伯克希尔·哈撒韦Berkshire Hathaway (BRK-A) 2003年年度报告「NYSE」.pdf

1、BERKSHIRE HATHAWAY INC.2003 ANNUAL REPORTTABLE OF CONTENTSBusiness Activities.Inside Front CoverCorporate Performance vs.the S&P 500.2Chairmans Letter*.3Selected Financial Data For ThePast Five Years.24Acquisition Criteria.25Independent Auditors Report.25Consolidated Financial Statements.26Managemen

2、ts Discussion.52Owners Manual.69Common Stock Data.75Operating Companies.76Directors and Officers of the Company.Inside Back Cover*Copyright 2004 By Warren E.BuffettAll Rights ReservedBusiness ActivitiesBerkshire Hathaway Inc.is a holding company owning subsidiaries engaged ina number of diverse busi

3、ness activities.The most important of these is the property andcasualty insurance business conducted on both a direct and reinsurance basis through anumber of subsidiaries.Included in this group of subsidiaries is GEICO,the fifth largestauto insurer in the United States,General Re,one of the four la

4、rgest reinsurers in theworld,and the Berkshire Hathaway Reinsurance Group.Numerous business activities are conducted through non-insurance subsidiaries.Included in the non-insurance subsidiaries are several large manufacturing businesses.Shaw Industries is the worlds largest manufacturer of tufted b

5、roadloom carpet.BenjaminMoore is a formulator,manufacturer and retailer of architectural and industrial coatings.Johns Manville is a leading manufacturer of insulation and building products.AcmeBuilding Brands is a manufacturer of face brick and concrete masonry products.MiTekInc.produces steel conn

6、ector products and engineering software for the buildingcomponents market.Fruit of the Loom,Garan,Fechheimer,H.H.Brown,Lowell,JustinBrands and Dexter manufacture,license and distribute apparel and footwear under avariety of brand names.McLane Company is a wholesale distributor of groceries andnonfoo