Coca-Cola Femsa SAB de CV (KOF) 2023 Q1 法說會逐字稿

Good day, and welcome to the Coca-Cola FEMSA First Quarter 2023 Conference Call. Today's call is being recorded. At this time, I will now turn the call over to Jorge Collazo. Please go ahead, sir.

美好的一天，歡迎來到可口可樂 FEMSA 2023 年第一季度電話會議。今天的通話正在錄音中。現在，我將把電話轉給 Jorge Collazo。請繼續，先生。

Thank you, and good morning, everyone. First of all, we apologize for the technical difficulties on the call. I know that some of you have trouble connecting. So we decided to wait a few more minutes before we begin the call. Apologies for that. As usual, I'm joined this morning by Ian Craig, our Chief Executive Officer; and Gerardo Cruz, our Chief Financial Officer.

謝謝大家，早上好。首先，對於通話中的技術困難，我們深表歉意。我知道你們中的一些人在連接時遇到問題。所以我們決定再等幾分鐘再開始通話。對此表示歉意。和往常一樣，今天早上我們的首席執行官 Ian Craig 加入了我的行列；和我們的首席財務官 Gerardo Cruz。

Before we begin, let me share the following information and disclaimers. Due to a conflict in his agenda, Ian, our CEO, will not be able to join us for the full length of our earnings call at around 35 minutes into the call, Ian will have to disconnect. Gerardo and I will continue for the remainder of the call to answer any remaining questions.

在我們開始之前，讓我分享以下信息和免責聲明。由於他的日程衝突，我們的首席執行官伊恩將無法加入我們的整個收入電話會議，在電話會議進行到大約 35 分鐘時，伊恩將不得不掛斷電話。 Gerardo 和我將在剩餘的電話會議中繼續回答任何剩餘問題。

Additionally, please bear in mind that this conference call may include forward-looking statements concerning Coca-Cola FEMSA's future performance and should be considered as good faith estimates made by the company. These forward-looking statements reflect management's expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which can materially impact the company's performance.

此外，請記住，本次電話會議可能包含有關可口可樂 FEMSA 未來業績的前瞻性陳述，應被視為公司做出的善意估計。這些前瞻性陳述反映了管理層的預期，並基於當前可用的數據。實際結果受未來事件和不確定因素的影響，這可能會對公司的業績產生重大影響。

And now let me hand the call over to our CEO. Please go ahead, Ian.

現在讓我把電話交給我們的首席執行官。請繼續，伊恩。

Thank you, Jorge, and good morning, everyone. We appreciate you joining us for today's call. The positive momentum of our company, coupled with the solid execution of our team.

謝謝你，豪爾赫，大家早上好。感謝您加入我們今天的電話會議。我們公司的積極勢頭，加上我們團隊的紮實執行力。

(technical difficulty)

（技術難度）

Yes. Apologies again for the technical difficulties. I'm going to turn it back to Ian and he will take it from the start. Thank you.

是的。再次為技術上的困難道歉。我要把它轉回給伊恩，他會從一開始就接受它。謝謝。

Thank you. The positive momentum of our company, coupled with a solid execution of our team supported a positive first quarter. Our volume increased in 8 of the 9 markets where we operate, enabling us to grow our total revenues in the double digits despite significant currency translation headwinds. Additionally, in the face of cost and expense inflation, we achieved double-digit operating income and net income growth.

謝謝。我們公司的積極勢頭，加上我們團隊的紮實執行力，為第一季度帶來了積極的影響。在我們開展業務的 9 個市場中，有 8 個市場的銷量有所增長，這使我們的總收入能夠以兩位數的速度增長，儘管存在重大的貨幣換算逆風。此外，面對成本和費用的膨脹，我們實現了兩位數的營業收入和淨收入增長。

During the quarter, we obtained another milestone in the rollout of our Juntos Plus B2B omnichannel platform, reaching more than 900,000 monthly active purchasers, adding approximately 100,000 as compared with the end of last year. These quarterly results are in line with our plan for the year, and we are confident that we have the right initiatives to accelerate the growth of our core business and to become our (technical difficulty).

本季度，我們在推出 Juntos Plus B2B 全渠道平台方面取得了另一個里程碑，每月活躍購買者超過 900,000 人，與去年年底相比增加了約 100,000 人。這些季度業績符合我們今年的計劃，我們有信心我們有正確的舉措來加速我們核心業務的增長並成為我們的（技術難點）。

With that, let's begin with a review of our consolidated results for the first quarter. Our consolidated volumes increased 6.6% year-on-year, reaching 940 million unit cases. This volume growth was driven mainly by increases in Mexico, Brazil and Guatemala, partially offset by a flat performance in Colombia. As reported in our earnings release, it is important to note that these volumes include the integration of Cristal, a bulk water business that we acquired at the end of last year in the Southeast region of Mexico. Although relatively small, we are confident in this acquisition's potential to strengthen our direct-to-consumer capabilities in the region. Excluding this integration, consolidated volumes increased 4.9%.

有了這個，讓我們開始回顧我們第一季度的綜合業績。我們的綜合銷量同比增長 6.6%，達到 9.4 億箱。這一銷量增長主要是由墨西哥、巴西和危地馬拉的增長推動的，部分被哥倫比亞的持平表現所抵消。正如我們在財報中所報告的那樣，值得注意的是，這些交易量包括 Cristal 的整合，這是我們去年年底在墨西哥東南部地區收購的散裝水業務。雖然規模相對較小，但我們相信此次收購有可能加強我們在該地區直接面向消費者的能力。不包括此次整合，綜合銷量增長了 4.9%。

During the quarter, performance across our core beverage categories remained strong. Sparkling beverage volumes grew 4%, while our still beverage and bottled water portfolio grew 9% and 19%, respectively. Importantly, despite currency translation headwinds, our consolidated total revenue grew 12% to reach MXN 57.4 billion, driven by volume growth and mix initiatives across our territories.

本季度，我們核心飲料類別的表現依然強勁。氣泡飲料銷量增長 4%，而我們的非碳酸飲料和瓶裝水產品組合分別增長 9% 和 19%。重要的是，儘管貨幣換算不利，但我們的綜合總收入增長了 12%，達到 574 億墨西哥比索，這得益於我們地區的銷量增長和混合舉措。

Our gross profit increased 12.6% to reach MXN 25.4 billion, leading our gross margin to expand 30 basis points to 44.4%. This expansion was driven mainly by our top line growth, which was partially offset by higher raw material costs such as sweeteners and PET.

