Anheuser-Busch Inbev SA (BUD) 2023 Q1 法說會逐字稿

Welcome to Anheuser-Busch InBev's First Quarter 2023 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 2023 年第一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 並單擊“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.

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。

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 March 17, 2023. 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 AB InBev 未來業績的一些風險和重要因素的討論，請參閱公司於 2023 年 3 月 17 日向美國證券交易委員會提交的最新 20-F 表格年度報告中的風險因素。AB InBev 假設沒有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負責。

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, Jesse, and welcome, everyone, to our first quarter 2023 earnings call. It is a great pleasure to be speaking with you all today. Today, Fernando and I will take you through our first 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.

謝謝杰西，歡迎大家參加我們 2023 年第一季度的財報電話會議。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第一季度的運營重點，並向您提供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 me start with our operating performance. Our business momentum continued this quarter, and we are very pleased with our strong performance to start the year. We delivered revenue growth of 13.2%, with volumes up by 0.9%. Revenue per hectoliter increased by 12.4% driven by price actions across our markets, other revenue management initiatives and ongoing premiumization. We grew EBITDA by 13.6% with a margin expansion of 13 basis points despite continued commodity cost headwinds and while increasing sales and marketing investments in our brands.

讓我從我們的經營業績開始。本季度我們的業務勢頭持續，我們對年初的強勁表現感到非常滿意。我們的收入增長了 13.2%，銷量增長了 0.9%。每百升的收入增長了 12.4%，這得益於我們市場的價格行動、其他收入管理舉措和持續的高端化。儘管商品成本持續受到不利影響，我們的 EBITDA 增長了 13.6%，利潤率增長了 13 個基點，同時增加了對我們品牌的銷售和營銷投資。

Underlying EPS was USD 0.65, an 8.7% increase versus last year. Our focus on disciplined resource allocation and everyday efficiency continues to enable us to invest for the long term while delivering consistent profitable growth. We delivered broad-based growth this quarter with both top and bottom line increases in all 5 of our regions. Revenue increased in 80% of our markets, with volume growth in over 60%. Our diverse geographic footprint provides a unique combination of growth and reliable cash flow generation, positioning us well to deliver superior long-term value creation.

基本每股收益為 0.65 美元，比去年增長 8.7%。我們專注於嚴格的資源分配和日常效率，使我們能夠進行長期投資，同時實現持續的盈利增長。本季度我們實現了基礎廣泛的增長，我們所有 5 個地區的收入和利潤均有所增長。我們 80% 的市場收入增長，銷量增長超過 60%。我們多元化的地理足跡提供了增長和可靠現金流生成的獨特組合，使我們能夠很好地創造卓越的長期價值。

Now, I'll take a few minutes to walk you through the operational highlights for the quarter from our key regions, starting with North America. In the U.S., the beer industry remains resilient with industry volume trends improving sequentially and U.S. dollar sales up 3%. Our business delivered another quarter of top line growth and stable EBITDA despite delivery cost environment. Our above core beer portfolio continued to gain share of segment, growing volumes by mid-single digits.

現在，我將花幾分鐘時間向您介紹我們主要地區（從北美開始）本季度的運營亮點。在美國，啤酒行業保持彈性，行業銷量趨勢環比改善，美元銷售額增長 3%。儘管存在交付成本環境，我們的業務又實現了四分之一的收入增長和穩定的 EBITDA。我們的上述核心啤酒產品組合繼續增加細分市場份額，銷量以中等個位數增長。

Since we are talking about the U.S., let me share some thoughts on the Bud Light situation and put it in the context of our global company. Let me start by clarifying a few facts. This was the result of one camp. It was not made for production or sales to general public. It was one post, not a formal campaign or advertisement. Bud Light campaign is easy to drink, easy to enjoy.

既然我們在談論美國，讓我分享一些對百威啤酒情況的看法，並將其放在我們全球公司的背景下。讓我先澄清幾個事實。這是一個陣營的結果。它不是為生產或向公眾銷售而製作的。這是一個帖子，不是正式的活動或廣告。 Bud Light 系列易於飲用，易於享用。

We should address the situation through the lens of 3 areas that are very important: Our people; our consumers; and beer. Let's start with our people. This situation has impacted our people and especially our frontline workers: The delivery drivers; sales representatives; our wholesalers; Bud owners; and servers. These people are the fabric of our business. They are our neighbors, family members and friends. They are in every community in America. We've been doing everything we can to support our teams and ensure that safety, while continuing to brew, package and together for wholesalers deliver great beer to the market. We are providing direct financial support to the frontline teams that work for us and our wholesalers. As to Bud Light, we have significantly increased our investments behind the brands in the U.S., including tripling our medium spend over the summer.

我們應該從三個非常重要的方面來解決這個問題：我們的人民；我們的消費者；和啤酒。讓我們從我們的員工開始。這種情況影響了我們的員工，尤其是我們的一線員工：送貨司機；銷售代表;我們的批發商；芽業主；和服務器。這些人是我們業務的組成部分。他們是我們的鄰居、家人和朋友。他們存在於美國的每個社區。我們一直在竭盡全力支持我們的團隊並確保安全，同時繼續釀造、包裝並與批發商一起向市場提供優質啤酒。我們正在為為我們和我們的批發商工作的一線團隊提供直接的財務支持。至於百威淡啤，我們大幅增加了對美國品牌的投資，包括在夏季將媒體支出增加兩倍。

Now let's talk about our consumers. We continue to be committed to the programs and partnerships that we have forged over decades with our consumers and with organizations that represent a wide range of communities where we operate. We work every day to delight our consumers and bring people together. When we do this well, our brands perform.

現在讓我們談談我們的消費者。我們將繼續致力於我們數十年來與我們的消費者以及代表我們經營所在的廣泛社區的組織建立的計劃和夥伴關係。我們每天都在努力取悅我們的消費者並將人們聚集在一起。當我們做到這一點時，我們的品牌就會發揮作用。

Finally, let's talk beer. Everything we do should be about beer and should promote beer. Beer is an essential part of life's meaningful moments, whether in sports, music or celebrations. These are moments that bring people together, and this is why I love beer. While beer will always be at the table when important topics are debated, the beer itself should not be the focus of the debate. But life is about being easy to drink and easy to enjoy. That's what consumers want, and that's what we are focused on delivering. We stand behind Bud Light, and we'll continue to invest in the brand to drive it forward.

最後，讓我們談談啤酒。我們所做的一切都應該與啤酒有關，並且應該推廣啤酒。啤酒是生命中有意義時刻的重要組成部分，無論是在運動、音樂還是慶祝活動中。這些時刻將人們聚集在一起，這就是我喜歡啤酒的原因。雖然在討論重要話題時啤酒總是會出現在餐桌上，但啤酒本身不應該成為辯論的焦點。但生活就是要容易喝，容易享受。這就是消費者想要的，也是我們專注於提供的。我們支持 Bud Light，我們將繼續投資品牌以推動其向前發展。

As CEO, I'm accountable for our results, this company and our shareholders and stakeholders and my team. But life is very important to our U.S. business, and I would never minimize the situation. However, seeing the context of our global company provides perspective. Over the years, our global footprint has enabled us to successfully navigate different types of challenges, such as temporary ban on beer sales in certain countries and the most long shutdown of bars and restaurants across the globe.

作為首席執行官，我對我們的業績、這家公司、我們的股東和利益相關者以及我的團隊負責。但生命對我們的美國業務非常重要，我絕不會輕視這種情況。但是，了解我們全球公司的背景可以提供視角。多年來，我們的全球足跡使我們能夠成功應對不同類型的挑戰，例如在某些國家/地區臨時禁止銷售啤酒以及全球最長的酒吧和餐館停業。

With respect to the current situation and the impact of Bud Light sales, it is too early to have a full view. The Bud Light volume decline in the U.S. over the first 3 weeks of April, as publicly reported, would represent around 1% of our overall global volumes for that period. With this perspective, and in the context of our global business, we believe we have the experience, the resources and the partners to manage this. And our full year EBITDA growth outlook is unchanged.

關於百威淡啤銷售的現狀和影響，現在下結論還為時過早。正如公開報導的那樣，4 月份前 3 周美國的 Bud Light 銷量下降將占我們同期全球總銷量的 1% 左右。從這個角度來看，在我們的全球業務背景下，我們相信我們有經驗、資源和合作夥伴來管理它。我們全年的 EBITDA 增長前景保持不變。

In summary, we are focused on our people, our consumers and beer. We want to reiterate our support for our wholesaler partners and everyone who brings our great beers to the market. I can tell you that we have the agility, resources and people to support the U.S. team and move forward. We will continue to learn with the moment and come out stronger. And we'll work tireless to do what we do best: Bring people together over a beer and creating a future of more cheers.

總之，我們專注於我們的員工、我們的消費者和啤酒。我們要重申我們對批發商合作夥伴以及將我們優質啤酒推向市場的所有人的支持。我可以告訴你，我們擁有支持美國團隊並向前邁進的敏捷性、資源和人員。我們將繼續學習，變得更強大。我們將不懈努力，做我們最擅長的事情：將人們聚在一起喝啤酒，創造更多歡呼的未來。

Now moving on to our largest region, Middle Americas, which continues to deliver strong results. In Mexico, we continue to outperform the industry and grow top line and bottom line by double digits. Our volume growth was broad-based, led by our both core beer brands, which grew by low teens. Our digital direct-to-consumer platform, Tada, is now operating in over 50 cities and fulfilling on average, over 300,000 orders per month enabling us to build closer connections with our consumers.

