BRF SA (BRFS) 2024 Q3 法說會逐字稿

Good morning, everyone.

大家早安。

I'd like to thank everyone for attending our third quarter 2024 results conference call.

我要感謝大家參加我們的 2024 年第三季業績電話會議。

BRF today reports one of the best quarters in the company's history with continuous operational progress in all aspects.

BRF 今天公佈了公司歷史上最好的季度之一，各方面的營運持續取得進展。

The company showed consistent performance in all the markets in which it operates.

該公司在其經營的所有市場中都表現出一致的業績。

We recorded significant growth in the company's profitability and yet another consecutive quarter with a margin of 19.1%, an all-time record for the period and an EBITDA of around BRL3 billion.

我們的公司獲利能力顯著成長，並連續一個季度實現利潤率 19.1%，創同期歷史最高紀錄，EBITDA 約為 30 億雷亞爾。

We also saw growth in revenue up to 12% compared to the same period in 2023.

與 2023 年同期相比，我們的營收成長高達 12%。

In Brazil, I would like to highlight the increase in volume reflect improvements in commercial execution and investments in our brands.

在巴西，我想強調銷售量的成長反映了商業執行和品牌投資的改善。

The scenario contributed to market gains in the main categories.

這種情況促進了主要類別的市場上漲。

In processed products, we achieved a 40% share, a gain of 1 percentage point compared to the second quarter.

在加工產品中，我們取得了40%的份額，比第二季提高了1個百分點。

In the International segment, we also recorded a positive performance, driven by continuation of our market diversification strategy in addition to increase in sales of value-added products as well as the recovery of prices in pork cuts.

在國際業務領域，我們也取得了積極的業績，這得益於我們持續實施市場多元化策略、增值產品銷量增加以及豬肉價格回升的推動。

The figures presented reflect the actions implemented over the last few years and confirm the granularity of our gains and competitiveness.

所提供的數據反映了過去幾年所採取的行動，並證實了我們的收益和競爭力的粒度。

BRF+ 2.0 incorporated into the Company's culture continues to deliver positive results in operational indicators, strengthening our business profile.

BRF+ 2.0 融​​入公司文化後，繼續在營運指標方面取得積極成果，增強了我們的業務形象。

I'd like to invite our CFO, Fabio Mariano, to present the detailed results, and then I'll come back to you with more final comments on the announcement.

我想邀請我們的財務長法比奧·馬裡亞諾 (Fabio Mariano) 介紹詳細的結果，然後我會向您提供有關該公告的更多最終評論。

Good morning to everyone connected.

大家早安。

I highlight the main financial indicators for the third quarter of 2024, starting with the net revenue, which reached 15.5, 12% higher than in the same period in 2023.

我重點介紹2024年第三季的主要財務指標，首先是淨營收，達到15.5，比2023年同期成長12%。

We reported BRL3 billion for EBITDA, which gives a margin of 19% in the period, the best result of a quarter in our history.

我們報告的 EBITDA 為 30 億雷亞爾，期內利潤率為 19%，這是我們歷史上季度的最佳業績。

Free cash flow performance was BRL1.8 billion.

自由現金流表現為 18 億雷亞爾。

In working capital, the financial cycle converted to 1 day, the lowest level on record.

在營運資金方面，金融週期換算為1天，為有紀錄以來的最低水準。

And in this slide, with leverage, we reached 0.7 times EBITDA in the last 12 months was the BRF's lowest leverage.

在這張投影片中，利用槓桿，我們在過去 12 個月中達到了 EBITDA 的 0.7 倍，這是 BRF 的最低槓桿。

Page 4, we show on the left show the historical evolution of gross profit with a profitability of 27.7%.

第4頁，我們在左側顯示了毛利的歷史演變，獲利率為27.7%。

We reported a gross profit of BRL4.3 billion.

我們報告的毛利為 43 億雷亞爾。

On the right, we can also see the EBITDA margin showing a continuous improvement in operational results.

在右側，我們也可以看到 EBITDA 利潤率顯示營運績效持續改善。

In the next slide, we are going to show the performance by market and segmentation.

在下一張投影片中，我們將按市場和細分市場展示績效。

Starting with Brazil, we continue progressing.

從巴西開始，我們繼續前進。

We achieved 16.6% EBITDA margin in annual growth, especially for the processed categories that showed great market share.

我們的 EBITDA 利潤率年增率達 16.6%，特別是加工品類表現出龐大的市場佔有率。

The next Page number 6, we emphasize our journey and continuous progress in commercial execution, reflecting a greater number of points of sale served, boosting volumes and contributing substantially to the performance of the domestic market.

接下來的第 6 頁，我們強調了我們在商業執行方面的歷程和持續進步，反映出服務的銷售點數量增加，銷量增加，並對國內市場的表現做出了重大貢獻。

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 celebrated 90 years of Perdigao, promoting new campaigns and sponsorships that increasingly strengthen the preference for our award-winnings and admired brands.

我們慶祝 Perdigao 成立 90 週年，推廣新的活動和贊助，不斷增強人們對我們屢獲殊榮和受人尊敬的品牌的偏好。

The next slide, I will show about the international market.

下一張投影片，我將展示國際市場。

We observed the segmental evolution, sustaining healthy margins as a result of good export price levels, recovery of pork cutlet margins and new markets were enabled as well as good performance in Turkey and the GCC.

我們觀察到細分市場的演變，由於良好的出口價格水平、豬排利潤的恢復和新市場的啟用以及土耳其和海灣合作委員會的良好表現，維持了健康的利潤率。

EBITDA reached 22.2%.

EBITDA 達22.2%。

The accuracy of our pricing system has allowed us greater agility and responsiveness to boost our results in this segment.

我們的定價系統的準確性使我們能夠提高敏捷性和回應能力，從而提高我們在這一領域的表現。

On the next slide, the process, we launched a new product, expanding the value-added portfolio in the region.

在下一張投影片中，我們推出了一款新產品，擴大了該地區的加值產品組合。

In Turkey, we also had good contributions with a good growth from sales of processed products, which now account for 25% of turnover.

在土耳其，我們也做出了很好的貢獻，加工產品的銷售成長良好，目前佔營業額的 25%。

On the right, I present the highlights of the direct export segmentation.

在右側，我展示了直接出口細分的亮點。

We expanded our business with 13 new permits for various markets, helping to maximize prices.

我們透過針對不同市場的 13 個新許可證擴大了業務，幫助實現價格最大化。

There are already 70 new export permits for 2024.

2024 年已有 70 個新的出口許可證。

I'll end the presentation of the business segments on the next slide with the performance of Ingredients as well as Pets.

我將在下一張投影片上以原料和寵物的表現來結束對業務部門的介紹。

This segment reported EBITDA margin of 13.3%.

該部門的 EBITDA 利潤率為 13.3%。

We've also registered a greater share of value-added items and ingredients as well as an increase in volumes in pet and other sales.

我們也增加了增值商品和原料的份額，以及寵物和其他銷售量的增加。

Also in pet, we would highlight an increased participation of the Super Premium Natural category, new commercial export agreements, and progress in logistics and distribution indicators.

同樣在寵物方面，我們將強調超級優質天然類別的參與度增加、新的商業出口協議以及物流和分銷指標的進展。

In Ingredients, we started operating in the heparin segment, expanding the line of drugs and maintaining our focus on expanding and diversifying markets.

在原料方面，我們開始涉足肝素領域，擴大藥品系列，並持續專注於擴大和多元化市場。

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

接下來，我將分享我們的效率計劃的進展，米格爾很快就會量化該計劃的數字。

I will present the comparisons with the same period last year.

我將介紹與去年同期的比較。

Bars colored in dark gray, the comparison with 2022 can also be seen in the material.

條形顏色為深灰色，與 2022 年的比較也可以在材料中看到。

In the agricultural sector, the feed conversion of poultry and pigs fell by 2.2% and 0.5%, respectively.

農業領域，家禽和生豬的飼料轉換率分別下降2.2%和0.5%。

Chicken mortality fell by 0.2 percentage points and pig mortality by 0.6%.

雞死亡率下降0.2個百分點，豬死亡率下降0.6%。

The hatching rate remained stable.

