Compania Cervecerias Unidas SA (CCU) 2024 Q4 法說會逐字稿

Good day, everyone. Welcome to CCU's fourth quarter 2024 earnings conference call on the 26 February, 2025. Please note that today's call is being recorded.

大家好。歡迎參加 2025 年 2 月 26 日 CCU 2024 年第四季財報電話會議。請注意，今天的通話正在錄音。

At this time, I would like to turn the conference call over to Claudio Las Heras, the Head of Investor Relations. Please go ahead, sir.

現在，我想將電話會議交給投資者關係主管 Claudio Las Heras。先生，請繼續。

Welcome, everyone, and thank you for attending CCU's fourth quarter 2024 conference call. Today with me are Mr. Felipe Dubernet, Chief Financial Officer; Joaquín Trejo, Financial Planning and Investor Relations Manager; and Carolina Burgos, Senior Investor Relations Analyst.

歡迎大家，感謝大家參加 CCU 2024 年第四季電話會議。今天與我一起出席的有財務長 Felipe Dubernet 先生、財務規劃和投資者關係經理 JoaquÃn Trejo 以及高級投資者關係分析師 Carolina Burgos。

You have received a copy of the company's consolidated fourth quarter earnings release. Felipe will now review our overall results, and we will then move into a Q&A session.

您已收到公司第四季合併收益報告的副本。費利佩現在將回顧我們的整體結果，然後我們將進入問答環節。

As usual, before we begin, please take note of our cautionary statement. The statements made in this call that relate to CCU's future financial results are forward-looking statements, which involve known and unknown risks and uncertainties that could cause that our actual performance or results to materially differ.

與往常一樣，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 未來財務表現相關的陳述屬於前瞻性陳述，涉及已知和未知的風險和不確定性，可能導致我們的實際表現或結果產生重大差異。

This statement 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 US Securities and Exchange Commission, and in the annual report submitted to the CMF and available on our website.

本聲明應與 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 並可在我們網站上查閱的年度報告中列出的有關風險和不確定性的附加信息結合使用。

It's my pleasure now to introduce Mr. Felipe Dubernet.

我很高興現在介紹 Felipe Dubernet 先生。

Thank you, Claudio, and thank you, you all for joining us today. Before moving into the quarter, I would mention some highlights of the full year 2024. In 2024, CCU delivered higher financial results versus 2023 after a strong turnaround during the second half. Also, we continue to advance in our strategy in a particularly challenging and volatile business environment.

謝謝你，克勞迪奧，也謝謝你們今天加入我們。在進入本季之前，我想提一下 2024 年全年的一些亮點。2024 年，CCU 在下半年強勁復甦後，財務表現較 2023 年有所提升。此外，我們在極具挑戰性和動盪的商業環境中繼續推進我們的策略。

Through the year, we faced a low 20s contraction in the beer and water industries in Argentina, and a modest economic growth in Chile that led to flat volumes in the Chile Operating segment. In addition, we experienced cost and expense pressures coming from the depreciation of our local currencies against the US dollar.

在這一年中，我們面臨阿根廷啤酒和水產業 20% 的萎縮，以及智利經濟溫和成長導致智利營運部門銷售持平的情況。此外，我們也面臨當地貨幣兌美元貶值帶來的成本和費用壓力。

In this context and excluding the nonrecurring effect of the sale of a portion of land in Chile, in quarter two 2024, full year consolidated EBITDA reached CLP387,267 million, increasing 2.1%. When including the nonrecurring gain, EBITDA increased 9.6% versus last year. At the same time, and also excluding the nonrecurring gain, full year consolidated net income expanded 32.5%. When including the nonrecurring gain, net income increased 52.3% versus last year.

在此背景下，且不計出售智利部分土地的非經常性影響，2024 年第二季度，全年合併 EBITDA 達到 3,872.67 億智利比索，成長 2.1%。若計入非經常性收益，EBITDA較去年同期成長9.6%。同時，扣除非經常性損益，全年綜合淨利成長32.5%。若計入非經常性收益，淨利較去年同期成長52.3%。

The strong turnaround in the second half of the year, where consolidated EBITDA surged by 27.7%, was mainly explained by a solid performance in the quarter four in all our operating segments, more than offsetting a challenging first half where we posted a 26.5% decline in EBITDA as of June 2024. This upward trend was driven by effective initiatives in revenue management and efficiencies in all our operating segments, enabling us to more than offset the negative impact in our results from the challenging scenario described above.

下半年的強勁復甦，合併 EBITDA 飆升 27.7%，主要原因是我們所有營運部門在第四季度表現穩健，足以抵消上半年的挑戰，截至 2024 年 6 月，上半年 EBITDA 下降了 26.5%。這一上升趨勢是由我們所有營運部門的收入管理有效舉措和效率提升所推動的，這使我們能夠抵消上述挑戰性情景對業績造成的負面影響。

The initiatives mentioned above were executed under the regional plan, HérCCUles, which we started in 2022 and ended in 2024. Being key to align the company under six pillars with the objective of recovering financial results, resulting in positive EBITDA and net income growth, the latter, well above inflation in the period despite an unfavorable external context with devaluation of the currencies and low economic growth in the region.

上述措施是在區域計畫 HérCCUles 下實施的，該計畫於 2022 年啟動，並於 2024 年結束。關鍵在於使公司在六大支柱下保持一致，以實現恢復財務業績的目標，從而實現正的 EBITDA 和淨收入增長，儘管外部環境不利，貨幣貶值，該地區經濟增長緩慢，但後者仍遠高於同期的通貨膨脹率。

Regarding our business strategy, during the year, CCU continued strengthening its regional footprint. In July 2024, we started consolidating Aguas de Origen, our water business, with Danone in Argentina, which will continue bringing synergies to our operations in that country.

