Anheuser-Busch Inbev SA (BUD) 2022 Q2 法說會逐字稿

Welcome to Anheuser-Busch InBev Second 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 年第二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 the 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一些風險和重要因素的討論，請參閱公司於 2022 年 3 月 18 日向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。

Thank you, Jessie, and welcome, everyone, to our second quarter 2022 earnings call. It is a pleasure to be speaking with you all today. Today, Fernando and I will take you through our second quarter operating highlights and provide you with an update on the progress we have made in the execution of our strategic pillars. We will then be happy to answer your questions.

謝謝你，傑西，歡迎大家參加我們的 2022 年第二季度財報電話會議。今天很高興與大家交談。今天，費爾南多和我將帶您了解我們第二季度的運營亮點，並為您提供我們在執行戰略支柱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 momentum continued this quarter, and we are very pleased with the ongoing strength of our business. We delivered top line growth of 11.3%, with 3.4% volume and 7.5% revenue per hectoliter growth, driven by the expansion of the beer category, ongoing premiumization supported by increased investments in our brands and revenue management initiatives across our markets.

因此，讓我們從我們的運營業績開始。本季度我們的勢頭繼續，我們對我們業務的持續實力感到非常滿意。我們實現了 11.3% 的收入增長，銷量增長 3.4%，每百升收入增長 7.5%，這得益於啤酒類別的擴張、對我們品牌的投資增加以及我們市場的收入管理計劃支持的持續高端化。

Despite the dynamic operating environment, we continue to meet the moment, growing EBITDA by 7.2%. Normalized EPS was $0.75 and the underlying EPS was $0.73. Gross debt decreased by $5.5 billion in the first half of this year, and our net debt to normalized EBITDA decreased to 3.86x. Our performance this quarter was broad-based, and we delivered top line growth across all 5 of our regions with volume growth in over 60% of our markets. Our diverse geographic footprint and balanced EBITDA contribution provide a unique combination of growth and strong cash generation.

儘管經營環境充滿活力，但我們繼續迎接這一時刻，EBITDA 增長了 7.2%。標準化每股收益為 0.75 美元，基礎每股收益為 0.73 美元。今年上半年總債務減少了 55 億美元，我們的淨債務與正常化 EBITDA 之比下降至 3.86 倍。我們本季度的表現基礎廣泛，我們在所有 5 個地區實現了收入增長，在我們 60% 以上的市場中實現了銷量增長。我們多元化的地理足跡和均衡的 EBITDA 貢獻提供了增長和強勁現金產生的獨特組合。

Now I would like to share some highlights from our key markets. In the U.S., I would like to start by highlighting the resilience of the beer industry. Even in the current dynamic operating environment, we have seen gradual improvement throughout the quarter and an increase in value from pre-pandemic levels.

現在我想分享我們主要市場的一些亮點。在美國，我想首先強調啤酒行業的彈性。即使在當前充滿活力的運營環境中，我們也看到整個季度的逐步改善以及大流行前水平的價值增加。

While our volumes underperformed the industry. our business delivered another quarter of top line growth. We remain confident in our long-term strategy focused on rebalancing the portfolio. Our above core portfolio continues to outperform, led by Michelob ULTRA, which grew volumes by double digits.

雖然我們的銷量表現遜於行業。我們的業務又實現了四分之一的收入增長。我們對專注於重新平衡投資組合的長期戰略仍然充滿信心。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。

Within the spirits-based ready-to-drink segment, our portfolio once again outperformed the industry with Cutwater and NÜTRL vodka seltzer growing in strong double digits. In Mexico, we outperformed in the industry. Delivering double-digit top and bottom line growth. Our core brands delivered high single-digit volume growth and our above core portfolio once again grew by double digits, led by Modelo and Michelob ULTRA. Over 60% of our BEES customers are now also BEES marketplace buyers.

在基於烈酒的即飲細分市場中，我們的產品組合再次超越行業，Cutwater 和 NÜTRL 伏特加蘇打水以強勁的兩位數增長。在墨西哥，我們在行業中表現出色。實現兩位數的頂線和底線增長。在 Modelo 和 Michelob ULTRA 的帶領下，我們的核心品牌實現了高個位數的銷量增長，我們的上述核心產品組合再次實現了兩位數的增長。現在，我們 60% 以上的 BEES 客戶也是 BEES 市場買家。

In Colombia, we delivered double-digit top and high single-digit bottom line growth and continue to expand the beer category, again, reaching all-time hyper capital consumption. Our premium and super-premium portfolio reached a record high volume, delivering over 40% growth led by our global brands and local premium brands, include Colombia.

在哥倫比亞，我們實現了兩位數的高位增長和高個位數的底線增長，並繼續擴大啤酒類別，再次達到空前的超資本消耗。我們的高端和超高端產品組合達到了創紀錄的高銷量，在我們的全球品牌和包括哥倫比亞在內的本地高端品牌的帶動下實現了超過 40% 的增長。

Our business in Brazil delivered 26.8% top line growth and a strong 34.3% increase in EBITDA. Brazil is a great example of our evolution towards becoming a tech-first FMCG. Our advanced digital transformation allows us to capture both growth and operating efficiencies. Our beer volumes once again outperformed the industry, growing by 8.5%, led by our core brands, and over 20% volume growth of our premium and super premium brands. In a nutshell, our business in Brazil delivered across all 5 levers of our category expansion framework.

我們在巴西的業務實現了 26.8% 的收入增長和 34.3% 的 EBITDA 強勁增長。巴西是我們發展成為技術優先的快速消費品的一個很好的例子。我們先進的數字化轉型使我們能夠同時獲得增長和運營效率。我們的啤酒銷量再次跑贏行業，在我們的核心品牌的帶動下增長了 8.5%，我們的高端和超高端品牌的銷量增長超過 20%。簡而言之，我們在巴西的業務涵蓋了我們品類擴展框架的所有 5 個槓桿。

In Europe, we delivered high single-digit top and double-digit bottom line growth, driven by on-premise reopening, ongoing premiumization and implementation of revenue management initiatives. Our portfolio continues to premiumize with growth this quarter led by our global and super premium brands.

在歐洲，由於內部重新開放、持續的高端化和收入管理計劃的實施，我們實現了高個位數的頂線和兩位數的底線增長。在我們的全球和超高端品牌的引領下，本季度我們的產品組合繼續高端化。

Our business in South Africa delivered high single-digit top and double-digit bottom line growth despite significant production constraints in April and May due to floods impacting our Prospecton brewery. Underlying demand for our portfolio remained strong. Our leading core brands delivered continued revenue growth and our premium and super premium Beyond Beer portfolio outperformed this quarter. delivering a double-digit increase in revenues.

儘管由於洪水影響了我們的 Prospecton 啤酒廠，4 月和 5 月的生產受到了嚴重限制，但我們在南非的業務實現了高個位數的最高收入和兩位數的利潤增長。對我們投資組合的潛在需求依然強勁。我們領先的核心品牌實現了持續的收入增長，我們的優質和超優質 Beyond Beer 產品組合在本季度表現出色。帶來兩位數的收入增長。

In China, the implementation of COVID-19 restrictions led to a total industry decline of mid-single digits in the quarter according to our estimates. These restrictions disproportionately impacted our key regions and channels, leading to a revenue decline of 5.1%. Underlying consumer demand for our brands remained strong. As restrictions eased in June, both our premium and super premium portfolios returned to volume growth, increasing by double digits.

根據我們的估計，在中國，實施 COVID-19 限制導致本季度行業總體下降中個位數。這些限制不成比例地影響了我們的關鍵區域和渠道，導致收入下降 5.1%。消費者對我們品牌的潛在需求依然強勁。隨著 6 月份限制的放鬆，我們的保費和超保費投資組合都恢復了銷量增長，增長了兩位數。

I would like to now turn your attention to a few ESG highlights. In the second quarter, we made progress across our ESG priorities with select highlights including advancing circularity in our operations. We opened the first full-scale EverGrain production facility in St. Louis, to upcycling barley using our brewing process into high-quality, sustainable protein ingredients, building a resilient value chain. We brought together more than 250 supply chain partners with the launch of our global collaboration initiatives, Eclipse, to drive climate action and decarbonization.

我現在想將您的注意力轉向一些 ESG 亮點。在第二季度，我們在 ESG 優先事項方面取得了進展，其中一些亮點包括推進我們運營的循環性。我們在聖路易斯開設了第一家全面的 EverGrain 生產設施，利用我們的釀造工藝將大麥升級為高品質、可持續的蛋白質成分，建立一個有彈性的價值鏈。我們召集了 250 多個供應鏈合作夥伴，發起了我們的全球合作計劃 Eclipse，以推動氣候行動和脫碳。

Fostering entrepreneurship and innovation. We hosted the third annual demo day of our 100-plus Accelerator program with our CPG partners. 34 start-ups showcased pilots to progress our sustainability goals across water stewardship, climate action, smart agriculture, circular packing and upcycling.

