BRF SA (BRFS) 2023 Q2 法說會逐字稿

Good morning ladies and gentlemen, welcome to BRF's Q2 2023 Earnings Conference. This conference is being recorded and will be available for download at the company's website, ir.brf-global.com, where the presentation slide deck can also be downloaded.

早上好，女士們先生們，歡迎參加 BRF 2023 年第二季度收益會議。本次會議正在錄製中，可在公司網站 ir.brf-global.com 上下載，還可以下載演示幻燈片。

All attendees are now connected in listen-only mode. (Operator Instructions) Before we move on, I'd like to stress that forward-looking statements are based on BRF's management's beliefs and assumptions as well as currently available information. These statements may involve risks and uncertainties seeing as they relate to future events and, therefore, rely on circumstances that may or may not materialize.

所有與會者現在都以僅監聽模式連接。 （操作員說明）在我們繼續之前，我想強調前瞻性陳述基於 BRF 管理層的信念和假設以及當前可獲得的信息。這些陳述可能涉及風險和不確定性，因為它們與未來事件相關，因此依賴於可能或可能不會實現的情況。

Investors, analysts and journalists must take into account the events relating to the macroeconomic environment, the industry and other factors may lead to materially different results than those expressed in said forward-looking statements.

投資者、分析師和記者必須考慮與宏觀經濟環境、行業和其他因素有關的事件，這些因素可能會導致與上述前瞻性聲明中表達的結果存在重大差異的結果。

Joining our conference today are CEO, Mr. Miguel Gularte; and CFO, Mr. Fabio Mariano. I will now turn it over to Mr. Gularte, who will begin the presentation. Please, Mr. Gularte, you may proceed.

今天參加我們會議的有首席執行官 Miguel Gularte 先生；和首席財務官 Fabio Mariano 先生。我現在將其交給古拉特先生，他將開始介紹。古拉特先生，請繼續。

Good morning. I'd like to thank everyone for joining our Q2 2023 earnings conference. During this period, we remain focused on executing our efficiency plan, BRFs, which turns 1 year old this September. We've made significant headway across all our work fronts. We're seeing our gains materialize faster than expected, exceeding the target we set for the first half of the year.

早上好。我要感謝大家參加我們的 2023 年第二季度收益會議。在此期間，我們仍然專注於執行我們的效率計劃 BRF，該計劃於今年 9 月滿一周年。我們在所有工作領域都取得了重大進展。我們看到我們的成果實現得比預期更快，超出了我們為今年上半年設定的目標。

The impacts of our strong performance can already be seen in the company's balance sheet. This quarter, we're reporting recovering margins, a result of our improved operating indicators, the high-performing processed goods category in Brazil and the gradually increasing prices in U.S. dollar.

我們強勁業績的影響已經可以在公司的資產負債表中看到。本季度，我們報告利潤率有所回升，這是由於我們的運營指標改善、巴西加工產品類別表現良好以及美元價格逐漸上漲。

Now I'd like to invite our CFO, Fabio Mariano, to present our results in further detail. I'll be back later to bring you my additional thoughts and final remarks.

現在我想邀請我們的首席財務官 Fabio Mariano 更詳細地介紹我們的結果。我稍後會回來給大家帶來我的補充想法和最後的評論。

Good morning to everyone joining us I'd like to point out in the opening slide our most important financial indicators for the second quarter, starting with net revenue following the management reporting standard, which exceeded BRL 13 billion in keeping with the same period of last year.

大家早上好，我想在開場幻燈片中指出我們第二季度最重要的財務指標，首先是遵循管理報告標準的淨收入，與去年同期相比，淨收入超過 130 億雷亞爾年。

As for EBITDA, we reported over BRL 1 billion for the quarter, which led to an 8.2% EBITDA margin. Our operating cash flow came to BRL 1 billion, BRL 166 million more than our cash generation in the same period of 2022, despite the lower nominal EBITDA.

至於 EBITDA，我們報告本季度超過 10 億雷亞爾，導致 EBITDA 利潤率為 8.2%。儘管名義 EBITDA 較低，但我們的運營現金流達到 10 億雷亞爾，比 2022 年同期的現金產生量多出 1.66 億雷亞爾。

In terms of working capital, we continue to make significant headway shortening our financial cycle to 5.5 days, the lowest on record. Inventory turnover came to 81 days, 14 days less than 2022. Concluding the slide with leverage, we came to 3.75x our EBITDA for the last 12 months. We also reported a pro forma leverage of 2.42x, including the funds that we raised in our capital increase last July.

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 5.5 天，創歷史新低。庫存周轉時間達到 81 天，比 2022 年減少 14 天。用槓桿來結束下滑，我們在過去 12 個月的 EBITDA 達到了 3.75 倍。我們還報告了 2.42 倍的預計槓桿率，包括我們去年 7 月增資時籌集的資金。

Our focus is still to strengthen our capital structure, lowering our net debt and consequently the interest payments by allocating our follow-on inputs or resources the best way possible.

我們的重點仍然是加強我們的資本結構，通過盡可能最佳的方式分配我們的後續投入或資源來降低我們的淨債務，從而降低利息支付。

On the following slide, to the right, we see the gross profit over time with profitability of about 16%. Also gross profit of BRL 2 billion. To the right, we also see the EBITDA over time as we said before. In the next slides, we'll show you the performance by market or business segment.

在下一張右側幻燈片中，我們看到一段時間內的毛利潤，盈利能力約為 16%。毛利潤也達到 20 億雷亞爾。正如我們之前所說，在右側，我們還可以看到一段時間內的 EBITDA。在下一張幻燈片中，我們將向您展示按市場或業務部門劃分的業績。

Starting with Brazil, we see a progressive evolution in EBITDA and margins. This development is even more substantial when we look at the portfolio of processed goods that's performed in line with its historical record despite the lower consumer spending in the country.

從巴西開始，我們看到 EBITDA 和利潤率逐步演變。儘管該國消費者支出較低，但當我們觀察加工產品組合時，這種發展就更顯著了，儘管該國消費者支出較低，但其表現仍符合其歷史記錄。

In the next slide, we make it evident how the decrease in prices of the unprocessed goods in Brazil has stopped better performance in the region. We can see the chart -- on the lower left, high-end side on the base 100, our profitability for processed goods over the last quarters that already showing gains in efficiency from the BRF-Plus program in addition to better commercial execution and price positioning.

在下一張幻燈片中，我們清楚地表明了巴西未加工產品價格的下降如何阻礙了該地區更好的表現。我們可以看到圖表 - 在左下角，以 100 為基數的高端部分，我們過去幾個季度的加工產品盈利能力已經顯示出 BRF-Plus 計劃帶來的效率提升以及更好的商業執行和價格定位。

To the right, we see soybean oil prices, which is already fostered better margins for the margarines category and corn prices and soybean brand prices that will give great benefits to our costs starting in Q3. In the following slide, we see a slightly more attractive macroeconomic scenario when we noticed the progress in indicators such as consumer confidence, income and employment, which are closely correlated with the spending on processed goods in Brazil, accounted for about 75% of our sales volume.

在右側，我們看到豆油價格，這已經為人造黃油類別帶來了更好的利潤，而玉米價格和大豆品牌價格將從第三季度開始為我們的成本帶來巨大好處。在下面的幻燈片中，當我們注意到消費者信心、收入和就業等指標的進展時，我們看到了一個稍微更具吸引力的宏觀經濟情景，這些指標與巴西加工產品的支出密切相關，約占我們銷售額的75%體積。

On Slide 8, I'd like to point out the market in Brazil with new breakthroughs in commercial execution that have allowed us great gains and competitiveness. I would like to point out among those, the increase in active customers, the larger coverage of store promoters and better adoption of suggested prices in retail.

在幻燈片8中，我想指出巴西市場在商業執行方面的新突破，使我們獲得了巨大的收益和競爭力。我想指出的是，其中包括活躍顧客的增加、商店促銷員的覆蓋面擴大以及零售中建議價格的更好採用。

Lastly, the share for processed goods and spreads ended the period at 39%. In the next slide, we talk a little bit about the international market. We've seen a still very impacted EBITDA by the adverse scenario for protein exports despite greater profitability. EBITDA margin came to 4% up over 5 percentage points versus the previous quarter as a result of the gradual recovery in USD prices and the materialization of efficiency gains within our BRF plus program.

