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MarketScreener Homepage  >  Equities  >  Nyse  >  Brookfield Business Partners L.P.    BBU   BMG162341090

BROOKFIELD BUSINESS PARTNERS L.P.

(BBU)
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Brookfield Business Partners L P : Q3 2020 Supplemental Information

11/03/2020 | 09:15am EST

BROOKFIELD BUSINESS PARTNERS L.P.

Q3 2020 Supplemental Information

Third Quarter September 30, 2020

Important Cautionary Notes

All amounts in this Supplemental Information are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this document is presented as at September 30, 2020.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

This Supplemental Information contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. In some cases, forward-looking statements can be identified by terms such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could."

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business, including as a result of the recent novel coronavirus outbreak ("COVID-19"); the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

In addition, our future results may be impacted by the government mandated economic restrictions resulting from the ongoing COVID-19 pandemic and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may negatively impact our revenues, affect our ability to identify and complete future transactions, impact our liquidity position and result in a decrease of cash flows and impairment losses and/or revaluations on our investments and assets, and therefore we may be unable to achieve our expected returns. See "Risks Associated with the COVID-19 Pandemic" in the "Risks and Uncertainties" section included in our Management's Discussion and Analysis of Financial Condition and Results of Operations for the third quarter ended September 30, 2020 to be made available.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Brookfield Business Partners undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

This Supplemental Information contains references to Company FFO and Company EBITDA. When determining Company FFO and Company EBITDA, we include our unitholders' proportionate share for equity accounted investments. Our definition of Company FFO and Company EBITDA may differ from definitions of Company FFO, Funds from Operations or Company EBITDA used by other entities. We believe that Company FFO and Company EBITDA are useful supplemental measures that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. Company FFO and Company EBITDA should not be considered as the sole measures of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Brookfield Business Partners' results include publicly held limited partnership units, redemption-exchange units, general partnership units and special limited partnership units. More detailed information on certain references made in this Supplemental Information will be available in our Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarter ended September 30, 2020.

2

Overview

3

Q3 2020 Highlights - Operating Performance

Key Performance Metrics

Three Months Ended

Nine Months Ended

Performance Highlights

Company

EBITDA

for the three months ended

September 30,

September 30,

September

30, 2020

increased to $381 million from

US$ MILLIONS (except per unit amounts), unaudited

2020

2019

2020

2019

$368 million in the prior period, as a result of an increase

Company EBITDA (1)

381

368

961

871

in our Business Services segment, partially offset by a

Company FFO (1)

208

219

575

859

decrease in our Industrials segment.

Company FFO per unit (2)

1.39

1.46

3.83

6.31

Company FFO excluding gain (loss) on

acquisitions/dispositions (1)

208

213

533

556

Company FFO excluding gain (loss) on

acquisitions/dispositions per unit (2)

1.39

1.41

3.55

4.09

Net income (loss) attributable to unitholders

(19)

24

(254)

193

Net income (loss) per limited partnership unit (2)

(0.12)

0.16

(1.69)

1.41

Statements of Operating Results by Segment

Three Months Ended

Nine Months Ended

Trailing Twelve

Months Ended

September 30,

September 30,

September 30,

US$ MILLIONS, unaudited

2020

2019

2020

2019

2020

2019

Company EBITDA by segment

Business Services

$

96

$

64

$

179

$

170

$

230

$

200

Infrastructure Services

142

139

446

362

552

472

Industrials

166

189

409

404

624

524

Corporate and Other

(23)

(24)

(73)

(65)

(103)

(86)

Company EBITDA

$

381

$

368

$

961

$

871

$

1,303

$

1,110

Company FFO by segment

Business Services

$

62

$

31

$

143

$

405

$

170

$

427

Infrastructure Services

78

95

269

251

332

322

Industrials

86

103

205

230

368

403

Corporate and Other

(18)

(10)

(42)

(27)

(52)

(45)

Company FFO

$

208

$

219

$

575

$

859

$

818

$

1,107

  • Company FFO for the three months ended September 30, 2020 decreased to $208 million from $219 million in the prior period. Company FFO in the prior period included a $6 million after-tax net gain recognized on the sale of industrial assets at BRK Ambiental.
  • Net loss attributable to unitholders for the three months ended September 30, 2020 was $19 million (loss of $0.12 per unit) compared to net income of $24 million ($0.16 per unit) in the prior period.
  • Ended the quarter with $2,235 million of liquidity at the corporate level including $348 million of cash and liquid securities and $1,887 million of undrawn credit facilities.
  1. Company EBITDA and Company FFO are non-IFRS measures and are key measures of our financial performance that we use to assess operating results and our business performance. Company EBITDA and Company FFO are presented as a net amount attributable to unitholders. For further information on Company EBITDA and Company FFO, see "Definitions" at the back of the Supplemental and "Use of Non-IFRS

Measures" of the 2020 6-K. These terms are consistently used throughout the Supplemental.

(2) Average number of partnership units outstanding on a fully diluted time weighted average basis, assuming the exchange of redemption exchange units held by Brookfield Asset Management for limited partnership units, 4 for the three and nine months ended September 30, 2020 was 150.0 million and 150.2 million (2019: 150.4 million and 136.1 million).

