Dole PLC (DOLE) 2022 Q3 法說會逐字稿

Welcome to the Dole plc Third Quarter 2022 Earnings Conference Call and Webcast. Today's conference is being broadcast live over the Internet and is also being recorded for playback purposes. (Operator Instructions) For opening remarks and introductions, I would now like to turn the call over to Head of Investor Relations with Dole plc, James Regan.

歡迎來到 Dole plc 2022 年第三季度收益電話會議和網絡直播。今天的會議正在通過互聯網進行現場直播，同時也正在錄製以供回放。 （操作員說明）關於開場白和介紹，我現在想把電話轉給 Dole plc 的投資者關係主管 James Regan。

Thank you, Elias. Welcome, everybody, and thank you for taking the time to join our third quarter 2022 earnings conference call.

謝謝你，埃利亞斯。歡迎大家，並感謝您抽出寶貴時間參加我們的 2022 年第三季度收益電話會議。

Joining me on the call today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Linden our Chief Financial Officer, Jacinta Devine. During this call, we will be referring to presentation slides to supplemental remarks. And these, along with our earnings release, financial statements and other related materials are available on the Investor Relations section of Dole plc website.

今天和我一起參加電話會議的是我們的首席執行官 Rory Byrne；我們的首席運營官 Johan Linden 我們的首席財務官 Jacinta Devine。在本次電話會議中，我們將參考演示幻燈片來補充說明。這些連同我們的收益發布、財務報表和其他相關材料可在 Dole plc 網站的投資者關係部分獲得。

Please note, our remarks today will include certain forward-looking statements within the provisions of the federal securities safe harbor laws. Please reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors, including those set forth in our SEC filings and press releases.

請注意，我們今天的評論將包括聯邦證券安全港法規定內的某些前瞻性陳述。請反映當時的情況，公司明確表示不承擔任何更新或修改任何前瞻性陳述的義務。由於多種因素，包括我們向美國證券交易委員會提交的文件和新聞稿中規定的因素，實際結果或結果可能與明示或暗示的結果或結果存在重大差異。

Information regarding the use of non-GAAP financial measures may be found in our press release, which also includes a reconciliation to the most comparable GAAP measures.

有關使用非 GAAP 財務措施的信息可以在我們的新聞稿中找到，其中還包括與最具可比性的 GAAP 措施的調節。

Our financial statements for the third quarter were also filed with the SEC earlier today and contain reported financial information for the quarter ended 30 September, 2022, and 30 September, 2021, and the 9 months ended September 30, 2022 and 2021. Our earnings press release and investor presentation also referenced pro forma comparative financial information.

我們第三季度的財務報表也在今天早些時候提交給美國證券交易委員會，其中包含截至 2022 年 9 月 30 日和 2021 年 9 月 30 日的季度以及截至 2022 年 9 月 30 日和 2021 年 9 月 30 日的 9 個月的報告財務信息。我們的收益新聞發布和投資者介紹還參考了備考比較財務信息。

This pro forma information illustrates Dole plc's results for the third quarter and first 9 months of 2021, as the merger IPO and refinancing had occurred on January 1, 2020. This is consistent with the pro forma financial information presented in the Form F-1 filed with the SEC in connection with the IPO.

此備考信息說明了 Dole plc 2021 年第三季度和前 9 個月的業績，因為合併 IPO 和再融資已於 2020 年 1 月 1 日發生。這與提交的 F-1 表格中提供的備考財務信息一致與美國證券交易委員會就首次公開募股有關。

With that, I'm pleased to turn today's call over to Rory.

有了這個，我很高興將今天的電話轉給羅里。

Thank you, James. Welcome, everybody, and thank you for joining us today. While we're very pleased that the group has delivered strong results for the third quarter, on a pro forma comparative basis, excluding the impact of currency translation and net M&A activity, revenue increased by approximately 5% as compared to the third quarter of 2021. Adjusted EBITDA of $73 million was ahead of expectations and significantly ahead of the prior year.

謝謝你，詹姆斯。歡迎大家，感謝您今天加入我們。雖然我們很高興該集團在第三季度取得了強勁的業績，但在備考比較的基礎上，不包括貨幣換算和淨併購活動的影響，與 2021 年第三季度相比，收入增長了約 5% . 調整後的 EBITDA 為 7300 萬美元，超出預期並顯著高於上一年。

The significant increase in adjusted EBITDA was driven by a strong performance in our Fresh Fruits segment, offset in part by the ongoing recovery in our vegetables business and a specific challenge in our Diversified Americas segment in the quarter.

調整後 EBITDA 的顯著增長是由我們的新鮮水果部門的強勁表現推動的，部分被我們蔬菜業務的持續復甦以及本季度多元化美洲部門的具體挑戰所抵消。

Adjusted net income and EPS also increased significantly compared to the prior year, driven by the increase in adjusted EBITDA. In the third quarter, we continue to have a strong focus operationally on cash flow, and we are pleased to announce today a cash dividend for the third quarter of $0.08 per share. This continues our commitment to return cash to shareholders.

在調整後的 EBITDA 增加的推動下，調整後的淨收入和每股收益與上一年相比也顯著增加。在第三季度，我們繼續高度關注現金流的運營，今天我們很高興地宣布第三季度每股 0.08 美元的現金股息。這延續了我們向股東返還現金的承諾。

So turning to Slide 8 for our operational highlights. In our Fresh Fruit segment, we delivered a strong result for the quarter. North America and commercial cargo operations continue to perform very well with healthy demand, positive market pricing and good shipping rates. In Europe, high shipping rates and adverse currency movements continue to impact on performance; however, we are making good progress in managing these challenges.

因此，請轉到幻燈片 8 了解我們的運營亮點。在我們的新鮮水果部門，我們在本季度取得了強勁的業績。北美和商業貨運業務繼續表現良好，需求健康，市場定價積極，運費良好。在歐洲，高運費和不利的貨幣走勢繼續影響業績；然而，我們在應對這些挑戰方面取得了良好進展。

Supply and demand dynamics in the banana market overall have been unprecedented in 2022, and this remains a key factor as we work towards the end of this year and continue with negotiations for 2023. Overall, with our diverse sourcing base, our leading customer profile, we believe we're well placed to have a strong finish to 2022 and a positive outlook for 2023 in this division.

2022 年香蕉市場的整體供需動態是前所未有的，這仍然是我們在今年年底前努力工作並繼續就 2023 年進行談判的關鍵因素。總體而言，憑藉我們多元化的採購基礎、領先的客戶群，我們相信，我們有能力在 2022 年取得強勁的成績，並在該部門對 2023 年有積極的展望。

Our Diversified EMEA segment continued to trade well on a like-for-like basis in Q3 despite increasing inflationary pressures in our core markets, again demonstrating the ability to price dynamically and benefit from product and geographic diversity. Our Diversified Americas segment was impacted by a specific issue at the end of the Chilean grape season in North America, significant supply chain disruptions led to exceptional volume disposals that impacted profitability.

