BRF SA (BRFS) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, welcome to BRF's conference call to discuss results regarding the first quarter of 2023. This conference is being recorded, and the replay can be accessed on the company's IR website at ir.brf-global.com. The presentation is also available for download.

女士們先生們，早上好，歡迎參加 BRF 的電話會議，討論 2023 年第一季度的結果。本次會議正在錄製中，重播可在公司的 IR 網站 ir.brf-global.com 上訪問。該演示文稿也可供下載。

(Operator Instructions)

（操作員說明）

Before proceeding, we would like to clarify that any forward-looking statements are based on the beliefs and assumptions of BRF's management and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore, depend on circumstances that may or may not occur.

在繼續之前，我們想澄清一下，任何前瞻性陳述都是基於 BRF 管理層的信念和假設以及公司當前可獲得的信息。這些陳述可能涉及與未來事件相關的風險和不確定性，因此取決於可能發生或可能不會發生的情況。

Investors, analysts and journalists must understand that events related to the macroeconomic environment, industry and other factors could cause results to differ materially from those expressed in the respective forward-looking statements.

投資者、分析師和記者必須明白，與宏觀經濟環境、行業和其他因素相關的事件可能導致結果與相應前瞻性陳述中表達的結果存在重大差異。

Here with us today in this conference call are Mr. Miguel Gularte, CEO; and Fábio Mariano, CFO. I would now like to turn the floor over to Mr. Gularte, who will start the presentation. Mr. Gularte, you may proceed.

今天與我們一起參加電話會議的還有首席執行官 Miguel Gularte 先生；和首席財務官 Fábio Mariano。我現在想請 Gularte 先生開始發言。 Gularte 先生，您可以繼續。

Good morning. I would like to thank everyone for attending our first quarter 2023 earnings conference call. During this period, we remain focused on executing our efficiency plan, which advanced consistently showing progress on all our work fronts. We have evolved in our operational indicators with emphasis on food conversion, mortality, yield, daily costs and level of logistics service. We also advanced in commercial execution and in the share of higher added value items in our portfolio.

早上好。我要感謝大家參加我們 2023 年第一季度的收益電話會議。在此期間，我們仍然專注於執行我們的效率計劃，該計劃不斷推進，在我們所有的工作方面都取得了進展。我們已經改進了我們的運營指標，重點是食品轉化率、死亡率、產量、日常成本和物流服務水平。我們還在商業執行和我們投資組合中更高附加值項目的份額方面取得了進步。

I now invite our CFO, Fábio Mariano, to present the results for the quarter and I'll return afterwards to provide more detail of our progress and make the final remarks on this call.

我現在請我們的首席財務官 Fábio Mariano 介紹本季度的結果，之後我會回來提供我們進展的更多細節，並對本次電話會議發表最後的評論。

Good morning to everyone joining us. In the opening slide, I'd like to highlight our main financial indicators for the first quarter, starting with net revenue, which increased by nearly 10% over the same period of last year and coming to BRL 13.2 billion. As for EBITDA, we reported BRL 607 million in the quarter, and EBITDA margin of 4.6%. Our operating cash flow was BRL 872 million, far outperforming our cash generation 1 year ago.

大家早上好。在開場幻燈片中，我想重點介紹我們第一季度的主要財務指標，首先是淨收入，與去年同期相比增長近 10%，達到 132 億雷亞爾。至於 EBITDA，我們報告本季度為 6.07 億雷亞爾，EBITDA 利潤率為 4.6%。我們的經營現金流為 8.72 億巴西雷亞爾，遠遠超過 1 年前的現金生成。

In working capital, we continue to make substantial headway reducing the financial cycle to 7.6 days, one of our shortest financial cycles on record. Inventory turnover reached 88 days, 14 days less than in 2022. Ending the slide with leverage, we reached 3.35x our EBITDA for the last 12 months. Our focus is to strengthen our capital structure, promote the reduction of our net debt and consequently, our interest charges so that leverage reduces as quickly as possible to adequate levels.

在營運資金方面，我們繼續取得重大進展，將財務週期縮短至 7.6 天，這是我們有記錄以來最短的財務週期之一。庫存周轉率達到 88 天，比 2022 年減少了 14 天。以槓桿結束下滑，我們在過去 12 個月達到了 EBITDA 的 3.35 倍。我們的重點是加強我們的資本結構，促進減少我們的淨債務，從而減少我們的利息費用，以便盡快將槓桿率降低到適當水平。

In the next slide, on the left-hand side, we show you the historical evolution of our gross profit with profitability of close to 13% in the period. We're reporting gross profit of BRL 1.7 billion. To the left, we also noticed the performance of our EBITDA, as we highlighted earlier. In the next slide, we present the performance per market and business segment.

在下一張幻燈片的左側，我們向您展示了我們毛利潤的歷史演變，在此期間盈利能力接近 13%。我們報告的毛利潤為 17 億雷亞爾。在左側，我們還注意到了 EBITDA 的表現，正如我們之前強調的那樣。在下一張幻燈片中，我們展示了每個市場和業務部門的表現。

Starting with Brazil on Slide 5. We noticed progressive development in our EBITDA margins, especially when we disregard seasonal sales of commemorative products. This performance is even more significant when we look only at the portfolio for processed products. I'd like to highlight for the Brazilian market, new progress we've made in business fundamentals, which have allowed us to gain competitiveness.

從幻燈片 5 的巴西開始。我們注意到我們的 EBITDA 利潤率在逐步發展，尤其是當我們忽略紀念產品的季節性銷售時。當我們只看加工產品的投資組合時，這種表現更為顯著。對於巴西市場，我想強調的是，我們在業務基礎方面取得了新進展，這使我們獲得了競爭力。

Within this progress, I'd like to mention the improvement in our commercial execution, ensuring greater capability with an increased number of active customers and greater adoption of the prices suggested for the retail market.

在這一進展中，我想提一下我們商業執行方面的改進，確保隨著活躍客戶數量的增加而提高能力，並更多地採用零售市場建議的價格。

This improved execution also allowed us to make progress in our service level metrics going up by more than 10 percentage points. I'd also like to underscore the launch of Sadia's Hot Bowls line, the result of our prioritization project with greater commercial impact.

這種改進的執行力還使我們能夠在服務水平指標方面取得進展，提高了 10 個百分點以上。我還想強調 Sadia 熱碗系列的推出，這是我們具有更大商業影響的優先項目的結果。

The market share of processed food and spreads end of the period unchanged at 40%. On the next slide, we see slightly more promising macroeconomic scenario and we see progress in indicators such as consumer confidence and income levels, which are closely related to sales of processed foods in Brazil, which account for 75% of our sales volume.

加工食品的市場份額期末價差保持在40%不變。在下一張幻燈片中，我們看到略微樂觀的宏觀經濟情景，我們看到消費者信心和收入水平等指標取得進展，這與巴西加工食品的銷售額密切相關，占我們銷售額的 75%。

On the next slide, we bring you the international market outlook. In the chart on the left, we see an EBITDA that's been heavily impacted by the adverse scenario for protein experts. Our EBITDA margin was negative by 1.7%, mirroring the persistent chicken oversupply, pressuring our sales prices. However, we can already see significant price recovery early in the second quarter.

在下一張幻燈片上，我們為您帶來國際市場展望。在左邊的圖表中，我們看到 EBITDA 受到蛋白質專家不利情況的嚴重影響。我們的 EBITDA 利潤率為 1.7%，反映出雞肉持續供過於求，給我們的銷售價格帶來壓力。然而，我們已經可以在第二季度初看到價格的顯著回升。

We continue to expand our market alternatives with 3 new licenses, 13 suspended reversions and reversed suspensions, I'm sorry, and many renewals for markets such as China, Malaysia, Chile, Mexico, Peru and others.

我們繼續擴大我們的市場選擇，有 3 個新許可證、13 個暫停的恢復和反向暫停，對不起，以及中國、馬來西亞、智利、墨西哥、秘魯等市場的許多續簽。

On the following slide, on qualitatively terms, we highlight the Halal market with the rebound in results for Turkey, mirroring the increased supply of high value-added products in the Turkish market and a production that's balanced as a way to reverse the price trend locally. We reached about 26% share in value-added products, seeing the regions turn over.

