BRF SA (BRFS) 2020 Q4 法說會逐字稿

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  • Lorival Nogueira Luz - Global CEO & Member of Executive Board

    Lorival Nogueira Luz - Global CEO & Member of Executive Board

  • (technical difficulty)

    (技術難度)

  • for many of us because of the COVID pandemic. And this was a year in which we had to take care of people, do everything that we had to and still maintain our responsibility of producing food so that we could supply our consumers. Even with all of the effects and challenges, the company continued to deliver its results, which were very robust. And this was the fruit of a very good execution focused on financial discipline, operational efficiency, commercial services. And this year, as you'll see, our mix of products has been changed.

    對我們許多人來說,因為新冠病毒大流行。在這一年中,我們必須照顧人民,盡我們所能,並且仍然履行生產糧食的責任,以便我們能夠供應消費者。儘管面臨各種影響和挑戰,該公司仍繼續交付非常強勁的業績。這是注重財務紀律、營運效率和商業服務的良好執行的成果。今年,正如您所看到的,我們的產品組合發生了變化。

  • In 2020, we reached nearly BRL 40 billion in net revenue, a margin of 18% year-on-year or 23% in the fourth quarter. Our adjusted EBITDA was also robust at BRL 5.2 billion. Even despite such a challenging year in which the company had to do so much, our net income was also up to BRL 902 million in the fourth quarter and nearly BRL 1.4 billion in 2020 total. And this continues our successful pathway in managing our leverage.

    2020年,我們的淨收入達到近400億雷亞爾,年比利潤率為18%,第四季利潤率為23%。我們調整後的 EBITDA 也很強勁,達到 52 億雷亞爾。儘管這是充滿挑戰的一年,公司必須做很多事情,但我們第四季的淨利潤也達到了 9.02 億雷亞爾,2020 年的淨利潤也達到了近 14 億雷亞爾。這延續了我們管理槓桿的成功之路。

  • Our leverage is now at 2.73x, but it's -- our debt has been managed very well. Our debt maturity profile is nearly 10 years. So this is due to very good management that was executed throughout 2020. These results, as we've been seeing show the consistency of everything that we've done in operational execution and commercial execution, logistics and all of the initiatives that we have started and carried out over the last years.

    我們的槓桿率現在為 2.73 倍,但我們的債務管理得很好。我們的債務到期期限接近 10 年。因此,這要歸功於2020 年全年執行的非常好的管理。性並在過去幾年中進行。

  • A strong effort in culture, people management, and over the last 7 quarters, we have posted stable and positive results, obviously, even despite the challenges that appeared over 2020. This can be seen very clearly in our slides.

    儘管2020 年出現了挑戰,但在過去7 個季度中,我們在文化、人員管理方面做出了巨大努力,顯然取得了穩定和積極的成果。到。

  • So how have we done it? You have heard about our strategy and how we're focused on launching more products, especially higher added value products. Whether they are processed, industrialized products or high added-value products in natura. So if you look at Brazil, this has happened year-on-year on processed goods, and this growth was over 10%, which shows that we are focused in management. And as you can see in our graphs, in Brazil, 84% of everything we've sold so far has a high added value and carries the strength of our brands. These are brands that are leaders and are preferred by our customers. So we are expanding the revenue percentage from innovation and from the launch of new products.

    那我們是如何做到的呢?您已經聽說過我們的策略以及我們如何專注於推出更多產品,尤其是更高附加價值的產品。無論它們是加工的、工業化的產品或是天然的高附加價值產品。所以你看看巴西,加工品年比就出現了這樣的情況,成長超過10%,這表示我們很注重管理。正如您在我們的圖表中看到的那樣,在巴西,到目前為止,我們銷售的所有產品中 84% 都具有高附加價值,並且具有我們品牌的實力。這些品牌都是領導者並且受到我們客戶的青睞。因此,我們正在擴大創新和新產品推出的收入比例。

  • And we focused a lot on this over 2020. We launched over 280 SKUs. In Brazil, we have launched 140. And in the international market, we've launched 150 new SKUs, which shows the direction we took on our expansion. And this, of course, represents the strength of our brands.

    2020 年,我們非常關注這一點。在巴西,我們推出了140個。當然,這代表了我們品牌的實力。

  • (technical difficulty)

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  • Okay. Let's continue. I apologize for this technical issue that we just had, but to continue, BRF is a company that has a leading brand portfolio. These are brands that are preferred by our consumers. We have brands that are at the top of mind and are desired by our consumers. And this is in Brazil with Sadia and Perdigão and Qualy, but also in the international market with Sadia, Banvit and others, which also lead this market internationally.

    好的。我們繼續吧。對於我們剛剛遇到的這個技術問題,我深表歉意,但繼續說下去,BRF 是一家擁有領先品牌組合的公司。這些都是我們消費者偏愛的品牌。我們擁有消費者心目中最重要且渴望的品牌。這是在巴西的 Sadia、Perdigão 和 Qualy,也是在國際市場的 Sadia、Banvit 等,這些公司也在國際上引領這個市場。

  • And now in Brazil, we also have the Mercato em Casa which we've just started and which has been very successful since 2020. This is very important because we've expanded our focus. We are expanding our client base. So in Brazil, we have 278,000 clients, which are now being serviced directly. This also improves our services when we talk about deliveries and our commercial services. So with all of this together, the last quarter, I showed that the company has expanded its client base and recovered its brands in terms of market share and market share growth in different categories.

    現在在巴西,我們也有 Mercato em Casa,我們剛剛啟動,自 2020 年以來非常成功。我們正在擴大我們的客戶群。在巴西,我們有 278,000 名客戶,現在正在直接為他們提供服務。當我們談論送貨和商業服務時,這也改善了我們的服務。因此,綜上所述,上個季度,我表明該公司擴大了客戶群,並在不同類別的市場份額和市場份額增長方面恢復了其品牌。

  • Now we're going to change gears for a bit. Instead of talking about our brands, we're going to be talking about our competitiveness and how we've managed our assets, how we've managed our inputs and what we've been doing. Many of you have seen our results and noticed how we've increased our inventories, how it impacted our cash flow and our working capital in the last quarter. This was the right decision to make, and we did it because it provided, as you can see, very efficient cost management.

    現在我們要改變一下方式。我們不再談論我們的品牌,而是談論我們的競爭力以及我們如何管理我們的資產、我們如何管理我們的投入以及我們一直在做什麼。你們中的許多人已經看到了我們的業績,並注意到我們如何增加庫存,它如何影響我們上個季度的現金流和營運資金。這是一個正確的決定,我們這樣做是因為,正如您所看到的,它提供了非常有效的成本管理。

  • Although it's still far below from the official indicators when we look at Embrapa production costs. As you can see on this graph, we see the average consolidated price for the company. We can also see that our producer margins are at their lowest level when we look at the average for the last years. What's important to see here is that these costs went up over the second quarter of 2020.

    儘管我們從 Embrapa 的生產成本來看,仍遠低於官方指標。正如您在此圖上看到的,我們看到了該公司的平均綜合價格。當我們查看過去幾年的平均水平時,我們還可以看到我們的生產商利潤率處於最低水平。值得注意的是,這些成本在 2020 年第二季有所上升。

  • This goes for corn, which basically doubled in price or other inputs, which went up by 10% to 20%, some of them even went up by 40%. So these costs have already affected many of these producers. This will probably continue to happen still in this first quarter. And this will make growers overall to have to adapt this equation between cost and prices. And as a consequence, so will we. This is based, of course, on all of the information we have available.