孵化率保持穩定。

In industry, we increased poultry and pork production yields by 2.2 and 2.9 percentage points, respectively.

工業方面，家禽和豬肉產量分別增加2.2和2.9個百分點。

In logistics, we have reduced returns and raised service levels in Brazil significantly.

在物流方面，我們顯著減少了巴西的退貨並提高了服務水準。

On Page 12, we consolidate the following sustainability highlights.

在第 12 頁，我們整合了以下永續發展亮點。

Certification of BRF slaughter plants in Turkey.

土耳其 BRF 屠宰廠認證。

In Brazil, our units have been certified winning the Gold Seal of the Brazilian GHG protocol program the 15th year.

在巴西，我們的單位已連續第 15 年榮獲巴西溫室氣體協議計畫金印章。

We also see the recognition of transparency in publication of greenhouse emissions inventory, the launching through the Institute BRS through the Spanish language initiation program for Lucas do Rio Verde.

我們也看到溫室氣體排放清單公佈的透明度得到了認可，透過 BRS 研究所透過 Lucas do Rio Verde 的西班牙語啟動計畫啟動了溫室氣體排放清單。

Finally, the completion of the first education of our part of education program, benefiting more than 4,000 students and teachers and six municipalities.

最終，完成了我們部分教育計畫的首次教育，使4000多名學生和教師以及六個城市受益。

We can now present on Page 14, the information related to the Company's capital structure.

我們現在可以在第 14 頁上展示與公司資本結構相關的資訊。

The chart on the left shows the decline in the net debt and leverage, which was highlighted at the beginning of the conference.

左圖顯示了會議開始時強調的淨債務和槓桿率的下降。

On the right, we can see the debt profile, which remains diversified and long, in a fairly comfortable liquidity position.

在右側，我們可以看到債務狀況仍然多元化且長期，流動性狀況相當寬鬆。

On the next slide, we show the free cash flow.

在下一張投影片中，我們展示了自由現金流。

The graph shows us an operating cash flow of almost BRL3.4 billion, the best operating cash flow in history, an investment flow of BRL769 million and a financial flow of BRL609 million, resulting in a free cash flow of BRL1.8 billion.

該圖顯示，營運現金流接近34 億雷亞爾，這是史上最好的營運現金流，投資流量為7.69 億雷亞爾，財務流為6.09 億雷亞爾，自由現金流為18 億雷亞爾。

You can also notice on the smaller graph, the evolution of cash generation over the last few quarters, eliminating exchange rate effects so that the significant evolution of cash inflows over the last period is even more evident.

您還可以在較小的圖表上註意到過去幾季現金產生的演變，消除了匯率影響，從而使過去一段時間現金流入的顯著演變更加明顯。

On the final slide, we can analyze the decline in the net debt between the quarters.

在最後一張投影片上，我們可以分析各季度之間淨債務的下降。

We reported net debt of BRL6.9 billion, the lowest one since 2015.

我們報告的淨債務為 69 億雷亞爾，是自 2015 年以來的最低水準。

The reduction in loans will continue to contribute to lower interest rates in the coming quarters.

貸款的減少將繼續導致未來幾季的利率下降。

I would like to thank the audience and then I'll give the floor to our CEO, Miguel Gularte, for his closing remarks.

我要感謝觀眾，然後請我們的執行長 Miguel Gularte 致閉幕詞。

Thank you so much, Fabio.

非常感謝你，法比奧。

To end our presentation, I would like to highlight that we presented a net profit of BRL1 billion, the best leverage in our history with cash flow generation of BRL1.9 billion, results that were enhanced by operational advancements that also allowed us to reduce the net debt of 34% in comparison to the same quarter of 2023.

在結束我們的演講時，我想強調的是，我們實現了10 億雷亞爾的淨利潤，這是我們歷史上最好的槓桿率，現金流量為19 億雷亞爾，營運進步增強了業績，這也使我們能夠減少與 2023 年同季相比，淨債務下降 34%。

The BRF+ 2.0, consolidating the culture of the company is still registering positive results with an additional grant of BRL330 million with operational indicators utilizing BRL1.1 billion per year.

鞏固公司文化的 BRF+ 2.0 仍在取得正面成果，額外撥款 3.3 億雷亞爾，營運指標每年使用 11 億雷亞爾。

The liquidity of this quarter shows that BRF is much more prepared for the challenges that the market shows us.

本季的流動性表明，BRF 為市場向我們展示的挑戰做好了更充分的準備。

In Brazil, besides the growth of added value products, I'd also like to highlight the anticipation of the beginning of the campaign outcome celebrated.

在巴西，除了加值產品的成長之外，我還想強調對慶祝活動成果開始的預期。

This is determining to establish our leadership and ensure time and again the presence of the Christmas supper of the Brazilian consumers.

這決定了我們的領導地位，並確保一次又一次地為巴西消費者提供聖誕晚餐。

In the international market, we registered another quarter with expressive numbers, advancing our diversification strategy in the markets.

在國際市場上，我們又一個季度表現出色，進一步推進了我們的市場多元化策略。

We have already accomplished in 2024, 17 new registrations for exportations.

2024 年，我們已完成 17 項新出口登記。

I would like to highlight a very important step for the consolidation of our presence and leadership in the Middle East with an announcement of an investment in one of the main chicken producers in Saudi Arabia.

我想強調，宣布對沙烏地阿拉伯主要雞肉生產商之一進行投資，是鞏固我們在中東的影響力和領導地位的非常重要的一步。

We would also like to communicate the definition of Sadia as a global brand for the expansion of our beef segment.

我們也想傳達 Sadia 作為擴展我們牛肉市場的全球品牌的定義。

We would also like to highlight remarks on the safety of our personnel that BRF is a reference.

我們也想強調一下關於我們人員安全的評論，BRF 是一個參考。

We are consolidating our high-performance culture.

我們正在鞏固我們的高績效文化。

Our discipline is reflected in all work fronts of the company.

我們的紀律體現在公司的各個工作領域。

We would like to thank the almost 100,000 employees that have been contributing for our results.

我們要感謝為我們的成果做出貢獻的近 100,000 名員工。

I would like to end by thanking the strategical direction and our continuous support of our Chairman, Marcos Molina as well as the Administrative Board as well as our shareholders, as well as the permanent partnerships of our producers, customers, suppliers, and communities where we are present.

最後，我要感謝董事長馬可斯·莫利納、管理委員會和股東的策略方向和持續支持，以及我們的生產商、客戶、供應商和我們所在社區的永久合作夥伴關係。

Together we will continue building a BRF much stronger and sustainable.

我們將共同努力，持續打造更強大、更永續的高峰論壇。

Thank you.

謝謝。

(Operator Instructions) Lucas Ferreira.

（操作員說明）盧卡斯·費雷拉。

My first question regarding the domestic market of processed in Natura.

我的第一個問題是關於 Natura 加工的國內市場。

I mean, how do you see the customers' demand as well as price for the next quarters once we are seeing that the food inflation is going up?

我的意思是，一旦我們看到食品通膨上升，您如何看待未來幾季客戶的需求和價格？

When it comes to beef, this is also a reality.

說到牛肉，這也是現實。

Do you think this could also be a reality for processed foods?

您認為這對加工食品來說也可能是現實嗎？

Have you been seeing something in that sense?

你有沒有看過這樣的事情？

The second question is about this announcement that you made, if I'm not mistaken, was at CIAL, in terms of the Sadia brand using this for beef Marfrig.

第二個問題是關於您在 CIAL 發布的關於 Sadia 品牌將其用於 Marfrig 牛肉的公告。

What are your expectations in terms of customers' acceptance?

您對客戶接受度的期望是什麼？

How do you see synergy in that sense?

您如何看待這個意義上的協同作用？

I wonder if this is something that could be expanded to other geographies as well.

我想知道這是否也可以擴展到其他地區。

Lucas, answering your question; Fabio, please, if you could complement.

盧卡斯，回答你的問題；法比奧，請補充一下。

We are seeing rather stable demand.

我們看到需求相當穩定。

And evidently, if you have a stable demand, we will have the possibility of keep improving our price because chicken is an extremely competitive protein.

