BRF SA (BRFS) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to BRF's Q3 2023 Earnings Conference. This conference is being recorded and will be available for replay at the company's website, ir.brf-global.com, where the presentation slide deck can also be downloaded. All attendees are now connected in listen-only mode. Later, the call will be open for questions and further instructions will be provided.

早安，女士們，先生們。歡迎參加 BRF 2023 年第三季財報會議。本次會議正在錄製中，可在公司網站 ir.brf-global.com 上重播，也可下載簡報投影片。所有與會者現在都以僅監聽模式連接。稍後，電話將開放供提問，並將提供進一步的說明。

Before moving on, we'd like to emphasize 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. Investors, analysts and journalists must acknowledge that events relating to the macroeconomic environment, the industry and other factors may lead to materially different results than those expressed in set forward-looking statements.

在繼續之前，我們想強調，前瞻性陳述是基於 BRF 管理層的信念和假設以及當前可獲得的資訊。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，因此依賴可能或可能不會實現的情況。投資者、分析師和記者必須承認，與宏觀經濟環境、產業和其他因素有關的事件可能會導致與前瞻性陳述中所表達的結果大不相同的結果。

Joining our conference today are Mr. Miguel Gularte, CEO and CFO, Fabio Mariano. I will now turn 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執行長兼財務長 Fabio Mariano 米格爾·古拉特 (Miguel Gularte) 先生。現在請古拉特先生開始介紹。古拉特先生，請繼續。

Good morning. I would like to thank everyone for attending our third quarter 2023 earnings call. Discipline in the execution of our BRF us efficiency plan has once again contributed positively to our performance. The company has been working consistently and improving its results every quarter. This period was largely characterized by the increased profitability of our processed food portfolio in Brazil, the downswing in product costs and the continued improvement of BRF plus. We strengthened our capital structure by enhancing our operations month after month and using the funds from our follow-on offering, which helped to reduce our financial expenses and leverage. Now I'd like to invite our CFO, Fabio Mariano, to go over our detailed results, after which I'll return for my final remarks.

早安.我要感謝大家參加我們的 2023 年第三季財報電話會議。 BRF 美國效率計畫的執行紀律再次對我們的表現做出了積極貢獻。該公司一直堅持不懈地努力，每個季度都在改善其業績。這段時期的主要特點是我們在巴西加工食品組合獲利能力的提高、產品成本的下降以及 BRF plus 的持續改善。我們透過逐月加強營運並使用後續發行的資金來加強資本結構，這有助於降低我們的財務費用和槓桿率。現在我想邀請我們的財務長法比奧·馬裡亞諾（Fabio Mariano）仔細檢查我們的詳細結果，然後我將返回進行最後的演講。

Good morning to everyone joining us on the initial slide, I'd like to highlight our main financial indicators for the third quarter, starting with net revenue, which came to BRL 13.8 billion. Our EBITDA was BRL 1.2 billion in the quarter. This gave us a 9% EBITDA margin for the period. Free cash flow performance nearly broke even with the best cash generation yet for the current year. On the working capital front, we continue to make significant progress with a reduced inventory of finished goods, unprocessed goods, in particular, which was offset throughout the quarter by the spike in corn inventory during the double crop harvest and the peak in commemorative goods inventory.

大家早安，我想強調我們第三季的主要財務指標，首先是淨收入，達到 138 億雷亞爾。本季我們的 EBITDA 為 12 億雷亞爾。這使得我們該期間的 EBITDA 利潤率為 9%。自由現金流表現幾乎達到收支平衡，創造了本年度迄今為止最好的現金流。在營運資金方面，我們繼續取得重大進展，減少了製成品、特別是未加工商品的庫存，整個季度的庫存被雙季作物收穫期間玉米庫存的激增和紀念商品庫存的峰值所抵消。

The financial cycle reached 7 days, 6 days less than this time last year and inventory turnover was 84 days, 20 days less than in 2022. Now ending the slide with leverage, we came to 2.66x EBITDA in the last 12 months. Our focus is still to strengthen our capital structure, promoting a decrease in net debt, so our leverage can fall even further.

財務週期達到 7 天，比去年同期減少了 6 天，庫存週轉時間為 84 天，比 2022 年減少了 20 天。現在用槓桿結束了下滑，過去 12 個月我們的 EBITDA 達到了 2.66 倍。我們的重點仍然是加強資本結構，促進淨債務下降，這樣我們的槓桿率才能進一步下降。

In the next slide, Page 4. We show our gross profit over time coming to 18% in the period. We reported a gross profit of approximately BRL 2.5 billion. On the right, we also see the company's EBITDA over time, as mentioned earlier. In the next slides, we will go over our performance by market business segment. Starting with Brazil, we continue to progressively improve our EBITDA and our margins. We reported an EBITDA margin of 11.9%. And the result was even more impressive when we look exclusively at the processed foods portfolio where profitability was in line with historical levels despite the country's more sluggish consumer spending.

在下一張投影片中，第 4 頁。我們顯示，隨著時間的推移，我們的毛利將達到 18%。我們報告的毛利約為 25 億雷亞爾。如前所述，在右側，我們也可以看到該公司隨時間變化的 EBITDA。在下一張投影片中，我們將以市場業務部門回顧我們的業績。從巴西開始，我們繼續逐步提高 EBITDA 和利潤率。我們的 EBITDA 利潤率為 11.9%。當我們專門研究加工食品組合時，結果更加令人印象深刻，儘管該國的消費支出更加疲軟，但其獲利能力仍符合歷史水準。

On the following page, Slide #6, we make it clear how the drop in prices within the unprocessed foods portfolio in Brazil has held us back from an even more substantial performance in the region. We can see in the chart on the lower left side where base equals 100, how profitability has developed for processed goods in recent quarter, already mirroring the decrease in game presses, the efficiency gains provided by the BRF plus program as well as our improved commercial execution and price positioning.

在下一頁投影片#6 中，我們清楚地表明了巴西未加工食品組合價格下跌如何阻礙我們在該地區取得更實質的業績。我們可以在左下角的圖表中看到，基數等於 100，最近一個季度加工產品的盈利能力如何發展，已經反映了遊戲壓力的減少、BRF plus 計劃提供的效率增益以及我們改進的商業執行和價格定位。

On the right, we can see the behavior of cost per kilogram throughout 2023, making it clear what we anticipated in our last earnings conference call, the positive downward trend in input costs and efficiency gains, which are driving profitability gains.

在右側，我們可以看到2023 年每公斤成本的變化情況，這清楚地表明了我們在上次財報電話會議中的預期，即投入成本和效率提升的積極下降趨勢，這正在推動盈利能力的提升。

On Page 7, I'd like to mention in the Brazil market that our commercial execution is still enabling us to grow more competitive. Among the strides we've made, I'd like to point out the increased number of active customers and products available in store as well as greater adoption of our suggested retail prices. Service level metrics remain at high levels, allowing for greater sales volumes.

在第 7 頁，我想提到在巴西市場，我們的商業執行仍然使我們更具競爭力。在我們取得的進步中，我想指出的是，活躍客戶和店內產品數量的增加以及我們建議零售價的採用率得到了更大程度的提高。服務水準指標保持在高水平，從而實現更大的銷售。

Finally, the processed foods and spreads market share ended the period over 39%. The next slide shows the international market performance. Our EBITDA was still heavily impacted by the adverse sonar of protein experts. EBIT margin came to 4.2% and steady when compared to the previous quarter, given the recovering profitability in Chicken and process products, which was offset by the narrower margins in the pork and turkey portfolio.

最後，加工食品和塗抹醬的市場份額在這段期間結束時超過了 39%。下一張投影片顯示了國際市場的表現。我們的 EBITDA 仍受到蛋白質專家不利聲納的嚴重影響。鑑於雞肉和加工產品盈利能力的恢復（被豬肉和火雞產品組合利潤率的縮小所抵消），息稅前利潤率達到 4.2%，與上一季相比保持穩定。

We've also reported gains in the share of chicken and pork experts to several different destinations. On the next slide, we point out the resilience of our results in GCC, especially the strength of the Sadia Brent and local distribution as well as the positive performance in Turkey, which also reflects the increased supply of value-added products in the Turkish market and the greatest balance of supply as a way of reversing the price trend locally.

