0001628280-17-008661.txt : 20170814 0001628280-17-008661.hdr.sgml : 20170814 20170814170105 ACCESSION NUMBER: 0001628280-17-008661 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170814 DATE AS OF CHANGE: 20170814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brookfield Infrastructure Partners L.P. CENTRAL INDEX KEY: 0001406234 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33632 FILM NUMBER: 171031325 BUSINESS ADDRESS: STREET 1: 73 FRONT STREET CITY: HAMILTON STATE: D0 ZIP: HM12 BUSINESS PHONE: 441 296-4480 MAIL ADDRESS: STREET 1: 73 FRONT STREET CITY: HAMILTON STATE: D0 ZIP: HM12 6-K 1 bipq220176-k.htm 6-K Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the date of August 14, 2017
Commission file number 001-33632
 
BROOKFIELD INFRASTRUCTURE PARTNERS L.P.
(Exact name of Registrant as specified in its charter)
 
73 Front Street
Fifth Floor Bermuda
Hamilton, HM 12,
Bermuda
(Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F  x             Form 40-F  ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  
The information contained in Exhibit 99.1 of this Form 6-K is incorporated by reference into the registrant’s following registration statements on Form F-3: File No. 333-213263 and 333-167860.
 





The following document, which is attached as an exhibit hereto, is incorporated by reference herein:

Exhibit
Title
99.1     Brookfield Infrastructure Partners L.P.’s interim report for the quarter ended June 30, 2017
99.2    Certification of Samuel Pollock, Chief Executive Officer, Brookfield Infrastructure Group L.P., pursuant to Canadian law
99.3    Certification of Bahir Manios, Chief Financial Officer, Brookfield Infrastructure Group L.P., pursuant to Canadian law






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
BROOKFIELD INFRASTRUCTURE PARTNERS L.P.
by its general partner, BROOKFIELD
INFRASTRUCTURE PARTNERS LIMITED
Date:
August 14, 2017
 
By:
/s/ WILLIAM COX                                                            
 
 
 
 
Name: William Cox
 
 
 
 
Title: Director



EX-99.1 2 bipq22017ex991.htm EXHIBIT 99.1 Exhibit



Exhibit 99.1
Brookfield Infrastructure Partners L.P.
Interim Report Q2 2017
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2017 AND DECEMBER 31, 2016 AND
FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016


Brookfield Infrastructure Partners L.P. (our “partnership” and together with its subsidiary and operating entities “Brookfield Infrastructure”) owns and operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry or other characteristics, tend to appreciate in value over time. Our current operations consist of utility, transport, energy and communications infrastructure businesses in North and South America, Asia Pacific and Europe.
Brookfield Asset Management Inc. (together with its affiliates other than Brookfield Infrastructure, “Brookfield”) has an approximate 30% interest in Brookfield Infrastructure. Brookfield Infrastructure has appointed Brookfield as its Service Provider to provide certain management, administrative and advisory services, for a fee, under the Master Services Agreement.





BROOKFIELD INFRASTRUCTURE PARTNERS L.P.
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
 
 
As of
US$ MILLIONS, UNAUDITED
Notes
 
June 30, 2017
 
December 31, 2016
Assets
 
 
 
 
 
Cash and cash equivalents
4
 
$
468

 
$
786

Financial assets
4
 
206

 
241

Accounts receivable and other
4
 
813

 
485

Inventory
 
 
96

 
101

Assets classified as held for sale
 
 
20

 
19

Current assets
 
 
1,603

 
1,632

Property, plant and equipment
5
 
9,188

 
8,656

Intangible assets
6
 
9,874

 
4,465

Investments in associates and joint ventures
7
 
5,085

 
4,727

Investment properties
 
 
163

 
154

Goodwill
3
 
1,304

 
502

Financial assets
4
 
812

 
900

Other assets
 
 
201

 
165

Deferred income tax assets
 
 
74

 
74

Total assets
 
 
$
28,304

 
$
21,275

 
 
 
 
 
 
Liabilities and Partnership Capital
 
 
 
 
 
Liabilities
 
 
 
 
 
