Amcor PLC (AMCR) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Amcor's Full Year 2022 Results Conference Call. (Operator Instructions) Thank you.

女士們先生們，感謝您的支持，歡迎參加 Amcor 2022 年全年業績電話會議。 （操作員說明）謝謝。

Tracey Whitehead, Head of Investor Relations, you may begin your conference.

Tracey Whitehead，投資者關係主管，您可以開始您的會議了。

Thank you, operator, and thank you, everyone, for joining Amcor's June quarter earnings call for fiscal '22. Joining the call today is Ron Delia, Chief Executive Officer; and Michael Casamento, Chief Financial Officer.

謝謝你，運營商，謝謝大家，加入 Amcor 的 22 財年 6 月季度財報電話會議。今天加入電話會議的是首席執行官 Ron Delia；和首席財務官 Michael Casamento。

Before I hand over, let me note a few items. On our website, amcor.com, under the Investors section, you'll find today's press release and presentation, which we will discuss on the call. Please be aware that we will also discuss non-GAAP financial measures, and related reconciliations can be found in that press release and presentation. Remarks will also include forward-looking statements that are based on management's current views and assumptions.

在我交出之前，讓我注意一些事項。在我們的網站 amcor.com 的“投資者”部分下，您可以找到今天的新聞稿和演示文稿，我們將在電話會議上進行討論。請注意，我們還將討論非 GAAP 財務措施，相關的對賬可以在該新聞稿和演示文稿中找到。備註還將包括基於管理層當前觀點和假設的前瞻性陳述。

The second slide in today's presentation lists several factors that could cause future results to be different than current estimates. And reference can be made to Amcor's SEC filings, including our statements on Form 10-K and 10-Q for further details. (Operator Instructions)

今天演示文稿的第二張幻燈片列出了可能導致未來結果與當前估計不同的幾個因素。可以參考 Amcor 提交給 SEC 的文件，包括我們在 10-K 和 10-Q 表格上的聲明以獲取更多詳細信息。 （操作員說明）

With that, over to you, Ron.

有了這個，交給你了，羅恩。

Thanks, Tracey, and thanks, everyone, for joining Michael and myself today to discuss Amcor's financial results for fiscal 2022. We'll begin with some prepared remarks before opening for Q&A.

謝謝，特蕾西，也謝謝大家，今天加入邁克爾和我自己，討論安姆科公司 2022 財年的財務業績。我們將在開始問答之前先做一些準備好的評論。

And kicking off with Slide 3, which covers safety, our first and most important value. Throughout fiscal 2022, we continue to make good progress on our long-term objective of eliminating injuries across our global operations. The focus of our teams on implementing additional safety best practices resulted in a further 3% reduction in the number of reported injuries globally, and I'm pleased to report that well over 50% of our sites continue to be injury-free for the past 12 months or more. We pride ourselves on making the well-being of our 44,000 global employees our #1 objective and we'll continue to strive to achieve our goal of no injuries.

並從幻燈片 3 開始，其中涵蓋了安全，這是我們的首要和最重要的價值。在整個 2022 財年，我們在消除全球業務中的傷害這一長期目標方面繼續取得良好進展。我們的團隊專注於實施額外的安全最佳實踐，使全球報告的受傷人數進一步減少了 3%，我很高興地報告，我們超過 50% 的站點在過去仍然沒有受傷12 個月或更長時間。我們為將 44,000 名全球員工的福祉作為我們的第一目標而感到自豪，我們將繼續努力實現無傷害的目標。

Turning to our key messages for today on Slide 4. First, FY '22 has been another outstanding year for Amcor. We could not be more pleased with how our teams have demonstrated remarkable perseverance and agility, continually adjusting to challenges in the operating environment from raw material shortages to high inflation while remaining focused on driving value for our customers and our shareholders. As a result, financial performance was strong with growth across all key metrics. The business finished the year with good momentum, more than offsetting any external headwinds so that Q4 was our strongest quarter of sales and EBIT growth, and full year EPS growth of 11% was at the top end of our guidance range.

談到我們今天在幻燈片 4 上的關鍵信息。首先，22 財年對 Amcor 來說又是傑出的一年。我們對我們的團隊表現出非凡的毅力和敏捷性感到非常滿意，他們不斷適應從原材料短缺到高通脹的運營環境挑戰，同時繼續專注於為我們的客戶和股東創造價值。因此，財務業績強勁，所有關鍵指標均實現增長。該業務以良好的勢頭結束了這一年，抵消了任何外部不利因素，因此第四季度是我們銷售和息稅前利潤增長最強勁的季度，全年每股收益增長 11% 處於我們指導範圍的頂端。

Second, we expect the business to continue performing well, and we anticipate sustaining strong underlying growth in FY '23. And finally, we have a resilient and compelling investment case, which has consistently delivered significant shareholder value through a combination of organic growth, value-creating acquisitions and cash returns to shareholders.

其次，我們預計該業務將繼續表現良好，我們預計 23 財年將保持強勁的潛在增長。最後，我們有一個有彈性且引人注目的投資案例，它通過有機增長、創造價值的收購和股東現金回報的結合，始終如一地為股東創造可觀的價值。

Turning to some financial highlights for the year as outlined on Slide 5. In short, we've added to our track record with another year of sustainable growth in the underlying business. Focusing on the strong June quarter, net sales growth was 13%, and this included approximately $1.7 billion of incremental price increases on an annualized basis related to the pass-through of higher raw material costs. Excluding this pass-through, organic sales growth accelerated through the year, reaching 6% for the June quarter in both the Flexibles and Rigid Packaging segments. And our strong performance reflects good work by our teams to recover broader and higher levels of general inflation, mostly through the second half of the year. It also reflects favorable volume and mix benefits.

轉向幻燈片 5 中概述的今年的一些財務亮點。簡而言之，我們的業績記錄又增加了一年的基礎業務可持續增長。專注於強勁的 6 月季度，淨銷售額增長 13%，其中包括與原材料成本上漲相關的每年約 17 億美元的增量價格上漲。不包括這種傳遞，全年有機銷售增長加速，軟包裝和硬包裝部門在 6 月季度均達到 6%。我們的強勁表現反映了我們的團隊在恢復更廣泛和更高水平的總體通脹方面所做的出色工作，主要是在今年下半年。它還反映了有利的數量和混合優勢。

And as we have in the past several quarters, we benefited from mid- to high single-digit growth in high-value priority segments, which confirms that our focus on these faster-growing markets is paying off. This top line growth converted into adjusted EBIT growth of 9% in the June quarter, and it's worth noting that this high single-digit earnings growth was achieved in a quarter which clearly no longer benefited from any synergies and while we continued to experience significant inflation and an unfavorable price/cost lag related to raw materials.

正如我們在過去幾個季度中所做的那樣，我們受益於高價值優先領域的中高個位數增長，這證實了我們對這些增長更快的市場的關注正在獲得回報。這一收入增長在 6 月季度轉化為 9% 的調整後息稅前利潤增長，值得注意的是，這一高個位數的收益增長是在一個季度實現的，顯然不再受益於任何協同效應，而我們繼續經歷顯著的通貨膨脹以及與原材料相關的不利價格/成本滯後。

Flexibles delivered outstanding EBIT growth of 11% in the quarter, and in line with our expectations, earnings growth continued to improve in Rigid Packaging. For the full year, net sales growth was 13% and 4% on an organic basis, which represents our third consecutive year of accelerating top line growth. Adjusted EBIT of $1.7 billion was 7% higher than the prior year, and adjusted EPS of $0.805 per share was 11% higher than 1 year ago. Our financial profile remains strong with return on average funds employed at 16.3%, and we also returned more than $1.3 billion of cash to shareholders through share repurchases and a higher annual dividend.

柔性包裝在本季度實現了 11% 的出色 EBIT 增長，符合我們的預期，剛性包裝的盈利增長繼續改善。全年，淨銷售額有機增長 13% 和 4%，這是我們連續第三年加速收入增長。調整後息稅前利潤為 17 億美元，比上年增長 7%，調整後每股收益為 0.805 美元，比一年前增長 11%。我們的財務狀況依然強勁，使用的平均資金回報率為 16.3%，我們還通過股票回購和更高的年度股息向股東返還了超過 13 億美元的現金。

Now before handing over to Michael for more detail on the financial results, let me provide an update on our business in Russia. As previously announced, we've been exploring all strategic options for our Russian business. And after a thorough assessment, we've decided to sell our 3 manufacturing sites in Russia. Until completion, which we expect will occur in the second half of our 2023 fiscal year, we remain committed to supporting our employees and customers while preserving value for shareholders through an orderly sale process. We're also proactively undertaking initiatives to help offset the future impact of the divested earnings, including optimizing our European footprint and adjusting our regional cost base.

現在，在將財務業績的更多細節交給邁克爾之前，讓我提供一下我們在俄羅斯的業務的最新情況。正如之前宣布的那樣，我們一直在為我們的俄羅斯業務探索所有戰略選擇。經過全面評估，我們決定出售我們在俄羅斯的 3 個生產基地。在我們預計將在 2023 財年下半年完成之前，我們將繼續致力於支持我們的員工和客戶，同時通過有序的銷售流程為股東保留價值。我們還積極採取措施幫助抵消剝離收益對未來的影響，包括優化我們的歐洲足跡和調整我們的區域成本基礎。

With that, I'll hand over to Michael, who will cover the estimated impact of this sale on fiscal 2023 guidance.

有了這個，我將交給邁克爾，他將涵蓋此次銷售對 2023 財年指導的估計影響。

Thanks, Ron, and I'll begin with the Flexibles segment on Slide 6. Performance throughout fiscal '22 was excellent across several different dimensions as each one of our businesses responded quickly to the continued evolving market environment, implementing measures to recover higher raw material costs, manage general inflation, improve cost performance and deliver increasing mix benefits. Year-to-date sales of $11.2 billion includes significant recoveries of higher raw material costs of $1.1 billion. The overall price/cost impact has remained a manageable headwind through this inflationary cycle, given the diversity of raw materials we buy, the multiple reasons in which we consume those materials and the leverage we get from our well-developed and deeply embedded capabilities, which have enabled us to implement a range of pricing actions across the business in a timely manner.

