Coca-Cola Femsa SAB de CV (KOF) 2024 Q2 法說會逐字稿

Good day, and welcome to today's Coca-Cola FEMSA Second Quarter 2024 conference call. Throughout today's presentation, all participants will be in a listen only mode. (Operator Instructions) And now, I'd like to hand the call over to your host, Jorge Collazo. Please go ahead, sir.

美好的一天，歡迎參加今天的可口可樂 FEMSA 2024 年第二季電話會議。在今天的演示中，所有參與者都將處於只聽模式。（操作員說明） 現在，我想將電話轉交給主持人 Jorge Collazo。請繼續，先生。

Thank you. Good morning, everyone. Welcome to this webcast and conference call to review our second quarter 2024 results. Joining me this morning are Ian Craig, our Chief Executive Officer, and Gerardo Cruz, our Chief Financial Officer. As usual, after prepared remarks, we will open the call for a question-and-answer session.

謝謝。大家早安。歡迎參加本次網路廣播和電話會議，回顧我們 2024 年第二季的業績。今天早上與我一起出席的有我們的執行長伊恩克雷格 (Ian Craig) 和我們的財務長 Gerardo Cruz。像往常一樣，在準備好發言後，我們將開始問答環節。

Before we proceed, please allow me to remind all participants that this conference call may include forward looking statements and should be considered 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 that can materially impact the company's performance.

在我們繼續之前，請允許我提醒所有參與者，本次電話會議可能包含前瞻性陳述，應被視為公司所做的善意估計。這些前瞻性陳述反映了管理層的預期，並基於目前可用的數據。實際結果受可能對公司業績產生重大影響的未來事件和不確定因素的影響。

For more details, please refer to the disclaimer in the earnings release that went out this morning. With that, let me turn the call over to our CEO. Please go ahead, Ian.

如欲了解更多詳情，請參閱今天早上發布的收益報告中的免責聲明。接下來，讓我將電話轉給我們的執行長。請繼續，伊恩。

Thank you, Jorge. Good morning, everyone. Thank you for joining us today to discuss our second quarter results. Let me begin by saying that I am encouraged by the progress we are making across the priorities we set for the year. For the second quarter, we continued building on the growth momentum of our core business, increasing our consolidated volumes by 7.5% year-on-year while driving double digit top and bottom-line growth.

謝謝你，豪爾赫。大家早安。感謝您今天加入我們討論我們的第二季業績。首先我要說的是，我對我們在今年設定的優先事項方面所取得的進展感到鼓舞。第二季度，我們持續鞏固核心業務的成長勢頭，合併銷量年增 7.5%，同時推動營收和利潤實現兩位數成長。

We're also progressing on becoming our customers' preferred commercial platform with Juntos+. During the quarter, we finished rolling out the new version 4.0 of our app in our two largest markets, Mexico and Brazil, while beginning its rollout in Guatemala, Panama and Colombia. Now, more than half of our total customer base are digital buyers.

我們也透過 Juntos+ 努力成為客戶首選的商業平台。本季度，我們在墨西哥和巴西這兩個最大的市場完成了應用程式新版本 4.0 的推出，同時開始在危地馬拉、巴拿馬和哥倫比亞推出。現在，我們總客戶群的一半以上是數位買家。

Importantly, we are taking significant steps in deploying Coca-Cola FEMSA's principles, the foundation of the culture that we envision for our long-term growth and success. Although a positive quarter, our resilience and ability to respond to challenges was put to the test as we faced unprecedented flooding in the state of Rio Grande do Sul in southern Brazil.

重要的是，我們正在採取重大步驟來部署可口可樂 FEMSA 的原則，這是我們為實現長期成長和成功所設想的文化的基礎。儘管季度表現積極，但我們的韌性和應對挑戰的能力受到了考驗，因為我們在巴西南部南里奧格蘭德州面臨前所未有的洪水。

I want to take a moment to express our heartfelt support to all of the people affected by these events, and to recognize the leadership and swift actions taken by our team to ensure the well-being of our Brazilian collaborators, as well as their families, and to provide effective community support. Our team mobilized quickly to ensure business continuity and minimize disruption. I will expand on these actions later today when I touch on Brazil.

我想花點時間向所有受這些事件影響的人們表示衷心的支持，並認可我們團隊為確保巴西合作者及其家人的福祉而採取的領導和迅速行動，並提供有效的社區支持。我們的團隊迅速動員起來，以確保業務連續性並最大程度地減少中斷。今天晚些時候，當我談到巴西時，我將詳細闡述這些行動。

During our call today, I will summarize our quarterly results and provide an update of key developments across our territories. Then, Jerry will walk you through our division's performance, closing with an update on the progress we are making to add capacity across our operations, aligned with our strategic pillar to remove infrastructure bottlenecks and digitize the enterprise.

在今天的電話會議中，我將總結我們的季度業績，並提供我們各地區主要發展的最新情況。然後，Jerry 將引導您了解我們部門的績效，最後介紹我們在增加整個營運能力方面所取得的最新進展，並與我們消除基礎設施瓶頸和企業數位化的策略支柱保持一致。

Moving on to review our consolidated results for the second quarter. Our volumes continued their positive moment increasing 7.5% year-on-year. This increase was driven mainly by the strong performance achieved in Mexico, Brazil, Guatemala and our Central America South Territories, which offset volume declines in Argentina and Uruguay. Our strategies to grow our core business continue driving results.

接下來回顧我們第二季的綜合業績。我們的銷售量持續保持正面勢頭，較去年同期成長 7.5%。這一成長主要得益於墨西哥、巴西、瓜地馬拉和中美洲南部地區的強勁表現，抵消了阿根廷和烏拉圭銷售下降的影響。我們發展核心業務的策略繼續推動成果。

Sparkling beverage volumes grew 6.8%, driven mainly by brand Coca-Cola’s 7.8% growth. Still beverages grew 13.2% and bottled water grew 13.4%. Total revenues for the quarter grew 13.1%, reaching MXN69.5 billion, driven mainly by volume growth, offsetting an unfavorable currency translation, mainly related to the depreciation of the Brazilian real and the Argentine peso as compared to the Mexican peso. On a currency neutral basis, our total revenues increased 17.9%.

起泡飲料銷量成長 6.8%，主要受到可口可樂品牌 7.8% 成長的推動。非碳酸飲料成長 13.2%，瓶裝水成長 13.4%。該季度總營收成長 13.1%，達到 695 億墨西哥比索，主要由銷售成長推動，抵銷了不利的貨幣換算，主要與巴西雷亞爾和阿根廷比索相對於墨西哥比索的貶值有關。在貨幣中性的基礎上，我們的總收入成長了 17.9%。

Gross profit increased 17.2% to MXN32 billion, leading to a margin expansion of 160 basis points to 46%. This increase was driven mainly by the operating leverage resulting from our solid top line performance, coupled with favorable packaging costs and hedging strategies. These effects were partially offset by higher sweetener costs and the significant depreciation of the Argentine peso as compared with the previous year.

毛利成長 17.2%，達到 320 億墨西哥比索，利潤率擴大 160 個基點，達到 46%。這一成長主要是由於我們穩健的營收業績帶來的營運槓桿，加上有利的包裝成本和避險策略。這些影響被甜味劑成本上漲和阿根廷比索與前一年相比大幅貶值部分抵消。

Our operating income increased 13.8% to MXN9.7 billion, with operating margin reaching 14%. As was the case during the first quarter, our operating leverage and cost and expense efficiencies enabled us to protect margins, offsetting extraordinary expenses related to the flooding in the south of Brazil, as well as increases in freight, labor and maintenance. Notably, this quarter also includes approximately MXN400 million related to a non-cash operating foreign exchange loss driven by the quarterly depreciation of the Mexican peso.

我們的營業收入成長 13.8%，達到 97 億墨西哥比索，營業利益率達 14%。與第一季的情況一樣，我們的營運槓桿以及成本和費用效率使我們能夠保護利潤率，抵消與巴西南部洪水相關的特殊費用以及貨運、勞動力和維護費用的增加。值得注意的是，本季還包括約 4 億墨西哥比索與墨西哥比索季度貶值導致的非現金經營外匯損失有關。

By normalizing the extraordinary effects related to the flooding in Brazil, our operating margin would have expanded 30 basis points to 14.2%. Adjusted EBITDA for the quarter increased 21.7% to reach MXN13.9 billion, and EBITDA margin expanded 140 basis points to 20%. The difference between adjusted EBITDA and operating income is mainly explained by the increase in non-cash expenses related to the MXN400 million operating foreign exchange loss that I previously described.

透過將巴西洪水相關的異常影響正常化，我們的營業利潤率將擴大 30 個基點，達到 14.2%。本季調整後 EBITDA 成長 21.7%，達到 139 億墨西哥比索，EBITDA 利潤率擴大 140 個基點，達到 20%。調整後 EBITDA 與營業收入之間的差異主要是由於與我之前描述的 4 億墨西哥比索營業外匯損失相關的非現金費用增加。

Finally, our majority net income increased 13.8% to reach MXN5.6 billion. This increase was driven mainly by operating income growth coupled with a decrease in our comprehensive financing result. This decrease in comprehensive financial result was driven mainly by a foreign exchange gain that resulted from the depreciation of the Mexican peso during the quarter, as applied to our dollar cash position.

最後，我們的多數淨利潤成長了 13.8%，達到 56 億墨西哥比索。這一增長主要是由於營業收入成長以及綜合融資業績下降所致。綜合財務表現下降的主要原因是本季墨西哥比索貶值導致的外匯收益（適用於我們的美元現金部位）。

Now, let me expand on our operations highlights for the second quarter. In Mexico, the implementation of our long-term sustainable growth model, coupled with favorable weather and a resilient consumer environment, supported our 7.9% volume growth for the quarter, reaching 600-million-unit cases for the first time in our franchise history.

