BRF SA (BRFS) 2022 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the BRF teleconference regarding the results of the third quarter 2022. This teleconference is being recorded and replay can be -- can have access in the side of the company. It is available for downloading the ir.brf-global.com. (Operator Instructions)

早上好，女士們，先生們。歡迎參加關於 2022 年第三季度業績的 BRF 電話會議。本次電話會議正在錄製中，可以在公司現場進行重播。可從 ir.brf-global.com 下載。 （操作員說明）

Before we continue, I would like to reinforce that these information they have as the basics. The expectations, beliefs and assumptions of BRF and the information available to the company. Such statements do not correspond to historical facts, and they are based on currently available competitive financial and economic data, according to the circumstances that can occur, they can change.

在我們繼續之前，我想強調一下他們擁有的這些信息是基礎知識。 BRF 的期望、信念和假設以及公司可獲得的信息。此類陳述不符合歷史事實，它們是基於當前可獲得的具有競爭力的金融和經濟數據，根據可能發生的情況，它們可能會發生變化。

We have Mr. Miguel Gularte, CEO; and Fabio Mariano, CFO. I would like to give the floor to Mr. Miguel Gularte, who will start the presentation. Please, Mr. Miguel.

我們有首席執行官 Miguel Gularte 先生；和首席財務官 Fabio Mariano。我想請 Miguel Gularte 先生開始發言。請，米格爾先生。

Good morning. I would like to open this results teleconference. The first in BRF thanking all of you that are connected today. I'm very excited to be in the BRF team and be able to contribute to such a relevant company in the food industry. We have iconic brands in its categories, excellent portfolio of products and an appropriate infrastructure.

早上好。我想打開這個結果電話會議。 BRF 的第一個感謝今天連接的所有人。我很高興能加入 BRF 團隊，並能夠為食品行業這樣一家相關公司做出貢獻。我們擁有同類產品中的標誌性品牌、出色的產品組合和適當的基礎設施。

I would like to give the floor to Fabio Mariano, who will present the results 2022, 3rd quarter, and I'll come back later.

我想請 Fabio Mariano 發言，他將介紹 2022 年第三季度的結果，我稍後會回來。

Good morning to all of you connected today. I will highlight the main financial results for the quarter. Starting with net revenues, we can see an evolution of 13% compared to the same period in the previous year. we have achieved more than BRL 14 billion. Right below I will present -- I present to your adjusted EBITDA, BRL 1.4 billion more or less billion, similar to the same quarter in 2021.

早上好所有今天連接的人。我將重點介紹本季度的主要財務業績。從淨收入開始，我們可以看到與去年同期相比增長了 13%。我們已經實現了超過 140 億雷亞爾。在下面，我將介紹 - 我向您介紹調整後的 EBITDA，大約 14 億雷亞爾，與 2021 年同一季度相似。

And this is a margin in EBITDA of around 10%. The net income was a loss of BRL 137 million, half of what was reported in the same period in the previous year. Moving to the right, we have an operating cash flow above BRL 1.03 billion a little bit under previous year.

這是 10% 左右的 EBITDA 利潤率。淨利潤為虧損 1.37 億雷亞爾，是去年同期的一半。向右移動，我們的運營現金流量超過 10.3 億雷亞爾，略低於上一年。

However, we have a sequence being proven here from the beginning of 2022. So it is 40% above the previous quarter, even considering a very similar EBITDA. In the working capital, although we have some seasonal advancements in the festivity crops and the second crop. We have noticed a reduction in some of the main products. We have a reduction along the third trimester, the third quarter and we have also worked with our suppliers.

但是，我們從 2022 年初開始在這裡證明了一個序列。所以它比上一季度高出 40%，即使考慮到非常相似的 EBITDA。在營運資金方面，儘管我們在節日作物和第二季作物方面有一些季節性進步。我們注意到一些主要產品有所減少。我們在第三季度、第三季度進行了削減，我們還與我們的供應商合作。

Moving to the net leverage. We have reached 3.26x. The EBITDA of the last 12 months. still under the influence of a common performance in the first quarter, and this indicator was also impacted by the real depreciation. We are putting our effort to have the cash flow generation as an engine for our net income so that the leverage will go back to appropriate levels.

轉向淨槓桿。我們已經達到了 3.26 倍。過去 12 個月的 EBITDA。仍受一季度業績普遍影響，該指標也受到實際貶值影響。我們正在努力將現金流的產生作為我們淨收入的引擎，以便槓桿率回到適當的水平。

Finally, I would like to highlight that our indebtedness days, we're still comfortable our period about 8 years. And in the next slide to the left, we have the growth profit evolution, we had around 18% and the gross profit around BRL 2.600 million. And to the right, we can see the adjusted EBITDA evolution, a performance that has been already highlighted. In the following slides, I would like to present the performance by business segments in the market.

最後，我想強調一下我們的負債天數，我們仍然對大約 8 年的時間感到滿意。在下一張左邊的幻燈片中，我們看到了利潤增長的演變，我們有大約 18% 的利潤和大約 260 萬雷亞爾的毛利潤。在右側，我們可以看到調整後的 EBITDA 演變，這一表現已經得到強調。在下面的幻燈片中，我想介紹市場中各業務部門的表現。

Starting in Brazil, we have a sequential evolution of EBITDA every quarter about 2022, but still below or lower than what our brands usually perform our products and all the infrastructure that we have. I'd like to highlight in the Brazilian market, some important evolution in the number of active customers that will allow us better competitiveness in the following quarters. We have also portfolio simplification and also the items sold.

從巴西開始，我們在 2022 年左右每個季度都有 EBITDA 的連續變化，但仍低於或低於我們的品牌通常執行我們的產品和我們擁有的所有基礎設施的水平。我想強調在巴西市場，活躍客戶數量的一些重要變化將使我們在接下來的幾個季度更具競爭力。我們還簡化了投資組合以及出售的商品。

So to the customers, with an improvement in the market. We have a decrease in the low profitability SKUs, improvements in market share and brand visibility initiatives. We had a significant improvement in our service levels in the secondary logistics, we had, as I said, improvements in the market share and brand visibility, mainly in margarines, cold cuts and (inaudible) products. And also, we have a fourth quarter with significant investments in media. I would like to highlight the investment in the world cup streaming.

因此，對於客戶來說，隨著市場的改善。我們減少了低盈利能力的 SKU，提高了市場份額和品牌知名度。我們在二級物流方面的服務水平有了顯著提高，正如我所說，我們在市場份額和品牌知名度方面都有所提高，主要是在人造黃油、冷盤和（聽不清）產品方面。而且，我們在第四季度對媒體進行了大量投資。我想強調對世界杯流媒體的投資。

We have a lot of visibility for our brand. In the Halal segment. The chart to the left, we can see the EBITDA and margins back to historical levels as a result of more normalized offer in the region. We have the impact of the price peaks that we have tested in the previous quarter.

我們的品牌知名度很高。在清真部分。在左側的圖表中，我們可以看到 EBITDA 和利潤率回到歷史水平，這是由於該地區報價更加正常化的結果。我們受到上一季度測試的價格峰值的影響。

Turkey is still a challenge. The macro and microeconomic scenario, we increase in exports and value-added products in order to maximize our results and protect also the operation from the Turkish lira influence. We have also the added value products, expanding its sales. We can see high levels in Halal here in market share when we assess the levels of the last years and months. And also, we have an increase of exports to the region.

土耳其仍然是一個挑戰。在宏觀和微觀經濟情況下，我們增加出口和增值產品，以最大限度地提高我們的成果，並保護運營免受土耳其里拉的影響。我們還有附加值的產品，擴大了它的銷量。當我們評估過去幾年和幾個月的水平時，我們可以在市場份額中看到清真食品的高水平。而且，我們對該地區的出口有所增加。

And I would like to close here with two highlights. First, the joint venture with PIF, an important movement with an ideal partner that will allow us through this alliance to develop the Arabic market and keep on consolidating our presence and leadership in the country. Also the JV investments cannot be different.

