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。$Brookfield基础设施(BIP)$
Resiliency in Uncertain Times – Spotlight on Regulated Terminal
【不确定时期的韧性- 以受规管码头为例】
We often characterize BIP as an investment for all seasons, highlighting the recession resistant characteristics of our business. Our cash flow profile is stable and predictable which is a function of the regulated and contracted nature of our assets.
我们经常把$Brookfield基础设施(BIP)$ 描述为一年四季的投资，强调我们业务的抗衰退特性。我们的现金流状况是稳定和可预测的，这是我们资产的规管和合同性质造成的。
A great example of this resilience through market cycles is our Regulated Terminal in Australia. As background, the terminal serves as a critical link in the global steel supply chain from one of the highest-quality and lowest-cost basins in the world (the Bowen Basin). This fully regulated terminal operates under an established regime and has long been a steady contributor within our utilities segment.
在市场周期中这种韧性的一个很好的例子是我们在澳大利亚的受规管码头。作为背景，该码头是全球钢铁供应链的关键一环，来自世界上质量最高、成本最低的盆地之一(博文盆地)。这个完全受监管的终端在既定的制度下运行，长期以来一直是我们公用事业部门的稳定贡献者。
The business has the key characteristics that we look for in infrastructure assets:
该业务具有我们在基础设施资产中寻找的关键特征:
Strategically important asset that is an essential link to global export markets and supported by a high-quality and long-life resource;
具有重要战略意义的资产，是连接全球出口市场的重要纽带，由高质量和长寿命的资源支持；
Established regulatory framework provides a utility-like risk profile, and stable and predictable cash flows with a full pass-through of operating and maintenance costs
已建立的监管框架提供了类公用事业的风险特征，以及稳定和可预测的现金流，并可以完全转嫁运营和维护成本；
No volume or commodity exposure as revenues are earned under long-term, take-or-pay arrangements
由于收入是在长期的、照付不议的安排下获得的，所以没有吞吐量或大宗商品价格敞口；
Robust downside protection with a mechanism for socializing costs amongst counterparties in the event of a default and no force majeure provision in customer contracts
强大的下行保护机制，在违约情况下可以将成本分摊给剩余交易对手，客户合同中没有不可抗力条款；
Creditworthy counterparty profile comprised of some of the world’s largest mining companies
信誉良好的交易对手包括一些世界上最大的矿业公司。
For these reasons, the economic slowdown had virtually no impact on the operational and financial performance of the business. Similarly, in the past, we have had experiences with extreme weather events, where this business continued to receive full revenue payments despite the terminal being unable to operate for periods of time.
由于这些原因，经济放缓对业务的运营和财务业绩几乎没有影响。同样，在过去，我们也经历过极端天气事件，尽管码头在一段时间内无法运行，但该业务仍然获得了全额收入支付。
To better illustrate the strength of this business, in the following chart we have compiled annual EBITDA and FFO (annualized for 2020) since 2017. As can be seen, in the years between regulatory resets, the annual variability in both EBITDA and FFO is close to nil. Quarterly variability is also very limited as the business has no seasonality associated with its cash flows.
为了更好地说明该业务的实力，在下表中，我们编制了2017年以来的EBITDA和FFO历史数据(2020为年化值)。可以看到，在监管重置之间的年份，EBITDA和FFO的年度变化都接近于零。季度变化也非常有限，因为该业务与现金流没有关联的季节性。
Brookfield Infrastructure acquired the Regulated Terminal at an attractive entry point in 2009, as part of the multi-faceted recapitalization of Babcock and Brown. Over 10 years of ownership, we have created value in several ways – (i) we executed significant capital projects that increased the regulatory rate base, (ii) we enhanced operating efficiency by improving working capital requirements and (iii) we reduced the cost of capital through opportunistic financing initiatives. This has, to date, resulted in returns of close to four times our invested capital.
2009年，作为对BBI进行全面资本重组的一部分，BIP在一个有吸引力的进入成本收购了这个受规管码头。10年来，我们通过多种方式创造了价值——
(i) 我们实施了重大的资本项目，提高了规管资本规模;
(ii) 我们通过改善营运资金要求而提高了运营效率;
(iii) 我们通过机会主义融资举措降低了资金成本。
到目前为止，这已经带来了接近我们投资资本四倍的回报。