Diageo PLC (DEO) 2023 Q4 法說會逐字稿

Good morning, and thank you for joining our preliminary results call for fiscal '23. I'm Debra Crew, CEO of Diageo. Fiscal '23 is the first time I'm presenting results as the CEO of Diageo. I was appointed in early June, taking over from our much loved and respected former CEO, Sir Ivan Menezes.

早上好，感謝您參加我們的 23 財年初步結果徵集活動。我是黛布拉·克魯 (Debra Crew)，帝亞吉歐 (Diageo) 首席執行官。 23 財年是我第一次作為帝亞吉歐首席執行官公佈業績。我於 6 月初被任命，接替我們深受愛戴和尊敬的前首席執行官伊万·梅內塞斯爵士 (Sir Ivan Menezes)。

I hope you have had a chance to read our fiscal '23 results press release and watch our presentation on diageo.com. I'm pleased to share that we delivered a strong performance in fiscal '23, organic net sales growth of 6.5% and organic operating profit growth of 7%, both are within our medium-term guidance.

我希望您有機會閱讀我們的 23 財年業績新聞稿並觀看我們在 diageo.com 上的演示。我很高興與大家分享，我們在 23 財年取得了強勁的業績，有機淨銷售額增長 6.5%，有機營業利潤增長 7%，兩者都在我們的中期指導範圍內。

We expanded organic operating margin by 15 basis points in a challenging cost environment while continuing to invest in the business. Our culture of everyday efficiency and strong pipeline of productivity initiatives drove GBP 450 million of savings in fiscal '23 and is fueling sustained investment in brand building and future growth.

在充滿挑戰的成本環境中，我們將有機營業利潤率提高了 15 個基點，同時繼續投資業務。我們的日常效率文化和強大的生產力計劃渠道在 23 財年節省了 4.5 億英鎊，並推動了對品牌建設和未來增長的持續投資。

Our business is now 35% bigger on a constant net sales value basis compared to fiscal '19. Globally, we have gained or held share in 70% of total net sales values in our measured markets in fiscal '23. And I'm comfortable with overall inventory levels at the end of fiscal '23, both globally and in the U.S. market.

與 19 財年相比，按固定淨銷售額計算，我們的業務目前增長了 35%。在全球範圍內，我們在 2023 財年所測市場中獲得或占據了 70% 的總淨銷售額份額。我對 23 財年末全球和美國市場的總體庫存水平感到滿意。

Looking ahead to fiscal '24, I expect operating environment challenges to persist with continued cost pressure and ongoing geopolitical and macroeconomic uncertainty. We expect organic net sales growth and organic operating profit growth in fiscal '24 to improve from the second half of fiscal '23 and accelerate gradually through fiscal '24.

展望 24 財年，我預計，由於持續的成本壓力以及持續的地緣政治和宏觀經濟不確定性，運營環境挑戰將持續存在。我們預計 24 財年的有機淨銷售額增長和有機營業利潤增長將比 23 財年下半年有所改善，並在 24 財年逐漸加速。

Over the medium term, we expect to consistently grow organic net sales between 5% to 7% and deliver sustainable organic operating profit growth in the range of 6% to 9%. Thank you.

從中期來看，我們預計有機淨銷售額將持續增長 5% 至 7%，並實現可持續有機營業利潤增長 6% 至 9%。謝謝。

(Operator Instructions) And our first question today goes to Celine Pannuti of JPMorgan.

（操作員說明）今天我們的第一個問題是向摩根大通的 Celine Pannuti 提出的。

My first question would be on the outlook that you just spelled out. If I think about the top line, you talked about macro uncertainties. Can you talk about the U.S. market, more specifically what kind of underlying market growth you've seen so far? And what are you baking as you look into the next 12 months?

我的第一個問題是關於你剛才闡述的前景。如果我考慮一下最重要的問題，你談到了宏觀不確定性。您能談談美國市場嗎？更具體地說，您迄今為止看到了什麼樣的潛在市場增長？展望未來 12 個月，您會烘焙什麼？

And if it would be as well, if you could tell us about how volumes and price/mix have been shaping up in this market? And how you intend to gain share there?

如果可以的話，您能否告訴我們這個市場的銷量和價格/組合是如何形成的？您打算如何在那裡獲得份額？

And then my second question is on the gross margin. You talked about cost pressure challenges. Can you talk about what kind of cost pressure you still expect to see in 2024? I saw that your gross margins were under pressure in '23. Can you talk about the potential for upside in '24, especially we heard that costs are also coming down. So if you could put all this together in order to understand the moving parts of gross margin in '24?

我的第二個問題是關於毛利率。您談到了成本壓力挑戰。您能談談您預計 2024 年仍將面臨什麼樣的成本壓力嗎？我發現你們的毛利率在 23 年面臨壓力。您能否談談 24 年的上漲潛力，特別是我們聽說成本也在下降。那麼，您是否可以將所有這些放在一起，以便了解 24 年毛利率的變化部分？

Thanks, Celine. I'll take the first one on the U.S. market, and then Lavanya, if you can take the second one on gross margins. Look, on the U.S. market, as we talked about in the presentation, the fiscal '23 results from NSV, it's really a story about the supply chain normalization. But the underlying consumer which I think is really kind of getting to your point, the underlying consumer, we're actually seeing a lot of resilience.

謝謝，席琳。我會選擇美國市場上的第一個，然後是 Lavanya，如果你能考慮毛利率的話，選擇第二個。看，在美國市場，正如我們在演示中談到的，NSV 的 23 財年業績，這實際上是一個關於供應鏈正常化的故事。但我認為潛在的消費者確實很符合你的觀點，潛在的消費者，我們實際上看到了很大的彈性。

If you step back and you look at the industry, from an industry perspective, we are seeing it return to kind of mid-single digits, which we had projected it would and we are seeing that it is. And we're pleased to see that, that is getting better over time. So from the fundamentals, we still feel very good. The spirits industry is still gaining from beer and wine, which we feel very good about as well.

如果你退後一步，從行業的角度來看這個行業，我們會看到它回到了中等個位數，這是我們預計的，我們也看到它確實如此。我們很高興看到，隨著時間的推移，情況正在變得更好。所以從基本面來看，我們感覺還是非常好的。烈酒行業仍在從啤酒和葡萄酒中獲益，我們對此也感到非常滿意。

We're still premiumizing as an industry. What's driving this growth is really at the super premium plus price point. So that's really driving, frankly, almost all the growth. We do see at the luxury end, some moderation of growth there, but that's a very small part of our portfolio. We also see, if you look at mainstream and below, that's really where you're seeing a lot of the pressure.

作為一個行業，我們仍然在追求高端化。推動這種增長的真正原因是超溢價加價位。坦率地說，這確實推動了幾乎所有的增長。我們確實看到奢侈品領域的增長有所放緩，但這只是我們投資組合的一小部分。我們還發現，如果你看看主流及以下行業，你會發現這確實是壓力很大的地方。

We are seeing consumers do kind of smart shopping. But fortunately for us, we've got a broad portfolio across a range of price point. So we're feeling like we can navigate that as we go forward. You asked about gaining share. I think what happened -- if you take a look at what happened to us this year, there's really 2 places where we have not performed the way we have wanted to.

我們看到消費者進行了明智的購物。但幸運的是，我們擁有涵蓋各種價位的廣泛產品組合。所以我們覺得我們可以在前進的過程中解決這個問題。您詢問了有關獲得份額的問題。我認為發生了什麼——如果你看看我們今年發生的事情，就會發現我們確實有兩個地方沒有按照我們想要的方式表現。

First, on RTD, which we talked about during the presentation. This is a segment -- it's the fastest-growing segment right now of spirits. And in this emerging area, the last couple of years, we were out early with it, and we performed quite well, and we're gaining share. This year, our innovation has not hit at the same rate. But we know what we need to do, and we feel like we've got the right pipeline going forward on that.

首先，關於 RTD，我們在演示期間談到了這一點。這是一個細分市場——它是目前烈酒中增長最快的細分市場。在這個新興領域，過去幾年，我們很早就推出了它，並且表現相當不錯，並且我們正在獲得份額。今年，我們的創新速度沒有那麼快。但我們知道我們需要做什麼，而且我們覺得我們已經擁有了正確的流程。

I will also add, this is an area of spirits that's largely sourcing from people who are trading up from seltzers and from multi beverages. So we see that going forward really is an opportunity. The second area is on Crown. Crown isn't -- while we did gain share in Canadian Whiskey, we did not gain share of total beverage alcohol with Crown. And that's a big brand. It's important for us.

我還要補充一點，這是一個烈酒領域，主要從那些從蘇打水和多種飲料中進行交易的人那裡採購。所以我們看到，前進確實是一個機會。第二個區域位於皇冠上。皇冠則不然——雖然我們確實獲得了加拿大威士忌的份額，但我們並沒有獲得皇冠飲料酒精總量的份額。那是一個大品牌。這對我們很重要。

Once again, this is a brand that was really impacted. One of the places we had the most shortages was on Crown. It's also the area where from a supply chain normalization, the results that you see on Crown from a net sales, actually our depletions and consumption is much better than what that shows on there. That being said, we still think we have opportunity with Crown. We're now able to innovate on the brand. So that will come through the year.

再一次，這是一個真正受到影響的品牌。我們最短缺的地方之一是皇冠。這也是供應鏈正常化的領域，你在皇冠上看到的淨銷售額結果，實際上我們的消耗和消耗比那裡顯示的要好得多。話雖這麼說，我們仍然認為我們有機會與皇冠合作。我們現在能夠對品牌進行創新。所以這將貫穿這一年。

We've also got some really strong marketing plans as well coming back. So those are really the 2 share hotspots. I will add, though, we have a lot of really great performance in share as well with tequila. We're feeling good also that we won a category share in scotch and an American whiskey Bulleit is having a great year. So we -- so overall, we feel like we've got to fill the tools in the portfolio to do it. We just need to get back on our innovation game in a couple of areas. Lavanya, do you want to take on the gross margin question?