謝謝，羅恩，我將從幻燈片 6 上的柔性部分開始。整個 22 財年的業績在多個不同方面都非常出色，因為我們的每一項業務都對不斷變化的市場環境做出了快速反應，並採取措施回收更高的原材料成本、管理總體通貨膨脹、提高成本績效並提供越來越多的組合收益。年初至今的銷售額為 112 億美元，其中包括 11 億美元的較高原材料成本的大量回收。考慮到我們購買的原材料的多樣性、我們消耗這些材料的多種原因以及我們從我們完善和深入嵌入的能力中獲得的槓桿作用，在這個通脹週期中，總體價格/成本影響仍然是一個可控的逆風，這使我們能夠及時在整個業務範圍內實施一系列定價行動。

Excluding this raw material impact, we are very pleased with the organic sales growth, which was delivered across all Flexibles business units as well as the momentum built through the year as we focused on successful recovery of rising general inflation and optimizing mix benefits. Organic sales growth was 4% for the year and 6% in the June quarter, representing the strongest quarter of growth for the year. The strong mix benefits, in part, reflect continued growth in priority segments, including health care, pet food, meat and coffee. We have made deliberate choices to focus on these segments and through the year, have seen organic sales growth in the mid- to high single-digit range across these categories.

排除這種原材料影響，我們對所有柔性業務部門實現的有機銷售增長以及全年建立的勢頭感到非常滿意，因為我們專注於成功恢復不斷上升的總體通脹和優化組合收益。全年有機銷售額增長 4%，6 月季度增長 6%，是全年增長最強勁的一個季度。強勁的混合收益部分反映了優先領域的持續增長，包括醫療保健、寵物食品、肉類和咖啡。我們已深思熟慮地選擇專注於這些細分市場，並且在這一年中，這些類別的有機銷售增長在中高個位數範圍內。

More broadly, supply chain disruptions had a dampening effect on growth in certain high-value categories through the year, including in the June quarter. As a result, year-to-date and June quarter volumes across the Flexibles business were in line with last year. Faced with these constraints, we proactively took action in parts of the business to direct constrained materials to their highest values, further enhancing mix. In terms of earnings, adjusted EBIT growth of 9% on a year-to-date basis and 11% for the June quarter reflect strong price/mix benefits and favorable cost performance. Margins also remained strong at 13.6% despite an adverse impact of 150 basis points from the mathematical consequence of pass-through pricing for higher raw material costs.

更廣泛地說，供應鏈中斷對全年某些高價值類別的增長產生了抑製作用，包括在 6 月季度。因此，Flexibles 業務的年初至今和 6 月季度的銷量與去年持平。面對這些限制，我們在部分業務中主動採取行動，將受限制的材料引導至最高價值，進一步增強組合。在收益方面，調整後的息稅前利潤同比增長 9%，6 月季度增長 11%，反映了強勁的價格/組合優勢和良好的成本績效。儘管原材料成本較高的傳遞定價的數學結果產生了 150 個基點的不利影響，但利潤率也保持在 13.6% 的強勁水平。

Turning to Rigid Packaging on Slide 7. The key messages today are the underlying demand has remained elevated across North and South America through fiscal '22, leading to continued sequential strengthening in our earnings growth in the June quarter, in line with our expectations. On a year-to-date basis, reported sales grew by 20%, which includes approximately 16% related to the recovery of higher raw material costs. The 5% organic sales growth was driven by favorable price/mix benefits of 2% and volume growth of 3%. In North America, year-to-date beverage volumes were up 1%, hot fill container volumes increased by 2% for the year against a strong comparative period of double-digit growth and were up 4% in the June quarter, reflecting continued strength in categories like isotonics and juice.

轉向幻燈片 7 上的剛性包裝。今天的關鍵信息是，到 22 財年，北美和南美的潛在需求一直保持高位，導致我們在 6 月季度的盈利增長繼續連續加強，符合我們的預期。年初至今，報告的銷售額增長了 20%，其中約 16% 與較高的原材料成本的回收有關。 5% 的有機銷售增長是由 2% 的有利價格/組合收益和 3% 的銷量增長推動的。在北美，今年迄今為止的飲料銷量增長了 1%，熱灌裝容器銷量同比增長了 2%，而同期則保持了兩位數的強勁增長，並且在 6 月季度增長了 4%，反映了持續的實力在等滲劑和果汁等類別中。

By leveraging Amcor's highly differentiated technology, design and PCR handling capabilities, we are well-differentiated and adding significant value for our customers in the hot-fill segment, which over a multiyear period has resulted in compound volume growth of around 5%, helping drive consistent fixed benefits. Specialty container volumes continued to improve throughout the year, including in the June quarter, but on a full year basis, remained below the prior year, which benefited from a strong first half in the home and personal care category. And in Latin America, the business delivered double-digit volume growth for the year, supported by higher volumes in all countries we operate in the region. And the June quarter marked the highest level of volume growth for the business this year, led in part by strength in Brazil.

通過利用 Amcor 高度差異化的技術、設計和 PCR 處理能力，我們實現了差異化，並為我們在熱灌裝領域的客戶增加了重要價值，在多年的時間裡，複合銷量增長了約 5%，有助於推動一致的固定收益。特種集裝箱銷量全年持續增長，包括在 6 月季度，但全年仍低於上年，這得益於上半年家庭和個人護理品類的強勁表現。在拉丁美洲，該業務全年實現了兩位數的銷量增長，這得益於我們在該地區經營的所有國家/地區的銷量增長。 6 月季度標誌著該業務今年的最高銷量增長水平，部分原因是巴西的實力。

Turning to earnings. In line with our expectation, operating conditions and financial performance in the North American business improved through the second half of the year after being adversely impacted by industry-wide supply chain complexity and disruptions as well as capacity constraints in the first half. As a result, the overall business delivered adjusted EBIT growth of 4% in the second half, with growth improving sequentially and reaching 5% in the June quarter.

轉向收益。與我們的預期一致，北美業務的經營狀況和財務業績在上半年受到全行業供應鏈複雜性和中斷以及產能限制的不利影響後，在下半年有所改善。因此，整體業務在下半年實現了 4% 的調整後息稅前利潤增長，增長環比改善並在 6 月季度達到 5%。

Moving to the cash and the balance sheet on Slide 8. We continue to generate strong free cash flow even as we step up our capital investments and compensate for additional working capital needs from higher raw material costs and supply constraints. Free cash flow was $1.1 billion, in line with the expectations and broadly in line with fiscal 2021. We are pleased with this result, given we've won the unfavorable working capital impact of higher raw material costs throughout the year and have also proactively increased inventories across the business to help offset some of the volatility created by supply constraints. Our working capital performance remains a top priority, one even more critical in this inflationary environment. And despite these challenges, we've been able to maintain a 12-month average working capital to sales ratio below 8% and in line with last year.

轉到幻燈片 8 上的現金和資產負債表。即使我們加大資本投資並彌補原材料成本上漲和供應限制帶來的額外營運資金需求，我們仍會繼續產生強勁的自由現金流。自由現金流為 11 億美元，符合預期，與 2021 財年基本一致。我們對這一結果感到滿意，因為我們已經贏得了全年原材料成本上漲帶來的不利營運資金影響，並且還積極增加整個企業的庫存，以幫助抵消供應限製造成的一些波動。我們的營運資金表現仍然是重中之重，在這種通脹環境下更為重要。儘管存在這些挑戰，我們仍然能夠將 12 個月的平均營運資金與銷售比率保持在 8% 以下，與去年持平。

We also see ample opportunity to increase investments in strategic growth projects, which generate strong returns in excess of 20%. This led to a 13% increase in capital investments during the '22 fiscal year, and as we've previously communicated, we will continue to step up investments to support future organic growth. We maintain an investment-grade credit rating, which gives us access to funding through the cycle of competitive rates, and approximately 54% of our debt is fixed. Leverage at 2.7x on a trailing 12-month EBITDA basis was in line with our expectations at year-end. And the balance sheet is extremely well positioned with only 1 maturity in the next 18 months being a EUR 300 million bond in March '23.

我們還看到了增加對戰略增長項目的投資的充足機會，這些項目產生了超過 20% 的強勁回報。這導致 22 財年的資本投資增加了 13%，正如我們之前所傳達的，我們將繼續加大投資以支持未來的有機增長。我們維持投資級信用評級，這使我們能夠通過具有競爭力的利率週期獲得資金，我們大約 54% 的債務是固定的。在過去 12 個月 EBITDA 基礎上，2.7 倍的槓桿率符合我們在年底的預期。資產負債表的位置非常好，未來 18 個月內只有 1 個到期日是 23 年 3 月的 3 億歐元債券。

We continue to deliver on our investment case, returning meaningful capital to shareholders during fiscal '22 year through repurchasing $600 million worth of shares and raising our annual dividend per share to $0.48. In total, we are pleased to have returned more than $1.3 billion to shareholders in fiscal '22.

我們繼續兌現我們的投資案例，通過回購價值 6 億美元的股票並將我們的年度每股股息提高到 0.48 美元，在 22 財年向股東返還有意義的資本。總的來說，我們很高興在 22 財年向股東返還了超過 13 億美元。

Turning now to Amcor's outlook for fiscal 2023 on Slide 9. We expect adjusted EPS of approximately $0.80 to $0.84 per share on a reported basis. This includes growth of 5% to 10% from the underlying business and a benefit of approximately 2% from share repurchases, offset by 3 nonoperating items: the first, the negative impact of approximately 4% from higher interest expense, which is based on the assumption that interest rates increased in line with the current market forward curve expectations; second, an estimated 2% negative impact from the scale-down and planned sale of our 3 plants in Russia; and third, a 2% negative impact related to a stronger U.S. dollar, assuming current exchange rates prevail for the balance of the fiscal year.

現在轉向幻燈片 9 中 Amcor 對 2023 財年的展望。我們預計調整後的每股收益約為 0.80 美元至 0.84 美元。這包括基礎業務增長 5% 至 10% 以及股票回購帶來約 2% 的收益，但被 3 個非經營性項目抵消：第一，利息支出增加帶來的約 4% 的負面影響，這是基於假設利率上升與當前市場遠期曲線預期一致；其次，我們在俄羅斯的 3 家工廠的縮減和計劃出售預計會產生 2% 的負面影響；第三，與美元走強相關的 2% 的負面影響，假設當前匯率適用於本財年剩餘時間。

In terms of cash flow, we expect to continue to generate significant adjusted free cash flow for the year of approximately $1 billion to $1.1 billion, even as we fund a further 15% increase in capital investments to capture organic growth opportunities. While Amcor's cash flows are typically weighted to the second half, in fiscal 2023, the seasonality is likely to be slightly more pronounced as we intend to maintain higher levels of inventory in the near term before returning to more normalized levels later in the year. As a result, free cash flow in the September '23 quarter is expected to be lower than first quarter of fiscal '22.

