Diageo PLC (DEO) 2024 Q4 法說會逐字稿

Good morning, everyone. Thank you for joining our results presentation for fiscal '24. It was a challenging year for both our industry and Diageo as we navigated a volatile operating environment across the globe. It was a year of compounding impacts with inflation and a cautious consumer environment persisting following the extraordinary growth through COVID-19 and the related waves of value chain disruption I believe these challenges are temporary and the consumer environment will recover over time.

大家早安。感謝您參加我們 24 財年的業績發表會。對於我們的產業和帝亞吉歐來說，這是充滿挑戰的一年，因為我們在全球動盪的營運環境中應對自如。今年是通貨膨脹和謹慎的消費環境雙重影響的一年，在COVID-19 帶來的非凡增長以及相關的價值鏈中斷浪潮之後，我相信這些挑戰是暫時的，消費環境將隨著時間的推移而恢復。

At Diageo, we are focused on what we can control. We've navigated volatility before, and we will do it again, and we manage this business with a long-term view. We will continue to invest in our fantastic portfolio of brands and diversified footprint to maintain our position as an industry leader in total beverage alcohol, which continues to be an attractive sector with a long runway for growth. We're focused on driving operational excellence with our amazing brands to ensure Diageo is resilient and well positioned to grow when the consumer environment recovers.

在帝亞吉歐，我們專注於我們可以控制的事物。我們以前曾經歷過波動，現在我們還會再這樣做，我們以長遠的眼光來管理這項業務。我們將繼續投資於我們出色的品牌組合和多元化的業務，以保持我們作為全飲料酒精行業領導者的地位，這仍然是一個有吸引力的領域，具有漫長的成長空間。我們專注於透過我們出色的品牌推動卓越運營，以確保帝亞吉歐具有彈性，並在消費環境復甦時能夠實現成長。

Today, I will share the details of our fiscal '24 performance and the deliberate actions we are taking to improve our near-term execution. There were five actions I want to highlight. First, we have met our commitment announced at our interim results to improve the inventory position in LAC by the end of this fiscal. In addition, we have validated the robustness of our systems across all markets and are confident that inventories are at appropriate levels for the current consumer environment in our other four regions.

今天，我將分享我們 24 財年業績的詳細資訊以及我們為改善近期執行力而採取的深思熟慮的行動。我想強調五項行動。首先，我們履行了中期業績中宣布的承諾，在本財年底前改善拉丁美洲和加勒比地區的庫存狀況。此外，我們還驗證了我們系統在所有市場的穩健性，並相信庫存處於適合其他四個地區當前消費環境的適當水平。

Second, we are strengthening our consumer insights. By the end of this calendar year, we will have completed the rollout of our proprietary consumer choice framework across markets covering a significant portion of our net sales, deepening our understanding of consumer motivations and occasions. We are realigning our marketing organization into agile brand communities to quickly action against these insights to drive quality growth. Third, we are redeploying our resources to the best growth opportunities through our market growth framework. Fourth, we have stepped up our route to market across several key markets including our most significant transformation in at least a decade in our US spirits organization, and I will discuss this in detail later.

其次，我們正在加強消費者洞察。到今年年底，我們將完成在市場上推出專有的消費者選擇框架，涵蓋我們淨銷售額的很大一部分，加深我們對消費者動機和場合的理解。我們正在將我們的行銷組織重新調整為敏捷的品牌社區，以便根據這些見解快速採取行動，從而推動品質成長。第三，我們正在透過市場成長框架將資源重新部署到最佳成長機會。第四，我們已經加強了在幾個關鍵市場的上市路線，包括美國烈酒組織至少十年來最重大的轉型，我將在稍後詳細討論這一點。

Finally, we delivered a record year of productivity savings from supply chain activities and marketing with more to come as we increasingly benefit from savings from our supply agility program. We've taken these actions while continuing to invest in the business for the long term.

最後，我們透過供應鏈活動和行銷實現了創紀錄的生產力節省，隨著我們越來越多地受益於供應敏捷計畫的節省，未來還會有更多節省。我們在採取這些行動的同時，繼續對業務進行長期投資。

So following my prepared remarks, Lovin will discuss our financial results in more detail. I will then discuss our outlook for fiscal '25 and address the medium term and will close by reminding you of our strategic priorities that I believe will drive sustainable quality growth.

因此，在我準備好的發言之後，洛文將更詳細地討論我們的財務表現。然後，我將討論我們對 25 財年的展望並討論中期問題，最後我將提醒大家我們的策略重點，我相信這些重點將推動可持續的高品質成長。

After three years of extraordinary top-line growth growing at a 14.5% kegger from fiscal '21 to fiscal '23. Group organic net sales declined 0.6% in fiscal '24. The main driver was materially weaker performance in LAC, our Latin America and Caribbean region, which makes up 8% of Diageo's organic net sales.

經過三年的非凡營收成長，從 21 財年到 23 財年以 14.5% 的速度成長。2024 財年集團有機淨銷售額下降 0.6%。主要驅動因素是拉丁美洲和加勒比地區（拉丁美洲和加勒比地區）的業績大幅下滑，該地區佔帝亞吉歐有機淨銷售額的 8%。

Organic net sales in our largest region, North America or NAM also declined, reflecting a cautious consumer environment compounded by the impact of lapping inventory replenishment in the prior year. Group organic volume declined by 3.5%, driven by less destocking, Africa beer and NAM. Because many of these impacts for supply chain related these volume results do not reflect the underlying consumer dynamics nor the runway that we see for future growth Lavanya will discuss this further.

我們最大的地區北美或 NAM 的有機淨銷售額也有所下降，反映出謹慎的消費環境以及上一年研磨庫存補充的影響。由於去庫存減少、非洲啤酒和 NAM 的推動，集團有機銷量下降了 3.5%。由於許多與供應鏈相關的影響，這些數量結果並沒有反映潛在的消費者動態，也沒有反映我們看到的未來​​成長跑道，Lavanya 將進一步討論這一點。

Despite the volatile operating environment across our regions throughout the year, we focused on operational excellence and delivered $700 million in productivity savings, a record year of savings that drove gross margin improvement in the second half.

儘管全年各地區的營運環境不穩定，但我們仍專注於卓越運營，並實現了 7 億美元的生產力節省，這是創紀錄的一年，推動了下半年毛利率的改善。

Additionally, I am pleased that we delivered $2.6 billion in free cash flow, driven by strong working capital management while we continue to invest in future growth, we increased our recommended full-year dividend by 5% which reflects our continued confidence in the long-term potential of our business and our commitment to a progressive dividend policy.

此外，我很高興我們在強大的營運資本管理的推動下實現了26 億美元的自由現金流，同時我們繼續投資於未來的成長，我們將建議的全年股息增加了5%，這反映了我們對長期的持續信心。

Moving on to market share, which is a critical metric in the current operating environment you may recall that in the first half of fiscal '24 we held or grew share in 30% of our net sales in measured markets. We drove a material improvement in market share in the second half, which demonstrates the underlying consumer strength of our brands.

接下來是市場份額，這是當前營運環境中的關鍵指標，您可能還記得，在 24 財年上半年，我們在所測市場中持有或成長了 30% 的淨銷售額份額。下半年我們的市佔率大幅提高，這反映了我們品牌的潛在消費者實力。

Much of this improvement in the second half of fiscal '24 was driven by our USTBA share performance more on this shortly. In fiscal '24, we held or grew share in over 75% of net sales value in measured markets. I'm also pleased are holding or gaining share in almost all of our measure 1 billion brands globally. My goal is to continue to drive towards our 2030 6% TBA value share ambition.

24 財年下半年的這種改善很大程度上是由我們的 USTBA 股票表現所推動的，稍後對此進行更多介紹。在 24 財年，我們在所測市場中佔有或成長了超過 75% 的淨銷售額份額。我也很高興能夠持有或獲得我們全球 10 億品牌中幾乎所有品牌的份額。我的目標是繼續努力實現 2030 年 6% TBA 價值份額的目標。

Moving on to regional performance. I'll start with brief highlights of the three of our five regions that grew organic net sales in fiscal '24, Europe, APAC and Africa before I cover LAC and NAM in more detail. Europe delivered resilient performance growth and share gains in a challenging environment. Strong growth in Guinness was a key driver, which I will discuss in more detail later.

轉向區域績效。我將首先簡要介紹 24 財年有機淨銷售額成長的五個地區中的三個地區：歐洲、亞太地區和非洲，然後再更詳細地介紹拉丁美洲和加勒比地區和北美地區。歐洲在充滿挑戰的環境中實現了強勁的業績成長和份額成長。吉尼斯黑啤酒的強勁成長是一個關鍵驅動因素，我將在稍後詳細討論。

In APAC, growth was driven by Chinese white spirits and strong performance in India with continued premiumization. Tequila also continues to gain momentum. In Africa, beer was the key driver of performance. Despite a tough macroeconomic backdrop, we benefited from price increases and delivered double-digit growth on Guinness and Malta Guinness.

