Ambev SA (ABEV) 2015 Q1 法說會逐字稿

We would like to welcome everyone to Ambev's first quarter 2015 results conference call. Today with us we have Mr. Bernardo Paiva, CEO for Ambev, and Mr. Nelson Jamel, CFO and Investor Relations Officer. We would like to inform you that this event is being recorded. (Operator Instructions).

我們歡迎大家參加 Ambev 2015 年第一季業績電話會議。今天與我們在一起的有 Ambev 執行長 Bernardo Paiva 先生和財務長兼投資者關係長 Nelson Jamel 先生。我們謹通知您，該事件正在被記錄。 （操作員說明）。

Before proceeding, let me mention that forward-looking statements are being made under the Safe Harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Ambev's Management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events, and therefore depend on circumstances that may or may not occur in the future.

在繼續之前，我要提一下，前瞻性陳述是根據 1996 年《證券訴訟改革法案》的安全港條款做出的。前瞻性陳述基於 Ambev 管理層的信念和假設以及公司目前掌握的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或不發生的情況。

Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Ambev and could cause results to differ materially from those expressed in such forward-looking statements.

投資者應了解，總體經濟狀況、行業狀況和其他營運因素也可能影響 Ambev 的未來業績，並可能導致結果與此類前瞻性聲明中表達的結果有重大差異。

I would also like to remind everyone that, as usual, the percentage changes that will be discussed during today's call are both organic and normalized in nature; and unless otherwise stated, percentage changes refer to comparisons with Q1 2014 results.

我還想提醒大家，像往常一樣，今天電話會議中討論的百分比變化本質上是有機的和標準化的；除非另有說明，百分比變化是指與 2014 年第一季結果的比較。

Normalized figures refer to performance measures before exceptional items, which are either income or expenses that do not occur regularly as part of Ambev's normal activities. As normalized figures are non-GAAP measures, the Company discloses the consolidated profit, EPS, EBIT and EBITDA on a fully-reported basis in the earnings release.

標準化數字是指未計入特殊項目的績效衡量標準，這些項目是 Ambev 正常活動中不定期發生的收入或支出。由於標準化數據是非公認會計準則衡量標準，公司在收益發布中以完整報告的形式披露了合併利潤、每股收益、息稅前利潤和息稅折舊攤銷前利潤。

Now I'll turn the conference over to Mr. Nelson Jamel, CFO and Investor Relations Officer. Mr. Jamel, you may begin your conference.

現在我將會議交給財務長兼投資者關係長 Nelson Jamel 先生。賈梅爾先生，您可以開始會議了。

Thanks, Kate. Hello, everyone, and thank you for joining our 2015 first quarter earnings conference call.

謝謝，凱特。大家好，感謝您參加我們的 2015 年第一季財報電話會議。

I will start guiding through our consolidated and Brazilian results, then Bernardo will talk in more details about our commercial initiatives in the country; and I'll come back in the end to talk in more details about the international operations, and below repeat the highlights.

我將開始指導我們的綜合和巴西業績，然後貝爾納多將更詳細地談論我們在該國的商業計劃；最後我會回來詳細講國際業務，以下重述重點。

Starting with our consolidated results, we had a strong start of the year in all of our geographies, leading to a 14.5% consolidated net revenue growth. Our EBITDA was up 21.1%, with a margin expansion of 260 basis points to an EBITDA margin of 47.1%.

從我們的綜合業績開始，我們在所有地區都取得了強勁的開局，綜合淨收入成長了 14.5%。我們的 EBITDA 成長了 21.1%，利潤率擴大了 260 個基點，達到 47.1%。

In Brazil, despite a challenging macroeconomic environment experienced during the quarter, we delivered a quarter of robust top line and EBITDA growth. Our net revenue was up 10.7% while EBITDA grew 18.1%, with an EBITDA margin of 52.3%, 330 basis points above last year.

在巴西，儘管本季宏觀經濟環境充滿挑戰，但我們在本季實現了強勁的營收和 EBITDA 成長。我們的淨收入成長了 10.7%，EBITDA 成長了 18.1%，EBITDA 利潤率為 52.3%，比去年成長了 330 個基點。

Brazil beer volumes were up 0.4%, slightly ahead of the industry, driven by our growth platforms as Bernardo detail in a few minutes. These initiatives helped us navigate through the soft consumer environment and to mitigate the hard comparable basis of last year, as our volumes were up 10.9% in the first quarter of 2014.

在我們的成長平台的推動下，巴西啤酒銷量成長了 0.4%，略高於行業，貝爾納多在幾分鐘內詳細介紹了這一點。這些措施幫助我們應對軟消費環境並緩解去年的硬可比基礎，2014 年第一季我們的銷售量成長了 10.9%。

Our net revenue per hectoliter was up 11% due to our reevaluate management initiatives, growth of premium volumes, and increased weight of direct distribution. That reached 72.5% in the quarter. With that, our Brazil beer top line was up by a strong 11.5%.

由於我們重新評估管理措施、溢價量的成長以及直接分銷權重的增加，我們每百升的淨收入成長了 11%。本季這一比例達到 72.5%。至此，我們的巴西啤酒營收強勁成長了 11.5%。

In Brazil CSD & NANC, our volumes were down 2.2% as the CSD industry declined 4.5%, but we increased our market share to 18.8% with a strong contribution of Guarana Antarctica Black, launched in January, and expansion of our 1-liter returnable glass bottles of Pepsi and Guarana Antarctica.

在巴西CSD 和NANC，隨著CSD 行業下降4.5%，我們的銷量下降了2.2%，但由於1 月份推出的Guarana Antarctica Black 的強勁貢獻以及我們1 升可回收飲料的擴張，我們的市場份額增加至18.8%百事可樂和南極瓜拉納的玻璃瓶。

Our net revenue per hectoliter increased 8.6% due to our revenue management strategy and increased weight of direct distribution as well, leading to a top line growth of 6.2%.

由於我們的收入管理策略和直接分銷權重的增加，我們每百升的淨收入增長了 8.6%，導致營收成長 6.2%。

Brazil COGS per hectoliter was up 10.4%, where our cash COGS per hectoliter was up 7.8%, driven by overall inflation and favorable FX hedges, and impact from product mix, including the increased [rates] of premium, all that partially offset by lower commodity hedges, mainly in CSD, and procurement savings.

巴西每百公升的銷貨成本上漲了10.4%，其中我們每百升的現金銷貨成本上漲了7.8%，這主要是受到整體通膨和有利的外匯對沖以及產品組合的影響（包括溢價[費率]增加）的推動，所有這些都被較低的成本部分抵消了。商品對沖，主要是 CSD 和採購儲蓄。

As a reminder, our guidance for the year is related to total cash COGS. In the quarter, it was up 7.5%.

提醒一下，我們今年的指導與總現金銷貨成本有關。本季上漲 7.5%。

Brazil cash SG&A increased 12.8%, mostly explained by distribution expense that grew in the high teens, due to higher inflation and increased weight of direct distribution.

巴西現金銷售、管理及管理費用成長 12.8%，主要是由於通貨膨脹率上升和直接分配權重增加導致分配費用呈現十幾位數成長。

Regarding sales and market expense, we continue to invest behind our brands, but it started to benefit from a higher comparable base related to the investment associated with the 2014 FIFA World Cup, as well as focus on cost management opportunities, meaning our fixed and non-working money base.

關於銷售和市場費用，我們繼續投資於我們的品牌，但它開始受益於與 2014 年 FIFA 世界盃相關的投資相關的更高可比基數，以及對成本管理機會的關注，這意味著我們的固定和非- 流動資金基礎。

Consolidated other operating income was up BRL223 million net of expenses, mainly due to the growth of government grants in Brazil related to state VAT long-term tax incentives associated with investments done in the course of 2014.

扣除費用後，綜合其他營業收入增加了 2.23 億巴西雷亞爾，主要是由於與 2014 年投資相關的國家增值稅長期稅收優惠政策相關的巴西政府補助增加。

Before moving to our international operations, [I am going to below] repeat the highlights. Bernardo, up to you.

在轉向我們的國際業務之前，[我將在下面]重複一下要點。貝納多，由你決定。

Thanks, Jamel. Hello, everyone. It's once again a pleasure to be here with you. As Jamel just mentioned, we had a strong start of the year in all of our areas, including Brazil. In our last call we talked about the structural drivers of Brazil, the significant volumes opportunities we see on top of that, and based on deep consumer insights, the growth strategies that we build on and identified for the future.

謝謝，賈梅爾。大家好。很高興再次與您在一起。正如賈邁勒剛才提到的，我們在所有領域（包括巴西）今年都有強勁的開局。在上次電話會議中，我們討論了巴西的結構性驅動因素、我們在此基礎上看到的巨大銷售機會，以及基於深入的消費者洞察、我們為未來製定和確定的成長策略。

Finally, we comment about the benefits of [put] in place a strong 360 commercial execution to boost our great portfolio of brands, while going big in our key actions.

最後，我們評論了[實施]強大的 360 商業執行力的好處，以增強我們偉大的品牌組合，同時在我們的關鍵行動中大力推進。

We also comment that, while we see this as a long-term opportunities, these actions were already translated in concrete initiatives that could help us to navigate through external headwinds in the short term.

我們也評論說，雖然我們認為這是一個長期機遇，但這些行動已經轉化為具體舉措，可以幫助我們在短期內應對外部阻力。

That links to the idea that we discussed with the team here that, despite of the short-term challenge that we see out there, we will not be part of this crisis, and we will work hard and we'll focus on the things that we control. Indeed, that was the keys of the first quarter, with a solid performance despite of the soft market environment.

這與我們在這裡與團隊討論的想法相關，即儘管我們看到了短期挑戰，但我們不會成為這場危機的一部分，我們將努力工作，我們將專注於那些能夠解決問題的事情。我們控制。事實上，這是第一季的關鍵，儘管市場環境疲軟，但仍取得了穩健的業績。

Going forward, the challenge will be no different, but to remain focused on the things that are under our control, as I said before, and confident of our initiatives for this year.

展望未來，挑戰不會有什麼不同，但正如我之前所說，我們要繼續專注於我們控制範圍內的事情，並對我們今年的舉措充滿信心。

First, it always starts with our core brands. We had a strong execution during summer and Carnival. As we enhance the equity of our brands, we're able to drive superior top line performance, balancing volume and price mix in a sustainable way.

首先，它總是從我們的核心品牌開始。我們在夏季和狂歡節期間執行力很強。隨著我們增強品牌資產，我們能夠推動卓越的營收業績，以可持續的方式平衡銷售和價格組合。

Skol expanded the summer experience to the top with the Skol Summer On music festival in six major cities during January, followed by the Lollapalooza in Sao Paulo at the end of March. All of those events were fully activated through digital media and in the trade as well.

Skol 於 1 月在六個主要城市舉辦了 Skol Summer On 音樂節，隨後於 3 月底在聖保羅舉辦了 Lollapalooza 音樂節，將夏季體驗推向了頂峰。所有這些活動都透過數位媒體和貿易得到充分啟動。

Carnival. During Carnival, our core brands took a leading role in regional events around the country. In Rio, for instance, Antarctica sponsored the street Carnival for the sixth year in a row, promoting the 450th anniversary of the city and engaging more than 6 million people in the world's biggest street party.

狂歡。嘉年華期間，我們的核心品牌在全國各地的區域活動中發揮了主導作用。例如，在裡約熱內盧，南極洲連續第六年贊助街頭嘉年華，宣傳該市建城 450 週年，並吸引超過 600 萬人參加世界上最大的街頭派對。

For the rest of the year, we have a strong agenda with relevant platforms to keep connecting with the people. Already in May, Skol hosted Tomorrowland Brasil, the first South American edition of the world's most iconic electronic dance music festival.

