Fomento Economico Mexicano SAB de CV (FMX) 2023 Q2 法說會逐字稿

Hello, and welcome to the FEMSA Second Quarter 2022 Results Conference Call. My name is Laura, and I will be your coordinator for today's event. Please note, this call is being recorded. (Operator Instructions). I will now hand you over to your host, Juan Fonseca, begin today's conference. Thank you.

您好，歡迎參加 FEMSA 2022 年第二季度業績電話會議。我叫勞拉，我將擔任今天活動的協調員。請注意，此通話正在錄音。 （操作員說明）。現在我將把你們交給主持人胡安·豐塞卡，開始今天的會議。謝謝。

Good morning, everyone. Welcome to FEMSA's Second Quarter 2022 Results Conference Call. The plan today is a little different than usual because we are joined by Jose Antonio Fernandez, our Executive Chairman of the Board and CEO, who will open the call with some important messages. After that, Paco Camacho, Eugenio Garza and I will carry on with the second quarter results, as we usually do, followed by Q&A.

大家，早安。歡迎參加 FEMSA 2022 年第二季度業績電話會議。今天的計劃與平常略有不同，因為我們的董事會執行主席兼首席執行官何塞·安東尼奧·費爾南德斯 (Jose Antonio Fernandez) 也加入了我們的行列，他將在電話會議上宣布一些重要信息。之後，帕科·卡馬喬、尤金尼奧·加爾薩和我將像往常一樣繼續介紹第二季度的業績，然後進行問答。

Thank you, Juan, and good morning to everyone on the line. Before we begin, I would like to thank all of you who have recently reached out to us with messages to support for Daniel after the news of his stepping down as CEO of FEMSA to focus on his health. We truly appreciate your time words and well wishes, which we have relayed to Daniel. We are grateful to the Daniel for his many meaningful contributions to strategic direction and high-performance standards of our company, always with a steady hand and clarity of purpose. Daniel always makes it easy for his team to rally behind him, follow his lead and achieve excellence. And beyond strategic acumen of business success that Niel embodies the values that define FEMSA.

謝謝你，胡安，祝在線的每個人早上好。在我們開始之前，我要感謝最近在 Daniel 辭去 FEMSA 首席執行官職務以專注於健康的消息傳出後，向我們發送信息支持 Daniel 的所有人。我們衷心感謝您的及時話語和良好祝愿，我們已將其轉達給丹尼爾。我們感謝丹尼爾始終以穩健的態度和明確的目標為我們公司的戰略方向和高績效標準做出了許多有意義的貢獻。丹尼爾總是讓他的團隊很容易團結在他身後，跟隨他的領導並取得卓越成就。除了商業成功的戰略敏銳性之外，Niel 還體現了定義 FEMSA 的價值觀。

Thank you for everything, my friend -- I wanted to be here today to take a few minutes of your time given the unique circumstances of this recent leadership transition to convey a few important messages. First, I am now fully engaged with our senior leadership team to continue implementing our strategic priorities, including FEMSA forward. We have already executed several important steps and we are totally committed to the strategy to continue unlocking shareholder value. You should, therefore, expect full continuity focused and a smooth transition. That is very important for us that should have very clear.

謝謝你所做的一切，我的朋友——鑑於最近領導層換屆的獨特情況，我今天想在這里花幾分鐘時間傳達一些重要信息。首先，我現在正與我們的高級領導團隊充分合作，繼續實施我們的戰略重點，包括 FEMSA 前進。我們已經執行了幾個重要步驟，並且完​​全致力於繼續釋放股東價值的戰略。因此，您應該期待完全的連續性和平穩的過渡。這對我們來說非常重要，應該非常清楚。

Second, my dual role as Executive Chairman and CEO, is not permanent. At FEMSA, we believe that those roles should be separate, and we plan to go back to that when ready. We know you have questions regarding the time frames, but please bear while we carefully go through this important process. We will let you know when we have news to report. Finally, I want to recognize our team. I am fortunate to be surrounded by a truly remarkable group of leaders and advisers that are working hard every day to keep growing and keep delivering on the potential of our great company. The opportunities ahead of us are very significant and compelling. And every business unit is executed at a high level. In fact, the strong quarterly results we announced today are a good example of what we can achieve. So with that, I will let Paco, Eugenio and Juan to discuss the results in detail. Thank you very much for your trust and confidence. Paco, please go ahead.

其次，我作為執行董事長和首席執行官的雙重角色並不是永久性的。在 FEMSA，我們認為這些角色應該是分開的，我們計劃在準備好後回到這個角色。我們知道您對時間範圍有疑問，但請耐心等待我們仔細完成這一重要流程。當我們有消息要報告時，我們會通知您。最後，我想認可我們的團隊。我很幸運，周圍有一群真正傑出的領導者和顧問，他們每天都在努力工作，以不斷成長並不斷發揮我們偉大公司的潛力。我們面前的機遇非常重大且引人注目。每個業務部門都以高水平執行。事實上，我們今天宣布的強勁季度業績就是我們能夠取得的成就的一個很好的例子。因此，我將讓 Paco、Eugenio 和 Juan 詳細討論結果。非常感謝您的信任和信心。帕科，請繼續。

Thank you, Jose Antonio. Good morning, everyone. Let me begin by updating you on where we are regarding FEMSA forward. During the second quarter, we achieved 2 important milestones. First, we were able to divert FEMSA remaining investment in Heineken, retaining only a residual amount of shares to meet our obligations under our existing exchangeable bonds. And second, we signed an agreement to divest our minority stake in Jetro Restaurant Depot. These milestones have come ahead of plan and under favorable conditions. Allowing us to keep our momentum as we continue to pursue the FEMSA forward structure.

謝謝你，何塞·安東尼奧。大家，早安。首先讓我向您介紹我們在 FEMSA 方面的最新進展。在第二季度，我們實現了兩個重要的里程碑。首先，我們能夠轉移 FEMSA 對 Heineken 的剩餘投資，僅保留剩餘數量的股份來履行我們現有可交換債券下的義務。其次，我們簽署了一項協議，剝離 Jetro Restaurant Depot 的少數股權。這些里程碑在有利的條件下提前實現了。讓我們在繼續追求 FEMSA 前瞻性結構的過程中保持動力。

As you know, FEMSA Forward, is fully aligned with FEMSA customer centricity and our broader strategic priorities for driving long-term growth, increasingly enabled by digital capability always within our core business verticals and with a disciplined approach to capital allocation. With that in mind, we can report that our second quarter results showed a continuation of the positive trends seen at the start of the year. Fully consistent with those strategic priorities and making progress towards the target set by each business unit's long-range plan. Moving on to the results and beginning with proximity. It will be helpful to talk for a minute about their own long-range plan and the 4 priorities around which it is built.

如您所知，FEMSA Forward 與 FEMSA 以客戶為中心以及我們推動長期增長的更廣泛戰略優先事項完全一致，始終通過我們核心業務垂直領域的數字化能力以及嚴格的資本配置方法不斷推動這一戰略。考慮到這一點，我們可以報告說，我們第二季度的業績顯示了年初看到的積極趨勢的延續。完全符合這些戰略重點，並朝著每個業務部門的長期計劃設定的目標取得進展。繼續討論結果並從鄰近性開始。花一分鐘時間談談他們自己的長期計劃以及該計劃所圍繞的 4 個優先事項將會很有幫助。

Number one is strengthening the core. Second, developing new growth avenues, third, developing multiple successful formats and four, growing the footprint beyond Mexico. Looking at OXXO's second quarter results through this lens, we see they made great progress strengthening the core as same store sales growth once again stellar surpassing 15% split evenly between average ticket and traffic. And reflecting structural improvements in segmentation of the store value proposition. We again saw a particularly robust performance in the first and gathering consumer occasions. Further supported by favorable weather during the month of June. Continuing with the positive news of a stronger core. New store growth accelerated and was robust once again with Mexico and LatAm providing the highlight with adding 444 new stores during the quarter, (inaudible) 1,400 during the past 12 months. In fact, once we include stores opened by Grupo Nos in Brazil, we added more than 5 office stores for every day of the second quarter.

第一是強化核心。第二，開發新的增長途徑，第三，開發多種成功的業態，第四，擴大墨西哥以外的足跡。從這個角度來看 OXXO 第二季度的業績，我們看到他們在加強核心業務方面取得了巨大進步，同店銷售增長再次超過 15%，平均門票和流量平均分配。並反映了商店價值主張細分的結構性改進。我們在首次和聚集的消費者場合再次看到了特別強勁的表現。六月的有利天氣進一步支撐。繼續加強核心的積極消息。新店增長加速並再次強勁，墨西哥和拉丁美洲成為亮點，本季度新增 444 家新店，（聽不清）過去 12 個月新增 1,400 家新店。事實上，一旦我們將 Grupo Nos 在巴西開設的商店計算在內，我們第二季度每天都會增加超過 5 家辦公商店。

Moving on to the long-range priority of growing beyond Mexico. During the quarter, Grupo Nos continued to advance ahead of plan, with revenues increasing over 200% year-over-year, allowing us to increase OXXOs footprint in Brazil at a dynamic pace of almost 300 net new store, new OXXO stores during the last 12 months.

繼續關注在墨西哥以外地區發展的長期優先事項。本季度，Grupo Nos 繼續提前計劃，收入同比增長超過 200%，使我們能夠以近 300 家淨新店的動態速度擴大 OXXO 在巴西的足跡，去年新開 OXXO 店12個月。

Still on proximity Americas, but along the priority of developing multiple successful formats, [indiscernible] for the highlight, achieving 23% same-store sales growth. For its part, proximity Europe, again, again saw good local currency top line growth and overall positive profitability trends. Driven by stronger pricing growth in foot traffic as well as the higher contribution of Valora's food service outlets. Just as importantly, we continue to advance on exchanging best practices across the organization with a focus on offsetting the right conditions for future growth and value capture. Our health operations continued the stable trends we saw at the start of the year. Reflecting foreign exchange headwinds from a strong Mexican peso, but again delivering robust margin expansion at the gross and EBITDA level. Capital liking on the benefit of having an integrated Latin American platform working as a single organization.

仍以鄰近美洲為重點，但以開發多種成功業態為重點，[音頻不清晰]為亮點，實現了 23% 的同店銷售增長。就其本身而言，鄰近的歐洲再次出現了良好的當地貨幣收入增長和整體積極的盈利趨勢。受到客流量強勁定價增長以及 Valora 食品服務網點更高貢獻的推動。同樣重要的是，我們繼續推進整個組織內最佳實踐的交流，重點是為未來增長和價值獲取創造適當的條件。我們的健康業務延續了年初的穩定趨勢。反映出墨西哥比索走強帶來的外匯阻力，但毛利率和 EBITDA 水平再次實現強勁的利潤增長。資本喜歡將拉丁美洲的綜合平台作為單一組織運作的好處。

Additionally, during the quarter, our shell business continued to drive to consolidate its competitive cost across markets. but particularly in Mexico, where it increased its store footprint by 12% against a challenging competitive landscape. For it's part, our fuel business also had a stable performance with the strength in the corporate wholesale business offsetting softness in this retail platform.

此外，在本季度，我們的空殼業務繼續推動鞏固其跨市場的成本競爭優勢。尤其是在墨西哥，在充滿挑戰的競爭環境下，該公司將門店面積增加了 12%。就其本身而言，我們的燃料業務也表現穩定，企業批發業務的強勁抵消了零售平台的疲軟。

Regarding digital, the number of active users for Spin more than doubled year-over-year to reach $5.7 million, while active monthly users for our premier loyalty program also more than doubled, reached $15.8 million. While 24% of OXXO Mexico sales are now associated with the program.