在亞太地區，成長是由中國白酒和印度的強勁表現以及持續的高端化所推動的。龍舌蘭酒也持續保持強勁勢頭。在非洲，啤酒是業績的關鍵驅動力。儘管宏觀經濟背景嚴峻，我們仍受益於價格上漲，並在吉尼斯和馬耳他吉尼斯上實現了兩位數的成長。

I often talk about the strength of our diverse geographical footprint. These regional highlights demonstrate the advantage of a business with a broad footprint, and it provides resilience, particularly in uncertain times. In LAC, since I last updated you in January, we have worked with our wholesaler and customer partners to manage inventories and ended fiscal 24 with levels more appropriate for the current consumer environment.

我經常談論我們多元化地理足跡的優勢。這些區域亮點展示了業務範圍廣泛的企業的優勢，並且提供了彈性，特別是在不確定時期。在拉丁美洲和加勒比地區，自從我上次在 1 月向您通報以來，我們一直與批發商和客戶合作夥伴合作管理庫存，並以更適合當前消費環境的水平結束了 24 財年。

We've also implemented the five key action areas we identified to expand inventory visibility and lack. Our full year organic net sales in LAC declined 21.1% year over year in fiscal '24. In Brazil, our largest market in the region, the category improved in the second half of the year compared to the first half, and we gained market share. Inventory levels have dramatically reduced to more appropriate levels in Mexico our second largest LAC market.

我們還實施了我們確定的五個關鍵行動領域，以擴大庫存可見度和短缺。2024 財年，我們在拉丁美洲地區的全年有機淨銷售額年減 21.1%。在我們在該地區最大的市場巴西，下半年的品類比上半年有所改善，我們獲得了市場份額。墨西哥（我們的第二大拉丁美洲和加勒比地區市場）的庫存水準已大幅降低至更合適的水平。

However, this market continues to face persistent challenges with highly competitive environment and consumer down-trading in tequila and Scotch. Consequently, we've initiated a comprehensive review of this market to return to share growth and I will update you in due course.

然而，由於競爭激烈的環境以及龍舌蘭酒和蘇格蘭威士忌的消費者降價交易，該市場繼續面臨持續的挑戰。因此，我們已開始對該市場進行全面審查，以恢復份額成長，我將適時向您通報最新情況。

Going forward, we know the importance of staying vigilant and we continue to work diligently to keep improving our visibility into the distribution channels across LAC with the aim to deliver better insights earlier. And I believe we have the necessary processes, data leadership, incentives and sell-out culture across the region to more closely align future performance with consumer demand.

展望未來，我們知道保持警惕的重要性，我們將繼續努力工作，不斷提高我們對整個拉丁美洲和加勒比地區分銷管道的可見性，以便更早提供更好的見解。我相信我們在整個地區擁有必要的流程、數據領導力、激勵措施和銷售文化，可以使未來的業績與消費者需求更加緊密地結合。

Moving on to NAM. As mentioned earlier, in fiscal '24, we held U.S. share of TBA with improving consumption momentum and share gains in the second half of the fiscal year. However, this did not translate into shipment momentum. In the last year, we've discussed the challenging environment in the U.S. as we navigated through the post-COVID-19 normalization, and we lapped supply chain restocking. At the end of fiscal '24, we will have largely completed that lap. However, consumers remain cautious, with wallets under pressure and with higher interest rates, retailers remain cautious as well.

繼續前往 NAM。如前所述，在 24 財年，我們持有美國的 TBA 份額，該財年下半年消費動能有所改善，份額也有所增長。然而，這並沒有轉化為出貨動力。去年，我們討論了美國在應對新冠肺炎 (COVID-19) 疫情後的正常化過程中所面臨的充滿挑戰的環境，並討論了供應鏈補貨的問題。到 24 財年末，我們將基本完成這一圈。然而，消費者仍保持謹慎態度，錢包面臨壓力且利率上升，零售商也保持謹慎態度。

Over the past 12 months, industry trends have been quite variable month-to-month and quarter-to-quarter. So I want to spend some time unpacking that for you.

在過去 12 個月中，行業趨勢逐月和逐季度變化很大。所以我想花一些時間為你解壓。

So let's start with consumer data in tracked channels using Nielsen/NABCA which represents approximately 40% of purchases in the U.S. And you can see on the industry chart on the far left. As inflation has persisted throughout the year and consumers faced 30-year high food basket prices, you can see how that has impacted the industry, which continued to deteriorate in the second half of fiscal '24. On the left-hand chart, the pink Diageo bars show how we picked up momentum in the last six months despite this cautious consumer environment, leading to our share improvements.

因此，讓我們從使用 Nielsen/NABCA 追蹤管道中的消費者數據開始，這些數據約占美國購買量的 40%，您可以在最左側的行業圖表中看到。由於通貨膨脹全年持續，消費者面臨 30 年來最高的食品籃子價格，您可以看到這對該行業的影響，該行業在 24 財年下半年繼續惡化。在左側圖表中，粉紅色的帝亞吉歐金條顯示了我們如何在過去六個月中儘管消費者環境謹慎，但仍取得了增長勢頭，從而導致我們的份額有所提高。

The chart on the right breaks down Diageo's full year performance across the three-tier system. And you can note several dynamics here. First, while Diageo's consumer consumption growth in Nielsen/NABCA data was soft, our depletions and shipments were lower.

右圖詳細列出了帝亞吉歐在三層系統中的全年業績。您可以在這裡注意到一些動態。首先，雖然尼爾森/NABCA 數據顯示帝亞吉歐的消費者消費成長疲軟，但我們的消耗量和出貨量卻較低。

Second, depletions have also lagged Nielsen/NABCA consumer purchases particularly in the second half of the fiscal year. This was largely driven by retailer stock reductions, which we saw most prominently in West Coast retail chains. This retailer inventory adjustment is likely driven by persistently higher interest rates and retailers not wanting to anticipate recovery in this cautious consumer environment.

其次，消耗也落後尼爾森/NABCA 消費者購買量，尤其是在本財年下半年。這主要是由零售商庫存減少所推動的，這在西海岸零售連鎖店中最為明顯。零售商庫存調整可能是由於利率持續走高以及零售商不希望在這種謹慎的消費環境下預期復甦所致。

At the end of fiscal '24, the difference in shipments and depletions has narrowed compared to fiscal '23. The difference in fiscal '24 was driven primarily by the impact of lapping tequila restocking and we expect these value chain dynamics to be temporary. And while we foresee this environment persisting into fiscal '25 to the extent that interest rates decline and the consumer environment recovers, we would expect shipments to more closely align to consumption.

與 23 財年相比，24 財年末，出貨量和消耗量的差異已縮小。24 財年的差異主要是由龍舌蘭酒補貨的影響造成的，我們預期這些價值鏈動態是暫時的。雖然我們預計這種環境將持續到 25 財年，利率下降且消費環境復甦，但我們預計出貨量將與消費更加緊密一致。

Importantly, as we manage this business for the long term, the underlying consumer trends remain the most critical movement to watch. Going forward, our focus in NAM remains on controlling what we can control, operational excellence against our priorities and gaining quality sustainable market share.

重要的是，當我們長期管理這項業務時，潛在的消費者趨勢仍然是最值得關注的趨勢。展望未來，我們在 NAM 的重點仍然是控制我們能控制的事情、根據我們的優先事項實現卓越營運以及獲得高品質的永續市場份額。

In the second half of the fiscal, we picked up momentum with the consumer. In fact, we finished the year winning or maintaining U.S. TBA market share in brands covering 90% of our U.S. net sales. A few of our consumer highlights. In whiskey, our Crown Royal share performance improved significantly in the second half of fiscal '24, finishing the year holding share not only of TBA but also of U.S. Spirits, driven by the launch of Crown Royal Blackberry.

在本財年下半年，我們的消費者動能有所增強。事實上，我們在這一年結束時贏得或維持了美國 TBA 市場份額，品牌覆蓋了我們美國淨銷售額的 90%。我們的一些消費者亮點。在威士忌方面，我們的 Crown Royal 股票表現在 24 財年下半年顯著改善，在 Crown Royal Blackberry 推出的推動下，我們不僅持有 TBA 份額，還持有美國烈酒的份額。

Early reads show one in five of those purchasing Blackberry are new to whiskey, consistent with our track record of sustainable expansion and recruitment into the Crown Royal trademark.

早期數據顯示，購買黑莓手機的人中有五分之一是威士忌新手，這與我們可持續擴張和招募皇冠皇家商標的記錄一致。

In tequila, our portfolio again gained U.S. Spirit share driven by Don Julio, which increased momentum in the second half, growing 15 times faster than the total U.S. Spirits industry. The growth was led by Don Julio Reposado. We expanded our participation in the convenience occasion this year through strong innovation with our cocktail collection, outperforming the category, gaining 32 basis points.

在龍舌蘭酒方面，我們的投資組合在 Don Julio 的推動下再次獲得了美國烈酒份額，該份額在下半年有所增長，增長速度比美國烈酒行業總體增長速度快 15 倍。該增長由 Don Julio Reposado 領導。今年，我們透過雞尾酒系列的強大創新，擴大了對便利活動的參與，表現優於同類產品，獲得了 32 個基點。

And finally, notably, Guinness has outperformed the industry and was the fastest-growing imported beer in the U.S. on trade in the last 12 months, bolstered by the newly launched Lovely Day campaign with longtime brand fan Jason Momoa.

