BRF SA (BRFS) 2019 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to BRF Fourth Quarter 2019 Earnings Results Conference Call. We'd like to inform you all that this conference is being webcast at brf-br.com/ir, and a presentation to support this webcast is also available. (Operator Instructions)

早安，女士們先生們。歡迎參加 BRF 2019 年第四季獲利結果電話會議。我們想通知大家，本次會議正在 brf-br.com/ir 上進行網路直播，並且還提供了支援該網路直播的簡報。（操作員說明）

Forward-looking statements during this conference call regarding the company's business outlook, projections and results and the company's growth potential are merely assumptions based on management's expectations regarding the company's future. These expectations are highly dependent on market change, the overall economic performance of the country and the sector, and on international markets that are subject to change. I'd like to remind you all that this call is being recorded.

本次電話會議期間有關公司業務前景、預測和業績以及公司成長潛力的前瞻性陳述僅是基於管理層對公司未來預期的假設。這些預期高度依賴市場變化、國家和行業的整體經濟表現以及可能變化的國際市場。我想提醒大家，這次通話正在錄音。

This call will be presented by Mr. Lorival Luz, Global CEO; by Mr. Carlos Moura, VP, CFO and IRO; by Mr. Sidney Manzaro, VP for the Brazilian market; and Mr. Patrício Rohner, VP of the international market.

本次電話會議將由全球執行長 Lorival Luz 先生主持；作者：Carlos Moura 先生，副總裁、財務長和 IRO；由巴西市場副總裁 Sidney Manzaro 先生主講；以及國際市場副總裁 Patricio Rohner 先生。

Now I'd like to turn it to Mr. Lorival Luz, who will begin the conference call. Mr. Luz, please go ahead.

現在我想請 Lorival Luz 先生開始電話會議。盧茲先生，請繼續。

Thank you very much. I'd like to start by thank you -- by thanking you for joining us for our fourth quarter earnings release and also to discuss 2019 results.

非常感謝。首先，我想感謝您參加我們的第四季度收益發布並討論 2019 年業績。

On Page 4, for those of you who are following the presentation, we are sharing our strategic planning as well as the metrics used and what we had expected for 2019 and what to expect for 2020 and 2021 to 2023. I can say that we are very proud for delivering 2019 with results that led us to achieving historical levels. Actually, we have excelled the margins to historical levels, and we have also now reverted our losses of BRL 2 billion. And you can see that today, we have a profit that goes above BRL 1 billion.

在第 4 頁，對於那些專注於演示的人，我們將分享我們的策略規劃以及使用的指標以及我們對 2019 年的預期以及對 2020 年和 2021 年至 2023 年的預期。我可以說，我們非常自豪 2019 年的成果使我們達到了歷史水平。事實上，我們的利潤率已達到歷史水平，而且我們現在也挽回了 20 億雷亞爾的損失。你可以看到，今天我們的利潤超過 10 億雷亞爾。

This is really the consequence of hard work guided by discipline, financial discipline, strategic alignment throughout the company and also with our Board of Directors. The Board has always supported us throughout the entire path. So we have surpassed the goals for 2019. And now for 2020, we also expect to see the growth that we -- first, we had expected only in 2021. Obviously, we have a long-term vision. All is marked by financial discipline. Our goal is to manage the company and to achieve a leverage of 1.5 to 2x the net debt based on EBITDA.

這實際上是整個公司以及董事會在紀律、財務紀律、策略協調的指導下努力工作的結果。董事會在整個過程中始終支持我們。所以我們已經超額完成 2019 年的目標了。現在，到 2020 年，我們也預計會看到我們最初僅在 2021 年預計的成長。顯然，我們有長遠的願景。一切都以財務紀律為標誌。我們的目標是管理公司並實現基於 EBITDA 的淨債務 1.5 至 2 倍的槓桿。

On the following page, we have an overview of our results. First, gross margin of 24.1% in 2019, an 8 percentage point increase year-on-year. We have achieved margins above 20% in every single quarter of 2019, and for the last 3 quarters, solid margins achieving 25%, which demonstrates the effectiveness of our commercial strategy in Brazil and abroad. And it's also very important to highlight the fact that for the second half of the year, more specifically when we had the impact of the African swine fever, and that led to a price increase and also increased demand. But that certainly just supplemented all initiatives that had already been implemented in 2018 and at the beginning of 2019.

在下一頁中，我們概述了我們的結果。首先，2019年毛利率為24.1%，與去年同期提升8個百分點。2019 年每季我們的利潤率均超過 20%，過去 3 個季度的利潤率穩定達到 25%，這證明了我們在巴西和海外的商業策略的有效性。同樣非常重要的是要強調一個事實，即今年下半年，更具體地說，當我們受到非洲豬瘟的影響時，這導致了價格上漲和需求增加。但這無疑只是對 2018 年和 2019 年初已實施的所有措施的補充。

As for adjusted EBITDA, we delivered BRL 5.3 million, more than double of what was delivered in 2018, an EBITDA margin of approximately 16%. I'd like to clarify the fact that, throughout 2019, the company also the impact of some tax-related proceedings, ICMS, and PIS and COFINS, in which we won at the court and that had this impact. But the net result was positive BRL 884 million. So the EBITDA -- and we are being very clear, so the EBITDA without that tax-related impact was of BRL 4 billion and adjusted EBITDA margin of 13.3%, also above our historical margins. I also would like to clarify and highlight the fact that for 2020, we don't expect a tax-related impact of such scope.

至於調整後的 EBITDA，我們交付了 530 萬雷亞爾，是 2018 年交付額的兩倍多，EBITDA 利潤率約為 16%。我想澄清的事實是，在整個 2019 年，該公司也受到一些稅務相關訴訟、ICMS、PIS 和 COFINS 的影響，我們在法庭上贏得勝利並產生了這種影響。但最終結果為 8.84 億雷亞爾。因此，EBITDA——我們非常清楚，沒有稅收相關影響的 EBITDA 為 40 億雷亞爾，調整後的 EBITDA 利潤率為 13.3%，也高於我們的歷史利潤率。我還想澄清並強調這樣一個事實：2020 年，我們預計不會出現如此範圍的稅務相關影響。

Also regarding net income, which is a very important metric for all of us, as for continued operations, we had a loss of BRL 2.1 billion to a profit of BRL 1.2 million in 2019. Once again, a very relevant result, indicating that we are on the right path. And according to our financial discipline and regarding our leverage, net leverage, we can see that -- and going back to 2018, at the end of 2018, we had a leverage of 5.12, in which we already included, and I think you remember, the impact of our divestiture plans. And that took place in the first quarter of 2019. So we had published 5.12. And without that, the company leverage was approximately 5.97. And now it went down to 2.5x, so according to what we had planned. And we want to achieve a number below 2 in the long term.

另外，關於淨利潤，這對我們所有人來說都是一個非常重要的指標，就持續經營而言，2019 年我們虧損 21 億雷亞爾，獲利 120 萬雷亞爾。再一次，一個非常相關的結果，顯示我們走在正確的道路上。根據我們的財務紀律以及我們的槓桿率、淨槓桿率，我們可以看到——回到 2018 年，2018 年底，我們的槓桿率為 5.12，我們已經將其包括在內，我想你還記得，我們剝離計劃的影響。這發生在 2019 年第一季。所以我們發布了 5.12。如果沒有這一點，公司槓桿率約為 5.97。現在，根據我們的計劃，它下降到了 2.5 倍。從長遠來看，我們希望實現低於 2 的數字。

And I think you already saw that we also have a new material fact today. And our -- my colleague is going to talk about that later on, Mr. Moura. But when we consider once again the number of 2.5 in net leverage reduction, we had that impact of BRL 884 million coming from tax-related proceedings. So we expect to see also improvement regarding of our EBITDA out of BRL 4.4 million. So for 2020, we expect to continue with our debt leverage process.

我想你已經看到我們今天還有一個新的重要事實。莫拉先生，我的同事稍後將討論這個問題。但當我們再次考慮淨槓桿率減少 2.5 倍時，我們發現稅務相關訴訟產生了 8.84 億雷亞爾的影響。因此，我們預計 EBITDA 也將有所改善，達到 440 萬雷亞爾。因此，2020 年，我們預計將繼續實施債務槓桿流程。

On the next slide, it's also very important for us, and as I have said before a lot on our BRF Day, it's a priority for our company. And I don't believe there might be any other successful company with results above the average, with high performance, without a culture that is very strong. So along 2019, we have launched BRF Essence, and we work in a very effective way to build a culture in the company, building a strong culture that is based on our commitments and in our values.

在下一張投影片中，這對我們也非常重要，正如我之前在 BRF 日多次說過的那樣，這是我們公司的首要任務。我相信，如果沒有強大的文化，可能沒有其他成功的公司能夠取得高於平均水準的業績、高績效。因此，在 2019 年，我們推出了 BRF Essence，我們以非常有效的方式在公司內建立一種文化，建立一種基於我們的承諾和價值觀的強大文化。

Along 2019, already as an effect of the work that we have been conducting internally, we have had a significant reduction of our turnover by about 7% and in leadership of a reduction of 50%, which provides the stability and continuity of our management so that we may make long-term decisions respecting the long chain that we are managing. So we are seeking to align with many initiatives, with training and preparing our succession plan too.

2019 年，由於我們內部進行的工作，我們的營業額大幅減少了約 7%，領導層營業額減少了 50%，這為我們的管理提供了穩定性和連續性，因此我們可以做出尊重我們正在管理的長鏈的長期決策。因此，我們正在尋求與許多舉措、培訓和準備我們的繼任計劃保持一致。

Also, as a consequence of that, we have had and have conducted an internal engagement survey following an international methodology with more than 38,000 responders where we have reached more than 90% engagement in the company, which is a very positive result. And in some items of the survey, we evolved 14 points, which is really a landmark. And it's outstanding, all the evolution that we could track along 2019, which makes us only stronger and more confident to deliver our performance in 2020.

此外，我們已經按照國際方法對超過 38,000 名受訪者進行了內部敬業度調查，公司的敬業度達到了 90% 以上，這是一個非常積極的結果。而且在調查的一些項目中，我們進化了14個點，這確實是一個里程碑。2019 年我們可以追蹤到的所有發展都是非常出色的，這使我們更加強大、更有信心在 2020 年實現我們的業績。

Also, I'm very proud to say that we have gone back to -- we are again included in ISE B3 index. We are the only food company that is part of the ISE B3 index. And this shows our commitment with sustainability, with corporate sustainability at all spheres of the company. So we are very proud of that, really honored to have gone back to this index.

另外，我非常自豪地說，我們已經回到了——我們再次被納入 ISE B3 指數。我們是唯一一家入選 ISE B3 指數的食品公司。這顯示了我們對永續發展以及公司各個領域的企業永續發展的承諾。所以我們對此感到非常自豪，非常榮幸能夠回到這個指數。

Along 2019, we have also worked on innovation. We launched more than 120 SKUs globally. And in the first quarter, we already have many launches. And in March, you will hear, Sidney is going to mention in his presentation, you'll hear about new products, new categories that we're going to launch in the market to meet the needs of our clients and customers.

2019年，我們也致力於創新。我們在全球推出了 120 多個 SKU。在第一季度，我們已經推出了許多產品。三月份，你會聽到，西德尼將在他的演講中提到，你會聽到我們將在市場上推出的新產品、新類別，以滿足我們客戶和消費者的需求。

We have also worked and defined for the company as a whole a strategy and an execution of operational and logistics excellence, reducing losses, efficiency in the supply chain. We are completing the rollout of our SEO and our +Excellence program in all our plants and distribution centers that have supported us and have made it possible for us to have new licenses for exports during the year. All these programs are effective. They follow methodologies and pillars, and they are broken down for the company as a whole. And they assure consistent and effective management of all these processes.

我們也為整個公司製定了策略並執行卓越的營運和物流，減少損失，提高供應鏈的效率。我們正在所有工廠和配送中心完成 SEO 和 +Excellence 計劃的推出，這些計劃為我們提供了支持，並使我們能夠在今年獲得新的出口許可證。所有這些計劃都是有效的。它們遵循方法論和支柱，並針對整個公司進行細分。它們確保對所有這些流程進行一致且有效的管理。

Now going to Page #7. I would like to mention a few highlights and continuing what we've been talking about growth. In 2019, we opened a new distribution center in Londrina in the state of Paraná in Brazil, which is going to provide great efficiency in distribution for us, especially in the state of Mato Grosso do Sul, São Paulo and Paraná. And we have also announced late last year, the new processing plant in Saudi Arabia. And we have recently resumed the production of margarines in our Uberlândia production plant with a capacity of 120,000 tons per year. And we'll be manufacturing Qualy, but not only -- all other brands that we have, catering not just to the retail market, but also for the services market.

