Anheuser-Busch Inbev SA (BUD) 2023 Q4 法說會逐字稿

Welcome to Anheuser-Busch InBev's Full Year and Fourth 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) Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. It is possible that AB InBev's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect AB InBev's future results, see risk factors in the company's latest annual report on Form 20-F filed with the Securities and Exchange Commission on the 17th of March 2023.

歡迎參加百威英博 2023 年全年和第四季財報電話會議和網路廣播。今天主持百威英博電話會議的是執行長 Michel Doukeris 先生；以及財務長 Fernando Tennenbaum 先生。要存取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，然後點擊「投資者」標籤以及「報告和結果中心」頁面。今天的網路廣播將於今天稍晚提供點播播放。 （操作員說明）電話會議期間提供的一些資訊可能包含未來預期的陳述和其他前瞻性陳述。這些預期是基於管理階層目前的觀點和假設，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有重大差異。有關可能影響百威英博未來業績的一些風險和重要因素的討論，請參閱該公司於 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。

AB InBev assumes no obligation to update or revise any forward-looking information provided during the conference call and shall not be liable for any action taken in reliance upon such information. It is now my pleasure to turn the floor over to Mr. Michel Doukeris. Sir, you may begin.

百威英博不承擔更新或修改電話會議期間提供的任何前瞻性資訊的義務，也不對依賴此類資訊採取的任何行動承擔責任。現在我很高興請米歇爾·杜克里斯先生發言。先生，您可以開始了。

Thank you, Jessie, and welcome, everyone, to our full year 2023 earnings call. It is a great pleasure to be speaking with you all today. Today, Fernando and I will take you through our full year and fourth quarter operating highlights, and provide you with an update on the progress we have made in executing our strategic priorities. After that, we'll be happy to answer your questions.

謝謝 Jessie，歡迎大家參加我們的 2023 年全年財報電話會議。今天很高興與大家交談。今天，費爾南多和我將向您介紹我們全年和第四季度的營運亮點，並向您介紹我們在執行策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 in 2023. Revenue reached approximately USD 59.4 billion, an all-time high for our company. Although our full growth potential was constrained by the performance of our U.S. business, our revenue grew by 7.8%. Net revenue per hectoliter increased by 9.9% as a result of pricing actions, ongoing premiumization and other revenue management initiatives. Total volumes declined by 1.7% as growth in Middle Americas, Africa and Asia Pacific was primarily offset by performance in the U.S. in a soft industry in Europe.

讓我們從我們的經營業績開始。 2023 年，我們的全球動能持續強勁。營收達到約 594 億美元，創公司歷史新高。儘管我們的全部成長潛力受到美國業務業績的限制，但我們的收入成長了 7.8%。由於定價行動、持續的高端化和其他收入管理舉措，每百升淨收入成長了 9.9%。總銷量下降了 1.7%，因為中美洲、非洲和亞太地區的成長主要被美國歐洲軟產業的表現所抵消。

EBITDA increased by 7%, in line with our medium-term growth ambition and 2023 outlook, reaching nearly USD 20 billion. Underlying EPS was $3.05, a $0.02 per share increase versus last year. As a result of our strong cash flow generation, we reached a net debt-to-EBITDA ratio of 3.38x. Following our deleveraging progress, we have additional flexibility in our capital allocation choices. The Board has proposed a full year dividend of EUR 0.82 per share, a 9% increase versus 2022.

EBITDA 成長 7%，達到近 200 億美元，符合我們的中期成長目標和 2023 年展望。基本每股收益為 3.05 美元，比去年增加了 0.02 美元。由於我們產生了強勁的現金流，我們的淨負債與 EBITDA 的比率達到了 3.38 倍。隨著去槓桿化的進展，我們在資本配置選擇上有了更大的彈性。董事會提議全年股息為每股 0.82 歐元，較 2022 年增加 9%。

In addition, we have now completed almost 90% of our USD 1 billion share buyback program. In the fourth quarter, we delivered top line growth of 6.2% with our net revenue per hectoliter increasing by 9.3%. Total volume declined by 2.6% and EBITDA increased by 6.2%. We delivered broad-based growth this year with both top and bottom line increases in 4 of our 5 operating regions and with net revenue growth in more than 85% of our markets.

此外，我們現已完成 10 億美元股票回購計畫的近 90%。第四季度，我們的營收成長了 6.2%，每百升淨收入成長了 9.3%。總銷量下降 2.6%，EBITDA 成長 6.2%。今年，我們實現了廣泛的成長，5 個營運區域中的 4 個區域的收入和利潤均實現成長，85% 以上的市場淨收入成長。

Our scale and diverse footprint with leading positions in the largest profit and growth pools has us well placed to deliver superior long-term value creation.

我們的規模和多元化的足跡以及在最大利潤和成長池中的領先地位使我們有能力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 with volumes improving sequentially throughout the year and with beer gaining share of total alcohol by value in the off-premise. Our revenues declined by 9.5% this year with STW volumes down by 12.7%, primarily due to the volume decline of Bud Light.

現在，我將花幾分鐘時間向您介紹本季我們主要地區的營運亮點，從北美開始。在美國，啤酒產業保持彈性，全年銷售持續成長，啤酒在場外酒精總量中所佔的份額也不斷增加。今年我們的收入下降了 9.5%，STW 銷量下降了 12.7%，這主要是由於百威淡啤酒銷量下降。

Our market share continued to improve gradually from May through the most recent weeks in February. In 2023, our market share was 38.3%. 2023 was a challenging year for our business in the U.S. I would like to take a moment to reflect on how we adapted, the choices we made and how we are taking the learnings and moving forward. Our teams showed remarkable resilience and agility, and I'm proud of the many actions we took to support our people, our wholesaler partners and our brands. We stepped that up to support our frontline employees and provided financial assistance to our wholesaler partners. We increased the media investment behind our brands. We expanded our long-stand partnership with Folds of Honor, including bringing the NFL and Bud Light together to also support first responders. We continue to invest in our mega brands and mega platforms, such as sports and music that all consumers love including the NFL, NBA, Lollapalooza as well as new investments with the VMAs, UFC, Copa America and Team USA for the Olympic and Paralympic Games.

從五月到二月最近幾週，我們的市佔率持續逐步提高。 2023年，我們的市佔率為38.3%。 2023 年對於我們在美國的業務來說是充滿挑戰的一年。我想花點時間反思我們如何適應、我們所做的選擇以及我們如何學習並繼續前進。我們的團隊展現了非凡的韌性和敏捷性，我為我們為支持我們的員工、批發商合作夥伴和品牌所採取的許多行動感到自豪。我們加強支持第一線員工，並向批發商合作夥伴提供財務援助。我們增加了品牌背後的媒體投資。我們擴大了與 Folds of Honor 的長期合作夥伴關係，包括將 NFL 和 Bud Light 聯合起來，為急救人員提供支援。我們繼續投資於我們的大型品牌和大型平台，例如所有消費者都喜愛的體育和音樂，包括 NFL、NBA、Lollapalooza 以及對 VMA、UFC、美洲杯以及奧運會和殘奧會美國隊的新投資。

We continue to support the communities in which we operate. We purchase annually more than $700 million in quality ingredients from U.S. farmers. We produced packets and delivered clean drinking water when disasters struck, more than 93 million cans to date. We create jobs. Together with our wholesaler partners, we employ 65,000 hard-working people across the U.S. 99% of what we sell in the U.S., we make in the U.S. And we built on our more than $1 billion total investment in responsible drinking programs in partnership with our wholesalers. And we do this because that's who we are.

我們繼續支持我們經營所在的社區。我們每年從美國農民購買價值超過 7 億美元的優質原料。當災難發生時，我們生產了包裝袋並運送了清潔飲用水，迄今已生產超過 9,300 萬罐。我們創造就業機會。我們與我們的批發商合作夥伴一起，在美國僱用了65,000 名勤奮的員工。我們在美國銷售的99% 的產品都是在美國製造的。我們與我們的合作夥伴合作，在負責任飲酒計劃上投入了超過10 億美元的總投資。批發商。我們這樣做是因為我們就是這樣的人。

As we move forward, we continue to focus on what we do best, brewing great beer for everyone, actively engaging with our consumers, supporting our partners and impacting the communities we serve.

在我們前進的過程中，我們繼續專注於我們最擅長的事情，為每個人釀造優質啤酒，積極與消費者互動，支持我們的合作夥伴並影響我們所服務的社區。

Now moving to our largest region, Middle Americas. In Mexico, we delivered high single-digit top and bottom line growth with margin expansion. Our above core portfolio continued to outperform, led by the strong performance of Modelo Especial.

現在轉移到我們最大的地區，中美洲。在墨西哥，我們實現了高個位數的營收和利潤成長以及利潤率的擴張。在 Modelo Especial 的強勁表​​現帶動下，我們上述的核心投資組合繼續跑贏大盤。

In Colombia, our business delivered record high volumes with double-digit top line and high single-digit bottom line growth. Driven by the consistent execution of our strategy. The beer category continues to grow, gaining 70 basis points share of total alcohol this year. Our core portfolio led our performance with a particularly strong performance from Poker, which grew volumes by high-single digits.

