Coca-Cola Femsa SAB de CV (NYSE:KOF) Q2 2019 Earnings Conference Call July 25, 2019 10:00 AM ET
Coca-Cola Femsa SAB de CV（纽约证券交易所代码：[KOF]）2019年第二季度收益电话会议2019年7月25日上午10:00ET
John Santa Maria - CEO & Director
Constantino Spas - CFO
- John Santa Maria - 首席执行官兼董事
- Constantino Spas - 首席财务官
Álvaro García - BTG
Luca Cipiccia - Goldman Sachs Group
Antonio Anaya - Crédit Suisse
Carlos Laboy - HSBC
- ÁlvaroGarcía - BTG
- Luca Cipiccia - 高盛集团
- Antonio Anaya - CréditSuisse
- Carlos Laboy - 汇丰银行
Good morning, everyone, and welcome to Coca-Cola FEMSA Second Quarter 2019 Conference Call. As a reminder, today's conference is being recorded. [Operator Instructions].
At the request of the company, we will open the conference up for questions and answers after the presentation. During this conference call, management may discuss certain forward-looking statements concerning Coca-Cola FEMSA's future performance and should be considered as good faith estimates made by the company. These forward-looking statements reflect management's expectations that are based on -- upon currently available data. Actual results are subject to future events and uncertainties, which can materially impact the company's actual performance. And now at this time, I'd like to turn the conference over to Mr. John Santa Maria, Coca-Cola FEMSA's, Chief Executive Officer. Please go ahead, sir.
大家早上好，欢迎来到可口可乐FEMSA 2019年第二季电话会议。 提醒一下，今天的会议正在录制中。 [操作员说明]。
应公司要求，我们将在演讲结束后开放会议，提出问答。 在本次电话会议中，管理层可能会讨论有关可口可乐FEMSA未来业绩的某些前瞻性陈述，并应被视为公司做出的善意估计。 这些前瞻性陈述反映了管理层对目前可用数据的预期。 实际结果受未来事件和不确定因素的影响，这可能会对公司的实际业绩产生重大影响。 现在，在这个时候，我想把会议转交给可口可乐FEMSA首席执行官John Santa Maria先生。 请继续，先生。
Thank you. Good morning, everyone, and thank you for joining us to discuss our second quarter results. Constantino Spas, our CFO; and Maria Dyla Castro, our Investor Relations Director, are also with us today. I am pleased to report solid second quarter results, showing our continuous progress and positive momentum. In Mexico and Central America, we generated strong top and bottom line growth, driven by our steady, balanced revenue growth, a more stable raw material environment and cost and expense efficiencies. Despite currency headwinds, our South America division achieved positive top line performance driven by strong volume growth in Brazil and healthy pricing across the division. With better-than-expected buying in Colombia and early signs of macroeconomic stabilization in Argentina, we are encouraged as we enter the second half of the year.
For the quarter, we delivered solid consolidated top line growth of close to 8%, while our comparable revenues grew double digits, 11.6%. This growth was driven mainly by volume growth in Brazil, Colombia and Central America, pricing above inflation and positive mix trends across many of our operations.
Importantly, we delivered these strong results despite unfavorable translation effects from all of our operating currencies into Mexican pesos. Our operating income increased 6.5%, while our comparable operating income rose 13.8%. This growth was driven by healthy top line results, expense efficiencies in Mexico and Brazil and more stable sweetener PET cost environment overall. These effects were partially offset by higher a concentrate cost in Mexico, the reduction of tax credits on concentrates purchase from Manaus Free Trade Zone in Brazil, the depreciation of all of our operating currencies as applied to our U.S. dollar-denominated raw material costs, and restructuring severances of MXN 512 million during the quarter. These restructuring severances are related to the implementation of an efficiency program that I will refer to in just a minute.
Notably, our operating cash flow grew 5.2%, while our comparable operating cash flow increased 9.2% year-over-year. Consequently, our controlling net income increased by more than 25% for earnings per share of MXN 0.21, and an equivalent of MXN 1.66 for earnings of KOF UBL Unit. Normalizing our controlling net income by removing restructuring severances and normalizing our tax rate, our controlling net income would have increased more than 28%.
Shifting gears to discuss our efficiency program. As you know, we have taken significant steps in the transformation of Coca-Cola FEMSA in recent years. When I look at our company today, I see a very different organization than only a couple of years ago. We are transforming our capabilities to new levels, using technology and big data analytics to drive our productivity and efficiency. However, the world of today is a world of uncertainties, rapid change in technological disruptions. For these reasons, we are defining and implementing fuel for growth, instead of ambitious productivity and efficiency initiatives to create an even leaner, more agile organization fully focused on our consumers. These initiatives consist on strengthening our organization through new ways of working, eliminating redundancies and leveraging on digital enablers to streamline our cost base, while generating the funds to support our strategic initiatives and reinvest in the same.
谢谢。大家早上好，感谢您加入我们讨论我们的第二季度业绩。 Constantino Spas，我们的首席财务官;我们的投资者关系总监Maria Dyla Castro今天也和我们在一起。我很高兴报告第二季度业绩稳健，显示我们的持续进步和积极势头。在墨西哥和中美洲，由于我们稳定，均衡的收入增长，更稳定的原材料环境以及成本和费用效率，我们实现了强劲的收入和利润增长。尽管存在货币逆风，但由于巴西的销量增长强劲以及整个部门的健康定价，我们的南美分部实现了积极的一线业绩。由于哥伦比亚的购买好于预期以及阿根廷宏观经济稳定的早期迹象，我们在今年下半年进入市场时受到鼓舞。
We have functionalized and redesigned the corporate structure with the main objective to align the whole organization is for our growth processes. The first set of these initiatives -- the first set of initiatives resulted in restructuring severances in Argentina, Central America, Colombia and Mexico during the first half of 2019. Although restructuring decisions are always difficult, we are confident in these initiatives, which are based on increasing stands and eliminating redundancies and layers with unlocked value, providing us with the required flexibility to continue driving growth in our businesses.
Overall, we carry on taking important steps across our strategic pillars. First, we continue to accelerate our winning portfolio build up by leveraging our innovation, affordability and we channel presentations to satisfy our consumer diverse mix. For example, to drive our sparkling beverage category growth with affordability, we launched a new 400 ml PET one-way presentation in our sparkling flavors in Mexico at a very attractive price point of MXN 0.07. Also in Mexico, we are leveraging our learnings from the Philippines, and we will be launching -- or have launched a Coca-Cola presentation of 235 ml in a returnable glass bottle at a MXN $0.05 price measured price point. We have four distribution centers rolled out with that currently. And importantly, to protect our consumer base in Argentina in this very complex environment, we launched a 1 liter returnable glass bottle at ARS 0.40 and have complemented that move with other tactical pricing to ensure that we continue to engage with our consumer base and grow within Argentina.