    玉米也是如此,玉米或其他投入品的價格基本上翻了一番,上漲了10%至20%,有的甚至上漲了40%。因此,這些成本已經影響了許多生產商。這種情況可能會在第一季繼續發生。這將使種植者整體上必須調整成本和價格之間的平衡。因此,我們也會如此。當然,這是基於我們掌握的所有資訊。

  • The company has created its strategy. We've tried to be preventive in the way we work, and this led to good results in the fourth quarter of 2020. It also ensures that we will remain competitive for the first and second quarter of 2021 when it comes to inputs. Another important point is this. And this can also have an impact on the demand for our products over the first quarter. There's an impact from the so-called Corona voucher or any government aids that we might receive during the first quarter.

    該公司已經制定了策略。我們努力在工作方式上採取預防性措施,這在 2020 年第四季度取得了良好的業績。另一個重要的一點是這一點。這也會對第一季我們產品的需求產生影響。所謂的新冠優惠券或我們在第一季可能收到的任何政府援助都會產生影響。

  • Our products, the BRF product portfolio, whether they are natural products or higher added-value products, present some resilience and price competitiveness. You can see on the data in this graph that the proportion between beef fore rib prices versus whole chicken are at their highest historical levels since 2016. It's now at 11.66x the price of chicken. When we compare to pork carcasses, the same can be seen. This is the highest spread from this historical series, which is at 7.26. It shows how competitive that BRF will be over 2021. And this, of course, is connected to the decisions we've made and our management of our cost basis. So both of them together and the strength of our brands and the expansion that we've had given us a very good position. So we're very confident about 2021.

    我們的產品,BRF產品組合,無論是天然產品或更高附加價值的產品,都呈現出一定的彈性和價格競爭力。從該圖中的數據可以看出,牛前肋骨價格與整雞價格之間的比例處於 2016 年以來的最高歷史水平。當我們與豬肉屍體進行比較時,可以看到相同的情況。這是該歷史系列中的最高點差,為 7.26。它顯示了 2021 年 BRF 的競爭力。因此,兩者的結合以及我們品牌的實力和我們的擴張為我們帶來了非常好的地位。所以我們對2021年非常有信心。

  • Another important aspect is reinforcing African swine fever and the impact on the Chinese market. So the company has been able to increase its results by 20% by exporting to China. China has been recovering its own production, as you can see on this graph. So the number of female hogs has been on the rise, but this is still very low. So that means that their productivity is lower.

    另一個重要面向是非洲豬瘟的加劇以及對中國市場的影響。因此,該公司透過向中國出口,業績提高了20%。正如您在該圖上看到的那樣,中國一直在恢復自己的生產。因此,母豬的數量一直在增加,但仍然很低。這意味著他們的生產力較低。

  • The takeaway message here, from our point of view, is that 2021 and probably 2022 as well will not be years in which China will recover completely. They won't go back to the same production level that you see in 2018 on this graph. This is not going to happen in the short run. So the demand from China will continue to be high and robust. So we are going to remain competitive in supplying Brazil and will also have opportunities in the international market.

    從我們的角度來看,這裡傳達的訊息是,2021 年,甚至可能是 2022 年,中國都不會完全復甦。他們不會回到您在該圖上看到的 2018 年相同的生產水準。這在短期內不會發生。因此,中國的需求將繼續保持高位和強勁。因此,我們將在供應巴西方面保持競爭力,並且在國際市場上也將擁有機會。

  • Looking at a different topic, which is also very important, the company's capital structure. This shows how focused we've been in reducing our financial leverage even despite the increase in foreign exchange, which obviously has an impact on our debt. So even going from BRL 4 to over BRL 5.2 in the U.S. dollar exchange rate, we've reinforced the guidance that we provided -- we had provided last year, which was to reduce our leverage to under 2.75. And at the time, the dollar exchange was still under BRL 5 and we had a high level of uncertainty. So even despite that adverse factor, we've reached our guidance, and the operational cash flow has been over BRL 5 billion. And the company's net debt went up by BRL 883 million, but this was mostly due to foreign exchange variation of over BRL 3 billion.

    再看一個不同的話題,這也是非常重要的,就是公司的資本結構。這表明,儘管外匯增加,這顯然對我們的債務產生了影響,但我們還是非常注重降低財務槓桿。因此,即使美元匯率從 4 雷亞爾升至 5.2 雷亞爾以上,我們也加強了去年提供的指導,即將槓桿率降至 2.75 以下。當時,美元匯率仍低於 5 雷亞爾,我們的不確定度很高。因此,儘管存在不利因素,我們仍達到了預期目標,營運現金流已超過 50 億雷亞爾。該公司的淨債務增加了8.83億雷亞爾,但這主要是由於超過30億雷亞爾的外匯變動所致。

  • So this also stresses the strength of our company. And this certainly consolidates our trust in this growth journey with a robust cash of more than BRL 8 billion, an over credit facility of BRL 3 billion, and a maturation term, which is very long, over 10 years.

    所以這也凸顯了我們公司的實力。這無疑鞏固了我們對這趟成長之旅的信任,擁有超過 80 億雷亞爾的強勁現金、30 億雷亞爾的超額信貸額度以及超過 10 年的超長期限。

  • And if you look at 2021, this is totally manageable with about BRL 1 billion. This demonstrates our trust, our confidence that we can advance in this growth trajectory. So now looking at the cash flow management, free cash generation reached BRL 3 billion over the year with a CapEx of BRL 2.5 billion.

    如果你看看 2021 年,大約 10 億雷亞爾是完全可以管理的。這顯示了我們對能夠沿著這條成長軌跡前進的信任和信心。現在看看現金流管理,一年中自由現金產生量達到 30 億雷亞爾,資本支出為 25 億雷亞爾。

  • Regarding ESG, there are some key points here. The company is still listed in B3 index, also in the Carbon Efficient Index of B3. We also reinforced our anti-bribery system. We received certifications in other countries, such as Turkey, with 0 waste certification. So these are a few of the recognitions that we got last year. In this quarter, we must also highlight that we created -- we created our Vice-Presidency of Institutional Relations, Reputation and Sustainability, which is already operational, focusing on all the topics that I mentioned.

    關於ESG,這裡有一些重點。該公司仍被列入B3指數,同時也在B3的碳效率指數中。我們也加強了反賄賂制度。我們獲得了其他國家的認證,例如土耳其的零廢棄物認證。這些是我們去年獲得的一些認可。在本季度,我們還必須強調,我們創建了負責機構關係、聲譽和永續發展的副總統職位,該職位已經投入運營,重點關注我提到的所有主題。

  • And also throughout 2020, we kept striving to implement and maintain our COVID-19-related initiatives. And as an example, we had -- we performed more than 160,000 tests on our employees to ensure their best health, the best workplace conditions in terms of safety and health. And these commitments are all in the public domain, and you can access this link that we have here on our presentation for more information. And even more important than disclosing them to the public, it is to include them in the company's management metrics and link them to the variable compensation of our executives. We are all 100% committed to these initiatives.

    在整個 2020 年,我們不斷努力實施和維持與 COVID-19 相關的措施。舉個例子,我們對員工進行了超過 160,000 次測試,以確保他們的最佳健康狀況以及安全和健康方面的最佳工作場所條件。這些承諾均屬於公共領域,您可以訪問我們簡報中的此連結以獲取更多資訊。比向公眾披露它們更重要的是,將它們納入公司的管理指標中,並將它們與我們高管的可變薪酬聯繫起來。我們都 100% 致力於這些措施。

  • Now moving on to our final considerations. I would like to proudly recap what our team has been doing over the years and the results of this management. And I am very proud and happy to call your attention to the results that we have achieved. We increased our innovation revenue. We reduced our losses, and this was due to good operational management, very robust management also a huge reduction of the leadership turnover of the company from nearly 30% to 8% with a record level of engagement, I would say. 86% engagement, even in the very difficult times that we went through in 2020. A reduction of our leverage with an average term of 9 years and returns of 11%.

