Ambev SA (ABEV) 2017 Q1 法說會逐字稿

Good afternoon, and thank you for waiting. I would like to welcome everyone to Ambev's First Quarter of 2017 Results Conference Call. Today with us, we have Mr. Bernardo Paiva, CEO for Ambev; and Mr. Ricardo Rittes, CFO and Investor Relations Officer. We would like to inform you that this event is being recorded. (Operator Instructions)

下午好，感謝您的等待。我謹歡迎大家參加 Ambev 2017 年第一季業績電話會議。今天與我們在一起的有 Ambev 首席執行官 Bernardo Paiva 先生；財務長兼投資者關係長 Ricardo Rittes 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. 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.

在繼續之前，我要提一下，前瞻性陳述是在 1996 年《證券訴訟改革法案》的安全港下做出的。前瞻性陳述基於 Ambev 管理層的信念和假設以及公司目前可獲得的資訊。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。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 the comparisons with Q1 2016 results. Normalized figures refer to the 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.

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 2016 年第一季度業績的比較。標準化數字是指特殊項目之前的績效衡量標準，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原則衡量標準，因此該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. Ricardo Rittes, CFO and Investor Relations Officer. Mr. Rittes, you may begin your conference.

現在我將會議交給財務長兼投資者關係長 Ricardo Rittes 先生。Rittes 先生，您可以開始會議了。

Thank you. Hello, everyone. Thank you for joining our 2017 first quarter earnings call. I will guide you through our financial highlights of Brazil, CAC, LAS and Canada, including our below-the-line items and cash flow. After that, Bernardo will give you more details about our performance in Brazil.

謝謝。大家好。感謝您參加我們的 2017 年第一季財報電話會議。我將引導您了解我們在巴西、CAC、LAS 和加拿大的財務亮點，包括我們的離線專案和現金流。接下來，貝納多將為大家詳細介紹我們在巴西的表現。

Starting with the main highlights of our consolidated results. We started the year with solid results in CAC, LAS and Canada, impacted by an expected weak performance in Brazil. On a consolidated basis, top line was up 8% in the quarter, with volumes increasing by 2.4%, led by growth in most of the regions we operate and a net revenue per hectoliter increase of 5.3%.

從我們綜合業績的主要亮點開始。今年伊始，我們在 CAC、LAS 和加拿大取得了穩健的業績，但受到巴西預期疲軟表現的影響。綜合來看，本季營收成長 8%，銷量成長 2.4%，這主要得益於我們營運的大部分地區的成長以及每百升淨收入成長 5.3%。

EBITDA was down 7.6% in the quarter, reaching BRL 4.4 billion, with an EBITDA margin of 38.7%. Net profit was BRL 2.3 billion, which is 20.1% lower than that of the first quarter of 2016, driven by EBITDA organic decline and currency translation negative impact due to the appreciation of the Brazilian real. And cash generated from operations totaled BRL 3.1 billion versus BRL 2.3 billion in the first quarter of 2016, increasing by 37.7%.

本季 EBITDA 下降 7.6%，達到 44 億雷亞爾，EBITDA 利潤率為 38.7%。淨利潤為 23 億雷亞爾，比 2016 年第一季下降 20.1%，主要是由於 EBITDA 有機下降以及巴西雷亞爾升值帶來的貨幣換算負面影響。營運產生的現金總額為 31 億雷亞爾，而 2016 年第一季為 23 億雷亞爾，成長了 37.7%。

In Brazil, our EBITDA declined 23.8%, being explained by expected headwinds: first, the temporary increase of our cash COGS by 38.2% and, on a per hectoliter basis, by 34.8%, mainly due to FX impacts, inflation and a hard comparable in the first quarter of 2016 when our cash COGS per hectoliter increased by 2.3% despite of an inflation of around 10% and an FX impact of more than 20%. Second, a tough comparable net revenue per hectoliter as the 2016 state tax increase only became effective towards the end of February 2016, and thus, the first quarter of 2017 is still on year-over-year comparison on an orange-to-apple basis. On the other hand, whilst the consumer market in Brazil remained challenging, leading to the beer industry decline of low single digits, based on Nielsen, we have been able to revert the negative trend and grow our beer volumes by 3.4%, outperforming the industry. Bernardo will expand on this topic.

在巴西，我們的EBITDA 下降了23.8%，原因是預期的不利因素：首先，我們的現金COGS 暫時增加了38.2%，每百升增加了34.8%，這主要是由於外匯影響、通貨膨脹和硬可比因素2016 年第一季度，儘管通貨膨脹率約為 10%，匯率影響超過 20%，但我們每百公升的現金銷貨成本仍增加了 2.3%。其次，由於 2016 年國家增稅直到 2016 年 2 月底才生效，因此每百升淨收入的可比性非常嚴峻，因此 2017 年第一季仍以橙子與蘋果為基礎進行同比比較。另一方面，雖然巴西的消費市場仍然充滿挑戰，導致啤酒行業出現低個位數的下滑，但根據尼爾森的數據，我們已經扭轉了負面趨勢，啤酒銷量增長了 3.4%，表現優於行業。貝納多將進一步討論這個主題。

Going to more detail of our operational results in Brazil. Net revenue in Brazil was up 0.6% in the quarter and EBITDA down 23.8% to BRL 2.5 billion, with a margin of 39.0%. Net revenue per hectoliter in Brazil beer was down 2.2% in the quarter. On top of a hard comparable basis, as part of our revenue management strategy, we continue to use our full portfolio of packs and brands to drive affordability to consumers, including the 1-liter returnable glass bottles in the on-trade channel and the 300-ml returnable glass bottles in the off-trade channel. Volumes of both packaging presentations grew double digits in the quarter.

詳細了解我們在巴西的營運表現。本季巴西淨收入成長 0.6%，EBITDA 下降 23.8%，至 25 億雷亞爾，利潤率為 39.0%。本季巴西啤酒每百升淨收入下降 2.2%。在嚴格的可比基礎上，作為我們收入管理策略的一部分，我們繼續使用我們完整的包裝和品牌組合來提高消費者的負擔能力，包括貿易管道中的 1 公升可回收玻璃瓶和 300 - 非貿易管道中的毫升可回收玻璃瓶。兩種包裝展示的銷量在本季度都實現了兩位數成長。

Brazil CSD & NANC top line was down 2.6% as flattish volumes were impacted by net revenue per hectoliter of minus 2.7%. According to Nielsen, the CSD & NANC industry declined high single digits as consumers continue to be pressured by negative real disposable income growth.

巴西 CSD 和 NANC 營收下降 2.6%，原因是每百升淨收入負 2.7%，導致銷量持平。根據尼爾森的數據，由於消費者繼續受到實際可支配收入負成長的壓力，CSD 和 NANC 行業出現了高個位數的下滑。

Brazil cash COGS was up 38.2% while, on a per hectoliter basis, 34.8% mainly due to: first, FX impacts. Given our hedge policy, the devaluation of the Brazilian real in the first quarter of 2016 is fully impacting our COGS now. At the time, the BRL suffered close to a 40% year-over-year devaluation, temporarily inflating the cost of our commodity price in U.S. dollars, which represent around 50% of our COGS in Brazil. Second, inflation; and third, a hard comparable base in the first quarter of 2016 when our cash COGS per hectoliter increased by only 2.3% despite of an inflation of around 10% and an FX impact of more than 20%.

巴西現金銷貨成本成長了 38.2%，而以每百公升計算，成長了 34.8%，主要原因是：首先，匯率影響。鑑於我們的對沖政策，2016 年第一季巴西雷亞爾貶值現在完全影響了我們的銷貨成本。當時，巴西雷亞爾同比貶值近 40%，暫時提高了我們以美元計價的商品價格成本，這約占我們在巴西的銷貨成本的 50%。第二，通貨膨脹；第三，2016 年第一季的硬性可比基礎為，儘管通貨膨脹率約為 10%，匯率影響超過 20%，但每百公升的現金銷售成本僅增加了 2.3%。

In this context, we reiterate our guidance that we expect cash COGS per hectoliter to grow double digits in the first half and to be flattish to low single digit up in the second half of 2017. Having said that, the year-over-year growth of the cash COGS per hectoliter in the second quarter of 2017 will be significantly lower than in the first quarter, being a bridge for the second half of the year.

在此背景下，我們重申我們的指引，即我們預計 2017 年上半年每百升現金銷售成本將實現兩位數成長，下半年將持平至低個位數成長。話雖如此，2017年第二季每百升現金COGS年增幅將明顯低於第一季度，為下半年做好過渡。

Brazil cash SG&A was up 1.5%, below inflation, due to: one, a low single-digit growth of distribution and administrative expenses; and second, a decline in sales and marketing expenses, driven by efficiency gains in our nonworking money.

巴西現金SG&A 成長1.5%，低於通貨膨脹率，原因是：第一，分銷和管理費用的低個位數成長；其次，在我們的非流動資金效率提高的推動下，銷售和行銷費用下降。

Now moving to our international operations. In Central America and the Caribbean, we continue to experience a good momentum in the region. In the first quarter of 2017, EBITDA in CAC reached BRL 377 million, increasing organically by 7.8%, while in U.S. dollars, reported EBITDA grew close to 25%. Net revenues increased by 5.5% and, on a per hectoliter basis, by 3.4%. Organic volumes increased by 1.2% on a tough comparable of 10.4% growth in the first quarter of 2016. On a reported basis, volumes were up 27.3%, benefiting from the recent swap of assets carried out with ABI and our operations in Panama. In Dominican Republic, we continue to connect with our consumers through relevant platforms, such as Carnival Presidente and The World Baseball Classic, supporting the equity of our brands. In Guatemala, we improved our execution with strong summer activation of Corona and Busch.

現在轉向我們的國際業務。在中美洲和加勒比地區，我們繼續看到該地區的良好勢頭。2017 年第一季度，CAC 的 EBITDA 達到 3.77 億雷亞爾，有機成長 7.8%，而以美元計算的 EBITDA 成長接近 25%。淨收入成長 5.5%，每百升成長 3.4%。有機銷量成長 1.2%，而 2016 年第一季的成長率為 10.4%。據報道，得益於最近與 ABI 進行的資產互換以及我們在巴拿馬的業務，交易量增長了 27.3%。在多明尼加共和國，我們繼續透過嘉年華總統和世界棒球經典賽等相關平台與消費者建立聯繫，支持我們品牌的權益。在危地馬拉，我們透過科羅娜和布施的夏季強力活化提高了執行力。

Along with top line, our EBITDA performance also benefited from a solid financial discipline, leveraging on both cost and expense savings, expanding our EBITDA margins for another quarter. Going forward, we will keep pursuing top line growth and EBITDA margin expansion, and we remain enthusiastic with our operations in the region.