在現金流方面，我們預計今年將繼續產生約 10 億至 11 億美元的顯著調整後自由現金流，即使我們為資本投資進一步增加 15% 以抓住有機增長機會提供資金。雖然 Amcor 的現金流通常加權到下半年，但在 2023 財年，季節性可能會更加明顯，因為我們打算在短期內維持較高的庫存水平，然後在今年晚些時候恢復到更正常的水平。因此，23 年 9 月季度的自由現金流預計將低於 22 財年第一季度。

Our strong cash generation enables us to continue paying a compelling and growing dividend and allocate approximately $400 million in cash to share repurchases during the 2023 fiscal year. So in summary from me today, the business has delivered another strong year of organic growth as we remain focused on executing for our customers, recovering inflation and higher raw material costs and increasing earnings leverage by managing mix. Our continued and consistent performance supports our confidence in delivering another year of underlying growth in fiscal 2023.

我們強大的現金生成使我們能夠繼續支付令人信服且不斷增長的股息，並在 2023 財年分配約 4 億美元現金用於股票回購。所以今天從我的總結來看，該業務實現了又一個強勁的有機增長，因為我們仍然專注於為我們的客戶執行，恢復通貨膨脹和更高的原材料成本，並通過管理組合來提高盈利槓桿。我們持續和一致的表現支持了我們對在 2023 財年實現又一年的基本增長的信心。

With that, I'll hand back to Ron.

有了這個，我會交還給羅恩。

Okay. Thanks, Michael. Before turning to Q&A, I want to refocus for a minute on the longer term. And our financial performance continues to reflect consistent delivery against our strategy and a resilient investment case, which is shown on Slide 10. And we enter fiscal '23 with leadership positions in most of our chosen primary packaging segments and with over 95% of our sales for consumer staples and health care products.

好的。謝謝，邁克爾。在轉向 Q&A 之前，我想花一分鐘時間重新關注更長遠的問題。我們的財務業績繼續反映我們的戰略和彈性投資案例的持續交付，如幻燈片 10 所示。我們進入 23 財年，在我們選擇的大多數初級包裝領域處於領先地位，銷售額占我們銷售額的 95% 以上用於消費必需品和保健品。

We also have absolute and relative scale advantages in all key regions and industry-leading commercial and innovation capabilities. With this portfolio, we have a long track record through multiple economic cycles of delivering earnings growth, margin expansion and significant free cash flow, all while maintaining a strong investment-grade balance sheet. Our cash flow and balance sheet strength is enabling us to step up investments for growth and continue to return additional value to shareholders in the form of a growing dividend and regular share repurchases.

我們在所有重點區域也具有絕對和相對規模優勢，具有行業領先的商業和創新能力。憑藉這個投資組合，我們在多個經濟周期中擁有長期的業績記錄，實現了盈利增長、利潤率擴張和顯著的自由現金流，同時保持了強大的投資級資產負債表。我們的現金流和資產負債表實力使我們能夠加大投資以實現增長，並繼續以增加股息和定期股票回購的形式向股東回報額外價值。

The starting point in creating value for shareholders will always be the underlying organic growth of the business. And as we've continually strengthened the base business, including over the last few years with the Bemis acquisition, we've built sustainable organic sales growth momentum. We have multiple drivers of organic growth that have contributed to that momentum and which are shown on Slide 11. We've been focused on these areas for some time and we're investing across each of them.

為股東創造價值的出發點永遠是業務的潛在有機增長。隨著我們不斷加強基礎業務，包括在過去幾年收購 Bemis，我們建立了可持續的有機銷售增長勢頭。我們有多種有機增長驅動因素促成了這種勢頭，如幻燈片 11 所示。一段時間以來，我們一直專注於這些領域，我們正在對每個領域進行投資。

First, Amcor has leading positions in higher-growth, higher-priority -- higher-value priority segments, including health care, meat, cheese, premium coffee, pet food and hot fill containers. Collectively, we generate more than $4 billion in annual sales across these categories, and they're growing at mid-single-digit rates and offer significant opportunities for differentiation, contributing to margin expansion. Over time, they'll represent a higher proportion of our sales mix and become an increasingly relevant driver of earnings growth.

首先，Amcor 在高增長、高優先級——高價值優先級領域處於領先地位，包括醫療保健、肉類、奶酪、優質咖啡、寵物食品和熱灌裝容器。總的來說，我們在這些類別中創造了超過 40 億美元的年銷售額，並且它們正以中個位數的速度增長，並提供了重要的差異化機會，有助於擴大利潤率。隨著時間的推移，它們將在我們的銷售組合中佔據更高的比例，並成為推動盈利增長的越來越重要的驅動力。

We also have a leading and well-diversified emerging markets portfolio, generating more than $3 billion in revenue, which we expect will also grow at mid-single-digit rates over the long term, as has been the case for many years. And innovation continues to be one of the most critical drivers of differentiation and growth in the packaging industry, and Amcor is coming from a position of tremendous strength with deep R&D talent and capabilities.

我們還擁有領先且多元化的新興市場投資組合，創造了超過 30 億美元的收入，我們預計這也將在長期內以中個位數的速度增長，就像多年來的情況一樣。創新仍然是包裝行業差異化和增長的最關鍵驅動因素之一，而 Amcor 正處於擁有深厚研發人才和能力的強大地位。

And finally, sustainability is fundamental to everything we do from an innovation perspective and remains at the forefront of discussions with global brand owners. As the sustainability leader in the packaging industry, we continue to be the supplier of choice to help our customers achieve their goals in a meaningful way and at scale. Organic growth has accelerated over the last 3 years, and as Michael mentioned, we're stepping up CapEx to around 4% to 5% of sales on an ongoing basis to maintain that momentum.

最後，從創新的角度來看，可持續性是我們所做的一切的基礎，並且始終處於與全球品牌所有者討論的最前沿。作為包裝行業的可持續發展領導者，我們將繼續成為幫助客戶以有意義的方式大規模實現其目標的首選供應商。過去 3 年有機增長加速，正如邁克爾所說，我們正在將資本支出持續提高到銷售額的 4% 到 5% 左右，以保持這種勢頭。

In our industry, there's also a pipeline -- a rich pipeline of acquisition opportunities available to supplement our organic growth. We have a pragmatic and disciplined approach to M&A, and we've completed around 30 deals in the last 10 years, and we continue to be active. Earlier this month, we acquired a world-class flexible packaging plant in the Czech Republic. This plant features state-of-the-art equipment and immediately increases our capacity in Central Europe to satisfy strong demand in priority segments, including coffee and pet food. The acquired land and buildings also provide optionality to scale and potentially consolidate operations in that region while giving us a highly efficient production hub in a strategically attractive lower-cost location.

在我們的行業中，還有一條管道——豐富的收購機會管道可用於補充我們的有機增長。我們對併購採取務實和嚴謹的態度，在過去 10 年中完成了大約 30 筆交易，並且我們繼續保持活躍。本月早些時候，我們在捷克共和國收購了一家世界級的軟包裝工廠。該工廠配備了最先進的設備，並立即提高了我們在中歐的產能，以滿足包括咖啡和寵物食品在內的優先領域的強勁需求。收購的土地和建築物還提供了擴展和潛在整合該地區業務的選擇權，同時在具有戰略吸引力的低成本地點為我們提供了一個高效的生產中心。

We've also invested in several new opportunities through our open innovation and corporate venturing efforts. These typically start small but we're very excited to have recently increased our strategic investment in ePac, a fast-growing flexible packaging player, leveraging digital technologies to offer smaller production runs and shorter lead times. This increased investment in ePac is an excellent example of our objective to partner with high-growth visionary companies to learn from and to leverage new innovations and business models.

通過我們的開放式創新和企業風險投資，我們還投資了幾個新機會。這些通常從小規模開始，但我們很高興最近增加了對 ePac 的戰略投資，ePac 是一家快速發展的軟包裝公司，利用數字技術提供更小的生產運行和更短的交貨時間。增加對 ePac 的投資是我們與高增長有遠見的公司合作以學習和利用新的創新和商業模式的目標的一個很好的例子。

As you heard from Michael, we have a strong investment-grade balance sheet, and we expect another year of robust cash flow in fiscal '23, which means we can continue to invest in growth and return a substantial amount of capital to shareholders. We're committed to growing our already compelling dividend every year. And Amcor is one of a small number of companies included in the Dividend Aristocrats Index, which recognizes companies with a 25-year or longer history of consecutive dividend increases. Our current yield is especially attractive at approximately 4%.

正如您從邁克爾那裡聽到的那樣，我們擁有強大的投資級資產負債表，我們預計 23 財年將再有一年強勁的現金流，這意味著我們可以繼續投資於增長並將大量資本返還給股東。我們致力於每年增加我們已經引人注目的股息。 Amcor 是少數被納入股息貴族指數的公司之一，該指數認可具有 25 年或更長時間連續增加股息歷史的公司。我們目前的收益率特別有吸引力，約為 4%。

And we've also been regular -- a regular repurchaser of our own shares, allocating $1.5 billion of cash to share repurchases since 2019. And over that time, we bought back more than 8% of our outstanding shares or roughly 1/3 of the shares that were issued to acquire Bemis 3 years ago. And looking ahead, we expect our strong cash generation to continue supporting regular share repurchases, including approximately $400 million in fiscal '23.

而且我們也很正常——定期回購我們自己的股票，自 2019 年以來分配了 15 億美元現金用於股票回購。在那段時間裡，我們回購了超過 8% 的流通股或大約 1/3 3 年前為收購 Bemis 而發行的股票。展望未來，我們預計我們強勁的現金產生將繼續支持定期股票回購，包括 23 財年約 4 億美元。

In summary, on Slide 14, Amcor had another strong year in fiscal '22, generating sustainable momentum and delivering earnings growth at the top end of our expected range. We expect to deliver another year of strong growth in the underlying business in FY '23. And we're committed to continuing delivering for shareholders by increasing investments in the business and returning value through a compelling dividend and ongoing share repurchases.

總而言之，在幻燈片 14 上，Amcor 在 22 財年又取得了強勁的一年，產生了可持續的勢頭，並在我們預期範圍的高端實現了收益增長。我們預計在 23 財年基礎業務將再次實現強勁增長。我們致力於通過增加對業務的投資並通過引人注目的股息和持續的股票回購來回報價值，從而繼續為股東提供服務。

So with those opening remarks, operator, we can now turn the line over to questions.

