Cash flow Brookfield Infrastructure Partners L.P.

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BMG162521014

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09-11	Brookfield Infrastructure-Backed Data4 Plans to Invest $331 Million in New Greek Hub	MT
09-10	Transcript : Brookfield Asset Management Ltd., Brookfield Corporation, Brookfield Infrastructure Partners L.P. - Analyst/Investor Day

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Published financial data: BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	6.6B	8.88B	11.54B	14.43B	17.93B
Total Revenues	6.6B	8.88B	11.54B	14.43B	17.93B
Cost of Goods Sold, Total	3.4B	4.84B	8.25B	10.51B	13.47B
Gross Profit	3.2B	4.04B	3.29B	3.92B	4.46B
Selling General & Admin Expenses, Total	279M	312M	406M	433M	413M
Depreciation & Amortization - (IS)	1.21B	1.7B	-	-	-
Other Operating Expenses, Total	1.49B	2.02B	406M	433M	413M
Operating Income	1.71B	2.02B	2.88B	3.48B	4.05B
Interest Expense, Total	-904M	-1.18B	-1.47B	-1.86B	-2.5B
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-904M	-1.18B	-1.47B	-1.86B	-2.5B
Income (Loss) On Equity Invest.	224M	131M	88M	12M	459M
Currency Exchange Gains (Loss)	-	-	-	-	-28M
Other Non Operating Income (Expenses)	-35M	-167M	764M	294M	49M
EBT, Excl. Unusual Items	994M	810M	2.27B	1.94B	2.03B
Merger & Related Restructuring Charges	-66M	-15M	-65M	-	-128M
Gain (Loss) On Sale Of Investments	-	400M	75M	-	30M
Gain (Loss) On Sale Of Assets	-	-	1.06B	-	100M
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	928M	1.2B	3.33B	1.94B	2.03B
Income Tax Expense	278M	291M	614M	560M	581M
Earnings From Continuing Operations	650M	904M	2.72B	1.38B	1.45B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	650M	904M	2.72B	1.38B	1.45B
Minority Interest	-598M	-748M	-2.06B	-1.25B	-1.32B
Net Income - (IS)	52M	156M	654M	125M	125M
Preferred Dividend and Other Adjustments	33M	35M	41M	38M	38M
Net Income to Common Incl Extra Items	19M	121M	613M	87M	87M
Net Income to Common Excl. Extra Items	19M	121M	613M	87M	87M
Per Share Items
Net EPS - Basic	0.04	0.27	1.38	0.19	0.19
Basic EPS - Continuing Operations	0.04	0.27	1.38	0.19	0.19
Basic Weighted Average Shares Outstanding	428M	442M	445M	458M	459M
Net EPS - Diluted	0.04	0.27	1.38	0.19	0.19
Diluted EPS - Continuing Operations	0.04	0.27	1.38	0.19	0.19
Diluted Weighted Average Shares Outstanding	428M	442M	445M	458M	459M
Normalized Basic EPS	0.05	-0.55	-1.45	-0.09	-0.12
Normalized Diluted EPS	0.05	-0.55	-1.45	-0.09	-0.12
Dividend Per Share	1.34	1.29	1.36	1.44	1.53
Payout Ratio	1.17K	399.36	99.24	558.4	591.2
Supplemental Items
EBITDA	2.92B	3.73B	4.92B	5.64B	6.79B
EBITA	2.16B	2.48B	3.4B	4.04B	4.82B
EBIT	1.71B	2.02B	2.88B	3.48B	4.05B
Effective Tax Rate - (Ratio)	29.96	24.35	18.42	28.94	28.63
Current Foreign Taxes	250M	237M	374M	474M	576M
Total Current Taxes	250M	237M	374M	474M	576M
Deferred Foreign Taxes	28M	54M	240M	86M	5M
Total Deferred Taxes	28M	54M	240M	86M	5M
Normalized Net Income	23.25M	-242M	-648M	-40.62M	-56.12M
Interest on Long-Term Debt	821M	1.04B	1.24B	1.6B	2.25B
Non-Cash Pension Expense	9M	38M	37M	26M	18M
Supplemental Operating Expense Items
General and Administrative Expenses	279M	312M	406M	433M	413M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	827M	867M	1.41B	1.28B	1.86B
Short Term Investments	167M	574M	556M	1.13B	801M
Trading Asset Securities, Total	92M	22M	58M	111M	42M
