Diageo PLC (DEO) 2026 Q2 法說會逐字稿

Good morning and welcome to the Diageo interim results presentation. As you know it's my first results session for Diageo. In fact, this is my seventh week, and I'll share a few initial impressions and immediate priorities with you later.

早安，歡迎參加帝亞吉歐中期業績發表會。如你所知，這是我第一次為帝亞吉歐做業績報告。事實上，這已經是我到任的第七週了，我稍後會和大家分享一些初步印象和眼下的工作重點。

But first I'd like to hand over to Nik to share with you the results of the first half of 2026. Nik?

但首先我想把麥克風交給 Nik，讓他跟大家分享 2026 年上半年的結果。尼克？

Thank you, Dave, and welcome to Diageo. In the context of a continued challenging macroenvironment and industry backdrop in many of our markets, but in particular, US spirits and Chinese white spirits, both organic net sales and organic operating profit declined 2.8%. Notably, excluding the impact from Chinese white spirits, we would have reported organic net sales down approximately 0.5% and approximately 1.5% growth in organic operating profit.

謝謝你，戴夫，歡迎加入帝亞吉歐。在許多市場（尤其是美國烈酒和中國白酒市場）面臨持續挑戰的宏觀環境和行業背景下，有機淨銷售額和有機營業利潤均下降了 2.8%。值得注意的是，如果不計入中國白酒的影響，我們的有機淨銷售額將下降約 0.5%，有機營業利潤將成長約 1.5%。

Europe, Latin Africa delivered strong growth, but this was more than offset by NAM and APAC. Our focus on cost savings benefited organic operating profit, but did not offset lower gross profit, given the mix of market growth.

歐洲和拉丁美洲實現了強勁成長，但北美和亞太地區的成長抵消了這一成長。我們對成本節約的重視提高了有機營業利潤，但考慮到市場成長的綜合因素，這並沒有抵消毛利的下降。

This profit decline, as well as lapping the impact of the disposal of our businesses in Ghana and Nigeria, impacted our EPS pre-exceptionals, which declined 2.5%. Our focus on cash delivery continues, delivering just over $1.5 billion in free cash flow for the half year, and $164 million lower than last year due to adverse movement in working capital.

利潤下降，加上出售我們在加納和奈及利亞的業務的影響，導致我們的每股收益（扣除特殊項目前）下降了 2.5%。我們繼續專注於現金流，上半年自由現金流略高於 15 億美元，比去年同期減少了 1.64 億美元，因為營運資本出現不利變化。

We have also declared a dividend today of $0.20 per share, and at the same time announced that we're moving to a dividend payout policy of 30% to 50%. This decision is not something that we have taken lightly, but one that we view is important in ensuring that we make the right decisions for the business for the long-term. Dave will come back on this later.

我們今天也宣布派發每股 0.20 美元的股息，同時宣布我們將股息支付政策調整為 30% 至 50%。我們並非輕率地做出這個決定，而是認為這對於確保我們為企業的長遠發展做出正確的決策至關重要。戴夫稍後會再談到這件事。

Now moving to regions, the biggest challenge has been a circa 7% organic sales decline in NAM, which was driven by softness in US spirits, especially in tequila, which declined approximately 23%, driven by both Casamigos and Don Julio for a number of reasons, including category down trading.

現在來看看各地區，最大的挑戰是北美地區有機銷售額下降了約 7%，這是由於美國烈酒市場疲軟，尤其是龍舌蘭酒市場疲軟，下降了約 23%，這主要是由於 Casamigos 和 Don Julio 等品牌的銷量下滑，原因有很多，包括消費者選擇降級消費。

Organic growth in the Ajo Beer Company of approximately 7% and in Canada of just over 2%, only partly offset this. I will provide more detail on this shortly. In Europe, both volume and value growth in Turkey, with double-digit growth in Johnnie Walker as we increase distribution and visibility. This was alongside Rocky, which benefited from increased focus and new pack designs.