儘管我們的核心市場的通脹壓力不斷增加，但我們的多元化 EMEA 業務在第三季度的同類基礎上繼續表現良好，再次證明了動態定價並從產品和地域多樣性中受益的能力。我們的多元化美洲部門在北美智利葡萄季節結束時受到特定問題的影響，嚴重的供應鏈中斷導致異常數量的處置，影響了盈利能力。

The overall scale and range of activity in our diversified segment reduces the impact of the Chile grape issue when we look at our results on a full year basis, demonstrating, again, the benefit of a wide range of products and geographies.

當我們從全年的角度來看我們的結果時，我們多元化部門的整體規模和活動範圍減少了智利葡萄問題的影響，再次證明了廣泛的產品和地域的好處。

Our third quarter performance in Fresh Vegetables remain disappointing. And while we are making progress on our turnaround plan, it is slower than we would like. Category demand was softer in Q3 and ongoing inflation continues in important cost areas. In addition, we faced higher sourcing costs due to weather-related events in key California and growing regions, which impacted the entire industry.

我們在新鮮蔬菜的第三季度表現仍然令人失望。雖然我們的周轉計劃正在取得進展，但比我們希望的要慢。第三季度品類需求疲軟，重要成本領域的持續通脹仍在繼續。此外，由於加州和增長地區的天氣相關事件影響了整個行業，我們面臨更高的採購成本。

More positively, however, our detailed turnaround plan is beginning to yield benefits. From a volume perspective, we recently achieved a number of important customer wins, as we look to build back up our volume base for 2023. In all major areas of operation, we have developed detailed profit improvement plans, and we are monitoring these closely. We continue to explore all strategic alternatives for this segment and expect to see recovery in 2023.

然而，更積極的是，我們詳細的周轉計劃開始產生效益。從數量的角度來看，我們最近贏得了一些重要的客戶，因為我們希望建立 2023 年的數量基礎。在所有主要運營領域，我們都制定了詳細的利潤改善計劃，我們正在密切關注這些計劃。我們繼續探索該細分市場的所有戰略選擇，並期望在 2023 年看到復蘇。

With that, I'll hand you over to Jacinta to give the financial review.

有了這個，我會把你交給 Jacinta 進行財務審查。

Thank you, Rory. Good morning and good afternoon. Please turn to Slide 10. As Rory mentioned, we delivered a strong performance for the third quarter when compared to the prior year. Revenue for the third quarter decreased marginally against the pro forma comparative, which was driven by negative FX movements and the impact of M&A in our diversified EMEA segment, and lower volumes in our vegetable segment.

謝謝你，羅里。早上好，下午好。請轉到幻燈片 10。正如羅里所說，與去年同期相比，我們第三季度的業績表現強勁。第三季度的收入與備考比較相比略有下降，這是由於不利的外匯變動和併購對我們多元化的 EMEA 部門的影響，以及我們蔬菜部門的銷量下降。

On a like-for-like basis, revenue increased 5%, driven by inflation justified price increases. Adjusted EBITDA for the third quarter increased 26% to $73 million, with the increase driven by a strong performance in the Fresh Fruit segment. Similar to Q2, foreign currency translation impacted results by $4 million, and stripping this out, adjusted EBITDA increased 32% on a like-for-like basis.

在類似的基礎上，收入增長了 5%，這是由通貨膨脹合理的價格上漲推動的。第三季度調整後的 EBITDA 增長 26% 至 7300 萬美元，增長得益於新鮮水果部門的強勁表現。與第二季度類似，外幣換算對業績產生了 400 萬美元的影響，將其剔除後，調整後的 EBITDA 同比增長 32%。

Turning to Slide 11. Adjusted net income was $13.5 million for the third quarter, significantly ahead of the prior year. The increase was driven by higher adjusted EBITDA, which offset an increase in interest expense. Adjusted fully diluted EPS for the quarter was $0.14 compared to $0.07 in prior year, and $0.03 on a pro forma comparative basis, again, driven by the increase in adjusted EBITDA.

轉到幻燈片 11。第三季度調整後的淨收入為 1350 萬美元，大大高於上年同期。這一增長是由更高的調整後 EBITDA 推動的，這抵消了利息支出的增加。本季度調整後的完全攤薄每股收益為 0.14 美元，上年同期為 0.07 美元，在備考比較基礎上為 0.03 美元，同樣受到調整後 EBITDA 增長的推動。

I will now provide some more detail on each of the individual segments, starting with Fresh Fruit on Slide 13. We continue to see good momentum in this segment, with revenue for the third quarter increasing 11.7% compared to the pro forma comparative. The increase was driven by higher worldwide pricing and commercial cargo and higher volumes of bananas in North America. This was partially offset by lower volumes for bananas in Europe and Latin America. Adjusted EBITDA increased 200% on from $17 million to $51 million for the quarter driven by higher revenue.

我現在將提供有關每個細分市場的更多詳細信息，從幻燈片 13 上的新鮮水果開始。我們繼續看到該細分市場的良好勢頭，第三季度的收入與備考比較相比增長了 11.7%。這一增長是由全球價格和商業貨物的上漲以及北美香蕉銷量的增加所推動的。這部分被歐洲和拉丁美洲的香蕉銷量下降所抵消。在收入增加的推動下，本季度調整後的 EBITDA 從 1700 萬美元增長 200% 至 5100 萬美元。

Moving to Diversified Fresh Produce EMEA on Slide 14. As with prior quarters, revenue in this segment continues to be impacted by foreign currency translation. On a like-for-like basis, revenue increased 4%, driven by a strong performance across the division and overall higher pricing. Similarly, adjusted EBITDA decreased on a reported basis due to foreign currency translation. However, on a like-for-like basis, adjusted EBITDA increased slightly by 0.1%.

轉到幻燈片 14 上的多元化新鮮農產品 EMEA。與前幾個季度一樣，該部門的收入繼續受到外幣換算的影響。在同類基礎上，由於整個部門的強勁表現和整體定價上漲，收入增長了 4%。同樣，由於外幣換算，調整後的 EBITDA 在報告基礎上有所下降。然而，在同比基礎上，調整後的 EBITDA 略微增長了 0.1%。

Then turning to Diversified Fresh Produce Americas and Rest of World, revenue for the third quarter increased 5.8%, continuing the good momentum seen in the first half of the year. The increase was driven by higher overall average selling prices, particularly in North American market for avocados, potatoes and onions. Our results in this segment were impacted by a difficult end of the Chilean grape season in North America, leading to a loss in the quarter.

