Compania Cervecerias Unidas SA (CCU) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good day, and welcome to CCU's Fourth Quarter 2022 Earnings Conference Call on the 1st of March 2023. Today's conference call is being recorded. At this time, I would now like to turn the conference over to Claudio Heras, the Head of Investor Relations. Please go ahead, sir.

女士們，先生們，謝謝你們的支持。美好的一天，歡迎參加 2023 年 3 月 1 日 CCU 2022 年第四季度收益電話會議。今天的電話會議正在錄製中。現在，我想將會議轉交給投資者關係主管 Claudio Heras。請繼續，先生。

Welcome, everyone. Thank you for attending CCU's Fourth Quarter 2022 Conference Call. Today with me are Mr. Felipe Dubernet, Chief Financial Officer; and Mr. Carlos Anwandter, Financial Planning and Investor Relations Manager. You have received a copy of the company's consolidated fourth quarter 2022 results. Felipe will now review our overall performance, and we will then move on to our Q&A session. Before we begin, please take note of our cautionary statement.

歡迎大家。感謝您參加 CCU 的 2022 年第四季度電話會議。今天和我在一起的是首席財務官 Felipe Dubernet 先生；財務規劃和投資者關係經理 Carlos Anwandter 先生。您已收到公司 2022 年第四季度綜合業績的副本。 Felipe 現在將回顧我們的整體表現，然後我們將進入問答環節。在我們開始之前，請注意我們的警告聲明。

The statements made in this call that relate to CCU's future performance or financial results are forward-looking statements, which involve known and unknown risks and uncertainties that could cause actual performance or results to materially differ. These statements should be taken in conjunction with the additional information about risks and uncertainties set forth in CCU's annual report in Form 20-F filed with the U.S. Securities and Exchange Commission and in the annual report submitted to the CMF and available on our website.

本次電話會議中與 CCU 未來業績或財務業績相關的陳述屬於前瞻性陳述，其中涉及已知和未知的風險和不確定性，可能導致實際業績或結果出現重大差異。這些聲明應與 CCU 向美國證券交易委員會提交的 20-F 表格年度報告以及提交給 CMF 並在我們網站上提供的年度報告中規定的有關風險和不確定性的其他信息一起考慮。

It is now my pleasure to introduce Felipe Dubernet.

現在我很高興向大家介紹 Felipe Dubernet。

Thank you, Claudio, and thank you, you all for joining us today. In 2022, we faced a particularly challenging year for the profitability of the business, especially in Chile. Consolidated EBITDA dropped 19.6%, while EBITDA margin deteriorated from 17.9% to 13.2%. Financial results were mainly affected by negative external effects coming from the depreciation of our main local currencies against the U.S. dollar and higher prices in raw materials, packaging and energy, impacting our costs. The latter was partially offset with prices and efficiencies.

謝謝克勞迪奧，也謝謝大家今天加入我們。 2022 年，我們面臨著業務盈利能力特別具有挑戰性的一年，尤其是在智利。綜合 EBITDA 下降 19.6%，而 EBITDA 利潤率從 17.9% 惡化至 13.2%。財務業績主要受到主要當地貨幣對美元貶值以及原材料、包裝和能源價格上漲的負面外部影響，影響了我們的成本。後者被價格和效率部分抵消了。

Net income contracted 14.7%. In spite of the deterioration of our results, I would like to comment on the actions that we took in 2022, which put us in a position to look for profitability improvement in 2023. First, we were able to preserve business scale as volumes decreased 1.1% despite a high comparison base from last year and a weaker consumption environment. Second, we overall kept market share in our core categories. Third, we strengthened our portfolio of brands by reaching historically -- historical brand equity level in our main categories in the region. And fourth, we implemented revenue management initiatives in all our geographies to mitigate the cost pressure with prices in line with inflation in our main categories by the end of the year, especially in Chile.

淨收入收縮 14.7%。儘管我們的業績在惡化，但我想評論一下我們在 2022 年採取的行動，這些行動使我們能夠在 2023 年尋求盈利能力的改善。首先，我們能夠保持業務規模，因為銷量下降了 1.1 % 儘管與去年相比基數較高且消費環境較弱。其次，我們總體上保持了核心品類的市場份額。第三，我們通過在該地區的主要類別中達到歷史品牌資產水平來加強我們的品牌組合。第四，我們在所有地區實施了收入管理計劃，以在年底前通過與我們主要類別的通貨膨脹率保持一致的價格來減輕成本壓力，尤其是在智利。

All of this will be enhanced this year by the implementation of HerCCUles 2023 a recovery profitability plan, which encompasses 6 pillars. Maintain our business scale. Second, strengthening revenue management efforts. Enhance the CCU Transformation program to deliver efficiency gains in costs and expenses. Focalize and optimize CapEx together with optimizing working capital. Focus on core brands and high-volume margin innovation. And continue investing in our brand equity.