現在轉到第 7 頁。我想提幾個亮點並繼續我們一直在談論的成長。2019年，我們在巴西巴拉那州隆德里納開設了一個新的配送中心，這將為我們提供極高的配送效率，特別是在南馬托格羅索州、聖保羅和巴拉那州。去年年底，我們也宣佈在沙烏地阿拉伯設立新的加工廠。我們最近恢復了烏貝蘭迪亞工廠的人造奶油生產，年產能為 12 萬噸。我們將生產 Qualy，但不僅限於我們擁有的所有其他品牌，不僅滿足零售市場，還滿足服務市場。

We are still investing on our digital transformation, and we believe that all this work is essential for the company to grow and for us to have the ideal and appropriate management with many tools. And even considering Industry 4.0, the SEO of human resources, compliance and all other areas, there is a whole work of transformation that has been led by Alessandro Bonorino and the IT team.

我們仍在對數位轉型進行投資，我們相信所有這些工作對於公司的發展以及我們透過許多工具實現理想和適當的管理至關重要。即使考慮到工業 4.0、人力資源 SEO、合規性和所有其他領域，Alessandro Bonorino 和 IT 團隊也領導了整個轉型工作。

Also in terms of innovation, which is one of the priorities for this year, there have been internal initiatives. Also, working on BRF Hub with start-ups that seek processes, product, initiatives that are innovative, and we will be launching along this year. And our objective, as I said before, is that innovation will produce at least -- will account for at least 10% of our revenues in the future years.

此外，在今年的優先事項之一的創新方面，也出現了內部舉措。此外，我們還將與尋求創新流程、產品和舉措的新創公司在 BRF Hub 上合作，我們將於今年推出。正如我之前所說，我們的目標是創新將至少占我們未來幾年收入的至少 10%。

Now going to Slide #8. I'll be talking about grains and prices, drawing a scenario of the industry. But the highlight is that for 2020, what we expect, undoubtedly, is a year with great volatility and lots of uncertainty. And I'm going to go through everything. But now with regards to the prices of soybean and corn, and especially corn, which is one of our main inputs, the main input in our industry, 2019 was the year with price stability especially in the third or fourth quarters of last year. And then there has been a significant increase, as you can see, of almost 35% until the first quarter of this year -- until the current prices.

現在轉到投影片 #8。我將談論穀物和價格，繪製一個行業場景。但重點是，對於2020年，我們的預期無疑是波動性大、不確定性很大的一年。我將經歷一切。但現在就大豆和玉米的價格來說，特別是玉米作為我們的主要投資之一，我們這個行業的主要投入，2019年是價格穩定的一年，特別是去年三季、四季。然後，正如您所看到的，直到今年第一季為止，直到目前的價格，增幅幾乎達到 35%。

What I can say is that the company is monitoring closely these prices because this is very important to us. And as I said before, it's very important for us to manage this input, something that is essential for us. We do not speculate. And we want to manage it so as to have better working capital in order to assure the correct and the best supply of our production. And in this manner, we have built a very solid foundation along 2019, so that the cost and inventory in the turn from 2019 to '20, including the first quarter of 2020 and a little bit of the second quarter of 2022, so that we have very favorable conditions.

我可以說的是，公司正在密切關注這些價格，因為這對我們來說非常重要。正如我之前所說，管理這些輸入對我們來說非常重要，這對我們來說至關重要。我們不推測。我們希望對其進行管理，以便擁有更好的營運資金，以確保我們的產品的正確和最佳供應。透過這種方式，我們在2019年打下了非常堅實的基礎，使得2019年到20年的成本和庫存，包括2020年第一季和2022年第二季的一點點，這樣我們擁有非常有利的條件。

Now talking a little bit about the future. I think that 2020 is a year that we will be monitoring as usual. We are expecting volumes in terms of exports that is lower than what happened in 2019. So we are expecting a drop of almost -- from 42 million tons to 31 million tons, and the Brazilian crop remaining at the same levels of 100 million tons. And as we have seen, as an effect of likely lower exports during the year, the results that were published yesterday, comparing the February exports, comparing to the year before, with a reduction of 78%.

現在談談未來。我認為2020年是我們將像往常一樣監控的一年。我們預計出口量將低於 2019 年。因此，我們預計巴西產量將幾乎從 4,200 萬噸下降到 3,100 萬噸，而巴西產量仍保持在 1 億噸的相同水準。正如我們所看到的，由於年內出口可能下降，昨天公佈的結果顯示，2 月出口與去年同期相比減少了 78%。

Well, we'll be monitoring that, but we believe that, yes, there will be a lot of volatility. The company is structured to make the most of the times of volatility of making the most of appropriate prices not just in Brazil, but in the different regions of Brazil, as we are doing. We want to build a hedge, but we have the capacity of having good supply in different regions.

好吧，我們將對此進行監控，但我們相信，是的，將會出現很大的波動。該公司的結構是為了充分利用波動時期，不僅在巴西，而且在巴西的不同地區，充分利用適當的價格，就像我們正在做的那樣。我們想要建立一個對沖，但我們有能力在不同地區擁有良好的供應。

And as for the price of proteins internationally, and we know that, that also has an impact in Brazil, what we saw is that there was an increase, particularly for pork and a lower increase in the price of chicken. But we also saw an increase in the price of corn in the last quarter, but there was also a price recovery starting also this year, in January, February, according to market information. So considering that corn is our major input and all the other commodities, what we see is that we will have to then pass on these costs to our final products.

至於國際上的蛋白質價格，我們知道這對巴西也有影響，我們看到的是價格上漲，特別是豬肉價格上漲，而雞肉價格上漲幅度較小。但我們也看到上個季度玉米價格有所上漲，但根據市場訊息，今年一月、二月也開始出現價格回升。因此，考慮到玉米是我們的主要投入和所有其他商品，我們看到的是我們必須將這些成本轉嫁給我們的最終產品。

As for next slide, Slide #9. I'd like to highlight some of the facts that we have to date. I'm talking about the African swine fever. So on the left-hand side, when we see the impact on pork, sows and the sires, what we see is a significant drop. And I'd like to kindly ask that you please observe that because I'm going to comment on that later on. But we see a 50% decrease in the number of the pork, sows and the sires. And even more recent information we obtained regarding the number of these animals for production, the sows do not really generate many piglets. So we may see a decreased number of sires.

至於下一張投影片，投影片 #9。我想強調一下我們迄今為止所掌握的一些事實。我說的是非洲豬瘟。因此，在左側，當我們看到對豬肉、母豬和公豬的影響時，我們看到的是顯著下降。我想請您注意這一點，因為我稍後將對此發表評論。但我們發現豬肉、母豬和公豬的數量減少了 50%。即使我們最近獲得了有關這些用於生產的動物數量的信息，母豬實際上並沒有產生很多仔豬。因此，我們可能會看到公牛數量減少。

So we are at the level you can see on the chart. And this is not going to be resolved in 2020. We are not going to see a solution in 2020. So we will not see production at the previous levels. So what may happen is that during the year, we may also have some other information that will enhance volatility. But here, we are considering the mid- and the long-term scenarios, and they are marked by this information we are sharing. On the right-hand side, we see a price increase in China, mainly because of decreased production.

所以我們處於圖表上可以看到的水平。而且這個問題到 2020 年也不會解決。2020 年我們不會看到解決方案。因此，我們不會看到以前水準的產量。因此，今年可能發生的情況是，我們可能還會獲得一些其他信息，這些信息會加劇波動性。但在這裡，我們正在考慮中長期情景，它們以我們共享的資訊為標誌。在右側，我們看到中國的價格上漲，主要是因為產量減少。

As for our next slide, and this is more updated information regarding coronavirus and the avian flu. So let me start talking about coronavirus. I'd like to make clear that to date, we did not have any impact on our exportations based on coronavirus. We have a long-term relationship with carriers, logistics companies, and we also have teams at these countries, and that actually allows us to fulfill the contracts and also in the prioritization of all these goods. So today, we have seen no impact of these 2 issues, but we are monitoring the progress of what's going on, particularly regarding coronavirus and also the future impact. But we know that there is still a lot of uncertainties, but we are closely monitoring that.

至於我們的下一張幻燈片，這是有關冠狀病毒和禽流感的更多最新資訊。那麼讓我開始談論冠狀病毒。我想澄清的是，迄今為止，我們的出口並未因冠狀病毒而受到任何影響。我們與承運商、物流公司有著長期的合作關係，我們在這些國家也有團隊，這實際上使我們能夠履行合約並優先處理所有這些貨物。所以今天，我們沒有看到這兩個問題的影響，但我們正在監測正在發生的事情的進展，特別是關於冠狀病毒以及未來的影響。但我們知道仍然存在許多不確定性，但我們正在密切關注。

On the right-hand side, we address the avian flu. So we have had confirmed cases. We have also seen that many animals had to be slaughtered in Asia, in the Middle East and in Europe. And in Europe, even in Poland, which is the largest chicken producer in that region, so we are also monitoring for that. And we know that, that may lead to an increased demand for Brazilian products.

在右側，我們討論禽流感。所以我們已經有確診病例了。我們也看到，在亞洲、中東和歐洲，許多動物必須被屠宰。在歐洲，甚至在波蘭，它是該地區最大的雞肉生產國，因此我們也正在對此進行監測。我們知道，這可能會導致對巴西產品的需求增加。

As for my final slide, I'd like to share this balance and invite you to think it over. So I'm talking about China. So what we see from 2018 to 2019, we saw an increased consumption of beef, also of chicken, and that was actually met by importing this meat. And we also had a decrease in the pork consumption because of domestic production, mainly because of the ASF. So these data indicate a decreased consumption by 10,000 tons. But has consumption really dropped by 10,000 tons or was that replaced something else by carbohydrates or by some other type of proteins?

至於我的最後一張投影片，我想分享這種平衡並邀請您仔細考慮。所以我說的是中國。因此，從 2018 年到 2019 年，我們看到牛肉和雞肉的消費量增加，而這實際上是透過進口這種肉類來滿足的。由於國內生產，我們的豬肉消費也有所減少，這主要是因為非洲豬瘟。所以這些數據顯示消費量減少了1萬噸。但消費量真的減少了 10,000 噸嗎？

On the right-hand side, what we see is that production dropped by 12,000 tons based mainly on the drop in pork product production. So you can see that 12.1% change in production. Well, what we see is that this additional production of chicken does not offset for that. So imports were very important to China of all proteins, so for beef, chicken and pork, but not enough in order to meet that demand to offset the 10,000 tons. So for 2020, we did not see changes regarding that.

在右側，我們看到產量下降了12,000噸，主要是由於豬肉產品產量的下降。所以您可以看到產量變化了 12.1%。好吧，我們看到的是，雞肉的額外產量並不能抵消這一點。因此，進口對中國來說非常重要的所有蛋白質，包括牛肉、雞肉和豬肉，但不足以滿足抵消這 1 萬噸的需求。因此，對於 2020 年，我們沒有看到這方面的變化。

So if production is dropping 23% regarding pork, and as you saw previously, the number of animals dropped by 50% and that's because we see a decrease in the herds. So -- and we see that also this in -- this decrease in pork consumption. So for 2020, we will still see a decrease in production, and that's going to keep the gap and generate relevant demand. This is not going to change. There is nothing that can change that actually. We may have a less -- the strength may be lower, but the gap will still be there. And even if there is production in other countries, that's not going to be enough to meet China's demand.

因此，如果豬肉產量下降 23%，如您之前所見，動物數量下降 50%，這是因為我們看到牛群數量減少。所以——我們也看到了這一點——豬肉消費量的減少。因此，2020年，我們仍然會看到產量下降，這將保持缺口並產生相關需求。這不會改變。實際上沒有什麼可以改變這一點。我們可能會少一些，實力可能會低一些，但差距仍然存在。即使其他國家有產量，也不足以滿足中國的需求。

Another point I'd like to highlight is related to the consumption of wild animals that take place in China. Unfortunately, we do not have enough data in order to understand the size of this market. We know that there is the wildlife animal consumption, but we do not know exactly the size of that consumption. And also, with regard to that drop in 10,000 tons consumption, we do not know also if that -- part of that was replaced by the consumption of wild animals. But now with coronavirus, the Chinese government has recently banned wildlife trade. With that, we will see a decrease in the consumption of that type of meat.

