Anheuser-Busch Inbev SA (BUD) 2022 Q1 法說會逐字稿

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  • Operator

    Operator

  • Welcome to Anheuser-Busch InBev's First Quarter 2022 Earnings Conference Call and Webcast. Hosting the call today from AB InBev are Mr. Michel Doukeris, Chief Executive Officer; and Mr. Fernando Tennenbaum, Chief Financial Officer. To access the slides accompanying today's call, please visit AB InBev's website at www.ab-inbev.com and click on the Investors tab and the Reports and Results Center page. Today's webcast will be available for on-demand playback later today. (Operator Instructions)

    歡迎來到百威英博 2022 年第一季度收益電話會議和網絡直播。今天主持百威英博電話會議的是首席執行官 Michel Doukeris 先生;和首席財務官 Fernando Tennenbaum 先生。要訪問今天電話會議隨附的幻燈片,請訪問 AB InBev 的網站 www.ab-inbev.com,然後單擊“投資者”選項卡和“報告和結果中心”頁面。今天的網絡廣播將於今天晚些時候提供點播播放。 (操作員說明)

  • Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. It is possible that AB InBev's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements.

    電話會議期間提供的一些信息可能包含對未來預期的陳述和其他前瞻性陳述。這些預期基於管理層當前的觀點和假設,涉及已知和未知的風險和不確定性。百威英博的實際結果和財務狀況可能與這些前瞻性陳述中的預期結果和財務狀況存在重大差異。

  • For a discussion of some of these risks and important factors that could affect AB InBev's future results, see risk factors in the company's latest annual report on Form 20-F filed with the Securities and Exchange Commission on the 18th of March 2022. AB InBev assumes no obligation to update or revise any forward-looking information provided during the conference call and shall not be liable for any action taken in reliance upon such information.

    有關可能影響百威英博未來業績的部分風險和重要因素的討論,請參閱公司於 2022 年 3 月 18 日向美國證券交易委員會提交的表格 20-F 的最新年度報告中的風險因素。百威英博假設沒有義務更新或修改電話會議期間提供的任何前瞻性信息,並且不對依賴此類信息採取的任何行動承擔責任。

  • It is now my pleasure to turn the floor over to Mr. Michel Doukeris. Sir, you may begin.

    現在我很高興將發言權交給 Michel Doukeris 先生。先生,您可以開始了。

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Thank you, Jessie, and welcome, everyone, to our first quarter 2022 earnings call. It is a pleasure to be speaking with you all today.

    謝謝你,傑西,歡迎大家參加我們的 2022 年第一季度財報電話會議。今天很高興與大家交談。

  • First, I would like to take a moment to share our deepest sympathies to all of those who have been affected by the situation in Ukraine and acknowledge the commitment and dedication of our teams in supporting our joint venture colleagues and their families while wishing for peace.

    首先,我想花一點時間向所有受烏克蘭局勢影響的人們表達我們最深切的同情,並感謝我們的團隊在支持我們的合資企業同事及其家人同時希望和平的承諾和奉獻精神。

  • Today, Fernando and I will take you through our first quarter operating highlights and provide you with an update on the progress we have made in the execution of our strategic priorities. We will then be happy to answer your questions.

    今天,費爾南多和我將帶您了解我們第一季度的運營亮點,並為您提供我們在執行戰略重點方面取得的最新進展。然後,我們將很樂意回答您的問題。

  • So let's start with our operating performance. Our business momentum continued this quarter, and we are very pleased with our performance to start the year. We delivered top line growth of 11.1% with 2.8% volume growth. Revenue per hectoliter grew 7.8%, driven by the implementation of pricing actions across our markets and enhanced by ongoing premiumization and continued recovery of the on-premise channel. EBITDA increased by 7.4% as we managed anticipated commodity cost headwinds and elevated supply chain costs. We delivered normalized EPS of $0.67 and underlying EPS of $0.60.

    因此,讓我們從我們的運營業績開始。本季度我們的業務勢頭持續,我們對年初的業績感到非常滿意。我們實現了 11.1% 的收入增長和 2.8% 的銷量增長。每百升收入增長 7.8%,這得益於我們在整個市場實施定價行動,以及持續的高端化和本地渠道的持續復甦。由於我們應對了預期的商品成本逆風和供應鏈成本上升,EBITDA 增長了 7.4%。我們交付了 0.67 美元的標準化每股收益和 0.60 美元的基本每股收益。

  • Now I would like to share some highlights from our key markets. Our business in the U.S. delivered continued top line growth, driven by consistent execution of our commercial strategy and the rebalancing of our portfolio despite a soft industry. Our above core portfolio continues to outperform, led by Michelob ULTRA, which grew volumes by double digits. Within the spirits-based ready-to-drink segment, our portfolio continues to grow ahead of the industry, led by Cutwater.

    現在我想分享我們主要市場的一些亮點。儘管行業疲軟,我們在美國的業務實現了持續的收入增長,這得益於我們持續執行商業戰略和重新平衡我們的投資組合。在 Michelob ULTRA 的帶領下,我們的上述核心投資組合繼續表現出色,銷量增長了兩位數。在基於烈酒的即飲領域,我們的產品組合在 Cutwater 的帶領下繼續領先於行業。

  • In Mexico, we continued our momentum, delivering double-digit top and bottom line growth. We grew volumes across all segments of our portfolio, resulting in further market share expansion. Our above core portfolio increased by double digits, led by Modelo family and Michelob ULTRA.

    在墨西哥,我們繼續保持勢頭,實現了兩位數的收入和利潤增長。我們在投資組合的所有領域都實現了銷量增長,從而進一步擴大了市場份額。在 Modelo 家族和 Michelob ULTRA 的帶領下,我們的上述核心產品組合增長了兩位數。

  • In Colombia, we delivered double-digit top and bottom line growth and continue to grow the beer category through the implementation of our expansion levers, resulting in a new record-high per capita consumption this quarter. With our route to market now digitized, 30% of BEES customers are also BEES marketplace users.

    在哥倫比亞,我們實現了兩位數的收入和利潤增長,並通過實施我們的擴張槓桿繼續增長啤酒類別,從而在本季度創造了新的人均消費量。隨著我們的市場路徑數字化,30% 的 BEES 客戶也是 BEES 市場用戶。

  • Our business in Brazil delivered double-digit top line growth. Our beer volumes once again outperformed the industry, growing by 2.1% despite lapping a strong comparable. With our route to market digitized, over 60% of BEES customers are now BEES marketplace users.

    我們在巴西的業務實現了兩位數的收入增長。我們的啤酒銷量再次跑贏行業,儘管具有強勁的可比性,但仍增長了 2.1%。隨著我們的市場路徑數字化,超過 60% 的 BEES 客戶現在是 BEES 市場用戶。

  • In Europe, we grew top and bottom line by double digits, driven by volume growth, on-premise reopening and supported by revenue management initiatives. Our premium and super premium portfolio led the way, growing revenues by mid-teens, representing now over 50% of our total revenue.

    在歐洲,在銷量增長、內部重新開放和收入管理計劃的支持下,我們的收入和利潤都實現了兩位數的增長。我們的優質和超優質產品組合處於領先地位,收入增長了十幾歲,現在占我們總收入的 50% 以上。

  • In South Africa, we continued our momentum, delivering above 30% top line growth with volume increasing in the mid-20s, ahead of the industry. All segments of our portfolio grew this quarter, led by over 40% growth in our leading core brand, Carling Black Label. Driven by this, our route to market is now digitized, with almost 90% of our revenues coming through digital channels.

    在南非,我們繼續保持增長勢頭,在 20 年代中期實現了超過 30% 的收入增長和銷量增長,領先於行業。本季度,我們產品組合的所有部分均實現增長,其中領先的核心品牌 Carling Black Label 增長超過 40%。受此驅動,我們的市場路徑現已數字化,我們近 90% 的收入來自數字渠道。

  • In China, momentum continued into the start of the year, marked by a strong Chinese New Year. However, the implementation of COVID-19 restrictions in March led to a total industry decline of low single digits in the quarter, according to our estimates. These restrictions disproportionately impacted our key regions and channels, leading to top line decline of 1.2%. Notwithstanding the restrictions, underlying consumer demand for premium products remained strong, and the share of our total volume generated by our premium portfolio increased.

    在中國,勢頭持續到年初,以強勁的農曆新年為標誌。然而,根據我們的估計,3 月份實施 COVID-19 限制導致該季度行業總體下降了個位數的低位。這些限制不成比例地影響了我們的關鍵地區和渠道,導致收入下降 1.2%。儘管有這些限制,但消費者對高端產品的潛在需求依然強勁,高端產品組合在我們總銷量中的份額有所增加。

  • I would like now to turn your attention to a few ESG highlights. In the first quarter, we made progress across our ESG priorities with select highlights including: recognition of our strong sustainability track record, ambitious commitments and our focused ESG strategy. We have been awarded the Gold Medal for International Corporate Achievement in Sustainable Development by the World Environment Center.

    我現在想將您的注意力轉向一些 ESG 亮點。在第一季度,我們在 ESG 優先事項方面取得了進展,其中包括:對我們強大的可持續發展記錄、雄心勃勃的承諾和我們專注的 ESG 戰略的認可。我們被世界環境中心授予國際企業可持續發展成就金獎。

  • Advancing water stewardship. We published a watershed health guide in partnership with The Nature Conservancy to share learnings and capitalize the action in driving measurable watershed outcomes.

