Anheuser-Busch Inbev SA (BUD) 2023 Q2 法說會逐字稿

Welcome to Anheuser-Busch InBev Second 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.

歡迎參加百威英博 2023 年第二季度收益電話會議和網絡廣播。今天主持百威英博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。

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).

要訪問今天電話會議附帶的幻燈片，請訪問百威英博網站 www.ab-inbev.com，然後單擊“投資者”選項卡以及“報告和結果中心”頁面。今天的網絡廣播將於今天晚些時候提供點播播放。 （操作員說明）。

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

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

For a discussion of some of the risks and important factors that could affect AB InBev's future results, see Risk Factors in the company's latest annual report on Form 20-F filed with the Securities and Exchange Commission on the 17th of March 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.

有關可能影響百威英博未來業績的一些風險和重要因素的討論，請參閱該公司於 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。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承擔責任。

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

現在我很高興請米歇爾·杜克里斯先生髮言。先生，您可以開始了。

Thank you, Jess, and welcome, everyone, to our second 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 second quarter operating highlights and provide you with an update on the progress we have made in executing our strategic priorities. After that, we'll be happy to answer your questions.

謝謝 Jess，歡迎大家參加我們的 2023 年第二季度財報電話會議。今天很高興與大家交談。今天，費爾南多和我將向您介紹我們第二季度的運營亮點，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. Our global momentum continued this quarter, although was partially offset by the performance of our U.S. business.

讓我們從我們的經營業績開始。本季度我們的全球勢頭仍在繼續，儘管美國業務的業績部分抵消了這一勢頭。

We delivered revenue growth of 7.2%. Our net revenue per hectoliter increased 9% as a result of pricing actions, ongoing premiumization and other revenue management initiatives. Total volumes declined by 1.4% as growth in the majority of our markets was offset by volume decline in the U.S. EBITDA increased by 5% and reached USD 4.9 billion. Underlying EPS was USD 0.72.

我們的收入增長了 7.2%。由於定價行動、持續的高端化和其他收入管理舉措，我們每百升的淨收入增長了 9%。由於我們大多數市場的增長被美國銷量下降所抵消，總銷量下降了 1.4%。 EBITDA 增長了 5%，達到 49 億美元。基本每股收益為 0.72 美元。

While this quarter was not without challenge, the strength of our brand portfolio, global footprint and our focus on disciplined resource allocation continues to enable us to invest for the long term while delivering profitable growth.

儘管本季度並非沒有挑戰，但我們的品牌組合實力、全球足跡以及對嚴格資源配置的關注繼續使我們能夠進行長期投資，同時實現盈利增長。

We delivered broad-based growth this quarter, with double-digit top line increases in 4 of our 5 operating regions. Revenue increased more than 85% of our markets, with volume growth in over 50%. Our diverse geographical print positions us well to deliver superior long-term value creation.

本季度我們實現了廣泛的增長，5 個運營區域中的 4 個區域實現了兩位數的收入增長。我們市場的收入增長超過 85%，銷量增長超過 50%。我們多元化的地理印刷使我們能夠很好地創造卓越的長期價值。

Now I will 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 remained resilient, delivering revenue growth of 2.3% this quarter and with beer gaining share of value of total alcohol in the first half of 2023. Our revenues declined by 10.5% and STR volumes by 14%, with performance impacted by the decline of the Bud Light brand.

現在，我將花幾分鐘時間向您介紹本季度我們主要地區的運營亮點，從北美開始。在美國，啤酒行業保持彈性，本季度收入增長 2.3%，2023 年上半年啤酒在總酒精價值中所佔份額不斷增加。我們的收入下降了 10.5%，STR 銷量下降了 14%，受到百威淡啤品牌衰落的影響。

With respect to Bud Light brand performance, we have actively engaged with over 170,000 consumers since April, and there are a few clear insights. First, most consumer surveyed are favorable towards the Bud Light brand, and approximately 80% are favorable or neutral. The consumer will always be at the center of everything we do. All of us at ABI deeply care about and respect all our consumers.

關於百威淡啤的品牌表現，自 4 月份以來，我們已與超過 170,000 名消費者積極互動，並得到了一些明確的見解。首先，大多數接受調查的消費者都對百威淡啤品牌有好感，大約80%的人是好感或中性的。消費者永遠是我們所做一切的中心。 ABI 的所有人都非常關心和尊重所有消費者。

Second, regardless of favorability, our consumers across all sentiment groups have 3 points of feedback in common. One, they want to enjoy their beer without a debate. Two, they want Bud Light to focus on beer. Three, they want Bud Light to concentrate on the platforms that all consumers love, such as NFL, [Folds of Honor] and music. We are taking the feedback and working hard [toward] our consumers business every day across the world.

其次，無論好感度如何，所有情緒群體的消費者都有 3 個共同點的反饋。第一，他們想在沒有爭論的情況下享受啤酒。第二，他們希望百威淡啤專注於啤酒。第三，他們希望百威淡啤專注於所有消費者喜愛的平台，例如 NFL、[Folds of Honor] 和音樂。我們每天都在收集反饋並為我們在世界各地的消費者業務而努力。

While our total beer industry share declined by 520 bps this quarter to 36.9%, it has been stable since the last week of April through the end of June. U.S. EBITDA declined by 28.2% this quarter, with approximately 2/3 driven by market share performance and 1/3 driven by productivity loss and the long-term strategic choices we made to increase sales and market investments in our brands and provide support to our wholesaler partners.

雖然我們的啤酒行業總份額本季度下降了 520 個基點至 36.9%，但自 4 月最後一周到 6 月底一直保持穩定。本季度美國EBITDA 下降了28.2%，其中大約2/3 是由市場份額表現推動的，1/3 是由生產力損失以及我們為增加品牌的銷售和市場投資以及為我們的品牌提供支持而做出的長期戰略選擇推動的。批發商合作夥伴。

As we move forward in the U.S., we are focused on what we do best, brewing great-quality beer, actively engaging with our consumers, supporting our partners and positively impacting the [communities] that we serve.

當我們在美國前進時，我們專注於我們最擅長的事情，釀造優質啤酒，積極與消費者互動，支持我們的合作夥伴並對我們服務的[社區]產生積極影響。

Now moving to our largest region, Middle Americas, which delivered margin expansion and another quarter of growth. In Mexico, we continue to outperform the industry, delivering double-digit top and bottom line growth. Our above core portfolio grew revenue by mid-teens, led by the strong performance of Modelo Especial.

現在轉向我們最大的地區——中美洲，該地區實現了利潤率擴張和又一個季度的增長。在墨西哥，我們的業績繼續領先於行業，實現了兩位數的收入和利潤增長。在 Modelo Especial 的強勁表現帶動下，我們的上述核心產品組合收入增長了 15%左右。

We continue to progress our digital DTC initiatives, with our DTC platform, TaDa, now operating in over 60 major cities and fulfilling, on average, over 300,000 orders per month. In short, Mexico continues to execute effectively across all 3 pillars of our strategy to drive consistent performance.

我們繼續推進數字化 DTC 計劃，我們的 DTC 平台 TaDa 目前已在 60 多個主要城市運營，平均每月完成超過 30 萬份訂單。簡而言之，墨西哥繼續有效執行我們戰略的所有三大支柱，以推動一致的績效。

In Colombia, our business delivered high single-digit top and double-digit bottom line growth, with our beer portfolio continue to gain share of total alcohol. Our mainstream portfolio drove our performance, delivering double-digit revenue growth, led by a particularly strong performance from Poker, which grew volumes by mid-teens.

在哥倫比亞，我們的業務實現了個位數的最高增長和兩位數的淨利潤增長，我們的啤酒產品組合繼續增加總酒精的份額。我們的主流投資組合推動了我們的業績，實現了兩位數的收入增長，其中撲克表現尤其強勁，其銷量增長了十幾歲。

In South America, our business in Brazil delivered double-digit top and bottom line growth, with approximately 400 basis points of margin expansion. Our beer volumes declined by 2.6% as we cycled a strong performance in 2Q 2022, which was supported by post-COVID recovery.