顯然，如果您有穩定的需求，我們就有可能不斷提高我們的價格，因為雞肉是一種極具競爭力的蛋白質。

Chicken's price is present in all geographies, and it's a very resilient price, and this is not different in Brazil.

雞肉的價格存在於所有地區，而且價格非常有彈性，這在巴西也不例外。

Another important aspect, if we take a look at the demand, if we shift this into the imports goods market, we will see an exchange rate that is favorable that facilitates our operations.

另一個重要的方面，如果我們看看需求，如果我們將其轉移到進口商品市場，我們將看到有利於我們營運的有利匯率。

When it comes to all the operations that we had here in our quarter, we can try to predict a rather favorable scenario in that sense.

當談到我們本季的所有業務時，我們可以嘗試從這個意義上預測一個相當有利的情況。

In the Brazilian market, this is also happening.

在巴西市場，這種情況也正在發生。

And in terms of BRF, in the last semester, we have been investing in added value products, and this is even more evident because we have been seeing a growth in processed goods as Fabio can complement right now.

就 BRF 而言，我們在上個學期一直在投資加值產品，這一點更加明顯，因為我們看到加工產品的成長，法比奧現在可以補充。

Indeed, when we think of the demand, Miguel has already highlighted it, this is very solid and stable.

確實，當我們想到需求的時候，米格爾已經強調了這一點，這是非常紮實和穩定的。

It's also a result of a greater consumption.

這也是消費增加的結果。

We see our business, our processed goods very much related not only to the income of our consumers, but also the reliability index of our consumers as well.

我們看到我們的業務、我們的加工產品不僅與我們消費者的收入密切相關，還與我們消費者的可靠性指數密切相關。

And even though these are not ideal parameters, we have been seeing improvements.

儘管這些不是理想的參數，但我們已經看到了改進。

This helps us understand this increase in volumes that we've been seeing in these last two quarters, the expansion of volumes in processed as well that allowed us to see benefits in terms of market participation.

這有助於我們了解過去兩季我們所看到的銷售成長以及加工量的擴大，這使我們能夠看到市場參與方面的好處。

We reached 40% in terms of the average market participation.

我們的平均市場參與度達到了40%。

And it's also important to highlight that this gain in terms of participation is related to all the subcategories.

同樣重要的是要強調，參與方面的成長與所有子類別相關。

So we gained participation in butters and frozen goods.

因此我們獲得了黃油和冷凍食品的參與。

Another aspect that you mentioned about the Sadia brand, we are very excited.

您提到的有關 Sadia 品牌的另一個方面，我們非常興奮。

This is another initiative connected to Marfrig, among many others that are happening concerning the two companies and a brand such as Sadia with the capillarity that it has, the commercial strength as well as the reputation that it has.

這是與 Marfrig 有關的另一項舉措，以及與這兩家公司和 Sadia 等品牌相關的許多其他舉措，該品牌擁有毛細管作用、商業實力以及聲譽。

When it comes to a multi-protein portfolio with commercial synergy, strategic alignment allows us to have very good perspectives for next year.

當談到具有商業協同作用的多蛋白質產品組合時，策略調整使我們對明年有非常好的前景。

Bruno Tomazetto, Itau BBA.

布魯諾·托馬塞托 (Bruno Tomazetto)，伊塔烏 BBA。

So when it comes to the international market, you mentioned about this gain of relevance of processed goods.

因此，當涉及國際市場時，您提到了加工產品相關性的提高。

You mentioned 25% of participation in Turkey.

您提到土耳其的參與率為 25%。

My question is more like, can you try to help us in terms of the perspective, how does that mix has been improving in different geographies and in terms of what you expected in the beginning?

我的問題更像是，您能否嘗試從以下角度幫助我們：這種組合在不同地區以及您一開始的預期方面是如何改進的？

What you're seeing now?

你現在看到了什麼？

What can we still approach in terms of that mix?

就這種組合而言，我們還能採取什麼方法？

And how much of opportunity would that represent in terms of incremental gain of international margin?

就國際利潤的增量收益而言，這代表了多少機會？

Second question is more about the cash generation.

第二個問題更多的是關於現金產生。

I know that you've been delivering great results.

我知道你們已經取得了很好的成果。

I believe that you mentioned this very well in a few.

我相信你在一些文章中很好地提到了這一點。

And we have been debating a little bit more about capital allocation and consequently could provide us with an opportunity to accelerate the expansion agenda of the company concerning the news that we've been having about Saudi Arabia.

我們一直在就資本配置進行更多辯論，因此可以為我們提供一個機會，以加快公司關於沙烏地阿拉伯的新聞的擴張議程。

And we have been seeing a sequence, this leverage movement of the last year that could bring about some change in terms of this breakeven cash generation for next year.

我們已經看到了一個序列，去年的槓桿變動可能會為明年的損益平衡現金產生帶來一些變化。

My question is much more for us to have a perspective about all that.

我的問題更多的是讓我們對這一切有一個看法。

So we have less financial expenses.

這樣我們的財務費用就少了。

How can you put all of that into perspective for next year in terms of this breakeven cash generation?

就明年的損益平衡現金產生而言，您如何看待所有這些？

How does that change from now on?

從現在開始，情況有何改變？

Bruno, I'll answer your question, and Fabio is going to complement.

布魯諾，我來回答你的問題，法比奧來補充。

Of course, we see a very favorable scenario.

當然，我們看到了一個非常有利的情況。

Once we have the competitiveness of the chicken protein present compared to the other proteins and enhancement of the market scope, this protein can be exceeded in different features, mainly price assets, you have different possibilities like a mix.

一旦我們獲得了雞肉蛋白質與其他蛋白質相比的競爭力並擴大了市場範圍，這種蛋白質就可以在不同的功能（主要是價格資產）上被超越，您將有不同的可能性，例如混合。

This was connected to all the investments that were made as well as the strategical directions of the company, working with added value products, supporting brands that are extremely strong and contain the consumers' preference.

這與所有的投資以及公司的策略方向有關，即與增值產品合作，支持極其強大且包含消費者偏好的品牌。

So the perspectives are very good.

所以前景非常好。

When you take a look at the BRF+ program, it's a program that is present on the culture of the company.

當您查看 BRF+ 計劃時，您會發現這是一個體現公司文化的計劃。

So this performance is not a performance that happens only in the different sectors of the company in Brazil.

所以這樣的表現並不是只發生在巴西公司不同部門的表現。

You also see this process happening in the different geographies.

您也會看到這個過程發生在不同的地區。

Now we were actually traveling with our operations team.

現在我們實際上是和我們的營運團隊一起旅行。

We saw the operations in Turkey as well as the Middle East.

我們看到了土耳其和中東的行動。

And it's a great satisfaction for us to see this.

看到這一點我們感到非常滿意。

Our Chairman, Marc, was with us, and as well as other directors.

我們的董事長馬克以及其他董事與我們在一起。

And we see this seek of continuous improvement, this seek for the ideal performance.

我們看到了這種對持續改善的追求，對理想績效的追求。

This is present in all geographies of BRF.

這在 BRF 的所有地區都存在。

And if you have a company that is performing well in a market, that is showing signs of resilience in a balanced scenario in all aspects when it comes to offer and demand, the perspectives are very good for a year for guidance, just analyzing the scenario as a whole.

如果你有一家在市場上表現良好的公司，在供給和需求方面在各個方面都呈現出平衡情況下的彈性跡象，那麼只需分析情況，一年的前景就非常適合指導。

I believe that you are correct.

我相信你是對的。

When it comes to mentioning the progress in processed in the international market, you mentioned the participation of processed in the Turkey's portfolio.

當談到國際市場上加工的進展時，您提到了加工在土耳其投資組合中的參與。

But when it comes to the Gulf region and all the distributions, this portfolio has been progressing as well in terms of magnitude, in terms of the whole revenue or total revenue.

但就海灣地區和所有分佈而言，該投資組合在規模、整體收入或總收入方面也一直在進步。

It's part of our strategical orientation of BRF to increase this portfolio internationally speaking.

增加國際化的投資組合是我們 BRF 策略方向的一部分。

Now making a connection to the second question.

現在聯絡第二個問題。

I believe that the opportunities of keep growing in processed are going to be connected to investments without a shadow of a doubt.

