Coca-Cola Europacific Partners PLC (CCEP) 2024 Q4 法說會逐字稿

Thank you all for joining us. I'm with Damian Gammell, our CEO; and Ed Walker, our CFO.

感謝大家加入我們。我和我們的執行長 Damian Gammell 在一起；以及我們的財務長 Ed Walker。

Before we begin with our opening remarks, I remind you of our cautionary statements. This call will contain forward-looking management comments and other statements reflecting our outlook. 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 financial authorities. A copy of this information is available on our website, www.cocacolaep.com.

在我們開始致開幕詞之前，我想提醒大家注意我們的警告聲明。本次電話會議將包含前瞻性的管理評論和反映我們前景的其他聲明。這些評論應與今天發布的警告語言以及提交給英國、美國、荷蘭金融當局的報告中詳細的警告聲明一起考慮。您可在我們的網站 www.cocacolaep.com 上找到該資訊的副本。

Prepared remarks will be made by Damian followed by Q&A, unless otherwise stated, metrics presented today will be on a comparable and FX-neutral basis throughout.

達米安 (Damian) 將發表準備好的發言，隨後進行問答，除非另有說明，今天提供的指標將始終以可比較和外匯中性為基礎。

They will also be presented on an adjusted comparable basis, that's reflecting the results of CCP in our Australia/Pacific and Southeast Asia business unit, APS. As it's the Coca-Cola Philippines transaction had occurred at the beginning of last year rather than in February when the acquisition completed. Following the call, a full transcript will be made available as soon as posted on our website.

它們也將按照調整後的可比較基礎進行呈現，以反映我們澳洲/太平洋和東南亞業務部門 APS 的 CCP 業績。因為可口可樂菲律賓公司的交易是在去年年初發生的，而不是收購完成的二月。通話結束後，完整的記錄將立即發佈在我們的網站上。

I will now turn it over to our CEO, Damian.

現在我將把話題交給我們的執行長達米安 (Damian)。

Thank you, Sarah, and many thanks to everyone for joining us today. I'd like to start off with a recap on our strategy, which continues to deliver. Our value creation is clear with 2024 being another solid year for CCEP and a year that saw us further diversify with the addition of our great market in the Philippines.

謝謝你，莎拉，也非常感謝大家今天的到來。首先我想回顧一下我們的策略，該戰略正在繼續發揮作用。我們的價值創造是顯而易見的，2024 年對 CCEP 來說又是堅實的一年，也是我們進一步多元化的一年，增加了菲律賓這個巨大的市場。

I'd like to start today by thanking all of my colleagues at CCEP for their ongoing energy, hard work, and continued commitment to our customer and to our business. As always, this is underpinned by our strong aligned relationships with both the Coca-Cola Company and Monster and our other brand partners.

今天，首先我想感謝 CCEP 的所有同事，感謝他們持續的精力、辛勤的工作以及對我們的客戶和業務的持續承諾。像往常一樣，這要歸功於我們與可口可樂公司、Monster 和其他品牌合作夥伴之間緊密的合作關係。

We will touch on many of the all of which contributing to our TSR of more than 160%. So just turning to our key messages. We enjoyed a great finish to a solid year with robust and bottom line growth. We are more geographically diversified with the strong performance of our higher-growth APS markets helping offset some softer volumes in Europe, which reflected some strategic listings, mixed summer weather, which we've touched on before, and softer demand in our away-from-home channel. I'm particularly happy to have grown share ahead of the market and led on value creation for our customers.

我們將談到其中的許多因素，它們對我們超過 160% 的 TSR 做出了貢獻。因此，我們只需轉向我們的關鍵訊息。我們以強勁的獲利成長結束了豐碩的一年。我們的地理分佈更加多樣化，高成長 APS 市場的強勁表現有助於抵消歐洲銷售疲軟的影響，這反映了一些策略性上市、我們之前提到的夏季天氣好壞參半以及非主場通路需求疲軟。我特別高興我們的市場份額能夠領先市場，並且能夠為客戶創造價值。

Alongside ongoing productivity gains, we drove impressive comparable free cash flow of over EUR1.8 billion. Looking ahead, we have strong investment in commercial plans in place to drive growth, both in Europe and APS in categories that continue to grow. We are therefore confident that we will deliver on our midterm growth objectives.

除了生產力不斷提高之外，我們還實現了令人印象深刻的超過18億歐元的可比自由現金流。展望未來，我們在商業計劃方面進行了大力投資，以推動歐洲和 APS 持續成長類別的成長。因此，我們有信心實現我們的中期成長目標。

Our full year '25 guidance, combined with the resumption of our share buybacks also announced today, demonstrating our ability to deliver continued shareholder value. Now, to some of the key performance highlights. We delivered a great top line performance, reflecting underlying volume growth with transactions ahead of volume and solid gains in revenue per unit case.

我們今天也宣布了 25 年全年業績指引和恢復股票回購計劃，證明了我們有能力持續為股東創造價值。現在，我們來看看一些關鍵的效能亮點。我們取得了出色的營收業績，反映出基本銷售成長（交易量超過銷售量）和單位箱營收穩定成長。

This was driven by revenue and margin growth management initiatives and our continued focus on our price and promotion strategies. The NARTD category grew in volume and value in both Europe and APS. We grew our value share by 40 basis points in the home channel, while also making gains in away-from-home and critically online. In the Advantage survey, our customers -- with our customers CCEP was registered again as a top-tier supplier.

這是由收入和利潤成長管理舉措以及我們對價格和促銷策略的持續關注所推動的。NARTD 類別在歐洲和 APS 的數量和價值均有所增加。我們在家庭管道的價值份額增加了40個基點，同時在戶外和關鍵的線上管道也取得了成長。在 Advantage 調查中，我們的客戶—我們的客戶 CCEP 再次被註冊為頂級供應商。

Our strong top line performance, together with the delivery of our efficiency programs drove a solid operating profit growth of 8%, with operating margin expansion in both Europe and APS and diluted earnings per share growth of 6.5% on a comparable and FX-neutral basis. Again, we generated impressive comparable free cash flow of EUR1.8 billion after investing over EUR1 billion across our business in the areas of capacity, technology and digital and also supporting the early return to our target leverage range.

我們強勁的營收表現，加上我們實施的效率計劃，推動了 8% 的穩健營業利潤增長，歐洲和亞太地區的營業利潤率均有所擴大，按可比和外匯中性基礎計算，每股攤薄收益增長 6.5%。再次，我們在產能、技術和數位領域投資超過10億歐元，並支持儘早恢復到目標槓桿率範圍後，產生了令人印象深刻的18億歐元可比自由現金流。

We delivered healthy dividend growth and up today announced a new EUR1 billion share buyback program. As ever at CCEP, we remain focused on great people, great brands, great execution, all done sustainably.

我們實現了健康的股息成長，並於今天宣布了一項新的10億歐元股票回購計畫。就像 CCEP 一貫堅持的理念一樣，我們始終專注於優秀人才、優秀品牌、卓越執行，並以永續的方式完成所有工作。

I'll now share a few brief highlights on these topics for last year. As ever starting with our people, we continue to build the capabilities of our teams. And for example, our partnership with the London Business School has upscaled over 500 of our executive leaders.

現在，我將分享去年有關這些主題的一些簡要亮點。就像往常一樣，我們先從員工做起，然後繼續提升團隊的能力。例如，我們與倫敦商學院的合作使我們的 500 多名高階主管得到了提升。

We continue to be recognized internally and externally. We saw record scores in our engagement survey placing CCEP amongst the best of its peers as a great place to work. And recently, the Top Employers Institute recognized CCEP as a top applier employer across many of our markets.

我們繼續獲得內部和外部的認可。我們在員工敬業度調查中取得了創紀錄的成績，將 CCEP 評為同行中最好的公司之一，是理想的工作場所。最近，傑出雇主調查機構將 CCEP 評為我們多個市場的傑出求職者雇主。

And finally, committed to building an even more inclusive and diverse culture, we welcomed another 9,000 colleagues of CCEP with the seamless integration of the Philippines business. On our brands, we are extremely privileged to make, move and sell the world's most loved brands, in which we continue to invest to make them even better and to appeal to even more consumers.

最後，我們致力於建立一個更包容和多元化的文化，隨著菲律賓業務的無縫整合，我們迎來了 CCEP 的另外 9,000 名同事。就我們的品牌而言，我們非常榮幸能夠製造、運輸和銷售世界上最受歡迎的品牌，我們將繼續投資以使它們變得更好並吸引更多的消費者。

Category highlights are included in today's release. Overall, it's fantastic that in Europe, for example, Coca-Cola trademark remains the biggest FMCG brand with Monster, the third fastest growing. We delivered innovation across the board through packaging, flavor extensions, special collaborations and a lot more and a bit later, I will share with you some of the brand plans in place for 2025.

今天的發布包含了類別亮點。整體而言，在歐洲，可口可樂品牌仍然是最大的快速消費品品牌，而 Monster 則是第三，這是一個非常好的成績。我們透過包裝、口味擴展、特殊合作等多種方式全面實現創新，稍後我將與大家分享一些 2025 年的品牌計畫。

As a bottler, great execution is always a key priority for us at CCEP. We continue to create leading value for our category, adding well over EUR1 billion of value to our retail customers. Activation both in-store and online is key. Last year, as you know, was a standout with the summer's iconic sporting events, namely the Olympic and Para Olympic Games in Paris, the Euros in Germany and the Americas Coke and Barcelona, providing us with a powerful platform.

作為一家瓶裝企業，出色的執行力始終是 CCEP 的首要任務。我們繼續為我們的行業創造領先的價值，為我們的零售客戶增加超過10億歐元的價值。店內和網路上的啟動都是關鍵。眾所周知，去年夏季的標誌性體育賽事非常引人注目，即巴黎奧運會和殘奧會、德國歐洲盃以及美洲可口可樂和巴塞隆納奧運會，為我們提供了強大的平台。

We also increased our share of cold drink space with even more cooler placements, all helping our brands reach more households and to improve our share across our categories. Our customers and consumers rightly expect our products to be made to the highest quality and safety standards. In that context, we recently had a small issue of some products manufactured in Belgium late last year.

