Compania Cervecerias Unidas SA (CCU) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to CCU's Second Quarter 2023 Earnings Conference Call. Please note that today's conference is being recorded. At this time, I would like to turn the conference over to Claudio Las Heras, the Head of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 CCU 2023 年第二季度收益電話會議。請注意，今天的會議正在錄製中。這次，我想將會議交給投資者關係主管 Claudio Las Heras。請繼續，先生。

Thank you. Welcome, everyone, and thank you for attending CCU's Second Quarter 2023 Conference Call. Today with me are Felipe Dubernet, Chief Financial Officer; and Joaquin Trejo, Financial Planning and Investor Relations Manager. You have received a copy of the company's consolidated second quarter 2023 results.

謝謝。歡迎大家，感謝您參加 CCU 2023 年第二季度電話會議。今天和我在一起的是 Felipe Dubernet，首席財務官； Joaquin Trejo，財務規劃和投資者關係經理。您已收到公司 2023 年第二季度合併業績的副本。

Felipe will now review our overall performance, and we will then move on to a Q&A session. Before we begin, please take note of our cautionary statement. Statements made in this call that relate to CCU's previous 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.

費利佩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。本次電話會議中與 CCU 之前的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。

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. It is now my pleasure to introduce Mr. Felipe Dubernet.

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 的年度報告以及我們網站上提供的有關風險和不確定性的附加信息結合起來。現在我很高興向大家介紹費利佩·杜貝內特先生。

Thank you, Claudio, and thank you all for joining us today. During the second quarter 2023, CCU posts a strong set of results in a fast economic environment, expanding consolidated volumes by 4.8% and EBITDA by 45.1% from last year. The growth in volumes and EBITDA was 6% and 96.2%, respectively, when we exclude the Wine Operating segment, which is facing a particularly challenging scenario due to a sharp decrease in export volumes, in line with the Chilean wine industry.

謝謝克勞迪奧，也感謝大家今天加入我們。 2023 年第二季度，CCU 在快速發展的經濟環境中取得了一系列強勁業績，合併銷量較去年增長 4.8%，EBITDA 增長 45.1%。當我們排除葡萄酒運營部門時，銷量和 EBITDA 的增長分別為 6% 和 96.2%，與智利葡萄酒行業的情況一致，由於出口量急劇下降，該部門面臨著特別具有挑戰性的情況。

The performance of the quarter shows that our efforts and initiatives to recover our profitability strained under the regional plan HerCCUles 2023 are in the right path. However, we are aware that more efforts are needed in order to consolidate this positive trend. Accordingly looking ahead, we will continue focusing on the 6 pillars of HerCCUles 2023: number one, maintain business scale; number two, strengthening revenue management efforts; number three, enhance the CCU transformation program to deliver efficiency gains; number four, optimize CapEx and working capital; and number four (sic) [five], focus on core brands and high-volume margins and innovations; and six, continue investing in our brand equity.

本季度的業績表明，我們在 HerCCUles 2023 區域計劃下恢復盈利能力的努力和舉措是正確的。但我們也意識到，要鞏固這一積極趨勢，還需要付出更多努力。因此，展望未來，我們將繼續關注 HerCCUles 2023 的 6 大支柱：第一，保持業務規模；第二，加強收入管理力度；第三，加強 CCU 轉型計劃以實現效率提升；第四，優化資本支出和營運資金；第四（原文如此）[五]，專注於核心品牌、高銷量利潤和創新；第六，繼續投資我們的品牌資產。

In quarter 2 2023, our revenues expanded 2.8%, boosted by 4.8% rise in volumes, while average prices in Chilean pesos contracted 1.9%. The expansion in volumes in the quarter allowed us to be on track to maintain business scale in 2023, in line with Pillar #1 of HerCCUles.

2023 年第二季度，我們的收入增長了 2.8%，銷量增長了 4.8%，而智利比索的平均價格則收縮了 1.9%。本季度銷量的擴張使我們能夠在 2023 年保持業務規模，這符合 HerCCUles 的第一支柱。

The lower average prices in Chilean pesos were largely explained by the negative translation effecting Argentina, although in local currency evolved in line with inflation. And in the Chile operating segment, average price grew high single digits during the quarter, in spite of negative mix effect. Gross profit jumped 10.7% and gross margin improved from 40.3% to 43.4%, the later driven by the higher revenues, but also associated with more favorable costs in relevant packaging materials and the appreciation of the Chilean pesos versus the U.S. dollar, impacting positively our U.S. dollar-denominated costs in line with Pillar #2 of HerCCUles.