我想以兩個亮點結束這裡。首先，與 PIF 的合資企業，這是一個擁有理想合作夥伴的重要舉措，將使我們能夠通過這一聯盟開發阿拉伯市場，並繼續鞏固我們在該國的存在和領導地位。合資投資也不能不同。

They are being discussed jointly with the partners. And the business plan will be totally in compliance with the strategy to the region. Second, we have to do with the expansion of sales in added value products in the region also during the World Cup. This added value items is about 21% of our portfolio in direct exports.

他們正在與合作夥伴共同討論。商業計劃將完全符合該地區的戰略。其次，我們必須在世界杯期間擴大該地區附加值產品的銷售。該附加值項目約占我們直接出口產品組合的 21%。

In the Chart 2, the left, we see the stability of the margins at a very high level. we have included a mix of products in the region, and we have expanded our performance in chicken export to Africa and other regions. To the right, we see the higher prices to the portfolio that serves the region, especially a very positive trend to pork.

在圖 2 的左側，我們看到利潤率在非常高的水平上保持穩定。我們在該地區加入了多種產品，並擴大了對非洲和其他地區的雞肉出口業績。在右側，我們看到服務於該地區的產品組合價格上漲，尤其是豬肉的價格上漲趨勢。

We believe that the sanitary issue. The avian influenza for United States and Europe, this can impact positively the prices in this segment. We are prepared to capture opportunities both in the price variables and other aspects. We also bring now the development in Asia. Here, we can see a better profitability performance. We have left the third quarter with this 12.5% in the EBITDA margin.

我們認為衛生問題。美國和歐洲的禽流感，這會對這一細分市場的價格產生積極影響。我們準備在價格變量和其他方面抓住機會。我們現在也帶來了亞洲的發展。在這裡，我們可以看到更好的盈利表現。我們以 12.5% 的 EBITDA 利潤率離開了第三季度。

We have reached 12.5% in the third quarter. We can see -- to the right, we have seen prices positively responding between quarters in the market as Japan, Korea and China, both for chicken and pork, the last one with a relevant recovery throughout 2022. We have gained participation in the chicken exports to China and pork exports to Singapore.

我們在第三季度達到了 12.5%。我們可以看到——在右邊，我們看到日本、韓國和中國的雞肉和豬肉價格在兩個季度之間做出積極反應，最後一個在整個 2022 年都出現了相關復甦。我們已經參與了雞肉出口到中國，豬肉出口到新加坡。

I end the presentation of the business segments in the next slide with the development of ingredients and pet food. We had 21% of EBITDA margin, equivalent to BRL 143 million. We keep on capturing synergies and pet food, we have advanced also in the GTM plans, and we have expanded the portfolio to Gran Plus and BioFresh brands.

我將在下一張幻燈片中以配料和寵物食品的開發結束業務部門的介紹。我們的 EBITDA 利潤率為 21%，相當於 1.43 億雷亞爾。我們繼續捕捉協同效應和寵物食品，我們也在 GTM 計劃中取得進展，我們已將產品組合擴展到 Gran Plus 和 BioFresh 品牌。

In Ingredients, we have an expansion of market alternatives and first sales to Thailand. And we are putting our effort to maximize the integration of our business, and consequently, our profitability. In the quarter, we had some highlights in sustainability. We have -- can see in the next slide some conquers like the environmental seal by the Abu Dhabi Environment Agency, acknowledging our environmental practices in the Kizad plant.

在配料方面，我們擴大了市場替代品並首次向泰國銷售。我們正在努力最大限度地整合我們的業務，從而提高我們的盈利能力。在本季度，我們在可持續性方面有一些亮點。我們已經 - 可以在下一張幻燈片中看到一些征服，例如阿布扎比環境署的環境印章，承認我們在 Kizad 工廠的環境實踐。

Also, we have been using satellite technology, tracking more than 95% of direct grain, and we are reaching our goal of 100% of traceability for grain suppliers in the Amazon and Cerrado biomes. We keep progressing our clean energy generation with the use of solar panels in many companies integrated produced (inaudible) also recognized for the third consecutive year with the Gold sealed by the GHG Gold program.

此外，我們一直在使用衛星技術，追踪 95% 以上的直接穀物，我們正在實現亞馬遜和塞拉多生物群落的穀物供應商 100% 可追溯性的目標。我們通過在許多集成生產（聽不清）的公司中使用太陽能電池板不斷推進我們的清潔能源發電，這也連續第三年獲得 GHG 黃金計劃密封的黃金認可。

Now we will present the information related to the capital structure of the company. To the left, you can see the evolution of the net debt and net leverage. We had the indicators that have been presented already in the beginning of this presentation. I would like to call your attention to those that are connected to two aspects. First, this indexation of the gross debt, the strong currency, we have reached in dollars here, these figures.

現在我們將介紹與公司資本結構有關的信息。在左側，您可以看到淨債務和淨槓桿的演變。我們有在本演示文稿開頭已經介紹過的指標。我想提請你注意那些與兩個方面有關的問題。首先，總債務指數化，強勢貨幣，我們在這里以美元計算，這些數字。

And this allowed us to change our indebtedness profile, eliminating the need to use intensively derivatives. We have this coverage of our exchange. And the second aspect is the amortization profile. We have amortization -- short-term amortizations combined with a high liquidity position equivalent to more than BRL 12 billion, when we consider the cash flow condition and the revolving credit lines that have already been negotiated or promised.

這使我們能夠改變我們的負債狀況，從而無需大量使用衍生品。我們對我們的交流有這樣的報導。第二個方面是攤銷情況。當我們考慮現金流狀況和已經協商或承諾的循環信貸額度時，我們有攤銷——短期攤銷加上相當於超過 120 億雷亞爾的高流動性頭寸。

In the next slide, we show the free cash flow. This chart will highlight BRL 1.3 billion, and this investment flow of BRL 1.6 Billion without finance activities. We have an operating cash flow[BRL 355 million] free cash flow or [BRL 226 million] free cash flow if we include derivatives and also the cash flow variation. The cash flow has been recovering sequentially every quarter, as we show in this chart, the smaller charts here in this slide.

在下一張幻燈片中，我們展示了自由現金流。該圖表將突出顯示 13 億巴西雷亞爾，以及沒有金融活動的 16 億巴西雷亞爾的投資流量。如果我們包括衍生品和現金流量變化，我們有運營現金流 [BRL 3.55 億] 自由現金流或 [BRL 2.26 億] 自由現金流。現金流每個季度都在連續恢復，正如我們在這張圖表中顯示的那樣，這張幻燈片中的較小圖表。

In the final slide, we can see the evolution of the net debt besides the consumption here that we had. We had a negative impact of the exchange rate. And if we consider both results combined, BRL 0.5 billion in the indicator. This was the variation. I thank you for the audience, and I'll give the floor to our CEO, Miguel to the final remarks.

在最後一張幻燈片中，我們可以看到除了這裡的消費之外淨債務的演變。我們對匯率產生了負面影響。如果我們綜合考慮這兩個結果，則指標為 5 億雷亞爾。這就是變化。感謝各位的聽眾，我將請我們的首席執行官 Miguel 發表最後的講話。

Thank you. I'd like to close this teleconference on results. Talking about my first impressions in more than 45 days in BRF. I found a company with professionals, very competent professionals in all levels, very well-developed indicators that will certainly allow us to take from the company, the performance that the market expects that it can deliver.

