Coca-Cola Europacific Partners PLC (CCEP) 2023 Q4 法說會逐字稿

Hello, and thank you for standing by, and welcome to today's Coca-Cola Europacific Partners Q4 and FY 2023 Results Conference Call. (Operator Instructions) Must advise you that this conference call is being recorded today.

您好，感謝您的支持，歡迎參加今天的可口可樂歐洲太平洋合作夥伴第四季和 2023 財年業績電話會議。 （操作員說明）必須告知您今天正在錄製本次電話會議。

Now I'd like to hand the conference over to Vice President of Investor Relations and Corporate Strategy, Sarah Willett. Please go ahead, Sarah.

現在我想將會議交給投資者關係和企業策略副總裁莎拉威利特 (Sarah Willett)。請繼續，莎拉。

Thank you all for joining us today. I'm here with Damian Gammell, our CEO; and Nik Jhangiani, our CFO.

感謝大家今天加入我們。我和我們的執行長達米安·加梅爾 (Damian Gammell) 在一起。和我們的財務長 Nik Jhangiani。

Before we begin with our opening remarks, a reminder of our cautionary statements. This call contains forward-looking management comments and other statements affecting our outlook. These comments should be considered in conjunction with the cautionary language contained today as well as the detailed cautionary statements found in reports filed with the U.K., U.S., Dutch, and Spanish authorities. A copy of this information is available on our website at www.cocacolaep.com.

在我們開始致開幕詞之前，先提醒一下我們的警告性聲明。本次電話會議包含前瞻性管理層評論和其他影響我們前景的聲明。這些評論應與今天包含的警告性語言以及向英國、美國、荷蘭和西班牙當局提交的報告中的詳細警告性聲明結合起來考慮。您可以在我們的網站 www.cocacolaep.com 上取得此資訊的副本。

Prepared remarks will be made by Damian and Nik. We will then turn the call over to your questions. Unless otherwise stated, metrics presented today will be on a comparable and FX-neutral basis throughout. Following the call, a full transcript will be made available as soon as possible on our website.

達米安和尼克將發表準備好的演講。然後我們會將電話轉接給您提問。除非另有說明，今天提出的指標將始終基於可比較和外匯中性的基礎。電話會議結束後，我們將盡快在我們的網站上提供完整的文字記錄。

I will now turn the call over to our CEO, Damian.

我現在將把電話轉給我們的執行長達米安。

Thank you, Sarah, and good morning, everybody. Many thanks for joining us today. Before I begin, I just want to take this opportunity to thank all of my great colleagues at CCEP for their continued hard work and dedication to our customers and our business. And obviously, today, we welcome our new colleagues joining us from the Philippines, a great coke market and a great addition to the CCEP story. So welcome. And again, a big thank you to everybody at CCEP for your ongoing hard work.

謝謝莎拉，大家早安。非常感謝您今天加入我們。在開始之前，我想藉此機會感謝 CCEP 所有優秀同事的持續辛勤工作以及對我們客戶和業務的奉獻。顯然，今天，我們歡迎來自菲律賓的新同事加入我們，菲律賓是一個巨大的焦炭市場，也是 CCEP 故事的重要補充。非常歡迎。再次非常感謝 CCEP 的每個人一直以來的辛勤工作。

2023 was another great year for CCEP. We continue to execute on our clear strategy. We have an unwavering commitment to stakeholder value creation. Our retail customers importantly continue to share in our success since 2017. We've created more value for them than any of our peers. And indeed, our tier store speaks for itself, validated by entering the NASDAQ 100 Index late last year, we've paid a record dividend last year and now returned more than EUR 6 billion to shareholders since 2016.

2023 年對 CCEP 來說又是偉大的一年。我們將繼續執行我們明確的策略。我們堅定不移地致力於為利害關係人創造價值。重要的是，自 2017 年以來，我們的零售客戶繼續分享我們的成功。我們為他們創造的價值比任何同行都多。事實上，我們的一級商店不言自明，去年年底進入納斯達克 100 指數，我們去年支付了創紀錄的股息，自 2016 年以來，我們向股東返還了超過 60 億歐元。

We are clear on the strategic choices we make. We're making the right decisions on our portfolio to drive a more efficient business for the long-term. And from today, as I mentioned, we welcome Coca-Cola Beverage Philippines to the CCEP family, the acquisition having now formally closed.

我們所做的戰略選擇是明確的。我們正在對我們的投資組合做出正確的決策，以推動長期更有效率的業務。正如我所提到的，從今天起，我們歡迎菲律賓可口可樂飲料公司加入 CCEP 家族，收購現已正式結束。

This creates an even more diverse footprint for CCEP, provides the opportunity to leverage best practice and talent, including supporting our exciting transformation journey in Indonesia. I'll come back on both markets a little bit later. And as always, we are supported by our strongly aligned relationship with the Coca-Cola Company and our other brand partners.

這為 CCEP 創造了更多元化的足跡，提供了利用最佳實踐和人才的機會，包括支持我們在印尼令人興奮的轉型之旅。稍後我會回到這兩個市場。一如既往，我們與可口可樂公司和其他品牌合作夥伴的緊密合作關係為我們提供了支持。

So now to our full year key messages. I'm really pleased with our performance in 2023, delivering on all key metrics. We achieved solid top and bottom line growth, value share gains in the market and, as always, an impressive free cash flow generation. Top line growth was price/mix led, but also supported by solid volume growth in Europe, Australia and New Zealand, where we also grew transactions ahead of volume.

現在是我們全年的關鍵訊息。我對我們 2023 年的表現非常滿意，實現了所有關鍵指標。我們實現了穩健的營收和利潤成長、市場價值份額的成長，以及一如既往的令人印象深刻的自由現金流生成。營收成長由價格/產品組合主導，但也受到歐洲、澳洲和紐西蘭銷量穩健成長的支撐，這些地區的交易量也領先於銷售成長。

We continue to invest for the long-term in our portfolio, our digital journey, our supply chain, sustainability and, of course, in our people. We are a stronger and better business. We're more diverse and robust in our categories. They remain resilient despite some of the ongoing macroeconomic and geopolitical volatility. This collectively makes us well placed for full year 2024 and beyond, underpinning our commitment to create continued shareholder value. As I talked about before, we are focused on great people, great service, great beverages, all done sustainably.

我們繼續對我們的產品組合、數位化旅程、供應鏈、永續發展，當然還有我們的員工進行長期投資。我們是一家更強大、更好的企業。我們的品類更加多元、更強大。儘管宏觀經濟和地緣政治持續波動，但它們仍保持彈性。這使我們在 2024 年全年及以後處於有利地位，鞏固了我們創造持續股東價值的承諾。正如我之前談到的，我們專注於優秀的人才、優質的服務、優質的飲料，所有這些都是可持續的。

So now let's take a brief look back on last year, starting with our great people. We achieved an excellent score in our global engagement survey, position us comfortably ahead of our industry benchmark group. And we continue to be [externally] recognized as being a great and diverse place to work.

現在讓我們從我們偉大的員工開始簡要回顧去年。我們在全球敬業度調查中取得了優異的成績，使我們在行業基準組中遙遙領先。我們繼續被[外部]認為是一個優秀且多元化的工作場所。

This included our 2023 inaugural entry into the Forbes top 200 World's Best Employers and the top 100 World's Top Companies for Women. Great service and execution are always a key priority at CCEP as we strive to make it even easier for our customers to do business with us. We continue to invest in our supply chain, like new state-of-the-art can lines in Australia, Norway and Great Britain.

其中包括我們在 2023 年首次躋身《富比士》全球最佳雇主 200 強和全球女性最佳企業 100 強。優質的服務和執行始終是 CCEP 的首要任務，因為我們努力讓客戶更輕鬆地與我們開展業務。我們繼續投資我們的供應鏈，例如在澳洲、挪威和英國新建最先進的罐頭生產線。

And we were recognized for our great service in the Advantage survey results where we ranked #1 globally among our top retailers, up from last year. On our journey to becoming the world's most digitized bottler, we continue to invest in our broader digital capabilities. For example, around 85% of our volume is now captured digitally, including our B2B portals, which represent nearly 15%.

我們在優勢調查結果中因出色的服務而獲得認可，在全球頂級零售商中排名第一，較去年有所上升。在成為世界上數位化程度最高的裝瓶商的過程中，我們繼續投資於更廣泛的數位能力。例如，我們現在大約 85% 的交易量是透過數位方式取得的，其中包括我們的 B2B 門戶，佔近 15%。

And finally, our great brands and beverages. We are extremely privileged to make, move and sell the world's most loved drink brands. We continue to invest and innovate to make them even better and appeal to even more consumers. In fact, in Europe, over 75% of households purchased from our NARTD portfolio, up 70 basis points from the previous year.

最後，我們的偉大品牌和飲料。我們非常榮幸能夠製造、銷售和銷售世界上最受歡迎的飲料品牌。我們不斷投資和創新，使它們變得更好並吸引更多消費者。事實上，在歐洲，超過 75% 的家庭購買了我們的 NARTD 產品組合，比前一年增加了 70 個基點。

And now let's look at our sustainability journey, where we continued to make great progress. We've achieved 55% recycled plastic content, up from 48% last year. Having surpassed our 50% commitment, but our efforts do not stop there as we remain focused on our ultimate goal of a 100%. We continue to invest in sustainability focused technology to our CCEP ventures arm, and we are proud to be part of the Coca-Cola System Sustainable Venture Capital Fund.

現在讓我們回顧一下我們的永續發展之旅，我們繼續取得巨大進展。我們的再生塑膠含量已達 55%，高於去年的 48%。我們已經超越了 50% 的承諾，但我們的努力不止於此，我們仍然專注於 100% 的最終目標。我們持續向 CCEP 創投部門投資以永續發展為重點的技術，我們很自豪能夠成為可口可樂系統永續創投基金的一部分。

A big milestone was the validation of our carbon emissions targets by the science-based targets initiative across all of our markets, including API. This includes both our 2030, 30% greenhouse gas reduction and our long-term 2040 net 0 targets. And importantly, we continue to be recognized externally, retaining our inclusion on the CDP's A List for climate and maintaining our MSCI AAA ESG rating.

一個重要的里程碑是我們所有市場（包括 API）基於科學的目標倡議對我們​​的碳排放目標進行了驗證。這包括我們的 2030 年溫室氣體減量 30% 和我們 2040 年的淨零排放長期目標。重要的是，我們繼續獲得外部認可，保留在 CDP 氣候 A 名單中，並維持 MSCI AAA ESG 評級。

So now turning to our performance highlights. As I mentioned earlier, we delivered a solid top line performance. Solid underlying demand in our developed markets, alongside grading in-market execution, drove volume growth in Europe of 0.5% despite what you will all recall was a very mixed summer in terms of weather. Excluding the strategic choices we've made, we saw underlying volume growth in Europe of 1% and in Australia and New Zealand of 2%. In Indonesia, we made good progress with our long-term transformation journey, which I will come on to in a bit more detail later.

現在轉向我們的表現亮點。正如我之前提到的，我們實現了穩健的營收表現。儘管大家都記得夏季的天氣好壞參半，但我們發達市場的強勁基礎需求以及市場執行的分級推動歐洲銷量增長了 0.5%。排除我們所做的策略選擇，我們發現歐洲的基本銷量成長了 1%，澳洲和紐西蘭的基本銷量成長了 2%。在印度尼西亞，我們的長期轉型之旅取得了良好進展，我將在稍後詳細介紹。

Execution of our revenue and margin growth management initiatives, along with our dynamic price and promotion strategies across a broad pack offering drove solid revenue per case growth of 8.5%. Headline pricing last year, although ahead of pre-pandemic levels, was below realized cost inflation as we continue to prioritize relevance and affordability for our consumers.