因此，有了這些開場白，操作員，我們現在可以將線路轉為問題。

(Operator Instructions) Your first question comes from the line of Anthony Pettinari with Citi.

（操作員說明）您的第一個問題來自花旗銀行的 Anthony Pettinari。

In Rigids, you saw really good volume growth in North America bev, and some of your packaging peers have talked about customers pushing price over volume and maybe reducing some promotional activity. I'm wondering if you could just talk about maybe the outlook for bev volumes in fiscal '23 and the dynamic that you're seeing there. Do you think that you're gaining share or maybe your kind of overweight some categories that are winning in the marketplace? Just any kind of further detail there would be very helpful.

在 Rigids，您看到北美 bev 的銷量增長非常好，您的一些包裝同行談到客戶推高價格而不是銷量，並可能減少一些促銷活動。我想知道你是否可以談談 23 財年的 bev 銷量前景以及你在那裡看到的動態。您是否認為您正在獲得份額，或者您可能會增持某些在市場上獲勝的類別？任何進一步的細節都會非常有幫助。

Yes. Look, I think the starting point would be that demand has remained elevated. If we look across our business, and we had a good solid year in '22 from a volume perspective, but what's really more compelling in our view is that over 2 years, our volumes across the beverage space are up 6%. In hot fill, which is a priority segment for us, they're up about 14% over 2 years and that includes growth in both of the years. So we had super strong growth in '21, fiscal '21, a little slower growth in '22 against that stronger comp. But the demand has remained elevated.

是的。看，我認為起點是需求保持高位。如果我們縱觀我們的業務，從銷量的角度來看，我們在 22 年的表現非常穩健，但在我們看來，更引人注目的是，在 2 年多的時間裡，我們在飲料領域的銷量增長了 6%。在熱灌裝中，這是我們的優先領域，它們在 2 年內增長了約 14%，其中包括這兩年的增長。因此，我們在 21 財年和 21 財年實現了超強勁的增長，而 22 財年的增長則相對於更強勁的競爭有所放緩。但需求一直處於高位。

Look, I think over the long term, we continue to expect kind of low single-digit volume growth across our end market segments. When we look back over the last 5, 6, 7 years, we've had about 2% total beverage growth, but the hot fill space has grown closer to 3% to 4%, and that's what we'd expect going forward. I think looking back over the last 24 months, there's been a bunch of ups and downs clearly. But we like our exposure. We're highly levered to the sports drink category, which has gone through a bit of a rejuvenation. Iced teas, some of the hot fill juices as well have performed well. So that's the expectation going forward, Anthony. It's low single-digit growth with maybe a little bit more in hot fill.

看，我認為從長遠來看，我們繼續預計我們的終端細分市場會出現低個位數的銷量增長。當我們回顧過去 5、6、7 年時，我們的飲料總量增長了大約 2%，但熱灌裝空間增長了接近 3% 到 4%，這就是我們對未來的預期。我認為回顧過去的 24 個月，顯然有很多起起落落。但我們喜歡我們的曝光。我們高度重視運動飲料類別，該類別經歷了一些復興。冰茶，一些熱灌裝果汁也表現良好。這就是我們對未來的期望，安東尼。這是個位數的低增長，可能更多的是熱填充。

Okay. Okay. That's very helpful. And then just switching to Flexibles. In terms of improving material availability, what inning do you think you're in there? Or where -- at what point does that maybe run its course? And does the guidance assume maybe kind of a modest mix headwind in '23 as you kind of maybe go back to some maybe lower margin customers. I don't know if that's the right way to think about it, but any thoughts there?

好的。好的。這很有幫助。然後只是切換到靈活。在提高材料可用性方面，你認為你在哪一局？或者在哪裡——在什麼時候它可能會順其自然？該指南是否假設在 23 年可能會出現適度的混合逆風，因為您可能會回到一些利潤率較低的客戶那裡。我不知道這是否是正確的思考方式，但有什麼想法嗎？

Let me answer -- it's 2 separate questions. Let me try to answer both. I mean, as far as the raw material availability goes, I'd say we're in the middle innings. I think it's been a bit like a whack-a-mole game in terms of the availability constraints that we've dealt with over the last, say, 12 to 15 months. We still have constraints on some specialty polymers. I think the commodity raw materials that we source have been in ready supply for quite some time now. Where we've had constraints, it's been more in specialty resins. At times, we've had constraints or limitations on aluminum supply as well. That seems to have abated a bit.

讓我回答——這是兩個不同的問題。讓我試著回答這兩個問題。我的意思是，就原材料的可用性而言，我想說我們正處於中間階段。我認為就我們在過去（例如 12 到 15 個月）處理的可用性限製而言，這有點像打地鼠遊戲。我們仍然對一些特種聚合物有限制。我認為我們採購的商品原材料已經供應了相當長的一段時間。在我們遇到限制的地方，更多的是在特種樹脂方面。有時，我們對鋁供應也有限製或限制。這似乎已經減輕了一些。

But as far as the overall basket of goods, I would describe that we're in the middle innings. So I think we would like to believe there's light at the end of the tunnel. As far as our guidance, we assume basically ready availability and low single-digit volume growth in Flexibles. So that's -- hopefully, we see the end of it by the end of the fiscal year in terms of the constraints.

但就整體一攬子商品而言，我認為我們處於中間階段。所以我認為我們願意相信隧道盡頭有光明。就我們的指導而言，我們假設Flexibles 基本上是現成的可用性和低個位數的銷量增長。所以這就是 - 希望我們在本財政年度結束時看到它在限制方面的結束。

Yes. And then look, as far as mix, the other part of your question, I think we would expect organic sales growth to be generally similar. But over time, as materials become more available, the contribution to that sales growth will balance out. So we might see a little bit less from a -- in a bridging sense from mix and a little bit more from volume. But longer term, and this is important to note, making the distinction between the bridging of one financial year to the next and just the long-term strategic direction, which is to drive improved mix and drive growth in those higher priority segments that we talk about.

是的。然後看看，就混合而言，你問題的另一部分，我認為我們預計有機銷售增長大致相似。但隨著時間的推移，隨著材料變得更容易獲得，對銷售增長的貢獻將趨於平衡。因此，我們可能會從混音中看到的少一點——從混音的橋接意義上說，從音量上看多一點。但從長遠來看，這一點很重要，將一個財政年度與下一個財政年度的銜接與長期戰略方向區分開來，即推動改善組合併推動我們談論的那些更高優先級領域的增長關於。

(Operator Instructions) Your next question comes from the line of Ghansham Panjabi with Baird.

（操作員說明）您的下一個問題來自 Baird 的 Ghansham Panjabi 行。

I just wanted to follow up on Anthony's question on the elasticity impact. Ron, I mean, maybe just a broader portfolio question, not just Rigids but Flexibles as well. Have you seen any sort of impact as it relates to new product introduction activity or anything like that? Because clearly, a lot of your customers are talking about consumer elasticity taking hold. And then also just to clarify, the 3% price contribution in Flexibles, apart from the 11% pass-through impact, what exactly does that encompass? Are these market-based price increases as you attempt to adjust for higher freight and labor products or is there something else there?

我只是想跟進 Anthony 關於彈性影響的問題。羅恩，我的意思是，也許只是一個更廣泛的投資組合問題，不僅是剛性問題，還有柔性問題。您是否看到與新產品介紹活動或類似活動相關的任何影響？因為很明顯，你的很多客戶都在談論消費者彈性正在佔據主導地位。然後還要澄清一下，Flexibles 中 3% 的價格貢獻，除了 11% 的傳遞影響，具體包括什麼？這些基於市場的價格上漲是因為您試圖調整更高的運費和勞動力產品，還是有其他原因？

Yes. Let me talk -- I'll answer the first question and Michael can come back on the second around the pricing. Look, we talk to our customers, as you'd expect, and we're close to our customers across the different markets that we're participating in. I think generally, the same messages come back, and that is what you hear them say publicly, which is to date, in this part of the inflationary cycle, elasticities have been lower than they would have expected and lower than historical levels.

是的。讓我談談——我會回答第一個問題，邁克爾可以圍繞定價再來回答第二個問題。看，正如您所期望的那樣，我們與我們的客戶交談，我們與我們參與的不同市場的客戶保持密切聯繫。我認為一般來說，同樣的信息會回來，這就是您聽到的信息公開地說，到目前為止，在通脹週期的這一部分，彈性一直低於他們的預期，也低於歷史水平。

But they're also quick to point out that there is elasticity of demand even across these more defensive end markets. And there's the potential for that elasticity to increase as we get deeper into this period of high inflation. There's a cumulative amount of inflation that builds up, which could impact the consumer. All that being said, I mean, we really like our portfolio. We have no general industrial exposure. We're almost completely exposed to consumer staples and health care products, which have proven over a number of economic cycles to be quite resilient. And we've got no durables exposure of any kind also.

但他們也很快指出，即使在這些更具防禦性的終端市場中，需求也存在彈性。隨著我們深入到這段高通脹時期，這種彈性有可能增加。累積的通貨膨脹量會增加，這可能會影響消費者。話雖如此，我的意思是，我們真的很喜歡我們的投資組合。我們沒有一般的工業風險敞口。我們幾乎完全接觸到消費必需品和醫療保健產品，這些產品已在多個經濟周期中被證明具有相當大的彈性。我們也沒有任何類型的耐用品暴露。

So we feel like we're as well positioned as anybody. Certainly, if you go back, if you'd followed the company 5, 10 years ago, our portfolio now is more defensive than it's ever been. And with, as I said, essentially all of our exposure into more defensive segments.

所以我們覺得我們和任何人一樣處於有利地位。當然，如果您回頭看，如果您在 5、10 年前關注該公司，我們現在的投資組合比以往任何時候都更具防禦性。正如我所說，基本上我們所有的暴露都在更具防禦性的領域。

Do you want to talk about the price?

你想談談價格嗎？

Yes, sure. In terms of the pricing, so as you've seen from the results, I mean, our teams have been out there working really hard to get not only the raw material increases back in the year. And you see us, we've put through about $1.5 billion in raw material-related price increases through the year, so about 12% of revenue. And that kind of countered a 25% increase generally across the board in raw materials.