在今年剩下的時間裡，我們有一個強而有力的議程，透過相關平台與人們保持聯繫。早在五月，Skol 就主辦了巴西 Tomorrowland，這是世界上最具代表性的電子舞曲音樂節的首個南美版。

Second, to accelerate premium. The segment is growing fast, and we expect it to continue to grow well ahead of the industry. Our premium volumes were at double digits in the first quarter, driving alongside a direct distribution increase. The net revenue per hectoliter grew above inflation.

二是加速保費。該細分市場正在快速成長，我們預計其成長將繼續遠遠領先於該行業。第一季我們的保費銷售量達到兩位數，同時直接分銷也有所成長。每百升淨收入的成長高於通貨膨脹。

Budweiser led the way, both in its premium leadership, captured during the World Cup, coupled with its solid performance of Original and Stella Artois.

百威啤酒在世界盃期間的優質領先地位以及原始啤酒和時代啤酒的穩健表現均處於領先地位。

As we move up with the brands that we are launching, we're excited -- the Corona opportunity -- get into super-trendy premiumness and position of this brand. We started placing this brand along the first quarter on selected on- and off-trade premium [pubs] with great reception for people in general -- from people in general.

當我們推出我們正在推出的品牌時，我們很興奮——科羅娜的機會——進入這個品牌的超級時尚溢價和地位。我們從第一季開始將這個品牌放在選定的場內和場外優質[酒吧]上，受到廣大民眾的熱烈歡迎。

With our complete brands, and including our craft beers, the tailor-made execution -- we're firmly -- we commit firmly to lead and to drive superior growth in the premium segment.

憑藉我們完整的品牌，包括我們的精釀啤酒，以及量身定制的執行力，我們堅定地致力於引領並推動高端市場的卓越成長。

Third, the near beer strategy. Focus on volume with in-home occasions, where our share of throat has historically been low.

三是近啤酒策略。專注於家庭場合的音量，我們的喉嚨份額歷來很低。

Brahma 0.0, in less than 2 years after its launch, became one of the Ambev main brands, already representing around 1% of our volumes.

Brahma 0.0 推出後不到兩年，就成為 Ambev 主要品牌之一，已占我們銷售量的 1% 左右。

Skol Beats Senses, launched at the end of last year, is growing even faster, with great incrementality and great margins. We estimate that around 70% of Skol Beats Senses' volume growth is incremental, mainly coming from other categories. With the rollout of the current brands and our strong innovation pipeline, we expect to win a bigger share of total alcohol beverage space.

去年年底推出的 Skol Beats Senses 成長速度更快，增量巨大，利潤率也很高。我們估計，Skol Beats Senses 約 70% 的銷售成長是增量成長，主要來自其他類別。隨著現有品牌的推出和我們強大的創新管道，我們預計將在酒精飲料總市場中贏得更大的份額。

Fourth, the in-home opportunity. By leveraging on the [understanding] of the consumer habits, we see a significant opportunity to also increase the share of throat in the in-home occasion.

第四，居家機會。透過對消費者習慣的了解，我們看到了增加家庭場合中喉嚨份額的重要機會。

In the off-trade channel, we have been expanding our programs, designed to improve the assortment, carrier space, and optimum revenue [manage] strategy, enhancing the shop experience and increasing volumes in a profitable way.

在場外管道中，我們一直在擴展我們的計劃，旨在改善品種、運輸空間和最佳收入[管理]策略，增強商店體驗並以盈利的方式增加銷量。

And fifth, the out-of-home. Going out to bars with friends is a tradition and part of the Brazilian culture. Our brands make an intrinsic part of this, with great [liquids], convenient packaging, and initiatives aiming to improve the consumer experience.

第五，外出。和朋友一起去酒吧是巴西的傳統，也是文化的一部分。我們的品牌憑藉優質的[液體]、方便的包裝以及旨在改善消費者體驗的舉措，成為了其中不可或缺的一部分。

For the introduction of the innovative coolers, like the Skol Cube, to our micro events structure, the Nosso Bar franchise, and Skol Glass, we have a complete action plan to strengthen our brands, to help bar owners to generate incremental volumes, and finally, to perfect out -- to perfect the out-of-home experience.

為了將 Skol Cube 等創新冷卻器引入我們的微型活動結構、Nosso Bar 特許經營權和 Skol Glass，我們制定了完整的行動計劃來強化我們的品牌，幫助酒吧業主增加銷量，最後, to Perfect out——完善戶外體驗。

In CSD & NANC, also based on deep consumer insights, we have identified the strategy to go after significant top line opportunities, while delivering full 360 commercial execution.

在 CSD 和 NANC 中，同樣基於深入的消費者洞察，我們確定了追求重要收入機會的策略，同時提供全面的 360 度商業執行。

One -- connect with the people in -- through relevant platforms. In 2015, Pepsi will be the official sponsor of Rock in Rio, the biggest music festival in Brazil, celebrating 30 years in the -- of the first Rock in Rio -- in Rio Janeiro for sure -- in the past.

一是透過相關平台與人們聯繫。 2015 年，百事可樂將成為巴西最大的音樂節「裡約搖滾」的官方贊助商，慶祝首屆「裡約搖滾」音樂節（當然在裡約熱內盧）舉辦 30 週年。

Guarana Antarctica is for another year the official sponsor of Gabriel Medina, World [Surfer] Champion in 2014.

瓜拉納南極洲公司再次成為 2014 年世界衝浪冠軍加布里埃爾梅迪納 (Gabriel Medina) 的官方贊助商。

Two -- innovations, such as new Guarana Antarctica Black, the line extension of Guarana Antarctica, and Hello, a flavored water, both launched in January.

兩項創新，例如新的 Guarana Antarctica Black（Guarana Antarctica 的產品線延伸）和 Hello（一種調味水），均於 1 月推出。

Three -- the opportunity away from CSD is -- industry is also significant. The energy drink segment continues to grow in a strong way, and Fusion already become the top two brand in some regions.

第三，遠離CSD的機會是──產業也很重要。能量飲料領域持續強勁成長，Fusion已成為部分地區的前兩大品牌。

And fourth, addressing affordability in a profitable way through our packaging strategies, like mainly the 1-liter returnable glass bottle. The 1-liter returnable glass bottle already accounts for 80% of our volumes.

第四，透過我們的包裝策略（主要是 1 公升可回收玻璃瓶）以獲利的方式解決可負擔性問題。 1 公升可回收玻璃瓶已占我們產量的 80%。

(Inaudible) CSD, we just formed a JV with Whirlpool, focused on the development of an all-in-one beverage solution in-home, which we are very excited about.

（聽不清楚）CSD，我們剛剛與惠而浦成立了一家合資企業，專注於開發一種一體式家用飲料解決方案，對此我們感到非常興奮。

This is our plan, and we remain committed to continue to deliver on it, regardless the external headwinds. Therefore, we have no change in our guidance. We continue to expect for 2015, our top line to grow mid to high single digits in the full year; our cash COGS in Brazil to grow mid to high single digits in the full year; Brazil SG&A to go below inflation in the full year; and CapEx is foreseen to be up to 2014 levels.

這是我們的計劃，無論外部阻力如何，我們仍然致力於繼續實現它。因此，我們的指導意見沒有改變。我們繼續預計 2015 年全年營收將實現中高個位數成長；我們在巴西的現金銷貨成本將在全年成長中高個位數；巴西全年 SG&A 將低於通貨膨脹率；預計資本支出將達到 2014 年的水準。

Before we go to the Q&A, Jamel will talk about international business, and below repeat [highlights]. Jamel, over to you.

在進入問答環節之前，Jamel 會先講國際業務，以下重複【精彩內容】。賈梅爾，交給你了。

Thanks, Bernardo. Before starting for international operations, a small announcement -- from now on, the HILA Ex region will be called Central America and the Caribbean, or CAC. No change in the geography; just a change in the name, which better represents our presence in the region.

謝謝，貝爾納多。在開始國際營運之前，先發布一個小公告 - 從現在開始，HILA Ex 區域將被稱為中美洲和加勒比海地區 (CAC)。地理沒有變化；只是名稱上的變化，這更好地代表了我們在該地區的存在。

And in starting with Central America and the Caribbean, we had a very strong quarter, with an EBITDA up 77.5% to BRL218 million. This performance was mainly driven by double-digit volume growth in the Dominican Republic and EBITDA margin expansion.

從中美洲和加勒比海地區開始，我們的季度表現非常強勁，EBITDA 成長了 77.5%，達到 2.18 億雷亞爾。這項業績主要得益於多明尼加共和國兩位數的銷售成長和 EBITDA 利潤率的擴張。

Following a similar strategy we have been executing in Brazil for years, we expanded the cone of experience to other regions, with a big party taking over the country during February. The weather was also strong during all summer.

遵循我們多年來在巴西執行的類似策略，我們將經驗範圍擴大到其他地區，並在二月接管了該國。整個夏天的天氣也很強勁。

Even with double-digit volume expansion, coupled with net revenue per hectoliter of mid single digits growth, we experienced a significant operational leverage in the country, leading to more than 10 percentage points of EBITDA margin expansion in the country.

即使銷售量實現兩位數成長，再加上每百升淨收入實現中個位數成長，我們在該國的營運槓桿仍顯著，導致該國 EBITDA 利潤率增長了 10 個百分點以上。

In Guatemala, our volumes increased by more than 50% in the quarter, as the industry grew strongly and we gained significant market share, with an important contribution of Modelo brands.

在危地馬拉，隨著該行業的強勁增長，我們的銷量在本季度增長了 50% 以上，並且我們獲得了顯著的市場份額，其中 Modelo 品牌做出了重要貢獻。

Going forward, we remain excited with the top line opportunities in the region, organic and non-organic, while committed to continue looking for more on expansion opportunities.

展望未來，我們對該地區有機和非有機的營收機會仍然感到興奮，同時致力於繼續尋找更多擴張機會。

Latin America South -- our top line was up 28%, and EBITDA 27% above last year. Our volumes were down 1.4% in the region, mainly driven by Argentina and partially offset by Bolivia, Chile and Paraguay.

拉丁美洲南部—我們的營收比去年增長了 28%，EBITDA 比去年增長了 27%。我們在該地區的銷售量下降了 1.4%，主要由阿根廷推動，但部分被玻利維亞、智利和巴拉圭所抵消。

In Chile, along with the strong industry growth, the addition of Corona and other Modelo brands through our portfolio, drove another quarter of market share expansion, with great profitability.

在智利，隨著行業的強勁增長，我們的產品組合中 Corona 和其他 Modelo 品牌的加入，帶動了市場份額又一個季度的擴張，帶來了巨大的盈利能力。

MixxTail Mojito, our near beer innovation launched in the last quarter in Argentina, also continued with incremental volumes and margins. Net revenue per hectoliter increased 29.6% in the region, explained by our solid revenue management strategy and premium mix.

MixxTail Mojito 是我們上季度在阿根廷推出的近啤酒創新產品，銷售和利潤也持續成長。該地區每百升淨收入成長了 29.6%，這得益於我們穩健的收入管理策略和溢價組合。

With cost and expense pressure by strong inflation, mainly in Argentina, we continue to focus in all [work in] money-saving opportunities and better products mix to protect our profitability.

由於強勁的通貨膨脹（主要是在阿根廷）帶來的成本和費用壓力，我們繼續專注於所有省錢機會和更好的產品組合，以保護我們的獲利能力。

Our EBITDA margin was flattish at 45.4%. As we move forward, we remain focused on driving a solid top line growth in LAS, while protecting our profitability despite the inflationary pressures mainly in Argentina.

