Coca-Cola Femsa SAB de CV (KOF) 2024 Q3 法說會逐字稿

Hello, and welcome to Coca-Cola FEMSA third-quarter 2024 conference call. My name is Melissa, and I will be your coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)

您好，歡迎參加可口可樂 FEMSA 2024 年第三季電話會議。我叫梅麗莎，我將擔任今天活動的協調員。請注意，本次會議正在錄製中。（操作員說明）

I'll now turn the call over to Jorge Collazo, Investor Relations Director. Please go ahead.

我現在將把電話轉給投資者關係總監 Jorge Collazo。請繼續。

Thank you, Melissa. Good morning, everyone. Welcome to this webcast and conference call to review our third Quarter 2024 results. Joining me this morning are Ian Craig, our Chief Executive Officer; and Gerardo Cruz, our Chief Financial Officer.

謝謝你，梅麗莎。大家早安。歡迎觀看本次網路廣播和電話會議，回顧我們 2024 年第三季的業績。今天早上和我一起來的是我們的執行長伊恩克雷格 (Ian Craig)；以及我們的財務長 Gerardo Cruz。

As usual, after prepared remarks, we will open the call for a question-and-answer session. Before we proceed, please allow me to remind all participants that this conference call may include forward-looking statements 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 that can materially impact the company's performance.

像往常一樣，在準備好發言後，我們將開始問答環節。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 on this, please refer to the disclaimer in the earnings release that went out earlier this morning. With that, let me turn the call over to our Chief Executive Officer, to begin our presentation.

有關此內容的更多詳細信息，請參閱今天上午早些時候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首席執行官，開始我們的演講。

Thank you, Jorge. Good morning, everyone. Thank you for joining us today. Our third quarter results reflect the resilience of our business and the ability of our team to execute our strategy with local focus. Despite facing unfavorable weather in Mexico and a tough comparison base from the previous year our revenues and operating income grew double digits year-on-year.

謝謝你，豪爾赫。大家早安。感謝您今天加入我們。我們第三季的業績反映了我們業務的彈性以及我們團隊以本地為重點執行策略的能力。儘管墨西哥面臨不利的天氣以及與前一年相比的嚴峻比較基數，但我們的收入和營業收入同比增長了兩位數。

Strategically, we continue implementing initiatives to grow our core business and our service levels. In digital, we continue progressing with Juntos-plus reaching 1.2 million active users, while enhancing our user experience with the development of new features. By the end of the quarter, 56% of our customer base were digital buyers, 6 percentage-points ahead of the previous quarter. We are also encouraged with the rapid adoption of Premier Juntos-plus, our loyalty program, which reached more than 920,000 enrolled clients, a 21% increase versus the prior quarter.

從策略上講，我們繼續實施舉措來發展我們的核心業務和服務水準。在數位領域，我們持續取得進展，Juntos-plus 的活躍用戶已達到 120 萬，同時透過開發新功能來增強我們的用戶體驗。截至本季末，我們的客戶群中有 56% 是數位買家，比上一季高出 6 個百分點。我們也對 Premier Juntos-plus（我們的忠誠度計劃）的迅速採用感到鼓舞，該計劃涵蓋了超過 920,000 名註冊客戶，比上一季增加了 21%。

Aligned with our strategic priorities, we remain committed to removing infrastructure bottlenecks to enable sustainable long-term growth. To this end, we are not only increasing CapEx investments, but also improving the efficiency of our bottling lines and optimizing the layout and density of our warehouses across our territories.

根據我們的策略重點，我們仍然致力於消除基礎設施瓶頸，以實現可持續的長期成長。為此，我們不僅增加資本支出投資，還提高裝瓶線的效率，並優化各地倉庫的佈局和密度。

As with other parts of the world, weather events have increased in frequency and strength. In less than a year, the State of Guerrero in Southern Mexico is once again facing the consequences of a strong hurricane. With this in mind, we want to express our sincere support to all the people affected by Hurricane John. As part of our protocols, we have taken action to ensure the well-being of our collaborators and their families, as well as community actions undertaken together with FEMSA and our partners at the Coca-Cola Company.

與世界其他地區一樣，天氣事件的頻率和強度都在增加。不到一年的時間，墨西哥南部格雷羅州再次面臨強烈颶風的後果。考慮到這一點，我們想向所有受約翰颶風影響的人們表達誠摯的支持。作為我們協議的一部分，我們已採取行動確保我們的合作者及其家人的福祉，並與 FEMSA 和可口可樂公司的合作夥伴一起採取社區行動。

As we usually do, I will begin this call by summarizing our consolidated results for the quarter. Then I will take a moment to dive deeper into key developments and highlights from our territories. At the close, I will hand over the call to Jerry, who will walk you through our division's performance.

正如我們通常所做的那樣，我將透過總結本季的綜合業績來開始這次電話會議。然後我將花點時間更深入地探討我們地區的關鍵發展和亮點。最後，我會將電話轉交給傑瑞，他將向您介紹我們部門的表現。

Now moving on to review our consolidated results for the third quarter. Despite double-digit volume growth in the previous year, we increased our consolidated volumes by 0.8% to reach 1.04 billion unit cases. This growth was driven mainly by Brazil, Guatemala and our Central America territories, offsetting volume declines in Mexico, Colombia and Uruguay.

現在繼續回顧我們第三季的綜合業績。儘管去年銷量成長了兩位數，但我們的綜合銷量成長了 0.8%，達到 10.4 億箱。這一成長主要由巴西、瓜地馬拉和中美洲地區推動，抵消了墨西哥、哥倫比亞和烏拉圭銷量下降的影響。

Sparkling beverage volumes outperformed, driven mainly by brand Coca-Cola's 2.8% growth. Still beverages grew 4.9% and bottled water remained flat, offsetting mid-single-digit declines in flavors and bulk water.

起泡飲料銷售表現優於大盤，主要是受可口可樂品牌 2.8% 成長的推動。無氣飲料成長 4.9%，瓶裝水保持平穩，抵消了調味料和散裝水中個位數的下降。

Despite the moderation in the pace of volume growth, total revenues for the quarter grew 10.7%, reaching MXN69.6 billion, driven mainly by our revenue management initiatives and favorable mix effects. Unlike previous quarters, this quarter saw a more neutral currency translation impact with currency-neutral revenues increasing 11.3%. The positive translation effects from most operating currencies into Mexican pesos were balanced out by the depreciation of the Brazilian real and the Argentine peso.

儘管銷售成長速度放緩，但本季總營收成長 10.7%，達到 696 億墨西哥比索，這主要得益於我們的營收管理措施和有利的組合效應。與前幾季不同，本季貨幣換算影響更為中性，貨幣中性收入成長了 11.3%。大多數營運貨幣兌換墨西哥比索的正面影響被巴西雷亞爾和阿根廷比索的貶值所抵消。

Gross profit increased 11.3% to reach MXN32.1 billion, leading to a margin expansion of 20 basis points to reach 46.1%. This increase was driven mainly by top line growth, easing raw material costs and favorable hedging strategies. However, these effects were partially offset by an increase in purchases of finished product in Brazil, higher fixed costs and the depreciation of the Argentine peso.

毛利成長 11.3%，達到 321 億墨西哥比索，利潤率擴大 20 個基點，達到 46.1%。這一增長主要是由營收成長、原材料成本下降和有利的對沖策略所推動的。然而，這些影響被巴西成品採購量增加、固定成本上漲和阿根廷比索貶值部分抵銷。

Operating income increased 13.9% to reach MXN9.6 billion, with operating margin expanding 30 basis points to reach 13.8%. The positive effect from top line growth and favorable mix, coupled with cost and expense efficiencies continues to mitigate margin pressures from higher operating expenses, such as labor, marketing, freight and maintenance.

營業收入成長 13.9%，達到 96 億墨西哥比索，營業利益率擴大 30 個基點，達到 13.8%。營收成長和有利組合的正面影響，加上成本和費用效率，持續緩解勞動力、行銷、貨運和維護等營運費用增加帶來的利潤壓力。

Importantly, our operating income for the quarter includes a favorable effect of approximately MXN340 million, driven by the recovery of insurance claims in Mexico, related to the impact of Hurricane Otis in Guerrero, which affected the region in October last year. Excluding this effect, our operating margin would have contracted 10 basis points to 13.4%.

重要的是，我們本季的營業收入包括約 3.4 億墨西哥比索的有利影響，這是由墨西哥保險索賠恢復推動的，這與去年 10 月影響該地區的格雷羅州奧蒂斯颶風的影響有關。排除此影響，我們的營業利潤率將收縮 10 個基點至 13.4%。

Adjusted EBITDA for the quarter increased 18.4% to reach MXN14 billion and adjusted EBITDA margin expanded 130 basis points to 20.1%. Finally, our majority net income increased 8.9% to reach MXN5.9 billion. This increase was driven mainly by operating income growth which was partially offset by an increase in our comprehensive financial result and in income taxes.

