从各季度#博枫PE股东信#中摘抄一些时效性不高的文字。$Brookfield商业合伙(BBU)$
【Intrinsic Value 内在价值】
Over the last several years we have built BBU into a global business that is well positioned to manage through difficult economic cycles. We have been deliberate, investing in large scale operations that are market leading providers of essential products and services.
在过去的几年里，我们已经将BBU建设成为一个全球业务，即使在艰难的经济周期中也处于有利的地位。我们一直刻意投资那些提供市场领先的必需产品和服务的大规模业务。
As our business has evolved, we have sold down or fully exited ten businesses over the last five years. These monetizations in total have generated more than $7 billion of proceeds (approximately $2.5 billion to BBU) that we have reinvested to fund our growth.
随着我们业务的发展，在过去五年中，我们已经出售或完全退出了十家公司。这些变现总计回笼了超过70亿美元的现金 (BBU的份额大约25亿美元)，我们将这些收益用于再投资，以支持我们的增长。
As a result, while we own about the same number of companies as we did five years ago, the profile of BBU’s businesses is very different. Currently, four companies, Sagen, Westinghouse, Clarios and BRK Ambiental generate over ten times the EBITDA of our largest four companies in 2016 when we created BBU.
因此，尽管我们拥有的公司数量与五年前大致相同，但BBU的业务格局却大不相同。目前，四家公司（萨根、西屋电气、柯锐世和BRK Ambiental）产生的EBITDA，是我们2016年创建BBU时最大的四家公司的十倍以上。
The substantial majority of BBU now comprises businesses with scale, stable operations and resilient cashflows. The remainder of BBU’s value comprises smaller businesses we recently acquired with exciting growth potential, like IndoStar and Ouro Verde, and others we have owned for many years that have become a progressively smaller part of BBU but continue to create value for us.
BBU的大部分业务现在都具有规模、稳定的运营和韧性的现金流。BBU的其他价值包括我们最近收购的具有令人兴奋的增长潜力的较小业务，如IndoStar和Ouro Verde，以及我们多年来拥有的其他业务，这些业务已逐渐成为BBU的较小部分，但仍在为我们创造价值。
A consequence of the improved quality of our overall operations has been the enhanced resilience of BBU’s intrinsic value. We define the intrinsic value of BBU as the present value of all cash flows our operations will generate in the future.
我们整体运营质量的提高的一个结果是BBU内在价值的韧性增强。我们将BBU的内在价值定义为我们的业务在未来将产生的所有现金流的现值。
Like most companies around the world, our near-term cash flows were impacted by the economic disruption during 2020 but because of the resilience of our larger businesses, the long-term viability of our cash flows and terminal values has been largely unaffected. As a result, we believe the overall impact of the pandemic-driven economic shutdown to BBU’s intrinsic value has been limited.
与世界上大多数公司一样，我们的短期现金流受到了2020年经济动荡的影响，但由于我们较大型业务的韧性，我们现金流和终值价值的长期生存能力基本没有受到影响。因此，我们认为，疫情驱动的经济停摆对BBU内在价值的整体影响有限。
While the trading price of BBU’s units has almost doubled from lows in 2020, the unit price remains below our view of fair value, and we acquired approximately two million units during the year. We plan to continue acquiring units at prices which represent an attractive use of our capital.
虽然BBU的股价从2020年的低点几乎翻了一番，但仍然低于我们的公允价值，我们在这一年收购了大约200万股。我们计划继续以具有吸引力的价格回购股票，这代表有吸引力的资本使用途径。
【More Cash 更多的现金】
The stability of our larger businesses should support recurring and increasing distributions of cash to BBU, which we will use to fund growth.
我们较大型业务的稳定应该支持对BBU的经常性和不断增加的现金派息，我们将用这些现金来为增长提供资金。
Westinghouse, our provider of essential products and services to the nuclear power industry, is one of our largest and most stable businesses. Demand at Westinghouse has been largely unaffected over the last twelve months and we continue advancing initiatives to build value within the business.
西屋电气是我们为核电工业提供必需产品和服务的供应商，是我们最大和最稳定的业务之一。 在过去的12个月里，西屋电气的需求基本没有受到影响，我们继续推进计划，在业务中创造价值。
Since acquiring Westinghouse in 2018, EBITDA has increased from $440 million to $650 million in 2020. We hope to improve annual EBITDA by an additional $150 million over the medium term. The business also continues to generate substantial free cash flow and paid a dividend at year end of $265 million, of which BBU’s share was $115 million.
自2018年收购西屋电气以来，EBITDA已从4.4亿美元增加到2020年的6.5亿美元。我们希望在中期将EBITDA再提高1.5亿美元。该业务还继续产生大量的自由现金流，并在年底支付了2.65亿美元的股息，其中BBU的份额为1.15亿美元。
To date, BBU has received more than $370 million in distributions from Westinghouse, representing almost all our initial equity investment, which was achieved with no increase to Westinghouse’s debt levels. As a consistent and growing cash generator, Westinghouse is increasing the intrinsic value of BBU.
到目前为止，BBU已经从西屋电气获得了超过3.7亿美元的股息，这几乎已经完全覆盖我们的初始股权投入成本，而且这是在没有增加西屋电气的债务水平的情况下实现的。作为一个持续增长的现金生成器，西屋电气正在增加BBU的内在价值。
Sagen is also a highly cash generative business. It is the largest private sector residential mortgage insurer in Canada and we acquired a controlling interest in this business at the end of 2019.
萨根也是一家现金产出能力很强的企业。它是加拿大最大的私营部门住宅抵押贷款保险公司，我们在2019年底获得了该业务的控股权。
Sagen has a long track record of generating stable earnings through housing and market cycles as well as strong and steady distributions for shareholders. As we look forward, the strong cash flow profile of the company and opportunities to further optimize its capital structure should support continued distributions to BBU.
长期以来，萨根跨越房地产和市场周期创造了稳定的收益，并为股东提供了强劲而稳定的分红。展望未来，该公司强劲的现金流状况和进一步优化其资本结构的机会，应该支持继续向BBU分配股息。