BRF SA (BRFS) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the conference call related to the results of BRF S.A. for the second quarter of 2022. We would like to inform you that this conference call is being broadcast over the Internet at www.choruscall.com.br/brf/2T22.ham. (Operator Instructions)

早上好，女士們，先生們。歡迎參加與 BRF S.A. 2022 年第二季度業績相關的電話會議。我們想通知您，本次電話會議正在互聯網上播放，網址為 www.choruscall.com.br/brf/2T22.ham。 （操作員說明）

Statements included in this presentation concerning the company's prospective business projections and growth potential are merely forecasts and were based on management's expectations regarding the company's future. These expectations are highly dependent on market changes and the general economic performance of the country and industry segments and therefore are subject to change.

本演示文稿中包含的有關公司未來業務預測和增長潛力的陳述僅僅是預測，是基於管理層對公司未來的預期。這些預期高度依賴於市場變化以及國家和行業部門的總體經濟表現，因此可能會發生變化。

This conference is being recorded, and it will be presented by Mr. Lorival Luz, Global CEO of the company. The other Vice Presidents of the company are also present. We will now hand the floor over to Mr. Lorival Luz, who will commence the conference.

本次會議正在錄製中，將由公司全球首席執行官 Lorival Luz 先生主持。公司其他副總裁也在場。我們現在將發言權交給 Lorival Luz 先生，他將開始會議。

Good morning, everyone. Thank you for participating in this conference for the results of BRF for the second quarter. I would like initially to apologize for our delay. We had a technical issue with our provider of the teleconference. So please forgive us for this delay.

大家，早安。感謝您參加本次會議以獲取 BRF 第二季度的成果。首先，我想為我們的延誤道歉。我們與電話會議的供應商有技術問題。所以請原諒我們的延誤。

Moving on to the results of the second quarter. We -- I would like to say that we had a positive quarter, illustrating the effects in our operations of the decisions that we took in the first quarter regarding adjusting our market position and adjustment of the whole chain. So in this second quarter, we already have an EBITDA of BRL 1.4 billion, 7.7% higher than the second quarter of 2021 and also a lot higher than the first quarter of this year.

繼續第二季度的結果。我們 - 我想說我們有一個積極的季度，說明我們在第一季度做出的關於調整我們的市場地位和調整整個鏈條的決定對我們的運營產生了影響。因此，在第二季度，我們的 EBITDA 已經達到 14 億巴西雷亞爾，比 2021 年第二季度高出 7.7%，也比今年第一季度高出很多。

We will look at all the other segments and regions where we had improvement in all of them. And also our focus in the second quarter was on the cash flow and the net results along with the operational management with priority on more efficient operations. We'd like to reinforce that, as you can see in the financial statements, we had 2 nonrecurring events related to the hedge of the bond issued in 2012 and also regarding the hyperinflation in Turkey that required us to perform some accounting adjustments in Turkey. We want to make it very transparent to you so that we can assess the operations results in itself where we have a gross margin of almost 19% and 10.3% in EBITDA, 10.6%.

我們將研究我們在所有其他方面都有改進的所有其他細分市場和地區。此外，我們在第二季度的重點是現金流和淨業績以及運營管理，優先考慮更高效的運營。我們想強調的是，正如您在財務報表中看到的那樣，我們有 2 起與 2012 年發行的債券對沖有關的非經常性事件，以及土耳其的惡性通貨膨脹，這要求我們在土耳其進行一些會計調整。我們想讓它對您非常透明，以便我們可以評估運營結果本身，我們的毛利率接近 19%，EBITDA 為 10.3%，即 10.6%。

So in the next slide, we took those decisions in the first quarter so that we would go back to the company's previous margins. As you can see, this has happened. The results of the second quarter, we had almost 19% of gross margin, almost the same as the margin for last year, and we know that there is a seasonality to our sector and this is in accordance with that, and we had a very good recovery of our operating margins.

因此，在下一張幻燈片中，我們在第一季度做出了這些決定，以便我們回到公司之前的利潤率。如您所見，這已經發生了。第二季度的結果，我們有近 19% 的毛利率，與去年的毛利率幾乎相同，我們知道我們的行業存在季節性，這是符合那個的，我們有一個非常我們的營業利潤率恢復良好。

And as you can see in the next slide, I'm going to talk a little bit about the business environment in Brazil and also in the international market. When we speak of Brazil, it is our main market. And what we were able to realize in the second quarter is that there has been resume of our healthy profitability level. We had a hard first quarter, and we had to take a lot of measures to adjust our inventories and our supply chain. And we were able to now have a positive EBITDA, but with a margin that is still below the potential of our company and the Brazilian market. But with the EBITDA margin of 6.1%, that from minus 7% EBITDA. So we can see the effectiveness of the measures that we've taken.

正如您在下一張幻燈片中看到的那樣，我將談談巴西以及國際市場的商業環境。當我們談到巴西時，它是我們的主要市場。我們在第二季度能夠實現的是，我們的盈利水平已經恢復健康。我們的第一季度很艱難，我們不得不採取很多措施來調整我們的庫存和供應鏈。我們現在能夠獲得正的 EBITDA，但利潤率仍低於我們公司和巴西市場的潛力。但 EBITDA 利潤率為 6.1%，而 EBITDA 為負 7%。因此，我們可以看到我們採取的措施的有效性。

And we've also had an adjustment and a reduction of our stocks of inputs and also finished products, allowing for more efficiency in our whole chain and also in logistics. Something that's important to highlight is the versatility of our portfolio with the brand Sadia, Perdigao, Qualy, Claybom and Deline that encompasses the whole market we reach that many different social levels and that shows the resilience of our sector and also of our product portfolio.

我們還對投入品和成品庫存進行了調整和減少，從而提高了我們整個鏈條和物流的效率。需要強調的重要一點是我們的產品組合的多功能性，包括 Sadia、Perdigao、Qualy、Claybom 和 Deline 品牌，涵蓋了我們達到許多不同社會層面的整個市場，這顯示了我們行業和產品組合的彈性。

So it's a very positive scenario when compared to the first quarter of this year. Of course, we need to be -- continue to be cautious with the cost scenario, but it -- at a different level than what we saw in the previous quarters. Regarding the main costs, we would say that these costs now are practically stable. And in the second quarter, we may have less impact by diesel given the measures taken by the government to reduce diesel prices in Brazil, so that will have an impact on our company's costs in the second half of the year, and that allowed for a better performance in Brazil but requires us to be cautious at a very austere management, paying attention to the details so that we can have operational efficiency and bottom line with increasing profitability for the company.

因此，與今年第一季度相比，這是一個非常積極的情景。當然，我們需要 - 繼續對成本情景保持謹慎，但它 - 與我們在前幾個季度看到的水平不同。關於主要成本，我們會說這些成本現在實際上是穩定的。並且在第二季度，鑑於巴西政府採取措施降低柴油價格，我們可能受到柴油的影響較小，因此這將對我們公司下半年的成本產生影響，並且允許在巴西的表現更好，但要求我們在非常嚴格的管理中保持謹慎，注意細節，這樣我們才能在提高公司盈利能力的同時提高運營效率和底線。

In the next slide, we can see that there's an also positive scenario throughout this quarter, with the results. So you can see an improvement in their performance. These are actions that were implemented each month, and we see the results each went here in Brazil. There has also been a recovery in the price of chicken and pork. As you can see in these charts that reflect the market price from Cepea's. And even given the challenging scenario that we have in Brazil with a decrease in income, what we have from information from the Brazilian Supermarket Association is that there is a strong resilience in the food sector. These -- we offer basic products that are always the priority of the consumers when they are making decisions to make sure that their money is being invested in food.

在下一張幻燈片中，我們可以看到整個季度的情況也是積極的，結果也是如此。所以你可以看到他們的表現有所改善。這些是每個月實施的行動，我們在巴西看到了每一個結果。雞肉和豬肉的價格也有所回升。正如您在這些圖表中看到的，這些圖表反映了 Cepea 的市場價格。即使考慮到我們在巴西收入減少的挑戰性情況，我們從巴西超市協會提供的信息中得到的信息是，食品行業具有很強的彈性。這些——我們提供的基本產品始終是消費者在做出決定以確保他們的錢投資於食品時的首要任務。

When we look at the international scenario, we see an improvement in margins and also advances in all sectors and areas, a very positive halal market with robust margins, robust positioning that has leveraged our local position and showing the strength of our local brand and our local distribution as well as our local sales team that have allowed us to have proper positioning with the best product mix. We can see the advance of processed products where we can capture better margins in this market.

當我們審視國際形勢時，我們看到利潤率有所提高，所有行業和領域也取得了進步，一個非常積極的清真市場，利潤率強勁，強大的定位利用了我們的本地地位，展示了我們本地品牌和我們的實力本地分銷以及我們的本地銷售團隊使我們能夠以最佳產品組合進行適當的定位。我們可以看到加工產品的進步，我們可以在這個市場上獲得更好的利潤。

When we look at direct exports, we also had a very good improvement. We almost doubled the margins in the second quarter, also much higher than last year's. And when we look at Asia, there is still a lot of impact by China, so -- which led to a lot of challenges in sales, but already with better results. And when we look at direct exports and the impacts from Asia show the results of the adjustment and advance of the structure simplification that we announced in the past quarter, we can see that it's more dynamic and agile and that allows us to capture more volume and margin.