除了營收之外，我們的 EBITDA 業績還受益於堅實的財務紀律，利用成本和費用節省，將我們的 EBITDA 利潤率擴大到另一個季度。展望未來，我們將繼續追求營收成長和 EBITDA 利潤率擴張，並對我們在該地區的業務保持熱情。

Now moving to Latin America South. Our top line in the region was up 27.4% and EBITDA, 20.5% above that of last year, reaching BRL 1.2 billion. Net revenue per hectoliter increased by 23.3%, explained by revenue management strategy linked to inflation and premium mix. Volume grew 3.1% as the softness of the CSD and NANC industry in the region was more than offset by strong performance of beer in: number one, Argentina, where volumes reverted the recent trend and increased by high single digits, with great contribution from Brahma, Iguana and Corona; second, Bolivia, mainly driven by Huari; third, Paraguay, with an outperformance of Brahma, Bud Light and Ouro Fino; fourth, Chile, with strong performance of our global brands; and fifth, Uruguay, with a double-digit volume growth, driven by both mainstream and premium portfolios.

現在搬到拉丁美洲南部。我們在該地區的營收比去年成長了 27.4%，EBITDA 成長了 20.5%，達到 12 億雷亞爾。每百升淨收入成長了 23.3%，這歸因於與通貨膨脹和保費組合相關的收入管理策略。銷量成長了 3.1%，因為該地區 CSD 和 NANC 行業的疲軟被啤酒的強勁表現所抵消：排名第一的阿根廷，銷量恢復了近期趨勢並實現了高個位數增長，其中 Brahma 做出了巨大貢獻、鬣蜥和科羅納；其次是玻利維亞，主要由華日帶動；第三名是巴拉圭，表現優於Brahma、Bud Light和Ouro Fino；第四，智利，我們的全球品牌表現強勁；第五是烏拉圭，在主流和高端投資組合的推動下，銷量實現了兩位數成長。

Cash COGS in the region grew by 41.8% while, on an hectoliter basis, by 35%, mainly driven by high inflation and negative currency impact. Further, cash SG&A increased by 27.7%, adversely impacted by inflationary pressures mainly in Argentina, resulting in EBITDA margin compression of 250 basis points to 43.5%. Going forward, we're excited with the positive volumes trend and top line growth opportunity in the region, especially for beer, while we're still cautious with the macro environment in Argentina.

該地區的現金銷貨成本增加了 41.8%，而以百公升計算則增加了 35%，這主要是由於高通膨和負面貨幣影響。此外，現金SG&A成長27.7%，主要受到阿根廷通膨壓力的不利影響，導致EBITDA利潤率壓縮250個基點至43.5%。展望未來，我們對該地區積極的銷售趨勢和收入成長機會感到興奮，尤其是啤酒，但我們仍然對阿根廷的宏觀環境持謹慎態度。

Turning now to Canada. We delivered in the first quarter BRL 321 million of EBITDA, 17.5% higher than in the first quarter of 2016. Top line was up 2.3% as volume decline was more than offset by an increase of net revenue per hectoliter of 3.3%, driven by our revenue management initiatives.

現在轉向加拿大。我們第一季實現 EBITDA 3.21 億雷亞爾，比 2016 年第一季成長 17.5%。營收成長 2.3%，銷售下降被我們的營收管理措施推動的每百升淨收入成長 3.3% 所抵銷。

Volumes were down by 0.9%, mostly due to contraction of the Canadian beer industry impacted by Easter holiday savings, partially offset by performance ahead of trend of our lead brand, Budweiser, double-digit growth of Bud Light and continued strong support from the craft and near beer portfolio.

銷量下降0.9%，主要是由於復活節假期儲蓄影響加拿大啤酒行業收縮，但部分被我們的領先品牌百威啤酒領先趨勢的業績、百威淡啤的兩位數增長以及精釀啤酒的持續強勁支持所抵消和附近的啤酒組合。

Cash COGS decreased by 8.4% while, on a per hectoliter basis, by 7.6%, primarily driven by cost absorption with increased production and cost efficiencies with our import portfolio from ABI, while cash SG&A expenses increased by 2.5%. Going forward, we remain committed to balance volume and price and confident that we have the right portfolio to deliver profitable growth.

現金銷貨成本下降了8.4%，而以每百公升計算則下降了7.6%，這主要是由於我們從ABI 進口產品組合提高了產量和成本效率，從而吸收了成本，而現金銷售、一般管理費用則增加了2.5%。展望未來，我們仍然致力於平衡銷售和價格，並相信我們擁有合適的產品組合來實現獲利成長。

Back to consolidated figures. Other operating income totaled BRL 291 million in the quarter, mainly explained by government grants related to state VAT long-term tax incentives that were down year-over-year due to: one, the expiration of VAT Government Grants Agreements in the fourth quarter of 2016; and two, revenue geographic mix.

回到綜合數據。本季其他營業收入總計 2.91 億雷亞爾，主要是由於與國家增值稅長期稅收優惠相關的政府補助同比下降，原因是：一、增值稅政府補助協議於去年第四季度到期。2016 年；第二，收入地域組合。

Now moving below EBITDA. In the first quarter, our net financial results totaled BRL 873 million, 25.5% less than in the first quarter of 2016.

現在低於 EBITDA。第一季度，我們的淨財務業績總計 8.73 億雷亞爾，比 2016 年第一季下降 25.5%。

Going to more details. Main items in the financial expense (sic) [results] in the quarter were: first, interest income of BRL 109 million, driven by our cash balance, mainly in Brazilian reals, U.S. dollars and Canadian dollars. Second, interest expenses of BRL 402 million that include a noncash accrual of around BRL 140 million related to the put option associated with our investment in Dominican Republic. As part of the CND deal in 2012, a put option exercisable until 2019 was issued, which may result in an acquisition by Ambev S.A. of the remaining shares of CND for a value based on EBITDA multiple. Third, BRL 247 million of losses on derivatives instruments, mainly driven by the carry cost of our FX hedges, primarily linked to our COGS exposure in Brazil and Argentina given the interest rate differential between Brazilian reals and Argentine pesos and the U.S. dollars. We have financial costs associated to these hedges, which are called carry costs. Carry costs are going down, as expected, mainly due to the reversal of the Brazilian real and due to lower interest rates in Brazil. Fourth, losses on nonderivative instruments of BRL 78 million, mainly related to FX translation, 68% lower than that in the first quarter of 2016. Fifth, BRL 216 million of other financial expenses, mainly driven by interest on contingencies.

進一步了解更多細節。本季財務費用（原文如此）[結果]的主要項目為：首先，利息收入為 1.09 億雷亞爾，由我們的現金餘額推動，主要為巴西雷亞爾、美元和加元。其次，利息支出為 4.02 億雷亞爾，其中包括與我們在多明尼加共和國投資相關的看跌期權相關的約 1.4 億雷亞爾的非現金應計費用。作為 2012 年 CND 交易的一部分，發行了一份可在 2019 年之前行使的看跌期權，這可能導致 Ambev S.A. 以基於 EBITDA 倍數的價值收購 CND 的剩餘股份。第三，衍生性商品出現2.47 億雷亞爾的損失，主要是由於我們的外匯對沖的套利成本造成的，考慮到巴西雷亞爾、阿根廷比索和美元之間的利差，這主要與我們在巴西和阿根廷的銷貨成本敞口有關。我們有與這些對沖相關的財務成本，稱為持有成本。正如預期的那樣，持有成本正在下降，這主要是由於巴西雷亞爾的逆轉以及巴西利率的降低。第四，非衍生性工具損失7,800萬雷亞爾，主要與外匯折算有關，比2016年第一季下降68%。第五，其他財務費用2.16億雷亞爾，主要由或有事項利息驅動。

The effective tax rate in the quarter was 12.9% versus 10.4% last year. From a cash flow perspective, cash flow from operating activities before changes in working capital was BRL 4.6 billion. Cash generated from our operations was BRL 3.1 billion, which is 37.7% higher than that in the first quarter of 2016. And CapEx totaled BRL 559 million, which is 20.9% less than that in the first quarter of 2016.

本季的有效稅率為 12.9%，而去年為 10.4%。從現金流角度來看，營運資金變動前的營運活動現金流為46億雷亞爾。營運產生的現金為 31 億雷亞爾，比 2016 年第一季成長 37.7%。資本支出總計5.59億雷亞爾，比2016年第一季減少20.9%。

Finally, during the first quarter, we returned approximately BRL 1.1 billion to equity holders in dividends.

最後，在第一季度，我們向股東返還了約 11 億雷亞爾的股利。

Thank you very much. I will now move to Bernardo before going to Q&A.

非常感謝。在進行問答之前，我現在請貝爾納多發言。

Thank you, Ricardo. Hello, everyone. We started 2017 with a solid volume performance, boosted by beer in Brazil, where volumes grew 3.4%, while the total industry was down low single digits. In Brazil, we left 2016 before beer volumes going down 6.6%, performing slightly below the industry that declined low single digits. In the first quarter, we had a turnaround, outperforming the industry and recovering growth in a still very weak macro environment.

謝謝你，里卡多。大家好。2017 年伊始，在巴西啤酒的推動下，我們的銷量表現穩健，銷量成長了 3.4%，而整個產業卻出現了低個位數的下滑。在巴西，2016 年啤酒銷售量下降了 6.6%，表現略低於產業下降幅度較低的個位數。一季度，我們實現了扭虧為盈，跑贏產業，在宏觀環境依然十分疲軟的情況下恢復了成長。

As explained by Ricardo, our financial results in Brazil were still weak due to temporary headwinds that will attenuate throughout the year: first, the increase of our cash COGS, mainly driven by FX impacts, inflation and the hard comparable in the first quarter of 2016; and second, a tough comparable net revenue per hectoliter as the 2016 state taxes increases only became effective towards end of February. And thus, we still have a year-over-year comparison on an orange-to-apple basis.

