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Brookfield Business Partners
CORPORATE PROFILE
AUGUST 2020
2
BBUNYSE
BBU.UNTSX
~$4BMARKET CAP1
Business Services and Industrials companyfocused on long-term capital appreciation
1) As at market close August 3, 2020
3
Our Strategy
Overall objective is to create long-term intrinsic value
Acquire Businesses on a
Value Basis
Operations-Oriented
Approach to Enhance Value
Monetize Mature Businesses &
Recycle Capital
4
Acquire and manage high quality operations globally
Target 15% to 20% return on investments with a focus on capital appreciation
• Broad investment mandate with flexibility to invest across multiple industries and through many forms
• Leverage Brookfield’s global expertise as an owner and operator of real assets
• Acquire market leaders and businesses with high barriers to entry and/or low production costs, add value through operational and other improvements
• Closely partnering with management teams for long term business success focused on profitability and sustainability of margins and cash flows
• Opportunistically recycle capital, selling interests in businesses when value is maximized
• Global sourcing capability and a proven track record over 30+ years of investing and managing businesses
5
Three primary operating segments
BusinessServices
• Residential mortgage insurance
• Healthcare services
• Road fuel distribution and marketing
• Construction services
• Others; real estate services, entertainment, fleet management, financial advisory and lending, technology services
Industrials
• Advanced battery production
• Graphite electrode production
• Water / wastewater services
• Others; returnable plastic packaging, natural gas production, aggregates,oilfield services, auto parts
InfrastructureServices
• Services to the power generation industry
• Services to the offshore oil production industry
• Services to industrial and commercial facilities
Leveraging Brookfield’s expertise as an owner and operator of real assets
$17B ASSETS $11B ASSETS $22B ASSETS
Note: Assets as at June 30, 2020
6
Global investment and operational team with a local presence
ASIA PACIFICSOUTH AMERICA
Global scale
Note: As at June 30, 2020
70,000+OPERATING EMPLOYEES
NORTH AMERICA
~140INVESTMENT PROFESSIONALS
EUROPE AND MIDDLE EAST
Corporate offices
$23BASSETS $14B
ASSETS
$5BASSETS
$8BASSETS
7
Our business has substantially increased in size and scale
Meaningful growth in EBITDA and cash flow over the past three years
Company FFO ($M)
Company EBITDA($M)
$252
$733
$1,102
2017 2018 2019
$240
$843
$1,213
2017 2018 2019
8
$617
$670
$445
$218
BrandSafway
GenworthCanada
Deployed ~$1.9 billion of capital and generated ~$650 million of proceedsover the last 12 months1
Recycling capital to support growth
Monetizations and Distributions($M)
Deployed Capital($M)
1) As at June 30, 20202) Others includes Ouro Verde, Indostar, the acquisition of remaining interests in Altera Infrastructure and investments in public securities
~$1.9B
Others2
~$330
~$320
~$650M
Distributions
Sales
Cardone
9
As at
US$ MILLIONS, UNAUDITED June 30, 2020 December 31, 2019
Corporate cash and financial assets $ 243 $ 274
Committed corporate credit facilities 1,667 2,075
Total liquidity $ 1,910 $ 2,349
As at
US$ MILLIONS, UNAUDITED June 30, 2020 December 31, 2019
Business Services $ 808 $ 773
Infrastructure Services 2,520 2,208
Industrials 3,866 3,878
Corporate and Other 253 Nil
Total $ 7,447 $ 6,859
• $2.3 billion of proforma liquidity, including funding for known transactions
• Increased the borrowing capacity on our credit facilities by $500 million in July 2020
• Non-recourse debt held at the operating company level
• Principal sources of liquidity include:‒ Cash and public securities‒ Undrawn corporate credit facilities‒ Cash flows from our operations‒ Monetization of mature businesses‒ Access to capital markets
Significant liquidity to take advantage of market opportunities and support our businesses
Strong balance sheet position
CORPORATE L IQUIDITY
PROPORTIONAL NON-RECOURSE BORROWINGS
10
Our Business Operations
11
14%
39%
BusinessServices
Industrials
InfrastructureServices
Portfolio diversified across sectors and regions
Our business at a glance
COMPANY FFO1
TRAILING 12 MONTHS ENDED JUNE 30, 2020COMPANY EBITDA1
TRAILING 12 MONTHS ENDED JUNE 30, 2020
1) Total Company EBITDA and FFO includes the Corporate and Other segment. Calculation of segment percentage excludes Corporate and Other segment
16%
40%
44%
BusinessServices
Industrials
InfrastructureServices
$1.3B $829M
47%
12
H E AL T H C AR E
Leading private hospital provider in Australia
Leading global construction company delivering landmark real estate assets
C O N S T R U C TI ON S E R V I C E S