我們還報告稱，前往多個不同目的地的雞肉和豬肉專家的比例增加。在下一張幻燈片中，我們指出了海灣合作委員會業績的彈性，特別是薩迪亞布倫特原油和當地分銷的實力以及土耳其的積極表現，這也反映了土耳其市場增值產品供應的增加以及最大的供應平衡作為當地扭轉價格趨勢的一種方式。

We retained our market share leadership with the Sadia and Banvit brands with a share of 36% and 22% in their respective markets. On the right-hand side, we have the highlights of direct experts. We can see the price impacts of the main cuts, which canceled out our gains and cost competitiveness.

Sadia 和 Banvit 品牌在各自市場中的份額分別為 36% 和 22%，繼續保持市佔率領先地位。右側是直接專家的亮點。我們可以看到主要削減的價格影響，這抵消了我們的收益和成本競爭力。

We continue to broaden our business alternatives with 19 new licenses for markets such as Asia, Africa and the Americas. We should come to 50 new expert licenses by 2023. Direct factory experts remain at high levels with reduced logistics costs and unsold inventory continues to decrease, improving our commercial execution and relieving the capital we employed.

我們繼續擴大我們的業務選擇，為亞洲、非洲和美洲等市場頒發了 19 個新許可證。到 2023 年，我們應該獲得 50 個新的專家許可證。直營工廠專家保持在高水平，物流成本降低，未售出庫存持續減少，從而提高我們的商業執行力並減輕我們使用的資本。

I'll end the presentation on business segments on the following slide, showing the performance of our ingredients and Pet operations. The segment reported an EBITDA margin of 15%, EUR 126 million in the quarter. It's important to remember that the performance of manufacturing output continues to contribute to the maximization of our results in the company's core portfolio.

我將在下一張投影片中結束對業務部門的演示，展示我們的原料和寵物業務的績效。該部門本季 EBITDA 利潤率為 15%，即 1.26 億歐元。重要的是要記住，製造產出的績效繼續有助於公司核心產品組合績效的最大化。

We've continued to make progress in realizing synergies in Pet, we simplified the product portfolio within some brands in the food channel while strengthening our presence in the specialty channel where we have continually cultivated a better relationship with veterinarians.

我們在實現寵物領域的協同效應方面不斷取得進展，我們簡化了食品通路中一些品牌的產品組合，同時加強了我們在專業管道中的影響力，並不斷與獸醫建立了更好的關係。

In ingredients, we are still focused on broadening the markets and increasing our sales and production capacity for value-added items. We're still adding value to our co-products in order to maximize business integration.

在原料方面，我們仍專注於拓寬市場，提高加值產品的銷售和生產能力。我們仍在為我們的聯產品增加價值，以最大限度地實現業務整合。

Next, we'll talk about the progress of our efficiency plan, which Miguel will be quantifying in numbers shortly. I'll be showing you some comparisons with the same period last year of the light gray colored bars. And other basis for comparison can also be seen in our disclosed material. In agriculture and livestock, the feed conversion in the poultry and pigs, fell by 1.7% and 1.6%, respectively. Chicken mortality fell by 2 percentage points and hatching rates rose by 6.8 percentage points.

接下來，我們將討論我們的效率計劃的進展情況，米格爾很快就會用數字來量化該計劃。我將向您展示淺灰色條與去年同期的一些比較。其他比較的依據也可以在我們揭露的資料中看到。農業和畜牧業中，家禽和豬的飼料轉換率分別下降1.7%和1.6%。雞死亡率下降 2 個百分點，孵化率上升 6.8 個百分點。

In manufacturing, we increased our factory output by more than 3 percentage points. And in logistics, we've reduced our returns and raised service level in Brazil significantly. On Page 13, we show you the highlights in sustainability ESG with our achievements, such as the certification of 100% of our poultry and pork, slaughter units in Brazil and animal welfare, 8% reduction in water consumption per ton produced versus the base year, which was 2020, which is the equivalent to 2.7 billion liters in 2023.

在製造業方面，我們的工廠產量增加了3個百分點以上。在物流方面，我們在巴西減少了退貨並顯著提高了服務水準。在第13 頁，我們向您展示了永續發展ESG 方面的亮點以及我們取得的成就，例如我們的家禽和豬肉、巴西屠宰場和動物福利100% 獲得認證、每噸生產用水量比基準年減少8% ，這是2020年的數據，相當於2023年的27億公升。

We've also already started using an average of 14 megawatts of clean energy on a monthly basis from the wind complex we announced in 2021 in a partnership with AES. We expect to reach 80 megawatts on average in 2023.

我們也已經開始使用 2021 年與 AES 合作建立的風能綜合設施，每月平均使用 14 兆瓦的清潔能源。我們預計到 2023 年平均發電量將達到 80 兆瓦。

And finally, our Quality brand has launched a special packaging to celebrate the milestone of 12,000 tons of recycled plastic. On Page 15, we show you information on the company's capital structure. The chart on the left side shows the performance of our net debt and leverage over time. These indicators have already been pointed out at the beginning of our conference.

最後，我們的 Quality 品牌推出了特殊包裝，以慶祝 12,000 噸再生塑膠這一里程碑。在第 15 頁，我們向您展示了有關公司資本結構的資訊。左側的圖表顯示了我們的淨債務和槓桿率隨時間的變化。這些指標在我們會議開始時已經指出了。

On the right, we see the debt profile, which remains diversified and long with no repayments concentrated in the near term and a comfortable liquidity position. The next slide shows the free cash flow. The bridge shows an operating cash flow of BRL 923 million, investment flow of $536 million and $480 million in financial flow, leading to a free cash consumption of BRL 21 million. This was the best cash generation of the current year, as we can see in the chart at the top right-hand side of this slide.

在右側，我們看到債務狀況仍然多元化且長期，短期內沒有集中償還，流動性狀況良好。下一張幻燈片顯示了自由現金流。該橋顯示營運現金流為 9.23 億雷亞爾，投資流量為 5.36 億美元，財務流量為 4.8 億美元，導致自由現金消耗為 2,100 萬雷亞爾。正如我們在這張投影片右上角的圖表中看到的那樣，這是今年最好的現金生成。

On the final page, we can see the performance of our net debt over quarters. We've reported a net debt of BRL 10.3 billion capitalization of the share offering in July. The allocation of funds from the follow-on offering will continue to help reduce interest charges in the coming quarters. Now I'll turn the floor back to CEO, Miguel Gularte, for his closing remarks.

在最後一頁上，我們可以看到季度淨債務的表現。我們報告的 7 月股票發行資本化淨債務為 103 億雷亞爾。後續發行的資金分配將繼續有助於降低未來幾季的利息費用。現在我將請執行長 Miguel Gularte 致閉幕詞。

Thank you, Fabio. To conclude our presentation, I'd like to say that the final stretch of this year shows our BRF plan, BRF plus plan, delivering more than we planned for and increasing the company's resilience in the face of a challenging scenario. It's important to note that the planned additional capture amounted to BRL 677 million this quarter, exceeding the target we set for the period. And our continuous improvement journey, we've already mapped out and established the priorities for next year and what we're calling BRF plus 2.0. The plan was built hand-in-hand with the company's senior leadership and focuses on the improvement of our indicators.

謝謝你，法比奧。在結束我們的演講時，我想說，今年的最後階段展示了我們的 BRF 計劃、BRF plus 計劃，交付的成果超出了我們的計劃，並增強了公司面對充滿挑戰的情況的彈性。值得注意的是，本季計畫的額外捕獲金額達到 6.77 億雷亞爾，超出了我們在此期間設定的目標。在我們的持續改進之旅中，我們已經規劃並確定了明年的優先事項以及我們所說的 BRF plus 2.0。該計劃是與公司高層領導共同製定的，重點是我們指標的改進。

Just as in 2023, the commitments we've made and the opportunities we've identified have motivated us to remain on our path of improvement with simplicity, agility and efficiency. This quarter, the drop in grain prices is already impacting our results just as we predicted. Our predictive models and our grain purchasing strategy are a competitive edge for our company and proving to be highly efficient. In Brazil, we've returned to double-digit EBITDA margin and approach to our historical levels of profitability. This mirrors the positive performance of our processed foods portfolio alongside our positive commercial execution and improved management.