最後，加工商品和價差的份額在本期結束時為 39%。在下一張幻燈片中，我們討論一下國際市場。我們發現，儘管盈利能力有所提高，但蛋白質出口的不利形勢仍然對 EBITDA 產生了很大影響。由於美元價格逐步回升以及我們 BRF plus 計劃中效率提升的實現，EBITDA 利潤率達到 4%，比上一季度增長了 5 個百分點以上。

The next slide, we can see the highlights of the [low] market. On the left-hand side, we can see the recovery in Turkey as a result of the increased supply of value-added products in the Turkish market and production rebalancing as a way to reverse the local price trends.

下一張幻燈片，我們可以看到[低]市場的亮點。在左側，我們可以看到土耳其的複蘇，這是由於土耳其市場增值產品供應增加以及生產再平衡作為扭轉當地價格趨勢的一種方式。

We have maintained our market share leadership with the Sadia and Banvit brands, which have 37% and 20% market share in their respective markets. We also achieved more than 50% share of Brazilian poultry exports to the GCC region.

我們保持 Sadia 和 Banvit 品牌的市場份額領先地位，這兩個品牌在各自的市場中擁有 37% 和 20% 的市場份額。我們還取得了巴西對海灣合作委員會地區家禽出口 50% 以上的份額。

On the right-hand side, you can see the highlights of the direct export segment. We continued to expand business alternatives with 15 new licenses for markets such as China, Japan, South Africa and Argentina, direct exports from plants, reducing logistical costs and unsold inventories continue to decline improving commercial execution and alleviating the use of capital.

在右側，您可以看到直接導出部分的亮點。我們繼續擴大業務選擇，為中國、日本、南非和阿根廷等市場頒發了15個新許可證，工廠直接出口，降低了物流成本，未售出庫存繼續下降，提高了商業執行力並減輕了資金使用。

We achieved gains in the share of poultry and pork exports to different destinations. I will wrap up the presentation on the different business segments on the next slide with the performance of ingredients and pet food. The segment reported an EBITDA margin of 16%, and BRL 101 million in the quarter. It's worth mentioning that the improved industrial yield has reduced the supply of raw materials for ingredients, while strengthening the volume of products in the company's core portfolio maximizing total profitability.

我們向不同目的地的家禽和豬肉出口份額有所增加。我將在下一張幻燈片中以原料和寵物食品的表現來結束對不同業務部門的演示。該部門本季度 EBITDA 利潤率為 16%，為 1.01 億雷亞爾。值得一提的是，工業產量的提高減少了配料原材料的供應，同時加強了公司核心產品組合中的產品數量，從而最大限度地提高了總體盈利能力。

We continue to make progress in capturing synergies in pet foods, and we improved our service level and increased our presence in the direct sales channel, now also in the south of the country. In Ingredients, we made progress in new markets, expanding our presence in the Southeast Asia markets and expanding the range of value-added items produced. We continue to add value to our byproducts in order to maximize business integration.

我們在寵物食品的協同效應方面不斷取得進展，我們提高了服務水平，並增加了我們在直銷渠道中的影響力，現在也在該國南部。在原料方面，我們在新市場取得了進展，擴大了我們在東南亞市場的影響力，並擴大了生產的增值產品的範圍。我們不斷增加副產品的價值，以最大限度地實現業務整合。

Now I will share the advances of our efficiency program that will be detailed by Miguel shortly. I will present the comparisons with the same period of the previous year, bars, colored in light grades, other comparison bases can also be seen in our release materials. In agriculture and livestock, there was a 2.3% and 1.3% drop in food conversion of poultry and pork, respectively.

現在，我將分享我們的效率計劃的進展，米格爾很快將詳細介紹這一計劃。我將展示與去年同期的比較，條形，淺色等級，其他比較基礎也可以在我們的發布材料中看到。在農業和畜牧業中，家禽和豬肉的食物轉化率分別下降了2.3%和1.3%。

Chicken mortality rates decreased by 1.8 percentage points and outbreak rates increased by 3.6 percentage points. Industrial yield increased by 2.5 percentage points, while process waste was reduced by 36%. In logistics, we reduced 3 turn and raised service levels in Brazil by 8 points.

雞死亡率下降1.8個百分點，疫情發生率上升3.6個百分點。工業產量提高了 2.5 個百分點，工藝廢物減少了 36%。在物流方面，我們在巴西減少了 3 個周轉時間，提高了 8 個百分點的服務水平。

On Page 14, we share our sustainability data. We can see highlights such as the launch of three zero carbon products as part of Sadia's portfolio. We started adopting the cage-free model for [just 80] (inaudible) in all new projects -- we also carried out for the first time, the double materiality process for the publication of an integrated report that takes into account the view of capital providers in a complementary manner.

在第 14 頁，我們分享了我們的可持續發展數據。我們可以看到一些亮點，例如作為薩迪亞產品組合的一部分推出了三種零碳產品。我們開始在所有新項目中採用[僅80]（聽不清）的無籠模式——我們還首次實施了考慮資本觀點的綜合報告發布的雙重重要性流程供應商以互補的方式。

We advanced the MSCISG rating category and finally, through the BRF Institute, we continue to support initiatives that foster entrepreneurship and social inclusion. Now on Page 16, we share information related to the company's capital structure. The chart on the left shows the evolution of net debt and leverage also illustrating the impact of our stock offer. Such indicators were highlighted at the beginning of the conference. On the right, we can see our debt profile, which remains diversified and elongated, with a comfortable liquidity position.

我們提升了 MCISG 評級類別，最後，通過 BRF 研究所，我們繼續支持促進創業和社會包容的舉措。現在在第 16 頁，我們分享與公司資本結構相關的信息。左圖顯示了淨債務和槓桿率的演變，也說明了我們股票報價的影響。會議開始時強調了這些指標。在右側，我們可以看到我們的債務狀況仍然多元化且拉長，流動性狀況良好。

On the next slide, you can see our free cash flow, the bridge shows an operating cash generation of approximately BRL 1 billion, an investment of BRL 707 million and BRL 885 million in financial flow without foreign exchange effect. Resulting in a free cash burn of BRL 425 million.

在下一張幻燈片上，您可以看到我們的自由現金流，橋顯示約10 億雷亞爾的運營現金生成、7.07 億雷亞爾的投資和8.85 億雷亞爾的財務流動（不考慮外匯影響）。導致 4.25 億雷亞爾的自由現金消耗。

There has been quarter-on-quarter and year-over-year progress as we can see on the chart on the top right. On the final slide, we can see the quarterly evolution of our net debt. Our net debt is stable at BRL 15.3 billion despite the cash burn of the quarter.

正如我們在右上角的圖表中看到的那樣，季度環比和同比都取得了進展。在最後一張幻燈片上，我們可以看到淨債務的季度演變。儘管本季度現金消耗較多，但我們的淨債務穩定在 153 億雷亞爾。

The allocation of the follow-on proceeds will contribute in a timely manner to a relevant lowering of our debt level and interest payments in the coming quarters. I would like to thank you all for your attention, and now I'll turn the floor over to our CEO, Miguel Gularte, for his final remarks.

後續收益的分配將有助於及時降低我們未來幾個季度的債務水平和利息支付。我要感謝大家的關注，現在我將請我們的首席執行官 Miguel Gularte 發表最後的講話。

Thank you, Fabio. To wrap up our presentation, I would like to highlight, as we mentioned earlier, that throughout the quarter, we evolved on all fronts of our efficiency plan, capturing BRL 540 million. An amount that adds up to BRL 1.2 billion since the beginning of its implementation.

謝謝你，法比奧。在結束我們的演講時，我想強調，正如我們之前提到的，整個季度，我們在效率計劃的各個方面都取得了進展，實現了 5.4 億雷亞爾的目標。自實施以來，金額總計達 12 億雷亞爾。

Our leaders remain dedicated to a high-performance culture focused on efficiency, simplicity and agility. The results of everyone's engagement have already started to show this quarter. The achievements to date added to the team's engagement reassures that we can, we must and we will continue to evolve.

我們的領導者仍然致力於打造注重效率、簡單性和敏捷性的高績效文化。每個人的參與的結果已經在本季度開始顯現。迄今為止所取得的成就增強了團隊的參與度，這讓我們確信我們能夠、我們必須而且我們將繼續發展。

In Brazil, we advanced in our commercial execution. In the quarter, we added more than 4,500 new customers, maintaining high levels of logistics services and enhancing our retail footprint with laser focus on consumer experience, shelf space with renewed packaging, high-quality products and innovations.

