Fresh Del Monte Produce Inc (FDP) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to Fresh Del Monte Produce fourth quarter and full fiscal year 2023 conference call. Today's conference call is being broadcast live over the Internet and is also being recorded for playback purposes. (Operator Instructions) For opening remarks and introductions, I would like to turn today's call over to the Vice President, Corporate Communications with Fresh Del Monte Produce, Claudia Pou. Please go ahead, Ms. Pou.

大家好，歡迎參加 Fresh Del Monte Produce 第四季和 2023 財年的電話會議。今天的電話會議正在透過網路進行現場直播，並進行錄音以供回放。（操作員說明） 對於開場白和介紹，我想將今天的電話轉給 Fresh Del Monte Produce 企業傳播副總裁 Claudia Pou。鮑女士，請繼續。

Thank you, Regina, and good morning, everyone, and thank you for joining our fourth quarter and full fiscal year 2023 conference call. As Regina mentioned, I'm Claudia Pou, Vice President, Corporate Communications with Fresh Del Monte Produce. Joining me in today's discussion are Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer; and Monica Vicente, Senior Vice President and Chief Financial Officer.

謝謝里賈納，大家早上好，謝謝您參加我們的第四季和 2023 財年整個財年電話會議。正如 Regina 所提到的，我是 Fresh Del Monte Produce 企業傳播副總裁 Claudia Pou。與我一起參加今天討論的還有董事長兼執行長穆罕默德‧阿布‧格札拉 (Mohammad Abu-Ghazaleh)；和莫妮卡·文森特，高級副總裁兼財務長。

I hope that you've had a chance to review the press release that was issued earlier this morning via Business Wire. You may also visit the company's IR website at investorrelations.freshdelmonte.com to access today's earnings materials and to register for future distribution. This conference call is being webcast live on our website and will be available for replay after this call.

我希望您有機會閱讀今天早上早些時候透過美國商業資訊發布的新聞稿。您也可以造訪該公司的投資者關係網站investorrelations.freshdelmonte.com，獲取今天的收益資料並註冊以供未來分發。本次電話會議正在我們的網站上進行網路直播，並將在電話會議結束後重播。

Please note that our press release and our call today include non-GAAP measures. Reconciliations of these non-GAAP financial measures and the other required disclosures are set forth in the press release and earnings presentation, which is available on our website.

請注意，我們今天的新聞稿和電話會議包括非公認會計原則措施。這些非公認會計原則財務指標和其他所需揭露的調節在我們網站上的新聞稿和收益演示中列出。

I would like to remind you that much of the information we'll be speaking to today, including the answers we give in response to your questions may include forward-looking statements within the provisions of the federal securities laws safe harbor. In today's press release and in our SEC filings, we detail risks that may cause our future results to differ materially from these forward-looking statements.

我想提醒您，我們今天要討論的大部分信息，包括我們針對您的問題給出的答案，可能包括聯邦證券法安全港條款中的前瞻性陳述。在今天的新聞稿和向美國證券交易委員會提交的文件中，我們詳細介紹了可能導致我們未來結果與這些前瞻性陳述有重大差異的風險。

Our statements are as of today, February 25, and we have no obligation to update any forward-looking statement we may make. During the call, we will provide a business update along with an overview of our fourth quarter and full year 2023 financial results, followed by a question-and-answer session.

我們的聲明截至今天 2 月 25 日，我們沒有義務更新我們可能做出的任何前瞻性聲明。在電話會議期間，我們將提供業務更新以及 2023 年第四季和全年財務業績概述，然後進行問答環節。

With that, I'm pleased to turn today's call over to Mr. Abu-Ghazaleh.

因此，我很高興將今天的電話轉給阿布·格扎拉先生。

Thank you, Claudia, and good morning, everyone. As you have read in our press release, our strong gross margins and cash flow enabled us to have strong adjusted earnings per share growth. It allows us to reduce our long-term debt by $140 million and the year with an adjusted leverage ratio of 1.7 times and allowed us to continue returning value to shareholders and increased our quarterly dividend by 25% for the second year in a row. And therefore, 2023, we conducted a strategic review and assess our operational priorities of our North America operations, including manufacturing.

謝謝克勞迪婭，大家早安。正如您在我們的新聞稿中所讀到的那樣，我們強勁的毛利率和現金流使我們能夠實現強勁的調整後每股收益成長。它使我們的長期債務減少了 1.4 億美元，調整後的槓桿率為 1.7 倍，使我們能夠繼續向股東回報價值，並連續第二年將季度股息增加了 25%。因此，到 2023 年，我們進行了策略審查並評估了北美業務（包括製造）的營運優先事項。

Preliminary findings of this review were finalized in the fourth quarter. As a result of this strategic review and other factors, we recorded a non-cash impairment of $131.2 million in the quarter related to our Mann Packing operations. We are exploring strategic alternatives for this business all while continuing to focus on our long-term drivers for enhancing shareholder platform 2024.