就像 2023 年一樣，我們所做的承諾和發現的機會激勵我們繼續走簡單、敏捷和高效的改進之路。正如我們預測的那樣，本季糧食價格的下跌已經對我們的業績產生了影響。我們的預測模型和穀物採購策略是我們公司的競爭優勢，事實證明非常有效率。在巴西，我們的 EBITDA 利潤率已恢復兩位數，接近歷史獲利水準。這反映了我們的加工食品組合的積極表現以及我們積極的商業執行和改進的管理。

In October, we recorded the lowest FIFO level over the last 34 months. Our results also mirror the strength of our brands, which are still preferred by more than half of our line consumers. Sadia is still a leader in the food sector and was named top of mind by the full De San Paulo newspaper in 4 different categories, and quality was also named for the 18th consecutive year in the margarine segment.

10 月份，我們記錄了過去 34 個月以來最低的 FIFO 水準。我們的業績也反映了我們品牌的實力，這些品牌仍然受到我們一半以上的消費者的青睞。 Sadia 仍然是食品領域的領導者，被《De San Paulo 完整報》評為 4 個不同類別的首選，品質也連續 18 年在人造奶油領域被評為最佳。

In our international operations, our market diversification strategy is still proving to be decisive in maximizing the company's revenue. We've won 19 export licenses for Latin America, Asia, Eurasia and South Africa by 2023, we'll have reached 50 new licenses.

在我們的國際業務中，我們的市場多元化策略仍然被證明對於實現公司收入最大化具有決定性作用。我們已經獲得了拉丁美洲、亞洲、歐亞大陸和南非的 19 個出口許可證，到 2023 年，我們將達到 50 個新許可證。

As always, the best option is to have many options. We're still focused on the constant search for new markets, continued improvement in our operating results and our reduced financial expenses by using the funds from our follow-on offering have contributed to a balanced cash flow and lower leverage.

一如既往，最好的選擇是有多種選擇。我們仍然專注於不斷尋找新市場，持續改善我們的經營業績，並透過使用後續發行的資金來減少財務費用，這有助於平衡現金流和降低槓桿率。

Lastly, I'd like to thank our nearly 100,000 employees for their work and dedication because of the progress and deliveries we've made so far. I'd also like to thank our Chairman, Marcos Molina and the Board of Directors for their trust, presence and continued support and also shareholders, out-growers customer suppliers and all the communities where we have a footprint.

最後，我要感謝我們近 10 萬名員工的工作和奉獻，因為我們迄今為止取得了進展和交付。我還要感謝我們的董事長 Marcos Molina 和董事會的信任、出席和持續支持，也要感謝股東、外包種植者、客戶、供應商以及我們涉足的所有社區。

We're prepared for 2024, convinced and expecting that in the face of a normalized scenario for the effects of everyone's work and the efficiency plan will be even more impactful. We will continue to build an ever stronger and more competitive BRF. We will now begin the Q&A session for investors and analysts.

我們為2024年做好了準備，相信並期待在常態化的情況下，每個人的工作效果和效率計劃將更加有效。我們將繼續把高峰論壇建設得更強大、更具競爭力。我們現在開始投資人和分析師的問答環節。

Our first question comes from Ricardo Alves with Morgan Stanley.

我們的第一個問題來自摩根士丹利的里卡多阿爾維斯。

Thank you for the call. I would like to ask 2 questions about Brazil one the short term related to the fourth quarter. Do you really understand that the market has been anticipated, what would be a sequential result of the company? We still believe it's going to be a tailwind. In addition to that, we also have the commemorative events I'd like to understand from you the part where we don't see a lot of visibility. How do you see that the company is going to perform in the high season in terms of inventory, product in stock, all things related to the high peak season that could impact the result? I don't believe so, but if you could provide us with this level of detail, it would help us understand the performance and the results.

謝謝您的來電。我想問兩個有關巴西的問題，一個是與第四季相關的短期問題。你是否真的了解市場已經預期，公司的後續結果會如何？我們仍然相信這將是一股順風。除此之外，我們還有一些紀念活動，我想向您了解一些我們看不到太多知名度的部分。您認為公司在旺季的庫存、產品庫存以及所有與旺季相關的可能影響業績的因素方面表現如何？我不這麼認為，但如果您能為我們提供如此詳細的信息，將有助於我們了解性能和結果。

And the other question is related to the first question as a follow-up. When we look at Brazil, we can see that we reached nearly 12% in terms of Brazil. But if I'm right, Fabio showed the slide, saying that if you want to change the in nature, chicken and the process chicken, we can see that the margins are really high. So I would like to understand if it's how we should be looking at the results for Brazil division because I think it would be similar to the margin that we have considered that the uncross nature was like this. And if things happen have improved in September, October, we understand that the favorable level is going to be reached. So these are the 2 questions I would like to ask you.

另一個問題與第一個問題相關，作為後續問題。當我們看巴西時，我們可以看到，就巴西而言，我們達到了近12%。但如果我是對的，法比奧展示了幻燈片，說如果你想改變本質、雞肉和加工雞肉，我們可以看到利潤非常高。所以我想知道我們是否應該如何看待巴西賽區的結果，因為我認為這與我們認為非交叉性質的邊緣相似。如果九月、十月情況有所改善，我們知道將會達到有利的水準。這是我想問你的兩個問題。

Ricardo, I'm going to start answering your first question, and then I'll turn the call over to Fabio, and he will answer the second question. You're right. We are starting the fourth quarter, very enthusiastic. And this is based on financials that we see in our business. We keep on make headway in BRF plus, and this touches upon all the dimensions of our production of operation and our sales as well.

里卡多，我將開始回答你的第一個問題，然後我會將電話轉給法比奧，他將回答第二個問題。你說得對。我們正在開始第四季度，非常熱情。這是基於我們在業務中看到的財務數據。我們在 BRF plus 方面不斷取得進展，這也涉及我們生產、營運和銷售的所有方面。

It's also important to mention that the fourth quarter is for BRF, a very special quarter. We know very well that Sadia, Banvit and even quality are brands that associated with the end of the year and also Christmas season. And we have been preparing ourselves to renovation, trading and inventories so that the fourth quarter can really be a very promising quarter as we see it. On the other hand, we saw at the end of the third quarter, a recovery in relation to prices, not only in the domestic market, when we talk about unprocessed product, but also regarding the international market. When we look at the prices of the third quarter and we look at the prices compared to our price portfolio of the fourth quarter. In other words, the export portfolio that we have for November and December, we can see that prices have recovered in a very significant manner such as in the Middle East of up to $350 per ton.

另外值得一提的是，第四季對BRF來說是一個非常特別的季度。我們深知Sadia、Banvit甚至quality都是與年末和聖誕節相關的品牌。我們一直在準備翻新、交易和庫存，以便第四季度真正成為我們認為非常有希望的季度。另一方面，我們在第三季末看到價格回升，不僅在國內市場（當我們談論未加工產品時），而且在國際市場也是如此。當我們查看第三季的價格時，我們會將價格與第四季的價格組合進行比較。換句話說，從我們 11 月和 12 月的出口組合來看，我們可以看到價格以非常顯著的方式回升，例如中東地區的價格高達每噸 350 美元。

If you go to Americas, some cuts we can see also prices going up, especially for chicken breast. And in some cases, we even see $100 per ton. And there's something that has been presented, but I would like to draw your attention to is the fact that BRF worked quite hard to get more licenses. And we have 50 new authorizations, new licenses and many of them in the third quarter. So we see a very enthusiastic team, powerful brands, a very well done execution in a more normalized cement terms of exports. And we reported a very good performance that will lead to a good fourth quarter. I'm going to turn the call to Fabio, who will complement my first answer, and we'll answer your second question.

