Fomento Economico Mexicano SAB de CV (FMX) 2022 Q3 法說會逐字稿

Good day, and welcome to the FEMSA's 3Q 2022 Results Conference Call. (Operator Instructions). I will now hand you over to Juan Fonseca.

美好的一天，歡迎參加 FEMSA 2022 年第三季業績電話會議。 （操作員說明）。現在我將把你交給胡安·豐塞卡。

Good morning, everyone, and welcome to FEMSA's Third Quarter 2022 Results Conference Call. Today, we are joined by Paco Camacho, our Chief Corporate Officer; and Eugenio Garza Garza, our CFO. As always, we also have Pareda on the line who leads Cofrentes Investor Relations team.

大家早安，歡迎參加 FEMSA 2022 年第三季業績電話會議。今天，我們的首席企業長 Paco Camacho 也加入了我們的行列。和我們的財務長 Eugenio Garza Garza。像往常一樣，我們還有負責領導 Cofrentes 投資者關係團隊的 Pareda。

Today, Paco will begin with some general considerations on our quarterly results and strategy, and then Eugenio will provide more granular comments on the numbers. And after that, we will open the call to Q&A as always. Paco, please go ahead.

今天，帕科將首先對我們的季度業績和策略進行一些一般性考慮，然後尤金尼奧將對這些數字提供更具體的評論。之後，我們將一如既往地開啟問答電話。帕科，請繼續。

Thank you, Juan, and hello to everyone on the call. We appreciate your participation today. As you can tell from our quarterly results, positive momentum we have seen across our businesses for several quarters now is still going strong. Starting with proximity, OXXO Mexico delivered yet another strong set of numbers, with traffic accelerating its pace of growth on top of a robust ticket expansion that still reflect a resilient consumer environment and the positive performance of some of the key categories. This strong top line performance, combined with a leaner expense structure drove operating leverage, which in turn allowed OXXO to deliver a strong operating income growth.

謝謝你，胡安，並向通話中的每個人問好。我們感謝您今天的參與。正如您從我們的季度業績中可以看出的那樣，我們在幾個季度的業務中看到的積極勢頭仍然強勁。從鄰近地區開始，OXXO Mexico 又交付了一組強勁的數據，除了門票的強勁擴張之外，客流量也加快了增長速度，這仍然反映出有彈性的消費環境和一些關鍵類別的積極表現。強勁的營收業績加上更精簡的費用結構推動了營運槓桿，進而使 OXXO 實現了強勁的營運收入成長。

Beyond OxoMexico, we continue to see dynamic growth trends, particularly in Colombia and in our Brazilian joint venture. Furthermore, as you probably saw a few weeks ago, we have finalized the acquisition of Valora. We are already working in tandem with the team in Europe, and we will keep you posted on the plans and initiatives there in due curve. For its part, OXXO Gas had another strong quarter on the back of increased vehicle mobility and finally, reaching pre-Covid levels as well as strong corporate sales and wholesale activity, which together drove strong volume recovery. On the digital front, we continue to add OXXO premia and spin by OXXO customers at an accelerated pace, reaching over 22 million and more than 4 million users, respectively.

除了 OxoMexico 之外，我們繼續看到強勁的成長趨勢，特別是在哥倫比亞和我們的巴西合資企業。此外，正如您幾週前可能看到的那樣，我們已經完成了對 Valora 的收購。我們已經與歐洲團隊合作，我們將及時向您通報那裡的計劃和舉措。就 OXXO Gas 而言，由於車輛流動性增加，最終達到新冠疫情前的水平，以及強勁的企業銷售和批發活動，這些因素共同推動了銷量的強勁復甦，該季度又表現強勁。在數位方面，我們繼續加速增加 OXXO 溢價和 OXXO 客戶旋轉，分別覆蓋超過 2,200 萬和超過 400 萬用戶。

More importantly, earlier this month, spin by OXXO received its definitive authorization to operate as a fintech in Mexico. This is a relevant one as it will allow us to continue pursuing our ambition to become the permanent fintech in Mexico. As we expand its value proposition to solve more financial needs for its ever-growing user base. Importantly, this would allow a PIN to operate Level 3 accounts, significantly raising the peso amount that the user can deposit every month and making the product a better fit for small businesses.

更重要的是，本月早些時候，Spin by OXXO 獲得了在墨西哥作為金融科技公司運營的最終授權。這是一個相關的問題，因為它將使我們能夠繼續追求成為墨西哥永久金融科技的野心。隨著我們擴大其價值主張，為其不斷成長的用戶群解決更多的財務需求。重要的是，這將允許 PIN 操作 3 級帳戶，從而顯著提高用戶每月可以存入的比索金額，並使該產品更適合小型企業。

Along these lines, and as our digital ecosystem gains critical mass, we are also building the third leg of our digital strategy, the B2B component. That will accelerate the pace at which its small businesses in Mexico adopt digital payments. This will, in turn, leverage and grow the use cases for a spin and our evolving loyalty platform, thus creating a digital flywheel. For its part, our Shell division delivered stable results that were offset by currency depreciation, mainly in Chile, where our operations are still performing well against a demanding comparison base while facing a challenging macroeconomic environment. Within logistics and distribution, Envoy Solutions had a standout quarter. With a strong top line organic and inorganic growth in both nominal and read and stable margins.

沿著這些思路，隨著我們的數位生態系統獲得臨界質量，我們也在建立數位策略的第三條腿，即 B2B 組件。這將加快墨西哥小型企業採用數位支付的步伐。反過來，這將利用和擴大旋轉和我們不斷發展的忠誠度平台的用例，從而創建一個數位飛輪。就其本身而言，我們的殼牌部門取得了穩定的業績，但被貨幣貶值所抵消，主要是在智利，在面臨充滿挑戰的宏觀經濟環境的同時，我們的業務在嚴格的比較基礎上仍然表現良好。在物流和配送領域，Envoy Solutions 的季度業績表現出色。名目利潤率和讀取利潤率均實現強勁的有機和無機成長，且利潤率穩定。

These figures reflect the full consolidation of our recent acquisition of Sigma supply, enhancing our capabilities in the packaging vertical and allowing us to make more progress on efficient cross-selling initiatives.

這些數字反映了我們最近收購的 Sigma 供應的全面整合，增強了我們在包裝垂直領域的能力，並使我們能夠在高效的交叉銷售計劃方面取得更多進展。

And last but not least, at Coca-Cola FEMSA, volumes grew across its territories and help drive double-digit increases at the top and bottom line. Before I turn the call over to Eugenio, let me take a moment to comment on a couple of more strategic points.

最後但並非最不重要的一點是，可口可樂 FEMSA 的各個地區的銷售量都在成長，並有助於推動營收和利潤實現兩位數的成長。在我把電話轉給尤金尼奧之前，讓我花點時間評論幾個更具戰略意義的觀點。

First, as you are not aware, a couple of weeks ago, we announced the retirement of John Santa Maria a CEO of Coca-Cola FEMSA; and Alfonso Garza a CEO of MSA strategic businesses effective December 31. John and Alfonso have been key members of FEMSA senior leadership team for decades, and they have been instrumental in making FEMSA the thriving enterprise it is today. We take this opportunity to again thank them and recognize their tremendous contributions to the FEMSA success story.

首先，正如您不知道的那樣，幾週前，我們宣布可口可樂 FEMSA 執行長約翰·聖瑪麗亞 (John Santa Maria) 已退休； Alfonso Garza 擔任 MSA 策略業務首席執行官，自 12 月 31 日起生效。我們藉此機會再次感謝他們並認可他們對 FEMSA 成功故事的巨大貢獻。

As you know, Ian Craig will become Cokes FEMSA CEO; and Constantino Spas, will become CEO of the Strategic Businesses unit on January 1. We look forward to the exciting future Ian and Constantino will help us build.

