从各季度#博枫基建股东信# 中摘抄一些时效性不高的文字。使用有道机器翻译。$Brookfield基础设施(BIP)$
Reflecting on a decade of growth, and looking ahead
【回顾十年的发展，展望未来】
In September, we held our annual Investor Day in New York. For those of you who were unable to join us, we invite you to review the presentation on our website. With Brookfield Infrastructure’s 10-year anniversary approaching, we took the opportunity to reflect on our first decade, and to examine the investment landscape ahead, focusing on how we are positioned for continued success.
今年9月，我们在纽约举办了一年一度的投资者日。对于那些当时不能参加的人，我们邀请你在我们的网站上回顾这些演讲。随着$Brookfield基础设施(BIP)$ 10周年纪念日的临近，我们借此机会回顾了我们的第一个十年，并审视了未来的投资前景，重点关注我们如何定位继续取得成功。
Since BIP was launched in 2008, we have focused on four key objectives:
自2008年启动BIP以来，我们一直专注于四个主要目标:
Adding scale and diversifying the business – At inception, BIP had five operating businesses, two of which were in the timber sector. We have since divested of the timber businesses profitably, and today we operate 35 high-quality businesses across five segments, with investments in multiple sectors.
扩大规模和业务多元化——在成立之初，BIP有5个运营业务，其中两个在林木行业。从那以后，我们剥离了盈利的林木部门业务，如今我们经营着5个部门的35个高质量业务，投资于多个行业。
Building a solid financial foundation – As a dual-listed issuer and with BIP’s recent inclusion in the S&P/TSX Composite Index, our access to capital is significantly enhanced. The business is supported by a BBB+ credit rating and $2.0 billion in lines of credit which allow us to act quickly on opportunities.
建立坚实的财务基础——作为两地上市的上市公司，加上BIP最近被纳入S&P/TSX综合指数，我们获得资金的渠道大大增强。该业务由BBB+信用评级和20亿美元的信用额度支持，这使我们能够在有机会时迅速采取行动。
Developing a track record of investment discipline – Concurrent with deploying significant capital since inception, we have also been strategically disposing of businesses to recycle capital to fund higher-returning growth initiatives. To date, we have sold 10 businesses, generating over $2 billion of proceeds at returns in excess of 25% measured on an IRR basis.
建立投资纪律的记录——自成立以来，在部署大量资本的同时，我们也一直在战略性地处置业务，以回收资金，为更高回报的增长计划提供资金。到目前为止，我们已经出售了10家公司，产生了超过20亿美元的收益，按内部收益率计算，回报率超过25%。
Achieving profitable growth – Making large, value-based investments while simultaneously executing on organic growth projects has supported per unit compound annual growth of 20% and 12% for FFO and distributions, respectively, since inception. BIP has also generated attractive annualized returns for unitholders, outperforming its peer group.
实现盈利增长——在进行基于价值的大型投资的同时执行有机增长项目，自成立以来，每股经营现金流和股息的复合年增长率分别为20%和12%。BIP还为股东带来了具有吸引力的年化回报，表现优于同行。
We also assessed our performance in the context of our ability to deploy capital on behalf of our unitholders. The presentation focused on the use of return on invested capital (“ROIC”), which we believe to be the most relevant metric in assessing our ability to invest capital well. We provided a spotlight on our returns over the last five years, and our average annual ROIC over this period was 13%. We consider this result to be very strong for a well-diversified real asset business such as ours. Additionally, we believe that this metric is most useful when applied over a longer period versus isolated annual periods given the growth profile of our business, which is often back-end loaded. Our track record since inception highlights that we have been able to achieve same-store growth of approximately 5% over the years, from inflationary price increases and volume upside (before including reinvestment of cash flows in the business).