我們的毛利潤增長了 12.6%，達到 254 億墨西哥比索，導致我們的毛利率擴大了 30 個基點，達到 44.4%。這種擴張主要是由我們的收入增長推動的，這部分被甜味劑和 PET 等原材料成本上漲所抵消。

Our operating income increased 12.9%, reaching MXN 7.7 billion, and our operating margin remained stable at 13.5%. This performance reflects our positive our top line, favorable mix effect and the noncash operating foreign exchange gain related to the appreciation of the Mexican peso.

我們的營業收入增長了 12.9%，達到 77 億墨西哥比索，營業利潤率穩定在 13.5%。這一業績反映了我們積極的收入、有利的混合效應以及與墨西哥比索升值相關的非現金經營外匯收益。

Finally, our EBITDA for the quarter increased 7.1% reaching MXN 10.5 billion, resulting in an EBITDA margin of 18.3%, a 90 basis point contraction. This contraction was driven mainly by increases in cost and operating expenses, such as labor, marketing and maintenance. In summary, we began the year with positive momentum and a performance that is in line with our plan for the year.

最後，我們本季度的 EBITDA 增長了 7.1%，達到 105 億墨西哥比索，EBITDA 利潤率為 18.3%，收縮了 90 個基點。這種收縮主要是由於成本和運營費用的增加，例如勞動力、營銷和維護。總而言之，我們以積極的勢頭和符合我們今年計劃的業績開始了這一年。

I will now take a moment to share a few highlights across key markets. In Mexico, we continue to deliver solid volume growth. Our performance was driven by growth across all channels with double-digit growth in the modern trade.

我現在將花點時間分享主要市場的一些亮點。在墨西哥，我們繼續實現穩定的銷量增長。我們的業績受到所有渠道增長的推動，現代貿易實現了兩位數的增長。

Additionally, aligned with our strategy to improve our mix, our single-serve presentations continued increasing as compared with the previous year. We continue making progress in the rollout of our Juntos Plus B2B platform which now reaches more than 460,000 active monthly buyers in Mexico. As a result, digital revenues in the country are up more than threefold compared with the first quarter of last year. In Brazil, despite unfavorable weather during most of the quarter, our volumes increased 4.3%.

此外，與我們改善組合的戰略相一致，與上一年相比，我們的單份展示繼續增加。我們在推出 Juntos Plus B2B 平台方面繼續取得進展，該平台現已覆蓋墨西哥超過 460,000 名每月活躍的買家。因此，與去年第一季度相比，該國的數字收入增長了三倍多。在巴西，儘管本季度大部分時間天氣不利，但我們的銷量增長了 4.3%。

This positive performance was driven by growth across all categories including double-digit growth in both still beverages and bottled water, specifically the traditional trade and the on-premise channels mainly drove this growth. In Brazil, as broader company, we are focused on continuing to improve our customer service metrics. In Argentina, we continued focusing on our commercial capabilities to grow volumes and gain share.

這一積極業績是由所有類別的增長推動的，包括非碳酸飲料和瓶裝水的兩位數增長，特別是傳統貿易和內部渠道主要推動了這一增長。在巴西，作為更廣泛的公司，我們專注於繼續改進我們的客戶服務指標。在阿根廷，我們繼續專注於我們的商業能力，以增加銷量和獲得市場份額。

During the quarter, our volume increased 6.2%, driven mainly by the growth in Coca-Cola Sin Azúcar and double-digit growth in both our bottled water and still leverage portfolio. Finally, I want to highlight Uruguay's solid quarter with double-digit volume growth of 14.8%. This performance was driven by growth across all categories with double-digit growth in brand Coca-Cola and in our still beverage and bottled water portfolios. Our team's effort to support our execution and improve customer service metrics is resulting in share gains across most beverage categories.

本季度，我們的銷量增長了 6.2%，主要受可口可樂 Sin Azúcar 的增長以及我們的瓶裝水和蒸餾水組合的兩位數增長推動。最後，我想強調一下烏拉圭的穩健季度，銷量實現了 14.8% 的兩位數增長。這一業績是由所有類別的增長推動的，其中可口可樂品牌以及我們的非碳酸飲料和瓶裝水產品組合實現了兩位數的增長。我們的團隊努力支持我們的執行和改善客戶服務指標，這導致大多數飲料類別的份額增加。

I also want to take a moment to speak about ESG. On March 27, we published our integrated annual report of 2022, which includes key operating financial and ESG achievements. A few highlights include the allocation of more than [$300] million during 2022 to eligible green projects under our environmental pillar, which include circular economy, water stewardship and climate action. In total, we have allocated 94% of the proceeds from our green bond issued in 2020.

我還想花點時間談談 ESG。 3 月 27 日，我們發布了 2022 年綜合年度報告，其中包括主要經營財務和 ESG 成就。一些亮點包括在 2022 年向我們環境支柱下符合條件的綠色項目分配超過 [3 億美元]，其中包括循環經濟、水資源管理和氣候行動。我們總共分配了 2020 年發行的綠色債券收益的 94%。

On the circular economy front, we collected more than 80,000 tons of PET during 2022 as compared to 50,000 tons in 2021. We continue to focus on strengthening our collection capabilities and collaborating with communities, authorities, industry allies and NGOs as we continue progressing towards our goal of collecting 100% of the bottles we placed in the market by 2030.

在循環經濟方面，我們在 2022 年收集了 80,000 多噸 PET，而 2021 年為 50,000 噸。我們將繼續專注於加強我們的收集能力，並與社區、當局、行業盟友和非政府組織合作，繼續朝著我們的目標邁進到 2030 年收集 100% 投放市場的瓶子的目標。

Notably, through our water stewardship, we continue gradually improving our water efficiency metrics and prioritizing water replenishment actions and water access, creating water resilience that provide for the return of water to nature. We aim to ensure a safe and reliable water supply for our communities.

值得注意的是，通過我們的水資源管理，我們繼續逐步改進我們的用水效率指標，並優先考慮補水行動和取水，創造水資源恢復力，為水回歸自然提供條件。我們的目標是確保為我們的社區提供安全可靠的供水。

Finally, on the climate action front, we achieved a 29% reduction in Scope 1 and 2 absolute greenhouse gas emissions and 17% in Scope 3 emissions as compared with our 2015 baseline.