現在轉向我們最大的地區，中美洲，該地區繼續取得強勁成果。在墨西哥，我們繼續跑贏行業，並以兩位數的速度增長收入和利潤。我們的銷量增長基礎廣泛，由我們的兩個核心啤酒品牌引領，增長了十幾歲。我們的直接面向消費者的數字平台 Tada 目前在 50 多個城市運營，平均每月完成超過 300,000 份訂單，使我們能夠與消費者建立更緊密的聯繫。

In Colombia, our business delivered top line growth with our beer portfolio continue to gain share of total alcohol despite inflationary pressures impacting consumer demand. EBITDA declined low single digits, driven by anticipated cost pressures. Our leading mainstream portfolio drove our performance, delivering mid-single-digit revenue growth.

在哥倫比亞，儘管通脹壓力影響了消費者需求，但我們的業務實現了收入增長，我們的啤酒產品組合繼續增加在酒精總量中的份額。在預期成本壓力的推動下，EBITDA 下降了低個位數。我們領先的主流產品組合推動了我們的業績，實現了中個位數的收入增長。

In South America, our business in Brazil delivered double-digit top and bottom line growth, with 235 basis points of margin expansion. Our beer volumes grew by 0.9%, with stable market share despite lapping a strong comparable. Our premium and super-premium brands led our growth, delivering a volume increase in the mid-30s.

在南美，我們在巴西的業務實現了兩位數的收入和利潤增長，利潤率增長了 235 個基點。我們的啤酒銷量增長了 0.9%，儘管具有很強的可比性，但市場份額保持穩定。我們的高端和超高端品牌引領了我們的增長，在 30 年代中期實現了銷量增長。

Now let's talk about EMEA. in Europe, we grew top line by double digits with flat volumes despite the softer industry. EBITDA grew by high single digits. We continue to penalize our portfolio with our global brands and super-premium portfolio delivering low teens revenue growth, led by Budweiser and Corona.

現在讓我們談談 EMEA。在歐洲，儘管行業疲軟，但我們的收入增長了兩位數，銷量持平。 EBITDA 以高個位數增長。我們繼續通過我們的全球品牌和超高端產品組合來懲罰我們的產品組合，這些產品組合以百威啤酒和科羅娜為首，帶來較低的青少年收入增長。

In South Africa, we delivered record-high volumes for the first quarter and grew revenue by high single digits. EBITDA declined by low single digits, impacted by anticipated commodity cost headwinds. Our performance was led by Carling Black Label, the #1 beer brand in the country. Our premium, super premium and bold beer portfolios, all delivered double-digit increases in revenue.

在南非，我們第一季度的銷量創歷史新高，收入實現高個位數增長。受預期商品成本不利因素的影響，EBITDA 以低個位數下降。我們的表現由全國排名第一的啤酒品牌 Carling Black Label 領跑。我們的優質、超優質和大膽的啤酒組合均實現了兩位數的收入增長。

And finally, APAC. In China, our business delivered double-digit top and bottom line growth as channel traffic continued to normalize and consumer demand for our portfolio accelerates. We delivered volume growth across all segments of our portfolio, led by our premium and super premium brands, which grew by approximately 10%.

最後，亞太地區。在中國，隨著渠道流量繼續正常化以及消費者對我們產品組合的需求加速增長，我們的業務實現了兩位數的收入和利潤增長。我們的產品組合的所有細分市場都實現了銷量增長，其中以我們的高端和超高端品牌為首，增長了約 10%。

Now I would like to share with you a few sustainability highlights. We continue to work in collaboration with our suppliers to drive decarbonization across our supply chain. In March this year, we were recognized by [CBP] as being a top supply engagement leader in 2022. In circular packaging, our team's on awards for our innovations using up-cycle barley straw in majority recycled marine waste for Corona 6-packs and crates.

現在我想與大家分享一些可持續發展的亮點。我們繼續與供應商合作，推動整個供應鏈的脫碳。今年 3 月，我們被 [CBP] 評為 2022 年頂級供應參與領導者。在循環包裝方面，我們的團隊因在大多數回收海洋垃圾中使用升級大麥秸稈用於 Corona 6 件裝和板條箱。

Now let's move on to our strategic pillars. Let's start with pillar 1 of our strategy, lead and grow the category. We continue to execute on our 5 levers to drive category expansion and delivered a strong quarter of consistent and profitable top line growth. We are leading and growing the category by offering superior core propositions, developing new consumption occasions and expanding our premium and Beyond Beer portfolios. Our global brands continue to scale and drive premiumization across our markets. The combined revenues of Corona, Stella Artois and Budweiser grew by 15.4% outside of the brands' home markets, led by Budweiser, which grew by 17.8%.

現在讓我們繼續我們的戰略支柱。讓我們從我們戰略的支柱 1 開始，領導和發展該類別。我們繼續執行我們的 5 個槓桿來推動品類擴張，並實現了強勁的季度持續和盈利的收入增長。我們通過提供卓越的核心主張、開發新的消費場合以及擴展我們的優質和 Beyond Beer 產品組合來引領和發展這一類別。我們的全球品牌繼續擴大規模並推動我們市場的高端化。 Corona、Stella Artois 和 Budweiser 在本土市場之外的總收入增長了 15.4%，其中百威增長了 17.8%。

Now let's turn to our second strategic pillar, digitize and monetize our ecosystem. This continue to accelerate usage and reach, capturing USD 8.2 billion in gross merchandising value this quarter, a 32% increase year-over-year in reaching 3.1 million monthly active users. Customer satisfaction continued to improve with our weighted average Net Promoter Score improving to positive 59, up 11 points since last year.

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。這繼續加速使用和覆蓋，本季度獲得 82 億美元的銷售總額，月活躍用戶達到 310 萬，同比增長 32%。客戶滿意度繼續提高，我們的加權平均淨推薦值提高到 59，比去年高 11 分。

In 15 of the 20 markets were business lies, our customers are also able to purchase third-party products through this marketplace. Customer adoption is increasing with 59% of these customers now also BEES-marketplace biased. In the first quarter, BEES marketplace generated approximately USD 295 million in Gen-Z, representing USD 1.2 billion on an annualized basis.

在 20 個市場中有 15 個是商業場所，我們的客戶還可以通過該市場購買第三方產品。客戶採用率正在增加，這些客戶中有 59% 現在也偏向 BEES 市場。第一季度，BEES marketplace 在 Gen-Z 中創造了約 2.95 億美元的收入，按年率計算為 12 億美元。

Now let's talk about how we are strengthening our direct relationship with our consumers. Our digital B2C products, (inaudible) delivery, (inaudible) and [perfect draft] are now available in 20 markets. and generated over 16 million orders and USD 100 million in revenues this quarter. 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.

現在讓我們談談我們如何加強與消費者的直接關係。我們的數字 B2C 產品、（聽不清）交付、（聽不清）和 [完美草稿] 現已在 20 個市場上銷售。本季度產生了超過 1600 萬份訂單和 1 億美元的收入。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: optimize resource allocation; robust risk management; and efficient capital structure.

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；和高效的資本結構。

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 3 capital allocation priorities: Deleveraging; selective M&A; and return of capital to shareholders.

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。然後，我們業務產生的多餘現金將動態分配給我們的 3 個資本配置優先事項：去槓桿化；選擇性併購；以及向股東返還資本。

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. Our bond portfolio has an average pretax coupon of around 4% and a weighted average maturity of 14.5 years. In addition, our debt portfolio does not have any financial covenants, and it is comprised of a variety of currencies, diversifying our FX risk.

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期限概況，我們有價值 30 億美元的債券將在 2025 年到期。我們的債券投資組合的平均稅前息票約為 4%，加權平均期限為 14.5 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。

95% of our bonds have a fixed rate, insulated from interest rate volatility and inflation. As a result of our deleveraging progress, strong free cash flow generation and robust risk management practice, both Moody's and S&P recently upgraded our credit rating to A3 and A-, respectively.

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。由於我們的去槓桿化進展、強勁的自由現金流生成和穩健的風險管理實踐，穆迪和標準普爾最近分別將我們的信用評級上調至 A3 和 A-。

And now let me take you through the drivers of our underlying EPS this quarter. We grew underlying EPS by 8.7% versus last year, delivering EUR 0.65 per share. This increase was primarily driven by nominal EBITDA growth, which accounted for a $0.13 per share increase. As we continue to deleverage, our net interest expense has reduced, contributing a $0.01 improvement. Higher income tax reduced EPS by $0.04 driven by country mix.

現在讓我帶您了解一下本季度我們基本每股收益的驅動因素。與去年相比，我們的基礎每股收益增長了 8.7%，每股收益為 0.65 歐元。這一增長主要是由名義 EBITDA 增長推動的，每股增長 0.13 美元。隨著我們繼續去槓桿化，我們的淨利息支出有所減少，貢獻了 0.01 美元的改善。在國家組合的推動下，更高的所得稅使每股收益減少了 0.04 美元。

With that, I would like to hand it back to Michel for some final comments before we start our Q&A session. Michel?