謝謝你。我想結束關於結果的電話會議。談談我在BRF 45天多來的第一印象。我找到了一家擁有專業人士的公司，在各個層面都非常稱職的專業人士，非常完善的指標，這肯定會讓我們從公司那裡獲得市場期望它能夠提供的業績。

We have an appropriate footprint. We have powerful brands, brands (inaudible) 95% of the Brazil households, very consistent. They will allow us to build in 2023, a very appropriate performance to our excellent potential. The time lapse, we can already see clearly the improvements at our reach. We have the sense of emergency and consistency in execution using methodologies and indicators that are available, and together, we will build the performance that is expected.

我們有適當的足跡。我們擁有強大的品牌，品牌（聽不清）95% 的巴西家庭非常一致。他們將使我們能夠在 2023 年建立一個非常適合我們卓越潛力的表現。時間流逝，我們已經可以清楚地看到我們所能達到的改進。我們在使用可用的方法和指標時具有緊急性和執行一致性的意識，並且我們將一起建立預期的性能。

We need and we're going to advance in our energy efficiency. We're going to prove the index in mortality, profitability, both in slaughtery and (inaudible). And constantly, we will improve our factory index. We will improve our time worked without hampering or jeopardizing the costs. And certainly, this will bring to BRF, the performance and reliability that is expected.

我們需要並且我們將提高我們的能源效率。我們將證明死亡率、盈利能力的指數，包括屠宰和（聽不清）。並且不斷地，我們將提高我們的工廠指數。我們將在不妨礙或危及成本的情況下改善我們的工作時間。當然，這將為 BRF 帶來預期的性能和可靠性。

Our work together with the Board and the other levels of the company. We'll go through the fine-tuning of our performance and operational performance. We are building a solid benchmarks, and we should, as always, keep on investing in capacity building and training of our collaborators. This is basic and critical to this high labor business.

我們與董事會和公司其他層級一起工作。我們將對我們的性能和運營性能進行微調。我們正在建立一個堅實的基準，我們應該一如既往地繼續投資於合作者的能力建設和培訓。這對於這項高勞動力業務來說是基本的和關鍵的。

The geographic location of our grains purchase they are very competitive aspects that should be enforced so that we can have a more balanced supply chain that is flexible and dynamic. We're going to improve our price system and inventory as well and flexibility to the domestic market and exports.

我們穀物採購的地理位置是非常有競爭力的方面，應該得到加強，這樣我們才能擁有一個更加平衡、靈活和動態的供應鏈。我們將改善我們的價格體系和庫存，以及對國內市場和出口的靈活性。

So that in the perfect timing, we can have quickly a more agile and flexible company. We'll keep on diversifying our market, focusing on profitability, and we should not forget the improvement of our industrial park for the demands in the world. We have more than logistics. We are focusing the improvement of fleet, the improvement of the service level to customers. And we will work to better be facing and optimizing the energy costs.

因此，在完美的時機，我們可以迅速擁有一家更加敏捷和靈活的公司。我們將繼續多元化我們的市場，專注於盈利能力，我們不應該忘記為世界需求而改善我們的工業園區。我們擁有的不僅僅是物流。我們專注於機隊的改進，提高對客戶的服務水平。我們將努力更好地面對和優化能源成本。

We will continue to improve services and commercial performance. We will, in the brands, continue to invest in communication, looking for innovations and a better profitability profile. Environment is critical, and we're going to be very strict working in the short and long term and not jeopardizing the future. We'll be reasonable and we will have our incentive models to faster the execution of our tasks and improve our performance.

我們將繼續改善服務和商業績效。我們將在品牌方面繼續投資於溝通，尋求創新和更好的盈利能力。環境至關重要，我們將在短期和長期內非常嚴格地開展工作，而不是危及未來。我們將變得通情達理，我們將擁有我們的激勵模型來加快我們任務的執行並提高我們的績效。

I would like to close the presentation with this conviction of more than 80 years of history, we have this latent performance culture that will be consolidated with the delivery of these results. Agility, pragmatism, focus and rationality, we are totally sure that it is possible that we are able to deliver and fulfill our commitment. I would like to thank you all and reinforce our commitment with more than 89,000 collaborators, our controller, our shareholders, our Board of Directors, customers and partners and everywhere, BRF is present.

我想以 80 多年曆史的信念結束演講，我們擁有這種潛在的績效文化，這些文化將隨著這些成果的交付而得到鞏固。敏捷、務實、專注和理性，我們完全相信我們有能力兌現和履行我們的承諾。我要感謝你們所有人，並加強我們對 89,000 多名合作者、我們的控制人、我們的股東、我們的董事會、客戶和合作夥伴以及無處不在的 BRF 的承諾。

We will continue to evolve with the company so that it is more and more competitive in the world. Thank you. We will now start the Q&A for investors and analysts.

我們將繼續與公司一起發展，使其在世界上越來越具有競爭力。謝謝你。我們現在開始對投資者和分析師進行問答。

(Operator Instructions) Our first question comes from Gustavo Troyano.

（操作員說明）我們的第一個問題來自 Gustavo Troyano。

I have two questions here, specifically for you, Miguel, focusing on your final message, focus on operational performance and productivity. I'd like to focus on this topic in an (inaudible) to understand what's the main opportunity that you have managed to map so far in terms of operational improvement and maybe the main challenge, anything that you could advance in this topic would be great. And then the second question would be more related to market.

我在這裡有兩個問題，專門問你，Miguel，關注你的最終信息，關注運營績效和生產力。我想在一個（聽不清）中專注於這個主題，以了解到目前為止您在運營改進方面設法映射的主要機會是什麼，也許是主要挑戰，您可以在這個主題中推進的任何事情都會很棒.然後第二個問題將與市場更相關。

Here, I'd like to hear your vision, the exports of corn from Brazil to China. And I'd like to ask if this could be a challenge in terms of grain exports in the short, medium term, and the level of current stock, if this is enough to off balance this situation with the corn.

在這裡，我想听聽您的看法，巴西對中國的玉米出口。我想問的是，這是否足以在短期、中期的糧食出口和當前庫存水平方面構成挑戰，是否足以使這種情況與玉米失衡。

I will start by answering and then Fabio will speak about the grain scenario. We have started this effort at BRF, as said, 45 days ago more or less. And the first thing was to have a diagnosis and an action plan very carefully by using our leadership. So you don't run the risk of not getting where you want to get, which is way out there at the production. So we have united all the leadership, all the management, and then we worked in a very detailed way in all the aspects that plan goes through field base, people, industry. And to give you an example, we have a labor intense industry with over 98,000 employees. So in this kind of industry, you need to work on the main indicators. So we have to work on employers attendance not to have so much absenteeism from our employees.

我將從回答開始，然後 Fabio 將談論穀物情景。正如所說，大約 45 天前，我們已經在 BRF 開始了這項工作。第一件事是通過我們的領導非常仔細地進行診斷和行動計劃。因此，您不會冒無法到達想要到達的地方的風險，這在製作過程中是不可能的。所以我們團結了所有的領導層、所有的管理層，然後我們以非常詳細的方式在計劃的各個方面開展工作，涉及現場基地、人員、行業。舉個例子，我們有一個勞動密集型行業，擁有超過 98,000 名員工。所以在這種行業，你需要在主要指標上下功夫。因此，我們必須努力提高雇主的出勤率，以免我們的員工缺勤太多。

We need to work on conversion centers, both for pork and mortality or pork as well as poultry. If we go into the industry, you can't -- you have to look at the fixed cost, but we have to also work on productivity in terms of slaughtering or [boning] and so on. So this is a transformation industry. So you need a processing industry. So you need to -- when you have slaughtering activities, you have to follow the index. So when I talk about optimizing indices, it's very important to stress something that's important at BRF. If I were to compare this information at BRF, when you have a car, and you have a 3D panel. So with these precise indicators, the main challenge is to build an indicator that is reliable and applicable. And here at BRF, they're very precise, very accurate. So the information is accurate. So the information is accurate. So going into logistics, if we're working with the logistics area, to improve efficiency. I'm talking about the lead, I'm talking about rationalizing the network. So we're working specifically on logistics.