我們的收入和利潤成長管理計劃的執行，以及我們在廣泛產品中的動態價格和促銷策略，推動了每箱收入穩定成長 8.5%。去年的整體定價雖然高於疫情前的水平，但低於已實現的成本通膨，因為我們繼續優先考慮消費者的相關性和可負擔性。

Now to the NARTD category overall. It remains resilient, growing in volume terms by 8% -- in value terms by 8% in Europe and 9% in API. We gained value share both in-store and online and continue to win with our customers, supported by some great activation.

現在全面介紹 NARTD 類別。它仍然保持彈性，數量增加了 8%，歐洲的價值增加了 8%，API 成長了 9%。我們在店內和網上都獲得了價值份額，並在一些出色的激活的支持下繼續贏得客戶。

Our strong top line performance, together with our continued focus on efficiency as we close out our full year '21 to '23 efficiency programs, drove strong operating profit growth of 13.5%. This in turn supported impressive comparable free cash flow generation of just over EUR 1.7 billion and the return to the top end of our target leverage range, as guided.

我們強勁的營收表現，加上我們在結束 21 至 23 年全年效率計畫時對效率的持續關注，推動營業利潤強勁成長 13.5%。這反過來又支持了令人印象深刻的可比自由現金流生成，略高於 17 億歐元，並按照指導返回到我們目標槓桿範圍的上限。

I'd now like to hand over to Nik to talk to more detail to the financials. Over to you, Nik.

我現在想請 Nik 詳細討論財務狀況。交給你了，尼克。

Thank you, Damian, and thank you all for joining us today. Let me start by taking you through our financial summary. We delivered comparable revenue of EUR 18.3 billion, an increase of 8%, which I'll come back to shortly. COGS per unit case increased by 7.5%, broadly aligned with our guidance of around 8%. This was driven by our increased revenue per unit case, driving higher concentrate costs through our incidence pricing model, inflation in manufacturing and commodities. High single-digit growth in commodities reflected higher sugar and aluminum pricing, partly offset by lower gas and power and recycled PET pricing. This equated to gross margin expansion of around 80 basis points with Europe ahead of that number.

謝謝達米安，也謝謝大家今天加入我們。讓我先向您介紹我們的財務摘要。我們實現了 183 億歐元的可比收入，成長了 8%，我稍後會談到這一點。每件箱子的銷貨成本增加了 7.5%，與我們 8% 左右的指導大致一致。這是由於我們每箱收入的增加，透過我們的發病定價模型、製造業和大宗商品的通貨膨脹推高了濃縮成本。大宗商品的高個位數成長反映了糖和鋁價格的上漲，但部分被天然氣和電力以及再生 PET 價格的下降所抵消。這相當於毛利率成長約 80 個基點，其中歐洲領先這一數字。

We delivered comparable operating profit growth of EUR 2.4 billion, up 13.5%, reflecting our solid top line growth, the benefit of our ongoing efficiency programs and our efforts on managing discretionary spend. This equated to operating margin expansion of around 60 basis points, reflecting our focus on returning to our 2019 operating margin baseline. In line with our guidance, our comparable effective tax rate increased to 24% from 22% in 2022.

我們實現了 24 億歐元的可比營業利潤成長，成長了 13.5%，反映出我們穩健的營收成長、持續的效率計畫的好處以及我們在管理可自由支配支出方面的努力。這相當於營業利益率擴大約 60 個基點，反映出我們致力於恢復 2019 年營業利益基準。根據我們的指導，我們的可比較有效稅率將於 2022 年從 22% 提高到 24%。

This is largely due to the differences in the mix of taxable profits across our different territories and known tax rate increases, such as last year's U.K. tax rate increase to 25%, which comes into full effect in the 2024 calendar year for the full year. This resulted in a comparable diluted earnings per share of EUR 3.71, up 12%.

這主要是由於我們不同地區的應稅利潤組合的差異以及已知的稅率上漲，例如去年英國的稅率上漲至25%，該稅率將在2024日曆年全年全面生效。這使得可比攤薄每股收益達到 3.71 歐元，成長 12%。

Free cash flow generation, as Damian referenced, continues to be a core priority, and we delivered an impressive EUR 1.7 billion on a comparable basis, which I'll cover in more detail shortly. Our returns on invested capital increased by 120 basis points to 10.3% on a comparable basis, driven by the increase in profit after tax and our continued focus on capital allocation. And finally, on shareholder returns, we paid a record dividend per share of EUR 1.84, up 9.5% versus 2022.

正如達米安所提到的，自由現金流的產生仍然是一個核心優先事項，我們在可比基礎上交付了令人印象深刻的 17 億歐元，我將很快對此進行更詳細的介紹。在稅後利潤增長和我們持續關注資本配置的推動下，我們的投資資本回報率以可比基準增長了 120 個基點，達到 10.3%。最後，在股東回報方面，我們支付了創紀錄的每股股息 1.84 歐元，比 2022 年成長 9.5%。

Now to our revenue highlights. As Damian mentioned, the strong growth in our top line was driven by an increase in revenue per case with reported volumes down 0.5% for the year. This reflects the strategic choices we made driven by our SKU rationalisation in Indonesia and the exit of bulk water across a number of our markets, mainly in Australia, Germany and Spain. Excluding these one-offs, volume overall would have been up around 1%.

現在來看看我們的營收亮點。正如 Damian 所提到的，我們營收的強勁成長是由每箱收入的成長推動的，而今年報告的銷售量下降了 0.5%。這反映了我們在印尼的 SKU 合理化以及散裝水在我們的多個市場（主要是澳大利亞、德國和西班牙）的退出的推動下做出的戰略選擇。排除這些一次性的情況，整體成交量將增加 1% 左右。

Specifically, in the fourth quarter, our volumes were up 1%, reflecting resilient consumer demand, supported by great Christmas activation and in-market execution. Revenue per unit case grew by 8.5% for the full year. This reflects positive headline pricing, continued focus on promotional optimisation and revenue growth management initiatives.

具體來說，在第四季度，我們的銷售量成長了 1%，反映出在聖誕節活動和市場執行力的支持下，消費者需求強勁。全年每箱收入成長 8.5%。這反映出積極的整體定價、對促銷優化和收入成長管理措施的持續關注。

However, we are not complacent. Although consumer spending has held up reasonably well, we fully understand that some of our consumers are feeling the pressure. And we are seeing some shifting into retailer brands across a few categories, less in [colas] and flavors, but also more shopping and discounters. And this channel will and -- has and will continue to remain a core focus for CCEP, where we continue to grow and gain share.

然而，我們並不自滿。儘管消費者支出保持得相當不錯，但我們完全理解一些消費者感受到了壓力。我們看到一些人轉向跨幾個類別的零售商品牌，減少了[可樂]和口味，但也增加了購物和折扣店。這個管道將並且已經並且將繼續成為 CCEP 的核心焦點，我們將在其中繼續發展並獲得份額。

Our consumer-centric approach remains focused on maintaining affordability and relevance for all consumers. We have great brands across a broad price pack architecture, which enables shoppers to access our products across a wide spectrum of price points.

我們以消費者為中心的方法仍然致力於維持所有消費者的負擔能力和相關性。我們在廣泛的價格包架構中擁有出色的品牌，這使購物者能夠在各種價位上購買我們的產品。

It is essential now more than ever that we continue to balance premiumisation for those that seek it, with more affordable packs for those that need it. For example, in Spain, we've activated a popular and affordable price point on the iconic 1.25 liter pack to continue to drive frequency and household penetration.

現在比以往任何時候都更重要的是，我們繼續平衡那些尋求高端化的人與為需要它的人提供更實惠的套餐之間的關係。例如，在西班牙，我們對標誌性的 1.25 公升包裝啟用了流行且實惠的價格點，以繼續提高使用頻率和家庭普及率。

Revenue by segment is referred to here with more detailed commentary by geography in the release. As mentioned just now, underlying volume growth of around 1% was driven by core brands where we continue to invest. Here are a few examples.

這裡提到了按細分市場劃分的收入，並在新聞稿中按地區提供了更詳細的評論。正如剛才所提到的，1%左右的基礎銷售成長是由我們繼續投資的核心品牌所推動的。這裡有一些例子。

Coke Zero Sugar continued to achieve good share and volume growth across all key markets with volume 4% as consumer trends for low and no-calorie beverages continue. In fact, these now account for approximately 50% of our total volumes.

隨著低熱量和無熱量飲料的消費趨勢持續發展，零糖可口可樂在所有主要市場繼續取得良好的份額和銷售增長，銷量增長了 4%。事實上，這些現在約占我們總銷量的 50%。

In Energy, Monster continued to outperform, driving full year volume growth of 14%. Fantastic innovation continues to drive recruitment and distribution, including the launch of Monster Green Zero Sugar, which has had a great start.

在能源領域，Monster 繼續表現出色，推動全年銷量成長 14%。出色的創新繼續推動招募和分銷，包括Monster Green零糖的推出，它已經有了一個很好的開始。

Sports volumes were up 9% with Powerade growth across all markets, driven by great activation and continued favorable consumer trends in this category. We will look to replicate the fantastic Women's World Cup activation in Australia and New Zealand last year alongside Coca-Cola Zero Sugar as we look ahead to the exciting pipeline of sporting events favoring our European markets this year.

在該類別的巨大活躍度和持續有利的消費趨勢的推動下，Powerade 在所有市場上都實現了增長，體育銷量增長了 9%。我們將與可口可樂零糖一起複製去年在澳洲和紐西蘭舉辦的精彩女足世界盃活動，同時展望今年有利於我們歐洲市場的令人興奮的體育賽事。

Fuze Tea outperformed with volumes up 23%, reflecting continued growth across Europe, especially in France and Germany. And finally, we launched Jack & Coke with very encouraging results in the fast-growing ARTD drinks category.

Fuze Tea 表現出色，銷量成長 23%，反映出整個歐洲（尤其是法國和德國）的持續成長。最後，我們推出了 Jack & Coke，在快速成長的 ARTD 飲料類別中取得了非常令人鼓舞的成績。

Briefly now to a summary of the strategic choices we're making to ensure we grow our business profitably and sustainably. We are being more choiceful about where we want to play, as you can see here. The Indonesia 60% SKU rationalisation was successfully executed, and Damian will talk to that in a bit more detail later.

現在簡要總結我們為確保業務獲利和永續發展所做的策略選擇。正如您在此處所看到的，我們對比賽地點的選擇越來越多。印尼 60% SKU 合理化已成功執行，Damian 稍後將更詳細地討論這一點。

We've already touched on the strategic exit of low-margin bulk water across a number of our markets, and this has now largely been cycled through. And as we announced alongside the half year results last year, we have made some further strategic choices on our beverage portfolio and partnerships.

我們已經談到了在多個市場中策略性退出低利潤散裝水的問題，現在這基本上已經完成了。正如我們在去年宣布半年業績的同時，我們對飲料產品組合和合作夥伴關係做出了一些進一步的策略選擇。

In Australia and New Zealand, we will maximize our extensive knowledge in the ARTD category by launching new scalable offerings aligned with the Coca-Cola Company. In this context, our partnership with Beam Suntory will come to an end in the second half of 2025. And in Europe, our partnership with Capri Sun will come to an end this year.

在澳洲和紐西蘭，我們將透過推出與可口可樂公司合作的新的可擴展產品，最大限度地發揮我們在 ARTD 類別中的豐富知識。在此背景下，我們與賓三得利的合作關係將於 2025 年下半年結束。在歐洲，我們與 Capri Sun 的合作關係將於今年結束。

As you can see here, neither of these choices will have a significant impact to CCEP. They are the right ones for the long-term success of our business, enabling a greater focus on priority categories and with our 2 key brand owners, the Coca-Cola Company and Monster.