我們還制定了一些非常強大的營銷計劃。所以這些確實是兩個共享熱點。不過，我要補充一點，我們在龍舌蘭酒方面也有很多非常出色的表現。我們也感覺很好，因為我們贏得了蘇格蘭威士忌的品類份額，而美國威士忌 Bulleit 也度過了美好的一年。因此，總的來說，我們覺得我們必須充實產品組合中的工具才能做到這一點。我們只需要在幾個領域重新開始我們的創新遊戲。 Lavanya，您想回答毛利率問題嗎？

Sure. Thanks, Debra. So Celine, on gross -- on cost pressures that we're seeing in fiscal '23, we saw inflation pick up from like the high single digits all the way to the low double digits. And the single biggest exposure we have from a cost perspective is energy cost. And that impacts us through the entire supply chain, all the way from cereal pricing that's impacted by the cost of fertilizers going up through to glass and logistics, our own distillation costs also have a high exposure to energy.

當然。謝謝，黛布拉。因此，席琳，就我們在 23 財年看到的總成本壓力而言，我們看到通脹從高個位數一直上升到低兩位數。從成本角度來看，我們面臨的最大的單一風險是能源成本。這對我們的整個供應鏈都有影響，從受化肥成本上升影響的穀物定價到玻璃和物流，我們自己的蒸餾成本也與能源息息相關。

So that's what we've seen happen.

這就是我們所看到的情況。

Now as we go into fiscal '24, what we're seeing on inflation is it is moderating not necessarily coming down, but moderating. I'll come back and talk in a minute about agave specifically, but we have multiple levers to help offset inflation. We have -- premiumization is a good driver of margin because premium products tend to be -- the more premium products tend to have higher margins. Revenue growth management -- it's another area that we use to help offset inflation with both in terms of headline pricing, but also trade spend optimization, managing mix.

現在，當我們進入 24 財年時，我們看到的通脹正在放緩，不一定是下降，而是正在放緩。我稍後會回來專門討論龍舌蘭，但我們有多種手段來幫助抵消通貨膨脹。我們發現，高端化是利潤率的一個很好的驅動因素，因為高端產品往往是——越高端的產品往往有更高的利潤率。收入增長管理——這是我們用來幫助​​抵消通貨膨脹的另一個領域，既包括整體定價，也包括貿易支出優化和組合管理。

Productivity, I'm really proud of the work we've done from a productivity perspective this year, where productivity picked up from historic average of about GBP 400 million a year to about GBP 450 million a year. And so -- and as well as volume growth. I mean, spirits volumes were flat this year. But if you kind of exclude the impact of the lapping of the repipelining in the U.S. spirits volume would have been up 1%. So all of this helps us to offset inflation.

生產力，我對我們今年從生產力角度所做的工作感到非常自豪，生產力從歷史平均每年約 4 億英鎊上升到每年約 4.5 億英鎊。等等——以及銷量增長。我的意思是，今年烈酒銷量持平。但如果排除管道改建的影響，美國烈酒銷量將會增長 1%。所以所有這些都有助於我們抵消通貨膨脹。

Coming back to your question very specifically about agave, we are seeing agave prices moderate again. We are -- there's two things that I would say about this. One is, more than half of our tequila is aged liquids. So there's a phenomenon here where the benefits of agave prices coming down will be a little more delayed on our portfolio because of that aging.

回到您關於龍舌蘭的問題，我們看到龍舌蘭價格再次溫和。對此我要說兩件事。一是我們一半以上的龍舌蘭酒是陳年液體。因此，這裡存在一種現象，由於龍舌蘭的老化，龍舌蘭價格下降的好處將稍微延遲到我們的投資組合上。

And then the other thing I'd say is that we have a mixed model to how we procure agave. I mean we produce some of it ourselves. We grow some of it ourselves. So it's owned. We contract with the farmers to grow on our behalf, and then we buy some on the spot market. So all of these do play into what we expect to see with agave prices. But if you look at planting data that the Mexican government puts out, we do expect supply to increase over the next few years. And so with that, prices should be coming down.

我要說的另一件事是，我們有一個混合模型來採購龍舌蘭。我的意思是我們自己生產一些。我們自己種植一些。所以它是擁有的。我們與農民簽訂代表我們種植的合同，然後我們在現貨市場上購買一些。因此，所有這些確實影響了我們對龍舌蘭價格的預期。但如果你看一下墨西哥政府公佈的種植數據，我們確實預計未來幾年供應量將會增加。因此，價格應該會下降。

And the next question go to Trevor Stirling of Bernstein.

下一個問題交給伯恩斯坦的特雷弗·斯特林。

Big question, Debra and Lavanya, is concerning guidance, but great that you reiterated medium-term guidance. But I'm trying to put a sense of where fiscal year '24 would fit into that. So if fiscal year '23 ended on 3% in the second half, if the first half of fiscal '24 should be a little bit better because you don't have the swaging fund and destocking and the comps in the U.S. a little bit easier. So that might be edging towards 4%. And the second half of fiscal '24, you lapped that swaging fund comp. So that should be better second half, but you say should be better than the first that has me somewhere around the low end of the medium-term guidance. So I appreciate you're not going to give a number today, but is that the right way direction to think about things?

黛布拉和拉瓦尼亞，大問題與指導有關，但很高興你們重申了中期指導。但我正在嘗試了解 24 財年的情況。因此，如果 23 財年下半年的增長率為 3%，那麼 24 財年的上半年應該會好一點，因為你沒有鍛造基金和去庫存，而且美國的比較容易一點。因此，這一比例可能會逐漸接近 4%。 24 財年的下半年，您在鍛造基金方面表現出色。所以下半年應該會更好，但你說應該比上半年更好，這讓我處於中期指導的低端附近。所以我很感激你今天不打算給出一個數字，但是這是思考問題的正確方向嗎？

Lavanya, you want to address this?

Lavanya，你想解決這個問題嗎？

Yes. Sure. So Trevor, I mean, I got -- I'll start by kind of reiterating what you just tended on, which is that we are not giving in-year guidance. And maybe stepping back a minute, the reason we don't give in-year guidance is because we run the business for the medium to long term. And we -- there's still quite a lot of volatility out there in the marketplace. And we're going to do what's right for the business. And we're going to continue to invest in the business.

是的。當然。所以，特雷弗，我的意思是，我首先要重申一下您剛才強調的內容，即我們不會提供年內指導。也許退一步來說，我們不提供年度指導的原因是因為我們是中長期經營業務。而我們——市場上仍然存在很大的波動。我們將做對業務有利的事情。我們將繼續投資該業務。

We see substantial resilience in the consumer and the category as Debra laid out. And we are very confident about our medium-term guidance of 5% to 7% on the top line and operating profit growing slightly ahead at 6% to 9%.

正如黛布拉所指出的，我們看到消費者和該類別具有巨大的彈性。我們對營收增長 5% 至 7% 的中期指導以及營業利潤 6% 至 9% 的小幅增長充滿信心。

Now having said that, what we wanted to do was to be as helpful as possible for the short term in-year guidance. And so just wanted to point out the fact that this year has continued to be a lumpy year. Fiscal '23 has continued to be a lumpy year as the last 2 years have been. And so just from a lapping perspective, the comps are easier on the second half of the year than for fiscal '24 than they will be in the first half of the year.

話雖如此，我們想做的是盡可能為短期年內指導提供幫助。所以我只想指出這樣一個事實：今年仍然是坎坷的一年。與過去兩年一樣，23 財年仍然是動蕩的一年。因此，僅從研磨的角度來看，今年下半年的比較比 24 財年的上半年要容易。

So I'll leave it at that, and we are focused on making sure that we drive the business in the right way that we gain share of total beverage alcohol across markets that we drive the productivity that we need to be driving to continue to reinvest in A&P behind our brand.

所以我就這樣吧，我們的重點是確保以正確的方式推動業務，從而獲得整個飲料酒精市場的份額，提高生產力，從而繼續進行再投資在我們品牌背後的 A&P。

And if I could ask just one follow-up. The one region where it seems to have the biggest swing in growth rates between H1 and H2 was LatAm from sort of roughly 20% growth in the first half to a small decline in the second half. Maybe if you could just comment a little bit on what drove that big deceleration in Latin America?

如果我可以問一個後續問題。上半年和下半年增長率波動最大的地區似乎是拉丁美洲，從上半年大約 20% 的增長到下半年的小幅下降。也許您能簡單評論一下拉丁美洲經濟大幅減速的原因嗎？

Yes. I'll go ahead and take that, and then Lavanya, if you want to add anything to it. Certainly, we were impacted by timing. If you think about the live events that were going to happen in -- quite early in the second half, things like Carnival in Brazil, et cetera, we did have certainly some shipment timing that landed in half 1 or half 2 that certainly did impact. And we do continue to see a more sensitive environment for consumer pricing in Latin America.

是的。如果你想添加任何東西的話，我會繼續做下去，然後是拉瓦尼亞。當然，我們受到了時機的影響。如果你考慮一下下半年將要發生的現場活動，例如巴西狂歡節等，我們確實有一些發貨時間落在了 1 半或 2 半，這肯定會產生影響。我們確實繼續看到拉丁美洲的消費者定價環境更加敏感。

But I do think look, we -- overall, we still feel very good about our performance in Latin America. Remember, this is a business that is 70% bigger than what it was prior to going into COVID. So we slipped along even considering this year with some shipment timing things happening, it's still a 15% CAGR. So pretty incredible and also really nice margin growth as well.