在數字方面，Spin 的活躍用戶數量同比增長了一倍多，達到 570 萬美元，而我們首要忠誠度計劃的每月活躍用戶數量也增長了一倍多，達到 1580 萬美元。目前 OXXO 墨西哥銷售額的 24% 與該計劃相關。

We continue to privilege acquisition of higher-quality users. While we make progress by tuning the use case, value propositions, unit economics and monetization strategies for each of these products as well as we look to ensure long-term value creation for the ecosystem. In terms of financial implications, during the quarter, we deployed close to MXN 1 billion on growing this business, roughly in line with the previous quarter as well as budget as we have indicated.

我們繼續優先爭取更高質量的用戶。雖然我們通過調整每種產品的用例、價值主張、單位經濟效益和貨幣化策略取得了進展，但我們希望確保為生態系統創造長期價值。就財務影響而言，本季度我們部署了近 10 億墨西哥比索來發展這項業務，大致與上一季度以及我們表示的預算一致。

Finally, Coca-Cola FEMSA volume grew across all its territories and surpassed 1 billion unit cases for the first time during a quarter. That, combined with cost optimization and expense efficiencies allowed margins to expand sequentially. In addition, costs accumulated more than USD 1 billion of sales during the first half of the year through their omni-channel platform, Juntos+. Which represents a significant milestone in cost digitalization journey as it has strengthened and deepened the connection with their customers.

最後，可口可樂 FEMSA 銷量在其所有地區均有所增長，並在一個季度內首次超過 10 億箱。再加上成本優化和費用效率，利潤率得以連續擴大。此外，上半年通過其全渠道平台 Juntos+ 累計銷售額超過 10 億美元。這代表了成本數字化之旅的一個重要里程碑，因為它加強並加深了與客戶的聯繫。

Before I turn over the call to Eugenio, I want to touch briefly on capital allocation. A topic that we are aware is very much on the minds of many of you today and a key component of our FEMSA forward strategy. As our cash levels continue to rise, we are accelerating our analysis to determine the optimal capital requirements to support the short- and medium-term growth of our operations, organic and inorganic. Because that will help us fine-tune the levels of capital that we could then return to shareholders. This is high priority for us, and we will keep working on it together with our Board to have a more specific framework for you as soon as possible. And with that, let me turn it over to Eugenio.

在將電話轉給尤金尼奧之前，我想簡單談談資本配置。我們知道今天很多人都在思考這個話題，這也是我們 FEMSA 前進戰略的關鍵組成部分。隨著我們的現金水平持續上升，我們正在加快分析速度，以確定支持我們有機和無機業務的短期和中期增長的最佳資本要求。因為這將幫助我們調整資本水平，然後我們可以將其返還給股東。這對我們來說是重中之重，我們將繼續與董事會合作，盡快為您制定更具體的框架。接下來，讓我把它交給尤金尼奧。

Thank you, Paco, and good morning to everyone on the line. Beginning with FEMSA's consolidated quarterly numbers, Total revenues during the second quarter increased 18%, while income from operations increased 8% compared to the second quarter of 2022. On an organic basis, total revenues increased 9.5% and income from operations increased 4.5%. The Net consolidated income was MXN 8.926 billion, reflecting higher income from operations a MXN 9.4 billion nonoperating income, mostly reflecting the divestment of FEMSA's minority [interest stake] in Jetro Restaurant Depot and a decrease in net interest expense during the quarter. These were all partially offset by a noncash foreign exchange loss of MXN 6.5 billion related to FEMSA's U.S. dollar-denominated cash position, as impacted depreciation of the Mexican peso and a net loss of discontinued operations of MXN 3.9 billion, driven by the market value fluctuation of the Heineken shares underlying our outstanding exchangeable bond.

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 2022 年第二季度相比，第二季度總收入增長了 18%，運營收入增長了 8%。從有機角度來看，總收入增長了 9.5%，運營收入增長了 4.5%。淨綜合收入為 89.26 億墨西哥比索，反映出運營收入增加，即 94 億墨西哥比索的非運營收入，主要反映了 FEMSA 在 Jetro Restaurant Depot 的少數股權[權益]的剝離以及本季度淨利息支出的減少。這些全部被 FEMSA 以美元計價的現金頭寸相關的 65 億墨西哥比索非現金外匯損失（由於墨西哥比索貶值的影響）以及由市場價值波動導致的 39 億墨西哥比索終止業務淨損失所部分抵消。我們未償還的可交換債券所依據的喜力股票。

Moving on to discuss our operations and beginning with proximity Americas. We added 444 new units during the second quarter to reach 1,391 net new stores for the last 12 months. This quarter's strong expansion set us ahead of our yearly expansion target, and it underscores OXXO Mexico's strong growth potential. Having said that, we will stick to an objective of 900 net new OXXO stores just in Mexico for the time being, and the expansion curve for the rest of the year should be smoother than usual. OXXO same-store sales were up 50.3% for the second quarter. This was driven by an increase of 7.4% in average customer ticket and a strong 7.4% growth in traffic. This underscores the solid performance we saw across OXXO's categories throughout the quarter but especially by the strong showing of the gathering and thirst locations.

接下來討論我們的運營，並從鄰近的美洲開始。我們在第二季度新增了 444 家門店，過去 12 個月淨新店數量達到 1,391 家。本季度的強勁擴張使我們提前實現了年度擴張目標，並突顯了 OXXO Mexico 強勁的增長潛力。話雖如此，我們暫時會堅持在墨西哥淨增 900 家 OXXO 門店的目標，今年剩餘時間的擴張曲線應該會比平常更加平滑。 OXXO 第二季度同店銷售額增長 50.3%。這是由平均客票增長 7.4% 和客流量強勁增長 7.4% 推動的。這凸顯了我們在整個季度看到的 OXXO 類別的穩健表現，尤其是聚會和口渴地點的強勁表現。

Gross margin was 41% and reflecting a lower contribution from financial services, which more than offset healthy commercial income dynamics. Income from operations increased 18%, while operating margin decreased 20 basis points compared to the same period of 2022 to reach 10%, reflecting an increase in labor expenses stemming from the labor reforms in Mexico. At Proximity Europe, as Paco mentioned, revenues increased 8.4% in local currency to reach almost MXN 11 billion, reflecting a recovery in traffic and ticket driven by improved customer mobility.

毛利率為 41%，反映出金融服務的貢獻較低，這足以抵消健康的商業收入動態。運營收入增長 18%，而運營利潤率較 2022 年同期下降 20 個基點，達到 10%，反映出墨西哥勞動力改革帶來的勞動力支出增加。正如 Paco 提到的，Proximity Europe 的收入以當地貨幣計算增長了 8.4%，達到近 110 億墨西哥比索，反映出客戶流動性改善推動了客流量和票務的複蘇。

Gross margin was 42.1%, reflecting a mix effect driven by the positive performance of Valora's foodservice and B2B businesses, while operating margin was 2.9%, reflecting better operating leverage partially offset by an increase in expenses driven by (inaudible). Moving on to FEMSA's health operations. During the second quarter, we expanded our drug store count by 81 net additions to reach a total of 4,267 units across our territories at the end of June. And 369 total net new stores for the last 12 months. Revenues increased slightly, while same-store sales decreased an average of 3.7%.

毛利率為 42.1%，反映了 Valora 餐飲服務和 B2B 業務的積極業績推動的混合效應，而營業利潤率為 2.9%，反映了更好的營業槓桿，部分被（聽不清）驅動的費用增加所抵消。接下來討論 FEMSA 的健康運營。第二季度，我們的藥店數量淨增 81 家，截至 6 月底，我們地區的藥店總數達到 4,267 家。過去 12 個月淨新店總數為 369 家。收入略有增長，但同店銷售額平均下降 3.7%。

However, as was the case last quarter, it is important to note that on a currency-neutral basis, revenues grew 14% and same-store sales grew almost 8%, driven by good performance at most of our operations but partially offset by a demanding comparison base in our operations in Chile and Mexico. Gross margin increased 170 basis points in the quarter, mostly reflecting positive margin dynamics across our operations, especially in Mexico. Operating margin decreased 10 basis points, reflecting an increase in labor expenses in most of our markets. At OXXO Gas, revenues increased 9.3% and same-station sales grew 3.2% reflecting a dynamic competitive landscape across our footprint.

然而，與上季度的情況一樣，值得注意的是，在貨幣中性的基礎上，收入增長了 14%，同店銷售額增長了近 8%，這得益於我們大部分業務的良好業績，但部分被我們在智利和墨西哥的業務進行了嚴格的比較。本季度毛利率增長了 170 個基點，主要反映了我們業務的積極利潤動態，尤其是在墨西哥。營業利潤率下降 10 個基點，反映出我們大多數市場的勞動力成本增加。 OXXO Gas 的收入增長了 9.3%，同站銷售額增長了 3.2%，反映出我們業務範圍內的動態競爭格局。

Retail volumes were again complemented by a robust pickup in corporate and wholesale activity. During the quarter, gross margin was 12%, while operating margin was 3.9%. Reflecting tight expense control, offset by increased labor expenses. Moving on, Coca-Cola FEMSA also delivered a strong set of results in the second quarter. Total volume grew 7%, driven by growth all across its territories. Total revenues increased 7.2% and operating income grew 13.4% as operating margin expanded by 50 basis points to reach 13.9%.

企業和批發活動的強勁回升再次補充了零售量。本季度毛利率為 12%，營業利潤率為 3.9%。反映出嚴格的費用控制，但被勞動力費用的增加所抵消。接下來，可口可樂 FEMSA 在第二季度也取得了強勁的業績。在整個地區的增長推動下，總銷量增長了 7%。總收入增長 7.2%，營業收入增長 13.4%，營業利潤率擴大 50 個基點，達到 13.9%。

You can listen to the replay of the conference call held yesterday. Finally, our Envoy Solutions, total revenues increased 23.1%, while relative to the second quarter of 2022, reflecting some of the acquisitions we did last year, together with solid execution while operating margin contracted 120 basis points, impacted by extraordinary expenses related to synergy capture across the platform. That's it from my end. With that, we can open the line up for your questions. Operator, please?

你可以收聽昨天電話會議的重播。最後，我們的 Envoy 解決方案的總收入較 2022 年第二季度增長了 23.1%，反映出我們去年進行的一些收購，以及穩健的執行力，但受與協同效應相關的非常規費用的影響，營業利潤率收縮了 120 個基點跨平台捕獲。我的結局就是這樣。這樣，我們就可以開始回答您的問題了。接線員，請說？

Thank you. (Operator Instructions) We'll now take our first question from Thiago Bortoluci at Goldman Sachs.

謝謝。 （操作員說明）我們現在將回答高盛蒂亞戈·博爾托魯奇 (Thiago Bortoluci) 提出的第一個問題。

Yes. Thank you for the presentation and taking the questions. Just before we get started, just want to share once again our best wishes for Daniel and also welcoming back Jose Antonio or (inaudible) position good luck on the forward look. I have 2 questions that I'd like to explore. The first 1 has to detect allocation, right? Obviously, we understand that you need to be cautious on the communication and the movements, right? But putting in perspective where you are versus what you communicated on the terms of forward plan, you were already running at roughly $5 billion of excess cash position in the balance sheet, right? So unless there is any large [indiscernible] in the horizon, which we don't think the case growth shouldn't be a bottleneck or an overhang for a stronger capital distribution, right?

