巴菲特致股东的信（2008年）⑥制造、服务和零售业务

Manufacturing, Service and Retailing Operations

制造、服务和零售业务

Our activities in this part of Berkshire cover the waterfront. Let’s look, though, at a summary balance sheet and earnings statement for the entire group.

伯克希尔公司在这个事业群的业务，可谓是包罗万象。不过，我们先看看整体的资产负债表及损益表情况。

This motley group, which sells products ranging from lollipops to motor homes, earned an impressive 17.9% on average tangible net worth last year. It’s also noteworthy that these operations used only minor financial leverage in achieving that return. Clearly we own some terrific businesses. We purchased many of them, however, at large premiums to net worth – a point reflected in the goodwill item shown on our balance sheet – and that fact reduces the earnings on our average carrying value to 8.1%.

这是个五花八门的组合，出售从棒棒糖到房车的各种商品。它们在去年取得了令人印象深刻的 17.9％的平均有形净资产回报率。值得注意的是，这些公司只用了很小的财务杠杆就实现了如此回报。显然我们拥有一些很棒的生意。然而我们是以较高的溢价购买的这些公司，这一点反应在我们资产负债表中的商誉科目上，商誉的影响让我们的平均账面价值回报率下降到 8.1％。

Though the full-year result was satisfactory, earnings of many of the businesses in this group hit the skids in last year’s fourth quarter. Prospects for 2009 look worse. Nevertheless, the group retains strong earning power even under today’s conditions and will continue to deliver significant cash to the parent company. Overall, these companies improved their competitive positions last year, partly because our financial strength let us make advantageous tuck-in acquisitions. In contrast, many competitors were treading water (or sinking).

尽管全年整体业绩表现令人满意，但是该业务集团中很多公司的收益在去年第四季度开始走下坡路。2009 年的前景看上去更糟。尽管如此，在今天这种恶劣环境下，这集团仍然具备强劲的盈利能力，会继续为母公司提供可观的现金流。总之，去年这些公司的市场竞争优势都得到了强化，部分原因是我们的财务实力让我们在收购中占据优势。相比之下，很多竞争对手或者在忙着对付危机的洪水，或者正在沉没其中。

The most noteworthy of these acquisitions was Iscar’s late-November purchase of Tungaloy, a leading Japanese producer of small tools. Charlie and I continue to look with astonishment – and appreciation! – at the accomplishments of Iscar’s management. To secure one manager like Eitan Wertheimer, Jacob Harpaz or Danny Goldman when we acquire a company is a blessing. Getting three is like winning the Triple Crown. Iscar’s growth since our purchase has exceeded our expectations – which were high – and the addition of Tungaloy will move performance to the next level.

最值得一提的是，去年 11 月，Iscar 收购了一家日本领先的小型工具制造商 Tungaloy。查理和我对 Iscar 的管理成果又惊奇又赞叹。收购一家公司时，能够得到一名像 Eitan Wertheimer、Jacob Harpaz 或者 DannyGoldman 这样的管理人员，真的是一件幸事，而一次留住三个，简直像赢了三冠王。自我们收购以来，Iscar 的增长速度一直超出我们曾经很高的预期。现在有了 Tungaloy 的助力，这家公司的表现定会如虎添翼。

MiTek, Benjamin Moore, Acme Brick, Forest River, Marmon and CTB also made one or more acquisitions during the year. CTB, which operates worldwide in the agriculture equipment field, has now picked up six small firms since we purchased it in 2002. At that time, we paid $140 million for the company. Last year its pre-tax earnings were $89 million. Vic Mancinelli, its CEO, followed Berkshire-like operating principles long before our arrival. He focuses on blocking and tackling, day by day doing the little things right and never getting off course. Ten years from now, Vic will be running a much larger operation and, more important, will be earning excellent returns on invested capital.

年内，MiTek、Benjamin Moore、Acme Brick、Forest River、Marmon 和 CTB 也进行了一次或多次收购。其中 CTB 在世界范围内经营农业设备，自 2002 年被我们收购以来，它已收购了 6 家小公司。当时收购我们支付了 1.4 亿美元，去年它的税前收益是 0.89 亿美元。该公司的 CEO：VicMancinelli 早在我们到来之前就一直遵循伯克希尔的经营原则。Mancinelli 擅长排除障碍和解决困难，日复一日的认真地把每一件小事做好，从不偏离正轨。在未来十年里，Vic 将经营规模更大的业务，更重要的是，将从投入资本中获得优异的回报率。