Bunge Global SA (BG) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Bunge Global SA second quarter 2024 earnings release conference call. (Operator Instructions) Please also note today's event is being recorded.

大家早安，歡迎參加 Bunge Global SA 2024 年第二季財報發布電話會議。（操作員說明）也請注意今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Ruth Ann Wisener. Ma'am, please go ahead.

現在，我想請露絲安懷森納發言。女士，請繼續。

Thank you, operator, and thank you for joining us this morning for our second quarter earnings call. Before we get started, I'm going to let you know that we have slides to accompany our discussion. This can be found at the Investor Center on our website at bunge.com, under Events and Presentations. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well.

謝謝您，運營商，也感謝您今天早上參加我們的第二季財報電話會議。在我們開始之前，我要讓您知道我們有幻燈片來配合我們的討論。您可以在我們網站 bunge.com 投資者中心的「活動和演示」下找到該資訊。非 GAAP 指標與最直接可比較的 GAAP 財務指標的調整表也發佈在我們的網站上。

I'd like to direct you to slide 2 and remind you that today's presentation includes forward-looking statements that reflect Bunge's current views with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors. On the call this morning are Greg Heckman, Bunge's Chief Executive Officer; and John Neppl, Chief Financial Officer.

我想引導您觀看投影片 2，並提醒您今天的簡報包含前瞻性陳述，這些陳述反映了邦吉目前對未來事件、財務表現和行業狀況的看法。這些前瞻性陳述受到各種風險和不確定性的影響。Bunge 在向 SEC 提交的報告中提供了有關可能導致實際結果與本簡報中包含的結果存在重大差異的因素的更多信息，我們鼓勵您查看這些因素。今天早上接聽電話的是邦吉執行長格雷格‧赫克曼 (Greg Heckman)。和財務長約翰·內普爾。

I will now turn the call over to Greg.

我現在將把電話轉給格雷格。

Thank you, Ruth Ann, and good morning, everyone. I want to start by thanking the team for their dedication and focus, to continue to effectively deliver on our commercial and operational priorities, making excellent progress on integration planning. I'm so impressed by this team's passion and drive. Excited by the opportunities to grow our existing business. And look forward to the future combination with Viterra. Two teams are working very well together in the planning process and are identifying in many ways, will be a more complete company post close.

謝謝你，露絲安，大家早安。首先，我要感謝團隊的奉獻和專注，他們繼續有效地實現我們的商業和營運優先事項，在整合規劃方面取得了巨大進展。這個團隊的熱情和動力給我留下了深刻的印象。對發展現有業務的機會感到興奮。並期待未來與Viterra的結合。兩個團隊在規劃過程中合作得很好，並在許多方面確定，關閉後將是一個更完整的公司。

The regulatory approval process is continuing to progress. We have the bulk of the approvals required we are continuing to constructively engage with relevant authorities in the remaining jurisdictions. Based on ongoing discussions, see no issues that would be material to the economics of the deal. And we expect to receive the remaining approvals and close the transaction in the next several months.

監管審批程序正在繼續取得進展。我們已獲得所需的大部分批准，我們正在繼續與其餘司法管轄區的相關當局進行建設性的接觸。根據正在進行的討論，沒有發現對交易的經濟效益有重大影響的問題。我們預計將在未來幾個月內獲得剩餘的批准並完成交易。

Turning to our results, delivered solid adjusted EBIT reflecting improved margin environment in some regions during the second half of the quarter, partially offset by more muted conditions in others. More balanced market requires a different approach. We're very proud of the team for their ability to adapt, deliver. The rest of 2024, here, the dynamics we have discussed are still in place.

就我們的業績而言，調整後的息稅前利潤表現穩健，反映出本季下半年某些地區利潤環境的改善，但部分被其他地區更為疲軟的狀況所抵銷。更平衡的市場需要不同的方法。我們為團隊的適應能力和交付能力感到非常自豪。2024 年剩下的時間裡，我們討論過的動態仍然存在。

Demand is good, customers at both ends of the supply chain [aims] largely in the spot market, limits visibility later in the year. We're controlling what we can amid the evolving supply demand environment in markets around the world while tapping into the tremendous work we've done over the past several years to strengthen our business. And so what we see in the markets and the forward curves today, I'll expect full year adjusted EPS of approximately $9.25.

需求良好，供應鏈兩端的客戶[目標]主要集中在現貨市場，限制了今年稍後的能見度。我們正在控制世界各地市場不斷變化的供需環境，同時利用我們過去幾年所做的大量工作來加強我們的業務。因此，從我們今天在市場和遠期曲線中看到的情況來看，我預計全年調整後每股收益約為 9.25 美元。

I will now hand the call over to John to walk through our financial results and outlook in more detail, and then we'll close with some additional thoughts. John?

我現在將把電話轉交給約翰，讓他更詳細地介紹我們的財務表現和前景，然後我們將提出一些額外的想法。約翰？

Thanks, Greg, and good morning, everyone. Let's turn to the earnings highlights on slide 5. Reported second quarter earnings per share was $0.48 compared to $4.9 in the second quarter of 2023. Reported results included an unfavorable mark-to-market timing difference of $0.82 per share and a negative impact of $0.43 per share related to transaction and integration costs associated with our announced business combination by Viterra.

謝謝格雷格，大家早安。讓我們看一下投影片 5 上的收益亮點。報告的第二季每股收益為 0.48 美元，而 2023 年第二季為 4.9 美元。報告的業績包括每股 0.82 美元的不利市價時間差異，以及與 Viterra 宣布的業務合併相關的交易和整合成本相關的每股 0.43 美元的負面影響。

Adjusted EPS was $1.73 in the quarter versus $3.72 in the prior year. Adjusted core segment earnings before interest and taxes or EBIT was $519 million in the quarter versus $893 million last year. Agribusiness processing results of $265 million in the quarter were down from last year as higher results in Europe soy softseed crush more than offset by lower results in North and South America and Asia.

本季調整後每股收益為 1.73 美元，去年同期為 3.72 美元。本季調整後的核心部門息稅前利潤或 EBIT 為 5.19 億美元，而去年為 8.93 億美元。本季農業綜合企業加工業績為 2.65 億美元，較去年有所下降，原因是歐洲大豆軟籽壓榨業務的較高業績被北美、南美和亞洲較低的業績所抵消。

Merchandising lower results were primarily driven by global grains; our volumes were more than offset by lower margins. Find a Specialty Oils, performed well, but down from strong prior year. Higher results in Asia, we're more than offset by lower results in North and South America and Europe. Milling higher results were primarily driven by South America, reflecting higher volumes and margins.

商品銷售業績下降主要是由全球穀物造成的；我們的銷售量被較低的利潤所抵銷。尋找一種特種油，表現良好，但較上一年下降。亞洲的較高業績被北美、南美和歐洲較低的業績所抵銷。製粉績效的成長主要是由南美洲推動的，反映了產量和利潤率的提高。

Adults in the US were in line with the prior year. Corporate and other improved from last year. Decrease in corporate expenses is largely due to lower performance compensation, higher results in other were primarily related to our captive insurance program. In our non-core sugar and bioenergy joint venture were result due to lower Brazil ethanol prices, which more than offset higher sugar price.