是的。感謝您的介紹並回答問題。在我們開始之前，我想再次分享我們對丹尼爾的最美好的祝愿，並歡迎何塞·安東尼奧的回歸，或者（聽不清）祝你未來好運。我有兩個問題想要探討。第一個必須檢測分配，對吧？顯然，我們理解你在溝通和行動上需要謹慎，對吧？但考慮到您的現狀與您在遠期計劃條款中所傳達的內容，您的資產負債表中已經有大約 50 億美元的超額現金頭寸，對吧？因此，除非出現任何大的[難以辨別]的情況，我們認為案例增長不應成為更強大的資本分配的瓶頸或懸而未決的問題，對嗎？

And this is not to mention the organic cash flow that the business is generating -- so I would just like to understand internally, right, what is the kind of debate and different deals that you're facing that is still preempting and step up on shareholders recurring in the first one. And the second one, we know there is this scope for pretty decent expansion of OXXO not just in Mexico but across other regions potential, including the U.S. When we look into Mexico and Brazil, which are both countries where you already have a (inaudible) different footprint and rolling up -- your company stores overlap your bottling operations right? How important it is for you to develop indiscernible in a country to also have somehow asset trend internally on the beverage space. This is just to imagine how the growth scope might move into new regions. Thank you very much.

更不用說業務正在產生的有機現金流 - 所以我只想了解內部，對吧，您面臨的是什麼樣的辯論和不同的交易，這些交易和交易仍然是先發製人並採取行動的股東在第一個經常出現。第二個，我們知道 OXXO 不僅在墨西哥而且在其他地區都有相當大的擴張空間，包括美國。當我們研究墨西哥和巴西時，這兩個國家已經擁有（聽不清）不同的足跡和捲起——你們公司的商店與你們的裝瓶業務重疊，對嗎？對於您來說，在一個國家發展壯大並在飲料領域內部擁有某種資產趨勢是多麼重要。這只是想像增長范圍如何轉移到新的地區。非常感謝。

Hi Thiago, it's Eugenio. Thanks for the question, and we'll definitely send along your thoughts to Daniel and the team. With regards to your first question on capital allocation, Fortunately, we are well ahead of the divestiture program that we announced back in February. So we are in that privileged position that you mentioned have already been well below our 2x net debt-to-EBITDA target. So we are having discussions, very serious discussion at the Board level as to kind of what kind of framework for capital allocation we are going to be implementing. Having said that, you can feel comfortable that we will be looking at several alternatives. And for the most part, as you know, organic growth within the businesses that we decided to focus on with FEMSA forward still continues to be strong, and we feel over the next 5 or 6 years, we could deploy $7 billion or $8 billion easily in terms of the new store openings, further additions to our Coca-Cola bottling operations, et cetera. So there's plenty of role to put capital to use in low-risk projects at very high returns to continue on the growth.

嗨蒂亞戈，我是尤金尼奧。感謝您提出問題，我們一定會將您的想法發送給丹尼爾和團隊。關於你關於資本配置的第一個問題，幸運的是，我們早在二月份就宣布了剝離計劃。因此，我們處於您提到的特權地位，已經遠低於我們的 2 倍淨債務與 EBITDA 目標。因此，我們正在董事會層面進行非常認真的討論，討論我們將實施什麼樣的資本配置框架。話雖如此，您可以放心，我們將考慮幾種替代方案。正如您所知，在很大程度上，我們決定重點關注的 FEMSA 業務的有機增長仍然保持強勁，我們認為在未來 5 到 6 年內，我們可以輕鬆部署 70 億或 80 億美元例如新店開業、可口可樂裝瓶業務的進一步增加等。因此，有足夠的作用可以將資本用於低風險項目，獲得非常高的回報，以繼續增長。

Having said that, and to your point, most of this will be funded with just internally generated cash, and we'll still have this cash left over. So second part of the capital allocation will be reserving some amount of capital, again, within the construct of a 2x net debt-to-EBITDA capital structure at the end, but reserving some capital for strategic optionalities that might arise, again, within the core businesses that we have identified and also sticking to very tight financial return guidelines so that the capital allocation into new initiatives, whether it be proximity, whether it be at KOF, whether it be in Latin America or elsewhere that they stick to not only strategic criteria, but also a very strict financial and value creation criteria -- and then finally.

話雖如此，就你的觀點而言，其中大部分將僅由內部產生的現金提供資金，而且我們仍然會剩下這些現金。因此，資本配置的第二部分將再次在最終 2 倍淨債務與 EBITDA 資本結構的構建中保留一定數量的資本，但再次為可能出現的戰略選擇保留一些資本。我們已經確定了核心業務，並且還堅持非常嚴格的財務回報準則，以便將資本分配到新的舉措中，無論是在鄰近地區，無論是在 KOF，無論是在拉丁美洲還是其他地方，他們不僅堅持戰略標準，還有非常嚴格的財務和價值創造標準——最後。

I mean, there is a very high likelihood that after allocating this capital to strategic initiatives, there will be some capital left over, and we will consider what the best way to return that capital to shareholders will be, be it an ongoing share repurchase program, a bigger share purchase program and/or extraordinary dividend. So those are all of the things that we are discussing at the Board level. We will hope to have some more clarity for you, hopefully, by the end of the year, if not very early next year.

我的意思是，在將這些資本分配給戰略計劃後，很可能會剩下一些資本，我們將考慮將這些資本返還給股東的最佳方式是什麼，無論是持續的股票回購計劃、更大的股票購買計劃和/或特別股息。這些就是我們在董事會層面討論的所有事情。我們希望能在今年年底（如果不是明年初）為您提供更清晰的信息。

But again, we're being patient. We're focusing right now on executing on the divestment part of the FEMSA Forward strategy and then shifting our attention to this, but you should feel comfortable that through the combination of organic, inorganic and capital returns to shareholders, we will continue to -- I mean, of course, make sure that shareholders can maximize their value in their stake in FEMSA, and at the end, when we reach this final 2x net debt-to-EBITDA ratio, you will be exposed to a portfolio that has fantastic growth and cash flow generation characteristics to it. So -- that's it on capital allocation. I don't know, Paco, if you want to take the other question on the expansion of OXXO and beverages.

但我們再次保持耐心。我們現在的重點是執行 FEMSA 遠期戰略的撤資部分，然後將我們的注意力轉移到此，但您應該感到放心，通過有機、無機和資本回報股東的結合，我們將繼續——當然，我的意思是，確保股東能夠最大化其在 FEMSA 股份中的價值，最後，當我們達到最終的 2 倍淨債務與 EBITDA 比率時，您將面臨一個具有驚人增長的投資組合及其現金流產生特徵。這就是資本配置的問題。我不知道，Paco，您是否想回答有關 OXXO 和飲料擴張的另一個問題。

Yes. Actually, Thiago, on the second question on OXXO, can you repeat it, the line wasn't totally clear when you phrased the question the first time around.

是的。事實上，蒂亞戈，關於 OXXO 的第二個問題，你能重複一下嗎？當你第一次提出這個問題時，台詞並不完全清楚。

Sure, Paco. -- sorry. The question is when we imagine you penetrating other regions with (inaudible) with OXXO, (inaudible) operations also to partner with some sort of leverage in distribution being on beer or on soft drinks.

當然，帕科。 - 對不起。問題是，當我們想像您通過（聽不清）OXXO（聽不清）業務滲透其他地區時，還與啤酒或軟飲料的某種分銷槓桿合作。

Thank you, Thiago. This is Juan. I mean, actually, on the proximity side, we are really agnostic, right? I think obviously, in Mexico, we have the legacy of our beer business that eventually became Heineken and that was the reason why Obviously, there was -- for a number of years, we only sold the Heineken portfolio. But when we started the office in Brazil, as you well know, you obviously work with [indiscernible] as well as Heineken, but you don't -- I don't think we need to be a special partnership with a beverage company in every place that we think about opening retail. I mean, obviously, in Europe, we don't have such a setup. And it should not be a prerequisite. Obviously, we know everybody in the beverage business. We are close to many of them, but it's not a prerequisite, and you should not see it as either an optical or a facilitator necessarily. I mean, the 2 things really go separately.

謝謝你，蒂亞戈。這是胡安。我的意思是，實際上，在鄰近方面，我們真的是不可知論，對吧？我認為顯然，在墨西哥，我們擁有啤酒業務的遺產，最終成為喜力，這就是為什麼多年來我們只出售喜力產品組合的原因。但是，當我們在巴西設立辦事處時，正如您所知，您顯然與 [音頻不清晰] 以及喜力合作，但您沒有 - 我認為我們不需要與巴西的一家飲料公司建立特殊的合作夥伴關係我們考慮開設零售店的每個地方。我的意思是，顯然，在歐洲，我們沒有這樣的設置。這不應該是先決條件。顯然，我們認識飲料行業的每個人。我們與其中許多人很接近，但這不是先決條件，你不應該將其視為光學或促進者。我的意思是，這兩件事確實是分開的。

We'll take our next question from Bob Ford at Bank of America.

我們將回答美國銀行鮑勃·福特的下一個問題。

Jose Antonio, Paco and Juan. Please note that our prayers are certainly with Daniel and his family. Paco, you mentioned the MXN 1 billion in digital investment. Can you discuss areas of focus in terms of functionality how you're thinking about the development road map and where the consumer and small business credit resides in that sequence?

何塞·安東尼奧、帕科和胡安。請注意，我們當然為但以理和他的家人祈禱。 Paco，您提到了 10 億墨西哥比索的數字投資。您能否討論一下功能方面的重點領域，您如何考慮開發路線圖以及消費者和小型企業信貸在該序列中的位置？

Yes. In fact, the investment that we're doing is basic -- thank you for the question. But as we have announced before, and we have been pretty consistent with that investment, we are at this stage, a part of that is basically going into the expenses of operating that business and growing it. So we have put significant amount of money on making sure that we have the right team that we bring the right people -- and so those are part of the operational expenses that are taking part of that investment.

是的。事實上，我們正​​在進行的投資是基本的——謝謝你的提問。但正如我們之前宣布的那樣，我們與該投資非常一致，我們現階段的一部分基本上用於運營該業務和發展該業務的費用。因此，我們投入了大量資金來確保我們擁有合適的團隊，並帶來合適的人員，因此這些都是投資中運營費用的一部分。

As we move forward, and we continue developing the 3 verticals in digital that we have told you guys over time. First, our Fintech or wallet second, our loyalty program; and third, enabling the B2B business, what we are creating is really an ecosystem. So at this stage, what we are focusing on is making sure that the consumer experience of those consumers navigating through the different services and through the whole ecosystem improves with every experience and with every use of the platform.

隨著我們不斷前進，我們將繼續開發數字領域的 3 個垂直領域，這也是我們一直以來告訴大家的。首先是我們的金融科技或錢包，其次是我們的忠誠度計劃；第三，賦能B2B業務，我們正在創建的實際上是一個生態系統。因此，現階段我們關注的重點是確保消費者在不同服務和整個生態系統中的消費體驗隨著每次體驗和平台使用而得到改善。

So when you look at the spin, for example, I mean, clearly, as you said, at this stage, we are focusing on -- getting a better use of the platform through the services that we have today. Which is basically the wallet and the team has become increasingly knowledgeable of the different use of patients for each of the cohorts that they are -- they have identified both demographically socio-graphically and geographically, and that will continue to be the case. Second, optimizing the expenses. So when you look at the cost of acquiring new users. It has reduced significantly sequentially over the last quarter. But importantly, we also know that once we have established these new -- these services is very likely that we will need to move to additional services such as insurance, such as credit, but that is in the pipeline, but it's not something that we are rushing into without making sure that the first stage of the of the business is completed successfully, which is making sure that they have the right consumer experience.