是的，當然。就定價而言，正如您從結果中看到的那樣，我的意思是，我們的團隊一直在努力工作，不僅使原材料在今年有所增加。你看我們，全年我們已經完成了大約 15 億美元的原材料相關價格上漲，約佔收入的 12%。這抵消了原材料總體上 25% 的增長。

But in addition to that, clearly, we've seen pretty significant increases in inflation across things like energy and freight and, to a lesser extent, some labor. And so clearly, our teams have been out in the marketplace, recovering those non-raw material-related items as well and working really hard to do that. And if you think about energy and freight as a component of Amcor's cost of goods, they're a smaller component. They're around about 3% of our cost of goods. And during the year, we've seen somewhere between 15% to 20% increases in those items. And that equates to around $100 million, $110 million.

但除此之外，很明顯，我們已經看到能源和貨運等方面的通脹顯著增加，在較小程度上還包括一些勞動力。很明顯，我們的團隊已經在市場上，回收那些與原材料無關的物品，並且非常努力地做到這一點。如果您將能源和貨運視為 Amcor 商品成本的組成部分，它們是一個較小的組成部分。它們約占我們商品成本的 3%。在這一年中，我們看到這些項目增加了 15% 到 20% 之間。這相當於大約 1 億美元，1.1 億美元。

And then if you take labor and a few other things into account, the overall inflation for the year was somewhere around the $150 million mark. And if you look at our price increases across the board, we had about a 1% price increase non-raw material added, so 1% in the sales growth. That's a pretty similar amount to the inflation that we saw.

然後，如果將勞動力和其他一些因素考慮在內，今年的總體通貨膨脹率大約在 1.5 億美元左右。如果你看一下我們全面的價格上漲，我們增加了大約 1% 的非原材料價格上漲，因此銷售額增長了 1%。這與我們看到的通貨膨脹非常相似。

Your next question comes from the line of Brook Campbell-Crawford with Barrenjoey.

您的下一個問題來自 Brook Campbell-Crawford 和 Barrenjoey。

Just one on Slide 9. The sort of 5% to 10% organic growth, I guess, based on organic volume growth of 1% to 2%, can you just sort of step me through that leverage? Are you expecting price increases to more than offset cost inflation? I'm sure there's been a mix in there, but it's just good leverage there from volume to EPS.

幻燈片 9 上只有一張。我想，基於 1% 到 2% 的有機銷量增長，5% 到 10% 的有機增長，你能幫我介紹一下這個槓桿嗎？您是否期望價格上漲超過抵消成本通脹？我敢肯定那裡有混合，但這只是從交易量到每股收益的良好槓桿作用。

Yes. Look, I would describe it as basically the components that you just outlined. So we start with expectation of low single-digit volume growth. We start with the expectation that, that volume growth will be more heavily weighted towards the more differentiated, higher-value segments that we've called out. We would expect to continue to get inflation recovery, and we would expect to continue to drive cost productivity in the business. So those building blocks probably haven't changed much. I mean, in certain years, we've had acquisition synergies to contribute. We don't have that, obviously, in '23, but those are the building blocks.

是的。看，我將其描述為您剛剛概述的基本組件。因此，我們從預期低個位數的銷量增長開始。我們的期望是，銷量增長將更多地集中在我們所呼籲的更具差異化、更高價值的細分市場上。我們預計通脹將繼續復甦，我們預計將繼續推動業務的成本生產力。所以這些構建塊可能沒有太大變化。我的意思是，在某些年份，我們有收購協同效應可以做出貢獻。顯然，在 23 年我們沒有這個，但這些是構建塊。

So just on the restructuring costs taken below the line throughout the year, there was another $11 million in the fourth quarter. And I note there was no Bemis synergies in that period as well. So maybe you can just help us understand what are some of the examples of things that contribute to that $11 million in the June quarter and if we should expect some of that to continue into FY '23.

因此，僅在全年低於線的重組成本中，第四季度還有 1100 萬美元。我注意到那個時期也沒有 Bemis 協同作用。因此，也許您可以幫助我們了解在 6 月季度為 1100 萬美元做出貢獻的一些例子，以及我們是否應該期望其中一些會持續到 23 財年。

Yes. Thanks, Brook. It's Michael here. Look, that was just the end of the program, so there's some tail off on certain costs relating to -- mostly relating to footprint-related items, the impairments and other things. So that's specifically on the Bemis program, which is now closed out. So you should not expect any more costs below the line for that program, which we completed this year.

是的。謝謝，布魯克。這裡是邁克爾。看，這只是該計劃的結束，因此與某些成本相關的費用有所減少 - 主要與足跡相關的項目、損傷和其他事情有關。這是專門針對 Bemis 計劃的，該計劃現已關閉。因此，您不應期望我們今年完成的該計劃的成本會低於該計劃的底線。

Your next question comes from the line of Lawrence Gandler with Credit Suisse.

您的下一個問題來自瑞士信貸的 Lawrence Gandler。

Okay, first question. I guess, Michael, with regards to the cash flow guidance, I was hoping for at least raw materials inventory not to be a drag on cash flow in F '23. Given the cash flow guidance is not in advance of F '22, it does seem like there is a bit of a drag. Just wondering if you can walk us through that.

好的，第一個問題。我想，邁克爾，關於現金流指導，我希望至少原材料庫存不會拖累 F '23 的現金流。鑑於現金流指導並未提前於 F '22，看起來確實有點拖累。只是想知道你是否可以引導我們完成。

And my second question is related to -- you recently appointed -- this probably a question more for Ron. You guys recently appointed a Head of Global Sales, I guess, to harmonize some of those high-margin categories and your presence across Europe and the U.S. Ron, maybe you can just talk about the priorities there.

我的第二個問題與您最近任命的有關，這可能是 Ron 的更多問題。我猜你們最近任命了一位全球銷售主管，以協調一些高利潤類別以及你們在歐洲和美國的業務。Ron，也許你們可以談談那裡的優先事項。

Sure, okay. Do you want to take the first one?

當然可以。你想拿第一個嗎？

Yes, sure. So I'll start with the cash flow. Look, I mean, we're looking forward to another strong year of cash flow in that $1 billion to $1.1 billion range. There are several factors that drive that. Obviously, we're going to have some -- we'll have higher EBITDA within that cash flow from a working capital standpoint. In FY '22, we had a cash outflow of around $150 million on the back of the raw material price escalation and holding more inventory on the back of the volatile and disruptive marketplace. So we're not anticipating an additional outflow as a result of that.

是的，當然。所以我將從現金流開始。聽著，我的意思是，我們期待在 10 億至 11 億美元範圍內的又一個強勁的現金流年。有幾個因素推動了這一點。顯然，我們將有一些 - 從營運資金的角度來看，我們將在該現金流中擁有更高的 EBITDA。在 22 財年，由於原材料價格上漲以及在動盪和破壞性市場的背景下持有更多庫存，我們的現金流出量約為 1.5 億美元。因此，我們預計不會因此導致額外的資金流出。

But at the same time, you're going to see increased sales and further pass-throughs. So there will be some working capital impact from that, albeit we'll be holding working capital to sales around that below 8% ratio, which we've been pretty consistent on over the last few years. So no real impact on the inventory side. It's also going to depend on what happens with raw material pricing and how the market supply chain works. But pretty much, we're looking for a new -- from working capital impact. Obviously, we're going to be spending more in CapEx. So we talked about a 15% step-up in CapEx, which will -- that's included in the guidance and then with the higher interest, that's an outflow that we didn't have this year. So when you put all that together, looking forward to another strong year in that $1 billion to $1.1 billion range.

但與此同時，您會看到銷售額的增加和進一步的傳遞。因此，這將對營運資金產生一些影響，儘管我們將把營運資金與銷售額的比率保持在低於 8% 的水平，這在過去幾年中我們一直保持一致。所以對庫存方面沒有真正的影響。這也將取決於原材料定價的變化以及市場供應鏈的運作方式。但幾乎，我們正在尋找一個新的——來自營運資金的影響。顯然，我們將在資本支出上投入更多。因此，我們談到了資本支出增加 15%，這將 - 這包含在指導中，然後隨著更高的興趣，這是我們今年沒有的流出。因此，當您將所有這些放在一起時，期待在 10 億至 11 億美元範圍內的另一個強勁的一年。

And then Larry, yes, you asked about the Head of Global Sales and Marketing, which is a role that we've had but we've elevated. And maybe just for context, we run the business in a very decentralized way through the business groups. We have a small number of resources in the center that drive leverage across the portfolio in areas that we think are the highest impact. And sales and marketing has been one of those for quite some time. We've had that role in the center.

然後拉里，是的，你問到了全球銷售和營銷主管，這是我們曾經擔任過的角色，但我們已經提升了。也許只是為了上下文，我們通過業務組以非常分散的方式經營業務。我們在中心擁有少量資源，可以在我們認為影響最大的領域推動整個投資組合的槓桿作用。很長一段時間以來，銷售和營銷一直是其中之一。我們在中心扮演了這個角色。

What's new is that we've elevated it. It's now a direct report to me. It sits on the leadership table. And there's a few things that really I'm expecting to get out of. First and foremost is we just -- as we pivot increasingly towards generating higher levels of organic growth and top line growth, we just want the voice of the customer even more prominent around the leadership table. And so this person will help us do that.

新的是我們提升了它。現在是直接向我匯報。它坐在領導桌上。我真的希望擺脫一些事情。首先，我們只是——隨著我們越來越多地轉向產生更高水平的有機增長和收入增長，我們只希望客戶的聲音在領導層中更加突出。所以這個人會幫助我們做到這一點。

Clearly, we have some global customer relationships that have always required a degree of coordination so she'll pick that up as well. And then our commercial capabilities, which is an initiative called Value Plus that we've had in place for 15 years or so. It's a commercial excellence program inside the company. Think of it as sort of Six Sigma for the commercial side of the business. She'll also take the lead in driving continuous improvement in that program as well. So that's the rationale for the elevation and increase in prominence of what's always been a very important role for us.

顯然，我們有一些全球客戶關係一直需要一定程度的協調，所以她也會接手。然後是我們的商業能力，這是一項名為 Value Plus 的計劃，我們已經實施了 15 年左右。這是公司內部的一項商業卓越計劃。將其視為業務商業方面的六西格碼。她還將帶頭推動該計劃的持續改進。這就是提升和增加對我們來說一直非常重要的角色的重要性的理由。

Your next question comes from the line of George Staphos with Bank of America.