Total Cash And Short Term Investments	1.09B	1.46B	2.02B	2.52B	2.7B
Accounts Receivable, Total	1.74B	1.46B	1.88B	2.31B	3.67B
Notes Receivable	61M	68M	47M	29M	68M
Total Receivables	1.8B	1.53B	1.92B	2.34B	3.73B
Inventory	242M	221M	400M	531M	512M
Prepaid Expenses	219M	462M	328M	315M	1.01B
Other Current Assets, Total	2.49B	34M	225M	980M	23M
Total Current Assets	5.84B	3.71B	4.9B	6.69B	7.98B
Gross Property Plant And Equipment	25.43B	35.22B	42.85B	42.69B	55.77B
Accumulated Depreciation	-2.42B	-3.64B	-4.19B	-5.4B	-7.22B
Net Property Plant And Equipment	23.01B	31.58B	38.66B	37.29B	48.55B
Long-term Investments	5.62B	5.9B	5.17B	5.98B	5.93B
Goodwill	6.55B	6.63B	8.98B	8.79B	14.49B
Other Intangibles, Total	14.39B	11.77B	14.21B	11.82B	15.84B
Accounts Receivable Long-Term	-	343M	667M	1B	2.72B
Loans Receivable Long-Term	85M	259M	63M	30M	75M
Deferred Tax Assets Long-Term	112M	124M	160M	111M	107M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	702M	1.01B	1.15B	1.26B	5.09B
Total Assets	56.31B	61.33B	73.96B	72.97B	101B
Liabilities
Accounts Payable, Total	854M	1.46B	1.88B	1.87B	2.25B
Accrued Expenses, Total	838M	751M	1.1B	1.4B	1.73B
Short-term Borrowings	-	-	431M	464M	1.52B
Current Portion of Long-Term Debt	1.38B	1.8B	2.76B	2.79B	4.62B
Current Portion of Leases	197M	206M	416M	384M	429M
Unearned Revenue Current, Total	307M	256M	338M	460M	490M
Other Current Liabilities	1.86B	1.05B	1.74B	1.02B	665M
Total Current Liabilities	5.44B	5.52B	8.66B	8.38B	11.7B
Long-Term Debt	19.77B	22.07B	26.33B	27.27B	40.18B
Long-Term Leases	1.61B	3.6B	3.42B	3.04B	3.2B
Unearned Revenue Non Current	246M	467M	366M	254M	462M
Pension & Other Post Retirement Benefits	148M	315M	172M	8M	36M
Deferred Tax Liability Non Current	4.62B	4.61B	6.01B	5.98B	7.9B
Other Non Current Liabilities	2.3B	3.07B	2.61B	2.5B	3.28B
Total Liabilities	34.13B	39.66B	47.57B	47.42B	66.77B
Preferred Stock Redeemable	935M	1.13B	1.14B	918M	918M
Total Preferred Equity	935M	1.13B	1.14B	918M	918M
Common Stock, Total	5.5B	5.53B	6.07B	6.09B	6.2B
Retained Earnings	-1.43B	-2.28B	-2.12B	-2.66B	-3.25B
Comprehensive Income and Other	983M	992M	1.75B	1.94B	2.37B
Total Common Equity	5.05B	4.23B	5.7B	5.37B	5.32B
Minority Interest	16.19B	16.31B	19.55B	19.26B	27.78B
Total Equity	22.18B	21.67B	26.39B	25.55B	34.02B
Total Liabilities And Equity	56.31B	61.33B	73.96B	72.97B	101B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	440M	443M	458M	458M	461M
ECS Total Common Shares Outstanding	440M	443M	458M	458M	461M
Book Value / Share	11.47	9.55	12.45	11.72	11.53
Tangible Book Value	-15.89B	-14.17B	-17.49B	-15.24B	-25.01B
Tangible Book Value Per Share	-36.09	-31.97	-38.2	-33.25	-54.22
Total Debt	22.96B	27.68B	33.35B	33.94B	49.95B
Net Debt	21.87B	26.12B	31.17B	31.25B	47.07B
Debt Equivalent of Unfunded Proj. Benefit Obligation	165M	331M	192M	25M	5M
Minority Interest, Total (Incl. Fin. Div)	16.19B	16.31B	19.55B	19.26B	27.78B
Equity Method Investments, Total	4.97B	5.53B	4.72B	5.32B	5.4B
Account Code - Inventory Valuation	3	3	6	6	6
Inventories - Raw Materials, Total	115M	150M	268M	338M	420M
Inventories - Finished Goods, Total	127M	71M	132M	193M	92M
Machinery, Total	9.16B	9.74B	10.04B	10.38B	20.28B
Order Backlog	1.54B	1.43B	1.7B	5.22B	5.65B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	52M	156M	654M	125M	125M
Depreciation & Amortization - CF	764M	1.25B	1.52B	1.6B	1.97B
Amortization of Goodwill and Intangible Assets - (CF)	450M	458M	514M	561M	770M
