2000-03-01 Warren Buffett.Aviation Services
Aviation Services
航空服务
Our two aviation services companies — FlightSafety International (“FSI”) and Executive Jet Aviation (“EJA”) — are both runaway leaders in their field. EJA, which sells and manages the fractional ownership of jet aircraft, through its NetJets® program, is larger than its next two competitors combined. FSI trains pilots (as well as other transportation professionals) and is five times or so the size of its nearest competitor.
我们旗下两家航空服务公司——FlightSafety International（“FSI”）与 Executive Jet Aviation（“EJA”）——在各自领域都是“断层式领先者”（runaway leaders）。EJA 通过 NetJets® 项目销售并管理喷气式飞机的分时所有权（fractional ownership），其规模超过排名其后的两家竞争对手之和。FSI 负责培训飞行员（以及其他运输行业专业人士），规模约为最近竞争对手的五倍左右。
Another common characteristic of the companies is that they are still managed by their founding entrepreneurs. Al Ueltschi started FSI in 1951 with $10,000, and Rich Santulli invented the fractional-ownership industry in 1986. These men are both remarkable managers who have no financial need to work but thrive on helping their companies grow and excel.
这两家公司还有一个共同特征：至今仍由其创始企业家亲自管理。Al Ueltschi 在 1951 年以 1 万美元创办了 FSI；Rich Santulli 则在 1986 年发明了“分时所有权”这一行业。这两位都是杰出的管理者：他们在财务上早已不需要工作，却仍然乐于推动公司成长并做到更卓越。
Though these two businesses have leadership positions that are similar, they differ in their economic characteristics. FSI must lay out huge amounts of capital. A single flight simulator can cost as much as $15 million and we have 222. Only one person at a time, furthermore, can be trained in a simulator, which means that the capital investment per dollar of revenue at FSI is exceptionally high. Operating margins must therefore also be high, if we are to earn a reasonable return on capital. Last year we made capital expenditures of $215 million at FSI and FlightSafety Boeing, its 50%-owned affiliate.
尽管两家公司都拥有类似的行业领导地位，但它们的经济特性并不相同。FSI 必须投入极其巨额的资本。一台飞行模拟器的成本最高可达 1,500 万美元，而我们拥有 222 台。并且，一台模拟器在同一时间只能训练一个人，这意味着：FSI 每 1 美元收入所对应的资本投入异常之高。因此，要想获得合理的资本回报，运营利润率也必须相当高。去年，我们在 FSI 以及其 50% 持股的联营公司 FlightSafety Boeing 上的资本开支为 2.15 亿美元。
At EJA, in contrast, the customer owns the equipment, though we, of course, must invest in a core fleet of our own planes to ensure outstanding service. For example, the Sunday after Thanksgiving, EJA’s busiest day of the year, strains our resources since fractions of 169 planes are owned by 1,412 customers, many of whom are bent on flying home between 3 and 6 p.m. On that day, and certain others, we need a supply of company-owned aircraft to make sure all parties get where they want, when they want.
相比之下，在 EJA，设备（飞机）由客户持有。当然，为了确保卓越服务，我们也必须投资一支自有机队作为“核心机队”。举例说，感恩节后的那个星期天是 EJA 全年最忙的一天，会极大地拉紧我们的资源：169 架飞机的分时份额由 1,412 位客户持有，其中很多人都想在下午 3 点到 6 点之间飞回家。在那一天以及某些类似的日子里，我们需要有一批公司自有的飞机供给，来确保所有人都能在他们想要的时间到达他们想要去的地方。
Still, most of the planes we fly are owned by customers, which means that modest pre-tax margins in this business can produce good returns on equity. Currently, our customers own planes worth over $2 billion, and in addition we have $4.2 billion of planes on order. Indeed, the limiting factor in our business right now is the availability of planes. We now are taking delivery of about 8% of all business jets manufactured in the world, and we wish we could get a bigger share than that. Though EJA was supply-constrained in 1999, its recurring revenues — monthly management fees plus hourly flight fees — increased 46%.
