Brookfield Infrastructure Partners(BIP) - 2024 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2024, Brookfield Infrastructure reported net income attributable to the partnership of $391 million, a decrease from$ 432 million in 2023[2]. - Net income for 2024 was $1,683 million, up from$ 1,448 million in 2023, representing a 16.2% increase[30]. - Basic earnings per limited partnership unit decreased to $0.04 in 2024 from$ 0.14 in 2023[35]. - Net income for 2024 was $72 million, a decrease of 88.1% from$ 606 million in 2023[50]. Funds from Operations (FFO) - Funds from operations (FFO) for 2024 was $2.5 billion, representing an increase of approximately 8% compared to 2023, with organic growth driven by 7% inflation and stronger volumes[3]. - Funds from operations (FFO) for 2024 amounted to$ 2,468 million, compared to $2,288 million in 2023, reflecting a 7.9% increase[32]. - The utilities segment generated FFO of$ 760 million, down from $879 million in the prior year, primarily due to the sale of an Australian utility business[4]. - The transport segment's FFO was$ 1,224 million, a nearly 40% increase over the prior year, attributed to acquisitions and tariff increases of 7% across rail networks[5]. - The midstream segment generated FFO of $625 million, reflecting an 11% year-over-year growth, despite a decrease from$ 684 million due to capital recycling activities[6]. - The data segment's FFO was $333 million, representing a 21% increase over the prior year, driven by strong organic growth and new investments[7]. Revenue and Assets - Total revenues for 2024 reached$ 21,039 million, a 17.8% increase from $17,931 million in 2023[26]. - Total revenues for 2024 reached$ 3,666 million, a significant increase of 46.2% compared to $2,503 million in 2023[50]. - Total assets grew to$ 104,590 million in 2024, up from $100,784 million in 2023, marking a 3.6% increase[24]. - Total assets decreased slightly to$ 23,587 million in 2024 from $23,909 million in 2023[46]. Cash Flow and Dividends - Cash from operating activities increased to$ 4,653 million in 2024, compared to $4,078 million in 2023[30]. - Cash from operating activities increased to$ 1,743 million, compared to $1,059 million in the previous year, marking a 64.5% rise[53]. - The company declared a quarterly distribution of$ 0.43 per unit, a 6% increase compared to the prior year[11]. - The company declared a quarterly dividend of $0.43 per share, a 6% increase compared to the previous year[39]. Liabilities and Borrowings - Total liabilities increased to$ 21,365 million in 2024, up from $19,841 million in 2023, indicating a rise of 7.6%[48]. - Corporate borrowings decreased to$ 4,542 million in 2024 from $4,911 million in 2023, a reduction of 7.5%[24]. Capital Recycling and Asset Sales - Brookfield Infrastructure achieved$ 2 billion in capital recycling proceeds in 2024 and secured approximately $850 million in proceeds from asset sales in early 2025[8]. - The company expects to deliver$ 5-6 billion in asset sale proceeds over the next two years, supported by increased investor interest in high-quality infrastructure assets[10]. Other Financial Metrics - The average number of limited partnership units outstanding for the twelve-month period ended December 31, 2024, was 461.6 million, compared to 459.4 million in 2023[23]. - The average number of limited partnership units outstanding increased to 461.6 million in 2024 from 459.4 million in 2023[44]. - Underlying earnings for BIPC were 20% above the prior year, driven by the acquisition of a global intermodal logistics operation[42]. - Direct operating costs rose to $1,378 million, up from$ 778 million, reflecting a 77.1% increase[50]. - Cash and cash equivalents at the end of the period were $674 million, up from$ 539 million, reflecting a 24.9% increase[52]. - The company reported a significant increase in depreciation and amortization expense to $775 million from$ 365 million, a rise of 112.7%[52]. - Non-controlling interest decreased to $3,475 million in 2024 from$ 4,467 million in 2023, a decline of 22.3%[48]. - The company experienced a cash used by investing activities of $1,110 million, a decrease from$ 3,174 million in 2023, indicating a reduction of 65.0%[53].