    推進水資源管理。我們與大自然保護協會合作出版了流域健康指南,以分享經驗並利用行動推動可衡量的流域成果。

  • And fostering entrepreneurship. We have launched applications for the fourth cohort of our award-winning 100+ Accelerator program. Founded in 2018, the 100+ Accelerator identifies and scales sustainable innovations focused on solving key challenge within our ESG priorities.

    並培育創業精神。我們已經為我們屢獲殊榮的 100+ 加速器計劃的第四批推出了應用程序。 100+ Accelerator 成立於 2018 年,它識別和擴展可持續創新,專注於解決我們 ESG 優先事項中的關鍵挑戰。

  • Now let's focus on our strategic pillars. To enable the execution of our strategy, we have announced a newly aligned commercial leadership structure designed to accelerate the next phase of innovation and growth at AB InBev, with the creation of the Chief Growth Officer position. Under Ricardo Tadeu's leadership, this new structure will maximize data and digital integration with our marketing and sales capabilities. We are also taking further steps to empower our teams locally. The titles of each of our 6 Zone Presidents have been updated to Regional CEO to better reflect the scope and impact of these key positions.

    現在讓我們關注我們的戰略支柱。為了執行我們的戰略,我們宣布了一個新的商業領導結構,旨在加速百威英博下一階段的創新和增長,並設立首席增長官職位。在 Ricardo Tadeu 的領導下,這一新結構將最大限度地利用我們的營銷和銷售能力實現數據和數字化整合。我們還在採取進一步措施來增強我們本地團隊的能力。我們 6 位區域總裁的頭銜已更新為區域 CEO,以更好地反映這些關鍵職位的範圍和影響。

  • Next, let's turn to pillar one of our strategy, lead and grow the category. Driven by the execution of our category expansion model, this quarter, we grew volumes in more than 2/3 of our markets. Let me take you through our category expansion levers.

    接下來,讓我們轉向我們戰略的支柱之一,領導和發展該類別。在執行我們的品類擴展模型的推動下,本季度,我們在超過 2/3 的市場中實現了銷量增長。讓我帶您了解我們的品類擴展槓桿。

  • First, we continue to focus on making the beer category inclusive for all consumers. Following the successful expansion of Coronita, our smaller bottle pack offering for Corona, we introduced further smaller pack formats in several key markets in Latin America to provide consumers with price points and choice for consumption needs in different occasions.

    首先,我們繼續專注於讓啤酒品類對所有消費者都具有包容性。隨著我們為 Corona 提供的更小瓶裝產品 Coronita 的成功擴展,我們在拉丁美洲的幾個主要市場推出了更多更小的包裝形式,為消費者提供不同場合下消費需求的價位和選擇。

  • Second, we are offering superior core propositions. Our mainstream portfolio delivered high single-digit revenue growth in this quarter, once again outperformed the industry across most of our key markets.

    其次,我們提供卓越的核心主張。我們的主流產品組合在本季度實現了高個位數的收入增長,在我們的大多數主要市場中再次跑贏行業。

  • Third, occasions development. Stella Artois, our leading brand in the meals occasion, grew by over 14% globally this quarter with the planned expansion of our Sign Off, Dine, Bon Appetit campaign to a further 7 markets this year. In the nonalcoholic beer category, our portfolio delivered continued revenue growth, led by liquid and pack innovations, such as Corona Sunbrew that we launched in Canada.

    三是場合發展。 Stella Artois 是我們餐飲場合的領先品牌,本季度全球增長超過 14%,計劃今年將 Sign Off、Dine、Bon Appetit 活動擴展到另外 7 個市場。在非酒精啤酒類別中,我們的產品組合實現了持續的收入增長,這得益於液體和包裝創新,例如我們在加拿大推出的 Corona Sunbrew。

  • Fourth, we are leading in premiumization. This quarter, our above core portfolio delivered over 15% revenue growth, led by Michelob ULTRA, which is now available in 14 markets and grew by double digits. Our global brands continue to lead premiumization across our markets. The combined revenues of Budweiser, Stella Artois and Corona grew by 6% outside of the brands' home markets, led by Corona with 14.1% and Stella Artois with 11.5% growth. Budweiser grew by 0.3%, impacted by the renewed COVID-19 restrictions in China.

    四是高端化領先。本季度,在 Michelob ULTRA 的帶領下,我們的上述核心產品組合實現了超過 15% 的收入增長,該產品現已在 14 個市場推出,並實現了兩位數的增長。我們的全球品牌繼續引領我們市場的高端化。 Budweiser、Stella Artois 和 Corona 在品牌本土市場之外的總收入增長了 6%,其中 Corona 增長 14.1%,Stella Artois 增長 11.5%。受中國新的 COVID-19 限制的影響,百威增長了 0.3%。

  • Finally, we continue to expand the category with our beyond beer offerings. Our global beyond beer business contributed over $350 million in revenue this quarter, led by the U.S., where Cutwater grew by strong double digits; and South Africa, where Brutal Fruit and Flying Fish delivered continued double-digit growth.

    最後,我們繼續通過我們的啤酒以外的產品擴展該類別。我們的全球啤酒業務本季度貢獻了超過 3.5 億美元的收入,其中美國領先,卡特沃特以兩位數的強勁增長;和南非,Brutal Fruit 和 Flying Fish 實現了兩位數的持續增長。

  • Innovation this quarter supported category expansion across each of the 5 levers, contributing approximately 8% of our total revenue. Highlights include: expanding our superior core propositions with the launch of Budweiser Supreme in the U.S.; the release of Stella Artois Unfiltered in the U.K.; and the launch of Corona Tropical across some of our key markets.

    本季度的創新支持了 5 個槓桿中的每一個的類別擴展,貢獻了我們總收入的約 8%。亮點包括:通過在美國推出 Budweiser Supreme,擴展我們卓越的核心主張; Stella Artois Unfiltered 在英國發行;以及在我們的一些主要市場推出 Corona Tropical。

  • In the U.K., we leveraged our direct-to-consumer solution, PerfectDraft, to exclusively release Stella Artois Unfiltered through the e-commerce channel. Based on the positive consumer feedback and insights from the launch, we are now expanding the brand into other channels and packages.

    在英國,我們利用直接面向消費者的解決方案 PerfectDraft,通過電子商務渠道獨家發布 Stella Artois Unfiltered。基於推出後消費者的積極反饋和洞察,我們現在正在將品牌擴展到其他渠道和套餐。

  • Now let's turn to our second strategic pillar, digitize and monetize our ecosystem. As we continue to invest to become a tech-first FMCG company, BEES continues to see remarkable acceleration in usage and reach, capturing approximately USD 6.5 billion in gross merchandising value in the first quarter, up from approximately USD 3.5 billion in the first quarter of 2021. We are now live in 17 countries with 2.7 million monthly active users.

    現在讓我們轉向我們的第二個戰略支柱,將我們的生態系統數字化和貨幣化。隨著我們繼續投資成為一家技術領先的快速消費品公司,BEES 的使用和覆蓋範圍繼續顯著加速,第一季度的商品總價值約為 65 億美元,高於上一季度的約 35 億美元2021. 我們現在生活在 17 個國家,每月有 270 萬活躍用戶。

  • In 11 of our 17 countries, our customers are also able to manage their orders for third-party products through BEES marketplace. We know that for many of our customers, beer typically makes up less than 25% of their store sales. BEES marketplace offers a consolidated order and delivery management platform, solving pain points and empowering our customers.

    在我們 17 個國家中的 11 個國家/地區,我們的客戶還可以通過 BEES 市場管理他們的第三方產品訂單。我們知道,對於我們的許多客戶而言,啤酒通常佔其商店銷售額的不到 25%。 BEES 市場提供整合的訂單和交付管理平台,解決痛點並為我們的客戶提供支持。

  • As of the first quarter, we have seen increased adoption and exponential growth as 31% of BEES customers are now users of BEES marketplace, with annualized revenues of USD 800 million. Our partners are also benefiting from the digitalization of sales with increased retailer engagement, distribution reach and cost efficiencies. We are still in the early stage of exploring the possibilities, and we are excited by the results and feedback from our customers and partners.

    截至第一季度,我們已經看到採用率和指數級增長,因為 31% 的 BEES 客戶現在是 BEES 市場的用戶,年收入為 8 億美元。我們的合作夥伴還受益於銷售數字化,零售商參與度、分銷範圍和成本效率的提高。我們仍處於探索可能性的早期階段,我們對客戶和合作夥伴的結果和反饋感到興奮。

  • Now let's talk about direct-to-consumer business. This quarter, our D2C products generated nearly USD 300 million in revenues across 20 countries. The number of online orders grew by double digits versus last year, surpassing 17 million transactions.

    現在讓我們談談直接面向消費者的業務。本季度,我們的 D2C 產品在 20 個國家/地區創造了近 3 億美元的收入。在線訂單數量與去年相比增長了兩位數,超過了 1700 萬筆交易。

  • In Latin America, Zé Delivery is already present in approximately 300 cities in Brazil, covering about 50% of the country's population. Revenue from Zé Delivery grew almost 30% year-on-year. Based on the success of Zé in Brazil, we are scaling the courier product to another 10 countries in Latin America.

    在拉丁美洲,Zé Delivery 已在巴西約 300 個城市開展業務,覆蓋該國約 50% 的人口。 Zé Delivery 的收入同比增長近 30%。基於 Zé 在巴西的成功,我們正在將快遞產品擴展到拉丁美洲的另外 10 個國家。

  • We continue to deliver on our strategy with best-in-class creative marketing and innovation capabilities. Following the announcement that ABI was selected by Cannes as the Creative Marketer of the Year, we were recently named to Fast Company World's Most Innovative Companies list for the first time. Fast Company recognized ABI's ability to quickly see and scale innovation to drive performance and impact. The award highlighted our beer innovations, tech products and our biotech initiative, EverGrain.