現在，讓我詳細介紹一下第二季的營運亮點。在墨西哥，我們長期可持續成長模式的實施，加上有利的天氣和有彈性的消費環境，支持我們本季銷售成長 7.9%，在我們的特許經營歷史上首次達到 6 億箱。

Additionally, thanks to the efforts of our supply chain team to add capacity and generate productivity, in May, we broke the record of historic monthly production that we had previously established in March, producing 198-million-unit cases. Efforts to satisfy unserved demand in the southeast region of the country prompted us to relocate a production line to the city of Villahermosa, which began production last June, bolstering our capacity in this important and growing region of the country.

此外，由於我們的供應鏈團隊努力增加產能和提高生產力，5月我們打破了先前3月創下的歷史月產量記錄，生產了1.98億箱。為了滿足該國東南部地區尚未滿足的需求，我們將一條生產線遷至比亞埃爾莫薩市，該生產線於去年6 月開始生產，增強了我們在該國這一重要且不斷增長的地區的產能。

However, as was the case during the first quarter, that demand we saw continued to exceed our installed capacity, generating stockouts and limiting our share recovery efforts.

然而，與第一季的情況一樣，我們看到的需求繼續超過我們的裝置容量，導致缺貨並限制了我們的份額恢復努力。

Finally, an update on Juntos+ in Mexico. As I previously mentioned, we finished the rollout of version 4.0 with more than 335,000 active buyers in the new version of the app, effectively digitizing more than 50% of our customer base in the country. We remain confident in Mexico's momentum and in our team's ability to resolve capacity constraints and continue delivering solid results as we enter the second half of the year.

最後，介紹墨西哥 Juntos+ 的最新情況。正如我之前提到的，我們完成了 4.0 版本的推出，新版本應用程式的活躍買家超過 335,000 名，有效地數位化了全國 50% 以上的客戶群。我們對墨西哥的勢頭以及我們團隊解決產能限制並在進入下半年時繼續取得紮實成果的能力充滿信心。

Moving on to Central America, volumes in our Central America-South territories, which include Costa Rica, Nicaragua and Panama increased 6.2%. In Costa Rica, our commercial initiatives continued driving volume growth. For instance, to complement our single serve offerings, we introduced a 250ml presentation of Sprite Fresh and Fuze Tea.

轉向中美洲，中美洲南部地區（包括哥斯達黎加、尼加拉瓜和巴拿馬）的銷量增長了 6.2%。在哥斯達黎加，我們的商業計劃繼續推動銷售成長。例如，為了補充我們的單份產品，我們推出了 250 毫升的 Sprite Fresh 和 Fuze Tea。

In addition, our multi-serve packs grew 8% year-on-year as we focused on the execution of refillable and one-way presentations to capture the important meals occasion. Moreover, in Costa Rica and Panama, we launched alcoholic ready-to-drink cocktails in two flavors, Schweppes Gin and Tonic and Schweppes Vodka Citrus, to capture growth in this emerging beverage category.

此外，我們的多份包裝同比增長了 8%，因為我們專注於執行可再填充和單向演示，以捕捉重要的用餐場合。此外，在哥斯達黎加和巴拿馬，我們推出了兩種口味的酒精即飲雞尾酒：史威士金湯力酒和史威士伏特加柑橘，以抓住這個新興飲料類別的增長。

Finally, in Nicaragua, we delivered a solid second quarter. Brand Coca-Cola continues outperforming with double digit growth, supported by strong performance in both single serve and multi-serve presentations. Notably, with brands Monster and Fury, our energy portfolios volumes grew more than 50% year-over-year, capturing value share.

最後，在尼加拉瓜，我們第二季表現出色。由於單杯裝和多杯裝的強勁表現，可口可樂品牌繼續以兩位數的成長表現出色。值得注意的是，憑藉 Monster 和 Fury 品牌，我們的能源產品組合銷售量年增超過 50%，佔據了價值份額。

We are convinced that there are many growth opportunities in Central America to continue capturing growth, profitability and accelerate our digital transformation.

我們相信，中美洲有許多成長機會，可以繼續實現成長、獲利並加速我們的數位轉型。

Moving on to South America. As I mentioned during my introductory comments, the South of Brazil experienced the worst flooding in the region's history, affecting approximately 2.4 million people. In this challenging environment, our team rapidly activated crisis protocols focused on ensuring our collaborators and their families’ safety as the utmost priority.

繼續前往南美洲。正如我在介紹性評論中提到的，巴西南部經歷了該地區歷史上最嚴重的洪水，影響了約 240 萬人。在這個充滿挑戰的環境中，我們的團隊迅速啟動了危機協議，重點是確保我們的合作者及其家人的安全作為首要任務。

Among other actions to support our team in the region, we donated food and water, advanced salary payments and made vaccines available. In the words of Don Eugenio Garza Sada, one of FEMSA's most prominent leaders in the 20th century, what a person is and may possess, is an opportunity to help others, an opportunity to serve. And with this in mind, FEMSA and Coca-Cola FEMSA’s Relief Fund donated approximately $1 million to help cover all our affected collaborators.

為了支持我們在該地區的團隊，我們採取了其他行動，包括捐贈食物和水、預付工資以及提供疫苗。用20 世紀FEMSA 最著名的領導人之一唐·尤金尼奧·加爾薩·薩達(Don Eugenio Garza Sada) 的話來說，一個人是什麼以及可能擁有的是一個幫助他人的機會，一個服務的機會。考慮到這一點，FEMSA 和可口可樂 FEMSA 救濟基金捐贈了約 100 萬美元，以幫助涵蓋所有受影響的合作者。

Resources that are being used to support home rebuilding, replace furniture and basic house appliances that were lost to the torrential rains. In addition, community relief efforts were coordinated with support from our partners at the Coca-Cola company and the rest of the Coca-Cola system in Brazil, whom also donated resources and water to the most affected communities in the region.

這些資源被用於支援房屋重建、更換因暴雨而損失的家具和基本家用電器。此外，社區救援工作得到了可口可樂公司和巴西可口可樂系統其他合作夥伴的支持，他們也向該地區受影響最嚴重的社區捐贈了資源和水。

Regarding business continuity. As we announced in early May, we suspended operations in our plant in Porto Alegre. We have now completed site cleaning and removed more than 5 thousand tons of debris and finished product and are working hand-in-hand with our equipment manufacturing partners towards a gradual reopening as of the fourth quarter of the year.

關於業務連續性。正如我們在五月初宣布的那樣，我們暫停了阿雷格里港工廠的運作。目前，我們已完成現場清理工作，清除了超過 5000 噸碎片和成品，並正在與設備製造合作夥伴攜手努力，爭取在今年第四季逐步重新開放。

In the meantime, our supply chain team rapidly adapted our sales and distribution network to serve our customers in the region., setting up two distribution centers around Porto Alegre that allowed us to reach more than 90% of our customer base.

同時，我們的供應鏈團隊迅速調整了我們的銷售和分銷網絡，為該地區的客戶提供服務。群。

To source finished product, we are currently shipping from other Coca-Cola FEMSA territories in Brazil, Uruguay and Argentina as well as from other bottlers from the Coca-Cola system, allowing us to mitigate the temporary capacity gap while we reopen our Porto Alegre facility.

為了採購成品，我們目前從巴西、烏拉圭和阿根廷的其他可口可樂 FEMSA 地區以及可口可樂系統的其他裝瓶商發貨，這使我們能夠在重新開放阿雷格里港工廠時緩解臨時產能缺口。

Despite the challenges faced in Rio Grande do Sul, volume in Brazil increased a solid 12.1%. Favorable weather in most of our territory, coupled with our initiatives to grow the core business enabled us to achieve record volumes.

儘管南里奧格蘭德州面臨挑戰，巴西的銷量仍穩定成長 12.1%。我們大部分地區的有利天氣，加上我們發展核心業務的舉措，使我們能夠實現創紀錄的銷售量。

We are also encouraged by the results of Coca-Cola Zero Sugar, which continues to grow 50% year-on-year. In addition, Powerade and Monster grew 64% and 32%, respectively. As we mentioned during the first quarter, we are strengthening our competitive position, gaining share not only with brand Coca-Cola, but also in flavors, energy, teas, sports drinks and juices.

我們也對可口可樂零糖的表現感到鼓舞，該產品較去年同期持續成長 50%。此外，Powerade 和 Monster 分別成長了 64% 和 32%。正如我們在第一季提到的，我們正在加強我們的競爭地位，不僅在可口可樂品牌上獲得份額，而且在口味、能量、茶、運動飲料和果汁方面也獲得了份額。

In Colombia, consumer confidence has continued to deteriorate. This macroeconomic backdrop coupled with unfavorable weather during the quarter, resulted in sequential deceleration in volume growth. In this complex environment, our team remains focused on our grow the core initiatives, adjusting our product offerings to capture key price points.

在哥倫比亞，消費者信心持續惡化。這種宏觀經濟背景加上本季的不利天氣，導致銷售成長連續放緩。在這個複雜的環境中，我們的團隊仍然專注於發展核心計劃，調整我們的產品供應以抓住關鍵價格點。

These initiatives coupled with service and availability improvements, continued enabling us to outperform the industry, resulting in share gains. Aligned with our initiatives to increase capacity, in late June, we opened a new distribution center in Funza, in the outskirts of Bogota, increasing capacity by 90,000 pallet positions, bolstering our service to more than 30,000 clients in the region.

