BRF SA (BRFS) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們，先生們。

Welcome to BRF's Q4 and Full Year 2023 Earnings Conference.

歡迎參加 BRF 的第四季和 2023 年全年收益會議。

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.

本次會議正在錄製中，並將在公司網站 ir.brf-global.com 上重播。也可以下載簡報投影片。

(Operator Instructions)

（操作員說明）

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.

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。

These statements may involve risks and uncertainties seen as they relate to future events and, therefore, rely on circumstances that may or may not materialize.

這些陳述可能涉及與未來事件相關的風險和不確定性，因此依賴可能或可能不會發生的情況。

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 such forward-looking statements.

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此類前瞻性聲明中表達的結果大不相同的結果。

Joining our conference today are CEO, Miguel Gularte; and CFO, Fabio Mariano.

今天參加我們會議的有執行長 Miguel Gularte；和財務長法比奧·馬裡亞諾。

I will now turn over to Mr. Gularte, who will begin the presentation.

現在請古拉特先生開始介紹。

Please, Mr. Gularte, you may proceed.

古拉特先生，請繼續。

Good morning.

早安.

I'd like to start by thanking everyone for attending our earnings conference.

首先，我要感謝大家參加我們的收益會議。

BRF has reported net income of BRL823 million in the fourth quarter of 2023.

BRF 報告 2023 年第四季淨利為 8.23 億雷亞爾。

Throughout the year, we focused on efficiency and excellence while executing our business plan.

全年，我們在執行業務計劃時注重效率和卓越。

We made progress quarter-by-quarter and ended the year with positive results largely driven by the company's improved operational performance and financial discipline.

我們每季都取得了進展，並在年底取得了積極的業績，這主要得益於公司營運績效和財務紀律的改善。

We've closed this period with significantly lower leverage, the lowest in seven years.

我們以顯著降低的槓桿率結束了這段時期，為七年來的最低水準。

Our ever-evolving commercial execution, improved product portfolio performance and consistent work with the Sadia, Perdigao and Qualy brands have supported our profitability boost in 2023.

我們不斷發展的商業執行力、改進的產品組合績效以及與 Sadia、Perdigao 和 Qualy 品牌的持續合作支持了我們 2023 年盈利能力的提升。

In the international market, we've returned to double-digit margins, advancing in value-added products and securing a record number of plant licenses and new destinations.

在國際市場上，我們的利潤率已恢復兩位數，在增值產品方面取得進展，並獲得了創紀錄數量的工廠許可證和新目的地。

Now I'd like to invite our CFO, Fabio Mariano; to present our financial results in further detail.

現在我想邀請我們的財務長 Fabio Mariano；更詳細地介紹我們的財務表現。

After which, I'll come back for our final remarks on the announcement.

之後，我將回來對這項公告發表最後的評論。

Good morning to everyone on the call.

各位來電的人早安。

On the starting page, I'd like to focus on the main financial indicators for Q4 2023, starting with net revenue, which came to BRL14.4 billion.

在首頁，我想專注於 2023 年第四季的主要財務指標，首先是淨收入，達到 144 億雷亞爾。

Our EBITDA was BRL1.9 billion.

我們的 EBITDA 為 19 億雷亞爾。

This gives us a 13% margin for the period, our best quarterly result in many years.

這使得我們這段期間的利潤率為 13%，這是我們多年來最好的季度業績。

Our free cash flow performance was BRL613 million.

我們的自由現金流績效為 6.13 億雷亞爾。

That's our largest quarterly cash generation in three years and working capital, we significantly reduced our inventories, which helped us to secure a financial cycle of 5.8 days, three days shorter than in the same period last year.

這是我們三年來最大的季度現金產生和營運資金，我們大幅減少了庫存，這幫助我們確保了 5.8 天的財務週期，比去年同期縮短了三天。

Inventory turnover reached 75 days, 18 days less than in 2022 ending this slide with leverage.

庫存週轉時間達到 75 天，比 2022 年減少 18 天，並透過槓桿作用結束了這一下滑。

We reached two times our EBITDA in the last 12 months, lowest leverage in seven years.

在過去 12 個月內，我們的 EBITDA 達到了兩倍，這是七年來的最低槓桿率。

In the next slide, page 4, we show, on the left-hand side, our gross profit over time with 24% profitability in the period, we've reported a gross profit of approximately BRL3.5 billion, a number of them on the right-hand side, we also notice the EBITDA progress.

在下一張幻燈片中，第4 頁，我們在左側顯示了我們一段時間內的毛利潤，在此期間的盈利率為24%，我們報告的毛利約為35 億雷亞爾，其中一些來自在右側，我們也注意到 EBITDA 的進展。

As I mentioned earlier.

正如我之前提到的。

In the next slides, we will present our performance by market or business.

在下一張投影片中，我們將按市場或業務展示我們的業績。

Starting with Brazil, we continued to progressively improve our operating results.

從巴西開始，我們繼續逐步改善我們的經營績效。

Our EBITDA margin came to15.6% with the help of our holiday campaign.

在假期活動的幫助下，我們的 EBITDA 利潤率達到 15.6%。

The best profitability of the year was that, even excluding seasonal sales.

即使排除季節性銷售，今年的獲利能力也是最好的。

Note the performance of processed products was consistent with historical levels despite the still sub optimal consumer environment in the country.

請注意，儘管該國的消費環境仍不理想，但加工產品的表現與歷史水準一致。

On page number six, we highlight the recovery in prices of fresh cuts in Brazil just as we had predicted in the previous quarter.

在第六頁，我們強調了巴西新切肉價格的復甦，正如我們在上一季的預測一樣。

At the bottom of the slide, we emphasize the increased accuracy of new product launches and continued progress of our commercial execution, which can be seen in the greater availability of products in store and the greater penetration into new points of sales and a marked improvement in customer service levels, which significantly contributed to the performance of the domestic market.

在投影片的底部，我們強調新產品發布的準確性提高以及商業執行的持續進展，這可以從商店中產品的可用性更大、對新銷售點的更大滲透以及顯著改善中看出。服務水平，這對國內市場的表現做出了重大貢獻。

On page 7, we highlight the outstanding performance of our celebratory portfolio.

在第 7 頁，我們重點介紹了我們值得慶祝的投資組合的出色表現。

We showed in our leadership in the market and the strength of our brands during this special festive period, our market share was 72% in turkeys and 60% in special poultry such as Chester light of the movement from the next slide shows our performance in the international market.

在這個特殊的節日期間，我們展示了我們在市場上的領導地位和我們品牌的實力，我們在火雞方面的市場份額為72%，在切斯特等特殊家禽方面的市場份額為60%。一張幻燈片的走勢顯示了我們在國際市場。

We see in this business's recovery not coming to double digit margins as new price levels for poultry and grill are cut and the downward turn of costs with decreased grains and efficiency gains from the BRF. plus, program.

我們認為該業務的復甦不會達到兩位數的利潤率，因為家禽和燒烤的新價格水平被削減，並且隨著穀物減少和 BRF 的效率提高而導致成本下降。另外，程序。

Our EBITDA margin increased by seven percentage points compared with the previous year.

與前一年相比，我們的 EBITDA 利潤率成長了七個百分點。

We also noticed increased market share in chicken and poultry exports to many destinations.

我們還注意到向許多目的地出口雞肉和家禽的市場份額增加。

On the next slide, we highlight the growing profitability in the wholesale market in the Gulf countries, while we continue to grow our market share in processed foods, which is in keeping with our plans to expand the range of value-added items in the region.

在下一張幻燈片中，我們強調了海灣國家批發市場不斷增長的盈利能力，同時我們繼續增加加工食品的市場份額，這符合我們擴大該地區增值項目範圍的計劃。

We also reported a positive performance in Turkey, nearing the larger share of processed foods and sales volumes and sound profitability levels in the unprocessed portfolio.

我們還報告了土耳其的積極表現，接近加工食品和銷量的更大份額，以及未加工產品組合的良好盈利水平。

While we sustained our market share leadership with the Sadia and Banvit brands with 37% and 21% of shares respectively in each of their markets.

同時，Sadia 和 Banvit 品牌繼續保持市場份額領先地位，在各自的市場中分別擁有 37% 和 21% 的份額。

On the right-hand side, I point out the Direct Exports business.

在右側，我指出了直接出口業務。

We can see our prices performed for the main cuts.

我們可以看到主要削減的價格。

We grew our business alternatives with 16 new licenses for markets such as the United Kingdom, Africa and the Americas.

我們為英國、非洲和美洲等市場頒發了 16 張新許可證，拓展了業務選擇。

Our export licenses came to 66 or have 66 new ones in 2023.

2023 年，我們的出口許可證達到 66 個，或新增 66 個。

We also reduced our finished product inventories by almost 80,000 tons internationally versus '22.

與 22 年相比，我們的國際成品庫存減少了近 80,000 噸。

And direct factory exports remain at high levels with only the unsold inventories continue to fall, improving our commercial execution and relieving the capital we've employed, I'll end the presentation talking about I'm sick ingredients and pet.

直接工廠出口保持在高水平，只有未售出的庫存繼續下降，提高了我們的商業執行力並減輕了我們所使用的資本，我將結束演講，談論我生病的原料和寵物。

The business reported an EBITDA margin of 11.7% or BRL98 million during this quarter.

該公司本季的 EBITDA 利潤率為 11.7%，即 9,800 萬雷亞爾。

It's important to note that the development of our manufacturing output continued to contribute to the maximization of our results in the company's core portfolio.

