-current)
|
1,683
|
|
|
1,683
|
|
|
1,053
|
|
|
1,053
|
|
||||
Marketable securities
|
167
|
|
|
167
|
|
|
142
|
|
|
142
|
|
||||
Total
|
$
|
4,781
|
|
|
$
|
4,781
|
|
|
$
|
3,982
|
|
|
$
|
3,982
|
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Corporate borrowings(1)
|
$
|
2,742
|
|
|
$
|
2,718
|
|
|
$
|
2,475
|
|
|
$
|
2,507
|
|
Non-recourse borrowings(2)
|
17,665
|
|
|
17,421
|
|
|
18,544
|
|
|
18,891
|
|
||||
Accounts payable and other (current and non-current)
|
2,223
|
|
|
2,223
|
|
|
2,410
|
|
|
2,410
|
|
||||
Preferred shares(3)
|
20
|
|
|
20
|
|
|
20
|
|
|
20
|
|
||||
Financial liabilities (current and non-current)
|
2,385
|
|
|
2,381
|
|
|
2,173
|
|
|
2,173
|
|
||||
Total
|
$
|
25,035
|
|
|
$
|
24,763
|
|
|
$
|
25,622
|
|
|
$
|
26,001
|
|
1.
|
Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available.
|
2.
|
Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at the U.K. port operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
|
3.
|
$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
|
•
|
Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
|
•
|
Level 2 – Inputs other than quoted prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Fair valued assets and liabilities that are included in this category are primarily certain derivative contracts and other financial assets carried at fair value in an inactive market.
|
•
|
Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to determining the estimate. Fair valued assets and liabilities that are included in this category are interest rate swap contracts, derivative contracts, certain equity securities carried at fair value which are not traded in an active market and the non-controlling interest’s share of net assets of limited life funds.
|
1.
|
Valuation technique: Quoted bid prices in an active market.
|
2.
|
Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
|
3.
|
Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
US$ MILLIONS
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marketable securities
|
$
|
167
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
142
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Financial assets (current and non-current)
|
—
|
|
|
1,358
|
|
|
4
|
|
|
—
|
|
|
905
|
|
|
4
|
|
||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial liabilities (current and non-current)
|
$
|
—
|
|
|
$
|
685
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
408
|
|
|
$
|
82
|
|
US$ MILLIONS
|
Utilities
Assets
|
|
Transport
Assets
|
|
Energy
Assets
|
|
Data Infrastructure
Assets
|
|
Total
Assets
|
||||||||||
Gross Carrying Amount:
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2019
|
$
|
4,020
|
|
|
$
|
2,485
|
|
|
$
|
4,681
|
|
|
$
|
444
|
|
|
$
|
11,630
|
|
Change in accounting policies
|
21
|
|
|
356
|
|
|
197
|
|
|
633
|
|
|
1,207
|
|
|||||
Additions, net of disposals
|
467
|
|
|
122
|
|
|
419
|
|
|
8
|
|
|
1,016
|
|
|||||
Non-cash (disposals) additions
|
(2
|
)
|
|
49
|
|
|
(270
|
)
|
|
(51
|
)
|
|
(274
|
)
|
|||||
Acquisitions through business combinations(1)
|
—
|
|
|
5,283
|
|
|
3,332
|
|
|
95
|
|
|
8,710
|
|
|||||
Assets reclassified as held for sale
|
(458
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(458
|
)
|
|||||
Net foreign currency exchange differences
|
135
|
|
|
4
|
|
|
72
|
|
|
2
|
|
|
213
|
|
|||||
Balance at December 31, 2019
|
$
|
4,183
|
|
|
$
|
8,299
|
|
|
$
|
8,431
|
|
|
$
|
1,131
|
|
|
$
|
22,044
|
|
Additions, net of disposals
|
108
|
|
|
89
|
|
|
128
|
|
|
6
|
|
|
331
|
|
|||||
Non-cash additions (disposals)
|
1
|
|
|
14
|
|
|
—
|
|
|
(2
|
)
|
|
13
|
|
|||||
Net foreign currency exchange differences
|
(311
|
)
|
|
(430
|
)
|
|
(440
|
)
|
|
(13
|
)
|
|
(1,194
|
)
|
|||||
Balance at March 31, 2020
|
$
|
3,981
|
|
|
$
|
7,972
|
|
|
$
|
8,119
|
|
|
$
|
1,122
|
|
|
$
|
21,194
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accumulated depreciation:
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2019
|
$
|
(613
|
)
|
|
$
|
(744
|
)
|
|
$
|
(492
|
)
|
|
$
|
—
|
|
|
$
|
(1,849
|
)
|
Depreciation expense
|
(171
|
)
|
|
(178
|
)
|
|
(328
|
)
|
|
(87
|
)
|
|
(764
|
)
|
|||||
Disposals (additions)
|
7
|
|
|
2
|
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|||||
Assets reclassified as held for sale
|
194
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
194
|
|
|||||
Non-cash disposals (additions)
|
3
|
|
|
(27
|
)
|
|
50
|
|
|
—
|
|
|
26
|
|
|||||
Net foreign currency exchange differences
|
(14
|
)
|
|
(3
|
)
|
|
(11
|
)
|
|
(1
|
)
|
|
(29
|
)
|
|||||
Balance at December 31, 2019
|
$
|
(594
|
)
|
|
$
|
(950
|
)
|
|
$
|
(785
|
)
|
|
$
|
(88
|
)
|
|
$
|
(2,417
|
)
|
Depreciation expense
|
(38
|
)
|
|
(108
|
)
|
|
(103
|
)
|
|
(25
|
)
|
|
(274
|
)
|
|||||
Disposals
|
2
|
|
|
16
|
|
|
1
|
|
|
—
|
|
|
19
|
|
|||||
Net foreign currency exchange differences
|
42
|
|
|
136
|
|
|
33
|
|
|
1
|
|
|
212
|
|
|||||
Balance at March 31, 2020
|
$
|
(588
|
)
|
|
$
|
(906
|
)
|
|
$
|
(854
|
)
|
|
$
|
(112
|
)
|
|
$
|
(2,460
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accumulated fair value adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2019
|
$
|
1,401
|
|
|
$
|
810
|
|
|
$
|
822
|
|
|
$
|
—
|
|
|
$
|
3,033
|
|
Assets reclassified as held for sale
|
(416
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(416
|
)
|
|||||
Fair value adjustments
|
347
|
|
|
45
|
|
|
327
|
|
|
—
|
|
|
719
|
|
|||||
Net foreign currency exchange differences
|
38
|
|
|
2
|
|
|
22
|
|
|
—
|
|
|
62
|
|
|||||
Non-cash disposals
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
|||||
Balance at December 31, 2019
|
$
|
1,370
|
|
|
$
|
857
|
|
|
$
|
1,159
|
|
|
$
|
—
|
|
|
$
|
3,386
|
|
Net foreign currency exchange differences
|
(86
|
)
|
|
(100
|
)
|
|
(39
|
)
|
|
—
|
|
|
(225
|
)
|
|||||
Balance at March 31, 2020
|
$
|
1,284
|
|
|
$
|
757
|
|
|
$
|
1,120
|
|
|
$
|
—
|
|
|
$
|
3,161
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net book value:
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2019
|
4,959
|
|
|
8,206
|
|
|
8,805
|
|
|
1,043
|
|
|
23,013
|
|
|||||
March 31, 2020(2)
|
$
|
4,677
|
|
|
$
|
7,823
|
|
|
$
|
8,385
|
|
|
$
|
1,010
|
|
|
$
|
21,895
|
|
1.
|
Refer to Note 5 Acquisition of Businesses for further details.
|
2.
|
Includes right-of-use assets of $15 million in our utilities segment, $1,223 million in our transport segment, $246 million in our energy segment and $541 million in our data infrastructure segment. Current lease liabilities of $203 million have been included in accounts payable and other and non-current lease liabilities of $1,508 million have been included in other liabilities in the Consolidated Statement of Financial Position.
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Cost
|
$
|
13,944
|
|
|
$
|
15,695
|
|
Accumulated amortization
|
(1,232
|
)
|
|
(1,309
|
)
|
||
Total
|
$
|
12,712
|
|
|
$
|
14,386
|
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Brazilian regulated gas transmission operation
|
$
|
2,986
|
|
|
$
|
3,885
|
|
North American rail operations
|
2,017
|
|
|
1,992
|
|
||
North American residential energy infrastructure operation
|
1,666
|
|
|
1,806
|
|
||
Australian regulated terminal
|
1,535
|
|
|
1,758
|
|
||
Peruvian toll roads
|
1,122
|
|
|
1,159
|
|
||
Indian toll roads(1)
|
720
|
|
|
769
|
|
||
Chilean toll roads
|
706
|
|
|
814
|
|
||
U.K telecom towers operation
|
442
|
|
|
472
|
|
||
Brazilian electricity transmission operation
|
314
|
|
|
401
|
|
||
U.K. port operation
|
265
|
|
|
283
|
|
||
Other(2)
|
939
|
|
|
1,047
|
|
||
Total
|
$
|
12,712
|
|
|
$
|
14,386
|
|
1.
|
Indian toll roads include $639 million of intangible assets at our investment in Simhapuri Expressway Ltd and Rayalseema Expressway Private Limited and $81 million at BIF India Holdings Pte Ltd.
|
2.
|
Other intangibles are comprised of customer contracts at our Australian port operation, our contracted order book at our U.K. regulated distribution operation, and pipeline authorization agreements at our cross country gas pipeline business in India.
|
US$ MILLIONS
|
For the three-month period ended March 31, 2020
|
|
For the 12 month period ended December 31, 2019
|
||||
Cost at beginning of the period
|
$
|
15,695
|
|
|
$
|
12,515
|
|
Additions through business combinations
|
—
|
|
|
3,248
|
|
||
Additions, net of disposals
|
24
|
|
|
109
|
|
||
Held for sale
|
—
|
|
|
(1
|
)
|
||
Non-cash additions
|
74
|
|
|
15
|
|
||
Foreign currency translation
|
(1,849
|
)
|
|
(191
|
)
|
||
Ending Balance
|
$
|
13,944
|
|
|
$
|
15,695
|
|
US$ MILLIONS
|
For the three-month period ended March 31, 2020
|
|
For the 12 month period ended December 31, 2019
|
||||
Accumulated amortization at beginning of the period
|
$
|
(1,309
|
)
|
|
$
|
(880
|
)
|
Disposals
|
2
|
|
|
12
|
|
||
Amortization
|
(126
|
)
|
|
(450
|
)
|
||
Foreign currency translation
|
201
|
|
|
9
|
|
||
Ending Balance
|
$
|
(1,232
|
)
|
|
$
|
(1,309
|
)
|
US$ MILLIONS
|
For the three-month period ended March 31, 2020
|
|
For the 12 month period ended December 31, 2019
|
||||
Balance at the beginning of the period
|
$
|
4,967
|
|
|
$
|
4,591
|
|
Share of earnings for the period
|
48
|
|
|
224
|
|
||
Foreign currency translation and other
|
(577
|
)
|
|
(62
|
)
|
||
Share of other reserves for the period—OCI
|
106
|
|
|
54
|
|
||
Distributions
|
(93
|
)
|
|
(254
|
)
|
||
Disposition of interest(1)
|
—
|
|
|
(135
|
)
|
||
Held for sale(2)
|
—
|
|
|
(38
|
)
|
||
Acquisitions(3),(4),(5)
|
—
|
|
|
587
|
|
||
Ending Balance(6)
|
$
|
4,451
|
|
|
$
|
4,967
|
|
1.
|
In June 2019, Brookfield Infrastructure sold its 40% interest in its European port operation to a third party for $135 million.
|
2.
|
On December 19, 2019, Brookfield Infrastructure agreed to sell its 11% interest in a Texas electricity transmission operation for total consideration of approximately $60 million. The investment was classified as held for sale effective December 31, 2019.
|
3.
|
In March 2019, Brookfield Infrastructure, alongside its institutional partners, acquired an effective 12% interest in a Brazilian data center operation, Ascenty Participacoes S.A (“Ascenty”), for approximately $190 million. Brookfield maintains 50% of the voting rights of Ascenty in a joint venture with Digital Realty Trust Inc. Brookfield Infrastructure has joint control through its position in the business. Accordingly, our partnership equity accounts for the entity. Subsequent to the initial acquisition, Brookfield Infrastructure has made additional injections into the business to fund growth capital expenditures.
|
4.
|
In July 2019, Brookfield Infrastructure, alongside its institutional partners, acquired an effective 12% interest in a New Zealand integrated data provider, Vodafone New Zealand (“VNZ”), for approximately $170 million. Brookfield maintains 50% of the voting rights of VNZ in a joint venture with Infratil Limited. Brookfield Infrastructure has joint control through its position in the business. Accordingly, our partnership equity accounts for the entity.
|
5.
|
Brookfield Infrastructure acquired a 13% interest in Ramones II Norte (“Norte”) on October 7, 2019 and an 11% interest in Ramones II Sur (“Sur”) on October 21, 2019, collectively the regulated North American natural gas transmission operation (“Los Ramones”), for approximately $140 million. Brookfield maintains 50% of the voting rights in Norte and 45% of the voting rights in Sur. Brookfield Infrastructure has joint control of Los Ramones through its ownership and governance rights.
|
6.
|
Investments in associates include a shareholder loan of $500 million receivable from our North American natural gas transmission operation.
