BRF SA (BRFS) 2021 Q4 法說會逐字稿

(technical difficulty)

（技術難度）

Please note that this conference is being recorded. (Operator Instructions)

請注意，本次會議正在錄製中。 （操作員說明）

(presentation)

（推介會）

Before we move forward, we would like to state that any statements with regard to the company's operational and financial targets are based beliefs and premises of BRF's management as well as information currently available to the company. Forward-looking statements are not guarantees of performance as they involve risks and premises in that they refer to future events and therefore, rely on circumstances that may or not materialize.

在我們繼續前進之前，我們想聲明，有關公司營運和財務目標的任何聲明均基於 BRF 管理層的信念和前提以及公司目前掌握的資訊。前瞻性陳述不是績效的保證，因為它們涉及風險和前提，因為它們涉及未來事件，因此依賴可能或不會實現的情況。

Investors must understand that overall general economics conditions, the state of the industry and other operating factors may affect the company's future earnings and lead to materially different results than those expressed in such statements.

投資者必須了解，總體經濟狀況、行業狀況和其他經營因素可能會影響公司的未來收益，並導致與此類聲明中表達的結果有重大差異。

I will now turn the floor to BRF's Global CEO, Mr. Lorival Luz, who will conduct the company's presentation. Please, Mr. Luz, you may proceed.

現在請 BRF 全球執行長 Lorival Luz 先生發言，他將主持公司的演講。盧茲先生，請繼續。

Thank you, and good morning, everyone. Once again, I'd like to thank all of you for joining us in another BRF's earnings release, this time talking about Q4 and the year 2021 in general. Starting with Slide 1, I'd like to tell you about the performance we had both in Q4 and in 2021 as a whole. We recorded a substantial increase in our net revenue, up by 19.6% over the quarter and by 22.5% over the year, reaching BRL 48.3 billion.

謝謝大家，大家早安。我要再次感謝大家與我們一起參加 BRF 的另一次收益發布，這次主要討論的是第四季度和 2021 年。從投影片 1 開始，我想向您介紹我們在第四季和 2021 年全年的表現。我們的淨收入大幅成長，季度成長 19.6%，全年成長 22.5%，達到 483 億雷亞爾。

Likewise, we grew substantially both in adjusted EBITDA (inaudible) the same quarter of the previous year and grew our EBITDA over the year by 7.2%, it reached BRL 5.5 billion. It's also important to bear in mind that this was an extremely challenging year from the standpoint of high costs, especially in production and even shortage of a few types of raw material and services, which had a significant impact on the challenges and our opportunities to perform over the course of the year.

同樣，我們的調整後 EBITDA（聽不清楚）與去年同期相比均大幅成長，全年 EBITDA 成長了 7.2%，達到 55 億雷亞爾。同樣重要的是要記住，從高成本的角度來看，這是極具挑戰性的一年，特別是在生產方面，甚至幾種原材料和服務的短缺，這對我們的挑戰和執行機會產生了重大影響在這一年。

Therefore, this is a very robust and resilient result for the company. We also ended this challenging year with a net profit of about BRL 500 billion, with almost BRL 1 billion in Q4 and in operational cash flow, which was also trending up and was very robust in the last quarter of the year. And it's also important to highlight our results from the standpoint of our leverage. As we discussed in our last earnings conference, we said back then that our net debt to EBITDA was about 3x, which had increased this year because of the adverse situation we were facing.

因此，這對公司來說是一個非常穩健和有彈性的結果。我們也以約5,000 億雷亞爾的淨利結束了這項充滿挑戰的一年，第四季的營運現金流接近10 億雷亞爾，營運現金流也呈上升趨勢，在今年最後一個季度非常強勁。從槓桿的角度強調我們的成果也很重要。正如我們在上次收益會議上討論的那樣，我們當時表示，我們的 EBITDA 淨債務約為 3 倍，由於我們面臨的不利形勢，今年這一數字有所增加。

And now after the company's Follow On offering, which we concluded successfully in the first quarter of the year, we show you a pro forma result which was essentially bringing the BRL 5.6 billion that came into the company's cash flow this pro forma result, which will bring our leverage from the end of last year to this current position. So from 5 to about 2.17x, which allows the company, as we said back when we structured our Follow On that we will continue to make the necessary investments in the company and at the same time, continue to capture and benefit from a significant decline in our financial costs, considering the scenario that we're seeing in 2022.

現在，在我們於今年第一季成功完成公司的後續發行之後，我們向您展示了一份預計結果，該預計結果實質上為公司現金流帶來了 56 億雷亞爾，這將將我們的槓桿率從去年年底提升到目前的水平。因此，從 5 倍到大約 2.17 倍，這使得該公司，正如我們在構建後續計劃時所說的那樣，我們將繼續對公司進行必要的投資，同時繼續捕捉並從大幅下滑中受益考慮到我們在2022 年看到的情況，我們的財務成本。

Now looking at how the result developed over the year, it's always very important to highlight how resilient our earnings were in 2021 as a whole. And especially when we look at Q4, we see an increase over the previous year of nearly BRL 300 million in our gross profit and about BRL 100 million in our EBITDA versus the previous quarter (sic) [year]. This only goes to show how disciplined the company's management has been despite the adverse scenario that we found and faced over the past year in which we still were able to achieve BRL 1.5 billion -- BRL 1.7 billion EBITDA actually.

現在來看看一年來的業績發展情況，強調我們 2021 年整體獲利的彈性始終非常重要。尤其是當我們查看第四季度時，我們發現與上一季（原文如此）相比，我們的毛利比去年增加了近 3 億雷亞爾，EBITDA 增加了約 1 億雷亞爾。這只能表明，儘管我們在過去的一年中發現並面臨著不利的情況，但我們仍然能夠實現15 億雷亞爾——實際上是17 億雷亞爾的EBITDA，公司管理層的紀律是多麼嚴格。

So what exactly are we talking about? We've been showing this time and time again over the past quarters. Since the second quarter of 2020, we've had a very material increase in production costs, as you can see with the blue curve, which uses production costs from Embrapa. we see a very sharp increase, which when you look at the table or at the chart below, reflects on producers' margins. So the company at large is still facing a very aggressive environment when it comes to margins.

那我們到底在說什麼？在過去的幾個季度中，我們一次又一次地展示了這一點。自 2020 年第二季以來，我們的生產成本大幅增加，如藍色曲線所示，該曲線使用 Embrapa 的生產成本。我們看到成長非常急劇，當您查看表格或下面的圖表時，這反映在生產商的利潤率上。因此，就利潤率而言，整個公司仍然面臨著非常激進的環境。

The industry is still hurting with the perhaps lowest producer margins over the last 5 years. And that has been the case for even over a year. And we, at BRF, have been able to have an absolutely streamlined management of our production costs on every front in such a way that we have been able to pass along costs at the same level to preserve our margins. And that shows in the yellow and red -- yellow and orange curves, which reflects exactly what we've just shown, which is the resilience of our quarterly results. So this shows a very efficient management on a month-by-month basis.

該行業仍然受到影響，生產商利潤率可能是過去五年來最低的。這種情況已經持續了一年多。在 BRF，我們能夠在各個方面對生產成本進行絕對簡化的管理，這樣我們就能夠以相同的水平轉嫁成本以保持我們的利潤。這在黃色和紅色——黃色和橙色曲線中顯示出來，它準確地反映了我們剛剛顯示的內容，即我們季度業績的彈性。因此，這表明逐月管理非常有效。

Moving forward, we have never stopped taking care of our brands. And what we mean by taking care of them is we continue to monitor and follow the preference for our brands because brand preference, just as MBS, is a very well-rounded indicator because it shows the quality of our product, the quality of our service and the adjustment or adaptation of our products and services to customers' needs. It's not just about a price adjustment, which you can quickly transform in market share by adjusting prices. We are constantly analyzing and making our decisions looking at this context in general, and our brands have increased in people's preference always staying on the lead, both on the food industry with Sadia and Qualy and also another factor that's very much in line with our strategy.

展望未來，我們從未停止對我們品牌的關注。我們所說的照顧他們的意思是我們繼續監控和追蹤對我們品牌的偏好，因為品牌偏好就像 MBS 一樣，是一個非常全面的指標，因為它顯示了我們產品的品質、我們服務的品質根據客戶的需求調整或調整我們的產品和服務。這不僅僅是價格調整，透過調整價格可以快速改變市場份額。我們不斷地根據這個背景進行分析和做出決定，我們的品牌在人們的偏好中不斷增加，始終保持領先地位，無論是在食品行業的Sadia 和Qualy，還是另一個與我們的策略非常一致的因素。

We continue to innovate and launch new products with a very important work in the -- an increasing per capital consumption of pork. We continued to launch new products over the course of 2021, which is a very relevant information and something we will continue to work on moving forward. When we look at the strategy over time, we clearly see the effects of that in Brazil. Our share of value-added products from 74% to nearly 85% and the revenue from innovation, which went from 3% to nearly 7%, with a wide range of products that bring convenience and meet the demand and the profile of our customers, be that with the Bio with the Livre&Lev line and a host of other products we have been launching not only in Brazil, but abroad as well.