我們也透過放置更多冷藏器來增加冷飲空間的份額，這一切都有助於我們的品牌覆蓋更多家庭，並提高我們在各個品類中的份額。我們的客戶和消費者理所當然地期望我們的產品符合最高的品質和安全標準。在此背景下，我們最近遇到了去年年底在比利時生產的一些產品的小問題。

This was deeply unfortunate in nature, but we are pleased that this was quickly resolved and has not led to appropriate learnings being incorporated into our product safety and quality procedures with new protocols put in place.

從本質上講，這是非常不幸的，但我們很高興這個問題得到了迅速解決，並且沒有導致我們透過實施新的協議將適當的經驗教訓納入我們的產品安全和品質程序中。

Now, on to our sustainability highlights for which we continue to be recognized externally, including retaining our inclusion on CDP's A List for Climate now for the ninth year and maintaining our MSCI AAA ESG rating. We are also recently included in Sustainalytics ESG operated companies for 2025 which rated CCEP number one in the food and beverage category.

現在，讓我們來談談我們在永續發展方面的亮點，這些亮點讓我們繼續獲得外界的認可，包括連續第九年被列入 CDP 氣候 A 名單，並保持 MSCI AAA ESG 評級。我們最近也被列入 Sustainalytics 2025 年 ESG 營運公司名單，該名單將 CCEP 評為食品和飲料類別的第一名。

And we continue to invest in sustainability-focused technology to our ventures arm across ingredients, manufacturing and packaging to support our decarbonization journey. For example, Avalor using AI to develop a low-carbon sugar crop with higher yields and improved drought resistance. Just one example of how this sustainability journey makes CCEP a better business.

我們將繼續在我們的合資企業原料、製造和包裝部門投資以永續發展為重點的技術，以支持我們的脫碳之旅。例如，Avalor 使用人工智慧開發產量更高、抗旱能力更強的低碳糖作物。這只是這一永續發展歷程如何使 CCEP 成為更好的企業的一個例子。

Before I hand over to Ed, I'd just like to call out the Philippines, which will soon reach its first birthday in the CCEP family and what a year it was having delivered double-digit volume growth. Underlying market demand in the Philippines are strong, which with great execution, drove nearly 300 basis points of value share gains to a record high at an impressive 75% Sparkling and 50% NARTD share.

在我將發言權交給 Ed 之前，我想先向大家介紹一下菲律賓，它很快就要迎來加入 CCEP 大家庭的第一個生日，今年它取得了兩位數的銷售成長。菲律賓潛在的市場需求強勁，加上出色的執行力，推動價值份額成長近 300 個基點，達到創紀錄的 75% Sparkling 份額和 50% NARTD 份額。

This translates into a very healthy operating margin expansion of around 200 basis points. I've said it before, but the more time I spend in the market, the more excited I become about the addition of the Philippines into the CCEP family.

這意味著營業利潤率將非常健康地擴大約 200 個基點。我之前就說過，但是我在市場上待的時間越長，就越對菲律賓加入 CCEP 大家庭感到興奮。

We see lots of opportunities, both long and short term, which naturally will be led by Coke trademark. We all see opportunities in other areas such as low and no sugar Energy and our recently launched ARTD brands. Our strong focus on capital allocation and our long-term mindset will ensure we will invest in this exciting business to support and lead the market's long-term growth expectation.

我們看到了許多機會，無論是長期的還是短期的，這些機會自然會由可口可樂品牌引領。我們都看到了其他領域的機遇，例如低糖和無糖能源以及我們最近推出的 ARTD 品牌。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，以支持和引領市場的長期成長預期。

So given the positive outlook, we are accelerating some of our CapEx plans in that market. I know many of you are coming to our Capital Markets event in the Philippines in May, where the leadership, local teams, and I look forward to showcasing this market.

因此，鑑於積極的前景，我們正在加快該市場的一些資本支出計劃。我知道你們中的許多人將會在 5 月參加我們在菲律賓舉辦的資本市場活動，領導階層、當地團隊和我都期待著向大家展示這個市場。

We will also be bringing Indonesia to Manila. So on Indonesia, whereas clearly, the Philippines had a standard year, our Indonesia volume similar to many other Western brands were significantly affected by geopolitical events. We did, however, see encouraging sparkling growth in less affected parts of the country and the transformation of our route to market has progressed well, so we will ensure Indonesia continues to be fit for the future.

我們還將把印尼帶到馬尼拉。因此在印度尼西亞，顯然菲律賓度過了一個標準年，但我們在印尼的銷售與許多其他西方品牌類似，受到地緣政治事件的顯著影響。然而，我們確實看到受影響較小的地區出現了令人鼓舞的閃亮成長，而且我們的市場通路轉型進展順利，因此我們將確保印尼繼續適應未來。

I wanted to not only recognize the fantastic efforts made by our Indonesian business in this challenging environment, but also to reiterate that CCEP, we continue to believe in an exciting and long-term opportunity in this market. However, given the context, business performance is naturally behind plan, leading to a noncash impairment charge in our full year '24 results. Ed will touch more on this shortly.

我不僅要承認我們的印尼業務在這一充滿挑戰的環境中所做的出色努力，而且還要重申，CCEP，我們仍然相信這個市場存在令人興奮的長期機會。然而，考慮到當時的情況，業務表現自然落後於計劃，導致我們 24 年全年業績中出現了非現金減值費用。埃德很快將會對此進行更多討論。

So now I'd like to hand over to Ed to take you through our financials in some more detail. Ed?

現在我想讓 Ed 向大家更詳細地介紹我們的財務狀況。艾德？

Thank you, Damian, and thank you all for joining us today. So firstly, to our financial summary. So we delivered revenue for the year of EUR20.7 billion, an increase of 3.5% and in line with our guidance. While comparable volumes were flat for the year, underlying volumes were up 0.7%, and we take into account the effect of strategic existing principally in Europe.

謝謝你，達米安，也謝謝大家今天加入我們。首先，我們來看看我們的財務摘要。因此，我們實現全年收入207億歐元，成長3.5％，符合我們的預期。雖然全年可比銷售量持平，但基本銷售量增加了 0.7%，我們主要考慮了歐洲戰略現有業務的影響。

As Damian mentioned earlier, we also felt the impact of adverse weather in Europe, particularly during Q2 and Q3, which contributed to softer volumes, particularly in the Away-from-Home channel. Volumes in Europe were down 2.4% or 1.4% on an underlying basis. Volumes in EPS were up 4.9%, driven by the Philippines, but also reflecting impressive growth in the Pacific Islands and Papua New Guinea.

正如 Damian 之前提到的，我們也感受到了歐洲惡劣天氣的影響，尤其是在第二季度和第三季度，這導致銷售量下降，尤其是在戶外通路。歐洲貿易量下降 2.4%，基本面下降 1.4%。EPS 銷售量成長 4.9%，主要受菲律賓的推動，同時也反映了太平洋島嶼和巴布亞紐幾內亞的顯著成長。

We delivered strong revenue per case growth of 2.7% reflecting positive headline pricing and promotional optimization with a focus on consumer price relevance, all built on data and insights. We had favorable brand mix, which was partly offset by geographic mix driven by the strong growth in the Philippines, which is coming from a lower revenue per unit case.

我們實現了 2.7% 的強勁每箱收入成長，這反映了積極的標題定價和促銷優化，重點關註消費者價格相關性，所有這些都建立在數據和洞察之上。我們擁有良好的品牌組合，但菲律賓強勁成長（源自於每單位收入較低）所推動的地理組合在一定程度上抵消了這一優勢。

Cost of sales per unit case increased 2.6%, in line with guidance, cycling high single-digit growth in '23. This reflects our increased revenue per unit case, driving higher concentrate costs through our incidence pricing model and inflation in manufacturing, offset by the mix impact from the stronger growth in the Philippines, which has a lower cost of sales per unit.

每單位箱銷售成本增加 2.6%，符合預期，23 年維持高個位數成長。這反映了我們每單位案例的收入增加，透過我們的發生定價模型和製造業的通貨膨脹推動了濃縮物成本的上升，但抵消了菲律賓更強勁的增長帶來的綜合影響，因為菲律賓的每單位銷售成本較低。

A breakdown of this is all provided in the appendix to the presentation. OpEx as a percentage of revenue was 22.5%, an improvement of 50 basis points. And all these elements combined drove operating profit for the year of EUR2.7 billion, up 8% and an operating margin of 12.9%, an expansion of around 50 basis points.

簡報的附錄中提供了對此內容的詳細說明。營運支出佔收入的百分比為 22.5%，提高了 50 個基點。所有這些因素的綜合作用推動全年營業利潤達到 27 億歐元，成長 8%，營業利潤率達到 12.9%，擴大了約 50 個基點。

On a reported basis, operating profit declined by just under 9%, reflecting higher business transformation costs to support our growth and productivity programs and the EUR175 million noncash impairment charge relating to the carrying value of the Indonesian business unit, which Damian referred to earlier. We delivered diluted earnings per share of EUR3.95, up 6.5% on a comparable and ForEx-neutral basis.

據報道，營業利潤下降了近 9%，反映了為支持我們的成長和生產力計劃而產生的更高的業務轉型成本，以及與印尼業務部門賬面價值相關的 1.75 億歐元非現金減值費用（Damian 之前提到過）。我們實現每股攤薄收益 3.95 歐元，以可比較及外匯中性基礎計算成長 6.5%。

And this was driven by our operating profit growth, in part offset by the higher noncontrolling interest and interest charges, both driven by the Philippines and by a higher effective tax rate in line with guidance. Comparable free cash flow generation continues to be a core priority for us, delivering an impressive EUR1.8 billion. And our return on invested capital increased by 50 basis points to 10.8% driven by the increase in profit after tax and our continued focus on capital allocation.