此次審查的初步結果於第四季最終確定。由於本次策略審查和其他因素，我們在本季度記錄了與曼恩包裝業務相關的 1.312 億美元非現金減損。我們正在探索該業務的策略替代方案，同時繼續專注於增強 2024 年股東平台的長期驅動力。

Fresh Del Monte has been leading pineapple innovation since the 1990s, with the debut of the Del Monte Gold Extra Sweet pineapple, the first of its kind at that time. Since then, our robust pineapple program has released the Pinkglow pineapple; the Honeyglow pineapple; the Del Monte Zero pineapple; and just a few weeks ago, the Rubyglow pineapple, a new premium hybrid pineapple.

自 1990 年代以來，Fresh Del Monte 一直引領鳳梨創新，推出了當時同類產品中的第一款 Del Monte Gold Extra Sweet 鳳梨。從那時起，我們強大的菠蘿計劃發布了 Pinkglow 菠蘿；蜜光菠蘿；德爾蒙特零菠蘿；就在幾週前，Rubyglow 鳳梨上市了，這是一種新型優質雜交鳳梨。

In 2023, we saw continued strong demand for our Honeyglow and Pinkglow pineapples, with sales growing by approximately 25% for these varieties in the year '23 compared with '22. In 2024, we will continue to focus on our pineapple program by working to expand the reach of our existing varieties and our new Rubyglow variety.

2023 年，我們看到對 Honeyglow 和 Pinkglow 鳳梨的需求持續強勁，與 22 年相比，這些品種在 23 年的銷量增長了約 25%。2024 年，我們將繼續專注於我們的鳳梨計劃，努力擴大現有品種和新 Rubyglow 品種的覆蓋範圍。

During 2023, we made significant progress on our asset optimization program and sold underutilized and non-strategic assets, which generated cash proceeds of $120 million. This included two distribution center centers and related assets in Saudi Arabia, an idle production facility in North America, our plastic business subsidiary in South America, idle land assets in South and Central America, and two carrier vessels.

2023 年，我們的資產優化計畫取得了重大進展，並出售了未充分利用的非戰略資產，產生了 1.2 億美元的現金收益。其中包括沙烏地阿拉伯的兩個配送中心和相關資產、北美的一個閒置生產設施、南美洲的塑膠業務子公司、南美洲和中美洲的閒置土地資產以及兩艘運輸船。

This combined with our strong operating cash flow fit into our ability to reduce our long-term debt to $400 million at the end of '23 compared to $450 million at the end of '22. We also raised our quarterly dividend -- sorry, $500 million at the end of '22. We also raised our quarterly dividend to $0.25 per share. It was a 5% increase from the previous quarter.

這與我們強勁的營運現金流相結合，使我們能夠將長期債務從 2022 年底的 4.5 億美元減少到 23 年底的 4 億美元。我們也提高了季度股息——抱歉，22 年底為 5 億美元。我們也將季度股息提高至每股 0.25 美元。較上一季成長 5%。

Fresh-cut fruit is a strength that we are leaning into this year. Our fresh-cut fruit top line has grown more than 50% in the past three years. We attribute this to innovating around product packaging and forming strategic partnerships with customers and brands. We will focus on further expanding this category in North America, Europe, and Asia, and also, by focusing on increasing the mix from the higher-margin value-added products in our portfolio.

鮮切水果是我們今年的優勢。過去三年，我們的鮮切水果銷量成長了 50% 以上。我們將此歸因於圍繞產品包裝進行創新以及與客戶和品牌建立策略合作夥伴關係。我們將專注於在北美、歐洲和亞洲進一步擴大這一類別，並專注於增加我們產品組合中利潤率較高的增值產品的組合。

In 2023, we achieved the highest adjusted gross margin since 2016, coming in at 8.2%, which was driven by our ability to control costs, optimize our assets, and focus our profitable growth. We are laser focused on our vision and strategy, which is rooted in enhancing shareholder value. While our bananas play an important part in generating strong cash flow to fuel our innovation, we believe we will get there by focusing our strength on pineapples, fresh-cut, and resin-used areas where we have the capability to innovate and be leaders. We see tremendous opportunities for our company to drive growth through innovation.

2023 年，我們實現了自 2016 年以來的最高調整後毛利率，達到 8.2%，這得益於我們控製成本、優化資產和專注於獲利成長的能力。我們專注於我們的願景和策略，其植根於提高股東價值。雖然我們的香蕉在產生強勁的現金流以推動我們的創新方面發揮著重要作用，但我們相信，透過將我們的優勢集中在鳳梨、新鮮切割和樹脂使用領域，我們將實現這一目標，在這些領域我們有能力創新並成為領導者。我們看到公司透過創新推動成長的巨大機會。

With that, I would like to turn the call over to Monica Vicente, our Chief Financial Officer, who will get into the results. Monica?

說到這裡，我想將電話轉給我們的財務長莫妮卡·維森特，她將了解結果。莫妮卡？

Thank you, Mohammad. Good morning and thank you for joining us on today's call. As a reminder, there is a seasonality in the cadence of our earnings. The first and second quarters are seasonally our stronger quarters, while our third and fourth quarters are seasonally softer.