美國成年人的情況與去年持平。企業及其他方面較去年有所改善。公司費用的減少主要是由於績效薪酬的降低，其他業績的提高主要與我們的自保保險計劃有關。我們的非核心糖和生質能源合資企業的業績是由於巴西乙醇價格較低，這足以抵銷糖價的上漲。

Results were also negatively impacted by approximately $15 million in foreign exchange translation losses, US dollar denominated debt. Results in the prior year included a $39 million benefit reversal of a tax valuation allowance. First six months of the year reported income tax expense was $147 million compared to $381 million in the prior year. The decrease is primarily due to lower pretax income. An interest expense of $86 million in the quarter was in line with last year.

業績也受到約 1,500 萬美元外匯折算損失（美元計價債務）的負面影響。上一年的業績包括 3,900 萬美元的稅收估價津貼福利逆轉。今年前六個月報告的所得稅費用為 1.47 億美元，而前一年為 3.81 億美元。減少的主要原因是稅前收入減少。本季利息支出為 8,600 萬美元，與去年持平。

Please turn to slide 6, where you can see adjusted EPS and EBIT trend over the past four years, along with the trailing 12 months. Strong performance over the period reflects a combination of favorable market environment and excellent execution by our team. Where recent trend reflects more balanced and less volatile markets, translating into lower earnings.

請前往投影片 6，您可以在其中看到過去四年以及過去 12 個月的調整後每股盈餘和息稅前利潤趨勢。在此期間的強勁表現反映了有利的市場環境和我們團隊的出色執行力。最近的趨勢反映了市場更加平衡和波動性較小，從而導致收益下降。

Slide 7 details our capital allocation. First half of the year generated $895 million of adjusted funds from operations. After allocating $191 million to sustaining CapEx, which includes maintenance, environmental, health and safety. We had $704 million of discretionary cash flow available. This amount, we paid $191 million in dividends, invested $342 million in growth and productivity related CapEx.

投影片 7 詳細介紹了我們的資本配置。今年上半年，營運調整後資金達 8.95 億美元。分配 1.91 億美元用於維持資本支出，其中包括維護、環境、健康和安全。我們有 7.04 億美元的可用現金流。這筆金額中，我們支付了 1.91 億美元的股息，投資了 3.42 億美元用於成長和生產力相關的資本支出。

An half of which relates to our large multi-year greenfield investments. Repurchase $400 million of buying shares. This resulted in a use of $229 million previously retained cash flow. You know the progress on our greenfield projects, we could end the year toward the higher end of our CapEx range of $1.2 billion to $1.4 billion or perhaps slightly above. However, this would reduce our 2025 expectations.

其中一半與我們的大型多年綠地投資有關。回購 4 億美元的購買股票。這導致使用了先前保留的 2.29 億美元現金流。你知道我們綠地計畫的進展，我們可能會在今年年底達到資本支出範圍的上限，即 12 億美元至 14 億美元，或者可能略高一些。然而，這將降低我們對 2025 年的預期。

Moving to slide 8, quarter end readily marketable inventories or RMI exceeded our net debt by approximately $3 billion. Our adjusted leverage ratio, which reflects our adjusted net debt to adjusted EBITDA 2.5 times at the end of the quarter.

轉向幻燈片 8，季度末易於銷售的庫存或 RMI 超過我們的淨債務約 30 億美元。我們調整後的槓桿率反映了我們調整後淨負債與季末調整後 EBITDA 的 2.5 倍。

Slide 9 highlights our liquidity position. Quarter end we have committed credit facilities approximately $8.7 billion, which includes $3 billion that will become available to draw upon the close of the Viterra transaction. With the $5.7 billion available to us currently all was unused at the end of the quarter, providing a sample liquidity to manage on our ongoing capital needs. These amounts are in addition to the $8 billion of term loan commitments we have secured to fund the Viterra transaction.

投影片 9 強調了我們的流動性狀況。季度末，我們承諾提供約 87 億美元的信貸額度，其中包括 Viterra 交易結束後可動用的 30 億美元。目前我們可用的 57 億美元在本季末全部未使用，為管理我們持續的資本需求提供了樣本流動性。這些金額不包括我們為 Viterra 交易提供資金的 80 億美元定期貸款承諾。

Turn to slide 10. (technical difficulty) 12 months, adjusted ROIC was 15.2%, well above our RMI adjusted weighted average cost of capital of 7.7%, ROIC 4.2%, well above our weighted average cost of capital 7%. Moving to slide 11. Trailing 12 months, we produced discretionary cash flow of approximately $1.5 billion, the cash flow yield of 13.7%, compared to our cost of equity at 8.2%.

翻到投影片10。資本成本7%。轉到投影片 11。過去 12 個月，我們產生了約 15 億美元的可自由支配現金流，現金流收益率為 13.7%，而股本成本為 8.2%。

Please turn to Slide 12 and our 2024 outlook. As Greg mentioned in his remarks, taking into account first half results, the current margin environment for occurs, we now expect full year 2024 adjusted EPS of approximately $9.25. So to this forecast excludes any pending transactions that are expected to close during the year.

請參閱幻燈片 12 和我們的 2024 年展望。正如格雷格在演講中提到的，考慮到上半年的業績，當前的利潤率環境，我們現在預計 2024 年全年調整後每股收益約為 9.25 美元。因此，這項預測不包括預計年內完成的任何未決交易。

In Agribusiness, full year results are forecasted to be in line with our previous outlook. Lighting higher results in processing largely offset by lower results in merchandising. [Both] are expected to be down compared to last year. The Refined and Specialty Oils full year results are expected to be up from our previous outlook due to a better than expected second quarter, down compared to last year's record performance.

在農業綜合企業方面，預計全年業績將與我們先前的預期一致。加工中較高的照明效果在很大程度上被銷售中較低的效果所抵消。與去年相比，[兩者]預計都會下降。由於第二季優於預期，精煉油和特種油全年業績預計將高於我們先前的預期，但與去年創紀錄的業績相比有所下降。

Milling full results are expected to be similar to our previous outlook and up from last year. In corporate and other full year results are expected to be similar to our previous outlook. Non-core full-year results in our Sugar and Bioenergy joint venture are expected to be down slightly from our previous outlook to down significantly from last year.

預計銑削整體業績將與我們先前的預期相似，並且高於去年。預計公司和其他全年業績將與我們先前的預期相似。我們的糖業和生物能源合資企業的非核心全年業績預計將比我們先前的預期略有下降，也將比去年大幅下降。

Additionally, the company expects the following for 2024. Adjusted annual effective tax rate of 22% to 25% and interest expense in the range of $280 million to $310 million. CAPITAL expenditure in the range of $1.2 billion to $1.4 billion as I mentioned earlier, and depreciation and amortization of approximately $450 million.

此外，該公司預計 2024 年將出現以下情況。調整後的年度有效稅率為 22% 至 25%，利息支出為 2.8 億美元至 3.1 億美元。正如我之前提到的，資本支出在 12 億至 14 億美元之間，折舊和攤提約為 4.5 億美元。

With that, I'll turn things back over to Greg, for some closing comments.

至此，我將把事情轉回給格雷格，讓他發表一些結束語。

Thanks, John. So before go to Q&A, I want to offer a few closing thoughts. As we look ahead, the fundamental drivers of our business remain strong. Long-term demand for our food feed and fuel products and services continues to increase. With our global platform, we're very well-positioned to find solutions that meet the needs of our customers at both ends of the value chain regardless of the market environment.

