Dole PLC (DOLE) 2023 Q1 法說會逐字稿

Welcome to the Dole plc First Quarter 2023 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)

歡迎參加都樂公司 2023 年第一季度收益電話會議和網絡廣播。今天的會議正在通過互聯網進行現場直播，並進行錄製以供回放。 （操作員說明）

For opening remarks and introductions, I would like to turn the call over to the Head of Investor Relations with Dole plc, James O'Regan.

對於開場白和介紹，我想將電話轉給都樂公司投資者關係主管 James O'Regan。

Thank you, Rob. Welcome, everybody, and thank you for taking the time to join us on our first quarter 2023 earnings conference call. Joining me on the call today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Linden; and our Chief Financial Officer, Jacinta Devine.

謝謝你，羅布。歡迎大家，感謝您抽出時間參加我們的 2023 年第一季度收益電話會議。今天和我一起參加電話會議的是我們的首席執行官羅里·伯恩 (Rory Byrne)；我們的首席運營官 Johan Linden；以及我們的首席財務官 Jacinta Devine。

During this call, we will be referring to the presentation slides and supplemental remarks. And these, along with our earnings release and other related materials are available on the Investor Relations section of the Dole plc website. Please note, our remarks today will include certain forward-looking statements within the provisions of the federal securities safe harbor laws.

在這次電話會議中，我們將參考演示幻燈片和補充說明。這些信息以及我們的收益報告和其他相關材料可在都樂公司網站的投資者關係部分獲取。請注意，我們今天的言論將包括聯邦證券安全港法規定範圍內的某些前瞻性陳述。

These 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.

這些反映了做出這些陳述時的情況，公司明確不承擔更新或修改任何前瞻性陳述的義務。由於多種因素（包括我們在 SEC 文件和新聞稿中闡述的因素），實際結果或結果可能與明示或暗示的結果存在重大差異。

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. Following the agreement to sell the Fresh Vegetables, these results are reported separately in our financial statements as discontinued operations. Unless otherwise noted, our discussion of our results and outlook in today's presentation are on a continuing operations basis.

有關使用非公認會計原則財務指標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公認會計原則指標的調節。根據出售新鮮蔬菜的協議，這些結果在我們的財務報表中作為已終止業務單獨報告。除非另有說明，我們在今天的演示中對業績和前景的討論都是在持續經營的基礎上進行的。

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

因此，我很高興將今天的電話轉給羅里。

Thank you, James. A very warm welcome to everybody, and thank you all for joining us. So today, we're very pleased to report a strong start to the '23 financial year. While the focus of our remarks today will be on our continuing operations, we are also pleased to note that the Fresh Vegetables division has shown an improved performance so far in 2023 as we work our way through the regulatory process to the planned sale of this business to Fresh Express.

謝謝你，詹姆斯。非常熱烈地歡迎大家的到來，並感謝大家加入我們。今天，我們非常高興地報告 23 財年的強勁開局。雖然我們今天發言的重點將放在我們的持續運營上，但我們也很高興地註意到，隨著我們努力完成監管流程以計劃出售該業務，新鮮蔬菜部門在 2023 年迄今為止的業績有所改善到生鮮快遞。

Now turning to Slide 6 and the financial highlights for the quarter. While we delivered revenue and adjusted EBITDA growth, driven by strong performances in our Fresh Fruits and Diversified Fresh Produce EMEA segments.

現在轉向幻燈片 6 和本季度的財務亮點。在歐洲、中東和非洲地區新鮮水果和多元化新鮮農產品業務強勁表現的推動下，我們實現了收入和調整後 EBITDA 的增長。

Group revenue increased by 1% on a like-for-like basis, excluding the impact of foreign currency translation movements in M&A, it increased by just under 4%. These increases continue to be driven by higher pricing.

集團收入同比增長 1%，剔除併購中外幣換算變動的影響，增長略低於 4%。這些增長繼續受到定價上漲的推動。

Adjusted EBITDA increased by 9.3% to $100 million, while adjusted diluted earnings per share decreased primarily due to higher year-over-year interest expense.

調整後 EBITDA 增長 9.3%，達到 1 億美元，而調整後攤薄每股收益下降，主要是由於同比利息支出增加。

Moving on to our operational highlights. In our Fresh Fruits segment, we delivered very strong results in Q1, driven by an improved performance in our European operations. 2022 was a challenging year in Europe as we could not quickly pass on significant cost increases in shipping, fuel and sourcing costs to customers, in part due to the instability in the marketplace following the start of the Ukraine war.

接下來是我們的運營亮點。在我們的新鮮水果領域，由於歐洲業務業績的改善，我們在第一季度取得了非常強勁的業績。 2022 年對歐洲來說是充滿挑戰的一年，因為我們無法迅速將運輸、燃料和採購成本的大幅增加轉嫁給客戶，部分原因是烏克蘭戰爭爆發後市場不穩定。

While there remains a challenge to push through further price increases to offset some of the inflationary pressures we have faced, we are pleased to see results moving in a good direction in Q1.

儘管推動進一步提價以抵消我們面臨的部分通脹壓力仍然存在挑戰，但我們很高興看到第一季度的業績朝著良好的方向發展。

Our North American operations performed solidly with a healthy supply and demand balance and bananas aligned for continued good performance. As always, supply and demand dynamics in the banana market remain an important variable for the year ahead. Overall, we believe the industry remains in a good balance as we head into Q2 with our diverse sourcing base, we believe we are well positioned.