但我確實認為，總體而言，我們仍然對我們在拉丁美洲的表現感到非常滿意。請記住，這個業務比進入新冠疫情之前規模擴大了 70%。因此，即使考慮到今年發生了一些發貨時間問題，我們的複合年增長率仍然是 15%。非常令人難以置信，而且利潤增長也非常好。

I think the margins have doubled, I'm looking at Lavanya and she is nodding. The margins have doubled in Latin America during that time. So we still feel good about the overall health there. And we are still seeing premiumization from the consumer in Latin America, albeit it certainly is an environment where consumers are kind of more sensitive to price.

我認為利潤翻了一番，我看著拉瓦尼婭，她在點頭。在此期間，拉丁美洲的利潤率翻了一番。所以我們對那裡的整體健康狀況仍然感覺良好。我們仍然看到拉丁美洲消費者的高端化，儘管在這個環境中消費者對價格確實更加敏感。

The next question goes to Edward Mundy of Jefferies.

下一個問題將問傑富瑞 (Jefferies) 的愛德華·蒙迪 (Edward Mundy)。

I've got a couple of questions on tequila, please. The first is on -- in the U.S. But the first is on Don Julio and Casamigos, which saw a bit of a moderation in the second half. It looks like Casamigos sales were sort of flattish and Don Julio down to the sort of low single digit after the quite strong first half. Are you able to sort of provide a bit more color as to sort of why that happened? It's the first question.

我有幾個關於龍舌蘭酒的問題。第一個節目在美國播出，但第一個節目是《唐·胡里奧》和《卡薩米戈斯》，下半場的氣氛有所緩和。看起來，Casamigos 的銷售額有些平淡，而 Don Julio 在上半場相當強勁的表現之後，銷售額下降到了低個位數。您能否提供更多信息來解釋為什麼會發生這種情況？這是第一個問題。

And the second is you've got some great tools to read the consumer, you put radar on the you've got great social listening tools. Are you seeing any evidence of down-trading from sort of the premium and towards the more mainstream level? It's the second question.

第二個是你有一些很棒的工具來了解消費者，你把雷達放在你有很棒的社交傾聽工具上。您是否看到任何證據表明交易從溢價轉向更主流的水平？這是第二個問題。

And the third question is about the international opportunity for tequila. I think you mentioned it like it drove 10% of European growth, Which market are you really seeing it within Europe and which of the other markets outside of Europe and the U.S. where you're starting to see some early signs of tequila adoption?

第三個問題是關於龍舌蘭酒的國際機會。我認為您提到它推動了歐洲 10% 的增長，您在歐洲的哪個市場真正看到了它，以及歐洲和美國以外的其他哪些市場您開始看到龍舌蘭酒採用的一些早期跡象？

Yes, I'll take that, Ed. So I think, look, starting with Don Julio and Casamigos in the U.S., I mean, remember, this is a bit of a love of large numbers in many ways because, certainly, we're still seeing very strong growth on both brands. And look, super premium tequila has always been growing as well. So what you really see within tequila is you see super premium tequila and you see kind of what we would call ultra-premium tequila. So take it from a kind of a $40 range up to $100 range, that is all growing very fast, and that is really what's driving the growth. At the lower end, kind of the more tequila, that is not growing as fast, and that has been pretty price -- much more price sensitive and promotion sensitive. And then as the luxury end I mentioned this earlier, the luxury end, we are seeing moderating growth there. That's not surprising to us. We always have known that a lot of that is aspirational consumption. So still growing, but just not at the same rate.

是的，我會接受的，艾德。所以我認為，從美國的 Don Julio 和 Casamigos 開始，我的意思是，記住，這在很多方面都是對大量數字的熱愛，因為當然，我們仍然看到這兩個品牌的強勁增長。看，超優質龍舌蘭酒也一直在增長。所以你在龍舌蘭酒中真正看到的是超優質龍舌蘭酒，你看到的是我們所說的超優質龍舌蘭酒。因此，從 40 美元到 100 美元的範圍，這些都增長得非常快，這才是真正推動增長的因素。在低端市場，更多的是龍舌蘭酒，增長速度不那麼快，而且價格相當高——對價格和促銷更加敏感。正如我之前提到的奢侈品端，我們看到奢侈品端的增長正在放緩。這對我們來說並不奇怪。我們一直都知道，其中很多都是渴望性消費。所以仍在增長，但只是速度不同。

So we're still feeling very good about Don Julio and Casamigos. I think when you look at sort of the second half versus the first half, I do think there's quite a bit of noise in that data. We've got a lot of on-premise, which is not in track, is really where a lot of the tequila growth is still growing quite strongly. So we feel really good. And of course, we do have some innovation for the first time ever coming on Casamigos. We know that, that's going to be exciting for consumers to see some new innovation. You mentioned demand radar. Yes, we are closely -- and we are using all of these tools. We're just not seeing things go from premium to mainstream.

所以我們仍然對唐胡里奧和卡薩米戈斯感覺很好。我認為當你比較下半場與上半場的情況時，我確實認為這些數據中有相當多的噪音。我們有很多內部部署，雖然沒有步入正軌，但實際上龍舌蘭酒的增長仍然相當強勁。所以我們感覺非常好。當然，我們確實在 Casamigos 上首次推出了一些創新。我們知道，看到一些新的創新會讓消費者感到興奮。您提到了需求雷達。是的，我們非常接近——並且我們正在使用所有這些工具。我們只是沒有看到事情從高端變成主流。

Like I said, you certainly are seeing some heat in kind of that super premium plus tequila as well as ultra, but we're not seeing kind of a premium to mainstream slide really anywhere. And then on international tequila, look, I mean, we see this across multiple kind of big cities, that high energy occasion. This is really where particularly 1942, we also are seeing from a global from a tourism standpoint, and a lot of these big tourist hotspots we're seeing great growth.

就像我說的，你肯定會看到一些超級優質加龍舌蘭酒和超級特級酒的熱度，但我們並沒有在任何地方看到比主流幻燈片更高級的東西。然後在國際龍舌蘭酒方面，我的意思是，我們在多種大城市中都看到了這種高能量的場合。這確實是在 1942 年，我們從全球旅遊業的角度看到了這一點，我們看到許多大型旅遊熱點都在快速增長。

So you think about like Southern Europe for us, Greece, so that's -- Italy, Spain. And then I don't know if you've had a Paloma yet, Ed. But if you had it, I think on the cocktail side, we're really seeing internationally, things like the Paloma cocktail really driving a lot of excitement for us.

所以你想想我們的南歐，希臘，意大利，西班牙。然後我不知道你是否已經擁有帕洛瑪了，艾德。但如果你有它，我認為在雞尾酒方面，我們確實在國際上看到，像帕洛瑪雞尾酒這樣的東西確實讓我們興奮不已。

And the next question goes to Sanjeet Aujla of Crédit Suisse.

下一個問題是由瑞士信貸銀行的桑吉特·奧吉拉 (Sanjeet Aujla) 提出的。

Two from me, please. You very helpfully gave us a bit of context on your U.S. distributor levels. But can you just talk about the retailer inventory situations you see it? And against that backdrop, would you expect depletions and shipments for your U.S. spirits business to be more closely aligned in fiscal '24?

請從我這裡來兩份。您為我們提供了有關美國經銷商級別的一些背景信息，非常有幫助。但您能簡單談談您看到的零售商庫存情況嗎？在此背景下，您是否預計 24 財年美國烈酒業務的消耗和發貨量會更加一致？

Yes, I'll take the first one and then Lavanya, if you want to talk about the depletions and ships. So on retailer wise, I mean, we certainly did see a difference in depletions in the second half versus what we were seeing in the tracked channels on Nielsen and NABCA. That being said, that -- a lot of that -- that's fairly noisy data as well because if you think about last year's environment, last year, there were a lot of price increases sort of coming in. And so for retailers, it would have been a very smart decision to sort of buy early. And once again, creating this lumpy data, we can talk about lumpy data. But it would have created that within the retailer inventory levels as well.

是的，如果你想談論消耗和船隻，我會選擇第一個，然後是拉瓦尼亞。因此，就零售商而言，我的意思是，我們確實看到下半年的損耗與尼爾森和 NABCA 跟踪渠道中看到的有所不同。話雖這麼說，其中很多數據也是相當嘈雜的數據，因為如果你考慮一下去年的環境，去年就會有很多價格上漲。因此對於零售商來說，這會儘早購買是一個非常明智的決定。再次，創建這些塊狀數據，我們可以談論塊狀數據。但它也會在零售商庫存水平內造成這種情況。

So look, we took price increases last year. We took big ones in the spring, and we also took another one on August 1. So that might explain some lumps certainly within our data. But at this point, I wouldn't signal really anything else on what we're seeing on retailer kind of inventory levels other than that. Lavanya?

所以看，我們去年漲價了。我們在春季採集了大顆星，並在 8 月 1 日採集了另一顆星。因此，這或許可以解釋我們數據中的一些腫塊。但在這一點上，除此之外，我不會就我們所看到的零售商庫存水平發出任何其他信號。拉瓦尼婭？

Yes. So Sanjeet, depletes and ships, look, as we laid out, we ended fiscal '23 with very healthy levels of distributor inventory back to pre-COVID levels, and we are -- we're very comfortable with where those inventory levels ended. If you go back and look at history, like even before COVID, there was always small variations between depletes and ships. I mean it's never a perfect time.

