Amcor PLC (AMCR) 2023 Q1 法說會逐字稿

Good evening. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Amcor First Quarter 2023 Results Conference Call. (Operator Instructions)

晚上好。我的名字是 Rob，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Amcor 2023 年第一季度業績電話會議。 （操作員說明）

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

謝謝你。 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 Fiscal 2023 First Quarter Earnings Call. Joining today is Ron Delia, Chief Executive Officer; and Michael Casamento, Chief Financial Officer.

謝謝你，接線員，謝謝大家加入 Amcor 的 2023 財年第一季度財報電話會議。今天加入的是首席執行官 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 this call. Please be aware that we'll also discuss non-GAAP financial measures and related reconciliations can be found in that press release and the 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，我們將在本次電話會議上討論這些內容。請注意，我們還將討論非 GAAP 財務指標，相關對賬可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)

今天演示文稿中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 向 SEC 提交的文件，包括我們在 10-K 和 10-Q 表格中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。

Okay. Thanks, Tracey. Thanks, everyone, for joining Michael and myself today to discuss Amcor's first quarter financial results for fiscal 2023. We'll begin with some prepared remarks before opening for Q&A.

好的。謝謝，特蕾西。謝謝大家，今天與邁克爾和我一起討論 Amcor 2023 財年第一季度的財務業績。我們將在開始問答之前先做一些準備好的評論。

And I'll start with Slide 3, which covers our first and most important value, which is safety. The first quarter showed continued progress on our long-term objective of eliminating injuries across our global operations. Our teams are doing a good job proactively identifying and addressing potential risks, and the results are evident with a further 31% reduction in the number of reported injuries globally compared to last year. This good work has also led to a solid increase in the number of our sites that have been injury-free for the past 12 months or more, which stood at 63% at the end of the quarter. Our top priority will always be the well-being of our 44,000 global employees and achieving our goal of 0 injuries.

我將從幻燈片 3 開始，它涵蓋了我們的第一個也是最重要的價值，即安全。第一季度顯示，我們在全球運營中消除傷害的長期目標持續取得進展。我們的團隊在主動識別和解決潛在風險方面做得很好，結果很明顯，與去年相比，全球報告的傷害數量進一步減少了 31%。這項出色的工作還導致我們在過去 12 個月或更長時間內沒有受傷的站點數量穩步增加，在本季度末達到 63%。我們的首要任務將永遠是我們 44,000 名全球員工的福祉並實現我們的零傷害目標。

Turning to our key messages for today on Slide 4. First message to leave you with is the business has delivered another strong quarterly result, highlighting the relative stability of our end markets, our relentless focus on recovering higher raw material costs and staying ahead of inflation and our proactive approach to driving costs out of the business in a volatile and challenging operating environment. The result was another quarter of strong operating leverage with 10% growth in adjusted earnings per share on a comparable constant currency basis.

轉向我們今天在幻燈片 4 上的關鍵信息。給您留下的第一條信息是，該業務取得了另一個強勁的季度業績，突顯了我們終端市場的相對穩定性，我們不懈地專注於恢復較高的原材料成本並保持領先於通脹以及我們在動盪和充滿挑戰的運營環境中採取積極主動的方法來降低業務成本。結果是另一個季度強勁的經營槓桿，在可比不變貨幣基礎上調整後的每股收益增長了 10%。

Second, we're confident in our ability to sustain solid organic earnings growth from the underlying business in fiscal '23. We've reaffirmed our guidance ranges for comparable constant currency EPS growth and free cash flow while updating our reported EPS guidance to reflect further strengthening of the U.S. dollar. We assume the macroeconomic environment will remain challenging. However, our continued focus on sustainability, innovation and higher growth, higher value-add segments, combined with our proactive approach to managing costs, supports our confidence in delivering against our expectations for the year.

其次，我們有信心在 23 財年保持基礎業務的穩健有機收益增長。我們重申了我們對可比不變貨幣每股收益增長和自由現金流的指導範圍，同時更新了我們報告的每股收益指導以反映美元的進一步走強。我們假設宏觀經濟環境仍將充滿挑戰。然而，我們對可持續性、創新和更高增長、更高附加值的持續關注，加上我們積極管理成本的方法，支持了我們對今年實現預期目標的信心。

Third, our attention to sustainability is unwavering. We understand our role in supporting the circular economy, and we continue to improve the sustainability profile of our products. And finally, we want to leave you with a good understanding of why we're confident that Amcor's strong resilient business will drive long-term shareholder value creation.

第三，我們對可持續發展的關注堅定不移。我們了解我們在支持循環經濟方面的作用，我們將繼續改善我們產品的可持續性。最後，我們希望讓您充分了解為什麼我們相信 Amcor 強大的彈性業務將推動長期股東價值創造。

Moving to some of the first quarter financial highlights on Slide 5. We've had a strong start to the year. On a constant currency basis, net sales growth was 15%, which includes approximately $400 million of price increases related to higher raw material costs. Excluding this pass-through impact, organic sales grew 3%. Both the Flexibles and Rigid segments generated price mix benefits and have done an excellent job recovering general inflation of approximately $75 million as a result of nonmaterial costs increasing at double-digit rates. Overall volumes were marginally lower, reflecting somewhat softer and variable customer demand through the quarter.

轉到幻燈片 5 上的一些第一季度財務亮點。我們今年有一個強勁的開端。按固定匯率計算，淨銷售額增長 15%，其中包括與原材料成本上漲相關的約 4 億美元的價格上漲。排除這種傳遞影響，有機銷售額增長了 3%。由於非材料成本以兩位數的速度增長，柔性和剛性細分市場都產生了價格組合優勢，並且在恢復大約 7500 萬美元的總體通貨膨脹方面做得非常出色。總體銷量略有下降，反映出整個季度的客戶需求有所疲軟和多變。

As I mentioned earlier, operating leverage was strong with solid top line growth and proactive delivery of cost efficiencies in both businesses, driving EBIT up 9% and adjusted earnings per share up 10%. We continue to expect to deliver strong cash returns to shareholders this fiscal year through approximately $400 million of share repurchases and a growing dividend, which increased to $0.1225 per share this quarter. And our financial profile remains strong with return on average funds employed at 16.5%.

正如我之前提到的，經營槓桿強勁，收入增長穩健，兩項業務都積極提供成本效益，推動息稅前利潤增長 9%，調整後每股收益增長 10%。我們繼續預計本財年將通過約 4 億美元的股票回購和不斷增長的股息（本季度增至每股 0.1225 美元）為股東帶來強勁的現金回報。我們的財務狀況依然強勁，使用的平均資金回報率為 16.5%。

We're pleased with our first quarter financial performance, and we'll now turn it over to Michael to cover more of the specifics, including our fiscal '23 outlook. Michael?

我們對第一季度的財務業績感到滿意，我們現在將把它交給邁克爾來涵蓋更多細節，包括我們的 23 財年展望。邁克爾?

Thanks, Ron, and hello, everyone. Turning to our Flexibles segment performance on Slide 6. Our Flexibles business had another excellent quarter with all business units delivering solid organic sales growth while executing well on inflation recovery, cost initiatives and mix management. Net sales were up 6% on a reported basis, which includes recoveries of higher raw material costs of approximately $270 million, representing 10% of quarterly sales growth.

謝謝，羅恩，大家好。在幻燈片 6 上談到我們的柔性產品部門表現。我們的柔性產品業務又一個出色的季度，所有業務部門都實現了穩健的有機銷售增長，同時在通脹復甦、成本計劃和組合管理方面表現良好。淨銷售額在報告的基礎上增長了 6%，其中包括約 2.7 億美元的較高原材料成本的回收，佔季度銷售額增長的 10%。

The teams have continued to successfully manage the pass-through of higher raw material costs. And as expected, the related price cost impact on earnings for the quarter was relatively neutral. Excluding the raw material impact, organic revenue growth of 3% was driven by favorable price mix benefits of approximately 4%, partly offset by lower volumes.

這些團隊繼續成功地管理更高原材料成本的轉嫁。正如預期的那樣，相關價格成本對本季度收益的影響相對中性。排除原材料影響，3% 的有機收入增長是由約 4% 的有利價格組合收益推動的，部分被銷量下降所抵消。

Some business units experienced lower demand in certain categories during the quarter. However, our broad market coverage and geographic diversification limited the overall volume impact. Sales across our combined priority segments grew high single digits for the quarter, with health care a particular standout, delivering strong sales and volume growth across every region.

一些業務部門在本季度的某些類別中經歷了較低的需求。然而，我們廣泛的市場覆蓋和地域多元化限制了整體銷量影響。本季度，我們合併的優先細分市場的銷售額增長了高個位數，其中醫療保健尤為突出，在每個地區都實現了強勁的銷售額和銷量增長。

In our Asian business, overall volumes were higher than the prior year despite lower volumes in China, which was impacted by ongoing COVID-related lockdowns.

在我們的亞洲業務中，儘管中國的銷量下降，但總體銷量仍高於去年，這受到持續的與 COVID 相關的封鎖的影響。

Adjusted EBIT was up 11% in comparable constant currency terms for the quarter, reflecting overall sales growth, price mix benefits and outstanding cost performance, including quick actions taken to flex the cost base in regions where the operating environment has been more challenged. Adjusted EBIT margin of 12.7% was comparable to last year, notwithstanding the 130 basis point dilution related to increased sales dollars associated with passing through high raw material costs.

按可比固定匯率計算，本季度調整後息稅前利潤增長 11%，反映了整體銷售增長、價格組合優勢和出色的成本績效，包括在經營環境面臨更大挑戰的地區為調整成本基礎而採取的快速行動。調整後的息稅前利潤率為 12.7%，與去年相當，儘管與通過高原材料成本相關的銷售美元增加相關的稀釋 130 個基點。

Turning to Rigid Packaging on Slide 7. The key takeaway for Rigids is the business delivered another quarter of solid sales and earnings growth. Reported sales were up 19%, which included the pass-through of higher raw material costs of approximately $130 million or 17% of sales. Excluding this pass-through, organic sales growth of 3% was driven by price mix benefits of 2% and volume growth of 1%.