所有這一切都將在今年通過實施 HerCCUles 2023 恢復盈利計劃得到加強，該計劃包含 6 個支柱。保持我們的業務規模。二是加強收入管理力度。加強 CCU 轉型計劃，以提高成本和支出的效率。在優化營運資金的同時集中和優化資本支出。專注於核心品牌和高利潤率創新。並繼續投資於我們的品牌資產。

I would like to mention that by the end of the year, we started to see some positive trends from this, especially in Chile, reflected on prices, which expanded in line with inflation and efficiencies in costs and expenses. From a quarterly perspective, in quarter 4 2022, we continue operating in a tough economic environment, which impacted consumption. Top line decreased 6.6%, driven by 5.5% drop in volumes, however, 10% growth versus quarter 4 2019, and a 1.1% decrease in average prices in Chilean pesos. EBITDA contracted 21% and EBITDA margin decreased from 18.9% to 16%. The latter mainly associated with the same negative external effect that impacted us during the year. Net income fell 36.4% caused by a lower operational result as explained, and a greater loss in nonoperating results, mainly driven by higher financial expenses due to a larger debt.

我想提一下，到今年年底，我們開始看到一些積極的趨勢，尤其是在智利，這反映在價格上，價格隨著通貨膨脹以及成本和支出的效率而上漲。從季度的角度來看，在 2022 年第 4 季度，我們繼續在艱難的經濟環境中運營，這影響了消費。收入下降 6.6%，受銷量下降 5.5% 的推動，但與 2019 年第四季度相比增長 10%，智利比索平均價格下降 1.1%。 EBITDA 收縮 21%，EBITDA 利潤率從 18.9% 下降至 16%。後者主要與年內影響我們的負面外部影響有關。淨利潤下降 36.4%，原因是經營業績較低，非經營業績虧損較大，主要是由於債務增加導致財務費用增加。

In terms of our segment, in the Chile operating segment, top line grew 3.6% in quarter 4 2022, due to a 12.4% growth in average prices, partially compensated by 7.8% lower volumes. However, with growth against quarter 4 2019, we grew 12.7%, mostly due, of course, we had a very high comparison base in 2021. EBITDA decreased 24.4% and EBITDA margin decreased from 19.4 to 14.2. In International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, net sales dropped 27.6%, mainly as a result of a contraction of 26.7% average prices in CLP, although the increase in local currency in line with inflation, while volumes contracted 1.1%, the growth against quarter 4 2019 was 4.7%.

就我們的部門而言，在智利運營部門，2022 年第 4 季度的收入增長了 3.6%，這是由於平均價格增長了 12.4%，部分被銷量下降 7.8% 所彌補。然而，與 2019 年第四季度相比，我們增長了 12.7%，當然，這主要是因為我們在 2021 年的比較基數非常高。EBITDA 下降了 24.4%，EBITDA 利潤率從 19.4 下降到 14.2。在包括阿根廷、玻利維亞、巴拉圭和烏拉圭在內的國際業務運營部門，淨銷售額下降了 27.6%，主要是由於 CLP 的平均價格收縮了 26.7%，儘管當地貨幣的增長與通貨膨脹一致，而銷量收縮 1.1%，較 2019 年第四季度增長 4.7%。

EBITDA went down 19.7%, negatively impacted by the exchange rate translation effect in Argentina related with hyperinflation accounting. In the Wine Operating segment, revenues were up 3.2%, mainly explained by a 5.7% growth in average prices partially offset by a 2.4% contraction in volumes, 8.4% growth versus quarter 4 '19. As a consequence, EBITDA improved 18.5%.

EBITDA 下降 19.7%，受到與惡性通貨膨脹核算相關的阿根廷匯率換算效應的負面影響。在葡萄酒業務部門，收入增長 3.2%，主要原因是平均價格增長 5.7%，部分被銷量收縮 2.4% 所抵消，與 19 年第四季度相比增長 8.4%。因此，EBITDA 提高了 18.5%。

Regarding our main joint ventures and associated business, in Colombia, where we produce and distribute beer and more with Postobón, top line growth, almost 20% in Chilean pesos in 2022 driven by volumes and average prices. Thus, we continue expanding business scale during the year. In Argentina, our recently acquired water business, where we have a joint venture with Danone showed strong top line growth led by volumes and higher prices, allowing a recovery in financial results. Both JVs represented CLP 7.4 million as of December 2020.

關於我們在哥倫比亞的主要合資企業和相關業務，我們在哥倫比亞生產和分銷啤酒以及更多與 Postobón 的業務，在銷量和平均價格的推動下，2022 年收入增長近 20%（以智利比索計算）。因此，我們在年內繼續擴大業務規模。在阿根廷，我們最近收購的水務業務（我們與達能成立了一家合資企業）在銷量和價格上漲的帶動下實現了強勁的收入增長，從而實現了財務業績的複蘇。截至 2020 年 12 月，這兩家合資企業的總價值為 740 萬智利比索。

Now I will be glad to answer any questions you may have.