我們的 EBITDA 利潤率持平，為 45.4%。在我們前進的過程中，我們仍然專注於推動 LAS 的營收穩健成長，同時保護我們的獲利能力，儘管通膨壓力主要來自阿根廷。

Turning now to Canada, net revenue grew 6% and EBITDA 9.6%, with EBITDA margin up 90 basis points. The good performance was mainly driven by a robust top line performance and some operational leverage. After a very good -- very cold start of the year in January and February, the weather improved in March, and the industry was slightly up in the quarter, 0.2% above last year.

現在轉向加拿大，淨收入成長 6%，EBITDA 成長 9.6%，EBITDA 利潤率成長 90 個基點。良好的業績主要得益於強勁的營收業績和一定的營運槓桿。在經歷了 1 月和 2 月非常寒冷的開年之後，3 月份天氣有所好轉，該行業在本季度略有增長，比去年同期增長 0.2%。

Our reported volumes increased 2.1% as we maintained the good momentum seen last year in the second half, mainly driven by Bud Light, Shock Top and Stella Artois, our innovations with [the ritas] is still growing from a small base, but more than doubled its volumes; and then Corona, as we only started distributing the brand in March last year.

我們報告的銷售量成長了2.1%，因為我們下半年保持了去年下半年的良好勢頭，主要是在Bud Light、Shock Top 和Stella Artois 的推動下，我們的[the ritas] 創新仍然從小基數增長，但超過其體積增加了一倍；然後是 Corona，因為我們去年 3 月才開始分銷該品牌。

Net revenue per hectoliter was a strong 4.6% due to our revenue management strategy, increased premium mix, and benefited from an easy comparable base, as our net revenue per hectoliter was flattish in the first quarter of 2014, given the time of our price strategy.

由於我們的收入管理策略、增加的保費組合以及易於比較的基礎，每百升的淨收入強勁增長了4.6%，考慮到我們的價格策略，我們的每百升的淨收入在2014 年第一季度持平。 。

Going forward, we will not have the same net revenue per hectoliter easy comp, but remain excited with the volume opportunities of premium and near beer, and committed to balance net revenue per hectoliter and market share to deliver profitable growth.

展望未來，我們將不會擁有相同的每百升簡單飲料淨收入，但仍對優質啤酒和近啤酒的銷量機會感到興奮，並致力於平衡每百升淨收入和市場份額，以實現盈利增長。

Now, let me walk you through the main items between the normalized EBIT of around BRL4.4 billion and normalized profit of BRL3 billion for the quarter.

現在，讓我向您介紹本季約 44 億雷亞爾的正常化息稅前利潤和 30 億雷亞爾的正常化利潤之間的主要項目。

Our net financial results were [a massive] BRL482 million in the quarter, with our performance mainly impacted by higher non-cash accretion expenses in connection with the put associated with our investment in Dominican Republic; loss from derivates related to the implementation of our hedging policy; and foreign exchange translation loss on inter-Company payables and loans, as a consequence of the BRL depreciation in the quarter.

本季我們的淨財務表現為 4.82 億巴西雷亞爾，我們的業績主要受到與我們在多明尼加共和國投資相關的看跌期權相關的非現金增值費用增加的影響；與執行我們的對沖政策相關的衍生性商品損失；由於本季雷亞爾貶值，公司間應付帳款和貸款的外匯折算損失。

Given the nature of these inter-Company transactions, the non-cash currency translation impact is reported in our income statement. However, such impact is economically offset by the foreign exchange translation gains on offshore companies that are registered directly in equity.

鑑於這些公司間交易的性質，非現金貨幣換算影響在我們的損益表中報告。然而，這種影響在經濟上被直接註冊為股權的離岸公司的外匯折算收益所抵消。

Our effective tax rate for the quarter ends up being 24.3%, as we benefited from the -- from a high interest on capital, but faced a one-time negative impact of approximately BRL360 million related to inter-Company transactions.

我們本季的有效稅率最終為 24.3%，因為我們受益於高資本利息，但面臨與公司間交易相關的約 3.6 億雷亞爾的一次性負面影響。

We generated BRL3.7 billion of cash from operations, a 40% increase versus last year, mainly as a result of a stronger operational performance. Our CapEx was BRL720 million in the period.

我們透過營運產生了 37 億雷亞爾的現金，比去年成長了 40%，這主要是由於營運表現更加強勁。在此期間，我們的資本支出為 7.2 億雷亞爾。

Finally, during the quarter we paid almost BRL5 billion in interest on capital to shareholders, a 25% increase in payout versus the same period of last year, including dividends paid.

最後，本季我們向股東支付了近 50 億雷亞爾的資本利息，與去年同期相比增加了 25%，其中包括支付的股息。

Thank you, and I believe we can now move to our Q&A section. Kate, can you please remind everyone of the procedure for Q&A?

謝謝，我相信我們現在可以進入問答部分了。 Kate，您能提醒大家問答的流程嗎？

(Operator Instructions). Luca Cipiccia, Goldman Sachs.

（操作員說明）。盧卡·西皮西亞，高盛。

Congratulations on the results, and thanks for taking my question. I was hoping you could speak a bit more on market share, both for beer and soft drinks, and maybe if you can qualify some of the trends. We have seen, in beer, quite a lot of divergence in the quarter between the different players.

恭喜結果，感謝您提出我的問題。我希望您能多談談啤酒和軟性飲料的市場份額，也許您能描述一些趨勢。我們已經看到，在啤酒領域，本季不同參與者之間存在很大差異。

So, I was curious if you can maybe see how the market, or comment how the market is evolving, given the pressure the consumer is facing, and also differences that may be relevant across different regions and segments.

因此，我很好奇，考慮到消費者面臨的壓力以及不同地區和細分市場可能存在的差異，您是否可以了解市場如何發展，或者評論市場如何發展。

And then a similar question for soft drinks. You've mentioned -- you comment on market share advances. The Coke bottlers that publish numbers made a similar statement, so I was hoping to reconcile maybe the two. Again, if there's any notable differences across region; price segment; and how do you see the market share structure to evolve as we go through a year that is, for the industry, on both, not particularly easy, even specifically if you started quite well. That would be my question. Many thanks.

然後是軟性飲料的類似問題。您提到過——您對市場份額的進步發表了評論。公佈數據的可口可樂裝瓶商也發表了類似的聲明，所以我希望能夠調和兩者。再次強調，不同地區之間是否有任何顯著差異；價格區間；隨著我們經歷這一年，您如何看待市場份額結構的演變，對於整個行業來說，在這兩方面都不是特別容易，即使您起步得很好。這就是我的問題。非常感謝。

Luca, thank you for your question. Just to confirm, I mean, I think there are couple of points we've touched upon. So, we're going to talk about, first, beer, and Bernardo's going to walk you through our views on the industry, data and trends, as you said; and then I'll take the question on CSD.

盧卡，謝謝你的問題。只是為了確認一下，我的意思是，我認為我們已經談到了幾點。因此，我們將首先討論啤酒，正如您所說，貝爾納多將向您介紹我們對行業、數據和趨勢的看法；然後我會在懲教署回答這個問題。

Thanks, Luca. Thanks for the question. And first of all, we don't comment a lot on how other companies perform in the quarter. We can comment about the industry.

謝謝，盧卡。謝謝你的提問。首先，我們不會過多評論其他公司本季的表現。我們可以對這個行業發表評論。

And I think that we have been getting all the information -- [SEQUOB] information; Nielsen information, that's -- try to -- trying to understand a little bit better there.

我認為我們已經獲得了所有資訊——[SEQUOB]資訊；尼爾森信息，那就是——嘗試——嘗試更好地理解那裡。

As you know, [SEQUOB] (inaudible), for instance, talked about the first source. It's the [lines], and the volume that goes through the line. And given the inventories that really vary over the time, it's not necessarily the best proxy for the sales volume in the short term, like a single quarter; or, worse, a month.

如你所知，例如，[SEQUOB]（聽不清楚）談到了第一個來源。這是[線條]，以及通過線條的音量。考慮到庫存隨時間的變化，它不一定是短期（如單季）銷售的最佳指標；或者，更糟的是，一個月。

On the other hand, [SEQUOB] -- that is very helpful and useful to indicate industry trends in the long term, if you use a kind of -- the rolling 12-month basis.

另一方面，[SEQUOB]——如果你使用一種——滾動 12 個月的基礎的話，這對於表明長期的行業趨勢非常有幫助和有用。

Moreover, it has -- a good thing that -- almost read 100% of the coverage of the industry, including innovations like Skol Beats Senses, for instance, right away; and beyond beer, and occasions, and activation of occasions like Carnival, for instance. So, this is [SEQUOB]. It's one source.

此外，它幾乎可以立即閱讀 100% 的行業報道，這是一件好事，其中包括 Skol Beats Senses 等創新；除了啤酒之外，還有場合，以及狂歡節等場合的活化。所以，這就是[SEQUOB]。這是一個來源。

Looking Nielsen data, on the other hand, we have a better view in the short-term sales volumes. That's good. And also, many relevant breakdowns, like channels, regions, (inaudible), brands, and so on. But Nielsen has its limitations as well. I mean, in some areas the coverage not -- is not big, like innovations, as I mentioned before. And the important out-of-home occasion, that's [again] activate.

另一方面，看看尼爾森的數據，我們對短期銷售有了更好的看法。那挺好的。此外，還有許多相關的細分，例如通路、地區、（聽不清楚）、品牌等。但尼爾森也有其限制。我的意思是，正如我之前提到的，在某些領域，覆蓋範圍並不大，例如創新。重要的外出場合，[再次]被激活。

All in all, [borderline], all data are very, very important for us, be it based in [SEQUOB], or Nielsen, or other internal source. They are important to understand the trends in the marketplace and support the decision-making, to maximize the top line and the profitability. And at the end, that's what matters. So, this is basically what I could say about the industry.

總而言之，[borderline]，所有數據對我們來說都非常非常重要，無論是基於 [SEQUOB]、尼爾森或其他內部來源。它們對於了解市場趨勢並支持決策、最大限度地提高收入和盈利能力非常重要。最後，這才是最重要的。所以，這基本上就是我對這個行業的看法。

The numbers that really (inaudible) linked to the macro environment, I mean, there is no question that we're facing a challenging market there.

我的意思是，這些數字確實（聽不清楚）與宏觀環境相關，毫無疑問，我們面臨著一個充滿挑戰的市場。

On the other hand, it's important to remember that our industry tends to be more resilient than others and, for instance, does not depend directly on [credit] and, I mean, linked not direct to the GDP -- overall GDP. And, while also supported by strong underlying fundamentals that are hold -- that hold even in tough moments like that, such as the demographics.

另一方面，重要的是要記住，我們的行業往往比其他行業更具彈性，例如，不直接依賴[信貸]，而且我的意思是，與GDP（總體GDP）沒有直接聯繫。而且，雖然也得到了強而有力的基本面的支持，但即使在人口統計等艱難時刻，這些基本面也依然存在。

In fact, we have seen much worse scenarios before. It's not the first time that Brazil took a hard [time] in the short term. But we continue to focus those things that we control.

事實上，我們以前見過更糟糕的情況。這並不是巴西第一次在短期內遭遇困難。但我們繼續關注那些我們控制的事情。

I have been discussing here with the team and with you guys a lot about, I mean, the long-term strategy -- that we continue to keep track on that in a consistent way -- talk about our core brands, accelerate premium, does help a lot in moments like that, to really drive net revenue above inflation in a good way. Talk about the near beer - the opportunities is big, in-home and out-of-home. So, we continue to do that.