這些舉措加上服務和可用性的改進，繼續使我們能夠超越行業，從而提高份額。為了配合我們提高產能的舉措，我們於 6 月下旬在波哥大郊區的 Funza 開設了一個新的配送中心，將產能增加了 90,000 個托盤位，增強了我們對該地區 30,000 多家客戶的服務。

Moving further south to Argentina, as was the case during the first quarter, we continue seeing the effects of a 31% contraction in disposable income, leading our volumes to decline 9.9%. However, prospects of a more controlled inflation and a gradual recovery of disposable income are being reflected in consumer sentiment.

再往南到阿根廷，與第一季的情況一樣，我們繼續看到可支配收入收縮 31% 的影響，導致我們的銷售量下降 9.9%。然而，消費者信心反映了通膨更受控和可支配收入逐步恢復的前景。

Our team continues executing the playbook needed to emerge stronger from these macro adjustments, strengthen our affordable platform to maintain household penetration and consumer preference while driving cost and expense efficiencies, as well as implementing productivity initiatives.

我們的團隊繼續執行從這些宏觀調整中變得更強大所需的劇本，加強我們負擔得起的平台，以保持家庭滲透率和消費者偏好，同時提高成本和費用效率，以及實施生產力計劃。

Finally, volumes in Uruguay declined 12.1% year-on-year. This decline is explained mainly by a tough comparison base, as severe drought in 2023 drove extraordinary growth for personal water, coupled with unfavorable conditions during most of the quarter this year.

最後，烏拉圭的銷量較去年同期下降 12.1%。這一下降的主要原因是比較基數比較嚴格，2023 年的嚴重乾旱推動了個人用水量的大幅增長，加上今年季度大部分時間的不利條件。

As we enter the second half of the year, we remain confident in our strategy as well as the investments being deployed to improve service levels. We expect the consumer environment to remain resilient in the majority of our markets. We continue to see a long runway for Coca-Cola FEMSA’s value creation as we progress in the implementation of our sustainable long term growth model.

隨著進入下半年，我們對我們的策略以及為提高服務水準而部署的投資仍然充滿信心。我們預期大多數市場的消費環境將保持彈性。隨著我們在實施永續長期成長模式方面取得進展，我們繼續看到可口可樂 FEMSA 的價值創造還有很長的路要走。

With that, I will hand the call over to Jerry.

這樣，我就把電話轉給傑瑞。

Thank you, Ian. Good morning, everyone. Summarizing our division's results for the second quarter. In Mexico and Central America, volumes increased 8.1% to reach 695.6-million-unit cases, with volume growing across all of the division's territories. Revenues increased 15.3% to MXN45.1 billion. This growth was driven mainly by volume performance and favorable mix effects.

謝謝你，伊恩。大家早安。總結我們部門第二季的業績。在墨西哥和中美洲，銷量成長了 8.1%，達到 6.956 億箱，該部門所有地區的銷量都在成長。營收成長 15.3%，達到 451 億墨西哥比索。這一成長主要是由銷售表現和有利的混合效應所推動的。

Our gross profit increased 17.8% to reach MXN21.9 billion, resulting in a gross margin of 48.7%, expanding 100 basis points year-on-year. Our operating leverage resulting from top line growth, improving packaging costs and favorable hedging initiatives were partially offset by higher sweetener costs and the depreciation of the Mexican peso.

毛利成長 17.8%，達到 219 億墨西哥比索，毛利率達 48.7%，較去年同期擴大 100 個基點。我們因收入成長、包裝成本改善和有利的對沖措施而產生的營運槓桿被甜味劑成本上漲和墨西哥比索貶值部分抵消。

Operating income increased 12% to MXN7.3 billion, driven mainly by the gross profit performance I previously described. However, our operating margin contracted 50 basis points to 16.2%. This contraction was driven mainly by a non-cash operating foreign exchange loss generated by the depreciation of the Mexican peso, coupled with an increase in operating expenses such as labor, marketing and freight. Finally, our adjusted EBITDA in Mexico and Central America grew 20.1% with a 90-basis point margin expansion to 21.9%.

營業收入成長 12%，達到 73 億墨西哥比索，主要受到我先前描述的毛利表現的推動。然而，我們的營業利潤率卻收縮了 50 個基點至 16.2%。這一收縮主要是由於墨西哥比索貶值產生的非現金營運外匯損失，以及勞動力、行銷和貨運等營運費用的增加。最後，我們在墨西哥和中美洲的調整後 EBITDA 成長了 20.1%，利潤率擴大了 90 個基點，達到 21.9%。

Moving on to the South America division. Volumes increased 6.5% to 400-million-unit cases. This performance was driven mainly by double-digit growth in Brazil, and partially offset by a volume contraction in Argentina and Uruguay.

接下來是南美洲賽區。銷量成長 6.5%，達到 4 億箱。這項業績主要受到巴西兩位數成長的推動，但部分被阿根廷和烏拉圭銷售萎縮所抵銷。

Supported by this volume performance and revenue management initiatives, our revenues in the division increased 9.2% to MXN24.4 billion. These effects were partially offset by unfavorable currency translation effects into Mexican pesos, especially driven by the depreciation of the Argentine peso and the Brazilian reais. When excluding currency translation, our total revenues in South America increased 22.3%.

在銷售表現和收入管理措施的支持下，我們該部門的收入成長了 9.2%，達到 244 億墨西哥比索。這些影響被墨西哥比索不利的貨幣兌換影響部分抵消，特別是阿根廷比索和巴西雷亞爾貶值造成的。排除貨幣換算後，我們在南美洲的總收入成長了 22.3%。

Gross profit in South America increased 16%, leading to a margin expansion of 240 basis points to reach 41.1%. As was the case during the first quarter, this increase was driven mainly by operating leverage, declining packaging costs and favorable hedging strategies. However, these effects were partially offset by increases in sweetener costs and the depreciation of most of our operating currencies in the division, as applied to our US dollar denominated raw material costs.

南美洲毛利成長16%，利潤率擴大240個基點，達到41.1%。與第一季的情況一樣，這一增長主要是由營運槓桿、包裝成本下降和有利的對沖策略所推動的。然而，這些影響被甜味劑成本的增加和該部門大多數營運貨幣的貶值（適用於我們以美元計價的原材料成本）所部分抵消。

Operating income for the division increased 19.6% to MXN2.5 billion, and operating margin expanded 90 basis points to 10.1%. This margin expansion was driven mainly by our gross profit growth coupled with cost and expense efficiencies across our operations. However, these effects were partially offset by margin pressures in Argentina coupled with an increase in operating expenses mainly related to the flooding in the south of Brazil. On a currency neutral basis, operating income increased a solid 36.3%.

該部門的營業收入成長 19.6%，達到 25 億墨西哥比索，營業利潤率擴大 90 個基點，達到 10.1%。利潤率的成長主要是由我們的毛利成長以及我們整個營運的成本和費用效率所推動的。然而，這些影響被阿根廷的利潤率壓力以及主要與巴西南部洪水有關的營運費用增加所部分抵消。在貨幣中性的基礎上，營業收入穩定成長 36.3%。

Finally, adjusted EBITDA in South America increased 25.9% to MXN4 billion, or 46.5% on a currency neutral basis.

最後，南美洲調整後的 EBITDA 成長了 25.9%，達到 40 億墨西哥比索，在貨幣中性的基礎上成長了 46.5%。

As usual, I will provide you with a quick summary of our comprehensive financial result, which recorded an expense of MXN885 million, as compared to an expense of MXN1.4 billion during the same period of the previous year. For the second quarter, the main driver of this decline was a foreign exchange gain of MXN177 million, as compared to a loss of MXN437 million in the second quarter of 2023.

像往常一樣，我將向您簡要介紹我們的綜合財務業績，其中支出為 8.85 億墨西哥比索，而去年同期的支出為 14 億墨西哥比索。第二季下降的主要驅動因素是外匯收益 1.77 億墨西哥比索，而 2023 年第二季為虧損 4.37 億墨西哥比索。

As a reminder, we maintain a US dollar net cash position that was positively impacted by the quarterly depreciation of the Mexican peso and the Brazilian reais.

提醒一下，我們維持美元淨現金頭寸，受到墨西哥比索和巴西雷亞爾季度貶值的正面影響。

Finally, before opening up the call to your questions, I will provide you with an update on the progress we are making regarding our strategic priority to debottleneck our infrastructure and digitize the enterprise.

最後，在開始回答您的問題之前，我將向您介紹我們在消除基礎設施瓶頸和企業數位化這一策略重點方面所取得的最新進展。

In order to unlock growth, we are increasing our manufacturing and distribution capacity. To do this, we are implementing new modeling capabilities that optimize our footprint and capacity allocation. In 2024, we are adding seven new bottling lines: two in Mexico, two in Guatemala, two in Brazil and one in Colombia. From these lines, one in Mexico and one in Brazil will begin operations during the second half of the year. The rest are already online.

為了釋放成長潛力，我們正在提高製造和分銷能力。為此，我們正在實施新的建模功能，以優化我們的佔地面積和容量分配。2024 年，我們將增加 7 條新裝瓶線：兩條在墨西哥、兩條在瓜地馬拉、兩條在巴西、一條在哥倫比亞。其中，墨西哥的一條線和巴西的一條線將於今年下半年開始營運。其餘的已經上線了。

Regarding warehousing, we are not only adding capacity by opening new distribution centers, but also via layout redesign. We estimate that year-to-date, we have avoided an approximate $25 million of CapEx through these initiatives.

在倉儲方面，我們不僅透過開設新的配送中心來增加容量，還透過重新設計佈局來增加容量。我們估計，今年迄今為止，我們已經透過這些措施避免了約 2,500 萬美元的資本支出。

Once again, Coca-Cola FEMSA delivered a solid quarter driven mainly by volume growth, thanks to the focus and commitment of our whole team, and certainly, the aligned vision of our leadership and the support of our partners at the Coca-Cola company. We feel encouraged by the consistent performance of the business through multiple quarters and across operations and are positive on the short and long term.

