从各季度#博枫PE股东信#中摘抄一些时效性不高的文字。$Brookfield商业合伙(BBU)$
【Our Next Sales Cycle 我们的下一个变现周期】
Since 2016 we have monetized nine businesses, realizing an average IRR of over 30%. We generated $3 billion in proceeds from the sale of these mostly smaller businesses and reinvested that capital to acquire larger, more resilient operations. The next phase of monetizations should generate much greater proceeds to fund our growth.
自2016年以来，我们已经实现了9个业务的变现，实现了超过30%平均内部收益率。我们从出售这些规模较小的业务中回笼了30亿美元的现金，并将这些资金进行再投资，以收购规模更大、更具韧性的业务。下一阶段的变现应该会产生更大的收益，为我们的增长提供资金。
We are now progressing the monetization of our interest in Westinghouse and positioning Clarios for a possible sale or public listing at the right time. The conditions to support the monetizations for each of these businesses have improved markedly over the last couple of years, due to favorable industry dynamics and continued progress within the businesses.
我们现在正在推进变现我们在西屋电气的股份，并为在适当的时间可能将柯锐世出售或公开上市做准备。由于有利的行业动态和业务内部的持续进步，支持这些业务变现的条件在过去几年显著改善。
【Westinghouse 西屋电气】
Westinghouse, our nuclear technology services business, has now come into its own. It has provided us recurring distributions and has been a meaningful contributor to the overall value creation of our business. Westinghouse is benefiting from strong industry tailwinds and is now better positioned to grow and maintain its position as the global leader in nuclear technology.
西屋电气，我们的核技术服务公司，现在已经有了自己的地位。它为我们提供了经常性的分红，并对BBU的整体价值创造做出了有意义的贡献。西屋电气正受益于强劲的行业顺风，现在处于更好的位置，以增强和保持其作为全球核技术领导者的地位。
Nuclear has always been a phenomenal option as a reliable source of clean energy. As a zero-carbon source of baseload power, nuclear has displaced more than 60 gigatonnes of CO2 emissions over the last 50 years—the equivalent of nearly two years’ worth of total global energy emissions.
作为一种可靠的清洁能源，核能一直是一个了不起的选择。作为一种零碳的基载电力，核能在过去的50年里减少了超过600亿吨的二氧化碳排放——相当于将近两年的全球能源排放总量。
With the growing focus on global carbon reduction, the acceptance of nuclear energy as a key contributor to achieving net-zero targets is leading to the likely extension of existing nuclear operating plants globally as well as a renewed focus on the development of new reactors. It is estimated that the average annual nuclear power generation output may need to more than double by 2040 to meet global climate goals.
随着对全球碳减排的日益关注，人们接受核能是实现净零排放目标的关键贡献者，这可能导致全球现有核电站的延长运行寿命，以及对建设新反应堆的重新关注。据估计，到2040年，平均每年的核能发电量可能需要增加一倍以上，才能达到全球气候目标。
As a consequence, more than 20 countries across the Americas, U.K., Europe, Middle East, and Asia are considering or planning new nuclear power developments. France, for example, already generates 70% of its electric power needs from nuclear energy and recently launched plans to increase its nuclear production with the proposed development of up to 14 new reactors.
因此，美洲、英国、欧洲、中东和亚洲的20多个国家正在考虑或计划新的核能建设。例如，法国已经有70%的电力需求来自核能，最近又启动了增加核电产量的计划，拟发展多达14座新反应堆。
This move marks a stark reversal in policy from just four years ago, when France announced plans to shut down 20% of its reactor fleet. Similarly, the U.K. has outlined plans to develop up to eight new nuclear reactors, and Poland, which derives over 70% of its electricity from coal, is also considering opportunities for new nuclear developments.
这一举措标志着四年前政策的明显逆转，当时法国宣布计划关闭20%的反应堆。同样，英国已经制定了开发至多8个新核反应堆的计划，而70%以上的电力来自煤炭的波兰也在考虑开发新核反应堆的机会。
Recent geopolitical uncertainty is further accelerating the immediate need for energy independence. If a country does not have its own natural gas, nuclear energy is the only way to guarantee sovereignty over energy. The U.S. and nations across Europe are evaluating clean energy solutions, including nuclear, to reduce their dependency on foreign energy producers.
近期地缘政治的不确定性进一步加快了能源独立的迫切需要。如果一个国家没有自己的天然气，核能是保证能源主权的唯一途径。美国和欧洲各国正在评估包括核能在内的清洁能源解决方案，以减少它们对外国能源生产商的依赖。
European countries that import a substantial amount of gas from foreign producers are increasingly evaluating options to extend the operating life of existing nuclear plants. Other nations are considering alternatives to reduce their dependency on Russian energy service providers.