我一直在這裡與團隊和你們討論了很多關於長期戰略的問題——我們繼續以一致的方式跟踪這一戰略——談論我們的核心品牌，加速溢價，在這樣的時刻有很大幫助，以一種良好的方式真正推動淨收入高於通貨膨脹。談論附近的啤酒 - 機會很大，無論是在家裡還是在外面。所以，我們繼續這樣做。

Looking ahead, yes, the main headwind that you have is in the second quarter because of the FIFA World Cup last year. We know that. On the other hand, when you think about marketing, say, expense, I mean, it'll be an easy comp for us.

展望未來，是的，由於去年的世界杯，你面臨的主要阻力是在第二季。我們知道。另一方面，當你考慮行銷時，比如說費用，我的意思是，這對我們來說將是一個簡單的補償。

But, again, finally, the guidance maintain the same. We maintain the same guidance. And we work hard to continue to deliver the solid top line EBITDA growth.

但最終，指導意見保持不變。我們保持相同的指導。我們努力持續實現 EBITDA 營收的穩健成長。

Yes. Luca, just to complement on your question about CSD, we are of course also impacted in this segment by the tough economic environment, right? I mean, it's a challenging one.

是的。 Luca，只是為了補充你關於 CSD 的問題，我們在這領域當然也受到了嚴峻的經濟環境的影響，對嗎？我的意思是，這是一項具有挑戰性的工作。

Actually, the impact (inaudible) more than beer, mainly because of a higher, let's say, volume price elasticity in this segment. But on the other hand, I mean, that said, we remain very confident with our strategy. I mean, we have been consistently, quarter over quarter and over time, driving market share gains, market share growth, profitable way, so it's not at the expense of our margins.

實際上，影響（聽不清楚）比啤酒更大，主要是因為該細分市場的量價彈性較高。但另一方面，我的意思是，我們對我們的策略仍然非常有信心。我的意思是，我們一直在一個季度一個季度地、隨著時間的推移，推動市場份額的增長、市場份額的增長、盈利方式，所以這不會以犧牲我們的利潤為代價。

And this is basically based on, first, connect with consumer through relevant platforms. I mean, Bernardo just mentioned -- I mean, they're going to be -- that's the new news, right? I mean, the -- be the official sponsor of Rock in Rio, [for instance], the biggest music festival in Brazil, celebrating 30 years of the first Rock in Rio. So, has to do with a relevant connection with consumers.

而這基本上是基於，第一，透過相關平台與消費者建立連結。我的意思是，伯納多剛剛提到——我的意思是，他們將會——這是新消息，對吧？我的意思是，成為巴西最大的音樂節「裡約搖滾」的官方贊助商，[例如]，慶祝裡約首屆搖滾音樂節 30 週年。因此，這與與消費者的相關聯繫有關。

Driving innovation is key. Right? I mean, when you look at (inaudible), they have consistently bringing innovation to a new level.

推動創新是關鍵。正確的？我的意思是，當你看（聽不清楚）時，他們不斷地將創新提升到一個新的水平。

Right now, the highlight of the quarter, of course, is the new Guarana Antarctica Black. It's a huge success. It's a line extension of Guarana Antarctica. And also, Hello, a flavored water, both launched already in January. And, three, addressing affordability also -- is also (inaudible) returnable glass bottle also in soft drinks, is a major step.

目前，本季的亮點當然是新款瓜拉納南極洲黑。這是一個巨大的成功。這是瓜拉納南極洲的線路延伸。還有，Hello，一種調味水，兩者都已在一月推出。第三，解決可負擔性問題－在軟性飲料中也使用可回收的玻璃瓶（聽不清楚），這是重要的一步。

So, with that, we feel confident. Again, we also see competitors. I see the public numbers, and we use that as another set -- as a reference, of course; but we have a clear view on what -- where we should go, and very confident of the plan. I think that's the message.

因此，我們充滿信心。同樣，我們也看到了競爭對手。我看到了公眾號，我們將其用作另一組——當然，作為參考；但我們對我們應該走向何方有著清晰的認識，並且對這個計劃非常有信心。我想這就是訊息。

If you look at the -- in the two business, based on external information that you have, and internal, our best estimate is that we grew volumes ahead of the industry, in beer and in soft drinks. That looks -- okay?

如果你看看這兩項業務，根據你所掌握的外部信息和內部信息，我們最好的估計是，我們在啤酒和軟飲料方面的銷量增長領先於行業。看起來——好吧？

Thank you. Thank you both. Just a very quick one. For Budweiser, again on market share -- how much of what you gained through the World Cup were you able to retain in the premium segment? One would have thought that, you know, that was a bump, but arguably seem to have carried over into this year as well.

謝謝。謝謝你們倆。只是一個非常快的。對於百威來說，同樣是市場份額——您透過世界盃獲得的收益中有多少能夠保留在高端市場？人們可能會認為，這是一個衝擊，但可以說似乎也延續到了今年。

I think that's -- I mean, last year, Luca, we stepped up in the FIFA World Cup, and then from there to continue to grow big-time, leading the premium segment in Brazil in the first quarter. So --

我認為——我的意思是，去年，盧卡，我們在國際足總世界盃上取得了進步，然後從那裡繼續大幅增長，在第一季度引領了巴西的高端市場。所以 -

Definitely not a bump, right? (multiple speakers)

絕對不是腫塊，對吧？ （多個發言者）

As -- that's not a bump. I mean, we used the World Cup to really step up, and then, from there, never looked back.

因為——那不是一個凹凸。我的意思是，我們利用世界盃真正進步了，然後，從那裡開始，再也沒有回頭。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Fernando Ferreira, Merrill Lynch.

費爾南多·費雷拉，美林證券。

Just had a quick one. I mean, why didn't you feel the need to change your guidance despite the solid performance in Q1, especially on the top line? And if I may, I mean, the same topic -- what's your biggest concern for the quarters ahead? Thank you.

剛剛吃了一頓快點。我的意思是，儘管第一季表現強勁，尤其是在營收方面，為什麼不覺得有必要改變您的指導？如果可以的話，我的意思是，同樣的話題——您對未來幾季最關心的問題是什麼？謝謝。

Thanks for your question. Well, when we think about our guidance for the year, our top line guidance in 2015, of course we take into consideration different scenarios, right? I mean, we talked a little bit of these elements in previous -- Bernardo's answer.

謝謝你的提問。嗯，當我們考慮今年的指導、2015 年的頂線指導時，我們當然會考慮不同的情況，對吧？我的意思是，我們在之前的貝爾納多的回答中討論了一些這些元素。

Of course, from one side, we have a tough and challenging macroeconomic environment with volatility, as we all know. We had the tough comps of the FIFA World Cup, and that's particularly relevant for next quarter.

當然，從一方面來看，眾所周知，宏觀經濟環境嚴峻、充滿挑戰、波動較大。我們在國際足總世界盃上的比賽非常艱難，這對於下個季度尤其重要。

So -- on the other hand, we see -- I mean, premium growth, as a very important positive news; the near beer rollout; the entire innovation pipeline we have ahead of us. So, different, let's say, trends or impacts, and we are kind of all in the year.

因此，另一方面，我們看到，我的意思是，保費成長是一個非常重要的正面消息；即將推出的啤酒；我們面前有整個創新管道。因此，無論是趨勢還是影響，我們都在這一年中有所不同。

But in the end, all the scenarios we run for those, let's say, key drivers -- they fit within the current top line range, which was the one provided at the beginning of the year.

但最終，我們為這些關鍵驅動因素運行的所有場景都符合當前的頂線範圍，這是今年年初提供的。

Of course, if at some point in time it wouldn't be the case any more, I mean, we would have, actually, to change our guidance and adjust the range, for the better or the worse, as we have always done in the past, which was even the case last year.

當然，如果在某個時間點情況不再如此，我的意思是，我們實際上必須改變我們的指導並調整範圍，無論好壞，就像我們一直在做的那樣過去的事，甚至去年也是如此。

But at this point, we feel very confident with our growth strategy. We -- of course, we think the first quarter was a great step into the direction for the full-year guidance, but we think for the time being we should keep it the way it is.

但目前，我們對我們的成長策略非常有信心。當然，我們認為第一季是朝著全年指導方向邁出的一大步，但我們認為暫時應該維持現狀。

And your second question was about -- sorry?

你的第二個問題是──抱歉？

That was about the same -- I mean, what's your biggest concern for the quarters ahead?

情況大致相同——我的意思是，您對未來幾季最擔心的是什麼？

Sorry. And regarding the concern, I mean, those are the points I was talking (inaudible), I think the -- (inaudible) I think we had already said it, but the major challenge we see for the year to go actually is the tough comp of the second quarter, let's say, top-line-wise, keeping volumes.

對不起。關於這個問題，我的意思是，這些是我正在談論的要點（聽不清楚），我認為——（聽不清楚）我認為我們已經說過了，但我們今年看到的主要挑戰實際上是艱難的第二季的業績，可以說，從營收來看，保持銷售。

But at the same time, as we said, we're going to face easy comps on SG&A. And we should see, for instance, SG&A converge into the full-year guidance below inflation, which was not the case in the first quarter, as we start to face these easy comps.

但同時，正如我們所說，我們將在SG&A 方面面臨輕鬆的競爭。例如，我們應該看到，SG&A 趨於低於通膨的全年指引，而第一季的情況並非如此，因為我們開始面對這些簡單的比較。

So, in the end, I mean, both top line guidance and also profitability guidance, in a way -- we feel very comfortable about them.

所以，最後，我的意思是，在某種程度上，無論是營收指導還是獲利指導，我們都對它們感到非常滿意。

And just to add here, I think that in moments like that -- I mean, I do see a tough environment out there for the short term -- is opportunity to really go bold and big in some initiatives that we tested, that we know, and we are doing that; and really expand faster our business through the beer landscape to the really alco beverage landscape. So, it's an opportunity as well.

在這裡補充一下，我認為在這樣的時刻——我的意思是，我確實看到了短期內的艱難環境——是在我們測試過的一些舉措中真正大膽和大膽的機會，我們知道，我們正在這樣做；並真正更快地將我們的業務從啤酒領域擴展到真正的酒精飲料領域。所以，這也是一個機會。

So, we are (inaudible) going there, out there, in terms of the -- I mean, short-term, I would say, crisis. We decided not to be part of that. And we will boost our key initiatives to even exit this short-term environment tough moment in a much stronger way.

因此，我們正在（聽不清楚）去那裡，就我想說的短期危機而言。我們決定不參與其中。我們將加強我們的關鍵舉措，甚至以更強有力的方式擺脫這個短期環境的艱難時刻。

Great. Thank you.

偉大的。謝謝。

Lauren Torres.

勞倫·托雷斯。

Not to belabor a lot of the points that you've already made or the questions that have already been asked, but I was just curious to get a bit more clarity on the breakdown for mid to high single digit sales growth for the year. It seems like you were cycling tough comps also in the first quarter, but you gave us modest growth, which was great.

不想過多闡述您已經提出的觀點或已經提出的問題，但我只是想更清楚地了解今年中高個位數銷售增長的細目。看起來你們在第一季的表現也很艱難，但你們為我們帶來了適度的成長，這很棒。

I was just curious if you think that is still sustainable in light of how the consumer environment is turning now. And also, on InBev's call this morning, they do keep talking about this healthy balance between volume and revenue per hectoliter.

我只是很好奇，鑑於現在消費環境的變化，您是否認為這仍然是可持續的。而且，在今天早上英博的電話會議上，他們確實一直在談論銷售量和每百升收入之間的健康平衡。

So, with that said, I'm curious how you're thinking about benefit from pricing and mix over volume, and if -- I don't know if it's beer and soft drinks, with that said, if that's where the balance is coming from. Thank you.