本季調整後 EBITDA 成長 18.4%，達到 140 億墨西哥比索，調整後 EBITDA 利潤率擴大 130 個基點，達到 20.1%。最後，我們的多數淨利潤成長了 8.9%，達到 59 億墨西哥比索。這一成長主要是由營業收入成長所推動的，但部分被我們的綜合財務表現和所得稅的成長所抵銷。

Now expanding into our operations highlights. In Mexico, our volume declined 1.5% compared to double-digit growth last year. This quarter's performance was affected by 50% more rainfall and lower temperatures than the previous year.

現在擴展到我們的營運亮點。在墨西哥，與去年兩位數的成長相比，我們的銷售量下降了 1.5%。本季的業績受到比去年增加 50% 的降雨量和較低的氣溫的影響。

Additionally, consumption patents during the quarter moderated driven by a deceleration in private consumption growth and overall economic activity. Against this backdrop, we continued implementing initiatives aligned with our priority to grow our core business. For instance, the implementation of our revamped portfolio architecture enabled Bank Coca-Cola volumes to remain stable year-on-year, driven by 6% growth in multi-serve one-way presentations and 7% growth in Coke sugar, zero sugar.

此外，由於私人消費成長和整體經濟活動放緩，本季的消費專利有所放緩。在此背景下，我們繼續實施與發展核心業務的優先事項一致的措施。例如，我們改進後的投資組合架構的實施使可口可樂銀行的銷量同比保持穩定，這得益於多服務單向演示增長 6% 以及可樂糖、零糖增長 7%。

In stills, Growth was driven mainly by strong performance in brands Powerade, Fuse and Monster as well as our Sataclarada dairy portfolio. In line with these initiatives and our commercial prowess, our team has focused on expanding our customer base, successfully adding 70,000 new customers in Mexico year-to-date.

在劇照方面，成長主要是由 Powerade、Fuse 和 Monster 品牌以及我們的 Sataclarada 乳製品組合的強勁表現推動的。根據這些措施和我們的商業實力，我們的團隊專注於擴大客戶群，今年迄今已在墨西哥成功增加了 70,000 名新客戶。

Furthermore, we continued advancing our digital transformation with Juntos-plus. This quarter, we added approximately 70,000 monthly active buyers to a wrap, reaching 405,000. Today, in Mexico, digital orders represent more than 40% of our total, supported by the rollout of our loyalty program with more than 260,000 customers redeeming points.

此外，我們繼續透過 Juntos-plus 推動數位轉型。本季度，我們增加了約 70,000 名每月活躍買家，達到 405,000 名。如今，在墨西哥，數位訂單占我們總訂單的 40% 以上，這得益於我們推出的忠誠度計劃，有超過 26 萬名客戶兌換積分。

Looking ahead, we are confident in the prospects for growth in our Mexico territory, driven by the continuation of consumption drivers such as increases in disposable income from real wage growth, social programs, infrastructure projects and near-shoring trends. Consequently, we remain committed to expanding our manufacturing capacity by 4% in 2024, including a third new bottling line that is expected to begin production next month.

展望未來，我們對墨西哥領土的成長前景充滿信心，這得益於消費驅動因素的持續存在，例如實際工資增長帶來的可支配收入增加、社會計劃、基礎設施項目和近岸趨勢。因此，我們仍然致力於在 2024 年將製造能力擴大 4%，其中包括預計下個月開始生產的第三條新裝瓶線。

In terms of our workhouse capacity, we are expanding pallet positions by more than 25% as compared to 2023, adding four new distribution centers coupled with layout optimizations and increased productivity. Notably, we have expanded our primary distribution fleet by 13% and secondary distribution fleet by 6%, strengthening our ability to meet growing demand in Mexico.

就我們的濟貧院產能而言，與 2023 年相比，我們將托盤位置擴大了 25% 以上，增加了四個新的配送中心，同時優化了佈局並提高了生產力。值得注意的是，我們將一級分銷車隊擴大了 13%，二級分銷車隊擴大了 6%，增強了我們滿足墨西哥不斷增長的需求的能力。

Moving on to Central America. Volumes in Guatemala increased 7.5%. Our initiatives to grow that core business continue driving outstanding results in a market that enjoys a young and growing population, where consumers are moving from rural to urban areas. Guatemala consumers are looking for convenience and affordability while rapidly increasing digital adoption. All these factors are tailwinds for long-term growth. To maintain this rapid volume pace, we are focusing on capturing white spaces in the market and improving our service levels.

繼續前往中美洲。危地馬拉的銷量成長了 7.5%。我們發展核心業務的舉措繼續在人口年輕且不斷增長、消費者從農村轉移到城市地區的市場中取得出色的業績。危地馬拉消費者正在尋求便利性和可負擔性，同時迅速提高數位化採用率。所有這些因素都是長期成長的有利因素。為了保持這種快速的銷售成長速度，我們專注於佔領市場空白並提高我們的服務水準。

For instance, in 2024, we have increased our total customer base by 7% year-on-year, adding 9,000 customers, while our digital client base doubled as compared to the previous year. As we have mentioned in previous calls, Guatemala has doubled its volume since 2017. Therefore, we need to increase production, warehouse and route-to-market capacity to enable future growth.

例如，2024年，我們的總客戶群年增了7%，增加了9,000名客戶，而我們的數位客戶群比前一年增加了一倍。正如我們在先前的電話會議中所提到的，自 2017 年以來，危地馬拉的交易量增加了一倍。因此，我們需要增加生產、倉庫和市場運輸能力，以實現未來的成長。

To this end, we have added two production lines in 2024, and we expect to add two more next year. Alongside these efforts, our supply chain team is increasing the number of routes by 17% in 2024 as compared to 2023.

為此，我們在 2024 年增加了兩條生產線，預計明年還會再增加兩條。除了這些努力之外，我們的供應鏈團隊還將在 2024 年將航線數量比 2023 年增加 17%。

Now moving on to our markets in South America. In Brazil, despite the suspension of our plant in Portalegre, we continue to deliver consistent volume growth, up 6.3% year-on-year on the back of favorable weather and improving macro fundamentals supported by positive consumption patterns. We have continued to improve our service levels versus the prior year. Reducing on availability as well as increasing our client count and visits, which have supported our positive results.

現在轉向我們在南美洲的市場。在巴西，儘管我們位於波塔萊格雷的工廠停產，但得益於有利的天氣和積極的消費模式支持下宏觀基本面的改善，我們的銷量繼續實現持續增長，同比增長 6.3%。與上一年相比，我們繼續提高服務水準。減少可用性以及增加我們的客戶數量和訪問量，這支持了我們的積極成果。

Additionally, our robust 360-degree plants, together with the Coca-Cola Company, for Coca-Cola zero sugar have continued to accelerate its volume growth to reach 59% year-over-year. Regarding sports and energy drinks, brands powered and [Monster] have achieved double-digit volume growth of 52% and 15%, respectively, leveraging the Olympics, Copa America and Copa Libertadores, as well as capitalizing on other market opportunities.

此外，我們強大的 360 度工廠與可口可樂公司一起生產可口可樂零糖產品，銷售量持續加速成長，較去年同期達到 59%。在運動和能量飲料方面，Powered和[Monster]品牌憑藉著奧運、美洲盃和解放者盃以及其他市場機會，分別實現了52%和15%的兩位數銷量成長。

Year-to-date, our multi-category revenues, excluding beer, grew 24%. This growth led our multi-category revenue mix without beer to reach 2% during the quarter, aligned with our ambition to reach 5% of revenues in the coming years. In Digital, half of our clients are placing orders on a weekly basis with Juntos-plus.

今年迄今為止，我們的多品類收入（不包括啤酒）成長了 24%。這一成長使得我們在本季不含啤酒的多類別收入組合達到 2%，這與我們在未來幾年達到收入 5% 的目標是一致的。在數位領域，我們一半的客戶每週都會透過 Juntos-plus 下訂單。

Additionally, our loyalty plan continues to gain traction with more than 100,000 clients redeeming points year-to-date. We have also launched the pilot of our new sales force automation to Juntosplus advisers, which has already delivered promising results. Powered by advanced AI model, Juntos-plus Advisors enhances our sales force capabilities, enabling us to support our clients to reach their full potential.

此外，我們的忠誠度計劃今年迄今已吸引超過 10 萬名客戶兌換積分。我們也向 Juntosplus 顧問推出了新的銷售隊伍自動化試點，該試點已經取得了可喜的成果。在先進的人工智慧模式的支援下，Juntos-plus Advisors 增強了我們的銷售人員能力，使我們能夠支援客戶充分發揮潛力。

This tool significantly complements our customers' omnichannel experience, offering a more seamless and personalized interaction across all touch points. We expect to gather learnings from this initiative and expand the rollout to the rest of Brazil and other markets in 2025.

該工具顯著補充了客戶的全通路體驗，在所有接觸點提供更無縫和個人化的互動。我們預計將從該計劃中汲取經驗教訓，並於 2025 年將其推廣範圍擴大到巴西其他地區和其他市場。

Finally, our recovery plan to reopen our facility in Porto Alegre is moving according to expectations. We have now resumed operations in our distribution center, initially at partial capacity, while bottling of production is expected to resume gradually in the upcoming months.

最後，我們重新開放阿雷格里港工廠的恢復計畫正在按預期進行。我們的配送中心現已恢復運營，最初僅恢復部分產能，預計裝瓶生產將在未來幾個月內逐步恢復。

We expect to operate at full plant capacity during the first half of 2025. In Colombia, as was the case during the second quarter, we continue to see a decline in consumer confidence and household expenditures. Consequently, our volumes for the quarter contracted 4% year-on-year.