可口可樂 FEMSA 再次在銷售成長的推動下實現了穩健的季度業績，這要歸功於我們整個團隊的專注和承諾，當然還有我們領導層的一致願景以及可口可樂公司合作夥伴的支持。我們對多個季度和跨業務部門的持續業績感到鼓舞，並且對短期和長期持積極態度。

Thank you all for joining us, today's call. Operator, we are ready to open the call for questions.

感謝大家參加今天的電話會議。接線員，我們已準備好開始提問。

(Operator Instructions) Fernando Olvera, Bank of America.

（操作員指令）Fernando Olvera，美國銀行。

Hi. Good morning, and thanks for taking my question. I have two related to volumes. So, first, I would like to hear how are you thinking about your volume guidance after the strong demand seen in the first half of the year? And what is your view for the remaining of the year?

你好。早安，感謝您提出我的問題。我有兩個與卷有關的。那麼，首先，我想聽聽在經歷了上半年的強勁需求之後，您對銷售指導有何看法？您對今年剩餘時間有何看法？

And my second question, if you can comment about how is your market share behaving? Knowing mainly your main key markets Mexico and Brazil would be great. Thank you.

我的第二個問題，您能否評論一下您的市佔率表現如何？主要了解墨西哥和巴西的主要市場會很棒。謝謝。

Hi Fer, it's Jorge here. Thank you for the question. I will take the first part of the question regarding volume outlook, Fer Because as you mentioned, I think we can, and Ian and Jerry mentioned during the call, we are very encouraged by the performance that we've had year to date, but we are at the half mark of the year. Now, there is still a lot that we need to do across our operations to continue delivering, and we have the plans to do that.

嗨，費爾，我是豪爾赫。謝謝你的提問。我將回答有關銷售前景的問題的第一部分，Fer 因為正如您提到的，我認為我們可以，並且 Ian 和 Jerry 在電話會議中提到，我們對今年迄今為止的表現感到非常鼓舞，但是我們已經過半了。現在，我們的營運仍然需要做很多工作才能繼續交付，並且我們有計劃這樣做。

But really, no change on the volume outlook. I think we can maintain that outlook that we have mentioned of around mid-single digit volume growth for the full year. Okay, so at this time, we think it will be too early maybe to change that. But as we said, and I think the call really reflects this, we are optimistic about the outlook for the second half.

但實際上，成交量前景並沒有改變。我認為我們可以維持我們提到的全年銷售成長中個位數左右的前景。好吧，現在我們認為改變這一點可能還為時過早。但正如我們所說，我認為這次電話會議確實反映了這一點，我們對下半年的前景感到樂觀。

Regarding share, Fernando, in Mexico, we have been impacted by share this year with continued supply chain shortages. So, our stockouts and availability continue to remain high. We have irregular performance, given the strong volumes. And that has been what has impacted our share, especially in flavors and certain NCBs because when you have a limited production, you start prioritizing Coca-Cola brands and most profitable SKUs. So, you see that hit in other, less profitable or less key SKUs, Fernando.

關於份額，費爾南多，在墨西哥，由於供應鏈持續短缺，我們今年受到了份額的影響。因此，我們的缺貨和供貨情況持續保持在較高水準。鑑於交易量強勁，我們的表現不穩定。這就是影響我們份額的因素，特別是在口味和某些 NCB 領域，因為當產量有限時，您會開始優先考慮可口可樂品牌和利潤最高的 SKU。所以，費爾南多，你會看到其他利潤較低或不太關鍵的 SKU 也受到了打擊。

In Brazil, our share has been very, very positive. Now, we are starting to see this last month, the impact of share losses in Rio Grande do Sul. So, if you look at Brazil overall, it continues with very positive trends, year-to-date. But if you drill down to the last month, we saw share losses in Rio Grande do Sul because unlike our competitors, our plant for the region went down.

在巴西，我們的份額非常非常積極。現在，我們開始看到上個月南里奧格蘭德州股票虧損的影響。因此，如果你縱觀巴西的整體情況，你會發現今年迄今為止，巴西仍保持著非常積極的趨勢。但如果你深入到上個月，我們會看到南里奧格蘭德州的份額出現損失，因為與我們的競爭對手不同，我們在該地區的工廠停產了。

So, if you look at the Brazil numbers from here forward, including last month, I think you'll continue to see strong gains in all of our territories and pressure in Rio Grande do Sul. Okay?

因此，如果您從現在開始查看巴西的數據，包括上個月，我認為您將繼續看到我們所有領土的強勁增長以及南里奧格蘭德州的壓力。好的？

Okay.

好的。

If I can add one point there regarding also share and capacity constraints, just to emphasize something that Ian mentioned during the prepared remarks. Because as he said, okay, we have capacity constraints, but it's important to say that this is a situation that is identified and that we are working on it.

如果我可以在份額和容量限制方面添加一點，只是為了強調伊恩在準備好的發言中提到的事情。因為正如他所說，好吧，我們有能力限制，但重要的是要說，這是一個已經確定的情況，我們正在努力解決這個問題。

We added a new line in Mexico during March. There was another one that was relocated and started operations in June. And then, there is another line that's coming in the second half of the year. So, there are actions that are being implemented by the supply chain team in order to resolve this situation.

三月份，我們在墨西哥增加了一條新路線。另有一處於六月搬遷並開始營運。然後，還有另一條線路將在今年下半年推出。因此，供應鏈團隊正在採取一些行動來解決這種情況。

Yes. As well as, obviously, the quite substantial investments in distribution capacity for Mexico as well.

是的。顯然，墨西哥的分銷能力也進行了大量投資。

Okay. Perfect. Thank you so much.

好的。完美的。太感謝了。

Thank you, Fernando.

謝謝你，費爾南多。

Tiago Harduim, Citigroup.

蒂亞戈·哈杜伊姆，花旗集團。

Good morning, Ian, Gerardo, Jorge. Thank you for taking my question. I wanted to discuss two points here. The first one, I wanted to hear a bit from you guys about costs. So, what you're expecting maybe on a qualitative basis for 2024, maybe 2025, just to see what you guys have for the outlook for the main commodities and hear a bit more about the hedges you have in place.

早安，伊恩、赫拉多、豪爾赫。感謝您回答我的問題。我想在這裡討論兩點。第一個，我想聽聽你們關於成本的一些狀況。因此，您對 2024 年，也許是 2025 年的定性預期，只是為了看看您對主要大宗商品的前景有何看法，並了解更多有關您所採取的對沖措施的信息。

And the second point would be a bit on the Brazil beer side, right? So, just hear what you have to say about, like, overall industry dynamics in the short term, the overall consumer environment, brand performance, whatever you think is interesting to share with us. So, yeah, that's it. Thank you, guys.

第二點是巴西啤酒方面，對吧？所以，聽聽你有什麼想說的，例如短期內的整體產業動態，整體消費環境，品牌表現，任何你認為有趣的東西都可以與我們分享。所以，是的，就是這樣。謝謝你們，夥計們。

Thank you, Tiago. I'll start with the first one regarding costs and our hedging position, and maybe Jorge and Ian can complement on the second one regarding beer in Brazil.

謝謝你，蒂亞戈。我將從第一個關於成本和我們的對沖頭寸的問題開始，也許豪爾赫和伊恩可以補充關於巴西啤酒的第二個問題。

But, as you know, and we've discussed before, for hedges, we have this process in which we usually maintain both hedge position in a rolling 12-month period for both our FX component on dollarized raw materials, as well as the price of the raw materials itself. And this allows us to provide better certainty to our operators so they can focus on bringing in the unit cases.

但是，正如您所知，我們之前已經討論過，對於對沖，我們通常在滾動的 12 個月期間對美元化原材料的外匯成分以及價格保持對沖頭寸原材料本身。這使我們能夠為操作員提供更好的確定性，以便他們能夠專注於引入單元箱。

Having said that, we have currently a position regarding FX for 2024, or the rest of 2024. In Mexico, Argentina, above 60% of our exposure of dollarized raw materials is covered. For Brazil, Colombia and Uruguay, a little above 40% of our requirements are hedged for the year. And we already started in this process:12 month rolling period, hedging the first half of 2025 exposures where we're starting to build positions.

話雖如此，我們目前對 2024 年或 2024 年剩餘時間的外匯持倉。在墨西哥、阿根廷，我們 60% 以上的美元化原料部位都得到了保障。對於巴西、哥倫比亞和烏拉圭，我們今年略高於 40% 的需求進行了對沖。我們已經開始這個過程：12 個月的滾動期，對沖 2025 年上半年的風險敞口，我們開始建立頭寸。

Regarding raw materials, the prices of raw materials itself, we have a very good position in hedging sweeteners, sugar, both in Brazil and Uruguay, where we have active hedging positions are close to 100% of our requirements for 2024, hedged with a good position as well for 2025, about 50% of our requirements, HFCS in Mexico, a similar situation where we're close to 90% of our requirements hedged.

關於原材料，原材料本身的價格，我們在巴西和烏拉圭的甜味劑、糖的對沖方面擁有非常好的地位，我們在這兩個國家的積極對沖頭寸接近我們2024年需求的100%，以良好的對沖水準到 2025 年，我們約 50% 的需求，墨西哥的 HFCS，情況類似，我們接近 90% 的需求被對沖。

And we have good position for aluminum in Mexico and Brazil, above 60% of our requirements, as well as plastic PET in Mexico above 50% of our requirements for the year.