我們不斷創新並推出新產品，其中一項非常重要的工作是提高人均豬肉消費量。我們在 2021 年繼續推出新產品，這是一個非常相關的訊息，我們將繼續努力向前推進。當我們隨著時間的推移審視該戰略時，我們清楚地看到該戰略在巴西的影響。我們的加值產品份額從 74% 增加到近 85%，創新收入從 3% 增加到近 7%，我們的產品範圍廣泛，能夠帶來便利並滿足客戶的需求和情況， Bio 的Livre&Lev 系列以及我們不僅在巴西而且還在國外推出的許多其他產品。

And talking about our operations abroad, the volume of processed products that we put out has increased in our operations in the Emirates and in Turkey. That's something we've done with a number of new products being put on the market, bringing more quality and better serving the demand of our customers so much so that our value-added portfolio now accounts for 20% of our entire portfolio, which is in line with our 2030 Vision, which is to be increasingly more a company of high value-added products and also providing added value to our customers and collaborators.

談到我們的海外業務，我們在阿聯酋和土耳其的業務中生產的加工產品數量有所增加。我們已經做到了這一點，將許多新產品推向市場，帶來更高的質量，更好地滿足客戶的需求，以至於我們的增值產品組合現在占到我們整個產品組合的 20%，即符合我們的2030 年願景，即日益成為一家提供高附加價值產品的公司，並為我們的客戶和合作者提供附加價值。

Now despite the hostile macroeconomic scenario in Turkey with the currency devaluation, we have been making headway, and we were quick enough to -- they're at 20% of production to exports, which also benefited our results. It's the same strategy we continue to adopt in Brazil moving forward in the preference of our brands, and Banvit has reached a 50% preference rate in Turkey. And this is something that's really significant and gives us the opportunity to continue to move forward, preparing to the expansion and investments we began to make last year.

現在，儘管土耳其的宏觀經濟狀況因貨幣貶值而不利，但我們一直在取得進展，而且我們的速度足夠快——出口占產量的 20%，這也有利於我們的業績。我們在巴西繼續採取同樣的策略，不斷提高品牌的偏好度，Banvit 在土耳其的偏好率已達到 50%。這是非常重要的事情，讓我們有機會繼續前進，為去年開始的擴張和投資做好準備。

So once again, perfectly in keeping with our strategy, and we'll be able to capture the gains of that strategy. Now among the many things we've been doing in the international market, I'd like to stress what we've done in Gulf countries. Our market share has increased with Sadia in achieving 38.1% market share in the region, which is extremely relevant and which makes us even more confident about the path that we're trading with the MoU that we submitted with PIF to make another investment in Saudi Arabia and yes, continue to meet the demand of that population with our products and producing in Saudi soil.

因此，這再次完全符合我們的策略，我們將能夠獲得該策略的收益。現在，在我們在國際市場所做的許多事情中，我想強調我們在海灣國家所做的事情。我們的市場份額隨著Sadia 的增加而增加，在該地區實現了38.1% 的市場份額，這非常重要，這使我們對我們與PIF 提交的諒解備忘錄的交易路徑更加充滿信心，以便在沙特進行另一項投資阿拉伯，是的，繼續用我們的產品和在沙烏地阿拉伯土地上生產的產品來滿足該地區人口的需求。

Another important thing to underscore, which again, is in line with our strategy. Our Ingredients business continues to move forward and bringing extremely positive returns. 2021 accounted for about 8% of the company's entire EBITDA. This comes from the result of value generation of making the most of our subproducts and the business we are already working in, both in the aromas segment and in food for fish and other pets and animals that we supply both in Brazil and overseas with our exports.

另一件需要強調的重要事情也符合我們的策略。我們的原料業務不斷向前發展，並帶來極為正面的回報。 2021年約占公司整個EBITDA的8%。這是充分利用我們的子產品和我們已經從事的業務所創造的價值的結果，無論是在香料領域還是在我們向巴西和海外出口的魚類和其他寵物和動物食品中。

Down here, we supply a number of customers that recognize BRF's ability to innovate and technology in its products' nutritional capacity. So this was a very significant development. And I'd like to congratulate and commend our team for the fantastic results that we achieved this year. Still in the Pet Food strategy, we continued our fast pace of integration with the business we already had in BRF joining Mogiana and Hercosul.

在這裡，我們為許多客戶提供服務，他們認可 BRF 在其產品營養能力方面的創新能力和技術。所以這是一個非常重要的發展。我要祝賀並讚揚我們的團隊今年取得的出色成果。在寵物食品策略中，我們繼續快速整合我們在 BRF 中已有的業務，加入 Mogiana 和 Hercosul。

We've had the first meeting and the first sales conventions to align the entire strategy with our portfolio, our channels and our brands with optimize -- the optimum position of these portfolios, including the launch of new products. This is something we will continue to do with these investments so that we can serve our pets with the same level of quality that we've always had when serving our human clients. So we'll continue to innovate and meet the demands of our customers as both human and animal. Also importantly, Balance is always #3 in dry food for pets, which goes to show that our strategy was very much appropriate in all of our distribution and sales channels for Pet Food.

我們舉行了第一次會議和第一次銷售大會，以使整個策略與我們的產品組合、通路和品牌保持一致，並優化這些產品組合的最佳位置，包括新產品的推出。我們將繼續利用這些投資來做這件事，以便我們能夠以與為人類客戶提供服務時相同的品質水準為我們的寵物提供服務。因此，我們將繼續創新並滿足人類和動物客戶的需求。同樣重要的是，Balance 在寵物乾糧中始終排名第三，這表明我們的策略非常適合我們所有寵物食品的分銷和銷售管道。

Now a little bit more about our 2030 Vision and the investments we've been making. We've made headway in value-added pork with new products, and we've grown increasingly more in both consumption and sales of our products. We've also made headway in ready-made dishes. We've expanded our platform with the Livre&Lev new line, and a host of new products also in keeping with our ready deals -- ready-meals strategy. And we've also continued to invest heavily in digital transformation, both within the company, within the business, within our sales channels, Be Digital and Go Digital, all of which were critical in terms of investments.

現在詳細介紹我們的 2030 年願景和我們一直在進行的投資。 豬肉附加價值新產品不斷取得進展，產品消費量和銷售量不斷成長。我們在現成菜餚方面也取得了進展。我們透過 Livre&Lev 新系列和一系列新產品擴展了我們的平台，這也符合我們的即食交易即食策略。我們也繼續在公司內部、業務內部、銷售管道、Be Digital 和 Go Digital 等數位轉型方面投入大量資金，所有這些對於投資而言都至關重要。

Now I'd like to take some time to talk about our omnichannel strategy. We've opened over 7 new stores last year so that our customers have access to all our products in a single point of sale that can bring more convenience to our services combined with Mercato em Casa. Now Mercato Sadia together with Mercato em Casa and other platforms showed new advances. We had partnerships with Magalu and Memphis. As we talked about BEES, the platform we are now running tests on with the first orders and have been doing terrifically well. That's something we've done over the course of January. We already have customers being served by BEES. We have invoiced them, we have delivered products to them, which gives us very, very great prospects. Prospects that are bright in terms of increasing our customer base.

現在我想花一些時間談談我們的全通路策略。去年我們開設了 7 多家新店，以便我們的客戶可以在單一銷售點購買我們的所有產品，這可以為我們與 Mercato em Casa 相結合的服務帶來更多便利。現在，Mercato Sadia 與 Mercato em Casa 等平台一起展示了新的進展。我們與 Magalu 和孟菲斯建立了合作夥伴關係。正如我們所討論的 BEES，我們現在正在該平台上運行第一批訂單的測試，並且一直表現得非常好。這是我們在一月所做的事情。我們已經有客戶在接受 BEES 的服務。我們給他們開了發票，我們為他們交付了產品，這給我們帶來了非常非常好的前景。在增加我們的客戶群方面前景光明。

In Brazil, we have about 290,000 active customers, and what we expect is to make headway in our base of active customers with over 300,000 active customers and also increase the intensity and the frequency of these orders as well as the number of items per order. So that's something we are moving forward on. And this year, the platform will be rolled out to other areas to reach the entire Brazilian territory with BEES which is doing very well.

在巴西，我們擁有約 29 萬名活躍客戶，我們期望在超過 30 萬名活躍客戶的活躍客戶基礎上取得進展，並增加這些訂單的強度和頻率以及每個訂單的商品數量。這就是我們正在推進的事情。今年，該平台將推廣到其他地區，與BEES一起涵蓋整個巴西領土，目前表現非常好。

And all of that has been done without leaving our ESG commitments aside. We have kept our Net Zero commitment. We have advanced in actions with the BRF Institute. We kept our positioning with ISE B3, and we are the first margarine to offset 100% of the packaging in Brazil through recycling. These are actions that are present throughout the whole company. All of the initiatives or whenever we make a new investment or we implement a new action, ESG is part of our assessment. This is in the scorecard of all of the executives, and this is important and relevant in all the decisions we make at our company.