我想強調的另一點與中國發生的野生動物消費有關。不幸的是，我們沒有足夠的數據來了解這個市場的規模。我們知道有野生動物消費，但我們不知道消費的確切規模。而且，關於1萬噸消費量的下降，我們也不知道其中一部分是否被野生動物的消費取代。但由於冠狀病毒的影響，中國政府最近禁止了野生動物貿易。這樣，我們將看到此類肉類的消費量減少。

What about the size of this market? It's uncertain because we do not have enough information that actually confirms the size of the market. We know that it's a relevant market. It's a part of that consumption from traditional protein may have been replaced by wildlife. But -- so once again, for 2020, our forecast is that we will still see decreased production. So we will have a deficit in production for meeting the market demand. We also have coronavirus impacting China. And we believe we will see an increased demand for frozen products, also branded products, quality products. We're also enhancing food safety. So this is something highly positive. And we are paying close attention to this motion that's going on in China.

這個市場的規模如何？這是不確定的，因為我們沒有足夠的資訊來實際確認市場的規模。我們知道這是一個相關市場。傳統蛋白質消耗的一部分可能已被野生動物所取代。但是，對於 2020 年，我們的預測仍然是產量下降。因此，我們將出現產量短缺以滿足市場需求的情況。冠狀病毒也影響中國。我們相信，我們將看到對冷凍產品、品牌產品、優質產品的需求增加。我們也加強食品安全。所以這是非常正面的事情。我們正在密切關注中國正在發生的這項動議。

So now in this manner, I close my part. Once again, I would like to express my -- to say thank you again to all our employees and contracted employees, suppliers, vendors and the Board of Directors that has always supported us. And I would like to reinforce that I am proud to deliver 2019 for all of us, for the whole team with a profit of BRL 1.2 billion.

現在我以這種方式結束我的部分。我想再次向一直支持我們的所有員工和合約工、供應商、銷售商和董事會表示感謝。我想強調的是，我很自豪能夠為我們所有人、整個團隊在 2019 年實現 12 億雷亞爾的利潤。

Now I would like to turn the conference over to Carlos Moura, and then I'll come back for the closing remarks.

現在我想把會議交給卡洛斯·莫拉，然後我會回來做閉幕詞。

Good morning, everyone. Thank you very much, Lorival. Now moving to Slide 13, please. Here, we would like to highlight that the company's performance is, in fact, at a new level. If we compare the volumes performed in Q4, we have already shown growth. Although in a comparison basis, in the fourth quarter of 2018, there was an effect that also occurred in 2018, and we see a drop of 1.5% in volumes as compared to 2019. We can see the quality of the volume, in fact, is much better.

大家早安。非常感謝你，洛里瓦爾。現在請轉到投影片 13。在這裡，我們想強調的是，公司的業績實際上已經達到了一個新的水平。如果我們比較第四季度的銷量，我們已經顯示出成長。儘管在比較的基礎上，2018 年第四季度，也出現了 2018 年的影響，我們看到銷量比 2019 年下降了 1.5%。我們可以看到，卷的質量，其實好很多。

And how this improvement is translated in net revenue? Our net revenue has grown 12.1% in the fourth quarter of 2019 vis-à-vis Q4 '18. So we have been monitoring this very closely. In a year, we have a high of 10.8% in net revenue. Once again, with the benefit of our competitive advantage, a positive diversification of our channels, regions and products that we offer with our strong brands as well as a better mix of channels, which is a prove -- a proof, sorry, that our strategy is right.

這種改善如何轉化為淨收入？與 2018 年第四季相比，2019 年第四季我們的淨收入成長了 12.1%。所以我們一直在非常密切地關注這一情況。一年來，我們的淨收入成長率高達 10.8%。再次，憑藉我們的競爭優勢，我們以強大的品牌提供通路、地區和產品的積極多元化，以及更好的通路組合，這證明了——抱歉，證明我們策略是對的。

Our gross profit and margin, and as you will be able to see along our presentation, are the main factors of growth. In Q4 '19, our gross profit was 51.1%, above the same period in the year before, reaching a gross margin of 25.5%. So this is clearly a new level. And this is for the whole year. And if we see the year numbers, we have grown 65.9%, reaching a margin of 24.1%. And this is, once again, a result -- this was driven by our net revenue, it's a result of good management of production costs.

正如您在我們的演示中看到的那樣，我們的毛利和利潤率是成長的主要因素。19年第四季，我們的毛利為51.1%，高於去年同期，毛利率達到25.5%。所以這顯然是一個新的水平。這是全年的。如果我們看一下年份數據，我們成長了 65.9%，利潤率達到 24.1%。這又是一個結果——這是由我們的淨收入驅動的，是對生產成本進行良好管理的結果。

Now going to Slide #14. As Lorival has mentioned before, you can see the evolution of our margins. The evolution of our margin, you can see that after the transition from the fourth quarter of 2018 to the first quarter of '19, we got at a level of 20% and now we are at 25%, which has proven to be sustainable. In addition to this being driven by revenue, there was a growth in COGS of 2.2 in the quarter, although we have a high in some items such as energy, personnel and freight. In the year, we had a high of just 1.8% in those costs, once again demonstrating how good our operational efficiency is.

現在轉到投影片#14。正如洛里瓦爾之前提到的，你可以看到我們的利潤率的演變。我們的利潤率的演變，你可以看到，從2018 年第四季過渡到19 年第一季後，我們的利潤率達到了20%，現在達到了25%，這已被證明是可持續的。除了營收的推動外，本季的 COGS 成長了 2.2，儘管我們在能源、人員和貨運等某些項目上表現較高。今年，我們的成本僅為 1.8%，再次證明了我們的營運效率有多高。

Adjusted EBITDA and the adjusted EBITDA margin demonstrates a strong correlation with the gross margin. If we compare the 2 curves, excluding tax effect, so we had a margin without tax in the fourth Q '18 of 7.5 -- 7.4% and we -- it evolved to 14.3% in Q4 '19. In absolute terms, this margin grew 114%. In the year, we had 7.4% of -- our margin went from 7.4% to 13.3%, and our adjusted EBITDA grew 98.2%.

調整後 EBITDA 和調整後 EBITDA 利潤率與毛利率有強烈的相關性。如果我們比較兩條曲線，排除稅務影響，那麼我們在 18 年第四季的不含稅利潤率為 7.5 - 7.4%，而在 19 年第四季度，這一數字演變為 14.3%。從絕對值來看，這一利潤率成長了 114%。這一年，我們的利潤率從 7.4% 上升到 13.3%，調整後的 EBITDA 成長了 98.2%。

Now going to the slide on our net income. The net income of our continued operations in Q4 has reached BRL 690 million with a net income in the year of BRL 1.213 billion. In addition to the gross margin, it's important to highlight that we have had highs or peaks in our expenses with sales, with marketing and reinforcing our channels according to our strategy, admin expenses and fees. We had some reviews in labor issues, but we managed it very well, and 2019 was a year where -- when we matured our program. And in 2020, we are going to continue working very intensely.

現在來看我們淨利的幻燈片。第四季持續經營淨利達6.9億雷亞爾，全年淨利12.13億雷亞爾。除了毛利率之外，重要的是要強調我們的銷售費用、行銷費用以及根據我們的策略、管理費用和費用加強我們的管道的費用都達到了高峰。我們對勞工問題進行了一些審查，但我們管理得很好，2019 年是我們的計劃成熟的一年。2020 年，我們將繼續緊鑼密鼓地工作。

As to our other operational expenses, we have balanced it out. And then in the fourth quarter 2018, when we compare, it's a much more linear number. And we took the initiative of showing our financial result in a more detailed way, to provide more visibility about this -- these numbers. These numbers had a high of 51% as a result of the effect of charges on liabilities, labor and contingent liabilities. And also, we booked the variation of the option that we have in the operation of Banvit against minority shareholders. This number is going to vary. It depends on the performance of the operation, whether it behaves positively or negatively, these numbers are going to change. So in terms of net income, we can see stability in spite of a high of the FX rate if we compare with the same period last year.

至於我們的其他營運費用，我們已經平衡了。然後在 2018 年第四季度，當我們進行比較時，這是一個更線性的數字。我們主動以更詳細的方式展示我們的財務結果，以提供更多關於這些數字的可見性。由於負債、勞動力和或有負債費用的影響，這些數字高達 51%。此外，我們也針對少數股東登記了我們在 Banvit 營運中所擁有的選擇權變更。這個數字將會有所不同。這取決於操作的性能，無論其表現是積極的還是消極的，這些數字都會發生變化。因此，就淨利潤而言，儘管匯率較高，但與去年同期相比，我們可以看到穩定。

Now moving on to our corporate net income. On the right-hand side, we can see a BRL 4.8 billion growth, reaching BRL 297 million. The company also had, in 2019, a tax loss that generated tax credits, but we have been able to demonstrate a capacity of realizing our tax credits a long time.

現在轉向我們的企業淨利。在右側，我們可以看到成長了 48 億雷亞爾，達到 2.97 億雷亞爾。該公司在 2019 年也出現了產生稅收抵免的稅收損失，但我們長期以來一直能夠證明實現稅收抵免的能力。

On Slide 16, you can see our debt and the evolution of the debt. Lorival has shown how much we have evolved in this area. Our leverage has been dropping with -- as a trend. In Q4 '19, [before the effects] 4.3, our net debt was BRL 13.269 billion with a leverage according to the criteria that we mentioned before of 2.5x for the last 12 months.

在投影片 16 上，您可以看到我們的債務以及債務的演變。洛里瓦爾展示了我們在這一領域的進步。我們的槓桿率一直在下降，這是一種趨勢。在 19 年第 4 季度，[影響之前] 4.3，我們的淨債務為 132.69 億雷亞爾，根據我們之前提到的標準，過去 12 個月的槓桿率為 2.5 倍。

On the right-hand side at the top, you can see our gross debt. It has dropped substantially, and the company has directed its generation of operating cash to support and invest in the business and also to optimize our gross debt and to reduce its size. Our balance between currencies is 59%, other currencies for foreign currencies, and 41% in dollar. And 69% of our debt is the capitals market.

在頂部右側，您可以看到我們的總債務。它已大幅下降，公司已將其產生的營運現金用於支持和投資業務，並優化我們的總債務並縮小其規模。我們的貨幣餘額是59%，其他貨幣為外幣，41%為美元。我們69%的債務來自資本市場。

Another very important thing, an accomplishment in 2019, was a debt schedule that is much better for the company, much smoother, with an average time of 4.6 years. And now the liquidity bar is more -- is better for us with a very cautionary administration of cash. We have BRL 7 billion extended cash. BRL 1.5 billion refer to our revolving credit facility that we hired at the end of last year.

另一件非常重要的事情，也是2019年的成就，是債務時間表對公司來說更好、更順利，平均時間為4.6年。現在，流動性門檻更高了，對我們來說，現金管理非常謹慎，這對我們來說更好。我們擁有 70 億雷亞爾的延期現金。15 億雷亞爾是指我們去年年底聘用的循環信貸額度。

Now moving to Slide #17. I would like to reinforce something that Lorival said about financial discipline. Our long-term view for the financial discipline is to operate between 1.5 to 2x EBITDA for the last 12 months. The numbers for 2019 showed a strong evolution of our operating cash flow. I mentioned BRL 4.7 million, but this is 204% compared to the same period in the year before.

現在轉到投影片 #17。我想重申洛里瓦爾關於財務紀律的說法。我們對財務紀律的長期看法是在過去 12 個月內實現 1.5 至 2 倍 EBITDA 的營運。2019 年的數據顯示我們的經營現金流發生了強勁的變化。我提到了 470 萬雷亞爾，但與去年同期相比，這是 204%。

The growth of BRL 1.9 billion, once again, as said before in many different projects, the company will evolve in this area as an evidence of our confidence in the business in Brazil, with a free cash generation of BRL 2.9 billion and including BRL 1.1 billion of divestment, a prepayment that we made more intensely between Q3 and Q4 2019, about BRL 2.1 billion with our local banks, and this is going to reduce the cost of debt in BRLs. Obviously, a strong evolution of our financial cycle. Our average financial cycle is about 28 days. We reduced it to 19 days as compared to 2018. So there has been an alignment in commercial areas, and we worked very hard to make this happen. And so there is a contribution or the team there is very intensely involved to deliver these results.