正如Ricardo 所解釋的，我們在巴西的財務表現仍然疲軟，因為暫時的不利因素將在全年減弱：首先，我們的現金銷貨成本增加，主要受到外匯影響、通貨膨脹和2016 年第一季的硬可比因素的推動;其次，由於 2016 年各州增稅直到 2 月底才生效，因此每百升淨收入難以比較。因此，我們仍然對橙子和蘋果進行逐年比較。

When we announced our full year 2016 results, we've mentioned that 2016 was also a year we took as an opportunity to strengthen our foundations for the future and that we felt confident on our ability to resume growth. And our beer volumes in the first quarter of 2016 confirmed that. Beer volumes were up in all the segments we operate, such as core, core plus and premium.

當我們公佈2016年全年業績時，我們提到2016年也是我們夯實未來基礎的一年，我們對恢復成長的能力充滿信心。我們 2016 年第一季的啤酒銷售證實了這一點。我們經營的所有細分市場（例如核心、核心+和高端）的啤酒銷量均有所增加。

Finally, our consistent recovery, supported by the initiatives we've been implementing in our business through our commercial platforms. Starting with Elevate the Core. Elevate the Core is our top priority. Building strong brands is key to create enduring bonds with our consumers. Several initiatives were created in the past 18 months under the Elevate the Core platform, and that's, as mentioned in our last call, such as new visual brand identities, improvement on primary and secondary packaging, bolder 360 activations, among others. All of them have started to hit the market during this quarter, positively impacting our volumes performance.

最後，我們的持續復甦，得到了我們透過商業平台在業務中實施的舉措的支持。從提升核心開始。提升核心是我們的首要任務。建立強大的品牌是與消費者建立持久連結的關鍵。在過去18 個月裡，我們在「提升核心」平台下制定了多項舉措，正如我們在上次電話會議中提到的，例如新的視覺品牌標誌、初級和二級包裝的改進、更大膽的360 度激活等。所有這些產品都在本季開始推出市場，對我們的銷售表現產生了正面影響。

On top of that, we've been expanding the beer key selling moments. Skol, our easy drinking lager, bolstered its presence during Carnival, bringing excitement to more than 40 cities and engaging with more than 35 million people while delivering amazing experience in one of the most important events of the year. Skol also launched a new campaign, conveying a meaningful message relating to inclusion and diversity. Examples of the brand's concept are the launch of the limited edition of skin-colored cans to celebrate diversity and the Reposter campaign, when Skol has invited feminist artists to redesign old posters with the purpose of passing on women's power and strength.

最重要的是，我們一直在擴大啤酒的關鍵銷售時刻。我們的易飲啤酒Skol 在狂歡節期間增強了其影響力，為40 多個城市帶來了興奮，吸引了超過3500 萬人參與，同時在一年中最重要的活動之一中提供了令人驚嘆的體驗。Skol 也發起了一項新的活動，傳達了與包容性和多樣性相關的有意義的訊息。該品牌概念的例子包括推出限量版膚色罐以慶祝多樣性和Reposter活動，其中Skol邀請女性主義藝術家重新設計舊海報，目的是傳遞女性的力量和力量。

For Brahma, our classic lager, we've continued to communicate Brahma's campaign that highlights our passion for brewing. On top of that, we've just launched a new visual brand identity to enhance the brand's attributes of flavor and beer expertise. Its gold and red colors are still there, but it's a brand label in a totally new design inspired in its old visual brand identity, evoking all the tradition Brahma has based on more than 120 years of heritage.

對於我們的經典啤酒 Brahma，我們繼續宣傳 Brahma 的行銷活動，突顯我們對釀造的熱情。最重要的是，我們剛剛推出了新的視覺品牌標識，以增強品牌的風味和啤酒專業知識屬性。它的金色和紅色仍然存在，但它是一個全新設計的品牌標籤，其靈感源自其舊的視覺品牌標識，喚起了 Brahma 基於 120 多年傳統的所有傳統。

With the Skol and Brahma's package and VBI improvements, Skol with its rum label in the young spirit; and Brahma, with its crown label in heritage, combined with all the brands' initiatives and together with meaningful and distinct communication for each brand, we'll be able to differentiate our easy-to-drink lager and our classic lager even more.

隨著 Skol 和 Brahma 的包裝和 VBI 的改進，Skol 的蘭姆酒標籤充滿了年輕的精神；和擁有傳統皇冠標籤的 Brahma，結合所有品牌的舉措以及每個品牌有意義且獨特的溝通，我們將能夠使我們的易飲啤酒和經典啤酒更加與眾不同。

Still talking about Brahma's family. Brahma is -- continues to deliver amazing results in the core plus segment, growing triple digits year-over-year.

還在說梵天家族。Brahma 繼續在核心+細分市場中取得令人驚嘆的業績，年成長三位數。

Finally, on [Patcha]. It continues to engage with its core target consumers through its innovative media format, with a web series presented in YouTube and in cinemas, creating easy, stronger bonds with Rio de Janeiro in December as a background, conveying the underlying message that good things attract good things. And there is still more to come. We will continue to focus on the full rollout of our initiatives, and we are looking forward to deliver a strong execution in the 360 activation during other key selling moments, such as the traditional São João in the Northeast and the LGBT Parade in São Paulo.

最後，關於[Patcha]。它繼續透過創新的媒體形式與核心目標消費者互動，在 YouTube 和電影院播放網路系列節目，以 12 月的里約熱內盧為背景，與裡約熱內盧建立輕鬆、更牢固的聯繫，傳達「好事吸引好事」的基本訊息事物。還有更多的事情即將發生。我們將繼續專注於全面推出我們的舉措，並期待在其他關鍵銷售時刻（例如東北部的傳統聖若昂節和聖保羅的 LGBT 遊行）期間在 360 度激活中提供強有力的執行力。

Now talk about premium. We have a complete portfolio of premium brands, with domestic and global brands, such as Original, Serramalte, Budweiser, Stella Artois and Corona. Our premium portfolio delivered another quarter of solid performance, with volumes growing double digits, supported by a continuous improvement of execution and strong marketing campaigns. Budweiser continues to lead the segment, with volumes increasing more than 30% year-over-year. Stella Artois launched a global campaign, Buy a Lady a Drink, in partnership with Water.org, to help raise awareness of the global water crisis, inviting its core target consumers to leave a legacy and enhance the brand's attribute of quality.

現在談談溢價。我們擁有完整的優質品牌組合，包括 Original、Serramalte、Budweiser、Stella Artois 和 Corona 等國內和全球品牌。在不斷改進的執行力和強大的行銷活動的支持下，我們的優質產品組合又實現了一個季度的穩健業績，銷量增長了兩位數。百威啤酒繼續引領該細分市場，銷量較去年同期成長超過 30%。時代啤酒(Stella Artois) 與Water.org 合作發起了一項名為「Buy a Lady a Drink」的全球活動，旨在幫助提高人們對全球水危機的認識，邀請其核心目標消費者留下遺產並增強品牌的品質屬性。

Moving to near beer. Our strong activation during Carnival has been supported by Skol Beats with its 3 variants: Senses, Spirits and Secret. Going forward, there is still a big opportunity for near beer, capturing a bigger share of throat in nontraditional beer occasions.

移動到靠近啤酒的地方。我們在嘉年華期間的強力活化得到了 Skol Beats 的 3 種變體的支持：Senses、Spirits 和 Secret。展望未來，近啤酒仍有很大的機會，在非傳統啤酒場合佔據更大的份額。

Moving to occasions, and to start with the In Home. We are putting great efforts to improve execution in the off-trade channel through the expansion of programs designed to improve the assortment of products and category space, enhancing shoppers' experience. In addition, the 300-ml returnable glass bottles are still big focus in this year. They continue to grow year-over-year, ahead of the industry, driving affordability to consumers amid the depressed macro environment. This is an important initiative for the short and for the long term.

轉向場合，從家裡開始。我們正在努力透過擴大旨在改善產品種類和品類空間的計畫來提高場外管道的執行力，從而增強購物者的體驗。此外，300毫升可回收玻璃瓶仍然是今年的一大焦點。它們繼續逐年增長，領先於行業，在低迷的宏觀環境下提高了消費者的承受能力。無論從短期或長期來看，這都是一項重要舉措。

Moving to Out of Home. In the out-of-home occasion, improving execution and service level across this country is definitely one of our top priorities. Further, among other initiatives, we are investing in meaningful trade programs to support the point of sales in such a tough macro environment. The 1-liter returnable glass bottles are also playing an important role in this channel, growing volumes year-over-year and driving affordability in the out-of-home occasion.

搬到外面。在外出場合，提升全國的執行力和服務水準絕對是我們的首要任務之一。此外，除其他舉措外，我們正在投資有意義的貿易計劃，以在如此嚴峻的宏觀環境下支持銷售點。1公升可回收玻璃瓶也在這一通路中發揮重要作用，其銷量逐年增長，並提高了戶外場合的可負擔性。

In summary, we are confident that the initiatives taken under our commercial platforms has played a key role for the recovery of our volumes. On top of that, it's important to highlight that we've continued to improve the efficiency of our sales and marketing investments, with a more developed process, stronger consumer insights and more robust testing models. On the other hand, it's important to keep in mind that the macro environment remains very challenging, with an all-time-high unemployment rate and depressed disposable income that's leading to a continued decline of the beer industry. In this context, we remain cautiously optimistic for the year as we continue to leverage our commercial platforms. We will also keep pursuing efficiencies in our investments, as we made in the first quarter. And despite the short-term negative impact of our COGS, as part of our culture, we will push ourselves further to improve our cost performance and deliver superior results. We remain excited with the opportunities we see going forward to resume top line and EBITDA growth.

總之，我們相信，在我們的商業平台下採取的措施對於我們銷售的恢復發揮了關鍵作用。最重要的是，需要強調的是，我們透過更完善的流程、更深入的消費者洞察和更強大的測試模型，不斷提高銷售和行銷投資的效率。另一方面，重要的是要記住，宏觀環境仍然非常具有挑戰性，歷史最高的失業率和可支配收入的低迷導致啤酒產業持續下滑。在這種背景下，我們對今年保持謹慎樂觀，並繼續利用我們的商業平台。我們也將繼續追求投資效率，正如我們在第一季所做的那樣。儘管我們的銷貨成本產生了短期負面影響，但作為我們文化的一部分，我們將進一步推動自己提高成本效益並提供卓越的成果。我們對未來恢復營收和 EBITDA 成長的機會仍然感到興奮。

We can now move to Q&A. Thank you very much.