當我們看直接出口時，我們也有很好的改善。我們第二季度的利潤率幾乎翻了一番，也比去年高得多。當我們看亞洲時，中國仍然有很大的影響，所以——這給銷售帶來了很多挑戰，但已經有了更好的結果。當我們看直接出口和來自亞洲的影響顯示我們在上個季度宣布的結構簡化的調整和推進的結果時，我們可以看到它更加動態和敏捷，這使我們能夠捕獲更多的數量和利潤。

And we are starting to see the results, as you can see in the numbers that we are showing here. And this is a trend that we are seeing in the month of July. And now you can see the results. When we go on to the next slide, I think it's important to mention our strategy in Saudi Arabia. We opened a plant there for process foods, so now we can have -- we can increase the production capacity of value-added items in that country.

我們開始看到結果，正如您在我們這裡顯示的數字中看到的那樣。這是我們在 7 月份看到的趨勢。現在你可以看到結果了。當我們繼續下一張幻燈片時，我認為提及我們在沙特阿拉伯的戰略很重要。我們在那裡開設了一家加工食品工廠，所以現在我們可以擁有——我們可以提高該國增值產品的生產能力。

We have recently had approval to export from our plant in Kizad to Saudi Arabia and that reinforces our capacity of exports of processed food that have a higher added value at a very important moment in this second quarter where we will have a World Cup for the first time in that market, which will begin in the month of November, so I think we are very well positioned with our brands to capture this opportunity, given our local -- it's not only Qatar, but also in the other countries of the Emirates that are going to be hubs for this tourism with an increase in religious tourism, business tourism, as well as leisure tourism, as we've been seeing in that region. And we are ready to seize the opportunities that this will provide for us.

我們最近獲准從我們在 Kizad 的工廠向沙特阿拉伯出口，這增強了我們在第二季度非常重要的時刻出口具有更高附加值的加工食品的能力，屆時我們將首次舉辦世界杯該市場的時間將於 11 月開始，因此我認為我們的品牌非常有能力抓住這個機會，因為我們當地的 - 不僅是卡塔爾，而且在阿聯酋的其他國家正如我們在該地區看到的那樣，隨著宗教旅遊、商務旅遊和休閒旅遊的增加，將成為這種旅遊的中心。我們已準備好抓住這將為我們提供的機會。

Here on the right side, you can see the positive scenario of the direct exports. These are data from the Brazilian export chamber, CX. And you can see that the price is higher than what we had for 2020 and 2021. And it reflects what we mentioned in the first quarter regarding the impact of the Ukraine -- the situation in Ukraine as it is one of the largest exporters in the world and also the exporters that have been affected by Avian flu. So we see this effect here in the chart. And as for pork in this scenario, we see that the first month, it was worse than the past years, but we see improvements starting in May and also with prices that are more stable and improvement from the beginning of the year.

在右側，您可以看到直接出口的積極情景。這些是來自巴西出口商會 CX 的數據。你可以看到價格高於我們 2020 年和 2021 年的價格。它反映了我們在第一季度提到的關於烏克蘭的影響——烏克蘭的情況，因為它是烏克蘭最大的出口國之一世界以及受到禽流感影響的出口商。所以我們在圖表中看到了這種效果。至於在這種情況下的豬肉，我們看到第一個月比過去幾年更糟，但我們看到從 5 月開始有所改善，價格也比年初更加穩定和改善。

To give a little bit more detail on this, we see the reflection of chicken in Japan, but also South Korea with an increase in price. And I think it's worth looking at China because when you look at this chart, you can see the peak in pork that happened in the second quarter of 2019 and continued until last year. And the level changed, but we can see that a recovery has started and with -- in June, July, we've already had a price increase -- when we move on to other segments, we've also seen positive results when we look at pet food, planned integration has allowed to increasing results and margin and that we can see the effect of the synergy that we have in our product portfolio, our sales teams, operations and logistics. We see that this integration was very well planned and is being very well executed by our pet food team and with good market positioning.

為了更詳細地說明這一點，我們看到了日本雞肉的反映，還有價格上漲的韓國。我認為值得關注中國，因為當你看這張圖表時，你可以看到 2019 年第二季度出現的豬肉高峰，並一直持續到去年。水平發生了變化，但我們可以看到復蘇已經開始，並且 - 在 6 月、7 月，我們已經有了價格上漲 - 當我們轉向其他細分市場時，我們也看到了積極的結果看看寵物食品，計劃中的整合提高了業績和利潤，我們可以看到我們在產品組合、銷售團隊、運營和物流方面的協同效應。我們看到這種整合計劃得很好，我們的寵物食品團隊執行得非常好，並且具有良好的市場定位。

We now have a very relevant presence and are increasing all of our brands, and we can see that there's a lot of potential for growth, given the position that BRF has in the international markets, the doors will certainly open for us to export that food to these countries where we already have a commercial relationship. So this is a very positive opportunity. And also in the ingredient segment, we are seeing positive results that show the strength that we have and the broad range of our products, and how we are able to better use them in our chain by adding value within our units. So this work has been very well executed, very efficiently, and we are seeing the results throughout the past years and also the past quarters.

我們現在有一個非常相關的存在並且正在增加我們所有的品牌，我們可以看到有很大的增長潛力，鑑於 BRF 在國際市場上的地位，我們出口食品的大門肯定會打開到我們已經有商業關係的這些國家。所以這是一個非常積極的機會。在成分領域，我們也看到了積極的結果，這些結果顯示了我們擁有的實力和我們產品的廣泛範圍，以及我們如何通過在我們的單位中增加價值來更好地在我們的供應鏈中使用它們。所以這項工作執行得非常好，非常有效，我們在過去幾年和過去幾個季度都看到了結果。

Within our ESG agenda, we are advancing our plans is a priority to work and bake decisions towards our net-zero journey. BRF is working to be recognized for our social responsibility. We have the BRF Institute that was founded 10 years ago and works in several different areas such as education, citizenship in the different locations where BRF has operations and something that is always a priority for us is EESG because we also want to be economically sustainable. We want to work with social responsibility, governance, but we need to have economic sustainability as well. And now to talk about the capital structure, I will hand the floor over to our CFO, Fabio Mariano.

在我們的 ESG 議程中，我們正在推進我們的計劃，這是我們的工作重點，並為我們的淨零之旅制定決策。 BRF 正在努力爭取我們的社會責任得到認可。我們擁有成立於 10 年前的 BRF 研究所，並在多個不同領域開展工作，例如教育、BRF 開展業務的不同地點的公民身份，而我們始終優先考慮的事情是 EESG，因為我們也希望在經濟上具有可持續性。我們希望與社會責任和治理合作，但我們也需要具有經濟可持續性。現在談談資本結構，我將把發言權交給我們的首席財務官 Fabio Mariano。

Thank you, Lorival. Good morning. First off, let me talk about the capital structure. And I'd like to say that despite we have to live with the leverage above our objectives to run BRF. We currently have a plan that will boost the generation of free cash flow. I'm talking about working capital in the inventory line, not only finished goods inventory, but other inventory lines, raw materials and other items that can also boost our capacity to reduce the net debt of the company.

謝謝你，洛里瓦爾。早上好。首先，讓我談談資本結構。我想說的是，儘管我們必須忍受高於我們目標的槓桿來運行 BRF。我們目前有一個計劃，將促進自由現金流的產生。我說的是庫存線中的營運資金，不僅是成品庫存，還有其他庫存線、原材料和其他項目，這些項目也可以提高我們減少公司淨債務的能力。

A second comment I would like to make before I start, I would like to highlight that the company's debt profile remains solid. Liquidity is at about BRL 12 billion when we consider pre-negotiated lines as allocated credit, that would be enough to cover amortization in years to come. So there's no risk, there's no imminent risk of re-negotiating it. The average profile is long. The average maturity is 9.5 years. And another clear intention on our part the need to reduce indexations of a strong currency, a subsequent event is public, will be issuing CRAs BRL 1.7 billion. And the use of these resources will be used to prepay debt in strong currencies, in hard currencies. That's our goal in the second half. That will contribute to reduce the weight of the dollar in our debt.