如您所知，伊恩克雷格 (Ian Craig) 將成為可口可樂 FEMSA 執行長；和康斯坦丁諾·斯帕斯 (Constantino Spas) 將於 1 月 1 日成為戰略業務部門的首席執行官。

Finally, let me talk briefly about our strategic planning review currently underway. As Daniel mentioned during our last call, this process involves significant analysis to help us define the strategies to achieve our ambitious long-term value creation objectives but also how best to work towards eliminating the valuation gap that exists between our share price and the true value of our business.

最後，我簡單講一下我們目前正在進行的策略規劃審查。正如丹尼爾在上次電話會議中提到的那樣，這個過程涉及重要的分析，以幫助我們定義實現雄心勃勃的長期價值創造目標的策略，以及如何最好地努力消除我們的股價與真實價值之間存在的估值差距我們的業務。

In recent months, this topic has been top of mind for investors prompting questions and speculation in the market about where we may be in the process, potential outcomes, et cetera. Therefore, and given the relevance of the subject, we want to use this call to make a clear statement. The process is ongoing. The analysis being done is broad and thorough, and we do not expect to comment further on distribute on the risk or the resulting speculation on this call or in other interactions with the market until we are ready to provide a relevant update. Our target date for society is concerned with our fourth quarter and full year 2022 results in late February 2023. Rest assured that we have also heard the investors community desire for greater transparency and more simplicity loud and clear. We are taking these topics and others into account in our efforts.

近幾個月來，這個話題一直是投資人最關心的話題，引發了市場對我們可能所處的階段、潛在結果等的疑問和猜測。因此，鑑於主題的相關性，我們希望使用此呼叫來做出明確的聲明。該過程正在進行中。正在進行的分析是廣泛而徹底的，在我們準備好提供相關更新之前，我們預計不會就這次電話會議或與市場的其他互動中的風險或由此產生的猜測進一步發表評論。我們向社會公佈的目標日期與 2023 年 2 月下旬的 2022 年第四季和全年業績有關。我們正在努力考慮這些主題和其他主題。

And with that, let me turn the call over to Jenny.

接下來，讓我把電話轉給珍妮。

Thank you, Paco, and good morning to everyone on the line. Beginning with FEMSA's consolidated quarterly numbers. Total revenues during the third quarter increased 20.5%, while income from operations increased 13.8% compared to the third quarter of 2021. On an organic basis, total revenues increased 15.4% and income from operations increased 10.1%. The Sensus net income decreased 17.3% and reached MXN 13.2 billion, reflecting higher income from operations, a decrease in net interest expense and a noncash operating noncash foreign exchange gain. This was offset by a decrease in our participation in associates results, which mainly reflect the results of our investment in Heineken and a MXN 1.9 billion negative swing in other nonoperating expenses, which reflect the demanding comparison base that included the dividends received during the third quarter of last year from our investment in Jetro Restaurant Depot.

謝謝你，帕科，祝在線的每個人早上好。從 FEMSA 的合併季度數據開始。與 2021 年第三季相比，第三季總營收成長 20.5%，營運收入成長 13.8%。 Sensus 淨利潤下降 17.3%，達到 132 億墨西哥比索，反映出營運收入增加、淨利息支出減少以及非現金營運非現金外匯收益。這被我們參與聯營公司業績的下降所抵消，該業績主要反映了我們對喜力的投資結果以及其他非營運支出19 億墨西哥比索的負波動，這反映了包括第三季度收到的股息在內嚴格的比較基礎去年我們對 Jetro Restaurant Depot 的投資。

Moving on to discuss our operations and beginning with proximity. We added 231 units during the third quarter to reach 902 net new stores for the last 12 months. This includes 120 stores from our okay market acquisition in Chile that we began consolidating during the second quarter. In Mexico, we are still a little behind pace for our target of 800 net additions, but the debt pace keeps ramping up. The pipeline is looking good for the next 12 months, and the productivity of our new stores continues to materially exceed that of previous new store cohorts.

接下來討論我們的運營，並從鄰近性開始。我們在第三季新增了 231 家門市，過去 12 個月淨新店數量達到 902 家。這包括我們在第二季開始整合的智利市場收購的 120 家商店。在墨西哥，我們仍略落後於淨增 800 人的目標，但債務步伐不斷加快。未來 12 個月的通路前景良好，我們新店的生產力將繼續大幅超過先前的新店群。

OXXO same-store sales were up 17.5% for the third quarter, driven by an increase of 11.9% in average customer ticket and a notable 4.9% growth in traffic. This reflects a pickup in the recovery pace of mobility and the gathering consumption location that has continued to perform at a very strong level. When compared to the third quarter of 2019, same-store sales increased 15.5%.

OXXO 第三季同店銷售額成長 17.5%，主要得益於平均客票成長 11.9% 和客流量顯著成長 4.9%。這反映出流動性復甦步伐加快以及聚集消費地點持續保持強勁表現。與2019年第三季相比，同店銷售額成長15.5%。

Gross margin contracted 110 basis points to reach 40.2%, reflecting a phasing out of commercial income activity as some of our key suppliers defer commercial and marketing activities in anticipation of the FIFA World Cup and the December holiday season. We should also mention the effect that OXXO Premia, our loyalty program is beginning to have on the income statement. Given its meteoric growth, Ducomis already having a positive impact on the top line, but it's also affecting the gross margin line as we take a very conservative approach to accounting for point redemption. The 2 effects almost cancel each other out at this stage. But as the program grows and evolves, we are working on several strategies that will allow us to monetize the program further in the medium term.

毛利率收縮 110 個基點，達到 40.2%，反映出商業收入活動的逐步停止，因為我們的一些主要供應商因預期 FIFA 世界盃和 12 月假期而推遲了商業和行銷活動。我們也應該提到我們的忠誠度計畫 OXXO Premia 開始對損益表產生的影響。鑑於 Ducomis 的快速成長，它已經對營收產生了積極影響，但它也影響了毛利率，因為我們對積分兌換採取了非常保守的方法。在這個階段，這兩種效應幾乎相互抵消。但隨著該計劃的發展和發展，我們正在製定多項策略，使我們能夠在中期內進一步透過該計劃獲利。

Income from operations increased 23.5%, while operating margin increased 30 basis points compared to the same period of 2021 to reach 9.4%, another record for a comparable quarter, driven by a structurally leaner expense structure and the resulting operating leverage. At OXXO Gas, revenues increased 33.6% and same-station sales grew 25.1% relative to the third quarter of 2021 as vehicle mobility continued to improve, finally, recovering the pre-pandemic levels. Volumes were further aided by a robust pickup in corporate and wholesale activity. During the third quarter, gross margin was 12.8%, while operating margin reached 5%, reflects tight expense control and improved operating leverage.

營運收入成長 23.5%，營運利潤率較 2021 年同期成長 30 個基點，達到 9.4%，在結構性精簡的費用結構和由此產生的營運槓桿的推動下，再創同期紀錄。隨著車輛流動性持續改善，OXXO Gas 的營收較 2021 年第三季成長 33.6%，同站銷售額成長 25.1%，最終恢復到疫情前的水準。企業和批發活動的強勁回升進一步提振了銷售量。第三季毛利率為12.8%，營業利益率達5%，反映出嚴格的費用控制和營運槓桿的改善。

Moving on to FEMSA's health operations. During the third quarter, we expanded our drug store count by 84 net additions to reach a total of 3,971 units across our territories at the end of September and 431 total net new stores for the last 12 months. This represents an acceleration in our growth rate, driven mainly by Mexico and Colombia and puts us in a good position to meet our target for 2022 of more than 400 new drug stores.