如果你去美洲，我們也可以看到價格上漲，尤其是雞胸肉。在某些情況下，我們甚至看到每噸 100 美元。已經介紹了一些內容，但我想提請您注意的是，BRF 非常努力地獲得更多許可證。我們獲得了 50 個新授權、新許可證，其中許多是在第三季獲得的。因此，我們看到了一個非常熱情的團隊、強大的品牌、在更規範的水泥出口條件下出色的執行力。我們報告了非常好的業績，這將帶來良好的第四季業績。我將把電話轉給法比奧，他將補充我的第一個答案，我們將回答你的第二個問題。

I think your 2 questions related to Brazil are interconnected. I can say that your understanding is perfect. The margin of from processed food in Brazil has to do with the historical level. So we boosted the profitability that makes us confident that when we see what happens in the processed food, as we saw in the data that we showed, we see that in nature on prices, food have already recovered. So we make the transition to the fourth quarter at a very good level of profitability in most of the cuts that we sell in Brazil. So when you combine this element with the element that you have already mentioned, we have a stronger quarter as a result of the seasonable portfolio due to the commemorative events.

我認為你提出的兩個與巴西有關的問題是相互關聯的。我可以說你的理解是完美的。巴西加工食品的利潤率與歷史水準有關。因此，我們提高了盈利能力，這讓我們有信心，當我們看到加工食品中發生的情況時，正如我們在數據中看到的那樣，我們看到價格本質上已經恢復。因此，我們在巴西銷售的大部分切割產品都以非常好的獲利水準過渡到第四季。因此，當您將此元素與您已經提到的元素結合時，由於紀念活動導致的季節性投資組合，我們的季度表現更加強勁。

And in addition, to our inventory turnover, we believe that we are going to have a quarter which is going to be very strong in Brazil. You also asked about possible events or negative events as to planning, we are very well balanced in terms of how we are going to serve the market. So yes, we are very optimistic because of the margin of processed food and also the margin that we see.

此外，就我們的庫存週轉率而言，我們相信巴西的季度業績將非常強勁。您還詢問了有關計劃的可能發生的事件或負面事件，我們在如何服務市場方面非常平衡。所以，是的，我們非常樂觀，因為加工食品的利潤率以及我們看到的利潤率。

Our next question comes from Gustavo Troyano with Itau BBA.

我們的下一個問題來自 Itau BBA 的 Gustavo Troyano。

First, I would like to go back to the cost per ton. I would like you to help me understand for the third quarter. What would justify the cost per ton in Brazil dropped quicker than when compared to the international terms? Is it to do with having more process to Brazil? Because I would expect the drop to be more accelerated at the international level. And do you believe this is going to be reversed or is it going to be sustained for the fourth quarter? And since we're talking about costs, I would like to understand if the sequential drop that we saw in the third quarter could be used as a parameter for us to imagine the performance in the fourth quarter?

首先，我想回到每噸的成本。我希望你能幫助我了解第三季的情況。與國際相比，巴西每噸成本下降得更快的原因是什麼？這與巴西有更多流程有關嗎？因為我預期國際層面的下降速度會更快。您認為這種情況會扭轉還是會持續到第四季？既然我們談論的是成本，我想了解我們在第三季度看到的環比下降是否可以作為我們想像第四季業績的參數？

The second point may be talking about cash flow, we saw that there was a reduction in the result for the half of the year. But it seems that the annualized reduction was higher than the BRL 600 million that we discussed at the beginning of the year at the offer at the time of the offer. I would like to know if there's anything going on so that we can understand the breakeven, especially when we talk about the annualized results and also considering the CapEx?

第二點可能是現金流，我們看到半年的業績是減少了。但看起來年化減少額比我們年初在要約時討論的6億雷亞爾要高。我想知道是否發生了任何事情，以便我們能夠理解盈虧平衡，特別是當我們談論年化結果並考慮資本支出時？

Thank you, Gustavo. I'm going to start from the first part of your question that has to do with the cost per ton. You mentioned that there was a retraction in Brazil cost, and you tried to make an alignment with what happened internationally. So we're talking about a drop of 7.5% in the domestic market and a 6.9% drop in the international segment.

謝謝你，古斯塔沃。我將從您問題的第一部分開始，該部分與每噸成本有關。您提到巴西成本有所下降，並且您試圖與國際上發生的情況保持一致。因此，我們談論的是國內市場下降 7.5%，國際市場下降 6.9%。

I'm going to explain to you why this difference happened. But I would like you to provide your breakdown about this drop. The first aspect is the reduction of the consumption of grains. This has influenced our COGS. And then we have the captures of the efficiency program, which is the BRF plus that accounts for 25% of this drop. And then we have 15% that has to do with the mix of products sold and another 50% related to other effects.

我將向您解釋為什麼會出現這種差異。但我希望您提供有關此次下降的詳細資訊。一是減少糧食消費。這影響了我們的銷貨成本。然後我們捕獲了效率計劃，即 BRF plus，它佔了這一下降的 25%。然後我們有 15% 與銷售的產品組合有關，另外 50% 與其他影響有關。

When you compare the drop Brazil, with the drop in international segments, you have to take into consideration that in the international segment, we have influences of currencies, different currencies in the case dollar. In the Middle East, we prepare an inventory, so we use our distributions, and we maintain the inventory at the local level. So you have the FX effect that influences the dynamic of transfers in Brazil, so that we can then sell the products.

當您將巴西的下降與國際市場的下降進行比較時，您必須考慮到在國際市場中，我們受到貨幣的影響，以美元為例。在中東，我們準備庫存，因此我們使用我們的分銷，並在當地維護庫存。因此，外匯效應會影響巴西的轉移動態，以便我們可以銷售產品。

We have to remember Turkey as well, which is a business unit where we sell products for the Turkish market. And we also have the translation effect that also affect the results. So this is something that we have to pay attention to. And you asked what we can expect in terms of costs, you asked if we could expect the same behavior in the fourth quarter. What I can say is that as to grain, yes, we are likely to have another reduction effect that is going to be reflected in the fourth quarter of the year.

我們還必須記住土耳其，這是我們向土耳其市場銷售產品的業務部門。而且我們還有翻譯效果也會影響結果。所以這是我們必須注意的。您問我們在成本方面可以預期什麼，您問我們是否可以預期第四季會出現同樣的行為。我能說的是，就糧食而言，是的，我們可能會出現另一次減產效應，這將在今年第四季反映出來。

And we are also confident with the captures from the efficiency program that we have BRF plus. So we can expect a similar behavior before the end of the year.

我們對 BRF plus 效率計畫的成果也充滿信心。因此，我們可以預期年底前會出現類似的行為。

Your second question was about the cash flow. You talked about nonrecurring events and financial expenses. I would say that there is one factor that would affect the financial expenses, but does not affect the free cash flow, which is the rebuy of the tender offer of 2026 note, we bought up to $200 million with a discount. So we were able to account for a premium of approximately BRL 50 million. And we can say that this is a nonrecurring effect.

你的第二個問題是關於現金流。您談到了偶發事件和財務費用。我想說，有一個因素會影響財務費用，但不會影響自由現金流，那就是2026年票據要約收購的回購，我們以折扣價購買了最多2億美元。因此，我們能夠計算出大約 5000 萬雷亞爾的溢價。我們可以說這是一個非重複性的影響。

But again, it affected the financial expense line in a positive way in terms of financial revenues. But that does not impact the free cash flow because this is regarded data amortization, it was a lower amortization where we redeemed the bond. Generally speaking, some of the elements that we could discuss related to the current , we continue reducing the inventory of finished product. And this cannot be seen in the inventory because we reached the level of commemorative product inventory, and this is going to be used in the sales in November and December, which is typically what happens in this period of the year. And also due to the off-season harvest, we replenished the grain inventory, especially corn for the quarter. So that would help us explain why we are sure, we have confidence that in the third fourth quarter, we are going to generate cash. We had a very strong third quarter. And this is also going to impact the generation of cash also in this line. I hope I addressed all the aspects of your question.