在巴西，我們在商業執行方面取得了進步。本季度，我們新增了 4,500 多名新客戶，保持了高水平的物流服務，並通過高度關註消費者體驗、更新包裝的貨架空間、高質量的產品和創新來增強我們的零售足跡。

Our EBITDA margins in Brazil increased by 1.6 percentage points, boosted by the trend of growing profitability in the processed goods portfolio. Our adjusted EBITDA was BRL 1 billion, reaching margins of 8.2%, up 3.6 percentage points quarter-on-quarter.

受加工產品組合盈利能力增長趨勢的推動，我們在巴西的 EBITDA 利潤率增長了 1.6 個百分點。調整後 EBITDA 為 10 億雷亞爾，利潤率為 8.2%，環比增長 3.6 個百分點。

In international operations, our market diversification strategy remains consistent in export. We got 15 new licenses (inaudible) forth to Asia, South Africa and Argentina. Another important point is the continuous drop in grain prices, which will have a more significant impact on costs in the coming quarters.

在國際業務中，我們的市場多元化戰略在出口方面保持一致。我們獲得了 15 個發往亞洲、南非和阿根廷的新許可證（聽不清）。另一個重要的一點是糧食價格的持續下跌，這將對未來幾個季度的成本產生更顯著的影響。

It's worth mentioning that we took action early on and prepared for this movement, and we already see improvements as a result of this. Our employees continue to be a priority. More than 1,000 leaders of our company who are crucial for bringing results have already participated in professional development programs these years.

值得一提的是，我們很早就採取了行動並為此做好了準備，並且我們已經看到了由此帶來的改進。我們的員工仍然是我們的首要任務。這些年來，我們公司有 1,000 多名對取得成果至關重要的領導者已經參加了專業發展計劃。

In terms of safety, we are at the best historical levels. Our brands are consumer-preferred brands. Sadia continues as the most valuable brand in the food sector. [Kidelli] is the most frequently chosen and stored brand and Qualy and Deline are the top-selling margarines in the country. BRF was again listed by the Valor Econômico ranking among the Top 5 talked by most innovative companies in the food service, and we continue making the most of opportunities to reinforce the strategic partnerships with relevant clients.

在安全方面，我們處於歷史最好水平。我們的品牌是消費者首選的品牌。 Sadia 繼續成為食品行業最有價值的品牌。 [Kidelli] 是最常選擇和儲存的品牌，Qualy 和 Deline 是該國最暢銷的人造黃油。 BRF 再次被 Valor Economico 排名列為食品服務領域最具創新性公司的前 5 名，我們將繼續充分利用機會加強與相關客戶的戰略合作夥伴關係。

I cannot [pay] you to highlight that the stock offering contributed to raising BRL 5.4 billion in liquidity, reinforced our capital structure and boosted the reduction of the company's final expenses. This was the largest follow-on offer held in Latin America this year.

我無法向您強調，此次股票發行有助於籌集 54 億雷亞爾的流動性，增強了我們的資本結構，並促進了公司最終費用的減少。這是今年拉丁美洲舉行的最大規模的後續收購要約。

Finally, I would like to thank our more than 100,000 employees in the effective support of our Chairmain Marcos Molina as well as our Board of Directors, shareholders, producers, customers, suppliers and communities where we operate.

最後，我要感謝我們超過 100,000 名員工，感謝我們董事長馬科斯·莫利納 (Marcos Molina) 以及我們的董事會、股東、生產商、客戶、供應商和我們經營所在社區的有效支持。

We all continue to work in synergy committed to recovering the company's profitability and looking out for the opportunities that will certainly arise in the coming quarters. We'll now start the Q&A session for investors and analysts.

我們所有人將繼續協同努力，致力於恢復公司的盈利能力，並尋找未來幾個季度肯定會出現的機會。我們現在開始投資者和分析師的問答環節。

(Operator Instructions) Your first question comes from Gustavo Troyano with Itau BBA.

（操作員說明）您的第一個問題來自 Itau BBA 的 Gustavo Troyano。

Good morning, Miguel and Fabio. Miguel, I'd like to pick on your final remarks and the presentation to go a little bit deeper in the science program. You mentioned BRL 540 million gains in the quarter and BRL 1.3 billion since the program began. And to my understanding, these are all measured by KPIs that go from the field to the final sale.

早上好，米格爾和法比奧。米格爾，我想談談你的最後評論和演講，以便更深入地了解科學計劃。您提到本季度收益為 5.4 億雷亞爾，自該計劃啟動以來收益為 13 億雷亞爾。據我了解，這些都是通過從現場到最終銷售的 KPI 來衡量的。

So the first thing I'd like to go into is how much of those gains that we can already see in your balance sheet and how much can we expect to see in the next few quarters? According to what you mentioned in your release, the sequence of decreases is not connected to a more benign grain price dynamics.

因此，我想討論的第一件事是，我們已經可以在您的資產負債表中看到多少收益，以及我們預計在接下來的幾個季度中可以看到多少收益？根據您在新聞稿中提到的內容，下降的順序與更良性的糧食價格動態無關。

So I wanted to understand how much we could see in COGS per kilo comes from BRF trading and how much would that come from grains. And along the same lines, it would be interesting to see an update about the gains in efficiency in Q3. Is that already slowing down? Or can we expect the program to continue moving forward?

因此，我想了解每公斤的銷貨成本中有多少來自 BRF 貿易，以及有多少來自穀物。同樣，看到第三季度效率提升的最新情況也會很有趣。是不是已經開始放緩了？或者我們可以期望該計劃繼續向前推進嗎？

As for tax reform, I just wanted to understand whether the company has any study, internal study that you could share with us, even if in broad strokes, what could we expect from you in that sense?

至於稅收改革，我只是想了解公司是否有任何研究，內部研究您可以與我們分享，即使是廣義上的，我們對您的期望是什麼？

Gustavo, thank you for your questions. We'll put the efficiency program in context for a little bit because this, as everyone knows, is a program we started running in Q4 of 2022 and we've moved forward with it across or throughout the year 2023. This involves all our processes on the field, manufacturing, marketing, also quality assurance, people, as well as our international markets, both Halal and the national market and direct exports as well as our finances.

古斯塔沃，謝謝你的提問。我們將稍微介紹一下效率計劃，因為眾所周知，這是我們在 2022 年第四季度開始運行的計劃，並且我們已在 2023 年或全年推進該計劃。這涉及我們的所有流程在現場、製造、營銷、質量保證、人員以及我們的國際市場、清真和國內市場、直接出口以及我們的財務方面。

So every factor impacting our company have been involved or encompassed by this program. We also had great involvement by our controlling shareholder, Mr. Marcos Molina and their Board of Directors, that provided everything that we needed to introduce BRF plus. And this program touched all our 96 million collaborators who are very much engaged, and I would say that this was a recovery of the high-performance culture that BRF has always adopted.

所以影響我們公司的每一個因素都被涉及或包含在這個計劃中。我們的控股股東 Marcos Molina 先生及其董事會也大力參與，這為我們引入 BRF plus 提供了所需的一切。這個計劃感動了我們所有 9600 萬高度參與的合作者，我想說這是 BRF 一直採用的高績效文化的恢復。

We -- by December, we expect it right now, after 6 months to have about 41% or 42% better saying, and we are now at over 50% of the program, meaning we are ahead of schedule. So, within this operational efficiency improvements program, we see indicators already exceeding those levels that we had set as basic KPIs, which are the metrics from 2019. So indexes such as mortality, logistics and other metrics. And if we go to manufacturing, for example, yields and productivity, if we look at our commercial execution, the index per client or if we go to marketing, we were able to grant new packages.

我們 - 到 12 月，我們預計 6 個月後會有大約 41% 或 42% 的更好的說法，我們現在已經完成了超過 50% 的計劃，這意味著我們提前了。因此，在這個運營效率改進計劃中，我們看到指標已經超過了我們設定的基本 KPI 的水平，這些指標是 2019 年的指標。死亡率、物流和其他指標等指標。例如，如果我們關注產量和生產力，如果我們關注我們的商業執行情況、每個客戶的指數，或者如果我們關注營銷，我們就能夠授予新的套餐。

We strengthen the brand, continued with our innovations, if we go to grain, for example, we were able to better position our prices with intelligence to capture those efficiencies as fast as possible. Inventory management in the Halal management at a perfect timing to make the most of the circumstances in the market.