在幻燈片 7 上轉向剛性包裝。剛性的主要收穫是該業務實現了又一個季度的穩健銷售和盈利增長。報告的銷售額增長了 19%，其中包括約 1.3 億美元的較高原材料成本或銷售額的 17% 的轉嫁。不包括這種傳遞，3% 的有機銷售增長是由 2% 的價格組合優勢和 1% 的銷量增長推動的。

In North America, we had positive product mix in the beverage business with hot-fill volumes up 6%, reflecting growth across a range of categories, including sports drinks, juices and ready-to-drink teas. From an overall standpoint, beverage volumes were lower than last year, reflecting a decrease in lower value cold fill and preform volumes.

在北美，我們在飲料業務中擁有積極的產品組合，熱灌裝量增長了 6%，反映了包括運動飲料、果汁和即飲茶在內的一系列類別的增長。從整體的角度來看，飲料銷量低於去年，反映了較低價值的冷灌裝和瓶坯銷量的減少。

In the Specialty Container business, volumes increased mid-single digits led by strength in health care, dairy and nutrition markets. And in Latin America, volumes were up high-single digits with strong performance in key countries such as Argentina, Brazil and Mexico.

在特種容器業務中，由於醫療保健、乳製品和營養品市場的強勁勢頭，銷量增長了中個位數。在拉丁美洲，阿根廷、巴西和墨西哥等主要國家的銷量增長了個位數，表現強勁。

Adjusted EBIT increased 7% on a comparable constant currency basis driven by higher overall volumes, strong inflation recovery and continued solid operating and cost performance. EBIT margins were 7% and over the past several quarters have been negatively impacted by approximately 250 basis points due to a sharp increase in resin pricing being passed through the sales line and significantly increasing sales dollars as a result.

在整體銷量增加、通脹復甦強勁以及運營和成本表現持續穩健的推動下，調整後的息稅前利潤在可比不變貨幣基礎上增長了 7%。息稅前利潤率為 7%，在過去幾個季度中，由於通過銷售線傳遞的樹脂價格急劇上漲並因此顯著增加了銷售額，因此受到了大約 250 個基點的負面影響。

In terms of the balance sheet on Slide 8, we continue to maintain a strong investment-grade credit rating, which provides us with flexibility to invest for growth and access to lower cost debt markets across key currencies. Leverage at the end of the quarter was 3x and right in line with our expectations for this time of year given the seasonality of cash flow.

就幻燈片 8 上的資產負債表而言，我們繼續保持強大的投資級信用評級，這為我們提供了投資增長的靈活性，並可以跨主要貨幣進入低成本債務市場。鑑於現金流的季節性，本季度末的槓桿率為 3 倍，符合我們對每年這個時候的預期。

And as we highlighted in August, free cash flow was lower than the same quarter last year as we expected. Our cash flow is typically weighted to the second half of the year. And in fiscal 2023, the seasonality will be more pronounced given higher raw material costs and the decision to increase inventory levels through last year to offset some of the volatility created by supply constraints.

正如我們在 8 月強調的那樣，自由現金流低於我們預期的去年同期。我們的現金流通常加權到下半年。而在 2023 財年，由於原材料成本上漲以及去年增加庫存水平以抵消供應限製造成的部分波動，季節性因素將更加明顯。

We have reaffirmed our full year cash flow guidance with [Cranes] , which I'll come back to shortly. Notwithstanding the temporary increase in inventory levels, we remain highly focused on working capital performance, which is particularly critical in this inflationary environment, and we've maintained our 12-month average working capital sales ratio at 8%.

我們已經通過 [Cranes] 重申了我們的全年現金流指導，我很快就會回來。儘管庫存水平暫時增加，但我們仍然高度關注營運資金表現，這在這種通脹環境中尤為重要，我們將 12 個月的平均營運資金銷售比率維持在 8%。

In August, we announced an incremental investment in ePAC and the purchase of a Flexibles plant in the Czech Republic and funded both of those investments in the September quarter for a total of around USD 100 million. And while we did not repurchase any shares during Q1, we continue to expect to allocate approximately $400 million towards share repurchases in fiscal '23.

8 月，我們宣布增加對 ePAC 的投資並在捷克共和國購買柔性工廠，並在 9 月季度為這兩項投資提供了總計約 1 億美元的資金。雖然我們在第一季度沒有回購任何股票，但我們繼續預計將在 23 財年分配約 4 億美元用於股票回購。

Turning now to Amcor's outlook for fiscal '23 on Slide 9. While we expect market conditions to remain challenging through 2023, we have had a strong start to the year. And taking into account the relative stability of our end market exposures and our strong track record of consistent execution, we remain confident in our ability to deliver against the outlook we provided in August. We have reaffirmed our expectations for organic growth of 5% to 10% from the underlying business and a benefit of approximately 2% from share repurchases while continuing to expect an impact from the following 3 nonoperating items.

現在轉到幻燈片 9 上 Amcor 對 23 財年的展望。雖然我們預計到 2023 年市場狀況仍將充滿挑戰，但我們今年開局強勁。考慮到我們終端市場風險敞口的相對穩定性和我們一貫執行的良好記錄，我們仍然有信心實現我們在 8 月份提供的前景的能力。我們重申了我們對基礎業務有機增長 5% 至 10% 的預期以及從股票回購中獲得約 2% 的收益，同時繼續預期以下 3 個非經營性項目的影響。

Firstly, a negative impact of approximately 4% from higher interest expense after tax. Forward curve expectations have continued to move higher and interest expense is now expected to be in the range of $240 million to $260 million. Net of our expectations for a slightly lower effective tax rate, we continue to expect a 4% headwind to EPS, as we noted in August.

首先，稅後利息支出增加帶來了約 4% 的負面影響。遠期曲線預期繼續走高，利息支出現在預計在 2.4 億美元至 2.6 億美元之間。正如我們在 8 月指出的那樣，扣除我們對略微降低的有效稅率的預期，我們繼續預計每股收益將有 4% 的逆風。

Second, an estimated 2% negative impact from the scale down and sale of our 3 plants in Russia, which we continue to expect in the second half of the fiscal year. And third, a negative currency translation impact of 5%, which is higher than the 2% we anticipated back in August due to the continued strengthening of the U.S. dollar. As a result of this U.S. dollar strengthening, we are updating our expectations for adjusted EPS on a reported basis to be $0.77 to $0.81 per share.

其次，我們在俄羅斯的 3 家工廠的規模縮減和出售估計會產生 2% 的負面影響，我們繼續預計本財年下半年會出現這種情況。第三，由於美元持續走強，5% 的負面貨幣換算影響高於我們在 8 月份預期的 2%。由於美元走強，我們將調整後每股收益的預期更新為每股 0.77 美元至 0.81 美元。

In terms of cash flow, we continue to expect a seasonally stronger second half, and we have reaffirmed our adjusted free cash flow expectations to a range of approximately $1 billion to $1.1 billion. However, the stronger U.S. dollar pushes our current expectation toward the lower end of the range.

在現金流方面，我們繼續預計下半年會出現季節性增長，我們重申調整後的自由現金流預期在約 10 億美元至 11 億美元的範圍內。然而，美元走強將我們目前的預期推向區間的下限。

So in summary for me today, the business has delivered another strong quarter of organic sales and earnings growth as we remain focused on executing for our customers, managing margins and taking decisive actions to rapidly recover inflation while flexing our cost base. Our ability to successfully balance these priorities supports our confidence in delivering another year of solid underlying growth despite persistent market challenges.

因此，今天對我而言，總而言之，該業務實現了又一個強勁的季度有機銷售和盈利增長，因為我們仍然專注於為客戶執行、管理利潤並採取果斷行動以迅速恢復通貨膨脹，同時調整我們的成本基礎。儘管市場挑戰持續存在，我們成功平衡這些優先事項的能力支持了我們實現又一年穩健的潛在增長的信心。

With that, I'll hand back to Ron.

有了這個，我會交還給羅恩。

Okay. Thanks, Michael. Before we open the call to questions, I'd like to cover some of the drivers that inform how we think about our growth over the longer term and are relevant for our fiscal '23 outlook as well.

好的。謝謝，邁克爾。在我們開始提問之前，我想介紹一些驅動因素，這些驅動因素告訴我們如何看待我們的長期增長，並且與我們的 23 財年展望相關。

For several periods, we've highlighted multiple commercially oriented drivers that have enabled us to deliver solid and sustainable organic earnings growth over the last 3 years. These drivers include opportunities in priority segments, emerging markets and innovation and they've not changed. And when combined with our ability to deliver continual cost improvements by leveraging our scale advantages and capabilities, these drivers give us the confidence we'll continue to consistently deliver solid organic earnings growth from the underlying business even in the face of continued challenging and evolving macroeconomic conditions.

幾個時期以來，我們強調了多個以商業為導向的驅動因素，這些驅動因素使我們能夠在過去 3 年中實現穩健且可持續的有機收益增長。這些驅動因素包括優先領域、新興市場和創新中的機會，並且沒有改變。再加上我們通過利用我們的規模優勢和能力實現持續成本改進的能力，這些驅動因素使我們有信心，即使面對持續的挑戰和不斷變化的宏觀經濟，我們也將繼續從基礎業務中持續實現穩健的有機收益增長條件。

Our focus on priority segments, including protein, health care, premium coffee, pet food and hot-fill beverages, will continue to be a driver of growth and mix benefits. With more than $4 billion in collective annual sales, we have leading positions in each of these large addressable markets that have been growing at higher than market rates for us historically. And over time, we expect they'll continue to grow at mid-single-digit rates with higher-than-average margins. As Michael mentioned, health care was a particular standout in the first quarter with strong growth across all regions.