在哥倫比亞，我們的業務實現了創紀錄的高銷量，實現了兩位數的營收成長和高個位數的淨利潤成長。受到我們策略的一致執行的推動。啤酒類別持續成長，今年在酒精總量中的份額增加了 70 個基點。我們的核心投資組合引領了我們的業績，其中撲克表現尤為強勁，其交易量實現了高個位數的成長。

In South America, our business in Brazil delivered high single-digit top line and double-digit bottom line growth with margin expansion of 462 basis points. Our performance this year was led by our premium and super premium brands, which delivered volume growth in the mid-20s and gained share of premium segment.

在南美洲，我們在巴西的業務實現了高單位數營收和兩位數淨利潤成長，利潤率擴大了 462 個基點。我們今年的業績由我們的高端和超高端品牌引領，這些品牌在 1920 年代中期實現了銷售成長，並獲得了高端市場份額。

Now let's talk about EMEA. In Europe, we grew top line by high-single digits and bottom line by low-single digits. Our portfolio continues to premiumize with our premium and super premium brands delivering high single-digit revenue growth, led by Corona, Leffe and Stella Artois. In South Africa, we delivered record high volumes with double-digit top line and high single-digit bottom line growth. Our portfolio continued to gain share of both beer and total alcohol, led by our global brands, which grew volumes by more than 30%.

現在我們來談談歐洲、中東和非洲地區。在歐洲，我們的收入實現了高個位數成長，淨利潤實現了低個位數成長。我們的產品組合繼續高端化，以 Corona、Leffe 和 Stella Artois 為首的高端和超高端品牌實現了高單位數收入成長。在南非，我們實現了創紀錄的高銷量，實現了兩位數的營收成長和高個位數的淨利潤成長。在我們的全球品牌的帶動下，我們的產品組合在啤酒和全酒精方面的份額繼續增加，銷量增長了 30% 以上。

And finally, APAC, in China, our business delivered double-digit top and bottom line growth, with margin expansion of 125 basis points. Our premium and super premium brands continued to outperform, growing revenue by double digits and driving overall market share gains.

最後，在亞太地區，在中國，我們的業務實現了兩位數的頂線和底線成長，利潤率擴大了 125 個基點。我們的高端和超高端品牌持續表現出色，營收成長兩位數，推動整體市佔率成長。

Now let's move on to our strategic pillars. Let's start with pillar 1 of our strategy, lead and grow the category. The beer category is big, profitable and growing. In 2023, according to our monitor, the beer and beyond beer category continued to gain share of total alcohol by volume globally, gaining 260 basis points over the last 5 years. And looking ahead, beer is projected to continue this strength. Led by the strong performance of our global mega brands, our revenues continue to grow this year, reaching a new all-time high for a company of $59.4 billion.

現在讓我們繼續討論我們的策略支柱。讓我們從策略的第一支柱開始，引領和發展該類別。啤酒品類規模龐大、利潤豐厚且不斷成長。根據我們的監測，到 2023 年，啤酒及其他啤酒類別在全球酒精總量中的份額繼續增加，在過去 5 年裡增加了 260 個基點。展望未來，啤酒預計將繼續保持這種勢頭。在全球大型品牌強勁表現的帶動下，我們今年的營收持續成長，達到 594 億美元的公司歷史新高。

We continue to invest in our category expansion levers and mega brands, building meaningful connections with our consumers. In 2023, we invested $7.2 billion in sales and marketing and have averaged more than $7 billion over the last 5 years. These consistent investments, combined with increased effectiveness and creativity is driving the brand power of our portfolio. Our total volumes remained resilient delivering near all-time highs. And with our revenue management choices driving continued strong net revenue per hectoliter growth.

我們持續投資於我們的品類擴展槓桿和大型品牌，與消費者建立有意義的連結。 2023 年，我們在銷售和行銷方面投資了 72 億美元，過去 5 年平均投資超過 70 億美元。這些持續的投資，加上有效性和創造力的提高，正在推動我們產品組合的品牌力量。我們的總銷售量保持彈性，接近歷史最高水準。我們的營收管理選擇推動每百升淨收入持續強勁成長。

Through the consistent execution of our replicable growth drivers and our 5 category expansion levers, we are leading and growing the category by offering superior core propositions, developing new consumption occasions and expanding our premium and beyond beer portfolio. Our global brands continue to scale and are driving premiumization across our markets. In 2023, the combined revenues of Corona, Budweiser, Stella Artois and Michelob Ultra grew by 18.2% outside of the brand's home markets.

透過持續執行我們的可複製成長動力和 5 個品類擴展槓桿，我們透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品類。我們的全球品牌不斷擴大規模，並推動整個市場的高端化。 2023 年，Corona、百威啤酒、時代啤酒和 Michelob Ultra 在品牌本土市場以外的總收入成長了 18.2%。

Scalable innovations continue to support category expansion across each of the 5 levers, contributing approximately $6 billion in net revenue in 2023. From expanding our non-alcohol beer portfolio, to innovating with pure and double malt offerings, to growing our Beyond Beer portfolio by scaling Brutal Fruit and Flying Fish across Africa; innovation is a key focus of leading and growing the category.

可擴展的創新繼續支持跨5 個槓桿的品類擴張，到2023 年貢獻約60 億美元的淨收入。從擴大我們的無酒精啤酒產品組合，到純麥芽和雙麥芽產品創新，再到透過擴展擴大我們的超越啤酒產品組合非洲各地的野蠻水果和飛魚；創新是引領和發展該類別的關鍵焦點。

Now let's turn to our second strategic pillar, digitize and monetize our ecosystem. BEES continues to accelerate usage and reach, capturing approximately USD 40 billion in gross merchandising value this year, a 27% increase year-over-year and reaching 3.7 million monthly active users. 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 26 markets where business live, our customers are also able to purchase third-party products through this marketplace. Customer adoption is increasing. And today, 67% of BEES customers are also BEES Marketplace buyers. In 2023, BEES Marketplace generated approximately USD 1.5 billion in GMV.

現在讓我們轉向我們的第二個策略支柱，即我們的生態系統的數位化和貨幣化。 BEES 持續加速使用和覆蓋範圍，今年實現了約 400 億美元的總商品價值，年增 27%，每月活躍用戶達到 370 萬。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 26 個開展業務的市場中的 15 個中，我們的客戶也可以透過該市場購買第三方產品。客戶採用率正在增加。如今，67% 的 BEES 客戶也是 BEES Marketplace 買家。 2023 年，BEES Marketplace 創造了約 15 億美元的 GMV。

Now let's talk about how we are strengthening our direct relationship with our consumers. Our DTC mega brand, Ze Delivery, TaDa and PerfectDraft are now available in 21 markets, generating approximately 69 million orders and over USD 550 million in revenue this year. We are developing deep consumer insights and new consumption occasions, such as Corona Sunset Hours, Brahma Soccer Wednesdays, and increasing in-home consumption of returnable glass bottle packs by expanding availability and simplifying logistics. 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.

現在讓我們來談談我們如何加強與消費者的直接關係。我們的 DTC 大品牌 Ze Delivery、TaDa 和 PerfectDraft 現已在 21 個市場上市，今年產生了約 6,900 萬份訂單和超過 5.5 億美元的收入。我們正在開發深入的消費者洞察和新的消費場合，例如電暈日落時間、梵天足球星期三，並透過擴大可用性和簡化物流來增加可回收玻璃瓶包裝的家庭消費。說到這裡，我想把它交給費爾南多來討論我們策略的第三個支柱，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. First, let me share how we have progressed on our 2025 sustainability goals. All data points are with reference to our 2017 baseline. In Climate Action, we reduced Scopes 1 and 2, absolute emissions, by 44%. In Water Stewardship, we improved our water efficiency by 18%. In Smart Agriculture, we are working with nearly 24,000 farmers in our direct sourcing programs to research, technology and hands-on support to help upskill, connect and financially empower them. And we made progress in our Circular Packaging goal with 77.5% of our products now in packaging that is returnable or made from majority recycled content.

謝謝你，米歇爾。大家早安，下午好。我們的目標是透過專注於三個領域來實現價值最大化：優化資源配置、穩健的風險管理和高效的資本結構。首先，讓我分享一下我們在 2025 年永續發展目標方面的進展。所有數據點均參考我們 2017 年的基準。在氣候行動中，我們將範圍 1 和範圍 2 的絕對排放量減少了 44%。在水資源管理方面，我們的用水效率提高了 18%。在智慧農業方面，我們正在與近 24,000 名農民合作，透過我們的直接採購計畫提供研究、技術和實踐支持，以幫助他們提高技能、建立聯繫並在經濟上增強他們的能力。我們在循環包裝目標方面取得了進展，目前我們 77.5% 的產品採用可回收包裝或大部分由回收材料製成。

In recognition of our leadership in corporate transparency and performance on climate change and water security, we were awarded a AA score by CDP. As we continue to optimize our business, investing in organic growth is our #1 priority, and we have no shortage of investment opportunities. In addition to investing $7.2 billion in sales and marketing, we invested $4.5 billion in net CapEx in our facilities and capabilities. Over the last 5 years, we have invested almost $59 billion to execute our strategy and drive organic growth.