是的。因此，Sanjeet，耗盡並發貨，看，正如我們所規劃的那樣，我們在23 財年結束時，分銷商庫存水平非常健康，回到了新冠疫情之前的水平，我們對這些庫存水平結束的情況感到非常滿意。如果你回顧一下歷史，就像在新冠疫情之前一樣，消耗品和船舶之間總是存在微小的差異。我的意思是，這從來都不是一個完美的時機。

We run the business from sell-out with the sell-out culture, really paying more attention to depletions. And I would expect minor ups and downs to continue to exist as they did in the past. Although I'd say that versus the last couple of years, I mean, things have normalized here going forward. So I think that's probably the best read we have today.

我們以售空文化來經營業務，真正更加關注損耗。我預計小幅波動將像過去一樣繼續存在。儘管我會這麼說，與過去幾年相比，我的意思是，未來事情已經正常化。所以我認為這可能是我們今天讀到的最好的讀物。

Great. And just one quick follow-up on -- just coming back to U.S. tequila. When we look at Nielsen and NABCA, it does seem like your share within the category has slowed a little bit. So can you just give us a little bit of context behind that and how you see that evolving over the next 12 months?

偉大的。只是一個快速的後續行動——剛剛回到美國龍舌蘭酒。當我們觀察尼爾森和 NABCA 時，您在該類別中的份額似乎確實有所放緩。那麼您能否向我們介紹一下這背後的背景以及您如何看待未來 12 個月的發展？

Yes. I think, look, we have led pricing within the tequila industry. And we are looking out for the long-term health of tequila. And so we're not going to chase any more share than what we kind of think is a sustainable share within that. But we do -- like I said, we feel overall very good about both brands and the health of both brands. We have always had higher shares on the aged variance of tequila. And those continue to perform very, very well with consumers a little less promotional driven versus Blanco.

是的。我認為，看，我們在龍舌蘭酒行業中主導了定價。我們正在關注龍舌蘭酒的長期健康。因此，我們不會追求比我們認為可持續的份額更多的份額。但我們確實——就像我說的那樣，我們對這兩個品牌以及這兩個品牌的健康狀況總體感覺非常好。我們一直在龍舌蘭酒的陳年差異上佔有較高的份額。與布蘭科相比，這些產品在促銷驅動力稍弱的消費者中繼續表現得非常非常好。

The next question goes to Simon Hales of Citi.

下一個問題將由花旗銀行的西蒙·黑爾斯 (Simon Hales) 提出。

So just a couple for me. Can I just sort of go back to the commentary on inventory levels? I mean Debra, you talked about you're comfortable globally with where inventory levels are sitting at the end of the year. I think it's in Latin America, you referenced in the statement, there was a little bit of inventory normalization in the second half of the year. That obviously explains some of that slowdown in organic sales growth the sort of Trevor referenced in his question. Is that destocking, if you like, in Latin America now complete? So that's my first question. Is there anything else in other regions outside the U.S., we should be aware of as we go into sort of H1?

所以對我來說只有幾個。我可以回到關於庫存水平的評論嗎？我的意思是黛布拉，您談到您對全球年底的庫存水平感到滿意。我認為是在拉丁美洲，您在聲明中提到，下半年庫存出現了一些正常化。這顯然解釋了特雷弗在他的問題中提到的有機銷售增長放緩的部分原因。如果你願意的話，拉丁美洲的去庫存現在已經完成了嗎？這是我的第一個問題。在我們進入 H1 時，美國以外的其他地區還有什麼是我們應該注意的嗎？

Yes. So I think -- look, we do feel comfortable overall. We do have -- there are a couple of places. One of them you mentioned in -- within Latin America, Brazil still sitting higher than usual inventory. But outside of that, Latin America, I think, largely I'll just reiterate, overall, we feel good. Every once in a while, you'll get in a market a little bit of extra inventory and mostly because you returning to live events for COVID, we were expecting big things there.

是的。所以我認為——看，我們總體上確實感覺很舒服。我們確實有——有幾個地方。您提到的其中之一——在拉丁美洲，巴西的庫存仍然高於平常。但除此之外，我認為拉丁美洲基本上我會重申，總體而言，我們感覺良好。每隔一段時間，你就會在市場上獲得一點額外的庫存，主要是因為你因為新冠疫情而重返現場活動，我們期待那裡會發生大事。

And while it materialize -- just didn't materialize to the level of which the team originally thought. But once again, we feel great about our Brazilian business. It's going really strong. And -- by the way, the other thing just to mention on Brazil, it is a long supply chain because it's mostly for us a scotch market. So it is the type of thing where you have to plan these things months in advance.

雖然它實現了，但只是沒有達到團隊最初設想的水平。但我們再次對我們的巴西業務感到滿意。它會變得非常強勁。順便說一句，關於巴西的另一件事，它是一個很長的供應鏈，因為它主要是我們的蘇格蘭威士忌市場。因此，您必須提前幾個月計劃這些事情。

But like I said, the team there is quite confident that this is inventory that they can move. It's great inventory. So I wouldn't say anything probably beyond that.

但正如我所說，那裡的團隊非常有信心這是他們可以移動的庫存。庫存量很大啊所以我不會說除此之外的任何事情。

Okay. That's very helpful. And secondly, can I just come back to the U.S. market sort of more generally? I mean you referenced in your presentation the fact that you under-indexed as a business in RTD. Clearly, there's a lot of preprepared cocktail growth in the U.S. that you haven't got access to at the moment. When you look at the size of the addressable market for you in the U.S. at the moment, given that you underplay in the RTD area, what do you think the growth rate is really of the U.S. market on a go-forward basis?

好的。這非常有幫助。其次，我可以更廣泛地回到美國市場嗎？我的意思是，您在演示文稿中提到了您作為 RTD 企業的索引不足這一事實。顯然，美國有很多現成的雞尾酒增長，但你目前還無法獲得。當您考慮目前美國的潛在市場規模時，考慮到您在 RTD 領域的發展不足，您認為美國市場未來的實際增長率是多少？

Yes. I mean I'll start with saying, actually, we're a pretty decent player in RTDs. It's just the spirit-based RTD. So if you think back -- we've been in the Smirnoff Ice business for 20 years. So -- and actually, Smirnoff Ice continues to be a great and has nice growth rate continuously through that. There are times where it has been bigger and smaller, but we do know how to run that RTD business. We really don't play much in seltzers outside of -- we've got Lone River. But that's a very specific kind of agave kind of background seltzer.

是的。我的意思是，我首先要說的是，實際上，我們在 RTD 領域是相當不錯的參與者。這只是基於精神的RTD。所以，如果您回想一下，我們從事斯米諾冰塊業務已有 20 年了。因此，事實上，斯米諾冰品仍然是一個偉大的品牌，並且持續保持著良好的增長率。有時它會變大或變小，但我們確實知道如何經營 RTD 業務。除了 Lone River 之外，我們確實很少喝蘇打水。但這是一種非常特殊的龍舌蘭背景蘇打水。

So that -- we do have a broad portfolio, and we do see that moving up into spirits. I think what we have said is that we want to play selectively. We want to play where it's premium, we want to play where it will grow the category, we want to play where it will ultimately help our brands because when you think about LDA plus kind of coming into TBA today for them to come in through an RTD spirit, that just leads them right into cocktails, which is right into where we want to play.

因此，我們確實擁有廣泛的產品組合，而且我們確實看到它正在向烈酒領域發展。我認為我們所說的是我們要選擇性地進行比賽。我們希望在高端領域發揮作用，我們希望在它能夠發展品類的領域發揮作用，我們希望在它最終能夠幫助我們品牌的地方發揮作用，因為當你想到LDA加上今天即將進入TBA時，他們將通過RTD 精神，正是這種精神引導他們進入雞尾酒，這正是我們想要發揮的作用。

We also have some very nice other convenience plays that we're very excited about. Things like our Bulleit ready to serve, which is a really high-quality old fashions in Manhattan. So these really high-quality serves, and we're feeling really great about that innovation. So we broadly think that convenience is important and we can play in it. We are just going to play in it at the premium end.

我們還有一些非常好的其他便利遊戲，我們對此感到非常興奮。像我們的 Bulleit 一樣，這是曼哈頓真正高品質的老時尚。所以這些真正高質量的服務，我們對這種創新感到非常高興。所以我們普遍認為便利很重要，我們可以利用它。我們只是要玩高端遊戲。

The good news is the consumer is premiumizing. They are coming out from seltzers and from FMBs into RTD kind of spirits. And so people are developing this pace for better quality in this space, and that is right on the bull's eye for where we want to play. As far as, look, it is still a small part of overall TBA. I think even taking into account, I think beer kind of what's in the beer space, the beyond beer space, it is still a smaller player. So -- and we look at this, we're a total TBA player. We're not trying to carve up shares into too many different segments.

好消息是消費者正在追求高端化。它們從蘇打水和 FMB 轉變為 RTD 類烈酒。因此，人們正在發展這種節奏，以提高這個領域的質量，而這正是我們想要發揮的作用的靶心。就目前來看，它仍然只是整體待定的一小部分。我認為，即使考慮到啤酒領域、啤酒領域以外的啤酒領域，它仍然是一個較小的參與者。所以——我們看看這個，我們是一個完全的 TBA 玩家。我們並不想將股票分割成太多不同的部分。

Understood. And if I could just squeeze in one quick final one. You delivered GBP 450 million of productivity savings in 2023. How do we think about the size of that savings opportunity in 2024? Clearly, you've got the final year of productivity program benefits and maybe some early benefits coming from the supply chain agility program, should be expected to see more than GBP 450 million of benefits this year?

