巴菲特致股东的信（2015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 major operations, BNSF and BHE, 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. Together, they last year accounted for 37% of Berkshire’s after-tax operating earnings.

我们这一板块主要有两个业务，BNSF 铁路和BHE 能源，拥有与我们其他业务不同的重要特征。所以，我们把他们的各项财务数据从我们GAAP 的负债表和收益表中分离出来，在这封信中为它们分配了独立板块单独来谈。去年，它们合计占伯克希尔税后收益的37%。

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 would far exceed its interest requirements. Last year, for example, in a disappointing year for railroads, BNSF’s interest coverage was more than 8:1. (Our definition of coverage is the ratio of earnings before interest and taxes to interest, not EBITDA/ interest, a commonly used measure we view as seriously flawed.)

这两家公司的一个关键特征是，对非常长期的、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。事实上这些资产并不需要我们的信贷支持，因为每家公司都有盈利能力，即使在经济状况恶化时，也远超其利息支付需求。比如，去年在铁路行业令人失望的一年里，BNSF 的利息覆盖倍数超过了8:1(我们对利息覆盖倍数的定义是息税前利润/利息，而不是息税折旧摊销前利润/利息，尽管后者被普遍使用，但我们觉得存在严重缺陷)。

At BHE, 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 offering an essential service on an exclusive basis. The second is enjoyed by few other utilities: a great and ever-widening diversity of earnings streams, which shield BHE from being seriously harmed by any single regulatory body. These many sources of profit, supplemented by the inherent advantage of being owned by a strong parent, have allowed BHE and its utility subsidiaries to significantly lower their cost of debt. This economic fact benefits both us and our customers.

与此同时，有两个因素保证BHE 能源能在任何情况下都有能力偿付债务。第一个是所有公用事业的共同点：抗衰退收益，这来自于这些公司提供独家服务的结果。第二个只有少数几个公用事业公司享有，即多元化的收益来源，使BHE 免受任何单一监管机构的伤害。这些多元化的收益来源，加上强大母公司的固有优势，让BHE 及其公用事业子公司能够大幅度降低债务成本。这种模式对我们和我们的客户都有利。

All told, BHE and BNSF invested $11.6 billion in plant and equipment last year, a massive commitment to key components of America’s infrastructure. We relish making such investments as long as they promise reasonable returns – and, on that front, we put a large amount of trust in future regulation.

整体来说，BHE 能源和BNSF 铁路去年在工厂和设备方面投资了116 亿美元，这是对美国的基础设施关键组成部分做出的重大贡献。只要它们能够承诺合理的回报，我们很愿意进行此类投资。不过前提就是，我们对未来的监管有绝对的信心。

Our confidence is justified both by our past experience and by the knowledge that society will forever need huge 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 concomitantly in our self-interest to conduct our operations in a way that earns the approval of our regulators and the people they represent.

我们的这种自信心，不仅来自于我们过去的经验，还有我们对社会清晰的认识，即社会永远需要在交通和能源方面进行大规模投资。以确保资金持续流向重大项目的方式对待资本提供者，符合各地政府的自身利益。同时以获得监管机构及其所代表的民众信任的方式开展业务，也符合我们自身利益。

Low prices are a powerful way to keep these constituencies happy. In Iowa, BHE’s average retail rate is 6.8¢ per KWH. Alliant, the other major electric utility in the state, averages 9.5¢. Here are the comparable industry figures for adjacent states: Nebraska 9.0¢, Missouri 9.3¢, Illinois 9.3¢, Minnesota 9.7¢. The national average is 10.4¢. Our rock-bottom prices add up to real money for paycheck-strapped customers.

低廉的价格是让这些支持者们满意的有力方式。在爱荷华州，BHE 能源的平均零售价是6.8 美分/千瓦时，该州的另一家主要电力公司Alliant 的均价是9.3 美分。这里有一些来自附近州的行业可比数据：内布拉斯加州9 美分、密苏尔州9.3 美分、伊利诺斯州9.7 美分、明尼苏达州9.7 美分。全美的平均价格大概是10.4 美分。我们最低的价格为那些工薪阶层的客户节省了真金白银。

At BNSF, price comparisons between major railroads are far more difficult to make because of significant differences in both their mix of cargo and the average distance it is carried. To supply a very crude measure, however, our revenue per ton-mile was just under 3¢ last year, while shipping costs for customers of the other four major U.S.-based railroads were at least 40% higher, ranging from 4.2¢ to 5.3¢.

对于BNSF 铁路而言，主要的铁路公司之间价格比较则要困难得多，因为他们在货物组合和平均运输里程上都存在着巨大的差异。然而，为了提供一个粗略的衡量标准，去年我们收费略低于3 美分/吨英里，然而其他四大铁路公司的客户平均运输成本至少高出40%，从4.2 美分到5.3 美分不等。

Both BHE and BNSF have been leaders in pursuing planet-friendly technology. In wind generation, no state comes close to Iowa, where last year megawatt-hours we generated from wind equaled 47% of all megawatt-hours sold to our retail customers. (Additional wind projects to which we are committed will take that figure to 58% in 2017.)

BHE 能源和BNSF 铁路已经成为美国能源友好型产业的领头羊。在风力发电方面，没有一个州能够超过爱荷华州，去年我们在那里生产的风电兆瓦数相当销售给零售客户所有兆瓦数的47%。(我们新增的风电项目将会让这个比例在2017 年达到58%)。

BNSF, like other Class I railroads, uses only a single gallon of diesel fuel to move a ton of freight almost 500 miles. That makes the railroads four times as fuel-efficient as trucks! Furthermore, railroads alleviate highway congestion – and the taxpayer-funded maintenance expenditures that come with heavier traffic – in a major way.

BNSF 铁路和其他一级铁路公司一样，仅仅用一加仑柴油就可以运输一吨货物近500 英里。这使得铁路的燃油效率是卡车的4 倍！而且，铁路运输很大程度上减少了公路拥堵情况以及严重拥堵所带来的巨大开销。

Here are the key figures for BHE and BNSF:

以下是BHE 能源和BNSF 铁路的一些主要数据：

I currently expect increased after-tax earnings at BHE in 2016, but lower earnings at BNSF.

我目前预计BHE 能源在2016 年税后收益将会增加，但BNSF 铁路的税后收益将会下降。