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. Before opening for Q&A, I would like to take a moment to recap my key takeaways for the quarter.

謝謝，費爾南多。在開始問答環節之前，我想花點時間回顧一下本季度的主要收穫。

We continue to make progress in executing across each of our 3 strategic pillars. Our business momentum continued this quarter. Driven by the strength of our leading brand portfolio, we grew volumes in 60% of our markets. We made important strategic choices in pricing and other revenue management initiatives, which drove continued strong net revenue per hectoliter growth of 12.4%.

我們在執行三大戰略支柱方面繼續取得進展。我們的業務勢頭在本季度得以延續。在我們領先品牌組合實力的推動下，我們在 60% 的市場實現了銷量增長。我們在定價和其他收入管理舉措方面做出了重要的戰略選擇，推動每百升淨收入持續強勁增長 12.4%。

We progressed our digital transformation, generating USD 8.2 billion in (inaudible), with 59% of these customers now also base marketplace buyers. EBITDA grew organically by 13.6%, and our margins expanded even in the context of continued elevated cost environment. And, as a result of our deleveraging progress and strong free cash flow generation. Our credit rating was upgraded 1 notch by both Moody's and S&P. We are investing to drive long-term value creation, and our results this quarter are another proof point of the effectiveness of our strategy.

我們推進了數字化轉型，產生了 82 億美元（聽不清），其中 59% 的客戶現在也是基礎市場買家。 EBITDA 有機增長 13.6%，即使在成本持續上升的環境下，我們的利潤率也有所擴大。而且，由於我們去槓桿化的進展和強勁的自由現金流產生。穆迪和標準普爾均將我們的信用評級上調了一級。我們正在投資以推動長期價值創造，我們本季度的業績是我們戰略有效性的另一個證明。

With that, I will hand it back to Jesse for Q&A.

有了這個，我會把它交還給傑西進行問答。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自巴克萊銀行的 Priya Ohri-Gupta。

Firstly, congratulations on the upgrade from both Moody's and S&P. Fernando, I'd love to start with you. Now that you've achieved those low single A ratings, how should we think about your focus on getting to 3x net leverage as a near-term target? And is there any potential desire to move towards mid-single A ratings over time, given that, that could lift you to Tier 1 commercial labor access?

首先，祝賀穆迪和標準普爾的升級。費爾南多，我想從你開始。既然您已經獲得了那些較低的單一 A 評級，我們應該如何考慮您將實現 3 倍淨槓桿率作為近期目標的重點？鑑於此，是否有可能希望隨著時間的推移向中單 A 評級邁進，這可能會使您獲得一級商業勞動力？

Thanks for your question. I -- the best way to frame it is to go back to our resource allocation priorities. The objective, at the end of the day, is to maximize the value creation. We always invest behind the organic growth of our business. And with the remaining cash, we balance the leveraging shareholder payouts and selective M&A.

謝謝你的問題。我 - 構建它的最佳方式是回到我們的資源分配優先事項。歸根結底，目標是最大化價值創造。我們始終投資於我們業務的有機增長。用剩餘的現金，我們平衡槓桿股東支出和選擇性併購。

When you think about deleveraging, we said a few times that we maximize the value of our business at 2 times, but 90% of these benefits we will be capturing around 3x. So our goal is to do the right thing for the business. And by doing the right things for the business, the rating will be a consequence.

當你考慮去槓桿化時，我們說過幾次我們將業務價值最大化 2 倍，但我們將獲得 3 倍左右的這些收益中的 90%。所以我們的目標是為企業做正確的事。通過為企業做正確的事情，評級將是一個結果。

In a nutshell, for the time, we still see a meaningful amount of value on deleveraging. We increased the dividend last quarter. But in the grand scheme of things, most of the cash is still going towards deleveraging. But as we start moving closer to 3x, then start defense in 3x, moving closer to 2x. More and more, we can have other priorities, but always with the mindset of doing the right thing for the business and rating will be a consequence.

簡而言之，目前，我們仍然看到去槓桿化的重要價值。我們上個季度增加了股息。但在宏偉的計劃中，大部分現金仍用於去槓桿化。但是當我們開始接近 3 倍時，然後開始防禦 3 倍，接近 2 倍。越來越多的，我們可以有其他的優先事項，但始終抱著為企業做正確的事的心態，結果將是評級。

Great. And just as a follow-up, you highlighted that you have only about $3 billion of maturities coming due through '25. So as you think about further debt reduction, would you prioritize looking at those or maximizing deleveraging by perhaps looking further out the curve, given some of those months are still trading below par?

偉大的。作為後續行動，您強調說到 25 年到期的債券只有大約 30 億美元。因此，當您考慮進一步削減債務時，考慮到其中一些月份的交易價格仍低於正常水平，您會優先考慮這些債務還是通過進一步觀察曲線來最大化去槓桿化？

It changes a lot depending on the interest rate environment. And we -- whenever we are in a position to start redeeming more debt, we always look at different trade-offs. If you recall correctly, in early 2020, given all the services, we focus a lot on the short term. And because interest rates were low, it made more sense for you to ride short-term debt.

它會根據利率環境發生很大變化。而我們——每當我們能夠開始贖回更多債務時，我們總是會考慮不同的權衡取捨。如果你沒記錯的話，在 2020 年初，考慮到所有服務，我們非常關注短期。而且因為利率很低，所以你背負短期債務更有意義。

As we see interest rates rising it made more sense for us to redeem long-term debt because it was much more attractive. And we are in a position, given all the risk -- the risk management initiatives that we had in 2020, that we don't have any near-term so we can really make sure that we focus on whatever is maximizing value because the risk profile is in a very good place.

當我們看到利率上升時，贖回長期債務對我們來說更有意義，因為它更具吸引力。考慮到所有風險——我們在 2020 年採取的風險管理舉措，我們處於這樣的位置，我們沒有任何近期舉措，因此我們可以真正確保我們專注於價值最大化的任何事情，因為風險個人資料在一個非常好的地方。

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

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

Great. Thank you very much. So Michel, as you clarified in your comments in terms of Bud Light, this is all about one can, one social media post, one influencer. And yet somehow it's just become something a whole lot bigger than that. There continues to be a lot of misinformation out there, a lot of confusion.

偉大的。非常感謝。所以米歇爾，正如你在 Bud Light 的評論中澄清的那樣，這一切都是關於一個罐頭，一個社交媒體帖子，一個有影響力的人。然而不知何故，它變得比這大得多。那裡仍然有很多錯誤信息，很多混亂。

Can you offer any thoughts, reflections on how this happened, what you've learned and what -- now that we're here, what are you going to do about it?

你能就這件事是如何發生的、你學到了什麼以及什麼——既然我們在這裡，你打算如何處理它提供任何想法和反思嗎？

Robert, thanks for the question. So I think that to start, we need to understand the current environment and especially social media landscape. And how consumer brands, especially big brands with significant reach, can be pulled into a discussion like this one.

羅伯特，謝謝你的提問。所以我認為首先，我們需要了解當前環境，尤其是社交媒體格局。以及如何將消費品牌，尤其是具有重要影響力的大品牌，納入這樣的討論中。

And we know that ours, Bud Light, is certainly not the first brand that was pulled in a situation like that. And as I said, while beer will always be at the table when important topics are debated, the beer itself should not be the focus of the debate. And to me, this is the key learning.

我們知道，我們的 Bud Light 肯定不是第一個在這種情況下被撤下的品牌。正如我所說，當討論重要話題時，啤酒總是擺在桌面上，但啤酒本身不應該成為辯論的焦點。對我來說，這是關鍵的學習。

So moving forward, I agree with you. One challenge is what you call the misinformation and confusion that still exists. We will need to continue to clarify the fact that this was one can, one influencer, one post and not a campaign, and repeat this message for some time.

所以向前看，我同意你的看法。一個挑戰是你所說的仍然存在的錯誤信息和混亂。我們將需要繼續澄清一個事實，即這是一個罐頭、一個有影響力的人、一個帖子而不是一個活動，並重複此消息一段時間。

But as we do that, we are more focused on leveraging our global experience and mobilizing our global resources to support the U.S. team as we move forward. We have adjusted and streamlined our marketing structure, so the most senior market peers are more closely connected to every aspect of our brands.

但在我們這樣做的同時，我們更專注於利用我們的全球經驗並調動我們的全球資源來支持美國團隊前進。我們已經調整和精簡了我們的營銷結構，因此最資深的市場同行與我們品牌的各個方面都更加緊密地聯繫在一起。

In addition, we are supporting our frontline teams. We are investing behind Bud Light tripling our need investment for the summer, and we are investing more together with our wholesalers in our local markets. Just getting like last week, Bud Light was on the stage at the NFL Draft. We released a new TV commercial that continues our campaign. The current campaign easy to drink, easy to enjoy. We have strong presence in the Stagecoach Country Music Festival in California, and there is much more to come.