在下一張幻燈片中，我們從定性的角度強調了清真市場的土耳其業績反彈，反映了土耳其市場高附加值產品供應的增加以及平衡的生產作為扭轉當地價格趨勢的一種方式.我們在增值產品中達到了約 26% 的份額，看到了區域的轉變。

We maintained our market share leadership with Sadia and Banvit with 37% and 22% market share rates in the respective markets. We also saw higher than 50% share in resilient exports to the GCC area.

我們以 Sadia 和 Banvit 在各自市場的 37% 和 22% 的市場份額率保持市場份額領先地位。我們還看到向海灣合作委員會地區的彈性出口份額超過 50%。

Next, I'll show you the highlights of our direct experts on the left-hand side, which benefited from greater product availability, given the increased productivity and efficacy gains, especially in yield, which we will detail further. Our direct exports from our plants have grown, reducing logistics costs and unsold inventories, which have declined, improving business execution and relieving the amount of capital we've employed.

接下來，我將在左側向您展示我們的直接專家的亮點，這些亮點得益於更高的產品可用性，因為生產率和功效收益有所提高，尤其是在產量方面，我們將進一步詳細說明。我們工廠的直接出口量有所增加，降低了物流成本和未售出的存貨，這些存貨有所減少，從而提高了業務執行力並減輕了我們使用的資本數量。

We've seen gains in participation in chicken exports to the Americas, Africa, Japan and South Korea. And I'd like to end by talking about the more favorable scenario in Asia, given the higher chicken sales in China. In pork, we continue to gain market share in Brazilian exports to the Chinese market. And I'd like to conclude the presentation on business segments, talking about our performance in Ingredients and Pet.

我們已經看到在參與向美洲、非洲、日本和韓國出口雞肉方面取得了進展。最後，我想談談亞洲更有利的情況，因為中國的雞肉銷量更高。在豬肉方面，我們繼續在巴西對中國市場的出口中獲得市場份額。我想結束關於業務部門的介紹，談談我們在配料和寵物方面的表現。

The industry reported a 19% EBITDA margin or BRL 118 million in the quarter. We continue to realize synergies in Pet, expanding our storage capacity, improving our level of service and increasing our presence in the direct-to-consumer channel. We've also started operations of a new product line in Bastos, focused on the food channel.

該行業報告本季度的 EBITDA 利潤率為 19% 或 1.18 億雷亞爾。我們繼續實現 Pet 的協同效應，擴大我們的存儲容量，提高我們的服務水平，並增加我們在直接面向消費者渠道中的影響力。我們還在巴斯托斯開始運營一條新產品線，專注於食品渠道。

In Ingredients, we've made progress into new markets, broadening our business alternatives and increasing our line of hydrolyseds for the domestic market and exports. We continue to add value to our byproducts in order to maximize business integration.

在配料方面，我們在新市場方面取得了進展，拓寬了我們的業務選擇，並增加了面向國內市場和出口的水解產物系列。我們繼續為我們的副產品增加價值，以最大限度地實現業務整合。

Moving on to the following slide, I'd like to draw your attention to our business outlook for the company with highlights on the first chart on the left. The sharp price recovery for most chicken cuts in April compared to the average prices during the first quarter of 2023. We've seen double-digit increases for high-volume cuts. The data source or the prices charged by BRF itself. We also show you a price reference in the Brazilian market in the second chart.

轉到下一張幻燈片，我想提請您注意我們公司的業務前景，並在左側的第一張圖表中突出顯示。與 2023 年第一季度的平均價格相比，4 月份大多數雞肉塊的價格大幅回升。我們已經看到大批量切塊的價格出現了兩位數的增長。 BRF自行收取的數據來源或價格。我們還在第二張圖表中向您展示了巴西市場的價格參考。

Lastly, we'd like to reinforce that we are experiencing the materialization of a scenario of decreasing grain prices, which we had already anticipated to some extent. Substantial drops have begun in March with results in our COGS expected to become more visible starting in the second half of the year.

最後，我們想強調的是，我們正在經歷糧價下跌的情景，這在某種程度上我們已經有所預料。 3 月份開始出現大幅下降，我們的 COGS 的結果預計從今年下半年開始變得更加明顯。

Next, I will share some progress in our efficiency program, which will be quantified in numbers by Miguel later on. I'd like to show you the comparison with the same period last year, even though the basis for comparison can be seen in our material. We noted a decrease in feed conversion for poultry and pigs by 4.3% and 1.8%, respectively, and the chicken mortality rate, which decreased by 1.4 percentage points.

接下來，我將分享我們效率計劃的一些進展，稍後 Miguel 將用數字量化。我想向您展示與去年同期的比較，儘管比較的基礎可以在我們的材料中看到。我們注意到家禽和豬的飼料轉化率分別下降了 4.3% 和 1.8%，雞死亡率下降了 1.4 個百分點。

In manufacturing, we've increased our yields by 1.6 percentage points and halved process losses. In logistics, we reduced our per diem costs by more than 1/3 and increased our service levels in Brazil by more than 10 points, as we mentioned before. Over the quarter, we also saw highlights in sustainability with achievements such as reduced water consumption by 4% per ton compared to the base year of 2020.

在製造業，我們將產量提高了 1.6 個百分點，並將過程損失減半。在物流方面，我們將每日津貼成本降低了 1/3 以上，並將我們在巴西的服務水平提高了 10 個百分點以上，如前所述。在本季度，我們還看到了可持續性方面的亮點，例如與 2020 年基準年相比，每噸水的消耗量減少了 4%。

We expect to deliver on our commitment to ensure 100% cage-free birds in our integration system. We have made progress in the traceability and indirect grain suppliers in the Amazon and Cerrado biomes from 45% to 75%, reinforcing our commitment to a deforestation free chain. And lastly, we've advanced in mapping and mitigating the reduction of Scope 3 greenhouse gas emissions, moving forward with 20% reductions as we discussed for Scope 1 and Scope 2 in terms of absolute emissions.

我們希望兌現我們的承諾，確保我們的集成系統中有 100% 的非籠養禽類。我們在亞馬遜和塞拉多生物群落的可追溯性和間接穀物供應商方面取得了進展，從 45% 提高到 75%，加強了我們對無森林砍伐鏈的承諾。最後，我們在繪製和減緩範圍 3 溫室氣體排放量的減少方面取得了進展，正如我們在絕對排放量方面針對范圍 1 和範圍 2 所討論的那樣，實現了 20% 的減排。

Now I'd like to show you some information about the company's capital structure. The chart on the left show you the development of our net debt and leverage levels indicators we have already underscored early in this conference. On the right, I'd like to point out the debt profile, which is still diversified and elongated with no concentration of repayments in the short term and a liquidity position that's still higher than -- but still over BRL 12 billion. There is cash available to face amortizations until 2027.

現在我想向您展示一些有關公司資本結構的信息。左邊的圖表向您展示了我們在本次會議早期已經強調的淨債務和槓桿水平指標的發展情況。在右邊，我想指出債務狀況，它仍然是多元化和長期的，短期內沒有集中還款，流動性頭寸仍然高於 - 但仍然超過 120 億雷亞爾。到 2027 年，仍有現金可用於攤銷。

The next slide, we show you our free cash flow and operating cash generation of BRL 872 million, an investment cash flow of BRL 824 million and BRL 958 million in free cash flow without exchange rate effects, leading to a free cash consumption of BRL 910 million.

在下一張幻燈片中，我們向您展示了 8.72 億巴西雷亞爾的自由現金流和運營現金產生，8.24 億巴西雷亞爾的投資現金流和 9.58 億巴西雷亞爾的自由現金流，沒有匯率影響，導致自由現金消耗為 910 巴西雷亞爾百萬。

On Slide 13, the final slide, we can see the development of our net debt between these quarters. We report a net debt of BRL 15.3 billion. The execution of our demobilization plan is going forward as planned in a timely manner to reduce our indebtedness and interest charges. I'd like to thank the audience and turn back to Mr. Miguel Gularte for his final remarks.