然後轉向多樣化的新鮮農產品美洲和世界其他地區，第三季度收入增長 5.8%，延續了上半年的良好勢頭。這一增長是由更高的整體平均售價推動的，尤其是在北美市場的鱷梨、土豆和洋蔥。我們在這一部分的業績受到北美智利葡萄季節艱難結束的影響，導致本季度出現虧損。

Then finally, turning to Fresh Vegetables. Lower volumes contributed to a 5% reduction in revenue for the quarter. The segment continues to recover from the impact of the value-added salads recall and plant suspensions at the outset of the year as well as lower category demand. Lower revenue, along with persistent inflation, input costs and specific industry-wide weather challenges in California growing regions led to an adjusted EBITDA loss of $9 million for the quarter.

最後，轉向新鮮蔬菜。銷量下降導致本季度收入減少 5%。該細分市場繼續從年初的增值沙拉召回和工廠停產以及類別需求下降的影響中恢復過來。較低的收入，加上持續的通貨膨脹、投入成本和加州種植區特定的全行業天氣挑戰，導致本季度調整後的 EBITDA 虧損 900 萬美元。

Now turning to Slide 17. Capital expenditures for the third quarter were $27 million, and we now have invested $67 million year-to-date spread over reinvestments in farms and glasshouses in our growing regions. The acquisition of an additional farm in Peru and efficiencies and logistics, warehousing and processing closer to the markets. We are now expecting capital expenditure of $95 million for the year, a reduction of $15 million from our previous guidance. The reduction follows the reassessment of capital projects within the group.

現在轉到幻燈片 17。第三季度的資本支出為 2700 萬美元，我們今年迄今已投資 6700 萬美元，用於對我們種植區的農場和溫室進行再投資。在秘魯收購了一個額外的農場，提高了效率，並使物流、倉儲和加工更接近市場。我們現在預計今年的資本支出為 9500 萬美元，比我們之前的指導減少了 1500 萬美元。此次削減是在集團內部重新評估資本項目之後進行的。

Working capital remains elevated, mainly due to the precautionary measures taken earlier in the year to build up inventories and also due to the inflationary impact of input costs. We expect to see this unwind due to the normal seasonal working capital effects at this time of the year. However, we do still see a higher underlying level of working capital this year compared to prior years.

營運資金仍然處於高位，這主要是由於今年早些時候為增加庫存而採取的預防措施，以及投入成本的通脹影響。由於每年這個時候正常的季節性營運資本效應，我們預計會看到這種情況的緩解。然而，與往年相比，我們確實看到今年的基本營運資金水平更高。

Our net leverage at the end of the quarter was 3.4x. We expect leverage to decrease further in the final quarter of 2022 as seasonal working capital outflows unwind.

我們在本季度末的淨槓桿率為 3.4 倍。我們預計隨著季節性營運資本外流的減少，槓桿率將在 2022 年最後一個季度進一步下降。

Turning to Slide 18. We also continue to focus on our disappointing share price, and believe that our valuable strategic asset base has not been fully recognized. To highlight this, we have included a slide in our investor presentation, setting out a sum of the parts valuation approach using a 2-division structure. The asset division more than covers the total debt, while the operating division currently generates adjusted EBITDA of $230 million to $250 million on a debt-free basis after charging a proxy lease payment to service the debt. This is one example of the real value in Dole that we believe has not been reflected in our current share price.

轉到幻燈片 18。我們還繼續關注令人失望的股價，並認為我們寶貴的戰略資產基礎尚未得到充分認可。為了強調這一點，我們在投資者介紹中加入了一張幻燈片，列出了使用 2-division 結構的零件估值方法的總和。資產部門超過了總債務，而運營部門在收取代理租賃付款以償還債務後，目前在無債務基礎上產生 2.3 億至 2.5 億美元的調整後 EBITDA。這是都樂真正價值的一個例子，我們認為它沒有反映在我們當前的股價中。

Now I will hand you back to Rory, who will give an update on our full year outlook and closing remarks.

現在我將把你交還給 Rory，他將介紹我們的全年展望和結束語的最新情況。

Thank you, Jacinta. While the economic environment does remain dynamic, as we progress towards the end of '22, and we continue to see positive trends and some ongoing challenges. It's clear that the global economy is difficult with inflation and interest rates have continued to rise. We remain highly focused on operating efficiencies, capital discipline and seeking price increases to compensate for cost increases.

謝謝你，雅辛塔。雖然經濟環境確實保持動態，但隨著我們在 22 世紀末取得進展，我們繼續看到積極的趨勢和一些持續的挑戰。很明顯，全球經濟因通貨膨脹和利率持續上升而舉步維艱。我們仍然高度關注運營效率、資本紀律和尋求提價以補償成本增加。

We believe we're well positioned with a broad portfolio of healthy and nutritious products in an industry that does continue to be underpinned by strong fundamentals; however, we now expect our full year adjusted EBITDA to be at the lower end of the previously guided range due to the ongoing challenges in our Fresh Vegetables segment, which has slowed its recovery, as well as the specific Q3 issue at the end of the Chilean grape season in North America.

我們相信，在一個確實繼續受到強勁基本面支撐的行業中，我們擁有廣泛的健康和營養產品組合，處於有利地位；然而，我們現在預計我們的全年調整後 EBITDA 將處於先前指導範圍的下限，原因是我們的新鮮蔬菜部門持續面臨挑戰，其複蘇放緩，以及 2018 年底的特定第三季度問題北美的智利葡萄季節。

In conclusion, we remain positive on our medium- to long-term outlook and are intensely focused on our short-term priorities for the remainder of 2022 and into 2023. Our principal priorities are clearly the turnaround of our value-added salads business, focusing on cost control and operating efficiencies across all our businesses, including the ongoing synergy projects, continuing with a disciplined approach to capital.

總之，我們對中長期前景保持樂觀，並高度關注 2022 年剩餘時間和 2023 年的短期優先事項。我們的主要優先事項顯然是增值沙拉業務的轉變，重點是我們所有業務的成本控制和運營效率，包括正在進行的協同項目，繼續採用嚴格的資本方法。

Before I conclude, I would like to highlight that in the first 9 months of the year, 3 out of our 4 segments have performed well, especially considering the complex operating environment, and we're very focused on the turnaround of our Fresh Vegetables business.

在結束之前，我想強調的是，今年前 9 個月，我們 4 個分部中有 3 個表現良好，尤其是考慮到復雜的經營環境，我們非常關注新鮮蔬菜業務的扭虧為盈.