明白了。如果我能快速擠出最後一篇就好了。您在 2023 年實現了 4.5 億英鎊的生產力節省。我們如何看待 2024 年這一節省機會的規模？顯然，您已經獲得了生產力計劃最後一年的收益，也許還有來自供應鏈敏捷性計劃的一些早期收益，預計今年的收益將超過 4.5 億英鎊？

Lavanya, you want to take it?

拉瓦尼婭，你想接受嗎？

Thanks, Debra. So yes, no, we're, look, very proud of the work that the entire organization has done on driving productivity in fiscal '23, up from our historic levels of about GBP 400 million to GBP 450 million as you said. Going forward, look, I do expect that we will achieve and overachieve on the 1.2 billion of productivity that we guided to 2 years ago. So this is our third and last year of that program. But for us, productivity is very much something that we work on across the board. The supply agility program will be in addition to the GBP 1.2 billion of productivity that we had guided to. I'd expect to see some small benefit of that starting to flow through in fiscal '24. The vast majority of that is really going to come fiscal '25 and beyond.

謝謝，黛布拉。所以，是的，不，我們對整個組織在 23 財年提高生產率方面所做的工作感到非常自豪，正如您所說，我們的生產率從約 4 億英鎊的歷史水平上升到 4.5 億英鎊。展望未來，我確實預計我們將實現並超額實現我們 2 年前指導的 12 億生產力目標。這是我們該計劃的第三年，也是最後一年。但對我們來說，生產力是我們全面努力的目標。供應敏捷性計劃將不包括在我們指導的 12 億英鎊生產力計劃中。我預計這會在 24 財年開始帶來一些小好處。其中絕大多數實際上將在 25 財年及以後實現。

So I don't think that's going to be a very large contributor in '24 itself, but we will continue to work on manufacturing productivity. A lot of the work that we do on sustainability drives productivity like being more efficient in our usage of water and energy, the decarbonization work that we have done. Leven as an example, I think you guys saw when you were up there in Scotland that we now do have the ability to run that factory partially on solar power. And so all of that definitely helps contribute to productivity as well.

因此，我認為這不會對 24 世紀本身產生很大的貢獻，但我們將繼續致力於提高製造生產力。我們在可持續發展方面所做的許多工作都可以提高生產力，例如提高水和能源的使用效率以及我們所做的脫碳工作。以利文為例，我想你們在蘇格蘭時就看到我們現在確實有能力部分依靠太陽能來運營該工廠。因此，所有這些肯定也有助於提高生產力。

And the next question goes to Mitch Collett of Deutsche Bank.

下一個問題是德意志銀行的米奇·科利特。

I've got three questions, please. First, just to go back to the U.S. shipments, depletions, inventory question again. This year, your shipment growth lagged depletion by 2 percentage points. Last year, shipment growth exceeded depletions by 300 basis points or 3 percentage points. And in F '21, shipment growth exceeded depletion growth by 5 percentage points.

我有三個問題，請教。首先，再次回到美國的出貨量、消耗量和庫存問題。今年，你們的出貨量增長落後於消耗量 2 個百分點。去年，出貨量增長超過損耗 300 個基點，即 3 個百分點。 21 財年，出貨量增長超過損耗增長 5 個百分點。

I don't think you disclosed it in F '20. But can you confirm that the absolute level in U.S. dollars of shipments match depletions in F '23 and therefore, we should expect shipments and depletion growth to be broadly aligned in FY '24? Apologies for the long-winded first question.

我不認為你在 F '20 中透露過這一點。但您能否確認，以美元計算的出貨量絕對水平與 23 財年的消耗量相符，因此，我們應該預計 24 財年的出貨量和消耗量增長將大致一致？對於冗長的第一個問題表示歉意。

Second question is that you said that you gained or held share in 70% of your end markets. Can you split that into gained and held? And then thirdly, you show that you are broadly flat in terms of market share of TBA in the U.S.? I guess that means that you're losing share of spirits. Is holding share of TBA but losing share of spirits something you're comfortable with in the U.S.? And if not, what can you do to fix that, given that you've already significantly stepped up marketing investment within the market?

第二個問題是，您說您獲得或持有了 70% 的終端市場份額。你能把它分成獲得的和持有的嗎？第三，你們表明你們在美國 TBA 市場份額方面基本持平？我想這意味著你正在失去精神。在美國，持有 TBA 份額但失去烈酒份額是否讓您感到舒服？如果沒有，考慮到您已經大幅加大了市場營銷投資，您可以採取什麼措施來解決這個問題？

I think, Lavanya, if you want to take the first one on the ship, deplete.

我想，拉瓦尼婭，如果你想在船上拿下第一個，那就耗盡吧。

Yes. So Mitch, I think the in Debra's presentation today, we added a slide in that we haven't historically had in our traditional results deck, but addressing this question of distributed inventory levels because there's been quite a bit of noise around this topic. And -- but what I point to over there is because at the end of the reconciliation between ships and depletes is distributor inventory levels.

是的。所以米奇，我認為在黛布拉今天的演講中，我們添加了一張幻燈片，這是我們傳統的結果甲板上歷史上沒有的，但解決了分佈式庫存水平的問題，因為圍繞這個主題有相當多的噪音。而且 - 但我指出的是，因為在發貨和消耗之間的調節結束時是分銷商的庫存水平。

Distributor inventory levels started fiscal '23, broadly in line with historic levels and ended fiscal '23 at a very comfortable place very much in line with historic pre-COVID levels of inventory, okay? So what you had from a shift and depletions perspective, I mean if you go back to fiscal '20, you saw the big reduction in distributor inventory levels. We run this business very much with the sell-out perspective. If you go back to June 2020, height of COVID, no one knew when markets were going to reopen, what the shipments were, what the depletion rates were going to be. And so we were very, very responsible and pull down distributor inventory levels and as it turned out, the category performed quite well, and the consumers were extremely resilient in the off-trade and that last drink that was being had in the on-trade came home.

經銷商庫存水平在 23 財年開始時與歷史水平基本一致，並在 23 財年結束時處於一個非常舒適的位置，與新冠疫情前的歷史庫存水平非常一致，好嗎？因此，從轉變和消耗的角度來看，我的意思是，如果你回到 20 財年，你會看到分銷商庫存水平大幅下降。我們在經營這項業務時非常注重銷售。如果你回到 2020 年 6 月，當時新冠疫情最嚴重的時候，沒有人知道市場何時重新開放、發貨量是多少、消耗率是多少。因此，我們非常非常負責任地降低了經銷商的庫存水平，事實證明，該品類表現相當不錯，消費者在場外交易和場內交易中的最後一杯飲料中表現出極強的彈性回家。

Cocktails were being made on Zoom calls all over the country and way more exciting to make cocktails at home than baked cider bread. And so that further accelerated the reduction in days inventory from a distributor's perspective. Where we ended '23, we are very comfortable with inventory levels. I expect ships and depletes to move more in line with each other as they've historically done. There's always been fluctuations. I'll say that again, there will be minor fluctuations, but it's far more normalized than it has been over the last 3 years.

全國各地都在通過 Zoom 電話製作雞尾酒，在家製作雞尾酒比烤蘋果酒麵包更令人興奮。從經銷商的角度來看，這進一步加速了庫存天數的減少。 23 年末，我們對庫存水平感到非常滿意。我預計船舶和消耗品的移動會像歷史上那樣更加一致。一直都有波動。我再說一遍，會有輕微的波動，但比過去三年更加正常化。

And then your question on the 70% of markets holding or gaining share, yes, I would -- the big one that's holding share is the U.S., which is why we kind of drew that out also on a slide in the presentation to really talk about. And look, within that being flat, absolutely, we did gain on beer, but we did lose on spirits. And I think I've talked about a couple of the areas, there are the hotspots that in prior years were helps us that this year were not. And this RTD which I've talked a little bit about our plans there. we do have plans, but we are going to play very selectively there and really play in the right places where it most complements our business versus playing at the low undifferentiated kind of heavily promoted area, that's not of interest to us.

然後你關於70% 的市場持有或獲得份額的問題，是的，我會——持有份額的最大市場是美國，這就是為什麼我們也在演示文稿中的一張幻燈片上畫出了這一點來真正討論關於。看，在平坦的情況下，絕對，我們確實在啤酒方面有所收穫，但在烈酒方面我們確實有所損失。我想我已經討論了幾個領域，有些熱點在前幾年對我們有幫助，但今年卻沒有。我已經在這個 RTD 中討論了我們在那裡的計劃。我們確實有計劃，但我們將在那裡非常有選擇性地進行比賽，並真正在最能補充我們業務的正確地方進行比賽，而不是在低無差別的大力推廣區域進行比賽，這對我們來說不感興趣。

We always measure ourselves on quality market share And so that's really important. It's not -- we're not interested in sort of the short term sort of hits in that. So that's RTD is a big part. And then look, Crown, I mean, within whiskey, we're the biggest whiskey player in the U.S., our North American whiskey portfolio is bigger than rum and vodka combined.

我們始終以質量市場份額來衡量自己，因此這非常重要。這不是——我們對短期的打擊不感興趣。所以 RTD 是一個重要的部分。然後你看，皇冠，我的意思是，在威士忌領域，我們是美國最大的威士忌生產商，我們的北美威士忌產品組合比朗姆酒和伏特加加起來還要大。

And so for Crown, it's really important for us to get that business back in a place where we can innovate again, this was a business that we were short. We were short on liquid, we couldn't do it. Historically, if you look at things like Crown Apple, Crown Peach, this has driven a lot of incremental consumers into Crown. This is not like the vodka flavors. These flavors on Crown have really brought in new consumers new geographies in the country.

