Company: BIPC
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014377
Chunk: 89

Company: Brookfield Infrastructure Corp
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 89
---
 class C shares of BIHC were classified as financial liabilities upon consolidation into our company, resulting in incremental remeasurement losses of $346 million.

Income tax expense for the year ended December 31, 2024 was $365 million, a decrease of $3 million compared to the prior year. Incremental income tax expense from our global intermodal logistics operation that our company acquired at the end of September in the prior year was more than offset by the impact of foreign exchange and a decrease in current taxes from lower income at our Brazilian regulated gas transmission business as a result of inflationary tariff adjustments.

2023 vs. 2022

For the year ended December 31, 2023, our company reported net income of $606 million, of which $111 million was attributable to the partnership. This compares to a net income of $1,619 million for the year ended December 31, 2022, of which $1,094 million was attributable to the partnership. Net income for 2023 benefited from the acquisition of our global intermodal logistics operation, inflation-indexation at our Brazilian regulated gas transmission business and capital commissioned into rate base at our U. K. regulated distribution business. Remeasurement gains of $34 million were recognized on our company’s exchangeable shares that are classified as liabilities under IFRS Accounting Standards, compared to $1,058 million for the year ended December 31, 2022.

Total revenues increased by $617 million relative to 2022. Current year revenues benefited from the acquisition of our global intermodal logistics operation, which contributed additional revenues of $385 million. Underlying gas transmission revenues in Brazil increased by $120 million due to inflation-indexation. Distribution revenues in the U. K. increased due to higher volumes and inflation-indexation which contributed additional revenues of $22 million. Connections revenue in the U. K. benefited from an increase in construction activity which contributed additional revenues of $28 million compared to 2022. Revenues further benefited from the impact of foreign exchange which increased revenues in U. S. dollars by $52 million relative to 2022.

80 Brookfield Infrastructure Corporation

Direct operating costs for the year ended December 31, 2023 were $778 million, an increase of $236 million compared to the 2022. Direct costs increased from 2022 primarily due to $181 million of incremental costs (including depreciation) associated with the acquisition of our global intermodal logistics operation. Direct costs also increased due to inflation and organic growth, incremental depreciation