BRF SA (BRFS) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們先生們。

Welcome to the BRF call to show the results referring to the first quarter 2024.

歡迎參加 BRF 電話會議，展示 2024 年第一季的結果。

This call is being recorded and then can be accessed at the company's website in ri-brfglobal.com. The presentation is also available for downloading.

此通話正在錄音，然後可以透過該公司網站 ri-brfglobal.com 進行存取。該簡報也可供下載。

At this moment, all the participants in these are connected as listeners and then we'll start our Q&A session where more instructions will be given.

此時，所有參與者都作為聽眾連接起來，然後我們將開始問答環節，並給予更多說明。

Before we proceed, I'd like to report the statements, the prospective statements are based on the beliefs and assumptions of BRF and the current positions for the company.

在我們繼續之前，我想報告這些陳述，這些前瞻性陳述是基於 BRF 的信念和假設以及公司目前的立場。

These statements can involve risks and uncertainties having insights that refers to future events and rely on circumstances that may or may not happen.

這些陳述可能涉及風險和不確定性，這些風險和不確定性涉及未來事件並依賴可能發生或可能不會發生的情況。

Investors, analysts and reporters may take into account that events related to macroeconomic environment to the segment and other factors may change the results from those expressed in their respective financial statements.

投資者、分析師和記者可能會考慮到與該部門宏觀經濟環境相關的事件和其他因素可能會改變各自財務報表中表達的結果。

Present in this conference, we have Mr. Miguel Gularte, our CEO; and Fabio Mariano, CFO.

出席本次會議的有我們的執行長 Miguel Gularte 先生；和財務長法比奧·馬裡亞諾。

I'd like to give the floor now to Mr. Miguel, who will start the presentation.

我現在請米格爾先生發言，他將開始演講。

Please, Mr. Miguel, you can proceed.

米格爾先生，請您繼續。

Good morning.

早安.

I would like to thank the presence of all of you here in our call for the results in the first quarter 2024.

我要感謝大家出席我們的電話會議，了解 2024 年第一季的結果。

We started a year where the brand Sadia celebrates 80 year of history and Perdigao 90 years with the most efficient more resilient, efficient company and sustainable company.

今年伊始，Sadia 品牌慶祝了 80 週年歷史，Perdigao 品牌慶祝了 90 週年，成為最高效、更有彈性、高效和永續發展的公司。

We report EBITDA of BRL 2.1 billion with a margin of 15.8%.

我們的 EBITDA 為 21 億雷亞爾，利潤率為 15.8%。

The numbers reflect consistent advances in the efficiency of the company quarter-to-quarter.

這些數字反映了公司效率逐季度的持續進步。

Our management program, BRFS is conducting the company to the next level of operational performance, defined as reference.

我們的管理計畫 BRFS 正在引導公司將營運績效提升到一個新的水平，定義為參考。

Now the version 2.0 of our program advances with the objective of leveling the indicators of the units according to the internal benchmarks in each of the work fronts.

現在，我們計畫的2.0版本正在推進，目標是根據各工作領域的內部基準來平整各單位的指標。

The accuracy of our system of verification and the new permits for expectations allows us greater agility and capability in responding to potentialize our results.

我們的驗證系統的準確性和新的期望許可使我們能夠更加敏捷和更有能力地做出反應，以實現我們的結果。

The improvements in commercial execution in Brazil and the excellence of our predictive model for purchasing of grains also allows the growth and profitability of the company.

巴西商業執行力的提高以及我們卓越的穀物採購預測模型也促進了公司的成長和利潤。

We continue oriented by high performance, more and more competitive and prepared to capture the opportunities that come up.

我們繼續以高績效為導向，越來越具有競爭力，並準備好抓住即將出現的機會。

I would like to invite our CFO, Fabio Mariano, to present the results in details, and I'll come back right after that for final remarks and disclosure.

我想邀請我們的財務長 Fabio Mariano 詳細介紹結果，之後我將立即回來進行最後的評論和披露。

Good morning, everybody who is connected here.

早上好，這裡的每個人。

I'll start on the first page, the financial indicators for the first quarter of 2024, started by net revenue, which reached BRL 13.4 billion.

我從第一頁開始，2024 年第一季的財務指標，從淨收入開始，達到 134 億雷亞爾。

For EBITDA, we reported BRL 2.1 billion, and this give us a margin of almost 16% for the period.

對於 EBITDA，我們報告為 21 億雷亞爾，這使我們在此期間的利潤率接近 16%。

The better results in the first quarter of the company, the free cash flow performance was BRL 844 million.

公司第一季業績較好，自由現金流表現為8.44億雷亞爾。

In working capital, we further reduced the financial cycle to 4.7 days. 3 days less than in the same period last year.

在營運資金方面，我們進一步將財務週期縮短至4.7天。比去年同期減少3天。

Inventory turnover remained at lower historic levels at 75 days.

庫存週轉率維持在 75 天的歷史較低水準。

Finishing the slides with leverage.

利用槓桿作用完成幻燈片。

We reached 1.5x the EBITDA in the last 12 months.

過去 12 個月，我們的 EBITDA 達到了 1.5 倍。

The lowest leverage in 8 years.

槓桿比率創8年來最低。

We show in the next slide, Page 4 on the left, the historic evolution of gross profit with profitability of 24.4% for the period.

我們在下一張投影片（左側第 4 頁）中展示了毛利的歷史演變，該時期的獲利率為 24.4%。

We disclosed gross profit of around BRL 2.4 billion.

我們披露的毛利約為 24 億雷亞爾。

On the right, we can also see the evolution of EBITDA, as highlighted earlier.

在右側，我們也可以看到 EBITDA 的演變，如前所述。

In the next slides, we will present the performance per segment and business.

在下一張投影片中，我們將展示每個細分市場和業務的績效。

Starting with Brazil, we continue progressively evolving with the operating results.

從巴西開始，我們繼續逐步發展經營績效。

We achieved 51.1% of EBITDA margin after the period, the seasonal period.

季節性期間過後，我們實現了 51.1% 的 EBITDA 利潤率。

We highlight the performance of Process products with good levels of profitability in the consumer environment that is still recovering and a marked improvement in fresh products.

我們強調加工產品的表現，在仍在復甦的消費環境中具有良好的獲利水平，生鮮產品也有顯著改善。

In the next slide, we make it clear the growth in margins of the record portfolio at the start of 2024 versus the average for 2023.

在下一張投影片中，我們明確了 2024 年初創紀錄投資組合的利潤率與 2023 年平均值的成長情況。

We emphasize on the right side of the slide, again our journey of continuous evolution in commercial execution, reflecting in a greater number of customers, availability of products in the stores and we show improvement in customer service levels, contributing significantly to the performance of domestic market.

我們在投影片的右側強調了我們在商業執行方面不斷發展的歷程，反映在更多的客戶、商店中的產品供應以及我們在客戶服務水平方面的改進，為國內的業績做出了重大貢獻市場。

We also remain focused on leading innovations that meet the needs of our consumers.

我們也持續專注於滿足消費者需求的領先創新。

We launched a new product in the frozen, code cuts and margarine categories.

我們推出了冷凍、代碼切割和人造奶油類別的新產品。

On the next slide, we bring the international market.

在下一張投影片中，我們介紹了國際市場。

We observed the evolution, the operational evolution of the segments, sustaining healthy margins as a result of persistent recovery of exporting rates, new markets and good performance in Turkey and GCC, the Gulf countries.

我們觀察了各部門的演變、營運演變，由於出口率持續復甦、新市場以及土耳其和海灣合作委員會、海灣國家的良好表現而保持了健康的利潤率。

EBITDA margin increased by 6% in comparison to the previous quarter.

EBITDA 利潤率較上一季成長 6%。

We saw gains in the share and exportation of chicks and for mid to several destinations.

我們看到雛雞的份額和出口量以及中到多個目的地的增長。

In the next slide, we qualitative highlighting the Hallo market, the celebration of Ramadan that moved the market with the highlights of the launching of new products and ease and juice and branded products. our brands and own distribution continue to favor the results in the region.

在下一張幻燈片中，我們定性地強調了 Hallo 市場，齋月的慶祝活動以新產品的推出以及果汁和品牌產品的亮點推動了市場。我們的品牌和自有分銷繼續有利於該地區的表現。

In Turkey, we also recorded good performance as a reflection of the growth in sales of processed products, which enable an increase of 4.7 points in market share and good levels of profitability in inter-portfolio locally.

在土耳其，我們也取得了良好的業績，這反映了加工產品銷售的成長，使市場佔有率增加了 4.7 個百分點，並且當地投資組合間的獲利水準良好。

On the right, I show the highlights on the direct expectation market.

右側顯示了直接預期市場的亮點。

We can notice the behavior or prices in the main cuts that continue responding.

我們可以注意到持續響應的主要削減的行為或價格。

We expanded our business alternatives with 25 new licenses for various markets, maximizing prices.

我們透過針對不同市場的 25 個新許可證擴大了我們的業務選擇，從而實現了價格最大化。

We also highlight inventories at lowest historic levels, which continue to help reduce logistic costs and improve commercial positioning.

我們也強調庫存處於歷史最低水平，這繼續有助於降低物流成本並改善商業定位。

I'd like to finalize the business segment presentation with the next slide for Ingredients and pets.

我想用下一張關於原料和寵物的幻燈片來完成業務部門的簡報。

The segment reported 10.7% of EBITDA margin.

該部門的 EBITDA 利潤率為 10.7%。

It's important to consider that the evolution of the Madden factor in yield continues to convert in the maximizing of the results of the core portfolio of the company.

重要的是要考慮到，Madden 收益率因素的演變繼續轉化為公司核心投資組合結果的最大化。

In pact, we highlight new commercial export agreements and advances in mapping the value levers of our efficiency program as well as the start of the integration project for ERP systems in ingredients.

實際上，我們重點介紹了新的商業出口協議和在繪製效率計劃價值槓桿方面取得的進展，以及配料 ERP 系統整合專案的啟動。

We remain focused on expanding markets and increasing sales of value-added items.

我們仍然專注於擴大市場和增加增值產品的銷售。

We also highlight the accreditation of Concordia plant by Abra.

我們也強調 Concordia 工廠獲得 Abra 的認證。

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

我們不斷為我們的副產品增加價值，以最大限度地實現業務整合。

Then I'll share the progress of our efficiency program, which will be quantified in numbers by Miguel soon.

然後我將分享我們的效率計劃的進展，米格爾很快就會用數字量化該計劃。

I will present the comparisons with the same period from last year, bars and light gray color.

我將展示與去年同期的比較，條形和淺灰色。

The comparison with 2022 can also be seen in the material.

材料中也可以看到與2022年的比較。

We noticed that in agriculture, we saw a drop in feed conversion for poultry and pork from 2.9% and 0.6%, respectively.

我們注意到，在農業領域，家禽和豬肉的飼料轉換率分別下降了 2.9% 和 0.6%。

Chicken mortality fell by 1% and pork by 0.7%.

