巴菲特致股东的信（1999年）⑥航空服务业

Aviation Services

Our two aviation services companies -- FlightSafety International ("FSI") and Executive Jet Aviation ("EJA") -- are both runaway leaders in their field. EJA, which sells and manages the fractional ownership of jet aircraft, through its NetJets® program, is larger than its next two competitors combined. FSI trains pilots (as well as other transportation professionals) and is five times or so the size of its nearest competitor.

航空服务业

我们旗下两家航空服务公司：飞安国际(FSI)以及公务机航空(EJA)都是各自行业的领导者，EJA 所推出的NetJets 共享计划，专门出售并为客户管理其拥有的专机部分所有权，目前的占有率超过其它两家主要竞争对手的总和，FSI 则专门培训机师(也包含其它专门运输人员)，其规模是其它最大竞争对手的五倍。

Another common characteristic of the companies is that they are still managed by their founding entrepreneurs. Al Ueltschi started FSI in 1951 with $10,000, and Rich Santulli invented the fractional-ownership industry in 1986. These men are both remarkable managers who have no financial need to work but thrive on helping their companies grow and excel.

这些公司另外还有一项特点就是到目前为止，都还是由原来的创办人在经营，阿尔·乌尔斯基(Al Ueltschi)在1951 年以 1 万美元创立 FSI，而理查德·桑图里(Rich Santulli)则是在 1986 年开创飞机部分所有权事业，这两位都是相当杰出的企业家，目前他们早已不需要为了钱而工作，不过现在依然在自己的岗位上兢兢业业地让自己创立的公司继续发扬光大。

Though these two businesses have leadership positions that are similar, they differ in their economic characteristics. FSI must lay out huge amounts of capital. A single flight simulator can cost as much as $15 million -- and we have 222. Only one person at a time, furthermore, can be trained in a simulator, which means that the capital investment per dollar of revenue at FSI is exceptionally high. Operating margins must therefore also be high, if we are to earn a reasonable return on capital. Last year we made capital expenditures of $215 million at FSI and FlightSafety Boeing, its 50%-owned affiliate.

虽然两家公司所领导的产业相当类似，但却有很不相同的竞争形态，FSI 需要相当密集的资本，光是一台飞行模拟器就要耗资 1500 万，现在我们拥有 222 台，而且每一台模拟器，一次只能训练一位飞行员，这意味着每一元营收所要投入的资本支出相当的高，也因此要维持一定的投资回报，经营毛利一定要足够高，去年我们在 FSI和其持股 50%的附属子公司飞安波音的资本支出合计达 2.15 亿美元。

At EJA, in contrast, the customer owns the equipment, though we, of course, must invest in a core fleet of our own planes to ensure outstanding service. For example, the Sunday after Thanksgiving, EJA's busiest day of the year, strains our resources since fractions of 169 planes are owned by 1,412 customers, many of whom are bent on flying home between 3 and 6 p.m. On that day, and certain others, we need a supply of company-owned aircraft to make sure all parties get where they want, when they want.

相对的由于 EJA 的飞机所有权属于客户，当然我们也必须投资一部分资金取得核心机队的所有权以维持高档的服务水准，举例来说，在 EJA 每年最忙碌的感恩节后的那个周日，简直就把我们给忙坏了，由于 169 架飞机分别属于 1412 位所有权人，许多人都想在当天下午 3 点-6 点使用飞机，所以我们绝对有必要准备额外自有的飞机，好让每个客人在任何时候到达任何他想要到的地方。

Still, most of the planes we fly are owned by customers, which means that modest pre-tax margins in this business can produce good returns on equity. Currently, our customers own planes worth over $2 billion, and in addition we have $4.2 billion of planes on order. Indeed, the limiting factor in our business right now is the availability of planes. We now are taking delivery of about 8% of all business jets manufactured in the world, and we wish we could get a bigger share than that. Though EJA was supply-constrained in 1999, its recurring revenues -- monthly management fees plus hourly flight fees -- increased 46%.