Accounts payable and other
4
 
$
953

 
$
712

Corporate borrowings
4,8
 
308

 
295

Non-recourse borrowings
4,8
 
236

 
279

Financial liabilities
4
 
276

 
229

Current liabilities
 
 
1,773

 
1,515

Corporate borrowings
4,8
 
2,048

 
707

Non-recourse borrowings
4,8
 
7,515

 
7,045

Financial liabilities
4
 
1,082

 
152

Other liabilities
3
 
651

 
580

Deferred income tax liabilities
3
 
2,591

 
1,612

Preferred shares
4
 
20

 
20

Total liabilities
 
 
15,680

 
11,631

 
 
 
 
 
 
Partnership capital
 
 
 
 
 
Limited partners
12
 
4,253

 
4,611

General partner
12
 
26

 
27

Non-controlling interest attributable to:
 
 
 
 
 
Redeemable Partnership Units held by Brookfield
12
 
1,705

 
1,860

Interest of others in operating subsidiaries
 
 
6,045

 
2,771

Preferred unitholders
12
 
595

 
375

Total partnership capital
 
 
12,624

 
9,644

Total liabilities and partnership capital
 
 
$
28,304

 
$
21,275


The accompanying notes are an integral part of the financial statements.

2 BROOKFIELD INFRASTRUCTURE PARTNERS L.P.


BROOKFIELD INFRASTRUCTURE PARTNERS L.P.
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATING RESULTS
 
 
 
For the three-month period ended June 30
 
For the six-month period ended June 30
US$ MILLIONS, UNAUDITED
Notes
 
2017

 
2016

 
2017

 
2016

Revenues
 
 
$
934

 
$
462

 
$
1,590

 
$
916

Direct operating costs
 
 
(373
)
 
(198
)
 
(716
)
 
(400
)
General and administrative expenses
 
 
(59
)
 
(40
)
 
(110
)
 
(77
)
Depreciation and amortization expense
5,6
 
(206
)
 
(108
)
 
(326
)
 
(208
)
 
 
 
296

 
116

 
438

 
231

Interest expense
 
 
(107
)
 
(101
)
 
(201
)
 
(196
)
Share of earnings from investments in associates and joint ventures
7
 
36

 
106

 
59

 
110

Mark-to-market on hedging items
4
 
(29
)
 
32

 
(66
)
 
40

Other (expense) income
3,4
 
(5
)
 
7

 
19

 
62

Income before income tax
 
 
191

 
160

 
249

 
247

Income tax (expense) recovery
 
 
 
 
 
 
 
 
 
Current
 
 
(38
)
 
(8
)
 
(50
)
 
(12
)
Deferred
 
 
(18
)
 
7

 
(18
)
 
12

Net income
 
 
$
135

 
$
159

 
$
181

 
$
247

 
 
 
 
 
 
 
 
 
 
Attributable to:
 
 
 
 
 
 
 
 
 
Limited partners
 
 
$
(16
)
 
$
96

 
$
(24
)
 
$
137

General partner
 
 
28

 
20

 
56

 
40

Non-controlling interest attributable to:
 
 

 
 
 

 
 
Redeemable Partnership Units held by Brookfield
 
 
(7
)
 
40

 
(11
)
 
57

Interest of others in operating subsidiaries
 
 
122

 
1

 
146

 
9

Preferred unitholders
 
 
8

 
2

 
14

 
4

 
 
 
 
 
 
 
 
 
 
Basic and diluted (loss) earnings per limited partner unit:
12
 
$
(0.06
)
 
$
0.39

 
$
(0.09
)
 
$
0.56

The accompanying notes are an integral part of the financial statements.
 

Q2 2017 INTERIM REPORT 3


BROOKFIELD INFRASTRUCTURE PARTNERS L.P.
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
 
 
 
For the three-month period ended June 30
 
For the six-month period ended June 30
US$ MILLIONS, UNAUDITED
Notes
 
2017

 
2016

 
2017

 
2016

Net income
 
 
$
135

 
$
159

 
$
181

 
$
247

 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income(1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Items that may be reclassified subsequently to profit or loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation
 
 
(255
)
 
(12
)
 
(52
)
 
257

Cash flow hedge
4
 
23

 
(74
)
 
28

 

Net investment hedge
4
 
(76
)
 
120

 
(197
)
 
19

Available-for-sale securities
 
 
2

 
3

 
2

 
29

Taxes on the above items
 
 
(3
)
 
25

 
2

 
11

Investment in associates and joint ventures
7
 
(26
)
 