值得注意的是，我們製造產量的發展持續有助於公司核心產品組合績效的最大化。

In the pet business, we increased our share in sales of the super-premium natural category with higher profitability and higher exports throughout the year ending 2023, with our first shipments to the United Arab Emirates, we'd like to underscore the extension of our BRF. plus program to the pet operation in search of growing our efficiency level in ingredients, we continue to focus on growing our expanding our markets and increasing sales of value added items such as hydrolysis.

在寵物業務中，我們增加了超優質天然類別的銷售份額，並在截至2023 年的全年中實現了更高的盈利能力和更高的出口量，並首次向阿拉伯聯合酋長國發貨，我們想強調我們的BRF。為了提高我們在原料方面的效率水平，我們繼續致力於擴大我們的市場並增加水解等增值產品的銷售。

We continue to add value to our co-products in order to maximize our business integration.

我們不斷為我們的副產品增加價值，以最大限度地實現我們的業務整合。

Next, I'll share the progress of our efficiency program, which Miguel will be quantifying in figures shortly.

接下來，我將分享我們的效率計劃的進展，米格爾很快就會用數字來量化。

I'll show you a comparison with the same period last year about the bars were colored in light gray for the full year comparison can also be seen it in the materials you have received and agriculture and livestock feed conversion of poultry and pigs fell by 2.5% and 1% respectively, while chicken mortality fell by two percentage points and hatch rates increased by 5.6 percentage points in any one of the mine.

我給大家看一下與去年同期的比較，長條圖是淺灰色的，全年比較也可以在您收到的材料中看到，家禽和豬的農畜飼料轉換率下降了2.5 % 和1% ，而任何一個礦井的雞死亡率下降了2 個百分點，孵化率提高了5.6 個百分點。

In manufacturing, we grew our factory yields by more than five percentage points or so in logistics, we've reduced our returns and increased our service levels in Brazil in a very material sitting away in the following slide, we show you the trend of our costs, a major driver for competitiveness growth.

在製造業中，我們的工廠產量增加了五個百分點左右，在物流方面，我們減少了退貨並提高了我們在巴西的服務水平，在下一張幻燈片中，我們向您展示了我們的趨勢成本是競爭力成長的主要動力。

On the left-hand side, we can see that the average cost per kilogram in Brazil fell by five or rather 7.5% in the year versus 2022.

在左側，我們可以看到巴西每公斤的平均成本與 2022 年相比下降了 5%，確切地說是 7.5%。

And more importantly, the cost in the last quarter of the year was 5% lower than the average for the year, showing an excellent transition point for 2024.

更重要的是，今年最後一個季度的成本比全年平均低5%，顯示出2024年的絕佳過渡點。

Internationally, the cost per kilogram in the last quarter was 8% lower than the average for the year as we've already underscored, some of the improvement in cost is anchored in the reduction in grain consumption within the BRF. plus program.

在國際上，正如我們已經強調的那樣，上一季度每公斤的成本比全年平均低 8%，成本的改善部分源於 BRF 內糧食消費的減少。加程序。

On page 14, we show you the highlights in sustainability, ESG showing achievements such as a 26% reduction in absolute Scope one and two emissions.

在第 14 頁，我們向您展示了永續發展的亮點，ESG 顯示了諸如範圍一和範圍二絕對排放量減少 26% 等成就。

Two, we are very close to achieving our clean energy self-production targets.

第二，我們非常接近實現清潔能源自產目標。

Three, we've achieved 100% traceability and direct grain suppliers and 77% traceability for indirect suppliers in the Amazon and Cerrado biomes.

第三，我們在亞馬遜和塞拉多生物群落中實現了直接糧食供應商 100% 可追溯性和間接供應商 77% 可追溯性。

Four, we won recognition for good animal welfare practices.

第四，我們因良好的動物福利實踐而贏得認可。

Five, we've maintained our presence in the ISE and B3 carbon efficiency index portfolios.

第五，我們繼續保持在 ISE 和 B3 碳效率指數組合中的地位。

And lastly, we continued to generate positive social impact by engaging actions in 100% of the municipalities where we have a footprint.

最後，我們在 100% 開展業務的城市採取行動，繼續產生正面的社會影響。

On page 16, we now show you information about the company's capital structure and the chart on the left-hand side, we see the performance of our net debt and leverage.

在第 16 頁，我們現在向您展示有關公司資本結構的信息，在左側的圖表中，我們看到了淨債務和槓桿的表現。

These indicators were already mentioned at the beginning of the conference.

這些指標在會議開始時就已經提到了。

We have the lowest leverage in seven years on the right, we can see our debt profile, which is still diversified, along with no concentration of repayments in the near term and comfortable liquidity position.

右邊的槓桿率是七年來最低的，我們可以看到我們的債務狀況仍然多元化，短期內還款不集中，流動性狀況良好。

The next slide shows you our free cash flow.

下一張投影片向您展示了我們的自由現金流。

The chart shows an operating cash flow of BRL1.7 billion, an investment flow of BRL741 million and have BRL352 million financial flow.

該圖顯示營運現金流為 17 億雷亞爾，投資流量為 7.41 億雷亞爾，財務流量為 3.52 億雷亞爾。

All of that adds up to a free cash flow of BRL613 million, which is the best cash generation we've reported in any quarter in the last three years.

所有這些加起來，自由現金流為 6.13 億巴西雷亞爾，這是我們在過去三年中任何一個季度報告的最佳現金產生水平。

On the final side, I mean, we talk about the performance of our net debt between the quarters, but we reported a net debt of BRL9.4 billion with contributions from the capitalization of our share offering in July.

最後，我的意思是，我們談論了各季度之間淨債務的表現，但我們報告的淨債務為 94 億雷亞爾，其中包括 7 月份股票發行資本化的貢獻。

The allocation of funds from that follow-on offering will continue to help us reduce interest charges over the next coming quarters.

後續發行的資金分配將繼續幫助我們降低未來幾季的利息費用。

I'd like now to thank the audience and turn the floor over to our CEO, Miguel Garcia, for his closing remarks.

現在我要感謝觀眾，並請我們的執行長米格爾·加西亞 (Miguel Garcia) 致閉幕詞。

Thank you, Fabio.

謝謝你，法比奧。

To conclude our presentation, I'd like to point out that our focus on operational efficiency and the financial discipline we've maintained quarter after quarter is what enabled the net profit and cash generation, we've reported for the fourth quarter of 2023.

在結束我們的演講時，我想指出，我們對營運效率的關注和我們逐季維持的財務紀律是我們實現淨利潤和現金產生的原因，正如我們在 2023 年第四季度報告的那樣。

Our efforts and initiatives throughout the year were decisive for our sound performance in the period.

我們全年的努力和舉措對於我們在這段時期的良好表現起到了決定性作用。

The company's predicted intelligence model, combined with the efficiency gains from the BRF Plus program proved to be assertive throughout the year and allowed us to capitalize on grain origination in due time as prices fell, which led to a material cost reduction in the second half of the year.

該公司的預測情報模型與 BRF Plus 計劃的效率收益相結合，在全年中證明是自信的，使我們能夠在價格下跌時及時利用糧食來源，從而導致下半年材料成本下降那一年。

Additional returns from BRF Plus totaled BRL525 million in the fourth quarter, bringing the total for the year to BRL2.2 billion.

第四季 BRF Plus 的額外回報總額為 5.25 億雷亞爾，使全年總額達到 22 億雷亞爾。

I should also highlight the progress we've made in major indicators throughout the year such as feed conversion, unprocessed food yields, animal mortality, commercial execution and logistics service levels among others.

我還應該強調我們全年在飼料轉換率、未加工食品產量、動物死亡率、商業執行和物流服務水準等主要指標方面取得的進展。

Moreover, we've recorded the lowest FIFO discount levels in recent years, showing greater integration between our production and sales planning.

此外，我們記錄了近年來最低的先進先出折扣水平，這表明我們的生產和銷售計劃之間的整合程度更高。

Not only that, but we've also significantly reduced inventories across the board, bringing in savings in financial and storage costs.

不僅如此，我們還全面大幅減少了庫存，從而節省了財務和儲存成本。

The highlights of the year also include our higher profitability in Brazil, supported by our ever-evolving commercial execution and improved performance of our portfolio as a whole.

今年的亮點還包括我們在巴西的更高獲利能力，這得益於我們不斷發展的商業執行力和整體投資組合績效的改善。

In the fourth quarter, we reported an EBITDA margin almost twice that of the fourth quarter of 2022.

第四季的 EBITDA 利潤率幾乎是 2022 年第四季的兩倍。

Special mention should also be made of the consistency and progress in the profitability of our processed foods portfolio in Brazil throughout 2023.

也應特別提及我們在巴西加工食品組合的獲利能力在 2023 年的一致性和進步。

In our international operation, our EBITDA margin returned to double digits in Q4 with a significant recovery in prices in all locations.

在我們的國際業務中，我們的 EBITDA 利潤率在第四季度恢復到兩位數，所有地區的價格均顯著回升。

Our market diversification strategy remained consistent as we resumed our exports to the United Kingdom.

隨著我們恢復對英國的出口，我們的市場多元化策略保持一致。

In 2023, we secured 66 plant licenses for new locations in Latin America, Asia, Europe and South Africa.