所有這一切都是在沒有拋開我們的 ESG 承諾的情況下完成的。我們恪守淨零承諾。我們與 BRF 研究所的合作取得了進展。我們保持了 ISE B3 的定位，並且是巴西第一家透過回收 100% 抵消包裝的人造奶油。這些行動貫穿整個公司。所有舉措或每當我們進行新投資或實施新行動時，ESG 都是我們評估的一部分。這是所有高階主管的記分卡中的內容，對於我們公司所做的所有決策都很重要且相關。

Now moving on to the last part of my presentation. I'd like to share with you a bit about our leverage in recent quarters and our cash position. So now we took the freedom of creating this pro forma with simulations that include the Follow On results that we completed in the first quarter. With this Follow On offering, our cash position would reach BRL 16 billion. So with great liquidity, we will be able to face the year of 2021 with increased expenses and higher interest rates and continue advancing, moving on and making investments to adjust our industry with the digital platforms, omnichannel and all of the investments we've been making in our lines to meet the demands of our consumers and to adjust the consumption profile of those consumers.

現在進入我演講的最後一部分。我想與您分享一些有關我們最近幾季的槓桿率和現金狀況的資訊。因此，現在我們可以自由地透過模擬來建立此備考，其中包括我們在第一季完成的後續結果。透過此次後續發行，我們的現金部位將達到 160 億雷亞爾。因此，憑藉強大的流動性，我們將能夠面對 2021 年費用增加和利率上升的情況，並繼續推進、繼續進行投資，透過數位平台、全通路和我們一直以來的所有投資來調整我們的行業。我們的產品線旨在滿足消費者的需求並調整消費者的消費結構。

Now if we look at the chart on the left-hand side, leverage. This is pro forma incorporating our Follow On offering would be at 17x (sic) [2.17x], which is quite appropriate for the market conditions in our industry. And this is a number -- I mean, the company reported a similar number before 2016. So it's been some time, and the company has been -- was actually operating with higher leverage numbers.

現在，如果我們看一下左側的圖表，槓桿率。這是預計，合併我們的後續產品的價格將為 17 倍（原文如此）[2.17 倍]，這非常適合我們行業的市場狀況。這是一個數字——我的意思是，該公司在 2016 年之前報告了類似的數字。 所以已經有一段時間了，該公司實際上一直在以更高的槓桿數字運營。

Now our net debt is below BRL 12 billion now. And why is that important with a significant increase that we've been seeing as the interest rates in Brazil, the rate in Brazil and prospects of real interest of around 6% according to projections, this cash reinforcement will greatly benefit us by reducing our financial costs and expenses, and this is extremely important in a year like this.

現在我們的淨債務低於 120 億雷亞爾。為什麼這一點很重要，因為我們一直看到巴西的利率顯著增加，根據預測，巴西的利率和實際利率的前景約為6％，這種現金強化將透過減少我們的財務狀況使我們受益匪淺。

With such reduction, we're going to see in terms of interest and financial expenses, and those savings can be invested in our businesses in the adjustments of our lines, in improving the performance of our lines and in innovating in new products. That was an extremely correct decision in my point of view to have this Follow On offering at this point. This is going to bring us many benefits and a better capital structure in order to serve the demand and face the challenges of 2022.

透過這種減少，我們將看到利息和財務費用，這些節省下來的資金可以投資於我們的業務，用於調整我們的生產線、提高我們的生產線的性能和創新新產品。在我看來，此時提供後續產品是一個非常正確的決定。這將為我們帶來許多好處和更好的資本結構，以便滿足 2022 年的需求並應對挑戰。

And when I talk about challenges, it is paramount to make clear what these challenges are and why we have made changes for 2022. If we look at the prospects, and this is the Focus survey data. So previous prospects for Brazil showed forecasted for 2022, which was double what was forecasted a year ago. A GDP growth that was much smaller for 2022. They were first forecasting 2.5% and now they are around 0, 0.33% GDP growth. So inflation increases, interest rates at around 10%, small growth in a much higher Selic rate at around 11.5%. The forecast in the beginning of 2021 was around 4.5%. So this is a completely different scenario. And the challenge can be seen in many other indicators, the Turkish lira, global site, increase in grains, inflation of costs throughout different areas of our company.

當我談論挑戰時，最重要的是要明確這些挑戰是什麼以及我們為什麼要在 2022 年做出改變。因此，先前對巴西的預測顯示為 2022 年，這是一年前預測的兩倍。 2022 年的 GDP 成長率要小得多。因此，通貨膨脹增加，利率在 10% 左右，Selic 利率小幅增長，達到 11.5% 左右。 2021年初的預測約為4.5%。所以這是一個完全不同的場景。挑戰可以從許多其他指標中看出，土耳其里拉、全球站點、穀物增加、我們公司不同領域的成本膨脹。

And of course, we need to monitor risks regarding protectionist measures and possible sanctions that may be put in place around the globe, not only because of the events in Ukraine and Russia, but other events happening around the world. So this is a challenging year. The month of January has already proven to be very challenging. Considering what we got last year, the month of January started with a sales volume that was already a bit below our projections.

當然，我們需要監控全球範圍內可能實施的保護主義措施和可能實施的製裁的風險，這不僅是因為烏克蘭和俄羅斯的事件，還因為世界各地發生的其他事件。因此，今年是充滿挑戰的一年。一月份已經被證明是非常具有挑戰性的。考慮到我們去年的情況，一月份開始的銷售量已經略低於我們的預測。

So we now have a challenge to adjust in order to go back on track. And the scenario we currently have is of low growth, high inflation and a reduction in the purchasing power of our consumers. Consumers will feel that impact in their pockets and in their purchasing power that is happening in many different sectors, including ours. But we have the capacity, the agility and the flexibility to adjust because we have the most affordable protein, poultry and pork, and we have the versatility and flexibility to adjust our portfolio to meet the current demand.

因此，我們現在面臨著調整以回到正軌的挑戰。我們目前面臨的情況是低成長、高通膨和消費者購買力下降。消費者將感受到包括我們在內的許多不同行業正在對他們的口袋和購買力產生的影響。但我們有能力、敏捷性和靈活性進行調整，因為我們擁有最實惠的蛋白質、家禽和豬肉，我們具有調整產品組合以滿足當前需求的多功能性和靈活性。

So in spite of the month of January that started with that challenge because of the current situation, we have the agility, the flexibility and the capacity to go back on track throughout the rest of the year and bounce back because we have plenty of opportunities. And I want to close by telling you that, yes, we have challenges, but we also have many opportunities throughout 2022. With the reinforcement of our capital structure, there's no question that we're going to save in our financial expenses, which will enable us to advance in our strategy and in improving our growth performance.

因此，儘管由於目前的形勢，一月份就面臨著挑戰​​，但我們擁有敏捷性、靈活性和能力，可以在今年餘下的時間裡回到正軌並反彈，因為我們有很多機會。最後我想告訴大家，是的，我們面臨挑戰，但整個 2022 年我們也有很多機會。我們的成長績效。

We are also moving on in our geographical footprint with new agreements and our portfolio keeps on growing. We are launching value-added products that are increasingly having a positive participation in our product mix. And now the digital movements are also going to be felt in 2022. This is the major investment we've made and also expanding our customer base with BEES that's also going to be made in 2022.

我們也透過新協議繼續擴大我們的地理足跡，並且我們的產品組合不斷增長。我們正在推出加值產品，這些產品越來越積極參與我們的產品組合。現在，數位化趨勢也將在 2022 年感受到。

So I want to close now by telling you that we are very confident and certain that the decisions that have been made were correct so that our company can move on and continue with our strategy so that we can capture benefits throughout the year in spite of this more adverse economic scenario that we are currently facing.

因此，我現在想結束時告訴大家，我們非常有信心並確信已經做出的決定是正確的，以便我們的公司能夠繼續前進並繼續我們的戰略，以便我們能夠在全年中獲得收益我們目前面臨的經濟情勢更加不利。

So thank you once again for joining us today. And as we usually do, we will make our QR code available so that you can test it and make the most of our Mercato em Casa with a 30% discount available for you up until next Saturday. Enjoy it. So now I will close my part of the presentation, and we can move on to our conversation session. We are going to have our executives now available to answer all of your questions. Thank you once again.

再次感謝您今天加入我們。正如我們通常所做的那樣，我們將提供 QR 碼，以便您可以測試它並充分利用我們的 Mercato em Casa，並在下週六之前為您提供 30% 的折扣。好好享受。現在我將結束我的演示部分，我們可以繼續我們的對話環節。我們的高階主管現在可以回答您的所有問題。再次感謝您。

Thank you, Mr. Lorival Luz for your presentation. We're now going to start our questions-and-answer session. But before that, we're going to share the tutorial video once again giving you further information about how this is going to happen.

謝謝 Lorival Luz 先生的介紹。我們現在要開始問答環節。但在此之前，我們將再次分享教程視頻，為您提供有關如何實現這一點的更多資訊。

(presentation)

（推介會）

(Operator Instructions) Okay. Let's now start our Q&A session for the fourth quarter 2021 BRF Earnings Conference Call. I would like to invite Mr. Lorival Luz, the Global CEO of BRF, back on stage and our executive team on the screen. The questions will be first sent to Mr. Lorival for him to give us some background information and then forward the question to the executives of the area.

