Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 233

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 233
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 acquired North American and European residential decarbonization infrastructure business, benefits of inflation indexation and additions to the rate base. Prior year results included revenues from five additional electricity transmission lines in Brazil that were divested during the fourth quarter of 2022. Revenues from our transport segment increased by $399 million due to a partial year contribution from the acquisition of a global intermodal logistics operation, higher tariffs, partially offset by the disposition of our Indian toll road operation in June 2023. Revenues from our data segment increased by $336 million, primarily as a result of our acquisition of a European hyperscale data center platform in August 2023 and organic growth at our Indian telecom towers operation. Our midstream segment contributed additional revenues of $297 million predominantly as a result of strong performance at our Canadian diversified midstream and North American gas storage operations. Overall, these increases were partially offset by foreign exchange impact of $198 million across our segments, as the average rates most of the currencies in which we operate depreciated against the U. S. dollar relative to 2022.

Direct operating costs for the year ended December 31, 2023 were $13,470 million, which represents an increase of $2,960 million compared to the year ended December 31, 2022. The year ended December 31, 2023 included $2,564 million of incremental costs (including depreciation) attributable to recent acquisitions and $609 million of incremental costs associated with organic growth initiatives. The impact of recent dispositions and foreign exchange decreased our U. S. dollar costs by $213 million.

General and administrative expenses totaled $413 million for the year ended December 31, 2023, a decrease of $20 million compared to the same period in 2022. This line item primarily consists of the annual base management fee that is paid to Brookfield, which is equal to 1.25% of our partnership’s market value plus preferred units outstanding and net recourse debt. The decrease from the prior year is due to a decrease in the average market value of our securities during the year.

Interest expense for the year ended December 31, 2023 was $2,501 million, an increase of $646 million compared to the same period in 2022. Interest expense increased due to recent growth initiatives partially funded through debt, including recent acquisitions net of dispositions, partially offset by the impact of foreign exchange.

Our partnership’s share of earnings from investments in associates and joint ventures was $459 million for the year ended December