最後，在氣候行動方面，與 2015 年基準相比，我們實現了範圍 1 和 2 溫室氣體絕對排放量減少 29%，範圍 3 排放量減少 17%。

These reductions are in line with our commitment to reduce Scope 1 and 2 emissions by 50% and scope 3 emissions by 20%, no later than 2030. Aligned with this progress, we have become a signatory to the United Nations CEO Water Mandate. The CEO Water Mandate is a partnership between the UN Global Compact and the Pacific Institute that mobilizes different stakeholders such as companies, NGOs and governments to take concerted, collective water action globally and commit business leaders to sustainable water management across their operations supply chain.

這些減排符合我們的承諾，即不遲於 2030 年將範圍 1 和範圍 2 的排放量減少 50%，將範圍 3 的排放量減少 20%。為配合這一進展，我們已成為聯合國 CEO 水資源使命的簽署方。 CEO Water Mandate 是聯合國全球契約與太平洋研究所之間的合作夥伴關係，旨在動員公司、非政府組織和政府等不同的利益相關者在全球範圍內採取協調一致的集體水資源行動，並承諾企業領導者在其運營供應鏈中實施可持續的水資源管理。

I am confident in our capabilities as we continue to make a difference for our people, our communities and our planet. We are on the right track to achieve our objective for 2030 as we continue winning in the market and progressing on our key strategic priorities across our operations. Finally, let me address the cybersecurity incident that was disclosed yesterday. In recent days, the company's cyber monitoring processes determined that we were experiencing a cybersecurity incident.

我對我們的能力充滿信心，因為我們會繼續為我們的人民、我們的社區和我們的星球帶來改變。隨著我們繼續贏得市場並在我們的運營中推進我們的關鍵戰略重點，我們正走在實現 2030 年目標的正確軌道上。最後，讓我談談昨天披露的網絡安全事件。最近幾天，公司的網絡監控流程確定我們正在經歷一起網絡安全事件。

And as such, we immediately implemented our cybersecurity protection and response protocols. At all times, we remained and continue to remain in full control of all of our IT applications. The measures we implemented are preventive in nature, and we have not had a material negative impact. While these measures are undergoing, the company expects to continue our business operations through backup procedures and will prioritize the protection of the integrity, confidentiality and availability of its information.

因此，我們立即實施了我們的網絡安全保護和響應協議。在任何時候，我們都保持並將繼續保持對我們所有 IT 應用程序的完全控制。我們採取的措施是預防性的，沒有產生實質性的負面影響。在採取這些措施的同時，公司希望通過備份程序繼續我們的業務運營，並將優先保護其信息的完整性、機密性和可用性。

The current assessment of the situation is that our controls identified the incidents in a timely market. And we expect that by this weekend, we will return to our normal primary processes. Additionally, we're conducting a comprehensive forensic assessment of this cybersecurity incident and are taking all the proper measures to ensure no risks remain.

目前對情況的評估是我們的控制及時發現了市場事件。我們預計到本週末，我們將恢復正常的主要流程。此外，我們正在對此網絡安全事件進行全面的取證評估，並正在採取所有適當的措施以確保不存在任何風險。

With that, I will hand the call over to Gerry to expand on each division's results and CapEx for the year.

有了這個，我將把電話轉交給格里，以擴大每個部門今年的業績和資本支出。

Thank you, Ian, and good morning, everyone. Let me first expand on our division's results for the quarter. In Mexico and Central America, volumes increased 8.8%, driven by growth across all of our territories in the division. Excluding the integration of Cristal's bulk water business volume increased 5.7%. Our quarterly revenues in Mexico and Central America increased 16.2% and driven by volume growth and revenue management initiatives, offsetting unfavorable translation effects from most Central American currencies into Mexican pesos.

謝謝你，伊恩，大家早上好。首先讓我擴展一下我們部門本季度的業績。在墨西哥和中美洲，銷量增長了 8.8%，這得益於該部門所有地區的增長。剔除整合水晶散裝水業務量增長5.7%。在銷量增長和收入管理舉措的推動下，我們在墨西哥和中美洲的季度收入增長了 16.2%，抵消了大多數中美洲貨幣兌換墨西哥比索的不利影響。

Our gross profit increased 13.6%, resulting in a margin of 47.4% and a compression of 100 basis points year-on-year. This compression was driven mainly by increases in raw material costs, such as sweeteners and concentrate in Mexico. These effects were partially mitigated by our top line growth, raw material hedging initiatives and the appreciation of the Mexican peso as applied to our dollar-denominated raw material costs.

我們的毛利增長 13.6%，利潤率為 47.4%，同比壓縮 100 個基點。這種壓縮主要是由原材料成本的增加推動的，例如墨西哥的甜味劑和濃縮物。我們的收入增長、原材料對沖舉措以及適用於我們以美元計價的原材料成本的墨西哥比索升值部分緩解了這些影響。

Our operating income for the division increased 1.2%, resulting in a margin contraction of 220 basis points. This was driven mainly by increases in costs and operating expenses such as labor, marketing and maintenance that were partially offset by an upgrading foreign exchange gain in Mexico. Finally, our EBITDA margin for the division declined 330 basis points.

我們該部門的營業收入增長了 1.2%，導致利潤率收縮 220 個基點。這主要是由於勞動力、營銷和維護等成本和運營費用的增加，部分被墨西哥的外匯收益升級所抵消。最後，我們該部門的 EBITDA 利潤率下降了 330 個基點。

Moving on to our South America division. Volumes increased 3.8%. This increase was driven by 4.3% growth in Brazil, 4.5% growth in Argentina and 14.8% growth in Uruguay. This growth was partially offset by a stable volume performance in Colombia. On a comparable basis, excluding on volumes of CVI in Brazil, the division's volume would have increased 2.8%. Our revenues for the South America division grew 6.6% driven by our volume growth and revenue management initiatives.

繼續我們的南美分部。銷量增長 3.8%。這一增長是由巴西 4.3% 的增長、阿根廷 4.5% 的增長和烏拉圭 14.8% 的增長推動的。這一增長部分被哥倫比亞穩定的銷量表現所抵消。在可比基礎上，不包括巴西的 CVI 銷量，該部門的銷量將增長 2.8%。在銷量增長和收入管理舉措的推動下，我們南美分部的收入增長了 6.6%。

These factors were partially offset by the unfavorable currency translation effects of most of our operating currencies in the division into Mexican pesos. When excluding currency translation and M&A effects, our comparable total revenues would have increased a solid 27.5% during the quarter. Gross profit in South America increased 11%, resulting in a 160 basis point margin expansion. This was driven mainly by the positive operating leverage resulting from volume growth and favorable mix effects. These effects were partially offset by an increase in raw material costs such as PET and sweeteners.