R E S ID E N T IAL M O R TGAG E I N S U R AN C E
Largest private sector residential mortgage insurer in Canada
Services leveraging expertise around real asset value chain
Business Services
O T H E R S
Road fuels, real estate services, entertainment, fleet management, financial advisory and lending, technology services
13
Leading provider of critical offshore oil & gas transportation and production services
Leading provider of services to more than half the world’s nuclear power generation facilities
S E R V IC E S T O N U C LE AR P O WE R I N D U S T R Y
Leading service providers to large scale infrastructure assets
Infrastructure Services
Leading provider of work access, forming and shoring solutions, and specialty services
S E R V IC E S T O I N D U S TR IAL AN D C OM M E R C IAL F AC I L I T IE S
S E R V IC E S T O O F F S H OR E O I L P R O D U C T IO N
14
AU T O M OTIV E B AT T E R IE S
Leading global manufacturer of advanced automotive battery technologies
High barriers to entry or low production costs leveraging operational expertise
Industrials
A leading global graphite electrode manufacturer for electric arc furnace steelmaking
G R AP H I TE E L E C TR OD E P R O D U C T IO N
W AT E R & W AS T E WAT E R S E R V IC E S
O T H E R S
Returnable packaging producer, natural gas production, aggregates, oilfield services, auto parts
Largest private water and wastewater services company in Brazil
15
Approach to Operations
16
BBU Investment TeamsBusiness Services
Infrastructure Services Industrials
BBU Business Ops TeamNorth
AmericaSouth
America Europe APAC
Timing & Negotiations
Transaction Structuring
Closing
Aligning expertise to drive portfolio company value
Due Diligence
Transaction Structuring
Business Plan & Strategy
Governance Strategy Business Planning
Performance Improvement
Acquisition Operations Management
PORTFOLIO COMPANY
Monetization
17
Our approach to Environment, Social, Governance (“ESG”)
Our ESG principles are embedded throughout our operations and help to ensure that our business model will be sustainable well into the future
• Since acquisition BRK has implemented a Work Safety Management system and reduced high-risk activities
Employee Safety• Every year doctors and nursing staff volunteer with the
charity ‘Smile for ME’ to perform life-changing surgeries in the Philippines for ~80 children with cleft palate and cleft lip deformities
Hea l thscope
Community
BRK Ambienta l
ENSURE THE WELL-BEING AND SAFETY
OF EMPLOYEES
BE GOOD STEWARDSIN THE COMMUNITIES
IN WHICH WE OPERATE
MITIGATE THE IMPACTOF OUR OPERATIONS
ON THE ENVIRONMENT
CONDUCT BUSINESSACCORDING TO THE HIGHEST
ETHICAL AND LEGAL STANDARDS
PROVIDER OF CLEAN WATER AND WASTEWATER SERVICES TO 15 MILLION PEOPLE IN BRAZIL
PRIVATE HOSPITAL OPERATOR IN AUSTRALIAAND PATHOLOGY PROVIDER IN NEW ZEALAND
2017 2019 2017 2019
# Total Accidents Severity Rate
-10%-38%
18
We consider ESG factors across all stages of the investment lifecycle
We implement ESG principles as appropriate for each investment based on the business’ activity, location and industry of operation
Key Risks and Opportunities
• BRIBERY AND CORRUPTION RISK
• HEALTH AND SAFETY RISKS
• ETHICAL CONSIDERATIONS
• ENVIRONMENTAL MATTERS
• ENERGY EFFICIENCY IMPROVEMENTS
• CODE OF CONDUCT
• ANTI-BRIBERY AND CORRUPTION POLICY
• CYBER SECURITY PROGRAM
• WHISTLEBLOWER HOTLINE
• OTHERS
PRE-ACQUISITION
• Identify relevant material ESG risks and opportunities during due diligence
• Present findings to the Investment Committee
ACQUISITIONONBOARDING
• Create a tailored integration plan including ESG matters
• Establish governance framework and reporting protocols
ONGOINGOVERSIGHT
• Track ESG key performance indicators, risks and opportunities
• Share best practices across our portfolio companies
Governance Framework
19
LTMMarch 31, 2018
2019 Year-EndRun Rate
Long-TermUpside Potential
Case Study: Westinghouse Electric Company
Leading provider of services to the nuclear power industry
• Largest services provider to global nuclear power fleet with a large installed base and long-term contracted cash flows, acquired for value out of bankruptcy
• Leverage Brookfield’s expertise in renewable power• Implement profitability improvement initiatives to reduce
costs and improve organizational responsiveness• Optimize efficiency of supply chain• Align sales resources to improve commercial terms• Enhance and expand service offering
• $600 million run rate EBITDA achieved at year end 2019• Realized $590 million in distributions ($260 million net to
BBU) to date, returning over 60% of equity invested
O V E R V IE W
Investment Date: 2018
Purchase Price: $4 billion
BBU Invested Equity: $405 million
BBU Ownership Interest: ~44%
Operating Segment: Infrastructure Services
