从各季度#博枫PE股东信#中摘抄一些时效性不高的文字。$Brookfield商业合伙(BBU)$
【Tides of Change 变化的浪潮】
What a difference a year makes. While interest rates remain low by historical standards, the U.S. 10-year bond yield sits at 3.5%, or 200-basis points higher compared to the start of last year. Despite central bank policy shifts, inflation has been slow to subside with the U.S. consumer price index still nearly 7% above prior year levels.
一年的变化太大了。尽管按历史标准衡量利率仍处于低位，但美国10年期国债收益率为3.5%，较去年初高出200个基点。尽管美国央行调整了政策，但通胀的回落一直很缓慢，美国消费者价格指数仍较上年同期水平高出近7%。
Supply chains remain stretched, labor costs are structurally higher and energy costs in developed markets have increased 50% or more in the past 12 months. All this has contributed to decelerating global growth with many major economies expecting to experience a recession within the next 12 months.
供应链依然紧张，劳动力成本结构性上升，发达市场的能源成本在过去12个月上涨了50%或更多。所有这些都导致全球经济增长放缓，许多主要经济体预计将在未来12个月内经历衰退。
Against this backdrop, we achieved strong business performance. The Adjusted EBITDA margin of our operations reached a record 19% in 2022 – compared to 11% just three years ago. Adjusted EBITDA increased 30% and on a same store basis, after adjusting for the impact of acquisitions and dispositions, increased 3% compared to 2021.
在此背景下，我们取得了不俗的业绩。我们的业务调整后的EBITDA利润率在2022年达到了创纪录的19%，而三年前为11%。与2021年相比，调整后的EBITDA增长了30%，同店基础则（在调整收购和处置的影响后）增长了3%。
All this contributed to our business generating Adjusted Free Cash Flow of $740 million, or 19% higher per unit compared to 2021. This cash provides us with flexibility to fund future growth, reinvest in our operations or pay down debt.
所有这些都使我们的业务产生了7.4亿美元的调整后自由现金流，与2021年相比，每股增长19%。这些现金使我们能够灵活地为未来的增长提供资金，对我们的业务进行再投资或偿还债务。
Our business should continue to generate strong performance in all market environments. Many of our largest operations provide essential products and services that consumers and businesses need to buy in any environment. This resilience underpins a majority of our EBITDA and cash flow today.
我们的业务将继续在所有市场环境中产生强劲的表现。我们的许多大型业务提供消费者和企业在任何环境下都需要购买的基本产品和服务。这种韧性支撑着我们今天的大部分EBITDA和现金流。
While dislocation in the financial markets has made access to capital more challenging for many, we are fortunate to have ended the year with total available liquidity in excess of $9 billion, of which $1.6 billion is available at the corporate level.
虽然金融市场的混乱使许多人获得资本更具挑战性，但我们很幸运地在年底拥有超过90亿美元的流动资金，其中16亿美元是集团层面的流动资金。
We can also readily manage the impact of a higher interest rate environment on our cash flows. For context, a 50-basis point increase in overnight borrowing rates results in less than a $50 million increase to our annual interest expense, which is about a 5% impact to our annual Adjusted Free Cash Flow at current levels. As our operations deleverage over time, the impact will be more muted.
我们还可以轻松应对高利率环境对现金流的影响。作为背景，隔夜拆借利率上升50个基点只会导致我们的年度利息支出增加不到5,000万美元，这对我们目前水平的年度调整后自由现金流的影响约为5%。随着我们的业务逐渐去杠杆化，影响将会更加微弱。
Despite our business fundamentals continuing to strengthen, our trading price, like many publicly traded securities, has become materially disconnected from the value of our business. Our units trade at approximately 8x annualized EBITDA compared to 13x for the S&P 500. Businesses which generate EBITDA margins on par with ours are trading at multiples in excess of 15x.
尽管我们的业务基本面持续增强，但我们的交易价格，就像许多公开交易的证券一样，已经与我们的业务价值脱节。我们的股票以约为8倍年化EBITDA的价格交易，而标准普尔500指数为13倍。那些EBITDA利润率与我们持平的企业，以超过了15倍EBITDA的价格交易。
As a result, BBU represents a great value opportunity, and at this entry point investors should out-earn the underlying performance of our business as we close the gap between our trading price and intrinsic value.
因此，BBU代表了一个巨大的价值机会；以这个价格买入，随着我们缩小交易价格和内在价值之间的差距，投资者的收益应该超过我们业务的潜在表现。
【Value Creation at Work 在工作中创造价值】
A core skill of ours is repositioning the businesses we own, and in markets like these, our hands-on operational approach to building value is more important than ever.
我们的核心技能之一是能重新定位我们所拥有的业务；在现在这样的市场中，我们亲力亲为创造价值的运营方法比以往任何时候都更重要。
To put this in context, EBITDA of the 15 businesses we acquired over the last five years has increased by approximately $275 million for just our share. A majority of this improvement has come from the execution of our value creation plans which are largely within our control regardless of the operating environment.
在过去的五年里，我们收购的15家企业的EBITDA，仅我们的份额就增长了大约2.75亿美元。这些改进大部分来自于我们价值创造计划的执行；无论运营环境如何，这些计划在很大程度上都在我们的控制范围内。
Last July we acquired CDK Global, the leading provider of software and technology services to automotive dealers. Our value creation plan for the business is simple: refocus the product and service offerings to those that drive the most value for its customers, improve the efficiency and effectiveness of its operations and enhance its go-to-market strategy. This is the same strategy we executed at Westinghouse.
去年7月，我们收购了CDK Global，这是一家领先的汽车经销商软件和技术服务提供商。我们为CDK创造价值的计划很简单：重新调整重点到为客户带来最大的价值的产品和服务上，提高运营的效率和有效性，并加强其进入市场的战略。我们在西屋电气也是这么做的。
Within six months of acquiring this business we replaced the senior leadership team and progressed plans to optimize the organizational structure. We are working closely with the new management team to enhance the customer value proposition and increase focus on core value-add service and product offerings.
在收购该业务的六个月内，我们更换了高管团队，并推进了优化组织结构的计划。我们正与新的管理团队密切合作，以提升客户价值主张，并更加专注于核心增值服务和产品供应。
The steps we have taken should improve the business’ EBITDA by approximately $200 million when fully implemented. Once adjusted for the impact of these improvements, we believe our acquisition multiple of less than 10x pro forma EBITDA is exceptional value. This plan should generate strong returns for our investment.
我们所采取的措施在全面实施后将使业务的EBITDA提高约2亿美元。一旦根据这些改进的影响进行调整，我们相信我们低于10倍的预估EBITDA的收购倍数是非常物有所值的。这个计划将为我们的投资带来丰厚的回报。