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Brookfield Renewable Announces Record Results and 5% Distribution Increase

·21 min read
GlobeNewswire Inc.

All amounts in U.S. dollars unless otherwise indicated

BROOKFIELD, News, Feb. 04, 2022 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“Brookfield Renewable” or "BEP") today reported financial results for the three and twelve months ended December 31, 2021.

“2021 was another strong year for our business as we achieved our highest ever FFO per unit, deployed capital in-line with our target and continued to expand our development activities with over 15,000 megawatts of capacity under construction or in late-stage development and an overall global development pipeline of 62,000 megawatts,” said Connor Teskey, CEO of Brookfield Renewable. “Looking ahead, decarbonization is now firmly established as an objective of the global economy and as one of the pre-eminent global clean energy companies with deep operating capabilities and scale, we are uniquely positioned to execute on the most attractive decarbonization investment opportunities around the world.”

Financial Results

UNAUDITED
FOR THE PERIODS ENDED DECEMBER 31

Three Months Ended

Years Ended

(US $ millions, except per unit amounts)

2021

2020

2021

2020

Select Financial Information

Net loss attributable to Unitholders

$

(57

)

$

(120

)

$

(368

)

$

(304

)

Per LP unit(1)

(0.12

)

(0.22

)

(0.69

)

(0.61

)

Funds From Operations (FFO)(2)

214

201

934

807

Per Unit(2)(3)

0.33

0.31

1.45

1.32

Normalized Funds From Operations (FFO)(2)(4)

263

242

1,091

882

Per Unit(2)(3)(4)

0.41

0.37

1.69

1.45

Operational Information

Total generation (GWh)

– Long-term average generation

14,946

14,333

58,913

57,457

– Actual generation

14,585

13,247

56,629

52,782

Brookfield Renewable Partner's share (GWh)

– Long-term average generation

7,197

7,354

29,852

27,998

– Actual generation

6,637

6,583

27,150

26,052

Brookfield Renewable reported FFO of $934 million or $1.45 per Unit of FFO for the twelve months ended December 31, 2021, a 10% increase from the prior year or 17% on a normalized basis supported by the stability of our high-quality, inflation-linked contracted cash flows, organic growth initiatives and contributions from acquisitions. After deducting non-cash depreciation, deferred income taxes recovery, foreign exchange and derivative gains (losses) and other, our Net loss attributable to Unitholders for the twelve months ended December 31, 2021 was $368 million or $0.69 per LP unit.

Other Highlights for 2021 Include:

  • We advanced key commercial priorities, securing contracts to deliver 11,000 gigawatt hours of clean energy annually including 6,000 gigawatt hours to corporate offtakers and completed cost savings initiatives that have delivered $20 million of savings on an annualized basis.

  • We commissioned approximately 1,000 megawatts of new capacity and progressed over 15,000 megawatts through construction and advanced-stage development.

  • We agreed to invest approximately $4.3 billion (~$1.1 billion net to Brookfield Renewable) of capital across various transactions in every major market and technology we operate in. We further diversified our business with our first investment in offshore wind, and we expanded our hydroelectric and battery storage portfolios.

  • We maintained our robust investment grade balance sheet and ended the year with over $4 billion of available liquidity and access to significant sovereign and institutional capital that we can invest alongside of, which provides enhanced flexibility for future growth.

Spotlight On Hydros

We continue to believe hydropower is the premier renewable technology due to its perpetual nature and dispatchability. And while the asset classes of wind and solar are certainly growing faster, the benefits of hydro are rapidly increasing in today’s market environment. As decarbonization continues to drive additional demand for carbon-free baseload generation, our scale hydroelectric portfolio will continue to be a meaningful differentiator for our business and positions us as a partner of choice to support governments and companies in achieving their carbon reduction goals. Further, the dispatchable or embedded storage benefits of hydro are becoming increasingly beneficial as more intermittent renewables are added to the grid. Recently, we executed on several initiatives that highlight the unique and valuable nature of our hydroelectric business.