促進創業創新。我們與 CPG 合作夥伴一起舉辦了 100 多個加速器計劃的第三個年度演示日。 34 家初創企業展示了試點項目，以在水資源管理、氣候行動、智能農業、循環包裝和升級回收等方面推進我們的可持續發展目標。

Now let's move on to our strategic pillars. And let's start with Pillar 1, lead and grow the category. Our brand and the creative work that brings them to light and connects them with our consumers is a true passion point of mind. At this year, Cannes Lions International Festival of Creativity, our marketing teams achieved their best performance ever, winning 50 Lions, a record high for our company. These 50 awards were distributed across 6 of our key countries and 9 brands. We were especially honored for being awarded the Creative Marketer of the Year, and the Creative Effectiveness Grand Prix for Michelob ULTRA "contract for change" campaign. Big congratulations to our teams and partners for this extraordinary achievement and recognition of the progress in our creative marketing capabilities.

現在讓我們繼續討論我們的戰略支柱。讓我們從支柱 1 開始，領導並發展該類別。我們的品牌和讓他們曝光並將他們與我們的消費者聯繫起來的創意作品是一個真正的激情點。在今年的戛納國際創意節上，我們的營銷團隊取得了有史以來最好的成績，贏得了 50 名獅王，創下了我們公司的歷史新高。這 50 個獎項分佈在我們的 6 個主要國家和 9 個品牌中。我們特別榮幸被授予年度創意營銷商獎，以及 Michelob ULTRA“變革契約”活動的創意有效性大獎賽。熱烈祝賀我們的團隊和合作夥伴取得這一非凡成就，並認可我們在創意營銷能力方面取得的進步。

Now let me take you through our category expansion levers. First, we continue to focus on making the beer category more inclusive for all consumers. This quarter, consumers' participation within our portfolio increased in the majority of our key markets, driven by brand, pack and liquid innovations.

現在讓我帶您了解我們的類別擴展槓桿。首先，我們繼續專注於讓啤酒品類對所有消費者更具包容性。本季度，在品牌、包裝和液體創新的推動下，我們大部分主要市場的消費者對我們產品組合的參與度都有所增加。

Second, we are offering superior core propositions. Our mainstream portfolio delivered high single-digit revenue growth this quarter, led by strong performances of our core brands in Brazil, Mexico and Colombia.

其次，我們提供卓越的核心主張。我們的主流產品組合本季度實現了高個位數的收入增長，這得益於我們在巴西、墨西哥和哥倫比亞的核心品牌的強勁表現。

Third, occasions development. Our global brand Stella Artois grew revenues by 7.7% outside of its home market, led by the focus on the new occasion in key markets such as Brazil and Colombia.

三是場合發展。我們的全球品牌 Stella Artois 在其本土市場以外的收入增長了 7.7%，這主要得益於巴西和哥倫比亞等關鍵市場的新機遇。

Fourth, we are advancing premiumization. This quarter, our above core portfolio grew revenue by approximately 12%, led by continued double-digit growth of Michelob ULTRA in the U.S. and Mexico and the expansion of Spaten in Brazil.

四是推進高端化。本季度，由於 Michelob ULTRA 在美國和墨西哥的持續兩位數增長以及 Spaten 在巴西的擴張，我們的上述核心投資組合的收入增長了約 12%。

Our global brands continue to drive premiumization across all markets. The combined revenues of Budweiser, Stella Artois and Corona grew by 9.7% outside of the brand's home market, led by Corona with 18.2%, and Stella Artois with 7.7% growth. Budweiser grew by 6.1% despite the impact of COVID-19 restrictions in China, the brand's largest market.

我們的全球品牌繼續推動所有市場的高端化。 Budweiser、Stella Artois 和 Corona 在品牌本土市場以外的總收入增長了 9.7%，其中 Corona 增長 18.2%，Stella Artois 增長 7.7%。儘管在該品牌最大的市場中國受到 COVID-19 限制的影響，百威仍增長了 6.1%。

Finally, we continue to expand the category with our beyond beer offerings. Our global beyond beer business contributed over USD 425 million of revenue in this quarter. In the U.S., our spirits base is ready-to-drink portfolio continued to grow ahead of the industry, led by Cutwater and NÜTRL vodka seltzer. And in South Africa, Brutal Fruit and Flying Fish delivered continued double-digit growth. Innovation this quarter supported the expansion across each of the 5 levers of our framework, contributing approximately 8% of our total revenue this year.

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在本季度貢獻了超過 4.25 億美元的收入。在美國，在 Cutwater 和 NÜTRL vodka seltzer 的帶領下，我們的即飲型烈酒產品組合繼續領先於行業。在南非，Brutal Fruit 和 Flying Fish 實現了兩位數的持續增長。本季度的創新支持了我們框架 5 個槓桿中的每一個的擴展，貢獻了我們今年總收入的約 8%。

Now let's turn to our second strategic pillar, digitize and monetize our ecosystem. As we invest to become a tech-first FMCG company, this continues to see a remarkable acceleration in usage and reach, capturing USD 7.4 billion in GMV this quarter, a 64% increase year-over-year. We have now 2.9 million monthly active users, generating over 1.9 million orders per week.

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。隨著我們投資成為一家技術領先的快速消費品公司，我們的使用量和覆蓋面繼續顯著加速，本季度的 GMV 達到 74 億美元，同比增長 64%。我們現在每月有 290 萬活躍用戶，每週產生超過 190 萬個訂單。

In 12 of the 18 countries, our customers are also able to purchase third-party products through BEES marketplace. BEES marketplace offers a consolidated order and deliver management platform, solving pain points and empowering our customers to grow. We continue to increase adoption and expansion of product availability as 40% of these customers in these markets are also buyers from BEES marketplace.

在 18 個國家中的 12 個國家，我們的客戶還可以通過 BEES 市場購買第三方產品。 BEES 市場提供了一個整合的訂單和交付管理平台，解決了痛點，讓我們的客戶能夠成長。我們繼續增加產品可用性的採用和擴展，因為這些市場中 40% 的這些客戶也是 BEES 市場的買家。

To date, we have over 100 partners providing more than 500 brands through the platform, generating annualized revenues of USD 800 million, [BEES] is winning partnership empowers our customers to grow via the benefits of digital inclusion and enables our partners to benefit from our world-class platform. in highly engaged BEES user base.

迄今為止，我們有 100 多個合作夥伴通過該平台提供 500 多個品牌，年收入達 8 億美元，[BEES] 正在贏得合作夥伴關係，使我們的客戶能夠通過數字包容性的好處實現增長，並使我們的合作夥伴能夠從我們的世界級平台。在高度參與的 BEES 用戶群中。

Now let's talk about direct-to-consumer business. This quarter, our DTC products generated USD 385 million in revenues. The number of online orders surpassed 16 million transactions this quarter, driven by Zé Delivery in Brazil and the continued expansion of our on-demand platform in 10 additional markets in Latin America.

現在讓我們談談直接面向消費者的業務。本季度，我們的 DTC 產品創造了 3.85 億美元的收入。本季度在線訂單數量超過 1600 萬筆交易，這得益於巴西的 Zé Delivery 以及我們按需平台在拉丁美洲另外 10 個市場的持續擴展。

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

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。

Thank you, Michel. Good morning. Good afternoon, everyone. We aim to maximize value by focusing on 3 areas: optimizing resource allocation; robust risk management; and efficient capital structure. With respect to capital allocation, we're going to maximize long-term value creation 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.

謝謝你，米歇爾。早上好。大家下午好。我們的目標是通過關註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；和有效的資本結構。在資本配置方面，我們將通過動態平衡我們的優先事項來最大限度地創造長期價值。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。

The excess cash generated by our business is then dynamically allocated to our other 3 capital allocation priorities, deleveraging, selective M&A and return of capital to shareholders. In line with our capital allocation priorities, we continue to make progress on deleveraging. Our gross debt reduced by USD 5.5 billion in the first half of 2022, and our net debt-to-EBITDA ratio decreased to 3.86x.

然後，我們業務產生的多餘現金被動態分配給我們的其他 3 個資本配置優先事項，即去槓桿、選擇性併購和資本回報股東。根據我們的資本配置重點，我們繼續在去槓桿方面取得進展。 2022 年上半年，我們的總債務減少了 55 億美元，我們的淨債務與 EBITDA 比率降至 3.86 倍。

As you can see on the next slide, our debt maturity profile remains well distributed with no near- and medium-term refinancing needs. We had USD 3.2 billion of bonds maturing through 2025 and more than sufficient cash on hand today to redeem all of these bonds. Our bond portfolio has an average pretax coupon of 4% and a weighted average maturity greater than 16 years.