I N V E S TM E N T T H E S I S
V AL U E C R E AT I ON
P R O GR E S S T O D AT E
Annualized EBITDA1
($M)
1) Actual results may vary materially and are subject to market conditions and other factors
$440M
~$600M
$700M - $800M
20
$247$144 $121
$46 ($3) $96
$1,205
$1,048
2012 2013 2014 2015 2016 2017 2018 2019
Case Study: GrafTech
Leading producer of graphite electrodes used in electric arc furnace steel production
• A vertically integrated, low cost producer of graphite electrodes with high barriers to entry, opportunistically acquired at a low point in the cycle
• Rationalized capacity and refocused business on core electrode manufacturing production
• Implemented $100 million in cost savings• Capitalized on improving market conditions with
execution of multi-year take-or-pay sales agreements
• Generated $1.4 billion of proceeds from IPO, distributions and share buybacks
• Realized ~4x multiple of invested capital• BBU continues to own 26% of the business
I N V E S TM E N T T H E S I S
V AL U E C R E AT I ON
P R O GR E S S T O D AT E
1) Current BBU ownership interest is 26%
Adjusted EBITDA($M)
Pre-BBU Ownership
Investment Date: 2015
Purchase Price: $1.25 billion
BBU Invested Equity: $295 million
BBU Initial Ownership Interest: 34%1
Operating Segment: Industrials
O V E R V IE W
21
Appendix I: Financial Disclosure
22
Selected segmented financial information
S T AT E M E N T S O F F I N AN C I AL P O S IT I ONS T AT E M E N TS O F O P E R AT I N G R E S U L TS 1,2
1) Company FFO is a non-IFRS measure which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Company FFO is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate, and other items. Company FFO is presented net to unitholders. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. For further information on Company FFO see “Definitions” at the back of the Corporate Profile.
2) Company EBITDA is non-IFRS measure which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments, and other items. Company EBITDA is presented net to unitholders. When determining Company EBITDA, we include our proportionate share of Company EBITDA of equity accounted investments.
US$ MILLIONS, UNAUDITED
As of
Jun. 30, 2020 Dec. 31, 2019Proportionate non-recourseborrowings, net of cash
Business Services $ 400 $ 429Infrastructure Services 2,314 2,009Industrials 3,659 3,686Corporate and Other 213 (63)
Proportionate non-recourse borrowings, net of cash $ 6,586 $ 6,061
Equity attributableto unitholders
Total Equity 9,757 11,053Less: Interest of others in operating subsidiaries 6,672 7,261
Equity attributable to unitholders $ 3,085 $ 3,792
Three monthsended Jun. 30
Trailing twelve months ended Jun. 30
US$ MILLIONS, UNAUDITED 2020 2019 2020 2019Company EBITDA
by segmentBusiness Services $ 64 $ 61 $ 198 $ 168Infrastructure Services 148 88 549 439Industrials 98 108 647 448Corporate and Other (24) (20) (104) (82)
Company EBITDA $ 286 $ 237 $ 1,290 $ 973
Company FFOby segment
Business Services $ 39 $ 342 $ 139 $ 422Infrastructure Services 87 54 349 301Industrials 62 46 385 386Corporate and Other (15) (7) (44) (51)
Company FFO1 $ 173 $ 435 $ 829 $ 1,058
23
Significant portfolio companies
Summary of notable portfolio companies
1) As at June 30, 2020, does not include impact of subsequent events2) A portion of Brookfield Business Partners’ investment may be syndicated to other institutional partners
Segment Description Notable Portfolio Companies Economic Interest1
Business ServicesService businesses in commercial and residentialreal estate, mortgage insurance, construction,health services and fuel distribution and marketing
Multiplex 100%
Healthscope 28%
Genworth Canada 24%
Infrastructure ServicesInfrastructure businesses servicing the powergeneration, offshore oil production industries andIndustrial and commercial facilities
Westinghouse 44%
Altera Infrastructure 43%
BrandSafway 17%2
IndustrialsIndustrial businesses including manufacturing,water and wastewater services, natural gasproduction and metals and mining
GrafTech International 26%
BRK Ambiental 26%
Clarios 28%
24
Acquisitions
Summary of acquisitions since spin-off1,2
Segment Portfolio Company Acquisition Date Invested Capital1 Economic Interest2
Business Services
Greenergy3 May 2017 $88 million 18%
One Toronto January 2018 $6 million 14%
Imagine October 2018 $21 million 31%
Healthscope June 2019 $285 million 28%
Ouro Verde July 2019 $45 million 35%
Genworth Canada December 2019 $670 million 24%
Infrastructure Services
Altera Infrastructure September 2017 $427 million 43%
Westinghouse August 2018 $405 million 44%
BrandSafway January 2020 $445 million 17%4
Industrials
BRK Ambiental April 2017 $383 million 26%
Schoeller Allibert May 2018 $45 million 14%
Clarios April 2019 $820 million 28%
