巴菲特致股东的信（1993年）③报告收益来源

Sources of Reported Earnings

The table below shows the major sources of Berkshire's reported earnings. In this presentation, amortization of Goodwill and other major purchase-price accounting adjustments are not charged against the specific businesses to which they apply, but are instead aggregated and shown separately. This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them. I've explained in past reports why this form of presentation seems to us to be more useful to investors and managers than one utilizing GAAP, which requires purchase-price adjustments to be made on a business-by-business basis. The total net earnings we show in the table are, of course, identical to the GAAP total in our audited financial statements.

报告收益来源

下表显示伯克希尔报告收益的主要来源，在这张表中商誉的摊销数与购买法会计调整数会从个别被投资公司分离出来，单独加总列示，之所以这样做是为了让旗下各事业的收益状况，不因我们的投资而有所影响，过去我一再地强调我们认为这样的表达方式，较之 GAAP 要求以个别企业基础做调整，不管是对投资者或是管理者来说更有帮助，当然最后损益加总的数字仍然会与经会计师查核的数字一致。

* Includes Dexter's earnings only from the date it was acquired, November 7, 1993.
**Excludes interest expense of Commercial and Consumer Finance businesses. In 1992 includes $22.5 million of premiums paid on the early redemption of debt.

(1)Dexter 的收益仅含并购日 1993 年 11 月 7 日以后的收益。
(2)不含商业与消费金融公司的利息费用，另外 1992 年部分还包含 2250 万提前赎回债券的溢价。

A large amount of information about these businesses is given on pages 38-49, where you will also find our segment earnings reported on a GAAP basis. In addition, on pages 52-59, we have rearranged Berkshire's financial data into four segments on a non-GAAP basis, a presentation that corresponds to the way Charlie and I think about the company. Our intent is to supply you with the financial information that we would wish you to give us if our positions were reversed.

在年报中你可以找到依照 GAAP 编制的详细分业务信息，此外，我们在非 GAAP 基础上，将伯克希尔重新分列为四大业务板块。我们的目的是希望给你所有查理跟我认为在评估伯克希尔价值时所需的财务信息。

* Includes Dexter's earnings only from the date it was acquired, November 7, 1993.**Excludes interest expense of Commercial and Consumer Finance businesses. In 1992 includes $22.5 million of premiums paid on the early redemption of debt.

* Includes Dexter's earnings only from the date it was acquired, November 7, 1993.
**Excludes interest expense of Commercial and Consumer Finance businesses. In 1992 includes $22.5 million of premiums paid on the early redemption of debt.