巴菲特致股东的信（2011年）⑤受监管的资本密集型业务

Regulated, Capital-Intensive Businesses

受监管的资本密集型业务

We have two very large businesses, BNSF and MidAmerican Energy, that have important common characteristics distinguishing them from our many other businesses. Consequently, we assign them their own sector in this letter and also split out their combined financial statistics in our GAAP balance sheet and income statement.

我们拥有两家规模非常庞大的企业，BNSF 铁路和中美能源，他们具有一些非常重要的共同特点，使得他们与我们旗下其他众多企业完全不同。因此，我们在这封信里把他们单独列为一个板块，而且在 GAAP 财务报表中也将他们两家的合并财务数据单独列报。

A key characteristic of both companies is the huge investment they have in very long-lived, regulated assets, with these partially funded by large amounts of long-term debt that is not guaranteed by Berkshire. Our credit is not needed: Both businesses have earning power that even under terrible business conditions amply covers their interest requirements. In a less than robust economy during 2011, for example, BNSF’s interest coverage was 9.5x. At MidAmerican, meanwhile, two key factors ensure its ability to service debt under all circumstances: The stability of earnings that is inherent in our exclusively offering an essential service and a diversity of earnings streams, which shield it from the actions of any single regulatory body.

这两家公司的一个关键特点是，它们对生命周期非常长期且受政府监管的资产，进行了巨额投资。其中部分资金来自于伯克希尔没有担保的巨额长期债务融资。它们并不需要伯克希尔的信用担保，因为它们具有强大的盈利能力，即使是在特别糟糕的经济环境下也能完全满足利息支付的资金需求。在 2011 年经济不太强劲的情况下，BNSF 的利息保障倍数高达 9.5 倍。同时，在中美能源公司，两项关键指标确保了其在任何情况下都有偿付债务的能力：一个是由于我们专为提供必需的基础服务而具有的收益稳定性，另一个是多元化的收益来源，使其避免受到任何单一监管机构的行动影响。

Measured by ton-miles, rail moves 42% of America’s inter-city freight, and BNSF moves more than any other railroad – about 37% of the industry total. A little math will tell you that about 15% of all inter-city ton-miles of freight in the U.S. is transported by BNSF. It is no exaggeration to characterize railroads as the circulatory system of our economy. Your railroad is the largest artery.

以吨公里计算，铁路运输承担了美国 42%的城际货运，而 BNSF 的承运量超过了其它任何铁路公司，占到行业运输总量的 37%。简单的算术就能发现，BNSF 的运输量约占美国城际吨公里货运总量的 15%。毫不夸张的说，铁路是我们经济的循环系统。而我们的铁路是最大的动脉。

All of this places a huge responsibility on us. We must, without fail, maintain and improve our 23,000 miles of track along with 13,000 bridges, 80 tunnels, 6,900 locomotives and 78,600 freight cars. This job requires us to have ample financial resources under all economic scenarios and to have the human talent that can instantly and effectively deal with the vicissitudes of nature, such as the widespread flooding BNSF labored under last summer.

这样的地位让我们肩负巨大的责任。我们必须毫无疑问的维护和改善我们拥有的 23000 公里长的铁路线，以及 1.3 万座桥，80 条隧道，6900 辆机车和 78600 节货运车厢。这项工作要求我们在所有经济环境下都必须保有充足的财务资源，而且具有充足的人力资源，能够保证及时地有效地应对自然界的无常变化，比如 2011 年 BNSF遭受的大范围洪灾。

To fulfill its societal obligation, BNSF regularly invests far more than its depreciation charge, with the excess amounting to $1.8 billion in 2011. The three other major U.S. railroads are making similar outlays. Though many people decry our country’s inadequate infrastructure spending, that criticism cannot be levied against the railroad industry. It is pouring money – funds from the private sector – into the investment projects needed to provide better and more extensive service in the future. If railroads were not making these huge expenditures, our country’s publicly-financed highway system would face even greater congestion and maintenance problems than exist today.

为了履行其社会义务，BNSF 定期投资规模远远大于其折旧费用，2011 年投资超出折旧的金额更是高达 18亿美元。美国其它三大铁路公司也都做出了类似的巨额投资。尽管许多人大声指责美国基础设施投入严重不足，但这种批评对于铁路行业来说并不公平。铁路行业从私人部门融入巨额资金注入投资项目，以在未来能够提供更好更广泛的服务。如果铁路公司没有做出这些巨大的投资支出，那么国家公共财政支持的公路系统将会面临更加严重的拥堵和维护问题。

Massive investments of the sort that BNSF is making would be foolish if it could not earn appropriate returns on the incremental sums it commits. But I am confident it will do so because of the value it delivers. Many years ago Ben Franklin counseled, “Keep thy shop, and thy shop will keep thee.” Translating this to our regulated businesses, he might today say, “Take care of your customer, and the regulator – your customer’s representative – will take care of you.” Good behavior by each party begets good behavior in return.