19 億雷亞爾的成長，正如先前在許多不同項目中所說的，公司將在這一領域不斷發展，以證明我們對巴西業務的信心，自由現金生成為29 億雷亞爾，其中包括1.1雷亞爾十億雷亞爾的撤資，我們在2019 年第三季和第四季期間更加密集地向當地銀行支付了約21 億雷亞爾的預付款，這將降低以雷亞爾為單位的債務成本。顯然，我們的金融週期正在強勁演變。我們的平均財務週期約為 28 天。與 2018 年相比，我們將其減少到 19 天。因此，商業領域已經達成一致，我們非常努力地實現這一目標。因此，有貢獻或團隊非常積極地參與以實現這些結果。

Finally, I would like to highlight the guidance and I have reinforced our long-term vision. And I would like to say that here, we have tax effects over the EBIT of the last 12 months in net debt -- or the indicator for 2019, I'm sorry. But we also have the effect of the high FX rate that has been proven true in the last 12 months, the effect of swine fever and coronavirus. And I would also like to highlight the material fact that we have just announced, we have expressed our net debt algorithm so that it is very clear to the market how the company has been measuring these effects.

最後，我想強調指導意見，並強化了我們的長期願景。我想說的是，我們對過去 12 個月的淨債務息稅前利潤（或 2019 年的指標）產生了稅收影響，抱歉。但我們也受到過去 12 個月中已被證明的高匯率的影響、豬瘟和冠狀病毒的影響。我還想強調一個重要事實，我們剛剛宣布，我們已經表達了我們的淨債務演算法，以便市場非常清楚公司如何衡量這些影響。

Now I would like to turn it over to Sidney Manzaro to talk about the Brazilian market. Thank you.

現在我想請 Sidney Manzaro 來談談巴西市場。謝謝。

Good morning, everyone. Once again, it's a great pleasure to be here talking to you and talking about the Brazilian market.

大家早安。很高興在這裡再次與您交談並談論巴西市場。

So following the positive results achieved, as mentioned by Lorival and Carlos, so our strategy was very successful. A package of initiatives that were implemented at the end of2018, and we realized that in 2019. And with that, we achieved our gross margin target.

因此，正如洛里瓦爾和卡洛斯所提到的，隨著所取得的積極成果，我們的策略非常成功。2018 年底實施的一攬子舉措，我們在 2019 年實現了這一點。這樣，我們就達成了毛利率目標。

I'd like to highlight also that we have improved our strategy, commercially speaking. We have also improved our product mix with increased demand for more profitable products, and we have also improved on our sales channels. So food service is also increasing compared to 2018. We also have the smaller retailers. We have now 237,000 customers in Q4, so an increase by 5,000 customers compared to 2018.

我也想強調，從商業角度來看，我們已經改進了我們的策略。隨著對利潤更高的產品的需求增加，我們也改進了我們的產品組合，並且我們也改進了我們的銷售管道。因此，與 2018 年相比，餐飲服務也在增加。我們也有較小的零售商。第四季我們目前有 237,000 名客戶，比 2018 年增加了 5,000 名客戶。

We also had improvements on the mix considering the different regions. So now São Paulo has resumed growth compared to 2018 but that was also supported by improving logistics efficiency. Lorival has already talked about our new distribution center in Londrina, and they have also improved our production. So our gross margin now achieved the target established for that year. And in the fourth quarter, it achieved 27.2%, the best margin for 2019.

考慮到不同地區，我們也對組合進行了改進。因此，與 2018 年相比，現在聖保羅已經恢復成長，但這也得益於物流效率的提升。Lorival 已經談到了我們在隆德里納的新配送中心，他們也改進了我們的生產。所以我們的毛利率現在已經達到了當年設定的目標。第四季實現了27.2%，為2019年最好的利潤率。

We also saw a repositioning of our prices, and we saw an average price increase of 11.2%, so above cost, so supporting the margin growth, but also considering the product mix, sales channels that also pulled prices up. And that was also supported by better operating strategy.

我們也對價格進行了重新定位，平均價格上漲了 11.2%，高於成本，因此支持了利潤增長，但也考慮到產品組合和銷售管道也拉高了價格。這也得到了更好的營運策略的支持。

I'd like also to highlight our work on innovation. So last year, we resumed our goal in really becoming strong in innovation. So we have launched more than 90 items in 2019, and they have also built a very important pipeline for 2020 and 2021. You have already seen the launch of new products so the -- and we are going to keep this pipeline strong.

我還想強調我們在創新方面的工作。所以去年我們又恢復了真正做強創新的目標。所以我們在2019年推出了90多個項目，他們也為2020年和2021年建立了非常重要的管道。您已經看到了新產品的推出，因此我們將保持這個管道的強大。

And finally, for the last quarter of 2019, we had a commemorative campaign. And the campaign was conducted with excellence. We saw an increase in volume and customers. That was the best performance since 2015 with zero balance.

最後，在 2019 年最後一個季度，我們舉辦了一場紀念活動。此次活動的開展非常出色。我們看到數量和客戶的增加。這是自 2015 年以來最好的零餘額表現。

Now moving to Page 20 and going over the numbers. Here, we see a revenue increase -- a net revenue increased by 7.3% comparing 2019 to 2018. As for volume, we see a decrease, a slight decrease, particularly regarding in natura products. So in 2018, we had surplus inventory. And then we implemented many initiatives in order to really drop that inventory level, and that led our prices and margins to undesirable numbers. But in 2019, we repositioned the prices, but in natura segment was the one that suffered the highest impact.

現在翻到第 20 頁並回顧這些數字。在這裡，我們看到收入成長——與 2018 年相比，淨收入成長了 7.3%。至於銷量，我們看到了下降，略有下降，特別是在天然產品方面。所以2018年我們的庫存是過剩的。然後我們實施了許多舉措，以真正降低庫存水平，這導致我們的價格和利潤達到不理想的數字。但在2019年，我們重新定位了價格，但自然細分市場受到的影響最大。

But on the other hand, we also saw an increase with regard to profitability. So not only have we repositioned prices, but we have also launched innovative products. So we have now launched many SKUs, so adding value to our portfolio and, thus, increased profitability.

但另一方面，我們也看到了獲利能力的成長。因此，我們不僅重新定位了價格，而且還推出了創新產品。因此，我們現在推出了許多 SKU，從而為我們的產品組合增加了價值，從而提高了盈利能力。

As for processed products and spreads, we also led the price increase. That also had a high-impact on self-service. So when we increased prices slightly above what was expected, we obviously see decreased demand by major retailers, and we also see the competition then working hard. And that's what happened in the first 6 months, in which we saw also impact on self-service. But for the second half of the year, we also saw a progress in that. And when we consider the largest portion or the major part of our work, we saw an increase and the preference for our brands.

至於加工品和價差，我們也帶動了價格上漲。這也對自助服務產生了很大影響。因此，當我們將價格略高於預期時，我們顯然會看到主要零售商的需求下降，我們也看到競爭激烈。這就是前 6 個月發生的情況，我們也看到了對自助服務的影響。但到了下半年，我們也看到了這方面的進展。當我們考慮我們工作的最大部分或主要部分時，我們看到了對我們品牌的增加和偏好。

So you can see the last chart, gross profit. Well, the margin increased to 27.2% out of 20.9%. And consolidated, we increased from 20.3% to 25%, which was our target. As for adjusted EBITDA, that's more relevant, we increased from 7% to -- 7.8% to 12.2%.

所以你可以看到最後一張圖表，毛利。嗯，利潤率從 20.9% 增加到 27.2%。合併後，我們從 20.3% 增加到 25%，這是我們的目標。至於調整後的 EBITDA，這更相關，我們從 7% 增加到 7.8% 到 12.2%。

So next slide, you can also see the progress and how consistent the numbers are. So here, we have a gross margin and systematic increase, so we have repositioned prices in the first half of the year. And then we saw consistent numbers, always achieving the 25%. And as for EBITDA, we also see progressive increase. So when we compare the fourth Q of 2018, when we -- in which we also had the same campaigns, but we had that number going from 7% to 14% in the fourth quarter of 2019.

因此，在下一張投影片中，您還可以看到進度以及數字的一致性。所以在這裡，我們有毛利率和系統性的成長，所以我們在上半年重新定位了價格。然後我們看到了一致的數字，總是達到 25%。至於 EBITDA，我們也看到逐步成長。因此，當我們比較 2018 年第四季時，我們也進行了相同的活動，但該數字在 2019 年第四季從 7% 增加到了 14%。

Page 22, in the cash and self-services, where we had more of that cost transfer. So this is also the channel that's more sensitive and that suffer highest impact. And that's why we saw some decreased participation, but now we see a slight recovery. So for Margarines, in which the price repositioning had no impact, we did not lose any market share For Franks & Sausages, what we see is that we have also now recovered. As for Frozen Meals, we see that we are now at a flat level. And for food service, for Cold Cuts, you see that we had the lowest decrease.

第 22 頁，在現金和自助服務方面，我們有更多的成本轉移。所以這也是比較敏感、影響最大的管道。這就是為什麼我們看到參與度有所下降，但現在我們看到了輕微的復甦。因此，對於價格重新定位沒有影響的人造奶油，我們沒有失去任何市場份額。至於冷凍食品，我們看到現在處於持平水平。對於食品服務和冷盤，您會看到我們的降幅最低。

And finally, just to close, I'd like to highlight the work on our brands. So we have been working in order to reposition our brands. So the value proposition for Sadia, The more you know, the better Sadia gets. So we achieved a 27.6% preference, so 2 percentage points above the first month. So Perdigão, with the value proposition of Shared meals taste like Perdigão, once again increased by 2 percentage points. And Qualy, we see a 51.4% of preference, very significant in spreads.

最後，作為結束語，我想強調我們品牌的工作。因此，我們一直在努力重新定位我們的品牌。因此，薩迪亞的價值主張是，你知道的越多，薩迪亞就越好。因此，我們獲得了 27.6% 的偏好，比第一個月高出 2 個百分點。因此，Perdigão 憑藉共享餐食味道像 Perdigão 的價值主張，再次增加了 2 個百分點。而 Qualy，我們看到 51.4% 的偏好，價差非常顯著。

And so before turning the conference over to Patrício, I would like to highlight that the set of initiatives that we have taken to improve our operational efficiency and our sales has driven us to evolve significantly. And together, with better cost control, as Carlos Moura said, and higher efficiency of our expenses, which has contributed for Brazil to have the most robust margins and has driven us to have, again in Brazil, the recovery of a sustainable commercial relationship that prepares us to evolve more consistently, always with financial discipline of our gross margins.

因此，在將會議交給帕特里西奧之前，我想強調一下，我們為提高營運效率和銷售而採取的一系列舉措推動了我們的顯著發展。正如卡洛斯·莫拉所說，透過更好的成本控制和更高的支出效率，這有助於巴西擁有最強勁的利潤率，並促使我們再次在巴西恢復可持續的商業關係，使我們能夠更一致地發展，並始終遵守毛利率的財務紀律。

That's it. Patrício, now the conference -- you should take over the floor.

就是這樣。帕特里西奧，現在會議開始了——你應該接管發言權。

So thank you. I'm Patrício, I'm very happy to share with you our internationals of 2019, especially to show on Page 25 that we are delivering the international diversification and profitability that have favored the evolution of results.

所以謝謝你。我是帕特里西奧，我很高興與您分享我們 2019 年的國際業務，特別是在第 25 頁上表明，我們正在實現國際多元化和盈利能力，這有利於結果的演變。

When we see on the next slide, you see that Halal accounted for 48% of EBITDA in international market and other markets accounted for 52%, which doesn't mean that other markets have grown as compared to Halal. Halal has grown 34% year-on-year, so -- which is an evidence of the diversification. And we worked intensively on contingency plans and we're thinking of more pressure in the Halal region, which places us in a much better position than we used to have towards 3 or 4 years ago.