    現在繼續我們的最後考慮。我想自豪地回顧一下我們團隊多年來所做的事情以及管理層的成果。我非常自豪和高興地提請您專注於我們所取得的成果。我們增加了創新收入。我想說,我們減少了損失,這要歸功於良好的營運管理、非常穩健的管理,以及公司領導層流動率從近 30% 大幅減少到 8%,敬業度創歷史新高。即使在 2020 年我們經歷的非常困難的時期,參與度也達到 86%。

  • Also regarding the gross profit and our gross margin, we nearly doubled our gross profit during this period. And we increased our gross margin to sustainable levels of about 24% with an EBITDA margin that also went from 8% to 13% and reaching an EBITDA of BRL 5.2 billion, which is more than double the numbers of 2018, even considering the impact of the pandemic of about BRL 500 million and the income of the company considering the losses of more than BRL 4 billion.

    關於毛利和毛利率,我們在這段期間的毛利幾乎翻了一番。即使考慮到疫情造成的損失約為 5 億雷亞爾,而考慮到損失超過 40 億雷亞爾,公司的收入。

  • But today, I'm very happy to announce that our consolidated net results reached nearly BRL 1.4 billion in 2020, which is changing the recent history of the company. So we're going back to see positive results. These results and everything we have been building over the years give us the confidence to look forward to trust our future. We have a very strong team. We have strong products. We have strong brands. And we have built a solid history over the years.

    但今天,我非常高興地宣布,2020 年我們的合併淨利潤達到近 14 億雷亞爾,這正在改變公司近期的歷史。所以我們會回去看到正面的結果。這些成果以及我們多年來所取得的一切讓我們有信心展望未來。我們有一支非常強大的團隊。我們有強大的產品。我們擁有強大的品牌。多年來,我們已經建立了堅實的歷史。

  • So looking at the numbers that we announced in December, I can tell you that we have the ambition of reaching more than BRL 100 billion in revenue with margins over 15% and investing about BRL 55 billion as well as maintaining our financial discipline and managing our leverage under 3x.

    因此,看看我們12 月宣布的數字,我可以告訴您,我們的目標是實現收入超過1000 億雷亞爾,利潤率超過15%,投資約550 億雷亞爾,同時維持我們的財務紀律並管理我們的業務。

  • Now I would like to close this presentation by thanking all of you. I'm also very proud to announce that today, we announced the letter that we received from the SEC yesterday announcing that they've closed their works related with Trapaça operation and [Fraca's meat] operation and stating that the case is closed, and there were no consequences for the company. So we are turning this page now. It is a true turnaround for the company. We are on the right track now for our growth that we have planned for the future.

    現在,我想透過感謝大家來結束本次演講。我還非常自豪地宣布,今天,我們宣布了昨天從 SEC 收到的信函,宣布他們已經結束了與 Trapaça 運營和 [Fraca 的肉類] 運營相關的工作,並表示案件已結案,並且不會對公司造成任何後果。所以我們現在要翻過這一頁。這對公司來說是真正的轉變。我們現在正走在正確的軌道上,實現我們為未來規劃的成長。

  • Thank you very much, and now we can open for questions.

    非常感謝您,現在我們可以提問了。

  • Operator

    Operator

  • (Operator Instructions) The first question is from Victor Saragiotto, Crédit Suisse.

    (操作員說明)第一個問題來自瑞士信貸銀行的 Victor Saragiotto。

  • Victor Saragiotto - Research Analyst

    Victor Saragiotto - Research Analyst

  • Congratulations for the results. Lorival, one thing that called our attention was the increase in prices in the domestic market? If I'm not mistaken, it was one of the highest of the company's history. So how do you see the dynamics of this price increase for 2021? We know that these prices are made up by many factors, but could you comment more on that?

    祝賀結果。 Lorival,引起我們注意的一件事是國內市場的價格上漲?如果我沒記錯的話,這是該公司史上最高的一次。那麼您如何看待2021年的這次漲價動態呢?我們知道這些價格是由多種因素決定的,但您能對此發表更多評論嗎?

  • Lorival Nogueira Luz - Global CEO & Member of Executive Board

    Lorival Nogueira Luz - Global CEO & Member of Executive Board

  • Yes. Thank you, Victor, for your question. Well, I would call it a price adjustment due to the events, particularly in the second half of the year -- sorry. Can I continue? Victor, I don't know if you can hear me. I'm going to repeat the beginning of my answer.

    是的。謝謝你,維克多,你的問題。嗯,我認為這是由於事件而進行的價格調整,特別是在今年下半年——抱歉。我可以繼續嗎?維克多,我不知道你是否聽得到我說話。我將重複我的答案的開頭。

  • But I think this is better called a price adjustment because over the course of the second half of last year, we had increases in many of our inputs. For example, corn went from BRL 40 to nearly BRL 80, also the price of some packaging also increased. So what's happening now is a natural adjustment in our prices. I'm going to put it in simple terms to try to facilitate your understanding.

    但我認為這更適合稱為價格調整,因為去年下半年,我們的許多投入都增加了。例如,玉米從40雷亞爾漲到近80雷亞爾,部分包裝的價格也有上漲。所以現在發生的事情是我們價格的自然調整。我將用簡單的術語來表述,以方便您理解。

  • Our chicken is fed with this corn, and the price of the corn increase. So it's natural that the company will have to adjust its prices and the sales prices, and that's what we did. That's why the prices changed. Another relevant factor that increases the pressure is the product mix. We are selling more high added-value products, and this was also another booster last year.

    我們的雞就是用這種玉米餵的,玉米的價格就漲了。所以公司自然要調整價格和銷售價格,我們就是這麼做的。這就是價格改變的原因。另一個增加壓力的相關因素是產品結構。我們正在銷售更多的高附加價值產品,這也是去年的另一個助推器。

  • And now I hand it over to Sidney. Sidney, would you like to add something?

    現在我把它交給西德尼。西德尼,你想補充一下嗎?

  • Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

    Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

  • No. I totally agree, Lorival. And you know that our price formation, 70% of prices is cost. And in this equation, when the price of cereals, the price of cereals will directly affect our price equation. But it's important to understand that we are in a context where the impact is valid for the entire scenario. And the ratio that we have between chicken and pork compared with beef, for example, is very advantageous to us.

    不,我完全同意,洛里瓦爾。而且你知道我們的價格形成,70%的價格是成本。而在這個方程中,當穀物價格上漲時,穀物的價格會直接影響我們的價格方程式。但重要的是要明白,在我們所處的環境中,影響對整個場景都是有效的。例如,與牛肉相比,我們的雞肉和豬肉的比例對我們非常有利。

  • Perhaps we have one of the highest spreads between beef and the other types of protein. But what Lorival said is exactly this that our company has been really resilient throughout this process due to our strong brands. 85% of our business in Brazil virtually comes from a high added-value portfolio, which can resist, withstand this impact of the price of cereals really well.

    也許我們是牛肉和其他類型蛋白質之間差距最大的國家之一。但 Lorival 所說的恰恰是,由於我們強大的品牌,我們公司在整個過程中一直非常有彈性。我們在巴西的業務85%實際上來自於高附加價值的產品組合,它可以很好地抵禦、承受穀物價格的這種影響。

  • So last year, it went from BRL 80 to BRL 84. And we are becoming more and more a food company and a food company that integrates all the values that are perceived by consumers through our brand, practicality, convenience and the eating at home is what's making us have increasing demand for this high added-value portfolio. So we have this price equation, but we have another lever, which is our brands and services, which also add value to what consumers are looking for.

    所以去年,它從80 雷亞爾漲到了84 雷亞爾。公司。所以我們有這個價格方程,但我們還有另一個槓桿,那就是我們的品牌和服務,它們也為消費者所尋求的東西增加了價值。

  • Operator

    Operator

  • The next question is from Isabella Simonato, Bank of America.