    我們繼續以一流的創意營銷和創新能力來實施我們的戰略。在宣布 ABI 被戛納電影節評選為年度創意營銷商之後,我們最近首次入選 Fast Company 全球最具創新力公司名單。 Fast Company 認可 ABI 能夠快速查看和擴展創新以推動績效和影響。該獎項突出了我們的啤酒創新、科技產品和我們的生物技術計劃 EverGrain。

  • Big congratulations to our teams and partners for this remarkable achievement and further recognition of how we are embedding creativity and innovation into our strategy.

    非常祝賀我們的團隊和合作夥伴取得了這一非凡成就,並進一步認可了我們如何將創造力和創新融入我們的戰略。

  • With that, I would like to hand it over to Fernando to discuss the third pillar of our strategy, optimizing our business. Fernando?

    有了這個,我想把它交給費爾南多來討論我們戰略的第三個支柱,優化我們的業務。費爾南多?

  • Fernando Mommensohn Tennenbaum - CFO

    Fernando Mommensohn Tennenbaum - CFO

  • Thank you, Michel. Good morning, good afternoon, everyone. We aim to maximize value by focusing on 3 areas: optimize resource allocation, robust risk management and efficient capital structure. With respect to capital allocation, we want to maximize long-term value by dynamically balancing our priorities. We continue to invest in organic growth and support our strategy to lead and grow the category and digitize and monetize our ecosystem. The excess cash generated by our business is then dynamically allocated to our other key capital allocation priorities: deleveraging, selective M&A and return of capital to shareholders.

    謝謝你,米歇爾。大家早上好,下午好。我們的目標是通過專注於三個領域來實現價值最大化:優化資源配置、穩健的風險管理和高效的資本結構。在資本配置方面,我們希望通過動態平衡我們的優先事項來最大化長期價值。我們將繼續投資於有機增長,並支持我們領導和發展該類別以及將我們的生態系統數字化和貨幣化的戰略。然後,我們業務產生的多餘現金被動態分配到我們的其他關鍵資本配置優先事項:去槓桿化、選擇性併購和向股東返還資本。

  • In line with our capital allocation priorities, this quarter, we completed the redemption of USD 3.1 billion of bonds. Our debt maturity profile remains well distributed with no near- and medium-term refinancing needs, with the weighted average maturity more than 16 years. Our debt portfolio does not have any financial covenants and is comprised of a variety of currencies, diversifying our FX risk.

    根據我們的資本配置重點,本季度我們完成了 31 億美元債券的贖回。我們的債務期限分佈仍然良好,沒有近期和中期再融資需求,加權平均期限超過 16 年。我們的債務組合沒有任何金融契約,由多種貨幣組成,分散了我們的外匯風險。

  • In addition, approximately 93% of our bonds have a fixed rate, insulated from interest rate volatility and inflation with an average coupon rate of approximately 4%. Our proactive revenue management, combined with our hedging policy and operational efficiency, contributed to 7.4% EBITDA growth and an increase in underlying EPS, growing by $0.05 to $0.60 per share.

    此外,我們約 93% 的債券採用固定利率,不受利率波動和通貨膨脹的影響,平均票面利率約為 4%。我們積極的收入管理,加上我們的對沖政策和運營效率,促成了 7.4% 的 EBITDA 增長和基本每股收益的增長,每股增長 0.05 美元至 0.60 美元。

  • I will now hand it back to Michel for some final comments. Michel?

    我現在將把它交還給 Michel 以獲得一些最後的評論。米歇爾?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Thanks, Fernando. I would like to take a few minutes to recap our reflections and learnings and how we are meeting the moment in 2022. The beer category continues to demonstrate strength. We are operating a big, profitable and growing category. Beer is gaining share of throat globally. Our business has momentum. Driven by our leading brand portfolio and our accelerated digital transformation, volumes grew in more than 2/3 of our markets.

    謝謝,費爾南多。我想花幾分鐘回顧一下我們的反思和學習,以及我們如何在 2022 年迎接這一刻。啤酒類別繼續展示實力。我們正在經營一個龐大、有利可圖且不斷增長的類別。啤酒在全球範圍內的份額越來越大。我們的業務有動力。在我們領先的品牌組合和我們加速的數字化轉型的推動下,我們超過 2/3 的市場的銷量增長。

  • On top of that, this year presents unique opportunities to activate demand, such as continued on-premise reopening and return of marquee events such as Carnival and the World Cup. In conclusion, we are confident in our business fundamentals and our team's ability to continue to meet the moment and create a future with more cheers.

    最重要的是,今年提供了激活需求的獨特機會,例如持續的內部重新開放以及嘉年華和世界杯等大型活動的回歸。總而言之,我們對我們的業務基礎和我們團隊繼續迎接當下並創造更多歡呼的未來的能力充滿信心。

  • I would now like to hand it over to Jessie to begin the Q&A session.

    我現在想把它交給 Jessie 來開始問答環節。

  • Operator

    Operator

  • (Operator Instructions) Our first question is coming from the line of Trevor Stirling with Bernstein.

    (操作員說明)我們的第一個問題來自 Trevor Stirling 和 Bernstein。

  • Trevor J. Stirling - Senior Analyst

    Trevor J. Stirling - Senior Analyst

  • Two questions from my side, please. First one, maybe more for Michel. Michel, you've got very robust price/mix of 8% in the quarter. Are there any signs in any markets that consumers are starting to react against the pricing and we're starting to see some volume elasticity creeping in?

    請從我這邊提出兩個問題。第一個,對於米歇爾來說可能更多。米歇爾,你本季度的價格/組合非常強勁,為 8%。在任何市場上是否有任何跡象表明消費者開始對定價做出反應,並且我們開始看到一些銷量彈性正在蔓延?

  • And the second question, maybe more for Fernando. Just trying to understand the various drivers of the gross margin, Fernando. And I appreciate it's a very complex picture, varying enormously country to country. But within price/mix, can you give us some sort of broad sense of the components of price, of brand mix, of channel mix, and indeed, the role of the third-party brand sales through the BEES marketplace? And likewise, on the COGS side, what is the mix between underlying policies, currency and again, that product mix through the BEES marketplace?

    第二個問題,對於費爾南多來說可能更多。只是想了解毛利率的各種驅動因素,費爾南多。我很欣賞這是一幅非常複雜的畫面,不同國家之間的差異很大。但是在價格/組合中,您能否給我們一些廣義的價格、品牌組合、渠道組合,以及第三方品牌通過 BEES 市場銷售的作用?同樣,在 COGS 方面,基本政策、貨幣與通過 BEES 市場的產品組合之間的組合是什麼?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Trevor, Michel here. So taking on the first question, I think we discussed this a little bit during the full year results. We have announced or implemented the majority of our price in quarter 4 and quarter 1 this year. And we've been seeing across the globe inflation continue to move up, most of the categories increasing prices. And I continue to think that's a little bit too early to measure all the impacts of that and the consumer elasticity.

    特雷弗,米歇爾在這裡。因此,關於第一個問題,我認為我們在全年業績中對此進行了一些討論。我們已經在今年第 4 季度和第 1 季度宣布或實施了大部分價格。我們已經看到全球通脹繼續上升,大多數類別的價格都在上漲。我仍然認為現在衡量所有影響和消費者彈性還為時過早。

  • But it's also, I think, that through, and we see this across the globe, that inflation is actually trailing ahead of what was the expected numbers and forecasts that we saw last year. We can see clearly on the price to consumer that beer is behind inflation so far. And we can also see that the majority of the market, that is this combination of the economy continues to do well. Employment rates are holding. In some of the developing markets, commodities are helping the overall economy. So the elasticity is not really present yet.

    但我認為,通過我們在全球範圍內看到這一點,通脹實際上落後於我們去年看到的預期數字和預測。我們可以清楚地看到,到目前為止,啤酒的價格落後於通脹。而且我們也可以看到大部分的市場,也就是這個組合的經濟繼續表現不錯。就業率保持不變。在一些發展中市場,大宗商品正在幫助整體經濟。所以彈性還沒有真正存在。

  • Even though I think that as we face towards quarter 2 and quarter 3, we will have much better data to understand where and in which markets elasticity will play a bigger role. And you also know, based on what we discussed during the road show and quarter 4 full year announcement that we kind of organized the markets in 3 different clusters, a little bit anticipating potential elasticity impact, and we continue to monitor very closely how things are working. But all in all, 2/3 of our markets with very robust growth in the quarter 1, and overall quarter 1 double-digit top line growth.

    儘管我認為當我們面臨第二季度和第三季度時,我們將擁有更好的數據來了解市場彈性將在何處以及在哪些方面發揮更大的作用。而且您還知道,根據我們在路演和第 4 季度全年公告中討論的內容,我們將市場組織成 3 個不同的集群,有點預測潛在的彈性影響,我們將繼續密切關注情況在職的。但總而言之,我們 2/3 的市場在第一季度實現了非常強勁的增長,並且第一季度的整體收入實現了兩位數的增長。

  • I'll hand it over to Fernando to take on the second question and third question.