Ajo啤酒公司約7%的有機成長率和加拿大略高於2%的有機成長率，僅部分抵消了這項影響。我稍後會提供更多細節。在歐洲，土耳其的銷售和銷售額均實現成長，尊尼獲加的銷量和銷售額更是實現了兩位數的成長，這得益於我們擴大了分銷管道和提升了品牌知名度。同時，Rocky 也受益於更高的關注度和新的包裝設計。

Momentum in MIA continued, as did the growth of Guinness across almost all markets, particularly GB and Ireland. Across Europe, by bringing decision making closer to customers and consumers, we are improving commercial execution and delivering some positive early results. The continued impact of decline in Chinese white spirits adversely impacted sales in APAC, with organic sales down approximately 11%. Excluding this, organic sales would have been up slightly.

MIA 的成長勢頭持續強勁，吉尼斯在幾乎所有市場（尤其是英國和愛爾蘭）的成長勢頭也同樣強勁。在歐洲各地，透過讓決策更貼近客戶和消費者，我們正在改善商業執行，並取得了一些正面的初步成果。中國白酒持續下滑對亞太地區的銷售造成了不利影響，有機銷售額下降了約 11%。排除此因素，有機產品的銷售額本應略有成長。

In India, continued momentum in prestige and above segment brands and locally inspired flavor innovation on Smirnoff, as well as format innovation on Royal Challenge, all contributed to strong results. In [Lac], we saw net sales growth in most markets, including both Brazil and Mexico. This was despite the impact in Q2 in Brazil of counterfeit alcohol incidents, which was particularly pronounced in the arms trade.

在印度，高端及以上細分市場品牌的持續成長勢頭，以及 Smirnoff 在本土化口味創新和 Royal Challenge 在產品規格創新方面的進步，都為強勁的業績做出了貢獻。在[Lac]，我們看到大多數市場的淨銷售額都實現了成長，包括巴西和墨西哥。儘管巴西在第二季度受到了假酒事件的影響，尤其是在軍火貿易領域，情況更為嚴重。

More recently, we have seen a gradual recovery of consumer confidence in this market. Across Africa, we saw broad-based net sales growth across the region with strong double-digit growth in South Africa, driven by RTDs and also in Tanzania, driven by strong beer performance.

最近，我們看到消費者對該市場的信心逐漸恢復。在整個非洲，我們看到該地區淨銷售額普遍成長，其中南非和坦尚尼亞的淨銷售額均實現了強勁的兩位數成長，這主要得益於即飲飲料的強勁表現。

In the half, we grew or held total market share circa 30% of markets measured by contribution to net sales. This result was clearly disappointing and was largely a reflection of performance in the US which saw a 9 bps TBA share loss, which represents circa 35% of the total net sales value in measured markets.

上半年，我們以對淨銷售額的貢獻衡量，市佔率成長或維持了約 30%。這項結果顯然令人失望，主要反映了美國市場的表現，美國市場TBA市佔率下降了9個基點，約佔所統計市場總淨銷售額的35%。

Turning to North America, pressure on consumer wallets and an increasingly competitive environment, especially in tequila is having a marked adverse impact on US Spirit's performance. Dave will come back and give you more context on this performance later, including specifically the pressure on ultra premium tequila.

再來看北美市場，消費者錢包的壓力以及日益激烈的競爭環境，尤其是在龍舌蘭酒領域，對美國烈酒公司的業績產生了明顯的負面影響。戴夫稍後會回來，為大家提供更多關於這場表演的背景信息，特別是關於頂級龍舌蘭酒所面臨的壓力。

Organic sales decline was almost entirely driven by Don Julio, Casamigos and Crown Royal. In the first half, tough comparatives, plus an increasingly competitive tequila environment put pressure on results. This was exacerbated by both ongoing tequila litigation and media on additives and adulteration, two separate issues, but both negatively impacting consumer sentiment.