接下來討論 FEMSA 的健康運作。第三季度，我們的藥局數量淨增加 84 家，截至 9 月底，我們地區的藥局總數達到 3,971 家，過去 12 個月淨新店總數達到 431 家。這代表我們的成長率加快，主要由墨西哥和哥倫比亞推動，並使我們處於有利地位，可以實現 2022 年開設 400 多家新藥局的目標。

Revenues increased 1.1%, while same-store sales decreased by an average of 3%. However, it is important to note that on a currency neutral basis grew 13.5% and same-store sales increased 6.3%, a solid performance across our operations even as the comparison base becomes a more demanding one, particularly in Chile.

營收成長 1.1%，而同店銷售額平均下降 3%。然而，值得注意的是，在貨幣中性的基礎上增長了 13.5%，同店銷售額增長了 6.3%，儘管比較基數變得更加苛刻，特別是在智利，但我們整個業務的表現依然穩健。

Gross margin decreased 50 basis points in the quarter, mostly reflecting a negative mix effect that reflects the strong growth of our operations in Colombia, partially offset by improved efficiency and more effective collaboration and execution with key supplier partners in Mexico. As a result, operating margin contracted 20 basis points as tight expense control across our territories was not enough to fully offset the impact of the lower gross margin.

本季毛利率下降 50 個基點，主要反映了負面混合效應，反映出我們在哥倫比亞業務的強勁成長，但部分被墨西哥主要供應商合作夥伴的效率提高和更有效的協作和執行所抵消。結果，營業利潤率收縮了 20 個基點，因為我們各地嚴格的費用控制不足以完全抵消毛利​​率下降的影響。

Regarding our logistics and distribution business, revenues increased 7.3% relative to the third quarter of 2021, reflecting the steady pace of acquisitions made in 12 months by Envoy Solutions. On an organic basis, total revenues increased 14.6%, reflecting strong performance across Envoy Solutions segments, especially in the retail and facility supply segments, coupled with good demand dynamics in our operations in Latin America. Operating margin contracted 10 basis points, reflecting higher cost of labor and transportation in certain markets.

關於我們的物流和配送業務，營收較 2021 年第三季成長 7.3%，反映出 Envoy Solutions 在 12 個月內穩步進行的收購步伐。從有機角度來看，總營收成長了 14.6%，反映出 Envoy Solutions 各部門（尤其是零售和設施供應部門）的強勁表現，以及我們在拉丁美洲業務的良好需求動態。營業利潤率收縮 10 個基點，反映出某些市場的勞動力和運輸成本上升。

Finally, moving on to Coca-Cola FEMSA, volumes grew 8.4%, with all markets contributing to the growth. Revenues increased 18.2% and gross profit grew 1% despite supply chain disruptions and cost pressures on certain raw materials. Operating income increased 13.3%, reflecting solid top line and favorable raw material hedging strategies, coupled with operating expense efficiencies. All of Coke FEMSA delivered a strong set of results and made a very challenging cost environment. You can listen to the webcast of the quarterly call that took place last week.

最後，可口可樂 FEMSA 的銷量成長了 8.4%，所有市場都對成長做出了貢獻。儘管供應鏈中斷和某些原材料的成本壓力，但收入增加了 18.2%，毛利增加了 1%。營業收入成長 13.3%，反映出穩健的營收和有利的原料對沖策略，以及營業費用效率。可口可樂 FEMSA 的所有成員都取得了一系列出色的成果，並創造了一個非常具有挑戰性的成本環境。您可以收聽上週舉行的季度電話會議的網路廣播。

Before wrapping up, I would also like to anticipate to you that in the spirit of greater transparency and disclosure that Paco alluded to in his remarks and given the steep growth trajectory of Bombay Solutions, we will begin reporting its results on a stand-alone basis, separate from the Latin America Logistics business starting in the first quarter of 2023. Furthermore, as mentioned during the process of acquiring Valora, we will be presenting its results separately in our releases beginning with this fourth quarter.

在結束之前，我還想向您預計，本著帕科在演講中提到的更大透明度和披露的精神，並考慮到孟買解決方案的急劇增長軌跡，我們將開始單獨報告其結果，從2023年第一季開始與拉丁美洲物流業務分開。

Finally, we are also working on additional enhancements to our disclosure that should reduce the complexity of measuring the performance of our business units and investments. We are hopeful that despite making our financials a little bit longer to go through, they will provide a better picture of the true value being created by our teams. And with that, let us open the line up for questions. Operator please?

最後，我們也致力於進一步增強我們的揭露，以降低衡量我們業務部門和投資績效的複雜性。我們希望，儘管我們的財務報告需要更長的時間，但它們能夠更好地展示我們團隊所創造的真正價值。接下來，讓我們開始提問。接線員，請說？

(Operator Instructions). We'll take our first question from Ricardo Alves with Morgan Stanley.

（操作員說明）。我們將回答摩根士丹利的里卡多·阿爾維斯提出的第一個問題。

Hi, everyone. Another set of good numbers operationally speaking, EBITDA generation, considering the commentary that Paco made recent discussions with investors, how are you now thinking about shareholder return? I mean any update on dividends and buybacks, eventually, the extraordinary dividends and so forth. That's my first very quick question.

大家好。從營運角度來看，另一組良好的數字是 EBITDA 生成，考慮到 Paco 最近與投資者討論的評論，您現在如何考慮股東回報？我的意思是關於股息和回購的任何更新，最終是特別股息等等。這是我的第一個問題。

The second one, when you're thinking about your geographic diversification, I know that you cannot talk about the strategic review itself, as you said in the remarks. But when you're thinking about one of your pillars of geographic diversification, what's your aspiration as of now? For example, considering that you just achieved part of that with the Valora transaction in Europe. And it seems that the growth going forward at Valora seems to be more focused locally in Germany as opposed to aggressive expansion of rod or more M&A. Just wondering if that's the right way to think about it? Or what can you share on your geographic expansion pillar, considering the strategic long-term view? I appreciate the time.

第二，當你在考慮地域多元化的時候，我知道你不能像你在發言中所說的那樣談論戰略審查本身。但是，當您考慮地域多元化的支柱之一時，您現在的願望是什麼？例如，考慮到您剛剛透過歐洲的 Valora 交易實現了部分目標。 Valora 未來的成長似乎更側重於德國本地，而不是激進的擴張或更多併購。只是想知道這是否是正確的思考方式？或者，考慮到策略性的長期觀點，您可以分享您在地理擴張支柱方面的哪些內容？我很感激時間。

Sure. If you want, I'll start with the first one. Again, the strategic review encompasses all of the different levers that we believe are available to us to unlock the value of the operation. So yes, all of the tools that you mentioned are being taken into account. Having said that, at this point, we're not ready, as Paco mentioned, to comment on which ones we'll use, but we are certain that there is a lot of value that we can unlock from our operations by using those and other tools. And then Paco, you want to go through the geographic diversification question?

當然。如果你願意的話，我將從第一個開始。同樣，策略審查涵蓋了我們認為可以用來釋放營運價值的所有不同槓桿。所以是的，您提到的所有工具都被考慮在內。話雖如此，正如帕科所提到的，我們目前還沒有準備好評論我們將使用哪些，但我們確信通過使用這些和我們可以從我們的運營中釋放很多價值。然後帕科，您想了解一下地域多元化的問題嗎？

Yes. Thank you, Ricardo, for your question. And again, when it comes to geographic diversification, it has to do with the -- our intent to better manage the risk of our geographic portfolio. And I guess that the best way to answer your question is to say that we feel very comfortable with the geographies we are competing in right now. And we don't expect to be expanding that number of geographies we're in for the time being.