現在我很樂意回答您的任何問題。

(Operator Instructions) Our first question comes from Mr. Felipe Ucros from Scotiabank.

（操作員說明）我們的第一個問題來自豐業銀行的 Felipe Ucros 先生。

Let me start with the normalization of trends. Last few quarters have seen a bit of a reversal of the incredible premiumization that you guys saw over the previous 2 years. I think locations and channels have also been normalizing. So that's been a little bit of a headwind. Just wondering if you could give us an idea of how far you think you are from reaching a stable level on those metrics?

讓我從趨勢的正常化開始。過去幾個季度，你們在過去兩年中看到的令人難以置信的高端化出現了一些逆轉。我認為位置和渠道也已經正常化。所以這有點不利。只是想知道您是否可以告訴我們您認為您距離這些指標達到穩定水平還有多遠？

Thank you for your question. What I can say is that we have experienced throughout the year in 2022, especially from quarter 2, quarter 3 and now quarter 4. If you compare quarter 4 against the 2 previous quarters, we saw a sequential improvement in our results. So -- because, for example, in quarter 2, quarter 3, our margin contraction was, for example, a consolidated level 700 basis points, and especially in Chile was 1,000 basis points per contraction in margin in quarter 2 and quarter 3. So this was the bottom in terms of bad results. What I can say is that in quarter 4, the deterioration of the margin was half of what we experienced in quarter 2, quarter 3, and especially in Chile. So Chile has improved -- is in the right trend to improve the margin. So as we said on previous calls, it takes time to recover the profitability. But all the actions are in claims. So first, prices, as you saw, especially in Chile, we were able to catch-up inflation or mostly catch-up inflation towards the end of the year. So that's a good news. And on the other hand, we are a more favorable exchange rate in Chile so that certainly should impact our cost base. But nevertheless, I think the big risk is about the industry volumes. Why we are preserving or even growing market share the last finals -- the last measure on market share at the end of the year and beginning of the year are very good for CCU, especially in Chile, in all the categories, be nonalcoholic and wine. However, we are seeing an industry deterioration. So at the end, we will see along the time a sequential improvement as we experienced in quarter 4 compared to quarter 3 in terms of our results. By saying that, all -- although this world is very volatile. Today, we have experienced, I don't know, CLP 100 less exchange rates than quarter 3, for example. However, the scenario is volatile. By saying that, I could say, but all these structural actions are taken.

謝謝你的問題。我能說的是，我們在 2022 年經歷了全年，尤其是從第 2 季度、第 3 季度和現在的第 4 季度開始。如果將第 4 季度與前兩個季度進行比較，我們會發現我們的業績有所改善。所以 - 因為，例如，在第二季度、第三季度，我們的利潤率收縮是，例如，綜合水平 700 個基點，特別是在智利，第二季度和第三季度的利潤率每次收縮 1,000 個基點。所以就不良結果而言，這是墊底的。我能說的是，在第 4 季度，利潤率的下降是我們在第 2 季度、第 3 季度，尤其是在智利經歷的一半。所以智利有所改善 - 處於提高利潤率的正確趨勢中。因此，正如我們在之前的電話會議上所說，恢復盈利能力需要時間。但所有的行動都在索賠中。首先，價格，正如你所看到的，尤其是在智利，我們能夠在年底前趕上通貨膨脹或主要是趕上通貨膨脹。所以這是一個好消息。另一方面，我們在智利的匯率更有利，所以這肯定會影響我們的成本基礎。但儘管如此，我認為最大的風險在於行業規模。為什麼我們在上次決賽中保持甚至增加市場份額——年底和年初市場份額的最後衡量標準對 CCU 非常有利，尤其是在智利，在所有類別中，非酒精類和葡萄酒類.然而，我們看到行業正在惡化。因此，最後，我們將看到我們在第四季度的業績與第三季度相比有所改善。這麼說，所有——儘管這個世界非常動盪。例如，今天，我不知道 CLP 匯率比第 3 季度低 100。然而，情況是多變的。這麼說，我可以說，但所有這些結構性行動都已採取。

Understood. Any details you can give us on premiumization and channels? How close are they to a normalized level?

明白了。您可以向我們提供有關優質化和渠道的任何詳細信息嗎？它們與正常化水平有多接近？

All of these, of course, we reach not only a very high comparison volume as we discussed several times in 2021, especially because of the exceptional consumption growth that we experienced last year, but also a high premiumization in many categories, especially in alcoholic products. So today, we are experiencing a decrease in terms of premium mix, going the consumer more to the mainstream brands. However, I would like that is still much higher the premium mix than in 2019.