這是由我們的營業利潤增長推動的，但部分被更高的非控制權益和利息費用所抵消，這兩者都受到菲律賓的影響以及符合指引的更高有效稅率。可比較自由現金流的產生仍然是我們的核心重點，達到了令人印象深刻的18億歐元。由於稅後利潤的成長和我們對資本配置的持續關注，我們的投資資本回報率增加了 50 個基點，達到 10.8%。

And finally, on shareholder returns, we paid a total dividend per share of EUR1.97, up just over 7% for the year. Now, on to efficiency and productivity, where we have a proven track record of delivery. As a reminder, our current program aims to deliver between EUR350 million and EUR400 million of efficiencies by 2028. In its first year, we've delivered around EUR80 million earlier than planned and ahead of our original guidance of EUR60 million to EUR70 million. Around half of this came from supply chain initiatives in Europe and Australia, alongside further leveraging of our digital and shared service capabilities in Bulgaria.

最後，在股東回報方面，我們支付的每股股息總額為 1.97 歐元，今年年增率略高於 7%。現在，談談效率和生產力，我們在這方面有著良好的交付記錄。提醒一下，我們目前的計畫目標是到 2028 年達到 3.5 億歐元至 4 億歐元的效率。在第一年，我們就比計劃提前交付了約 8000 萬歐元，並且超過了我們最初預期的 6000 萬至 7000 萬歐元。其中約一半來自歐洲和澳洲的供應鏈計劃，同時進一步利用我們在保加利亞的數位和共享服務能力。

Looking ahead to 2025, while we still expect to see inflationary pressures on the business, particularly in labor, we're confident of continuing to drive further efficiencies in line with our plans. One example relates to the further optimization of our German network, leading to the closure of the Cologne site and the consolidation of warehousing facilities, which also generates carbon benefits. And as previously referenced, all the benefits of these programs and the cash restructuring costs to deliver them are included within our guidance.

展望 2025 年，雖然我們預期業務仍將面臨通膨壓力，尤其是勞動力方面，但我們有信心繼續按照計畫進一步提高效率。一個例子涉及我們德國網路的進一步優化，導致科隆站點的關閉和倉儲設施的整合，這也產生了碳效益。如同前面所提到的，這些計劃的所有好處以及實現這些計劃的現金重組成本都包含在我們的指導範圍內。

Turning now to free cash flow, as I said, a core priority for us. The EUR1.8 billion of comparable free cash flow generated translates into a very healthy free cash flow conversion to net profit. And this bridge lays out the key components, including ongoing cash restructuring costs, as I mentioned earlier.

現在談談自由現金流，正如我所說，這是我們的核心優先事項。產生的18億歐元可比自由現金流意味著非常健康的自由現金流轉化為淨利潤。正如我之前提到的，這座橋樑列出了關鍵組成部分，包括持續的現金重組成本。

Recognizing the importance of targeted investments, we spend around EUR1.1 billion on CapEx on supply chain, digital and technology as well as more cold drink equipment. Examples include new can lines in GB in Australia, a new PET line in Papua New Guinea and the new RGB line in Germany. We're also entering the build phase of our new unified SAP architecture, having successfully completed the design phase.

我們意識到有針對性的投資的重要性，因此我們在供應鏈、數位和技術以及更多冷飲設備上投入了約 11 億歐元的資本支出。例如，澳洲GB的新罐頭生產線、巴布亞紐幾內亞的新PET生產線和德國的新RGB生產線。我們也正在進入新的統一 SAP 架構的建置階段，並已成功完成設計階段。

And finally, as you know, driving working capital benefits remains a core focus for us. So I'm really pleased that we delivered yet another year of benefits, taking the cumulative amount to more than EUR1.5 billion since 2017. And not impressive free cash flow generation has driven sustained deleveraging over time. This enabled us to return to our target leverage range of 2.5 times to 3 times EBITDA one year ahead of plan, which brings me on to our capital allocation framework, which is unchanged.

最後，如您所知，提高營運資本效益仍然是我們關注的核心重點。因此，我很高興我們又一年提供了福利，自 2017 年以來累計福利金額已超過 15 億歐元。並不令人印象深刻的自由現金流產生推動了隨著時間的推移持續的去槓桿化。這使我們能夠提前一年回到目標槓桿範圍，即 EBITDA 的 2.5 倍至 3 倍，這讓我想到了我們的資本配置框架，該框架保持不變。

We remain focused on ensuring we maintain a strong and flexible balance sheet, operating within our leverage range and with a strong investment-grade rating. We continue to benefit from a balanced debt maturity profile with an attractive total weighted average cost of net debt expected to remain around 2%. We touched already on CapEx and restructuring spend, with our guidance on capital investment unchanged for '25, which implies well over EUR1 billion of spend to support our growth plans.

我們將繼續致力於確保維持強勁而靈活的資產負債表，在我們的槓桿範圍內運營，並擁有強勁的投資級評級。我們繼續受益於均衡的債務到期結構，預計淨債務的總加權平均成本將保持在 2% 左右，具有吸引力。我們已經談到資本支出和重組支出，我們對25年的資本投資指引保持不變，這意味著將有超過10億歐元的支出來支持我們的成長計畫。

Of course, we remain alert to value-accretive M&A should the opportunity arise. And finally, as Damian referenced earlier, we are committed to delivering shareholder returns. These comprise our annual dividend payout ratio of around 50%. And as of today, our new share buyback program of EUR1 billion to be executed over the next 12 months.

當然，如果有機會，我們仍會對增值型併購保持警覺。最後，正如達米安之前提到的，我們致力於為股東帶來回報。這些構成了我們約50％的年度股息支付率。從今天起，我們將在未來 12 個月內執行 10 億歐元的新股票回購計畫。

Before I move on to our guidance for '25, I wanted to share a few comments on two well-trailed portfolio changes that will increase our alignment with the Coca-Cola Company and unlock further growth opportunities. The first is the transition from Neste to Fuze Tea. Following its successful rollout in Europe, Iberia is the last market to change to this better and bolder platform in the growing tea category.

在介紹我們對25年的指導之前，我想就兩個經過充分追蹤的投資組合變化分享一些評論，這將增強我們與可口可樂公司的一致性並釋放進一步的成長機會。首先是從Neste到Fuze Tea的轉變。繼在歐洲成功推出之後，伊比利亞航空是不斷增長的茶葉類別中最後一個採用這個更好、更大膽的平台的市場。

As you would expect, this has been well planned. Distribution is going well with both home and away-from-home customers, supported by great marketing. And the second relates to the end of our partnership with Global Spirits running until the end of June in Australia and the end of December in New Zealand.

正如您所期望的，這是經過精心計劃的。在優秀的行銷支援下，該產品在家庭和外出客戶的經銷情況均十分順利。第二個與我們與 Global Spirits 的合作關係的結束有關，在澳洲的合作關係將持續到 6 月底，在新西蘭的合作關係將持續到 12 月底。

This paves the way for the start of the multiyear transition to launching ARTD offerings, as we've seen in Europe and the Philippines, but in Australia, now extended to the Coca-Cola Company's recently acquired Popular vodka-based Bison's brand. Just to note that both of these exciting changes are reflected in our full year '25 guidance.

這為開始多年的過渡以推出 ARTD 產品鋪平了道路，正如我們在歐洲和菲律賓看到的那樣，但在澳大利亞，現在已擴展到可口可樂公司最近收購的以 Popular 伏特加為基礎的 Bison 品牌。值得注意的是，這兩項令人興奮的變化都反映在我們的 25 年全年指引中。

A brief reminder of our midterm objectives. These are unchanged, and we remain confident in their delivery, as Damian mentioned earlier, which then brings me on to our full year '25 guidance, reflecting our current view of the market conditions and is aligned with these midterm objectives.

簡單回顧一下我們的中期目標。這些都沒有變化，我們仍然對它們的實現充滿信心，正如 Damian 之前提到的，這讓我想到了我們 25 年全年的指導，反映了我們對當前市場狀況的看法，並與這些中期目標保持一致。

Touching briefly on some areas by exception. We expect revenue growth of approximately 4% and to be more balanced between volume and revenue per case compared to last year. From a phasing perspective, I would call out that in Q1, we will annualize the impact of the strategic delisting and Easter this year will fall in Q2 versus Q1, and we have two less selling days in Q1 versus last year.

簡要談及一些例外領域。我們預計收入將成長約 4%，與去年相比，每箱數量和每箱收入將更加平衡。從階段性角度來看，我想說，在第一季度，我們將把策略性退市的影響年度化，今年的復活節將落在第二季度，而不是第一季度，而第一季度的銷售日數比去年少了兩天。

On cost of sales, we expect this to grow by around 2%. As I mentioned earlier, our concentrate costs are tied to our revenue per unit case growth, and we anticipate broadly flat commodity inflation on which we are approximately 80% hedged for full year '25. We do continue to see inflationary pressures in labor with the owner manufacturing, partly offset by our combined efforts on efficiency.

就銷售成本而言，我們預計其將成長2%左右。正如我之前提到的，我們的濃縮物成本與每單位箱收入的增長掛鉤，我們預計大宗商品通膨基本持平，對此，我們對 25 年全年的對沖比例約為 80%。我們確實繼續看到業主製造業的勞動力通膨壓力，但我們在提高效率方面的共同努力部分抵消了這種壓力。

We have the throughput tax impact from the GB soft drinks excise tax changes announced late last year with the offset within revenue. And finally, the mix benefit of higher anticipated volume growth in the Philippines given its lower cost of sales per unit case.

去年年底宣布的英國軟性飲料消費稅變化對我們產生了吞吐量稅的影響，並在收入內進行了抵消。最後，由於菲律賓每單位銷售成本較低，因此預期其銷售成長較高，從而帶來混合效益。

Our effective tax rate for the year is expected to be around 26%, up from 25% last year, reflecting differences in the mix of taxable profits across our market and our current assessment of uncertain tax positions. We expect to generate at least EUR1.7 billion of comparable free cash flow and our new EUR1 billion share buyback program will commence imminently to be executed over the next 12 months through to February '26.

我們今年的有效稅率預計為 26% 左右，高於去年的 25%，這反映了我們整個市場應稅利潤組合的差異以及我們目前對不確定稅收狀況的評估。我們預計將產生至少 17 億歐元的可比較自由現金流，而我們新的 10 億歐元股票回購計畫即將啟動，並將在未來 12 個月內執行至 2026 年 2 月。

We broadly expect any accretion this year flowing through from 12 months of the share buyback to be offset by the anticipated higher effective tax rate and the growth in noncontrolling interest given the positive outlook in the Philippines. And now back to Damian.