（操作員指示）好的。現在讓我們開始 2021 年第四季 BRF 收益電話會議的問答環節。我想邀請 BRF 全球執行長 Lorival Luz 先生回到舞台，並邀請我們的執行團隊在螢幕上。這些問題將首先發送給Lorival先生，讓他給我們一些背景訊息，然後將問題轉發給該地區的高階主管。

The first question is by Isabella Simonato from Bank of America.

第一個問題是由美國銀行的 Isabella Simonato 提出的。

I have two questions. The first one about Brazil. I think it would be interesting if you could tell us a bit more about the year-end context, which seems to be a bit more challenging? Can you tell us about the categories or channels that are performing better or also give us some more flavor in terms of the consumer behavior right now and the changes you are seeing? So that's the first question.

我有兩個問題。第一個是關於巴西的。我認為如果您能告訴我們更多有關年終背景的資訊會很有趣，這似乎更具挑戰性？您能否告訴我們表現更好的品類或管道，或在目前的消費者行為和您所看到的變化方面為我們帶來更多風味？這是第一個問題。

The second question about the external market. We see that Asia is feeling a lot of pressure, but we have direct exports in Halal. So for 2022, can you give us further information about what you see in each one of the markets, China and the Middle East? Can you please give us some further information about volume and prices in those regions?

第二個問題關於外部市場。我們看到亞洲感受到很大的壓力，但我們有清真食品的直接出口。那麼對於 2022 年，您能否向我們提供更多有關中國和中東這兩個市場的資訊？您能否向我們提供有關這些地區的銷售和價格的更多資訊？

Thank you, Isabella for your question. That was a very relevant question. Both the domestic and the external market are facing different challenges and different scenarios. So let me give you some information, and then I'll give the floor to Sidney, Michele and Igor so that they can add to my answer.

謝謝伊莎貝拉的提問。這是一個非常相關的問題。國內外市場面臨不同的挑戰和不同的場景。因此，讓我向您提供一些信息，然後我將請西德尼、米歇爾和伊戈爾發言，以便他們可以補充我的答案。

In Brazil, you know the results of the retail market in recent quarters and the scenario is definitely challenging. The year-end scenario already presented us with challenges, but we had a celebration campaign that was quite positive below what we would like it to be, but it was still positive and that brought impact for the first quarter of 2022 and more specifically the month of January.

在巴西，您知道最近幾季零售市場的結果，情況肯定充滿挑戰。年終情景已經給我們帶來了挑戰，但我們的慶祝活動非常積極，低於我們的預期，但它仍然是積極的，這給 2022 年第一季度，更具體地說是當月帶來了影響一月。

When you see our customers selling less with higher stock, of course, there will be an impact in the industry in the month of January because they need to adjust their stock levels, their inventory levels and then there will be a reduction in their purchasing from us. So that's one of the scenarios that we can see. This first quarter is very challenging and very complex. That's going to require us to adapt, to adjust, to be flexible and versatile in order to incorporate all of these effects and also this different demand that we might have, considering that the corporation might have a smaller revenue.

當你看到我們的客戶庫存增加而銷量減少時，當然，一月份會對行業產生影響，因為他們需要調整他們的庫存水平，他們的庫存水平，然後他們的採購就會減少。這就是我們可以看到的場景之一。第一季非常具有挑戰性且非常複雜。這將要求我們適應、調整、變得靈活和多才多藝，以便將所有這些影響以及我們可能擁有的不同需求（考慮到公司的收入可能會減少）結合起來。

We cannot ignore what's happening in the market with higher inflation rates, higher interest rates and lower growth. So these are scenarios that the company must adapt to it because that will impact all of our consumers in different regions and different social classes. So that's a fact that will require us to adapt.

我們不能忽視市場上正在發生的通貨膨脹率上升、利率上升和成長放緩的情況。所以這些都是公司必須適應的場景，因為這將影響我們不同地區、不同社會階層的所有消費者。所以這是一個需要我們適應的事實。

Now about the prospects regarding the external market. You said it well, Isabella. While we do have a very challenging scenario in China, I agree with you there is a volume in the demand in China that we do not expect to grow, but actually to stabilize. But we have extremely positive expectations for the whole Halal market with the increased demand that we can see in the Food Service market and increase in business, leisure, more tourism with events that is happening in the region with the World Cup in Qatar this year, in addition to new licenses that we are getting right now. So we have a very positive expectation regarding Mexico as well.

現在談談外部市場的前景。你說得好，伊莎貝拉。雖然我們在中國確實面臨著非常具有挑戰性的情況，但我同意您的觀點，我們預計中國的需求量不會成長，但實際上會穩定下來。但我們對整個清真市場抱有非常積極的期望，因為我們可以看到食品服務市場的需求增加，隨著今年卡達世界盃在該地區舉辦的活動，商務、休閒和更多的旅遊業也隨之增加，除了我們現在獲得的新許可證之外。因此，我們對墨西哥也抱持著非常正面的期望。

You can see the current price of chicken breast in the U.S. that's going up. And as a result, the countries that exported to them might have a demand that we can address and therefore, sell to those markets. Likewise, I'm also optimistic about the U.K. So I think it's all a matter of balancing out those demands. And it's really important to diversify our products and our footprint in order to reach that balance.

您可以看到美國目前雞胸肉的價格正在上漲。因此，向他們出口的國家可能有我們可以滿足的需求，因此可以向這些市場銷售。同樣，我也對英國持樂觀態度。為了達到這種平衡，使我們的產品和足跡多樣化非常重要。

I don't know if maybe Sidney , Michele or Igor would like to add to my answer.

我不知道西德尼、米歇爾或伊戈爾是否願意補充我的答案。

Isabella, thank you for your question. Let me just add and give you a few other perspectives about categories and channel. We are working with what we call an hour-glass effect. On the one hand, there is no question that the macroeconomics and the income will have an impact on our business, but it's also important to highlight that the food market has proven to be very resilient. Now when we look at the protein, we noticed that indeed poultry and pork has been growing -- have been growing, and they have reached historical levels in the market share in Brazil. Both poultry and pork have increased their market share in Brazilian plates, Brazilian dishes.

伊莎貝拉，謝謝你的提問。讓我加入一些關於類別和管道的其他觀點。我們正在研究所謂的沙漏效應。一方面，毫無疑問宏觀經濟和收入將對我們的業務產生影響，但同樣重要的是要強調食品市場已被證明非常有彈性。現在，當我們觀察蛋白質時，我們注意到家禽和豬肉確實一直在增長，而且它們在巴西的市場份額已達到歷史水平。家禽和豬肉在巴西盤子、巴西菜餚中的市佔率都增加了。

Now the effect. Yes, on the one hand, you have this growing demand for more affordable products. But on the other hand, you also have a growing demand for more convenient products. And that makes the consumption at home to gain space. So not necessarily comparing this to the other products in supermarkets, but comparing to the price of restaurant dishes or pickup dishes in which you can have a better comparison with good flavor, high quality at a more affordable price. So yes, there is a higher demand for more affordable products, but we also have a growing demand for more convenient, high-quality products. So that's an important effect.

現在效果。是的，一方面，您對更實惠的產品的需求不斷增長。但另一方面，您對更便利的產品的需求也不斷成長。這使得國內消費獲得空間。所以不一定要跟超市裡的其他產品比較，而是和餐廳菜或外帶菜的價格比較，可以比較好比較味道好、品質高、價格更實惠。所以，是的，人們對更實惠的產品有更高的需求，但我們對更方便、高品質的產品的需求也不斷增長。所以這是一個重要的影響。

Now a little bit about channels. What we can clearly see is that the Food Service is recovering significantly in our business with the consumption outside the homes going back to previous levels. And we have seen this growth in deals away from home compared to the last 2 years. And retail has been feeling this aspect of the sales fluctuations. But the fact that, that's happening there doesn't mean that there is a generalized drop in sales because we have different performances in different categories.

現在稍微介紹一下渠道。我們可以清楚地看到，餐飲服務業務正在顯著復甦，家庭以外的消費也恢復到以前的水平。與過去兩年相比，我們看到客場交易有所增長。零售業已經感受到了這方面的銷售波動。但事實是，這種情況發生並不意味著銷售量普遍下降，因為我們在不同類別的表現不同。

So overall, in Brazil, we have a concern with dropping levels of income, but there is a great opportunity for companies that have brands like ours that reflect consumer trust. When there is a lack of money, consumers don't want to take it back. They will go and choose the brands that they prefer. So brand preference is really important here. Now our ability to innovate is also very important. In the swine or pork segments, we launched 17 SKUs, ready meals, 16 SKUs. So brands and the ability to adapt to the new scenarios are very important factors. That's probably a great explanation of the resilience of our products in spite of the adverse scenario.

因此，總的來說，在巴西，我們擔心收入水準下降，但對於擁有像我們這樣反映消費者信任的品牌的公司來說，這是一個巨大的機會。當缺錢的時候，消費者就不想拿回來。他們會去選擇他們喜歡的品牌。因此，品牌偏好在這裡非常重要。現在我們的創新能力也非常重要。在生豬或豬肉領域，我們推出了 17 個 SKU，即食食品，16 個 SKU。所以品牌和適應新場景的能力是非常重要的因素。儘管在不利的情況下，這可能很好地解釋了我們的產品的彈性。

Isabella, I just wanted to talk a little bit about the Halal market. I think there are a couple of very simple points we could go over. First of all, when you look at our performance in the Halal market, you see that there is an increase in crisis admittedly, and there's really this brand that's pushing our performance. And one second point I would mention is we have a very resilient business and that is really making a huge difference for us. So that performance is likely to continue moving on 2022. Okay, thank you.