這些因素部分被我們大部分運營貨幣在墨西哥比索中的不利貨幣換算影響所抵消。如果排除貨幣換算和併購影響，本季度我們的可比總收入將穩步增長 27.5%。南美毛利增長 11%，導致利潤率擴大 160 個基點。這主要是由銷量增長和有利的組合效應帶來的積極經營槓桿所推動的。這些影響被 PET 和甜味劑等原材料成本的增加部分抵消了。

Operating income for the division increased 43.3% and margin expanded 290 basis points as compared to the previous year. This increase was driven mainly by the combination of our positive top line operating leverage and tight expense control across our operations that offset higher fixed costs and expenses. Finally, EBITDA in South America increased 22.9%, resulting in an EBITDA margin expansion of 220 basis points.

與上一年相比，該部門的營業收入增長了 43.3%，利潤率擴大了 290 個基點。這一增長主要是由於我們積極的頂線運營槓桿和對我們業務的嚴格費用控制相結合，抵消了較高的固定成本和費用。最後，南美洲的 EBITDA 增長了 22.9%，導致 EBITDA 利潤率擴大了 220 個基點。

Moving on to our financial results. The quarterly comprehensive financing results recorded an improvement of 36.2% as compared with the previous year. This reduction can be explained mainly by a favorable comparison base that included a one-off market value loss in financial instruments of MXN 936 million recorded during the first quarter of last year. This loss was recognized as a result of interest rate increases and its effects on floating rate denominated debt during that period. By normalizing this effect, our comprehensive financial results would have improved 9.2% this quarter, driven mainly by an increase in interest income.

繼續我們的財務業績。季度綜合融資業績較上年增長36.2%。這一減少的主要原因是有利的比較基礎，其中包括去年第一季度記錄的金融工具一次性市場價值損失 9.36 億墨西哥比索。這一損失是由於利率上升及其對那段期間以浮動利率計價的債務的影響而確認的。通過將這種影響正常化，本季度我們的綜合財務業績將提高 9.2%，這主要是由於利息收入的增加。

These effects were partially offset by a higher foreign exchange loss driven by the appreciation of the Mexican peso as applied to our U.S. dollar cash position and a lower gain in hyperinflationary subsidiaries. Finally, our controlling net income increased 35.3% to reach MXN 7.1 billion, resulting in earnings per share of MXN 0.23.

這些影響被適用於我們美元現金頭寸的墨西哥比索升值導致的更高外匯損失和惡性通貨膨脹子公司的較低收益所部分抵消。最後，我們的控股淨收入增長了 35.3%，達到 71 億墨西哥比索，每股收益為 0.23 墨西哥比索。

As we mentioned during our previous earnings call, one of our priorities is to continue allocating capital toward supporting our organic growth. For this reason, our CapEx expectation for 2023, as disclosed in our 20-F annual report, is a ratio of around 8% of revenues. These investments will be primarily focused on increasing our manufacturing and distribution capacity. Our projects include installing 7 new production lines this year and increasing our warehouse capacity through new distribution centers and warehouse expansions.

正如我們在之前的財報電話會議上提到的那樣，我們的首要任務之一是繼續分配資本以支持我們的有機增長。因此，正如我們在 20-F 年度報告中披露的那樣，我們對 2023 年資本支出的預期約為收入的 8%。這些投資將主要集中於提高我們的製造和分銷能力。我們的項目包括今年安裝 7 條新生產線，以及通過新的配送中心和擴建倉庫來增加我們的倉庫容量。

Over the next 3 to 5 years, we expect to increase our warehouse capacity by 30% and our manufacturing capacity by 50% -- 15% to continue supporting our growth. Finally, as announced on March 27, our Annual General Shareholders Meeting approved a cash dividend equivalent to MXN 5.80 pesos unit which represents an increase of 6.8% as compared with the previous year's dividends.

在接下來的 3 到 5 年裡，我們預計我們的倉庫容量將增加 30%，我們的製造能力將增加 50% - 15%，以繼續支持我們的增長。最後，正如 3 月 27 日宣布的那樣，我們的年度股東大會批准了相當於 MXN 5.80 比索單位的現金股息，比上一年的股息增加了 6.8%。

With that, operator, we are ready to open the call for questions. Thank you.

有了這個，接線員，我們就可以開始提問了。謝謝。

(Operator Instructions) We will take our first question from Ricardo Alves from Morgan Stanley.

（操作員說明）我們將從摩根士丹利的里卡多阿爾維斯那裡回答我們的第一個問題。

I had a couple of questions. On -- perhaps a question to Ian. We've been discussing this a lot with investors, Juntos and in FEMSA. So just wanted to get an update from you on the overall role of Coke FEMSA, the importance of Coke FEMSA in the context of the FEMSA forward.

我有幾個問題。關於 - 也許是 Ian 的問題。我們一直在與投資者、Juntos 和 FEMSA 討論這個問題。所以只是想從您那裡了解可口可樂 FEMSA 的整體作用的最新情況，可口可樂 FEMSA 在 FEMSA 前進的背景下的重要性。

We already discussed this in other instances. But from your perspective, given the recent meetings that you've had working closer OXXO -- with OXXO and overall FEMSA operations, what makes you more bullish today versus the last conversation that we had a couple of months ago, would assume that Juntos in Mexico is still the main opportunity.

我們已經在其他情況下討論過這個問題。但從你的角度來看，考慮到最近的會議，你與 OXXO 和 OXXO 以及整個 FEMSA 業務進行了更密切的合作，與我們幾個月前的最後一次談話相比，今天讓你更加樂觀的是，假設 Juntos 在墨西哥仍然是主要機會。

We've also discussed this in the past, but I don't know if there is any other details that you can share with us with ongoing process -- progress that you guys have already achieved or envision to achieve. I'm not sure if there's anything new for you to share on the digital initiatives, premium and spin, which is also another key focus from investors from a FEMSA perspective, but also trying to come to terms with what is the upside from cost as well. So just a broader update on your Coke FEMSA's role in this broader FEMSA strategy? That's the first question.

