Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 137

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 137
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 2023 and 2022:

                       Year ended December 31,                                                       
  (US$ MILLIONS)       2024                                    2023                 2022             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Adjusted EFO         $                            (331)      $         (335)      $         (178)  
  Adjusted EBITDA      $                            (120)      $         (117)      $         (138)  

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

  (US$ MILLIONS)                                   2024                   2023                   2022               
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total assets                                     $             305      $             317      $             593  
  Total liabilities                                            3,568                  3,108                  2,279  
  Equity attributable to preferred securities      740                    740                    15                 
  Equity attributable to Unitholders                         (4,003)                (3,531)                (3,191)  
  Total equity                                     $         (3,263)      $         (2,791)      $         (1,686)  

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

Pursuant to our Master Services Agreement, we pay Brookfield a quarterly base management fee equal to 0.3125% (1.25% annually) of our total market capitalization, plus recourse debt, net of cash, and other securities held by corporate entities. Management fees for the years ended December 31, 2024 and 2023 were $92 million and $87 million, respectively. General and administrative costs comprise management fees and corporate expenses, including audit and other expenses.

Adjusted EFO for the year ended December 31, 2024 included lower distributions on preferred equity securities due to the partial redemption of preferred equity securities held by Brookfield during the fourth quarter of 2023.

Comparison of the years ended December 31, 2023 and December 31, 2022

Pursuant to our Master Services Agreement, we pay Brookfield a quarterly base management fee equal to 0.3125% (1.25% annually) of our total market capitalization, plus recourse debt