    我將把它交給費爾南多來回答第二個問題和第三個問題。

  • Fernando Mommensohn Tennenbaum - CFO

    Fernando Mommensohn Tennenbaum - CFO

  • Okay. Hello, Trevor. Thanks for the question. So at the end of the day, when we look at revenue per hectoliter, consistent with what we are doing, of course, you have some tailwinds in different regions. Like Europe, the on-trade reopening definitely helped the net revenues per hectoliter. But when you step back and look overall, probably the stronger component on net revenues per hectoliter was revenue management. That's the major driver.

    好的。你好,特雷弗。謝謝你的問題。因此,歸根結底,當我們查看每百升的收入時,這與我們正在做的事情是一致的,當然,您在不同地區會有一些順風。與歐洲一樣,重新開放貿易無疑有助於提高每百升的淨收入。但是當你退後一步看整體時,每百升淨收入中更強大的組成部分可能是收入管理。那是主要驅動力。

  • And when you go down to cost of goods sold, of course, you always have some mix impact, but it's fair to say that the bulk of the impact was the anticipated commodity and FX headwinds. The marketplace and all these things, they are not that meaningful in the grand scheme of things. It's really commodities and FX and -- which was anticipated. It's already baked into our 4% to 8% outlook for the year.

    當然,當您考慮銷售商品成本時,您總是會產生一些混合影響,但可以公平地說,大部分影響是預期的商品和外匯逆風。市場和所有這些東西,在宏偉的計劃中並不那麼有意義。這真的是大宗商品和外匯——這是意料之中的。它已經融入了我們今年 4% 至 8% 的預期。

  • Operator

    Operator

  • Our next question is coming from Tristan Van Strien with Redburn Partners.

    我們的下一個問題來自與 Redburn Partners 的 Tristan Van Strien。

  • Raoul-Tristan Van Strien - Partner of Consumer Staples Research

    Raoul-Tristan Van Strien - Partner of Consumer Staples Research

  • Two from me. One, just a follow-up on Trevor. Some of your peers are talking about taking another price increase this year. How are you thinking about that? Is there something that's maybe on the table for you as well, particularly in some of your developed markets where that seems to be needed?

    兩個我。一,只是對特雷弗的跟進。您的一些同行正在談論今年再次提價。你是怎麼想的?是否也有適合您的東西,特別是在您的一些似乎需要的發達市場?

  • The second question is just on South Africa, which is a really strong performance, especially when you consider there was a late Easter. So I'm trying to understand what's driving that performance. What's the balance between what you are doing versus perhaps the markets? Because both you and your biggest competitors seem to be doing well. So I wanted to just understand South Africa's performance a bit better.

    第二個問題是關於南非的,這是一個非常強勁的表現,尤其是當你考慮到復活節遲到的時候。所以我試圖了解是什麼推動了這種表現。你正在做的事情與市場之間的平衡是什麼?因為你和你最大的競爭對手似乎都做得很好。所以我想更好地了解南非的表現。

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Tristan, thanks for the question. Michel here. I think that on the first one, when we talk about the price increase, we discussed this, and we said that majority of the price actions were announced or implemented between quarter 4 and quarter 1. But as you know, each market has a little bit of a different agenda. And in some markets where we have very high inflation, it's common for us to have more than one price increase during the year.

    特里斯坦,謝謝你的提問。米歇爾在這裡。我認為在第一個問題上,當我們談論價格上漲時,我們討論了這個,我們說大多數價格行動是在第四季度和第一季度之間宣布或實施的。但是如你所知,每個市場都有一點有點不同的議程。在一些通貨膨脹率非常高的市場中,一年中價格上漲不止一次是很常見的。

  • As I said now answering the question from Trevor, one thing that's very clear now is that the inflation is moving much faster than what was anticipated and that the beer prices are lagging inflation so far in the year. So we continue to monitor how things are unfolding, and we continue to work very close to the market and making sure that we are meeting the moment.

    正如我現在回答特雷弗的問題所說的那樣,現在非常清楚的一件事是通貨膨脹的發展速度比預期的要快得多,而且今年迄今為止啤酒價格落後於通貨膨脹。因此,我們將繼續監控事情的進展情況,我們將繼續與市場密切合作,並確保我們正在迎接這一時刻。

  • As we think as well about the experience that we have and the entire revenue management that we have across the markets, we also know that as inflation is moving up and the environment is inflationary, it's better to take the price and to be part with inflation than trying to recover this later when inflation is moving downwards. So in principle, we continue to monitor. We have markets that have more than one traditionally. Inflation is ahead of what was the expectation, and beer is behind inflation so far. So ready to meet the moment.

    當我們考慮到我們擁有的經驗以及我們在整個市場中的整個收入管理時,我們也知道隨著通貨膨脹正在上升並且環境是通貨膨脹的,最好接受價格並參與通貨膨脹而不是在通脹下降時試圖稍後恢復。所以原則上,我們會繼續監測。傳統上,我們的市場不止一個。通脹高於預期,而啤酒目前落後於通脹。所以準備好迎接這一刻。

  • The second question on South Africa, I think that several of our emerging markets, they continue to confirm what we've been saying, that beer is big, profitable and growing. And this growth is being led by emerging markets, not only but most emerging markets. Our category expansion model has been very helpful across the board as we focus on the 5 levers to continue to make the category more inclusive, more premium. South Africa is an outstanding example of our core products performing very well and our ability to expand to more occasions driven by the beyond beer expansion. Brutal Fruit, Flying Fish are performing very, very well in South Africa.

    關於南非的第二個問題,我認為我們的幾個新興市場,他們繼續證實我們一直在說的,啤酒是大的、有利可圖的和增長的。這種增長是由新興市場引領的,不僅是大多數新興市場。我們的品類擴展模型對整個品類都非常有幫助,因為我們專注於 5 個槓桿,以繼續使品類更具包容性、更優質。南非是我們的核心產品表現非常出色的一個突出例子,我們有能力在超越啤酒擴張的推動下擴展到更多場合。 Brutal Fruit, Flying Fish 在南非的表現非常非常好。

  • And when you think about the remaining parts of Africa as well, from Nigeria to Tanzania, market's performing very, very well. So demand, very robust. The levers that we are executing and the strategy of digitizing and expanding occasions is driving a very robust market. And we are very pleased with the performance, not only in South Africa but across most of our markets and especially, emerging markets.

    當你想想非洲的其他地區,從尼日利亞到坦桑尼亞,市場表現非常非常好。所以需求,非常強勁。我們正在執行的槓桿以及數字化和擴展場合的戰略正在推動一個非常強勁的市場。我們對業績感到非常滿意,不僅在南非,而且在我們的大部分市場,尤其是新興市場。

  • Raoul-Tristan Van Strien - Partner of Consumer Staples Research

    Raoul-Tristan Van Strien - Partner of Consumer Staples Research

  • And can I just follow up on Nigeria? Because you mentioned that there, obviously, you're constrained on the growth currently because of capacity. Is that something we should continue to expect? And as a result, I guess everybody is pricing at this moment to recover the currency declines over the last few years. Is that the way we think about it? Or is capacity coming online soon?

    我可以跟進尼日利亞嗎?因為你提到那裡,顯然,由於產能,你目前的增長受到限制。這是我們應該繼續期待的嗎?因此,我想現在每個人都在定價以恢復過去幾年的貨幣下跌。這就是我們思考的方式嗎?或者容量即將上線?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Yes. Nigeria, we had a very strong performance in quarter 1. The underlying demand for our brands continues to be very strong. Our brands are gaining power. There is inflation and there is price in the market, and we have capacity coming. But as you know, building the capacity in Nigeria is not very easy and very quick as it can be in some other markets. But we have more capacity coming this year, and we are preparing to supply the demand that we have now and in the future given the power of our brands in the market. Pleased, very pleased with the performance in both in top line growth but also market share and brand performance there. Thank you, Tristan.

    是的。尼日利亞,我們在第一季度的表現非常強勁。對我們品牌的潛在需求仍然非常強勁。我們的品牌正在獲得力量。有通貨膨脹,有市場價格,我們有能力來。但如您所知,在尼日利亞建立產能並不像在其他一些市場那樣容易和快速。但今年我們將有更多產能,鑑於我們品牌在市場上的影響力,我們正準備滿足我們現在和未來的需求。很高興,對收入增長以及市場份額和品牌表現的表現感到非常滿意。謝謝你,特里斯坦。

  • Operator

    Operator

  • Our next question is coming from Rob Ottenstein with Evercore.

    我們的下一個問題來自與 Evercore 的 Rob Ottenstein。

  • Robert Edward Ottenstein - Senior MD, Head of Global Beverages and Household Products Research & Fundamental Research Analyst

    Robert Edward Ottenstein - Senior MD, Head of Global Beverages and Household Products Research & Fundamental Research Analyst

  • Michel, in the U.S., the -- what could be termed adult alcoholic beverages, combining seltzers and ready-to-drink cocktails, both malt and spirit space, really seems to be driving overall beverage alcohol growth. And I was wondering, is that the case? To what extent that is the case outside of the U.S.? How important a driver do you see this being, again, when you're looking at total share of alcohol? And how is the firm looking at this opportunity through a long-term strategic lens?

    米歇爾,在美國,可以稱為成人酒精飲料,結合了蘇打水和即飲雞尾酒,麥芽和烈酒空間,似乎真的推動了整體飲料酒精的增長。我想知道,是這樣嗎?美國以外的情況在多大程度上是這樣的?再次,當您查看酒精的總份額時,您認為駕駛員有多重要?公司如何從長期戰略的角度看待這個機會?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Robert, thank you for the question. I will try to address the things that I got there entirely that you are asking for. So I think that in the U.S., we continue to see this beyond beer or adult alcoholic beverage, as you called, growing. The quarter 1 was not different. We saw growth there. And one of the most important and attractive points of that for us is that it's really driving share of throat towards this ready-to-drink beverage.