因此，例如，當您查看旋轉時，我的意思是，顯然，正如您所說，在現階段，我們的重點是通過我們今天擁有的服務更好地利用該平台。這基本上就是錢包，團隊已經越來越了解每個群體的患者的不同用途——他們已經確定了人口統計、社會地理和地理特徵，而且情況將繼續如此。二是優化費用支出。因此，當你考慮獲取新用戶的成本時。上個季度環比大幅下降。但重要的是，我們也知道，一旦我們建立了這些新的服務，我們很可能需要轉向額外的服務，例如保險，例如信貸，但這正在醞釀之中，但這不是我們想要的。他們在沒有確保業務第一階段成功完成的情況下就匆忙進入，即確保他們擁有正確的消費者體驗。

Then when it comes to the loyalty program, it's similar. We feel confident on the survey we are providing today. As we said the tender is at 24%, 25% right now. We are seeing already the improvement of OXXO sales behind the loyalty program. So making sure that we continue improving the consumer experience, and that is important for us to get the same for the partners that we have today. As you know, we have Volaris, for example. So we are focusing on improving the experience for consumers behind that. And that is the focus at this stage.

當涉及到忠誠度計劃時，情況也是類似的。我們對今天提供的調查充滿信心。正如我們所說，現在的投標率為 24%、25%。我們已經看到忠誠度計劃背後 OXXO 銷售額的改善。因此，確保我們繼續改善消費者體驗，這對於我們為我們今天擁有的合作夥伴提供同樣的體驗非常重要。如您所知，我們有 Volaris。因此，我們致力於改善消費者的體驗。這也是現階段的重點。

The other thing I would add, Bob, just so you don't get scared with this MXN 1 billion per quarter operating loss at digital is that digital is generating revenues at the Proximity Division as well -- so for the overall FEMSA ecosystem, the cash burn is less than what you see reflected in the loss in the others column for us.

Bob，我要補充的另一件事是，為了讓您不要對數字業務每季度 10 億墨西哥比索的運營虧損感到害怕，數字業務也在鄰近部門創造收入 - 因此對於整個 FEMSA 生態系統來說，現金消耗少於您在其他欄目中所反映的我們的損失。

So right now, there is a transfer price that's being assigned because of the use of the retail network. But overall, the cash burn in the ecosystem is what you just see there.

現在，由於零售網絡的使用，正在分配一個轉移價格。但總體而言，生態系統中的現金消耗正如您所看到的那樣。

We will now move on to our next question from Ricardo Alves at Morgan Stanley. Please go ahead.

現在我們將繼續回答摩根士丹利的里卡多·阿爾維斯提出的下一個問題。請繼續。

First of all, of course, all the best to Daniel and Jose Antonio, it's nice to hear from you again. I think that your message in the beginning of the call on the FEMSA forward plan that was really important to appreciate that. First, a very quick follow-up, Eugenio. You mentioned the buybacks, the dividend policy or eventual extraordinary dividends. Qualitatively speaking, is there kind of a preference you guys are leaning towards here I don't know if you've been studying these issues, why is there anything that you guys learned perhaps on the buyback front? Anything that you could share in terms of what you have learned so far this year when you're discussing those topics?

首先，當然，祝丹尼爾和何塞·安東尼奧一切順利，很高興再次收到你們的來信。我認為您在 FEMSA 遠期計劃電話會議開始時所傳達的信息對於理解這一點非常重要。首先，非常快速的跟進，Eugenio。您提到了回購、股息政策或最終的特別股息。定性地說，你們有什麼偏向嗎？我不知道你們是否一直在研究這些問題，為什麼你們在回購方面學到了一些東西？今年到目前為止，當您討論這些話題時，您有什麼可以分享的嗎？

And then my question -- my other question is more related to OXXO obviously, very impressive same-store sale. The gross margin was also good, but we had a little bit of a higher expectation for EBITDA. So can you guys expand a little bit more on the SG&A dynamics for OXXO specifically.

然後是我的問題——我的另一個問題顯然與 OXXO 更相關，非常令人印象深刻的同店銷售。毛利率也不錯，但我們對 EBITDA 的期望有點高。你們能否詳細介紹一下 OXXO 的 SG&A 動態。

Labor obviously has been a factor in Mexico, but is there anything else that you care to highlight? I don't know if maybe the stepping up of the new store openings that you had from the first quarter to the second quarter. I don't know if that's relevant enough to move the needle on the scale front, but just a little bit more thoughts on the SG&A level?

勞動力顯然是墨西哥的一個因素，但您還有什麼想強調的嗎？我不知道從第一季度到第二季度是否會加快新店開張的速度。我不知道這是否足以推動規模的發展，但對 SG&A 層面有更多的思考嗎？

Sure, Ricardo. Thanks for the questions. First, with regards to buybacks, as you can tell, we can -- we have been looking at all sorts of academic research about kind of what the reaction is for the market for either a large dividend or a share repurchase program, et cetera, and they can all tell you kind of what you want to hear. At the end of the day, we're focused on generating value for the shareholders in using that excess capital to generate as much value. So I think that the question -- there is obviously a tax element that we're looking closely at. But I mean, mostly comfortable at this point that taxes will be relatively agnostic with regards to either choice we make but we're still perfecting that.

當然，里卡多。感謝您的提問。首先，關於回購，正如你所知，我們可以——我們一直在研究各種學術研究，了解市場對大額股息或股票回購計劃等的反應，他們都能告訴你你想听的事情。歸根結底，我們的重點是為股東創造價值，利用多餘的資本創造盡可能多的價值。所以我認為這個問題——顯然我們正在密切關註一個稅收因素。但我的意思是，目前大多數情況下，稅收對於我們做出的任何選擇都是相對不可知的，但我們仍在完善這一點。

And I guess the question is going to depend, number one, on what's the size of the return of capital program and then what the market dynamics and the valuation of the stock is at that moment in time and how much we can achieve on 1 versus the other at specific prices to ensure that we are generating as much value on a per share basis for the FEMSA shareholders who do decide to remain with us for the long term. So again, we are looking at all the academic studies and again, taking them with a grain of salt, but focusing more of the analysis on what generates the most value on a per share basis for the FEMSA shareholders. And then on the OXXO -- on the SG&A front, there are several things going on there. I mean on the 1 hand, starting with the gross margin, you do have a little bit of a mix effect with less services and more merchandise. And that obviously brings gross margins down.

我想問題首先取決於資本回報計劃的規模是多少，然後是當時的市場動態和股票估值，以及我們可以在 1 與 1 之間實現多少目標另一個以特定價格確定，以確保我們為決定長期留在我們的 FEMSA 股東創造盡可能多的每股價值。因此，我們再次審視所有的學術研究，對它們持保留態度，但更多地將分析重點放在為 FEMSA 股東帶來每股最大價值的分析上。然後在 OXXO 上——在 SG&A 方面，有幾件事正在發生。我的意思是，一方面，從毛利率開始，服務減少和商品增加確實產生了一點混合效應。這顯然會降低毛利率。

The other effect, as you know, has a lot to do with the loyalty program where we are reserving for the points that are being earned there a little bit. That's more than being offset with increased traffic and increased ticket size. So we're happy to have a lower gross margin, but more sales. So that obviously helps. And then on the SG&A side, again, labor reform, I would say, is the biggest factor -- but you're right, it's not only the new store openings that you see it ramping up in the second quarter, but it's all these other initiatives that we are pursuing, the (inaudible), the opening of (inaudible) and the opening of a lot of initiatives that cost a little bit more at the beginning.

如您所知，另一個影響與忠誠度計劃有很大關係，我們在該計劃中保留了在那裡賺取的一點點積分。這不僅僅是交通量增加和門票尺寸增加所抵消的。因此，我們很高興毛利率較低，但銷售額卻有所增加。這顯然有幫助。然後，在 SG&A 方面，我想說，勞動力改革是最大的因素 - 但你是對的，你看到第二季度的增長不僅是新店開業，而且是所有這些我們正在推行的其他舉措，（聽不清），開放（聽不清）以及開放許多在一開始花費更多的舉措。

We're implementing new operator models in the stores to be a little bit more efficient -- on the supervisor front, we are investing in cash recycling machines to have higher cash availability for cash out in the OXXO stores, et cetera. And all those initiatives are being funded heavily during the first part of the year. Some of them cannot be capitalized. They need to be expensed. And that's why you see a little bit of the softness in the second quarter numbers. But for the most part, I would say, it has to do with the labor reforms.

我們正在商店實施新的運營商模式，以提高效率——在監管方面，我們正在投資現金循環機，以便在 OXXO 商店等處提供更高的現金可用性，以便提現。所有這些舉措在今年上半年都獲得了大量資金。其中一些不能大寫。他們需要支出。這就是為什麼你會在第二季度的數據中看到一些疲軟的原因。但我想說，這在很大程度上與勞動力改革有關。

Just to add to that. it's clearly -- as he said, the 2 main factors is the labor cost; and second, the new store opening. But I think that it's also important to know that as you look at the numbers in OXXO, the fact that the sales are increasing, it's also helping to absorb the cost -- so when you look at quarter-to-quarter, we have a reduction in administrative expenses as a percentage of revenues, for example. So the performance of OXXO continues to be very, very dynamic and the cost that we grow the revenue.

只是補充一下。很明顯，正如他所說，兩個主要因素是勞動力成本；第二，新店開業。但我認為同樣重要的是要知道，當你查看 OXXO 的數字時，銷售額正在增加，這也有助於吸收成本 - 因此，當你查看季度與季度之間的數據時，我們有例如，減少行政費用佔收入的百分比。因此，OXXO 的表現仍然非常非常有活力，而我們增加收入的成本也是如此。

Very helpful, gentlemen. Just 1 quick, I think I misunderstood. But is the loyalty still affecting OXXO? I understood that it was not.

非常有幫助，先生們。快點說1，我想我誤解了。但忠誠度仍然影響著OXXO嗎？我明白事實並非如此。

Very little.

很少。

We'll now move on to our next question from Alan Alanis at Santander. Please go ahead.

現在我們將繼續討論桑坦德銀行的艾倫·阿拉尼斯 (Alan Alanis) 提出的下一個問題。請繼續。

My question and go to Jose Antonio, please, for everyone to send our prayers for the well being of Daniel that look simple of the most important thing. I want to ask a question regarding the long-term vision and long-term strategy that you have (inaudible) intuition that you have for the next 5 years for the company over I think that will be a good opportunity for all investors to hear directly from you in terms of how do you foresee the company will be different in 5 years from now? And specifically, if you could touch regarding the relationship with the Coca-Cola Company and Coca-Cola FEMSA as many in this call know this year, there's -- if we celebrate in 3 decades of lifting Cola-Cola FEMSA in 1993. And now you have the largest Coca-Cola bottler by volume -- how do you foresee the relationship and the ownership that you have with Coca-Cola FEMSA in the next 5 years. And that will be my question.