我們需要在轉換中心開展工作，包括豬肉和死亡率或豬肉和家禽。如果我們進入這個行業，你不能——你必須看看固定成本，但我們還必須在屠宰或 [去骨] 等方面提高生產力。所以這是一個轉型行業。所以你需要一個加工業。所以你需要 - 當你有屠宰活動時，你必須遵循該指數。因此，當我談到優化指數時，強調 BRF 重要的事情非常重要。如果我要在 BRF 比較這些信息，當你有一輛汽車，並且你有一個 3D 面板時。因此，有了這些精確的指標，主要的挑戰是建立一個可靠和適用的指標。在 BRF，他們非常精確，非常準確。所以信息是準確的。所以信息是準確的。所以進入物流，如果我們與物流領域合作，以提高效率。我說的是領導，我說的是網絡合理化。所以我們專門從事物流工作。

If I work on planning, it's very important. We're working very hard on this. We have a pricing system that connects all the areas. So we have a company that needs to be agile to take the right decisions. So if you have a pricing system, you need to be assertive in your decisions, and you manage coordinating exports, domestic market segments as Halal. So you can add the important as, which is adapt, I can, (inaudible) perform well, both domestically as well as for exports. So we have this program led by Marcello, Marketing VP, where we capitalize the advantage not only in Brazil, we have a very important event in the World Cup, but also in the Middle East and the other export markets that we have our brands, which perform really well. So finally, we need to capitalize on all the quality information, the diversity in geography, the competitive advantage and a high skilled team and transform this into results, that the company needs and the market is expecting it. We are very confident.

如果我致力於計劃，那將非常重要。我們正在為此努力工作。我們有一個連接所有領域的定價系統。因此，我們的公司需要敏捷才能做出正確的決定。所以如果你有定價系統，你需要在你的決定中果斷，並且你管理協調出口，國內市場部分作為清真食品。因此，您可以添加重要的，即適應，我可以，（聽不清）在國內和出口方面都表現良好。所以我們有這個由營銷副總裁 Marcello 領導的項目，我們不僅在巴西利用優勢，我們在世界杯上有一個非常重要的事件，而且在中東和我們擁有我們品牌的其他出口市場，表現非常好。因此，最後，我們需要利用所有優質信息、地域多樣性、競爭優勢和高技能團隊，並將其轉化為公司需要和市場期望的結果。我們很有信心。

The first 45 days has been a wealth of activities, we are very excited. We're working together, and I make it very clear that we have everything we need to make things happen. The company is ready and we're very focused on details to deliver these results and work on this plan and spreading this out all around the company. We're working with everybody in the company, and this is going to start to be visible in the expectation. Very important to mention that a lot of these improvements and plans are already part of our 23 budget. It's a very clear form of measuring everything you can measure, you can improve. And this is what we're working on. Now I just refer to Fabio to answer the second part of your question.

前45天的活動豐富多彩，我們非常興奮。我們正在共同努力，我非常清楚地表明，我們擁有實現目標所需的一切。公司已準備就緒，我們非常注重細節以交付這些結果並製定該計劃並將其傳播到整個公司。我們正在與公司的每個人合作，這將開始在預期中顯現出來。非常重要的一點是，很多這些改進和計劃已經是我們 23 預算的一部分。這是一種非常清晰的衡量方式，可以衡量您可以衡量的一切，您可以改進。這就是我們正在努力的。現在我只提到 Fabio 來回答你問題的第二部分。

Well, to specifically answer your comment about the increase of imports of corn from China we believe that this is not going to have an influence on prices because in relative terms, this is not going to place pressure on exports from Brazil compared to the general crop export in Brazil is close to 1/3 and data suggests. I think you probably had access to these -- to the data.

那麼，具體回答您關於從中國進口玉米增加的評論，我們認為這不會對價格產生影響，因為相對而言，與一般作物相比，這不會對巴西的出口造成壓力數據顯示，巴西的出口量接近 1/3。我認為您可能可以訪問這些數據。

So these numbers still relative linking to our projection for the crop in this. Then we're also talking about Soya Beans. So there is a great expectation in the Southern Hemisphere of an increase, both in terms of planted areas as well as in productivity, which is going to impact a 12% increase in Brazilian crop over 20% additional in Soya. Brazil should reach over 150 million tonnes in production, and that is record and we understand this. Our predictive models are suggesting this, and we have a declining cost in '23. It's important to talk about commodity aspect. We need are talking about grains, not just when it comes to pricing, we need to talk about quantity, consumption. A lot of what Miguel has presented as to our priorities have to do with mortality indicators. And (inaudible), we are no longer wasting grain when we lose an animal when it talks about yield indicators, we see the example of waste and grain. When we talk about food conversion that's not adequate, we're also throwing grains away.

所以這些數字仍然與我們對作物的預測相關聯。然後我們也在談論大豆。因此，人們對南半球種植面積和生產力的增長寄予厚望，這將影響巴西作物增產 12%，超過大豆增產 20%。巴西的產量應該超過 1.5 億噸，這是創紀錄的，我們理解這一點。我們的預測模型表明了這一點，我們在 23 年的成本有所下降。談論商品方面很重要。我們需要談論穀物，而不僅僅是在定價方面，我們需要談論數量、消費。米格爾就我們的優先事項提出的很多內容都與死亡率指標有關。而且（聽不清），當我們在談論產量指標時失去一隻動物時，我們不再浪費糧食，我們看到了浪費和糧食的例子。當我們談論不充分的食物轉化時，我們也在扔掉穀物。

So there's a lot of effort on gradually and consistently improving consumption indicators. So it's positive estimate as for the second part of your question in terms of stock. It's very common when we are at the other side of the second crop stocks move up. So there is a trend to lower prices compared to the average price of stock and this has been done. And today, stocks are strategic within a range, we believe it's adequate and still allow us. In case we see new opportunities, we can materialize them.

因此，在逐步和持續改善消費指標方面付出了很多努力。因此，就庫存而言，對於問題的第二部分，這是積極的估計。當我們在第二季作物庫存上升的另一邊時，這是很常見的。因此，與股票的平均價格相比，價格有降低的趨勢，而且已經做到了。而今天，股票在一定範圍內具有戰略意義，我們認為它足夠並且仍然允許我們。如果我們看到新的機會，我們可以實現它們。

Our next question, (inaudible) from Bank of America.

我們的下一個問題，（聽不清）來自美國銀行。

When we look at the cost issue, especially in this quarter, for the Halal business. I'd like to understand the costs, the stock issues and how this is going to play out in the future. And so for cost situation, looking into Brazil, you mentioned a number of initiatives. I'd like to understand, do you see this with the asset base, the company has today? Do you manage to deliver all of these improvements? Or is it important to have more investment so that you can actually deliver all the points that you have mentioned in this call?

當我們審視清真業務的成本問題時，尤其是在本季度。我想了解成本、庫存問題以及這將如何在未來發揮作用。因此，對於成本情況，調查巴西，你提到了一些舉措。我想了解一下，您是否從公司今天的資產基礎上看到了這一點？您是否設法實現所有這些改進？或者是否需要更多投資才能真正實現您在本次電話會議中提到的所有要點？

Your question has three parts. I am going to answer the first two, and then I'll give the floor to Miguel to answer the last bit. So Halal cost. In order of imprint, I'll give you three reasons to justify the increase you mentioned. The first bank that has to do with our Turkey operation. This is a domestic operation. And definitely has the Turkish lira influence, and we are looking at a hyperinflation economy today.