2023 年，我們在拉丁美洲、亞洲、歐洲和南非的新地點獲得了 66 個工廠許可證。

I should also underscore Sadia's leadership in the GCC regions Halal market, where we gained market share in process foods in keeping with our strategy of increasing the volume of value-added items.

我還應該強調薩迪亞在海灣合作委員會地區清真市場的領導地位，我們在加工食品領域獲得了市場份額，這與我們增加增值產品數量的策略保持一致。

Our results also mirror the consistent work of our leading brands in their respective markets, Sadia and Qualy Vita in South America; and Banvit in Turkey.

我們的業績也反映了我們的領導品牌在各自市場（南美洲的 Sadia 和 Qualy Vita）的一貫工作；和土耳其的班維特。

We also saw an improvement in our people management indicators such as engagement, absenteeism and turnover and continued to invest in our team's development.

我們也看到員工管理指標（例如敬業度、缺勤率和營業額）有所改善，並繼續投資於團隊的發展。

I'd like to point out our performance in occupational safety, where we reported the best rates in history, cementing BRF's benchmark position in the market.

我想指出我們在職業安全方面的表現，我們報告了歷史上最好的比率，鞏固了 BRF 在市場上的基準地位。

Our performance in the last quarter of 2023 confirms our team's ability to manage with focus and discipline.

我們 2023 年最後一個季度的表現證實了我們團隊專注、紀律嚴明的管理能力。

We step into 2024 motivated by the results we've achieved and with Version 2.0 of BRF Plus already well underway.

我們在所取得的成果的激勵下踏入 2024 年，BRF Plus 2.0 版本已經順利進行。

As I often say, here, the future begins every Monday, and we will continue to devote ourselves to pressing on with BRF Plus 2.0 in 2024, always striving for our company's continued evolution.

正如我常說的，在這裡，未來從每週一開始，我們將繼續致力於推進2024年的BRF Plus 2.0，並始終為公司的持續進化而努力。

We've opened a new chapter in our history with Marfrig's consolidation as controlling shareholder with more than a 50% stake, and we are confident we will continue our journey with commitment, agility, simplicity and efficiency.

隨著 Marfrig 合併為控股股東並擁有超過 50% 的股份，我們開啟了我們歷史的新篇章，我們有信心以承諾、敏捷、簡單和高效的方式繼續我們的旅程。

I'd like to thank our dedicated associates for our progress and achievements.

我要感謝我們敬業的同事為我們所取得的進步和成就。

I'd like to thank our Chairman, Marcos Molina, and the Board of Directors for their unlevering trust, constant presence and continued support.

我要感謝我們的董事長 Marcos Molina 和董事會的堅定信任、持續和持續支持。

And also like to thank our shareholders, our integrated outgrowers, our customers, our suppliers and all the communities where we operate.

也要感謝我們的股東、我們的綜合外包種植者、我們的客戶、我們的供應商以及我們經營所在的所有社區。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

First question comes from Guilherme Palhares from Santander.

第一個問題來自桑坦德銀行的 Guilherme Palhares。

Please Mr. Palhares, your mic is open.

請帕哈雷斯先生，您的麥克風已開啟。

Good morning, everyone.

大家，早安。

Thank you for taking my questions.

感謝您回答我的問題。

Well, I'd say that the first question is more on the cost side.

嗯，我想說第一個問題更多的是成本方面。

I think we're noticing this significant decrease.

我認為我們注意到了這種顯著的下降。

The company has achieved from the unit cost standpoint, and we wanted to understand how much of that comes from operational leverage and how much comes from the for the slightly lower feed costs?

從單位成本的角度來看，該公司已經取得了成就，我們想了解其中有多少來自營運槓桿，有多少來自飼料成本略低？

And what could we do look forward to in 2024 and when it comes to the benefits of that factor in.

2024 年我們可以期待什麼，以及該因素帶來的好處。

My second question is I'd like to understand a little bit more about the exports or movements, we understand have better prices and new licenses.

我的第二個問題是我想更多地了解出口或流動情況，我們知道有更好的價格和新的許可證。

So, if you could update the company perspective, thinking about the beginning of 2024, that would be great.

因此，如果您能夠更新公司的觀點，考慮 2024 年初，那就太好了。

Thank you?

謝謝你？

Good morning, Guilherme.

早安，吉列爾梅。

As to your question with regard to prices, and considering that we are operating under BRF Plus, that ultimately touches on all the links of the chain.

至於你關於價格的問題，考慮到我們是在 BRF Plus 下運作的，這最終涉及到鏈條的所有環節。

We start with improvements on the agricultural side, and then you have food conversion aspects, which is benefited by aspects in the industry.

我們從農業方面的改進開始，然後是食品轉化方面，這受益於工業方面的各個方面。

And then you look at manufacturing, where you have costs and better performance, and you complement that with the commercial sense and will need better or more rational service and you can seize all of that on the cost side.

然後你看看製造業，你有成本和更好的性能，你用商業意識來補充它，並且需要更好或更合理的服務，你可以在成本方面抓住所有這些。

Evidently, this is a continued process.

顯然，這是一個持續的過程。

It started at the end of Q4 2022 and operated throughout 2023 which led to, as we reported over BRL2.2 million excluding the FIFO effect, which would lead that to over BRL3 million.

該項目於 2022 年第四季末啟動，並在 2023 年全年運營，據我們報告，不計 FIFO 效應，收入超過 220 萬雷亞爾，這將導致超過 300 萬雷亞爾。

We've talked about the design of BRF Plus 2.0 for 2024, and that continued to bring in effects throughout the year, and we expect this improved efficiency also enabled by a better situation in terms of international costs and prices.

我們已經討論了 2024 年 BRF Plus 2.0 的設計，這項設計將在全年持續發揮作用，我們預計這種效率的提高也得益於國際成本和價格方面更好的情況。

We should be able to report a satisfying performance at the end of the year.

我們應該能夠在年底報告令人滿意的業績。

I will now turn it over to Fabio, who will add to the first part of your first question and also add to the second question because, obviously, I only gave you the answer in broad strokes.

現在我將把它交給法比奧，他將補充你第一個問題的第一部分，也會補充第二個問題，因為顯然，我只是粗略地給了你答案。

As already said, I will try to add a little bit to the answer with regard to costs, and then we can talk a little bit about our prospects for the markets, especially the international market.

正如已經說過的，我將嘗試在成本方面添加一些答案，然後我們可以談談我們對市場，特別是國際市場的前景。

I think that Q4 was when we saw the lowest level of our costs.

我認為第四季是我們成本最低的時候。

And it does have to do with the decrease in feed prices, but also has to do with the efficiency plan that we've adopted.

這確實與飼料價格的下降有關，但也與我們採用的效率計劃有關。

BRF plus said, plan also involves what you mentioned, which is the operational leverage thing as we've increased our volumes and really made the most of our operational structure as we transition now to 2024 when we are comparing this level with our costs in 2023.

BRF plus 表示，該計劃還涉及您提到的內容，即營運槓桿問題，因為我們增加了產量，並真正充分利用了我們的營運結構，因為我們現在過渡到2024 年，當時我們將此水平與2023 年的成本進行比較。

On the international side, you see a difference of 8% and Brazil you see that difference is 5%.

在國際方面，您會看到 8% 的差異，而在巴西，您會看到差異為 5%。

All of that should help us in terms of gross profit.

所有這些都應該對我們的毛利有所幫助。

If we're going to have a very positive story of the year and when we combine that with with the cost benefits and the favorable prices, all of that makes us optimistic about the beginning of the year.

如果我們今年將有一個非常積極的故事，並且當我們將其與成本效益和優惠價格結合時，所有這些都會讓我們對今年年初感到樂觀。

So we're seeing healthy prices and a very competitive cost ratio that would lead us to believe that the company has reason to believe we will have great results also in the first quarter of 2024.

因此，我們看到健康的價格和非常有競爭力的成本比率，這讓我們相信該公司有理由相信我們在 2024 年第一季也會取得出色的業績。

That was perfect, guys.

那太完美了，夥計們。

If you could also talk a little bit about your prospects for the export market.

您還可以談談您對出口市場的前景嗎？

Well, Guilherme, we are seeing the export market and the year with prices on the rise.

好吧，Guilherme，我們看到了出口市場和價格上漲的一年。

And it's important to highlight the 66 new license that BRF's team was able to secure.

值得一提的是，BRF 團隊獲得了 66 個新許可證。

It's very important.

這很重要。

These new licenses.

這些新的許可證。

Take us to that, quote that we've repeated over and over across the throughout the year, which is the best option, is to have a range of options.

讓我們明白這一點，引用我們在這一年中一遍又一遍地重複的話，這是最好的選擇，就是有一系列的選擇。

And when it comes to experts that opens a range of choices for us in terms of new markets.

當談到專家時，他們為我們在新市場方面提供了一系列選擇。

And from a situational standpoint, we are seeing the entire market respond and time.

從情勢的角度來看，我們看到整個市場的反應和時間。

So, when the entire market is responding in terms of price, a company that has new licenses for new destinations and can leverage all of its brands, which are leaders in several different places that allows you to predict and seize on those opportunities throughout the year.

因此，當整個市場對價格做出反應時，一家擁有新目的地新許可證並可以利用其所有品牌（這些品牌在多個不同地方處於領先地位）的公司，可以讓您全年預測並抓住這些機會。

And so in 2024, we go into a process where the company is performing well and in terms of operations in a market that's also performing well.