在幻燈片 13（最後一張幻燈片）中，我們可以看到這些季度之間淨債務的發展情況。我們報告的淨債務為 153 億雷亞爾。我們的複員計劃正在按計劃及時進行，以減少我們的債務和利息費用。我要感謝聽眾，然後回到 Miguel Gularte 先生的最後發言。

Thank you, Fábio. To end our presentation, I would like to highlight, as previously mentioned here that throughout this quarter, we made consistent progress on all fronts of our efficiency plan, the BRF plus capturing BRL 418 million. We improved our key operating indicators compared to the first quarter of 2022. We advanced 4.3% in feed conversion and reduced animal mortality by 1.4 percentage points.

謝謝你，法比奧。在結束我們的演講時，我想強調，正如之前在這裡提到的那樣，在整個本季度，我們在效率計劃的所有方面都取得了一致的進展，BRF 加上捕獲了 4.18 億雷亞爾。與 2022 年第一季度相比，我們的主要運營指標有所改善。我們的飼料轉化率提高了 4.3%，動物死亡率降低了 1.4 個百分點。

In industry, we advanced 1.6 percentage points in yield and also cut production waste by half. In Brazil, we continue to make progress in terms of commercial execution, increasing customer base and at the same time, increasing the number of items sold. The level of logistics service has also improved significantly, as already pointed out. Our demand and production planning, pricing strategy and more disciplined inventory management boosted the process category profitability gains in yet another quarter.

在工業方面，我們將產量提高了 1.6 個百分點，並將生產浪費減少了一半。在巴西，我們在商業執行方面繼續取得進展，增加了客戶群，同時增加了售出的商品數量。正如已經指出的那樣，物流服務水平也有了顯著提高。我們的需求和生產計劃、定價策略和更嚴格的庫存管理在又一個季度推動了流程類別的盈利增長。

In the international market, we also advanced in our strategy of diversification for exports with the achievement of the 3 new qualifications and [13] reversal of suspensions, 1 of which was for China. We increased by 1.7 percentage points, the share of higher value-added items in Gulf countries and Turkey, where we reached 45.9% of share of this type of products in sales. Our liquidity position remains comfortable, and our debt is extended and diversified.

在國際市場上，我們也推進出口多元化戰略，取得了3個新資格和[13]個撤銷暫停，其中1個是對中國的。我們在海灣國家和土耳其增加了 1.7 個百分點，較高附加值項目的份額，我們在此類產品的銷售額中達到了 45.9% 的份額。我們的流動性狀況保持良好，我們的債務得到擴展和多樣化。

We are carrying out the divestment plan announced in the last quarter at the planned base and with all fronts underway. Looking at the market, and other variables that are not directly under our control, we can observe a recovery trend in chicken export price compared to those in the beginning of the year.

我們正在計劃的基地執行上個季度宣布的撤資計劃，並且所有方面都在進行中。從市場和其他非我們直接控制的變量來看，我們可以看到雞肉出口價格與年初相比有回升趨勢。

We are also experiencing a scenario of sharp drop in the cost of rate, which will boost together with gains from efficiency plans. The company's profitability gains over the coming quarters.

我們也正在經歷費率成本急劇下降的情況，這將與效率計劃的收益一起提振。公司的盈利能力在未來幾個季度有所增長。

Last but not least, our leaders remain committed to boosting high performance management. We are dedicated to the search for greater efficiency, simplicity and agility to attain increasingly consistent results. without neglecting our known negotiable commitment of safety, quality and integrity. We are all working hard and focused to face the challenges and capture the opportunities that the coming quarters will bring. Thank you.

最後但同樣重要的是，我們的領導者仍然致力於促進高績效管理。我們致力於尋求更高的效率、簡單性和敏捷性，以獲得越來越一致的結果。在不忽視我們眾所周知的安全、質量和誠信的可協商承諾的情況下。我們都在努力工作並專注於迎接挑戰並抓住未來幾個季度帶來的機遇。謝謝。

(Operator Instructions)

（操作員說明）

Our first question comes from Mr. Gustavo Troyano from Itaú BBA.

我們的第一個問題來自Itaú BBA 的Gustavo Troyano 先生。

I have a couple of questions. First of all, I'd like to talk about the 2 cases of bird flu we saw on the news yesterday. I'd like to hear from you, even if qualitatively, what's the probability you're working with internally that an embargo could be put on Brazilian meat? And if possible, I'd like to make an exercise to compare this with 2018 when we had the same case occur with Europe, and we needed a reallocation for the domestic market here in the domestic market in terms of supply and demand.

我有一些問題。首先，我想談談我們昨天在新聞中看到的兩起禽流感病例。我想听聽您的意見，即使是定性的，您在內部處理對巴西肉類實施禁運的可能性有多大？如果可能的話，我想做一個練習，將其與 2018 年我們在歐洲發生相同情況時進行比較，我們需要在供需方面對國內市場進行重新分配。

So if we could compare this situation with that of 2018, what has changed? And what could be different if an embargo was created? And I'd also like to understand on the international side, we saw an improvement in prices. We saw double-digit prices in April versus Q3. But I wanted to understand this improvement in your margins. If these wider margins quarter-over-quarter that we've seen in the last few quarters is only in terms of prices? Or should we expect also some decrease in unit costs that should be more significant in the second half?

那麼，如果我們將這種情況與 2018 年的情況進行比較，發生了什麼變化？如果建立禁運，會有什麼不同？我還想了解在國際方面，我們看到價格有所上漲。與第三季度相比，我們在 4 月份看到了兩位數的價格。但我想了解你們利潤率的提高。如果我們在過去幾個季度看到的這些較上一季度的利潤率只是在價格方面？或者我們是否應該期望下半年單位成本的下降幅度更大？

But I also wanted to understand what Q2 would look like if we should expect some improvement in how significant that would be in the near term? Should we expect high single-digit margins on the international side? I would like to know if that makes any sense.

但我也想了解，如果我們預計在短期內會有一些顯著改善，那麼第二季度會是什麼樣子？我們是否應該期待國際方面的高個位數利潤率？我想知道這是否有意義。

Gustavo, I will take your first question, and Fábio will take your second. We were informed by the Ministry of the Agriculture in a technical note and then with a note from ABPA mentioning the first case of high pathogen bird flu. These were wild birds that were found in the state of Espirito Santo with the disease. [Article 10.4.1] determine that if that occurred with migrating birds and not in production birds, the health care state -- the health state for the country would not change status.

古斯塔沃，我會回答你的第一個問題，法比奧會回答你的第二個問題。農業部在一份技術說明中通知了我們，然後 ABPA 的一份說明提到了第一例高病原體禽流感。這些是在聖埃斯皮里圖州發現的患有這種疾病的野生鳥類。 [第 10.4.1 條] 確定如果這種情況發生在候鳥而不是生產鳥類中，則國家的醫療保健狀態 - 健康狀態不會改變狀態。

The communication about the case was immediate, both from the Ministry of Agriculture and ABPA. So currently, there's been no communication in terms of closing the market, as the article we've mentioned, 10.4.8 mentioned. Evidently, Brazil's entire sanitary system is robust and the steps that have been taken in the last few years and even more intensely so in the last few quarters is still in effect, so that this status remains the same and so that Brazil doesn't lose its licenses -- sanitary licenses.

農業部和 ABPA 立即就此案進行了溝通。所以目前還沒有關於封市的溝通，正如我們提到的文章，10.4.8提到的。顯然，巴西的整個衛生系統是強大的，過去幾年採取的措施，甚至在過去幾個季度採取的措施仍然有效，所以這種狀態保持不變，巴西不會輸它的許可證——衛生許可證。

So I'd like to ensure that there's no evidence and there's no imminent embargo for the Brazilian bird export. There's no case of bird flu in industrial production animals. This was reported for wild animals. So we do not expect any news -- any major news on this sense. The steps have been taken and the group practices and the robustness of the Brazilian market allows us to navigate this moment, a time all of us are ready for not only us companies but also the control systems with our associations and regulating agencies.