鑑於菲律賓的樂觀前景，我們大致預計今年 12 個月的股票回購所帶來的任何增值都將被預期的更高有效稅率和非控制性權益的增長所抵消。現在回到達米安。

Thanks, Ed. So just turning to what we talked about earlier. So we are confident in our ability to deliver approximately 4% revenue growth in 2025 and beyond. This will be driven by these four levers balanced between healthy underlying volume and revenue per unit case growth.

謝謝，埃德。我們回到之前討論的話題。因此，我們有信心在 2025 年及以後實現約 4% 的收入成長。這將由這四個槓桿推動，在健康的基礎銷售和每單位病例收入成長之間實現平衡。

Before I share some examples of what gives me confidence for this year, I did want to call out that we exited 2024 with a good December and that this has continued into January. So on our portfolio, there is a lot to be excited about across our great brands and as always, consumer-led and consumer-focused. For Coca regional taste and Zero Sugar, new flavors continue with the addition of lime and later in the year for new fruit eye-catching graphics across our packs.

在我分享一些讓我對今年充滿信心的例子之前，我想說的是，我們在 2024 年 12 月取得了良好的成績，並且這種良好勢頭一直持續到 1 月。因此，在我們的產品組合中，我們優秀的品牌有很多令人興奮的地方，而且一如既往地以消費者為導向、以消費者為中心。對於可口可樂的區域風味和零糖，新口味繼續添加酸橙，並在今年晚些時候在我們的包裝上添加新的水果醒目圖形。

The new diet Coke campaign, this is my taste, fronted by our new brand ambassador, Jamie Dornan, is gaining momentum. And for Fanta, an upweighted choice of flavor extensions, including 2D fruity. In Energy and Monster as well as new additions to the juice range, we're excited about the new collaboration with London Norris and the McLaren F1 team. And we continue to expand our portfolio to capture new opportunities in areas such as sports, and ARTD, as Ed referenced.

由我們新任品牌大使傑米·多南 (Jamie Dornan) 代言的全新健怡可樂廣告活動“這就是我的口味”正在如火如荼地開展。對於芬達來說，其口味擴展選擇有所增加，包括 2D 果味。在 Energy 和 Monster 以及果汁系列的新產品中，我們對與倫敦諾里斯和麥克拉倫 F1 車隊的新合作感到非常興奮。正如 Ed 所說，我們將繼續擴大投資組合，以抓住體育、ARTD 等領域的新機會。

In sports, I was really excited to hear about the young Spanish star and plan, has entered into a multiyear deal as a team, parodathlete, which will resonate well with our consumers, build affinity and drive preference for this terrific brand. And in ARTD, we are continuing to build our presence in this growing segment with the launch of Bacardi and Coca-Cola and adding new flavors to existing ranges like Absolute and Sprite watermelon.

在體育方面，我很高興聽到這位年輕的西班牙明星和他的計劃，他已經與 parodathlete 團隊簽訂了一項多年期協議，這將與我們的消費者產生良好共鳴，建立親和力並推動對這個了不起的品牌的偏好。在 ARTD，我們繼續在這個不斷增長的領域鞏固自己的地位，推出了百加得和可口可樂，並為現有系列添加了新口味，例如 Absolute 和雪碧西瓜味。

Now, to our customers. Our customer relationships are always front and center and what a great retail foundation to be the number one absolute revenue growth creator. Full year '25 pricing is largely in place, including GB in Germany, executed later last year with other negotiations well advanced.

現在，我們來談談我們的客戶。我們始終把客戶關係放在首位，這為我們成為第一大絕對收入成長創造者奠定了良好的零售基礎。25年全年定價基本上已經到位，包括去年稍後執行的德國GB，其他談判也進展順利。

We continue to leverage our best-in-class revenue and margin growth management tools and capabilities across our broad pack offering, as you see here. And to highlight a few recent customer wins including else, a multi-brand restaurant franchise offer in Spain, Subway in GB and Jerry's Grill 110-plus restaurant chain in the Philippines.

正如您所看到的，我們將繼續在我們廣泛的產品組合中利用一流的收入和利潤成長管理工具和能力。並重點介紹最近贏得的幾個客戶，包括西班牙的多品牌餐廳特許經營權、英國的 Subway 和菲律賓的 Jerry's Grill 110 多家餐廳連鎖店。

As I touched on earlier, we are fanatical about in-market execution and activation whether in-store, online or in outlet, all to drive distribution of our great brands and visibility every day. We love creating engaging displays, especially around key holiday events, all well planned across the calendar year, all driven by the largest sales force in FMCG, nearly 9,000 in total, powered by technology, enabling more contact with more customers.

正如我之前提到的，我們熱衷於市場執行和激活，無論是在店內、網上還是在門店，所有這些都是為了推動我們優秀品牌的分銷和每天的知名度。我們喜歡創造引人入勝的展示，特別是在主要節日活動周圍，所有這些都是在全年精心策劃的，所有這些都由快速消費品領域最大的銷售團隊推動，總共近 9,000 名銷售人員，並藉助技術，實現與更多客戶的更多聯繫。

We're investing in more coolers this year, aiming to add over 100,000 across our Coke trademark and Monster. We continue to accelerate our digital capabilities, like adding even better functionality to our B2B portal, myccep.com, to make life even easier for our customers.

我們今年將投資更多的冷藏機，目標是將可口可樂品牌和 Monster 品牌的冷藏機數量增加超過 10 萬台。我們繼續加速我們的數位化能力，例如為我們的 B2B 入口網站 myccep.com 添加更好的功能，以使客戶的生活更加輕鬆。

We believe there are a few eB2B platforms in Europe, delivering annual revenue of nearly EUR2.5 billion in the FMCG space. And we're also improving our forecasting accuracy with machine learning and AI. In Germany, for example, 80% of our SKUs no longer require any human intervention. This has driven best-in-class forecasting accuracy and a 2% improvement year-on-year, and better forecasting means more cases delivered to our customers on time and in full.

我們認為歐洲有幾個 eB2B 平台，在快速消費品領域的年收入接近 25 億歐元。我們也利用機器學習和人工智慧來提高預測準確性。例如，在德國，我們 80% 的 SKU 不再需要任何人工幹預。這推動了一流的預測準確率和同比增長 2%，而更好的預測意味著我們可以按時、完整地向客戶交付更多案例。

Geographically, our diversification across 31 markets with leading market positions makes us stronger. This is evidenced by our performance last year. Going forward, we ultimately recognize that volume and revenue growth in Europe is critical for CCEP across Sparkling, Energy and other NARTD. We are, however, excited by the balance of exposure we now have to higher growth markets where we continue to build our capabilities.

從地理上看，我們的多元化業務遍及 31 個市場，並佔據領先的市場地位，這使我們變得更加強大。我們去年的表現就證明了這一點。展望未來，我們最終認識到，歐洲的產量和收入成長對於 CCEP 的氣泡酒、能源酒和其他 NARTD 至關重要。然而，我們對目前在高成長市場中的平衡敞口感到非常興奮，我們將在這些市場繼續增強我們的能力。

In my mind, these include not only the Philippines and Indonesia, but also Papua New Guinea and the Pacific Islands. They represent half of our markets, which having grown revenue last year by around 10%, clearly demonstrate their power as an organic top line accelerator for CCEP.

在我看來，這些不僅包括菲律賓和印度尼西亞，還包括巴布亞紐幾內亞和太平洋島嶼。它們佔了我們一半的市場，去年的收入成長了約 10%，清楚地證明了它們作為 CCEP 有機營收加速器的實力。

And so to conclude, we are very well placed for 2025 and beyond. We are confident we have the right strategy done sustainably to deliver on our midterm growth objectives. Our full year '25 guidance, combined with the resumption of share buybacks demonstrate the strength of our business and our ability to deliver continued shareholder value.

總而言之，我們為 2025 年及以後的發展做好了充分準備。我們堅信，我們已製定了正確的永續發展策略，能夠實現我們的中期成長目標。我們對 25 年全年業績的預期，加上股票回購的恢復，證明了我們業務的實力以及持續為股東創造價值的能力。

We look forward to sharing more on our exciting future at our Capital Markets event in Manila in May. So thank you very much. Ed and I would now be very happy to take your questions. And I'll hand the call back over to you, operator.

我們期待在五月於馬尼拉舉行的資本市場活動中分享更多我們令人興奮的未來。非常感謝。艾德和我現在非常樂意回答你們的問題。我會把電話轉回給您，接線生。

(Operator Instructions) Mitch Collett, Deutsche Bank.

（操作員指示）德意志銀行的 Mitch Collett。

My question is a very quick one. Can you give some color on why you've chosen to increase the free cash flow guide. Is that all driven by operating profit? Or are there other lines within cash flow that are helping you to have a higher level of free cash flow going forward? .

我的問題很簡單。您能否解釋為什麼您選擇增加自由現金流指南？這一切都是由營業利益所推動的嗎？或者現金流中是否存在其他線路可以幫助您在未來獲得更高水準的自由現金流？。

Thanks, Mitch. Yes. So we've increased the guidance to at least EUR1.7 billion. Obviously, we did EUR1.8 billion in 2024, which we're very pleased about. So it's really just the increased confidence that we have in the business and the ability for the business to generate operating profit growth and value and then us to convert that into free cash flow.

謝謝，米奇。是的。因此我們將指導金額提高至至少 17 億歐元。顯然，我們在 2024 年實現了 18 億歐元的收入，我們對此感到非常高興。因此，這實際上只是我們對業務的信心增強了，我們有能力實現營業利潤成長和價值，然後將其轉化為自由現金流。

We are keeping some flexibility within that because, as we said in the -- in the prepared remarks, we have over EUR1 billion of CapEx investment planned and we're keen to invest to unlock that growth across our markets. So yes, we're pleased to be saying at least EUR1.7 billion for 2025.

我們保留一定的靈活性，因為正如我們在準備好的評論中所說的那樣，我們計劃投資超過 10 億歐元的資本支出，並且我們渴望進行投資以釋放我們市場的成長潛力。所以是的，我們很高興地說到 2025 年至少達到 17 億歐元。

Matthew Ford, BNP Paribas Exane.