為了表彰我們在企業透明度以及氣候變遷和水安全方面表現的領先地位，我們獲得了 CDP 的 AA 評分。隨著我們不斷優化業務，投資有機成長是我們的第一要務，我們不缺乏投資機會。除了在銷售和行銷方面投資 72 億美元外，我們還在設施和能力方面投資了 45 億美元的淨資本支出。在過去 5 年裡，我們投資了近 590 億美元來執行我們的策略並推動有機成長。

While input costs remain elevated, our everyday financial discipline and revenue management choices enabled us to manage margin pressure this year. Although our margins are still below 2019 levels, the decline has been driven by unprecedented commodity and transactional FX headwinds, and it is not structural. These headwinds impacted different regions at different times, and Middle America and South America are already good examples of EBITDA margin improvement in 2023. Our fundamental strength, disciplined pricing, continued premiumization and efficient operating model creates an opportunity for margin expansion over time.

儘管投入成本仍然居高不下，但我們的日常財務紀律和收入管理選擇使我們能夠應對今年的利潤壓力。儘管我們的利潤率仍低於 2019 年的水平，但下降是由前所未有的大宗商品和交易性外匯逆風推動的，而且不是結構性的。這些不利因素在不同時間影響了不同地區，中美洲和南美洲已經是2023 年EBITDA 利潤率改善的好例子。我們的基本實力、嚴格的定價、持續的高端化和高效的運營模式為隨著時間的推移利潤率擴張創造了機會。

In 2023, we continued to deliver strong free cash flow generating approximately $8.8 billion, a $300 million increase from 2022. 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. The excess cash generated by our business is then dynamically allocated across deleveraging, selective M&A and return of capital to shareholders. As you can see on the next slide, 2x net debt to EBITDA remains the point at which we maximize value, though approximately 90% of the benefits from deleveraging can be captured as we approach 3x.

2023 年，我們繼續提供強勁的自由現金流，產生約 88 億美元，比 2022 年增加 3 億美元。在資本配置方面，我們致力於透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成長以支持我們的策略。然後，我們業務產生的多餘現金會動態分配到去槓桿、選擇性併購和向股東返還資本等方面。正如您在下一張投影片中看到的，2 倍的 EBITDA 淨債務仍然是我們實現價值最大化的點，儘管當我們接近 3 倍時，可以捕捉約 90% 的去槓桿化收益。

In 2023, gross debt reduced to $78.1 billion, resulting further progress on our deleveraging with our net debt-to-EBITDA ratio reaching 3.38x. Our debt maturity profile remains well distributed with approximately $2.5 billion in bond maturities in 2024 and no relevant medium-term refinancing needs. We have $6.5 billion worth of bonds maturing through 2026. 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 it is comprised of a variety of currencies, diversifying our FX risk. 98% of our bonds have a fixed rate, insulated from interest rate volatility and inflation.

2023年，總負債減少至781億美元，去槓桿工作取得進一步進展，淨負債與EBITDA比率達3.38倍。我們的債務到期狀況仍然分佈良好，2024 年債券到期日約為 25 億美元，並且沒有相關的中期再融資需求。我們有價值 65 億美元的債券將於 2026 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 年。此外，我們的債務組合沒有任何財務契約，並且由多種貨幣組成，分散了我們的外匯風險。我們 98% 的債券具有固定利率，不受利率波動和通貨膨脹的影響。

We continue to dynamically balance our capital allocation priorities to maximize value creation. In 2023, we invested $11.6 billion in sales and marketing and CapEx to execute our strategy and drive organic growth. We purchased $3 billion of bonds and reached a net leverage of 3.38x. Before the leveraging progress, we have additional flexibility in our capital allocation choices. The Board has proposed a dividend of EUR 0.82 per share, a 9% increase versus 2022. And we have now completed almost 90% of our $1 billion share buyback program.

我們繼續動態平衡我們的資本配置優先事項，以最大限度地創造價值。 2023 年，我們在銷售和行銷以及資本支出方面投資了 116 億美元，以執行我們的策略並推動有機成長。我們買了 30 億美元的債券，淨槓桿達 3.38 倍。在槓桿化進展之前，我們在資本配置選擇上有更多的彈性。董事會提議派發每股 0.82 歐元的股息，較 2022 年增加 9%。我們現已完成 10 億美元股票回購計畫的近 90%。

And now let me take you through the drivers of our underlying EPS this year. We delivered EPS of $3.05 per share, a $0.02 per share increase versus last year. Nominal EBITDA growth accounted for a $0.05 per share increase. We continue to optimize our business, reducing net interest and income tax expenses, which mostly offset headwinds in other line items. As we look ahead to 2024, we expect EBITDA to grow between 4% and 8% on an organic basis, in line with our medium-term outlook.

現在讓我帶您了解今年基本每股盈餘的驅動因素。我們的每股收益為 3.05 美元，比去年增加了 0.02 美元。名目 EBITDA 成長導致每股成長 0.05 美元。我們繼續優化業務，減少淨利息和所得稅費用，這在很大程度上抵消了其他項目的不利影響。展望 2024 年，我們預期 EBITDA 將有機成長 4% 至 8%，這與我們的中期前景一致。

Given the continued hyperinflationary environment in Argentina, for 2024, we are amending the definition of organic growth to cap the price growth in Argentina to a maximum of 2% per month. As we continue to invest to execute our strategy, and optimize resource allocation, we expect net CapEx to be between $4 billion and $4.5 billion in 2024. And we expect our normalized effective tax rate to be between 27% and 29%. With that, I would like to hand it back to Michel for some final comments before we start our Q&A session. Michel?

鑑於阿根廷持續的惡性通貨膨脹環境，我們正在修改 2024 年自然成長的定義，將阿根廷的價格成長限制在每月 2%。隨著我們繼續投資執行我們的策略並優化資源配置，我們預計 2024 年淨資本支出將在 40 億至 45 億美元之間。我們預計正常化有效稅率將在 27% 至 29% 之間。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 on 2023 and look ahead at the exciting opportunities that our brands have to activate the category in 2024. While our full growth potential was constrained in this year, we continue to make progress in executing across each of our 3 strategic pillars. We invested behind our 5 category expansion levers, and the beer and beyond beer category continued to gain share of total alcohol globally.

謝謝，費爾南多。在開始問答之前，我想花點時間回顧一下2023 年，並展望我們的品牌在2024 年激活該類別的令人興奮的機會。雖然我們的全部成長潛力在今年受到限制，但我們仍在繼續取得進展執行我們的三個策略支柱。我們投資了 5 個品類擴張槓桿，啤酒及其他啤酒類別在全球酒精總量中的份額持續增加。

Driven by the strength of our mega brands, we delivered all-time high revenue with growth in approximately 85% of our markets. We progressed our digital transformation, generating approximately USD 40 billion of GMV through BEES, with 67% of BEES customers now also BEES Marketplace buyers.

在我們的大型品牌實力的推動下，我們創造了歷史最高的收入，並且在約 85% 的市場中實現了成長。我們推動數位轉型，透過 BEES 創造了約 400 億美元的 GMV，67% 的 BEES 客戶現在也是 BEES Marketplace 買家。

EBITDA grew by 7%, in line with our medium-term growth ambition and outlook for 2023. We delivered continued strong free cash flow generation of USD 8.8 billion. We progressed on our deleveraging path and have increased flexibility in our capital allocation choices. As we look ahead to 2024, we are uniquely positioned to activate the category. The combination of our mega brands with the key global platforms that consumers love and that brings people together is a powerful opportunity to lead and grow the category.

EBITDA 成長了 7%，符合我們的中期成長目標和 2023 年展望。我們持續創造了 88 億美元的強勁自由現金流。我們在去槓桿化道路上取得了進展，資本配置選擇也更加靈活。展望 2024 年，我們處於激活該類別的獨特地位。我們的大型品牌與消費者喜愛的、將人們聚集在一起的主要全球平台的結合，是引領和發展該類別的強大機會。

From the NBA, to Copa America, to the Olympics, NFL, the UFC and the VMAs; we will be focused on doing what we do best. Our brands will show up in a big way, connect with consumers and bringing to life our purpose of creating a future with more cheers. We remain focused on the opportunities ahead of us. The beer category is large and growing, and our unique global leadership advantage, implementation of our replicable growth toolkits and our superior profitability, position us well to generate value for our stakeholders. With that, I'll hand it back to Jessie for the Q&A.

從 NBA、美洲盃、奧運、NFL、UFC 和 VMA；我們將專注於做我們最擅長的事情。我們的品牌將大面積亮相，與消費者建立聯繫，實現我們創造更多歡樂的未來的宗旨。我們仍然專注於面前的機會。啤酒類別規模龐大且不斷增長，我們獨特的全球領導優勢、可複製增長工具包的實施以及卓越的盈利能力，使我們能夠為利益相關者創造價值。這樣，我會將其交還給 Jessie 進行問答。

(Operator Instructions) Our first question is coming from Mitch Collett with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Mitch Collett。

Michel, Fernando, Shaun. I've got one question and one follow-up, please. You've maintained your organic EBITDA growth guidance, 4% to 8% -- but because you're stripping out Argentina, that implies a 200 to 300-basis-point increase to the growth rate for the rest of the group. Can you give some color on what's driving that increased confidence, both in the near term and the medium term?

米歇爾、費爾南多、肖恩。我有一個問題和一個後續問題，請您解答。您維持了 4% 至 8% 的有機 EBITDA 成長指導，但由於您剔除了阿根廷，這意味著該集團其他國家的成長率將增加 200 至 300 個基點。您能否說明一下近期和中期推動信心增強的因素是什麼？

And then my unrelated follow-up is -- can you give some color on why you expect CapEx to be lower in fiscal '24 than it was in both '23 and '22? And is that level broadly sustainable long-term? How should we think about the split between production, logistics, commercial and other CapEx going forward?