我們預計 2025 年上半年工廠將滿載運作。在哥倫比亞，與第二季的情況一樣，我們繼續看到消費者信心和家庭支出下降。因此，我們本季的銷量年減了 4%。

In this environment, our team implemented initiatives to provide affordability to our consumers in both single-serve and multi-serve refillable bottles. As a result, we have increased our refillable coverage, driving 6% volume growth in these presentations year-over-year.

在這種環境下，我們的團隊實施了多項舉措，為我們的消費者提供單份和多份可再填充瓶的價格。因此，我們增加了可再填充的覆蓋範圍，使這些簡報的銷量年增 6%。

Additionally, our team in Colombia remains focused on expanding our customer base. As a result, we have added more than 22,000 customers, 6% ahead of year-end 2023. Despite softer top line growth in Colombia, our team's effort in driving cost and expense efficiencies is driving profitability improvements.

此外，我們在哥倫比亞的團隊仍然致力於擴大我們的客戶群。結果，我們增加了超過 22,000 名客戶，比 2023 年底提早了 6%。儘管哥倫比亞的收入成長疲軟，但我們團隊在提高成本和費用效率方面的努力正在推動獲利能力的提高。

Finally, our quarterly performance in Argentina. Although the impact on consumption during the year was worse than expected. Macro indicators, such as monthly inflation have continued to gladly improve, basing the 4% monthly inflation figure.

最後是我們在阿根廷的季度業績。儘管年內對消費的影響比預期更嚴重。月度通膨等宏觀指標持續改善，月通膨率為 4%。

To best navigate this environment, our strategy is focused on maintaining our customer base and household penetration to be well positioned for the eventual economic recovery. This strategy has allowed us to maintain attractive price points as we offer convenience and promotions to our consumers. So far, this approach is working as we have been gradually recovering volumes throughout the year.

為了最好地應對這種環境，我們的策略重點是維持我們的客戶群和家庭滲透率，以便為最終的經濟復甦做好準備。這項策略使我們能夠在為消費者提供便利和促銷的同時保持有吸引力的價格點。到目前為止，這種方法正在發揮作用，因為我們全年的銷售量都在逐步恢復。

Consequently, we are reporting stable volumes for the third quarter compared to the previous year. At the same time, our team continues leveraging rigorous cost and expense controls while accelerating digital as an labor.

因此，我們報告第三季的銷售量與去年同期相比穩定。同時，我們的團隊繼續利用嚴格的成本和費用控制，同時加速勞動力數位化。

Year-to-date, our digital client base has doubled and digital orders represent 30% of our total orders in the traditional trade. As we have mentioned in previous calls, we anticipate a gradual recovery in Argentina, as our team continues executing our playbook that is allowing us to outperform and emerge stronger.

今年迄今為止，我們的數位客戶群增加了一倍，數位訂單占我們傳統貿易總訂單的 30%。正如我們在先前的電話會議中提到的，我們預計阿根廷將逐步復甦，因為我們的團隊將繼續執行我們的策略，這使我們能夠表現出色並變得更加強大。

Reflecting on the first nine months of the year, we have progressed along the three key drivers that have been a priority for the year, built on the growth momentum of our core business. Take Juntos-plus version 4.0 to the next level with the deployment of advanced AI capabilities; and three, continue fostering a customer-centric and psychologically safe culture for Coca-Cola FEMSA. As we enter the final stretch of the year, we remain committed to our strategy and the implementation of our sustainable long-term growth model.

回顧今年前九個月，我們在核心業務成長勢頭的基礎上，沿著今年優先發展的三大關鍵驅動力取得了進展。透過部署先進的人工智慧功能，將 Juntos-plus 4.0 版本提升到一個新的水平；第三，繼續為可口可樂 FEMSA 培育以客戶為中心和心理安全的文化。當我們進入今年的最後階段時，我們仍然致力於我們的策略和永續長期成長模式的實施。

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 third quarter. In Mexico and Central America, volumes declined 0.7%, reached 629 million unit cases. Volume growth in Guatemala and our Central America territories was offset by volume declines in Mexico.

謝謝你，伊恩。大家早安。總結我們部門第三季的業績。在墨西哥和中美洲，銷量下降 0.7%，達到 6.29 億箱。危地馬拉和中美洲地區的銷售成長被墨西哥的銷售量下降所抵消。

Revenues increased 9.6% to MXN42.5 billion driven mainly by our revenue management initiatives and favorable currency translation into Mexican pesos. Gross profit increased 10.7% to reach MXN20.7 billion, resulting in a gross margin of 48.6%, expanding 70 basis points year-on-year.

營收成長 9.6%，達到 425 億墨西哥比索，主要得益於我們的營收管理措施和有利的墨西哥比索貨幣兌換。毛利成長10.7%，達207億墨西哥比索，毛利率達48.6%，較去年同期擴大70個基點。

Our top line growth, favorable hedging initiatives and improving sweetener and packaging costs were partially offset by higher fixed costs. Operating income increased 11.3% to MXN6.7 billion, driven mainly by gross profit growth. Our operating margin expanded 30 basis points to 15.8%.

我們的收入成長、有利的對沖措施以及甜味劑和包裝成本的改善被較高的固定成本部分抵消。營業收入成長 11.3%，達到 67 億墨西哥比索，主要受到毛利成長的推動。我們的營業利益率擴大了 30 個基點，達到 15.8%。

As Ian mentioned, during the quarter, we recognized insurance claim payments in Mexico of approximately MXN340 million related to the impact from Hurricane [Otis] during the previous year.

正如 Ian 所提到的，在本季度，我們在墨西哥確認了與去年颶風 [奧蒂斯] 影響相關的約 3.4 億墨西哥比索的保險索賠付款。

These effects offset an operating foreign exchange loss and higher expenses, such as labor, marketing and freight. Finally, our adjusted EBITDA in Mexico and Central America grew 15%, leading to a 110 basis points margin expansion to 22.1%.

這些影響抵消了營業外匯損失和勞動力、行銷和貨運等費用的增加。最後，我們在墨西哥和中美洲的調整後 EBITDA 成長了 15%，導致利潤率擴大 110 個基點，達到 22.1%。

Moving on to the South America division. Volumes increased 3.1% to 412.1 million unit cases. This increase was driven by the 6.3% growth achieved in Brazil and stable performance in Argentina, which offset volume contractions in Colombia and Uruguay. Our revenues in South America increased 13.6% to MXN27.1 billion, driven mainly by volume growth and favorable mix.

接下來是南美洲賽區。銷量成長 3.1%，達到 4.121 億箱。這一增長是由巴西實現的 6.3% 增長和阿根廷的穩定表現推動的，抵消了哥倫比亞和烏拉圭銷量的萎縮。我們在南美洲的收入成長了 13.6%，達到 271 億墨西哥比索，這主要得益於銷售成長和有利的組合。

These effects were partially offset by unfavorable currency translation effects into Mexican pesos, driven by the depreciation of the Argentine peso and the Brazilian real. On a currency neutral basis, total revenues in South America increased 19.5%.

這些影響被阿根廷比索和巴西雷亞爾貶值導致的墨西哥比索不利貨幣兌換影響部分抵銷。在貨幣中性的基礎上，南美洲的總收入成長了 19.5%。

Gross profit in South America increased 12.2%, leading to a margin contraction of 60 basis points to 42.1%. This margin contraction was driven mainly by higher sweetener costs, purchases of finished product, and currency depreciation from most of our operating currencies as compared to the US dollar. These effects were partially offset by declining packaging costs and favorable hedging initiatives.

南美洲毛利成長12.2%，導致利潤率收縮60個基點至42.1%。利潤率下降的主要原因是甜味劑成本上升、成品採購以及我們大多數營運貨幣相對於美元的貶值。這些影響被包裝成本下降和有利的對沖措施部分抵消。

Operating income for the division increased 20.6% to MXN2.9 billion and operating margin expanded 60 basis points to 10.8%. This margin expansion was driven mainly by operating leverage, coupled with cost and expense controls across our operations. These effects were partially offset by margin pressures in Argentina, coupled with higher fixed costs and expenses, such as freight and labor. On a currency-neutral basis, operating income increased 25.7%.

該部門的營業收入成長 20.6%，達到 29 億墨西哥比索，營業利益率擴大 60 個基點，達到 10.8%。利潤率的成長主要是由營運槓桿以及我們整個營運的成本和費用控制所推動的。這些影響被阿根廷的利潤壓力以及較高的固定成本和費用（例如運費和勞動力）所部分抵消。在剔除貨幣因素的基礎上，營業收入成長了 25.7%。

Finally, adjusted EBITDA in South America increased 25.8% to MXN4.6 billion, and adjusted EBITDA margin expanded 170 basis points to 17%. Moving on to our comprehensive financial result, which recorded an expense of MXN823 million as compared to an expense of MXN552 million during the same period of the previous year.