我們強化品牌，繼續創新，例如，如果我們轉向穀物，我們就能夠通過情報更好地定位我們的價格，以盡快提高效率。清真管理中的庫存管理恰逢其時，充分利用了市場情況。

In agroquality, we also saw improvements, we've also been working on the regulatory side to seize best efficiencies -- the program called 15 Best destinations, which excites us very much. And I usually say that the best choice is to have multiple choices. When it comes to people, we are proud to say that our safety levels are at the best points on record, lowering also absenteeism and we're also preparing our people better. That when it comes to training that is the equivalent to more motivation. So we're very happy about that.

在農業質量方面，我們也看到了進步，我們也一直在監管方面努力，以實現最佳效率——名為“15個最佳目的地”的計劃，這讓我們非常興奮。我通常說最好的選擇就是有多種選擇。說到人員，我們可以自豪地說，我們的安全水平處於有記錄以來的最佳水平，缺勤率也有所降低，而且我們也在為員工做好更好的準備。當談到培訓時，這相當於更多的動力。所以我們對此感到非常高興。

On the legal side, we're also working on every indicator. And last but not least, our entire finance and IR department. We had the greatest follow-on offering in Latin America, which will provide a very solid foundation -- financial foundation for the company to deleverage which is now enjoying the best leverage after this largest follow-on offering in Latin America. All the liability program that Fabio and his team will be developing supported by our Board of Directors and finance team. All of that being said, I would say that looking ahead, we see the BRF Plus program as a very clear possibility for delivery later in 2023.

在法律方面，我們也在抓好每一個指標。最後但並非最不重要的一點是我們整個財務和投資者關係部門。我們在拉丁美洲進行了最大規模的後續發行，這將為公司去槓桿化提供非常堅實的基礎——財務基礎，在拉丁美洲最大的後續發行之後，該公司現在正享受著最好的槓桿作用。法比奧和他的團隊將開發的所有責任計劃都得到我們的董事會和財務團隊的支持。綜上所述，我想說的是，展望未來，我們認為 BRF Plus 計劃很可能在 2023 年晚些時候交付。

And starting in 2023, we expect this to make even more headway into 2025, and we're very excited about that. Now Fabio adding to my answer, will be able to quantify these gains in the different stages of the program, what we have already captured and what we still have to capture moving forward. Fabio take it away.

從 2023 年開始，我們預計這將在 2025 年取得更大進展，我們對此感到非常興奮。現在，法比奧補充了我的答案，將能夠量化該計劃不同階段的這些收益，我們已經捕獲了什麼以及我們仍然需要捕獲什麼。法比奧把它拿走。

So, of the BRL 540 million that we reported as what we captured by the program. We could say that 280 -- the BRL 211 million are connected with Agribusiness. In the feed conversion and other indicators. And when it comes to yields, we are talking about BRL 189 million of that. In logistics, BRL 25 million -- and lastly, we have a decrease in downtimes and losses, which add up to the remaining BRL 115 million.

因此，我們報告了該計劃捕獲的 5.4 億雷亞爾。我們可以說有 280——2.11 億雷亞爾與農業企業有關。在飼料轉化率等指標上。說到收益率，我們談論的是 1.89 億雷亞爾。在物流方面，我們節省了 2500 萬雷亞爾，最後，我們減少了停機時間和損失，總計剩下 1.15 億雷亞爾。

When we combine everything that we've already quantifying since the Q4 of last year, Q1 of this year and now the sum of those BRL 540 million would come to BRL 2.1 billion. And we could say that 70% of that has already been recognized in our P&L, both in cost items and also in expenses, most importantly.

當我們把去年第四季度和今年第一季度以來已經量化的所有內容結合起來時，現在這 5.4 億雷亞爾的總和將達到 21 億雷亞爾。我們可以說，其中 70% 已經在我們的損益表中得到確認，最重要的是，無論是成本項目還是費用。

Now to your question about the decrease in costs that was very substantial in Q2, when compared with Q1 and also compared to 1 year earlier, is very much connected with the efficiency program and very -- it has very little to do with the overall grain scenario.

現在，關於您關於第二季度成本大幅下降的問題，與第一季度和一年前相比，與效率計劃密切相關，與總體顆粒度關係不大設想。

As we said before, we plan to lower our COGS level starting in Q3. Now with regard to the tax reform our early analysis is very much positive about a few points. First of all, with regard to what we call tax residues. So we do not have that many tax credits in store. We know that it doesn't work with -- when it comes to exports. So we are not exporting as many tax costs as well.

正如我們之前所說，我們計劃從第三季度開始降低銷售成本水平。現在，關於稅收改革，我們早期的分析有幾點是非常積極的。首先，關於我們所說的稅收殘留。因此，我們沒有那麼多稅收抵免。我們知道，在出口方面，它不起作用。因此，我們也沒有出口那麼多稅收成本。

We are also struggling to interpret what we can take in terms of credit and not. So the reform would eliminate that legal uncertainty. And there's also a decrease in uncertainty. So that also reduces our litigation in that sense as well. From the quantitative stay point, we also don't know what the rate would be both in CBS and RBS, they're talking about something between 25% and 30%. But what I can tell you is that the tax reform may be representative, especially when we look into the reduced taxes on the basic staples basket and the lower rate that could also apply to food sales.

我們也在努力解釋什麼是我們可以接受的，什麼是不能接受的。因此，改革將消除這種法律不確定性。而且不確定性也減少了。因此，這也減少了我們在這個意義上的訴訟。從定量停留的角度來看，我們也不知道 CBS 和 RBS 的停留率是多少，他們談論的是 25% 到 30% 之間的東西。但我可以告訴你的是，稅收改革可能具有代表性，特別是當我們研究基本主食籃子的減稅以及也可能適用於食品銷售的較低稅率時。

And there's also the wider basis when it comes to obtaining credit. We haven't been able to recognize the tax credits that we're using when it comes to in productive area and our own consumption. So we could have a better rate for loans when it comes to everything even in -- for credit even when it comes to tech zone services. So we could see significant impact when we look at those aspects I just mentioned.

在獲得信貸方面也有更廣泛的基礎。我們無法認識到我們在生產領域和我們自己的消費方面使用的稅收抵免。因此，我們可以在一切方面獲得更好的貸款利率，甚至在科技區服務方面的信貸。因此，當我們審視我剛才提到的這些方面時，我們可以看到重大影響。

Our next question comes from Lucas Ferreira with JPMorgan.

我們的下一個問題來自摩根大通的盧卡斯·費雷拉。

I have two questions. The first one is about this oversupply of poultry in the international market particularly the Halal market, which is a very significant one for you, especially part of Southeast Asia. How do you see that supply moving forward in the second half of the year? Do you see improvements in supply? Do you see prices getting better in the international market? If you could paint a picture of what you're seeing for the next few quarters? Do you already see marginal improvements.

我有兩個問題。第一個是關於國際市場尤其是清真市場的家禽供應過剩，這對您來說非常重要，尤其是東南亞部分地區。您如何看待下半年的供應情況？您看到供應有所改善嗎？您認為國際市場的價格會好轉嗎？您能否描繪一下未來幾個季度的情況？您是否已經看到了微小的改進？

And my other question is about processed goods in Brazil. I know that you no longer break down your price definition. But if you could give us some broad strokes about how the company has performed and if you have been able to hold back on that price increase that we saw in April, and what does the market look like in terms of competition? What do you see for the second half of the year? Do we also see balance? How will the processed goods market move forward in the next few quarters?

我的另一個問題是關於巴西的加工產品。我知道你不再分解你的價格定義。但是，您能否向我們介紹一下該公司的表現，以及您是否能夠抑制我們四月份看到的價格上漲，以及市場在競爭方面的情況如何？您對下半年有何看法？我們也看到平衡了嗎？未來幾個季度加工品市場將如何發展？

Lucas, I will take the first part of the question and then turn it over to Fabio and talk more to your second question. About supply, we ended the year, seeing supply going up. But if we look at the last few weeks, especially the last month, we see more of a controlled warehousing market.