然後我不相關的後續行動是 - 您能否解釋一下為什麼您預計 24 財年的資本支出將低於 23 財年和 22 財年？從長遠來看，這個水準是否可持續？我們該如何看待未來生產、物流、商業和其他資本支出之間的劃分？

Mitch, Fernando here. So let me start answering and then I'll ask Michel to give you some color. So once we think about the outlook, as always, on a high level, it's good to bring some context to it. So in our CMD, we provide the medium-term growth outlook, the moment that we are evolving our strategy and transitioning from inorganic to organic growth. And with this transition, would be required to invest to even grow the beer category, invest for the events of digital transformation and all of that, while dynamic allocating resources to grow and optimize our business while we're still deleveraging.

米奇，費爾南多在這裡。那麼讓我開始回答，然後我會請米歇爾給你一些建議。因此，一旦我們像往常一樣在高層次上思考前景，最好為其提供一些背景資訊。因此，在我們的 CMD 中，我們提供了中期成長前景，即我們正在製定策略並從無機成長過渡到有機成長的時刻。透過這種轉變，我們需要投資來發展啤酒類別，投資於數位轉型等事件，同時動態分配資源以發展和優化我們的業務，同時我們仍在去槓桿化。

So with this dynamic operating environment and the evolution of our strategy, we thought it would be important to provide clarity on our medium-term ambition while allowing us the flexibility to invest to drive long-term value creation. With all this background, our 4% to 8% growth outlook for 2024, it is both consistent with our medium-term outlook and more ambitious given that we are capping Argentina growth. We aim to continue to deliver this more ambitious 4% to 8%, but in an optimized way, with $500 million, give or take, less CapEx. That's the difference of the outlook from last year to this year. And this lower CapEx is the pillar 3 of our strategy in action when we look to optimize our business and sustain the same growth ratios, but in a more efficient way. I'm going to turn to Michel, so he can give some color on why we think this is the appropriate outlook.

因此，隨著這種動態的營運環境和我們策略的演變，我們認為，明確我們的中期目標，同時讓我們能夠靈活地進行投資以推動長期價值創造非常重要。考慮到所有這些背景，我們對 2024 年 4% 至 8% 的成長前景進行了預測，這既符合我們的中期前景，又由於我們正在限制阿根廷的成長，因此更加雄心勃勃。我們的目標是繼續實現這一更雄心勃勃的 4% 至 8%，但以優化的方式，無論給予或接受，資本支出減少 5 億美元。這就是去年與今年的展望的不同之處。當我們尋求優化業務並以更有效的方式維持相同的成長率時，較低的資本支出是我們行動策略的第三支柱。我將求助於米歇爾，這樣他就可以解釋為什麼我們認為這是合適的前景。

Thanks, Fernando, and thank you, Mitch. I think that Fernando gave you the answer on the key items on the outlook. But you had like two follow-ups. I think that one is the confidence and the other one, what's being optimized and then, how we are optimizing CapEx? I think that in terms of confidence, this comes from the execution of our strategy and the momentum that we've been seeing globally and is accelerating across many, many markets. As we described during the presentation, we grew revenues in 85% of our markets.

謝謝，費爾南多，謝謝你，米奇。我認為費爾南多就前景的關鍵問題給了你答案。但你有兩個後續行動。我認為，一個是信心，另一個是優化什麼，然後，我們要如何優化資本支出？我認為就信心而言，這來自於我們策略的執行以及我們在全球範圍內看到的勢頭，並且在許多市場上正在加速。正如我們在演示中所述，我們 85% 的市場收入都實現了成長。

We've been seeing this acceleration across the board. We had the chance to share with you many, many replicable toolkits when we were together in Mexico. And as we set the bar high with this Argentina cap, we want to continue to deliver on the outlook because that was a midterm outlook. Every year will be different. As a matter of fact, even within this year, we will see quarters that will be different. Because on the quarter 1, we'll be still lapping a little bit of the U.S. Bud Light situation. And therefore, we should expect growth building up as we go from quarter 1 to quarter 2 to quarter 3. So there will be progress there.

我們已經看到這種全面加速。當我們在墨西哥時，我們有機會與大家分享很多很多可複製的工具包。當我們為阿根廷上限設定高標準時，我們希望繼續實現前景，因為這是中期前景。每年都會有所不同。事實上，即使在今年內，我們也會看到不同的季度。因為在第一季度，我們仍然會關注美國百威淡啤酒的情況。因此，我們應該預計，從第一季到第二季度再到第三季度，成長將會加快。因此，這方面將會取得進展。

And in terms of CapEx, which is more on the expense and cost areas, we've been also building very interesting replicable toolkits and global toolkits. So think, for example, the breweries that we built and we build breweries across the globe. So we were able to do some work with our teams in the specification with the suppliers and with being able to grow our capacity at much lower cost now given the standardization of the way that we are buying components, building the brewers, expanding the capacity in a modular way. Think, for example, about the benefits that we always talk about that with BEES, which is 1 platform, 1 product that we use globally. So every time that we do an update, let's say, for Mexico, this gets rolled out now for all markets where we operate with BEES. And when you combine this standardization, 1 product with just 1 thing, for example, AI, we are able now to code and develop tools within this with efficiencies, for example, close to 20% in cost per hour coded because of the usage of AI. So a practical usage of AI is enabling us to do more, which is what we need to do with our investments, but spending a lower CapEx cost. And I believe that it is sustainable. If you look at this CapEx as a percentage of net revenue in the last 3 years, we've been improving the efficiency each and every year, not invest less but doing more with our investments. Thanks for the question.

就資本支出而言，更多的是費用和成本領域，我們也一直在建立非常有趣的可複製工具包和全球工具包。例如，想想我們建造的啤酒廠以及我們在全球各地建造的啤酒廠。因此，我們能夠與我們的團隊一起按照供應商的規範進行一些工作，並考慮到我們購買組件、建造啤酒廠、擴大產能的方式的標準化，現在能夠以更低的成本擴大我們的產能。模組化的方式。例如，想想我們總是談論 BEES 的好處，它是我們在全球使用的 1 個平台、1 個產品。因此，每次我們對墨西哥進行更新時，現在都會針對我們與 BEES 合作的所有市場推出更新。 And when you combine this standardization, 1 product with just 1 thing, for example, AI, we are able now to code and develop tools within this with efficiencies, for example, close to 20% in cost per hour coded because of the usage of人工智慧.因此，人工智慧的實際應用使我們能夠做更多的事情，這就是我們需要用投資來做的事情，但資本支出成本較低。我相信這是可持續的。如果您將資本支出視為過去 3 年淨收入的百分比，您會發現我們每年都在提高效率，不是減少投資，而是利用投資做更多事情。謝謝你的提問。

Our next question is coming from Trevor Stirling with Bernstein.

我們的下一個問題來自伯恩斯坦的特雷弗·斯特林。

Michel, Fernando. So my two questions. The first one, Michel, the 4% to 8% guidance, what do you think are the key variables that will determine whether you end up at the high end or the low end of that guidance? And then on a little bit more detail that in the quarter in the U.S., you had negative price mix. I presume that will continue into 1Q because of the continued weakness, the Bud Light weakness. Do you expect that, that will start to improve as we go through the year in the U.S.?

米歇爾、費爾南多.所以我的兩個問題。第一個，米歇爾，4％到8％的指導，您認為決定您最終處於該指導的高端還是低端的關鍵變量是什麼？然後更詳細地說，在美國這個季度，價格組合為負。我認為這種情況將持續到第一季度，因為百威淡啤酒的持續疲軟。您是否預期隨著美國這一年的到來，這種情況會開始改善？

Trevor, Fernando here. Let me take the first one. Of course, there are a lot of different puts and takes on the outlook. We are a global company. And one of the decisions that we made in the past, instead of giving specific items of the outlook, we gave kind of the outcome, which is the 4% to 8% to simplify the understanding. So I wouldn't go into the detail what it takes to be on the 4% to 8%, I would just say that our outlook is 4% to 8%.

特雷弗，費爾南多在這裡。讓我拿第一個。當然，對於前景有很多不​​同的看法。我們是一家全球性公司。我們過去所做的決定之一，不是給出具體的前景項目，而是給出某種結果，即 4% 到 8%，以簡化理解。所以我不會詳細說明如何達到 4% 到 8%，我只想說我們的前景是 4% 到 8%。

Thanks, Fernando. And of course, there are some universal things there, right, Trevor, like the industry performance, the consumer sentiment. But I think that the 4% to 8% has all in, and we are always aiming to deliver the best results that we can. On the quarter for the U.S., I think that you remember -- you all remember that we have always these 2 different dates in the U.S., in which historically prices have been planned and executed. The most common one is during the quarter 1, and during this higher inflation period, sometimes there is an extra supplemental price that moves in October.