Q3 2020 Highlights - Balance Sheet & Liquidity

Key Balance Sheet Metrics

As at

September

December

US$ MILLIONS, unaudited

30, 2020

31, 2019

Total assets

$

52,974

$

51,751

Non-recourse borrowings in subsidiaries of

Brookfield Business Partners

23,241

22,399

Corporate borrowings

688

nil

Total equity

10,333

11,053

Proportionate non-recourse borrowings

Business Services

$

1,082

$

773

Infrastructure Services

2,588

2,208

Industrials

3,871

3,878

Corporate and Other

688

nil

$

8,229

$

6,859

Proportionate share of cash

Business Services

$

433

$

344

Infrastructure Services

233

199

Industrials

346

192

Corporate and Other

55

63

$

1,067

$

798

Proportionate non-recourse borrowings, net of cash

Business Services

$

649

$

429

Infrastructure Services

2,355

2,009

Industrials

3,525

3,686

Corporate and Other

633

(63)

$

7,162

$

6,061

Corporate Liquidity

As at

September

December

US$ MILLIONS, unaudited

30, 2020

31, 2019

Corporate cash and financial assets

$

348

$

274

Committed corporate credit facilities

1,887

2,075

Total liquidity

$

2,235

$

2,349

Liquidity Position

  • We maintain a strong and flexible balance sheet with sufficient liquidity to take advantage of attractive opportunities as they arise and support our businesses.
  • Corporate debt when drawn is for corporate working capital management, including the temporary funding of acquisitions and investment activities.
  • On an ongoing basis, principal sources of liquidity include:
    • Cash and public securities at the corporate level
    • Undrawn corporate credit facilities
    • Cash flows from our operations
    • Monetization of mature businesses
    • Access to capital markets

5

Q3 2020 Highlights - Business Developments

Other Developments

  • On August 4, 2020, Healthscope entered into an agreement to sell its New Zealand pathology business for approximately $360 million. The sale is subject to customary closing approvals and protocols and is expected to close by the end of Q4 2020. The pathology business has been classified as held for sale in Q3 2020.
  • On October 26, 2020, together with institutional partners, we reached an agreement to acquire the 43% publicly held common shares of Genworth MI Canada (now operating as Sagen MI Canada) for approximately $1.2 billion. BBU is expected to fund approximately $460 million of the acquisition, which will increase our ownership interest in the business to approximately 40%. The transaction is subject to shareholder and regulatory approvals, and is expected to close in the first half of next year.
  • On November 2, 2020 the Board of Directors declared a quarterly distribution in the amount of $0.0625 per unit, payable on December 31, 2020 to unitholders of record as at the close of business on November 30, 2020.

6

Partnership Capital

Units Outstanding

As at

September 30,

December 31,

September 30,

UNITS, unaudited

2020

2019

2019

Limited partnership units

79,913,229

80,890,655

80,890,655

Redemption-exchange units

69,705,497

69,705,497

69,705,497

General partnership and special

limited partnership units

8

8

8

Total units outstanding

149,618,734

150,596,160

150,596,160

Partnership Capital Structure1

As at

September 30,

December 31,

US$ MILLIONS (except price amount), unaudited

2020

2019

Partnership units outstanding, end of period

149.6

150.6

Price2

30.49

41.37

Market capitalization

4,561

6,230

Proportionate net debt

7,162

6,061

Enterprise value (EV)

11,723

12,291

Incentive Distribution Right ("IDR")

  • The Special Limited Partner is entitled to an incentive distribution of 20% based on the volume-weighted average increase in the partnership's unit price over an incentive distribution threshold. The IDR is recorded as a distribution in equity once approved by the partnership's board.
  • During the third quarter of 2020, the volume weighted average price per unit was $29.89, which was below the previous incentive distribution threshold of $41.96 per unit resulting in an incentive distribution of $nil.

Normal Course Issuer Bid ("NCIB")

  • During the third quarter of 2020, we renewed the NCIB for our limited partnership units (the "units"). Under the NCIB, Brookfield Business Partners is authorized to repurchase annually up to 5% of its issued and outstanding units, or 4,016,508 units, including up to 20,432 units on the TSX during any trading day. Brookfield Business Partners can make block purchases that exceed this daily purchase restriction, up to a maximum of 2,000,000 units and subject to the annual aggregate limit.
    • During the three and nine months ended September 30, 2020, a total of 416,935 units and 977,426 units respectively, were repurchased.

(1)

The table presents supplemental measures to assist users in understanding and evaluating the partnership's capital structure.

(2)

TSX: BBU.UN translated to USD at September 30, 2020 and December 31, 2019 respectively at the closing CAD-USD foreign exchange rate.

7

Operating Segments

8

Our Operations

  • Our strategy is to acquire and manage high-quality businesses that benefit from barriers to entry and/or low production costs
  • We target long-term capital appreciation driven by both organic growth and acquisitions where we can leverage our expertise to improve operations and enhance cash flows
  • Our business is principally focused on operations where the broader Brookfield platform provides us with a competitive advantage
  • The table below presents BBU's economic interest in our more significant subsidiaries that we control. Company EBITDA and Company FFO presented in this supplemental represents our proportionate share based on the economic interest in our underlying businesses

Segment

Description

Select Portfolio Companies

Economic Interest (1)

Service businesses in real estate, mortgage

Ÿ

Multiplex

Ÿ

100%

Business Services

insurance, construction, health services and fuel

Ÿ

Healthscope

Ÿ

28%

distribution and marketing

Ÿ Sagen (formerly Genworth MI Canada)

Ÿ

24%

Infrastructure businesses servicing the power

Ÿ

Westinghouse

Ÿ

44%

Infrastructure Services

generation, offshore oil production industries and

Ÿ

Altera

Ÿ

43%

industrial and commercial facilities

Ÿ

BrandSafway

Ÿ

17% (2)

Industrial businesses including manufacturing,

Ÿ

GrafTech International

Ÿ

26%

Industrials

water and wastewater services and natural gas

Clarios

28%

production

Ÿ

Ÿ

(1)

As at September 30, 2020, does not include impact of subsequent events.

9

(2)

A portion of Brookfield Business Partners' investment may be syndicated to other institutional partners.