因此，對於 Crown 來說，讓該業務回到我們可以再次創新的地方非常重要，這是我們所缺乏的業務。我們缺少液體，我們做不到。從歷史上看，如果你看看像皇冠蘋果、皇冠桃子這樣的東西，就會發現這已經吸引了很多增量消費者進入皇冠。這不像伏特加的味道。皇冠上的這些口味確實為該國的新地區帶來了新消費者。

So missing out on that innovation has been a big deal for us. So to be able to get back to it, we're very excited about. And to your point, we have been spending on A&P. We're very thoughtful about how we spend that A&P. We always make sure that we look at every event that we do to make sure that we get a return for it. So within that, we feel like we do have the A&P to go do what we need to do and get back to a share-winning place in TBA sustainably.

因此，錯過這項創新對我們來說是一件大事。所以能夠回到這個話題，我們感到非常興奮。就您而言，我們一直在 A&P 上花錢。我們對於如何使用廣告費和廣告費深思熟慮。我們始終確保我們關注我們所做的每一項活動，以確保我們獲得回報。因此，我們覺得我們確實有 A&P 來做我們需要做的事情，並可持續地回到 TBA 的份額贏得地位。

If I could just come back to Lavanya on that Slide 13. I mean it doesn't have an access, you don't have a scale. Could you perhaps give the days of stock, days of sales inventory that it shows at the end of June and just confirm that that's based on a prediction of 12-month forward sales?

如果我能回到第 13 張幻燈片上的 Lavanya 就好了。我的意思是它沒有訪問權限，你沒有秤。您能否給出 6 月底顯示的庫存天數、銷售庫存天數，並確認這是基於 12 個月遠期銷售的預測？

So I'm not going to give a number on the days of inventory that we have. We have visibility to it on a daily basis with our largest distributors. We run our business, as I said, on a sell-out culture, and we -- and it's pretty much a replenishment model into distributors where we -- it didn't happen for the last couple of years because we didn't have product. But otherwise, that's how we run the business.

因此，我不會給出我們的庫存天數的數字。我們每天都可以通過我們最大的分銷商了解這一點。正如我所說，我們以售完的文化來經營我們的業務，而且我們——這幾乎是一種對經銷商的補貨模式——在過去的幾年裡，這種情況沒有發生，因為我們沒有產品。但除此之外，這就是我們經營業務的方式。

And we calculate days as a forward cover basis, and it is based on normalized category growth rate predictions. So we -- just to add a little bit more here, we treat our review of distributed inventories and stock in trade, in general, very seriously. We have what we call the Finance Assurance Committee. Debra and I lead that, we meet 3 times a year. And one of the things that we review through that process is stock in levels. I mean we have auditors present on that. We share this report with the Board of Directors and the Audit Committee. So this is something that we -- our sell-out culture is really something that we take incredibly seriously. And...

我們計算天數作為遠期覆蓋的基礎，它基於標準化的類別增長率預測。因此，我們——只是在這裡補充一點，我們總體上非常認真地對待對分佈式庫存和貿易庫存的審查。我們有所謂的財務保證委員會。黛布拉和我負責領導，我們每年見面 3 次。我們通過該流程審查的事情之一是庫存水平。我的意思是我們有審計員在場。我們與董事會和審計委員會分享這份報告。因此，我們的售空文化確實是我們非常重視的事情。和...

And we've been doing that for a decade, right?

我們這樣做已經十年了，對吧？

Decade, yes. And so I know there's all sorts of other wholesale inventory level data out there, but that's why we wanted to provide confidence that we're running this business the right way.

十年，是的。所以我知道還有各種其他批發庫存水平數據，但這就是為什麼我們希望讓人們相信我們正在以正確的方式運營這項業務。

And the next question goes to Andrea Pistacchi of Bank of America.

下一個問題是美國銀行的安德里亞·皮斯塔基 (Andrea Pistacchi)。

I have a couple, please. On Crown Royal, you said that you're now in a position to step up innovation. So along what axis are you thinking of innovation for Crown Royal? Is it flavors, is it limited additions or anything different?

我有一對，請。關於皇冠皇家，您說您現在能夠加強創新。那麼您認為 Crown Royal 的創新是沿著什麼方向進行的呢？是口味、添加量有限還是有什麼不同？

The second question is on pricing, mainly in the U.S. market. So for many years, there has been little pricing in the U.S. market, but in the last 18 months, there's clearly been a lot more because of the cost pressures. So looking forward, how do you think about -- for Diageo the balance between volume and maintaining or gaining the share of TBA versus pricing and margins in the U.S. market?

第二個問題是定價，主要是在美國市場。因此多年來，美國市場幾乎沒有定價，但在過去 18 個月裡，由於成本壓力，定價顯然要高得多。那麼展望未來，您如何看待帝亞吉歐 (Diageo) 在美國市場的銷量和維持或獲得 TBA 份額與定價和利潤之間的平衡？

And then lastly, if I may, on agave, going back to agave. Agave prices coming down is clearly very beneficial to margins medium term even if it -- you're saying it may be a little delayed for you because of the aging. How do you think about the possibility that more and cheaper agave availability could affect the pricing environment in tequila? Or is this maybe a risk if it is a risk more at lower price points?

最後，如果可以的話，關於龍舌蘭，回到龍舌蘭。龍舌蘭價格的下降顯然對中期內的利潤非常有利，即使你說由於老化，這對你來說可能會有點延遲。您如何看待更多、更便宜的龍舌蘭供應可能影響龍舌蘭酒定價環境的可能性？或者，如果價格較低時風險更大，這可能是一種風險嗎？

I'll take the first one and then Lavanya, if you want to look at the pricing and agave prices. So look, on Crown Royal, everything we do on innovation, it is about recruiting incremental consumers. This comes back to -- this isn't sort of the something just to drive news. This is about really bringing in new consumers. And on Crown, I mean, part of what's enabled us, I should have mentioned, we've got a good CapEx environment -- like investment in Canada that we put in, in a carbon-neutral distillery that's going to enable us to have the liquid that we need to get the growth that we need. What we just didn't anticipate was the huge uptick that COVID brought with it. And of course, with any whiskey, you have to know years in advance.

如果您想查看定價和龍舌蘭價格，我將選擇第一個，然後是 Lavanya。所以看，在皇冠皇家，我們在創新方面所做的一切都是為了招募增量消費者。這又回到了——這不僅僅是為了推動新聞。這是為了真正吸引新消費者。關於皇冠，我的意思是，我應該提到的是，我們擁有良好的資本支出環境——比如我們在加拿大投資的碳中和釀酒廠，這將使我們能夠我們獲得所需生長所需的液體。我們只是沒有預料到新冠疫情帶來的巨大增長。當然，對於任何威士忌，您都必須提前幾年了解。

So we just simply brand short. That being said, like I said, it is about recruit. I'm not going to -- for competitive reasons, I'm not going to get too into what's coming, but I promise that you'll be able to taste it when we launch it. Lavanya?

所以我們只是簡單地做短品牌。話雖這麼說，就像我說的，這是關於招募的。我不會——出於競爭的原因，我不會過多地談論即將發生的事情，但我保證當我們推出它時，你將能夠品嚐到它。拉瓦尼婭？

Pricing, look, our objective on price is always to treat it as one of the multiple levers that we have. Price really plays on 2 fronts. One is it is definitely one of the levers that we have to offset inflation. But there, we also have premiumization, productivity, volume growth. These are also other levers that we have. And then the second is price is also a lever within the marketing mix. And it helps to drive equity of the brand in -- especially in the higher price points in the super premium kind of price points price.

定價，看，我們的價格目標始終是將其視為我們擁有的多種槓桿之一。價格確實在兩個方面發揮作用。一是它絕對是我們抵消通貨膨脹的槓桿之一。但在那裡，我們也有高端化、生產力和銷量增長。這些也是我們擁有的其他槓桿。其次，價格也是營銷組合中的一個槓桿。它有助於推動品牌資產——尤其是在超高端價格點的較高價格點。

Sometimes it's an indicator of quality as well. Our objective on pricing is to make sure that it's very balanced. And our price in itself is not an objective for us. Building strong brands for the long-term future is the objective. And as we do that, price is one of the things that we look at. But equally, we want to be driving premiumization. We want to be driving volume growth.

有時它也是質量的指標。我們定價的目標是確保其非常平衡。我們的價格本身並不是我們的目標。為長遠的未來打造強大的品牌是我們的目標。當我們這樣做時，價格是我們考慮的因素之一。但同樣，我們希望推動高端化。我們希望推動銷量增長。

And if you look at volume in the year, while our volume for the fiscal was down about a point, all of that was really a reduction in volume in Africa beer. And macroeconomic conditions have been tough in Africa, high inflation as well as devaluation. We run that business in an extremely responsible manner. And so we took price, and we lost some volume there, spirits volume was flat. If you adjust for the lapping effect, spirits volume would have actually been up 1 percentage point.

如果你看一下今年的銷量，雖然我們的財政銷量下降了大約一個百分點，但所有這些實際上都是非洲啤酒銷量的減少。非洲宏觀經濟形勢嚴峻，通脹高企，貨幣貶值。我們以極其負責任的方式經營該業務。因此，我們採取了價格，但我們損失了一些銷量，烈酒銷量持平。如果調整研磨效果，烈酒量實際上會增加 1 個百分點。

So we do feel good about the balance that we have between volume, price and mix. I do expect that as inflation moderate pricing will also moderate as we go forward over here.

