Anheuser-Busch Inbev SA (BUD) 2022 Q4 法說會逐字稿

Welcome to Anheuser-Busch InBev Full Year and Fourth 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.

歡迎參加百威英博 2022 年全年和第四季度收益電話會議和網絡直播。今天主持 AB InBev 電話會議的是首席執行官 Michel Doukeris 先生；以及首席財務官 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。

Today's webcast will be available for on-demand playback later today. (Operator Instructions)

今天的網絡廣播將在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. 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 March 18, 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. It is now my pleasure to turn the floor over to Mr. Michel Doukeris. Sir, you may begin.

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。 AB InBev 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。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 日向美國證券交易委員會提交的最新年度報告 20-F 表中的風險因素。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，也不對依賴此類信息採取的任何行動負責。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 full year 2022 earnings call. It is a great pleasure to be speaking with you all today. Today, Fernando and I will take you through our full year and fourth quarter operating highlights and provide you with an update on the progress we've made in executing our strategic priorities. After that, we will be happy to answer your questions.

謝謝你，傑西，歡迎大家參加我們的 2022 年全年財報電話會議。今天很高興與大家交談。今天，費爾南多和我將向您介紹我們全年和第四季度的運營重點，並向您介紹我們在執行戰略重點方面取得的最新進展。之後，我們將很樂意回答您的問題。

Let's start with our operating performance. We are very pleased with the continued momentum of our business and the strength of the beer category across our footprint in both the fourth quarter and the full year 2022. For the full year, our top line grew by 11.2%, with volumes increasing by 2.3%, reaching a new all-time high. Revenue per hectoliter increased by 8.6%, accelerating in the second half of the year, driven by revenue management initiatives and continued premiumization, driven by the consistent execution of our strategy and top line growth across all operating regions, our reported revenue is now USD 5.5 billion above full year '19 pre-pandemic levels, with our volumes 5.8% ahead.

讓我們從我們的經營業績開始。我們對第四季度和 2022 年全年我們業務的持續發展勢頭和啤酒類別的實力感到非常滿意。全年，我們的收入增長了 11.2%，銷量增長了 2.3% %，創歷史新高。每百升收入增長 8.6%，在下半年加速增長，受收入管理舉措和持續高端化的推動，受我們戰略的一致執行和所有運營區域的收入增長的推動，我們報告的收入現在為 5.5 美元億美元，比 19 年全年大流行前的水平高出 5.8%。

EBITDA increased by 7.2% at the upper end of our medium-term growth ambition and 2022 outlook. Underlying EPS was $3.03, a 5.2% increase versus last year. As a result of our performance and strong free cash flow generation, gross debt decreased by USD 8.9 billion this year, leading to a net debt-to-EBITDA ratio of 3.51x. Following our deleveraging progress, the Board has proposed a full year dividend of EUR 0.75 per share, a 50% increase versus 2021.

EBITDA 增長 7.2%，達到我們中期增長目標和 2022 年展望的上限。基本每股收益為 3.03 美元，比去年增長 5.2%。由於我們的業績和強勁的自由現金流產生，今年總債務減少了 89 億美元，導致淨債務與 EBITDA 的比率為 3.51 倍。隨著我們去槓桿化的進展，董事會提議派發每股 0.75 歐元的全年股息，比 2021 年增加 50%。

In the fourth quarter, we delivered top line growth of 10.2%, with accelerated revenue per hectoliter growth of 11.2%, driven by the implementation of price actions, ongoing premiumization and other revenue management initiatives. Our volumes declined by 0.6%, driven primarily by the significant impact of COVID restrictions in China and a softer industry in the U.S. which was impacted by the phasing of price increases and abnormally cool weather in December.

在第四季度，我們實現了 10.2% 的收入增長，每百升收入加速增長 11.2%，這得益於價格行動的實施、持續的優質化和其他收入管理舉措。我們的銷量下降了 0.6%，這主要是由於中國 COVID 限制的重大影響以及美國行業疲軟，這是受價格上漲階段和 12 月異常涼爽天氣的影響。

We delivered an EBITDA growth of 7.6% and underlying EPS of $0.86, a $0.12 increase versus quarter 4 '21. Our diverse geographic footprint provides a unique combination of growth and reliable cash flow generation, position us well to deliver superior value creation. In 2022, we delivered broad-based growth with a top line increase in all 5 of our regions and volume growth in over 60% of our markets.

我們實現了 7.6% 的 EBITDA 增長和 0.86 美元的基本每股收益，與 2021 年第 4 季度相比增加了 0.12 美元。我們多元化的地理足跡提供了增長和可靠現金流產生的獨特組合，使我們能夠很好地創造卓越的價值。 2022 年，我們實現了基礎廣泛的增長，我們所有 5 個地區的營收均實現增長，超過 60% 的市場銷量增長。

Now let me take you through the operational highlights for the year from our key regions, starting with North America. In the U.S., we continue to transform and premiumize our portfolio. Our business delivered another year of top line growth and stable EBITDA despite the elevated cost environment. Our above core portfolio continued to outperform the industry this year and combine it with our Beyond Beer brand now represents over 40% of our revenue.

現在讓我向您介紹我們主要地區今年的運營亮點，首先是北美。在美國，我們繼續改造和優化我們的產品組合。儘管成本環境升高，但我們的業務又實現了一年的收入增長和穩定的 EBITDA。我們的上述核心產品組合今年繼續跑贏行業，並將其與我們的 Beyond Beer 品牌相結合，目前占我們收入的 40% 以上。

While industry volumes in the fourth quarter were soft, we are seeing improved performance to start 2023, with year-to-date beer industry volumes down 1%, and U.S. dollar sales up 5% through the 12th of February, according to IRI. Our business in Middle Americas continues to deliver outstanding results. In Mexico, we delivered another year of double-digit top and bottom line growth with record high volumes continue to outperform the industry. Volume growth was broad-based across all segments of our portfolio with our above core beer brands growing over 20%. In the fourth quarter, we completed our Oxxo channel expansion with our portfolio now available in approximately 20,000 Oxxo stores nationwide. Looking ahead, we are focused on continuing to build the partnership and we are excited by the opportunity to activate our brands and gain our fair share across the network.

根據 IRI 的數據，雖然第四季度的行業銷量疲軟，但我們看到 2023 年開始的業績有所改善，今年迄今啤酒行業銷量下降 1%，截至 2 月 12 日，以美元計算的銷售額增長了 5%。我們在中美洲的業務繼續取得優異成績。在墨西哥，我們又實現了兩位數的收入和利潤增長，銷量創歷史新高，繼續跑贏行業。我們產品組合的所有細分市場都實現了廣泛的銷量增長，我們的上述核心啤酒品牌增長超過 20%。第四季度，我們完成了 Oxxo 渠道擴張，我們的產品組合現已在全國約 20,000 家 Oxxo 商店銷售。展望未來，我們專注於繼續建立合作夥伴關係，我們很高興有機會激活我們的品牌並在整個網絡中獲得我們的公平份額。

In Colombia, our business delivered double-digit top and high single-digit bottom line growth, led by the consistent implementation of our category expansion levels. The beer category continued to grow, gaining 80 basis points share of total alcohol this year and with 2022, marking the highest beer per capita consumption in over 25 years.

在哥倫比亞，我們的業務實現了兩位數的最高增長和高個位數的底線增長，這得益於我們持續實施的品類擴張水平。啤酒品類繼續增長，今年和 2022 年佔酒精總量的份額達到 80 個基點，創下 25 年來最高的人均啤酒消費量。

Moving on to South America. Our business in Brazil reached record high volumes in both top and bottom line by double digits as we continue to expand our market share. Our performance this year was led by over 20% revenue growth of our premium and super premium brands. Now let's talk about EMEA. In Europe, we grew top line by double digits and EBITDA by high single digits. Our portfolio continues to premiumize with over 55% of our revenue now coming from premium and above premium brands.

繼續前往南美洲。隨著我們繼續擴大市場份額，我們在巴西的業務的營業額和利潤均達到創紀錄的兩位數。我們今年的業績領先於我們的高端和超高端品牌超過 20% 的收入增長。現在讓我們談談 EMEA。在歐洲，我們的收入增長了兩位數，EBITDA 增長了個位數。我們的產品組合繼續高端化，我們超過 55% 的收入現在來自高端及以上品牌。

In South Africa, we delivered record high volumes this year, growing both top and bottom line by double digits despite capacity constraints in the fourth quarter. And finally, APAC. In China, both the industry and our business were impacted by significant COVID-19 restrictions throughout the year, leading to a total revenue decline of 4.2% and an EBITDA decline of 10.8%. While 2022 was a disrupted year, underlying demand outside of COVID-19 restrictions remained strong. As restrictions have eased and infection rates declined, we are optimistic about the industry recover and returning to growth as channel traffic and mobility normalizes in China. Now I would like to share with you a few highlights of the progress across our sustainability priorities.

