Financial Performance - The company reported a net income of $295 million for Q4 2022, down from $464 million in Q4 2021, representing a decrease of approximately 36.4%[6] - Brookfield Infrastructure reported net income of $1.6 billion for the year, a significant increase from $27 million in the prior year, driven by organic growth and a $1.1 billion revaluation gain on shares[40] - Brookfield Infrastructure's net income for the twelve months ended December 31, 2022, was $1,375 million, down from $2,719 million in 2021, reflecting a decrease of 49%[31] - Net income attributable to the partnership for the year ended December 31, 2022, was $0.4 billion, a decrease of 63% compared to $1.1 billion in 2021[64] Funds from Operations (FFO) - Funds from Operations (FFO) for the year reached $456 million, reflecting a 5% increase compared to the previous year, driven by inflation-indexation and higher activity in regulated businesses[10] - The company achieved a Funds from Operations (FFO) of $556 million for the three months ended December 31, 2022, representing a 14% increase from $486 million in the same period of 2021[31] - Funds from Operations (FFO) for the twelve months ended December 31, 2022, were $456 million, compared to $436 million in the previous year, reflecting a year-over-year increase of approximately 4.6%[46] - Funds From Operations (FFO) for the year was $2.1 billion, reflecting a 20% increase compared to 2021, driven by 10% organic growth and $1 billion in new capital projects[54] Revenue and Assets - Brookfield Infrastructure reported revenues of $3,708 million for the three months ended December 31, 2022, an increase of 14% compared to $3,252 million in the same period of 2021[24] - Total assets decreased to $72,969 million as of December 31, 2022, from $73,961 million in 2021, indicating a decline of about 1.3%[3] - The company’s total assets as of December 31, 2022, amounted to $10.178 billion, slightly up from $10.086 billion in 2021[42] Cash Flow and Operating Activities - Cash from operating activities for the year was $3,131 million, compared to $2,772 million in the previous year, showing an increase of about 13%[6] - Cash from operating activities for the year was $893 million, compared to $839 million in 2021, indicating a growth of about 6.4%[45] - The balance of cash and cash equivalents at the end of the period was $1,279 million, down from $1,406 million at the end of the previous year, a decrease of about 9%[7] - Brookfield Infrastructure's cash and cash equivalents decreased to $445 million from $469 million in the prior year[42] Debt and Liabilities - Corporate borrowings increased to $3,666 million in 2022, up from $2,719 million in 2021, marking an increase of approximately 35%[3] - The company’s total liabilities and partnership capital remained stable at $72,969 million as of December 31, 2022, compared to $73,961 million in 2021[3] - Interest expense for the twelve months ended December 31, 2022, was $3,484 million, up from $2,884 million in 2021, indicating a 21% increase[24] Operational Challenges and Future Plans - The company highlighted the impact of increased financing costs and management fees as challenges to future performance[10] - The company plans to continue focusing on market expansion and acquisitions to drive future growth, particularly in regulated utility sectors[10] - The company plans to pursue expansion opportunities and has a capital backlog that it aims to commission in the near future[51] - The company anticipates generating over $2 billion of net proceeds from asset sales in 2023, including the sale of its Indian toll road portfolio[59] Segment Performance - The utilities segment generated FFO of $739 million, an increase of 5% from $705 million in the prior year, benefiting from an 8% average inflation indexation[55] - FFO for the transport segment was $794 million, a 13% increase from $701 million in the prior year, supported by inflationary tariff increases and $400 million in capital expansion projects[56] - The midstream segment's FFO totaled $743 million, up from $492 million in the previous year, due to the acquisition of a diversified Canadian midstream operation[67] - The data segment generated FFO of $239 million, consistent with the prior year, driven by increased customer utilization and network densification[57] Dividends and Distributions - The company declared a quarterly dividend of $0.3825 per class A exchangeable subordinate voting share, a 6% increase compared to the prior year[36] - A quarterly distribution of $0.3825 per unit was declared, representing a 6% increase compared to the prior year[60] Investments and Capital Deployment - The company deployed over $5 billion into new assets over the past two years, including $2.9 billion in 2022 across five transactions[58] - The company has replenished its investment pipeline and is evaluating several public-to-private opportunities[69]
BIPC(BIPC) - 2023 Q1 - Quarterly Report