Business Services

The following table presents our proportionate share of our Business Services segment financial results:

Three Months Ended

Nine Months Ended

September 30,

September 30,

US$ MILLIONS, unaudited

2020

2019

2020

2019

Revenues

$

2,050

$

2,290

$

5,655

$

6,726

Direct operating costs

(1,920)

(2,197)

(5,388)

(6,481)

General and administrative expenses

(36)

(38)

(101)

(103)

Equity accounted Company EBITDA

2

9

13

28

Company EBITDA

$

96

$

64

$

179

$

170

Realized disposition gain (loss), net

-

-

46

336

Other income (expense), net

-

(2)

3

(2)

Interest income (expense), net

(16)

(21)

(47)

(33)

Equity accounted current taxes and

interest

(1)

(1)

(3)

(3)

Current income taxes

(17)

(9)

(35)

(63)

Company FFO

$

62

$

31

$

143

$

405

The following table presents select balance sheet information of our

Business Services segment on a proportionate basis:

As at

US$ MILLIONS, unaudited

September 30, 2020

December 31, 2019

Cash

$

433

$

344

Non-recourse borrowings in subsidiaries

1,082

773

of Brookfield Business Partners

Net debt (cash) (1)

$

649

$

429

Equity attributable to unitholders

2,082

2,161

Financial Results - Three Months Ended September 30, 2020

  • Company EBITDA for the three months ended September 30, 2020 was $96 million compared to $64 million in the prior period.
    • Multiplex contributed $17 million to Company EBITDA in Q3 2020 compared to $19 million in Q3 2019. Multiplex's results were impacted by reduced contribution from its U.K. operations, partially offset by cost savings initiatives and continued strong performance in its Australian operations.
    • Healthscope contributed $21 million to Company EBITDA in Q3 2020 compared to $16 million in Q3 2019. Healthscope's Q3 2020 results benefited from payments received under state agreements, partially offset by additional costs incurred in the current environment related to increased health and safety measures. The business is continuing to exit the state agreements as strong demand for elective surgeries is driving a rebound in overall activity levels in all states except Victoria. Performance was also positively impacted by improvements at the Northern Beaches Hospital where admissions have increased over the prior year as a result of private patient ramp-up and increased public patient activity.
    • Sagen contributed $33 million to Company EBITDA in Q3 2020, the business was acquired in Q4 2019.
    • The increase in Company EBITDA was partially offset by weaker results at One Toronto Gaming due to the government mandated shutdown of operations.
  • Company FFO increased by $31 million, primarily due to the factors noted above.

(1) Proportionate debt at Multiplex as at September 30, 2020 and December 31, 2019 was $18 million and $13 million, respectively. Proportionate cash at Multiplex as at September 30, 2020 and December 31,

10

2019 was $212 million and $184 million, respectively.

Infrastructure Services

The following table presents our proportionate share of our Infrastructure Services segment financial results:

Three Months Ended

Nine Months Ended

September 30,

September 30,

US$ MILLIONS, unaudited

2020

2019

2020

2019

Revenues

$

460

$

458

$

1,443

$

1,402

Direct operating costs

(338)

(314)

(1,029)

(1,019)

General and administrative expenses

(13)

(11)

(52)

(42)

Equity accounted Company EBITDA

33

6

84

21

Company EBITDA

$

142

$

139

$

446

$

362

Realized disposition gain (loss), net

-

-

-

-

Other income (expense), net

(8)

(5)

(21)

(6)

Interest income (expense), net

(41)

(35)

(116)

(105)

Equity accounted current taxes and

interest

(13)

(3)

(34)

(4)

Current income taxes

(2)

(1)

(6)

4

Company FFO

$

78

$

95

$

269

$

251

The following table presents select balance sheet information of our

Infrastructure Services segment on a proportionate basis:

As at

US$ MILLIONS, unaudited

September 30, 2020

December 31, 2019

Cash

$

233

$

199

Non-recourse borrowings in subsidiaries

of Brookfield Business Partners

2,588

2,208

Net debt (cash)

$

2,355

$

2,009

Equity attributable to unitholders

753

470

Financial Results - Three Months Ended September 30, 2020

  • Company EBITDA for the three months ended September 30, 2020 was $142 million compared to $139 million in the prior period.
    • Westinghouse contributed $59 million to Company EBITDA in Q3 2020 compared to $89 million in Q3 2019. Current quarter results benefited from strong performance in the core plant servicing operations and ongoing cost saving initiatives, offset by lower contributions from new plant projects, primarily due to a one-time reversal of reserves in the prior period.
    • Altera contributed $60 million to Company EBITDA in Q3 2020 compared to $50 million in Q3 2019. Contribution from our increased ownership in Q3 2020 relative to Q3 2019 (43% vs. 31%) was partially offset by reduced contribution from FPSO operations.
    • BrandSafway contributed $23 million to Company EBITDA during Q3 2020. The business is an equity accounted investment and was acquired in January 2020. Results for the quarter benefited from cost management and a gradual recovery in activity levels at some customer sites despite ongoing impacts on operations related to the economic slowdown.
  • Company FFO decreased by $17 million, primarily due to higher equity accounted current taxes and interest due to the acquisition of BrandSafway.

11

Industrials

The following table presents our proportionate share of our Industrials segment financial results:

Financial Results - Three Months Ended September 30, 2020

Three Months Ended

Nine Months Ended

September 30,

September 30,

US$ MILLIONS, unaudited

2020

2019

2020

2019

Revenues

$

804

$

897

$

2,111

$

1,716

Direct operating costs

(625)

(698)

(1,653)

(1,276)

General and administrative expenses

(23)

(19)

(71)

(50)

Equity accounted Company EBITDA

10

9

22

14

Company EBITDA

$

166

$

189

$

409

$

404

Realized disposition gain (loss), net

-

17

(1)

17

Other income (expense), net

1

-

2

(5)

Interest income (expense), net

(62)

(78)

(190)

(140)

Equity accounted current taxes and

interest

(2)

(2)

(4)

(3)

Current income taxes

(17)

(23)

(11)

(43)

Company FFO

$

86

$

103

$

205

$

230

The following table presents select balance sheet information of our Industrials segment on a proportionate basis:

As at

US$ MILLIONS, unaudited

September 30, 2020

December 31, 2019

Cash

$

346

$

192

Non-recourse borrowings in subsidiaries

of Brookfield Business Partners

3,871

3,878

Net debt (cash)