在南非，我們今年交付了創紀錄的銷量，儘管第四季度產能受限，但銷售額和利潤均實現兩位數增長。最後，亞太地區。在中國，行業和我們的業務全年都受到 COVID-19 重大限制的影響，導致總收入下降 4.2%，EBITDA 下降 10.8%。儘管 2022 年是混亂的一年，但 COVID-19 限制之外的潛在需求依然強勁。隨著限制的放鬆和感染率的下降，隨著中國渠道流量和流動性的正常化，我們對該行業的複蘇和恢復增長持樂觀態度。現在，我想與大家分享我們在可持續發展優先事項方面取得進展的一些亮點。

Our priorities are centered around the beer category, which is inclusive, natural and local. With these priorities embedded into our commercial strategy, we can create value and share prosperity for our business, our communities and our planet.

我們的重點是啤酒類別，它具有包容性、天然性和本地性。通過將這些優先事項納入我們的商業戰略，我們可以為我們的企業、我們的社區和我們的星球創造價值並分享繁榮。

We continue to make progress across our priorities. Highlights include: investing over USD 700 million since 2016 in social norms market campaigns, promoting smart drinking and moderation, reducing scopes 1 and 2 absolute emissions by 39% and improving water efficiency by 14% versus our 2017 baseline. We are working with nearly 24,000 farmers in our direct sourcing programs through research, technology and hands-on support to help skill, connect and financially empower them. Additionally, we progressed our circular packaging goal, with 77% of our products now in packaging that is returnable or made from majority recycled content. Kicked off Cohort 4 of our 100-plus accelerator, program that continues to densify breakthrough sustainable and innovative solutions, increased representation of women in the top 5 leadership levels of our business from 19% in 2017 to 28% today.

我們繼續在我們的優先事項上取得進展。亮點包括：自 2016 年以來，在社會規範市場活動中投資超過 7 億美元，提倡明智飲酒和適度飲酒，將範圍 1 和範圍 2 的絕對排放量減少 39%，用水效率比 2017 年基準提高 14%。在我們的直接採購計劃中，我們通過研究、技術和實踐支持與近 24,000 名農民合作，幫助他們提高技能、建立聯繫並在經濟上賦能他們。此外，我們還推進了循環包裝目標，現在我們 77% 的產品採用可回收包裝或由大部分回收材料製成的包裝。啟動了我們 100 多個加速器的第 4 期計劃，該計劃繼續強化突破性的可持續和創新解決方案，將女性在我們業務的前 5 位領導層中的比例從 2017 年的 19% 增加到今天的 28%。

Now let's move on to our strategic pillars. Let's start with Pillar #1, lead and grow the category. This year, our volumes reached all-time high with growth across more than 60% of our markets. This is a direct result of our commitment to lead and grow the category by investing in our brands, innovation and category expansion levels. Our total volumes are now 5.8% ahead of pre-pandemic levels. Our above core beer brands have led the growth, increasing almost 17% versus 2019. With Corona, the star performer, growing volumes by 42% outside of Mexico. Despite the challenge of COVID-19, we invested an average of USD 7 billion per year over the last 4 years. On a currency-neutral comparable basis, in 2022, we invested more than USD 400 million in sales and marketing versus 2019. The consistent investments combined with our digital capabilities and increased effectiveness is driving the power of our portfolio and organic growth of our business.

現在讓我們繼續我們的戰略支柱。讓我們從第一支柱開始，引領和發展這一品類。今年，我們的銷量達到歷史最高水平，超過 60% 的市場都實現了增長。這是我們致力於通過投資我們的品牌、創新和品類擴展水平來引領和發展品類的直接結果。我們的總銷量現在比大流行前水平高出 5.8%。我們的上述核心啤酒品牌引領了增長，與 2019 年相比增長了近 17%。表現出色的 Corona 在墨西哥以外地區的銷量增長了 42%。儘管面臨 COVID-19 的挑戰，我們在過去 4 年中平均每年投資 70 億美元。在貨幣中性可比基礎上，與 2019 年相比，2022 年我們在銷售和營銷方面的投資超過 4 億美元。持續的投資與我們的數字能力和提高的效率相結合，正在推動我們產品組合的力量和我們業務的有機增長。

In 2022, we are named Creative Marketer of the Year by Cannes, the most effective marketer worldwide at the Effie Awards, and the #1 advertiser in the Creative 100 by the WARC advertisement Research Center. Once again, congratulations to our teams and partners for these truly remarkable achievements.

2022 年，我們被戛納評為年度創意營銷商、艾菲獎全球最有效營銷商，以及 WARC 廣告研究中心 Creative 100 中排名第一的廣告商。再次祝賀我們的團隊和合作夥伴取得這些真正非凡的成就。

We continue to execute on our 5 levers to drive category expansion and delivered a strong year of consistent and profitable top line growth. We are making the category more inclusive, offering superior core propositions, developing consumption occasions and expanding our premium and Beyond Beer portfolios. Our global brands continue to scale and are driving premiumization across our markets. The combined revenues of Corona, Stella Artois and Budweiser, grew by 8.9% outside of the brand's home market, led by Corona, which grew by 18.6%. Budweiser growth of 2.5% outside of the U.S. was significantly impacted by COVID-19 restrictions in China, the brand's largest market. Excluding China, the brand grew revenue by 12.6% in 2022.

我們繼續執行我們的 5 個槓桿來推動品類擴張，並實現了強勁的持續盈利增長的一年。我們正在使該類別更具包容性，提供卓越的核心主張，開發消費場合併擴展我們的優質和 Beyond Beer 產品組合。我們的全球品牌繼續擴大規模，並正在推動我們市場的高端化。 Corona、時代啤酒和百威啤酒的總收入在品牌本土市場以外增長了 8.9%，其中 Corona 增長了 18.6%。百威在美國以外的地區增長了 2.5%，這主要受到該品牌最大市場中國的 COVID-19 限制的影響。除中國外，該品牌在 2022 年的收入增長了 12.6%。

Innovation continued to support category expansion across each of the 5 pillars with innovations contributing approximately USD 5 billion in net revenue in 2022. From expanding our non-alcohol beer portfolio by launching Corona Cero in 11 countries to growing our Beyond Beer portfolio by scaling Cutwater in Nutrl within the U.S. Our focus remains on driving sustainable long-term growth.

創新繼續支持 5 個支柱中每個支柱的品類擴張，創新在 2022 年貢獻了約 50 億美元的淨收入。從通過在 11 個國家/地區推出 Corona Cero 擴展我們的非酒精啤酒產品組合，到通過在美國境內的 Nutrl 我們的重點仍然是推動可持續的長期增長。

Now let's turn to our second strategic pillar, digitize and monetize our ecosystem. This continues to accelerate, usage and reach, capturing USD 32 billion in GMV this year, a 60% increase year-over-year, reaching 3.1 million monthly active users. Since BEES began its rollout in 2019, our initial focus market have strengthened customer engagement with the weighted average Net Promoter Score improving to positive 56 as of year-end 2022. In 15 of the 20 markets where BEES is live, our customers are also able to purchase third-party products to BEES marketplace. Customer adoption is increasing with 56% of these customers now also BEES Marketplace buyers. In 2022, BEES Marketplace generated approximately $850 million in revenue.

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。這一趨勢繼續加速、使用和覆蓋，今年 GMV 達到 320 億美元，同比增長 60%，每月活躍用戶達到 310 萬。自 BEES 於 2019 年開始推出以來，我們最初關注的市場加強了客戶參與度，截至 2022 年底，加權平均淨推薦值提高至正 56。在 BEES 開展業務的 20 個市場中，有 15 個市場的客戶還能夠向 BEES 市場購買第三方產品。客戶採用率正在增加，其中 56% 現在也是 BEES Marketplace 的買家。 2022 年，BEES Marketplace 創造了約 8.5 億美元的收入。

As an example of how BEES is improving our business and enabling us to be a better partner to our customers. Let's take a look at one of our countries, Brazil. This is enabling us to be closer to our customers and solve their most pressing pain points. Since the rollout of BEES in 2019, we have expanded our customer base in Brazil by over 250,000 (inaudible) increased the total number of annual deliveries by 3 million deliveries and broaden the availability of our portfolio.