最後，值得注意的是，在長期品牌粉絲 Jason Momoa 推出的 Lovely Day 活動的推動下，Guinness 的表現優於業界，成為過去 12 個月美國貿易成長最快的進口啤酒。

But look, while we made good progress in driving share improvement, we also know we have more to do and opportunity left to fully leverage the power of our amazing diversified portfolio. Casamigos is one example.

但是，儘管我們在推動股價改善方面取得了良好進展，但我們也知道我們還有更多工作要做，還有更多機會來充分利用我們令人驚嘆的多元化投資組合的力量。卡薩米戈斯就是一個例子。

After four years of extraordinary growth with a CAGR of over 70% from fiscal '19 to fiscal '23, Casamigos organic net sales declined 22% in fiscal '24. This decline was partly caused by the impact of lapping restocking following supply shortages as depletions were down half of that at minus 9%.

經過四年的非凡成長（從 19 財年到 23 財年複合年增長率超過 70%），Casamigos 的有機淨銷售額在 24 財年下降了 22%。這一下降的部分原因是供應短缺後的補貨影響，消耗量下降了一半，達到-9%。

In fiscal '25, we are fully integrating Casamigos into our dedicated, transformed distribution network. Casamigos has now reached a scale where it will benefit from the full power of Diageo's resources and we can take our tequila portfolio category leadership to the next level.

在 25 財年，我們將 Casamigos 完全整合到我們轉型後的專用分銷網絡中。卡薩米戈斯 (Casamigos) 目前已達到一定規模，將受益於帝亞吉歐 (Diageo) 資源的全部力量，我們可以將我們的龍舌蘭酒產品組合類別領導地位提升到一個新的水平。

This is important as the brand remains resilient in the on-premise where brands in this industry get built. On-premise momentum continues with volume up 5%. More feet on the street will no doubt help this effort. Speaking of our U.S. distributor network and our route to market, as we see changes in growth opportunities, we are optimizing our route to market across our footprint. As we discussed briefly at our capital markets event, I'm excited to share that in the U.S. where we have a track record of pioneering and shaping the route to market, we are making significant changes.

這很重要，因為品牌在該行業品牌建立的內部保持彈性。本地部署動能持續，銷售成長 5%。更多的人走上街頭無疑將有助於這項努力。談到我們的美國經銷商網路和我們的市場路線，當我們看到成長機會的變化時，我們正在優化我們整個足跡的市場路線。正如我們在資本市場活動中簡要討論的那樣，我很高興與大家分享，在美國，我們在開拓和塑造市場路線方面擁有良好的記錄，我們正在做出重大改變。

Jointly with our two largest distributors in the U.S. we are investing to better align our teams and capabilities against what we believe will be the best growth opportunities for the next decade, by category and brand down to the zip code level.

我們正在與美國最大的兩家經銷商合作，按品類和品牌直至郵遞區號層級進行投資，以更好地調整我們的團隊和能力，以應對我們認為未來十年的最佳成長機會。

Specifically, we are leveraging our proprietary outlet and zip code level data to identify the highest future growth potential communities and channels for our biggest growth categories bringing us closer to our consumers and customers at the local level. This includes scaling our people and locations to go after categories with high growth potential such as whiskey and tequila, while increasing focus on our core brands.

具體來說，我們正在利用我們專有的商店和郵政編碼級別的數據來確定我們最大的成長類別的未來最高成長潛力的社區和管道，使我們更接近當地的消費者和客戶。這包括擴大我們的人員和地點，以追求威士忌和龍舌蘭酒等具有高成長潛力的類別，同時更加關注我們的核心品牌。

We're also building a new academy of beverage leadership to cultivate the next generation of industry expertise within our and our distributor partners teams. Finally, we have transformed our internal commercial organization to deliver unmatched execution and activations in stores, bars, stadiums and event spaces.

我們也正在建立一個新的飲料領導學院，以在我們和我們的經銷商合作夥伴團隊中培養下一代行業專業知識。最後，我們對內部商業組織進行了轉型，以在商店、酒吧、體育場和活動空間中提供無與倫比的執行和活化。

I am confident this transformation strengthens our position as the largest U.S. spirit supplier and leader across key categories. And we are extending this commercial focus to the rest of Diageo, too.

我相信，這項轉型將鞏固我們作為美國最大烈酒供應商和關鍵類別領導者的地位。我們也將這項商業重點擴展到帝亞吉歐的其他部門。

A few highlights. Last week, we announced that we will be bringing in-house the distribution of all our brands currently distributed by the joint venture Moet Hennessy Diageo in France. This follows our previous update in March 2024, where we outlined our phased approach to transforming our distribution model in France by creating our own in-market company.

幾個亮點。上週，我們宣布將把目前由法國合資企業酩悅軒尼詩帝亞吉歐 (Moet Hennessy Diageo) 分銷的所有品牌納入內部分銷。在此之前，我們於 2024 年 3 月進行了更新，其中概述了透過創建自己的市場公司來轉變法國分銷模式的分階段方法。

We are also expanding our organizational structure in Dubai to solidify our leadership in the premium spirits market in Middle East, North Africa. We have created a new asset-light model for the Guinness route to market in Nigeria by partnering with a local distribution specialist. This model works alongside our new West Africa spirits focused organization.

我們也在杜拜擴大我們的組織結構，以鞏固我們在中東和北非優質烈酒市場的領導地位。透過與當地分銷專家合作，我們為吉尼斯黑啤酒進入尼日利亞市場的途徑創造了一種新的輕資產模式。該模式與我們新的以西非烈酒為重點的組織一起運作。

Moving on to our largest category's performance, starting with the largest scotch. While our scotch organic net sales performance was heavily impacted by LAC inventory reductions, momentum with consumers continued in fiscal '24. We gained category share of scotch in 9 out of 10 of our largest measured scotch markets, including the U.S.; an improvement from the 7 out of 10 in the first half of the fiscal. Within the scotch category, we are seeing consumers being somewhat more chanceful, but still staying with an international aspirational brand.

接下來是我們最大類別的表演，從最大的蘇格蘭威士忌開始。雖然我們的蘇格蘭威士忌有機淨銷售業績受到 LAC 庫存減少的嚴重影響，但消費者的勢頭在 24 財年繼續保持。我們在 10 個最大的蘇格蘭威士忌市場中的 9 個市場中獲得了蘇格蘭威士忌的類別份額，其中包括美國；與本財政年度上半年的十分之七相比有所改善。在蘇格蘭威士忌類別中，我們發現消費者的機會更大，但仍然選擇國際知名品牌。

For example, in China, johnnie Walker in the last six months has seen better performance in Black Label, XR15 and 21 than in Blue Label.

例如，在中國，尊尼獲加過去六個月的黑標、XR15 和 21 表現優於藍標。

In India, our scotch portfolio provides consumers a breadth of price ladder offerings as they continue to premiumize from a lower base. Johnnie Walker led our share growth, driving over half of our scotch organic net sales. This iconic brand has a proven growth model that brings together luxury, innovation, amazing quality liquid and a clear mantra to keep walking that is executed at scale around the world and it's working.

在印度，我們的蘇格蘭威士忌產品組合為消費者提供了廣泛的價格階梯產品，因為他們繼續從較低的基數開始追求高端。尊尼獲加 (Johnnie Walker) 引領了我們的份額成長，推動了我們一半以上的蘇格蘭有機淨銷售額。這個標誌性品牌擁有經過驗證的成長模式，將奢華、創新、優質液體和清晰的口號融為一體，在世界各地大規模執行，並且正在發揮作用。

Johnnie Walker continues to be the number one international spirits brand in value in the calendar year 2023 as measured by IWSR. It recently won a prestigious Grand Prix Award at the Cannes Lions Festival for our campaign in Brazil. And in the on-trade, it is now the top trending top-selling scotch in the world's top 100 bars.

根據 IWSR 衡量，尊尼獲加在 2023 年仍然是價值第一的國際烈酒品牌。最近，我們在巴西的宣傳活動贏得了坎城國際獅子節著名的大獎。在場內貿易中，它現在是全球 100 家酒吧中最暢銷的蘇格蘭威士忌。

Our focus for fiscal '25 is to continue to build on Johnnie Walker's success and share gains while building on our opportunity in single malts, where we are underdeveloped led by the Singleton as our number one priority Malt-brand.

我們25 財年的重點是繼續鞏固尊尼獲加(Johnnie Walker) 的成功並分享收益，同時利用我們在單一麥芽威士忌領域的機會，在單一麥芽威士忌領域，我們在單一麥芽威士忌(Singleton) 的帶領下發展不足，作為我們的第一優先麥芽品牌。

In tequila, the global rollout has continued at pace through fiscal '24. We drove almost 12% organic net sales growth in markets outside NAM and LAC leading to substantial market share gains across Europe, India, Africa and Global Travel. Don Julio was the number one selling tequila at London Heathrow throughout most of the last 12 months, and it's now in nearly 60 countries. Casamigos is in 30 countries with double-digit sales growth in Europe.