最後，南美洲調整後 EBITDA 成長 25.8%，達到 46 億墨西哥比索，調整後 EBITDA 利潤率擴大 170 個基點，達到 17%。接下來是我們的綜合財務業績，其中支出為 8.23 億墨西哥比索，而去年同期的支出為 5.52 億墨西哥比索。

In the third quarter, we registered an increase in our comprehensive financial result driven mainly by a lower foreign exchange gain as compared to the previous year, coupled with an increase in our interest expense net partially offset by a higher gain in inflationary subsidiaries as compared to the same period of 2023.

第三季度，我們的綜合財務業績有所增長，主要是由於外匯收益較上年減少，加上利息支出的增加被通貨膨脹子公司的較高收益部分抵消。

Finally, before opening the call to your questions, I want to take a moment to recognize our team's effort across all of Coca-Cola FEMSA to achieve the sustainability performance target related to our sustainability-linked bonds in Mexico.

最後，在開始回答大家的問題之前，我想花一點時間來表彰我們整個可口可樂 FEMSA 團隊為實現與我們在墨西哥的永續發展相關債券相關的永續發展績效目標所做的努力。

As we announced last September, because of our investments in water efficiency programs, we achieved the water use efficiency ratio of 1.36 liters per liter of beverage produced, a benchmark for the Coca-Cola system. This is a 21% improvement in water efficiency as compared to 2016.

正如我們去年 9 月宣布的那樣，由於我們對水效率計劃的投資，我們實現了每生產一公升飲料 1.36 公升的用水效率，這是可口可樂系統的基準。與 2016 年相比，用水效率提高了 21%。

Thank you all for joining us today in 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)

（操作員說明）

Felipe Ucros, Scotiabank.

費利佩·烏克羅斯，豐業銀行。

Thanks, operator. Ian, Jerry and team, thanks for the space. So first, a question on Brazil. Coke has been posting very solid results there. But in recent conversations, you have mentioned that even with the help of enabling bottlers, you're still not being able to fully make demand from what I understand.

謝謝，接線生。Ian、Jerry 和團隊，謝謝你們提供的空間。首先是關於巴西的問題。可口可樂在那裡發布了非常可靠的業績。但在最近的談話中，您提到，即使在賦能裝瓶商的幫助下，您仍然無法完全滿足我所理解的需求。

And of course, it's costly getting products from third parties and for other regions. In my mind, that kind of means that you have easy comps in Southern Brazil next year as your plant ramps up, kind of meet the demand fully and your unit cost starts going down. Am I thinking of this correctly?

當然，從第三方和其他地區取得產品的成本很高。在我看來，這意味著明年，隨著您的工廠產能擴大，您在巴西南部的競爭很容易，完全滿足了需求，並且您的單位成本開始下降。我的想法正確嗎？

And then my second question is about pilots and multi-category. Just wondering if you can give us an update on how the pilots are going under expectations for the next few quarters?

我的第二個問題是關於飛行員和多類別的。只是想知道您是否可以向我們介紹飛行員在未來幾季的預期進度？

Hello, Felipe, Yes, I think you would be correct. The impact on Brazil, this plant was about 10% of our capacity there. So in this low season, we have been able to be sourcing probably around 10 million unit cases from other bottlers. So it's a lot of volume that we have been sourcing from other bottlers, and we have been shipping from other regions in Coca-Cola FEMSA and this has helped in the volumes, but these cases are not really profitable cases at all, they're intended just to maintain our competitive position.

你好，費利佩，是的，我想你是對的。對巴西的影響，該工廠約占我們在那裡產能的 10%。因此，在這個淡季，我們能夠從其他裝瓶商購買大約 1000 萬箱。因此，我們從其他裝瓶商處採購了大量數量，並且我們一直從可口可樂 FEMSA 的其他地區發貨，這對數量有所幫助，但這些案例根本不是真正有利可圖的案例，它們是目的只是為了保持我們的競爭地位。

So you're right that as our capacity comes back online, then there will be more favorable comps just because those cases will have much less freight and cost attached to them. Also in line with that, obviously, in the fourth quarter were in Brazil is high season, where it's going to be a lot more difficult to be sourcing those cases from other bottlers in the southern territories, because everyone is usually up to capacity.

所以你是對的，當我們的產能恢復在線時，就會有更有利的補償，因為這些箱子的運費和成本會少得多。顯然，與此一致的是，第四季度巴西是旺季，從南部地區的其他裝瓶商那裡購買這些箱子將會變得更加困難，因為每個人通常都已達到產能。

So that's going to have an impact there. In terms of pilots and multi-category, I think we're moving along well, we're around 1 point for the total mix is around 1.6%, I guess, 1.6%. We have markets such as Brazil at 2%. We have smaller markets, such as Uruguay and Panama, around 10%. Costa Rica almost reaching 3%. So I think we're comfortable with our guidance that our ambition is to reach 5% of revenues, excluding beer. It's going to be a long journey, though.

所以這將會產生影響。在試點和多類別方面，我認為我們進展順利，我們大約有 1 個百分點，總組合約為 1.6%，我猜是 1.6%。我們有巴西等市場，稅率為 2%。我們有較小的市場，例如烏拉圭和巴拿馬，約佔 10%。哥斯達黎加幾乎達3%。因此，我認為我們對我們的目標感到滿意，即我們的目標是達到收入的 5%（不包括啤酒）。但這將是一段漫長的旅程。

As you know, these are not -- it's not easy, for our partners to unwind or include as a part of their distribution structure, but everything is progressing according to our ambition, okay?

如您所知，對於我們的合作夥伴來說，將這些內容放鬆或納入其分銷結構並不容易，但一切都在按照我們的雄心壯志進行，好嗎？

Alejandro Fuchs, Itaú.

亞歷杭德羅·福克斯，義大利。

The results. I have very two quick ones, if I may, first for -- . On gross margin in South America, I wanted to see if you could give us a little bit more color on how to think about it going forward. I was a little bit surprised to see gross margin contraction year-over-year in South America, while Mexico expanded materially.

結果。如果可以的話，我有兩個快速的，第一個是——。關於南美洲的毛利率，我想看看您是否可以給我們更多關於如何思考未來的資訊。我有點驚訝地看到南美洲的毛利率比去年同期收縮，而墨西哥卻大幅擴張。

So maybe if you can give us some color there would be helpful. And then the second, very quickly on Juntos-plus advisers . I understand maybe a little bit soon to tell right now, but I wanted to see if you have any initial findings that you think are worth sharing maybe in terms of frequency or average ticket, that could help us.

因此，如果您能給我們一些顏色，也許會有幫助。然後是第二個，很快就在 Juntos-plus 顧問上。我知道現在可能有點快要說出來了，但我想看看您是否有任何您認為值得分享的初步發現，也許在頻率或平均門票方面，這可以幫助我們。

Thank you, Alejandro. First, on the gross margin question in South America, we saw pressure mainly coming from increase in sweeteners versus the previous year in gross margin. We also had some promotional activity in Colombia. As Ian mentioned in the prepared remarks, Colombia has been facing a tougher consumer environment driven by disposable income contraction.

謝謝你，亞歷杭德羅。首先，關於南美洲的毛利率問題，我們看到的壓力主要來自於甜味劑毛利率較前一年的成長。我們也在哥倫比亞進行了一些促銷活動。正如伊恩在準備好的演講中提到的那樣，由於可支配收入收縮，哥倫比亞一直面臨著更嚴峻的消費環境。

So we have done a lot of work in terms of promotional activity to position ourselves better. I think those are the main explanations that we have affecting gross margin, also the effect of Argentina and the depreciation of the Argentine peso versus the dollar has put some pressure in gross margin.

所以我們在促銷活動方面做了很多工作，以便更好地定位自己。我認為這些是我們影響毛利率的主要解釋，此外阿根廷的影響以及阿根廷比索兌美元的貶值也給毛利率帶來了一些壓力。

We think that the three effects that we're seeing in South America this quarter short-term effects, and we expect a more benign raw material environment and stable currency in Argentina as we move forward.

我們認為本季在南美看到的三個影響是短期影響，我們預計隨著我們的前進，阿根廷將出現更良性的原材料環境和穩定的貨幣。

So we would expect that gross margin would improve as we move forward. Also, Alex, just moving on to the second point. I mean, Juntos-plus advisers just think of it this way. We had advanced very rapidly on the WhatsApp bot and advance very rapidly on our AI analytics. And what happened is both our bot runner app with our AI analytics, we could do customized promotions by client.

因此，我們預計隨著我們的前進，毛利率將會提高。另外，亞歷克斯，請繼續討論第二點。我的意思是，Juntos+ 顧問就是這麼想的。我們在 WhatsApp 機器人上取得了非常快速的進步，在人工智慧分析方面也取得了非常快速的進展。所發生的事情是我們的機器人運行應用程式與我們的人工智慧分析，我們可以根據客戶進行客製化促銷。

And our sales force tool we were still on our legacy technology. So all of the activities and initiatives that we were filtering down via our salesperson had to be done by segments, not by client. So we were not utilizing the full potential of our AI tools. So what we're being able to do now with Juntos-plus advisers is we leverage our analytics to the fullest. So all of the promotions and the guided missions go all the way down to the client level. And all of these are done by AI analytics. And the feedback from our sales force has been just phenomenal. They're very excited. They're accelerating the rollout of we're finding out very good things on the ground.