謝謝，費爾南多。當然，那裡有一些普遍的東西，對吧，特雷弗，例如行業表現、消費者情緒。但我認為 4% 到 8% 已經足夠了，我們始終致力於提供最好的結果。關於美國的季度，我想你們都記得——你們都記得我們在美國總是有這兩個不同的日期，歷史上的價格是在這兩個日期計劃和執行的。最常見的是第一季度，在通膨較高的時期，有時會在 10 月出現額外的補充價格變動。

In 2022, our price move was in October, which covered 2023. And now, the idea was not to put a second price last year in October. So we are lapping the price increase of the year before. I think you (inaudible) and we talked a little bit about that, there was a mismatch in terms of STRs, STCs and STWs in the quarter 4 and was better STCs, followed by a little bit better-than-expected STRs and the shipments lagged a little bit as we were both adjusting a little bit in inventories, but also unable to follow the improvement on the STRs, especially in the second half of December. And prices this year start to move late last year, but really moving during the quarter 1. So I think that the combination of STR, STW, the mix, that's still a little bit in disadvantage on the shipments, and the price that moved to the quarter 1 this year is why the prices were off in the quarter 4 last year, and we expect a much more normal price mix, promotional activities for 2024 as we've been having over the years.

2022 年，我們的價格變動是在 10 月份，涵蓋了 2023 年。現在的想法是不再在去年 10 月份制定第二個價格。因此，我們正在重複前一年的價格上漲。我認為您（聽不清楚）和我們對此進行了一些討論，第四季度的 STR、STC 和 STW 方面存在不匹配，STC 更好，其次是 STR 和出貨量略好於預期有點滯後，因為我們都在庫存方面進行了一些調整，但也無法跟上STR 的改善，特別是在12 月下半月。今年的價格從去年年底開始移動，但真正移動是在第一季度。所以我認為 STR、STW 的組合，在出貨量上仍然有點不利，而且價格移動到今年第一季的價格比去年第四季度的價格有所下降，我們預計2024 年的價格組合和促銷活動會更加正常，就像我們多年來一直在進行的那樣。

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

我們的下一個問題來自高盛的奧利維爾·尼古拉 (Olivier Nicolai)。

Michel, Fernando and Shaun. Two questions, please. Going back to the guidance of 4% to 8%, organic EBITDA growth in 2024, what is your base case assumption for Bud Light's share recovery? Obviously, Q1 is still going to face some tough comps. But would you also expect to keep the same level of shelf space with U.S. retailers by essentially being able to replace Bud Light with other of your beer brands or RTDs.

米歇爾、費爾南多和肖恩。請教兩個問題。回到 2024 年 4% 至 8% 的有機 EBITDA 成長的指導，您對百威淡啤酒股價復甦的基本情境假設是什麼？顯然，Q1 仍將面臨一些艱難的比賽。但您是否也希望透過使用您的其他啤酒品牌或 RTD 來取代百威淡啤酒，從而與美國零售商保持相同水準的貨架空間。

And second question for Fernando. With regards to the free cash flow and the deleveraging, which was a bit less than some people anticipated. Net working capital was weaker, partly due to the support that you gave to the U.S. Beer wholesalers. Should we expect this to reverse in 2024? Is that a new base? And equally, should we assume a lower pace of share buyback for the rest of the year once you have completed your initial $1 billion share buyback program in March?

第二個問題是費南多提出的。在自由現金流和去槓桿方面，略低於某些人的預期。淨營運資本較弱，部分原因是您對美國啤酒批發商的支持。我們是否應該預期這種情況會在 2024 年逆轉？那是新基地嗎？同樣，一旦您在 3 月完成了最初的 10 億美元股票回購計劃，我們是否應該假設今年剩餘時間的股票回購速度會放緩？

Olivier, thanks for the question. Michel here. I'll take the first one on the guidance. I think that Fernando always goes back to this point of the 4% to 8% that encompasses everything that we are doing globally. And we -- throughout this whole situation, we have never like gave any forecast or guidance on the pace of Bud Light. I think that what we can talk about. We can talk about what we are seeing and happening as we go week by week, month by month. And if you look at May last year versus February this year, we recovered basically 120 bps of the market share that we lost. And as discussed in the last call, we've been seeing this 10 to 20 bps recovery every 3 to 4 weeks. So I think that we are making progress. It's not at the fast pace that we were expecting or that we've been working for. But nevertheless, progress is in place.

奧利維爾，謝謝你的提問。米歇爾在這裡。我將選擇指南中的第一個。我認為費爾南多總是回到 4% 到 8% 的這一點，這涵蓋了我們在全球所做的一切。在整個情況下，我們從未對百威淡啤酒的發展步伐給出任何預測或指導。我想我們可以討論一下。我們可以每週、每月談論我們所看到和發生的事情。如果你看去年 5 月與今年 2 月的情況，我們基本上恢復了失去的 120 個基點的市佔率。正如上次電話會議中所討論的，我們每 3 到 4 週就會看到 10 到 20 個基點的恢復。所以我認為我們正在取得進展。這沒有達到我們預期或我們一直在努力的快節奏。但無論如何，進展已經到位。

And when you think about the shelf spaces, we discussed this on the fall. There was very little adjustment in the fall, close to 5%, 10% of the retailers, and I gave a simple reference for everybody to understand the number. We had an adjustment of 1 shelf space for average 20 that we have in the stores. When we see now this spring, there are a lot of activities on the spring today, more than 55% of the retailers already put the announcements in place. And the result is very similar, it's 1.5 fronts to every 20 that we have in the stores. What we lost is on Bud Light, and we've recovered across the portfolio with Michelob Ultra, Busch Light, Cutwater, Nutrl, Corona, Stella, all gaining share of shelf.

當你想到貨架空間時，我們在秋天討論過這個問題。秋季調整很少，接近5%、10%的零售商，我給大家簡單參考一下這個數字。我們對商店中的平均 20 個貨架空間進行了 1 個調整。當我們看到現在這個春天的時候，今天春天有很多活動，超過55%的零售商已經發布了公告。結果非常相似，我們商店裡每 ​​20 個正面就有 1.5 個正面。我們失去的是百威淡啤酒 (Bud Light)，而我們的整個產品組合中已經恢復過來，包括 Michelob Ultra、Busch Light、Cutwater、Nutrl、Corona、Stella，所有品牌的貨架份額都在增加。

And when we think, which is -- I think is another very important point to share with you, this big calendar of activations for mega platforms that we have throughout the year, that goes from NBA, NFL, Olympics and Copa America, so very heavy investments. This also comes into consideration for planning and joint business plan with our retailers. So we expect to have a massive execution with extra displays and programming with the retailers that should more than compensate the 1.5 for every 20 front shelves that we are missing or losing during this adjustment now, during spring.

當我們思考時，我認為這是與您分享的另一個非常重要的一點，我們全年擁有的大型平台的激活大日曆，包括 NBA、NFL、奧運會和美洲杯，非常非常大量投資。這也被納入我們與零售商的規劃和聯合業務計劃的考慮範圍。因此，我們預計將與零售商一起進行大規模的額外展示和編程，這應該能夠彌補我們在春季調整期間丟失或丟失的每 20 個前貨架的 1.5 個。

So plans are good. The team is focused on the execution. Our mega brands are very well positioned for the year because they have some of the most relevant mega platforms for interacting with consumers and activating the category together with our wholesalers and retailer partners. I will now hand over to Fernando to cover the second point.

所以計劃是好的。團隊專注於執行。我們的大型品牌今年處於非常有利的位置，因為它們擁有一些最相關的大型平台，可以與消費者互動並與我們的批發商和零售商合作夥伴一起啟動該類別。我現在請費爾南多來闡述第二點。

Olivier. So on your question on core working capital, I think we have some unique factors this year, we have the U.S. Since we have a negative working capital and we had -- the volume reduction has a negative impact on our core working capital, and that was further amplified by the wholesaler support, the extra days of credit. And of course, this will phase out throughout the summer this year. So this is something -- some of that should be reversed. Then we had also a reduction in payables, which was driven by 2 things: We made an effort to optimize our service levels, and that led to reduced level of inventories. We also optimize the resource allocation that led to lower CapEx, but most of the reduction for both the CapEx and inventories was in the second half, and that led to a drop in payables. So the benefit in terms of cash flow, most of it will only be seen in 2024. So as you said, kind of most of the things, some of that we should -- most of the things we should revert through 2024.

奧利維爾.因此，關於你關於核心營運資本的問題，我認為今年我們有一些獨特的因素，我們有美國，因為我們的營運資本為負，而且我們的數量減少對我們的核心營運資本產生了負面影響，而且批發商的支持以及額外的信貸天數進一步放大了這種影響。當然，這將在今年整個夏季逐步停止。所以這是一些事情——其中一些應該被扭轉。然後，我們的應付帳款也有所減少，這是由兩件事驅動的：我們努力優化我們的服務水平，這導致庫存水平降低。我們也優化了資源配置，從而降低了資本支出，但資本支出和庫存的減少大部分發生在下半年，這導致了應付帳款的下降。因此，現金流方面的好處，大部分只能在 2024 年才能看到。正如你所說，大部分事情，其中​​一些我們應該——大部分事情我們應該在 2024 年之前恢復。

On the deleveraging piece, we had another year of consistent profitable growth and very strong free cash flow generation, so $8.8 billion of free cash flow. We continue to make progress on deleveraging, and our gross debt was reduced by $1.8 billion, and the net debt to EBITDA reached 3.38x. There were some headwinds in the net debt-to-EBITDA ratio in 2023 comparing to 2022. Even though we purchased $3 billion back of debt, there was some negative effects that offset some of that. That's why we only see $1.8 billion of net debt reduction. And this was due to a strong euro. Sometimes it will go in our favor, sometimes it will go against us, but this is like 0.04x, 0.05x. We have the impact of the accounting treatment of Argentina. IFRS is very unique how the accounting should work. For example, U.S. GAAP is very different. But this accounting impact is another around 0.05x. And of course, we have this, in 2023, the performance of the U.S. business, we also had some impact. But we continue to be confident on the progress. The business generates a large amount of cash, and we continue to deploy some of that to deleveraging and some of that to other capital allocation priorities, which leads to your follow-up question about buyback dividends.