當然，所有這些，我們不僅達到了非常高的比較量，正如我們在 2021 年多次討論的那樣，特別是因為我們去年經歷了超常的消費增長，而且在許多類別中，尤其是在酒類產品中，也實現了高溢價.所以今天，我們正在經歷優質組合的減少，消費者更多地轉向主流品牌。但是，我希望保費組合仍然比 2019 年高得多。

So there is some sort of normalization or standardization of that, that we have experienced. So this, of course, is also jeopardized a little bit the price efforts. However, we are confident that it would stabilize along the year at higher level than the one we had In terms of channel, I think you asked about channel. Still, the on-premise channel in Chile is less of what it was in 2019. So it has not fully recall. But I would say it has recovered, but not at the level of 2019. Okay?

因此，我們已經經歷了某種規範化或標準化。因此，這當然也會在一定程度上損害價格努力。但是，我們有信心它會在一年內穩定在比我們所擁有的水平更高的水平。就渠道而言，我想你問過渠道。儘管如此，智利的內部部署渠道仍不如 2019 年的水平。因此它還沒有完全召回。但我會說它已經恢復，但還沒有達到 2019 年的水平。好嗎？

Our next question comes from Mr. Lucas from JPMorgan.

我們的下一個問題來自摩根大通的盧卡斯先生。

I was just wondering if -- regarding prices, if you can get into more details, if there are new initiatives in places in the different markets. So is there something ongoing or any new price hike that you plan to implement in the next few months. If that's still part of this normalization we're going to see?

我只是想知道是否 - 關於價格，您是否可以了解更多細節，不同市場的地方是否有新舉措。那麼，您是否計劃在未來幾個月內實施一些正在進行的或任何新的價格上漲。如果這仍然是我們要看到的正常化的一部分？

And the second question is about the cost. So you mentioned that the effects being helpful there to offset part of the cost impacts. But if you can comment on the raw materials, how you're seeing them? The numbers that we see in the fourth quarter, how much of the decline, for instance, in the aluminum prices we saw through the beginning of the second half of last year? How much of that is already in your COGS lines? Or if there's something else to come in the first quarter or the second quarter?

第二個問題是關於成本的。所以你提到這些影響有助於抵消部分成本影響。但是，如果您可以對原材料發表評論，您是如何看待它們的？我們在第四季度看到的數字，例如，我們在去年下半年年初看到的鋁價下降了多少？其中有多少已經在您的 COGS 生產線中？或者如果第一季度或第二季度還有其他事情要做？

Lucas, thank you for your question. Regarding pricing, has been done, as we announced in previous calls in quarter 4. As you saw, especially in Chile, where we were behind the prices. Because in the other big markets such as Argentina, we were all the time in line with inflation. But in Chile, we really catch up on the -- on the last quarter of the year. As you saw, the Chile Operating segment price per increased 12.4%, so practically in line with inflation. As a strategy and one of the pillars of our HerCCUles plan is to continue with our revenue management efforts. And this is not only price list, but also rationalized promotions. So -- and also working a lot on pack mix, price architecture in order to optimize our revenue (inaudible), so we'll continue this effort certainly.

盧卡斯，謝謝你的問題。關於定價，正如我們在第 4 季度的先前電話會議中宣布的那樣，已經完成。正如您所看到的，尤其是在智利，我們落後於價格。因為在阿根廷等其他大市場，我們一直都與通貨膨脹保持一致。但在智利，我們真的趕上了 - 在今年最後一個季度。如您所見，智利運營部門的單價上漲了 12.4%，與通貨膨脹率基本一致。作為一項戰略，我們 HerCCUles 計劃的支柱之一是繼續我們的收入管理工作。而這不僅僅是價目表，更是合理化的促銷。所以——並且還在包裝組合、價格架構方面做了大量工作，以優化我們的收入（聽不清），所以我們肯定會繼續這項努力。

And regarding cost, it was very helpful the FX tailwinds that we have experienced. Because as I will recall you, 70% of the cost of goods sold are new debt to the U.S. dollar. So now if you compare quarter 4 was CLP 915 per U.S. dollar. And nowadays, today, spot prices are close to between CLP 800 to CLP 830 has been in the last 2 weeks. So this is very good in terms of, let's say, easing the cost pressure. In terms of raw material commodity costs, aluminum prices are stabilized somewhat in $2,400 per or -- USD 2,300 per ton aluminum.