我們的銷售隊伍工具仍然使用我們的傳統技術。因此，我們透過銷售人員過濾的所有活動和計劃都必須按部門完成，而不是按客戶完成。所以我們沒有充分利用人工智慧工具的潛力。因此，我們現在能夠透過 Juntos+ 顧問做的就是充分利用我們的分析。因此，所有促銷活動和指導任務都會延伸到客戶層面。所有這些都是由人工智慧分析完成的。我們銷售人員的回饋非常好。他們非常興奮。他們正在加速推出我們在實地發現的非常好的東西。

For example, we were curious visiting our client on why even though it was one of our key initiatives we were not promoting -- I think it was a Coke 2 liter promotion. And our team went there and visited that client, and he had enough stocks of Coke 2 liter. So the way these models work and they take into account the particular situation of each client with its history and our surrounding area is nothing short of amazing.

例如，我們很好奇拜訪我們的客戶，了解為什麼儘管這是我們的關鍵舉措之一，但我們並沒有進行推廣——我認為這是可口可樂 2 公升的促銷活動。我們的團隊去那裡拜訪了那位客戶，他有足夠的 2 公升可樂庫存。因此，這些模型的工作方式以及它們考慮到每個客戶的特殊情況及其歷史和我們週邊地區的方式簡直令人驚嘆。

They are also helping them -- the sales team has goals on combined coverages, many other initiatives, and they have total visibility on a client per client level without having to carry around three or four sheets of paper to see how things are going. So, we're very excited with it. Just think about it as putting our sales force on the same, footing, in terms of AI and the tools that they need as the clients have order digitally. Does that help, Alejandro?

他們也在幫助他們——銷售團隊在綜合覆蓋範圍和許多其他舉措方面有目標，他們對每個客戶級別的客戶都有全面的了解，而不必攜帶三四張紙來了解事情的進展情況。所以，我們對此感到非常興奮。只需將其視為讓我們的銷售人員在人工智慧和客戶數位訂單所需的工具方面處於相同的基礎上。這有幫助嗎，亞歷杭德羅？

Lucas Ferreira, JPMorgan.

盧卡斯費雷拉，摩根大通。

I hope you can hear me -- my first question is on Brazil, the Portage plant closure. Last quarter, you gave the guidance of MXN130 million impact on the results. wondering if you have some visibility of how much it was this quarter. And if you have any sort of expectations for the full year, some, you restart the plant fully, right, like you mentioned in the first -- we were starting now, but we'll be fully operating that plant next year.

我希望你能聽到我的聲音——我的第一個問題是關於巴西 Portage 工廠關閉的問題。上季度，您給出了對業績產生 1.3 億墨西哥比索影響的指引。想知道您是否了解本季的金額。如果你對全年有任何期望，有些，你可以完全重啟工廠，對吧，就像你在第一個中提到的那樣——我們現在就開始了，但明年我們將全面運作該工廠。

And how much you expect insurance to cover these losses. I believe it won't be fully covering, but why don't we have an expectation for how much that could cover. And second question, I want to get if you want to -- if you can dive a bit deeper into Colombia, what's the outlook there? After this quarter, which was more turbulence, if you expect a rebound soon in terms of readjusting go-to-market and pricing eventually and get Colombia sort of back on track? Can you put it this way? So how to think about the numbers for Colombia in the next few quarters.

以及您期望保險賠償這些損失的金額是多少。我相信它不會完全覆蓋，但為什麼我們不期望它可以覆蓋多少。第二個問題，如果你願意的話，我想知道──如果你能更深入地了解哥倫比亞，那裡的前景如何？在這個更動蕩的季度之後，您是否預計最終會在重新調整上市和定價方面出現反彈並使哥倫比亞重回正軌？你能這樣說嗎？那麼該如何看待哥倫比亞未來幾季的數據呢？

Thank you, Lucas. I'll start with the first one regarding Poa plant in Brazil. The impact that we recorded this quarter was for MXN200 million, mainly for incremental freight, expenses, maintenance, all the cleaning process and labor expenses. We expect that the toughest impact we will face on additional expenses will be on the fourth quarter, mainly because of the higher volume that we have in high season that quarter.

謝謝你，盧卡斯。我將從第一個關於巴西早熟禾植物的問題開始。本季我們記錄的影響為 2 億墨西哥比索，主要用於增加運費、費用、維護、所有清潔過程和人工費用。我們預計，我們將在第四季度面臨額外費用的最嚴重影響，主要是因為該季度旺季的銷售量較高。

The insurance claim process, as you know, is a long one. We just talked about just having recorded the insurance claim payments this quarter from the workpiece hurricane in Mexico that happened last year. Gladly, the process has been working quite well.

如您所知，保險索賠過程是一個漫長的過程。我們剛剛談到剛剛記錄了本季去年發生的墨西哥工件颶風的保險索賠付款。令人高興的是，這個過程進展順利。

The coverages that we have and the relationship that we have with the insurance company works very well, a very positive dialogue and we expect that we should be covering most of these expenses as we move forward.

我們的承保範圍以及我們與保險公司的關係運作良好，這是一次非常積極的對話，我們預計隨著我們的前進，我們應該承擔大部分費用。

In the case of Colombia, Luca, I think the third quarter was our most challenging one. You've seen year-over-year growth in Colombia and start up very strong, almost 10% then 1% the second quarter then minus 4%. And I think given the comps in the fourth quarter, where we have the effects of the tax comparable from November and December. And just looking at the two-year trend in Colombia, it's a lot more stable. So we will definitely expect a sequential improvement from the third quarter in the fourth quarter in Colombia, and in terms of profitability as well.

就哥倫比亞而言，盧卡，我認為第三季是我們最具挑戰性的季度。您已經看到哥倫比亞的同比增長，一開始非常強勁，幾乎增長了 10%，第二季度增長了 1%，然後下降了 4%。我認為考慮到第四季度的比較，我們可以看到 11 月和 12 月稅收的影響。只要看看哥倫比亞兩年的趨勢，穩定得多。因此，我們肯定預計哥倫比亞第四季的獲利能力將比第三季有所改善。

So it will be, let's say, a stabilization. So it will be, we do expect -- sorry, it's an expectation. We do expect a sequential improvement from the third quarter. Which I think was a low point for Colombia for us. And we're no longer going to be cycling negative comps form the tax point of view.

因此，可以說，這將是一種穩定。所以，我們確實期望——抱歉，這只是一個期望。我們確實預計第三季將出現連續改善。我認為這對我們來說是哥倫比亞的低谷。從稅收的角度來看，我們將不再循環負補償。

Ben Theurer, Barclays.

本‧瑟雷爾，巴克萊銀行。

Jerry. I wanted to follow up a little bit on the digital platform and how it helps you maybe on pricing of products versus promotioning et cetera? Because it feels like you had a very successful pricing kind of success in the in the quarter, right?

傑瑞.我想對數位平台進行一些跟進，以及它如何在產品定價與促銷等方面幫助您？因為感覺您在本季取得了非常成功的定價成功，對嗎？

Volumes in Mexico down, but revenue is actually nicely up. So just help us understand how the tools help you on your pricing architecture and your price policies within your different regions to deliver pricing that at least on paper looks like it was once again above like general inflation level. So really just around how you use the tools. That would be my first question as it relates to pricing. And then I have a quick follow-up.

墨西哥的銷售量下降，但收入實際上大幅上升。因此，請協助我們了解這些工具如何協助您制定不同地區的定價架構和價格政策，以提供至少在紙面上看起來再次高於一般通膨水準的定價。所以實際上只是圍繞著你如何使用這些工具。這是我的第一個問題，因為它與定價有關。然後我會進行快速跟進。

Sure. Ben, so just taking a step back, the general way that we think of pricing is we want to make sure we grow our relative competitive position in the market in terms of share of revenues. And the pricing that we can get is really a solver to that as long as we continue improving even marginally, but we want to keep improving our relative competitive position, and really price is a function of what we can do within that context and also taking into account particularity in areas that have been impacted by weather ends or something like that, we want to make sure we maintain our affordability.

當然。Ben，退後一步，我們考慮定價的一般方式是，我們希望確保我們在收入份額方面提高我們在市場中的相對競爭地位。只要我們繼續改進，即使只是小幅改進，我們可以獲得的定價實際上就是一個解決方案，但我們希望不斷提高我們的相對競爭地位，而真正的價格是我們在這種情況下可以做的事情的函數，並且還可以考慮考慮到受天氣或類似因素影響的地區的特殊性，我們希望確保維持我們的負擔能力。

That's like the general overall strategy framework then. And really, what we have is the analytics team has developed very advanced RGM tools and price optimizer tools. You know that, let us do like I mentioned before, we would have to review this monthly or quarterly segmented and now it's done by customers just with a lot more higher uplift in all of these strategies, much more targeted.

這就像當時的總體戰略框架。事實上，我們的分析團隊開發了非常先進的 RGM 工具和價格優化工具。你知道，讓我們像我之前提到的那樣，我們必須每月或每季進行細分審查，現在它是由客戶完成的，只是所有這些策略都有更高的提升，更有針對性。

So I credit this, not with the front-end digital tools, but really the back-end AI advanced auto ML models that we have developed, both on the pricing optimizer and RGM tools.