馬修福特（Matthew Ford），法國巴黎銀行證券部負責人。

My question is just on, I suppose, on the Philippines, Indonesia. So it's sort of two in one really. But on the Philippines, I just want to get a sense of how you finished the year. You talked about solid trading in Q4, and you spoke overall about trends improving across -- or continuing to perform well in Q1, but just to get a sense of how Philippines is going and what your expectations are for the year?

我想我的問題只是關於菲律賓和印尼。因此這其實是二合一的。但關於菲律賓，我只是想了解你們今年的表現如何。您談到了第四季度的穩健交易，並且總體上談到了整體趨勢的改善 - 或者說第一季繼續表現良好，但只是想了解一下菲律賓的狀況以及您對今年的期望是什麼？

And then just on Indonesia. Clearly, still a difficult market to operate in. Just be great to get an update on the boycotting situation, what you're seeing if you see kind of improvement in the last weeks and months there?

接下來是印尼的問題。顯然，這仍然是一個難以運作的市場。很高興能夠了解抵制情況的最新消息，您是否認為過去幾週和幾個月的情況有所改善？

Yes. Thanks, Matthew. Maybe I'll start with Indonesia. So it's fair to say our businesses stabilized very well there in light of some of those geopolitical challenges. As you know, it's a big, big country, which is one of the reasons we remain very excited about it for the long term. What is interesting, and I've just got back from a trip down there is there are certain areas more impacted than others, where we see less of an impact, we see our brands growing high single digit to mid-teens.

是的。謝謝，馬修。也許我應該從印尼開始。因此，可以說，儘管存在一些地緣政治挑戰，我們的業務在那裡仍然保持著良好的穩定。如你所知，中國是一個非常大的國家，這也是我們對中國長期發展保持興奮的原因之一。有趣的是，我剛從那裡旅行回來，發現有些地區受到的影響比其他地區更大，而在受影響較小的地區，我們的品牌成長率從高個位數到十幾歲不等。

So I think that gives us confidence that the changes we've made, both in terms of route to market, our pricing strategies and the marketing push with the Coca-Cola Company are working. Obviously, we will continue to keep a close eye on the situation. And as it improves over time, which it will, I think the changes that we've been able to make in the last year will really pay off, particularly our route-to-market change, some of the restructuring we've done.

所以我認為這讓我們有信心，我們所做的改變，無論是在市場途徑、定價策略或與可口可樂公司的行銷推廣方面，都是有效的。顯然，我們將繼續密切關注事態發展。而且隨著時間的推移，情況會不斷改善，我認為我們去年做出的改變將真正帶來回報，特別是我們市場路線的改變和我們進行的一些重組。

And I'm particularly excited as we move into Ramadan, we've got a great campaign around Sprite. So definitely more to come in Indonesia. As I mentioned in my prepared remarks, a big call out to our team there. Challenging when you've got some of those macro elements out of your control, but I think they've continued to focus on the long term as we have, and that will pay out in Indonesia for that, I'm sure.

我特別高興，隨著齋戒月的到來，我們圍繞著雪碧開展了一場精彩的活動。因此，印尼肯定會有更多舉措。正如我在準備好的發言中提到的那樣，我們向那裡的團隊發出了強烈的呼籲。當一些宏觀因素超出你的控制範圍時，這就會很有挑戰性，但我認為他們會像我們一樣繼續著眼於長遠，我相信這將在印尼得到回報。

On the Philippines, yes, great year last year. Great finish of the year. So Christmas is a really big occasion in the Philippines and our teams locally really made the most of it. Record volumes, that continues into 2025. Yes. And I'd just call out that we'd see the Philippines pretty much in line with our midterm guidance.

是的，就菲律賓而言，去年是偉大的一年。今年完美收官。聖誕節在菲律賓是一個非常重要的節日，我們當地的團隊充分利用了它。創紀錄的數量，將持續到 2025 年。是的。我只是想說，我們看到菲律賓的表現基本上符合我們的中期指導方針。

So high single-digit growth. We've talked many times that one of our priorities is margin expansion. We're seeing that coming through. Some of the capital that we're deploying is unlocking that. Yes. So another great start to the year in the Philippines and looking forward to another -- not a very, very strong year from that business. Thank you, Matthew.

如此高的個位數成長。我們已經多次談到，我們的首要任務之一是擴大利潤率。我們看到這一點正在實現。我們正在部署的部分資本正是為了解鎖這個功能。是的。菲律賓今年的開局又很出色，我們期待菲律賓業務又迎來一個強勁的一年。謝謝你，馬修。

Eric Serotta, Morgan Stanley.

摩根士丹利的埃里克·塞羅塔。

I am hoping you could give some color on what you're seeing in Energy, 6% and change growth, you called solid or strong. But it's certainly a slowdown from what we've seen over the past few years. Any color on Energy as 2024 unfolded in your expectation for 2025?

我希望您能對您所看到的能源成長 6% 以及變化成長給出一些解釋，您稱之為穩健或強勁。但與過去幾年的情況相比，這確實是一種放緩。您對 2025 年的預期是，2024 年的能源狀況如何？

Yes. Thank you, Eric. I mean, relatively speaking, Energy was still the standout category, if you look at growth across most of our markets last year. And I see it continuing to play that lead on a percentage level, it will be slightly down.

是的。謝謝你，埃里克。我的意思是，相對而言，如果看看去年我們大多數市場的成長情況，能源仍然是表現突出的類別。我認為它將繼續在百分比水平上保持領先，但會略有下降。

A couple of things, I'd call out. We are looking at expanding Energy into newer markets, so Indonesia, Philippines. I touched earlier on the pipeline of innovation coming from Monster. So it continues to be a very exciting innovative category for us.

有幾件事我想說一下。我們正在考慮將能源業務擴展到新的市場，例如印尼和菲律賓。我之前提到過 Monster 的創新管道。所以對我們來說這仍然是一個非常令人興奮的創新類別。

I see it returning back to that more high single-digit growth. So I don't see anything in the category that points to that being a sustained slowdown. In fact, I think it's getting more competitive. So we see a lot of people investing in the category, which will generate growth.

我認為它會重新回到更高的個位數成長。因此，我未看到任何跡象表明這一類別正在持續放緩。事實上，我認為競爭正在變得更激烈。因此，我們看到很多人投資該類別，這將帶來成長。

Clearly, that puts an emphasis on us being at the top of our game with the Monster company, which we are. So a great pipeline of innovation, particularly in Western Europe, gaining share, launching it into some of our more emerging markets where I think it will play a role long term. And that gives me confidence that we'll continue to see Energy leading our growth against our midterm guidance.

顯然，這強調了我們在 Monster 公司中處於領先地位，事實也確實如此。因此，特別是在西歐，創新的管道越來越廣泛，並且正在獲得市場份額，並將其推廣到我們的一些新興市場，我認為它將在這些市場發揮長期作用。這讓我有信心，我們將繼續看到能源引領我們的中期指導成長。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

I know in the release, you flagged some away-from-home weakness in Europe. And so I'd just like to talk a little bit more about plans to help support that channel this year, particularly in light of what remains a pretty stretched consumer backdrop and you've had a lot of other beverage companies broadly talking about the challenges in that outlet -- that set of outlets.

我知道，在新聞稿中，您指出了歐洲客場的一些疲軟表現。因此，我想再多談一點今年幫助支持該渠道的計劃，特別是考慮到消費者背景仍然相當緊張，而且已經有許多其他飲料公司廣泛談論該網點面臨的挑戰——這組網點。

Yes. Thanks, Lauren. So I'd probably call out a couple of areas. I think one, the brand innovation that we showed a bit earlier, I think will definitely play into that channel in terms of bringing excitement to the consumer and to our customers.

是的。謝謝，勞倫。所以我可能會提到幾個方面。我認為，首先，我們之前展示的品牌創新肯定會在該管道中發揮作用，為消費者和我們的客戶帶來興奮。

So we've got some specific programs, particularly on Coke trademark that I won't talk to in detail for obvious reasons coming summer. But I think once they hit the market, you'll see very much targeted against the consumer in the Away-From-Home segment. So we really want to support the consumer.

因此，我們有一些具體的計劃，特別是關於可口可樂商標的計劃，出於顯而易見的原因，我不會在夏天詳細談論它。但我認為，一旦它們進入市場，你就會看到它們非常針對離家出走的消費者。所以我們確實希望支持消費者。

Our pricing has moderated in that channel. So we think relevance -- price relevance is in good shape. I referenced as well in the prepared remarks; we will be stepping up our cooler investments. That is a key support to the away-from-home channel as well. And a lot of our digital-led campaigns will be focusing on helping our customers drive incidents in store and drive traffic.

我們的定價在該管道已經有所緩和。因此我們認為相關性——價格相關性狀況良好。我在準備好的評論中也提到；我們將加大對冷卻器的投資。這也是對客場管道的重要支援。我們的許多數位化活動將專注於幫助我們的客戶在店內推動活動並增加流量。

And then finally, we're also winning a lot of new business in the away-from-home area, and I think that also supports our growth ambition in that channel. So I do see 2025 being a better year in away-from-home, particularly in Europe. And I think the steps we've taken will support that. And then obviously, we're looking at forward to summer, and that will definitely unlock growth. So yes, they'd be the four pillars that I would talk to Lauren.

最後，我們還在離家領域贏得了許多新業務，我認為這也支持了我們在該管道的成長目標。因此我確實認為 2025 年將會是客場表現較好的一年，尤其是在歐洲。我認為我們採取的措施將支持這一點。顯然，我們期待著夏天的到來，這肯定會帶來成長。所以是的，這就是我和勞倫談論的四大支柱。

Edward Mundy, Jefferies.

傑富瑞的愛德華‧芒迪 (Edward Mundy)。

Just coming back to the volume piece within Western Europe. I mean, you managed to generate about 8% EBIT growth in 2024 despite European volumes down nearly 2.5%. And I know you don't guide for volumes. But if you were to get a percentage of volume growth in Europe, would there not be quite a favorable implications for EBIT, given some of the operating leverage that would kick off? And I'm just trying to square that circle with regards to your 7% EBIT growth and your sort of higher free cash flow guidance as well.