$

3,525

$

3,686

Equity attributable to unitholders

893

947

  • Company EBITDA for the three months ended September 30, 2020 was $166 million compared to $189 million in the prior period.
    • Clarios contributed $111 million to Company EBITDA in Q3 2020, compared to $92 million in Q3 2019. During the quarter, the business benefited from a recovery in aftermarket battery demand, partially offset by continued weakness in OEM demand. Company EBITDA during the quarter included higher costs associated with the safe operation of facilities in the current environment. Prior period results included higher than normal costs from our purchase price accounting on the acquisition of the business.
    • GrafTech contributed $38 million to Company EBITDA in Q3 2020, compared to $67 million in Q3 2019 due to lower sales volume and prices charged for the graphite electrode product.
    • The disposition of our palladium mining operations, North American Palladium ("NAP") in Q4 2019 contributed to the decrease in Company EBITDA relative to the prior period.
  • Company FFO decreased by $17 million, primarily due to the factors described above, partially offset by a decrease in interest expense due to lower interest rates at Clarios. Company FFO for the three months ended September 30, 2019 included a $16 million pre-tax net gain recognized on the sale of industrial assets at BRK Ambiental.

12

Corporate and Other

The following table presents our proportionate share of our Corporate and Other segment financial results:

Financial Results - Three Months Ended September 30, 2020

Three Months Ended

Nine Months Ended

September 30,

September 30,

US$ MILLIONS, unaudited

2020

2019

2020

2019

Revenues

$

- $

-

$

- $

-

Direct operating costs

(5)

(2)

(10)

(6)

General and administrative expenses

(18)

(22)

(63)

(59)

Equity accounted Company EBITDA

-

-

-

-

Company EBITDA

$

(23)

$

(24)

$

(73)

$

(65)

Realized disposition gain (loss), net

-

(1)

-

(1)

Other income (expense), net

-

-

-

-

Interest income (expense), net

(4)

9

1

23

Equity accounted current taxes and

interest

-

-

-

-

Current income taxes

9

6

30

16

Company FFO

$

(18)

$

(10)

$

(42)

$

(27)

  • General and administrative expenses are comprised of management fees and corporate expenses, including audit and other expenses.
  • We pay Brookfield a base management fee equal to 0.3125% quarterly (1.25% annually) of total capitalization, plus recourse debt, net of cash held by corporate entities. Management fees were $15 million compared to $16 million in the prior year.
  • Company FFO included a net current income tax recovery of $9 million primarily related to corporate expenses, including management fees, partially reducing the corporate current tax expense that has been recognized in the operating segments. Current period Company FFO also includes interest expense on corporate borrowings.

The following table presents select balance sheet information of our Corporate and Other segment on a proportionate basis:

As at

US$ MILLIONS, unaudited

September 30, 2020 December 31, 2019

Cash

$

55

$

63

Corporate borrowings

688

nil

Net debt (cash)

$

633

$

(63)

Equity attributable to unitholders

(642)

214

13

Summary of Segment Performance & Significant Subsidiaries

The following tables present selected financial results for our significant subsidiaries:

Three Months Ended September 30, 2020

Three Months Ended September 30, 2019

Segment

Portfolio Company

Company EBITDA

Company FFO

Company EBITDA

Company FFO

Multiplex

$

17

$

9

$

19

$

12

Healthscope

21

10

16

1

Business Services

Sagen

33

24

-

-

Other

25

19

29

18

Total

96

62

64

31

Westinghouse

59

34

89

63

Infrastructure Services

Altera

60

33

50

32

BrandSafway

23

11

-

-

Total

142

78

139

95

Clarios

111

52

92

21

Industrials

GrafTech

38

29

67

55

Other

17

5

30

27

Total

166

86

189

103

Corporate

(23)

(18)

(24)

(10)

Total BBU

$

381

$

208

$

368

$

219

14

Summary of Segment Performance & Significant Subsidiaries

The following tables present selected financial results for our significant subsidiaries:

Nine Months Ended September 30, 2020

Nine Months Ended September 30, 2019

Segment

Portfolio Company

Company EBITDA

Company FFO

Company EBITDA

Company FFO

Multiplex

$

(21)

$

(31)

$

65

$

46

Healthscope

52

22

21

1

Business Services

Sagen

94

75

-

-

Other

54

77

84

358

Total

179

143

170

405

Westinghouse

206

141

221

153

Infrastructure Services

Altera

186

104

141

98

BrandSafway

54

24

-

-

Total

446

269

362

251

Clarios

259

90

96

(14)

Industrials

GrafTech

123

94

221

178

Other

27

21

87

66

Total

409

205

404

230

Corporate

(73)

(42)

(65)

(27)

Total BBU

$

961

$

575

$

871

$

859

15

Consolidated Statements of Operations & Financial Position

16

Consolidated Statement of Operating Results

Three Months Ended

September 30,

US$ MILLIONS, unaudited

2020

2019

Revenues

$

10,070

$

11,794

Direct operating costs

(8,722)

(10,389)

General and administrative expenses

(236)

(215)

Depreciation and amortization expense

(547)

(534)

Interest income (expense), net

(371)

(389)

Equity accounted income (loss), net

17

32

Impairment expense, net

(7)

-

Gain (loss) on acquisitions / dispositions, net

-

16

Other income (expense), net

(9)

(83)

Income (loss) before income tax

$

195

$

232

Income tax (expense) recovery

Current

(102)

(108)

Deferred

(8)

58

Net income (loss)

$

85

$

182

Attributable to:

Limited partners

$

(10)

$

13

Non-controlling interests attributable to:

Redemption-Exchange Units

held by Brookfield Asset

Management Inc.