因此，我相信這一點，不是透過前端數位工具，而是透過我們在定價優化器和 RGM 工具上開發的後端人工智慧高級汽車機器學習模型。

Okay. Perfect. And then as you think about rolling out the technology, and we've talked a lot in the past about Version 4.0 and like the different deteriorations as it goes beyond the recurrent statutes. What is like you’re thinking as well of rolling out these initiatives, some of the other markets, particularly Central America as it relates to just the digital platforms to really drive growth there as well?

好的。完美的。然後，當您考慮推出該技術時，我們過去多次談論過 4.0 版本，並且喜歡它超出經常性法規時出現的不同惡化。您對在其他一些市場（尤其是中美洲）推出這些舉措有何看法，因為它只與數位平台相關，以真正推動那裡的成長？

Well, I mean, we're growing faster than we have planned at the end -- at the start of the year. So the only two countries that we will have left is Argentina and Uruguay, which will be rolled out in the first quarter. So Version 4.0 will be available in all of KOF. I mean the results are very good in Central America as well.

嗯，我的意思是，我們的成長速度比年初的計畫還要快。因此，我們剩下的唯一兩個國家是阿根廷和烏拉圭，這兩個國家將在第一季推出。所以4.0版本將在所有KOF中可用。我的意思是，中美洲的結果也非常好。

The feedback is very positive. It's stable, it's growing quickly. So we have nothing to add on that. It's faster than scheduled and will be done by the first quarter. And I come back to Ben, what I mentioned to Alejandro from Itaú, which is the adviser. That's something that's going to give us a big boost. Juntos-plus advisor just think of it, we still have a large proportion of our sales that go through our pre-seller. And even as sales from our pre-seller mix go down in mix towards our digital tunnels. We're still going to keep our feet on the street.

反饋非常正面。它很穩定，並且增長很快。所以我們對此沒有什麼好補充的。它比預定的速度要快，並將在第一季完成。我回到本，我向伊塔奧的亞歷杭德羅提過，他是顧問。這會為我們帶來很大的推動。Juntos plus 顧問想一想，我們的銷售額仍有很大一部分是透過預售進行的。即使我們的預售組合的銷售額隨著我們的數位隧道的組合而下降。我們仍將繼續留在街上。

And this tool allows it to drive all of these guided initiatives, guided missions that include execution missions new product introduction mission. So it's just going to be a big boost to the other 70% of our sales that went through other channels. So I think that's going to be a big uplift that we didn't have visibility on and it's surprising us to the upside in what we're rolling out in Brazil.

這個工具允許它驅動所有這些引導計劃、引導任務，包括執行任務、新產品介紹任務。因此，這將大大推動我們透過其他管道實現的另外 70% 的銷售額。因此，我認為這將是我們沒有看到的巨大提升，我們在巴西推出的產品的優勢讓我們感到驚訝。

Fernando Olvera, Bank of America.

費爾南多·奧爾維拉，美國銀行。

And the first one is related to Mexico. If you can comment more about the volume decline, that you registered during the quarter, and mainly in JokWater. And it would be great to hear your thoughts about consumption about consumption environment going forward?

第一個與墨西哥有關。如果您可以對本季的交易量下降（主要是 JokWater 的下降）發表更多評論。很高興聽到您對未來消費環境的看法？

And my second question is related to Argentina. If you can expand on the recovery that you are seeing, because it seems that it's going faster than expected now? And what is your outlook for coming quarters. .

我的第二個問題與阿根廷有關。您是否可以擴大您所看到的復甦，因為現在的復甦速度似乎比預期更快？您對未來幾季的展望是什麼？。

I think in Mexico, you have to think of it in two main drivers that it's very hard for us to quantify what comes from which of these two variables. But the first one is, I think our region in Mexico had a huge increase in rainfall and precipitation. So it was 50% higher than the same quarter of last year.

我認為在墨西哥，你必須考慮兩個主要驅動因素，我們很難量化這兩個變數中的哪一個帶來了什麼。但第一個是，我認為我們墨西哥地區的降雨量和降水量大幅增加。因此比去年同期成長了 50%。

Total precipitation as of September of 2024, was already 6% higher than precipitation for the full year of 2023. So I think we're very grateful that we received all of this rain because it's solved all of the water reservoir levels, which were low, and now they're all above 60%-plus.

截至 2024 年 9 月的總降水量已比 2023 年全年降水量高出 6%。所以我認為我們非常感謝我們收到了這麼多的降雨，因為它解決了所有水庫水位較低的問題，現在它們都在 60% 以上。

So we have very good water levels in the reservoirs in our region. But the downside of it is that it did have an impact on consumption. As you know, our consumption relates to precipitation very directly, and we had a lot of rainfall and it also complicated our Acapulco plant as well and our logistics in general.

因此，我們地區的水庫水位非常好。但它的壞處是，確實對消費產生了影響。如您所知，我們的消耗與降水非常直接相關，我們的降雨量很大，這也使我們的阿卡普爾科工廠和整體物流變得複雜。

So that was one causes there, and that's probably going to be maybe a recurrent weather pattern with this new climate reality. These more extreme heat and rainfall. And then on the other part, you have a decrease in economic activity.

所以這是其中的一個原因，而且這可能是這種新的氣候現實中反覆出現的天氣模式。這些更極端的高溫和降雨。另一方面，經濟活動減少。

So I think there were quite a bit of payments and help that might have been advanced before elections, and we enjoy the benefits of that in consumption. But when you look at gross disposable income, the monthly economic activity indicator [guy], for August and September, and you see sequential declines versus what we had in since -- at the June levels.

因此，我認為在選舉前可能已經預付了大量的付款和幫助，我們在消費方面享受了這些好處。但是，當您查看 8 月和 9 月的可支配總收入（即月度經濟活動指標）時，您會發現與自 6 月以來的水平相比，連續下降。

So it is true that Mexico has been slower, and we see this across categories. I think beverages is probably more impacted in our part of the country because of these hurricanes and -- tropical rains. So those are the two effects that we see. Like we mentioned in the -- very positive in Mexico in general in the medium term, Fernando because -- we're going to be having many infrastructure projects in our corner of Mexico. Now it's going to be the Queretaro, Mexico City train line. The other projects continue on track with expansions as well.

因此，墨西哥的速度確實較慢，我們在各個類別中都看到了這一點。我認為由於這些颶風和熱帶降雨，我們地區的飲料受到的影響可能更大。這就是我們看到的兩種效果。正如我們在中提到的——從中期來看，墨西哥總體上非常積極，費爾南多，因為——我們將在墨西哥的角落開展許多基礎設施項目。現在將是墨西哥城克雷塔羅火車線。其他項目也繼續按計劃進行擴建。

Then we have announced -- the government has announced new also social programs. And all of these translate directly to increasing disposable income and consumption of our category. So I think our view on Mexico is positive on wages and positive on consumption for us. So that should be good in the medium term.

然後我們宣布——政府也宣布了新的社會計畫。所有這些都直接轉化為我們類別的可支配收入和消費的增加。因此，我認為我們對墨西哥的看法對工資和消費都是正面的。因此，從中期來看，這應該是件好事。

And then we have Argentina, which I think we play -- we developed a good playbook there with the local team. We went in there knowing that there was going to be a very acute crisis, and we had to maintain or we wanted to maintain household penetration and customer base.

然後我們有阿根廷，我想我們會和當地球隊一起制定一個很好的戰術。我們進入那裡時知道將會發生一場非常嚴重的危機，我們必須維持或我們希望維持家庭滲透率和客戶群。

And we took affordability very seriously, expanded it reduced our gap -- competitive GAAP versus the other competitors that were out there. And I think that playbook played out very nicely where we had flat volumes for this quarter. And hopefully, we can have positive volumes for the fourth quarter. It's going to be a very slow and gradual recovery because the crisis has been sharp.

我們非常重視負擔能力，擴大它縮小了我們的差距——與其他競爭對手相比，具有競爭力的公認會計原則。我認為該策略的效果非常好，本季我們的銷售量持平。希望我們第四季能夠實現積極的銷售。由於危機非常嚴重，這將是一個非常緩慢且漸進的復甦。

But I think the government is taking many right actions. And gradually, we are recovering and the playbook that was laid out is working very well. So I think we're positive on Argentina, but we want to be cautious that it's not -- I don't think it's going to be a V shaped recovery, but a gradual recovery there. And that's what we're seeing so far, so good.

但我認為政府正在採取許多正確的行動。漸漸地，我們正在康復，制定的策略運作得很好。因此，我認為我們對阿根廷持樂觀態度，但我們要保持謹慎，我認為這不會是 V 型復甦，而是逐步復甦。這就是我們到目前為止所看到的，非常好。

Lucas Muse, Morgan Stanley.

盧卡斯‧繆斯，摩根士丹利。

I have one on Mexico, particularly on margins. We finally started to see sugar prices behaving a little bit better on the margin, and translating into a better gross margin environment for Mexico. So what don't you hear our latest thoughts thinking about next year.

