Brookfield Business Partners LP 2025年年度报告和过渡报告

SECURITIES AND EXCHANGE COMMISSION WASHINGTON,D.C. 20549 FORM20-F (MarkOne)☐REGISTRATION STATEMENT PURSUANT TO SECTION12(b) or (g) OF THE SECURITIES EXCHANGEACT OF1934OR☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the fiscal year endedDecember31, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF1934OR☐SHELL COMPANY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF1934 Commission file number:001-37775 Brookfield Business PartnersL.P. (Exact name of Registrant as specified in its charter) N/A (Translation of Registrant’s name into English) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or15(d) of the Securities Exchange Act of 1934 during the preceding12months (orfor such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T (§232.405of this chapter) during the preceding 12months (orfor such shorter period that the registrant was required to submit and post suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of“accelerated filer”, “large accelerated filer,” and “emerging growth company” in Rule12b-2 of the Exchange Act. (Checkone): If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correctionof an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in thisfiling: Table of Contents PART I ITEM1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS11ITEM2.OFFER STATISTICS AND EXPECTED TIMETABLE11ITEM3.KEY INFORMATION113.ARESERVED113.BCAPITALIZATION AND INDEBTEDNESS113.CREASONS FOR THE OFFER AND USE OF PROCEEDS113.DRISK FACTORS11ITEM4.INFORMATION ON THE COMPANY564.AHISTORY AND DEVELOPMENT OF THE COMPANY564.BBUSINESS OVERVIEW584.CORGANIZATIONAL STRUCTURE684.DPROPERTY, PLANTS AND EQUIPMENT72ITEM4A.UNRESOLVED STAFF COMMENTS72ITEM5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS735.AOPERATING RESULTS735.BLIQUIDITY AND CAPITAL RESOURCES965.CRESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.1055.DTREND INFORMATION1055.ECRITICAL ACCOUNTING ESTIMATES105ITEM6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES1066.ADIRECTORS AND SENIOR MANAGEMENT1066.BCOMPENSATION1126.CBOARD PRACTICES1136.DEMPLOYEES1196.ESHARE OWNERSHIP1196.FDISCLOSURE OF A REGISTRANT’S ACTION TO RECOVER ERRONEOUSLY AWARDEDCOMPENSATION121ITEM7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS1227.AMAJOR SHAREHOLDERS1227.BRELATED PARTY TRANSACTIONS1227.CINTERESTS OF EXPERTS AND COUNSEL187ITEM8.FINANCIAL INFORMATION1878.ACONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION1878.BSIGNIFICANT CHANGES187ITEM9.THE OFFER AND LISTING187 9.FEXPENSES OF THE ISSUEITEM10.ADDITIONAL INFORMATION10.ASHARE CAPITAL10.BMEMORANDUM AND ARTICLES OF ASSOCIATION10.CMATERIAL CONTRACTS10.DEXCHANGE CONTROLS10.ETAXATION10.FDIVIDENDS AND PAYING AGENTS10.GSTATEMENT BY EXPERTS10.HDOCUMENTS ON DISPLAY10.ISUBSIDIARY INFORMATION10.JANNUAL REPORT TO SECURITY HOLDERSITEM11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIESPART IIITEM13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIESITEM14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDSITEM15.CONTROLS AND PROCEDURESITEM16.RESERVEDITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERTITEM 16B.CODE OF ETHICSITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICESITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEESITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERSITEM 16F.CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANTITEM 16G.CORPORATE GOVERNANCEITEM 16H.MINE SAFETY DISCLOSUREITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONSITEM 16J.INSIDER TRADING POLICIESITEM 16K.CYBERSECURITYPART IIIITEM17.FINANCIAL STATEMENTSITEM18.FINANCIAL STATEMENTS 188188188188207207207228228228228228228228 INTRODUCTION AND USE OF CERTAIN TERMS We have prepared this Form20-F using a number of conventions, which you should consider when reading the information containedherein. Unless otherwise indicated or the context otherwise requires, in this Form20-F all financial inf