Depreciation & Amortization, Total	1.21B	1.7B	2.04B	2.16B	2.74B
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	30M	36M	69M	563M	323M
Other Operating Activities, Total	779M	853M	537M	1.19B	1.53B
Change In Accounts Receivable	42M	284M	-190M	-445M	-124M
Change In Accounts Payable	146M	-89M	-323M	-342M	-43M
Change in Other Net Operating Assets	-120M	-415M	-11M	-117M	-471M
Cash from Operations	2.14B	2.53B	2.77B	3.13B	4.08B
Capital Expenditure	-1.18B	-1.47B	-2.07B	-2.78B	-2.49B
Sale of Property, Plant, and Equipment	38M	46M	85M	41M	162M
Cash Acquisitions	-10.27B	-3.4B	-2.92B	-479M	-10.75B
Divestitures	272M	745M	3.28B	198M	602M
Investment in Marketable and Equity Securities, Total	-302M	-606M	429M	-528M	200M
Other Investing Activities, Total	73M	83M	19M	178M	-720M
Cash from Investing	-11.37B	-4.61B	-1.17B	-3.36B	-12.99B
Short Term Debt Issued, Total	-	-	431M	33M	525M
Long-Term Debt Issued, Total	13.65B	9.04B	22.68B	13.1B	20.54B
Total Debt Issued	13.65B	9.04B	23.11B	13.14B	21.06B
Long-Term Debt Repaid, Total	-9.79B	-7.53B	-22.52B	-9.75B	-15.69B
Total Debt Repaid	-9.79B	-7.53B	-22.52B	-9.75B	-15.69B
Issuance of Common Stock	559M	9M	1.07B	13M	-
Repurchase of Common Stock	-28M	-	-	-	-13M
Issuance of Preferred Stock	72M	200M	200M	-	-
Repurchase of Preferred Stock	-	-	-199M	-243M	-
Common Dividends Paid	-575M	-588M	-608M	-660M	-701M
Preferred Dividends Paid	-33M	-35M	-41M	-38M	-38M
Common & Preferred Stock Dividends Paid	-608M	-623M	-649M	-698M	-739M
Other Financing Activities, Total	5.68B	1.03B	-2.01B	-2.4B	4.8B
Cash from Financing	9.54B	2.13B	-995M	56M	9.42B
Foreign Exchange Rate Adjustments	-13M	-7M	-65M	88M	71M
Miscellaneous Cash Flow Adjustments	-13M	-	-	-37M	-
Net Change in Cash	287M	40M	539M	-127M	578M
Supplemental Items
Cash Interest Paid	829M	985M	1.07B	1.64B	2.13B
Cash Income Tax Paid (Refund)	179M	172M	262M	364M	524M
Levered Free Cash Flow	-295M	2.92B	1.77B	-1.21B	499M
Unlevered Free Cash Flow	270M	3.66B	2.69B	-47.5M	2.06B
Change In Net Working Capital	830M	-2.16B	-914M	1.61B	720M
Net Debt Issued / Repaid	3.86B	1.51B	589M	3.38B	5.37B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.3	2.15	2.66	2.96	2.91
Return on Total Capital	2.85	2.68	3.3	3.65	3.53
Return On Equity %	3.53	4.12	11.31	5.29	4.86
Return on Common Equity	0.4	2.61	12.34	1.57	1.63
Margin Analysis
Gross Profit Margin %	48.54	45.49	28.52	27.15	24.88
SG&A Margin	4.23	3.51	3.52	3	2.3
EBITDA Margin %	44.31	41.98	42.65	39.11	37.85
EBITA Margin %	32.73	27.95	29.45	28.04	26.87
EBIT Margin %	25.91	22.79	25	24.15	22.58
Income From Continuing Operations Margin %	9.85	10.17	23.57	9.53	8.08
Net Income Margin %	0.79	1.76	5.67	0.87	0.7
Net Avail. For Common Margin %	0.29	1.36	5.31	0.6	0.49
Normalized Net Income Margin	0.35	-2.72	-5.61	-0.28	-0.31
Levered Free Cash Flow Margin	-4.47	32.92	15.32	-8.37	2.78
Unlevered Free Cash Flow Margin	4.09	41.21	23.28	-0.33	11.5
Asset Turnover
Asset Turnover	0.14	0.15	0.17	0.2	0.21
Fixed Assets Turnover	0.37	0.33	0.33	0.38	0.42
Receivables Turnover (Average Receivables)	4.74	5.55	6.89	6.89	6
Inventory Turnover (Average Inventory)	17.73	20.92	26.56	22.58	25.83
Short Term Liquidity
Current Ratio	1.07	0.67	0.57	0.8	0.68
Quick Ratio	0.52	0.53	0.45	0.58	0.54
Operating Cash Flow to Current Liabilities	0.39	0.46	0.32	0.37	0.35
Days Sales Outstanding (Average Receivables)	77.04	65.99	53.01	52.99	60.85
Days Outstanding Inventory (Average Inventory)