正如您在這裡所看到的，這兩個選擇都不會對 CCEP 產生重大影響。它們是我們業務長期成功的正確選擇，使我們能夠更加關注優先類別以及我們的兩個主要品牌所有者（可口可樂公司和 Monster）。

Now on to OpEx and our efficiency programs. We've now closed our delivery of our full year '21 to '23 program, which, as I mentioned earlier, supported our operating profit growth in 2023. The entire program ultimately amounted to approximately EUR 375 million of benefits, adding up to more than EUR 700 million in total, together with our first post-merger efficiency program initiated in 2016. At our Capital Markets Day, we announced a new efficiency program aiming to deliver EUR 350 million to EUR 400 million of incremental savings by full year 2028.

現在談談營運支出和我們的效率計劃。現在，我們已經完成了「21 至23」全年計劃的交付，正如我之前提到的，該計劃支持了我們2023 年的營業利潤增長。整個計劃最終帶來了約3.75 億歐元的收益，加起來更多加上我們於2016 年啟動的首個合併後效率計劃，總成本超過7 億歐元。在資本市場日，我們宣布了一項新的效率計劃，旨在到2028 年全年實現3.5 億至4 億歐元的增量節省。

Overall, yes, it's a big number, but we feel very confident in its delivery. It will largely be enabled by leveraging digital tools, data and analytics. Of course, this is not an area that's new to us. We've been investing in digital capabilities for many years. And as Damian said, already 85% of our volume is captured digitally.

總的來說，是的，這是一個很大的數字，但我們對其交付非常有信心。它將在很大程度上透過利用數位工具、數據和分析來實現。當然，這對我們來說並不是一個新領域。多年來我們一直在數位化能力方面進行投資。正如 Damian 所說，我們已經有 85% 的產量是透過數位方式捕獲的。

For this next phase, we're moving from 4 legacy systems that we're still operating with today, to one system S/4 HANA. That's going to be -- that's going to enable us to take a huge amount of [standardization] into our processes and ways of working over the next multiple years.

在下一階段，我們將從目前仍在使用的 4 個舊系統遷移到一個系統 S/4 HANA。這將使我們能夠在未來幾年內將大量的[標準化]納入我們的流程和工作方式中。

Our large base in Bulgaria and our outsourced service providers will be pivotal. Already, our capability there has been transitioned from a more traditional shared service center to being a lot more focused around not just reporting, but analytics and robotics. And there's a lot more we can do to build out capability beyond finance to people and culture, supply chain and the commercial areas of our business, while incorporating our new and established shared services center in Manila that we're very excited about.

我們在保加利亞的大型基地和外包服務提供者將發揮關鍵作用。我們的能力已經從更傳統的共享服務中心轉變為不僅專注於報告，還專注於分析和機器人技術。我們還有很多事情可以做，以建立除金融之外的人員和文化、供應鏈和我們業務的商業領域的能力，同時整合我們在馬尼拉新建的共享服務中心，我們對此感到非常興奮。

We said when we announced this program that the savings would be multiyear from 2024 through 2028. With respect to this year, we anticipate savings of around EUR 60 million to EUR 70 million, which back to the previous slide, will help offset inflation.

我們在宣布該計劃時表示，從 2024 年到 2028 年，節省的費用將是多年的。就今年而言，我們預計節省約 6000 萬歐元至 7000 萬歐元，這將有助於抵消通貨膨脹。

And naturally, there will be cash costs associated to deliver this program. These have been included in our mid-term comparable free cash flow guidance of around EUR 1.7 billion per year.

當然，實施該計劃也會產生相關的現金成本。這些已包含在我們每年約 17 億歐元的中期可比較自由現金流指引中。

So turning to free cash flow in more detail, a hugely important metric for us, and I'm sure for you as well. We generated EUR 1.7 billion of comparable free cash flow in full year 2023, and this slide lays out the key components, including ongoing restructuring cash costs, as I referred to.

因此，更詳細地討論自由現金流，這對我們來說是一個非常重要的指標，我相信對您來說也是如此。我們在 2023 年全年產生了 17 億歐元的可比較自由現金流，這張幻燈片列出了關鍵組成部分，包括我提到的持續重組現金成本。

Recognizing the importance of targeted investment, we spent around EUR 700 million in CapEx, excluding leases on supply chain examples, which Damian gave earlier, digital and other technologies as well as cold drink equipment. And as you know, working capital remains a core focus for us, and I'm really pleased that we delivered yet another year of significant benefits taking the cumulative amount to approximately EUR 1.3 billion since 2017.

認識到有針對性的投資的重要性，我們在資本支出上花費了約 7 億歐元，不包括達米安之前提供的供應鏈示例、數字和其他技術以及冷飲設備的租賃。如您所知，營運資本仍然是我們的核心關注點，我非常高興我們又一年取得了顯著效益，自 2017 年以來累計金額達到約 13 億歐元。

Finally, you can see our comparable free cash flow excludes the one-off receipt of proceeds from the disposal of core royalties of approximately EUR 90 million in Australia related to the acquisition of Amatil back in 2021.

最後，您可以看到我們的可比自由現金流不包括與 2021 年收購 Amatil 相關的澳洲約 9,000 萬歐元核心特許權使用費的一次性收入。

And now for our leverage and balance sheet. We ended 2023 with net debt to comparable EBITDA ratio at 3x. This means that we returned to the top end of our target leverage range of 2.5 to 3x 1 year earlier than originally guided, thus firmly demonstrating the pace of deleveraging since we closed the Amatil transaction in mid-2021.

現在我們的槓桿率和資產負債表。截至 2023 年末，我們的淨負債與可比 EBITDA 比率為 3 倍。這意味著我們比最初指導的時間提前一年回到了 2.5 至 3 倍目標槓桿範圍的上限，從而有力地證明了自 2021 年中期完成 Amatil 交易以來的去槓桿化步伐。

Given the timing of today's closing of the Philippines acquisition, this does not include that related impact. Having said that, this will only have a modest impact on our leverage. And given our strong focus on driving cash and further working capital improvements, we anticipate that we will return to within our target leverage range during this year. This, while remaining fully committed to our strong investment-grade ratings.

鑑於今天完成菲律賓收購的時間，這不包括相關影響。話雖如此，這只會對我們的槓桿率產生適度的影響。鑑於我們高度重視推動現金和進一步改善營運資本，我們預計今年槓桿率將回到目標範圍內。同時，我們仍然完全致力於維持我們強大的投資等級。

Now to a quick reminder of our midterm objectives, which we updated at our last Capital Markets Day. They remain unchanged, and hear more for context as I come into our full year '24 guidance, which nicely brings me into our full year '24 guidance, which is aligned with these midterm objectives.

現在快速提醒我們的中期目標，我們在上一個資本市場日更新了這些目標。它們保持不變，並在我進入我們的 24 年全年指導時聽到更多背景信息，這很好地使我進入了我們的 24 全年指導，該指導與這些中期目標一致。

The guidance reflects our current view of market conditions and is based on an adjusted and comparable basis, which from a modeling perspective, assumes the Philippines was included in our business from the start of last year. As you may have already seen, we did today provide a separate release incorporating full year '23 adjusted financial information for selected metrics for the Philippines.

該指引反映了我們目前對市場狀況的看法，並基於調整和可比較的基礎，從建模的角度來看，假設菲律賓從去年年初就被納入我們的業務範圍。正如您可能已經看到的，我們今天提供了一個單獨的版本，其中包含菲律賓選定指標的 23 年全年調整後財務資訊。

Please note that these growth rates are all provided on a comparable and FX-neutral basis as it is really too early to provide specific FX guidance. Of course, we will update you as the year progresses.

請注意，這些成長率都是在可比較和外匯中性的基礎上提供的，因為現在提供具體的外匯指導還為時過早。當然，隨著時間的推移，我們會向您通報最新情況。

So we expect comparable revenue growth of around 4% and COGS per unit case growth of around 3% to 4%, both of which we'll talk to shortly. With our continued focus on OpEx, as highlighted earlier, we will look to deliver comparable operating profit growth of around 7%.

因此，我們預計可比收入成長約為 4%，每單位銷售成本成長約為 3% 至 4%，我們很快就會討論這兩個問題。正如前面所強調的，隨著我們繼續關注營運支出，我們將尋求實現 7% 左右的可比營運利潤成長。

On interest, we do expect our underlying interest costs to be broadly flat, equating to a weighted average cost of net debt of around 1.3%, which clearly reflects a very attractive debt maturity profile. The Philippines transaction has been funded through existing liquidity and incremental borrowing with a mix of euro public debt issuance completed in November '23 and local peso borrowings. Therefore, this newly acquired debt now takes our total weighted average cost of net debt for this year to be expected around still a very attractive level of around 2%.

在利息方面，我們確實預計我們的基本利息成本將大致持平，相當於淨債務的加權平均成本約為 1.3%，這顯然反映了非常有吸引力的債務到期狀況。菲律賓交易的資金來源是現有流動性和增量借款，其中包括23年11月完成的歐元公共債務發行和當地比索借款。因此，這筆新收購的債務現在使我們今年的淨債務總加權平均成本預計仍處於 2% 左右的非常有吸引力的水平。

As I referred to previously, we do anticipate an upward trend on our effective tax rate, reflecting differences in the mix of taxable profits across our markets and known tax rate increases. We, therefore, expect ETR to increase to around 25% this year, up from 24%, including the full transition to the 25% tax rate in 2024 in the U.K., as I referenced to earlier. We will continue to update you on our expected ETR, including our assessment of any uncertain tax positions during the course of the year.

正如我之前提到的，我們確實預期有效稅率將呈上升趨勢，這反映了我們市場上應稅利潤的組合和已知稅率成長的差異。因此，我們預計今年 ETR 將從 24% 增加到 25% 左右，包括英國在 2024 年全面過渡到 25% 的稅率，正如我之前提到的。我們將繼續向您通報我們的預期 ETR，包括我們對年內任何不確定稅務狀況的評估。

On CapEx specifically, given the opportunities that lay ahead, we expect our CapEx guidance to be the top end of our range of 4% to 5% of revenue. This largely reflects 2 areas: firstly, the upweighted digital investments we are making and I spoke to that earlier; and then also in the context of our new efficiency program which will clearly be supported through those investments.

具體就資本支出而言，考慮到未來的機遇，我們預計我們的資本支出指引將佔收入的 4% 至 5% 範圍內的上限。這主要反映了兩個面向：首先，我們正在加大數位投資，我之前談到；然後也是在我們新的效率計劃的背景下，該計劃顯然將透過這些投資得到支持。

And secondly, having now closed the Philippines transaction, which underpins these midterm objectives, we plan to invest a bit faster near term in this established and fast-growing market to position us for long-term success, and Damian will touch on that a bit more later.

其次，現在已經完成了支撐這些中期目標的菲律賓交易，我們計劃近期在這個成熟且快速增長的市場上更快地投資，以便為我們取得長期成功做好準備，達米安將稍微談一下這一點稍後再說。

Given both opportunities are more near-term in nature, we anticipate that our CapEx will be at the top end of our range for the next 3 years or so. And finally, we do expect to deliver comparable free cash flow of around EUR 1.7 billion, which will be after the tax cost associated with our efficiency programs.

鑑於這兩個機會本質上都是近期的，我們預計我們的資本支出將在未來 3 年左右的時間內處於我們範圍的頂端。最後，我們確實預計將提供約 17 億歐元的可比較自由現金流，這將扣除與我們的效率計劃相關的稅收成本後。

Let me provide a bit more color on the COGS guidance before handing back to Damian to talk top line, Indonesia and the Philippines.

在回到達米安談論印尼和菲律賓的頂線之前，讓我對銷貨成本指南提供更多資訊。

So on COGS, clearly, these comments are based on what we know today, which per unit case we expect to increase by about 3% to 4%. Our concentrate costs are tied to our revenue per unit case growth, as you know, albeit much more balanced with volume compared to last year.