謝謝，約翰。因此，在進行問答之前，我想提供一些結束語。展望未來，我們業務的基本驅動力仍然強勁。對我們的食品飼料和燃料產品及服務的長期需求持續成長。憑藉我們的全球平台，無論市場環境如何，我們都能夠找到滿足價值鏈兩端客戶需求的解決方案。

Our strategic combination with Viterra will help us accelerate our diversification, the assets, geographies and crops, providing us with even more capabilities and optionality to address the world's most pressing food security needs.

我們與 Viterra 的策略合併將幫助我們加速資產、地理和作物的多元化，為我們提供更多的能力和選擇來滿足世界上最迫切的糧食安全需求。

As I mentioned earlier, both teams have been hard at work planning our integration, and we look forward to unlocking this additional organizational capacity post close. We're also progressing on a range of other strategic initiatives that will strengthen our company for the future, including the sale of our interest in the Sugar and Bioenergy joint venture in Brazil to our partner BP.I'm pleased with the great work the team has done to become a leader in the industry.

正如我之前提到的，兩個團隊都在努力規劃我們的整合，我們期待在交易結束後釋放這項額外的組織能力。我們也在一系列其他策略舉措上取得進展，這些舉措將在未來增強我們公司的實力，包括將我們在巴西糖業和生物能源合資企業的權益出售給我們的合作夥伴BP。工作感到高興團隊努力成為業界的佼佼者。

However, this business is not core to Bunge's long-term strategy, divesting it will allow us to focus those resources on our core businesses. We also recently completed a commercial pilot season in our effort to provide lower carbon solutions for farmers and consumers. Working with our partners or even Chevron farmers planted over 5,000 acres of winter canola in the southern US.

然而，這項業務並不是邦吉長期策略的核心，剝離它將使我們能夠將這些資源集中在我們的核心業務上。我們最近也完成了一個商業試點季節，努力為農民和消費者提供低碳解決方案。與我們的合作夥伴甚至雪佛龍農民合作，在美國南部種植了超過 5,000 英畝的冬季油菜籽。

For successful harvest, the plan is to significantly increase acreage to 35,000 for the next crop year. We hope to build on these promising results to meet consumers' growing demand for energy, creating more environmentally sustainable future for driving additional revenue sources for farmers.

為了成功收穫，計劃在下一個作物年度將種植面積大幅增加至 35,000 英畝。我們希望在這些有希望的成果的基礎上，滿足消費者日益增長的能源需求，創造更環境可持續的未來，為農民帶來額外的收入來源。

In addition, we jointly tested a traceability platform using blockchain technology for sustainable soil with CP foods, global leader in food and feed committed to nutritious safe and traceable products. We successfully ship several vessels of deforestation free soybean meal from Brazil to Asia, allowing CP foods to trace the product from farm through processing and transportation all the way to destination.

此外，我們也與致力於營養安全和可追溯產品的全球食品和飼料領導者正大食品聯合測試了採用區塊鏈技術的可持續土壤追溯平台。我們成功地將多艘無毀林豆粕從巴西運往亞洲，使正大食品能夠追蹤產品從農場到加工和運輸一直到目的地的過程。

This is another example of the work Bunge is doing to increase transparency and reliability in end to end traceability to help our customers fulfill their sustainability commitments. Our focus remains on delivering great value to all stakeholders while investing to strengthen our business. So that we can provide customers with solutions. Not only today but over the longer term. And while we always look for opportunities to improve well-positioned to deliver on our critical mission of connecting farmers to consumers to deliver essential food, feed, and fuel to the world.

這是邦吉為提高端到端可追溯性的透明度和可靠性以幫助我們的客戶履行其永續發展承諾所做的工作的另一個例子。我們的重點仍然是為所有利害關係人提供巨大價值，同時投資加強我們的業務。以便我們為客戶提供解決方案。不僅在今天，而且從長遠來看。同時，我們始終尋找機會進行改進，以實現我們將農民與消費者聯繫起來，向世界提供基本食品、飼料和燃料的關鍵使命。

And with that, we'll turn to Q&A.

接下來，我們將轉向問答環節。

(Operator Instructions)

（操作員說明）

Ben Theurer, Barclays.

本‧瑟雷爾，巴克萊銀行。

Hi. Yeah, good morning, Greg, John, thanks for the presentation. And just my first question really is just around understanding the drivers behind the guidance and I should look at it. If we go back three months, you said around $9, a roughly 50-50 split, which obviously, if we just do the math, we take $4.50 for the second half at the $4.70 something now, gets us to $9.25. But clearly from three months ago, we've seen complete different environment and crush nearby just conditions have changed.

你好。是的，早安，格雷格、約翰，謝謝你們的介紹。我的第一個問題確實是關於理解指南背後的驅動因素，我應該看看它。如果我們回到三個月，你說大約9 美元，大約是50-50 的分配，顯然，如果我們計算一下，我們下半年的價格是4.50 美元，現在是4.70 美元，那麼我們就得到了9.25 美元。但很明顯，從三個月前開始，我們看到了完全不同的環境和附近的人群，只是條件改變了。

So wanted to understand what you're seeing in the market to what feels to be coming out with a rather conservative guidance, just given where crushes right now, what have you been able to lock in or not how the volume is? And how we should think about the usual fourth quarter skew that seems to be not as pronounced this year as maybe in prior years. So just conceptually if you could blame that to us.

因此，想了解您在市場上看到的情況以及在相當保守的指導下出現的感覺，僅考慮到目前的擠壓情況，您能夠鎖定什麼或無法鎖定成交量？我們應該如何看待通常的第四季偏差，今年似乎不像往年那麼明顯。所以只是從概念上來說，如果你可以把這歸咎於我們。

Sure. Let me start and good morning. But yes, as you kind of laid it out, we overperformed in the first half to what we had talked about since we were together last time. Gross margin did improve late in Q2 and that also gave us visibility into Q3 and where we have been able to lock some margins, and that gave us the confidence to roll through.

當然。讓我開始吧，早安。但是，是的，正如你所指出的，我們在上半場的表現超出了我們上次在一起時所討論的水平。第二季度後期的毛利率確實有所改善，這也讓我們能夠了解第三季度，我們能夠鎖定一些利潤，這讓我們有信心度過難關。

Now that being said, Q4 margin curves are very inverted, we've got very little visibility. And while the demand for oil and meal remained strong, the end customers, I think as everyone knows the farmer very spot as well as in consumer very spot. So we just don't have much visibility in that Q4. And as you called out, it's historically, an important one for us. So I think we have the confidence to roll it through and call it, but that's what we see now and that's why we said the approximately $9.25 million.

話雖這麼說，第四季的利潤曲線非常倒掛，我們的能見度非​​常低。雖然對油和豆粕的需求仍然強勁，但我認為最終客戶，我想，眾所周知，農民和消費者都非常了解。所以我們在第四季沒有太多能見度。正如您所說，這對我們來說是歷史上的一個重要事件。所以我認為我們有信心通過並宣布它，但這就是我們現在所看到的，這就是為什麼我們說大約 925 萬美元。

And I think, Ben, maybe just to add one. When you look at the second half, while the overall forecast for second half didn't change, we've shifted a little bit more toward Q3 where we were in 40-60 before, but not a lot of shift, but probably more like 45-55 at this point. So slight shift to Q3 from Q4.