正如您在下一張幻燈片中看到的那樣，我們的債務到期狀況仍然分佈良好，沒有近期和中期的再融資需求。我們有 32 億美元的債券到 2025 年到期，今天手頭有足夠的現金來贖回所有這些債券。我們的債券投資組合的平均稅前票面利率為 4%，加權平均期限超過 16 年。

Moreover, our debt portfolio does not have any financial covenants and is comprised of a right of currencies diversifying our FX risk. In addition, 94% of our bonds have a fixed rate, insulated from interest rate volatility and inflation.

此外，我們的債務組合沒有任何金融契約，並且包含分散我們外匯風險的貨幣權利。此外，我們 94% 的債券採用固定利率，不受利率波動和通貨膨脹的影響。

Now let me walk you through the drivers of our underlying EPS for the quarter. Underlying EPS was $0.73 per share, $0.02 lower than the second quarter last year. This was driven by an increase in net finance costs and higher income tax expenses. Net finance costs increased largely due to foreign exchange losses, which accounted for $0.04. These losses were a result of FX translation of cash held in foreign subsidiaries.

現在讓我向您介紹本季度基本每股收益的驅動因素。基本每股收益為 0.73 美元，比去年第二季度低 0.02 美元。這是由於淨財務成本增加和所得稅費用增加所致。淨財務成本增加主要是由於外匯損失，佔 0.04 美元。這些損失是外國子公司持有的現金進行外匯換算的結果。

I'll now hand it back to Michel for some final comments. Michel?

我現在將把它交還給 Michel 以獲得一些最終意見。米歇爾？

Thanks, Fernando. I would like to take a few minutes to recap our reflections and learnings and how we continue meeting the moment in 2022. The beer category continues to demonstrate the strength. We are operating in a big, profitable and growing category. Beer continues to gain share of throat globally, and we are well positioned to capture this growth as we hold the #1 position in 7 of the top 10 global beer craft posts.

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 年繼續迎接這一時刻。啤酒類別繼續展示實力。我們在一個龐大、有利可圖且不斷增長的類別中運營。啤酒在全球範圍內的份額繼續增長，我們有能力抓住這一增長，因為我們在全球 10 大啤酒工藝職位中的 7 個職位中排名第一。

Our business has momentum, driven by relentless execution of our strategy, the strength of our brands and our accelerated digital transformation, our business delivered sustained profitable growth. 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 the World Cup in the second half of this year.

我們的業務勢頭強勁，在我們戰略的不懈執行、我們的品牌實力和我們加速的數字化轉型的推動下，我們的業務實現了持續的盈利增長。最重要的是，今年提供了激活需求的獨特機會。例如在今年下半年繼續重新開放和回歸世界杯等大型賽事。

In conclusion, we are confident in our business fundamentals and our team's ability to continue to meet the moment and create a future of more shares. I would now like to hand it over to Jesse to begin the Q&A session.

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股份的未來的能力充滿信心。我現在想把它交給 Jesse 來開始問答環節。

(Operator Instructions) Our first question is coming from the line of Simon Hales with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Simon Hales。

Good morning, Michel. Good Morning, Fernando. Two questions for me, please. I mean could you talk a little bit, Michel, about sort of what is the strong revenue per hectoliter increase you continue to see in Q2? And whether that robust pricing that continues to go through in your markets around the world is having any real underlying effect on consumer offtake trends. I wonder specifically in the U.S., whether some of the recent pickup we've seen in sort of the lower priced beer brands like Busch as a reflection of some of the pricing and inflationary moves in the market. Just interested in your color there?

早上好，米歇爾。早安，費爾南多。請教我兩個問題。我的意思是，米歇爾，您能否談談您在第二季度繼續看到的每百升收入的強勁增長？以及繼續在您的全球市場中實施的強勁定價是否對消費者購買趨勢產生任何真正的潛在影響。我特別想知道在美國，我們最近在像 Busch 這樣的低價啤酒品牌中看到的一些回升是否反映了市場上的一些定價和通脹走勢。只是對你的顏色感興趣？

And secondly, maybe one for Fernando around the tax credits in Brazil, which were clearly positive in the quarter. Is that a one-off really in Q2, Fernando. I mean, obviously, you had something last year as well. But should we expect any more tax create to support the numbers into Q3 and beyond?

其次，對於費爾南多來說，可能是巴西的稅收抵免，這在本季度顯然是積極的。費爾南多，這真的是第二季度的一次性活動嗎？我的意思是，很明顯，你去年也有一些東西。但我們是否應該期待更多的稅收創造來支持第三季度及以後的數字？

Simon, thank you for the question. I'll take the first one on revenue and then hand it over to Fernando. But when we think about revenue, we discussed at the beginning of this year, as we announced the year-end results that majority of our price increase and revenue actions were in place. So we had this incoming revenue momentum and the price in place in majority of the markets.

西蒙，謝謝你的提問。我會拿第一個關於收入的，然後把它交給費爾南多。但是當我們考慮收入時，我們在今年年初討論過，當我們宣布年終業績時，我們的大部分價格上漲和收入行動已經到位。因此，我們在大多數市場都有這種收入勢頭和價格。

And as we look at that, we continue to very carefully analyze and access the situation market by market, given the current environment and trying to assertively balance the consumer demand and the value proposition of our brands.

當我們看到這一點時，我們將繼續非常仔細地分析和了解市場情況，考慮到當前的環境，並試圖果斷地平衡消費者需求和我們品牌的價值主張。

Up to date, let's say, based on what we saw in the first half of the year and our own volume performance, you don't see any deceleration on the trend. So beer continues to grow globally and gain share of throat in most of the relevant markets. So good performance good incoming momentum.

到目前為止，比方說，根據我們在上半年看到的情況和我們自己的銷量表現，你看不到趨勢有任何減速。因此，啤酒繼續在全球範圍內增長，並在大多數相關市場中佔據一席之地。所以良好的表現良好的來勢。

And as we go deeper market by market, I think that you had this question, there is always 2 tails of the stories in the U.S. and globally, you see premiumization as a big trend that's not slowing down. And of course, there are brands performing differently market to market. The Busch Light point that you asked here is not new. Busch Light is in a big run for several quarters already, growing as 1 of the top growth brands in the U.S., very healthy, expanding from the inner parts of the country are growing now to more regions, and it continues to accelerate. But I don't think that has any relation to short-term pressure on consumers or trade down is much more brand momentum behind Busch Light that's working very well.

隨著我們逐個市場深入，我認為你有這個問題，在美國和全球總是有兩條故事的尾巴，你認為高端化是一個不會放緩的大趨勢。當然，有些品牌的市場表現不同。您在這裡問的 Busch Light 點並不新鮮。 Busch Light 已經連續幾個季度大放異彩，成長為美國增長最快的品牌之一，非常健康，從美國內陸地區擴張到更多地區，而且還在繼續加速。但我認為這與消費者面臨的短期壓力或降價沒有任何關係，這與運行良好的 Busch Light 背後的品牌動力有關。

So I would say that on a consolidated view and even specifically in the U.S. we don't see now signals of trading down or slow down. Historically, though, we know that beer is very resilient. That consumers trade out of some categories, but not really beer because of its affordability. And we often see more expensive beverage trading now towards spring beer. So often, what we see is an acceleration of premium beer growth when you have some inflationary scenarios and consumers under pressure.

所以我想說，綜合來看，甚至特別是在美國，我們現在看不到交易下降或放緩的信號。不過，從歷史上看，我們知道啤酒非常有彈性。消費者在某些類別中進行交易，但不是真正的啤酒，因為它的負擔能力。而且我們現在經常看到更昂貴的飲料交易轉向春季啤酒。我們經常看到的是，當您遇到一些通貨膨脹情況和消費者面臨壓力時，優質啤酒的增長會加速。

But up to date, things moving quite well. And the biggest evidence of that is the growth of beer globally according to Aero monitor and IWSR and our own volume growth of 3.4%.

但到目前為止，事情進展順利。根據 Aero Monitor 和 IWSR 的數據，全球啤酒的增長以及我們自身 3.4% 的銷量增長就是最大的證據。

And Simon, on your second question, so the tax credits in Brazil were more of a one-off this quarter. There is always kind of a tax decisions out there, but it's not a recurring item that we should be expecting. And the only highlight that I would say is that even though it has a benefit in the total EBITDA and EPS is excluded from our organic growth. So the organic growth number doesn't take into consideration any tax credit benefits.