    羅伯特,謝謝你的問題。我將嘗試解決您所要求的完全我到達那裡的事情。所以我認為,在美國,我們繼續看到這種超越啤酒或成人酒精飲料的增長,正如你所說的那樣。第一季度沒有什麼不同。我們在那裡看到了增長。對我們來說,最重要和最吸引人的一點是,它確實推動了這種即飲飲料的喉嚨份額。

  • And our capabilities from route to market, production capacity, ability to introduce innovation in new brands, makes us well positioned and optimistic to continue to drive growth in this area. The example that we always give here is Cutwater, which is a very new brand, that continues to grow very strong double digits ahead of the industry this quarter. We just launched and better saying, introduced Nutrl in the market because it's already the leading brand in Canada, and we are now expanding to the U.S. So far, very successful as well in all markets that we launched. It's more in the light refreshing area but is moving very fast and growing distribution very fast. It's going to be, for sure, another important play in our portfolio.

    我們從路線到市場的能力、生產能力、在新品牌中引入創新的能力,使我們處於有利地位,並樂觀地繼續推動該領域的增長。我們一直在這裡舉的例子是 Cutwater,這是一個非常新的品牌,本季度繼續以非常強勁的兩位數增長,領先於行業。我們剛剛推出,更好的說法是,在市場上推出 Nutrl,因為它已經是加拿大的領先品牌,我們現在正在向美國擴張。到目前為止,在我們推出的所有市場上都非常成功。它更多地出現在清爽的區域,但發展速度非常快,分佈也非常迅速。毫無疑問,這將是我們投資組合中的另一個重要角色。

  • As you look at this globally, the manifestation is different market by market. I just mentioned to Tristan now, for example, Flying Fish and Brutal Fruit in Africa growing strong double digits, very important contribution to the South Africa market. We have BEES in Brazil doing very well. We have now Corona expanding with Tropical in Mexico and some other Latin American markets. And different manifestations but an opportunity that's a global one.

    當您在全球範圍內看待這一點時,表現形式因市場而異。我剛才提到特里斯坦,例如,飛魚和野果在非洲增長強勁的兩位數,對南非市場的貢獻非常重要。我們在巴西的 BEES 做得很好。現在,我們在墨西哥和其他一些拉丁美洲市場與熱帶地區合作擴展了 Corona。和不同的表現形式,但這是一個全球性的機會。

  • Our capabilities and how we are positioned globally to really take advantage of this consumer trend and this opportunity makes us feel very good. I'm very optimistic about that because, again, we have the brands. We have the knowledge from the developed markets. We have the innovation and the liquid capacity. We have distribution, and we can take advantage and really lead this expansion lever globally. And that's why this is one of our 5 category expansion levers in the model that we tested, and we've been proving that works very well in different markets. It's not the same product. Manifestations of what the beyond beer is, is different across different markets, but it is a huge opportunity for us globally to gain share of throat.

    我們的能力以及我們如何在全球定位以真正利用這一消費趨勢和這個機會讓我們感覺非常好。我對此非常樂觀,因為我們再次擁有品牌。我們擁有來自發達市場的知識。我們擁有創新和流動能力。我們有分銷渠道,我們可以利用並真正引領全球擴張槓桿。這就是為什麼這是我們測試的模型中的 5 個類別擴展槓桿之一,並且我們已經證明它在不同的市場中都非常有效。這不是同一個產品。超越啤酒的表現在不同的市場上有所不同,但這對我們在全球範圍內獲得份額是一個巨大的機會。

  • Robert Edward Ottenstein - Senior MD, Head of Global Beverages and Household Products Research & Fundamental Research Analyst

    Robert Edward Ottenstein - Senior MD, Head of Global Beverages and Household Products Research & Fundamental Research Analyst

  • And I think Brendan mentioned at a recent conference that this was roughly 70% incremental in the U.S. Are you seeing that same rough level of incrementality outside of the U.S.? And just can you tell us just a little bit more about the Corona Tropical product? The packaging is amazing. Is this something that you see taking globally?

    我認為布倫丹在最近的一次會議上提到,這在美國大約增加了 70%。你是否看到美國以外的同樣粗略的增量水平?你能告訴我們更多關於 Corona Tropical 產品的信息嗎?包裝很棒。您認為這是全球範圍內的事情嗎?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Yes. The incrementality numbers, they -- in the U.S. are very clear. You have all this household penetration and the panels where we can measure. And depending on the innovation, it's between 70% and 80%. So Brendan is spot-on on his comment on the 75%. And that's why the share-of-throat opportunity is so big as we go into this beyond beer adult alcoholic beverage.

    是的。他們在美國的增量數字非常清楚。您擁有所有這些家庭滲透率和我們可以測量的面板。取決於創新,它在 70% 到 80% 之間。所以布倫丹對他對 75% 的評論很準確。這就是為什麼當我們進入啤酒成人酒精飲料之外的領域時,分享喉嚨的機會如此之大。

  • In the other markets, what you see is that this helps us and continues to drive share of throat because beer itself is already gaining share of throat in the majority of the emerging markets. But moreover, it opens up more occasion opportunities for us to continue to premiumize and drive growth.

    在其他市場,你看到的是這有助於我們並繼續推動喉嚨的份額,因為啤酒本身已經在大多數新興市場獲得了喉嚨的份額。但此外,它為我們提供了更多機會來繼續高端化和推動增長。

  • The Mexican and the Colombian innovation in this area with Corona, it's a great opportunity to make the brand even more [planned], even more premium and even more available in different occasions for different consumers. So the other indications are very good. We need to solidify the pilot and the innovation there. And it works then, of course, the opportunities to expand to other markets because we've been working on other very important competitive advantage that I think we have on these, which are global brands. So we have Mike's Hard Lemonade across different markets. We have Cutwater that has opportunities to go to different markets. And Corona is already a global brand. And if this innovation works well as we expect and the order signs are, there is no reason why this cannot go global as well under the Corona franchise. But this decision is to be made later.

    墨西哥和哥倫比亞在這一領域與 Corona 的創新,這是一個很好的機會,可以讓品牌更加 [計劃]、更加優質,甚至在不同場合為不同的消費者提供更多的機會。所以其他的跡像都很好。我們需要鞏固那裡的試點和創新。當然,它還有機會擴展到其他市場,因為我們一直在致力於其他非常重要的競爭優勢,我認為我們在這些全球品牌上擁有這些優勢。所以我們在不同的市場都有 Mike's Hard Lemonade。我們擁有有機會進入不同市場的 Cutwater。 Corona 已經是一個全球品牌。如果這項創新如我們預期的那樣運作良好並且訂單跡象良好,那麼在 Corona 特許經營權下,它沒有理由不能在全球範圍內推廣。但這個決定將在以後做出。

  • Operator

    Operator

  • Our next question is coming from Edward Mundy with Jefferies.

    我們的下一個問題來自 Edward Mundy 和 Jefferies。

  • Edward Brampton Mundy - Equity Analyst

    Edward Brampton Mundy - Equity Analyst

  • Two questions from me, please. The first is, could you provide some examples as to what in practice the newly aligned commercial leadership structure might mean for accelerating the next phase of innovation and growth? And then the follow-up question is really around your trading momentum from the first quarter. If we back out the near-term disruption from COVID in China, has trading momentum in the rest of the business continued into the second quarter?

    請教我兩個問題。首先,您能否提供一些示例,說明新調整的商業領導結構在實踐中可能對加速下一階段的創新和增長意味著什麼?然後後續問題實際上是圍繞您從第一季度開始的交易勢頭。如果我們排除中國 COVID 帶來的近期中斷,其他業務的交易勢頭是否會持續到第二季度?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Edward, thanks for the question. On the structure, I think that the whole thing in a nutshell, what the main idea is, is going back to the idea that this structure should always follow strategy. And this specific part of the structure has one single objective, which is to accelerate growth.

    愛德華,謝謝你的問題。關於結構,我認為簡而言之,主要思想是回到這種結構應該始終遵循策略的想法。結構的這一特定部分只有一個目標,即加速增長。

  • The question then comes down to how will that happen, right? And I think that today, we've been building on both sides, on the sales and marketing capabilities but also in data and digital front. And it's only natural now that with this strategy simplified on lead and grow, digitize and monetize and optimize, the combination of the capabilities that we are building in data and digital integrated with our sales and marketing capabilities, will enable us not only to execute better our strategy but also to accelerate innovation.

    那麼問題就歸結為這將如何發生,對嗎?我認為今天,我們一直在建立雙方,在銷售和營銷能力方面,也在數據和數字方面。現在很自然,隨著這一戰略簡化為領先和增長、數字化、貨幣化和優化,我們在數據和數字方面建立的能力與我們的銷售和營銷能力相結合,將使我們不僅能夠更好地執行我們的戰略還要加速創新。

  • And we think that this comes in a simple way because this structure now simplifies the way that at global level, we make our platforms and programs interact with the zones. And we simplify a lot the idea of where the capabilities are being developed, global level versus this regional CEO, where the accountability for execution and implementation of these initiatives like switches in the BU and in the region. So simplified structure, integration of data and digital capabilities with marketing and sales capabilities. And Ricardo Tadeu is only the right guy to do that. Great experience in the BU, great experience as Zone President and now at the forefront of the digital transformation in the company.