謝謝你，穆罕默德。早安，感謝您參加今天的電話會議。提醒一下，我們的收入節奏存在季節性。第一和第二季度是我們季節性強勁的季度，而第三和第四季是季節性疲軟的。

Our 2023 results are consistent with historical trends as we realized a greater portion of our net sales and gross profit during the first half of the year. Please keep in mind when looking at the year-over-year results that our results in 2022 did not follow that same seasonality due to the high inflationary environment and a lag in price increases leading to an unusually soft first half and stronger second half.

我們 2023 年的業績與歷史趨勢一致，因為我們的淨銷售額和毛利的大部分是在上半年實現的。請記住，在查看同比業績時，我們 2022 年的業績並未遵循相同的季節性，因為高通膨環境和價格上漲的滯後導致上半年異常疲軟，下半年異常強勁。

As Mohammad mentioned and you will also see in our 10-K filing later today, in the fourth quarter, we took an impairment charge of $131 million, of which $110 million relates to customer list and trade name intangibles as well as building land and land improvement assets related to the fresh and value-added product segment in North America, and also $22 million related to goodwill in our prepared foods reporting unit. These impairments were related to our Mann Packing business acquired in 2018. We are currently exploring strategic alternatives for this business, and we will provide updates as they become available.

正如穆罕默德所提到的，您還將在今天稍後的10-K 文件中看到，在第四季度，我們提列了1.31 億美元的減值費用，其中1.1 億美元與客戶名單和商號無形資產以及建築土地和土地有關。這些減損與我們 2018 年收購的曼恩包裝業務有關。我們目前正在探索該業務的策略替代方案，我們將在可用時提供更新。

With that, I will now turn to our results. Net sales for the fourth quarter were $1.009 billion compared with 1.040 billion in the prior year. The decrease in net sales in the fourth quarter were driven by lower net sales of bananas and lower global demand for our third-party ocean freight business, partially offset by higher net sales in the fresh and value-added product segments in Europe and Asia.

現在，我將談談我們的結果。第四季淨銷售額為 10.09 億美元，去年同期為 10.4 億美元。第四季淨銷售額的下降是由於香蕉淨銷售額下降以及全球對第三方海運業務的需求下降所致，但部分被歐洲和亞洲新鮮和增值產品領域淨銷售額的增加所抵消。

For the full year, net sales were $4.3 billion compared with $4.4 billion in 2022. Lower net sales for the year were driven by lower overall sales volumes combined with lower demand of our third-party ocean freight business, partially offset by higher per unit sale prices of bananas and fresh and value-added products in Europe and Asia.

全年淨銷售額為 43 億美元，而 2022 年為 44 億美元。今年淨銷售額下降的原因是整體銷售下降以及第三方海運業務需求下降，但歐洲和亞洲香蕉以及新鮮和增值產品的單位銷售價格上漲部分抵消了這一影響。

Despite a weaker Japanese yen, Korean won, and British pound, gross profit for the fourth quarter of 2023 was $63 million compared with $82 million in the prior year. The decrease in gross profit was driven by lower net sales, coupled with higher per unit production costs, partly due to the negative impact of a stronger Costa Rica colon. Gross profit benefited by lower per unit for distribution and ocean freight costs. Gross margin for the fourth quarter of 2023 was 6.2% compared to 7.9% in the prior year.

儘管日圓、韓元和英鎊走弱，但 2023 年第四季的毛利為 6,300 萬美元，而前一年為 8,200 萬美元。毛利下降的原因是淨銷售額下降，加上單位生產成本上升，部分原因是哥斯大黎加結腸走強的負面影響。毛利受益於單位分銷和海運成本的降低。2023 年第四季的毛利率為 6.2%，而去年同期為 7.9%。

For the full year, gross profit increased 3% to $351 million from $340 million in the prior year. The increase was primarily driven by higher selling prices of bananas and fresh and value-added products, combined with lower distribution costs, partially offset by higher price per unit production costs, partly driven by the negative impact of a stronger Costa Rica colon where we source the majority of our pineapple.

全年毛利從上年的 3.4 億美元增至 3.51 億美元，成長 3%。這一增長主要是由於香蕉和新鮮及增值產品的銷售價格上漲，加上分銷成本降低，部分被單位生產成本價格上漲所抵消，部分是由於我們採購的哥斯達黎加結腸走強帶來的負面影響我們大部分的菠蘿。

Gross margins increased to 8.1% for 2023 compared to 7.7% in the prior year. Adjusted gross profit for the full year of '23 was $355 million compared with $340 million in the prior year. Adjusted gross profit for full year '23 excludes $4 million of other product related charges, primarily related to $1.5 million of inventory write-off due to the sale of two distribution centers in Saudi Arabia in the first quarter and $1.4 million of inventory write-offs and cleanup costs, net of insurance recoveries tied to the flooding of our seasonal production facility in Greece in the third quarter. There were no other product related charges in '22.