因此，我們確實對數量、價格和產品組合之間的平衡感到滿意。我確實預計，隨著通脹溫和，定價也會隨著我們的進展而放緩。

In terms of agave prices, look, as I said before, we do expect that they will come down here in the future as supply increases. Do I see that closing a price risk? Perhaps at the lower end of the price point, I mean the one thing you have to remember is, if you go to a big retailer outlet -- liquor outlet in the U.S., like what you find is a very, very long shelf of tequila products even today. And there's a lot of competitors on the shelf. They've been there for a really long period of time. It's not new. The competition has always been very much a part of the tequila shelf. And -- but the brands that have done well, like our brands, Don Julio and Casamigos, have done well because they have been outstanding from a marketing perspective and outstanding at brand building.

就龍舌蘭價格而言，正如我之前所說，我們確實預計隨著供應增加，未來龍舌蘭價格將會下降。我認為這會帶來價格風險嗎？也許在價格的低端，我的意思是你必須記住的一件事是，如果你去一家大型零售商——美國的酒類專賣店，你會發現一個非常非常長的龍舌蘭酒架子即使在今天的產品。而且貨架上還有很多競爭對手。他們已經在那里呆了很長一段時間了。這並不新鮮。競爭一直是龍舌蘭酒貨架上的重要組成部分。而且，那些表現出色的品牌，比如我們的品牌 Don Julio 和 Casamigos，之所以表現出色，是因為它們在營銷角度和品牌建設方面都表現出色。

And this is not a price-sensitive category in general. I mean, spirits in general is not price sensitive. It's usually -- the total spend for average U.S. household is still only about $360 a year. It's an infrequently shopped category. It's mostly consumed in special occasions.

一般來說，這不是一個對價格敏感的類別。我的意思是，烈酒一般對價格不敏感。通常，美國家庭平均每年的總支出仍然只有 360 美元左右。這是一個不常購買的類別。它主要在特殊場合消費。

And what you're seeing drinking or what you're seeing serving people does say a lot about you. So I don't expect that this is -- the agave cost coming down is going to lead to some kind of a massive price sensitive environment here.

你所看到的飲酒情況或你所看到的為人服務的情況確實說明了很多關於你的情況。所以我不認為龍舌蘭成本的下降會導致這裡出現某種大規模的價格敏感環境。

And the next question goes to Sarah Simon of Morgan Stanley.

下一個問題是向摩根士丹利的莎拉·西蒙提出的。

I've got two questions. First one was on marketing. You've talked about more innovation coming on ready-to-drink and more supply coming on for Crown. How should we think about marketing as a percentage of revenues, I guess, globally, as we head into fiscal '24?

我有兩個問題。第一個是關於營銷。您談到了即飲飲料的更多創新以及皇冠的更多供應。我想，當我們進入 24 財年時，我們應該如何考慮營銷佔全球收入的百分比？

And then the second one was just back to -- I apologize, back to the inventory question. You said it's based on the sort of ratio of inventory levels to what you expect in terms of daily revenues. Can you give us a sense for what kind of growth you're assuming in terms of daily revenues, in terms of year-on-year growth so we can just get a feel for what's behind that decline in the ratio?

然後第二個問題又回到了——我很抱歉，回到庫存問題。您說它是基於庫存水平與您對每日收入的預期的比率。您能否讓我們了解一下您所假設的每日收入和同比增長是什麼樣的增長，以便我們了解比率下降背後的原因？

So I'll take the first one. So on -- look, on marketing, we don't move to sort of a -- we're not wedded to a certain rate of return on marketing. We -- so we do what we need to do for the business. And if something is not working, we don't spend it. And so we're not -- but we're not managing to a specific number there. And so we do feel like we are -- we do have good levels, and we have been investing in places where we see opportunity.

所以我會選擇第一個。所以，看，在營銷方面，我們不會採取某種方式，我們不會執著於一定的營銷回報率。我們——所以我們做我們需要為業務做的事情。如果有些東西不起作用，我們就不會花錢。所以我們沒有——但我們沒有達到一個具體的數字。所以我們確實覺得我們確實有很好的水平，而且我們一直在我們看到機會的地方進行投資。

We measure all of that marketing. And where we see more opportunity, we spend it. Where we don't or where it's not working, we move that money. So that's kind of what I've got on that. Lavanya, you want to take the other question?

我們衡量所有營銷活動。當我們看到更多機會時，我們就會利用它。在我們不這樣做或不起作用的地方，我們會轉移這筆錢。這就是我所得到的。 Lavanya，你想回答另一個問題嗎？

So Sarah, I'm not going to give, sorry, guidance for what our short-term growth rate assumptions are going to be for the U.S. or for any other market for that matter. But rest assured, what we use to calculate those days forward cover is very realistic growth rates based on recent historic actuals and trends.

所以莎拉，抱歉，我不會就我們對美國或任何其他市場的短期增長率假設給出指導。但請放心，我們用來計算這些天的遠期覆蓋率是基於最近的歷史實際情況和趨勢的非常現實的增長率。

I mean like It's -- well, we measure buyers. We do all the good stuff that you would expect a company that runs a very disciplined business to do.

我的意思是，我們衡量買家。我們所做的一切都是您期望一家經營紀律嚴明的公司所做的好事。

And the next question goes to Chris Pitcher of Redburn.

下一個問題是向 Redburn 的 Chris Pitcher 提出的。

A couple of questions on Africa, please. You mentioned that volumes have been weak in Africa, but your performance in Nigeria certainly seems to held up better than many of your competitors. And judging on the commentary, it looks to have been led by beer. Can you give a bit more color on what's helped your performance in Nigeria, given all the macro pressures on the consumer?

請教幾個關於非洲的問題。您提到非洲的銷量一直疲弱，但您在尼日利亞的表現肯定比許多競爭對手要好。從評論來看，似乎是啤酒主導的。考慮到消費者面臨的所有宏觀壓力，您能否詳細說明一下是什麼幫助了您在尼日利亞的業績？

And then more broadly on your strategy in Africa, there's been a lot going on. You sold entire businesses, you sold breweries. You've increased others. Are you happy with your footprint as it is in Africa right now? And could you share any plans you might have across the continent to help protect share, given some potential new entrants, especially in important profit pools like Kenya?

更廣泛地說，關於你們在非洲的戰略，發生了很多事情。你賣掉了整個企業，你賣掉了啤酒廠。你已經增加了其他人。您對您目前在非洲的足跡感到滿意嗎？考慮到一些潛在的新進入者，特別是在肯尼亞這樣的重要利潤池，您能否分享一下您在整個非洲大陸可能製定的任何計劃，以幫助保護份額？

Lavanya, if you want to take the first question, I'll take the second one.

Lavanya，如果你想回答第一個問題，我就回答第二個問題。

Yes. So look, I'm very proud of the work that the team has done in Nigeria, grew 11%. We took price -- we are not the biggest player in beer in Nigeria. But we were -- but Guinness is an extremely differentiated brand, and we did take price there and managed to hold the business. The spirits business is doing well in Nigeria as well. Gin up 6% in Nigeria. And overall, we are quite pleased with our performance over there.

是的。所以看，我對團隊在尼日利亞所做的工作感到非常自豪，增長了 11%。我們採取了價格——我們不是尼日利亞最大的啤酒生產商。但我們確實是——但吉尼斯是一個極其差異化的品牌，我們確實在那裡定價並設法保住了業務。尼日利亞的烈酒業務也表現良好。尼日利亞杜松子酒價格上漲 6%。總的來說，我們對我們在那裡的表現非常滿意。

Africa footprint is the second part of the question?

非洲足跡是問題的第二部分嗎？

Yes, I'll take that one. I mean, I think -- look, we are seeing a kind of political and government instability in multiple markets. I am quite proud of the team and how they performed because to your point, I think, ultimately, at the end of the day, they delivered a good set of results and very difficult circumstances in several markets. What we are still seeing is sort of Guinness is doing better than a lot of local beer.

是的，我會接受那個。我的意思是，我認為——看，我們在多個市場看到了某種政治和政府的不穩定。我為這個團隊以及他們的表現感到非常自豪，因為就你的觀點而言，我認為最終他們在幾個市場上取得了一系列良好的成果，並應對了非常困難的情況。我們仍然看到吉尼斯啤酒比許多當地啤酒做得更好。

We are seeing international spirits do better than a lot of local spirits. So that's still a good sign for our business and that we're still getting -- along with pricing, we are getting a good mix as well into the region. And I mean, look, we're -- you mentioned sort of Cameroon. I mean we try to run Guinness with a very asset-light mentality.

我們看到國際烈酒比許多本土烈酒表現更好。因此，這對我們的業務來說仍然是一個好兆頭，而且我們仍然在定價的同時，在該地區獲得了良好的組合。我的意思是，你看，我們——你提到了喀麥隆。我的意思是，我們嘗試以輕資產的心態來經營吉尼斯黑啤酒。

So if there is a place where we see that somebody else can do it more efficiently on those assets, we look at that to make sure. So we are always looking to optimize the business where it makes sense. But we feel very good about what we were able to do in Africa this year overall, considering the circumstances.

因此，如果我們發現其他人可以在某個地方更有效地利用這些資產，我們就會進行檢查以確保這一點。因此，我們始終尋求在有意義的情況下優化業務。但考慮到具體情況，我們對今年在非洲所做的總體工作感到非常滿意。

And the next question goes to Laurence Whyatt of Barclays.

下一個問題問巴克萊銀行的勞倫斯·懷亞特。

A couple of geographies for me that we haven't touched on yet. Europe was one of your double-digit growth markets in the year. And I think it was the only market that accelerated in the second half. A number of markets did double-digit growth. I was wondering, do you see any of this growth as sustainable? Or is there anything in particular that was driving this level of growth this year that you don't see repeating next year?