伊莎貝拉，我只是想談談清真市場。我認為我們可以討論幾個非常簡單的問題。首先，當你看看我們在清真市場的表現時，你會發現危機確實在增加，而且確實有這個品牌在推動我們的表現。我要提到的第二點是，我們的業務非常有彈性，這確實對我們產生了巨大的影響。因此，這種表現可能會在 2022 年繼續發展。

Isabella, I just wanted to add to what Lorival talked. I think China is actually important. And it's important to acknowledge that in 2021, we saw a substantial upturn in our domestic output, which grew virtually 45%. Obviously, that had its reverberations on our results, and that combined with an upturn in sales. And the fact that China has a zero tolerance policy with COVID, which affected their rebound in general.

伊莎貝拉，我只是想補充洛里瓦爾所說的內容。我認為中國其實很重要。重要的是要承認，2021 年，我們的國內產出大幅上升，成長了近 45%。顯然，這對我們的業績產生了影響，而且銷售額也有所上升。事實上，中國對新冠病毒採取零容忍政策，這影響了它們的整體反彈。

So in the first half of the year, we believe these conditions will remain unchanged. But starting in May, when our focus will really be to boost growth and progress, we believe that in the second half of the year the conditions we face will be slightly more favorable. If we look at imports of pork last year, we have seen a decrease in about 30%. So we believe that is a reasonable basis for comparison when we look at 2022.

因此，今年上半年，我們認為這些條件將保持不變。但從5月開始，當我們的重點真正轉向促進成長和進步時，我們相信下半年我們面臨的條件會稍微有利一些。如果我們看去年的豬肉進口量，我們會看到下降了約30%。因此，我們認為，當我們展望 2022 年時，這是一個合理的比較基礎。

Also adding to what Lorival said about other opportunities, I was referring to pork products, we also believe we will have opportunities in other places around the world, such as Russia over the course of 2022. That obviously will be very significant in order for us to balance out our accounts.

除了 Lorival 所說的其他機會之外，我指的是豬肉產品，我們還相信我們將在世界其他地方擁有機會，例如 2022 年的俄羅斯。

Next question comes from Mr. Thiago Duarte from BTG Pactual.

下一個問題來自 BTG Pactual 的 Thiago Duarte 先生。

I hope you can hear me well. I'd like to go back to the discussion about the Brazilian market from two different perspectives. First of all, in the last 2 years, you were able to reach a very significant level of pass-throughs. And I wanted to hear from you whether you understand that the more pressured consumer and the lower demand at the beginning of the year, will that translate into a trend for the rest of the year? And will it be more restrained? Or is there room to adjust your margins, which remain pressured where at least remain below when you compare 2021 to 2020?

我希望你能好好聽我說話。我想從兩個不同的角度回到巴西市場的討論。首先，在過去的兩年中，您能夠達到非常顯著的傳遞水平。我想聽聽您是否理解，年初消費者壓力更大、需求下降，這會轉化為今年剩餘時間的趨勢嗎？而且會更克制嗎？或者是否有調整利潤的空間，當您比較 2021 年和 2020 年時，利潤仍然面臨壓力，至少保持在低於水平的水平？

And my second question would be when we look at warehousing levels, which would point to your production of both pork and poultry, we also saw a downturn since last year. Even with cooperative, I think the pressured margins were true for the industry at large. And I wanted to hear from you whether you see that trend that way as well? And is there some sort of recovery in the company -- in the industry's margins over the course of the year on the horizon?

我的第二個問題是，當我們查看倉儲水平時，這將表明豬肉和家禽的生產，自去年以來我們也看到了低迷。即使有合作社，我認為利潤率的壓力對於整個行業來說都是真實的。我想聽聽您是否也這樣看待這種趨勢？公司的產業利潤率在一年內是否會出現某種復甦？

And also, you consistently shared about the consistency of your brand. And I wanted to hear how that 45% preference that we see between Sadia and Perdigão, how does that compare with your market share levels? I know you're not sharing your market share levels again, but I wanted to understand whether your preference levels are performing better or outperforming your market share levels or not?

而且，您一直分享您品牌的一致性。我想聽聽我們在薩迪亞和佩迪岡之間看到的 45% 的偏好如何，與你們的市場份額水平相比如何？我知道您不會再次分享您的市場佔有率水平，但我想了解您的偏好水平是否表現較好或優於您的市佔率水平？

Well, thank you, Thiago. I'd like to apologize and ask my colleagues to be shorter in our answers because we have a long list of analysts who have questions for us. So we are a bit short in time. So trying to answer your question in a very short way. With regard to the room for recovery in Brazil, it's very challenging because, again, consumers purchasing power has shrunk, but we have to look at it in a comparative way. And the point is what other options do consumers have. So just as our price went up, the prices of our competitors have also gone up. But we have what we call the entry protein.

好吧，謝謝你，蒂亞戈。我想道歉，並要求我的同事簡短地回答，因為我們有很多分析師向我們提出問題。所以我們的時間有點短。所以嘗試用非常簡短的方式回答你的問題。至於巴西的復甦空間，這是非常具有挑戰性的，因為消費者的購買力再次下降，但我們必須以比較的方式來看待它。關鍵在於消費者還有哪些其他選擇。因此，隨著我們的價格上漲，我們的競爭對手的價格也上漲了。但我們有所謂的進入蛋白。

And as Sidney mentioned, sales of that type of protein has increased in terms of per capita consumption. So we have a very versatile portfolio, which allows us to adapt to the mix in terms of demand. And whatever pass-through, whatever level of price we have to pass along, we will do that because you've seen how the economy has been -- has sustained itself and how we have sustained ourself because we will never subject ourselves to selling at a lower price than what we need to produce.

正如西德尼所提到的，就人均消費量而言，此類蛋白質的銷量有所增加。因此，我們擁有非常通用的產品組合，這使我們能夠適應需求的組合。無論我們要傳遞什麼，無論我們必須傳遞什麼價格水平，我們都會這樣做，因為你已經看到了經濟是如何維持自身的，以及我們如何維持自己的，因為我們永遠不會讓自己以低價出售。比我們需要生產的價格更低。

So we will do whatever we -- as much as we can to adjust, but the truth is we will work with the production that we have and the products that we have to meet the demands of our customers. With regard to warehousing, there has been a decrease, but not enough so to adjust to the current situation. So those levels should already be at a certain level and should continue to decrease so that we have the balance I mentioned in the presentation when it comes to producer margins.

因此，我們將盡我們所能進行調整，但事實是，我們將利用我們現有的生產和產品來滿足客戶的需求。倉儲方面，有減少，但不足以適應目前的情況。因此，這些水平應該已經達到一定水平，並且應該繼續下降，以便我們在生產者利潤方面達到我在演示中提到的平衡。

It's a very simple equation. If the store has more, it has to sell more and producer margins go down. And when you narrow producer margins for a longer period of time, there's a reduced possibility for him to store products at his warehouse. So in my opinion, that is going to go down further and has to because you reduce producers capacity for a long period of time with very narrow and depressed margins for a long period of time. So I do believe we still have this prospect for production based on the assumption I just talked about.

這是一個非常簡單的方程式。如果商店有更多產品，就必須銷售更多產品，生產商的利潤就會下降。當你在較長一段時間內縮小生產商的利潤時，他在倉庫儲存產品的可能性就會降低。因此，在我看來，這將進一步下降，而且必須如此，因為您在很長一段時間內減少了生產商的產能，並且利潤率在很長一段時間內非常狹窄和低迷。所以我確實相信，基於我剛才談到的假設，我們仍然有這種生產前景。

Now about preference and market share, honestly, I think these are 2 different beasts. What we want ultimately is to have people's preference because honestly, with regards to market share, we could just say, "Oh, just drop the price by 10%, and we will gain a lot of market share." But is that what we want really? What we want is to really have our customers really in love with our products and our service because our market share reflects mostly one factor -- one main factor, which is if I change my margins and my price range to a lower one than my competitors, we'll gain market share.

現在關於偏好和市場份額，老實說，我認為這是兩種不同的野獸。我們最終想要的是得到人們的偏好，因為老實說，關於市場份額，我們可以說，“哦，只要把價格降10%，我們就會獲得很多市場份額。”但這真的是我們想要的嗎？我們想要的是真正讓我們的客戶真正愛上我們的產品和服務，因為我們的市場份額主要反映一個因素——一個主要因素，那就是我是否將我的利潤和價格範圍更改為低於我的競爭對手，我們將獲得市場佔有率。

But when it comes to preference, that's a completely different story because it involves many other factors. It includes quality, service, specifications, packaging. So we are working on all of that. That's our main focus precisely so that we can generate customers' desire and demand for our brand specifically.