但同樣，就財務收入而言，它對財務費用線產生了正面的影響。但這不會影響自由現金流，因為這被視為資料攤銷，我們贖回債券時的攤銷較低。總的來說，我們可以討論的一些要素與當前有關，我們繼續減少成品庫存。這在庫存中是看不到的，因為我們已經達到了紀念產品庫存的水平，這將用於 11 月和 12 月的銷售，這是一年中這個時期通常發生的情況。另外，由於收穫淡季，我們補充了本季的糧食庫存，特別是玉米。因此，這將幫助我們解釋為什麼我們確信，我們有信心在第三季第四季我們將產生現金。我們的第三季表現非常強勁。這也將影響這一領域的現金產生。我希望我已經解決了你問題的所有方面。

Yes, everything is so clear. Thank you, Fabio.

是的，一切都是那麼清楚。謝謝你，法比奧。

Our next question comes from Leonardo Alankar with XP.

我們的下一個問題來自 Leonardo Alankar（擁有 XP）。

I would like to ask a question as a follow-up so that we can understand if there is a higher position in the position of grains and also the expectation for the consumption of Christmas products and also if there is an expectation that the international performance will improve. And if the net result would be an improvement in the working capital, just to confirm what we have already discussed.

我想問一個後續問題，讓大家了解穀物的地位是否較高，以及對聖誕產品消費的預期，以及國際表現是否會有所預期。提升。如果最終結果是營運資金的改善，這只是為了證實我們已經討論過的內容。

The variable volumes tracked mutation because I look at the volume record as the expectations of what happened in the past. And we can see the margins continue to be low. The increase for the next years, Brazil has a margin of 11.9%, which is a very positive surprise and processed performing better than in Ignacio or -- So what are we going to see in terms of performance? Is it going to sacrifice international performance? So I would like you to give us a breakdown in terms of volume and what's the space for next quarter? I asked this because when we look at sectorial data, we can see there was a drop of some areas. It seems that the market is leaner. So it seems that the market made adjustments to the offer. So we see a positive dynamic. I would like to see that if your trend is different from that, that we see in the market and how do you compare to the peers so that we can understand the whole situation?

變數體積追蹤突變，因為我將體積記錄視為對過去發生的事情的期望。我們可以看到利潤率仍然很低。未來幾年的成長，巴西的利潤率為 11.9%，這是一個非常積極的驚喜，並且加工表現比伊格納西奧更好，或者 - 那麼我們在表現方面會看到什麼？會犧牲國際表現嗎？因此，我希望您能向我們詳細介紹一下數量以及下個季度的空間有多大？我問這個問題是因為當我們看部門數據時，我們可以看到一些領域出現了下降。看來市場更清淡了。看來市場對報價做出了調整。所以我們看到了積極的動態。我想看看你們的趨勢是否與我們在市場上看到的不同，你們與同行相比如何，以便我們了解整個情況？

Leonardo I will take your questions, starting by the second part and then turn it over to Fabio, who will finish taking the other parts. I think it's important to have or to keep in mind that we use a predictive model, both in terms of origination and the commercial side as well that's very fine-tuned. So we worked in such a way that we would go into the market to purchase grain at the right moment.

萊昂納多，我將回答您的問題，從第二部分開始，然後將其交給法比奧，他將完成其他部分。我認為重要的是要記住或記住我們使用預測模型，無論是在起源方面還是在商業方面都經過了非常精細的調整。所以我們的工作方式就是適時到市場去收購糧食。

We understand that, that's working capital intensive, but we recovered that with our ultimate results. On the other hand, it's also important to point out something that you've said. And in this case, we add more explicit color, so to speak, BRF was the first company to have posting in the U.K. This was for a very important unit of ours. And we went back to that market, a market BRF has been absent of since 2017 or 2018, which is very exciting for us right now.

我們知道，這是營運資金密集的，但我們透過最終結果恢復了營運資金。另一方面，指出你說過的話也很重要。在這種情況下，我們添加了更明確的顏色，可以說，BRF 是第一家在英國張貼的公司。這是針對我們非常重要的單位的。我們回到了那個市場，自 2017 年或 2018 年以來 BRF 一直缺席的市場，這對我們來說非常令人興奮。

Now another thing that you also mentioned, which I think is important to quantify because it's a very important aspect. BRF operated very interesting work when it comes to production, BRF had a very important work in terms of going for commercial assets. Now these assets include these 50 new licenses that we've acquired, 19 of which were secured in the second half of 2023 alone. This is a project we have been working on and will continue to work on to obtain new licenses. These new licensed plants are being working on. And they will serve not only to improve our capillarity, but also to enable us to offer larger volumes.

現在您還提到了另一件事，我認為量化這一點很重要，因為這是一個非常重要的方面。 BRF 在生產方面進行了非常有趣的工作，BRF 在取得商業資產方面進行了非常重要的工作。現在，這些資產包括我們已獲得的 50 個新許可證，其中 19 個是在 2023 年下半年獲得的。這是我們一直在致力於的一個項目，並將繼續努力以獲得新的許可證。這些新的許可工廠正在建設中。它們不僅可以改善我們的毛細作用，還可以使我們能夠提供更大的產量。

Now on the other hand, something that we've talked about in the last conferences, BRF has attempted to and have been managing to produce to sell and not sell to produce, which allows us in such a way to arbitrate and choose the best choices, which ultimately allows BRF to grow and take the lead again when it comes to efforts. Last year and at the beginning of this year, this is something we worked toward and already getting ahead of myself and answering part of what Fabio will say, it is likely that this continued growth will be seen again in 2024 and also in the following years. Now Fabio, if you could please go ahead.

另一方面，我們在上一次會議中談到過，BRF 已經嘗試並一直在設法生產以銷售，而不是銷售以生產，這使我們能夠以這種方式仲裁和選擇最佳選擇，最終讓BRF 成長並在努力方面再次領先。去年和今年年初，這是我們努力實現的目標，並且已經超前地回答了 Fabio 所說的部分內容，這種持續增長很可能會在 2024 年以及接下來的幾年中再次出現。現在，法比奧，如果可以的話，請繼續。

Now, Leonardo, I could tell you about your question with regards to what you should expect from or in terms of the net results, I will list a few factors, but overall, we expect the net results to be positive. Considering the sales of commemorative products, that's the first part. What we will see as a normalized inventory in our portfolio, which should take place in the last 2 months of the year, as I've said before, from the grain perspective, I can say that we are at a very coin a very comfortable position from a supply standpoint. So we'll continue to measure whether the market is offering as much as it has, but we do not have the chance to originate if conditions are not attractive in our opinion.

現在，萊昂納多，我可以告訴你關於你應該對最終結果有何期望或就最終結果而言的問題，我將列出一些因素，但總的來說，我們期望最終結果是積極的。考慮到紀念產品的銷售，這是第一部分。我們將在我們的投資組合中看到標準化的庫存，這應該在今年的最後兩個月發生，正如我之前所說，從穀物的角度來看，我可以說我們處於一個非常舒適的狀態從供應角度來看。因此，我們將繼續衡量市場是否提供了盡可能多的產品，但如果我們認為條件不具吸引力，我們就沒有機會啟動。

And the most substantial part of this half of the year, as we've said before, is in the unfinished inventories in our international operations. So we've identified an opportunity without any interference with the levels of service to maintain an inventory of at least 30 million to 35 million tons less, which if you consider a cost of BRL 10 Bikila, could represent as much as $350 million now that prices are picking up, and Miguel mentioned this at the beginning, we are gaining confidence to add that volume to our commercial operation. To some extent, this has already begun in early November. And if everything conspire positively, we'll continue to do that moving forward until the end of the month.

正如我們之前所說，今年上半年最重要的部分是我們國際業務中的未完成庫存。因此，我們找到了一個在不影響服務水準的情況下保持庫存至少減少 3,000 萬至 3,500 萬噸的機會，如果您考慮 10 比基拉雷亞爾的成本，現在可能相當於 3.5 億美元。價格正在上漲，米格爾一開始就提到了這一點，我們有信心將這一數量增加到我們的商業運營中。從某種程度上來說，這在11月初就已經開始了。如果一切順利，我們將繼續這樣做，直到本月底。

Very clear. Now just other clarifications about BRF. If you had more pages detailing that, that would be great. But thank you so much for the answer so far. Thank you.