盧卡斯，我將回答問題的第一部分，然後將其交給法比奧，並詳細討論你的第二個問題。關於供應，我們在年底看到供應量增加。但如果我們看看過去幾週，尤其是上個月，我們會看到更多受控的倉儲市場。

If we look at the outlook for the entire world. In Europe, producers are holding back a little bit more and their supply. And the same thing can be said of the United States. It's very important for us regardless of any mismatch -- any one-off mismatch, we have to understand that we're still in a market where supply exceeds demand. And these eventual imbalances that we're seeing tend to shift back into place over time as circumstances, both in terms of the economy and also the benefits for producers and our growth also move to normality.

如果我們看看整個世界的前景。在歐洲，生產商正在抑制更多的供應。美國也是如此。這對我們來說非常重要，無論任何不匹配——任何一次性的不匹配，我們都必須明白，我們仍然處於一個供大於求的市場。隨著時間的推移，我們看到的這些最終的不平衡往往會恢復原狀，無論是在經濟方面，還是在生產者的利益和我們的增長方面都趨於正常。

In the case of BRF, we have worked very closely to have these new licenses. With new licenses, you also adjust your destinations according to the licenses you have. So with more destinations, there are more opportunities for you to distribute your production. And BRF also enjoys the advantage with brands such as Sadia and Pertigao, to play from a very advantageous place that adds efficiency and allows you to better execute your logistics plan. So every product that you deliver and you're delivering 9.3% to 9.4%, when you have this level of logistics efficiency with a motivated sales team, you can also perform better.

就 BRF 而言，我們通過密切合作獲得了這些新許可證。使用新許可證，您還可以根據您擁有的許可證調整目的地。因此，目的地越多，您分發產品的機會就越多。 BRF 還享有與 Sadia 和 Pertigao 等品牌相比的優勢，可以從一個非常有利的地方發揮作用，提高效率並讓您更好地執行您的物流計劃。因此，您交付的每件產品，並且交付率為 9.3% 到 9.4%，當您擁有這種水平的物流效率和積極主動的銷售團隊時，您也可以表現得更好。

And that allows you to face up to any distinguished competition that you may be up against. If we look at the data for July, for example, you'll see that the Halal market is made up of 35% of Brazilian exports for the first time exceeding the Asian market, which places BRF at a very advantageous position. And with very favorable transactions, which also helps to explain the results that we saw in the export segment.

這使您能夠面對可能遇到的任何杰出的競爭。例如，如果我們查看 7 月份的數據，您會發現清真市場佔巴西出口的 35%，首次超過亞洲市場，這使 BRF 處於非常有利的地位。並且交易非常有利，這也有助於解釋我們在出口領域看到的結果。

Also in terms of price, what we have seen is in the first quarter, we saw a lot of pressure from the excess -- excess supply. We also saw feed conversion in May and June in a process that has now stabilized. Given the possibility of Bird flu, clients have shown more caution and proved warier. And now that the Bird flu is no longer a novelty and that Brazil has gone into international relations agreements to allow for that situation, reestablishing its exports in the Espirito Santo and the exclusion of Japan, which in case of that happened would suspend the country from or would ban the country.

同樣在價格方面，我們在第一季度看到，我們看到了來自供應過剩的很大壓力。我們還在五月和六月看到了飼料轉化，目前該過程已趨於穩定。考慮到禽流感的可能性，客戶表現得更加謹慎，也更加謹慎。現在，禽流感不再是新鮮事，而且巴西已經簽訂了國際關係協議來應對這種情況，重新建立了對聖埃斯皮里圖的出口，並將日本排除在外，如果發生這種情況，該國將暫停其在聖埃斯皮里圖的出口。或將禁止該國。

BRF has alternative destinations that we have explored in a very good way. But I'd like to turn it over to Fabio to add to the other question that you had.

BRF 有其他目的地，我們已經以非常好的方式探索過了。但我想把它交給法比奧來補充你提出的另一個問題。

Yes, I think that your answer was very well grounded to his first question. So I'll start by talking about the processed foods segment in Brazil. Of course, when we report to the Brazilian market, we combine processed goods and unprocessed goods.

是的，我認為你的回答非常符合他的第一個問題。我首先談談巴西的加工食品領域。當然，當我們向巴西市場報告時，我們將加工品和未加工品結合起來。

But if we could split the two, I think we could say that on the processed goods side, we are gradually increasing our profitability coming very close to the ideal standards. This has to do with the positive price influence in a few categories, and truth be told, this is still a very fierce market, especially in items that are more affordable, which is the case of packaged goods and also cold cuts to some degree.

但如果我們可以將兩者分開，我想我們可以說，在加工產品方面，我們正在逐步提高盈利能力，非常接近理想標準。這與某些類別的積極價格影響有關，說實話，這仍然是一個非常激烈的市場，特別是在價格更實惠的商品方面，例如包裝商品和某種程度上的冷盤。

In margarines, we already have a very favorable situation, which is the decrease in oil, which is the most significant raw material for this category. So we understood that it wouldn't be necessary for us to pass prices through. We also understand the scenario is favorable when it comes to demand. There is room for higher consumer spending.

在人造黃油方面，我們已經有了一個非常有利的形勢，那就是石油的減少，而石油是這一類別最重要的原材料。所以我們明白我們沒有必要傳遞價格。我們還了解，就需求而言，情況是有利的。消費者支出還有上升空間。

And as we try to show in a demonstration -- in our presentation, consumer confidence, which went from -- which exceeded 92 employment, which is still very resilient at 8%. So a very a very strong figure, and we are now navigating a deflationary scenario.

正如我們試圖在演示中展示的那樣，在我們的演示中，消費者信心超過了 92 個就業崗位，仍然非常有彈性，為 8%。這是一個非常非常強勁的數字，而我們現在正面臨通貨緊縮的局面。

So we understand that there will be this opportunity on the demand side. And you should also remember that the Brazilian geography is also affected by BRF plus. And we will also see a positive scenario as grain prices go down. This really makes the protein more affordable, which is a feedstock for most of our processed goods.

所以我們理解需求方會有這個機會。您還應該記住，巴西的地理位置也受到 BRF plus 的影響。隨著糧食價格下跌，我們也將看到積極的前景。這確實使蛋白質變得更便宜，而蛋白質是我們大多數加工產品的原料。

Our next question is by Thiago Duarte with BTG Pactual.

我們的下一個問題是由 BTG Pactual 的 Thiago Duarte 提出的。

Good morning. Miguel and Fabio, it's great to talk to you. I'd like to go back to the topic of your top line performance in Brazil. Indeed, there is a [slow] down year-over-year and in process good net revenue drove by dropped by 2% year-over-year.

早上好。米格爾和法比奧，很高興與你們交談。我想回到你在巴西的頂級表現這個話題。事實上，同比下降[緩慢]，並且在良好的淨收入推動下同比下降了 2%。

There is a baseline effect of comparison to the second quarter of last year, but there seems to have been a slowed down also compared to other basis. And although there was a carry-on effect of prices last year. And in your presentation, you told us about 39% market share in processed in Q2 this year, if I'm not mistaken.

與去年第二季度相比存在基線效應，但與其他基礎相比似乎也有所放緩。儘管去年價格產生了持續影響。在您的演講中，如果我沒記錯的話，您告訴我們今年第二季度的加工市場份額約為 39%。

So there is a feeling here that there has been a drop in volumes. Can you give us your take on that, Fabio mentioned this in his last answer, but can you tell us about the competitive landscape and whether you're concerned about this right now. So that's my first question.

所以這裡有一種銷量下降的感覺。您能否告訴我們您對此的看法，法比奧在上一次回答中提到了這一點，但您能否告訴我們競爭格局以及您現在是否對此感到擔憂。這是我的第一個問題。

Moving on to my second question, still talking about Brazil. Fabio mentioned this earlier, but I'd like to make a convocation here. When we start to understand the margin trends in your Brazilian operations, we have a feeling that these margins closed the quarter better than they started. So there is an upward trend in margins throughout the quarter. That's my feeling. Is that correct? When you look at profitability evolution throughout the quarter.