雞肉死亡率下降 1%，豬肉死亡率下降 0.7%。

Patching rates rose to 2.6 percentage points.

修補率上升至 2.6 個百分點。

An industry increased more than 3.6 percentage in factory output.

某產業的工廠產出成長超過 3.6%。

In logistics, we reduced returns and raise the service levels in Brazil significantly.

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。

On Page 12, we consolidated the following highlights of sustainability.

在第 12 頁，我們整合了以下永續發展要點。

Advances in the Sustainalytics rating, best-rated company in the sector, publication of our integrated report, including the complete mapping of Scope 3 greenhouse gas emissions.

Sustainalytics 評級的進步、行業中評級最高的公司、我們綜合報告的發布，包括範圍 3 溫室氣體排放的完整繪圖。

And finally, achievement for the second consecutive year of the CEO of good environmental practices of our Akida plant and the Emirates, reinforcing sustainable practices in the international market.

最後，執行長連續第二年在我們的 Akida 工廠和阿聯酋的良好環境實踐方面取得了成就，加強了國際市場上的永續實踐。

We now present on Page 14, the information related to the company capital structure.

我們現在在第 14 頁展示與公司資本結構相關的資訊。

On the table on the left, we see the evolution of the net debt to leverage.

在左表中，我們看到了淨債務與槓桿的演變。

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

這些指標在會議開始時就已被強調。

On the right, we see the debt profile, which remains diversified and elongated with no concentration of repayments in the short term and comfortable liquidity position.

在右側，我們看到債務狀況仍然多元化且拉長，短期內償付不集中，流動性狀況良好。

The next slide, we show the free cash flow.

下一張投影片，我們展示了自由現金流。

The charge shows an operating cash flow of over BRL 2 billion, an investment flow of BRL 696 million and BRL 509 million in financial flow, resulting in free cash flow of BRL 844 million.

該費用顯示，營運現金流超過 20 億雷亞爾，投資流量為 6.96 億雷亞爾，財務流量為 5.09 億雷亞爾，自由現金流為 8.44 億雷亞爾。

You can also see the evolution in the smaller charge, the evolution of cash flow in the recent quarters.

您還可以看到較小費用的演變，以及最近幾季現金流的演變。

In the final slide, we can see the reduction of net debt between the quarters.

在最後一張投影片中，我們可以看到各季度之間淨債務的減少。

We report net debt of BRL 9 billion.

我們報告的淨債務為 90 億雷亞爾。

Reduction in loans will continue contributing to reduction of interest charges in the coming quarters.

貸款的減少將繼續有助於未來幾季利息費用的降低。

I'd like to thank your attendance, and then I hand over to CEO, Miguel Gularte, to his closing remarks.

我要感謝大家的出席，然後請執行長 Miguel Gularte 致閉幕詞。

Thank you, Fabio.

謝謝你，法比奧。

To finalize our presentation, I would like to highlight that our capital structure optimized capital structure, financial discipline and continued operational recovery, made it viable another quarter of we also recorded in this quarter the lowest leverage in the last 8 years.

在結束我們的演講時，我想強調的是，我們的資本結構優化了資本結構、財務紀律和持續的營運復甦，使其能夠在本季度創下過去 8 年來最低的槓桿率。

BRF plus 2.0 presented capturing of BRL 240 million with advances in the main front operational fronts per year.

BRF plus 2.0 每年在主要戰線作戰方面取得進展，獲得 2.4 億雷亞爾的收入。

We are now performing above the historic levels in some of the main indicators.

目前，我們的一些主要指標的表現高於歷史水準。

For example, mortality rate, feed conversion and logistics service level.

例如死亡率、飼料轉換率和物流服務水準。

Inventory turnover that reached 75 days allowed the lowest historic level in the company with 4.7%.

庫存週轉率達75天，為公司歷史最低水準4.7%。

In our international operation, diversification, market diversification was determining to maximize the revenue of the company.

在我們的國際經營中，多角化、市場多元化決定著公司收入的最大化。

We achieved in this quarter, 25 new licenses for expectation.

本季我們獲得了 25 個新許可證，符合預期。

In Brazil, we kept healthy levels of profitability with an increase in the regular portfolio margin sustained by the consistent improvement of commercial execution and contribution from innovations to our results as well as in 2023, the commitments that were taken and the opportunities identified drive us to continue this evolution trajectory with agility and efficiency.

在巴西，我們保持了健康的盈利水平，由於商業執行力的持續改善和創新對我們業績的貢獻，常規投資組合利潤率有所增加，2023 年，我們做出的承諾和發現的機會推動我們敏捷而有效率地繼續這一演變軌跡。

We continue to focus on the development of our people, and we concluded in this quarter, our annual engagement service.

我們繼續關注員工的發展，並在本季度結束了我們的年度參與服務。

We have a substantially better result in comparison to the prior cycle and both the companies, the high-performance companies recognized by our employees and a reflection of the management best practices and dedication from the leadership.

與上一個週期相比，我們的業績要好得多，這兩家公司都是我們員工認可的高績效公司，反映了管理最佳實踐和領導層的奉獻精神。

All of our evolution will not be possible without the commitment from our almost 100,000 employees that we thank them so much.

如果沒有我們近 10 萬名員工的承諾，我們所有的發展都是不可能的，我們非常感謝他們。

We also thank our Chairman, Marcus Molina for his constant leadership and presence, big thanks to the shareholders' council, integrated producer, customers, vendors and all the communities where we're present.

我們也感謝我們的董事長馬庫斯·莫利納 (Marcus Molina) 的持續領導和出席，非常感謝股東委員會、綜合生產商、客戶、供應商以及我們所在的所有社區。

Thank you.

謝謝。

We'll now start our Q&A session for investors and analysts.

我們現在將開始投資人和分析師的問答環節。

(Operators Instructions)

（操作員須知）

Our first question comes from Leonardo Alencar XP.

我們的第一個問題來自 Leonardo Alencar XP。

Before anything else, I would like to congratulate for the quarter, very good results above the expectation, very good performance.

首先，我要祝賀這個季度，非常好的結果超出了預期，非常好的表現。

I would like maybe because of the seasonal that really the Brazilian market has always been marked by the seasonal in the first quarter, a weaker first quarter, second quarter, even weaker and the third quarter is a recovery in the fourth quarter is stronger.

我想也許是因為季節性，巴西市場一直以第一季的季節性為標誌，第一季較弱，第二季較弱，第三季復甦，第四季更強。

The picture that you have in 2023 show the sequence of improvements in the context and structure as well.

2023 年的圖片也顯示了上下文和結構的改進順序。

But in this beginning of 2024, in this first quarter of 2024, we discussed a little bit more what is the seasonal effect and operational effect BRFS you have showed the delivered that in the first quarter, very significantly within that number of 1.8 billion expected for the year.

但在 2024 年年初，在 2024 年第一季度，我們更多地討論了季節性效應和運營效應 BRFS，您已經展示了第一季度交付的成果，非常顯著地超出了預期的 18 億數量那一年。

Is there a seasonability that we should expect only recurrent for the next quarters that is practically the average for the year.

是否存在我們應該預期僅在接下來的季度中經常出現的季節性，這實際上是全年的平均水平。

And even the grain effect was strong in this quarter, a very interesting point.

甚至本季的顆粒效應也很強，這是一個非常有趣的點。

But there is room yet for benefits over the grain lines.

但除穀物線外，還有空間。

So both in cost and international parts, you showed a very interesting chart in the fourth quarter for some of the cuts and exportation.

因此，在成本和國際部分，您在第四季度展示了一個非常有趣的圖表，顯示了一些削減和出口。

This dynamic continues favorably over the first quarter and how much for the second quarter on, can you eventually assure the portfolio or internal or external market to think really that this cycle and the seasonals like a commodity starts to grow in your thesis.

這種動態在第一季和第二季持續良好，您最終能否確保投資組合或內部或外部市場真正認為這個週期和像商品一樣的季節性在您的論文中開始成長。

So these are the 2 main points, both in costs, brains and also operational and sales internal and external market.

所以這是兩個要點，無論是成本、人才或營運和銷售內部和外部市場。

Leonardo, your question is your answer.

萊昂納多，你的問題就是你的答案。

I think that the set of the foundation for BRF, it's suffered a very important change from -- I'm going to go back a little bit in time in 2022.

我認為 BRF 的基礎架構經歷了非常重要的變化——我將回顧 2022 年的情況。

Marcus has take over the council and the management of the company in 2022.

Marcus 將於 2022 年接管公司理事會和管理層。

We have this plan and this plan starts to be executed in September 2022.

我們有這個計劃，這個計劃從2022年9月開始執行。

We called BRF+, which is a program I'd like to say that it starts in the upper level but has capillarity at all levels in the company.

我們稱之為BRF+，這是一個我想說的計劃，它從上層開始，但在公司的各個層面都有毛細作用。

Our team has been responding properly with all this -- don't need the trajectory of the company, which is a tradition.

我們的團隊對這一切做出了適當的反應——不需要公司的發展軌跡，這是一個傳統。

So together with us, the benchmarking of 2 companies, and it's fundamental to make this change.

因此，與我們一起，對兩家公司進行基準測試，這是做出這項改變的根本。

The strength of our brands, of our company in commercial terms, perfect execution in all aspects they're in the industry and our and our brands.

我們的品牌、我們公司在商業方面的實力、在行業以及我們和我們的品牌的各個方面的完美執行力。

Obviously, our sector has a certain seasonal aspect, but we cannot confuse it with the fundamentals that we can perform better under any conditions.

顯然，我們的行業具有一定的季節性因素，但我們無法將其與我們在任何條件下都能表現更好的基本面相混淆。

We find today BRF that is much more structured a company that has lower inventory levels, a company that produces directly from the plan to expectation, doing well within domestic market that uses qualified information properly as well.

我們發現今天的 BRF 是一家結構更加結構化的公司，庫存水平較低，直接按照計劃進行生產，在國內市場上表現良好，也正確使用了合格的信息。

The pricing system that gives -- a system that gives you a very good indicator to have a direction.

定價系統可以為您提供一個非常好的指標來確定方向。

But obviously, with that information, you're not able to make the operation and the execution that information is useless.

但顯然，有了這些訊息，你就無法進行該資訊無用的操作和執行。

Another important aspect, I think that the fact that this company has a very clear strategy.

另一個重要的方面，我認為這家公司有一個非常明確的策略。

I recall that the strategic company and the controller and the and we go to execution.

我記得策略公司和控制者以及我們去執行。

Obviously, when this strategy makes sense is well thought of and planned and the execution transforms -- so that translates into BRF.

顯然，當這個策略有意義時，就會經過深思熟慮和計劃，並且執行會發生轉變——從而轉化為 BRF。

We work a lot starting to answer your question more directly now we work a lot and very carefully and very -- on those factors that depend on our management because we are sure that working on the factors that depend on our -- from our management on the face of some events that are not under our control, we're going to perform better.