我們的北美業務表現穩健，供需平衡良好，香蕉業績持續良好。與往常一樣，香蕉市場的供需動態仍然是未來一年的重要變量。總體而言，我們相信，隨著我們進入第二季度，憑藉多元化的採購基礎，該行業仍保持良好的平衡，我們相信我們處於有利地位。

Our Diversified Fresh Produce EMEA segment that's had a very strong start to 2023. Inflationary-justified price increases flowing through from our dynamic pricing model have allowed for good revenue growth across our markets. Certain markets volume have been -- volumes have been more challenging. However, overall, our businesses have performed well through prudent cost management and the continued expansion into growth products and markets.

我們的多元化新鮮農產品 EMEA 細分市場到 2023 年開局非常強勁。我們的動態定價模型帶來的通貨膨脹合理的價格上漲使我們整個市場的收入實現了良好的增長。某些市場的成交量一直更具挑戰性。然而，總體而言，我們的業務通過審慎的成本管理和持續擴張到增長產品和市場而表現良好。

On an underlying local currency basis, we are very pleased with the performance of the segment. And now the more favorable FX comparative starting in Q2, we hope to see an improved performance on a reported U.S. dollar basis also.

以當地貨幣計算，我們對該部門的表現非常滿意。現在，從第二季度開始，外匯比較更加有利，我們希望看到以美元計的表現也有所改善。

Our Diversified Fresh Produce Americas and Rest of World segment has had a relatively slow start to the year. This is partly due to timing differences for the important Chilean cherry season this year and also due to the implementation of a more conservative strategy for the export of certain products following supply chain challenges in '22.

我們的多元化新鮮農產品美洲和世界其他地區部門今年開局相對緩慢。這部分是由於今年重要的智利櫻桃季節的時間差異，也是由於在 22 年供應鏈挑戰之後對某些產品的出口採取了更為保守的策略。

We experienced disruptions as a result of the fire in one of our Chilean operations during the quarter, although this did not have a material impact on operations and the damage incurred was covered by insurance. Despite these impacts, the scale and range of activity in this segment still allowed us to maintain a solid level of performance overall in Q1.

本季度，我們的智利業務之一因火災而受到干擾，但這並未對業務產生重大影響，而且所造成的損失已由保險承保。儘管存在這些影響，該領域的活動規模和範圍仍然使我們能夠在第一季度保持穩定的整體業績水平。

We continue to perform well on a number of our key product groups such as Chilean cherries and potatoes in North America and additionally, began a number of important strategic initiatives to further accelerate growth in these products as we move forward. Looking ahead to the rest of the year, we are confident that the strategy we've taken will deliver results, particularly in the second half.

我們在一些關鍵產品組上繼續表現良好，例如北美的智利櫻桃和土豆，此外，我們還開始實施一些重要的戰略舉措，以在我們前進的過程中進一步加速這些產品的增長。展望今年剩餘時間，我們相信我們所採取的戰略將取得成果，特別是在下半年。

Before I turn over to Jacinta, I also want to say a quick word on the ransomware attack we mentioned on our last call. Our efforts to quickly contain the and secure our systems resulted in a limited overall impact on group operations. Our continued operations incurred approximately $4.8 million of costs relating to the incident and the Fresh Vegetables business incurred approximately $5.7 million of costs.

在向 Jacinta 提問之前，我還想簡單介紹一下我們上次通話中提到的勒索軟件攻擊。我們為快速控制和保護系統所做的努力對集團運營的總體影響有限。我們的持續運營產生了約 480 萬美元的與該事件相關的成本，新鮮蔬菜業務產生了約 570 萬美元的成本。

Despite the complexity and cost of this issue, we are very pleased with the commitment of our people, ensuring that our systems recovery protocols worked as anticipated.

儘管這個問題很複雜且成本高昂，但我們對我們員工的承諾感到非常滿意，確保我們的系統恢復協議按預期工作。

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

然後，我會將您交給 Jacinta 進行財務審查。

Thank you, Rory. Good morning, and good afternoon, everyone. Firstly, turning to the group results on Slide 10. As noted by James and Rory earlier, the results of the Fresh Vegetables segment are reported separately as discontinued operations in our financial statements, and the focus of our discussion is therefore on the results of continuing operations.

謝謝你，羅里。大家早上好，下午好。首先，轉向幻燈片 10 上的集團業績。正如 James 和 Rory 之前指出的那樣，新鮮蔬菜部門的業績在我們的財務報表中單獨報告為非持續經營業務，因此我們討論的重點是持續經營業務的結果操作。

We delivered a strong result in the first quarter with revenue increasing $19 million or 1%. However, on a like-for-like basis, revenue increased $73 million or nearly 4% driven by higher pricing.

我們在第一季度取得了強勁的業績，收入增加了 1900 萬美元，即 1%。然而，在同類基礎上，由於定價上漲，收入增加了 7300 萬美元，即增長了近 4%。

Adjusted EBITDA increased $8.5 million or 9.3% to $100 million, with the increase driven by a strong performance in Fresh Fruits and Diversified Fresh Produce EMEA offset by a decrease in Diversified Fresh Produce Americas and Rest of World. On a like-for-like basis, adjusted EBITDA increased 9.9%.

調整後的 EBITDA 增長了 850 萬美元，即 9.3%，達到 1 億美元，這一增長是由歐洲、中東和非洲地區新鮮水果和多樣化新鮮農產品的強勁表現推動的，但被美洲和世界其他地區多樣化新鮮農產品的下降所抵消。按同比計算，調整後 EBITDA 增長 9.9%。

Adjusted net income was $32.3 million and adjusted diluted EPS was $0.34 in the quarter compared to $40.5 million and $0.43 in the prior year. The decrease was predominantly due to a $10 million increase in interest expense.