所以我想確保沒有證據，也沒有對巴西鳥類出口的迫在眉睫的禁運。工業化生產動物無禽流感病例。這是針對野生動物的報導。所以我們不期待任何新聞——任何重大新聞。這些步驟已經採取，集團的做法和巴西市場的穩健性使我們能夠駕馭這一刻，我們所有人都為我們的公司以及我們的協會和監管機構的控制系統做好了準備。

About a potential impact, I think it's important to understand that Brazil's current situation in terms of commercial alternatives is very different to the 18th group. Brazil has gained access to many access that were not available to us in 2018, which allows us a geographic diversification that also works as a sanitary hedging strategy and even timely or even temporarily allows us to not have such a great impact from embargoes of this kind.

關於潛在影響，我認為重要的是要了解巴西在商業替代方案方面的現狀與第 18 組非常不同。巴西獲得了許多我們在 2018 年無法獲得的機會，這使我們能夠實現地域多元化，這也可以作為一種衛生對沖策略，甚至及時甚至暫時使我們不會受到此類禁運的巨大影響.

And here at BRF with the Perdigão and Sadia brand, we can navigate any type of scenario adverse as it may be. And so I'd now like to turn over to Fábio, who will add to my answer to your second question.

在擁有 Perdigão 和 Sadia 品牌的 BRF，我們可以應對任何類型的不利情況。現在我想請 Fábio 發言，他將補充我對你的第二個問題的回答。

Gustavo. I'd like to address the exports issue. I think it's important to bear in mind that any protein expert platform have its performance affected by supply and demand cycles. You're right by saying that export prices are already rebounding significantly early in Q2. But I'd like to call your attention to the fact that this is not the only lever for capturing effectiveness. It may be an important one, but it's not the only one.

古斯塔沃。我想解決出口問題。我認為重要的是要記住，任何蛋白質專家平台的性能都會受到供求週期的影響。你說得對，出口價格在第二季度初已經大幅反彈。但我想提醒您注意的事實是，這並不是獲取有效性的唯一槓桿。它可能是一個重要的，但它不是唯一的。

I'd like to remind you that we are also capturing opportunities in the efficiency plan, which will affect the sales cost and also the materialization of the price decrease in grains whose results should become more clear as of the second half, but the inventory turnover is already being affected by the average cost. So in Q2, we should already see some effect of that change.

提醒大家，我們也在抓住效率計劃的機會，這會影響到銷售成本，也會影響到糧食降價的具體化，下半年的結果應該會更加明朗，但是存貨周轉已經受到平均成本的影響。所以在第二季度，我們應該已經看到了這種變化的一些影響。

About our margins, as you know, we cannot offer you direct guidance. So I'd prefer not to address that issue. But I'd like to reinforce that starting in Q2, we expect to see a different market reality in terms of exports, especially poultry exports to all destinations.

關於我們的利潤率，如您所知，我們無法為您提供直接指導。所以我不想解決這個問題。但我想強調的是，從第二季度開始，我們預計在出口方面會看到不同的市場現實，尤其是向所有目的地出口的家禽。

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

我們的下一個問題來自美國銀行的 Isabella Simonato。

I have two questions on my side. The first one is related to the cash flow and the working capital that you mentioned in the release. You mentioned the improvement in the cycle. Could you provide more detail, what were the variables involved, especially looking at inventory levels?

我有兩個問題。第一個與您在新聞稿中提到的現金流量和營運資金有關。你提到了周期的改進。您能否提供更多細節，涉及哪些變量，尤其是庫存水平？

And still on the same topic, when we think about inventories of raw materials and inputs and looking at the downward trend offering prices, could you tell us what would be the average time you have grains stored so that we can have a better clarity on the capture of lower prices? This would be my first question.

還是在同一個話題上，當我們考慮原材料和投入品的庫存並觀察報價的下降趨勢時，您能否告訴我們您平均儲存穀物的時間是多少，以便我們可以更清楚地了解捕獲更低的價格？這是我的第一個問題。

And the second one. As you mentioned in the beginning of the presentation, Fábio, you mentioned also in the release that there were increases of prices in the first quarter. Could you provide more color on the consumer sentiment that you feel in terms of the mix? And how are you looking at that down the road and how you see the other players considering the increasing prices that you have practiced?

第二個。正如您在演講開頭提到的，法比奧，您在新聞稿中也提到第一季度價格上漲。您能否就混合方面的消費者情緒提供更多顏色？你如何看待這一點，你如何看待其他參與者考慮你所實踐的不斷上漲的價格？

Isabella, now beginning from cash flow. As you noticed, you saw the inventory turnover. And the main highlight in this sense and maybe the company has provoked this result because we extended the inventory levels for raw materials. I refer to grains because we have anticipated this scenario of downturn and the cost of wheat and soy. So we are shortening the time between the commodities and consumption.

伊莎貝拉，現在從現金流開始。如您所見，您看到了存貨周轉率。從這個意義上說，最主要的亮點可能是公司引發了這一結果，因為我們擴大了原材料的庫存水平。我指的是穀物，因為我們已經預料到這種經濟衰退的情況以及小麥和大豆的成本。所以我們正在縮短商品和消費之間的時間。

And as a result, we can see that reflects in the cost of products sold. As for the timing of the (inaudible) I understand this is a very sensitive information to provide you with. I'd rather not. And addressing the second part of your question, related to the environment of the domestic market, I would like to point out to that we understand that as of the second quarter, we are going to have a more attractive environment if we consider consumption.

結果，我們可以看到這反映在所售產品的成本中。至於（聽不清）的時間，我知道這是要提供給您的非常敏感的信息。我寧願不。關於你問題的第二部分，與國內市場環境有關，我想指出，我們知道，從第二季度開始，如果我們考慮消費，我們將擁有一個更具吸引力的環境。

I showed you the confidence of consumer of Brazilian, that have to do with the deacceleration of the inflation levels and what I can also say from the strategic viewpoint is that we are a leader of the main categories of processed food will be influenced in a positive way the competitive world by means of the price pass-through. We have already started this movement more intensively in April, and this has been well received by the consumer as well as by the competition.

我向您展示了巴西消費者的信心，這與通貨膨脹水平的減速有關，我還可以從戰略角度說，我們是加工食品主要類別的領導者，這將受到積極影響通過價格傳遞的方式競爭世界。我們已經在 4 月份更密集地啟動了這項運動，這得到了消費者和競爭對手的好評。

So we expect that this will also offer higher profitability capture. I would also like to say that, in Brazil, price is not the only source of [intensifying] result. During the presentation, we mentioned the headway we made in the commercial execution. So I would like you to look at that. And the addition to the number of clients we added to our base is more than 10,000. And the efforts we made at the point of sales to improve the diversity of the portfolio, the trading materials, the organization chart and all the suggested prices that are being observed by the retailers.

因此，我們預計這也將提供更高的盈利能力。我還想說，在巴西，價格並不是 [intensifying] 結果的唯一來源。在演示過程中，我們提到了我們在商業執行方面取得的進展。所以我希望你看看那個。我們添加到我們基地的客戶數量增加了 10,000 多個。以及我們在銷售點所做的努力，以改善產品組合的多樣性、交易材料、組織結構圖以及零售商正在觀察的所有建議價格。

If you allow me, Fábio, I will add to your answer in relation to the grains. In the past quarters, we have been discussing the excellence of information from the -- about the predictive models that we have. Those models pointed to this drop in the grain prices. So we use this model in order to project our strategy. And today, we see that this strategy is very successful and aligned with this drop that we are experiencing in grains.

如果你允許，Fábio，我會補充你關於穀物的回答。在過去的幾個季度中，我們一直在討論關於我們擁有的預測模型的信息的卓越性。這些模型指出了糧食價格的下跌。所以我們使用這個模型來規劃我們的戰略。而今天，我們看到這一戰略非常成功，並且與我們在穀物中經歷的下降保持一致。

Your next question comes from Thiago Bortoluci with Goldman Sachs.