在南美洲，我們在巴西的業務實現了兩位數的收入和利潤增長，利潤率擴大了約 400 個基點。我們的啤酒銷量下降了 2.6%，因為我們在 2022 年第二季度表現強勁，這得益於新冠疫情后復甦的支持。

Our premium and super-premium brands led our performance, delivering a volume increase in the mid-30s. BEES marketplace continued to expand, reaching over 700,000 customers, a 29% increase versus 2Q 2022 and GMV growing by 64%. Brazil is another example of effective execution across all 3 pillars of our strategy.

我們的高端和超高端品牌引領了我們的業績，在 30 年代中期實現了銷量增長。 BEES 市場繼續擴大，覆蓋超過 700,000 名客戶，較 2022 年第二季度增長 29%，GMV 增長 64%。巴西是有效執行我們戰略的所有三大支柱的另一個例子。

Now let's talk about EMEA. In Europe, we grew top and bottom line by high single digits. Volumes declined by mid-single digits, outperforming a soft industry in the majority of our key markets. We continue to drive premiumization across Europe. Our premium and super-premium brands delivered double-digit revenue growth this quarter, led by Corona and Budweiser.

現在我們來談談歐洲、中東和非洲地區。在歐洲，我們的收入和利潤均實現了高個位數增長。銷量下降了中個位數，在我們大多數主要市場的表現優於軟行業。我們繼續推動整個歐洲的高端化。在科羅娜 (Corona) 和百威 (Budweiser) 的帶動下，我們的高端和超高端品牌本季度實現了兩位數的收入增長。

In South Africa, we delivered double-digit top line growth, with our portfolio continue to gain both share of beer and total alcohol. EBITDA was flattish, as top line growth was offset primarily by anticipated commodity cost headwinds. Our performance was led by Carling Black Label, the #1 beer brand in the country, which grew volumes by high teens. Our global brands grew volumes by more than 50%, driven by Corona.

在南非，我們實現了兩位數的營收增長，我們的產品組合繼續增加啤酒和全酒精的份額。 EBITDA 持平，因為營收增長主要被預期的大宗商品成本不利因素所抵消。我們的表現由國內排名第一的啤酒品牌 Carling Black Label 引領，該品牌的銷量增長了十幾倍。在新冠疫情的推動下，我們的全球品牌銷量增長了 50% 以上。

And finally, APAC. In China, our business delivered double-digit top and bottom line growth, driven by continued premiumization and on-premise recovery across our key regions and channels. We outperformed the industry, delivering volume growth across all segments of our portfolio this quarter, led by mid-20s volume growth in both, our premium and super premium portfolios.

最後是亞太地區。在中國，在關鍵地區和渠道的持續高端化和本地複甦的推動下，我們的業務實現了兩位數的收入和利潤增長。我們的表現優於行業，本季度我們投資組合的所有細分市場都實現了銷量增長，其中我們的優質和超優質投資組合的銷量均實現了 20 年代中期的增長。

Now, I would like to share with you a few sustainability highlights. We continue to innovate and progress towards our 2025 Sustainability Goals. Here are a few examples of local initiatives with the potential to scale globally that are driving progress on our sustainability priorities.

現在，我想與大家分享一些可持續發展的亮點。我們繼續創新並朝著 2025 年可持續發展目標邁進。以下是一些有潛力在全球範圍內推廣的當地舉措的例子，這些舉措正在推動我們在可持續發展優先事項方面取得進展。

In Climate Action, we invested in a biomass processor in our Jupille brewery in Belgium to produce thermal energy from malt husks, which we expect to reduce our gas consumption by 15% and reduce our carbon emissions. In Smart Agriculture, we provide technical and financial training to over 900 smallholder barley farmers in Uganda to strengthen local supply chains.

在氣候行動中，我們在比利時的 Jupille 啤酒廠投資了一台生物質處理器，利用麥芽殼生產熱能，我們預計這將減少 15% 的天然氣消耗並減少碳排放。在智慧農業方面，我們為烏干達 900 多名大麥小農提供技術和財務培訓，以加強當地供應鏈。

In Water Stewardship, we are installing new vacuum pump technology in breweries across several markets to reduce water usage in bottle fillers by approximately 50%. For Circular Packaging, our business in Brazil launched a nationwide returnable bottle campaign to help increase the use of returnable packaging by promoting affordability and sustainability.

在水資源管理方面，我們正在多個市場的啤酒廠安裝新的真空泵技術，以將裝瓶機的用水量減少約 50%。對於循環包裝，我們在巴西的業務發起了全國范圍內的可回收瓶子活動，通過提高可負擔性和可持續性來幫助增加可回收包裝的使用。

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 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.

現在讓我們繼續討論我們的戰略支柱。讓我們從戰略的第一支柱開始，領導並發展該類別。我們繼續利用 5 個槓桿來推動品類擴張，並實現了季度盈利收入的強勁增長。我們通過提供卓越的核心主張、開發新的消費場合以及擴大我們的優質啤酒和其他啤酒產品組合來引領和發展該類別。

Our global brands continue to scale and drive premiumization across our markets. The combined revenues of Corona, Stella Artois and Budweiser grew by 18.4% outside of brands' home markets, led by Corona, which was recently recognized by Kantar BrandZ as the #1 fastest-growing global brand by value, with 23.7% growth. Budweiser delivered a revenue increase of 16.9%, with broad-based growth in 25 markets. And Stella Artois grew by 14.5%.

我們的全球品牌繼續擴大規模並推動整個市場的高端化。 Corona、Stella Artois 和 Budweiser 在品牌本土市場之外的總收入增長了 18.4%，其中以 Corona 為首，Corona 最近被 Kantar BrandZ 評為價值增長最快的全球品牌第一名，增長了 23.7%。百威啤酒的收入增長了 16.9%，在 25 個市場實現了廣泛增長。 Stella Artois 增長了 14.5%。

Now let's turn to our second strategic pillar, digitize and monetize our ecosystem. BEES continue to accelerate usage and reach, capturing USD 9.2 billion in gross merchandising value this quarter, a 30% increase year-over-year and reaching 3.3 million monthly active users.

現在讓我們轉向我們的第二個戰略支柱，即我們的生態系統的數字化和貨幣化。 BEES 繼續加速使用和覆蓋範圍，本季度實現了 92 億美元的總商品價值，同比增長 30%，每月活躍用戶達到 330 萬。

Customer satisfaction continued to improve, with our weighted average Net Promoter Score improving to plus 60, up 10 points since last year. In 15 of the 20 markets where BEES is live, our customers are also able to purchase third-party products through BEES Marketplace. Customer adoption is increasing, with 63% of BEES customers now also BEES Marketplace users.

客戶滿意度持續提高，我們的加權平均淨推薦值提高到 60 分，比去年提高了 10 分。在 BEES 上線的 20 個市場中的 15 個市場中，我們的客戶還可以通過 BEES Marketplace 購買第三方產品。客戶採用率不斷提高，63% 的 BEES 客戶現在也是 BEES Marketplace 用戶。

In the second quarter, BEES Marketplace generated approximately USD 340 million in GMV, representing approximately USD 1.3 billion on an annualized basis.

第二季度，BEES Marketplace 的 GMV 約為 3.4 億美元，按年化計算約為 13 億美元。

Now let's talk about how we are strengthening our direct relationship with our consumers. Our digital D2C products Zé Delivery, TaDa and PerfectDraft are now available in 20 markets and generated over 16.5 million orders and USD 115 million in revenue this quarter.

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 D2C 產品 Zé Delivery、TaDa 和 PerfectDraft 現已在 20 個市場上市，本季度產生了超過 1,650 萬份訂單和 1.15 億美元的收入。

We continue to leverage our digital DTC products to further develop new consumption occasions. For example, in Brazil, [Zé Delivery] enabled the launch of Corona Sunset Hours, an everyday activation, encouraging consumers to disconnect from work and reconnect with friends in the early evening.

我們繼續利用數字DTC產品進一步開發新的消費場景。例如，在巴西，[Zé Delivery] 推出了 Corona Sunset Hours，這是一項日常活動，鼓勵消費者在傍晚時分脫離工作並與朋友重新聯繫。

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.

說到這裡，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: optimized resource allocation, robust risk management and 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.

謝謝你，米歇爾。大家早上好，下午好。我們的目標是通過重點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。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數字化和貨幣化我們的生態系統的戰略。

In the first half of 2023, disciplined overhead management and efficient allocation of resources enable us to invest approximately USD 5.6 billion combined in sales and marketing and CapEx. 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.