是的。謝謝里卡多的提問。再說一遍，當談到地域多元化時，它與我們更好地管理地理投資組合風險的意圖有關。我想回答你的問題的最好方法是說我們對現在競爭的地區感到非常滿意。我們暫時預計不會擴大我們所涉足的地區數量。

If I could add. Ricardo, this is Juan. Just to back of comment, and this is because of questions we've been receiving from investors in the last many weeks and months. Regarding -- given that Valora happened a couple of years after Envoy, and Envoy, strategy itself always involved a lot of M&A, right? We stated from the beginning when we started building Envoy that is required creating this national platform and that it would necessarily imply a fair amount of acquisitions. The strategy for Valora is very different. And that's really the point I want to make right now. Valora, we are in the markets that we are in. We talked a little bit about Germany and of course, there are growth opportunities that we see there. But the strategy for Valora is very different from the strategy for Envoy. And again, I say this because there are investors that have been thinking, well, maybe some sit is going to be as acquisitive in Europe as they have been with Envoy and that's not correct. The 2 strategies from the get-go are very different. Thank you.

如果我可以補充的話。里卡多，這是胡安。只是為了評論，這是因為我們在過去幾週和幾個月裡收到了投資者的提問。關於——鑑於 Valora 發生在 Envoy 之後幾年，而 Envoy 策略本身總是涉及大量併購，對吧？我們從一開始就表示，當我們開始建立 Envoy 時，需要創建這個國家平台，並且這必然意味著相當數量的收購。 Valora 的策略非常不同。這確實是我現在想表達的觀點。 Valora，我們處於我們所處的市場。但 Valora 的策略與 Envoy 的策略有很大不同。再說一遍，我這麼說是因為有些投資者一直在想，也許有些人會像他們對特使一樣在歐洲進行收購，但這是不正確的。這兩種策略從一開始就非常不同。謝謝。

And moving on, we'll go to Luis Willard with GBM.

接下來，我們將與 GBM 一起去路易斯威拉德 (Luis Willard)。

So I want to talk about Spin. Now that it's received its authorization and we see the numbers accelerate strongly in the third quarter. You talked about this Paco in your remarks, but can you tell us a bit more about your priorities in terms of product development and the commercial offering for Spain? And another question would be on the same line. Are we set to see a more active FEMSA division in terms of use of capital in the future after this authorization.

所以我想談談Spin。現在它已經獲得了授權，我們看到第三季的數位強勁成長。您在演講中談到了 Paco，但您能否告訴我們更多有關您在產品開發和西班牙商業產品方面的優先事項？另一個問題也與此相同。此次授權後，我們是否會在未來看到 FEMSA 部門在資本使用上更加活躍？

Sure. If I want -- I'll start. I mean, as you know, the number of users have been growing significantly just based on the power of the acquiring platform that the OXXO stores are able to give Spin is right now, although, obviously, high value added, they're still quite limited. With the new authorization, there's 2 things that we're seeing. One is now we're able to have dollar accounts for physical persons in Mexico, so we can get into the remittances market, I think a lot more closely. And then also, we were able to open up 3 accounts, Level 3 accounts in Mexico, which allow for higher deposit and higher average balances. And we can tailor that product for the B2B customer.

當然。如果我願意──我就會開始。我的意思是，正如您所知，僅基於 OXXO 商店現在能夠為 Spin 提供的收單平台的力量，用戶數量就已經顯著增長，儘管顯然，附加價值很高，但它們仍然相當有限的。透過新的授權，我們看到了兩件事。一是我們現在可以在墨西哥為自然人開設美元帳戶，這樣我們就可以更密切地進入匯款市場。然後，我們還能夠在墨西哥開設 3 個帳戶，即 3 級帳戶，允許更高的存款和更高的平均餘額。我們可以為 B2B 客戶客製化該產品。

So you'll start to see us get more aggressive into the B2B space. And in that way, close the loop between the consumer and the merchant so that we can try to develop an overall payment strategy that together with the loyalty program and other the perks that we can offer through OXXO will be a powerful combination. And we think that this powerful combination will be able to better serve both types of customers. And on the product side, again, once we get a more stable user base and with its authorization, we will start to get as well into other products such as personal loans, working capital loans for small businesses. So definitely, we'll see some more use of capital being put to use, I think, not necessarily aggressively, but with a lot of, we think, bank for the buck in terms of the returns that we're able to get from monetizing the current customer base. Paco?

因此，您將開始看到我們更加積極地進軍 B2B 領域。透過這種方式，關閉消費者和商家之間的循環，以便我們可以嘗試制定整體支付策略，與忠誠度計劃和我們可以透過 OXXO 提供的其他福利一起，將成為一個強大的組合。我們認為這種強大的組合將能夠更好地服務這兩類客戶。在產品方面，一旦我們獲得了更穩定的用戶基礎並獲得其授權，我們將開始涉足其他產品，例如個人貸款、小型企業流動資金貸款。因此，我認為，我們肯定會看到更多的資本被投入使用，不一定是正面的，但我們認為，就我們能夠獲得的回報而言，我們會大量使用資本將當前客戶群貨幣化。帕科？

And I guess that, Luis, what I will add is that as we do all that, that Eugenio described, it is true that, as you can imagine, we -- as we accelerate the acquisition of users in both the spin and our loyalty program, we get to know them better. So you should expect that also the value proposition will continue to be sharpened constantly so that we meet consumer needs better in what we have today. So that's something that you should also expect coming from our digital platforms.

我想，路易斯，我要補充的是，當我們做尤金尼奧所描述的這一切時，確實，正如你可以想像的那樣，我們——當我們在旋轉和忠誠度上加速獲取用戶時計劃，我們可以更了解他們。因此，您應該期望價值主張也將繼續不斷增強，以便我們能夠更好地滿足消費者的需求。因此，您也應該對我們的數位平台有所期待。

That's very clear. Just if I may, a quick follow-up. I mean the remittances and the level 3 accounts are like plain play, right? We don't need to do much development in terms of the architecture. Perhaps the B2B needs a bit more time for it to be up and running. Is that correct?

這非常清楚。如果可以的話，請快速跟進。我的意思是匯款和3級帳戶就像普通遊戲一樣，對吧？我們不需要在架構方面做太多的開發。也許 B2B 需要更多時間才能啟動和運行。這是正確的嗎？

Yes. Yes, not necessarily plug and play, but clearly, those 2 offerings are, I think, much sooner in the pipeline than the full development of the B2B platform, yes.

是的。是的，不一定是即插即用，但顯然，我認為這兩種產品比 B2B 平台的全面開發要早得多，是的。

All right. Thank you.

好的。謝謝。

And next, we'll go to Hector Maya with Scotia Bank.

接下來，我們將與豐業銀行一起前往赫克托瑪雅。

We saw a recent interview essential that there is a 10 million user target for Spin by ‘23. And we believe that considering the current user base of around EUR 4 million, you would have to achieve about 30% more monthly in the users vessel that you are reducing now. So on that, we would like to know what to see the initiatives or investments we are planning to make to floor monthly new users, possibly above the 400,000 mark. If there is a time line for an emerging OXXO premia to Spin to accelerate even more the number of users? Or how aggressively would you be pushing spending mom-and-pops to cough and you have a target on that or some numbers that you could share.