在去槓桿化方面，我們又實現了持續獲利成長和非常強勁的自由現金流生成，即 88 億美元的自由現金流。我們去槓桿持續取得進展，總負債減少18億美元，淨負債佔EBITDA的比例達到3.38倍。與 2022 年相比，2023 年的淨債務與 EBITDA 比率存在一些不利因素。儘管我們購買了 30 億美元的債務，但仍存在一些負面影響，抵消了部分影響。這就是為什麼我們只看到淨債務減少 18 億美元。這是由於歐元走強。有時它會對我們有利，有時它會對我們不利，但這就像0.04x、0.05x。我們受到阿根廷會計處理的影響。 IFRS 的會計運作方式非常獨特。例如，美國公認會計準則就非常不同。但這種會計影響又是 0.05 倍左右。當然，我們有這個，2023年，美國業務的表現，我們也有一些影響。但我們仍然對進展充​​滿信心。該業務產生大量現金，我們繼續將其中一些用於去槓桿化，另一些用於其他資本配置優先事項，這導致了您關於回購股息的後續問題。

I think -- we'll continue to explore different capital allocation priorities. This full year, we announced the dividend. So we announced a 9% increase in the dividend to $0.82. And any other capital allocation we will be discussing throughout the year, I feel that we have increased flexibility compared to 2 years in the past, and we're going to decide whether we do share buybacks, dividends or whatever other capital allocation priorities throughout the year when the moment is appropriate.

我認為——我們將繼續探索不同的資本配置優先事項。今年全年，我們宣布了股息。因此我們宣布將股息增加 9% 至 0.82 美元。以及我們全年將討論的任何其他資本配置，我認為與過去兩年相比，我們的靈活性有所增加，我們將決定是否在整個年內進行股票回購、股息或任何其他資本配置優先事項時機合適的一年。

Our next question is coming from Sarah Simon with Morgan Stanley.

我們的下一個問題來自摩根士丹利的莎拉·西蒙。

It was just a question about marketing spend. You obviously kind of changed the phasing of marketing spend last year and pulled it out of the winter -- more around the summer periods. Can you talk about how marketing is going to phase this year given some of the big sports sponsorships and things that you're doing?

這只是一個關於行銷支出的問題。顯然，你去年改變了行銷支出的階段，並將其從冬季中拉出來——更多地在夏季期間。鑑於一些大型體育贊助和您正在做的事情，您能否談談今年的營銷將如何進行？

Sarah, Michel here. I think that every year is slightly different. But for sure, if you look back to last year compared to the year before, there was a big shift due to FIFA, which moves usually during the summer, but that one was very special because it was more close to the end of the year, let's say, winter for the northern hemisphere, was summer for the Southern hemisphere. And I think that the key point here on sales and marketing for us is this unique opportunity that we have to activate with our mega brands, these mega platforms that bring people together. This is an outstanding opportunity to lead and grow the category.

莎拉，米歇爾在這裡。我認為每年都會略有不同。但可以肯定的是，如果你回顧去年與前一年的情況，你會發現由於國際足總而發生了很大的轉變，國際足總通常在夏季進行活動，但那一次非常特別，因為它更接近年底比如說，北半球是冬天，南半球是夏天。我認為，對我們來說，銷售和行銷的關鍵點是我們必須利用我們的大型品牌、這些將人們聚集在一起的大型平台來啟動這個獨特的機會。這是領導和發展該類別的絕佳機會。

We have this year, fortunately, an incredible amount of activities throughout the year. Let's just talk about January and February. So we had Super Bowl. We had Carnival in Brazil. We had Chinese New Year, Lunar New Year in Asia, and we were very heavy in activating all these opportunities. Now we face from quarter 1 to quarter 2, and there is an expression already being used by lots of people with this summer of sports because we have Copa America in the U.S. that's very important for the whole North and South America. We have the Euros in Europe, then we'll follow this with the big tennis slams in Europe, Wimbledon and Roland-Garros that now is Stella Artois is the official sponsor, and you wrap the summer with the Olympics, which is going to make this an incredible summer for beer.

幸運的是，今年我們全年都有大量的活動。我們就說一月和二月吧。所以我們有了超級盃。我們在巴西舉辦了嘉年華。我們在亞洲度過了中國新年和農曆新年，我們非常重視激活所有這些機會。現在我們面臨著從第一季到第二季的比賽，今年夏天的運動比賽中，很多人都在使用這個表達方式，因為我們在美國舉辦美洲盃，這對整個北美和南美來說非常重要。我們在歐洲舉辦了歐洲杯，然後我們將在歐洲舉行網球大滿貫，溫布頓和法網，現在斯特拉阿圖瓦是官方贊助商，然後用奧運會結束這個夏天，這將使對於啤酒來說，這是一個不可思議的夏天。

And then we march towards the end of the year coming back again with an incredible season for the NFL, following what was this year. We have throughout the whole year, the activation of UFC. So I think it's going to be very balanced throughout the year, and we should not expect big differences as we saw in 2023, because FIFA was off season and was there in 2022. So the impact of last year was more because of FIFA. This year, we have an incredible amount of opportunities for activation.

然後，繼今年之後，我們將在年底再次回歸，為 NFL 帶來一個令人難以置信的賽季。我們全年都在啟動UFC。所以我認為全年都會非常平衡，我們不應該期望像 2023 年那樣出現很大的差異，因為 FIFA 是淡季，而 2022 年就出現了。所以去年的影響更多是因為 FIFA 的影響。今年，我們有大量的啟動機會。

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

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

A couple of follow-ups, please. First, on the U.S., my understanding is that you put in about a 2% price increase right around the Super Bowl. I'd like to understand how that's being received so far? Any thoughts on that? And then further on the U.S., is there a work that you're doing on the supply chain, on general logistics to adjust for the changes that happened last year in terms of demand so that even if we don't get a significant improvement in Bud Light, that the EBITDA can be significantly better?

請進行一些後續行動。首先，就美國而言，我的理解是，你們在超級盃比賽前後將價格上漲了約 2%。我想了解到目前為止，人們對此的反應如何？對此有什麼想法嗎？然後，在美國，你們是否正在供應鏈、一般物流方面開展工作，以適應去年需求方面發生的變化，以便即使我們沒有取得顯著改善Bud Light，EBITDA 可以明顯更好嗎？

Robert, thanks for the questions. So as I said before, prices in the U.S. went back to this normal schedule, which is quarter 1, and they vary state by state, brand by brand. So I won't give you any details here on what's happening. But so far, as I said, 2 windows October, quarter 1, March, February, usually, most of the movements over the years, they happen on this quarter 1, and we are just moving and executing on our plans.

羅伯特，謝謝你的提問。正如我之前所說，美國的價格回到了正常的時間表，即第一季度，而且每個州、每個品牌的價格都有所不同。所以我不會在這裡向您提供有關正在發生的事情的任何細節。但到目前為止，正如我所說，2 個窗口10 月、第1 季度、3 月、2 月，通常，多年來的大部分變動都發生在第1 季度，我們只是在按照我們的計劃行動和執行。

In terms of supply chain and cost in the U.S., we've been saying that 2/3 are volume related, 1/3 is choices we made that span across many different items. As Fernando said, support to our wholesalers, higher investments on our brands and job security. Out of the 2/3, that's volume. As I said before, we claw back 120 bps of this share, and we continue to see this movement every 3 to 4 weeks between 0.10, 0.20 recovery. And we will continue to optimize, as we always do, our activities to extract the best possible productivity. So this is part of the company culture, is part of who we are, being always with an eye on the market consumers and one in how we do better the activities that we have within our own walls.

就美國的供應鏈和成本而言，我們一直說 2/3 與數量相關，1/3 是我們在許多不同項目上所做的選擇。正如費爾南多所說，對我們批發商的支持、對我們品牌的更高投資和工作保障。其中 2/3 就是音量。正如我之前所說，我們將這一份額回撤 120 個基點，並且我們繼續每 3 至 4 週看到一次 0.10 至 0.20 恢復之間的波動。我們將一如既往地繼續優化我們的活動，以盡可能提高生產力。因此，這是公司文化的一部分，也是我們的一部分，始終關注市場消費者，以及如何更好地進行我們自己的活動。

So we continue to work in everything that we can, always to be more productive and to have better productivity.

因此，我們繼續盡我們所能，始終提高生產力並獲得更好的生產力。

We'll move on to our next question, which is coming from the line of Chris Pitcher with Redburn Partners.

我們將繼續討論下一個問題，該問題來自 Redburn Partners 的 Chris Pitcher。

A couple of questions, please. One is a follow-up on the U.S. shipment movements. I'm just trying to understand what were the fourth quarter (inaudible) in terms of stock in trade, particularly in the context of the discussions ongoing with the union. So I wonder if you can give us some idea of how much contingency stock is there.