本季度調整後淨利潤為 3230 萬美元，調整後稀釋每股收益為 0.34 美元，而上年同期為 4050 萬美元和 0.43 美元。減少的主要原因是利息支出增加了 1000 萬美元。

Now looking at each of the segments in more detail and turning to Slide 12 for Fresh Fruits. The Fresh Fruits segment delivered strong results in the quarter. Revenue increased 6.5%, primarily driven by higher worldwide pricing of bananas and pineapples. Volumes of bananas sold increased on a worldwide basis, whereas pineapple volumes were lower.

現在更詳細地查看每個部分，然後轉到幻燈片 12 的“新鮮水果”。新鮮水果部門在本季度取得了強勁的業績。收入增長 6.5%，主要是由於香蕉和菠蘿的全球定價上漲。全球範圍內香蕉銷量有所增加，而菠蘿銷量則有所下降。

Adjusted EBITDA increased 14.6% compared to the first quarter of 2022, driven by revenue growth, which offset higher sourcing costs and higher cost of shipping, packaging and handling.

受收入增長推動，調整後 EBITDA 較 2022 年第一季度增長 14.6%，抵消了採購成本以及運輸、包裝和搬運成本的上升。

Now turning to Diversified Fresh Produce EMEA on Slide 13. This division performed strongly in the quarter with revenue increasing 1% driven by higher pricing. On a like-for-like basis, revenue increased 7%. Adjusted EBITDA increased over 21% to $23.4 million. And on a like-for-like basis, the increase was 26%. There was a strong performance across the segment with the U.K. performing well and an improved performance in South Africa.

現在轉向幻燈片 13 上的多樣化新鮮農產品歐洲、中東和非洲地區。該部門在本季度表現強勁，在定價上漲的推動下，收入增長了 1%。按同比計算，收入增長了 7%。調整後 EBITDA 增長超過 21%，達到 2,340 萬美元。同比增長 26%。整個細分市場表現強勁，其中英國表現良好，南非表現有所改善。

Finally, turning to Diversified Fresh Produce Americas and Rest of World on Slide 14. Primarily due to timing for the Chilean cherry season as well as lower volumes of berries and grapes, this division experienced a decrease in revenue of 8.8%. Partially offsetting these factors with continued strong performance for potatoes and onions in North America. The challenging quarter for berries and grapes was the primary driver of the adjusted EBITDA decrease of 36%.

最後，轉向幻燈片 14 上的美洲和世界其他地區的多樣化新鮮農產品。主要由於智利櫻桃季節的時機以及漿果和葡萄的產量減少，該部門的收入下降了 8.8%。北美土豆和洋蔥的持續強勁表現部分抵消了這些因素。漿果和葡萄季度充滿挑戰是調整後 EBITDA 下降 36% 的主要原因。

Now turning to Slide 15 and reflecting on capital allocation and leverage. Capital allocation continues to be a key focus of the group, especially as interest rates continue to rise. To manage this headwind, we are focused on being strategic with the investments we make, efficiently managing our working capital and on identified opportunities to dispose of noncore assets.

現在轉向幻燈片 15，反思資本配置和槓桿。資本配置仍然是該集團的重點關注點，尤其是在利率持續上升的情況下。為了應對這一逆風，我們專注於對我們所做的投資進行戰略性管理，有效管理我們的營運資金，並尋找處置非核心資產的機會。

In that regard, we are pleased that as of 31st of March, we have received proceeds from noncore asset sales of $6.5 million. And post the end of the quarter, we received a further $6.7 million from the sale of 2 vessels. We expect to deliver further asset sales as the year progresses. And as of 31st of March, we have $40 million of assets held for sale and actively marketed property on our balance sheet.

在這方面，我們很高興截至 3 月 31 日，我們已收到 650 萬美元的非核心資產出售收益。本季度末後，我們通過出售 2 艘船又獲得了 670 萬美元。我們預計隨著時間的推移將進一步出售資產。截至 3 月 31 日，我們的資產負債表上有 4000 萬美元的待售資產和積極營銷的財產。

Capital expenditure for the first quarter was $20 million, with investments in farm renovations as well as IT, logistics and efficiency projects in our warehouses and processing facilities. For 2023, we continue to expect CapEx to be circa $120 million.

第一季度的資本支出為 2000 萬美元，投資於農場翻新以及倉庫和加工設施的 IT、物流和效率項目。 2023 年，我們仍然預計資本支出約為 1.2 億美元。

We are pleased that our leverage at the end of the quarter came out at 2.8x, below our targeted level of 3x, driven by strong adjusted EBITDA performance and an efficient management of working capital across the group.

我們很高興看到，在強勁的調整後 EBITDA 業績和整個集團營運資本的高效管理的推動下，本季度末我們的槓桿率為 2.8 倍，低於我們 3 倍的目標水平。

Interest expense has increased approximately $10 million to $21 million, following rising rates over the past 12 months. For the full year, we are retaining our forecast of (technical difficulty).

隨著過去 12 個月利率的上升，利息支出增加了約 1000 萬美元至 2100 萬美元。對於全年，我們保留對（技術難度）的預測。

Finally, we are pleased (inaudible) dividend of $0.08 for the first quarter, continuing our commitment to return cash to shareholders.

最後，我們很高興（聽不清）第一季度股息為 0.08 美元，繼續我們向股東返還現金的承諾。

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

現在我將把您交給羅里（Rory），他將介紹我們的全年展望和閉幕詞的最新情況。

Thanks, Jacinta. Well, the operating environment so far in 2023 continues to bring with it both new opportunities and some new challenges. As we noted on our last update, so far in 2023, we do see signs of improved logistical efficiencies in several areas, which is helping to bring more stability to the sector after a long period of severe supply chain disruptions.