作為 BEES 如何改善我們的業務並使我們成為客戶更好的合作夥伴的示例。讓我們來看看我們的國家之一，巴西。這使我們能夠更貼近客戶並解決他們最緊迫的痛點。自 2019 年推出 BEES 以來，我們在巴西的客戶群增加了 250,000 多個（聽不清），年度交付總量增加了 300 萬，並擴大了我們產品組合的可用性。

And most importantly, our relationship with our customers has improved significantly, with NPS score increasing by 24 points. Digital transformation is a key pillar of our strategy and has enabled our accelerated growth in Brazil. Since 2019, the beer category has gained share of total alcohol with beer market share expanded and our beer volume grew by 17%. 1Q learning from BEES is, when our customers grow, we grow. Now let's talk about how we are strengthening our relationship with our consumers. Our digital DTC products, Zé Delivery, TaDa and PerfectDraft are now available in 17 markets and generated over USD 450 million in revenue and 69 million orders this year. That is 69 million opportunities to better understand our consumers and their consumption occasions.

最重要的是，我們與客戶的關係有了顯著改善，NPS 得分提高了 24 分。數字化轉型是我們戰略的重要支柱，並使我們在巴西的業務加速增長。 2019年以來，啤酒品類在酒類總量中的份額有所提升，啤酒市場份額擴大，我們的啤酒銷量增長了17%。向 BEES 學習的第一季度是，當我們的客戶成長時，我們也會成長。現在讓我們談談我們如何加強與消費者的關係。我們的數字 DTC 產品 Zé Delivery、TaDa 和 PerfectDraft 現已在 17 個市場上市，今年創造了超過 4.5 億美元的收入和 6900 萬份訂單。這是更好地了解我們的消費者及其消費場合的 6900 萬次機會。

The FIFA World Cup offered an exciting opportunity for our digital DTC platforms as we launched the biggest digital campaign in our history. Our DTC activation yielded impressive results, increasing daily average orders during the World Cup and attracting nearly 0.5 million new consumers to our platforms.

FIFA 世界杯為我們的數字 DTC 平台提供了一個激動人心的機會，因為我們發起了我們歷史上最大的數字活動。我們的 DTC 激活取得了令人矚目的成果，在世界杯期間增加了日均訂單，並吸引了近 50 萬新消費者使用我們的平台。

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

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，交給你了。

Thank you, Michel. Good morning. Good afternoon, everyone. We aim to maximize value by focusing on 3 areas: one, optimized resource allocation; two, robust risk management; and three, efficient capital structure. With respect to capital allocation, we are focused on maximizing long-term value creation by dynamically balancing our priorities. We continue to invest in organic growth to 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 3 capital allocation priorities: deleveraging, selective M&A and return of capital to shareholders. Investing in the organic growth of our business is our #1 priority, and we have no shortage of investment opportunities.

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方面來實現價值最大化：一是優化資源配置；二、穩健的風險管理；三是高效的資本結構。在資本配置方面，我們專注於通過動態平衡我們的優先事項來最大化長期價值創造。我們繼續投資於有機增長，以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。我們業務產生的多餘現金隨後動態分配給我們的其他 3 個資本配置優先事項：去槓桿化、選擇性併購和向股東返還資本。投資於我們業務的有機增長是我們的第一要務，我們不乏投資機會。

In addition to sales and marketing, which, as Michel mentioned earlier, has averaged around USD 7 billion per year since 2019. We also continue to invest in our facilities and capabilities, allocating USD 4.8 billion in net CapEx in 2022. Over 50% of our CapEx spend is to support capacity expansions, new capabilities, digital transformation and other growth initiatives. In 2022, we invested a combined USD 11.7 billion in sales and marketing and net CapEx. And since 2019, we have invested over USD 45 billion to full growth.

除了銷售和營銷，正如 Michel 之前提到的，自 2019 年以來平均每年約 70 億美元。我們還繼續投資於我們的設施和能力，2022 年分配 48 億美元的淨資本支出。超過 50%我們的資本支出用於支持產能擴張、新功能、數字化轉型和其他增長計劃。 2022 年，我們在銷售和營銷以及淨資本支出方面的投資總額為 117 億美元。自 2019 年以來，我們已投資超過 450 億美元以實現全面增長。

As you can see on Slide 33, 2x net debt-to-EBITDA remains the point at which we maximize value, though approximately 90% of the benefits from deleveraging can be captured as we approach 3x net debt-to-EBITDA. This year, we continue to deliver strong free cash flow generating approximately USD 8.5 billion. Gross debt reduced by USD 8.9 billion to reach USD 79.9 billion. As a result, we have made significant progress on our deleveraging journey with our net debt-to-EBITDA ratio reaching 3.51x. Our debt maturity profile remains well distributed with no bond maturity in 2023 and no relevant medium-term refinancing needs. If you look at our debt maturity profile, we have USD 3 billion worth of bonds maturing through 2025 and more than sufficient liquidity today to redeem all of these bonds.

正如您在幻燈片 33 中看到的那樣，2 倍的淨債務與 EBITDA 比率仍然是我們實現價值最大化的點，儘管當我們接近 3 倍的淨債務與 EBITDA 比率時，可以獲取去槓桿化帶來的大約 90% 的收益。今年，我們繼續提供強勁的自由現金流，產生約 85 億美元。總債務減少 89 億美元，達到 799 億美元。因此，我們在去槓桿化進程中取得了重大進展，我們的淨債務與 EBITDA 比率達到 3.51 倍。我們的債務到期狀況仍然分佈良好，2023 年沒有債券到期，也沒有相關的中期再融資需求。如果您查看我們的債務到期情況，我們將有價值 30 億美元的債券在 2025 年到期，而今天的流動性足以贖回所有這些債券。

Our bond portfolio has an average pretax coupon of around 4% and a weighted average maturity profile of approximately 15 years. Moreover, our debt portfolio does not have any financial covenants and it is comprised of a variety of currencies, diversifying our FX risk. 95% of our bonds have a fixed rate, insulated from interest rate volatility and inflation. And now let me take you through the drivers of our underlying EPS this year. In 2022, we grew underlying EPS by 5.2% versus last year, delivering USD 3.03 per share. This increase was primarily driven by nominal EBITDA growth, which accounted for a USD 0.29 per share increase. We continue to optimize our business, reducing net interest and income taxes expenses mostly offsetting headwinds in other line items. To simplify our disclosure, as from January 1, 2023, market-to-market on derivatives related to the hedging of our share-based payment programs will be reported in the nonunderlying net finance line. As a result, we will discontinue disclosing normalized EPS as a separate metric. As we continue to optimize our business and bring our dynamic capital allocation priority traction. In 2022, we invested USD 11.7 billion in sales and marketing and net CapEx to drive organic growth. We reduced gross debt by USD 8.9 billion and reached a net leverage of 3.51x. As a result of our continued momentum, and consistent deleveraging progress, the board has proposed an increase of the full year dividend by 50% versus 2021 to EUR 0.75 per share. With that, I would like to hand it back to Michel for some final comments before we start our Q&A session. Michel?

我們的債券投資組合的平均稅前票息約為 4%，加權平均期限約為 15 年。此外，我們的債務組合沒有任何財務契約，由多種貨幣組成，分散了我們的外匯風險。我們 95% 的債券採用固定利率，不受利率波動和通貨膨脹的影響。現在讓我帶您了解一下我們今年基本每股收益的驅動因素。 2022 年，我們的基礎每股收益比去年增長了 5.2%，達到每股 3.03 美元。這一增長主要是由名義 EBITDA 增長推動的，每股增長 0.29 美元。我們繼續優化我們的業務，減少淨利息和所得稅支出，主要抵消了其他項目的逆風。為了簡化我們的披露，從 2023 年 1 月 1 日起，與我們基於股份的支付計劃的對沖相關的衍生品的市場對市場將在非基礎淨融資項目中報告。因此，我們將停止將標準化每股收益作為單獨的指標進行披露。隨著我們繼續優化我們的業務並帶來我們動態的資本配置優先牽引力。 2022 年，我們在銷售和營銷以及淨資本支出方面投資了 117 億美元，以推動有機增長。我們將總債務減少了 89 億美元，淨槓桿率達到 3.51 倍。由於我們持續的勢頭和持續的去槓桿化進展，董事會提議將全年股息比 2021 年增加 50% 至每股 0.75 歐元。有了這個，我想在我們開始問答環節之前將其交還給 Michel 以徵求一些最終意見。米歇爾？

Thanks, Fernando. Allow me to take a few minutes to recap my key takeaways from the year and how we are prepared to continue to meet the moment in 2023. We lead a big, profitable and growing category. Beer is resilient and is gaining share of throat globally. We made significant progress in 2022, executing across each of our 3 strategic pillars. Driven by the increasing strength of our brand portfolio, we delivered all-time high volume and gaining share across key markets. We made important strategic choices in revenue management, driving accelerated net revenue per hectoliter growth of 11.2% in the fourth quarter. We progressed our digital transformation with 63% of our revenues now digital. 56% of these customers are now also BEES Marketplace bias and our digital DTC products fulfilled more than 69 million orders. We delivered another year of strong free cash flow and underlying EPS growth of 5.2%. As a result, the ABI Board has proposed a full year dividend of EUR 0.75 per share.