我的問題請交給何塞·安東尼奧，請大家為丹尼爾的幸福祈禱，這看起來很簡單，但最重要的事情。我想問一個關於公司未來 5 年的長期願景和長期戰略（聽不清）的直覺的問題，我認為這將是所有投資者直接聽到的好機會您認為公司 5 年後會有什麼不同？具體來說，如果您能談談與可口可樂公司和可口可樂 FEMSA 的關係，正如今年電話會議中的許多人所了解的那樣，如果我們慶祝 1993 年解除可口可樂 FEMSA 的 30 週年。您擁有數量最多的可口可樂裝瓶商 - 您如何預測未來 5 年內您與可口可樂 FEMSA 的關係和所有權。這就是我的問題。

Yes, Alan, thank you. This is Paco. I will just start answering your question, and then I'll pass it on to Jose Antonio in case he wants to add something. So -- on the first part of the question related to the next 5 years, I would like to go back to what we have discussed a couple of times, which is the long-range plan exercise that we put together recently and that we have explained to you on a number of occasions. And clearly, that continues to be our guiding light for the next 5 years. Each of the businesses have a very thorough, very complete 5-year plan that they developed. They are working towards those plans in 2023, and they will continue to do that in the next years. Part of the results that you are seeing is precisely behind the [LRPs] that they have developed. So you should expect that, that is not going to change.

是的，艾倫，謝謝你。這是帕科。我將開始回答你的問題，然後我會將其傳遞給何塞·安東尼奧（Jose Antonio），以防他想補充一些內容。因此，關於與未來 5 年相關的問題的第一部分，我想回到我們已經討論過幾次的內容，這是我們最近制定的長期計劃練習，我們已經多次向您解釋過。顯然，這仍然是我們未來 5 年的指路明燈。每個企業都有一個非常徹底、非常完整的五年計劃。他們正在努力實現 2023 年的這些計劃，並將在未來幾年繼續這樣做。您所看到的部分結果正是他們開發的 [LRP] 的背後。所以你應該預料到這一點不會改變。

We are obviously, as in any process such as long-term planning. We will review the plan so as to check that, if anything changed in terms of competitive activity, et cetera. So you should expect that, that might happen. But clearly, we have very strong plans in place, and each of the businesses will continue to do so. At FEMSA level, as we aggregated the plan, I mean, we clearly saw the opportunities to continue our target of doubling the size of the business every 5 years. So that shouldn't change either. So we feel confident about the LRPs. And you should expect that we will stick to them, both at the business level and at FEMSA level. Part of it, as you know, is finishing and making sure that we continue deploying the FEMSA forward strategy, and you will hear news about that as they come along. But you shouldn't see any surprises on that.

顯然，就像在長期規劃等任何過程中一樣。我們將審查該計劃，以檢查競爭活動等方面是否有任何變化。所以你應該預料到這種情況可能會發生。但顯然，我們已經制定了非常強有力的計劃，每個企業都將繼續這樣做。在 FEMSA 層面，當我們匯總計劃時，我的意思是，我們清楚地看到了繼續實現每 5 年業務規模翻一番的目標的機會。所以這也不應該改變。所以我們對 LRP 充滿信心。您應該期望我們會在業務層面和 FEMSA 層面上堅持這些原則。如您所知，其中一部分是完成並確保我們繼續部署 FEMSA 前瞻性戰略，當這些消息出現時您將會聽到相關消息。但你不應該對此感到驚訝。

Here is Jose Antonio -- thank you, Alan, for your question. On behalf of the -- what we foresee for the next 5 years in Coca-Cola FEMSA, I can tell you, and you know that I've been around with Coca-Cola and FEMSA since Roberto (inaudible), and we cannot we cannot be happier of the situation of our relation with Coca-Cola today. We have a complete aligned critical success factors of our executives have a common perspectives of what is coming we want to continue growing. We just want the (inaudible) from -- it was assigned to (inaudible) did a superb job, and we won it again as many, many other times. And we are very happy we see a very good and profitable relation for the future with Coca-Cola.

這是何塞·安東尼奧——謝謝艾倫的提問。我可以代表我們對可口可樂 FEMSA 未來 5 年的預見，你知道，自 Roberto（聽不清）以來，我一直在與可口可樂和 FEMSA 合作，我們不能我們對今天我們與可口可樂的關係狀況感到非常高興。我們擁有完全一致的關鍵成功因素，我們的高管對我們希望繼續發展的未來有共同的看法。我們只是希望（聽不清）來自——它被分配給（聽不清）做得非常出色，並且我們再次贏得了很多很多次。我們很高興看到與可口可樂未來建立非常良好且有利可圖的關係。

Got it. So some of the capital deployment can grow also in expanding the franchisees leader. I know you've talked that maybe Coca-Cola FEMSA doesn't need that money, they can do their own capital, but if needed, you will continue to support the expansion of Coca-Cola FEMSA.

知道了。因此，一些資本配置也可以在擴大加盟商領導者方面增長。我知道你說過，也許可口可樂FEMSA不需要那些錢，他們可以做自己的資金，但如果需要的話，你會繼續支持可口可樂FEMSA的擴張。

Yes -- Alan, this is Paco. KOF is always looking for inorganic opportunities. They will continue to do so. And obviously, we will support them is needed. But -- there is no change in that. They have been always actively looking for opportunities.

是的——艾倫，這是帕科。 KOF一直在尋找無機機會。他們將繼續這樣做。顯然，我們會支持他們。但是——這一點沒有改變。他們一直在積極尋找機會。

And I think, Alan, this is Juan. I mean the nature of the relationship and the clarity that we now have in terms of the business and the cash flows as you know, it's prompting the business itself to invest right, and you heard the team at KOF yesterday talked about their CapEx. I mean, they've been talking about it for months. They're investing more this year and the next couple of years than they ever have in adding capacity and just growing the business. So it really is looking like we have a time ahead of us when we -- KOF is going to be deploying more capital. And as Paco just said, we would be ready to step up under the right conditions for M&A.

我想，艾倫，這是胡安。我的意思是關係的性質以及我們現在在業務和現金流方面的清晰度，正如您所知，它促使業務本身進行正確的投資，您昨天聽到 KOF 的團隊談論了他們的資本支出。我的意思是，他們已經討論了幾個月了。他們今年和未來幾年在增加產能和發展業務方面的投資比以往任何時候都多。所以看起來我們確實有一段時間——KOF 將部署更多的資本。正如帕科剛才所說，我們將準備在適當的條件下加強併購。

Thank you, Alan.

謝謝你，艾倫。

(Operator Instructions) We'll now move on to our next question from Luis Willard at GBM.

（操作員說明）我們現在將繼續討論 GBM 的 Luis Willard 提出的下一個問題。

Welcome back Jose Antonio and I join my colleagues in wishing Daniel the best of his family, of course, as well. So this 1 is a bit philosophical. I would love to pick your brain and ask you which characteristics do you think the next FEMSA CEO should have especially as a relevant part of the FEMSA forward strategy would likely be already underway, if not completed. Then I have another 1 on Spin, very short one.

歡迎何塞·安東尼奧回來，我和我的同事們一起祝愿丹尼爾的家人一切順利。所以這個1有點哲學。我很想請教一下您，您認為下一任 FEMSA 首席執行官應該具備哪些特徵，特別是因為 FEMSA 前瞻性戰略的相關部分很可能已經在進行中（如果尚未完成的話）。然後我在 Spin 上還有另一個 1，非常短的一個。

Well, thank you, Luis. Well, the characteristics should -- we would love to find -- first of all, we would love to have Daniel back. We don't know. We hope we're still praying, and we have hope that it will recover and will come back. Otherwise, we would look for -- as you know, this job -- Daniel Jobs he's the CEO of the coordinate CEO's, so he has to have a very good follow-through, he'll be able to hear from the whole team ideas and mix them, we have to complement and push and motivate the CEOs of the different divisions. We are in a very different problem that we had in the last 20 years. I mean, today, we have a very nice problem of having a lot of cash. We have another very nice problem of lots of opportunities geographically to develop Latin America, U.S. and even Europe organically with stores.

嗯，謝謝你，路易斯。嗯，這些特徵應該——我們很想找到——首先，我們很想讓丹尼爾回來。我們不知道。我們希望我們仍在祈禱，我們希望它能夠恢復並捲土重來。否則，我們會尋找——如你所知，這份工作——丹尼爾·喬布斯，他是協調首席執行官的首席執行官，所以他必須有一個非常好的後續行動，他將能夠聽到整個團隊的想法並將它們混合在一起，我們必須補充、推動和激勵不同部門的首席執行官。我們現在面臨著一個與過去 20 年截然不同的問題。我的意思是，今天我們面臨著一個非常好的問題，那就是擁有大量現金。我們還有另一個非常好的問題，即在地理上有很多機會通過商店有機地發展拉丁美洲、美國甚至歐洲。

So this is -- this has to be a matter of priorities a matter of studying very well the projects and decided which 1 goes first -- there is not a special order of the priorities because we don't know what we could find as opportunity anywhere in the world. But we will follow up the growth of all the divisions as we speak. You know the potential of digital is great. We need to know more about this. This is obviously a new venture for us, completely different than operating beer or soft drinks or retail. But the CEO should be very open to new ideas, very cautious on how to invest and which projects to pursue. But I hope, Daniel, I insist Daniel comes back. That's my expectation. .

所以這就是——這必須是一個優先級問題，需要很好地研究項目並決定哪一個先進行——優先級沒有特殊的順序，因為我們不知道我們能找到什麼機會在世界上任何地方。但在我們發言的同時，我們將跟踪所有部門的發展情況。您知道數字化的潛力是巨大的。我們需要更多地了解這一點。這對我們來說顯然是一次新的冒險，與經營啤酒或軟飲料或零售完全不同。但首席執行官應該對新想法非常開放，對如何投資和開展哪些項目非常謹慎。但我希望，丹尼爾，我堅持丹尼爾回來。這是我的期望。 。

So another one, just very quick, I think I may have asked this in the past, but is there any relationship that you might have detected between -- the ongoing lower share of financial services at OXXO, it's not the first quarter, it happens and the strong advancement of spin users thinking that if there is a relevant share of financial services that are now being made or transacted through the app at a lower profitability.

那麼另一個問題，很快，我想我過去可能已經問過這個問題，但是您可能已經發現了兩者之間的任何關係 - OXXO 的金融服務份額持續較低，這不是第一季度，它發生了旋轉用戶的強勁進步認為，現在通過應用程序以較低的盈利能力進行或交易的金融服務是否存在相關份額。

This is Juan. I think in the long run, you should expect to see a migration of some of the physical users moving to digital. But I think what we're seeing today still is much more related to kind of the vagaries and the ups and downs the relationship with correspondent banks. I mean, as you know, we've had a couple of banks that reduced their exposure to (inaudible), they're coming back, and we are obviously need to be very careful about the fees with inflation, how do you manage your fee structure -- so I don't think that the changes that we're seeing right now is necessarily driven by the secular trend of physical becoming digital. I do think it's still much more related to whether 1 of our big banking partners [Lester] is coming back or what's happening to the fee structure. So I think it will happen, but I don't think we're seeing that yet.

這是胡安。我認為從長遠來看，你應該會看到一些實體用戶轉向數字化。但我認為我們今天看到的情況仍然更多地與代理銀行關係的變幻莫測和起伏有關。我的意思是，正如你所知，我們已經有幾家銀行減少了（聽不清）風險敞口，他們正在回來，我們顯然需要非常小心通貨膨脹的費用，你如何管理你的費用結構——所以我認為我們現在看到的變化不一定是由實體向數字化的長期趨勢驅動的。我確實認為這與我們的大型銀行合作夥伴之一[萊斯特]是否會回來或費用結構發生的情況更相關。所以我認為這將會發生，但我認為我們還沒有看到這一點。

Understood Juan. Very clear. Thank you.