龍舌蘭酒在 2024 財年繼續在全球快速推廣。我們在 NAM 和 LAC 以外的市場推動了近 12% 的有機淨銷售額成長，從而在歐洲、印度、非洲和全球旅遊領域實現了大幅市場份額成長。在過去 12 個月的大部分時間裡，Don Julio 一直是倫敦希斯洛機場龍舌蘭酒銷量第一，目前已銷往近 60 個國家。Casamigos 的業務遍及 30 個國家，在歐洲的銷售額呈現兩位數成長。

Increased investment to these brands to support the global rollout is amplified by our excellent marketing and brand building at scale. For example, Don Julio at the Oscar's and Super Bowl, which if you haven't already seen the videos, I highly recommend.

我們出色的營銷和大規模品牌建設進一步擴大了對這些品牌的投資以支持全球推廣。例如，唐·胡里奧在奧斯卡和超級碗上的表演，如果您還沒有看過這些視頻，我強烈推薦。

I also continue to be excited about the ongoing potential for tequila in the U.S. and across the rest of our footprint, because tequila remains the fastest-growing scale spirits category, and Diageo continues to maintain its global tequila leadership by value.

我也對龍舌蘭酒在美國和我們其他業務領域的持續潛力感到興奮，因為龍舌蘭酒仍然是規模增長最快的烈酒類別，而帝亞吉歐繼續保持其全球龍舌蘭酒價值領先地位。

Guinness delivered another year of very strong performance in fiscal '24. Plus 15% organic net sales growth, a testament to its continuing broad appeal. We held or grew share in our top three markets for Guinness, U.S., Great Britain and Ireland, and the momentum that we have with Guinness continues to recruit and expand our consumer base.

吉尼斯 (Guinness) 在 24 財年又取得了非常強勁的業績。再加上 15% 的有機淨銷售額成長，證明了其持續廣泛的吸引力。我們在吉尼斯世界紀錄前三大市場（美國、英國和愛爾蘭）中保持或增加了份額，並且我們與吉尼斯世界紀錄的勢頭繼續招募和擴大我們的消費者基礎。

In Great Britain, consumption among women rose by 27% from fiscal '22 to fiscal '23. One significant way we recruited more Guinness consumers in Great Britain was tapping into consumer passion for the brand, inviting them to partner with us to co-create content and shape the brand through our community-first marketing model. You can see an example of this in the social media on the slide.

在英國，從 22 財年到 23 財年，女性消費成長了 27%。我們在英國招募更多吉尼斯啤酒消費者的一個重要方式是激發消費者對該品牌的熱情，邀請他們與我們合作，透過我們的社群優先行銷模式共同創造內容並塑造品牌。您可以在投影片上的社群媒體中看到這樣的範例。

Looking ahead, we are expanding Guinness further through our global football partnership with the Premier League. We have a proven model for activating its scale with Guinness in sports through our successful Six Nations Rugby relationship and see a tremendous opportunity worldwide. We've also recently made significant commitments to ensure future supply. Our €100 million investment to decarbonize our historic St. James' Gate site, will accelerate progress toward our Net Zero carbon goals and transform energy and water consumption with the aim of making the site one of the most efficient breweries in the world by 2030.

展望未來，我們將透過與英超聯賽的全球足球合作夥伴關係進一步擴大金氏世界紀錄。透過我們成功的六國橄欖球合作關係，我們擁有一個經過驗證的模型，可以在體育領域與吉尼斯世界紀錄一起擴大規模，並在全球範圍內看到了巨大的機會。我們最近也做出了重大承諾，以確保未來的供應。我們投資 1 億歐元對歷史悠久的聖詹姆斯門工廠進行脫碳，將加速實現淨零碳目標，並改變能源和水的消耗，旨在使該工廠成為世界上最高效的啤酒廠之一2030年。

In addition, Guinness 0.0 doubled in net sales in fiscal '24 in Europe, with GB and Ireland accounting for around 70% of Guinness 0.0 global sales. We are investing to increase our capacity to supply Guinness 0.0 in response to the consumer trends of moderation and duality. Consumers who want to drink less and consumers who want to drink alcohol in some occasions, but choose not to on others.

此外，Guinness 0.0 在歐洲的淨銷售額在 24 財年翻了一番，其中英國和愛爾蘭約佔 Guinness 0.0 全球銷售額的 70%。我們正在投資提高 Guinness 0.0 的供應能力，以因應節制和二元性的消費趨勢。想要少喝酒的消費者和在某些場合想喝酒但在其他場合選擇不喝酒的消費者。

In fiscal '24, I set up a review of our ESG strategy. And as a result, we have simplified and prioritized the goals that form our spirit of progress plan. This has allowed us to prioritize the areas that are most material to the business, including reducing the harmful use of alcohol combating water stress and the impact of climate change. This means we will be accelerating our work advocating for responsible alcohol consumption and water replenishment activities in the communities in which we operate. These are not only the right things to do for our people, consumers and communities but also critical for our business.

在 24 財年，我對我們的 ESG 策略進行了審查。因此，我們對構成我們進步精神計劃的目標進行了簡化和優先排序。這使我們能夠優先考慮對業務最重要的領域，包括減少有害使用酒精、應對水資源壓力和氣候變遷的影響。這意味著我們將加快在我們經營所在社區倡導負責任的飲酒和補水活動的工作。這些不僅對我們的員工、消費者和社區來說是正確的事情，對我們的業務也至關重要。

With this simplified and prioritized focus, we are partnering with governments and institutions in key geographies on our decarbonization journey and have secured significant direct government funding to progress this.

憑藉這種簡化和優先的重點，我們正在與關鍵地區的政府和機構合作進行脫碳之旅，並已獲得大量直接政府資金來推進這一進程。

In the U.S., for example, the Department of Energy selected Diageo for a grant to support the installation of heat batteries and solar energy generation at two of our sites. The goal is to build a model that can be replicated across our supply operations in the U.S. and make our business more efficient, resilient and sustainable for the future.

例如，在美國，能源部選擇帝亞吉歐提供贈款，以支持在我們的兩個工廠安裝熱電池和太陽能發電。我們的目標是建立一個可以在我們在美國的供應業務中複製的模式，並使我們的業務在未來更有效率、更有彈性和永續發展。

I'll now hand over to Lavanya, who will go over financials in more detail before I return to discuss our outlook.

現在我將把任務交給拉瓦尼婭，他將在我回來討論我們的前景之前更詳細地討論財務狀況。

Thank you, Debra, and good morning, everyone. In fiscal '24, organic net sales were down 0.6% with positive price mix performance, mostly mitigating a decline in volume. Excluding LAC, the business grew organic net sales by 1.8%.

謝謝黛布拉，大家早安。在 24 財年，有機淨銷售額下降了 0.6%，價格組合表現積極，主要緩解了銷售量的下降。不包括 LAC，該業務的有機淨銷售額增長了 1.8%。

Organic operating margin declined by 130 basis points, primarily driven by LAC. Excluding LAC, organic operating margin was down 56 basis points, driven mostly by investments in digital capabilities, and as Debra mentioned, in further strengthening our route-to-market capabilities primarily in the U.S.

有機營業利潤率下降 130 個基點，主要是由於 LAC 的推動。不包括 LAC 在內，有機營業利潤率下降了 56 個基點，這主要是由於對數位能力的投資，以及正如 Debra 所提到的，進一步加強了我們主要在美國的市場路線能力。

We generated free cash flow of $2.6 billion, which was around $400 million more than a year ago. Strong working capital management and lower tax payments more than offset the combined impact of the decline in operating profit, higher interest payments and increased investment in CapEx. Pre-exceptional earnings per share declined mainly due to a lower operating profit and higher finance charges and exceptional items. This was partially offset by lower tax and the impact of share buybacks.

我們產生了 26 億美元的自由現金流，比一年前增加了約 4 億美元。強大的營運資本管理和較低的納稅額足以抵消營業利潤下降、利息支付增加和資本支出投資增加的綜合影響。特殊前每股收益下降的主要原因是營業利潤下降、財務費用和特殊項目增加。這被較低的稅收和股票回購的影響部分抵消。

We believe our growth algorithm continues to support sustainable long-term growth. Our focus continues to be on driving growth through winning quality market share. We continue to premiumize our portfolio and benefit from improved price mix and drive productivity all of which enables us to continue to invest smartly back into the business.

我們相信我們的成長演算法將繼續支持可持續的長期成長。我們的重點仍然是透過贏得優質市場份額來推動成長。我們繼續優化我們的產品組合，並受益於價格組合的改善和生產力的提高，所有這些使我們能夠繼續明智地投資回業務。

Price mix contributed 2.9 percentage points to top line growth. Price contribution to organic net sales growth was in the low single digits. Organic volume was down 3.5%, driven primarily by more than a 15% decline of volumes in LAC. More on that shortly.

價格組合為收入成長貢獻了 2.9 個百分點。價格對有機淨銷售額成長的貢獻僅為低個位數。有機銷量下降 3.5%，主要是由於 LAC 銷量下降超過 15%。稍後會詳細介紹。

We accelerated productivity initiatives across cost of goods, marketing and overheads in fiscal '24. This enabled us to unlock almost $700 million of productivity cost savings in the fiscal and comfortably exceed our three-year $1.5 billion productivity savings target.