你的下一個問題來自高盛的 Thiago Bortoluci。

I have two. First of all, I'd like to follow up on the Brazilian side. You mentioned a slightly more resilient pricing. And granted, when we look at the release, excluding the Christmas prices, it seems that the portfolio saw a 1% increase quarter-over-quarter, 4% in processed foods. So indeed, we are seeing a P&L statement that's very reliable. However, the consolidated saw a decrease year-over-year. And this is at a time when in theory, you're still ramping up your capacity.

我有兩個。首先，我想跟進一下巴西方面的情況。你提到了一個稍微更有彈性的定價。當然，當我們看發佈時，不包括聖誕節價格，似乎投資組合環比增長 1%，加工食品增長 4%。所以確實，我們看到了一份非常可靠的損益表。但是，合併後的同比下降。從理論上講，此時您仍在提高自己的能力。

So my first question is, moving forward, how should we think about the balancing of growth in product mix, like-for-like sales, considering that there's more capacity to be added to the industry? That's my first question. And the second, I think you changed your disclosure with shorter breakdown. And if you could talk even if qualitatively, how did your volume price and margins performed for Halal and other products? These are my questions.

所以我的第一個問題是，展望未來，我們應該如何考慮產品組合增長的平衡，考慮到該行業有更多的產能需要增加？這是我的第一個問題。第二，我認為你用更短的細分改變了你的披露。如果您可以定性地談談，您的清真和其他產品的批量價格和利潤率如何？這些是我的問題。

Well, I will turn it over to Fábio.

好吧，我會把它交給 Fábio。

Thiago, so starting with Brazil. your analysis is accurate. When you compare our regular portfolio for the first quarter with the fourth quarter of last year, whether we disregard the holiday celebratory product portfolio, I think that also if we were to disregard the result of fresh products, this is also being hurt in Brazil because of a protein oversupply that's taking place worldwide affecting sales of cuts for essentially every destination we sell to.

蒂亞戈，所以從巴西開始。你的分析是準確的。當你比較我們第一季度和去年第四季度的常規產品組合時，我們是否忽略了節日慶祝產品組合，我認為如果我們忽略新鮮產品的結果，這在巴西也會受到傷害，因為全球範圍內發生的蛋白質供應過剩影響了我們銷售到的幾乎每個目的地的切塊銷售。

[So if we were to disregard that effect as well, we could say that the profitability for fresh products in Brazil is already over 2 digits as well especially when compared to processed foods, which account for 75% of our domestic sales. You pointed out the decrease in volumes. I don't think this is a good basis for comparison, even because in Q1 of last year, we faced a sales and production issue, and we found ourselves in a situation where we had to address an excess inventory for processed products, both in Brazil and overseas. And we needed to essentially liquidate some of that volume to better accommodate our inventory turnover, especially for finished products.]

[因此，如果我們也忽略這種影響，我們可以說巴西新鮮產品的利潤率也已經超過 2 位數，尤其是與占我們國內銷售額 75% 的加工食品相比。你指出了數量的減少。我認為這不是一個很好的比較基礎，即使在去年第一季度，我們面臨銷售和生產問題，我們發現自己處於必須解決加工產品庫存過剩的情況，無論是在巴西和海外。我們需要從根本上清算其中的一部分，以更好地適應我們的庫存周轉率，尤其是成品。]

[Now what we see moving forward in that sense is, well, the company has proposed to adopt a commercial plan and an execution plan, and this is very much in line with what we expected. And the indicators I offered for the macroeconomic scenario will also help to make that execution feasible in the next few quarters.]

[現在我們看到的是，從這個意義上講，公司已經提出了一項商業計劃和執行計劃，這非常符合我們的預期。我為宏觀經濟情景提供的指標也將有助於在接下來的幾個季度內實現這一執行。]

Adding to Fábio's answer, I'd also like to say that when we delved into the commercial execution plan, we have a more assertive plan out that's supported by a more efficient logistics operation. All of that allow us to expect good performance and to seize the opportunities that the market will certainly offer us not only with regard to the domestic scenario, but also in the international scenario.

除了 Fábio 的回答之外，我還想說的是，當我們深入研究商業執行計劃時，我們有一個更加自信的計劃，該計劃得到了更高效的物流運營的支持。所有這些都使我們能夠期待良好的表現，並抓住市場肯定會為我們提供的機會，不僅在國內，而且在國際上。

Now Thiago, I would like to take your second question and I will answer you qualitatively about the breakdown of our international market sales. And what I would like to point out in Halal is that we are still increasing the representativeness of our high value-added products in our sales in the area. In the presentation, we underscored that we increased our market share for these products to 26%. So this is an increment of over 2 percentage points.

現在蒂亞戈，我想回答你的第二個問題，我將定性地回答你關於我們國際市場銷售的細分。而我想在Halal中指出的是，我們還在增加我們高附加值產品在該地區銷售中的代表性。在演示中，我們強調我們將這些產品的市場份額提高到了 26%。因此，這是超過 2 個百分點的增量。

The same can be said about Turkey. I remember that when transitioning between 2021 and 2022, we opened a new line of processed products in the area, which has also allowed us to move forward in high value-added product sales to the Turkish market. And thinking of Halal in general, we are still absolute leaders when it comes to the market share for processed products. In the GCC area, that's about 37% market share and in Turkey, about 26%.

土耳其也是如此。我記得在 2021 年到 2022 年過渡期間，我們在該地區開設了一條新的加工產品線，這也使我們能夠在向土耳其市場銷售高附加值產品方面取得進展。從總體上考慮清真食品，在加工產品的市場份額方面，我們仍然是絕對的領導者。在海灣合作委員會地區，這大約是 37% 的市場份額，在土耳其，大約是 26%。

Now moving toward the sub area of Asia and indirect sales, despite the more adverse scenario we have discussed earlier, we continue to gain market share in Brazil's and exports from Brazil. Just to give you an example, we gained 7 points in exports to the Americas, 3 points in exports to Africa, 1.5 point in exports to Japan. And I'm talking about poultry exports.

現在轉向亞洲和間接銷售的子區域，儘管我們之前討論過更不利的情況，但我們繼續獲得巴西和巴西出口的市場份額。舉個例子，我們對美洲的出口增加了7分，對非洲的出口增加了3分，對日本的出口增加了1.5分。我說的是家禽出口。

And for pork, we gained over 10 percentage points in our exports to China. So I think it's important to remind everyone about the rehabilitation of plant for China, which allowed us greater flexibility and

在豬肉方面，我們對中國的出口增長了 10 個百分點以上。所以我認為重要的是要提醒大家關於中國工廠的恢復，這讓我們有更大的靈活性和

also a potential to maximize our revenue, not a long time ago. We also talked about the rehabilitation of our Lucas Do Rio Verde plant, both to sales chicken cuts and also pork cuts. This is one of our most important plants in terms of production capacity and efficiency.

也有可能使我們的收入最大化，這不是很久以前的事了。我們還談到了 Lucas Do Rio Verde 工廠的修復，既可以銷售雞肉塊，也可以銷售豬肉塊。就生產能力和效率而言，這是我們最重要的工廠之一。

So this is also very representative for us when it comes to the exports environment. So qualitatively, these are the items I can breakdown for you about our international market operations.

所以在出口環境方面，這對我們來說也很有代表性。因此，從質量上講，這些是我可以為您分解的有關我們國際市場運營的項目。

Your next question comes from Thiago Duarte with BTG Pactual.

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

I would like to ask two questions. The first one is related to an industry view in relation to offer. So we see this high at the end of the first quarter, April when we look at prices. But when we see supply, we do not see any drop when we look at slaughter and storage related to chicken.

我想請教兩個問題。第一個與有關要約的行業觀點有關。因此，當我們查看價格時，我們在第一季度末，即 4 月份看到了這個高點。但是當我們看到供應時，當我們看到與雞肉相關的屠宰和儲存時，我們沒有看到任何下降。

So I would like you to explain what explains this high prices? Do you see this rationalization in offer some degree by other competitors? And for BRF, specifically, could you disclose numbers related to [slaughter] total production, if they are consistent with the figures in terms of sales volume or if there is any mismatch that we could look at? That would be my first question.