Second on innovation, for the recent launch of Coca-Cola Coffee in Mexico, we have leveraged OXXO to reach the on-the-go consumers in convenience stores. Our consumer reaction to Coca-Cola Coffee has been very impressive. To give you a sense, just in two months, Coca-Cola Coffee already represents 60% of Coca-Cola original 355 ml can daily transactions at OXXO. And is 3x the daily transactions of Coca-Cola Sin Azúcar in the same format.
In addition, the recent life -- launch of [indiscernible] is going well, expanding our entrance into the enhanced hydration category. And as previously mentioned, we are excited to be launching Coca-Cola Energy in some of our markets during the third quarter of this year.
Moreover, our strategy to reactivate transactions and improve mix is showing encouraging results. In Mexico, we keep investing in the market, as we are installing more than 25,000 dedicated single-serve coolers to support our single-serve presentations. We are also -- we also continue driving scale and profitability improvements in the still beverage category as we gain positive momentum. Noteworthy, in Brazil, we continue to see double-digit growth year-on-year, driven by our del Valle juice portfolio and Monster energy drink.
In Mexico, our Santa Clara dairy portfolio continues its double-digit growth. While our Fuse Tea brand gains traction, growing double digits year-over-year as well. We continue taking on operating model transformation -- taking our operating model transformation even further, setting new frontiers with cost cutting of it -- pardon me, cutting-edge technology.
我们对公司结构进行了功能化和重新设计，其主要目标是使整个组织与我们的成长过程保持一致。第一组这些举措 - 第一套举措导致2019年上半年在阿根廷，中美洲，哥伦比亚和墨西哥重组遣散费。虽然重组决定总是很困难，但我们对这些举措充满信心，增加展位，消除冗余和具有未锁定价值的层，为我们提供所需的灵活性，以继续推动我们业务的增长。
总的来说，我们继续在战略支柱中采取重要步骤。首先，我们通过利用我们的创新，可负担性以及渠道演示来满足我们的消费者多元化组合，继续加速我们赢得的投资组合。例如，为了推动我们的汽水饮料类别的增长，我们在墨西哥以闪亮的口味推出了新的400毫升PET单向展示，价格极具吸引力，为0.07墨尔本。同样在墨西哥，我们正在利用我们在菲律宾的学习经验，我们将推出 - 或者已经在可回收的玻璃瓶中推出了235毫升的可口可乐展示，价格为MXN 0.05美元。我们目前有四个配送中心。更重要的是，为了在这个非常复杂的环境中保护我们在阿根廷的消费群，我们在ARS 0.40推出了1升可回收玻璃瓶，并通过其他战术定价补充了这一举措，以确保我们继续与我们的消费者群体接触并在阿根廷。
此外，我们重新启动交易和改善组合的策略显示出令人鼓舞的结果。在墨西哥，我们不断投资市场，因为我们正在安装超过25,000个专用单服务冷却器，以支持我们的单一服务演示。我们也是 - 我们还继续推动静止饮料类别的规模和盈利能力改善，因为我们获得了积极的动力。值得注意的是，在巴西，由于我们的del Valle果汁组合和Monster能量饮料，我们继续实现两位数的同比增长。
在墨西哥，我们的Santa Clara乳制品产品组合继续保持两位数的增长。虽然我们的Fuse Tea品牌获得了吸引力，但同比增长了两位数。我们继续进行运营模式转型 - 进一步推动我们的运营模式转型，开辟新的领域，削减成本 - 原谅我，尖端技术。
Following the successful roll out of KOF commercial digital platform, or KDP, across our territories in our traditional channels, we are currently testing omnichannel capabilities for order taking for platforms in Brazil and Argentina. These initiatives provide our customers with the multiple interfaces for order taking and customer engagement, which will be connected to our transactional system, we expect these tests to mature throughout 2019 and be rolled out to our key markets in 2020. This will give us the ability for our customers to order any place any time, and we'll be connecting with our customers on a real time basis and with a single point of contact.
Additionally, we are now rolling out KDP throughout the modern channel in Brazil and Mexico, what we did in the traditional is now being replicated for the modern channels in Brazil and Mexico. This platform that uses end-to-end diagnostics analytics to serve our monetary plans, we'll be improving our execution and volumes at the point of sale.
Third, consistent with our goal of evolving into a more efficient organization, we continue to leverage and develop our KOF global business services or what we call GBS. Best-in-class support teams to enable our company's process simplification and automation in the finance, procurement and human resource fronts are all underway.
Let me take a couple of minutes to talk about sustainability. Additionally, aligned with our commitment to generating economic and social value for our stakeholders, sustainability is one of the foundations on which we build our overall corporate strategy. To this end, we already surpassed our 2020 goal of benefiting 5 million people through our healthy habit initiatives. We improved our water-use ratio by more than 20% over the last 10 years. We achieved more than 50% coverage of our bottling operations energy requirements from clean energy sources. And in Mexico, we used 30% recycled resin in our PVC packaging, putting us on track to reach the Coca-Cola company's World Without Waste goals.
In addition, in line with our commitment of collecting and recycling bottle or can for each hungry soul, we are focused on leveraging and replicating successful PET collection and recycling models like the [indiscernible] the first grade -- the first food-grade PET recycling facilities in Latin America to our other important -- or all of our territories in Latin America starting off by our biggest markets.
Finally, I am very pleased with the successful integration of our recent acquisition in Guatemala and Uruguay. We are celebrating a year of consolidation of these territories, which happened in May 1 and July 1, 2018, respectively. Synergies and performance are better than we expected, highlighting Coca-Cola FEMSA with the capability to acquire a core franchise and enhance business value.
We are very encouraged by the growth that we envision for both these markets and years to come. We are committed with the -- with creation of value. For this reason, improving our return on invested capital is a top priority and a company-wide effort. We are investing and managing each of our operations with an increased focus on ROIC as a key metric over the long term as well as profit growth. We are moving the necessary levers to increase our after tax operating profit, such as improving price mix, profitability across categories, digitizing our processes, driving cost and expense efficiencies and productivity across all our organizations. Early trends are encouraging, and our commitment is for the long term. This quarter, I believe, starts to reflect that.