我們現在可以進入問答環節。非常感謝。

(Operator Instructions) Today's first question comes from Isabella Simonato of Bank of America Merrill Lynch.

（操作員指令）今天的第一個問題來自美銀美林的Isabella Simonato。

I have 2 questions related to beer in Brazil. First of that, on SG&A. Despite all the investments you made on Carnival, you managed to deliver flat SG&A. And so you mentioned, you captured some efficiencies on nonworking money. If you could outline to us specifically which were those. And also, how sustainable are those efficiencies going forward? And my second question is regarding volumes. My -- in my calculations here, you were able to get a market share that is close to the top of the range historically. I understand that Carnival probably represents a big part on that, but if you could give more details on what else helped to drive this performance. Any change in terms of consumers or competitive dynamics now this quarter?

我有兩個有關巴西啤酒的問題。首先是SG&A。儘管您對嘉年華進行了所有投資，但您還是成功實現了 SG&A 持平。所以你提到，你在非流動資金方面取得了一些效率。如果您能具體向我們概述一下是哪些。而且，這些效率未來的可持續性如何？我的第二個問題是關於數量。我的——在我的計算中，你能夠獲得接近歷史範圍頂部的市場份額。我知道嘉年華可能在這方面發揮了重要作用，但如果您能提供更多詳細信息，說明還有哪些因素有助於推動這一表現。本季消費者或競爭動態有何變化？

Thanks, Isabella. Very good question. I think that the first question is regarding the SG&A and the marketing and sales investments. As I said in my speech, we have continued to improve the efficiency in the sales and marketing investments. And first, it's much better when you go again even more in the insights that we have, not only in the way that we build the brands and -- but really finding the meaningful message. So with that, we can concentrate investments in the meaningful message behind the brands. And in the trade as well, so all the shopping sites that we have, have been helping us to be more efficient in the investments. Second point is data process, really, bringing excellence even more to the next level, not only for the sales organization but for the marketing organization, testing more everything that we do. And we'll have a much more, I mean, robust testing model. And we are making choices as well. I think that just taking the right insights, you can not only be more efficient but bring the money, put the money behind the things that really matters to grow. I think the second question is linked to the share. I think that, as we always said, Brazilian market share, it's tough, but we are pleased with our volumes. Our volumes are up 3.4%, and as you saw, I mean, the industry, I mean, low single digit below last year. So I think that we are pleased with the kind of performance in the market that we have in the first quarter since we significantly outperformed the industry.

謝謝，伊莎貝拉。非常好的問題。我認為第一個問題是關於SG&A 以及行銷和銷售投資。正如我在演講中所說，我們不斷提高銷售和行銷投資的效率。首先，當你再次了解更多我們所擁有的見解時，情況會好得多，不僅是我們建立品牌的方式，而且是真正找到有意義的資訊。這樣，我們就可以將投資集中在品牌背後有意義的訊息上。在貿易方面也是如此，我們擁有的所有購物網站都在幫助我們提高投資效率。第二點是資料處理，實際上，不僅對銷售組織而且對行銷組織來說，將卓越性提升到一個新的水平，更多地測試我們所做的一切。我的意思是，我們將擁有一個更強大的測試模型。我們也在做選擇。我認為，只要採取正確的見解，你不僅可以提高效率，還可以帶來資金，將資金投入真正需要發展的事情。我認為第二個問題與分享有關。我認為，正如我們常說的，巴西市佔率很難，但我們對我們的銷售感到滿意。我們的銷量成長了 3.4%，正如你所看到的，我的意思是，這個行業，我的意思是，比去年低個位數。因此，我認為我們對第一季的市場表現感到滿意，因為我們的表現明顯優於產業。

And our next question comes from Mariana Hernandes of Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的瑪麗安娜·埃爾南德斯。

My question is also regarding Brazil SG&A. I was wondering if maybe you could be more specific. I mean, there was a relocation of a portion of the expenses between beer and soft drinks SG&A. What was this about exactly? And I mean, what did you mean by efficient gains with nonworking money for the beer SG&A in particular? And still on SG&A but now looking longer term, how do you see design evolving going forward? I mean, given the strategy of boosting top line growth and EBITDA growth but also considering you are going to start reaching points of sale that you were not yet present or you were not operating as long as you think you are, and I think it's also sad to say, also considering that in the new outlook, now there is a different or a bigger competitor in the market. So how do you see design evolving going forward?

我的問題還涉及巴西的 SG&A。我想知道你是否可以更具體一些。我的意思是，啤酒和軟性飲料 SG&A 之間的部分費用進行了重新分配。這究竟是關於什麼的？我的意思是，您所說的透過非工作資金實現有效收益（特別是啤酒銷售、一般管理費用）的有效收益是什麼意思？仍然是 SG&A，但現在從長遠來看，您如何看待未來設計的發展？我的意思是，考慮到促進營收成長和 EBITDA 成長的策略，同時考慮到您將開始到達您尚未出現的銷售點，或者您沒有像您認為的那樣長時間運營，我認為這也是遺憾的是，同時考慮到在新的前景下，現在市場上出現了不同的或更大的競爭對手。那麼您如何看待設計的未來發展呢？

This is Ricardo. Thanks for your question. I mean, first of all, in terms of SG&A, we just want to highlight that it's not like a program or anything. It's part of our strategy, long-term strategy for us to find nonworking money and take this out of the system and then invest the necessary resources into the marketplace for us to be able to win in the marketplace. As a result of that, it's nothing different from what we have been doing always. If you go back a couple of years, you'll see that we stepped up some of our -- some investments over the course of the last years. And -- but in a way, I think the company has been able to outperform, if you will, inflation in the SG&A line over the course of its existence. So that's pretty much, I think, the strategy. We don't give guidance for SG&A for the longer term. And as Bernardo said, the Brazilian market is very competitive. We don't like to comment specifically about any of our competitors. It has been very competitive for a long time already, and as a matter of fact, like, I think, even Brito said in their call today, we like a good competition.

這是里卡多。謝謝你的提問。我的意思是，首先，就SG&A 而言，我們只是想強調它不像一個程式或任何東西。這是我們策略的一部分，我們的長期策略是尋找非流動資金並將其從系統中剔除，然後將必要的資源投入市場中，以便我們能夠在市場上獲勝。因此，這與我們一直以來所做的沒有什麼不同。如果你回顧幾年，你會發現我們在過去幾年加強了一些投資。但在某種程度上，我認為，如果你願意的話，我認為該公司在其存在的過程中一直能夠跑贏SG&A線的通貨膨脹。我認為這就是策略。我們不會提供長期的 SG&A 指導。正如貝爾納多所說，巴西市場競爭非常激烈。我們不想具體評論我們的任何競爭對手。很長一段時間以來，競爭已經非常激烈，事實上，我認為，就連布里託在今天的電話會議中也表示，我們喜歡良好的競爭。

And our next question comes from Luca Cipiccia of Goldman Sachs.

我們的下一個問題來自高盛的盧卡·西皮西亞。

I wanted to ask 2 things. One, maybe a clarification on some comments that were made in the earlier call from ABI. Just when we look at the margin contraction, the gross margin contraction in the quarter in Brazil would seem to drive revenue breakthroughs or cost breakthroughs and some of the things that you highlighted. But I think there was a comment that suggested that 75% or so of the margin contraction was FX related as compared to mix. And I just wanted to clarify maybe or if you could expand a little bit or help us separate a bit better what is packaging mix, what is, in fact, more of a sort of temporary FX headwind that we discussed in the past. But I think there was that reference in the ABI call, if I'm correct, and I just -- I was hoping that you could clarify that. That's my first question, then I have a more general follow-up.

我想問兩件事。第一，也許是對 ABI 之前電話會議中提出的一些評論進行澄清。就在我們審視利潤率收縮時，巴西本季的毛利率收縮似乎推動了收入突破或成本突破以及您強調的一些事情。但我認為有評論表明，與混合相比，大約 75% 的利潤收縮與外匯相關。我只是想澄清一下，或者您是否可以擴展一點或幫助我們更好地區分什麼是包裝組合，事實上，更多的是我們過去討論過的一種暫時的外匯逆風。但我認為 ABI 電話會議中提到了這一點，如果我是正確的話，我只是 - 我希望你能澄清這一點。這是我的第一個問題，然後我有一個更一般的後續問題。

Luca, this is Ricardo. Thank you for your question. And in a nutshell, I think, essentially, what we have impacting margins is the -- are the temporary headwinds. This is like the #1 reason and represents like, I guess, that 75% of the impact or even more. And these -- as also was discussed in the ABI call, these are headwinds that are expected to dissipate over the course of this year. That was even the word that Brito used. How can we say that? Because of course, we have a hedging policy in which the transactional FX, we know sometime in advance. And we discussed that even when we announced the third quarter of last year results and again in the fourth quarter, that we've made a decision to took, like, a short-term hit into our P&L in order to build, if you will, a better future for the overall Brazilian industry. And so in summary, I mean, giving as much clarity as we could give, the -- essentially what you see the #1 impacting factor in the margin contraction, and the 75% is correct as well, is the FX impact.

盧卡，這是里卡多。謝謝你的問題。簡而言之，我認為，從本質上講，我們影響利潤率的是暫時的逆風。這就像第一個原因，我猜它代表了 75% 甚至更多的影響。正如 ABI 電話會議中所討論的那樣，這些不利因素預計將在今年消散。布里托甚至也用過這個詞。我們怎麼說呢？當然，因為我們有一項對沖政策，其中交易性外匯我們提前知道。我們討論過，即使我們宣布了去年第三季度的業績，並再次宣布了第四季度的業績，我們仍然決定對我們的損益表進行短期打擊，以便建立，如果你願意的話，為整個巴西工業帶來更美好的未來。總而言之，我的意思是，盡可能明確地說明，您所看到的利潤率收縮的第一大影響因素，即 75% 也是正確的，就是外匯影響。

And maybe -- that's clear. Just as a follow-up to that, without necessarily putting a time line, but if I look at your gross margin for Brazil beer on a, say, 10 or 12 years average, I think it's been around 70% or so. Last year, it was around 64%. So that's about a 500, 600 basis point gap between the type of profitability we've seen in 2016, even lower, in fact, in this quarter. And my question would be, as we seem to be moving to a more normalized environment in Brazil, lower inflation, consumer, arguably, possibly picking up later on, is there an element of doubting that you can go back to that level of normalized profitability, again, on a gross margin basis, around 70% that we've seen historically you were able to achieve? Or some of the structural mix evolution that we are seeing, should you exercise more caution? Again, not necessarily putting a time frame, but more under a normalized Brazilian market from a consumer standpoint and FX backdrop as well.