我相信，毫無疑問，加工產業持續成長的機會將與投資連結在一起。

Part of the dedication of this capital allocation is going to be connected to the growth of our capacity.

這種資本分配的部分貢獻將與我們產能的成長有關。

We will prioritize projects that we will have the opportunity to grow this added value product and some categories that we have some more conviction in terms of sustainable demand.

我們將優先考慮那些我們將有機會發展這種增值產品的項目以及我們對永續需求更有信心的一些類別。

In some cases, we see some repressed demands to be met.

在某些情況下，我們看到一些被壓抑的要求被滿足。

So I believe that you could expect for next year an growth investment that is much higher compared to the pace of the investments that were made in the last two years.

因此，我相信明年的投資成長速度將遠高於過去兩年的投資速度。

Today, we have a project pipeline of BRL1 billion for evaluation.

如今，我們有一個價值 10 億雷亞爾的專案可供評估。

I'm not saying that all projects are going to be approved as well as executed, but we have conviction that most part of these projects are going to meet the requirements of economic viability.

我並不是說所有項目都會得到批准和執行，但我們相信這些項目中的大部分都將滿足經濟可行性的要求。

So besides the announcements that we made last night, in terms of compensation to the shareholders on capital, new rebuying program, a good part of this capital reallocation is going to be connected to the sustainable growth of the company in the next years.

因此，除了我們昨晚發布的公告之外，在對股東的資本補償、新的重新購買計劃方面，資本重新分配的很大一部分將與公司未來幾年的可持續增長有關。

Leonardo Alankar, XP Inc.

萊昂納多·阿蘭卡，XP Inc.

First of all, congratulations on the quarter.

首先，恭喜本季。

I would like maybe to get into two main points, maybe a little bit about what is still behind in Newcastle.

我想談談兩個要點，也許是一些關於紐卡斯爾仍然落後的事情。

But thinking maybe giving a little bit more color, if you could talk a little bit about more the international market, Asia, all these other countries, maybe was something a piece of information that you said in the presentation about the price of the pork meat.

但如果你能多談談國際市場、亞洲、所有其他國家，也許可以提供更多的色彩，也許是你在演示中提到的有關豬肉價格的信息。

So if you could just get into more depth about the regions of the exportation that we can wait and if there's any kind of cash, some kind of restrictions in Newcastle if they drop.

因此，如果您能更深入地了解出口地區，我們可以等待，如果紐卡斯爾有任何現金，如果它們下降的話，會受到某種限制。

And another aspect, I think you have the graphs, we see the margins recovery that has been doing pretty well.

另一方面，我認為你有圖表，我們看到利潤率恢復得很好。

And now you have a more share of processed.

現在你有更多的加工份額。

The margin is much healthier.

利潤要健康得多。

So probably we shouldn't expect 2025 to have the number of revisions that we had to do in 2024.

因此，我們可能不應該期望 2025 年會有像 2024 年那樣的修訂數量。

So I would like to see maybe your point of view, maybe talking about the seasonality, what is the 2025 forecast?

所以我想聽聽您的觀點，也許談論季節性，2025 年的預測是什麼？

How it will be designed because maybe the processed market might need to have less volatility?

由於加工市場可能需要減少波動性，因此將如何設計？

So I'd like you to highlight this point.

所以我希望你強調這一點。

Leonardo, I will start by answering referring to Newcastle.

萊昂納多，我先回答紐卡斯爾。

Even though the OMS, the animal OMS had reclassified Brazil as a free country, still Rio Grande do Sul still has a closed market, both in Mexico and also in China.

儘管 OMS（動物 OMS）已將巴西重新歸類為自由國家，但南里奧格蘭德州仍然擁有封閉的市場，無論是在墨西哥還是中國。

And even in the case of Middle East, KSA, only on the October 31, it was the exportation from the state was made available.

即使在中東、沙烏地阿拉伯，也只有在 10 月 31 日才可以從該州出口。

So there is a lot of hard work from the Agricultural Ministry and the International Affairs Ministry so this market can be open in case of BRF.

因此，農業部和國際事務部做了很多努力，以便在 BRF 的情況下開放這個市場。

We have almost our 20% of our poultry production is in Rio Grande do Sul.

我們幾乎 20% 的家禽產量產自南里奧格蘭德州。

We hope that if we go into accordance of our direct implementation, we hope that this flow goes back to normal.

我們希望，如果我們按照我們的直接實施，我們希望這個流程恢復正常。

When you see the market as a whole, think about exports, but not taking the internal market for granted, we see all these openings of new leases.

當您將市場視為一個整體時，請考慮出口，但不要將內部市場視為理所當然，我們會看到所有這些新租賃的空缺。

They might be about plants or geography.

它們可能與植物或地理有關。

They had a pretty relevant impact on BRF.

他們對 BRF 產生了相當重要的影響。

If you get the previous two years, if you take the last two years, we have more than BRL2.2 billion that were invested in these new geographies.

如果你看過去兩年，如果你看過去兩年，我們在這些新地區的投資超過 22 億雷亞爾。

This is really relevant.

這確實很重要。

And if we analyze all the market growth that we experienced in Brazil, we've been working very hard with our teams, with our brands, and our different areas in the company.

如果我們分析我們在巴西經歷的所有市場成長，就會發現我們一直在與我們的團隊、我們的品牌以及公司的不同領域非常努力地工作。

Of course, in order to be able to offer this product offer and get the market opportunities, we need to have a team, an active team, resilient, that is committed so that they can make these opportunities -- they can make these opportunities come true.

當然，為了能夠提供這種產品並獲得市場機會，我們需要有一個團隊，一個活躍的團隊，有彈性，有決心，這樣他們就可以創造這些機會——他們可以讓這些機會到來真的。

So we are well satisfied with our performance, with team's performance, and I would say even more with all the geographies.

因此，我們對我們的表現、團隊的表現非常滿意，我想說的是，對所有地區的表現更滿意。

We are very pleased.

我們非常高興。

About the exports, the second part of your question, Fabio will answer you.

關於出口，你問題的第二部分，法比奧會回答你。

Just another complementation about the export part, and then I will redirect again to the Brazil question.

只是對出口部分的另一個補充，然後我將再次轉向巴西問題。

So when we go to each one of the geographies, we don't see any profitability highlight.

因此，當我們考察每個地區時，我們沒有看到任何盈利亮點。

So it's the same to say that the margins, they are very similar.

所以說邊距也是一樣，它們非常相似。

What we have been capturing of profitability in Halal or profitability in Asia and what we have been capturing towards profitability in Africa and Americas.

我們在清真或亞洲的獲利能力以及我們在非洲和美洲的獲利能力一直在獲取什麼。

All the regions, they are obeying the mix, but with margins, pretty similar margins if we assess them all.

所有地區都遵守混合規則，但利潤率非常相似，如果我們對所有地區進行評估的話，利潤率非常相似。

It's important to highlight that an important data, which is when we add the enablers from 2024, in 2024 we could profit more than $1 billion with these new leases.

需要強調的是，一個重要的數據是，當我們從 2024 年開始添加推動因素時，到 2024 年，我們可以透過這些新租賃獲利超過 10 億美元。

This is a relevant data because it highlights this quality of picture that Miguel said, we get more options, and this maximizes the Company's result through prices.

這是一個相關數據，因為它強調了米格爾所說的圖片質量，我們有更多選擇，這可以透過價格來最大化公司的業績。

Marginally speaking, you talked about pork, but in comparing the quarters, it was superior to other markets.

順便說一下，你談到了豬肉，但透過季度比較，它優於其他市場。

Talking a little bit about Brazil, it's important to remember that more than 70% of what we sell in Brazil, they are processed products that have this guideline towards consumption.

談談巴西，重要的是要記住，我們在巴西銷售的 70% 以上都是加工產品，符合這項消費準則。

And when we get to the clients where the consumers, they choose to buy our products.

當我們到達消費者所在的客戶時，他們選擇購買我們的產品。

So there's a lot of associations with income, standards.

因此，與收入、標準有許多關聯。

We are pretty optimistic to see this macroeconomic data that we will have improvements ahead.

