Coca-Cola Europacific Partners PLC (CCEP) 2024 Q1 法說會逐字稿

Thank you all for joining us today. I'm here with Damian Gammell, our CEO; and Ed Walker, our CFO. Before we begin with our opening remarks, reminder of our cautionary statements. This call will contain forward-looking management comments and other statements reflecting our outlook.

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。和我們的財務長艾德沃克。在我們開始致開幕詞之前，請提醒我們注意一下我們的警告聲明。本次電話會議將包含前瞻性的管理層評論和反映我們前景的其他聲明。

These comments should be considered in conjunction with the cautionary language contained in today's release as well as the detailed cautionary statements found in reports filed with the UK, US Dutch and Spanish authorities.

這些評論應與今天發布的新聞稿中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。

A copy of this information is available on our website at www.cocacolaep.com. Prepared remarks made by Damian and Ed, 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.

您可以在我們的網站 www.cocacolaep.com 上取得此資訊的副本。達米安和艾德準備好了發言，然後我們將把電話轉交給您提問。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。

They will also be presented on an adjusted comparable basis, thus reflecting the results of CCP and our Australia/Pacific and Southeast Asia business unit, APS, as if the Coca-Cola Philippines transaction had occurred at the beginning of last year, rather than in February when the acquisition completed.

它們也將在調整後的可比較基礎上呈現，從而反映 CCP 和我們的澳洲/太平洋和東南亞業務部門 APS 的業績，就好像可口可樂菲律賓交易發生在去年初，而不是去年收購完成時的二月。

Following the call, a full transcript will be made available as soon as possible on our website. I will now turn the call over to our CEO Damian.

通話結束後，我們的網站將盡快提供完整的文字記錄。我現在將把電話轉給我們的執行長達米安。

Thank you, Sarah, and many thanks to everyone joining us today. Before I begin, I would particularly like to take this opportunity to thank all of my great colleagues at CCEP for their ongoing hard work and dedication to our customers and to our business. I'd also like to take the opportunity to thank Nick and wish him all the best and, of course, to welcome Ed into his new and very well-deserved role.

謝謝莎拉，也非常感謝今天加入我們的所有人。在開始之前，我特別想藉此機會感謝 CCEP 的所有優秀同事，感謝他們持續的辛勤工作以及對我們的客戶和業務的奉獻。我還想藉此機會感謝尼克並祝他一切順利，當然，歡迎艾德擔任他當之無愧的新角色。

Before we get into the detail of our half year results, I just wanted to take a moment to stand back and reflect. At CCEP, we have a clear strategy, which we continue to focus on and execute very well.

在我們詳細介紹半年業績之前，我只想花點時間反思一下。在CCEP，我們有明確的策略，我們將繼續關注並執行得很好。

We have an unwavering commitment to stakeholder value creation. Indeed, our TSO speaks for itself and importantly, our retail customers could continue to share in our success. Since 2017, we've created more value for them than any of our peers.

我們堅定不移地致力於為利害關係人創造價值。事實上，我們的 TSO 不言而喻，重要的是，我們的零售客戶可以繼續分享我們的成功。自 2017 年以來，我們為他們創造的價值比任何同行都多。

We are now a bigger and a more diverse business, providing the opportunity to leverage best practice and talent across all of our markets. Importantly, we continue to take decisions for the long term, as demonstrated through our geographic diversification, our portfolio choices, our investment strategy, which I'll touch more on later.

我們現在是一家規模更大、更加多元化的企業，提供了在所有市場上利用最佳實踐和人才的機會。重要的是，我們繼續做出長期決策，這透過我們的地域多元化、我們的投資組合選擇和我們的投資策略得到了證明，我將在稍後詳細討論。

So now to our first half. I'm very pleased with our financial performance, achieving solid top and bottom-line growth and strong free cash flow. The great performance of our APS business unit helped offset softer volumes in Europe, driven by strategic delistings and some adverse weather.

現在進入我們的上半場。我對我們的財務表現非常滿意，實現了穩健的營收和利潤成長以及強勁的自由現金流。我們的 APS 業務部門的出色表現幫助抵消了因策略退市和一些不利天氣而導致的歐洲銷售疲軟的影響。

It demonstrates how our diversity makes us a stronger, more robust business with about a one-three of our volumes now delivered by our APS business unit. We grew share ahead of the market and importantly, continue to create significant value for our customers.

它展示了我們的多樣性如何使我們的業務更加強大、更加穩健，目前我們的 APS 業務部門交付了大約三分之一的銷售量。我們的份額成長領先於市場，重要的是，我們繼續為客戶創造巨大的價值。

Today, we reaffirm our full year guidance, which is in line with our midterm objectives. And looking ahead, we feel we are very well placed. We continue to invest for growth and have strong commercial plans in place for the rest of the year and beyond to engage our customers and our consumers.

今天，我們重申全年指導，這符合我們的中期目標。展望未來，我們覺得我們處於有利地位。我們將繼續投資促進成長，並在今年剩餘時間及以後製定強有力的商業計劃，以吸引我們的客戶和消費者。

We remain focused on driving profitable revenue growth and growing category value over the long term for our customers. This alongside our focus on productivity and free cash flow. Combined with our first half interim dividend, this demonstrates the strength of our business and our continued ability to create value for all our stakeholders.

我們仍專注於為客戶長期推動獲利性收入成長和品類價值成長。這與我們對生產力和自由現金流的關注相結合。結合我們上半年的中期股息，這證明了我們的業務實力以及我們持續為所有利害關係人創造價值的能力。

Now turning to our key performance highlights. As I said just now, we delivered a solid top line performance. Our volume growth reflects good underlying demand across our developed markets and double-digit growth in Southeast Asia driven by the Philippines. It also reflects strategic choices we've made in our portfolio in Europe and the adverse weather I talked to earlier, especially in June.

現在轉向我們的主要性能亮點。正如我剛才所說，我們實現了穩健的營收表現。我們的銷售成長反映了已開發市場良好的潛在需求以及菲律賓推動的東南亞兩位數成長。這也反映了我們在歐洲投資組合中所做的策略選擇以及我之前談到的不利天氣，尤其是在六月。

Execution of our revenue and margin growth management initiatives, along with our dynamic price and promotion strategies drove solid revenue per unit case growth. We enjoy a broad pack offering which enables us to balance affordability and premiumization.

我們的收入和利潤成長管理計劃的執行，以及我們的動態價格和促銷策略推動了單位箱收入的穩健成長。我們享受廣泛的產品組合，這使我們能夠平衡負擔能力和高端化。

So we continue to invest accordingly to prioritize relevance and affordability for all our consumers, whilst remaining focused on winning with our customers every day.

因此，我們繼續進行相應的投資，優先考慮所有消費者的相關性和可負擔性，同時繼續專注於每天贏得客戶的青睞。

Now to the NARTD category, it remains resilient. Continue to grow in value in Europe and APS and we gained value share, both in store and online, supported by great activation and execution.

現在到 NARTD 類別，它仍然具有彈性。在歐洲和 APS 的價值繼續增長，在出色的激活和執行的支持下，我們在商店和網上都獲得了價值份額。

Our strong top line performance, together with our continued focus on efficiency, drove solid operating profit growth of 9% with operating profit margins excluding the Philippines now back to 2019 levels, a great achievement given the wider backdrop.

我們強勁的營收表現，加上我們對效率的持續關注，推動營業利潤穩健成長9%，不包括菲律賓的營業利潤率現已回到2019 年的水平，在更廣泛的背景下，這是一項偉大的成就。

We generated solid free cash flow, supporting the return to our target leverage range of 2.5 to 3time by the end of this year, providing even more flexibility as we look forward. And as proven successful integrators, we seamlessly completed the Philippines integration.

我們產生了穩定的自由現金流，支持我們在今年年底之前恢復到 2.5 至 3 倍的目標槓桿範圍，為我們的未來提供了更大的靈活性。作為經過驗證的成功整合商，我們無縫地完成了菲律賓的整合。

At CCEP, we remain focused on great people, great brands, great execution, all done sustainably. So I will touch on each of these areas as we take a brief look back at the first half.