我有一篇關於墨西哥的文章，尤其是邊緣部分。我們終於開始看到糖價的利潤率有所好轉，並轉化為墨西哥更好的毛利率環境。那麼，您沒有聽到我們對明年的最新想法嗎？

How comfortable are you that sugar in Mexico could continue to be a tailwind for your margins, for costs. We know that a the Mexican prices are not necessarily correlated to international quotes, but there was a relevant recent uptick on international sugar prices. We also have a weaker Mexican peso. So just wanted to hear latest thoughts on how sustainable you think this tailwind can be for the Mexican division coming into 2025. And that's my first question.

您對墨西哥的糖可能繼續成為您的利潤和成本的推動因素感到滿意嗎？我們知道，墨西哥價格不一定與國際報價相關，但國際糖價最近出現了相關上漲。墨西哥比索也走弱。因此，我只是想聽聽關於您認為這種順風對於墨西哥分部到 2025 年的可持續程度的最新想法。這是我的第一個問題。

My second question is also in Argentina. But if you could elaborate a little bit better as it pertains to your strategy. I think that it is safe to say that today, you have a strategy that is looking more tilted towards volume performance, maintaining volumes. And I think that the flattish performance is actually quite impressive, especially compared to other players that have operations in the region.

我的第二個問題也是在阿根廷。但如果你能更好地闡述與你的策略相關的內容。我認為可以肯定地說，今天你們的策略更傾向於銷售表現，維持銷售。我認為平淡的表現實際上相當令人印象深刻，特別是與在該地區開展業務的其他參與者相比。

But I wanted to know what about your margin perspective? Are you guys being able to perhaps offset a more conservative pricing environment with more efficiencies. So just wanted to hear our thoughts on margins in Argentina. That's it.

但我想知道您對利潤率的看法如何？你們能否以更高的效率來抵銷更保守的定價環境？所以只是想聽聽我們對阿根廷利潤率的看法。就是這樣。

Hi Lucas, and thank you for your question. I'll start with Mexico. Gross margin, we saw margins expanding this quarter, mainly on the back of things that you mentioned, better outlook or better situation in the sweeteners cost as well as packaging and also revenue management initiatives that allowed us to perform better in gross margin this quarter.

你好盧卡斯，謝謝你的問題。我將從墨西哥開始。毛利率，我們看到本季度的利潤率有所擴大，主要是由於您提到的事情，更好的前景或甜味劑成本以及包裝和收入管理舉措的更好狀況，使我們本季度的毛利率表現較好。

As we move forward and looking at the general raw material environment, we do expect stability, we do expect sugar to continue to be a tailwind locally in the Mexican market. But in general, we don't expect to see pressure. So that should continue to be something that will help the performance as we move on.

當我們展望未來並著眼於整體原料環境時，我們確實預期穩定，我們預期食糖將繼續成為墨西哥市場當地的推動力。但總的來說，我們預計不會看到壓力。因此，隨著我們繼續前進，這應該繼續對效能有所幫助。

In terms of Argentina, the general strategy has been, as you mentioned, to favor volumes to gain relative scale. We have learned in many years that during tougher situations we usually come out stronger at the other end. So this is what we're favoring trying to position ourselves better in terms of affordability, understanding that consumers are at a complicated situation. And that has proven to be a good position for us.

就阿根廷而言，正如您所提到的，總體策略是透過數量來獲得相對規模。多年來我們了解到，在更困難的情況下，我們通常會在另一端表現得更強大。因此，這就是我們所贊成的，試圖在負擔能力方面更好地定位自己，了解消費者處於複雜的境地。事實證明，這對我們來說是一個很好的位置。

I think if you think of it in terms of margins, we did have a contraction this year, both of the overall EBIT as well as in terms of margins. So this double-digit contraction in EBIT and I think we contracted 200 basis points-plus on margins. I think on next year, for example, we should see the reverse of that. I mean high double-digit growth in EBIT, maybe 100 points-plus on margin. So -- but it's a gradual recovery that's going to take its time Lucas.

我認為，如果你從利潤率角度考慮，我們今年確實出現了收縮，無論是整體息稅前利潤還是利潤率。因此，息稅前利潤出現兩位數收縮，我認為我們的利潤率收縮了 200 個基點以上。例如，我認為明年我們應該會看到相反的情況。我的意思是息稅前利潤兩位數的高成長，利潤率可能超過 100 個百分點。所以，盧卡斯，但這是一個逐步恢復的過程，需要時間。

Antonio Hernandez, Actinver.

安東尼奧·埃爾南德斯，Actinver。

-- on the results. Just wanted to understand regarding you expanded both operating margin, gross margin and EBITDA margin, but seen that if look at the difference between the EBIT margin expansion on the EBITDA margin expansion and seeing that the MAM operating loan cash charges grew were higher than sales and higher than other metrics year-over-year.

——關於結果。只是想了解您的營業利潤率、毛利率和EBITDA 利潤率均有所擴大，但如果查看EBIT 利潤率擴張與EBITDA 利潤率擴張之間的差異，並看到MAM 經營貸款現金費用增長高於銷售額和年比高於其他指標。

Could you elaborate a little bit more on that and the drivers of that growth of the million or operating non-cash charges?

您能否詳細說明一下這一點以及百萬美元或營業非現金費用成長的驅動因素？

Thank you, Antonio. We would have had a better performance in EBIT margins similar to what we saw in EBITDA margins, but we had two virtual effects. two main virtual effects that affected EBIT margins more. The first one is the one that we've been talking about for the past few months, which is the depreciation of the Mexican peso and the noncash effect that has on dollar-denominated accounts payable.

謝謝你，安東尼奧。我們的息稅前利潤率本可以有更好的表現，類似於我們在息稅折舊攤銷前利潤率中看到的那樣，但我們有兩個虛擬效應。兩個主要的虛擬效應對息稅前利潤率的影響更大。第一個是我們過去幾個月一直在談論的問題，即墨西哥比索的貶值以及對以美元計價的應付帳款的非現金影響。

The second effect was a reclassification of guaranteed deposits that should have been in the balance sheet as accounts receivable and had been registered in the P&L. So we corrected that effect. But in terms of the full year, this effect is neutralized in full year numbers. This was for an amount of about MXN220 million.

第二個影響是本應在資產負債表中作為應收帳款並已在損益表中登記的保證存款被重新分類。所以我們就糾正了這種影響。但就全年而言，這種影響在全年數據中被抵消。金額約 2.2 億墨西哥比索。

Okay. And just a quick follow-up on what you mentioned weather headwinds and a lot of different challenges in terms of volumes in Mexico. If there was anything of that volume performance driven by [suppose]. Thanks. .

好的。快速跟進您提到的天氣逆風以及墨西哥產量方面的許多不同挑戰。如果有任何這樣的銷量表現是由[認為]。謝謝。。

Antonio, it's Jorge here. Yes, actually, we did have also an effect of stock-outs in Mexico, mainly at the beginning. So it's something that, as you know, we have been seeing in Mexico, and that's one thing that we think we're going to take advantage of next year because, as Ian mentioned, we have been expanding capacity in Mexico.

安東尼奧，我是豪爾赫。是的，實際上，我們確實也受到了墨西哥缺貨的影響，主要是在一開始。正如您所知，這是我們在墨西哥看到的情況，我們認為明年我們將利用這一點，因為正如伊恩所提到的，我們一直在擴大墨西哥的產能。

If you look at his prepared remarks, he expanded a lot not only on the bottling facilities that we are expanding on the capacity, but also in warehouse capacity in route to market in trucks and also in the primary distribution, secondary distribution. So we don't see that as a big of an impact going forward. But still in the third quarter at the beginning, we did see a little bit of an impact there from stock outs.

如果你看他準備好的講話，你會發現他不僅擴大了我們正在擴大的裝瓶設施的容量，而且還擴大了卡車運往市場的倉庫容量，以及一級分銷和二級分銷的容量。因此，我們認為這不會對未來產生很大的影響。但仍然在第三季初，我們確實看到了缺貨的一些影響。

And I think it also explains and I will connect a little bit of the question from Fer because if you look at category performance in Mexico, actually, Brand Coca-Cola outperformed. But because of stock-outs, we did have an impact on flavors partly. So it explains that the stock out something.

我認為這也解釋了，我將連結費爾提出的一些問題，因為如果你看看墨西哥的品類表現，實際上，可口可樂品牌的表現優於其他品牌。但由於缺貨，我們確實對口味產生了部分影響。所以這就表示缺貨了。

Tiago Harduim, Citi.

蒂亞戈·哈杜伊姆，花旗銀行。

Yes, Ian, Gerardo and Jorge. First, congrats on the results. I'd like to explore two topics here. The first one is focusing a bit more on Brazil. So just wondering here what you're seeing for the region, specifically in terms of profitability for next year. We understand here that there could be positive impacts first from operating leverage, right, as the -- plant gets back online. And hopefully, we have some product mix from the Coca-Cola zero, right?