我們在墨西哥和巴西的鋁材市場狀況良好，超過了我們今年需求的 60%，而墨西哥的塑膠 PET 也超過了我們今年需求的 50%。

All right. In terms of beer in Brazil, I think what we're seeing there is, with a flat market in terms of volume, there's a lot of pressure going around to the beer players and intensified competition. So, we see really, really intense competition with some key brands holding prices since last year. In that picture, our volumes have been very challenging, and we have held our share, I think it's declined 0.2 basis points in terms of --20 basis points in terms of share of value.

好的。就巴西的啤酒而言，我認為我們所看到的是，市場銷售持平，啤酒廠商面臨很大壓力，競爭也加劇。因此，我們看到一些主要品牌自去年以來一直保持價格，競爭非常非常激烈。在這張圖中，我們的銷售非常具有挑戰性，我們保持了我們的份額，我認為就價值份額而言，它下降了 0.2 個基點 -20 個基點。

So, what I would say is as long as that market continues to be flat, I think there's going to be a very intense competitive scenario as the two large beer players compete to hit growth again.

因此，我想說的是，只要該市場繼續保持平穩，我認為隨著兩大啤酒巨頭競相再次實現成長，就會出現非常激烈的競爭局面。

Very clear. Thank you.

非常清楚。謝謝。

Rahi Parikh, Barclays.

拉希·帕里克，巴克萊銀行。

Awesome. Thank you so much. I'm coming in for Ben. Can you give more color on the impact of a slightly weaker consumer? I think you said more sensitive consumer, I assume from lower spending, lower government spending in Mexico, maybe some stats on the slowdown in purchases in June and into July possible or any other comments on consumer elasticity by region? Thank you so much.

驚人的。太感謝了。我來找本。您能否更詳細地說明稍弱的消費者的影響？我想你說的是更敏感的消費者，我認為墨西哥的支出減少，政府支出減少，也許有一些關於六月和七月購買放緩的統計數據，或者對各地區消費者彈性的任何其他評論？太感謝了。

Hello, Rahi, and send our regards to Ben, please. I would say, across our region where we see pressure on the consumer would be Colombia and Argentina. So, those are the two markets where we see pressure. We are seeing a softer environment this month in Mexico, but so far, from what we see, I think it relates directly to weather because as you know, our business is impacted by precipitation.

你好，拉希，請代我向本問好。我想說，在我們地區，消費者面臨壓力的是哥倫比亞和阿根廷。因此，這就是我們看到壓力的兩個市場。本月墨西哥的環境較為疲軟，但到目前為止，從我們所看到的情況來看，我認為這與天氣直接相關，因為如您所知，我們的業務受到降水的影響。

And usually, the first things that see softness are water and then, a little bit in single serve. And that's exactly what we're seeing in this month. So, I would not think that that has to do with consumer and strength in Mexico, because there's still practically no unemployment. All projects keep chugging along. So, our read so far is consistent with more of a weather-related softness. Does that make sense, Rahi?

通常，首先看到柔軟的是水，然後一點點。這正是我們本月所看到的情況。因此，我認為這與墨西哥的消費者和實力無關，因為實際上仍然沒有失業。所有項目都在穩步推進。因此，到目前為止，我們的解讀與天氣相關的疲軟程度是一致的。這樣有道理嗎，拉希？

Yes. For sure. Thank you so much.

是的。一定。太感謝了。

Lucas Mussi, Morgan Stanley.

盧卡斯‧穆西，摩根士丹利。

Good morning, everyone. Thanks for taking my question. I have one on South America margins. You guys delivered an EBITDA margin which was quite strong in the quarter, up more than 20, more than 200 bps year-over-year. So, I just wanted to better understand what was the drivers behind the strong margin performance?

大家早安。感謝您提出我的問題。我在南美洲邊緣有一個。你們本季的 EBITDA 利潤率相當強勁，年增 20 多個基點，超過 200 個基點。所以，我只是想更了解強勁利潤率表現背後的驅動因素是什麼？

We understand that sweeteners were still a headwind, packaging costs were more favorable, but just wanted to hear more thoughts on the color of magnitude around the cost components. Also, is it safe to say that at this point with today's print that it's reasonable to expect that perhaps we're going to be closing the year with more healthier margins than we previously expected at the beginning of the year, or, I don't know, perhaps we could see a cost curve that's a little bit tougher for the next couple of quarters? You know, if you could share any comment on that would be very helpful. Thanks, everyone.

我們知道甜味劑仍然是一個阻力，包裝成本更加有利，但只是想聽聽更多關於成本組成部分的大小顏色的想法。另外，可以肯定地說，就今天的情況而言，我們可以合理地預期，也許我們將以比年初預期更健康的利潤率結束今年，或者，我不這麼認為。未來幾季的成本曲線會變得更加艱難？你知道，如果你能對此發表任何評論將會非常有幫助。謝謝大家。

Thank you. Lucas. I'll start with the margins in South America. Certainly, we saw better performance, and this is a result of the model that we, our strategic priorities as we establish them when we started this journey of leveraging on our operating capabilities. So, growing our business and the sustainable growth model that we are all focused on and working on allows us to capture the benefits of margin by growing our scale. We expect this to continue, to be the case in the long term, which is our bet, and we're working towards.

謝謝。盧卡斯.我將從南美洲的邊緣開始。當然，我們看到了更好的業績，這是我們在開始利用我們的營運能力的旅程時建立的策略優先事項模型的結果。因此，發展我們的業務以及我們都關注和致力於的可持續成長模式使我們能夠透過擴大規模來獲取利潤的好處。我們預計這種情況將持續下去，從長遠來看，這是我們的賭注，也是我們正在努力的方向。

Certainly, we've seen a better outlook in cost structure that we had previously expected in our business plan, and we expect specifically from sugar in Mexico to see a better outlook in sugar prices towards the end of the year. Slightly better. I wouldn't think that it would be a significant change, but certainly, less worrying than what we had expected initially.

當然，我們已經看到了我們之前在業務計劃中預期的更好的成本結構前景，並且我們特別期望墨西哥的糖業在年底看到更好的糖價前景。稍微好一點。我不認為這會是一個重大變化，但肯定比我們最初預期的要少一些。

Regarding our expectations for the full year, I think we're still a little bit waiting to see how things continue to develop. I don't think we're ready to send out different expectations in terms of maintaining flattish sort of margins for the year as compared to last year's.

關於我們對全年的期望，我認為我們仍然有點等待事情如何繼續發展。我認為我們還沒有準備好就今年保持與去年持平的利潤率提出不同的期望。

Thanks, everyone.

謝謝大家。

Felipe Ucros, Scotiabank.

費利佩·烏克羅斯，豐業銀行。

Thanks, Operator. And good morning, Ian, Jerry and team. Thanks for the space. A couple of questions on Juntos+, if I may. The first one on loyalty. You know, as you've been developing Juntos+, you've also been delving deeper into loyalty programs for your consumers. Just wondering if you can give us a first look on how this is going? Or perhaps you can comment on adoption speed from your clients and what differences you're noticing between clients that are using the loyalty platform versus those that are not using it.

謝謝，接線生。早安，伊恩、傑瑞和團隊。謝謝你的空間。如果可以的話，有幾個關於 Juntos+ 的問題。第一個是關於忠誠度。您知道，在開發 Juntos+ 的同時，您也深入研究了針對消費者的忠誠度計劃。只是想知道您能否讓我們先了解事情的進展？或者，您可以評論客戶的採用速度，以及您注意到使用忠誠度平台的客戶與未使用平台的客戶之間的差異。

And perhaps if you can give us an update also on the fintech side of things, I know you've been working on partnerships across the region, so, just wondering if you have any updates on that. Thank you.

也許如果您能為我們提供金融科技的最新情況，我知道您一直在致力於在該地區建立合作夥伴關係，所以，我想知道您是否有這方面的任何最新情況。謝謝。

Hello, everyone. I think, relating to our loyalty program, we have some numbers on the uplift in volume between clients that are participating in the loyalty program. Clients that -- I don't have them top of my head. So, I don't want to mention those, Felipe, but we do see a significant uplift. So, the more that we can be rolling out the adoption, the better that this is for us.

大家好。我認為，與我們的忠誠度計劃相關，我們有一些關於參與忠誠度計劃的客戶數量增加的數據。客戶——我並沒有把它們放在心上。所以，我不想提及這些，費利佩，但我們確實看到了顯著的提升。因此，我們能夠推廣的採用越多，這對我們來說就越好。

And when we walk the market and you talk to clients, you hear all sorts of positive comments regarding the loyalty program, like, from anecdotal things like, oh, finally, you guys remembered us. So, you can tell that it has an effect on when they decide to purchase from another site or from a wholesaler versus continuing to add points in our program.

當我們走在市場上並與客戶交談時，您會聽到有關忠誠度計劃的各種積極評論，例如，來自軼事的評論，例如，哦，終於，你們記住了我們。因此，您可以看出，這會影響他們何時決定從其他網站或批發商購買，而不是繼續在我們的計劃中添加積分。

And you have to remember that this program's cash conversion cycle is very, very short because immediately as they put in the order, they can see that the points that they have, they quickly redeem. And you're talking about 2 or 3 days, where they end up selling these products. Let's say they redeem it for a case of Coke or any other products. And, you know, it immediately translates into cash, Felipe, is what I'm trying to say.

而且您必須記住，該計劃的現金轉換週期非常非常短，因為當他們下訂單時，他們可以立即看到他們擁有的積分，他們可以快速兌換。你說的是 2 或 3 天，他們最終會銷售這些產品。假設他們用它兌換一箱可樂或任何其他產品。而且，你知道，它會立即轉化為現金，費利佩，這就是我想說的。

So, it's a very positive tool for us. It has surprised us and it's going very, very well. Jerry, do you want to just compliment very quickly?