謝謝，費爾南多。請允許我花幾分鐘時間回顧一下這一年的主要收穫，以及我們準備如何繼續迎接 2023 年的時刻。我們領導著一個龐大、盈利且不斷增長的類別。啤酒具有彈性，在全球範圍內佔有一席之地。我們在 2022 年取得了重大進展，執行了我們的 3 個戰略支柱。在我們品牌組合實力不斷增強的推動下，我們實現了歷史最高銷量，並在主要市場上獲得了份額。我們在收入管理方面做出了重要的戰略選擇，推動第四季度每百升淨收入加速增長 11.2%。我們推進了數字化轉型，63% 的收入現已數字化。這些客戶中有 56% 現在也偏愛 BEES Marketplace，我們的數字 DTC 產品完成了超過 6900 萬份訂單。我們又實現了強勁的自由現金流和 5.2% 的基本每股收益增長。因此，ABI 董事會提議派發每股 0.75 歐元的全年股息。

Looking ahead to 2023, we are focused on the relentless execution of our strategy and driving the momentum of our business. We have an industry-leading portfolio of brands across all price points, an advantaged geographic footprint and superior digital products that are bringing us closer than ever to our customers and consumers. We are well positioned to meet the moment in 2023 and to create a future of more [shares]. With that, I will hand it back to Jessie for the Q&A.

展望 2023 年，我們將專注於不懈地執行我們的戰略並推動我們的業務發展勢頭。我們擁有涵蓋所有價位的行業領先品牌組合、有利的地理足跡和卓越的數字產品，使我們比以往任何時候都更接近我們的客戶和消費者。我們已準備好迎接 2023 年的這一刻，並創造更多 [股份] 的未來。有了這個，我會把它交還給傑西進行問答。

(Operator Instructions) Our first question is coming from 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。

I suppose a couple of -- my first, Michel, is on Mexico, I wonder if you could just talk a little bit more about what's been happening there. Clearly, Q4 volumes were a little bit weaker than the market expected, maybe a little bit slower than we saw through the first 9 months of the year. But perhaps more importantly, could you talk about what -- how you see that market developing as we head into 2023 and you get the full benefit of the Oxxo rollout into the North. And perhaps associated with that, what are you doing in Brazil in Oxxo stores to make sure you get your fair share of the consumer uptake? So that's my first one. And then my follow-up would be just around the U.S. market. Michel, clearly you referenced sort of volumes running down about 1% for the industry year-to-date. How are you thinking about the state of the U.S. consumer for 2023? How do you think about the full year beer market trends there? And what are you seeing in terms of elasticities on your brands?

我想有幾個——我的第一個，米歇爾，是關於墨西哥的，我想知道你是否可以多談談那裡發生的事情。顯然，第四季度的銷量略低於市場預期，可能比我們今年前 9 個月的銷量要慢一些。但也許更重要的是，你能談談什麼——你如何看待這個市場在我們進入 2023 年時的發展，以及你如何從 Oxxo 向北方推出的全部好處中獲益。也許與此相關的是，您在巴西的 Oxxo 商店做了什麼，以確保您在消費者接受度中獲得公平份額？所以這是我的第一個。然後我的後續行動將圍繞美國市場展開。米歇爾，很明顯，你提到了今年迄今為止該行業的銷量下降了約 1%。您如何看待 2023 年美國消費者的狀況？您如何看待那裡全年的啤酒市場趨勢？您對品牌的彈性有何看法？

Simon, I think I got all the questions here. We had a little bit of background noise on our side. I will go through the answers. And at the end, if I miss any point, please complement it.

西蒙，我想我已經回答了所有問題。我們這邊有一點背景噪音。我將通過答案。最後，如果我有任何遺漏，請補充。

But starting with Mexico, I think we had a great year in Mexico. Volumes positive, share positive, top and bottom line double digits. We talked a little bit about this bad weather in the quarter 4 in North America. And the reality is that this expanded to Mexico as well even though we've been talking a little bit less about that, but it was extremely cold, including some of the Caribbean countries where we do have operations. We think that as we look at this year, things are more normal, and we expect to see how the quarter 1 is going to be, and we'll talk more as we announce results for quarter 1 later. Oxxo, we completed the last wave of our expansion and we could not be more excited now with the opportunities to activate our brands across Oxxo, premiumize the portfolio and get our share -- fair share across the network. So I think that continues to be a great opportunity as Mexico is a relevant country, Oxxo expands and we're going to be expanding our portfolio together with them.

但從墨西哥開始，我認為我們在墨西哥度過了美好的一年。成交量為正，股票為正，頂線和底線均為兩位數。我們談到了北美第 4 季度的這種惡劣天氣。現實情況是，這也擴展到了墨西哥，儘管我們對此的討論少了一點，但天氣非常寒冷，包括我們確實開展業務的一些加勒比國家。我們認為，就今年而言，情況更加正常，我們預計會看到第一季度的情況，我們將在稍後公佈第一季度的業績時進行更多討論。 Oxxo，我們完成了最後一波擴張，現在我們很高興有機會在 Oxxo 激活我們的品牌，優化產品組合併獲得我們的份額——在整個網絡中的公平份額。所以我認為這仍然是一個很好的機會，因為墨西哥是一個相關國家，Oxxo 擴張，我們將與他們一起擴大我們的投資組合。

In the U.S., I think that we saw this one-off complicated quarter on quarter 4. Many things there from phasing of price increase, the effect of the 2 price increases of the year in 1 quarter and a really, really complicated weather at the back end of the quarter. As we are now with a couple of weeks under the belt into January and February. The published numbers that are there, IRI numbers, they point out for volumes, give or take, 1% down revenues close to 5% up. And you see this very consistently across each and every week. Of course, there is phasing of Super Bowl, which is an important part of the industry in the first quarter of the year, but working well so far.

在美國，我認為我們在第 4 季度看到了這個一次性複雜的季度。價格上漲的階段性、第 1 季度一年中 2 次價格上漲的影響以及 2019 年非常、非常複雜的天氣導致了很多事情本季度末。正如我們現在有幾週時間進入一月和二月。那裡公佈的數字，IRI 數字，他們指出數量，給予或接受，收入下降 1% 接近 5%。你每週都會看到這一點。當然，還有超級碗的分階段，這是今年第一季度該行業的重要組成部分，但到目前為止運作良好。

Consumer and demand, resilient. We say that different than other categories, beer does not have penetration on private labels. So we don't see what other categories see in terms of trade down. What we see is, consumers changing a little bit channels and changing a little bit package, so people buying more in larger formats, both in terms of the chains, supermarkets and the packs and people staying more at home. So penetration and consumption at home is being bigger, which in a way is very good for beer because beer has higher share of throat in home and out of home. And our brands continue to perform well. We see strength in Michelob, we see strength in Busch Light. We see better performance so far in some of our core brands and our Beyond Beer portfolio performing very well.

消費者和需求，有彈性。我們說，與其他品類不同，啤酒對自有品牌沒有滲透。因此，我們看不到其他類別在降價交易方面的情況。我們看到的是，消費者改變了一點渠道，改變了一點包裝，所以人們在連鎖店、超市和包裝方面以更大的形式購買更多，而且人們更多地呆在家裡。所以家庭的滲透率和消費量越來越大，這在某種程度上對啤酒非常有利，因為啤酒在家庭和家庭外的喉嚨份額更高。我們的品牌繼續表現良好。我們看到 Michelob 的力量，我們看到 Busch Light 的力量。到目前為止，我們的一些核心品牌表現更好，我們的 Beyond Beer 產品組合表現非常好。

Our next question comes from Mitch Collett with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Mitch Collett。

I'd like to ask a question on BEES, please. I think you say in the release that 40% of your revenue in China is now via digital channels or at least it was by December. And I think at the Q3 stage, that was 15%, so a pretty big uplift. You talked about China and the U.S. being part of the third wave for the BEES rollout due to the wholesaler model there. So can you comment on the benefits of that digital rollout and what it brings to China and how we might think about that as it goes into other wholesaler-led markets?