請教幾個問題。一是對美國出貨動向的追蹤。我只是想了解第四季度（聽不清楚）的貿易庫存情況，特別是在與工會正在進行討論的背景下。所以我想知道你能否告訴我們有多少應急庫存。

And then (inaudible) I was wondering if you could give us a bit of -- a bit more detail behind the tax guidance, given all the moving parts this year. Just to understand that this is now a structurally -- the structural range for your tax and there isn't sort of one-offs that's helping keeping it low this year, with it potentially going up next year?

然後（聽不清楚）我想知道您是否可以給我們一些稅收指導背後的更多細節，考慮到今年所有的變化。只是要了解，這現在是一個結構性的稅收結構範圍，並且沒有某種一次性因素可以幫助今年保持較低水平，並且明年可能會上升？

Chris, Michel here. Thanks for the question. I'll take the first one and then leave Fernando to cover the second. I think that what I was describing on the quarter 4 in the U.S. was a good acceleration on the STRs and sales-to-consumers in December, especially in the second half. And because of that, the shipments did not catch up with the STRs. And the simple consequence of that is wholesalers turned the year with a little bit less inventory than they would otherwise be if we were able to do shipments and STRs at the same pace.

克里斯，米歇爾在這裡。謝謝你的提問。我將承擔第一個任務，然後讓費南多負責第二個任務。我認為我在美國第四季所描述的是 12 月 STR 和對消費者的銷售量的良好加速，尤其是在下半年。正因為如此，發貨量沒有趕上 STR。這樣做的簡單後果是，如果我們能夠以相同的速度進行發貨和 STR，那麼批發商在今年的庫存量會稍微減少一些。

So there was no loading from December to January, quite the opposite. And I think that on the preparation contingent, of course, our main objective was to reach an agreement with Teamsters. We do and we operate in many different countries, we have collaborating with unions, and we are always thinking about what is the best to our employees. There were contingencies in place, but there is now also a tentative agreement. So the agreement is going to be for vote next week, and therefore, we don't expect any contingents to be activated in March, so it should be like normal life. In the long term, STRs and STWs will always converge.

所以從 12 月到 1 月沒有加載，恰恰相反。我認為，在準備隊伍方面，我們的主要目標當然是與卡車司機達成協議。我們確實這樣做，而且我們在許多不同的國家開展業務，我們與工會合作，我們始終考慮什麼對我們的員工來說是最好的。雖然有一些意外情況，但現在也達成了一項臨時協議。因此，該協議將於下週進行投票，因此，我們預計三月不會啟動任何特遣隊，所以這應該像正常生活一樣。長遠來看，STR 和 STW 總是會趨同。

Chris, on your question on ETR. Our outlook for 2024 is expected normalized ETR to be in the range of 27% to 29%. This includes everything that we know today, including the impact of the recent legislation changes in Brazil. And going specifically on the IOC, it's good to provide some more context. The reduction of IOC deductibility does have an impact on the ETR of AB InBev. However, when you go to the ABI level, the impact is partially mitigated. ABI, as any other shareholder of AB InBev needs to pay a 15% withholding tax on the IOC distribution. So the next impact on ABI ETR is smaller than what you can see in AB InBev. And if you go one line further, if you go all the way down to EPS, then the impact is further diluted given the minority interest component.

Chris，關於你關於 ETR 的問題。我們對 2024 年的展望預計正常化 ETR 將在 27% 至 29% 範圍內。這包括我們今天所知的一切，包括巴西最近立法變化的影響。特別是關於國際奧委會，最好提供更多背景資訊。 IOC 扣除額的降低確實對百威英博的 ETR 產生了影響。但是，當您進入 ABI 等級時，影響會部分減輕。 ABI 與百威英博的任何其他股東一樣，需要為 IOC 分配繳納 15% 的預扣稅。因此，對 ABI ETR 的下一個影響比您在百威英博中看到的要小。如果你再進一步，如果你一直下降到每股盈餘，那麼考慮到少數股東權益的影響，影響會進一步稀釋。

So all in all, it's something that we can manage to deliver the 27% to 29% on our outlook. And when you go one line further on the EPS, it's even a smaller impact.

總而言之，我們可以設法實現 27% 至 29% 的預期。當你對每股盈餘進一步了解時，它的影響甚至更小。

And just to confirm because tax is obviously a complex matter, 27% to 29% is a good medium-term range. There aren't, as I say, in the background, tax losses that will run out to help mitigate it. We can be comfortable in 27% to 29%?

只是為了確認一下，因為稅收顯然是一個複雜的問題，27% 至 29% 是一個不錯的中期範圍。正如我所說，在幕後，並沒有稅收損失可以用來幫助減輕這種情況。我們能安心在27%到29%嗎？

I think this is our outlook for 2024. We are not giving any medium-term outlook. But with what you know today, with the legislation that we have today, with our business today, this is our assessment for 2024.

我認為這就是我們對 2024 年的展望。我們沒有給出任何中期展望。但根據您今天所了解的情況、我們今天的立法、我們今天的業務，這是我們對 2024 年的評估。

The next question is coming from the line of Sanjeet Aujla with UBS.

下一個問題來自瑞銀集團的桑吉特‧奧吉拉 (Sanjeet Aujla)。

Michel, Fernando. Two from me as well, please. Firstly, Michel, can you just talk a little bit about the health of Michelob Ultra in the U.S.? Clearly, we were used to this brand gaining 60, 70 basis points of share per annum, growing volumes mid-high single digit, it's been caught up with the Bud Light issue as well. But is there anything underlying above and beyond that on Michelob Ultra? Please, a few words on that.

米歇爾、費爾南多.我也請送兩份。首先，Michel，可以簡單談談 Michelob Ultra 在美國的健康狀況嗎？顯然，我們已經習慣了這個品牌每年獲得 60、70 個基點的份額，銷量以中高個位數增長，它也受到了百威淡啤酒問題的困擾。但 Michelob Ultra 是否還有比這更深層的東西呢？請就此說幾句話。

And secondly, can you just talk a little bit about the state of the consumer in the beer category in China. Clearly, things have deteriorated there in the second half of the year in '23. How are you thinking about the start to '24 and the outlook there, please?

其次，您能簡單談談中國啤酒類別的消費者狀況嗎？顯然，23 年下半年情況已經惡化。您如何看待 24 世紀的開始以及那裡的前景？

Sanjeet, thanks for the question. So Michelob Ultra first. This is a brand that has been growing over the years, very healthy, expanding. And as we shared in different occasions, the brand has a lot of headroom in the U.S., basically for two reasons. One, because it's perfectly aligned with the health and wellness trend; and two, because it has a lot of distribution opportunity and asymmetric relevance in some states, but not in all states in the U.S. The brand has performed well and was performing very well throughout the year. Of course, this whole event from April to the end of the year, calls it trouble not only for Bud Light, but for on house of Busch as a whole. But we see very healthy signs.

桑吉特，謝謝你的提問。所以首先是 Michelob Ultra。這是一個多年來一直在成長、非常健康、不斷擴張的品牌。正如我們在不同場合分享的那樣，該品牌在美國擁有很大的發展空間，主要有兩個原因。一是因為它完全符合健康和保健趨勢；第二，因為它在某些州（但並非在美國所有州）有很多分銷機會和不對稱相關性。該品牌表現良好，並且全年表現都非常好。當然，從四月到年底的整個事件不僅給百威淡啤酒帶來了麻煩，也給整個布希酒莊帶來了麻煩。但我們看到了非常健康的跡象。

The brand is already on the positive territory again, Michelob Ultra, gaining share of shelf and we'll have unbelievable opportunities to activate throughout this year. Just think about the NBA now phasing to the Olympics and Copa America. So both properties allocated for Michelob Ultra through the year, and the plans and everything that we saw with wholesalers and retailers during summer comp very strong is the year 2024, where we've been seeing the highest investment behind Michelob Ultra for our wholesalers because they commit early on in the year and how much they believe on the plans and invest behind the brands.

Michelob Ultra 品牌已經再次進入積極的領域，獲得了貨架份額，我們今年將有令人難以置信的激活機會。想想 NBA 現在正逐步轉向奧運和美洲盃吧。因此，全年為Michelob Ultra 分配的兩處房產，以及我們在夏季比較期間與批發商和零售商看到的計劃和一切都非常強勁，2024 年我們看到了Michelob Ultra 為我們的批發商提供的最高投資，因為他們在今年年初做出承諾，以及他們對這些計劃的信任程度以及對品牌的投資程度。

So, so far, everything moving as it should on Ultra and Ultra continues to expand outside of the U.S. So Canada, Mexico, many other markets where the brand is also gaining a lot of momentum because the trend is universal. So we see health and wellness across the globe. And Michelob Ultra has a simple proposition that is scalable and is working across different geographies.

因此，到目前為止，Ultra 上的一切都在預期中進行，Ultra 繼續在美國以外的地區擴張。因此，加拿大、墨西哥和許多其他市場，該品牌也獲得了很大的動力，因為這種趨勢是普遍的。因此，我們看到了全球範圍內的健康狀況。 Michelob Ultra 有一個簡單的主張，即可擴展，並且可以在不同的地區發揮作用。

Talking about China, I think that last year had a little bit of everything in China, from the beginning to end of the year. And if I would answer your question like in a very simple way, we continue to see premiumization as a very strong trend. And our brands, both in premium and super premium, they grew double digits, performing very well in China. And we see a little bit of this bifurcation when you take the core with a performance that was a little bit below what we were expecting, let's say, for the recovery of China. But combined, China had a very decent industry, last year, in revenue and good volumes, not great, but good volumes, led by premium and super premium.