關於我們的業務策略，在這一年中，CCU 繼續加強其區域影響力。2024 年 7 月，我們開始將我們的水業務 Aguas de Origen 與達能阿根廷公司合併，這將繼續為我們在該國的業務帶來協同效應。

In October 2024, we increased our scale in Paraguay through a partnership with the Vierci Group, which includes the PepsiCo license for the production and distribution of beverage as well as the distribution of snacks. With this association Paraguay became the second country where the PepsiCo license is part of CCU's brand portfolio in addition to Chile.

2024 年 10 月，我們透過與 Vierci 集團合作擴大了在巴拉圭的規模，其中包括百事可樂的飲料生產和分銷以及零食分銷許可。透過此次合作，巴拉圭成為繼智利之後第二個百事可樂許可證成為 CCU 品牌組合一部分的國家。

At the same time, we continued investing in our brands, achieving a strong brand preference, especially beer in Chile, and kept reinforcing our digital transformation to support sales execution and drive operational efficiencies in the future. Finally, we were the first to inaugurate a modern PET recycling plant bottle-to-bottle in Chile, named CirCCUlar.

同時，我們繼續投資於我們的品牌，獲得了強大的品牌偏好，尤其是智利的啤酒，並不斷加強我們的數位轉型，以支持銷售執行並提高未來的營運效率。最後，我們率先在智利開設了一座現代化的 PET 瓶到瓶回收工廠，名為 CircCCUlar。

Now I will move into the quarter. In quarter four 2024, CCU delivered a solid set of results. Consolidated EBITDA reached CLP182,621 million, a 65.2% increase. This result was driven by all operating segments.

現在我將進入該季度。2024 年第四季度，CCU 取得了一系列穩健的業績。合併 EBITDA 達 1,826.21 億智利比索，成長 65.2%。這項業績是由所有營運部門共同推動的。

It is important to mention, as we mentioned in that moment, that in quarter four 2023, the application of IAS 29 from IFRS in Argentina generated a loss of CLP24,018 million in consolidated EBITDA versus a gain of CLP1,095 million in quarter four '24. Nonetheless, even isolating this mentioned effect due to the hyperinflationary accounting, consolidated EBITDA expanded robustly by 34.9%.

值得一提的是，正如我們先前提到的，2023年第四季度，阿根廷應用《國際財務報告準則》中的《國際會計準則第29號》導致合併EBITDA虧損240.18億智利比索，而2024年第四季則獲利10.95億智利比索。儘管如此，即使撇開上述惡性通貨膨脹會計的影響，合併EBITDA仍強勁成長了34.9%。

In terms of quarterly volumes, excluding the inorganic volumes from the consolidation of Aguas de Origen and the association with the Vierci Group in Paraguay, volumes were down 0.1% in quarter four 2024, fully explained by an international business operating segment which continued to contract versus last year due to Argentina, almost fully offset by an expansion in the Chile Operating segment, while wine volumes were flat.

就季度銷售而言，不包括 Aguas de Origen 合併和與巴拉圭 Vierci 集團關聯中的無機銷量，2024 年第四季度的銷量下降了 0.1%，這完全是由於國際業務運營部門由於阿根廷的影響與去年相比繼續萎縮，但幾乎完全被智利運營部門的擴張所抵消，而葡萄酒銷量持平。

I would like to mention anyway that Argentina continued to improve its scale compared to previous quarters. Consolidated net income reached a gain of CLP74,153 million, up by 77.7%, driven by the better operational results and a better non-operating results, particularly in Argentina.

無論如何，我想提一下，與前幾季相比，阿根廷的規模繼續擴大。合併淨收入實現收益 741.53 億智利比索，成長 77.7%，這得益於更好的經營業績和非經營業績，尤其是在阿根廷。

In terms of our segments, in the Chile Operating segment, top line expanded 9.9% as a result of 4.9% increase in average prices and 4.7% higher volumes. Average prices were boosted by revenue management efforts, partially compensated by negative mix effects, while volume expanded mainly due to a low comparison base in quarter four 2023. EBITDA expanded 23% and EBITDA margin grew 208 basis points to 19.6%.

就我們的分部而言，在智利營運分部，由於平均價格上漲 4.9% 且銷量增加 4.7%，營業收入成長了 9.9%。平均價格因收益管理措施而上漲，但因負面組合效應而部分抵消，而銷量則有所擴大，主要是因為 2023 年第四季的比較基數較低。EBITDA 成長 23%，EBITDA 利潤率成長 208 個基點至 19.6%。

In the International Business Operating segment, excluding the inorganic volume from the consolidation of ADO and AV in Argentina and Paraguay respectively, organic net sales recorded a sharp increase, driven by higher organic average prices, which more than offset an 11.5% contraction in organic volumes.

在國際業務營運部門，若不包括阿根廷 ADO 和巴拉圭 AV 合併報表中的無機銷售額，有機淨銷售額則大幅增長，這得益於有機平均價格上漲，抵消了有機銷售額 11.5% 的萎縮。

Higher organic average prices were mostly caused by a low comparison base due to a negative impact on revenues from the sharp Argentinian pesos devaluation against the US dollar in last quarter of last year and to a lesser extent, revenue management initiatives. EBITDA more than tripled versus last year, driven by all the geographies.

有機平均價格上漲的主要原因是，去年最後一個季度阿根廷比索兌美元大幅貶值對收入產生了負面影響，導致比較基數較低，而收入管理措施的影響則較小。在所有地區的推動下，EBITDA 較去年同期成長了兩倍多。

The Wine Operating segment posted a top line expansion of 21.4%, driven by 21.7% rise in average prices where volumes were flat. Exports expanded during the quarter, being almost fully compensated by the drop in the Argentine domestic market as Chilean domestic volumes were flat. The better average prices were mostly explained by a favorable comparison base, a weaker Chilean peso and its favorable impact on export revenues and positive mix effects.