我們對優先領域的關注，包括蛋白質、保健、優質咖啡、寵物食品和熱灌裝飲料，將繼續成為增長和綜合效益的驅動力。憑藉超過 40 億美元的集體年銷售額，我們在這些大型潛在市場中的每一個都處於領先地位，這些市場的增長速度一直高於我們歷史上的市場增長率。隨著時間的推移，我們預計它們將繼續以中個位數的速度增長，利潤率高於平均水平。正如邁克爾所說，醫療保健在第一季度尤為突出，所有地區都實現了強勁增長。

Emerging markets also continue to be a focus for Amcor. We have a large-scale diversified emerging markets portfolio, which generates annual sales of more than $3 billion. And this is another source of organic growth. And over the long term, we expect these markets collectively will continue to grow at mid-single-digit rates. In the last quarter, several emerging market countries delivered double-digit earnings growth, including India, Brazil and Mexico.

新興市場也繼續成為 Amcor 的重點。我們擁有大規模多元化的新興市場投資組合，年銷售額超過 30 億美元。這是有機增長的另一個來源。從長遠來看，我們預計這些市場將繼續以中個位數的速度增長。上一季度，包括印度、巴西和墨西哥在內的幾個新興市場國家實現了兩位數的盈利增長。

Innovation provides a third opportunity for us to drive growth and value, particularly as customers and consumers focused on the critical need for more sustainable, high-performance packaging solutions. Amcor has industry-leading R&D and material science capabilities and expertise. And when coupled with our unmatched scale and geographic reach, these capabilities provide unique ongoing opportunities to develop differentiated products to meet the needs of our customers.

創新為我們提供了推動增長和價值的第三個機會，尤其是當客戶和消費者關注對更可持續、高性能包裝解決方案的迫切需求時。 Amcor 擁有行業領先的研發和材料科學能力和專業知識。再加上我們無與倫比的規模和地理覆蓋範圍，這些能力為開發差異化產品以滿足客戶需求提供了獨特的持續機會。

For example, we're winning new business by taking fresh protein packaging solutions initially developed by the legacy Bemis business into the Asia Pacific market, including modified atmosphere packaging solutions in China and the Eco-Tite high barrier recyclable films in Australia. And a cross-functional Amcor team came together to partner with Pfizer to develop packaging for the first commercial batches of Paxlovid in the U.S. market. Leveraging technology developed by our teams in Europe and our global footprint, we were able to start production of living and base material at the same time in 5 Amcor sites across 5 countries in order to fully meet Pfizer's requirements in 1/3 of the standard lead time.

例如，我們通過將最初由傳統 Bemis 業務開發的新鮮蛋白質包裝解決方案帶入亞太市場來贏得新業務，包括中國的氣調包裝解決方案和澳大利亞的 Eco-Tite 高阻隔可回收薄膜。一個跨職能的 Amcor 團隊與輝瑞合作，為美國市場上第一批商業化的 Paxlovid 開發包裝。利用我們在歐洲的團隊開發的技術和我們的全球足跡，我們能夠在 5 個國家/地區的 5 個 Amcor 工廠同時開始生產生活材料和基礎材料，以完全滿足輝瑞 1/3 標準鉛的要求時間。

Looking ahead, the strategic choices we've made to focus on these organic growth drivers will guide how we prioritize investments back into the business. We see a wide range of attractive growth opportunities across each of these areas. And we're actively investing to sustain the organic growth momentum we've built over several years.

展望未來，我們為專注於這些有機增長驅動因素而做出的戰略選擇將指導我們如何優先考慮對業務的投資。我們在這些領域中都看到了廣泛的有吸引力的增長機會。我們正在積極投資以維持我們多年來建立的有機增長勢頭。

Before closing, a few words on sustainability. Sustainability is fundamental to everything we do and is deeply embedded in Amcor's strategy and risk management framework and the basic start within our own operations. Our 2022 sustainability report will be released in a few weeks and will highlight some of the important progress we've made through the year.

在結束之前，請談談可持續性。可持續發展是我們所做一切的基礎，深深植根於 Amcor 的戰略和風險管理框架，也是我們自身運營的基本起點。我們的 2022 年可持續發展報告將在幾週後發布，並將重點介紹我們在這一年中取得的一些重要進展。

This includes reaching a cumulative reduction in greenhouse gas emissions intensity of 35% since the launch of Amcor's enviro-action program in 2008. A critical journey will continue through our commitment to achieve net 0 emissions by 2050.

這包括自 2008 年 Amcor 環境行動計劃啟動以來，溫室氣體排放強度累計減少 35%。關鍵的旅程將繼續通過我們到 2050 年實現淨零排放的承諾。

In addition to carbon-related objectives, we maintain robust targets for reducing water and waste and achieved significant milestones during the year. A few weeks ago, we also released our first TCFD report, highlighting the important work we're doing to help ensure we make the right decisions on climate and packaging sustainability.

除了與碳相關的目標外，我們還保持著減少水和廢物的穩健目標，並在這一年取得了重要的里程碑。幾週前，我們還發布了第一份 TCFD 報告，強調了我們為幫助確保我們在氣候和包裝可持續性方面做出正確決策所做的重要工作。

Turning to Slide 12. We continue to make progress supporting the development of circular systems through the 3 pillars of our responsible packaging strategy: innovation, infrastructure and consumer participation. Today, nearly 100% of our rigid and specialty carton packaging portfolios are fully recyclable. And in our Flexible Packaging segment, 83% of our product portfolio is designed to be recycled or has a recycle-ready option available for trial.

轉到幻燈片 12。我們通過我們負責任的包裝戰略的 3 個支柱：創新、基礎設施和消費者參與，繼續在支持循環系統的發展方面取得進展。今天，我們幾乎 100% 的硬質和特種紙盒包裝產品組合都是可完全回收的。在我們的軟包裝部門，我們 83% 的產品組合設計為可回收利用或提供可供試用的可回收利用選項。

In fiscal '22, we used more than 130,000 metric tons of PCR, up 30% from the prior year and representing 6% of our total resin usage. And we're now building and increasing on our objectives with a new commitment that 30% of our total resin used will be recycled material by 2030.

在 22 財年，我們使用了超過 130,000 噸 PCR，比上一年增長 30%，占我們樹脂總用量的 6%。現在，我們正在建立和提高我們的目標，並做出新的承諾，即到 2030 年，我們使用的樹脂總量的 30% 將是可回收材料。

In one example to bring this focus on recycled content to life, we've worked closely with Mondelez on the recent launch of packaging for several Cadbury Dairy Milk products, incorporating 30% food-grade recycled content in both the U.K. and Australia. This is an important example of how a combination of strong relationships, differentiated capabilities and a global footprint can translate into volume growth and mix benefits for Amcor.

在一個例子中，我們與 Mondelez 密切合作，最近在英國和澳大利亞推出了幾款吉百利牛奶產品的包裝，其中包含 30% 的食品級可回收成分。這是一個重要的例子，說明強大的關係、差異化的能力和全球足跡如何能夠轉化為 Amcor 的銷量增長和混合收益。

We've also continued to collaborate with others to support the development of recycling infrastructure. On October 12, Amcor was the only packaging company to join 11 brand owners in the Consumer Goods Forum to publicly signal a commitment towards further increasing the use of recycled materials in packaging. Together, we expressed our common interest in purchasing commercial volumes of chemically recycled plastic and our support for the development of credible, safe and environmentally sound chemical recycling infrastructure. Our sustainability journey is ongoing, and our long-term strategy is helping to create a responsible packaging industry for the benefit of Amcor and its customers but crucially for the environment as well.

我們還繼續與其他人合作，支持回收基礎設施的發展。 10 月 12 日，Amcor 是唯一一家與 11 個品牌所有者一起參加消費品論壇的包裝公司，公開表示承諾進一步增加在包裝中使用回收材料的承諾。我們共同表達了對購買商業數量的化學回收塑料的共同興趣，以及我們對發展可靠、安全和環保的化學回收基礎設施的支持。我們的可持續發展之旅正在進行中，我們的長期戰略是幫助創建一個負責任的包裝行業，以造福 Amcor 及其客戶，但對環境也至關重要。

Turning to Slide 13. We've built a strong foundation to deliver growth and value creation, and we've consistently executed well against our strategy. We don't expect to be immune to economic challenges and uncertainties but we believe we're relatively well positioned with the defensive consumer staples and health care-focused portfolio and multiple drivers of growth and cost productivity. And our consistently strong cash flow provides the ability to reinvest in the business, to pursue acquisitions or repurchase shares and to grow the dividend and positions us well to generate strong and consistent value for shareholders over the long term.

轉到幻燈片 13。我們已經為實現增長和價值創造奠定了堅實的基礎，並且我們始終如一地執行我們的戰略。我們預計不會免受經濟挑戰和不確定性的影響，但我們相信我們在防禦性消費必需品和以醫療保健為重點的投資組合以及增長和成本生產率的多種驅動因素方面處於相對有利的地位。我們始終如一的強勁現金流提供了對業務進行再投資、進行收購或回購股票以及增加股息的能力，並使我們處於有利地位，能夠為股東長期創造強大而一致的價值。

In summary, on Slide 14, despite a continued challenging economic backdrop, we've had a strong start to the financial year. Our consistent execution has enabled us to deliver solid sales growth and excellent operating leverage, resulting in double-digit organic EPS growth. We're confident in our ability to deliver against our outlook for EPS growth and free cash flow, which we've reaffirmed today. And we're executing well to deliver long-term value for shareholders, including by making further progress against our sustainability agenda.

總而言之，在幻燈片 14 上，儘管經濟背景持續充滿挑戰，但我們在本財年的開局良好。我們始終如一的執行使我們能夠實現穩健的銷售增長和出色的運營槓桿，從而實現兩位數的有機每股收益增長。我們對實現每股收益增長和自由現金流的前景充滿信心，我們今天重申了這一點。我們在為股東創造長期價值方面表現良好，包括在我們的可持續發展議程上取得進一步進展。

And operator, we're ready to open the call for questions.