西蒙，關於你的第二個問題，所以本季度巴西的稅收抵免更像是一次性的。總會有某種稅收決定，但這不是我們應該期待的經常性項目。我要說的唯一亮點是，即使它對總 EBITDA 和每股收益有好處，但被排除在我們的有機增長之外。因此，有機增長數字沒有考慮任何稅收抵免優惠。

Our next question is coming from the line of Tristan Van Strien with Redburn Partners.

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

Just a few questions for me. Just one just quick follow-up on that last one from Simon. So just for the avoidance on the current Supreme Court decision on the tax credit, there's nothing coming in future years. Just to clarify that.

只是問我幾個問題。只是對西蒙最後一個的快速跟進。因此，只是為了避免最高法院目前關於稅收抵免的決定，未來幾年不會有任何事情發生。只是為了澄清這一點。

As far as we know today, no.

據我們今天所知，沒有。

Okay. Great. Then just a few questions for me. One for Fernando, just on your working capital, quite a big outflow this first half from the largest I've ever seen. Can you just maybe take us through that and how we should think about it for the full year? I mean, are you going to get back to positive territory in very normally do in H2?

好的。偉大的。然後問我幾個問題。費爾南多的一個，就你的營運資金而言，上半年有相當大的資金流出，這是我見過的最大的一筆資金。你能不能帶我們經歷一下，以及我們應該如何考慮全年？我的意思是，你會在 H2 非常正常地回到積極的領域嗎？

And then the second question, again, also go back on pricing. In the past, you said you want to get the CPI type level of pricing. When I look at the U.S. in particular, is that something you're still aiming for, for this year? Or is -- or is it just really about covering your costs rather than recovering CPI?

然後第二個問題再次回到定價上。過去，您說過要獲得 CPI 類型的定價水平。當我特別看美國時，今年你是否還在追求這一目標？或者是——或者僅僅是為了彌補你的成本而不是恢復 CPI？

And then, Michel, the third question on Colombia, it's really going well. I'm just trying to figure out what exactly has been that inflection point? I mean why are you guys gaining the share from alcohol, which seems to have escaped actually Colombia for many years. What are you doing very differently does happen in the past?

然後，米歇爾，關於哥倫比亞的第三個問題，進展順利。我只是想弄清楚那個拐點到底是什麼？我的意思是你們為什麼要從酒精中獲得份額，這似乎已經逃離了哥倫比亞多年。你在做什麼與過去發生的非常不同的事情？

Tristan, Fernando, once again. So let me take the first one and then I'll let Michel answer the other two questions. So for us to better understand 2022 working capital, we need to look at what happened in the opening balance in 2021.

特里斯坦，費爾南多，再一次。所以讓我回答第一個問題，然後讓米歇爾回答其他兩個問題。因此，為了更好地了解 2022 年的營運資金，我們需要看看 2021 年的期初餘額發生了什麼。

So if you look at CapEx, back in 2020, we made some proactive decisions to reduce CapEx during the peak of the COVID uncertainty in a meaningful way, and that led to lower payables balance in our opening balance sheet for 2021. The income tax payables were also lower as the business was impacted in 2020, so less income taxes to pay in 2021.

因此，如果您回顧一下資本支出，早在 2020 年，我們就做出了一些積極的決定，以有意義的方式在 COVID 不確定性高峰期間減少資本支出，這導致我們 2021 年期初資產負債表中的應付賬款餘額減少。應付所得稅由於業務在 2020 年受到影響，因此 2021 年要繳納的所得稅也減少了。

And third, you need to remember that there was no bonus for the year 2020. And as always, this bonus is actually paid in 2021. So again, lower payables balance. So with this context, 2022 looks more like a normal year. And if you look all those anticipated impacts are fully embedded into our plan.

第三，您需要記住，2020 年沒有獎金。與往常一樣，這筆獎金實際上是在 2021 年支付的。因此，再次降低應付賬款餘額。因此，在這種背景下，2022 年看起來更像是正常的一年。如果你看一下，所有這些預期的影響都完全融入了我們的計劃。

And with this in mind, we go back to this trend that seasonally, we generate lower cash flow in the first half of the year. And then you should have a strong generation in the second half of the year. So no changes in our normal business operation.

考慮到這一點，我們回到這一趨勢，即季節性地，我們在上半年產生較低的現金流。然後你應該在下半年有一個強大的一代。因此，我們的正常業務運營沒有任何變化。

And Michel?

還有米歇爾？

Yes. Thank you for the questions. I'll take the first one on pricing CPI. I think that generally, the idea does not change much. I think that what really changed big time this year and a little bit last year is that the CPI is much bigger than one would expect and even accelerated throughout the year, right?

是的。謝謝你的提問。我將採取第一個關於定價 CPI 的內容。我認為一般來說，這個想法並沒有太大變化。我認為今年和去年真正發生重大變化的是CPI比人們預期的要大得多，甚至全年都在加速，對吧？

And because of that, we had our plans in place. we look globally to date, I would say that it's clear that beer prices are lagging inflation while I just said before that we are carefully balancing consumer demand, value proposition of our brands and input costs as we build our revenue management strategy. But globally, prices that is likely below inflation.

正因為如此，我們制定了計劃。迄今為止，我們放眼全球，我想說的是，啤酒價格顯然落後於通貨膨脹，而我之前說過，在製定收入管理戰略時，我們正在仔細平衡消費者需求、我們品牌的價值主張和投入成本。但在全球範圍內，價格可能低於通脹。

And if you think a company of our size and scale, of course, we have many levers to pull in how we offset the input costs. And that's the reason why to date, we are growing both top line with strong volumes and the EBITDA. So I think that we continue to monitor. We continue to carefully balance well the consumer demand with our revenue management initiatives.

當然，如果您認為像我們這樣規模和規模的公司，我們有很多槓桿可以用來抵消投入成本。這就是為什麼迄今為止，我們的營收和 EBITDA 都在增長。所以我認為我們會繼續監測。我們將繼續謹慎地平衡消費者需求與我們的收入管理計劃。

On the second point, maybe just linking straight Colombia to that, I think that Colombia is a very interesting example as well. I mentioned Brazil on the webcast. But in Colombia, we have this very good combination of us activating the category levers. So the 5 levers of expansion that we talk with innovation with strong per capita consumption growth in a very well-defined digital environment for us now where we can both activate the demand with retailers, but also start engaging much more consumers in a 360 type of digital activation that helps us to position well our brands activate well the demand and continue to develop the category. So I think that is another good example of a market where everything is coming together and working very well for us as we continue to gain share of throat there.

關於第二點，也許只是將哥倫比亞與那個直接聯繫起來，我認為哥倫比亞也是一個非常有趣的例子。我在網絡廣播中提到了巴西。但在哥倫比亞，我們有很好的組合來激活類別槓桿。因此，我們與創新討論的 5 個擴張槓桿在非常明確的數字環境中實現了強勁的人均消費增長，現在我們既可以激活零售商的需求，又可以開始在 360 度全方位吸引更多消費者數字化激活有助於我們很好地定位我們的品牌很好地激活了需求並繼續發展該類別。因此，我認為這是市場的另一個很好的例子，當我們繼續在那裡獲得份額時，一切都融合在一起並為我們工作得很好。

And Tristan, just if I could add some color on Colombia as well because Colombia is a market that we had double-digit top line growth, but we had single-digit EBITDA growth, and the single-digit EBITDA growth was actually a function of this the disposal of noncore assets. This quarter is actually, we sold the land. If it wasn't for the sale of land, we would have also double-digit EBITDA growth in Colombia.

還有特里斯坦，如果我也可以為哥倫比亞添加一些顏色，因為哥倫比亞是一個我們有兩位數收入增長的市場，但我們有個位數的 EBITDA 增長，而個位數的 EBITDA 增長實際上是一個函數這是非核心資產的處置。這個季度實際上是，我們賣掉了土地。如果不是為了出售土地，我們在哥倫比亞的 EBITDA 也會有兩位數的增長。

Our next question is coming from the line of James Edward Jones with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 James Edward Jones。

Just give us any indication what's happening to your marketing spend as a percentage of sales. For example, Diageo this morning, was interesting on its determination to continue investing in marketing to take share in the total beverage alcohol market. I guess I'm wondering what your reaction to that is.

只需向我們說明您的營銷支出佔銷售額的百分比。例如，今天早上的帝亞吉歐（Diageo）對繼續投資營銷以在整個飲料酒精市場中佔有一席之地的決心很感興趣。我想我想知道你對此有何反應。

James, thank you for the question. So we have discussed this before as well in the annual release. We continue to invest behind our brands as we premiumize, create more alternatives to grow and expand the category, and there is no change in this plan. I think that what has been changing and is always a good opportunity to highlight that is that we are becoming more efficient, so the campaigns have been working better. And the more we become more digital, the more we connect with both points of sales and consumers digitally. We see growing on wise on the investments that we are making.