此外，我們正在支持我們的前線團隊。我們對 Bud Light 的投資是夏季所需投資的三倍，並且我們正在與當地市場的批發商一起進行更多投資。就像上週一樣，Bud Light 出現在 NFL 選秀的舞台上。我們發布了一個新的電視廣告來繼續我們的活動。當前運動易飲，輕鬆享受。我們在加利福尼亞州的 Stagecoach 鄉村音樂節上有很強的影響力，而且還有更多。

And as I said, it's too early to have a full view on the impact, but I know that we have the people, the partners to learn from that, to continue to move forward and to come out stronger.

正如我所說，現在全面了解影響還為時過早，但我知道我們有可以從中學習的人和合作夥伴，可以繼續前進並變得更強大。

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

我們的下一個問題來自德意志銀行的 Mitch Collett。

I've got two questions, please. The first is, given the strong start to the year from an organic EBITDA perspective, can you give some color on why you didn't raise or refine the F '23 guidance? And in particular, I'd be interested in the puts and takes from volume, pricing, COGS and SG&A perspective, as we pass through the quarters.

我有兩個問題，請。首先是，從有機 EBITDA 的角度來看，今年開局強勁，您能否說明為什麼沒有提高或完善 F '23 指南？特別是，當我們通過季度時，我會對從數量、定價、COGS 和 SG&A 角度來看的看跌期權感興趣。

And then secondly, Colombia has been a really strong performer for a couple of years now, but it seems to have hit some challenges in Q1. Do you expect to be able to take enough price to offset input cost pressures in Colombia? And do you think the consumer is in the right place to accept it?

其次，哥倫比亞幾年來一直表現出色，但它似乎在第一季度遇到了一些挑戰。您是否期望能夠採取足夠的價格來抵消哥倫比亞的投入成本壓力？你認為消費者是在正確的地方接受它嗎？

Mitch, Fernando here. Let me take the first question. In terms of guidance, I always refer back to the reason why we started giving guidance. We give guidance, our medium-term outlook at the end of 2021, because we are moving from an inorganic strategy to an organic strategy. And when we look at the middle term, that's the growth that our business can sustain and can deliver.

米奇，這裡是費爾南多。讓我回答第一個問題。在指導方面，我總是回顧我們開始指導的原因。我們給出指導，我們在 2021 年底的中期展望，因為我們正在從無機戰略轉向有機戰略。當我們著眼於中期時，這就是我們的業務可以維持並可以實現的增長。

With that in mind, every quarter is going to be different. There are going to be better quarter, worst quarters and there will be puts and takes in different regions of the world performing in different ways.

考慮到這一點，每個季度都會有所不同。將有更好的季度，最差的季度，世界不同地區將以不同的方式表現。

With regard to this year specifically, we just had the first quarter. It's too early. We had a good quarter. And of course, there are always puts and takes. That's why, for the moment, we are maintaining -- because the main objective of the guidance is to give certain of the medium-term potential performance of the business.

具體到今年，我們剛剛度過了第一季度。太早了。我們有一個很好的季度。當然，總有看跌期權。這就是為什麼目前我們要維持——因為該指南的主要目標是提供某些業務的中期潛在績效。

In terms of commodities, the question that you asked, we said about 2023, that we would have some commodity pressures, of course, to a lesser extent than 2022. We have most of our commodities hedged, but there is always a portion of your cost of goods sold that is not hedged.

在大宗商品方面，你問的問題，我們說到 2023 年，我們會有一些大宗商品壓力，當然，程度小於 2022 年。我們對大部分大宗商品進行了對沖，但總有一部分你的未對沖的已售商品成本。

A good example is cost of freight. And to some extent, this is moving in our favor, this is moving favorite, it's somewhat healthy. You also have the different geographies corporates. We said before that you have some regions like Brazil where the cost of goods sold should be in a better place. You could actually see that the Brazilian operation having gross margin expansion already this quarter. And this is their commodity scenario.

一個很好的例子是運費。在某種程度上，這對我們有利，這是最喜歡的，有點健康。你也有不同地域的公司。我們之前說過，在某些地區，例如巴西，銷售商品的成本應該處於一個更好的位置。您實際上可以看到本季度巴西業務的毛利率已經有所增長。這是他們的商品場景。

On the other hand, you have regions like Europe, which is still somewhat under pressure on the commodity front, and will continue to be for this year because energy prices, although they are improving, they are is still very high compared to previous levels.

另一方面，像歐洲這樣的地區在大宗商品方面仍然有些壓力，今年將繼續存在，因為能源價格雖然正在改善，但與之前的水平相比仍然非常高。

So a lot of puts and takes. We just had the first quarter. We continue to be confident on the business. But I think it's too early for us to talk about changing the guidance on upon way or another. And the second question, I will pass to Michel.

所以有很多投入和投入。我們剛剛度過了第一季度。我們繼續對業務充滿信心。但我認為現在談論改變指南還為時過早。第二個問題，我將交給米歇爾。

Mitch, thanks for the question. I think that when we talk about Colombia, if you allow me just to step back for a second, I think that we need to look at this developing markets and how inflation cost of goods sold and consumer purchase power is playing a different role in each of these countries.

米奇，謝謝你的提問。我認為當我們談論哥倫比亞時，如果你允許我退後一步，我認為我們需要看看這個發展中市場以及銷售商品的通脹成本和消費者購買力如何在每個市場中發揮不同的作用這些國家。

And the fact that, as I said before and I keep repeating, we've been balancing our revenue management strategy, aligned with category, consumer purchase power and the inflation and cost of goods sold. So Colombia is coming from a very good performance for the industry. The last year was a great year for the industry.

事實上，正如我之前所說並不斷重複的那樣，我們一直在平衡我們的收入管理戰略，與品類、消費者購買力以及銷售商品的通貨膨脹和成本保持一致。因此，哥倫比亞在該行業的表現非常出色。去年對這個行業來說是偉大的一年。

And this year, in quarter 1, we saw volumes declining by low single digits. And we have good share. Beer is gaining share of growth. What we saw in the industry overall was an impact from a softer macroeconomic. We need to remember that Colombia imports a lot of goods, and you have 2 impacts there. One is the inflation itself, the other one is FX.

今年第一季度，我們看到交易量以低個位數下降。我們有很好的份額。啤酒正在獲得增長份額。我們在整個行業中看到的是宏觀經濟疲軟的影響。我們需要記住，哥倫比亞進口了很多商品，在那裡有兩個影響。一個是通貨膨脹本身，另一個是外匯。

The country is moving. So you see that salary is already moving up as well. And the demand for our brands remain strong. We grew well gaining share of total alcohol. Our brands, core brands performing well, premium brands performing well as well. And under this macro background, we need to keep watching how the industry will behave while we continue to invest in our brands and they have good underlying demand.

國家在行動。所以你看到工資也已經在上漲了。對我們品牌的需求依然強勁。我們在酒精總量中的份額增長良好。我們的品牌，核心品牌表現良好，高端品牌表現良好。在這種宏觀背景下，我們需要繼續關注行業的表現，同時我們繼續投資我們的品牌，他們有良好的潛在需求。

So the business is great. The macro environment was a little bit soft, but we continue to watch deals across the globe very carefully as we continue to push forward on our -- both category strategy but also revenue management strategy. Thanks for the question.

所以生意很好。宏觀環境有點疲軟，但隨著我們繼續推進我們的品類戰略和收入管理戰略，我們繼續非常仔細地觀察全球交易。謝謝你的問題。

Our next question is coming from Trevor Stirling with Bernstein.

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

Michel, just one question from me and following up, and thank you very much for your perspectives on the Bud Light feeding frenzy. We're looking, I suppose, trying to judge things based on the scanner data, which is one channel and several weeks in advance. I know you have more closer to real-time data across many channels. Is there any sign that the pressure is starting to ease, or it's still very too early to say?

米歇爾，我只問一個問題並跟進，非常感謝你對百威淡啤狂熱的看法。我想，我們正在尋找，試圖根據掃描儀數據來判斷事情，這是一個通道，提前幾週。我知道您在許多渠道上更接近實時數據。是否有任何跡象表明壓力開始減輕，或者現在說還為時過早？

Trevor, I think that's still too early for us to understand the duration and the total impact. We look at the same public data that you look and we see the data. There's a lot of information on the week basis, but we also see day after day.

特雷弗，我認為現在了解持續時間和總體影響還為時過早。我們查看的公共數據與您查看的相同，我們也看到了數據。每週都有很多信息，但我們也會日復一日地看到。

We can see on the days that there is some stabilization, and this Bud Light volume in the first 3 weeks, as I said, they would account for like 1% of our global volume in this period, because there is still a lot of confusion there and misinformation as I was telling Robert. So we need to continue to clarify these information as we move forward.

我們可以看到，在前 3 週，百威淡啤酒的銷量有所穩定，正如我所說，它們將佔這一時期我們全球銷量的 1%，因為仍然存在很多混亂那里和我告訴羅伯特的錯誤信息。因此，我們需要在前進的過程中繼續澄清這些信息。

We need to continue to invest as we have done last week. And together with our wholesalers continue to drive both the business forward, the focus on beer, which is what we do best, and make sure that the right information is clarified to everybody. Because when we do beer, our brands perform well.