在開始之前，我想發表第二條評論，我想強調公司的債務狀況仍然穩固。當我們將預先協商的額度視為分配的信貸時，流動性約為 120 億雷亞爾，這足以支付未來幾年的攤銷。所以沒有風險，也沒有迫在眉睫的重新談判的風險。平均輪廓很長。平均期限為 9.5 年。我們的另一個明確意圖是需要減少強勢貨幣的指數化，隨後的事件是公開的，將發行 17 億巴西雷亞爾的 CRA。這些資源的使用將用於以強勢貨幣、硬貨幣預付債務。這是我們下半場的目標。這將有助於減輕美元在我們債務中的比重。

Let me now talk about the performance of free cash flow generation in the quarter. Consistently, just like we said in the first quarter, the FX despite free cash flow generation is neutral, minus BRL 12 billion. It's important to say that we have that FX benefit. It's explained by this almost BRL 800 million, related to derivatives and the FX in our cash. So the cash generation ex FX is about BRL 70 million. And I'm referring to cash consumption. That's only natural that our debt will go up. And I show you here, you have a BRL 1.7 billion increase in the net debt. It has to do with the market debt in hard currency despite the fact that we're receiving cash associated to derivatives, we mark our debt that is pegged to the U.S. dollar. We have to qualify what that effect is. It's about BRL 8 billion effect that also contributes to a higher debt in the quarter. I'll turn back to you, Lorival, for your final remarks.

現在讓我談談本季度自由現金流產生的表現。始終如一，正如我們在第一季度所說，儘管產生了自由現金流，但外匯是中性的，減去 120 億雷亞爾。重要的是要說我們有外匯優勢。近 8 億巴西雷亞爾與衍生品和我們現金中的外匯有關。因此，除外匯外的現金產生量約為 7000 萬巴西雷亞爾。我指的是現金消費。我們的債務會增加是很自然的。我在這裡向您展示，您的淨債務增加了 17 億巴西雷亞爾。儘管我們收到與衍生品相關的現金，但它與硬通貨市場債務有關，我們標記與美元掛鉤的債務。我們必須限定這種效果是什麼。大約 80 億巴西雷亞爾的影響也導致本季度債務增加。 Lorival，我會回到你的最後的話。

Okay. Let me move on to final remarks. Let me just start by saying that I have to thank the support of our Board of Directors as to all the decisions and all the implementations of the measures that were necessary throughout the first half and the second quarter. They've been always there to support us, to guide us, and we can see that reflection in the positive results we've had. Once again, we'd like to thank them and state that we are in total alignment with our Board of Directors, the entire company, the entire team of executives, the entire BRF team, BRF team are aligned. Our margins have improved in all segments.

好的。讓我繼續進行最後的評論。首先讓我說，我必須感謝我們董事會對上半年和第二季度所有必要的決定和所有措施的實施的支持。他們一直在那裡支持我們，指導我們，我們可以在我們取得的積極成果中看到這種反映。再次感謝他們，並聲明我們與我們的董事會、整個公司、整個高管團隊、整個 BRF 團隊、BRF 團隊完全一致。我們在所有領域的利潤率都有所提高。

And the second point, we still hope to acquire or to have even more gains with the plan we have just started, a plan we started implementing in the second quarter. Some of these gains can be seen in the capturing market opportunities. So we are -- volumes and margins are on the rise. And there are other effects that will be perceived in months to come. Our second half will be focused on improving our service level and execution to capture even greater volumes and results in Brazil so that we can go beyond previous records.

第二點，我們仍然希望通過我們剛剛開始的計劃（我們在第二季度開始實施的計劃）獲得或獲得更多收益。其中一些收益可以從捕捉市場機會中看出。所以我們 - 數量和利潤率正在上升。還有其他影響將在未來幾個月內顯現。我們下半年將專注於提高我們的服務水平和執行力，以在巴西獲得更大的銷量和成果，從而超越以往的記錄。

So the focus will be on the execution of our strategies in the second half. It's a very important second half because of its seasonality, and it will be different. For the first time, we'll have a World Cup. It's important in Brazil, being held in this semester and then the holiday season, 2 very important campaigns that will require our focus, and we are hands on.

因此，重點將放在下半年戰略的執行上。這是一個非常重要的下半年，因為它的季節性，它會有所不同。我們將第一次舉辦世界杯。這在巴西很重要，在本學期和假期期間舉行，有兩個非常重要的活動需要我們關注，我們會親自動手。

We are obsessed with that appropriate execution so that we can get the best results possible. This has to be in alignment with marketing strategy, brand strategy, positioning, introduction of new products, a stronger positioning of Sadia brand. As you can see that, that positioning is going to be crucial. BRF with Sadia and Perdigao brands will be the sponsors of the broadcast of the World Cup in Qatar. BRF, Sadia and Perdigao will be there present in broadcast TV and paid TV. So focus led by Fabio Mariano, our CFO. We can even dare to say it's an obsession to generate cash to have better net results, brought about by a series of initiatives, activities that are well-thought-of in order to get positive cash generation in a continuous improvement now in the second half of the year.

我們痴迷於適當的執行，以便我們可以獲得最好的結果。這必須與營銷策略、品牌策略、定位、新產品的推出、薩迪亞品牌的更強定位保持一致。如您所見，該定位將至關重要。擁有 Sadia 和 Perdigao 品牌的 BRF 將成為卡塔爾世界杯轉播的讚助商。 BRF、Sadia 和 Perdigao 將出現在廣播電視和付費電視中。因此，由我們的首席財務官 Fabio Mariano 領導。我們甚至可以說，通過一系列經過深思熟慮的舉措和活動來產生現金以獲得更好的淨結果，這是一種痴迷，以便在下半年持續改進中獲得積極的現金產生年。

And in conclusion, this second half demands our caution, our attention, taking into account all variables that may impact our business. But there's also that positive logbook, as I said, the World Cup, and social programs that have been injecting resources in our economy, part of it will come to the food industry and BRF is well positioned to capture that extra income too, and we'll be working on it throughout the second half of the year. We have to pay close attention to detail. There are many external and internal variables that may impact our business and they may require immediate action on our part. Once again, thank you, and we'll now start the Q&A session.

總之，下半年需要我們謹慎和關注，考慮到所有可能影響我們業務的變量。但也有積極的日誌，正如我所說，世界杯和社會項目一直在為我們的經濟注入資源，其中一部分將來自食品行業，BRF 也有能力獲得額外的收入，我們'將在整個下半年工作。我們必須密切關注細節。有許多外部和內部變量可能會影響我們的業務，它們可能需要我們立即採取行動。再次感謝您，我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Isabella Simonato asks the first question.

伊莎貝拉西蒙納托提出第一個問題。

Can you all hear me?

大家能聽到嗎？

Yes.

是的。

Good, good. I have 2 questions. What is your take on the chicken or poultry cycle, both in Brazil and abroad. Exports are on the rise in the first quarter or the first half of the year and a drop in the accrual. But as far as margins go, they may be recovering, especially in the recent decrease in prices for -- of grains, what's the supply outlook, how can prices hold internationally?

好好。我有 2 個問題。您對巴西和國外的雞肉或家禽週期有何看法？一季度或上半年出口呈上升趨勢，應計項目出現下降。但就利潤率而言，它們可能正在恢復，尤其是在最近穀物價格下跌的情況下，供應前景如何，國際價格如何保持穩定？

And my second question goes to Fabio. Your comment about cash generation actions and inventory. Inventories were going through the roof back in 2021, that impacted performance in Q1 -- but the company's recent history indicates that the lack of inventory represents a problem, too. So I would like to better understand what would be an ideal inventory level -- maybe number of days? What metrics do you use that can help us understand the working capital balance?

我的第二個問題是法比奧。您對現金生成行動和庫存的評論。庫存在 2021 年達到頂峰，這影響了第一季度的業績——但該公司最近的歷史表明，庫存不足也是一個問題。所以我想更好地了解什麼是理想的庫存水平——也許是天數？您使用哪些指標可以幫助我們了解營運資金餘額？

Thank you, Isabella. I'm going to talk a little bit about what we're seeing for the poultry. We don't see a lot of changes in the short term. So you still have certain effects that will take time for them to be rebalanced or readjusted. When we have a producer that is an important player such as Ukraine, it takes some time for the market to adjust itself. We also have the Avian flu impacting Europe and the United States, maybe not in very concerning or catastrophic levels, but it still continues.

謝謝你，伊莎貝拉。我將談談我們對家禽的觀察。我們在短期內看不到很多變化。所以你仍然有某些效果需要時間才能重新平衡或重新調整。當我們有一個像烏克蘭這樣重要的生產商時，市場需要一些時間來調整自己。我們也有影響歐洲和美國的禽流感，可能不是非常令人擔憂或災難性的程度，但它仍在繼續。

And there's another situation that is related to the availability of eggs. In the whole world, we see a scarcity in the United States, Europe and even in Brazil. And I wouldn't say -- I would say that, that impairs the growth also with regard to placement and production. So we need to look at all these factors. And I don't think we're going to see any significant changes in the poultry market.

還有另一種情況與雞蛋的供應有關。在全球範圍內，我們看到美國、歐洲甚至巴西的稀缺性。我不會說 - 我會說，這也會損害佈局和生產方面的增長。所以我們需要考慮所有這些因素。而且我認為我們不會看到家禽市場發生任何重大變化。

Before I hand it over to Fabio, you said something that concerned me. You said that in the past, we had problems when we reduced inventory. I can tell you that this is not going to happen. We are not working to reduce inventories that will place any risk for the company. What we're seeing here is to have a more efficient management, especially with regard to inputs. And when I say inputs, that's the input that we produce.