我們看到最近的一次訪談很重要，Spin by '23 的使用者目標是 1,000 萬。我們認為，考慮到目前約 400 萬歐元的用戶群，您每月必須在減少的用戶數量上實現約 30% 的成長。因此，我們想知道我們計劃採取哪些措施或投資來吸引每月新用戶（可能超過 40 萬大關）。新興的 OXXO 溢價是否有時間表來加速更多用戶數量？或者你會多麼積極地推動家庭消費咳嗽，並且你有一個目標或一些你可以分享的數字。

Yes. Thank you, Hector, for your question. So let me provide some perspective on how the whole acquisition -- user acquisition is going because, in fact, we feel very comfortable with the user acquisition trend for Spin. And actually, to your point on the number of users we are aiming to have active in the midterm. The -- really, the trick is to, on one hand, as you said, continue with the strong acquisition rate. But at the same time, we also need to encourage our user or registered users to be more active in the platform. So there is a component of that, that will increase the percentage of users that register and then they keep active in the platform.

是的。謝謝你，赫克托，你的問題。因此，讓我提供一些有關整個獲取（用戶獲取）進度的觀點，因為事實上，我們對 Spin 的用戶獲取趨勢感到非常滿意。實際上，就您關於我們中期目標活躍用戶數量的觀點而言。事實上，正如你所說，一方面，訣竅是繼續保持強勁的收購率。但同時，我們也需要鼓勵我們的用戶或註冊用戶在平台上更加活躍。因此，其中有一個組成部分，這將增加註冊用戶的百分比，然後他們在平台上保持活躍。

And that has to do with a number of things. First, how friendly the platform is, second, the type of services you provide. And third, of course, the type of education that you put out there for consumers to truly understand the capabilities of the platform. So I think that when you look at the rate of active versus register that we have today, we should expect that, that ratio will increase in the future, and that's our aim. I don't know,-- you want to add.

這與很多事情有關。首先，平台的友善程度，其次，你提供的服務類型。第三，當然，您為消費者提供的教育類型，以真正了解該平台的功能。因此，我認為，當你看到我們今天的活躍與註冊比率時，我們應該預期該比率將來會增加，這就是我們的目標。我不知道——你想補充。

Sure. The only thing I would add is that, as you know, there are network effects associated with these kinds of products, and we're starting just to tip of the iceberg with regards to the geographic plan-out. So I think certain of the use cases like peer-to-peer, whatever have more value than more users that are on the platform. So we would expect some sort of, I mean, writing of the exponential curve in the shorter time. And that's how I think we are comfortable that we will get to that $10 million user target that Tanja was talking about.

當然。我唯一要補充的是，正如您所知，此類產品存在網路效應，而我們剛開始的地理規劃只是冰山一角。因此，我認為某些用例（例如點對點）比平台上的更多用戶更有價值。所以我們期望在更短的時間內寫出某種指數曲線。這就是我認為我們對實現 Tanja 所說的 1000 萬美元用戶目標感到滿意的原因。

Yes And Hector, I think that the second part of your question was related to the relationship between spin and our loyalty program. And I mean, clearly, there is a relationship because at the end of the day, we will look at this as a digital ecosystem in which things are connected. So indeed, I mean, we should expect that moving forward, part of the B2B component of our ecosystem will have to do with how we can actually allow the small traditional stores to use the team and be part of our loyalty program on a business-to-business component. And then also on the other side, when you look at our loyalty program and Spin when now when you open an Spin account, you are also part of the loyalty program. So I mean, there is this synergy component, synergistic component that, as we move forward, will be stronger and consumers will be actually better off because they will have more services at their disposal as part of the platform.

是的，赫克托，我認為你問題的第二部分與旋轉和我們的忠誠度計劃之間的關係有關。我的意思是，很明顯，兩者之間存在某種關係，因為歸根結底，我們會將其視為一個萬物互聯的數位生態系統。因此，我的意思是，我們確實應該預期，未來，我們生態系統的 B2B 組件的一部分將與我們如何真正允許小型傳統商店使用團隊並成為我們企業忠誠度計劃的一部分有關——對企業組件。另一方面，當您查看我們的忠誠度計劃和旋轉時，現在當您開設旋轉帳戶時，您也是忠誠度計劃的一部分。所以我的意思是，隨著我們的前進，這個協同組件將會變得更加強大，消費者實際上會過得更好，因為作為平台的一部分，他們將擁有更多的服務。

And just finally, the partnership with KOF obviously on a norms length basis, but that I think will allow, hopefully, to have, I mean, current customers use the Spin platform in a preferential way that will allow the synergies that Paco was talking about in terms of customer acquisition cost on the B2B space to be a very powerful combination for both parties.

最後，與 KOF 的合作顯然是在規範長度的基礎上，但我認為這將允許，我的意思是，當前的客戶以優惠的方式使用 Spin 平台，這將實現 Paco 所說的協同效應就B2B 領域的客戶獲取成本而言，這對雙方來說都是非常強大的組合。

And moving on, we'll go to Alan Alanis with Santander.

接下來，我們將與桑坦德銀行一起前往艾倫阿拉尼斯。

I have 2 questions. One of them is -- I guess the answer is it's going to sound like very obvious to you, but I think it's for investors to listen to it. And we can do a recap of what triggered the strategic review. I know it makes total sense not to speak about what the potential outcomes, but it might be good to remind investors how do you define the situation or how do you define the problem? And that would be the first request, if I may.

我有 2 個問題。其中之一是——我想答案是，這對你來說聽起來非常明顯，但我認為這是投資者應該聽的。我們可以回顧一下觸發戰略審查的原因。我知道不談論潛在結果是完全合理的，但最好提醒投資者您如何定義情況或如何定義問題？如果可以的話，這將是第一個請求。

And the second one has to do with this move towards B2B in Spin. And I guess, there's going to be a lot of questions around this in terms of not only the architecture, the like a question was asked before, but also in terms of the scope and the timing and then why not having just applied for a full banking license. But I guess the specific question for this call would be when are you going to start attracting business as small in mid-business midsized businesses to open Spin accounts? Can they do it right now? What's going to be the approach and what's going to be the scope and timing of moving from a platform that was understood. I think for many of us, there was a platform for consumers, basically, a fintech for consumers now in terms of moving to a fintech for small and midsized companies in Mexico.

第二個與 Spin 向 B2B 的轉變有關。我想，圍繞這個問題將會有很多問題，不僅在架構方面，就像之前提出的問題一樣，而且在範圍和時間方面，那麼為什麼不直接申請一個完整的項目呢？但我想這次電話會議的具體問題是，你們什麼時候開始吸引中小型企業開設旋轉帳戶？他們現在能做到嗎？從一個已被理解的平台轉移的方法是什麼，範圍和時間是什麼。我認為對我們許多人來說，有一個面向消費者的平台，基本上是一個面向消費者的金融科技，現在正在轉向墨西哥中小企業的金融科技。

Sure. If I want -- I'll take the first question, and then Paco, maybe you can address the second one. I mean, as you know, I mean, Daniel Rodriguez term started in January, and this was his priority #1, to both strategic review, both bottom up as well as top-down of all of the portfolio of FEMSA and have a longer-term view with regards to capital allocation going forward. So that's really what triggered it. In the meantime, the market turned a little bit south and then our portfolio start to get more complex, we start to see the disconnect between the stock price and the and what we believe is to be the underlying value of the businesses. And that's why I think the urgency to come to a conclusion from the market, at least, and we're hearing that ladder and clear.