因此，關於銷貨成本，顯然，這些評論是基於我們今天所了解的情況，我們預計每單位箱的銷貨成本將增加約 3% 至 4%。如您所知，我們的精礦成本與單位箱收入的成長相關，儘管與去年相比與銷售量更加平衡。

We anticipate low single-digit commodity inflation. This reflects significantly higher sugar pricing in part offset by lower pricing in the other commodities. And from a hedging perspective, I'm pleased to say that we are now approximately 80% hedged for full year 2024, including the Philippines.

我們預計大宗商品通膨率將處於低位。這反映出糖價的大幅上漲在某種程度上被其他商品的較低定價所抵消。從對沖的角度來看，我很高興地說，我們現在對 2024 年全年約 80% 進行了對沖，其中包括菲律賓。

Of course, we continue to see inflationary pressures in labor within the manufacturing line. However, these will be broadly offset with lower gas and power in our plants and our continued focus on efficiency, as I talked to earlier.

當然，我們繼續看到生產線內勞動力的通膨壓力。然而，正如我之前所說，這些將被我們工廠的天然氣和電力減少以及我們對效率的持續關注所抵消。

Finally, on tax, we have the throughput tax impact from the Netherlands, change in soft drinks excise tax from EUR 0.08 to EUR 0.26 per liter with the offset, obviously, within revenue.

最後，在稅收方面，我們受到了荷蘭吞吐量稅的影響，軟性飲料消費稅從每公升 0.08 歐元變更為 0.26 歐元，顯然，在收入範圍內進行了抵消。

And with that, I'll hand back to Damian. Damian?

接下來，我將把問題交還給達米安。達米安？

Thank you, Nik. And now I'd like to spend a bit of time on the revenue opportunities for 2024. We expect top-line growth this year to be much more balanced between volume growth and price/mix compared to last year. As Nik said earlier, our main priority is to continue to remain affordable and relevant to the consumer. And as such, we continue to manage the business for the longer term with our overall realized pricing tracking below inflation today. We are, however, still seeing some inflationary pressures across the industry, albeit lower than last year. To that end, we've already closed pricing negotiations in a number of our markets for this year.

謝謝你，尼克。現在我想花一些時間討論 2024 年的收入機會。與去年相比，我們預計今年的營收成長在銷售成長和價格/組合之間更加平衡。正如尼克之前所說，我們的首要任務是繼續保持價格實惠且與消費者相關。因此，我們將繼續長期管理業務，目前整體實現定價低於通膨。然而，我們仍然看到整個行業存在一些通膨壓力，儘管低於去年。為此，我們已經結束了今年在多個市場的定價談判。

We have great brands, which our consumers love. And on the back of the ongoing investment and innovation brands, product and packaging, our category and brands continue to support a solid growth platform for all of our customers. We will continue to invest in Coca-Cola Zero Sugar and Powerade, taking the success from the Women's World Cup in Australia with some fantastic activation plans around the key sporting events of the Olympics in France and the [EUROS] in Germany.

我們擁有深受消費者喜愛的偉大品牌。在持續投資和創新品牌、產品和包裝的支援下，我們的品類和品牌持續為所有客戶提供堅實的成長平台。我們將繼續投資可口可樂零糖和Powerade，並借鑒澳洲女足世界盃的成功經驗，圍繞法國奧運和德國歐洲盃等重要體育賽事制定一些精彩的活化計畫。

We have some exciting innovation plan for the Coke portfolio, including 11 flavor extension being launched both for Coca-Cola original taste and for Zero Sugar. In flavors, we will be launching a new tasting Fanta and also driving a label-free, more sustainable Sprite pack in GB. We will build on the success of Jack Daniel's & Coke, already the #1 alcohol ready-to-drink value brand in GB, coming with all our packaging this year alongside the launch of Absolut & Sprite.

我們為可口可樂產品組合製定了一些令人興奮的創新計劃，包括為可口可樂原味和零糖推出 11 種口味擴展。在口味方面，我們將推出一款新口味的芬達，並將在英國推出無標籤、更永續的雪碧包裝。我們將在 Jack Daniel's & Coke 的成功基礎上再接再厲，該公司已經是英國排名第一的即飲酒精價值品牌，今年我們將在推出 Absolut & Sprite 的同時推出所有包裝。

Energy will benefit from the wider launch of the very well-received Monster Green Zero Sugar and the launch of new and exciting flavor extensions and Reign Storm. And refillable glass remains a focus where we will continue to invest and will become even more relevant with the inclusion of the Philippines for over [45%] of the volumes are sold through refillable glass.

Energy 將受益於廣受好評的 Monster Green 零糖的更廣泛推出以及令人興奮的新風味擴展和 Reign Storm 的推出。可再填充玻璃仍然是我們將繼續投資的重點，隨著菲律賓的納入，將變得更加重要，因為超過 [45%] 的銷量是透過可再填充玻璃銷售的。

So now on to the Philippines, a great strategic move for us, the best use of cash and a good deal for our shareholders. The transaction creates an even more diverse footprint for CCEP within what will now be renamed APS, Australia, Pacific and Southeast Asia. The business is established with a proven track record, and it operates in a highly attractive and growing market, led by a great local team. It provides the opportunity to leverage best practice and talent, including supporting Indonesia's transformation journey where the sparkling category, as we know, is much less developed.

現在我們來談談菲律賓，這對我們來說是一項偉大的策略舉措，是現金的最佳利用，對我們的股東來說也是一筆划算的交易。此次交易為 CCEP 在現已更名為 APS、澳洲、太平洋和東南亞的地區創造了更多元化的足跡。該業務擁有良好的業績記錄，在優秀的本地團隊的領導下，在一個極具吸引力且不斷增長的市場中運作。它提供了利用最佳實踐和人才的機會，包括支持印尼的轉型之旅，據我們所知，氣泡酒類別的發展程度要低得多。

We very much look forward to working with our like-minded, now joint venture partner, Aboitiz, one of the leading conglomerates in Southeast Asia. Their considerable experience of the market and cultural dynamics will no doubt be invaluable to us as we unlock even more potential together for the Philippines business, and, of course, all aligned with the Coca-Cola Company.

我們非常期待與志同道合的合資夥伴 Aboitiz 合作，Aboitiz 是東南亞領先的企業集團之一。他們在市場和文化動態方面的豐富經驗無疑對我們來說非常寶貴，因為我們將共同為菲律賓業務釋放更多潛力，當然，所有這些都與可口可樂公司保持一致。

Just by way of a reminder, the Philippines operates in a large and attractive NARTD category. Currently, it's valued at around EUR 8 billion, and therefore, takes CCEP's addressable market to around EUR 140 billion. The category is fast growing, estimated at around 10% per annum in value terms, so well ahead of CCEP's current group average of 3% to 4%. The market comes with attractive macros. The Philippines is the 13th largest country globally with solid GDP and population growth and importantly, a fast-growing middle class, all metrics that are clearly ahead of Europe.

提醒一下，菲律賓的 NARTD 類別規模龐大且有吸引力。目前，其估值約為 80 億歐元，因此 CCEP 的潛在市場規模約為 1,400 億歐元。此類別成長迅速，以價值計算每年增長約 10%，遠高於 CCEP 目前 3% 至 4% 的集團平均值。市場具有有吸引力的宏。菲律賓是全球第 13 大國家，GDP 和人口成長強勁，重要的是，中產階級快速成長，所有指標都明顯領先歐洲。

Within the NARTD category, Sparkling is well established, representing around 55% of volume where (inaudible) caps are over 4 times higher than the average for Asia Pacific. There remains attractive headroom for growth when compared to more developed markets. Future opportunities would include low, no sugar, energy, ARTD, so lots to aim for and leverage from the rest of the group.

在 NARTD 類別中，Sparkling 地位穩固，約佔銷量的 55%，其中（聽不清楚）上限比亞太地區平均高出 4 倍以上。與較發達的市場相比，仍存在有吸引力的成長空間。未來的機會將包括低糖、無糖、能源、ARTD，因此有許多值得瞄準和利用的機會。

And it's a very established business. Last year, the business delivered around 655 million unit cases, translating into APS representing 1/3 of the total volumes for CCEP. It generated around EUR 1.7 billion of revenue and EUR 105 million of operating profit, so already a business with attractive scale and profitability.

這是一項非常成熟的業務。去年，該業務交付了約 6.55 億箱，換算成 APS 佔 CCEP 總銷售量的 1/3。它產生了約 17 億歐元的收入和 1.05 億歐元的營業利潤，因此已經是一家具有吸引力的規模和盈利能力的企業。

So, as you know, the transaction completed today. As we have acquired a majority 60% stake alongside Aboitiz, we will consolidate the business into our results from an accounting perspective with their minority stake recognized as a non-controlling interest.

如您所知，交易今天完成。由於我們與 Aboitiz 一起收購了 60% 的多數股權，因此我們將從會計角度將其業務合併到我們的業績中，並將他們的少數股權確認為非控制權益。

The business delivered solid top and bottom line growth last year, although some of this did reflect the return to a more normalized performance following adverse weather in 2022, which affected sugar availability. The transaction is, therefore, immediately EPS accretive, and as Nik said earlier, has a modest impact on CCEP's leverage in 2024.

去年，該業務實現了穩健的營收和利潤成長，儘管其中一些確實反映出在 2022 年惡劣天氣影響食糖供應後，業績已恢復到更正常化的水平。因此，這筆交易會立即增加 EPS，正如 Nik 早期所說，對 CCEP 2024 年的槓桿率影響不大。

Our strong focus on capital allocation and our long-term mindset will ensure we invest in this established business to support the market's long-term 10% growth expectation. The transaction gives us the opportunity to reset the growth ambitions for this business, and so our capital plans today reflect that.

我們對資本配置的高度關注和長期思維將確保我們對這項成熟業務的投資能夠支持市場 10% 的長期成長預期。這項交易使我們有機會重新設定該業務的成長目標，因此我們今天的資本計劃反映了這一點。

And lastly, before you ask, we will not be talking to specific synergies in relation to the Philippines. They sit within our overall guidance for CCEP. Of course, just like we did with Amatil, we see many opportunities to share learnings and best practices in areas such as digital, technology, procurement, sustainability and indeed shared services, given there's already an established capability in that area in Manila.

最後，在你提問之前，我們不會談論與菲律賓有關的具體綜效。它們符合我們對 CCEP 的整體指導。當然，就像我們對阿馬提爾所做的那樣，我們看到了在數位、技術、採購、永續發展和共享服務等領域分享經驗和最佳實踐的許多機會，因為馬尼拉在該領域已經具備了一定的能力。

So our legacy -- as I'm confident you would agree, we have a strong track record of integrating and driving value creation. So we've already started and look forward to share more with you in due course.

因此，我們的遺產—我相信您會同意，我們在整合和推動價值創造方面擁有良好的記錄。因此，我們已經開始並期待在適當的時候與您分享更多資訊。

So from one exciting market to the next, I just wanted to close out with an update on where we are with Indonesia. As you all know, we are in the early stages of our long-term transformation journey, and we are making good progress. Unfortunately, as highlighted previously, consumer spending remains under pressure, generally impacted by wider market inflation and the reduction in fuel subsidies. So clearly, that's not helping us right now, but we remain focused on the longer-term opportunity.

因此，從一個令人興奮的市場到下一個市場，我只想以我們在印尼的最新情況作為結束語。眾所周知，我們正處於長期轉型之旅的早期階段，並且正在取得良好進展。不幸的是，正如先前所強調的，消費者支出仍然面臨壓力，通常受到更廣泛的市場通膨和燃料補貼減少的影響。顯然，這目前對我們沒有幫助，但我們仍然專注於長期機會。

As I said earlier, the Sparkling category in Indonesia is much less developed than in the Philippines at less than 10% of the NARTD category. We've successfully executed our portfolio plans. We now have a much tighter portfolio. We're focused on winning in Sparkling and ready-to-drink tea.