非常清楚。現在只是關於 BRF 的其他澄清。如果您有更多詳細說明的頁面，那就太好了。但非常感謝您迄今為止的回答。謝謝。

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。

Good morning, Miguel and Fabio. I'd like to go back a little bit in our discussion to unprocessed foods in Brazil and how your margins are performing or have delivered over the course of the quarter. If you could please give us more detail breaking down by category, maybe in terms of how we could compare across the many industries that you work on in processed foods, considering also margining and the categories that work with larger volumes, how could we expect your performance moving forward? And you've also mentioned your prospects for Q4, but if you could add a bit more color in terms of demand and competition that would also help us a lot.

早安，米格爾和法比奧。我想在我們的討論中稍微回顧一下巴西的未加工食品，以及您在本季的利潤表現或交付情況。如果您可以向我們提供按類別細分的更多詳細信息，也許就我們如何比較您在加工食品領域從事的許多行業而言，同時考慮到利潤率和產量較大的類別，我們如何期望您的業績向前發展？您還提到了第四季度的前景，但如果您可以在需求和競爭方面添加更多色彩，這也會對我們有很大幫助。

Hi, Isabella. Before going straight into the analysis that you asked us to offer with regard to categories, I think it's safe to say that the performance of our processed goods has to do with 2 main aspects. First of all, the commercial execution that we've delivered is something that we've pointed out recurrently. So this is something the company is very actively focusing on ensuring coverage and ensuring that the store plan is planned for and executed in an optimum way, which has allowed us to be better positioned in pricing terms even. And in our commercial strategy at large, ensuring our share on the shelf and why not also influencing customer decisions as well.

嗨，伊莎貝拉。在直接進入您要求我們提供的類別分析之前，我認為可以肯定地說，我們加工產品的性能與兩個主要方面有關。首先，我們已經交付的商業執行是我們一再指出的。因此，公司非常積極地致力於確保覆蓋範圍並確保以最佳方式規劃和執行商店計劃，這使我們在定價方面處於更好的位置。在我們的整體商業策略中，確保我們在貨架上的份額，為什麼不也影響客戶的決策？

Now the second aspect has to do with cost, and it couldn't be any different. We've just talked about the reduced costs per kilo. So that also affects our profitability. And also helps you to understand the second part of my answer when it comes to category. So I'll give you an example of spreads in general. This is a category that benefited significantly from the increase in cost of soybean oil. So at present, we're seeing a trend in the market for this category, which is one where the profitability exceeds the effort of recent years. So you have a price competition in the market that is only natural for the margarine categories.

現在第二個方面與成本有關，而且沒有什麼不同。我們剛剛談到了每公斤成本的降低。所以這也會影響我們的獲利能力。並且還可以幫助您理解我的答案的第二部分。因此，我將為您提供一個一般點差的範例。這是受益於豆油成本上漲的顯著品類。所以目前我們看到這一品類的市場趨勢是獲利能力超過了近年來的努力。因此，市場上存在價格競爭，這對於人造奶油類別來說是很自然的。

Now the sausages and franks where, I mean, prices have been more fragile because of our protein supply, that's ultimately appealing for producers to make their products more elaborate. So that affects the market, but we've been navigating that really well, and that's a matter of our execution going back to the first part of the question. So as anticipated, we expect prices to go down in Q4. There's also the layout of our commemorative products portfolio. So our competitive edge is likely to improve. We should work well in all our categories I mentioned to you, but frozen products is no different, for example.

現在，我的意思是，由於我們的蛋白質供應，香腸和法蘭克福香腸的價格變得更加脆弱，這最終吸引了生產商將他們的產品做得更加精緻。所以這會影響市場，但我們一直在很好地導航，這是我們執行的問題，回到問題的第一部分。因此，正如預期的那樣，我們預計第四季度價格將會下降。還有我們的紀念產品組合的佈置。因此我們的競爭優勢可能會提高。我們應該在我向您提到的所有類別中表現良好，但冷凍產品也不例外。

Our next question comes from Thiago Duarte with BTG Pactual.

我們的下一個問題來自 BTG Pactual 的蒂亞戈·杜阿爾特 (Thiago Duarte)。

I just wanted to go back to the point of the previous question where you mentioned the volumes and also clarify, just as I think Leonardo said, your increase in volume, so was a positive surprise. And it's interesting, you no longer release your slaughter figures, but we still have access to your animal inventory figures and that has actually decreased versus Q2 and versus last year as well. So that gives us the impression that you had more product precisely because of the increased production yield and the execution of BRF. So first of all, I just wanted to confirm whether that increased volume comes from the increased production yield when we look at that result because animal inventory is actually going down. And with that in mind, I'd like to hear from you what are the company's plans moving forward when it comes to adding animal on the field. So increased housing of breeders and whether those increases will be connected to increased yields still?

我只是想回到上一個問題，您提到了交易量，並澄清了這一點，正如我認為萊昂納多所說的那樣，您的交易量增加了，所以這是一個積極的驚喜。有趣的是，您不再發布屠宰數據，但我們仍然可以存取您的動物庫存數據，而且與第二季度和去年相比，該數據實際上有所下降。因此，這給我們的印像是，由於產量的增加和 BRF 的執行，您擁有了更多的產品。首先，我只是想確認，當我們查看結果時，數量的增加是否來自產量的增加，因為動物庫存實際上正在下降。考慮到這一點，我想聽聽您的意見，公司在增加動物數量方面有何計劃。那麼，飼養員住房的增加以及這些增加是否仍與產量增加有關？

And my second question about BRF plus, I heard a few comments, I can't remember if that was on the release were in Miguel's presentation saying that many of the indicators that you were seeking are already doing equal as well as or even better than they did in 2019, considering what you planned for the plan the BRF plus at the beginning of the year. So I wanted to hear from Miguel when we look at the aggregate figures, how are we doing compared to where you were back in 2019? We wanted to understand, considering that point of reference, how close to that you are when it comes to profitability, service level. You also mentioned the increased FIFO and so on and so forth. But if you could please quantify the gains that you still expect to have considering all of that.

我關於 BRF plus 的第二個問題，我聽到了一些評論，我不記得 Miguel 的演示文稿中是否有這樣的評論，說您正在尋找的許多指標已經表現得等於甚至更好考慮到您在年初制定的BRF plus 計劃，他們在2019 年就這麼做了。因此，當我們查看整體數據時，我想聽聽 Miguel 的意見，與您 2019 年的情況相比，我們的表現如何？考慮到這個參考點，我們想了解您在獲利能力和服務水準方面與該參考點的接近程度。您還提到了增加的 FIFO 等等。但如果您可以的話，請量化考慮所有這些因素後您仍然期望獲得的收益。

And lastly, if you could talk a little bit about your asset sales this week, you mentioned the cancellation of your pet food business sale. And so considering the nonsale of that asset, which was one of the most significant you plan to work with everything else that you have, is there anything relevant in terms of reference? What could we expect for your divestment?

最後，如果您能談談本週的資產出售，您提到了寵物食品業務出售的取消。因此，考慮到該資產的非出售，這是您計劃與您擁有的其他一切一起工作的最重要的資產之一，在參考方面有什麼相關的嗎？我們對你們的撤資有何期望？

Thank you, Thiago. I will start by taking the second part of your question, and then Fabio can take the first part. On BRF plus, we met back in September, outlined a new project that we named BRF plus 2.0. That program will continue the ongoing improvement we've experienced since Q2 2022.

謝謝你，蒂亞戈。我會先回答你問題的第二部分，然後法比奧可以回答第一部分。關於 BRF plus，我們在 9 月進行了會面，概述了一個新項目，我們將其命名為 BRF plus 2.0。該計劃將繼續我們自 2022 年第二季以來所經歷的持續改進。

In the 3 quarters that we've had so far in 2023 and which from now on, we'll have opportunity to conclude in 2024 by Q4. Just to answer your question in a more well-rounded way, many of the indices that we had planned to reach in Q4, we've already reached in Q3 and those that we had as a benchmark in 2019 have already been exceeded. There are still a few challenges as we expected to have from the outset, which we now plan to address with BRFs 2.0.