(9)

11

Special Limited Partners

-

-

Interest of others in operating subsidiaries

104

158

Net income (loss)

$

85

$

182

Financial Performance - Three Months Ended September 30, 2020

  • Revenues and direct operating costs decreased by $1,724 million and $1,667 million, respectively. The decrease is primarily attributable to lower volumes at Greenergy, combined with reduced contribution from Multiplex due to lower activity in the U.K. The decrease in revenue was partially offset by the contribution from the acquisition of Sagen in Q4 2019 and the consolidation of Cardone in Q1 2020.
  • General and administrative expenses increased by $21 million compared to the prior period primarily due to the consolidation of Cardone in Q1 2020 and IndoStar in Q3 2020.
  • Depreciation and amortization expense increased by $13 million compared to the prior period primarily due to the acquisition of Sagen in Q4 2019 combined with an increase in right of use assets at Clarios, partially offset by the disposition of NAP in Q4 2019.
  • Interest expense, net decreased by $18 million, primarily due to a decrease at Clarios and GrafTech as a result of lower interest rates and debt repayments respectively, combined with a decrease at BRK Ambiental due to the sale of industrial assets in Q3 2019.
  • Equity accounted income (loss), net decreased by $15 million, as a result of the impact of the economic shutdown at One Toronto Gaming and BrandSafway.

17

Consolidated Statement of Operating Results

Three Months Ended

September 30,

US$ MILLIONS, unaudited

2020

2019

Revenues

$

10,070

$

11,794

Direct operating costs

(8,722)

(10,389)

General and administrative expenses

(236)

(215)

Depreciation and amortization expense

(547)

(534)

Interest income (expense), net

(371)

(389)

Equity accounted income (loss), net

17

32

Impairment expense, net

(7)

-

Gain (loss) on acquisitions / dispositions, net

-

16

Other income (expense), net

(9)

(83)

Income (loss) before income tax

$

195

$

232

Income tax (expense) recovery

Current

(102)

(108)

Deferred

(8)

58

Net income (loss)

$

85

$

182

Attributable to:

Limited partners

$

(10)

$

13

Non-controlling interests attributable to:

Redemption-Exchange Units

held by Brookfield Asset

Management Inc.

(9)

11

Special Limited Partners

-

-

Interest of others in operating subsidiaries

104

158

Net income (loss)

$

85

$

182

Financial Performance - Three Months Ended September 30, 2020

  • Gain on acquisitions/dispositions, net of $16 million in the prior period relates to a gain recognized on the sale of industrial assets at BRK Ambiental.
  • Other expense, net of $9 million includes provisions, transaction expenses, restructuring costs, and unrealized mark-to-market revaluations including gains related to public securities holdings. Other expense of $83 million in the prior period was primarily comprised of unrealized losses on derivatives and restructuring costs.
  • Total tax expense was a net expense of $110 million in Q3 2020, compared to a net expense of $50 million in Q3 2019. Current tax expense decreased by $6 million, and deferred tax recovery decreased by $66 million.
    • Current tax expense decreased primarily due to a non-recurring current tax expense related to the sale of industrial assets at BRK Ambiental in the prior period, partially offset by tax expenses at Sagen, acquired in Q4 2019.
    • Deferred tax expense increased primarily due to a non-recurring deferred tax recovery related to the sale of industrial assets at BRK Ambiental in the prior period.

18

Consolidated Statement of Financial Position

As at

Financial Position as at September 30, 2020

September 30,

December 31,

US$ MILLIONS, unaudited

2020

2019

Cash and cash equivalents included $1,263 million in our Industrials

Assets

segment, $962 million in our Business Services segment, $535 million in

Cash and cash equivalents

$

2,815

$

1,986

our Infrastructure Services segment and $55 million of corporate cash.

Financial assets

7,794

6,243

Financial assets increased by $1,551 million primarily due to the

Accounts and other receivable, net

5,083

5,631

Inventory and other assets

5,388

5,282

consolidation of IndoStar in Q3 2020, combined with the acquisition of

public securities during the year.

Property, plant and equipment

13,864

13,892

Deferred income tax assets

717

667

Accounts and other receivable, net decreased by $548 million primarily

Intangible assets

10,681

11,559

due to lower sales volumes and prices at Greenergy and GrafTech,

Equity accounted investments

1,671

1,273

combined with stronger collections at Clarios, and the impact of foreign

Goodwill

4,961

5,218

exchange

movements

at

BRK Ambiental,

partially

offset

by

the

consolidation of Cardone starting in Q1 2020.

$

52,974

$

51,751

Liabilities and equity

Inventory and other assets increased by $106 million. Other

assets

increased

due to the classification of the pathology business

at

Liabilities

Healthscope as held for sale. Inventory decreased primarily due to lower

Corporate borrowings

$

688

nil

inventory at Greenergy as a result of the sale of stock and at Clarios due

Accounts payable and other

17,115

16,496

to an increase in aftermarket demand, partially offset by the consolidation

Non-recourse borrowings in subsidiaries of

23,241

22,399

of Cardone starting in Q1 2020.

Brookfield Business Partners

Property, plant and equipment decreased by $28 million primarily due

Deferred income tax liabilities

1,597

1,803

$

42,641

$

40,698

to a decrease in the

asset

retirement cost

at Ember,

combined with

foreign exchange movements at Ouro Verde and BRK Ambiental and

Equity

impairment on vessels at Altera. The decrease was partially offset by the

Limited partners

$

1,725

$

2,116

consolidation of Cardone starting in Q1 2020 and an increase in the asset

Non-controlling interests attributable to:

retirement cost at Westinghouse.

Redemption-Exchange Units, Preferred

• Deferred income tax assets increased by $50 million, primarily due to

Shares and Special Limited Partnership

Units held by Brookfield Asset

the consolidation of IndoStar starting in Q3

2020, combined with

an

Management Inc.

1,361

1,676

increase at Multiplex and Healthscope as a result of losses incurred.

Interest of others in operating subsidiaries

7,247

7,261

$

10,333

$

11,053

$

52,974

$

51,751

19

Consolidated Statement of Financial Position

As at

Financial Position as at September 30, 2020

September 30,

December 31,

US$ MILLIONS, unaudited

2020

2019

Intangible assets decreased by $878 million, primarily due to foreign

Assets

exchange movements at BRK Ambiental and at Clarios, combined with a

Cash and cash equivalents

$

2,815

$

1,986

decrease at Healthscope due to the classification of the pathology

Financial assets

7,794

6,243

business as held for sale.