接線員，我們已準備好開啟提問電話。

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

（操作員說明）您的第一個問題來自 Baird 的 Ghansham Panjabi。

I guess first up, Ron, many consumer stable customers of yours are aggressively raising prices and as a consequence are reporting weaker volumes, along with destocking, which I assume is part of the reason your volumes were sluggish in both segments for the developed markets. How do you sort of see that dynamic evolving as we cycle more fully through to your fiscal year '23? I guess what are customers sharing with you in terms of their own outlook at this point for next year?

我想首先，羅恩，你的許多穩定消費者的客戶都在積極提高價格，因此報告的銷量疲軟以及去庫存，我認為這是你在發達市場的兩個細分市場的銷量都低迷的部分原因。隨著我們更全面地循環到您的 23 財年，您如何看待這種動態變化？我想客戶在明年的這一點上與您分享他們自己的前景嗎？

Yes. Look, thanks. I mean it's a tough environment out there as you alluded to. We had flat volumes basically across the business. And relative to many who've reported, that actually feels like outperformance, believe it or not.

是的。看，謝謝。我的意思是，正如你提到的那樣，那裡的環境很艱難。我們的業務量基本持平。相對於許多報告的人來說，這實際上感覺像是表現出色，信不信由你。

Things definitely slowed down through the quarter. Certainly, through the September -- the month of September, things got a bit more -- a bit softer in Europe and North America in particular.

整個季度的情況肯定放緩了。當然，到 9 月份——9 月份，情況有所好轉——尤其是在歐洲和北美，情況有所緩和。

I think it's a function of the 2 things you mentioned. One is, obviously, there is a bit of inventory built up in the supply chain in certain segments. And I think we'll see that come out relatively quickly given that this is fast-moving consumer goods that we're talking about. So we don't expect that any inventory impacts on volumes will be long-lasting. But I do believe there is some extra inventory in the supply chain.

我認為這是您提到的兩件事的功能。一個是，很明顯，在某些環節的供應鏈中存在一些庫存。鑑於這是我們正在談論的快速消費品，我認為我們會相對較快地看到這一點。因此，我們預計庫存對銷量的任何影響都不會持久。但我確實相信供應鏈中有一些額外的庫存。

And then secondly, the cumulative effect of inflation on the consumer, which eventually will lead to some elasticity. And I think you're hearing that from brand owners. We're hearing directly from them. And I think they're publicly commenting on elasticity is maybe being less than expected but still there is elasticity in many of the categories that we're supplying into.

其次，通貨膨脹對消費者的累積效應，最終會產生一定的彈性。我想你是從品牌所有者那裡聽到的。我們直接從他們那裡聽到。而且我認為他們公開評論彈性可能低於預期，但在我們供應的許多類別中仍然存在彈性。

So look, we have a pretty modest expectation for volumes from here for the rest of the fiscal year. Michael will talk more about that, I'm sure. But our guidance includes a range of outcomes and a part of that range is where we end up on volumes.

所以看，我們對本財年剩餘時間的交易量的預期相當溫和。邁克爾會更多地談論這一點，我敢肯定。但我們的指導包括一系列結果，其中一部分是我們最終的數量。

Okay. Terrific. And then in previous quarters, you've called out limitations on certain resins as it relates to availability and all sorts of disruptions and force majeures. Can you just give us an update on that dynamic? And some of the volume you've given up in the past as you internalize production and focused on higher mix, is there an opportunity now to go and recapture that share for the rest of your fiscal year?

好的。了不起。然後在前幾個季度中，您提到了對某些樹脂的限制，因為它與可用性以及各種中斷和不可抗力有關。你能給我們介紹一下這個動態嗎？您過去在生產內部化並專注於更高組合時放棄了一些產量，現在是否有機會在本財年的剩餘時間裡重新奪回這一份額？

Yes. Well, look, I think as far as availability goes, the raw material availability picture has improved. I wouldn't say that it's completely -- we're completely supplied. But certainly, the constraints that we face through much of fiscal '22, many of those have abated. We're down to a much shorter list of constrained raw materials. It probably held back sales more modestly in the first quarter that it impacted us in fiscal '22. But certainly, the situation is improving.

是的。好吧，看，我認為就可用性而言，原材料可用性情況有所改善。我不會說它完全 - 我們完全供應。但可以肯定的是，我們在 22 財年的大部分時間裡所面臨的限制，其中許多已經減輕。我們的受限原材料清單要短得多。它可能在第一季度更溫和地抑制了銷售，它在 22 財年對我們產生了影響。但可以肯定的是，情況正在改善。

As far as recovery of lost sales, I think in these segments, it's very difficult to expect lost sales to be reclaimed from one period to the next. Again, these are fast-moving consumer goods. And if a sale is missed in one period, it's unlikely the consumer goes back and double purchases in a future quarter. So I think we've got to look forward at this stage.

至於銷售損失的恢復，我認為在這些細分市場中，很難期望銷售損失從一個時期到下一個時期被收回。同樣，這些都是快速消費品。如果在某個時期錯過了一次銷售，那麼消費者不太可能在未來一個季度再次購買並重複購買。所以我認為我們必須在這個階段向前看。

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

您的下一個問題來自美國銀行的 George Staphos。

Ron, sticking with this topic that Ghansham teed up, can you talk about, to the extent possible, what your customers are saying where they're seeing the most negative effect from inflation on demand? And in particular, what are you seeing in the protein markets lately? You talk broadly, as you normally do, in terms of being a priority area. What are you seeing real time in terms of that market in the first quarter?

Ron，堅持 Ghansham 提出的這個話題，您能否盡可能談談您的客戶所說的，他們認為通貨膨脹對需求的影響最大的地方是什麼？特別是，您最近在蛋白質市場上看到了什麼？就作為優先領域而言，您像往常一樣廣泛談論。您在第一季度看到該市場的實時情況是什麼？

Yes. Look, I think from -- the first part of your question about where is the demand, I guess, the most elastic, where we're seeing it soften the most, I would answer the question more geographically than at the segment level. I think -- firstly, I would say our health care volumes globally have been very, very strong. So that's the other side of the discussion is that health care has remained very robust, particularly pharmaceutical packaging, and that's been true everywhere.

是的。聽著，我想從你的問題的第一部分開始，我猜，需求在哪裡是最有彈性的，我們看到它在哪裡最軟化，我會在地理上回答這個問題，而不是在細分層面上回答這個問題。我認為——首先，我想說我們在全球範圍內的醫療保健數量非常非常強勁。所以討論的另一面是醫療保健仍然非常強大，特別是藥品包裝，這在任何地方都是如此。

I think as it relates to food beverage packaging, home and personal care to some extent, where we've seen the most softness has been in the developed markets in Western Europe and in North America. Presumably, that's where the inflation is fighting the most. I mean we've got, actually, at the moment, more modest inflation in some of the emerging market countries we're participating in.

我認為，由於它在某種程度上與食品飲料包裝、家庭和個人護理有關，我們看到最柔軟的地方是西歐和北美的發達市場。據推測，這就是通貨膨脹最激烈的地方。我的意思是，實際上，目前我們參與的一些新興市場國家的通貨膨脹率較為溫和。

So really where we've seen the most softness and the increasing softness has been in North America and Western Europe. And then I guess I would also add China to that list. But we believe that the China softness is primarily a result of the COVID-related lockdowns. We believe that based on the patterns across the global footprint -- or the national footprint we have in China.

因此，我們真正看到最柔軟且柔軟度不斷增加的地方是北美和西歐。然後我想我也會將中國添加到該列表中。但我們認為，中國的疲軟主要是與 COVID 相關的封鎖的結果。我們相信，這是基於全球足蹟的模式——或者我們在中國的國家足跡。

So I'd answer the question that -- from a geographical perspective, more than a segment perspective. And then as it relates to protein. Protein is a high priority segment for us, without question. It's an attractive segment for a lot of reasons, a lot of innovation in that space, in particular around the films and materials. And we had a flattish quarter globally across the protein space. So that's not what you'd expect, and it's not what we've experienced over the last several years. We would expect mid-single-digit -- mid- to high single-digit growth in that segment. And we were more or less flat for the quarter.

所以我會回答這個問題——從地理角度來看，而不是從細分角度來看。然後因為它與蛋白質有關。毫無疑問，蛋白質對我們來說是一個高度優先的部分。出於很多原因，這是一個有吸引力的領域，在這個領域有很多創新，特別是在薄膜和材料方面。我們在全球蛋白質領域的季度表現平平。所以這不是你所期望的，也不是我們過去幾年所經歷的。我們預計該細分市場將實現中個位數 - 中高個位數增長。我們在本季度或多或少持平。

And my follow-on, just as we peer into the beverage business, you saw very, very good trends in your higher-margin areas, which it would be sort of counterintuitive with the consumer being pinched by inflation relative to would be the lower-margin areas, which were actually weaker. If you could talk to that, that would be great.

我的後續行動，正如我們研究飲料業務一樣，您在利潤率較高的領域看到了非常非常好的趨勢，這有點違反直覺，因為消費者受到通貨膨脹的擠壓，相對於較低-邊緣區域，實際上較弱。如果你能和那個對話，那就太好了。

Yes. Thanks, George. No, it's a good observation, and it's a good insight. I would agree with your insight there that generally speaking, the hot-fill space is a space where there are more premium beverages being sold. A lot of that goes through the convenience channel.

是的。謝謝，喬治。不，這是一個很好的觀察，也是一個很好的洞察力。我同意你的觀點，一般來說，熱灌裝空間是一個出售更多優質飲料的空間。其中很多都是通過便利渠道進行的。

I think what we're seeing there, to some extent, is a function of our customer mix. It's a function of new product introductions. Some segments actually held up pretty well through the quarter as whole segments, ready-to-drink teas, sports drinks, to some extent, some of the hot-fill juices.

我認為我們在那裡看到的，在某種程度上，是我們客戶組合的一個函數。這是新產品介紹的功能。一些細分市場實際上在整個季度中表現得相當不錯，即即飲茶、運動飲料，在某種程度上，還有一些熱灌裝果汁。

But I also think it's 90 days. And I think in a 90-day period, you have distortions that relate to inventories and different customer performance. So I'm not sure I would read too much into that other than our hot-fill volumes have continued to grow at attractive rates, and it's one of the reasons we've prioritized that segment.