是的，伊恩、赫拉多和豪爾赫。首先，祝賀結果。我想在這裡探討兩個話題。第一個更關注巴西。因此，我想知道您對該地區的看法，特別是明年的盈利能力。我們在這裡了解到，隨著工廠恢復上線，營運槓桿首先可能會產生積極影響，對吧。希望我們能從可口可樂零產品中獲得一些產品組合，對吧？

And my second question would be, so continuing with the Coca-Cola zero. I understand it has a lot of potential. We've seen very good acceptance of the product here in Brazil. So just wondering maybe not specifically for Brazil, right, but for all the regions. What's the potential you're seeing here for this product in terms of like market penetration and specifically also profitability. So whatever information you can share with us will be -- will appreciate it here?

我的第二個問題是，繼續可口可樂零。我知道它有很大的潛力。我們看到該產品在巴西得到了很好的接受。所以只是想知道也許不是專門針對巴西，對吧，而是針對所有地區。您在這裡看到的產品在市場滲透率，特別是獲利能力的潛力有多大？因此，無論您能與我們分享什麼訊息，您都會在這裡感激不盡嗎？

I'll start with the first one, Tiago. Regarding profitability in Brazil. As I mentioned, I think in one of the previous questions, fourth quarter in Brazil, we do expect to see higher pressure from the [porto Allegre] deficit in capacity. As you know, we will be recovering that capacity mainly during the first quarter of next year. So we do expect the high season in Brazil to have a higher impact in freight and whatever we're being able to buy from other franchises, both from Coca-Cola FEMSA and others.

我將從第一個開始，蒂亞戈。關於巴西的獲利能力。正如我所提到的，我認為在前面的一個問題中，即巴西第四季度，我們確實預計[阿萊格里港]運力赤字將帶來更大的壓力。如您所知，我們將主要在明年第一季恢復產能。因此，我們確實預計巴西的旺季將對貨運以及我們能夠從其他特許經營商（包括可口可樂 FEMSA 和其他公司）購買的產品產生更大的影響。

Obviously, you know we sell at zero profit to maintain a position in the region. So that will present a challenge in terms of profitability. We do expect demand to continue to perform. But in terms of supply, we will be limited so that will pose some pressure. As we move forward to next year, and I think we talked a little bit about this as well. Next year with the plant coming back online and all of the things that we're doing there as a result of the disaster that we had, we do expect that, that will be a tailwind for 2025.

顯然，您知道我們以零利潤出售以維持在該地區的地位。因此，這將對盈利能力提出挑戰。我們確實預計需求將繼續表現良好。但在供應方面，我們會受到限制，因此會帶來一些壓力。當我們邁入明年時，我想我們也討論了一些這個問題。明年，隨著該工廠重新上線，以及我們因災難而在那裡所做的所有事情，我們確實預計，這將成為 2025 年的順風車。

Also, I think in terms of Coke, no sugar, Brazil has been an inspiration for all of the markets is doing very, very well, growing very high double digits. And the good thing that I can say is probably Mexico was the one market where we have been having a tougher time with Coke Zero a very small proportion of the mix, almost 3% compared to 20% in Brazil in Cola.

另外，我認為就可口可樂而言，無糖，巴西一直是所有市場的靈感來源，表現非常非常好，成長非常高的兩位數。我能說的一件好事是，墨西哥可能是我們經歷了一段艱難時期的市場，零可樂只佔可樂混合物的一小部分，幾乎為 3%，而巴西可樂的比例為 20%。

So -- but what we have been seeing now in Mexico is it's finally starting to accelerate. So in this third quarter, we had high single-digit growth in Mexico. We're trying to emulate the Brazilian playbook, which is a 360-degree playbook with entry price points, the right packages influencers a 360-degree plan, properties such as music festivals, soccer and also in and out for the brand like [ori] and other flavor varieties and the one bright spot that I would say outside is it's starting to accelerate in Mexico.

所以，但我們現在在墨西哥看到的是它終於開始加速。因此，在第三季度，我們在墨西哥實現了高個位數成長。我們正在嘗試效仿巴西的劇本，這是一本 360 度的劇本，包含入門價格點、合適的套餐、影響者的 360 度計劃、音樂節、足球等資產，以及品牌的進出，例如 [ori ] 和其他風味品種，我想說的一個亮點是它在墨西哥開始加速。

It's too early to say that this is sustainable. But if we can keep this up and emulate what we have done in Brazil in this other very large market could get very, very positive results.

現在說這是可持續的還為時過早。但如果我們能夠繼續保持這一勢頭，並在另一個非常大的市場效仿我們在巴西所做的事情，可能會取得非常非常積極的結果。

Ulises Argote, Santander.

烏利塞斯·阿爾戈特，桑坦德銀行。

(technical difficulty)

（技術難度）

Apologies Mr. Argote your line is a little bit we cannot hear you. Apologies to our host. We cannot Mr. Argote's line, perhaps -- he can submit his question. offline?

抱歉，阿爾戈特先生，您的聲音有點大，我們聽不到您的聲音。向我們的主人道歉。我們不能聽阿爾戈特先生的台詞，也許──他可以提出他的問題。離線？

Yes, maybe. Ulises.

是的，也許吧。尤利塞斯.

Mr. Argote, you'd like to try one more time.

阿爾戈特先生，您想再試一次。

Apologies there. So the question was more around market share dynamics in Mexico. I was wondering if you could provide any color on how this has been evolving more recently, particularly given the volumes that we saw in Mexico are kind of declining for the third quarter. And in the sense, maybe how you're kind of tying this on your pricing versus volume strategy heading into next year?

抱歉。因此，問題更圍繞著墨西哥的市場份額動態。我想知道您是否可以提供有關最近這一情況如何演變的任何信息，特別是考慮到我們在墨西哥看到的第三季度的銷量有所下降。從某種意義上說，也許您如何將其與明年的定價與銷售策略聯繫起來？

Yes, Ulises. I'm glad you managed to sort that out there with the audio. Yes, regarding market share in Mexico, I think what we have seen is a little bit of a mix performance because what we have been focusing on with the strategy, as you know, we have been discussing, is reversing the trend that we had in brand Coca-Cola.

是的，尤利塞斯。我很高興你能透過音訊解決這個問題。是的，關於墨西哥的市場份額，我認為我們看到的是有點混合的表現，因為我們一直關注的策略，正如你所知，我們一直在討論，正在扭轉我們在墨西哥的趨勢。

So with the current environment where we are in, we have been protecting share in brand Coca-Cola, but in hindsight and connecting that with stock outs as well as we mentioned in a previous question, we have had some share erosion in flavors. And as a result, there is a little bit of loss of share in this pipeline. Cola has been slightly, just slightly down.

因此，在我們目前所處的環境下，我們一直在保護可口可樂品牌的份額，但事後看來，並將其與我們在上一個問題中提到的缺貨聯繫起來，我們在口味方面的份額受到了一些侵蝕。結果，這條管道中的份額有所損失。可樂的銷量略有下降。

I would say, this has not been a bright spot. We reversed the trend last year and this year, we lost share. I attribute that mostly releases to the stockout situation. That has pretty much been sorted out. So, we are hoping to now start seeing a stabilization and recover to our balance and sustainable growth strategy. But this year has Mexico has not been a bright sporting chair. And I thought most of that to our under performance in supplying our customers.

我想說，這不是亮點。去年我們扭轉了這一趨勢，今年我們失去了份額。我將這主要歸因於缺貨情況。這已經基本解決了。因此，我們希望現在開始看到穩定並恢復我們的平衡和永續成長策略。但今年墨西哥的表現並不亮眼。我認為這主要是因為我們在為客戶提供服務方面表現不佳。

Perfect. That's very clear. And any comments into how you're thinking on pricing volumes on this backdrop into next year?

完美的。這非常清楚。您對明年在這種背景下的定價量有何看法？

Like I think I mentioned before that, we want to make sure we recover our competitive position. We have plenty of points, almost 500 basis points of share that we need to recover in Mexico. So that's a big objective for us. And the pricing -- that we will display is really a solver of work of what we do while maintaining the strategy of gradually recovering the share erosion that we have had over the last 10 years. So it's really a solver and we want to make sure this is a scale game that we improve our relative scale position. So it has to, -- it's dependent on that releases.

就像我之前提到的那樣，我們希望確保恢復我們的競爭地位。我們有足夠的積分，我們需要在墨西哥恢復近 500 個基點的份額。所以這對我們來說是一個很大的目標。我們將展示的定價實際上是我們所做工作的解決方案，同時維持逐步恢復過去 10 年份額侵蝕的策略。所以它實際上是一個求解器，我們希望確保這是一個規模遊戲，我們可以提高我們的相對規模位置。所以它必須——它取決於該版本。

Thank you very much. As we have no further questions, I would like to turn the call back to Mr. Collazo for any closing remarks.

非常感謝。由於我們沒有其他問題，我想將電話轉回給科拉佐先生，讓他發表結束語。

Well, thank you, everyone, for your interest in today's call for joining us today. And as always, myself, the rest of the Investor Relations team, we are available for any remaining of your questions. And we look forward to seeing you very soon. Thank you.

好的，謝謝大家對今天的電話會議有興趣並加入我們。像往常一樣，我本人以及投資者關係團隊的其他成員將竭誠為您解答任何剩餘問題。我們期待很快見到您。謝謝。

Thank you very much. That concludes today's conference. We appreciate your participation. Have a wonderful weekend.

非常感謝。今天的會議到此結束。我們感謝您的參與。祝週末愉快。