2023 年上半年，嚴格的管理費用管理和高效的資源分配使我們能夠在銷售和營銷以及資本支出方面總共投資約 56 億美元。然後，我們業務產生的多餘現金被動態分配到我們的三個資本配置優先事項：去槓桿、選擇性併購和向股東返還資本。

As you can see in the next slide, [2.0x] net debt-to-EBITDA remains the point at which to maximize value, though approximately 90% of the benefits from deleveraging can be captured as we approach 3x. As of June 30, our net debt-to-EBITDA ratio reached 3.7x, down from 3.86x year-over-year, with net debt reaching USD 73.8 billion.

正如您在下一張幻燈片中所看到的，[2.0 倍] 淨債務與 EBITDA 仍然是實現價值最大化的點，儘管當我們接近 3 倍時，可以捕獲約 90% 的去槓桿化收益。截至 6 月 30 日，我們的淨債務與 EBITDA 比率達到 3.7 倍，低於去年同期的 3.86 倍，淨債務達到 738 億美元。

As a reminder, we typically generate the vast majority of our cash flow in the second half of the year. Net debt was also impacted by the increased dividend paid in the first half of 2023 as well as the translational FX headwinds.

提醒一下，我們通常在下半年產生絕大多數現金流。淨債務還受到 2023 年上半年支付的股息增加以及外匯不利因素的影響。

Our debt maturity profile remains well distributed, with no bond maturities 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. As of June 30, we had total liquidity of USD 16.9 billion, which consisted of USD 10.1 billion available under committed long-term credit facilities and USD 6.8 billion of cash equivalents.

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。如果你看一下我們的債務到期情況，就會發現我們有價值30 億美元的債券到2025 年到期。截至6 月30 日，我們的流動性總額為169 億美元，其中包括承諾的長期信貸安排下的101 億美元和68億美元現金等價物。

Our bond portfolio has an average pretax coupon of around 4% and a weighted average maturity of 14 years. In addition, our debt portfolio does not have any financial covenants and is comprised of a variety of currencies, diversifying our FX risk. 96% of our bonds have a fixed rates, insulated from interest rate volatility and inflation.

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 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 96% 的債券具有固定利率，不受利率波動和通貨膨脹的影響。

And now, let me take you through the drivers of our underlying EPS this quarter. We delivered EPS of $0.72 per share versus USD 0.73 per share last year as we cycle a $0.04 per share net benefit from tax credits in Brazil year-over-year. Organic EBITDA growth accounting for $0.12 per share, was offset primarily by translational effects. Lower income tax increased EPS by $0.04.

現在，讓我帶您了解本季度基本每股收益的驅動因素。我們的每股收益為 0.72 美元，而去年為每股 0.73 美元，因為巴西稅收抵免帶來的每股淨收益為 0.04 美元。有機 E​​BITDA 增長為每股 0.12 美元，主要被轉化效應所抵消。較低的所得稅使 EPS 增加了 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?

因此，在我們開始問答環節之前，我想將其交還給米歇爾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. While this quarter was not without challenge, we continue to make progress in executing across each of our 3 strategic pillars. Our business momentum continued this quarter with double-digit top line growth in 4 of our 5 operating regions.

謝謝，費爾南多。在開始問答之前，我想花點時間回顧一下本季度的主要要點。儘管本季度並非沒有挑戰，但我們在執行三大戰略支柱方面繼續取得進展。本季度我們的業務勢頭繼續保持，5 個運營區域中的 4 個區域實現了兩位數的收入增長。

Driven by the strength of our leading brand portfolio, we grew volumes in the majority of our markets and revenues in over 85%. We made important strategic choices in pricing and other revenue management initiatives, which drove continued strong net revenue per hectoliter growth of 9%. We progressed our digital transformation, generating USD 9.2 billion in GMV through BEES, with 63% of BEES customers now also BEES Marketplace buyers, delivering a GMV increase of 41% versus last year.

在我們領先品牌組合實力的推動下，我們在大多數市場的銷量和收入增長了 85% 以上。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，這推動了每百升淨收入持續強勁增長 9%。我們推進數字化轉型，通過 BEES 創造了 92 億美元的 GMV，其中 63% 的 BEES 客戶現在也是 BEES Marketplace 買家，GMV 比去年增長了 41%。

EBITDA grew organically by 5% as disciplined overhead management mostly offset the elevated cost environment. We are actively engaging with our consumers globally and investing to drive long-term value creation, and our results this quarter are another proof point of the strength of our global footprint.

EBITDA 有機增長了 5%，因為嚴格的間接管理管理在很大程度上抵消了成本上升的影響。我們積極與全球消費者互動，並進行投資以推動長期價值創造，本季度的業績再次證明了我們全球足蹟的實力。

With that, I would like to hand it back to Jess for the Q&A. Thank you, Jess.

說到這裡，我想把它交還給傑西進行問答。謝謝你，傑西。

(Operator Instructions) Our first question is coming from Trevor Stirling with Bernstein.

（操作員說明）我們的第一個問題來自伯恩斯坦的特雷弗·斯特林。

Fernando, two questions from my side, please. The first one, Michel, showing your -- you're looking at your chart showing the market share trends over time in the U.S., it does look, maybe I'm being too optimistic here, that last week start to see a little bit of an improvement in market share trends. Is that something you'd agree with? So is that being driven by Bud Light itself or the other brands, so basically Bud Light is still weak, but the other brands and the collateral damage if you like, is starting to reduce?

費爾南多，我這邊有兩個問題。第一個，米歇爾，展示了你的圖表，顯示了美國一段時間內的市場份額趨勢，它確實看起來，也許我在這裡太樂觀了，上週開始看到一點市場份額趨勢的改善。這是你同意的嗎？那麼，這是由百威淡啤本身還是其他品牌推動的，所以基本上百威淡啤仍然很弱，但其他品牌和附帶損害（如果你願意的話）正在開始減少？

And the second question, probably one more for Fernando. Very good margin performance in Middle Americas, as I think you mentioned in the release, Mexico, 175 bps of margin expansion in the quarter. Maybe if you could give a little bit of color on that. And is that sustainable for the rest of the year?

第二個問題，可能是費爾南多的另一個問題。中美洲的利潤率表現非常好，正如我認為您在新聞稿中提到的那樣，墨西哥本季度利潤率擴張了 175 個基點。也許你可以對此給予一點顏色。今年剩餘時間裡這種情況是否可持續？

Trevor, thanks for the question. I'll take the first one here, and then Fernando can take the second. The main objective for us to share this data, which is public data, is to, one, bring a little bit the idea that we see, which is a more stable, shared over the last couple of weeks. You see that from May to June, to the early July readings that is actually like an improvement on the delta share as you come month to month, week to week. But it's more a stable scenario.

特雷弗，謝謝你的提問。我會在這裡拿第一個，然後費爾南多可以拿第二個。我們共享這些數據（即公共數據）的主要目的是，第一，帶來一點我們所看到的想法，這是過去幾週共享的更穩定的想法。你會發現，從五月到六月，再到七月初的讀數，實際上就像是逐月、逐週的三角洲份額的改善。但這是一個更穩定的場景。

And now, of course, [BrandZ] and the team in the U.S. working hard to build it back and to earn back consumers as our commercial activities are in place. And we continue to invest for the long term, proving great-quality beer, supporting our wholesalers and the team there. But the reading is really stabilization, with signals of improvement when you cut across different states and channels.

當然，現在，[BrandZ] 和美國團隊正在努力重建它，並隨著我們的商業活動到位而贏回消費者。我們繼續進行長期投資，提供優質啤酒，為我們的批發商和團隊提供支持。但讀數確實很穩定，當你跨越不同的州和渠道時，會出現改善的信號。

And Trevor, Fernando here. On your question on margins. When we started this year, we said that we will have cost pressures to a lesser extent than last year, and it was not evenly distributed across the globe. As the year goes by what we've been seeing is that, of course, you have some hedges in places and a lot of your cost of goods sold is hedged.