我們在 24 財年加快了涵蓋商品成本、行銷和管理費用的生產力計劃。這使我們能夠在本財年節省近 7 億美元的生產力成本，輕鬆超過我們三年 15 億美元的生產力節省目標。

Marketing productivity and smart investment choices allowed us to invest A&P on key growth opportunities and hold our overall A&P investment levels flat for the year. In line with the market growth framework, we increased A&P investment in Guinness across all regions. Tequila as a part of our global rollout and in North America, in Chinese white spirits, in India and on Johnnie Walker in most regions.

行銷效率和明智的投資選擇使我們能夠將 A&P 投資於關鍵的成長機會，並使我們今年的 A&P 整體投資水準保持穩定。根據市場成長框架，我們增加了對吉尼斯各地區的 A&P 投資。龍舌蘭酒是我們全球推廣的一部分，在北美、中國白酒、印度以及大多數地區的尊尼獲加 (Johnnie Walker) 中都有。

Now to look further at volume. Our volume declined by 8.3 million equivalent units in fiscal '24. The decline was driven by specific challenges in LAC, North America and in Africa with otherwise stable volume in rest of world. Almost half of the volume decrease is related to the actions taken to normalize inventory levels more appropriate for the consumer environment in LAC.

現在進一步看看成交量。2024 財年我們的銷售量下降了 830 萬當量單位。下降的原因是拉丁美洲和加勒比地區、北美和非洲的具體挑戰，而世界其他地區的銷售量則保持穩定。銷售量減少的近一半與為使庫存水準正常化而採取的行動有關，該庫存水準更適合拉丁美洲和加勒比地區的消費環境。

In North America, volume declined by 2.3 million equivalent units. The volume decline was mainly driven by the cautious consumer environment in the U.S. with the rest from retailer destocking and lapping the supply chain normalization in the prior year. These headwinds more than offset the gains from improving market share performance over recent months.

在北美，銷量下降了 230 萬當量單位。銷售量下降的主要原因是美國謹慎的消費環境，其餘原因是零售商去庫存和去年供應鏈正常化。這些不利因素遠遠抵消了近幾個月市佔率表現改善所帶來的收益。

And as you can see, price mix has returned to pre-COVID-19 levels.

正如您所看到的，價格組合已恢復到 COVID-19 之前的水平。

In Africa, in light of significant devaluation we protected margins with strategic price increases. The volume decline here was a result of these pricing actions. In Europe, just over 75% of the volume decline was due to the lapping of final sale of inventories in Russia. Excluding this, Europe volume was marginally down versus last year due to softness in spirits.

在非洲，鑑於貨幣大幅貶值，我們透過策略性提價來保護利潤。這裡的銷售下降是這些定價行為的結果。在歐洲，略高於 75% 的銷售量下降是由於俄羅斯庫存最終銷售的減少所致。除此之外，由於烈酒疲軟，歐洲銷售量較去年略有下降。

APAC volume grew with strong growth in India and Chinese white spirits, partially offset by Southeast Asia and Australia. All of this gives us confidence that volume will recover when the consumer environment improves. I'll go into more details on the drivers of price mix shortly.

亞太地區銷售隨著印度和中國白酒的強勁增長而增長，但部分被東南亞和澳洲抵消。所有這些都讓我們相信，當消費環境改善時，銷售將會恢復。我將很快詳細介紹價格組合的驅動因素。

And now looking at our results at a category level. Our beer business delivered 14% organic net sales growth, with 5% volume growth. Our organic net sales growth was primarily driven by continued momentum in Guinness, which grew 15% and strong double-digit growth in Malta and Senator in Africa. Chinese white spirits organic net sales grew 27%, lapping a 14% decline due to COVID-19 restrictions in the prior year.

現在看看我們在類別層面的結果。我們的啤酒業務實現了 14% 的有機淨銷售額成長，銷量成長 5%。我們的有機淨銷售成長主要受到吉尼斯 (Guinness) 持續成長勢頭的推動，吉尼斯 (Guinness) 成長了 15%，馬耳他和非洲參議員 (Senator) 的強勁兩位數成長。中國白酒有機淨銷售額成長 27%，較前一年因 COVID-19 限製而下降 14%。

Other whiskey delivered strong organic net sales growth, fueled by Bulleit, McDowell's No.1, Royal Challenge and the successful launch of Buchanan's Pineapple in North America. Our scotch and tequila performance was significantly impacted by the weak performance in LAC. Scotch organic net sales growth was also negatively impacted by North America and the lapping of the final sale of inventories in Russia in fiscal '23.

在 Bulleit、McDowell's No.1、Royal Challenge 以及 Buchanan's Pineapple 在北美的成功推出的推動下，其他威士忌也實現了強勁的有機淨銷售增長。我們的蘇格蘭威士忌和龍舌蘭酒業績受到 LAC 疲弱業績的嚴重影響。蘇格蘭有機淨銷售額成長也受到北美和俄羅斯 23 財年庫存最終銷售的負面影響。

Scotch grew 11% in India with strong growth of Black & White and Johnnie Walker. Tequila organic net sales were down 7% driven by LAC and the lapping of inventory replenishment in North America partially offset by the benefit from the global rollout of the category.

隨著 Black & White 和尊尼獲加 (Johnnie Walker) 的強勁增長，蘇格蘭威士忌在印度增長了 11%。龍舌蘭有機淨銷售額下降 7%，原因是 LAC 和北美庫存補充的滯後，部分被該品類在全球推出的收益所抵消。

We are confident that premiumization continues to be a tailwind for the spirits category, although this may not be immediately apparent from Diageo's numbers, as our super premium plus price tiers showed weaker performance in fiscal '24. I'll touch on this shortly.

我們相信，高端化將繼續成為烈酒類別的推動力，儘管這可能不會從帝亞吉歐的數據中立即顯現出來，因為我們的超高端加價格層在 24 財年表現較弱。我很快就會談到這一點。

The breadth of price points across our portfolio provides resilience and the ability to capture consumer demand despite these economic pressures. With the exception of Super Premium Plus, each of our price tiers grew organic net sales in fiscal '24. The value tier saw particularly high growth driven by the strong performance of beer in Africa and other whiskey in India. The premium tier growth was impacted by LAC. Excluding LAC, this tier grew 3.7%.

儘管面臨這些經濟壓力，我們投資組合的廣泛價格點仍提供了彈性和捕捉消費者需求的能力。除 Super Premium Plus 之外，我們每個價格等級在 24 財年的有機淨銷售額均有所成長。在非洲啤酒和印度其他威士忌的強勁表現的推動下，價值層出現了特別高的成長。高端市場的成長受到 LAC 的影響。不包括 LAC，這一層級成長了 3.7%。

We can see that the decline in Super Premium Plus was also driven predominantly by LAC and by North America. The NAM decline in shipments reflects the impact of lapping the replenishment of U.S. spirits inventory levels in fiscal '23. However, when we look at the consumer purchasing data, as shown on the right, we can see that consumption of super premium spirits is ahead of Diageo shipments in the U.S. Nielsen and NABCA data shows that more than 100% of core spirits category growth in the industry came from Super Premium Plus spirits in the fiscal.

我們可以看到，Super Premium Plus 的下降主要是由拉丁美洲地區和北美推動的。NAM 出貨量下降反映了 23 財年美國烈酒庫存水準補充結束的影響。然而，當我們查看消費者購買數據時，如右圖所示，我們可以看到，超高端烈酒的消費量領先於帝亞吉歐在美國的出貨量。酒類成長超過100%。

In Rest of World, our super premium plus organic net sales growth was 2.9%, reinforcing the continuing premiumization in other markets. We continue to strengthen our revenue growth management capabilities, which are key in driving sustainable growth across volume, price and mix. We made surgical smart price increases supported by choiceful A&P investments across brands.

在世界其他地區，我們的超高端加有機淨銷售額成長了 2.9%，強化了其他市場的持續高端化。我們持續加強營收成長管理能力，這是推動銷售、價格和產品組合永續成長的關鍵。在跨品牌精選的 A&P 投資的支持下，我們進行了明智的漲價。

Let me share two examples of this. In Great Britain, we increased our marketing investment for Guinness by 14%, smartly managed pricing corridors and drove volume growth of 18%. In Southern Europe, Johnnie Walker volume increased by 5%, whilst organic net sales grew by 7%. Importantly, in each of these examples, we drove RGM while also gaining share for these brands.

讓我分享兩個例子。在英國，我們將 Guinness 的行銷投資增加了 14%，巧妙地管理了定價走廊，並推動銷售成長了 18%。在南歐，尊尼獲加銷量成長了 5%，而有機淨銷售額則成長了 7%。重要的是，在每個例子中，我們推動了 RGM，同時也為這些品牌贏得了份額。

With our culture of everyday efficiency, we have delivered strong productivity benefits year after year. Fiscal '24 was the third consecutive year when productivity and price combined offset the absolute impact of cost of goods inflation. In fiscal '24, we delivered productivity savings of $695 million across cost of goods, marketing and overhead spend buckets. The productivity on cost of goods was across the end-to-end supply chain. We renegotiated contracts on key materials such as glass, labels and grain neutral spirits and drove savings in logistics by renegotiating key ocean freight contracts.