剛剛回到西歐的數量問題。我的意思是，儘管歐洲銷量下降了近 2.5%，但你們仍成功在 2024 年實現了約 8% 的息稅前利潤成長。我也知道你不擅長指導很多事情。但是，如果您要獲得歐洲一定比例的銷售成長，考慮到將要產生的部分經營槓桿，這對息稅前利潤來說不會產生相當有利的影響嗎？我只是想解決你們 7% 息稅前利潤成長和更高的自由現金流預期之間的矛盾。

Go ahead, Ed.

繼續吧，艾德。

Yes. So thanks, Ed. Well, I think the first thing to say is that it's still very early in the year. And we're here in February. And so as we look forward, we want to give guidance that we're confident in delivery for the year. You're absolutely right, 4% is above the 3.5% from a revenue perspective that that we did in 2024.

是的。所以謝謝你，埃德。嗯，我認為首先要說的是，今年還處於初期。現在我們已經是二月了。因此，展望未來，我們希望給予指引，對今年的交付情況充滿信心。您完全正確，從收入角度來看，4% 高於我們在 2024 年實現的 3.5%。

But when we look at the mix of that revenue for '25, we think more of it will come from volume, as we mentioned earlier, and less from revenue per case. And actually, as you look through the P&L, that then has less of a accretive effect because we obviously need the cost of that extra volume to go through the P&L.

但是，當我們看一下25年的收入組成時，我們認為更多的收入將來自於銷售量，就像我們之前提到的那樣，而不是來自每箱收入。實際上，當你查看損益表時，你會發現這並沒有太大的增值作用，因為我們顯然需要額外交易量的成本來計入損益表。

So that's the reason why we're maintaining the 7% guidance, approximately 7% guidance for the year. And the same goes for our free cash flow. We want to maintain some flexibility as we go through the year. And as we talked about earlier, we have lots of opportunity to invest cash to unlock growth for the future.

這就是我們維持 7% 指引（今年指引約 7%）的原因。我們的自由現金流也是如此。我們希望在這一年中保持一定的彈性。正如我們之前所談到的，我們有很多機會投資現金來釋放未來的成長潛力。

And just maybe to Bill and Ed's comments, I mean, as you'd expect, bottom below volume, if I speak to my supply chain colleagues. What gets them most excited is more volume going through our plants and getting that leverage that Ed talked to. So you will see a more purposeful focus on quality volume in Western Europe in '25.

也許對於比爾和艾德的評論，我的意思是，正如你所預料的那樣，如果我和我的供應鏈同事交談的話，銷量底部是可以理解的。最讓他們興奮的是，我們的工廠生產出更多的產品，並獲得 Ed 所說的槓桿作用。因此，你會看到25年西歐將更加重視品質。

Touching back I want to mention to Lauren, that starts with an away-from-home investment levels that are very, very strong. I think a lot of the marketing innovation that you're seeing from the Coca-Cola Company and for Monster will help us support that volume growth. If you look at last year, I mean, it was a bit bumpy both in terms of some of the macros but also delist like CAPRY.

回過頭來，我想向勞倫提一下，首先是戶外投資水準非常非常強勁。我認為可口可樂公司和 Monster 的許多行銷創新將幫助我們支持銷售成長。如果你回顧去年，我的意思是，它在某些宏觀方面有點坎坷，而且像 CAPRY 這樣的退市也有點坎坷。

So the underlying volume performance is clearly stronger than it looks on a reported level, and that also gives us confidence going into '25. And as I called out, we did finish the year strongly and January started well. So as ever, as we go through the year, we'll keep all of you fully updated on how we're seeing volume progress, particularly in Europe.

因此，基礎交易量表現明顯比報告水準強勁，這也讓我們對進入25年充滿信心。正如我所說的那樣，我們確實強勁地結束了這一年，並且一月份也取得了良好的開端。因此，與以往一樣，隨著時間的流逝，我們將向大家全面通報我們的銷售進展情況，特別是在歐洲。

And Damian, just as a follow-up. I mean, 2024 was a year of a lot of support that it didn't fully materialize from a volume standpoint because there's a washout summer it feels like 2025, you've almost got a lot more innovation than you normally would have to sort of lap the sporting summer, but given that you didn't have the benefit from the summer of sports, it does feel like the setup for 2025 volumes is quite favorable.

還有達米安，作為後續。我的意思是，2024 年是獲得大量支持的一年，但從數量的角度來看，它並沒有完全實現，因為感覺 2025 年的夏季會有所下滑，你幾乎會得到比通常情況下更多的創新，以便彌補體育夏季的不足，但考慮到你沒有從體育夏季中受益，感覺 2025 年的數量設置相當有利。

Yes. I mean we were planning '25 and '23. So I mean, we'd obviously higher expectations in '24 that on the back of great assets that we would have strong volume growth in '24. That didn't quite materialize as we would have liked. But that did give us the catalyst to make sure the '25 from a kind of campaign and cycling those assets that work started in '23.

是的。我的意思是我們正在計劃'25和'23。所以我的意思是，我們顯然對 24 年抱有更高的期望，在優質資產的支持下，我們將在 24 年實現強勁的銷售成長。這並沒有像我們所希望的那樣實現。但這確實為我們提供了催化劑，以確保25年能夠從某種活動中獲益，並循環利用23年開始發揮作用的那些資產。

And you're seeing some of that coming through, both in terms of diet coke, particularly in GB, some of the Fanta innovation that's hitting the market, great summer campaign that I can't talk about for Coke, but that will all become clear pretty soon. Yes, and innovation across other brands. So it's probably -- yes, probably one of the most exciting marketing product calendars that we've had for a while. And I think that's exactly what we need to stimulate that growth in Europe, in particular.

你會看到一些變化，無論是健怡可樂（特別是在英國），還是正在進入市場的芬達創新產品，還有可口可樂的精彩夏季活動。是的，並且超越了其他品牌的創新。所以，可能是——是的，可能是我們一段時間以來最令人興奮的行銷產品日曆之一。我認為這正是我們刺激歐洲成長所需要的。

Sanjeet Aujla, UBS.

Sanjeet Aujla，瑞銀。

My question is really around the pricing and promo strategy in Europe. So I think you called out maybe some adjustments have been made in the away-from-home Channel. But how are you thinking about the home channel? Is the mantra to price in line with CPI despite a more favorable input cost environment? Any context there would be helpful.

我的問題實際上是有關歐洲的定價和促銷策略。所以我認為你說的可能是客場管道已經做出了一些調整。但是，您對家庭頻道有什麼看法？儘管投入成本環境較為有利，但價格是否仍要與 CPI 保持一致？任何背景資訊都會有幫助。

Yes, Sanjeet. Yes. broadly, you're spot on. I think we have a very good discipline and I suppose, harvest of taking what we believe are really good, relevant price moves every year. We'll continue to do that broadly in line with CPI, as you said. Beyond that, we have an amazing amount of investment deployed in our P&L and promotions, if you look at the amount of the number, the quantum, it's significant.

是的，桑吉特。是的。總體來說，您說得很對。我認為我們有非常好的紀律，並且每年都會收穫我們認為真正好的、相關的價格變動。正如您所說，我們將繼續大致按照 CPI 來做這件事。除此之外，我們在損益表和促銷方面投入了驚人的資金，如果從數字和量來看，這是相當可觀的。

So every percent that we can make that work harder really adds both to the P&L, but to the top line growth. So I suppose on top of that CPI, we continue to use a lot of data analytics work and in-market testing to try and make sure that we're finding the most relevant price points, particularly on promotion.

因此，我們努力實現的每一個百分點實際上都會增加損益表和營業額的成長。因此我想，除了 CPI 之外，我們還會繼續使用大量數據分析工作和市場測試來嘗試確保找到最相關的價格點，特別是在促銷方面。

That's also very true for Australia and New Zealand. So yes, CPI and then a more efficient and productive use of that promotional funding would be the two key elements for us in '25. And on the second one, continuing to build up muscle of data and analytics to allow us to make better decisions, but also a bit faster.

對於澳大利亞和紐西蘭來說也是如此。所以是的，消費者物價指數 (CPI) 以及更有效、更有生產力地使用促銷資金將是我們 25 年的兩個關鍵要素。第二，持續增強數據和分析能力，以便我們做出更好的決策，而且速度更快。

So you will see some changes in some of our promo strategies in our key markets in terms of multipacks. We also believe that there's still premiumization in our markets, and I think that you saw on the slide earlier, the amount of SKUs we've deployed across our retail landscape gives us a chance to make sure we also capture some of those training up opportunities, some of those personalization many cans.

因此，您會看到我們在主要市場針對多件裝的促銷策略發生了一些變化。我們也相信，我們的市場仍然存在高端化，我想您之前在幻燈片上看到了，我們在零售領域部署的 SKU 數量使我們有機會確保我們也抓住一些培訓機會，一些個人化機會。

So I think as we've definitely play to a more, I suppose, price-sensitive consumer in some markets, we've also retained our premiumization and people will still pay for that. So I think it's important to do both right. So that's kind of how we're thinking about it. But in summary, you're spot on, CPI is probably a good benchmark to think about our pricing.

因此我認為，由於我們確實滿足了某些市場上對價格更敏感的消費者的需求，所以我們也保留了我們的高端化，人們仍會為此付費。所以我認為做好這兩件事很重要。這就是我們的想法。但總而言之，您說的對，CPI 可能是我們考慮定價的一個很好的基準。

And just to clarify your point on change in the promo strategy on multipack stay. Is that reallocating or stepping up promo to support that particular pack?

我只是想澄清一下您關於多件裝促銷策略改變的觀點。這是重新分配還是加強促銷以支持該特定包？

No, it's all reallocating. I mean we've -- we have a lot of investment deployed already. So it's not about more investment. It's about continuing to invest smarter, testing new ideas to see what resonates with the shopper. Yes, so it's more efficiency, I would say, rather than the step up.

不，一切都在重新分配。我的意思是我們已經部署了大量投資。因此，這與增加投資無關。這是為了繼續進行更明智的投資，測試新想法以了解什麼能引起購物者的共鳴。是的，所以我認為它的效率更高，而不是進步。

Bryan Spillane, Bank of America.