I want to finish by thanking again our committed team for their ongoing efforts to drive our business forward and also by thanking our critical partners and customers for their ongoing support, which allows us to look to the future with great confidence. So with that, I'll hand back to the operator, and we can open the line for questions. Thank you.

最後，我想再次感謝我們敬業的團隊為推動我們的業務向前發展所做的不懈努力，並感謝我們的重要合作夥伴和客戶一直以來的支持，這使我們能夠滿懷信心地展望未來。因此，我將交還給接線員，我們可以打開問題熱線。謝謝你。

(Operator Instructions) Our first question today comes from Adam Samuelson from Goldman Sachs.

（操作員說明）我們今天的第一個問題來自高盛的亞當薩繆爾森。

So I guess first question, as we think about kind of the performance in the quarter and the outlook. In Fresh Vegetables, can we maybe talk about from where we are ending the third quarter with at the EBITDA loss? And help us think about the trajectory and pathway and what has to happen for that to be a positive EBITDA contributor, if not in the fourth quarter and certainly in calendar '23?

所以我想第一個問題，因為我們考慮了本季度的表現和前景。在 Fresh Vegetables 中，我們能否談談我們在第三季度結束時的 EBITDA 損失？並幫助我們思考軌跡和途徑，以及要成為積極的 EBITDA 貢獻者必鬚髮生什麼，如果不是在第四季度，當然是在 23 年的日曆中？

Yes. Maybe I can take that one, Rory. So we are very happy with the work that the division is doing right now. We are focusing on servicing the customers because we know good service then leads to new customer contracts and much easier pricing discussions. And we are focusing and doing good progress on our turnaround plan, and we're executing on that plan. And there's a lot of different facets to that plan. It's about reviewing all the costs that we're having. It's reviewing all the pricing that we have with customers. We're looking at our SKUs. We have the right SKUs considering that we are potentially entering into a recession.

是的。也許我可以接受那個，羅里。因此，我們對該部門目前所做的工作感到非常滿意。我們專注於為客戶提供服務，因為我們知道良好的服務會導致新的客戶合同和更容易的定價討論。我們正在專注於我們的周轉計劃並取得良好進展，我們正在執行該計劃。該計劃有很多不同的方面。這是關於審查我們的所有成本。它正在審查我們與客戶的所有定價。我們正在查看我們的 SKU。考慮到我們可能會陷入衰退，我們擁有合適的 SKU。

We know it's high inflation out there, so people are looking for more value, high-value or affordable products. And we're looking at discussions with the customers to see if we can increase some of the volumes. But we're also looking at the structure, including our own capacity.

我們知道那里通貨膨脹率很高，所以人們正在尋找更有價值、高價值或負擔得起的產品。我們正在與客戶進行討論，看看我們是否可以增加一些數量。但我們也在研究結構，包括我們自己的能力。

But what has happened in the end of Q3 and which will impact Q4 is that there has been a complete crop failure in the industry. This is not a Dole isolated incident. This goes across the whole industry, where almost 30% to 40% of all the iceberg and romaine has failed. And that is due to an extreme heat that we had in the beginning -- or late summer, beginning of the fall, followed by rain.

但在第三季度末發生並將影響第四季度的是，該行業的作物完全歉收。這不是都樂孤立的事件。這遍及整個行業，幾乎 30% 到 40% 的冰山和長葉萵苣都失敗了。這是由於我們在開始時遇到的極端高溫 - 或夏末，秋天開始，然後下雨。

That crop failure, combined with market being somewhat soft for value-added products, value-added is a little bit higher, has put the quarter to become challenging, but this doesn't change how we look at 2023 going forward.

作物歉收，加上市場對增值產品有些疲軟，增值產品略高，使本季度變得充滿挑戰，但這並沒有改變我們對 2023 年的展望。

Okay. And just to be clear, and I know you're not giving guidance, but can you help maybe give some parameters on how you would be thinking about 2023?

好的。明確一點，我知道你沒有提供指導，但你能幫忙提供一些關於你如何看待 2023 年的參數嗎？

No, I don't think we -- go ahead...

不，我不認為我們——繼續……

Yes, I think it's a little early to give a more comprehensive update on '23, Adam. And I think what we'll do is as we finish out the year, we more logical and sensible from an investor perspective to give a more comprehensive update in the next quarter on where we see '23. On an overall basis, as Johan says, we're just getting a run of bad luck in this division and certainly, the current production issues at Salinas and California have been very unhelpful. But the underlying work with the new management that we put in place, with the -- some of the legacy total project guys going over to help out to get -- to assist beyond, we've a very good management team and that they just needed a little bit more impetus and help to get over the hump at the moment. We're making good progress on all the profit improvement plans, and we'll update on the next call what our view on '23 is.

是的，我認為現在對 23 年進行更全面的更新還為時過早，亞當。而且我認為我們要做的是在今年結束時，從投資者的角度來看，我們更合乎邏輯和明智地在下一季度對我們看到的 '23' 進行更全面的更新。總體而言，正如 Johan 所說，我們只是在這個部門運氣不佳，當然，薩利納斯和加利福尼亞目前的生產問題非常無益。但是我們與新管理層的基礎工作，以及 - 一些遺留的總項目人員會過去幫助 - 協助超越，我們有一個非常好的管理團隊，他們只是目前需要更多的動力和幫助來克服困難。我們在所有利潤改善計劃上都取得了良好進展，我們將在下一次電話會議上更新我們對 23 年的看法。

Okay. And then if I can just ask a separate question because in the slide that you did introduce this kind of asset, asset-light kind of some of the parts. Is it a sale-leaseback type transaction? Or is that some sort of corporate split to effectuate that kind of earnings profile under serious consideration at this juncture? And if not, just help us think about what would get you to that point probably?

好的。然後，如果我可以問一個單獨的問題，因為在幻燈片中你確實介紹了這種資產，某些部分的輕資產。是售後回租類型的交易嗎？或者是某種公司拆分來實現目前正在認真考慮的那種盈利狀況？如果沒有，請幫助我們考慮一下可能會讓您達到這一點的原因是什麼？

Yes, I mean, it's really just to illustrate to investors the very valuable long-term assets that we do have in this business. We see them as integral to our existing business. So we don't actually have any plans to separate them or do a sale and leaseback of those assets. And they are very important to us. We do -- we look around at some of the farm REITs, particularly in the U.S. farm REITs.