憑藉我們注重日常效率的文化，我們年復一年地實現了強大的生產力優勢。24 財年，生產力和物價結合，連續第三年抵銷了商品成本通膨的絕對影響。在 24 財年，我們在商品成本、行銷和管理費用方面實現了 6.95 億美元的生產力節省。商品成本生產率貫穿整個端到端供應鏈。我們重新談判了玻璃、標籤和穀物中性烈酒等關鍵材料的合同，並透過重新談判關鍵的海運合同節省了物流費用。

Across our manufacturing sites, we reduced waste and drove savings via labor optimization and automation. In addition, we started to see the benefits from our five-year supply chain agility program announced at the end of fiscal '22. Marketing and overheads also drove a material contribution to productivity. Over the three-year period of fiscal '22 to fiscal '24, we delivered $1.7 billion of productivity savings, exceeding our target of $1.5 billion.

在我們的製造工廠中，我們透過勞動力優化和自動化減少了浪費並節省了成本。此外，我們開始看到 22 財年末宣布的五年供應鏈敏捷計畫的好處。行銷和管理費用也對生產力做出了實質貢獻。在 22 財年至 24 財年的三年期間，我們實現了 17 億美元的生產力節省，超過了 15 億美元的目標。

Looking ahead, we have committed to significantly step up our productivity target to $2 billion over the next three years, fiscal '25 through fiscal '27. This will be enabled by the acceleration in annual savings across COGS, marketing and overheads and from our supply chain agility program.

展望未來，我們承諾在未來三年（25 財年至 27 財年）將生產力目標大幅提高至 20 億美元。這將透過加速每年節省銷貨成本、行銷和管理費用以及我們的供應鏈敏捷性計劃來實現。

Organic operating margin declined year-on-year by 130 basis points, predominantly driven by LAC. LAC operating margin declined significantly, driven by negative mix, increased trade investment and lower operating leverage. Excluding LAC, operating margin was down by 56 basis points, reflecting continued investment in the business through overheads and A&P partially offset by positive gross margin.

有機營業利潤率年減 130 個基點，主要由 LAC 推動。由於負面組合、貿易投資增加和營運槓桿降低，拉丁美洲地區營運利潤率大幅下降。不包括 LAC，營業利潤率下降了 56 個基點，反映出透過管理費用和 A&P 對業務的持續投資，部分被正毛利率所抵銷。

Gross margin was up 17 basis points with benefits from productivity and price offsetting the impact of cost of goods inflation. Cost of goods inflation moderated from the double-digit inflation we saw in fiscal '23, but persisted in the high single digits for fiscal '24. Price was a positive contributor to margins but significantly less than in prior years.

毛利率成長了 17 個基點，生產力和價格帶來的好處抵消了商品成本通膨的影響。商品成本通膨從我們在 23 財年看到的兩位數通膨有所放緩，但在 24 財年仍維持在較高的個位數。價格對利潤率有正面貢獻，但明顯低於前幾年。

Recollect, we drove high single-digit price increases in fiscal '23. In fiscal '24, prior contribution to net sales was in the low single digits. Our robust gross margin performance was mostly driven by supply productivity.

回想一下，我們在 23 財年推動了個位數的高價上漲。24 財年，先前對淨銷售額的貢獻處於較低的個位數。我們強勁的毛利率表現主要是由供應生產力所推動的。

As I indicated in our interim results, our A&P reinvestment rate moderated as we lapped the prior year's increase, and delivered marketing spend efficiencies, especially in the U.S. through the second half. We use a disciplined approach to deploy A&P investment to target opportunities for long-term sustainable growth and strong ROI.

正如我在中期業績中指出的那樣，隨著我們完成了上一年的成長，我們的 A&P 再投資率有所放緩，並實現了行銷支出效率，尤其是在美國下半年。我們採用嚴格的方法來部署 A&P 投資，以瞄準長期可持續成長和強勁投資回報率的機會。

Through fiscal '24, we focused investments on tequila, both in the U.S. and globally and on Guinness, Chinese white spirits and India. We continue to be disciplined in our approach to managing overheads. Even in a tough year, we are committed to invest for long-term sustainable growth. In fiscal '24, our investments have included investing in our strategic capabilities, including digital and strengthening our route to market primarily in the U.S.

在 24 財年，我們將投資重點放在美國和全球的龍舌蘭酒、吉尼斯黑啤酒、中國白酒和印度。我們繼續嚴格管理管理費用。即使在艱難的一年，我們也致力於投資以實現長期永續成長。在 24 財年，我們的投資包括投資於我們的戰略能力，包括數位化和加強我們主要在美國的市場路線。

Basic earnings per share before exceptional items declined 8.6% from $1.965 to $1.796 primarily driven by weaker operating profit performance compared to fiscal '23, partially offset by a lower tax charge. Higher interest charges also negatively impacted EPS.

不計特殊項目的每股基本收益從 1.965 美元下降 8.6% 至 1.796 美元，主要是由於與 23 財年相比營運利潤表現疲軟，但稅收費用降低部分抵消了這一影響。較高的利息費用也對每股盈餘產生了負面影響。

Current higher interest rates impact our overall effective interest rate in two ways. First, they directly impact our floating debt portfolio. Second, interest rates on new debt issuances are higher relative to the maturing debt they replaced, which was issued at lower historical rates.

當前較高的利率以兩種方式影響我們的整體實際利率。首先，它們直接影響我們的浮動債務組合。其次，新債券發行的利率相對於它們所取代的到期債券的利率較高，而到期債券的發行利率較低。

Free cash flow increased despite lower operating profits and higher interest payments. This growth was primarily driven by our strong working capital management, almost entirely driven by inventory reductions. In recent years, we increased inventory by over 20% to navigate COVID-19-related supply disruptions. Through fiscal '24, we actively reduced this back to fiscal '19 levels. The improvement was enabled by recently implemented data analytics solutions and improved stock management processes.

儘管營業利潤下降且利息支付增加，但自由現金流仍有所增加。這一成長主要是由我們強大的營運資本管理所推動的，幾乎完全是由庫存減少所推動的。近年來，我們將庫存增加了 20% 以上，以應對 COVID-19 相關的供應中斷。在 24 財年，我們積極將其降低至 19 財年的水平。這項改進是透過最近實施的數據分析解決方案和改進的庫存管理流程實現的。

We also benefited from lapping one-off tax payments made in fiscal '23. And remember, we continue to invest in maturing stock and CapEx to support future business growth. CapEx spend increased in line with our long-term reinvestment strategy and in line with guidance for the year.

我們也受惠於 23 財年繳納的一次性稅款。請記住，我們將繼續投資於到期股票和資本支出，以支持未來的業務成長。資本支出的增加符合我們的長期再投資策略和今年的指導。

Moving on to foreign exchange. The impact of foreign exchange movements was slightly negative on operating profit and significantly more adverse on net sales. Translation exchange negatively impacted both net sales and operating profit. The exchange loss was driven by emerging market currencies, mainly the Nigerian naira, the Turkish lira and the Kenyan shilling, partially offset by gains on the British pound and the euro. The transaction benefit was mostly due to favorable hedged rates on the British pound and the Mexican peso, mostly offset by the Nigerian naira.

繼續進行外匯交易。外匯變動對營業利潤的影響略有負面，對淨銷售額的負面影響則更為嚴重。翻譯交換對淨銷售額和營業利潤均產生了負面影響。匯兌損失是由新興市場貨幣（主要是尼日利亞奈拉、土耳其里拉和肯亞先令）造成的，但部分被英鎊和歐元的升值所抵消。交易收益主要歸因於英鎊和墨西哥比索有利的對沖利率，但大部分被尼日利亞奈拉抵消。

We hedge our transactional foreign exchange on a rolling basis for our major currency exposures. This strategy results in foreign exchange rates that reflect the average of our hedging positions built over time. In our interim results, we shared a view on the potential full year foreign exchange impact for fiscal '24 based on hedged rates and other exposures.

我們以滾動方式對沖主要貨幣風險的交易外匯。這項策略產生的外匯匯率反映了我們隨著時間的推移所建立的對沖部位的平均值。在我們的中期業績中，我們根據對沖利率和其他風險敞口，對 24 財年潛在的全年外匯影響發表了看法。

Assuming the spot rates on December 31, 2023, exchange rate changes of the Nigerian naira, the Turkish lira and the Ghanaian cedi drove the difference from our expectations in our interim results to the fiscal year close. We completed the fiscal year with our leverage ratio at 3 times, in line with our target range of 2.5 to 3 times reflecting higher debt, lower year-on-year profit and strong working capital management.

假設2023年12月31日的即期匯率，尼日利亞奈拉、土耳其里拉和加納塞地的匯率變化導致了截至財年結束的中期業績與我們預期的差異。在本財年結束時，我們的槓桿率為 3 倍，符合 2.5 至 3 倍的目標範圍，反映出債務較高、年比利潤較低以及營運資金管理強勁。

Our net finance charges increased by $173 million year-on-year, reflecting the higher interest rate environment. Our effective interest rate at 4.3% is in line with the guidance we shared in January.

我們的淨財務費用年增 1.73 億美元，反映了較高的利率環境。我們的實際利率為 4.3%，與我們 1 月分享的指引一致。

Looking ahead to fiscal '25, I expect our effective interest rate to be broadly flat year-on-year, given current market conditions. We remain committed to our target leverage range. And I am conscious that we have reported our leverage ratio at the top of the range. We will make the right decisions to support the long-term growth of the business aligned to our long-standing track record of maintaining our disciplined approach to capital allocation and our target leverage range.