那麼我想請您解釋一下，是什麼導致瞭如此高的價格？您是否看到其他競爭對手在某種程度上提供了這種合理化？具體來說，對於 BRF，您能否透露與 [屠宰] 總產量相關的數字，如果它們與銷量數字一致，或者是否存在我們可以查看的任何不匹配？那將是我的第一個問題。

And the second one is related to Miguel mentioned in his presentation about the sales of assets, the divestment plan. Is it according to schedule? Is there any expectation? Would you have any detail to provide in terms of timing or even the amount of divestments that we should consider in addition to what we have already seen in the results of the first quarter?

第二個與 Miguel 在他關於資產出售、撤資計劃的演講中提到的有關。是否按計劃進行？有什麼期待嗎？除了我們在第一季度的結果中已經看到的內容之外，您能否提供我們應該考慮的時間甚至撤資數量的任何細節？

Thiago, answering the first part of your question, and then I'll turn the floor over to Fábio.

蒂亞戈，回答你問題的第一部分，然後我將把發言權交給法比奧。

Obviously, when you use efficiency plan model such as the case of BRF, you make the perfect adjustment, both for production, operation and sales. So you have an alignment considering the 3 segments, how you produce, how you convert and how you sell. You maximize all the logistics and the commercial execution as well. So -- and both in the domestic as in the international markets.

顯然，當你使用像 BRF 這樣的效率計劃模型時，你對生產、運營和銷售都做出了完美的調整。因此，您需要考慮 3 個細分市場，即生產方式、轉換方式和銷售方式。您還可以最大化所有物流和商業執行。所以——無論是在國內市場還是在國際市場上。

And that would lead to an adjustment that would allow your planning or demands that your plan should also be more accurate. You probably remember when we mentioned in the last quarter of 2022, we said that BRF made adjustments of the inventories at the turn of the year.

這將導致調整，使您的計劃或要求您的計劃也應該更準確。大家可能還記得我們在2022年最後一個季度提到的時候，我們說BRF在年初對庫存進行了調整。

And that made us to be very well positioned for the beginning of the year with the perfect level of volume, good commercial execution also aligned with the capacity that the market would have to absorb or to take our product. So that proved to be very successful we also made a good position in the grain inventory levels and also finished products. And these are results that we are going to see as the quarters move along. So I'll now turn to Fábio, and he will provide more detail about those concepts, and he will answer your second question.

這使我們在今年年初處於非常有利的位置，擁有完美的銷量水平，良好的商業執行也與市場必須吸收或採用我們產品的能力相一致。事實證明，這非常成功，我們在穀物庫存水平和成品方面也取得了不錯的成績。這些是我們將隨著季度的進展而看到的結果。現在我將請法比奧，他將提供有關這些概念的更多細節，他將回答你的第二個問題。

Thiago, adding to the first answer. So what I can offer in terms of the information related to the slaughter processes. Our position in this regard has not changed in any significant manner. You can consider a share, thinking about ultra protein equivalent to 24% or 25%. And when we think about swine share slaughter that happens in the market, about 20% or 21%. And that will probably help you quantify and reach a figure.

Thiago，添加到第一個答案。那麼我可以提供與屠宰過程相關的信息。我們在這方面的立場沒有發生任何重大變化。你可以考慮一個份額，考慮相當於 24% 或 25% 的 ultra protein。當我們考慮市場上發生的生豬屠宰份額時，大約為 20% 或 21%。這可能會幫助您量化並得出一個數字。

When we think about the circumstance involved that had putting pressure on the import prices and you consider supply, we do not have access to a lot of data. We have access to the American data, as you mentioned, data in Brazil. But this is something that would involve the whole world. So I would say that, in Europe, for example, there is a downturn estimate in production. There is reduction of storage when we compare the quarter with -- we did previous quarter.

當我們考慮對進口價格施加壓力的情況，而你考慮供應時，我們無法獲得大量數據。我們可以訪問美國的數據，正如您提到的，巴西的數據。但這是涉及全世界的事情。所以我要說的是，例如在歐洲，產量估計會下降。當我們將本季度與上一季度進行比較時，存儲量有所減少。

Yes, we need to consider those data, but it's a sign that the direction of this cycle has changed. I would also like to point out the demand, the demand I mentioned. When we consider sales possibilities, we see a scenario which is much more favorable. When we think about the Asian continent, Of course, led by China, specifically that share very interesting information about sales with this opening in the market, favoring retail and conversion, and we can see that there is a recovery on chicken price, which is something very remarkable, very visible.

是的，我們需要考慮這些數據，但這是這個週期的方向已經改變的跡象。我還要指出需求，我提到的需求。當我們考慮銷售可能性時，我們看到了一個更有利的場景。當我們想到亞洲大陸時，當然，以中國為首，特別是在市場開放時分享非常有趣的銷售信息，有利於零售和轉換，我們可以看到雞肉價格有所回升，這是非常了不起，非常明顯的東西。

And I would like to say that the company continues very focused in the diversification of what we do in the market. Whenever we see opportunities, we see -- we also have licenses (inaudible) Marau and Lucas Which is also very representative something that is new today, we want to amplify and broaden the exports platform. And I did not even mention the sanitary problem, which is something that we have been monitoring very closely with China, which is something that can affect the swine population. And this is something that we are going to monitor closely because this can cause a very positive result for the prices.

我想說的是，公司繼續非常專注於我們在市場上所做的多元化。每當我們看到機會時，我們都會看到——我們也有許可證（聽不清）Marau 和 Lucas，這也是當今新事物非常具有代表性的東西，我們希望擴大和拓寬出口平台。我什至沒有提到衛生問題，這是我們一直在與中國密切關注的問題，它會影響豬群。這是我們將密切關注的事情，因為這可能會對價格產生非常積極的影響。

Very clear. I'm going to make a follow-up on the what Miguel said on the answers. When we look at the numbers of deduction on gross revenue, especially in Brazil, they are -- they have been the lowest for many years, suggesting that this is already a result of an evolution that you mentioned related to price adherence and reduction of discounts and FIFO, which is one of the topics that Miguel mentioned repeatedly.

非常清楚。我將對 Miguel 在答案中所說的內容進行跟進。當我們查看總收入的扣除數量時，尤其是在巴西，它們是 - 它們多年來一直是最低的，這表明這已經是您提到的與價格遵守和折扣減少相關的演變的結果和FIFO，這是Miguel反复提到的話題之一。

So I would like to ask if this level that you saw in the first quarter, based on the improvements that Miguel mentioned in the first answer to my first question, is this a level which is sustainable? Can we improve it even further or not? It's important to check this opportunity.

所以我想問一下，根據 Miguel 在我第一個問題的第一個答案中提到的改進，你在第一季度看到的這個水平是否可持續？我們是否可以進一步改進它？檢查這個機會很重要。

Thank you very much for the question, Thiago. The answer is yes. It's a sustainable level that we have reached, and I have to say that, yes, there's room for our improvement. We are working hard to improve this number. And obviously, in a situation when we have options of imports, the situation will help so that this level will be maintained or will be improved. I always say that the best option is to have many options. And as Fábio said, we have Lucas facilities, which is one of the most important facilities for BRF, of course swine and poultry now it's going to be integrated in our number of options in the negotiations with China.

蒂亞戈，非常感謝你提出這個問題。答案是肯定的。這是我們已經達到的可持續水平，我不得不說，是的，我們還有改進的餘地。我們正在努力改善這個數字。顯然，在我們有進口選擇的情況下，這種情況將有助於維持或提高這一水平。我總是說最好的選擇是有很多選擇。正如 Fábio 所說，我們有 Lucas 設施，這是 BRF 最重要的設施之一，當然還有豬和家禽，現在它將被納入我們與中國談判的眾多選擇中。

But behind all the numbers of FIFO, there is also the commercial execution. There's a lot of dedication from our sales teams, there's a lot of dedication from our logistics teams and also from our marketing team, production team, quality. In other words, this is a number that does not come out of a small initiative, but rather from a number of initiatives, when the company is going back to basic, simplify and go straight to the point.