所以，這對我們來說是一個非常積極的工具。它讓我們感到驚訝，而且進展得非常非常順利。傑瑞，你想很快地讚美一下嗎？

Just, very quickly. I have the numbers for Mexico, where we have deployed our loyalty program that Ian mentioned, and we have had a great performance with 750,000 customers already online with our loyalty program across our operations.

只是，非常快。我有墨西哥的數據，我們在那裡部署了 Ian 提到的忠誠度計劃，我們的業績非常出色，已經有 750,000 名客戶在我們的營運中使用我們的忠誠度計劃在線。

Alejandro Fuchs, Itau.

亞歷杭德羅·福克斯，伊塔烏。

Thank you. Good morning, Ian, Gerardo, Jorge, and congratulations on the results. Thank you for the space for questions. I have two very quick ones from my side. Maybe a follow up on the volumes. We have seen, you know, very strong volumes in Mexico and Brazil for quite some time now. So, I wanted to maybe see if you could help us understand how much of this being influenced by Juntos+, how much is Multi-category? How do you see these new digital initiatives adding to the core platform in terms of growth?

謝謝。早安，伊恩、赫拉多、豪爾赫，恭喜結果。感謝您提供提問的空間。我身邊有兩個非常快的人。也許是各卷的後續。你知道，我們已經看到墨西哥和巴西的銷量在相當長的一段時間內非常強勁。所以，我想看看您能否幫助我們了解 Juntos+ 對這方面的影響有多大，多類別的影響有多大？您如何看待這些新的數位舉措對核心平台的成長？

And the second one, maybe for Gerardo, real quick, just wanted to see if I understood correctly, in terms of the one offs that you had on the quarter, you said that in Mexico, in terms of the non-cash impact was MXN400 million, and then, in Rio Grande do Sul, the impact, maybe we can think about around MXN200 million. I don't know if that sounds correct. Maybe you could clarify. That would be very helpful. Thank you.

第二個，也許對 Gerardo 來說，很快，只是想看看我是否理解正確，就本季度的一次性而言，你說在墨西哥，就非現金影響而言，是 MXN400萬，然後，在南里奧格蘭德州，影響，也許我們可以考慮大約2億墨西哥比索。我不知道這聽起來是否正確。也許你可以澄清一下。這將非常有幫助。謝謝。

Yes, Alejandro, thank you for the question. It's Jorge and I'm going to start with the first part. I think something that we are seeing, and we have been discussing with the team, for example, in Brazil and in Mexico about the upside of Juntos+. Of course, these are analyses that are being done when we, for example, separate a cluster that is being served by Juntos+ and another that is not. It's very hard now because it's basically all over now to make those control tests.

是的，亞歷杭德羅，謝謝你的提問。我是豪爾赫，我將從第一部分開始。我認為我們正在看到一些事情，我們一直在與團隊討論，例如在巴西和墨西哥，關於 Juntos+ 的優勢。當然，這些分析是在我們將由 Juntos+ 提供服務的集群與另一個不由 Juntos+ 提供服務的集群分開時進行的。現在非常困難，因為現在進行這些控制測試基本上已經結束了。

But during control tests and bigger, we have seen an upside of around 6% is more or less what we're starting to see with Juntos+. And of course, it's a combination of factors what we have seen to drive these very positive volumes.

但在控制測試和更大規模的測試中，我們發現 Juntos+ 或多或少有 6% 左右的上升空間。當然，這是我們所看到的多種因素共同推動了這些非常積極的銷售。

For example, in Mexico, I think something that we continue to see that has been a driver of volumes has been, as Ian mentioned, when we think about the macro, low unemployment, it's something that we continue to see across our territories, and we continue to see this strong demand. And beyond this low unemployment, we're also seeing remittances. We are also seeing, of course, the increases in real wage. So, that also bringing this positive environment.

例如，在墨西哥，我認為我們繼續看到的推動銷售的因素是，正如伊恩所提到的，當我們考慮宏觀時，低失業率是我們在整個領土上繼續看到的東西，我們繼續看到這種強勁的需求。除瞭如此低的失業率之外，我們還看到了匯款。當然，我們也看到實質工資的成長。所以，這也帶來了這種正面的環境。

And on top of that environment, we are executing on the plans. So, Juntos+ has been one, I would say, multicategory is still small in relative terms. We continue to be more or less to what we have been updating in the previous calls, which is more or less around 1% of our revenues. It's about 1.3% of our revenues today on a consolidated basis. That is multi category, but it's certainly helping us.

在這種環境之上，我們正​​在執行計劃。因此，我想說，Juntos+ 一直是多類別之一，相對而言仍然很小。我們繼續或多或少遵循先前電話會議中更新的內容，這或多或少約占我們收入的 1% 左右。按合併計算，這大約占我們目前收入的 1.3%。這是多類別的，但它肯定對我們有幫助。

I think in multi-category, we have the proof points of countries where it has been there for a while, such as Brazil with beer and countries, small countries like Central America, Europe, where you get the complete distribution of all channels with most of the partners, where you have countries already at 3% to 3.5% of revenues. So, I think that the roadmap is there.

我認為在多個類別中，我們有已經存在了一段時間的國家的證據，例如巴西的啤酒和國家，中美洲、歐洲等小國家，在那裡你可以得到所有管道的完整分佈。地區已經佔收入的3% 至3.5%。所以，我認為路線圖就在那裡。

Our target, our ambition is to get to 5% of revenues, but it is a moving target in the sense that our base business continues to grow very, very fast. So, it's a good problem to have for that percentage to grow to be relevant because our base core business continues to deliver solid top line growth.

我們的目標是達到收入的 5%，但從我們的基礎業務繼續快速成長的意義上來說，這是一個不斷變化的目標。因此，讓這個百分比成長到具有相關性是一個好問題，因為我們的基礎核心業務繼續帶來穩健的營收成長。

Regarding Juntos+, just to expand a little bit on your question, Alejandro, the two encouraging findings that we're getting from what we're doing, especially in Mexico and Brazil is getting an uplift in the number of SKUs that customers are buying. And that makes sense because they have more time to place their order on their own time. And the second is the average ticket per transaction, which is also, we're also seeing an uplift there. So, that's encouraging. And we're excited about that.

關於 Juntos+，Alejandro，為了擴展您的問題，我們從我們正在做的事情中得到了兩個令人鼓舞的發現，特別是在墨西哥和巴西，客戶購買的 SKU 數量有所增加。這是有道理的，因為他們有更多的時間在自己的時間下訂單。第二個是每筆交易的平均票數，我們也看到了這一點的上升。所以，這是令人鼓舞的。我們對此感到興奮。

Regarding your other question on the non-cash operating expenses, exactly in Mexico, that was the amount of the impact of the effects depreciation. And at the end of June, for MXN100 million that we saw going through our P&L this quarter, affecting operating income. Nut not EBITDA. In the case of Brazil, the number, the net impact that we absorbed in the quarter was MXN130 million, a little bit below the MXN200 million number that you had in mind.

關於您關於非現金營運費用的另一個問題，確切地說是在墨西哥，那就是影響折舊的影響金額。6 月底，我們看到本季的損益表發生了 1 億墨西哥比索，影響了營業收入。堅果不是 EBITDA。就巴西而言，我們在本季吸收的淨影響為 1.3 億墨西哥比索，略低於您想像的 2 億墨西哥比索。

Thank you very much. It was very clear.

非常感謝。情況非常清楚。

Lucas Ferreira, JPMorgan.

盧卡斯費雷拉，摩根大通。

Hi, guys. Good morning. Thanks for the time and congrats on the results. Once again, to follow up on volumes. It's been very surprising how fast volumes are expanding. And then, especially in an environment where, for instance, in Brazil, your market share is growing, and your capacity is somewhat limited. How to think about pricing? I have a sense that this category had much less pricing over the last two years than others.

嗨，大家好。早安.感謝您的時間並祝賀結果。再次，跟進數量。數量增長的速度令人驚訝。然後，特別是在巴西這樣的環境中，你的市佔率正在成長，而你的能力卻有些有限。如何考慮定價？我有一種感覺，這個類別在過去兩年裡的定價比其他類別要低得多。

If you look at food inflation, if you look at beer, for instance, had much bigger hikes. So, wondering if in a year of probably lower cost or easier cost that that was something a strategy for keeping prices somewhat in line with inflation. So, my question is basically how to think about pricing from here? If you see room for an improving mix or even adjusting overall pricing, if that's something that you have in mind.

例如，如果你看看食品通膨，如果你看看啤酒，漲幅要大得多。因此，想知道在成本可能較低或成本較低的一年中，這是否是保持價格與通貨膨脹一致的策略。所以，我的問題基本上是如何從這裡考慮定價？如果您認為有改進組合甚至調整整體定價的空間（如果您有這樣的想法）。

And another question on Argentina, I think you also had a good volume performance relative to many other companies that operate in the region. So, wondering how you see the environment in the country, if there is anything different, you're doing or how to think about, you know, the quarters to come if you see already a rebound or what to expect basically for the next, I don't know, 6-, 12 months. Thank you very much.

關於阿根廷的另一個問題，我認為相對於在該地區運營的許多其他公司來說，你們的銷售表現也很好。所以，想知道你如何看待這個國家的環境，如果有什麼不同，你正在做或如何思考，你知道，如果你已經看到反彈或對下一個季度的基本預期，你知道，未來幾個季度，我不知道，6個月，12個月。非常感謝。

Thank you, Lucas. I'll jump on the first one regarding pricing. The name of the game for us is sustainable growth. And in that sense, our focus is to maintain a balanced strategy and look towards revenue per unit case to grow that in line with inflation across our markets. We have a new capability with a digitization of the business and Juntos+ to be able to personalize portfolio and execution, and that allows us to maximize value both for us as well as our customer.