在我把它交給法比奧之前，你說了一些讓我擔心的話。您說過去我們在減少庫存時會遇到問題。我可以告訴你，這不會發生。我們不會努力減少會給公司帶來任何風險的庫存。我們在這裡看到的是更有效的管理，尤其是在投入方面。當我說輸入時，這就是我們產生的輸入。

So I slaughter the chicken and it becomes an input. That's what I'm talking about. It's not, for example, corn. It's the product that's frozen to become inputs for production later on. That's where we need to improve our efficiency within -- because then we can allocate less capital, less storage costs and less logistics from the plants to warehouse and so on. So that's what we're talking about. And of course, along with an adjustment of finished products. So I just want to make this very clear that we will never put in risk inputs related to feeding our animals.

所以我宰了雞，它變成了一個輸入。我正是這個意思。例如，它不是玉米。它是被冷凍的產品，以後成為生產的投入。這就是我們需要提高效率的地方——因為這樣我們就可以分配更少的資金、更少的存儲成本和更少的從工廠到倉庫的物流等等。這就是我們所說的。當然，還有成品的調整。所以我只想說清楚，我們永遠不會投入與餵養動物有關的風險投入。

Yes. And just to add on to what Lorival said, Isabella. You know our grain inventory. You know it's part of our hedging policy. There is the risk of price volatility and also supply. So that is something that's not under discussion. And we had -- we were having interest of around 2% and 3% in Brazil. And now these capital charges can reach up to 14% to 15%. So the company needs to challenge these minimum inventory policies, and that's what we're working on.

是的。只是為了補充 Lorival 所說的話，伊莎貝拉。你知道我們的穀物庫存。你知道這是我們對沖政策的一部分。存在價格波動和供應的風險。所以這不是在討論中的事情。我們有 - 我們在巴西擁有大約 2% 和 3% 的權益。而現在這些資本費用可以達到 14% 到 15%。所以公司需要挑戰這些最低庫存政策，這就是我們正在努力的方向。

We have identified certain excesses in a few lines. And we want to reduce that to have them at the minimum levels, and we need to test these frontiers. The cost of service, what's the cost of placing the product at the sales point. We see that there's a lot of capital that can be demobilized. And we may risk losing sales. But once again, this year, we have coverage about 13% to 14% associated to this. So we already have certain initiatives in progress, and we hope to see them effectively implemented in the second quarter.

我們已經在幾行中發現了某些過度行為。我們希望將其減少到最低水平，我們需要測試這些邊界。服務成本，將產品放置在銷售點的成本是多少。我們看到有很多資本可以復員。我們可能會冒失去銷售的風險。但再一次，今年，我們有大約 13% 到 14% 的覆蓋率與此相關。因此，我們已經有一些計劃正在進行中，我們希望看到它們在第二季度得到有效實施。

That was very clear. 13%, 14% of coverage, that was not clear. You were breaking up.

那很清楚。 13%、14% 的覆蓋率，不清楚。你分手了。

It's about the financial charges. There's a lot of margin there. Is it clear now?

這是關於財務費用的。那裡有很多餘量。現在清楚了嗎？

Our next question is from Thiago Duarte from BTG.

我們的下一個問題來自 BTG 的 Thiago Duarte。

Could you please elaborate on the slide that you show the recovery in Brazil. Three months ago, during the Q1 earnings call, you explained the measures you took to reduce inventory levels throughout the chain. And it was very clear to us that this was a concentrated adjustment for Q1 and things would go back to normal in Q2. That's the impression we had then. Of course, there were major improvements on a quarter-on-quarter basis.

您能否詳細說明一下您展示巴西經濟復甦的幻燈片。三個月前，在第一季度財報電話會議上，您解釋了您為降低整個鏈條的庫存水平而採取的措施。我們很清楚，這是第一季度的集中調整，第二季度情況將恢復正常。這就是我們當時的印象。當然，季度環比也有重大改善。

But when you look at the sequential improvement of results, when we try to make any calculations with that kind of information, we have the impression that gross profit in Brazil when we look at May, June and July, when it's much better than April, it's still below 20%, which is way below what would be your history performance in the Brazilian market. So I'd like to have a better understanding. Is there the result of measures you took in the first quarter because the results in Q2 were below those of Q2 of last year. Can we believe that Q3 will be normal without those effects of those measures you took in Q1. I think this is an important discussion to have.

但是當你看到結果的連續改善時，當我們試圖用這種信息進行任何計算時，我們的印像是巴西的毛利潤在 5 月、6 月和 7 月時比 4 月要好得多，它仍然低於 20%，遠低於您在巴西市場的歷史表現。所以我想有一個更好的理解。是否有您在第一季度採取措施的結果，因為第二季度的結果低於去年第二季度的結果。如果沒有您在第一季度採取的那些措施的影響，我們能否相信第三季度將是正常的。我認為這是一個重要的討論。

The second portion of my question, let me bring the discussion to the working capital issue. I have the impression that part of those inventory reduction, more streamlined inventory may have to do with the fact that the company has reduced its laddering pace. Its production pace. So here's my question. As you bring numbers of slaughter animals, goes back to normal, the company still have some working capital left to consume. So that's my second question.

我的問題的第二部分，讓我把討論帶到營運資金問題上。我的印像是，部分庫存減少，更精簡的庫存可能與公司降低階梯式增長速度有關。它的生產速度。所以這是我的問題。隨著您帶來的屠宰動物數量恢復正常，公司仍有一些營運資金可供消耗。所以這是我的第二個問題。

And the third question, I think it's more directed to Lorival. Can you talk about the future? The 2030 vision in Q3, you said it was under revision. And you made many decisions to improve efficiency. You've already announced them, but I would like to hear from you what are the adjustments that you're going to make for the 2030 vision -- what are you considering implementing? Can you share some of that as far as growth is concerned, investments and how will -- and how the company will be positioning itself in the long term.

第三個問題，我認為它更針對 Loival。你能談談未來嗎？您說第三季度的 2030 年願景正在修訂中。你做出了許多提高效率的決定。您已經宣布了它們，但我想听聽您將為 2030 年的願景做出哪些調整——您正在考慮實施什麼？您能否分享一些關於增長、投資以及將如何——以及公司將如何長期定位自己的內容。

Thank you, Thiago. Regarding Brazil's recovery, when we compare it to the same quarter in 2021, we are about two percentage points below last year. So as we said, that means we do have room for improvement and to reach those levels. I can say that this is sequential improvement. So April still has certain effects from the decisions and the measures taken in the first quarter. Do know that this is a very long chain and not all the decisions taken, you have 100% impact within that month. I can say that within this quarter, you do have an advance of gross margin and also the EBITDA margin from the month of April to June.

謝謝你，蒂亞戈。關於巴西的複蘇，當我們將其與 2021 年同一季度進行比較時，我們比去年低了約兩個百分點。正如我們所說，這意味著我們確實有改進的空間並達到這些水平。我可以說這是順序改進。所以4月份的決定和一季度採取的措施還是有一定影響的。要知道這是一個非常長的鏈條，並不是所有的決定都在那個月內產生 100% 的影響。我可以說，在本季度內，您的毛利率以及 4 月至 6 月的 EBITDA 利潤率確實有所提高。

As for your question for what we can expect after the third quarter if the scenario will be better. Well, I can't give you any proper guidance or prognosis, but what I can tell you is that we are on the right path. The results that we've been having show that we are moving towards the objective that we want to achieve. When you ask about working capital and the level of inventories -- what are we looking at there? What's our focus? I look at the raw material for products and the inputs for finished products, if I'm going to slaughter more or less, that's the means to an end. The management of the finished product is what we're doing. If I'm going to slaughter more, that's because I have more market and I have more sales. So I would just like to show you this management, and then I can go back and talk a little bit about strategy, but I'll hand it over to Lorival now.

至於你的問題，如果情況會更好，我們可以期待第三季度之後的情況。好吧，我不能給你任何適當的指導或預測，但我可以告訴你的是，我們正走在正確的道路上。我們一直在取得的結果表明，我們正在朝著我們想要實現的目標邁進。當您詢問營運資金和庫存水平時——我們在看什麼？我們的重點是什麼？我看產品的原材料和成品的投入，如果我要多或少地屠宰，那是達到目的的手段。成品的管理是我們正在做的。如果我要屠宰更多，那是因為我有更多的市場，我有更多的銷售。因此，我只想向您展示這種管理方式，然後我可以回過頭來談談戰略，但我現在將其交給 Lorival。

What you mentioned about slaughter, it seems quite logical. But we will not have an incremental increase in working capital. What we did in the first quarter, let me give you the example of the disposal of eggs. You've already invested those resources when you dispose of eggs. So you're eliminating your capacity of recovering that in the future. So you've already had an impact on performance as well as an impact on the cash flow. So you will only have an increase in working capital when you change the level of the animal -- the number of animals that you're working.