但我也認為是 90 天。而且我認為在 90 天的時間內，您會出現與庫存和不同客戶績效相關的扭曲。因此，除了我們的熱灌裝量繼續以具有吸引力的速度增長之外，我不確定我是否會對此進行過多解讀，這也是我們優先考慮該細分市場的原因之一。

Your next question comes from the line of Jakob Cakarnis from Jarden Australia.

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

Michael, can I just get you to give us a sense of where that inventory is at, at the moment in both units and value perspective? Just noting, obviously, it continues to build alongside the inflation. Just want to get a sense of how clean that might be given the volume outlook that we've just spoken to?

邁克爾，我能否讓您從單位和價值的角度讓我們了解當前庫存的位置？請注意，顯然，它會隨著通貨膨脹繼續增長。只是想了解一下我們剛剛談到的音量前景可能有多乾淨？

Yes. From a -- as we said, I think we were expecting or we have been holding higher inventory levels or building higher inventory levels really as contingency against the supply constraints that we've been experiencing for the last 12 months. And we guided back in August that we didn't expect that to come out of the system in Q1, which it didn't, and we saw a cash outflow as a result of that.

是的。正如我們所說，我認為我們一直在期待或者我們一直在持有更高的庫存水平或建立更高的庫存水平，這實際上是為了應對過去 12 個月來我們一直在經歷的供應限制。我們早在 8 月份就表示，我們沒想到會在第一季度從系統中退出，但事實並非如此，因此我們看到了現金流出。

As we look forward, we'd expect into Q2, things are going to stabilize. And then as we head into H2, we should start to see inventories come off out of the system. And it's a combination of both volumes and value. I'd say the split, if I look year-over-year, it's probably 40% relates to volume and 60% is relating to the higher prices year-on-year.

正如我們所期待的那樣，我們預計到第二季度，情況將趨於穩定。然後當我們進入 H2 時，我們應該開始看到庫存從系統中消失。它是數量和價值的結合。我想說的是，如果我逐年查看，可能有 40% 與銷量有關，而 60% 與同比價格上漲有關。

So as we look forward to the end of June, part of our cash flow guidance includes a pretty neutral position in terms of working capital year-over-year. So we're expecting working capital to be relatively flat versus the prior year, where we had an outflow of $150 million. And that's largely on the back of that reversal in the inventory side in that helping us guide to that $1 billion to $1.1 billion in cash flow.

因此，當我們期待 6 月底時，我們的部分現金流指引包括在營運資本方面的同比相當中性的立場。因此，我們預計營運資金將與去年同期相比相對持平，去年我們流出了 1.5 億美元。這主要是由於庫存方面的逆轉，這有助於我們引導 10 億至 11 億美元的現金流。

Your next question comes from the line of Keith Chau from MST Marquee.

您的下一個問題來自 MST Marquee 的 Keith Chau。

The first one, either for Ron or Michael, could you be a bit more explicit about raw materials benefit that you may receive given you're coming off a price cost lag neutral scenario in the first quarter? Just wondering if you can help us quantify what the potential benefit could be for the remainder of the year. And given there could be potential benefits, does that imply the volume outlook is probably more for more softness? And again, if you could be more explicit as to what the volume direction is and quantum for the full year, what your expectations are, that would be fantastic.

第一個，無論是 Ron 還是 Michael，如果您在第一季度擺脫價格成本滯後中性情景，您能否更明確地說明您可能獲得的原材料收益？只是想知道您是否可以幫助我們量化今年剩餘時間的潛在收益。鑑於可能有潛在的好處，這是否意味著銷量前景可能更趨於疲軟？再說一次，如果你能更明確地說明全年的成交量方向和數量，你的期望是什麼，那就太棒了。

Yes. Keith, I'll touch on volume and then Michael can talk about the raw material side. I think to be very plain spoken about it, we do expect soft volumes for the rest of the year. I mean I think that's the cautious, more conservative approach to take. I think you can tell by the operating leverage we got in the first quarter, we've been really proactive at getting after cost.

是的。基思，我會談談音量，然後邁克爾可以談談原材料方面。我認為坦率地說，我們確實預計今年剩餘時間的銷量會疲軟。我的意思是我認為這是謹慎、更保守的做法。我認為您可以從我們在第一季度獲得的運營槓桿中看出，我們一直非常主動地降低成本。

Cost performance in the operations in both segments was really strong in the first quarter and will continue to be strong, and that's because we expect a pretty soft volume environment, which I think is very consistent with what everyone else in our value chain is experiencing as well. But maybe on the raw material side?

第一季度這兩個部門的運營成本表現非常強勁，並將繼續保持強勁，這是因為我們預計銷量環境將相當疲軟，我認為這與我們價值鏈中其他所有人的經歷非常一致出色地。但也許在原材料方面？

Yes. No, on the raw material side, Keith, as you know, throughout FY '22, we pretty much over the last 2 years really, we pretty much had a manageable headwind on the price cost lag in recovering raw material. As we exited FY '22, we were getting to a more neutral position. And in Q1, we were relatively neutral, as we called out.

是的。不，在原材料方面，Keith，如你所知，在整個 22 財年，我們幾乎在過去 2 年裡，我們在原材料回收的價格成本滯後方面幾乎遇到了可控的逆風。當我們退出 22 財年時，我們的立場更加中立。正如我們所說，在第一季度，我們相對中立。

As we look forward into Q2, we are expecting a modest tailwind on raw materials. And as you know, we buy a basket of raw materials across the globe and so they can move at different times. But based on what we see today, we'd expect some tailwind in Q2. And as we look into the -- further out into the year, it's really volatile environment and difficult to say.

在我們展望第二季度時，我們預計原材料將出現適度的順風。如您所知，我們在全球購買一籃子原材料，因此它們可以在不同時間移動。但根據我們今天看到的情況，我們預計第二季度會有一些順風。當我們進一步研究 - 進入今年時，環境真的很不穩定，很難說。

But in terms of our guidance, the 5% to 10% underlying performance, that takes into account a range of factors around the raw material pricing. So to get to the upper end, that would mean raw materials come off faster and we get a bigger tailwind as we head into the second half. At the lower end of the range, obviously, raw materials spike again. But we'll see how things turn out as we head into Q3.

但就我們的指導而言，5% 至 10% 的基本表現考慮了原材料定價的一系列因素。因此，要達到高端，這意味著原材料會更快下降，並且在進入下半場時我們會獲得更大的順風。顯然，在區間的低端，原材料再次飆升。但是當我們進入第三季度時，我們會看到事情的結果。

And Michael, can I just quickly follow on with that? So you've got inventories from a volume perspective, quite significantly higher, so 40% of the total uplift. If you're winding back those inventories going into the balance of the year, what type of operating inefficiencies are we likely to see given you've had a period of actually efficiency benefit as you've ramped up inventories? Like are we -- should we expect a margin impact as you wind back those inventories?

邁克爾，我可以快速跟進嗎？因此，從數量的角度來看，您的庫存要高得多，佔總增幅的 40%。如果您將這些庫存減少到今年的餘額中，那麼我們可能會看到哪種類型的運營效率低下，因為您在增加庫存時已經獲得了一段時間的實際效率收益？就像我們一樣——當你收回這些庫存時，我們是否應該預期利潤率會受到影響？

Well, a lot of the inventory is raw material inventory.

嗯，很多庫存是原材料庫存。

Yes, it's raw material, Keith. So in that respect, I mean it's going to flow through, get passed through to the customer.

是的，它是原材料，基思。所以在這方面，我的意思是它會流過，傳遞給客戶。

Your next question comes from the line of Kyle White from Deutsche Bank.

您的下一個問題來自德意志銀行的 Kyle White。

I wanted to go to the beverage volumes down 3% in North America. I know it may be a little bit difficult to say, but do you think that's a function of some of the destocking that we've been talking about? Or is that more longer lasting volume weakness with customers choosing value over volume and the inflationary pressures impacting consumer demand?

我想把北美的飲料量減少 3%。我知道這可能有點難說，但你認為這是我們一直在談論的一些去庫存的功能嗎？還是隨著客戶選擇價值而不是數量以及影響消費者需求的通脹壓力，這種更持久的銷量疲軟？

Look, it would be really hard to read anything into the last 90 days. That's long term, to be honest, Kyle. I think there's been so much volatility. And the volumes through the quarter were quite volatile.

看，在過去的 90 天裡很難讀懂任何東西。這是長期的，老實說，凱爾。我認為波動太大了。整個季度的交易量非常不穩定。

So I think there's a bit of destocking in there. I think -- I'm sure that when the dust settles, we'll see some shift towards volume over value or towards big packs. I mean I think that's likely if we hit a real soft economic patch. But I think in the first 90 days, it's a function of inventories in the chain. It's customer mix. It's a number of different factors.

所以我認為那裡有一些去庫存。我認為 - 我確信當塵埃落定時，我們會看到一些轉向數量超過價值或轉向大包裝的轉變。我的意思是，如果我們遇到真正的經濟疲軟補丁，我認為這很可能發生。但我認為在前 90 天，這是鏈條中庫存的函數。這是客戶組合。這是許多不同的因素。

Got it. And then you touched on it a little bit earlier, but I think the volume challenge in the (inaudible) space is understood. But can you touch on what you're seeing in the health care space more specifically and how that trended through the quarter? And do you anticipate any challenges to volumes here from some of the economic challenges as well as the inflationary environment we have?

知道了。然後你早些時候談到了它，但我認為（聽不清）空間中的音量挑戰是可以理解的。但是，您能否更具體地談談您在醫療保健領域看到的情況以及該季度的趨勢如何？您是否預計一些經濟挑戰以及我們所面臨的通貨膨脹環境會對這裡的交易量造成任何挑戰？

Yes. Look, I think health care was a real powerhouse for us in the quarter and it was very consistent through the quarter. So we had high single-digit volume growth across the global health care business. And that was consistent by month and it was consistent by region, and we would expect that to continue.