我們過去也討論過這個問題，但我不知道是否有任何其他細節可以與我們分享正在進行的過程——你們已經取得或設想取得的進展。我不確定您是否有任何關於數字計劃、溢價和旋轉的新內容要分享，從 FEMSA 的角度來看，這也是投資者關注的另一個重點，但也試圖接受成本的好處，因為出色地。那麼只是更廣泛地更新您的可口可樂 FEMSA 在這個更廣泛的 FEMSA 戰略中的作用？這是第一個問題。

Second question, this one much quicker. Mexico margins, appreciate the very strong top line performance, very strong execution. I was -- just wanted to get a little bit of update on the profitability outlook that you have for the rest of the year, if you still envision a scenario where you're able to protect margins year-over-year? And if that's the case, just a little bit more details on the cost front.

第二個問題，這個要快得多。墨西哥利潤率，欣賞非常強勁的頂線表現，非常強大的執行力。我是 - 只是想了解一下你今年剩餘時間的盈利前景，如果你仍然設想你能夠保護利潤率的情景？如果是這樣的話，只需在成本方面提供更多細節。

First, Ricardo, on the B2B front or digital collaboration front. For us in Juntos Plus, we bring to the table, the largest B2B or traditional trade access in Mexico by far in Latin America as well. And at the same time, FEMSA digital has the most or the most advanced, in our opinion, fintech or wallet offering as well as a very interesting and powerful loyalty offering. So we are developing and looking to integrate these offerings in our Juntos Plus platform. This is going to take some time to bring to fruition, but those are 2 of the areas where we clearly can add value to both sides, FEMSA digital as well as Coke FEMSA in our Juntos Plus platform.

首先，里卡多，在 B2B 前沿或數字協作前沿。對於我們在 Juntos Plus 中，我們帶來了墨西哥迄今為止在拉丁美洲最大的 B2B 或傳統貿易准入。同時，在我們看來，FEMSA digital 擁有最先進或最先進的金融科技或錢包產品，以及非常有趣和強大的忠誠度產品。因此，我們正在開發並希望將這些產品集成到我們的 Juntos Plus 平台中。這需要一些時間才能實現，但這是我們顯然可以為雙方增加價值的兩個領域，FEMSA 數字以及我們 Juntos Plus 平台中的可口可樂 FEMSA。

We want to become that one-stop shop to our B2B customers. And for that, these value-added services in fintech as well as making our loyalty points more powerful by leveraging (inaudible) is something that's very interesting to us in our Juntos Plus platform.

我們希望成為 B2B 客戶的一站式商店。為此，金融科技中的這些增值服務以及通過利用（聽不清）使我們的忠誠度積分更加強大，這對我們的 Juntos Plus 平台來說非常有趣。

When you talk about margins, I think we mentioned this in our prior call. We -- the first quarter was the toughest comp where we expected the most pressure, these pressures would be reduced gradually and turn into a margin expansion by the fourth quarter. Gerry, would you like to go into the details of the cost impact so that we could share that we Ricardo, please?

當你談論利潤時，我想我們在之前的電話中提到過這一點。我們 - 第一季度是我們預計壓力最大的最艱難的競爭，這些壓力將逐漸減輕，並在第四季度轉變為利潤率擴張。 Gerry，您想詳細了解成本影響，以便我們可以分享我們 Ricardo 嗎？

Yes, Ricardo, addressing the margin impact we had unusual higher expenses related to labor, marketing and maintenance during the first quarter, as Ian mentioned, with a tough comparison versus margins last year. For the fourth quarter, we expect an expansion of margins ending the year with margins for the full year at similar levels where margins were at the end of 2022. And this is in Mexico specifically. As you saw in our report, South America division presented a very healthy margin expansion.

是的，里卡多，正如伊恩提到的那樣，我們在第一季度解決了與勞動力、營銷和維護相關的異常高的利潤率影響，與去年的利潤率進行了艱難的比較。對於第四季度，我們預計利潤率將在年底擴大，全年利潤率與 2022 年底的利潤率水平相似。這尤其是在墨西哥。正如您在我們的報告中看到的那樣，南美分部的利潤率增長非常健康。

We will take our next question from Ben Theurer from Barclays.

我們將接受來自巴克萊銀行的 Ben Theurer 的下一個問題。

So I want to bring it down to South America. Obviously, very strong volume performance and some regions are a little softer. But if we take a look just at the results in their respective local currency terms, and particularly, if we take a look at the profitability, what's been like the key driver of these massive profitability gains?

所以我想把它帶到南美洲。顯然，音量表現非常強勁，有些區域稍微柔和一些。但是，如果我們只看一下以各自當地貨幣計算的結果，特別是如果我們看一下盈利能力，那麼這些巨大的盈利能力增長的關鍵驅動因素是什麼？

I mean margin expansion was really big in the quarter. And were there some things that were more of like a onetime nature? Or do you think just by having reached certain levels of volume in some of that -- some of these countries that the profitability can actually be sustained at these levels or maybe even further expanded.

我的意思是本季度的利潤率擴張非常大。有沒有一些東西更像是一次性的？或者你認為僅僅通過在其中一些國家達到一定的數量水平 - 其中一些國家的盈利能力實際上可以維持在這些水平上，甚至可能進一步擴大。

You just loaded a little bit to it on the strength, but maybe to dig a little better into -- a little more detail into the margin evolution here in South America. That would be much appreciated.

你只是在強度上加載了一點，但也許可以更好地挖掘——更詳細地了解南美這裡的利潤率演變。那將不勝感激。

Thank you, Ben, for your question. South America, did perform quite well in terms of profitability and margin expansion. The good news here is that it was mainly driven by top line performance, both in volume and favorable mix performance. The expansion in margin was more than 200 basis points for that division and particularly Brazil and Argentina were able to absorb certain fixed expenses by the increase in sales, delivering a positive operating income in the region.

謝謝你，本，你的問題。南美在盈利能力和利潤率擴張方面確實表現出色。這裡的好消息是，它主要是由銷量和有利的混合性能的頂線性能驅動的。該部門的利潤率增長了 200 多個基點，尤其是巴西和阿根廷能夠通過銷售額的增長吸收某些固定費用，從而在該地區實現了正的營業收入。

Also during the quarter, we had a favorable raw material environment in most countries in South America, and we expect that raw material environment to continue to be favorable for the remainder of the year, probably a potential impact in sweeteners that have been the nagging impact in our P&L, but the rest of the raw material environment seems to be pretty positive -- stable to positive for the remainder of the year.