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Utilities
|
$
|
194
|
|
|
$
|
245
|
|
Transport
|
1,903
|
|
|
2,398
|
|
||
Energy
|
1,283
|
|
|
1,267
|
|
||
Data infrastructure
|
923
|
|
|
1,029
|
|
||
Corporate
|
148
|
|
|
28
|
|
||
Ending Balance
|
$
|
4,451
|
|
|
$
|
4,967
|
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Financial position:
|
|
|
|
||||
Total assets
|
$
|
41,332
|
|
|
$
|
45,480
|
|
Total liabilities
|
(23,690
|
)
|
|
(25,537
|
)
|
||
Net assets
|
$
|
17,642
|
|
|
$
|
19,943
|
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS
|
2020
|
|
2019
|
||||
Financial performance:
|
|
|
|
||||
Total revenue
|
$
|
1,787
|
|
|
$
|
1,531
|
|
Total income for the period
|
149
|
|
|
51
|
|
||
Brookfield Infrastructure’s share of net income
|
$
|
48
|
|
|
$
|
18
|
|
|
Maturity
|
|
Annual Rate
|
|
Currency
|
|
As of
|
||||||
March 31, 2020
|
|
December 31, 2019
|
|||||||||||
Corporate revolving credit facility
|
June 28, 2024
|
|
LIBOR plus 1.2%
|
|
US$
|
|
$
|
1,213
|
|
|
$
|
820
|
|
Medium-term notes(1):
|
|
|
|
|
|
|
|
|
|
||||
Non-current:
|
|
|
|
|
|
|
|
|
|
||||
Public - Canadian
|
March 11, 2022
|
|
3.5%
|
|
C$
|
|
320
|
|
|
346
|
|
||
Public - Canadian
|
February 22, 2024
|
|
3.3%
|
|
C$
|
|
213
|
|
|
231
|
|
||
Public - Canadian
|
February 22, 2024
|
|
3.3%
|
|
C$
|
|
285
|
|
|
308
|
|
||
Public - Canadian
|
September 11, 2028
|
|
4.2%
|
|
C$
|
|
354
|
|
|
384
|
|
||
Public - Canadian
|
October 9, 2029
|
|
3.4%
|
|
C$
|
|
357
|
|
|
386
|
|
||
Total
|
|
|
|
|
|
|
$
|
2,742
|
|
|
$
|
2,475
|
|
1.
|
See Note 12 Subsidiary Public Issuers for further details.
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Current
|
$
|
1,821
|
|
|
$
|
1,381
|
|
Non-current
|
15,844
|
|
|
17,163
|
|
||
Total
|
$
|
17,665
|
|
|
$
|
18,544
|
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Partnership Capital
|
$
|
19,058
|
|
|
$
|
22,177
|
|
Remove impact of the following items since inception:
|
|
|
|
||||
Non-controlling interest - in operating subsidiaries
|
(11,851
|
)
|
|
(14,113
|
)
|
||
Deficit
|
2,105
|
|
|
2,048
|
|
||
Accumulated other comprehensive income
|
236
|
|
|
(705
|
)
|
||
Ownership changes and other
|
(537
|
)
|
|
(398
|
)
|
||
Invested Capital
|
$
|
9,011
|
|
|
$
|
9,009
|
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS
|
2020
|
|
2019
|
||||
Opening balance
|
$
|
9,009
|
|
|
$
|
8,156
|
|
Issuance of preferred units and preferred shares, net of repurchases
|
—
|
|
|
72
|
|
||
Issuances of limited partnership units and redeemable partnership units, net of repurchases
|
2
|
|
|
(26
|
)
|
||
Ending balance
|
$
|
9,011
|
|
|
$
|
8,202
|
|
Weighted Average Invested Capital
|
$
|
9,009
|
|
|
$
|
8,180
|
|
1.
|
Includes net income attributable to non-controlling interest – Redeemable Partnership Units held by Brookfield, Exchange LP units, class A shares of BIPC, general partner and limited partners.
|
2.
|
Includes investments in all subsidiaries of our partnership under the equity method.
|
3.
|
Includes investments in all other subsidiaries of the Holding LP, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation and BIP Bermuda Holdings I Limited under the equity method.
|
4.
|
Includes elimination of intercompany transactions and balances necessary to present our partnership on a consolidated basis.
|
US$ MILLIONS
|
For the three-month period ended March 31, 2020
|
|
For the three-month period ended March 31, 2019
|
||||
Transport
|
$
|
827
|
|
|
$
|
336
|
|
Utilities
|
687
|
|
|
728
|
|
||
Energy
|
594
|
|
|
450
|
|
||
Data Infrastructure
|
88
|
|
|
79
|
|
||
Total
|
$
|
2,196
|
|
|
$
|
1,593
|
|
US$ MILLIONS
|
For the three-month period ended March 31, 2020
|
|
For the three-month period ended March 31, 2019
|
||||
United States of America
|
$
|
526
|
|
|
$
|
212
|
|
Canada
|
384
|
|
|
272
|
|
||
United Kingdom
|
318
|
|
|
162
|
|
||
Brazil
|
274
|
|
|
289
|
|
||
Colombia
|
222
|
|
|
249
|
|
||
Australia
|
209
|
|
|
269
|
|
||
India
|
123
|
|
|
40
|
|
||
Chile
|
34
|
|
|
42
|
|
||
Peru
|
23
|
|
|
29
|
|
||
Other
|
83
|
|
|
29
|
|
||
Total
|
$
|
2,196
|
|
|
$
|
1,593
|
|
|
Special General Partner Units
|
|
Limited Partnership Units
|
|
Total
|
||||||||||||
UNITS MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the 12 month period ended
Dec. 31, 2019 |
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the 12 month period ended
Dec. 31, 2019 |
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the 12 month period ended
Dec. 31, 2019 |
||||||
Opening balance
|
1.6
|
|
|
1.6
|
|
|
293.5
|
|
|
277.3
|
|
|
295.1
|
|
|
278.9
|
|
Issued for cash
|
—
|
|
|
—
|
|
|
0.1
|
|
|
13.8
|
|
|
0.1
|
|
|
13.8
|
|
Conversion from Exchange LP Units
|
—
|
|
|
—
|
|
|
0.1
|
|
|
3.2
|
|
|
0.1
|
|
|
3.2
|
|
Repurchased and cancelled
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(0.8
|
)
|
Ending balance
|
1.6
|
|
|
1.6
|
|
|
293.7
|
|
|
293.5
|
|
|
295.3
|
|
|
295.1
|
|
|
Special General Partner
|
|
Limited Partners
|
|
Total
|
||||||||||||||||||
US$ MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the 12 month period ended
Dec. 31, 2019 |
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the 12 month period ended
Dec. 31, 2019 |
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the 12 month period ended
Dec. 31, 2019 |
||||||||||||
Opening balance
|
$
|
19
|
|
|
$
|
19
|
|
|
$
|
5,495
|
|
|
$
|
4,911
|
|
|
$
|
5,514
|
|
|
$
|
4,930
|
|
Unit issuance
|
—
|
|
|
—
|
|
|
2
|
|
|
559
|
|
|
2
|
|
|
559
|
|
||||||
Conversion from Exchange LP Units
|
—
|
|
|
—
|
|
|
1
|
|
|
53
|
|
|
1
|
|
|
53
|
|
||||||
Repurchased and cancelled
|
—
|
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
—
|
|
|
(28
|
)
|
||||||
Ending balance
|
$
|
19
|
|
|
$
|
19
|
|
|
$
|
5,498
|
|
|
$
|
5,495
|
|
|
$
|
5,517
|
|
|
$
|
5,514
|
|
|
Non-controlling interest –
Redeemable Partnership Units held
by Brookfield
|
||||
UNITS MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the
12 month period ended
Dec. 31, 2019 |
||
Opening balance
|
121.9
|
|
|
115.8
|
|
Issued for cash
|
—
|
|
|
6.1
|
|
Ending balance
|
121.9
|
|
|
121.9
|
|
|
Non-controlling interest –
Redeemable Partnership Units held
by Brookfield
|
||||||
US$ MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the
12 month period ended
Dec. 31, 2019 |
||||
Opening balance
|
$
|
2,328
|
|
|
$
|
2,078
|
|
Unit issuance
|
—
|
|
|
250
|
|
||
Ending balance
|
$
|
2,328
|
|
|
$
|
2,328
|
|
|
Non-controlling interest – Class A shares of Brookfield Infrastructure Corporation
|
||||
UNITS MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the
12 month period ended Dec. 31, 2019 |
||
Opening balance
|
—
|
|
|
—
|
|
Non-cash issuance
|
46.3
|
|
|
—
|
|
Ending balance
|
46.3
|
|
|
—
|
|
|
Non-controlling interest –
Exchange LP Units
|
||||
UNITS MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the
12 month period ended Dec. 31, 2019 |
||
Opening balance
|
1.2
|
|
|
4.4
|
|
Special distribution
|
0.1
|
|
|
—
|
|
Exchange LP conversion
|
(0.1
|
)
|
|
(3.2
|
)
|
Ending balance
|
1.2
|
|
|
1.2
|
|
|
Non-controlling interest –
Exchange LP Units
|
||||||
US$ MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the
12 month period ended Dec. 31, 2019 |
||||
Opening balance
|
$
|
159
|
|
|
$
|
212
|
|
Special distribution
|
—
|
|
|
—
|
|
||
Exchange LP conversion
|
(1
|
)
|
|
(53
|
)
|
||
Ending balance
|
$
|
158
|
|
|
$
|
159
|
|
|
Preferred Units
|
||||
UNITS MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the
12 month period ended Dec. 31, 2019 |
||
Opening balance
|
49.9
|
|
|
49.9
|
|
Repurchased and cancelled
|
—
|
|
|
—
|
|
Ending balance
|
49.9
|
|
|
49.9
|
|
|
Preferred Units
|
||||||
US$ MILLIONS
|
As of and for the three-month period ended March 31, 2020
|
|
As of and for the
12 month period ended Dec. 31, 2019 |
||||
Opening balance
|
$
|
935
|
|
|
$
|
936
|
|
Repurchased and cancelled
|
—
|
|
|
(1
|
)
|
||
Ending balance
|
$
|
935
|
|
|
$
|
935
|
|
|
For the three-month period ended March 31
|
||||||||||||||
|
2020
|
|
2019
|
||||||||||||
US$ MILLIONS EXCEPT PER UNIT INFORMATION
|
Total
|
|
Per Unit(1)
|
|
Total
|
|
Per Unit(1)
|
||||||||
Limited Partners
|
$
|
158
|
|
|
$
|
0.4850
|
|
|
$
|
140
|
|
|
$
|
0.4523
|
|
General Partner - Incentive Distributions
|
46
|
|
|
|
|
38
|
|
|
|
||||||
Non-controlling interest attributable to:
|
|
|
|
|
|
|
|
||||||||
Redeemable Partnership Units held by Brookfield
|
65
|
|
|
0.4850
|
|
|
59
|
|
|
0.4523
|
|
||||
Class A shares of Brookfield Infrastructure Corporation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Exchange LP Units
|
1
|
|
|
0.4850
|
|
|
1
|
|
|
0.4523
|
|
||||
Preferred unitholders
|
12
|
|
|
0.24
|
|
|
12
|
|
|
0.24
|
|
||||
Total Distributions
|
$
|
282
|
|
|
|
|
$
|
250
|
|
|
|
1.