是的。看，我認為醫療保健在本季度對我們來說是一個真正的動力，並且在整個季度都非常一致。因此，我們在全球醫療保健業務中實現了高個位數的銷量增長。這在每個月和地區都是一致的，我們預計這種情況會繼續下去。

I think you might recall this segment is a mid-single-digit grower for us over a long period of time. We had a little bit of a rough patch during COVID when there were less elective procedures and medical procedures, less prescriptions written, et cetera. I think we're sort of back to roughly where we were pre-COVID. And we would expect that business to continue to grow.

我想你可能還記得這個細分市場在很長一段時間內對我們來說是個中個位數的增長者。在 COVID 期間，當選擇性程序和醫療程序較少、開出的處方較少等等時，我們遇到了一些困難。我認為我們大致回到了 COVID 之前的狀態。我們預計該業務將繼續增長。

We've put some investments into place, which we've yet to really see the benefits of, but that will also help propel the volumes going forward. We've got a new health care plant in Southeast Asia. We've got extension of a facility in Ireland. There's a number of film assets we've put into that business. And we expect that those will help power the business going forward.

我們已經進行了一些投資，但我們還沒有真正看到其中的好處，但這也將有助於推動銷量的增長。我們在東南亞建立了一家新的醫療保健工廠。我們在愛爾蘭擴建了一家工廠。我們在該業務中投入了許多電影資產。我們希望這些將有助於推動業務向前發展。

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

您的下一個問題來自高盛的 Adam Samuelson。

I guess I wanted to ask just to be clear. In the 5% to 10% organic EBIT growth in -- for fiscal '23, what are the assumed volumes in that range? And I guess associated with that, the strong mix and non-resin price that you've generated in the Flexibles business in the quarter, just do you see that level of mix potentially persisting through the year especially as raw material availability starts to improve, which I believe had constrained or had been -- created a mix benefit for you because you're prioritizing certain market segments last year?

我想我只是想問清楚。在 5% 到 10% 的有機 EBIT 增長中——對於 23 財年，該範圍內的假設數量是多少？我想與此相關的是，您在本季度在柔性材料業務中產生的強勁混合和非樹脂價格，您是否認為這種混合水平可能會持續一年，特別是隨著原材料供應開始改善，我認為這已經限製或已經為您創造了混合收益，因為您去年優先考慮某些細分市場？

Yes. Thanks, Adam, for the question. Look, in terms of our guidance, obviously, we've got a range of outcomes in the 5% to 10%. I mean the base assumption is that volumes are going to be fairly modest. We're not expecting any major volume growth. Clearly, in the first quarter, we were flat and market conditions are pretty tight and tough out there.

是的。謝謝亞當，這個問題。看，就我們的指導而言，顯然，我們已經獲得了 5% 到 10% 的一系列結果。我的意思是基本假設是交易量將相當適中。我們預計銷量不會有任何大幅增長。顯然，在第一季度，我們持平，市場條件非常緊張和艱難。

So where we are focused, obviously, is continuing to drive the business to recover inflation and the raw material costs and actively taking cost out of the business, which also supported the result in the quarter as well as strong mix through continued innovation and mix management driving the focus segments and the like.

因此，我們的重點顯然是繼續推動業務恢復通脹和原材料成本，並積極將成本從業務中剔除，這也支持了本季度的業績以及通過持續創新和組合管理實現強勁組合驅動焦點段等。

So in that 5% to 10%, clearly, there's a range of outcomes. If we do better on the volume side in some of the focus segments, then we'll potentially have better mix and end at the higher end of the range. if you see more recessionary impacts and softer consumer demand, that could drive us to the lower end of the range. Obviously, raw material prices, as I touched on earlier, can impact as well.

因此，在這 5% 到 10% 中，顯然會有一系列結果。如果我們在一些重點領域的音量方面做得更好，那麼我們可能會有更好的混合併在範圍的高端結束。如果您看到更多的衰退影響和更疲軟的消費者需求，那可能會將我們推向該範圍的低端。顯然，正如我之前提到的，原材料價格也會產生影響。

So inflation is the other big one. We did well in the quarter to recover inflation through price and mix. And we are expecting more inflation as we head through the year and expect to recover that. But that's another factor that could drive a range of outcomes in that guidance.

所以通貨膨脹是另一個大問題。我們在本季度表現良好，通過價格和組合來恢復通脹。我們預計隨著這一年的到來會出現更多的通脹，並希望能夠恢復。但這是另一個可能推動該指南產生一系列結果的因素。

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

您的下一個問題來自里昂證券的 Daniel Kang。

So just a question on the Russian process. Can you talk us through how it's progressing? I noticed that some of your peers have achieved a better outcome than expected.

所以只是一個關於俄羅斯進程的問題。你能告訴我們它是如何進展的嗎？我注意到您的一些同行取得了比預期更好的結果。

Well, look, we're trying to exit in an orderly way. Just for context, we have 3 factories in Russia. Collectively, they've generated about 2% or 3% of sales over the last several years, about 4% to 5% of EBIT. We announced in August that we're pursuing the sale of those 3 factories. We said at the time we're going to pursue an orderly exit, meaning that we're going to look to preserve value for shareholders as well.

好吧，看，我們正試圖以有序的方式退出。就上下文而言，我們在俄羅斯有 3 家工廠。在過去幾年中，它們共同創造了約 2% 或 3% 的銷售額，約佔 EBIT 的 4% 至 5%。我們在 8 月宣布，我們正在尋求出售這 3 家工廠。我們當時表示，我們將尋求有序退出，這意味著我們也將尋求為股東保留價值。

So we're running what you -- to the extent you could call it a typical M&A process in that environment, that's what we're doing. And there's been a reasonable degree of interest. So we're still optimistic the process will run its course and complete sometime in the second half of this fiscal year.

因此，我們正在按照您的方式運行-您可以將其稱為該環境中的典型併購流程，這就是我們正在做的事情。並且有一定程度的興趣。因此，我們仍然樂觀地認為，該過程將在本財年下半年的某個時候完成。

Great, Ron. And the proceeds would just go to debt repayment, I'm presuming?

太好了，羅恩。我猜這些收益只會用於償還債務？

Yes. Look, I think we'll deal with that when the time comes. I mean we are repurchasing shares this year. We've spent about $100 million in the first quarter on acquisitions. We'll continue to look for further acquisitions. So I think we'll see where we get to. But as a general rule, we're not of the view that paying down debt is going to be a very value-creating use of cash right at the moment, even with interest rates elevated from where they were a year ago.

是的。聽著，我想我們會在時機成熟時處理這個問題。我的意思是我們今年正在回購股票。我們在第一季度花費了大約 1 億美元進行收購。我們將繼續尋找進一步的收購。所以我想我們會看到我們到達哪裡。但作為一般規則，我們不認為目前償還債務將是一種非常有價值的現金用途，即使利率比一年前有所提高。

Your next question comes from the line of Anthony Pettinari from Citi.

您的下一個問題來自花旗的 Anthony Pettinari。

Just following up on Dan's question, can you talk about ability and willingness to pursue M&A in fiscal '23 in what's probably going to be a tougher macro environment? You had a peer that announced a large acquisition today. And then in that context, maybe you could talk a little bit more about ePAC.

緊接著丹的問題，您能否談談在可能會變得更加艱難的宏觀環境下，在 23 財年進行併購的能力和意願？你有一個同行今天宣布了一項大型收購。然後在這種情況下，也許你可以多談談 ePAC。

Yes. Well, look, I'd say the ability and the willingness are both high. But it always takes two to tango in an M&A situation. And we're actively pursuing deals. I mean that's part of our formula and has been for a long time. We think there are good bolt-on opportunities across our portfolio. I think what I would say is you can safely assume that anything that's in the market, in the packaging space or at least in our segments, we're having a look at and a close look at.

是的。嗯，你看，我會說能力和意願都很高。但在併購情況下，探戈總是需要兩個人。我們正在積極尋求交易。我的意思是這是我們公式的一部分，並且已經存在了很長時間。我們認為我們的投資組合中有很好的補充機會。我想我想說的是，您可以放心地假設市場上、包裝領域或至少在我們的細分市場中的任何東西，我們都在仔細研究。

So the appetite is there. The willingness is there. The balance sheet and cash flow are there. We're pretty clear on our strategy in terms of the segments we want to grow in, the geographies we want to grow in. So we'd like to try to be active.

所以食慾是有的。意願是有的。資產負債表和現金流就在那裡。我們非常清楚我們想要發展的細分市場，我們想要發展的地理區域的戰略。所以我們想嘗試變得活躍。

In some respects, a tough macroeconomic backdrop might not be the worst context, the worst setting for us. If you go back over a number of years, we've tended to be more active when asset prices were more modest or at least more in line with long-term trends. And we're going to remain disciplined and actually hope that's the case in this cycle.

在某些方面，嚴峻的宏觀經濟背景可能不是最糟糕的背景，對我們來說不是最糟糕的環境。如果您回顧多年，當資產價格更加溫和或至少更符合長期趨勢時，我們往往會更加活躍。我們將保持自律，實際上希望在這個週期中也是如此。

ePAC, just quickly on ePAC, it's more of a corporate venturing type investment. So we've got a minority stake. We've put some more money into it but it's still a minority position in a start-up -- relative new startup called ePAC, which has been around about 5 or 6 years. It's a digitally enabled flexible packaging company. They essentially rely on digital printing. The whole process is digitized. And it's a really exciting opportunity. It's a business that's targeting small and actually micro customers with quick lead times and very responsive service model. And it's been growing really almost by triple digits over the last 5 or 6 years. So we're pretty excited about that business.

ePAC，就在 ePAC 上，它更像是一種企業風險投資。所以我們有少數股權。我們已經投入了更多的資金，但它仍然是初創公司中的少數職位——相對較新的初創公司 ePAC，已經有大約 5 或 6 年的歷史了。這是一家數字化的軟包裝公司。他們基本上依賴數字印刷。整個過程數字化。這是一個非常令人興奮的機會。這是一項針對小型和實際微型客戶的業務，具有快速的交貨時間和響應迅速的服務模式。在過去的 5 或 6 年裡，它幾乎以三位數的速度增長。所以我們對這項業務感到非常興奮。

Your next question comes from the line of Richard Johnson from Jefferies.