从外国生产商进口大量天然气的欧洲国家正在越来越多地评估延长现有核电站运行寿命的各种选择。其他国家正在考虑其他办法，以减少对俄罗斯能源服务供应商的依赖。
There are currently 33 nuclear reactors across the Western Hemisphere that operate on Russian developed technology. Westinghouse already provides services and fuel for eight of these reactors and is actively engaging with customers to supply the other 25.
目前，整个西半球有33座核反应堆使用俄罗斯开发的技术运行。西屋电气已经为其中的8座反应堆提供服务和燃料，并正在积极与客户合作，为另外25座反应堆提供燃料。
Today, Westinghouse technology serves as the foundation for over 50% of the world’s 440 operating reactors. As the leading original equipment manufacturer, Westinghouse provides nuclear operators with the mission-critical fuel, outage and maintenance services, instrumentation and controls systems, engineering services, and spare parts required to operate safely and effectively.
如今，世界上440个正在运行的反应堆中，超过50%的反应堆都是由西屋电气的技术提供的。作为领先的原始设备制造商，西屋电气为核运营商提供任务关键型的燃料、停电和维护服务、仪表和控制系统、工程服务和安全有效运行所需的备件。
This uniquely positions Westinghouse to support its customers with the solutions required to service and extend the operating life of reactors that will be critical for many countries to meet their climate goals and reduce their reliance on foreign energy producers.
这使得西屋电气能够为其客户提供服务和延长反应堆运行寿命所需的解决方案，这对许多国家实现其气候目标和减少对外国能源生产商的依赖至关重要。
We are continuing to support investment to further strengthen Westinghouse’s capabilities and enhance its market position. Since 2019, the business has completed seven small, yet strategically important, add-on acquisitions
我们将继续支持投资，进一步加强西屋电气的能力，提高其市场地位。自2019年以来，该业务已经完成了7项小型但具有战略重要性的附加收购。
—and most recently signed an agreement to acquire an eighth, BHI Energy, a leading provider of maintenance and outage services to nuclear plants in the U.S. BHI Energy is highly synergistic with Westinghouse’s core plant servicing operations, further enhancing its outage maintenance capabilities and increasing the suite of customer offerings globally.
最近签署了收购第八家公司BHI能源的协议，是美国核电站维修和停电服务的领先供应商。BHI能源与西屋电气的核心电厂服务业务具有高度协同效应，进一步增强了其停电维护能力，并扩展了全球客户产品的套件。
Once these acquisitions are fully integrated and ramped up, we expect their total annualized EBITDA alone to reach approximately $120 million, which equates to 15% of Westinghouse’s annual run-rate EBITDA.
一旦这些收购被完全整合和提升产能，我们预计其年化EBITDA总额将达到约1.2亿美元，相当于西屋电气年化EBITDA的15%。
We continue to review additional add-on acquisitions to further enhance Westinghouse’s market-leading position as a full lifecycle service provider, including looking at ways to support the growth of decommissioning, decontamination, and waste management solutions it provides to commercial and government clients globally.
我们继续审视额外的收购，以进一步增强西屋电气作为全生命周期服务提供商的市场领先地位，包括寻找方法支持其为全球商业和政府客户提供的退役、去污和废物管理解决方案的增长。
Westinghouse is also organically developing and deploying new products that will lead the way in commercializing the next generation of nuclear reactor design and energy storage solutions. Westinghouse’s innovative eVinci modular reactor technology is a game-changing nuclear battery currently under development that will be 100% factory-built, fueled and assembled before it is shipped by truckload and deployed on-site.
西屋电气还在内生地开发和部署新产品，这些产品将引领下一代核反应堆设计和能源存储解决方案的商业化。西屋电气的创新eVinci模块化反应堆技术是一种颠覆性的核电池，目前正在开发中，它将100%在工厂制造、燃料和组装，然后用卡车装运并现场部署。
Westinghouse’s eVinci technology will require less than 30 days to install and provide more than eight years of continuous clean power, 24 hours a day, 365 days a year. We expect eVinci will serve as a diverse and reliable energy source for remote communities and mining sites, clean hydrogen production, industrial power, and maritime energy applications.
西屋电气公司的eVinci技术将需要不到30天的安装时间，并提供超过8年的持续清洁电力，每天24小时，一年365天。我们预计，eVinci将为偏远社区和矿区、清洁氢生产、工业动力和海上能源应用提供多样化和可靠的能源。
【Clarios 柯锐世】
Clarios, our advanced energy storage business, is an exceptionally high-quality industrial business that derives 80% of its profitability from stable aftermarket sales and is central to high growth automotive electrification trends. The business has significant scale and is in a much better position today to generate a strong following as a public company.