如果未来 BNSF 不能从其承诺的巨额增量投资中获得适当的回报，那么 BNSF 正在进行的这种巨额投资将会是非常愚蠢的。但我很相信 BNSF 将从其提供的服务价值中获得适当的回报。很多年前本杰明·富兰克林曾建议说："照顾好你的店，你的店也会照顾你"。翻译这句话对应到我们的受监管业务，他今天可能会说："照顾好你的客户，你客户的代表也就是监管机构就会照顾好你"。每一方的良好行为都会换来对方良好的行为作为回报。

At MidAmerican, we participate in a similar “social compact.” We are expected to put up ever-increasing sums to satisfy the future needs of our customers. If we meanwhile operate reliably and efficiently, we know that we will obtain a fair return on these investments.

在中美能源公司，我们参与了一种类似的"社会契约"。我们预计将投入越来越多的资金来满足客户未来不断增长的需求。如果我们同时能够保持可靠且高效的运营，我们知道我们将从这些投资中获得公平合理的回报。

MidAmerican, 89.8% owned by Berkshire, supplies 2.5 million customers in the U.S. with electricity, operating as the largest supplier in Iowa, Utah and Wyoming and as an important provider in six other states as well. Our pipelines transport 8% of the country’s natural gas. Obviously, many millions of Americans depend on us every day. They haven’t been disappointed.

伯克希尔持有中美能源 89.8%的股份，向美国 250 万客户提供电力，在爱荷华州、犹他州和怀俄明州是最大的电力供应商，也是其他 6 个州重要的电力供应商。我们的管道运输了美国 8%的天然气。很明显，每天有数以百万的美国人依赖我们提供的服务。他们对我们的服务从来没有失望过。

When MidAmerican purchased Northern Natural Gas pipeline in 2002, that company’s performance as a pipeline was rated dead last, 43 out of 43, by the leading authority in the field. In the most recent report, Northern Natural was ranked second. The top spot was held by our other pipeline, Kern River.

中美能源在 2002 年收购北方天然管道公司时，行业内领先的权威机构对这家公司的管道业务表现评级极差，在业内 43 家公司中排名最后一名。而在最新一期报告中，北方天然已经排名第 2。排名第一的是我们旗下的另一条管道科恩河管道公司。

In its electric business, MidAmerican has a comparable record. In the most recent survey of customer satisfaction, MidAmerican’s U.S. utilities ranked second among 60 utility groups surveyed. The story was far different not many years back when MidAmerican acquired these properties.

在电力业务上，中美能源也拥有类似于天然气业务的优秀表现。在最近的客户满意度调查中，中美能源旗下的美国公用事业业务在 60 家公用事业机构中排名第 2。而这一切与多年前中美能源收购这些公用事业资产时相比差异巨大。

MidAmerican will have 3,316 megawatts of wind generation in operation by the end of 2012, far more than any other regulated electric utility in the country. The total amount that we have invested or committed to wind is a staggering $6 billion. We can make this sort of investment because MidAmerican retains all of its earnings, unlike other utilities that generally pay out most of what they earn. In addition, late last year we took on two solar projects – one 100%-owned in California and the other 49%-owned in Arizona – that will cost about $3 billion to construct. Many more wind and solar projects will almost certainly follow.

到 2012 年底，中美能源的风力发电量将会达到 3316 兆瓦，远远超过美国其他任何一家受到政府管制的电力企业。我们对风能的投资以及承诺的项目总额达到惊人的 60 亿美元。我们之所以能够做出如此规模巨大的投资，是因为中美能源保留了所有的利润，而不是像其他公用事业企业那样把大部分的利润都分配给了股东。此外，2011 年底我们承接了 2 个太阳能项目，一个是我们 100%持股的位于加州的项目，另一个我们持股 49%的位于亚利桑那州的项目，这两个项目建设成本约 30 亿美元。我们未来几乎肯定还会有更多的风能和太阳能项目。

As you can tell by now, I am proud of what has been accomplished for our society by Matt Rose at BNSF and by Greg Abel at MidAmerican. I am also both proud and grateful for what they have accomplished for Berkshire shareholders. Below are the relevant figures:

正如你所看到的，我为 BNSF 铁路的 MattRose 和中美能源的 GregAbel 为社会做出的贡献感到非常骄傲。我对他们为伯克希尔股东们做出的贡献既非常骄傲也非常感谢。以下是相关的经营业绩：

In the book value recorded on our balance sheet, BNSF and MidAmerican carry substantial goodwill components totaling $20 billion. In each instance, however, Charlie and I believe current intrinsic value is far greater than book value.

在我们的资产负债表的账面价值中，BNSF 和中美能源的商誉账面价值总计 200 亿美元。然而查理和我都相信现在这两家公司任何一家的内在价值都远远高于账面价值。