Accounts and other receivable, net

5,083

5,631

• Equity accounted investments increased by $398 million, primarily due

Inventory and other assets

5,388

5,282

to the acquisition of BrandSafway in Q1 2020.

Property, plant and equipment

13,864

13,892

Deferred income tax assets

717

667

Goodwill decreased by $257 million, primarily due to the classification of

Intangible assets

10,681

11,559

the pathology business at Healthscope as held for sale, combined with

Equity accounted investments

1,671

1,273

the finalization of purchase price adjustments at Clarios.

Goodwill

4,961

5,218

Corporate borrowings of $688 million represents drawdowns on our

$

52,974

$

51,751

corporate credit facilities primarily related to our investments in

Liabilities and equity

BrandSafway and IndoStar.

Liabilities

Corporate borrowings

$

688

nil

Accounts payable and other

17,115

16,496

Non-recourse borrowings in subsidiaries of

23,241

22,399

Brookfield Business Partners

Deferred income tax liabilities

1,597

1,803

$

42,641

$

40,698

Equity

Limited partners

$

1,725

$

2,116

Non-controlling interests attributable to:

Redemption-Exchange Units, Preferred

Shares and Special Limited Partnership

Units held by Brookfield Asset

1,361

1,676

Management Inc.

Interest of others in operating subsidiaries

7,247

7,261

$

10,333

$

11,053

$

52,974

$

51,751

  • Accounts payable and other increased by $619 million, primarily due to higher accrued liabilities and payables at Clarios combined with the consolidation of Cardone starting in Q1 2020 and an increase in derivative liabilities at Altera. The increase was partially offset by a decrease in accounts payable at Greenergy as a result of lower pricing.
  • Non-recourseborrowings in subsidiaries of Brookfield Business Partners increased by $842 million primarily due to the acquisition of IndoStar, consolidation of Cardone in Q1 2020 and an increase in long- term debt at Sagen. The increase was partially offset by debt repayments at GrafTech and foreign exchange movements at BRK Ambiental.
  • Deferred tax liabilities decreased by $206 million, primarily due to foreign exchange movements at BRK Ambiental and Clarios.

20

Appendix

21

Acquisitions Since Spin-Off

The following tables summarizes acquisitions we have completed since spin-off of the partnership on June 20, 2016:

Segment

Portfolio Company

Acquisition Date

Invested Capital (1)

Economic Interest (2)

Greenergy (3)

May 2017

$88 million

18%

One Toronto Gaming

January 2018

$6 million

14%

Imagine

October 2018

$21 million

31%

Business Services

Healthscope

June 2019

$285 million

28%

Ouro Verde

July 2019

$45 million

35%

Sagen (formerly Genworth MI Canada)

December 2019

$670 million

24%

IndoStar

July 2020

$105 million

20%

Altera

September 2017

$427 million

43%

Infrastructure Services

Westinghouse

August 2018

$405 million

44%

BrandSafway

January 2020

$445 million

17% (4)

BRK Ambiental

April 2017

$421 million

26%

Industrials

Schoeller Allibert

May 2018

$45 million

14%

Clarios

April 2019

$820 million

28%

Cardone

February 2020

$310 million

52%

(1)

Figures are presented net to Brookfield Business Partners L.P.

(2)

As at September 30, 2020, does not include impact of subsequent events, unless otherwise noted.

(3)

Includes fuel marketing business, which was acquired in July 2017.

22

(4)

A portion of Brookfield Business Partners' investment may be syndicated to other institutional partners.

Summary of Results by Quarter

The following table presents our results from operations for the eight most recent quarters

2020

2019

2018

US$ MILLIONS, unaudited

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Revenues

$

10,070

$

7,370

$

10,146

$

11,320

$

11,794

$

10,717

$

9,201

$

10,209

Direct operating costs

(8,722)

(6,285)

(8,901)

(9,969)

(10,389)

(9,776)

(8,193)

(9,205)

General and administrative expenses

(236)

(228)

(244)

(228)

(215)

(211)

(178)

(209)

Depreciation and amortization expense

(547)

(533)

(538)

(518)

(534)

(441)

(311)

(286)

Interest income (expense), net

(371)

(353)

(364)

(388)

(389)

(313)

(184)

(181)

Equity accounted income, net

17

18

(9)

52

32

23

7

9

Impairment expense, net

(7)

(29)

(113)

(285)

-

(324)

-

(38)

Gain (loss) on acquisitions / dispositions, net

-

(4)

183

190

16

522

(2)

147

Other income (expense), net

(9)

149

(217)

(46)

(83)

(181)

(90)

(73)

Income (loss) before income tax

195

105

(57)

128

232

16

250

373

Income tax (expense) recovery

Current

(102)

(23)

(75)

(93)

(108)

(93)

(30)

(63)

Deferred

(8)

67

98

52

58

41

(19)

84

Net income (loss)

$

85

$

149

$

(34)

$

87

$

182

$

(36)

$

201

$

394

Attributable to:

Limited Partners

$

(10)

$

(59)

$

(67)

$

(57)

$

13

$

55

$

32

$

70

Non-controlling interests attributable to:

Redemption-Exchange Units held by

Brookfield Asset Management Inc.

(9)

(50)

(59)

(48)

11

52

30

66

Special Limited Partners

-

-

-

-

-

-

-

-

Interest of others in operating subsidiaries

104

258

92

192

158

(143)

139

258

Net income (loss)

$

85

$

149

$

(34)

$

87

$

182

$

(36)

$

201

$

394

Revenue and operating costs vary from quarter to quarter primarily due to acquisitions of businesses, fluctuations in foreign exchange rates, business and economic cycles, and weather and seasonality in underlying operations. Broader economic factors and commodity market volatility, in particular, can have a significant impact on a number of our operations. Net income is impacted by periodic gains and losses on acquisitions, monetizations and impairments.