美國銀行的布萊恩‧斯皮蘭 (Bryan Spillane)。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay. Great. Sorry about that. Damian, so maybe just kind of a bigger picture question. In the time that since you've taken over as CEO, I think the enterprise value in the business has basically doubled. And also the free cash flow is effectively doubled as well. And I know over the course of the last, I guess, three months or so with the potential for the addition of FTSE, you've been introduced to a lot of maybe investors you would have been introduced to.

好的。偉大的。很抱歉。達米安，所以這可能只是一個更大的問題。自從你擔任執行長以來，我認為企業的價值基本上翻了一番。而且自由現金流也實際上翻了一番。而且我知道，在過去大約三個月的時間裡，隨著 FTSE 的加入，您已經認識了許多您可能認識的投資者。

Actually, Sarah that's probably done the bulk of that work. But -- so can you just kind of give us some perspective on like what it would take to double again over the next eight years? How much of it was acquisitions? How much of it was operational? Just trying to give people a perspective on how this business can actually compound returns.

實際上，莎拉可能已經完成了大部分工作。但是—那麼您能否提供我們一些關於未來八年內再次翻一番需要什麼條件呢？其中有多少是收購？其中有多少可以投入使用？只是想讓人們了解這項業務實際上如何實現複合回報。

Well, it's a big picture question, Bryan. Thank you. And just to confirm, Sarah most of the hard work when it comes to meeting the investors. But we are getting an opportunity to tell the CCEP story to a lot more newer investors on the back of the FTSE conversation.

嗯，這是一個大問題，布萊恩。謝謝。需要確認的是，莎拉在會見投資者時付出了大部分努力。但在 FTSE 討論之後，我們獲得了向更多新投資者講述 CCEP 故事的機會。

So that's been great. Yes, clearly, we're excited about where we've got with CCEP. And if you look at our value creation, a lot of it is organic, right? So I think we've done some really good M&A. But ultimately, what underpins this business is strong growth organically in our markets. And if I was to -- it's probably a boring answer, but it's kind of a red line through probably a lot of what we've talked about today.

這真是太棒了。是的，顯然，我們對 CCEP 所取得的進展感到非常興奮。如果你看看我們的價值創造，其中很多都是有機的，對嗎？所以我認為我們做了一些非常好的併購。但最終，支撐這項業務的是我們市場強勁的有機成長。如果我要問的話——這可能是一個無聊的答案，但它可能是我們今天討論的許多內容的一條紅線。

I think sustained quality volume and revenue growth is the key to building the business again. I think we get good leverage on our P&L. We've got enough capital. We've got great talent. So really, when I think about the next eight years, it's about quality top line growth, volume and revenue with volume obviously being the priority in '25.

我認為持續的品質、數量和收入成長是重建業務的關鍵。我認為我們在損益方面獲得了良好的槓桿作用。我們有足夠的資本。我們擁有優秀的人才。因此，當我考慮未來八年時，我會考慮高品質的營收成長、銷售和收入，而銷量顯然是 25 年的首要任務。

And then I think the innovation pipeline from the Coca-Cola Company, I didn't think eight years ago, we'd be an ARTD, who knows how big that's going to be for us. We've seen how big it could be in Australia. I think the Energy category continues to deliver.

然後我認為可口可樂公司的創新管道，八年前我沒想到我們會成為 ARTD，誰知道這對我們來說會有多大。我們已經看到它在澳洲的影響有多大。我認為能源類別將繼續發揮作用。

Honestly, we've got categories that I feel we've not got the most value out of. One is sports and power aid. There's more to go on Fuze Tea. So when I look at something the business will really be around that space, if there is M&A that is accretive and we can drive value for the Coke Company and we'd definitely be interested. But it's probably going to be a more organic story going forward.

老實說，我覺得我們有些類別還沒發揮最大的價值。一是運動和力量輔助。Fuze Tea 的精彩內容不止於此。因此，當我考慮某項業務時，它確實會圍繞著這個領域，如果有能夠增值的併購，並且我們可以為可口可樂公司創造價值，那麼我們肯定會感興趣。但未來它可能會是一個更自然的故事。

I love M&A. It's gone really well. I have to say it's also good to focus on getting the most of what you've already bought, and that's really what we're doing in '25 and '26.

我喜歡併購。一切進展順利。我必須說，專注於充分利用你已經購買的東西也是件好事，這正是我們在 25 年和 26 年所做的事情。

Charlie Higgs, Redburn Atlantic.

希格斯（Charlie Higgs），雷德伯恩大西洋公司（Redburn Atlantic）。

Well, I've got a question on the balance sheet and the net debt EBITDA, which I think has come down very nicely to 2.7 times comparable EBITDA. And you've obviously announced a EUR1 billion buyback this morning.

嗯，我有一個關於資產負債表和淨債務 EBITDA 的問題，我認為它已經下降到可比 EBITDA 的 2.7 倍。而且你們今天早上顯然宣布了 10 億歐元的回購計畫。

But I think on my numbers, even with that leverage might fall a little bit in 2025. So can you just think or tell us through like how you're thinking about cash allocation over the coming years? I know you've got some up-weighted capital expenditure. But are you leaving some dry powder, maybe some M&A? It doesn't sound like from the last answer you were. So just how you think about the balance sheet over the coming years?

但我認為，根據我的數據，即使有這種槓桿，到 2025 年也可能會略有下降。那麼您能否思考一下或告訴我們您對未來幾年的現金分配有何想法？我知道你有一些增加的資本支出。但您是否還留下一些乾火藥，也許是一些併購？從你上次的回答來看，這聽起來不像是。那麼您對未來幾年的資產負債表有何看法？

Thanks, Charlie. Yes, good question. So yes, we're delighted that we're now back in that leverage range at 2.73 and one year early. And of course, we've acquired the Philippines in that period of time as well. So as we look forward, I mean that we want to stay within that 2.5% to 3% range. We are leaving ourselves a little bit of flexibility. That's to allow for more cash investment in the business should the growth opportunities be there.

謝謝，查理。是的，好問題。所以是的，我們很高興現在我們的槓桿率又回到了 2.73 的範圍，而且比預期提前了一年。當然，在此期間我們也收購了菲律賓。所以展望未來，我的意思是我們希望保持在 2.5% 到 3% 的範圍內。我們給自己留了一點彈性。這樣，如果有成長機會，就可以對業務進行更多現金投資。

But it's also to allow for variation in business results over time and potentially for some M&A. So we don't want to overcommit now and need to change that guidance and those expectations later. So we're leaving ourselves a little bit of flexibility. But we see ourselves continuing to operate within that 2.5 times to 3 times range.

但這也是為了允許業務結果隨時間而變化，並可能進行一些併購。因此，我們現在不想承諾過多，以後需要改變這種指導和期望。因此我們給自己留了一點彈性。但我們預計自己將繼續在 2.5 倍到 3 倍的範圍內運作。

And just to add to that, I mean, I think we've -- we're really happy that we could announce a share buyback 12 months. Clearly, to your point, Charlie, and to Ed's comments, that still leaves some powder for M&A, particularly with that cash flow guidance that we've given today. So we've demonstrated we can create value, particularly for the Coke company, and our shareholders. if there are opportunities, for sure, we're interested.

補充一點，我的意思是，我認為我們——我們真的很高興能夠宣布 12 個月的股票回購。顯然，正如你所說，查理，以及艾德的評論，這仍然為併購留下了一些空間，特別是考慮到我們今天給出的現金流指導。因此，我們已經證明我們能夠創造價值，特別是為可口可樂公司和我們的股東創造價值。如果有機會，我們肯定會感興趣。

I suppose, like we've talked about before, NARTD and soft drink seems to be a business that lots of people are attracted to get into. So finding bottling assets that are coming up is always going to be a priority, but it's probably getting a bit more challenging. But we have the powder, and we have the flexibility. And I think that's what we'll continue to focus on.

我想，就像我們之前談到的，NARTD 和軟性飲料似乎是很多人都想涉足的行業。因此，尋找即將出現的瓶裝資產始終是首要任務，但這可能會變得更具挑戰性。但我們有實力，而且我們有彈性。我認為這也是我們將繼續關注的重點。

Robert Ottenstein, Evercore ISI.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore ISI。

Great. So Damian, one of the great, I think, successes for the Coca-Cola system overall, which you guys play a very key role has been the greater coordination between the bottlers and Atlanta and the agility, the coordination on marketing, planning, obviously, incidents.

偉大的。所以達米安，我認為可口可樂系統整體的偉大成功之一，就是你們發揮了非常關鍵的作用，就是加強了瓶裝廠和亞特蘭大之間的協調，以及靈活性，以及​​在營銷、規劃和事件方面的協調。

And I'm wondering if you could kind of maybe give us a little bit of sense of what sort of initiatives that the global system is doing, the sort of initiatives that Atlanta has been talking to you about as it relates to your business, both in 2025 and beyond. So we get a little bit of sense of kind of the bigger picture and how you're participating in those initiatives coming out of Atlanta?

我想知道您是否可以向我們稍微介紹一下全球系統正在採取哪些舉措，亞特蘭大與您討論的與您的業務相關的舉措，包括 2025 年及以後的舉措。那麼，我們對整體情況以及您如何參與亞特蘭大的這些舉措有了一點了解？

Thank you, Robert. Yes. So for sure, we are benefiting from the new evolving new marketing approach from a Manolo company. I think that's driving a higher quality of engagement with our consumers. It's more productive and efficient. So we benefit from that efficiency in terms of marketing spend and allows us to connect with more consumers. So I think the way Manolo and the Coke Company have evolved the marketing structure is definitely helping us.

謝謝你，羅伯特。是的。因此可以肯定的是，我們受益於 Manolo 公司不斷發展的全新行銷方法。我認為這將推動我們與消費者進行更高品質的互動。它更加富有成效並且高效。因此，我們從行銷支出方面的效率中受益，並使我們能夠與更多的消費者建立聯繫。因此我認為馬諾洛和可口可樂公司改進行銷結構的方式肯定對我們有幫助。

Secondly, we're benefiting on the portfolio. So if you look at our plans, very aligned in terms of Sparkling flavor growth, Coke like Diet Coke. We're clearly learning from markets like Australia, the US around sports and Powerade and how that becomes a mainstream category.