因此，話雖如此，我很好奇你如何考慮定價和混合銷售的好處，以及我不知道是否是啤酒和軟飲料，話雖如此，這是否是平衡所在來自（哪裡。謝謝。

Sure, Lauren. Well, regarding the guidance for the year, and also consistent with our long term strategy, I mean, our idea is really to pursue this optimum balance, right? I mean, protecting profitability; for instance, putting prices in line with inflation; and then, let's say, allowing volumes to grow and the [per capita] to growth, and volume opportunity to be captured.

當然，勞倫。那麼，關於今年的指導，也符合我們的長期策略，我的意思是，我們的想法確實是追求這種最佳平衡，對吧？我的意思是，保護獲利能力；例如，使價格與通貨膨脹保持一致；然後，讓我們說，允許數量增長和[人均]增長，並抓住數量機會。

I think that's the optimum balance, as opposed to having, let's say, a short-term boost in net revenue by putting prices above inflation, but then compromising, let's say, even the industry, in terms of how healthy it could be. And also, we had to look at it -- at this, in the context of the current macroeconomic scenario.

我認為這是最佳的平衡，而不是通過將價格置於通膨之上來短期增加淨收入，但隨後在健康程度方面做出妥協，甚至是整個行業。而且，我們必須在當前宏觀經濟情勢的背景下審視這個問題。

So, actually, we're very happy with the fact that our net revenue per hectoliter in the first quarter -- it grew. I mean, double digits, right? But the pure pricing element was in line with inflation. All of the growth, or the real growth, came primarily from the premium mix, or product mix, if you will. And some, also positive impact from direct distribution.

因此，實際上，我們對第一季每百升淨收入的成長感到非常高興。我的意思是，兩位數，對嗎？但純粹的定價因素與通貨膨脹是一致的。所有的成長，或者說真正的成長，主要來自於優質產品組合，或者說產品組合，如果你願意的話。有些也來自直接分銷的正面影響。

But that is the mindset we have. I mean, to drive top line growth without having to use the pure pricing lever. As the way, of course, the upside you get from premium and direct distribution, unless you pay some bills, if you will, at the cost level; also at the SG&A level.

但這就是我們的心態。我的意思是，無需使用純粹的定價槓桿即可推動營收成長。當然，你可以從溢價和直接分銷中獲得好處，除非你願意在成本水平上支付一些賬單；也在 SG&A 層面。

But again, we have no doubt it's -- it is accretive [EBITDA]-wise; margin-wise. So, that's how we see it.

但同樣，我們毫不懷疑它會增加[EBITDA]；邊際方面。所以，我們就是這麼看的。

That's why -- I mean, the beauty of the five points that I mentioned before -- I mean, starting from the, elevate the core, (inaudible) basis there. Our brands -- I mean, Brahma, Skol, Antarctica, Guarana Antarctica -- will be very strong, even in a moment like that.

這就是為什麼——我的意思是，我之前提到的五點之美——我的意思是，從那裡開始，提升核心（聽不清楚）的基礎。我們的品牌——我的意思是，Brahma、Skol、Antarctica、Guarana Antarctica——將非常強大，即使在這樣的時刻也是如此。

And then the second one -- and that's why this was, accelerate premium growth. So, really go big on that thing. Because it can protect the industry, grow pricing in line with inflation, and really, I mean, drive net revenue per hecto growth through premium mix. So, that's what happened in the first quarter, and gave us reason to believe that's a good formula and a virtuous cycle.

然後是第二個——這就是為什麼會加速保費成長。所以，真的要在這件事上大幹一場。因為它可以保護行業，根據通貨膨脹提高定價，並且實際上，我的意思是，透過保費組合推動每百公頃淨收入的成長。所以，這就是第一季發生的事情，讓我們有理由相信這是一個好的公式和良性循環。

That's very helpful and clear. Thank you. And can I ask one other question? This morning, too, InBev did ask, and addressed the fact that you have an acquisition as far as Bogota Beer in the quarter in Colombia. Is there anything you could provide us on details behind that business?

這非常有幫助且清晰。謝謝。我可以問另外一個問題嗎？今天早上，英博也確實詢問了這個問題，並談到了您在本季度收購了哥倫比亞波哥大啤酒公司的事實。您可以向我們提供有關該業務背後的詳細資訊嗎？

Yes. We just announced that (inaudible) closed the agreement with BBC -- Bogota Beer Company. It's the leading craft brewery in Colombia. The deal -- of course -- it wasn't [only] with the brewery, but also between seven point-of-sales, including pubs.

是的。我們剛剛宣布（聽不清楚）與 BBC 波哥大啤酒公司簽署了協議。它是哥倫比亞領先的精釀啤酒廠。當然，這筆交易不僅涉及啤酒廠，還涉及包括酒吧在內的七個銷售點。

We are going to, of course, continue to emphasize and support, let's say, the craft feature; creativity; the great job the guys have done so far. So, we don't anticipate any change to the business.

當然，我們將繼續強調和支持工藝功能；創造力;到目前為止，這些人所做的工作非常出色。因此，我們預計業務不會有任何變化。

And the idea is to continue to benefit from this growing segment. Colombia is a very important market. It's a major beer market. They're leaders in Latin America.

我們的想法是繼續從這個不斷增長的細分市場中受益。哥倫比亞是一個非常重要的市場。這是一個主要的啤酒市場。他們是拉丁美洲的領導人。

We are totally committed to take this opportunity and take it to the next level in terms of profitability, and focus on this craft segment there. And on top of that, to put a strong team there to -- I mean, to run this business. So, we're very excited about the Colombia opportunity.

我們完全致力於抓住這個機會，將其盈利能力提升到一個新的水平，並專注於那裡的手工藝領域。最重要的是，要組建一支強大的團隊——我的意思是，經營這項業務。因此，我們對哥倫比亞的機會感到非常興奮。

Great. Thank you.

偉大的。謝謝。

Andrea Teixeira.

安德里亞·特謝拉

Congrats on the results. I just -- I have, like, two questions, one in -- on the costs side. I'm sure you -- obviously you had a slightly above -- I mean, I know you talk about the total cost, not the cost per hectoliter, as a guidance. But just to reconcile how you've been evolving there, obviously for a good reason, because of the mix.

祝賀結果。我只是——我有兩個問題，其中一個是關於成本方面的。我相信你 - 顯然你有一點以上 - 我的意思是，我知道你談論的是總成本，而不是每百升的成本，作為指導。但只是為了協調你在那裡的發展方式，顯然是有充分理由的，因為混合。

But if you can explain to us what you are seeing in terms of percentage-wise, and if -- percentage of premium as a percentage of total volumes, and that impacting -- what was the impact, since you grew double-digit on the COGS side. What is offset? What is mix-inducted? And that would be my first question.

但是，如果您能向我們解釋一下您所看到的百分比情況，以及溢價佔總銷售的百分比，以及影響是什麼，因為您的成長率達到了兩位數銷貨成本側。什麼是偏移？什麼是混合誘導？這是我的第一個問題。

The second question is more related to the PIS/COFINS on the financial revenues -- if that 4.65% increase may impact you, given that you are cash-rich, and if you can explain to us that. Thank you.

第二個問題與 PIS/COFINS 的財務收入相關—考慮到您現金充裕，4.65% 的成長是否會對您產生影響，以及您能否向我們解釋這一點。謝謝。

Sure, Andrea. Hi. Thanks for your question. Maybe starting with the COGS, I just said it in our guidances on total cash COGS -- growth in Brazil from mid to high single in the full year. Actually, the quarter, we were there, right? We were at 7.5%. Over a quarter it will be slightly different in terms of the drivers behind the number.

當然，安德里亞。你好。謝謝你的提問。也許從銷貨成本開始，我剛剛在我們對總現金銷貨成本的指導中說過——巴西全年的成長從中到高。事實上，那個季度我們就在那裡，對吧？我們當時的比例是 7.5%。超過四分之一的數字背後的驅動因素將略有不同。

But, again, the range was provided with this objective, I mean, to give a good indication of where we should land. The -- maybe the specifics of the quarter, right? I mean -- but also (inaudible) for the year.

但是，我的意思是，提供這個範圍的目的是為了很好地指示我們應該在哪裡著陸。也許是本季的具體情況，對吧？我的意思是——而且（聽不清楚）今年的情況。

The main drivers there were the negative impact from the FX hedges. That was the most important one, and particularly in Q1 is where we will face the toughest impact on the currency devaluation in Brazil, given the way we put our hedges in place [on every] 12 months in advance. As the currency was [devalued] over the year, that was the toughest comp, FX-wise, for COGS.

主要驅動因素是外匯對沖的負面影響。這是最重要的，特別是在第一季度，考慮到我們提前 12 個月實施對沖的方式，我們將面臨巴西貨幣貶值最嚴重的影響。由於貨幣在這一年[貶值]，對於銷貨成本來說，就外匯而言，這是最艱難的競爭。

There was also a negative impact, if you will, from a product mix perspective. The same way, [it adds] on net revenue, and was the reason for the growth in net revenue above inflation. It has an impact on cost per hectoliter and also on total COGS. But, again, positive at the margin levels.

如果你願意的話，從產品組合的角度來看，這也產生了負面影響。同樣，[它補充]了淨收入，這也是淨收入成長高於通貨膨脹的原因。它對每百升成本以及總銷貨成本有影響。但利潤率水準再次呈現正面態勢。

And there were some savings coming from commodities, mainly CSD, (inaudible) beer, given the inventory level of barley, and also some procurement savings. So, we also feel very confident -- comfortable with the guidance for the year. And as we said before, it includes the mix impact in this mid to high single digit cash COGS -- total cash COGS growth.

鑑於大麥的庫存水平，還有一些來自商品的節省，主要是碳酸飲料、（聽不清楚）啤酒，還有一些採購節省。因此，我們也非常有信心——對今年的指導感到滿意。正如我們之前所說，它包括中高個位數現金銷貨成本（總現金銷貨成本成長）的混合影響。

Regarding the PIS/COFINS on financial income, of course it was not that in this quarter. We had no impact. And actually, we're not going to have an impact in the second quarter neither.

至於財務收入的PIS/COFINS，當然不是本季的情況。我們沒有受到任何影響。事實上，我們也不會對第二季產生影響。

The (inaudible) of the full PIS/COFIN tax rate -- it's going to be valid as of July 1. It will have an impact, of course, on our financial result. But any potential impact actually depends on a couple of factors -- [interim] factors -- and at this stage we are not providing specific guidance since, again, it will kick in as of the second half on.

完整的 PIS/COFIN 稅率（聽不清楚）將於 7 月 1 日起生效。當然，這會對我們的財務表現產生影響。但任何潛在的影響實際上取決於幾個因素——[臨時]因素——現階段我們沒有提供具體的指導，因為它將從下半年開始生效。

Thank you very much.

非常感謝。

Alexander Robarts, Citi.

亞歷山大·羅巴茨，花旗銀行。

Two questions from my side would be around the cash SG&A in Brazil, and also these other operating income items. In looking at the cash SG&A, you had 14% growth in the fourth quarter year on year. We're seeing, now, 12% or so in this first quarter. So, it looks like you had a summer with double-digit cash SG&A growth in Brazil. And the one kind of descriptor you've got is about distribution-related expenses.