我想，本，也許只是增加一個。當你看下半年時，雖然下半年的總體預測沒有改變，但我們已經向第三季度傾斜了一點，之​​前我們的排名是 40-60，但變化不是很大，但可能更像是此時45 -55。因此，從第四季略微轉向第三季。

Okay. That's good color. And then just on -- I know you might not be able to talk too much about it, but you've made some comments on the pending regulatory approvals with by Viterra and that your conversations imply not any meaningful financial adversities, as you potentially have to look into divestitures. Just wanted to see if you could give us a little bit more color on how the negotiations are going and what's like the kinds of things you might be asked to do in order to get this deal over the finish line?

好的。這顏色真好啊然後，我知道您可能無法對此談論太多，但您已經對Viterra 即將獲得的監管批准發表了一些評論，並且您的談話並不意味著任何有意義的財務逆境，正如您可能會遇到的那樣調查資產剝離事宜。只是想看看您能否向我們提供更多有關談判進展情況的信息，以及您可能會被要求做哪些事情才能完成這筆交易？

Sure. The teams have been doing great work and we have the majority of the jurisdictions have all issued clearances. We are currently engaging with the EU, Canada, China and then just a handful of others as we're kind of getting to the end of the process. The team's done a great job on the integration plans on preparing for the financing, the capital structure, and the plans around the leadership team.

當然。這些團隊一直在做出色的工作，我們大多數司法管轄區都已頒發許可。我們目前正在與歐盟、加拿大、中國以及其他一些國家接觸，因為我們即將結束這項進程。該團隊在融資準備、資本結構以及領導團隊計劃等整合計劃方面做得很好。

Those plans are in place. As we know, we have to continue to operate as separate companies until we're able to close the transaction. But as I said, we're making progress and we expect to conclude that in the next several months, any of the current conversations are going on are confidential, but also some of those timelines are rolling up on us pretty quick and as things become public and we'll be able to share those.

這些計劃已經到位。據我們所知，我們必須繼續作為獨立公司運營，直到我們能夠完成交易。但正如我所說，我們正在取得進展，我們預計得出的結論是，在接下來的幾個月中，目前正在進行的任何對話都是保密的，但其中一些時間表很快就會在我們身上滾動，並且隨著事情的發展公開，我們將能夠分享這些。

Okay. Thank you, very much.

好的。非常感謝。

Adam Samuelson, Goldman Sachs.

亞當·薩繆爾森，高盛。

Yes. Thank you, and morning, everyone.

是的。謝謝大家，早安。

Good morning.

早安.

Good morning.

早安.

Yeah. Maybe first question on the merchandising side of Agribusiness. And so as you alluded, crush margin environment has improved in the nearby. They're going to comment on the merchandising piece or a little bit more tempered. I guess I'd love some additional color on what you're seeing in terms of farmer selling in Brazil, in Argentina and how those are influencing kind of your outlook for merchandising over the balance of the year? And then I've got a follow-up question on the Refined Oil side.

是的。也許第一個問題是關於農業綜合企業的銷售方面。正如您所提到的，附近的壓榨利潤環境有所改善。他們會對商品進行評論，或者稍微溫和一些。我想我想對您在巴西和阿根廷的農民銷售方面所看到的情況提供一些額外的信息，以及這些對您今年剩餘時間的銷售前景有何影響？然後我有一個關於成品油方面的後續問題。

Okay. Sure. Yeah. So if you look at Argentina, the crop definitely has recovered. '23 crop was about half of what we're going to get this year. But the selling has been no very slow. And part of that, of course, is the shift to lower prices as the producers don't like that. And then with the government policy that really hasn't been the economic catalyst to drive them become selling. So it's been a very, very slow pace there. In the second half is really going to be about the FX in the government policy to see how that develops in Argentina.

好的。當然。是的。因此，如果你看看阿根廷，你會發現收成肯定已經恢復。 23 年的收成大約是我們今年收成的一半。但銷售速度並不慢。當然，其中一部分是轉向更低的價格，因為生產商不喜歡這樣。然後，政府政策實際上並沒有成為推動它們出售的經濟催化劑。所以那裡的節奏非常非常慢。下半年的重點將是政府政策中的外匯問題，看看阿根廷的發展如何。

In Brazil, you ended up with a combined bean and corn crop that was about 30 million metric tons lower than I think what the industry expected and I think the industry had logistics in place to be able to handle that larger crop as we saw last year and some of the tightness and constraints in that. And then you end up with the 30 million metric ton smaller crop and the farmer selling, again being very spot and very opportunistic, as a farmer doesn't like the lower prices.

在巴西，最終的豆類和玉米產量比我認為的行業預期低了約 3000 萬噸，而且我認為該行業擁有適當的物流來處理我們去年看到的更大的產量以及其中的一些緊迫性和限制。然後你最終會得到 3000 萬噸較小的產量，而農民則將其出售，這又是非常現貨且非常機會主義的，因為農民不喜歡較低的價格。

That smaller crop and drove a lot of pressure around the logistics, and that's hurt margins and especially in the merchandising. And then when you take the other piece that globally, while the demand is good for meal and oil, the has been rewarded for moving to the spot right there or there aren't the same challenges in the supply chain on worried about deliveries. So they pull down inventories, they pull down the length of their supply chain, and they've been rewarded for buying in the spot prices have become lower. And so that's been a little bit tougher for the environment in merchandising as well.

產量減少給物流帶來了很大壓力，這損害了利潤率，尤其是銷售方面。然後，當你考慮全球範圍內的另一塊時，雖然對膳食和石油的需求良好，但由於轉移到那裡而獲得了回報，或者供應鏈中不存在因擔心交付而面臨的相同挑戰。因此，他們減少了庫存，縮短了供應鏈的長度，並因在現貨價格下降時購買而獲得了回報。因此，銷售環境也變得更加嚴峻。

And then North America, again, slower farmer selling, again, don't like the lower prices as markets become more balanced on the S&D, although we have seen the livestock margins improving there. This will really be about weather in the Northern Hemisphere. We got soybeans entering kind of a critical window. And the producer generally is when they're looking out their door and what they see and how that see that develop here in North America, you can see how the marketing will continue. And then, of course, we're also watching in the Northern Hemisphere, the weather, and temps on the canola crop there in Canada.

然後，北美再次出現緩慢的農民銷售，他們不喜歡較低的價格，因為市場在 S&D 上變得更加平衡，儘管我們看到那裡的牲畜利潤有所改善。這實際上與北半球的天氣有關。我們讓大豆進入了一個關鍵窗口。製片人通常是當他們向外看時，看到他們所看到的以及北美這裡的發展情況，你可以看到行銷將如何繼續。當然，我們也在觀察北半球的天氣和加拿大油菜籽作物的溫度。

That's some really helpful color. And then just on the Refined Oil side and you talked about raising the outlook largely reflect the second quarter performance, which the release you said that Asia being kind of the area of year-on-year strength. Was that what surprised you relative to your own expectations three months ago? And just help us think about the forward for why you don't think that strength would be persisting in the second half, quite the level.