In December, we signed a 40-year power purchase agreement at our 265-megawatt Lievre facilities in Canada with Hydro Quebec. The contract represents an attractive premium to the prices the facility has historically achieved, generating an additional $20 million of revenue per annum. More importantly, given the duration of the contract and the quality of the counterparty, we concurrently raised an additional C$1.0 billion of 40-year investment grade debt on the facility at very attractive fixed rates. We will redeploy this capital into growth, and when deployed at our target returns, it is expected to generate over $100 million of annual net FFO for the business. Said differently, through the recontracting and upfinancing of a single hydro asset, we can fund the majority of our targeted 2022 equity deployment at exceptionally attractive rates. With over 5,500 gigawatt hours of generation available for recontracting over the next five years, and an increasingly constructive pricing environment for our hydro portfolio, we have significant capacity across our fleet to execute on similar contracts that we expect to contribute additional FFO and generate a highly accretive funding source for our growth.

In the fourth quarter, we also completed an investment grade upfinancing at our pumped hydro storage business in the UK. This followed a sustained period of record performance due to an increase in value of the critical grid-stabilizing ancillary services including back-up capacity it sells to the increasingly intermittent greener electric grid. With the proceeds from the financing, we have now returned over 100% of the capital we invested in the business in 2017.

Finally, we continue to leverage our hydroelectric fleet to provide 24/7 green power solutions to our customers. During the quarter, we signed a 15-year power purchase agreement with a large manufacturer, alongside a retail supply agreement to serve the entirety of their load requirements in the U.S. Northwest. The agreement is unique in the market and is part of a differentiated supply solution that we tailored to our customer’s bespoke requirements. The power purchase agreement will be served by a 110-megawatt solar project in Washington State that we will construct, and when the sun does not shine, the customer’s energy requirements can be served from our hydroelectric assets in British Columbia.

We continue to see select opportunities for growth in hydroelectric generation, especially for large and experienced operators like us. Recently, our Colombian business acquired one of the largest privately held generation portfolios in Colombia, comprised of seven recently built run-of-river hydropower plants with a total capacity of nearly 150 megawatts for approximately $425 million. This is the largest follow-on acquisition by our Colombian business since our initial investment in 2016, and we expect it to be highly complementary and synergistic to our existing operations.

Update On Growth Initiatives

Since our last update, we agreed to invest approximately $2 billion (~$500 million net to Brookfield Renewable) of capital across various transactions at our target returns of 12-15%.

In North America, we acquired Urban Grid, a leading utility-scale solar developer in the U.S. with a 20,000-megawatt development pipeline and a strong position in the high-value PJM market. Its pipeline includes 2,000 megawatts of under construction or ready-to-build solar projects and an additional 4,000 megawatts of de-risked advanced stage buildout opportunities, that we expect to build out backed by corporate contracts over the next six years with additional upside given the depth of its remaining pipeline. The purchase price is $650 million (~$160 million net to Brookfield Renewable) with the opportunity to invest hundreds of millions of dollars into further growth in the future. In Europe, we acquired a German utility-scale solar developer with a 1,700-megawatt pipeline, for approximately $80 million (~$20 million net to Brookfield Renewable) and expect to develop at least 800 megawatts of new renewable capacity over the next six years from this pipeline. These transactions provide late-stage development projects in core markets to match with the abundance of corporate demand we are seeing for green power and will benefit from synergies with our existing operations.

In the UK, we signed an agreement with a leading battery energy storage solutions provider for the option to fund and own up to 800 megawatts of battery energy storage projects and almost 200 megawatts of co-located solar projects over the next five years. Large and increasing exposure to intermittent renewables, together with the decommissioning of thermal plants, has created significant demand for energy storage in the UK – a dynamic we have great visibility on through First Hydro. We anticipate the buildout of the projects will require up to approximately $260 million of equity (~$65 million net to Brookfield Renewable). This will grow our existing 3,400-megawatt global energy storage portfolio and give us a leading position in the capacity-constrained UK market.