我這邊的兩個問題是圍繞巴西的現金SG&A，以及其他營業收入項目。從現金 SG&A 來看，第四季年增 14%。現在，我們看到第一季的成長率約為 12%。因此，巴西的夏季銷售管理及行政管理費用 (SG&A) 現金成長似乎達到了兩位數。您擁有的一種描述是與分銷相關的費用。

If you could kind of give us perhaps a little bit more color on what was driving this double-digit cash SG&A growth in the first quarter. And if we think about the guidance, right -- mid to single -- below inflation, sorry -- I guess it's going to imply an important pullback on this.

如果您能給我們更多關於推動第一季現金銷售管理及行政管理費用兩位數成長的原因的資訊。如果我們考慮指導，對——中到單——低於通膨，抱歉——我想這將意味著一個重要的回調。

What gives you the confidence that you can kind of reduce the pace of this cash SG&A growth? So, that would be the first question, if you could help us with that one.

是什麼讓您有信心可以減緩現金銷售管理及行政管理 (SG&A) 成長的步伐？所以，這將是第一個問題，您是否可以幫助我們解決這個問題。

Sure. Thanks for that question, Alexander. Indeed, this quarter we -- different from COGS, we were above the implied guidance for the full year, right? Because we were above inflation.

當然。謝謝你提出這個問題，亞歷山大。事實上，本季我們與銷貨成本不同，我們高於全年的隱含指導，對吧？因為我們高於通貨膨脹。

And actually, the main reason for that was really the distribution expenses, and particularly the increase of the weight of direct distribution. So, what happened last year -- and again, it explains pretty much what you put in your question, is that we were increasing distribution along the year, and we closed Q4 at a level close to 72%.

事實上，主要原因是分銷費用，特別是直接分銷權重的增加。所以，去年發生的事情——再一次，它基本上解釋了你在問題中提出的內容，那就是我們在這一年中增加了分配，並且我們在第四季度結束時達到了接近72% 的水平。

So, it was -- as you mentioned, it had an important (inaudible) in Q4 last year. This was not the only reason, but it was there in the 14% you just mentioned. And it is now, in the first quarter, kind of still -- we still -- we're not [cycled] yet the increase we did last year.

所以，正如您所提到的，去年第四季有一個重要的（聽不清楚）。這不是唯一的原因，但你剛才提到的14%就有這個原因。現在，在第一季度，我們仍然沒有[循環]我們去年所做的成長。

So, by the second half, for instance, we're going to have much more of an easy comp in terms of weight of direct distribution, and that's why in the beginning of the year there is the increase. And also, when you're looking to sales and marketing, we're also going to face an easier comp, especially in Q2 and then in Q3.

因此，例如，到下半年，我們在直接分銷的權重方面將有更多簡單的補償，這就是為什麼在年初會有所增加。而且，當你考慮銷售和行銷時，我們也將面臨更簡單的競爭，特別是在第二季和第三季。

So, we feel very comfortable with the guidance of the year, and that's why we said distribution was the key element in Q1. We're going to have easier comps in the second half, and also the comps in sales and marketing in the following quarters.

因此，我們對今年的指導感到非常滿意，這就是為什麼我們說分配是第一季的關鍵要素。我們將在下半年進行更輕鬆的比較，並在接下來的幾季進行銷售和行銷方面的比較。

And regarding the other operating income -- I think that was also one of your questions, right?

關於其他營業收入——我認為這也是您的問題之一，對吧？

Yes. Let me specifically frame the question. Sorry. So, I mean, it almost doubled, right, in Brazil beer, and in Brazil there was 7% to 8% increase, and you still got normalized margin expansion in Brazil excluding that. But it is a distorting factor, and I guess you associated it with these -- some investments last year that gave you extra, or this incremental, VAT tax incentive payments.

是的。讓我具體地提出這個問題。對不起。所以，我的意思是，巴西啤酒幾乎翻了一番，巴西成長了 7% 到 8%，排除這一點，巴西的利潤率仍然正常擴張。但這是一個扭曲因素，我猜您將其與去年的一些投資聯繫在一起，這些投資為您提供了額外的或增量的增值稅稅收優惠。

How can we think about this, going forward? Because it's -- I remember in 2013, that was a very lumpy item throughout the year; normalized last year.

展望未來，我們該如何思考這個問題？因為我記得在 2013 年，那是一個全年都非常不穩定的計畫；去年實現正常化。

Are we in for another lumpy year of -- in this line item? Or -- I mean, if you can kind of give us a sense of how we can think about this other operating expense line for the rest of the year. Thanks very much.

在這一行項目中，我們是否會迎來另一個坎坷的一年？或者 - 我的意思是，如果您能讓我們了解我們如何考慮今年剩餘時間的其他營運費用項目。非常感謝。

Okay. Thank you for the question, Alexander. I think that's also a very good point. And when you look into this line, as you said, I mean, we had, actually, in 2013, a very high increase. But since then -- and not by coincidence, right? I mean, we also maintained very high CapEx levels to start with. So, last year was another year of record CapEx. And given the nature of these investments, I mean, we are entitled to apply to this government grant.

好的。謝謝你的提問，亞歷山大。我認為這也是一個很好的觀點。當你研究這條線時，正如你所說，我的意思是，實際上，我們在 2013 年有非常高的成長。但從那時起——這並非巧合，對吧？我的意思是，我們一開始就維持了非常高的資本支出水準。因此，去年又是資本支出創紀錄的一年。考慮到這些投資的性質，我的意思是，我們有權申請這項政府補助。

And if we look on a quarterly basis what happened last year, for instance, the main -- the easier way to think about this line going forward, is to look at it as a percentage of sales. Because that's the main driver, right? So, last quarter, or last year in the first quarter, (inaudible) said, they were running between 4% and 5%.

例如，如果我們按季度查看去年發生的情況，那麼考慮這條線未來的主要方法（更簡單的方法）是將其視為銷售額的百分比。因為那是主要驅動力，對嗎？所以，上個季度，或者說去年第一季度，（聽不清楚）說，他們的成長率在 4% 到 5% 之間。

And with the investments we did in the course of the year, we managed to take it to close to 7% in the fourth quarter of last year. In this quarter, actually was pretty much, more or less the same -- 7%. Because again, the incentives were also capped during the course of the year.

透過我們在這一年中所做的投資，我們成功地在去年第四季將其提高到了接近 7%。在本季度，實際上幾乎沒有變化——7%。因為，這一年中的激勵措施也受到了限制。

So, the way to think about it at this stage, bearing in mind that those incentives are long-term incentives, totally recurrent -- let's say cash is really cash -- I mean, it's quality money, quality result -- we should think of them. So, if we take Q1 as the base -- the number we just published -- we should see them [evolve] on a quarterly basis in line with our net revenue growth. That's the main driver, as it was also the case in the last quarter, last year.

因此，現階段的思考方式是，記住這些激勵措施是長期激勵措施，完全是經常性的——讓我們說現金是真正的現金——我的意思是，它是高質量的資金，高質量的結果——我們應該思考其中。因此，如果我們以第一季為基礎（我們剛剛發布的數字），我們應該會看到它們按季度[演變]，與我們的淨收入成長保持一致。這是主要驅動力，去年最後一個季度也是如此。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Thiago Duarte, BTG.

蒂亞戈·杜阿爾特，BTG。

One final question, actually, going out of Brazil for a second, looking at Central America. I mean, 23% volume growth was pretty strong. And so, I just wanted to get more color from you guys on what drove the volume, and if possible some sense of -- I know we're talking about different markets, different countries, but some sense of market share, or how you're growing relative to the industry.

實際上，最後一個問題是離開巴西，看看中美洲。我的意思是，23% 的銷量成長相當強勁。因此，我只是想從你們那裡獲得更多關於推動銷量成長的因素的信息，如果可能的話，我知道我們正在談論不同的市場、不同的國家，但對市場份額的一些了解，或者你如何相對於行業來說正在成長。

I mean, at the end of the day I'm trying to understand how to think about volume in Central America throughout the rest of the year. I mean, the division's becoming quite relevant, I mean, in terms of EBITDA contribution, similar to Canada. So, it would be nice to get more -- a little bit more color on growth going forward. Thank you.

我的意思是，歸根結底，我試圖了解如何考慮今年剩餘時間內中美洲的交易量。我的意思是，就 EBITDA 貢獻而言，該部門變得非常重要，與加拿大類似。因此，如果能在未來的成長中獲得更多的色彩，那就太好了。謝謝。

Thiago, thanks for the question. I think that it's a very good one. If you go to DR, that's the main country there.

蒂亞戈，謝謝你的提問。我認為這是一件非常好的事情。如果你去DR，那是那裡的主要國家。

I think that's a [rare] example that, to us, could happen in other countries -- here in Argentina; even in Canada, and Brazil -- when you expand the industry from beer to alcohol.

我認為這是一個[罕見]的例子，對我們來說，可能會發生在其他國家—在阿根廷；即使在加拿大和巴西——當你將行業從啤酒擴展到酒精飲料時也是如此。

And then, basically, the strategy that we have implemented there is the same that I detail here -- the five points -- elevate the core; accelerate premium; near beer; in-home; out-of-home. And basically, it's -- I mean, it's working very, very well. Because you not only see that we have opportunities to gain share, but you understand much better the revenue management initiatives that you can do to affect price. You not only see beer, but you see other alcohols as well. It's really different.

然後，基本上，我們在那裡實施的策略與我在這裡詳細介紹的策略相同——五點——提升核心；加速保費；靠近啤酒；在家裡;不在家。基本上，我的意思是，它運行得非常非常好。因為您不僅看到我們有機會獲得份額，而且您可以更好地了解可以採取的影響價格的收入管理舉措。您不僅會看到啤酒，還會看到其他酒類。真的很不一樣。

So -- and I think that you see the results. I mean, we are gaining share of throat, gaining share of beer, and there's still -- I mean, we continue to gain.

所以——我認為你已經看到了結果。我的意思是，我們正在贏得喉嚨的份額，獲得啤酒的份額，而且我的意思是，我們仍在繼續獲得。

And I think that -- I mean, months ago, we have been talking to you a lot about this mindset -- deeper consumer insights; alco beverage landscape; the fight; big things that you do to get there.

我認為——我的意思是，幾個月前，我們一直在與你們談論這種心態——更深入的消費者洞察；酒精飲料景觀；爭鬥;為了到達那裡你所做的大事。

I think that Brazil first quarter was a good example that -- the reasons to believe that you continue to go that. And if you go to Central America, you see that's a reality. So, very excited of our business there. And you continue to grow, and push the borders, and push big-time to grow this business there.

我認為巴西第一季就是一個很好的例子——有理由相信你會繼續這樣做。如果你去中美洲，你會發現這是現實。所以，我們對我們在那裡的業務感到非常興奮。你會繼續成長，突破界限，大力發展那裡的業務。

Just to build on Bernardo's comment, I think the great news in this quarter is that what you described, particularly in DR -- let's say this total alco beverage space is already a reality there since that they won -- we did a deal with the CND, so important source for volumes and driver, on top of the full execution of the (inaudible) Carnival, Budweiser and everything.

僅以貝爾納多的評論為基礎，我認為本季度的好消息是您所描述的，特別是在 DR 中 - 假設自從他們獲勝以來，整個酒精飲料空間已經成為現實 - 我們與CND，在（聽不清楚）嘉年華、百威啤酒和一切的全面執行之上，是銷售和驅動力的重要來源。

And then, with the same set of results, if you will, it's also a very strong volume growth, but in a completely different scenario, which -- another important country for us, a key market for us in the [BU] was Guatemala. We grew volumes above 50% in the quarter.

然後，如果你願意的話，在同樣的一組結果下，這也是非常強勁的銷量增長，但在完全不同的情況下，對我們來說另一個重要的國家，我們在[BU] 的一個關鍵市場是危地馬拉。本季我們的銷量成長了 50% 以上。

So, very relevant, as well, volume-wise; but in a different scenario, because we were gaining market share in beer with not only the portfolio that we have there already for a while, but also leveraging on the important Mexican brands, which are really making a difference for us there.