你的問題分為三個部分。我將回答前兩個問題，然後請 Miguel 回答最後一個問題。所以清真成本。為了印記，我會給你三個理由來證明你提到的增加。第一家與我們土耳其業務有關的銀行。這是國內的操作。肯定有土耳其里拉的影響，我們今天看到的是惡性通貨膨脹經濟。

So when we translate the in the balance, the consolidation currency, which is the Brazilian real, you have an impact of 40% on that increase you mentioned. The other issue has to do with the foreign exchange in the Gulf and the Middle East areas. We have our own distribution. So then we transfer stocks from Brazil to this distributions in the countries. So then we have to use dollars for stock. So when you have a exchange fluctuation, we have an increase in cost for the difference between parity stock and the stock after the product is sold. So that also has an impact of 40% of the increase. And the 20% left has to do with marine or vessel marine sea freight on all players that are working on export platforms, you will have then the rest of the 20% of the increase is an explained by this, as you mentioned. Now speaking about our stock, it's very important to detail that in Q3, it's natural that we are going to have finished product stocks especially for festivities because we're getting ready for the Christmas season.

因此，當我們轉換餘額中的合併貨幣（即巴西雷亞爾）時，您對您提到的增長有 40% 的影響。另一個問題與海灣和中東地區的外匯有關。我們有自己的發行版。然後我們將庫存從巴西轉移到這些國家/地區的分佈。因此，我們必須使用美元購買股票。所以當你有匯率波動時，我們會增加平價庫存和產品售出後庫存之間的差異的成本。所以這也有 40% 的增長的影響。剩下的 20% 與所有在出口平台上工作的參與者的海運或船舶海運有關，正如你提到的，你將擁有剩下的 20% 的增長。現在談到我們的庫存，非常重要的是要詳細說明在第三季度，我們自然會有成品庫存，特別是用於慶祝活動，因為我們正在為聖誕節做準備。

So during this period, because of the summer, when we can sell in natura products as well as cold cuts. So then we have a strategic stock we are going to have the sports event that's going to happen in our summer, and we see opportunities there. So that's why we have prepared for these festivities, these events, these consumption opportunities. So when we take away the seasonal effect, we have had stock reductions in other lines. For example, meat stocks inputs and biological inputs, raw materials. So for Q4, we are going to see a reduction and finished products because of season, which is natural, but because of the other items I have mentioned.

所以在這段時間裡，因為是夏天，我們可以出售天然產品和冷切肉。因此，我們有一個戰略庫存，我們將在我們的夏天舉辦體育賽事，我們在那裡看到了機會。所以這就是為什麼我們為這些慶祝活動、這些活動和這些消費機會做好了準備。因此，當我們消除季節性影響時，我們已經減少了其他產品線的庫存。例如，肉類庫存投入和生物投入、原材料。因此，對於第四季度，我們將看到由於季節原因而減少和成品，這是自然的，但由於我提到的其他項目。

So thank you so much for your question. Yes, we are very attentive to our investments and our capacity to deliver performance. Obviously, BRF has a historical CapEx that has supported our growth. So when you have a program, as we mentioned, that all segments, production, industrialization, logistics, then obviously, you are going to increase production and improve performance of the company to a certain extent by increasing efficiency and productivity, then you naturally reduce idleness in the company.

非常感謝你的問題。是的，我們非常關注我們的投資和我們提供績效的能力。顯然，BRF 的歷史資本支出支持了我們的增長。所以當你有一個計劃，正如我們提到的，所有部門，生產，工業化，物流，那麼很明顯，你將通過提高效率和生產力來增加產量並在一定程度上提高公司的績效，那麼你自然會減少在公司閒散。

So we have an organic growth capacity and with our qualification footprint, and CapEx in our factories is going to make us deliver our '23 program. It's important to stress in the last few days, we had a great piece of news. When it comes to important markets such as Mexico and China, that is going to lead to a much wider range of options we have celebrated a number of achievements, and we're also very attentive to what's going to happen in '23. So we have prepared our factories of factories that are prepared to respond to requirements of all different scenarios going to be able to do a number of things. You will be able to perform both domestically as well as in exports. And you will have the option to choose. So we're working really hard on this on a daily basis with a full team.

因此，我們擁有有機增長能力和我們的資質足跡，我們工廠的資本支出將使我們能夠實現我們的 '23 計劃。重要的是要強調過去幾天，我們有一條好消息。當談到墨西哥和中國等重要市場時，這將帶來更廣泛的選擇，我們已經取得了一些成就，我們也非常關注 23 年將要發生的事情。因此，我們已經準備好我們的工廠準備好響應所有不同場景的要求，以便能夠做很多事情。您將能夠在國內和出口領域開展業務。您將可以選擇。所以我們每天都在和一個完整的團隊一起努力工作。

So that naturally, 2023 is going to be marked by pragmatism and agility. Company has to be more agile in taking the right decisions -- it's very important to have the people, the facilities as well as information. So the scenario we are preparing for 2023 is to really capitalize on opportunities. we see a huge opportunities when it comes to pricing. Pricing is what's going to drive good decisions. We speak to all the management in terms of export Halal operations so we can take the right decisions. I understand that all the elements for a good decision to be taken are present, and we need to make good is, obviously, we cannot forget the details. We have to look at the short and medium term, but that doesn't mean that we are actually putting the future on hold to work efficiently is critical to work in a simplified way, and I apologize for repeating myself, we believe and a plan that is going to permeate the whole company. We are here to serve the business and not the other way around. And that is what we're working on.

因此，2023 年自然會以實用主義和敏捷性為標誌。公司必須更加敏捷地做出正確的決策——擁有人員、設施和信息非常重要。因此，我們為 2023 年準備的情景是真正利用機會。在定價方面，我們看到了巨大的機會。定價將推動做出正確的決定。我們就出口清真業務與所有管理層進行了交談，以便我們做出正確的決定。我知道做出一個好的決定的所有要素都存在，我們需要做好的是，顯然，我們不能忘記細節。我們必須著眼於短期和中期，但這並不意味著我們實際上將未來擱置有效地工作對於以簡化的方式工作至關重要，我為重複我自己而道歉，我們相信和一個計劃這將滲透到整個公司。我們在這里為企業服務，而不是相反。這就是我們正在努力的。

(Operator Instructions) Lucas Ferreira, JPMorgan has the next question.

（操作員說明）摩根大通的盧卡斯費雷拉有下一個問題。

Two, topics. First of all, Miguel, I apologize for going back to your initial content and follow-ups on some of the questions that you already answered. I would like you to maybe have an exercise in your assessment, the operational improvement opportunities that you see at BRF. Are they opportunities medium to long term, meaning marginal? Or do you believe that there are -- let's say there are low-hanging routes that could actually be embraced in a short run in the next quarters or year, that is going to have an impact on the results of BRF. You spoke about some KPIs, food conversion use spoke about losses.

二、話題。首先，Miguel，我很抱歉回到你最初的內容並跟進你已經回答的一些問題。我希望您可以對您的評估進行練習，您在 BRF 看到的運營改進機會。它們是中長期的機會，意味著邊際機會嗎？或者你是否相信有 - 假設在未來幾個季度或一年內實際上可以在短期內採用低掛路線，這將對 BRF 的結果產生影響。你談到了一些 KPI，食品轉化使用談到了損失。

So do you have the metrics to share with us numbers that are below the industry benchmark or below BRF history, so we have an idea where the company is in this sense. And the second question on -- about Brazil, the Brazil business. Speaking about the market, could you expand -- in addition to the seasonal issuance that we are expecting for the next quarter and including in this World Cup, do you see an improvement in competitiveness environment? What's the industry going to be there will be a possibility to increase margins. Can you speak about the business environment in Brazil, we're moving the festivities and seasonality that we know is going to help?