是的，我的意思是，這真的只是為了向投資者說明我們在這項業務中確實擁有的非常有價值的長期資產。我們將它們視為我們現有業務不可或缺的一部分。所以我們實際上沒有任何計劃將它們分開或對這些資產進行售後回租。他們對我們非常重要。我們這樣做 - 我們環顧一些農場房地產投資信託基金，尤其是美國農場房地產投資信託基金。

They have very high valuations and people are seeing the value in long-term farming and other assets. And in this slide, we're just -- at a macro level, just setting it out for investors, "Look, this is what you own, you have some good net assets in the long-term asset division, and you've got some asset-light, debt-free EBITDA with a significant amount and that it should attract a significantly greater value."

他們的估值非常高，人們看到了長期農業和其他資產的價值。在這張幻燈片中，我們只是 - 在宏觀層面，只是為投資者設置，“看，這就是你擁有的，你在長期資產部門擁有一些不錯的淨資產，而且你已經獲得了一些輕資產、無債務的大量 EBITDA，它應該會吸引更大的價值。”

But in the short term, we're not actually thinking about splitting the company. We like having the 2 pieces together, but you can actually look at them as 2 separately valuable businesses under the one ownership structure.

但在短期內，我們實際上並沒有考慮拆分公司。我們喜歡將這兩個部分放在一起，但實際上您可以將它們視為一個所有權結構下的 2 個獨立有價值的企業。

Our next question comes from Roland French from Davy.

我們的下一個問題來自 Davy 的 Roland French。

I have a couple of questions as well, if I could. Maybe just starting on the banana business, maybe an update on -- in terms of color around contracting since we last spoke, i.e., I guess, how have interactions gone across Europe and North America as well as maybe just some color around the supply situation? Has it gotten better, worse, remained the same? So that's the first question on banana contracting.

如果可以的話，我也有幾個問題。也許只是從香蕉業務開始，也許是關於自我們上次發言以來合同的顏色方面的更新，即，我猜，歐洲和北美的互動如何以及供應情況的一些顏色？它變得更好，更糟，還是保持不變？所以這是關於香蕉承包的第一個問題。

And then maybe just on the cost environment. I know in the outlook, you talked about currently seeing some positive trends, and I guess your caveat that with some further challenges. Just maybe kind of breaking that out in context of some of your key cost buckets?

然後可能只是在成本環境上。我知道在展望中，你談到目前看到了一些積極的趨勢，我想你警告說還有一些進一步的挑戰。也許只是在你的一些關鍵成本桶的背景下打破它？

And then, finally, and somewhat related, just on the supply chain, I know it's clearly been friction in the last 12, 18, 24 months. Just generally how the supply chain has improved or disproved since we last spoke?

然後，最後，有點相關，只是在供應鏈上，我知道在過去的 12、18、24 個月裡顯然存在摩擦。自我們上次發言以來，供應鏈總體上是如何改善或反駁的？

Maybe, Johan, you take the first and I'll pick up the other 2.

也許，約翰，你拿第一個，我來拿另外兩個。

All right. So when it comes to bananas, it's been an absolutely interesting year. We started out having one view on how the year would develop and everything changed when Russia decided to invade Ukraine. And what happened then is that we had a lot of demand destructions. So demand fell off. We had to readjust supply. Cost for important input materials went up, fertilizers, but actually also paper, the box that we are using, and FX collapsed, the euro collapsed.

好的。所以說到香蕉，這是絕對有趣的一年。我們開始對這一年的發展有一個看法，當俄羅斯決定入侵烏克蘭時，一切都改變了。然後發生的事情是我們有很多需求破壞。所以需求下降了。我們不得不重新調整供應。重要輸入材料的成本上升，化肥，但實際上還有紙張，我們正在使用的盒子，外匯崩潰，歐元崩潰。

We have been able to perform well under, although taking this backdrop, we've performed very well within the division. We're now entering in the most intense negotiation period where we are negotiating with the customers. And as we did on the last call -- as we said on the last call, we expect the supply situation to become tight, and it has become tight.

儘管在這種背景下，我們在該部門的表現非常出色。我們現在正進入最緊張的談判期，我們正在與客戶談判。正如我們在上次電話會議上所做的那樣——正如我們在上次電話會議上所說的那樣，我們預計供應情況會變得緊張，而且已經變得緊張。

Supply has come down, probably even a little bit further than we have expected. So right now, we are in a situation when we're going out to meet customers, where we feel relatively comfortable that we will be able to pass on the cost increases that we have just because of the tight supply situation.

供應已經下降，甚至可能比我們預期的還要多一點。所以現在，我們正處於外出會見客戶的情況下，我們感到相對舒服，因為我們能夠轉嫁因供應緊張而增加的成本。

Of course, this is also, to a certain extent, complicating the negotiations that we have with our suppliers, but I think if you put them all together, we're ending up in a good position here looking into the next year.

當然，這在一定程度上也使我們與供應商的談判變得複雜，但我認為，如果你把它們放在一起，我們最終會在明年處於有利地位。

And then just following on with our other couple of questions, Roland. I mean on the cost environment, it's very hard to call whether inflation has peaked or not peaked. We've seen this week some of the European countries' inflation rates were slightly down. But on the other hand, the U.K. rate of inflation was considerably up, but something like 45-year highs as you will know. So I think, in some of our segments, we are seeing some easing of inflation, but it's a little bit early to call.

然後繼續我們的其他幾個問題，Roland。我的意思是在成本環境中，很難判斷通脹是否已經見頂。本週我們看到一些歐洲國家的通脹率略有下降。但另一方面，英國的通貨膨脹率大幅上升，但如您所知，已達到 45 年高位。所以我認為，在我們的一些細分市場中，我們看到通貨膨脹有所緩解，但現在打電話還為時過早。

And in terms of the supply chain, I mean, obviously, at the end of the second quarter, we had some really significant strong impact because of port congestion that have an unfortunate and big impact on our Chilean grape business where our ships were parked off the ports for just too long to hold the quality of the fruit and discharging. And they were to go for supermarket programs and lots of knock-on consequences. But we're seeing some easing of port congestion, particularly in some of the areas of the U.S.

就供應鏈而言，我的意思是，很明顯，在第二季度末，我們受到了一些非常重大的影響，因為港口擁堵對我們的船舶停泊的智利葡萄業務產生了不幸和重大的影響港口時間太長，無法保持水果的質量和卸貨。他們將參加超市項目和許多連鎖反應。但我們看到港口擁堵有所緩解，特別是在美國的一些地區

And then fuel is a little bit better, shipping if there are some evidence that shipping rates are maybe coming off their highs, but we've yet to see it come through in a material way. So it's just -- I mean, I think supply chain is better than it has been, and hopefully, will settle down. And costs are probably a little too early to call whether we hit the peak or not.

然後燃料稍微好一點，如果有一些證據表明運費可能會從高位回落，但我們還沒有看到它以實質性的方式實現。所以這只是 - 我的意思是，我認為供應鏈比以往更好，並且希望能夠安定下來。成本可能還為時過早，無法判斷我們是否達到頂峰。

Okay. Great. And maybe just a quick follow-up. How seasonal is the Chilean grape business?