當然。如果我願意的話——我會回答第一個問題，然後帕科，也許你可以解決第二個問題。我的意思是，如您所知，我的意思是，丹尼爾·羅德里格斯(Daniel Rodriguez) 任期從一月份開始，這是他的首要任務，對FEMSA 所有投資組合進行自下而上和自上而下的策略審查，並有更長的時間-關於未來資本配置的長期觀點。所以這才是真正觸發它的原因。同時，市場向南傾斜，然後我們的投資組合開始變得更加複雜，我們開始看到股價與我們認為的企業潛在價值之間的脫節。這就是為什麼我認為至少需要從市場上得出結論的緊迫性，而且我們聽到了這個階梯並且很清楚。

But to be clear, the trigger of the strategic review was Daniel's desire to have a full-blown plan to present to the Board and obviously to you as shareholders as to what his priorities from a capital allocation would be going forward. And the timing is still, I mean, he said he was going to do it during this year. We're sticking to that time frame as originally stated. I think there's just the market dislocation in terms of price that's putting a little bit more of a sense of urgency. But again, we're taking our time. We're comfortable that each one of the businesses has spectacular optionalities and spectacular plants to be able to create a tremendous amount of value. And then from a top-down perspective, that we have the levers available to unlock the value that's already there and also crystallize the value that we can create in the future.

但需要明確的是，策略審查的觸發因素是丹尼爾希望有一個全面的計劃向董事會以及顯然向作為股東的你們提出，以說明他在資本分配中的優先事項。我的意思是，時機仍然是，他說他將在今年內這樣做。我們將遵守最初規定的時間範圍。我認為只是價格方面的市場錯位增加了一點緊迫感。但我們還是要慢慢來。我們感到滿意的是，每項業務都擁有豐富的選擇和出色的工廠，能夠創造巨大的價值。然後從自上而下的角度來看，我們擁有可用的槓桿來釋放已經存在的價值，並具體化我們未來可以創造的價值。

And Alan, thank you for your question because actually, it's an important point regarding the second part of your question, which is the B2B component of the digital platform. And I would like just to go back a bit when we started working on our digital business. Because at the time, we said, all right, we are going to focus on 3 main verticals. We said there is fintech with the Spin wallet. There is the loyalty program. And then we said there is the B2B component, which is primarily also enabling the traditional trade. That was the focus we have. And that continues the case. So of course, we started because we had already a platform for both in OXXO premia and spin by OXXO working on the first 2 verticals of this strategy and the results of that, they are going extremely well. But certainly, as we have reached this level of performance in these first 2 verticals, we start thinking that in order to close the loop and to have a complete flywheel, we, of course, need to deliver on the B2B component. Because at the end of the day, part of the mission that we have is to enable both consumers and small trade on the financial side, giving them access to services and to, I would say, financial elements on their daily life that they cannot do.

艾倫，謝謝你提出的問題，因為實際上，這是關於你問題的第二部分（數位平台的 B2B 組件）的重要一點。我想回顧一下我們開始開展數位業務的時候。因為當時我們說，好吧，我們將專注於 3 個主要垂直領域。我們說過 Spin 錢包有金融科技。有忠誠度計劃。然後我們說還有 B2B 組件，它主要也支持傳統貿易。這是我們關注的焦點。情況還在繼續。當然，我們之所以開始，是因為我們已經擁有了一個 OXXO premia 和 spin by OXXO 的平台，致力於該策略的前兩個垂直領域，而且結果非常順利。但當然，當我們在前兩個垂直領域達到這種性能水平時，我們開始思考，為了閉合循環並擁有完整的飛輪，我們當然需要交付 B2B 組件。因為歸根結底，我們的部分使命是在金融方面為消費者和小額貿易提供支持，讓他們能夠獲得服務以及日常生活中他們無法做到的金融元素。

And as we have been doing that with the Spin, we have identified -- obviously, we suspected that, but there are a number of cohorts that interact with our products in a different manner. There is, of course, the regular consumer, the one that goes and they need to shop and they need to put money in their car and they need to use the wallet, the way the very basic way was designed to function. But there are other cohorts of, for example, people that have small businesses that use the wallet in a different way to pay their suppliers or receive payments from their customers. And obviously, when we started the Spin wallet, we knew that, that was going to happen. But now we have significantly more data in terms of how those cohorts are behaving and what type of services they need moving forward. And receiving the full fintech license will allow us to increase the type of services that we can give them, including things as simple as the amount of money they can actually put in the car. So that's on the wallet side.

正如我們一直在旋轉中所做的那樣，我們已經確定 - 顯然，我們懷疑這一點，但有許多群體以不同的方式與我們的產品互動。當然，還有一般消費者，他們需要購物，需要把錢放進車裡，需要使用錢包，這是最基本的方式設計的功能。但還有其他一些群體，例如擁有小型企業的人，他們以不同的方式使用錢包向供應商付款或從客戶那裡接收付款。顯然，當我們啟動 Spin 錢包時，我們就知道這將會發生。但現在我們擁有更多關於這些群體的行為方式以及他們需要什麼類型的服務的數據。獲得完整的金融科技許可證將使我們能夠增加為他們提供的服務類型，包括像他們實際可以投入汽車的金額這樣簡單的事情。所以這是在錢包方面。

Now if you move that part of the services that these cohorts need towards the B2B and we talk about the small traditional trade, I mean these type of businesses also need this type of services. But if you will, they will need it in a little bit more sophisticated way because, obviously, they have inventories to manage. They have larger suppliers to deal with, they have more customers to serve. So evidently, there are some parts of the first 2 verticals that, as I said, the wallet but also the loyalty program that will serve them well for these additional needs that they have. But clearly, we will need to develop others that are more specifically targeted for these type of businesses. So again, this is an evolution. We are moving fast, but at the same time, it's very important that we understand fully what each of the cohorts need and that we construct something that is going to be, I would say, comprehensive and that leverages on each of the strengths of the vertical that we are developing. So that's what I would say regarding the second part of your question.

現在，如果你將這些群體所需的部分服務轉移到 B2B，我們談論小型傳統貿易，我的意思是這些類型的企業也需要這種類型的服務。但如果你願意的話，他們會以更複雜的方式需要它，因為顯然他們有庫存需要管理。他們要與更大的供應商打交道，要服務更多的客戶。顯然，正如我所說，前兩個垂直領域的某些部分，即錢包和忠誠度計劃，可以很好地滿足他們的這些額外需求。但顯然，我們需要開發其他更專門針對此類業務的產品。再說一次，這是一種演變。我們正在快速行動，但與此同時，非常重要的是，我們充分了解每個群體的需求，並且我們構建的東西將是，我想說，全面的，並且利用每個群體的優勢我們正在開發的垂直領域。這就是我對你問題的第二部分要說的。

Yes. To be clear, Alan, we are, at this point, not considering a banking license. We are dipping our toe in the water with the fintech license. We think we can learn a lot about the use cases and whether or not it's going to be worthwhile for us. If this scales, clearly, that's going to be one alternative we will need to look at. But for now, we are just testing this out. And let me just emphasize what Paco just told you. I think this is a unique case in the development of financial -- digital financial systems across the world, where you have, I mean, the power of a distribution network to B2B customers like Coca-Cola FEMSA. And on the other hand, the ubiquitousness of OXXO and its relationship to the consumer that can allow for a very strong combination to really create this full-fledged payment ecosystem coupled with the loyalty program and coupled with the multi-category opportunities to increase wallet share in the B2B space through Mundet and otherwise with a partnership with OXXO that I think will allow this to become I mean, a tremendous ecosystem that really we have not seen in other places in the world.

是的。艾倫，需要明確的是，我們目前不考慮銀行牌照。我們正在嘗試取得金融科技許可證。我們認為我們可以了解很多有關用例的資訊以及它是否對我們有價值。如果這種規模擴大，顯然，這將是我們需要考慮的替代方案。但目前，我們只是對此進行測試。讓我強調一下帕科剛才告訴你的話。我認為這是全球金融數位金融系統發展中的一個獨特案例，我的意思是，您擁有像可口可樂 FEMSA 這樣的 B2B 客戶的分銷網絡的力量。另一方面，OXXO 的無處不在及其與消費者的關係可以實現非常強大的組合，真正創建這個成熟的支付生態系統，再加上忠誠度計劃以及增加錢包份額的多類別機會在B2B 領域，透過Mundet 以及與OXXO 的合作，我認為這將使其成為我的意思是，一個我們在世界其他地方從未見過的巨大生態系統。

Yes. No, it makes a lot of sense potentially. And last question, would you use the brand, I mean, OXXO Spin also for the B2B or tell be a different brand for this B2B platform.