我們需要像上週那樣繼續投資。並與我們的批發商一起繼續推動業務向前發展，專注於啤酒，這是我們最擅長的，並確保向每個人澄清正確的信息。因為當我們做啤酒時，我們的品牌表現很好。

Our next question is coming from the line of Jeff Stent with BNP.

我們的下一個問題來自 BNP 的 Jeff Stent 系列。

Two questions. The first of which, would the 4% to 8% like-for-like EBITDA guidance still hold if Argentina was to be excluded? That's the first one.

兩個問題。首先，如果阿根廷被排除在外，4% 至 8% 的 EBITDA 指引是否仍然有效？這是第一個。

And the second one is -- you've talked a lot about Bud Light. But has there been any sort of spillover impact beyond Bud Light? And also, what are you doing to ensure that the market peers don't sort of enter a state of paralysis and become very fearful of sort of embracing any creativity?

第二個是——你已經談了很多關於 Bud Light 的事情。但除了 Bud Light 之外，是否有任何溢出效應？而且，您正在做什麼以確保市場同行不會陷入癱瘓狀態並變得非常害怕接受任何創造力？

Jeff, Fernando here. Let me take the first one. I'll go back to the reason why we provided an outlook, and we did that the medium-term outlook at the end of 2021. What is the potential for our business over the medium term now that we move from an inorganic to an organic strategy. And that includes our whole portfolio.

傑夫，這裡是費爾南多。讓我拿第一個。我將回到我們提供展望的原因，我們在 2021 年底做了中期展望。既然我們從無機轉向有機，我們的業務在中期的潛力是什麼戰略。這包括我們的整個產品組合。

But of course, there is one very important KPI, but there are other KPIs that we should be looking at. From first quarter, for example, for the first quarter, we ended up growing more than our outlook. We ended up growing 13.6%. But this is the organic growth. If you look from a business standpoint, we grew more -- on a nominal basis, we grew more than $270 million. So it was a very strong growth.

但當然，有一個非常重要的 KPI，但我們還應該關注其他 KPI。例如，從第一季度開始，我們最終的增長超過了我們的預期。我們最終增長了 13.6%。但這是有機增長。如果你從商業的角度來看，我們的增長更多——名義上，我們增長了超過 2.7 億美元。所以這是一個非常強勁的增長。

If you look from an EPS standpoint, we grew like 8.5%. So at the end of the day, this is our food business, and we need to make sure that we manage all the different variables, all the different KPIs. And the goal at the end of the day is to create value, and that's what we are aiming for. So the guidance is for -- the outlook is for our [full] business. And the second question, I'll pass it to Michel.

如果你從每股收益的角度來看，我們增長了 8.5%。所以歸根結底，這是我們的食品業務，我們需要確保我們管理所有不同的變量，所有不同的 KPI。最終的目標是創造價值，這就是我們的目標。因此，指導是針對 - 前景是針對我們的[全部]業務。第二個問題，我會交給 Michel。

Yes, Jeff. Thanks for the question. I think that similarly to what we just discussed on the Bud Light volume, the public available data shows some spillover effect across the other brands, while the majority of the impact is still on Bud Light. And this is happening, I think, that on the same direction, given the information that's out there, the confusion and the noise and of course, more localized on Bud Light, and we continue to drive our programs forward for all brands.

是的，傑夫。謝謝你的問題。我認為，與我們剛剛在 Bud Light 卷上討論的內容類似，公開可用數據顯示了對其他品牌的一些溢出效應，而大部分影響仍在 Bud Light 身上。我認為，這正在同一個方向上發生，考慮到那裡的信息、混亂和噪音，當然，更多地集中在 Bud Light 上，我們繼續推動所有品牌的計劃。

And I think that one of the key points that I was highlighting before is that we continue to be committed to the programs, partnerships, investments that we have in place, our key programs and campaigns for the brands, they remain in place. And one key thing in the U.S. was quickly adjust and streamline our structure. So in this situation and given the current environment, especially for the social media landscape, that we have senior marketers running the programs.

我認為我之前強調的關鍵點之一是我們將繼續致力於我們現有的項目、合作夥伴關係、投資，我們為品牌開展的關鍵項目和活動，它們仍然存在。在美國，一件關鍵的事情是迅速調整和精簡我們的結構。因此，在這種情況下，考慮到當前環境，尤其是社交媒體環境，我們有高級營銷人員來運行這些程序。

We have a strong plan for the year. The brands are performing very well in the quarter 1. The programs we know they impact correct consumers and they move the brands in the right direction. And I think that as we do what beer needs to do: Focus on sports, focus on music, focus on connecting with our consumers, our brands perform well as we know, right?

我們今年有一個強有力的計劃。這些品牌在第一季度的表現非常好。我們知道這些計劃會影響正確的消費者，並將品牌推向正確的方向。而且我認為，當我們做啤酒需要做的事情時：專注於運動，專注於音樂，專注於與我們的消費者建立聯繫，我們的品牌表現如我們所知，對吧？

So we will continue to invest. We are having healthy investments now during the summer across all brands as original part of our plans. But also, we are having up the investments on Bud Light as we reallocate global resources and we invest more on Bud Light.

所以我們會繼續投資。作為我們計劃的最初部分，我們現在在夏季對所有品牌進行健康投資。而且，隨著我們重新分配全球資源，我們正在增加對 Bud Light 的投資，並對 Bud Light 進行更多投資。

So I think that we feel good about the plans that we have moving forward. And while it's still too early to understand again, all the numbers and the duration of this impact, we need to keep moving the business forward. And that as CEO, I think that my role is to really get the learnings, mobilize resources support the team and work together with our partners as we move forward.

所以我認為我們對我們正在推進的計劃感到滿意。雖然現在再次了解這種影響的所有數字和持續時間還為時過早，但我們需要繼續推動業務向前發展。作為首席執行官，我認為我的職責是真正吸取教訓，調動資源支持團隊，並在我們前進的過程中與我們的合作夥伴一起工作。

next question is coming from Laurence Whyatt with Barclays.

下一個問題來自巴克萊銀行的 Laurence Whyatt。

Michel, Fernando, two for me, please. Firstly, on margins, they've come out a lot better this quarter than perhaps the Street was expecting. And I seem to remember, previously, you said that Q1 was probably going to be the toughest quarter for COGS. Do you see the COGS environment getting a little bit easier from here? And how would you split the impact from COGS from both commodities and transactional FX?

米歇爾、費爾南多，請給我兩個。首先，在利潤率方面，他們本季度的表現比華爾街預期的要好得多。我似乎記得，之前，您說過第一季度可能是 COGS 最艱難的季度。您是否看到 COGS 環境從這裡變得更容易一些？您如何將 COGS 對商品和交易外彙的影響分開？

And then the second question on China. Could you give us any more color on the exit rate or sort of March number? I think you previously mentioned that Bud 8-pack was up around 20% in February. Can we assume that March was significantly stronger than that?

然後是關於中國的第二個問題。你能給我們更多關於退出率或三月數字的顏色嗎？我想你之前提到過 Bud 8-pack 在 2 月份上漲了 20% 左右。我們可以假設 3 月的表現明顯強於那個嗎？

Laurence, Fernando here. Let me take the first one on margins. Definitely, we talked a lot about COGS. And I want to talk about COGS, COGS probably we still have some pressures this year. Probably the pressure is a little bit higher in the first half of the year, a little bit smaller in the second half of the year.

勞倫斯，這裡是費爾南多。讓我先談談利潤率。當然，我們談了很多關於 COGS 的事情。我想談談 COGS，COGS 可能我們今年仍然有一些壓力。大概上半年壓力大一點，下半年壓力小一點。

Of course, there are some portions that we cannot hedge. And I mentioned a while ago, freights, and this is something that came in our favor. Every market is different. If you say about transactional effects, it's better in Brazil than it was the year before, and you are seeing that reflecting through the Brazilian beer margins or the gross (inaudible) being positive, increasing year-on-year.

當然，有些部分我們無法對沖。我剛才提到了運費，這是對我們有利的事情。每個市場都是不同的。如果你說交易效應，巴西的情況比前一年好，你會看到巴西啤酒利潤率或毛利率（聽不清）為正，同比增長。

It's a little bit more of a pressure when you think about Europe, so every market is different. But you have to bear in mind that the EBITDA margin is not only about cost of goods sold. It's the main driver of our last year's cost of goods sold. But you also have overhead and overhead was an important component. And of course, overhead you have seasonality. So it's going to be slightly different quarter-on-quarter.

當你想到歐洲時，壓力會更大一些，所以每個市場都是不同的。但您必須記住，EBITDA 利潤率不僅與銷售商品成本有關。這是我們去年銷售商品成本的主要驅動因素。但是你也有開銷，開銷是一個重要的組成部分。當然，開銷有季節性。所以每個季度都會略有不同。

We're still maintaining our outlook where revenues are growing ahead of costs. and continue to manage an opportunity to improve an opportunity to better, we continue to leverage on that. Probably a number that you should continue to look is how commodity and FX evolve. For 2023 is more or less set. A few open items like trade, but more or less set.