2023 年毛利率增至 8.1%，而前一年為 7.7%。2023 年全年調整後毛利為 3.55 億美元，前一年為 3.4 億美元。23 年全年調整後毛利不包括 400 萬美元的其他產品相關費用，主要與第一季度出售沙烏地阿拉伯兩個配送中心導致的 150 萬美元庫存沖銷和 140 萬美元庫存沖銷相關以及清理成本，扣除與第三季希臘季節性生產設施洪水相關的保險賠償。22 年沒有其他與產品相關的費用。

Operating loss for the fourth quarter of '23 was $113 million compared with operating income of $31 million in the prior year. The loss was driven by the $134 million asset impairment charge already discussed. Adjusted operating income for the fourth quarter of '23 was $12 million compared with $34 million in the prior year. Adjusted operating income excludes the above-mentioned asset impairment and $6 million of other product related credits due to the floods in Greece in the third quarter as well as a gain on asset sale of $2 million related to the sale of a vessel.

2023 年第四季的營業虧損為 1.13 億美元，而前一年的營業收入為 3,100 萬美元。這項損失是由已經討論過的 1.34 億美元資產減損費用造成的。2023 年第四季調整後營業收入為 1,200 萬美元，上年同期為 3,400 萬美元。調整後營業收入不包括上述資產減損及因第三季希臘洪水而產生的 600 萬美元其他產品相關信貸，以及與出售船舶相關的 200 萬美元資產出售收益。

In the first quarter or fourth quarter of '22, adjusted operating income excludes $3 million of asset impairment charges, principally due to banana-related fixed assets in the Philippines due to flooding. For the fiscal full year '23, operating income was $59 million compared with $156 million in the prior year. And adjusted operating income, which excludes product related charges, asset impairment, and gain on asset sales was $165 million compared with $149 million in the prior year.

2022年第一季或第四季度，調整後的營業收入不包括300萬美元的資產減損費用，主要是由於菲律賓因洪水而導致的與香蕉相關的固定資產。23 財年全年營業收入為 5,900 萬美元，而前一年為 1.56 億美元。調整後的營業收入（不包括產品相關費用、資產減損和資產銷售收益）為 1.65 億美元，而前一年為 1.49 億美元。

The year-over-year adjusted operating income increase was primarily driven by higher gross profit. FTP net loss for the fourth quarter of 2023 was $106 million compared with FTP net income of $18 million in the prior year. Adjusted FTP net income for the fourth quarter was $12 million compared with $22 million in '22. For the full year FTP net loss was $11 million compared with FTP net income of $99 million. Adjusted FTP net income was $102 million compared with $94 million in the prior year.

調整後營業收入年增主要是由於毛利增加所致。FTP 2023 年第四季淨虧損為 1.06 億美元，而前一年 FTP 淨利為 1,800 萬美元。第四季調整後的 FTP 淨利為 1,200 萬美元，而 2022 年為 2,200 萬美元。FTP 全年淨虧損為 1,100 萬美元，而 FTP 淨利潤為 9,900 萬美元。調整後的 FTP 淨利潤為 1.02 億美元，而上一年為 9,400 萬美元。

Our diluted earnings per share in the fourth quarter of '23 was a loss of $2.22 compared with $0.38 in the prior year. Adjusted diluted earnings per share was $0.25 compared with $0.45 in Q4 2022. For the full year, diluted earnings per share was a loss of $0.24 compared to $2.06 per share in the prior year. Adjusted earnings per share was $2.12 compared to $1.97 per share in the prior year. Adjusted EBITDA for the fourth quarter was $38 million compared with $59 million in 2022. For the full year, adjusted EBITDA increased to $239 million compared to $235 million in the prior year.

2023 年第四季我們的攤薄每股收益為虧損 2.22 美元，而前一年為 0.38 美元。調整後攤薄每股收益為 0.25 美元，而 2022 年第四季為 0.45 美元。全年稀釋後每股收益為虧損 0.24 美元，而前一年每股虧損為 2.06 美元。調整後每股收益為 2.12 美元，去年同期為 1.97 美元。第四季調整後 EBITDA 為 3,800 萬美元，而 2022 年為 5,900 萬美元。全年調整後 EBITDA 增至 2.39 億美元，上一年為 2.35 億美元。

I will now go into more detail on the full year performance for each of our segments, beginning with our fresh and value-added product segment. Net sales for the fiscal year 2023 were down approximately 4% to $2.5 billion compared to $2.6 billion in the prior year due to lower sales volume across most products in this category, except for pineapples and avocados, combined with lower sales prices of avocados due to prior year volatility and lower sell prices in our prepared and vegetable product categories, partially offset by higher per unit selling prices across all other products in this segment.

我現在將更詳細地介紹我們每個細分市場的全年業績，首先是我們的新鮮和增值產品細分市場。與前一年的26 億美元相比，2023 財年的淨銷售額下降了約4%，至25 億美元，原因是除鳳梨和酪梨外，該類別中大多數產品的銷量下降，而且由於酪梨的銷售價格較低，去年我們的預製食品和蔬菜產品類別的波動性和較低的銷售價格被該細分市場所有其他產品的單位銷售價格較高所部分抵消。

As Mohammad mentioned, over the past few years, we have successfully released several new pineapple varieties. During 2023, we saw 25% year-over-year volume growth in our higher-margin Honeyglow and Pinkglow pineapples. We grew our avocado program this past year by expanding our customer base, increasing sales volume by 16% and also further diversifying our sourcing origins to include Colombia, Dominican Republic, and Peru, as well as continuing to refine our pricing and sourcing strategies.