展望 25 財年，鑑於當前的市場狀況，我預計我們的實際利率將與去年同期基本持平。我們仍然致力於我們的目標槓桿範圍。我意識到我們報告的槓桿率處於範圍的頂部。我們將做出正確的決策，支持業務的長期成長，並與我們保持嚴格的資本配置方法和目標槓桿範圍的長期記錄保持一致。

So our consistent and disciplined approach to capital allocation is unchanged. I just talked about how we manage our balance sheet, guided by our leverage ratio policy. And we will always make decisions to support the long-term growth of the business.

因此，我們一貫且嚴格的資本配置方法並沒有改變。我剛才談到了我們如何在槓桿率政策的指導下管理我們的資產負債表。我們將始終做出支持業務長期成長的決策。

Our first priority is to invest in sustainable organic growth through CapEx, marketing spend, overhead, supporting strategic initiatives and investment in maturing stock. Next, we have a progressive dividend policy, and we have increased our dividend for 25 years.

我們的首要任務是透過資本支出、行銷支出、管理費用、支持策略舉措和對到期股票的投資來投資可持續的有機成長。接下來，我們有累進的股利政策，我們已經連續25年增加了股利。

Today, we announced a recommended final dividend of $62.98 cents per share. This is a 5% increase on our final dividend in fiscal '23 recast to U.S. dollars. Our dividend cover at 1.7 times is slightly below the lower end of our target range of 1.8 to 2.2 times, but our dividend payment reflects the confidence we have in our business.

今天，我們宣佈建議派發每股 62.98 美分的末期股息。這比我們 23 財年以美元計算的最終股利增加了 5%。我們的股利覆蓋率為 1.7 倍，略低於我們目標範圍 1.8 至 2.2 倍的下限，但我們的股利支付反映了我們對業務的信心。

Finally, when we have excess cash, and the main metric that guides us here is the leverage ratio. We will return it to shareholders as you have seen us do consistently over the past years. Our disciplined and strategic portfolio management will continue to be an integral part of our capital allocation strategy. In the past two years, we have acquired fast-growing brands such as Don Papa Rum, Balcones Distilling and Mr. Black and acquired the full ownership interest in DeLeon, and Thank you, Lavanya, for your kind words. Before I conclude, I will discuss our outlook. The consumer environment continues to be challenging with conditions we saw towards the end of fiscal '24 persisting into fiscal '25. Consumers remain cautious and interest rates are high. Therefore, retailers are likely to remain cautious, too. We expect the negative pressure on organic operating margin that we saw in the second half of fiscal '24 to persist into fiscal '25.

最後，當我們擁有過剩現金時，指導我們的主要指標是槓桿率。我們將把它回報給股東，就像你們在過去幾年看到的那樣。我們嚴謹的策略性投資組合管理將繼續成為我們資本配置策略的一個組成部分。在過去的兩年裡，我們收購了Don Papa Rum、Balcones Distilling和Mr. Black等快速成長的品牌，並收購了DeLeon的全部所有權權益，謝謝Lavanya的善意之言。在結束之前，我將討論我們的前景。消費者環境持續面臨挑戰，我們在 24 財政年度結束時看到的情況一直持續到 25 財年。消費者仍保持謹慎態度，利率也很高。因此，零售商也可能保持謹慎態度。我們預計，我們在 24 財年下半年看到的有機營業利潤率的負面壓力將持續到 25 財年。

That said, we will focus on strengthening the resilience of our business and winning with the consumer. We are focused on driving productivity and mitigating cost inflation while investing smartly in strategic initiatives that drive long-term sustainable growth. And we are confident that when the consumer environment improves, the actions we are taking will return us to growth.

也就是說，我們將專注於增強業務彈性並贏得消費者。我們專注於提高生產力和降低成本通膨，同時明智地投資於推動長期可持續成長的策略性舉措。我們相信，當消費環境改善時，我們正在採取的行動將使我們恢復成長。

As for medium-term expectations, recall that after three years of extraordinary top line growth with 14.5% CAGR from fiscal '21 to fiscal '23, Diageo and our industry are experiencing a period of normalization following the COVID-19 super cycle. And we also continue to feel the impact of macroeconomic challenges, geopolitical uncertainty and a cautious consumer environment, the consumer-facing companies are navigating. But we remain confident in the long-term fundamentals of TBA and our position within it. We believe demographic trends, rising incomes in the developing world, spirits gaining share from beer and wine and long-term premiumization will drive attractive underlying growth in our industry.

至於中期預期，回想一下，經過三年的非凡營收成長（從21 財年到23 財年複合年增長率為14.5%），帝亞吉歐和我們的產業正在經歷COVID-19 超級週期後的正常化時期。我們也持續感受到宏觀經濟挑戰、地緣政治不確定性和謹慎的消費環境的影響，面向消費者的企業正在前進。但我們對 TBA 的長期基本面以及我們在其中的地位仍然充滿信心。我們相信，人口趨勢、發展中國家收入的增加、烈酒從啤酒和葡萄酒中獲得的份額以及長期的高端化將推動我們行業有吸引力的潛在成長。

Diageo has an advantaged portfolio across categories, price points and regions, and we continue to be confident in our ability to grow ahead of TBA and gain quality market share, enabled by superior operating excellence and disciplined investment. We are confident that when the consumer environment improves, the actions we are taking will return us to growth. And we are focused on getting back into our medium-term guidance range for organic net sales growth. And we expect organic operating profit growth broadly in line with organic net sales growth as we continue to invest in the business.

帝亞吉歐在各個品類、價格點和地區擁有優勢的產品組合，我們繼續對憑藉卓越的運營和嚴格的投資實現領先於待定增長並獲得優質市場份額的能力充滿信心。我們相信，當消費環境改善時，我們正在採取的行動將使我們恢復成長。我們的重點是回到有機淨銷售額成長的中期指導範圍。隨著我們繼續投資該業務，我們預計有機營業利潤成長將與有機淨銷售額成長大致一致。

Longer term, we expect to deliver organic operating profit growth ahead of organic net sales growth.

從長遠來看，我們預計有機營業利潤成長將領先有機淨銷售額成長。

Finally, I will end by summarizing our growth ambition that we previewed at our capital markets event in November. Our growth ambition is to build towards the next decade of sustainable growth by achieving quality TBA share of 6% by 2030. Our strategy to unleash the power of our brands and portfolio includes: Sustaining the momentum in our global brands of Guinness, Johnnie Walker and Don Julio while driving regional growth opportunities like Crown Royal and NAM and accelerating malts in APAC. Leading and shaping key consumer trends including tapping into the convenience moderation and with food occasions with pipeline of innovation launches planned across multiple markets to recruit new consumers into new occasions at scale.

最後，我將總結我們在 11 月資本市場活動中預覽的成長雄心。我們的成長目標是到 2030 年實現 6% 的優質 TBA 份額，從而實現下一個十年的可持續成長。我們釋放品牌和產品組合力量的策略包括： 維持 Guinness、Johnnie Walker 和 Don Julio 等全球品牌的發展勢頭，同時推動 Crown Royal 和 NAM 等區域成長機會，並加速亞太地區麥芽威士忌的發展。引領和塑造主要消費趨勢，包括利用便利適度和食品場合，計劃在多個市場推出創新產品，以大規模吸引新消費者進入新場合。

And finally, continuing to focus on operational excellence. In addition to the route-to-market improvements I discussed earlier, we are evolving our approach to A&P efficiency to maximize consumer-facing dollars, while driving accelerated productivity and allocating resources with discipline.

最後，繼續專注於卓越營運。除了我之前討論的市場路線改進之外，我們還在改進 A&P 效率方法，以最大限度地提高面向消費者的資金，同時提高生產力並嚴格分配資源。

I remain excited about our opportunities for fiscal '25 and beyond because I believe at Diageo we have the best portfolio in our industry, the most diverse geographic footprint and the insights and tools we need and the very best team set up to outperform over the next decade.

我對25 財年及以後的機會仍然感到興奮，因為我相信在帝亞吉歐，我們擁有行業中最好的產品組合、最多樣化的地理足跡、我們需要的見解和工具，以及在未來表現出色的最佳團隊。

I would like to take this opportunity to thank my 30,000 Diageo colleagues for their hard work and dedication. Thank you. I also want to say a few words as this will be Lavanya's last results presentation. I am grateful to Lavanya for her leadership over the last six years and her contribution as Diageo successfully expanded our business through a global pandemic and delivered major productivity savings.

我想藉此機會感謝我的 30,000 名帝亞吉歐同事的辛勤工作和奉獻精神。謝謝。我還想說幾句話，因為這將是 Lavanya 的最後一次結果演示。我感謝拉瓦尼婭在過去六年中的領導以及她為帝亞吉歐在全球大流行中成功擴展我們的業務並實現重大生產力節省所做的貢獻。

I want to thank her for being a trusted colleague and partner to me, both when we work together in North America and more recently as I took on the role of CEO. Lavanya's seen us through fiscal year in '24, while ensuring a seamless transition to our incoming CFO, Nick Jhangiani on the September 1. On behalf of all Diageo colleagues, I wish her much future success as she returns to the U.S.

