Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 118

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 118
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,405 million of net income attributable to Unitholders ($6.49 per LP unit). For the year ended December 31, 2022, net income was $240 million, with $98 million of net income attributable to Unitholders ($0.48 per LP unit). The increase in net income was primarily due to the gain on disposition of our nuclear technology services operation in November 2023.

Revenues

For the year ended December 31, 2023, revenues decreased by $2,317 million to $55,068 million, compared to $57,385 million for the year ended December 31, 2022. Revenues from our business services segment decreased by $2,376 million, primarily due to lower prices and volumes at our road fuels operation. The decrease was partially offset by a full period of contributions from an add-on acquisition completed at our fleet management service and our dealer software and technology services operation acquired in the prior year. Included in the revenues and direct operating costs for our road fuels operation is duty payable to the government of the United Kingdom of $8,033 million (2022: $8,129 million), which is recorded gross within revenues and direct costs without impact on the margin generated by the business. Revenues from our infrastructure services segment decreased by $67 million primarily due to the disposition of our nuclear technology services operation in November 2023 combined with reduced activity in the shuttle tanker business within our offshore oil services. The decrease was partially offset by contributions from an add-on acquisition completed at our modular building leasing services during the year, combined with a full period of contribution from our lottery services operation acquired in the prior year. Revenues from our industrials segment increased by $126 million driven primarily by our advanced energy storage operation due to strong performance during the year reflecting global pricing actions and overall growth in battery volumes driven by increased demand for higher margin advanced batteries, partially offset by lower volumes at our engineered components manufacturing operation and reduced contribution from our Western Canadian operations.

Direct operating costs

For the year endedDecember 31, 2023, direct operating costs decreased by$3,089 million to$50,021 million, compared to$53,110 million for the year endedDecember 31, 2022. The decrease in direct operating costs was primarily due to lower inventory costs at our road fuels operation and the disposition of our nuclear technology services operation. The decrease was partially offset by a full period of contributions from our dealer software and technology services operation and lottery services operation acquired in the prior