但當談到偏好時，那就是一個完全不同的故事了，因為它涉及許多其他因素。它包括品質、服務、規格、包裝。所以我們正在努力解決所有這些問題。這正是我們的主要關注點，以便我們能夠專門產生客戶對我們品牌的渴望和需求。

Our next question comes from Mr. Rodrigo Almeida from Banco Santander.

我們的下一個問題來自桑坦德銀行的羅德里戈·阿爾梅達先生。

I'd like to address this sort of post Follow On period. You've talked a little bit about your financials, but I wanted to understand a bit better what your plans are with regard to management and what strategy do you guys have in mind to reduce your gross debt and your financial debt as well? How do you want to tackle that?

我想談談這種後續階段的問題。你們已經談了一些關於你們的財務狀況的問題，但我想更好地了解你們在管理方面的計劃是什麼，你們有什麼策略來減少你們的總債務和財務債務？你想如何解決這個問題？

You showed your pro forma performance and pro forma leverage. And in that sense, I wanted to understand a little bit better how you guys are working from a metrics perspective with your leverage for this year? Looking forward, what do you guys see, especially considering the more challenging situation, as we've mentioned earlier, even in terms of cash generation this year?

您展示了您的備考表現和備考槓桿。從這個意義上說，我想更了解你們今年如何從指標的角度利用你們的影響力來開展工作？展望未來，你們怎麼看，特別是考慮到更具挑戰性的情況，正如我們之前提到的，即使在今年的現金產生方面也是如此？

Also, I wanted to hear a little bit more about your capital allocation, considering that you've had this influx of cash, how can we think about that moving forward, especially in terms of organic growth? And also more on what you said about Saudi Arabia and Banvit. What are the next steps that we could think about? And what should be the next steps in terms of both organic and inorganic growth moving forward?

另外，我想多了解你們的資本配置，考慮到你們已經有大量現金湧入，我們如何考慮未來的發展，特別是在有機成長方面？還有更多關於您所說的沙烏地阿拉伯和班維特的內容。我們接下來可以考慮哪些步驟？有機和無機成長的下一步應該是什麼？

That was perfect, Rodrigo. I'll start with your second question, and then I'll turn the floor over to Carlos because we talked a lot about that during our call on our Follow On offering. First of all, I think that the scenario this year -- and Carlos could talk a little bit more about our prospects in terms of that. And we should work with an investment of about BRL 4 billion this year. That's what we're working with currently. But again, we will constantly be looking at the opportunities that are presenting themselves to us and the market that's presenting itself to us so that we can really advance or slow down according to the situation, considering the current balance that we're working with.

那太完美了，羅德里戈。我將從您的第二個問題開始，然後我將把發言權交給卡洛斯，因為我們在關於我們的 Follow On 產品的電話會議中討論了很多這個問題。首先，我認為今年的情況 - 卡洛斯可以更多地談論我們的前景。今年我們應該投資約40億雷亞爾。這就是我們目前正在努力的方向。但同樣，我們將不斷關注向我們展示的機會和向我們展示的市場，以便我們能夠根據情況真正前進或放慢速度，考慮到我們正在處理的當前平衡。

The MoU that we signed is a document that states that together with PIF, we established a society 70-30 in Saudi soil, 70% BRF and 30% PIF. So that we can be increasingly more embedded in the Saudi industry with local production and also the great distribution and warehousing that we have in the country. So these talks are moving forward over the course of this first quarter. And we plan to really make headway in that transition and that transaction. And with that, I'll turn it over to Carlos, who will give you a little bit more of a detailed explanation.

我們簽署的諒解備忘錄是一份文件，其中規定我們與 PIF 一起在沙烏地阿拉伯土地上建立了一個 70-30、70% BRF 和 30% PIF 的社會。 這樣我們就可以透過本地生產以及我們在該國擁有的良好分銷和倉儲，越來越多地融入沙烏地阿拉伯工業。因此，這些談判將在第一季取得進展。我們計劃在這項過渡和交易中真正取得進展。接下來，我會將其交給卡洛斯，他將為您提供更詳細的解釋。

As Lorival said, our priority is to reduce our gross debt. And you've monitored how this has developed and how much this administration has been concerned about how inflation and the interest rate curve has affected our debt. So we went to the market and made the most of the increase in interest, we're trying to reduce our exposure to foreign exchange. We have our derivatives that are becoming increasingly more expensive because of the hike in interest rates. So we are working on really shrinking that system of derivatives. We are also working on bilateral systems in Brazil.

正如洛里瓦爾所說，我們的首要任務是減少總債務。你們已經監控了事態的發展，以及本屆政府對通貨膨脹和利率曲線如何影響我們的債務的關注程度。因此，我們進入市場並充分利用利息的增加，我們正在努力減少外匯敞口。由於利率上漲，我們的衍生性商品變得越來越昂貴。因此，我們正在努力真正縮小衍生性商品系統。我們也致力於巴西雙邊系統的建置。

And according to how the market performs, we'll be able to analyze how the market does considering our -- and analyze the tender offer considering the bonuses we will have. One maturing in the next few months and another maturing next year. So that's essentially the structure. We had a lot of people numbers during the course of our transaction, which came to BRL 600 million being deducted from our financial debt. I'd like to say that we have -- significant not to have a cash effect on this financial gain because of taxes, which translated into having a few tax credits.

根據市場表現，我們將能夠分析市場如何考慮我們的情況，並分析要約收購，考慮我們將獲得的獎金。一個將在接下來的幾個月內到期，另一個將在明年到期。這基本上就是結構。在我們的交易過程中，我們有很多人，從我們的金融債務中扣除了 6 億雷亞爾。我想說的是，我們沒有因為稅收而對財務收益產生現金影響，這意味著有一些稅收抵免。

Now in terms of our leverage in 2022, obviously, we'll not go into details here. But it will all come down to the currency effect and how we will dose cash flow, as Lorival said, which comes down to having a coherent CapEx, a CapEx that's in line with our strategy and also a sort of alleviate -- a more alleviated cash flow. So that, in addition to the monetization of tax credits, which is something that we've done and has already generated over BRL 1 million last year, and we expect to navigate between 2 and 2.5x in terms of leverage. That's probably what we will have, obviously, depending on how our CapEx and our investments overseas progress.

現在就我們2022年的槓桿率而言，顯然我們不會在這裡詳細介紹。但這一切都取決於貨幣效應以及我們將如何管理現金流，正如洛里瓦爾所說，這取決於擁有一致的資本支出，符合我們策略的資本支出，也是一種緩解——一種更緩解的緩解。因此，除了稅收抵免貨幣化之外，我們已經完成了這項工作，去年已經產生了超過 100 萬雷亞爾，我們預計槓桿率將達到 2 至 2.5 倍。顯然，這可能是我們將擁有的，這取決於我們的資本支出和海外投資的進展。

Our next question comes from Mr. Victor Saragiotto from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Victor Saragiotto 先生。

Lorival have said that the year has started on pretty much challenging terms as well and that new adjustments should still -- or are still expected to occur. And over time, we've seen that those adjustments take some time. And one thing caught our eye, which was the trend in pork prices, in the fourth quarter of the year. We talked with a few players and outgrowers. Obviously, they're buying pork at prices slightly lower.

洛里瓦爾表示，今年的開局也相當具有挑戰性，新的調整應該仍然會發生，或者預計仍然會發生。隨著時間的推移，我們發現這些調整需要一些時間。還有一件事引起了我們的注意，那就是今年第四季豬肉價格的走勢。我們與一些玩家和外包種植者進行了交談。顯然，他們以略低的價格購買豬肉。

And we even heard from some of them, there's been negative pressure on processed goods. So I wanted to understand how you guys are looking at this trend in processed food prices? And is there a tendency of a downward trend in these prices moving forward?

我們甚至從其中一些人那裡聽說，加工品面臨負面壓力。所以我想了解你們如何看待加工食品價格的這個趨勢？未來這些價格是否有下降的趨勢？

Thank you for your questions, Victor. And you're absolutely right in the point you're making. What happened last year, especially in the last quarter of the year, you have market prices that you can look at. There's a little bit of that effect. So the industry and producers were ready and prepared for a larger volume, especially for exports to China mostly and is what we always say. If you don't export, the local market, especially smaller players, including cooperatives, will absorb that in the local market.

謝謝你的提問，維克多。你所表達的觀點是完全正確的。去年發生的事情，特別是去年最後一個季度，你可以看看市場價格。有一點這樣的影響。因此，產業和生產商已經做好了增加產量的準備，尤其是對中國的出口，這也是我們常說的。如果不出口，當地市場，特別是包括合作社在內的小型企業，將在當地市場吸收。

And when it comes to a local market, that has an impact on prices. But this plays into what I tried to say with regard to warehousing. You need adjustments, you need to adjust your supply to the existing demand. So you have a temporary imbalance, which is you're trying to equalize that and balance that out, considering the reality that you have with the demand. So obviously, a few of these products that require a lot of raw material have also been pressured because the market uses them as a place to dump this pork raw material.