    下一個問題來自美國銀行的 Isabella Simonato。

  • Isabella Simonato - VP

    Isabella Simonato - VP

  • I would like to know more about the external market. We know that the situation is still very difficult in most of the markets, except for China. So what should we expect for 2021? Do you think that Halal will improve? But still, we have the restrictions in some of your plants abroad. In Japan, you have a high level of stock. So what will this recovery in volume and profitability look like, particularly in terms of direct exports in Halal in 2021?

    我想了解更多有關外部市場的資訊。我們知道,除了中國以外,大多數市場的情況仍然非常困難。那我們對 2021 年該期待什麼呢?您認為清真會改善嗎?但是,我們對你們國外的一些工廠仍然有限制。在日本,庫存水準很高。那麼,數量和獲利能力的復甦會是什麼樣子,特別是 2021 年清真直接出口方面?

  • Lorival Nogueira Luz - Global CEO & Member of Executive Board

    Lorival Nogueira Luz - Global CEO & Member of Executive Board

  • Thank you, Isabella. Patrício will answer your question.

    謝謝你,伊莎貝拉。帕特里西奧將回答您的問題。

  • Patrício Santiago Rohner - VP of International Operations and Member of Executive Board

    Patrício Santiago Rohner - VP of International Operations and Member of Executive Board

  • Good morning, Isabella. 2020 was a very challenging year, as you said yourself. But we had results similar to 2019 and similar to 2015, which was our historical record. Of course, we suffered in some specific markets with the closing of food services, shutting down of tourism services and religious tourism is very important for consumption. So in some places, we had a huge impact.

    早安,伊莎貝拉。正如您自己所說,2020 年是非常具有挑戰性的一年。但我們的結果與 2019 年和 2015 年相似,這是我們的歷史記錄。當然,我們在一些特定市場遭受了損失,食品服務、旅遊服務和宗教旅遊的關閉對消費非常重要。所以在某些地方,我們產生了巨大的影響。

  • The economic crisis in Turkey was also very strong, not just because of the pandemic. And this impacted their currency, their tourism and all the industry sectors that are very relevant for their economy. But still in the direct export markets, such as Africa and also oil-dependent countries such as Angola, there was also an impact in the imports of foods and I don't mean to take too long, but I want to be very specific in my answer.

    土耳其的經濟危機也非常嚴重,不只是因為疫情。這影響了他們的貨幣、旅遊業以及與經濟密切相關的所有工業部門。但仍然在直接出口市場,例如非洲以及安哥拉等依賴石油的國家,食品進口也受到了影響,我不想花太長時間,但我想非常具體地說明我的回答。

  • We also had logistic problems that started back in February last year and continued throughout the year due to social distancing and everything related with the pandemic, which ended up delaying the ships and planes throughout the year. So whatever we shipped last year had to withstand this pressure. There's logistic pressure due to social isolation. And whenever you have this type of reduction, this also impacts your mix. For example, the mix for Japan, which is a more premium mix, you end up losing some of that.

    由於社交距離和與大流行有關的一​​切,我們也遇到了自去年 2 月開始並持續全年的物流問題,最終導致船舶和飛機全年延誤。所以我們去年發貨的任何東西都必須承受這種壓力。由於社會隔離,存在後勤壓力。每當你進行這種類型的減少時,這也會影響你的組合。例如,日本的組合是一種更優質的組合,您最終會失去其中的一些。

  • So when we look at the entire scenario, including the shutdown of our plants, also in China, we had some suspensions, but they recovered quickly, it was a very challenging year. And what we did was that in addition to going through the crisis, we accelerated our strategic plans regarding what we expect in 2021 and looking forward.

    因此,當我們審視整個情況時,包括關閉我們在中國的工廠,我們有一些停工,但它們很快就恢復了,這是非常具有挑戰性的一年。我們所做的是,除了度過危機之外,我們還加快了 2021 年預期和展望的策略計畫。

  • We launched many products. Many of these products were very high added value. And in many markets, including Latin America, Africa with industrialized products, South Africa, Angola, also the Middle East with frozen foods, many new products. We also accelerated our plan to become more local in Saudi Arabia with the acquisition and expansion that we're working on right now in the country. And we're selling products manufactured in Saudi Arabia. So this was really good for us to prepare during this very challenging year and accelerate our strategic direction and not just solving our everyday problems and doing housekeeping.

    我們推出了很多產品。其中許多產品的附加價值非常高。在許多市場,包括拉丁美洲、非洲有工業化產品,南非、安哥拉,還有中東有冷凍食品,有許多新產品。我們也透過目前在沙烏地阿拉伯進行的收購和擴張,加速了在沙烏地阿拉伯變得更加在地化的計畫。我們銷售的是沙烏地阿拉伯製造的產品。因此,這對我們在這個充滿挑戰的一年裡做好準備並加快我們的策略方向,而不僅僅是解決我們的日常問題和做家務來說,確實很有好處。

  • So what we have today is much more flexibility in Food Services. The countries are reopening for consumers to frequent restaurants, not so much for tourism, at least not for now. And there's an important barrier, which is the balancing between offer and the demand and supply. And this was a problem in many countries, but now this is changing rapidly, and this is also boosted by the price of cereals.

    因此,我們今天在食品服務方面擁有更大的靈活性。這些國家正在重新開放消費者經常光顧的餐館,但不是為了旅遊業,至少目前不是。還有一個重要的障礙,那就是報價與供需之間的平衡。這在許多國家都是一個問題,但現在這種情況正在迅速改變,穀物價格也推動了這個問題。

  • And in the case of Turkey, for example, target for us in terms of volume is larger than Saudi Arabia. So when you look at the Halal market, it was Turkey that was boosting our results, not so much Saudi Arabia. Their currency is recovering. They're reopening local production to balance demand and supply, and we had a very good work in terms of product launches, increasing our market share, strengthening our brands, improving brand reception in Turkey.

    以土耳其為例,我們的銷售目標比沙烏地阿拉伯大。因此,當你觀察清真市場時,會發現是土耳其推動了我們的業績,而不是沙烏地阿拉伯。他們的貨幣正在復甦。他們正在重新開放當地生產以平衡需求和供應,我們在產品發布、增加市場份額、加強我們的品牌、提高土耳其的品牌接受度方面做得非常好。

  • So what we expect for this year -- I think that last year, the month of October was the worst month of the year. November, it was much better. December was even better. So for the future, what we expect is more flexibility in terms of consumption, more consumer confidence, at least for food products. And we are already seeing the reflexes on our results. And what are the problems this year? We have the growth of China, very positive growth in China. So if they end up consuming some of the containers that we would use so we're treating January, February and March skeptically because of -- but this is a positive problem actually.

    所以我們對今年的期望 - 我認為去年十月是一年中最糟糕的月份。 11月,情況好多了。十二月甚至更好。因此,對於未來,我們期望的是消費方面更加靈活,消費者更有信心,至少對於食品而言。我們已經看到了對結果的反應。而今年又有哪些問題呢?我們有中國的成長,中國非常積極的成長。因此,如果他們最終消耗了我們將使用的一些容器,那麼我們會對一月、二月和三月持懷疑態度,因為——但這實際上是一個積極的問題。

  • The increase in China's GDP. They're recovering faster. And the GDP is increasing faster than they're recovering their production. The government has also been implementing a lot of initiatives for people to resume consumption in Food Services, going out to eat. Not so much for tourism, but for the local population right now. So we're very optimistic. I think the worst is past behind us. And it happened last year.