好的。偉大的。也許只是快速跟進。智利葡萄業務的季節性如何？

It's very seasonal. I mean, it just runs for a number of months really from the early part of the year.

這是非常季節性的。我的意思是，它實際上從今年年初開始只運行了幾個月。

We now turn to Benjamin Bienvenu from Stephens.

我們現在請來自 Stephens 的 Benjamin Bienvenu。

I want to ask about the comments you made on pricing. You noted that you expect to make continued pricing increases, as we move forward in Ontario. Are there categories in which you feel like you have more opportunity to take price versus others? And what are you seeing so far, the prospective consumer reaction to pricing increases you've taken?

我想問一下您對定價的評論。您指出，隨著我們在安大略省的推進，您希望繼續提高價格。在哪些類別中，您覺得自己比其他類別更有機會定價？到目前為止，您看到了什麼，潛在消費者對您採取的價格上漲的反應？

Yes. I mean, obviously, you look at our most important category being bananas and it's starting from a low base. And so I think there's a willingness to acknowledge cost increases, which can then get reflected in price increases to the consumer. And there've been some ups and downs, as Johan described in terms of availability of supply, but I don't think we're seeing any fundamental change in consumer demand. I think pricing in some of the other higher-priced categories, you look at mangos, papayas, organics or products like that, it can be a little bit harder to get through significant price increases without affecting somewhat demand in those categories.

是的。我的意思是，很明顯，你看看我們最重要的類別是香蕉，它是從低基數開始的。因此，我認為人們願意承認成本增加，然後可以反映在消費者的價格上漲中。正如約翰在供應可用性方面所描述的那樣，出現了一些起伏，但我認為我們沒有看到消費者需求發生任何根本性變化。我認為在其他一些價格較高的類別中定價，比如芒果、木瓜、有機物或類似產品，要在不影響這些類別的需求的情況下通過大幅漲價可能會有點困難。

But we stand back from it, though, and we don't -- I mean there can be ups and downs and it varies quite a bit across all other different markets. Even within Europe, there're different supply demand and consumer demand. If you look at Spain versus Sweden, Ireland versus Holland, it does vary a lot. But standing back from us, we do not see any fundamental shift in the consumer desire to ease high-quality fruits and vegs that we supply.

但我們對此退縮了，我們沒有——我的意思是可能會有起伏，而且在所有其他不同的市場中，情況會有很大差異。即使在歐洲內部，也存在不同的供應需求和消費者需求。如果你看看西班牙和瑞典，愛爾蘭和荷蘭，確實有很大差異。但站在我們一邊，我們沒有看到消費者對我們供應的優質水果和蔬菜的需求有任何根本性轉變。

Okay. Great. And then my second question is just related to M&A. Can you talk a little bit about what the environment offers you? Are there particular opportunities that you're looking at that you're excited about or focused on? And if you could kind of characterize the robustness of the pipeline that you have ahead of you, that would be helpful.

好的。偉大的。然後我的第二個問題與併購有關。你能談談環境為你提供了什麼嗎？您是否正在尋找令您興奮或關注的特定機會？如果您能夠描述您前面的管道的穩健性，那將會很有幫助。

Yes. I mean, obviously, with the year that we had, Ben, a huge and overwhelming focus of the entire management team is to try and get the veg division turned around. We keep an eye on what's happening in the M&A world. We know who the interesting companies are in the different segments, whether that's berries or bananas or distribution or avocados. So we've got a very good database.

是的。我的意思是，很明顯，本，在我們度過的那一年，整個管理團隊的一個巨大而壓倒性的重點是試圖讓蔬菜部門扭轉局面。我們密切關注併購領域的動態。我們知道不同領域的有趣公司有哪些，無論是漿果、香蕉、分銷還是鱷梨。所以我們有一個非常好的數據庫。

And I think one of the interesting things about M&A is, if you look at the 3 divisions being Fresh Fruit, Diversified in Americas and Diversified in Europe, very much all of our competitor companies are performing similarly well. So you don't want to see any fundamental change in the value of those companies. So we're not seeing any fire sales or anything are any great opportunities to buy any companies cheaply because the sector is actually doing well, and it's a little bit unfortunate for us, we've got the one division that we've got more work to do to fix.

我認為關於併購的一個有趣的事情是，如果你看一下新鮮水果、美洲多元化和歐洲多元化這 3 個部門，我們所有的競爭對手公司的表現都非常相似。所以你不希望看到這些公司的價值發生任何根本性的變化。所以我們沒有看到任何大減價或任何廉價收購任何公司的好機會，因為該行業實際上表現良好，這對我們來說有點不幸，我們有一個部門我們有更多工作要做修復。

But we're keeping our eyes on the opportunities that are out there. Short term, we probably some different priorities in terms of just getting more confidence with investors delivering the numbers, getting the business back on track. And we have ongoing discussions with our M&A pipeline and not appropriate time. We think we can add in interesting pieces to the group.

但我們一直在關注那裡的機會。短期內，我們可能有一些不同的優先事項，只是讓投資者更有信心提供數字，讓業務重回正軌。我們正在與我們的併購管道進行討論，而不是合適的時間。我們認為我們可以向小組中添加有趣的作品。

Our next question comes from Christopher Barnes from Deutsche Bank.

我們的下一個問題來自德意志銀行的克里斯托弗巴恩斯。

Rory, I just wanted to pick up on a line that you just mentioned on the consumer. So with the recession risk still palpable, inflation is still high in absolute terms, are you noticing any like shifts in consumer behavior, whether that's trading down, shifting the shopping channels that they're in. I think you mentioned that there's still a propensity to consume, which is great. But has there been any shift whether in North America and Europe that's concerning you from a consumer behavior perspective?

羅里，我只想了解你剛才提到的關於消費者的一條線。因此，在經濟衰退風險仍然明顯的情況下，絕對通脹率仍然很高，你是否注意到消費者行為有任何類似的轉變，無論是交易下降，還是改變他們所處的購物渠道。我認為你提到仍然存在一種傾向消費，這很棒。但是，從消費者行為的角度來看，北美和歐洲是否發生了讓您擔心的變化？

I mean, obviously, all of the points you make, Christopher, are absolutely right, I mean inflation nervousness, lack of disposable income. I mean, thankfully, fruits and veg tend to be low down the list of discretionary items that people stop buying them. I mean we've seen -- it's actually difficult to measure it. But I mean, we haven't seen any material change in consumer behavior. Some of the higher-priced categories that I mentioned might be under a little more pressure, but it's not a material shift in demand where consumers are not continuing to buy things like mangos and papayas might be a little bit higher price per kilo.