我們對宏觀經濟數據非常樂觀，認為我們未來將會有所改善。

We are going through our theories that think about this stronger quarter because of the celebrations at the end of the year because, for example, for Christmas, we are going to commercialize some Christmas Kits.

我們正在研究我們的理論，這些理論認為這個季度會因為年底的慶祝活動而變得更加強勁，因為例如，在聖誕節期間，我們將把一些聖誕套件商業化。

And now, more than half of our campaigns, they have been sold, and we have already received many requests and it's one of the best results of the company and also retail from up to this date, it's better than our expectations were.

現在，我們一半以上的活動已經售出，我們已經收到了很多請求，這是公司和零售迄今為止最好的結果之一，它比我們的預期要好。

So we've commercialized some part of the campaign.

所以我們已經將活動的某些部分商業化了。

Of course, November, December, they are the stronger months, but everything leads us to think that we are going to have a pretty strong campaign.

當然，十一月、十二月是最強勁的月份，但一切都讓我們認為我們將有一場相當強勁的競選活動。

And this shows that the strongness of the domestic market.

而這顯示了國內市場的強大。

These products, they give a good price per kilo.

這些產品每公斤的價格很好。

And seeing from in natura products, in natura it's around 30% of what we sell in Brazil.

從 natura 產品來看，natura 大約占我們在巴西銷售的 30%。

We should remember that we don't see any piece of information that would show some sort of imbalance in supply and demand that would affect the prices.

我們應該記住，我們沒有看到任何資訊表明某種供需失衡會影響價格。

So we understand that for in natura in Brazil and in natura internationally speaking, we might have stable prices in high standards.

因此，我們知道，對於巴西的自然和國際而言，我們可能會在高標準下擁有穩定的價格。

This goes to poultry and pork.

這適用於家禽和豬肉。

Guilherme Palhares, Santander.

吉列爾梅·帕哈雷斯，桑坦德銀行。

I actually would like to explore 2 points.

其實我想探討兩點。

The first one would be towards the grains, the seeds.

第一個是穀物、種子。

We see an increase, right, of that in Brazil.

我們看到巴西的這種情況有所增加，對吧。

And I'd like to know your thoughts towards that.

我想知道你對此的想法。

And my second question would be about a follow-up question regarding what Bruno said.

我的第二個問題是關於布魯諾所說內容的後續問題。

Besides announcing about the GCP payment, you also opened another program of buyback.

除了宣布GCP付款之外，你們還開啟了另一個回購計畫。

And I would like to understand better if you could rank among the capital allocations, which ones would be the priorities?

我想更了解您是否可以對資本配置進行排序，哪些是優先事項？

And inside growth, which ones would be the main targets that if you could share that with us.

以及內部成長，哪些將是主要目標，如果您可以與我們分享的話。

I will get started talking about the grains.

我將開始談論穀物。

So we see it in a scenario that is taking into account the harvest that was expected for next year.

因此，我們在考慮明年預期收成的情況下看待這種情況。

We see pretty good harvest.

我們看到了很好的收穫。

And this has to do with Brazil, especially with the soy, probably soy harvest next year will be around 170,000 of tonnes.

這和巴西有關，特別是大豆，明年大豆收成大概在17萬噸左右。

For the American one, both for soy and corn we are expecting great amounts.

對於美國來說，無論是大豆還是玉米，我們都預期產量會很大。

The harvest in Argentina too, they seem stable, at least towards the one that we could observe in 2024.

阿根廷的收成也很穩定，至少與我們 2024 年觀察到的收成一致。

So when we take all that into account and we assess all these elements, we strongly believe that there might be some ups and downs towards the corn price that will be compensated by soy.

因此，當我們考慮到所有這些因素並評估所有這些因素時，我們堅信玉米價格可能會出現一些波動，而大豆價格將會得到補償。

And regarding other inputs in our case, we are going to expect the stability, especially regarding to this abundance of grains and part of the projections that we are analyzing many market sources.

關於我們案例中的其他投入，我們預計會保持穩定，特別是關於豐富的穀物以及我們正在分析許多市場來源的部分預測。

I will answer the second question now about this capital allocation.

我現在回答第二個問題，關於這個資本配置。

So you asked about the prioritization.

所以你問了優先順序。

So I believe that the company comes in first place.

所以我認為公司是第一位的。

We will prioritize the growth of the company, as I said before.

正如我之前所說，我們將優先考慮公司的發展。

Obviously, that we have to compensate our own capital.

顯然，我們必須補償我們的自有資本。

It's been eight years since the company did not compensate their own shareholders.

該公司已經八年沒有補償自己的股東了。

So besides having room in the capital structure, I believe it's a very good signpost for our shareholders in terms of this payment.

因此，除了在資本結構中留有空間之外，我相信這對我們的股東而言，在這筆付款方面是一個非常好的路標。

This rebuying program, this is something that was observed in the last call.

這個重購計劃，這是在上次通話中觀察到的。

Even though the stock has been valued, we see that there's lots of room for the value to go up even more.

儘管該股票已經估值，但我們看到其價值還有很大的上漲空間。

We are very optimistic in terms of our investments here in BRF.

我們對 BRF 的投資非常樂觀。

So the prioritization is going to be the growth.

因此，優先事項將是成長。

I mentioned some of the pipeline projects, some with more conviction than others.

我提到了一些管道項目，其中一些項目比其他項目更有信心。

And 2025 is going to be more intense in terms of CapEx compared to 2024 and 2023.

與 2024 年和 2023 年相比，2025 年的資本支出將會更加激烈。

And if I could just make a follow-up on this issue of capital allocation.

如果我能就資本配置這個問題進行跟進。

So if I understood correctly, when it comes to dividends, we wouldn't be able to expect an extraordinary payment.

因此，如果我理解正確的話，當涉及股息時，我們將無法期望獲得特別的支付。

We should focus on growth and then the distribution and the return to the shareholder.

我們應該專注於成長，然後是分配和股東回報。

Is that it?

是這樣嗎？

The prioritization strategy is connected to this strategy that you mentioned.

優先策略與您提到的該策略相關。

We are working on a daily basis for the company to have the possibility to make their own choices with room to grow and to give back to the shareholder.

我們每天都在努力讓公司有機會做出自己的選擇，有成長的空間，並回饋股東。

Thiago Duarte, BTG.

蒂亞戈·杜阿爾特，BTG。

Here, there are 2 follow-ups.

在這裡，有 2 個後續行動。

First of all, about the comments that Fabio made with regards to the projects, speaking of growth and speaking of these mapped projects that were not approved necessarily, but they were already mapped out.

首先，關於法比奧對項目的評論，談到成長，談到這些不一定獲得批准的規劃項目，但它們已經被規劃出來了。

Just for me to understand, Fabio, what is the main characteristic of these projects?

Fabio，我想了解這些項目的主要特點是什麼？

What should we expect as the main feature, the main characteristic in terms of what the company sees as revenue growth?

我們應該期待什麼作為公司收入成長的主要特徵？

Are we talking about brownfield expansions in terms of precise capacity?

我們是否在談論精確容量方面的棕地擴張？

Are we talking about trying to get in new avenues like pet back then?

我們當時是在談論嘗試進入寵物等新領域嗎？

Are we talking about new geographies that are similar to this investment that was recently announced in terms of Saudi Arabia?

我們談論的是與最近宣布的沙烏地阿拉伯投資類似的新地區嗎？

Just for us to try to qualify how these projects -- I mean, what are the characteristics of these projects?

只是為了讓我們嘗試如何限定這些項目——我的意思是，這些項目有什麼特點？

Speaking of growth, it's very clear that the company is focusing on that, but I would like to understand how exactly they position.

說到成長，很明顯該公司正在關注這一點，但我想了解他們的定位到底如何。

The second question, actually, the second follow-up in the context of the grain price, talking specifically about corn and meals.

第二個問題，其實是關於糧食價格的第二個後續問題，具體講的是玉米和餐點。

I know that this is something that you've already mentioned, but I would like to focus on a different element here.

我知道您已經提到過這一點，但我想在這裡重點討論一個不同的元素。

We saw this increase in terms of the corn price, especially in the domestic market.

我們看到玉米價格上漲，特別是在國內市場。

So more than asking you a question about the hedge and storage of the company, I would like you to tell us a little bit about a potential threat that you see or not in terms of the competition concerning the corn purchase.