其次，我們從投資組合中受益。所以如果你看一下我們的計劃，你會發現我們的計劃與氣泡可樂口味的增長非常一致，就像健怡可樂一樣。我們正在從澳洲、美國等市場學習體育和 Powerade 的經驗，並學習如何使其成為主流類別。

We're curious about innovations as well that the company. We've looked at a lot of the innovation out of North America, but globally, so we get great access very quickly to portfolio innovation. And then we kind of have a good conversation about how relevant that is for our consumers here in Asia or Australia and New Zealand.

我們也對該公司的創新感到好奇。我們從全球範圍研究了許多北美的創新，因此我們可以非常快速地獲得投資組合創新。然後我們就這與亞洲、澳洲和紐西蘭的消費者有何關聯進行了良好的討論。

A good example of that is ARTD, Bacardi and Coke, a great look and pack. So we definitely benefit on their investments, the quality of output from the new model, the portfolio. And then an area that is getting better. And I would say we're still probably at the beginning is really more around data insights and leveraging better that bridge between consumer, customer and shopper.

一個很好的例子就是ARTD、百加得和可口可樂，外觀和包裝都很棒。因此，我們肯定會從他們的投資、新模式的產出品質和投資組合中受益。然後這個區域正在變得越來越好。我想說，我們可能仍處於起步階段，更多的是圍繞數據洞察，並更好地利用消費者、客戶和購物者之間的橋樑。

We've been working on that. Obviously, AI unlocks another tool to get into that quicker and to get more output. So that's probably an evolving area that I'm excited about over the next couple of years. Yes. But overall, very aligned. I think we've talked about it before, Robert. I think the financial model on incidents just continues to drive the right behavior in the system. I see that every day in decision-making, and that gives me a lot of confidence.

我們一直在努力做到這一點。顯然，人工智慧解鎖了另一種工具，可以更快地進入該領域並獲得更多產出。所以這可能是未來幾年令我興奮的一個發展領域。是的。但總體而言，非常一致。我想我們之前談過這個，羅伯特。我認為事件的財務模型會繼續推動系統中的正確行為。我在每天的決策過程中都會看到這一點，這給了我很大的信心。

And I suppose we all have great marketing. I mean that's why we love this business and when you see some of the product innovation or the quality of media copy or the online activation coming out of Atlanta, it's just going to continue to support our top line growth objectives. So a lot happening.

我想我們都擁有出色的行銷能力。我的意思是，這就是我們熱愛這項業務的原因，當你看到一些產品創新或媒體拷貝的品質或亞特蘭大的線上活化時，它將繼續支持我們的營收成長目標。發生了很多事。

Philip Spain, JPMorgan.

摩根大通的菲利普‧斯潘 (Philip Spain)。

I just had one on the Philippines, please. In your prepared remarks, you spoke about accelerating your CapEx plans in that market. And I just wanted to understand better what gave you the conviction to make that decision to accelerate the CapEx plans? And if you could also share more color on what that accelerated investment will entail as well?

我剛剛吃了一份關於菲律賓的。在您準備好的發言中，您談到了加速該市場的資本支出計劃。我只是想更了解是什麼讓您有信心做出加速資本支出計畫的決定？您是否也可以詳細介紹一下加速投資會帶來哪些影響？

Philip, so really, it's all those expectations that the Philippine team or the Tigers, as they call themselves, have delivered well ahead of our expectation in year one. So some of it's quite a linear investment behind extra volume.

菲利普，事實上，菲律賓隊或稱「老虎隊」（他們自稱）在第一年就取得了超出我們預期的成績，這完全是對我們的期望。因此，其中一部分是額外銷售背後的線性投資。

So we pulled forward a couple of lines. That in our kind of five-year plan, they were in there. We're just bringing them forward. It's not a step up in our overall CapEx guidance, as Ed talked to. So that remains intact. So it's from within that guidance in '25 of around circa 5%. We're also looking at in line with our other markets, more cooler placements on the back of more volume.

因此我們將線路往前拉了幾層。在我們的五年計劃中，他們就在其中。我們只是將它們推進去。正如 Ed 所說，這並不是我們整體資本支出指引的提升。因此它仍然完好無損。因此，它是在 25 年的指導範圍內，約為 5%。我們也考慮與其他市場保持一致，在擴大銷售的基礎上投放更多更酷的產品。

And then also, we will start to invest a bit more in technology and systems as clearly, that's going to be an area in such a high-growth business that we feel is really important. And then some of it is fundamental, which is bottles and cases. So a lot of that volume growth is coming from our refillable glass business and that just requires a bit more CapEx to keep our lines running and make sure we've got enough stock.

然後，我們也將開始在技術和系統方面投入更多，顯然，這將是我們認為如此高成長的業務中非常重要的領域。其中一些是基本的，即瓶子和箱子。因此，很大一部分銷售成長來自於我們的可再填充玻璃業務，而這只需要多一點的資本支出來維持我們的生產線運轉，並確保我們有足夠的庫存。

So from a CapEx deployment area, all good reasons and exciting. And as I said, the catalyst is really an overdelivery on volume last year, and that's flowing through into '25 and beyond. Ed, I don't know if there's anything else.

因此，從資本支出部署來看，一切都有充分的理由，而且令人興奮。正如我所說的，催化劑實際上是去年銷量的超額交付，而這種趨勢將延續到 25 年及以後。艾德，我不知道還有沒有其他事情。

I think -- and also some of that capital will unlock some of those mix opportunities. it's a very RGB-focused market, but we see lots of opportunities in cans, in PET. And so that investment as well is going to unlock some of those mix opportunities. So we're very excited about that, and we're always happy to spend money on things that unlock that level of growth.

我認為 — — 而且其中的部分資本將釋放一些混合機會。這是一個非常注重 RGB 的市場，但我們在罐頭和 PET 領域也看到很多機會。因此，這項投資也將釋放一些混合機會。因此，我們對此感到非常興奮，並且我們始終樂意把錢花在能夠實現這一增長水平的事情上。

Richard Withagen, Kepler Cheuvreux.

理查德·威薩根 (Richard Withagen)，Kepler Cheuvreux。

Just one question on -- going back to the Energy drink category. A two-part question. First of all, can you talk a bit about the competitive situation in the category? I think Red Bull has introduced a bit more flavors last year. So what's the competitive situation?

只有一個問題——回到能量飲料類別。這個問題由兩個部分組成。首先，您能談談該類別的競爭情況嗎？我認為紅牛去年推出了更多口味。那麼競爭情勢如何？

And the second point is, is the cost of growth increasing in that category?

第二點是，該類別的成長成本是否在增加？

Yes. So it's -- as you would expect, given it's consistently probably the fastest-growing segment within NARTD that brings in a lot of competition, not just from big players like Red Bull, but you'll see a lot more local innovation coming into the category, different price tiers.

是的。因此 — — 正如你所預料的那樣，鑑於它可能是 NARTD 中增長最快的細分市場，並且帶來了很多競爭，不僅僅是來自紅牛這樣的大公司的競爭，而且你會看到更多本地創新進入該類別，不同的價格層級。

So it is evolving every year on the back of that high growth. So that competition really pushes us to be on the top of our game with Monster. You're correct. Red Bull have gone back into some flavor innovation. We also have probably enjoyed more growth in that space over the last number of years, and we'll continue to do so on the back of some of the juice variants from Monster.

因此，它每年都在高成長的背景下不斷發展。所以這種競爭確實促使我們與 Monster 一起達到頂峰。你是對的。紅牛又重新開始進行一些口味創新。過去幾年來，我們在該領域可能也實現了更大的增長，而且在 Monster 部分果汁品種的支持下，我們將繼續保持這一增長勢頭。

So overall, healthy competitive category, driving high single-digit growth over time. And our aim is to grow and take share in that category, and we're doing that. And it will probably remain one of the most competitive categories.

因此總體而言，健康的競爭類別會隨著時間的推移而推動高個位數成長。我們的目標是擴大該類別的市場份額，我們正在這樣做。而且它很可能仍將是競爭最激烈的類別之一。

It's not driving an increased cost of growth. In fact, as we grow, as Ed talked about, it is an area that we get better leverage on our fixed asset base. So in some ways, over time, our margins will improve in Energy as well. So there's not a significant higher cost of growth. Yes, I don't expect that, but I do expect it to remain nice and competitive.

這不會增加成長成本。事實上，正如 Ed 所說，隨著我們的成長，我們可以更好地利用我們的固定資產基礎。因此從某種程度上來說，隨著時間的推移，我們的能源利潤率也會提高。因此，成長成本不會顯著增加。是的，我不指望那樣，但我確實希望它能保持良好和有競爭力。

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 Damian Gammell，請他作結語。達米安，請繼續。

Thank you. So firstly, again, a big thank you for everybody taking time out this morning and this afternoon to join us.

謝謝。首先，再次感謝大家今天上午和下午抽出時間來參加我們的活動。

As we've closed out 2024 was a great end to a very solid year CCEP. Today, we're very pleased to announce our EUR1 billion share buyback that will start on Monday. As you've heard from both myself and Ed today, we're super excited about the investment and, in particular, commercial plans to drive that quality growth for 2025 and beyond.

隨著 2024 年的結束，CCEP 迎來了非常堅實的一年。今天，我們非常高興地宣布，我們將於週一開始實施 10 億歐元的股票回購計畫。正如您今天從我和艾德那裡聽到的，我們對這項投資感到非常興奮，尤其是推動 2025 年及以後高品質成長的商業計劃。

And we look forward to you joining us on the ground in Manila in May, where we can showcase the growth and success of our Philippines business, and we'll also showcase the changes we're making in Indonesia to ensure the long-term success and health of that business. And we'll also give you, obviously, an update on how we see our European business as we head into the summer. So see you Manila. And again, thank you for joining us.

我們期待您五月在馬尼拉與我們一起，展示我們菲律賓業務的成長和成功，我們也將展示我們在印尼所做的改變，以確保業務的長期成功和健康。當然，我們也會向您介紹我們在夏季來臨之際歐洲業務的最新情況。馬尼拉見。再次感謝您的參與。

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

今天的會議到此結束。感謝您的參與。你們都可以斷開連線。