謝謝，傑辛塔。那麼，2023年迄今為止的運營環境繼續帶來新的機遇和一些新的挑戰。正如我們在上次更新中指出的那樣，2023 年到目前為止，我們確實看到了多個領域物流效率提高的跡象，這有助於在長期嚴重的供應鏈中斷後為該行業帶來更多穩定性。

We've also seen some unusual weather events. And as we progress through the second quarter, we are closely monitoring the impact of unprecedented rains in California, which continued to impact the vegetables and berry crops in that region.

我們還看到了一些不尋常的天氣事件。隨著第二季度的進展，我們正在密切監測加利福尼亞州前所未有的降雨的影響，該降雨繼續影響該地區的蔬菜和漿果作物。

Lastly, looking at the macroeconomic environment, we do continue to see positives for our business with the strengthening euro, more stable fuel prices and continued signs of inflation moderation in certain areas. However, we are also seeing headwinds with interest rates remaining high and unusual currency movements, particularly with the cost we can call on and being helpful to our cost base.

最後，從宏觀經濟環境來看，我們確實繼續看到歐元走強、燃油價格更加穩定以及某些領域通脹放緩跡象持續對我們的業務帶來的積極影響。然而，我們也看到了利率居高不下和貨幣波動異常等不利因素，特別是我們可以調用的成本並對我們的成本基礎有幫助。

That said, overall, we believe our strong first quarter has put us in an excellent position to deliver on our full year financial targets. Our business is well positioned for growth. And while the environment we operate in remains dynamic, we do continue to expect to deliver adjusted EBITDA from continuing operations of $350 million for the full year of 2023.

也就是說，總的來說，我們相信第一季度的強勁表現使我們處於實現全年財務目標的絕佳位置。我們的業務處於增長的有利位置。儘管我們所處的運營環境仍然充滿活力，但我們仍然預計 2023 年全年的持續運營調整後 EBITDA 將達到 3.5 億美元。

In conclusion, we are very pleased not only with the strong start we've made financially to 2023, but with the progress we are making on the wider strategic priorities we outlined earlier in the year.

總之，我們不僅對 2023 年在財務上取得的強勁開局感到非常滿意，而且對我們在今年早些時候概述的更廣泛戰略優先事項上取得的進展感到非常高興。

To recap, our principal strategic priorities for '23 are: completing the sale of the Fresh Vegetables business; focusing on cost control and operating efficiencies across our businesses, including the ongoing synergy projects; continuing with a disciplined approach to capital; and accelerated growth in our core business.

回顧一下，我們 23 年的主要戰略重點是： 完成新鮮蔬菜業務的出售；專注於我們各個業務的成本控制和運營效率，包括正在進行的協同項目；繼續對資本採取嚴格的態度；並加速我們核心業務的增長。

I want to finish by thanking again all of our dedicated and committed people for their ongoing efforts to drive Dole plc forward, as well as our suppliers and customers for their ongoing support, which provides us with confidence as we look out towards the remainder of the year.

最後，我想再次感謝我們所有敬業和忠誠的員工為推動都樂公司不斷前進而做出的持續努力，以及我們的供應商和客戶的持續支持，這為我們展望餘下的日子提供了信心。年。

So with that, I'll hand it back to the operator, and we can open the line for questions.

這樣，我會將其交還給接線員，然後我們就可以開通提問線路。

(Operator Instructions) Your first question comes from the line of Chris Barnes from Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Chris Barnes。

I guess the first question was just around the EBITDA guidance for the year. I mean, 1Q was a lot better than -- The Street expected, but you only reaffirmed the year. I appreciate the challenges that you're having in with the California weather and just uncertainty in the macro.

我想第一個問題與今年的 EBITDA 指引有關。我的意思是，第一季度比華爾街預期的要好得多，但你只是重申了這一年。我很理解加州的天氣和宏觀的不確定性所帶來的挑戰。

But can you maybe just elaborate on the decision to reiterate? Is this just prudence on your part? Or are you expecting something specific on unwind some of the strength, particularly as we move into the second half when comparisons get tougher and macro conditions or at least expected to deteriorate?

但您能否詳細說明一下重申的決定？這只是你的謹慎嗎？或者您是否期待一些具體的措施來緩解一些強勢，特別是當我們進入下半年時，比較變得更加艱難，宏觀條件或至少預計會惡化？

Yes. Thanks, Chris, for the question. Yes. I mean we're comfortable with the $350 million, and it's still relatively early in the year. Last year, as you know, we have very, very strong Q4 in particular. And so forecasting in the current world that we live in is quite, quite complex. We've got some very big macro issues still ongoing, whether it's the law or whether it's the debt ceiling in the U.S. or very -- all those factors.

是的。謝謝克里斯提出這個問題。是的。我的意思是，我們對 3.5 億美元感到滿意，而且現在還相對較早。如您所知，去年我們的第四季度尤其非常強勁。因此，對我們生活的當今世界進行預測是非常非常複雜的。我們還有一些非常大的宏觀問題仍然存在，無論是法律還是美國的債務上限，或者所有這些因素。

So we just felt, while we have strong Q1, and we're very happy with it. We are comfortable with the $350 million, but we didn't think the timing was right to in any way change the guidance for the year. There are some headwinds out there. We're highlight just a couple of them. Obviously, the weather has been a serious issue with the worst rains, I think in the 100 years in California.

所以我們只是覺得，雖然我們有強勁的第一季度，但我們對此感到非常滿意。我們對 3.5 億美元感到滿意，但我們認為現在不適合以任何方式改變今年的指導。那裡存在一些阻力。我們僅重點介紹其中的幾個。顯然，天氣一直是一個嚴重的問題，我認為這是加州一百年來最嚴重的降雨。

The cost ratio, call along the (inaudible) source premature of our pineapples has appreciated very significantly. But I think our history has shown we've been able to manage our way through those challenges. So that really is the overall position we've taken on our guidance and sticking with the $350 million.