我想問一個關於 BEES 的問題。我想你在新聞稿中說你在中國 40% 的收入現在來自數字渠道，或者至少到 12 月是這樣。我認為在第三季度階段是 15%，這是一個相當大的提升。你談到中國和美國由於那裡的批發商模式而成為 BEES 推出的第三波浪潮的一部分。那麼，您能否評論一下數字化推廣的好處以及它給中國帶來的好處，以及當它進入其他批發商主導的市場時我們會如何看待它？

Mitch, thank you for the question. It's very interesting because I just came back from a trip in China. I was there in the region for 1 week. And one of the things that I spent time looking at and discussing with the team was BEES. And you are right, like BEES is the -- China is one of the markets where BEES was being built for a different role to market. And because of the difference on the roll to market is this third wave in which deceleration is not the same as when we have direct distribution.

米奇，謝謝你的提問。這很有趣，因為我剛從中國旅行回來。我在該地區呆了 1 週。我花時間研究並與團隊討論的其中一件事是 BEES。你是對的，就像 BEES 一樣——中國是 BEES 為不同的市場角色而建立的市場之一。由於上市的不同，這第三波減速與我們直接分銷時不同。

I was super glad to see that the product is very good. It is scaling up very fast, usage by the retailers is very, very good, and they are very happy. The NPS is high, and one extra point coming from BEES in China is a little bit complicated to explain that I will try to put this in a simple way in China because of the 3-tier system of China that can be a 5-tier system is very complicated for CPGs to trace product and to have visibility throughout the role to market. Because we are integrating very well QR codes, the wholesalers. And BEES as a tool, we are doing a lot of geolocation. We are getting an unbelievable array of visibility through the network, and it can really now get even when we have more tiers in the role to market, the full visibility of the sales on a pack-by-pack basis. And of course, by doing that, we are integrating revenue management, promotional activities, our wholesaler and logistics network. So I think that BEES will continue to scale very fast in China. Both wholesalers and retailers are very happy with the product and what we bring in terms of better data, quality data and visibility. And I think that the effects in China will be pretty similar to other markets. We'll see acceleration in sales, better trade programs, better integration with our marketing campaigns and more efficiency. It's very effective and helps us big time.

我很高興看到產品非常好。它的擴展速度非常快，零售商的使用情況非常非常好，他們非常高興。 NPS很高，中國的BEES加分有點複雜，我會盡量在中國用簡單的方式來解釋，因為中國的3層系統可以是5層對於 CPG 來說，系統非常複雜，無法跟踪產品並在整個市場角色中具有可見性。因為我們很好地集成了二維碼，批發商。和 BEES 作為一種工具，我們正在做很多地理定位。我們通過網絡獲得了令人難以置信的一系列可見性，即使我們在市場角色中有更多層次，它現在也可以真正獲得逐包銷售的完整可見性。當然，通過這樣做，我們正在整合收入管理、促銷活動、我們的批發商和物流網絡。所以我認為BEES在中國會繼續快速擴張。批發商和零售商都對產品以及我們在更好的數據、質量數據和可見性方面帶來的成果感到非常滿意。我認為中國的影響與其他市場非常相似。我們將看到銷售加速、更好的貿易計劃、更好地與我們的營銷活動整合以及更高的效率。它非常有效，對我們幫助很大。

Our next question comes from Brett Cooper with Consumer Edge.

我們的下一個問題來自 Consumer Edge 的 Brett Cooper。

I wanted to dig into your approach to managing the portfolio with respect to balancing the need to support the core versus innovation. And more specifically, innovations in more traditional beer like Brahma Duplo Malte have been successful, which we can see in the innovation contribution. But expansion in Beyond Beer has proven, I think, a bit harder with the company being at the strategy of innovating and extending for a period of time. I was hoping you could share learnings from your work over the last several years and maybe how you balance efforts and investments on the core versus innovation? And if that process has changed at all.

我想深入了解您在平衡支持核心與創新的需求方面管理投資組合的方法。更具體地說，Brahma Duplo Malte 等更傳統啤酒的創新取得了成功，我們可以在創新貢獻中看到這一點。但我認為，Beyond Beer 的擴張已經證明，隨著公司在一段時間內處於創新和擴展戰略，這有點困難。我希望您能分享過去幾年的工作經驗，以及您如何平衡核心與創新的努力和投資？如果這個過程完全改變了。

Thank you for the question. I think that the first point is really a matter of and instead of core. So I think that we need to be able to invest in the core and renovate, create excitement around our core brands. As you said, best-class work being done in Brazil for Brahma Duplo Malte. If you think about Cass in Korea, incredible results, Victoria and Model in Mexico doing extremely well. At the same time, because we know that we have penetration opportunities, and we can gather more consumers and be present in more occasions. We need to continue to innovate in this Beyond Beer space that offers us incredible opportunities for growth, especially with female consumers and sources a lot from liquor and from wine.

感謝你的提問。我認為第一點確實是核心問題，而不是核心問題。所以我認為我們需要能夠投資於核心品牌並進行創新，圍繞我們的核心品牌創造激情。正如您所說，巴西為 Brahma Duplo Malte 完成了一流的工作。如果你想想韓國的 Cass，令人難以置信的結果，墨西哥的 Victoria 和 Model 表現得非常好。同時，因為我們知道我們有滲透的機會，我們可以聚集更多的消費者，出現在更多的場合。我們需要在 Beyond Beer 領域繼續創新，這為我們提供了難以置信的增長機會，尤其是女性消費者以及大量來自烈酒和葡萄酒的來源。

One of the key learns, I can talk about this for a long time, but I'll try to get to you the biggest learning that we had so far because of the timing the other questions that we'd like to talk about is really that when we create new brands that are catered to this consumer and to the occasions that we want to gain share, they worked better in the long term. They start is lower and then when you extend brands from our core brands, but they build a much more sustainable model. And the learning that we've been having on that, they go from Brutal Fruit in Africa to BEES in Brazil to what we've been seeing with Cutwater in Nutrl, in North America from Canada and the U.S. And those brands, they are champions of the future that we are investing consistently to build. It's a very, very good way to expand the portfolio. It's aggressive because they go outside of our core and they interact with new consumers, but is much more sustainable. And we've been doing things both ways, when we need to do something fast, using our core brands, extension lines, but we've been doing also creating new-to-the-world brand, and they are doing very well. And this is true in the physical world. I just gave you examples Nutrl Brutal Fruit and it's even more true in the digital space. For example, what we are doing in TaDa now in the direct-to-consumer ecosystem is a moot country already born global brand. We're in 11 countries, expanding very quickly is a very powerful value proposition to consumers, a brand that is being built at fast, stellar pace, and we are very happy with both examples, physical but also digital products that we are creating.

一個關鍵的學習，我可以談論這個很長一段時間，但我會盡量讓你得到我們迄今為止最大的學習，因為時間安排我們想談論的其他問題真的是當我們創建新品牌來迎合這一消費者以及我們想要獲得份額的場合時，從長遠來看，它們的效果會更好。他們的起點較低，然後當您從我們的核心品牌擴展品牌時，他們建立了一個更具可持續性的模型。從非洲的 Brutal Fruit 到巴西的 BEES，再到我們在北美的加拿大和美國的 Nutrl 的 Cutwater，我們一直在學習這些品牌，他們是冠軍我們持續投資建設的未來。這是擴展產品組合的一種非常非常好的方式。它具有侵略性，因為它們超出了我們的核心並與新消費者互動，但更具可持續性。我們一直在雙向做事，當我們需要快速做某事時，使用我們的核心品牌，延伸線，但我們也一直在創造新的世界品牌，他們做得很好。在物理世界中也是如此。我剛剛給你舉了 Nutrl Brutal Fruit 的例子，在數字領域更是如此。例如，我們現在在直接面向消費者的生態系統中在 TaDa 所做的是一個已經誕生的全球品牌的有實際意義的國家。我們在 11 個國家/地區開展業務，快速擴張對消費者來說是一個非常強大的價值主張，一個正在以快速、恆星的速度建立的品牌，我們對我們正在創造的實體產品和數字產品這兩個例子都非常滿意。

Our next question is coming from the line of Trevor Stirling with Bernstein.

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

Two questions from my side, please. The first one, Michel, you highlighted that volumes are up almost 6% compared to 2019. I think by my calculations, revenues are up 24%, but margins are down -- EBITDA margin is down about 600 bps. How much of that do you think you can get back? I appreciate there have been input cost pressures, transactional FX, negative operating leverage from COVID. But how much is it realistic to get back and over what timeframe, especially since you guess, implicitly, you expect more margin compression in 2024?