詹姆斯，謝謝你的問題。所以我們之前也在年度發布中討論過這個問題。隨著我們的高端化，我們繼續投資於我們的品牌，創造更多的替代品來發展和擴大品類，這個計劃沒有變化。我認為一直在發生變化並且始終是一個很好的機會來強調我們正在變得更有效率，因此這些活動一直在運作得更好。我們越是數字化，我們與銷售點和消費者的數字化聯繫就越多。我們看到我們正在進行的投資在明智地增長。

So we will continue to invest, and we are very glad with the performance that we are having both in creative because we continue to strike very well on the power of the brands, but also in the other of these investments that continue to grow as we digitalize.

所以我們將繼續投資，我們對我們在創意方面的表現感到非常高興，因為我們繼續很好地發揮品牌的力量，而且在其他這些投資中，隨著我們繼續增長數字化。

Our next question is coming from Edward Mundy with Jefferies.

我們的下一個問題來自 Edward Mundy 和 Jefferies。

Two questions from me, please. The first is on your guidance of 4% to 8% organic EBITDA year, you've delivered 7.5% in the first half and to deliver off is quite a wide range. the second half. I appreciate there's still scope for a lot of volatility, but the China exit rate looks quite encouraging in June. You mentioned the marquee events and the flooding in South Africa should be in the past. Is there anything that you're seeing so far would suggest that H2 will be materially worse than the first half?

請教我兩個問題。第一個是關於 4% 到 8% 的有機 EBITDA 年度的指導，您在上半年交付了 7.5% 並且交付範圍相當廣泛。下半場。我很欣賞仍有很大波動的空間，但中國 6 月份的退出率看起來相當令人鼓舞。你提到了南非的重大事件和洪水應該成為過去。到目前為止，您所看到的是否有任何跡象表明 H2 會比上半年更糟糕？

And then the second question is on Cutwater and NÜTRL that are doing pretty well in the U.S. Does that give you confidence to push those 2 brands as spirit-based RTDs globally?

然後第二個問題是關於在美國做得很好的 Cutwater 和 NÜTRL。這是否讓您有信心將這兩個品牌作為基於烈酒的 RTD 推向全球？

Ed, Fernando here. So on the 4% to 8%, we are reiterating the outlook. And when we said 4% to 8%, there is no -- nothing you could read about the different performance in each quarter rather than full year 4% to 8%.

埃德，費爾南多在這裡。因此，對於 4% 到 8%，我們重申了前景。當我們說 4% 到 8% 時，沒有 - 你可以讀到每個季度的不同表現，而不是全年 4% 到 8%。

I don't know if Michel wants to add any to that?

我不知道米歇爾是否想添加任何內容？

Yes. I can add on that and take on the second question, Edward, thanks for the question. I think that the opportunity here to answer that would be just to remind ourselves and to clarify once again why we provided an outlook as we were coming from last year to this year.

是的。我可以補充一下，回答第二個問題，愛德華，謝謝你的提問。我認為，在這裡回答這個問題的機會只是提醒我們自己並再次澄清為什麼我們提供了從去年到今年的前景。

I think that at the moment that we announced our new strategy and the transition from inorganic growth strategy to a more organic growth strategy. We discussed and shared with you the main things that we have to evolve and what would be required for us to really land this organic strategy.

我認為，在我們宣布新戰略以及從無機增長戰略向更有機增長戰略轉變的那一刻。我們討論並與您分享了我們必鬚髮展的主要內容以及我們真正實現這一有機戰略所需的條件。

And 3 points that I stressed and discussed with you, was investing to lead and grow the category, invest to advance and accelerate our digital transformation while dynamically allocating our resources to first grow the business organically, and then deliver the other 3 priorities. And we work at the midst of this pandemic and all this very dynamic operating environment, and we thought that would be very important to provide clarity on the growth algorithm. That was the reason why we gave the 4% to 8%. And all of that remains true today, right?

我強調並與您討論的 3 點是投資以領導和發展該類別，投資以推進和加速我們的數字化轉型，同時動態分配我們的資源以首先有機地發展業務，然後交付其他 3 個優先事項。我們在這種流行病和所有這些非常動態的操作環境中工作，我們認為這對於提供清晰的增長算法非常重要。這就是我們給 4% 到 8% 的原因。所有這一切在今天仍然正確，對吧？

So we are accelerating organic growth investing in the category and in the digital transformation, and we continue to support this growth. Therefore, the 4% to 8% works for us, not for a quarter only, but it's more a midterm algorithm and outlook that we are giving and sharing with you. So providing the certainty of the financial discipline that we'll do the end. We do all the investments that we need to do and deliver the EBITDA growth.

因此，我們正在加速投資該類別和數字化轉型的有機增長，我們將繼續支持這種增長。因此，4% 到 8% 對我們有用，而不僅僅是一個季度，而是我們提供並與您分享的中期算法和前景。因此，提供我們將完成的財務紀律的確定性。我們做我們需要做的所有投資並實現 EBITDA 增長。

And NÜTRL is a very interesting question. I'm sure that for a lot of people, it's a new brand, but NÜTRL is leading Vodka Soda in Canada. It's growing very fast in the last 3, 4 years in Canada, and we decided to launch at the end of last year in the U.S., performed very well in 2 states. We are rolling it out now nationally. Very accelerated growth, very good news coming from quarter 2, but also from 4th of July, where the brand stroke like high volumes and very good performance.

NÜTRL 是一個非常有趣的問題。我敢肯定，對於很多人來說，這是一個新品牌，但 NÜTRL 在加拿大領先伏特加蘇打水。它在過去 3、4 年在加拿大增長非常快，我們決定在去年底在美國推出，在 2 個州表現得非常好。我們現在正在全國推廣。非常加速的增長，來自第二季度的好消息，但也來自 7 月 4 日，品牌在此期間表現出色，銷量大增。

The key focus now is on the U.S. where you have this dual strategy in the ready-to-drink Cutwater, which is a more complex huge variety of cocktails, and NÜTRL is more on the vodka soda, which is the seltzer space, let's say, that is -- and the spirits based are ready-to-drink vodka soda. They take a lot of share from the mouth based seltzer. And the brand is great, performing very well. Once we get this well established in the U.S. Yes, there will be very good opportunities for both Cutwater and NÜTRL to continue to expand globally.

現在的重點是在美國，在即飲型 Cutwater 中有這種雙重策略，這是一種更複雜、種類繁多的雞尾酒，而 NÜTRL 則更多地關注伏特加蘇打水，即蘇打水空間，比方說，也就是說——基於烈酒的是即飲伏特加蘇打水。他們從基於嘴巴的蘇打水中獲得了很多份額。而且這個品牌很棒，表現非常好。一旦我們在美國建立了良好的基礎。是的，Cutwater 和 NÜTRL 將有很好的機會繼續在全球擴張。

And just to come back to the first question, I appreciate that the 48% is a very medium-term framework, and you need to have the flexibility to reinvest. But just to be clear, without guiding for the second half, you haven't seen anything that sort of puts an inflection on the downside since the first half that we need to know about?

回到第一個問題，我很欣賞 48% 是一個非常中期的框架，你需要有再投資的靈活性。但需要明確的是，在沒有指導下半場的情況下，自上半場以來，您沒有看到任何我們需要了解的情況會導致下行的拐點嗎？

So year-to-date, no change. You see the volume in the second quarter, I think that is the best indication of the momentum and we remain confident on the fundamentals and the strategy implementation and execution.

所以年初至今，沒有變化。您看到第二季度的交易量，我認為這是勢頭的最佳跡象，我們對基本面以及戰略實施和執行仍然充滿信心。

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。

Michel and Fernando. I got two questions, please. First of all, do you see or do you expect any impact on volumes from your price increase in some emerging markets, particularly in Africa and Latin America, considering that affordability for beer could be an issue and that the food inflation is definitely going up quite a lot in those countries? That's the first question.

米歇爾和費爾南多。我有兩個問題，請。首先，考慮到啤酒的可負擔性可能是一個問題，而且食品通脹肯定會大幅上升，您是否看到或預計某些新興市場的價格上漲會對銷量產生任何影響，尤其是在非洲和拉丁美洲在那些國家很多？這是第一個問題。

And then second question, you've made some really good progress on deleveraging in H1. And you usually generate much more cash in H2. Would it be fair to assume that you could end the year closer to 3.5x net debt to EBITDA. And from a cash flow perspective, would you be willing to reinstate the interim dividend as you've done in the past on top of the final dividend?