我們做了很多工作，開始更直接地回答你的問題，現在我們做了很多工作，非常仔細和非常- 在那些取決於我們管理層的因素上，因為我們確信，從我們的管理層開始，我們就致力於研究取決於我們的因素面對一些不受我們控制的事件，我們會表現得更好。

And this makes a company that pursues performance and better compliance.

這使得公司追求績效和更好的合規性。

And also answering your question about BRF+ for future possibilities.

並回答您關於 BRF+ 的問題，以了解未來的可能性。

I recall that BRF us is a performance program of continuous improvement and much more than continuous improvement program.

我記得 BRF us 是一個持續改進的績效計劃，而且不僅僅是持續改進計劃。

I would say today that BRF+ has incorporated the culture of the company.

今天我想說的是，BRF+已經融入了公司文化。

It's part of our culture, our day-to-day basis.

這是我們文化的一部分，也是我們日常生活的基礎。

We repeat that.

我們重複一遍。

It's really present here at BRF, everything we started every Monday on the morning.

它確實存在於 BRF 中，是我們每週一早上開始的一切。

The BRF is really clear.

BRF確實很清楚。

But just the commercial part, Miguel, if you could -- I understand that this part is stretching the portfolio, but the market remains in the on-demand without Ramadan.

但只是商業部分，米格爾，如果可以的話——我知道這部分正在擴展投資組合，但市場在沒有齋月的情況下仍處於按需狀態。

This is valid for Middle East and Asia, the United Kingdom with very solid thing.

這對中東和亞洲來說是有效的，英國有非常紮實的東西。

This is valid for the third quarter making it possible this portfolio.

這在第三季有效，使該投資組合成為可能。

Leonardo we already forecasted a gradual improvement on prices when we closed the fourth quarter 2023.

Leonardo，我們在 2023 年第四季結束時就已經預測價格將逐步改善。

Our pricing system indicated that we were getting ready to take advantage of that and the opportunities.

我們的定價系統表明我們已準備好利用這一點和機會。

It's important to highlight that we have 66 new license last year.

需要強調的是，我們去年獲得了 66 個新許可證。

This year, we have 25%.

今年，我們有25%。

And today, we have 2 more plants license or to export to the Philippines.

今天，我們又有兩個工廠獲得許可或可以出口到菲律賓。

So when you have more options and opportunities, you end up having more diversity, capturing commercial market as a whole differently from the first quarter 2023.

因此，當你有更多的選擇和機會時，你最終會擁有更多的多樣性，以不同於 2023 年第一季的方式佔領整個商業市場。

The market as a whole improved in terms of price, more destinations and more licenses.

整個市場在價格、目的地和許可證方面都有所改善。

I always say that the best choice is always have many possibilities this happened.

我總是說，最好的選擇總是有多種可能性發生。

We are now starting the second quarter with the guidance, we are seeing the market that in terms of prices resilient and the commercial opportunities are being enjoyed by the company that has the perfect idea and taking advantage of the strengths of the brands, brands, Sadia and Perdigao, not only the internal market that they -- but also for the exportation market, we capitalize that in the best way possible with qualified information and execution in all of our different different geographies and different players, local players, we try to capitalize that, try to capture that, which has become a reality.

我們現在在指導下開始第二季度，我們看到市場在價格方面具有彈性，並且擁有完美創意並利用品牌、品牌、薩迪亞的優勢的公司正在享受商業機會和佩迪高，不僅是他們的內部市場，而且對於出口市場，我們以盡可能最好的方式利用合格的資訊和執行力，在我們所有不同的不同地區和不同的參與者，本地參與者中，我們嘗試利用嘗試去捕捉它，它已經成為現實。

Our next question comes from Lucas Ferreira, JPMorgan.

我們的下一個問題來自摩根大通的盧卡斯費雷拉。

My first question about international market and especially the chart, I found it interesting, the price of chicken breast increasing well maybe because of new licenses, U.K. explore a little bit more how you are seeing this market, which is a more premium prime market?

我關於國際市場的第一個問題，特別是圖表，我發現很有趣，雞胸肉的價格上漲得很好，也許是因為新的許可證，英國更多地探索你如何看待這個市場，這是一個更優質的主要市場？

And if there's any perspective or any visibility of going back to expectation to Europe in some moments.

如果有任何觀點或任何可見性可以在某些時候回到對歐洲的期望。

The second question is about Brazil.

第二個問題是關於巴西的。

The result was really strong.

結果真的很強。

The lower cost -- the prices from what I understand, the comparison base is more difficult than last year, and we have some effect of cheaper raw material pulling the prices of some of the process products downwards.

較低的成本——據我了解，價格比去年更難，而且我們有一些更便宜的原材料拉動一些加工產品價格下降的影響。

So my question is if this effect is over or if you're able to possibly increase prices in some of the categories?

所以我的問題是，這種影響是否已經結束，或者您是否能夠提高某些類別的價格？

Is there any perspective of having an average price -- better average prices in the future and eventually the recovery volume?

是否有一個平均價格的前景——未來更好的平均價格以及最終的恢復量？

I'm going to address the first question and then I'm going to share the second answer with Fabio.

我將解決第一個問題，然後與法比奧分享第二個問題的答案。

Obviously, the international market with the new licenses and opportunities, it was well explored by BRFS as I answered in Leonardo's question.

顯然，正如我在萊昂納多的問題中回答的那樣，BRFS 已經很好地探索了擁有新許可和機會的國際市場。

But on the other hand, it's important that within these licenses, we had 8 plants licensed for U.K. This also allows us to have the conditions to continue moving forward that up to a year in markets where we were absent on the other hand, BRF has that trajectory in the sense of working with more added value product participation of this added value products in the portfolio and the general portfolio of the company.

但另一方面，重要的是，在這些許可證中，我們在英國獲得了 8 家工廠的許可。這種軌跡是指與更多加值產品合作，使這種加值產品參與到公司的投資組合和整體投資組合中。

And finally, but not least important, we had year 2024, a recovery of markets in general.

最後，但同樣重要的是，2024 年是市場整體復甦的一年。

So obviously, with more licenses with plants performing better working with a criteria that we don't -- we produce wells.

顯然，有了更多的許可證，工廠的工作表現就更好了，而我們卻沒有這樣做——我們生產油井。

So to have the opportunity to capitalize them and make them into commercial actions, and this commercial action materializes into results.

因此，有機會將它們資本化，並將其轉化為商業行為，並將這種商業行為具體化為結果。

So we see this scenario of expectation as I already said, favorable, and we are paying close attention to all opportunities.

因此，正如我已經說過的，我們認為這種預期情況是有利的，我們正在密切關注所有機會。

Obviously, not only paying attention not only to the performance of the company, but also to the possibility of having market choices and internationalization of the portfolio.

顯然，不僅要關注公司的業績，還要關注市場選擇和投資組合國際化的可能性。

I'm going to talk about Brazil, which was the second part of your question.

我要談談巴西，這是你問題的第二部分。

I think that when we compare the average prices from Brazil with the prior quarter, we have to take into account that we don't have the portfolio, the which is in a specific portfolio for the fourth quarter, the holiday product.

我認為，當我們將巴西的平均價格與上一季進行比較時，我們必須考慮到我們沒有投資組合，該投資組合屬於第四季度的特定投資組合，即假日產品。

So that mix is the product.

所以這種混合就是產品。

So another element that influences the fresh intra products as we advance in opportunities and sales destinations, we start to have some choices.

因此，隨著我們在機會和銷售目的地方面的進步，影響新鮮內部產品的另一個因素是，我們開始有一些選擇。

And among these choices, we can redirect products that before were commercialized traded in the Brazilian market and now were traded in other destinations, expectation.

在這些選擇中，我們可以重新調整先前在巴西市場進行商業化交易、現在在其他目的地進行交易的產品的預期。

They end up having references and influence in the mix of products.

他們最終在產品組合中具有參考價值和影響力。

And when we think of process products, it's important to notice that the performance in some categories, for example, margarine.

當我們考慮加工產品時，重要的是要注意某些類別的性能，例如人造奶油。

That was a category that has its profitability expanded because of the main input had reduced in value, the soybean oil.

由於主要投入品大豆油的價值下降，這一類別的獲利能力有所擴大。

We have a little bit more price pressure, and this is still consistent.

我們的價格壓力更大一些，這仍然是一致的。

But talking about expectation, I think that from the consumption, we understand the environment is under recovery, Brazilian income has improved because of the inflation process from the third to the fourth quarter, inflation is still high, employment is resilient.

但說到預期，我認為從消費來看，我們了解到環境正在復甦，巴西的收入因為第三季到第四季的通膨過程而有所改善，通膨仍然很高，就業也有彈性。

We don't have an ideal scenario yet, but it's a scenario that is more favorable than the scenario that we experienced last year.

我們還沒有一個理想的場景，但這是一個比我們去年經歷的場景更有利的場景。

Our next question is from Gustavo Troyano Itau BBA.

我們的下一個問題來自 Gustavo Troyano Itau BBA。

We have 2 points here that I would like to explore with you.

這裡有兩點我想跟大家探討一下。

The first is related to BRF plus 2.0. You've already commented a lot about the process of continuous improvement.

第一個與BRF plus 2.0有關。您已經對持續改進的過程發表了很多評論。

What I would like to quantify with you is the point that you have your efficiency versus your benchmarking that you dealt in the beginning for BRF plus 1.0, let's call it like that, and understand how this 2.0 would compare to the 1.0 at the moment, I'm trying to have this order of you see the phase of the efficiency what has been delivered, if you have reached the benchmark that you had proposed at first.

我想和你一起量化的是，你的效率與你一開始處理的 BRF plus 1.0 的基準測試相比，我們這樣稱呼它，並了解這個 2.0 與目前的 1.0 相比如何，如果您已經達到了最初提出的基準，我試圖讓您看到已交付的效率階段。

And the second question is still about cost, but focused a little bit on commodities.

第二個問題仍然是關於成本，但稍微關註一下商品。

I think that what I would like to explore with you within what you have visibility today, the grain that is already the BRF system, do you think that we have room -- more room to see the cost per tonne dropping in the next coming quarters?

我想我想在你們今天所看到的範圍內與你們探討一下，即已經是BRF 系統的穀物，你們認為我們有空間——更多的空間來看到未來幾個季度每噸成本的下降嗎？

I remember that in the middle of last year, you already had a visibility that cost would drop a lot in the second half of 2023.

我記得去年年中大家就已經看到2023年下半年成本會下降很多。

I would like to hear from you if you have some have granularity to -- from what we heard last year from you in regards to commodity.

如果您對去年我們從您那裡聽到的有關大宗商品的情況有更詳細的了解，我希望收到您的來信。

That's the first part about efficiency.

這是關於效率的第一部分。

Second part about brains.

第二部分關於大腦。

BRF Plus program in starts take as a base the year of 2019, a year before COVID, and we had an interesting basis in terms of performance because we could use some indicators as referenced, taken as basis 2019.