因此，除了問您有關公司對沖和儲存的問題之外，我還希望您告訴我們一些您在玉米採購競爭方面看到或沒有看到的潛在威脅。

And again, I'm talking about this big amount of ethanol production, corn ethanol production here in Brazil.

我再說一遍，我談論的是巴西大量的乙醇生產，即玉米乙醇生產。

We know that every sector is competing when it comes to corn purchase for different usages such as ethanol.

我們知道，在購買乙醇等不同用途的玉米時，每個產業都在競爭。

So I would like to understand if you see this as a threat.

所以我想了解您是否認為這是一種威脅。

If so, what kind of measures or how exactly you can mitigate that?

如果是這樣，您可以採取什麼樣的措施或具體如何緩解這種情況？

Those would be my two questions.

這是我的兩個問題。

Thiago, I am going to answer the second question.

蒂亞戈，我來回答第二個問題。

And Fabio, if you could add up to that, then will answer the first one.

法比奧（Fabio），如果你能補充一下，那麼就會回答第一個問題。

What we're seeing in terms of grain scenario, it's fairly stable.

我們所看到的糧食情況相當穩定。

It's evident that a company such as BRF has already a predicting model, and this model is rather assertive at least in the last two years.

很明顯，像BRF這樣的公司已經有了一個預測模型，而且這個模型至少在最近兩年是相當自信的。

All our projections were true, and we can take advantage of our predictions, right, as a company.

我們所有的預測都是正確的，作為一家公司，我們可以利用我們的預測。

When it comes to production, or when it comes to climate because I know that it also has an influence on the production, we cannot see any scenario that would be known as threatening.

當談到生產時，或者當談到氣候時，因為我知道它也會對生產產生影響，我們看不到任何被稱為威脅的情況。

In terms of the grain dispute, it's important to say that we cannot use DGs.

就糧食爭端而言，重要的是我們不能使用DG。

And the composition of our meal, if it's crumble or other elements, it will allow us, without a doubt, to navigate the next semesters without any surprise, any pushbacks.

我們的膳食成分，如果是碎屑或其他成分，毫無疑問，它將使我們能夠順利度過下個學期，不會有任何意外和阻力。

Okay.

好的。

Just the last complement to the second question about the grains.

這是對有關穀物的第二個問題的最後補充。

This morning, there's an article on Valor Economico talking about the projects that you've just mentioned.

今天早上，Valor Economico 上有一篇文章討論了您剛才提到的項目。

And over there, there is a data that says that additional demand for corn should reach 40 million tonnes.

而那邊，有一個數據說，玉米的額外需求應該達到4000萬噸。

If you imagine Brazil's harvest, it's up 120 million in the last year.

如果你想像一下巴西的收成，去年的收成就增加了 1.2 億美元。

This is equivalent to interpreting the yes, corn is going to be a bit more competitive in some states, knowing that these projects are more concentrated in the region of Mato Grosso or Matopiba.

這相當於解釋是的，玉米在某些州將更具競爭力，因為知道這些項目更集中在馬托格羅索州或馬托皮巴地區。

But as Miguel said, we have been trying to seek alternatives to our meals.

但正如米格爾所說，我們一直在努力尋找餐點的替代品。

Miguel mentioned DDG.

米格爾提到了DDG。

We've also tried to implement sorghum and other types of grains.

我們也嘗試使用高粱和其他類型的穀物。

So there are different ways on how we can change the formula without losing the energetic potential of the meal.

因此，我們可以透過不同的方法來改變配方而不失去飲食的能量潛力。

Talking about the CapEx, which was the first question, the profile of this pipeline that I've mentioned and I quantified as well, it's very much oriented for processed goods.

談到資本支出，這是第一個問題，我已經提到並量化了這條管道的概況，它非常面向加工產品。

These are the categories that we have more conviction and we do have strategic alignment because indeed, the company needs to improve our business profile in terms of added value.

這些是我們更有信心的類別，我們確實具有策略一致性，因為事實上，公司需要在附加價值方面改善我們的業務狀況。

Maybe this is not the most profitable one, but is very resilient, knowing that we are part of this industry that faces different cycles.

也許這不是最賺錢的，但非常有彈性，因為我們知道我們是這個面臨不同周期的行業的一部分。

Let me mention some examples.

讓我舉一些例子。

We have our plant located in Abu Dhabi that is close to its own capacity in some lines.

我們的工廠位於阿布達比，某些生產線的產能接近自身產能。

A recent plant that we acquired in Saudi Arabia, we duplicated the capacity.

我們最近在沙烏地阿拉伯收購了一家工廠，我們複製了產能。

Some plants connected to frozen goods, they are almost fully occupied as well.

一些與冷凍貨物相關的工廠也幾乎已滿。

And then we see a demand in, as I've mentioned before as well, demands that are repressed.

然後，正如我之前提到的，我們看到了一種被壓抑的需求。

So the ability of meeting these needs immediately.

所以能夠立即滿足這些需求。

So when it comes to the CapEx, we want to give priority to these processed categories.

因此，當涉及資本支出時，我們希望優先考慮這些已處理的類別。

Frozen categories, this is another one that inevitably will receive some investments.

冷凍品類，這是另一個必然會獲得一些投資的品類。

And this is actually where we have to grow in terms of the origination of raw materials.

這實際上是我們在原材料來源方面必須成長的地方。

So we've been studying projects to understand the different possibilities of slaughtering and try to analyze competitive costs for the processing stage of the process.

因此，我們一直在研究項目，以了解屠宰的不同可能性，並嘗試分析該過程的加工階段的競爭成本。

Renata Cabral, Citi.

雷娜塔·卡布拉爾，花旗銀行。

I have 2 questions actually.

其實我有兩個問題。

The first one would be connected to BRF+.

第一個將連接到 BRF+。

We saw that during the quarter, you delivered BRL 330 million.

我們看到，本季您交付了 3.3 億雷亞爾。

I believe that in the year, it should be a little bit above the expectations that we had in the beginning of the year.

我相信今年應該會比我們年初的預期略高一些。

And my question is more connected to next year.

我的問題與明年更相關。

We know that BRF+ is mainly focused on reaching a performance level of 2019.

我們知道，BRF+主要著眼於達到2019年的績效水準。

And after that, you started seeing which units were performing better.

之後，您開始看到哪些單位表現得更好。

And from that point on, focus on that to show a delivery on BRF 2.0. On 3.0, if you provide us with some insights in terms of what is the company focusing on, if you're still focusing on internal benchmarks or if you're focusing on external benchmarks and if this would represent a smaller benefit connected to the last years because naturally, lots of synergy has been acquired or there is still a relevant value that you can deliver for 2025.

從那時起，重點關注展示 BRF 2.0 上的交付。關於 3.0，如果您向我們提供一些關於公司關注點的見解，您是否仍然關注內部基準，或者您是否關注外部基準，以及這是否代表與上一個基準相關的較小收益因為自然地，已經獲得了很多協同效應，或者您仍然可以在2025 年提供相關價值。

The second question is a follow-up about the capital allocation connected to CapEx, right?

第二個問題是關於與資本支出相關的資本配置的後續問題，對吧？

You have investments in technology projects.

您對技術項目進行了投資。

And I'm wondering if you could detail some projects as well as opportunities from these projects as well as the size of the capital allocation.

我想知道您是否可以詳細介紹一些項目以及這些項目的機會以及資本配置的規模。

Okay.

好的。

When it comes to BRF+, this is a program, as you mentioned, in the beginning, the base was 2019.

說到BRF+，這是一個計劃，正如你所提到的，一開始的基數是2019年。

From that year on, 2024, the base was the best performance of our internal benchmark of our different units.

從那一年，也就是 2024 年，基準是我們不同部門的內部基準的最佳表現。

What we have seen now actually, what we see now in November, we are already meeting our annual goal.

實際上，我們現在所看到的，11 月所看到的，我們已經實現了我們的年度目標。

We are going to go over what we planned for 2024.

我們將回顧 2024 年的計劃。

We already have the BRF+ for 2025 that is completely designed with action plans, all the areas are acting and having the synergy.