智利比索的平均價格較低，很大程度上是由於影響阿根廷的負面匯率，儘管當地貨幣的價格隨通貨膨脹而變化。在智利運營部門，儘管存在負面混合效應，但本季度平均價格仍實現高個位數增長。毛利潤躍升 10.7%，毛利率從 40.3% 提高至 43.4%，後者受到收入增加的推動，但也與相關包裝材料成本更有利以及智利比索兌美元升值有關，對我們的業績產生了積極影響。以美元計價的成本符合HerCCUles 的第二支柱。

MSD&A expenses increased 3.6% versus last year. And as a percentage of net sales were practically flat due to efficiencies through all our operating segments, in line with pillar #3 of HerCCUles. In all, EBITDA was up by 45.1% and net income totalized a loss of CLP 3,943 million versus a negative result of CLP 10,455 million last year. Additionally, in quarter 2 2023, we kept delivering a strong cash generation versus 2022. Thus, as of June 2023, net cash inflow from operating activities expanded.

MSD&A 費用比去年增加了 3.6%。由於我們所有運營部門的效率提高，占淨銷售額的百分比幾乎持平，這與 HerCCUles 的第三支柱一致。總體而言，EBITDA 增長了 45.1%，淨利潤總計虧損 39.43 億智利比索，而去年則為 104.55 億智利比索。此外，與 2022 年相比，我們在 2023 年第二季度繼續實現強勁的現金生成。因此，截至 2023 年 6 月，經營活動產生的淨現金流入有所擴大。

And net cash outflow from investing activities decreased during the same period, in line with pillar number 4 of HerCCUles. In addition, we reduced our portfolio complexity and recorded a strong brand preference indicators being key to gain or maintain market share in our main categories, in line with pillar number 5 and number 6 of HerCCUles.

投資活動產生的現金流量淨額同期有所下降，這與 HerCCUles 的支柱 4 一致。此外，我們降低了產品組合的複雜性，並記錄了強大的品牌偏好指標，這是在我們的主要類別中獲得或保持市場份額的關鍵，這與 HerCCUles 的第 5 和第 6 支柱一致。

In summary, consolidated volumes increased 4.8%, driven by a 4.7% expansion in the Chile operating segment and an 8.1% growth in International business operating segment, partially compensated by a 13.4% contraction in the Wine Operating segment. Net sales were up 2.8%, and gross profit increased 10.7%. Consolidated EBITDA reached CLP 47,126 million, a 45.1% increase. EBITDA variation per operating segment was as follows: an 86% jump in our Chile core operating segment, a 74.9% expansion in the international business operating segment and contraction of 44.5% in the Wine Operating segment.

總而言之，綜合銷量增長了 4.8%，得益於智利運營部門 4.7% 的擴張和國際業務運營部門 8.1% 的增長，部分由葡萄酒運營部門 13.4% 的收縮所抵消。淨銷售額增長 2.8%，毛利潤增長 10.7%。綜合 EBITDA 達到 471.26 億智利比索，增長 45.1%。每個運營部門的 EBITDA 變化如下：智利核心運營部門增長 86%，國際業務運營部門擴張 74.9%，葡萄酒運營部門收縮 44.5%。

Finally, as I said, we have an increase in our results at net income level. Now I will be glad to answer any questions you may have.

最後，正如我所說，我們的淨利潤水平有所提高。現在我很樂意回答您的任何問題。

(Operator Instructions). We'll take the first question from Felipe Ucros from Scotiabank.

（操作員說明）。我們將回答豐業銀行 Felipe Ucros 提出的第一個問題。

Congrats on the results, really nice revamp from a year ago. I wanted to ask questions about the changes that you think will be implemented with distribution in Argentina. And how it seems that a piece of the portfolio might be leaving from the Coke system. Just wondering if you could give us any details around that, hoping something like which brands you're planning to remove or what percentage of volumes you're trying to move out of the system?