BRF Plus 計畫的啟動以 2019 年為基礎，即新冠疫情前一年，我們在績效方面有一個有趣的基礎，因為我們可以使用一些參考指標，作為 2019 年的基礎。

We proceeded like that, taken as a base 2019.

我們以 2019 年為基礎，繼續這樣做。

When we designed after the success that BRF plus was the initial BRs,when we design BRF the team, BRFs 2.0, we changed it the reference.

當我們設計成功後，BRF plus是最初的BRs，當我們設計BRF團隊，BRFs 2.0時，我們改變了它的參考。

We took us based internal benchmarking.

我們根據內部基準進行了評估。

We took as base the indicators of performance in each of our locations with geography.

我們以每個地點的地理位置績效指標為基礎。

And this reference started to be the reference to be pursued by the other locations.

這個參考開始成為其他地點追求的參考。

So this showed us an excellent opportunity of improvement.

所以這向我們展示了一個絕佳的改進機會。

We are talking about data and demand, but a concrete basis more than a concrete basis, we had our own basis, and we had the experience in 2023.

我們講的是數據和需求，但是具體的基礎不只是具體的基礎，我們有自己的基礎，我們有2023年的經驗。

And and we were able and we're going to be able to better the plan for 2024 as it goes because of continuous improvement.

由於不斷改進，我們能夠而且將能夠改進 2024 年的計劃。

And as I referred to in the first question that I received, it is not only a performance plan, but it's almost a cultural plan for the company, continuous pursuant for improvement, exascale, easy to understand, and that is in our hands to achieve.

正如我在收到的第一個問題中提到的，這不僅是一個績效計劃，而且幾乎是一個公司的文化計劃，不斷追求改進，百億億次，易於理解，而這是在我們手中實現的。

This has been happening.

這已經發生了。

We have the expectation for 2024, and we continue improving the performance of the company based on BRFs 2.0.

我們對2024年有預期，我們在BRFs 2.0的基礎上繼續提升公司的表現。

You asked about the expectation in terms of costs thinking of the following quarters, the coming quarters.

您詢問了對接下來幾季、未來幾季的成本預期。

The first aspect, I can report, there is no symmetry in regards to the efficiency program, captures.

我可以報告的第一個方面是，效率計劃不存在對稱性。

We hope it is a continuous improvement program and then we have the conditions that at each quarter improved the indicators.

我們希望這是一個持續改進的計劃，然後我們就有條件在每個季度改進指標。

So this should happen with the environment for the next quarters.

因此，未來幾季的環境應該會發生這種情況。

Specifically thinking about Vita has to do with the grains.

特別是對維塔的思考與穀物有關。

We adopted a strategy that is really similar to the strategy from last year.

我們採取的策略與去年的策略非常相似。

So although we have challenges in the Brazilian harvesting there is an expansion in the case of soybean, we have an expansion close to 5%, corn, 6% -- so we think -- we believe that there is a lot of production, enough production, especially in the case of Brazil, in the case of the smaller output when we can generate products at very competitive prices.

因此，儘管我們在巴西收割方面面臨挑戰，但大豆產量有所增長，我們的產量增長了接近 5%，玉米增長了 6%——所以我們認為——我們相信產量很大，足夠了生產，特別是在巴西，在產量較小的情況下，我們可以以非常有競爭力的價格生產產品。

So we have a stance of having a less -- that has conditions at the shorter output to increase the position and somehow influence the average prices of inventory.

因此，我們的立場是減少產量，即有條件在較短的產量下增加頭寸，並以某種方式影響庫存的平均價格。

If this market really materializes, we then really have the CTV view for the third quarter and the fourth quarter of this year, we can notice a retraction of costs influencing positively the profitability of the portfolio.

如果這個市場真的成為現實，我們就會真正看到今年第三季和第四季的 CTV 觀點，我們可以注意到成本的下降對投資組合的獲利能力產生了積極的影響。

Our next question comes from Isabella Simonato BOFA.

我們的下一個問題來自 Isabella Simonato BOFA。

I would like to ask a little bit about the balance sheet and the use of funds.

我想問一下關於資產負債表和資金使用的一些情況。

As you pointed out really well, we have a level of leverage much lower than the company had been running.

正如您指出的那樣，我們的槓桿水平遠低於公司一直以來的營運水平。

I think the level of CapEx from what I understand and what you've been saying shouldn't go up very much.

我認為根據我的理解和你所說的，資本支出水準不應該上升太多。

Yesterday, you announced a buyback program.

昨天，您宣布了回購計畫。

I would like to explore a little bit how do you see now the allocation of company's capital if the focus is going to be the return of the funds to the shareholders, how do you see eventually new avenues for growth?

我想探討一下，如果重點是向股東返還資金，您現在如何看待公司資本的配置，您如何看待最終的新成長途徑？

This is the main point that I would like to talk about.

這是我想講的重點。

I think that the first aspect in fact, the leverage decreased at levels that we hadn't observed as it was put at the beginning of the conference, at least 8 years.

我認為，事實上，第一方面，槓桿率下降到了我們在會議開始時沒有觀察到的水平，至少八年了。

This doesn't change the focus of the organization of continuing and persisting very energetically on our -- reducing our gross debt.

這並沒有改變本組織繼續大力減少總債務的重點。

Our intention is to continue to advance on rates and go back to being a company evaluated as an investment breed.

我們的目的是繼續提高利率，並重新成為被評估為投資品種的公司。

And is natural, all the deleveraging process as we have a readjustment of the capital structure that we can have opportunities and possibilities for investment.

很自然，隨著我們對資本結構的調整，所有的去槓桿過程都可以讓我們有投資的機會和可能性。

Specifically talking about CapEx, we still have opportunities of growth for the company with investments, marginal investments, bring a message of idle.

具體來說，資本支出方面，我們仍有機會透過投資、邊際投資、閒置等方式為公司帶來成長機會。

We don't have the full occupancy of our planned footprint.

我們沒有完全佔據我們的計劃足跡。

So this year, very much likely we should grow the levels of CapEx that we have we observed last year.

因此，今年我們很可能會提高去年觀察到的資本支出水準。

I mean, in general, that would be -- it hasn't changed in comparison to this trajectory.

我的意思是，總的來說，與這個軌跡相比，它沒有改變。

On liability side, it's important to highlight that we're going to be very attentive and paying very close attention, although we don't have a concentration of that maturity date of 2024.

在責任方面，需要強調的是，我們將非常關注並密切關注，儘管我們沒有集中考慮 2024 年的到期日。

We're going to be paying attention to the possibilities that the marketing offers liability management and exchange liability, so we can reduce the debt costs and favor this process that I have tried to convey here to you.

我們將專注於行銷提供責任管理和交換責任的可能性，因此我們可以降低債務成本並支持我試圖向您傳達的過程。

If you could just emphasize the point of dividend of the buyback, the idea we can think of a minimum dividend?

如果你能強調回購的股利這一點，我們可以想到最低股利的想法嗎？

Or is there the possibility of of a higher return on funds to the shareholders.

或是否有可能為股東帶來更高的資金回報。

We are working here at the company that very hard and diligently to improve the results, investments depending on the controller decision for the strategy of the company.

我們在這家公司工作，非常努力、勤奮地改善業績，投資取決於公司策略的控制決策。

Our next question is from Ricardo Boiati Safra.

我們的下一個問題來自里卡多·博亞蒂·薩夫拉。

Congratulations for the excellent quarter.

恭喜這個出色的季度。

Two questions from my side.

我這邊有兩個問題。

The first one about international market, more specifically about China.

第一個是關於國際市場，更具體地說是關於中國。

If you could comment a little bit more how you have seen the offer dynamics and demand dynamics in the Chinese market.

您能多評論一下您對中國市場的供給動態和需求動態的看法嗎？

Talking a little bit about chicken meat and pork meat.

談論一下雞肉和豬肉。

So we can understand a little bit how to think of this market, this major market and international operations for you.

所以我們可以為您了解一點如何看待這個市場、這個主要市場和國際營運。

I think that Halal is also well understood with very favorable.

我認為Halal也很好理解並且非常有利。

But I'd like to understand a little bit more about Asia and specifically about China.

但我想多了解亞洲，特別是中國。

And the second question is about the situation in Guangzhou, if you could comment with a little bit more details, what you have noticed in terms of impact, not only in your operation directly in your plans, production of the company, but also in the integrated chicken farms and partners of the company and also logistically speaking, I think that this is a very important relevant point.

第二個問題是關於廣州的情況，如果您能更詳細地評論一下，您注意到的影響，不僅在您的運營中，在您的計劃、公司的生產中，而且在整合養雞場和公司的合作夥伴，還有物流方面，我認為這是一個非常重要的相關點。

The capability of feeding the plants and poultry farms and delivering the production.

為植物和家禽養殖場提供飼料並交付產品的能力。

We have the strike of the truck drivers that generated a logistic discussion that was really relevant at the national scale.

卡車司機的罷工引發了一場在全國範圍內真正相關的物流討論。

But I would like to understand what the situation is like in terms of logistics, the current situation, you have been able to deliver and slow this production outside the plant, and this has happened to your partners as well, integrated or affiliate.

但我想了解物流方面的情況，目前的情況，您已經能夠在工廠外交付並減慢生產速度，這也發生在您的合作夥伴身上，無論是整合的還是附屬的。

We want to know if this situation may complicate the logistics doesn't solve over the next coming weeks.

我們想知道這種情況是否會使物流變得複雜，在接下來的幾週內無法解決。

Ricardo answering your question about Asia and China.

里卡多回答你關於亞洲和中國的問題。

I think it's interesting to observe the CSX data.

我認為觀察 CSX 數據很有趣。

If we compare the first quarter of 2023 in Asia, China, 153 tons from China from 2023, 62,000 went to China.

如果我們比較亞洲2023年第一季的中國，2023年有153噸來自中國，其中6.2萬噸流向中國。

If we look at the same number in 2024, 153,000 of chicken in this case, poultry.

如果我們看看 2024 年的相同數字，即 153,000 隻雞，即家禽。

And in China, 39,000 around that.

而在中國，大約有 39,000 人。

So if we compare data from CSX for poultry, we're going to see that Asia in Brazilian expectation in the first quarter of 2023 out of 400,000 tonnes, 153 since 2023.

因此，如果我們比較 CSX 的家禽數據，我們將看到巴西預計 2023 年第一季亞洲家禽產量將達 40 萬噸，自 2023 年以來為 153 噸。

Now 2024, looking at the same picture, we're going to find Asia with 125000, 147,000.

現在到 2024 年，看同一張圖片，我們會發現亞洲有 125,000、147,000 人。

Here, we have clearly a displacement of performance for expectation in Asia.

在這裡，我們在亞洲的表現顯然與預期有偏差。

So Asia, specifically China continue to be a relevant destination for Brazilian expectations.