|
Our partnership paid a distribution of $0.5375 per unit in March 2020. On March 31, 2020, our partnership completed the previously announced creation of BIPC with a special distribution of class A shares of BIPC. The special distribution resulted in the issuance of approximately 46.3 million class A shares of BIPC. Current and historical per unit disclosures have been retroactively adjusted for the impact of the special distribution. Refer to Note 2, Summary of Accounting Policies for further details.
|
US$ MILLIONS
|
Revaluation
surplus |
|
Foreign
currency translation |
|
Net
investment hedges |
|
Cash flow
hedges |
|
Marketable securities
|
|
Unrealized
actuarial losses |
|
Equity
accounted investments |
|
Accumulated
other comprehensive income |
||||||||||||||||
Balance at January 1, 2020
|
$
|
899
|
|
|
$
|
(1,324
|
)
|
|
$
|
30
|
|
|
$
|
(82
|
)
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
|
$
|
968
|
|
|
$
|
473
|
|
Other comprehensive (loss) income
|
(16
|
)
|
|
(630
|
)
|
|
50
|
|
|
(73
|
)
|
|
6
|
|
|
3
|
|
|
75
|
|
|
(585
|
)
|
||||||||
Issuance of class A shares of BIPC(1)
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||||||
Other items(2),(3)
|
(43
|
)
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
||||||||
Balance at March 31, 2020
|
$
|
840
|
|
|
$
|
(1,967
|
)
|
|
$
|
80
|
|
|
$
|
(155
|
)
|
|
$
|
6
|
|
|
$
|
(15
|
)
|
|
$
|
1,043
|
|
|
$
|
(168
|
)
|
US$ MILLIONS
|
Revaluation
surplus
|
|
Foreign
currency
translation
|
|
Net
investment
hedges
|
|
Cash flow
hedges
|
|
Marketable securities
|
|
Unrealized
actuarial
losses
|
|
Equity
accounted
investments
|
|
Accumulated
other
comprehensive
income
|
||||||||||||||||
Balance at January 1, 2019
|
$
|
667
|
|
|
$
|
(1,336
|
)
|
|
$
|
95
|
|
|
$
|
(96
|
)
|
|
$
|
(33
|
)
|
|
$
|
(18
|
)
|
|
$
|
930
|
|
|
$
|
209
|
|
Other comprehensive income (loss)
|
—
|
|
|
7
|
|
|
(16
|
)
|
|
17
|
|
|
20
|
|
|
(2
|
)
|
|
(23
|
)
|
|
3
|
|
||||||||
Other items(4)
|
—
|
|
|
20
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||||||
Balance at March 31, 2019
|
$
|
667
|
|
|
$
|
(1,309
|
)
|
|
$
|
85
|
|
|
$
|
(79
|
)
|
|
$
|
(13
|
)
|
|
$
|
(20
|
)
|
|
$
|
907
|
|
|
$
|
238
|
|
US$ MILLIONS
|
Revaluation
surplus
|
|
Foreign
currency
translation
|
|
Net
investment
hedges
|
|
Cash flow
hedges
|
|
Marketable securities
|
|
Unrealized
actuarial
losses
|
|
Equity
accounted
investments
|
|
Accumulated
other
comprehensive
income
|
||||||||||||||||
Balance at January 1, 2020
|
$
|
6
|
|
|
$
|
(9
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
4
|
|
Other comprehensive loss
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||||
Balance at March 31, 2020
|
$
|
6
|
|
|
$
|
(12
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
1
|
|
US$ MILLIONS
|
Revaluation
surplus
|
|
Foreign
currency
translation
|
|
Net
investment
hedges
|
|
Cash flow
hedges
|
|
Marketable securities
|
|
Unrealized
actuarial
losses
|
|
Equity
accounted
investments
|
|
Accumulated
other
comprehensive
income
|
||||||||||||||||
Balance at January 1, 2019
|
$
|
5
|
|
|
$
|
(9
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
3
|
|
Balance at March 31, 2019
|
$
|
5
|
|
|
$
|
(9
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
3
|
|
US$ MILLIONS
|
Revaluation
surplus
|
|
Foreign
currency
translation
|
|
Net
investment
hedges
|
|
Cash flow
hedges
|
|
Marketable securities
|
|
Unrealized
actuarial
losses
|
|
Equity
accounted
investments
|
|
Accumulated
other
comprehensive
income
|
||||||||||||||||
Balance at January 1, 2020
|
$
|
391
|
|
|
$
|
(546
|
)
|
|
$
|
14
|
|
|
$
|
(37
|
)
|
|
$
|
(2
|
)
|
|
$
|
(4
|
)
|
|
$
|
407
|
|
|
$
|
223
|
|
Other comprehensive (loss) income
|
(7
|
)
|
|
(261
|
)
|
|
21
|
|
|
(31
|
)
|
|
2
|
|
|
1
|
|
|
31
|
|
|
(244
|
)
|
||||||||
Issuance of class A shares of BIPC(1)
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||||
Other items(2),(3)
|
(18
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
||||||||
Balance at March 31, 2020
|
$
|
366
|
|
|
$
|
(815
|
)
|
|
$
|
35
|
|
|
$
|
(68
|
)
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
438
|
|
|
$
|
(47
|
)
|
US$ MILLIONS
|
Revaluation
surplus
|
|
Foreign
currency
translation
|
|
Net
investment
hedges
|
|
Cash flow
hedges
|
|
Marketable securities
|
|
Unrealized
actuarial
losses
|
|
Equity
accounted
investments
|
|
Accumulated
other
comprehensive
income
|
||||||||||||||||
Balance at January 1, 2019
|
$
|
296
|
|
|
$
|
(552
|
)
|
|
$
|
40
|
|
|
$
|
(43
|
)
|
|
$
|
(16
|
)
|
|
$
|
(4
|
)
|
|
$
|
391
|
|
|
$
|
112
|
|
Other comprehensive income (loss)
|
—
|
|
|
2
|
|
|
(7
|
)
|
|
7
|
|
|
9
|
|
|
(1
|
)
|
|
(9
|
)
|
|
1
|
|
||||||||
Other items(4)
|
—
|
|
|
9
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||||||
Balance at March 31, 2019
|
$
|
296
|
|
|
$
|
(541
|
)
|
|
$
|
36
|
|
|
$
|
(36
|
)
|
|
$
|
(7
|
)
|
|
$
|
(5
|
)
|
|
$
|
382
|
|
|
$
|
125
|
|
US$ MILLIONS
|
Revaluation
surplus
|
|
Foreign
currency
translation & other
|
|
Net
investment
hedges
|
|
Cash flow
hedges
|
|
Marketable securities
|
|
Unrealized
actuarial
losses
|
|
Equity
accounted
investments
|
|
Accumulated
other
comprehensive
income
|
||||||||||||||||
Balance at January 1, 2020
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other comprehensive loss
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||||
Issuance of class A shares of BIPC(1)
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
||||||||
Balance at March 31, 2020
|
$
|
—
|
|
|
$
|
(24
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(24
|
)
|
US$ MILLIONS
|
Revaluation
surplus
|
|
Foreign
currency
translation
|
|
Net
investment
hedges
|
|
Cash flow
hedges
|
|
Marketable securities
|
|
Unrealized
actuarial
losses
|
|
Equity
accounted
investments
|
|
Accumulated
other
comprehensive
income
|
||||||||||||||||
Balance at January 1, 2020
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
5
|
|
Other comprehensive loss
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||||
Balance at March 31, 2020
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
3
|
|
US$ MILLIONS
|
Revaluation
surplus |
|
Foreign
currency translation |
|
Net
investment hedges |
|
Cash flow
hedges |
|
Marketable securities
|
|
Unrealized
actuarial losses |
|
Equity
accounted investments |
|
Accumulated
other comprehensive income |
||||||||||||||||
Balance at January 1, 2019
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
4
|
|
Balance at March 31, 2019
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
4
|
|
1.
|
In relation to the special distribution of BIPC, $23 million of accumulated other comprehensive income was reallocated to class A shares of BIPC. Refer to Note 2, Summary of Accounting Policies for further details.
|
2.
|
In relation to the partial disposition of a further 33% interest in our Chilean toll road business, $44 million of accumulated other comprehensive loss was reclassified directly to retained earnings in the Consolidated Statements of Partnership Capital. Refer to Note 4 Disposition of Businesses for further details.
|
3.
|
In relation to the disposition of a 17% interest in our Colombian regulated distribution operation, $61 million (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 4 Disposition of Businesses for further details.
|
4.
|
In relation to the initial partial disposition of a 33% interest in our Chilean toll road business, $38 million of accumulated other comprehensive loss was reclassified directly to retained earnings in the Consolidated Statements of Partnership Capital.
|
|
|
|
|
|
Operating Segment
|
|
Asset Type
|
|
Primary Location
|
Utilities
|
|
|
|
|
Regulated or contractual businesses
which earn a return on their asset base |
|
• Regulated Transmission
|
|
• North & South America
|
|
• Regulated Distribution
|
|
• Europe & South America
|
|
|
• Regulated Terminal
|
|
• Asia Pacific
|
|
|
|
|
||
Transport
|
|
|
|
|
Provide transportation for freight,
bulk commodities and passengers |
|
• Rail
|
|
• North & South America, Asia Pacific
|
|
• Toll Roads
|
|
• Asia Pacific & South America
|
|
|
• Ports
|
|
• Europe, North America & Asia Pacific
|
|
|
|
|
|
|
Energy
|
|
|
|
|
Systems that provide energy transmission, gathering, processing and storage services
|
|
• Natural Gas Midstream
|
|
• North America & Asia Pacific
|
|
• Distributed Energy
|
|
• North America & Asia Pacific
|
|
|
|
|
|
|
Data Infrastructure
|
|
|
|
|
Provide critical infrastructure and services to global communication companies
|
|
• Data Transmission & Distribution
|
|
• Europe, Asia Pacific
|
|
• Data Storage
|
|
• North & South America, Asia Pacific
|
•
|
In North America, our Western Canadian Midstream business is contributing to a number of local causes including donating equipment such as portable generators to indigenous communities to generate electricity.
|
•
|
In Asia Pacific, our New Zealand Data Distribution business has provided mobile connectivity to an isolation center that was used to quarantine people who returned to New Zealand from China, removed data limits on home broadband while reducing prices for data plans, and provided charging stations at local hospitals to benefit frontline health workers.
|
•
|
In emerging markets such as India and Brazil, our businesses have undertaken programs to distribute food and personal protective equipment and have donated funds to support public health initiatives and various community projects.