正如穆罕默德所提到的，在過去的幾年裡，我們已經成功推出了幾個菠蘿新品種。2023 年，我們利潤較高的 Honeyglow 和 Pinkglow 鳳梨的銷量較去年同期成長了 25%。去年，我們透過擴大客戶群、將銷量增加 16%、進一步多元化我們的採購來源地（包括哥倫比亞、多明尼加共和國和秘魯）以及繼續完善我們的定價和採購策略來發展我們的酪梨計劃。

Gross profit for fiscal year 2023 was $167 million compared with $183 million in the prior year. The decrease was primarily due to lower sales volumes and higher product costs due partially to the impact of the strengthening of the Costa Rica colon and the Mexican peso, somewhat offset by lower distribution, ocean and inland freight costs. As a result, the gross margin was 6.8% in 2023 compared to 7.1% in 2022.

2023 財年的毛利為 1.67 億美元，而前一年為 1.83 億美元。下降的主要原因是銷售下降和產品成本上升，部分原因是哥斯達黎加科朗和墨西哥比索走強的影響，但分銷、海運和內陸貨運成本下降在​​一定程度上抵消了這一影響。因此，2023 年毛利率為 6.8%，而 2022 年為 7.1%。

Adjusted gross profit for fiscal year '23 was $171 million compared to $183 million in the prior year. Adjusted gross profit excludes $4 million of other product related charges due to inventory write-offs from the sale of two distribution centers in Saudi Arabia, and inventory write-offs, and cleanup costs net of insurance recoveries tied to the flood of our seasonal production facility in Greece. For 2024, we expect higher margins in this segment driven by favorable product mix.

23 財年調整後毛利為 1.71 億美元，前一年為 1.83 億美元。調整後的毛利不包括因出售沙烏地阿拉伯兩個配送中心而產生的庫存沖銷而產生的 400 萬美元其他產品相關費用，以及扣除與季節性生產設施洪水相關的保險賠償後的庫存沖銷和清理成本在希臘。到 2024 年，我們預計在有利的產品組合的推動下，該領域的利潤率將會更高。

Moving to our banana segment. Net sales for fiscal year '23 increased 1% to $1,638 million compared to $1,620 million in the prior year. The increase was driven by higher per unit selling prices in Europe, partially offset by lower sales in North America due to lower volumes and a slight decrease in sale prices.

轉到我們的香蕉部分。23 財年的淨銷售額比前一年的 16.20 億美元成長了 1%，達到 16.38 億美元。這一增長是由歐洲單位售價上漲推動的，但北美銷量下降和售價略有下降導致銷量下降，部分抵消了這一增長。

Banana gross profit for fiscal year '23 increased 35% to $163 million compared to $121 million in the prior year. The increase in gross profit was due to higher net sales and lower distribution costs, including ocean and inland freight. Partially offsetting the increase was higher per unit production costs, mainly due to negative fluctuation in the exchange rates in Costa Rica. As a result, gross margin increased to 10% in 2023 from 7.5% in 2022.

Banana 23 財年的毛利成長了 35%，達到 1.63 億美元，而前一年為 1.21 億美元。毛利的成長歸因於淨銷售額的增加和分銷成本（包括海運和內陸運費）的降低。單位生產成本上升部分抵消了這一增長，這主要是由於哥斯達黎加匯率的負波動。因此，毛利率從 2022 年的 7.5% 增加到 2023 年的 10%。

The increase in gross margin in the banana segment reflects our continuing efforts to match supply and demand more rationally. In 2024, we expect to have similar volumes as compared to 2023. And as you know, sale prices are difficult to predict for this segment due to supply and demand volatility and other factors.

香蕉板塊毛利率的成長反映了我們不斷努力更合理地匹配供需。我們預計 2024 年的銷售量將與 2023 年相似。如您所知，由於供需波動和其他因素，很難預測該細分市場的銷售價格。

Lastly, our full year results for the other products and service segments. Net sales for fiscal year '23 were $205 million compared to $241 million in the prior year, mainly due to lower net sales of third-party ocean freight services as a result of lower rates and volumes driven by softening global demand.

最後，我們其他產品和服務領域的全年業績。23 財年的淨銷售額為 2.05 億美元，而前一年為 2.41 億美元，這主要是由於全球需求疲軟導致費率和運輸量下降，導致第三方海運服務的淨銷售額下降。

Gross profit was $20 million compared with $37 million in the prior year due to lower net sales. Gross margin was 9.8% compared to 15.2% in the prior year. As a reminder, ocean freight rates were elevated last year because of the supply constraints. And we saw an increase in availability over the course of 2023, which caused pricing to come back to more normalized levels. For 2024, we expect to see a more balanced ocean freight market in the Americas, which is where we provide these services.