We continued to execute on our growth plans for distributed generation in the fourth quarter. With leading capabilities in North America, South America, Europe and Asia, we are uniquely positioned to be a global solutions provider for clean onsite generation. Our DG operating assets have grown to over 1,400 megawatts and our development pipeline has increased to 6,400 megawatts. In the quarter, we expanded our distributed generation portfolio by acquiring 780 megawatts of operating and development assets in Europe and South America and we also signed a strategic agreement with Shoals Technologies Group, a leading provider of solutions for storage, solar and eMobility, to pursue distributed renewable energy generation and EV charging solutions across the U.S.

In Asia, we completed the acquisition of over 300 megawatts of wind, including a transaction alongside Apple’s Renewable Energy Fund, increasing our footprint in the region as well as benefiting from synergies with our existing operations.

Finally, we achieved a record level of development over 2021. We commissioned approximately 1,000 megawatts of new capacity and finished the year with almost 15,000 megawatts of construction and advanced-stage projects. These projects are diversified across distributed- and utility-scale solar, wind, storage, hydro and green hydrogen in 14 different countries. In total, we expect these projects to contribute almost $180 million in annual FFO to our business once completed.

Results From Operations

In 2021, we generated FFO of $934 million or $1.45 per unit, a 10% increase from 2020 or 17% on a normalized basis, as the business benefited from recent acquisitions, strong underlying asset availability, and execution on organic growth initiatives.

During the year, our hydroelectric segment delivered FFO of $639 million. The portfolio continues to exhibit strong cash flow resiliency given the increasingly diversified asset base, strong price environment and our recent recontracting initiatives delivering strong results even when generation was below long-term average.

Our wind and solar segments generated a combined $581 million of FFO, representing a 55% increase over the prior year. We benefited from contributions from acquisitions, and approximately 770 megawatts of solar and wind projects commissioned during the year.

Our energy transition segment generated $162 million of FFO. Revenues from our pumped storage assets as well as our distributed generation portfolio continue to demonstrate strong growth as global electricity generation decarbonizes. Over the past three years, our distributed generation portfolio grew revenue by approximately 40% annually, bolstered by the acquisitions and strategic partnerships we have signed.

Balance Sheet And Liquidity

Our financial position remains robust, with approximately $4.1 billion of total available liquidity at year end, and our business model is self-funded. During the year, we executed on key financing and capital raising initiatives aimed at maintaining robust access to capital and a prudent debt maturity ladder, as well as maintaining a low-risk, investment-grade balance sheet.

During 2021, we continued to take advantage of the low interest environment. We executed on $13 billion of investment grade financings, including $1.5 billion of upfinancings net to Brookfield Renewable, securing a weighted average debt maturity of 13 years with no material maturities over the next three years. With these financing activities completed, our business is well protected against the potential of rising interest rates. We have very limited exposure to near-term maturities or floating interest rates across our business.

We also continue to use opportunistic capital recycling as an important lever to drive value and fund growth. During the year, we executed on agreements to sell over 1,600 megawatts, generating proceeds of $1.5 billion ($540 million net to Brookfield Renewable), including an agreement in the fourth quarter to sell a 625-megawatt solar PV portfolio in Mexico at an attractive valuation of $400 million (~$50 million net to Brookfield Renewable).

Distribution Declaration And Increase

The next quarterly distribution in the amount of $0.32 per LP unit, is payable on March 31, 2022 to unitholders of record as at the close of business on February 28, 2022. This represents a 5% increase to our distribution, bringing our total annual distribution per unit to $1.28.

In conjunction with Brookfield Renewable Partners' distribution declaration, the Board of Directors of Brookfield Renewable Corporation has declared an equivalent quarterly dividend of $0.32 per share, also payable on March 31, 2022 to shareholders of record as at the close of business on February 28, 2022.