關於成本，我們所經歷的 FX 順風非常有幫助。因為正如我記得的那樣，70% 的商品銷售成本是對美元的新債務。所以現在如果你比較第 4 季度是每美元 915 CLP。現在，現貨價格在過去 2 週內接近 CLP 800 到 CLP 830 之間。所以這在緩解成本壓力方面非常好。就原材料商品成本而言，鋁價穩定在每噸鋁 2,400 美元或 - 2,300 美元。

When you compare with the average of 2022, this is $400 less. So practically, between 10% to 15% of less -- the combination of less aluminum price, a lower exchange rate would certainly help our costs and especially in packaging material, this is more automatic, because we don't carry out too much inventory there. Regarding grains, also the prices are decreasing in international markets. We and as a consequence, barley prices, we are finishing up the harvest this day in Chile and Argentina. However, we are carrying a little bit more inventory than usual. And this was a risk measure we took after the Ukraine war where we increase our supply, and we will be carrying out a little bit carry-on inventory that would be diluted or depleted along the year, also in PET, in resins.

與 2022 年的平均值相比，這減少了 400 美元。所以實際上，減少 10% 到 15% 之間——較低的鋁價和較低的匯率肯定會幫助我們降低成本，尤其是在包裝材料方面，這更加自動化，因為我們不會進行過多的庫存那裡。關於穀物，國際市場上的價格也在下降。我們和因此，大麥價格，我們今天將在智利和阿根廷完成收穫。但是，我們的庫存比平時多一點。這是我們在烏克蘭戰爭後採取的一項風險措施，我們增加了供應，我們將進行一些隨身攜帶的庫存，這些庫存將在今年被稀釋或耗盡，包括 PET 和樹脂。

So there are also a new electric contract in place that certainly would help to reduce our energy cost. So all in, we saw a more favorable cost equation, let's say. And along with the price increases, we already did, that would be But by saying that, our cost base per hectoliter is much higher than in 2019. So although the U.S. dollar is lower than 2022 average is much higher than 2019. Commodity costs are also much higher than 2019. So all the price actions that we took would be very welcome in order to compensate the trend on commodity prices and exchange rates we have experienced in the last years. So as I said, sequentially, as you are seeing in quarter 4, we are in the improvement path.

因此，還有一份新的電力合同，這肯定有助於降低我們的能源成本。所以總而言之，我們看到了一個更有利的成本方程式，比方說。隨著價格的上漲，我們已經做到了，那將是。但話說回來，我們每百升的成本基礎比 2019 年高得多。因此，儘管美元低於 2022 年，但平均水平遠高於 2019 年。商品成本是也遠高於 2019 年。因此，我們採取的所有價格行動都將受到歡迎，以補償我們在過去幾年中經歷的商品價格和匯率趨勢。因此，正如我所說，正如您在第 4 季度看到的那樣，我們正處於改進的道路上。

Our next question comes from Mr. Sorabh Daga from HSBC.

我們的下一個問題來自匯豐銀行的Sorabh Daga 先生。

I have two questions, please, if I may. First, I mean, any comment on the premium side of the beer portfolio in Chile? And how have you viewing the segment prospect portfolio, especially when you look at brand Heineken and compared with some of the competitive brands like brand Corona? And then maybe a bit on revenue management side, right? Can you comment on how you're managing the trade discounts and share some insights if the trade discount management has gotten better over the last few years? Or are you seeing the prospects to be on these lines?

如果可以的話，我有兩個問題。首先，我的意思是，對智利啤酒組合的高端方面有何評論？您如何看待細分市場的前景組合，尤其是當您查看品牌 Heineken 並與一些競爭品牌（如 Corona 品牌）進行比較時？然後可能在收入管理方面有點，對吧？如果過去幾年貿易折扣管理有所改善，您能否評論一下您如何管理貿易折扣並分享一些見解？或者您是否看到了這些方面的前景？

So Sorabh, thank you for your question. Regarding the beer portfolio, in -- especially in the big markets such as Argentina and Chile, we manage the full range of price points and positioning regarding different brands. So we are the leaders in draft in Chile, a very successful brand with (inaudible) and (inaudible). Also we are the leaders, if you are up in international brands with Heineken and So -- and I would like to say the evolution of in Chile have been outstanding, gaining share, gaining volume, very good performance. And so and also Heineken is doing -- it works, but at a lower rate of growth.

Sorabh，謝謝你的問題。關於啤酒組合，特別是在阿根廷和智利等大市場，我們管理著不同品牌的全方位價格點和定位。所以我們是智利草案的領導者，一個非常成功的品牌（聽不清）和（聽不清）。我們也是領導者，如果你在喜力等國際品牌中處於領先地位——我想說智利的發展非常出色，份額增加，銷量增加，表現非常好。因此，喜力也在做——它有效，但增長率較低。

On the other hand, we had a very good position in Royal Guard which is a local entry premium brand, which also has had a tremendous growth all over the last 10 years, I would say, with very good brand equity. And also the mainstream brands are preserving at least or even increasing in the last time the brand equity. So we are very happy with the portfolio in beer, and we are reaching in the -- of the last 10 years, the highest brand equity that we measure through the preference of the consumer. And this is very important because this led us to your second question at the end, because when you have a very strong brand equity, even if you do less promotions than competition, and you enhance your price efforts, you have more pricing power with a healthy portfolio in terms of the brand entity.