也許——這很清楚。作為後續行動，不一定要設定時間表，但如果我看看巴西啤酒的毛利率，比如說 10 或 12 年的平均水平，我認為大約在 70% 左右。去年，這一比例約為 64%。因此，我們在 2016 年看到的獲利類型之間存在約 500 至 600 個基點的差距，事實上，本季的差距甚至更低。我的問題是，隨著我們似乎正在巴西轉向更加正常化的環境，通貨膨脹率較低，消費者可能會在以後回升，是否存在懷疑是否可以回到正常化盈利水平的因素再次，從毛利率來看，我們歷史上看到的70% 左右，你們能夠實現嗎？或者我們看到的一些結構組合演變，您是否應該更加謹慎？同樣，不一定要設定時間框架，而是從消費者的角度和外匯背景來看，更多的是在巴西市場正常化的情況下進行。

Luca, thanks for the question. I think bear in mind, I mean, we don't give a guidance of margins. But I think it's fair to say that we see opportunities to really enhance the margins. In the last 5, 10 years, we're able to keep consistent increase in margins and in the long run, I mean, we've done that, and despite of the short-term issues, like we have last year, so -- and still with this quarter. That's temporary and will be dissipated towards end of the year.

盧卡，謝謝你的提問。我認為請記住，我的意思是，我們不提供利潤率指導。但我認為可以公平地說，我們看到了真正提高利潤率的機會。在過去的 5 年、10 年中，我們能夠保持利潤率的持續增長，從長遠來看，我的意思是，我們已經做到了這一點，儘管存在短期問題，就像我們去年一樣，所以 - -仍然是這個季度。這是暫時的，將在年底前消失。

And our next question comes from Lauren Torres of UBS.

我們的下一個問題來自瑞銀集團的勞倫·托雷斯。

Bernardo, I was hoping you could expand a little bit more on your commercial platform of accelerating premium. And I think it's been quite impressive in light of a softer consumer, that we've seen this double-digit growth in the premium category. So just looking for your broader perspective on the potential of the premium category in Brazil, I think it does underindexed versus the world average of premium brands. So how quickly do you think this could develop? What -- not just the volume but, I guess, the profit or the margin potential of these premium brands to your mix? I think we ask a lot about pricing but forget about mix. So can you talk about that mix impact to your numbers and how quickly we could see more of that being impactful to your numbers going forward?

貝納多，我希望您能在加速溢價的商業平台上進一步擴展。我認為，考慮到消費者的疲軟，我們在高端類別中看到了兩位數的成長，這是相當令人印象深刻的。因此，只要您對巴西高端類別的潛力有更廣泛的看法，我認為與高端品牌的世界平均值相比，它的指數確實較低。那麼您認為這種情況會發展得多快？什麼——不僅僅是銷量，我猜還有這些優質品牌在您的組合中的利潤或利潤潛力？我認為我們問了很多關於定價的問題，但我們忘記了組合。那麼，您能否談談這種混合對您的數字的影響，以及我們多久才能看到更多的影響對您未來的數字產生影響？

Thanks, Lauren. I think that, I mean, as I said, the premium brands are growing in a solid way, and we are very confident that this segment will continue to grow ahead of the industry for the next years. So I mean, one important information. There is strong preference for premium brands in Brazil, close to 30%. So in the segment, it's underpenetrated, including in regions of the country. On top of that, we have a complete portfolio of brands that today represent 10% of our beer brand. It could be even more. We have global brands. We have domestic premium brands. We have the craft beers that we acquire. And more important than that, we have a deep knowledge of the consumer insights and need states to assure that each brand will play in the right space. So that's why I think that there is no other else in the market positioned as good as we are to benefit from this opportunity. And taking one example, Budweiser, for instance, was up 30% year-over-year. It is the leading brand in the segment. And every quarter, we see that -- I mean, this brand growing and growing in a very healthy way because all the brand attributes are up as well. And all the go-to-market and sales execution initiatives that are put in place to support specific execution that is needed for the premium segment had been evolving a lot. So with that, in a market that we need to build brands with the right content, the right brands, but in the trade as well, I think that we are really in the right path to really get all these -- the opportunities that the premium segment growth will have in Brazil for the future. I mean, we are doing this and continue to do even more.

謝謝，勞倫。我認為，正如我所說，高端品牌正在穩步成長，我們非常有信心該細分市場在未來幾年將繼續領先於該行業。所以我的意思是，一個重要的訊息。巴西消費者對高端品牌有強烈偏好，接近 30%。因此，在這一領域，它的滲透率還不夠，包括在該國的一些地區。最重要的是，我們擁有完整的品牌組合，目前這些品牌占我們啤酒品牌的 10%。還可能更多。我們擁有全球品牌。我們擁有國內優質品牌。我們有我們收購的精釀啤酒。更重要的是，我們對消費者洞察和需求狀態有深入的了解，以確保每個品牌都能在正確的領域發揮作用。因此，我認為市場上沒有其他公司能夠像我們一樣從這個機會中受益。舉個例子，百威啤酒的銷量年增了 30%。它是該細分市場的領導品牌。每個季度，我們都會看到——我的意思是，這個品牌正在以非常健康的方式成長，因為所有的品牌屬性也在上升。為了支援高端市場所需的特定執行而採取的所有上市和銷售執行計劃都在不斷發展。因此，在一個我們需要建立具有正確內容、正確品牌的品牌的市場中，但在貿易中也是如此，我認為我們確實走在正確的道路上，能夠真正獲得所有這些機會——未來巴西的高端市場將出現成長。我的意思是，我們正在這樣做，並將繼續做更多的事情。

And I guess just as a quick follow-up. I know you don't directly comment on competition, but Heineken's obviously doing the same initiatives with their premium brand. So just to add on to that, if there's any differentiating factor that you could talk about with respect to your portfolio and how you feel that, relative to the competition, you're doing something a bit different or to capture more attention longer term.

我想這只是一個快速的後續行動。我知道您不會直接評論競爭，但喜力顯然正在對其高端品牌採取相同的舉措。因此，補充一點，如果有任何關於您的投資組合的差異化因素，以及您認為，相對於競爭對手，您正在做一些不同的事情，或者是為了長期吸引更多關注，您可以談論這些差異化因素。

I mean, we always say, we don't talk about companies, and I think that we like to compete in the market. It's good for the industry, and it's good for us as well because any open gaps in the Carnival. But I think that one of the biggest strengths that we have is the portfolio, the complete portfolio of brands that we have. So we have, in the global -- we have not only Budweiser but Stella, Corona as well. If we go to domestic premium, Original, Serramalte, (inaudible). And if you go to the crafts, we have important brands as well, like Wäls, one example, that's important. It's important really to fulfill the need state that we can see in the marketplace. So the portfolio, that is really, really strong. And again, together with that, strong execution that we are evolving big time to support the execution of those brands in the right places of the industry.

我的意思是，我們總是說，我們不談論公司，而且我認為我們喜歡在市場上競爭。這對整個行業有好處，對我們也有好處，因為嘉年華中存在任何空白。但我認為我們擁有的最大優勢之一是產品組合，我們擁有的完整品牌組合。因此，在全球範圍內，我們不僅有百威啤酒，還有 Stella、Corona。如果我們去國內優質，Original，Serramalte，（聽不清楚）。如果你看手工藝品，我們也有重要的品牌，像是 Wäls，這很重要。滿足我們在市場上看到的需求狀態確實很重要。所以這個投資組合真的非常非常強大。除此之外，我們正在大力發展強大的執行力，以支持這些品牌在業界正確位置的執行力。

And our next question comes from Pedro Leduc of JPMorgan.

我們的下一個問題來自摩根大通的佩德羅·勒杜克。

Two quick ones. First, on the Brazil beer volumes, it's up 3.4%. If you have an estimate of what it looked like, excluding the more advantageous kind of bailiwicks, so just as far as to go out to show what the underlying trends may be for the next one. And still then on Brazil beer, average price is down 2% year-over-year. I understand you write here -- it's a tough day, so a tax effect. But also, I'm looking to perhaps the mix between channel and as well as packaging. And first of all, I understand that you did not discount prices down 2% year-over-year, just to make sure. And if you have noticed any sort of improvement in the consumer health, maybe looking for off-trading, maybe a little more on-trade activities versus -- haven't seen any of that. Or is it still to come, in your view?

兩個快的。首先，巴西啤酒銷量成長了 3.4%。如果您對它的情況有一個估計，排除更有利的管轄區類型，那麼只要出去展示下一個管轄區的潛在趨勢可能是什麼。而巴西啤酒的平均價格仍較去年同期下降 2%。我理解你在這裡寫的——這是艱難的一天，所以有稅收影響。而且，我或許也在尋找通路和包裝之間的混合。首先，就我所知，你們並沒有將價格年減 2%，只是為了確定一下。如果您注意到消費者健康狀況有任何改善，也許會尋找場外交易，也許會進行更多的場內交易活動，而不是——還沒有看到任何這樣的情況。或者在您看來，它還會到來嗎？

This is Ricardo. Let me start by commenting on the net revenue per hectoliter. So net revenue per hectoliter, one way of looking at it is also to look sequentially because we have information on the third and fourth quarter of last year. So when you look sequentially, usually, from the fourth quarter to the first quarter, there is a reduction on net revenue per hectoliter. Why? Because there's the catch-up in terms of taxes, as we have discussed many times. But -- and as a result of that, the important period to look and compare is the first quarter to the third quarter, which is like immediately before price increases, for you to have a sense on the evolution of net revenue per hectoliter on a more linear basis. So from the third quarter of 2016 to the first quarter 2017, after pricing and state tax is updated, net revenue per hectoliter was skewed up, increasing by 7.8%. So in any case, we should keep in mind that the longer the period, the better or more precise is the visibility of net revenue per hectoliter. So for instance, if you go back 5 years, net revenue per hectoliter has increased in line with inflation despite of some short-term volatility. And again, what we said even in the release, that the minus 2.2% is related to -- appeared also that (inaudible) throughout those dates because also, we have the tax increase towards the end of February of last year.

