e8东的信 _作者: 美 沃伦·巴菲特-第115章
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ad we not purchased them。 I've explained in past reports why this form of presentation seems to us to be more useful to investors and managers than one utilizing GAAP； which requires purchase…price adjustments to be made on a business…by…business basis。 The total net earnings we show in the table are； of course； identical to the GAAP total in our audited financial statements。
下表显示Berkshire帐列盈余的主要来源，在这张表中商誉的摊销数与购买法会计调整数会从个别被投资公司分离出来，单独加总列示，之所以这样做是为了让旗下各事业的盈余状况，不因我们的投资而有所影响，过去我一再地强调我们认为这样的表达方式，较之一般公认会计原则要求以个别企业基础做调整，不管是对投资者或是管理者来说，更有帮助，当然最后损益加总的数字仍然会与经会计师查核的数字一致。
（000s omitted） Berkshire's Share of Net Earnings （after taxes and Pre…Tax Earnings minority interests）
Operating Earnings： Insurance Group：
Underwriting Net Investment Ine H。 H。 Brown； Lowell； and Dexter Buffalo News mercial & Consumer Finance Fechheimer Kirby
1993 30；876 375；946 44；025* 50；962 22；695 13；442 39；147
1992 （108；961） 355；067 27；883 47；863 19；836 13；698 35；653
1993 20；156 321；321 28；829 29；696 14；161 6；931 25；056
1992 （71；141） 305；763 17；340 28；163 12；664 7；267 22；795
Nebraska Furniture Mart Scott Fetzer Manufacturing Group See's Candies World Book Purchase…Price Accounting &
Goodwill Charges Interest Expense** Shareholder…Designated
Contributions Other
1993 21；540 38；196 41；150 19；915 （17；033） （56；545） （9；448） 28；428
1992 17；110 31；954 42；357 29；044 （12；087） （98；643） （7；634） 67；540
1993 10；398 23；809 24；367 13；537 （13；996） （35；614） （5；994） 15；094
1992 8；072 19；883 25；501 19；503 （13；070） （62；899） （4；913） 32；798
Operating Earnings Sales of Securities Tax Accruals Caused by New Accounting Rules Total Earnings … All Entities
1993 643；296 546；422
… 1；189；718
1992 460；680 89；937
… 550；617
1993 477；751 356；702 （146；332） 688；121
1992 347；726 59；559
… 407；285
* Includes Dexter's earnings only from the date it was acquired； November 7； 1993。
*Dexter的盈余仅含购并日1993年11月7日以后的盈余
**Excludes interest expense of mercial and Consumer Finance businesses。 In 1992 includes 22。5 million of premiums paid on the early redemption of debt。
**不含商业与消费金融公司的利息费用，另外1992年部份还包含2；250万提前赎回债券的溢价。
A large amount of information about these businesses is given on pages 38…49； where you will also find our segment earnings reported on a GAAP basis。 In addition； on pages 52…59； we have rearranged Berkshire's financial data into four segments on a non…GAAP basis； a presentation that corresponds to the way Charlie and I think about the pany。 Our intent is to supply you with the financial information that we would wish you to give us if our positions were reversed。
在年报中你可以找到依照一般公认会计原则编制，详细的部门别信息，至于我们的目的是希望给你所有查理跟我认为在评估Berkshire价值时，应该必要的资讯。
〃Look…Through〃 Earnings透视盈余
We've previously discussed look…through earnings； which we believe more accurately portray the earnings of Berkshire than does our GAAP result。 As we calculate them； look…through earnings consist of： （1） the operating earnings reported in the previous section； plus； （2） the retained operating earnings of major investees that； under GAAP accounting； are not reflected in our profits； less； （3） an allowance for the tax that would be paid by Berkshire if these retained earnings of investees had instead been distributed to us。 The 〃operating earnings〃 of which we speak here exclude capital gains； special accounting items and major restructuring charges。
之前我们曾经讨论过透视盈余，其主要的组成份子有（1）前段所提到的帐列盈余，加上（2）主要被投资公司的保留盈余，按一般公认会计原则未反应在我们公司帐上的盈余，扣除（3）若这些未反应的盈余分配给我们时，估计可能要缴的所得税。在这里我们所谓的营业盈余系扣除资本利得、特别会计调整与企业调整的主要支出。
Over time； our look…through earnings need to increase at about 15％ annually if our intrinsic value is to grow at that rate。 Last year； I explained that we had to increase these earnings to about 1。8 billion in the year 2000； were we to meet the 15％ goal。 Because we issued additional shares in 1993； the amount needed has risen to about 1。85 billion。
