从各季度#博枫基建股东信# 中摘抄一些时效性不高的文字。$Brookfield基础设施(BIP)$
【Strategic Initiatives 战略行动】
In August, we announced a partnership with Intel Corporation to invest in a $30 billion semiconductor foundry in Arizona. Brookfield will be providing approximately $15 billion over the construction period for a 49% interest in the facility.
今年8月，我们宣布与$英特尔(INTC)$ 建立合作关系，在亚利桑那州投资300亿美元建设一家半导体代工厂。博枫将在建设期间提供约150亿美元，以获得该设施49%的权益。
The majority of our capital commitment has been sourced from non-recourse debt, with base interest rate exposure fully hedged concurrent with signing. Moreover, the majority of the Brookfield’s approximately $2 billion equity investment ($500 million net to BIP) is back-end weighted closer to the operational phase of the project.
我们的大部分资本承诺来自无追索权债务，在签署协议的同时完全对冲了基准利率敞口。此外，博枫大约20亿美元的股权投资($Brookfield基础设施(BIP)$ 的份额为5亿美元)中的大部分是后置到接近项目的运营阶段。
This investment is structured to achieve an attractive risk-adjusted return. We draw parallels to other data investments such as hyperscale data centers that are generally contracted on a long-term basis, with highly creditworthy counterparties, where we do not assume technological risk.
这种投资的结构是为了获得具有吸引力的经风险调整后的回报。我们可以将其与其他数据投资进行类比，如超级规模的数据中心通常与信誉良好的对手方签订长期合同，我们不承担技术风险。
In this instance, we view Intel to be a creditworthy and market-leading partner. The transaction is expected to close by the end of 2022 and is thematically an example of the large-scale capital required to support the onshoring of critical supply chains.
在这个例子，我们认为英特尔是一个有信誉和市场领先的合作伙伴。该交易预计将于2022年底完成，从主题上来说，这是支持关键供应链在岸化所需的大规模资本的一个例子。
For the balance of the year, our focus will be on closing the remaining two announced transactions, HomeServe and DFMG, in Q4 2022 and Q1 2023, respectively. Once closed, we will transition our focus to the execution of our growth plans in both businesses.
在今年剩下的时间里，我们的重点将分别在2022年第四季度和2023年第一季度完成其余两笔已宣布的交易，HomeServe和DFMG。一旦完成，我们将会把重点转移到执行我们在两项业务的增长计划。
At HomeServe, we are splitting the company’s U.S. and European operations to integrate them with existing portfolio businesses in each geography. We plan to accelerate growth by expanding our residential infrastructure product and service offering to a wider customer base.
在HomeServe，我们将拆分公司的美国和欧洲业务，将它们与每个地区现有的业务组合整合在一起。我们计划通过将住宅基础设施产品和服务提供给更广泛的客户群来加速增长。
At DFMG, we are acquiring a marquee portfolio of 36,000 towers in Germany and Austria that also includes a greenfield development portfolio of an additional 5,200 build-to-suit towers. These additional towers are to be constructed over the next five-years and underpinned by the credit quality of Deutsche Telekom. In addition to the built-in organic growth, we plan to use this business as a platform for follow-on opportunities in the fragmented European telecom tower market.
在DFMG，我们收购的是德国和奥地利的36000座电信铁塔，其中还包括另外5200座新建铁塔的绿地开发项目。这些额外的铁塔将在未来5年建成，并得到德国电信的信用背书。除了内置的有机增长之外，我们计划将这项业务作为一个平台，在集中度低的欧洲铁塔市场寻找后续机会。
【2022 Investor Day Recap 2022年投资者日回顾】
At Brookfield Infrastructure’s annual Investor Day, we emphasized our record financial performance and outsized level of asset rotation activity during 2022.
在BIP的年度投资者日上，我们强调了我们在2022年创纪录的财务业绩和超大水平的资产轮换活动。
Going back a decade, we demonstrated how our track record of providing growth in FFO has resulted in a 9% compound annual growth rate in per-unit distributions over the same period.
回顾过去十年，我们展示了我们在经营现金流方面提供增长的业绩历史是如何在同一时期带来9%的股息年化增长的。
We expect that 2023 will be another strong year, with FFO per unit growth above our target range. Our remarks were framed around the current macroeconomic tailwinds influencing our organic growth and capital deployment plans.