正如我之前所說，印尼的氣泡酒類別比菲律賓落後得多，不到 NARTD 類別的 10%。我們已經成功執行了我們的投資組合計劃。我們現在的投資組合更加緊湊。我們專注於在氣泡茶和即飲茶領域取得勝利。

Beyond the brand portfolio, we've completed a new price pack channel strategy, which incorporates a deeper understanding of the Indonesian consumer sensitivities and affordability. We're working on building out new drinking occasions across the calendar beyond the [Muslim] Ramadan period. This is a picture of the annual Jakarta fair, the biggest consumer event in Indonesia where we executed our biggest activations yet in 2023.

除了品牌組合之外，我們還完成了新的價格包通路策略，其中包含對印尼消費者敏感度和承受能力的更深入了解。我們正在努力在[穆斯林]齋戒月期間之後的整個日曆中打造新的飲酒場合。這是一年一度的雅加達博覽會的照片，這是印尼最大的消費者活動，我們執行了 2023 年迄今為止最大規模的活動。

And alongside the Coca-Cola Company, we are focused on younger consumer recruitment. We are taking the right decisions to reengineer both our cost base and the route to market for the longer term. We've implemented a comprehensive productivity program while starting to move our largely direct route to market to a more fit-for-purpose and indirect model. We are starting to see progress, a few examples of which I will share on the next slide.

與可口可樂公司一起，我們專注於年輕消費者的招募。我們正在做出正確的決定，重新設計我們的成本基礎和長期的市場路線。我們實施了全面的生產力計劃，同時開始將我們大部分直接進入市場的途徑轉變為更適合目的的間接模式。我們開始看到進展，我將在下一張投影片中分享其中的一些範例。

Just to talk to a few here. Sparkling transactions, a key metric are growing ahead of volume and Coke trademark is achieving decade record volumes in what is a traditionally Sprite-led market. As you would expect, we are fully aligned with the Coca-Cola Company on our brand priorities in Indonesia, a good example being the recent launch of Coca-Cola Zero Sugar and Sprite Zero, a really great opportunity for the future and off to a promising start.

只是想和這裡的一些人談談。關鍵指標「閃亮交易」的成長速度超過了銷量，而可口可樂品牌在傳統上以雪碧為主導的市場中創下了十年來的銷量紀錄。正如您所期望的那樣，我們在印尼的品牌優先事項上與可口可樂公司完全一致，最近推出的可口可樂零糖和零雪碧就是一個很好的例子，這對未來來說是一個非常好的機會，也是一個很好的例子。有希望的開始。

As I said just now, we are focused on recruiting younger consumers. We step changed our approach to Gen Z, incorporating nearly 900 influencers with a combined following of nearly 370 million, that's more to me, one of which is on the slide here with around 1.3 million followers alone.

正如我剛才所說，我們的重點是吸引年輕消費者。我們逐步改變了針對 Z 世代的方法，納入了近 900 名影響者，粉絲總數近 3.7 億，這對我來說更重要，其中一個在幻燈片上，僅擁有約 130 萬粉絲。

On sustainability, we are owning our circularity journey from day 1 through the right partnerships and investments. You can see here the significant progress we've already made on recycled content, supported by the first-to-market launch of 100% recycled PET bottles in Indonesia achieved through an industry partnership recycling facility just outside of Jakarta. And importantly, despite all of the change, our colleagues are highly engaged in the fact that had a CCEP average, which is great to see. So we remain confident in our future in Indonesia, and as always, look forward to updating you more in due course.

在永續發展方面，我們從第一天起就透過正確的合作夥伴關係和投資來掌控我們的循環之旅。您可以在這裡看到我們在回收材料方面已經取得的重大進展，這得益於雅加達郊外的行業合作夥伴回收設施在印尼首次向市場推出 100% 回收 PET 瓶。重要的是，儘管發生了所有這些變化，我們的同事仍然高度關注 CCEP 平均分數這一事實，這是很高興看到的。因此，我們對印尼的未來充滿信心，並一如既往地期待在適當的時候向您提供更多最新消息。

So finally, to our closing remarks. As I said at the start, 2023 was another great year for CCEP, delivering on all key metrics. We continue to execute on our clear strategy. We continue to invest for the long-term in our portfolio, our digital journey, supply chain, sustainability and, of course, in our people.

最後，我們致閉幕詞。正如我在一開始所說的，2023 年對 CCEP 來說又是偉大的一年，實現了所有關鍵指標。我們將繼續執行我們明確的策略。我們繼續對我們的產品組合、數位化旅程、供應鏈、永續發展，當然還有我們的員工進行長期投資。

We are a stronger and better business, more diverse, now including the great market of the Philippines, and robust, and our categories remain resilient despite ongoing macroeconomic and some geopolitical volatility. This collectively makes us well placed for the full year 2024 and beyond, underpinning our commitment to create continued shareholder value.

我們是一家更強大、更好的企業，更加多元化，現在包括菲律賓的龐大市場，儘管宏觀經濟和地緣政治持續波動，但我們的品類仍保持彈性。這共同使我們在 2024 年全年及以後處於有利地位，鞏固了我們創造持續股東價值的承諾。

To close, I would particularly like to thank our customers, our brand partners and again, our colleagues whose hard work and commitment meaning we're able to go further together for all our stakeholders.

最後，我要特別感謝我們的客戶、我們的品牌合作夥伴，並再次感謝我們的同事，他們的辛勤工作和承諾意味著我們能夠為所有利益相關者共同走得更遠。

So again, thank you very much. Nik and I will now be happy to take your questions. So over to you, operator.

再次非常感謝您。尼克和我現在很樂意回答您的問題。那就交給你了，操作員。

(Operator Instructions) First question is from the line of Edward Mundy from Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Edward Mundy。

So just on the guide of 4%. I appreciate it's pretty early days and some consumers are feeling a bit of pressure, but could you provide perhaps a bit more color on some of your assumptions? I mean, on volumes, I think you're talking to a better balance between volumes and price/mix, which I think implies some volume growth. I think on the price piece, look, it's clearly going to stop to taper, but you do have a bit of a carryover from pricing taken Germany, Q3, GB end of Q2? Mix has been a really good driver through most of 2023 and should continue to '24. You've got these very mixed summer weather comps. You've got the Olympics. You've got the football, you've got the Philippines, I guess, growing ahead of group. What are we missing?

所以只是 4% 的指導值。我很高興現在還處於早期階段，一些消費者感到了一些壓力，但是您能否為您的一些假設提供更多的資訊？我的意思是，就銷量而言，我認為您正在談論銷量和價格/組合之間的更好平衡，我認為這意味著銷量的一些增長。我認為在價格方面，你看，它顯然會停止逐漸減少，但你確實從德國第三季、英國第二季末的定價中得到了一些結轉？在 2023 年的大部分時間裡，Mix 一直是一位非常出色的車手，並且應該會持續到 24 年。你已經得到了這些非常複雜的夏季天氣對比。你已經擁有奧運了。我想，你有足球，你有菲律賓，他們正在領先小組。我們缺什麼？

You're not missing anything. (inaudible) It's a great summary. We should just have recorded you and played you back. But I think let's start with your point on volume. So we clearly see volume coming back and it was good that we exited the year with volume growth. And again, keep in mind, 2023 underlying with these strategic choices and exits clearly plays through.

你沒有遺漏任何東西。 （聽不清楚）這是一個很好的總結。我們應該把你錄下來然後回放。但我認為讓我們從你關於音量的觀點開始。因此，我們清楚地看到銷量回升，我們以銷量成長結束了這一年，這是一件好事。再次請記住，2023 年這些策略選擇和退出顯然會發揮作用。

So, when you go into 2024, I would say you're looking at -- of that 4%, at least 1/3 plus coming from volume, all right? So we see that momentum, which is good. And it comes back to what Damian and I have both said on the call, we will continue to balance that in terms of what we see from an angle of the affordability and continued focus on premiumisation. So clearly, looking at volume growth.

所以，當你進入 2024 年時，我想說你會看到——其中 4%，至少 1/3 以上來自銷量，好嗎？所以我們看到了這種勢頭，這是很好的。回到達米安和我在電話會議上所說的，我們將繼續從負擔能力和繼續關注高端化的角度來平衡這一點。很明顯，我們關注的是銷量成長。

If you look at that carryover of that pricing, you're absolutely right. We have 2 of those markets that came through in the second half. So there's a carryover impact of that. And then clearly, as we've seen inflation moderating, that I called out, you will obviously see more balanced 2023 -- '24 pricing, most of which that has happened in Q1 that we've actually been able to land so far without any disruption, which is positive.

如果你看看該定價的結轉，你絕對是對的。我們有兩個市場是在下半年完成的。所以這會產生遺留影響。然後很明顯，正如我所指出的，正如我們所看到的通膨緩和，你顯然會看到2023 年- '24 的定價更加平衡，其中大部分發生在第一季度，到目前為止，我們實際上已經能夠在沒有任何干擾，這是積極的。

On the mix one, it's a good point that you raised. Clearly, on our business, we've continued to have good mix, and we will continue to see that into 2024. Keep in mind, these numbers include the Philippines, which is at a much lower revenue per case. And so effectively, that mix benefit that we continue to see, gets wiped out as we rebase with the lower revenue per case coming in from the Philippines.

在混合方面，您提出的觀點很好。顯然，在我們的業務上，我們繼續保持良好的組合，並且我們將在 2024 年繼續看到這一點。請記住，這些數字包括菲律賓，該地區的每箱收入要低得多。因此，當我們根據來自菲律賓的每箱收入較低而調整基準時，我們繼續看到的這種混合效益就被消除了。

And then you've also got that impact of the Netherlands tax that I called out. So again, we'll continue to update you on that, but I think very much volume led with good pricing carryover and some more moderate pricing into this year as well. And again, supported by what we want to do on the promo side as well to balance that affordability.

然後你也受到了我所說的荷蘭稅的影響。再說一次，我們將繼續向您通報最新情況，但我認為，今年銷售的成長得益於良好的定價結轉和一些較溫和的定價。再次，我們希望在促銷方面做些什麼來平衡這種負擔能力。

And just to clarify, on the 8% revenue per case within Europe, I think you mentioned that price is running below inflation, inflation probably running 5.5% or 6%. So you're probably getting 1/3 of your benefit in revenue per case from mix. Is that math broadly right? I mean is that one of the reasons why you're confident that your brands remain affordable and you're not going to get the same elasticity impact you're seeing across other parts of [Staples]?

澄清一下，關於歐洲境內每例 8% 的收入，我想你提到價格低於通貨膨脹，通貨膨脹可能是 5.5% 或 6%。因此，您可能會從混合中獲得每個案例收入收益的 1/3。這個數學大體上正確嗎？我的意思是，這就是為什麼您有信心您的品牌仍然價格實惠，並且您不會獲得與[Staples]其他部分相同的彈性影響的原因之一？

Yes, I think that's fair, Ed. I mean I think if you look at our Q4 volumes, and I'll just talk Europe, Australia, New Zealand, I think they are very solid. So I think we've been very focused on retaining shoppers and consumers because, as you know, if you lose them, the cost of getting them back is always a lot higher. So very pleased coming out of Q3 where we had some tough weather comps. Q4, we saw volume growth return in our developed markets of Europe, New Zealand and Australia. So I think that balance is serving us well. It's what we've built into '24.