12

 
(52
)
 
(13
)
Total other comprehensive (loss) income
 
 
(335
)
 
74

 
(269
)
 
303

Comprehensive (loss) income
 
 
$
(200
)
 
$
233

 
$
(88
)
 
$
550

 
 
 
 
 
 
 
 
 
 
Attributable to:
 
 
 
 
 
 
 
 
 
Limited partners
 
 
$
(127
)
 
$
159

 
$
(143
)
 
$
303

General partner
 
 
27

 
21

 
55

 
42

Non-controlling interest attributable to:
 
 
 
 
 
 
 
 
 
Redeemable Partnership Units held by Brookfield
 
 
(53
)
 
65

 
(61
)
 
125

Interest of others in operating subsidiaries
 
 
(55
)
 
(14
)
 
47

 
76

Preferred unitholders
 
 
8

 
2

 
14

 
4

1.
None of the other comprehensive income earned by our partnership during the three and six-month periods ended June 30, 2017 and 2016 relates to items that will not be reclassified subsequently to profit or loss.
The accompanying notes are an integral part of the financial statements.


4 BROOKFIELD INFRASTRUCTURE PARTNERS L.P.


BROOKFIELD INFRASTRUCTURE PARTNERS L.P.
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL
 
 
Limited Partners
 
General Partner
 
Non-Controlling Interest – Redeemable
Partnership Units held by Brookfield
 
 
 
 
 
 
THREE-MONTH PERIOD
ENDED JUNE 30, 2017
US$ MILLIONS, UNAUDITED
 
Limited
partners'
capital

 
(Deficit)

 
Ownership
changes

 
Accumulated
other
comprehensive
income(1)

 
Limited
partners

 
General
partner
capital

 
Retained
earnings

 
Accumulated
other
comprehensive
income(1)

 
General
partner

 
Redeemable
units held by
Brookfield

 
(Deficit)

 
Ownership
changes

 
Accumulated
other
comprehensive
income(1)

 
Non-controlling
interest – 
Redeemable
Partnership
Units held by
Brookfield

 
Non-controlling
interest – in
operating
subsidiaries

 
Preferred
Unitholders
Capital

 
Total
partners'
capital

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as at March 31, 2017
 
$
4,221

 
$
(604
)
 
$
143

 
$
728

 
$
4,488

 
$
19

 
$
1

 
$
7

 
$
27

 
$
1,778

 
$
(266
)
 
$
(34
)
 
$
327

 
$
1,805

 
$
2,859

 
$
595

 
$
9,774

Net (loss) income
 

 
(16
)
 

 

 
(16
)
 

 
28

 

 
28

 

 
(7
)
 

 

 
(7
)
 
122

 
8

 
135

Other comprehensive loss
 

 

 

 
(111
)
 
(111
)
 

 

 
(1
)
 
(1
)
 

 

 

 
(46
)
 
(46
)
 
(177
)
 

 
(335
)
Comprehensive (loss) income
 

 
(16
)
 

 
(111
)
 
(127
)
 

 
28

 
(1
)
 
27

 

 
(7
)
 

 
(46
)
 
(53
)
 
(55
)
 
8

 
(200
)
Unit issuance
 
5

 

 

 

 
5

 

 

 

 

 

 

 

 

 

 

 

 
5

Partnership distributions(2)
 

 
(113
)
 

 

 
(113
)
 

 
(28
)
 

 
(28
)
 

 
(47
)
 

 

 
(47
)
 

 
(8
)
 
(196
)
Acquisition of subsidiaries(3)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
3,429

 

 
3,429

Subsidiary distributions to
   non-controlling interest
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(188
)
 

 
(188
)
Balance as at June 30, 2017
 
$
4,226

 
$
(733
)
 
$
143

 
$
617

 
$
4,253

 
$
19

 
$
1

 
$
6

 
$
26

 
$
1,778

 
$
(320
)
 
$
(34
)
 
$
281

 
$
1,705

 
$
6,045

 
$
595

 
$
12,624

1.
Refer to Note 14 Accumulated Other Comprehensive Income.
2.
Refer to Note 13 Distributions.
3.
Refer to Note 3 Acquisition of Businesses.
 