理解胡安。非常清楚。謝謝。

We'll take our next question from Ulises at JPMorgan.

我們將回答摩根大通的尤利塞斯提出的下一個問題。

And obviously echoing the good wishes there for Daniel. So the question that we had was more if we could explore a bit on the other retail formats in Mexico, particularly around Bara. Maybe if you can comment a little bit on what the outlook is for the rollout, any short-term targets that you can share there? And obviously, any color there around how profitability size evolving, CapEx requirements, all of that, that would be highly appreciate it.

顯然也呼應了對丹尼爾的良好祝愿。因此，我們面臨的問題是，我們是否可以探索墨西哥的其他零售業態，尤其是巴拉周圍的零售業態。也許您可以對推出的前景發表一些評論，您可以在那里分享任何短期目標嗎？顯然，任何圍繞盈利規模如何演變、資本支出要求等的色彩，都會受到高度讚賞。

Yes,Ulises, -- thank you for the question. Indeed, I mean Bara is 1 of the formats that the OXXO team is exploring as part of their multi-format strategy. And Bara frankly, has been doing a terrific performance during the quarter. So when we look at the results, if I'm not mistaken, the results were 22% ahead of a year ago, strong in the digit. The traffic increased by 12%, and we continue to see same-store sales at plus 12%. The private label, which is a strong part of the value equation. It is also performing significantly well. and they continue to improve all the operational aspects of the stores, reducing the inventory, reducing the operational cost. We applying the success that OXXO has had on the segmentation -- and importantly, they also continue improving the number of the opening of stores.

是的，尤里塞斯，——謝謝你的提問。事實上，我的意思是 Bara 是 OXXO 團隊正在探索的格式之一，作為其多格式策略的一部分。坦率地說，巴拉在本季度的表現非常出色。因此，當我們查看結果時，如果我沒記錯的話，結果比一年前領先 22%，這個數字非常強勁。客流量增加了 12%，我們繼續看到同店銷售額增長 12%。自有品牌是價值方程式的重要組成部分。它的表現也非常好。並且他們不斷改進門店的各個運營環節，減少庫存，降低運營成本。我們應用了 OXXO 在細分方面取得的成功——重要的是，他們還繼續提高開店數量。

So right now, 200 [bara] stores in 300 bara stores in particularly in the central part of Mexico. Another idea is that we'll continue with that expansion in strongly in the years to come, once again, making sure that we first continue the geographic areas that we are, and we slowly expand to others and continue fine-tuning the value proposition. But we are very confident at this stage that we have tracked that value proposition and is a are making sure that we gradually expanded in other parts of the geography in Mexico, specifically in Mexico.

現在，特別是在墨西哥中部地區，有 300 家 bara 商店中的 200 家 [bara] 商店。另一個想法是，我們將在未來幾年繼續大力擴張，確保我們首先繼續現有的地理區域，然後慢慢擴展到其他地區並繼續微調價值主張。但現階段我們非常有信心，我們已經跟踪了這一價值主張，並確保我們逐漸在墨西哥其他地區（特別是墨西哥）擴張。

If I may complement with regards to the unit level economics, I think with the gross margin structure that has been achieved through the different categories, value prop and private label penetration, we have been able to, I mean, reach unit level economics that from a marginal perspective, in terms of the store investment and the operating model that can give us, I mean, returns on investments well into the double digits. And again, at the 4-wall level, they're reaching the mature stores are reaching and in the contribution that we originally set out for the rebranded -- not the rebranded, but the reformulated value prop 3 or 4 years ago. So we're very comfortable that as the scale grows, distribution centers fill up, et cetera, that we will be achieving, I mean, much better EBIT margins than what we're seeing right now. And that the marginal dollars that are being invested here are earning, I mean, spectacular returns. So we're comfortable, again, that the unit level economics on Bara are working out either as or better than expected.

如果我可以補充一下單位層面的經濟學，我認為通過不同類別、價值支柱和自有品牌滲透率實現的毛利率結構，我們已經能夠，我的意思是，達到單位層面的經濟學從邊際角度來看，就商店投資和運營模式而言，我的意思是，可以給我們帶來兩位數的投資回報。再說一次，在四牆層面，他們正在達到成熟商店正在達到的水平，並且在我們最初為品牌重塑設定的貢獻中——不是品牌重塑，而是三四年前重新制定的價值支柱。因此，我們非常滿意，隨著規模的增長、配送中心的滿員等等，我們將實現比我們現在看到的更好的息稅前利潤率。我的意思是，投資在這裡的邊際資金正在獲得驚人的回報。因此，我們再次感到滿意的是，巴拉的單位層面經濟效益達到或好於預期。

All right. That's super, super helpful. And if I may, just to follow up on that on the point there on private label. Do you have any sense or any level that you can share with us around how much private label actually represents there within the format?

好的。這非常非常有幫助。如果可以的話，我只是想跟進一下自有品牌的問題。對於自有品牌在該格式中實際代表的程度，您是否有任何感覺或任何水平可以與我們分享？

Yes. When we look at the total sales, private label is at around 21% of the same-store. But then obviously, it changes depending on the categories. So it goes very high when you look at (inaudible) for example, it is around 27%. What general merchandise is also higher at 27%. So it changes, but it is an important part of the value proposition.

是的。從總銷售額來看，自有品牌約占同店銷售額的 21%。但顯然，它會根據類別而變化。所以當你看（聽不清）時，它會變得非常高，例如，大約是 27%。什麼一般商品也較高，達到27%。所以它發生了變化，但它是價值主張的重要組成部分。

Okay. Perfect. Congrats on the results guys.

好的。完美的。恭喜你們的結果。

We'll take our next question from Rodrigo at UBS.(Operator Instructions)

我們將接受瑞銀的羅德里戈提出的下一個問題。（操作員說明）

Paco, Antonio, Juan (inaudible) we'll limit the questions to 1. I would like to explore your thoughts on Nos in Brazil. It looks like you in crack the formula there delivering very impressive results in terms of same-store sales. Two questions here. I would like to hear your thoughts. The first 1 is, do you (inaudible) mid term or even next year, a scenario where perhaps you could be like in a station in Mexico at some point like opening 1 store per day. Would you see that happening in Brazil, for instance? And the second 1 is you can mean appears to me, most of the stores being -- or even all of the stores should be in OXXO. It looks like in DJ bench, we're pretty much (inaudible) everything we had is coming from you guys. Just if you can remind us sharing with us, I mean, what's essentially the contribution here from your counterparts from [indiscernible] and the JV, that would be ran to cure and congrats on the overall results.

Paco、Antonio、Juan（聽不清）我們將問題限制為 1。我想探討一下您對巴西 Nos 的看法。看起來您正在破解那裡的公式，在同店銷售方面取得了非常令人印象深刻的成果。這裡有兩個問題。我想听聽你的想法。第一個是，你（聽不清）中期甚至明年，你可能會像在墨西哥的一個車站一樣，在某個時刻每天開設 1 家商店。例如，您會看到這種情況發生在巴西嗎？第二個 1 是指在我看來，大多數商店——甚至所有商店都應該在 OXXO 中。看起來在 DJ 台上，我們幾乎（聽不清）我們擁有的一切都來自你們。如果您能提醒我們與我們分享，我的意思是，您的[音頻不清晰]和合資企業的同行的貢獻是什麼，將用於治愈並祝賀總體結果。

Let me take the first part and then i'll let Paco complement. I think on the 1 store per day, I mean, I don't want to put our colleagues in the hot seat, but that's actually what they did during the first quarter, right? I mean if we remember that in Brazil, they use a different fiscal year. They have their end of the year is at the end of March because of its harvest (inaudible) year. So our first quarter was their fourth quarter, and they actually opened like 90 stores during that quarter. So it is doable. Now is that our run rate for the full year? No. But is that possible?

讓我先講第一部分，然後讓帕科補充。我認為每天 1 家商店，我的意思是，我不想讓我們的同事陷入困境，但這實際上是他們在第一季度所做的，對吧？我的意思是，如果我們記得在巴西，他們使用不同的財政年度。他們的年末是在三月底，因為這是收穫（聽不清）的一年。所以我們的第一季度就是他們的第四季度，他們實際上在該季度開設了 90 家商店。所以這是可行的。這是我們全年的運行率嗎？不，但這可能嗎？

Yes, I think in the short to medium term, that's the kind of growth that we are looking for. I'll let Paco talk about the partnership, which is really going very, very well.

是的，我認為從短期到中期來看，這就是我們正在尋求的增長。我會讓帕科談談我們的合作關係，雙方的合作進展得非常非常順利。

Yes, yes. Thank you, Rodrigo, for the question. Look, I mean, first and foremost, we are extremely happy with the relationship we have in Brazil. We're extremely happy with the way the joint venture is working -- we are extremely happy with the -- I would call it, learning that we have and that we share between (inaudible) the 2 entities. When you look at Brazil today, we have a very strong base of OXXO stores right now, but we also have a very strong base of the selected stores. They have -- our partners have over 1,600 stores in Brazil, and they opened 35 units in the last quarter. So -- at the end of the day, we have an ecosystem of stores in Brazil between the Select and the OXXO that are very powerful brand. As you know, they are experts on the fuel side. and it's something that we plan to even learn more as we move forward with our expansion plans in other places. So I mean, clearly, the joint venture we have there is going ahead of expectations. And we have a strong relationship with our partners that we plan to continue building in the future.

是的是的。謝謝羅德里戈的提問。聽著，我的意思是，首先也是最重要的是，我們對我們在巴西的關係非常滿意。我們對合資企業的運作方式非常滿意 - 我們非常滿意 - 我會稱之為，了解到我們擁有並且我們在（聽不清）兩個實體之間共享。當你看看今天的巴西時，我們現在擁有非常強大的 OXXO 商店基礎，但我們也擁有非常強大的精選商店基礎。他們——我們的合作夥伴在巴西擁有 1,600 多家商店，他們在上個季度新開了 35 家商店。因此，歸根結底，我們在巴西擁有一個介於 Select 和 OXXO 之間的商店生態系統，這些都是非常強大的品牌。如您所知，他們是燃料方面的專家。隨著我們在其他地方推進擴張計劃，我們計劃進一步了解這一點。所以我的意思是，很明顯，我們在那裡的合資企業的進展超出了預期。我們與合作夥伴建立了牢固的關係，我們計劃在未來繼續建立這種關係。

If I may add to Juan's earlier point. I just want to add to Jaun's earlier point. You have to remember, the 90 stores we opened in their last quarter -- we're just in Sao Paulo and Campinas, because we just have one, I mean, DC in place, eventually we'll be in Rio we'll be in other places. So again, I'm trying to be a little bit more aggressive than what Juan is , and I'm sure I won't put the Brazilian -- our Brazilian colleagues on the spot here. once we have 3 or 4 different areas where we're saturating the market simultaneously, we should be able to reach that growth. And again, also, just to complement on Paco's point, you have to remember, the first 3 years of the joint venture were run by someone who came from Raizen. So I mean, the local know-how, the local expertise has been invaluable in terms of rolling out the value proposition in Mexico, and we will continue to rely on them for learnings that are being put to use in the region.