我的意思是，顯然，克里斯托弗，你提出的所有觀點都是絕對正確的，我的意思是通貨膨脹緊張，缺乏可支配收入。我的意思是，值得慶幸的是，水果和蔬菜往往排在人們停止購買的可自由支配物品清單的後面。我的意思是我們已經看到 - 實際上很難衡量它。但我的意思是，我們還沒有看到消費者行為發生任何實質性變化。我提到的一些價格較高的類別可能會承受更大的壓力，但這並不是需求的實質性轉變，因為消費者不再繼續購買芒果和木瓜等產品，每公斤的價格可能會略高一些。

So we don't -- we look back some of those that were subbing around long enough, you have seen periods of difficult economies in the past. You go back to the European financial crisis back in end of the 2000, it's short-term dips and some demand from consumers, maybe some of the discounters who offer a narrower range, not to go the people do think about them a little bit more in this period. But we're not really concerned that there's any kind of fundamental shift in consumer behavior towards fresh fruit and vegetable consumption.

所以我們沒有 - 我們回顧了一些已經足夠長的替代品，你在過去看到過經濟困難時期。你回到 2000 年底的歐洲金融危機，它是短期的下跌和消費者的一些需求，也許一些提供範圍更窄的折扣店，而不是去人們確實多考慮他們一點在這個時期。但我們並不真正擔心消費者行為會發生任何形式的根本性轉變，轉向新鮮水果和蔬菜消費。

Okay. That's helpful. And then I just wanted to -- I know you're not guiding for '23 just given where we are, but like just since it's mid-November, like is there anything you can share on performance like quarter-to-date across the divisions? Like it sounds like Fresh Vegetables is going to be a little bit weaker than you anticipated, but -- how should we think about the other businesses just into 4Q just considering the range that you've guided?

好的。這很有幫助。然後我只是想——我知道你並不是僅僅根據我們所處的位置來指導 23 年，而是就像從 11 月中旬開始，就像你可以分享任何關於性能的東西，比如整個季度至今師？聽起來 Fresh Vegetables 的表現會比你預期的要弱一些，但是——考慮到你所指導的範圍，我們應該如何看待進入第四季度的其他業務？

Yes, we're pretty happy with the other 3 divisions. Obviously, we look at our European business, and the biggest impact is really the FX ratio. You look at things like our currencies like the euro year-on-year, 11% depreciation, the Swedish krona, which is important to us, a 17% year-on-year movement against the dollar. So when you're retranslating and reporting in dollars, that has quite a material impact on your numbers.

是的，我們對其他 3 個部門非常滿意。顯然，我們看看我們的歐洲業務，最大的影響確實是外匯比率。你看看我們的貨幣，比如歐元同比貶值 11%，對我們很重要的瑞典克朗兌美元匯率同比貶值 17%。因此，當您以美元重新翻譯和報告時，這會對您的數字產生相當大的影響。

And I guess, even on a day-to-day trading basis when you're importing as we do into euro markets and CK markets with the currency that's significantly weaker and adding in inflationary pressures, it does put a little bit of pressure on those business, but nothing material. So we're pretty happy with our diversified businesses. Our fresh fruit business, we've got a really, really strong position in the banana and pineapple business, #1 guy in North America.

而且我想，即使在日常交易的基礎上，當你像我們進入歐元市場和 CK 市場那樣使用明顯疲軟的貨幣並增加通脹壓力時，它確實會給那些人帶來一點壓力生意，但沒什麼實質性的。因此，我們對我們的多元化業務非常滿意。我們的新鮮水果業務，我們在香蕉和菠蘿業務中擁有非常非常強大的地位，在北美排名第一。

We've got A-list customer base. We're really appreciative of the support we get from our customers. We work hard to make sure we meet all the service levels and requirements, and we've done about right through COVID times, right through supply complication times and our customers, I think, appreciate that and work hard with them then to make sure that the cost chain items are appropriately reflected in the price.

我們擁有一流的客戶群。我們非常感謝客戶對我們的支持。我們努力工作以確保我們滿足所有服務水平和要求，並且我們已經完成了整個 COVID 時代、供應複雜時期和我們的客戶，我認為，對此表示讚賞並與他們一起努力，以確保成本鏈項目適當反映在價格中。

So with the exception of the vegetable business and foreign exchange, we're feeling pretty good.

所以除了蔬菜生意和外匯，我們感覺還不錯。

Our next question comes from Ken Zaslow from Bank of Montreal. Ken.

我們的下一個問題來自蒙特利爾銀行的 Ken Zaslow。肯。

Just 2 questions. My first one is, when you're talking about the Chilean grape crop, and then you talked about the extreme heat on the iceberg, you said that it's contained to this quarter. Does it not impact next year? On the -- on the [weather] side, you said your outlook for 2023 would not change on that. Is there a reason why a 30% to 40% change? Is it seasonal? Is there something to think about? I mean it sounds like Chilean crop is seasonal. And then I have a second question.

只有2個問題。我的第一個是，當你談論智利葡萄作物時，然後你談到冰山上的極端高溫，你說它包含在本季度。不影響明年嗎？在 - 在 [天氣] 方面，你說你對 2023 年的展望不會改變。 30% 到 40% 的變化有原因嗎？是季節性的嗎？有什麼要考慮的嗎？我的意思是聽起來智利作物是季節性的。然後我有第二個問題。

Okay. On the Chilean one, it was actually nothing to do particularly with the crop, but the logistical issues that we had, which meant that ships and large volumes of products couldn't get discharged in the right time. And obviously, you're dealing with a perishable product. And then it gets delayed and then the subsequent season product starts to arrive into the market at the same time. So we're working on it. It was just exceptionally unusual this year.

好的。在智利，這實際上與作物無關，而是我們遇到的後勤問題，這意味著船隻和大量產品無法在正確的時間卸貨。顯然，您正在處理易腐爛的產品。然後它被延遲，然後下一季產品開始同時進入市場。所以我們正在努力。今年非常不尋常。

So we're working on the basis that those supply chain disruptions going into '23 will not reoccur, and we don't expect them to reoccur and we're going to -- we're looking at how we manage that to avoid the same magnitude of problem problems that we had at the end of the season.

因此，我們的工作基礎是那些進入 23 年的供應鏈中斷不會再次發生，我們不希望它們再次發生，我們將 - 我們正在研究如何管理它以避免我們在賽季末遇到的問題同樣嚴重。

And then I mean the iceberg situation and the romaine situation, I mean it is a very unusual situation in terms of the crop failure, but Johan has described. We haven't seen such a dramatic one in quite a while. But I think it's an unusual set of weather circumstances that has been partly responsible for it. But we see some other areas of production that can compensate for that or that you don't repeat that crop failure going into 2023. I don't -- is there any further you want to add on that one, Johan, that might help Ken understand a little better?