    中國GDP的成長。他們恢復得更快了。 GDP 的成長速度快於生產的恢復速度。政府也實施了許多舉措,幫助人們恢復食品服務消費、外食。與其說是為了旅遊業,不如說是為了現在的當地居民。所以我們非常樂觀。我認為最糟糕的時期已經過去了。這發生在去年。

  • Operator

    Operator

  • Mr. Ricardo Alves will ask the next question.

    里卡多·阿爾維斯先生將提出下一個問題。

  • Ricardo L. Alves - Equity Analyst

    Ricardo L. Alves - Equity Analyst

  • So looking at processed goods, there was a strong performance this quarter. So -- but it still seems that BRF had a problem with its prices in December and November according to our information. So can you tell us a bit more about competitiveness in your environment? Especially in terms of competing with smaller companies, if you can tell us a bit more about that. And what the last quarter has been like?

    因此,從加工產品來看,本季表現強勁。所以 - 但根據我們的信息,BRF 在 12 月和 11 月的價格似乎仍然存在問題。那麼您能告訴我們更多有關您所在環境的競爭力的資訊嗎?特別是在與小公司競爭方面,您能否告訴我們更多相關資訊。上個季度情況如何?

  • Lorival Nogueira Luz - Global CEO & Member of Executive Board

    Lorival Nogueira Luz - Global CEO & Member of Executive Board

  • I'm sorry. I don't know if it's me, but I couldn't hear your question very well. What I understood was that you had asked about the competitive environment in Brazil at the last few months of the year. So I'll pass it on to Sidney, who can tell you a bit more about that. And then I'll take it back.

    對不起。我不知道是不是我,但我聽不太清楚你的問題。據我了解,您詢問了今年最後幾個月巴西的競爭環境。所以我會把它轉給西德尼,他可以告訴你更多相關資訊。然後我會把它收回來。

  • Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

    Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

  • Okay. Thank you, Ricardo. I also could not hear very well. So if I don't answer your question as you asked it, please let me know. So about prices in the first quarter, we're still seeing some pressure because of costs, but once again, I think all of the intelligence that we have and that we've been used for, for example, purchasing grain has provided a very positive equation for us. So this seems to have been a winning bet.

    好的。謝謝你,里卡多。我也聽不太清楚。因此,如果我沒有按照您的要求回答您的問題,請告訴我。因此,關於第一季的價格,由於成本原因,我們仍然面臨一些壓力,但我再次認為,我們擁有的所有情報以及我們用於購買穀物等方面的情報都提供了非常好的幫助。說是正方程式。所以這似乎是一個贏了的賭注。

  • This is an impact for the market, right? For all of our main competitors. So from what I understood of your question, you're asking about our competitive environment. And I see everyone doing the same and the same intensity because of how pressured we are by costs. I believe that in the first quarter, we will be able to adapt. And for the rest of the year, it will depend, of course, on grain price variations. We still don't have enough information to design a complete scenario. So we do believe that the first quarter will have some price variation. And this is still due to our cost pressure. I don't know if that answers your question. So please let me know if I haven't answered it well.

    這對市場來說是一個影響吧?對於我們所有的主要競爭對手。因此,根據我對你問題的理解,你是在問我們的競爭環境。我看到每個人都在做同樣的事情,同樣的強度,因為我們面臨著巨大的成本壓力。我相信第一季我們能夠適應。當然,今年剩餘時間,這將取決於糧食價格變化。我們仍然沒有足夠的資訊來設計完整的場景。因此,我們確實認為第一季的價格將會出現一些變化。而這仍然是我們的成本壓力所造成的。我不知道這是否回答了你的問題。所以如果我沒有很好地回答,請告訴我。

  • Ricardo L. Alves - Equity Analyst

    Ricardo L. Alves - Equity Analyst

  • No. That does answer my question.

    不,這確實回答了我的問題。

  • Operator

    Operator

  • Thiago Duarte from BTG Pactual will ask the next question.

    BTG Pactual 的 Thiago Duarte 將提出下一個問題。

  • Thiago Callegari L. Duarte - Analyst

    Thiago Callegari L. Duarte - Analyst

  • Actually, I have 2 and a follow-up. So you usually don't provide this information, but if you can help us navigate this information, I think it would be very good. First, about your inventory. Lorival, you mentioned during the presentation that your raw material inventory has gone up significantly. And that seems to have been a very good decision. I'd just like to understand if you can break it down for us. If you could tell us about your inventory in real terms, what does this mean in terms of volume? How many months of grains do you have stored?

    事實上,我有 2 個和一個後續。所以你通常不會提供這些信息,但如果你能幫助我們瀏覽這些信息,我認為那就非常好。首先,關於你的庫存。 Lorival,您在示範中提到您的原料庫存大幅增加。這似乎是一個非常好的決定。我只是想知道您能否為我們分解。如果您能告訴我們您的實際庫存狀況,這對數量意味著什麼?您儲存了幾個月的糧食?

  • My second question is more for Sidney, I believe. You mentioned during your presentation that your market share has been consistently high in the last few quarters and across all categories. So how do you look at price changes in the entire industry? You mentioned that in the past few months, they have been going up. So when we look at the volume share, not only your price share, is it a similar development?

    我相信我的第二個問題比較是針對西德尼的。您在演講中提到,過去幾個季度,所有類別的市佔率一直很高。那麼您如何看待整個產業的價格變化呢?你提到在過去的幾個月裡,它們一直在上升。那麼,當我們看銷售份額時,不僅僅是價格份額,是否也有類似的發展?

  • So did BRF get a higher volume share in the last few years? And a follow-up question. You mentioned that your mix effect was also very important when you look at the average price of processed foods in Brazil. So I'd just like to ask if your mix effect was more important than your price effect. If we separate your average price from the company's mix, how does that affect it?

    那麼,BRF 在過去幾年中獲得了更高的銷售份額嗎?還有一個後續問題。您提到,當您查看巴西加工食品的平均價格時,混合效應也非常重要。所以我想問你的混合效應是否比你的價格效應更重要。如果我們將您的平均價格與公司的產品組合分開,這會如何影響它?

  • Lorival Nogueira Luz - Global CEO & Member of Executive Board

    Lorival Nogueira Luz - Global CEO & Member of Executive Board

  • Thank you, Thiago. I'll answer a part of your question, and then Leo will answer the rest, and maybe Sid can also say something. So about competitiveness. It's important to make this very clear. BRF has showed its competitiveness on that graph when we compare ourselves to others. This is due to the strategy that we've had. Of course, that's very important. Because it's this strategy that allows us to have a very important cost competitiveness. You saw the difference and the gap that exists between other companies and ours.

    謝謝你,蒂亞戈。我會回答你的一部分問題,然後 Leo 會回答剩下的部分,也許 Sid 也可以說些什麼。關於競爭力。弄清楚這一點很重要。當我們與其他人進行比較時,BRF 在該圖表上顯示了其競爭力。這是由於我們的策略所致。當然,這非常重要。因為正是這個策略讓我們擁有了非常重要的成本競爭力。您看到了其他公司和我們公司之間存在的差異和差距。

  • Another important thing is, remember that we've been talking about implementing a number of initiatives on operational system, logistics system, services system that will expand and affect the company's maturity. This will also make us more competitive. When we look at innovations and everything that we've done and what is still to come in the first half of this year, this makes us very confident about the company's margins the first and second quarters, and we believe they will continue along the same line as we're planning. All of these initiatives will remain robust commercially. And this is, of course, supported by the strength of our brands. So with that being said, I'll pass it on to Leo, so he can add some information on inventories. And then Sidney will answer your last question.

