Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 115

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 115
---
 Unitholders ($(0.50) per LP unit). For the year ended December 31, 2023, net income was $3,777 million, with $1,405 million of net income attributable to Unitholders ($6.49 per LP unit). Net income in the current year included impairment expense recorded at our healthcare services and our natural gas production operation, combined with provisions within our construction operation. Net income in the prior period included a $3,902 million net gain recognized on the disposition of our nuclear technology services operation.

  76      Brookfield Business Partners  

Revenues

For the year ended December 31, 2024, revenues decreased by $14,448 million to $40,620 million, compared to $55,068 million for the year ended December 31, 2023. Revenues in our business services segment decreased by $9,961 million, primarily due to the disposition of our road fuels operation in July 2024 which reduced revenues by $10,520 million. Included in the revenues and direct operating costs of our recently disposed road fuels operation, is a duty payable to the government of the United Kingdom of $4,705 million (2023: $8,033 million), which is recorded gross within revenues and direct costs without impact on the margin generated by the business. Revenues in our infrastructure services segment decreased by $3,718 million primarily due to the disposition of our nuclear technology services operation in November 2023. Revenues in our industrials segment decreased by $769 million primarily due to lower volumes at our engineered components manufacturing operation due to weak market conditions, combined with dispositions the partnership completed over the last twelve months. The decrease was partially offset by an increase in revenues from our advanced energy storage operation driven by commercial actions, continued execution of optimization initiatives and growing demand for higher margin advanced batteries.

Direct operating costs

For the year ended December 31, 2024, direct operating costs decreased by $15,138 million to $34,883 million, compared to $50,021 million for the year ended December 31, 2023. The decrease was primarily due to the disposition of our road fuels operation in July 2024 which reduced direct operating costs by $10,381 million, combined with other business dispositions completed over the last twelve months and a benefit of $1,341 million recognized at our advanced energy storage operation related to tax benefits. As noted above, included in the revenues and direct operating costs of our recently disposed road fuels operation