在 CCEP，我們仍然專注於優秀的人才、優秀的品牌、優秀的執行力，所有這些都以可持續的方式進行。因此，當我們簡要回顧上半場時，我將觸及每個領域。

Starting with great people whose wellbeing and safety continues to be our one priority at CCEP. We are committed to building an even more inclusive and diverse culture. So we celebrated a number of key events across our business, including Pride and International Women's Day and we supported a special Olympics with our colleagues in the Coca-Cola Company.

從偉大的人開始，他們的福祉和安全仍然是 CCEP 的首要任務。我們致力於建立更包容和多元化的文化。因此，我們慶祝了整個企業的許多重要活動，包括驕傲節和國際婦女節，並與可口可樂公司的同事一起支持特殊奧運。

Our commitment to our people continue to be recognized externally in 2024 by the top employers institute in Europe. I'm moving further east, over 9,000 talented Philippine colleagues are now firmly part of the CCEP family, alongside expanding our reach to a further 1 million customers.

到 2024 年，我們對員工的承諾將繼續得到歐洲頂級雇主機構的外部認可。我將繼續向東發展，超過 9,000 名才華橫溢的菲律賓同事現已成為 CCEP 大家庭的堅定成員，同時我們的業務範圍還將擴大到另外 100 萬客戶。

We are extremely privileged to make, move and sell some of the world's most loved brands. We continue to invest and innovate to make them even better and appeal to even more consumers.

我們非常榮幸能夠製造、運輸和銷售一些世界上最受歡迎的品牌。我們不斷投資和創新，使它們變得更好並吸引更多消費者。

In fact, in Europe, around 75% of households purchased from our NARTD portfolio. Coca-Cola trademark volumes perform well up 1.7%. Coca-Cola Zero Sugar continued to achieve good share in volume growth across our key markets.

事實上，在歐洲，大約 75% 的家庭購買了我們的 NARTD 產品組合。可口可樂商標銷售表現良好，成長了 1.7%。可口可樂零糖繼續在我們主要市場的銷售成長中取得良好份額。

We delivered fantastic activation with the Euros and joined forces with Marvel in Australia with limited edition superhero cans. Coca-Cola Original Taste also perform well, led by growth in the Philippines and supported by the launch of our lemon flavor extension in Europe, now available in both regular and zero variants.

我們透過歐元提供了精彩的激活，並與澳洲漫威聯手推出了限量版超級英雄罐頭。可口可樂原味也表現良好，這主要得益於菲律賓的成長，以及我們在歐洲推出的檸檬味擴展產品的支持，目前有普通版和零版兩種口味。

Sprite volumes performed well, up 5.9% in growth across Europe and APS with double-digit growth in the Philippines, driven by execution, reformulation and refreshed marketing. Our sports volumes grew 4.8% despite cycling strong growth last year, led by Powerade and supported by the launch of Powerade Mango and Great Euros activation.

雪碧銷量表現良好，在執行、重新配方和更新行銷的推動下，歐洲和亞太地區成長了 5.9%，其中菲律賓成長了兩位數。儘管去年自行車運動成長強勁，但在 Powerade Mango 和 Great Euros 活化的支持下，我們的運動量成長了 4.8%。

Aquarius also grew reflecting continued favorable trends in this category. Monster outperformed driving overall energy volume up 7.5% on top of an impressive 15% growth last year.

水瓶座也有所成長，反映出該類別的持續有利趨勢。 Monster 的表現優於大盤，在去年 15% 的令人印象深刻的成長基礎上，推動整體能源產量成長了 7.5%。

Fantastic innovation continues to drive recruitment and distribution. Building on the launch of Monster Green Zero, the launch of Reign Storm and the continued flavor extensions across the Ultra range.

出色的創新繼續推動招聘和分銷。以 Monster Green Zero 的推出、Reign Storm 的推出以及 Ultra 系列的口味持續擴展為基礎。

And finally, in ARTD, as we diversify our business to address different needs states and following the encouraging results of Jack Daniels and Coca-Cola, the one ARTD value brand in GB, we are building on the excitement with the launch of Absolute and Sprite in Europe, already off to a good start with an encouraging rate of sale.

最後，在 ARTD 領域，隨著我們實現業務多元化以滿足不同的需求狀態，繼 Jack Daniels 和可口可樂（英國唯一的 ARTD 價值品牌）取得令人鼓舞的業績之後，我們正在興奮地推出 Absolute 和 Sprite在歐洲，已經有了一個好的開端，銷售率令人鼓舞。

Great execution will always be a key priority for us at CCEP as we strive to make it even easier for our customers to do business with us and share in our success. We continue to create value for our category adding EUR600 million of value to our retail customers in the first half. Activation, both in store and online is key.

卓越的執行力始終是 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並分享我們的成功。我們繼續為我們的品類創造價值，上半年為我們的零售客戶增加了 6 億歐元的價值。店內和網路上的啟動是關鍵。

We continue to invest in our digital capabilities to drive more targeted activation points in the market. Through our world-class key account management capabilities, we continue to increase distribution, building incremental displays and increasing our share of cold drink space with more cooler placements. Both help our brands reach more households and improve our retail and away-from-home share of visible inventory metrics, as you will see here.

我們繼續投資於我們的數位能力，以推動市場上更有針對性的活化點。透過我們世界一流的大客戶管理能力，我們繼續增加分銷，建立增量展示，並透過更涼爽的展示來增加我們的冷飲空間份額。兩者都有助於我們的品牌覆蓋更多家庭，並提高我們的零售和戶外可見庫存指標份額，正如您將在此處看到的那樣。

We also continue to invest in supply chain. One example in Germany, we invested EUR40 million in a new returnable glass line, great for our customers, while supporting our sustainability agenda, which brings me onto our other sustainability highlights for which we continue to be recognized externally, including retaining our inclusion on the CDP's A list for climate and maintaining our MSCI AAA ESG rating.

我們也繼續投資供應鏈。以德國為例，我們投資4000 萬歐元建造了一條新的可回收玻璃生產線，這對我們的客戶來說非常有利，同時支持我們的永續發展議程，這讓我看到了我們繼續受到外部認可的其他永續發展亮點，包括繼續將我們納入永續發展議程CDP 的氣候清單並維持我們的 MSCI AAA ESG 評級。

We continue to invest in sustainability-focused technology through our CCEP ventures arm. We recently created a sustainability partnership with Airhive, which supports the development of technology to capture 1,000 tons of CO2 annually. This can then be used in our carbonated drinks, while aligning with our Net Zero emission targets. And to support sustainability in everyday decision-making, we recently launched our own sustainability academy in partnership with the AXA Climate School.

我們繼續透過 CCEP 創投部門投資於以永續發展為重點的技術。我們最近與 Airhive 建立了永續發展合作夥伴關係，支持開發每年捕獲 1,000 噸二氧化碳的技術。然後可以將其用於我們的碳酸飲料，同時符合我們的淨零排放目標。為了支持日常決策中的永續發展，我們最近與 AXA 氣候學校合作推出了自己的永續發展學院。

I'd now like to hand over to Ed to talk in more details to the financials. Ed?

我現在想請艾德詳細討論財務方面的問題。艾德？

Thank you Damian, and thank you all for joining us today. Let me start by taking you to our financial summary. We delivered total revenue of EUR10.1 billion, an increase of 3.5% in the half. Our cost of sales per unit case increased 2.5%. This is cycling a high-single-digit cost of sales per unit case growth in the first half last year and also includes the mixed benefit driven by the strong growth in the Philippines, which has a lower cost of sales per unit case as you know.

謝謝達米安，也謝謝大家今天加入我們。首先讓我帶您看一下我們的財務摘要。上半年我們實現總營收 101 億歐元，成長 3.5%。我們的每箱銷售成本增加了 2.5%。這是去年上半年單位箱銷售成本高個位數成長的循環，還包括菲律賓強勁成長帶來的混合效益，如您所知，菲律賓的單位箱銷售成本較低。

We delivered an operating profit of EUR1.3 billion, up 9%. This reflects our solid top line performance, the delivery of the first year of our next efficiency program and our continued focus on strong cost management. This has led to an operating profit margin expansion of more than 50 basis points and as Damian referred to earlier, gets our operating margin back to 2019, pre-Philippines levels, which we're very pleased with.