當涉及到當地市場時，這會對價格產生影響。但這符合我試圖說的關於倉儲的內容。你需要調整，你需要根據現有需求調整你的供應。因此，您會遇到暫時的不平衡，即考慮到需求的現實情況，您正在嘗試平衡這種不平衡。顯然，其中一些需要大量原材料的產品也受到了壓力，因為市場將它們用作傾銷豬肉原材料的地方。

So obviously, this is something that's a short period of time that we'll need for adjustment. But obviously, that adjustment will take place. And again, this is part of what I mentioned early on when I talked about the challenges that we're facing because we will need to make that adjustment.

顯然，這是我們需要在短時間內進行調整的事情。但顯然，這種調整將會發生。再說一遍，這是我早些時候在談到我們面臨的挑戰時提到的一部分，因為我們需要做出調整。

Our next question comes from Mr. Lucas Ferreira from JPMorgan.

我們的下一個問題來自摩根大通的 Lucas Ferreira 先生。

Mr. Lucas Ferreira, can you hear us? We have had a connection problem with Mr. Lucas. So our next question is from Mr. Ricardo Alves with Morgan Stanley.

盧卡斯費雷拉先生，您聽得到我們說話嗎？我們與盧卡斯先生之間的連結出現問題。我們的下一個問題來自摩根士丹利的里卡多·阿爾維斯先生。

Thank you for this call and your availability to answer questions. I have two quick questions related to previous questions that were asked. First, about processed goods. We are talking about the more challenging scenario. But when you look at the competition, maybe Q4 was a quarter that was a bit more aggressive in terms of prices or more discounts being offered, or is this also something that is happening in January because of the inventory levels. So what is your performance in terms of processed goods also considering the whole competitive environment?

感謝您打電話來並願意回答問題。我有兩個與之前提出的問題相關的簡單問題。首先，關於加工品。我們正在談論更具挑戰性的場景。但當你看看競爭對手時，也許第四季度是一個在價格或提供更多折扣方面更加激進的季度，或者這也是由於庫存水平而在一月份發生的事情。那麼考慮到整個競爭環境，你們在加工產品的表現如何？

And now my second question, about CapEx. Lorival mentioned BRL 4 billion for 2022. So I just want to try and understand after your Follow On offering, I believe you closed 2021 close to BRL 4.7 million. And I would imagine a more aggressive CapEx scenario now. So after the Follow On offering, did you postpone any project? Or is there a chance that you will speed up the implementation of any project in 2022?

現在我的第二個問題是關於資本支出的。 Lorival 提到 2022 年將達到 40 億雷亞爾。我現在可以想像一個更激進的資本支出場景。那麼在 Follow On 產品發布之後，您是否推遲了任何專案？或者說2022年你們有沒有機會加快某個計畫的實施？

Thank you, Ricardo. I just heard a pet barking in the background. One of our consumers, please buy our product for your pet. Now about your CapEx question BRL 4.7 million, yes, that's pretty much right. But in this BRL 4.7 million, we are including the M&A. The M&A of Pet Food that we performed. If we exclude that and focus on organic, that's very much in line with those BRL 4 billion. So there is nothing that has been postponed or anything like that. It's all going according to plan.

謝謝你，里卡多。我剛剛聽到背景中有一隻寵物在吠叫。我們的消費者之一，請為您的寵物購買我們的產品。現在關於您的資本支出問題 470 萬雷亞爾，是的，這非常正確。但在這 470 萬雷亞爾中，我們包括了併購。我們進行的寵物食品併購。如果我們排除這一點並專注於有機產品，這與 40 億雷亞爾非常相符。因此，沒有任何事情被推遲或類似的事情。一切都按計劃進行。

So we are making the adjustments that are aligned with our strategic plan. Now I think Sidney can give you a bit more color on the market regarding processed goods.

因此，我們正在做出與我們的策略計劃一致的調整。現在我認為西德尼可以為您提供有關加工產品市場的更多資訊。

Ricardo, thank you for your question. I just want to add a comment to Lorival's answer. We have swine products and the whole scenario that he talked about, which impacts processed goods, especially sausages. These are products where the market is more spread and there is a larger number of players taking part in that market. So yes, there is an impact because of the pork context for processed goods, especially so for sausages, which creates price pressure because of the excess offer, the excess supply that still being felt in January, but we'll probably go back to previous levels from now on.

里卡多，謝謝你的問題。我只想對 Lorival 的回答添加評論。我們有生豬產品和他談到的整個場景，這會影響加工產品，尤其是香腸。這些產品的市場更加分散，並且有更多的參與者參與市場。所以，是的，由於加工產品的豬肉環境，特別是香腸，這會產生影響，因為報價過多，一月份仍然感受到供應過剩，但我們可能會回到之前的水平從現在開始的水平。

Now let's go back to Mr. Lucas Ferreira from JPMorgan.

現在讓我們回到摩根大通的 Lucas Ferreira 先生。

I have two questions, Lorival. First, about the cost scenario, excluding grain. Can you tell us about freight, power? What are your expectations for the first and second quarter of 2021? Do you see some relief in the pressure on those two lines?

我有兩個問題，洛里瓦爾。首先，關於成本情景，不包括糧食。能告訴我們有關運費、電力的情況嗎？您對2021年第一季和第二季有何期望？您是否看到這兩條線路的壓力有所緩解？

And now Carlos, the Turkish lira has devaluated 60%. So 60% depreciation, have you taken that into account? I think it was like a 40% depreciation of the Turkish lira from one quarter to another. So are you having that -- do you take that into account on your results?

而現在卡洛斯，土耳其里拉貶值了60%。那麼60%的折舊，你考慮到了嗎？我認為這就像土耳其里拉從一個季度貶值 40% 到另一個季度。那你有沒有--你在你的結果中考慮到了這一點嗎？

Thank you, Lucas. I will turn the floor over to Carlos, and he can talk a bit more about those two subjects. Now when it comes to cost, when you see this -- when we say there has been a slowdown, it's not a drop in prices. You're running on a certain level, but there is no significant drop in prices. It's not like we're going back to prices like they were a few years ago. But let me turn the floor over to Carlos, who's going to talk about the Turkish lira and cost.

謝謝你，盧卡斯。我將把發言權交給卡洛斯，他可以多談談這兩個主題。現在說到成本，當你看到這一點時——當我們說經濟放緩時，這並不是價格下降。您正在運行在一定水平上，但價格沒有顯著下降。我們不會回到幾年前那樣的價格。但讓我把發言權交給卡洛斯，他將談論土耳其里拉和成本。

Okay. Good morning, everyone. Well, when it comes to cost, no, we don't see a downturn. We continue with this critical process with our supply chain and product offers in the domestic and international markets, which exert pressure on our margins. We thought the main impact would be on the cost that came from commodities, but that's not so. It's coming and continuing because of the ex grain costs. So what have we been doing? The supply area working together with the product area, industrial area, category area. They are doing process reengineering, product value reengineering in order to capture benefits and specifications and that is associated, of course, to the scale of the company, which benefits from the volumes acquired.

好的。大家早安。嗯，說到成本，不，我們沒有看到經濟衰退。我們在國內和國際市場上的供應鏈和產品供應中繼續這一關鍵流程，這對我們的利潤率造成了壓力。我們認為主要影響將是來自大宗商品的成本，但事實並非如此。由於前穀物成本，這種情況正在發生並持續。那我們一直在做什麼呢？供應區與產品區、產業區、品類區協同工作。他們正在進行流程再造、產品價值再造，以獲取利益和規格，這當然與公司的規模相關，而公司的規模受益於所收購的數量。

We have a preference in procurement, and we can negotiate, and we have a great storage capacity compared to other companies in the sector. So that has shown our resilience. But I want to emphasize that we're working on costs as well as expenses in our metrics -- management metrics. So the expenses have had a nominal decrease, and they've reached the lowest historical levels in the share of revenue because we are very strict in managing our cost and expenses and this is not married to one specific area. This is the culture we have at our company to have our costs under control. This makes all the difference for us to be competitive and flexible Sidney, Michele and Igor and when conducting national businesses.

我們在採購上有優先權，可以議價，而且與業內其他公司相比，我們有很大的倉儲能力。這顯示了我們的韌性。但我想強調的是，我們正在研究我們的指標（管理指標）中的成本和支出。因此，費用名義上有所下降，並且在收入中所佔的比例達到了歷史最低水平，因為我們在管理成本和費用方面非常嚴格，而且這與某一特定領域無關。這就是我們公司控製成本的文化。西德尼、米歇爾和伊戈爾，這對我們在進行全國性業務時具有競爭力和靈活性至關重要。

Now about the international businesses in the Turkish lira, here, our company has receivables of exports in U.S. dollars, and we also have accounts payable of acquisition of inputs in U.S. dollars, mainly grains. We have no debt in foreign currency in our businesses in Turkey. So our current exposure is neutral, and the impact on results is very mild. So when we consolidate the business compared to actual numbers, there has been a valuation of the Brazilian real against the Turkish lira, which has had a mild effect on our balance sheet, as you saw, and this effect will continue to be mild.

現在關於土耳其里拉的國際業務，在這裡，我們公司有以美元計價的出口應收帳款，我們還有以美元計價的採購投入品的應付帳款，主要是穀物。我們在土耳其的業務沒有外幣債務。所以我們目前的暴露是中性的，對結果的影響非常輕微。因此，當我們將業務與實際數字進行比較時，巴西雷亞爾相對於土耳其里拉的估值已經出現，這對我們的資產負債表產生了溫和的影響，正如您所看到的，而且這種影響將持續溫和。

There's no hiccups expected from this currency exposure. We control the currency exposure in Turkey, just as we do in other parts of the globe.