因此，到 2024 年，我們將進入一個公司表現良好的流程，並且在市場運作方面也表現良好。

So there's a better balance between demand and supply.

因此，需求和供給之間有更好的平衡。

Excellent.

出色的。

Miguel and Fabio, thank you so much for your answers.

米格爾和法比奧，非常感謝你們的回答。

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。

Mr. Troyano, your line is already open.

Troyano 先生，您的線路已經開通。

Good morning, Miguel and Fabio.

早安，米格爾和法比奧。

Thank you for the opportunity.

謝謝你給我的機會。

Well, there are two things I'd like to go over with you.

嗯，有兩件事我想跟你討論一下。

The first has to do with the cash flow and our last conversations.

第一個與現金流和我們最近的談話有關。

You talked a little bit about the breakeven in EBITDA, especially focusing on CapEx and financial flow.

您談到了 EBITDA 的損益平衡，特別是關注資本支出和財務流量。

And it's interesting the financial result in Q4.

第四季的財務業績很有趣。

So, I just wanted to know if we can assume that this is the new breakeven point if it's reasonable to consider this the new normal?

所以，我只是想知道如果將其視為新常態是否合理，我們是否可以假設這是新的損益平衡點？

And when it comes to cash flow, I know it's difficult to do events on the it results because of the average grain prices.

當談到現金流時，我知道由於平均糧食價格，很難根據其結果進行事件。

But when it comes to finished goods inventory, is there any room for reductions or has all of that been tackled with BRF plus in 2023.

但當談到成品庫存時，是否有任何減少的空間，或者所有這些問題是否已在 2023 年透過 BRF plus 得到解決。

You have now on housing, we had some little bit preliminary data pointing to higher inventories in January and February, and I'd like to hear from you if there's any sort of movement from the company in terms of increasing or expanding housing, which could lead to lower prices moving forward?

現在關於住房，我們有一些初步數據表明一月和二月的庫存較高，我想聽聽公司在增加或擴大住房方面是否有任何行動，這可能會導致價格進一步下降？

Or if there's any other side to that that we're not seeing?

或者是否還有我們沒有看到的其他方面？

Thank you.

謝謝。

Hi Gustavo.

嗨古斯塔沃。

Good morning.

早安.

I will start with your first question, talking about the breakeven point and free cash generation.

我將從你的第一個問題開始，討論損益平衡點和自由現金產生。

Well, what I can tell you is from a structural perspective, our focus would be to invest around the same level as we did in 2023, so around BRL3 billion, maybe with a capacity for the biological assets, maybe even a little less than that, between BRL2.8 million and BRL3 million.

嗯，我可以告訴你的是，從結構角度來看，我們的重點是與 2023 年相同的水平進行投資，因此大約 30 億雷亞爾，也許具有生物資產的能力，甚至可能比這個少一點，介於280 萬雷亞爾至300 萬雷亞爾之間。

And then we need to consider the financial expenses.

然後我們需要考慮財務費用。

So, we're working with a range between BRL1.8 billion and BRL2 billion considering interest charges and other factors as well.

因此，考慮到利息費用和其他因素，我們正在考慮 18 億雷亞爾到 20 億雷亞爾之間的範圍。

That would take us to a structural breakeven that would fluctuate between BRL4.6 billion and BRL6 billion, also depending on the interest rate charges that also affect that and the debt that's incurred in strong currency.

這將使我們達到結構性損益平衡，該平衡平衡在 46 億雷亞爾到 60 億雷亞爾之間波動，這也取決於影響這一點的利率費用以及以強勢貨幣產生的債務。

So that's essentially the equation for the company to generate cash flow, it needs an EBITDA around that size.

這本質上就是公司產生現金流的方程式，它需要大約這個規模的 EBITDA。

On finished goods inventories, we've significantly reduced levels over the course of 2022.

在成品庫存方面，我們在 2022 年期間大幅降低了水準。

And just to remind you and finished products inventories in Brazil, we reported in advance that we had already identified opportunities to reduce the finished goods inventories internationally throughout the year.

只是為了提醒您和巴西的成品庫存，我們提前報告說，我們已經確定了全年減少國際成品庫存的機會。

And we decided to wait for the right moment because for most of the year, we navigated the market with outstanding prices.

我們決定等待合適的時機，因為在這一年的大部分時間裡，我們都以出色的價格駕馭市場。

So, it's not the right environment to solve inventory problems.

因此，這不是解決庫存問題的合適環境。

Now Q4, because there was a recovery in prices, we saw the opportunity to tackle that.

現在第四季度，由於價格復甦，我們看到了解決這個問題的機會。

So that's why we're seeing inventories with a turnaround time of 75 days, so pretty Optimiz.

這就是為什麼我們看到庫存週轉時間為 75 天，非常優化。

So any gains we'll use after that should be marginal, but they should not be as representative as those we were able to secure throughout 2022 and '23.

因此，我們在此之後使用的任何收益都應該是微不足道的，但它們不應該像我們在 2022 年和 23 年期間能夠獲得的那樣具有代表性。

And lastly, when it comes to housing gains, what we have data for chicken housing of over 600 animals that there are prospects for February and March that points to a decline.

最後，說到雞舍收益，我們有超過 600 隻動物的雞舍數據，預計 2 月和 3 月將出現下降。

It's important to note that Brazil supply, so is not what explains the production volume when it comes to poultry protein, of course, Brazil is very representative, but we need to consider data from housing in the United States, Europe and Africa as well.

值得注意的是，巴西的供應量並不能解釋家禽蛋白的產量，當然，巴西很有代表性，但我們還需要考慮美國、歐洲和非洲的房屋數據。

In the United States, we already have figures showing that 2023 was a year when housing decreased when compared to 2022 and even 21, we must also consider is in the middle of that equation, the supply and the demand side in Brazil, we see a consumer environment, although not as attractive, will be a lot better than the environment we had in 2023, the per capita income is going up.

在美國，我們已經有數據顯示，與 2022 年甚至 21 年相比，2023 年是住房減少的一年，我們還必須考慮到巴西的供應和需求方面，我們還必須考慮到消費環境雖然沒有那麼有吸引力，但會比2023年的環境好很多，人均收入正在上升。

Employment is resilient and consumer confidence is at a sound level.

就業具有彈性，消費者信心處於良好水準。

And on the international side, we see strong demand in areas where we are dominant in the market such as in the Middle East, we plan to have a very successful campaign during the holiday period.

在國際方面，我們看到我們在市場上占主導地位的地區需求強勁，例如中東，我們計劃在假期期間開展一次非常成功的活動。

We have the spread with beef and poultry returning to levels, which are just slightly above the historical average.

牛肉和家禽的價差恢復到略高於歷史平均值的水平。

So we also need to assess demand.

所以我們還需要評估需求。

While it is easy to look not only the supply side.

雖然很容易看到的不僅僅是供給面。

And our understanding of the environment today is a lot more balanced than the one we had to navigate last year and even the year before that.

我們今天對環境的理解比去年甚至前年要平衡得多。

So, I will now turn over to Miguel to add to my answer.

因此，我現在將請米格爾補充我的答案。

Well, I think you were very comprehensive.

嗯，我覺得你說得很全面。

We should navigate a more normalized environment.

我們應該營造一個更規範化的環境。

And it's to be expected that the less efficient the environment is, the less efficient we will be in that market.

可以預見的是，環境效率越低，我們在這個市場的效率就越低。

And it's also important to remember that BRF is currently in a commercial position from the international standpoint that's very special.

同樣重要的是要記住，從國際角度來看，BRF 目前處於非常特殊的商業地位。

In Q3 and Q4 of 2023, for example, we saw an exceeding Brazilian exports to Asia, even more than to the Middle East.

例如，在 2023 年第三季和第四季度，我們看到巴西對亞洲的出口量超過了對中東的出口量。

And BRF has been a dominant - dominance in that case, sometimes exceeding 50% market share.

在這種情況下，BRF 一直佔據主導地位，有時甚至超過 50% 的市場份額。

So we're ready for that.

所以我們已經準備好了。

And evidently, a company with lower inventories or unsold inventories with no stopped inventory and that's capitalizing a lot more agile - in a much more agile way that type of situation.

顯然，一家庫存較低或未售出庫存沒有停止庫存的公司，資本化得更敏捷——以一種更敏捷的方式應對這種情況。

That's a huge plus.

這是一個巨大的優勢。

So, we expect to see gains not only in the international market but also in the domestic market as well.

因此，我們預計不僅在國際市場，在國內市場也會有所成長。

Thank you, Miguel and Fabio.

謝謝你們，米格爾和法比奧。

Our next question comes from Ricardo Boiati with Safra.

我們的下一個問題來自 Safra 的 Ricardo Boiati。

Your line is open.

您的線路已開通。

Hello, everyone.

大家好。

Good morning.

早安.

Thank you for the possibility of asking question.

感謝您提供提問的機會。

My first question in relation to the inventory levels.

我的第一個問題與庫存水準有關。

Of course, it is a surprisingly low level.

當然，這是一個低得驚人的水平。

It is clear that when you talk about efforts have been made for the reduction of inventory level, especially for finished products?

顯然，當您談到為降低庫存水平，特別是成品庫存水平所做的努力時？

My question is related to the efficiency of the inventory levels.

我的問題與庫存水準的效率有關。

Can the company maintain those historical levels and can the stock-out to the efficiency level be maintained without losing anything in the domestic market or in the international market, have we reached a level where we need CapEx for expanding the capacity to meet the demand even better.