還有特雷弗、費爾南多。關於你關於利潤的問題。今年年初的時候我們就說過，我們的成本壓力會比去年小一些，而且在全球範圍內分佈不均勻。隨著時間的推移，我們所看到的是，當然，你在某些地方有一些對沖，並且你的許多銷售商品成本都被對沖了。

But there are always a portion of your cost of goods sold that cannot be hedged. And the latest evolution of commodities is definitely healthy on that. So you definitely have seen the benefit in Latin America. You mentioned Mexico, it's right. You can also refer to Brazil. Brazil is also performing well, from a margin standpoint.

但總有一部分銷售成本無法對沖。大宗商品的最新發展在這一點上絕對是健康的。所以你肯定已經看到了拉丁美洲的好處。你提到了墨西哥，沒錯。你也可以參考巴西。從利潤率的角度來看，巴西也表現良好。

And then if you start to fast forward, looking the costs we are seeing now, the effects we are seeing now and how that's going to unfold, definitely, you should -- then again, we are not fully hedged, and then there are a lot of numbers that can change over time, but you should expect to start having some tailwinds, especially when you go into next year. It's too early to say, still too early to be 100% sure, but definitely start having some regions that we'll have some tailwinds, going forward.

然後，如果你開始快進，看看我們現在看到的成本、我們現在看到的影響以及這將如何展開，當然，你應該——話又說回來，我們沒有完全對沖，然後有一個很多數字可能會隨著時間的推移而改變，但你應該預料到會開始出現一些順風，尤其是當你進入明年時。現在說還為時過早，也無法百分百確定，但肯定會在某些地區開始帶來一些順風，繼續前進。

The next question is coming from Mitch Collett with Deutsche Bank.

下一個問題來自德意志銀行的米奇·科利特。

Given you did organic EBITDA growth of 9% in the first half, but 5% in the second half, which is pretty impressive, given the challenges you faced, can you maybe run us through the puts and takes for the second half? And specifically, what you're assuming for the U.S.? And how we should think about the shape of Q3 and Q4?

鑑於您上半年的有機 EBITDA 增長率為 9%，但下半年增長了 5%，考慮到您面臨的挑戰，這相當令人印象深刻，您能否向我們介紹一下下半年的看跌和拿跌？具體來說，您對美國有何假設？那麼我們應該如何看待Q3和Q4的形狀呢？

Mitch, I'll just try to clarify the question. I think that you said 9% first half and the 5% that you referred to is quarter 2, right?

米奇，我會盡力澄清這個問題。我想你說的是上半年的 9%，而你提到的 5% 是第二季度，對嗎？

Yes. Correct.

是的。正確的。

Okay. I think that, again, the first half of the year was strong. Of course, this quarter, [too], we had our own challenge here. But in puts and takes, you saw things working very well across 4 out of our 5 regions with very strong growth. And I think we mentioned before that the second half of the year, we would have differences in terms of quarter 3 and quarter 4 because of the World Cup last year.

好的。我認為，今年上半年再次表現強勁。當然，本季度我們也面臨著自己的挑戰。但從投入和投入來看，我們 5 個地區中有 4 個地區的情況進展順利，增長非常強勁。我想我們之前提到過下半年，由於去年的世界杯，我們在第三季度和第四季度會有差異。

So we have, at the back end of the year, some of the benefits, Fernando was mentioning, in terms of the commodities already turning into more tailwinds than headwinds, so this is in the back end of the year. And we have a very strong phasing as last year, we invested more sales and marketing aligned with FIFA in the back end of the year. And this year, we have decided and we planned heavy up investments on the Q2, Q3.

因此，費爾南多提到，在今年年底，我們有一些好處，就大宗商品而言，順風因素已經變成了順風因素，而不是逆風因素，所以這是在今年年底。與去年一樣，我們的階段性非常強勁，我們在年底投入了更多與國際足聯相關的銷售和營銷資金。今年，我們已經決定併計劃在第二季度、第三季度進行大量投資。

So we see now quarter 3, quarter 4 coming, the balance is more commodity tailwinds in the quarter 4, heavier investments in quarter 2, quarter 3 in sales and marketing, while we maintained our outlook for the full year. I'm not sure if, Fernando, you want to complement something.

因此，我們現在看到第三季度、第四季度即將到來，平衡點是第四季度更多的商品順風，第二季度、第三季度銷售和營銷方面的投資加大，而我們維持對全年的展望。費爾南多，我不確定你是否想補充一些東西。

No, I think that's exactly right. We remain confident in the business. As Michel pointed out very well, we had a very good performance on Q2 on 4 out of our 5 regions. And the performance, going forward, we need to monitor the phasing. But we remain confident, we are making no changes to our outlook, and we continue to expect to have a strong year.

不，我認為這是完全正確的。我們對業務仍然充滿信心。正如 Michel 指出的那樣，我們在第二季度的 5 個區域中的 4 個區域中表現非常出色。展望未來，我們需要監控分階段的表現。但我們仍然充滿信心，我們不會改變我們的前景，我們仍然預計今年將是強勁的一年。

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

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

I want to circle back to the U.S. Two of the things that I think have concerned investors the most is what's going on in on-premise, concerns at the on-premise, may be worse than what we see in the scanner data. So if you could talk about that and what you see on the on-premise with TAPs?

我想回到美國。我認為投資者最擔心的兩件事是內部部署的情況，內部部署的擔憂可能比我們在掃描儀數據中看到的更糟糕。那麼您是否可以談談這一點以及您在本地 TAP 中看到的情況？

And then the promo environment, obviously, we see in the press and in the news a lot of pretty deep discounts and couponing. How is the promo environment, now that we're in the middle of the summer season? And how does it compare to the past?

然後是促銷環境，顯然，我們在媒體和新聞中看到很多相當大的折扣和優惠券。現在正值夏季，促銷環境如何？與過去相比如何？

Robert, thanks for the question. Two questions here, I think, that [aren't] enough. When you look at the numbers, pretty similar, there's nothing like big to highlight in difference between on-premise and off-premise so far. And I think one important indicator that you brought that we are always monitoring in TAPs. And that is -- it's not now.

羅伯特，謝謝你的提問。我認為這裡有兩個問題還不夠。當您查看這些數字時，非常相似，到目前為止，內部部署和外部部署之間沒有什麼比這更值得強調的差異了。我認為您提出的一項重要指標是我們一直在 TAP 中進行監控的。那就是——現在不是。

I think that since they come back from COVID, that is a quite meaningful rotation in terms of TAPs, and we see bars, restaurants optimizing for high turnover. I think that's the best way to explain what's happening. And you see brands that have higher sales and turnover getting more TAPs. And these large variety that some points of sales carry that had very low productivity, being delisted.

我認為，自從他們從新冠疫情中回來後，就 TAP 而言，這是一次非常有意義的輪換，我們看到酒吧、餐館針對高營業額進行了優化。我認為這是解釋正在發生的事情的最佳方式。您會看到銷售額和營業額較高的品牌獲得了更多的點擊量。一些銷售點的產品種類繁多，生產率非常低，正在被退市。

We see this happening across some of our craft brands or brands that have low turnover. We measure this with our wholesalers and through independent. We have retained more than 98% of our TAPs throughout the year. And some of our brands are gaining a lot of TAPs. Some of the brands are declining some TAPs. But all in all, on-trade and off-trade performance, very similar, as you could see on our numbers.

我們發現這種情況發生在我們的一些手工藝品品牌或營業額較低的品牌中。我們與批發商和獨立機構一起衡量這一點。全年我們保留了 98% 以上的 TAP。我們的一些品牌正在獲得大量的 TAP。一些品牌正在拒絕一些 TAP。但總而言之，交易內和交易外的表現非常相似，正如您在我們的數據中看到的那樣。

The second point, I think, that we addressed in the last call, the promotional activities, pricing and discounts. So the environment in pricing, I think that's healthy. If you think about the inflation last year, this year, the fact that we took two price increases last year, given the size of the inflation and costs, and that is a good carryover throughout this year.

我認為，我們在上次電話會議中討論了第二點，即促銷活動、定價和折扣。因此，我認為定價環境是健康的。如果你考慮一下去年和今年的通貨膨脹，考慮到通貨膨脹和成本的規模，我們去年兩次提價，這對今年來說是一個很好的結轉。

As per plan, we concentrated more of our commercial activities in the middle of this year. So this doesn't have anything to do with the Bud Light situation, was planned and announced it, shared with our wholesalers last year. We see the depth and the intensity of the promotional activities in line with historical levels. There is no anything beyond that.