葡萄酒營運部門的營業額成長了 21.4%，這得益於平均價格上漲 21.7% 而銷量持平。本季出口有所擴大，但由於智利國內出口量持平，阿根廷國內市場的下滑幾乎完全抵消了出口擴大的影響。平均價格上漲主要歸因於有利的比較基數、較弱的智利比索及其對出口收入的有利影響以及正面的組合效應。

EBITDA posted 16% growth and EBITDA margin was down 74 basis points. Regarding our main joint venture and associated business, in Colombia, volume reached 2.3 million hectoliters in full year 2024, increasing 7.8%, and we reached positive EBITDA.

EBITDA 成長 16%，EBITDA 利潤率下降 74 個基點。就我們主要的合資企業及聯營業務而言，在哥倫比亞，2024 年全年銷量達到 2.3 億百升，成長 7.8%，EBITDA 為正。

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

現在我很樂意回答你們的任何問題。

(Operator Instructions) Fernando Olvera, Bank of America.

（操作員指示）美國銀行費爾南多·奧爾維拉 (Fernando Olvera)。

Great. I have two. My first question is if you can comment what was the performance in Chile now between premium and mainstream beer and how much represents premium of your beer volume now? How do you expect the mix to behave this year? And my second question is how are you thinking about the price elasticity in Chile?

偉大的。我有兩個。我的第一個問題是，您能否評論一下目前智利高端啤酒和主流啤酒的表現如何，以及目前貴公司啤酒銷量中高端啤酒所佔比例是多少？您預計今年該組合的表現會如何？我的第二個問題是，您如何看待智利的價格彈性？

Yeah. So I understood -- in your first question, I understood the first part of the question. We have some communication problems in the second part. So let me answer first the first part of your question, what is premium and mainstream. So how was the mix? This is your first question regarding that?

是的。所以我明白了——對於你的第一個問題，我理解問題的第一部分。我們在第二部分遇到了一些溝通問題。那麼讓我先回答你問題的第一部分，什麼是高端和主流。那麼混合效果如何？這是您關於此問題的第一個問題嗎？

Yes. And basically, what is your outlook for this year in these two categories?

是的。基本上，您對今年這兩個類別的展望如何？

So I would say between premium and mainstream is rather stable, the mix in the comparing quarter four '24 and quarter four '23. The outlook in Chile, so quarter four, the industry was, I would say, soft because although we have a mid-single-digit growth in Chile during the quarter, 4.7%, we grew the volumes.

因此，我認為高階產品和主流產品之間的組合相當穩定，可以比較 2024 年第四季和 2023 年第四季的市場狀況。智利的前景，所以第四季度，我想說，整個行業是疲軟的，因為儘管我們在本季度智利實現了中等個位數的增長，即 4.7%，但我們的銷量有所增長。

It's worth to say that the comparison base of last year, as we mentioned in our press release at that time, due to weather conditions was a low comparison base. So if we exclude that, we could conclude that the industry is rather flat. So I would say, soft.

值得一提的是，正如我們當時的新聞稿中所提到的，由於天氣原因，去年的比較基數較低。因此，如果我們排除這一點，我們可以得出結論，該行業相當平穩。所以我會說，軟。

What we expect in the future, it's too early to call because only we have one month, but what we -- it was slightly positive, I would say, compared to the first quarter of last year, but it's too early to call, but it would be a soft industry. For sure. I would say the economic growth in Chile is expected to be 2% in the long term. So do not expect a big jump in the industries.

我們對未來的預期，現在下結論還為時過早，因為只有一個月的時間，但我想說，與去年第一季相比，我們的預期略有積極，但現在下結論還為時過早，但這將是一個疲軟的行業。一定。我認為智利的長期經濟成長預計將達到2%。因此，不要指望這些行業會出現巨大的飛躍。

I would say, a similar year in terms of growth of what we experienced a little bit more growth, maybe, but low single-digit growth would be something reasonable. Okay.

我想說，就成長而言，我們今年可能會經歷類似的成長，但低個位數的成長是合理的。好的。

Okay. And regarding the second question, how are you thinking about price elasticity thinking about that soft volume?

好的。關於第二個問題，您如何看待價格彈性和軟交易量？

Yeah. At the end of the day, if you look at the overall quarter -- excuse me, in the overall Chile Operating segment, we grew the volumes and volumes are, let's say, running at a very similar rate. So I would say that the price elasticity, of course, we aim we increase prices by 4.9%.

是的。歸根結底，如果你看一下整個季度——對不起，在整個智利營運部門，我們的銷量有所成長，而且銷量的成長速度非常相似。所以我想說的是價格彈性，當然，我們的目標是將價格提高 4.9%。

This is in part as we have discussed in many phone calls that we need to recover our margins due to this big jump after the pandemics of the input cost, because we still have a lower gross margin compared to 2019. For example, that is the year previous to the pandemic. So we need to continue to do revenue management efforts. And price elasticity, I think there is something, but at the end, it's exactly the same we have.

這在一定程度上是因為我們在許多電話中討論過，由於疫情過後投入成本的大幅上漲，我們需要恢復利潤率，因為與 2019 年相比，我們的毛利率仍然較低。例如，那是疫情爆發的前一年。因此我們需要繼續做好收入管理工作。至於價格彈性，我認為是有的，但最終，它和我們所擁有的完全一樣。

So remember, in 2019, for example, we used to sell in the last quarter, 6 million hectoliters just as a data. And in the 2024 last quarter, we sold 6.6 million hectoliters, while we have increased the prices in line with inflation. So it's not the same price. So there is -- so we could increase price while increasing the industry.

因此請記住，例如，在 2019 年，我們最後一個季度的銷量為 600 萬百升，這只是一個數據。而在2024年的最後一個季度，我們的銷售量為660萬百升，同時我們根據通貨膨脹率提高了價格。所以價格不一樣。因此，我們可以在擴大產業的同時提高價格。

Because if you see the numbers, we are against 2019, 15% above in terms of volumes. So the first pillar of HérCCUles was to maintain the scale. And still, we are more than maintaining the scale, despite the price increases. These price increases were not enough to compensate the input cost. But we have increased the prices while increasing the volumes.