然後我指的是冰山情況和長葉萵苣情況，我的意思是就作物歉收而言，這是一種非常不尋常的情況，但約翰已經描述過了。我們已經有一段時間沒有看到如此戲劇化的場景了。但我認為這是一組不尋常的天氣情況，對它負有部分責任。但我們看到其他一些生產領域可以彌補這一點，或者你不會在 2023 年重複這種作物歉收。我不知道 - 你是否想進一步補充這一點，Johan，這可能會有所幫助肯明白一點？

Yes. No, the crop failure was at the tail end of the California season, and we're now moving into the Arizona -- we are in Arizona. It will have a little bit of an impact in the Arizona season just because we were starting them a little bit earlier than expected, but we should have cycled out of that coming into January 2023.

是的。不，作物歉收是在加利福尼亞季節的尾聲，我們現在正搬到亞利桑那州——我們在亞利桑那州。這會對亞利桑那賽季產生一點影響，因為我們比預期早了一點，但我們應該在 2023 年 1 月結束。

Okay. My second and far more important question is, I hear you on the asset value and how you think about it. My question is, if you were to look back a year and now -- and look forward 3 years, do you think your earnings power has changed based on the environment that we're in? Do you think it stays where you would have thought it would be? And can you give the pluses and minuses of how that will kind of emerge given your opinion?

好的。我的第二個也是更重要的問題是，我聽到你談到資產價值以及你是如何看待它的。我的問題是，如果你回顧一年和現在 - 展望未來 3 年，你認為你的盈利能力是否根據我們所處的環境發生了變化？你認為它會停留在你認為會在的地方嗎？根據您的意見，您能否給出這將如何出現的優缺點？

Yes. I think if we look back over the last year, I've said a couple of times on the call, our 3 segments from Fresh Fruits and our 2 diversified businesses, we stand back and you say they've performed pretty solidly. European business on a like-for-like basis, we're pretty happy with it, a few ups and downs here, but they're balancing out and against the backdrop of most unusual economic environment, pretty much all of us on this call will have lived in lives the war in Europe, with the Russian-Ukrainian situation, the disruption logistics caused by COVID and still enduring. So I think with that backdrop, we really performed.

是的。我想如果我們回顧過去一年，我在電話中說過幾次，我們來自新鮮水果的 3 個部門和我們的 2 個多元化業務，我們退後一步，你說他們表現得非常穩固。歐洲業務在類似的基礎上，我們對此非常滿意，這裡有一些起伏，但他們正在平衡，並且在最不尋常的經濟環境的背景下，我們幾乎所有人都參加了這次電話會議將生活在歐洲的戰爭中，俄羅斯和烏克蘭的局勢，COVID 造成的物流中斷仍然持續。所以我認為在這種背景下，我們真的表現出色。

Our Fresh Fruit business, given our market position and given our diversity of sourcing, our shipping capacity, our infrastructural capacity, our management capacity within that division, I think we're feeling pretty good that those 3 divisions can continue to perform and we can hopefully build our profitability by bringing even more so the 2 groups -- 2 legacy groups together.

我們的新鮮水果業務，考慮到我們的市場地位和採購的多樣性、我們的運輸能力、我們的基礎設施能力、我們在該部門的管理能力，我認為我們感覺這三個部門可以繼續表現並且我們可以希望通過將更多的 2 個組 - 2 個傳統組聚集在一起來建立我們的盈利能力。

The big problem has been the vegetable division, and we're really focused on the turnaround plan. I think Johan described you recently. We just can't catch a break at the moment on that division and -- at the unfortunate crop failure situation where you've got lower volumes going into plants that depend on higher volumes to cover fixed costs and maybe just make our turnaround plan delays implementation. What we're doing well. We're picking up volume. We've got some great work going on in terms of all different aspects of the business from operational efficiency, to cost efficiency, to management, food safety or every single area is under the microscope.

最大的問題是蔬菜部門，我們真正關注的是扭虧為盈的計劃。我想約翰最近描述了你。我們現在不能在那個部門休息一下，而且 - 在不幸的作物歉收情況下，你有更少的產量進入工廠，這些工廠依賴於更高的產量來支付固定成本，並且可能只是讓我們的周轉計劃延遲執行。我們做得很好。我們正在增加音量。我們在業務的所有不同方面都做了一些很棒的工作，從運營效率到成本效率，再到管理、食品安全或每個領域都在顯微鏡下。

So I'm -- given the business backdrop and the world backdrop and we need just maybe the exchange rate moves a little bit between the euro and dollar. And if we got really lucky maybe some way or the other, Russia can be convinced to step back from the Ukraine. And I think even from a psychological point of view, if somebody could do (inaudible) change just economies, just from -- people feeling little less nervous about where the world is. So some of those macro effects, obviously, they're outside of our control. But overall, we're not feeling bad about life so we're looking forward to the future pretty positively.

所以我 - 考慮到商業背景和世界背景，我們可能只需要匯率在歐元和美元之間移動一點點。如果我們真的很幸運，也許可以通過某種方式說服俄羅斯從烏克蘭撤退。而且我認為，即使從心理學的角度來看，如果有人能夠（聽不清）改變經濟，只是 - 人們對世界的位置感到不那麼緊張。因此，其中一些宏觀影響顯然不在我們的控制範圍內。但總的來說，我們對生活並沒有感覺不好，所以我們非常積極地期待未來。

This concludes our Q&A. I'll now hand over to Rory Byrne, CEO, for final remarks.

我們的問答到此結束。我現在將交給首席執行官 Rory Byrne 做最後的評論。

Okay. So thank you, everybody, for joining us today. I think it's a good Q3 numbers for us, a huge improvement on the prior year. The 3 out of our 4 divisions performed very well, a little bit unlucky in our Fresh Vegetables division, but we get there. So I think we've just got to take a more medium- to longer-term view, and we've got a great business. It's a really fantastic product market position, some really fantastic geographic positions, and we look to the future with confidence. So thank you very much.

好的。所以，謝謝大家今天加入我們。我認為這對我們來說是一個很好的第三季度數字，比前一年有了巨大的進步。我們 4 個部門中的 3 個表現非常好，我們的新鮮蔬菜部門有點不走運，但我們做到了。所以我認為我們必須採取更中長期的眼光，而且我們的業務很棒。這是一個非常棒的產品市場地位，一些非常棒的地理位置，我們對未來充滿信心。非常感謝。

Today's call is now concluded.

今天的電話會議到此結束。