因此，就數量而言也非常相關；但在不同的情況下，因為我們不僅透過我們已經在那裡有一段時間的產品組合獲得了啤酒市場份額，而且還利用了重要的墨西哥品牌，這些品牌確實為我們帶來了變化。

Because, looking at the end game and the strategy, we are building share, becoming even more relevant in the market, in an even more profitable way, because those brands, as you know -- Corona, Negra Modelo and the others -- they command a better price than the mainstream brands that we have there.

因為，從最終的遊戲和策略來看，我們正在建立份額，以一種更有利可圖的方式在市場上變得更加相關，因為這些品牌，如你所知——Corona、Negra Modelo 和其他— —他們比我們那裡的主流品牌有更好的價格。

So, two different strategies, each country for, let's say, specific strategic [role and fit] right now, both delivering strong volume and results.

因此，每個國家都有兩種不同的策略，比如說，目前的具體戰略[作用和契合度]，兩者都帶來了強勁的數量和成果。

(Inaudible) just one data to, I mean, give you reasons to believe the growth there, and not only in the other countries but in the DR, our share of throat there is below 60. Like (inaudible) our share of throat in Brazil is below 50.

（聽不清楚）我的意思是，只有一項數據讓你有理由相信那裡的成長，不僅在其他國家，而且在民主共和國，我們在那裡的喉嚨份額低於60。就像（聽不清楚）我們在DR 的喉嚨份額。巴西低於50。

So, I'm pushing this agenda. We are pushing this agenda big-time, because we are correcting the [cold] year. And in doing that, I mean, we will unleash big opportunities in the market out there, not only DR; in Brazil; in Argentina. That's why you see in other countries the launch of MixxTail in -- big-time in LAS. So, it's a big opportunity, the share-of-throat agenda, for us.

所以，我正在推動這個議程。我們正在大力推動這項議程，因為我們正在糾正[寒冷]的一年。我的意思是，透過這樣做，我們將在市場上釋放巨大的機會，不僅是災難復原；還有市場。在巴西;在阿根廷。這就是為什麼您會在其他國家/地區看到 MixxTail 在 LAS 的盛大推出。因此，這對我們來說是一個巨大的機會，即共享議程。

And in talking about the relevance of the [BU], as you said, we continue to see a significant growth opportunity in CAC, right -- in Central America and Caribbean; not HILA Ex any more. Both organic and non-organic.

在談論 [BU] 的相關性時，正如您所說，我們繼續看到 CAC 的重大增長機會，對吧——在中美洲和加勒比地區；不再是 HILA Ex。有機和無機兩種。

So, we -- currently, we estimate that we have around 40% of the 50-million hectoliters market, right size, in Central America and Caribbean. But with current EBITDA, let's say (inaudible) about $300 million, but we think we should -- could both -- again, organic and non-organic, we should be able to more than triple that. And our dream there is to have a billion-dollar [BU] in due time.

因此，目前，我們估計我們在中美洲和加勒比地區擁有 5000 萬百升市場的大約 40%（規模合適）。但就目前的EBITDA 而言，假設（聽不清楚）約為3 億美元，但我們認為我們應該——可以——再次，無論是有機的還是非有機的，我們應該能夠將其增加兩倍以上。我們的夢想是在適當的時候擁有十億美元的[BU]。

(Inaudible).

（聽不清楚）。

Thank you. Very helpful.

謝謝。很有幫助。

Jose Yordan, Deutsche Bank.

何塞·約爾丹，德意志銀行。

I just have one simple question, which is, if you can remind us what your CapEx budget is for this year.

我只有一個簡單的問題，那就是，您能否提醒我們今年的資本支出預算是多少。

And then the second question is about Chile. When you took over the distribution in -- of Corona in Chile, did you take over the entire country and all channels, or only part of it? I understand that the previous distributor may have kept a certain channel or geography, but I was unclear on that.

第二個問題是關於智利的。當您接管智利科羅納的發行時，您是接管了整個國家和所有管道，還是只接管了其中的一部分？我知道以前的經銷商可能保留了一定的通路或地理位置，但我對此並不清楚。

And if that's the case, how do you manage the differences in retailer margin that I believe they were giving to retailers when -- under the old contract, and the kind of retail margins that the mainstream -- you and the other mainstream brewer give to retailers in Chile?

如果是這樣的話，你如何管理零售商利潤的差異，我相信他們在舊合約下給予零售商，以及主流——你和其他主流啤酒製造商給予零售商的零售利潤。智利的零售商？

Thanks for your question. I think -- let me start with the CapEx one. The guidance for the year is to have pretty much CapEx up to the levels of last year in Brazil, which were -- is likely above BRL3 billion.

謝謝你的提問。我想——讓我從資本支出開始。今年的指導方針是巴西的資本支出幾乎達到去年的水平，可能超過 30 億雷亞爾。

And regarding Chile, I'll ask Bernardo to comment.

關於智利，我將請貝爾納多發表評論。

I think that Chile -- it's a great success case done by the LAS guys, and they continue to push this agenda there. They are starting from a good business in our core -- of our core brand. So, [Beca] is a great brand and is growing a lot. If -- I mean, with not only volumes, but in terms of equity as well.

我認為智利——這是阿盟人員取得的巨大成功案例，他們繼續在那裡推動這項議程。他們是從我們核心品牌的良好業務開始的。所以，[Beca] 是一個偉大的品牌，並且正在不斷成長。如果——我的意思是，不僅在數量上，而且在權益方面也是如此。

On top of that, now, I mean, we made this deal -- Corona will help us big-time to push the boundaries there. The guy that's operated there is a great guy.

最重要的是，現在，我的意思是，我們達成了這筆交易——科羅納將幫助我們極大地突破那裡的界限。在那裡做手術的那個人是一個很棒的人。

So, I mean, what I can say to you, that we align for the on-trade business here; we still manage this brand, and some super-premium brands. Because I think that [we] added value a lot for Corona in the past, and can add value in the future, not only for this brand, Corona, but for some specific super-premium brands that we operate there. And we take care of the brand, mostly off-trade channel, in the rest of the country.

所以，我的意思是，我可以對你說的是，我們致力於這裡的貿易業務；我們仍然管理這個品牌，以及一些超高端品牌。因為我認為，我們過去為 Corona 增加了很多價值，並且在未來也可以增加價值，不僅是 Corona 這個品牌，還有我們在那裡經營的一些特定的超高端品牌。我們在全國其他地區負責品牌（主要是非貿易管道）。

So, I think that's a win-win. And I think that Chile -- I mean, that we have, kind of, in 2008, 2009, 5% of share. We're talking about 25%-plus. It's a great, great success history, and I think the guys from LAS have been doing a great job there, and they continue to do.

所以，我認為這是雙贏的。我認為智利——我的意思是，我們在 2008 年、2009 年擁有 5% 的份額。我們談論的是 25% 以上。這是一段非常非常成功的歷史，我認為洛杉磯航空隊的球員們一直做得很好，而且他們會繼續這樣做。

All right. Great. Thank you.

好的。偉大的。謝謝。

Jeronimo De Guzman, Morgan Stanley.

傑羅尼莫·德古茲曼，摩根士丹利。

I had a question on Brazil beer pricing. Just wanted to know how you're thinking about pricing, as you go into the -- or, as you have gone into the higher taxation at the beginning of May.

我對巴西啤酒定價有疑問。只是想知道，當您進入 - 或者，當您在五月初進入更高的稅收時，您如何考慮定價。

Because as I was thinking it, you have the extra tailwind going right now from the premiumization and the direct distribution. But as you said, the underlying pricing has been in line with inflation.

因為正如我所想的那樣，你現在從高端化和直接分銷中獲得了額外的推動力。但正如你所說，基本定價與通貨膨脹一致。

So, the question is, is the goal still to pass through the increase through incremental pricing, or is it to use some of this extra pricing gains or extra revenue per hectoliter gains you've got in -- to help offset the taxation?

因此，問題是，目標仍然是透過增量定價來實現成長，還是利用一些額外的定價收益或每百升收益的額外收入來幫助抵消稅收？

Thanks for your question. I mean, yes, we had the new (inaudible) tax was announced earlier this year, with the implementation date as of May 1. So, of course it kicked in; not really new news.

謝謝你的提問。我的意思是，是的，我們在今年早些時候宣布了新的（聽不清楚）稅收，實施日期為 5 月 1 日。所以，它當然開始了；並不是什麼新消息。

Of course, we don't comment on the specific pricing activities, right, in the short term, because it's sensitive information. But, to your question, I mean, our guidance -- you asked our strategy, but (inaudible) continues to be to put price (inaudible) inflation plus any tax offset, and that was already included in our guidance for the full year, in terms of top line growth, from mid to high single digits.

當然，短期內我們不會評論特定的定價活動，對吧，因為這是敏感資訊。但是，對於你的問題，我的意思是，我們的指導- 你問了我們的策略，但（聽不清）仍然是價格（聽不清）通貨膨脹加上任何稅收抵免，這已經包含在在我們全年的指導中，就收入成長而言，從中位數到高個位數成長。

Okay. So, no changes there. And then just a followup on the direct distribution which has helped, as you mentioned, your revenue per hectoliter.

好的。所以，那裡沒有變化。然後是直接分銷的後續行動，正如您所提到的，這有助於提高您的每百升收入。

You mentioned that you're going to have kind of a slowdown in these increases, or the SG&A pressure from it, in the second half. Does that imply that you're kind of getting to the point where you have smaller incremental gains in direct distribution, or not really -- you'll continue having these gains?

您提到下半年這些成長或由此產生的銷售管理費用壓力將會放緩。這是否意味著您已經達到了在直接分銷中獲得較小增量收益的地步，或者不是真的——您將繼續獲得這些收益？

There is no specific goal or target of increased direct distribution. In the end of the day, what I did describe is more what had happened, and the carryover effect for this year. But, I mean, continue to do what we (inaudible), is that we have the optimum go-to-market implementation -- this five (inaudible) as Bernando described. So, again, it might go up, or not.

沒有增加直接分銷的具體目標或目標。歸根結底，我所描述的更多的是已經發生的事情，以及今年的延續效應。但是，我的意思是，繼續做我們（聽不清楚）的事情，我們擁有最佳的進入市場實施方案——正如伯南多所描述的，這五個（聽不清楚）。所以，同樣，它可能會上漲，也可能不會。

But the ultimate goal is not really to -- it's not about distributing directly, but making sure that the go-to-market and distribution platform is optimized. So, no specific guidance on that.

但最終的目標並不是真正的——它不是直接分銷，而是確保進入市場和分銷平台得到最佳化。因此，對此沒有具體指導。

Okay. Thank you.

好的。謝謝。

Rob Ottenstein, Evercore.

羅布·奧滕斯坦，Evercore。

First off, congratulations on a terrific quarter. In terms of Colombia and Bogota, do you plan to aggressively expand the number of beer pubs in Bogota and in Colombia, and should we expect that you'll be introducing Corona, Bud and Stella? That's question number one.

首先，恭喜這個季度的出色表現。就哥倫比亞和波哥大而言，您是否計劃積極擴大波哥大和哥倫比亞的啤酒酒吧數量？我們是否應該期望您引入 Corona、Bud 和 Stella？這是第一個問題。

And question number two, on -- here in Brazil, can you talk a little bit about what the price to consumer looked like in the quarter? Thank you.