我們的菠蘿的（聽不清）過早來源的成本比已大幅升值。但我認為我們的歷史已經表明我們能夠應對這些挑戰。這確實是我們對指導方針採取的總體立場，並堅持 3.5 億美元。

Understood. That's helpful. And then just a follow-up. It looks like you're absorbing about $11 million of overhead costs with the restatement of the segment EBITDA just as you discontinue Fresh Vegetables.

明白了。這很有幫助。然後只是後續行動。看起來您在停止新鮮蔬菜業務時通過重述該部門的 EBITDA 吸收了約 1100 萬美元的間接費用。

So -- to what degree do you expect to work these costs down whether this year or over time? And I guess, is there any timing associated with when you expect to extract some of that stranded overhead? Or is it really just part of the base going forward?

那麼，您預計今年或以後能在多大程度上降低這些成本？我想，是否有任何與您期望何時提取部分滯留開銷相關的時間？或者它真的只是未來基地的一部分？

No. I think, Chris, it's fair to say that our objective would be to reduce the head office cost allocation and when we sell that division or when we sell the division. It's an ongoing process. We've got a -- over the last year, so we've had a lot of cost associated with adapting the requirement of the SEC, SOX costs and some of those issues are quite expensive until we get them fully embedded into your systems, and we've made great progress on that.

不。我認為，克里斯，可以公平地說，我們的目標是減少總部成本分配以及何時出售該部門或何時出售該部門。這是一個持續的過程。在過去的一年裡，我們在適應 SEC 的要求、SOX 成本和其中一些問題上花費了大量成本，直到我們將它們完全嵌入到您的系統中，我們在這方面已經取得了很大進展。

So our -- we have a specific team looking at our total head office costs. It's always been an ongoing process, and we've got a particular focus on that and planning for the future years to have a rightsized head office cost.

因此，我們有一個特定的團隊來負責我們總部的總成本。這始終是一個持續的過程，我們特別關注這一點，併計劃在未來幾年調整總部成本。

And your next question comes from the line of Ben Bienvenu from Stephens.

你的下一個問題來自斯蒂芬斯的本·比恩韋努 (Ben Bienvenu)。

Congratulations. I want to start following up with the comments that you made just on rains in California. Kind of what are the near-term impacts of what you've seen there. And then kind of what's the follow-through effects that you see as we move through the rest of this year?

恭喜。我想首先跟進您對加利福尼亞州降雨的評論。您在那裡看到的情況的近期影響是什麼？那麼，當我們今年剩下的時間裡，你看到的後續影響是什麼？

Johan, do you want to make a comment on that?

約翰，你想對此發表評論嗎？

Yes. So we had 2 incidents of rain in California. The first one was not too bad, but the last one that came about really took some of the crop out. So what has happened is that now where we are right now, we have seen some scarcity and therefore, we've seen higher pricing, and that's one of the reasons also where we have good Q1.

是的。加利福尼亞州發生了兩起下雨事件。第一個還不錯，但最後一個確實讓一些作物損失了。因此，現在發生的情況是，我們現在所處的位置，我們看到了一些稀缺性，因此，我們看到了更高的定價，這也是我們第一季度表現良好的原因之一。

We're also starting off okay with vegetables. But what we see because of the rains and because of how that impacted planting, we see a lot of more volume coming towards the end of Q2. So we do see an oversupply in the market towards Q2. That's the direct impact.

我們也從蔬菜開始。但由於降雨以及降雨對播種的影響，我們看到第二季度末產量會大幅增加。因此，我們確實看到第二季度市場供應過剩。這就是直接的影響。

And some higher base costs right now that for our value-added business because of scarcity.

由於稀缺性，目前我們的增值業務的基本成本較高。

And then the ongoing operations, probably on the berry side, the business has been quite significantly disrupted as well. And the overall scheme of things is not a hugely material number for us.

然後正在進行的業務，可能是在漿果方面，業務也受到了相當大的干擾。總體方案對我們來說並不是一個非常重要的數字。

Okay. Okay, very good. And then thinking about the rest of the year, once you complete the sale of Fresh Vegetables, the balance sheet is in a great position. Can you talk a little bit about your desire to grow again inorganically from an M&A standpoint? And with rates having risen, how has that impacted multiples of potential targets that you might pursue?

好的。好的，非常好。然後想想今年剩下的時間，一旦完成新鮮蔬菜的銷售，資產負債表就處於有利地位。您能否從併購的角度談談您希望再次無機增長的願望？隨著利率上升，這對您可能追求的多個潛在目標有何影響？

Yes. I mean, obviously, the last year or 2 have been periods of consolidation. And such a dynamic environment we have been really focused on making sure we adapt to all the cost changes on our adopted business list. But at the same time, we've been keeping a close eye and what's happening in our world. We have our own internal corporate finance department. We do watch all the transactions that are taking place, the players that are being bought and sold and the companies that are interesting for us.

是的。我的意思是，顯然，過去一兩年是整合期。在這樣一個充滿活力的環境中，我們一直非常注重確保我們適應我們所採用的業務清單上的所有成本變化。但與此同時，我們一直密切關注世界上正在發生的事情。我們有自己的內部企業財務部門。我們確實關注所有正在發生的交易、正在買賣的球員以及我們感興趣的公司。

So I think it'll take a time about moving forward on those. And there are some interesting opportunities out there. We continue to keep our eye on, so far, despite interest rates going up, we haven't seen pricing coming down. I think I've mentioned that before, it does seem to something of a disconnect still between the private markets and the public markets in terms of valuation.