我可以補充胡安之前的觀點嗎？我只想補充 Jaun 之前的觀點。你必須記住，我們在上個季度開設了 90 家商店 - 我們只是在聖保羅和坎皮納斯，因為我們只有一家，我的意思是，華盛頓特區，最終我們將在里約熱內盧，我們將在其他地方。再說一次，我試圖比胡安更激進一點，我確信我不會讓巴西人——我們的巴西同事——在這裡陷入困境。一旦我們在 3 或 4 個不同的領域同時實現市場飽和，我們就應該能夠實現這種增長。再說一次，為了補充 Paco 的觀點，你必須記住，合資企業的前 3 年是由來自 Raizen 的人經營的。所以我的意思是，當地的專業知識對於在墨西哥推出價值主張而言非常寶貴，我們將繼續依靠他們來獲取在該地區使用的知識。

I understood that, that was very clear to the degree it certainly exceeded expectations. You are already a breakeven point there, right, or still negative operating income. Maybe you can share with us -- that will be helpful.

我明白了，這一點非常明確，甚至超出了我的預期。你已經達到了盈虧平衡點，對吧，或者仍然是負營業收入。也許你可以與我們分享——這會很有幫助。

Sure. I think at this point, even they are also a public company, we'd rather not give out the numbers. Having said that, from a free cash flow perspective, given how much we're expanding -- at this point, we're still free cash flow negative, but in a good way. What I can say is that the economics of the business are better than what we expected when we originally started 3 years ago in all income statement line. So.

當然。我認為在這一點上，即使他們也是一家上市公司，我們也不願意透露這些數字。話雖如此，從自由現金流的角度來看，考慮到我們的擴張程度，目前我們的自由現金流仍然為負，但這是一個好的方式。我能說的是，在所有損益表項目中，該業務的經濟狀況比我們三年前剛開始時的預期要好。所以。

Thank you. We'll move on to our next question from Ben Theurer at Barclays.

謝謝。我們將繼續回答巴克萊銀行 Ben Theurer 提出的下一個問題。

Thank you very much and congrats from my side. Just wanted to dig into recent dynamics at OXXO. Clearly, we saw a very strong second quarter, just continued a very healthy combination between ticket and traffic. I was wondering if you could explore a little bit of how much of maybe the traffic was driven just weather-related more going into stores just because of the heat buying certain beverages and so on and what the trend into the third quarter and how you're feeling about the traffic more recently.

非常感謝並祝賀我。只是想深入了解 OXXO 的最新動態。顯然，我們看到了非常強勁的第二季度，門票和流量之間繼續保持著非常健康的組合。我想知道您是否可以探討一下，可能有多少流量是與天氣相關的，更多人進入商店只是因為購買某些飲料等的熱度，以及第三季度的趨勢是什麼，以及您如何我最近對交通有感覺。

Ben, this is Juan. I mean, we were talking a little bit about this even last quarter. We were talking about the gathering location, the thirst location. I remember making a comment in the call 3 months ago about beer being very relevant now that we have -- I mean, we've opened fully the territory, all of Mexico to both big families of brands and beginning to move the needle, even though the openings to the API portfolio happened during several years ago or began happening 3 or 4 years ago, we obviously were under COVID and people weren't really living their lives normally. But now we are, right? And so people are getting together a lot more consuming a lot more. And so we again see those trends where the beer category and the soft drink category and the snacks category and the liquor category are all performing very, very well.

本，這是胡安。我的意思是，我們甚至在上個季度就這個問題進行了一些討論。我們談論的是聚集地點、口渴地點。我記得三個月前在電話中評論說啤酒非常重要，因為我們已經——我的意思是，我們已經向兩個大品牌家族完全開放了整個墨西哥的領土，並開始採取行動，甚至儘管 API 產品組合的開放發生在幾年前或三四年前開始發生，但我們顯然處於新冠疫情之下，人們並沒有真正過上正常的生活。但現在我們是了，對吧？因此，人們聚集得更多，消費也更多。因此，我們再次看到啤酒類別、軟飲料類別、零食類別和酒類類別都表現非常非常好的趨勢。

Now I think if we looked at it intra-quarter, Certainly, the month of June was the strongest and you point to the right reason. I mean, the heat the weather that we've had for June and the better part of July, obviously, has been an additional tailwind to the consumption of beverages. So it looks like July kind of took off where June ended.

現在我認為，如果我們看一下季度內的情況，當然，六月份是最強勁的，你指出了正確的理由。我的意思是，六月和七月大部分時間的炎熱天氣顯然為飲料消費帶來了額外的推動力。所以看起來七月在六月結束的地方開始了。

So continue to see good trends. But again, I think the broader reason is people fully going back to living their lives. I mentioned the other time concerts and fairs like the 1 in [indiscernible] really all over Mexico, just people gathering and consuming normally where we have not for several years. That would be my comment.

所以繼續看到好的趨勢。但我再次認為，更廣泛的原因是人們完全回歸正常生活。我提到過其他時間的音樂會和博覽會，例如墨西哥各地的[音頻不清晰] 1 場音樂會和博覽會，只是人們正常聚集和消費，而我們已經好幾年沒有這樣做了。這就是我的評論。

Yes. No, Ben, this is Paco. The only thing that I would like to add to that is that when we look at traffic, it has been improving, as you know, sequentially for a few quarters now. The strong performance that we are seeing, the additional good news is that it is coming behind the general merchandise. I mean, basically, every single segment of the store is growing and adding traffic. And that is being reflected also on the market share. I mean, OXXO continues to gain market share. And that has to do with the basic and the core value proposition of the store. So that is the good news. Yes, all the segmentation work that is being done is paying its dividend. And I guess that the consistency of it is what is helping the traffic. And that's why we believe that in the quarters to come, hopefully, we'll continue to see the same.

是的。不，本，這是帕科。我唯一想補充的是，當我們觀察流量時，如您所知，現在幾個季度以來流量一直在持續改善。我們看到的強勁表現，額外的好消息是它落後於一般商品。我的意思是，基本上，商店的每個部分都在增長並增加流量。這也反映在市場份額上。我的意思是，OXXO 繼續獲得市場份額。這與商店的基本和核心價值主張有關。這是個好消息。是的，所有正在進行的細分工作都在帶來紅利。我猜它的一致性有助於交通。這就是為什麼我們相信在未來幾個季度，我們將繼續看到同樣的情況。

Thank you. We'll move on to our next question from Alvaro Garcia at BTG.

謝謝。我們將繼續回答 BTG 的阿爾瓦羅·加西亞 (Alvaro Garcia) 提出的下一個問題。

Good morning. thoughts and prayers with Daniel -- just 1 quick 1 on spin. I was wondering you're seeing higher transactions per user. In the release, you mentioned increased transactions per month. But I was just wondering if the concern cohorts you're seeing just higher balances and just higher movement on a per-user basis, thank you.

早上好。與丹尼爾一起思考和祈禱——只是 1 快 1 旋轉。我想知道您是否看到每個用戶的交易量更高。在新聞稿中，您提到每月交易量增加。但我只是想知道您所關注的群體是否只是看到更高的餘額和更高的每用戶移動量，謝謝。

Yes. Alvaro, thanks for the question. On spin, yes, we are seeing different cohorts, especially the newer ones being more prolific in terms of their transaction volumes as they find different use cases for the product. Again, cash in, cash out continues to be the main one, but what's really picking up now is peer to peer, which is what we want to because it creates the network effect and it creates stickiness (inaudible) to the product. So I would say that for the most part, we have increased in transactions per user, the way we would want to see them. And as people see the functionality of peer-to-peer and also the payments that we were seeing being done on an analog basis, services, et cetera, that is also being -- I mean, you top up once in the month and then you use it to pay for 3 or 4 services online instead of having to come back to the cashier and pay it for 3 or 4 services over the course of the month. So I think it's moving in the right direction as we expected it.

是的。阿爾瓦羅，謝謝你的提問。是的，我們看到了不同的群體，尤其是新群體，他們的交易量更高，因為他們發現了產品的不同用例。同樣，現金進出仍然是主要方式，但現在真正興起的是點對點，這正是我們想要的，因為它創造了網絡效應，並為產品創造了粘性（聽不清）。所以我想說，在很大程度上，我們增加了每個用戶的交易量，這是我們希望看到的方式。當人們看到點對點的功能以及我們所看到的在模擬基礎上完成的支付、服務等時，這也是——我的意思是，你每個月充值一次，然後您可以使用它在線支付 3 或 4 項服務的費用，而不必回到收銀台並在一個月內支付 3 或 4 項服務的費用。所以我認為它正朝著我們預期的正確方向發展。

There is, I mean, some -- I mean, shift as 1 of the other questions with regards to what that's doing, I think, overall, to the financial services line. But having said that, it's -- I think from an economic perspective, it's not -- it's not extremely dilutive. But more importantly, we are having more engagement in the platform, which is at the end of the day, what we want.

我的意思是，有一些——我的意思是，作為其他問題之一，我認為總體上轉移到了金融服務領域。但話雖如此，我認為從經濟角度來看，它並不是——它的稀釋性並不是很強。但更重要的是，我們對這個平台有了更多的參與，這最終就是我們想要的。

We'll now move on to our next question from Sergio at Citigroup.

現在我們將繼續回答花旗集團 Sergio 提出的下一個問題。

Yes. It's Sergio Matsumoto from Citi. And also my thought and prayers with Daniel and his family. My question is on Premier, the loyalty program. When you look at the strength of that program to drive traffic into the stores, how does that compare against those that were nondigital or analog as you just mentioned a few minutes earlier. Such as the services and the payments and the mobile phone minutes top up? That's my first question. And related to that is the ubiquity of OXXO stores play a role under -- how does the ubiquity play a role in the demo acquisition and retention in these digital platforms.

是的。我是花旗銀行的塞爾吉奧·松本。還有我與丹尼爾和他的家人的思念和祈禱。我的問題是關於 Premier 忠誠度計劃。當您查看該計劃在推動商店客流量方面的優勢時，您會發現它與您幾分鐘前提到的非數字或模擬計劃相比如何。比如服務、支付、手機通話時間充值等？這是我的第一個問題。與此相關的是無處不在的 OXXO 商店在這些數字平台中的演示獲取和保留中如何發揮作用。

Yes. Thank you, Sergio, this is Paco. I will take the second part of your question, start on the first and then (inaudible) you can complement me. But I mean, clearly, the OXXO stores play a very, very important role in both spend and the loyalty program. I mean having the physical store and the approach that the team is taking is a digital approach, which means the service providing on the fintech side and on the logic side are leveraging strongly on the store, both on the acquisition side, but importantly, also in terms of the consumer experience and the type of offers and programs that we put together. So there is -- at this stage, the intention is to continue leveraging on the physical presence of the store. And the teams were very close together because, I mean, clearly, the store -- when we talk about the stores, it basically means the people that work in the store. They are the ones that many times have to convey the message in terms of whether the consumers are going to use the loyalty program or not. If there's a special offer that you should be taking a look at. You need to know that they are -- for example, this is just an example, but there are dedicated coupons that people can use, but they only have them available in the application, in the app.