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS, EXCEPT PER UNIT INFORMATION
|
2020
|
|
2019
|
||||
Summary Statements of Operating Results
|
|
|
|
||||
Revenues
|
$
|
2,196
|
|
|
$
|
1,593
|
|
Direct operating costs
|
(1,239
|
)
|
|
(798
|
)
|
||
General and administrative expenses
|
(61
|
)
|
|
(61
|
)
|
||
Depreciation and amortization expense
|
(400
|
)
|
|
(292
|
)
|
||
Interest expense
|
(282
|
)
|
|
(212
|
)
|
||
Share of earnings from investments in associates and joint ventures
|
48
|
|
|
18
|
|
||
Mark-to-market on hedging items
|
198
|
|
|
(18
|
)
|
||
Other (expenses) income
|
(206
|
)
|
|
10
|
|
||
Income tax expense
|
(106
|
)
|
|
(75
|
)
|
||
Net income
|
148
|
|
|
165
|
|
||
Net income attributable to our partnership(1)
|
119
|
|
|
30
|
|
||
Net income (loss) per limited partnership unit
|
$
|
0.13
|
|
|
$
|
(0.05
|
)
|
1.
|
1ncludes net income attributable to non-controlling interests—Redeemable Partnership Units held by Brookfield, non-controlling interests—Exchange LP Units, non-controlling interests - class A shares of BIPC, general partner and limited partners.
|
US$ MILLIONS
Summary Statements of Financial Position Key Metrics
|
As of
|
||||||
March 31, 2020
|
|
December 31, 2019
|
|||||
Cash and cash equivalents
|
$
|
1,226
|
|
|
$
|
827
|
|
Property, plant and equipment
|
21,895
|
|
|
23,013
|
|
||
Intangible assets
|
12,712
|
|
|
14,386
|
|
||
Total assets
|
50,904
|
|
|
56,308
|
|
||
Corporate borrowings
|
2,742
|
|
|
2,475
|
|
||
Non-recourse borrowings
|
17,665
|
|
|
18,544
|
|
||
Total liabilities
|
31,846
|
|
|
34,131
|
|
||
Limited Partners’ capital
|
4,008
|
|
|
5,048
|
|
||
General Partner capital
|
19
|
|
|
24
|
|
||
Non-controlling interest – Redeemable Partnership Units held by Brookfield
|
1,606
|
|
|
2,039
|
|
||
Non-controlling interest – Class A shares of Brookfield Infrastructure Corporation
|
625
|
|
|
—
|
|
||
Non-controlling interest – Exchange LP Units
|
14
|
|
|
18
|
|
||
Non-controlling interest – in operating subsidiaries
|
11,851
|
|
|
14,113
|
|
||
Preferred unitholders
|
935
|
|
|
935
|
|
•
|
Within our utilities, energy and data infrastructure segments, our valuation of property, plant and equipment and cost associated with intangible assets are underpinned by stable, regulated or contracted cash flows. Regulated revenues have been predominantly unaffected to date as we earn a fixed return on our asset base in exchange for making our critical infrastructure assets available to customers. Our contracted cash flows in these sectors have also demonstrated resilience in this current economic environment as they are generally secured by take-or-pay contracts that insulate us from price and volume risk.
|
•
|
Our transport businesses have been more impacted by the economic shutdowns that local governments have imposed. These shutdowns vary in timing and severity by region; however, they have impacted the flow of people and commerce at a relatively small portion of our businesses. Although circumstances continue to evolve, we do not believe that the curtailments as a result of isolation measures will be long-term in nature. Rail volumes have been resilient thus far, with no observable impact to our operations in Australia and only modest declines relative to plan witnessed at our Brazilian and North American operations. Our toll roads operations have experienced lower volumes. However, we have initiated processes to determine whether we will be compensated under the respective regulatory frameworks, either through increased tariffs or extension of our concession agreements and believe that the value of these assets has not changed over a long-term horizon. Container terminal volumes at of our port operations were lower during the first quarter as a result of the disruption to global trade. Although volumes continue to remain lower than plan, we anticipate a substantial recovery when isolation measures are lifted. The long-term value of these assets has also not changed significantly since our most recent valuation.
|
|
Period End Rate
|
|
Average Rate
|
||||||||||
|
As of
|
|
For the three-month
period ended March 31 |
||||||||||
|
March 31, 2020
|
|
December 31, 2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
||
Australian dollar
|
0.6131
|
|
0.7018
|
|
(13
|
)%
|
|
0.6582
|
|
0.7125
|
|
(8
|
)%
|
Brazilian real
|
0.1924
|
|
0.2481
|
|
(22
|
)%
|
|
0.2239
|
|
0.2654
|
|
(16
|
)%
|
British pound
|
1.2420
|
|
1.3255
|
|
(6
|
)%
|
|
1.2799
|
|
1.3024
|
|
(2
|
)%
|
Canadian dollar
|
0.7112
|
|
0.7699
|
|
(8
|
)%
|
|
0.7450
|
|
0.7521
|
|
(1
|
)%
|
1.
|
Excludes the impact of reclassification of prior period currency translation gains and losses.
|
2.
|
Includes net investment and cash flow hedges for foreign currencies of subsidiaries and associates, and excludes cash flow hedges for interest rates.
|
US$ MILLIONS, EXCEPT PER UNIT AMOUNTS
|
2020
|
|
2019
|
|
2018
|
||||||||||||||||||||||||||
Three-month period ended
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
||||||||||||||||
Revenues
|
$
|
2,196
|
|
|
$
|
1,655
|
|
|
$
|
1,664
|
|
|
$
|
1,685
|
|
|
$
|
1,593
|
|
|
$
|
1,428
|
|
|
$
|
1,167
|
|
|
$
|
1,044
|
|
Direct operating costs
|
(1,239
|
)
|
|
(907
|
)
|
|
(850
|
)
|
|
(840
|
)
|
|
(798
|
)
|
|
(729
|
)
|
|
(603
|
)
|
|
(467
|
)
|
||||||||
Earnings (losses) from investment in associates and joint ventures
|
48
|
|
|
136
|
|
|
36
|
|
|
34
|
|
|
18
|
|
|
23
|
|
|
(32
|
)
|
|
1
|
|
||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest
|
(282
|
)
|
|
(222
|
)
|
|
(229
|
)
|
|
(241
|
)
|
|
(212
|
)
|
|
(176
|
)
|
|
(140
|
)
|
|
(125
|
)
|
||||||||
General and administrative expenses
|
(61
|
)
|
|
(79
|
)
|
|
(75
|
)
|
|
(64
|
)
|
|
(61
|
)
|
|
(54
|
)
|
|
(57
|
)
|
|
(54
|
)
|
||||||||
Valuation items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fair value changes and other
|
(8
|
)
|
|
(191
|
)
|
|
34
|
|
|
64
|
|
|
(8
|
)
|
|
(45
|
)
|
|
5
|
|
|
80
|
|
||||||||
Depreciation and amortization
|
(400
|
)
|
|
(282
|
)
|
|
(317
|
)
|
|
(323
|
)
|
|
(292
|
)
|
|
(232
|
)
|
|
(188
|
)
|
|
(188
|
)
|
||||||||
Income tax expense
|
(106
|
)
|
|
(84
|
)
|
|
(58
|
)
|
|
(61
|
)
|
|
(75
|
)
|
|
(42
|
)
|
|
(65
|
)
|
|
(72
|
)
|
||||||||
Net income
|
148
|
|
|
26
|
|
|
205
|
|
|
254
|
|
|
165
|
|
|
173
|
|
|
87
|
|
|
219
|
|
||||||||
Net income attributable to others
|
96
|
|
|
39
|
|
|
176
|
|
|
212
|
|
|
171
|
|
|
147
|
|
|
107
|
|
|
155
|
|
||||||||
Net income (loss) attributable to limited partners
|
52
|
|
|
(13
|
)
|
|
29
|
|
|
42
|
|
|
(6
|
)
|
|
26
|
|
|
(20
|
)
|
|
64
|
|
||||||||
Net income (loss) per limited partnership unit
|
$
|
0.13
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.06
|
|
|
$
|
0.11
|
|
|
$
|
(0.05
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.19
|
|
US$ MILLIONS, EXCEPT PER UNIT INFORMATION
|
For the three-month
period ended March 31 |
|
||||||
Key Metrics
|
2020
|
|
2019
|
|
||||
Net income attributable to partnership(1)
|
$
|
119
|
|
|
$
|
30
|
|
|
Net income (loss) per limited partnership unit(2)
|
0.13
|
|
|
(0.05
|
)
|
|
||
Funds from Operations (FFO)(3)
|
358
|
|
|
351
|
|
|
||
Per unit FFO(4)
|
0.77
|
|
|
0.79
|
|
|
||
Adjusted Funds from Operations (AFFO)(5)
|
301
|
|
|
297
|
|
|
||
Return on invested capital(6)
|
12
|
|
%
|
13
|
|
%
|
||
Adjusted EBITDA(7)
|
502
|
|
|
472
|
|
|
||
Adjusted earnings(8)
|
131
|
|
|
164
|
|
|
||
Adjusted earnings per unit(4)
|
0.28
|
|
|
0.37
|
|
|
||
Distributions per unit
|
0.4850
|
|
|
0.4523
|
|
|
||
FFO payout ratio(9)
|
79
|
|
%
|
71
|
|
%
|
1.
|
Net income attributable to partnership includes net income attributable to non-controlling interests—Redeemable Partnership Units held by Brookfield, non-controlling interests—Exchange LP Units, non-controlling interests—class A shares of BIPC, general partner and limited partners.
|
2.
|
Average number of limited partnership units outstanding on a time weighted average basis for the three-month period was 293.6 million (2019: 278.1 million). Net income (loss) per limited partnership unit has been adjusted to reflect the dilutive impact of the special distribution.
|
3.
|
FFO is defined as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, and non-cash valuation gains or losses. Refer to the “Reconciliation of Non-IFRS Financial Measures” section of this MD&A for reconciliation from net income to FFO.
|
4.
|
Average units outstanding, adjusted for the BIPC special distribution as if it had been completed prior to the periods presented, for the three-month period was 464.8 million (2019: 443.0 million), being inclusive of limited partnership units, the Redeemable Partnership Units, the Exchange LP Units, class A shares of BIPC and the general partner units. Average units outstanding, prior to the impact of the special distribution, for the three-month period was 418.3 million (2019: 398.7 million).
|
5.
|
AFFO is defined as FFO less maintenance capital expenditures. Refer to the “Reconciliation of Non-IFRS Financial Measures” section of this MD&A for reconciliation from net income to AFFO.
|
6.
|
Return on invested capital is calculated as AFFO adjusted for an estimate of the portion of earnings that represent a return of capital on concession-based businesses, divided by Invested Capital. The return of capital estimate for the three-month period ended March 31, 2020 was $31 million (2019: $26 million). Refer to the “Reconciliation of Non-IFRS Financial Measures” section of this MD&A for reconciliation from partnership capital to Invested Capital.
|
7.
|
Adjusted EBITDA is defined as net income excluding the impact of depreciation and amortization, interest expense, current and deferred income taxes, breakage and transaction costs, and non-cash valuation gains or losses. Refer to the “Reconciliation of Non-IFRS Financial Measures” section of this MD&A for reconciliation from net income to Adjusted EBITDA.
|
8.
|
Adjusted Earnings is defined as net income attributable to our partnership, excluding the impact of depreciation and amortization expense from revaluing property, plant and equipment and the effects of purchase price accounting, mark-to-market on hedging items and disposition gains or losses. Refer to the “Reconciliation of Non-IFRS Financial Measures” section of this MD&A for reconciliation from net income to Adjusted Earnings.
|
9.
|
Payout ratio is defined as distributions paid per unit (inclusive of GP incentive and preferred unit distributions) divided by FFO.