請從我這邊提兩個問題。第一個，米歇爾，你強調與 2019 年相比，銷量增長了近 6%。我認為根據我的計算，收入增長了 24%，但利潤率下降了——EBITDA 利潤率下降了約 600 個基點。你認為你能收回多少？我很欣賞 COVID 帶來的投入成本壓力、交易外彙和負經營槓桿。但是，在什麼時間範圍內恢復多少是現實的，特別是因為你隱含地猜測，你預計 2024 年會有更多的利潤率壓縮？

And the second question, maybe one more for Fernando. The client EPS is up 5%. The dividend is up 50%. Is that purely a function of where we are on the deleveraging curve?

第二個問題，也許是 Fernando 的另一個問題。客戶每股收益增長 5%。股息上漲了 50%。這純粹是我們在去槓桿化曲線上所處位置的函數嗎？

Let me take the first one here, and Fernando will take the second. We always talk about this and I always start the conversation around margins with 2 real statements. The first one is that we love our margins. We really like the fact that we have high margins because this brings us a lot of flexibility to invest as well as to navigate when situations are tougher. And the second one is that our margins, they exist for structural reasons, the power of brands that we have, premium brands that they command higher margins, the strength of positions that we have in key markets and the way that we operate our business in a very efficient way.

讓我在這裡拿第一個，費爾南多拿第二個。我們總是談論這個，我總是以 2 個真實的陳述開始圍繞邊距的對話。第一個是我們喜歡我們的利潤率。我們真的很喜歡我們擁有高利潤率這一事實，因為這給我們帶來了很大的投資靈活性以及在情況更加艱難時進行導航的靈活性。第二個是我們的利潤率，它們存在的原因是結構性原因，我們擁有的品牌的力量，他們擁有更高利潤率的優質品牌，我們在主要市場的地位優勢以及我們在其中開展業務的方式一種非常有效的方法。

And yes, I acknowledge what you said, the margins since '19. I think that we all saw a huge dislocation in terms of costs because of supply disruptions, because the way that things happen, but also because of inflation, that got worse with the situation last year in Europe and commodities going even higher. And we've been balancing as much as we can, our ability to price correctly and having the category penetration and the growth of the category being prioritized. I think that we talked about this before. As we look at 2023, with the visibility that we have today, the cost escalation is big but it's smaller than what we saw in 2022. And on a percentage basis, it's definitely smaller. And we continue to bring our prices up.

是的，我承認你所說的，自 19 年以來的利潤率。我認為，由於供應中斷，我們都看到了成本方面的巨大錯位，因為事情發生的方式，也因為通貨膨脹，隨著去年歐洲的情況和大宗商品價格走高而變得更糟。我們一直在盡可能地平衡我們正確定價的能力，並優先考慮品類滲透和增長。我想我們之前談過這個。展望 2023 年，以我們今天的能見度，成本上升幅度很大，但比我們在 2022 年看到的要小。而且按百分比計算，它肯定更小。我們繼續提高價格。

So what we did in the quarter 4 was a very important way of prices and revenue management that will yield for us good benefits this year. And I think that things will accommodate with time. I can't precisely tell you when and how much in a timeframe, but we are very focused in continuing to drive the part of our brands, charge the premium price that they deserve and be efficient in the way that we do all activities in the company. So therefore, we expect our margins to come back.

因此，我們在第 4 季度所做的是一種非常重要的價格和收入管理方式，這將在今年為我們帶來良好的收益。而且我認為事情會隨著時間的推移而適應。我無法準確地告訴你時間範圍內的時間和數量，但我們非常專注於繼續推動我們品牌的一部分，收取他們應得的溢價，並以我們在公司。因此，我們預計我們的利潤率會回來。

Trevor, on your second question on dividends, on EPS and capital structure. I always like to take one step back and look at our business. We have a very good business that generates a large amount of cash flow in a very sustainable basis. So it's a very good business that consistently generates cash. Having said that, we need -- once we have the excess cash for the business and just to quote a number, the free cash flow for 2022 was $8.5 billion. We need to decide what is the best way to allocate. And that's what we call dynamic allocating our capital.

Trevor，關於你關於股息、EPS 和資本結構的第二個問題。我總是喜歡退後一步，看看我們的業務。我們的業務非常好，可以在非常可持續的基礎上產生大量現金流。因此，這是一項持續產生現金的非常好的業務。話雖如此，我們需要——一旦我們有足夠的現金用於業務並且僅引用一個數字，2022 年的自由現金流為 85 億美元。我們需要決定什麼是最好的分配方式。這就是我們所說的動態分配我們的資本。

We know that deleveraging creates value, and we know that 90% of the value of deleveraging happens when you get towards 3x. So while we were at a higher leverage, we focus most of the efforts towards deleveraging and very little towards other uses of capital. Now we are at 3.5x, we continue to use most of our resources towards deleveraging. You see how much our gross debt was reduced in the year of 2022, but we already are dynamic allocating an increasing dividend. Still it's a sizable increase as a percentage. In absolute figures, we are still driving most of resources towards deleveraging. And the idea is that going forward, at any given moment, we see what is the combination that maximizes value creation. That would be the main driver of our decision-making.

我們知道去槓桿化會創造價值，而且我們知道當您達到 3 倍時，90% 的去槓桿化價值都會發生。因此，雖然我們的槓桿率較高，但我們將大部分精力集中在去槓桿化上，而很少關注其他資本用途。現在我們是 3.5 倍，我們繼續將大部分資源用於去槓桿化。你會看到我們的總債務在 2022 年減少了多少，但我們已經在動態分配增加的股息。從百分比來看，這仍然是一個相當大的增長。從絕對數字來看，我們仍在推動大部分資源用於去槓桿化。這個想法是，在任何給定的時刻，我們都會看到什麼是最大化價值創造的組合。這將是我們決策的主要驅動力。

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

我們的下一個問題來自 Pinar Ergun 與 Morgan Stanley 的合作。

The first one is on marketing. We're hearing from a range of consumer companies, how they're looking to increase their marketing spend in 2023. How do you think about that? And then the second one is when you look at '23, which regions do you feel most bullish about in terms of volume development?

第一個是營銷。我們從一系列消費品公司那裡了解到，他們希望如何在 2023 年增加營銷支出。您對此有何看法？然後第二個是當您查看 23 年時，您最看好哪些地區的銷量發展？

Pinar, thank you for the questions, Michel here. On the first one, you know that we don't give guidance by line, and we showed during the webcast here that we continue to invest, it's close to $7 billion across all years since 2019, and there is a growth when you get 2019 to 2022 of roughly USD 400 million in organic terms. And our plans are to continue to invest behind these brands. They are great brands. We achieved last year, all-time high power of our portfolio is the measurement that we have for favorite preference, whatever different companies call, we call Power. And both brands they deserve good investments because they drive the growth that we want to have for the company today. And in this journey from inorganic to organic, growth will be achieved by the quality of the sustainable growth of our brands.

Pinar，謝謝你的提問，這裡是米歇爾。關於第一個，你知道我們不按線路給出指導，我們在網絡直播期間表明我們繼續投資，自 2019 年以來所有年份都接近 70 億美元，當你得到 2019 年時會有增長到 2022 年，有機收入約為 4 億美元。我們的計劃是繼續投資這些品牌。他們是偉大的品牌。我們去年實現了我們投資組合的歷史最高功率是我們對最喜歡的偏好的衡量，無論不同的公司怎麼稱呼，我們都稱之為功率。這兩個品牌都值得進行良好的投資，因為它們推動了我們今天希望公司實現的增長。在這個從無機到有機的旅程中，增長將通過我們品牌可持續增長的質量來實現。

But I think that more important than that is increasing investments with effectiveness. And our creative quality is as good as never been, recognized by Cannes, recognized by Effie. We won not only creative but also effectiveness. And as we expand our digital products, both BEES and the DTC, we have this unique opportunity to combine data to do all to all, to activate campaigns in large scale as we did, for example, during FIFA World Cup in a very effective way. So we are not only growing the amount of dollars that we are investing in the brands, but we are sweating these dollars much better than before with higher ROIs.

但我認為比這更重要的是增加有效的投資。而且我們的創作質量前所未有的好，戛納認可，艾菲認可。我們贏得的不僅是創意，更是實效。隨著我們擴展我們的數字產品，包括 BEES 和 DTC，我們有這個獨特的機會將數據結合起來，為所有人服務，像我們在 FIFA 世界杯期間所做的那樣，以非常有效的方式開展大規模活動.因此，我們不僅增加了對品牌的投資，而且我們比以前更好地利用這些美元獲得更高的投資回報率。

And on the second question, I think that this is easy from our side to answer. I think that the market that we are more excited for the moment is China. And in a nutshell, China was incredibly disrupted last year by series of lockdowns open, close and people really losing opportunities to be social and to use our products. And based on what I saw on this trip last week in the market, I visited several places. I could see like restaurants with 2 hours waiting list on giving Thursday. I saw nightlife parks full of people and consumption resuming very quickly. I think that the market that we are more excited for 2023 is getting China to its full potential and giving our premium presence, the relevance of our brands there and how sizable China is, that can be a nice add-on to build on the momentum that we have across the globe.