是的，我認為這是公平的，艾德。我的意思是，如果你看看我們第四季的銷量，我只想談談歐洲、澳洲、紐西蘭，我認為它們非常穩定。所以我認為我們一直非常注重留住購物者和消費者，因為正如你所知，如果你失去了他們，讓他們回來的成本總是要高得多。非常高興第三季結束，我們經歷了一些惡劣的天氣比賽。第四季度，我們看到歐洲、紐西蘭和澳洲等已開發市場的銷售恢復成長。所以我認為這種平衡對我們很有好處。這就是我們在 '24 中構建的內容。

I think as Nik called out, on top of that, we've got some -- as you called out, actually better than we could. We've got some great brand innovation. We have some great assets, particularly in Europe with the Olympics and the EUROS. And clearly, as we move into Q3 and the summer, hopefully, we will get a normalized somewhere in Europe, but who knows [are for] last year. But yes, so that's pretty much a good balance between enough price, but not too much to really derail what's been a great consumer story for many years in Europe, in particular.

我認為，正如尼克所說，除此之外，我們還有一些——正如你所說的，實際上比我們更好。我們有一些偉大的品牌創新。我們擁有一些巨大的資產，特別是在歐洲，有奧運和歐元。顯然，隨著我們進入第三季和夏季，希望我們能夠在歐洲某個地方實現正常化，但誰知道去年會發生什麼。但是，是的，所以這在足夠的價格之間幾乎是一個很好的平衡，但又不會太多而真正破壞多年來一直很棒的消費者故事，尤其是在歐洲。

We'll now take our next question, and this is from the line of Matthew Ford from BNP Pariba.

現在我們將提出下一個問題，該問題來自法國巴黎銀行的馬修福特。

My question is just on the Philippines. Now it's all completed and you're able to kind of look at the business properly. When you think about the first year in the business, which areas do you think you can see -- get most traction on, [now] you're kind of fully in control there? Where do you see the most low-hanging fruit? I think you mentioned kind of no and low sugar and Energy, but if you're able to kind of speak about what's going to be the focus for the next kind of 12 months?

我的問題只是關於菲律賓。現在一切都完成了，您可以正確地看待業務了。當您考慮進入該行業的第一年時，您認為您可以看到哪些領域 - 獲得最大的吸引力，[現在]您已經完全控制了那裡？您在哪裡看到最容易實現的目標？我想你提到了無糖、低糖和能量，但如果你能談談接下來 12 個月的重點是什麼？

Yes. Thanks, Matt. I mean we've been really excited about this opportunity since it presented itself. And we've been working very, very hard with the team, Garrett's team locally and our team, to have a great day 1, which is upon us. So that's a milestone. As we've been looking at that business -- I mean, clearly, it stands out within that region, has been a great Coca-Cola business. So we fully also expect to learn as well as to bring ideas to that business.

是的。謝謝，馬特。我的意思是，自從這個機會出現以來，我們一直對它感到非常興奮。我們一直在與團隊、加勒特本地團隊以及我們的團隊一起非常非常努力地工作，以度過美好的第一天，這一天即將到來。所以這是一個里程碑。正如我們一直在關注該業務 - 我的意思是，顯然，它在該地區脫穎而出，是可口可樂的一項偉大業務。因此，我們也完全希望能夠學習並為該業務帶來想法。

Initially, I think areas that we've talked with the team about where some of the capabilities from CCEP could add value, certainly in key accounts, our world-class key account management program, the analytics tools that we've been using on pricing and price elasticity in Europe. Our digital journey around the frontline capabilities, we believe that can add value. Clearly, we operate a very large supply chain.

最初，我認為我們已經與團隊討論了 CCEP 的一些功能可以增加價值的領域，當然是在大客戶、我們世界一流的大客戶管理計劃、我們一直在定價方面使用的分析工具以及歐洲的價格彈性。我們相信，我們圍繞一線能力的數位化之旅可以增加價值。顯然，我們經營著一個非常龐大的供應鏈。

So we certainly believe that a lot of our expertise in that space is an area that we could bring to help improve customer service levels and drive stock availability a bit more. We are also committed with our partners to invest in that business. So some of the benefits we bring is capital and certainly stepping up some of the investments as we see the growth outlook even stronger going forward.

因此，我們當然相信我們在該領域的許多專業知識可以幫助提高客戶服務水準並提高庫存可用性。我們也致力於與合作夥伴一起投資該業務。因此，我們帶來的一些好處是資本，隨著我們看到未來的成長前景更加強勁，當然會增加一些投資。

So it's an area that we'll continue to learn. I'm confident in those areas, we've got capability. I'm also really excited about the learnings we'll get from the team in the Philippines, particularly to continue to support our journey in Indonesia. I think their availability, obviously, the category relevance, they've managed affordability extremely well on refillables. That's an area that we've always been looking at in Indonesia. So I think it's a great example of -- we'll bring value, we'll get value from that team into our other businesses. And obviously, that's a story we'll update you as we go. I think it will be an exciting conversation on our next Capital Markets Day.

所以這是我們將繼續學習的一個領域。我對這些領域充滿信心，我們有能力。我也對我們將從菲律賓團隊學到的東西感到非常興奮，特別是繼續支持我們在印尼的旅程。我認為他們的可用性，顯然，類別相關性，他們在可再填充的負擔能力方面做得非常好。這是我們在印尼一直關注的一個領域。所以我認為這是一個很好的例子——我們將帶來價值，我們將從該團隊獲得價值到我們的其他業務。顯然，我們會及時向您更新這個故事。我認為這將是我們下一個資本市場日的一個激動人心的對話。

We'll now take our next question. This is from the line of Lauren Lieberman from Barclays.

我們現在來回答下一個問題。這是巴克萊銀行 (Barclays) 的勞倫‧利伯曼 (Lauren Lieberman) 的作品。

Just curious, you talked a lot more about affordability, consumer pressures, particularly in Europe. And you mentioned discount channel. I know that's been a focus for the team for a very long time. But I was curious if you could update us maybe a little bit on how much of your, -- (inaudible) some of the answer, but roughly speaking, how much of your volume goes through the discount channel, where you stand in terms of category exposure there? Is there opportunity to expand the categories that are represented discount channel? Anything particularly you're doing on new pack sizes and so on as it becomes more important?

只是好奇，您更多地談到了負擔能力、消費者壓力，特別是在歐洲。你提到了折扣管道。我知道這長期以來一直是團隊關注的焦點。但我很好奇你是否可以向我們更新一下你的情況，--（聽不清楚）一些答案，但粗略地說，你的銷量有多少是通過折扣渠道的，你在這方面的立場品類曝光有嗎？是否有機會擴大折扣通路所代表的品類？當新的包裝尺寸等變得更加重要時，您特別做了什麼？

And then things you're able to leverage from your discounter experience and success into more mainstream channels as we go through this period of tougher consumer confidence?

然後，當我們經歷這個消費者信心增強的時期時，您可以將您的折扣店經驗和成功運用到更主流的管道中嗎？

I think we've been in that environment for over 1 year now. I think if you look back at our commentary during 2023, we talked a lot about maintaining relevance and affordability. So I think that supported our volume growth, and it's something we'll continue in '24. You're absolutely right. I mean as shoppers come under a little bit of pressure, we do see the discount channel performing extremely well.

我想我們已經在這種環境中待了一年多了。我想如果你回顧我們在 2023 年的評論，我們就保持相關性和可承受性談論了很多。所以我認為這支持了我們的銷售成長，我們將在 2024 年繼續這樣做。你是絕對正確的。我的意思是，當購物者面臨一點壓力時，我們確實看到折扣管道表現得非常好。

Candidly, that's been a story in Europe for a long, long time now, as you know, particularly in our markets like Germany, but really broadly across retail and also now in Australia. We see the discount channel being a key partner for our growth.

坦白說，這在歐洲已經存在很長一段時間了，如你所知，特別是在德國等我們的市場，但在整個零售業以及現在的澳洲都非常廣泛。我們認為折扣通路是我們成長的關鍵合作夥伴。

Within that, we've got 2 categories we're prioritizing, which is really our core Sparkling portfolio and Energy. Both of those are performing very well with those customers in Europe. We're very conscious about pack size and formatting. As you know, we've had a 1.25 liter pack to hit a price point that we felt was more relevant for their shoppers. We continue to work with them on technology.

其中，我們有兩個優先類別，這實際上是我們的核心 Sparkling 產品組合和能源。這兩家公司在歐洲客戶的表現都非常好。我們非常關注包裝大小和格式。如您所知，我們推出了 1.25 公升包裝，以達到我們認為更適合其購物者的價格點。我們將繼續與他們在技術上合作。

In Australia, I'm very pleased we've got some cold drink trials front of store, so as we try and bring a mix benefit into that channel as it grows. So there's a lot happening. And I think we're also leveraging with our other customers some of those insights because I think that affordability mindset goes beyond discounters. I think all retailers now continue to be focused on maintaining relevance. They obviously are conscious about their own market share.

在澳大利亞，我很高興我們在店面進行了一些冷飲試驗，因此隨著該渠道的發展，我們嘗試將混合效益帶入該渠道。所以發生了很多事情。我認為我們也在與其他客戶一起利用其中的一些見解，因為我認為負擔能力的心態超越了折扣店。我認為所有零售商現在都繼續致力於保持相關性。他們顯然很清楚自己的市場佔有率。

So a lot of what we're doing in terms of pack pricing goes beyond just that discount channel, as you call it, to broader retail. Great supply chain efficiencies. So very attractive in terms of cost of doing business for us, which clearly supports our margin expansion and our profit growth. So yes, very pleased with how we're doing.

因此，我們在包裝定價方面所做的許多工作都超出了您所說的折扣管道，擴展到更廣泛的零售。供應鏈效率極高。就我們的業務成本而言非常有吸引力，這顯然支持我們的利潤率擴張和利潤成長。所以，是的，我們對我們的表現非常滿意。

And as I mentioned, it's built on many, many years of experience. I think when we first created CCEP, one of our call-outs was to leverage the success of our German business, with Aldi & Lidl in particular, across what was then the legacy CCE business. And if you look back, that's been a big, big driver of our growth. So more to come. But as you rightly call out, they are -- that's a winning channel in retail, and we're winning with them, and we want to continue to do so.

正如我所提到的，它建立在多年的經驗之上。我認為，當我們第一次創建 CCEP 時，我們的目標之一就是利用我們德國業務（尤其是 Aldi & Lidl）的成功，跨越當時的傳統 CCE 業務。如果你回顧過去，你會發現這是我們成長的一個非常非常大的推動力。未來還會有更多。但正如你正確指出的那樣，它們是零售業的一個致勝管道，我們正在與它們一起獲勝，而且我們希望繼續這樣做。

And Lauren, the only thing I would add is it doesn't change our focus on the premiumisation piece and what continues to be a whole ladder of pricing opportunities for our shoppers and consumers to enjoy, whether in traditional retail and actually more so even in some of the discounters, where we are getting small packs in. We've got coolers in Germany. So it's all kind of merging in a way in a positive direction.

勞倫，我唯一要補充的是，它不會改變我們對高端產品的關注，也不會改變我們對高端產品的關注，以及我們的購物者和消費者仍然可以享受到的定價機會的整個階梯，無論是在傳統零售業，還是在傳統零售業，實際上更是如此。一些折扣店，我們在那裡購買小包裝。我們在德國有冷藏箱。所以這一切都在某種程度上朝著正面的方向融合。

We'll now take our next question. And this is from the line of Sanjeet Aujla from UBS.

我們現在來回答下一個問題。這是來自瑞銀 (UBS) 的 Sanjeet Aujla 的電話。

Just coming back to the Philippines, please. You spoke a little bit about 2022 being held back by lack of the sugar availability. Has the full benefits concerning 2023 -- So is that really a clean base on which to work from? Or is there more to come in 2024? And I think the disclosures margins there are around 6%. Are there any structural factors holding that margin back? Or would you expect that to get back into double-digit where it was a few years ago over time?