所以我認為推進這些工作需要一些時間。還有一些有趣的機會。到目前為止，我們繼續關注，儘管利率上升，但我們還沒有看到價格下降。我想我之前已經提到過，私募市場和公開市場在估值方面似乎仍然存在脫節。

So I hope that's a question for us. And then I think over time, they will get closer, but it's -- our plan is to continue to grow over the medium and long-term. So a good track record of adding in the right M&A transactions. And over the medium-term, we believe we will continue to do that.

所以我希望這對我們來說是一個問題。然後我認為隨著時間的推移，他們會越來越接近，但我們的計劃是在中長期內繼續增長。因此，在添加正確的併購交易方面有著良好的記錄。從中期來看，我們相信我們將繼續這樣做。

And your next question comes from the line of Adam Samuelson from Goldman Sachs.

你的下一個問題來自高盛的亞當·薩繆爾森。

This is actually [Gimo Stefani] for Adam. I was wondering if you could provide any additional color on the drivers for the year-over-year softness in Diversified Fresh Produce for the Americas, and the visibility of those drivers improving over the coming quarters.

這實際上是亞當的[Gimo Stefani]。我想知道您是否可以為美洲多樣化新鮮農產品同比疲軟的驅動因素提供任何額外的顏色，以及這些驅動因素在未來幾個季度的可見度的改善。

And lastly, you mentioned on your presentation you are implementing a more conservative export strategy? I was wondering if you could provide additional color on that as well.

最後，您在演講中提到您正在實施更為保守的出口戰略？我想知道你是否也可以提供額外的顏色。

Okay, [Gimo]. I think part of the reason is quarterly reporting in some segments of our business can be a little bit misleading. So if you look at last year, for example, the grape business out of South-Central America was very strong in Q1 '22. And this year, for some of the supply dynamics was considerably worse.

好的，[吉莫]。我認為部分原因是我們業務的某些部分的季度報告可能有點誤導。例如，如果你看看去年，中南美洲的葡萄業務在 22 年第一季度非常強勁。今年，某些供應動態要糟糕得多。

Having said that, the opposite has now happened in Q2 of '23 versus Q2 of '22, where there was in terms of supply chain problems to this huge lot of products came into the market in Q2. At the moment we don't foresee that's going to happen.

話雖如此，23 年第二季度與 22 年第二季度的情況恰恰相反，第二季度進入市場的大量產品存在供應鏈問題。目前我們預計不會發生這種情況。

The berry business has been a little bit more difficult and just some timing differences around production issues, but nothing major. And when we spoke with that to a more conservative approach to or strategies, we were really talking about cutting back primarily on some of our export grape volumes that because of some of the problems the market suffered last year.

漿果業務有點困難，只是在生產問題上存在一些時間差異，但沒什麼大不了的。當我們談論更保守的方法或策略時，我們實際上是在談論主要削減我們的一些葡萄出口量，因為去年市場遇到了一些問題。

Looking at all those factors, we still do expect that the full year outcome for this division will be more than satisfactory.

考慮到所有這些因素，我們仍然預計該部門的全年業績將非常令人滿意。

One thing to add there, Rory, is also that the seasonality when it comes to cherries was different this year because the Chinese New Year was earlier. So a lot of the volume was exported in Q4 instead of going into Q1.

羅里，需要補充的一件事是，今年櫻桃的季節性有所不同，因為中國新年較早。因此，大量的出口量是在第四季度出口的，而不是進入第一季度的。

Thanks, Johan, yes.

謝謝，約翰，是的。

That's super helpful. And if I could follow-up on consumer demand elasticity and if you've seen any change in the trend there, either across the business or across geographies?

這非常有幫助。我是否可以跟進消費者需求彈性，以及您是否發現趨勢有任何變化，無論是跨業務還是跨地區？

Look, we haven't seen material impact of pricing elasticity on demand. Perhaps a little bit of pressure at some of the individual products at the higher price per pound or per kilo of the product. A little bit of pressure perhaps in organics, again on price. But nothing material so far to put.

看，我們還沒有看到價格彈性對需求的實質性影響。某些個別產品的每磅或每公斤產品的價格較高，可能會帶來一些壓力。有機食品可能面臨一點壓力，同樣是價格壓力。但到目前為止還沒有什麼材料可以放。

I mean people -- consumers when they've got discretionary spend, our experience here is that they are continuing to spend that on healthy region and food and vegetables falls into that category, obviously.

我指的是人們——消費者，當他們有可自由支配的支出時，我們的經驗是，他們會繼續把錢花在健康地區，而食品和蔬菜顯然屬於這一類別。

(Operator Instructions) Your next question comes from the line of Bryan Spillane from Bank of America.

（操作員說明）您的下一個問題來自美國銀行的 Bryan Spillane。

Two questions for me. One, Jacinta, I just wanted to -- I don't know if I caught the whole thing. I thought you said, in the first quarter, there was an asset sale of $7 million, and then there are another $40 million of properties, I guess, that you're expecting to sell. I just want to make sure I heard that comment in terms of asset sale.

有兩個問題問我。一，傑辛塔，我只是想——我不知道我是否明白了整個事情。我記得你說過，第一季度出售了 700 萬美元的資產，然後我猜你預計還會出售價值 4000 萬美元的房產。我只是想確保我聽到了有關資產出售的評論。

Yes. No, that's correct. So we did sales proceeds of $7.6 million in Q1, and they would have been on our balance sheet at the end of December. And then at the 31st of March, we have another $40 million split between about $10 million of assets that are for sale, and about $30 million of actively marketed properties. So timing is always a little bit challenging, but yes, in total, it's $40 million.