当然大部分的飞机还是属于客户所有，也就是说，只要有合理的税前收益，股东的投资回报就会相当可观。现在我们客户拥有的飞机价值超过 20 亿美元，后续我们陆续又下了许多飞机定单，金额总计 42 亿美元，确实目前限制公司营运成长的主要因素就在于飞机数量，现在我们的定单约占全世界公务机制造交货量的 8%，我们希望能够再提高这个比重，虽然 EJA 在 1999 年增加的供给量有限，但其固定的营收，也就是客户每个月固定按飞行时数缴交的管理费仍然成长了 46%。

The fractional-ownership industry is still in its infancy. EJA is now building critical mass in Europe, and over time we will expand around the world. Doing that will be expensive -- very expensive -- but we will spend what it takes. Scale is vital to both us and our customers: The company with the most planes in the air worldwide will be able to offer its customers the best service. "Buy a fraction, get a fleet" has real meaning at EJA.

共享公务机行业还在刚起步的阶段，EJA 目前在欧洲尚在累积经济规模当中，长期而言我们将计划进军全世界的市场，当然要这样做，必须再投入相当大的资本，相当相当的大，不过只要值得，我们都愿意，对于我们与客户而言，规模经济是最关键的因素，只有在全世界各地拥有最多飞机的公司才能提供给客户最好的服务，“买下部分所有权，你就能拥有整个机队”，在 EJA 将不只是个梦。

EJA enjoys another important advantage in that its two largest competitors are both subsidiaries of aircraft manufacturers and sell only the aircraft their parents make. Though these are fine planes, these competitors are severely limited in the cabin styles and mission capabilities they can offer. EJA, in contrast, offers a wide array of planes from five suppliers. Consequently, we can give the customer whatever he needs to buy -- rather than his getting what the competitor's parent needs to sell.

EJA 还享有另外一个非常重要的优势，那就是它的两家主要竞争对手都只是国际飞机制造业者的子公司，所以它们被迫只能提供母公司制造的飞机，虽然这些都是好飞机，但竞争对手却因此大大受限于机舱形式以及能够提供的机种用途过于单一，相较之下，EJA 则能够提供由全世界五大飞机制造公司所生产的全系列飞机，所以我们可以给客户任何他想要的飞机形式，而不是被动接受其母公司的飞机。

Last year in this report, I described my family's delight with the one-quarter (200 flight hours annually) of a Hawker 1000 that we had owned since 1995. I got so pumped up by my own prose that shortly thereafter I signed up for one-sixteenth of a Cessna V Ultra as well. Now my annual outlays at EJA and Borsheim's, combined, total ten times my salary. Think of this as a rough guideline for your own expenditures with us.

去年在年报当中，我曾经形容我的家族自从 1995 年来买下 1/4 的(也就是每年 200 小时)的霍克 1000 型飞机所有权的愉快经验，不久之后，我又再接再厉签约买下一架 Cessna V Ultra 型 1/6 的所有权，现在每年我在 EJA以及波仙珠宝的花费大概是我年薪的 10 倍，如此大家可以据此推算你可以负担的底限在哪里。

During the past year, two of Berkshire's outside directors have also signed on with EJA. (Maybe we're paying them too much.) You should be aware that they and I are charged exactly the same price for planes and service as is any other customer: EJA follows a "most favored nations" policy, with no one getting a special deal.

去年，伯克希尔有两位外部董事也与 EJA 签约买下部分所有权，(可见我们付给他们的酬劳过高)，我可以向大家保证我们付出的价格与得到的服务和其它客户并无二致，在 EJA 我们推行“最惠国待遇”政策，没有人可以得到特别的对待。

And now, brace yourself. Last year, EJA passed the ultimate test: Charlie signed up. No other endorsement could speak more eloquently to the value of the EJA service. Give us a call at 1-800-848-6436 and ask for our "white paper" on fractional ownership.

现在赶快加入我们的行列吧！因为 EJA 已经通过最严格的考验，连查理都已经签约了，再也没有比这个更能说明 EJA 提供的服务所代表的价值，记得打电话 1-800-848-6436 索取申请部分所有权的表格。

At both GEICO and Executive Jet, our best source of new customers is the happy ones we already have. Indeed, about 65% of our new owners of aircraft come as referrals from current owners who have fallen in love with the service.

不管是 GEICO 保险或者是 EJA，我们新客户的来源主要还是来自于现有客户的转介绍，事实上，在飞机部分所有权计划中有 65%的新客户是来自于现有满意公司服务的老客户所推介。