當我們看到下一張投影片時，您會看到清真食品佔國際市場 EBITDA 的 48％，其他市場佔 52％，這並不意味著其他市場與清真食品相比有所增長。清真食品年增了 34%，這是多元化的證據。我們集中精力製定應急計劃，我們正在考慮清真地區面臨的更大壓力，這使我們處於比三、四年前更好的境地。

So the main news were the licensing, 25 plants licensed in different markets with a highlight in China. Obviously, we have very big plants with a good product mix, which help a lot in allocating volumes in international markets.

主要新聞是授權，25 家工廠在不同市場獲得授權，其中以中國為重點。顯然，我們擁有非常大的工廠和良好的產品組合，這對在國際市場上分配產量有很大幫助。

In the Halal market, as I said before, it was a return of recovery of margins. We are going back to normal. But normality means to us volatility in a certain way. It's been 3 years that we have been having different news, both from Brazil and other markets such as Ukraine and others, with plants being closed down. And we have been able to implement contingency plans looking not just on the short term, but also with a strategic vision. And we also announced and made announcements in our strategic pillars. We announced plants. So we're replicating products in Abu Dhabi and Saudi, and so we are evolving with our factories.

在清真市場，正如我之前所說，這是利潤恢復的回報。我們正在恢復正常。但常態對我們來說意味著某種程度的波動。三年來，我們不斷收到來自巴西和烏克蘭等其他市場的不同消息，工廠關閉。我們不僅能夠實施短期的應急計劃，而且還具有戰略眼光。我們也在我們的策略支柱中宣布並發布了公告。我們宣布了植物。因此，我們正在阿布達比和沙烏地阿拉伯複製產品，因此我們正在與我們的工廠一起發展。

And in other international markets, we're driven by the African swine fever. We have also reached very good results in markets such as Japan, Chile, Mexico and even in Africa.

在其他國際市場，我們受到非洲豬瘟的推動。我們在日本、智利、墨西哥甚至非洲等市場也取得了很好的成績。

Now going to the numbers on Slide #26, you can see a stable volume for the total of the year, if we compare 2019 to 2018, especially because of the allocation of volumes that we made, especially considering the contingency plan should we hear any other news, whether positive or negative, such as, for example, the shutting down of factories. But in the last quarter, as you can see here, in spite of all the difficulties, we had a growth of 6.3% in volume.

現在看幻燈片#26 上的數字，如果我們將2019 年與2018 年進行比較，您可以看到全年總量穩定，特別是因為我們所做的捲分配，特別是考慮到我們應該聽到任何聲音的應急計劃其他消息，無論是積極的還是消極的，例如工廠關閉。但在上個季度，正如您所看到的，儘管面臨種種困難，我們的銷量仍增長了 6.3%。

And now going very briefly, trying to focus more on Halal in other markets, you can see an overall growth in all our numbers. And in EBITDA, the EBITDA in the last quarter had a growth of 185% in contrast, with -- or -- and also a 158% growth for the whole year. So we grew a lot and especially in the last quarter, which places us for a good start in 2020.

現在簡單來說，嘗試更專注於其他市場的清真食品，您可以看到我們所有數字的整體成長。而在 EBITDA 方面，上一季的 EBITDA 成長了 185%，而全年也成長了 158%。所以我們成長了很多，尤其是在上個季度，這為我們在 2020 年開了一個好頭。

Now going into more details about the Halal market. And though we don't have so much time, and I would like to mention some more specific issues. Profitability has been affected by the challenging scenario in some markets, but this was also offset by depreciation in FX rate. So we could keep our dollar prices at very high levels. When we look at the evolution in volumes, this 1.1%, suffered the impact, especially of Turkey in the last quarter because we could not export to Iraq, so in Turkey not just Banvit. So we had 0.6% drop quarter-on-quarter or comparing the last quarter of 2019 to the last quarter of 2018.

現在就詳細了解清真市場。雖然我們沒有那麼多時間，但我想提一些更具體的問題。獲利能力受到一些市場充滿挑戰的情況的影響，但這也被匯率貶值所抵消。因此我們可以將美元價格保持在非常高的水平。當我們觀察銷量的變化時，這 1.1% 受到了影響，尤其是上個季度的土耳其，因為我們無法向伊拉克出口，因此在土耳其，不僅僅是 Banvit。因此，與 2019 年最後一個季度相比，2019 年最後一個季度與 2018 年最後一個季度相比，我們的季度環比下降了 0.6%。

And in categories that are not really profitable, we saw this drop. So we have been able to put these products in Turkey and exports to other markets because of the positive scenario in some countries on the Gulf, and the African swine fever -- or the avian fever, rather. And I can't say much about 2020 yet, but we started the year in a much more positive way.

在並不是真正獲利的類別中，我們看到了這種下降。因此，由於海灣地區一些國家的積極情況以及非洲豬瘟（或更確切地說是禽流感），我們能夠將這些產品投放到土耳其並出口到其他市場。關於 2020 年，我還不能說太多，但我們以一種更積極的方式開始了這一年。

So when we look at the EBITDA and net income or gross profit, you can see an evolution if you compare 1 year to the other, a very positive evolution. In the last quarter, there are some positive and negative things internally. So we are talking about the prohibition in Saudi Arabia to export from our Abu Dhabi factory. There was a ban which made us expedite our partnership plans in the country to replicate products that we manufacture in Abu Dhabi for the Saudi market. And then there was an avenue of growth by building a local factory in the last quarter of the year, and we are evolving very well with our plans. We are 100% investing in the factory.

因此，當我們查看 EBITDA 和淨利潤或毛利時，如果將一年與另一年進行比較，您可以看到一種演變，這是一種非常積極的演變。上個季度，內部有一些正面和負面的事情。所以我們正在談論沙烏地阿拉伯禁止我們阿布達比工廠出口。由於一項禁令，我們加快了在該國的合作計劃，以便為沙烏地阿拉伯市場複製我們在阿布達比生產的產品。然後，我們在今年最後一個季度建立了一家當地工廠，這是一條成長途徑，我們的計劃發展得很好。我們100%投資工廠。

And there are some other positive indications. Some countries that position themselves and gain market, as for example Ukraine, were affected by the avian fever -- or the avian flu, rather. So we have created good supply in Saudi with products such as breast, that is something that is more used both by the consumer market and food services, and especially for local processing. So this is a very -- in this scenario, there are good things and bad things. So we don't see much of a negative points for next year because we have contingency plans that we implemented in 2019, and they worked at the right time.

還有其他一些正面的跡象。一些定位自己並贏得市場的國家，例如烏克蘭，受到了禽熱或禽流感的影響。因此，我們在沙烏地阿拉伯創造了良好的乳製品供應，這種產品更多地被消費市場和食品服務部門使用，特別是用於本地加工。所以這是一個非常--在這種情況下，有好的事情也有壞的事情。因此，我們認為明年不會有太多負面影響，因為我們在 2019 年實施了應急計劃，而且它們在正確的時間發揮了作用。

Now moving to our last slide, so that we have more time for questions. In other international markets, the news is that we were very fast in licensing factories and products and boarding. In less than 1 week after the factory had been licensed, we were shipping products to China and also in Latin America, Africa, Mexico especially. That made the results to be very positive and sustainable with higher volumes as much as possible, considering capacity. But you can see how the last quarter represents much more of the year as a percentage, so we're 17% versus 3% and comparing the 2 years. Same thing for revenue, when we look at the EBITDA, especially in the last chart here, a 1,000% growth -- or rather 1,600%. So in other international markets, a total EBITDA of BRL 1.2 billion in contrast with Halal of BRL 1.1 billion.

現在轉到最後一張投影片，以便我們有更多時間提問。在其他國際市場，有消息稱，我們在工廠、產品許可和寄宿方面的速度非常快。工廠獲得許可後不到 1 週，我們就將產品運往中國，尤其是拉丁美洲、非洲、墨西哥。考慮到產能，這使得結果非常積極且可持續，產量盡可能增加。但您可以看到最後一個季度在一年中所佔的百分比要大得多，因此我們將 17% 與 3% 進行比較，並將這兩年進行比較。收入也是如此，當我們查看 EBITDA 時，特別是在最後一張圖表中，增長了 1,000%，或者更確切地說是 1,600%。因此，在其他國際市場，EBITDA 總額為 12 億雷亞爾，而清真食品的 EBITDA 為 11 億雷亞爾。

And so this is what I wanted to say, how we have been able to implement this thing of migrating products to markets where there is more opportunity and not to lose the long-term strategic track that we are working to keep our leadership in the Halal markets and to expedite the growth, developing products, adding value in markets where we have good opportunities to develop brands with local teams and local production at the Asian markets and other markets in the second phase, which is Latin America.

這就是我想說的，我們如何能夠將產品轉移到有更多機會的市場，同時又不失去我們正在努力保持清真領先地位的長期戰略軌道。我們有很好的機會在亞洲市場和第二階段的其他市場（即拉丁美洲）與當地團隊和當地生產一起開發品牌。

Thank you all very much. And I think I will turn -- give the floor to Lorival for the closing remarks.

非常感謝大家。我想我現在請洛里瓦爾做總結發言。

Ladies and gentlemen, we will now start our Q&A session. (Operator Instructions) Our first question, Luca Cipiccia from Goldman Sachs.

女士們、先生們，我們現在開始問答環節。（操作員說明）我們的第一個問題是來自高盛的 Luca Cipiccia。

Lorival, I have one question. So can you please elaborate on what you already commented about the impact of coronavirus? If I got you right, you've explained that, so far, you do not see any changes, that the impact would actually be positive considering China's strategy for reducing the consumption of some other proteins. But I'd like to really understand where is the company focusing on? So where would you see direct or indirect impact, not only in China but also in some other markets?

洛里瓦爾，我有一個問題。那麼能否詳細說明一下您對冠狀病毒影響的評論？如果我沒理解錯的話，您已經解釋說，到目前為止，您沒有看到任何變化，考慮到中國減少其他一些蛋白質消費的策略，影響實際上是積極的。但我想真正了解公司的重點在哪裡？那麼，您會在哪些方面看到直接或間接的影響，不僅在中國，而且在其他一些市場？

So we saw that increased demand in 2019, but I want to ask you about how confident are you regarding this increased demand for 2020 not only in China but also international markets, particularly the first half of the year?

所以我們看到了2019年的需求增加，但我想問您，您對2020年不僅在中國而且在國際市場，特別是上半年的需求增加有多大信心？

Well, thank you, Luca. What I can share that regarding the impact of coronavirus in the supply, considering products we buy, import or anything we buy from China and also considering sales, it's true, we have not seen any relevant impact to date. Now the only -- actually, we did not see that on the last quarter of 2019 or in January or February of 2020. Our entire importation and exportation processes are taking place as usual. So obviously, we need to wait to see what's going to happen. But to date, we did not see any negative impact.

好吧，謝謝你，盧卡。我可以分享的是，關於冠狀病毒對供應的影響，考慮到我們購買、進口或從中國購買的任何產品以及銷售，確實，迄今為止我們還沒有看到任何相關影響。現在唯一的——實際上，我們在 2019 年最後一個季度或 2020 年 1 月或 2 月沒有看到這一點。我們的整個進出口流程都照常進行。顯然，我們需要等待，看看會發生什麼。但到目前為止，我們沒有看到任何負面影響。

And why are we confident regarding the supply and demand structure? Well, we do not know whether hog production is going to suffer any change in China, considering that the number of herds is now 50% of what it used to be. So I don't know whether that cycle has ended. Well, I know that, that will come to end eventually. And considering also the biology of animals, it's impossible to produce as much as you used to produce having just 50% of animals. So we need to understand that I don't think they're going to reach the same production levels they had before in 2020. To me, that's physically impossible.

為什麼我們對供需結構有信心？嗯，考慮到目前存欄量只有以前的50%，我們不知道中國的豬隻生產是否會受到任何變化。所以我不知道這個週期是否已經結束。好吧，我知道，這最終會結束。而且考慮到動物的生物學特性，不可能像以前只用 50% 的動物生產那麼多產品。因此，我們需要明白，我認為他們不會在 2020 年達到之前的生產水準。對我來說，這在物理上是不可能的。

And the second aspect regarding the ban that the Chinese government has in place now for wildlife trade. Well, we do not have any concrete information about the size of that market. But once you ban that, we -- what we see is a decrease in supply. And obviously, what you'll see is the decrease in the supply. So once you combine these 2 factors, so reduce the herds and also decrease supply or decrease consumption, what we will see is also scarcity of proteins, and that will lead to increased demand.