剛回到菲律賓，拜託。您談到了 2022 年因糖供應不足而受阻的情況。 2023 年會帶來全部好處嗎？那麼這真的是一個乾淨的工作基礎嗎？或者 2024 年還會有更多事情發生嗎？我認為披露幅度約為 6%。是否有任何結構性因素阻礙了這個利潤率？或者您是否預計隨著時間的推移，這一數字會回到幾年前的兩位數？

Maybe, Sanjeet, I'll talk on the first piece and then hand over to Nik. Yes, so I think 2023 was a more normalized year. So I think the business cycled out of what was a very challenging 2022, both from a weather perspective, leading to basically a shortage of sugar, which the team then had to allocate across the portfolio.

也許，桑吉特，我會談談第一部分，然後交給尼克。是的，所以我認為 2023 年是更正常化的一年。因此，我認為，從天氣角度來看，業務已經擺脫了 2022 年非常具有挑戰性的情況，導致糖基本上短缺，然後團隊必須在整個投資組合中進行分配。

So they did a great job. That was pretty much done by the end of '22. So 2023, you could look as a normalized base in terms of availability of sugar. We can talk about the cost of sugar, that's a different debate. It has got a high cost, relatively speaking, but -- we know that, but from an availability perspective, definitely a more normalized year.

所以他們做得很好。到 22 年底，這幾乎已經完成。因此，2023 年，您可以將糖的供應量視為標準化基礎。我們可以討論糖的成本，這是一個不同的爭論。相對而言，它的成本很高，但是——我們知道這一點，但從可用性的角度來看，這絕對是更正常化的一年。

On margins, Nik, do you want to?

在邊緣，尼克，你想嗎？

Yes, sure. I mean I think part of it just comes back to what Damian said. So firstly, just reiterating the point in terms of 2023, when you look at the performance and you can see the growth, clearly, 2022 growth was held back by those shortage issues. And hence, that's played out very nicely when you look at both the top line, but very importantly, the operating profit growth year-on-year. So good base.

是的，當然。我的意思是，我認為部分原因可以追溯到達米安所說的話。首先，重申 2023 年的觀點，當你查看業績時，你可以看到成長，顯然，2022 年的成長受到了這些短缺問題的阻礙。因此，當你看看營收，但非常重要的是營業利潤比去年同期成長時，效果非常好。這麼好的基礎。

Clearly, from a margin perspective, there's -- if you talk about structural issues, I would say the main one really comes back to some of the cost of that commodity, in particular relative to where the world market is. And there's a lot of work that the teams continue to do locally to see what can be influenced. Keep in mind, obviously, if you go back to Europe, for instance, if you remember, it was quite a protected industry for a number of years, and then it started coming off when there was more latitude in terms of imports, et cetera.

顯然，從利潤的角度來看，如果你談論結構性問題，我想說，主要的問題確實回到了該商品的一些成本，特別是相對於世界市場的成本。團隊也在本地繼續進行大量工作，看看會產生什麼影響。請記住，顯然，如果你回到歐洲，例如，如果你記得的話，多年來它一直是一個受保護的行業，然後當進口等方面有更多自由度時，它開始消失。

So that will -- that is something clearly that will support it. And then I think the team is doing a great job in terms of more packaging options that will continue to drive margins, looking at newer categories they just launched into Energy. They've just launched ARTDs. So all that will continue to support that margin growth story. And as Damian referred to earlier, clearly, there are some opportunities as they come in. Greatly run business with great leadership team, but there will clearly be some opportunities for best practice sharing both ways as we welcome them into our family.

因此，這顯然會支持它。然後我認為團隊在更多包裝選擇方面做得很好，這將繼續推動利潤，看看他們剛剛在能源領域推出的新類別。他們剛剛推出了 ARTD。因此，所有這些都將繼續支持利潤成長的故事。正如達米安之前提到的，很明顯，他們進來時會有一些機會。透過優秀的領導團隊出色地經營業務，但當我們歡迎他們加入我們的大家庭時，顯然會有一些最佳實踐分享的機會。

And just to close out, it will probably come up on CapEx because we talked a little bit about CapEx in our release. Clearly, we do see opportunities in the Philippines around capital unlocking margin over time, both particularly on supply chain and building a more efficient supply chain. And we're also curious about the role some of our technology platforms can play in the Philippines. So that kind of plays back to that CapEx number that Nik talked about earlier.

最後，它可能會出現在資本支出上，因為我們在發布中討論了一些資本支出。顯然，隨著時間的推移，我們確實看到了菲律賓圍繞資本釋放利潤的機會，特別是在供應鏈和建立更有效率的供應鏈方面。我們也對我們的一些技術平台可以在菲律賓發揮的作用感到好奇。因此，這與尼克之前談到的資本支出數字相呼應。

And I think that's not a 1-year journey, let's be clear. But as we do look at it, we do think investing a bit more in the Philippines will over time allow us to get margins that we feel are more representative of a business of that scale of that market. So more to come on that.

我們要明確一點，我認為這不是一年的旅程。但正如我們所看到的那樣，我們確實認為，隨著時間的推移，在菲律賓進行更多投資將使我們獲得我們認為更能代表該市場規模業務的利潤率。所以還有更多的事情要做。

Yes. And that will support the growth aspirations that we have in that market. And very importantly, it's built into our free cash flow guidance as well.

是的。這將支持我們在該市場的成長願望。非常重要的是，它也被納入我們的自由現金流指導中。

We'll now take our next question, this is from the line of Eric Serotta from Morgan Stanley.

現在我們將提出下一個問題，這是來自摩根士丹利的 Eric Serotta 的。

Damian, you mentioned [landing] pricing in a number of markets year-to-date. Just wondering if you could expand on that? Which markets? Where did you get pricing? And certainly, there have been some headlines related to competitors about retailer pushback and de-listings in certain European markets. Any color you could provide on the state of retailer discussions and pushback and de-listings would be helpful.

達米安，您提到了今年迄今為止在多個市場的[著陸]定價。只是想知道您是否可以對此進行擴展？哪些市場？你從哪裡得到定價？當然，也有一些與競爭對手有關的頭條新聞，涉及零售商在某些歐洲市場的抵制和退市。您可以提供有關零售商討論、抵制和下架狀態的任何顏色都會有所幫助。

Yes. Thanks, Eric. I mean just to kind of step back a little bit, I think we've kind of taken a multiyear approach to pricing. I think I commented on that actually this time last year that, when we look at pricing, we're looking beyond the calendar year because we think it's a more strategic conversation. And we have been pricing slightly behind some of our competitors, and as we talked about, slightly behind inflation. And we recognize our retailers as much as our consumers are also under some pressure around offering affordability in the cost of living kind of backdrop that we have.

是的。謝謝，埃里克。我的意思是退一步說，我認為我們已經採取了多年的定價方法。我想我實際上在去年的這個時候評論過，當我們考慮定價時，我們會超越日曆年，因為我們認為這是一個更具策略性的對話。我們的定價略低於一些競爭對手，正如我們所說，略低於通貨膨脹。我們認識到，我們的零售商和我們的消費者一樣，在生活成本的背景下，在提供可負擔性方面也面臨一些壓力。

Just to echo something Nik called on, we are fortunate that despite that, we've got a lot of premium packaging that we've listed over a number of years, mini cans, glass in retail. So I think we're playing a good balance of allowing consumers who want to spend a bit more on our products and brands to do so, while also making sure that consumers who have that affordability mindset remain in our franchise.

只是為了呼應尼克的呼籲，我們很幸運，儘管如此，我們多年來已經列出了許多優質包裝，迷你罐，零售玻璃。因此，我認為我們正在取得良好的平衡，讓那些想要在我們的產品和品牌上花更多錢的消費者這樣做，同時也確保具有負擔能力心態的消費者留在我們的特許經營中。

So to that end, we've been managing pricing for '24 well back in 2023. I suppose to kind of pull in practical terms, all of our markets have the pricing in place that we expected coming into 2024. 2 markets in Europe will probably come a bit later in the year, which would be GB in Germany. But beyond that, we've landed in a pretty good place, both in terms of headline price and promotional pricing.

因此，為此，我們早在 2023 年就開始管理 24 小時的定價。我想從實際角度來說，我們所有的市場都已製定了我們預計到 2024 年的定價。歐洲的 2 個市場將可能會在今年稍後到來，這將是德國的GB。但除此之外，無論是在整體價格還是促銷價格方面，我們都處於一個非常好的位置。

And again, it's a topic that's sensitive for our retailers. We respect that. We're proud that we're delivering a lot of value growth for them year-on-year more than anybody else. So I think we're in a good place on pricing, which kind of comes back to what we've been talking about. And I think back to Ed's point, we see volume as being a bigger part of that story than in 2024, which I think is great.

再說一遍，這對我們的零售商來說是一個敏感的話題。我們尊重這一點。我們為他們提供的價值增長比任何其他公司都多，對此我們感到非常自豪。因此，我認為我們在定價方面處於有利位置，這又回到了我們一直在談論的內容。我回想起 Ed 的觀點，與 2024 年相比，我們認為銷售在這個故事中所佔的比例更大，我認為這很棒。

We'll now take our next question. And this is from the line of Charlie Higgs from Redburn Atlantic.

我們現在來回答下一個問題。這是來自 Redburn Atlantic 的 Charlie Higgs 的血統。

Congrats on the Philippines acquisition. I wanted to drill a bit more into the Philippines, but particularly on the margin point and how you see balancing margin expansion in the country, but also the need to be very cognizant of ESG? For example, I think you said refillable was 45% of the mix today. Like does that have to come down over time to drive margin expansion in the Philippines? And how does that all play in with things like the extended producer responsibility on single-serve plastic for example, in Philippines?

恭喜菲律賓收購。我想深入了解菲律賓，尤其是利潤點，以及您如何看待該國平衡利潤擴張的問題，以及是否需要非常了解 ESG？例如，我想您說過可再填充的產品佔今天產品組合的 45%。就像隨著時間的推移，這個數字必須下降才能推動菲律賓的利潤率擴張嗎？這一切與諸如菲律賓等一次性塑膠製品的生產者責任延伸之類的問題有何關係？

No -- I mean straight answer is no, we don't see the need for refillables to come down. Actually, on a normalized level, our gross margin on refillable is usually pretty strong given the reusable nature of the bottle. So the challenges in the Philippines really go beyond [any one] pack size. Obviously, affordability is key. So we've got a pricing strategy there that recruits and retains consumers, or GB is a big part of that. We've called out that on a gross margin level, clearly, we've had a headwind on sugar. It's more expensive there in reality. So it's not really a pack specific conversation.

不——我的意思是直接回答是否定的，我們認為不需要再填充。實際上，在標準化水平上，考慮到瓶子的可重複使用性質，我們在可再填充產品上的毛利率通常相當高。因此，菲律賓面臨的挑戰確實超出了[任何]包裝尺寸的範圍。顯然，負擔能力是關鍵。因此，我們有一個定價策略來招募和留住消費者，或者說英國是其中的重要組成部分。我們已經指出，在毛利率水平上，顯然我們在糖方面遇到了阻力。事實上那裡更貴。所以這並不是一個特定於包的對話。

We see refillable as a big part of our future there. We also see a part of our future in Indonesia. We believe that will support margin expansion. I think it comes back down to what we kind of talked about a bit earlier, which is we see opportunities for efficiency and productivity in the supply chain. We see opportunities to bring some smarter RGM thinking particularly in key accounts. As we grow volume, we expect to get leverage on the P&L in the Philippines, that will support margin expansion.

我們認為可再填充是我們未來的重要組成部分。我們在印尼也看到了我們未來的一部分。我們相信這將支持利潤率擴張。我認為這可以歸結為我們之前討論過的問題，即我們看到了供應鏈中提高效率和生產力的機會。我們看到了引入一些更明智的 RGM 思維的機會，特別是在關鍵客戶中。隨著我們銷售的成長，我們預計將獲得菲律賓損益表的槓桿作用，這將支持利潤率的擴張。

We have got maybe a midterm opportunity around Zero Sugar. We've been pleasantly surprised at the success of that in Indonesia. So that's something we're going to bring into the conversation with the team in the Philippines.