不过，我们飞行的大多数飞机都由客户拥有，这意味着：这个业务即使税前利润率（pre-tax margins）不算很高，也能带来不错的股东权益回报（returns on equity）。目前，我们的客户拥有的飞机价值超过 20 亿美元；此外，我们还有 42 亿美元的飞机订单在手。事实上，当下限制我们业务的关键因素是飞机供给。我们现在接收交付的飞机，大约占全球所有新生产公务机（business jets）的 8%，而我们希望能拿到更高的份额。尽管 1999 年 EJA 受制于供给，但它的经常性收入（recurring revenues）——即月度管理费加上按小时计费的飞行费——仍增长了 46%。
The fractional-ownership industry is still in its infancy. EJA is now building critical mass in Europe, and over time we will expand around the world. Doing that will be expensive — very expensive — but we will spend what it takes. Scale is vital to both us and our customers: The company with the most planes in the air worldwide will be able to offer its customers the best service. “Buy a fraction, get a fleet” has real meaning at EJA.
分时所有权（fractional ownership）行业仍处在婴儿期。EJA 目前正在欧洲建立关键规模（critical mass），并将随着时间在全球扩张。做到这一点会很昂贵——非常昂贵——但我们会投入所需的资金。规模对我们和客户都至关重要：全球范围内“在空中运营飞机最多”的公司，才能为客户提供最佳服务。“买一份额，得一整支机队”（Buy a fraction, get a fleet）在 EJA 这里是真有其含义的。
EJA enjoys another important advantage in that its two largest competitors are both subsidiaries of aircraft manufacturers and sell only the aircraft their parents make. Though these are fine planes, these competitors are severely limited in the cabin styles and mission capabilities they can offer. EJA, in contrast, offers a wide array of planes from five suppliers. Consequently, we can give the customer whatever he needs to buy — rather than his getting what the competitor’s parent needs to sell.
EJA 还有另一个重要优势：它的两家最大竞争对手都是飞机制造商的子公司，只销售其母公司生产的飞机。尽管这些飞机很好，但这些竞争对手在机舱风格和任务能力方面受到严重限制。相比之下，EJA 提供来自五个供应商的各种飞机。因此，我们可以根据客户的需求提供任何需要购买的机型——而不是让客户去接受竞争对手的母公司需要销售的产品。
关于航空业的假设不那么清晰，100年后的天上有大量的私人飞机？但巴菲特的尝试持续了很多年，最后做成的只有NetJets。
Last year in this report, I described my family’s delight with the one-quarter (200 flight hours annually) of a Hawker 1000 that we had owned since 1995. I got so pumped up by my own prose that shortly thereafter I signed up for one-sixteenth of a Cessna V Ultra as well. Now my annual outlays at EJA and Borsheim’s, combined, total ten times my salary. Think of this as a rough guideline for your own expenditures with us.
去年在本报告中，我描述了我的家人对我们自 1995 年以来持有的一架 Hawker 1000 的四分之一份额（每年 200 飞行小时）的喜爱。我被自己写出来的文字说得热血沸腾，以至于不久后又签了另一份：再买一架 Cessna V Ultra 的十六分之一份额。现在，我在 EJA 和 Borsheim’s 的年度花费加在一起，已经是我工资的十倍。你们可以把这当成一个粗略的“消费指引”，来决定自己在我们这里该花多少钱。
During the past year, two of Berkshire’s outside directors have also signed on with EJA. (Maybe we’re paying them too much.) You should be aware that they and I are charged exactly the same price for planes and service as is any other customer: EJA follows a “most favored nations” policy, with no one getting a special deal.
过去一年里，Berkshire 的两位外部董事也加入了 EJA。（也许我们给他们的薪酬太高了。）你们需要知道：他们和我在飞机与服务上的收费标准，与其他任何客户完全一致。EJA 执行“最惠客户”（most favored nations）政策，没有任何人能拿到特殊优惠。
And now, brace yourself. Last year, EJA passed the ultimate test: Charlie signed up. No other endorsement could speak more eloquently to the value of the EJA service. Give us a call at 1-800-848-6436 and ask for our “white paper” on fractional ownership.
现在，做好心理准备。去年，EJA 通过了终极考验：Charlie 也签约了。没有任何背书能比这更有力地说明 EJA 服务的价值。拨打 1-800-848-6436，向我们索取关于分时所有权的“白皮书”（white paper）。
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