是的。不，這是正確的。因此，我們第一季度的銷售收入為 760 萬美元，這些收入本應在 12 月底出現在我們的資產負債表上。然後在 3 月 31 日，我們將另外 4000 萬美元分成約 1000 萬美元的待售資產和約 3000 萬美元的活躍營銷房產。因此，時間安排總是有點困難，但是，是的，總共需要 4000 萬美元。

Okay. And then is -- just roughly like how we should think about the cash proceeds? Like is there a taxable event in this asset sale?

好的。然後，就像我們應該如何看待現金收益一樣？比如這次資產出售是否存在應稅事件？

Yes, there are in several of them, yes. So certainly, there will be a net cash tax impact on those.

是的，其中有幾個，是的。因此，肯定會對這些產生淨現金稅影響。

Okay. And then it sounds like -- well, my impression or listening to it, it sounds like you've identified and maybe there are some buyers for some of the properties and other assets -- so like is there a chance that, that number -- the asset sales actually creep up as we move through the year? Like is there a potential for more activity there?

好的。然後聽起來——嗯，我的印像或聽上去，聽起來你已經確定了，也許有一些買家購買了一些房產和其他資產——所以這個數字有可能嗎—— - 隨著這一年的推移，資產銷售實際上在攀升嗎？那裡是否有可能開展更多活動？

We hope so, Bryan. It's always a challenge. I mean we have others on those figures that are called out, we have sold the vessels. So they were things on our balance sheet at the end of December for sales. So that's an additional sale, and we have got proceeds of $6.7 million for those vessels.

我們希望如此，布萊恩。這始終是一個挑戰。我的意思是，我們還有其他關於這些數字的信息，我們已經出售了船隻。所以它們是我們 12 月底資產負債表上用於銷售的東西。這是一筆額外的銷售，我們從這些船隻中獲得了 670 萬美元的收益。

Okay. And most of this -- are you selling vessels? Or is it land? It sounds like it's mostly vessels, but I just want to make sure it's right?

好的。其中大部分——你們是在賣船隻嗎？還是陸地？聽起來主要是船隻，但我只是想確保它是正確的？

No. So for the $6.7 million post the quarter in, that was 2 vessels that we didn't use in our business, and the majority of the rest of it relates to Hawaii land.

不。所以對於本季度後的 670 萬美元來說，這是我們在業務中沒有使用的 2 艘船，其餘大部分與夏威夷土地有關。

Land, okay. Okay. And then second question, I guess, as we're looking at the end market in the U.S., I think one of the things we've observed is as -- even as some produce prices have come down, retailers are kind of slow to show changes in their cost to consumers.

陸地，好吧。好的。然後是第二個問題，我想，當我們關注美國的終端市場時，我認為我們觀察到的一件事是——即使一些農產品價格已經下降，零售商還是有點緩慢向消費者展示其成本的變化。

So just wanted to get your sense, is that accurate? There's been retailers actually capturing a little bit of margin, maybe as their costs have come down? And then kind of your expectation as we kind of -- as we move through the year, do we think that we'll see more of an accurate -- a real-time reflection, I guess, of what's happening not understanding that there's ups and downs with lots of different types of produce.

所以只是想了解一下您的感覺，這準確嗎？零售商實際上獲得了一點利潤，也許是因為他們的成本下降了？然後，您的期望是，當我們度過這一年時，我們是否認為我們會看到更多準確的實時反映，我想，對正在發生的事情不了解有上升和許多不同類型的產品的起伏。

But just our observation and checks suggest that retailers have been trying to cap -- hold on to that margin and just want to understand if that's a structural change or just something that's more transient?

但我們的觀察和檢查表明，零售商一直在試圖限制——保持這一利潤，只是想了解這是結構性變化還是只是暫時性的變化？

Yes. My sense of it, Bryan, although it's always hard to call is that it's probably something more transient. I think retailers have been realistic in terms of the requirement and the need to pass on genuine cost increases and at the same time trying to balance the ultimate retail price to make sure that across a wide range of products that consumers continue to buy.

是的。布萊恩，我的感覺是，儘管這總是很難判斷，但它可能只是轉瞬即逝的東西。我認為零售商在轉嫁真正的成本增加的要求和需要方面是現實的，同時努力平衡最終零售價格，以確保消費者繼續購買各種產品。

So in the Fresh Produce sector, we don't have any particular evidence of significant changes in any of the pricing and to -- there are any out in the margins that retailers are taking out of pricing.

因此，在生鮮農產品領域，我們沒有任何具體證據表明任何定價發生重大變化，並且零售商正在從定價中扣除任何利潤。

So on Europe, it's a broadly similar situation. So I think your last comment was the relevant one that it's across such a wide range of products. And in non-banana pineapples, we have a very flexible dynamic pricing model that goes pretty much accurately reflect the moving cost base in those individual products. I don't think there's any material shift there.

因此，在歐洲，情況大致相似。所以我認為你的最後一條評論是相關的，它涉及如此廣泛的產品。對於非香蕉菠蘿，我們有一個非常靈活的動態定價模型，可以非常準確地反映這些單個產品的移動成本基礎。我不認為那裡有任何實質性的轉變。

And then just one last one, if I can, maybe for Jacinta. Just -- if currencies stayed where they are today, so there's nothing moves, would currency be a tailwind to reported results over the balance of the year.

然後是最後一張，如果可以的話，也許是為了傑辛塔。只是——如果貨幣保持在今天的水平，那麼沒有任何變動，那麼貨幣將成為今年剩餘時間報告結果的順風車。

Yes. No, it certainly would. So we take euro/dollar is probably the major currency for us. And so while we're down approximately 4% in the quarter, it's actually up 5% versus Q4, and about 2% from a full year basis. So yes, we should see some positivity there in our retranslated numbers and similarly with the SEK, and yes, certainly. So although the SEK is...

