Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 110

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 110
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ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

5. A OPERATING RESULTS

Introduction

This MD& A included in Item 5. A of this Form 20-F covers the financial position of the partnership as at December 31, 2024 and December 31, 2023, and results of operations for the years ended December 31, 2024, 2023 and 2022. The information in this MD& A should be read in conjunction with the audited consolidated financial statements as at December 31, 2024 and December 31, 2023, and each of the years in the three years ended December 31, 2024 included elsewhere in this Form 20-F, which are prepared in accordance with IFRS Accounting Standards as issued by the IASB. Holders of the Redemption-Exchange Units, Special LP Units, LP units, GP Units and BBUC exchangeable shares will be collectively referred to throughout Item 5 as “ Unitholders”, “ Units”, or as “per Unit”, unless the context indicates or requires otherwise.

In addition to historical information, this MD& A contains forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. See “ Special Note Regarding Forward-Looking Statements” in the forepart of this Form 20-F.

Basis of Presentation

The audited annual consolidated financial statements of the partnership have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. The audited annual consolidated financial statements are prepared on a going concern basis and have been presented in U. S. dollars rounded to the nearest million, unless otherwise indicated. The audited annual consolidated financial statements include the accounts of the partnership and its consolidated subsidiaries, which are the entities over which the partnership has control. Certain comparative figures have been reclassified to conform to the current year’s presentation.

We also discuss the results of operations on a segment basis, consistent with how the CODM manages and views our business. Our operating segments are: (i) business services, (ii) infrastructure services, (iii) industrials and (iv) corporate and other.

Non-IFRS measures used in this MD& A are reconciled to the most directly comparable IFRS measure. All dollar references, unless otherwise stated, are in millions of U. S. dollars. Australian dollars are identified as