您的下一個問題來自美國銀行的 George Staphos。

My question is going to be on Russia, Ron and Mike. So I wanted to understand the guidance for next year, you've mentioned it'd be about a 2% effect, considering that you assume the business winded down and is sold by mid-fiscal '23. Does that mean then that in fiscal '24, there'll be a residual comparison? There'll be the other half that you're comparing against in fiscal '23 from having the business in your result?

我的問題是關於俄羅斯、Ron 和 Mike。所以我想了解明年的指導，你提到它會產生大約 2% 的影響，考慮到你假設業務結束並在 23 財年中期出售。這是否意味著在 24 財年，會有殘差比較？您將在 23 財年將另一半與您的業務進行比較？

And then more broadly, you mentioned footprint alignment, cost reduction. Can you talk to us about how you are going to best try to fill some of the earnings that will be leaving? And how much will acquisitions play in that effort for the company? Thank you, and good luck with the new year.

然後更廣泛地說，您提到了足跡對齊，降低成本。你能和我們談談你將如何最好地嘗試填補一些將要離開的收入嗎？收購對公司有多大影響？謝謝你，祝你新的一年好運。

Yes. Thanks, George. And I'll take it. Michael can tag on here at the end. But we've decided to sell these 3 plants, which have historically produced around 4% to 5% of our EBIT. The planning assumption and the assumption that's embedded in our guidance for the year is that we complete that sale process at some point in the second half of the year. And between now and then, we're scaling back the operations, which is all consistent with what we had said back in March and I think on our call in May.

是的。謝謝，喬治。我會接受的。邁克爾可以在最後在這裡標記。但我們決定出售這 3 家工廠，它們在歷史上產生了大約 4% 到 5% 的息稅前利潤。計劃假設和我們今年指導中的假設是，我們將在下半年的某個時候完成銷售過程。從現在到現在，我們正在縮減運營規模，這與我們在 3 月份所說的一致，我認為在 5 月份的電話會議上。

Now as far as the difference between roughly a 2% headwind in FY '23 and whether or not there's any residual impact in '24, look, we're pedaling really hard to offset the gap. And so we don't expect any meaningful residual impact in FY '24. Clearly, we're losing 4% to 5% of earnings. We're going to take a hard look at the cost base in that part of the business. We'll be rightsizing, if you will, the cost base in that part of the company, looking at footprint as well. And so we expect to mitigate the remaining impact to the extent there is any.

現在就 23 財年大約 2% 的逆風與 24 財年是否有任何殘餘影響之間的差異而言，看，我們真的很難用踏板來彌補差距。因此，我們預計 24 財年不會有任何有意義的殘餘影響。顯然，我們正在損失 4% 到 5% 的收益。我們將仔細研究這部分業務的成本基礎。如果您願意，我們將調整公司該部分的成本基礎，同時考慮足跡。因此，我們希望在有任何影響的情況下減輕剩餘的影響。

Your next question comes from the line of Adam Samuelson with Goldman Sachs.

你的下一個問題來自高盛的亞當薩繆爾森。

I guess first question is just thinking about maybe the growth delivered in the quarter and your thoughts in fiscal '23, maybe a bit more regionally. I'm just wondering, you gave some color regionally in the Rigids business, but help us think about kind of what you're seeing in Europe, Asia. China had lockdowns in the most recent quarter that could have proven disruptive. And especially in Europe, as you look ahead, weaker economic growth, kind of how you -- and the impact of energy power prices, how that both impacting your view of costs but also your view of consumer demand. And I think high level, Ron talked about kind of low single-digit volume growth outlook as a starting assumption for fiscal '23, and I'm just trying to build up to that a little bit more.

我想第一個問題只是考慮可能在本季度實現的增長以及您在 23 財年的想法，也許更多的是區域性的。我只是想知道，您在 Rigids 業務中為區域性提供了一些色彩，但請幫助我們考慮一下您在歐洲、亞洲所看到的情況。中國在最近一個季度實施了封鎖，這可能被證明具有破壞性。尤其是在歐洲，當你展望未來時，經濟增長疲軟，以及能源價格的影響，這既會影響你對成本的看法，也會影響你對消費者需求的看法。我認為高水平，羅恩談到了一種低個位數的銷量增長前景作為 23 財年的起始假設，我只是想進一步加強這一點。

Okay. I'll handle that part, and Michael, you can come back and talk about the energy point. Yes. Well, that's right. The starting point is the assumption of low single-digit growth. I mean if we look backwards a bit in '22, because I would expect that will have similar dynamics at work in '23. Across -- generally speaking, across the developed markets, we had sort of flat to low single-digit volume growth in North America. Europe was a little bit softer because we had even more acute supply shortages of certain raw materials, and we prioritized some higher-value segments and customers.

好的。我會處理那部分，邁克爾，你可以回來談談能量點。是的。嗯，沒錯。起點是低個位數增長的假設。我的意思是，如果我們在 22 年向後看一點，因為我希望在 23 年會有類似的動態。總體而言，在整個發達市場，我們在北美的銷量增長持平至低個位數。歐洲稍微疲軟一些，因為我們的某些原材料供應短缺更加嚴重，我們優先考慮了一些更高價值的細分市場和客戶。

But in the emerging markets in '22, we had mid-single-digit growth. And that's been sort of a long-term trend. So that's the way we would expect FY '23 to evolve as well. You asked specifically about China. China has been volatile. I mean it's been a really consistent grower for us for a long time. We had good growth across FY '23 as well. But clearly, in the fourth quarter, in particular, with some of the lockdowns, we had some very strong months and we had some very soft months. And I would expect those ups and downs to persist into the start of '23, at least, as things normalize.

但在 22 年的新興市場，我們實現了中個位數的增長。這是一種長期趨勢。所以這也是我們期望 23 財年發展的方式。你專門問了中國。中國一直動盪不安。我的意思是，很長一段時間以來，它對我們來說都是一個非常穩定的種植者。我們在 23 財年也有良好的增長。但顯然，在第四季度，特別是在一些封鎖的情況下，我們經歷了一些非常強勁的月份，也有一些非常疲軟的月份。我預計這些起起落落會持續到 23 年初，至少隨著事情的正常化。

But generally speaking, I guess, the next level of detail beneath the low single-digit growth across the portfolio would be kind of lower single digits in the developed markets, Europe and North America, mid-single digits in the emerging markets of Asia and Latin America. I would point out as well, just because some of the comments you may have been asking the question. I mean this has been a very resilient business through a number of economic cycles. And I can't emphasize that enough.

但總的來說，我猜想，在整個投資組合的低個位數增長之下，下一個細節層次將是發達市場、歐洲和北美的低個位數、亞洲新興市場的中個位數和拉丁美洲。我還要指出，只是因為您可能一直在問這個問題的一些評論。我的意思是，在許多經濟周期中，這是一項非常有彈性的業務。我怎麼強調都不過分。

And I also would point out to those that have followed the company for a long time that the portfolio has not been as defensive as it is now. We really have no general industrial and durables exposure.

我還要向那些長期關注該公司的人指出，該投資組合併不像現在這樣具有防禦性。我們確實沒有一般的工業和耐用品風險敞口。

Michael, do you want to talk about energy costs?

邁克爾，你想談談能源成本嗎？

Yes. So look, in terms of energy, as I said earlier, we've certainly seen inflation in our energy cost around the globe and in Europe and that actually in Europe accelerated in the second half. But we've been out there recovering it. And we're certainly anticipating there's going to be more inflation to come, but the teams are out there and covering it. And the level is dependent on where things get to in that marketplace. And obviously, we've factored that into the guidance range and the range of outcomes in that guidance range. So overall, we're expecting inflation to continue and the teams are out there recovering it.

是的。所以看，就能源而言，正如我之前所說，我們當然已經看到全球和歐洲的能源成本通脹，而且實際上在下半年歐洲加速了。但我們一直在那裡恢復它。我們當然預計會出現更多的通貨膨脹，但團隊已經在那裡並正在應對它。並且水平取決於事物在該市場中的位置。顯然，我們已將其納入指導範圍和該指導範圍內的結果範圍。因此，總體而言，我們預計通脹將持續下去，並且團隊正在努力恢復它。

Your next question comes from Jakob Cakarnis with Jarden Australia.

您的下一個問題來自 Jarden Australia 的 Jakob Cakarnis。

Just a question on the CapEx outlook. Obviously, the third quarter update, you upgraded the CapEx to sales guidance to be between 4% and 5% of revenue. And today, you've mentioned that there's a 15% increase in the CapEx guidance. Can you just give us some indication as to where that CapEx is being allocated? Is it going to allow Amcor to compete more in the sustainability and recycled materials space? Or are we looking at kind of BAU investment back into the business? I'm just wondering how it sets you up strategically moving forward.

只是關於資本支出前景的問題。顯然，在第三季度更新中，您將資本支出升級為銷售指導，使其占收入的 4% 到 5% 之間。今天，您提到資本支出指南增加了 15%。您能否給我們一些關於資本支出分配的指示？是否會讓 Amcor 在可持續發展和回收材料領域更具競爭力？或者我們是否正在考慮對業務進行 BAU 投資？我只是想知道它如何讓你在戰略上前進。

Yes. So look, the guidance is consistent. I mean, if you do the math, we're working our way up to that 4% to 5% of sales range, which means that for a couple of years, there'll be larger increases on the order of the 15% that you referenced. Generally speaking -- well, as a general rule, it's going into business as usual in the sense that we are not allocating capital outside of our lane in the value chain. So what we're not doing is allocating capital in a major way to recycling infrastructure or things like that. I mean, we can -- that's a separate discussion, but we think we can contribute to the development of infrastructure in a different way. So from that perspective, you could call it business as usual.

是的。所以看，指導是一致的。我的意思是，如果你算一下，我們正在努力達到銷售範圍的 4% 到 5%，這意味著在幾年內，15% 的數量級會有更大的增長你引用了。一般來說 - 嗯，作為一般規則，它會照常營業，因為我們不會在價值鏈中將資金分配到我們的車道之外。所以我們沒有做的是以主要方式將資金分配給回收基礎設施或類似的事情。我的意思是，我們可以——這是一個單獨的討論，但我們認為我們可以以不同的方式為基礎設施的發展做出貢獻。因此，從這個角度來看，您可以稱其為照常營業。

But I think what's exciting to us is that we're -- we see enough line of sight to good organic growth in some of the priority segments that we've referred to and some of the innovation platforms, which do have sustainability attributes that we can deploy more capital to drive higher levels of growth.