2023 年迄今為止我們已經經歷了 3 個季度，從現在開始，我們將有機會在 2024 年第四季結束。為了更全面地回答你的問題，我們計劃在第四季度達到的許多指標，我們在第三季度已經達到的指標，以及我們在 2019 年作為基準的指標已經被超越。正如我們從一開始就預期的那樣，仍然存在一些挑戰，我們現在計劃透過 BRF 2.0 來解決這些挑戰。

Many of those aspects such as production yield and so on and all of those operation indicators, both on the field and in manufacturing have already been exceeded in 2019. Some of them have actually exceeded even BRF's best times historically. What we expect to see now in 2024, we're already comparing within the business units of our operation where we're performing better to establish that performance isolated from the company's contextual performance. And it's important to point out that this will now be part of our budget in 2024. Once we deliver our 2024 budget, that will be cascaded down to the entire company affecting not only compensation but also the activities of all our collaborators and business units.

其中許多方面，例如產量等，以及所有這些營運指標，無論是現場還是製造方面，都在 2019 年已經被超越。其中一些指標甚至超過了 BRF 歷史上的最佳時間。我們期望在 2024 年看到的情況是，我們已經在營運中表現較好的業務部門內進行比較，以確定與公司背景績效無關的績效。需要指出的是，這現在將成為我們 2024 年預算的一部分。一旦我們交付 2024 年預算，預算將級聯到整個公司，不僅影響薪酬，還會影響我們所有合作者和業務部門的活動。

So we are very confident that the continued improvement that we are working on still has a way to go and we should see progress in 2024. I will turn over to Fabio to add his comments to the answer. And if necessary, I can come back and close it.

因此，我們非常有信心，我們正在努力的持續改進仍有很長的路要走，我們應該會在 2024 年看到進展。我將請 Fabio 在答案中添加他的評論。如果有必要，我可以回來關閉它。

All right, Thiago, if I'm not mistaken, you asked 3 questions, right? BRF plus, and that's what Miguel addressed was the second. The first one had to do with sales volumes. You mentioned slaughter levels. And what I could tell you about that is we are highly focused on what we call the use of our industrial operations. And this includes not only the industrialization lines or processing lines, but obviously, our slaughter lines as well and also our farming operations. And I think that these figures have to do with the energy we've devoted to reducing any idleness that we could call systemic from our operations.

好吧，蒂亞戈，如果我沒記錯的話，你問了 3 個問題，對嗎？ BRF plus，這就是米格爾所說的第二個。第一個與銷量有關。你提到了屠宰水準。我可以告訴你的是，我們高度關注我們所謂的工業運作的使用。這不僅包括工業化生產線或加工生產線，顯然還包括我們的屠宰生產線和農業經營。我認為這些數字與我們為減少營運中的系統性閒置而投入的精力有關。

Now with regard to slaughter, we have maintained our slaughter shares, and this is true for chicken and pork. I do not want to go into detail this sensitive information, but the company has made no structural adjustment so far. No structural adjustment has been made except for the end of operations in one of our plants, but one which was not that significant. So it was the only adjustment that we could call a structural one. This has no significant impact on what we should consider a biological factor that has been affecting our performance, and this is something that's not expected to change in the near term. This is what I could tell you to that part of your question.

現在在屠宰方面，我們保持了屠宰份額，雞肉和豬肉也是如此。我不想詳細介紹這個敏感訊息，但該公司到目前為止還沒有進行結構調整。除了我們的一家工廠結束營運外，沒有進行任何結構調整，但影響並不那麼大。因此，這是唯一一次我們可以稱之為結構性調整的調整。這對我們應該考慮的影響我們表現的生物因素沒有重大影響，而且預計短期內不會改變。這就是我可以告訴你的問題的那部分。

And lastly, when it comes to divestment, if memory serves, I will first talk about our most recent announcement which we made yesterday that we will no longer be selling our Pet operation, and that was simply because we didn't come to an offer that nor opinion was fairly priced. This is an operation that we consider very significant. So, we are now devoting some of our energy to develop that part of the business, looking for synergies that we were once in some measure, been able to realize.

最後，當談到撤資時，如果沒記錯的話，我將首先談談我們昨天發布的最新公告，即我們將不再出售我們的寵物業務，這僅僅是因為我們沒有提出要約這兩種意見的價格都不是公道的。這是我們認為非常重要的一個操作。因此，我們現在正在投入一些精力來發展這部分業務，尋找我們曾經在某種程度上能夠實現的協同效應。

We've made progress in the processed food segment. We are strengthening our relationship with veterinarians.

我們在加工食品領域取得了進展。我們正在加強與獸醫的關係。

This is a large market in Brazil. We're talking about over EUR 40 billion in sales. Brazil has the third largest PET population in the world. Market growth projections, not for Brazil, but for the market is over 2 digits. So we have a lot to make sure that our operations progress in that sense as well.

這是巴西一個很大的市場。我們談論的是超過 400 億歐元的銷售額。巴西擁有全球第三大 PET 人口。市場成長預測，不是針對巴西，而是針對該市場超過 2 位數。因此，我們還有很多事情需要確保我們的營運在這方面取得進展。

You also mentioned other sales. So I'd like to say that we no longer have anything significant except for a few assets that we're still operating, these are nonoperative assets and our overall operation did not rely on that even because the contingent tax credits, there have been offers. But again, a value that we do not believe is fair considering the pricing or the valuation of each one of those shares. So you shouldn't expect any significant share or any significant sale of assets within the pipeline that we had mentioned before.

您還提到了其他銷售。所以我想說，除了我們仍在運營的一些資產外，我們不再擁有任何重要資產，這些是非營運資產，我們的整體營運並不依賴這些資產，即使因為或有稅收抵免，也有報價。但同樣，考慮到每隻股票的定價或估值，我們認為這一價值並不公平。因此，您不應期望我們之前提到的管道內有任何重大份額或任何重大資產出售。

Complementing Fabio's answer, it's important to know that BRF has been in the process of decreasing idleness and occupying production. And according to our budget of 2024, we plan for organic growth and considering the investments that have already been made. So you made a very, very appropriate question, and let me give you an answer to that. When you look at the yield aspect, BRF opened a new plant by means of yield, you have percentage and the slaughter of chicken, you have an additional 400 chicken being slaughtered only by improving processes. So considering the moment when we maximize our production, we can have a very, very expressive organic growth, which was the case.

補充 Fabio 的答案，重要的是要知道 BRF 一直處於減少閒置和占用生產的過程中。根據我們 2024 年的預算，我們計劃實現有機成長並考慮已經進行的投資。所以你提出了一個非常非常恰當的問題，讓我給你一個答案。當你看產量方面時，BRF 透過產量、百分比和雞肉屠宰量開設了一家新工廠，僅透過改進流程就可以額外屠宰 400 隻雞。因此，考慮到我們最大化生產的那一刻，我們可以實現非常非常富有表現力的有機成長，事實就是如此。

Our next question comes from Lucas Ferreira with JP Morgan.

我們的下一個問題來自摩根大通的盧卡斯費雷拉。

It's a follow-up on the international market. You said that you have seen improvements in terms of prices in some regions. But it's a question on Asia, Japan and China are a relevant market. And in the past few months, it seems that they haven't been perfect. So well, in terms of prices, my question is, is there any visibility of price improvement? I understand the United States had some restrictions related to imports, related to avian flu in nearly 40 states. But at the time, the prices on to CSX are still very low, specifically about Japan and China do you have any prospects, any positive prospects in the field? And that's my question.