那麼，您是否有指標與我們分享低於行業基准或 BRF 歷史的數字，因此我們知道公司在這個意義上的位置。第二個問題——關於巴西，巴西業務。談到市場，你能否擴大——除了我們預計下個季度的季節性發行，包括在本屆世界杯上，你是否看到競爭環境有所改善？該行業將有可能增加利潤率。你能談談巴西的商業環境嗎，我們正在改變我們知道會有所幫助的慶祝活動和季節性？

Well, thank you so much Lucas, for your question. Well, let's go straight a point. Yes, very relevant, and they do have a major impact. But it's also important to say how you're building a plan. I am convinced that the first benchmark you need to look at is your own internal benchmark. You imagine BRF geographic diversity with the possibility of adopting best practices, you have a huge number of factories in different areas of the country. And in each area in the country, you can improve your best practice. You can copy pack dear.

好吧，非常感謝盧卡斯提出你的問題。好吧，讓我們直截了當。是的，非常相關，而且它們確實產生了重大影響。但說出您如何制定計劃也很重要。我相信您需要查看的第一個基準是您自己的內部基準。你想像 BRF 的地理多樣性和採用最佳實踐的可能性，你在該國不同地區擁有大量工廠。在該國的每個地區，您都可以改進您的最佳實踐。你可以復制包親愛的。

The best BRF is the best BRF that we have somewhere out there. So improving no matter where you are and then to implement this and make this happen. So that's why I always say, let's speak not just at the top level, let's go down to the factory floor. We have great examples in this sense. So in all the aspects as mentioned, people, operations, logistics, planning, sales, we have established very clear KPIs that are very relevant that have an impact on the business and that start impacting the business in the short and medium term. This is continuous improvement processes. And as the impact occur and we capitalize on the opportunities, we call this the opportunity map. We are working on this. And as they occur, we will share more information to you. We are at a phase in which a lot of the KPIs are beginning to kick in.

最好的 BRF 是我們在某個地方擁有的最好的 BRF。因此，無論您身在何處，都要進行改進，然後實施並實現這一目標。所以這就是為什麼我總是說，讓我們不要只在頂層說話，讓我們深入到工廠車間。在這個意義上，我們有很好的例子。因此，在提到的所有方面，人員、運營、物流、計劃、銷售，我們都建立了非常明確的 KPI，這些 KPI 非常相關，對業務有影響，並在短期和中期開始影響業務。這是持續改進的過程。當影響發生並且我們利用機會時，我們稱之為機會地圖。我們正在努力解決這個問題。當它們發生時，我們將與您分享更多信息。我們正處於許多 KPI 開始發揮作用的階段。

They are being adopted and the practices are heating up and permeating the whole operation. And I'd say we're very excited because when you decide to take a program such as this one. The challenge is to get quality information. Our industry is extremely detailed whatever 100 grams here or there is going to make millions in difference. We slaughter 1.5 million chicken, pork. So the increase in 1% or 2% is huge, but there's no point being just on intent. You need to have a clear plan, diagnosis, correct information, and you have to have the discipline, so the detail is part of your routine.

它們正在被採用，實踐正在升溫並滲透到整個操作中。我會說我們非常興奮，因為當您決定參加這樣的課程時。挑戰在於獲得高質量的信息。我們的行業非常詳細，無論這里或那裡 100 克都會產生數百萬的差異。我們屠宰了150萬隻雞、豬肉。所以 1% 或 2% 的增長是巨大的，但僅僅有意為之是沒有意義的。你需要有一個清晰的計劃、診斷、正確的信息，你必須有紀律，所以細節是你日常工作的一部分。

So this is, again, that you cannot be too concerned of -- you have to look at the ball, but we are doing that. Going back to the basic if I had to the sentence to give you an example, we're going back to basic doing things in a simple way. And I can guarantee that all the conditions they are present and they will make the difference again in the mid and short term.

所以，這又是你不能太擔心的——你必須看球，但我們正在這樣做。回到基礎 如果我不得不用這句話給你舉個例子，我們將回到以簡單方式做事的基礎。我可以保證他們具備的所有條件，他們將在中短期內再次發揮作用。

Lucas. Regarding the question on Brazil market, I would like to tell you that regardless of the variables that we control, the market variables and competition variables and competence as well, it's important to highlight evolutions that we have been promoting in the basics of the business.

盧卡斯。關於巴西市場的問題，我想告訴你，無論我們控制的變量是什麼，市場變量和競爭變量以及能力如何，重要的是要強調我們在業務基礎上一直在推動的演變。

For example, trade execution, we are able to expand our customer base, the items sold to the clients, to the customers. The guarantee that our commercial policy will allow the adherence of prices in the sales point, price to the consumer. This will influence the purchase decision in the service levels. Also, we have increased drastically. All of that in this slow process and gradual process that we can capture significant achievements already. At the end of the day, this will impact our market share. Our last reading from news and we have had market share achievements in important categories such as margarines and also cold cuts and meat products they are very metric categories for the company.

例如，貿易執行，我們能夠擴大我們的客戶群，將商品賣給客戶，賣給客戶。保證我們的商業政策將允許在銷售點遵守價格，向消費者提供價格。這將影響服務級別的購買決策。此外，我們的數量也大幅增加。在這個緩慢和漸進的過程中，我們已經取得了重大成就。最終，這將影響我們的市場份額。我們從新聞中讀到的最新消息表明，我們在人造黃油、冷切肉和肉類產品等重要類別中取得了市場份額，它們對公司來說是非常可衡量的類別。

So this has to do with this commercial evolution. If you pay attention to the pricing data. This was possible, but we didn't have to adjust the pricing. You can see that the relative price in Brazil has grown still inside this context. There are other opportunities related to competitiveness.

所以這與商業發展有關。如果您關注定價數據。這是可能的，但我們不必調整定價。您可以看到巴西的相對價格仍在這種背景下增長。還有其他與競爭力相關的機會。

Besides what I have mentioned, the cost of feed and that is declining will favor the Brazilian geography and other markets as well. Since we have the production base concentrated in Brazil, I have to mention the projections for exports and production of pork products. This would be the basis of most of our process products. So it is indicated that we -- indicating that we will have more exports than production. And we can see an increment here. And this will help us on the availability of raw material in Brazil. This will impact prices and also we'll disincentive the import of processed products. When we have this economic scenario with a more deteriorated income, we have low-quality products and accessible prices, affordable prices, this will impact the market. We have mainly in our processed products that will take pork in its formulation. And this -- what will be the elevation of costs in Brazil and the elevation of the use of this protein.

除了我提到的以外，飼料成本以及正在下降的成本也將有利於巴西和其他市場。由於我們的生產基地集中在巴西，所以我不得不提一下豬肉產品的出口和生產預測。這將是我們大多數流程產品的基礎。所以這表明我們 - 表明我們的出口量將超過生產量。我們可以在這裡看到一個增量。這將有助於我們在巴西獲得原材料。這將影響價格，我們也會抑制加工產品的進口。當我們遇到這種收入更加惡化的經濟情景時，我們的產品質量低劣，價格可承受，價格實惠，這將影響市場。我們的加工產品主要採用豬肉配方。這將是巴西成本的增加和這種蛋白質使用的增加。

Our next question is from Thiago Duarte, BTG Pactual.

我們的下一個問題來自 BTG Pactual 的 Thiago Duarte。

I would like to ask two questions. The first one, leading the Brazilian market discussion. And I'd like to hear from you a little bit on the perspectives about the margin going into the fourth quarter, your vision to the next year. When we look at first into this consistent recovery that the results are showing in Asia, and that came from very bad margins in some quarters.

我想請教兩個問題。第一個，引領巴西市場討論。我想听聽您對第四季度利潤率的看法，以及您對明年的願景。當我們首先審視亞洲的結果所顯示的這種持續復甦時，這來自某些季度非常糟糕的利潤率。

I'd like to hear from you the perspectives if this is a profitability level that you understand can be sustainable? Or can you even improve that if as it seems so. And in Halal segment, this is on a good figure, but it's still low. I'd like to listen to you to hear from you what do you think about the region, just leaving a little bit the Brazilian market discussion, how you will see the exports market, especially for chicken and the capacity of the company to maintain the margins, to digits, around 12% kind of low.