但我認為令我們興奮的是，我們看到了足夠的視線，可以在我們提到的一些優先領域和一些創新平台中實現良好的有機增長，這些平台確實具有我們的可持續性屬性可以部署更多的資本來推動更高水平的增長。

A couple of examples. In health care, we've opened a new health care packaging plant in Singapore. We've also expanded a plant in Ireland in the medical packaging space. We've put money to work in Switzerland to supply Nespresso capsules. We've continued to invest in our innovation platforms, our sustainable innovation platforms. We've talked publicly about a platform called AmLite, which is a recycle-ready material that can be used for human food pouches and pet food pouches. So those are some examples of where the capital is being deployed.

幾個例子。在醫療保健方面，我們在新加坡開設了一家新的醫療保健包裝廠。我們還在愛爾蘭擴建了一家醫療包裝領域的工廠。我們已經投入資金在瑞士供應 Nespresso 膠囊。我們繼續投資於我們的創新平台，我們的可持續創新平台。我們公開談論了一個名為 AmLite 的平台，這是一種可回收材料，可用於人類食品袋和寵物食品袋。因此，這些是部署資本的一些例子。

Your next question comes from the line of John Purtell with Macquarie.

您的下一個問題來自麥格理的約翰·珀特爾（John Purtell）。

Just in terms of price/cost spread and how we should think about that, are you expecting a meaningful positive price/cost spread in '23? And we know that you won't have the benefit or incremental benefit of Bemis synergies for the year ahead. And I suppose as part of that, is that sort of price/cost spread, are you starting to see that come through in a positive way now or is it more a second half weighting, assuming it does?

就價格/成本價差以及我們應該如何考慮這一點而言，您是否期望在 23 年出現有意義的正價格/成本價差？而且我們知道，您不會在未來一年獲得 Bemis 協同效應的好處或增量好處。我想作為其中的一部分，這種價格/成本價差是不是你現在開始看到它以積極的方式實現了，或者它更像是下半年的加權，假設它確實如此？

John, it's Michael. I can take that one for you. Look, I mean, throughout this year, we've seen pretty volatile and persistent increases in raw material, mixed across the globe. You remember, we buy a broad basket of raw materials and geographies, and they move at different times in different ways. But what we did see through the year was a recovery of that, but for the entire year, it was a headwind, a manageable headwind.

約翰，是邁克爾。我可以給你拿那個。看，我的意思是，在今年全年，我們看到全球範圍內原材料的波動性和持續性增加。你記得，我們購買了一籃子原材料和地理區域，它們在不同的時間以不同的方式移動。但我們在這一年中確實看到了這種情況的複蘇，但在整個一年中，這是一個逆風，一個可控的逆風。

I'd say it eased as we got into the second half and in Q4 certainly was a marginal headwind where raw materials are today and what we see moving forward, I mean, there are still movements upwards. Aluminum is probably one that's come down, but the marketplace is still, across the globe, volatile. But what we're -- what we've included in guidance for now is that we think in the first quarter, things are going to be relatively stable based on what we see today, and we could start to see some marginal tailwinds as we get to December.

我想說，隨著我們進入下半年，它有所緩解，在第四季度，今天的原材料和我們所看到的向前發展的情況肯定是一個邊際逆風，我的意思是，仍有向上的運動。鋁可能是下跌的，但在全球範圍內，市場仍然不穩定。但我們現在 - 我們現在在指導中包含的是，我們認為在第一季度，根據我們今天所看到的情況，情況將相對穩定，我們可能會開始看到一些邊際順風，因為我們到十二月。

But what happens in the second half, we'll see. It's all going to depend on where the raw materials move. But that's all been factored into our guidance, the guidance range that we've put out there in that 5% to 10% underlying business. Obviously, if raw materials come down fast, and that's one of the elements that could get us to the higher end of the range and if they continue to escalate, then as you know, we recover it but that there is always a lag in that. And so that could be one of the factors that leads us to the bottom end of the range. But where we sit today, fairly neutral in Q1, perhaps some slight tailwind as we head into Q2.

但下半場會發生什麼，我們拭目以待。這一切都將取決於原材料的移動地點。但這一切都被納入了我們的指導，我們在 5% 到 10% 的基礎業務中提出的指導範圍。顯然，如果原材料快速下降，這是可以使我們達到該範圍高端的因素之一，並且如果它們繼續升級，那麼如您所知，我們會恢復它，但總會有滯後.因此，這可能是導致我們跌至該範圍底部的因素之一。但是我們今天所處的位置，在第一季度相當中性，在我們進入第二季度時可能會有一些輕微的順風。

Your next question comes from Richard Johnson with Jefferies.

您的下一個問題來自 Richard Johnson 和 Jefferies。

Ron, can I just quickly ask you a question on Rigid Plastics? Your major competitor in hot fill reported volume growth for the June quarter, which was slightly higher than yours. And the reason they gave for their growth was market share gain in sports drinks. And given how consolidated that category is between the 2 of you, I just wanted to clarify whether you'd lost any share in that particular area. And then just secondly, a quick [covenant] issue for Michael, if I might. Michael, can you remind me how you account for interest hedging gains and losses?

羅恩，我能快速問你一個關於剛性塑料的問題嗎？您在熱灌裝領域的主要競爭對手報告了 6 月季度的銷量增長，略高於您的。他們給出增長的原因是運動飲料的市場份額增加。考慮到你們兩人之間的整合程度，我只是想澄清一下你們是否在該特定領域失去了任何份額。其次，如果可以的話，請給 Michael 一個快速的 [契約] 問題。邁克爾，你能提醒我你是如何計算利息對沖損益的嗎？

Yes. Look, on the hot fill space, in response to someone's question earlier, I pointed out, over the last 2 years, hot fill volumes are up 14%. Across any of the categories that we're exposed to, there's not been 14% growth, I can tell you that. So I think that our share has improved over the last 24 to 36 months pretty meaningfully.

是的。看，關於熱填充空間，在之前回答某人的問題時，我指出，在過去的 2 年中，熱填充量增長了 14%。我可以告訴你，在我們接觸的任何類別中，都沒有 14% 的增長。因此，我認為我們的份額在過去 24 到 36 個月內得到了顯著改善。

Michael, on the interest?

邁克爾，有興趣嗎？

Yes. On the interest rate swaps, Richard, yes, they're part of the interest expense. They run through that line.

是的。關於利率掉期，理查德，是的，它們是利息費用的一部分。他們穿過那條線。

Your next question comes from Kyle White with Deutsche Bank.

您的下一個問題來自德意志銀行的 Kyle White。

Ron, a little bit more longer-term question here. Just curious how we should think about the shareholder growth algorithm over the long term. You're still targeting a 10% to 15% shareholder return. I guess why shouldn't it be higher, given the increase to CapEx and organic investments, especially towards some of these higher-value end markets that you're targeting? I guess, obviously, you're increasing CapEx now. It takes time to get those returns. But do you see runway for this algo increasing, especially as you include M&A to it?

羅恩，這裡有一個更長期的問題。只是好奇我們應該如何看待長期的股東增長算法。你仍然以 10% 到 15% 的股東回報為目標。我想為什麼不應該更高，考慮到資本支出和有機投資的增加，特別是針對您所瞄準的一些高價值終端市場？我想，顯然，您現在正在增加資本支出。獲得這些回報需要時間。但是您是否看到這種算法的跑道在增加，尤其是當您將併購包括在內時？

Look, it's a good question. I think the short answer is, yes, you can see a path at some point. But as you pointed out, we need -- there's a bit of ramp-up to get returns from the capital that we're putting to work. I think the other thing that will happen is that the mix in that algorithm will shift a bit over time. We've been grinding out the organic growth from margin expansion and cost productivity over the years, and then we've been quite acquisitive, although less so more recently.

看，這是個好問題。我認為簡短的回答是，是的，你可以在某個時候看到一條路徑。但正如你所指出的，我們需要——從我們投入工作的資本中獲得回報。我認為會發生的另一件事是該算法中的混合會隨著時間的推移而發生一些變化。多年來，我們一直在努力實現利潤率擴張和成本生產力的有機增長，然後我們就非常貪婪，儘管最近不太如此。

So I think over time, you'll see that organic growth come a little bit more from the top line overall and a little more commercial productivity. And I think you'll see us get back on the acquisition path again as we had been prior to the last few years. So I think we're comfortable with the algorithm at the moment, but there's reasons for optimism that the mix will evolve a little bit as we move forward. And that's why we're putting our money behind some of these growth projects that I outlined earlier.

所以我認為隨著時間的推移，你會看到有機增長更多地來自整體收入和更多的商業生產力。而且我認為您會看到我們再次回到過去幾年之前的收購道路上。所以我認為我們目前對算法感到滿意，但我們有理由樂觀地認為，隨著我們的前進，這種組合會發生一些變化。這就是為什麼我們將資金用於我之前概述的一些增長項目。

Your next question comes from the line of Daniel Kang with CLSA.

您的下一個問題來自於 CLSA 的 Daniel Kang。

I guess we've noticed in terms of resin prices, it's pulled back quite meaningfully in recent months. Can you talk us through your thoughts on the dynamics that's driving this, your new PE capacity coming on board potentially providing a more medium-term tailwind?

我想我們已經註意到樹脂價格方面，它在最近幾個月內大幅回落。您能否談談您對推動這一趨勢的動力的看法，您的新 PE 產能可能會提供更中期的順風？

Yes. Look, I think as Michael alluded to, the basket of resins that we buy have moved in different directions and at different paces. And so overall, we actually saw resins across our global basket go up a bit in the fourth quarter. But there's definite signs that things will ease. And in the medium term and even maybe a bit sooner, in certain regions of the world, there is more capacity coming on stream in some commodities, and that will certainly take some of the heat out of the pricing.

是的。看，我認為正如邁克爾所暗示的那樣，我們購買的一籃子樹脂已經朝著不同的方向和不同的速度移動。因此，總體而言，我們實際上看到我們全球籃子中的樹脂在第四季度略有上漲。但有明確的跡象表明情況會好轉。在中期內，甚至可能更早一些，在世界某些地區，一些商品的產能將會增加，這肯定會減輕定價的壓力。

Remember that supply/demand is one element. We also have the underlying feedstock prices playing a role as well, so oil and natural gas which have come off a little bit, and I'm talking very recently now. But it's really those 2 things that drive the prices and the polymers that we consume. And for the last period of time here in this more recent inflationary cycle, we've had pressure from both. We've had raws supply-demand working against us at times, and we've had inflation in oil and gas. It looks -- it's possible that in the near term or certainly in the medium term, both of those factors abate, and we start to see some more meaningful softening and more sustained softening across the basket of raw materials that we're buying.