這是國際市場的後續行動。您說您看到一些地區的價格有所改善。但這是亞洲的問題，日本和中國是相關市場。而在過去的幾個月裡，他們似乎並不完美。那麼，就價格而言，我的問題是，價格是否有明顯的改善？據我了解，美國近 40 個州對禽流感進口實施了一些限制。但當時，CSX 的價格仍然很低，特別是日本和中國，您在該領域有什麼前景嗎？有什麼積極的前景嗎？這就是我的問題。

Lucas, thank you for your question. We analyze the market to Japan, and we understand that this market was in a recovering process in the second quarter. We had some cases of confirmation of this status. And when Brazil-when Japan came back to the market, the prices were lower. And we have to understand that inventory levels were lower and Japan needed to purchase more and Brazil is a good supplier. And now we resumed the market. And we can see that there's going to be a price recovery, still not very significant recovery, but it's materializing.

盧卡斯，謝謝你的問題。我們對日本市場進行了分析，我們了解到這個市場在第二季處於復甦過程中。我們有一些確認這種狀態的案例。當巴西和日本回到市場時，價格更低。我們必須明白，庫存水準較低，日本需要購買更多產品，而巴西是一個很好的供應商。現在我們恢復了市場。我們可以看到價格將會回升，雖然回升幅度還不是很大，但正在實現。

The price is still lower than that, that we expect for 2024. But we are in the process of price recovery. On the other hand, it's important to mention, am sorry I insist on that, when we talk about new destinations, new auctions and new licenses, we see as for Japan is a very specific case, when Japan close some states, BRF because it had a license to Korea. We made a decision, a timely decision, and we managed very quickly to redirect the exports to that market without offsetting prices. And we doubt we're incurring any losses in the sales process.

價格仍低於我們對 2024 年的預期。但我們正處於價格復甦的過程中。另一方面，值得一提的是，抱歉，我堅持認為，當我們談論新目的地、新拍賣和新許可證時，我們看到日本是一個非常具體的案例，當日本關閉一些州時，BRF因為它有去韓國的駕照。我們做出了決定，一個及時的決定，我們很快就將出口轉向該市場，而沒有抵消價格。我們懷疑我們在銷售過程中是否遭受了任何損失。

On the other hand, we focused quite a lot on the execution of the international market plans. Remember that when we started talking about the efficiency program of BRF plus, BRF was a company that worked with an inventory without sales. And we no longer do that because of risk and also the working capital. And we started to bring to the port directly.

另一方面，我們非常注重國際市場計劃的執行。請記住，當我們開始談論 BRF plus 的效率計劃時，BRF 是一家只使用庫存但沒有銷售的公司。由於風險和營運資金，我們不再這樣做。我們開始直接運到港口。

Before that, it was shipped from deposit to another deposit and then consolidate the broad for sale. We suspended this and somehow it has allowed us to capture a market in a quicker way than thinking about the advantage of better prices. So the product is not waiting for the market to lower prices. You are practically on line. If it is rising, you are there capturing this advantage. So we did very well when we applied the dynamics, and it was again important to mention the predictive model adopted by BRF.

在此之前，它被從一個礦場運送到另一個礦場，然後合併廣泛出售。我們暫停了這項計劃，不知何故，它使我們能夠比考慮更好的價格優勢更快地佔領市場。所以該產品並不是等待市場降價。您實際上已上線。如果它正在上升，那麼您就抓住了這一優勢。所以我們在應用動力學時做得非常好，再次重要的是要提到 BRF 採用的預測模型。

As I have insisted since the first two results earnings call, if you make a mistake in the management of BRF, it's not because of lack of quality and information.

正如我自前兩次業績電話會議以來一直堅持的那樣，如果你在 BRF 的管理中犯了錯誤，那並不是因為缺乏品質和資訊。

The information quality is very high, and this is the main input for us to make the good decision. If you do not make decisions only by using experience or feeling, you are based on proper information. We have a very accurate predictive system at BRF. We have also been working on the pricing system. So this price system allows us to make or take advantages in the domestic and also in the international market. So if we have a price recovery opportunity, we respond quickly and responding answering the last question of your question, China is more challenging, but it doesn't have such an impact on our portfolio at this time. Fabio, can you add to what I said?

資訊品質非常高，這是我們做出正確決策的主要輸入。如果您不僅根據經驗或感覺做出決定，那麼您是基於正確的資訊。我們 BRF 有非常準確的預測系統。我們也一直致力於定價系統。所以這個價格體系使我們能夠在國內和國際市場上取得優勢。因此，如果我們有價格回升的機會，我們會迅速做出反應並回答您問題的最後一個問題，中國更具挑戰性，但目前對我們的投資組合沒有產生如此大的影響。法比奧，你能補充一下我所說的嗎？

I have nothing to add, Miguel.

我沒什麼好補充的，米格爾。

Let me make a follow-up, a quick follow-up. You talked about the process margin that went back to historical levels. At the international level, as we don't have much information per region in relation to margin, but it seems that allow us closer to this normalized level that was close to 13%. But other destinations for export are much lower. Is this correct the way I see this? And what about the new price levels and the licenses? Do you see that you're going to have a direct imports, such as in Asia going back to 2-digit in terms of margin, considering China, do you see that there's going to be a 2-digit margin in the near horizon and considering China?

讓我做一個跟進，一個快速的跟進。您談到了工藝利潤率回到了歷史水平。在國際層面，我們沒有太多關於每個地區利潤率的信息，但這似乎讓我們更接近接近 13% 的標準化水平。但其他出口目的地的價格要低得多。我的看法正確嗎？新的價格水平和許可證又如何呢？你是否認為你會直接進口，例如在亞洲，利潤率會回到兩位數，考慮到中國，你是否認為不久的將來會有兩位數的利潤率？考慮中國？

Answering your question, I would say, yes, Halal is getting closer to historical levels. It's in the process of recovery. We have also been making an effort to gain share and looking very closely on the import processes. When you improve logistics, you prove how you serve your clients. And if you improve your service to your clients, you will have the preference in the markets where you operate. And we have been focusing on this quite a lot.

回答你的問題，我會說，是的，清真越來越接近歷史水準。它正在恢復過程中。我們也一直在努力爭取市場份額，並密切關注進口流程。當您改善物流時，您就證明了您如何為客戶服務。如果您改善對客戶的服務，您將在您經營的市場中獲得優先權。我們一直非常關注這一點。

In relation to the other markets, we still see this challenge because the prices are still at a lower performance when considered the historic records. And we are very attentive in waiting for this recovery.

相對於其他市場，我們仍然看到這項挑戰，因為考慮到歷史記錄，價格仍然處於較低的表現。我們非常專注地等待這種復甦。

And considering this experience we've had for many years, what we see, Lucas, is that the market usually offers a logic. So if you have a downward market, it's not down at all times. It tends to level up and balance back again. And this is what we have been seeing lately. You have the communication being aligned with the others. So you see this happening. And if you have a market which is performing below, it's not adjusted, you can direct your products to another market, you would lower your offer in the market, which is at a downward trend and that market will retake normal price dynamics. In that is why we say whenever it brings, it stops. So, it's a trend to level up. These are normal trends, and we are likely to see those natural trends may it realize is long 2024. What we do not need to know for sure is when this is going to happen, if it's going to happen in the first half or in the second half. What I can say is that we are on the right path, but I don't know for sure when this is going to actually materialize.

考慮到我們多年來的經驗，盧卡斯，我們看到市場通常會提供邏輯。因此，如果市場處於下跌狀態，那麼它並不是一直下跌。它往往會升級並再次平衡。這就是我們最近看到的情況。您與其他人的溝通保持一致。所以你會看到這種情況發生。如果您的市場表現低於預期，則未進行調整，您可以將您的產品轉移到另一個市場，您會降低市場的報價，該市場處於下降趨勢，並且該市場將恢復正常的價格動態。這就是為什麼我們說只要它帶來，它就會停止。所以說，升級是一個趨勢。這些都是正常趨勢，我們可能會在 2024 年很長一段時間內看到這些自然趨勢。我們不需要確定的是這種情況何時會發生，是否會在上半年或下半年發生下半場。我能說的是，我們走在正確的道路上，但我不確定這何時會真正實現。

Okay. Thank you.

好的。謝謝。

The Q&A session and the conference of BRF has come to an end. We would like to thank you for attending this call, and have a great day, everyone.

高峰論壇問答環節和會議至此結束。我們感謝您參加本次電話會議，祝大家有美好的一天。