第二個問題，在巴西，您能否談談本季消費者的價格狀況？謝謝。

Thanks for your questions. I mean, starting with Colombia, we just announced the partnership there -- of course, it's a relevant market, very dynamic.

感謝您的提問。我的意思是，從哥倫比亞開始，我們剛剛宣布了在那裡的合作夥伴關係——當然，這是一個相關的市場，非常有活力。

The plans for the time being, actually, is to just make sure that we have a smooth integration, which in the end should be the case, because we don't intend to make any change to the business model.

實際上，目前的計劃只是確保我們能夠順利整合，最終應該是這樣，因為我們不打算對業務模式進行任何改變。

I think it's a winning business model, of course, very focused on the high-end segment. So, premium brands; craft; and they need to improve the experience even further to consumers. So, [at this stage] nothing relevant in addition to what has been already announced.

當然，我認為這是一個成功的商業模式，非常專注於高端市場。所以，優質品牌；工藝;他們需要進一步改善消費者的體驗。因此，[現階段]除了已經宣布的內容之外，沒有任何相關內容。

I think the only thing to add here, what Jamel said, is that (inaudible) have a strong team there, and the portfolio of brands -- the high-end brands that we have in the world, and they are strong. So, I think that you'll see good opportunity there in Colombia.

我認為這裡唯一要補充的是，賈梅爾所說的，（聽不清楚）那裡有一支強大的團隊，以及品牌組合——我們在世界上擁有的高端品牌，它們很強大。所以，我認為你會在哥倫比亞看到很好的機會。

For the second point, I mean, the -- how do I manage the price point in the bars, and off-trade -- I think that operational excellence is key for us. So, this is a key issue, that you always look and you always assure that if you have the right price point, it's good for everyone -- good for the industry; good for the bar owner, because they'll sell more.

對於第二點，我的意思是——我如何管理金條和場外交易的價格點——我認為卓越的營運對我們來說至關重要。所以，這是一個關鍵問題，你要始終關注並始終確保，如果你有合適的價格點，這對每個人都有好處——對整個行業有利；對酒吧老闆有好處，因為他們會賣得更多。

So, it's a daily, keep the eye that way, that we follow, to assure that everyone will win. The bars; people that drink our beers; and us as well, in terms of charging the right price, in our view. So, it's part of the operational excellence pillar here, and we're working hard on that, and we continue to work.

因此，我們每天都會關注這一點，以確保每個人都會獲勝。酒吧；喝我們啤酒的人；我們認為，在收取適當的價格方面也是如此。因此，這是卓越營運支柱的一部分，我們正在為此努力，並將繼續努力。

Okay. Did the price to the consumer go up in line with inflation in the quarter, or less, please?

好的。請問，消費者價格的上漲是否與本季的通貨膨脹一致，還是更少？

Yes. It was in line with inflation, slightly above, but didn't have the mixed premium impacting also the -- this inflation to consumers. But in the right way, right? I mean, as we have the selective distribution, so we feel, as Bernardo said, I mean, the (inaudible) is actually working very well also from this perspective.

是的。它與通貨膨脹一致，略高於通貨膨脹，但沒有混合溢價也影響消費者的通貨膨脹。但以正確的方式，對嗎？我的意思是，由於我們有選擇性分配，所以我們覺得，正如貝爾納多所說，我的意思是，從這個角度來看，（聽不清楚）實際上也運作得很好。

Okay. And then just one last question. Can you make any comments on the rest of the Modelo portfolio -- the other brands; where you see potential for Modelo Especial; Victoria -- any of the other brands in that portfolio, in any of the countries? And if there's any particular restrictions on any of those brands due to previous agreements?

好的。最後一個問題。您能否對 Modelo 產品組合的其餘部分（其他品牌）發表任何評論？您在哪裡看到 Modelo Especial 的潛力； Victoria－該產品組合中還有哪些國家的其他品牌？由於先前的協議，這些品牌是否有任何特殊限制？

I think that in Central America you have to see huge opportunity there; can bring other brands, and by the way, are doing, in some countries there. Guatemala is one example. It's -- where the Especial is doing very, very well.

我認為在中美洲你必須看到那裡巨大的機會；可以帶其他品牌的，順便說一句，正在做，在一些國家有。危地馬拉就是一個例子。這就是 Especial 做得非常非常好的地方。

But in Brazil the focus is not to bring additional brands. Corona is the biggest one. It's an amazing brand. It's a large (inaudible), and people really like the brand here, and you do a great job with this brand here in Brazil. So, basically, it's that.

但在巴西，重點不是引進更多品牌。科羅娜是最大的一個。這是一個了不起的品牌。這是一個很大的（聽不清楚），人們真的很喜歡這裡的品牌，而且你在巴西的這個品牌做得很好。所以，基本上就是這樣。

Okay. I -- understood. Are there any restrictions on the other brands in particular countries? Or over time will continue be able to theoretically sell all of the brands in the same countries that you can sell Corona in?

好的。我——明白了。特定國家/地區對其他品牌有任何限制嗎？或者隨著時間的推移，理論上您將繼續能夠在可以銷售 Corona 的國家/地區銷售所有品牌？

You can. But the big issue here is, how to manage the brands, the portfolio that you have, in the right way, and not dilute it a lot, and go big in the ones that make sense. So, that's the -- that's part of our mantra. And then we continue to search for that.

你可以。但這裡的大問題是，如何以正確的方式管理品牌和你擁有的產品組合，而不是大量稀釋它，並在有意義的領域中做大。所以，這就是我們口號的一部分。然後我們繼續尋找。

Perfect. Thank you very much.

完美的。非常感謝。

Fernando Ferreira, Merrill Lynch.

費爾南多·費雷拉，美林證券。

Thanks for taking my followup. Just wanted to have a bit more color on the higher effective tax rate in the quarter, specifically on this inter-Company transaction that had this negative impact of BRL360 million. Was that a one-off, and should we expect the effective tax rate to go back to more normalized levels in the next quarters? Thank you.

感謝您接受我的跟進。只是想對本季較高的有效稅率有更多的了解，特別是對造成 3.6 億雷亞爾負面影響的公司間交易。這是一次性的嗎？我們是否應該期望有效稅率在接下來的幾季恢復到更正常化的水平？謝謝。

Well, regarding the effective tax rate, I mean, as reported, it was a one-off this quarter. It was basically the result of tax for foreign profits generated through this inter-Company transaction. So, with certain affiliates there was a taxable foreign profit, which was not offset by the equivalent (inaudible) loss due to lack of sufficient taxable profits in the corresponding affiliate.

嗯，關於有效稅率，我的意思是，正如報導的那樣，這是本季一次性的。這基本上是對本次公司間交易產生的境外利潤課稅的結果。因此，某些附屬公司存在應稅外國利潤，但由於相應附屬公司缺乏足夠的應稅利潤，該利潤並未被同等（聽不清楚）損失所抵銷。

So, a little bit technical; but in the end of the day, not only it was a one-off, but once profits are generated in the tax loss carrying affiliate, this negative impact is expected to be reverted. So, from quarter to quarter, no, that -- our ETR may vary, but expect that should be, of course, a wash over quarters.

所以，有點技術性；但歸根結底，這不僅是一次性的，而且一旦稅負虧損的關聯公司產生利潤，這種負面影響預計將會逆轉。因此，每個季度，不，我們的 ETR 可能會有所不同，但預計這當然應該是各個季度的清洗。

Got it. Thank you.

知道了。謝謝。

Jose de la Luz, Barclays.

巴克萊銀行的何塞·德拉盧斯。

You've seen here how premium beer is gaining relevance, especially on Brazil market. I'd like to know if you could give us some color on what percentage of volume is coming from premium right now, and how is it that you look the potential for the future?

您已經在這裡看到優質啤酒如何變得越來越重要，尤其是在巴西市場。我想知道您能否告訴我們目前來自溢價的交易量百分比是多少，以及您認為未來的潛力如何？

Thanks for the questioning. For last quarter, was more than 8. So, that's why it helped but (inaudible), as I said. And I think that -- I would think that go -- could go beyond of that, for sure, based on the portfolio of brands that we have, the [folks/focus] that are put in place, and the go-to-market -- I mean, all the business model that we have put in place here, to go even bigger in our premium business.

感謝您的提問。上個季度超過 8。所以，這就是為什麼它有幫助，但（聽不清楚），正如我所說。我認為——我認為——當然可以超越這一點，基於我們擁有的品牌組合、到位的[人員/焦點]以及首選——市場——我的意思是，我們在這裡建立的所有商業模式，都是為了在我們的高端業務中做大。

So, we're very excited about the opportunity in Brazil for the premium, and we continue to lead the way.

因此，我們對巴西的溢價機會感到非常興奮，我們將繼續處於領先地位。

Okay. And, well, I'd just like to -- thanks for all the questions. I see there are all the questions in the list, which we can follow up later on the call, myself and Marino.

好的。而且，好吧，我只是想——謝謝大家提出的問題。我看到清單中包含了所有問題，我和馬裡諾可以在稍後的電話會議中跟進這些問題。

We're just out of time. So, I would like just to ask Bernardo to come with a final words. And from my side, again, thanks for your questions, for your attendance, and looking forward to talk to you again, guys.

我們只是沒時間了。所以，我想請伯納多最後說一句話。從我這邊，再次感謝你們的提問和出席，並期待再次與你們交談。

Thanks, Jamel. So, I mean, final messages. I mean, have been sharing with you -- we have been sharing with you our long-term plan here.

謝謝，賈梅爾。所以，我的意思是，最後的消息。我的意思是，我們一直在與你們分享我們的長期計劃。

I think that (inaudible) -- I mean, the five things that, I mean, we will continue to hammer -- I mean, the core business; elevate the core; accelerate the premium; the near beer; in-home; out-of-home -- we're working hard on that, not only in Brazil but in other countries as well. So, we really think that's -- could make the difference for the future, and start to make big-time in the first quarter.

我認為（聽不清楚）——我的意思是，我們將繼續努力的五件事——我的意思是，核心業務；提升核心；加速保費；附近的啤酒；在家裡;戶外－我們正在為此努力，不僅在巴西，也在其他國家。因此，我們確實認為這可以為未來帶來改變，並在第一季開始取得巨大成功。

Top line is key, and then we open -- I mean, the mind of all of the team, to go to the top line; and top line means go the volume and activate demand in every occasion, 24/7. So, it's a big opportunity.

頂線是關鍵，然後我們打開──我的意思是，整個團隊的思想，走向頂線；頂線意味著在每個場合（24/7）增加交易量並啟動需求。所以，這是一個很大的機會。

And then if you expand that for the alco industry even more, and at the end it will help us in our mix management, to drive net revenue above inflation, given to our mix of premium growing.

然後，如果您進一步擴大酒精行業的範圍，最終它將幫助我們進行組合管理，鑑於我們的保費增長組合，使淨收入高於通貨膨脹。

So -- and base of that -- I mean, the operational excellence -- I mean, continue to manage costs, and operating very well in the point of sale level, will help us support this new thing. And (inaudible) support the new things.

因此，在此基礎上，我的意思是，卓越的運營，我的意思是，繼續管理成本，並在銷售點層面運作良好，將幫助我們支持這一新事物。並且（聽不清楚）支持新事物。

And again, final message -- we know that's -- so, that's the short-term crisis out there, but Brazil will continue to grow in the future for sure, as did it -- I mean, happened in the past. And we decided not to be part of this crisis. And so far, so good. So, thanks for your time, and see you next quarter.

最後，我們知道，這就是短期危機，但巴西未來肯定會繼續成長，就像過去發生的那樣。我們決定不參與這場危機。到目前為止，一切都很好。感謝您抽出寶貴的時間，我們下季再見。

Thank you.

謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。