 
Limited Partners
 
General Partner
 
Non-Controlling Interest – Redeemable
Partnership Units held by Brookfield
 
 
 
 
 
 
THREE-MONTH PERIOD
ENDED JUNE 30, 2016
US$ MILLIONS, UNAUDITED
 
Limited
partners’
capital

 
(Deficit)

 
Ownership
changes

 
Accumulated
other
comprehensive
income(1)

 
Limited
partners

 
General
partner
capital

 
Retained
earnings

 
Accumulated
other
comprehensive
income(1)

 
General
partner

 
Redeemable
units held by
Brookfield

 
(Deficit)

 
Ownership
changes

 
Accumulated
other
comprehensive
income(1)

 
Non-controlling
interest – 
Redeemable
Partnership
Units held by
Brookfield

 
Non-controlling
interest – in
operating
subsidiaries

 
Preferred
Unitholders
Capital

 
Total
partners’
capital

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as at March 31, 2016
 
$
3,719

 
$
(611
)
 
$
126

 
$
658

 
$
3,892

 
$
19

 
$

 
$
5

 
$
24

 
$
1,528

 
$
(266
)
 
$
(19
)
 
$
297

 
$
1,540

 
$
1,746

 
$
189

 
$
7,391

Net income
 

 
96

 

 


 
96

 

 
20

 

 
20

 

 
40

 

 

 
40

 
1

 
2

 
159

Other comprehensive income
   (loss)
 

 

 

 
63

 
63

 

 

 
1

 
1

 

 

 

 
25

 
25

 
(15
)
 

 
74

Comprehensive income (loss)
 

 
96

 

 
63

 
159

 

 
20

 
1

 
21

 

 
40

 

 
25

 
65

 
(14
)
 
2

 
233

Unit issuance
 
8

 

 

 

 
8

 

 

 

 

 

 

 

 

 

 

 

 
8

Unit repurchases
 
(6
)
 

 

 

 
(6
)
 

 

 

 

 

 

 

 

 

 

 

 
(6
)
Partnership distributions(2)
 

 
(93
)
 

 

 
(93
)
 

 
(20
)
 

 
(20
)
 

 
(38
)
 

 

 
(38
)
 

 
(2
)
 
(153
)
Acquisition of subsidiaries(3)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
627

 

 
627

Subsidiary distributions to
   non-controlling interest
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(22
)
 

 
(22
)
Disposition of interest
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(24
)
 

 
(24
)
Other Items
 

 
99

 
1

 
(99
)
 
1

 

 
1

 
(1
)
 

 

 
41

 
1

 
(41
)
 
1

 
7

 

 
9

Balance as at June 30, 2016
 
$
3,721

 
$
(509
)
 
$
127

 
$
622

 
$
3,961

 
$
19

 
$
1

 
$
5

 
$
25

 
$
1,528

 
$
(223
)
 
$
(18
)
 
$
281

 
$
1,568

 
$
2,320

 
$
189

 
$
8,063

1.
Refer to Note 14 Accumulated Other Comprehensive Income.
2.
Refer to Note 13 Distributions.
3.
Refer to Note 3 Acquisition of Businesses.

The accompanying notes are an integral part of the financial statements.
BROOKFIELD INFRASTRUCTURE PARTNERS L.P.
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL
 
 
Limited Partners
 
General Partner
 
Non-Controlling Interest – Redeemable
Partnership Units held by Brookfield
 
 
 
 
 
 
SIX-MONTH PERIOD
ENDED JUNE 30, 2017
US$ MILLIONS, UNAUDITED
 
Limited
partners’
capital

 
(Deficit)

 
Ownership
changes

 
Accumulated
other
comprehensive
income(1)

 
Limited
partners

 
General
partner
capital

 
Retained
earnings

 
Accumulated
other
comprehensive
income(1)

 
General
partner

 
Redeemable
units held by
Brookfield

 
(Deficit)

 
Ownership
changes

 
Accumulated
other
comprehensive
income(1)

 
Non-controlling
interest – 
Redeemable
Partnership
Units held  by
Brookfield

 
Non-controlling
interest – in
operating
subsidiaries

 
Preferred
Unitholders
Capital

 
Total
partners’
capital

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as at January 1, 2017
 
$
4,215

 
$
(483
)
 
$
143

 
$
736

 
$
4,611

 
$
19

 
$
1

 
$
7

 
$
27

 
$
1,778

 
$
(215
)
 