但在先進先出的所有數字背後，還有商業執行力。我們的銷售團隊付出了很多努力，我們的物流團隊以及我們的營銷團隊、生產團隊和質量團隊也付出了很多努力。換句話說，這個數字不是來自一個小的舉措，而是來自一些舉措，當公司回歸基本、簡化並直奔主題時。

So let me provide some context based on the question you asked. Our scenario is very important in relation to grains market. It's not typical when we consider volumes and a significant drop. It hadn't happened for many years. And with a company that is planning well, executing well, doing well, focused on improving and we have the humility to understand that we can improve further, and we will capture the opportunities in this challenging scenario, so we had lots of problems last semester, but we are working by diversifying our products, our portfolio and increasing our exports.

因此，讓我根據您提出的問題提供一些背景信息。我們的情景對於穀物市場非常重要。當我們考慮數量和大幅下降時，這並不典型。這已經很多年沒有發生了。和一家計劃好、執行好、做得好、專注於改進的公司一起，我們謙虛地理解我們可以進一步改進，我們將在這個充滿挑戰的情況下抓住機會，所以上學期我們遇到了很多問題，但我們正在努力使我們的產品、我們的產品組合多樣化並增加我們的出口。

So we had 16 new licenses in this quarter. And so we are prepared to face the challenges of this moment. But we are also working so that the next quarters will bring better results.

所以我們在本季度有 16 個新許可證。因此，我們準備好迎接這一刻的挑戰。但我們也在努力，以便下個季度能帶來更好的結果。

Your next question comes from [Leonardo with XP.]

你的下一個問題來自 [Leonardo with XP.]

[In fact, I'd like to maybe hear a little bit more color in terms of your operational improvements. You talked about the 418 this quarter, adding to the 180 that came last year. This is -- we're talking about over BRL 600 million in efficiency gains. And you say you don't have any specific guidance for that. But at the same time, as you dive into these operating fronts, production, operations, logistics, you can usually see more clearly precisely where the opportunities are.]

[事實上，我可能希望聽到更多有關您的運營改進的顏色。你談到了本季度的 418 人，加上去年的 180 人。這是——我們談論的是超過 6 億雷亞爾的效率提升。你說你沒有任何具體的指導。但與此同時，當你深入這些運營前沿、生產、運營、物流時，你通常可以更清楚地準確地看到機會在哪裡。]

[So if you could just maybe update us on what's been done so far? Of course, you've reported on feed conversion and reduced mortality rates. But I wanted to hear if the level of efficiency or opportunities for value capturing is what you were expecting? Or if you can already see opportunities to continue to do that? And if you could also give us some prospect, we're talking about over BRL 600 million, is this even quicker than expected when you began to address this or tap into this since you've joined BRF?]

[那麼，您能否向我們介紹一下到目前為止所做的工作？當然，您已經報告了飼料轉化率和降低的死亡率。但我想知道效率水平或價值獲取機會是否符合您的預期？或者，如果您已經看到繼續這樣做的機會？如果你也能給我們一些前景，我們談論的是超過 6 億雷亞爾，這是否比你加入 BRF 後開始解決這個問題或利用這個問題時的預期更快？]

Leonardo, I'll start this -- answering this from the generic perspective, and then Leonardo, we'll quantify and give you more detail. To answer you very honestly, what I found here is really exceeding my expectations. I found a company that was ready to reap the benefits that it could with all the information it needed. And if we were to quantify these gains, I'd say that we established a plan that expected 24.5% in efficiency gains over the figure that we had. We are 0.5 percentage points over that at 25.5%.

萊昂納多，我將從一般角度回答這個問題，然後萊昂納多，我們將量化並為您提供更多細節。非常誠實地回答你，我在這裡的發現真的超出了我的預期。我發現一家公司準備好利用其所需的所有信息來獲得可能的收益。如果我們要量化這些收益，我會說我們制定了一個計劃，預計效率比我們現有的數字高出 24.5%。我們比 25.5% 高出 0.5 個百分點。

And BRF is still working to grow this figure every quarter. Evidently, every efficiency plan as you began to execute it, that gains momentum. And as you bear or as you see the benefits, you feel compelled to gain more benefits. And I'd also like to point out the efficacy of information, which allows us to make more accurate information, but not only that, the sheer capacity of our over 97,000 associates in every way to the ability and the resilience that they have shown to go after these results have been critical for us to obtain the results that we have.

BRF 仍在努力使這個數字每個季度都增長。顯然，當你開始執行每一個效率計劃時，它都會獲得動力。當您承受或看到好處時，您會感到有必要獲得更多好處。我還想指出信息的功效，它使我們能夠提供更準確的信息，但不僅如此，我們 97,000 多名員工在各個方面所表現出的能力和韌性的絕對能力追求這些結果對於我們獲得我們所擁有的結果至關重要。

So after 42 years working in this industry, I can't stop being pleasantly surprised by BRF. This situation that we faced in these first few months is a challenging one, but I still see BRF as being motivated, prepared and working hard and humbly to seize all of these opportunities that this highly qualified information system allows us to navigate all of this. So if you could please quantify that for Leonardo, please.

所以在這個行業工作了 42 年後，我無法停止對 BRF 的驚喜。我們在最初幾個月面臨的情況是一個具有挑戰性的情況，但我仍然認為 BRF 有動力、有準備並努力和謙虛地工作以抓住所有這些機會，這個高質量的信息系統使我們能夠駕馭所有這些。所以，如果你能為萊昂納多量化一下，拜託了。

Leonardo, so quantitatively, we reported in this first quarter of 2023 BRL 218 million. And just to remind you, this efficiency is being obtained by the improved performance of each one of those operating readings, and we mentioned what the most important indicators were. And if you think of the previous year 2022 as the starting point, you compare each indicator with the same period 1 year earlier.

萊昂納多，從數量上講，我們在 2023 年第一季度報告了 2.18 億雷亞爾。提醒您，這種效率是通過每一個操作讀數的改進性能獲得的，我們提到了最重要的指標是什麼。而如果以前一年2022年為起點，將各項指標與一年前同期進行比較。

So where is each one of these millions of BRL is coming from. On the agribusiness side, we have [BRL 110 million] between mortality rates that have been reduced and improved efficiency. So with that, you can expect a slightly longer period until this can be seen in the cost of the products sold. We're talking about a positive impact of the cost of the living cattle, the cattle will be slaughtered and then its raw material will be processed and then it will be sold.

那麼，這數百萬 BRL 中的每一個都來自哪裡。在農業綜合企業方面，我們在降低死亡率和提高效率之間有 [1.1 億雷亞爾]。因此，您可以期待更長的時間，直到可以在銷售產品的成本中看到這一點。我們談論的是活牛成本的積極影響，牛將被屠宰，然後加工其原材料，然後出售。

So that will ultimately reflect on the cost of the products sold. So there's some turnover in the entire chain. And then thinking about manufacturing one step further, we are capturing BRL 86 million in profitability. And then in logistics, by reducing our storage costs per diem costs, we have another BRL 87 million, and this is immediate. We can tell you that this is already reflecting in our Q3 2023 results.

因此，這最終將反映在所售產品的成本上。所以整個鏈條都有一些營業額。然後進一步考慮製造，我們獲得了 8600 萬雷亞爾的盈利能力。然後在物流方面，通過降低我們的每日倉儲成本，我們還有 8700 萬雷亞爾，這是立竿見影的。我們可以告訴您，這已經反映在我們 2023 年第三季度的業績中。

And then we have reduced idle capacity and process losses, which account for about the BRL 88 million that we have left.

然後我們減少了閒置產能和流程損失，這占我們剩下的大約 8800 萬雷亞爾。

Just to finalize the answer to your question, I would remember this, when I was at Marfrig, I was asked this question and when we compare quarter-to-quarter at Marfrig and now we have the opportunity to apply this efficiency plan here at BRF as well, which has a huge impact on the company's operations at large.