這是里卡多。首先讓我先評論一下每百升的淨收入。因此，每百升的淨收入，查看它的一種方法也是按順序查看，因為我們有去年第三和第四季度的資訊。因此，當你按順序查看時，通常從第四季度到第一季度，每百升的淨收入會減少。為什麼？因為正如我們多次討論的那樣，稅收方面存在追趕。但是 - 因此，觀察和比較的重要時期是第一季度到第三季度，就像價格上漲之前一樣，讓您了解每百升淨收入的演變更線性的基礎。因此，從2016年第三季到2017年第一季度，在定價和州稅更新後，每百公升淨收入出現偏差，成長了7.8%。因此，無論如何，我們應該記住，時間越長，每百升淨收入的可見度就越好或更精確。例如，如果回溯 5 年，儘管存在一些短期波動，每百升淨收入仍隨著通貨膨脹而成長。再說一次，我們在新聞稿中所說的負 2.2% 與——在這些日期中也出現了（聽不清），因為我們在去年 2 月底增加了稅收。

And Pedro, I mean, we don't comment about Brahma in Carnival and so on. But just for you to understand what we have been doing, in terms of to understanding the occasions, no? We are -- it's always important to be present and to gain share and activate the demand in occasions that maybe beer is not so relevant. But it's also an -- even more important to boost the occasions that beer is relevant. So the Carnival volume is not a given. The Carnival volume, if you understand really how to operate, how to do a 360 occasion-based activations, the right brands with the right matches, working with the street vendors, activating Carnival even 30 days before Carnival, it can really build demand. And if you build demand for our brands, you will be able to gain share and activate the industry. Think that as demand activation mindset, understanding the occasions. And connecting with the brands in a brand-led company, it's very powerful because it can lead the industry, make this industry better. And leading that, we will gain share as well. I think that is what I can comment. That's why the key selling moments are so important for our industry. And for us, I mean, as the leader of this industry, we'll do it even more to elevate beer and to drive volumes to our company.

佩德羅，我的意思是，我們不會評論嘉年華等中的梵天。但只是為了讓您了解我們一直在做什麼，了解場合，不是嗎？我們——在啤酒可能不太相關的場合，參與、獲得份額並激活需求總是很重要的。但更重要的是，它可以促進啤酒相關的場合。所以嘉年華的數量並不是給定的。嘉年華量，如果你真正了解如何操作，如何進行360個基於場合的激活，正確的品牌與正確的匹配，與街頭小販合作，甚至在嘉年華前30天激活嘉年華，它確實可以建立需求。如果您建立對我們品牌的需求，您將能夠獲得份額並激活行業。認為這是需求啟動心態，了解場合。而與一個品牌主導的公司裡的品牌連結起來，它是非常強大的，因為它可以引領產業，讓這個產業變得更好。並以此為引領，我們也將獲得份額。我想這就是我可以評論的。這就是為什麼關鍵銷售時刻對我們這個行業如此重要。對我們來說，我的意思是，作為這個行業的領導者，我們將採取更多措施來提升啤酒水平並增加我們公司的銷售量。

And just the last piece, if you have noticed any sort of improvement in the same consumer health, any off-trading, any more on-trade activity. And any signs of that? Or is it yet to come, in your view?

最後一點，如果您注意到相同的消費者健康狀況有任何改善，任何場外交易，任何更多的場內活動。有什麼跡象嗎？或者您認為它還沒有到來？

Pedro, just to highlight from that, so as you -- as we mentioned in the speech, when you look at the overall industry, the beer industry in Brazil still had a decline despite of a Carnival that was later in the year in comparison to the previous year. So we have no doubt that the macroeconomic environment in Brazil, it's still very tough, with high unemployment and disposable income still at the very low levels. But what we are confident is, with that, we can see, let's say, improvement in size. So we're very confident with Brazil, the country resuming growth going forward.

佩德羅，只是想強調一下，正如您在演講中提到的那樣，當您縱觀整個行業時，儘管今年晚些時候舉行了狂歡節，但巴西的啤酒行業仍然出現了下滑。前一年。因此，我們毫不懷疑巴西的宏觀經濟環境仍然非常艱難，失業率很高，可支配收入仍處於很低的水平。但我們有信心的是，我們可以看到，比如說，尺寸的改進。因此，我們對巴西這個國家未來恢復成長充滿信心。

And our next question today comes from Thiago Duarte of BTG.

今天我們的下一個問題來自 BTG 的蒂亞戈·杜阿爾特 (Thiago Duarte)。

A couple of questions here. First, I wanted to follow up on the discussion about gross margin and your COGS in Brazil. If you look at the 29% growth year-over-year of COGS per hectoliter, ABI mentioned in their release that there is a 40% impact from the currency hedge, and that represents roughly 50% or half of your COGS. So that leaves us about a 20% impact coming from the rest of your COGS that not FX related. So I just wanted to get a little bit more granularity there in the sense that you mentioned that you have a pretty hard comps in terms of COGS from last year's first quarter, and that's probably true. So I just wanted to understand what you think in terms of what your normalized costs should look like. Should we think more in terms of the first quarter of this year or the first quarter of last year? And why would be the difference? And the second question is related to market share. You mentioned a few times that you made a pretty good progress in terms of outperforming the industry and gaining market share this year. So -- I mean, in the first quarter. So I just wanted to understand a little bit more if you could give a little bit more in terms of granularity for -- in terms of [Canada] in particular, if you made a better progress in the on-trade versus the off-trade for some reason or vice versa or even in terms of segments in the mainstream or the premium, that would be interesting.

這裡有幾個問題。首先，我想跟進有關巴西毛利率和銷貨成本的討論。如果你看看每百公升 COGS 年成長 29%，ABI 在其新聞稿中提到，貨幣對沖產生了 40% 的影響，這大約相當於你的 COGS 的 50% 或一半。因此，大約 20% 的影響來自與外匯無關的其餘 COGS。因此，我只是想獲得更詳細的信息，因為您提到從去年第一季的銷貨成本來看，您的比較非常困難，這可能是真的。所以我只是想了解您對標準化成本的看法。我們應該多考慮今年第一季還是去年第一季？為什麼會有差異？第二個問題與市場佔有率有關。您多次提到，今年您在跑贏行業、贏得市場份額方面取得了相當不錯的進步。所以——我的意思是，在第一季。所以我只是想了解更多一點，如果你能在粒度方面提供更多一點——特別是在[加拿大]方面，如果你在交易內與場外交易方面取得了更好的進展出於某種原因，反之亦然，甚至就主流或高端細分市場而言，這會很有趣。

Thiago, this is Ricardo. Just starting with the COGS, and we mentioned even the hard comparison of the first quarter. It's very important for you to bear in mind that within the quarter -- it's easy for you to have volatility even into the hedging and the comparison, et cetera. So again, the longer the periods, the easier it is for you to see. We're going to stick to the guidance, so we expected double-digits increase in terms of the COGS per hectoliter for the first semester of the year and, of course, say, flattish to low single-digit evolution in the second semester of 2017. What we added in this rebuild was that the second quarter of 2017 is expected to be a bridge in which the year-on-year variation is expected in this company to be lower than that of the first quarter, so the first quarter being, if you will, like a little bit of a concentration in terms of this variation and then migrating towards the second semester. This as far as we went, and again, we just used the comparison of the first quarter of 2016 for you to see that, despite of being very systematic in the way we hedge, so even on a year-to-year basis, I think the hedging of 2016, if I'm not mistaken, was at $0.09 lower than the average of the spot rate of 2016. And the hedging of 2017, if I'm not mistaken, was exactly $0.09 ahead of the average of the spot rate for the FX in 2016. So again, irrespective of the variations, we decided to give you even more color on the COGS exactly for people to be able to make the screenshot on how the year is going to look like on the COGS side.

蒂亞戈，這是里卡多。剛從銷貨成本開始，我們甚至提到了第一季的艱難比較。對您來說，記住這一點非常重要：在本季度內，即使是對沖和比較等，您也很容易出現波動。所以，週期越長，你就越容易看到。我們將堅持這一指導方針，因此我們預計今年第一學期每百升的銷貨成本將出現兩位數增長，當然，例如，第二學期將持平至低個位數增長。2017 年。我們在這次重建中添加的是，預計 2017 年第二季度將是一個橋樑，預計該公司的同比變化將低於第一季度，因此第一季度，如果你會喜歡稍微集中一點這種變化，然後遷移到第二學期。就我們而言，再說一遍，我們只是使用 2016 年第一季的比較來讓您看到，儘管我們對沖的方式非常系統，所以即使在逐年的基礎上，我如果我沒記錯的話，2016 年的對沖價格比2016 年即期匯率的平均值低0.09 美元。如果我沒記錯的話，2017 年的對沖價格比 2016 年外匯即期匯率平均值高出 0.09 美元。因此，無論變化如何，我們決定在 COGS 上提供更多顏色，以便人們能夠製作螢幕截圖，了解這一年的 COGS 方面的情況。

And Thiago, thanks for the question. Relating to the market share, I mean, as I said before, for the industry there, it was probably low single digit. Our volume is 3.4% above last year, very, very pleased with that. And what I can say, I mean, to get a volume like that, we've woven -- and in our (inaudible), we've had a good results in the in-home occasion but in the out-of-home occasion as well. That is a proxy for the channels, but I think that's what I can say to you. So we're seeing that we're in the right path in both occasions in terms of market share and in terms of volume performance.

蒂亞戈，謝謝你的提問。關於市場份額，我的意思是，正如我之前所說，對於那裡的行業來說，它可能是低個位數。我們的銷售量比去年增長了 3.4%，對此非常非常滿意。我能說的，我的意思是，為了獲得這樣的一卷，我們已經編織了——並且在我們的（聽不清）中，我們在家庭場合但在戶外場合都取得了很好的成績場合也是如此。這是頻道的代理，但我想這就是我可以對你說的話。因此，我們看到，無論是在市場份額還是銷量表現方面，我們都走在正確的道路上。

Just a follow-up on this. You also mentioned a good brand preference development throughout the quarter, given your commercial initiatives and activations and so on and so forth. Can you give us a sense of if that happened across the board in terms of a brand portfolio, if there was a good recovery for the mainstream brands or how that stacks up versus the brand preference that you had a few years ago? Just for us to get a sense whether you're truly -- in terms of -- especially in terms of the mainstream brands, that would be interesting.