我們可能在零糖方面有一個中期機會。我們對印尼的成功感到驚喜。因此，我們將把這一點帶入與菲律賓團隊的對話中。

So overall, I think the margin story will evolve, but it's certainly not an [RGB] issue. And we are clearly committed to our sustainability goals. So yes, no plans to reduce RGB . We believe it's going to be part of that margin story going forward. As I said, generally, it's got a better gross margin profile due to the refillable nature of the pack. So that will stay.

總的來說，我認為保證金故事將會演變，但這肯定不是 [RGB] 問題。我們明確致力於實現永續發展目標。所以是的，沒有減少 RGB 的計劃。我們相信這將成為未來利潤故事的一部分。正如我所說，一般來說，由於包裝的可再填充性質，它具有更好的毛利率。所以這會留下來。

Yes. And Charlie, there's a bit of a technical or mathematical issue, because in 2018, there was an excise tax introduced in the Philippines, and that's continued to increase. Remember how we account for that, that's grossed up in revenue and grossed up in your COGS. So as that increases year-on-year, it's purely mathematical that your absolute gross profit will grow. But in margin percentage terms, it just comes down because of the fact that your revenue is higher, and hence, you get a mathematical element.

是的。查理，這裡存在一些技術或數學問題，因為 2018 年菲律賓開始徵收消費稅，而且消費稅還在繼續增加。請記住我們如何解釋這一點，即收入總額和銷貨成本總額。因此，隨著同比增長，您的絕對毛利將會成長，這純粹是數學上的。但就利潤率而言，它只是因為你的收入更高而下降，因此你得到了一個數學元素。

Clearly, if you normalize for that, if you're looking at performance over the years, there'd be almost a [500] to 700 bps improvement in that margin if you start normalizing for that. But that's the reality of the way we have to account for it. So just keep that in mind as you look forward as well.

顯然，如果您對此進行標準化，如果您查看多年來的性能，那麼如果您開始對此進行標準化，則該利潤率幾乎會提高 [500] 到 700 個基點。但這就是我們必須解釋的現實。因此，在您展望未來時，請記住這一點。

But [6%] is a good place.

但[6%]是一個好地方。

There you go. That's on the operating profit, yes.

就這樣吧。是的，這是營業利潤。

We'll now take our next question. And this is from the line of Simon Hales from Citi.

我們現在來回答下一個問題。這是來自花旗銀行的西蒙‧黑爾斯 (Simon Hales)。

I wonder if I could just ask a little bit more about the efficiency program that's kicking in this year. You flagged the EUR 60 million to EUR 70 million of benefits in 2024. How do you think about the timing of that? Is it going to be a little bit more perhaps H2 weighted, given the changes you're making? And then as we look forward into the remainder of the program, how do we think about modeling this going forward? Will it be linear delivery for the following sort of 4 years? Or is it fair to assume it'll be a bit more front-end loaded to 2025 and 2026?

我想知道我是否可以多詢問一些有關今年啟動的效率計劃的資訊。您提出 2024 年將提供 6000 萬至 7000 萬歐元的福利。您如何看待這一時機？考慮到您所做的改變，H2 權重是否會增加一點？然後，當我們展望該計劃的其餘部分時，我們如何考慮未來的建模？接下來的四年會是線性交付嗎？或者假設到 2025 年和 2026 年前端加載會更多一點是否公平？

So to 2024, yes, it will be more second half weighted, the numbers that we've given you. As Damian said, we continue to look at ways to continue to drive efficiency, and some of that obviously does mean we just have to look at the way we do things today. Then as you go into '25, '26, '27, I would say it is probably going to be more linear because there will be phasing of bringing in some of those programs, and part of that will also be linked to our drive towards [standardization] and more [digitization] with the S/4 HANA implementation.

所以到 2024 年，是的，下半年的權重將會更大，就像我們給你的數字一樣。正如達米安所說，我們繼續尋找繼續提高效率的方法，其中一些顯然意味著我們只需要看看我們今天做事的方式。然後，當你進入「25」、「26」、「27」時，我想說它可能會更加線性，因為將分階段引入其中一些項目，其中一部分也將與我們對透過S/4 HANA 實施實現[標準化]以及更多[數位化]。

So I would call currently, that's more linear, but we'll continue to give you more updates as we finalize the program.

所以我現在會打電話，這更加線性，但在我們最終確定該計劃時，我們將繼續為您提供更多更新。

We'll take our next question. This is from the line of Bonnie Herzog from Goldman Sachs.

我們將回答下一個問題。這是來自高盛 (Goldman Sachs) 的邦妮·赫爾佐格 (Bonnie Herzog)。

I actually had a couple of quick follow-ups from earlier questions. First, on volumes. Just curious to hear how they trended during Q4 and then so far this year?

實際上，我對之前的問題進行了一些快速跟進。首先，關於數量。只是想知道他們在第四季以及今年到目前為止的趨勢如何？

And then second, could you comment on consumer elasticities? And if you've seen any changes of late, given either the challenging macro backdrop or maybe from some of the pricing you've put through?

其次，可以評論一下消費者彈性嗎？考慮到充滿挑戰的宏觀背景或您所製定的一些定價，您最近是否看到任何變化？

And then finally, maybe just a little bit more color on your business away from home versus at home and sort of how you guys see that evolving this year?

最後，也許你們在外的生意比在家裡的生意多了一點色彩，你們覺得今年的發展如何？

So quite a few follow-ups you got in there. That's not bad for one question, as always. So volumes, as you saw in the release, improved in Q4. And I think if you strip out some of the one-offs that Nik alluded to, held up really well, I think, particularly compared to other categories. So I think we've enjoyed good volume performance. It has been a similar environment for the consumer over not just the last quarter or even in this quarter, I think it's been -- we talked a lot about 2023 that, that affordability mindset and cost of living pressure has existed. So we're well into it. Volumes are holding up.

所以你在那裡得到了相當多的後續行動。一如既往，這對於一個問題來說還不錯。因此，正如您在發布中看到的那樣，第四季度的銷量有所改善。我認為，如果你剔除尼克提到的一些一次性的內容，我認為，特別是與其他類別相比，它表現得非常好。所以我認為我們享受了良好的銷售表現。不僅是上個季度，甚至本季度，消費者也面臨類似的環境，我認為我們在 2023 年談論了很多，負擔能力心態和生活成本壓力一直存在。所以我們很投入。成交量保持穩定。

For 2024, I would say it started in line with expectations. I think we're excited about a couple of events earlier in the year this year, Ramadan, particularly in Indonesia, starting earlier and Eastern -- and Western Europe is earlier. So I think that's going to give us good momentum coming out of Q1. We're well set up for both of those big festivals and events. And then clearly, as we look through the year, we know that, as I mentioned few times, we have got an opportunity to hopefully enjoy a more reasonable summer in Northern Europe, and that will certainly help on volume as we go through the second half of the year. That also plays into your last question.

對於 2024 年，我想說它的開局符合預期。我認為我們對今年早些時候發生的幾件事感到興奮，齋月，特別是在印度尼西亞，開始得更早，東歐和西歐也更早。所以我認為這將為我們第一季帶來良好的動力。我們已為這兩個大型節日和活動做好了充分準備。然後很明顯，當我們回顧這一年時，我們知道，正如我幾次提到的那樣，我們有機會希望在北歐享受一個更合理的夏天，​​這肯定會對我們經歷第二個賽季的銷售量有幫助半年。這也牽涉到你的最後一個問題。

I mean I think we see strong revenue growth in away-from-home and home. We see volumes holding up in home market. I think depending on the country you're in, I think away-from-home volumes were a little bit under more pressure based on obviously weather coming out of Q3. What we've seen away from start strongly, particularly in markets like Spain, have just been there recently and very, very strong growth in away-from-home. So we'd expect that to continue through the summer in Europe.

我的意思是，我認為我們在外地和在家中看到了強勁的收入成長。我們看到國內市場的銷售量保持不變。我認為，根據您所在的國家/地區，基於第三季度明顯的天氣情況，我認為客場銷售承受了更大的壓力。我們從一開始就看到了強勁的勢頭，特別是在西班牙這樣的市場，最近才出現了非常非常強勁的客場成長。因此，我們預計歐洲的這種情況將持續整個夏季。

And obviously, as we look at Australia and New Zealand, again, coming out, we also see strong volume growth as well. So yes.

顯然，當我們再次關注澳洲和紐西蘭時，我們也看到了強勁的銷售成長。所以是的。

Nik, I don't know if you want to add anything?

尼克，不知道你還想補充什麼？

No. I would just remind you, Bonnie, a lot of the work that we did during and post-COVID, realizing for a period of time we were just going to be a home business is how do we improve the profitability both for our customers and for ourselves in the home channel as well.

不。我只是提醒你，邦妮，我們在新冠疫情期間和之後所做的很多工作，意識到在一段時間內我們將成為一家家庭企業，我們如何提高客戶的盈利能力以及我們自己在家庭頻道中的情況。

So to Damian's point, while we see good growth in both channels from a profitability perspective, that's in some ways fairly neutral to us, which is a good thing because we just want to grow where the consumer wants to be and where we can offer them a full range of great brands and packs.

因此，在達米安看來，雖然從獲利角度來看，我們在這兩個管道中都看到了良好的成長，但這在某種程度上對我們來說相當中性，這是一件好事，因為我們只想在消費者想要的地方以及我們可以為他們提供服務的地方發展各種優質品牌和包裝。

I would now like to hand the conference back over to Damian Gammell for his closing remarks. Damian, please go ahead.

現在我想將會議交還給達米安·加梅爾（Damian Gammell），他將發表閉幕詞。達米安，請繼續。

Well, thank you, operator. And again, thank you, everybody, for joining us. I know it's a little bit earlier than usual for those of you in the U.S., so I appreciate you getting up a bit earlier. But for good reason, to hear about a great 2023. And on the back of that, I just want to again thank all of my colleagues and our customers. As Nik pointed out and as we've talked about today, we will continue to invest for the long-term growth of our business, both in terms of volume, revenue and in terms of the sustainability journey we're on.

好的，謝謝你，接線生。再次感謝大家加入我們。我知道對於在美國的你們來說，現在比平常早一點，所以我很感謝你們早點起床。但有充分的理由，聽到關於偉大的 2023 年的消息。在此基礎上，我只想再次感謝我所有的同事和我們的客戶。正如尼克所指出的以及我們今天所討論的，我們將繼續為業務的長期成長進行投資，無論是在數量、收入方面還是在我們正在進行的可持續發展之旅方面。

We've got a lot to look forward to. It's going to be a busy year at CCEP, both with the Philippines and some of those big sporting events that I talked to across all of our markets this year and the ongoing transformation in Indonesia. We are well placed for '24 and beyond. And now, as we've talked about our new family member, the Philippines taking the number of markets we operate within, to 31.

我們有很多值得期待的事。 CCEP 今年將是忙碌的一年，無論是菲律賓還是我今年在所有市場上談到的一些大型體育賽事，以及印尼正在進行的轉型。我們已為 24 年及以後做好準備。現在，正如我們所談論的，我們的新家庭成員菲律賓將我們經營的市場數量增加至 31 個。

So Nik and I look forward to talking to you again next time, which will be to update you on our Q1 performance. Thank you very much.

因此，尼克和我期待下次再次與您交談，向您介紹我們第一季的表現。非常感謝。

Thank you. That concludes the conference for today. Thank you for participating. You may all disconnect.

謝謝。今天的會議到此結束。感謝您的參與。你們都可以斷開連線。