恭喜結果，與一年前相比確實有很好的改進。我想詢問有關您認為將在阿根廷發行時實施的更改的問題。看起來投資組合的一部分可能會從可口可樂系統中消失。只是想知道您是否可以向我們提供有關此問題的任何詳細信息，例如您計劃刪除哪些品牌或您嘗試從系統中移出多少百分比的信息？

And also, I wanted to know what's the plan once you're out of the system, is it going to be to create your own distribution network that you find with another third party that you thought would do a better job than Coke? Any details you can give us around it would be great.

而且，我想知道一旦你退出系統，你的計劃是什麼，是否會與你認為會比可口可樂做得更好的另一個第三方一起創建你自己的分銷網絡？如果您能給我們提供任何有關它的詳細信息，那就太好了。

Thank you, Felipe, for your question regarding our distribution now, the changes we are doing in our distribution in Argentina. Before let me give you some background. We used to have our own distribution in the vast majority of the country. So last year, we had the 2 Coca-Cola bottlers, Arca and Andina, distributing in particular areas or geographies such as the North Arca and south plaza are the regions for the Coca-Cola system.

Felipe，謝謝您提出有關我們現在的分銷、我們在阿根廷的分銷所做的改變的問題。在之前讓我給你一些背景知識。我們曾經在全國大部分地區都有自己的分銷。去年，我們有兩家可口可樂裝瓶商，Arca 和 Andina，分佈在特定區域或地理區域，例如北 Arca 和南廣場是可口可樂系統的區域。

It accounted for more or less 20% of our total volumes, but as we said in our press release, the distribution agreement that we had in some regions with the 2 Coca-Cola bottlers that I already mentioned, expired in June. So in those regions, we have implemented a new distribution network, that is a joint distribution of beer and with our recently water business acquired or the participation we have in the JV with Danone in Argentina.

它大約占我們總銷量的 20%，但正如我們在新聞稿中所說，我們在某些地區與我已經提到的 2 家可口可樂裝瓶商簽訂的分銷協議已於 6 月份到期。因此，在這些地區，我們實施了一個新的分銷網絡，即啤酒的聯合分銷以及我們最近收購的水業務或我們與達能在阿根廷的合資企業。

So practically, in all the countries this network is implemented. But that is combining beer, wine, liquor, but also now the water business, okay? As we said, at the same time, we have negotiated a potential new distribution agreement with Coca-Cola bottlers, which could include some of the brands of our portfolio.

實際上，所有國家都實施了該網絡。但這是啤酒、葡萄酒、白酒的結合，現在還包括水業務，好嗎？正如我們所說，與此同時，我們已經與可口可樂裝瓶商談判了一項潛在的新分銷協議，其中可能包括我們產品組合中的一些品牌。

Some brands of our portfolio could go with the distribution with the Coca-Cola bottlers. But so far, we are still negotiating this potential agreement with them. But in summary, the new distribution level was successfully implemented now in Argentina. And also, we went live with all the systems, integrating the water business to our systems, the CCU systems at an IP level in Argentina, also very successful implementation. Okay, Felipe?

我們產品組合中的一些品牌可以與可口可樂裝瓶商一起分銷。但到目前為止，我們仍在與他們就這一潛在協議進行談判。但總而言之，新的分配級別現已在阿根廷成功實施。此外，我們還啟用了所有系統，將水務業務集成到我們的系統中，在阿根廷的 IP 級別的 CCU 系統也非常成功地實施。好吧，費利佩？

No, that's very clear Felipe. So that means that while you negotiate distribution with Coca-Cola, you're already distributing on your own system. Is that correct?

不，這很清楚，費利佩。因此，這意味著當您與可口可樂協商分銷時，您已經在自己的系統上進行分銷。那是對的嗎？

Yes, we are distributing now with our own system. And I want to be clear, the Coca-Cola only distribute in particular areas, this agreement finished in end of June, okay? But we have negotiated that they could distribute some of our brands of portfolio, maybe a potential agreement.

是的，我們現在正在使用自己的系統進行分發。我想澄清的是，可口可樂只在特定地區分銷，該協議於六月底完成，好嗎？但我們已經協商，他們可以分銷我們的一些品牌組合，也許是一個潛在的協議。

Okay. That's very clear. And then the second question I wanted to ask you. Just wondering how you feel the temperature of the Chilean consumer. What's the mood? What's the sentiment for the consumer on the ground in Chile?