這是一些非常有用的顏色。然後就成品油方面而言，您談到提高前景很大程度上反映了第二季度的業績，您說亞洲是同比強勁的地區。相對於三個月前的預期，這是否令您感到驚訝？請幫我們思考前鋒，為什麼你認為下半場的實力不會持續下去，相當的水準。

We received a little bit of help on the tight cocoa butter supply in our cocoa butter equivalents on our tropical oil side in the RS, so that was somewhat helpful. And then we did see some stronger energy demand, some additional energy demand coming in late that we weren't expecting in the US. So that was constructive. And I think when we look at that at the balance of the year, we don't have that visibility, but we're calling that out in the puts and takes. And I think the lower prices always drive demand. And that's, I think, true not only in the inclusion side on soybean meal, but we're seeing that drive demand on soybean oil for both food and especially on the energy side here.

我們在RS熱帶油方面的可可脂等價物中獲得了一些可可脂供應緊張的幫助，所以這有點幫助。然後我們確實看到了一些更強勁的能源需求，一些額外的能源需求後來出現，這是我們在美國沒有預料到的。所以這是有建設性的。我認為，當我們在今年餘下的時間裡審視這一點時，我們沒有那種可見性，但我們在看跌期權和賣出期權中指出了這一點。我認為較低的價格總是會推動需求。我認為，這不僅在豆粕的包容性方面是正確的，而且我們看到這推動了食品，特別是能源方面對豆油的需求。

I appreciate that color. I'll pass it on. Thank you.

我很欣賞那種顏色。我會把它傳遞下去。謝謝。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Morning, thanks for taking the question.

早上好，感謝您提出問題。

Good morning.

早安.

Just wanted to ask -- good morning. Just want to ask about your coverage going into Q3 and for Q4, Greg, you mentioned the customers and the farmers have been very slow to buy or sell. But just wondering -- because we had the soy crush in the US has been markedly lower than people expected. And so you've had these rallies. And so as we're thinking about your Q3 and Q4, but particularly Q3, how much of that is covered. And so do you have any exposure to the robust margins that we're seeing at present?

只是想問——早安。只是想問一下您對第三季和第四季的報道，格雷格，您提到客戶和農民的購買或銷售速度非常緩慢。但只是想知道 - 因為我們在美國的大豆壓榨量明顯低於人們的預期。所以你們舉行了這些集會。因此，當我們考慮第三季度和第四季度，特別是第三季度時，其中涵蓋了多少內容。那麼，您是否對我們目前看到的強勁利潤率有任何敞口？

I think if you look at Q2 and kind of the global setup, we were pretty well hedged and a lot of that strength came very late in the quarter. Now I'll say the team also did a great job of executing as they executed the crush we have on and then closing out the balance of the open capacity that we had. As we've seen that run up late Q2, we have been able to go ahead and hedge some of Q3 and lock that in and that's what gave us some of the confidence to role the overperformance there in the first half to roll it through the year when we went to $9.25 that being said, in Q3 and Q4, there's really no liquidity yet and very low visibility. So I think those are the keys and we'll be watching here as things develop for the late Q3 and the balance Q4.

我認為，如果你看看第二季度和全球設置，我們的對沖相當好，而且很多力量都是在本季末出現的。現在我要說的是，團隊在執行方面也做得很好，因為他們執行了我們所擁有的壓榨，然後關閉了我們擁有的開放容量的平衡。正如我們所看到的，在第二季度末，我們已經能夠繼續對沖第三季度的一些風險並將其鎖定，這給了我們一些信心，讓我們能夠利用上半年的超額表現來推動整個季度的發展。所以我認為這些是關鍵，我們將在這裡關注第三季末和第四季平衡情況的發展。

Yeah. Maybe just add there, Heather, that we're largely covered through Q3 at this point, especially on the canola side. Sun is affected a little bit by crop. So maybe not as much coverage there, but pretty heavily covered on soy as well here as of the end of July.

是的。希瑟，也許只是補充一點，我們目前已經基本上涵蓋了第三季度，特別是在油菜籽方面。太陽受農作物的影響有一點。因此，截至 7 月底，那裡的報道可能沒有那麼多，但大豆的報導也相當多。

Okay. And then on the Argentina side, just was wondering if you could help us understand not only on more the outlook, but also what happened in Q2, because I have repeatedly heard from those in the industry and just read that there were periods during the quarter were cash margins were some of the best that industry has ever experienced and it was around times when the farmer would sell. But clearly you are talking to your commentary is very different from that. So just wondering if you could help me to understand the difference between those and then how you're thinking about that business for the second half?

好的。然後在阿根廷方面，我想知道您是否可以幫助我們不僅了解更多前景，還了解第二季度發生的情況，因為我多次聽到業內人士的消息，並且剛剛讀到該季度有一些時期現金利潤率是該行業有史以來最好的，而且當時正是農民出售的時候。但顯然你的評論與你所說的有很大不同。所以只是想知道您是否可以幫助我理解它們之間的區別，然後您如何考慮下半年的業務？

Yeah. I think you're right on the fact that the farmer selling came in some sporadic, it was slow and it came at the kind of dribble out in different surges that did provide some ability to crush above fixed cost. But I would not say we saw robust margins that you're -- you may have picked up. That being the case, it really depend on how the farmer reacts on the second half. Now the offset of that right moves lower soybean meal exports that we're moving into Europe. And so we continue to see strong margins in Europe with good demand and less meal imports. That was kind of the other side of the sword.

是的。我認為你說得對，農民的銷售是零星的，速度很慢，而且是在不同的激增中逐漸流出，這確實提供了一定的能力來壓垮固定成本之上。但我不會說我們看到了你們可能已經獲得的強勁利潤。既然如此，那就真的要看下半場農民的反應了。現在，這種右轉的抵消導致我們正在向歐洲轉移的豆粕出口量下降。因此，我們繼續看到歐洲的利潤率很高，需求旺盛，而膳食進口量減少。這就是劍的另一面。

Okay. All right. Thank you so much.

好的。好的。太感謝了。

Salvator Tiano, Bank of America.

薩爾瓦托·蒂亞諾，美國銀行。

Thank you very much. So, firstly, on merchandising. I'm wondering, I think it was two years ago when you said that your normalized merchandising earnings should be around $75 million to $100 million per quarter. So we've been below the low end for a few quarters now and even more so this Q2.

非常感謝。首先，在行銷方面。我想知道，我想是在兩年前，當您說您的標準化商品銷售收入應為每季約 7500 萬至 1 億美元。因此，我們已經有幾個季度低於低端水平，本季更是如此。

Has this made you change your normalized earnings outlook? Or is it simply that the ag situation is so bad, that you're earning so much below normalized ? And when do you expect that to go back to the $75 million to $100 million figure ?

這是否讓您改變了正常的獲利前景？或者只是因為農業情況如此糟糕，以至於你的收入遠低於正常水平？您預計什麼時候會回到 7500 萬至 1 億美元的數字？

Yes. Remember, those were our assumptions in the model for our baseline, and we are operating below baseline today. Now that's always the toughest one to predict and as those opportunities come up, I think the team does a good job of capitalizing on those.

是的。請記住，這些是我們在基準模型中的假設，而我們今天的運作低於基準。現在這始終是最難預測的，隨著這些機會的出現，我認為團隊在利用這些機會方面做得很好。

But we've been in a pretty interesting time of transition right. And when these markets are generally transition from higher prices into a more balanced S&D, that's what you see this this adjustment and the pressure on margins, right. The farmers have good, strong balance sheets. They have a lot of storage available and they don't like selling lower prices.