然後第二個問題，你在上半年去槓桿方面取得了一些非常好的進展。而且你通常會在下半年產生更多的現金。假設您可以在年底接近 EBITDA 的 3.5 倍淨債務，這是否公平。從現金流的角度來看，您是否願意像過去那樣在末期股息之上恢復中期股息？

Olivier, thank you for the question. I'll take the first 1 and leave Fernando with the second, third question. Our incoming volume trends remain very strong. This growth is across all regions. So we see good trends across regions. And maybe the most important point here is the underlying demand because even in some of the regions today, we have some constraints in supply availability.

奧利維爾，謝謝你的問題。我會回答第一個問題，讓費爾南多回答第二個、第三個問題。我們的進貨量趨勢仍然非常強勁。這種增長遍及所有地區。因此，我們看到各地區的良好趨勢。也許這裡最重要的一點是潛在需求，因為即使在今天的某些地區，我們在供應方面也存在一些限制。

We could be selling a little bit more. But we don't see to date any slowdown on that. And once again, historically we see that beer is very resilient. Data from Aero monitor, IWSR that we saw now at the end of quarter 1, April, continue to show the same trends, beer growing globally and gaining share of throat. So we will know more once we get through quarter 3 and quarter 4. But to date, trends remain with good momentum.

我們可以多賣一點。但到目前為止，我們沒有看到任何放緩。再一次，從歷史上看，我們看到啤酒非常有彈性。我們現在在 4 月第 1 季度末看到的來自 Aero 監測器 IWSR 的數據繼續顯示相同的趨勢，啤酒在全球範圍內增長並獲得了喉嚨份額。因此，一旦我們度過第 3 季度和第 4 季度，我們將了解更多信息。但迄今為止，趨勢仍然保持良好勢頭。

And Olivier, on your second question, Fernando here, you are right. We continue to make progress on deleveraging. And it is true that the leverage seems to -- normally is stronger on the second half because the cash flow component is far stronger in the second half. So we are not providing any specific guidance on the number. But as part of our strategy, and we've been very vocal about it, we continue to focus on the leveraging and we should be making further progress on the second half.

奧利維爾，關於你的第二個問題，費爾南多，你是對的。我們繼續在去槓桿方面取得進展。確實，槓桿似乎 - 通常在下半年更強，因為下半年的現金流成分要強得多。因此，我們沒有提供任何關於數字的具體指導。但作為我們戰略的一部分，我們一直非常直言不諱，我們繼續專注於槓桿作用，我們應該在下半年取得進一步進展。

On your dividend question, I see the right way to do is going back to our dynamic allocation of our capital. We continue to invest behind our business, and there are a lot of opportunities in there. And the excess cash, I feel at every given moment in time, we will look at what creates more value, whether it's the leveraging return of cash to shareholders or selective M&A, and this decision that we're going to be taking at different moments in time.

關於您的股息問題，我認為正確的做法是回到我們的資本動態分配。我們繼續投資於我們的業務，那裡有很多機會。而多餘的現金，我覺得在每個特定時刻，我們都會看看什麼創造了更多價值，無論是利用現金返還給股東還是選擇性併購，以及我們將在不同時刻做出的決定及時。

So once we get to October, then we can have a discussion. But what I can tell you is that right now, we can create more value from the leveraging than anything else. So that should be more of the leveraging to come.

因此，一旦我們到了 10 月，我們就可以進行討論。但我可以告訴你的是，現在，我們可以從槓桿作用中創造比其他任何東西更多的價值。所以這應該是更多的槓桿作用。

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。

Michel, Fernando, given your earlier comments that beer pricing is lagging CPI is likely looking like another year of input cost headwinds into 2023. As you think about and budget over the next few quarters, is it reasonable to assume that your pricing will be considered to catch up to where CPI is now? Or should we expect you to price below CPI and place a little bit more emphasis on the volume momentum we have.

Michel，Fernando，鑑於您之前的評論，啤酒定價落後於 2023 年，CPI 可能看起來又是一年的投入成本逆風。在您考慮未來幾個季度的預算時，假設您的定價將被考慮是否合理趕上CPI現在的位置？或者我們是否應該期望您的價格低於 CPI，並更加強調我們擁有的成交量勢頭。

Sanjeet, this is Fernando here. Let me start tackling the cost and then Michel can talk about the top line. So if you look, for 2022, the majority of our spend is covered, and this is embedded into our full year EBITDA growth outlook of 4% to 8%, which we rate to rate today. And of course, revenue is growing ahead of EBITDA.

桑吉特，這裡是費爾南多。讓我開始解決成本問題，然後 Michel 可以談談收入。因此，如果您看一下，到 2022 年，我們的大部分支出都已涵蓋，這已包含在我們今天評估的 4% 至 8% 的全年 EBITDA 增長前景中。當然，收入增長超過 EBITDA。

For 2023, we are seeing the process of hedging our exposure, so it's too early to make any comments. But it's also fair to say that commodity price continues to be under pressure, but the recent movements have been positive. And the commodity escalation is not even spread throughout the world. If you look at based on market price today, the highest year-on-year impact is in Europe, which happens to be where we have the lowest exposure as a business.

對於 2023 年，我們正在看到對沖風險的過程，因此現在發表任何評論還為時過早。但公平地說，大宗商品價格繼續承壓，但近期走勢向好。商品升級甚至沒有蔓延到全世界。如果您根據今天的市場價格來看，同比影響最大的是歐洲，而這恰好是我們作為一家企業的風險最低的地方。

And maybe Michel can comment on the top line.

也許米歇爾可以評論頂行。

Yes. Sanjeet, thanks for the question. Good afternoon. I think that on the cost for sales offer on that as we look at the situation today, the impact of the year would finish today for next year is smaller than what was an impact from last year to this year. But we will need to get through quarter 3, quarter 4, again, to understand that all the moving parts.

是的。桑吉特，謝謝你的提問。下午好。我認為，就銷售成本而言，當我們看今天的情況時，今年將在今天結束對明年的影響小於去年到今年的影響。但我們需要再次經歷第 3 季度、第 4 季度，才能了解所有活動的部分。

And in price, Sanjeet, I think that we are thinking alike, right? So there is no big change in the way that we think about our prices and inflation globally. I think that the biggest change this year was that inflation moved much faster and move it beyond what was the original expectation of everybody, and we continue to monitor and access the situation.

在價格上，桑吉特，我認為我們的想法是一樣的，對吧？因此，我們對全球價格和通貨膨脹的看法沒有太大變化。我認為今年最大的變化是通貨膨脹速度更快，超出了每個人最初的預期，我們繼續監控和了解情況。

At the same time, it's not like abnormal that throughout the year, all the prices that we have are not replacing us because in several markets, we have more than 1 price increase per year. So we continue to execute our plans as we always do. And the caveat here that I would put forward is this idea of we need to be carefully assessing the consumer environment country by country, brand by brand, segment by segment.

同時，全年我們所有的價格都沒有取代我們，這並不像異常，因為在幾個市場，我們每年都有超過 1 次價格上漲。因此，我們將一如既往地繼續執行我們的計劃。我要在這裡提出的警告是，我們需要逐個國家、逐個品牌、逐個細分市場仔細評估消費者環境。

So we keep our #1 priority, which is grow the category in mind, right? And we need to grow for the long term, not only for the short term. So penetration is very important, transactions and frequency is something that we are looking at all the time. So we don't disconnect the category from consumers. But at this point, inflation is common across categories, prices are moving in the right direction, beer is likely before inflation and catching up and consumers are responding well, even though we need to carefully watch the next quarters.

所以我們保持我們的第一要務，那就是增長類別，對吧？我們需要長期增長，而不僅僅是短期增長。所以滲透非常重要，交易和頻率是我們一直在關注的東西。因此，我們不會斷開該類別與消費者的聯繫。但在這一點上，通脹在各個類別中都很普遍，價格正朝著正確的方向發展，啤酒很可能在通脹之前趕上，消費者反應良好，儘管我們需要仔細觀察接下來的幾個季度。

And I think and I feel that we will know more as we get through quarter 3 and quarter 4, and we only know the full picture as I gather, right? So now it's directionally, we are clear on what we are doing and it's working, and we need to continue to monitor the consumer environment. It's what I can tell you.

而且我認為並且我覺得隨著我們度過第三季度和第四季度，我們會知道更多，而且我們只知道我收集的全貌，對嗎？所以現在是有方向的，我們很清楚我們在做什麼，它正在發揮作用，我們需要繼續監控消費者環境。這是我可以告訴你的。

Our next question is coming from Trevor Stirling with Bernstein.

我們的下一個問題來自 Trevor Stirling 和 Bernstein。

Fernando, Michel. Two questions from my side, please. First one, 127 bps of margin compression in the quarter Fernando. Could you estimate, what's the impact of the marketplace? It's clearly very accretive for EBITDA growth, but what order of magnitude of dilution is coming from these marketplace?