由於淨銷售額下降，毛利為 2000 萬美元，而上一年為 3700 萬美元。毛利率為 9.8%，上年度為 15.2%。提醒一下，由於供應限制，去年海運費有上漲。我們看到 2023 年供應量增加，這導致定價回到更正常化的水平。到 2024 年，我們預計在美洲（我們提供這些服務的地區）將出現更平衡的海運市場。

Now moving to selected financial data for the full year. Net interest expense was flat compared to 2022 due to higher interest rates, partially offset by the impact of lower average debt balances. Income tax provision was $18 million compared to $20 million in 2022. The decrease in income tax provision is primarily due to decreased earnings in certain higher tax jurisdictions, partially offset by the tax effect related to asset sales throughout the year.

現在轉向選定的全年財務數據。由於利率上升，淨利息支出與 2022 年持平，但平均債務餘額下降的影響部分抵消了這一影響。所得稅撥備為 1,800 萬美元，而 2022 年為 2,000 萬美元。所得稅撥備的減少主要是由於某些高稅收管轄區的收入減少，部分被全年資產銷售相關的稅務影響所抵銷。

Now turning to our financial position. For the year, we generated $178 million in cash from operating activities compared to $62 million in 2022. In 2023, we reduced our inventory balances, which were impacted in the prior year by the inflationary cost pressures. Also, in 2022, we strategically increased our levels of key raw materials and packaging supplies in order to secure cost and availability. As Mohammad mentioned, we ended the year with about $400 million of long-term debt, a $140 million or 26% reduction from $540 million in the end of fiscal year '22, and also a 23% reduction from the end of fiscal year 2021.

現在轉向我們的財務狀況。今年，我們透過經營活動產生了 1.78 億美元的現金，而 2022 年為 6,200 萬美元。2023 年，我們減少了庫存餘額，這是去年受到通膨成本壓力影響的。此外，2022 年，我們策略性地提高了關鍵原材料和包裝供應的水平，以確保成本和可用性。正如穆罕默德所提到的那樣，我們年底的長期債務約為 4 億美元，比 22 財年末的 5.4 億美元減少了 1.4 億美元，即 26%，也比 2021 財年末減少了 23% 。

By lowering our debt, our adjusted leverage ratio now stands at 1.7 times adjusted EBITDA compared to 2.2 times in the prior year. Our full year CapEx investment was $58 million compared with $48 million invested in 2022. For 2024, we expect CapEx to be slightly higher at a range between $65 million and $75 million due to our continued effort on focus on expanding production in certain key global operations, such as fresh set production facility in the UK.

透過降低債務，我們調整後的槓桿率目前為調整後 EBITDA 的 1.7 倍，而前一年為 2.2 倍。我們全年的資本支出投資為 5,800 萬美元，而 2022 年的投資為 4,800 萬美元。到 2024 年，我們預計資本支出將略高，在 6500 萬美元至 7500 萬美元之間，因為我們繼續致力於擴大某些關鍵全球業務的生產，例如英國的新生產設施。

During Q4, we announced and completed a $500,000 share buyback. And as previously announced, in Q4, we recently declared an increase in our quarterly dividend from $0.20 to $0.25 per share as we stay committed to returning cash to our shareholders.

第四季度，我們宣布並完成了 50 萬美元的股票回購。正如先前宣布的，在第四季度，我們最近宣布將季度股息從每股 0.20 美元增加到 0.25 美元，因為我們始終致力於向股東返還現金。

Finally, our credit facility was due to expire later this year, and therefore, we recently refinanced our facility for a five-year term with a borrowing capacity of $750 million. Our strong free cash flow projections allowed us to decrease our facility from the previous borrowing capacity of $900 million.

最後，我們的信貸安排將於今年稍後到期，因此，我們最近為我們的信貸安排進行了為期五年的再融資，借款能力為 7.5 億美元。我們強勁的自由現金流預測使我們能夠減少先前 9 億美元的借貸能力。

This concludes our financial review. We can now turn the call over to Q&A. Regina?

我們的財務審查到此結束。我們現在可以將通話轉至問答環節。雷吉娜？

(Operator Instructions) Mitch Pinheiro, Sturdivant & Company.

（操作員說明）Mitch Pinheiro，Sturdivant & Company。

Good morning. So a question first on bananas. For the year, the 10% gross margin was the best I've seen going back to 2012, and I heard some of the reasons in your script. But what else is driving this margin? This margin is a higher level of banana margin sustainable. What's your outlook here in near term, and what have you been doing internally to improve the margin as opposed to just pricing?

早安.首先是關於香蕉的問題。今年，10% 的毛利率是我自 2012 年以來見過的最好毛利率，我在你的劇本中聽到了一些原因。但還有什麼因素推動了這項利潤率的成長呢？這一利潤率是香蕉利潤率可持續的較高水準。您的近期前景如何？

Good morning, Mitch. There is, of course, several reasons. One of them was Europe was the strong market last year, and then banana consumption was higher than normal and, the volumes were more in line with the demand. That was number one.