同樣在本季度，我們在南美洲大多數國家/地區擁有良好的原材料環境，我們預計原材料環境將在今年餘下時間繼續有利，這可能是對甜味劑的潛在影響，這一直是揮之不去的影響在我們的損益表中，但其餘的原材料環境似乎非常積極——在今年剩餘時間裡穩定到積極。

We'll take our next question from Álvaro García from BTG.

我們將接受 BTG 的 Álvaro García 的下一個問題。

First, I was -- 2 questions. First, I was wondering if you could just remind me of sort of sweetener dynamics in each of your main markets. So [rochers] in Brazil versus fructose in Mexico and how you can hedge in each of these respective markets?

首先，我是-- 2 個問題。首先，我想知道您是否可以提醒我每個主要市場的甜味劑動態。那麼巴西的 [rochers] 與墨西哥的果糖，以及如何在這些各自的市場中對沖？

And my second question is in Argentina. Gerry, I was wondering if you could sort of walk us through whether you are taking dividends out of Argentina at the moment and sort of what the outlook is given the FX environment there. Thank you.

我的第二個問題是在阿根廷。格里，我想知道你是否可以帶我們了解一下你目前是否正在從阿根廷提取股息，以及考慮到那裡的外匯環境，前景如何。謝謝。

Thank you, Álvaro, for your question. I'll start with the sweetener situation, and I'll give you a few details. As I was mentioning in my previous answer to Ben's question, sweeteners is the raw material that we are a little bit more concerned with, particularly in sugar. For Brazil and Uruguay, we have a pretty healthy hedge position. Brazil very close to 40% of our requirements for the whole year at a significant premium to -- or below the current market price significantly as well as in Uruguay, where that position is close to 60% of our requirements.

阿爾瓦羅，謝謝你的提問。我將從甜味劑的情況開始，我會給你一些細節。正如我在之前回答 Ben 的問題時提到的那樣，甜味劑是我們更關心的原材料，尤其是糖。對於巴西和烏拉圭，我們的對沖頭寸相當健康。巴西非常接近我們全年需求的 40%，大大高於或低於當前市場價格，以及在烏拉圭，該位置接近我們需求的 60%。

In the case of fructose, for Mexico, which is the main operation where we use fructose, we have more than 90% of our requirements for the year already hedged at a very competitive price, which is also reducing any worry for us for the remainder of the year on that front.

就果糖而言，對於我們使用果糖的主要業務墨西哥，我們已經以極具競爭力的價格對沖了當年需求的 90% 以上，這也減少了我們對剩餘部分的擔憂在這方面的年度。

We have the expectation that sugar prices will continue to be tight for the remainder of the year, mainly due to the sugar -- world environment being pretty tight and countries that are swing players in the sugar market like India, not exporting that much sugar to the market. So that's where we are in terms of sweeteners.

我們預計今年餘下時間糖價將繼續吃緊，主要是因為糖——世界環境相當緊張，而印度等糖市場搖擺不定的國家沒有向美國出口那麼多醣。市場。這就是我們在甜味劑方面所處的位置。

For your question regarding Argentina dividends, as you know, it's a very complex environment to be able to extract dividends from Argentina. We've been following the market and obviously taking advantage of any opportunities that present in the local market to be able to use our excess cash to invest in our organic growth requirements. And given that performance in Argentina has been very good for the last at least 2 years. We have the good problem of having to create capacity to serve a very positive market and protect our excess cash from any adverse impact that it can have by foreign currency depreciation.

對於你關於阿根廷股息的問題，正如你所知，能夠從阿根廷提取股息是一個非常複雜的環境。我們一直在關注市場，顯然會利用當地市場上出現的任何機會，以便能夠使用我們的過剩現金來投資於我們的有機增長需求。鑑於過去至少 2 年在阿根廷的表現非常好。我們有一個很好的問題，那就是必須創造能力來服務於非常積極的市場，並保護我們的過剩現金免受外幣貶值可能產生的任何不利影響。

We'll take our next question from Thiago Bortoluci from Goldman Sachs.

我們將從高盛的 Thiago Bortoluci 那裡回答下一個問題。

I'd just like to go back once again to the discussion on margins, right, specifically in Mexico. We appreciate that the commodity prices are still a headwind, and this should normalize going forward. But if I try to break down the bulk of our margin compression there is essentially SG&A, right? And I think Gerry pointed out some of the drivers that are impacting the quarter. I'd just like to understand when you share and reiterate the division of margins potentially improving by year-end has been flattish on a year-on-year basis, what you're assuming for [days], right? Is there some room to improve the SG&A and reduce expenses? Or would it require further pricing for you to reach this more normalized margin level?

我只想再次回到關於利潤率的討論，對，特別是在墨西哥。我們意識到商品價格仍然是一個逆風，這應該會在未來正常化。但是，如果我試圖分解我們的大部分利潤壓縮，那麼基本上是 SG&A，對嗎？我認為 Gerry 指出了一些影響本季度的驅動因素。我只是想了解當你分享並重申到年底可能改善的利潤率部門與去年同期相比持平時，你假設[天]，對嗎？是否有改進 SG&A 和減少開支的空間？還是需要進一步定價才能達到這個更正常的保證金水平？

And if this is the case, how confident you are on the Mexican consumption that dropped, like, volumes, I guess, for most of the Mexican bottlers in the first quarter, right, has been surprising on the upside. So it seems there is -- stickiness is still there, but just wanted to hear a little bit from you how confident you are that elasticity could remain relatively below going forward.

如果是這樣的話，你對墨西哥消費量下降的信心有多大，我猜，對於第一季度的大多數墨西哥裝瓶商來說，對吧，上行一直令人驚訝。因此，似乎存在 - 粘性仍然存在，但只是想听聽您的意見，您對未來彈性可能保持相對較低的信心有多大。

Thank you, Thiago. We certainly expect cost SG&A to normalize for the remainder of the year. As we mentioned during the script of the call, first quarter was the toughest comp in terms of margin as compared to last year. So we expect better cost absorption, but cost that we experienced during the first quarter were a bit unusual. And that impact, we do not expect to maintain for the remainder of the year. And as mentioned as well by the fourth quarter, having an expansion in margins and ending the year at very similar levels of margin where we ended the prior year.