我们还评估了我们代表股东调度资本的能力。演讲的重点是投入资本回报率(ROIC)的使用，我们认为这是评估我们良好投资能力的最相关指标。
我们重点介绍了过去五年的回报率，这段时间我们的平均年ROIC为13%。我们认为，这一结果对我们这样一个多元化的实物资产业务非常有利。此外，我们相信，考虑到我们业务的增长情况(通常是后置的)，这个指标在较长时期内应用比孤立的年度期间更有用。
自成立以来，我们的业绩记录表明，通过通货膨胀的价格上涨和销量增长(在包括对业务的现金流再投资之前)，我们在过去几年里已经实现了约5%的同店增长。
Lastly, we discussed the investment landscape for infrastructure for the next 10 years, focusing on trends that should generate meaningful investment opportunities for our business:
最后，我们讨论了未来10年基础设施的投资前景，重点讨论了应该为我们的业务带来有意义的投资机会的趋势:
Data infrastructure – Data is the fastest growing commodity in the world, with global usage expected to grow exponentially for the foreseeable future. This growth is driving the need for massive investment in the networks that transmit and store data. We have already begun making investments in data highways, namely fibre-to-the-home networks, and telecom towers, and are pursuing additional opportunities in the sector.
数据基础设施——数据是世界上增长最快的商品，在可预见的未来，全球使用量预计将呈指数级增长。这种增长推动了对传输和存储数据的网络进行大规模投资的需求。我们已经开始投资数据高速公路，即光纤到家网络和电信塔，并在该领域寻求更多的机会。
Municipal infrastructure – Trillions of dollars have been committed globally to building ‘smart cities’. These are communities that are more connected, efficient and environmentally friendly – a top priority for many major municipal governments. With the number of people living in urban areas anticipated to increase from 55% to 70% by 2020, solutions for reducing pollution and congestion are of critical importance. We see the largest opportunities in district energy, where we already have operations in 11 North American cities, and energy-efficient systems such as smart meters, an area where we have already begun deploying capital in the U.K. We are ideally suited to capture scale in this sector given Brookfield’s vast urban property presence.
市政基础设施——全球已投入数万亿美元建设“智慧城市”。这些社区联系更紧密，效率更高，对环境更友好——这是许多主要市政府的首要任务。到2020年，居住在城市地区的人口数量预计将从55%增加到70%，减少污染和拥堵的解决方案至关重要。
我们在区域能源领域看到了最大的机会，我们已经在11个北美城市开展了业务，以及智能电表等节能系统，我们已经开始在英国部署资本。鉴于博枫在城市拥有大量地产，我们非常适合在该领域实现规模扩张。
Water infrastructure – The spending gap for capital needed to support critical and aging water infrastructure is predicted to grow to ~$7 trillion globally by 2050. We see several opportunities to invest in water supply (desalination plants), water recycling (greywater and purification facilities), and transportation systems for uses such as irrigation.
水务基础设施——到2050年，支持关键和老化的水基础设施所需的资金缺口预计将增长到7万亿美元左右。我们看到了几个投资于供水(海水淡化厂)、水回收(灰水和净化设施)以及灌溉等用途的运输系统的机会。
Investment in Asia – This is the world’s largest and fastest-growing market, with current GDP growth of nearly 6%. The need for capital to fund the buildout and maintenance of critical infrastructure exists across all sectors where we invest. We will leverage Brookfield’s established presence in Asia and expect to make this region a larger part of our capital allocation in the future.
在亚洲的投资——这是世界上最大和增长最快的市场，目前国内生产总值增长近6%。我们投资的所有领域都需要资金来支持关键基础设施的建设和维护。我们将利用博枫在亚洲的现有业务，并期望在未来使该地区成为我们资本配置的更大部分。
We often get asked if the growth we have achieved over the past 10 years is sustainable. With our global presence and reach, enhanced access to capital and established investment engine, Brookfield Infrastructure is now in a much stronger position than when it started in 2008. We intend to remain true to our investment strategy by creatively and selectively sourcing the right opportunities to achieve our target returns, identifying highly accretive projects and tuck-in acquisitions and acting decisively when the right opportunities present themselves. With an opportunity set that is extremely robust, we look forward to generating substantial growth in the future.
我们经常被问到，过去10年取得的增长是否可持续。凭借我们在全球的存在和覆盖范围、增强的资本获取渠道和成熟的投资引擎，BIP现在的地位比2008年刚成立时要强大得多。
我们打算坚持我们的投资战略，通过创造性和选择性地寻找合适的机会来实现我们的目标回报，确定高增值项目和收购，并在合适的机会出现时果断采取行动。在这一极其强劲的机遇下，我们期待在未来实现大幅增长。