我们预计2023年将是另一个强劲的年份，每股经营现金流的增长将超过我们的目标范围。我们的发言是围绕当前影响我们有机增长和资本配置计划的宏观经济利好因素展开的。
The power of compounding organic growth during this unique operating environment. Our ability to deliver organic growth, at the high-end or above our targeted 6-9% annual range, can be broken down into four elements:
在这种独特的经营环境中，复合有机增长的力量。我们在每年6-9%目标范围的高端或以上实现有机增长的能力，可以分为四个要素:
Higher inflation. Our business is uniquely positioned to benefit from inflation. Approximately 70% to 75% of our EBITDA is favorably impacted by inflation, with another 10% to 15% margin protected through fee-for-service models.
更高的通胀。我们的业务处于从通货膨胀中受益的独特位置。大约70% - 75%的EBITDA受到通货膨胀的有利影响，另外10% - 15%的利润通过服务收费模式得到保护。
In most geographies where we operate inflation remains elevated, and we expect to continue capturing above-average inflation in our results.
在我们经营的大多数地区，通货膨胀率仍然较高，我们预计在我们的业绩中继续体现高于平均水平的通货膨胀率。
Record capital backlog. Our backlog is at record levels, providing high visibility into near to medium term capital expenditures. We plan to shortly commission the Heartland Petrochemical Complex and a portion of our Brazilian electricity transmission portfolio and have them begin generating cash flow for our business.
创纪录的未完工项目积压。我们的积压量达到了创纪录的水平，这为近期到中期的资本支出提供很高的能见度。
我们计划在短期内启用哈特兰石化厂，以及我们巴西输电组合的一部分，并开始为我们的业务产生现金流。
These projects combined will add approximately $2 billion to our asset base, which is more than replaced in our backlog by the Intel transaction, which adds $3.7 billion of future capital expenditures at our share.
这些项目加起来将为我们的资产基础增加约20亿美元，但是英特尔项目将为我们增加37亿美元的未来资本支出，其增加的积压已经抵消这些项目完工的影响。
Accretive asset rotation. The current phase of asset rotation is expected to be highly accretive due to outsized organic growth profiles associated with our new investments. Through the acquisitions of HomeServe, DFMG, Uniti, Intellihub and AusNet, we expect to add $300 million of contracted growth over the next three years, as compared to approximately $10 million for the assets we sold.
增值的资产轮换。由于与我们的新投资相关的超大规模的有机增长机会，预计当前阶段的资产轮换将是高度增值的。通过收购HomeServe、DFMG、Uniti、Intellihub和AusNet，我们预计在未来三年增加3亿美元的合同化增长，而我们出售的资产只有约为1000万美元的增长机会。
Capital structure. Proactively managing our capital structure and foreign exchange risk will enable the three key elements of organic growth noted above to compound without being materially impacted by rising interest rates and foreign exchange volatility in the near-term.
资本结构。积极管理我们的资本结构和外汇风险，将使上述有机增长的三个关键因素在短期内不会受到利率上升和汇率波动的重大影响。
Currently, 90% of debt issued outside of Brazil is fixed rate and over 80% of our FFO over the next 24 months is expected to be denominated in, or hedged to, the U.S. dollar.
目前，我们在巴西以外发行的90%的债务都是固定利率的，未来24个月，我们超过80%的经营现金流预计将以美元计价，或对冲到美元。
The “Three Ds” driving deployment. Three prominent macroeconomic themes have resulted in Brookfield Infrastructure effectively securing our annual new investment target of $1.5 billion for 2022 and 2023. We believe these themes will continue to create significant investment opportunities going forward.
“3个D” 驱动资本部署。三个突出的宏观经济主题使BIP实际上已经确保了我们2022年和2023年15亿美元的年度新投资目标。我们相信，未来这些主题将继续创造重大投资机会。
Digitalization refers to investment opportunities derived from exponential increases in data consumption. Large scale capital is required for greenfield development or the retrofit of digital backbone infrastructure, including fiber, wireless infrastructure and data centers.