柯锐世是我们先进的储能业务，是一个极其高质量的工业业务，其80%的盈利来自稳定的售后市场销售，是高速增长的汽车电气化趋势的核心。它的业务规模相当大，如今处于更有利的位置去上市并吸引强烈关注。
As you may know, we pursued a public offering of Clarios last summer. We ultimately decided not to move forward, in part due to the capital markets environment, but also because investors at the time were distracted by high-profile, technology start-ups and special purpose acquisition companies (SPACs).
如你所知，去年夏天我们进行了柯锐世的公开募股。我们最终决定放弃，部分原因是由于资本市场环境，但也因为当时投资者被高调的科技初创公司和特殊目的收购公司(SPACs)分散了注意力。
Market sentiment has shifted since last year. Investors are more focused on businesses with durable underlying profitability and strong cash flows. As a consequence, trading multiples of growth technology companies have disproportionately suffered, even in the context of the recent broader correction in public market equities.
自去年以来，市场情绪已发生转变。投资者更关注具有持久的底层盈利能力和强劲现金流的企业。其结果是，成长型科技公司的股价受到了不成比例的影响，即便与最近股市出现大范围回调的背景相比。
In fact, all of the 50-plus technology companies that went public in 2021 are trading well below their recent highs—and nearly all of last year’s 10 largest technology IPOs are trading below their offer price.
事实上，所有在2021年上市的50多家科技公司目前的股价都远低于最近的高点，而且去年规模最大的10家新上市科技公司的股价几乎都低于发行价。
For its part, Clarios is performing exceptionally well and had a record year in 2021. Strong cash generated within its operations supported $800 million of debt repayment last year. We anticipate the business will post another strong year in 2022 as it continues to capture market share globally, drives a shift towards higher margin advanced batteries, and continues to execute its operational improvement plans.
就柯锐世而言，该公司表现异常出色，并在2021年取得了创纪录的业绩。去年，其业务产生的大量现金支持了8亿美元的债务偿还。我们预计该业务将在2022年再次实现强劲增长，因为它将继续占领全球市场份额，推动转向利润率更高的先进电池，并继续执行其运营改进计划。
The continued growth in Clarios’ earnings and substantial deleveraging means we can optimize the size of any future public share offering to enhance the execution of an IPO.
柯锐世利润的持续增长和大幅去杠杆化意味着，我们可以优化未来任何公开发行股票的规模，以增强IPO的执行力。
To remind you, all cars – full battery electric, hybrid, start-stop or internal combustion engines – every vehicle, requires a low voltage battery solution. Moreover, the demand placed on these low voltage batteries to meet safety, security, redundancy and performance requirements continues to increase with the shift toward electric vehicles.
提醒你一下，所有的汽车——全电池电动、混合动力、怠速熄火或内燃机——每一辆车，都需要低压电池解决方案。此外，随着向电动汽车的转变，对这些低压电池满足安全性、安全性、冗余性和性能要求的需求持续增加。
Clarios has made considerable progress in establishing itself as the leading provider of low voltage batteries for electric vehicles. The business has partnered with General Motors, Ford, Volkswagen, BMW, Mercedes-Benz, SAIC, Great Wall and others on the development of over 30 new full-battery electric vehicle platforms in the last 12 months alone. Within the next five years, Clarios expects to be delivering solutions on nearly 200 full-battery electric vehicle platforms. 在
确立自己作为电动汽车低压电池领先供应商的地位方面，柯锐世取得了相当大的进展。仅在过去12个月里，该公司就与通用汽车、福特、大众、宝马、梅赛德斯-奔驰、上汽、长城等公司合作开发了30多个全新的全电池电动汽车平台。在未来五年内，Clarios预计将为近200个全电池电动汽车平台提供解决方案。
Clarios’ global market share for low voltage batteries is nearly 40% today, and the business’ share of higher margin advanced battery technologies—largely designed to support electric vehicles—is over 50% and growing. Clarios is continuing to support this growth and meet the growing requirements of its customers, announcing a number of new product launches and partnerships over the past several months, including a Smart AGM battery solution that provides real-time battery diagnostics to improve performance and monitor safety functionality.
目前，柯锐世在全球低压电池市场的份额接近40%，在利润率更高的先进电池技术 (主要为支持电动汽车而设计) 领域的份额超过50%，而且还在不断增长。柯锐世将继续支持这一增长，并满足其客户日益增长的需求，在过去几个月宣布了许多新产品的发布和合作，包括Smart AGM电池解决方案，提供实时电池诊断，以提高性能和监测安全功能。
Strategic partnerships, like Clarios’ recent low-voltage lithium-ion collaboration with China Lithium Battery Technology (CALB), will continue to position Clarios’ industry-leading product portfolio with the latest technology used in the development of next generation vehicle platforms.
战略合作伙伴关系，如柯锐世最近与中国锂电池技术有限公司(CALB)的低压锂离子合作，将继续将用于下一代汽车平台开发的最新技术定位于Clarios行业领先的产品组合。