謝謝你，蒂亞戈。我們當然希望成本 SG&A 在今年剩餘時間正常化。正如我們在電話會議中提到的那樣，與去年相比，第一季度的利潤率是最艱難的。因此，我們預計成本吸收會更好，但我們在第一季度經歷的成本有點不尋常。而這種影響，我們預計不會在今年餘下的時間里維持下去。正如第四季度所提到的那樣，利潤率有所擴大，並以與上一年結束時非常相似的利潤率水平結束了這一年。

We'll take our next question from [Emiliano Fernandez] from (inaudible).

我們將從（聽不清）的 [Emiliano Fernandez] 提出下一個問題。

Just a quick one here regarding Mexico, very impressive volumes there. Could you give any discretionary breakdown on the evolution by month? And also, have you seen the performance in April? And also another one regarding profitability in Mexico, just a follow-up here. You said you're expecting to improve better quarter-by-quarter going forward. Are you expecting any price increases there to drive a better operating leverage? Or are you still comfortable with how you already have?

這裡只是關於墨西哥的快速介紹，那裡的數量非常可觀。您能否按月對演變進行任意細分？還有，你看過四月份的演出嗎？還有另一個關於墨西哥盈利能力的問題，只是這裡的後續行動。你說你希望在未來每個季度都有更好的進步。您是否期望那裡的價格上漲會推動更好的運營槓桿？或者你仍然對你已經擁有的感到滿意嗎？

Thank you for your question, [Emiliano]. For the first part, in terms of volume, as we stated in our fourth quarter call, we -- for this year, we are very focused on growth. We're trying to -- considering that the slowdown in economic activity globally and throughout our region, we're very focused in maintaining the competitive position of our portfolio promoting volume growth.

謝謝你的問題，[Emiliano]。對於第一部分，就數量而言，正如我們在第四季度電話會議中所說，我們 - 今年，我們非常關注增長。我們正在努力 - 考慮到全球和整個地區經濟活動放緩，我們非常專注於保持我們投資組合的競爭地位，促進銷量增長。

In that sense, going into the second part of your question., We are very -- we're going to be very selective in any pricing action that we take, focusing a lot more on driving favorable mix, improving prices through mix rather than being very aggressive in pricing. We obviously will take care of internal inflation impacts, but we're being very careful in trying to promote growth and maintaining a competitive positive position.

從這個意義上說，進入你問題的第二部分。我們非常 - 我們將在我們採取的任何定價行動中非常有選擇性，更多地關注推動有利的組合，通過組合而不是提高價格在定價方面非常激進。我們顯然會處理內部通貨膨脹的影響，但我們在努力促進增長和保持競爭優勢方面非常謹慎。

I just wanted to mention that performance during the quarter in Mexico was as -- Gerry mentioned, was solid and was consistent pretty much across the quarter. And so far, during April, I think what we can say is that we have seen a continuation of that performance that resilient and solid performance in Mexico.

我只想提一下，墨西哥本季度的表現正如 Gerry 所提到的那樣，穩健並且在整個季度內幾乎保持一致。到目前為止，在 4 月份，我認為我們可以說的是，我們已經看到墨西哥的彈性和穩固表現的延續。

We'll take our next question from Rodrigo Alcantara from UBS.

我們將從瑞銀的 Rodrigo Alcantara 那裡回答下一個問題。

Ian, so the first one I would say on the Bepensa and the acquisition you did in Mexico, just curious thesis a large quarter rate now in the south territories would be kind of like synergistic for you guys, just curious if at some point, it was on the table, acquisition of the FEMSA spot and operations instead of just the water operations that would be my first question.

伊恩，所以我要說的第一個是關於 Bepensa 和你在墨西哥所做的收購，只是好奇現在南部地區的四分之一利率對你們來說有點像協同作用，只是好奇是否在某個時候，它擺在桌面上，收購 FEMSA 現場和運營，而不僅僅是水務運營，這將是我的第一個問題。

The second one, just to -- in turn, you mentioned you expect to increase manufacturing capacity by 15% and warehouse capacity at 30%, right? If that's the case, in which regions are you going to do that? And would be focusing in Brazil next quarter or on a consolidated basis. These would be my major questions.

第二個，只是 - 反過來，你提到你希望將製造能力提高 15%，將倉庫容量提高 30%，對嗎？如果是這樣的話，你打算在哪些地區這樣做？並將在下個季度或在合併的基礎上關注巴西。這些將是我的主要問題。

Sorry, Rodrigo -- sorry, sorry. But the first question -- we did catch your second question, but I think the first question was not that clear. So if you could first repeat your first question and then we'll answer that and then go onto your second one. Can you repeat your first?

對不起，羅德里戈——對不起，對不起。但是第一個問題——我們確實聽到了你的第二個問題，但我認為第一個問題不是那麼清楚。所以如果你可以先重複你的第一個問題，然後我們會回答那個問題，然後繼續你的第二個問題。你能重複你的第一次嗎？

Yes, sure. Yes, sure, sorry. Sorry, but that's okay. Now my question was on Bepensa, right? My question was if, at some point, it was the possibility for you to acquire the full bottling operations of Bepensa not just the water segment, but the full operations -- bottling operations of Bepensa, was that in consideration in this deal? Or you were not looking for that possibility. That was my question. I don't know if it was clear.

是的，當然。是的，當然，對不起。抱歉，沒關係。現在我的問題是關於 Bepensa 的，對吧？我的問題是，在某個時候，您是否有可能收購 Bepensa 的全部裝瓶業務，而不僅僅是水部分，而是全部業務——Bepensa 的裝瓶業務，這是否在這筆交易中得到考慮？或者你不是在尋找這種可能性。那是我的問題。不知道講清楚沒有。

Perfect, Rodrigo. On the first question, this transaction that we closed last year was a very specific transaction that we were -- that made a lot of sense because it was in our territories. It helped us create a capability that we didn't have in that region to take advantage of the very good competitive position of that jug water business in that region to strengthen our capability of serving the direct-to-consumer market, that is a market that we're focusing on throughout Mexico. So that's the extent of that operation and what we are looking at for any foreseeable future.