因為如果你看到這些數字，你會發現與 2019 年相比，我們的銷量高出了 15%。所以HérCCUles的首要支柱就是維持規模。儘管價格上漲，我們仍然能夠維持規模。這些價格上漲不足以補償投入成本。但我們在增加產量的同時也提高了價格。

Ewald Stark, BICE Inversiones.

Ewald Stark，BICE Inversiones。

I have a question regarding Argentina. So far in 2025, how have you seen Argentina performing? What are your expectations going forward?

我有一個關於阿根廷的問題。到 2025 年為止，您認為阿根廷的表現如何？您對未來有何期望？

Thank you, Ewald, for your question regarding Argentina. In Argentina, after the big decrease in volumes occurred in quarter two and quarter three, where we saw high 20s decrease in volumes between 25% to 28% decrease in volumes compared to the same quarter of the previous year. In quarter four, we saw an improvement. So we were -- we decreased our volumes in a much lesser extent, the volumes. So we saw gradual improvements in Argentina.

埃瓦爾德，謝謝你關於阿根廷的問題。在阿根廷，第二季和第三季的出口量大幅下降之後，與去年同期相比，出口量下降了 25% 至 28%。在第四季度，我們看到了改善。因此，我們 — — 我們減少了交易量，但幅度小得多。因此，我們看到阿根廷的情況逐漸改善。

Just to give you a flavor on that, this is seasonally adjusted volumes. In quarter one '24, our seasonally adjusted volume, this is not including the inorganic volumes of ADO, were 5.8 million hectoliters. So in quarter four, it was 5.6 million hectoliters. So we haven't yet recovered the quarter one volumes.

只是為了讓您了解一下，這是經過季節性調整的交易量。2024 年第一季度，我們的季節性調整後產量（不包括 ADO 的無機產量）為 580 萬百升。因此第四季的產量為 560 萬百升。所以我們還沒有恢復第一季的銷售量。

However, in quarter two, which was the bottom was 5.2 million hectoliters. So we continue to see some improvement in January, but as I like to mention, it's too early to call. But we think it would gradually recover a higher scale Argentina.

但第二季的銷量最低，為5.2億百升。因此，我們在一月繼續看到一些改善，但正如我想說的，現在下結論還為時過早。但我們認為阿根廷的復甦將逐步擴大。

Would Argentina recover the scale we had in 2023? No. But certainly, we will -- the industry, as inflation is more controlled and as it is projected a higher economic growth should continue to recover in the way to recover the scale we had previous to the macro adjustment in Argentina.

阿根廷能恢復到 2023 年的規模嗎？不。但可以肯定的是，隨著通貨膨脹得到更好的控制，以及預計更高的經濟成長，該行業應該會繼續復甦，以恢復到我們在阿根廷宏觀調整之前的規模。

Okay. Perfect. And do you have any sense about when 2023 volumes could be achieved going forward, maybe in 2026, 2027?

好的。完美的。您是否知道什麼時候可以實現 2023 年的產量，也許是在 2026 年或 2027 年？

It's difficult to predict. I would say, maybe -- but you mentioned exactly what could be reasonable between two to three years. It would depend on many factors. Because in Argentina, you have still many macro challenges. Would the government release the sample at the end of the day.

這很難預測。我想說，也許吧——但你提到的是兩到三年內合理的時間。這取決於許多因素。因為在阿根廷，你們仍然面臨許多宏觀挑戰。政府最終會公佈樣本嗎？

So we are in a good path in the -- with sequential improvements, I would like to say. But to predict when we would recover the scale in Argentina because at the end, Argentina today manages a completely different micro and macroeconomic reality.

所以我想說，我們正走在一條好的道路上，並且不斷地進步。但要預測阿根廷何時才能恢復規模，因為最終，阿根廷今天面臨完全不同的微觀和宏觀經濟現實。

It's a country that -- maybe the first question, you may ask me or we may think is when hyperinflation would end in accounting -- for accounting purposes. Because yeah, we saw very good results in inflation with improvements. But salaries need to recover, employment need to recover, so the macros need to recover. And then we could answer the question regarding when would we recover the scale in Argentina.

這個國家——也許第一個問題，你可能會問我，或者我們可能會想，從會計角度來說，惡性通貨膨脹何時會結束。因為是的，我們看到通貨膨脹有了非常好的改善。但薪資需要恢復，就業需要恢復，因此宏觀經濟也需要恢復。然後我們就可以回答何時才能恢復阿根廷的規模的問題。

But we are in the path. Quarter four results showed that. Early January results show that we continue with the sequential improvement that we are saying that is happening since quarter three. Quarter three more moderate, quarter four better and we expect quarter one to be a little bit better and continue to recover the scale.

但我們已走在路上。第四季的結果表明了這一點。1 月初的結果表明，我們繼續保持自第三季以來的連續改善。第三季比較溫和，第四季更好一些，我們預計第一季會稍微好一些，並繼續恢復規模。

(Operator Instructions) Martin Zetzsche, Fundamenta Capital.

（操作員指示） Martin Zetzsche，Fundamenta Capital。

Should we expect margin recovery during 2025 and 2026? Would that recovery come on the back of price increases going ahead of cost inflation?

我們是否應該預期利潤率在 2025 年和 2026 年期間會復甦？這種復甦是否會在價格上漲超過成本通膨的背景下實現？

Yeah. Thank you, Martin, for the question. Yeah, at the end, we are -- so the last quarter results are encouraging, especially in the case of Chile, as you compare we recovered our margin path. So for example, in 2024, we have exactly the same margin as we had in 2021 when we had an extremely high volume.