我們仍然維持收入增長超過成本增長的前景。並繼續管理一個機會來改善一個更好的機會，我們將繼續利用這一點。您應該繼續關注的一個數字可能是商品和外彙的演變方式。 2023 年或多或少已經確定。一些像貿易一樣的開放項目，但或多或少是固定的。

And for 2024, at least too early to say, but we are not seeing any major swings in commodities like we see in the last couple of years. And if that's the case, that should be positive news, also going forward. But it's too early to have a final view on that.

至於 2024 年，至少現在說還為時過早，但我們沒有看到像過去幾年那樣的大宗商品出現任何重大波動。如果是這樣的話，那應該是個好消息，也是向前發展的。但現在就此得出最終結論還為時過早。

Yes. And with China, I think that the way that we see the quarter 1 is like a transition quarter. You remember, all the restrictions being lifted at the end of last year. There was an earlier Chinese New Year. So January was a little bit dislocated. And therefore, we see continued recovery that accelerated throughout the quarter.

是的。對於中國，我認為我們看到第一季度的方式就像一個過渡季度。你記得，所有的限制在去年年底都被取消了。有一個更早的農曆新年。所以一月有點錯位。因此，我們看到整個季度持續加速復蘇。

If you look at some of the leading indicators, let me share one, for example, the on-trade, night life, Chinese restaurant reopening. Beginning of the year, January, they were around like 70%, 75%. And as you look at the same indicator in March, we were pretty much like close to 100% of the [POX] operating we've normalized operating environment, in-store, traffic. And that happened from middle of February towards March.

如果你看一些領先指標，讓我分享一個，例如，貿易、夜生活、中餐館重新開業。今年年初，一月份，他們大約是 70%、75%。當你在 3 月份查看相同的指標時，我們幾乎接近 100% 的 [POX] 運營，我們已經將運營環境、店內、流量標準化。那是從 2 月中旬到 3 月發生的。

We, of course, we put our plans in place. We are getting our fair share in premium and super premium. And as the channels reopened the long-term trends of premiumization, they continue to impact the industry and our business in China, which benefits from that.

當然，我們已經制定了計劃。我們在溢價和超級溢價中獲得了公平的份額。隨著渠道重新打開高端化的長期趨勢，它們將繼續影響行業和我們在中國的業務，並從中受益。

So we have strong innovation, and we see that the industry is recovering. The premium opportunity continues to be huge in China, and we have disproportional or asymmetric market share in this segment. And as the channel reopens, this is a tailwind for the business. The prospects for the long term do not change. We think that in the short term, that is this good opportunity and the industry so far is performing well.

所以我們有很強的創新能力，我們看到這個行業正在復蘇。溢價機會在中國仍然是巨大的，我們在這一領域擁有不成比例或不對稱的市場份額。隨著渠道的重新開放，這對企業來說是一個順風。長期前景不會改變。我們認為，在短期內，這是一個很好的機會，而且該行業迄今為止表現良好。

The next question is coming from the line of Edward Mundy with Jefferies.

下一個問題來自 Edward Mundy 與 Jefferies 的合作。

I'm sorry to come back to Bud Light, but I've got -- I just want to pick up on some of your opening comments, Michel, around having experienced the resource and the partners to manage through.

很抱歉回到 Bud Light，但我已經 - 我只想听聽你的一些開場白，米歇爾，關於體驗資源和合作夥伴來管理。

If we take experience, could you talk about some of the prior experience ABI has a brand turnaround of this nature? I mean Stella Artois, for many decades in the U.K. had a pretty bad name, and those previous negative associations have been eliminated. What are the 2 or 3 things you've got to get right as you think about taking things forward from here?

如果我們以經驗為例，您能否談談 ABI 具有這種性質的品牌轉變的一些先前經驗？我的意思是 Stella Artois，幾十年來在英國的名聲都非常糟糕，之前的負面聯想已被消除。當您考慮從這裡開始做事時，您必須做對的 2 或 3 件事是什麼？

And then on resource, I think you mentioned you're going to mobilize global resource to support the U.S. team. I think Bud Light is about a $5 billion revenue business at supply level, probably spend 10% on A&P, maybe a fraction of that, maybe half of that is media so call it, $250 million.

然後在資源方面，我想你提到你將調動全球資源來支持美國團隊。我認為 Bud Light 在供應層面的收入約為 50 億美元，可能在 A&P 上花費 10%，也許是其中的一小部分，也許其中一半是媒體所謂的 2.5 億美元。

If you're going to triple that, that's about $500 million and that's about 2% to group EBITDA. Are those numbers directionally okay, or have I missed something there?

如果你要把它翻三倍，那就是大約 5 億美元，大約是集團 EBITDA 的 2%。這些數字方向正確嗎，還是我錯過了什麼？

Ed, I think I got all your topics here, then I'll try to cover one by one. So the first point around experience and how we deal with different situations globally. And of course, starting from the point that each and every situation is unique in itself.

Ed，我想我已經把你所有的主題都弄到這裡了，然後我會試著一一介紹。因此，第一點圍繞經驗以及我們如何處理全球不同情況。當然，從每一種情況本身都是獨一無二的這一點出發。

And given the current environment, especially social media landscape, and how brands have been pulled into these situations, that is a big learning from this situation that can help the company also on the other way around globally.

考慮到當前環境，尤其是社交媒體格局，以及品牌如何被拉入這些情況，這是從這種情況中學到的重要教訓，可以幫助公司在全球範圍內的其他方面也有所幫助。

But we have faced, as you know, just to think about COVID from alcohol ban in some countries. And then we had to adapt to the situation, keep a very agile mindset, rethink the way that we go to market and how we organize our operations, to the other (inaudible) in the very big footprint that we have.

但是，正如您所知，我們已經面臨著一些國家禁酒令帶來的 COVID 問題。然後我們必須適應這種情況，保持非常敏捷的心態，重新思考我們進入市場的方式以及我們如何組織我們的運營，以及我們擁有的非常大的足跡中的另一個（聽不清）。

You remember, for example, the U.K. for that time was an issue. We had issues before in Korea. We had issues in Brazil. And the way that our brands got attacked for some time there. And we redesigned the portfolio, rethought the way that we communicate to our brands. And we always stay true to what we do best, which is brew high-quality products, make sure that we keep connected with our partners investing to the long term, and keep reading and learning from consumers and see how we adjust our path forward.

例如，你還記得當時的英國是一個問題。我們之前在韓國遇到過問題。我們在巴西遇到了問題。以及我們的品牌在那裡受到攻擊的方式。我們重新設計了產品組合，重新考慮了我們與品牌溝通的方式。我們始終堅持我們最擅長的事情，那就是釀造高質量的產品，確保我們與合作夥伴保持聯繫，進行長期投資，並不斷閱讀和向消費者學習，看看我們如何調整前進的道路。

We know that easy to drink, easy to enjoy, it's a powerful message for Bud light. We know that the Bud Light lane is around, quality beer is to drink, is to enjoy, is about sports. That's why we came back strong with the NFL Draft. It's about music and it's about every day enjoyment. So when we do that, our brand performs very well.

我們知道易於飲用、易於享用，這是百威淡啤的有力信息。我們知道百威淡啤巷就在身邊，優質啤酒是用來喝的，是用來享受的，是關於運動的。這就是我們在 NFL 選秀中強勢回歸的原因。它關乎音樂，關乎每一天的享受。所以當我們這樣做時，我們的品牌表現非常好。

As we mobilize resources, so that is people resources, time, that is knowledge, resources, that is partners that we have, and that is money. So our plan for the summer in the U.S. was already a very strong plan. And the triple the mad idea is versus what we had last year.

當我們調動資源時，那就是人力資源、時間、知識、資源，那就是我們擁有的合作夥伴，那就是金錢。所以我們在美國的夏季計劃已經是一個非常強大的計劃。三重瘋狂的想法與我們去年的想法相比。

And traditionally, Bud Light invest very heavily in the shoulder season because of football, NFL. This year, we built a plan to be more connected with the summer season, because this is very important for mainstream brands, therefore, very important for Bud Light, there was already a heavy at investment there.

傳統上，Bud Light 會因為橄欖球和 NFL 而在肩部賽季進行大量投資。今年，我們制定了一個計劃，更多地與夏季聯繫起來，因為這對主流品牌來說非常重要，因此，對百威淡啤來說非常重要，那裡已經有大量投資。

And now we are using resources that we have that we are using for other brands and other priorities to further increase the investments that we have in the U.S. And because we have many lines in the P&L, right, not only sales and marketing, we are mobilizing lines across the P&L as well. And media doesn't make 100% of the sales and marketing investments of any of our brands anywhere globally.

現在我們正在使用我們擁有的資源，我們正在使用我們用於其他品牌和其他優先事項的資源，以進一步增加我們在美國的投資。而且因為我們在損益表中有很多線，對，不僅是銷售和營銷，我們是調動整個損益表的線路。媒體不會對我們任何品牌在全球任何地方的銷售和營銷投資進行 100% 的投資。

So the match is not really like as you triple media, you triple the entire marketing budget. There are other lines within the sales and marketing package as there are other lines on the P&L that we can work, as we always do, in a very agile way.