另一方面，我們在 Royal Guard 中處於非常有利的位置，這是一個本地入門級高端品牌，在過去 10 年中也取得了巨大的增長，我想說，品牌資產非常好。而主流品牌在上一次的品牌資產上也至少保住了，甚至有所增加。因此，我們對啤酒產品組合感到非常滿意，並且我們在過去 10 年中達到了我們通過消費者偏好衡量的最高品牌資產。這是非常重要的，因為這導致我們最後提出了第二個問題，因為當您擁有非常強大的品牌資產時，即使您的促銷活動少於競爭活動，並且您加大了價格力度，您也擁有更大的定價權就品牌實體而言，健康的投資組合。

And this is key. Despite what we do in terms of measuring promotion effectiveness of revenue management efforts, the key, and this is very important in our beer portfolio, is that we are entering the year with a very good brand equity level, which ensure us that we could maintain our price points and propositions and also, as a consequence, rationalize promotions and discounts.

這是關鍵。儘管我們在衡量收入管理工作的促銷效果方面做了什麼，但關鍵是，這在我們的啤酒產品組合中非常重要，是我們以非常好的品牌資產水平進入這一年，這確保我們能夠保持我們的價格點和主張，並因此使促銷和折扣合理化。

That answers, I mean on the revenue management side, just to follow up on the trade discounts. How about the premium -- how about the mainstream and the soft drinks, too, if you can help us with.

那個答案，我的意思是在收入管理方面，只是為了跟進貿易折扣。如果您能幫助我們，那麼溢價怎麼樣 - 主流和軟飲料怎麼樣。

Look, we have clear strategies for premium, mainstream, each brand has its role in a complex market as the Chilean one. So also, we do in each of the brands, a package strategy, with different price points and position. And overall, your question in soft drink is the same. Also, the brand equity in soft drinks is very healthy, especially with good evolution of Pepsi. So also, our brand equity in soft drinks help us also to design this price architecture and in order to have a healthy portfolio. And I'm talking at healthy portfolio is a portfolio where you need less promotions in order to be acquired to be bought by the consumer at the end. And this is a good advantage. So it's the base of everything, the health of the brand, and we are brand-builders, not discounters.

看，我們有明確的高端、主流戰略，每個品牌在智利這樣一個複雜的市場中都有自己的作用。同樣，我們在每個品牌中都採用不同的價格點和定位的包裝策略。總的來說，你在軟飲料方面的問題是一樣的。此外，軟飲料的品牌資產非常健康，尤其是百事可樂的良好發展。同樣，我們在軟飲料方面的品牌資產也幫助我們設計了這種價格架構，並擁有健康的產品組合。我說的健康投資組合是一種投資組合，您需要較少的促銷活動才能最終被消費者購買。這是一個很好的優勢。所以它是一切的基礎，品牌的健康，我們是品牌建設者，而不是折扣店。

Our next question comes from Mr. Henrique Brustolin from BTG Pactual.

我們的下一個問題來自 BTG Pactual 的 Henrique Brustolin 先生。

Two questions on my side, both of them in Chile. The first one, I would like to hear a little bit more on what are your expectations for the size of the market of alcoholic beverages and nonalcoholic beverages into 2023 given the comparison basis and total volumes, which when we compare to pre-pandemic they remain quite strong. And also on volumes, if you could just comment on how this brand equity, which is the highest level on record that you mentioned, how does that compare to the market share -- volume share that you have today in Chile? And the second one is regarding margins. If you could just comment on how the profitability in Chile evolved throughout Q4. The idea here is to sort of gorge on what is your run rate going into Q1, especially following the price hikes that you did? So those are the 2 points I would like to address.

我這邊有兩個問題，都在智利。第一個，我想多聽聽您對 2023 年酒精飲料和非酒精飲料市場規模的預期，考慮到比較基礎和總量，當我們與大流行前相比時，它們仍然存在相當強。還有關於銷量，如果你能評論一下這個品牌資產，這是你提到的有記錄以來的最高水平，與市場份額——你今天在智利擁有的銷量份額相比如何？第二個是關於利潤率。如果你能評論一下智利的盈利能力在整個第四季度是如何演變的。這裡的想法是想知道你進入第一季度的運行率是多少，尤其是在你漲價之後？所以這些是我想解決的兩點。

Thank you, Henrique. A lot of questions, but I will try to do my best. As I mentioned, we are experiencing the deceleration of the industries compared to 2022, and of course, to 2021, no doubt of that. We are still -- it's difficult to see how much would be this deceleration of the industry because while maintaining market share during quarter 4, we experienced a decrease, not only in alcoholic products, but also in nonalcoholic. But in alcoholic was a little bit more the decrease in terms of the industry, I would say, was high single digit or practical double digit in alcoholic products. However, in nonalcoholic was mid-single digit decrease.