|
US$ MILLIONS
|
For the three-month
period ended March 31 |
||||||
Statements of Operating Results
|
2020
|
|
2019
|
||||
Net income (loss) by segment
|
|
|
|
||||
Utilities
|
$
|
52
|
|
|
$
|
68
|
|
Transport
|
(28
|
)
|
|
14
|
|
||
Energy
|
21
|
|
|
32
|
|
||
Data Infrastructure
|
(24
|
)
|
|
1
|
|
||
Corporate
|
98
|
|
|
(85
|
)
|
||
Net income
|
$
|
119
|
|
|
$
|
30
|
|
Adjusted EBITDA by segment
|
|
|
|
||||
Utilities
|
$
|
193
|
|
|
$
|
181
|
|
Transport
|
166
|
|
|
189
|
|
||
Energy
|
148
|
|
|
127
|
|
||
Data Infrastructure
|
56
|
|
|
36
|
|
||
Corporate
|
(61
|
)
|
|
(61
|
)
|
||
Adjusted EBITDA
|
$
|
502
|
|
|
$
|
472
|
|
FFO by segment
|
|
|
|
||||
Utilities
|
$
|
146
|
|
|
$
|
137
|
|
Transport
|
120
|
|
|
139
|
|
||
Energy
|
115
|
|
|
107
|
|
||
Data Infrastructure
|
42
|
|
|
28
|
|
||
Corporate
|
(65
|
)
|
|
(60
|
)
|
||
FFO
|
$
|
358
|
|
|
$
|
351
|
|
US$ MILLIONS
|
As of
|
||||||
Statements of Financial Position
|
March 31, 2020
|
|
December 31, 2019
|
||||
Total assets by segment
|
|
|
|
||||
Utilities
|
$
|
5,102
|
|
|
$
|
5,825
|
|
Transport
|
5,709
|
|
|
6,916
|
|
||
Energy
|
5,407
|
|
|
5,589
|
|
||
Data Infrastructure
|
2,063
|
|
|
2,204
|
|
||
Corporate
|
(952
|
)
|
|
(1,284
|
)
|
||
Total assets
|
$
|
17,329
|
|
|
$
|
19,250
|
|
Net debt by segment
|
|
|
|
||||
Utilities
|
$
|
3,336
|
|
|
$
|
3,647
|
|
Transport
|
2,473
|
|
|
2,925
|
|
||
Energy
|
2,479
|
|
|
2,461
|
|
||
Data Infrastructure
|
875
|
|
|
886
|
|
||
Corporate
|
1,894
|
|
|
2,202
|
|
||
Net debt
|
$
|
11,057
|
|
|
$
|
12,121
|
|
Partnership capital by segment
|
|
|
|
||||
Utilities
|
$
|
1,766
|
|
|
$
|
2,178
|
|
Transport
|
3,236
|
|
|
3,991
|
|
||
Energy
|
2,928
|
|
|
3,128
|
|
||
Data Infrastructure
|
1,188
|
|
|
1,318
|
|
||
Corporate
|
(2,846
|
)
|
|
(3,486
|
)
|
||
Partnership capital
|
$
|
6,272
|
|
|
$
|
7,129
|
|
•
|
Approximately 2,700 kilometers of natural gas pipelines in North and South America
|
•
|
Approximately 2,200 kilometers of operating transmission lines in North and South America along with an additional 3,900 kilometers of greenfield electricity transmission under development in South America
|
•
|
Approximately 6.6 million connections, predominantly electricity and natural gas, and approximately 1.4 million acquired smart meters
|
•
|
Australian-based terminal forming a critical component of the global steel production supply chain
|
|
For the three-month
period ended March 31 |
|
||||||
US$ MILLIONS
|
2020
|
|
2019
|
|
||||
Rate base
|
$
|
4,507
|
|
|
$
|
4,728
|
|
|
Funds from Operations (FFO)(1)
|
146
|
|
|
137
|
|
|
||
Maintenance capital expenditures
|
(5
|
)
|
|
(3
|
)
|
|
||
Adjusted Funds from Operations (AFFO)(1)
|
$
|
141
|
|
|
$
|
134
|
|
|
Return on rate base(2),(3)
|
12
|
|
%
|
12
|
|
%
|
1.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
2.
|
Return on rate base is Adjusted EBITDA divided by time weighted average rate base.
|
3.
|
Return on rate base excludes impact of connections revenues at our U.K. regulated distribution operation.
|
|
Adjusted EBITDA(1)
|
|
FFO(1)
|
||||||||||||
|
For the three-month
period ended March 31 |
|
For the three-month
period ended March 31 |
||||||||||||
US$ MILLIONS
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Regulated Transmission
|
$
|
82
|
|
|
$
|
76
|
|
|
$
|
61
|
|
|
$
|
58
|
|
Regulated Distribution
|
82
|
|
|
77
|
|
|
66
|
|
|
61
|
|
||||
Regulated Terminal
|
29
|
|
|
28
|
|
|
19
|
|
|
18
|
|
||||
Total
|
$
|
193
|
|
|
$
|
181
|
|
|
$
|
146
|
|
|
$
|
137
|
|
1.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
US$ MILLIONS
|
For the three-month period
ended March 31, 2020 |
|
For the 12 month period
ended December 31, 2019
|
||||
Rate base, start of period
|
$
|
5,116
|
|
|
$
|
4,511
|
|
Acquisitions
|
—
|
|
|
266
|
|
||
Impact of asset sales
|
(82
|
)
|
|
—
|
|
||
Capital expenditures commissioned
|
76
|
|
|
302
|
|
||
Inflation and other indexation
|
18
|
|
|
187
|
|
||
Regulatory depreciation
|
(11
|
)
|
|
(86
|
)
|
||
Foreign exchange and other
|
(610
|
)
|
|
(64
|
)
|
||
Rate base, end of period
|
$
|
4,507
|
|
|
$
|
5,116
|
|
US$ MILLIONS
|
For the three-month period
ended March 31, 2020 |
|
For the 12 month period
ended December 31, 2019
|
||||
Capital backlog, start of period
|
$
|
718
|
|
|
$
|
815
|
|
Impact of asset sales
|
(5
|
)
|
|
—
|
|
||
Additional capital project mandates
|
90
|
|
|
432
|
|
||
Less: capital expenditures
|
(122
|
)
|
|
(416
|
)
|
||
Foreign exchange and other
|
(91
|
)
|
|
(113
|
)
|
||
Capital backlog, end of period
|
590
|
|
|
718
|
|
||
Construction work in progress
|
305
|
|
|
316
|
|
||
Total capital to be commissioned
|
$
|
895
|
|
|
$
|
1,034
|
|
•
|
116 short line freight railroads comprising over 22,000 kilometers of track in North America and Europe
|
•
|
Sole provider of rail network in southern half of Western Australia with approximately 5,500 kilometers of track and operator of approximately 4,800 kilometers of rail in Brazil
|
•
|
Approximately 4,000 kilometers of motorways in Brazil, Chile, Peru and India
|
•
|
13 terminals in North America, U.K., and Australia
|
|
For the three-month
period ended March 31 |
|
||||||
US$ MILLIONS
|
2020
|
|
2019
|
|
||||
Growth capital expenditures
|
$
|
30
|
|
|
$
|
53
|
|
|
Adjusted EBITDA margin(1)
|
51
|
|
%
|
49
|
|
%
|
||
Funds from Operations (FFO)(2)
|
120
|
|
|
139
|
|
|
||
Maintenance capital expenditures
|
(32
|
)
|
|
(41
|
)
|
|
||
Adjusted Funds from Operations (AFFO)(2)
|
$
|
88
|
|
|
$
|
98
|
|
|
1.
|
Adjusted EBITDA margin is Adjusted EBITDA divided by revenues. It is calculated net of construction revenues and costs which are incurred at our Peruvian toll road operation during the construction of our toll roads. Adjusted EBITDA margin is a non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income to Adjusted EBITDA.
|
2.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
|
Adjusted EBITDA(1)
|
|
FFO(1)
|
||||||||||||
|
For the three-month
period ended March 31 |
|
For the three-month
period ended March 31 |
||||||||||||
US$ MILLIONS
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Rail
|
$
|
79
|
|
|
$
|
72
|
|
|
$
|
60
|
|
|
$
|
55
|
|
Toll Roads
|
67
|
|
|
79
|
|
|
45
|
|
|
56
|
|
||||
Ports
|
20
|
|
|
38
|
|
|
15
|
|
|
28
|
|
||||
Total
|
$
|
166
|
|
|
$
|
189
|
|
|
$
|
120
|
|
|
$
|
139
|
|
1.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
US$ MILLIONS
|
For the three-month period
ended March 31, 2020 |
|
For the 12 month period
ended December 31, 2019
|
||||
Capital backlog, start of period
|
$
|
357
|
|
|
$
|
500
|
|
Impact of acquisitions
|
6
|
|
|
—
|
|
||
Additional capital project mandates
|
8
|
|
|
77
|
|
||
Less: capital expenditures
|
(30
|
)
|
|
(162
|
)
|
||
Foreign exchange and other
|
(48
|
)
|
|
(58
|
)
|
||
Capital backlog, end of period
|
293
|
|
|
357
|
|
||
Construction work in progress
|
170
|
|
|
184
|
|
||
Total capital to be commissioned
|
$
|
463
|
|
|
$
|
541
|
|
•
|
Approximately 16,500 kilometers of natural gas transmission pipelines in the U.S. and India
|
•
|
Approximately 600 billion cubic feet (“Bcf”) of natural gas storage in the U.S. and Canada
|
•
|
19 natural gas processing plants with approximately 3.3 Bcf per day of total gross processing capacity and approximately 3,550 kilometers of gas gathering pipelines in Canada
|
•
|
Delivers heating and cooling to customers from centralized systems including heating plants capable of delivering 3,320,000 pounds per hour of steam heating capacity, centralized gas distribution and cogeneration for heating, cooling and energy, 310,000 tons of contracted cooling capacity
|
•
|
Provides residential energy infrastructure, including water heater, heating, ventilation, and air conditioner (“HVAC”) rentals, as well as other essential home services to approximately 1.6 million customers annually in Canada and the United States, and delivers approximately 300,000 contracted sub-metering services within Canada
|
|
For the three-month
period ended March 31 |
|
||||||
US$ MILLIONS
|
2020
|
|
2019
|
|
||||
Growth capital expenditures
|
$
|
68
|
|
|
$
|
22
|
|
|
Adjusted EBITDA margin(1)
|
53
|
|
%
|
51
|
|
%
|
||
Funds from Operations (FFO)(2)
|
115
|
|
|
107
|
|
|
||
Maintenance capital expenditures
|
(12
|
)
|
|
(8
|
)
|
|
||
Adjusted Funds from Operations (AFFO)(2)
|
$
|
103
|
|
|
$
|
99
|
|
|
1.
|
Adjusted EBITDA margin is Adjusted EBITDA divided by revenues. Adjusted EBITDA margin is a non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income to Adjusted EBITDA.
|
2.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
|
Adjusted EBITDA(1)
|
|
FFO(1)
|
||||||||||||
|
For the three-month
period ended March 31 |
|
For the three-month
period ended March 31 |
||||||||||||
US$ MILLIONS
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Natural Gas Midstream
|
$
|
114
|
|
|
$
|
97
|
|
|
$
|
87
|
|
|
$
|
83
|
|
Distributed Energy
|
34
|
|
|
30
|
|
|
28
|
|
|
24
|
|
||||
Total
|
$
|
148
|
|
|
$
|
127
|
|
|
$
|
115
|
|
|
$
|
107
|
|
1.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
US$ MILLIONS
|
For the three-month period
ended March 31, 2020 |
|
For the 12 month period
ended December 31, 2019 |
||||
Capital backlog, start of period
|
$
|
317
|
|
|
$
|
290
|
|
Impact of acquisitions
|
—
|
|
|
—
|
|
||
Additional capital project mandates
|
50
|
|
|
232
|
|
||
Less: capital expenditures
|
(68
|
)
|
|
(187
|
)
|
||
Foreign exchange and other
|
(28
|
)
|
|
(18
|
)
|
||
Capital backlog, end of period
|
271
|
|
|
317
|
|
||
Construction work in progress
|
167
|
|
|
132
|
|
||
Total capital to be commissioned
|
$
|
438
|
|
|
$
|
449
|
|
•
|
Approximately 7,000 multi-purpose towers and active rooftop sites in France
|
•
|
10,000 kilometers of fiber backbone located in France and Brazil
|
•
|
Approximately 1,600 cell sites and over 10,000 kilometers of fiber optic cable in New Zealand
|
•
|
Approximately 2,100 active telecom towers and 70 distributed antenna systems, primarily in the U.K.