是的。不，肯定會的。因此，我們認為歐元/美元可能是我們的主要貨幣。因此，雖然本季度下降了約 4%，但實際上比第四季度增長了 5%，比全年增長了約 2%。所以，是的，我們應該在重新翻譯的數字中看到一些積極的一面，與瑞典克朗類似，是的，當然。因此，儘管瑞典克朗...

Right, we're not predicting currencies, but if it stays the same, it'll be -- it should contribute to EBITDA at the balance of the year?

是的，我們不是在預測貨幣，但如果它保持不變，那麼它應該在今年剩餘時間為 EBITDA 做出貢獻？

Versus last year. Yes, absolutely.

與去年相比。是的，一點沒錯。

And your next question comes from the line of Gary Martin from Davy.

你的下一個問題來自戴維的加里·馬丁。

Congratulations on a strong set of results. Just a few questions on my side. I'll just start with Fresh Fruits just to begin with. That was particularly strong. I suppose just looking at Q2 and H2, do you think that banana and pineapple supply demand dynamics are still in quite a good place? And do you expecting kind of Q1's robust performance to continue into the rest of the year for basically just my question?

祝賀取得了一系列強勁的成果。我這邊有幾個問題。我將從新鮮水果開始。那是特別強烈。我想只要看看第二季度和下半年，您是否認為香蕉和菠蘿的供需動態仍然處於相當好的狀態？對於我的問題，您是否預計第一季度的強勁表現會持續到今年剩餘時間？

Johan, do you want to comment on that?

約翰，你想對此發表評論嗎？

Yes. So overall, we started the year when it comes to bananas with a very tight supply. We don't see that continue the same way into Q2, we see a much more balanced demand supply. So it's a balance compared to a tight one.

是的。總的來說，今年年初香蕉供應非常緊張。我們認為這種情況不會以同樣的方式進入第二季度，我們看到需求供應更加平衡。因此，與緊繃的平衡相比，這是一種平衡。

However, on the pineapple side, we have seen supply tighten up. So there, we see a little bit of a shortness. We believe that is good. So overall, we just feel that we are in a good place when it comes to supply and demand, if you put it all together for Fresh Fruits. So we believe in the Q2 also, that will be healthy.

然而，在菠蘿方面，我們看到供應收緊。所以，我們看到了一點不足。我們相信這很好。因此，總的來說，如果將新鮮水果的所有因素綜合起來，我們認為在供應和需求方面，我們處於一個良好的位置。因此，我們也相信第二季度將是健康的。

Excellent. And then just kind of associated with the Fresh Fruits segment. I see commercial cargo. I didn't -- there was no color in either the presentation or the results. Could I just get an update on just how that's performing? It's -- I mean, obviously, I think you spoke previously about the strong performance in FY '22, not continuing into '23. But I mean, has there been some strength kind of remaining?

出色的。然後與新鮮水果部分相關。我看到商業貨物。我沒有——演示或結果都沒有色彩。我可以了解其表現的最新情況嗎？我的意思是，顯然，我認為您之前談到了 22 財年的強勁表現，而不是持續到 23 財年。但我的意思是，還有剩餘的力量嗎？

Yes. We still -- the profit contribution of that division has done and a lot of that's dry cargo and the rates of dry cargo to have moved off some of the peaks in 2022. So it's down, but still doing well.

是的。我們仍然——該部門的利潤貢獻已經完成，其中很多是乾貨，乾貨費率在 2022 年已經脫離了一些峰值。所以它有所下降，但仍然表現良好。

Excellent. And then just a second question just on -- just to kind of lay the land on costs. I mean, I think you called out inflation overall as just moderating, but I suppose, just in terms of shipping and sourcing, just to kind of get some of the puts and takes just in regards to what's increasing and what's decreasing and just your view for the rest of the year?

出色的。接下來是第二個問題——只是為了確定成本。我的意思是，我認為您認為總體通脹正在放緩，但我想，只是在運輸和採購方面，只是為了了解一些關於增長和下降的看跌期權和跌幅，以及您的觀點今年剩下的時間？

I think the only broad comment we can really making obviously does appear to be a greater degree of stability around those costs. I think costs -- and I think shipping so far on some of the dry containers, you're seeing some reduction in the rates. That hasn't flown through fully into reefer containers, but we're not seeing the level of increases that we saw in prior years either. The rest, it's a mixed bag of ups and downs, but our sense of it is stability and moderation.

我認為我們真正能做出的唯一廣泛的評論顯然似乎是這些成本的更大程度的穩定性。我認為成本 - 我認為到目前為止使用一些幹集裝箱運輸，您會看到費率有所下降。這些資金尚未完全流入冷藏集裝箱，但我們也沒有看到前幾年的增長水平。其餘的，都是有起有落的，但我們的感覺是穩定和適度。

And there are no further questions at this time. I will now turn the call back over to CEO, Rory Byrne, for some final closing comments.

目前沒有其他問題。現在，我將把電話轉回給首席執行官羅里·伯恩 (Rory Byrne)，以徵求最後的總結意見。

Thank you. Well, thank you all for participating and the questions. So I think we can be very pleased with another strong quarter. Obviously, we had some major challenges out there, and we believe we've navigated our way for those challenges pretty successfully.

謝謝。好的，謝謝大家的參與和提問。因此，我認為我們會對另一個強勁的季度感到非常滿意。顯然，我們遇到了一些重大挑戰，我們相信我們已經非常成功地應對了這些挑戰。

And in summary, we think we're well positioned to continue to move forward in a very good way. So thank you all for joining us today. Thank you very much.

總而言之，我們認為我們處於有利位置，可以繼續以非常好的方式向前發展。感謝大家今天加入我們。非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。