我們實現營業利潤 13 億歐元，成長 9%。這反映了我們穩健的營收表現、下一個效率計畫第一年的交付以及我們對強有力的成本管理的持續關注。這導致營業利潤率擴大了 50 個基點以上，正如達米安之前提到的，我們的營業利潤率回到了 2019 年菲律賓之前的水平，我們對此非常滿意。

We delivered comparable diluted earnings per share of EUR1.97 in the half, up 7% on a comparable and FX-neutral basis. This is not an adjusted measure, so does not assume that the Philippines transaction had occurred at the beginning of last year, but in February this year, when the acquisition completed. The growth in EPS is driven by our solid operating profit growth in part offset by a non-controlling interest of EUR 17 million, a higher interest charge driven by the Philippines transaction and a higher effective tax rate, all of which were highlighted earlier this year within our full year guidance.

上半年，我們實現了可比攤薄每股收益 1.97 歐元，在可比和匯率中性的基礎上增長了 7%。這不是調整後的衡量標準，因此並不假設菲律賓交易發生在去年初，而是發生在今年2月收購完成時。每股盈餘的成長是由我們穩健的營業利潤成長推動的，部分抵消了1700 萬歐元的非控制權益、菲律賓交易帶來的更高的利息費用以及更高的有效稅率，所有這些都在今年早一些時候得到了強調在我們的全年指導範圍內。

Comparable free cash flow generation continues to be a core priority and we delivered an impressive EUR 539 million in the first half. This was after investing in various key projects, including new can lines in GB and Australia, a new PT line in Papua New Guinea and a new RGB line in Germany. We stepped up our cooler placements, also as Damian referred to earlier and we continue to invest in our digital journey, including our move from legacy SAP systems to S/4 HANA.

類似的自由現金流產生仍然是我們的核心優先事項，上半年我們交付了令人印象深刻的 5.39 億歐元。這是在投資了多個關鍵項目之後，包括英國和澳洲的新罐頭生產線、巴布亞紐幾內亞的新 PT 生產線和德國的新 RGB 生產線。我們加強了更酷的佈局，正如 Damian 之前提到的，我們繼續投資於我們的數位化之旅，包括從傳統 SAP 系統遷移到 S/4 HANA。

We remain on track to deliver comparable free cash flow of around EUR1.7 billion for the year as per our guidance. And finally, on shareholder returns, we paid a first half interim dividend per share of EUR0.74, which we declared back in April and then paid in May. As a reminder, this was calculated as 40% of the full year 2023 dividend.

根據我們的指導，我們今年仍有望實現約 17 億歐元的可比自由現金流。最後，在股東回報方面，我們支付了每股 0.74 歐元的上半年中期股息，我們在 4 月宣布了該股息，然後在 5 月支付。提醒一下，這是以 2023 年全年股息的 40% 計算的。

Now to our revenue highlights. We delivered a solid top line performance. Revenue for case grew 2.9% reflecting positive headline pricing, promotional optimization and brand mix, partly offset by geographic mix. This geographical mix was driven by the strong growth in the Philippines, which is as a lower revenue per unit case, as we've discussed before.

現在來看看我們的營收亮點。我們實現了穩健的營收績效。案例收入成長 2.9%，反映出積極的整體定價、促銷優化和品牌組合，但部分被地理組合所抵消。這種地域組合是由菲律賓的強勁增長推動的，正如我們之前討論的那樣，菲律賓的單位收入較低。

We continue to benefit from the we took in the second half of last year in GB and Germany and successfully executed pricing across our other key markets. Australia/Pacific revenue per unit case grew in line with Europe. Volumes, volumes were up 0.6% versus last year. As Damian touched on earlier, our volumes reflect strategic choices we have made in our portfolio and adverse weather in Europe, especially in June.

我們繼續受益於去年下半年在英國和德國取得的成果，並在其他主要市場成功執行了定價。澳洲/太平洋地區每箱收入的成長與歐洲一致。成交量較去年增長 0.6%。正如達米安早些時候提到的，我們的交易量反映了我們在投資組合中做出的戰略選擇以及歐洲的惡劣天氣，尤其是 6 月。

As you'll recall, we've made a number of portfolio choices, including our transition out of Capri Sun in Europe and out of bulk water across a number of markets. These are the right strategic decisions as we continue to be more choiceful on where we want to play for the long term and to ensure we continue to grow our business both profitably and sustainably. These exits account for around 1% of volume in the first half across both Europe and APS.

您可能還記得，我們​​已經做出了許多投資組合選擇，包括從歐洲的 Capri Sun 轉型，以及從多個市場的散裝水轉型。這些都是正確的策略決策，因為我們將繼續對我們想要長期發展的領域做出更多選擇，並確保我們繼續以盈利和可持續的方式發展我們的業務。這些退出約佔歐洲和亞太地區上半年交易量的 1%。

In Europe, these strategic exits and the adverse weather, especially in June, impacted both home and away-from-home channels. The exits aside, we believe that the adverse weather, whilst not an exact science, did drive the majority of the remaining volume decline. Underlying consumer spending did hold up reasonably well and we saw volume growth across a number of our brands like sports and energy as Damian talked to earlier.

在歐洲，這些戰略退出和惡劣天氣（尤其是六月）影響了主場和客場管道。撇開退出不談，我們認為，惡劣的天氣雖然不是精確的科學，但確實導致了剩餘交易量的大部分下降。基礎消費者支出確實保持得相當不錯，正如達米安早些時候所說，我們看到體育和能源等多個品牌的銷售成長。

We continue to focus on driving long-term value for the category and for our customers. Our retail share held up well, improving across the half and we grew share in away-from-home despite lower footfall across the channel. Looking at our APS markets, we saw volumes grow by 7.5% in the first half, reflecting solid momentum in Australia and New Zealand, double-digit growth in the Philippines and a solid performance from Papua New Guinea.

我們繼續專注於推動該類別和客戶的長期價值。我們的零售份額保持良好，在上半年有所改善，儘管整個通路的客流量有所下降，但我們在外地市場的份額有所增長。看看我們的 APS 市場，上半年銷量成長了 7.5%，反映出澳洲和紐西蘭的強勁勢頭、菲律賓的兩位數成長以及巴布亞紐幾內亞的強勁表現。

From a brand perspective, we delivered solid growth in Coke Zero and Fanta and double-digit growth in energy. In Indonesia, following an encouraging first quarter, we have seen more mixed demand reflecting the geopolitical situation. We do, however, remain confident in our transformation plan and the long-term opportunity in the market.

從品牌角度來看，我們在零可樂和芬達方面實現了穩健成長，在能源方面實現了兩位數成長。在印度尼西亞，繼第一季令人鼓舞之後，我們看到需求更加複雜，反映出地緣政治局勢。然而，我們對我們的轉型計劃和市場的長期機會仍然充滿信心。

Damian will touch more on this shortly alongside the Philippines

達米安很快就會與菲律賓一起討論這個問題

Thanks, Ed. So let me just start with the Philippines. And as we have said before, a great strategic move and now very much part of the CCEP family. We had a strong first half, delivering double-digit volume growth. Underlying market demand remained strong, growing high-single-digit with a large, young and growing population.

謝謝，艾德。讓我從菲律賓開始。正如我們之前所說，這是一項偉大的策略舉措，現在已成為 CCEP 家族的重要組成部分。我們上半年表現強勁，銷售量達到兩位數成長。潛在市場需求仍然強勁，隨著人口數量龐大、年輕且不斷成長，以高個位數成長。

Our great execution delivered solid value share gains now at an impressive 74% sparkling share and 47% NARTD share. And I have to say, the more I see the business, the more and more excited I have become. We see lots of opportunities, both long and short term, which naturally will be led by our Coke trademark.

我們出色的執行力帶來了堅實的價值份額收益，目前已達到令人印象深刻的 74% 的閃亮份額和 47% 的 NARTD 份額。我必須說，我對這項業務了解得越多，我就越興奮。我們看到了很多長期和短期的機會，這自然會以我們的可口可樂商標為主導。

But we also see opportunities in low and no sugar in the energy category where we've recently launched the more affordable Predator offering and in expanding our presence in ARTD with the launch of Peach Lemondo and Jack Daniel's and Coca-Cola Zero.

但我們也看到了能源類別中低糖和無糖的機會，我們最近推出了更實惠的 Predator 產品，並透過推出 Peach Lemondo、Jack Daniel's 和 Coca-Cola Zero 來擴大我們在 ARTD 領域的業務。

Our strong focus on capital allocation and our long-term mindset will ensure we invest in this exciting business to support the market's long-term growth expectations. So given the strong start this year and the positive outlook, we are accelerating our CapEx plans. Many of you would have received the invitation for our Capital Markets Day for May next year, where the leadership and the local teams and I look forward to showcasing our Southeast Asia businesses.