按照計劃，我們將更多的商業活動集中在今年年中。所以這與百威淡啤的情況沒有任何關係，是去年與我們的批發商分享的計劃和宣布的。我們看到促銷活動的深度和力度符合歷史水平。除此之外就沒有什麼了。

But of course, during the summer, you saw some activities and people bringing a lot of news around that, but not different than what the Super Bowl activity is, promotions, coupons across the board. And of course, we saw in the U.S., these two price increases last year trying to catch up with inflation.

但當然，在夏天，你會看到一些活動，人們會帶來很多相關的新聞，但與超級碗活動沒有什麼不同，促銷、全面的優惠券。當然，我們在美國看到，去年兩次價格上漲試圖趕上通貨膨脹。

Inflation is slowing down a little bit this year, but it's still neither margins or the full price caught up with inflation yet. So we continue to monitor the environment and especially the consumer purchase power to have our plans for the end of this year and next year in place.

今年通貨膨脹略有放緩，但利潤率或總價格仍然沒有趕上通貨膨脹。因此，我們將繼續監控環境，特別是消費者的購買力，以便落實今年年底和明年的計劃。

The next question is coming from the line of Laurence Whyatt with Barclays.

下一個問題來自巴克萊銀行的勞倫斯·懷亞特（Laurence Whyatt）。

A couple for me. Firstly, in regard to the sales in the U.S. potentially starting to stabilize, do you think the cost base in the U.S. is in around the right place at the moment?

給我一對。首先，關於美國的銷售可能開始穩定，您認為目前美國的成本基礎是否處於正確的位置？

And then secondly, on Brazil, you said you perhaps lost a little bit of share this quarter. I think at the full year results, you stated how much share you gained over the past few years. Are you comfortable with the level of market share that you're taking in Brazil? And is there anything further that can be done there?

其次，關於巴西，您說本季度您可能失去了一點份額。我認為在全年業績中，您說明了過去幾年您獲得了多少份額。您對在巴西的市場份額水平感到滿意嗎？還有什麼可以做的嗎？

So two questions there. I think that one data we shared, we got some questions in the last interactions about the cost base in the U.S. It's like the EBITDA decline that we saw so far, rough numbers, 2/3 related to the volume, 1/3 is more operational leverage.

那麼有兩個問題。我認為我們分享的一項數據，我們在上次互動中得到了一些關於美國成本基礎的問題。這就像我們迄今為止看到的EBITDA 下降一樣，粗略的數字，2/3 與數量相關，1 /3 更多運營槓桿。

And of course, there is many opportunities to improve productivity. As you get less dislocation in production, you can optimize your lines, and those things are being planned and implemented as we are always working on optimizing costs. So there is work to be done. The team is working on that, and we will be capturing productivity [in all] the quarters as we move forward.

當然，還有很多提高生產力的機會。隨著生產混亂的減少，您可以優化生產線，並且這些事情正在規劃和實施，因為我們始終致力於優化成本。所以還有工作要做。該團隊正在努力解決這個問題，隨著我們的前進，我們將在[所有]季度中提高生產力。

And in Brazil, I think that we are having a very good performance. Volumes performed very well in the quarter. We saw a slowdown in the industry during the quarter 2. Our premium portfolio continues to work very well. Our [cartless] brands are working well.

在巴西，我認為我們的表現非常好。本季度銷量表現非常好。我們在第二季度看到該行業放緩。我們的優質投資組合繼續運作良好。我們的[無車]品牌運作良好。

And as premiumization trends continue to be in place as we cycle the very strong comps that we had last year, I think that we will continue to see market share improvements and especially in the premium segment, where we are accelerating big time, both volume and brand equity. So Corona performing well, Spaten performing very well, original growing high double digits. So we are taking share in this very important segment in Brazil.

隨著高端化趨勢繼續存在，我們循環去年的非常強勁的比較，我認為我們將繼續看到市場份額的提高，特別是在高端細分市場，我們在數量和數量上都在加速發展。品牌資產。所以Corona表現很好，Spaten表現也很好，原來增長高兩位數。因此，我們正在巴西這一非常重要的領域中佔有份額。

Our next question is coming from Edward Mundy with Jefferies.

我們的下一個問題來自愛德華·蒙迪和杰弗里斯。

First question is, I'd love to get your perspective about how you think about the process of restoring lost brand equity. In particular, what are the lessons from previous brand turnarounds at ABI? Any examples, specific examples, you can talk to around what you did, sort of how long it took to improve on equity and then how it took to sort of get consumers back on site for some of these brands?

第一個問題是，我很想了解您如何看待恢復失去的品牌資產的過程。特別是，ABI 之前的品牌轉型有哪些經驗教訓？有什麼例子，具體的例子，你可以談談你做了什麼，改善資產需要多長時間，以及如何讓消費者回到其中一些品牌的網站？

And then the second question, just building on the point of premiumization, both yourselves and one of your competitors that reported earlier this week, and they are still seeing really good premiumization within the beer category. I appreciate the macro is holding up okay. There's still some sort of revenge spending going on. But do you think this premiumization will persist as you look out over the short to medium term?

然後是第二個問題，只是建立在高端化的基礎上，您自己和您的競爭對手之一都在本週早些時候報導過，他們仍然在啤酒類別中看到了非常好的高端化。我很高興宏觀經濟保持良好。某種報復性支出仍在進行。但從中短期來看，您認為這種高端化會持續下去嗎？

Thank you for the question. Let me start with the premiumization one. We have repeated this based on data and the insights that we have. We see the premiumization in the beer category, both having like a very large headroom because we have a lot of opportunity to continue to premiumize, but also a trend that is very consistent. It's consistent across the globe and is consistent across different economic cycles. .

感謝你的提問。讓我從高端化開始。我們根據數據和我們所掌握的見解重複了這一點。我們看到啤酒類別的高端化，兩者都有很大的發展空間，因為我們有很多機會繼續高端化，而且趨勢也非常一致。它在全球範圍內是一致的，並且在不同的經濟周期中也是一致的。 。

And we even shared with you before that in some recessionary scenarios when consumers are more under pressure, you will see a rather acceleration because people, they concentrate their purchase power in categories where they can buy more with less, let's say. So it's more affordable to premiumizing beer than it is with some other categories.

我們之前甚至與您分享過，在某些經濟衰退的情況下，當消費者面臨更大的壓力時，您會看到相當的加速，因為人們將購買力集中在可以用更少的錢購買更多的類別上。因此，與其他一些類別的啤酒相比，高端啤酒的價格更便宜。

And we see very consistent results, like China, South America, Middle Americas, North America continues to premiumize. And in Europe, our portfolio is more than half today in premium brands. So we see consistency here. We see our brands performing very well. We announced a very strong quarter for our main global brands, and they performed very well across the globe.

我們看到了非常一致的結果，比如中國、南美、中美洲、北美繼續高端化。在歐洲，我們的產品組合如今一半以上是高端品牌。所以我們在這裡看到了一致性。我們看到我們的品牌表現非常好。我們宣布了我們主要全球品牌的季度表現非常強勁，它們在全球範圍內的表現都非常出色。

When you think about the brand equity, I think that this story is they are very similar, yet each and every one is different. And as a company in the U.S., we are listening and actively engaging with our consumers. We learned a lot through these interactions so far. And as I shared in the webcast is people still with good [members] favorable, the brands still have a very high equity.

當你考慮品牌資產時，我認為這個故事非常相似，但又各不相同。作為一家美國公司，我們正在傾聽消費者的聲音並積極與消費者互動。到目前為止，我們通過這些互動學到了很多東西。正如我在網絡廣播中分享的那樣，人們仍然受到良好[會員]的青睞，這些品牌仍然擁有非常高的資產。

But people, basically they want to enjoy their beer without a debate. They want us to focus and concentrate in platforms that all consumers love, and this is what we are doing. We are investing behind the platforms that we have engaged throughout the years with our consumers. The response for both communication advertisement, the events and platforms that we are activating, is good.

