Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 135

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 135
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DA      $                            1,247      $         855      $         879  

The following table presents equity attributable to Unitholders for our industrials segment as at December 31, 2024, 2023 and 2022:

  (US$ MILLIONS)                                     2024                  2023                  2022              
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total assets                                       $         26,097      $         26,822      $         28,112  
  Total liabilities                                            18,684                20,436                21,670  
  Interests of others in operating subsidiaries                 5,061                 4,231                 4,090  
  Equity attributable to Unitholders                            2,352                 2,155                 2,352  
  Total equity                                       $          7,413      $          6,386      $          6,442  

Comparison of the years ended December 31, 2024 and December 31, 2023

Adjusted EFO in our industrials segment for the year ended December 31, 2024 was $935 million, representing an increase of $443 million compared to $492 million for the year ended December 31, 2023. The increase in Adjusted EFO was primarily due to a reduction in direct operating costs of $371 million, at our share, related to tax benefits recorded at our advanced energy storage operation, partially offset by gains recognized on dispositions completed in the prior period.

Adjusted EBITDA in our industrials segment for the year ended December 31, 2024 was $1,247 million, representing an increase of $392 million compared to $855 million for the year ended December 31, 2023. Current year results included $371 million of tax benefits at our advanced energy storage operation. Strong underlying performance at our advanced energy storage operation and growing contribution from our water and wastewater operation offset reduced performance at our engineered components manufacturing operation due to weak market conditions. Prior year results included contribution from disposed operations including our Canadian aggregates production operation which was sold in June 2024.

Our advanced energy storage operation contributed $996 million to Adjusted EBITDA for the year ended December 31, 2024, compared to $559 million for the year ended December 31, 2023. Results included $371 million of tax benefits at our share. Business performance reflected the ongoing