Brookfield Infrastructure Announces Year-End 2011 Results
Distribution increased by 7%
(firmenpresse) - HAMILTON, BERMUDA -- (Marketwire) -- 02/09/12 -- Brookfield Infrastructure Partners L.P. (NYSE: BIP)(TSX: BIP.UN) -
Brookfield Infrastructure today announced its results for the year ended December 31, 2011.
Brookfield Infrastructure posted strong results for the year ended December 31, 2011, with funds from operations ("FFO")(1) totalling $392 million ($2.41 per unit) compared to FFO of $197 million ($1.79 per unit) in 2010. The 35% increase in FFO per unit was largely attributable to accretion from the merger with Prime Infrastructure during the fourth quarter of 2010. Results also reflect a significant increase in FFO from Brookfield Infrastructure's utilities and timber segments, partially offset by below average performance in its transport and energy segment.
"Brookfield Infrastructure units provided a total return to unitholders of 39%(3) in 2011. The strong performance in the unit price reflects the growth in our distributions and the significant investor interest in companies such as Brookfield Infrastructure with secure cash flows and growth generated from self-sustaining business models," said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure Group. "Our performance in 2011 also demonstrates our diversification, which has enabled our business to produce stable cash flow throughout very challenging economic conditions."
Pollock added, "We expect to increase our funds from operations in the future through both organic growth and acquisitions, while maintaining a conservative, investment grade balance sheet."
Segment Performance
Brookfield Infrastructure's utilities segment generated FFO of $275 million in 2011, versus $144 million in 2010. In addition to the favourable impact of the Prime merger, growth in this segment was driven by its UK regulated distribution business. The transport and energy segment generated FFO of $167 million, compared to $91 million in 2010. This segment's performance was negatively impacted by adverse operating conditions in both its North American gas transmission business and Australian railroad.
Brookfield Infrastructure's timber operations reported FFO of $33 million in 2011, compared to $11 million last year. Realized prices increased by 14% versus last year, reflecting strong demand from Asian markets. In response to this price environment, Brookfield Infrastructure increased its harvest by 28% over last year. For the year, the timber segment's EBITDA margin was 39%.
The following table presents net income and FFO by segment:
Increased Distributions
The Board of Directors has declared a quarterly distribution in the amount of US$0.375 per unit, payable on March 30, 2012 to unitholders of record as at the close of business on February 29, 2012. This distribution represents a 7% increase, and it is consistent with Brookfield Infrastructure's policy of targeting a sustainable distribution in the range of 60-70% of FFO. For 2011, Brookfield Infrastructure's distribution implied a payout ratio(4) of 55% of FFO.
Distributions are eligible for reinvestment under the Partnership's Distribution Reinvestment Plan. Information on this Plan and on declared distributions can be found on Brookfield Infrastructure's website under Investor Relations/Distributions.
Renewal of Normal Course Issuer Bid
The Toronto Stock Exchange accepted a notice filed by Brookfield Infrastructure of its intention to renew its normal course issuer bid. Brookfield Infrastructure believes that in the event that limited partnership units ("Units") trade in a price range that does not fully reflect their value, the acquisition of Units may represent an attractive use of available funds.
Under the normal course issuer bid, the Board of Directors of the general partner of Brookfield Infrastructure authorized Brookfield Infrastructure to repurchase up to $40 million of Units. Under the rules of the Toronto Stock Exchange, Brookfield Infrastructure may purchase an aggregate of up to 13,003,085 Units, representing 10% of the public float of the Units on January 31, 2012. At the close of business on January 31, 2012, there were issued and outstanding 132,352,111 Units and a public float of 130,030,851 Units. Under the normal course issuer bid, Brookfield Infrastructure may purchase up to 24,339 Units on the Toronto Stock Exchange during any trading day, which represents 25% of the average daily trading volume of the Units on the Toronto Stock Exchange for the six months ended January 31, 2012. Repurchases are authorized to commence on February 13, 2012 and will terminate on February 12, 2013, or earlier should Brookfield Infrastructure complete its repurchases prior to such date. All purchases will be made through the facilities of the Toronto Stock Exchange or the New York Stock Exchange, and all Units acquired under the normal course issuer bid will be cancelled. Brookfield Infrastructure did not acquire any Units in the past 12 months under its previous normal course issuer bid, which expired on December 9, 2011. Repurchases will be subject to compliance with applicable United States federal securities laws, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended, as well as applicable Canadian securities laws.
Additional Information
The Letter to Unitholders and the Supplemental Information for the three and 12 months ended December 31, 2011 contain further information on Brookfield Infrastructure's strategy, operations and financial results. Unitholders are encouraged to read these documents, which are available at .
Brookfield Infrastructure operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Its current business consists of the ownership and operation of premier utilities, transport and energy, and timber assets in North and South America, Australasia, and Europe. It also seeks acquisition opportunities in other infrastructure sectors with similar attributes. The payout policy targets 3% to 7% annual growth in distributions. Units trade on the New York and Toronto Stock Exchanges under the symbols BIP and BIP.UN, respectively. For more information, please visit Brookfield Infrastructure's website at .
Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words, "will", "could", "estimate", "tend to", "continue", "believe", "expect", "target" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding expansion of Brookfield Infrastructure's business and funds from operations through growth opportunities within its operations and the level of distribution growth over the next several years. Although Brookfield Infrastructure believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward looking statements or information in this news release. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties.
Factors that could cause actual results of the Partnership and Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this news release include general economic conditions in the jurisdictions in which we operate and elsewhere which may impact the markets for our products, the ability to achieve growth within Brookfield Infrastructure's businesses and in particular completion on time and on budget of various large capital projects at some of the mining customers of our railroad business, which themselves depend on access to capital and continuing favourable commodity prices, the competitive business environment for our timber operations, the fact that success of Brookfield Infrastructure is dependent on market demand for an infrastructure company, which is unknown, the availability of equity and debt financing for Brookfield Infrastructure, the ability to effectively complete new acquisitions in the competitive infrastructure space and to integrate acquisitions into existing operations, and other risks and factors described in the documents filed by Brookfield Infrastructure with the securities regulators in Canada and the United States including under "Risk Factors" in Brookfield Infrastructure's most recent Annual Report on Form 20-F and other risks and factors that are described therein. Except as required by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Contacts:
Investors:
Brookfield Infrastructure Partners L.P.
Tracey Wise
Vice President, Investor Relations
416-956-5154
Media:
Brookfield Infrastructure Partners L.P.
Andrew Willis
Senior Vice President, Communications and Media
416-369-8236
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Datum: 09.02.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 112791
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