第二個面向是關於中國政府目前對野生動物貿易實施的禁令。嗯，我們沒有關於該市場規模的任何具體資訊。但一旦禁止，我們就會看到供應減少。顯然，你會看到供應量的減少。因此，一旦將這兩個因素結合起來，減少畜群並減少供應或減少消費，我們將看到蛋白質的稀缺，這將導致需求增加。

But how big is that going to be? I don't know, but we will need to manage that. So to me, that is a positive thing. It's an opportunity that we will see in 2020. Considering our capacity to meet the demand, the quality of our products, the good relationships we have with our customers from the retail, with retailers and food services, so that's why I have that optimistic view.

但那會有多大呢？我不知道，但我們需要解決這個問題。所以對我來說，這是一件正面的事情。這是我們將在 2020 年看到的機會。考慮到我們滿足需求的能力、我們產品的品質、我們與零售客戶、零售商和食品服務商之間的良好關係，這就是我持樂觀看法的原因。

Now, Lorival, do you see any risk of having bottlenecks, so to speak, when we think about supply or on delivery? Or what other factors could actually hamper this process? Do you have any backup plan, Lorival?

現在，Lorival，當我們考慮供應或交付時，您是否認為有瓶頸風險？或者還有哪些因素可能真正阻礙這個過程？洛里瓦爾，你有什麼後備計畫嗎？

Once again, Luca, things may change in the future if the scenario becomes more severe, if we see more lockdowns. We may obviously have some impairments considering, let's say, how you're going to move the goods. So let me call that the flow of containers. So as we export to these markets, let's say, if -- I'm just assuming, let's say if we have any impairment, those containers will be returned to the country that is exporting that. So what I can tell is that I feel very confident. I know that all countries and all governments are paying close attention to that in order to avoid any hurdles regarding commercial trade. So that's why I told you that, to me, I see that as an opportunity. And should any logistic restrictions come up, we need to really have solutions for that.

盧卡，如果情況變得更加嚴重，如果我們看到更多的封鎖，未來情況可能會改變。考慮到您將如何運輸貨物，我們顯然可能會遇到一些障礙。所以讓我稱之為容器流。因此，當我們向這些市場出口時，如果——我只是假設，如果我們有任何損害，這些貨櫃將被退回出口國。所以我可以說的是我感到非常有信心。我知道所有國家和政府都在密切關注這個問題，以避免商業貿易遇到任何障礙。所以這就是為什麼我告訴你，對我來說，我認為這是一個機會。如果出現任何物流限制，我們需要真正找到解決方案。

Our next question comes from Isabella Simonato from Bank of America.

我們的下一個問題來自美國銀行的 Isabella Simonato。

I have 2 fast questions to ask. First one about Brazil. Could you give us more details of your pricing strategy, especially for processed products considering the cost injuries that the industry as a whole has been dealing with? After the significant price increase that you had in 2020, do you think consumers can still take on price increases in this category? Or maybe the transfer of grain prices would be more through a product mix and channel mix rather than actual prices to consumers?

我有 2 個快速問題想問。第一個是關於巴西的。您能否向我們提供有關您的定價策略的更多詳細信息，特別是考慮到整個行業一直在應對的成本損害，對於加工產品？在2020年大幅漲價後，您認為消費者還能接受該品類的漲價嗎？或者，糧食價格的轉移可能更多地透過產品組合和管道組合，而不是向消費者提供的實際價格？

Secondly, the leverage. When we look at range versus what you reported in 2019, and there is a leverage that is higher year-on-year, could you just give us some more detail underlying the assumption regarding the foreign exchange rate? How do you get to that estimate of net debt over EBITDA?

其次，槓桿。當我們對比您在 2019 年報告的範圍時，發現槓桿率比去年同期更高，您能否為我們提供更多有關外匯匯率假設的細節？您如何估算淨債務除以 EBITDA 的比率？

So I'm going to answer your first question first. Oh, I'm going to ask Sidney to answer your first question, and then Carlos will answer the leverage question. But as a reminder, when we calculate leverage, take into account that a material fact, as I said in the beginning of the presentation, we do not expect a tax effect that will be relevant as we had in 2019 when we had a tax effect of BRL 884 million that favored leverage. So we should not consider that effect. But I'll turn the conference over to Carlos.

所以我先回答你的第一個問題。哦，我要請西德尼回答你的第一個問題，然後卡洛斯將回答槓桿問題。但提醒一下，當我們計算槓桿率時，請考慮到一個重要事實，正如我在演示開始時所說的那樣，我們預計稅收影響不會像 2019 年那樣相關，當時我們產生了稅收影響8.84 億雷亞爾支持槓桿。所以我們不應該考慮這種影響。但我會把會議交給卡洛斯。

Isabella, thank you for your question about Brazil. We have a goal or a target gross margin, and this drives our decisions. In terms of definition of prices, what we had to do in terms of correcting prices, we have already done that. Now there's a market analysis and segment analysis. And then this is related to what you said, is an impact of corn. So the impact of corn will be addressed.

伊莎貝拉，謝謝你關於巴西的問題。我們有一個目標或目標毛利率，這驅動我們的決策。在價格的定義方面，在糾正價格方面我們必須做的事情，我們已經做到了。現在有市場分析和細分分析。然後這與你所說的有關，是玉米的影響。因此，玉米的影響將得到解決。

Looking at the gross margin, that is passed through to the market if necessary. So we have a grain policy that is well structured in order to reduce our volatility in the market, but we will always be paying attention to that. There's an equation in prices that measures cost and also our market, our price positioning. And whenever this allocation permits, in terms of raw materials, considering market demand, whenever that is possible, we are going to pass that through. And looking into the future, we see prospects of increasing corn prices and the pass-through of prices in line -- and always looking at our gross margin strategies.

看看毛利率，如果有必要的話，它會傳遞給市場。因此，我們有一個結構良好的糧食政策，以減少市場波動，但我們將始終關注這一點。價格中有一個方程式可以衡量成本以及我們的市場和我們的價格定位。只要這種分配允許，在原料方面，考慮到市場需求，只要有可能，我們就會通過。展望未來，我們看到玉米價格上漲的前景和價格傳導的一致 - 並且始終關注我們的毛利率策略。

Isabella, this is Carlos answering now. Thank you for your question. Just complementing what Lorival said, I would like to highlight that the trajectory of our net debt, we'll observe strictly that band of 1.5x to 2x. This is where we are headed towards. This is our direction. This is what the company has been doing. This is not just words. We're not just saying it. We are going through a notable evolution of our gross debt and net debt, too.

伊莎貝拉，這是卡洛斯現在回答。謝謝你的提問。只是補充 Lorival 所說的，我想強調我們的淨債務軌跡，我們將嚴格遵守 1.5 倍到 2 倍的區間。這就是我們前進的方向。這是我們的方向。這就是該公司一直在做的事情。這不僅僅是言語。我們不只是說說而已。我們的總債務和淨債務也正在經歷顯著的演變。

And initially, we thought of having an FX rate band, thinking that the FX rate could fluctuate in January between BRL 4.20, BRL 4.30. However, as February evolved, we noted that it was impossible for us to forecast what would be the FX interval for us to calculate an estimate of net debt at the end of 2020. So we have taken out this price. Unfortunately, that had been marked, and we are not considering the FX effect or the exchange effect in information that we are giving to you.

最初，我們考慮設立一個外匯匯率區間，認為 1 月份外匯匯率可能會在 4.20 雷亞爾至 4.30 雷亞爾之間波動。然而，隨著 2 月的發展，我們注意到我們無法預測計算 2020 年底淨債務估計的外匯區間。所以我們就把這個價格拿出來了。不幸的是，這一點已被標記，並且我們沒有考慮我們向您提供的資訊中的外匯效應或匯率效應。

So what I mean is that we are subject to FX variation. Just last year, we had the benefit of BRL 330 million by the FX effect last year. You can imagine the effects we have had in January because of the evolution that FX went from BRL 4.03 to BRL 4.27 in 1 month. In addition, there is an effect of our tax gains. So the company has accumulated tax gains along 2018 and 2019 in order to form a reserve or value that can help us in the future, either in a reduction of the next burden of the company or a possible monetization.

所以我的意思是我們會受到外匯變化的影響。就在去年，我們因外匯效應獲得了 3.3 億雷亞爾的收益。您可以想像 1 月外匯匯率在 1 個月內從 4.03 巴西雷亞爾演變為 4.27 巴西雷亞爾所帶來的影響。此外，我們的稅收收益也有影響。因此，公司在2018年和2019年累積了稅收收益，以形成儲備或價值，可以在未來幫助我們，無論是減輕公司的下一個負擔，還是可能的貨幣化。

And therefore, when you do the math of the expected behavior in 2020, without that effect, we may also come to the conclusion that -- of that trajectory within that time interval. Of course, everything is going to depend on our generation of taxes during the period. And lastly, we have a growth agenda that we are recovering. We have already talked about our investments in Saudi Arabia. We have also said that we want to grow, increase our investments in many different segments in the company. So that once again, our growth agenda is a priority so that, that number is just in the past.

因此，當你計算 2020 年的預期行為時，如果沒有這種影響，我們也可能會得出這樣的結論：在該時間間隔內的軌跡。當然，一切都取決於我們在此期間產生的稅收。最後，我們有一個正在恢復的成長議程。我們已經討論過我們在沙烏地阿拉伯的投資。我們也說過，我們希望發展壯大，增加對公司許多不同部門的投資。因此，我們的成長議程再次成為優先事項，因此，這個數字已經成為過去。

Our next question comes from Lucas Ferreira from JPMorgan.

我們的下一個問題來自摩根大通的盧卡斯費雷拉。

I'm going to have just one question. I would like to go back to corn. So if you expect a slightly higher FX effect, lower exports, what is your corn inventory today? How much bigger is it than usual? Are you working with risk management? Could you mention numbers? What's the price variation, spot prices? What do you see on the screen today? They have gone up a lot, especially in Mato Grosso. So no matter how much corn may drop over the next few weeks or months, what can we see in terms of impact in the company costs in -- and if you can see the impact on costs?

我只想問一個問題。我想回到玉米。因此，如果您預計匯率影響會略有上升，出口量會減少，那麼您今天的玉米庫存是多少？比平常大了多少？您從事風險管理工作嗎？你能提到數字嗎？現貨價格的價格變動是多少？今天你在螢幕上看到了什麼？他們已經上漲了很多，尤其是在馬托格羅索州。因此，無論未來幾週或幾個月玉米價格可能下跌多少，我們都能看到對公司成本的影響，以及您是否能看到對成本的影響？

Thank you for your question, Lucas. Your question is excellent, but I will not be able to answer them because, obviously, they're very strategic to us. So all I can say...

謝謝你的提問，盧卡斯。你的問題很好，但我無法回答它們，因為顯然它們對我們來說非常具有戰略意義。所以我只能說...

Can I ask another question then, Lorival?

那我可以再問一個問題嗎，洛里瓦爾？

Well, I'll answer part of it. Well, what I can tell you is that we have closed at a very favorable position. Once again, our financial capacity, our logistics, our storage capacity and our risk management have enabled us to have a quite favorable position, which provides us very safe conditions, especially for the first quarter. So once again, always with the strategy that this input is of utmost importance, and we are always working on the market, making the most of opportunities that come up not just in terms of prices, but also the proximity we have in the different regions and with farmers, too.

嗯，我來回答一部分吧。好吧，我可以告訴你的是，我們已經以非常有利的位置收盤了。我們的財務能力、物流、倉儲能力和風險管理再次使我們處於相當有利的地位，這為我們提供了非常安全的條件，特別是在第一季。因此，我們再次強調，這項投資至關重要，我們始終致力於市場，充分利用不僅在價格方面出現的機會，而且還充分利用我們在不同地區的鄰近性也與農民一起。

So we always want to work in the market buying at the right time. So we are very optimistic with that regard. We will be monitoring the prospects for production, again, is -- of the slowdown in prices, and we are likely to suffer the impact less than the market will suffer. And our average cost will be below or well below our -- the cost or raw cost.