我們對資本配置的高度關注和長期思維將確保我們投資於這項令人興奮的業務，以支持市場的長期成長預期。因此，鑑於今年的強勁開局和積極的前景，我們正在加快我們的資本支出計劃。你們中的許多人都會收到參加明年五月資本市場日的邀請，我和領導層、當地團隊期待在會上展示我們的東南亞業務。

And now on to the second biggest market, Indonesia, also really exciting. Like many other Western brands in the country, our first half was impacted by the geopolitical situation in the Middle East. However, this is not across all regions in the country. In fact, unaffected areas are delivering encouraging volume and transaction growth. It is important, therefore, to focus on what we can control and influence in this market being part of our long-term transformation journey.

現在進入第二大市場印度尼西亞，也非常令人興奮。與該國許多其他西方品牌一樣，我們的上半年受到中東地緣政治局勢的影響。然而，並非全國所有地區都是如此。事實上，未受影響的地區正在帶來令人鼓舞的交易量和交易成長。因此，重要的是要專注於我們在這個市場中可以控制和影響的因素，作為我們長期轉型之旅的一部分。

Our three price pack channel strategies landed well in the market. We continue to build sparkling relevance and build on our ready-to-drink tea offering with flavor extensions like Fanta Grape and fresh tea lemongrass.

我們的三種價格包通路策略在市場上取得了良好的效果。我們繼續打造閃閃發光的相關性，並在即飲茶產品的基礎上添加芬達葡萄和新鮮茶檸檬草等風味擴展。

We are accelerating our Zero Mix, which is seeing strong growth, especially in the modern trade. And we have a strong targeted activation program underway, focused on connecting with a young and growing consumer base, extending to 500 universities here.

我們正在加速“零混合”，它正在強勁增長，尤其是在現代貿易中。我們正在進行一項強有力的有針對性的激活計劃，重點是與年輕且不斷增長的消費者群體建立聯繫，並擴展到這裡的 500 所大學。

We are taking the right decisions to reengineer both our cost base and accelerate our route to market traction to be fit for the longer term. Always investing in our great talent and the business recently recognized as one of the best companies to work for in Asia.

我們正在做出正確的決定，重新設計我們的成本基礎，並加快我們的市場吸引力，以適應長期需求。始終投資於我們的優秀人才和最近被公認為亞洲最適合工作的公司之一的企業。

On sustainability, we are owning our circularity journey from day one through the right partnerships and investments. We are on track to introduce returnable glass in the second half of this year and we have partnered with recycling facilities to support our plans to achieve 100% packaging collection in 2025, which will be well ahead of our developed markets.

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。我們預計在今年下半年推出可回收玻璃，並與回收設施合作，支持我們在 2025 年實現 100% 包裝回收的計劃，這將遠遠領先於我們的已開發市場。

So a lot of excitement ahead for the rest of this year and beyond. And I'll just touch now on some of the revenue opportunities for this year. We have great brands, which our consumers love. And on the back of ongoing investment and innovation, product and packaging, our category and brands continue to support a solid growth platform for all our customers.

因此，今年剩餘時間及以後將會有很多令人興奮的事情。我現在只想談談今年的一些收入機會。我們擁有深受消費者喜愛的偉大品牌。在持續投資和創新、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。

It is essential now more than ever that we continue to balance premiumization for those that seek it and with more affordable offerings for those that need it. One great example is in Spain, where we activated a popular and affordable price point on the iconic 2-liter pack in the home channel to drive frequency and household penetration. And in the same stores, we continue to offer a more premium glass packaging and multipack cans at a higher revenue per unit case.

現在比以往任何時候都更重要的是，我們必須繼續在為那些尋求高端化的人提供優質化服務和為有需要的人提供更實惠的產品之間取得平衡。一個很好的例子是在西班牙，我們在家庭通路中為標誌性的 2 公升包裝啟用了流行且實惠的價格點，以提高使用頻率和家庭普及率。在同一家商店中，我們繼續以更高的每箱收入提供更優質的玻璃包裝和合裝罐。

We will continue to invest to boost range, space and visibility across our portfolio through strong in-store execution and connecting our consumers with key calendar events, including music, Halloween and Christmas. And for those that have been or are planning to visit Paris for the Olympics, you'll see our fantastic in-market execution across retail and away-from-home outlets.

我們將繼續投資，透過強大的店內執行力以及將消費者與重要的日曆活動（包括音樂、萬聖節和聖誕節）聯繫起來，擴大我們產品組合的範圍、空間和知名度。對於那些已經或計劃前往巴黎觀看奧運會的人來說，您將看到我們在零售和戶外商店中出色的市場執行力。

We have some exciting innovation plan for the Coke portfolio, building on the lemon flavor extension launched this year with further innovations planned, so continue to watch this space. And energy will continue to benefit from the wider launch of the well-received Monster Green Zero Sugar and the launch of new and exciting flavor extensions and Reign Storm.

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，以今年推出的檸檬口味擴展為基礎，併計劃進一步創新，因此請繼續關注這一領域。能源將繼續受益於廣受好評的 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。

So now on to the full year 2024, where we are reaffirming our guidance. In short, very little has changed. Given our solid year-to-date performance, we are very pleased to be reaffirming our full year guidance, which is aligned with our midterm objectives.

現在進入 2024 年全年，我們將重申我們的指導方針。簡而言之，變化很小。鑑於我們今年迄今的穩健表現，我們很高興重申我們的全年指導，這與我們的中期目標一致。

Please note that these full year growth rates are provided on an adjusted comparable and FX-neutral basis. We expect revenue growth of around 4%. For cost of sales per unit case, we had indicated a range of 3% to 4% growth earlier in the year. We are now guiding to the bottom end of this range, so around 3%.

請注意，這些全年增長率是在調整後的可比較和外匯中性的基礎上提供的。我們預計營收成長約 4%。對於每箱銷售成本，我們在今年稍早表示成長幅度為 3% 至 4%。我們現在的指導目標是該範圍的下限，即 3% 左右。

We now anticipate our commodity inflation to be flat versus our previous low-single-digit growth rate, 90% of which is now hedged.

我們現在預計我們的大宗商品通膨率將與之前的低個位數成長率持平，其中 90% 現在已對沖。

With our continued focus on OpEx, which includes savings of around EUR60 million to EUR70 million, linked to our latest efficiency program, we will look to deliver comparable operating profit growth of around 7%.

隨著我們繼續關注營運支出（其中包括與我們最新的效率計劃相關的約 6000 萬至 7000 萬歐元的節省），我們將尋求實現 7% 左右的可比營運利潤增長。

We continue to expect our full year effective tax rate to be approximately 25%, up from 24% last year, reflecting differences in the mix of taxable profits across our markets and known tax rate increases. And finally, we expect to deliver comparable free cash flow of around EUR1.7 billion after investing EUR1 billion in CapEx to support that long-term growth examples of which Ed touched on earlier.

我們仍預期全年有效稅率約為 25%，高於去年的 24%，反映了我們各市場應稅利潤組合和已知稅率成長的差異。最後，在資本支出投資 10 億歐元以支持 Ed 先前提到的長期成長範例後，我們預計將提供約 17 億歐元的可比自由現金流。

So a quick recap of our key messages before we move to the close. We are really pleased with our first half financial performance. We are reaffirming our full year guidance, which is in line with those midterm objectives I spoke to earlier and we believe we are well placed to achieve this.

因此，在我們結束之前，快速回顧一下我們的關鍵訊息。我們對上半年的財務表現非常滿意。我們重申我們的全年指導，這與我之前談到的中期目標一致，我們相信我們有能力實現這一目標。

And finally, to our ongoing stakeholder value creation story. We have got opportunities everywhere, top line, bottom line, from our great colleagues to tell us every day to join for the brand and stay for the people and for all our stakeholders.

最後，談談我們持續不斷的利害關係人價值創造故事。我們到處都有機會，無論是頂線還是底線，我們偉大的同事每天都告訴我們要為品牌而加入，為人民和所有利益相關者而留下。

We have the capacity to invest in a long-term sustainable data and insight-led future, but of course, we'll continue to do this in the right way. Our consistent and disciplined capital allocation framework is always front and center. We will return to our target leverage range later this year, 1 year earlier than planned, providing even more flexibility as we look forward. So lots to shoot for.