The quarterly dividends on BEP's preferred shares and preferred LP units have also been declared.

Distribution Currency Option

The quarterly distributions payable on the BEP units and BEPC shares are declared in U.S. dollars. Unitholders who are residents in the United States will receive payment in U.S. dollars and unitholders who are residents in Canada will receive the Canadian dollar equivalent unless they request otherwise. The Canadian dollar equivalent of the quarterly distribution will be based on the Bank of Canada daily average exchange rate on the record date or, if the record date falls on a weekend or holiday, on the Bank of Canada daily average exchange rate of the preceding business day.

Registered unitholders who are residents in Canada who wish to receive a U.S. dollar distribution and registered unitholders who are residents in the United States wishing to receive the Canadian dollar distribution equivalent should contact Brookfield Renewable’s transfer agent, Computershare Trust Company of Canada , in writing at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 or by phone at 1-800-564-6253. Beneficial unitholders (i.e., those holding their units in street name with their brokerage) should contact the broker with whom their units are held.

Distribution Reinvestment Plan

Brookfield Renewable maintains a Distribution Reinvestment Plan (“DRIP”) which allows holders of its LP Units who are resident in Canada to acquire additional LP Units by reinvesting all or a portion of their cash distributions without paying commissions. Information on the DRIP, including details on how to enroll, is available on our website at https://bep.brookfield.com/stock-and-distribution/distributions/drip. Additional information on Brookfield Renewable’s distributions and preferred share dividends can be found on our website at https://bep.brookfield.com.

Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 21,000 megawatts of installed capacity and an approximately 62,000-megawatt development pipeline. Investors can access its portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at www.bep.brookfield.com and https://bep.brookfield.com/bepc. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately $690 billion of assets under management.

Please note that Brookfield Renewable’s previous audited annual and unaudited quarterly reports filed with the U.S. Securities and Exchange Commission (“SEC”) and securities regulators in Canada, are available on our website at https://bep.brookfield.com, on SEC’s website at www.sec.gov and on SEDAR’s website at www.sedar.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

Contact information:

Media:

Investors:

Kerrie McHugh

Robin Kooyman

Senior Vice President – Corporate Communications

Senior Vice President – Investor Relations

(212) 618-3469

(416) 649-8172

kerrie.mchugh@brookfield.com

robin.kooyman@brookfield.com

Quarterly Earnings Call Details

Investors, analysts and other interested parties can access Brookfield Renewable’s fourth quarter and full-year 2021 results as well as the letter to unitholders and supplemental information on Brookfield Renewable’s website at https://bep.brookfield.com.

The conference call can be accessed via webcast on February 4, 2022 at 9:00 a.m. Eastern Time at https://edge.media-server.com/mmc/p/mh8ooud8 or via teleconference at 1-866-688-9430 toll free in North America. If dialing from outside Canada or the U.S., please dial 1-409-216-0817 at approximately 8:50 a.m. Eastern Time. When prompted, enter the conference ID, 2575137. A recording of the teleconference can be accessed through February 11, 2022 at 1-855-859-2056, or from outside Canada and the U.S. please call 1-404-537-3406. When prompted, enter the conference ID, 2575137.

Brookfield Renewable Partners L.P.

Consolidated Statements of Financial Position

As of

December 31

December 31

UNAUDITED
(MILLIONS)

2021

2020

Assets

Cash and cash equivalents

$

764

$

431

Trade receivables and other financial assets(5)

2,301

1,661

Equity-accounted investments

1,107

971

Property, plant and equipment, at fair value

49,432

44,590

Goodwill

966

970

Deferred income tax and other assets(6)

1,297

1,099

Total Assets

$

55,867

$

49,722

Liabilities

Corporate borrowings

$

2,149

$

2,135

Borrowings which have recourse only to assets they finance(7)

19,380

15,947

Accounts payable and other liabilities(8)