關於第二個問題，我認為我們這邊很容易回答。我認為我們目前更興奮的市場是中國。簡而言之，去年中國因一系列開放、關閉的封鎖而受到難以置信的破壞，人們真的失去了社交和使用我們產品的機會。並根據我上週在市場上的這次旅行所看到的，我參觀了幾個地方。我可以看到像星期四有 2 小時等候名單的餐館。我看到夜生活公園人山人海，消費恢復得很快。我認為我們對 2023 年更加興奮的市場是讓中國充分發揮其潛力，並提供我們的高端業務、我們品牌在中國的相關性以及中國的規模，這可以很好地補充這一勢頭我們在全球擁有。

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

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

Congratulations on the tremendous progress deleveraging and the dividend increase. Can you -- kind of going back to a prior question, can you give us maybe a little bit more granularity on the major price increases that you took in Q4 in the major markets, as much detail as possible would be great. And your sense of how well those are sticking? Are competitors following? I mean, in most cases, you tend to lead. So that's an important dynamic. And then I have a follow-up question for Fernando.

祝賀去槓桿取得巨大進展，紅利增加。你能不能——回到之前的問題，你能不能更詳細地介紹一下你在第四季度在主要市場上的主要價格上漲，盡可能多的細節會很好。你對那些堅持的感覺如何？競爭對手跟進了嗎？我的意思是，在大多數情況下，你傾向於領導。所以這是一個重要的動力。然後我有一個跟進問題要問 Fernando。

Robert, thanks for the question. I think that you already know that we don't disclose much of this price by market and with details. But I think that the best way to answer this question is thinking about our policy of moving prices with inflation. And inflation, as you know, was slightly different on a market-by-market, but growing everywhere. And we had beer total, not only ABI, lagging behind inflation throughout most of the year, but catching up towards the end of the year. So I think that perhaps more interesting is to think about the positive carryover that this price will have for 2023, while 8%, give or take, during 2022 was above 11% in the quarter 4.

羅伯特，謝謝你的提問。我想你已經知道我們不會按市場和細節披露這個價格的大部分內容。但我認為回答這個問題的最好方法是考慮我們的價格隨通脹而變化的政策。如您所知，通貨膨脹在各個市場上略有不同，但各地都在增長。我們的啤酒總量，不僅是 ABI，在一年中的大部分時間都落後於通貨膨脹，但在年底時趕上了。因此，我認為也許更有趣的是考慮這個價格對 2023 年的積極結轉，而 8%，給予或接受，在 2022 年第四季度超過 11%。

And we know that inflation is pointing down across most of the markets, but it's still on a high level. So I think that we have a very good carryover. We were able to move these prices globally according to our plan and reorganize the plans as inflation was above what was originally planned. We see majority of the markets holding well, and we know that beer is a resilient category, it's not immune to inflation and everything that happens, but it's very resilient. I think that throughout the year, as you see salaries increasing and each and every country has a different agenda for that, right, from March, April, May, in some of the Latin American countries to more middle of the year in North America, in China, we will see them purchase power coming back. And I think that the balance of volume and price would be very positive.

我們知道大多數市場的通貨膨脹率都在下降，但仍處於高位。所以我認為我們有很好的結轉。我們能夠根據我們的計劃在全球範圍內調整這些價格，並在通貨膨脹高於最初計劃時重新組織計劃。我們看到大多數市場都表現良好，我們知道啤酒是一種有彈性的類別，它不能免受通貨膨脹和發生的一切的影響，但它非常有彈性。我認為全年，你會看到工資在增加，每個國家都有不同的議程，從 3 月、4 月、5 月，在一些拉丁美洲國家到年中的北美，在中國，我們將看到他們的購買力回歸。而且我認為量價平衡會非常積極。

On a relative basis, historically, we see that the relativity is holding. And in this very high inflation, high input costs the relativity tends to be good across the markets. We monitor this, of course, because we have to balance the prices that we have, the penetration of our brands and how the category is responding on a market to market. Too early to call more details. I hope that my answer was helpful to you, and I'm sure that we'll be talking more about that as we go to quarter 1 to quarter 2 and then with much more details and information in our hands.

在相對的基礎上，從歷史上看，我們看到相對性是成立的。在這種非常高的通貨膨脹、高投入成本的情況下，整個市場的相對性往往是好的。當然，我們會監控這一點，因為我們必須平衡我們的價格、我們品牌的滲透率以及該品類在不同市場上的反應。打電話給更多細節還為時過早。我希望我的回答對您有所幫助，而且我相信我們會在進入第 1 季度到第 2 季度時更多地討論這個問題，然後掌握更多的細節和信息。

Great. And then Fernando, I just want to push you a little bit on the capital allocation and this idea of the dynamic capital allocation. As you get to 3 turns and head towards, I think, the long-term goal of 2 turns, it's striking to me that where the stock is valued today is on a multiple that is well below kind of transactions that everybody has done in the beer industry for the slowest growing businesses. And if you even put a multiple on your consensus estimates for EBITDA for '24 at the lowest valued kind of international transactions, you get a stock price of USD 100 or more. So it just seems remarkably cheap. I know you expect it to go higher as you delever. But if this disconnect continues, how do you think about the possibility of buying back stock when you get to 3 turns or less? And that's something you haven't historically done, but it's a new world and love to get your thoughts on that.

偉大的。然後費爾南多，我只想向你介紹一下資本配置和動態資本配置的想法。當你進行 3 次轉彎並朝著 2 次轉彎的長期目標前進時，令我震驚的是，今天股票的估值倍數遠低於過去每個人所做的交易類型啤酒行業為增長最慢的企業。而且，如果您甚至以最低價值的國際交易對 24 年的 EBITDA 共識估計進行乘數，您的股價將達到 100 美元或更高。所以它看起來非常便宜。我知道你希望它隨著你去槓桿化而走得更高。但是，如果這種脫節繼續下去，您如何看待在 3 圈或更少時回購股票的可能性？這是你歷史上沒有做過的事情，但這是一個新世界，你很樂意聽取你的想法。

Rob, thanks. It's a good question, a long question, but a good question. I feel that we go back to the dynamic capital allocation? And what is the main goal of dynamic capital allocation. The main goal is to create value. That's what we're aiming for at the end of the day. And in different moments of time, you are going to wait all the benefits of each one of the options. You mentioned buybacks. You are going to -- of course, you have your model to see the value of ABI share. We have our own model. We're going to always see the increased IRR versus the IR of deleveraging versus the IRR of paying dividends versus the IRR of any M&A projects. And we are going to look at every moment in time, which composition is the one that maximizes value for ABI. So I think I don't have much more to share because I cannot give any guidance, but you can be assured that in any given moment in time, we're going to be assessing all the different alternatives and see the ones that maximize value.

羅布，謝謝。這是一個好問題，一個很長的問題，但卻是一個好問題。我覺得我們回到動態資本配置？動態資本配置的主要目標是什麼。主要目標是創造價值。這就是我們最終的目標。在不同的時刻，您將等待每個選項的所有好處。你提到了回購。你會——當然，你有你的模型來查看 ABI 份額的價值。我們有自己的模式。我們將始終看到增加的 IRR 與去槓桿化的 IR、支付股息的 IRR 與任何併購項目的 IRR。我們將及時查看每個時刻，哪種組合可以使 ABI 的價值最大化。所以我想我沒有太多要分享的了，因為我無法提供任何指導，但你可以放心，在任何給定的時間，我們都會評估所有不同的備選方案，並找出能夠實現價值最大化的備選方案.

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

下一個問題來自 Olivier Nicolai 與 Goldman Sachs 的合作。

Just 2 questions, please. First, if we go back to the U.S., ABI is losing share within beer, but beer as the category is actually losing share against spirits and that's been the trend for some time. Now what do you think the beer industry is missing when it comes to innovation or marketing or pricing relative to spirits to stop this trend? And second question, just on Fernando, you've given guidance for the increase in accretion expense this year. But regarding your other financial results, we have increased by 50% to $1 billion. What should we expect for 2023 there?