    另一件重要的事情是,請記住,我們一直在討論實施一些關於營運系統、物流系統、服務系統的舉措,這些舉措將擴大並影響公司的成熟度。這也將使我們更具競爭力。當我們審視今年上半年的創新、我們所做的一切以及即將發生的事情時,這使我們對公司第一季和第二季的利潤率非常有信心,我們相信他們將繼續保持同樣的水平正如我們計劃的那樣。所有這些舉措在商業上都將保持強勁。當然,這有我們品牌實力的支持。話雖如此,我會將其傳遞給 Leo,以便他可以添加一些有關庫存的資訊。然後西德尼將回答你的最後一個問題。

  • Leonardo Campo Dallorto - VP of Sales & Operations Planning & Supply Chain and Member of Executive Board

    Leonardo Campo Dallorto - VP of Sales & Operations Planning & Supply Chain and Member of Executive Board

  • As Lorival said and as we've been saying in the last earnings calls, this entire topic of commodities is very strategical to us. We've had a very consistent strategy, which has been asserted for the last years.

    正如洛里瓦爾所說以及我們在上次財報電話會議中所說的那樣,整個大宗商品主題對我們來說非常具有戰略意義。我們有一個非常一致的策略,這是過去幾年一直堅持的。

  • You can see from our inventory position that we started 2021 with the highest inventory in the last years. I can't tell you strategically -- because of strategical reasons, the exact level of inventory that we have, but it is, of course, higher than we had in the past. And besides that, we have future orders. We already had future orders placed since last year. So this has made a big difference for us, getting ahead of the market.

    從我們的庫存狀況可以看出,2021 年伊始,我們的庫存是過去幾年最高的。我無法從戰略上告訴你——由於戰略原因,我們擁有的確切庫存水平,但它當然比我們過去的要高。除此之外,我們還有未來的訂單。自去年以來,我們已經收到了未來的訂單。因此,這對我們產生了很大的影響,領先於市場。

  • We can look at consumption around the world for our kind of protein, and this is what directs our production in Brazil and in other players that produce grains. So we have the U.S., China, Brazil, Argentina and Ukraine, and we see how the production is going there. We see how the production is going in Brazil. We have a field team that monitors it, that drives around fields, seeing how they're doing.

    我們可以看看世界各地對我們這種蛋白質的消費情況,這就是我們在巴西和其他穀物生產國生產的指導方針。我們有美國、中國、巴西、阿根廷和烏克蘭,我們來看看那裡的生產情況如何。讓我們來看看巴西的生產情況如何。我們有一個現場團隊來監控它,開車繞著田地轉,看看他們的情況如何。

  • And based on that, we have our own models, which help us in taking these decisions. So we've been doing this for the last quarters. So we've had a very good level of inventory, which will allow us to continue to be competitive and which has allowed us to remain at the price as we are right now. So we're very confident with this strategy.

    基於此,我們有自己的模型,可以幫助我們做出這些決策。所以我們在過去幾個季度一直在這樣做。因此,我們擁有非常好的庫存水平,這將使我們能夠繼續保持競爭力,並使我們能夠保持目前的價格。所以我們對這個策略非常有信心。

  • Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

    Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

  • Thiago, you had asked some questions about the Brazilian market. So I just want to understand what you're asking. Our main measurement is value, and it's remained constant for the last years, but it's also important to underscore what we've been saying frequently in the last calls.

    蒂亞戈,您問了一些有關巴西市場的問題。所以我只是想了解你在問什麼。我們的主要衡量標準是價值,並且在過去幾年中保持不變,但強調我們在最近的電話會議中經常說的話也很重要。

  • Of course, market share is important for us, but it only represents a part of our results, about 50%. For example, Food Service, we're the biggest food service company in Brazil, this is not captured by our market share figures, small retailers, in some regions, this is very partially captured. So our top line represents all of the efforts that we've made in growth. And when it seems like we're growing in processed goods by over 10%, that is a double-digit growth. There is no doubt that we are seeing some contributions from the mix.

    當然,市場佔有率對我們來說很重要,但它只代表我們業績的一部分,大約50%。例如,食品服務,我們是巴西最大的食品服務公司,這並沒有被我們的市場份額數據所捕獲,而在某些地區的小型零售商,這只是部分捕獲的。因此,我們的頂線代表了我們在成長方面所做的所有努力。當我們的加工產品成長看起來超過 10% 時,那就是兩位數的成長。毫無疑問,我們看到了這種組合的一些貢獻。

  • So our mix is boosting our average price. And of course, in the last quarter, we have holidays, which always have a significant impact on our quarterly results. On the other hand, though, we've mentioned this before. We're also passing on some of the costs that we've had to our prices. So it's important to look at the figures we presented because they, of course, don't show a clear picture of the advances we've made in our portfolio, the added value that we had that went from 80% to 85%. So there is a big effort that we're making in added value products.

    所以我們的組合正在提高我們的平均價格。當然,在最後一個季度,我們有假期,這總是對我們的季度業績產生重大影響。但另一方面,我們之前已經提到過這一點。我們還將一些成本轉嫁給我們的價格。因此,查看我們提供的數據很重要,因為它們當然沒有清楚地顯示我們在投資組合中取得的進步,即我們的附加價值從 80% 上升到 85%。因此,我們在增值產品方面做出了巨大的努力。

  • And there's a portfolio that's not measured here which also influences us with new categories that are not even included in our market share figures. For example, holiday products, this is not included. So it doesn't really match when you look at prices and market share. It's important to look at our market share as a trend. So this is just what I wanted to let you know. Behind it, we also have a strong effort in innovation. We left 1.1% share to -- we went up to about 5% to 6%. And so of course, this adds value to our equation, which is based on our strategy. This is what we've committed ourselves to doing strategically.

    這裡沒有衡量一個投資組合,它也透過新類別影響我們,這些新類別甚至沒有包含在我們的市佔率數據中。例如節日產品,這個不包括在內。因此,當您查看價格和市場份額時,它並不真正匹配。將我們的市場份額視為一種趨勢很重要。這就是我想讓你知道的。這背後,還有我們在創新方面的強大努力。我們將 1.1% 的份額提升至約 5% 至 6%。當然,這為我們基於我們策略的等式增加了價值。這就是我們在策略上致力於做的事情。

  • Operator

    Operator

  • Andre Hachem from Itaú will ask the next question.

    來自 Itaú 的 Andre Hachem 將提出下一個問題。

  • Andre Saleme Hachem - Research Analyst

    Andre Saleme Hachem - Research Analyst

  • My question is about your cash. We know that you had many suppliers and I'd just like to know if this will continue in 2021 when it comes to your cash? And what will your CapEx be for the next quarters? If you could give us some more information on that.

    我的問題是關於你的現金。我們知道你們有很多供應商,我想知道 2021 年你們的現金狀況是否會持續?您接下來幾季的資本支出是多少?如果您能給我們更多相關資訊。

  • Lorival Nogueira Luz - Global CEO & Member of Executive Board

    Lorival Nogueira Luz - Global CEO & Member of Executive Board

  • I'll pass it on to Carlos, our CFO, who will give us some more information.

    我會將其轉交給我們的財務長卡洛斯,他將為我們提供更多資訊。

  • Carlos Alberto Bezerra de Moura - Chief Financial & IR Officer and Member of Executive Board

    Carlos Alberto Bezerra de Moura - Chief Financial & IR Officer and Member of Executive Board

  • Thank you, Lorival. Good morning, everyone. Thank you for your question, Andre. You're giving us an opportunity to clarify this point very well. First, when we look at our net debt variation, you see that it's reduced. So cash generation is being used to reduce our net debt. And as you can see, that generated proportion of capture and amortization. So we're amortizing high level of our debt, and we're putting our balance to the company's strategy. And what is our strategy?

    謝謝你,洛里瓦爾。大家早安。謝謝你的提問,安德烈。您給了我們一個機會來很好地澄清這一點。首先,當我們查看淨債務變化時,您會發現它有所減少。因此,現金生成被用來減少我們的淨債務。正如您所看到的,這產生了捕獲和攤銷的比例。因此,我們正在攤銷高額債務,並將平衡與公司策略結合。我們的策略是什麼?