是的。謝謝你，塞爾吉奧，這是帕科。我將回答你問題的第二部分，從第一部分開始，然後（聽不清）你可以補充我。但我的意思是，很明顯，OXXO 商店在消費和忠誠度計劃方面都發揮著非常非常重要的作用。我的意思是擁有實體商店和團隊正在採取的方法是一種數字方法，這意味著金融科技方面和邏輯方面提供的服務正在大力利用商店，無論是在收購方面，但重要的是，就消費者體驗以及我們提供的優惠和計劃的類型而言。因此，現階段的目的是繼續利用實體商店的優勢。團隊之間的聯繫非常緊密，因為，我的意思是，顯然，商店——當我們談論商店時，它基本上指的是在商店工作的人。他們常常需要傳達消費者是否會使用忠誠度計劃的信息。如果有特別優惠，您應該考慮一下。你需要知道它們是 - 例如，這只是一個例子，但是人們可以使用專用優惠券，但他們只能在應用程序中使用它們。

So many times, at least at this stage, the cashier is the one that is going to suggest the user to go and look into the applications to see if there are any coupons. So that link between the store and digital is strong today, and we expect it to get even stronger in the future. And that takes us to the first part of your Question which is that of Supremia at this stage is a big part of the transactions are still on the physical side. So people go there and they have their phone number and they access their accounts through the phone number to the cashier.

很多時候，至少在這個階段，收銀員會建議用戶去查看應用程序，看看是否有優惠券。因此，今天商店和數字之間的聯繫非常緊密，我們預計它在未來會變得更加緊密。這就把我們帶到了你的問題的第一部分，即現階段的Supremia交易的很大一部分仍然是在實體方面。所以人們去那裡有他們的電話號碼，他們通過收銀員的電話號碼訪問他們的賬戶。

More and more, we are seeing that users have their application, and they do the transaction through the application. But at the end of the day, we believe there is going to be a combination of both moving forward.

我們越來越多地看到用戶擁有自己的應用程序，並且他們通過應用程序進行交易。但最終，我們相信兩者將會結合起來向前發展。

Yes. If I may add, just in the ubiquity point, according to [Banco] and Mexico, in all of Mexico, there's 62,000 ATMs and only 28,000 or 29,000 of those 62 are actually outside of a bank branch. If you think about OXXO, in OXXO, we have 21,000 ATMs. So technically, we've got I don't know, 40% of the outside of bank ATMs in Mexico. And if you go to the more rural areas of Mexico it would probably have to be the only ATM in town. So clearly, that is a significant portion of the value proposition, especially in a cash-rich economy in an informal based economy like Mexico is. So clearly, that is, I think, the main driver of the value proposition.

是的。如果我可以補充一點，根據 [Banco] 和墨西哥的數據，墨西哥全境有 62,000 台 ATM，而這 62 台中只有 28,000 或 29,000 台實際上位於銀行分行之外。如果您考慮一下 OXXO，在 OXXO，我們有 21,000 台 ATM。所以從技術上講，我不知道，墨西哥 40% 的外部銀行 ATM 機都有。如果你去墨西哥的農村地區，它可能是城裡唯一的自動取款機。顯然，這是價值主張的重要組成部分，特別是在像墨西哥這樣的非正式經濟體中現金充裕的經濟體。很明顯，我認為這是價值主張的主要驅動力。

Our job obviously is to take that advantage and turn it into a unique user experience that flows across not only Spain, of course, with payments and peer-to-peer, et cetera, but also with the loyalty program to drive that symbiotic relationship between the digital and the physical store. And right now, on loyalty, again, it's still early days, but I mean, you saw in the press release, we're at 24% tender. So of all the sales of OXXO are being done through a loyalty program. And these -- again, we're still running some numbers, but these customers are running tickets and traffic and purchases that are significantly higher than they otherwise would have been to a comparable cohort without the loyalty program. So I think this symbiotic relationship again between the physical store, the digital wallet and the loyalty program is causing exactly the kind of network effect that we wanted to have.

顯然，我們的工作就是利用這一優勢，將其轉化為一種獨特的用戶體驗，這種體驗不僅可以通過支付和點對點等方式在西班牙流通，還可以通過忠誠度計劃來推動之間的共生關係。數字商店和實體商店。現在，就忠誠度而言，現在還處於早期階段，但我的意思是，你在新聞稿中看到，我們的投標率為 24%。因此，OXXO 的所有銷售都是通過忠誠度計劃完成的。再說一次，我們仍在計算一些數字，但這些客戶的門票、流量和購買量明顯高於沒有忠誠度計劃的同類群體。因此，我認為實體商店、數字錢包和忠誠度計劃之間的這種共生關係正在產生我們想要的那種網絡效應。

We'll take our last question from Héctor Maya at Scotiabank.

我們將回答豐業銀行赫克托·瑪雅 (Hector Maya) 提出的最後一個問題。

Thank you for your time. Apologies if I get disconnected, I'm having some issues with my line. I just wanted to say first, our thoughts and prayers are with Daniel, and we are wishing him all the best. Also, the question I have is related to FEMSA forward. In the announcement, it was mentioned the potential of them to have with the traditional channel. So I would like to know how you're to become the supplier of the traditional channel? Do you have some clarity on the economics or how you would organize or and the red trucks with the Coca-Cola Company. In the end, I mean, do you believe that we could eventually start to think of FEMSA as a relevant supplier or even as a one-stop shareholder relational channel in Mexico?

感謝您的時間。如果我的線路斷線，我深表歉意，因為我的線路出現了一些問題。我只想首先說，我們的思念和祈禱與丹尼爾同在，我們祝愿他一切順利。另外，我的問題與 FEMSA 轉發相關。在公告中，提到了他們與傳統渠道的潛力。所以我想知道你們是如何成為傳統渠道的供應商的？您是否清楚經濟學或如何組織可口可樂公司的紅色卡車？最後，我的意思是，您是否相信我們最終可以開始將 FEMSA 視為墨西哥的相關供應商，甚至一站式股東關係渠道？

Hector this is Paco. Thank you for your question. The line was breaking up, so I will try to answer the best i can. But Basically, we continue to believe that there is a lot of opportunity of enabling the traditional channel and solving the key pain points that for many, many years, they have had I mean, first of all, I mean, clearly, the pricing is a concern for them. And that is the -- almost a price event, making sure that they have the right price it's something that is a very important part of the value proposition. On that side, you can imagine that, I mean, clearly, we believe that we are well equipped to solve that 1 or to at least address it simply because we have a very strong commercial relationships on the OXXO side. But there are a number of other pain points that this segment has suffered over the years. One is the availability of products and the delivery because today, what they have to do is most of the time they have to go and look for the product themselves open store late because they have to go to the wholesalers or the (inaudible) or other places to supply their products.

赫克托，這是帕科。謝謝你的問題。線路中斷了，所以我會盡力回答。但基本上，我們仍然相信，有很多機會啟用傳統渠道並解決他們多年來一直存在的關鍵痛點，我的意思是，首先，我的意思是，很明顯，定價是對他們的關心。這幾乎是一個價格事件，確保他們有合適的價格，這是價值主張中非常重要的一部分。在這方面，你可以想像，我的意思是，顯然，我們相信我們有能力解決這個問題，或者至少能夠解決這個問題，因為我們在 OXXO 方面擁有非常強大的商業關係。但多年來，這一領域還存在許多其他痛點。一是產品的可用性和交付，因為今天，他們要做的大部分時間是他們必須去尋找產品，他們自己開店很晚，因為他們必須去批發商或（聽不清）或其他供應其產品的地方。

And that means that they lose sales as they go and they come back, they have to pay for transportation, et cetera. So having an ecosystem in which you can actually receive the product, place the order the day before or 2 days before, when you have closed your operation for the day and then receiving it in full at the right price is basically going to solve a very big pain point. And the second one, which is not minor, is that every time they go and buy, they have to buy full cases. And that is an issue. I mean that is an issue because many times, they only need to buy a few units. And given that they don't have access to credit, they don't have access to any source of financing. They have to work with their own working cap to pay for these things. And if they buy a pool case of something that is going to take 2 months to as you can imagine they have money trap that they can use for their things.

這意味著他們在離開和回來時會失去銷售額，他們必須支付交通費用等等。因此，擁有一個生態系統，您可以在其中實際接收產品，在前一天或前兩天下訂單，當您當天關閉操作時，然後以合適的價格全額接收產品，基本上可以解決一個非常大的問題。大痛點。還有第二個，也不是小事，就是每次去買，都要買滿箱的。這是一個問題。我的意思是這是一個問題，因為很多時候，他們只需要購買一些單位。由於他們無法獲得信貸，他們也無法獲得任何融資來源。他們必須用自己的工作上限來支付這些費用。如果他們買了一箱需要兩個月才能買到的東西，你可以想像，他們有一個可以用來買東西的金錢陷阱。

In reality, where ecosystem can actually offer them to buy by the unit. Simply because OXXO has been doing that by supplying their stores by the unit. So that's not a minor thing. It's a difficult thing to do because you have to make money as you do it. And also, it's an expert doing that. So clearly, we are planning to continue exploring all the alternatives we have to provide a platform that will solve all these issues for our traditional channel.

事實上，生態系統實際上可以為他們提供按單位購買的服務。僅僅因為 OXXO 一直通過按單位向商店供貨來做到這一點。所以這不是一件小事。這是一件很難做的事情，因為你必須一邊做一邊賺錢。而且，這是一位專家在做這件事。顯然，我們計劃繼續探索所有替代方案，以提供一個平台來解決我們傳統渠道的所有這些問題。

The traditional channel continues to be an important segment for the retail in Mexico, and we expect it to continue to be as such. So clearly, all playing a role in helping them is going to be important.

傳統渠道仍然是墨西哥零售業的重要組成部分，我們預計它將繼續如此。顯然，所有人在幫助他們方面發揮作用都非常重要。

I think what I would just add, this is Juan. And I know this is a question that has come up on the co-front side as well. Just remind everybody that it's still early days in terms of how we build this thing and how roles and responsibilities and capabilities and interactions, a lot is still to be defined. So it's looking very promising, but it's still early days.

我想我要補充的是，這是胡安。我知道這也是共同前端提出的一個問題。只是提醒大家，就我們如何構建這個東西以及如何角色、責任、能力和交互而言，現在還處於早期階段，還有很多東西有待定義。所以它看起來非常有希望，但還處於早期階段。

There are no further questions in the queue. I will now hand it back to Juan for closing remarks. Thank you.

隊列中沒有其他問題。我現在將其交還給胡安以供結束語。謝謝。

Thank you, everyone. Thank you, obviously, for all your kind words again regarding Daniel. We will definitely relay them to him, he might very well be listening to the call, so maybe he already heard you. We're always available, as always, myself and the team, Jose Antonio, if you want to also your going to sign off, but have a great end of the week and weekend guys and we'll be in touch.

謝謝大家。顯然，再次感謝您對丹尼爾的所有善意之言。我們一定會把它們轉發給他，他很可能正在聽電話，所以也許他已經聽到了你的聲音。一如既往，我本人和團隊何塞·安東尼奧（Jose Antonio）隨時為您服務，如果您也想退出，但祝大家週末和周末愉快，我們會與您聯繫。

Thank you, Juan. Thank you for your time. Thanks for the interest in the company as (inaudible) I will try to be at least on a call of this kind of conference calls per year, not in all of them, unless there is an important news that we have to announce gladly come. And also you should know that through Juan, you can contact us all the time. We will stay in touch. Thank you very much, and see you soon.

謝謝你，胡安。感謝您的時間。感謝您對公司的興趣（聽不清），我將嘗試每年至少參加此類電話會議，而不是所有電話會議，除非有重要消息我們必須高興地宣布。而且您應該知道，通過胡安，您可以隨時與我們聯繫。我們將保持聯繫。非常感謝您，很快再見。

Thanks.

謝謝。

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for your participation. Continue to stay safe. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。繼續保持安全。您現在可以斷開連接。