是的。謝謝馬丁提出的問題。是的，最後，我們 - 所以上個季度的業績令人鼓舞，特別是在智利，正如你所比較的，我們恢復了利潤路徑。例如，2024 年我們的利潤率與 2021 年完全相同，當時我們的銷售量非常高。

In general terms, it's a tough scenario. It's very well volatile. So it would depend a lot on external factors, especially the exchange rate. So if you ask me that question at the beginning of the year with the Chilean peso at CLP1,000 per US dollar would be very difficult to improve EBITDA margin. But we will continue our revenue management efforts as well as our efficiencies effort in order to show sequential improvement in margins. These are key.

總體而言，這是一個艱難的局面。它的波動性非常大。因此，這在很大程度上取決於外部因素，尤其是匯率。因此，如果您在年初問我這個問題，那麼在智利比索兌美元匯率為 1,000 智利比索的情況下，提高 EBITDA 利潤率將非常困難。但我們將繼續努力進行收入管理並提高效率，以顯示利潤率的連續改善。這些是關鍵。

As you mentioned in your question, revenue management is key, not only increasing prices, but also rationalizing promotions is key in that sense. So certainly, the improvement of margin will not come from volumes, so it should come from revenue management, but also from efficiencies.

正如您在問題中提到的，收入管理是關鍵，不僅要提高價格，合理化促銷也是關鍵。因此，利潤率的提高肯定不會來自於銷量，而應該來自於收益管理，也來自於效率。

But we should be seeing an improvement. And this I'm talking regarding Chile. In the case of Argentina, if as far as we -- as I mentioned in the previous question, we continue with the sequential improvement, we should be -- we should recover margin certainly.

但我們應該看到進步。我所談論的是智利。就阿根廷而言，正如我在上一個問題中提到的那樣，如果我們繼續連續改善，我們就應該——我們肯定會恢復利潤。

Fernando Olvera, Bank of America.

美國銀行的費爾南多·奧爾維拉 (Fernando Olvera)。

Maybe if you can comment about the Wine division. I mean, your volume is still far from the peak reached in 2021. So how do you expect volumes to behave this year? And what is your outlook on export and the corresponding domestic markets? And also, if you can comment about Colombia, about volumes in Colombia, how are you seeing the behavior this year given the solid growth that we saw in 2024?

也許您可以對葡萄酒部門發表評論。我的意思是，你的交易量距離 2021 年達到的高峰還很遠。那麼您預計今年的銷售量會如何表現？您對出口和相應的國內市場有何展望？此外，如果您可以評論一下哥倫比亞的情況，關於哥倫比亞的產量，考慮到我們在 2024 年看到的穩健增長，您如何看待今年的表現？

Okay. Regarding the Wine division, I would maybe divide your question in three answers because we operate in different markets. So first of all, exports. Exports, as we haven't yet recovered the scale we had previous to the pandemic, we are below the 2019 volumes by 13% in exports from Chile.

好的。關於葡萄酒部門，我可能會將您的問題分為三個答案，因為我們在不同的市場中運作。首先是出口。出口方面，由於我們尚未恢復疫情前的規模，智利的出口量比 2019 年低了 13%。

2024 was the first step in terms of recovering that as we grew 4% -- 3.9%. It still is moderate. We think we will continue to recover, especially by the implementation of our commercial offices in China, US, and UK. This initiative certainly will improve our execution in these three key markets, along with the recovery of other markets such as Korea.

2024 年是我們恢復成長的第一步，因為我們的成長率為 4% - 3.9%。還是適中的。我們認為我們將繼續復甦，特別是透過在中國、美國和英國設立商業辦事處。這項措施無疑將改善我們在這三個主要市場的執行力，並促進韓國等其他市場的復甦。

So in general terms, we should be recovering, growing this year and in the way to recover this market. It's tough. It's a very competitive market. We have experienced this destocking in 2023 of all of our clients. And going forward, 2024 show growth, and we -- but we need to -- but we are still far from recovering the scale we had previous to the pandemic. So another important lever is innovation. Innovation is key in a category that globally doesn't grow. So innovation is key.

因此，總體而言，我們今年應該會復甦、成長，並以復甦的方式恢復這個市場。它太硬。這是一個競爭非常激烈的市場。我們所有客戶在 2023 年都經歷了這種去庫存化。展望未來，2024 年將呈現成長，我們——但我們需要——但我們還遠遠沒有恢復到疫情之前的規模。因此，另一個重要槓桿就是創新。對於全球範圍內尚未實現成長的產業而言，創新是關鍵。因此創新是關鍵。

Jumping now to Chile domestic. In that case, it's the opposite to the export market because we have a higher scale than previous to the pandemic. So we have preserved the scale despite an improvement in margins as we have increased prices. So -- but in that sense, we are -- this is a very good business that we are in very good shape. We are the market leaders and innovation has been key in that.

現在跳到智利國內。在這種情況下，情況與出口市場相反，因為我們的規模比疫情前更大。因此，儘管我們提高了價格，但利潤率仍然保持了原有的規模。所以 — — 但從這個意義上來說，我們 — — 這是一項非常好的業務，我們的狀況非常好。我們是市場領導者，創新是關鍵。

Argentina, suffering from what's happening in Argentina in terms of volume. This year, we suffered in the domestic Argentinian market in 2024. So overall, the perspective is growing exports, maintaining our leading position in Chile. But essentially the recovery of export volume is key going forward.

阿根廷正遭受阿根廷國內正在發生的事情的困擾。今年我們在2024年阿根廷國內市場遭遇了損失。因此總體而言，我們的前景是增加出口，並保持我們在智利的領先地位。但從本質上講，出口量的恢復才是未來發展的關鍵。

Excellent. And regarding Colombia -- ?

出色的。關於哥倫比亞-- ？

Regarding Colombia, we grew high single digits, gaining share with an excellent performance of Andina Light, also an excellent performance of Tecate. There is still job to be done in our execution. The team in Colombia is working hard. Also with our partner, Postobon, in improving our -- especially our sales execution and also while increasing our brand preference there. But we are very happy about the performance of Andina Light.

