巴菲特致股东的信（1996年）
⑧报告收益来源

Sources of Reported Earnings

     The table that follows shows the main sources of Berkshire's reported earnings. In this presentation, purchase-accounting adjustments are not assigned to the specific businesses to which they apply, but are instead aggregated and shown separately. This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them. For the reasons discussed on pages 65 and 66, this form of presentation seems to us to be more useful to investors and managers than one utilizing generally-accepted accounting principles (GAAP), which require purchase-premiums to be charged off business-by-business. The total earnings we show in the table are, of course, identical to the GAAP total in our audited financial statements.

报告收益来源

下表显示伯克希尔报告收益的主要来源，在这张表中购买法会计调整数会从个别被投资公司分离出来，单独加总列示，之所以这样做是为了让旗下各事业的收益状况，不因我们的投资而有所影响，过去我一再地强调我们认为这样的表达方式，较之一般公认会计原则要求以个别企业基础做调整，不管是对投资者或是管理者来说，更有帮助，当然最后损益加总的数字仍然会与经会计师查核的数字一致。

(1) Before the GEICO-related restatement. 
(2) Includes R.C. Willey from June 29, 1995.
(3) Includes Helzberg's from April 30, 1995.
(4) Excludes interest expense of Finance Businesses.

(1)1995 年不包含 GEICO 保险重述部分
(2)1995 年家具业务包含 R.C.Willey1995 年 6 月 30 日以后的收益
(3)1995 年珠宝业务包含 Helzberg1995 年 4 月 30 日以后的收益
(4)利息费用扣除了金融业务的利息支出

     In this section last year, I discussed three businesses that reported a decline in earnings - Buffalo News, Shoe Group and World Book. All, I'm happy to say, recorded gains in 1996.

去年到这段时，我曾提到有三个业务收益大幅下滑：布法罗新闻报、鞋业集团与世界百科全书，今年我们高兴向大家报告，这几个业务都大有进步。

     World Book, however, did not find it easy: Despite the operation's new status as the only direct-seller of encyclopedias in the country (Encyclopedia Britannica exited the field last year), its unit volume fell. Additionally, World Book spent heavily on a new CD-ROM product that began to take in revenues only in early 1997, when it was launched in association with IBM. In the face of these factors, earnings would have evaporated had World Book not revamped distribution methods and cut overhead at headquarters, thereby dramatically reducing its fixed costs. Overall, the company has gone a long way toward assuring its long-term viability in both the print and electronic marketplaces.

不过对于世界百科全书来说，这可不是一件简单的事，尽管如今它们是全美唯一销售百科全书的直销商(大英百科全书在去年退出了这个市场)，不过它的销售数量还是呈现下滑的状态，另外世界百科全书还投入大笔的经费在 CD 版的新产品之上，但其效益至少要等到 1997 年初与 IBM 的合作正式展开后才有可能显现，在种种不利的状况下，世界百科全书如果不能大力改革销售渠道并降低总部营运开销，以彻底降低固定成本的话，收益可能会消失殆尽，不过总的来说，该公司已想尽各种方法以确保自身能够在竞争激烈的印刷与电子出版市场上继续存活下去。

     Our only disappointment last year was in jewelry: Borsheim's did fine, but Helzberg's suffered a material decline in earnings. Its expense levels had been geared to a sizable increase in same-store sales, consistent with the gains achieved in recent years. When sales were instead flat, profit margins fell. Jeff Comment, CEO of Helzberg's, is addressing the expense problem in a decisive manner, and the company's earnings should improve in 1997.

去年唯一让我们感到失望的反而是珠宝事业，波仙还不错，不过 Helzberg 的收益却大幅下滑，单店平均费用跟随销售额大幅增加，但是当营收表现平平时，盈利自然缩减，针对这个问题，该公司总裁 Jeff Comment 已经采取必要的措施，我想它们 1997 年的收益表现应该能够有所改善。

     Overall, our operating businesses continue to perform exceptionally, far outdoing their industry norms. For this, Charlie and I thank our managers. If you should see any of them at the Annual Meeting, add your thanks as well.

不过总的来说，我们旗下所有的运营业务的表现出色，远远超过同业水平，对此查理跟我本身向所有经理人致上深深的敬意，而如果各位在年会上遇到他们，也请大家不吝给予掌声。

     More information about our various businesses is given on pages 36-46, where you will also find our segment earnings reported on a GAAP basis. In addition, on pages 51-57, we have rearranged Berkshire's financial data into four segments on a non-GAAP basis, a presentation that corresponds to the way Charlie and I think about the company. Our intent is to supply you with the financial information that we would wish you to give us if our positions were reversed.

在年报中你可以找到依照一般公认会计原则编制，详细的部门级别信息，另外你还可以找到经过重编，依照伯克希尔四大部门的信息，这是查理跟我能够完整呈现伯克希尔现况的模式，我们的目的是希望能够换个角度设想，提供大家所有必要的信息。

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