請只問 2 個問題。首先，如果我們回到美國，ABI 在啤酒中的份額正在下降，但啤酒作為這一類別實際上正在失去與烈酒相比的份額，這已經有一段時間了。現在，您認為啤酒行業在創新、營銷或與烈酒相關的定價方面缺少什麼來阻止這一趨勢？第二個問題，就費爾南多而言，您已經為今年的增值費用增加提供了指導。但關於你們的其他財務業績，我們增長了 50%，達到 10 億美元。我們應該對 2023 年有什麼期待？

Olivier, Michel here. First question is a tough one to answer. I think that there is a lot happening there at the same time. If you look, I think that the best part of my answer is going to be, if you look at the last few weeks and what's happening in the U.S. is beer responding much better, the biggest user is wine, spirits continue to do well, but the majority of the growth is being ready-to-drink and in ready-to-drink, actually, we are leading the pack, and we are much better positioned to grow the ready-to-drinks based on the footprint that we have, the network that we have, and this is part of our portfolio renovation. So that's why it's so important for us to get premium correct to get Michelob ULTRA to continue to expand and having Nutrl Cutwater and the other ready-to-drink propositions that we have to grow. I think that when you think about the main causes for spirits to be performing well in the U.S., has a lot to do with availability. So several propositions in states, things that increase the availability and for some people questioning how big this can be and all the availability that was created, it is the correct thing.

奧利維爾，這裡是米歇爾。第一個問題很難回答。我認為那裡同時發生了很多事情。如果你看，我認為我的回答中最好的部分是，如果你看過去幾週，美國發生的事情是啤酒反應好得多，最大的用戶是葡萄酒，烈酒繼續表現良好，但大部分增長是即飲和即飲，實際上，我們處於領先地位，我們更有能力根據我們的足跡發展即飲，我們擁有的網絡，這是我們投資組合改造的一部分。因此，這就是為什麼讓 Michelob ULTRA 繼續擴張並擁有 Nutrl Cutwater 和我們必鬚髮展的其他即飲產品對我們來說如此重要。我認為，當您考慮烈酒在美國表現良好的主要原因時，與可用性有很大關係。因此，各州的幾個提議，增加可用性的事情，對於一些質疑這能有多大以及所創建的所有可用性的人來說，這是正確的事情。

And the second point, we see throughout the years, more on the affordable chip side when you compare the spirits prices in the U.S. versus any other market globally, which is something that is interesting, not to say anything different. It's quite affordable. But it's good to see that in the last weeks and when you look one through three years compounded, beer is performing better than was performing before, year-to-date is gaining share of value and gaining share of throat. And I think that innovation, quality of the products and the right alignment with the consumer loan trend are the answer. Yet a lot of work to be done.

第二點，我們多年來看到，當您將美國的烈酒價格與全球任何其他市場的烈酒價格進行比較時，更多的是在負擔得起的籌碼方面，這很有趣，沒有什麼不同。這是相當實惠的。但很高興看到，在過去幾週，當你看到一年到三年的複合時，啤酒的表現比以前好，年初至今正在獲得價值份額和喉嚨份額。我認為創新、產品質量以及與消費貸款趨勢的正確結合就是答案。然而還有很多工作要做。

And Olivier, on your second question on other financial results. You mentioned accretion expenses. This is the one that is more predictable, so we can give the outlook and provide the range. On the rest of other financial results, the most relevant line is the carry cost of the hedges. And carry cost of the hedges are a function of interest rate differential between different countries. And this one can float. That's why we don't provide too much of an outlook. But if you look at our major exposures, which we have available on our financial statements, and if you understand the carry cost differential then you can make an educated guess, but acknowledging that interest rates may flow throughout the year and the number may be somewhat different.

奧利維爾，關於你關於其他財務結果的第二個問題。你提到了增值費用。這是比較可預測的，所以我們可以給出前景並提供範圍。在其他財務結果中，最相關的是對沖的持有成本。對沖的持有成本是不同國家之間利率差異的函數。而這個可以漂浮。這就是為什麼我們不提供太多的前景。但是，如果您查看我們在財務報表中提供的主要風險敞口，並且如果您了解持有成本差異，那麼您可以做出有根據的猜測，但要承認利率可能全年流動，而且數量可能會有所不同不同的。

Our final question will come from the line of Laurence Whyatt with Barclays.

我們的最後一個問題將來自 Laurence Whyatt 與 Barclays 的對話。

Firstly, we saw a Winter World Cup in much of the Northern Hemisphere, but of course, it was the Summer World Cup for much of the Southern Hemisphere. We didn't hear too much about any benefit from that over the last few months in the last quarter. Are there any geographies that took a real benefit? Do you see anything in Brazil or South America or Africa from that World Cup benefit? And then secondly, we've seen a decline in a number of your input costs, and I understand you hedged generally on a 12-month basis. If you were to look at the current spot rates of those input costs, would they be below the current hedge rate for your 2023 COGS, i.e., would you expect 2024 input cost to be below the current level of 2023 hedges?

首先，我們在北半球大部分地區看到了冬季世界杯，但當然，這是南半球大部分地區的夏季世界杯。在上個季度的過去幾個月裡，我們沒有聽到太多關於從中受益的消息。有沒有真正受益的地區？你認為巴西、南美洲或非洲從世界杯中受益嗎？其次，我們看到你們的一些投入成本有所下降，而且我知道你們通常在 12 個月的基礎上進行對沖。如果您要查看這些投入成本的當前現貨匯率，它們是否會低於 2023 年 COGS 的當前對沖率，即，您預計 2024 年投入成本會低於 2023 年的當前對沖水平嗎？

Laurence, Michel here. I'll take the first one and leave the second to Fernando. I think that you are not hearing me talk too much about that because it's still depressing, Brazil lost. But all in all, FIFA was a great opportunity once again for us to activate our brands. And different geographies, they had different results. Of course, you can imagine that Argentina had extended party that never ended, went through December and part of January, and some other countries, they run short and the interest was likely smaller. But I think that the benefit was great for the brand. So Budweiser had a hell of a run and very strong results in brand equity across the globe with the campaigns that we run. The interest for the sport, all-time high and huge excitement building up now for the next event that's going to be Canada, U.S. and Mexico.

勞倫斯，這裡是米歇爾。我會拿第一個，把第二個留給 Fernando。我認為你沒有聽我說太多，因為它仍然令人沮喪，巴西輸了。但總而言之，FIFA 再次成為我們激活品牌的絕佳機會。不同的地理位置，他們有不同的結果。當然，你可以想像阿根廷有一個從未結束的派對，經歷了 12 月和 1 月的部分時間，而其他一些國家，他們缺貨，利息可能更小。但我認為這對品牌來說好處很大。因此，百威啤酒在我們開展的活動中取得了巨大的成功，並在全球品牌資產方面取得了非常強勁的成果。對這項運動的興趣、歷史最高點和巨大的興奮正在為下一場將在加拿大、美國和墨西哥舉行的賽事而積聚。

We activated our brand, especially digitally, we gained 500 million consumers more. So there was an interesting way of seeing the power of integration of brand campaigns and our digital products, and we had a great volume of Budweiser in quarter 4. The exception was China once again because of the lockdowns, very relevant Budweiser market for the -- for Budweiser so we saw that the whole Budweiser was not good, but outside China, very positive, especially in the places where we heavily activated the campaign.

我們激活了我們的品牌，尤其是在數字方面，我們又獲得了 5 億消費者。因此，有一種有趣的方式可以看到品牌活動和我們的數字產品整合的力量，我們在第 4 季度有大量的百威啤酒。由於封鎖，中國再次成為例外，非常相關的百威市場 - - 對於百威啤酒，我們看到整個百威啤酒都不好，但在中國以外，非常積極，尤其是在我們大力開展活動的地方。

And Laurence, on your question on input costs, it's too early for us to start looking at this metric. We normally hedge 12 months out. So we are just starting to look at 2024. Probably more as the year goes by, we're going to have a more relevant information that is more useful for us to start thinking about. So too soon to make any comment on that.

勞倫斯，關於你關於投入成本的問題，我們現在開始研究這個指標還為時過早。我們通常對沖 12 個月。所以我們才剛剛開始關注 2024 年。可能隨著時間的推移，我們將獲得更多相關信息，這些信息對我們開始思考更有用。對此發表任何評論還為時過早。

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

這是最後一個問題。如果您的問題沒有得到解答，請隨時聯繫投資者關係團隊。我現在將發言權轉回 Michel Doukeris 先生的閉幕詞。

Thank you, Jessie, and thank you, everyone, for participating for the questions. I hope you are all doing well, and we wish you a great 2023, and we will get back, talk to you as we close quarter 1. Thank you. Have a good one.

謝謝 Jessie，也謝謝大家參與提問。我希望你們一切都好，我們祝你們 2023 年一切順利，我們會回來，在第一季度結束時與你們交談。謝謝你們。祝你有個好的一天。

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

謝謝。今天的收益電話會議和網絡廣播到此結束。請斷開你的線路，祝你有美好的一天。