数字化（Digitalization ）是指数据消费指数级增长带来的投资机会。绿地开发或数字骨干基础设施(包括光纤、无线基础设施和数据中心)的改造需要大规模的资金。
Decarbonization investment opportunities for Brookfield Infrastructure relate directly to investments in utilities or residential energy infrastructure businesses that benefit from capital deployed to reduce or eliminate emissions from the expansion of their networks or installation of new energy efficient products.
BIP的脱碳（Decarbonization）投资机会直接涉及公用事业或住宅能源基础设施业务的投资。这些业务受益于为减少或消除其网络扩张带来的排放或安装新节能产品所投入的资金。
Deglobalization supports the reshoring of essential and strategic manufacturing processes and supply chains.
去全球化 （Deglobalization ）支持了关键和战略性制造流程和供应链的回流。
All three “mega trends” are expected to drive significant capital deployment opportunities for Brookfield Infrastructure in the years to come.
这三个“大趋势”预计将为BIP在未来几年带来重大的资本投放机会。
BIP is an excellent investment choice during uncertain times. Our financial resilience is rooted in the highly contracted nature of our cash flows and strong balance sheet. We have exceptionally solid growth in front of us, and a lot of that has to do with the tailwinds behind our organic growth as well as the secular trends that are providing tremendous opportunities to deploy capital in the coming years.
在不确定时期，BIP是一个极好的投资选择。我们的财务韧性根植于现金流的高度合同化和强劲的资产负债表。我们的增长势头非常强劲，这在很大程度上与我们的有机增长背后的推动力有关，也与长期趋势有关，后者为未来几年的资本投入提供了巨大的机会。
【Outlook 前景】
Elevated inflation levels and rising overnight lending rates will remain the primary near-term macroeconomic factors impacting the global economy. The current tone from most central banks is that interest rates will continue to rise until rates of inflation have fully abated to their target levels.
通胀水平上升和隔夜拆借利率上升，仍将是近期影响全球经济的主要宏观经济因素。大多数央行目前的论调是，利率将继续上升，直到通货膨胀率完全回落到目标水平。
While lower economic growth and higher interest rates will be unpopular, given the recent events in the U.K., most governments will defer to central banks to achieve their inflation objectives.
较低的经济增长和较高的利率将不受欢迎，但鉴于英国最近发生的事件，大多数政府将听从央行的意见来实现通胀目标。
Consequently, the investment themes for the balance of 2022 and 2023 will likely be centered around operating margin resilience and financial strength. This investment environment should therefore favor companies that have strong balance sheets and access to capital, as well as business models that are immune to inflationary pressures.
因此，2022年和2023年剩余时间的投资主题可能将围绕营业利润率的韧性和财务实力展开。这种投资环境应该有利于那些拥有强大资产负债表和资金来源，以及不受通胀压力影响的商业模式的公司。
We are well positioned from an M&A perspective for 2023. Given the transactions we have secured, our capital deployment objectives for 2023 have already been met.
从2023年并购的角度来看，我们处于有利位置。鉴于我们已经获得的交易，我们2023年的资本投放目标已经实现。
In the event that institutional infrastructure investors pause their investment activities to take stock of the current environment and recalibrate their strategies, this would provide us with a unique opportunity to pursue investments with reduced competition.
如果机构基础设施投资者暂停其投资活动，评估当前环境并重新调整其战略，这将为我们提供一个独特的机会，在竞争减少的情况下进行投资。
Brookfield Infrastructure performs well in all business environments. We have adhered to our financial strategy, with a capital structure comprised of long-term debt at fixed rates, limiting the impact rising interest rates has on our business.
BIP在所有商业环境中都表现良好。我们一直坚持我们的财务战略，资本结构由固定利率的长期债务组成，限制了利率上升对我们业务的影响。
Also, a significant portion of our revenue frameworks have embedded inflation indexation, which allows us to expand our margins during periods of higher inflation.
此外，我们的收入框架中有很大一部分嵌入了通货膨胀指数化，这使我们能够在通货膨胀较高的时期扩大我们的利润。
These factors, combined with our substantial capital backlog, should allow us to continue to grow our FFO at our targeted levels for the foreseeable future.
这些因素，加上我们大量的资本开支项目积压，应该可以让我们在可预见的未来继续在目标水平上增长我们的经营现金流。