|
•
|
52 data centers, with approximately 1.6 million square feet of raised floors located in five continents
|
•
|
179 megawatts (“MWs”) of critical load capacity
|
|
For the three-month
period ended March 31 |
|
||||||
US$ MILLIONS
|
2020
|
|
2019
|
|
||||
Growth capital expenditures
|
$
|
32
|
|
|
$
|
13
|
|
|
Adjusted EBITDA margin(1)
|
51
|
|
%
|
58
|
|
%
|
||
Funds from Operations (FFO)(2)
|
42
|
|
|
28
|
|
|
||
Maintenance capital expenditures
|
(8
|
)
|
|
(2
|
)
|
|
||
Adjusted Funds from Operations (AFFO)(2)
|
$
|
34
|
|
|
$
|
26
|
|
|
1.
|
Adjusted EBITDA margin is Adjusted EBITDA divided by revenues. Adjusted EBITDA margin is a non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income to Adjusted EBITDA.
|
2.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
|
Adjusted EBITDA(1)
|
|
FFO(1)
|
||||||||||||
|
For the three-month
period ended March 31 |
|
For the three-month
period ended March 31 |
||||||||||||
US$ MILLIONS
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Data Transmission & Distribution
|
$
|
43
|
|
|
$
|
25
|
|
|
$
|
34
|
|
|
$
|
21
|
|
Data Storage
|
13
|
|
|
11
|
|
|
8
|
|
|
7
|
|
||||
Total
|
$
|
56
|
|
|
$
|
36
|
|
|
$
|
42
|
|
|
$
|
28
|
|
1.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
US$ MILLIONS
|
For the three-month period
ended March 31, 2020 |
|
For the 12 month period
ended December 31, 2019 |
||||
Capital backlog, start of period
|
$
|
152
|
|
|
$
|
200
|
|
Impact of acquisitions
|
—
|
|
|
27
|
|
||
Additional capital project mandates
|
68
|
|
|
59
|
|
||
Less: capital expenditures
|
(32
|
)
|
|
(104
|
)
|
||
Foreign exchange and other
|
(1
|
)
|
|
(30
|
)
|
||
Capital backlog, end of period
|
187
|
|
|
152
|
|
||
Construction work in progress
|
49
|
|
|
41
|
|
||
Total capital to be commissioned
|
$
|
236
|
|
|
$
|
193
|
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS
|
2020
|
|
2019
|
||||
Adjusted EBITDA(1)
|
$
|
(61
|
)
|
|
$
|
(61
|
)
|
Funds from Operations (FFO)(1)
|
(65
|
)
|
|
(60
|
)
|
1.
|
Non-IFRS measure. Refer to the “Reconciliation of Non-IFRS Financial Measures” and “Reconciliation of Operating Segment Measures” sections of this MD&A for reconciliation from net income.
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Corporate cash and financial assets
|
$
|
848
|
|
|
$
|
273
|
|
Committed corporate credit facility
|
1,975
|
|
|
1,975
|
|
||
Subordinate corporate credit facility
|
500
|
|
|
500
|
|
||
Draws under corporate credit facility
|
(1,213
|
)
|
|
(820
|
)
|
||
Commitments under corporate credit facility
|
(43
|
)
|
|
(54
|
)
|
||
Proportionate cash retained in businesses
|
384
|
|
|
406
|
|
||
Proportionate availability under subsidiary credit facilities
|
582
|
|
|
687
|
|
||
Group-wide liquidity
|
$
|
3,033
|
|
|
$
|
2,967
|
|
|
|
|
|
For the one-year period ended March 31
|
|
|
|
|
||||||||||||||||||||||
US$ MILLIONS
|
|
Average Term (years)
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
2025
|
|
Beyond
|
|
Total
|
||||||||||||||
Corporate borrowing
|
|
5
|
|
$
|
—
|
|
|
$
|
320
|
|
|
$
|
—
|
|
|
$
|
498
|
|
|
$
|
1,213
|
|
|
$
|
711
|
|
|
$
|
2,742
|
|
Non-recourse borrowing
|
|
8
|
|
$
|
1,821
|
|
|
$
|
1,161
|
|
|
$
|
2,047
|
|
|
$
|
2,746
|
|
|
$
|
1,510
|
|
|
$
|
8,380
|
|
|
$
|
17,665
|
|
US$ MILLIONS
|
Average
Term
(years)
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Beyond
|
|
Total
|
|
||||||||||||||
Recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Corporate borrowings
|
5
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
320
|
|
|
$
|
—
|
|
|
$
|
1,711
|
|
|
$
|
711
|
|
|
$
|
2,742
|
|
|
Total recourse borrowings
|
5
|
|
—
|
|
|
—
|
|
|
320
|
|
|
—
|
|
|
1,711
|
|
|
711
|
|
|
2,742
|
|
|
|||||||
Non-recourse borrowings(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Regulated Transmission
|
11
|
|
13
|
|
|
22
|
|
|
17
|
|
|
303
|
|
|
71
|
|
|
384
|
|
|
810
|
|
|
|||||||
Regulated Distribution
|
11
|
|
18
|
|
|
15
|
|
|
—
|
|
|
255
|
|
|
—
|
|
|
1,476
|
|
|
1,764
|
|
|
|||||||
Regulated Terminal
|
2
|
|
130
|
|
|
252
|
|
|
164
|
|
|
130
|
|
|
147
|
|
|
42
|
|
|
865
|
|
|
|||||||
|
9
|
|
161
|
|
|
289
|
|
|
181
|
|
|
688
|
|
|
218
|
|
|
1,902
|
|
|
3,439
|
|
|
|||||||
Transport
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Rail
|
5
|
|
18
|
|
|
118
|
|
|
148
|
|
|
170
|
|
|
225
|
|
|
508
|
|
|
1,187
|
|
|
|||||||
Toll Roads
|
8
|
|
89
|
|
|
143
|
|
|
139
|
|
|
109
|
|
|
116
|
|
|
475
|
|
|
1,071
|
|
|
|||||||
Ports
|
4
|
|
10
|
|
|
2
|
|
|
77
|
|
|
—
|
|
|
42
|
|
|
288
|
|
|
419
|
|
|
|||||||
|
6
|
|
117
|
|
|
263
|
|
|
364
|
|
|
279
|
|
|
383
|
|
|
1,271
|
|
|
2,677
|
|
|
|||||||
Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Natural Gas Midstream
|
6
|
|
11
|
|
|
38
|
|
|
511
|
|
|
190
|
|
|
263
|
|
|
830
|
|
|
1,843
|
|
|
|||||||
Distributed Energy
|
17
|
|
34
|
|
|
59
|
|
|
57
|
|
|
38
|
|
|
89
|
|
|
387
|
|
|
664
|
|
|
|||||||
|
9
|
|
45
|
|
|
97
|
|
|
568
|
|
|
228
|
|
|
352
|
|
|
1,217
|
|
|
2,507
|
|
|
|||||||
Data Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Data Transmission & Distribution
|
5
|
|
—
|
|
|
—
|
|
|
174
|
|
|
15
|
|
|
228
|
|
|
231
|
|
|
648
|
|
|
|||||||
Data Storage
|
5
|
|
1
|
|
|
45
|
|
|
23
|
|
|
56
|
|
|
2
|
|
|
149
|
|
|
276
|
|
|
|||||||
|
5
|
|
1
|
|
|
45
|
|
|
197
|
|
|
71
|
|
|
230
|
|
|
380
|
|
|
924
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total non-recourse borrowings(1)
|
8
|
|
324
|
|
|
694
|
|
|
1,310
|
|
|
1,266
|
|
|
1,183
|
|
|
4,770
|
|
|
9,547
|
|
|
|||||||
Total borrowings(2),(3)
|
7
|
|
$
|
324
|
|
|
$
|
694
|
|
|
$
|
1,630
|
|
|
$
|
1,266
|
|
|
$
|
2,894
|
|
|
$
|
5,481
|
|
|
$
|
12,289
|
|
|
Cash retained in businesses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
103
|
|
|
||||||||||||
Transport
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
204
|
|
|
|||||||||||||
Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28
|
|
|
|||||||||||||
Data Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49
|
|
|
|||||||||||||
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
848
|
|
|
|||||||||||||
Total cash retained
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,232
|
|
|
||||||||||||
Net debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,336
|
|
|
||||||||||||
Transport
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,473
|
|
|
|||||||||||||
Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,479
|
|
|
|||||||||||||
Data Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
875
|
|
|
|||||||||||||
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,894
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,057
|
|
|
||||||||||||
Total net debt
|
|
|
3
|
|
%
|
6
|
|
%
|
13
|
|
%
|
10
|
|
%
|
24
|
|
%
|
44
|
|
%
|
100
|
|
%
|
1.
|
Represents non-recourse debt to Brookfield Infrastructure as the holders have recourse only to the underlying operations.
|
2.
|
As of March 31, 2020, approximately 46% has been issued as floating rate debt. Brookfield Infrastructure and its subsidiaries have entered into interest rate swaps whereby the floating rate debt has been converted to fixed rate debt, effectively reducing floating rate debt maturities to approximately 30% of our total borrowings. Excluding working capital and capital expenditure facilities, floating rate debt maturities are approximately 18% of our total borrowings, inclusive of the impact of interest rate swaps. Debt maturity weighted average excludes the impact of temporary borrowings on the Partnership’s corporate credit facility.
|
3.
|
As of March 31, 2020, approximately $180 million of proportionate net debt was in breach of asset-level financial covenants. This equates to less than 2% of total proportionate debt of the partnership. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity.
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Consolidated debt
|
$
|
20,407
|
|
|
$
|
21,019
|
|
Add: proportionate share of debt of investments in associates:
|
|
|
|
||||
Utilities
|
413
|
|
|
455
|
|
||
Transport
|
961
|
|
|
1,158
|
|
||
Energy
|
971
|
|
|
972
|
|
||
Data Infrastructure
|
689
|
|
|
688
|
|
||
Add: proportionate share of debt directly associated with assets held for sale
|
72
|
|
|
104
|
|
||
Less: borrowings attributable to non-controlling interest(1)
|
(10,363
|
)
|
|
(11,094
|
)
|
||
Premium on debt and cross currency swaps
|
(861
|
)
|
|
(502
|
)
|
||
Proportionate debt
|
$
|
12,289
|
|
|
$
|
12,800
|
|
1.
|
Includes draws made under Brookfield's private funds credit facility used to bridge acquisitions over year-end. Borrowings made under the facility are secured by limited partner commitments and are non-recourse to our partnership.
|
|
Payments due by period
|
||||||||||||||||||
US$ MILLIONS
|
Less than
1 year
|
|
1-2 years
|
|
3-5 years
|
|
5+ years
|
|
Total
contractual
cash flows
|
||||||||||
Accounts payable and other liabilities
|
$
|
1,595
|
|
|
$
|
60
|
|
|
$
|
40
|
|
|
$
|
250
|
|
|
$
|
1,945
|
|
Corporate borrowings
|
—
|
|
|
320
|
|
|
1,711
|
|
|
711
|
|
|
2,742
|
|
|||||
Non-recourse borrowings
|
1,851
|
|
|
1,189
|
|
|
6,320
|
|
|
8,398
|
|
|
17,758
|
|
|||||
Financial liabilities
|
375
|
|
|
298
|
|
|
1,219
|
|
|
493
|
|
|
2,385
|
|
|||||
Lease liabilities
|
213
|
|
|
205
|
|
|
503
|
|
|
1,843
|
|
|
2,764
|
|
|||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate borrowings
|
71
|
|
|
71
|
|
|
149
|
|
|
106
|
|
|
397
|
|
|||||
Non-recourse borrowings
|
1,208
|
|
|
619
|
|
|
1,529
|
|
|
2,001
|
|
|
5,357
|
|
•
|
We leverage any natural hedges that may exist within our operations
|
•
|
We utilize local currency debt financing to the extent possible
|
•
|
We may utilize derivative contracts to the extent that natural hedges are insufficient
|
1.