你提到的屠宰，這似乎很合乎邏輯。但我們的營運資金不會增加。我們在第一季度做了什麼，讓我給你舉個雞蛋處置的例子。當您處理雞蛋時，您已經投入了這些資源。因此，您正在消除將來恢復它的能力。因此，您已經對績效產生了影響，也對現金流產生了影響。所以只有當你改變動物的水平——你正在工作的動物的數量時，你的營運資金才會增加。

So the relative demand for working capital is more expensive even though you have more efficiency in the number of days, your efficiency is higher. You're changing the level there. You have to take that into account. As Lorival said, the plan does not take into account the number of animals slaughtered. I hope I have explained that to you. Let me give you the strategic view -- we'll be working in reviewing that strategic plan, our avenues for growth. And once it is consolidated, we'll be making a specific announcement about it.

因此，相對於營運資金的需求更昂貴，即使你在天數上有更多的效率，你的效率也更高。你正在改變那裡的水平。你必須考慮到這一點。正如 Lorival 所說，該計劃沒有考慮屠宰的動物數量。我希望我已經向你解釋過了。讓我給你一個戰略觀點——我們將努力審查該戰略計劃，我們的增長途徑。一旦它被整合，我們將發布一個具體的公告。

Let me point out that our focus today, and we are focusing all our energy in making those corrections, those that we made in the second quarter to improve results, as you can see. And now the focus shifts to cash generation and the net results of the company so that we can go back to the profitability levels we had before. This will take place at the same time, and we'll make that announcement as soon as we have concluded the plan, have it approved and in alignment with the Board of Directors. Short term, those corrections. And now the focus I have just mentioned for the second half.

讓我指出我們今天的重點，我們正集中精力進行這些更正，我們在第二季度為改善結果所做的那些，如您所見。現在，重點轉移到現金產生和公司的淨業績上，這樣我們就可以回到以前的盈利水平。這將同時進行，我們將在我們完成計劃、獲得批准並與董事會保持一致後立即發佈公告。短期內，那些修正。現在是我剛剛提到的下半年的重點。

Next question comes from Mr. Lucas Ferreira from JPMorgan.

下一個問題來自摩根大通的 Lucas Ferreira 先生。

Here's my first question. It's about resuming exports to Europe. This is something I've been working on for quite some time. Have you made any different decisions? Are you setting your priorities elsewhere? Can you talk about maybe resuming exports to Europe? And my second question is about Halal. What is your take for the next quarters? In the press release, you believe you can expect some cool down in margins and profitability. Could you elaborate on demand perspectives for the third quarter. Is there more competition? Stronger prices? And I would like to understand the costs curve for the inventory you're selling for the second half.

這是我的第一個問題。這是關於恢復對歐洲的出口。這是我已經研究了很長時間的事情。你有沒有做出不同的決定？您是否在其他地方設定了優先事項？你能談談恢復對歐洲的出口嗎？我的第二個問題是關於清真食品的。您對接下來的幾個季度有何看法？在新聞稿中，您相信您可以預期利潤率和盈利能力會有所下降。您能否詳細說明第三季度的需求前景。有更多的競爭嗎？價格更強？我想了解您在下半年銷售的庫存的成本曲線。

Thank you Lucas. As far as Europe goes, we continue to be 100% aligned with the Board of Directors. We have been working towards that goal, which is to resume exports to Europe. As I stated time and time again, I don't believe that, that resumption will happen on a short-term basis. It's a complex environment that involves diplomacy, trade agreements between Brazil and the EU. So the environment is not conducive to that resumption in Europe. Of course, we are tirelessly working towards that goal, but I don't see that happen in the short term. As far as the Halal market goes, I'll turn it over to Igor. He can give you more color as to that market dynamics. But we have to take into account the dynamics in that region, the resumption of tourism, which is very important to that region. I'm not talking about the locals. I mean, tourists are going back to visiting these countries, as well as business and leisure tourism. And also take into account our positioning. Igor, you can take over.

謝謝盧卡斯。就歐洲而言，我們繼續與董事會保持 100% 的一致。我們一直在努力實現這一目標，即恢復對歐洲的出口。正如我一再聲明的那樣，我不相信這種恢復會在短期內發生。這是一個複雜的環境，涉及巴西和歐盟之間的外交、貿易協定。因此，環境不利於歐洲的恢復。當然，我們正在為實現這一目標不懈努力，但我認為短期內不會發生這種情況。至於清真市場，我會把它交給伊戈爾。他可以為您提供有關市場動態的更多信息。但我們必須考慮到該地區的動態，即恢復旅遊業，這對該地區非常重要。我不是在說當地人。我的意思是，遊客將回到這些國家，以及商務和休閒旅遊。並且還要考慮到我們的定位。伊戈爾，你可以接管。

Thank you, Lorival. Lucas, thank you for your question. When we have to think about the numbers we are looking at in that along market, we have to understand that margins are reaching its historic records because of the Ramadan season, the campaigns we made, they -- they were important to change the portfolio we have been trying to implement in recent years. You've seen higher added value and that added value can bring in higher margins that are more time-resilient, and we are closer to consumers. We can navigate through higher and lower times and do better than the rest of the market.

謝謝你，洛里瓦爾。盧卡斯，謝謝你的提問。當我們必須考慮我們在市場中看到的數字時，我們必須了解，由於齋月季節，我們所做的活動，它們 - 它們對於改變我們的投資組合很重要近年來一直在努力實施。你已經看到了更高的附加值，附加值可以帶來更高的利潤，這些利潤更具時間彈性，而且我們更接近消費者。我們可以在更高和更低的時間中導航，並且比市場的其他部分做得更好。

When we think about the second half, there is demand for the halal market. that demand is driven by the World Cup in Qatar. The population may double. It's a 2 million inhabitant country. They will be receiving at least another 2 million tourists. Many people will use Saudi Arabia, Dubai and Oman, for connections. There's no hotel capacity in Qatar to accommodate all these tourists. So we believe that Saudi Arabia, the E-A-U -- UAE, rather, will have an increase in demand because they'll have that new consumers. So the demand is there. So our margins will become -- will go back to normal levels. That will take place slowly but gradually, but we are very enthusiastic about it. That's what I can share with you. I hope I have answered your question.

當我們考慮下半年時，清真市場有需求。這種需求是由卡塔爾世界杯推動的。人口可能會翻倍。這是一個200萬人口的國家。他們將至少再接待200萬遊客。許多人會使用沙特阿拉伯、迪拜和阿曼進行連接。卡塔爾沒有酒店可以容納所有這些遊客。所以我們相信沙特阿拉伯，E-A-U - 阿聯酋，將有需求增加，因為他們將擁有新的消費者。所以需求就在那裡。因此，我們的利潤率將變為 - 將恢復到正常水平。這將緩慢而漸進地進行，但我們對此充滿熱情。這就是我可以和你分享的。我希望我已經回答了你的問題。

That helped a lot.

這有很大幫助。

As to the cost curve -- we have to take into account the commodities scenario. You know that spot prices impact our costs, let's say, 6-month time period because the feed inventories all the way gets to the chicken and to the end product, there's a time lag there. So some factors have improved -- helped us improve the grains scenario is less unfavorable as it used to be. So nonetheless, we have to remain cautious, very stringent in our management strategies at every cost line to make sure that our operation remains healthy.

至於成本曲線——我們必須考慮商品情景。你知道現貨價格會影響我們的成本，比如說，6 個月的時間段，因為飼料庫存一直到雞肉和最終產品，都有時間滯後。所以一些因素有所改善——幫助我們改善穀物的情況不像過去那樣不利。因此，儘管如此，我們必須在每條成本線的管理策略上保持謹慎、非常嚴格，以確保我們的運營保持健康。

The next question comes from Mr. Leonardo Alencar from XP.

下一個問題來自 XP 的 Leonardo Alencar 先生。

Maybe just a follow-up. Just piggybacking with the comment you made in terms of genetics, that's a challenge. I've heard countries going through that. So production may be on the rise and be resilient because of the lack of availability of chiclets. Do you believe that you can improve margins more than in your top line, especially because of the performance in the halal market, Asia, recovering a little bit. Would you believe that you'd have more growth from the international markets than in Brazil?

也許只是一個後續。只是捎帶你在遺傳學方面的評論，這是一個挑戰。我聽說一些國家正在經歷這種情況。因此，由於巧克力脆餅的供應不足，產量可能會上升並且具有彈性。您是否相信您可以比您的收入增加更多的利潤，特別是因為亞洲清真市場的表現略有恢復。您認為國際市場的增長會比巴西更多嗎？

Okay. That's a very good question. And he might be able to give a better vision. What's important to see is that we do this analysis for each market. What flexibility can we give to the production to adjust to each region and to make sure that we have profitability, availability and other factors in each market, and this is something that we manage daily in light of the whole international market. So this may happen, and we are always adjusting to the demand. And we have this versatility of production that allows us to do that.