公司能否維持這些歷史水平，能否維持缺貨效率水平，而不會在國內市場或國際市場造成任何損失，我們是否已經達到了需要資本支出來擴大產能以滿足需求的水平？

As you have mentioned, about?

正如您所提到的，關於？

And you have mentioned that the demand has been very healthy, both in Brazil as in the exports market and a couple of large?

您提到過，無論是巴西的出口市場還是幾個大型市場的需求都非常健康？

And we are the competitors are increasing capacities in some lines and can the competitor cause an impact on the price, especially in the domestic market?

我們的競爭對手正在增加某些產品線的產能，競爭對手是否會對價格產生影響，特別是在國內市場？

So, this is my first question.

所以，這是我的第一個問題。

I understand that you do not disclose the information on the profitability per product, but could you provide a ranking of the categories or products that performed better in this fourth quarter in terms of profitability processed to the inner to fresh and processed poultry.

據我所知，您沒有透露每種產品的盈利能力信息，但您能否提供第四季度在新鮮和加工家禽加工盈利能力方面表現較好的類別或產品的排名。

Could you provide a ranking roughly what were the main drivers that led to a better profitability?

您能否大致提供一下導致獲利能力提高的主要驅動因素是什麼？

It would be very nice for us to understand what's happening to the company would be?

如果我們能了解公司會發生什麼，那就太好了？

I'm going to answer the first question, and then Fabio will answer the second question.

我先回答第一個問題，然後法比奧回答第二個問題。

I believe we have to understand that the BRF Plus program touches upon all of the aspects, not only inventory levels.

我相信我們必須明白，BRF Plus 計劃涉及所有方面，而不僅僅是庫存水準。

There is a pricing system that provides an indication of related to which is the location and what's the price you have to employ.

有一個定價系統，可以指示您所在的位置以及您必須採用的價格。

And then you can increase your level and the commercial assertiveness.

然後你就可以提高你的水平和商業自信。

At BRF we can see that we've made a lot of headway in the food rate.

在 BRF，我們可以看到我們在食品價格方面取得了巨大進展。

And our disruption rate is the lowest ever in the company.

我們的中斷率是公司有史以來最低的。

And being very objective when answering your question, by means of operational efficiency, we maximize the gains with low inventory levels.

並且在回答您的問題時非常客觀，透過營運效率，我們以低庫存水準最大化收益。

And this is from the logistics viewpoint.

這是從物流的角度來看的。

And at the same time, we had a very high level of logistics performance, reaching high levels.

同時，我們的物流績效也非常高，達到了很高的水準。

From the viewpoint of commercial execution, we have the honor to say that both in Brazil and the international market and when I mentioned international markets, I include Halal geography, I can say that we've reached the right timing.

從商業執行的角度來看，我們很榮幸地說，無論是在巴西還是國際市場，當我提到國際市場時，我包括清真地理，我可以說我們已經到了正確的時機。

And we can go beyond.

我們可以超越。

We can even talk about grains.

我們甚至可以談論穀物。

Let's mention the previous quarters when we talked about the timing to purchase the grains, BRF followed its indicators and we saw some different situations in the market.

提一下前幾季度，當我們談到購買穀物的時機時，BRF遵循了它的指標，我們看到了市場上一些不同的情況。

And for that reason, we let our grain inventory levels low - at really low levels.

出於這個原因，我們將糧食庫存水準保持在很低的水準——非常低的水準。

And when they reached the lowest level, we started purchasing grains, and we had a very comfortable position, and that was reflected in the costs.

當他們達到最低水平時，我們開始購買穀物，我們的處境非常舒適，這反映在成本中。

And this also shows that the efficiency and the execution of inventory levels, both as to grains or for exports, products for the domestic market, everything is integrated and interconnected.

這也表明，庫存水準的效率和執行，無論是對於穀物還是出口、國內市場的產品，一切都是整合和相互關聯的。

So the answer is yes.

所以答案是肯定的。

The company can and will continue providing those levels of efficiencies, operating at a reasonable level of inventories with no risks of disruption because we have extremely quality information.

該公司能夠並將繼續提供這些水準的效率，以合理的庫存水準運營，沒有中斷的風險，因為我們擁有極其優質的資訊。

Now providing a compliment on the investments on production capacity.

現在對產能投資進行稱讚。

I have already mentioned in the previous question, when I talked about the breakeven of cash generation, I said that we must invest at the levels of EUR3 billion between EUR2.8 billion and BRL3 billion.

我在上一個問題中已經提到，當我談到現金產生的損益平衡時，我說我們必須在28億歐元到30億雷亞爾之間進行30億歐元的投資。

And it's important to consider that the company in the pandemic years.

重要的是要考慮到該公司在大流行時期的情況。

So basically ended its capacity facility quite a bit of capacity in terms of production, especially in the line of processed products.

因此基本上結束了其產能設施的相當多的生產能力，特別是在加工產品方面。

This capacity has not been fully used.

這項能力尚未被充分利用。

That means that we still have some idleness in the lines.

這意味著我們的隊伍中仍然有一些閒置的情況。

So we have an important growth plan for the years to come.

因此，我們為未來幾年制定了重要的成長計劃。

That will start in 2024.

這將從 2024 年開始。

So the company has the capacity to group to grow and expand its volumes with a very marginal investment in relation to capacity as a whole as we see in the market historically, we understand we have all the conditions to compete.

因此，正如我們在市場歷史上所看到的那樣，該公司有能力透過與整體產能相關的非常邊際的投資來成長和擴大其產量，我們知道我們擁有競爭的所有條件。

We have strong brands, quality products, and we hope to find the market look larger, which is disciplined.

我們擁有強大的品牌、優質的產品，我們希望找到更大的市場，這是有紀律的。

Now I'm going to address the last part of your question and you ask it some more information about the categories.

現在我將解決您問題的最後一部分，並向您詢問有關類別的更多資訊。

I would rather shortly, and we will provide you with a breakdown saying that the most important contribution in relation to profitability in addition to the seasonal portfolio of commemorative products comes from the recovery of unprocessed food.

我寧願很快，我們將為您提供一個細分，說明除了紀念產品的季節性組合之外，與盈利能力相關的最重要的貢獻來自未加工食品的回收。

As we had previously mentioned, we had already mentioned in the third quarter, we were making the transition to the fourth quarter by you think the best prices of cuts and the processed products continue to be resilient.

正如我們之前提到的，我們已經在第三季度提到過，我們正在過渡到第四季度，因為您認為最佳的削減價格和加工產品繼續保持彈性。

But the biggest contribution came from the commemorative products is an old product and this is what I can disclose to you in terms of the domestic market.

但最大的貢獻來自於紀念產品，它是一個老產品，這是我可以向大家透露的國內市場方面的情況。

It's really clear.

真的很清楚。

Thank you, Miguel and Fabio.

謝謝你們，米格爾和法比奧。

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。

Your line is open, sir.

您的線路已接通，先生。

Good morning.

早安.

My first question is about capital allocations of Washington.

我的第一個問題是關於華盛頓的資本配置。

Considering that the company is reaching two times net debt over EBITDA cash positions are comfortable, BRF Plus program which was very successful.

考慮到該公司的淨債務已達到 EBITDA 的兩倍，現金部位很舒服，BRF Plus 計劃非常成功。

My question is, when are you going to start considering accelerating growth or not or maybe even focus on the payment of dividends, maybe you have conditions to increase the payout?

我的問題是，你們什麼時候開始考慮加速成長，或不考慮加速成長，甚至關注派息，或許你們有條件增加派息？

Is it going to be a year where are you going to be more conservative in order to reduce even further the leverage?

今年您是否會採取更保守的態度，以進一步降低槓桿？

So this is my first question.

這是我的第一個問題。

And the second is specifically, if you could provide more details on the relevant market for you.

第二個問題是，您是否可以為您提供有關相關市場的更多詳細資訊。

I understand all the things about the licenses and everything, but I would like to understand more about Japan, where we are in the process of price recovery.

我了解有關許可證的所有事情以及一切，但我想更多地了解日本，我們正處於價格復甦的過程中。

Last year, we had avian flu issue.

去年，我們遇到了禽流感問題。

And you see that the inventory levels are more normalized.

您會發現庫存水準更加正常化。

And also, China, do you see any opportunities for the year?

另外，中國，您認為今年有什麼機會嗎？

Or do you see difficulties in recovery in China?

或者您認為中國的復甦有困難嗎？

Thank you.

謝謝。

Thank you, Lucas.

謝謝你，盧卡斯。

I'm going to answer the question about capital allocation, then I'll pass the floor over to Miguel so that we can discuss Asia, Japan and China as you asked, what I can say about capital allocation is that our focus is on growing the company and this is what we have done in the previous quarters.

我將回答有關資本配置的問題，然後我將把發言權交給米格爾，以便我們可以按照您的要求討論亞洲、日本和中國，關於資本配置我能說的是，我們的重點是增長公司，這就是我們在前幾個季度所做的事情。

But as I have said we still have some capacity to be occupied.

但正如我所說，我們仍然有一些產能需要佔用。

So we have a very important focus on organic growth so that we can dilute our infrastructure, our fixed costs, even more.

因此，我們非常重視有機成長，這樣我們就可以稀釋我們的基礎設施、固定成本，甚至更多。

So this at the plants grow volumes is the idle production lines.