  • As Andre and Lorival said, we're getting prepared to sustain a high a level of grain storage so that we can continue at the same level of value generation in our feed mills. We also want to stay at the same level of client credit, both in Brazil and abroad. I'd just like to remind you that over 2020, even despite the pandemic, we had very low default levels. And we managed to have a very good relationship with our clients in Brazil and with other direct initiatives that we had, and this also was true for our foreign clients, even with Food Service clients.

    正如安德烈和洛里瓦爾所說,我們正在準備維持高水準的糧食儲存,以便我們的飼料廠能夠繼續保持相同水準的價值創造。我們也希望在巴西和國外保持相同的客戶信用水準。我想提醒大家的是,2020 年,儘管發生了疫情,我們的違約水準仍然非常低。我們設法與巴西的客戶以及我們採取的其他直接措施建立了非常良好的關係,對於我們的外國客戶,甚至是食品服務客戶來說也是如此。

  • So the company's cash generation was very healthy. You can see that our financial cycle is between 17 to 20 days. We've reached 13 days in the last quarter. But as we said, this will probably remain between 17 and 20 on the long term. The company's capital structure is more comfortable. And when you look at the effects of foreign exchange variation over debt in the last quarter, we're reaching our leverage guidance very well. It's 2.73x, as Lorival said. And this is below our guidance, which was 2.75x.

    因此,該公司的現金產生非常健康。大家可以看到我們的財務週期是17到20天之間。上個季度我們已經達到 13 天了。但正如我們所說,從長遠來看,這個數字可能會保持在 17 到 20 之間。公司資本結構較為寬鬆。當你看看上個季度外匯變化對債務的影響時,我們很好地達到了槓桿率指引。正如 Lorival 所說,它是 2.73 倍。這低於我們的指導值(2.75 倍)。

  • So we need to look at cash flow and our balance together. We're not sacrificing one for the other, but we're trying to step into 2021 on the right foot to generate more business for the company.

    因此,我們需要一起考慮現金流和餘額。我們不會為了另一個而犧牲一個,但我們正努力以正確的方式邁入 2021 年,為公司創造更多業務。

  • Andre Saleme Hachem - Research Analyst

    Andre Saleme Hachem - Research Analyst

  • Okay. So if I could just ask a follow-on question. When we think about your CapEx for 2021, how are you financing that Capex? If you could tell us a little bit more about that.

    好的。那我是否可以問一個後續問題。當我們考慮您 2021 年的資本支出時,您如何為該資本支出融資?如果您能告訴我們更多相關資訊。

  • Carlos Alberto Bezerra de Moura - Chief Financial & IR Officer and Member of Executive Board

    Carlos Alberto Bezerra de Moura - Chief Financial & IR Officer and Member of Executive Board

  • Andre, our capital for next year, which we'll invest about BRL 5.2 billion. This year, actually, BRL 5.2 billion in biological assets and for (inaudible) BRL 1.9 billion, BRL 1.2 billion in support initiatives and efficiency so that we can increase our operational leverage and BRL 2.2 billion in growth to expand our lines and to continue our strategy of advancing and higher added-value products to stabilize our margins.

    安德烈,我們明年的資本,我們將投資約 52 億雷亞爾。實際上,今年,我們投入了52 億雷亞爾用於生物資產,(聽不清楚)投入了19 億雷亞爾,其中12 億雷亞爾用於支持舉措和效率,以便我們能夠提高營運槓桿,並投入22 億雷亞爾用於成長,以擴大我們的產品線並繼續我們的業務。

  • This will all come from the company's cash generation. As a reminder, we're going to continue to be financially disciplined. Our limit is 3x net debt-to-EBITDA in the last 12 months. So this is very important to keep in mind so that we don't risk our balance. If we need to dose out these investments, the company can do that due to the integration between our company's or our team's and our CapEx control.

    這將全部來自公司的現金產生。提醒一下,我們將繼續遵守財務紀律。我們的限制是過去 12 個月內淨債務與 EBITDA 的 3 倍。因此,記住這一點非常重要,這樣我們就不會拿我們的平衡冒險。如果我們需要放棄這些投資,由於我們公司或團隊與我們的資本支出控制之間的整合,公司可以這樣做。

  • So we are moving forward with this plan. If you look at the fourth quarter, we're already seeing that our growth initiatives are advancing. At the end of 2020, we had invested BRL 2.5 billion. So we are confident that these investments will generate cash. And of course, this will retrofit our growth and financing structure.

    所以我們正在推進這個計劃。如果你看看第四季度,我們已經看到我們的成長計畫正在推進。截至2020年底,我們已投資25億雷亞爾。因此,我們有信心這些投資將產生現金。當然,這將改造我們的成長和融資結構。

  • Operator

    Operator

  • Leandro Fontanesi from Bradesco will ask the next question.

    來自布拉德斯科的 Leandro Fontanesi 將提出下一個問題。

  • Leandro Fontanesi - Research Analyst

    Leandro Fontanesi - Research Analyst

  • I have a couple of questions. You announced a 10-year plan last year. And you mentioned investments. But can you just give us some color on how you're doing in each line? What sorts of investments have you already made? And if you could tell us a bit about the results you've been seeing from these new initiatives, considering your revenue and EBITDA.

    我有幾個問題。您去年宣布了一項十年計劃。你提到了投資。但你能給我們一些關於你在每一行的表現的資訊嗎?您已經進行了哪些類型的投資?如果您能告訴我們一些您從這些新舉措中看到的結果,考慮到您的收入和 EBITDA。

  • My second point is, you've been talking about your strategy and how successful it's been to provide stable margins, especially in Brazil, around 20%. So if you could tell us a bit about your growth plan and your competitors' growth plan and how you're planning to invest on processed foods?

    我的第二點是,您一直在談論您的策略以及提供穩定利潤率的成功程度,尤其是在巴西,約為 20%。那麼,您能否告訴我們一些有關您的成長計劃和競爭對手的成長計劃以及您計劃如何投資加工食品的資訊?

  • When we look at process prices, especially because of inflation, it's still on the rise. So what -- do you have any concerns about reaching the guidance you provided on the processed foods market?

    當我們觀察加工價格時,尤其是由於通貨膨脹,它仍在上漲。那又怎樣—您對達到您在加工食品市場上提供的指導有任何顧慮嗎?

  • Lorival Nogueira Luz - Global CEO & Member of Executive Board

    Lorival Nogueira Luz - Global CEO & Member of Executive Board

  • Thank you, Leandro. So I'm going to answer your first question, and then I'll let others answer your second one. Regarding the 2030 initiative, starting on January 1, that's when we started working on them. And we have a mix of initiatives, a mix of priorities, including domestic market, international market and organic growth related initiatives, also initiatives for inorganic growth, and we are already working on them.

    謝謝你,萊安德羅。所以我先回答你的第一個問題,然後我會讓其他人回答你的第二個問題。關於 2030 年倡議,從 1 月 1 日開始,我們就開始著手進行工作。我們有一系列舉措、一系列優先事項,包括國內市場、國際市場和有機成長相關舉措,還有無機成長舉措,我們已經在研究這些舉措。

  • We have a team that was launched and a management model to ensure that all these initiatives are implemented successfully. And you asked us about when you'll start seeing the results, I can't really anticipate anything. But regarding the results in our balance sheet itself, of course, in the first quarter of 2021, we won't be seeing the impacts of these initiatives because they are too insipient but we expect to start seeing the results of these initiatives in the first half of this year. And also, we will communicate to you the results of all the initiatives that we have implemented and completed. So we expect to have good news for you in the first quarter of this year.