我們有能力投資於長期可持續的數據和洞察力主導的未來，但當然，我們將繼續以正確的方式做到這一點。我們一致且嚴格的資本配置架構始終處於前沿和中心位置。我們將在今年稍後恢復目標槓桿範圍，比計劃提前一年，為我們的未來提供更大的靈活性。有很多值得拍攝的地方。

To close, I would like to thank our customers, our brand partners and our great people whose hard work and commitment, meaning we are able to continue to go further together. Thank you very much.

最後，我要感謝我們的客戶、我們的品牌合作夥伴和我們優秀的員工，他們的辛勤工作和承諾使我們能夠繼續共同走得更遠。非常感謝。

Thank you very much, Ed and I will now be happy to take your questions. And I'll hand over to you. Operator.

非常感謝您，艾德和我現在很樂意回答您的問題。我會把它交給你。操作員。

We will now begin the question-and-answer session. (Operator Instructions).

我們現在開始問答環節。 （操作員說明）。

Bonnie Herzog from Goldman Sachs.

來自高盛的邦妮·赫爾佐格。

Hi, everyone. Hope you're well I guess I had a question on your volumes in the quarter, hoping to get a little more color and really trying to get a sense of how they trended relative to your internal expectations? I know, Damian, you mentioned weather was one of the main impacts on volume pressures, especially in Europe, but any other [ callers ] that maybe surprised you, I guess, from your perspective?

大家好。希望你一切都好，我想我對你本季度的銷量有疑問，希望能得到更多的色彩，並真正嘗試了解它們相對於你的內部預期的趨勢？我知道，達米安，你提到天氣是對成交量壓力的主要影響之一，尤其是在歐洲，但從你的角度來看，我想還有其他[來電者]可能會讓你感到驚訝嗎？

And also if you could provide us with how volumes trended month-to-month in the quarter? And any color on July and August so far? And then sorry, finally, but just curious to hear if transactions outpaced volume in the quarter and if those transactions sort of accelerated sequentially?

另外，您能否提供我們該季度逐月銷售趨勢？七月和八月到目前為止有什麼顏色嗎？最後，抱歉，但只是想知道本季的交易量是否超過了交易量，以及這些交易是否按順序加速？

Hi, Bonnie. Thank you. Yes. So maybe I'll just start with your the second part of that. So we are pleased that transactions performed better than volume. We saw that in Europe and across all of our markets. So we are seeing transactions continue to hold up stronger than volume did. Yes, clearly, I mean, it was a weaker volume quarter than we would have liked in Europe.

嗨，邦妮。謝謝。是的。所以也許我會從你的第二部分開始。因此，我們很高興交易表現優於成交量。我們在歐洲和所有市場都看到了這一點。因此，我們看到交易量繼續強於成交量。是的，顯然，我的意思是，這個季度的銷售量比我們在歐洲所希望的要弱。

I haven't seen anything in it other than we're gaining share. I think all of our activations landed really well. I was lucky enough to be at the Euros and the great activation across Germany across all of our markets have been recently in France. So it's certainly not an executional issue. It's just an offtake issue.

除了我們獲得了份額之外，我沒有看到任何其他事情。我認為我們所有的活動都進展順利。我很幸運能夠參加歐洲杯，最近在法國，整個德國所有市場都得到了極大的激活。所以這肯定不是執行問題。這只是一個承購問題。

When we look at offtake, I would say June and July were slower than we would like. We have seen it improve and certainly, we've got a lot of plans in place for the remainder of the year in Europe, but across all of our markets to drive volume and revenue. As you've seen, we've got great revenue per case realization.

當我們查看承購量時，我會說六月和七月的速度比我們希望的要慢。我們已經看到它的改善，當然，我們在今年剩餘時間裡在歐洲制定了很多計劃，但在我們所有的市場上，以提高銷售和收入。正如您所看到的，我們每個案例的實現都獲得了豐厚的收入。

So the one delta in the quarter obviously was volume. And as I said, I don't see anything beyond some adverse weather, which really dampened our away-from-home business. Retail performed better. So we did see our retail business continue to hold up.

因此，本季的一個增量顯然是成交量。正如我所說，除了一些惡劣天氣之外，我沒有看到任何其他情況，這確實削弱了我們的外出業務。零售業表現較好。所以我們確實看到我們的零售業務繼續保持成長。

So when you look through it, there's nothing on a specific brand or pack to call out. It's really kind of across the category and not just for us. So we gained share in the software category, which I think is a good outcome. And as I mentioned, our retail business held up well.

因此，當你瀏覽它時，你會發現沒有任何特定品牌或包裝可以指出。這確實是跨類別的，而不僅僅是針對我們。因此我們在軟體類別中獲得了份額，我認為這是一個很好的結果。正如我所提到的，我們的零售業務表現良好。

Yes, and you just saw less people out and about and away from home. So footfall was down particularly in June. We saw that continue a little bit into July and then it started to improve and we see August looking a bit better as well. So I think that gives us confidence for the rest of the year.

是的，你只是看到更少的人外出走動和遠離家鄉。因此，客流量下降，尤其是在六月。我們看到這種情況在 7 月持續了一點，然後開始有所改善，我們看到 8 月看起來也好一些。所以我認為這讓我們對今年剩餘時間充滿信心。

On top of that, I think our diversification strategy has played a big part. So while we did have a slightly weaker European volume outlook, our businesses in APS continue to perform really well. And I think that will continue to the end of the year.

最重要的是，我認為我們的多元化策略發揮了重要作用。因此，雖然我們的歐洲銷售前景確實略有疲軟，但我們在 APS 的業務仍然表現出色。我認為這種情況將持續到今年年底。

All right. Thank you for that.

好的。謝謝你。

Simon Hales from Citi.

花旗銀行的西蒙‧黑爾斯。

Thank you and hi, Damian, I wonder if you could just talk a little bit more about the health of the consumer more broadly across your developed markets, in particular?

謝謝你，達米安，你好，我想知道你是否可以多談談發達市場中消費者健康的問題，特別是？

You mentioned in your prepared remarks perhaps the need to sort of continue to balance affordability and premiumization. How are you thinking about the promotional environment generally heading into the second half of the year? Your peer CCH was calling out this morning, perhaps some signs of a more price-sensitive consumer in some European markets. I just sort of wonder what you're seeing are you seeing that in some areas, if so, where, et cetera?

您在準備好的發言中提到，也許需要繼續平衡負擔能力和高端化。您如何看待下半年的促銷環境？今天早上，你的同行 CCH 發出了呼籲，這或許是一些歐洲市場消費者對價格更加敏感的跡象。我只是想知道你在某些地區看到了什麼，如果是的話，在哪裡等等？

Hi, thanks, Simon. And I would say we haven't seen a dramatic change in that space. I think last year, we talked about it. And I think we adjusted our real pricing and our promotional strategy to reflect that some of our consumers were needing more affordability. That's kind of been in place for us now, at least for the last 18, maybe even 24 months. It hasn't deteriorated and we don't see that in the second half.

嗨，謝謝，西蒙。我想說的是，我們還沒有看到這個領域發生巨大的變化。我想去年我們就討論過這個問題。我認為我們調整了實際定價和促銷策略，以反映我們的一些消費者需要更多的負擔能力。現在我們已經做到了這一點，至少在過去 18 個月，甚至可能是 24 個月。它並沒有惡化，我們在下半場也沒有看到這種情況。

So I think we're well-funded from a promo strategy. I called out some of the examples like in Spain. But if you go across all of our markets from the UK right across New Zealand, I think we've done a good job offering value for consumers who are looking for it, but we haven't lost that ability to drive premium NSR per case on profit for us and our customers through those small PET packs, multipack cans and glass.

所以我認為我們的促銷策略資金充足。我舉出了一些西班牙的例子。但如果你瀏覽我們從英國到紐西蘭的所有市場，我認為我們在為尋求價值的消費者提供價值方面做得很好，但我們並沒有失去推動每箱優質 NSR 的能力通過這些小型PET 包裝、合裝罐和玻璃為我們和我們的客戶帶來利潤。

So yes, it's still an element of our strategy. But to answer your question, Simon, I don't see it getting worse. I think as we look at Europe, potentially with lower interest rates, Ed talked to some of the commodity pressures easing, that's not only going to benefit us, but it will probably benefit the more macro consumer spend environment. So I'd say we don't see any more promotional intensity required.