Cardone February 2020 $294 million 52%
1) Figures are presented net to Brookfield Business Partners L.P.2) As at June 30, 2020, does not include impact of subsequent events, unless otherwise noted3) Includes fuel marketing business, which was acquired in July 20174) A portion of Brookfield Business Partners’ investment may be syndicated to other institutional partners
25
Appendix II: Recent Significant Acquisitions
26
IPO 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Book Equity per ShareDividend Reinvestment per Share
Genworth Canada
Largest private residential mortgage insurer in Canada
• Leading essential service provider of mortgage default insurance to the Canadian banking industry
• Highly regulated industry provides natural barriers to entry
• History of generating stable long-term cash flows throughout business and housing cycles
• Additional income earned from ~$4.5 billion investment portfolio
• Acquired for value from highly motivated seller
• Leverage Brookfield’s residential real estate expertise and relationships to grow market share
• Optimize the capital structure and enhance the returns earned on its investment portfolio
I N V E S TM E N T T H E S I S
V AL U E C R E AT I ON O P P O R TU N I T IE S
Investment Date: December 2019
Purchase Price: $1.7 billion
BBU Invested Equity: $670 million
BBU Ownership Interest: 24%
Operating Segment: Business Services
O V E R V IE W
Historical Shareholder Value Creation (C$/share)1
$19
$91
1) Value Creation includes book value and accumulated value from dividends, assuming dividend reinvestment at historical book value per share equal to an implied annual return of 13%. Dollar per share values represent market price of one share bought at IPO and at December 31, 2019 assuming reinvestment of dividends at historical market prices.
27
BrandSafway
Leading provider of access, forming and shoring solutions and specialized services
• Largest player with 16% share in fragmented market and leader in safety, innovation, productivity and engineering
• Durable cash flows with ~70% of revenue from recurring maintenance, turnaround, sustaining capital and refurbs
• Resilient business model with diversified end market, geographic exposure and low customer concentration
• Improvements to organizational model, commercial operations, project execution and procurement
• Cost savings from synergies of the recent acquisition of three large legacy businesses
• Revenue growth initiatives building on strong, customer-centric culture
• M&A opportunities as “acquirer of choice” in a fragmented industry
I N V E S TM E N T T H E S I S
V AL U E C R E AT I ON O P P O R TU N I T IE SRevenue by End Market
Investment Date: January 2020
Purchase Price: $1.3 billion
BBU Invested Equity: $445 million
BBU Ownership Interest: 17%
Operating Segment: Infrastructure Services
70%
30%Commercial
Industrial
O V E R V IE W
28
Appendix III: Significant Dispositions Over the Last Twelve Months
29
North American Palladium
Sale of pure play palladium producer for ~$145 million in 2019
• Acquired high-quality assets for value through a rescue financing and subsequent recapitalization at the onset of a supply-demand dislocation for palladium
• Implementation of a new underground mining method to increase production and lower costs, doubled mill throughput, expanded proved and probable reserves by 89%
• Benefited from palladium prices that doubled during our ownership
• Achieved over 30x increase in run-rate EBITDA and repaid debt in full
• ~$145 million in net proceeds to BBU including ~$15 million from secondary sale and ~$130 million from sale to Implatsin December 2019
• Realized a 3.3x multiple of invested capital and IRR of 26%
I N V E S TM E N T T H E S I S
V AL U E C R E AT I ON
M O N ET IZ AT I O N
Adjusted EBITDA(C$M)
Investment Date: 2015 - 2019
BBU Invested Equity: $49 million
BBU Initial Ownership Interest: 23%
Operating Segment: Industrials
$5
$168
2016 2018
O V E R V IE W
26%IRR
3.3xMULTIPLE OF
INVESTED CAPITAL
30
Appendix IV: Governance
31
Structure
• Brookfield Business Partners has entered into a Master Services Agreement with Brookfield Asset Management
‒ Annual base management fee equal to 1.25% of total capitalization of Brookfield Business Partners
• Brookfield Asset Management entitled to incentive distributions equal to 20% of an increase in the volume weighted average unit price of BBU over an established incentive distribution threshold
‒ Current incentive distribution threshold is $41.96/unit
Note: For further information regarding the arrangements refer to the Management Services Agreement available in the public filings of Brookfield Business Partners in the U.S. and Canada
32
Governance
Cyrus Madon Chief Executive Officer