我要感謝她成為我值得信賴的同事和合作夥伴，無論是在我們在北美共事時，還是在我最近擔任執行長時。Lavanya 帶領我們度過了 24 財年，同時確保我們在 9 月 1 日順利過渡到即將上任的財務長 Nick Jhangiani。我謹代表帝亞吉歐全體同事祝福她在返回美國後一切順利。

I also want to take this opportunity to welcome Nick into the Diageo family. Thank youthe repatriation of Gordon's license in South Africa.

我也想藉此機會歡迎尼克加入帝亞吉歐大家庭。謝謝戈登在南非的駕照歸還。

Importantly, we have been disciplined and moved at pace to dispose off brands that did not fit within our portfolio, and we have restructured our presence in Cameroon and announced a similar transaction in Nigeria, to move to a flexible asset-light beer operating model. We expect this will improve the profitability of our business while accelerating the growth of Guinness in these markets.

重要的是，我們一直遵守紀律並迅速處置不適合我們投資組合的品牌，我們重組了在喀麥隆的業務，並宣布了在尼日利亞的類似交易，以轉向靈活的輕資產啤酒運營模式。我們預計這將提高我們業務的獲利能力，同時加速吉尼斯在這些市場的成長。

Additionally, we have recently announced the disposal of Pampero and Safari, which we expect to complete early in fiscal '25. We believe this disciplined portfolio management will help us to accelerate growth and increased focus to drive operational excellence.

此外，我們最近宣佈出售 Pampero 和 Safari，預計將於 25 財年年初完成。我們相信，這種嚴格的投資組合管理將幫助我們加速成長並更加重視推動卓越營運。

Before I hand back over to Debra, I would like to thank all my colleagues for making Diageo the best place to work and celebrate life every day. I have every confidence that Debra and the team will achieve our ambition of Diageo being the most respected and best-performing consumer products company in the world.

在我把工作交回黛布拉之前，我要感謝所有同事，感謝他們讓帝亞吉歐成為每天工作和慶祝生活的最佳場所。我堅信黛布拉和團隊將實現帝亞吉歐成為全球最受尊敬、業績最佳的消費品公司的雄心壯志。

Thank you, Lavanya, for your kind words.

謝謝拉瓦尼婭的客氣話。

Before I conclude, I will discuss our outlook. The consumer environment continues to be challenging with conditions we saw towards the end of fiscal '24 persisting into fiscal '25. Consumers remain cautious and interest rates are high. Therefore, retailers are likely to remain cautious, too. We expect the negative pressure on organic operating margin that we saw in the second half of fiscal '24 to persist into fiscal '25.

在結束之前，我將討論我們的前景。消費者環境持續面臨挑戰，我們在 24 財政年度結束時看到的情況一直持續到 25 財年。消費者仍保持謹慎態度，利率也很高。因此，零售商也可能保持謹慎態度。我們預計，我們在 24 財年下半年看到的有機營業利潤率的負面壓力將持續到 25 財年。

That said, we will focus on strengthening the resilience of our business and winning with the consumer. We are focused on driving productivity and mitigating cost inflation while investing smartly in strategic initiatives that drive long-term sustainable growth. And we are confident that when the consumer environment improves, the actions we are taking will return us to growth.

也就是說，我們將專注於增強業務的彈性並贏得消費者的青睞。我們專注於提高生產力和降低成本通膨，同時明智地投資於推動長期可持續成長的策略性舉措。我們相信，當消費環境改善時，我們正在採取的行動將使我們恢復成長。

As for medium-term expectations, recall that after three years of extraordinary top line growth with 14.5% CAGR from fiscal '21 to fiscal '23, Diageo and our industry are experiencing a period of normalization following the COVID-19 super cycle. And we also continue to feel the impact of macroeconomic challenges, geopolitical uncertainty and a cautious consumer environment, the consumer-facing companies are navigating. But we remain confident in the long-term fundamentals of TBA and our position within it. We believe demographic trends, rising incomes in the developing world, spirits gaining share from beer and wine and long-term premiumization will drive attractive underlying growth in our industry.

至於中期預期，回想一下，經過三年的非凡營收成長（從21 財年到23 財年複合年增長率為14.5%），帝亞吉歐和我們的產業正在經歷COVID-19 超級週期後的正常化時期。我們也持續感受到宏觀經濟挑戰、地緣政治不確定性和謹慎的消費環境的影響，面向消費者的企業正在前進。但我們對 TBA 的長期基本面和我們在其中的地位仍然充滿信心。我們相信，人口趨勢、發展中國家收入的增加、烈酒從啤酒和葡萄酒中獲得的份額以及長期的高端化將推動我們行業有吸引力的潛在成長。

Diageo has an advantaged portfolio across categories, price points and regions, and we continue to be confident in our ability to grow ahead of TBA and gain quality market share, enabled by superior operating excellence and disciplined investment.

帝亞吉歐在各個品類、價格點和地區擁有優勢的產品組合，我們繼續對憑藉卓越的運營和嚴格的投資實現領先於待定增長並獲得優質市場份額的能力充滿信心。

We are confident that when the consumer environment improves, the actions we are taking will return us to growth. And we are focused on getting back into our medium-term guidance range for organic net sales growth. And we expect organic operating profit growth broadly in line with organic net sales growth as we continue to invest in the business. Longer term, we expect to deliver organic operating profit growth ahead of organic net sales growth.

我們相信，當消費環境改善時，我們正在採取的行動將使我們恢復成長。我們的重點是回到有機淨銷售額成長的中期指導範圍。隨著我們繼續投資該業務，我們預計有機營業利潤成長將與有機淨銷售額成長大致一致。從長遠來看，我們預計有機營業利潤成長將領先有機淨銷售額成長。

Finally, I will end by summarizing our growth ambition that we previewed at our capital markets event in November. Our growth ambition is to build towards the next decade of sustainable growth by achieving quality TBA share of 6% by 2030. Our strategy to unleash the power of our brands and portfolio includes: Sustaining the momentum in our global brands of Guinness, Johnnie Walker and Don Julio while driving regional growth opportunities like Crown Royal and NAM and accelerating malts in APAC.

最後，我將總結我們在 11 月資本市場活動中預覽的成長雄心。我們的成長目標是到 2030 年實現 6% 的優質 TBA 份額，從而實現下一個十年的可持續成長。我們釋放品牌和產品組合力量的策略包括： 維持 Guinness、Johnnie Walker 和 Don Julio 等全球品牌的發展勢頭，同時推動 Crown Royal 和 NAM 等區域成長機會，並加速亞太地區麥芽威士忌的發展。

Leading and shaping key consumer trends including tapping into the convenience moderation and with food occasions with pipeline of innovation launches planned across multiple markets to recruit new consumers into new occasions at scale.

引領和塑造主要消費趨勢，包括利用便利適度和食品場合，計劃在多個市場推出創新產品，以大規模吸引新消費者進入新場合。

And finally, continuing to focus on operational excellence. In addition to the route-to-market improvements I discussed earlier, we are evolving our approach to A&P efficiency to maximize consumer-facing dollars, while driving accelerated productivity and allocating resources with discipline.

最後，繼續專注於卓越營運。除了我之前討論的市場路線改進之外，我們還在改進 A&P 效率方法，以最大限度地提高面向消費者的資金，同時提高生產力並嚴格分配資源。

I remain excited about our opportunities for fiscal '25 and beyond because I believe at Diageo we have the best portfolio in our industry, the most diverse geographic footprint and the insights and tools we need and the very best team set up to outperform over the next decade.

我對25 財年及以後的機會仍然感到興奮，因為我相信在帝亞吉歐，我們擁有行業中最好的產品組合、最多樣化的地理足跡、我們需要的見解和工具，以及在未來表現出色的最佳團隊。

I would like to take this opportunity to thank my 30,000 Diageo colleagues for their hard work and dedication. Thank you. I also want to say a few words as this will be Lavanya's last results presentation. I am grateful to Lavanya for her leadership over the last six years and her contribution as Diageo successfully expanded our business through a global pandemic and delivered major productivity savings.

我想藉此機會感謝我的 30,000 名帝亞吉歐同事的辛勤工作和奉獻精神。謝謝。我還想說幾句話，因為這將是 Lavanya 的最後一次結果演示。我感謝拉瓦尼婭在過去六年中的領導以及她為帝亞吉歐在全球大流行中成功擴展我們的業務並實現重大生產力節省所做的貢獻。

I want to thank her for being a trusted colleague and partner to me, both when we work together in North America and more recently as I took on the role of CEO. Lavanya's seen us through fiscal year in '24, while ensuring a seamless transition to our incoming CFO, Nick Jhangiani on the September 1. On behalf of all Diageo colleagues, I wish her much future success as she returns to the U.S.

我要感謝她成為我值得信賴的同事和合作夥伴，無論是在我們在北美共事時，還是在我最近擔任執行長時。 Lavanya 帶領我們度過了 24 財年，同時確保我們在 9 月 1 日順利過渡到即將上任的首席財務官 Nick Jhangiani。

I also want to take this opportunity to welcome Nick into the Diageo family. Thank you.

我也想藉此機會歡迎尼克加入帝亞吉歐大家庭。謝謝。