是的。不，這可能很有意義。最後一個問題，您會使用這個品牌嗎？

Yes. Well, that's a good question that the teams are working on as we speak. And all I can tell you is that we'll have some news on that respect. The teams will have news on that respect very soon.

是的。嗯，這是一個很好的問題，就在我們說話的時候，團隊正在研究這個問題。我只能告訴你，我們將會得到一些這方面的消息。團隊很快就會收到這方面的消息。

Appreciate. Congratulations on the results. Thank you.

欣賞。祝賀結果。謝謝。

And moving on, we'll go to Álvaro García with BTG Pactual.

接下來，我們將與 BTG Pactual 一起前往 Álvaro García。

My question is on Premia, which is obviously growing very fast. And I was just wondering if you could sort of walk through, you mentioned in the release some impact to gross margin on the back of it, but just that trade-off between top line and profitability. And from a strategic standpoint, how you're thinking about that going forward? So maybe 2-part question first, sort of what's going on in this specific quarter? How is that really impacting gross margin? And two, how are you thinking about sort of increasing the size of your network long term versus profitability?

我的問題是關於 Premia，它顯然成長得非常快。我只是想知道您是否可以大致了解一下，您在新聞稿中提到了對毛利率的一些影響，但只是營收和盈利能力之間的權衡。從策略角度來看，您如何考慮未來的發展？所以也許首先是由兩部分組成的問題，在這個特定季度發生了什麼？這對毛利率有何影響？第二，您如何考慮長期擴大網路規模與獲利能力？

Sure. I'll take a crack at it, Alvaro. But I mean, clearly, right now, we are reserving 100% of the loyalty points that are being earned. We are putting in strict cost of goods sold. So that is affecting the gross margin in the short term. At the end, there will be some breaking Sorry, I'm sorry, I'm getting a little bit of echo. Can you hear me? Perfect. So there will be some breakage on those points, and we will fine-tune kind of what we're charging in the income statement going forward. Having said that, the elasticity of the program, and again, the 10 million users and about a 19% to 20% tender at this point, as this grows, I think the elasticity of the traffic coming to the stores from loyalty customers and the average ticket that we're getting from them. Right now, it works out to be a wash between the hit on the income statement from the rewards for loyalty and the excess traffic and excess ticket that we're getting. As this scales, we do expect loyalty to become, I mean, a contributor of value to the company, whether we decide to use that value to reinvest in further store business or whether to reinvest in other products, be it digital or not digital is something that we will test out in different user groups and different geographies as we go forward. But the loyalty program in and of itself is intended to be a value generation mechanism for us, not just a program to get more traffic in the stores.

當然。我會嘗試一下，阿爾瓦羅。但我的意思是，很明顯，我們現在正在保留 100% 獲得的忠誠度積分。我們嚴格計算所售商品的成本。因此，這在短期內影響了毛利率。最後，會有一些中斷抱歉，對不起，我得到了一點迴音。你聽得到我嗎？完美的。因此，這些要點將會出現一些問題，我們將在未來的損益表中微調我們所收取的費用。話雖如此，該計劃的彈性，以及 1000 萬用戶和此時大約 19% 到 20% 的投標，隨著這種增長，我認為來自忠誠客戶和消費者的商店流量的彈性我們從他們那裡得到的平均票數。目前，忠誠度獎勵對損益表的影響與我們獲得的超額流量和超額門票之間存在矛盾。隨著規模的擴大，我們確實期望忠誠度成為公司價值的貢獻者，無論我們決定利用該價值對進一步的商店業務進行再投資，還是對其他產品進行再投資，無論是數位化還是非數位化，隨著我們的發展，我們將在不同的用戶群和不同的地區進行測試。但忠誠度計畫本身旨在成為我們的一種價值生成機制，而不僅僅是獲得更多商店客流量的計畫。

Yes. Yes, there is some feedback. We apologize for that. But the one thing that I will add to what geno said is that moving forward on a spartan the loyalty program that is really a coalition program that we are building. It's that as we add more partners into that program as we add more possibilities for consumers to participate in the program. You can imagine that the amount of that and the amount of knowledge that we will generate will open a lot of possibilities in terms of additional monetization of that program. Obviously, that is work in progress. That is part of the evolution of the local ecosystem. But the momentum that is having, as you said, gives us the confidence that moving forward, we will open a number of possibilities for both the services that we will provide for the consumers and also the possibilities of monetization that we will have.

是的。是的，有一些回饋。我們對此表示歉意。但我要補充的一件事是，在基諾所說的基礎上推進斯巴達忠誠計劃，這實際上是我們正在建立的聯盟計劃。隨著我們在該計劃中添加更多合作夥伴，我們也為消費者參與該計劃提供了更多可能性。你可以想像，我們將產生的知識量和知識量將為該程式的額外貨幣化帶來很多可能性。顯然，這是正在進行的工作。這是當地生態系統演變的一部分。但正如您所說，目前的勢頭讓我們有信心繼續前進，我們將為我們為消費者提供的服務以及我們將擁有的貨幣化可能性開闢多種可能性。

And next, we'll go to Antonio Hernandez with Barclays.

接下來，我們將前往巴克萊銀行的安東尼奧·埃爾南德斯。

Question regarding Valora, now that you have exposure to Europe and given the current environment, macro adverse back environment in the region, what are your expectations there for the short to medium term? And also, we will talk about the different strategies in also to improve our profitability improve traffic to different loyalty programs and so on. Everything that you mentioned, do you think that there's maybe a possibility of having some of these capabilities in Europe as well, maybe in the medium to long term?

關於 Valora 的問題，既然您已經涉足歐洲，並且考慮到當前環境以及該地區宏觀不利的背景環境，您對中短期的期望是什麼？此外，我們還將討論提高獲利能力、提高不同忠誠度計劃的流量等方面的不同策略。您提到的所有內容，您認為在中長期內，歐洲也有可能擁有其中一些能力嗎？

Yes. Let me give a crack at it and then obviously, I mean both -- you can complement. But I mean, clearly, as you can in the management team of Valora has been on top of the development in Europe and the circumstances in terms of inflation, in terms of energy costs, et cetera, that is, I guess, what is behind your question. The management is taking the necessary measures to protect the business against these headwinds. At the same time, I think that it's important to remember that a big component of the Valora business is the food billions. And that particular business, that particular segment is very resilient when it comes to economic downturns. So we are confident that the very senior management that we have in Valora in place. And that as you remember, the state from the pre-FEMS acquisition has the right plans and the right the right organization to defend our business against this situation.

是的。讓我來分析一下，然後顯然，我的意思是兩者——你可以補充。但我的意思是，很明顯，瓦羅拉的管理團隊一直在關注歐洲的發展以及通貨膨脹、能源成本等方面的情況，也就是說，我猜，背後是什麼你的問題。管理層正在採取必要措施來保護業務免受這些不利因素的影響。同時，我認為重要的是要記住，瓦羅拉業務的一個重要組成部分是數十億美元的食品。當經濟衰退時，特定的業務、特定的細分市場非常有彈性。因此，我們對瓦羅拉的高階管理層就位充滿信心。正如您所記得的，FEMS 收購之前的國家有正確的計劃和正確的組織來保護我們的業務免受這種情況的影響。

Having said that, as we get more involved in the business, we are obviously providing as much support as we can given the knowledge we have in the emerging markets regarding inflation, regarding volatile environment. So this is a good transition to the second part of your question. I mean, clearly, there is a lot of knowledge that we have developed on how to handle businesses in not so comfortable situations. And obviously, that component is going to be there as we work together with the European team.