好的。這是一個非常好的問題。他也許能夠給出更好的願景。重要的是我們對每個市場都進行了分析。我們可以給生產以什麼樣的靈活性來適應每個地區，並確保我們在每個市場都有盈利能力、可用性和其他因素，這是我們每天根據整個國際市場管理的事情。所以這可能會發生，我們一直在適應需求。我們擁有這種生產的多功能性，使我們能夠做到這一點。

Okay. Thank you for your question. And as Lorival said, this is a market with less supply and increasing demand, and we see that in the international market and also in Brazil. So with our planning team, we look at each market what's going on there. We see a positive scenario in Japan and Korea. Also in Brazil, we've had an increase in the consumption of chicken here given our economic situation. So we look at this every month, every day, of course, their impacts from FX. We had an increase in cost. And -- this is a work that we do in the details so that we can look at the work with exports in total market. And to have this balance, we don't want to throw everything to market, but we want to seize the opportunities that we have in each market.

好的。謝謝你的問題。正如 Lorival 所說，這是一個供應減少而需求增加的市場，我們在國際市場和巴西都看到了這一點。因此，我們與我們的規劃團隊一起研究每個市場的情況。我們在日本和韓國看到了積極的情況。同樣在巴西，鑑於我們的經濟狀況，我們這裡的雞肉消費量有所增加。因此，我們每個月、每一天都會關注這一點，當然還有它們對外彙的影響。我們的成本增加了。而且 - 這是我們在細節上所做的工作，以便我們可以查看整個市場的出口工作。為了達到這種平衡，我們不想把所有東西都扔到市場上，而是想抓住我們在每個市場上擁有的機會。

Let me just make sure I understood that. We've seen that the poultry industry can adapt very quickly to the demand adjustments because of a shorter production cycle in that scenario that you have a problem in production. Do you believe that, that can change in the short term?

讓我確保我明白這一點。我們已經看到家禽業可以非常迅速地適應需求調整，因為在生產出現問題的情況下生產週期更短。你相信這會在短期內改變嗎？

I think it's changing already. We would be seeing greater recovery. It hasn't been happening in a month-to-month basis. We've been seeing that placement is not taking place as fast as we would like it to be. That can be translated into better margins for the entire industry. Did I answer your question?

我認為它已經在改變。我們將看到更大的複蘇。它沒有按月發生。我們已經看到安置並沒有像我們希望的那樣快。這可以轉化為整個行業的更高利潤。我回答你的問題了嗎？

Yes. That's very clear.

是的。這很清楚。

Ricardo Alves asks the next question from Morgan Stanley.

Ricardo Alves 向摩根士丹利提出了下一個問題。

My question is about Turkey. Can you elaborate on the international markets, specifically in Turkey. Do you believe that there is some structural improvement in Turkey that makes you feel comfortable? Along the same lines, I would like to -- to elaborate on the expressive market share gains you've had there. How are you managing to navigate this more unstable environment, hyperinflation, devaluation of the currency. And at the same time, you're getting -- you're gaining market share? That's my first question.

我的問題是關於土耳其的。您能否詳細說明國際市場，特別是土耳其市場。您是否認為土耳其有一些讓您感到舒適的結構性改進？同樣，我想詳細說明您在那裡獲得的富有表現力的市場份額增長。您如何應對這種更加不穩定的環境、惡性通貨膨脹、貨幣貶值。同時，你正在獲得——你正在獲得市場份額？這是我的第一個問題。

The second question has to do with the market share gains -- based on Nelson data -- could you please give us more color breaking down by category, the behavior, the more aggressive behavior of your competitors boosting pricing, reducing discounts. I'd like to better understand the dynamics for that share in Brazil.

第二個問題與市場份額的增長有關——基於尼爾森的數據——你能否給我們提供更多按類別劃分的顏色、行為、競爭對手提高定價、減少折扣的更激進行為。我想更好地了解巴西這一份額的動態。

Thank you, Ricardo. I'll let Fabio and Igor answer regarding Turkey. I think they can give you an answer and this adjustment to the hyperinflation in that country, which affects our results and also a little bit of the market dynamics. So Fabio, Igor?

謝謝你，里卡多。我會讓法比奧和伊戈爾回答關於土耳其的問題。我認為他們可以給你一個答案，以及對那個國家惡性通貨膨脹的調整，這會影響我們的結果，也會影響一點市場動態。那麼法比奧，伊戈爾？

Well, Let me explain this effect. It's just an accounting -- so when you have an inflation over 100% such as this case when we're speaking of assets and liabilities, we corrected from January to June and so on. So in this table, you see all these variations reflected line by line. And you can see that there's a contribution to net profit, and we try to adjust this. Of course, in this first half of the year, we had a very good performance in Turkey despite hyperinflation. So we were able to pass through the prices and to have a good way to hold our margins. However, we see some challenges ahead of us, and I'm going to let Igor explain this new scenario.

好吧，讓我解釋一下這個效果。這只是一個會計——所以當通貨膨脹率超過 100% 時，例如當我們談到資產和負債時，我們會從 1 月到 6 月進行更正，依此類推。因此，在此表中，您可以看到所有這些變化逐行反映。你可以看到對淨利潤有貢獻，我們試圖調整這一點。當然，在今年上半年，儘管出現了惡性通貨膨脹，但我們在土耳其的表現非常好。所以我們能夠通過價格並有一個很好的方法來保持我們的利潤。但是，我們看到了一些挑戰，我將讓 Igor 解釋這個新場景。

Thank you. When we look at the hyperinflation in Turkey, there are 3 metrics that we try to control and accelerate. It's to gain market share, our portfolio mix and also margin resilience and the pass-through of prices. If you look at the second quarter results, you can see that we've had year-on-year market share and with an increase of 4.5 in processed products. So this has allowed us to keep margin resilience so far.

謝謝你。當我們查看土耳其的惡性通貨膨脹時，我們試圖控制和加速 3 個指標。這是為了獲得市場份額、我們的投資組合組合以及利潤率彈性和價格的傳遞。如果您查看第二季度的結果，您可以看到我們的市場份額同比增長 4.5 倍。因此，到目前為止，這使我們能夠保持利潤率彈性。

Our concern for the future is that the direct effect of hyperinflation is impoverishment of the population. And we know that there's a direct correlation between income and teen consumption. And we have seen movements in categories that increase or decrease along with other proteins.

我們對未來的擔憂是，惡性通貨膨脹的直接影響是人口貧困。我們知道，收入和青少年消費之間存在直接關聯。我們已經看到與其他蛋白質一起增加或減少的類別的運動。

So as a whole, we do see a reduction of the market as a whole, and we are paying a lot of attention to this and monitoring it. So what is our strategy for the future is to use our global platform to have more exports in Turkey, 30% of what we produce, we is -- relates to our exports. So we export 30% of what we produce. And I think we gain competitiveness and need to explore that market. We explore Iraq, well, the North of Africa. So we need to improve that while there is this scenario of hyperinflation and make sure we keep our market share. I hope my answer has clarified to your question.

因此，作為一個整體，我們確實看到整個市場在減少，我們對此非常關注並對其進行監控。因此，我們未來的戰略是利用我們的全球平台在土耳其進行更多出口，我們生產的 30% 與我們的出口有關。因此，我們出口了我們生產的 30% 的產品。我認為我們獲得了競爭力，需要探索這個市場。我們探索伊拉克，嗯，非洲北部。因此，在出現惡性通貨膨脹的情況下，我們需要改進這一點，並確保我們保持我們的市場份額。我希望我的回答已經澄清了你的問題。

Yes.

是的。

Okay, and regarding what you asked about market share, let's give you the answer. I'm Marcel Sacco. I've been responsible since April for marketing in Brazil. As for this market share adjustment, what I can tell you is that we're working to balance profitability with growth. As you mentioned, in the past 18 to 24 months, we've had a priority on our cost structure, always trying to protect our profitability. And in the short term, -- we are trying to balance growth and profitability with making certain adjustments that are helping us recover market share in the short term, if you look in the past 60 days, several of our segments have started this recovery, and we are adjusting this cost structure without harming our profitability. So we have a focus on value-added products and also the ones that -- where we have higher volume.

好的，關於你問的市場份額，讓我們給你答案。我是馬塞爾·薩科。我從四月份開始負責巴西的營銷工作。至於這次市場份額調整，我可以告訴你的是，我們正在努力平衡盈利能力和增長。正如你所提到的，在過去的 18 到 24 個月裡，我們一直優先考慮我們的成本結構，一直在努力保護我們的盈利能力。在短期內，我們正在努力平衡增長和盈利能力，並通過某些調整幫助我們在短期內恢復市場份額，如果你回顧過去 60 天，我們的幾個細分市場已經開始復蘇，我們正在調整這種成本結構，而不會損害我們的盈利能力。因此，我們專注於增值產品以及那些我們擁有更高銷量的產品。

And we've also rebalanced the innovation towards this direction, products that will give us better results and also more market share -- and I think we are still adjusting this equation without foregoing profitability, but with a stronger focus on recovering market share. So we are seeing the results here. And as Lorival mentioned, our prediction for the second half relates to execution. We see an opportunity to accelerate market share with this improvement of execution. And also with these year-end investments in the holidays as well as the World Cup, which will help accelerate this market share recovery. Sadia, Perdigao and Qualy will have a lot of media presence in the second half. And we have a combination of several factors that will help rebalance this equation of growth and profitability.