但我們正處於一個非常有趣的過渡時期。當這些市場普遍從較高的價格過渡到更平衡的 S&D 時，這就是您所看到的這種調整和利潤壓力，對吧。農民擁有良好、強勁的資產負債表。他們有大量可用儲存空間，並且不喜歡以較低的價格出售。

So they're building inventory, if you will, and seeing how the weather plays out and how the S&D's play out. And then you've got the consumer, which is actually reducing inventories, shrinking their supply chains and their patients is also being rewarded. So the market gets much more spot to put pressure on the margins until we get back in balance.

因此，如果你願意的話，他們正在建立庫存，並觀察天氣狀況以及標準與偏差的情況。然後是消費者，他們實際上減少了​​庫存，縮小了供應鏈，他們的患者也得到了回報。因此，市場有更多的空間來對利潤率施加壓力，直到我們恢復平衡。

And I think we're getting pretty close there now, where some of the puts and takes around what could happen from a weather and what could happen from a demand start to be more of an upside on -- as opportunities develop. But I think that's really what you've seen the transition of the market going through, and that's what we've been seeing.

我認為我們現在已經非常接近這個目標了，隨著機會的發展，一些圍繞天氣可能發生的情況以及需求可能發生的情況的看跌期權和看跌期權開始變得更加有利。但我認為這確實是市場正在經歷的轉變，也是我們所看到的。

Okay, perfect. Thank you. And also, I want to ask a little bit about refined products. It continues to be the one segment that quarter-after-quarter, you're -- it looks like you're topping your own expectations. And if you can say why -- where did things go better than you expected? And also, is it mostly on the fuel side? Is it mostly on the edible oil side?

好的，完美。謝謝。另外，我想問一些關於精煉產品的問題。它仍然是一個季度又一個季度的細分市場，看起來您超出了自己的預期。如果你能說出原因──哪些地方事情比你預期的還要好？而且，主要是在燃料方面嗎？主要是食用油方面嗎？

It's been both. Our food customers -- while we're seeing the customers trade down some on the brands and things that they're on -- eating at home as well as the shift of where they're eating away from home. We've probably been maybe a little bit of a beneficiary to that favorable mix for oil demand.

兩者都是。我們的食品顧客——雖然我們看到顧客在品牌和他們所吃的東西上進行了一些折價——在家吃飯，以及他們在外面吃飯的地方的轉變。我們可能是這種有利的石油需求組合的受益者。

And then also when you think about oil demand, it doesn't go one for one with the food demand. So that's been pretty resilient on the food side. And then with the lower price, we've seen some improvement on the energy demand as well.

而且，當你考慮石油需求時，它與糧食需求並不一一對應。因此，食品方面的表現相當有彈性。隨著價格的降低，我們也看到能源需求有所改善。

And then lastly, as I was talking about on the tropical side, we've definitely been a bit of benefit of the tighter cocoa butter supply with our cocoa butter equivalents and helping some of our customers solve problems on the supply side and or lowering their cost for me as a reformulated products. So team's doing a great job. The technical team and the execution team working with our customers is there deal a little bit of a challenging environment.

最後，正如我在熱帶方面所說的那樣，我們肯定從可可脂供應緊張以及我們的可可脂等價物中受益，並幫助我們的一些客戶解決供應方面的問題和/或降低他們的成本。的產品，我的成本。所以團隊做得很好。與客戶合作的技術團隊和執行團隊面臨著一個充滿挑戰的環境。

Thank you very much.

非常感謝。

Tom Palmer, Citi.

湯姆·帕爾默，花旗銀行。

Good morning. Thanks for the questions. I wanted to ask on capital allocation, are you done with share repo until the Viterra transaction closes ? Or might we see something sooner, just given the slightly extended time line? And if not repo, what's kind of the use of the excess free cash flow? Would it just be for debt?

早安.感謝您的提問。我想問一下關於資本分配的問題，在 Viterra 交易結束之前，你們的股票回購工作完成了嗎？？或者，考慮到時間軸稍微延長，我們是否可以更快地看到一些東西？如果不回購，多餘的自由現金流有何用途？難道只是為了還債嗎？

Thanks Tom, this is John. Yes, I think -- look, we're not going to probably commit any share repurchases prior to Viterra close, mainly because we've got leverage commitments and focus and targets that we want to hit going into the close process, because we're expecting a ratings upgrade relative to the -- is related to the transaction.

謝謝湯姆，這是約翰。是的，我認為 - 看，我們可能不會在 Viterra 關閉之前進行任何股票回購，主要是因為我們有槓桿承諾以及我們希望在關閉過程中實現的重點和目標，因為我們「預計評級將升級— —與該交易有關。

But we are still very committed to that program and expect to execute that post-close. We did give ourselves an 18-month window post close, but we'll obviously do what makes sense when it makes sense. And I would just add that with the announcement of sugar, you were hoping to close that maybe late this year. Certainly proceeds from that will -- could play a meaningful role in the purchase repurchase program, increasing it by some meaningful amount of that those proceeds.

但我們仍然非常致力於該計劃，並期望在交易結束後執行該計劃。我們確實為自己設定了 18 個月的窗口期，但顯然我們會在有意義的時候做有意義的事情。我想補充一點，隨著糖的宣布，您希望可能在今年年底結束。當然，來自該意願的收益 - 可以在購買回購計劃中發揮有意義的作用，增加這些收益的一些有意義的金額。

Great. Thanks for the color there. And then just wanted to ask on kind of capital plans over the next couple of years, given you've got this multiyear CapEx cycle, I think we're getting a little bit longer in the tooth here in terms of price -- will start opening next year.

偉大的。感謝那裡的顏色。然後只是想問一下未來幾年的資本計劃，考慮到你已經有了這個多年的資本支出週期，我認為我們在價格方面會變得更加成熟——將開始明年開業。

Just any early thoughts on how to think about 2025 CapEx and how it might compare to what we're seeing this year? And again, this is -- I understand for Viterra.

關於如何思考 2025 年資本支出以及它與我們今年所看到的情況相比有何早期想法？再說一次，我理解這是 Viterra。

Yes. So, our range -- I think we're going to be at the high end of our range this year. It could be a little bit above the $1.4 billion, depending on how things play out here toward the end of the year on bigger CapEx expenditures. But we do expect next year to be up from that, probably closer to the $2 billion range, $1.9 billion to $2 billion, just given all of these projects are going to really be in full swing in terms of development.

是的。所以，我們的產品範圍——我認為今年我們將處於產品範圍的高端。它可能會略高於 14 億美元，具體取決於今年年底更大的資本支出支出的情況。但我們確實預計明年會比這個數字更高，可能更接近 20 億美元的範圍，即 19 億至 20 億美元，前提是所有這些項目都將真正全面展開開發。

Then -- and we should make great progress next year on getting those close to commissioning. But commissioning will really be probably in 2026 on the four major projects that we're working on today, but we'll see a significant drop off.

然後——明年我們應該在讓這些項目接近調試方面取得巨大進展。但我們今天正在進行的四個主要項目實際上可能會在 2026 年進行調試，但我們會看到大幅下降。

Probably as of today, absent any other opportunities coming along, we do expect CapEx to drop potentially up to 50%. This is all excluding Viterra, but we could see a 50% drop in CapEx in '26 versus '25.