繼續我的第二個問題，仍然談論巴西。法比奧早些時候提到過這一點，但我想在這裡召開一次會議。當我們開始了解你們巴西業務的利潤率趨勢時，我們感覺本季度末的利潤率比開始時要好。因此，整個季度的利潤率呈上升趨勢。這就是我的感覺。那是對的嗎？當您查看整個季度的盈利能力演變時。

Now can you give us an update about the asset selling process, especially the Pet segment assets, this is a topic that hasn't been mentioned yet, which I find quite important.

現在您能給我們介紹一下資產出售流程的最新情況嗎，特別是寵物板塊資產，這是一個還沒有被提及的話題，我認為這非常重要。

Good morning, Thiago. Sure. I will take your first question. Then I'll turn the floor over to Miguel for your second question, and I'll come back for the third question, which is related to the sales of assets. So if I understood well, you want to understand the top line results in Brazil as compared to 2022.

早上好，蒂亞戈。當然。我將回答你的第一個問題。然後我將請米格爾回答你的第二個問題，我會回來回答第三個問題，這與資產出售有關。因此，如果我沒理解錯的話，您想了解巴西與 2022 年相比的營收結果。

What I can tell you is that our process goods revenue grew year-over-year. Now we are having difficulties with the un-processed portfolio for reasons we already mentioned earlier. This portfolio is affected by the excess supply in chicken and the prices are at a lower level in this annual comparison. But the positive highlight continues to be processed goods. As we mentioned in the previous question asked by Lucas, there is a positive landscape for processed goods and we are also betting on the recovery of unprocessed goods and protein prices in general.

我可以告訴你的是，我們的加工產品收入逐年增長。現在，由於我們之前提到的原因，我們在處理未處理的投資組合時遇到了困難。該產品組合受到雞肉供應過剩的影響，在本年度比較中價格處於較低水平。但積極的亮點仍然是加工產品。正如我們在盧卡斯提出的上一個問題中提到的，加工產品前景樂觀，我們也押注未加工產品和蛋白質價格的總體復甦。

Looking back we can say that we are quite reassured that this is going to happen because this is a cyclic industry. We just don't know when and how strong this recovery will be. Now I'll turn the floor over to Miguel to talk about the margin trends from the beginning to the end of the quarter.

回顧過去，我們可以說，我們對這種情況的發生感到非常放心，因為這是一個週期性行業。我們只是不知道這種複蘇何時以及有多強勁。現在我將請 Miguel 談談從季度初到季度末的利潤率趨勢。

Thiago, you answered your question yourself. Indeed, we see this growing trend in our results, April, May and June. There was indeed growth in our top line. With the BRF plus program advancing our execution process improves both in logistics and commercial terms, then that also impacts our results.

蒂亞戈，你自己回答了你的問題。事實上，我們在四月、五月和六月的業績中看到了這種增長趨勢。我們的收入確實有所增長。隨著 BRF plus 計劃的推進，我們的執行流程在物流和商業方面都得到了改善，這也會影響我們的結果。

On the other hand, when you close the month of March, this is the month with many other expenses in family income going back to [classes], purchasing school materials, school supplies. And then the recovery comes back in April, May and June, mean the families go back to spending more, and we felt that here at BRF. And we're very confident that the second half of the year in the Brazilian market will be quite robust.

另一方面，當你結束三月份時，這個月家庭收入中的許多其他支出都會回到[課程]，購買學習材料、學習用品。然後經濟復甦會在 4 月、5 月和 6 月恢復，這意味著家庭又開始增加支出，我們在 BRF 也感受到了這一點。我們非常有信心巴西市場下半年將非常強勁。

We also have the holiday season and Christmas is a synonym for Sadia and Perdigao. We are aware of that, and we are ready to run an effective campaign during the holiday season. So the last couple of months in the year. So your analysis is correct. We had a growing top line in the Brazilian market here this quarter.

我們也有假期，聖誕節是薩迪亞和佩迪高的同義詞。我們意識到這一點，並準備在假期期間開展有效的活動。所以今年的最後幾個月。所以你的分析是正確的。本季度我們在巴西市場的收入不斷增長。

Okay Thiago. Now I'll answer your last question. These are the final stages for the sales of the most important assets in Pet segment and tax credit processes. We have a due diligence process to follow in cases like this, and we expect to convert nonbinding proposals into binding proposals. We have always said that we would be willing to sell as long as we got the right conditions to do so. So we would not -- we were not planning to sell assets for unfair amount. Especially now, after we raised proceeds, and we are now in a comfortable position with a more balanced capital structure. So we believe we will have news about these processes soon.

好吧，蒂亞戈。現在我來回答你的最後一個問題。這是寵物領域最重要資產的銷售和稅收抵免流程的最後階段。在此類情況下，我們需要遵循盡職調查流程，並且我們希望將不具有約束力的提案轉化為具有約束力的提案。我們一直說，只要有合適的條件，我們就願意出售。所以我們不會——我們不打算以不公平的金額出售資產。尤其是現在，在我們籌集資金之後，我們現在處於一個舒適的位置，資本結構更加平衡。因此，我們相信我們很快就會得到有關這些流程的消息。

Next question is by Isabella Simarato with Bank of America.

下一個問題是由美國銀行的 Isabella Simarato 提出的。

Miguel and Fabio. Thank you for this great call. I would like to hear about cash generation. You showed some significant operational improvements -- and there was also the follow-on offering that changes the balanced position of the company. A few calls ago, we talked about the EBITDA break even for the company when it comes to cash generation. So, can you give us your take about this now.

米格爾和法比奧.感謝您打來這個偉大的電話。我想听聽有關現金生成的情況。你們展示了一些重大的運營改進——而且還有改變公司平衡地位的後續產品。幾次電話之前，我們談到了公司在現金生成方面的 EBITDA 收支平衡。那麼，您現在可以告訴我們您對此的看法嗎？

There will be a significant reduction in financial expenses with improved EBITDA that will be boosted by the drop in costs -- so can you tell us about the main cash generation drivers include CapEx and how financial expenses are expected to stabilize from now on? That will help us to define our view for the rest of 2023 and 2024.

隨著成本下降推動 EBITDA 改善，財務費用將大幅減少——那麼您能否告訴我們包括資本支出在內的主要現金生成驅動因素以及財務費用從現在起預計將如何穩定？這將幫助我們明確對 2023 年剩餘時間和 2024 年的看法。

When we talk about our cash performance and free cash generation, the main driver is our operations as you mentioned. We believe for many reasons that were already mentioned that we have the right conditions to perform in the second half of the year with a much better performance than our year-to-date performance. That's going to improve our operating cash generation potential. When it comes to working capital, we know that we have work to do with the finished goods inventory in the international market.

當我們談論我們的現金績效和自由現金生成時，主要驅動力是您提到的我們的運營。我們相信，出於已經提到的許多原因，我們有合適的條件在下半年取得比年初至今更好的業績。這將提高我們的運營現金產生潛力。說到營運資金，我們知道我們需要處理國際市場上的成品庫存。

We think that we have 25,000 to 30,000 tons to be reduced in our inventory levels, and this is already part of our plans. This hasn't been done yet because we haven't yet reached the idea on market conditions because of the excess supply. But as the scenario unfolds in a positive way, we'll start to execute on this plan.

我們認為我們的庫存水平有25,000至30,000噸需要減少，這已經是我們計劃的一部分。這還沒有完成，因為由於供應過剩，我們還沒有就市場狀況達成想法。但隨著情況以積極的方式展開，我們將開始執行這個計劃。

Now about CapEx, another important driver, is the idle capacity that we still have at our company. The idle capacity level improved in the last 2 quarters, but this means that the company can grow a lot without any significant capital allocation. So we expect to have CapEx close to BRL 3 billion by the end of the year, as we mentioned in our guidance, and we will probably have a similar budget for 2024 and then only in 2025, we think that we'll need to invest more in order for the company to grow.

現在關於資本支出，另一個重要的驅動因素是我們公司仍然擁有的閒置產能。過去兩個季度閒置產能水平有所改善，但這意味著該公司無需任何重大資本配置即可實現大幅增長。因此，正如我們在指導中提到的，我們預計到年底資本支出將接近 30 億雷亞爾，並且我們可能會在 2024 年有類似的預算，然後只有在 2025 年，我們認為我們才需要投資更有利於公司的發展。

Now in terms of using the follow-on offering proceeds, if we look at annualized numbers, we have a chance to save from BRL 550 million to BRL 700 million depending on how we execute on our debt repurchasing plan. So the free cash generation profile might change dramatically looking ahead.