但人們基本上想在沒有爭論的情況下享受啤酒。他們希望我們專注於所有消費者喜愛的平台，這就是我們正在做的事情。我們正在投資多年來與消費者互動的平台。傳播廣告、我們正在啟動的活動和平台的反響都很好。

And you need time, so you can get a better reading and better results. We have 3 months so far since this situation, and we continue to learn, and we continue to move forward with the [many] activities that we know that work everywhere, including in our regions in the U.S., different responses in different regions, but some very good responses across brands.

你需要時間，這樣你才能獲得更好的閱讀和更好的結果。自從出現這種情況以來，我們已經有3 個月的時間了，我們繼續學習，繼續推進我們知道在任何地方都有效的[許多]活動，包括在美國的我們的地區，不同地區的反應不同，但是跨品牌的一些非常好的反響。

Our next question is coming from Jeff Stent with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的傑夫·斯坦特。

Just one question from me, if I may. There seems to be some quite radical tax changes progressing through the Brazilian Congress. And I was just wondering if you could perhaps comment on those in the context of your business and what they might mean if they go through as proposed?

如果可以的話，我只想問一個問題。巴西國會似乎正在進行一些相當激進的稅收改革。我只是想知道您是否可以在您的業務背景下對這些內容髮表評論，以及如果它們按提議進行，它們可能意味著什麼？

Jeff, Fernando here. We support the tax reform that will reduce the complexity of the Brazilian tax system, tax reform that can provide for legal certainty. And of course, it does not increase the industry's tax burden because if you look, we -- it's probably among the highest, if not the highest, aggregated tax burden in Latin America.

傑夫，費爾南多在這裡。我們支持稅收改革，這將降低巴西稅收制度的複雜性，稅收改革可以提供法律確定性。當然，它不會增加該行業的稅收負擔，因為如果你看一下，我們——它可能是拉丁美洲最高的（如果不是最高的）總稅收負擔之一。

The proposed changes, which have been debated in the Congress for direct and indirect tax, they're gaining momentum this year. It was listed as a priority from the new government, and it was approved in the Congress in July. And now is in the Senate to be to be approved or to see how they deal with that.

擬議的改革已在國會就直接稅和間接稅進行了辯論，今年它們的勢頭正在增強。它被列為新政府的優先事項，並於7月在國會獲得批准。現在需要參議院批准或看看他們如何處理這個問題。

The proposal will simplify a lot the tax system that we have, which is good. It's -- we are going to have a dual VAT with both at federal and state level, and this [simplifies] a meaningful way the current consumption tax system. And there is an excise tax that apply to some services and goods, and this kind of has not been defined, but it's going to be defined later on. So this is pretty much the indirect side.

該提案將大大簡化我們現有的稅收制度，這是好事。我們將在聯邦和州層面實行雙重增值稅，這[簡化]了當前消費稅制度的一種有意義的方式。某些服務和商品需要繳納消費稅，這種稅尚未定義，但稍後會定義。所以這幾乎是間接的一面。

On the direct side, it still has to be discussed. And overall, I think we need to see the both combined. But if there is, in a simplification, less uncertainty, I feel net-net should be a positive for the industry and a positive for the country.

從直接方面來說，還是有待討論的。總的來說，我認為我們需要將兩者結合起來。但如果簡化的話，不確定性更少，我認為網絡應該對整個行業和國家都有積極的影響。

Our next question is coming from the line of Jared Dinges with JPMorgan.

我們的下一個問題來自摩根大通的 Jared Dinges。

If I can come back to Mexico, please, I think volumes came in a bit weaker than expected and a bit weaker than they have been for a while. I know there's some phasing that you guys called out. But can you talk about what you're seeing in terms of underlying trends in that market? Do you still see industry growth there in the second half and as we look towards 2024?

如果我能回到墨西哥，我認為銷量比預期要弱一些，而且比一段時間以來的情況要弱一些。我知道你們提出了一些分階段的要求。但您能談談您所看到的該市場的基本趨勢嗎？當我們展望 2024 年時，您仍然認為下半年行業會增長嗎？

Jared, Michel here. Thanks for the question. So Mexico remains an incredibly exciting market, with a lot of energy around the beer category that is both growing and premiumizing. And when you look to the quarter, I think that it's always good to focus, but also step back.

賈里德、米歇爾在這裡。謝謝你的提問。因此，墨西哥仍然是一個令人難以置信的令人興奮的市場，啤酒類別的發展和高端化充滿了活力。當你展望本季度時，我認為集中註意力總是好的，但也要後退一步。

In this quarter, we have a couple of shifts. The most important one is Easter, right? So we had earlier Easter, so some of the volume phased into quarter 1 versus what was last year, a later Easter, and all the volume was inside the quarter 2 last year. So the comps here are important. The second component is like two-sides-of-the-same-coin component because as the FX appreciates in Mexico, the Mexican peso, we see the remittances from the U.S. to Mexico continue to grow in a healthy way, and this is a very important component on the Mexican economy.

在本季度，我們有幾個輪班。最重要的就是複活節了，對吧？因此，我們的複活節較早，因此與去年相比，部分交易量分階段進入第一季度，復活節較晚，所有交易量都在去年第二季度內。所以這裡的比較很重要。第二個組成部分就像同一枚硬幣的兩面組成部分，因為隨著墨西哥的外匯（墨西哥比索）升值，我們看到從美國到墨西哥的匯款繼續健康增長，這是一個墨西哥經濟非常重要的組成部分。

But because the peso is appreciating, which is very good for us in EBITDA translation, of course, in local pesos, the remittances are not as big as they were last year. So this definitely is bringing, in combination with the inflation, a short-term pressure on the consumer purchase power.

但因為比索在升值，這對我們的 EBITDA 翻譯非常有利，當然，以當地比索計算，匯款沒有去年那麼大。因此，這肯定會與通貨膨脹一起給消費者購買力帶來短期壓力。

And then we also saw, as in other regions, a little bit colder weather throughout the quarter 2, bounced back at the end of the quarter. So the end of June was slightly better. But the beginning April, May was a little bit colder than usually this El Nino, La Nina transition.

然後我們還看到，與其他地區一樣，整個第二季度天氣略有寒冷，但在本季度末反彈。所以6月底的情況稍微好一些。但四月、五月伊始，厄爾尼諾、拉尼娜現象的轉變比平常要冷一些。

But nevertheless, confident with the market, long-term trends in the industry, very healthy premiumization in place. We are outperforming the industry. And the portfolio is very healthy, responding very well, very strong demand for our brands in Mexico.

但儘管如此，我們對市場、行業的長期趨勢以及非常健康的高端化充滿信心。我們的表現優於行業。產品組合非常健康，響應良好，墨西哥對我們品牌的需求非常強勁。

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銀行的 Sanjeet Aujla。

Michel, Fernando, a couple from me, please. Firstly, Fernando, I think earlier you alluded to some potential tailwinds from the current commodity and FX environment. .

有請米歇爾、費爾​​南多和我的一對。首先，費爾南多，我認為您之前提到了當前大宗商品和外匯環境的一些潛在推動因素。 。

I just wanted to get a sense in that context, what's your pricing philosophy as we look forward to some of those tailwinds? Would you look to maybe reinvest some of those tailwinds back into pricing to volumes? Or would you look to continue the price in line of inflation in [2] geographies? That's my first question.

我只是想了解一下在這種情況下，當我們期待一些順風車時，你們的定價理念是什麼？您是否會考慮將其中一些順風車重新投資到銷量定價上？或者您是否希望繼續按照 [2] 地區的通貨膨脹調整價格？這是我的第一個問題。

Hi, Sanjeet, Michel here. We had a little bit of breakup on the line, but I think that I got your question. So as Fernando was saying before, we see at the back end of this year, commodities coming back a little bit in price. And the visibility we have now with 6, 7 months under the belt is that this trend extends towards 2024.

嗨，桑吉特，米歇爾在這裡。我們有一點分手的可能，但我想我明白了你的問題。正如費爾南多之前所說，我們看到今年年底大宗商品價格略有回升。我們現在可以看到，在 6、7 個月後，這種趨勢將延續到 2024 年。

And we saw that different regions, we said this before, they got the impacts of these commodities differently, right? So LatAm, for example, is already getting out, while some other regions like Europe and Africa is still a little bit in the middle of the headwind in commodities.