所以這場比賽並不像你三倍媒體，你三倍整個營銷預算。銷售和營銷包中還有其他線路，就像損益表上的其他線路一樣，我們可以像往常一樣以非常敏捷的方式工作。

And because of that, we reiterated our EBITDA growth. So as we did during COVID, we are scrambling, moving very fast, getting this agile mindset to work as we support and increased investments. In leading the U.S. we are working the other muscles that we have from the global company, the size and the scale that we have, while the EBITDA outlook is unchanged.

正因為如此，我們重申了我們的 EBITDA 增長。因此，正如我們在 COVID 期間所做的那樣，我們正在爭先恐後地快速行動，讓這種敏捷的思維方式在我們支持和增加投資的同時發揮作用。在領先美國的過程中，我們正在利用我們從這家全球公司獲得的其他力量、我們擁有的規模和規模，同時 EBITDA 前景保持不變。

If I could just follow up. I appreciate you don't run your business on a 4 to 8. That's really a framework for us essentially and some years ahead, some years below. But I guess you face the choice of either looking to protect the bottom line in the U.S., or perhaps you could use a windfall from the rest of the group, from a COGS rollover or trying to bounce back to double down in the U.S.

如果我能跟進就好了。我很感激你沒有在 4 到 8 上經營你的業務。這實際上是我們未來幾年和未來幾年的框架。但我想你面臨的選擇是要么尋求保護美國的底線，要么你可以利用集團其他人的意外收穫，從 COGS 展期或試圖反彈以在美國翻倍。

Is the message that, look, you're running the business for the long term, and you're going to really double down on the U.S. And you can allocate global resources to really go behind Bud Light?

是不是傳達出這樣的信息，你看，你是在長期經營業務，你真的會在美國加倍下注，你可以分配全球資源來真正支持百威淡啤？

So all markets are important for us. We do not minimize this situation on the U.S. Fully committed to get our plants and our brands and our portfolio to rebalance in the U.S., and we are investing to make it happen.

所以所有市場對我們都很重要。我們不會將美國的這種情況最小化。完全致力於讓我們的工廠、我們的品牌和我們的產品組合在美國重新平衡，我們正在投資以實現這一目標。

And this all falls into our outlook. We always have an issue to deal with every quarter, every year in every geography, and it's very important that at global level, we keep this agile mindset to use the resources. And definitely, urgency creates opportunities as well. So as we invest, focus, mobilize in the U.S., we think that this situation is manageable globally.

而這一切都屬於我們的展望。我們每個季度、每年在每個地區總是有一個問題需要處理，在全球範圍內，我們保持這種敏捷的思維方式來使用資源非常重要。當然，緊迫感也會創造機會。因此，當我們在美國投資、關注和動員時，我們認為這種情況在全球範圍內是可控的。

We never minimize any issues for our brands, our consumers. But we are confident that we have the team and the resources to continue to invest, to move forward in the U.S. and to support our team there to get out of this stronger.

我們從不輕視我們品牌和消費者的任何問題。但我們相信，我們擁有團隊和資源，可以繼續投資，在美國取得進展，並支持我們在那裡的團隊擺脫困境。

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 系列。

Michel, Fernando, two from me, please. Firstly, I appreciate your earlier comments on Colombia. But if I look at some of your major emerging markets, more broadly, volume seems to have deteriorated as pricing has picked up. So I'd love to get your thoughts on any inflections you're seeing in consumer behavior, particularly with regard to frequency of consumption, past formats, et cetera.

米歇爾、費爾南多，我請兩位發言。首先，感謝您先前對哥倫比亞發表的評論。但是，如果我看一下你們的一些主要新興市場，更廣泛地說，隨著定價的回升，交易量似乎已經惡化。因此，我很想了解您對消費者行為中看到的任何變化的看法，特別是在消費頻率、過去的格式等方面。

And then my follow-up is really around Brazil. One of your competitors there recently filed for bankruptcy. I think you called out stable market share in the quarter, but I'd love to get your perspective on how you see the competitive landscape evolving in Brazil in recent weeks and months.

然後我的後續行動真的圍繞巴西展開。你們那裡的一個競爭對手最近申請破產。我認為你在本季度呼籲穩定的市場份額，但我很想听聽你對最近幾周和幾個月巴西競爭格局演變的看法。

Sanjeet, two pieces there. I'll try to address both to you. The first one, I think there is this inflationary scenario, which is common across the globe. And we see that, as I've been saying, different clusters, three type of clusters where we see the industry and the whole consumer purchase power and consumer goods moving is slightly different, and they're all dealing with the same issue.

Sanjeet，那裡有兩塊。我會盡量向你解決這兩個問題。第一個，我認為存在這種通貨膨脹的情況，這在全球範圍內都很普遍。我們看到，正如我一直在說的，不同的集群，我們看到的行業和整個消費者購買力和消費品移動的三種類型的集群略有不同，它們都在處理同一個問題。

The key point there is we see the beer category continues to be resilient and performing well and gaining share of growth. I just gave the example of Colombia. Of course, when you talk about resilience, doesn't mean growth across the board and all the markets at the same time. Especially because when inflation moves fast, you have this timing in which salaries, especially minimal salaries for these developing countries, they get to be approved.

關鍵是我們看到啤酒類別繼續保持彈性並表現良好並獲得增長份額。我剛才舉了哥倫比亞的例子。當然，當你談論彈性時，並不意味著全面和所有市場同時增長。特別是因為當通貨膨脹快速移動時，你有這個時間來批准這些發展中國家的工資，特別是最低工資。

So think about Brazil that just announced the salary increases now in May, right? So January to April, consumers were dealing with high inflation, and they have their salaries from last year. Industry performed well. But now you have an extra injection of cash and purchase power coming to consumers.

那麼想想現在5月份剛剛宣布漲薪的巴西吧？所以 1 月到 4 月，消費者在應對高通脹，他們的工資是去年的。行業表現良好。但現在你有額外的現金注入和消費者的購買力。

So when inflation goes up, there is some time for prices to catch up, and there is some time for salaries to catch up. I think that we need to look throughout the lenses of the full year before drawing to many conclusions. And amongst the markets, they have different realities.

因此，當通貨膨脹上升時，物價有時會跟上，工資也有時會跟上。我認為在得出許多結論之前，我們需要審視全年的鏡頭。在不同的市場中，它們有不同的現實。

To use the same example, why you see currency devaluation in Colombia. And Colombia has a high percentage of goods that they import, Brazil is in the other side of that, because currencies that are appreciating and therefore, the import goods will have like a different impact on the basket for inflation as well as focused consumer purchase power.

用同樣的例子，為什麼你會看到哥倫比亞貨幣貶值。哥倫比亞的進口商品比例很高，巴西則處於另一邊，因為貨幣正在升值，因此進口商品將對通貨膨脹籃子以及集中的消費者購買力產生不同的影響.

So I think that we keep an eye on that, an eye on our revenue management. The industry is performing well in most of the countries, especially when we look at in the context of the other beverage. We know that premiumization being placed, that beer is more resilient, and we are happy so far with our strategy in terms of revenue management, and this is coming.

所以我認為我們會關注這一點，關注我們的收入管理。該行業在大多數國家/地區表現良好，尤其是當我們從其他飲料的角度來看時。我們知道高端化正在發生，啤酒更具彈性，到目前為止，我們對我們在收入管理方面的戰略感到滿意，這即將到來。

On the other point on Brazil, what I say is that -- I see 3 things in Brazil that are very interesting and very important. I see the industry structure in Brazil, [a healthy one], so players focus on premiumization. We see an environment in terms of inflation, price that's playing well for the industry.

關於巴西的另一點，我要說的是——我在巴西看到了三件非常有趣且非常重要的事情。我看到了巴西的產業結構，[一個健康的]，所以玩家專注於高端化。我們看到了通貨膨脹、價格對行業有利的環境。

We see that Brazil was hit earlier than other markets on the cost effects, and now we are getting to the other side of this equation, where cost of goods sold is becoming more normalized and FX is playing more in our direction. You see the company, our portfolio today in Brazil is as healthy as never before.

我們看到巴西在成本效應方面比其他市場更早受到衝擊，現在我們正走到這個等式的另一邊，銷售成本正在變得更加正常化，而外匯對我們的影響更大。你看公司，我們今天在巴西的投資組合是前所未有的健康。

So (inaudible) is performing very well. Origin Now, which is a premium brand of ours, performing very well. Our core brands performing very well. Corona, we had a limitation in terms of supply that we are organized to have more volumes. And as we supply the brand sales by itself, so a very healthy brand in Brazil, growing a lot.

所以（聽不清）表現非常好。 Origin Now，這是我們的高端品牌，表現非常好。我們的核心品牌表現非常出色。電暈，我們在供應方面有限制，我們組織起來有更多的數量。由於我們自己供應品牌銷售，所以巴西的一個非常健康的品牌增長了很多。

And our digital transformation continues to accelerate not only the pace in which we gather more consumers into that delivery, but our capabilities will be, and the algorithms, (inaudible) intelligence helping us to harness the data and to elevate the potential of what we have there, and this is a competitive advantage that we built and is helping us drive the business forward.