23

Reconciliation of Non-IFRS Measures to IFRS Measures

Proportionate Operating Results to Consolidated Operating Results

For the THREE MONTHS ended SEPTEMBER 30, 2020 US$ MILLIONS, unaudited

Attributable to unitholders

Business

Infrastructure

Industrials

Corporate and

Total

Attributable to

As per IFRS

Services

Services

Other

Others

Financials

Revenues

$

2,050

$

460

$

804

$

-

$

3,314

$

6,756

$

10,070

Direct operating costs

(1,920)

(338)

(625)

(5)

(2,888)

(5,834)

(8,722)

General and administrative expenses

(36)

(13)

(23)

(18)

(90)

(146)

(236)

Equity accounted Company EBITDA (1)

2

33

10

-

45

39

84

Company EBITDA

$

96

$

142

$

166

$

(23)

$

381

Realized disposition gain (loss), net (2)

-

-

-

-

-

-

-

Other income (expense), net (3)

-

(8)

1

-

(7)

(10)

(17)

Interest income (expense), net

(16)

(41)

(62)

(4)

(123)

(248)

(371)

Equity accounted current taxes and interest (1)

(1)

(13)

(2)

-

(16)

(8)

(24)

Current income taxes

(17)

(2)

(17)

9

(27)

(75)

(102)

Company FFO

$

62

$

78

$

86

$

(18)

$

208

Depreciation and amortization expense

(181)

(366)

(547)

Impairment expense, net

(3)

(4)

(7)

Gain on acquisition and disposition (2)

-

-

-

Other income (expense), net (3)

(10)

18

8

Deferred income taxes

(2)

(6)

(8)

Non-cash items attributable to equity accounted

investments (1)

(31)

(12)

(43)

Net income (loss)

$

(19)

$

104

$

85

  1. The sum of these amounts equates to equity accounted income of $17 million as per IFRS statement of operating results.
  2. The sum of these amounts equates to the gain/loss on disposition of $nil as per IFRS statement of operating results.

(3) The sum of these amounts equates to the other expense of $9 million as per IFRS statement of operating results.

24

Reconciliation of Non-IFRS Measures to IFRS Measures

Proportionate Operating Results to Consolidated Operating Results

For the NINE MONTHS ended SEPTEMBER 30, 2020 US$ MILLIONS, unaudited

Attributable to unitholders

Business

Infrastructure

Industrials

Corporate and

Total

Attributable to

As per IFRS

Services

Services

Other

Others

Financials

Revenues

$

5,655

$

1,443

$

2,111

$

-

$

9,209

$

18,377

$

27,586

Direct operating costs

(5,388)

(1,029)

(1,653)

(10)

(8,080)

(15,828)

(23,908)

General and administrative expenses

(101)

(52)

(71)

(63)

(287)

(421)

(708)

Equity accounted Company EBITDA (1)

13

84

22

-

119

100

219

Company EBITDA

$

179

$

446

$

409

$

(73)

$

961

Realized disposition gain (loss), net (2)

46

-

(1)

-

45

134

179

Other income (expense), net (3)

3

(21)

2

-

(16)

(20)

(36)

Interest income (expense), net

(47)

(116)

(190)

1

(352)

(736)

(1,088)

Equity accounted current taxes and interest (1)

(3)

(34)

(4)

-

(41)

(19)

(60)

Current income taxes

(35)

(6)

(11)

30

(22)

(178)

(200)

Company FFO

$

143

$

269

$

205

$

(42)

$

575

Depreciation and amortization expense

(539)

(1,079)

(1,618)

Impairment expense, net

(66)

(83)

(149)

Gain on acquisition and disposition (2)

-

-

-

Other income (expense), net (3)

(193)

152

(41)

Deferred income taxes

57

100

157

Non-cash items attributable to equity accounted

investments (1)

(88)

(45)

(133)

Net income (loss)

$

(254)

$

454

$

200

  1. The sum of these amounts equates to equity accounted income of $26 million as per IFRS statement of operating results.
  2. The sum of these amounts equates to the gain on disposition of $179 million as per IFRS statement of operating results.

(3) The sum of these amounts equates to the other expense of $77 million as per IFRS statement of operating results.

25

Reconciliation of Non-IFRS Measures to IFRS Measures

Proportionate Operating Results to Consolidated Operating Results

For the THREE MONTHS ended SEPTEMBER 30, 2019 US$ MILLIONS, unaudited

Attributable to unitholders

Business

Infrastructure

Industrials

Corporate and

Total

Attributable to

As per IFRS

Services

Services

Other

Others

Financials

Revenues

$

2,290

$

458

$

897

$

-

$

3,645

$

8,149

$

11,794

Direct operating costs

(2,197)

(314)

(698)

(2)

(3,211)

(7,178)

(10,389)

General and administrative expenses

(38)

(11)

(19)

(22)

(90)

(125)

(215)

Equity accounted Company EBITDA (1)

9

6

9

-

24

37

61

Company EBITDA

$

64

$

139

$

189

$

(24)

$

368

Realized disposition gain (loss), net (2)

-

-

17

(1)

16

-

16

Other income (expense), net (3)

(2)

(5)

-

-

(7)

(12)

(19)

Interest income (expense), net

(21)

(35)

(78)

9

(125)

(264)

(389)

Equity accounted current taxes and interest (1)

(1)

(3)

(2)

-

(6)

(8)

(14)

Current income taxes

(9)

(1)

(23)

6

(27)

(81)

(108)

Company FFO

$

31

$

95

$

103

$

(10)

$

219

Depreciation and amortization expense

(175)

(359)

(534)

Impairment expense, net

-

-

-

Gain on acquisition and disposition (2)

-

-

-

Other income (expense), net (3)

(20)

(44)

(64)

Deferred income taxes

5

53

58

Non-cash items attributable to equity accounted

investments (1)

(5)

(10)

(15)

Net income (loss)

$

24

$

158

$

182

(1)

The sum of these amounts equates to equity accounted income of $32 million as per IFRS statement of operating results.