謝謝你，恩里克。很多問題，但我會盡力而為。正如我所提到的，與 2022 年相比，我們正在經歷行業減速，當然，與 2021 年相比，這是毫無疑問的。我們仍然 - 很難看出這個行業的減速有多大，因為在第四季度保持市場份額的同時，我們經歷了下降，不僅是酒精產品，還有非酒精產品。但在酒類方面，就行業而言，下降幅度更大一些，我想說的是，酒類產品的降幅是高個位數或實際兩位數。然而，在非酒精飲料中，下降幅度為中等個位數。

However, still, we are talking about high single-digit growth against 2019. So how much will decrease in the upcoming quarters, this is the big question, I would say. But we are experiencing this deceleration for sure because we reached very high volumes in '21 and in a big portion of 2022. Regarding market share, this is the good news. We are with high level of not only brand equity, as I mentioned, but also growing market share, especially in Chile in both alcoholic and nonalcoholic products, which is good because at the end, we have been doing big efforts in revenue management. So increasing market share while doing efforts in revenue management is a good news. So that's it.

然而，我們仍然在談論相對於 2019 年的高個位數增長。所以接下來的幾個季度會下降多少，這是一個大問題，我想說。但我們肯定正在經歷這種減速，因為我們在 21 年和 2022 年的大部分時間達到了非常高的銷量。關於市場份額，這是個好消息。正如我提到的，我們不僅擁有高水平的品牌資產，而且市場份額也在不斷增長，尤其是在智利的酒精和非酒精產品方面，這很好，因為最後，我們一直在收入管理方面做出巨大努力。所以在收益管理上下功夫的同時提升市場佔有率是一個好消息。就是這樣了。

Regarding margin, as I mentioned, and I will try to explain again, quarter 2, quarter 3 were the bottom of the gain taking Chile the margin reduction in both quarters was up to 1,000 basis points in EBITDA margin. In quarter 4, you saw 500 was the reduction, 500 basis points, more or less, the reduction on EBITDA margin, and with sequential improvement throughout the month of the quarter, October, November and December because we took in every month price actions. And also, we had improvement of costs, especially due to the exchange rate. So we are more positive on that this trend of sequential improvement should continue in the upcoming quarters. So the big risk at the end is the volume risk. That's the big risk because of this deceleration of the industry, especially in alcoholic, as you pointed out.

關於利潤率，正如我提到的，我將再次嘗試解釋，第二季度、第三季度是智利收益的底部，這兩個季度的利潤率下降高達 EBITDA 利潤率 1,000 個基點。在第 4 季度，您看到 500 是減少，500 個基點，或多或少，EBITDA 利潤率減少，並且在整個季度、10 月、11 月和 12 月的整個月份都有連續改善，因為我們採取了每個月的價格行動。而且，我們還改善了成本，特別是由於匯率。因此，我們更加樂觀地認為，這種連續改善的趨勢應該會在接下來的幾個季度繼續下去。所以最後的大風險是體積風險。正如您所指出的，這是一個很大的風險，因為該行業的減速，尤其是酒精行業。

We are going to be going through the text questions now. We have a couple of text questions. The first one comes from Maria get from BDT Security. What is your vision of the [H series] rebond covenant if the covenant change is not achieved?

我們現在要完成文本問題。我們有幾個文本問題。第一個來自 Maria，來自 BDT Security。如果沒有實現盟約變更，您對[H系列]重新盟約的看法是什麼？

Michael, could you repeat the question, please? There was a low volume for 1 second. Thank you.

邁克爾，請你重複這個問題好嗎？有1秒鐘的低音量。謝謝。

Question is, what is your vision of the [H Series] rebond covenant if the covenant change is not achieved?

問題是，如果沒有實現契約變更，您對 [H 系列] 重新契約的看法是什麼？

All right. Yes. We expect to achieve the change of the government in order to align with all the other bonds, local bonds that we have. And if it is not achieved, we will take surely actions on this bond, but nothing to announce. We prefer to -- and we expect to achieve the change of the covenant for the time being.

好的。是的。我們希望實現政府的變革，以便與我們擁有的所有其他債券、地方債券保持一致。如果沒有實現，我們肯定會對該債券採取行動，但不會宣布任何事情。我們更願意——並且我們希望暫時實現盟約的改變。

Our next question comes from Mr. Fernando Olvera from Bank of America.

我們的下一個問題來自美國銀行的 Fernando Olvera 先生。

Very quickly, my first question is for Colombia. If you can give us a breakdown of how much of top line growth came from pricing and how much from volume? And also, how do you expect this top line to behave in 2023, would be great. And also, can you share what will be your CapEx this year and the main projects in which you are going to invest?