4,127

4,358

Deferred income tax liabilities

6,215

5,515

Equity

Non-controlling interests

Participating non-controlling interests - in operating subsidiaries

$

12,303

$

11,100

General partnership interest in a holding subsidiary held by Brookfield

59

56

Participating non-controlling interests - in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield

2,894

2,721

BEPC exchangeable shares

2,562

2,408

Preferred equity

613

609

Perpetual subordinated notes

592

Preferred limited partners' equity

881

1,028

Limited partners' equity

4,092

23,996

3,845

21,767

Total Liabilities and Equity

$

55,867

$

49,722


Brookfield Renewable Partners L.P.

Consolidated Statements of Income (Loss)

For the three months ended
December 31

For the twelve months ended
December 31

UNAUDITED
(MILLIONS, EXCEPT AS NOTED)

2021

2020

2021

2020

Revenues

$

1,091

$

952

$

4,096

$

3,810

Other income

15

77

304

128

Direct operating costs(9)

(375

)

(357

)

(1,365

)

(1,274

)

Management service costs

(64

)

(84

)

(288

)

(235

)

Interest expense

(255

)

(243

)

(981

)

(976

)

Share of earnings from equity-accounted investments

19

31

22

27

Foreign exchange and financial instrument gain (loss)

(54

)

115

(32

)

127

Depreciation

(381

)

(337

)

(1,501

)

(1,367

)

Other

(77

)

(307

)

(307

)

(432

)

Income tax (expense) recovery

Current

17

(37

)

(43

)

(66

)

Deferred

97

185

29

213

114

148

(14

)

147

Net income (loss)

$

33

$

(5

)

$

(66

)

$

(45

)

Net loss attributable to preferred equity, preferred limited partners’ equity, perpetual subordinated notes and
non-controlling interests in operating subsidiaries

(90

)

(115

)

(302

)

(259

)

Net income (loss) attributable to Unitholders

$

(57

)

$

(120

)

$

(368

)

$

(304

)

Basic and diluted (loss) earnings per LP unit

$

(0.12

)

$

(0.22

)

$

(0.69

)

$

(0.61

)


Brookfield Renewable Partners L.P.

Consolidated Statements of Cash Flows

For the three months ended
December 31

For the twelve months ended
December 31

UNAUDITED (MILLIONS)

2021

2020

2021

2020

Operating activities

Net income

$

33

$

(5

)

$

(66

)

$

(45

)

Adjustments for the following non-cash items:

Depreciation

381

337

1,501

1,367

Unrealized foreign exchange and financial instrument loss (gain)

100

(119

)

122

(134

)

Share of earnings from equity-accounted investments

(19

)

(31

)

(22

)

(27

)

Deferred income tax expense

(97

)

(185

)

(29

)

(213

)

Other non-cash items

(26

)

248

(136

)

388

372

245

1,370

1,336

Net change in working capital and other(10)

(110

)

34

(636

)

(40

)

262

279

734

1,296

Financing activities

Net corporate borrowings

266

Corporate credit facilities, net

(150

)

(299

)

Non-recourse borrowings, commercial paper, and related party borrowings, net

1,273

(260

)

2,769

120

Capital contributions from participating non-controlling interests - in operating subsidiaries, net

31

357

689

367

Issuance of Perpetual Subordinated Notes, Preferred LP Units and related costs, net

252

(23

)

439

151

Distributions paid:

To participating non-controlling interests – in operating subsidiaries, preferred shareholders,
preferred limited partners unitholders, and perpetual subordinate notes

(255

)

(203

)

(900

)

(628

)

To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable
Corporation

(212

)

(202

)

(854

)

(769

)

939

(331

)

2,143

(792

)

Investing activities

Acquisitions net of cash and cash equivalents in acquired entity

(1,426

)

(105

)

Investment in property, plant and equipment

(1,136

)

(190

)

(1,967

)