让我花几分钟谈谈可持续性。此外，与我们为利益相关者创造经济和社会价值的承诺相一致，可持续性是我们制定整体企业战略的基础之一。为此，我们已经超越了2020年的目标，即通过健康的习惯举措使500万人受益。在过去十年中，我们将用水率提高了20％以上。我们从清洁能源中获得了超过50％的装瓶操作能源需求。在墨西哥，我们在PVC包装中使用了30％的再生树脂，使我们有望实现可口可乐公司的World Without Waste目标。
此外，根据我们为每个饥饿的灵魂收集和回收瓶子或罐头的承诺，我们专注于利用和复制成功的PET收集和回收模型，如[音频不清晰]一级 - 第一个食品级PET回收拉丁美洲的设施，以及我们最重要的市场 - 拉丁美洲的所有地区。
我们对这些市场和未来几年的增长感到非常鼓舞。我们致力于 - 创造价值。因此，提高我们的投资回报率是首要任务，也是全公司的努力。我们正在投资和管理我们的每项业务，更加关注ROIC，作为长期和利润增长的关键指标。我们正在采取必要措施来提高我们的税后营业利润，例如改善价格组合，跨类别的盈利能力，数字化我们的流程，推动所有组织的成本和费用效率以及生产力。早期趋势令人鼓舞，我们的承诺是长期的。我相信本季度开始反映这一点。
With that, I will now hand this over to Constantino.
Thank you, John, and thank you all for your interest in our earnings call. Our commitment to disclosure and transparency and continuous improvement led us to redesign our earnings release as of the first quarter of 2019. Additionally, on our website, you can find an excel version of the financial information included in our quarterly earnings releases since the first quarter of 2018.
I will now briefly summarize the four main factors that affect the comparability of our financial and operating results for the second quarter of 2019 as compared to the same period of 2018. First, volumes and financial results of our recently acquired territories in Guatemala and Uruguay were consolidated as of May 1 and July 1, 2018, respectively.
With our sale of Philippines operations on December 13, 2018, according to IFRS 5, our consolidated financial statements were represented to exclude the Philippines figures. Consequently, the company's consolidated financial results are not comparable to the consolidated financial statements published in the second quarter of 2018. Third, as of July 1, 2018, our Argentina operation is reported as a hyperinflationary subsidiary. And fourth, starting January 1, 2019, we adopted the new standard of IFRS 16 leases, which introduces a unique accounting lease model for tenants. To better describe our business performance, for certain information, we present comparable figures, excluding the effects of: first, mergers and acquisitions; second, translation tax resulting from exchange rate movements; and third, the results of Argentina because this operation has become hyperinflationary subsidiary. For the first half of 2019, more than 50% of the negative effect on our reported results resulted from currency translation effects.
Moving on to our consolidated second quarter results. Our sales volume increased 2.2% to more than 840 million unit cases with our transactions growing even more at 2.7%. Our comparable sales volume grew 0.7% with the comparable transactions growing 1.4%. Our revenues grew 7.6%, while gross profit and operating income increased 6% and 6.5%, respectively. On a comparable basis, revenues grew 11.6%, gross profit and operating income increased 10.1% and 13.8%, respectively. Finally, our operating cash flow increased 5.2%, while with comparable operating cash flow increased 9.2%. Excluding the adoption of IFRS 16 leases, our operating cash flow margin would have been 18.9%, 20 basis points less than our reported operating cash flow margin for the quarter.
Now I will briefly discuss each of our operations highlights for the quarter. Starting off with Mexico. In Mexico, resilient business and commercial strategies enabled us to post strong revenue growth of 9.1%. This growth was mainly driven by pricing ahead of inflation and a 3% volume growth in May, however, a softer-than-expected April led to a slight volume contraction of 0.8% during the quarter. Our portfolio initiatives based on affordability, returnable presentations and magic price points are accelerating are refillable and single-serve packages growth. We're confident that with the right portfolio strategy, with options for every consumer and an ambitious single-serve cooler strategy, we will continue to drive our healthy top line results.
In Central America, we continue to report positive volumes and revenues, driven by solid pricing initiatives and targeted volumes in Costa Rica, organically in Guatemala and in Panama. For the quarter, we recorded 12.6% volume growth, driven by the consolidation of our new acquisitions in Guatemala as of May 1, 2018. Excluding these acquisitions, organic volumes in the region would have increased 2%. As most of our operation posted positive volumes. While Nicaragua continues to operate in a very challenging environment. Our positive top line results in Central America were driven mainly by strong sparkling beverage performance, particularly in the traditional trade channel. We're encouraged by the solid performance of our Mexico and Central America division. Our top line growth and expense control strategies enabled us to increase our operating income by close to 20%, while expanding our margins despite incurring and restructuring severances, as mentioned by John before, for MXN 436 million. On a comparable basis, our operating income and operating cash flow would also have increased double digits.
Moving to South America. Our division's top line results were once again highlighted by the positive volume trend in Brazil. Marked by our Brazilian operations, seventh consecutive quarter of volume growth, the division's volume grew 7.2% for the quarter thanks to our portfolio initiatives focused on single-serve and returnable multi-serve presentations. Affordability is key in the recovery of Brazil, and our unmatched capabilities in this front are leading our operation's share gains across categories, with record highs for sparkling beverages. We're very encouraged by our Brazilian operation's solid top line performance, the improved efficiency and the evolving digital capabilities, which, by the way, Brazil is leading this particular front for the rest of our operations. While we increased prices in April in Mexican pesos terms, our revenue was affected by a negative currency translation effect. In local currency terms, our prices are ahead of inflation year-over-year.
In Colombia, after a slow start to the year, resulting from price increases and the implementation of our fiscal reform that changed the way VAT is applied to sugar beverages, we're encouraged to post better-than-expected volumes for the quarter with volume growth of 0.6%. We achieved this performance in the face of a volatile macroeconomic environment driven by pressured currency, high unemployment and low consumer confidence. To successfully navigate this environment, we focused on restructuring our operation and protecting our profitability by controlling and reducing expenses, redeveloping our route to market and supply chain network, and refocusing our portfolio on profitable SKUs and also resizing our operation.
Although we still face a challenging consumer environment in Argentina, we're beginning to see signs of stabilization. Our currency has appreciated over the last months, inflation seems to be reaching an inflection point, allowing disposable income to slightly recover. For the quarter, our volumes contracted 17.2%. However, we have redoubled our efforts to offer affordability solutions to our consumers, and we expect to regain consumption in the months ahead. Coupled with that impressive effort by our local team to control costs and expenses, we continue to increase prices ahead of inflation to protect our profitability. We expect volatility to remain for the second half of the year, driven mainly by the electoral calendar in Argentina. However, we are implementing the right portfolio and strategies to successfully navigate this challenging environment.
In the recently acquired operation of Uruguay, we reported sales volumes of 9.4 million unit cases for the second quarter with pricing ahead of inflation. We have enjoyed a smooth and efficient integration, successfully implementing our back-office systems and viewing positive trends in our main supply chain indicators. Importantly, we are encouraged by an improved competitive position highlighted by the share gains in flavors, led by Schweppes Grapefruit, Pomelo and Spanish brand.