    我們有一個已啟動的團隊和一個管理模式來確保所有這些措施都能成功實施。你問我們什麼時候會開始看到結果,我真的無法預測任何事情。但就我們資產負債表本身的結果而言,當然,在2021 年第一季度,我們不會看到這些舉措的影響,因為它們太微弱了,但我們預計將在第一季度開始看到這些舉措的結果今年一半。此外,我們還將向您傳達我們已實施和完成的所有舉措的結果。因此,我們預計今年第一季會為您帶來好消息。

  • Now in respect to the risk of oversupply, I don't really see a risk of oversupply in this sector. And it's important to stress that the population in general, not just in Brazil, but in the external market as well, having -- is growing, will continue to grow also people's habits are changing. And when you have a projection of population growth, and also a change in people's habits and lifestyle, this all leads to an increase in demand, demand for more practical products, processed products, and this is to meet this increasing demand. And we are already paying attention and investing and expanding the production of these high added-value products to meet this demand. We have our foots on the ground. Everything we do is well grounded by data and in-depth analysis. I don't know if anyone wants to add anything.

    現在就供應過剩的風險而言,我確實不認為該行業有供應過剩的風險。需要強調的是,整體人口,不僅在巴西,而且在外部市場,正在成長,並將繼續增長,而且人們的習慣正在改變。當你預測人口成長以及人們的習慣和生活方式的變化時,這一切都會導致需求的增加,對更實用的產品、加工產品的需求,而這就是為了滿足這種不斷增長的需求。我們已經在關注並投資和擴大這些高附加價值產品的生產來滿足這種需求。我們腳踏實地。我們所做的一切都以數據和深入分析為基礎。不知道有沒有人想補充。

  • Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

    Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

  • Yes, Lorival. So just to add to what you just said. If we extrapolate the 2030 goals, we understand that the categories that never fit with our business, if we could calculate the market share, we are at 20% of what -- where we could be. So there's a lot of room for new categories, for new markets, for BRF to advance particularly in Brazil and also in international markets.

    是的,洛里瓦爾。所以只是補充一下你剛才所說的內容。如果我們推斷 2030 年的目標,我們就會明白,那些永遠不適合我們業務的類別,如果我們能夠計算市場份額,我們目前只達到了我們可能達到的目標的 20%。因此,新類別、新市場、BRF 都有很大的發展空間,特別是在巴西和國際市場。

  • And if we look at the macro trends and how consumers are behaving today, we see that most people do not want to cook at home and another large portion of consumers that the foods that we are delivering to these consumers does not really meet their taste standards.

    如果我們觀察宏觀趨勢以及當今消費者的行為方式,我們會發現大多數人不想在家做飯,而另外很大一部分消費者則認為我們向這些消費者提供的食物並不真正符合他們的口味標準。

  • So there's a huge opportunity in the market, and BRF will be leading this transformation, the transformation of the food industry in Brazil. And also looking at newer generations that are becoming more and more demanding, they want specific products and also looking at all consumption occasions. We still see a macro trend towards people living in smaller spaces, people living alone, that these people will want practical products, easy to prepare off-the-shelf and tasteful foods.

    因此,市場上存在著巨大的機遇,而 BRF 將引領這項變革,即巴西食品產業的變革。而且新一代的要求越來越高,他們想要特定的產品,並且注意所有的消費場合。我們仍然看到居住在較小空間的人們、獨居者的宏觀趨勢,這些人會想要實用的產品、易於準備的現成的和美味的食物。

  • And this combination of factors shows the size of the opportunity that we have. So yes, we do have a lot of space to advance, to grow, at a very fast pace and in line with the 2030 goals. With processed product, today, for example, pork consumption in Brazil is half of what we see in other places in the world. So this leads to many innovations, new categories that will all contribute to the growth level that we forecast for 2030.

    這些因素的結合顯示了我們擁有的機會的大小。所以,是的,我們確實有很大的空間可以快速前進、成長,並與 2030 年的目標保持一致。以加工產品為例,如今巴西的豬肉消費量是世界其他地方的一半。因此,這會帶來許多創新和新類別,這些都將為我們預測的 2030 年成長水準做出貢獻。

  • Leandro Fontanesi - Research Analyst

    Leandro Fontanesi - Research Analyst

  • And just one follow-up. When we look at the Brazil segment, you had a significant increase in processed products, but a reduction in pork and chicken. Is that part of your strategy to adjust your mix to preserve your margins? Or is there any other element here that is worth mentioning?

    只有一個後續行動。當我們觀察巴西市場時,加工產品顯著增加,但豬肉和雞肉減少。這是您調整產品組合以維持利潤的策略的一部分嗎?或者這裡有其他值得一提的元素嗎?

  • Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

    Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

  • It is actually a combination of factors. This is actually the secret of our company. We have a -- an inter-market demand, and we have an adjustment between domestic and international markets, which leads to us deciding what the product mix will be.

    這其實是多種因素的結合。這實際上是我們公司的秘密。我們有一個市場間的需求,我們在國內和國際市場之間進行調整,這導致我們決定產品組合。

  • On the other hand, we are also advancing in terms of added value. And with all the innovations that we mentioned here today, we have a combination of value so we're looking at the market as a whole to try to understand how markets interact. And yes, we are advancing our high added-value portfolio. So the 2 things are happening at the same time.

    另一方面,我們在附加價值方面也在不斷進步。透過我們今天提到的所有創新,我們擁有了價值組合,因此我們將市場視為一個整體,試圖了解市場如何相互作用。是的,我們正在推進我們的高附加價值產品組合。所以這兩件事是同時發生的。

  • Patrício Santiago Rohner - VP of International Operations and Member of Executive Board

    Patrício Santiago Rohner - VP of International Operations and Member of Executive Board

  • Sidney, I'd like to add something or reinforce what you said. Processed Foods they consume our own in natura product. So when we increase our added value, we are doing a value up of our in natura products. So we have this positive cannibalization, which is natural. I just wanted to reinforce what you said.

    西德尼,我想補充一些內容或強化你所說的話。他們消費我們自己的加工食品的天然產品。因此,當我們增加附加價值時,我們就是在提高天然產品的價值。所以我們有這種積極的蠶食,這是很自然的。我只是想強化你所說的話。

  • Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

    Sidney Rogério Manzaro - VP of Commercial Brazil Market & Member of Executive Board

  • Yes, well done, Patrício. Thank you.

    是的,幹得好,帕特里西奧。謝謝。

  • Operator

    Operator

  • (Operator Instructions) This question-and-answer session is now closed. Now I hand it over to Mr. Lorival Luz for his final remarks.

    (操作員說明)本問答環節現已結束。現在我請 Lorival Luz 先生作最後發言。

  • Lorival Nogueira Luz - Global CEO & Member of Executive Board

    Lorival Nogueira Luz - Global CEO & Member of Executive Board

  • Thank you all for participating today. Thank you for taking the time to listen to us. I would like to once again stress the high level of competitiveness of the company and how we are delivering our results and also the high level of trust.

    感謝大家今天的參與。感謝您抽出時間來聆聽我們的演講。我想再次強調公司的高水準競爭力、我們如何交付成果以及高度的信任。

  • Now trust that we have from you for 2021, which we know is a result of the very effective management of what we're doing in terms of our costs, our supplies, the management of our brands and the motivation that is being invested in all the initiatives that we're putting in place to reach our 2030 vision and everything that we communicated to you in December. So once again, thank you all for attending, and have a great afternoon.

    現在請相信我們從您那裡得到的 2021 年業績,我們知道這是我們對成本、供應、品牌管理以及所有投資動力方面所做工作進行非常有效管理的結果。以及我們在12 月向您傳達的所有訊息。再次感謝大家的出席,祝福大家有個愉快的下午。