我想听聽您的看法，如果您認為這是一個可持續的盈利水平？或者你甚至可以改進它，如果它看起來是這樣的話。在清真食品領域，這是一個不錯的數字，但仍然很低。我想听聽您對這個地區的看法，只留下一點巴西市場的討論，您將如何看待出口市場，尤其是雞肉以及公司維持該地區的能力利潤率，以數字計算，大約 12% 有點低。

So this would be the first question. Then the second question, I think that most people raise that here regarding the opportunities and efficiency gains. Miguel, we have been following BRF for a while, and we have heard about turnaround plans a few times. It's not rare, in fact, to see these plans pointing to many of the points that you have in a preliminary way due to the very short time that you have several points in common.

所以這將是第一個問題。然後是第二個問題，我認為大多數人在這裡提出的是關於機會和效率提升的問題。 Miguel，我們關注 BRF 有一段時間了，我們也聽說過幾次周轉計劃。事實上，由於在很短的時間內你們有幾個共同點，因此看到這些計劃以初步的方式指向你們所擁有的許多點的情況並不少見。

I believe that they repeat themselves due to some level of difficulty to implement and to be able to capture the results. I would like to know or understand what is missing? And what do you understand that you could do differently regarding people, processes, someone has asked about the need to have more capital to do that so that we can, let's say, we can support and by your initiatives. Maybe it's too early, as I said, due to the very short time that you have had, but I think this would be a very interesting discussion.

我相信，由於實施和獲取結果存在某種程度的困難，他們會重複自己。我想知道或了解缺少什麼？您了解您可以在人員、流程方面採取不同的做法，有人問是否需要更多的資金來做到這一點，這樣我們就可以，比方說，我們可以支持您的倡議。也許現在還為時過早，正如我所說，因為你們的時間很短，但我認為這將是一次非常有趣的討論。

Since your question is recent, I'll start on the second question. Thank you. I believe that it's important to say that all the plans that we have been talking about, this is not something new. I have a track record here, 42 years of experience with this type of process and situation that I have faced. I'd rather not look back and have this backwards analysis, I would like to look forward and look at the scenario and what we have to do.

由於你的問題是最近的，我將從第二個問題開始。謝謝你。我相信重要的是要說我們一直在談論的所有計劃，這並不是什麼新鮮事。我在這裡有過往績記錄，在我所面對的此類流程和情況方面擁有 42 年的經驗。我寧願不回頭看並進行這種向後分析，我想向前看，看看情況以及我們必須做的事情。

It doesn't mean that we're going to ignore the programs that we have that existed. It's very important to build a new future. You must have the wisdom to analyze the past. So the past can bring something to the future, if you're able to analyze and learn from it. It's very important to realize that. I'm very modest when I say that, and I understand that all industrial processes and allow myself to reinforce this aspect for 15 years, I've been a factory unit person in several companies.

這並不意味著我們要忽略現有的程序。建設新的未來非常重要。你必須有分析過去的智慧。所以過去可以給未來帶來一些東西，如果你能夠分析它並從中學習的話。意識到這一點非常重要。說這話的時候我很謙虛，我了解所有的工業流程，讓自己強化這方面15年，我在好幾家公司當過廠單位人。

So I always understand that the process starts in production in the manufacturing in the transformation phase. And I do believe that the major challenge is we have several challenges. But as you said in the preliminary analysis, this is an analysis that has this experience background that allows me to have a very clear vision. And the major challenge when we start a process such as this one, you have to build the correct indicators. And in this aspect, BRF has a major advantage because we have very high quality indicators. The temptation is not to build the indicator, but to know what indicator we have to look at and what indicator we have to prioritize. And then after this 42 years of experience of change in animal in protein and protein food, I think that we are working.

所以我一直都明白，這個過程是在轉型階段的製造過程中開始的。我確實相信主要的挑戰是我們有幾個挑戰。但是正如你在初步分析中所說的那樣，這是一個有這種經歷背景的分析，讓我有一個非常清晰的視野。當我們開始一個像這樣的過程時，主要的挑戰是你必須建立正確的指標。在這方面，BRF 有很大的優勢，因為我們有非常高質量的指標。誘惑不是建立指標，而是要知道我們必須查看什麼指標以及我們必須優先考慮什麼指標。然後在這 42 年的動物蛋白質和蛋白質食品變化經驗之後，我認為我們正在努力。

We have a good team. The company has perfect conditions to deliver the results with very significant competitive advantages. And you have the product aspect. We have the brand, very strong brand aspect, and this makes things easier. And you cannot lose focus.

我們有一個很好的團隊。公司具備完善的條件，可以交付具有非常顯著競爭優勢的成果。你有產品方面。我們有品牌，非常強大的品牌方面，這讓事情變得更容易。你不能失去焦點。

The temptation is to attack everything at the same time. That's why we have a very segmented plan. We have separated what we have to do in the field, industry, logistics, commercial, a very clear example. You can have an excellent commercial performance. But if you don't have good logistics, will not perform. Otherwise, also, you not have a good car. So you may not -- you can sell, but you will not be able to deliver. So working together, the major challenge, I think, is to identify this potential correctly. I think we are in the right way to change that into reality and don't leave the plan on the top floor.

誘惑是同時攻擊一切。這就是為什麼我們有一個非常細分的計劃。我們把要做的領域分開了，工業，物流，商業，一個很明顯的例子。你可以有一個優秀的商業表現。但如果你沒有良好的物流，就不會執行。否則，同樣，你也沒有好車。所以你可能不會——你可以出售，但你將無法交付。因此，我認為共同努力的主要挑戰是正確識別這種潛力。我認為我們正在以正確的方式將其變為現實，並且不要將計劃留在頂層。

We need to be able to permeate the plan throughout all the company operations included. And so we will be working with all vice presidents, all our leadership, things happen in the units, and we are able to do that. And also I believe that all the performance part of the plan goes through people and processes, people and processes, you need discipline to analyze to see the segment in the transformation and detail-focused industry. Any detail can mean loss as has been said a year before. And it can also mean gains. So you have to be focused on -- focusing on the details. We have a lot of work ahead of us building this market with quality information with this commitment to discipline.

我們需要能夠將計劃滲透到所有公司運營中。因此，我們將與所有副總裁、我們所有的領導層合作，在各個部門發生事情，我們能夠做到這一點。而且我相信計劃的所有績效部分都通過人員和流程，人員和流程，您需要紀律來分析以了解轉型和注重細節的行業中的細分市場。正如一年前所說，任何細節都可能意味著損失。它也可以意味著收穫。所以你必須專注於 - 專注於細節。我們還有很多工作要做，要用高質量的信息和對紀律的承諾來建設這個市場。

So the program starts in the field, not only in the industry, in the plants. We are focusing on that when I talk about mortality and we're talking about also the field. So the first time that my [veterinary lipoma] will be worthwhile. I have to use that in my daily routine. I think it's important. We have a whole technical team in BRF in the field. We have other technicians as well, food engineers and all and other professionals, they are extremely qualified and valuable. And we will be working and this is an intensive labor-intensive company, a lot of human capital involved.

因此，該計劃從現場開始，不僅是在工業領域，而且是在工廠。當我談論死亡率時，我們正在關注這一點，我們也在談論這個領域。所以第一次我的[獸醫脂肪瘤]是值得的。我必須在日常生活中使用它。我認為這很重要。我們在 BRF 有一個完整的技術團隊在該領域。我們還有其他技術人員、食品工程師和所有其他專業人員，他們非常合格且有價值。我們將工作，這是一家勞動密集型公司，涉及大量人力資本。

We have to work with that and focusing on detail with the KPIs. You cannot think that you have this silver bullet, but the pathways are well designed and very -- a lot of humbleness, I know that you're asking very pertinent questions and how each geographic location and the operational plan could bring us results. We are going to discuss that and we're going to go into more details timely. I'll give the floor to Fabio to answer the second part of your question.