In summary, despite significant currency headwinds, our South America division top line is growing in Mexican peso terms with revenue growth 4.4%, driven mainly by Brazil. Our divisions made profitability headwinds were a top line decline in Argentina, the depreciation of the average exchange rate of our operating currencies, mainly the Argentine peso, as applied to U.S. dollar-denominated raw material costs, higher concentrate cost in Brazil related to the reduction of tax credits on concentrate, and restructuring severances for MXN 76 million in Argentina and Colombia. However, our operations were able to partially offset these headwinds thanks to favorable sweetener prices, freight efficiencies in Brazil and expense control strategies. On a comparable basis, our operating income grew 2.4%, and our operating cash flow increased 4.1%.
Now with regards to our financial results. Below the operating income line, our financing expenses net recorded a reduction of 12% resulting from a decline in interest expense, a net interest expense and a reduction in other financial expenses. These effects were partially offset by a foreign exchange loss as the cash exposure in U.S. dollar was negatively impacted by the appreciation of the Mexican peso during the second quarter.
As we continue strengthening our balance sheet, our net leverage ratio ended the second quarter at 0.39x. Our company's weighted average cost of debt for the quarter, including the effect of debt swap to Brazilian reais and Mexican pesos was 8%. During the second quarter, we reported income tax as a percentage of income before taxes of 24.7% compared with 30.7% last year. This decrease was driven mainly by the increase in the relative rate of Mexico's profits in our consolidated results, which has a lower tax rate, coupled with certain tax efficiencies and ongoing efforts to reduce nondeductible items across our operations. We expect that our normalized rate for the rest of the year will be closer to 30%. Finally, our controlling net income for the quarter increased 25.4% and with that, I will now hand the call back to John for his final remarks. Thank you very much.
We are encouraged by our progress during the first half of the year, and more importantly, the abundant opportunities we see across our markets. We are on track to deliver on our strategy from our continued portfolio innovation, affordability and category expansion through our ongoing development of our superior capabilities. Our culture is strong, igniting and enabling our organizational transformation. Moving forward, we remain committed to delivering superior economic, social and environmental value for our -- all our stakeholders. We are confident that our ongoing initiatives will allow us to unlock additional value, increase our operating efficiency. And free up resources to reinvest in our markets. Thank you for your continued trust and support. Operator, I would like to open the call for questions.
我们对今年上半年的进展感到鼓舞，更重要的是，我们在整个市场中看到了丰富的机会。 通过不断发展我们的卓越能力，我们有望通过持续的产品组合创新，可负担性和类别扩展来实现我们的战略。 我们的文化强大，点燃并促进我们的组织转型。 展望未来，我们将继续致力于为所有利益相关方提供卓越的经济，社会和环境价值。 我们相信，我们正在进行的计划将使我们能够释放更多价值，提高我们的运营效率。 并释放资源以再投资于我们的市场。 感谢您的不断信任和支持。 接线员，我想打开问题的电话。
[Operator Instructions]. We'll take our first question from Álvaro García with BTG.
My question is on your top line in Mexico. We saw very strong pricing in the quarter, similar to last quarter. As we think about pricing into the second half of this year and into next year, how defensive do you want to position your portfolio? How are you thinking about affordability? And if you could make a quick comment on performance in the south and southeast of the country, that would be great.
我的问题是你在墨西哥的顶线。 我们看到本季度的定价非常强劲，与上一季度类似。 当我们考虑到今年下半年到明年的定价时，您想要如何定位您的投资组合？ 您如何考虑可负担性？ 如果你能对该国南部和东南部的表现作出快速评论，那就太棒了。
I'll take that one. I mean as we mentioned, overall, we see very -- a steady and resilient Mexico business, despite the uncertainties that we're facing in an overall slowing growth rates. And as you mentioned, we're seeing -- we saw in the second quarter, actually, a sequential improvement in the volume performance. What we've done is, as you mentioned, drive our affordability through a lot of revenue management and a focus on execution, particularly behind our single-serve portfolio. I mean we are definitely focusing a lot on our single-serve strategy. And with that, allowing the consumer to have favorable and affordable price points today.
And going forward, as John mentioned in the call, we have recently launched, based on the learnings that we gathered from our Philippines previous experience, a 235 ml returnable glass bottle at a majic price point of MXN 5, which has been gaining tremendous traction in a very short period of time, giving us good signs that this is the right strategy to go forward. And at the same time, supporting that with the infrastructure necessary for the consumers to have the availability -- and cold availability of those products. I mean we're installing 35,000 single-serve coolers to boost our mix. So that is one front that we're attacking. And with our analytics capabilities, we continue to look at optimizing our price architecture going forward and being able to surpass the margin pressures that we have. And the -- as I said, slowdown of the economy with intelligent pricing going forward, which we will continue to do.
At the same time, the price increases are not only headline pricing to the consumer, but also leveraging our analytics capabilities on reducing discounts. And at the same time, being much more efficient in the trade promotion strategies that we have. So that is one of the great benefits of the investment that we've been putting behind our analytics capabilities. So that is something that we continue to press on and we continue to actually improve day by day by the use of analytics capabilities. So for example, we have reduced significantly discounts in personal water. In the case of our value-through products, we have also increased -- decreased our discounts, but at the same time, this has not necessarily impacted volumes in a significant way, but definitely enhancing our overall profitability. So that's a little bit of the approach that we have going forward. In the case of the southeast of Mexico, I mean, we have not seen any, I would say, abnormal type of behavior, pretty similar and in line with what we're seeing so far in the rest of our territory in Mexico. And we continue to wait and expect the Southeast region of Mexico to reactivate on the economic front based on the agenda that the administration has put forward. But we still need to wait to see the impact of that going forward. I don't know if that answers your question, extended a little bit, I wanted to give you a full picture of it.