(447

)

Disposal of subsidiaries, associates and other securities, net

103

23

936

58

Restricted cash and other

80

146

(46

)

68

(953

)

(21

)

(2,503

)

(426

)

Foreign exchange gain (loss) on cash

(20

)

23

(36

)

13

Cash and cash equivalents

Increase (decrease)

$

228

$

(50

)

$

338

$

91

Net change in cash classified within assets held for sale

(1

)

(1

)

(5

)

(12

)

Balance, beginning of period

537

482

431

352

Balance, end of period

$

764

$

431

$

764

$

431

PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31

The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended December 31:

(GWh)

(MILLIONS)

Actual Generation

LTA Generation

Revenues

Adjusted EBITDA

FFO

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

Hydroelectric

North America

2,559

2,514

2,913

2,912

$

237

$

182

$

151

$

105

$

115

$

68

Brazil

810

849

1,007

1,007

38

39

26

63

18

58

Colombia

1,100

966

1,004

977

64

57

42

38

40

23

4,469

4,329

4,924

4,896

339

278

219

206

173

149

Wind

North America

1,044

1,132

1,195

1,349

98

90

53

58

36

38

Europe

262

339

251

357

35

41

36

51

30

45

Brazil

128

141

168

169

5

6

4

6

4

4

Asia

121

123

113

104

8

8

7

8

4

5

1,555

1,735

1,727

1,979

146

145

100

123

74

92

Solar

356

304

381

338

68

77

67

84

41

51

Energy transition(11)

257

215

165

141

79

54

52

38

37

26

Corporate

(7

)

5

(111

)

(117

)

Total

6,637

6,583

7,197

7,354

$

632

$

554

$

431

$

456

$

214

$

201

PROPORTIONATE RESULTS FOR THE YEAR ENDED DECEMBER 31

The following chart reflects the generation and summary financial figures on a proportionate basis for the twelve months ended December 31:

(GWh)

(MILLIONS)

Actual Generation

LTA Generation

Revenues

Adjusted EBITDA

FFO

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

Hydroelectric

North America

10,470

11,863

12,167

12,166

$

804

$

824

$

528

$

562

$

380

$

420

Brazil

3,626

3,663

4,004

4,004

169

175

155

177

131

152

Colombia

3,950

2,999

3,555

3,488

224

211

159

131

128

90

18,046

18,525

19,726

19,658

1,197

1,210

842

870

639

662

Wind

North America

4,009

3,560

5,051

4,239

370

263

277

196

200

123

Europe

1,029

908

1,077

1,002

125

105

187

96

164

79

Brazil

589

552

670

671

29

27

23

24

17

17

Asia

469

428

451

443

32

28

24

25

15

18

6,096

5,448

7,249

6,355

556

423

511

341

396

237

Solar

1,777

1,284

2,016

1,510

348

245

298

232

185

139

Energy transition(12)

1,231

795

861

475

314

169

214

130

162

103

Corporate

11

41

(448

)

(334

)

Total

27,150

26,052

29,852

27,998

$

2,415

$

2,047

$

1,876

$

1,614

$

934

$

807

RECONCILIATION OF NON-IFRS MEASURES

The following table reflects Adjusted EBITDA and provides a reconciliation to net income (loss) to Adjusted EBITDA for the three months ended December 31, 2021:

Attributable to Unitholders

(MILLIONS)

Hydroelectric

Wind

Solar

Energy
transition

Corporate

Total

Net income (loss)

$

182

$

(57

)

$

(30

)

$

7

$

(69

)

$

33

Add back or deduct the following:

Depreciation

140

155

65

21

381

Deferred income tax expense (recovery)

(9

)

(25

)

(23

)

(8

)

(32

)

(97

)

Foreign exchange and financial instrument loss (gain)

14

28

11

4

(3

)

54

Other(13)

(3

)

29

39

43

12

120

Management service costs

64

64

Interest expense

113

59

53