从各季度#博枫PE股东信#中摘抄一些时效性不高的文字。$Brookfield商业合伙(BBU)$
Resilient and Growing Cash Flow
【有韧性和不断增长的现金流】
Our objective is to create long-term growth in intrinsic value per unit, primarily through capital appreciation.
我们的目标是创造每股内在价值的长期增长，主要是通过资本增值。
Our strategy is simple: buy great businesses for reasonable value and take a hands-on approach to improve the operations of the businesses we own.
我们的策略很简单: 以合理的价格收购伟大的企业，并亲力亲为改善我们所拥有企业的运营。
We fund our growth, in part, through our capital recycling initiatives including cash generated within our operations and the sale of our business interests at the right time.
我们增长的资金来源，部分是通过我们的资本循环计划，包括在我们业务中产生的现金，以及在适当的时候出售我们的商业权益。
We have been deliberate over the last few years investing in larger-scale providers of essential products and services. Today, about 75% of our annual EBITDA is derived from large-scale, market-leading operations with stable and resilient cash flows.
在过去几年里，我们一直刻意地投资于规模更大的必需产品和服务提供商。今天，我们每年约75%的EBITDA来自于具有稳定和韧性现金流的大规模、市场领先的业务。
The durability of these operations has been an enormous advantage in the current environment and will continue to support resilient performance across all market cycles.
在当前环境下，这些业务的持久性是一个巨大的优势，并将继续支持在市场周期所有阶段的韧性表现。
As our business has evolved, we have also continued to build value within our operations. To put this in context, the EBITDA of businesses we have acquired over the past five years has improved by approximately $275 million, at our share, and most of this value creation has been achieved by focusing on repeatable processes to enhance business performance across all sectors and regions in which we operate.
随着我们业务的发展，我们也继续在我们的业务中创造价值。在此背景下，我们在过去五年收购的业务的EBITDA提高了约2.75亿美元（按我们的份额计算），大部分的价值创造是通过专注于可重复的流程来实现的，以提高我们运营的所有部门和地区的业务绩效。
The execution of our value creation plans, combined with the quality of businesses we own today, means the earnings of our operations should continue to grow.
我们价值创造计划的执行，加上我们今天拥有的业务质量，意味着我们的运营收益应该会继续增长。
Apart from growth, the intrinsic value of our business, which we define as the present value of all cash flows our operations will generate in the future, should also continue to increase.
除了增长，我们的业务的内在价值，即我们的业务在未来将产生的所有现金流的现值，应该也会继续增加。
Our annual free cash flow has increased to $3.65 per unit, representing a compound annual growth rate of approximately 30% since we launched our business in 2016. This substantial level of cash flow, separate from any capital recycling, provides us with significant flexibility to reinvest in our operations, reduce borrowings or fund future growth activities.
我们的年度自由现金流已增至每股3.65美元，自2016年启动业务以来，年复合增长率约为30%。这一可观的现金流水平，独立于任何资本循环措施，为我们的业务再投资、减少借款或为未来的增长活动提供了巨大的灵活性。
【Strategic Initiatives 战略举措】
Last month, alongside our institutional partners, we reached an agreement to sell Westinghouse, our nuclear technology services operation, to a strategic consortium led by Cameco Corporation and Brookfield Renewable Partners for approximately $8 billion. This agreement was the result of a sales process that began earlier this year.
上个月，我们与我们的机构合作伙伴达成协议，将我们的核技术服务业务西屋电气以约80亿美元的价格出售给由$Cameco Corp(CCJ)$ 和$Brookfield再生能源(BEP)$ 领导的战略财团。这项协议是今年早些时候开始的销售过程的结果。
We acquired Westinghouse out of bankruptcy in 2018 at a time when nuclear energy was not widely viewed as a reliable clean source of baseload power. We appointed a world-class management team and over the past four years worked closely with them to strengthen the organizational structure, refocus on profitable service and product offerings and invest in new technologies.
我们在2018年收购了濒临破产的西屋电气，当时核能并不被广泛视为可靠的清洁基载电力来源。我们任命了一个世界级的管理团队，并在过去四年里与他们密切合作，以加强组织结构，重新专注于有利可图的服务和产品供应，并投资于新技术。
Since our acquisition, Westinghouse has strengthened its position as an industry leader and its EBITDA has nearly doubled to an annual run rate of approximately $800 million. Today the business is ideally positioned to benefit from strong industry tailwinds driven by increased recognition of nuclear power playing a critical role in achieving global decarbonization goals and energy security.
自我们被收购以来，西屋电气加强了其作为行业领导者的地位，其EBITDA几乎翻了一番，达到约8亿美元。如今，由于人们越来越认识到核能在实现全球脱碳目标和能源安全方面发挥着至关重要的作用，该业务处于从强劲的行业顺风中受益的理想位置。
We expect to generate approximately $1.8 billion in net proceeds from the sale of our 44% interest in Westinghouse, which combined with distributions received to date, will equate to approximately 6x our invested capital of $405 million. The transaction is expected to close in the second half of next year, subject to unitholder and various regulatory approvals.
我们预计，出售西屋电气44%的股权将产生约18亿美元的净收益，加上迄今为止收到的分红，将相当于我们4.05亿美元投资成本的约6倍。该交易预计将在明年下半年完成，但仍需获得股东和各种监管机构的批准。
The monetization of Westinghouse is a precursor of what is to come. We have other businesses which will reach a mature state, and subject to market conditions and other factors, should provide us substantial monetization opportunities.
西屋电气的变现是我们未来发展的一个前兆。我们还有其他业务，它们将达到成熟的状态，根据市场条件和其他因素，应该会为我们提供大量的变现机会。
In addition, we have been very active over the last few years, investing more than $5 billion at our share to acquire larger scale and more resilient operations.
此外，在过去几年里，我们一直非常积极，投资超过50亿美元，以收购规模更大、更具韧性的业务。
It will take time for us to build value within these operations, but at the low end of our value creation expectations these businesses should generate $12 billion of proceeds for our business when it comes time to monetize them.
我们需要时间在这些业务中创造价值，但即使在我们的价值创造预期的低端，当我们将这些业务变现时，这些业务应该为我们的业务回收120亿美元的现金。