长期而言，如果我们的实质价值想要以每年15％的幅度来成长的话，那么透视盈余每年也必须增加以这个幅度来成长，去年我曾经提到，到公元2000年为止，Berkshire若要以15％的目标，透视盈余必须成长到18亿美元，而由于1993年我们又发行了一些新股，所以现在的门槛提高到18。5亿美元。
That is a tough goal； but one that we expect you to hold us to。 In the past； we've criticized the managerial practice of shooting the arrow of performance and then painting the target； centering it on whatever point the arrow happened to hit。 We will instead risk embarrassment by painting first and shooting later。
这是一个高难度的目标，不过也希望大家能够继续支持我们，在过去我们常常批评有些管理阶层总是先把箭射出去后再划上准心，不管这箭射得有多歪，因此关于这点我们宁愿先标出准心，然后再瞄准目标射箭。
If we are to hit the bull's…eye； we will need markets that allow the purchase of businesses and securities on sensible terms。 Right now； markets are difficult； but they can … and will … change in unexpected ways and at unexpected times。 In the meantime； we'll try to resist the temptation to do something marginal simply because we are long on cash。 There's no use running if you're on the wrong road。
如果我们想要命中靶心，那么我们绝对需要有能以合理价格买到好的公司与股份的市场，不过对我们来说，现在市场上的情况并不理想，当然这种情况随时都有可能会改变，在此同时，我们也会尽量避免手上闲钱太多而去做那些浪费工夫的蠢事，若方向不对，再怎么努力冲刺也是白费力气。
The following table shows how we calculate look…through earnings； though I warn you that the figures are necessarily very rough。 （The dividends paid to us by these investees have been included in the operating earnings itemized on page 8； mostly under 〃Insurance Group： Net Investment Ine。〃）
各位可以从下表看出我们是如何计算透视盈余的，不过我还是要提醒各位这些数字有点粗糙，（被投资公司所分配的股利收入已经包含在保险事业的净投资收益项下）。
Berkshire's Share of Undistributed
Berkshire's Approximate Operating Earnings
Berkshire's Major Investees Ownership at Yearend （in millions）
Capital Cities/ABC； Inc The Coca…Cola pany Federal Home Loan Mortgage Corp。 GEICO Corp General Dynamics Corp The Gillette pany Guinness PLC The Washington Post pany Wells Fargo & pany
1993 13。0％ 7。2％ 6。8％（1） 48。4％ 13。9％ 10。9％ 1。9％ 14。8％ 12。2％
1992 18。2％ 7。1％ 8。2％（1） 48。1％ 14。1％ 10。9％ 2。0％ 14。6％ 11。5％
1993 83（2） 94 41（2） 76（3） 25 44 8 15 53（2）
1992 70 82 29（2） 34（3） 11（2） 38 7 11 16（2）
Berkshire's share of undistributed earnings of major investees 439 298
Hypothetical tax on these undistributed investee earnings（4） （61） （42）
Reported operating earnings of Berkshire 478 348
Total look…through earnings of Berkshire 856 604
（1） Does not include shares allocable to the minority interest不包含Wesco的少数股权
（2） Calculated on average ownership for the year以年平均持有股权比例计算
（3） Excludes realized capital gains； which have been both recurring and significant扣除重复发生且金额大的已实现资本利得，
（4） The tax rate used is 14％； which is the rate Berkshire pays on the dividends it receives适用的税率为14％，这是Berkshire收到现金股利时的平均税率。
We have told you that we expect the undistributed； hypothetically…taxed earnings of our investees to produce at least equivalent gains in Berkshire's intrinsic value。 To date； we have far exceeded that expectation。 For example； in 1986 we bought three million shares of Capital Cities/ABC for 172。50 per share and late last year sold one…third of that holding for 630 per share。 After paying 35％ capital gains taxes； we realized a 297 million profit from the sale。 In contrast； during the eight years we held these shares； the retained earnings of Cap Cities attributable to them … hypothetically taxed at a lower 14％ in accordance with our look…through method … were only 152 million。 In other words； we paid a much larger tax bill than our look…through presentations to you have assumed and nonetheless realized a gain that far exceeded the undistributed earnings allocable to these shares。
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