也許到今天為止，如果沒有其他機會出現，我們確實預期資本支出可能會下降 50%。這一切都不包括 Viterra，但我們可以看到 26 年的資本支出比 25 年下降了 50%。

Great. Thank you.

偉大的。謝謝。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Good morning. My first question is, since the time you announced the Viterra transaction, until now, there has been like some financials reported by Viterra. And I'm just trying to understand if those numbers that were reported met your expectations or maybe even exceeded the expectations.

早安.我的第一個問題是，自從你們宣布 Viterra 交易以來，直到現在，Viterra 已經報告了一些財務數據。我只是想了解所報告的這些數字是否符合您的預期，甚至超出了預期。

Yes. As you know, we've got to run the companies separately until close. So, the Viterra team, I think, continues to do a very good job in running their business. Definitely got the extra strain, as anyone does, of the integration planning as well as all the work being done on the regulatory side. And we're doing that all during a pretty challenging environment.

是的。如您所知，我們必須分開運營這些公司，直到關閉。因此，我認為 Viterra 團隊在業務運作方面繼續做得非常出色。正如任何人一樣，整合規劃以及監管方面正在進行的所有工作肯定會承受額外的壓力。我們是在一個相當具有挑戰性的環境中做到這一點的。

But it's a great platform, the engagement that we have had with their people. We continue to just be very impressed by the quality of their people and the capabilities, and their ability to really step-up with the challenges of all the work that's being done. So, we continue to feel very good about the transaction and really look forward to the future.

但這是一個很棒的平台，我們與他們的員工互動了。我們仍然對他們的人員素質和能力以及他們真正應對所有正在完成的工作的挑戰的能力印象深刻。因此，我們仍然對這筆交易感覺非常好，並對未來充滿期待。

Perfect. My quick follow-up is the divestment of the Non-core business. It had been marked for non-core for some time. So, how did this particular deal can come about? And were you happy with the transaction price?

完美的。我的快速後續行動是剝離非核心業務。它被標記為非核心已有一段時間了。那麼，這個特殊的交易是如何達成的呢？您對交易價格滿意嗎？

Yes, I'll start and John can finish. But look, we -- very early on when we got here and we're able to put sugar into the joint venture with BP, declared then that we would eventually exit the business when we thought that was the right time for our shareholders and for the stakeholders.

是的，我開始，約翰完成。但是看，我們很早就來到這裡，我們能夠向與BP 的合資企業投入糖分，當時我們宣布，當我們認為這對我們的股東和我們來說是正確的時機時，我們最終將退出該業務。

And in the meantime, BP and ourselves supported that team, which did a fantastic job of really improving that business with the combination that we did there and really becoming an industry leader and we were very proud of them.

同時，英國石油公司和我們自己支持團隊，該團隊做得非常出色，透過我們在那裡所做的組合，真正改善了業務，並真正成為行業領導者，我們為他們感到非常自豪。

But that didn't change our long term strategy. And so when the timing was right and the values lined up, than we've done the second part of that transaction and to exit. So, we do look to -- as John said, we look forward to closing that transaction hopefully later this year and releasing those resources, not only the capital but even some of our folks that are focused there in supporting the JV.

但這並沒有改變我們的長期策略。因此，當時機正確且價值一致時，我們就完成了交易的第二部分並退出。因此，正如約翰所說，我們確實希望在今年稍後完成交易，並釋放這些資源，不僅是資本，甚至是我們專注於支持合資企業的一些人員。

And Manav, I'd just add that, yes, we were pretty happy with where we end up from a value standpoint.

馬納夫，我想補充一點，是的，從價值的角度來看，我們對最終的結果非常滿意。

Thank you so much.

太感謝了。

Steven Haynes, Morgan Stanley.

史蒂文‧海恩斯，摩根士丹利。

Hi, good morning. Thanks for taking my question. Wanted to ask quick one on farmer selling. You alluded I think before you -- the idea that it might be a source of upside going forward.

嗨，早安。感謝您提出我的問題。想快速詢問有關農民銷售的問題。我想你在你之前提到過——它可能是未來上漲的一個來源。

I was just hoping maybe you could put it in a little bit of a broader context of where you think we are in evolution of farmer selling slowing down through the course of the year. And I guess what kind of gives you confidence that it's not going to be kind of a more prolonged slow farmer selling cycle, like we might have seen in some past downcycles ?

我只是希望你能把它放在更廣泛的背景下，你認為我們在這一年中農民銷售放緩的演變過程中。我想是什麼讓你有信心，這不會是一個更長的緩慢的農民銷售週期，就像我們在過去的一些下行週期中看到的那樣？

Thank you?

謝謝你？

Sure. I think you look at the overall setup been making that transition right to a lower price environment. I think that the producers are getting used to that. At the same time, as we said, they've definitely built some inventories and then as the next crops get produced, right ? Much bigger crop in Argentina.

當然。我認為您會看到整體設定一直在向較低價格環境過渡。我認為製片人已經習慣了這一點。同時，正如我們所說，他們肯定已經建立了一些庫存，然後隨著下一批作物的生產，對吧？阿根廷的產量就大得多。

We still have got to develop the crop here in North America, but the weather, it looks good. And I think as you see that North American crop develop, we'll see some more marketing there.

我們仍然需要在北美種植作物，但天氣看起來不錯。我認為，當你看到北美作物的發展時，我們會在那裡看到更多的行銷活動。

And then as we also know, South American farmers are often watching North American price development and what's happening in the futures market to drive some of those.

我們也知道，南美農民經常關注北美價格的發展以及期貨市場上發生的情況來推動其中一些價格的發展。

Currency is still a driver, of course, in Brazil and mostly in Argentina, where the farmers are watching the government very closely for what their policy action will be any FX activity. So I think it's all unfolding kind of as would as be expected. And what I feel good about is the team remains very focused on executing and ensuring that we manage the risk that's appropriate for the environment that we're in.

當然，在巴西，尤其是在阿根廷，貨幣仍然是一個驅動因素，那裡的農民正在密切關注政府的外匯活動政策行動。所以我認為一切都在預期中展開。我感覺良好的是，團隊仍然非常專注於執行並確保我們管理適合我們所處環境的風險。

And pretty proud of how we're executing.

我們對我們的執行方式感到非常自豪。

Thank you.

謝謝。

Andrew Strelzik, BMO.

安德魯‧斯特雷齊克 (Andrew Strelzik)，BMO。

Hey good morning. Thanks for taking the questions. You talked about the inverted curves. And so I was curious, are there internal levers you can pull in an environment where US crush margins get more challenged across operations or, I guess, growth CapEx would probably be more delayed? But any other levers that we should think about that you might have at your disposal as the environment plays out potentially in that inverted way?

嘿早安。感謝您提出問題。你談到了倒轉曲線。所以我很好奇，在美國壓榨利潤在整個營運過程中受到更大挑戰的環境中，是否可以使用內部槓桿，或者我猜成長資本支出可能會更加延遲？但是，當環境可能以相反的方式發揮作用時，我們應該考慮您可以使用的任何其他槓桿嗎？

I would just say, I mean, the one thing that we've seen in the last five years -- all the different things have been thrown at us, we love that we're running a very global platform because we would be over-weighted in one region versus another, this would have been much more challenging.

