巴菲特致股东的信（2013年）③受管制的资本密集型业务

Regulated, Capital-Intensive Businesses

受管制的资本密集型业务

“Though there are many regulatory restraints in the utility industry, it’s possible that we will make additional commitments in the field. If we do, the amounts involved could be large.” — 1999 Annual Report

1999 年年报："虽然公用事业存在许多监管限制，但我们还是有机会在这一领域做出更多投资。一旦我们决定投资，一定是大手笔。"

We have two major operations, BNSF and MidAmerican Energy, that share important characteristics distinguishing them from our other businesses. Consequently, we assign them their own section in this letter and split out their combined financial statistics in our GAAP balance sheet and income statement.

这一板块有两家公司：BNSF 铁路公司和中美能源，它们有一些重要共同特点区别于我们其他的公司。所以，我们在这里把它们单独归为一类进行讨论，并在 GAAP 合并资产负债表和利润表中单独列示。

A key characteristic of both companies is their huge investment 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 in fact not needed because each company has earning power that even under terrible economic conditions will far exceed its interest requirements. Last year, for example, BNSF’s interest coverage was 9:1. (Our definition of coverage is pre-tax earnings/interest, not EBITDA/interest, a commonly-used measure we view as seriously flawed.) At MidAmerican, meanwhile, two factors ensure the company’s ability to service its debt under all circumstances. The first is common to all utilities: recession-resistant earnings, which result from these companies exclusively offering an essential service. The second is enjoyed by few other utilities: a great diversity of earnings streams, which shield us from being seriously harmed by any single regulatory body. Now, with the acquisition of NV Energy, MidAmerican’s earnings base has further broadened. This particular strength, supplemented by Berkshire’s ownership, has enabled MidAmerican and its utility subsidiaries to significantly lower their cost of debt. This advantage benefits both us and our customers.

两家公司的一个重要特征是，它们对长期受监管的资产进行了巨额投资，这些资产部分资金来自伯克希尔不提供担保的大额长期债务。它们实际上并不需要我们的信用支持，因为它们具备良好的盈利能力，即使在恶劣的经济环境下也能覆盖它们的债务利息要求。比如去年 BNSF 的利息覆盖倍数是 9:1。(我们对覆盖倍数的定义是税前收入/利息，而不是 EBITDA/利息，我们认为这个被普遍使用的指标存在严重的缺陷。)与此同时，在中美能源有两个因素确保它在各种情形下都具有偿还债务的能力。第一个因素是所有公用事业企业共有的：抗周期的盈利能力，这源于公司垄断地提供社会必需的基本服务。第二个因素是少数公用事业公司享有的：多元化的利润来源，这保护我们免受任一地区监管机构的伤害。现在，随着收购 NVEnergy，中美能源的利润来源进一步扩大了。这在特殊的优势加上伯克希尔的股东背景，中美能源和它的分支机构可以以显著的降低债务成本。这种优势使我们和我们的客户都受益。

Every day, our two subsidiaries power the American economy in major ways:

每天，我们的两家子公司都在主要领域驱动着美国的经济：

● BNSF carries about 15% (measured by ton-miles) of all inter-city freight, whether it is transported by truck, rail, water, air, or pipeline. Indeed, we move more ton-miles of goods than anyone else, a fact establishing BNSF as the most important artery in our economy’s circulatory system. Its hold on the number-one position strengthened in 2013.

● BNSF 承担了全国城际间货运量的 15%(以吨英里衡量)，包括公路、铁路、水路、航空以及管道运输。事实上，BNSF 的货运量超过其他任何公司，这个事实意味着 BNSF 是全国经济循环系统最重要的大动脉。2013 年它的龙头地位得到了加强。

BNSF, like all railroads, also moves its cargo in an extraordinarily fuel-efficient and environmentally friendly way, carrying a ton of freight about 500 miles on a single gallon of diesel fuel. Trucks taking on the same job guzzle about four times as much fuel.

和其他铁路公司一样，BNSF 还以一种非常节能和环保的方式在运输着货物，它运输一吨货物 500 英里只需一加仑柴油。卡车实现同样的运力大约要使用 4 倍的能源。

● MidAmerican’s utilities serve regulated retail customers in eleven states. No utility company stretches further. In addition, we are the leader in renewables: From a standing start nine years ago, MidAmerican now accounts for 7% of the country’s wind generation capacity, with more on the way. Our share in solar – most of which is still in construction – is even larger.

● 中美能源受监管的电力设施为 11 个州的零售客户服务。没有任何公用事业公司服务范围比我们更广。另外，我们是可再生能源领域的领导者：从 9 年前开始，中美能源现在已经占全国风力发电量的 7%，未来还会更多。我们在太阳能发电领域上的份额甚至更高(虽然大部分还在建设当中)。

MidAmerican can make these investments because it retains all of its earnings. Here’s a little known fact: Last year MidAmerican retained more dollars of earnings – by far – than any other American electric utility. We and our regulators see this as an important advantage – one almost certain to exist five, ten and twenty years from now.