我們還朝著這個方向重新平衡了創新，這些產品會給我們帶來更好的結果和更多的市場份額——我認為我們仍在調整這個等式，而不放棄盈利能力，但更加註重恢復市場份額。所以我們在這裡看到了結果。正如 Lorival 所提到的，我們對下半年的預測與執行有關。我們看到了通過改進執行來加速市場份額的機會。還有這些假期和世界杯的年終投資，這將有助於加速這一市場份額的複蘇。 Sadia、Perdigao 和 Qualy 將在下半場有很多媒體出現。我們有幾個因素的組合將有助於重新平衡增長和盈利能力的等式。

Thiago Bortoluci from Goldman Sachs is up next.

接下來是高盛的蒂亞戈·博托盧奇。

My question is about costs. Lorival answered part of my question when he asked about the Halal market. The cost per kilo was down 3%. But it's difficult to analyze that -- to analyze that based on the historical curves. Inventory -- shorter inventories, how soon... are we going to see spots reflected in your P&L? Given that accounting timeframe, what's your take for the cash COGS in the second half of the year? We've worked on reviewing the working capital, and it won't impact your grain strategy. But I would like to understand whether these lower corn levels will impact the hedging policy as of now.

我的問題是關於成本的。當 Lorival 詢問清真市場時，他回答了我的部分問題。每公斤的成本下降了 3%。但是很難分析——根據歷史曲線來分析。庫存——較短的庫存，多快……我們會在您的損益表中看到反映的點嗎？鑑於會計時間框架，您對下半年的現金銷貨成本有何看法？我們一直在努力審查營運資金，它不會影響您的糧食戰略。但我想了解這些較低的玉米水平是否會影響目前的對沖政策。

Thank you, Thiago. Before I hand it over to Fabio, given the importance of the commodities as an input, this is daily monitoring that we do in all the regions. So where we buy and how we're buying it. So before any hedge it's how to seize the opportunities that we have in the different markets. So that's what allows us to have more coverage given the seasonality of the crops and production, so this with regard to physical inventory and prices. But I'll let Fabio give you the rest of the information.

謝謝你，蒂亞戈。在我把它交給法比奧之前，鑑於商品作為輸入的重要性，這是我們在所有地區進行的日常監測。所以我們在哪裡購買以及如何購買。因此，在任何對沖之前，如何抓住我們在不同市場中的機會。因此，鑑於作物和生產的季節性，這使我們能夠獲得更多的覆蓋範圍，這與實物庫存和價格有關。但我會讓法比奧給你剩下的信息。

With regard to projection, I can't give you that related to costs that is something that's quite sensitive, but I can clarify certain things. The price of the grain commodity does not interfere in our hedge policy. As Lorival mentioned, when we believe that grain is at a good level, then we are -- can have more inventory whether it's physical or in the orders placed to producers. When we think of our strategy to increase cash generation by reducing inventory, then you can have a temporal difference. So when you have the result of grain derivative that can have a reflection on the COGS because inventory first, you have physical inventory, then you have the purchased balance and then you have the derivative for coverage. And then you have the natural hedge that is your finished product. So the more finished products you have more time you'll have before you feel an effect from the grains in your COGS. So this cycle can be reduced. And we believe that will happen, and we can provide visibility of this throughout time.

關於預測，我不能告訴你與成本相關的非常敏感的事情，但我可以澄清一些事情。糧食商品的價格不會干擾我們的對沖政策。正如 Lorival 所提到的，當我們認為穀物處於良好水平時，我們就可以擁有更多的庫存，無論是實物庫存還是向生產商發出的訂單。當我們考慮通過減少庫存來增加現金產生的策略時，您可能會有時間上的差異。因此，當您獲得可以反映 COGS 的穀物衍生產品的結果時，因為首先是庫存，您有實物庫存，然後是購買的餘額，然後是用於覆蓋的衍生產品。然後你就有了天然的對沖，即你的成品。因此，在您感受到 COGS 中穀物的影響之前，您擁有的成品越多，您就有越多的時間。所以這個週期可以減少。我們相信這將會發生，並且我們可以在整個過程中提供這種可見性。

Gustavo Troyano from Itau asks the next question.

來自 Itau 的 Gustavo Troyano 提出了下一個問題。

I'd like to follow up on the profitability in the domestic market. Looking at a different timeframe, margins have grown throughout the quarter, but I would like to better size this challenge -- how can you bring gross margins back to normal in Brazil? That was very transparent. But what's to come in that division? Looking at your performance at the start of the second half, do you believe that there is room for further price corrections based on the adjustments you made in the chain and also taking into account consumption. The support, the extra -- the rescue money will help you to in volumes in alignment with that simplification strategy. In other words, how can you bridge the gross margin, looking at top line cost? And what would be the main drivers for the expansion?

我想跟進國內市場的盈利情況。從不同的時間框架來看，整個季度的利潤率都在增長，但我想更好地衡量這一挑戰——如何才能讓巴西的毛利率恢復正常？那是非常透明的。但是那個部門會發生什麼？看看你下半年的表現，你認為基於你在鏈條中所做的調整以及考慮到消費，價格還有進一步調整的空間嗎？支持，額外的 - 救援資金將幫助您按照簡化策略進行批量處理。換句話說，從頂線成本來看，您如何才能彌補毛利率？擴張的主要驅動力是什麼？

Thank you, Gustavo. That's a very comprehensive question. I'll try to cover as much as I can. Well, what I can say to you is that the margins in Brazil, despite that improvement within this month, it's still below our own potential and where we expect to go. So there is room for improvement. There are opportunities out there, and we can do better. And that improvement can come from both ends. You can have a better commercial execution, having the team closer to the point of sale, increasing our distribution, our capillarity, that's the strategy that Marcel described -- a better positioning strategy, talking about our brands, our products, emphasizing the quality of our product in the minds of consumers. We can, of course, work on the top-line and improve the mix.

謝謝你，古斯塔沃。這是一個非常全面的問題。我會盡量覆蓋。好吧，我可以對你說的是，儘管本月內巴西的利潤率有所改善，但仍低於我們自己的潛力和我們預期的目標。所以還有改進的餘地。那裡有機會，我們可以做得更好。這種改進可以來自兩端。你可以有更好的商業執行，讓團隊更接近銷售點，增加我們的分銷，我們的毛細血管，這就是馬塞爾所描述的戰略——更好的定位戰略，談論我們的品牌，我們的產品，強調質量我們的產品在消費者心目中。當然，我們可以在頂線工作並改進組合。

At the same time, addressing the cost that we talk about the matrix management of our expenses. All the actions we've taken, you can see those results coming up in the second half of the year. This is what I've been saying time and time again. We have to be cautious. We have to be prudent with those factors that are not necessarily under our total control, our direct control. These are macroeconomic variables, geopolitics, international markets, that can also impact costs and commodities, and we have to be, on one hand, very efficient. But to bring costs as efficient as possible to get better margins. So what I can say to you is that, that improvement has been happening consistently. But again, below the potential we can achieve.

同時，解決我們談論的費用矩陣管理的成本。我們採取的所有行動，您可以在下半年看到這些結果。這就是我一次又一次地說的話。我們必須謹慎。我們必須謹慎對待那些不一定在我們完全控制、我們直接控制之下的因素。這些是宏觀經濟變量、地緣政治、國際市場，也會影響成本和商品，一方面我們必須非常高效。但要盡可能提高成本效率以獲得更好的利潤。所以我可以對你說的是，這種改進一直在發生。但同樣，低於我們可以實現的潛力。

Victor Saragiotto from Credit Suisse is up next.

瑞士信貸的 Victor Saragiotto 緊隨其後。

The better profitability in the second quarter, that was very strong, one of the best in this cycle in terms of speed and the EBITDA level. When we make the calculations trying to come up with the reasons behind it, I think it comes directly from poultry, faster cycle and all that. When we talk to those folks in the pork market, they've been losing a lot of money in the first half. And there is some adjustments going on in the supply of pork. It takes more time, but that would improve if it in fact happens, that will improve your profitability. What's your take on what's going on as far as pork? Is it something that is actually going on? Can that be important to improve your price dynamics and profitability as a consequence? Or is it not happening at all?

第二季度更好的盈利能力，非常強勁，就速度和 EBITDA 水平而言，這是本週期中最好的之一。當我們進行計算試圖找出背後的原因時，我認為它直接來自家禽，更快的周期等等。當我們和豬肉市場的那些人交談時，他們上半年一直在虧損。豬肉供應也在進行一些調整。這需要更多的時間，但如果它真的發生，那將會改善，這將提高您的盈利能力。你對豬肉方面的情況有何看法？這是實際發生的事情嗎？因此，這對改善您的價格動態和盈利能力很重要嗎？還是根本沒有發生？

Thank you, Victor. I think that's a very relevant point. Chicken certainly responds faster. So what we've seen is very consistent with what we mentioned. It's this adjustment that happens in a smaller period and you have also the external market. Going back to what we've mentioned, you're correct when you say that the pork market, the local market, especially when we look at the first quarter, it was very, very bad. If you look at the margins -- the margins for producers were quite low, probably the lowest we've ever seen. The pork market certainly takes a lot longer to adjust itself. And this chain goes through certain phases.