我会拿那个。我的意思是，正如我们所提到的那样，总体而言，尽管我们在整体增长放缓的情况下面临着不确定性，但我们仍然看到了一个稳定而有弹性的墨西哥业务。正如您所提到的，我们看到 - 实际上，我们在第二季度看到了音量表现的连续改善。正如您所提到的，我们所做的是通过大量的收入管理和专注于执行来推动我们的承受能力，特别是在我们的单一服务组合背后。我的意思是我们非常关注我们的单一服务战略。通过这种方式，今天允许消费者获得有利和实惠的价格点。
与此同时，价格上涨不仅是消费者的头条定价，而且还利用我们的分析能力降低折扣。与此同时，我们在贸易促进战略中的效率要高得多。这是我们在分析能力方面投入的巨大优势之一。这是我们继续努力的事情，我们通过使用分析功能继续实际日益改进。因此，例如，我们已经大大降低了个人用水的折扣。就我们的价值通过产品而言，我们也增加了 - 降低了我们的折扣，但与此同时，这并未一定会显着影响销量，但肯定会提高我们的整体盈利能力。这是我们未来的一点方法。在墨西哥东南部的情况下，我的意思是，我们没有看到任何，我会说，异常的行为类型，非常相似，与我们在墨西哥其他地区目前所看到的一致。我们继续等待并期望墨西哥东南地区在经济方面根据政府提出的议程重新启动。但是我们仍然需要等待看到这种影响。我不知道是否能回答你的问题，延伸一点，我想给你一个完整的图片。
It's very clear. One quick follow-up. Would it be fair to assume perhaps less rate increases in Mexico going forward just maybe on a softer consumer environment? Or do you expect to see similar rate increases into next year?
很清楚。 一个快速的跟进。 假设可能在较软的消费者环境下，墨西哥未来的加息可能会减少，这是否公平？ 或者你预计明年会有类似的加息吗？
I think that we will continue to, as I said, we will optimize our architecture. I think that you could expect a -- more impact on the mix trying to compensate for headline pricing, working on our mix, focusing reserve. And as you mentioned, we're trying to minimize the headline pricing during the softer economic environment. So that is something that we work on every day. I'm going to hand it over to John, also he wants to comment on that particularly.
我认为，正如我所说，我们将继续优化我们的架构。 我认为你可以期待 - 对混合物的影响更大，试图弥补标题定价，我们的组合，专注储备。 正如您所提到的，我们正努力在较软的经济环境中尽量降低标题定价。 这就是我们每天都在努力的事情。 我要把它交给约翰，他也想特别评论。
Thanks for the question. I think the way I would think about is, we are giving returnability, both at single-serve and multi-serve levels, a very, very important role even in a more enhanced role than what we have today. That 235 that we just rolled out or we're rolling out has -- is backed up by tremendous execution and our [indiscernible] feels that it becomes incremental. And It does not become cannibalized. And I think that's a unique proposition that we have as a company that other people don't have because of their ability to control execution at the point of sale. I think the other thing to think about going forward is that we are looking for more transaction growth than volume growth. And therefore, what we're looking for is a mix rate, if -- that is positive, and that's how we're pricing the portfolio today as well. So we're going to favor returnables, and single serves in terms of lower pricing. Probably take some low rate on higher-priced multi serves, and allowing competitive space between both these segments to allow for more transaction growth.
谢谢你的提问。我认为，我认为的方式是，我们在单一服务和多服务级别提供可回报性，即使在比现在更加强大的角色中，也是非常非常重要的角色。我们刚刚推出的235或者我们推出的那个 - 已经得到了巨大的执行支持，我们的[音频不清晰]感觉它变得渐进。而且它不会被拆分。而且我认为这是一个独特的主张，我们作为一个其他人没有的公司，因为他们有能力控制销售点的执行。我认为，未来考虑的另一件事是我们正在寻求更多的交易增长而不是数量增长。因此，我们正在寻找的是混合率，如果 - 这是积极的，这也是我们今天对投资组合定价的方式。因此，我们将支持可退货，而单一服务则会降低价格。可能会对价格较高的多种服务采取一些低利率，并允许这两个细分市场之间的竞争空间，以实现更多的交易增长。
We will now take our next question Luca Cipiccia with Goldman Sachs.
我们现在将与高盛（Goldman Sachs）讨论Luca Cipiccia的下一个问题。
I wanted to follow up actually on Mexico. I think the previous question about the south region, I think also -- I would assume comes from some comments that some of the companies have made in the second quarter of -- so the lower performance there. And similarly, there were other comments that highlighted the relative underperformance or relative weakness in the traditional channel compared to the convenience channel as well. So maybe to start, if you could even give us your feedback on that front just in terms of comparability from what we heard from other peers in this space?
我想跟进墨西哥。 我认为前一个关于南部地区的问题，我认为 - 我认为这可能来自一些公司在第二季度做出的一些评论 - 所以那里的表现较低。 同样，还有其他评论强调了传统渠道相对于便利渠道的相对表现不佳或相对弱势。 那么也许首先，如果你甚至可以从我们从这个领域的其他同行那里听到的可比性方面给出我们对这方面的反馈意见？
Luca, no, as I mentioned before, I mean, we have not seen any significant difference in behavior, in traditional trade in the southeast region versus the rest of our Mexican territory. I guess every category behaves differently in the different companies. But in our case, we have not seen, as I said, any abnormal behavior in the southeast region so far. I mean there is definitely in our category, whether it has relevant affect that might be different in other categories. And back in a particular month in a particular quarter, as you probably -- definitely know, might have a positive or negative impact. But in our case, we have not seen any material differences in the different regions in Mexico so far.
Luca，不，正如我之前提到的，我的意思是，在东南地区的传统贸易与墨西哥其他地区的传统贸易中，我们没有看到任何显着的行为差异。 我想每个类别在不同的公司中表现不同。 但在我们的案例中，正如我所说，到目前为止，我们还没有看到东南地区的任何异常行为。 我的意思是在我们的类别中肯定存在它是否具有可能在其他类别中不同的相关影响。 特别是在特定季度的特定月份，您可能 - 肯定知道，可能会产生积极或消极的影响。 但就我们而言，到目前为止，我们还没有看到墨西哥不同地区存在任何实质性差异。
Perfect. Very clear. And so I think that's...
完善。 非常清楚。 所以我认为那是......
Nothing different to what we see at swings that we see -- sorry?
我们看到的波动与我们看到的没什么不同 - 对不起？
No, no, I missed it. Sorry, if I missed it. I didn't catch your comment about the channel. So that's clear now specifically.
不，不，我错过了。 对不起，如果我错过了。 我没有听到你对该频道的评论。 所以现在具体清楚了。
Luca, I think what you're saying is our difference is not only territorially but by channels, right? The trends are the same as prior years and there is this year. So we don't see necessarily a channel mix differential or a shift in behavior amongst the channels that has been extraordinary and that hasn't been on trend already.
Luca，我想你所说的是我们的不同之处不仅在于地域而在于渠道，对吧？ 趋势与往年相同，今年也是如此。 因此，我们不一定看到渠道混合差异或渠道之间的行为转变，这些渠道已经非同寻常并且尚未出现趋势。
Okay. Very clear. Understood. And if I may, maybe just a follow-up on Brazil, which now -- there's been quite a few quarters as you've returned to positive volume growth quite consistently. So maybe as you look ahead, what -- can you separate maybe underlying consumer environment that seems to -- appears to be getting better, including Investor Day posted pretty good results in soft drinks and in beer in general. And combined with the investments that you made in the market over the last two years, affordability, price package architecture. So if you could spend maybe a couple of more on what is sort of self-help as compared to a general sort of consumer demand environment and maybe you're getting better, hopefully?