所以，是的，這仍然是我們策略的要素。但要回答你的問題，西蒙，我認為情況並沒有變得更糟。我認為，當我們審視歐洲時，利率可能會降低，艾德談到了一些大宗商品壓力的緩解，這不僅有利於我們，而且可能有利於更宏觀的消費者支出環境。所以我想說，我們認為不需要更多的促銷。

I think it's really about executing what we already have in place. And we see that working from a share perspective. We added over 1 million households in Europe. So we're definitely getting more people to participate in our brands. And I think that will continue probably into '25.

我認為這實際上是關於執行我們已經擁有的東西。我們從分享的角度看到了這一點。我們在歐洲新增了超過 100 萬戶家庭。因此，我們肯定會讓更多的人參與我們的品牌。我認為這種情況可能會持續到 25 年。

So as we look at '25, I see a similar environment, maybe some more potential for a mix benefit as potentially consumers go out a bit more and eat out a bit more. So I'd expect in the medium term, the away-from-home channel to do slightly better than it's done. And I think that's going to be a big benefit as well.

因此，當我們回顧 25 年時，我看到了類似的環境，也許隨著潛在消費者更多地外出和外出就餐，混合效益的潛力更大。因此，我預計從中期來看，客場管道的表現會比現在稍好。我認為這也將是一個很大的好處。

Great. Thank you.

偉大的。謝謝。

Sanjeet Aujla from UBS.

瑞銀集團 (UBS) 的桑吉特‧奧吉拉 (Sanjeet Aujla)。

Hi, both from a couple from me, please. Firstly, just coming back to the Europe market share trends. I think Ed talked about growing share in the away-from-home channel. Can you just talk a little bit about what share trends you're seeing in the home channel? I think that Nielsen data, things have softened there of late. So just look to get you taking that. And my follow-up question is just really on how you're seeing the COGS outlook shape up for 2025 with the level of hedges you have in place to date?

大家好，請聽我的一對夫婦的發言。首先，回到歐洲市場佔有率趨勢。我想艾德談到了在遠離家鄉的管道中不斷增長的份額。您能簡單談談您在家庭頻道中看到的分享趨勢嗎？我認為根據尼爾森的數據，最近情況已經有所緩和。所以只是想讓你接受它。我的後續問題實際上是關於您如何看待 2025 年 COGS 前景以及您迄今為止採取的對沖水平？

Thanks, Sanjeet. I see the direction for one question per caller has gone down really well today. No surprise there. So I'll touch on share and then I'll let Ed talk a little bit to the hedging. So we have gained a lot of share in away-from-home, particularly in Europe. We're pleased with that. And we're also gaining volume share in retail and value.

謝謝，桑吉特。我發現今天每個來電者提出一個問題的方向已經下降得非常好。這並不奇怪。因此，我將談談分享，然後讓艾德談談對沖。因此，我們在外地市場獲得了很大的份額，尤其是在歐洲。我們對此感到滿意。我們還在零售和價值方面獲得了份額。

Our volume share is slightly ahead of value and I think that reflects what I talked to Simon about in terms of for a while now we have been supporting some of those more affordability strategies and that's driven volume share ahead of value, which for us is unusual. Typically, if you go back over the years, it was value ahead of volume. But in this environment, we're pleased that we're recruiting consumers and households. So that will remain a focus.

我們的銷售份額略高於價值，我認為這反映了我與西蒙談論的一段時間以來我們一直在支持一些更具負擔能力的策略，這推動了銷量份額領先於價值，這對我們來說是不尋常的。一般來說，如果你回顧過去幾年，你會發現價值優先於數量。但在這種環境下，我們很高興能夠招募消費者和家庭。因此，這仍將是一個焦點。

So on a consolidated level, good share gains, strong in away-from-home and share gains in retail mainly driven on the volume side in sparkling. So pretty pleased with that and I'll hand over to Ed to talk a little bit to the commodities and hedging.

因此，在綜合層面上，良好的份額收益、強勁的外出和零售份額收益主要是在銷售方面推動的。我對此非常滿意，我將請艾德來談談大宗商品和對沖。

Yes. Thank you. So I mean, for this year on cost of goods to start with, we're pleased with the fact we're now guiding to 3% per case. And we're also pleased with the more stability in this line versus what we've seen in the last few years. And we're in a great place at the moment with 90% coverage. And of course, that's being driven by strong commodity management, great cost control within our supply chain and the benefit of a number of the transformation initiatives that we've talked about in the past.

是的。謝謝。所以我的意思是，對於今年的商品成本，我們很高興現在將每箱成本指導為 3%。與過去幾年相比，我們對這條生產線更加穩定感到滿意。目前我們的覆蓋率達到了 90%，非常好。當然，這是由強大的商品管理、供應鏈內的出色成本控制以及我們過去討論過的許多轉型舉措的好處所推動的。

We're not giving guidance on '25 at this stage, it's a bit too early, but we do hope that this more stable environment continues into next year. And today, we're already 40% hedged on the key commodities for next year. So more to come, I think, in Q3 and towards the end of the year and what we see for '25.

我們現階段不會就 25 年提供指導，這有點為時過早，但我們確實希望這種更穩定的環境能夠持續到明年。今天，我們已經對明年的主要商品進行了 40% 的對沖。我認為，在第三季和年底，以及我們對 25 年的展望，還會有更多的事情發生。

Great thank you.

非常感謝。

Lauren Lieberman from Barclays.

來自巴克萊銀行的勞倫·利伯曼。

Great, thanks. Good morning. I'm So Damian, I know you mentioned the -- in the last question you just asked about home channel performance. So when I just look at what was cited in the release, home channel volumes were down pretty comparably with away-from-home. And so I just wanted to talk about maybe how weather is or is not impacting home channel performance and maybe what you're seeing because like Sanjeet mentioned, like the Nielsen data share performance hasn't looked great for a while.

太好了，謝謝。早安.我是達米安，我知道您在上一個問題中提到了有關家庭頻道性能的問題。因此，當我查看新聞稿中引用的內容時，家庭頻道的音量與外出頻道的音量下降相當。因此，我只是想談談天氣對家庭頻道表現的影響或不影響，以及您所看到的情況，因為就像 Sanjeet 提到的那樣，尼爾森數據共享性能已經有一段時間看起來不太好了。

And so I just wanted to push a little bit on the degree to which the channels that are measured you're looking at differently, right? There's sort of execution you want to build up, whether it's coolers and things you want to do in store, but what is measured is in the Nielsen, the shares haven't looked great. And so I was just wondering if you could comment more specifically on plans and the degree to which that's problematic.

所以我只是想稍微強調一下您對測量管道的不同看法，對嗎？你想要建立某種執行力，無論是冷卻器還是你想在商店裡做的事情，但衡量的是尼爾森，股票看起來不太好。所以我只是想知道你是否可以更具體地評論計劃以及問題的嚴重程度。

Thanks, Lauren. So I think first, to your share comment, I mean, back to what I talked to with Sanjeet. I mean, I think when we look at our share performance in away-from-home and in retail across all of our markets, we see a particularly long volume share, which we're pleased with and our value shares holding up well. So I don't see that being a challenge.

謝謝，勞倫。所以我想首先，對於你的分享評論，我的意思是，回到我與桑吉特交談的內容。我的意思是，我認為當我們審視我們所有市場的外出和零售市場份額表現時，我們看到銷售份額特別長，我們對此感到滿意，並且我們的價值份額保持良好。所以我不認為這是一個挑戰。

I think what I see really is back to what you touched on, which is slightly lower volumes in away-from-home versus home. And I think that's also looking at the strong comps, right? So Europe away-from-home, we were down over 4%, but we were cycling volume of plus 4% and home, we were down 1.9%. So still a decline in volume, but clearly doing better than our away-from-home business. And then when we look at our price mix, obviously, we see a better revenue picture.