$
(34
)
 
$
331

 
$
1,860

 
$
2,771

 
$
375

 
$
9,644

Net (loss) income
 

 
(24
)
 

 

 
(24
)
 

 
56

 

 
56

 

 
(11
)
 

 

 
(11
)
 
146

 
14

 
181

Other comprehensive loss
 

 

 

 
(119
)
 
(119
)
 

 

 
(1
)
 
(1
)
 

 

 

 
(50
)
 
(50
)
 
(99
)
 

 
(269
)
Comprehensive (loss) income
 

 
(24
)
 

 
(119
)
 
(143
)
 

 
56

 
(1
)
 
55

 

 
(11
)
 

 
(50
)
 
(61
)
 
47

 
14

 
(88
)
Unit issuance
 
11

 

 

 

 
11

 

 

 

 

 

 

 

 

 

 

 

 
11

Partnership distributions(2)
 

 
(226
)
 

 

 
(226
)
 

 
(56
)
 

 
(56
)
 

 
(94
)
 

 

 
(94
)
 

 
(14
)
 
(390
)
Acquisition of subsidiaries(3)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
3,429

 

 
3,429

Subsidiary distributions to
   non-controlling interest
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(202
)
 

 
(202
)
Preferred unit issuance(4)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
220

 
220

Balance as at June 30, 2017
 
$
4,226

 
$
(733
)
 
$
143

 
$
617

 
$
4,253

 
$
19

 
$
1

 
$
6

 
$
26

 
$
1,778

 
$
(320
)
 
$
(34
)
 
$
281

 
$
1,705

 
$
6,045

 
$
595

 
$
12,624

1.
Refer to Note 14 Accumulated Other Comprehensive Income.
2.
Refer to Note 13 Distributions.
3.
Refer to Note 3 Acquisition of Businesses.
4.
Refer to Note 12 Partnership Capital.
 
 
Limited Partners
 
General Partner
 
Non-Controlling Interest – Redeemable
Partnership Units held by Brookfield
 
 
 
 
 
 
SIX-MONTH PERIOD
ENDED JUNE 30, 2016
US$ MILLIONS, UNAUDITED
 
Limited
partners’
capital

 
(Deficit)

 
Ownership
changes

 
Accumulated
other
comprehensive
income(1)

 
Limited
partners

 
General
partner
capital

 
Retained
earnings

 
Accumulated
other
comprehensive
income(1)

 
General
partner

 
Redeemable
units held by
Brookfield

 
(Deficit)

 
Ownership
changes

 
Accumulated
other
comprehensive
income(1)

 
Non-controlling
interest – 
Redeemable
Partnership
Units held  by
Brookfield

 
Non-controlling
interest – in
operating
subsidiaries

 
Preferred
Unitholders
Capital

 
Total
partners’
capital

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as at January 1, 2016
 
$
3,716

 
$
(559
)
 
$
126

 
$
555

 
$
3,838

 
$
19

 
$

 
$
4

 
$
23

 
$
1,528

 
$
(245
)
 
$
(19
)
 
$
254

 
$
1,518

 
$
1,608

 
$
189

 
$
7,176

Net income
 

 
137

 

 

 
137

 

 
40

 

 
40

 

 
57

 

 

 
57

 
9

 
4

 
247

Other comprehensive income
 

 

 

 
166

 
166

 

 

 
2

 
2

 

 

 

 
68

 
68

 
67

 

 
303

Comprehensive income
 

 
137

 

 
166

 
303

 

 
40

 
2

 
42

 

 
57

 

 
68

 
125

 
76

 
4

 
550

Unit issuance
 
11

 

 

 

 
11

 

 

 

 

 

 

 

 

 

 

 

 
11

Unit repurchases
 
(6
)
 

 

 

 
(6
)
 

 

 

 

 

 

 

 

 

 

 

 
(6
)
Partnership distributions(2)
 

 
(186
)
 

 

 
(186
)
 

 
(40
)
 

 
(40
)
 

 
(76
)
 

 

 
(76
)
 

 
(4
)
 
(306
)
Acquisition of subsidiaries(3)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
691

 

 
691

Disposition of interest
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(24
)
 

 
(24
)
Subsidiary distributions to
   non-controlling interest
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(38
)
 