好的。 非常清楚。了解。 如果可能的话，也许只是巴西的后续行动，现在已经有相当多的几个季度，因为你已经相当稳定地恢复了正增长。 因此，当您展望未来时，您可以将可能的潜在消费者环境 - 看起来似乎正在变得更好 - 分开，包括投资者日在软饮料和啤酒方面取得了相当不错的成绩。 并结合您在过去两年中在市场上所做的投资，可负担性，价格套餐架构。 因此，与一般的消费者需求环境相比，如果你可以花费更多的时间来解决什么样的自助问题，也许你会变得更好，希望如此？
Sure. I think one of the things to think about is that we've over the last two years, we've redefined our portfolio in a lot of different ways. And the most significant one is probably the last year's noncarbonated beverage portfolio redesign, which -- we redesigned everything. And I think we're starting to look at all the benefits of that. But I think more telling than not, we've been seeding and really looking at affordability in a major way in Brazil through small packs, single serves through rough cut in a lot of ways. And one of the things that is happening right now, we're detecting is the low socioeconomic levels in Brazil are returning to the category, okay? And that -- when you start looking at the e-consumers in the past four or five years, they left the category because of economics. And now they're returning to that -- to our categories in a big way. And so that's part of what's driving our volume as the -- and I think that's going to continue as Brazil continues to have itself in a more macro stabilized manner, okay? And the outlook becomes better, and the outlook for personal income becomes -- it's slightly more marginal. So it's encouraging to see that the consumer footprint in Brazil, the components of which are starting to come back for all consumers.
当然。我认为要考虑的一件事是，过去两年我们已经以很多不同的方式重新定义了我们的投资组合。而最重要的可能是去年非碳酸饮料组合的重新设计，我们重新设计了一切。而且我认为我们开始关注这一切的所有好处。但我认为更有说服力的是，我们一直在播种，并且通过小包装在巴西以一种主要方式真正看待可负担性，单一服务通过粗略的方式进行。而现在正在发生的事情之一，我们发现巴西的社会经济水平较低，正在回归这一类别，好吗？而且 - 当你开始关注过去四五年的电子消费者时，由于经济原因，他们就离开了这个类别。而现在他们又回归到了我们的类别。所以这也是推动我们成交量的一部分 - 而且我认为随着巴西继续以更加宏观稳定的方式发展，这种情况会持续下去，好吗？而且前景变得更好，个人收入的前景变得更加微不足道。因此，令人鼓舞的是，巴西的消费者足迹已经开始回归所有消费者。
And just to complement on what john was saying. I mean on your question on, well, is this riding the improved consumer trend in Brazil? Or this is internally driven? Definitely, it's a combination of both. But I think that the fact that in this particular quarter, for example, we have grown market share in every single relevant category that we compete in, gives you an idea of the impact of our strategic thinking, and that translated into our initiatives in the market driving significant growth for all of our categories. So I think that is very telling of what we're doing in the market. And we're also understanding the market better to continue to tailor our strategies for that. So when you see us -- the impressive growth that we've had with Coca-Cola Sin Azúcar in Brazil. Through a purchase structure consumer understanding, we're seeing that the growth is bringing on new consumption occasions to the category without cannibalizing significantly the rest of the quota portfolio, 70%, 7-0 percent of that volume comes from other beverages, and mostly powdered beverages, juices the nectars. So we're tailoring our initiatives with deep consumer understanding to be able to drive better growth and a standard portfolio impact across Brazil. Any of the combination of those facts tell you that we're doing a lot in the market in a continuous way, a very focused way. And at the same time, we're definitely benefiting from a more favorable consumer environment overall in Brazil.
而且只是为了补充约翰所说的话。我的意思是你的问题，这是否正在改善巴西的消费趋势？或者这是内部驱动的？当然，它是两者的结合。但我认为，在这个特定季度，我们在竞争的每一个相关类别中增加了市场份额这一事实，让您了解我们的战略思想的影响，并转化为我们在市场推动我们所有类别的显着增长。所以我认为这很清楚我们在市场上做了什么。我们也更好地了解市场，继续为此制定策略。所以当你看到我们时 - 我们在巴西可口可乐SinAzúcar的成长令人印象深刻。通过购买结构消费者的理解，我们看到增长带来了新的消费场合，而没有显着贬低配额组合的其余部分，70％，7-0％的量来自其他饮料，并且主要是粉状饮料，果汁。因此，我们通过深入的消费者理解来定制我们的计划，以便能够在巴西推动更好的增长和标准的投资组合影响。这些事实的任何组合都告诉您，我们在市场上以持续的方式做了很多事情，这是一种非常专注的方式。与此同时，我们肯定会从巴西整体更有利的消费环境中受益。
I have something just to add, too.
We get very excited about this. John why don't you...
To add, I think if you look at where we were in Brazil four, five years ago and we look at the portfolio is one thing. When you look at how our execution has improved in Brazil is another thing. And the other thing -- part, Luca, I would say, is also look at the capability of getting cold drink equipment in Brazil. Over the last five years, we've done a much better job, okay, at consistently addressing the needs of refrigeration for our customers.
另外，我想如果你看看我们四年，五年前在巴西的位置，我们看看投资组合是一回事。 当你看看我们的执行在巴西如何改进是另一回事。 而另一件事 - 我要说的是，卢卡也在考虑在巴西获得冷饮设备的能力。 在过去的五年里，我们做得更好，好的，始终如一地满足客户的制冷需求。
And if mention the advantages too...
Well, you add those altogether and it becomes very powerful.
It sounds like -- when you say, as the consumers are coming back to the category, you're a much better offer and price package architecture and portfolio and setup. But if I may say, what would you see as the big next step in Brazil looking ahead if this continues?
听起来 - 当你说，随着消费者回归这个类别，你就会有更好的报价和价格套餐架构以及产品组合和设置。 但是，如果我可以说，如果这种情况持续下去，您认为巴西的下一步将会展望未来？
Well, what I see is a big next step. But there is -- I think there is opportunities to continue to consolidate that market. There is some scalable plays in Brazil. And I think once we get a couple of resolutions out there as to certain adjacent categories, I think we need to move forward and be aggressive on that.