因此，亞洲，特別是中國仍然是巴西期望的相關目的地。

We noticed in the case of poultry, a recovery of price in the first quarter this recovery regardless of the intensity and the magnitude it is happening.

我們注意到，就家禽而言，第一季價格出現回升，無論其發生的強度和幅度如何。

And in regards to pork, we have a more balanced situation, but we also see pork performing going back to a level that is more normal in terms of price.

就豬肉而言，我們的情況更加平衡，但我們也看到豬肉的價格表現回到了更正常的水平。

Obviously, when you have 66 new licenses in our case in 2023 in 20-plus and 2 more today also for pork in the case of China, we licensed for Philippines, 2 plants for the Philippines today.

顯然，當你在 2023 年獲得 66 個新許可證時，在中國有 20 多個豬肉許可證，今天還有 2 個許可證，我們為菲律賓頒發了許可證，今天為菲律賓頒發了 2 個工廠。

So we have options of have choices.

所以我們有很多選擇。

The straight off as normal for destinations.

目的地正常直達。

You can have this cherry par or destinations, both for poultry and pork.

您可以選擇這個櫻桃標準或目的地，無論是家禽還是豬肉。

In regards to Guangzhou, a state in the South of Brazil, the first thing that we would like to say we would like to sympathize for the inhabitants of you're going to use almost 10,000 employees and 2,000 integrated employees, BRF since the beginning was concerned of it extremely valuable to us, our people and our integrated people in the whole community, we are inserted in.

關於廣州，巴西南部的一個州，我們首先要說的是，我們要對那裡的居民表示同情，他們將使用近 10,000 名員工和 2,000 名綜合員工，BRF 從一開始就是我們關心它對我們、我們的人民和整個社會的綜合人民極為有價值，我們參與其中。

So we opened on Friday, a campaign to raise of fundraising for each real raised in this campaign, the BRF Institute, raised on real the Murphy placed on more Rio BRF, one more Real.

因此，我們在周五發起了一項活動，為在本次活動中籌集的每一筆真實資金籌集資金，BRF 研究所在真實資金上籌集了墨菲在裡約熱內盧BRF 上投入的更多資金，又一個真實資金。

So each Real raised by the Bafin BRF turned into 3 Real.

因此，Bafin BRF 籌集的每個雷亞爾都會變成 3 個雷亞爾。

And from Friday to today, over BRL 3 million, and you saw that in the opening of our call, we placed in the page the call to the result of the first quarter of 2024.

從週五到今天，超過 300 萬雷亞爾，您可以看到，在我們的電話會議開始時，我們在頁面中放置了對 2024 年第一季結果的電話會議。

We have the card for donations.

我們有捐款卡。

This is going to be in our website.

這將出現在我們的網站上。

So all donations are welcomed.

因此，歡迎所有捐款。

Each donation made through this tool generates 1 extra real and 1 extra real reported by Marfig and on Real from BRF said that.

Marfig 和 BRF 的 Real 報告稱，透過該工具進行的每筆捐贈都會產生 1 個額外的真實值和 1 個額外的真實值。

Talking about -- from the operational standpoint, our plants, we have 5 plants in Guangzhou 5 plants, 4 of them went back to operation on Monday.

談到－從營運的角度來看，我們的工廠，我們在廣州有5家工廠，5家工廠，其中4家週一恢復運作。

And the fifth plant will go -- went back to operation yesterday.

第五家工廠將於昨天恢復運作。

From the logistics standpoint, obviously, the challenges are big, we were able to get to the plant and also slow the out patent production.

從物流的角度來看，顯然，挑戰很大，我們能夠到達工廠並減緩專利生產速度。

So you are covering longer distances now.

所以你現在正在行駛更長的距離。

You have challenges that we have to face under the situation.

在這種情況下，我們必須面對你們的挑戰。

But we are very much focused, so everything is done safely and keeping very close to our employees.

但我們非常專注，所以一切都是安全完成的，並且與我們的員工保持密切聯繫。

We are always close to them.

我們總是離他們很近。

We worked on Friday, Saturday, Saurday, first stop making contact with our employees.

我們週五、週六、週六工作，先停止與員工聯繫。

On Sunday morning, we have contacted already directly over 95% of our employees and a proof we're really proud of the engagement of our people, our personnel is that we had -- from the standpoint of absent, we had the presence, the industrial occupancy, we had lower absentisms that the average levels, people understanding the importance of production of food production in this moment.

週日早上，我們已經直接聯繫了超過 95% 的員工，這證明我們對我們的員工的參與感到非常自豪，我們的人員是——從缺席的角度來看，我們有在場，工業佔用率，我們的缺勤率低於平均水平，人們了解此時此刻糧食生產的重要性。

So everybody that was present and allowed us to operate.

所以每個在場的人都允許我們進行操作。

Now we have our commitment not only in solidarity, but also our commitment to help to mitigate the damage in the whole chain.

現在，我們不僅承諾團結一致，而且承諾幫助減輕整個鏈條的損害。

BRF is a company that has a tradition of integration and relationship with the employees.

BRF 是一家有著與員工融洽相處的傳統的公司。

Obviously, the valuation that is more accurate about damage and the consequences that may have happened are still undergoing.

顯然，對於損害和可能發生的後果更準確的評估仍在進行中。

And as a very recent fact, we still have some difficulties of finding information because of power failure, telephone, failure -- so we are all the areas in Guangzhou we are in order to support and not only those the integrated parties, but their families.

而且最近的事實是，由於停電、電話、故障，我們在尋找資訊方面仍然存在一些困難——所以我們是廣州所有地區，我們都是為了支持，不僅是那些整合方，還有他們的家人。

We dedicated time advancing.

我們投入時間前進。

We are increasing this contact and support.

我們正在增加這種聯繫和支持。

We are very confident in our tradition for integration and relationship.

我們對我們的融合和關係傳統非常有信心。

And even more the data was given from the controller and the council, given all the necessary support in this difficult moment.

更重要的是，數據是由管制員和理事會提供的，在這個困難的時刻給予了所有必要的支持。

We understand that it's important that BRF behaves as a company that is relevant in the important it has according to that.

我們知道，BRF 作為一家具有相關重要性的公司，這一點很重要。

Our next question is from Renata Cabral from Citibank.

我們的下一個問題來自花旗銀行的 Renata Cabral。

Congratulations to all of you for the results.

祝賀大家取得的結果。

I have 2 questions.

我有 2 個問題。

One is a follow-up in regards to CapEx.

一是關於資本支出的後續行動。

You commented that about having the growth with CapEx levels with the same level from last year.

您評論說，資本支出水準的成長與去年相同。

My question is about what to expect for 2025 in terms of maintenance, if you are expecting to have the factories need possibly -- additional maintenance after going through in the past more critical period in terms of cash generation.

我的問題是，如果你預計工廠在經歷了過去現金產生方面的更關鍵時期後可能需要額外的維護，那麼 2025 年在維護方面的預期會怎樣。

Obviously, the company now is at in another level, -- just to understand this question.

顯然，公司現在處於另一個層面——只是為了理解這個問題。

And my second question is about capability in the industry in 2023, specifically for poultry.

我的第二個問題是關於 2023 年該行業的能力，特別是家禽方面的能力。

It was the post-pandemic period for the industry in general had oversupply, and we had this normalization throughout the year last year.

當時是後疫情時期，產業整體供過於求，去年全年都出現了這種常態化。

And now that we are in a positive cycle in terms of raw material prices.

而現在我們在原物料價格方面正處於一個良性循環之中。

I would like to hear from you if you observe an increase in capacity, and this is aligned with what you expect and your view over this topic.

如果您發現容量有所增加，並且這與您的期望和您對此主題的看法一致，我希望收到您的來信。

I'm going to start by the first question about CapEx.

我將從有關資本支出的第一個問題開始。

And I would like to make it clear that any situation of the company or in any occasion, we capped assets at very good conditions of operation regardless of the situation.

我想澄清的是，無論公司情況如何，在任何情況下，我們都將資產限制在非常良好的營運條件下，無論情況如何。

This has always happened.

這種情況一直都在發生。

The investments have always been allocated in a way that the footprint could respond to growth and production plans that we had.

投資的分配方式始終能夠滿足我們的成長和生產計劃。

What is correct, we then this year to have investments at the levels of investments presented last year, we have plans of growth for this year and the view of our investments for 2025 will depend on this performance.

正確的是，我們今年的投資將達到去年的投資水平，我們有今年的成長計劃，我們對 2025 年投資的看法將取決於這一業績。

So if we understand that the growth speeds up in terms of execution, then in 2025, we will have to reinforce investments and capabilities.

因此，如果我們理解執行方面的成長速度加快，那麼到2025年，我們將不得不加強投資和能力。

So this would be a scenario that would be very positive.

所以這將是一個非常積極的情況。

So we could anticipate dedicated resources to increase our possibilities of production.

因此，我們可以預期投入專用資源來增加我們的生產可能性。

In regards to capacity of the industry, your second question, I'm going to hand over to Miguel.

關於業界的能力，你的第二個問題，我將交給米格爾。

In regards to capacity, we have seen...

在容量方面，我們看到...

And not only in this quarter, we ended but the prior quarter that there is a balance, a very interesting balance between offer and demand for reasons that we have approached already the economic thing.

不僅在本季度，我們在上一季也結束了這種平衡，供給和需求之間存在著非常有趣的平衡，因為我們已經接近了經濟問題。

So new destinations for expectations, new markets and the environment of consumption, not only in Brazil, but also other geographies, other locations, showing positive signs.

因此，新的預期目的地、新的市場和消費環境，不僅在巴西，而且在其他地區、其他地點，都顯示出積極的跡象。

So what we have to have present is that this balance today, it is extremely based on this environment, this general environment -- and we don't see, at least in the short run any indicator that this is going to change.

因此，我們必須呈現的是，今天的這種平衡，它完全基於這種環境，這種整體環境——而且我們至少在短期內沒有看到任何跡象表明這種情況會改變。

We see at least that in the first quarter, very balanced first quarter between demand and offer, and we should expect the signs in the second quarter to project the rest of the year.

我們至少在第一季看到，需求和供給之間非常平衡，我們應該預期第二季的跡象將預測今年剩餘時間。

I would say that we are very much tend to paint close attention to it, and we don't see a problem in this aspect, but we see an opportunity.

我想說，我們非常傾向於密切關注它，我們在這方面沒有看到問題，但我們看到了機會。

Our next question is from Leandro Fontanesi from Banco Bradesco BBI.

我們的下一個問題來自 Banco Bradesco BBI 的 Leandro Fontanesi。

I would like to the question about processed products, brands, Sadia, Perdigao in the presentation you mentioned, you have 39% market share for process products.

我想問您在演講中提到的有關加工產品、品牌、Sadia、Perdigao 的問題，你們在加工產品方面擁有 39% 的市場份額。

I would like to hear from you what you see in terms of potential for these brands?

我想聽聽您對這些品牌的潛力有何看法？

And how do you see the pressure on the volume versus price?