所以工廠裡的這個成長量就是閒置的生產線。

And this is what we intend to do in 2024.

這就是我們打算在 2024 年做的事。

Of course, when we consider the finance nice.

當然，當我們考慮財務狀況良好時。

This is a very important year for us to be active because we do not have a lot of need for amortization in 2024.

今年對我們來說是非常重要的積極一年，因為我們在 2024 年沒有太多攤銷的需要。

So, we are going to bring further assertiveness as to the financial expenses and burden.

因此，我們將在財務費用和負擔方面更加堅定。

So, this has to do with liability management.

所以，這跟責任管理有關。

So, what you expect from our execution is this, So I turn the floor over to use for you to answer the second question.

所以，你對我們執行的期望是這樣的，所以我把地板交給你來回答第二個問題。

Good morning, Lucas, yes, we observed that Asia has been extremely relevant even though I have mentioned that in the last two quarters, we had a volume exceeding Asia.

早安，盧卡斯，是的，我們觀察到亞洲非常重要，儘管我已經提到在過去兩個季度，我們的交易量超過了亞洲。

So we had the CCE information about 130,000 tons.

所以我們得到了大約13萬噸的CCE資訊。

And for the quarter, 136,000 tons in Asia against 138,400 in the we see this movement in terms of price at the end of the year and also in the beginning of January.

本季度，亞洲產量為 136,000 噸，而 2019 年底和 1 月初的價格走勢為 138,400 噸。

The price of swine has a reaction and also poultry prices have had an impact, especially in China.

生豬價格有所反應，家禽價格也產生了影響，尤其是在中國。

So there were trends that we expected they even happened before our expectations or expected by the market, and we could make some movements in relation to those price increases.

因此，我們預期有些趨勢甚至早於我們的預期或市場的預期發生，我們可以根據這些價格上漲做出一些變動。

And in the case of Japan, Japan received higher offer in the fourth quarter.

就日本而言，第四季日本收到了更高的報價。

And this goes back to normal levels.

這又回到了正常水平。

There was an excess in the offer previously, and we see that internal inventories going back to normal levels, and prices adopting a new dynamics related to recovery.

先前報價過剩，我們看到內部庫存恢復到正常水平，價格呈現與復甦相關的新動態。

And I insist to say that it's relevant for our business.

我堅持說這與我們的業務有關。

It's very important for us to have different options.

對我們來說，擁有不同的選擇非常重要。

If you have options, you can trade among destinations and also which cuts you're going to be shipping to which market and you choose the product to be directed to different markets.

如果您有選擇，您可以在目的地之間進行交易，也可以選擇將運送到哪個市場，並選擇將產品導向不同的市場。

So this is called value integration.

所以這就是所謂的價值整合。

The more destinations you have, the more you can integrate value and increase the profitability of your product.

您擁有的目的地越多，您就越能整合價值並提高產品的獲利能力。

Okay.

好的。

Thank you.

謝謝。

Thiago Duarte with BTG Pactual.

蒂亞戈·杜阿爾特 (Thiago Duarte) 與 BTG Pactual。

Hello.

你好。

Good morning, everyone.

大家，早安。

Miguel, Fabio thank you for the opportunity.

米格爾、法比奧感謝你們給我這個機會。

I would like to go back to address volume.

我想回到地址卷。

In other questions, you mentioned some aspects of volumes.

在其他問題中，您提到了卷的某些方面。

But when we look at the result of the quarter, we have a feeling that at a certain time, you prioritized the profitability in relation to volumes.

但當我們查看本季度的業績時，我們有一種感覺，在某個特定時間，您優先考慮與銷量相關的盈利能力。

You lose some share in the exports of poultry against the third quarter?

與第三季相比，你們在家禽出口中失去了一些份額？

The volumes in the Brazilian market, in spite of the seasonability, it does not have any evolution year-on-year.

巴西市場的銷量儘管具有季節性，但同比沒有任何變化。

Fabio mentioned oftentimes that the CapEx level is low?

Fabio常提到資本支出水準低？

maybe even a little lower than the CapEx from '23 to 2024.

甚至可能略低於 23 年至 2024 年的資本支出。

What is a consistent assumption for volumes to evolve, considering there is no relevant investments in capacity increase?

考慮到在產能增加方面沒有相關投資，對產量變化的一致假設是什麼？

So, it seems that the company is focused on profitability?

那麼，這家公司似乎很注重獲利？

Could you address this topic?

您能談談這個話題嗎？

I know that Fabio mentioned about long-term growth plan, you have idle capacity in the processed products.

我知道法比奧提到了長期成長計劃，你們在加工產品方面有閒置產能。

But it's difficult for us to see where the volume will come from considering your prioritizing profitability.

但考慮到您優先考慮獲利能力，我們很難看出銷售量從何而來。

And the second question is almost a follow-up of the questions that was given in terms of unit cost, I think it was the first question asked.

第二個問題幾乎是單位成本問題的後續問題，我認為這是第一個問題。

I would like to understand how you see when you move from '23 to the first half of 2024.

我想了解一下，當您從 23 年過渡到 2024 年上半年時，您有何看法。

Do you see any possibility of an additional drop of your unit cost?

您認為單位成本有可能進一步下降嗎？

Because based on your answer, it seems that you would maintain the cost at those levels.

因為根據您的回答，您似乎會將成本維持在這些水準。

I would like to know if we can reduce even further the unit price, even considering the raw material inventories that you have today.

我想知道我們是否可以進一步降低單價，即使考慮到你們今天的原料庫存。

Good morning, Thiago.

早上好，蒂亞戈。

Answering in very directly to your question, we do not see any equation of profitability to come to beat with the relation of volumes.

非常直接地回答你的問題，我們沒有看到任何獲利能力與銷售關係之間的關係。

I believe that when you have more commercial destinations, as we can see what BRF has done with 66 new licenses, we can increase volume and we can maintain profitability.

我相信，當你擁有更多商業目的地時，正如我們可以看到 BRF 在 66 個新許可證上所做的那樣，我們可以增加數量並保持盈利能力。

It's important to mention this because 2023 was there a typical year.

值得一提的是，2023 年是個典型的年份。

The first half of the year was extremely challenging with a depressed price of unprocessed food and the international market.

由於未加工食品價格和國際市場低迷，上半年極具挑戰性。

We had the perfect storm with the retraction in demand in different locations, but also you saw a situation where the offer would exceed the demand.

我們經歷了一場完美的風暴，不同地點的需求減少，但你也看到了報價超出需求的情況。

This is left behind well.

這很好地留下了。

The improvement was even after the second half of the year, and we entered a new situation of normalcy.

下半年以後情況依然好轉，進入常態化新局面。

And then there's a very important aspect to consider adding value process that has been our effort, but there's not this affect only the Brazilian geography, but also international geographies.

然後有一個非常重要的方面要考慮我們一直在努力的增值過程，但這不僅影響巴西的地理，而且影響國際地理。

We have a growth of value added product in Turkey and Middle East, and we are very focused on this.

我們在土耳其和中東的增值產品有所成長，我們非常關注這一點。

And this will allow us to increase volume and add value because I have an industrial complex that can still grow organically is not of a concern to us because we do not understand that our investment capacity is limited.

這將使我們能夠增加產量並增加價值，因為我有一個仍然可以有機成長的工業綜合體，這不是我們所關心的，因為我們不明白我們的投資能力是有限的。

We understand that our investment capacity is proper adequate to the needs of the company.

我們了解我們的投資能力足以滿足公司的需求。

So, we started 2024 well, we still suited, as we usually say, Brazil with low levels of stock levels, low levels of stock with the market with high demand and the domestic market and external market operating according to our availability and with the pricing information system that allows us to capitalize those opportunities.

因此，我們在 2024 年開局良好，正如我們通常所說，巴西的庫存水平較低，庫存水平較低，市場需求較高，國內市場和外部市場根據我們的供應情況和定價進行運營資訊系統使我們能夠利用這些機會。

So we understand that equation of profitability will not be affect the volumes in our industrial complex and our CapEx is proper at the proper level for that purpose.

因此，我們知道獲利能力方程式不會影響我們工業綜合體的產量，並且我們的資本支出處於適當的水平，適合此目的。

Good morning, Thiago.

早上好，蒂亞戈。

About the question related to costs in an objective way, we see you would not have considering the price of the feed cost.

關於客觀地涉及成本的問題，我們看到您不會考慮飼料成本的價格。

When they compare '24 and '23, we see more stability.

當他們比較 '24 和 '23 時，我們看到了更多的穩定性。

So, the stability associated with raw material and the cost can be better.

因此，與原材料和成本相關的穩定性會更好。

Of course, considering we are implementing, we are running the efficiency programs.

當然，考慮到我們正在實施，我們正在運行效率計劃。

It's a continuous journey in continuous improvement.

這是一個持續改進的持續旅程。

And in our budget, we have the 2.0 version of BRF Plus.

在我們的預算中，我們有 BRF Plus 2.0 版本。

So, we are very focused on materializing the productivity gains.

因此，我們非常注重實現生產率的提高。

Now considering the raw material dimension, we see an environment that can offer opportunities.

現在考慮原材料維度，我們看到了一個可以提供機會的環境。

We also received, which we expect for the next production cycle of soybean sand based because market projections see and expect expansion of 5% for soybeans and 5% for me is the global level.