    我們認為這是一種簡單的方式,因為這種結構現在簡化了在全球層面上,我們使我們的平台和程序與區域交互的方式。我們大大簡化了能力正在開發的地方,全球層面與區域 CEO 的關係,這些舉措的執行和實施的責任,比如在 BU 和區域內切換。因此簡化了結構,將數據和數字能力與營銷和銷售能力相結合。而 Ricardo Tadeu 正是這樣做的合適人選。在 BU 的豐富經驗,作為區域總裁的豐富經驗,現在處於公司數字化轉型的最前沿。

  • We're putting them to China, what we saw was a very strong start of the year. Chinese New Year was great. At the end of the quarter in March, because of the implementation of the COVID restrictions, was then much slower. And we saw like half of the on-trade POCs closing like the nightlife POCs. We saw like 10% to 20% slowdown in the restaurants. And we saw the maintenance of the off-trade because then we have a lot of orders and e-commerce on that.

    我們正在把它們帶到中國,我們看到的是今年的一個非常強勁的開端。中國新年很棒。在 3 月的季度末,由於實施了 COVID 限制,速度要慢得多。我們看到有一半的交易 POC 像夜生活 POC 一樣關閉。我們看到餐館的速度下降了 10% 到 20%。我們看到了場外交易的維護,因為那時我們有很多訂單和電子商務。

  • The underlying momentum remains strong, but the COVID restrictions were also in place through majority of April and early May. But now in May, you start seeing Guangdong, a little bit of Fujian coming back. And these number of POCs closed improving is likely. And as the restrictions are lifted, then the consumption comes back. And we see China as one thing. But even in APAC, when you look, for example, Korea, the momentum is very strong. And outside of Asia, the underlying momentum remains strong as we phased out of the quarter 1.

    潛在的勢頭依然強勁,但 COVID 限制也在 4 月的大部分時間和 5 月初實施。但現在五月,你開始看到廣東,一點點福建回來了。這些 POC 數量可能會有所改善。隨著限制的解除,消費又回來了。我們將中國視為一回事。但即使在亞太地區,例如韓國,勢頭也非常強勁。在亞洲以外,隨著我們逐步退出第一季度,潛在勢頭仍然強勁。

  • Operator

    Operator

  • Our next question is coming from the line of Mitch Collett with Deutsche Bank.

    我們的下一個問題來自德意志銀行的 Mitch Collett。

  • Mitchell John Collett - Research Analyst

    Mitchell John Collett - Research Analyst

  • My first question is hopefully pretty straightforward. So you did 7.4% organic EBITDA growth in Q1, which is pretty close to the top end of your guidance range for the medium term in the year. Can you talk about the puts and takes for the balance of the year that could see you at the top or the bottom of the range? So I'm thinking about COGS pricing, potential lockdowns, on-trade recovery and anything else. And then maybe a second more open question about BEES because you're now rolling that out into geographies where you don't maybe have the same scale advantage. Do you still get the same benefits when you take BEES into markets where your market share is lower?

    我的第一個問題希望非常簡單。因此,您在第一季度實現了 7.4% 的有機 EBITDA 增長,這非常接近您今年中期指導範圍的上限。你能談談今年餘下的看跌期權和看跌期權,這些看跌期權可能會讓你處於區間的頂部或底部嗎?因此,我正在考慮 COGS 定價、潛在的鎖定、交易恢復和其他任何事情。然後可能是關於 BEES 的第二個更開放的問題,因為您現在正在將其推廣到您可能沒有相同規模優勢的地區。當您將 BEES 帶入市場份額較低的市場時,您是否仍能獲得相同的收益?

  • Fernando Mommensohn Tennenbaum - CFO

    Fernando Mommensohn Tennenbaum - CFO

  • Thank you, Mitch. Let me get the first one. We are reiterating the outlook we have, the 4% to 8%. Of course, it has been a very dynamic environment and is likely continue to be a very dynamic environment. We have very good visibility in our costs given our hedging. And we have a team that over the last 2 years has become more agile, more digital and data-driven and I have to say, better equipment to navigate a more dynamic environment.

    謝謝你,米奇。讓我拿第一個。我們重申我們的前景,即 4% 至 8%。當然,它一直是一個非常動態的環境,並且很可能繼續是一個非常動態的環境。鑑於我們的對沖,我們對成本有很好的可見性。我們的團隊在過去 2 年中變得更加敏捷、更加數字化和數據驅動,我不得不說,更好的設備來駕馭更加動態的環境。

  • We continue to see strong demand -- strong consumer demand for our brands. And we are confident that our team is going to be able to meet the moment and reiterating our outlook for 4% to 8% growth for the full year, acknowledging that revenue is going -- is likely to grow ahead of our EBITDA.

    我們繼續看到強勁的需求——消費者對我們品牌的強勁需求。我們相信,我們的團隊將能夠迎接這一時刻,並重申我們對全年增長 4% 至 8% 的展望,承認收入正在增長——可能會超過我們的 EBITDA。

  • And for the second one, Michel?

    第二個,米歇爾?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Mitch, on BEES, what we explained and we talked about before was this idea that there are like 3 waves, I would say, on this implementation. And one is where we have direct distribution. One is one of the products in the district called [Link] that we are developing specifically for large key accounts, and this is a way to make the ABI that exists for 20, 30 years, much better. I always say that it's trying to transform the landline phone on the mobile phone, right, because we can have a lot of technology to what was the old ABI. And that's going to be a big wave that we are already testing in countries such as Brazil and the U.S.

    Mitch,在 BEES 上,我們之前解釋和討論過的想法是,我想說,在這個實現上,有 3 個波。一個是我們直接分銷的地方。一個是我們專門為大客戶開發的一個名為 [Link] 的地區產品,這是一種使存在 20 年、30 年的 ABI 變得更好的方法。我總是說它是在嘗試將固定電話改造到手機上,對,因為我們可以擁有很多技術來取代舊的 ABI。這將是一個大浪潮,我們已經在巴西和美國等國家進行了測試。

  • And then you have this 3-tier type of markets. And some of them, as you said, lower share that we need to implement. And the implementation of this brings one more complexity, which is the integration of the ERP. It's not only that for taking orders. The real value is how we do the integration of the data, the algorithm selling, and we work with the partners to make that business better.

    然後你就有了這種 3 層類型的市場。正如你所說,其中一些降低了我們需要實施的份額。而這個的實現又帶來了一個複雜性,那就是ERP的集成。不僅僅是為了接單。真正的價值在於我們如何整合數據、銷售算法,以及我們如何與合作夥伴合作,讓業務變得更好。

  • I think that the value proposition works well across the board because the value proposition is a powerful tool that allows you to gain time, to have visibility on the products, to manage your business and everything else that comes as a benefit with BEES. The speed of this implementation, of course, whether we have less integrated systems, lower market share, is different.

    我認為價值主張在所有方面都運作良好,因為價值主張是一個強大的工具,它可以讓您獲得時間、了解產品、管理您的業務以及所有其他 BEES 帶來的好處。當然,這個實現的速度,是否集成系統少,市場佔有率低,是不同的。

  • But to give you one example, China, which is a 3-tier type of market where the language is very different, where the technology needs to be a little bit adapted for the Chinese standards, BEES is moving very fast. And we have lower market share overall in China, as you know. But the excitement around BEES is the same. And the speed in which we are ramping up in China is a very good one as well.

    但是舉個例子,中國,這是一個語言非常不同的三層市場,技術需要稍微適應中國標準,BEES 的發展速度非常快。如您所知,我們在中國的整體市場份額較低。但圍繞 BEES 的興奮是一樣的。我們在中國的發展速度也非常好。

  • With challenge, each market is different, but we continue to make progress in the number of customers that we have using BEES, in the number of partners that are joining us on the marketplace and in our ability to make the platform great in solving pain points for our customers. Because at the end of the day, they are the ones carrying on BEES and using, right? And as they use more, more opportunities and that happened for us and for them, which is great.

    面對挑戰,每個市場都是不同的,但我們在使用 BEES 的客戶數量、在市場上加入我們的合作夥伴數量以及使平台能夠很好地解決痛點的能力方面繼續取得進步為我們的客戶。因為歸根結底,他們是攜帶 BEES 並使用的人,對吧?隨著他們使用越來越多的機會,這發生在我們和他們身上,這很棒。

  • Operator

    Operator

  • Our next question is coming from the line of Sanjeet Aujla with Credit Suisse.

    我們的下一個問題來自瑞士信貸的 Sanjeet Aujla。

  • Sanjeet Aujla - European Beverages Analyst

    Sanjeet Aujla - European Beverages Analyst

  • A couple from me, please. Firstly, can you just comment on the on-trade recovery you're seeing across your major markets? Where are you versus '19 levels? And tied to that, are there returnable glass bottles also coming back to '19 levels? And then my follow-up question is just on the online marketplace. You're annualizing around $800 million of revenue there. Is that profitable for you yet standalone? And what level of revenues do you need to achieve to break even there?

    請給我一對。首先,您能否評論一下您在主要市場上看到的貿易復甦?您與 '19 級別相比在哪裡?與此相關的是,是否有可回收的玻璃瓶也回到了 19 年的水平?然後我的後續問題只是在在線市場上。你在那裡的年收入約為 8 億美元。這對你來說是有利可圖的嗎?您需要達到什麼水平的收入才能實現收支平衡?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • I will answer here these as you have 2 questions if I got this right. One is about on-trade, and the other one is about BEES and marketplace. On the on-trade, what we've been seeing is different behavior market by market. I think that's very clear for us that as you see markets reopening in some places, restrictions coming back, partially lifted or fully lifted, that is different behavior. And on average, which I think that is the point that you are looking for, is when everything goes back to normal, that is a pretty good 90-plus percent of the POCs in the volume versus 2019 back right away. And that was the reality in the United States when we saw the reopening. That was the reality in Brazil when we saw the reopening, it was in Europe.