|
CAD net equity investment excludes $1,007 million of preferred units and preferred shares
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS
|
2020
|
|
2019
|
||||
Funds from Operations (FFO)
|
$
|
358
|
|
|
$
|
351
|
|
Maintenance capital
|
(57
|
)
|
|
(54
|
)
|
||
Funds available for distribution (AFFO)
|
301
|
|
|
297
|
|
||
Distributions paid
|
(282
|
)
|
|
(250
|
)
|
||
Funds available for reinvestment
|
19
|
|
|
47
|
|
||
Growth capital expenditures
|
(252
|
)
|
|
(180
|
)
|
||
Debt funding of growth capex
|
143
|
|
|
79
|
|
||
Non-recourse debt issuances (repayments)
|
140
|
|
|
(48
|
)
|
||
Proceeds from capital recycling
|
258
|
|
|
365
|
|
||
New investments
|
—
|
|
|
(474
|
)
|
||
Draws on corporate credit facility
|
394
|
|
|
455
|
|
||
Partnership unit issuances, net of repurchases
|
2
|
|
|
(26
|
)
|
||
Preferred unit and preferred shares issued, net of repurchases
|
—
|
|
|
72
|
|
||
Impact of foreign currency movements
|
(50
|
)
|
|
(28
|
)
|
||
Changes in working capital and other
|
(101
|
)
|
|
(24
|
)
|
||
Change in proportionate cash
|
553
|
|
|
238
|
|
||
Opening, proportionate cash
|
679
|
|
|
642
|
|
||
Closing, proportionate cash
|
$
|
1,232
|
|
|
$
|
880
|
|
1.
|
By removing cash from operating activities attributable to non-controlling interests, the partnership is able to present AFFO attributable to the partnership. We believe our proportionate financial information, when read in conjunction with the partnership’s reported results under IFRS, provides the most meaningful assessment of how our operations are performing. Please refer to the discussion of the limitations of proportional results as an analytical tool within the “Reconciliation of Non-IFRS Financial Measures” section on this MD&A.
|
2.
|
The most closely related IFRS measure to AFFO is net income. However, occasionally we believe the alternative reconciliation can be useful and have therefore provided this reconciliation of consolidate cash flow from operations to AFFO. Please see the “Reconciliation of Non-IFRS Financial Measures” section of this MD&A for a reconciliation of AFFO to net income.
|
1.
|
AFFO payout ratio increased due to the depreciation of the Brazilian real relative to the U.S. dollar and lower volumes at our transport operations following the outbreak of COVID-19. Excluding these factors, AFFO payout ratio would be 85%.
|
•
|
The results from the prior year as well as the budget for the upcoming year and the five-year business plan based on the partnership’s share of Funds from Operations generated by our assets;
|
•
|
The partnership’s group-wide liquidity and its ability to fund committed capital investments.
|
i)
|
Growth capital expenditures: capital outlays underpinned by incremental revenues that will enhance our partnerships’ returns. These projects are eligible for inclusion in the rate base of our utilities segment, or they are meant to add capacity to further expand our existing infrastructure networks in our transport, energy and data infrastructure operations;
|
ii)
|
Maintenance capital expenditures: required capital outlays to maintain the current operating state and reliability of the system while ensuring regulatory and safety requirements are upheld.
|
|
|
|
Actual Capex
|
||||||||||||
|
Annual Ongoing Estimated
Maintenance Capex
|
|
For the three-month
period ended March 31 |
||||||||||||
US$ MILLIONS
|
Low
|
|
High
|
|
2020
|
|
2019
|
||||||||
Maintenance capital expenditures by segment
|
|
|
|
|
|
|
|
||||||||
Utilities
|
$
|
20
|
|
|
$
|
25
|
|
|
$
|
5
|
|
|
$
|
3
|
|
Transport
|
170
|
|
|
180
|
|
|
32
|
|
|
41
|
|
||||
Energy
|
110
|
|
|
120
|
|
|
12
|
|
|
8
|
|
||||
Data Infrastructure
|
10
|
|
|
15
|
|
|
8
|
|
|
2
|
|
||||
|
$
|
310
|
|
|
$
|
340
|
|
|
$
|
57
|
|
|
$
|
54
|
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS
|
2020
|
|
2019
|
||||
Cash from operating activities
|
$
|
722
|
|
|
$
|
561
|
|
Cash from (used) by investing activities
|
275
|
|
|
(3,157
|
)
|
||
Cash (used by) from financing activities
|
(520
|
)
|
|
2,773
|
|
|
As of
|
||||
|
March 31, 2020
|
|
December 31, 2019
|
||
Redeemable Partnership Units, held by Brookfield
|
121,952,992
|
|
|
121,952,992
|
|
Special General Partner Units
|
1,600,410
|
|
|
1,600,410
|
|
Managing General Partner Units
|
293,736,418
|
|
|
293,528,515
|
|
Total
|
417,289,820
|
|
|
417,081,917
|
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Partnership units outstanding, end of period(1)
|
464.8
|
|
|
418.3
|
|
||
Price(2)
|
$
|
35.97
|
|
|
$
|
49.99
|
|
Market capitalization
|
16,719
|
|
|
20,911
|
|
||
Preferred units and preferred shares(3)
|
1,007
|
|
|
1,007
|
|
||
Proportionate net debt(4)
|
11,057
|
|
|
12,121
|
|
||
Enterprise value
|
$
|
28,783
|
|
|
$
|
34,039
|
|
1.
|
Includes limited partner, general partner and redeemable partnership units, as well as class A shares of BIPC and Exchange LP units.
|
2.
|
Market value of our partnership is calculated based on the closing price of our units on the New York Stock Exchange.
|
3.
|
Includes $935 million of preferred units and $72 million of preferred shares.
|
4.
|
Please see “Capital Resources and Liquidity” for a detailed reconciliation of Brookfield Infrastructure’s proportionate net debt to our partnership’s consolidated debt on the Consolidated Statements of Financial Position.
|
•
|
The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses;
|
•
|
Other companies may calculate proportionate results differently than we do.
|
•
|
Proportionate debt amounts do not represent our consolidated obligation for debt underlying a consolidated investment. If an individual project does not generate sufficient cash flows to service the entire amount of its debt payments, our company may determine, at our discretion, to pay the shortfall through an equity injection to avoid defaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference between aggregate proportionate Adjusted EBITDA for all of our portfolio investments and aggregate proportionate debt for all of our portfolio investments; and
|
•
|
Other companies may calculate proportionate debt differently than we do.
|
•
|
FFO does not include depreciation and amortization expense; because we own capital assets with finite lives, depreciation and amortization expense recognizes the fact that we must maintain or replace our asset base in order to preserve our revenue generating capability;
|
•
|
FFO does not include deferred income taxes, which may become payable if we own our assets for a long period of time; and
|
•
|
FFO does not include certain non-recurring charges such as breakage and transaction costs or non-cash valuation gains, losses and impairment charges.
|
1.
|
Please see “Reconciliation of Operating Segment Measures” for a detailed reconciliation of Brookfield Infrastructure’s proportionate results to our partnership’s Consolidated Statements of Operating Results.
|
2.
|
These adjustments have the combined effect of excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, and non-cash valuation gains or losses recorded within our investments in associates and joint ventures in accordance with our definition of FFO.
|
3.
|
By adjusting FFO attributable to non-controlling interests, the partnership is able to remove the portion of FFO earned at non-wholly owned subsidiaries that is not attributable to the partnership. We believe our proportionate financial information, when read in conjunction with the partnership’s reported results under IFRS, provides the most meaningful assessment of how our operations are performing. Please refer to the discussion of limitations of the proportional results as an analytical tool within the “Reconciliation of Non-IFRS Financial Measures” section of this MD&A.
|
1.
|
Please see “Reconciliation of Operating Segment Measures” for a detailed reconciliation of Brookfield Infrastructure’s proportionate results to our partnership’s Consolidated Statements of Operating Results.
|
2.
|
These adjustments have the combined effect of excluding the impact of depreciation and amortization, interest expense, current and deferred income taxes, breakage and transaction costs, and non-cash valuation gains or losses recorded within our investments in associates and joint ventures in accordance with our definition of FFO.
|
3.
|
By adjusting Adjusted EBITDA attributable to non-controlling interests, the partnership is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that is not attributable to the partnership. We believe our proportionate financial information, when read in conjunction with the partnership’s reported results under IFRS, provides the most meaningful assessment of how our operations are performing. Please refer to the discussion of limitations of the proportional results as an analytical tool within the “Reconciliation of Non-IFRS Financial Measures” section of this MD&A.
|
1.
|
Includes net income attributable to non-controlling interest—Redeemable Partnership Units held by Brookfield, non-controlling interests—Exchange LP Units, non-controlling interests—class A shares of BIPC, general partner and limited partners.
|
1.
|
Please see “Reconciliation of Operating Segment Measures” for a detailed reconciliation of Brookfield Infrastructure’s proportionate results to our partnership’s Consolidated Statements of Operating Results.
|
2.
|
During the three-month period ended March 31, 2020, on average there were 293.6 million limited partnership units outstanding (2019: 278.1 million). Net income (loss) per limited partnership unit has been adjusted to reflect the dilutive impact of the special distribution.
|
3.
|
Average units outstanding, adjusted for the BIPC special distribution as if it had been completed prior to the periods presented, for the three-month period was 464.8 million (2019: 443.0 million), being inclusive of limited partnership units, the Redeemable Partnership Units, the Exchange LP Units, class A shares of BIPC and the general partner units. Average units outstanding, prior to the impact of the special distribution, for the three-month period was 418.3 million (2019: 398.7 million).
|
|
For the three-month
period ended March 31 |
||||||
US$ MILLIONS, EXCEPT PER UNIT AMOUNTS
|
2020
|
|
2019
|
||||
Net income (loss) per limited partnership unit(1)
|
$
|
0.13
|
|
|
$
|
(0.05
|
)
|
Add back or deduct the following:
|
|
|
|
||||
Depreciation and amortization expense due to application of revaluation model & acquisition accounting
|
0.27
|
|
|
0.23
|
|
||
Mark-to-market on hedging items and other
|
(0.04
|
)
|
|
0.19
|
|
||
Gains on sale of subsidiaries or ownership changes
|
(0.08
|
)
|
|
—
|
|
||
Adjusted earnings per unit(2)
|
$
|
0.28
|
|
|
$
|
0.37
|
|
1.
|
During the three-month period ended March 31, 2020, on average there were 293.6 million limited partnership units outstanding (2019: 278.1 million). Net income (loss) per limited partnership unit has been adjusted to reflect the dilutive impact of the special distribution.
|
2.
|
Average units outstanding, adjusted for the BIPC special distribution as if it had been completed prior to the periods presented, for the three-month period was 464.8 million (2019: 443.0 million), being inclusive of limited partnership units, the Redeemable Partnership Units, the Exchange LP Units, class A shares of BIPC and the general partner units. Average units outstanding, prior to the impact of the special distribution, for the three-month period was 418.3 million (2019: 398.7 million).
