Company: BIPC
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014377
Chunk: 88

Company: Brookfield Infrastructure Corp
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 88
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1,183 million. Distribution revenues in the U. K. increased due to higher volumes and inflation-indexation which contributed additional revenues of $106 million. Our revenues further benefited from the appreciation of the British Pound which increased our revenues in U. S. dollars by $19 million relative to 2023. These benefits were partially offset by a $126 million decrease in underlying gas transmission revenues in Brazil due to the impact of foreign exchange and inflationary tariff adjustments.

Brookfield Infrastructure Corporation 79

Direct operating costs for the year ended December 31, 2024 were $1,378 million, an increase of $600 million compared to the prior year. Direct costs increased from the prior year primarily due to $505 million of incremental costs (including depreciation) associated with the acquisition of a global intermodal logistics operation that our company acquired at the end of September in the prior year. Direct costs also increased due to inflation and organic growth, incremental depreciation on capital expenditures made over the last year and higher values as a result of our revaluation process.

Interest expense for the year ended December 31, 2024 was $1,065 million, an increase of $368 million compared to 2023. Interest expense increased from the prior year primarily due to $184 million of incremental interest expense associated with our global intermodal logistics operation that our company acquired at the end of September in the prior year. Interest expense was further impacted by incremental borrowings at our Brazilian regulated gas transmission business and an increase in dividends paid on our exchangeable shares, which are classified as interest expense. Dividends on our exchangeable shares increased due to a 6% increase in our company’s quarterly dividends compared to the prior year and approximately 21 million exchangeable shares issued in connection with the acquisition of our global intermodal logistics operation at the end of September in the prior year.

Mark-to-market and foreign currency revaluation losses totaled $116 million for the year ended December 31, 2024, compared to gains of $23 million in the prior year. The losses in the current year reflect foreign currency translation losses on our Canadian denominated deposit receivable with Brookfield Infrastructure, compared to foreign currency translation gains in the prior year.

Total remeasurement losses for the year ended December 31, 2024 were $477 million compared to gains of 34 million in the prior year. The remeasurement losses reflect the increase in the market price of partnership units based on the NYSE closing price. As a result of the Arrangement, the