我們的數字化轉型不僅在繼續加快我們將更多消費者聚集到交付中的步伐，而且我們的能力和算法、（聽不清）智能將幫助我們利用數據並提升我們所擁有的潛力在那裡，這是我們建立的競爭優勢，正在幫助我們推動業務向前發展。

So I'm optimistic with Brazil, I think that the thing there is doing a great job. Our market share is in good position. Our revenue strategy is well organized in place, our portfolio very healthy, and our digital transformation is accelerating our opportunity in [flotation] in Brazil. So I see Brazil in a place that's as good as it has been for many, many years.

所以我對巴西持樂觀態度，我認為那裡做得很好。我們的市場份額處於有利位置。我們的收入戰略組織得很好，我們的投資組合非常健康，我們的數字化轉型正在加速我們在巴西 [上市] 的機會。所以我認為巴西在很多很多年裡都一樣好。

And just one quick follow-up on that. Has there been any noticeable change in the competitive landscape since one of your competitors filed for bankruptcy there in recent weeks?

並且只是對此進行快速跟進。自從您的一個競爭對手最近幾週在那裡申請破產以來，競爭格局是否有任何顯著變化？

Not meaningful for us to talk about here. And I think that while they deal there with that situation, our focus is on our consumers, our focus is improving our service level that's very high in Brazil now in getting our portfolio to perform, the portfolio of the physical brands that we have in the digital assets. So we remain steady focused on our strategy.

我們在這裡討論沒有意義。而且我認為，雖然他們在那里處理這種情況，但我們的重點是我們的消費者，我們的重點是提高我們現在在巴西非常高的服務水平，讓我們的產品組合發揮作用，我們在巴西擁有的實體品牌組合數字資產。因此，我們始終專注於我們的戰略。

Thank you. Our final question is coming from the line of Brett Cooper with Consumer Edge.

謝謝。我們的最後一個問題來自 Consumer Edge 的 Brett Cooper。

So I want to come back to, I guess, the first question, but more from an operational standpoint. After the SAB deal, you guys have been relatively inactive on acquisitions. At the same time, the beverage and alcohol markets have changed and are evolving.

所以我想回到第一個問題，但更多是從運營的角度來看。在 SAB 交易之後，你們在收購方面相對不活躍。與此同時，飲料和酒類市場也在發生變化和發展。

So can you continue to maximize the growth potential of your business via organic activity, or acquisitions and higher growth parts of the industry necessary to maximize that growth in returns?

那麼，您能否繼續通過有機活動或收購和行業的更高增長部分來最大化您的業務增長潛力，以最大限度地提高回報增長？

Brett, it's Fernando here. At the end of the day, this is a resource allocation discussion and about the value creation discussion. If you look at our business, when we did the Investor Day, we said that the outlook for the business is to be able to deliver 4% to 8%. And if we deliver that, there is a minimum amount of value to be created.

布雷特，我是費爾南多。歸根結底，這是一場資源分配的討論，也是關於價值創造的討論。如果你看看我們的業務，當我們舉辦投資者日時，我們說業務的前景是能夠實現 4% 到 8%。如果我們做到這一點，就會創造出最低限度的價值。

We can enhance this penetration by making resource allocation decisions. And that's the triangle. So -- which means that the priority is to invest behind our business because we believe it can grow, can grow at a decent pace and can create a lot of value with excess cash and our business generates a meaningful amount of the cash.

我們可以通過做出資源分配決策來增強這種滲透。那就是三角形。所以 - 這意味著首要任務是投資我們的業務，因為我們相信它可以增長，可以以適當的速度增長並且可以用多餘的現金創造很多價值並且我們的業務產生大量現金。

How we use that excess cash can also create value on a stand-alone basis. Over the last 2 or 3 years, there was a strong focus on leveraging because, as we said, the leveraging creates a meaningful amount of value, most of that going to get to us 3x. We made meaningful progress, but we are not at 3x yet, which means that we can still benefit from value creation by deleveraging a little bit further.

我們如何使用多餘的現金也可以單獨創造價值。在過去的 2 或 3 年裡，人們非常關注槓桿，因為正如我們所說，槓桿創造了有意義的價值，其中大部分將使我們獲得 3 倍的收益。我們取得了有意義的進展，但還沒有達到 3 倍，這意味著我們仍然可以通過進一步去槓桿化來從價值創造中受益。

But as we keep making progress, other options open up for us. Other options like we increased the dividend is likely as a percentage it was a meaningful increase. In that sole basis, it was not that much of an increase. But increased dividends, we are improving on that.

但隨著我們不斷取得進展，其他選擇也為我們打開了大門。像我們增加股息這樣的其他選擇很可能是一個有意義的增長百分比。在這個唯一的基礎上，它並沒有增加那麼多。但是增加股息，我們正在改善這一點。

And M&A is definitely an option as well. We can have selective M&A. We know how to do M&A. We did M&A in the past. We know how to create M&A. So if the right deal at the right moment shows up, of course, we entertain that if it can bring another avenue of growth. But we don't need M&A to deliver a meaningful value creation to pursue growth.

併購絕對也是一種選擇。我們可以有選擇性的併購。我們知道如何進行併購。我們過去做過併購。我們知道如何進行併購。因此，如果在正確的時間出現正確的交易，當然，如果它能帶來另一條增長途徑，我們會很高興。但我們不需要通過併購來創造有意義的價值來追求增長。

And if I can bug you with 1 follow-up. One component of your business is different than it was when you've done M&A in the past, is all the digital infrastructure that you've built? So how do you think that extracts value from transactions or creates or, I guess, improves your ability to create value from organic activity? And does that weight your view one way or the other over the medium to long term?

如果我可以通過 1 個跟進來打擾你。您業務的一個組成部分與您過去進行併購時不同，是您構建的所有數字基礎設施嗎？那麼，您如何看待從交易中提取價值或創造，或者，我猜，提高您從有機活動中創造價值的能力？從中長期來看，這是否會以一種或另一種方式影響您的觀點？

Yes, I can take this one. I think that in a short answer, these digital products that we created both on the B2B side and on the B2C side, they help us to get better, and they are the second pillar of our strategy.

是的，我可以接受這個。我認為，簡而言之，我們在 B2B 端和 B2C 端創建的這些數字產品，它們幫助我們變得更好，它們是我們戰略的第二個支柱。

They get us better because we have more information. With more information, we can make better decisions. And as we standardize our ways of operating with these products, we have efficiencies that we can extract from this scale, from these revised processes, and our ability to act faster with the data that we have.

他們讓我們變得更好，因為我們有更多的信息。有了更多的信息，我們可以做出更好的決定。隨著我們對使用這些產品的操作方式進行標準化，我們可以從這種規模、這些修改後的流程中獲得效率，並能夠利用我們擁有的數據更快地採取行動。

A second part of that, as I keep saying, another advantage of the digital products is that once you build them, the scalability is very fast, and you don't need more resources. So different from the physical products, if you grow Corona, the example that I just gave here in Brazil, we need more bottles, more production capacity. We need to invest in physical assets so we can grow our physical brands, which we are doing.

第二部分，正如我一直說的，數字產品的另一個優勢是，一旦你構建了它們，可擴展性非常快，而且你不需要更多資源。與實物產品不同，如果你種植 Corona，我剛剛在巴西舉的例子，我們需要更多的瓶子，更多的生產能力。我們需要投資實物資產，這樣我們才能發展我們正在做的實體品牌。

On the digital space, the scalability once the product is ready and available, is much faster. And the resources that you need to invest for the scalability are much smaller in proportion to the physical products. So we can continue to grow, and we are doing that. For example, with beer, we are getting to geographies where we do not operate. We are getting there with the digital product by using partners.

在數字空間中，一旦產品準備就緒並可用，可擴展性就會快得多。與物理產品相比，您需要為可擴展性投入的資源要少得多。所以我們可以繼續發展，我們正在這樣做。例如，對於啤酒，我們正在進入我們不經營的地區。我們通過合作夥伴實現了數字產品的目標。

And then it can continue to monetize the digital product even if you are not present in that market. But then now that we are becoming present in that market, so you might have opportunities to go to market differently than what we had before. So you are right in the intuition that the digital projects are -- have done to our M&A, to [kids].

然後即使您不在該市場，它也可以繼續通過數字產品獲利。但現在我們正在進入那個市場，所以你可能有機會以不同於我們以前的方式進入市場。所以你的直覺是正確的，即數字項目 - 已經對我們的併購和 [孩子們] 做了。

But they can also become an important vehicle as we grow organically, including geographies that we are not present today because the digital roll to market becomes an enabler for our expansion strategy. Thank you.

但它們也可以成為我們有機增長的重要工具，包括我們今天不存在的地區，因為數字化進入市場成為我們擴張戰略的推動力。謝謝。

Thank you. This was our 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.

謝謝。這是我們的最後一個問題。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, Jesse, and thank you all for your time today and for your ongoing partnership and support of our business. Stay safe and well.

謝謝你，傑西，感謝大家今天抽出時間，感謝你們一直以來的合作夥伴關係和對我們業務的支持。保持安全和健康。

Ladies and gentlemen, thank you. This does conclude our earnings conference call and webcast. Please disconnect your lines at this time, and have a wonderful day.

女士們，先生們，謝謝你們。這確實結束了我們的收益電話會議和網絡廣播。此時請斷開您的線路，祝您有美好的一天。