中美能源之所以能进行上述投资是因为它保留了所有利润。事实上：迄今为止中美能源累计留存的利润超过美国任何其他电力公司。我们和监管部门都把这看作一项重要的优势，可以确定的是，这一优势还会持续 5 年、10 年、20 年。

When our current projects are completed, MidAmerican’s renewables portfolio will have cost $15 billion. We relish making such commitments as long as they promise reasonable returns. And, on that front, we put a large amount of trust in future regulation.

等我们的在建项目完工后，中美能源的可再生能源投资将达到 150 亿。只要监管承诺这些投资合理的回报，我们就乐于做出这样的投资。在这方面，我们对未来的监管抱有极大的信任。

Our confidence is justified both by our past experience and by the knowledge that society will forever need massive investments in both transportation and energy. It is in the self-interest of governments to treat capital providers in a manner that will ensure the continued flow of funds to essential projects. It is meanwhile in our self- interest to conduct our operations in a way that earns the approval of our regulators and the people they represent.

我们的信心来源于过往的经验，也来源于社会在交通和能源方面会一直需要大量投资的认识。政府为了自身利益将会合理对待资本提供者，以保证有持续的资金来满足必须的公共项目。同时，获取监管机构及其代表的人民的认可和批准的方式开展业务，也符合我们自身的利益。

Tangible proof of our dedication to that duty was delivered last year in a poll of customer satisfaction covering 52 holding companies and their 101 operating electric utilities. Our MidAmerican group ranked number one, with 95.3% of respondents giving us a “very satisfied” vote and not a single customer rating us “dissatisfied.” The bottom score in the survey, incidentally, was a dismal 34.5%.

去年一份涵盖 52 家控股公司及其 101 家电力运营公司的客户满意度调查结果，是我们投资于未来这一决心的有力证明。我们的中美能源排名第一，95.3%的被调查者表示"非常满意"，并且没有一个被调查者表示"不满意"。顺便说一句，调查中的最低分仅有 34.5%的满意度。

All three of our companies were ranked far lower by this measure before they were acquired by MidAmerican. The extraordinary customer satisfaction we have achieved is of great importance as we expand: Regulators in states we hope to enter are glad to see us, knowing we will be responsible operators.

在被中美能源收购以前，我们有三家公司调查排名远低于现在。优异的消费者满意度在我们扩张的时候发挥着重要作用：我们希望进入地区的监管部门愿意看到我们的到来，因为他们知道我们是负责任的公司。

Our railroad has been diligent as well in anticipating the needs of its customers. Whatever you may have heard about our country’s crumbling infrastructure in no way applies to BNSF or railroads generally. America’s rail system has never been in better shape, a consequence of huge investments by the industry. We are not, however, resting: BNSF spent $4 billion on the railroad in 2013, double its depreciation charge and a single-year record for any railroad. And, we will spend considerably more in 2014. Like Noah, who foresaw early on the need for dependable transportation, we know it’s our job to plan ahead.

我们的铁路公司也在努力预测客户需求增长。你听说的任何关于我们国家基础设施建设落后的怨言，都不适用于 BNSF 和铁路行业。美国的铁路系统从未有过今天这样良好的状态，这是行业巨额投资的成果。当然我们也没闲着：2013 年 BHSF 在铁路上投资了 40 亿美元，是折旧额的两倍多，创下任一铁路的最高单年投资记录。而且，我们将在 2014 年投入更多。就像很早预见到可靠交通需求的诺亚一样，我们明白必须未雨绸缪。

Leading our two capital-intensive companies are Greg Abel, at MidAmerican, and the team of Matt Rose and Carl Ice at BNSF. The three are extraordinary managers who have my gratitude and deserve yours as well.

领导我们两家资本密集型公司的是中美能源的 Greg Abel，还有 BNSF 的 Matt Rose 和 Carl Ice 团队。他们三人都是卓越的经理人，应该受到我和大家的感谢。

Here are the key figures for their businesses:

下表是他们业务的关键数据：

Ron Peltier continues to build HomeServices, MidAmerican’s real estate brokerage subsidiary. Last year his operation made four acquisitions, the most significant being Fox & Roach, a Philadelphia-based company that is the largest single-market realtor in the country.

RonPeltire 在继续打造家庭服务公司(HomeServices)，它是中美能源的房地产经纪业务子公司。去年他进行了四次收购，最主要的是对 Fox&Roach 的收购，一家总部位于费城、全国最大的地区性经纪公司。

HomeServices now has 22,114 agents (listed by geography on page 112), up 38% from 2012. HomeServices also owns 67% of the Prudential and Real Living franchise operations, which are in the process of rebranding their franchisees as Berkshire Hathaway HomeServices. If you haven’t yet, many of you will soon be seeing our name on “for sale” signs.

住宅服务公司现在有 22,114 名经纪人，比 2012 年增加 38%。它还拥有 Prudential&Real Living 公司 67%的特许经营权业务，它正在更名为伯克希尔住宅服务公司。大家很快就会在"待售"的房产广告上看到我们的名字。