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。$Brookfield基础设施(BIP)$
【Investor Day Recap 投资者日回顾】
We held our annual Investor Day in September and were pleased with the high level of attendance for the mostly virtual event. The prevailing economic environment provided the backdrop for this year’s key themes, namely, the resilient nature of BIP’s business and its compelling growth profile. Our presentation described how these attributes, when combined, create a unique opportunity for investors to compound wealth over time in an uncertain and low interest rate environment.
我们在9月份举办了一年一度的投资者日活动，并对此次活动的高参与率感到高兴。当前的经济环境为今年的主要主题提供了背景，即，BIP业务的韧性特点及其引人注目的增长性。我们的演讲描述了当这些属性结合在一起时，如何为投资者创造一个独特的机会，随着时间的推移，在不确定和低利率的环境中实现财富复利。
BIP has utility-like characteristics that generate stable and predictable cash flows. Despite a challenging economic backdrop, our business has delivered financial results that were in line with expectations. This is attributable to (i) significant sector and geographic diversification, (ii) ownership of long-life and essential assets, (iii) substantial barriers to entry into the sectors we operate in and, (iv) cash flows that are generated under long-term contractual or regulated frameworks. In combination, these factors provide a current AFFO yield of approximately 6% and effectively create a floor for our results.
BIP具有类似公用事业的特性，可以产生稳定和可预测的现金流。尽管经济形势严峻，但我们的财务业绩符合预期。这是由于
(i)显著的行业和地域多样化，
(ii)拥有长期寿命和刚需资产，
(iii)进入我们经营的行业的巨大障碍，以及
(iv)在长期合同或监管框架下产生的现金流。
综合这些因素，目前的AFFO收益率约为6%，有效地为我们的业绩提供了一个下限。
BIP has a strong track record of operational value creation and organic growth of 6-9%. We spotlighted Enercare, our North American residential energy infrastructure business, to highlight how we work alongside our operating companies. Through an active, collaborative approach, our goal is to complement a dedicated management team with specialized resources and expertise to execute the business strategy focused on driving meaningful value creation. Using Enercare as a case study, we have been very successful on this front completing the following strategic initiatives:
BIP拥有良好的运营价值创造和平均每年6-9%有机增长的历史记录。我们重点介绍了北美住宅能源基础设施业务Enercare，以强调我们如何与运营公司合作。通过积极、协作的方式，我们的目标是用专业资源和专业知识来补充辅助一个专门的管理团队，以执行专注于推动有意义的价值创造的商业战略。
We optimized the capital structure of this business through a securitization that significantly lowers our cost of capital and efficiently funds growth. We refined the business plan – applying learnings from our U.K. regulated distribution business - to accelerate the transition of the U.S. business to a higher-value long-term rental model. We shared specialized resources and expertise to collaborate on strategic initiatives and provided long-term secondments. We provided access to the Brookfield economy, creating proprietary growth opportunities with other Brookfield businesses.
以Enercare为例，我们在这方面非常成功，完成了以下战略举措:
我们通过资产证券化优化了该业务的资本结构，大大降低了我们的资金成本，并有效地为增长提供资金。
我们完善了商业计划——应用我们在英国受监管的分销业务的经验——以加速美国业务向更高价值的长期租赁模式的过渡。
我们共享专门资源和专门知识，在战略举措上进行合作，并提供员工长期借调。
我们为其提供了进入“博枫经济圈”的渠道，创造了与博枫其他企业合作的独家增长机会。
Our approach has resulted in tremendous growth at Enercare and a path to generating compounded annual returns in excess of 20%.
我们的方法为Enercare带来了巨大的增长，并创造了超过20%的年复合回报率。
Several factors are pointing towards an infrastructure investment super-cycle. The global economic disruption is leading to an enormous increase in government and corporate indebtedness. This will require new sources of capital. At the same time, market conditions are suitable for outsized investment opportunities in several sectors for well capitalized and contrarian investors like us.
有几个因素正指向一个基础设施投资超级周期。全球经济动荡正导致政府和企业负债大幅增加。这将需要新的资金来源。与此同时，对于像我们这样资金充足的逆向投资者来说，市场条件适合在几个行业提供超大规模的投资机会。
Data is the world’s fastest growing commodity. Aging data infrastructure is struggling to keep pace with demand and traditional network owners do not have access to the capital required to fund the necessary upgrades. This provides a unique opportunity for well capitalized investors to take part in a 100-year data investment upgrade opportunity.