很快，我的第一個問題是關於哥倫比亞的。您是否可以向我們詳細說明有多少營收增長來自定價，有多少來自銷量？而且，您希望這條頂線在 2023 年表現如何，這會很棒。另外，您能否分享一下您今年的資本支出以及您將要投資的主要項目？

Yes. Colombia. Yes, Colombia was a (inaudible) year, we started very well in the first quarter. And then we have experienced some industry deceleration. I would say that mostly of the top line came from price. As our volumes were a little bit lower than expected. However, still building a scale there. Going forward, we are looking at repositioning of some brands, such as, for example Tecate, with a new value proposition in the market, and also continue to improve or increase the brand equity of (inaudible) while sustaining the performance of Heineken. So that's [4 quarter].

是的。哥倫比亞。是的，哥倫比亞是（聽不清）一年，我們在第一季度開局非常好。然後我們經歷了一些行業減速。我會說大部分收入來自價格。由於我們的銷量略低於預期。但是，仍然在那裡建立規模。展望未來，我們正在考慮重新定位一些品牌，例如 Tecate，在市場上採用新的價值主張，並在維持喜力的業績的同時繼續改善或增加（聽不清）的品牌資產。這就是 [4 季度]。

Regarding your question on CapEx, our CapEx of 2022 was CLP [90 billion]. We expect the CapEx level to be reduced going forward this year. And one of the main projects is the construction, the building and construction of resin recycling, bottle recycling plant to be built in (inaudible). This is up to $40 million. This is the main CapEx project in order to fulfill the sustainability and also the single-use plastic by 2025. So this is a key project and one of our main projects for the year, the construction of the resin recycling plant in Chile with an investment up to $40 million.

關於您關於資本支出的問題，我們 2022 年的資本支出是 CLP [900 億美元]。我們預計今年的資本支出水平將會降低。主要項目之一是樹脂回收、瓶子回收廠的建設和建設（聽不清）。這高達4000萬美元。這是到 2025 年實現可持續性和一次性塑料的主要資本支出項目。因此，這是一個重點項目，也是我們今年的主要項目之一，即在智利投資建設樹脂回收廠高達4000萬美元。

(Operator Instructions) We have one more text question here from Mr. Sergio Winter from Falcom Asset Management.

（操作員說明）Falcom Asset Management 的 Sergio Winter 先生在這裡提出了另一個文本問題。

Do you know if the competition in Chile has followed the price increases you did in the fourth quarter. Those price increases you did in Chile were at the beginning, mid or end of the quarter?

你知道智利的競爭是否跟隨你在第四季度的價格上漲。你們在智利所做的那些提價是在本季度初、中期還是末期？

I think the question -- I would answer the question in that in a different way, let's say, we have increased prices in all our categories. And at the same time, we have increased market share from November. So let's say, we are in a positive trend of market share. So it seems that all the industry increased prices in the last month.

我認為這個問題 - 我會以不同的方式回答這個問題，比方說，我們已經提高了所有類別的價格。與此同時，我們從 11 月開始增加了市場份額。因此，可以說，我們的市場份額處於積極趨勢。所以上個月似乎所有行業都漲價了。

We'll give another few seconds for any additional questions to come in. Okay. It looks like we have no further questions at this point. I'll pass the line back to the CCU team for the concluding remarks.

我們將再給您幾秒鐘的時間，以便您提出任何其他問題。好的。看來我們現在沒有其他問題了。我會把電話轉回給 CCU 團隊，聽取結束語。

Thank you, you all for attending this conference call. In the last quarter of 2022, we still suffered from the impact on our cost and expenses from negative external effects and also high companies on base in terms of volumes and financial results. However, as I said, against previous quarters, we are experiencing a sequential improvement. We are entering 2023 in a good shape in terms of prices, business scale and brand equity. This, together with the HerCCUles 2023 plan will be the key driver to recover profitability.

謝謝大家參加本次電話會議。在 2022 年最後一個季度，我們仍然受到負面外部影響對我們的成本和費用的影響，以及在數量和財務業績方面基數較高的公司。然而，正如我所說，與前幾個季度相比，我們正在經歷一個連續的改善。我們將在價格、業務規模和品牌資產方面以良好的狀態進入 2023 年。這與 HerCCUles 2023 計劃一起將成為恢復盈利能力的關鍵驅動力。

Finally, I would like to take the opportunity to thank all CCU employees as for the effort and dedication in a particularly challenging year. I am confident that we will continue putting all our efforts to recover the path of profitable and sustainable growth. Have a wonderful day.

最後，我想藉此機會感謝所有 CCU 員工在充滿挑戰的一年中所付出的努力和奉獻。我相信，我們將繼續全力以赴，恢復盈利和可持續增長的道路。祝你有美好的一天。

Thank you very much. This concludes our conference call today. We'll now be closing all the lines. Thank you, and good day.

非常感謝。我們今天的電話會議到此結束。我們現在將關閉所有線路。謝謝你，美好的一天。