就哥倫比亞而言，我們的銷量實現了高個位數增長，憑藉安迪納輕型啤酒 (Andina Light) 和特卡特啤酒 (Tecate) 的出色表現，我們的市場份額獲得了提升。我們在執行上仍有工作要做。哥倫比亞的團隊正在努力工作。我們也與合作夥伴 Postobon 合作，共同提高我們的銷售執行力，同時提高我們在那裡的品牌偏好。但我們對安迪娜之光的表現感到非常高興。

Okay. So do you expect the good performance to continue?

好的。那麼，您預計這種良好的表現會持續下去嗎？

And as I mentioned, we reached a positive EBITDA, which is very important to continue to invest behind the brands.

正如我所提到的，我們的 EBITDA 達到了正值，這對於繼續投資品牌非常重要。

Okay. Perfect. Just a quick one. About the massive blackout from yesterday in Chile. I mean, I was just wondering if that blackout affected in some way your operation, if it was highly affected or not?

好的。完美的。只是快速的。關於昨天智利發生的大規模停電。我的意思是，我只是想知道那次停電是否以某種方式影響了你們的運營，影響是否嚴重？

No, not significantly. So first of all, the only -- we lost one shift of production, because production, you don't have backups for the full production only for the essentials, for example, to keep the beer in the fermentation tanks, you have backups. All the distribution is not a heavy user of electricity, so you have full backup.

不，不是很明顯。首先，我們只損失了一班生產，因為生產沒有備份，只有必需品，例如發酵槽裡的啤酒，才有備份。所有配送環節都不是耗電大戶，所以有完整的備份。

So we completely delivered our customer orders without any disruption. We lost one shift of production is not significantly as we could extend some shift going forward and completely recover this shift that we lost. But our contingency plans worked perfectly in the IT side, in our data centers and also in the distribution to completely deliver the products to our clients.

因此，我們完全沒有中斷地交付了客戶訂單。我們損失了一個班次的生產並不嚴重，因為我們可以延長一些班次，並完全恢復我們損失的這個班次。但我們的應急計劃在 IT 方面、資料中心以及分銷方面都發揮了完美的作用，從而將產品完整地交付給了客戶。

Constanza Gonzalez, Quest Capital.

康斯坦薩·岡薩雷斯，Quest Capital。

I have two. The first one regarding CapEx. What is the CapEx that you are expecting for this year? And I appreciate if you can make the separation between investment and maintenance.

我有兩個。第一個是關於資本支出的。您預計今年的資本支出是多少？如果您能區分投資和維護，我將非常感激。

And the second one is just regarding CapEx, too. Do you have any targets regarding the EBITDA that you pretend to invest in the future?

第二個也只是與資本支出有關。您對未來打算投資的 EBITDA 有什麼目標嗎？

Constanza, thank you for your question regarding CapEx. Yeah, what we can say is that CapEx against depreciation would be going forward a little bit above inflation -- above depreciation. Our CapEx would be a little bit above depreciation.

康斯坦薩，感謝您提出有關資本支出的問題。是的，我們可以說的是，資本支出與折舊之間的比率將略高於通貨膨脹率，即略高於折舊率。我們的資本支出會略高於折舊。

So -- but much lower than what we saw in previous year, let's say, 2019, '22, where it was a period of big expansion in terms of volume capacity. So we moved from 1 point -- between 1.4% on average, 1.3% to 1.7% where it was the peak in '22. We are moving to ranges between 1.1% and 1.2% going forward.

所以 — — 但比我們前幾年看到的要低得多，比如說 2019 年、2022 年，那是一個產能大幅擴張的時期。因此，我們從 1 點（平均 1.4%、1.3% 到 1.7%）移動，1.7% 是 22 年的峰值。未來我們將把利率區間調整至 1.1% 至 1.2% 之間。

So because as I mentioned, we saw a soft industry at least in '25 and maybe in two years, we need to -- as I mentioned, we need to recover the scale in Argentina. So we saw a more moderate CapEx going forward. So CapEx, as percentage of sales were in ranges between 7% to 7.5% on average, 2019, '22. '23, '25, we saw something around 5.5%. That's for CapEx.

正如我所提到的，我們至少在 2025 年看到了一個疲軟的行業，也許在兩年內，我們需要——正如我所提到的，我們需要恢復阿根廷的規模。因此，我們預期未來的資本支出將更加溫和。因此，資本支出佔銷售額的百分比平均在 7% 至 7.5% 之間，2019 年、2022 年、2023 年和 2025 年，我們看到的百分比約為 5.5%。這是資本支出。

Could you repeat your second part of the question?

您能重複問題的第二部分嗎？

Of course. Do you have any target regarding CapEx versus EBITDA? Or it's not a measure that you follow?

當然。您對資本支出 (CapEx) 與 EBITDA 有何目標？或者這不是您遵循的措施？

The metrics I mentioned are the metrics we use. CapEx as a percentage of net sales, as I mentioned, we don't have a -- because CapEx, you need to be flexible enough. If we have a jump in industries, you need to invest in capacity. Main CapEx, the mix of CapEx now is moving to efficiencpies, is moving to regulation.

我提到的指標就是我們使用的指標。正如我所提到的，資本支出佔淨銷售額的百分比，我們沒有——因為資本支出，你需要足夠靈活。如果我們在產業上取得飛躍，就需要對產能進行投資。主要的資本支出，資本支出的組合現在正在轉向效率，轉向監管。

As I mentioned, a big jump in CapEx last year was due to the construction of CirCCUlar, which is a plant to recycle PET bottles, okay. So it's more linked to environmental and efficiencies rather than capacity. So I think our level of CapEx should be in the average of the industry.