我想我所看到的實際上又回到了你所提到的，即客場比賽的成交量比主場比賽的成交量略低。我認為這也是在考慮強大的競爭，對嗎？因此，在歐洲客場，我們下降了 4% 以上，但我們的騎行量增加了 4%，而在主場，我們下降了 1.9%。因此，銷量仍然有所下降，但顯然比我們的外出業務做得更好。然後，當我們查看價格組合時，顯然，我們看到了更好的收入狀況。

When I break that down, I mean, it's more in Northern Europe, in particular, where we see that away-from-home. And when I look at it and we speak to our customers, we've had some great wins in that space, somewhere in the UKfor example, it's really a footfall challenge. And so we're seeing less people out and about and that's a function of some of the things we talked about earlier.

當我詳細分析時，我的意思是，更多的是在北歐，尤其是在那裡，我們看到了遠離家鄉的情況。當我觀察並與客戶交談時，我們在該領域取得了一些巨大的勝利，例如在英國的某個地方，這確實是一個客流量挑戰。因此，我們看到外出走動的人越來越少，這是我們之前討論過的一些事情的結果。

Our retail business is performing stronger and I think that's on the back of people are eating and drinking more at home. Some great activation on the back of Euros and Olympics. So yes, we see the share position slightly different than you're laying out, but I'm sure we can reconcile that together. It doesn't take away from the fact that we anticipate a stronger second half in volume and revenue in Europe, as I called out earlier, we're pleased with how August has started.

我們的零售業務表現強勁，我認為這是因為人們在家吃喝更多。歐洲盃和奧運會之後的一些重大活動。所以，是的，我們看到的份額位置與您所列出的位置略有不同，但我相信我們可以一起協調這一點。這並不能消除我們預計下半年歐洲銷售和收入將會強勁的事實，正如我之前所說，我們對八月的開始感到滿意。

We obviously saw some trends coming out of Q1 that allowed us to put in some incremental activity in the second half of the year, predominantly around innovation and flavor innovation. Our execution has got better. So as things turn, we are seeing the benefit of those cooler placements earlier in the year. And clearly, all that relates just to Europe, Lauren. So, I mean there's a different dynamic going on in the Philippines, Australia and New Zealand. So hopefully that answers your question.

我們顯然看到了第一季出現的一些趨勢，這使我們能夠在下半年進行一些增量活動，主要圍繞著創新和口味創新。我們的執行力變得更好了。因此，隨著事情的發展，我們正在看到今年早些時候那些更酷的展示位置的好處。顯然，所有這些都與歐洲有關，勞倫。所以，我的意思是菲律賓、澳洲和紐西蘭正在發生一種不同的動態。希望這能回答你的問題。

Thanks so much.

非常感謝。

Matthew Ford from BNP Paribas.

法國巴黎銀行的馬修福特。

My question is just on the leverage. You mentioned that you're now firmly back within your target range by the end of the year. How do you think about capital allocation from here? When you think about prioritizing M&A versus perhaps share buybacks, what do you think would you look forward to 2025?

我的問題只是關於槓桿。您提到，到今年年底，您將堅定地回到目標範圍內。您如何看待這裡的資本配置？當您考慮優先考慮併購而不是股票回購時，您認為 2025 年會怎樣？

Thank you, Matthew. Maybe I'll take that one. So yes, we're delighted that we're going to be back within our leverage range, 2.5% to 3% by the end of the year and that's built on the very strong free cash flow of EUR1.7 billion this year and the fact that we're doing it a year early after when you look back and after the acquisitions of Amatil and the Philippines.

謝謝你，馬修。也許我會選擇那個。所以，是的，我們很高興我們的槓桿率將在年底前回到 2.5% 至 3% 的範圍內，這是建立在今年 17 億歐元的強勁自由現金流和事實上，當你回顧收購阿馬提在爾和菲律賓之後，我們提前一年就這樣做了。

We routinely look at our capital allocation. And so we'll be doing that over the next couple of months, but it's a little bit too early at this stage to say what the plans will be going forward. But obviously, we're delighted about the flexibility that this now offers us going towards the end of the year.

我們經常查看我們的資本配置。因此，我們將在接下來的幾個月內這樣做，但現階段談論未來的計劃還為時過早。但顯然，我們對這為我們在年底前提供的靈活性感到高興。

Yes. And just to build on Ed's point, I think we're going to continue that relentless focus on free cash flow into '25. That will give us a lot more options and that's something we'll talk to towards the end of the year. And obviously we'll spend a bit more time in our Capital Markets Day in May.

是的。就 Ed 的觀點而言，我認為我們將在 25 世紀繼續不懈地關注自由現金流。這將為我們提供更多選擇，這是我們將在年底討論的問題。顯然，我們將在五月的資本市場日上花費更多的時間。

Yes. Thank you.

是的。謝謝。

Robert Ottenstein from Evercore ISI.

Evercore ISI 的羅伯特·奧滕斯坦。

Great. First, a quick follow-up and then my main question. So just as a follow-up, just love to get a sense of how Reign Storm is doing kind of initial takes in the context, obviously, of Celsius moving into Europe? And then longer term, love to get your thoughts, Damian, on what the Carlsberg-Britvic transaction means to you?

偉大的。首先，快速跟進，然後是我的主要問題。那麼，作為後續行動，我想了解 Reign Storm 在攝氏度進軍歐洲的背景下如何進行初步嘗試？從長遠來看，達米安，想聽聽您對嘉士伯-布里特維奇交易對您意味著什麼的看法？

They obviously built it up in terms of tremendous synergies. Do you see any changes over time in the competitive dynamics in GB because of that? And also, are there opportunities for you perhaps to pick up additional countries as alignments change with the different suppliers? Thank you.

顯然，他們是透過巨大的協同效應建立起來的。您是否認為英國的競爭動態會因此而改變？此外，隨著不同供應商的調整變化，您是否有機會選擇其他國家？謝謝。

Thank you. So we've just really launched Reign Storm in Europe. I'd say the launch has gone better than we expected. So good trial, good rotation on shell, good response from our customers. So we're very, very pleased. Obviously, it's early days, so we'll probably be able to give a bit more color towards the end of the year. But actually, I had a review this morning about it.

謝謝。我們剛剛在歐洲真正推出了《統治風暴》。我想說這次發射比我們預期的還要好。試用效果很好，外殼旋轉良好，客戶反應良好。所以我們非常非常高興。顯然，現在還為時過早，所以我們可能會在年底提供更多的色彩。但實際上，我今天早上對此進行了評論。

And I was pleasantly surprised that it started stronger than we expected and has got good response from our customers, our teams and obviously the consumer. So more to come on Reign Storm.

我感到驚訝的是，它的起步比我們預期的要強，並且得到了我們的客戶、我們的團隊，當然還有消費者的良好反響。統治風暴還有更多內容。

And I think it just plays to a category in which we see growth for CCEP over a number of years on the back of that level of innovation and the fact that we've got a share between 20% and 25% in such a fast-growing category.

我認為它正好適合這樣一個類別，我們看到 CCEP 多年來在創新水平的支持下不斷增長，而且我們在如此快速的發展中佔據了 20% 到 25% 的份額。

So that's exciting. And Carlsberg, yes, I mean, I suppose it's encouraging for us, but we will see the soft drink any RTD category so attractive to deploy so much capital. So I think that reinforces we feel we're playing in the right categories at the right time.

所以這很令人興奮。嘉士伯，是的，我的意思是，我認為這對我們來說是令人鼓舞的，但我們將看到任何 RTD 類別的軟飲料都如此有吸引力，以至於部署如此多的資本。所以我認為這強化了我們在正確的時間參加正確的類別的感覺。

Britvic has been a great competitor for a number of years in the UK and one that we've respected. So I'd imagine they'll make changes. We've looked at their communications as well. In the near term, we expect a strong competitor and I think that's good for the category. It's good for us and we'll adapt accordingly. And obviously, we've got some ideas in that space, but I won't be sharing them on a call like this, as you can appreciate.

多年來，布里特維奇在英國一直是一位出色的競爭對手，也是我們所尊敬的一位。所以我想他們會做出改變。我們也查看了他們的通訊。在短期內，我們預計會有一個強大的競爭對手，我認為這對該類別有利。這對我們有好處，我們會相應地適應。顯然，我們在這個領域有一些想法，但我不會在這樣的電話會議上分享它們，你可以理解。

Interesting, your point on M&A, certainly a question that we'll look at with Atlanta going forward when we get some more clarity. As Ed pointed out, we certainly have the financial power to do more M&A. And we certainly have the ambition. And if we can add more markets, that makes sense, we'll do so.