說到中國，我覺得去年從年初到年末，中國的一切都有一點。如果我以一種非常簡單的方式回答你的問題，我們仍然將高端化視為一個非常強勁的趨勢。我們的品牌，無論是高端品牌還是超高端品牌，都實現了兩位數成長，在中國表現非常出色。當你的核心表現略低於我們對中國復甦的預期時，我們就會看到這種分歧。但總的來說，去年中國的行業非常不錯，收入和銷售都不錯，不是很大，但銷量不錯，主要是高端和超高端。

Think about this year, I was in China, I think, last week, spent a week in China. And what we saw was normal, let's say, Chinese New Year, where a lot of puts and takes there in different categories. But basically, again, premium and super premium performance was very good. Our execution was very strong. I visited 2 different cities, and I saw turnover good, good sales. And we saw again a little bit of constraint in core value brands while premium, super premium doing very well and performing well. This period of the year is important for premium, but it is small overall for the category. I would say that we need to see more of spring, maybe beginning of summer to have a very clear indication on what's going to be the direction overall for the industry, but it's clear to this point, I would say that premium, super premium will continue to perform well, while core value we need to keep an eye on and understand the overall sentiment for consumers and how this is going to come. And that was somehow a behavior that we saw across many categories and different players.

想想今年，我在中國，我想，上週，在中國待了一週。我們看到的是正常的，比方說，中國新年，有很多不同類別的看跌期權和拿走期權。但基本上，高級和超高級性能非常好。我們的執行力非常強。我參觀了兩個不同的城市，我看到營業額很好，銷售也很好。我們再次看到核心價值品牌受到一些限制，而高端、超高端品牌表現出色且表現良好。一年中的這個時期對於高端產品來說很重要，但總體來說對於該類別來說卻很小。我想說，我們需要看到更多的春天，也許是夏初，才能對行業的整體方向有一個非常明確的指示，但到目前為止很明顯，我想說的是，溢價、超級溢價將繼續表現良好，而核心價值我們需要密切注意並了解消費者的整體情緒以及這將如何發生。這就是我們在許多類別和不同玩家中看到的一種行為。

Our final question will come from the line of Brett Cooper with Consumer Edge.

我們的最後一個問題將來自消費者邊緣的布雷特·庫珀（Brett Cooper）。

A question and a follow-up on premiumization. And appreciating that may be difficult to generalize across markets, but can you speak to where you're sourcing consumers or occasions for the premium to your portfolio? Is it beer drinkers that you're keeping in the category, increasing relevance for new occasions, keeping them in where they may have gone outside? And then the follow-up on a similar topic is, can you talk about the loyalty you're seeing as you bring consumers in. I would assume it's coming through a particular occasion. And then are you growing that in new occasions and repertoires of those drinkers?

關於優質化的問題和後續行動。認識到這一點可能很難在各個市場中推廣，但您能否談談您在哪裡尋找消費者或為您的產品組合提供溢價的場合？您是否將啤酒飲用者保留在該類別中，增加與新場合的相關性，將他們保留在他們可能外出的地方？然後類似主題的後續內容是，您能談談您在吸引消費者時所看到的忠誠度嗎？我認為這是透過特定場合實現的。那麼您是否會在新的場合和飲酒者的習慣中增加這種能力呢？

Thank you for the question. And I find this as a very interesting topic for us to talk about. And I'll try to take this high level because, as you said, every market is slightly different, right? But the way that we approach this is participation, occasions and servings. And very interesting, premium has the potential and has been working for us as beyond beer does as well across all 3 levers. So we've been seeing higher participation and new consumers getting to the category through premium. And very interesting, we shared today this data on the overall share of throat, right? And this is overall. But when you look about premium brands versus premium presentations on the other categories, premium beer is also growing faster than the premium offers in hard liquor and wine.

感謝你的提問。我發現這是我們談論的一個非常有趣的話題。我會嘗試達到這個高水平，因為正如您所說，每個市場都略有不同，對嗎？但我們實現這一目標的方式是參與、場合和服務。非常有趣的是，優質啤酒具有潛力，並且一直為我們發揮作用，就像超越啤酒在所有 3 個槓桿上一樣。因此，我們看到更高的參與度和新消費者透過溢價進入該類別。非常有趣的是，我們今天分享了有關喉嚨整體份額的數據，對吧？這是總體的。但是，當您比較高端品牌與其他類別的高端產品時，會發現優質啤酒的成長速度也快於烈酒和葡萄酒的優質產品。

And premium, as you penetrate new consumers or the current consumers, you see some overlap of occasions, but you also see some very unique occasions for premium beers. I think that 1 great example that we have is France where Leffe created a total different occasion for beer, (inaudible) occasion and today is a massive brand, very focused on 1 occasion. And as this occasion developed and the brand grew, the brand now is penetrating even more occasions such as (inaudible) and (inaudible) in France. So premium attracts more consumers, interesting enough to attract more women and more young consumers. So that's why the role of our global brands is very important from Corona to Budweiser with the position that we have and each brand is positioned in a different need state.

至於優質啤酒，當你滲透到新消費者或當前消費者時，你會看到一些場合的重疊，但你也會看到一些非常獨特的優質啤酒場合。我認為我們擁有的一個很好的例子是法國，Leffe 為啤酒創造了一個完全不同的場合，（聽不清楚）場合，而今天是一個巨大的品牌，非常專注於一種場合。隨著這個場合的發展和品牌的成長，該品牌現在正在滲透到更多的場合，例如法國的（聽不清楚）和（聽不清楚）。所以溢價吸引了更多的消費者，足夠有趣來吸引更多的女性和更多的年輕消費者。因此，這就是為什麼我們的全球品牌的角色非常重要，從科羅納到百威，我們的地位和每個品牌都處於不同的需求狀態。

Occasions are more spread throughout the week, which is very interesting as well. So you have more at-home occasions with premium. And when you think, for example, the role that Corona Cero or Stella Cero are playing now, they are expanding beer to even more occasions. So we see in many places, now Corona Cero being consumed during the day, lunch time, during the weekend, after sports and more consumers, more occasions. In some very specific markets, then you also tap into servings because you can go for multi-packs and convenience packs in different markets that also help us to tap into larger occasions. I think Brazil is a great example of that. China is a great example of that. So I think that is across all 3 levers, bringing more consumers, retaining more consumers, in more occasions and also improving how many times people get in touch with our products.

一周中的場合更加分散，這也很有趣。讓您擁有更多優質的家庭場合。例如，當你想到 Corona Cero 或 Stella Cero 現在所扮演的角色時，他們正在將啤酒擴展到更多場合。所以我們在很多地方看到，現在 Corona Cero 在白天、午餐時間、週末、運動後以及更多的消費者、更多的場合被消費。在一些非常特定的市場中，您還可以選擇份量，因為您可以在不同的市場中購買多件裝和便利裝，這也有助於我們進入更大的場合。我認為巴西就是一個很好的例子。中國就是一個很好的例子。所以我認為這涉及所有三個槓桿，在更多場合吸引更多消費者、留住更多消費者，並提高人們接觸我們產品的次數。

In terms of loyalty, this is also an interesting question because consumers always have like a repertoire of brands. And that's again why we have 4 global brands to tap into this premiumization trend. Each of these brands appeals for a different need state meaning different occasions when people go for the energy or for relaxation or to just enjoy a meal with friends. And once they connect well with 1 of these brands for 1 of these different need states, the loyalty is high. Even though consumers, they consume across different occasions and they have different need states. That's why our portfolio is a big advantage, 1 of the global advantage that we have to play this game, and that's why we continue to invest behind our mega brands, and they grew 22% last year, which was a very strong driver of our overall growth. Thank you.

就忠誠度而言，這也是一個有趣的問題，因為消費者總是有各種各樣的品牌。這也是我們擁有 4 個全球品牌來迎合這一高端化趨勢的原因。這些品牌中的每一個都訴諸不同的需求狀態，這意味著人們在不同的場合尋求能量、放鬆或只是與朋友一起用餐。一旦他們與其中一個品牌針對其中一種不同的需求狀態建立了良好的聯繫，忠誠度就會很高。即使是消費者，他們的消費場合也不同，需求狀態也不同。這就是為什麼我們的產品組合是一個很大的優勢，是我們必須玩這個遊戲的全球優勢之一，這就是為什麼我們繼續投資我們的大型品牌，它們去年增長了22％，這是我們的強大驅動力整體增長。謝謝。

Thank you. 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 Michel Doukeris for closing remarks.

謝謝。這是最後一個問題。如果您的問題尚未得到解答，請隨時聯繫投資者關係團隊。我現在將請米歇爾·杜克里斯 (Michel Doukeris) 致閉幕詞。

Thank you, Jessie, and thank you, everyone, for their time today, the ongoing partnership and support for our business. Stay safe and well, and I hope we're going to see you soon. Bye-bye.

謝謝你，傑西，也謝謝大家今天抽出寶貴的時間，感謝你們對我們業務的持續合作和支持。保持安全和健康，我希望我們很快就能見到你。再見。

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

謝謝。今天的收益電話會議和網路廣播到此結束。請斷開您的線路，祝您有美好的一天。