|
|
As of
|
||||||
US$ MILLIONS
|
March 31, 2020
|
|
December 31, 2019
|
||||
Partnership Capital
|
$
|
19,058
|
|
|
$
|
22,177
|
|
Remove impact of the following items since inception:
|
|
|
|
||||
Non-controlling interest - in operating subsidiaries
|
(11,851
|
)
|
|
(14,113
|
)
|
||
Deficit
|
2,105
|
|
|
2,048
|
|
||
Accumulated other comprehensive income
|
236
|
|
|
(705
|
)
|
||
Ownership changes and other
|
(537
|
)
|
|
(398
|
)
|
||
Invested Capital
|
$
|
9,011
|
|
|
$
|
9,009
|
|
|
|
Total attributable to Brookfield Infrastructure
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2020 US$ MILLIONS |
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure |
|
Corporate
|
|
Total
|
|
Contribution
from investments in associates |
|
Attributable to non-controlling
interest |
|
As per IFRS
financials(1) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Revenues
|
|
$
|
275
|
|
|
$
|
325
|
|
|
$
|
277
|
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
986
|
|
|
$
|
(329
|
)
|
|
$
|
1,539
|
|
|
$
|
2,196
|
|
Costs attributed to revenues
|
|
(82
|
)
|
|
(159
|
)
|
|
(129
|
)
|
|
(53
|
)
|
|
—
|
|
|
(423
|
)
|
|
137
|
|
|
(953
|
)
|
|
(1,239
|
)
|
|||||||||
General and administrative costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|||||||||
Adjusted EBITDA
|
|
193
|
|
|
166
|
|
|
148
|
|
|
56
|
|
|
(61
|
)
|
|
502
|
|
|
(192
|
)
|
|
586
|
|
|
|
||||||||||
Other (expense) income
|
|
(12
|
)
|
|
(1
|
)
|
|
3
|
|
|
(2
|
)
|
|
19
|
|
|
7
|
|
|
4
|
|
|
(29
|
)
|
|
(18
|
)
|
|||||||||
Interest expense
|
|
(35
|
)
|
|
(45
|
)
|
|
(36
|
)
|
|
(12
|
)
|
|
(23
|
)
|
|
(151
|
)
|
|
42
|
|
|
(173
|
)
|
|
(282
|
)
|
|||||||||
FFO
|
|
146
|
|
|
120
|
|
|
115
|
|
|
42
|
|
|
(65
|
)
|
|
358
|
|
|
(146
|
)
|
|
384
|
|
|
|
||||||||||
Depreciation and amortization
|
|
(45
|
)
|
|
(90
|
)
|
|
(64
|
)
|
|
(48
|
)
|
|
—
|
|
|
(247
|
)
|
|
111
|
|
|
(264
|
)
|
|
(400
|
)
|
|||||||||
Deferred taxes
|
|
(39
|
)
|
|
8
|
|
|
(5
|
)
|
|
—
|
|
|
(3
|
)
|
|
(39
|
)
|
|
10
|
|
|
(19
|
)
|
|
(48
|
)
|
|||||||||
Mark-to-market on hedging items and other
|
|
(10
|
)
|
|
(66
|
)
|
|
(25
|
)
|
|
(18
|
)
|
|
166
|
|
|
47
|
|
|
(23
|
)
|
|
(72
|
)
|
|
(48
|
)
|
|||||||||
Share of earnings from associates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
48
|
|
|||||||||
Net income attributable to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|||||||||
Net income (loss) attributable to
partnership(2)
|
|
$
|
52
|
|
|
$
|
(28
|
)
|
|
$
|
21
|
|
|
$
|
(24
|
)
|
|
$
|
98
|
|
|
$
|
119
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
119
|
|
|
|
Total attributable to Brookfield Infrastructure
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2019 US$ MILLIONS |
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure |
|
Corporate
|
|
Total
|
|
Contribution
from investments in associates |
|
Attributable to non-controlling
interest |
|
As per IFRS
financials(1) |
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Revenues
|
|
$
|
269
|
|
|
$
|
389
|
|
|
$
|
245
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
965
|
|
|
$
|
(368
|
)
|
|
$
|
996
|
|
|
$
|
1,593
|
|
Costs attributed to revenues
|
|
(88
|
)
|
|
(200
|
)
|
|
(118
|
)
|
|
(26
|
)
|
|
—
|
|
|
(432
|
)
|
|
177
|
|
|
(543
|
)
|
|
(798
|
)
|
|||||||||
General and administrative costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|||||||||
Adjusted EBITDA
|
|
181
|
|
|
189
|
|
|
127
|
|
|
36
|
|
|
(61
|
)
|
|
472
|
|
|
(191
|
)
|
|
453
|
|
|
|
||||||||||
Other (expense) income
|
|
(10
|
)
|
|
(1
|
)
|
|
8
|
|
|
1
|
|
|
21
|
|
|
19
|
|
|
3
|
|
|
(38
|
)
|
|
(16
|
)
|
|||||||||
Interest expense
|
|
(34
|
)
|
|
(49
|
)
|
|
(28
|
)
|
|
(9
|
)
|
|
(20
|
)
|
|
(140
|
)
|
|
41
|
|
|
(113
|
)
|
|
(212
|
)
|
|||||||||
FFO
|
|
137
|
|
|
139
|
|
|
107
|
|
|
28
|
|
|
(60
|
)
|
|
351
|
|
|
(147
|
)
|
|
302
|
|
|
|
||||||||||
Depreciation and amortization
|
|
(45
|
)
|
|
(91
|
)
|
|
(59
|
)
|
|
(25
|
)
|
|
—
|
|
|
(220
|
)
|
|
98
|
|
|
(170
|
)
|
|
(292
|
)
|
|||||||||
Deferred taxes
|
|
(13
|
)
|
|
6
|
|
|
(2
|
)
|
|
4
|
|
|
3
|
|
|
(2
|
)
|
|
(4
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|||||||||
Mark-to-market on hedging items and other
|
|
(11
|
)
|
|
(40
|
)
|
|
(14
|
)
|
|
(6
|
)
|
|
(28
|
)
|
|
(99
|
)
|
|
35
|
|
|
9
|
|
|
(55
|
)
|
|||||||||
Share of earnings from associates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|||||||||
Net income attributable to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(135
|
)
|
|
(135
|
)
|
|||||||||
Net income (loss) attributable to
partnership(2)
|
|
$
|
68
|
|
|
$
|
14
|
|
|
$
|
32
|
|
|
$
|
1
|
|
|
$
|
(85
|
)
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30
|
|
1.
|
The above table provides each segment’s results in the format that management organizes its segments to make operating decisions and assess performance. Each segment is presented on a proportionate basis, taking into account Brookfield Infrastructure’s ownership in operations accounted for using the consolidation and equity methods under IFRS. The above table reconciles Brookfield Infrastructure’s proportionate results to our partnership’s Consolidated Statements of Operating Results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and reflecting the portion of each line item attributable to non-controlling interests.
|
2.
|
Includes net income (loss) attributable to non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests—Exchange LP Units, general partners, limited partners and class A shares of BIPC.
|
|
|
Total Attributable to Brookfield Infrastructure
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
AS OF MARCH 31, 2020
US$ MILLIONS |
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure
|
|
Corporate
|
|
Total
|
|
Contribution
from
investments
in associates
|
|
Attributable
to non-
controlling
interest
|
|
Working
capital
adjustment
and other
|
|
As per
IFRS
financials
|
||||||||||||||||||||
Total assets
|
|
$
|
5,102
|
|
|
$
|
5,709
|
|
|
$
|
5,407
|
|
|
$
|
2,063
|
|
|
$
|
(952
|
)
|
|
$
|
17,329
|
|
|
$
|
(2,752
|
)
|
|
$
|
28,739
|
|
|
$
|
7,588
|
|
|
$
|
50,904
|
|
|
|
Total Attributable to Brookfield Infrastructure
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
AS OF DECEMBER 31, 2019
US$ MILLIONS |
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure
|
|
Corporate
|
|
Total
|
|
Contribution
from
investments
in associates
|
|
Attributable
to non-
controlling
interest
|
|
Working
capital
adjustment
and other
|
|
As per
IFRS
financials
|
||||||||||||||||||||
Total assets
|
|
$
|
5,825
|
|
|
$
|
6,916
|
|
|
$
|
5,589
|
|
|
$
|
2,204
|
|
|
$
|
(1,284
|
)
|
|
$
|
19,250
|
|
|
$
|
(2,884
|
)
|
|
$
|
32,621
|
|
|
$
|
7,321
|
|
|
$
|
56,308
|
|
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2020 US$ MILLIONS |
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure
|
|
Corporate
|
|
Total
|
||||||||||||
Adjustments to items comprising Adjusted EBITDA(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contributions from investments in associates
|
|
$
|
(14
|
)
|
|
$
|
(68
|
)
|
|
$
|
(68
|
)
|
|
$
|
(42
|
)
|
|
$
|
—
|
|
|
$
|
(192
|
)
|
Attribution to non-controlling interest
|
|
218
|
|
|
184
|
|
|
158
|
|
|
26
|
|
|
—
|
|
|
586
|
|
||||||
Adjusted EBITDA
|
|
204
|
|
|
116
|
|
|
90
|
|
|
(16
|
)
|
|
—
|
|
|
394
|
|
||||||
Adjustments to items comprising FFO(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contributions from investments in associates
|
|
6
|
|
|
18
|
|
|
14
|
|
|
8
|
|
|
—
|
|
|
46
|
|
||||||
Attribution to non-controlling interest
|
|
(60
|
)
|
|
(77
|
)
|
|
(49
|
)
|
|
(16
|
)
|
|
—
|
|
|
(202
|
)
|
||||||
FFO
|
|
150
|
|
|
57
|
|
|
55
|
|
|
(24
|
)
|
|
—
|
|
|
238
|
|
||||||
Adjustments to items comprising net income attributable to partnership(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contributions from investment in associates
|
|
8
|
|
|
50
|
|
|
54
|
|
|
34
|
|
|
—
|
|
|
146
|
|
||||||
Attribution to non-controlling interest
|
|
(158
|
)
|
|
(107
|
)
|
|
(109
|
)
|
|
(10
|
)
|
|
—
|
|
|
(384
|
)
|
||||||
Net income attributable to partnership
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Utilities
|
|
Transport
|
|
Energy
|
|
Data
Infrastructure
|
|
Corporate
|
|
Total
|
|||||||||||||
Adjustments to items comprising Adjusted EBITDA(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contributions from investment in associates
|
|
$
|
(5
|
)
|
|
$
|
(96
|
)
|
|
$
|
(65
|
)
|
|
$
|
(25
|
)
|
|
$
|
—
|
|
|
$
|
(191
|
)
|
Attribution to non-controlling interest
|
|
254
|
|
|
59
|
|
|
112
|
|
|
28
|
|
|
—
|
|
|
453
|
|
||||||
Adjusted EBITDA
|
|
249
|
|
|
(37
|
)
|
|
47
|
|
|
3
|
|
|
—
|
|
|
262
|
|
||||||
Adjustments to items comprising FFO(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contributions from investments in associates
|
|
3
|
|
|
25
|
|
|
13
|
|
|
3
|
|
|
—
|
|
|
44
|
|
||||||
Attribution to non-controlling interest
|
|
(69
|
)
|
|
(28
|
)
|
|
(33
|
)
|
|
(21
|
)
|
|
—
|
|
|
(151
|
)
|
||||||
FFO
|
|
183
|
|
|
(40
|
)
|
|
27
|
|
|
(15
|
)
|
|
—
|
|
|
155
|
|
||||||
Adjustments to items comprising net income attributable to partnership(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contributions from investment in associates
|
|
2
|
|
|
71
|
|
|
52
|
|
|
22
|
|
|
—
|
|
|
147
|
|
||||||
Attribution to non-controlling interest
|
|
(185
|
)
|
|
(31
|
)
|
|
(79
|
)
|
|
(7
|
)
|
|
—
|
|
|
(302
|
)
|
||||||
Net income attributable to partnership
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
1.
|
Revenues, costs attributed to revenues, general and administrative costs.
|
2.
|
Other income, interest expense and cash taxes.
|
3.
|
Depreciation and amortization, deferred taxes, fair value adjustments, other expenses, share of earnings from associates, net income attributable to non-controlling interest.
|
1.
|
Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Brookfield Infrastructure Partners L.P. (the “issuer”) for the interim period ended March 31, 2020.
|
2.
|
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
3.
|
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
4.
|
Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
|
5.
|
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings
|
a)
|
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
|
i)
|
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
|
ii)
|
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
b)
|
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
|
5.1.
|
Control framework: The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is the Internal Control - Integrated Framework (COSO 2013 Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).
|
5.2.
|
ICFR – material weakness relating to design: N/A
|
5.3.
|
Limitation on scope of design: N/A
|
6.
|
Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2020 and ended on March 31, 2020, that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
|
1.
|
Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Brookfield Infrastructure Partners L.P. (the “issuer”) for the interim period ended March 31, 2020.
|
2.
|
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
3.
|
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
4.
|
Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
|
5.
|
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings
|
a)
|
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
|
i)
|
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
|
ii)
|
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
b)
|
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
|
5.1.
|
Control framework: The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is the Internal Control - Integrated Framework (COSO 2013 Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).
|
5.2.
|
ICFR – material weakness relating to design: N/A
|
5.3.
|
Limitation on scope of design: N/A
|
6.
|
Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2020 and ended on March 31, 2020, that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
|