您如何看待成交量與價格之間的壓力？

And your competitor some time ago had announced an expansion plan?

而你的競爭對手前段時間也宣布了擴張計畫？

How do you see this competitive scenario in terms of process products?

您如何看待流程產品方面的這種競爭局面？

And the second question, please.

還有第二個問題。

You talked about the question of dividends that would be a controller's decision.

您談到了由控制人決定的股利問題。

This line, your leverage evolved a lot, which is something very welcomed.

這條線，你的槓桿進化了很多，這是非常受歡迎的。

But in case of cash generation continues strong and you reduces leverage, or what options would you have in using this capital.

但如果現金產生持續強勁，您就會降低槓桿率，或者您在使用這筆資金時有什麼選擇。

I'm going to start answering with my market share.

我將從我的市場份額開始回答。

And I can tell you that according to the last reading, the last quarter, the market share kept stable in regards to the prior quarter.

我可以告訴你，根據最新的數據，上個季度的市佔率與上個季度相比保持穩定。

In the current context, I believe there are changes in price relativity, BRF continues to influence positively the value of categories that it acts on in specific cases, we tried to take the first step in regard to the whole price dynamics.

在當前背景下，我認為價格相對性發生了變化，BRF 在特定情況下繼續對其作用的類別的價值產生積極影響，我們試圖在整個價格動態方面邁出第一步。

This is associated as you placed to main brands, the leadership that the company exerts in all the subcategories we have act on.

這與您對主要品牌的定位有關，即公司在我們所採取的所有子類別中所扮演的領導角色。

So to give you a highlight in the last rating the category that most advanced was the category for cold cuts.

因此，在最後的評級中給您一個亮點，最先進的類別是冷盤類別。

So in regards to dividends and possibilities of investments I just mentioned in the prior answer, CapEx, the investments related to growth.

因此，關於股息和投資的可能性，我剛剛在先前的答案中提到了資本支出，即與成長相關的投資。

And obviously, this is going to depend on the execution of our plans and also depend on the context of market context.

顯然，這將取決於我們計劃的執行，也取決於市場環境。

But especially in the question of compensating shareholders, Miguel and we from management, we are taking the effort to improve BRF profiles, making the conditions to be profitable and create -- add more and more value to shareholders.

但特別是在補償股東、Miguel 和我們管理層的問題上，我們正​​在努力改善 BRF 的形象，創造獲利條件，並為股東創造越來越多的價值。

The way of compensation for the capital, it depends on the controller and the console to determine.

補償本錢的方式，要根據控制器和控制台來決定。

Our next question comes from Thiago Callegari from BTG Pactual.

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

I have 2 questions.

我有 2 個問題。

The first, taking the opportunity, I think this is something that consolidates the efforts in the past few years of improvement and efficiency and profitability.

第一，抓住機遇，我覺得這是鞏固這幾年的努力，提高效率和獲利能力的事情。

And I would like to take this opportunity to bring a discussion that I think that was really present in the history of the company in the past and the more disinfect that is not present -- hasn't been present for the past few years, but just to hear from you a little bit what you understand to be the margin, the profitability structural profitability of the business?

我想藉此機會進行一次討論，我認為這確實存在於公司過去的歷史中，而更多的消毒是不存在的——過去幾年沒有出現過，但是只是想听聽您的意見，您對利潤率、企業獲利結構獲利能力的理解是什麼？

What levels of margin do you understand to be able to deliver at the light of all which a...

您認為能夠根據所有這些情況提供什麼水平的利潤...

That we are...

我們是...

In the profitability of the business.

在企業的獲利能力方面。

So I think that this would be my first question within that, if you could -- within what you can share and be factual.

所以我認為這將是我的第一個問題，如果可以的話——在你可以分享並保持事實的範圍內。

And the second question more focused on the quarter I would like to ask you to talk about -- a little bit about the revenue dynamics in Brazil.

第二個問題更著重於我想請您談談的季度——一些關於巴西收入動態的問題。

We see a drop in the year-end when we break by segment, it was pulled mostly by process products.

當我們按細分市場細分時，我們看到年底出現下降，主要是由流程產品拉動的。

At the same time, when we looked at inventory composition, we see highs in finished products inventories.

同時，當我們觀察庫存組成時，我們發現成品庫存處於高位。

And I don't know how much of this is Brazil or domestic or foreign market, but it draws the attention a little bit.

我不知道其中有多少是巴西或國內或國外市場，但它引起了一點關注。

And I don't know if there's any mismatching between sales, I believe it can come back -- go back to normal or something carried from the prior quarter.

我不知道銷售之間是否存在任何不匹配，我相信它可以恢復 - 恢復正常或與上一季持平。

I would like to understand the dynamics of top line in Brazil at the light of the comments that are being made over good demand and a good scenario for consumption in the internal domestic market.

我想根據對良好需求和國內市場良好消費前景的評論來了解巴西的營收動態。

Those would be my questions.

這些都是我的問題。

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

我先回答，我想法比奧會回答第二個問題。

Eventually, BRF as a footprint.

最終，BRF 作為足跡。

Brands and all aspects that we had it's a company that should perform within that just making a comment based on what we know from the potential of the company.

我們擁有的品牌和所有方面都是一家公司，應該根據我們對公司潛力的了解做出評論。

I think that when you have the performance program like BRF plus, you have somehow you not only changed the fundamental, the foundations, the operational foundations of the company, but you also make a process that these foundations makes the company more resilient.

我認為，當你有了像 BRF plus 這樣的績效計​​劃時，你不僅改變了公司的基本面、基礎和營運基礎，而且還制定了一個流程，使這些基礎使公司更具彈性。

So we've been working on that at all segments and divisions.

因此，我們一直在所有部門和部門致力於此。

Another important aspect, the BRFS has a characteristic that gives funds or provides foundation to this possibility, such as all the aspects of our business starts in the field, KPIs in the field, inclusion, mobility goes to the industry where you have yelling, you have productivity, costs, man, our advances to commercial area, you have commercial execution.

另一個重要的方面，BRFS有一個特點，為這種可能性提供資金或提供基礎，例如我們業務的所有方面都從該領域開始，KPI在該領域，包容性，流動性到你喊叫的行業，你有生產力、成本、人員、我們在商業領域的進步，你就有商業執行力。

You can add new customers, over 7,000 customers in this quarter, and you make that at all locations.

您可以新增客戶，本季有 7,000 多個客戶，並且您可以在所有地點進行此操作。

If you go to logistics, a very important thing in our business.

如果你去物流，這是我們業務中非常重要的事情。

You have a company that today has rates that are really high, and these rates are improving.

你有一家公司，今天的利率非常高，而且這些利率正在改善。

Not only you sell to new customers, but you deliver the products that you sold.

您不僅向新客戶銷售產品，還交付您銷售的產品。

So this is critical.

所以這很關鍵。

Another important aspect is you start to have within the process of licenses that's the 23, 24.

另一個重要方面是您開始在 23、24 日的許可過程中獲得許可。

You also have a very interesting possibility of choice.

您還有一個非常有趣的選擇可能性。

You can choose to be able to choose in our business is something extremely complex from the variable standpoint to be able to choose the commercial destinations.

從可變的角度來看，您可以選擇在我們的業務中進行選擇，這是非常複雜的事情，可以選擇商業目的地。

This also helps the resilience of the results.

這也有助於結果的彈性。

All these factors end up influencing and give us the conviction that the company should perform.

所有這些因素最終都會影響並讓我們相信公司應該表現出色。

We also had an increase in expectations, BRF expectations in regards to the prior quarter, continuous improvement in gains.

我們也提高了預期，BRF 對上一季的預期，收益持續改善。

Obviously, when you increase the participation of process products and products have been exported, you increased the possibility of bringing better results.

顯然，當你增加流程產品的參與和產品的出口時，你就增加了帶來更好結果的可能性。

And another very important aspect is premium price that is embedded not only the Sadia brand that is fully known, both domestic and foreign market and the Perdigao brand, very much present in all locations.

另一個非常重要的面向是溢價，不僅體現在國內外市場眾所周知的 Sadia 品牌，也體現在遍布各地的 Perdigao 品牌。

So I think that this set of attributes and circumstances makes us really confident to work to be resident a company.

所以我認為這一系列的屬性和環境讓我們非常有信心成為常駐公司。

Factors that are independent of our will and from our side, we're going to continue working to be a high performance and higher-portfolio company delivering the value that the market expects from us.

儘管這些因素與我們的意願無關，但我們將繼續努力成為一家高性能、產品組合豐富的公司，提供市場對我們期望的價值。

I'm going to hand over to Fabio to answer your second question.

我將請法比奧回答你的第二個問題。

Your question was about revenue in Brazil or income in Brazil to talk a little bit more about that, 2 angles to perspectives to explore.

你的問題是關於巴西的收入，或是關於巴西的收入，請多談談這個問題，從兩個角度來探討。

The first one, volume.

第一個，音量。

I wanted to make it clear that we don't have any change in demand.

我想澄清的是，我們的需求沒有任何改變。

It's not that we have the volume, the trade-offs that I already commented in prior questions, volumes that were traded in Brazil and started to be destined to other markets, new possibilities of trade associated to new licenses.

這並不是說我們擁有我在之前的問題中評論過的交易量、權衡、在巴西交易並開始流向其他市場的交易量、與新許可證相關的新貿易可能性。

We also faced one of in this first pad in 2024 difficulties because of the inspector strike.

由於檢查員罷工，我們在 2024 年的第一個焊盤中也遇到了困難。

So additional challenges in regards to sales volumes, it's important to remember that we made this work over the last 9 months of simplification of market portfolio, domestic market portfolio, basically 20% of SKUs, the company decided to eliminate SKUs that actually destroyed value.

因此，銷售方面的額外挑戰，重要的是要記住，我們在過去9 個月裡完成了這項工作，簡化了市場組合，國內市場組合，基本上是20% 的SKU，公司決定消除實際上破壞價值的SKU。

So had a strategic role, could maximize or minimize damage to the company.

因此具有策略作用，可以最大限度地減少或最大限度地減少對公司的損害。

This was a factor that I would like to remind you of.

這是我想提醒大家的因素。

And then the question of price, I have already highlighted some categories like margarine that was already mentioned.

然後是價格問題，我已經強調了一些類別，例如已經提到的人造奶油。

And we have spotted a mix change embedded, especially sausage volume and some other SKUs, but that's what justifies the movements that you have seen in Brazilian market.

我們發現了其中的組合變化，特別是香腸數量和其他一些 SKU，但這就是您在巴西市場看到的變化的合理性。

Our next question comes from Thiago Bortoluci from Goldman Sachs.

我們的下一個問題來自高盛的蒂亞戈·博爾托魯奇。

Congratulations for the results, impressive the speed of your turnaround.

恭喜你的結果，你的周轉速度令人印象深刻。

I would like to explore a little bit the perspective of growth.