好的。這非常清楚。然後是我想問你的第二個問題。只是想知道你對智利消費者的溫度有何感受。心情如何？智利當地消費者的情緒如何？

Yes. The water, we had a good expansion in volumes in Chile during quarter 2. As you know, this 4.7% growth. Having said, this is still above pre-pandemic figures, okay? So that's -- it's a good growth to be honest. However, the comp of quarter 2 was easier than the comp of quarter 1 of last year because quarter 1 of last year, as you know, we had the influence of government aid plus the withdrawal of the pension funds in Chile that boosted consumption.

是的。在水方面，我們在第二季度在智利的銷量有了良好的增長。如您所知，增長了 4.7%。話雖如此，這仍然高於大流行前的數字，好嗎？所以說實話，這是一個很好的增長。然而，第二季度的比較比去年第一季度的比較容易，因為去年第一季度，如你所知，我們受到政府援助的影響，加上智利養老基金的撤出，刺激了消費。

So I would say we are happy with the evolution of the industry in order to maintain our business's scale. We were also very clear in saying that the economy has been decelerating therefore, consumption decelerated, especially in the last 4 quarters, I would say. But from quarter 2, we've seen growth as our categories are more resilient to the purchase power of the -- reduced the purchase power of the consumer. So, in summary, in terms of the evolution of the consumer we are -- I would say, we are confident that we will be able to maintain our business scale in the following quarters.

所以我想說，我們對行業的發展感到高興，以保持我們的業務規模。我們也非常明確地說，經濟一直在減速，因此消費也在減速，特別是在過去四個季度。但從第二季度開始，我們看到了增長，因為我們的品類對購買力的彈性更強——消費者的購買力下降了。因此，總而言之，就消費者的演變而言，我想說，我們有信心在接下來的幾個季度保持我們的業務規模。

Very clear. And just a follow-up on that Chile question. Is the premium segment of the portfolio now stabilized?

非常清楚。這只是智利問題的後續行動。投資組合的高端部分現在穩定了嗎？

Yes. What I would say, and as we stated during the -- in our release, a portion of our revenue management efforts were offset by the mix of our portfolio, let's say. So reached, as you know, a record in terms of premium mix, especially in beer category, but also in wine, also in liquors during the end of 2021 and beginning of 2022.

是的。我想說的是，正如我們在發布中所說的那樣，我們的部分收入管理努力被我們的投資組合組合所抵消。如您所知，在 2021 年底和 2022 年初，優質產品組合（尤其是啤酒類別）、葡萄酒和烈酒都創下了紀錄。

So I would say it has been stabilized in quarter 2 with a reduction compared to last year. Where, in fact, who is growing more is the main surprise especially in beer, but also in wine.

所以我想說，第二季度已經穩定下來，與去年相比有所下降。事實上，誰種植得更多是主要的驚喜，尤其是在啤酒方面，但在葡萄酒方面也是如此。

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。

Great. Just to follow-up, Felipe, regarding Chile. So at the beer segment, I mean, can you comment how your market share behaved during the quarter? And my second question is regarding the international business, if you can comment what were the main drivers of volume growth? And what is your outlook for the second half of the year?

偉大的。費利佩，關於智利的後續行動。我的意思是，在啤酒領域，您能評論一下您的市場份額在本季度的表現嗎？我的第二個問題是關於國際業務，您能否評論一下銷量增長的主要驅動力是什麼？您對下半年有何展望？

Yes. Regarding the beer, I would say it has been in the last quarter, we have had a stable market share. You could gain 1 point 1 month and the later one reduced by 0.5 point. So we're taking market share in the last, I would say, 6 quarters, okay, in beer.

是的。關於啤酒，我想說的是，在上個季度，我們擁有穩定的市場份額。 1個月可以增加1分，之後減少0.5分。所以我們在過去六個季度佔據了啤酒市場份額。

Regarding your question about international business, the comps were a little bit -- especially in Argentina last year, the comps were low. So Argentina, in fact, volumes have been challenged in the last quarters as the high level of inflation is affecting consumer purchase power, let's say.