只是對此的後續行動。鑑於您的商業計劃和活動等等，您還提到了整個季度良好的品牌偏好發展。您能否讓我們了解一下，品牌組合方面是否全面發生了這種情況，主流品牌是否有良好的復甦，或者與您幾年前的品牌偏好相比，情況如何？只是為了讓我們了解您是否真的 - 特別是在主流品牌方面，這會很有趣。

Thiago, what -- I mean, again, what I can say, pleased because of the volumes and pleased because we understand why this volume happened. I mean, the initiatives that are put in place in the marketplace. And one of that is all of the things that we had been doing in terms of Elevate the Core, the things that you don't plan and implement overnight. I mean, we have been working hard over the last years to -- I mean, some of the things that I said in terms of new ABI packaging is a better understanding of the key selling moments, meaningful message behind those brands. Brahma is growing faster, our core. We have been working a lot in the last, I mean, 1.5 years, 2 years, to really go to the next level, those brands. And happy to see that what drove -- I mean, our preference in the first quarter were the core brands. So I'm not commenting one brand or another for competitive reasons. But I think that the core, premium continue to grow, it was good, we knew that. It will continue to grow in the future. But I'd say that happy to see that the core brands had a very good quarter, and we have very good plans for the future in our Elevate the Core platform.

蒂亞戈，我的意思是，再說一遍，我能說的話，因為這本書而感到高興，因為我們理解這本書的出版原因而感到高興。我的意思是，市場上採取的措施。其中之一就是我們在提升核心方面所做的所有事情，這些事情不是一夜之間計劃和實施的。我的意思是，過去幾年我們一直在努力——我的意思是，我在新 ABI 包裝方面所說的一些內容是更好地理解關鍵銷售時刻以及這些品牌背後的有意義的信息。Brahma 成長得更快，我們的核心。過去，我的意思是，1.5 年、2 年裡，我們做了很多工作，以真正將這些品牌提升到一個新的水平。很高興看到推動因素 - 我的意思是，我們在第一季的偏好是核心品牌。因此，我不會因為競爭原因而評論某個品牌或另一個品牌。但我認為核心溢價繼續增長，這很好，我們知道這一點。未來也將持續成長。但我想說，很高興看到核心品牌有一個非常好的季度，並且我們在提升核心平台上對未來有非常好的計劃。

And our next question comes from Antonio Barreto of Itaú.

我們的下一個問題來自伊塔烏的安東尼奧·巴雷托。

My question -- my first question was about Argentina. You mentioned a high single-digit growth in the country. Was wondering if you can give us a little bit more color if, at least, you can compare actually how the market performed. And also, you commented on the FX hedging impact. So I was wondering if we can expect that the FX hedges would have about the same shape of impact that you're having in Brazil and maybe it will dial down over the next quarters.

我的問題——我的第一個問題是關於阿根廷的。您提到該國的高個位數成長。我想知道您是否可以給我們更多的信息，至少您可以比較市場的實際表現。此外，您還評論了外匯對沖影響。因此，我想知道我們是否可以預期外匯對沖會產生與巴西相同的影響，並且可能會在接下來的幾個季度內減弱。

This is Ricardo. So Argentina, I think we are seeing important improvement in Argentina when you look in terms of the volume trends and when you look at overall market dynamic, if you will. Again -- but the overall environment in the country continues to be challenging, with negative disposable income growth. Structural reform is undergoing in the country, and we believe that presents a great potential for the future. But like we've said, that before, they're putting pressure in the short term. One way that we put it like in the past is that the harder it is in the short term in Argentina, the more excited we get about the future. Why? Because there will be structural reforms, which present a challenge for the short term they are being implemented. And as a result, we are more excited about the future. We have been in the country for a long time. Our brands have been in the house of the consumers, I don't know, for a very long time. And we are -- again, the same way that we are with Brazil, we're excited with Argentina. We believe we have a strong brand and strong team. We continue to use our full toolkit to implement our revenue management initiatives to operate in a high inflationary environment in the country. And so the bottom line is that our team knows how to work in this environment, and we remain truly committed to our business in Argentina. And the good news is that, once things improve, we believe we will be even better positioned to capture it. In regards to the COGS, the specific impact of the FX in the COGS in Argentina, we didn't disclose any of that for remarks. So we didn't disclose that. But what you could expect also is similar -- again, we are very systematic in the way we do hedges. So similar pattern that we described for Brazil is what you should expect for Argentina as well.

這是里卡多。因此，阿根廷，我認為當你觀察成交量趨勢以及整體市場動態（如果你願意的話）時，我們會看到阿根廷的重大改善。再次強調，但該國的整體環境仍充滿挑戰，可支配收入負成長。該國正在進行結構性改革，我們相信未來潛力巨大。但正如我們之前所說，他們在短期內施加了壓力。我們過去的一種說法是，阿根廷短期內越困難，我們對未來就越興奮。為什麼？因為將會有結構性改革，這對正在實施的短期來說是一個挑戰。因此，我們對未來更加興奮。我們在國內已經待了很久了。我不知道，我們的品牌已經進入消費者的家很久了。再次，就像我們對巴西隊一樣，我們對阿根廷隊感到興奮。我們相信我們擁有強大的品牌和強大的團隊。我們繼續使用我們的完整工具包來實施我們的收入管理計劃，以便在該國的高通膨環境中運作。因此，最重要的是，我們的團隊知道如何在這種環境下工作，並且我們仍然真正致力於我們在阿根廷的業務。好消息是，一旦情況有所改善，我們相信我們將能夠更好地抓住這一機會。關於銷貨成本，即外匯對阿根廷銷貨成本的具體影響，我們沒有透露任何內容以供評論。所以我們沒有透露這一點。但你可以期待的是類似的——同樣，我們進行對沖的方式非常系統化。因此，我們為巴西所描述的類似模式也應該適用於阿根廷。

I don't know if you can comment -- it would be helpful if you could at least comment on how was your volume performance, the high single-digit performance that you reported, how was it compared to the market in Argentina?

我不知道你是否可以發表評論——如果你至少能評論一下你的銷售表現如何，你報告的高個位數表現，與阿根廷市場相比如何，那將會很有幫助？

I mean, we don't disclose the market share information on a quarterly basis. If you look, the difference between Brazil and Argentina, why we're able to comment on that is, number one, one of our competitors' disclosure how the market performed and provided even the source in the first quarter. And on top of that, again, I think we were giving some guidance if we go in some direction in terms of how we perform, but we don't do that in Argentina. Traditionally, we don't do that.

我的意思是，我們不會按季度披露市場份額資訊。如果你看一下，巴西和阿根廷之間的差異，為什麼我們能夠對此發表評論，第一，我們的競爭對手披露了市場表現，甚至提供了第一季的來源。最重要的是，我認為如果我們在表現方面朝著某個方向前進，我們會提供一些指導，但我們在阿根廷不會這樣做。傳統上，我們不這樣做。

Okay. And if I could ask just one last question about the working capital. I just saw the working capital cycle going a bit down in this quarter, especially in the long-term accounts payable. If you could go over a little bit to explain us or give a little bit more color on what happened there, it would be helpful.

好的。我能否問最後一個關於營運資金的問題。我剛剛看到本季的營運資金週期略有下降，尤其是長期應付帳款。如果您能稍微解釋一下我們，或者對那裡發生的事情提供更多的信息，那將會很有幫助。

Look I mean, when you look at the overall cash flow generated from our operations, which was BRL 3.1 billion, it was almost like 40% higher than that in the first quarter of 2016. I think to be precise, it was 37.7%. CapEx was also down. I mean, we can -- if you look at the overall working capital cycle, specifically on the payables, when you come from the last quarter of the year, which have, like, a higher stock of payables in comparison to the first quarter, you tend to see payables going down a little bit as an evolution as you see over the course of the year, for example.

我的意思是，如果你看看我們營運產生的整體現金流，即 31 億雷亞爾，幾乎比 2016 年第一季高出 40%。我認為準確地說是37.7%。資本支出也下降了。我的意思是，我們可以——如果你看看整個營運資金週期，特別是應付帳款，當你來自今年最後一個季度時，與第一季相比，應付帳款存量更高，例如，您往往會看到應付帳款略有下降，這是您在一年中看到的一種演變。

And our next question comes from Rob Ottenstein of Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

Two questions off a little bit different path than we've been on. In Brazil, The Coca-Cola Company now has been talking about the need to restructure its price pack architecture in the light of the kind of new realities for the consumer and disposable income. Wanted to get a sense of where you thought you were on the soft drink side. So that's -- and whether you feel that you need to make those same sorts of moves or are you -- or ahead of the curve? That's the question number one. And then question number 2, I was wondering if you could give a little bit more insight into what's going on in Canada. Volumes were down, but very strong revenue per hectoliter, up 3.3%. So just trying to understand a little bit the -- what's going on there and then also what's going on, on the COGS, which was down substantially.

兩個問題的路徑與我們先前的路徑略有不同。在巴西，可口可樂公司現在一直在討論根據消費者和可支配收入的新現實重組其價格包架構的必要性。想了解一下您對軟性飲料的看法。那麼，您是否覺得自己需要採取相同的行動，或者您是否處於領先地位？這是第一個問題。然後是第二個問題，我想知道您是否可以更深入地了解加拿大正在發生的事情。銷量下降，但每百升收入非常強勁，成長了 3.3%。因此，我只是想了解那裡發生的事情，以及銷貨成本大幅下降的情況。

Thanks for the question. I think that I'll just get the question of the soft drinks. We've been doing a very good job in terms of the revenue management with soft drinks and really trying to understand per region, per channel because we know that the -- I mean, the huge crisis that we had is 2-faced: affects disposable income, and this affects the soft drink business even more. If I could compare to the year, both struggled there, but the CSD business even more. Having said that, I think that we have a good plan in terms of revenue management, understanding the disposable income per region, per channel, understanding the capacity that we have in each area and, I mean, doing this kind of match capacity, elasticity models that we have per pack per region, per channel to maximize the capacity that we have to drive affordability in a moment like that with good margin. So that's what I could say. But I mean, we are working on this, I mean, not now, I mean, since we knew 2 years ago, 3 years ago that the crisis in Brazil would be tough and with the [affects soft drink] business even more than the other kind of business.