謝謝你，維克多。我認為這是一個非常相關的觀點。雞肯定反應更快。所以我們所看到的與我們提到的非常一致。正是這種調整髮生在較小的時期內，而且您還擁有外部市場。回到我們剛才提到的，當你說豬肉市場，本地市場，尤其是當我們看第一季度時，你是對的，它非常非常糟糕。如果你看看利潤率——生產商的利潤率很低，可能是我們見過的最低的。豬肉市場當然需要更長的時間來自我調整。這條鏈會經歷某些階段。

So there are a number of factors that play a role and that demands more time. To speak of our perspective is we had a slight price improvement in pork prices, but it will take more time for this adjustment to happen. We said that this would be closer to the end of the second quarter or the third quarter. So we believe that this is something that will happen in the second quarter, possibly, we will see this in the last quarter. And of course, it's very dependent on China. So if China starts buying more and increasing the volume, then this adjustment will happen faster when we look at the issue of profitability because this adjustment of the chain takes more time -- and we will not see its effect in the very short term.

因此，有許多因素在起作用，這需要更多時間。說到我們的觀點，我們的豬肉價格略有上漲，但這種調整需要更多時間才能發生。我們說這將接近第二季度或第三季度末。所以我們相信這將在第二季度發生，我們可能會在最後一個季度看到這種情況。當然，它非常依賴中國。因此，如果中國開始購買更多並增加數量，那麼當我們考慮盈利能力問題時，這種調整會發生得更快，因為這種鏈條的調整需要更多時間——而且我們不會在很短的時間內看到它的效果。

Okay. I have a follow-up of that question. Do you think it -- better profitability of processed products depends on this adjustment of the pork? Or is it not related?

好的。我有這個問題的後續行動。你認為——加工產品更好的盈利能力取決於豬肉的這種調整嗎？還是不相關？

It's -- there's certainly a correlation. When you have a lot of supply of pork -- of pork inputs, that brings the price down, the non-integrated producers have an excess, they have a low margin, and that pressures the profitability of processed products, but the opposite also happens, and we saw that happening in 2019, 2020, where the price of pork increased and that made a lot of non-integrated low-cost players to continue operating in the market. I can't tell you the numbers don't. But it's one thing if you're buying it at 5 per kilo, it's another. If it's 8, that will mean whether a processed product will be feasible or not. So there certainly is a correlation and -- that will have an impact related to pork inputs.

這是 - 肯定存在相關性。當你有大量豬肉供應時——豬肉投入品，價格下降，非綜合生產商過剩，利潤率低，這對加工產品的盈利能力造成壓力，但相反的情況也會發生，我們看到這種情況發生在 2019 年、2020 年，豬肉價格上漲，這使得許多非整合低成本的玩家繼續在市場上運營。我不能告訴你數字沒有。但如果你以每公斤 5 塊的價格購買它是一回事，那就是另一回事了。如果是 8，這將意味著加工產品是否可行。所以肯定存在相關性，並且 - 這將對豬肉投入產生影響。

Rodrigo Almeida from Santander is up next.

接下來是來自桑坦德的羅德里戈·阿爾梅達。

Let me just explore 2 points. In the past quarter, you talked about your plan. You touched upon it once again today. But you've had a couple of months after that initial plan. Are there any -- any updates how fast -- what's the status -- what is the status of that simplification plan? What can we expect for the second half of the year, especially when we talk about costs and expenses?

讓我只探討2點。在上個季度，您談到了您的計劃。你今天再次觸及它。但是在最初的計劃之後，你已經有幾個月的時間了。是否有任何 - 更新速度有多快 - 狀態如何 - 該簡化計劃的狀態如何？下半年我們可以期待什麼，特別是當我們談論成本和費用時？

And my second question is about CapEx. I rather -- I'd like to understand the remainder of the year, and even 2023, you have the weight of those biological assets. The running rate was about BRL 4 billion a year, correct me if I'm wrong. Are you considering -- I'd like to understand what you're doing to optimize, looking at 2023. These are the 2 things.

我的第二個問題是關於資本支出的。我寧願 - 我想了解今年剩餘時間，甚至 2023 年，你擁有這些生物資產的重量。運行速度約為每年 40 億巴西雷亞爾，如果我錯了，請糾正我。您是否正在考慮 - 我想了解您在 2023 年為優化所做的工作。這是兩件事。

Thank you, Rodrigo. As to the simplification plan and the actions we have taken -- these activities or these actions were conducted in the second quarter. That's why you don't see those effects concentrated there. Those results, especially those related to cost, tend to happen in the second half of the year. We have to take into account expenses, costs. It's more difficult to identify those, in cost because there are several variables, cost, raw materials, freight, et cetera. But what I can say now, is that the plan is underway. There are gains in both expenses and costs and also in speed in the way we make decisions to implement actions to capture market opportunities... that agility that takes place in the company across the board. This is aligned with the Board of Directors and that decision we made together. Our focus remains in the profitability of the entire operation, of course. Fabio can elaborate on the CapEx question.

謝謝你，羅德里戈。至於簡化計劃和我們採取的行動——這些活動或這些行動是在第二季度進行的。這就是為什麼你看不到這些影響集中在那裡的原因。這些結果，尤其是與成本相關的結果，往往會在下半年發生。我們必須考慮費用，成本。在成本方面更難識別這些，因為有幾個變量，成本、原材料、運費等。但我現在可以說的是，計劃正在進行中。在費用和成本方面都有收益，在我們做出決策以實施行動以捕捉市場機會的方式上也有所提高……這種敏捷性在公司中全面發生。這與董事會和我們共同做出的決定一致。當然，我們的重點仍然是整個業務的盈利能力。 Fabio 可以詳細說明資本支出問題。

I failed to mention CapEx in the initiatives to generate free cash flow because, of course, the focus was on 2022. And you are right in your comment as to working in that interval, it's between BRL 3.8 billion and BRL 4 billion for the year. Because we have transitioned several projects from twenty two to twenty three, projects that had to be continuing, projects that had been two thirds concluded. So we did not have a lot of leeway for the year.

在產生自由現金流的舉措中，我沒有提到資本支出，因為當然，重點是 2022 年。關於在那個區間工作，你的評論是對的，這一年它在 38 億雷亞爾和 40 億雷亞爾之間.因為我們已經將幾個項目從 22 過渡到 23，這些項目必須繼續進行，已經完成了三分之二的項目。所以這一年我們沒有太多的迴旋餘地。

But since April, we've been preparing the company to invest less next year, and I can assure you that it's very difficult to approve more CapEx for growth and efficiency. And it has to do with the cost of capital, and also with the level of uncertainty as to the payoff of a project given the world economic scenario. So the company will generate more cash flow next year due to the fact that we're not investing that much. But the interval that you mentioned is appropriate for the projections you made.

但自 4 月以來，我們一直在準備公司明年減少投資，我可以向你保證，很難批准更多的資本支出以實現增長和效率。它與資本成本有關，也與在世界經濟形勢下項目回報的不確定性程度有關。因此，由於我們沒有投資那麼多，該公司明年將產生更多的現金流。但是您提到的間隔適合您所做的預測。

A question from webcast, Leandro Fontanesi from Bradesco. Has production gone back to normal levels? How much would you benefit from recent cost reductions?

來自 Bradesco 的 Leandro Fontanesi 網絡直播的問題。生產恢復到正常水平了嗎？您將從最近的成本降低中受益多少？

We have adaptation curve all the way to the eggs fertilization, all the way to the processing -- it's going back to normal. Given the demand we are getting, and the supply we have to offer, in actual fact... the company hasn't stated those values, and I cannot announce them, those that haven't been published by the company. So I cannot give you any further detail.

我們有適應曲線，一直到卵子受精，一直到加工——它正在恢復正常。考慮到我們得到的需求，以及我們必須提供的供應，事實上……公司沒有說明這些價值，我也不能公佈它們，那些公司還沒有公佈的價值。所以我不能給你任何進一步的細節。

That concludes the question-and-answer session. I'll turn it over to Mr. Lorival Luz for his final remarks.

問答環節到此結束。我將把它交給 Lorival Luz 先生做最後的發言。

Thank you. Thank you, everyone. Thank you for having this open dialogue. Once again, I'd like to apologize for the delay, and I'll see you in the next earnings call.

謝謝你。謝謝大家。感謝您進行開放式對話。再次，我想為延遲道歉，我們會在下一次財報電話會議上見到你。

This concludes BRF's earnings call. Thank you for attending. Have a good day.

BRF 的財報電話會議到此結束。感謝您的出席。祝你有美好的一天。