因此，我們總是希望在正確的時間在市場上買入。所以我們對此非常樂觀。我們將再次監測價格放緩的生產前景，我們所遭受的影響可能小於市場所遭受的影響。我們的平均成本將低於或遠低於我們的成本或原材料成本。

Well, our next question comes from Thiago Duarte, BTG Pactual.

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

I have 3 questions, very quick 3 questions. First, can you tell us anything about this year's CapEx considering investments in Saudi Arabia, also maintenance? And Carlos also talked about growth, so can you please share a little a bit more about investment?

我有 3 個問題，很快就 3 個問題。首先，您能否告訴我們有關今年資本支出（考慮到沙烏地阿拉伯的投資以及維護）的任何情況？卡洛斯也談到了成長，那麼您能多分享一些關於投資的事情嗎？

My second question is to Sidney. Sidney, you have talked about an increase in number of customers, a very important growth. So can you please elaborate on that? And also comparing to numbers we had in previous years, I understand that there was a drop in number of customers in recent years and now you are starting to see a growth again. So do you think that, that number is going to grow even further in 2020?

我的第二個問題是問西德尼的。西德尼，您談到了客戶數量的增加，這是一個非常重要的成長。能詳細說明一下嗎？與前幾年的數量相比，我了解到近年來客戶數量有所下降，但現在又開始看到成長。那麼您認為 2020 年這個數字會進一步成長嗎？

And for Patrício, I have a question regarding margins. So when we go over this margin above 23%, considering that now you have a consolidation of markets, can you please tell us about margins in most relevant markets, Japan, China, Russia, more specifically, so that we understand how each market responds or is responding?

對於帕特里西奧，我有一個關於利潤的問題。因此，當我們的利潤率超過23% 時，考慮到現在市場已經整合，您能否告訴我們大多數相關市場（日本、中國、俄羅斯）的利潤率，更具體地說，以便我們了解每個市場的反應或正在回應？

Okay. Thiago, so let me start and having Carlos responding in the first part of your question.

好的。蒂亞戈，讓我開始，讓卡洛斯回答你問題的第一部分。

Well, Thiago, as for CapEx, as part of our growth strategy and considering selectivity, so I'm talking about stringent governance regarding CapEx and also our diligence. We don't have a guidance, so to speak, but it's approximately BRL 2.2 billion to BRL 2.5 billion. So that's investment for this year considering growth. Now let me turn it to Sidney.

蒂亞戈，至於資本支出，作為我們成長策略的一部分並考慮選擇性，所以我正在談論有關資本支出的嚴格治理以及我們的勤奮。可以這麼說，我們沒有指導意見，但大約是 22 億雷亞爾到 25 億雷亞爾。這就是考慮到成長的今年投資。現在讓我把它交給西德尼。

Thiago, I like your question. So if we were to compare number of customers and the best number we had in 2015, our direct customers, okay, sold directly by our sales reps. So today, we have achieved a number above 2015. In 2015, we had approximately 193,000 customers. Today, we have approximately 235,000. So I'm talking about a monthly average.

蒂亞戈，我喜歡你的問題。因此，如果我們要比較客戶數量和 2015 年我們擁有的最佳客戶數量，我們的直接客戶是由我們的銷售代表直接銷售的。所以今天，我們取得了超過 2015 年的成績。2015 年，我們約有 193,000 名客戶。今天，我們大約有 235,000 人。所以我說的是月平均值。

But if we think about the fourth quarter 2015, we had 215,000 to 217,000, so we have more customers. And in addition to that, in the P5A, we also have an accessibility strategy. So we are enhancing access to our customers. So today, we have different channels, sales channels. So for example, as far as distribution, we have partners. We have distributors that are our partners. So in the past, we had 5,000 customers that we're seeing by using this model. Today, it's above 15,000, so 15,000 customers more.

但如果我們考慮一下 2015 年第四季度，我們的客戶數量為 215,000 至 217,000，因此我們擁有更多客戶。除此之外，在 P5A 中，我們還有無障礙策略。因此，我們正在加強與客戶的接觸。所以今天，我們有不同的通路、銷售管道。例如，就分銷而言，我們有合作夥伴。我們的經銷商是我們的合作夥伴。過去，我們有 5,000 名客戶使用此模型。如今，該人數已超過 15,000，即增加了 15,000 名顧客。

And another modality is regarding marketplace, so supplementing our distribution. So that's what we call a fractional -- fractionated service, customers that we do not see directly. And we also have food service. Today, 2019 -- or the numbers for 2015, we have, compared to 2015, increased the revenue, increased the number of customers and increased the volume. And we have not only increased the direct basis, we have also increased 10,000 more customers using this indirect model. So we started doing this in 2019, and there's a lot to be done in the future considering different service modalities.

另一種方式是關於市場，從而補充我們的分銷。這就是我們所謂的碎片化服務，也就是我們無法直接看到的客戶。我們也提供餐飲服務。今天，2019 年——或者說 2015 年的數字，與 2015 年相比，我們增加了收入，增加了客戶數量，增加了銷量。我們不僅增加了直接基礎，還使用這種間接模式增加了 10,000 個客戶。所以我們從 2019 年開始這樣做，考慮到不同的服務模式，未來還有很多工作要做。

Our portfolio, considering retail and food service and direct service, we have 500,000 potential customers. And I'd say that our major challenge is the average volume for each customer. And we are focusing on that, considering our brands, our productivity, and then I see a lot of opportunities.

我們的產品組合，考慮到零售和食品服務以及直接服務，我們擁有 50 萬名潛在客戶。我想說，我們的主要挑戰是每個客戶的平均數量。我們專注於這一點，考慮我們的品牌、我們的生產力，然後我看到了許多機會。

Now well, should I answer now about the international market?" [asks Mr. Rohner]. All right. So the question was about margins of China, Japan and Russia. Obviously, I do not have an answer per market, that's not allowed. But I can tell you that the margins are at the same level of Africa, Latin America and European markets when we talk about percentages. Because we had the China demand, we also had the recovery of Japan. But when we compare to Africa and Latin America, we have many industrialized products. So the margins are very similar considering all markets, but we have increased the volume in Japan and in China. So I really do not -- cannot tell the number of margin per market. But I can tell you that we have more volume for these larger markets.

現在，我現在應該回答有關國際市場的問題嗎？好的。所以問題是關於中國、日本和俄羅斯的優勢。顯然，我沒有針對每個市場的答案，這是不被允許的。但我可以告訴你，當我們談論百分比時，利潤率與非洲、拉丁美洲和歐洲市場處於同一水平。因為我們有中國的需求，我們也有日本的復甦。但與非洲和拉丁美洲相比，我們有許多工業化產品。因此，考慮到所有市場，利潤率非常相似，但我們增加了日本和中國的銷售量。所以我真的不知道每個市場的保證金數量。但我可以告訴你，我們為這些更大的市場提供了更多的銷售。

Just a follow-up for Carlos. Carlos, that CapEx, are you including IFRS 16 or not?

只是卡洛斯的後續行動。卡洛斯，資本支出，您是否包括 IFRS 16？

Yes, I'm including it.

是的，我把它包括在內。

Our next question comes from João Grandi from Bradesco.

我們的下一個問題來自布拉德斯科的若昂·格蘭迪。

Well, actually, this is [Nelson Tonelli]. I'd like to ask, could you please clarify the guidance and the FX? You talked about 2.35 to 2.75, but what of the FX rate that you have taken into account? And also, which variables are you considering and why, considering the uncertainties? You have also talked about the leverage level of 1.5 to 2. And also, considering that, we will probably see this peak in consumption of protein. So which should be the major drivers of leverage for 2020? Thank you.

嗯，實際上，這是[納爾遜·託內利]。我想問一下，您能澄清一下指導意見和外匯嗎？您談到了 2.35 到 2.75，但是您考慮到的外匯匯率是多少？另外，考慮到不確定性，您正在考慮哪些變數以及為什麼？您還談到了 1.5 至 2 的槓桿水平。那麼2020年槓桿率的主要驅動力應該是哪些呢？謝謝。

Well, thank you for your question. So just to clarify, the guidance does consider FX impact. Considering also our debt, 60% of that is in foreign currency. So what we could not do was to estimate the FX range for this guidance. But this range, the 2.35 to 2.75, one of the variables is exchange rate and the second is our growth pattern. Third is related to tax impact, what we had in 2019 and that's -- that we're not going to in see 2020. Not to mention investments that will be made on -- in our new plant in Saudi Arabia, not to mention some other exogenous factors that will also bleed EBITDA.

嗯，謝謝你的提問。因此，需要澄清的是，該指南確實考慮了外匯影響。再考慮到我們的債務，其中 60% 是外幣。因此，我們無法估計本指南的外匯範圍。但是這個範圍，2.35到2.75，變數之一是匯率，第二個是我們的成長模式。第三個與稅務影響有關，我們在 2019 年遇到了這種情況，但 2020 年我們不會再遇到這種情況。更不用說我們將在沙烏地阿拉伯的新工廠進行的投資，更不用說其他一些也會導致 EBITDA 損失的外生因素了。

And just complementing -- and complementing the company's cash generation from now on will be a determining factor for the reduction of our leverage. We do not have any plan of any other divestments or monetizations. And this is going to come from cash generation and the result that we also capture more effectively with the implementation of SEO and the Excellence Program efficiency programs that will start and then will be at full steam from now on.

從現在開始補充公司的現金產生將是我們降低槓桿的決定性因素。我們沒有其他撤資或貨幣化的計劃。這將來自現金的產生，以及我們也透過實施搜尋引擎優化和卓越計畫效率計畫更有效地獲得的結果，這些計畫將從現在開始全面啟動。

This is clear. What you said about coronavirus and the possible impact that might lead to higher demand and with an impact on supply in China, this is not reflected in your guidance. You're not considering that? Is that right?

這很清楚。您所說的關於冠狀病毒以及可能導致需求增加和對中國供應的影響的可能影響，這並沒有反映在您的指導中。你不考慮這個嗎？是這樣嗎？

Yes, it is. No, we are not considering that. Our guidance doesn't consider that.

是的。不，我們不考慮這一點。我們的指導沒有考慮到這一點。

Our next question comes from Luciana de Carvalho from BB.

我們的下一個問題來自 BB 的 Luciana de Carvalho。

My question regards the Halal market. I think Patrício was very clear about the current situation. What about the future and your negotiations with Saudi Arabia? Do you think the plants that have been recently limited will be released? And the timing of the vision, could you give us more details about the partnership to build a plant in Saudi Arabia? When should we expect the plant in Saudi to be offsetting a more challenging scenario?

我的問題是關於清真市場的。我認為帕特里西奧對目前的情況非常清楚。未來以及您與沙烏地阿拉伯的談判怎麼樣？你覺得最近被限制的植物會被放開嗎？至於願景的實現時間，您能否向我們提供有關在沙烏地阿拉伯建廠的合作夥伴關係的更多詳細資訊？我們應該預期沙烏地阿拉伯的工廠什麼時候能夠抵銷更具挑戰性的情況？

Thank you for your question, Luciana. So for the factory, we are working very closely to the government FDA and also very close to the Ministry of Agriculture of Brazil because they need to communicate to each other and they are talking for us to license and approve the factories in Brazil as soon as possible.

謝謝你的提問，盧西亞娜。因此，對於工廠而言，我們正在與政府 FDA 以及巴西農業部密切合作，因為他們需要相互溝通，他們正在為我們談判，盡快為巴西的工廠頒發許可和批准。

As to the plant in Abu Dhabi, we have scheduled the visit of a Saudi Arabia delegation to go visit our plant and to license it so that we may export again. And in parallel, we are involving local partnerships to develop or replicate our products. And because with -- as every crisis means opportunity, sometimes we focus more on this, at these times. We are evolving greatly in food service in other Gulf countries with specific products for them, that we can't supply everything because the volume was going all to Saudi Arabia. So there's an avenue that opens, and they have high cost of living, and food services cannot generate visas or pay the visas to marinated products, cut and release.