謝謝你，盧卡斯。我將跳到關於定價的第一個。我們的遊戲名稱是可持續增長。從這個意義上說，我們的重點是保持平衡的策略，並著眼於單位箱收入的成長，使其與整個市場的通膨保持一致。我們擁有業務數位化和 Juntos+ 的新功能，能夠個性化產品組合和執行，這使我們能夠為我們和客戶實現價值最大化。

We will continue to prioritize, certainly, the competitiveness of our portfolio. We're focusing on being able to grow our volumes sustainably in the long term. We will continue to drive affordability and foster single serve growth to be able to get the benefit of the mix in pricing on our P&L.

當然，我們將繼續優先考慮我們產品組合的競爭力。我們專注於能夠長期可持續地增加我們的銷售量。我們將繼續提高可負擔性並促進單一服務的成長，以便能夠從損益表的定價組合中獲益。

And the last one, we are expecting a more benign raw material environment as we move towards the second half, especially in sugar, that had been a source of pressure for us. So that will also provide a relief in terms of allowing us to be more active in our revenue management.

最後一個，隨著我們進入下半年，我們預期原料環境會更加良性，尤其是糖，這一直是我們的壓力來源。因此，這也將使我們能夠更積極地進行收入管理。

I think just complementing the area and in line with your you're probably what you're thinking is, yes, we do have, for example, on availability issues with practically zero promotions in those SKUs because there's not enough there to supply. So you see some effects of adjusting that tactical calendar to basically canceling out any sort of promotion or tactical activity other than what we have by contract in the modern trade. So you see some effects of that also filtering through.

我認為只是補充該領域並與您的情況一致，您可能會想到的是，是的，例如，我們確實存在可用性問題，這些 SKU 的促銷活動幾乎為零，因為沒有足夠的供應。因此，您會看到調整戰術日曆的一些效果，基本上取消了除現代貿易中合約之外的任何形式的促銷或戰術活動。所以你會看到它的一些影響也滲透進來。

In Argentina, I believe we do we took a slightly different strategy to two other players in the sense that we believe this crisis is temporary. We've seen it happen recurrently in Argentina where even under it scenarios with not necessarily the best government measures the country recovers. And we think right now, the government is taking very good and appropriate measures.

在阿根廷，我相信我們採取了與其他兩名球員略有不同的策略，因為我們認為這場危機是暫時的。我們在阿根廷經常看到這種情況發生，即使在這種情況下，政府不一定採取最好的措施，該國也能復甦。我們認為現在政府正在採取非常好的、適當的措施。

So we're very confident and in the recovery were actually quite optimistic in Argentina. So the strategy that we implemented was you know, we didn't want to lose household penetration or consumer preference. So we made sure we focused on having affordability initiatives there, maintaining our household penetration.

所以我們非常有信心，並且對阿根廷的復甦實際上非常樂觀。所以我們實施的策略是，我們不想失去家庭滲透率或消費者偏好。因此，我們確保專注於在那裡開展負擔能力計劃，並保持我們的家庭滲透率。

We're ready to face, you know what we thought were going to be 9 to 12 months of an impact. I think we've seen the initial share impact that we had in the first couple of months quickly be reversed and the volume structurally or decline is smaller and smaller and smaller each month. So think good days ahead for Argentina.

我們已經準備好面對，你知道我們認為這將是 9 到 12 個月的影響。我認為我們已經看到前幾個月的最初份額影響很快就被逆轉，結構性的交易量或下降幅度每個月都越來越小。所以想想阿根廷未來的美好日子吧。

But still we expect a tough year this this year and a return to growth next year. I think we it's safe to say that we see it improving month over month but you know, the country faces a large challenge and you can see the FX rate gap, it's not going to be a straight line of improvement. So there are challenges there. But our operation continues to improve month-over-month, and I think we hit on the right strategy.

但我們仍然預計今年將是艱難的一年，明年將恢復成長。我認為我們可以肯定地說，我們看到它逐月改善，但你知道，該國面臨著巨大的挑戰，你可以看到匯率差距，它不會是直線改善。所以那裡存在著挑戰。但我們的營運逐月持續改善，我認為我們採取了正確的策略。

Super clear. Thank you very much.

超級清晰。非常感謝。

Alvaro Garcia, BTG.

阿爾瓦羅·加西亞，BTG。

Hey, gentlemen, thanks for the space for questions. Two questions, one on Guatemala, I was wondering if you could zoom out a bit, and just maybe discuss per capita and sort of what's driven what seems to be just sort of this perpetual double-digit growth you've seen there for quite some time now, consumer strength etc.

嘿，先生們，感謝您提供提問的空間。有兩個問題，一個是關於危地馬拉的，我想知道你是否可以縮小一點，討論一下人均收入以及推動這種永久兩位數增長的因素，你已經在那裡看到了相當長一段時間了。時間、消費者的實力等。

And then, on Argentina, just zooming in on what you were just talking about, Ian. Where are we in the battle against multi-serve or how can you take a crisis like this to sort of maybe try to shift consumer behavior away from multi-serve, if that is indeed a strategy at all? Thank you.

然後，關於阿根廷，請專注於你剛才談論的內容，伊恩。在對抗多重服務的鬥爭中，我們處於什麼位置，或者如果這確實是一種策略的話，你如何能利用這樣的危機來嘗試將消費者的行為從多重服務中轉移出來呢？謝謝。

I'll start with Argentina and then go over Guatemala. So, with Argentina, just to keep with the flow of the prior question, it's one of the few markets where you see the impact of increasing returnable mix. So, once you see consumers are feeling the pinch, usually the mix of returnable increases. So, we're seeing that in Argentina. You're also seeing the relationship with multi servers as well. But it's very minor.

我將從阿根廷開始，然後是危地馬拉。因此，就阿根廷而言，為了跟上前一個問題的脈絡，它是少數可以看到可退貨組合增加所產生影響的市場之一。因此，一旦你看到消費者感到手頭拮据，通常可退貨的組合就會增加。所以，我們在阿根廷看到了這一點。您還可以看到與多伺服器的關係。但這是非常小的。

In March, it's maybe 60 basis points of an increase in multi-service. It's not that big, Alvaro. Where I do see the switch is within one way to multi multi-serve presentation, where you do see a big moving in Argentina towards returnable. It's the one market where you see that increasing.

3 月份，多種服務的增幅可能達到 60 個基點。阿爾瓦羅，沒那麼大。我確實看到這種轉變是在一種方式中向多服務演示的轉變，你確實看到阿根廷朝著可回收的方向邁出了一大步。這是您看到這一成長的唯一市場。

Moving on to Guatemala. Sorry. Yeah. The question on per caps, I think, Alvaro, maybe just to clarify, can you repeat the first question, I think it was related to per capita. Right. But we just wanted to make sure if you can repeat the first question to make sure we get it right.

繼續前往危地馬拉。對不起。是的。關於人均上限的問題，我想，阿爾瓦羅，也許只是為了澄清一下，你能重複第一個問題嗎，我認為這與人均有關。正確的。但我們只是想確定您是否可以重複第一個問題，以確保我們回答正確。

Just trying to sort of wrap my head around the very strong volume growth we've seen out of Guatemala over the last several years now. And, you know, I'm assuming per capitas have bumped significantly higher. So, maybe reviewing that would help, but maybe a discussion on disposable income and sort of occasions and how maybe that's changed over the last five years. But just reviewing the strength of Guatemala would be very helpful.

我只是想了解過去幾年我們在危地馬拉看到的非常強勁的銷售成長。而且，你知道，我假設人均人數已經顯著提高。因此，也許回顧一下會有所幫助，但也許可以討論一下可支配收入和各種場合，以及過去五年中情況可能發生的變化。但光是回顧一下危地馬拉的實力就會非常有幫助。

I mean, I think we've talked about this in the past, Alvaro. We're still, we used to be -- I think, last year it was around 180 or 190. Right now, we're at 220. So, I mean, per capita are still low enough. We still have a lot of legroom in per capita. And I think one of the beautiful things in Guatemala is it's a very large and very young population with stable income growth, a lot of remittances is something that's been surprising to me is the strength of remittances there, the importance of remittances.

我的意思是，我想我們過去已經討論過這個問題，阿爾瓦羅。我們仍然，我們曾經是——我想，去年大約是 180 或 190。現在，我們是 220。所以，我的意思是，人均仍然夠低。我們的人均腿部空間仍然很大。我認為危地馬拉的美妙之處之一是它有一個非常龐大且非常年輕的人口，收入穩定增長，大量匯款令我驚訝的是那裡的匯款強度，匯款的重要性。

So, it's just a country that's getting wealthier and wealthier and wealthier. Very stable, very pro-business. You know, employment is up there even getting some near shoring in textiles. So, to us, I mean, there's no reason that Guatemala shouldn't double in size. That's our view.

所以，它只是一個變得越來越富裕的國家。非常穩定，非常親商。你知道，就業率正在上升，甚至紡織業也出現了一些近岸外包。所以，對我們來說，我的意思是，危地馬拉的面積沒有理由不擴大一倍。這是我們的觀點。

So, it's a very good business and we're working to make that happen. And we've been one of the best projects was the new plant and capacity expansions. And those were filled almost immediately. There's a lot of upside to remain in Guatemala. Of course, the percentage trend as is natural will start to decrease over time, but there's still plenty of upside to that territory as well.

所以，這是一項非常好的業務，我們正在努力實現這一目標。我們最好的項目之一是新工廠和產能擴張。這些幾乎立即就被填滿了。留在危地馬拉還有很多好處。當然，隨著時間的推移，百分比趨勢自然會開始下降，但該領域仍然有很大的上升空間。

Another and just one last one. And it's just a jewel of a territory as well in the mix of single serve being very, very high. So, it's a really a good place to be in. Sorry, Jerry.