好吧，我看到的是下一步。 但有 - 我认为有机会继续巩固这个市场。 巴西有一些可扩展的游戏。 而且我认为，一旦我们就某些相邻类别得到了一些决议，我认为我们需要向前迈进并积极进取。
We'll take our next question from Antonio Gonzalez with Credit Suisse.
I just wanted to ask about these new efficiency initiatives that you described at the beginning of the conference call, John. Obviously, you've been talking about digital enablers for quite a few quarters now, how you've been able to optimize discounts, extract a better revenue per unit case, et cetera. But it seems that the tone at least in your prepared remarks this quarter, it seems like your taking this even a step further, right? And you called out new ways of working, changes at the corporate structure, et cetera. So I wanted to get a little bit -- if I take a step back, I guess, I wanted to get a little bit of context on, a, is this a fair assumption? Do you think you are taking it further? And what is the trigger for that? Is it the macro weakness that apparently is starting to emerge in Mexico? Some of the margin headwinds in Brazil, given the elimination of tax credits, a combination of all of these? And where are the buckets where you see the most upside? Because obviously, again, you've been working on this for quite some time already. Is it more on the corporate side? Are there still sizable opportunities on the commercial side? Any incremental color that you can add, John, would be very helpful.
我只是想问一下你在电话会议开始时描述的这些新的效率举措，约翰。显然，你现在已经谈论了数字推动器已有很多季度，你如何能够优化折扣，提高每单位案例的收益等等。但看起来至少在你本季度准备好的言论中的语气，似乎你甚至更进了一步，对吗？你提出了新的工作方式，公司结构的变化等等。所以我想得到一点 - 如果我退后一步，我想，我想得到一些上下文，a，这是一个公平的假设吗？你认为你还在进一步学习吗？那是什么触发器？难道这显然是墨西哥开始出现的宏观弱点吗？鉴于取消税收抵免，所有这些的组合，巴西的一些利润率逆风？你看到最大的上升空间在哪里？因为很明显，你已经有很长一段时间了。在公司方面更多吗？商业方面还有相当大的机会吗？您可以添加的任何增量颜色，John，都会非常有用。
Sure. Listen, this is something I've we've been working on for at least four, five years, okay? And it started off with the establishment of centers of excellence, where we started to put forth the development of capabilities for Coca-Cola company, okay? It's not something that is overnight. It's not something that has happened spontaneously. And it's something that we've been driving through our culture as an organization. What we have found over the last two years is -- and through that development of the [indiscernible] as centers of excellence is that we had a move and we had a very large -- we have a good opportunity to go and streamline our organization and functionalize our company as a first step, okay? And by functionalizing the company, we will eliminate a lot of redundancies that are in place today, given the facts that our organizations are more territorial in nature.
And when you make it a function, you're eliminating a layer of the same activities at the country level. So what you're really doing as the next step here is that the centers of excellence become the areas that have the processes with all the capabilities, have the processes, have a single work in single systems. And therefore, you are allowed to go out and digitize in a manner that it becomes efficient for the whole organization. So -- and when you start looking at that, it allows us to bring down the amount of people that we brought down as first step. And I think it becomes sustainable. I do -- it does become sustainable. But it allows us to go out there and also reinvest it and continue to digitize each one of our processes, okay? And as well as reinvesting it in the marketplace because we do have an apple portfolio that needs to be further fueled. So when you look at this, it's not only about organization. It's about finding different ways of working in that organization, how we become more collaborative, as there is much about organization as it is about culture, okay? and how we're going to interact with the countries and the center offices. So there's a lot of components of that. And it starts the organization and the culture starts meeting the operating models and the digitized strategies at this point. So it's all coming together in a sustainable manner. Does that help you?
当然。听着，这是我已经做了至少四年，五年的工作，好吗？它始于建立卓越中心，我们开始为可口可乐公司开发能力，好吗？这不是一夜之间的事情。这不是自发发生的事情。这是我们作为一个组织通过我们的文化推动的事情。我们在过去两年中发现的是 - 并且通过将[音频不清晰]作为卓越中心的发展，我们采取了行动，而且我们的行动非常庞大 - 我们有很好的机会去精简我们的组织并将我们公司的功能化作为第一步，好吗？通过实现公司功能化，我们将消除现有的大量裁员，因为我们的组织本质上更具地域性。
当你把它变成一个功能时，你就会在国家层面上消除一层相同的活动。因此，您在下一步所做的事情是，卓越中心成为拥有所有功能的流程，拥有流程，在单一系统中完成单一工作的领域。因此，您可以以对整个组织有效的方式进行数字化。所以 - 当你开始考虑它时，它可以让我们减少我们作为第一步所带来的人数。我认为它变得可持续。我这样做 - 它确实变得可持续。但它允许我们走出去并重新投资并继续将我们的每个流程数字化，好吗？并将其再投资于市场，因为我们确实有一个需要进一步推动的苹果产品组合。因此，当你看到它时，它不仅仅与组织有关。这是关于在该组织中找到不同的工作方式，我们如何变得更加协作，因为组织和文化有很多关系，好吗？以及我们将如何与各国和中心办公室进行互动。所以有很多组成部分。它启动了组织，文化开始在这一点上满足运营模式和数字化战略。所以它们都以可持续的方式汇集在一起。这对你有帮助吗？
This is very helpful. Yes. And just final, if I may, perhaps small detail on this conversation. Brazil is the only country where you didn't call out a severance cost strike? Do you think you can -- is it because the volume growth is just absorbing that much energy at the moment? And when do you think you can start these efforts in Brazil?
这非常有帮助。 是。 最后，如果可能的话，或许是这个对话的细节。 巴西是唯一一个没有召开过遣散费用的国家？ 你认为你能做到 - 是因为量增长只是吸收了那么多能量吗？ 你认为什么时候能在巴西开始这些努力？
As you would note, this is a sequential event. We're starting off of Mexico and Colombia but typically in Latin America -- in Central America. And we will get to Brazil and Argentina by the second half of the year. Now I don't expect them there to be as much of a hit because Brazil has been through just a lot of pressure over the last four or five years. And by definition, has had to be a lot leaner. And what it is about Brazil or Argentina at this point is more about adapting to the model and making sure that we have the right model connections with our central offices or functions in our territories than it is about the cost savings there. And we should be done with that phase is -- and we should be done with that phase of the business by the end of the year
正如您将注意到的，这是一个连续的事件。 我们从墨西哥和哥伦比亚开始，但通常在拉丁美洲 - 中美洲。 我们将在今年下半年到达巴西和阿根廷。 现在我不认为他们会受到如此大的打击，因为巴西在过去的四五年里经历了很大的压力。 根据定义，必须更加精简。 此时巴西或阿根廷的情况更多的是关于适应模型并确保我们与我们的中心办事处或我们地区的职能部门建立正确的模式联系，而不是那里的成本节约。 我们应该完成这个阶段 - 我们应该在年底之前完成业务的这个阶段
The end 2019. Yes.