我們已經有了2025年的BRF+，它是完全按照行動計畫設計的，所有領域都在行動並具有協同作用。

In the future, we'll have opportunities and possibilities for an improvement.

未來，我們還有改進的機會和可能性。

The project is a continuous improvement project, and it can impact the company in different ways.

該項目是一個持續改進項目，它可以以不同的方式影響公司。

We can improve the culture element.

我們可以提高文化元素。

So this process, it improves on its own.

所以這個過程，它會自行改進。

Obviously, we're very much focused on that.

顯然，我們非常關注這一點。

We are also seeing the opportunities with more details, trying to predict these possibilities in each of the areas.

我們也看到了更多細節的機會，試圖預測每個領域的這些可能性。

But it does not miss out on what was the main principle that BRF bore in mind for these last years.

但它並沒有忽略 BRF 近年來所牢記的主要原則。

So there's always room for improvement.

所以總是有進步的空間。

We're always focused on the opportunities.

我們始終關注機會。

Here, we also have a critical mass that's very important.

在這裡，我們還有一個非常重要的臨界質量。

There are units that adopt best practices in different geographies, and this seek is a continuous seek.

有些單位在不同地區採用最佳實踐，而這種尋求是持續的尋求。

All areas, they interact in a collective way.

所有領域，它們都以集體方式相互作用。

And if you analyze BRF+ 2.0, we added BRF+ 2.0 plus collected because evidently, the areas they learn how to work together, they strengthen one another in one area.

如果你分析 BRF+ 2.0，我們會加入 BRF+ 2.0 plus 收集的內容，因為顯然，他們學習如何合作的領域，他們在某個領域相互加強。

So once an area starts understanding their own performance, they will need another area, industrial, commercial, so on and so forth.

因此，一旦一個區域開始了解自己的表現，他們將需要另一個區域，工業、商業等。

We have been focusing on that.

我們一直關注這一點。

Now we are expanding this project to another geography as well as for other businesses like the pet business.

現在，我們正在將該項目擴展到另一個地區以及寵物業務等其他業務。

It's a very clear example when this operational efficiency strategy is present in different areas and segments of this kind of business.

當這種營運效率策略出現在此類業務的不同領域和細分市場時，這是一個非常明顯的例子。

I am going to answer the second question.

我來回答第二個問題。

The investments in technology, I believe that when we think of the price of the investment marginally, I don't think it's going to grow significantly because we have already been investing in technology for a while now.

對於科技的投資，我相信，當我們稍微考慮投資的價格時，我認為它不會顯著成長，因為我們已經在技術上投資了一段時間了。

We talk about some occasions about innovation, R&D and launching of new products, but there are different projects in terms of adopting new technologies.

我們在一些場合談論創新、研發和新產品的推出，但在採用新技術方面有不同的項目。

And that we have been executing in the last years.

我們在過去幾年中一直在執行這一點。

For instance, robotics, machine learning, artificial intelligence and more recently, the adoption of generative artificial intelligence.

例如，機器人技術、機器學習、人工智慧以及最近生成式人工智慧的採用。

Let me mention some examples: we have this, the chickens that we analyze with computers.

讓我舉一些例子：我們有這個，我們用電腦分析的雞。

We have the requests by the consumer that is generated by some algorithms and supplies.

我們有一些演算法和供應產生的消費者請求。

We have the smart buyer that also makes use of generative artificial intelligence.

我們有聰明的買家，他們也利用生成人工智慧。

So it understands the recent negotiations that defines the target prices of the negotiations based on the track record.

因此它了解最近的談判，並根據往績記錄確定談判的目標價格。

We also have human resources, smart recruitment when it comes to the selection of CVs, making triage of the different candidates and all of that without, of course, mentioning the chat box that company owns for our HR, Sofia, and customer service.

我們還有人力資源，在選擇履歷時進行智慧招聘，對不同的候選人進行分類等等，當然，還沒有提到公司為我們的人力資源、Sofia 和客戶服務擁有的聊天框。

So technology, we see it as something that can be quite useful, and this has been happening, as I've mentioned for some years already.

因此，我們認為技術非常有用，而且正如我已經提到的那樣，這種情況已經發生了好幾年。

Isabella Simonato, Bank of America.

伊莎貝拉·西蒙納托，美國銀行。

I'd like to go back a little bit about the domestic dynamic, the market.

我想回顧一下國內的動態和市場。

I think it was pretty clear the improvement on the amounts, the drivers as well.

我認為金額和司機方面的改善是非常明顯的。

I'd like to go to the price discussion because even though we had all this gain, when we see the average price, it was kind of on the side.

我想參與價格討論，因為儘管我們獲得了所有這些收益，但當我們看到平均價格時，它有點偏向一邊。

So if you could clarify a little bit about the price performance by category throughout this quarter.

因此，您能否澄清一下本季按類別劃分的價格表現。

And maybe you could separate what was if we had a price increase or mix contribution, how we can see this revenue equation, mainly thinking about processed products.

也許你可以將價格上漲或混合貢獻分開，我們如何看待這個收入方程，主要考慮加工產品。

I imagine you were talking about the processed products in general, right?

我想您談論的是一般加工產品，對吧？

Because in nature of the products.

因為產品的本質。

Yes, there is a huge influence on from the mix of products, especially from the ones that have huge volumes from like sausages.

是的，產品組合產生了巨大的影響，尤其是那些來自香腸等大量產品的產品。

This is a pretty important topic to highlight.

這是一個需要強調的非常重要的主題。

But when we don't take this issue into account from the portfolio, talking about price by price, I will talk about the margarine that we mentioned.

但是當我們不從投資組合中考慮這個問題時，逐個價格地談論，我將談論我們提到的人造奶油。

It is a category that could expand its margins due to the main input because of the soy oil that went down.

由於豆油價格下跌，該類別的主要投入可能會擴大其利潤率。

And this is a tendency that goes back because we have a price recovery towards the oil, and we see that there is an opportunity ahead that we can influence as market leaders, how we can change the prices.

這種趨勢可以追溯到以前，因為我們的石油價格有所回升，我們看到前面有一個機會，我們可以作為市場領導者來影響我們如何改變價格。

So stable prices in Brazil in processed influenced by the mix and also some categories, especially measuring that we had bigger competitions due to the profitability, and this is a natural behavior.

巴西加工產品的價格穩定受到混合和某些類別的影響，特別是衡量我們由於盈利能力而面臨更大的競爭，這是一種自然行為。

Thiago, Goldman Sachs.

蒂亞戈，高盛。

I would like to continue with this discussion about processed.

我想繼續討論有關加工的問題。

You said, I think your competitor, mentioned an increase in difficult for both.

你說，我認為你的競爭對手提到了雙方的難度增加。

And you, like Fabio said, you kept in general the average ticket.

而你，就像法比奧說的那樣，你總體上保留了平均票價。

So when you first saw this gap, and my question is, how of this gap, how much is it now awareness decision to kind of hold the price and get more shares in volumes or maybe that eventually, if there is space for more accelerated pricing from now on?

因此，當你第一次看到這個差距時，我的問題是，這個差距是多少，現在有多少意識決定保持價格並獲得更多份額，或者最終，如果有加速定價的空間今後？

That's my first question.

這是我的第一個問題。

The second one was international.

第二個是國際性的。

We understand the dynamic of the global demand, the benefits of the new enablers, but your margin has been kept and even improved its record -- we have record results, right?

我們了解全球需求的動態以及新推動因素的優勢，但您的利潤率一直保持甚至提高了記錄 - 我們取得了創紀錄的業績，對吧？

If we isolate all these improvements that are structured thinking about the BRF structure, how would a bigger offer from the United States would apply some sort of pressure in this margin?

如果我們將所有這些針對 BRF 結構進行結構化思考的改進分開，那麼來自美國的更大報價將如何在這一利潤率上施加某種壓力？

And in this context, what is the forecast, especially from about the offer, the supply and offer that other markets might offer in 2025?

在這種情況下，預測是什麼，特別是關於 2025 年其他市場可能提供的報價、供應和報價的預測是什麼？

It's important to say that in BRF, we work with pricing system and a pretty accurate market analysis, and we don't create a destruction of value to get share.