費爾南多，米歇爾。請從我這邊提出兩個問題。第一個，費爾南多季度利潤率壓縮 127 個基點。你能估計一下，市場的影響是什麼？這顯然對 EBITDA 增長非常有利，但這些市場的稀釋程度如何？

Trevor, Fernando here. So what I can tell about this is that marketplace is still at early stage. We are rolling it out and growing customer and partner base at a very accelerated rate. The revenues coming from this marketplace are entirely incremental to have a very different margin profile, but very accretive ROI given our existing asset base.

特雷弗，費爾南多在這裡。所以我可以說的是，市場仍處於早期階段。我們正在以非常快的速度推出並擴大客戶和合作夥伴基礎。來自這個市場的收入完全是增量的，具有非常不同的利潤率，但考慮到我們現有的資產基礎，投資回報率非常高。

Therefore, there is an impact in the margins, which means the base business margin is better than the consolidated one as marketplace becomes more material, we'll probably disclose it separately. Wrapping up we have $800 million annualized GMV. And if you use a similar business as a proxy, one can reverse engineer the impact on margins that we're having.

因此，利潤率會受到影響，這意味著隨著市場變得更加重要，基本業務利潤率優於合併後的利潤率，我們可能會單獨披露。最後，我們有 8 億美元的年化 GMV。而且，如果您使用類似的業務作為代理，則可以對我們對利潤率的影響進行逆向工程。

Great. And second question it's clearly very early days to be looking forward to 2023. And I'm sure you still have -- 1 of your hedging has to be completed yet. But if you took today's spot rates and goes forward, are we looking at input cost inflation that's going to be worse than 2022 or better or more or less the same?

偉大的。第二個問題，期待 2023 年顯然還為時過早。而且我敢肯定你還有——你的對沖中的一項尚未完成。但是，如果您採用今天的即期匯率並繼續前進，我們是否會看到投入成本通脹將比 2022 年更糟、更好或大致相同？

Michel just mentioned, if we were to look at today, and that is still a lot of quarters to have an our hedging policies 12 months, so we are not fully hedged for next year, as one would expect. But if we look at the spot prices today and comparing to last year, you do have some pressures, but to a lesser extent than the one we have in 2022. The only target is probably the 1 region where we have more of an impact is Europe. On average, as a company, would have less of an impact, an impact but less of an impact, but the region or has more of an impact than the one we had this year is Europe.

米歇爾剛剛提到，如果我們看今天，還有很多季度我們的對沖政策 12 個月，所以我們沒有像人們預期的那樣對明年進行完全對沖。但是，如果我們看看今天的現貨價格並與去年相比，你確實有一些壓力，但壓力比我們在 2022 年的壓力要小。唯一的目標可能是我們影響更大的一個地區是歐洲。平均而言，作為一家公司，影響較小，但影響較小，但該地區或比我們今年的影響更大的是歐洲。

The next question is coming from Brett Cooper with Consumer Edge Research.

下一個問題來自消費者邊緣研究的 Brett Cooper。

A question on improving returns. In April, Ambev spoke to focus on improving ROIC improvement in asset turnover and NOPAT margin. Can you offer your view on where you are today, the potential to deploy or export a similar effort and any details on that deployment in non-Ambev markets like U.S., Mexico, China and Colombia?

關於提高回報的問題。 4 月，Ambev 談到了提高資產周轉率和 NOPAT 利潤率方面的 ROIC 改善。您能否就您目前所處的位置、部署或出口類似工作的潛力以及在美國、墨西哥、中國和哥倫比亞等非 Ambev 市場部署的任何細節發表您的看法？

So that's -- thanks for the question, Brett. I feel there is an opportunity for the Board, we always look into that. We talk always about resource allocation. We'll continue to work on that. And I feel that as long as we continue to deliver. We continue to deliver growth on EBITDA, we continue to be more efficient on resource allocation. That's an ABI's worldwide focus. It's not only on a specific country or a specific region, but it's how we optimize our business.

那就是——謝謝你的問題，布雷特。我覺得董事會有機會，我們一直在研究。我們總是談論資源分配。我們將繼續努力。我覺得只要我們繼續交付。我們繼續實現 EBITDA 的增長，我們繼續提高資源配置效率。這是 ABI 的全球關注點。它不僅針對特定國家或特定地區，而且是我們優化業務的方式。

Our next question is coming from the line of Pinar Ergun with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Pinar Ergun。

In the U.S., your performance has been a little lighter than the market trends. Is there anything ABI can do other than portfolio rebalancing towards the growth segments to improve its U.S. performance against the market?

在美國，你的表現比市場趨勢要輕一些。除了向增長領域重新平衡投資組合以改善其在美國的市場表現之外，ABI 還能做些什麼？

Michel here. Thanks for the question. I will just repeat to make sure that I got this right. You're talking about the U.S. market, right?

米歇爾在這裡。謝謝你的問題。我將重複一遍以確保我做對了。你說的是美國市場吧？

I'm talking about ABI's performance relative to the U.S. market. It appears that your performance has been a little lighter or you've been underperforming the market. Can you do anything other than rebalancing your portfolio towards the growth segments to improve your performance?

我說的是 ABI 相對於美國市場的表現。看來您的表現稍微好一點，或者您的表現落後於市場。除了將投資組合重新平衡到增長領域以提高績效之外，您還能做些什麼嗎？

Got you. Thank you. I think that we talked about 3 main highlights in the U.S. this quarter, and 1 was the results of the industry improving while our volumes underperformed in the industry. And this is not like a new component. We've been with this story for a while. And of course, each quarter is different. This one, I think that's more highlighted because the industry was very low at the beginning, improved throughout. And when the industry is not moving well, the core segments, mainstream brands, they tend to perform less than the overall industry.

得到你。謝謝你。我認為我們在本季度談到了美國的 3 個主要亮點，其中 1 是行業改善的結果，而我們的銷量在行業中表現不佳。這不像是一個新組件。我們已經討論這個故事有一段時間了。當然，每個季度都是不同的。這一點，我認為這更突出，因為該行業一開始非常低，但整個過程都在改善。而當行業發展不順時，核心細分市場、主流品牌的表現往往不如整個行業。

And of course, the portfolio rebalance, I would look at this more like the outcome of everything that we are doing. It's not the only thing that we're doing. This is the outcome that we are trying to achieve. And just to give you some examples and highlights. So one of the key areas that we've been improving the U.S. over the years, was category management. We made several investments in category management, and we evolved from being beverage the #20 supplier to be the a partner for the retailers in the U.S. according to the Advantage survey, which is the one that they use, and that was based on all the improvements that we have made.

當然，投資組合再平衡，我認為這更像是我們所做的一切的結果。這不是我們正在做的唯一事情。這是我們正在努力實現的結果。只是給你一些例子和亮點。因此，我們多年來一直在改善美國的關鍵領域之一是品類管理。我們在品類管理方面進行了多項投資，根據 Advantage 調查，我們從排名第 20 的飲料供應商發展成為美國零售商的合作夥伴，這是他們使用的一項調查，這是基於所有我們所做的改進。

With our wholesalers, we enhanced a big time of our partnership, we measure the NPS, the engagement with our wholesalers every year, and we are at all-time high. Look at the marketing capabilities, innovation, so we've been leading innovation in the last 3 years and being 1 of the most awarded companies for the creative, including several prices that can.

與我們的批發商一起，我們加強了我們的合作夥伴關係，我們衡量 NPS，每年與我們的批發商的互動，我們處於歷史最高水平。看看營銷能力，創新，所以我們在過去 3 年中一直引領創新，並成為創意獎獲獎最多的公司之一，包括幾個可以的價格。

And we've been now even with all the difficulties in the 3-tier system, advancing the digital transformation as well with BEES growing more wholesalers, more states in the U.S. that combining BEES with LOLA, which is our locally optimized learning algorithm. We are getting much better data and improving the quality of the activations that we do.

而且我們現在已經克服了 3 層系統中的所有困難，推進數字化轉型以及 BEES 增長了更多的批發商，美國更多的州將 BEES 與 LOLA 相結合，這是我們的本地優化學習算法。我們正在獲得更好的數據並提高我們所做的激活的質量。

So as we do all of that and invest behind the right brands, the outcome is the portfolio rebalancing, and that's why we are now 7 quarters in a row growing top line in the U.S. And this growth is coming with all this cost input inflation with a flat EBITDA, which is an improvement for our business in US.