 
(38
)
Other Items
 

 
99

 
1

 
(99
)
 
1

 

 
1

 
(1
)
 

 

 
41

 
1

 
(41
)
 
1

 
7

 

 
9

Balance as at June 30, 2016
 
$
3,721

 
$
(509
)
 
$
127

 
$
622

 
$
3,961

 
$
19

 
$
1

 
$
5

 
$
25

 
$
1,528

 
$
(223
)
 
$
(18
)
 
$
281

 
$
1,568

 
$
2,320

 
$
189

 
$
8,063

1.
Refer to Note 14 Accumulated Other Comprehensive Income.
2.
Refer to Note 13 Distributions.
3.
Refer to Note 3 Acquisition of Businesses.

The accompanying notes are an integral part of the financial statements.

Q2 2017 INTERIM REPORT 5


BROOKFIELD INFRASTRUCTURE PARTNERS L.P.
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
 
For the three-month period ended June 30
 
For the six-month period ended June 30
US$ MILLIONS, UNAUDITED
Notes
 
2017

 
2016

 
2017

 
2016

Operating Activities
 
 
 
 
 
 
 
 
 
Net income
 
 
$
135

 
$
159

 
$
181

 
$
247

Adjusted for the following items:
 
 
 
 
 
 
 
 
 
Earnings from investments in associates and joint ventures, net of distributions received
7
 
(16
)
 
(103
)
 
(21
)
 
(90
)
Depreciation and amortization expense
5,6
 
206

 
108

 
326

 
208

Mark-to-market on hedging items, provisions and other
4
 
54

 
(16
)
 
75

 
(32
)
Deferred tax expense (recovery)
 
 
18

 
(7
)
 
18

 
(12
)
Changes in non-cash working capital, net
 
 
22

 
18

 
18

 

Cash from operating activities
 
 
419

 
159

 
597

 
321

 
 
 
 
 
 
 
 
 
 
Investing Activities
 
 
 
 
 
 
 
 
 
Acquisition of subsidiaries, net of cash acquired
3
 
(4,203
)
 
(285
)
 
(4,203
)
 
(320
)
Disposal of subsidiaries, net of cash disposed of
 
 

 
127

 

 
127

Investments in associates and joint ventures
7
 
(269
)
 
(502
)
 
(318
)
 
(504
)
Purchase of long lived assets
5,6
 
(176
)
 
(131
)
 
(351
)
 
(294
)
Disposal of long lived assets
5,6
 

 
2

 
41

 
2

Purchase of financial assets
 
 
(76
)
 

 
(219
)
 
(35
)
Sale of financial assets
 
 
148

 
11

 
195

 
28

Net settlement of foreign exchange hedging items
 
 
(10
)
 
(20
)
 
(40
)
 
30

Cash used by investing activities
 
 
(4,586
)
 
(798
)
 
(4,895
)
 
(966
)
 
 
 
 
 
 
 
 
 
 
Financing Activities
 
 
 
 
 
 
 
 
 
Distributions to general partner
13
 
(28
)
 
(20
)
 
(56
)
 
(40
)
Distributions to other unitholders
13
 
(168
)
 
(133
)
 
(334
)
 
(266
)
Subsidiary distributions to non-controlling interest
 
 
(188
)
 
(22
)
 
(202
)
 
(38
)
Capital provided by non-controlling interest
3
 
2,817

 
293

 
2,817

 
357

Capital provided to non-controlling interest
 
 

 
(18
)
 

 
(18
)
Proceeds from corporate borrowings
8
 
309

 

 
537

 

Proceeds from corporate credit facility
8
 
792

 
926

 
1,253

 
1,415

Repayment of corporate credit facility
8
 
(473
)
 
(280
)
 
(479
)
 
(617
)
Proceeds from subsidiary borrowings
8
 
325

 
527

 
341

 
595

Repayment of subsidiary borrowings
8
 
(75
)
 
(507
)
 
(132
)
 
(540
)
Repayment of other financing activities
 
 

 

 

 
(38
)
Preferred units issued
12
 

 

 
220

 

Partnership units issued, net of issuance costs
12
 
5

 
8

 
11

 
11

Partnership units repurchased
 
 

 
(6
)
 

 
(6
)
Cash from financing activities
 
 
3,316

 
768

 
3,976

 
815