又一個，也是最後一個。這也是一個領域的瑰寶，單次發球的組合非常非常高。所以，這裡確實是一個好地方。對不起，傑瑞。

Another important component just to compliment Ian, Alvaro, is that in Guatemala in the past few years, we've gained an important amount of share. In Guatemala we had headroom in share specifically in colas, as you know, that's our biggest right to win with brand Coca-Cola. So, we've gained a significant amount of hare this past four or five hundred points.

值得讚揚伊恩·阿爾瓦羅的另一個重要因素是，過去幾年在危地馬拉，我們獲得了重要的份額。在瓜地馬拉，我們的市場佔有率有很大的空間，特別是在可樂方面，如您所知，這是我們透過可口可樂品牌獲勝的最大權利。所以，在過去的四、五百點裡，我們已經獲得了大量的野兔。

It's a lot of share gain.

這是很多份額收益。

Yeah.

是的。

Great. Thank you very much.

偉大的。非常感謝。

Ulises Argote, Satander.

尤利塞斯·阿爾戈特，撒旦德。

Sure. Sorry. Thanks for the space for questions. So, just to understand a bit better, do you have something to share around what is kind of the ballpark in terms of million-unit cases that you're adding to the pipeline with this seven lines that you were mentioning that you're rolling out this year?

當然。對不起。感謝您提供提問的空間。因此，為了更好地理解，您是否有一些關於您要添加到管道中的百萬單位案例的大致情況，您提到您正在滾動的這七行今年出？

And do those kind of seven lines leave you in a comfortable level for production, or should we expect more additions of lines or maybe even plants in some regions in the coming years? All of this obviously with the very strong demand that you guys are having. Thank you.

這些七條生產線是否能讓您處於舒適的生產水平，或者我們是否應該期待未來幾年在某些地區增加更多生產線，甚至工廠？這一切顯然都是因為你們的需求非常強烈。謝謝。

Thank you, Ulises. The number that we have in expansion in capacity, specifically manufacturing is creating 15% additional capacity in three-year period that started in 2023. So, 2023-24 by the end of 2025, we expect to have 15% more capacity. As you know, and you've seen in our reports, we've been outpacing our initial projections.

謝謝你，尤利塞斯。從 2023 年開始的三年內，我們的產能擴張（特別是製造業）產能將增加 15%。因此，到 2023-24 年底，到 2025 年底，我們預計產能將增加 15%。如您所知，並且您在我們的報告中看到，我們的進度已經超過了最初的預測。

So, we'll probably be adjusting that capacity creation as we move forward, marginally, probably a little above that 15% new capacity. In terms of distribution capacity there we have the ability when we're surpassing capacity to be able to rent third party assets, trucks, warehouses. So, we're a little bit more behind in distribution capacity there. We're expecting to increase distribution by 30% in that same period of time.

因此，隨著我們的前進，我們可能會稍微調整產能創造，可能略高於 15% 的新增產能。就配送能力而言，當我們超出能力時，我們有能力租賃第三方資產、卡車、倉庫。所以，我們在那裡的分銷能力有點落後。我們預計同期分發量將增加 30%。

Yeah. And just in terms of new plant releases, what we're trying to do is saturate our current facilities. But eventually, we will need a new plant to serve the southeast territory of Mexico. So, as long as we can keep adding lines to our facilities, that's the way to go. But we will be triggering at some point a full new, greenfield for Mexico and at some point for Brazil as well.

是的。就新工廠的發布而言，我們正在努力做的就是使我們現有的設施飽和。但最終，我們將需要一座新工廠來為墨西哥東南部地區提供服務。因此，只要我們能夠繼續在我們的設施中增加線路，那就是可行的方法。但我們將在某個時候為墨西哥和巴西啟動一個全新的綠地。

Okay. Super clear. Thanks for that, guys.

好的。超級清晰。謝謝你們，夥計們。

Thiago Bortoluci, Goldman Sachs.

蒂亞戈·博爾托魯奇，高盛。

Yes. Good morning, everyone. Thanks for taking the question and congrats on the results. Look, if I were to put everything that you said and have been saying together, right, what we're seeing is mid-single digit volume growth for the year and better costs, right?

是的。大家早安。感謝您提出問題並對結果表示祝賀。聽著，如果我把你所說的話和一直在說的所有內容放在一起，對吧，我們看到的是今年中個位數的銷量增長和更好的成本，對吧？

Probably because of your FX hedges demand apparently continues to be super solid and we're facing some capacity constraints, right. So, if I were to imagine the second half, the back end of the year, and you have been indicating mid-single digit volume growth and aim to get stable profitability, where the upside risk is this combination, right?

可能是因為你們的外匯對沖需求顯然仍然非常強勁，而我們面臨一些產能限制，對吧。因此，如果我想像一下下半年，也就是今年年底，你們一直表示銷量將實現中個位數增長，並致力於獲得穩定的盈利能力，那麼這種組合的上行風險就在於此，對嗎？

I think we've been running above expectations. And the question is more to get a clear view with this capacity constraints, should we eventually expect that Coke FEMSA will take this opportunity eventually to push margins a little bit higher?

我認為我們的表現超出了預期。問題更多的是要清楚了解這種產能限制，我們最終是否應該期望可口可樂 FEMSA 最終會利用這個機會將利潤率推高一點？

Yes. Thank you, Thiago. And thanks for the question. I think getting around the capacity constraint is something that definitely the team is working on. You know, as Jerry mentioned during his prepared remarks, he highlighted that just this year we are installing seven new lines. Most of them have been installed already. And this is only for 2024 but there is more on the plan for 2025 and so on.

是的。謝謝你，蒂亞戈。謝謝你的提問。我認為解決容量限制肯定是團隊正在努力的事情。您知道，正如傑瑞在準備好的演講中提到的那樣，他強調今年我們將安裝 7 條新線路。其中大部分已經安裝完畢。這僅適用於 2024 年，但 2025 年的計劃還有更多，依此類推。

As you know, there are some investments that we are doing on the CapEx in this period of time. We have guided that it's going to be between 8% to 9% of our revenues. So, there is significant projects there that are coming. Also, Ian referred to that. And I think the summary you made for the expectation of the second half of the year are correct. I think we have guided for a full year, that we expect volumes to be on the mid-single digits.

如您所知，這段時間我們正在資本支出方面進行一些投資。我們預計這將占我們收入的 8% 到 9%。因此，那裡有一些重要的項目即將到來。伊恩也提到了這一點。我認為你對下半年預期的總結是正確的。我認為我們已經指導了一整年，預計銷量將達到中個位數。

We are seeing, as you mention, a more benign environment on the cost front. We have implemented our hedging strategies, and the team is executing on both the commercial and the supply chain. So, things are going well. But at the same time, we maintain the outlook of margins. You know, we are more focused on the growth side of the equation than on protecting the profitability. That's one way I would say, to put it.

正如您所提到的，我們看到成本方面的環境更加良性。我們已經實施了對沖策略，團隊正在商業和供應鏈上執行。所以，一切進展順利。但同時，我們維持利潤率展望。您知道，我們更關注成長方面，而不是保護獲利能力。這是我想說的一種方式。

So, yes, definitely. I think that after the first six months of the year, we are more optimistic about potentially having some upside potential, probably in profitability. But as Jerry mentioned, we're at the half mark of the year.

所以，是的，絕對是。我認為，今年前六個月後，我們對潛在的上升潛力（可能是獲利能力）更加樂觀。但正如傑瑞提到的，我們已經進入今年的一半了。

So, the summary, I think, is correct. No mid-single digits volume growth and margins should be on the flattish side. And of course, we cannot forget that in the second half of the year we could have some volatility either effects or other things. I think this year, the first half has also been a reminder of that volatility can come.

所以，我認為這個總結是正確的。銷量成長和利潤率不應出現中個位數成長。當然，我們不能忘記，下半年我們可能會出現一些波動，無論是影響還是其他因素。我認為今年上半年也提醒人們，波動可能會到來。

Weather has happened in the south of Brazil and those kinds of things we cannot forget that those things can happen. So, that's why we are optimistic on the outlook. But at the same time, we maintain the outlook that we have set for the full year.

巴西南部發生了這樣的天氣，我們不能忘記這些事情可能會發生。因此，這就是我們對前景持樂觀態度的原因。但同時，我們維持對全年的展望。

As always, thank you.

一如既往，謝謝。

Thank you.

謝謝。

Thank you. With this, I'd like to hand the call back over to Jorge Collazo for closing remarks. Over to you, sir.

謝謝。至此，我想將電話轉回豪爾赫·科拉佐 (Jorge Collazo) 致閉幕詞。交給你了，先生。

Well, thank you very much, everyone, for joining us on today's call. As always, myself, Lorena and Marene are available for any of your remaining questions. And also, maybe a very quick announcement regarding the IR team.

非常感謝大家參加今天的電話會議。像往常一樣，我、Lorena 和 Marene 可以解答您剩下的任何問題。而且，也許是關於 IR 團隊的一個非常快速的公告。

Marene, who has been part of the team, she's moving to a new role in strategic planning within the company. So, Marene, thank you very much for your support. Since 2020, you have been a very valuable member of the team. I know you know the analysts very well. So, thank you, Marene and good luck on your next role. Thank you, everyone.

Marene 一直是該團隊的一員，她將在公司內部擔任策略規劃的新職位。所以，Marene，非常感謝您的支持。自2020年以來，您一直是團隊中非常有價值的成員。我知道你很了解分析師。所以，謝謝你，Marene，祝你下一個角色好運。謝謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call. Thank you for your participation, ladies and gentlemen, you may now disconnect.

今天的電話會議到此結束。感謝您的參與，女士們先生們，您現在可以斷開連接了。