And we'll now take our final question from Carlos Laboy with HSBC.
Can you please expand on how you adapt your digital platforms in Brazil differently than in Mexico? What do they do differently for you there? Or what are you going to get out in Brazil differently than you get out of Mexico?
您能否以不同于墨西哥的方式扩展您在巴西的数字平台调整方式？ 他们对你有什么不同的做法？ 或者你在巴西出去的方式与离开墨西哥的方式不同？
So I think this is version 2.0 of what we have in Mexico, okay? And the power behind us is how we're getting -- if you want, let's talk about the traditional trade alone, okay? And there is two aspects of it, how we're enhancing our business-to-business capability and, going out there and offering different ways of becoming -- first, of connecting with the -- with our customer. And secondly, how we have that connection become omnichannel, so that the customer has a single view of his capability or his or her at any point of time. So there's a couple of things that we're doing there. First, we're using not only the mobile sales force, we're using all of the telesale. We're going with WhatsApp as a way of going out there and order entering as well as well as getting on the web.
So there is seven or eight different ways of a route to market in Brazil for our customers that we're also replicating in Argentina. And we're testing in the beginning of September. And this is really powerful because at the end, what we're changing is the paradigm of the customer having to wait for us to order because of whenever we go there and call him or whatever to be able to connect to us whenever he wants. And how we connect that into our system for delivery is also a major, major transformation internally for us, and it requires a lot of the different systems platform. But secondly, when you start looking at the digitization at -- the Brazil team was bringing to the table. They know, as we know in Mexico, where each one of their trucks are. But they are not going out there and then giving the customer advance ship notice about when it will actually be getting there with their order within a couple of hours, so that they know and they can actually go out and give the customer a better customer experience.
So it's starting to come together on an online B2B real data platform. And that gives you service to customer whenever, however, and how they want to do it. And it's starting to get really putting the customer at the center of what we do. And I think on the other side, we have enormous digital account tools that we're putting in place for the digital aggregators over there. That are allowing us to gain share in the growing digital economy and delivery for food aggregators. So it's really three things since talking about B2B. And then enhance B2B. We're looking at delivery -- with online delivery and guidance for customers, enhancing customer experience, and then also dealing with aggregators. And I think there, Mexico is a little behind what Brazil is doing. So those are the three things that we're doing that I think are really moving the needle forward for us in terms of customer satisfaction as well as cost.
So let me just tell you what the implication of this is because when you have seven or eight different ways to get to the customer, then it allows you to go out there and restructure your -- not that you take your feet off the street, okay? But it allows you to put them in a more efficient manner into the different modes of order taking that are required by different customers. So you will become much more efficient and effective, okay? I think the effectiveness that is probably even more high, so if you reach the customer to be able to get them at the right time, right place for what he wants. So if that becomes a case where we have -- it's like a jigsaw puzzle of the component pieces that we have for route to market that are getting enhanced and getting to be in place for more customer satisfaction.
所以我认为这是墨西哥的2.0版本，好吗？而我们背后的力量就是我们如何获得 - 如果你愿意的话，让我们谈谈传统贸易，好吧？它有两个方面，我们如何提高我们的企业对企业能力，走出去，并提供不同的方式 - 首先，与客户建立联系。其次，我们如何将这种联系变成全渠道，以便客户在任何时候都可以单独了解自己的能力。所以我们在那里做了几件事。首先，我们不仅使用移动销售人员，而且还使用所有的批发商。我们将与WhatsApp一起走出去，订购进入以及进入网络。
因此，在巴西为我们的客户推出七到八种不同的途径，我们也在阿根廷进行复制。我们正在测试9月初。这真的很强大，因为最终，我们正在改变的是客户不得不等待我们订购的范例，因为无论何时我们去那里并打电话给他或任何能够随时联系我们的东西。我们如何将它连接到我们的系统进行交付也是我们内部的主要重大转变，它需要许多不同的系统平台。但其次，当你开始关注数字化时 - 巴西队正在筹备中。他们知道，正如我们在墨西哥所知道的那样，他们每辆卡车都在哪里。但是他们不会去那里，然后向客户提前通知他们何时会在几个小时内到达他们的订单，以便他们知道并且他们实际上可以出去并为客户提供更好的客户体验。
因此，它开始在一个在线B2B真实数据平台上聚集在一起。然而，无论何时何地，他们都会为客户提供服务，以及他们希望如何做到这一点。它开始真正把客户放在我们工作的中心。我认为另一方面，我们拥有庞大的数字账户工具，我们正在为那里的数字聚合器提供支持。这使我们能够在不断增长的数字经济和食品集合商交付中获得份额。自从谈论B2B以来，这真的是三件事。然后增强B2B。我们正在寻找交付 - 为客户提供在线交付和指导，增强客户体验，然后处理聚合器。我认为，墨西哥有点落后于巴西的做法。所以这些是我们正在做的三件事，我认为这些事情在客户满意度和成本方面确实为我们提供了动力。
所以，让我告诉你这意味着什么是因为当你有七到八种不同的方式来接触顾客时，那么它允许你去那里重组你的 - 而不是你的脚离开街道，好的？但它允许您以更有效的方式将它们放入不同客户所需的不同订单模式中。所以你会变得更有效率，好吗？我认为效果可能更高，所以如果你到达客户能够在正确的时间获得它们，正确的地方可以满足他的需求。因此，如果这成为我们拥有的情况 - 它就像是我们为进入市场而获得的组件的拼图游戏，这些拼图正在得到增强并且已经到位以提高客户满意度。
And that does conclude our question-and-answer session. I'd like to turn the conference back over to management for any additional or closing remarks.
Well, thank you very much for your interest in Coca-Cola FEMSA. As always, our team is available to answer any of our -- your remaining questions through Maria Dyla and Jorge. But I think this has been a very, very satisfying quarter for us. And I think, as we go forward, we're encouraged to see that our efforts and strategies continue to build out appropriately in according to what we thought. Thank you very much.
好吧，非常感谢您对可口可乐FEMSA的兴趣。 与往常一样，我们的团队可以通过Maria Dyla和Jorge回答我们的任何问题。 但我认为这对我们来说是一个非常非常令人满意的季度。 我认为，随着我们前进，我们被鼓励看到我们的努力和战略继续根据我们的想法适当地建立。 非常感谢你。
Thank you. That does conclude today's conference. Thank you all for your participation. You may now disconnect.
谢谢。 这确实结束了今天的会议。 谢谢大家的参与。 您现在可以断开连接。
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