我想從成長的角度來探討一下。

We talked a lot about costs and maybe for Miguel with the size and the amount -- the volume, the size of volume that we would like to see from now on.

我們談論了很多關於成本的問題，也許對米格爾來說，還有規模和數量——數量，我們希望從現在開始看到的數量大小。

Correct me if I'm wrong, but when we look at the trend of in the first quarter in '24.

如果我錯了，請糾正我，但是當我們看看 24 年第一季的趨勢時。

You had a slight drop in volume in Brazil with an external international expansion, but still consolidated the production.

由於外部國際擴張，巴西的產量略有下降，但仍鞏固了生產。

It seems that your production with 60, 70 days, which seems to us that the first decision was to have a BRF lean or BRF focusing on profitability of the operation and then go back to growth.

看來你的生產需要 60、70 天，在我們看來，第一個決定是進行 BRF 精益或 BRF 專注於營運的獲利能力，然後再回到成長。

So I think that from this angle, the first question, are we in a moment of refining volume or in the second angle of this question?

所以我覺得從這個角度來說，第一個問題，我們是處於煉量的時刻，還是處於這個問題的第二個角度？

If so, what is the impact of BRF, a little bit more focused on volume could have on this balance of offer and demand that we have seen over the past 6 months that in the moment that maybe the perspective of grain would suggest a more aggressive market.

如果是這樣，那麼BRF 的影響是什麼？的價格策略。

So the question about growth where BRF is in this volume recovery cycle?

那麼關於成長的問題，BRF 在這個銷售恢復週期中處於什麼位置？

And what is the role that BRF has in this supply operation?

那麼BRF在這次供應行動中扮演什麼角色呢？

How could this impact the operation or the balance between offer and demand.

這將如何影響營運或供需之間的平衡。

Answering your question, obviously, when you start the process of turnaround, the first thing you do is to correct some type of situation from the commercial standpoint dedicated through the BRF program in this process created in 2023.

顯然，回答你的問題時，當你開始週轉過程時，你要做的第一件事就是透過 2023 年創建的 BRF 計劃從商業角度糾正某些類型的情況。

Fabio explained really well the SKUs that were not profitable, and many of them still produced in third parties.

Fabio 很好地解釋了那些沒有盈利的 SKU，其中許多仍然由第三方生產。

On the other hand, BRF still has a very major challenge in the sense of occupying the idle capacity.

另一方面，BRF在閒置產能的佔用意義上仍存在著非常大的挑戰。

The company has idle capacity to occupy could be an advantage that allows us to grow organically, but it's a challenge that we have and should perform.

公司閒置產能的利用可能是一個優勢，可以讓我們有機成長，但這是我們面臨並且應該應對的挑戰。

From the standpoint of future, obviously, the strategic guidance of the company -- the companies have always had growth and change in growth is part of the strategy for BRF, Obviously, the trend -- the natural trend and more the natural, the pursuit trend is the trend of growth always without giving off profitability.

從未來的角度來看，顯然，公司的策略指導——公司一直在成長，成長中的變化是BRF策略的一部分，顯然，趨勢——自然的趨勢，更自然的追求趨勢是永遠不放棄獲利能力的成長趨勢。

So growth with our profitability doesn't make sense.

因此，我們的獲利能力的成長是沒有意義的。

So this serves to not only the strength of our brands, such in Fredrico but also the great capability of innovation of the company.

因此，這不僅有利於我們品牌（例如 Fredrico）的實力，也有利於公司強大的創新能力。

This continues to be an innovative company, focused on innovation, and working with added value products Growth for growth, it's useless.

這仍然是一家創新公司，專注於創新，並以增值產品的成長來成長，這是沒有用的。

So we have to have innovative products.

所以我們必須有創新的產品。

We're proud to be in this fourth quarter, we already worked with our portfolio of innovation, performing really well, not only in volume, creations and innovation, but also in results of these innovations.

我們很自豪在第四季度，我們已經與我們的創新組合合作，表現非常好，不僅在數量、創造和創新方面，而且在這些創新的結果方面。

This makes us really excited for the future.

這讓我們對未來感到非常興奮。

Thank you, Miguel.

謝謝你，米格爾。

If you allow me a very brief follow-up, you commented about the continuous focus between growth and profitability.

如果您允許我進行一個非常簡短的跟進，您評論了成長和盈利能力之間的持續關注。

We got over almost 6 and you understand that this could run 2 digits, although the range of 2 digits, it makes sense to imagine that -- there would be an appetite in this level of profitability to reinvest in growth?

我們幾乎超過了 6，你知道這可能會達到 2 位數，儘管是 2 位數的範圍，但想像一下是有道理的——在這種盈利水平下，人們會有興趣再投資於增長嗎？

Our focus, our priority focus at the moment with this idle capacity is clear, and we have been working to make that happen.

我們的重點，我們目前閒置產能的優先重點是明確的，我們一直在努力實現這一目標。

But the growth in organic growth for the company or market opportunities, they're going to find a company the leverage and very, very careful in the sense that these opportunities is real and factual.

但是對於公司的有機成長或市場機會的成長，他們會找到一家公司的槓桿，並且非常非常小心，因為這些機會是真實的和事實的。

I think that the growth aspect goes through certain degrees, a very important degree of responsibility.

我認為成長方面需要經歷某種程度的、非常重要的責任程度。

The company cannot grow at any cost, but it has to grow.

公司不能不惜一切代價成長，但它必須成長。

It has to grow.

它必須成長。

In this aspect, our controller gave us a strategic drive that is really near the company has to continue growing.

在這方面，我們的財務長給了我們真正接近公司繼續發展的策略動力。

We are working, so this growth is sustainable and profitable and makes sense from the strategic standpoint, commercial standpoint operational standpoint and especially harmonized in all these aspects, growth, the industrial growth that is factual only from the commercial standpoint.

我們正在努力，因此這種成長是可持續的、有利可圖的，從策略角度、商業角度和營運角度來看是有意義的，特別是在所有這些方面的協調，成長，只有從商業角度來看才是事實的工業成長。

But we are working very carefully and criteriously to capture and to have opportunities, so this growth is healthy and resilient.

但我們正在非常謹慎和批判地努力捕捉和創造機會，因此這種成長是健康且有彈性的。

Our next question comes from Lucas Mussi from Morgan Stanley.

我們的下一個問題來自摩根士丹利的盧卡斯·穆西。

I would like to go back to the topic of costs.

我想回到成本這個主題。

I understand that you have an expectation that generating more favorable costs from the third quarter on, maybe in the fourth quarter.

我理解，您預計從第三季度開始，也許是第四季度，會產生更有利的成本。

I'd like to focus on a short run in the second quarter.

我想關注第二季的短期情況。

If it's reasonable to think that there is a possibility for the grain cost goes up quarter-over-quarter.

如果有理由認為糧食成本有可能較上月上漲。

Given your inventories a little bit more in the short term and more favorable than last year, if there is the possibility in the short term in the second quarter to see a little bit of increase.

鑑於你們的庫存短期內會多一點，比去年有利一些，如果第二季短期內有可能會看到一點點的增加。

And my second question is in the international side in prices.

我的第二個問題是國際價格方面。

We see that part of the improvement of sequential prices, the improvement of some cuts and mixes.

我們看到部分連續價格的改善，一些削減和混合的改善。

But I would like to see at the end in the second quarter, if you see the sustainability of these prices, there have been some seasonable follow-up that is not repeating in the second Isramadantat was more concentrated in the first quarter or a different mix of countries.

但我希望在第二季末看到，如果你看到這些價格的可持續性，就會出現一些及時的後續行動，這些後續行動不會在第二季重複Isramadantat 更集中在第一季或不同的組合國家。

I'd like to hear a little bit more from you how you see costs and price international cost and prices in the second quarter in comparison to the first quarter.

我想聽聽您對第二季與第一季相比的國際成本和價格有何看法。

In comparison to transition to the second quarter, I think that the trend of maintaining just to clarify that we don't have an inventory in grains and for short term.

與過渡到第二季相比，我認為維持這一趨勢只是為了澄清我們短期內沒有穀物庫存。

That's not how we work.

我們不是這樣工作的。

We never put at risk the supply of the company.

我們從未將公司的供應置於風險之中。

That's why I refer to our position as a position, less stretched.

這就是為什麼我將我們的立場稱為「不那麼緊張的立場」。

So we could have condition in the smaller output production originated a little bit more of this production that we see is abundant.

因此，我們可以在較小的產量生產中產生更多的生產，我們看到這種生產是豐富的。

So you can expect cost from the feed side, stable in the second quarter in comparison to the first quarter.

因此，您可以預期飼料方面的成本，第二季與第一季相比穩定。

And on the other hand, we've been discussing here in our efficiency plan, we expect the quarter-per-quarter to improve the indicators for performance, and this could have an effect -- a positive effect in this transition.

另一方面，我們在效率計劃中一直在討論，我們預計每季的績效指標都會得到改善，這可能會產生影響——在這一轉變中產生積極的影響。

But now directing to the second question about the market expectation markets and prices.

現在轉向第二個問題，關於市場預期市場和價格。

I think that several elements justify the performance and profitability of this segment of the company.

我認為有幾個因素證明了公司該部門的表現和獲利能力。

The first one is that we had a recovery, price recovery basically at all destinations that we operate in, not only to Halal with the Gulf region countries, but Africa, America, Asia, within Asia, China.

第一個是我們經營的所有目的地基本上都出現了復甦，價格回升，不僅是海灣地區國家的清真食品，還有非洲、美洲、亞洲、亞洲內部的中國。

This was observed, and this has a positive influence and what we talked today, we have more choices and we capitalize choices in regards to the maximization of prices and Hella,we live a very good moment substantially.

我們觀察到了這一點，這產生了積極的影響，我們今天談到的，我們有更多的選擇，我們在價格最大化方面利用了選擇，海拉，我們基本上過著非常美好的時光。

We had the Ramadan operations that intensify a little bit the local consumption, but we follow our strategy of continue with the offer of added value products.

我們的齋戒月活動稍微增強了當地的消費，但我們遵循繼續提供增值產品的策略。

This makes our business more resilient and we can take advantage of our local distribution.

這使我們的業務更具彈性，並且我們可以利用我們的本地分銷優勢。

We have distribution in all Gulf countries where we operate.

我們在我們開展業務的所有海灣國家都有分銷網絡。

Talking a little bit about Turkey, we live a very good moment of profitability that has to do with decisions that we commented, for example, of expanding the line of industrialized products that we are already at 90% more than expected.

談談土耳其，我們正處於一個非常好的獲利時刻，這與我們評論的決策有關，例如，擴大工業化產品線，我們已經比預期多了 90%。

This increase of representativeness have the valid products in regards to the sold volume.

這種代表性的提升使得產品的銷售量得到了有效的體現。

So the trend for the second quarter is not observing so much variability that we believe that because we took the decision of stretching portfolio.