数据是世界上增长最快的商品。老化的数据基础设施难以跟上需求的步伐，而传统网络所有者无法获得必要的升级所需的资金。这为资金充足的投资者提供了一个独特的机会，参与到100年数据投资升级的机会。
The midstream sector is currently out of favor due to energy price volatility and low demand for fossil fuels. With few alternatives for access to capital available, oil majors are monetizing assets to fund their core businesses and develop renewable power capabilities. The market dislocation may provide an attractive entry point for assets that meet our core investment criteria, including (i) substantial scarcity value, (ii) highly contracted revenue profiles and (iii) the requirement for significant capital.
由于能源价格的波动和对化石燃料的低需求，中游行业目前不受欢迎。由于获得资本的途径很少，石油巨头们正在变现资产，为其核心业务提供资金，并开发可再生能源能力。市场错位可能为符合我们核心投资标准的资产提供一个有吸引力的切入点，包括(i) 显著的稀缺价值，(ii) 高度合同化的收入特征 和 (iii)对大量资本的要求。
The current environment has negatively impacted the sentiment for transportation assets. This is particularly true for airports, with air traffic down over 90% at many international hubs. With no consensus for the timing or nature of a recovery, we could see a unique entry point for investors willing to take a long-term view.
目前的环境对运输资产的人气产生了负面影响。机场尤其如此，许多国际枢纽的空中交通量下降了90%以上。由于对复苏的时间和性质没有达成共识，我们可能会看到一个独特的切入点，为那些愿意长线投资的投资者提供了机会。
In light of these market dynamics, we expect to invest approximately $2 billion annually in growth opportunities of which 60-75% will be funded through capital recycling activity. Including the processes we have underway today, we expect capital recycling to account for over $4 billion of proceeds by the end of 2022, and in excess of $7.5 billion over the next five years. We anticipate that the current low interest rate environment will support strong valuations of mature and de-risked infrastructure assets like ours. This outsized level of investment activity that is predominantly funded from the sale of de-risked assets could drive further annual growth of 1-5% in cash flows.
根据这些市场动态，我们预计每年投资约20亿美元用于发展机会，其中60-75%将通过资本循环活动获得资金。包括我们今天正在进行的进程，我们预计到2022年底，资本回收的收益将超过40亿美元，未来五年将超过75亿美元。我们预计，当前的低利率环境将支持像我们这样成熟和去风险的基础设施资产的强劲估值。这种主要由出售去风险资产提供资金的超大规模投资活动，可能推动现金流进一步以每年1-5%的速度增长。
Enwave: A Value Creation Success Story
【Enwave:一个创造价值的成功故事】
We often refer to our active approach to asset management and the value created through the collaborative partnership we have with our businesses. Enwave, our North American district energy platform, is a good example of this full-cycle strategy. Over the last eight years, the business and organizational culture has been transformed through disciplined commercial efforts, remarkable organic growth, strategic tuck-in acquisitions and active balance sheet management. Under our ownership, Enwave has grown to be the largest district energy system in North America and delivers heating or cooling to over 800 buildings.
我们经常提到我们积极的资产管理方法，以及通过我们与企业的合作伙伴关系所创造的价值。Enwave，我们在北美的区域能源平台，就是这种全周期战略的一个很好的例子。在过去的8年里，通过严格的商业努力、显著的有机增长、战略性收购和积极的资产负债表管理，公司的业务和组织文化已经发生了转变。在我们的所有权下，Enwave已经成长为北美最大的区域能源系统，为超过800座建筑提供供暖或制冷服务。
To put it simply, district energy utilizes a centralized source to distribute low-carbon thermal energy to a network of buildings. District energy systems facilitate sustainable growth, offer exceptional reliability and provide customers with capital and space savings compared to owning and maintaining their own dedicated heating and cooling equipment.
简单地说，区域能源利用一个集中的来源，将低碳热能分配到一个建筑网络。与拥有和维护自己的专用加热和制冷设备相比，区域能源系统有利于可持续增长，提供卓越的可靠性，为客户节省资金和空间。
In 2012, we had our first opportunity to complement our utilities segment with an unregulated but highly contracted district energy system. In addition to the strength of the in-place cash flows and organic growth potential, we recognized the value we could uncover by doing two things: 1) we could leverage Brookfield’s commercial real estate operations to expand and efficiently consolidate fragmented systems across North America, and 2) we believed we could transform what was previously a reactionary utility, into a sales-focused, commercial minded heating and cooling solutions provider.