我們也收到了基於大豆砂的下一個生產週期的預期，因為市場預測預計大豆將成長 5%，而我的成長將達到 5%，這是全球水準。

So, we have windows of opportunities and better crops, and this can have will have a Fed effective enough costs went in.

因此，我們有機會之窗和更好的農作物，這將使聯準會有效地投入足夠的成本。

We're going to see this in the visual you transition from the first to the second half of 2020 for provided that this is going to be materialized.

我們將在 2020 年上半年到下半年的視覺過渡中看到這一點，前提是這將成為現實。

I'm going to add two fabulous question, Thiago.

我要添加兩個精彩的問題，蒂亞戈。

And like I would like to say that we did not lose any share in exports on the opposite there.

我想說的是，我們並沒有失去任何相反的出口份額。

Are some variations, of course.

當然，有一些變化。

And on a quarterly basis, we see some variations from the third to the fourth quarter.

從季度來看，我們看到第三季到第四季存在一些變化。

And if you see the data provided by the CSX, you see that the share increased and considering the new licenses, we see that this is going to be even better and considering the FX rate is stable and by reaching different locations, we are going to grow share and we are also going to diversify this movement.

如果你看到 CSX 提供的數據，你會發現份額有所增加，考慮到新的許可證，我們看到這會更好，考慮到外匯匯率穩定，並且通過到達不同的地點，我們將擴大份額，我們也將使這項運動多樣化。

Also important to note, draw your attention to the fact that the UK established system of premised and BRF. is the why is the establishment that had more plants to be licensed.

還需要注意的是，請注意英國建立了前提系統和 BRF 系統。這就是為什麼該企業擁有更多工廠需要獲得許可。

That's very clear.

這非常清楚。

Thank you very much for the questions.

非常感謝您的提問。

Mikael was making reference to the share that you announced in the results were specifically of the Q4 in relation to the third quarter.

麥可指的是您在業績中宣布的具體與第三季相關的第四季的份額。

Yes, the spin option because when we have the commemorative products, which is a very important moment for BRF.

是的，旋轉選項，因為當我們有了紀念產品時，這對 BRF 來說是一個非常重要的時刻。

We capitalize this market leadership and because we have, but it's clear that our focus in the domestic market and also in exports.

我們充分利用了這種市場領先地位，因為我們擁有，但很明顯，我們的重點是國內市場和出口。

Isabella Simonato with Bank of America

伊莎貝拉·西蒙納托 (Isabella Simonato) 與美國銀行

Good morning.

早安.

Can you hear me?

你聽得到我嗎？

Yes, we can hear you and you may continue.

是的，我們可以聽到您的聲音，您可以繼續。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

And could we continue talking about volume?

我們可以繼續討論數量嗎？

I believe that the external market strategy to gain profitability and to go into new markets, I think it's very clear.

我認為，獲得獲利和進入新市場的外部市場策略非常明確。

It becomes evident every quarter.

每個季度這一點都會變得明顯。

But when we look at the domestic market, in the outlook of short and medium terms, can we consider this volume growth and contextualize the macro environment when we think of 2024?

但當我們審視國內市場時，從中短期的角度來看，我們在考慮2024年時是否可以考慮這種數量增長並結合宏觀環境來考慮？

And also considering the basis that you have in terms of volume posted last year, what can we expect for 2024?

另外，考慮到去年發布的交易量，我們對 2024 年有何預期？

How do you see at the beginning of this year that would help us in our analysis?

您認為今年年初這對我們的分析有何幫助？

And also, SG&A, you had a pickup in the period.

而且，SG&A，您在此期間有一個回升。

There is seasonability levels and also transport.

有季節性水平和交通。

What can we think in terms of dilution looking into 2024?

展望 2024 年，我們對稀釋有何看法？

Thank you.

謝謝。

Good morning, Isabella.

早安，伊莎貝拉。

Now answering about volumes, I understand that the question was directed to the domestic market, but I will provide context before I answer your question objectively.

現在回答有關銷售的問題，我知道這個問題是針對國內市場的，但在客觀回答你的問題之前，我會提供背景資訊。

I believe that the volume point, in addition to the licenses that we mentioned, and with that, we had some alternatives.

我相信，除了我們提到的許可證之外，數量點，我們還有一些替代方案。

We can increase volumes and prices, and we can choose among destinations.

我們可以增加數量和價格，並且可以選擇目的地。

Sometimes the decision would involve removing the products from Brazil and direct to international market and also to remove products from the international market and direct them to Brazil.

有時，該決定涉及將產品從巴西撤出並直接運往國際市場，以及將產品從國際市場撤出並將其運往巴西。

Market volume grew year after year at the international level by 11%.

國際市場容量逐年成長11%。

And this is not perceived in the revenues because the prices were very depreciated in relation to the previous year.

這在收入中並未反映出來，因為價格較前一年大幅貶值。

And this is also applicable to unprocessed food in Brazil.

這也適用於巴西的未加工食品。

We grew 3% year-on-year.

我們年增了 3%。

We did not notice this in the revenues because in 2023, the prices were lower for three quarters in relation to the previous year.

我們在收入中沒有註意到這一點，因為 2023 年，價格比前一年下降了三個季度。

And now reaching the domestic market in processed food, yes, we expect to expand in the main categories where we lead in Brazil.

現在，我們已經進入了加工食品的國內市場，是的，我們希望在巴西領先的主要類別上進行擴張。

We have the capacity to produce in order to meet this expanded volumes.

我們有能力生產以滿足擴大的產量。

And we are going to work in order to grow beyond the growth of the categories, and this is related to our intention to gain market share.

我們將努力超越品類的成長，這與我們獲得市場份額的意圖有關。

In relation to SG&A, yes, you're right.

關於 SG&A，是的，你是對的。

In the fourth quarter, we concentrate in marketing and trade marketing lines because of the campaigns of the seasonal products and also the concentration of communication funds that involve all the brands in our portfolio.

第四季度，由於季節性產品的促銷活動以及涉及我們投資組合中所有品牌的傳播資金的集中，我們將重點放在行銷和貿易行銷方面。

So when we understand the structure of SG&A, we have I would say, we have from 6.5% and 7% related to variable expenses where the freight prices have a very important role and 1.5%, a little bit less of administrative expenses, and this difference is associated to expenses related to sales, sales force of nearly 2,000 people, promoters, more than 4,000 promoters.

因此，當我們了解 SG&A 的結構時，我想說，我們有 6.5% 和 7% 與可變費用相關，其中運費價格起著非常重要的作用，而 1.5% 與管理費用有關，這差異在於與銷售相關的費用，銷售隊伍近2000人，促銷員4000多人。

And this explains the funds for marketing and trade marketing.

這解釋了行銷和貿易行銷的資金。

What we can expect for 2024 or gains with freight considering the negotiations that we have already started with some players?

考慮到我們已經與一些參與者開始談判，我們對 2024 年的預期或貨運收益會如何？

We expect opportunities with the reduction in fuel prices.

我們預計燃油價格下降將帶來機會。

And that will impact that numbers of 6.5% and 6, 7 points.

這將影響 6.5% 和 6、7 個百分點的數字。

We are going to - as to fix the expenses, we are likely to maintain the same sales structures, and we are going to keep the investment levels at the same point.

我們將 - 為了解決費用問題，我們可能會保持相同的銷售結構，並且我們將把投資水平保持在同一水平。

This is what I can say.

這就是我能說的。

Yes, it's clear.

是的，很清楚。

Thank you.

謝謝。

Renata Cabral with Citi.

雷娜塔·卡布拉爾與花旗銀行。

Hello, everyone.

大家好。

Good morning.

早安.

Thank you for the opportunity.

謝謝你給我的機會。

I would like to have a follow-up on the BRF Plus program, maybe the version 2.0. We saw the results of the program for 2023, very relevant results, positively impacting the COGS costs.

我想要 BRF Plus 計劃的後續版本，也許是 2.0 版本。我們看到了 2023 年計畫的結果，非常相關的結果，對銷貨成本產生了正面影響。

And we would like to understand of what to expect for 2024?

我們想了解 2024 年會發生什麼事？

I'm not sure if we could have information in terms of amounts and values, but I would like to know whether it's going to be relevant when compared to 2024 in terms of total magnitude, which was over to?

我不確定我們是否可以獲得數量和價值方面的信息，但我想知道與 2024 年的總震級相比，這是否相關？

Okay.

好的。

And what are the main focus the company is looking at and the program I understand the 2.0 is the continuity of the previous programs in the release?

公司正在考慮的主要焦點是什麼以及我理解的2.0計劃是發布中之前計劃的延續性嗎？

We see a lot about service level improvement and also logistics improvement and also poultry conversion.

我們看到了很多關於服務水準的改進、物流的改進以及家禽的轉化。

But could you provide some more information about what can be done and what will be done in 2024, both in terms of actions and if you could give us an idea of magnitude, that would be very helpful.

但您能否提供更多關於 2024 年可以做什麼和將做什麼的信息，無論是在行動方面還是在行動方面，如果您能給我們一個規模的想法，那將非常有幫助。

Thank you.

謝謝。

Now answering your question, BRF has a principle, which is continuous improvement.

現在回答你的問題，BRF有一個原則，就是持續改進。

Of course, when there is a program that is mature because it has been in operation for more than a year.

當然，當有一個方案已經成熟了，因為它已經運行了一年多了。

Every quarter, there is a feedback with the opportunities and we keep our KPIs active in all locations in all locations, in all geographies.