早上好，米奇。當然，有幾個原因。其中之一是去年歐洲市場強勁，香蕉消費量高於正常水平，數量也更符合需求。那是第一。

Number two, our management of supply and demand was more synchronized in a way that we did not have to have very high inventories at times when we don't need them. And that in my opinion has helped a lot in controlling our costs. Let's put it that way.

第二，我們的供應和需求管理更加同步，當我們不需要庫存時，我們不必擁有非常高的庫存。我認為這對控制我們的成本有很大幫助。這麼說吧。

And thirdly, we are focusing on a more, let's say, on the cost structure of our banana farms. That's where we are working very hard in order to really keep our plantations, which are within normal cost structure. I wouldn't say we are going to shut down our plantation. That's not the case. But we are going to be looking at every farm and every plantation and make sure that we're having the best most efficient farms in operation and production.

第三，我們更關注香蕉農場的成本結構。這就是我們非常努力工作的地方，以便真正保持我們的種植園處於正常的成本結構之內。我不會說我們要關閉我們的種植園。事實並非如此。但我們將關注每個農場和每個種植園，確保我們擁有營運和生產方面最好、最高效的農場。

All of these actual factors together have helped to improve the gross margins as you would have seen in the announcement. And this is something that we will continue to do, Mitch, hopefully despite all of the other negative impacts that we have in the market, competition, and retail, of course, influence, be it in Europe or North America to reduce selling prices. But all in all, we are very much in -- pleased with what we are doing and where we are going.

正如您在公告中看到的那樣，所有這些實際因素共同幫助提高了毛利率。這是我們將繼續做的事情，米奇，希望儘管我們在市場、競爭和零售方面產生了所有其他負面影響，當然，無論是在歐洲還是北美，影響力都降低了售價。但總而言之，我們對我們正在做的事情和我們要去的地方感到非常滿意。

But bananas, like Monica mentioned, is like our cash flow generation entails. But really, our focus would be on more value-added products and more value-added operation that will really put the company in a much different platform.

但正如莫妮卡所提到的，香蕉就像我們產生現金流所需要的那樣。但實際上，我們的重點將放在更多增值產品和更多增值營運上，這將真正使公司處於一個截然不同的平台上。

Yeah, as I just mentioned, the banana pricing is difficult to predict because there's a lot of variables, including supply and demand. So just keep that in mind.

是的，正如我剛才提到的，香蕉的定價很難預測，因為有很多變量，包括供給和需求。所以請記住這一點。

So I mean, most of your Northern American volume is contracted. So how does that look, the current contracted prices relative to 2023?

所以我的意思是，你們的北美銷售大部分都收縮了。那麼，目前的合約價格相對於 2023 年來說怎麼樣呢？

The contracted on the supply side or on the selling side?

合約是供應方還是銷售方？

On the selling side.

在銷售方面。

Selling side is a little bit -- North America is tough because competition is very tough as we speak. And players are trying to position themselves for \additional market share. But we really focus on margin, Mitch. I don't mind sacrificing some volume for a better margin rather than just going for volume and selling at very low margins.

賣方有一點——北美很艱難，因為正如我們所說，競爭非常激烈。參與者正試圖為自己定位「額外的市場份額」。但我們真正關注的是利潤，米奇。我不介意為了更高的利潤而犧牲一些銷量，而不是只追求銷量並以非常低的利潤銷售。

Okay. And then in terms of pineapples, you've done very well innovating in pineapples. And you talked about 25% growth in, I guess, your Pinkglow and Honeyglow. How big are these two?

好的。然後就鳳梨而言，你們在鳳梨方面的創新做得非常好。我猜你談到了 Pinkglow 和 Honeyglow 的成長 25%。這兩個有多大？

And I guess you're going to start Rubyglow, how big is that as a percentage of your overall pineapple sales? And then where does this distribution stand? I know when I look for the Honeyglow, it's not in every supermarket. So that looks like an opportunity for you, and I'm curious what your ACV is on these products.

我猜您將開始 Rubyglow，這佔您鳳梨總銷量的百分比有多大？那麼這個分佈在哪裡呢？我知道當我尋找 Honeyglow 時，並不是每個超市都有。所以這對您來說似乎是一個機會，我很好奇您對這些產品的 ACV 是什麼。

Yeah. Honeyglow cannot be -- we can't have 100% of our production in Honeyglow because this is very selective item that we have to work very diligently in the fields to create this Honeyglow segment, which is a certain percentage of our production. I would not disclose it publicly, but we are working in a way that -- to increase our ratio of Honeyglow compared to the total production, as well as increasing our production in general to create more volume in this segment, Mitch.