2012年，我们第一次有机会用不受规管但高度合同化的区域能源系统来补充我们的公用事业部门。除了现有现金流的力量和有机增长潜力，我们认识到我们可以通过做两件事来挖掘价值:
1)我们可以利用博枫的商业房地产业务，在北美扩张和有效整合分散的系统;
2)我们相信我们可以将之前的保守公用事业转变为专注于销售的、具有商业头脑的供暖和制冷解决方案提供商。
Since the initial acquisition of systems in Toronto and Windsor, we have grown Enwave’s network by acquiring other high-quality district energy systems in major North American markets and driving a structural organic growth strategy. Today, Enwave operates in nine major cities in the U.S. and four in Canada.
自最初收购多伦多和温莎的系统以来，我们通过收购北美主要市场的其他高质量区域能源系统，推动结构性有机增长战略，扩大了Enwave的网络。如今，Enwave在美国的9个主要城市和加拿大的4个主要城市开展业务。
Following each acquisition, the standalone assets were integrated into one cohesive and operationally efficient business led by a high performing management team. This team was largely hand-picked from our existing businesses and we supplemented their breadth with internal Brookfield expertise in the areas of operations and finance. Over the years, we realized substantial benefits through the implementation of a focused commercialization strategy, operational best practices, balance sheet discipline and centralized procurement.
每次收购后，独立的资产被整合成一个具有凝聚力和运营效率的业务，由一个高效的管理团队领导。这个团队主要是从我们现有的业务中挑选的，我们用博枫内部运营和财务领域的专业知识补充了他们的广度。多年来，我们通过实施有重点的商业化战略、运营最佳实践、资产负债表纪律和集中采购实现了可观的效益。
To manage Enwave’s large pipeline of organic growth opportunities, the business required the right capital discipline to both plan and execute projects. By leveraging the Brookfield network, we were able to incorporate best practices of other portfolio companies to de-risk our growth strategy.
为了管理Enwave大量的有机增长机会，企业需要正确的资本纪律来计划和执行项目。通过利用博枫网络，我们能够吸收其他投资组合公司的最佳实践，以降低我们增长战略的风险。
One of the most notable shifts in the business was converting a legacy utility business into an acquisitive, sales-oriented growth platform. This transformation occurred gradually over several years and was driven by the very capable leadership team we inserted into the business. We also created a single and cohesive finance function, eliminating the redundancy and inefficiencies of system-specific teams. Lastly, we consolidated the procurement function to leverage the platform scale and achieved meaningful operating savings.
该业务最显著的转变之一是，将传统公用事业业务转变为一个以销售为导向的收购增长平台。这一转变是在几年的时间里逐渐发生的，是由我们插入业务的非常有能力的领导团队推动的。我们还创建了一个单一的和内聚的财务部门，消除了各系统自有团队的冗余和低效。最后，我们整合了采购功能，以利用平台规模，实现了有意义的运营节省。
Throughout our ownership, Enwave secured over 135 new building connections and realized a compounded annual EBITDA growth rate of over 20% (of which 13% was driven organically). This business has a highly attractive investment profile; it is a global leader in sustainability, it benefits from an incumbent advantage in its service territory and it generates stable and predictable cash flows under long-term contracts with a diversified base of creditworthy counterparties.
在我们控股期间，Enwave获得了135个新的建筑连接合同，实现了超过20%的复合年EBITDA增长率(其中13%是有机增长)。
这项业务具有极具吸引力的投资特征；它是可持续发展领域的全球领导者，受益于其服务地区的先占优势，并通过与信誉良好、多样化的对手方签订长期合同产生稳定和可预测的现金流。
We commenced a sales process for the business in the fall of 2020. As a result of our asset management initiatives, the business has been well contracted and a substantial, de-risked growth pipeline has been put in place, making this business an attractive investment for institutional investors. We recently reached an agreement to sell the business in two separate transactions for total consideration of $4.1 billion on an enterprise value basis. Net proceeds to BIP are expected to be approximately $950 million. We will earn an IRR of over 30% on our investment and a multiple of invested capital of over six times. This result provides another indication of the value of high quality, de-risked infrastructure assets to institutional investors.
我们在2020年秋天开始了Enwave的变现流程。由于我们的资产管理举措，该业务已经很好地进行了合同化，并建立了一个价值巨大、去风险的增长管道，使该业务对机构投资者具有吸引力。
我们最近达成协议，以41亿美元的企业价值为基础，分两笔交易出售该业务。BIP的净收入预计约为9.5亿美元。我们的投资将获得超过30%的内部收益率（IRR），6倍以上的投资收益倍数（MOIC）。这一结果再一次向机构投资者展示了高质量、去风险基础设施资产的价值。