我只想說，我的意思是，我們在過去五年中看到的一件事——所有不同的事情都拋給了我們，我們喜歡我們正在運行一個非常全球化的平台，因為我們會過度-如果在一個地區與另一個地區進行加權，這將更具挑戰性。

And I don't think that's going to change going forward. So, the optionality and the flexibility that we have in our system to run hardest where the margins are there and to be able to react to whether it's farmer selling or whether it's demand.

我認為這種情況未來不會改變。因此，我們的系統具有選擇性和靈活性，可以在有利潤的情況下最努力地運行，並且能夠對農民的銷售還是需求做出反應。

And then I think the change that we've made in the company and the operating model has allowed the execution and discipline to be much better, which is really key when you get in these tougher markets.

然後我認為我們在公司和營運模式中所做的改變使執行力和紀律變得更好，當你進入這些更艱難的市場時，這確實是關鍵。

So, the team is doing a great job staying focused on the things that we can control as the market develops. And I've got the confidence that as we see the balance of the year play out, that we'll get those opportunities to the bottom-line.

因此，隨著市場的發展，團隊做得很好，專注於我們可以控制的事情。我有信心，當我們看到今年的剩餘時間結束時，我們將把這些機會轉化為利潤。

Okay. That's helpful. And then I guess kind of related to that, as you've gotten a little bit farther out from the really elevated crush margin environment, I know there's been obviously some recent strength, but are you better able to decouple the internal events to the business from the last several years away from kind of the operating environment and the strength of that over the last couple of years ?

好的。這很有幫助。然後我想與此相關，因為你已經遠離了真正升高的壓榨利潤環境，我知道最近明顯有一些優勢，但是你是否能夠更好地將內部事件與業務脫鉤從過去幾年來看，遠離了過去幾年的營運環境及其強度？

And do you think you've kind of appropriately captured that in the baseline assumptions? Or has your thinking evolved at all? Thanks.

您認為您在基準假設中適當地捕捉到了這一點嗎？或者你的思維已經進化了嗎？謝謝。

I think one, we're never done, right. We're constantly thinking about continuous improvement. So whether it's the assets where that are getting the capital, whether it's the de-bottlenecking or the brownfields or the greenfields, but also thinking about over the long term, what we believe in what assets may not fit the footprint.

我認為第一，我們永遠不會完成，對吧。我們不斷思考持續改進。因此，無論是獲得資本的資產，無論是消除瓶頸、棕地或綠地，但也要從長遠來看，我們相信哪些資產可能不適合我們的足跡。

It's the investments we're making in our systems and digitalization and some of the things in the crushing plants that are improvements in the metrics that are a multiyear program. So I think it's just a very different company than we were in the way that we approach things.

我們對系統和數位化以及破碎廠中的一些項目進行了投資，這些投資是多年計劃的指標改進。所以我認為這家公司在處理事情的方式上與我們非常不同。

And so these are the times, as the markets kind of reset in these transitions, that you really find out how good you're executing. And so we're very, very pleased with the team that -- we're never focused.

因此，當市場在這些轉變中重新調整時，你會真正發現自己的執行情況有多好。因此，我們對團隊非常非常滿意——我們從不專注。

And we're doing it in a challenged external environment while renewing an enormous amount of integration planning and providing an enormous amount of information on the regulatory front. So really, really proud of the execution.

我們是在充滿挑戰的外部環境中做到這一點的，同時更新了大量的整合規劃並提供了大量有關監管方面的資訊。非常非常為執行感到自豪。

Thank you.

謝謝。

I would say, Andrew, that we still feel -- we set out an 850 baseline a couple of years ago and we're still performing above that, even in a little bit more challenged environment we're in this year.

安德魯，我想說的是，我們仍然覺得——幾年前我們設定了 850 的基準，即使今年我們所處的環境更具挑戰性，我們的表現仍然高於該基準。

So, to Greg's point earlier, I think we're a different machine than we were. And I think it's -- we're going to be able to show that here despite a little bit more challenging environment. I think we're performing pretty well versus what we had set out as a baseline.

因此，按照格雷格之前的觀點，我認為我們是一台與以前不同的機器。我認為，儘管環境更具挑戰性，但我們將能夠在這裡證明這一點。我認為與我們設定的基準相比，我們的表現相當不錯。

Great, absolutely. Thank you very much.

太棒了，絕對的。非常感謝。

Carla Casella, JPMorgan.

卡拉‧卡塞拉，摩根大通。

Hi. My question relates to financing. You got the question about the dividends and buybacks ahead of the Viterra transaction. But are you -- what are you thinking in terms of pre-financing that transaction and how much you may want to come to market for ? Or would you wait ?

你好。我的問題涉及融資。您在 Viterra 交易之前收到了有關股息和回購的問題。但是，您在為該交易預融資方面有何想法以及您可能希望在市場上獲得多少資金？？或者你會等待？

Yes. We've already syndicated out the debt on that, and so we've got the commitments in place to finance the transaction itself. There's some obvious some nuances that would take place around some of the Viterra bonds and things that had a close.

是的。我們已經為此承擔了銀團債務，因此我們已經做出了為交易本身提供資金的承諾。一些維特拉債券和已經結束的事情會發生一些明顯的細微差別。

But we're pretty much set in terms of the initial allocation of the financing and the commitments are all in place. There'll be some fine tuning post-close, I'm sure, but -- and then when we decide exactly how much we need. That could have an effect on the total amount, but it's that's all pretty much ready to go.

但我們在融資的初始分配方面已經基本確定，承諾也都已到位。我確信，交易結束後會有一些微調，但是──然後當我們決定到底需要多少。這可能會對總量產生影響，但一切都已經準備就緒。

Okay, great. Thank you.

好的，太好了。謝謝。

And ladies and gentlemen, with that, we'll be ending today's question and answer session. I'd like to turn the floor back over to CEO, Greg Heckman, for any closing comments.

女士們、先生們，我們今天的問答環節就到此結束。我想請執行長格雷格·赫克曼 (Greg Heckman) 發表最後評論。

Thanks very much. Thanks, everybody, for joining us today and we'd just like to say we're really excited about the longer term here of bringing the post close and bringing Bunge and Viterra together.

非常感謝。謝謝大家今天加入我們，我們只想說，我們對這個職位的結束以及 Bunge 和 Viterra 的長期合作感到非常興奮。

We're going to be a more complete company and we're going to have more capabilities to serve our customers in what continues to be a more complex environment with population continuing to grow while per capita continuing to increase climate volatility, making things more challenging and what looks like a policy environment that continues with more uncertainty.

我們將成為一家更完善的公司，我們將有更多的能力在更複雜的環境中為客戶提供服務，人口持續成長，人均氣候波動性持續增加，使事情變得更具挑戰性政策環境看起來仍充滿更多不確定性。

And customers that all want more transparent and sustainable feedstocks. So we feel we're very well-positioned and uniquely focused on this space and we really look forward to the future.

客戶都希望獲得更透明、更永續的原料。因此，我們覺得我們處於非常有利的位置，並且獨特地專注於這個領域，我們非常期待未來。

So thanks for joining us. Have a great week.

感謝您加入我們。祝你有個愉快的一周。

Ladies and gentlemen, that does conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們先生們，今天的電話會議和演講到此結束。我們非常感謝您的加入。現在您可以斷開線路。