關於你關於國際業務的問題，比較有點——尤其是去年在阿根廷，比較低。事實上，阿根廷的銷量在過去幾個季度受到了挑戰，因為高通脹正在影響消費者的購買力。

We are, let's say, utilized particularly an extraordinary situation linked to the draught conditions during the summer, but we have scarcity of public water, let's say, and that boosted our water sales in Uruguay during quarter 2. Along also a very good performance in Paraguay, growing the volumes, high single digits.

可以說，我們特別利用了與夏季吃水條件相關的特殊情況，但可以說，我們公共用水短缺，這提高了我們在第二季度在烏拉圭的水銷售量。巴拉圭，產量增長，高個位數。

But it's encouraging the results in Paraguay. In the case of Bolivia, very depressed volumes in Bolivia. So going forward, it will be an international segment, as you know, the big participation of Argentina, but we think Argentina is in a negative trend in terms of volume, and we could see some decrease quarter-on-quarter in terms of volume in the next -- looking forward.

但巴拉圭的結果令人鼓舞。以玻利維亞為例，玻利維亞的成交量非常低迷。因此，展望未來，這將是一個國際部分，如您所知，阿根廷的大量參與，但我們認為阿根廷在數量方面處於負面趨勢，我們可能會看到數量環比下降接下來——期待。

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。

I would like to explore a little bit more the recovery in profitability in Chile going forward to historical levels. And if you could break it down from 2 different perspectives, the first one coming from costs, like, how should we think about costs in the second half of the year compared to what you delivered now in the first half?

我想更多地探討智利盈利能力恢復到歷史水平的情況。如果你可以從兩個不同的角度來分解它，第一個來自成本，比如，與你現在上半年交付的成本相比，我們應該如何考慮下半年的成本？

Especially now that we see maybe a slightly weaker Chilean peso and overall stable commodity prices. And the second one on the pricing front, as you mentioned, pricing has been very strong over the past 2 years, even with some negative mix impact, but we see the results in your net revenues per hectoliter. And the industry performance, even though it's not growing as much, volumes remain pretty strong relative to prepandemic.

特別是現在我們看到智利比索可能略有疲軟，大宗商品價格總體穩定。第二個是定價方面，正如您提到的，過去兩年定價一直非常強勁，即使存在一些負面的混合影響，但我們看到的是每百升淨收入的結果。儘管行業表現沒有增長那麼多，但與大流行前相比，銷量仍然相當強勁。

So the question, I think, is how much room do you see for additional price hikes on the back half of the year that could help bring margins back to those levels from prepandemic? Those are the 2 questions.

因此，我認為問題是，您認為今年下半年價格進一步上漲的空間有多大，可以幫助將利潤率恢復到大流行前的水平？這是兩個問題。

Thank you, Henrique. Yes, so far, I think these are the first steps in order to recover our pre-pandemic margins, as we pointed out. We have had a massive -- if you compare all the raw materials compared to the pre-pandemic level -- let me give you just one example. Aluminum prices in 2019 was $1,800 per ton and now has stabilized at $2,400 a ton.

謝謝你，恩里克。是的，正如我們所指出的，到目前為止，我認為這些是恢復我們大流行前利潤的第一步。如果你將所有原材料與大流行前的水平進行比較的話，我們已經經歷了一場大規模的疫情，讓我舉一個例子。 2019年鋁價為每噸1800美元，目前已穩定在每噸2400美元。

So that's a significant increase between 25% to 30%. Yes, we had very high aluminum prices right after the Russian invasion to Ukraine when it jumped to $1,300 per tonne. Now it stabilized at a lower level, but it's still much higher than the levels we saw. So this is a long path because, as we said, in this kind of business, you gradually recover margin, and this is what we have been doing especially from quarter 4 last year, quarter 1 and now quarter 2.

所以這是 25% 到 30% 之間的顯著增長。是的，俄羅斯入侵烏克蘭後，鋁價就飆升至每噸 1,300 美元。現在它穩定在較低的水平，但仍然比我們看到的水平高得多。所以這是一條漫長的道路，因為正如我們所說，在這種業務中，你會逐漸恢復利潤，這就是我們一直在做的事情，特別是從去年第四季度、第一季度和現在的第二季度開始。

As you pointed out, with the differences in terms of interest rate between reduction between the Fed and the Chilean Central Bank, we have seen an increase of the exchange rate, but the devaluation of the Chilean peso, that's just an impact on our cost. If this is maintained, I think maybe it's for sure that this should be considered in our pricing strategy.