(2)

The sum of these amounts equates to the gain on disposition of $16 million as per IFRS statement of operating results.

26

(3)

The sum of these amounts equates to the other expense of $83 million as per IFRS statement of operating results.

Reconciliation of Non-IFRS Measures to IFRS Measures

Proportionate Operating Results to Consolidated Operating Results

For the NINE MONTHS ended SEPTEMBER 30, 2019 US$ MILLIONS, unaudited

Attributable to unitholders

Business

Infrastructure

Industrials

Corporate and

Total

Attributable to

As per IFRS

Services

Services

Other

Others

Financials

Revenues

$

6,726

$

1,402

$

1,716

$

-

$

9,844

$

21,868

$

31,712

Direct operating costs

(6,481)

(1,019)

(1,276)

(6)

(8,782)

(19,576)

(28,358)

General and administrative expenses

(103)

(42)

(50)

(59)

(254)

(350)

(604)

Equity accounted Company EBITDA (1)

28

21

14

-

63

94

157

Company EBITDA

$

170

$

362

$

404

$

(65)

$

871

Realized disposition gain (loss), net (2)

336

-

17

(1)

352

184

536

Other income (expense), net (3)

(2)

(6)

(5)

-

(13)

(4)

(17)

Interest income (expense), net

(33)

(105)

(140)

23

(255)

(631)

(886)

Equity accounted current taxes and interest (1)

(3)

(4)

(3)

-

(10)

(19)

(29)

Current income taxes

(63)

4

(43)

16

(86)

(145)

(231)

Company FFO

$

405

$

251

$

230

$

(27)

$

859

Depreciation and amortization expense

(411)

(875)

(1,286)

Impairment expense, net

(128)

(196)

(324)

Gain on acquisition and disposition (2)

-

-

-

Other income (expense), net (3)

(123)

(214)

(337)

Deferred income taxes

17

63

80

Non-cash items attributable to equity accounted

investments (1)

(21)

(45)

(66)

Net income (loss)

$

193

$

154

$

347

(1)

The sum of these amounts equates to equity accounted income of $62 million as per IFRS statement of operating results.

(2)

The sum of these amounts equates to the gain on disposition of $536 million as per IFRS statement of operating results.

27

(3)

The sum of these amounts equates to the other expense of $354 million as per IFRS statement of operating results.

Reconciliation of Non-IFRS Measures to IFRS Measures

Total Equity Reconciliation to Equity Attributable to Unitholders

As at

US$ MILLIONS, unaudited

Sep 30, 2020

Dec 31, 2019

Total equity

$

10,333

$

11,053

Less: Interest of others in operating subsidiaries

7,247

7,261

Equity attributable to unitholders

$

3,086

$

3,792

Proportionate Balance Sheet Items Reconciliation to Consolidated Balance Sheet Items

Attributable to unitholders

Business

Infrastructure

Industrials

Corporate

Total

Attributable

As per IFRS

US$ MILLIONS, unaudited

Services

Services

and Other

to Others

Financials (1)

Cash

September 30, 2020

$

433

$

233

$

346

$

55

$

1,067

$

1,748

$

2,815

December 31, 2019

344

199

192

63

798

1,188

1,986

Non-recourse borrowings

September 30, 2020

$

1,082

$

2,588

$

3,871

$

688

$

8,229

$

15,700

$

23,929

December 31, 2019

773

2,208

3,878

nil

6,859

15,540

22,399

Non-recourse borrowings, net of cash

September 30, 2020

$

649

$

2,355

$

3,525

$

633

$

7,162

$

13,952

$

21,114

December 31, 2019

429

2,009

3,686

(63)

6,061

14,352

20,413

  1. Non-recourseborrowings includes $688 million and $nil of corporate borrowings as at September 30, 2020 and December 31, 2019, respectively, as per IFRS statement of financial position.

28

Definitions

  • Company Funds From Operations (Company FFO), where applicable, is a key measure of our financial performance and we use Company FFO to assess our business performance. Company FFO is a non-IFRS measure which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Company FFO is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate, and other items. Company FFO is presented net to unitholders. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. For further information on Company FFO see "Use of Non IFRS Measures" of the 2020 6-K
  • Company EBITDA, where applicable, is a key measure of our financial performance and we use Company EBITDA to assess operating results and our business performance. Company EBITDA is non-IFRS measure which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments, and other items. Company EBITDA is presented net to unitholders. When determining Company EBITDA, we include our proportionate share of Company EBITDA of equity accounted investments. For further information on Company EBITDA see "Use of Non-IFRS Measures" of the 2020 6-K
  • Equity accounted Company EBITDA is exclusive of non-cash items, realized disposition gains, current income taxes and interest income and interest expenses included within equity accounted income, and other items
  • Equity attributable to unitholders is exclusive of the equity interest of others in our operating subsidiaries
  • Net income (loss) attributable to unitholders is exclusive of the net income (loss) attributable to others in our operating subsidiaries
  • Unitholders are defined as limited partnership unitholders, general partnership unitholders, special limited partnership unitholders, and redemption-exchange unitholders
  • Net debt is calculated by subtracting cash and cash equivalents from borrowings
  • Proportionate share is our economic interest in the financial position and operating results at our subsidiaries, excluding our equity accounted investments

29

Disclaimer

Brookfield Business Partners LP published this content on 03 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2020 14:14:05 UTC


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Financials (USD)
Sales 2020 38 779 M - -
Net income 2020 217 M - -
Net Debt 2020 13 930 M - -
P/E ratio 2020 -
Yield 2020 0,66%
Capitalization 5 690 M 5 690 M -
EV / Sales 2020 0,51x
EV / Sales 2021 0,41x
Nbr of Employees 67 030
Free-Float 98,3%
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Cyrus Madon Chief Executive Officer
Jeffrey Miles Blidner Chairman
J. Peter Gordon Chief Operating Officer
Jaspreet Dehl Chief Financial Officer
Peter Poolsaar Chief Information Officer
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