正如我所提到的，去年資本支出的大幅成長是由於 Circular 的建設，這是一家回收 PET 瓶的工廠。因此，它與環境和效率的關係比與產能的關係更為密切。所以我認為我們的資本支出水準應該處於行業平均。

What we have seen is between 5% to 8% depending on what are the needs. But there is no specific, but I think this would be the level of the CapEx that's a little bit above inflation between 1.2 times -- 1.5 times depreciation, not inflation, depreciation.

我們看到的比例在 5% 到 8% 之間，取決於需求。但沒有具體數字，但我認為這將是略高於通貨膨脹率 1.2 倍至 1.5 倍折舊率的資本支出水平，不是通貨膨脹，而是折舊。

I have another question. Regarding net financial debt over EBITDA, are you evaluating some range in the next year? Or are you comfortable with your current levels?

我還有一個問題。關於淨金融債務與 EBITDA 的比例，您是否評估了明年的某個範圍？或者你對目前的水平滿意嗎？

Yeah. In general terms, we are within the range. We don't have a public target on that, but I think it's -- when we compare with the industry, comparing with other actors, I think we have a reasonable level as far as we kept our investment grade, which is key. That's important for us. We are keeping our investment-grade level, we need to be in that range.

是的。整體來說，我們都在允許範圍內。我們沒有公開的目標，但我認為——當我們與行業相比，與其他參與者相比時，我認為就保持投資等級而言，我們的水平是合理的，這是關鍵。這對我們很重要。我們正在保持投資級水平，我們需要在這個範圍內。

As I mentioned, we have maybe less CapEx in the next three years because we are moving from 1.5 times inflation to 1.2 times -- excuse me, depreciation, again, I said inflation, depreciation, or moving from above 7% as a percentage of net sales in CapEx. This indicator will continue to improve. In fact, in the last quarter, we moved from net financial debt-to-EBITDA from 2.2 times to 1.8 times. So we are in the good path, but it's key for us preserving our investment grade.

正如我所提到的，未來三年我們的資本支出可能會減少，因為我們的通貨膨脹率將從 1.5 倍上升到 1.2 倍——對不起，是折舊，我再說一遍，我說的是通貨膨脹、折舊，或者資本支出佔淨銷售額的百分比將從 7% 以上上升。該指標也將繼續改善。事實上，上個季度，我們的淨金融債務與 EBITDA 比率從 2.2 倍上升至 1.8 倍。因此，我們正走在正確的道路上，但這對我們保持投資等級至關重要。

Alvaro Garcia, BTG Pactual.

阿爾瓦羅·加西亞，BTG Pactual。

Can I ask about Chile cost inflation outlook specifically, and your outlook on how this might impact the rationality of pricing in Chile over the next year?

我可以具體問一下智利成本通膨前景嗎，以及您對這將如何影響明年智利定價合理性的看法？

Okay, Alvaro. Thank you for your question. Regarding cost inflation, as I mentioned in the previous question, it's very volatile because it's very different in this business with CLP1,000 per dollar exchange rate. It's very different than CLP940. These are CLP60. And it's 1% of devaluation. It's a lot of money in our P&L that we need to compensate with efficiencies or with price. Because, as I mentioned, we will not have great news from volumes. So at the end, that's key for us.

好的，阿爾瓦羅。感謝您的提問。關於成本通膨，正如我在上一個問題中提到的，它非常不穩定，因為在這個行業中，1,000 智利比索兌 1 美元的匯率非常不同。它與 CLP940 有很大不同。這些是 CLP60。並且貶值了1%。我們的損益表中有很多錢，我們需要透過提高效率或提高價格來彌補。因為，正如我所提到的，我們不會有好消息。所以最終這對我們來說是關鍵。

If the dollar going forward is maintained in a range of CLP940, every price increase we do, at least in line with inflation would be a good news in terms of overall margin. And this is the aim. Usually, in the long term, CCU is aiming to increase price in line with inflation.

如果未來美元匯率維持在 940 智利比索的範圍內，那麼我們每次漲價，至少與通貨膨脹保持一致，對整體利潤率來說都是一個好消息。這就是我們的目標。通常，從長遠來看，CCU 的目標是根據通貨膨脹率提高價格。

Our ability to increase prices would depend in several factors. And one of the factors is competition, of course. But more than thinking about the competition, we need to think about ourselves, and this is what is key,and it was a big pillar in HérCCUles and continue to be a very important KPI for us is brand health.

我們提高價格的能力取決於幾個因素。當然，其中一個因素就是競爭。但除了考慮競爭之外，我們還需要考慮自己，這才是關鍵，它是 HérCCUles 的一大支柱，對我們來說，品牌健康繼續是一個非常重要的 KPI。

The stronger our brands are -- the more our brands are in the heart of the consumer, the better price we can get for our brands. Even if the competition does promotions or discounts, we need to rely in our brand equity in order to sell at better prices. Of course, is key, as I mentioned, the volatility in the market. But if we have a scenario of CLP940, I would say it is reasonable to increase the prices in line with inflation a little bit above inflation.

我們的品牌越強大－我們的品牌越深入消費者心中，我們就能獲得越優惠的價格。即使競爭對手推出促銷或折扣，我們也需要依靠我們的品牌資產以更優惠的價格銷售。當然，正如我所提到的，關鍵是市場的波動性。但如果我們有一個 940 智利比索的情景，我認為根據通貨膨脹率提高價格並略高於通貨膨脹率是合理的。

Francisca Taverne, LarrainVial.

弗朗西斯卡·塔弗內，拉瑞恩·維奧。

Have you seen competition regarding price increases in the beer market in Chile? Have they followed in the last months?

您是否看過智利啤酒市場在漲價上的競爭？過去幾個月他們有沒有跟進？

Yeah. We have been in the last quarter, increasing prices in some specific packages. So because we have some packages that are less profitable than others. So we have touched these packages, especially the large-sized packages, and this has been implemented, especially in the beer category in Chile.