是的。Honeyglow 不可能——我們不可能 100% 的生產都來自 Honeyglow，因為這是一個非常挑剔的產品，我們必須在田間非常勤奮地工作才能創建這個 Honeyglow 細分市場，這占我們產量的一定比例。我不會公開透露這一點，但我們正在以一種方式工作——增加 Honeyglow 與總產量的比例，並總體上增加我們的產量，以在這一領域創造更多產量，米奇。

So it's something that is in operation and ongoing as we speak. So I mean, hopefully, going forward, we will see continuous improvement in terms of volume and the growth of this segment. We are very, very -- of course, we are in the very early stages for the [Rubyred], which has just been announced. and there will be only few thousand pieces. This will be a limited addition, let's say, variety that we are not going to produce in big volumes but certainly limited volume, but with very high prices and very high margins.

因此，就在我們說話的時候，它正在運作並持續進行。因此，我的意思是，希望未來我們將看到該細分市場的數量和成長不斷改善。我們非常非常——當然，我們正處於剛剛宣布的 [Rubyred] 的早期階段。而且只會有幾千件。這將是一個有限的添加，比如說，我們不會大量生產的品種，但數量肯定有限，但價格非常高，利潤率非常高。

Okay. And then looking at Mann Packing, you bought it a couple of years ago, but I guess maybe five years ago, the pre pandemic. And it really hasn't regained its footing since then. I'm just curious what's changed in your thinking about Mann as you did your strategic review?

好的。然後看看曼恩包裝公司，你幾年前買了它，但我想也許是五年前，大流行前。從那時起，它確實沒有重新站穩腳跟。我只是好奇在您進行策略評估時，您對曼恩的看法發生了什麼變化？

Well, I mean, I was very clear we are going to look at the best ways to -- first of all, we would like to minimize or eliminate any losses coming from that operation. Secondly, we will look what's best for the company. And thirdly, this segment of vegetables and leaves in particular has been extremely competitive with very low margins in the last couple of years.

嗯，我的意思是，我很清楚我們將尋找最好的方法——首先，我們希望最大限度地減少或消除該行動帶來的任何損失。其次，我們會考慮什麼對公司最有利。第三，在過去幾年中，蔬菜和葉子的這個領域競爭非常激烈，利潤率非常低。

Weather hasn't been helping as well. So it's a combination of reasons and factors that have led to the situation. But as I said -- I mentioned earlier, we are going to take some strategic decisions in order to improve our business in general. And I hope that in the next few months, we can announce, and tell you where we're going.

天氣也沒有幫助。所以這是導致這種情況的原因和因素的結合。但正如我之前提到的，我們將採取一些策略決策，以改善我們的整體業務。我希望在接下來的幾個月裡，我們可以宣布並告訴您我們的發展方向。

What are the sales of Mann?

曼恩的銷量是多少？

We don't disclose that, Mitch.

我們不會透露這一點，米奇。

Okay. And then I guess just final question is you've done well reducing debt and especially with some asset sales, what are the plans in asset sales for the coming year?

好的。然後我想最後一個問題是，您在減少債務方面做得很好，特別是在一些資產出售方面，來年的資產出售計劃是什麼？

As I mentioned, we are not selling for the sake of selling. We are selling lands that are idle or not suitable for our purposes. Secondly, facilities that have no use for us as we can operate. By the way, these facilities that we sold in Saudi Arabia, we released part of it for our operations. So we did not get out of our operations in this country. However, what we did, we deleveraged our exposure into assets and had a better cash flow as well as better operating model, let's say.

正如我所提到的，我們不是為了銷售而銷售。我們正在出售閒置或不適合我們用途的土地。其次，我們可以營運的設施對我們來說沒有用處。順便說一句，我們在沙烏地阿拉伯出售的這些設施，我們釋放了一部分用於我們的營運。所以我們沒有停止在這個國家的業務。然而，我們所做的，可以說，我們減少了資產的槓桿化，並擁有更好的現金流和更好的營運模式。

So other assets that we sold in South America were assets that really does not fit like plastic operation. It didn't fit well in our, today, let's say, world. So that was a good opportunity to sell, and that's why we did dispose it with other lands or facilities as well, with the right time to sell and to optimize our operations in certain countries. So what we are doing really, we are optimizing and creating efficiencies and creating more opportunities.

所以我們在南美出售的其他資產確實不適合像塑膠業務那樣。它不太適合我們今天的世界。因此，這是一個很好的出售機會，這就是為什麼我們也將其與其他土地或設施一起處置，並在適當的時間出售並優化我們在某些​​國家的業務。所以我們真正在做的是優化和創造效率並創造更多機會。

Okay. Yeah, thank you for taking the questions.

好的。是的，謝謝您提出問題。

Thank you.

謝謝。

Thank you.

謝謝。

And with that, I'll hand the call back to Mr. Mohammad Abu-Ghazaleh for closing remarks.

接下來，我將把電話轉回給穆罕默德·阿布·格扎拉先生，讓其致閉幕詞。

I would like to thank everyone attending this call today. Hopefully, we can give you better news next time and wish you a good day. Thank you.

我要感謝今天參加這次電話會議的所有人。希望下次我們能為您帶來更好的消息，祝您有美好的一天。謝謝。

Everyone, that now concludes our call for today. Thank you all for joining. You may now disconnect.

大家好，我們今天的呼籲到此結束。感謝大家的加入。您現在可以斷開連線。