話雖如此，隨著我們更多地參與業務，我們顯然會根據我們在新興市場所掌握的有關通膨和不穩定環境的知識，提供盡可能多的支持。所以這是一個很好的過渡到你問題的第二部分。我的意思是，顯然，我們已經累積了大量關於如何在不太舒服的情況下處理業務的知識。顯然，當我們與歐洲團隊合作時，該組件將會存在。

But second, OXXO, as you said, has developed a strong set of capabilities and know-how in terms of operating stores in a very efficient manner. And you should expect that part of that knowledge and part of that know-how is going to be quickly transferred to Valora so that they can capitalize on these learnings that we have developed over the years.

但其次，正如您所說，OXXO 在以非常高效的方式經營商店方面已經開發出了一套強大的能力和專業知識。您應該期望部分知識和技術訣竅將很快轉移到 Valora，以便他們能夠利用我們多年來積累的知識。

Okay. And regarding your organic growth expectations in Europe, have they changed maybe because of the situation? Or what do you expect in terms of organic growth maybe for the next couple of quarters next year?

好的。關於您對歐洲的有機成長預期，它們是否因情況而改變？或者您對明年接下來幾季的有機成長有何預期？

Yes. As I highlighted at the beginning of the call, the final part of the acquisition of Valora just happened a few weeks ago. So now that we are in control of the company, we are working with the team to develop the right budget for the year and for the quarters to come. So it's work in progress as in the rest of our businesses.

是的。正如我在電話會議開始時所強調的那樣，收購 Valora 的最後部分剛剛發生在幾週前。現在我們已經控制了公司，我們正在與團隊合作制定今年和未來幾季的正確預算。因此，與我們其他業務一樣，這項工作正在進行中。

And moving on, we'll go to Rodrigo Alcantara with UBS.

接下來，我們將與瑞銀一起前往羅德里戈·阿爾坎塔拉。

Paco, Juan, my question regarding on Valora, we got real this a different strategy to the change and add more organic growth than M&A. I mean, how should we think about the funding of that organic growth? I mean do you think that you can fund that with the operating cash flow of or itself? Or can you expect some minor disposals of the Heineken stake, if you can comment about that?

Paco、Juan，我關於 Valora 的問題，我們意識到這是一種不同的變革策略，並且比併購增加了更多的有機成長。我的意思是，我們應該如何考慮有機成長的資金來源？我的意思是，您認為您可以用其營運現金流或其本身來為其提供資金嗎？或者您可以期待對喜力股份進行一些小額處置（如果您能對此發表評論）？

And the second one, very quickly regarding the Amboy solution. Should we expect, let's say, mid-2023 as in 2020 as is a stage when you start the integration of all the assets that you have acquired in the U.S., meaning perhaps some synergies at the G&A level. Those would be my 2 questions.

第二個是關於 Amboy 解決方案的。我們是否應該預期，2023 年中期和 2020 年一樣，這是您開始整合您在美國收購的所有資產的階段，這意味著在一般管理費用層面可能會產生一些協同效應。這是我的兩個問題。

Yes. Thank you, Rodrigo, for the questions. If you want to start with the funding of Valora. I mean, Valora in and of itself is generating, I mean, good cash flow and it could fund I mean, to a certain its own expansion. And again, it will be organic. In certain cases, it will be, I mean, new stores. And in certain cases, it will be, I mean, affiliating existing independent stores in Germany and otherwise, which is highly fragmented. And we expect those to be, I mean, highly ROIC accretive from the beginning. So if there is a need for funding, we will clearly find a way to fund it from other of the FEMSA operations, but we do not expect this to be a major strain on the FEMSA funding structure altogether. And with regards to your question on Envoy Solutions, we are already working on that.

是的。謝謝羅德里戈提出的問題。如果你想從 Valora 的資助開始。我的意思是，Valora 本身正在產生良好的現金流，並且可以為其自身的一定擴張提供資金。再說一次，它將是有機的。在某些情況下，我的意思是，這將是新商店。在某些情況下，我的意思是，它將附屬於德國和其他高度分散的現有獨立商店。我的意思是，我們期望這些從一開始就能夠提高投資報酬率。因此，如果需要資金，我們顯然會找到一種方法從 FEMSA 的其他業務中提供資金，但我們預計這不會成為 FEMSA 資金結構的主要壓力。關於您關於 Envoy Solutions 的問題，我們已經在著手解決。

We've hired, I mean, 2 senior people to the Envoy management team, basically working 100% in terms of integrating the companies. I mean they're integrating them, I mean coming from a flurry of 26 acquisitions over the past couple of years. So they're working on the earlier ones and slowly integrating them into a common operating style, a common operating procedure, single supplier platform, et cetera. And most of the synergies that we are finding, and we're already finding more than from an SG&A perspective, are coming just from a purchasing perspective. So equalizing the product capital getting discounts from suppliers for scale purchases, being able to serve national accounts from a single point of content, et cetera. So those are where the synergies are coming from.

我的意思是，我們為 Envoy 管理團隊聘請了 2 位高階人員，基本上 100% 致力於公司整合。我的意思是他們正在整合它們，我的意思是來自過去幾年的 26 次收購。因此，他們正在研究早期的方法，並慢慢將它們整合到通用的操作風格、通用的操作程序、單一供應商平台等。我們發現的大多數協同效應，而且我們已經發現的不僅僅是銷售、管理費用的角度，而是來自採購的角度。因此，均衡產品資本，從供應商獲得大規模採購折扣，能夠從單一內容點為國民帳提供服務，等等。這些就是協同效應的來源。

And it is turning. I think most of the acquisitions that, I mean, we've been making at maybe low double-digit EBITDA multiples with the synergies, they're turning out to be high single-digit EBITDA acquisition multiples with very high cash flow conversion. So we're finding those to be, I mean, quite accretive in the short term. And hopefully, you'll be able to see that for yourself once we start disclosing those numbers on a stand-alone basis, first quarter of next year.

它正在轉變。我認為大多數收購，我的意思是，我們一直在以較低的兩位數 EBITDA 倍數進行併購，但由於協同效應，它們最終變成了高單位數 EBITDA 收購倍數，而且現金流轉換非常高。所以我們發現這些，我的意思是，短期內相當有增值作用。希望一旦我們在明年第一季開始單獨披露這些數字，您就能親眼看到這一點。

Okay. That was very critical -- just on the Valora you said funds from operations right for the organic growth.

好的。這是非常關鍵的——就在 Valora 上，你說來自營運的資金適合有機成長。

Yes, either from Valerie itself or slightly with some use of funding from FEMSA, but nothing that will strain our balance sheet by any means.

是的，無論是來自 Valerie 本身，還是稍微使用 FEMSA 的一些資金，但無論如何都不會導致我們的資產負債表緊張。

And that does conclude our question-and-answer session. I'd like to turn it back to Mr. Fonseca for any additional or closing comments.

我們的問答環節到此結束。我想將其轉回豐塞卡先生以徵求任何補充意見或結束意見。

One, thanks for your time today, for your attention. We're always available for follow-ups and my team and myself, and have a great week.

一，感謝您今天抽空關注。我們以及我的團隊和我自己隨時可以進行後續跟進，祝您度過愉快的一周。

Thank you. And that does conclude today's call. We'd like to thank everyone for their participation. You may now disconnect.

謝謝。今天的電話會議到此結束。我們要感謝大家的參與。您現在可以斷開連線。