完美，羅德里戈。關於第一個問題，我們去年完成的這項交易是一項非常具體的交易——這很有意義，因為它在我們的領土內。它幫助我們創造了我們在該地區所沒有的能力，以利用該地區水壺水業務的良好競爭地位來加強我們服務直接面向消費者市場的能力，即市場我們正在關注整個墨西哥。這就是該操作的範圍以及我們在任何可預見的未來所期待的。

Regarding your second question, our creation of manufacturing and warehouse capacity. I think the good thing about this is that it's a good problem that we have throughout our operations with a lot of focus, I would say, in our 4 largest volume markets, which are Mexico, Brazil, Colombia and Guatemala. All of those 4 markets are very close to operating at full capacity, both in manufacturing and warehouse.

關於你的第二個問題，我們創造的製造和倉儲能力。我認為這樣做的好處是，這是一個很好的問題，我們在整個運營過程中都非常關注，我想說，在我們 4 個最大的市場，即墨西哥、巴西、哥倫比亞和危地馬拉。所有這 4 個市場都非常接近滿負荷運轉，包括製造和倉庫。

But this is a problem that we see throughout our operations and given that we're promoting growth, and you've seen it with our numbers, we are expecting you to have to continue investing to create that capacity to serve this growth environment that we're facing. And obviously, coupled with our multi-category commercial platform initiative, which also needs to be, obviously, supported with the correct capacity to serve this market.

但這是我們在整個運營過程中看到的一個問題，鑑於我們正在促進增長，並且您已經從我們的數字中看到了這一點，我們希望您必須繼續投資以創造這種能力來服務於我們所處的這種增長環境面對。顯然，再加上我們的多類別商業平台計劃，顯然還需要以服務該市場的正確能力來支持。

Okay. That's great. And just a third one very quickly on the very nice growth you reported there on the beer segment, you can comment but perhaps break on buyback pricing, volumes and essential comments about the performance of the Eisenbahn brand. Anything that you can comment us about that line about beer in Brazil would be also helpful.

好的。那太棒了。只有三分之一很快就你報告的啤酒領域的非常好的增長，你可以發表評論，但也許會打破回購定價、數量和關於 Eisenbahn 品牌表現的基本評論。您可以就巴西關於啤酒的那條評論向我們發表任何評論，這也會有所幫助。

Sure. Sure, Rodrigo. Yes, on beer, definitely during our previous call, Ian, expanded a little bit on what the trends have been across different segments from premium, mainstream and economy. And during the first quarter, we have seen a continuation of that economy. We are doing well, but it's a segment that has becoming smaller.

當然。當然，羅德里戈。是的，在啤酒方面，在我們之前的電話會議上，伊恩肯定地擴大了一些趨勢，涵蓋了高端、主流和經濟等不同領域的趨勢。在第一季度，我們看到了這種經濟的延續。我們做得很好，但這是一個越來越小的細分市場。

Also we're gaining share there and also pretty much in line in the other segments, mainstream and premium with also what Heineken recently disclosed for trends for the first quarter. So all in all, we are focusing on the portfolio opportunities that we have. Eisenbahn brand as you know, is a brand that we are betting a lot on in the market. It's a brand that has a lot of potential, great recipe as well. So we're expanding its coverage.

此外，我們在那裡獲得了份額，並且在其他細分市場、主流和高端市場也與喜力最近披露的第一季度趨勢幾乎一致。所以總而言之，我們專注於我們擁有的投資組合機會。如您所知，Eisenbahn 品牌是我們在市場上押注很多的品牌。這是一個有很大潛力的品牌，也是一個很好的配方。所以我們正在擴大它的覆蓋面。

(inaudible) as well. It's a brand that, as Ian mentioned in February, it's a brand that was not very present across our territories. Obviously, a small brand, but we are expanding coverage as well and leveraging those brands. And also what we're doing with (inaudible). So all in all, it's, in general, a first quarter that is in line with our expectations. And in line with the trends that, Ian, also described for beer in Brazil last quarter.

（聽不清）。這是一個品牌，正如伊恩在二月份提到的那樣，它是一個在我們的領土上並不常見的品牌。顯然，這是一個小品牌，但我們也在擴大覆蓋範圍並利用這些品牌。還有我們正在做什麼（聽不清）。所以總而言之，總的來說，第一季度符合我們的預期。並且與 Ian 上個季度在巴西描述的啤酒趨勢一致。

We will take our next question from Ricardo Alves from Morgan Stanley.

我們將從摩根士丹利的 Ricardo Alves 那裡回答下一個問題。

Yes. A quick one. It's actually just to double check. I think you mentioned in the preliminary remarks, your CapEx expectation for the year. But just wanted to make sure that I got that number right around 8% of revenues. So I just wanted to double check that. I asked this because we noticed FEMSA 20-F earlier this week. I think that it had a higher budget for cost CapEx than what we expected. So I just wanted to double check with you what is the most likely scenario for CapEx this year and perhaps next.

是的。一個快速的。這實際上只是為了仔細檢查。我想你在初步評論中提到了你對今年資本支出的預期。但只是想確保我得到的這個數字大約佔收入的 8%。所以我只是想仔細檢查一下。我問這個是因為我們本週早些時候注意到了 FEMSA 20-F。我認為它的成本資本支出預算比我們預期的要高。所以我只是想和你仔細核實一下今年和明年資本支出最有可能出現的情況是什麼。

Yes, of course, Ricardo. We have a range of 8% to 9% of revenues, FEMSA, and I think was mentioned at the higher end of the range of the 8% to 9%, but that's where we are. And I think we spoke about this a little bit on our last call that this expectation for this year, we expect to continue for the following at least 2 years where we're trying to build this capacity to serve growth requirements of the business.

是的，當然，里卡多。我們有 8% 到 9% 的收入，FEMSA，我認為在 8% 到 9% 的範圍的高端提到過，但這就是我們的位置。而且我認為我們在上次電話會議上談到了這一點，即今年的這種期望，我們希望在接下來的至少 2 年內繼續，我們正在努力建立這種能力以滿足業務增長的需求。

There are no further questions on the line, sir. Please proceed.

先生，電話中沒有其他問題。請繼續。

Thank you. Thank you very much for your confidence and interest in Coca-Cola FEMSA and for joining us on today's earnings call. As always, our Investor Relations team is available to answer any of your remaining questions, and we look forward to speaking again soon.

謝謝。非常感謝您對可口可樂 FEMSA 的信任和興趣，並參加我們今天的財報電話會議。一如既往，我們的投資者關係團隊可以回答您剩下的任何問題，我們期待很快再次交談。

Thank you for joining today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連接。