我們必須解決這個問題，並專注於 KPI 的細節。你不能認為你有這個靈丹妙藥，但路徑設計得很好而且非常 - 非常謙虛，我知道你在問非常相關的問題以及每個地理位置和運營計劃如何給我們帶來結果。我們將對此進行討論，我們將及時討論更多細節。我將請 Fabio 回答你問題的第二部分。

Regarding international markets that you have mentioned, I think that what is really important in exports platform is to look for ways to maximize your revenues. In this sense, you have to expand the alternatives in the market. So we have been working intensively to enable our production units to new markets in order to change it into a more flexible, agile company regarding decision-making that are focusing in the offer and different geographies and very dynamic.

關於你提到的國際市場，我認為出口平台真正重要的是尋找最大化收入的方法。從這個意義上講，您必須擴大市場的替代品。因此，我們一直在加緊努力，使我們的生產部門能夠進入新市場，以便將其轉變為一家在決策方面更加靈活、敏捷的公司，專注於報價和不同的地理位置，並且非常有活力。

You have mentioned Asia, I can highlight here in the period, we had the pork being enabled to new fields in Singapore. We had also Toledo, the chicken protein to the Eurasia. We had also a chicken for China, (inaudible). So this is a work that will allow us to win other positions, and this will influence a lot either in preserving our margins and even thinking about expansion, if we look ahead to 2023, we also see a good time for the Turkey and pork protein. We see some offer restrictions due to sanitary issues in the United States and Europe. And there is an expectation already for a reduction of production in these areas and a trade flow that should be more intense in China. China is around 20% of imports for pork. So the company is well prepared to capitalize on all these opportunities.

你提到了亞洲，我可以在此期間強調，我們已將豬肉用於新加坡的新領域。我們還有托萊多，這是歐亞大陸的雞肉蛋白。我們還為中國準備了一隻雞（聽不清）。所以這是一項可以讓我們贏得其他職位的工作，這將對保持我們的利潤甚至考慮擴張產生很大影響，如果我們展望 2023 年，我們也會看到火雞和豬肉蛋白的好時機.由於美國和歐洲的衛生問題，我們看到了一些報價限制。人們已經預期這些地區的產量會減少，而中國的貿易流量應該會更加密集。中國約佔豬肉進口量的 20%。因此，該公司已做好充分準備利用所有這些機會。

You have also mentioned Halal segment. We have a major opportunity now in the fourth quarter during the World Cup, since it will happen in the Gulf area, we will be able to move forward in our added value portfolio. More than 20% of the local sales, we already linked to that some incremental gains related to the brand and to the product processing. And this should become more intense in the fourth quarter. Also, we had the rehabilitation of the Kizad plant unit that is exporting process products to Saudi Arabia.

您還提到了清真部分。我們現在在世界杯期間的第四季度有一個重大機會，因為它將發生在海灣地區，我們將能夠在我們的附加值組合中向前邁進。超過 20% 的本地銷售額，我們已經與品牌和產品加工相關的一些增量收益相關聯。而這在第四季度應該會變得更加激烈。此外，我們修復了向沙特阿拉伯出口加工產品的 Kizad 工廠。

So we are opening an additional front exporting process items. I would like to highlight, especially sausages and also the nuggets. Finally, in this region, we have to maximize the cut mix even in the whole chicken, what we call the different ranges like that will have the premium related to the heavier range. So we're working on that to optimize the business front that at the end of the day, will impact this increase in margins and the results in the international market.

因此，我們正在打開一個額外的前台出口流程項目。我想強調一下，尤其是香腸和雞塊。最後，在這個區域，我們必須最大限度地提高整隻雞的切塊組合，我們稱之為不同的範圍，這樣將具有與較重範圍相關的溢價。因此，我們正在努力優化業務方面，最終將影響利潤率的增長和國際市場的結果。

Our last question is from Thiago Bortoluci from Goldman Sachs.

我們的最後一個問題來自高盛的 Thiago Bortoluci。

This is Thiago Bortoluci, Goldman Sachs here. My question is related to price and competitiveness. First question, in what extent this Regal turnaround will change the company pricing policy. Second, BRF is rationalizing CapEx at this point, while its main competitor is expanding. How can this impact market share and BRF competitiveness from now on?

我是 Thiago Bortoluci，這裡是高盛公司。我的問題與價格和競爭力有關。第一個問題，Regal 的轉變將在多大程度上改變公司的定價政策。其次，BRF 目前正在合理化資本支出，而其主要競爭對手正在擴張。從現在開始，這將如何影響市場份額和 BRF 競爭力？

Good morning, Thiago. I will start by answering the CapEx part of your question. I'd like to remind you that during 2021, specifically in the second half of '21 and along '22, we have executed a number of projects, especially growth projects that have to do with an increase of processed products offer. In 2023, the company is going to be able to enjoy the capacity as a result of these investments and that is going to bring the opportunity for growth with very marginal investments.

早上好，蒂亞戈。我將從回答您問題的資本支出部分開始。我想提醒您，在 2021 年期間，特別是在 21 年下半年和 22 年期間，我們執行了許多項目，尤其是與增加加工產品供應有關的增長項目。到 2023 年，公司將能夠享受這些投資帶來的產能，這將帶來非常邊際投資的增長機會。

That doesn't mean to say that the company is not going to take the business opportunities that may arise in the future, and that may require additional investment. It's very important to be highly disciplined as it has been rightly pointed out by Miguel in terms of capital allocation. It has to be very careful because today, the macroeconomics globally represent challenges in geopolitics, mature economy inflation and the expectation of even recession, we will be very careful, but we are not going to lose return opportunities and pay back opportunities to go unnoticed.

這並不意味著公司不會抓住未來可能出現的商機，而這可能需要額外的投資。正如米格爾在資本配置方面正確指出的那樣，嚴格遵守紀律非常重要。它必須非常小心，因為今天，全球宏觀經濟代表著地緣政治、成熟經濟通脹甚至衰退預期的挑戰，我們將非常小心，但我們不會失去回報機會和回報機會而被忽視。

So -- but we have systems -- enough system capacity that can really sustain relevant growth, which is the main portfolio in Brazil. And in this sense, I'm speaking about processed goods. As for weak points, in terms of performance, at this point in time, we don't want to put numbers.

所以 - 但我們有系統 - 足夠的系統容量可以真正維持相關增長，這是巴西的主要投資組合。從這個意義上說，我說的是加工品。至於弱點，在性能方面，在這個時間點上，我們不想放數字。

Miguel has been very clear in qualifying relevant opportunities, and these will happen gradually. He has said that there is no silver bullet. We have mentioned a number of indicators that will need improvement through time. The plan is there, the will is there, the engagement is there. And gradually, we are going to make this happen. In this context, we do offer. We will offer visibility as we progress.

米格爾在排位賽相關機會方面已經非常清楚，這些都會逐漸發生。他說過沒有靈丹妙藥。我們已經提到了一些需要隨著時間的推移而改進的指標。計劃在那裡，意志在那裡，參與在那裡。逐漸地，我們將實現這一目標。在這種情況下，我們提供。隨著我們的進步，我們將提供可見性。

Q&A is finished, and our call is also wrapping up. We would like to thank you for your participation and wish you a great day.

問答結束，我們的通話也結束了。我們要感謝您的參與，祝您有美好的一天。

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

[現場通話中的口譯員用英語對這份成績單進行了陳述。]