因此，當我們做所有這些並投資於正確的品牌時，結果就是投資組合再平衡，這就是為什麼我們現在連續 7 個季度在美國的收入增長。這種增長伴隨著所有這些成本投入通脹EBITDA 持平，這對我們在美國的業務來說是一個進步。

More to do. I think that we underperformed in volumes, and this is the second biggest step that we have to have, but we are confident in the long-term strategy. Yet each quarter will be different in each year is going to be different as well, but confident in the long term.

更多的事情要做。我認為我們在數量上表現不佳，這是我們必須邁出的第二大步驟，但我們對長期戰略充滿信心。然而，每個季度都會有所不同，每年也會有所不同，但從長遠來看是有信心的。

Our next question is coming from the line of Priya Ohri-Gupta with Barclays.

我們的下一個問題來自巴克萊銀行的 Priya Ohri-Gupta。

Fernando, I was wondering if we could just dig into the further deleveraging over the latter half of the year. How are you thinking about sort of where you could look to pay down some of that debt? And how are you considering opportunities to potentially utilize some of the lower dollar prices that your bonds are trading at to help accelerate deleveraging?

費爾南多，我想知道我們是否可以深入研究下半年的進一步去槓桿化。您如何考慮可以在哪裡償還部分債務？您如何考慮可能利用您的債券交易的一些較低美元價格來幫助加速去槓桿化的機會？

Priya, thanks for the question. So actually, we generate -- our cash flow is much more skewed towards the second half of the year. So as we move into the second half of the year, with this additional cash flow, the idea is that we look for further opportunities for liability management.

普里亞，謝謝你的提問。所以實際上，我們產生了——我們的現金流更傾向於下半年。因此，隨著我們進入下半年，有了額外的現金流，我們的想法是尋找更多的負債管理機會。

And you're right. If you look at the evolution of interest rates and everything that is going on around the world, you can see that our market-to-market of our debt portfolio, move it from being 120% of fair value in the beginning of the year to being close to 100. And if you look at the different spots, the different maturities that you have, you have some others trading below 90%, closer to 80%.

你是對的。如果您查看利率的演變以及世界各地正在發生的一切，您會發現我們的債務組合的市場對市場，將其從年初的公允價值的 120% 變為接近 100。如果你看一下不同的點，你有不同的到期日，你有一些交易低於 90%，接近 80%。

So probably that's another boost. When you look for our deleveraging efforts in the second half, being able to buy chunks of our debt at both parties is also a great opportunity. And it's also reinforce kind of the opportunities of having kind of a fixed rate debt in an inflationary environment and in a rising rate environment. So we need to make sure we make the most out of it.

所以這可能是另一個推動力。當您尋找我們下半年的去槓桿努力時，能夠在雙方購買我們的大量債務也是一個很好的機會。這也加強了在通脹環境和利率上升環境中擁有固定利率債務的機會。因此，我們需要確保充分利用它。

Below par, right?

低於標準，對吧？

And then just one quick follow-up on how we should think about the timing of some of the cash coming in over the course of the second half as you sort of sweep in from your various markets globally?

然後只是快速跟進一下，當你從全球各個市場席捲而來時，我們應該如何考慮一些現金在下半年進入的時間？

Priya, that will be too much details too much specific a few kind of -- we don't go into the detail month by month or day by day, how we generate cash. But the notion that second half of the year is much stronger of cash flow is true, has been true for several years in a row. This year, it's likely to be no different. And then once we get the cash, we'll find the moderate way to deploy to the liability management.

Priya，這將是太多細節太具體了——我們不會逐月或逐日詳細討論我們如何產生現金。但下半年現金流強勁得多的觀點是正確的，連續幾年都是如此。今年，可能不會有什麼不同。然後一旦我們拿到現金，我們就會找到適度的方式部署到負債管理中。

Our final question is coming from the line of Rob Ottenstein with Evercore.

我們的最後一個問題來自與 Evercore 的 Rob Ottenstein。

I want to kind of scope out a little bit bigger picture type questions. So Michel, it's -- you're coming up on about a year now as CEO. Presumably, you came into the role of certain preconceptions. Love to -- if you take a moment to reflect on kind of any surprises, disappointments, any need to kind of pivot based on what you've learned over the last 12 months and kind of just kind of assess how things have gone and what you need to do going forward.

我想把範圍更大一點的圖片類型的問題。所以米歇爾，它是 - 你即將擔任首席執行官大約一年。據推測，你進入了某些先入為主的角色。喜歡——如果你花點時間思考一下任何驚喜、失望、任何需要根據你在過去 12 個月中學到的東西來調整方向，以及評估事情的進展和發生了什麼你需要繼續前進。

Robert, good morning. Thanks for the question, and thank you for reminding us that time goes by very fast. So it's good to be talking to you here and have the opportunity.

羅伯特，早上好。感謝您的提問，感謝您提醒我們時間過得很快。所以很高興在這裡與您交談並有機會。

Let me maybe start answering the question, saying something that I have said before, I shared with you, this is really the opportunity of a lifetime. It's a lot of things coming together, and I'm very excited each and every day to come to work, to think about the possibilities sharing with the team, what we've been learning and what we've been doing.

讓我也許開始回答這個問題，說一些我以前說過的，我和你分享的，這真的是一生的機會。很多事情都在一起，我每天都非常興奮地來工作，思考與團隊分享的可能性，我們一直在學習什麼以及我們一直在做什麼。

At the same time, that we all need to agree that it's been like an incredibly dynamic environment. So a lot of things happening at the same time. And I'm very glad with the way that the team is engaging and building with everything that's happening in building each and every day this future with more cheers that we define it as our purpose.

同時，我們都需要同意它就像一個令人難以置信的動態環境。所以很多事情同時發生。我很高興團隊參與和建設的方式每天都在建設這個未來，我們將其定義為我們的目標。

And maybe like putting together the key points on your question. I think that first great industry to be, a great moment to be working with beer. Beer is inclusive, natural local and big profitable and growing, right? Both are there. So those are the big learnings and things that we've been sharing with the team and people everywhere. Great industry to be growing gain of share of throat globally.

也許就像把你問題的關鍵點放在一起。我認為這是第一個偉大的行業，是與啤酒合作的好時機。啤酒具有包容性，天然的本地化，利潤豐厚且不斷增長，對吧？兩者都在那裡。所以這些是我們一直在與團隊和世界各地的人們分享的重要知識和東西。偉大的行業將在全球範圍內獲得越來越大的份額。

Second point is great foundation as we shared when I arrived here on the Investor Day, great company, great foundation, global platform, unbelievable opportunities to unlock value. And the more we get our strategy moving, the more we advance our digital transformation and work better with our scale of data, more opportunities we uncover to grow the company to digitize and monetize the assets that we have.

第二點是我們在投資者日抵達這裡時分享的良好基礎，偉大的公司，偉大的基礎，全球平台，令人難以置信的釋放價值的機會。我們越是推動我們的戰略，我們就越能推進我們的數字化轉型並更好地利用我們的數據規模，我們發現更多的機會來發展公司以將我們擁有的資產數字化和貨幣化。

I think that the key core things that we are moving is this idea of reimagining what a beer company can be, much more effectiveness to reason, leading and growing the category, digitizing the assets that we have and finding ways to monetize everything that we built over the years and continue to optimize the business.

我認為我們正在推動的關鍵核心是重新構想啤酒公司的理念，提高推理效率，領導和發展該類別，將我們擁有的資產數字化，並找到將我們建立的一切貨幣化的方法多年來，不斷優化業務。

So a fantastic opportunity, a lot of learnings getting a lot of things done within the 1 year, right? So you think about purples, strategy, execution of this strategy change in the organization and deleveraging at the same time. So it's being very dynamic but I'm still very excited, wake up every day and coming to work with a lot of opportunities for us to continue to deliver.

所以這是一個絕佳的機會，在 1 年內完成了很多事情，學到了很多東西，對吧？因此，您會同時考慮紫色、戰略、組織中此戰略變化的執行以及去槓桿化。所以這是非常有活力的，但我仍然非常興奮，每天醒來並開始工作，有很多機會讓我們繼續交付。

We have reached the end of our question-and-answer session. I would like to turn the floor back over to Mr. Doukeris for any additional closing remarks.

我們的問答環節已經結束。我想請 Doukeris 先生髮言，以獲取任何額外的結束語。

So thank you all for being here. Thanks for the partnership, and thank you for all the questions and support for the business. Have a great day and looking forward to meet you. Thank you.

所以感謝大家的光臨。感謝您的合作，感謝您提出的所有問題和對業務的支持。祝您有美好的一天，期待與您見面。謝謝你。

Thank you. Ladies and gentlemen, this does conclude today's conference call and webcast. We thank you for your participation, and you may disconnect your lines at this time.

謝謝你。女士們先生們，今天的電話會議和網絡直播到此結束。我們感謝您的參與，此時您可以斷開您的線路。