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

Just a question on Russia, if I may, please. I noticed you've got a $90-odd million restructuring program related to the sale of the 3 plants. Just intuitively, that feels like a very high number. And I was just wondering if you could help me understand what's behind it.

只是關於俄羅斯的問題，如果可以的話，請。我注意到你有一個 90 多萬美元的重組計劃，與出售這 3 家工廠有關。憑直覺，這感覺是一個非常高的數字。我只是想知道您是否可以幫助我了解其背後的原因。

Richard, that was just the impairment that we took back in -- well, at June 30 year-end, when we noted the asset as held for sale. So we had to impair the asset to an estimated book value -- market value. And so that was the adjustment for that one.

理查德，這只是我們收回的減值——嗯，在 6 月 30 日年底，當我們注意到該資產為待售時。所以我們不得不將資產減值到估計的賬面價值——市場價值。這就是對那個的調整。

Yes. But if you break down that $200 million, Michael, you talk about $62 million and restructuring costs was a further $30 million to go this year. So it's really that bit I'm trying to understand what that is.

是的。但是，如果你分解這 2 億美元，邁克爾，你說的是 6200 萬美元，而重組成本今年還有 3000 萬美元。所以這真的是我試圖理解那是什麼。

Right. Yes. Well, part of that was the -- we've obviously got to close the Ukraine and close that piece out. And then to relocate part of the business out of Russia, rightsize the footprint in Europe and also SG&A restructuring as well to help to mitigate the lost earnings from the Russian business, which we feel that we're taking a lot of action in that front to help recover some of that 4% to 5% in EBIT that we're going to end up losing as we go through the sale.

正確的。是的。嗯，其中一部分是 - 我們顯然必須關閉烏克蘭並關閉那部分。然後將部分業務遷出俄羅斯，調整在歐洲的足跡以及 SG&A 重組，以幫助減輕俄羅斯業務的收入損失，我們認為我們在這方面採取了很多行動幫助恢復我們在銷售過程中最終會損失的 4% 到 5% 的息稅前利潤。

And while you're on the line, just on the interest charge, very helpful guidance you've given. I was just trying to get a sense of what that number would be on a constant FX basis.

當您在線時，只需支付利息費用，您就可以提供非常有用的指導。我只是想了解在恆定外匯基礎上該數字是多少。

It's pretty similar, Richard. It's not a material movement on that front.

非常相似，理查德。這不是那方面的物質運動。

And your next question comes from the line of Mark Wilde from BMO.

您的下一個問題來自 BMO 的 Mark Wilde。

Michael, along the same lines, what's the -- what's your breakout just fixed and floating on the debt?

邁克爾，沿著同樣的思路，你的突破是什麼？

Yes. Look, the fixed and floating piece at the end of September was 50-50 fixed and floating. Since that time, we have taken some fixed rate swaps. And so we're -- today, we stand around about 65% fixed versus 35% floating.

是的。看，9月底的定浮片是50-50定浮。從那時起，我們採取了一些固定利率掉期。所以我們 - 今天，我們大約 65% 是固定的，35% 是浮動的。

Okay. All right. And then, Ron, I'm just curious, what would you say the 3 biggest challenges are for you at the moment?

好的。好的。然後，羅恩，我很好奇，你認為目前對你來說最大的 3 個挑戰是什麼？

I think making sure that the teams stay focused on trying to drive growth in the segments that we've nominated as areas we want to grow and at the same time, being out there and really aggressively focusing on recovering inflation. I think that's the key.

我認為確保團隊繼續專注於努力推動我們指定為我們想要增長的領域的增長，同時，在外面並真正積極地專注於恢復通脹。我認為這是關鍵。

I think -- there's one other one I'll come to. But I think, generally speaking, we're trying to do 2 things at the same time, which you could consider to be contradictory. We're trying to grow the business and generate momentum on the top line. And we feel like we've never had more tools at our disposal to do that. And we're investing more CapEx and more R&D, et cetera, et cetera. But at the same time, we've got to be out front of inflation.

我想——還有一個我會來的。但我認為，一般來說，我們試圖同時做兩件事，你可以認為這是矛盾的。我們正在努力發展業務並在營收上產生動力。我們覺得我們從來沒有更多的工具可以做到這一點。我們正在投資更多的資本支出和更多的研發，等等。但與此同時，我們必須領先於通貨膨脹。

And so just trying to manage that message internally and managing the balance between those 2 things is the real challenge. And then the second thing is just -- there's just been a lot of exogenous factors out in the operating environment over the last several years, starting with the pandemic and then the supply chain disruptions and then in the parts of the business impacted by the Russia-Ukraine conflict. There's been a lot of different exogenous factors out there.

因此，僅嘗試在內部管理該信息並管理這兩件事之間的平衡才是真正的挑戰。然後第二件事就是 - 在過去幾年中，運營環境中出現了很多外生因素，首先是大流行，然後是供應鏈中斷，然後是受俄羅斯影響的部分業務-烏克蘭衝突。那裡有很多不同的外生因素。

And so I just want to make sure people have energy and they're renewed and they're pumped up and fired up to come to work every day. I think that's not an insignificant challenge when there's so many different things being thrown at them. They really have nothing to do with the base business of selling packaging.

所以我只是想確保人們有活力，他們得到更新，他們每天都精力充沛地來上班。當有這麼多不同的東西被扔給他們時，我認為這不是一個微不足道的挑戰。他們真的與銷售包裝的基礎業務無關。

And your next question comes from the line of Larry Gandler from Credit Suisse.

您的下一個問題來自瑞士信貸的拉里·甘德勒（Larry Gandler）。

Just in terms of your cash flow guidance, do you need to take further price increases from here to expand that tailwind of price cost lag?

就您的現金流指導而言，您是否需要從這裡進一步提價以擴大價格成本滯後的順風？

Look, Larry, we're -- obviously, you're cycling through a kind of 12-month period. So we -- there will be still some further increase in pricing on the raw material side. We'll see how that plays out into the second half. But I would still be expecting some further increase as we roll through the year.

看，拉里，我們 - 很明顯，你正在經歷一個 12 個月的周期。因此，我們 - 原材料方面的價格仍將進一步上漲。我們將看到下半場的表現如何。但隨著我們全年的發展，我仍然預計會進一步增加。

That's further price increases that you guys take as opposed to cost increases, just to be clear.

這是你們採取的進一步價格上漲，而不是成本上漲，只是為了清楚。

Yes.

是的。

Yes. Okay. And I don't know, Mike or Ron, if you could just talk to the pet food category, maybe in Europe and U.S., how that played out over the last quarter and maybe recent trends?

是的。好的。我不知道，邁克或羅恩，如果你能談談寵物食品類別，也許在歐洲和美國，上個季度的表現如何，也許是最近的趨勢？

Yes. Look, it's been a solid segment for us in terms of growth and margin as the pet food segment generally has premiumized or humanized, you'll hear the 2 words used to describe that segment. We transitioned over in many number of years from primarily dry pet food and bulk to essentially almost single-serve pet food in smaller pouches. And we benefited a lot from the increased packaging intensity and that segment is increasing sustainability requirements of that sort of packaging. And one of our innovation platforms, AmLite, is directed squarely at that segment in partnership with some of our big customers.

是的。看，就增長和利潤而言，這對我們來說是一個堅實的細分市場，因為寵物食品細分市場通常已經高端化或人性化，您會聽到用於描述該細分市場的兩個詞。多年來，我們從主要是乾燥的寵物食品和散裝食品轉變為基本上幾乎是單份裝在小袋中的寵物食品。我們從增加的包裝強度中受益匪淺，並且該部分正在增加這種包裝的可持續性要求。我們的創新平台之一 AmLite 與我們的一些大客戶合作，直接針對該細分市場。

So it's a pretty exciting space and there's a lot of innovation brought to the market, both by the brand owners and by us as a packaging supplier. And it's been a mid-single-digit sort of growth segment for us. The first quarter, quite frankly, was flat. We were pretty much flat globally. The Russian -- Eastern European sales were soft. We had some growth offsetting that elsewhere.

所以這是一個非常令人興奮的空間，品牌所有者和我們作為包裝供應商都為市場帶來了許多創新。對我們來說，這是一個中等個位數的增長部分。坦率地說，第一季度持平。我們在全球範圍內幾乎持平。俄羅斯-東歐銷售疲軟。我們有一些增長抵消了其他地方的增長。

So all up, we were more or less flat for the quarter. But we don't see any signs or cause for concern around the secular trends that have made it such an attractive segment going forward.

所以總的來說，我們本季度或多或少持平。但我們沒有看到任何跡像或令人擔憂的長期趨勢使其成為未來如此有吸引力的細分市場。

Your next question comes from the line of Nathan Reilly from UBS.

您的下一個問題來自瑞銀的 Nathan Reilly。

Ron, a quick one. Just are you achieving any manufacturing efficiencies in the plants, just as raw material availability starts to improve some of those supply chain challenges start to stabilize? I'd also appreciate a bit of color on labor just in terms of cost and availability and just an idea of how that's all washing through your organic growth guidance.

羅恩，很快。就在原材料供應開始改善，其中一些供應鏈挑戰開始穩定時，您是否在工廠中實現了任何製造效率？我也很欣賞人工成本和可用性方面的一些色彩，以及如何通過你的有機增長指導來了解這一切。

Yes. Look, it's a good question. We're really pleased with the plant performance. So firstly, in terms of the availability of the imports, as I noted earlier, the raw material availability has improved. There are still some specialty materials that are in short supply, and I think that's going to continue for a while. But many of the constraints and bottlenecks we were dealing with over the last 12 to 18 months have abated. So that situation has improved.