值得一提的是，在 BRF 中，我們使用定價系統和相當準確的市場分析，我們不會為了獲得份額而破壞價值。

This doesn't happen in our company.

這種事在我們公司不會發生。

Our strategy is to gain added value, market share with commercial excellence, better efficiency and better costs.

我們的策略是透過卓越的商業、更高的效率和更好的成本來獲得附加價值、市場份額。

So in our standpoint, there is no value destruction reducing or exchanging shares.

因此，在我們看來，減少或交換股份並不存在價值破壞。

In the international market, assessing all the variables, whether they are climate or from supply and demand, we don't see any issue that might create some sort of imbalance.

在國際市場上，評估所有變量，無論是氣候變量還是供需變量，我們沒有看到任何可能造成某種失衡的問題。

We see that we have the chicken protein of the poultry, it's pretty competitive.

我們看到我們有家禽的雞肉蛋白，它非常有競爭力。

We see it in different geography that the demand is pretty resilient.

我們看到不同地區的需求相當有彈性。

It's no different in Brazil, where we have the market with a full job environment and people are looking for this kind of poultry and pork protein.

在巴西也不例外，我們有一個完整的就業環境的市場，人們正在尋找這種家禽和豬肉蛋白。

So we don't see any price change.

所以我們沒有看到任何價格變化。

Of course, we are always looking after better performances and seeing this landscape when we take a look at the cattle, the meat, it's more expensive and taking this opportunity, we're going to be performing on it.

當然，我們一直在追求更好的表演，當我們看到牛、肉的時候看到這個風景，它更貴，趁這個機會，我們要表演它。

And we always take into account that our brands are very strong.

我們始終考慮到我們的品牌非常強大。

And because of their strength, we can make decisions.

由於他們的力量，我們可以做出決定。

This year, we could go to more than 70 different destinations, and we can work with the next quarter that it's a pretty important quarter for BRF and because Perdigao and Sadia brands, they are Christmas synonyms.

今年，我們可以前往 70 多個不同的目的地，我們可以與下個季度合作，這對 BRF 來說是一個非常重要的季度，因為 Perdigao 和 Sadia 品牌，它們是聖誕節的同義詞。

They are totally related to it.

他們與此完全相關。

And we are very happy to develop these products and our communication projects this time of the year.

我們非常高興在每年的這個時候開發這些產品和我們的通訊項目。

Like it had been said previously, our celebration campaigns had started before, and we are performing quite well.

正如之前所說，我們的慶祝活動已經開始了，而且表現得很好。

The numbers that we have are ahead of us, shows a campaign that is fully developed with great results.

我們所掌握的數字已經領先於我們，這表明我們的活動已經充分開展並取得了巨大的成果。

[Ricardo], Morgan Stanley.

[里卡多]，摩根士丹利。

First, Fabio, I have a question for you.

首先，法比奧，我有一個問題想問你。

Yesterday, we talked about a good dynamic of working capital.

昨天，我們談到了營運資金的良好動態。

I think we could have BRL300 million and we discussed why we had such good results.

我認為我們可以獲得 3 億雷亞爾，我們討論了為什麼我們取得瞭如此好的成績。

And my question is, when we are going to the fourth quarter, what is your perspective towards this accounts that came better than we had thought?

我的問題是，當我們進入第四季度時，您對這個比我們想像的更好的帳戶有何看法？

I think we talked about the receivables.

我想我們討論了應收帳款。

So maybe just thinking about this fourth quarter, how is going to be your approach on working capital?

那麼，也許想想第四季度，您的營運資金方法會如何？

We talked a little bit about stock, but stock is what is expected in the third quarter.

我們談論了一些庫存，但庫存是第三季的預期。

We do this buildup in grains due to the harvest.

由於收穫，我們會增加穀物的產量。

So I don't think that there's no much to talk about it.

所以我認為沒有太多可談的。

I think we could actually, I just wanted to see what I want you to tell us what happened in the third quarter and what might be happening in the fourth quarter.

我認為我們實際上可以，我只是想看看我想讓你告訴我們第三季度發生了什麼以及第四季度可能會發生什麼。

And I also like to see how you expect the next quarters towards the price of pork because we see that in China.

我還想知道您對未來幾季豬肉價格的預期，因為我們在中國看到了這一點。

And I would like to see your insights in your negotiations, a more qualitative assessment towards the pork price.

我希望看到您在談判中的見解，對豬肉價格進行更定性的評估。

If you want to talk about the national and international market.

如果你想談談國內和國際市場。

My question is more focused on the international, if we take into the exchange rate and if there is any kind of change in negotiations with your clients, but these are the two questions.

我的問題更集中在國際上，是否考慮到匯率以及與客戶的談判是否有任何變化，但這是兩個問題。

I will answer the first part about the working capital.

我將回答第一部分有關營運資金的問題。

Like you mentioned, we had a cash flow that was pretty convenient, especially from DSO, the receivables and payments and consumption in stock, which is natural because once we create stocks for the celebration period, especially in the Q2 and Q3, and now especially in this fourth quarter, we see this with the celebrations moment.

就像你提到的，我們的現金流非常方便，特別是來自DSO、應收帳款和付款以及庫存消耗，這是很自然的，因為一旦我們為慶祝期間創建庫存，特別是在第二季度和第三季度，現在尤其如此在第四季度，我們透過慶祝時刻看到了這一點。

We needed to take into account that for the sales related to celebrations, we have some deadlines that are taken into January.

我們需要考慮到，對於與慶祝活動相關的銷售，我們有一些截止日期要考慮到一月。

And we need to see if it makes sense to anticipate something to December.

我們需要看看 12 月的預測是否有意義。

It's always a good idea, so we can prevent the use of credit.

這總是一個好主意，這樣我們就可以阻止信用的使用。

We also see some opportunities to originate grains in the fourth quarter, and we see some prices where we are mainly the brand that is, its price has been going down in the last weeks.

我們也看到了第四季度生產穀物的一些機會，我們看到了一些我們主要是品牌的價格，也就是說，它的價格在過去幾週一直在下降。

So if we have opportunities, we are going to build stocks associated to the cost of our animal food towards next year.

因此，如果有機會，我們將在明年建立與動物食品成本相關的庫存。

And I know, unfortunately, the answer is not precise because it really depends on the market environment and the approach that we might have when we see the returns on the sales.

不幸的是，我知道答案並不準確，因為這實際上取決於市場環境以及我們在看到銷售回報時可能採取的方法。

When we are talking about working capital, we are working with stocks, the stocks that were historically pretty optimized.

當我們談論營運資本時，我們談論的是股票，也就是歷史上相當優化的股票。

So when we talk about the perspective, we want to defend all this efficiency that we could capture in the last 18 months.

因此，當我們談論這一觀點時，我們希望捍衛我們在過去 18 個月中所能獲得的所有效率。

I'll give the floor to Miguel, and he will answer the questions about pork food.

我請米格爾發言，他將回答有關豬肉食品的問題。

We see the pork market going in a pretty interesting dynamic.

我們看到豬肉市場的動態非常有趣。

Of course, China is facing not only of demand, but also precification.

當然，中國面臨的不僅是需求，還有精細化。

And China as a huge protein demander kind of influences the other proteins in the other geographies.

中國作為一個巨大的蛋白質需求國，在某種程度上影響著其他地區的其他蛋白質。

You see that at the same time that China creates returns its demand to cattle.

你會看到，中國創造的同時又恢復了對牛的需求。

And when you see that in the other beef, poultry you are actually going to see that in the case of pork, we had a pricing correction, a market that precified more on exportation than the poultry meat, which is good because it gives us perspective and expectations to do the same corrections and margin gains in poultry, the same thing that we are doing with pork.

當你看到其他牛肉、家禽時，你實際上會看到，就豬肉而言，我們進行了價格調整，這個市場比家禽肉更注重出口，這很好，因為它為我們提供了視角並期望對家禽進行相同的調整和利潤增長，就像我們對豬肉所做的那樣。

The questions and answers session is over.

問答環節結束。

We would like to thank all of your participation and hope you have an excellent day.

我們衷心感謝您的參與，並希望您度過愉快的一天。

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

本筆錄中的英語陳述是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。