Jaspreet Dehl Chief Financial Officer
Denis Turcotte Chief Operating Officer
SENIOR MANAGEMENT TEAM
INVESTOR RELATIONS CONTACT
Alan Fleming
North America 1-866-989-0311Global +1-416-645-2736Email: bbu.enquiries@brookfield.com
33
Definitions and Use of Non-IFRS Measures
• Company Funds From Operations (Company FFO), where applicable, is a key measure of our financial performance and we use Company FFO to assess our business performance. Company FFO is a non-IFRS measure which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Company FFO is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate, and other items. Company FFO is presented net to unitholders. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. For further information on Company FFO see “Use of Non IFRS Measures” of the 2020 6-K.
• Company EBITDA, is a key measure of our financial performance and we use Company EBITDA to assess operating results and our business performance. Company EBITDA is non-IFRS measure which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments, and other items. Company EBITDA is presented net to unitholders. When determining Company EBITDA, we include our proportionate share of Company EBITDA of equity accounted investments. For further information on Company EBITDA see “Use of Non-IFRS Measures” of the 2020 6-K.
• Equity attributable to unitholders is exclusive of the equity interest of others in our operating subsidiaries
• Unitholders are defined as limited partnership unitholders, general partnership unitholders, special limited partnership unitholders and redemption-exchange unitholders post Spin-off.
1) For further information regarding the arrangements refer to the Management Services Agreement available in the public filings of Brookfield Business Partners in the U.S. and Canada
34
Important Cautionary Notes
All amounts are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this document is presented as of June 30, 2020.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATIONThis Corporate Profile 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. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. In some cases, forward-looking statements can be identified by terms such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners L.P. and its subsidiaries to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking
statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business, including as a result of the recent novel coronavirus outbreak (“COVID-19”); the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes, and hurricanes and pandemics/epidemics; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
In addition, our future results may be impacted by the economic shutdown resulting from the COVID-19 pandemic and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may negatively impact our revenues, affect our ability to identify and complete future transactions, impact our liquidity position and result in a decrease of cash flows and impairment losses and/or revaluations on our investments and assets, and therefore we may be unable to achieve our expected returns. See “Risks Associated with the COVID-19 Pandemic” in the “Risks and Uncertainties” section included in our Management’s Discussion and Analysis of Financial Condition and Results of Operations for the second quarter ended June 30, 2020 to be made available.
Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and
assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Brookfield Business Partners undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURESThis Corporate Profile contains references to Non-IFRS Measures. When determining Company FFO and Company EBITDA, we include our unitholders’ proportionate share of Company FFO and Company EBITDA for equity accounted investments. Company FFO and Company EBITDA are not generally accepted accounting measures under IFRS and therefore may differ from definitions used by other entities. We believe these metrics are useful supplemental measures that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Company FFO and Company EBITDA should not be considered in isolation from, or as substitutes for, analysis of our financial statements prepared in accordance with IFRS.
References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Brookfield Business Partners’ results include publicly held limited partnership units, redemption-exchange units, general partnership units and special limited partnership units. More detailed information on certain references made in this corporate profile will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations for the quarter ended June 30, 2020.
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