每個季度都會有關於機會的回饋，我們在所有地點、所有地區的所有地點都保持活躍的 KPI。

And you see the new opportunities and you transform those opportunities into results.

您將看到新的機會，並將這些機會轉化為成果。

What is important to stress is that BRF Plus 2.0 is a little bit different from the previous version.

需要強調的是，BRF Plus 2.0 與先前的版本略有不同。

So, the previous version used 2019 as a baseline year.

因此，先前的版本使用 2019 年作為基準年。

Today, we are looking into details and when we use as a basis, our operations in different geographies, different locations.

今天，我們正在研究細節，並以我們在不同地理位置、不同地點的運作為基礎。

For example, there is a location where the mortality rate is lower.

例如，有一個地方死亡率較低。

We go there.

我們去那裡。

We see the indicators and we replicated those rates in other locations.

我們看到了這些指標，並在其他地方複製了這些比率。

It's an internal benchmarking that is implemented, that can be used for the agro business, for the industry, for the exports, for logistics.

這是一個已實施的內部基準，可用於農業業務、工業、出口和物流。

It can be applied in all areas.

它可以應用於所有領域。

So it's a domestic benchmark that will lead what we are going to do in the 2.0 version.

所以它是一個國內的標桿，將引領我們在2.0版本中要做的事情。

As to the magnitude, I can say that in 2024, it's going to continue to be relevant.

至於其規模，我可以說到 2024 年，它將繼續具有相關性。

It's no longer a high-performance program, and it becomes cultural characters for the company.

它不再是一個高效能的項目，而是成為公司的文化特徵。

A high-level company where all the teams would perform based on the KPIs that are observed on a daily basis.

一家高水準的公司，所有團隊都會根據每天觀察到的 KPI 來執行任務。

We say that the future starts every Monday here and in all locations of BRF to our joy.

令我們高興的是，未來的每週一在這裡以及 BRF 的所有地點都開始了。

So we are very enthusiastic.

所以我們非常熱情。

We learned a lot in 2023.

2023 年我們學到了很多。

We perfected the process in 2023, and we are implementing all the process in 2024.

我們在2023年完善了流程，我們正在2024年實施所有流程。

So, taking advantage of your question, still using your question, I would like to thank our team for their dedication and resilience because BRF is a program that permeates the company as a whole.

因此，利用你的問題，仍然使用你的問題，我要感謝我們團隊的奉獻精神和韌性，因為 BRF 是一個滲透到整個公司的計劃。

It's very clear.

非常清楚。

Thank you.

謝謝。

Lucas Mussi with Morgan Stanley

盧卡斯·穆西與摩根士丹利

Good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

I have a question related to prices.

我有一個與價格有關的問題。

We saw the net prices as Thiago mentioned is - it has posted a very slight improvement.

我們看到蒂亞戈提到的淨價格 - 它已經發布了非常輕微的改善。

And part of it has to do with the pressure of some processed items such as spreads and margarine and maybe pork and maybe competition from other players.

部分原因與一些加工食品的壓力有關，例如塗抹醬和人造奶油，也許還有豬肉，也許還有其他參與者的競爭。

How do you see that looking at 2024, considering that you expect better grain costs?

考慮到您預計糧食成本將會上漲，您對 2024 年有何看法？

So how you think about the prices of 2024, considering that you are expecting lower prices for grains?

那麼，考慮到您預計穀物價格會下跌，您如何看待 2024 年的價格？

And what if the price of the spreads increases and also sausages and prices?

如果點差價格以及香腸和價格都上漲怎麼辦？

I would like to understand how you see this considering that you see favorable prices for 2024?

我想了解一下，考慮到 2024 年價格優惠，您對此有何看法？

Thank you.

謝謝。

Thank you, Lucas.

謝謝你，盧卡斯。

Good morning.

早安.

If you allow me, I will make a comment when we analyze year on year and the prices in Brazil, the drop price drop has to do with the unprocessed food.

如果您允許的話，當我們分析巴西的同比價格時，我會發表評論，價格下降與未加工食品有關。

As we previously mentioned, if we separate this from the equation, the processed food price year on year on in Brazil has improved by 3%.

正如我們之前提到的，如果我們將其與等式分開，巴西的加工食品價格比去年同期上漲了 3%。

I would like to make this consideration before I answer your question thinking about perspective, I think that the market dynamics will depend on the consumer as I reported, and the consumption environment is more attractive in Brazil, even though it is not at the ideal levels, we understand that the income in Brazil is still impacted negatively, and the deflation process has started.

在回答你的問題之前，我想先考慮一下這個問題，我認為市場動態將取決於我所報道的消費者，巴西的消費環境更具吸引力，儘管還沒有達到理想的水平據我們了解，巴西的收入仍然受到負面影響，通貨緊縮過程已經開始。

It started last year and with a more favorable consumption environment and demand will increase and we'll have opportunities to have price rounds, better price brands in the main categories that are some other categories that show that the price of the raw materials have changed.

從去年開始，隨著消費環境更加有利，需求將會增加，我們將有機會進行價格輪次，主要類別中價格較好的品牌，以及其他一些顯示原物料價格變化的品類。

So we do not have a lot of incentive in the market to purchase cheap raw material and industrialized products.

所以我們在市場上沒有太多的動力去購買廉價的原料和工業化產品。

So from the viewpoint of the competition may decrease for those specific categories.

因此，從競爭的角度來看，這些特定類別的競爭可能會減少。

So this is what we see for 2024.

這就是我們對 2024 年的預測。

It's very clear, Fabio.

很清楚，法比奧。

Thank you.

謝謝。

Pedro Fonseca from XP.

XP 的佩德羅·豐塞卡。

Mr. Fonseca

豐塞卡先生

Good morning, Miguel, Fabio.

早安，米格爾，法比奧。

Thank you for taking my question.

感謝您回答我的問題。

I would like to ask two questions and then two follow-up questions.

我想問兩個問題，然後再問兩個後續問題。

The first one is in relation to the capital allocation.

第一個是關於資本配置。

Fabio said that one of the focus would be the reduction in gross debt.

法比奧表示，重點之一是減少總債務。

Along those lines, which would be the main priorities?

沿著這些思路，哪些是主要優先事項？

And what is the potential of a reduction in debt cost that you expect for 2024?

您預計 2024 年債務成本下降的潛力有多大？

Fabio mentioned BRL1.8 billion and BRL2.0 billion of financial expenses in 2024.

法比奧提到 2024 年財務支出為 18 億雷亞爾和 20 億雷亞爾。

I would like to know how would affect the reduction in costs considering this liability management.

我想知道考慮到這種責任管理將如何影響成本的降低。

I know this depends on break costs.

我知道這取決於中斷成本。

And - but it would be nice to understand how you see this reduction in gross debt.

而且 - 但如果您能了解您如何看待總債務的減少，那就太好了。

And I would like to make a quick follow-up in terms of working capital.

我想就營運資金進行快速跟進。

I think the inventory levels points are very well explained.

我認為庫存水準點已經得到很好的解釋。

But in the fourth quarter, we saw a slight deterioration of suppliers.

但在第四季度，我們看到供應商的情況略有惡化。

I understand that there is the purchase of grains impacting a little, but can we see the supply levels going back to the average lines in 2024?

據我了解，糧食採購會產生一些影響，但我們能否看到供應水準回到 2024 年的平均值？

Thank you, Pedro.

謝謝你，佩德羅。

Good morning.

早安.

I'm going to start from the second question about working capital I mean, I can say that in the line of suppliers, yes, we have a effect on the inventory levels when we acquired in the maze of season and considering the payment conditions, we had a concentration in the fourth quarter.

我將從關於營運資金的第二個問題開始，我的意思是，我可以說，在供應商方面，是的，當我們在季節迷宮中採購並考慮付款條件時，我們會對庫存水平產生影響，我們的注意力集中在第四季。

So I would like to say that no structural changes have been made in terms of the payment terms with the suppliers and from the structural viewpoint will go back to reach the same turnover level that we observed in 2023.

因此，我想說的是，與供應商的付款條件沒有發生結構性變化，從結構角度來看，將回到我們在 2023 年觀察到的相同營業額水準。

In relation to the net debt, the gross debt, I mean, we are going to consider the less competitive debt and we might settle this in advance or repurchase when we consider the market bonds, we did not consider in the breakeven analysis.

就淨債務、總債務而言，我的意思是，我們將考慮競爭力較弱的債務，當我們考慮市場債券時，我們可能會提前解決這個問題或回購，這是我們在盈虧平衡分析中沒有考慮的。

We did not consider any spread reduction, but we consider the new interest levels, especially in Brazil.

我們沒有考慮任何利差縮減，但我們考慮了新的利率水平，尤其是在巴西。

So, our focus is to promote this liability exchange on placements so that we can reduce the financial burden.

所以，我們的重點是推動這種安置上的責任交換，這樣我們就可以減輕財務負擔。

So we have been very active in monitoring the market conditions, both in Brazil and in internationally.

因此，我們一直非常積極地監控巴西和國際市場狀況。

But this is what I can disclose now to you.

但這是我現在可以向你透露的。

Okay.

好的。

Fabio, it's very clear.

法比奧，這很清楚。

Thank you.

謝謝。

The BRF. conference call has come to an end.

高峰論壇。電話會議已經結束。

We would like to thank you for attending this call and have a great day.

我們衷心感謝您參加本次電話會議並祝您度過愉快的一天。