我們看到不同的地區，我們之前說過，他們對這些商品的影響不同，對吧？例如，拉丁美洲已經擺脫了困境，而歐洲和非洲等其他一些地區仍處於大宗商品逆風之中。

And in terms of pricing, I think that long term, as we always say, we expect the price to move with inflation. We discussed this before because of the high impact of commodities and high inflation, we've been playing a little bit of catch-up over the last 2 years. Margins are not back. But as commodities start to go back, we should see some margins rebuild.

在定價方面，我認為從長遠來看，正如我們常說的那樣，我們預計價格會隨著通貨膨脹而變化。我們之前討論過這個問題，因為大宗商品和高通脹的影響很大，過去兩年我們一直在追趕。利潤沒有回來。但隨著大宗商品開始回升，我們應該會看到一些利潤率的重建。

And of course, the investments that we are making in our brands and the long-term strategy will continue to be a priority, while we expect prices to move long-term with inflation, margins to rebuild to pre-COVID. And if these tailwinds get confirmed for the second half of next year, we should see some of this materialize in next year.

當然，我們對品牌和長期戰略的投資將繼續成為優先事項，同時我們預計價格將隨著通貨膨脹而長期變化，利潤率將恢復到新冠疫情前的水平。如果這些有利因素在明年下半年得到證實，我們應該會看到其中一些在明年實現。

Got it. And just a word on China. Now we've seen some reopening come through in the Q2 numbers, how do you assess the steady state of the Chinese consumer at the moment?

知道了。簡單介紹一下中國。現在我們在第二季度的數據中看到了一些重新開放的情況，您如何評估目前中國消費者的穩定狀態？

Well, that's interesting. I've been a couple of times to Asia this year already and spent a good time with consumers. And we see like a steady recovery after the COVID. And remember that we discussed this last year a couple of times that we were disproportionately impacted by the lockdowns because there was a lot of the lockdowns in the [Eastern] China, but also a lot of channel impact on our [nightlife] Chinese restaurants.

嗯，這很有趣。今年我已經去過亞洲幾次，並與消費者度過了愉快的時光。我們看到新冠疫情過後經濟正在穩步復甦。請記住，我們去年多次討論過這一點，我們受到封鎖的影響尤為嚴重，因為中國[東部]有很多封鎖，但我們的[夜生活]中餐館也受到了很多渠道影響。

We saw traffic rebuilding. So good level of consumer come back to the channels. We see this impacting in a disproportional way than our premium business and our presence in the more premium channels like nightlife and restaurants.

我們看到交通正在重建。因此，良好的消費者水平又回到了渠道。我們認為這對我們的高端業務以及我們在夜生活和餐廳等更高端渠道的影響力不成比例。

Consumers everywhere else, they came back from the COVID experience, is likely different. So they are more demanding for their brands. They want to see more value for the money that they are spending. There is a common topic in China now is "Show me the value, so you can get my money." It's kind of how we translate what people are saying.

其他地方的消費者在經歷過新冠疫情后可能會有所不同。所以他們對自己的品牌要求更高。他們希望看到自己所花的錢更物有所值。現在中國有一個普遍的話題是“讓我看看價值，這樣你就可以得到我的錢”。這就是我們翻譯人們所說的話的方式。

Premiumization trends in beer remain very healthy. Consumption is moving well in our category. I know that in some other categories, there is some slowdown, but beer continues to be moving well after the reopening. And summer now is an important season for the core business and the premium business.

啤酒的高端化趨勢仍然非常健康。我們這一類別的消費發展良好。我知道在其他一些類別中，有一些放緩，但啤酒在重新開放後繼續保持良好的銷售勢頭。而夏季，對於核心業務和高端業務來說，都是一個重要的季節。

And so far, we've been seeing a good rate of sales, and distribution is growing as we expand the business. And our portfolio continues to perform very well in the premium and in the super premium business, which is very interesting. In long term, we know that the prospects of China is continued premiumization, and we are very well positioned with our portfolio to continue to benefit from that.

到目前為止，我們已經看到了良好的銷售率，並且隨著我們業務的擴展，分銷也在不斷增長。我們的投資組合在高端和超高端業務中繼續表現出色，這非常有趣。從長遠來看，我們知道中國的前景是持續的高端化，我們的投資組合處於非常有利的位置，可以繼續從中受益。

Our next question is coming from the line of Richard Withagen with Kepler.

我們的下一個問題來自理查德·威斯根（Richard Withagen）和開普勒的對話。

I've got two questions, please. First of all, in the press release, you mentioned that you attracted more lowerincome groups in Latin America and in Africa through brand and pack innovations. So can you give some more details about this? And is this a response to a more difficult circumstance for consumers, for example, as a result of the inflation that we see?

我有兩個問題，請教。首先，您在新聞稿中提到，通過品牌和包裝創新，吸引了拉丁美洲和非洲更多低收入群體。您能否提供更多細節？這是對消費者面臨的更為困難的情況（例如我們所看到的通貨膨脹造成的結果）的反應嗎？

And then the second question, probably for Fernando. On the working capital, especially your receivables and your payables were a big drag on free cash flow in the first half of '23. So can you talk a bit what is behind the adverse effects here? And what your expectations are for the second half of the year?

然後是第二個問題，可能是針對費爾南多的。在營運資金方面，尤其是應收賬款和應付賬款，23 年上半年對自由現金流造成了很大的拖累。那麼您能談談不良影響背後的原因嗎？您對下半年的預期是什麼？

Richard, Michelle here. I'll take the first question and then hand it over to Fernando. So we've been talking through the last few quarters and since our Market Capital Day in 2021 about growing the category and implementing solutions that we know that work across the globe, that we tested in the last few years, and we are scaling up. So let me give you one example to quickly address that.

理查德，米歇爾在這裡。我將回答第一個問題，然後將其交給費爾南多。因此，自2021 年市場資本日以來，我們一直在過去幾個季度討論如何發展該類別並實施我們知道在全球範圍內有效的解決方案，我們在過去幾年中測試了這些解決方案，並且我們正在擴大規模。讓我舉一個例子來快速解決這個問題。

So in Brazil, we are combining three things that are very important for us to increase participation and more occasions in the category.

因此，在巴西，我們將三件事結合起來，這對我們來說非常重要，以增加該類別的參與度和更多機會。

So a very strong core portfolio with the Brahma, Skol and [Parka] brands, returnable packaging that we know that makes the product more affordable for consumers and the convenience of Ze Delivery with the home delivery of cold beer in 30 minutes.

因此，Brahma、Skol 和[Parka] 品牌的非常強大的核心產品組合、我們知道的可回收包裝使消費者更實惠地購買產品，以及Ze Delivery 的便利性，可在30 分鐘內將冰鎮啤酒送貨上門。

So we can, by combining the initiatives that we developed over the last few years, increase participation, get our products to penetrate more and have higher participation from low-income consumers while continuing to have very good service level, good margins and performance on our core brands. So this is a little bit of what we were talking in the press release in how we are increasing participation.

因此，通過結合過去幾年我們制定的舉措，我們可以提高參與度，讓我們的產品滲透到更多市場並提高低收入消費者的參與度，同時繼續保持良好的服務水平、良好的利潤率和業績。核心品牌。這就是我們在新聞稿中談論的關於如何增加參與的一些內容。

Of course, in different places, we have different packs that address the same type of occasions, consumer base. But I think that this example from Brazil where you combine returnable package, direct-to-consumer delivery and strong core brands, is an example that brings to life how we are leading and growing the category. And then Fernando, on the working capital retail.

當然，在不同的地方，我們有不同的包裝，針對同一類型的場合、消費群。但我認為，巴西的這個例子將可回收包裹、直接面向消費者的交付和強大的核心品牌結合在一起，是一個生動地展示了我們如何領導和發展該類別的例子。然後是費爾南多，關於營運資本零售。

Richard, Fernando here. On the working capital, topic. So you mentioned receivables. Receivables, the biggest chunk here is derivative receivables position, which is actually [reversed] in noncash. This is like $500 million, $550 million. Then we have another chunk, around $250 million, which is higher volume growth and channel mix, mostly in APAC and Middle Americas.

