Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 236

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 236
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8 billion due to recently completed acquisitions of $4.1 billion, net capital additions of $3.1 billion, and revaluation gains of $1.4 billion, partially offset by depreciation expense of $2.8 billion, foreign exchange of $1.7 billion and reclassification of assets as held for sale of $1.8 billion. Intangible assets decreased from $15.8 billion to $14.5 billion primarily due to the deconsolidation of our Peruvian toll road operations, amortization expense of $0.8 billion and foreign exchange losses of $1.2 billion, partially offset by acquisitions of $1.6 billion and additions of $0.1 billion.

Brookfield Infrastructure 115

Corporate borrowings decreased to $4.5 billion at December 31, 2024, compared to $4.9 billion at December 31, 2023. The decrease is due to the issuance $458 million of subordinate notes and net draws on our corporate credit facility of $78 million being more than offset by the repayment of $531 million of medium term notes, net repayments of $139 million on our commercial paper program and the impact of foreign exchange.

Non-recourse borrowings increased by $5.6 billion from December 31, 2023. Acquisitions completed in 2024 and incremental borrowings increased non-recourse borrowings by $9.8 billion, which were partially offset by non-recourse borrowings classified as held for sale of $1.2 billion and the impacts of foreign exchange.

Our partnership capital of $8.1 billion as at December 31, 2024 decreased by $1.0 billion from the prior year, as income generated from operations, unit issuances and gains on asset revaluations were offset by impacts of foreign exchange and distributions paid to our unitholders.

Foreign Currency Translation

Due to the nature of our global operations, current period financial results are impacted by foreign currency movements. The most significant currency exchange rates that impact our business are shown in the following table:

                            Period End Rate                                                                   Average Rate                          
                         As of December 31,                                                For the year ended December 31,                          
                                       2024        2023        2022      2024 vs 2023                                 2024        2023        2022  
  Canadian dollar                    0.6953      0.7547      0.7382               (8)                               0.7301      0