因此，第二季的趨勢並沒有觀察到我們認為的那麼多變化，因為我們做出了擴大投資組合的決定。

So the moment that we understood that prices were at good levels.

因此，當我們了解到價格處於良好水平的那一刻。

We opted to stretch verification orders.

我們選擇延長驗證訂單。

This brings a little bit more resilience in a good part of the months that we have to trade expectations.

這在我們必須交易預期的幾個月的大部分時間裡帶來了更多的彈性。

Our last question comes from Guilherme Palhares from Santander.

我們的最後一個問題來自桑坦德銀行的 Guilherme Palhares。

Good morning, everybody.

大家早安。

I don't want to extend too much because I think people have already talked over most of the topics, but I would like to thank the management for the support to the Hoganas region.

我不想擴展太多，因為我認為人們已經討論了大部分話題，但我要感謝管理層對霍加納斯地區的支持。

I think that it's going to be important this 1 to 3 real campaign.

我認為這 1 到 3 場真實的競選活動非常重要。

It's to encourage everybody who's participating on the call to donate because the region is really going through a very difficult situation.

這是為了鼓勵所有參與呼籲的人捐款，因為該地區確實正在經歷非常困難的情況。

Said that, I would like to explore a little bit on the industrial side of the company.

話雖如此，我想稍微探討一下公司的工業面。

We saw an improvement in the profit, the yielding and mortality.

我們看到利潤、產量和死亡率都有改善。

We saw improvements in -- even compared to the quarters in 2023, had some of the benefits that the company was pursuing.

即使與 2023 年的季度相比，我們也看到了一些進步，這也是公司追求的一些好處。

I would like to understand, when we look at the capability of the company today, looking at the same basis of -- we looked at this drop in mortality and the patching.

我想明白，當我們審視公司今天的能力時，我們會在同樣的基礎上審視死亡率的下降和修補。

I would like to check the -- it seems that the capability of the company has expanded like around 20% since 2022 using this base of assets.

我想檢查一下——自 2022 年以來，利用這項資產基礎，該公司的能力似乎擴大了約 20%。

And in the same sense, looking a little bit ahead, it seems that somebody made a comment I would like to make understand that that's the case.

從同樣的意義上說，向前看，似乎有人發表了評論，我想讓大家明白情況就是如此。

Looking ahead, given this improvement in the field, it seems that we're going to have a cost -- unit cost looking ahead and the question of feed is going down because this is going to generate inventory and finished product this result for the company looking at that line until the end of the year, if this understanding is correct.

展望未來，鑑於該領域的這項改進，我們似乎將面臨成本——未來的單位成本，飼料的問題正在下降，因為這將為公司產生庫存和成品。年底才會看到這條線。

So I'd like you to go into more details, the level of game because the mortality has a major effect.

所以我希望你能詳細介紹一下遊戲的水平，因為死亡率有重大影響。

And what are the next lines of this BRF plus 2.0, where you're going to be tackling, I think -- most of it is already in the house.

我認為，BRF plus 2.0 的下一行內容是什麼，您將要解決的問題 - 大部分內容已經在家裡了。

But I'm going to start by giving you a little bit of the color to the captures that we have observed and quantified the numbers. 438 million disclosed.

但我將首先向您提供一些我們觀察到並量化的捕獲數據的顏色。披露4.38億。

We have 227 indicators associated to the field, hatching mortality of animals and food conversion from the industry side, especially in yielding it totaled BRL 107 million in logistics, BRL 32 million, especially the reduction in costs in storage -- and finally, when we combine waste reduction and margin and innovation products because of the simplification of the portfolio that follows, we accounted BRL 72 million remaining.

我們有227 個與此領域相關的指標，包括動物孵化死亡率和工業方面的食品轉化，特別是物流方面的總收益為1.07 億雷亞爾，特別是存儲成本的降低為3200 萬雷亞爾-最後，當我們因為隨後的產品組合簡化，將減少浪費、利潤和創新產品結合起來，我們剩下了 7,200 萬雷亞爾。

So this new phase of the efficiency program, Miguel mentioned, we still have within our control because it's a spreading of results between locations.

米格爾提到，因此，效率計畫的新階段仍在我們的控制範圍之內，因為它是在不同地點之間傳播結果。

So we can still have like -- we can transfer best practices from one place to another.

因此，我們仍然可以將最佳實踐從一個地方轉移到另一個地方。

So we are not in a situation of having to copy anyone or find an external benchmarking.

因此，我們不必抄襲任何人或尋找外部基準。

We have well-defined internal benchmarking that will give the possibilities as long as well executed, so we can continue on this journey of continuous improvement.

我們有明確的內部基準，只要執行得當，就會提供可能性，因此我們可以繼續這趟持續改善的旅程。

Your understanding is correct as we make advances in the field we have a cycle until the animal is slaughtered, and we have the preparation of products, and we observed a natural inventory turnover of finished products to fill this effect on the price of the sold product.

您的理解是正確的，因為我們在該領域取得了進步，我們有一個週期，直到動物被屠宰，我們有產品的準備，我們觀察到成品的自然庫存週轉率，以填補對所售產品價格的影響。

So if we execute the plan as it is designed, we're going to see an evolution or in the case of CTV retraction as we advance until the end of this year.

因此，如果我們按設計執行該計劃，那麼隨著我們推進到今年年底，我們將看到一個演變，或者在 CTV 撤回的情況下。

I'll hand over to Miguel and Miguel will add something.

我將交給米格爾，米格爾會添加一些內容。

I think that just to add to what Fabio but it's important to have present that BRF is very competitive from the cost standpoint.

我認為這只是對 Fabio 的補充，但重要的是要表明 BRF 從成本角度來看非常有競爭力。

Even for the geographical distribution, we have a very competitive advantage.

即使在地理分佈上，我們也有非常競爭的優勢。

We are in the moment of totaling this all plants in all aspects, on the other hand, we can we shouldn't underestimate both capacity and the strength of our brands and the reference they are in both internal and foreign market.

我們正處於從各個方面對所有工廠進行匯總的時刻，另一方面，我們不應該低估我們品牌的能力和實力以及它們在國內外市場上的參考價值。

But it's really evident that this trajectory of continuous improvement, several challenges, challenges that we've been talking to brands increasing the portfolio with the customer, making the strength of the brand into opportunities, commercial opportunities, both internal and foreign market is a challenge as production aspect and then you fix logistic aspects productive, I mean, field and logistics.

但很明顯，這種持續改進的軌跡，一些挑戰，我們一直在與品牌討論的挑戰，增加與客戶的產品組合，使品牌的實力轉化為機會，商業機會，無論是國內還是國外市場都是一個挑戰作為生產方面，然後你解決物流方面的生產問題，我的意思是，現場和物流。

And finally, you transit as through this universe of the commercial execution in internal and external markets, taking the opportunity of the expertise of all we have in marketing and trading and our commercials in both national and international.

最後，您將利用我們在行銷和貿易以及國內和國際廣告方面的專業知識，穿越內部和外部市場的商業執行領域。

We are really proud of the team and the opportunities of work and here at BRF.

我們為 BRF 的團隊和工作機會感到非常自豪。

So we are excited with the possibilities the process of continuous improvement started in 2023 and may continue happening in 2024 as it is happening and effect.

因此，我們對 2023 年開始的持續改進過程的可能性感到興奮，並可能在 2024 年繼續進行，因為它正在發生和生效。

We understand that very humble.

我們非常謙虛地理解。

We see the opportunities.

我們看到了機會。

They exist, and we are going to continue working in the sense of capturing and capitalizing these opportunities.

它們存在，我們將繼續努力捕捉和利用這些機會。

We always have the willingness to learn and especially when the BRF plus 2.0, the process is about learning something so tangible is the fact that a location can learn what the teams can learn with each other.

我們總是有學習的意願，特別是當 BRF + 2.0 時，這個過程就是學習一些有形的東西，事實上，一個位置可以學習團隊可以互相學習的東西。

So in the end, different locations, may have different aspects, but they are all BRF.

所以最終，不同的地點，可能有不同的方面，但都是BRF。

Perfect.

完美的。

If you could comment a little bit about capability, this yielding of the capability increasing 20% in comparison to 2022.

如果您可以對能力進行一些評論，那麼與 2022 年相比，該能力的產量增加了 20%。

Just a question of efficiency.

只是效率問題。

And then about this question of idle capacity.

然後關於閒置產能的問題。

When you look ahead, if you could bring a little bit of the level of idle capacity today and to reach this full capacity if today's necessary higher investments or only with these initiatives of BRF plus, the company should already reach this new level of operation.

當你展望未來時，如果你能帶來一點今天的閒置產能水平，並通過今天必要的更高投資或僅通過BRF plus 的這些舉措來達到全部產能，那麼公司應該已經達到了這個新的運營水平。

It's very important to see that BRF has $1 billion 600,000 heads of poultry and pork.

非常重要的是，BRF 擁有價值 10 億美元、60 萬頭的家禽和豬肉。

And when you think of -- when you increase the efficiency process, any efficiency increase and yield an increase to increase at 1% or 2% the yield and in the plant and you start like opening a new plant.

當你想到——當你提高效率過程時，任何效率的提高和產量的增加都會增加工廠產量的 1% 或 2%，你就會開始像開設新工廠一樣。

Your capacity of 6 million you increase yielding in the quarter, the last quarter of 23 was almost like opening a new plant this idle capacity, it is already installed.

你的產能有600萬，你在這個季度增加了產量，23最後一個季度幾乎就像開一個新工廠一樣，這個閒置產能，它已經安裝好了。

So we readjusted the cost, so these costs would be a dead weight.

所以我們重新調整了成本，所以這些成本將會是個沉重的負擔。

And but an opportunity we have to capture as the efficiency program increases, we are able to measure the opportunities and more than measuring opportunities, we capture these opportunities.

但是，隨著效率計劃的提高，我們必須抓住機會，我們能夠衡量機會，並且不僅僅是衡量機會，我們還抓住這些機會。

If we look from the standpoint of CapEx, this makes us really peaceful because the level of investment, the performance, the efficiency we are pursuing the level of investments that we have allocated is enough.

如果我們從資本支出的角度來看，這讓我們非常平靜，因為我們所追求的投資水準、績效、效率，我們分配的投資水準就足夠了。

Obviously, a company that has a characteristic of owner now.

顯然，現在是一家具有所有者特徵的公司。

The agility, but very fast will respond to this challenge as an opportunity but a response in time and shape.

敏捷性但非常快，將把這項挑戰視為機遇，但要及時回應並以形式回應。

So this opportunity can be captured.

所以這個機會是可以抓住的。

We are really confident and all the attributes 2024 in the coming years, where a company extremely focused on growth, quality, people, all these aspects in the quarter.

我們對未來幾年的 2024 年所有屬性充滿信心，公司在本季度極其關注成長、品質、人員以及所有這些方面。

I think as time passes, it's easier to explain and be understood.

我認為隨著時間的推移，它會更容易解釋和理解。