對我來說，有幾個我們還沒有觸及的地理區域。歐洲是今年兩位數增長的市場之一。我認為這是下半年唯一加速增長的市場。一些市場實現了兩位數的增長。我想知道，您認為這種增長是否可持續？或者是否有什麼特別因素推動了今年的這種增長水平，而您認為明年不會再出現這種情況？

And then secondly, India has now actually quite sustainably driven mid-teens, high-teens growth. I think it was 17% this year. Presumably as a result of disposing of a number of your lower-end brands and franchising out a number of the brands, you would expect the growth rate of India to have accelerated. Do you think the sort of mid-teens, high-teens growth is now sustainable?

其次，印度現在實際上已經相當可持續地推動了中、高青少年的增長。我認為今年是 17%。想必，由於出售了一些低端品牌並特許經營了一些品牌，您預計印度的增長率將會加快。您認為這種中十幾歲、十幾歲的增長現在是可持續的嗎？

Thanks, Laurence, and thanks for your question on our -- some of our best-performing markets here. So yes, look, Europe had a great year. Net sales up 11%. And I mean, we really are seeing pretty broad scale. GB is a little bit weaker on the spirit side, but on -- Guinness is growing double digits, super strong. But really across our Europe geography, aside from the industry, we're really gaining share. And so that's really some of the things that really helped us.

謝謝勞倫斯，也感謝您就我們這裡表現最好的一些市場提出的問題。所以，是的，歐洲度過了美好的一年。淨銷售額增長 11%。我的意思是，我們確實看到了相當廣泛的規模。 GB在烈酒方面稍弱一些，但在吉尼斯世界紀錄方面卻增長了兩位數，超級強。但實際上，在整個歐洲地區，除了行業之外，我們的份額確實在增加。這確實是一些對我們真正有幫助的事情。

We're seeing particular strength in scotch. We're seeing premiumization. We're seeing tourism bounce back in Southern Europe. Our non-op portfolio also continues to grow. We're still seeing on-trade. I think we're saying it's sort of like a 92% of pre-pandemic. So there's still maybe even a little opportunity there. So we're seeing Europe mostly as a -- this is a really solid performance, and it's not sort of a bunch of one-offs.

我們看到蘇格蘭威士忌特別強勁。我們看到了高端化。我們看到南歐旅遊業正在復蘇。我們的非手術投資組合也在持續增長。我們仍然看到交易。我認為我們所說的情況有點像大流行前的 92%。所以也許還有一點機會。因此，我們認為歐洲的表現主要是——這是一場非常穩定的表現，而不是一堆一次性的表現。

So that's really great performance out of Europe. And to your point, it did accelerate in the second half. By the way, Johnnie Walker up 28% in the market. So just really, really impressive. Guinness up 20%. So very exciting.

所以這在歐洲確實是很棒的表現。就你而言，下半場確實加速了。順便說一句，尊尼獲加 (Johnnie Walker) 的股價上漲了 28%。所以真的非常非常令人印象深刻。吉尼斯紀錄上漲20%。非常令人興奮。

Look, on the India front, Lavanya, I was going to say -- oh, go ahead.

看，在印度前線，拉瓦尼婭，我想說——哦，繼續吧。

Yes, I can take that. Yes. So India, look, I think, Laurence, it's been 17% growth. The premium and above grew 20%. The super premium plus grew 32%. Johnnie Walker grew 34% in India with a volume growth of 13%. So we were able to take strong price in India, which is not something that we've been able to historically do on a very regular basis, but the team did an excellent job of being able to get that.

是的，我可以接受。是的。所以，勞倫斯，我想印度的增長率是 17%。保費及以上增長20%。超級保費+增長了32%。尊尼獲加 (Johnnie Walker) 在印度的銷量增長了 34%，銷量增長了 13%。因此，我們能夠在印度獲得較高的價格，這不是我們歷史上經常能夠做到的事情，但我們的團隊做得非常出色，能夠做到這一點。

And within Johnnie Walker, Johnnie Walker Black, which is the core of the portfolio in India, grew 54%. I mean this is a whiskey market, right? I mean, unlike a lot of other emerging markets, the Indian consumer does not need an introduction to whiskey, and they do not need an introduction to Johnnie Walker. I mean, it's a highly aspirational brand, and the consumer in India is very resilient.

而在尊尼獲加內部，作為印度投資組合核心的尊尼獲加布萊克 (Johnnie Walker Black) 增長了 54%。我的意思是這是一個威士忌市場，對吧？我的意思是，與許多其他新興市場不同，印度消費者不需要介紹威士忌，也不需要介紹尊尼獲加。我的意思是，這是一個非常有抱負的品牌，而且印度的消費者非常有彈性。

And our portfolio in that premium -- that super premium and above is unmatched in India. And so I feel very confident about our prospects in India.

我們的優質投資組合——超優質及以上的投資組合在印度是無與倫比的。所以我對我們在印度的前景非常有信心。

And I do think -- I'll just add, from a consumer standpoint, this is a consumer that is quite confident. We're seeing, from a premiumization, our mid and upper prestige is growing. Scotch is growing faster than kind of the local Indian whiskey. So -- and we want share. So this is another one where the sustainability of this growth looks really good.

我確實認為——我只想補充一點，從消費者的角度來看，這是一個非常有信心的消費者。我們看到，通過高端化，我們的中高端聲譽正在增長。蘇格蘭威士忌的增長速度比當地的印度威士忌還要快。所以——我們想要分享。因此，這是另一種增長可持續性看起來非常好的例子。

And our final question today goes to Jeff Stent of BNP Paribas.

今天我們的最後一個問題是向法國巴黎銀行的傑夫·斯坦特提問。

Just a quick question, Debra. It's early days as CEO. You've got a CMD scheduled for November. But I wondered if you could share some high-level thoughts on -- are there any subtle piece as to or you maybe want to sort of shift direction of the agile? Is there anything you're thinking about accelerating or decelerating? Just any sort of high-level color you could give us would be very helpful?

只是一個簡單的問題，黛布拉。作為首席執行官還處於早期階段。您已安排 11 月進行 CMD。但我想知道您是否可以分享一些高層想法——是否有任何微妙的部分，或者您可能想改變敏捷的方向？您是否正在考慮加速或減速？您能給我們提供的任何高級顏色都會非常有幫助嗎？

Yes, thanks. Look, I'm seeing this more as an evolution than a revolution at this point. I've been at the company now, if you include my non-exec time, about 4 years. So certainly, a lot of the strategy already has my fingerprints on it. That being said, we did highlight a couple of things in the presentation. We are looking at taking tequila around the world. We've done that with so many brands going back all the way to Johnnie Walker.

對了謝謝。看，目前我認為這更像是一種演變，而不是一場革命。如果算上我擔任非執行董事的時間，我現在已經在公司工作了大約 4 年。當然，很多策略已經有了我的印記。話雖這麼說，我們確實在演示中強調了一些事情。我們正在考慮將龍舌蘭酒帶到世界各地。我們已經對很多品牌做到了這一點，一直追溯到尊尼獲加 (Johnnie Walker)。

As the largest tequila company in value already with really being present in only a couple of markets, that just feels like a big opportunity. Talking about also just continuing this juggernaut, we have with Johnnie Walker. I mean, Johnnie Walker just keeps walking. And so I'm very excited about what we've got there. About 1/3 of Johnnie Walker consumers are female. So we have this brand that is able to really recruit in new users, it's over 200 years old. So it's really exciting.

作為價值最大的龍舌蘭酒公司，但實際上只在幾個市場存在，這感覺像是一個巨大的機會。我們與尊尼獲加 (Johnnie Walker) 談到了繼續保持這一霸主地位。我的意思是，尊尼獲加只是繼續行走。因此，我對我們所取得的成果感到非常興奮。大約 1/3 的尊尼獲加消費者是女性。所以我們有這個能夠真正吸引新用戶的品牌，它已經有 200 多年的歷史了。所以這真的很令人興奮。

And then I also talked about Guinness. I mean Guinness is another one where you think about -- it's Ireland and it's St. Patrick's Day and its pubs, but we are seeing a lot of strength on Guinness across the board. Guinness grew in every region.

然後我還談到了吉尼斯黑啤酒。我的意思是，吉尼斯黑啤酒是你想到的另一個國家——愛爾蘭、聖帕特里克節和酒吧，但我們在吉尼斯黑啤酒的各個方面都看到了很大的實力。吉尼斯世界各地都有發展。

And we had big markets that had double-digit growth. We are the #1 in on-trade in Ireland. We're buying quite competitively in NGP. There are weeks that we are the #1 in on-trade. And we've got a lot of innovation to include going into non-alc 0.0% is off to an incredible start. We've invested in capacity. So I really see an opportunity to continue the growth on these 3 categories alone or half the business, and they're growing strongly. So we feel great about that.

我們擁有兩位數增長的大市場。我們在愛爾蘭的貿易方面排名第一。我們在 NGP 上的採購非常有競爭力。有幾週我們的交易量排名第一。我們有很多創新，包括進入非 alc 0.0%，這是一個令人難以置信的開始。我們對產能進行了投資。因此，我確實看到了在這三個類別或一半業務上繼續增長的機會，而且它們正在強勁增長。所以我們對此感覺很好。

And so thank you. I do look forward to seeing you at our Capital Markets Day. I'm really excited to talk more with you.

所以謝謝你。我非常期待在我們的資本市場日見到您。我真的很高興能與你進行更多交談。

That's all the questions we have time for today. I'll now hand back to Debra for any closing comments.

這就是我們今天有時間回答的所有問題。我現在將把任何結束語交還給黛布拉。

Thank you for joining us today and for your interest in Diageo. I hope everyone has a lovely summer break.

感謝您今天加入我們並感謝您對帝亞吉歐的興趣。我希望每個人都有一個愉快的暑假。