只是為了最終確定你的問題的答案，我會記得這個，當我在 Marfrig 時，有人問我這個問題，當我們比較 Marfrig 的季度與季度時，現在我們有機會在 BRF 應用這個效率計劃以及，這對公司的整體運營產生了巨大影響。

Yes, absolutely. And I'd like to thank you, Miguel and Fábio, for the details. But if you could do an exercise to tell us about what is your company doing in terms of when we compare it to the industry and especially considering the strategies that you have on the commercial front, which I understand also include your international operations. You already break down the efficiency, but can you already see gains in efficiency on the commercial side for your international operations?

是的，一點沒錯。我要感謝 Miguel 和 Fábio 提供的詳細信息。但是，如果你能做一個練習，告訴我們你的公司在與行業進行比較時做了什麼，特別是考慮到你在商業方面的戰略，據我所知，這也包括你的國際業務。您已經分解了效率，但是您是否已經看到國際運營在商業方面的效率提高了？

Well, we usually say that the best practice for the company is to repeat the same performance and one, the same performance that it had in one place and a different place, whether that's abroad or not. And our practice, if we have one practice in Marau, we can adopt the same practice or some of the same practices in a plant in Turkey. And this is something we do every day. We are constantly measuring and monitoring our efficiency and profitability KPIs and replicating that in a highly professional way and highly detailed way elsewhere.

好吧，我們通常說公司的最佳做法是在一個地方和另一個地方重複相同的性能和相同的性能，無論是在國外還是國外。而我們的實踐，如果我們在 Marau 有一個實踐，我們可以在土耳其的一家工廠採用相同的實踐或一些相同的實踐。這是我們每天都在做的事情。我們不斷衡量和監控我們的效率和盈利能力 KPI，並以高度專業和高度詳細的方式在其他地方進行複制。

This is one great advantage. And once again, this company, as if you had a 3D panel and this 3D panel, if you look at the right indicators, you can capture what has the best impact and also the information allows you to replicate that in different locations.

這是一個很大的優勢。再一次，這家公司，就好像你有一個 3D 面板和這個 3D 面板，如果你查看正確的指標，你可以捕捉到什麼有最好的影響，而且信息允許你在不同的位置複製它。

Your next question comes from Lucas Ferreira with JPMorgan.

你的下一個問題來自摩根大通的盧卡斯費雷拉。

Two follow-ups here. Miguel, I remember in the conference call of last quarter, you mentioned about the expectations of recovering 4 to 6 percentage points using the efficiency plan. If I'm not mistaken, the comparison basis that you mentioned was to be a better BRF, maybe number similar to 2019.

這裡有兩個後續行動。 Miguel，我記得在上個季度的電話會議中，你提到了使用效率計劃恢復 4 到 6 個百分點的期望。如果我沒記錯的話，你說的比較依據是更好的BRF，可能是和2019年差不多的數字。

But my question considering the time you've been with the company, you saw some processes and you understand that there are some costs that could be brought to a better level, considering your history. And where do you see this processes? Where do you see that the company has the best opportunities to deliver its historical results?

但我的問題是，考慮到你在公司工作的時間，你看到了一些流程，並且你明白，考慮到你的歷史，有些成本可以降低到一個更好的水平。你在哪裡看到這個過程？您認為公司在哪些方面最有機會實現其歷史業績？

And maybe a follow-up to Fábio about prices. Fábio, what I understood you have already started some initiatives in April, but you see also some opportunities of having some additional increases in prices, some categories that you did not increase -- those prices you did not increase, which would be those categories if so? And the domestic price of chicken is still a bit impacted, where do you see room for increasing prices?

也許是 Fábio 關於價格的後續行動。 Fábio，據我所知，你在 4 月份已經開始了一些舉措，但你也看到了一些額外漲價的機會，有些類別你沒有漲價——那些你沒有漲價的類別，如果所以？而國內的雞肉價格還是受到了一定的影響，您認為漲價的空間在哪裡？

Lucas, answering your question, yes, you're right. 2019 was the base 0. And what we see in practice is that this was the correct base to be used because there was a gap between 2019 and 2022. We understand that 2022 is going to be exceeded, and we are going to work hard. For that purpose, we're focused on that. We have all those indicators that are monitored daily, if not hourly. BRF's system is an online -- nearly online system. We understand how things are happening online so that we can make decisions.

盧卡斯，回答你的問題，是的，你是對的。 2019 年是基數 0。我們在實踐中看到，這是要使用的正確基數，因為 2019 年和 2022 年之間存在差距。我們知道 2022 年將被超過，我們將努力工作。為此，我們專注於此。我們擁有每天（如果不是每小時）監控的所有這些指標。 BRF 的系統是一個在線——近乎在線的系統。我們了解網上發生的事情，以便我們做出決定。

In 2019, that was the top of our plan. So today, we're much closer to it. And of course, this is going to be a milestone that we are going to exceed. I have no questions about it. Some KPIs considering the KPIs that we use as a basis considering 2019 have already been exceeded.

在 2019 年，這是我們計劃的首要任務。所以今天，我們離它更近了。當然，這將是我們要超越的里程碑。我對此沒有疑問。考慮到我們作為 2019 年基礎的 KPI 的一些 KPI 已經超過了。

And now answer your question, we see gains in all segments. If we go to the field, we understand which are the ones that are going to have a better performance than in 2019. If we go to the commercial area, both export and domestic market, we are sure that we are going to exceed the numbers, the KPIs that we use as basis. All our departments (inaudible) we are all working to that. And it's not only a matter of willing to do. We have a plan, and we are implementing this plan in a very dedicated and disciplined way.

現在回答你的問題，我們看到了所有領域的收益。如果我們去實地，我們知道哪些產品的表現會比 2019 年更好。如果我們去商業領域，包括出口和國內市場，我們肯定會超過這些數字，我們用作基礎的 KPI。我們所有的部門（聽不清）都在為此努力。這不僅僅是願意做的問題。我們有一個計劃，我們正在以非常專注和有紀律的方式實施這個計劃。

Lucas, now addressing the second part of your question. I assume that when you mention prices, you refer to the domestic Brazilian market. If not, let me know. Yes, I said that we've been trying to impact the categories of which we are leaders by pass-through, and this is something that happened in April. And when you ask about opportunities on new increases of prices, I prefer to look at the capacity of the market to manage this. This was something that was done recently.

盧卡斯，現在解決你問題的第二部分。我假設當你提到價格時，你指的是巴西國內市場。如果沒有，請告訴我。是的，我說過我們一直在嘗試通過傳遞來影響我們處於領導地位的類別，這是 4 月份發生的事情。當你問及新的價格上漲的機會時，我更願意看看市場管理這個的能力。這是最近做的事情。

And sometimes, their reaction can be felt immediately by the competition. In some cases, it -- the response will be partially. And so what I mean to say is that we have to understand the capacity of the market to absorb those cost pass-throughs -- or price pass-throughs. And we also have to understand the competitive environment. When we increase prices, we do all the calculations in terms of elasticity of the categories.

有時，競爭對手可以立即感受到他們的反應。在某些情況下，它 - 響應將是部分的。因此，我的意思是我們必須了解市場吸收這些成本轉嫁或價格轉嫁的能力。我們還必須了解競爭環境。當我們提高價格時，我們根據類別的彈性進行所有計算。

What I can say is that this is a movement that is well accepted. If there will be future opportunities to increase prices, it's too early to say. The market will tell whether or not this is going to materialize and we are going to monitor it very closely. Thank you.

我能說的是，這是一個被廣泛接受的運動。未來是否有漲價的機會，現在說還為時過早。市場將告訴我們這是否會實現，我們將密切關注它。謝謝。

This concludes the question-and-answer session and BRF's conference. We'd like to thank everyone for joining and wish you a great day.

問答環節和 BRF 會議到此結束。我們要感謝大家的加入，祝你有美好的一天。

[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。]