謝謝你的提問。我想我只想回答軟性飲料的問題。我們在軟性飲料的收入管理方面做得非常好，並真正努力了解每個地區、每個管道，因為我們知道——我的意思是，我們遇到的巨大危機有兩個方面：影響可支配收入，這對軟性飲料業務的影響更大。如果我可以與當年相比，兩家公司都陷入困境，但 CSD 業務的情況更糟。話雖如此，我認為我們在收入管理方面有一個很好的計劃，了解每個地區、每個管道的可支配收入，了解我們在每個領域擁有的能力，我的意思是，進行這種匹配能力、彈性我們在每個地區、每個通路的每包都有不同的型號，以最大限度地提高容量，在這樣的時刻，我們必須以良好的利潤來推動可負擔性。這就是我能說的。但我的意思是，我們正在努力解決這個問題，我的意思是，不是現在，我的意思是，因為我們在兩年前、三年前就知道巴西的危機將是嚴峻的，而且[對軟性飲料]業務的影響甚至比對軟性飲料業務的影響還要大。其他類型的業務。

So it sounds like you're ahead of them in terms of rightsizing, so to speak, the price pack architecture?

聽起來您在調整規模（可以說是價格包架構）方面領先他們？

We will not comment about, I mean, the -- about what they are doing or the competitors are doing. I'm just saying that these are tough issue in our agenda, had been a tough issue in our agenda. And we are evolving the way that we think that's good for Ambev and for people that like our brands.

我的意思是，我們不會評論他們正在做的事情或競爭對手正在做的事情。我只是說這些是我們議程中的棘手問題，一直是我們議程中的棘手問題。我們正在不斷發展我們認為這對 Ambev 和喜歡我們品牌的人有利的方式。

And Robert, the next question about Canada. We had very strong performance in Canada this quarter. And just to highlight, it's a little bit of the same but inverted situation that we have had in Brazil, with the volatility on the COGS side. Here, in terms of the input costs, it's being translated into more Brazilian reals, and as a result, that's negatively impacting our business in Brazil. In Canada, just for example, we also have an important brand there, Corona, that we import from Mexico and buy from ABI as imports produced in Mexico. And so also, we had some FX among them, some of the Corona impacting the P&L, specifically the COGS line, on a positive scenario given the recently weakness of the Mexican peso.

羅伯特，下一個問題是關於加拿大的。本季我們在加拿大的表現非常強勁。需要強調的是，這與我們在巴西遇到的情況有點相同但相反，即銷貨成本方面的波動。在這裡，就投入成本而言，它被轉化為更多的巴西雷亞爾，因此，這對我們在巴西的業務產生了負面影響。以加拿大為例，我們在那裡也有一個重要的品牌，Corona，我們從墨西哥進口，並從 ABI 購買，作為墨西哥生產的進口產品。因此，考慮到墨西哥比索最近的疲軟，我們其中也有一些外匯，其中一些新冠疫情影響了損益表，特別是銷貨成本線，這是一個積極的情況。

Today's final question will come from Alex Robart (sic) [Alex Robarts] of Citi.

今天的最後一個問題將由花旗銀行的 Alex Robart（原文如此）[Alex Robarts] 提出。

I wanted to go back to the Brazil COGS. And appreciate the guidance and the new information around 2Q. The reality is that there's still 4, 5 percentage points of delta in the second half when we think about how COGS per -- how the growth of COGS per hectoliter decelerates. And at the gross level, that can be meaningful when we think about earnings. So kind of in the spirit of that, I had 2 related questions on Brazil COGS. The -- I understood from your prepared remarks that dollar COGS as a percent of total COGS in Brazil have -- are now around 50%. And I guess I recall the messaging last year that, that was -- that number was around 40%. And I guess I wonder, is it fair to assume that there's been a step up in just the dollar piece of your Brazilian COGS? And the second related question is, you've made the case publicly that the dollar hedge cost pressure will dissipate as we kind of look out to the rest of the year. But I'm wondering about the dollar commodity cost curve, which you also hedged. And is it fair to assume that, perhaps, it goes the other way? And the reason why I asked that is, when we look at the aluminum price, the futures with the wheat, which is how we get kind of a proxy for malt, as well as PET -- I mean, it seems like those 3 inputs seem to be -- or have been trending up. So I'm wondering if that sounds about right. And would it be fair to think that the commodity hedge that you guys have this year might be above the one last year?

我想回到巴西 COGS。並感謝第二季度左右的指導和新資訊。現實情況是，當我們考慮每百升銷售成本的成長如何減速時，下半年仍有 4、5 個百分點的增量。從總體水平來看，當我們考慮收​​入時，這可能是有意義的。本著這種精神，我有兩個關於巴西銷貨成本的相關問題。我從您準備好的發言中了解到，美元銷貨成本佔巴西總銷貨成本的百分比現在約為 50%。我想我記得去年的消息是——這個數字約為 40%。我想我想知道，假設巴西銷貨成本中的美元部分上漲是否公平？第二個相關問題是，您已經公開證明，隨著我們展望今年剩餘時間，美元對沖成本壓力將會消散。但我想知道您也對沖的美元商品成本曲線。假設情況可能相反，是否公平？我問這個問題的原因是，當我們觀察鋁價、小麥期貨時，我們就是透過這種方式獲得麥芽以及 PET 的代理——我的意思是，這似乎是這 3 個輸入似乎是——或者一直呈上升趨勢。所以我想知道這聽起來是否正確。認為你們今年的大宗商品對沖可能高於去年是否公平？

Alex, thanks for your question. So let me start with the -- first, the comment that we made was absolutely correct, which is the 40% of our total COGS moving up to 50%, as of course, as FX moves. And that's 40% increase. It's more than the other 60% on a proportional basis. This increases the overall percentage of the pie. And as result, that was what happened. If you look at our COGS, total COGS with an FX before, what we've seen, like, let's say, at a level of 2.5 or something, it was closer to 40%. At the current level of 3-something, it's closer to 50%. Just to explain the evolution right now, I think you -- it's a little easier for people to do their, let's say, mental calculations with a 50% COGS, our COGS being FX related. Regarding that COGS impact over the course of 2017, again, like we said, we expect it to dissipate second semester, just to reiterate. We believe that the COGS factor is expected to be flattish to low single digits in the semester, the second semester of this year. And we provided more information about the second quarter, saying that some -- there's a very high-level orders evolution that we have seen this quarter. We expect the second quarter to be a little bit of a bridge to that. With regards to the other commodities, specifically the ones that you mentioned, aluminum is the most important one out of the 3 that you mentioned. So I'm going to use aluminum as an example. Aluminum has increased in price recently, and that's true. But at the same time, aluminum is still very inexpensive when you look in view in terms -- on a longer-term view, if you will. So aluminum has been -- has traded, let's say, 10 years ago, if you will, at like $3,300 per metric ton. And currently, it's at much, let's say, lower levels. So in spite of the recent volatility that we have had in aluminum, our hedging policy protects us to be able to react operationally. I just want to make the point and highlight that the size of magnitude and the size of exposure of the Brazilian real FX, which is 50% of the COGS, is much, much larger than any of the other commodities that we have individually, if you will, in spite of some of those commodities having a higher volatility than the FX. So it is still -- again, Brazilian FX impacts the Brazilian COGS much more than any of the commodities that you gave.

亞歷克斯，謝謝你的問題。首先，我們的評論絕對是正確的，即我們總銷貨成本的 40% 會上升到 50%，當然，隨著外匯的變動。增加了 40%。按比例計算，這一比例高於其他 60%。這增加了餅圖的總體百分比。結果，事情就這樣發生了。如果你看看我們的 COGS，也就是之前使用外匯的總 COGS，我們所看到的，比如說，在 2.5 左右的水平上，它接近 40%。按照目前 3 左右的水平，它接近 50%。只是為了解釋現在的演變，我認為人們更容易用 50% 的銷貨成本進行心理計算，我們的銷貨成本與外匯相關。關於 2017 年銷貨成本的影響，正如我們所說，我們預計它會在第二學期消失，只是重申。我們認為，今年第二學期的銷貨成本係數預計將持平至低個位數。我們提供了有關第二季度的更多信息，表示本季度我們看到了非常高水平的訂單演變。我們預計第二季將成為實現這一目標的橋樑。至於其他商品，特別是您提到的商品，鋁是您提到的三種商品中最重要的一種。所以我將以鋁為例。最近鋁價上漲，這是事實。但同時，如果你願意的話，從長遠來看，鋁仍然非常便宜。所以，如果你願意的話，可以說，10 年前，鋁的交易價格約為每噸 3,300 美元。目前，可以說，它的水平較低。因此，儘管最近鋁價出現波動，但我們的對沖政策可以保護我們能夠在營運上做出反應。我只是想指出並強調，巴西雷亞爾外匯（佔銷貨成本的 50%）的規模和敞口規模遠遠大於我們單獨擁有的任何其他商品，如果儘管其中一些商品的波動性比外匯更高，但您會的。因此，巴西外匯對巴西銷貨成本的影響仍然比您提供的任何商品都要大得多。

And this concludes our question-and-answer session. I'd like to turn the conference back over to Mr. Bernardo Paiva for any closing remarks.

我們的問答環節到此結束。我想將會議轉回貝爾納多·派瓦先生致閉幕詞。

Thanks, Rocco. So everyone, before we finish our call, I'd like to highlight once again that the headwinds that had impacted our results in this quarter will dissipate throughout the year. On top of that, we are very pleased with our beer business performance in the first quarter, which has strongly supported by our commercial platforms. However, you cannot deny that the economic activity in Brazil is still not, I mean, yes, in the shape that we want and the macro is still very tough out there. Having said that, we remain cautiously optimistic for the year, and we will continue to put great efforts on our plans, commercial platforms to strengthen the pillars for the future and for the short term. And we are very confident that we are in the right path to resume top line and EBITDA growth.

謝謝，羅科。因此，在我們結束電話會議之前，我想再次強調，影響我們本季業績的不利因素將在全年消失。最重要的是，我們對第一季的啤酒業務表現感到非常滿意，這得到了我們商業平台的大力支持。然而，你不能否認巴西的經濟活動仍然沒有達到我們想要的狀態，而且宏觀經濟仍然非常艱難。話雖如此，我們對今年仍然保持謹慎樂觀，我們將繼續在我們的計劃和商業平台上付出巨大努力，以加強未來和短期的支柱。我們非常有信心，我們正走在恢復營收和 EBITDA 成長的正確道路上。

Thank you. Enjoy the rest of your day.

謝謝。享受你一天剩下的時間。

And thank you, sir. This concludes today's conference. You may all disconnect your lines, and have a wonderful day.

謝謝您，先生。今天的會議到此結束。你們都可以斷開線路，度過美好的一天。