是的。我們在上個季度提高了一些特定套餐的價格。因為我們的部分套餐的利潤低於其他套餐。因此，我們已經接觸過這些包裝，特別是大尺寸包裝，並且已經實施，特別是在智利的啤酒類別中。

So as still, I think every company has suffered a lot in terms of margins of the levels we had before the pandemic. We need to continue to recover profitability. Usually, competition or the whole industry has increased the prices along the time. And this is what I said. At the end, it's a combination of overall industry price but also brand equity matter in -- not only in the price list, but also in rationalizing promotions. This is key in a very competitive market as Chile.

因此，我認為，與疫情爆發前的利潤水準相比，每家公司的利潤率都遭受了巨大損失。我們需要繼續恢復獲利能力。通常，競爭或整個行業都會隨著時間的推移而提高價格。這就是我所說的。最後，這是整個行業價格與品牌資產的結合——不僅在價格表上，而且在合理化促銷上。在智利這樣一個競爭激烈的市場中，這一點至關重要。

(Operator Instructions) Sergio Winter, Falcom Capital.

（操作員指示）Sergio Winter，Falcom Capital。

In your press release, you mentioned that HérCCUles is already concluded. Is there any other plan or measure to continue working on efficiencies in 2025?

在您的新聞稿中，您提到 HérCCUles 已經完成。2025年還有其他計畫或措施來持續提高效率嗎？

Sergio, thank you for your question. Maybe we haven't been very clear in the press release, but we are mentioning that, of course, HérCCUles as a name, as an idea, as a brand ended in 2024. It was a three-year plan in order to recover our results against 2022 that was in fact a very disappointing year in terms of results. And in fact, we recovered EBITDA growth, we are especially net income growth that was above inflation in that period.

塞爾吉奧，謝謝你的提問。也許我們在新聞稿中沒有說得很清楚，但我們提到，HérCCUles 作為一個名稱、一個想法、一個品牌，當然會在 2024 年結束。這是一項為期三年的計劃，目的是在 2022 年之前恢復我們的業績，但事實上，2022 年的業績非常令人失望。事實上，我們恢復了 EBITDA 成長，尤其是淨收入成長高於那段時期的通貨膨脹率。

So now going forward, as we mentioned, our focus will be on developing our 2025-2027 strategic plan, reinforcing our three pillars: profitability, growth, and sustainability. So HérCCUles ended. But many elements of HérCCUles are still present and will be still present in our 2025-2027 strategic plan. In the upcoming annual report that we will issue according to the regulation going forward, we will be more specific and give more color on different KPIs of that new strategic plan 2025-2027.

因此，正如我們所提到的，展望未來，我們的重點將放在製定 2025-2027 年策略計畫上，強化我們的三大支柱：獲利能力、成長和永續性。就這樣，HérCCUles 結束了。但是 HérCCUles 的許多元素仍然存在，並且仍將存在於我們的 2025-2027 戰略計劃中。在我們即將按照規定發布的年度報告中，我們將更具體地介紹2025-2027年新戰略計劃的不同KPI。

But many elements of the plan would continue, especially in terms of profitability, where we need to continue to recover gross margin because this is what suffered the industry as well reducing our expenses as a percentage of net sales in, let's say, kind of efficiencies at gross margin level and efficiencies also at expenses level in order to protect our bottom line going forward.

但該計劃的許多要素仍將繼續，特別是在盈利能力方面，我們需要繼續恢復毛利率，因為這是整個行業所遭受的影響，同時還要降低我們的費用佔淨銷售額的百分比，也就是說，在毛利率水平上提高效率，在費用水平上也提高效率，以保護我們未來的底線。

But it is worth to say that HérCCUles was a successful plan in order to recover to some extent, despite the external effects we had, the contraction in Argentina. At the end, HérCCUles passed in the delivery of the results that are shown especially in the last quarter.

但值得一提的是，儘管受到外部影響，例如阿根廷經濟萎縮，但 HérCCUles 計劃在一定程度上恢復了經濟。最後，HérCCUles 提交了上一季的業績報告。

Okay. Thank you. We are not seeing any further questions. Thank you, everyone, who asked questions. I'll be handing the line back to the CCU team for closing remarks.

好的。謝謝。我們沒有看到任何其他問題。謝謝各位提問的人。我將把發言權交還給 CCU 團隊，請他們做最後發言。

Thank you all for attending this conference call. To conclude, in 2024, we posted a strong turnaround in our financial results during the second half of the year, expanding EBITDA and net income versus 2023 in a challenging business scenario. At the same time, we strengthened our regional footprint.

感謝大家參加本次電話會議。總而言之，2024年下半年，我們的財務表現強勁復甦，在充滿挑戰的商業環境下，EBITDA和淨利較2023年有所成長。同時，我們也加強了區域佈局。

Looking ahead, we are cautious about 2025 as the business scenario will remain volatile and uncertain. Our focus will be on developing our 2025-2027 strategic plan, reinforcing our three strategic pillars: profitability, growth, and sustainability, with a special focus on profitability through revenue management efforts and efficiencies.

展望未來，我們對 2025 年持謹慎態度，因為商業狀況仍將動盪且不確定。我們的重點是製定 2025-2027 年策略計劃，強化我們的三大策略支柱：獲利能力、成長能力和永續性，特別注重透過收入管理工作和效率來實現獲利能力。

Finally, I would like to extend my gratitude to all our employees, the dedication and commitment has been key to navigate challenging times. We will continue to work to ensure sustainable and profitable growth for CCU. I wish you a wonderful afternoon today. Thank you.

最後，我要向我們所有的員工表達感謝，他們的奉獻和承諾是我們度過艱難時期的關鍵。我們將繼續努力確保 CCU 實現永續獲利成長。祝您今天下午愉快。謝謝。

That concludes the call. Thank you and have a nice day.

通話到此結束。謝謝您，祝您有愉快的一天。