理查德，費爾南多在這裡。關於營運資金的話題。所以你提到了應收賬款。應收賬款，這裡最大的部分是衍生應收賬款頭寸，這實際上是非現金的[逆轉]。這就像 5 億美元、5.5 億美元。然後我們還有另一部分，大約 2.5 億美元，這是更高的銷量增長和渠道組合，主要在亞太地區和中美洲。

Then on the payable side is you need to look payables in conjunction with inventories because what ended up happening is during the pandemic as everyone is very well aware that there were all the supply chain fluctuations and ended up having more inventories than you actually needed, just to make sure that there was no issue on servicing level.

然後在應付賬款方面，您需要將應付賬款與庫存結合起來，因為最終發生的情況是在大流行期間，因為每個人都非常清楚，供應鏈出現了所有波動，最終庫存比您實際需要的要多，只是以確保服務水平沒有問題。

Now [what is to] start bringing these investors -- these inventories to a more healthy level. What happened is that [we] reduced inventories. But at the first moment we reduced payables. And then once we start cycling that over, then you're going to have a lower inventory level and then you're going to reduce some of these payables.

現在[要做的]開始讓這些投資者——這些庫存達到一個更健康的水平。發生的事情是[我們]減少了庫存。但一開始我們就減少了應付賬款。一旦我們開始循環，那麼你的庫存水平就會降低，然後你就會減少其中一些應付賬款。

So no major concern here. And as we cycle over the pandemic, we should start normalizing that, and you should see cash coming from lower inventories and the respective benefit on payables.

所以這裡沒有什麼大問題。隨著疫情的循環，我們應該開始使這種情況正常化，你應該會看到現金來自較低的庫存以及相應的應付賬款收益。

Our Next question is coming from the line of Robert Voss with ABN AMRO.

我們的下一個問題來自荷蘭銀行的羅伯特·沃斯。

Yes. When looking at -- I think it's a question for Fernando. When looking at your current bond portfolio and taking into consideration the upcoming debt redemptions, which are quite minimal,and possibly also duration of some hedged interest rates, for how long do you think you will be able to maintain an average gross debt coupon of 4%?

是的。當我看到時——我認為這是費爾南多的問題。當查看您當前的債券投資組合併考慮即將到來的債務贖回（贖回金額相當小）以及某些對沖利率的持續時間時，您認為您能夠將平均總債務息票維持在多長時間%？

And maybe a follow-up on the working capital question. Do you expect some kind of reversal in the second half? So the cash outflow was $4.6 billion in the first half. Will that, in part, a reverse in the second half?

也許還有營運資金問題的後續行動。您預計下半年會出現逆轉嗎？因此上半年現金流出為46億美元。這會在某種程度上導致下半場出現逆轉嗎？

Robert, thanks for your question. On the bond portfolio, what is quite interesting is that it's a fixed-rate bond portfolio. And now with interest rates rising, what we ended up doing is that as we generate cash and as we are still deleveraging and taking the opportunity to buy back some debt outstanding, we're actually -- you get more return of our cash when you buy the highest coupon debt.

羅伯特，謝謝你的問題。在債券投資組合上，比較有趣的是，它是固定利率債券投資組合。現在隨著利率上升，我們最終做的是，當我們產生現金，並且我們仍在去槓桿化並利用機會回購一些未償債務時，我們實際上 - 當你購買票息最高的債務。

Since we don't have to borrow money in this new interest rate environment and are retiring, as we retire that, that's actually supportive for our 4% coupon. So we should be continuing to do that. And so no concerns on maintaining the 4% coupon here.

由於我們不必在這種新的利率環境下借錢，而且我們即將退休，因此這實際上支持了我們 4% 的息票。所以我們應該繼續這樣做。所以不用擔心這里維持 4% 的優惠券。

On your second question, yes, as we explained it, the moment that it starts normalizing on inventory levels and start having the lower inventories but building back some of the payables, you could expect to have some of the reverse on that. We always remind that most of our cash flow is generated in the second half of the year, and the working capital component is very important to that.

關於你的第二個問題，是的，正如我們所解釋的，當庫存水平開始正常化並開始降低庫存但恢復一些應付賬款時，你可能會期望出現一些相反的情況。我們始終提醒，我們的大部分現金流是在下半年產生的，而營運資金部分對此非常重要。

Our last question today will come from the line of Simon Hales with Citi.

我們今天的最後一個問題將來自花旗銀行的西蒙·黑爾斯 (Simon Hales)。

So just a couple of things from me then. I just want to come back to the U.S. [simply]. One of your major competitors have been highlighting an acceleration in the number, U.S. retail and shelf reset it's seen. I mean is that something you can confirm you're experiencing? And perhaps, how are you preparing for a further step-up in shelf resets as we move into the fall?

那麼我就講幾件事。我只想[簡單地]回到美國。你們的主要競爭對手之一一直強調美國零售和貨架重置數量的加速增長。我的意思是你可以確認你正在經歷什麼嗎？也許，隨著我們進入秋季，您準備如何進一步加強貨架重置？

And then secondly, I wonder if you could just talk a little bit about the support you've been providing to your U.S. wholesaler partners through Q2? And what support we should expect to continue to see [those] wholesalers in Q3 and beyond?

其次，我想知道您是否可以簡單談談您在第二季度向美國批發商合作夥伴提供的支持？我們應該期望在第三季度及以後繼續看到[那些]批發商提供哪些支持？

Simon, thank you for the question. I think I got the two questions here. And in terms of shelf resets, different in each country and by retailer. But as an average in the U.S., we have 2 periods of the year, [fall and] spring. Usually, during the fall, you see of the retailers, let's say, resetting, while the majority of the resets take place in the spring.

西蒙，謝謝你的提問。我想我在這裡得到了兩個問題。就貨架重置而言，每個國家和零售商的情況都不同。但在美國，平均而言，一年中有兩個時期，[秋季和]春季。通常，在秋季，您會看到零售商進行重置，而大多數重置發生在春季。

We saw some of pivot now towards the fall, a little bit off cycle but to smaller activities. So 1/3 or 1/4 of the 20% of the retailers already doing some adjustments. And there is a huge planning on both sides. Like retailers and us and wholesalers, we work throughout the year to make sure that the shelves are optimized in the best possible way, with the retailers, of course, always making the last call on how they organize shelves and set for their consumer demand and needs.

我們現在看到一些轉向秋季，有點脫離週期，但轉向較小的活動。因此，20% 的零售商中有 1/3 或 1/4 已經在進行一些調整。而且雙方都有一個龐大的計劃。與零售商、我們和批發商一樣，我們全年工作，以確保貨架以盡可能最佳的方式優化，當然，零售商總是最後決定如何組織貨架並根據消費者的需求進行設置，需要。

In terms of the wholesale support, we have this long-term partnership with our wholesalers. Of course, objectives pretty much aligned here in maximizing our interest, combining our sales and operations as much as we can for optimization. And given the situation in the U.S., we thought that would be extremely important to extend support to our wholesalers linked to their volume sales. And as we announced it to them, it goes until the end of the year.

在批發支持方面，我們與批發商建立了長期合作夥伴關係。當然，我們的目標幾乎是一致的，即最大化我們的利益，盡可能地將我們的銷售和運營結合起來以實現優化。考慮到美國的情況，我們認為向我們的批發商提供與其銷量相關的支持極其重要。正如我們向他們宣布的那樣，它會持續到今年年底。

So it's the same support from June until December and very important as we bridge the situation here. And we maintain our wholesalers competitive and focused on what they do best, which is high-quality service level for their customers and making sure that we are bringing moments of July to our consumers through our brands, platforms and activations that we have.

因此，從 6 月到 12 月，這都是同樣的支持，對於我們彌合這裡的局勢非常重要。我們保持批發商的競爭力，專注於他們最擅長的事情，即為客戶提供高質量的服務水平，並確保我們通過我們擁有的品牌、平台和活動為消費者帶來七月的時刻。

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。如果您的問題尚未得到解答，請隨時聯繫投資者關係團隊。現在我將請米歇爾·杜克里斯先生致閉幕詞。

Thank you, Jess. Thank you, everyone, for your time today and ongoing partnership and support for our business. I hope you always stay safe and well. Thank you.

謝謝你，傑西。感謝大家今天抽出時間以及對我們業務的持續合作和支持。我希望你永遠保持安全和健康。謝謝。

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

今天的收益電話會議和網絡廣播到此結束。請斷開您的線路，祝您有美好的一天。