至於阿布達比的工廠，我們已經安排了沙烏地阿拉伯代表團來參觀我們的工廠並獲得許可，以便我們可以再次出口。同時，我們正在與當地合作夥伴合作開發或複製我們的產品。因為每次危機都意味著機遇，有時我們在這些時候會更加關注這一點。我們在其他海灣國家的食品服務方面正在大力發展，為他們提供特定的產品，但我們無法提供所有產品，因為數量全部流向沙烏地阿拉伯。所以有一條路可以打開，他們的生活成本很高，食品服務無法產生簽證或支付醃製產品的簽證，切割和釋放。

So in a nutshell, we are working closely with governments, both Brazilian and Saudi governments, to license and approve the plants in Brazil and Abu Dhabi, too. On the construction of the factory, we are advanced very much. We have a project, an engineering project, choosing a location and everything, building licenses and operations, it takes more than 1 year, 1.5 years. So we are estimating for 2021, if possible before the end of 2021, we will be manufacturing our own factory regardless whether we have partners manufacturing our products.

簡而言之，我們正在與巴西和沙烏地阿拉伯政府密切合作，為巴西和阿布達比的工廠頒發許可和批准。在工廠的建設上，我們是非常先進的。我們有一個項目，一個工程項目，選擇地點什麼的，建築許可證和運營，需要1年多，1.5年。所以我們預計到 2021 年，如果可能的話，在 2021 年底之前，無論我們是否有合作夥伴製造我們的產品，我們都將製造自己的工廠。

Our next question comes from João Soares from Citibank.

我們的下一個問題來自花旗銀行的若昂·蘇亞雷斯。

I have a question about Halal. What is the balance between supply and demand in Saudi Arabia? In spite of the restriction, there are many plants in Brazil suspended. It seems -- sounds like the balance should be slightly more favorable for pricing. How do you see the balance?

我有一個關於清真食品的問題。沙烏地阿拉伯的供需平衡如何？儘管有限制，巴西仍有許多工廠停工。聽起來似乎平衡應該對定價稍微有利一些。您如何看待平衡？

And question number two is for Sidney, the question about innovation. You said that you have the intention of increasing net revenue to 10% coming from innovation by 2023. Could you share more with us about the strategic aspects? What should we think about the evolution? How much does that account for today? And maybe in the short term, could that lead to a cost increase in expenses so that we accelerate innovation?

第二個問題是針對西德尼的，關於創新的問題。您表示，您打算在 2023 年之前將來自創新的淨收入增加到 10%。您能否與我們分享更多有關策略方面的資訊？對於進化論我們該思考什麼？這在今天佔多少？也許在短期內，這會導致開支成本增加，從而加速創新嗎？

In answering about Halal and supply-demand balance, it's quite unfavorable for Saudi Arabia, this balance. Because as you must have read, we had avian flu. There's an increase in imports of eggs to make up for the local production. At the same time, in Ukraine, they had taken the place of French with a significant volume, and adding and combining all of this to the closing or to the ban of our factories, there is an imbalance. If you see what happened before the announcement of our plants, the prices in January, February and March increased a lot especially for chicken breast and the deboned chicken, too. So this unbalance is reflected in prices. And that has been the case since January and even more intensely in February, and now in March.

在回答清真和供需平衡時，對於沙烏地阿拉伯來說，這種平衡是相當不利的。因為正如您所讀到的，我們感染了禽流感。雞蛋進口量增加，以彌補當地產量。同時，在烏克蘭，它們大量取代了法國的產品，並將所有這些加上關閉或禁止我們工廠，存在不平衡。如果你看看我們工廠宣布之前發生的情況，一月、二月和三月的價格上漲了很多，尤其是雞胸肉和去骨雞肉。所以這種不平衡反映在價格上。這種情況自一月以來一直如此，二月甚至三月更加嚴重。

João, as to your question about innovation, this is a recovery process in 2018. Revenue coming from new products accounted for 2.5%. Last year, they closed at 3%. And we are going to evolve to 10% as we are forecasting P5A. In P5A, we've structured all our plans, our CapEx investments. And we might show the details to you of which are the lines, the business lines that we are going to invest in, both existing business lines and new business lines.

João，關於你關於創新的問題，這是2018年的一個復甦過程。新產品收入佔2.5%。去年，他們的收盤價為 3%。正如我們預測的 P5A 一樣，我們將發展到 10%。在 P5A 中，我們建構了所有計劃和資本支出投資。我們可能會向您展示我們要投資的業務線的詳細信息，包括現有業務線和新業務線。

As to the cost impact, every analysis that we conduct, we analyze how much value it adds to the business. So all the products that we launched, they have a positive margin. And even if maybe there is cost, it's totally offset by higher margin. So the strategic equation where CapEx is directed and is part of our budget, it's allocated and expected, the analysis follows assessment criteria, so that whatever is approved effectively adds value to our business.

至於成本影響，我們進行的每一次分析，都會分析它為業務增加了多少價值。因此，我們推出的所有產品都有正利潤。即使可能存在成本，它也會被更高的利潤完全抵消。因此，策略方程式中的資本支出是定向的，是我們預算的一部分，它是分配和預期的，分析遵循評估標準，因此無論批准什麼，都能有效地為我們的業務增加價值。

And also related to our brand positioning, of course, there are brands that are present in 95% of Brazilian homes. And today, consumers are increasingly more demanding. They have their preferences. And with our brands that are as robust and capillary as we have, we need to pay attention to effectively capture the movements and offer a portfolio that new consumers are demanding.

當然，這也與我們的品牌定位有關，95%的巴西家庭都有這個品牌。如今，消費者的要求越來越高。他們有他們的偏好。憑藉我們擁有的強大且靈活的品牌，我們需要注意有效捕捉趨勢並提供新消費者所需的產品組合。

Let me just take the opportunity before we move to our closing remarks. I think I should clarify what we said about our guidance range. I think this is generating some uncertainty.

在我們開始結束語之前，請允許我藉此機會。我想我應該澄清我們所說的指導範圍。我認為這正在產生一些不確定性。

More than 60% of our debt is in dollar. Today, if we look at the dollar in December, it was BRL 4. Today's it's BRL 4.50. So this has a significant effect. There may be even more variation in the FX rate. So the marking of our debt of the company, when we calculate it, only this marking based on FX variation may account for 0.4x, for example, or in verification. So that's why we mentioned a range, because there is a huge volatility, and the range is huge for the FX rate in addition to the BRL 884 million that had a positive impact on EBITDA of 2019. So this effect will not happen in 2020.

我們60%以上的債務都是美元。今天，如果我們看看 12 月的美元匯率，它是 4 雷亞爾。所以這個效果是非常顯著的。外匯匯率可能會有更多變動。因此，我們公司債務的標記，當我們計算它時，只有基於外匯變化的標記可能佔 0.4 倍，例如，或在驗證中。這就是為什麼我們提到一個範圍，因為存在巨大的波動性，而且除了對 2019 年 EBITDA 產生積極影響的 8.84 億雷亞爾之外，匯率的範圍也很大。所以這種效應在2020年不會發生。

So the operation in itself, the effective generation of the company's operations and our gross margin will grow. EBITDA will likewise follow the same trend. And there is volatility and an impact of 0.40 on FX rate. These 2 factors together alone caused an impact of 0.50, slightly more within this leverage range. So when we talk that the leverage range may be 2.35, 2.75, the foreign exchange rate has a huge effect on that because, once again, it is a verification FX rate. Depending on when it happens, once again, our EBITDA is slowly -- it's going to happen, EBITDA might be slower in the year because of the FX rate. So it's important to make this very clear.

所以營運本身、公司營運的有效產生以及我們的毛利率都會成長。EBITDA 也將遵循同樣的趨勢。且存在波動性，對匯率有0.40的影響。這兩個因素單獨在一起就產生了 0.50 的影響，在這個槓桿範圍內略高一些。因此，當我們談論槓桿範圍可能是 2.35、2.75 時，外匯匯率對此有巨大影響，因為它再次是驗證外匯匯率。取決於它發生的時間，我們的 EBITDA 再次緩慢 - 它將發生，由於匯率的原因，今年 EBITDA 可能會較慢。所以說清楚這一點很重要。

Another aspect, just for us to do the math together, EBITDA of 2019 that you can see, of BRL 4 billion, BRL 5.300 billion. And taking out the effect of the BRL 884 million, is for BRL 4.433 billion right? If we use our net debt, doing that without the tax effect, you wouldn't have a leverage of 3. And what do I mean? Without the effect of leverage and the tax effect, our operational leverage is dropping consistently and effectively. It may go down to 2.75 if the FX rate is higher, more than BRL 4.50. We have designed scenarios for that. We ran deterministic scenarios, stochastic scenarios to assess the variation. And it can be well below that, with numbers that will be lower than this range.

另一方面，我們一起算一下，你可以看到2019年的EBITDA為40億雷亞爾，53億雷亞爾。除去8.84億雷亞爾的影響，是不是就是44.33億雷亞爾？如果我們使用我們的淨債務，在沒有稅務影響的情況下這樣做，你的槓桿就不會達到 3。如果沒有槓桿效應和稅收效應，我們的營運槓桿將持續有效地下降。如果外匯匯率高於 4.50 巴西雷亞爾，則可能會降至 2.75。我們為此設計了場景。我們運行確定性場景和隨機場景來評估變化。它可能遠低於這個範圍，數字也將低於這個範圍。

So that's why we already had our guidance of 2.75 and we are adjusting this range to contemplate that. So I wanted to try to clarify that so that it doesn't generate the misperception that the results are likely to get worse, that this is a cycle that is ending, that is not the case. It's important to clarify what lies behind the guidance. And I am open if you want to ask any other questions about that, I'm available to answer any questions you may have. And then press star 1, I don't know, whatever.

這就是為什麼我們已經有了 2.75 的指導，並且我們正在調整這個範圍以考慮這一點。所以我想嘗試澄清這一點，以免產生這樣的誤解：結果可能會變得更糟，這是一個即將結束的循環，但事實並非如此。澄清該指南背後的內容非常重要。如果您想問任何其他問題，我很樂意回答您可能有的任何問題。然後按星1，我不知道，無論如何。

Our next question comes from Luca Cipiccia from Goldman Sachs.

我們的下一個問題來自高盛的 Luca Cipiccia。

Lorival, just as a follow-up on this discussion that I think it's generating some confusion. So what is the FX rate that you are considering for having a leverage of 2.35 and 2.75?

Lorival，作為這次討論的後續，我認為這造成了一些混亂。那麼，您考慮使用 2.35 和 2.75 槓桿的外匯匯率是多少？

Well, as I mentioned, we ran some stochastic scenarios and some other scenarios. So we have also scenarios in which the FX rate is above BRL 4.50, and then we're going to have the upper range. So 2.75 is for an FX rate that's above what we have today.

嗯，正如我所提到的，我們運行了一些隨機場景和一些其他場景。因此，我們也會遇到外匯匯率高於 4.50 巴西雷亞爾的情況，然後我們將得到上限。因此，2.75 代表的匯率高於我們今天的匯率。

And what about the 2.35?

那麼2.35呢？

23.5 is for an FX rate that is below what we have today.

23.5 代表的匯率低於目前的匯率。

And 2.75, are we talking about what?

2.75，我們在談論什麼？

About the current FX rate.

關於目前的外匯匯率。

With that, this Q&A session comes to an end. I'd like to turn it over to Mr. Lorival Luz.

至此，本次問答環節就結束了。我想把它交給洛里瓦爾·盧茲先生。

Well, once again, I'd like to thank you all for your participation. I believe this was a long call, but I hope we have clarified your questions. Our Investor Relations team is available to answer any further questions you may have.

好的，我再次感謝大家的參與。我相信這是一個漫長的通話，但我希望我們已經澄清了您的問題。我們的投資者關係團隊可以回答您可能有的任何進一步問題。

I'd like just to highlight the fact that these are the results we have, and we have been very diligent. The gross margins, the net margins, above historical levels. And that is a result of the hard work considering this complex and long chain, and we are seeking for efficiency in each step along that. And this is also the result of a team that is highly motivated and passionate for what we do.

我想強調這樣一個事實：這些是我們所取得的成果，而且我們一直都非常努力。毛利率、淨利率均高於歷史水準。這是考慮到這個複雜而長的鏈條的艱苦工作的結果，我們正在尋求每一步的效率。這也是我們團隊充滿動力和熱情的結果。

Thank you very much, and hope you all have a great day.

非常感謝大家，祝大家有個愉快的一天。

With that, we close the BRF S.A. conference call. Thank you very much, and have a great day.

至此，BRF S.A. 電話會議結束。非常感謝，祝您有美好的一天。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。