正如你所指出的，由於美聯儲和智利央行在降息方面的差異，我們看到了匯率的上升，但是智利比索的貶值，這只是對我們成本的影響。如果這一點保持下去，我想也許我們的定價策略應該考慮這一點。

But I would say, depending on competition, depending on many factors for the upcoming months. So I don't want to -- but let's see about that. On the other hand, cost perspective, I think raw material are more or less stable, we have high cost pressure in sugar due to supply and demand and global conditions, especially in Colombia.

但我想說，這取決於競爭，取決於未來幾個月的許多因素。所以我不想——但讓我們看看。另一方面，從成本角度來看，我認為原材料或多或少是穩定的，由於供需和全球狀況，特別是在哥倫比亞，我們的糖成本壓力很大。

So there, we have pressure. But another good news, as I said, I think in 2 or 3 calls that we have high levels of inventory. And you saw in our cash generation that we have been reducing our raw materials inventories according to normal levels that we had before the Russian invasion. So also this would sell surely into our costs. But to be honest, we always face unstable volatility in exchange rate and the aim is to gradually recover our pre-pandemic margins, okay, Henrique?

所以，我們有壓力。但正如我所說，另一個好消息是，我認為在 2 到 3 個電話中我們的庫存水平很高。您在我們的現金生成中看到，我們一直在根據俄羅斯入侵之前的正常水平減少原材料庫存。因此，這也肯定會影響我們的成本。但說實話，我們總是面臨匯率不穩定的波動，我們的目標是逐步恢復疫情前的利潤，好嗎，Henrique？

That's clear, thanks Felipe.

很清楚，謝謝費利佩。

(Operator Instructions). Our next question is from Martin (inaudible), it's a text question. Should we expect cost per liter in Chile to be negative year-over-year given high comparables in commodities and better FX? Or should we expect it to be positive, but below inflation?

（操作員說明）。我們的下一個問題來自馬丁（聽不清），這是一個文本問題。鑑於大宗商品的可比性較高且匯率較好，我們是否應該預期智利的每升成本同比為負？或者我們應該預期它是積極的，但低於通貨膨脹？

Thank you, Martin. Should we expect cost per liter to be negative year-on-year given high comparables, yes, of course, especially in the last -- especially in the third quarter last year, we practically experienced CLP 1,000 per dollar exchange rate.

謝謝你，馬丁。考慮到高可比性，我們是否應該預計每升成本同比為負值，是的，當然，特別是在去年第三季度，我們實際上經歷了 1,000 智利比索兌換 1 美元的匯率。

Now stabilized. Its stable in the last 2 weeks, let's say, at CLP 850. So there we have some benefits. As I mentioned in the previous question, the cost pressure has been eased for sugar prices compared to last year. So that's -- so answering your question, it should be negative especially in quarter 3.

現已穩定。過去兩週穩定在 850 CLP。所以我們有一些好處。正如我在上一個問題中提到的，與去年相比，糖價的成本壓力有所緩解。所以，回答你的問題，它應該是負面的，尤其是在第三季度。

It looks like we have no further questions at this point. I will pass the line to CCU team for the concluding remarks.

目前看來我們沒有其他問題了。我會將這條線轉給 CCU 團隊進行總結髮言。

During quarter 2 2023, we consolidated a recovery path in our financial results in a tough economic environment. The latter was mainly driven by the implementation of HerCCUles 2023, although we are aware that more efforts are needed to keep improving profitability. In order to do so during the second semester and ahead, we will keep executing our strategy to deliver profitable and sustainable growth. I wish you all a wonderful afternoon and evening.

2023 年第二季度，我們在嚴峻的經濟環境中鞏固了財務業績的複甦之路。後者主要是由 HerCCUles 2023 的實施推動的，儘管我們意識到需要付出更多努力來不斷提高盈利能力。為了在第二學期及未來實現這一目標，我們將繼續執行我們的戰略，以實現盈利和可持續增長。祝大家度過一個美好的下午和晚上。

Thank you very much. This concludes today's conference call. We will now be closing all the lines. Thank you, and goodbye.

非常感謝。今天的電話會議到此結束。我們現在將關閉所有線路。謝謝，再見。