預計這種貨幣風險不會有任何問題。正如我們在全球其他地區所做的那樣，我們控制土耳其的貨幣風險。

Our next question is by Thiago Bortoluci from Goldman Sachs.

我們的下一個問題是來自高盛的蒂亞戈·博爾托魯奇 (Thiago Bortoluci)。

And congratulations on your Follow On offering. I'd like to go back to previous issues that have already been addressed. Can you tell us about the Brazilian demand? We've seen results with negative volumes and a downturn in some of the products, a 2-digit decline in certain places, and we don't know whether you are ready to meet the most of it in 2022. What are your expectations in terms of demand now for the coming year?

並恭喜您提供 Follow On 產品。我想回到之前已經解決的問題。您能告訴我們巴西的需求嗎？我們看到了一些產品銷售負成長和低迷的結果，某些地方出現了兩位數的下降，我們不知道您是否準備好在 2022 年滿足大部分需求。

And related to the capital structure, you gave us some pro forma figures and leverage. And you said that this would be a pathway to accelerate the investment. So within this context, is there like an M&A target you're interested in? These are my questions.

與資本結構相關，您給了我們一些預估數據和槓桿。您說這將是加速投資的途徑。那麼在這種背景下，是否有您感興趣的併購目標？這些都是我的問題。

Thank you, Thiago. So these are two questions that strategically we cannot answer. Telling you if there is an M&A target, if we have anything in mind is unfortunately something that I cannot answer right now. But I can tell you that we do have a strategy, and we are constantly evaluating and considering the market conditions. What we have already announced is our agreement with PIF that we're working on.

謝謝你，蒂亞戈。所以從戰略上講，這是我們無法回答的兩個問題。遺憾的是，我現在無法回答您是否有併購目標、我們是否有任何想法。但我可以告訴你，我們確實有一個策略，我們正在不斷評估和考慮市場狀況。我們已經宣布了我們正在與 PIF 達成的協議。

And now about Brazil before I turn the floor over to Sidney, he cannot give you precise information about our expectations in the strategic plan that we have regarding natura, process and things like that. But he can give you a bit more details about the market.

現在關於巴西，在我將發言權交給西德尼之前，他無法向您提供有關我們對自然、流程等方面的策略計劃的期望的準確資訊。但他可以為您提供有關市場的更多詳細資訊。

Okay. Let me go back to a point I addressed when answering Isabella's question. This is the hour-glass effect that we see in the market. There is demand on both sides, and we are increasingly prepared to capture and to make the most of that. So there is some public information. We have a plant in Seropedica that is expanding with capacity for sausages, and we are also advancing value-added products with poultry, ready meals and pork. So there is not one single behavior in the market. That's my take-home message here.

好的。讓我回到我在回答伊莎貝拉問題時談到的一點。這就是我們在市場上看到的沙漏效應。雙方都有需求，我們越來越準備好抓住並充分利用這項需求。所以有一些公開的資訊。我們在塞羅佩迪卡 (Seropedica) 設有一家工廠，正在擴大香腸產能，同時我們也正在推出家禽、即食食品和豬肉等加值產品。所以市場上不存在單一的行為。這就是我要傳達的訊息。

You have different perspectives depending on the context. A consumer may compare poultry and pork and think that is a trade down compared to beef, but compared to restaurants that can be considered actually a trade up. So it's really important that we have a deep knowledge of the chain and especially of consumers. The more we study and understand the behavior of consumers and consumption situation, the more prepared we are, we deal with these situations. And here, we have not only this deep knowledge, but we also have brands that talk to all consumers in all consumption situations, and that makes us more and more resilient to market operations or fluctuations.

根據上下文，您有不同的觀點。消費者可能會比較家禽和豬肉，並認為與牛肉相比，這是一種降級的交易，但與餐廳相比，實際上可以被認為是一種升級的交易。因此，我們對供應鏈尤其是消費者的深入了解非常重要。我們越多研究和了解消費者的行為和消費情況，我們就越能做好應對這些情況的準備。在這裡，我們不僅擁有深厚的知識，而且我們還擁有在所有消費情況下與所有消費者對話的品牌，這使我們對市場運營或波動越來越有彈性。

This is our last question now. The questions that have not been answered today will be answered by the BRF team later on. So the last question is by Gustavo Troyano from Itaú BBA.

這是我們現在的最後一個問題。今天沒有解答的問題稍後將由BRF團隊解答。最後一個問題是 Itaú BBA 的 Gustavo Troyano 提出的。

My question is more related to the international scenario and the geopolitical tensions that we're seeing. Are there opportunities and challenges that may come from possible sanctions that may be put in place? And how can we look at this in the P&L of the company, especially considering the relevance of Ukraine in the global trade? Ukraine is an important chicken exporter to the Middle East. So have you seen changes in the export flows to those regions? And are there opportunities that may arise because of that, especially considering the supply of chicken in these operations where you also operate?

我的問題更與我們所看到的國際情勢和地緣政治緊張局勢有關。可能實施的製裁是否會帶來機會和挑戰？我們如何在公司的損益表中看待這一點，特別是考慮到烏克蘭在全球貿易中的相關性？烏克蘭是中東地區重要的雞肉出口國。那麼您是否看到這些地區的出口流量改變了？是否會因此而產生機會，特別是考慮到您也經營的這些業務中的雞肉供應？

Thank you, Gustavo. That's the excellent point and a very topical point, something that is unfolding right now as we speak. So the first thing I'd like to say is that we hope that the situation doesn't get more severe. We hope that the situation may be resolved with dialogue, peacefully, without any type of actual conflict. So although the scenario may bring us and present us with opportunities, I hope that the opportunities will come from a different situation and not from a possible war there. So this is just my personal wish.

謝謝你，古斯塔沃。這是一個非常精彩的觀點，也是一個非常熱門的觀點，就在我們說話的時候，這個觀點正在展開。所以我首先想說的是，我們希望情況不要變得更嚴重。我們希望透過對話和平解決局勢，不要發生任何類型的實際衝突。因此，雖然這種情況可能會為我們帶來機會，但我希望機會來自不同的情況，而不是來自那裡可能發生的戰爭。所以這只是我個人的願望。

Now you mentioned something important. Ukraine is a chicken exporter today, and the chicken feed comes from sunflower seed, not necessarily corn. So yes, there is an impact and there might be other limitations in the flow of transportation, there might be some economic, financial sanctions that are put in place. So we're keeping an eye on this. We have a team there Michele and Igor. They are monitoring this. We have operations in Turkey that are being monitored when it comes to supply and exports.

現在你提到了一些重要的事情。如今烏克蘭是雞肉出口國，雞飼料來自葵花籽，不一定是玉米。所以，是的，確實存在影響，交通運輸可能會受到其他限制，可能會實施一些經濟、金融制裁。所以我們正在密切關注此事。我們有一個團隊，米歇爾和伊戈爾。他們正在監視此事。我們在土耳其的業務在供應和出口方面受到監控。

So yes, that's a topical issue. I don't want to say that our company can benefit from this because that's not what we would like to happen in a situation like this. But of course, we are monitoring the whole situation with an eye on all of those aspects. One of them is chicken production that may be affected, indeed, and we also have a matter of Russia with sanctions and gas and oil supply. So there is a complex scenario involving these countries. We are monitoring that, and we'll try as much as we can to supply the regions affected for any reason. So we're working hard to be able to supply to all of those regions. But we see how things unfold and then we'll be able to give you further details about that.

是的，這是一個熱門問題。我不想說我們的公司可以從中受益，因為在這種情況下我們不希望發生這種情況。當然，我們正在密切關注所有這些方面，監控整個局勢。其中之一是雞肉生產可能會受到影響，事實上，我們也面臨俄羅斯制裁以及天然氣和石油供應的問題。因此，涉及這些國家的情況很複雜。我們正在監控這種情況，我們將盡力為因任何原因受影響的地區提供服務。因此，我們正在努力向所有這些地區供貨。但我們將看到事情如何發展，然後我們將能夠向您提供更多詳細資訊。

Ladies and gentlemen, thank you very much for all of your questions. I would like to ask Mr. Lorival to give us his final remarks so that we can close this earnings conference call.

女士們、先生們，非常感謝你們提出的所有問題。我想請洛里瓦爾先生給我們最後的發言，以便我們結束本次財報電話會議。

Thank you so much for joining us in our earnings release conference call. I would like to thank our shareholders and our Board for all the support and thank all of our employees for their efforts, their commitments as well as our suppliers and the trust of our consumers and clients.

非常感謝您參加我們的財報電話會議。我要感謝我們的股東和董事會的所有支持，感謝我們所有員工的努力、承諾以及我們的供應商以及消費者和客戶的信任。

Thank you very much. And we'll see you again when we release our earnings of the first quarter of 2022. Thank you very much.

非常感謝。當我們發布 2022 年第一季財報時，我們會再次見到您。

[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。