有趣的是，您關於併購的觀點，當我們得到更清晰的資訊時，我們肯定會在亞特蘭大的發展中考慮這個問題。正如艾德所指出的那樣，我們當然有財力進行更多併購。我們當然有這個雄心。如果我們可以增加更多市場，這是有道理的，我們會這樣做。

I don't expect that to be a near-term conversation. I think it will probably be a couple of years out just based on what's happening in that space. But more to come on that, but certainly, interesting move to see a big brewer come to a market like GB and something that will, I think, help grow the category and we look at it with interest. Thanks, Robert.

我預計這不會成為近期的對話。我認為根據該領域發生的情況，可能需要幾年的時間。但還有更多的事情要做，但當然，看到一家大型啤酒製造商進入像英國這樣的市場，我認為這將有助於發展該類別，這是一個有趣的舉動，我們對此充滿興趣。謝謝，羅伯特。

Edward Mundy from Jefferies.

來自傑富瑞集團的愛德華‧蒙迪。

So just one question on your medium-term framework. I mean, Damian, you mentioned the more you see the Philippines, the more excited you become and without sort of stealing your thunder for the Capital Markets event next week, how do you think about your medium-term framework of 4%, which was set before you bought the Philippines and the Philippines is growing quite nicely at double-digits and it's close to 10%, I think, of your business? thank you.

那麼只有一個關於你們的中期框架的問題。我的意思是，達米安，你提到你對菲律賓了解得越多，你就越興奮，在沒有搶走你下週資本市場活動風頭的情況下，你如何看待4% 的中期框架，這是在您購買菲律賓之前設定的，菲律賓正在以兩位數的速度快速增長，我認為它接近您業務的 10%？謝謝。

Thank you. Yes, I mean, we've -- you're correct. When we gave that midterm guidance, we hadn't factored in the Philippines. We're still factoring that in. We're still learning about that market. Really happy with its performance this year.

謝謝。是的，我的意思是，我們——你是對的。當我們給予中期指導時，我們沒有考慮到菲律賓。我們仍在考慮這一點。對今年的表現非常滿意。

Ed and I will be traveling to that part of the world shortly. That'll give us a chance with Gareth and the team to look at the '25, '26 plans. And I think that will give us a better understanding of the midterm opportunity, which I think is immense in that market. And then that will probably feed nicely into be able to kind of have that conversation with you on our Capital Markets Day in May.

艾德和我很快就會前往世界的那個地方。這將使我們有機會與 Gareth 和團隊一起研究 '25、'26 計劃。我認為這將使我們更了解中期機會，我認為該市場的中期機會是巨大的。然後，這可能會很好地幫助我們能夠在五月的資本市場日與您進行這樣的對話。

So I think that will give us over a year of running that business. We'll get a good view on the midterm. And I think then we'll come back and talk about how our midterm guidance looks against that 4%. But clearly, that's supporting a higher top line growth when we just look at it both stand-alone and on an integrated basis. So more to come on that question, Ed, but probably something we'll formalize with our Board and then bring it to the Capital Markets Day. But definitely on the good side of the conversation, let's put it that way. Thanks.

所以我認為這將為我們提供一年多的運營該業務的時間。我們將對中期選舉有一個很好的看法。我想然後我們會回來討論我們的中期指導與這 4% 的對比。但顯然，當我們單獨和綜合地看待它時，這支持了更高的收入成長。艾德，這個問題還有更多內容，但我們可能會與董事會正式確定，然後將其帶到資本市場日。但肯定是從好的方面來說，讓我們這樣說吧。謝謝。

Charlie Higgs from Redburn Atlantic.

來自雷德本大西洋月刊的查理·希格斯。

Probably Dave and I hope you're both well, one on the Philippines, then a follow-up on London listing. But on the Philippines, volumes up double-digit is obviously very strong. Are you able to be any more specific on what double-digit means and maybe your early thoughts on how creditor landed? And then just still on the Philippines, I think there's some flooding at the start of Q3. And was there any impact to the business there as you start H2? And then just London listing, is there any update you can give there given the implementation came in on the 29 of July?? Thank you.

也許戴夫和我希望你們都很好，一個在菲律賓，另一個在倫敦上市。但在菲律賓，銷售兩位數的成長顯然非常強勁。您能否更具體地說明兩位數的含義以及您對債權人如何登陸的早期想法？然後還是在菲律賓，我認為第三季初會發生一些洪水。當你開始下半年時，對那裡的業務有什麼影響嗎？然後是倫敦上市，鑑於 7 月 29 日實施，您可以提供任何更新嗎？謝謝。

Thanks, Charlie. Maybe I'll touch on the listing first. So I'm sure like you were all relieved that we now have some clarity on the regime and the rules. So as you'd appreciate, we're reviewing that with our shareholders. We have our next Board meeting in September. And then after that, we'll look at the next step forward. But it is encouraging to see those finally issued and published and we'll obviously communicate on that as we go forward.

謝謝，查理。也許我會先談談清單。所以我相信你們都鬆了一口氣，因為我們現在對制度和規則有了一定的了解。如您所知，我們正在與股東一起審查這一點。我們將於九月召開下一次董事會。然後，我們將討論下一步的進展。但看到這些最終發布和出版是令人鼓舞的，我們顯然會在前進過程中就此進行溝通。

On the Philippines, what I've learned speaking to Gareth and the team is that cyclones are quite common and the business is very resilient. So we didn't really see any material impact. When you look at the overall growth, I mean, clearly, there is some very strong fundamentals from a demographic economic perspective. I think we've called out in our Q1, we did have some easier comps in the first half of the year in the Philippines. So that definitely contributes to that higher percentage number.

在菲律賓，我透過與 Gareth 和團隊交談了解到，旋風非常常見，而且業務非常有彈性。所以我們並沒有真正看到任何實質影響。當你觀察整體成長時，我的意思是，從人口經濟角度來看，顯然存在一些非常強烈的基本面。我認為我們在第一季就已經發出了呼籲，今年上半年我們在菲律賓確實有一些更容易的比賽。因此，這肯定會導致更高的百分比數字。

But when you kind of step back, I mean, that high-single-digit target that we set ourselves in the Philippines, we feel really good about that, not just based on the year-to-date performance, but on some of those fundamentals. And more and more as we get to understand the strength of our system there and the benefits of our investment. And I think that gives us a lot of confidence in that market for the mid- to long-term. Yes. So exciting and I think very sustainable, great attributes.

但當你退後一步時，我的意思是，我們在菲律賓為自己設定的高個位數目標，我們對此感覺非常好，不僅基於今年迄今為止的表現，還基於其中的一些表現基本面。隨著我們越來越了解我們系統的優勢以及我們投資的好處。我認為這讓我們對這個市場的中長期充滿信心。是的。非常令人興奮，我認為非常可持續，具有很好的屬性。

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

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

Thank you. And I just want to really thank everybody again for joining us. As you've heard today, we're really pleased with our half year performance, delivering a 9% profit growth given the context of some of the challenges we've pushed on today in Europe, I think, demonstrates the skill of our teams, the resilience of our business and the strength of the categories that we continue to operate within.

謝謝。我只想再次感謝大家加入我們。正如您今天所聽到的，我們對半年業績非常滿意，考慮到我們今天在歐洲面臨的一些挑戰，實現了 9% 的利潤增長，我認為這展示了我們團隊的技能、我們業務的彈性以及我們繼續經營的類別的實力。

Given that Ed and I are very happy that we can reaffirm our guidance today for the full year, clearly, our next conversation, we'll be able to update you on how Q3 performed. But overall, we feel really excited about a very strong second half program, both in Europe and across our APS countries. And I'd just like to close again by thanking all my colleagues at CCEP for their ongoing commitment to a great business. So, thank you and have a great rest of the day.

鑑於艾德和我很高興我們今天可以重申我們對全年的指導，顯然，在我們的下一次談話中，我們將能夠向您通報第三季度的最新表現。但總體而言，我們對歐洲和 APS 國家/地區非常強大的下半年計劃感到非常興奮。最後，我想再次感謝 CCEP 的所有同事，感謝他們對偉大企業的持續承諾。所以，謝謝您，祝您今天休息愉快。