    如果我做對了,我將在這裡回答這些問題,因為您有 2 個問題。一個是關於交易的,另一個是關於 BEES 和市場的。在交易中,我們看到的是不同市場的不同行為。我認為這對我們來說非常清楚,當你看到某些地方的市場重新開放、限制措施重新出現、部分取消或完全取消時,這是不同的行為。平均而言,我認為這就是您要尋找的點,即當一切恢復正常時,與 2019 年相比,這在數量上佔 POC 的 90% 以上是相當不錯的。當我們看到重新開放時,這就是美國的現實。當我們看到重新開放時,這就是巴西的現實,那是在歐洲。

  • Interesting enough, this number gets to be above 100% as you are rebuilding the pipeline and resupplying the points of sales. And after this portfolio, let's say, right, because the volume goes up beyond the 100%, it settles in between 90 and 100. I think that the main reason for that is because in some places -- or in majority of the places, the base infrastructure, meaning the number of points of sales, it does not come back day 1.

    有趣的是,當您正在重建管道和重新供應銷售點時,這個數字會超過 100%。在這個投資組合之後,比如說,因為交易量超過 100%,它穩定在 90 到 100 之間。我認為主要原因是因為在某些地方 - 或在大多數地方,基礎設施,即銷售點的數量,它不會在第 1 天回來。

  • As the markets remain reopened, you see that new restaurants are being opened, new bars that are being opened. And I would expect that at one moment, this would stabilize pretty close to the 100%. But it is like the average is 90 to 100. It gets to be beyond 100 as you are resupplying and then settles between 90 and 100 infrastructure, meaning number of boxes, the main reason why it's not 100% yet. And in some places, you see a new wave of new POCs and restaurants being reopened.

    隨著市場仍然重新開放,您會看到新餐館正在開業,新酒吧正在開業。我希望在某一時刻,這將穩定在接近 100% 的水平。但這就像平均值是 90 到 100。當您重新補給時,它會超過 100,然後在 90 到 100 個基礎設施之間安頓下來,這意味著盒子的數量,這是它還不是 100% 的主要原因。在某些地方,您會看到新一波新的 POC 和餐廳重新開業。

  • On the marketplace, as we said, like close to 10 markets to date operating marketplace. Number of customers growing, average today 30%. The highest level is around 60%, let's say, Brazil. Number of partners growing, number of orders growing exponentially. Annualized revenue as of March, $800 million, which is already meaningful in a way for the year results. But as you know, beer is only like around 25%. 75% of the revenues come from other categories and products. We are just scratching the surface here. It's just at the beginning.

    正如我們所說,在市場上,迄今為止有近 10 個市場正在運營市場。客戶數量不斷增長,如今平均增長 30%。最高水平約為 60%,比方說巴西。合作夥伴數量不斷增長,訂單數量呈指數級增長。截至 3 月份的年化收入為 8 億美元,這在某種程度上對年度業績來說已經很有意義。但如你所知,啤酒只佔 25% 左右。 75% 的收入來自其他類別和產品。我們只是在這裡觸及表面。這只是開始。

  • And if I got the back end of your question, it's like the revenue is growing very fast. We are servicing the customers as well as we can with the partners. And one thing that we have as an operating principle here is that we are making money on the orders, right? So your question is not whether or not we will achieve breakeven. So the breakeven is present since the beginning. Now it's a matter of how fast we can grow and how well we can serve both the customers on one hand and our partners on the other hand because it's very important for us that our partners get to get bigger reach, so bigger distribution that their brands can perform well and grow, and they can get a much better understanding of their role to market through data and the analytics that BEES can provide to them.

    如果我得到了你問題的後端,就好像收入增長非常快。我們與合作夥伴一起為客戶提供服務。作為運營原則,我們擁有的一件事是我們通過訂單賺錢,對嗎?所以你的問題不是我們是否會實現盈虧平衡。所以盈虧平衡從一開始就存在。現在的問題是我們能以多快的速度增長,以及我們能夠為客戶和我們的合作夥伴提供多好的服務,因為對我們來說,讓我們的合作夥伴獲得更大的影響力非常重要,因此他們的品牌獲得更大的分銷可以表現良好並成長,並且他們可以通過 BEES 可以提供給他們的數據和分析更好地了解他們在市場中的作用。

  • So early beginning, we decided to share here some numbers with you. They are not as material as we think that they will be in the future. But that 30% marketplace buyers already in 10 countries is a very exciting part of what BEES can become.

    這麼早開始,我們決定在這裡與您分享一些數字。它們並不像我們認為的那樣重要。但是,已經在 10 個國家/地區擁有 30% 的市場買家是 BEES 可以成為的一個非常令人興奮的部分。

  • Operator

    Operator

  • Our next question is coming from Laurence Whyatt with Barclays.

    我們的下一個問題來自 Barclays 的 Laurence Whyatt。

  • Laurence Bruce Whyatt - Analyst

    Laurence Bruce Whyatt - Analyst

  • Just following on -- again, on BEES. There's a number of markets that you've achieved nearly 90% or around 90% of your revenues coming through the digital channels. But Mexico remains somewhat below that level at around 75%. Is there anything specific about the Mexican market that means it can't achieve similar success as other surrounding neighbors? Is there anything you would highlight in Mexico that means you can't get there?

    繼續 - 再次,在 BEES 上。在許多市場,您已經實現了近 90% 或大約 90% 的收入來自數字渠道。但墨西哥仍略低於該水平,約為 75%。墨西哥市場有什麼特別之處,意味著它無法取得與其他周邊鄰國類似的成功嗎?您在墨西哥有什麼要強調的,意味著您無法到達那裡嗎?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Laurence, thank you for the question. There is no really special point. I'll go back to this idea. I'm trying to simplify, 3 waves of implementation. So in Mexico, interesting enough, we have the combination of everything. We have direct distribution, we have large key accounts, and we have wholesalers, distributors. So the entire direct distribution in Mexico is already using BEES and is very high adoption and very high coverage. The BEES [Link] is not yet available for the key accounts. So in the key accounts, we continue to use regular ways of taking the orders. And we are implementing what I call the third wave, which is BEES for the wholesalers in Mexico but it's not fully implemented yet. That's the difference why in Mexico, we have 75% and in Brazil, we have above 85%. But [next for sure], get there very, very soon.

    勞倫斯,謝謝你的問題。沒有什麼特別的地方。我會回到這個想法。我正在嘗試簡化 3 波實施。所以在墨西哥,有趣的是,我們擁有一切的結合。我們有直接分銷,我們有大客戶,我們有批發商、分銷商。因此,墨西哥的整個直接分銷已經在使用 BEES,並且採用率非常高,覆蓋率也非常高。 BEES [鏈接] 尚不可用於關鍵帳戶。所以在大客戶中,我們繼續採用常規的接單方式。我們正在實施我所說的第三波浪潮,即針對墨西哥批發商的 BEES,但尚未完全實施。這就是為什麼在墨西哥,我們有 75% 而在巴西,我們有 85% 以上的不同之處。但是[下一個肯定],很快就會到達那裡。

  • Laurence Bruce Whyatt - Analyst

    Laurence Bruce Whyatt - Analyst

  • Excellent. And just perhaps following up on Mexico. You've entered a number of the OXXO stores, which are in the stronghold of your nearest competitor. I was wondering, has that all gone to plan as you expected? Or is there anything you'd highlight that perhaps was slightly different to your expectations in that part of Mexico?

    優秀的。也許只是跟進墨西哥。您進入了許多 OXXO 商店,這些商店位於您最接近的競爭對手的據點。我想知道,這一切都如你所願嗎?或者您有什麼要強調的可能與您對墨西哥那部分地區的期望略有不同的地方嗎?

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • No. OXXO is an incredible opportunity and a great partner, a great retailer in Mexico. We have now covered 2/3, give or take, of their stores. And the remaining part in the last wave, we call the seventh wave, eighth wave that we just got into, is more in the north, more where our market share is smaller and our availability is more restricted. Therefore, the opportunity and the growth opportunity in these areas is only bigger than what it was before. So we are very happy so far with the evolution. 2/3 gone, 1/3 to go. And in this 1/3, the opportunity is bigger because our market share and our distribution are much smaller than our average in the country.

    不,OXXO 是一個難得的機會,也是一個偉大的合作夥伴,一個偉大的墨西哥零售商。我們現在已經覆蓋了他們 2/3 的商店。最後一波的剩餘部分,我們稱之為第七波,我們剛剛進入的第八波,更多地在北方,更多的是我們的市場份額更小,我們的可用性更受限制。因此,這些領域的機會和增長機會只會比以前更大。所以到目前為止,我們對進化非常滿意。 2/3沒了,1/3沒了。而在這 1/3 中,機會更大,因為我們的市場份額和分佈遠低於我們在該國的平均水平。

  • Operator

    Operator

  • Our next question is coming from the line of Olivier Nicolai with Goldman Sachs.

    我們的下一個問題來自高盛的 Olivier Nicolai。

  • Jean-Olivier Nicolai - Equity Analyst

    Jean-Olivier Nicolai - Equity Analyst

  • Just a couple of questions, please, focusing on the U.S. First of all, we've seen a bit of a slowdown in the hard seltzer category, which used to be a tailwind for you and for some of your competitors. You're gaining share, but how do you see prospects, the growth prospects, for the category in the midterm?