現在，在使用後續發行收益方面，如果我們看一下年化數字，我們有機會節省 5.5 億雷亞爾到 7 億雷亞爾，具體取決於我們如何執行債務回購計劃。因此，展望未來，自由現金生成狀況可能會發生巨大變化。

Our next question is by Thiago Bortoluci from Goldman Sachs.

我們的下一個問題是由高盛 (Goldman Sachs) 的蒂亞戈·博爾托魯奇 (Thiago Bortoluci) 提出的。

Good morning, everyone. Thank you for your presentation. I would like to address three points here in my question. The first point is related to the excess supply. During first quarter, we heard that this excess supply is now stabilizing at least on the Brazil side, but we still don't know where this adjustment is being made throughout the chain.

大家，早安。謝謝您的介紹。我想就我的問題談三點。第一點與供給過剩有關。在第一季度，我們聽說這種過剩的供應至少在巴西方面已經穩定下來，但我們仍然不知道這種調整是在整個鏈條中進行的。

Maybe investors are implementing more capacity. But when we talk about smaller players in the south of the country, they also have a more optimistic view when it comes to warehousing. But given the size of BRF, I would like to understand the supply logic here. What is the size or the magnitude of this adjustment that you are making in the second quarter? And what do you expect for the second half of the year?

也許投資者正在實施更多產能。但當我們談論該國南部的小型企業時，他們對倉儲的看法也更為樂觀。但考慮到 BRF 的規模，我想了解一下這裡的供應邏輯。您在第二季度進行的調整的規模或幅度是多少？您對下半年有何預期？

Now my second question is about grain cost deflation. In the first quarter, you mentioned that you had a smaller long position in grains. So future stock given that there has been a significant improvement in the green landscape, your inventory recomposition is using up working capital in the coming 2 to 3 quarters or not?

現在我的第二個問題是關於糧食成本通貨緊縮。在第一季度，您提到您在穀物方面擁有較小的多頭頭寸。那麼，考慮到綠色景觀有了顯著改善，未來的庫存，您的庫存重組是否會在未來 2 至 3 個季度耗盡營運資金？

Now my last point related to your top line improvements because of the follow-on. Can you give us more details about your liability management plan from now on? And what are the next steps for us to see those BRL 540 million lower in your P&L from now on.

現在，我的最後一點與您因後續行動而實現的頂線改進有關。您能否向我們提供有關您從現在開始的責任管理計劃的更多詳細信息？從現在開始，我們下一步要採取哪些措施才能讓您的損益表減少 5.4 億雷亞爾。

I will take your first question and then turn it over to Fabio, who will be answering the other two questions. So your question brings part of the answer. Yes, we are seeing part of a supply via warehousing that has decreased in the month of June. And what we're seeing is a trend of a decrease in the next few months when it comes to Brazil.

我將回答你的第一個問題，然後將其交給法比奧，他將回答其他兩個問題。所以你的問題帶來了部分答案。是的，我們發現 6 月份的部分倉儲供應有所減少。我們看到的是，未來幾個月巴西的數量呈下降趨勢。

On the other hand, when we look at the United States, and I talked about this in the first question asked by the colleague that asked the question before you, we see the same trend taking place both in the United States and in Europe.

另一方面，當我們看美國時，我在剛才提出問題的同事提出的第一個問題中談到了這一點，我們看到美國和歐洲都在發生同樣的趨勢。

On the other hand, when BRF outlines the strategy we do not disclose that strategy right away because we understand that this is a very significant of our competitiveness strategy, which isn't and shouldn't be available to the public. And taking your question from the perspective of what we expect for the next few quarters.

另一方面，當 BRF 概述該戰略時，我們不會立即披露該戰略，因為我們知道這是我們競爭戰略的一項非常重要的內容，而該戰略不會也不應該向公眾公開。從我們對未來幾個季度的預期的角度來回答你的問題。

Here at BRF, we are very much on the same page and very much aligned when it comes to our supply and demand. We have our new licenses coming in. And on the other hand, there is another important aspect, which is BRF, with its brands and strategic -- [expert destinations] can navigate precisely in those markets that are responding more quickly than expected. For example, what I mentioned to Isabella, in the Halal market, for example, we see the market exceeding the national market in July, we see that this mismatch that we saw before for a number of different reasons that had to do with market trends. I mean, this was a business that was growing with thriving demand and a very interesting producer yield is now going through an adjustment.

在 BRF，我們在供應和需求方面意見非常一致，也非常一致。我們已經獲得了新的許可證。另一方面，還有另一個重要的方面，那就是BRF，憑藉其品牌和戰略——[專家目的地]可以在那些反應比預期更快的市場中精確導航。例如，我向伊莎貝拉提到的，例如，在清真市場，我們看到市場在7 月份超過了全國市場，我們看到我們之前看到的這種不匹配有多種不同的原因，這些原因與市場趨勢有關。我的意思是，這是一項隨著需求旺盛而增長的業務，而且非常有趣的生產者產量現在正在經歷調整。

And this is something that was already anticipated. And we have quantify that because we do not have enough elements to be more accurate than we are. We had to sort of predict when it's going to take place. But we can see very clear signs both in Brazil and the rest of the market.

而這也是早在預料之中的事情。我們已經對其進行了量化，因為我們沒有足夠的元素來比我們現在的情況更準確。我們必須預測它何時發生。但我們可以在巴西和其他市場看到非常明顯的跡象。

And one should assume that it is likely to become more intense considering that we are in a market where supply exceeds demand. So whenever there's a mismatch, that tends to be corrected in time. So I will now turn it over to Fabio to take your second and third questions about the deflation in grain prices and the funds from our follow-on offering.

人們應該假設，考慮到我們正處於一個供過於求的市場，這種情況可能會變得更加激烈。因此，每當出現不匹配時，往往會及時糾正。現在，我將把它交給法比奧，回答你們關於糧食價格通貨緊縮和我們後續發行的資金的第二和第三個問題。

Thank you, Thiago, for your questions. So starting with grain prices. You mentioned the recovery of raw material inventories and how that could affect our results in the next few quarters, if I understood you correctly. So yes, it is only natural that as we restore our inventories from the second grain harvest in Brazil.

謝謝蒂亞戈的提問。那麼就從糧食價格開始吧。如果我沒理解錯的話，您提到了原材料庫存的恢復以及這將如何影響我們未來幾個季度的業績。所以，是的，當我們從巴西第二次穀物收穫中恢復庫存時，這是很自然的。

The effect on our working capital will not be immediate because you will now be relying on very extended payment terms, especially when we negotiate directly with farmers. This is not what we expect to see in Q3. It should be less apparent in Q3 and from then on, also in Q1 of next year.

對我們營運資金的影響不會立竿見影，因為您現在將依賴非常長的付款條件，特別是當我們直接與農民談判時。這不是我們期望在第三季度看到的情況。從第三季度開始，到明年第一季度，這種情況應該不會那麼明顯。

This is a natural trend, which is why we mentioned that there's still a lot of room for us to optimize our working capital on the inventory levels for processed goods. And that's where we have to focus our efforts in addition to the efforts that we've made in finished products in Brazil, we also need to broaden those initiatives to the international market as well.

這是一個自然趨勢，這就是為什麼我們提到我們在加工商品的庫存水平上仍有很大的空間來優化我們的營運資本。這就是我們必須集中精力的地方，除了我們在巴西成品方面所做的努力之外，我們還需要將這些舉措擴展到國際市場。

Now to your last question about our liability management. This is a ticklish subject, but I'll try to give you a few indicators without precisely telling you what we will do. In fact, we plan to give the international market priority in terms of bilateral relations. And this is not to say that we will not address transactions with banks, but we will prioritize the capital market. We are not as inclined to give in, in terms of ratio even because it doesn't make sense considering the current circumstances.

現在回答你關於我們的責任管理的最後一個問題。這是一個棘手的話題，但我會盡力為您提供一些指標，但不會準確地告訴您我們將做什麼。事實上，我們計劃在雙邊關係中優先考慮國際市場。這並不是說我們不會處理與銀行的交易，而是我們會優先考慮資本市場。就比例而言，我們不太願意讓步，即使考慮到目前的情況，這沒有意義。

So, what I understand is that in the next few months, we should have some news in terms of asset purchasing.