請記住，供需是一個要素。我們也讓基礎原料價格發揮作用，因此石油和天然氣價格有所下跌，我最近才談到。但真正推動價格和我們消費的聚合物的正是這兩件事。在最近的通脹週期的最後一段時間裡，我們都承受了來自兩者的壓力。我們有時會遇到原料供需對我們不利的情況，並且我們遇到了石油和天然氣的通貨膨脹。看起來 - 在短期內或肯定在中期，這兩個因素都有可能減弱，我們開始看到我們正在購買的一攬子原材料出現更有意義的疲軟和更持續的疲軟。

If there's a chance for a follow-up, I just wanted to ask about potential M&A. Are you seeing more opportunities at potentially more attractive valuations, given the higher rate environment?

如果有機會跟進，我只是想問一下潛在的併購。考慮到更高的利率環境，您是否看到了更多估值可能更具吸引力的機會？

Not yet, but you would have to believe that as rates go up, as the high-yield market maybe gets a little tighter and a little more constrained, that there'll be maybe less competition for deals. That would be the theme that you would expect to emerge. I mean, it's just -- it's a bit early in the interest rate cycle. It's a bit early generally in the asset pricing cycle for us to have seen that yet.

還沒有，但你必須相信，隨著利率上升，高收益市場可能會變得更加緊張和更加受限，交易的競爭可能會減少。這將是您期望出現的主題。我的意思是，這只是 - 在利率週期中有點早。在資產定價週期中，我們看到這一點通常還為時過早。

But we're in a great position because we know exactly where we want to go strategically. We know exactly the segments that we'd like to acquire in to advance our strategy. And we've got a great financial position to work from with a really strong balance sheet and lots of cash flow. So we'll be -- we'll certainly be in the deal flow to the extent assets do come to market.

但我們處於有利位置，因為我們確切地知道我們想要戰略性地去哪裡。我們確切地知道我們希望獲得哪些細分市場來推進我們的戰略。而且我們的財務狀況很好，資產負債表非常強勁，現金流量很大。所以我們會 - 我們肯定會在資產進入市場的範圍內參與交易流程。

Your next question comes from Mark Wilde with Bank of Montreal.

您的下一個問題來自蒙特利爾銀行的 Mark Wilde。

Just curious about just any inventory destocking behavior that you're seeing. We've heard a lot of conversation about this with different retailers, but I think there have also been questions about whether upstream from them, whether some of the CPGs have taken on a little extra inventory over the last couple of years and whether they might be starting to bleed a little bit of that back out now. Just any thoughts around that, Ron?

只是對您看到的任何庫存去庫存行為感到好奇。我們已經聽到了很多與不同零售商的討論，但我認為也存在關於上游是否來自他們的問題，一些 CPG 在過去幾年中是否增加了一些額外的庫存，以及他們是否可能現在開始流血一點。羅恩，你有什麼想法嗎？

Yes. Look, it's always difficult for us to have great visibility into where things stand from an inventory perspective down the value chain. I mean, I guess, this is really anecdotally. I'd probably suggest that there is probably more inventory than there needs to be in some parts of the chain, as it's been particularly acute in any part of our business and really held things back. But I would say with the limited visibility that we have, you'd probably say there's a little bit more inventory than there needs to be in certain segments. But take that for what it's worth, which is just a bit anecdotal.

是的。看，我們總是很難從價值鏈的庫存角度深入了解事物的位置。我的意思是，我想，這真的是軼事。我可能會建議，在鏈條的某些部分，庫存可能比需要的要多，因為它在我們業務的任何部分都特別嚴重，並且確實阻礙了事情的發展。但我想說，由於我們的知名度有限，您可能會說庫存比某些細分市場的需要多一點。但把它當作它的價值，這只是一個軼事。

Okay. And then if I could just follow on real quickly. Can you just update us on sort of where volume is at in both kind of health care and medical devices? Because you did mention some incremental health care and device investments. I know earlier in the pandemic that some of those volumes were [weak]. I'm just curious about where you stand right now.

好的。然後，如果我能快速跟進。您能否向我們介紹一下醫療保健和醫療設備的銷量情況？因為您確實提到了一些增量醫療保健和設備投資。我在大流行的早些時候就知道，其中一些數量[弱]。我只是好奇你現在的立場。

Yes. No, that's a good question. I'm glad you asked. I mean health care volumes generally, medical device packaging and pharmaceutical packaging have bounced back very strongly. So we had good mid- to high single-digit growth across both of those segments through FY '22. Pharma was a little bit slower to rebound. But the medical device packaging volumes for us now are back to where we were prepandemic. Now that's a segment that has grown in sort of the mid-single digits for us for many, many years. It's a good margin business and innovation-intensive, et cetera, so we expect that to continue. But we're back to where we were in 2019.

是的。不，這是個好問題。我很高興你問。我的意思是醫療保健量，醫療器械包裝和藥品包裝的反彈非常強勁。因此，到 22 財年，我們在這兩個領域都有良好的中高個位數增長。製藥公司的反彈速度有點慢。但我們現在的醫療器械包裝量又回到了大流行前的水平。現在，對於我們來說，這是一個以中等個位數增長的細分市場。這是一項利潤豐厚的業務和創新密集型業務，等等，因此我們預計這種情況會繼續下去。但我們又回到了 2019 年的狀態。

Your next question comes from the line of George Staphos with Bank of America.

您的下一個問題來自美國銀行的 George Staphos。

I want to come back to acquisitions and recognizing you're going to be very disciplined, as always, about the businesses that you look at. You mentioned that sustainability is core to everything that you do at Amcor, clearly. How important will it be for the acquisitions that you look at to either give you a new technology, a new ability to promote sustainability and otherwise help your customers' products become more sustainable? Or it's important but really what you're looking at are the financial metrics, the improvement in and return funds employed and so on. How would you have us think about how you're evaluating that? And if you could talk a little bit about the Czech facility and just provide a bit more color on that, that would be great. Good luck in the year.

我想回到收購併認識到您將一如既往地對您所關注的業務非常自律。你提到可持續性是你在 Amcor 所做的一切的核心，很明顯。對於您所考慮的收購，無論是為您提供新技術、促進可持續發展的新能力，還是幫助您的客戶的產品變得更具可持續性，這對您來說有多重要？或者這很重要，但您真正關注的是財務指標、所用資金的改善和回報等等。你會讓我們如何看待你如何評估它？如果你能談談捷克的設施，並提供更多的色彩，那就太好了。祝你今年好運。

Yes, thanks. Look, it's a great question, George. I mean, I would say that the 2 factors that you outlined are inextricably linked. As you think about doing an acquisition, especially anything of meaningful scale, you'd be thinking more beyond the first couple of years of ownership. And so you'd be thinking about the sustainable growth in a business that you'd be acquiring. You'd be thinking about the sustainable competitive advantage. All of those things in our universe are going to be linked to sustainability.

對了謝謝。看，這是一個很好的問題，喬治。我的意思是，我會說你概述的兩個因素是密不可分的。當您考慮進行收購時，尤其是任何有意義的規模的收購時，您會考慮的不僅僅是最初幾年的所有權。因此，您會考慮您將要收購的業務的可持續增長。你會考慮可持續的競爭優勢。我們宇宙中的所有這些東西都將與可持續性有關。

So it's inconceivable that we would buy something that didn't further enhance our sustainability, the sustainability credentials of our product portfolio. I mean, that being said, we like our product portfolio as it relates to sustainability. We think that we've got the key to more sustainable products with the stable of product segments that we're in today. So we don't see any real need to step out. But anything that we look at will increase -- will be accretive, if you will, to the sustainability profile of our product portfolio.

因此，我們無法想像我們會購買不能進一步增強我們的可持續性的東西，即我們產品組合的可持續性證書。我的意思是，話雖如此，我們喜歡我們的產品組合，因為它與可持續性有關。我們認為，憑藉我們今天所處的穩定產品細分市場，我們已經掌握了開發更可持續產品的關鍵。因此，我們認為沒有任何真正需要走出去。但我們看到的任何東西都會增加——如果你願意的話，將會增加我們產品組合的可持續性。

And because for no other reason then, it will be -- it will lead to better financial outcomes over time and higher returns ultimately. Just really quickly to close off on the Czech plant, we bought a plant which is relatively new, and it was opened right at the outset of the pandemic. So it's very low utilization, gives us instant capacity in Central Europe, and it happens to have assets that are easily directed towards some of our priority segments, including coffee and pet care.

而且因為沒有其他原因，它將是 - 隨著時間的推移，它將帶來更好的財務結果和最終更高的回報。我們很快就關閉了捷克工廠，我們買了一家相對較新的工廠，它在大流行開始時就開業了。因此，它的利用率非常低，為我們在中歐提供了即時產能，而且它恰好擁有可以輕鬆用於我們的一些優先領域的資產，包括咖啡和寵物護理。

So it's essentially -- we're essentially buying a plant more so than a business. And we closed on that in early August, and we'll be working over the next couple of years to fill up that site. And if things go well, then we've got optionality to expand the site as well. So pretty excited about that little bolt-on in that part of the world.

所以它本質上是 - 我們本質上是在購買工廠而不是企業。我們在 8 月初完成了這項工作，我們將在接下來的幾年內努力填滿該網站。如果一切順利，那麼我們也可以選擇擴展網站。對世界那個地方的那個小插銷非常興奮。

Ladies and gentlemen, there are no further questions. I will now turn the call back to Ron for closing remarks.

女士們，先生們，沒有其他問題了。我現在將電話轉回給 Ron 以結束髮言。

Okay. Thank you, operator. Thanks, everybody, for joining the call today and your interest in Amcor. We've had a strong year in '22 and we're expecting another strong year in '23 and expecting that the resilient investment case we've built up over the years will be especially compelling in this environment. So thanks again, and we'll close the call there.

好的。謝謝你，接線員。感謝大家今天加入電話會議並感謝您對 Amcor 的興趣。我們在 22 年經歷了強勁的一年，我們預計 23 年又是一個強勁的一年，並期望我們多年來建立的彈性投資案例在這種環境下將特別引人注目。再次感謝，我們將在那裡結束通話。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。