是的。看，這是個好問題。我們對工廠的性能非常滿意。因此，首先，就進口的可用性而言，正如我之前提到的，原材料的可用性有所改善。仍有一些特殊材料供不應求，我認為這種情況還會持續一段時間。但是，我們在過去 12 到 18 個月中處理的許多限制和瓶頸已經減輕。所以這種情況有所改善。

And generally speaking, the labor availability has improved across the network. Certainly, this time last year or even the earlier part of calendar '22, we had some real labor challenges, especially in North America and in Europe as COVID spikes rolled through those regions. That seems to be behind us at the moment. And we've not had real labor constraints for some time.

一般來說，整個網絡的勞動力可用性有所提高。當然，去年這個時候，甚至是 '22 日曆的早期，我們遇到了一些真正的勞動力挑戰，尤其是在北美和歐洲，因為這些地區的新冠病毒疫情激增。這似乎在我們身後。而且我們已經有一段時間沒有真正的勞動力限制了。

So I think from a factor availability or input availability, the plants have been able to run more unencumbered. And then I think as far as the productivity and the efficiencies, we're really pleased. We think that's one of the highlights of the first quarter. If you look at our 9% EBIT growth, we'd say probably about 1/3 of that came from price and mix but 2/3 of it came from the cost performance in the plants.

因此，我認為從要素可用性或投入可用性來看，這些工廠能夠更加不受阻礙地運行。然後我認為就生產力和效率而言，我們真的很高興。我們認為這是第一季度的亮點之一。如果您查看我們 9% 的息稅前利潤增長，我們會說其中大約 1/3 來自價格和組合，但其中 2/3 來自工廠的成本績效。

And so that's where we got the operating leverage to turn really flat volumes, actually modestly down volumes into 10% EPS growth. So we're pretty pleased with the way the plants are performing. And it's important because we're going to need them going forward.

所以這就是我們獲得運營槓桿的地方，可以將銷量真正持平，實際上是適度降低銷量，實現 10% 的每股收益增長。所以我們對植物的表現方式非常滿意。這很重要，因為我們需要他們繼續前進。

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

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

Just to follow up on an earlier comment around the restructuring in Europe. Are you able just to confirm, is the plan actually to close plants in Europe going forward? Or is it -- is this provision that was taken, I guess, 3 months ago now more relating to the closure of Russia and you're not actually planning to close plants in Europe?

只是為了跟進之前關於歐洲重組的評論。您能否確認一下，該計劃實際上是否會在未來關閉歐洲的工廠？還是——我猜，3 個月前採取的這項規定現在更多地與關閉俄羅斯有關，而您實際上並不打算關閉歐洲的工廠？

Yes. Look, just to put some context on that, as I said, the Russian business is about 4% to 5% of global EBIT. Within Europe, it's obviously a much higher percentage. So we've got an -- we're going to sell that business and we're going to lose those earnings. We've got an obligation to try to protect the income statement and generate profit where we can.

是的。看，只是為了說明這一點，正如我所說，俄羅斯業務約佔全球息稅前利潤的 4% 到 5%。在歐洲，這一比例顯然要高得多。所以我們有一個 - 我們將出售該業務，我們將失去這些收益。我們有義務盡力保護損益表並儘可能創造利潤。

And so we're going to -- we're going to take some cost out. We're going to rightsize the part of the business that was most directly affected. So some of that cost is related, as Michael said, to just the transition of winding down operations in the Ukraine and migrating certain business out of the Russian plants that can be repatriated into other plants in the European network that will -- that's part of where that cost is going. There'll be some overhead reductions because we'll be operating a smaller business. And there may be a plant closure to be determined, but we haven't come to that conclusion yet.

所以我們要——我們要拿出一些成本。我們將調整受影響最直接的業務部分。因此，正如邁克爾所說，其中一些成本與結束烏克蘭業務的過渡以及將某些業務從俄羅斯工廠遷移到歐洲網絡中的其他工廠有關——這是一部分成本的去向。由於我們將經營一家規模較小的企業，因此會減少一些管理費用。可能有工廠關閉待定，但我們還沒有得出這個結論。

Okay. Great. And I guess the free cash flow guidance this year is unchanged. But what's the expectation at this point for the cash significant items that, of course, sort of falls outside of that $1 billion to $1.1 billion guidance range?

好的。偉大的。我猜今年的自由現金流指引沒有改變。但是，此時對於那些當然超出 10 億美元至 11 億美元指導範圍的現金重要項目的期望是什麼？

Yes. Look, it's a relatively smaller amount, maybe $20 million to $30 million. It's not significant.

是的。看，這是一個相對較小的金額，可能是 2000 萬到 3000 萬美元。這並不重要。

And your next question comes from the line of John Purtell from Macquarie.

您的下一個問題來自 Macquarie 的 John Purtell。

Just picking up on a couple of the recent questions. Coming back to you mentioned sort of protein volumes were flat in the quarter and pet foods flat as well and coffee was back a little bit. I appreciate it's only a quarter, but was that sort of destocking driving that sort of flatness? Or is there -- I know you sort of haven't seen -- or haven't called out a sort of material COVID benefit overall in recent years. But we have seen obviously strong coffee and pet food volumes over the last couple of years. So is there a little bit of a cycling effect there from that? Just trying to sort of understand that a bit more.

剛剛接了幾個最近的問題。回到你提到的蛋白質數量在本季度持平，寵物食品也持平，咖啡略有回升。我很欣賞它只有四分之一，但這種去庫存是否推動了這種平坦度？或者是否存在——我知道你有點沒見過——或者近年來總體上沒有提到某種物質上的 COVID 好處。但在過去的幾年裡，我們已經看到咖啡和寵物食品的銷量明顯增長。那麼，那裡有一點循環效應嗎？只是想多了解一點。

It's really hard to say. The only segment where you feel like there's more inventory and maybe got a little bit of a bump in hindsight is the coffee space. We do -- primarily our coffee business now is primarily single serve and systems -- coffee systems, which -- this is more intuitive or hypothesis than it is borne out by facts. But intuitively, more at-home consumption -- more people at home would have driven more at-home consumption of single-serve coffee and coffee system sales pods and the like.

真的很難說。唯一讓你覺得庫存更多，事後看來可能有點顛簸的部分是咖啡空間。我們確實——主要是我們的咖啡業務現在主要是單一服務和系統——咖啡系統——這比事實所證實的更直觀或假設。但直觀地說，更多的在家消費——更多的人在家會推動更多的單杯咖啡和咖啡系統銷售包等的在家消費。

And so we may be seeing a little bit of the unwind of that. But I think the more important thing is that long term, these segments, the secular tailwinds that relate to greater packaging intensity to provide the consumer the convenience and functionality that they're now used to. And so we continue to be bullish on these segments over the medium to longer term.

所以我們可能會看到一點點放鬆。但我認為更重要的是長期，這些細分市場，與更大的包裝強度相關的長期順風，為消費者提供他們現在習慣的便利和功能。因此，我們在中長期內繼續看好這些細分市場。

And look, in terms of the final question, sorry, I'm going to ask probably 2-in-1 here. But in terms of if we do see consumers trade down, Amcor's exposure to big brands versus home brands. I mean historically, you've had a pretty balanced exposure. So you pick up some home brand spend if that indeed does transition.

看，就最後一個問題而言，對不起，我可能會在這裡問二合一。但就我們是否確實看到消費者降價而言，Amcor 接觸大品牌與本土品牌。我的意思是從歷史上看，你的曝光率相當平衡。因此，如果確實發生了過渡，您將獲得一些家庭品牌支出。

And so the second part is we've talked obviously a lot about sustainability products in recent years. I mean are we now at a point where you're starting to see those new products really move the needle and make a material contribution to price and mix?

所以第二部分是我們近年來顯然已經談論了很多關於可持續性產品的內容。我的意思是，我們現在是否已經開始看到這些新產品真正發揮作用並對價格和產品組合做出重大貢獻？

Yes. Look, on the private label versus branded mix, our mix kind of looks like the market. I think you have to get to the segment level. And certain segments have much higher penetration of private label than others and our mix kind of reflects that. And so I would say there's not a whole lot there in terms of what the impact will be as consumers shift potentially to private label from branded goods.

是的。看，在自有品牌與品牌組合中，我們的組合看起來像市場。我認為您必須達到細分級別。某些細分市場對自有品牌的滲透率比其他細分市場高得多，我們的組合反映了這一點。因此，我想說的是，隨著消費者可能從品牌商品轉向自有品牌，影響會產生什麼影響並不大。

On the sustainability platforms, look, we are starting to see some traction. The sales are in the tens of millions of dollars now, which is growing off a low base. So this is sales of the platforms that we talked about before, the AmPrima and AmFiber and AmLite and Sky.

在可持續發展平台上，看，我們開始看到一些牽引力。現在銷售額在數千萬美元，這是在低基數的基礎上增長的。這是我們之前討論過的平台的銷售額，AmPrima 和 AmFiber 以及 AmLite 和 Sky。

So we're starting to get there. I think it's just all part of the formula of continually driving mix benefits and margin expansion off of the organic volumes of the business.

所以我們開始到達那裡。我認為這只是從業務的有機數量中不斷推動混合收益和利潤率擴張的公式的一部分。

Ladies and gentlemen, this concludes our question-and-answer session. I will now turn the call back over to Ron Delia for some closing remarks.

女士們，先生們，我們的問答環節到此結束。我現在將把電話轉回給 Ron Delia 做一些結束語。

Okay. Thanks, operator. Thanks very much for your interest in Amcor today. We feel like we had a good strong start to the fiscal year. And we're maintaining our expectations for the performance of the base business for the rest of fiscal '23. And we look forward to continue to provide updates along the way. Thanks very much. And with that, operator, we'll end the call.

好的。謝謝，接線員。非常感謝您今天對 Amcor 的興趣。我們覺得我們在本財年有一個良好的開端。在 23 財年剩餘時間內，我們將保持對基礎業務表現的預期。我們期待在此過程中繼續提供更新。非常感謝。話務員，我們將結束通話。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。