所以，我的理解是，在接下來的幾個月裡，我們應該會在資產購買方面有一些消息。

Our next question comes from Pedro from Seka with XP.

我們的下一個問題來自 Seka 的 Pedro，擁有 XP。

The first thing I'd like to hear from you is your efficiency indicators, it's very interesting for us to monitor how you guys are progressing. But when we look at the year-over-year figures, we sort of lose track of where those levels are. Miguel mentioned that you have already exceeded the levels of 2019, which was the company's target.

我想听到的第一件事是你們的效率指標，對我們來說監控你們的進展非常有趣。但當我們查看同比數據時，我們有點忘記了這些水平在哪裡。 Miguel提到，你們已經超過了2019年的水平，這是公司的目標。

But it would be interesting if you could give us some more granularity. Of course, each indicator is at a different level. But how are those, how do those indicators stack up versus those of 2019, even so we can understand how much gain there has been from your manufacturing and farming improvements. So that we can get a better grasp of your efficiency metrics.

但如果您能給我們更多的細節，那就會很有趣。當然，每個指標都處於不同的水平。但這些指標如何，這些指標與 2019 年的指標相比如何，即便如此，我們仍然可以了解你們的製造業和農業改進取得了多少收益。以便我們更好地掌握您的效率指標。

Now I also wanted to follow up on your working capital issue. We talked a lot about stock prices, but we also saw significant improvement on the customer side. So I wanted to understand whether it makes sense to think that this customer line could improve as the improvement gains from BRF plus are incorporated. And if you also see improvement on your supply lines as well. Those would be my questions.

現在我還想跟進一下你們的營運資金問題。我們談論了很多關於股票價格的問題，但我們也看到了客戶方面的顯著改善。因此，我想了解隨著 BRF plus 的改進收益的納入，該客戶線可以得到改善是否有意義。如果您也看到供應線有所改善。這些就是我的問題。

Good morning, Pedro. Our indicators are a work in progress. We ramped up, and within that ramp-up, we expect to 31% to 45% conclusion in the first half of the year. We are above 51% now, and we will move forward with that process.

早上好，佩德羅。我們的指標正在製定中。我們加快了步伐，在此過程中，我們預計今年上半年將完成 31% 至 45% 的目標。我們現在已經超過 51%，我們將繼續推進這一進程。

If you look at all indicators, we have already -- we're already doing better in unexpected incidents and absentee and we're also at record levels in productivity. When it comes to costs on operating costs, I'm not talking about grain costs and in logistics, we have also exceeded the KPIs that we have set for ourselves.

如果你看一下所有指標，我們已經——我們在意外事件和缺勤方面已經做得更好，而且我們的生產力也達到了創紀錄的水平。說到運營成本，我不是說糧食成本，物流方面，我們也超出了我們給自己設定的KPI。

If we move to the commercial side to the sales side, our FIFO and store and sales execution are also doing better. We've added 4,500 clients this quarter alone. We have over 250,000 clients and as we get better logistics, a more active sales force and better execution, we can perform better there as well.

如果我們從商業端轉向銷售端，我們的先進先出以及商店和銷售執行力也會做得更好。僅本季度我們就增加了 4,500 個客戶。我們擁有超過 250,000 名客戶，隨著我們獲得更好的物流、更積極的銷售隊伍和更好的執行力，我們也可以在那裡表現得更好。

And you can also analyze that we have invested in new packages, positioning our brands in a more competitive place and we're also leveraging our sales. When it comes to grain, the program also includes a strategy to position BRF to seize the decrease in grain prices the best way possible. It's important to remember that by November, December of last year, we participated in an event in the Brazilian market.

您還可以分析我們已經投資了新的包裝，將我們的品牌定位在更具競爭力的地方，並且我們也在利用我們的銷售。在糧食方面，該計劃還包括一項戰略，使 BRF 能夠以最佳方式抓住糧食價格下跌的機會。重要的是要記住，去年11月、12月，我們參加了巴西市場的一個活動。

And our forecasts were very much talked about, but our entire strategy and Grain Group supported us in our statement, our team turned out to be right, and we saw the results of our strategy so much so that now as we make our purchases at the right time again, we will be able to make most of this advantage right now.

我們的預測受到了很多討論，但是我們的整個戰略和穀物集團在我們的聲明中支持了我們，事實證明我們的團隊是正確的，我們非常清楚地看到了我們戰略的結果，所以現在當我們在再次正確的時間，我們現在就能夠充分利用這一優勢。

Also what Miguel mentioned in terms of our inventories, not only for grains, but our meet inventories. We worked very strongly so that there would be no unsold inventory. We worked with our exports of some part of our inventories, they are also part of the plan that will take place in the second half of the year, and that was already expected. Considering that we are in a position to liquidate our inventories. But we have been very accurate in our timing to market.

米格爾還提到我們的庫存，不僅是穀物，還有我們的肉類庫存。我們非常努力地工作，確保不存在未售出的庫存。我們出口了部分庫存，這也是下半年計劃的一部分，這已經在預料之中。考慮到我們有能力清算我們的庫存。但我們的上市時間非常準確。

And in the last month, we invested all our pricing strategy. And when it comes to pricing, this is something we've talked about in the last conferences. BRF enjoys excellence and information and also our pricing is qualified information that allows us a better position when it comes to commercial operations. Also, when you go to the international market, there are also those aspects that allow us more competitiveness.

在上個月，我們投資了所有的定價策略。當談到定價時，這是我們在上次會議中討論過的問題。 BRF 享有卓越的品質和信息，而且我們的定價也是合格的信息，使我們在商業運營方面處於更好的地位。另外，當你走向國際市場時，還有一些方面可以讓我們更有競爭力。

The strategic positioning of some of our brands and the growth of this market, for example, for the second half of the year, for example, we plan to continue to perform well in all our indicators, and I can tell you very confidently that we will deliver 100% of BRF Plus and even more than 100%. We will continue to perform and deliver. And this will be just our starting point because this is a program for continued improvement. When we budget it -- when we budget for 2024, we will incorporate all of those gains that we had in 2023 over 2029 and place new challenges for this team that has performed so well in 2023 for 2024 as well.

我們一些品牌的戰略定位以及這個市場的增長，比如說下半年，比如說我們計劃繼續在我們的各項指標上都表現的很好，我可以非常自信的告訴大家，我們將交付100% 甚至超過100% 的BRF Plus。我們將繼續履行和交付。這只是我們的起點，因為這是一個持續改進的計劃。當我們制定預算時——當我們制定 2024 年預算時，我們將把 2023 年在 2029 年取得的所有成果納入其中，並為這支在 2023 年表現出色的團隊在 2024 年提出新的挑戰。

Pedro, I will take your second question about working capital. And I'll try to be as to the point as possible. The greatest opportunity is in the inventory line looking ahead. And I'm not saying that there are no opportunities and our work with suppliers, but the company already has a payable cycle of over 50 days. So we're already very efficient in that. Consequently, we are working to improve our payment terms with suppliers.

佩德羅，我將回答你關於營運資金的第二個問題。我會盡量切中要點。最大的機會在於未來的庫存。我並不是說我們沒有機會，也沒有與供應商合作，但該公司的付款週期已經超過 50 天。所以我們在這方面已經非常高效了。因此，我們正在努力改善與供應商的付款條件。

On the customer side, we also have receivables turnover of over 50 days. And when you consider that Nearly half of our business has to do with the international market and exports, especially via maritime transport. It's important to say that payment terms of everything that we sell in Brazil is usually below 2 weeks or close to 2 weeks.

在客戶方面，我們也有超過50天的應收賬款周轉率。當你考慮到我們近一半的業務與國際市場和出口有關，特別是通過海運。值得一提的是，我們在巴西銷售的所有產品的付款期限通常低於 2 週或接近 2 週。

So there are opportunities, but from a quantitative standpoint, that's not where we understand there's much efficiency to be had. There's a lot of work to be done on the inventory level, though. I've already mentioned that on the international side, we will be decreasing our finished goods inventory.

因此，機會是存在的，但從數量的角度來看，我們並不認為這可以提高效率。不過，在庫存水平上還有很多工作要做。我已經提到，在國際方面，我們將減少成品庫存。

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

本次問答環節和高峰論壇會議現已結束。我們要感謝大家加入我們並祝您度過愉快的一天。

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

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]