    請只提幾個問題,重點關注美國。首先,我們已經看到硬蘇打水類別有所放緩,這曾經對您和您的一些競爭對手來說是順風。您正在獲得份額,但您如何看待中期該類別的前景和增長前景?

  • And then in the U.S., just for this quarter, STRs were down 5%. I know the comps was difficult, but we've heard a lot of commentaries around pressure on disposable income. So I was wondering if you've seen any changes in consumer behavior for the core mainstream beer drinker in the U.S. I know you indicated in the press release that premium was growing. I'm more interested as a mainstream drinker here.

    然後在美國,僅在本季度,STR 就下降了 5%。我知道補償很困難,但我們聽到了很多關於可支配收入壓力的評論。所以我想知道你是否看到美國核心主流啤酒飲用者的消費者行為發生了任何變化。我知道你在新聞稿中表示溢價正在增長。作為這裡的主流飲酒者,我更感興趣。

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Olivier, thanks for the question. I think that there are 2 parts, so we answer first the seltzer part and the beyond beer. I think that on seltzer, 3 comments to make. The first one is that we've been repeating this over and over again, that seltzer is part of this beyond beer space and is one of the manifestations of how consumers interact on this ready-to-drink space for their needs. And the growth of seltzers was accelerated during the pandemic based on the -- at the right moment being the hot new kid on the block. So there was a lot of accelerated growth driven by the in-home consumption.

    奧利維爾,謝謝你的問題。我認為有兩個部分,所以我們首先回答蘇打水部分和超越啤酒。我認為在蘇打水上,要發表 3 條評論。第一個是我們一遍又一遍地重複這一點,蘇打水是啤酒空間之外的一部分,是消費者如何在這個即飲空間進行互動以滿足他們需求的表現之一。在大流行期間,蘇打水的增長加速了——在正確的時刻成為街區裡炙手可熱的新孩子。因此,在家庭消費的推動下,出現了很多加速增長。

  • And this is a very fast-moving part of the industry. The beyond beer is like, give or take, 10% to 12% of the industry. We have seen before other manifestations. And now what is growing very fast is the ready-to-drink cocktails, no longer the seltzer. So the beyond beer continues to grow, and this is the exciting part. So despite of the fact that seltzers are growing less or declining, the beyond beer overall is growing and is being led by ready-to-drink cocktails, where we have, fortunately, Cutwater performing very well. And we just launched Nutrl, which is our second leg into this market. Continues to be great to the category, continues to be incremental to the category. Robert was saying 75%, and the numbers that we see is always between 70% and 80%. And we are well positioned with Cutwater and Nutrl, which is somehow like the next wave of growth that we see coming on that.

    這是該行業發展非常迅速的一部分。超越啤酒就像,給予或接受,10% 到 12% 的行業。我們之前已經看到了其他的表現形式。現在發展非常迅速的是即飲雞尾酒,不再是蘇打水。所以超越啤酒繼續增長,這是令人興奮的部分。因此,儘管蘇打水的增長減少或下降,但整體啤酒卻在增長,並且由即飲雞尾酒引領,幸運的是,Cutwater 的表現非常好。我們剛剛推出了 Nutrl,這是我們進入這個市場的第二站。繼續在類別中表現出色,繼續在類別中增加。羅伯特說的是 75%,而我們看到的數字總是在 70% 到 80% 之間。我們在 Cutwater 和 Nutrl 方面處於有利地位,這在某種程度上就像我們看到的下一波增長浪潮。

  • The second point on seltzers and beyond beer overall is that is very seasonal. And so far, the quarter 1 is the low seasonality for this beyond beer. And it was colder than average. And you had the Omicron at the beginning of the year, which I think that impacted overall the category, and that's why the industry is down in the quarter 1.

    關於蘇打水和啤酒以外的第二點是非常季節性的。到目前為止,第一季度是啤酒以外的淡季。它比平均水平更冷。你在年初就有了 Omicron,我認為這對整個類別產生了影響,這就是該行業在第一季度下滑的原因。

  • In terms of mainstreams, mainstream brands, mainstream brands are also extremely seasonal as the category is. They got heavily impacted by January, which was a very, very tough month to the industry. And as you can imagine, and I'm sure that you know, mainstream is more impacted by seasonality than premium offers. So we are all looking forward to the summer in the North American zone. It looks like that the winter is definitely gone by the time that we speak here today. And we need to see now how May and June will perform. And then our expectation is that mainstream brands will perform well during the summer because we don't see indications of hard elasticity or less consumption so far in North America. And given how robust the economy so far, salaries are moving up, employment is up, I think that beer will weather very well what's coming ahead in the North America. But we need the summer to start. That's what we are looking for.

    在主流方面,主流品牌,主流品牌也隨著品類的變化而極具季節性。他們在 1 月份受到了嚴重影響,這對行業來說是非常非常艱難的一個月。正如您可以想像的那樣,我相信您也知道,主流受季節性影響比高級優惠更大。所以我們都很期待北美地區的夏天。看來,在我們今天在這裡發言的時候,冬天肯定已經過去了。我們現在需要看看 5 月和 6 月的表現如何。然後我們的預期是,主流品牌將在夏季表現良好,因為到目前為止我們沒有看到北美地區出現硬彈性或消費減少的跡象。鑑於迄今為止的經濟強勁,工資在上漲,就業在增加,我認為啤酒將很好地經受住北美即將到來的一切。但我們需要夏天開始。這就是我們正在尋找的。

  • Operator

    Operator

  • Our final question will come from the line of Pinar Ergun with Morgan Stanley.

    我們的最後一個問題將來自 Pinar Ergun 和摩根士丹利。

  • Pinar Ergun - Equity Analyst

    Pinar Ergun - Equity Analyst

  • ABI's balance sheet should be stronger by the end of this year compared to the last few years. Now I appreciate organic growth is still your top priority. But I was wondering if you're coming across any interesting M&A opportunities. It would be great if you could please remind us of which categories or geographies would be of most interest.

    與過去幾年相比,ABI 的資產負債表到今年年底應該會更強勁。現在我很欣賞有機增長仍然是你的首要任務。但我想知道您是否遇到了任何有趣的併購機會。如果您能提醒我們哪些類別或地區最受關注,那就太好了。

  • Fernando Mommensohn Tennenbaum - CFO

    Fernando Mommensohn Tennenbaum - CFO

  • Pinar, thanks for your question. Fernando here. So as you said, our balance sheet continues to improve. We've had just another important data point. We just redeemed another $3.1 billion of bonds this quarter. And we should be in a better place by the end of the year.

    Pinar,謝謝你的提問。費爾南多在這裡。正如你所說,我們的資產負債表繼續改善。我們剛剛有了另一個重要的數據點。本季度我們剛剛贖回了另外 31 億美元的債券。我們應該在今年年底前處於一個更好的位置。

  • Always keep in mind that there is a natural seasonality in cash flow generation, and deleveraging has historically been strongly weighted towards the second half of the year. It's important to highlight that leverage is a metric, but having a fixed 4% interest rate in rising interest environment and high inflation, it's a very good place to be.

    始終牢記,現金流的產生具有自然的季節性,而去槓桿化歷來在下半年受到強烈影響。重要的是要強調槓桿是一個指標,但在利率上升的環境和高通脹的情況下有一個固定的 4% 利率,這是一個非常好的地方。

  • We -- I always like to highlight that we reiterate that we capture the majority of the value creation as we continue to move closer to 3x net debt to EBITDA. On the business itself, we definitely have a great business. And as you mentioned, we continue to invest in the organic growth opportunities, which there is no shortage of.

    我們——我總是想強調,我們重申,隨著我們繼續接近 EBITDA 的 3 倍淨債務,我們獲得了大部分價值創造。就業務本身而言,我們絕對擁有出色的業務。正如你所提到的,我們繼續投資於不乏有機增長的機會。

  • On the inorganic question, we're going to access and evaluate opportunities when and if they arise. And of course, nothing to chat at this moment. But the right framework to think about is, with the fat cash that is generated by our business, we aim to maximize value creation more than anything else. And we will do that by dynamically balancing the capital allocation priorities, which are deleveraging, M&A and return of cash -- the return of excess cash to shareholders. Thank you.

    在無機問題上,我們將在機會出現時訪問和評估機會。當然,此時也沒有什麼可聊的。但是要考慮的正確框架是,憑藉我們業務產生的豐厚現金,我們的目標是最大限度地創造價值。我們將通過動態平衡資本配置優先事項來做到這一點,即去槓桿、併購和現金返還——將多餘現金返還給股東。謝謝你。

  • Operator

    Operator

  • This was the final question. If your question has not been answered, please feel free to reach out to the Investor Relations team. I will now turn the floor back over to Michel Doukeris for closing remarks.

    這是最後一個問題。如果您的問題尚未得到解答,請隨時聯繫投資者關係團隊。我現在請 Michel Doukeris 發言結束髮言。

  • Michel Dimitrios Doukeris - CEO

    Michel Dimitrios Doukeris - CEO

  • Thank you, Jessie, and thank you all for your time today and for your ongoing partnership and support of our business. Please stay safe and well, and we look forward to see you all.

    謝謝你,Jessie,感謝大家今天的時間以及對我們業務的持續合作和支持。請保持安全和健康,我們期待與大家見面。

  • Operator

    Operator

  • Thank you. This concludes today's earnings conference call and webcast. Please disconnect your lines, and have a wonderful day.

    謝謝你。今天的財報電話會議和網絡直播到此結束。請斷開您的線路,並祝您有美好的一天。