有機銷售額的下降幾乎完全是由唐胡里奧、卡薩米戈斯和皇冠威士忌造成的。上半年，嚴峻的對比以及競爭日益激烈的龍舌蘭酒市場環境給業績帶來了壓力。持續不斷的龍舌蘭酒訴訟以及媒體對添加劑和摻假問題的報導加劇了這種情況，這兩個問題雖然是獨立的，但都對消費者情緒產生了負面影響。

We continue to view the litigation claims as baseless and are pushing for case dismissal in New York. We are also working with industry influencers to inform the narrative, and we are confident that our tequilas are crafted from 100% blue agave. There was good performance on Johnnie Walker, driven by Johnnie Walker Blue, and encouraging performance in smaller spirits brands such as Ketel One and Astral.

我們仍然認為這些訴訟指控毫無根據，並正在紐約推動駁回此案。我們也與產業影響者合作，以塑造品牌形象，我們確信我們的龍舌蘭酒是由 100% 藍色龍舌蘭釀造而成。尊尼獲加 (Johnnie Walker) 表現良好，其中尊尼獲加藍牌 (Johnnie Walker Blue) 表現突出；此外，凱特爾一號 (Ketel One) 和阿斯特拉爾 (Astral) 等小型烈酒品牌也表現出令人鼓舞的業績。

Ketel one priced in super premium and with a consistent made to cocktail platform, activated at all consumer touchpoints, gained share of vodka, and maintained spirit's share. RTDs and Guinness also delivered positive growth. RTD share gains were driven by Casamigos margaritas, an innovation from Smirnoff's Sunny Days, which taps into nostalgic flavors, and Smirnoff shorties as well.

Ketel One 定位為超高端，並擁有穩定的雞尾酒平台，在所有消費者接觸點上都進行了推廣，從而獲得了伏特加的市場份額，並保持了烈酒的市場份額。即飲飲料和健力士黑啤酒也實現了正成長。RTD 市場佔有率的成長主要得益於 Casamigos 瑪格麗塔酒、Smirnoff's Sunny Days 的創新產品（利用了懷舊口味）以及 Smirnoff shorties。

Guinness gains share every week of half one fiscal '26 with continued participation in culture. In APAC, performance was adversely impacted by weaker Chinese white spirits consumption as a result of market policy. Excluding Chinese white spirits, APAC would have reported slightly positive net sales growth.

吉尼斯在 2026 財年上半年每週都因持續參與文化活動而獲得市場份額。在亞太地區，受市場政策影響，中國白酒消費疲軟，對業績產生了不利影響。如果剔除中國白酒，亞太地區的淨銷售額將實現小幅正成長。

Additionally, and as we guided previously, we saw some impact across the region from the later Chinese New Year, as well as the macroeconomic impact in North Asia. I mentioned earlier that India delivered strong results from both core brands and innovation and successful recruitment. Royal Challenge, Smirnoff, and Johnnie Walker all performed well.

此外，正如我們之前所指出的，我們看到春節推遲對整個地區產生了一些影響，以及對北亞宏觀經濟的影響。我之前提到過，印度在核心品牌、創新和成功招募方面都取得了強勁的成績。皇家挑戰者、斯米諾伏特加和尊尼獲加的表現都很好。

Finally, in APAC, although Guinness organic growth was impacted by the route to market changes in China and Australia in the latter, the brand saw strong double-digit growth in distribution and record on trade market share.

最後，在亞太地區，儘管健力士的有機成長受到中國和澳洲市場通路變化的影響，但該品牌在分銷方面實現了強勁的兩位數成長，並在貿易市場份額方面創下紀錄。

During half one, we've made good progress with Accelerate, with around 50% of the $625 million of total savings now expected to be delivered in fiscal '26. I have previously shared that these savings were expected to be greater in the second half, and consistent with this, we saw circa 40% of the total estimated savings in the first half.

上半年，我們在 Accelerate 專案上取得了良好進展，預計 6.25 億美元總節省額的 50% 左右將在 2026 財年實現。我之前曾說過，預計下半年這些節省額會更大，與此相符的是，我們在上半年看到了預計總節省額的約 40%。

Taking you through the main drivers, the majority of the accelerated savings in the first half were in supply agility and cost efficiencies, as well as through A&P, which I will come back to shortly. There were also some savings in overheads, but these were smaller and related to improved cost control and corporate functions, as well as some headcount reductions.

帶您了解主要驅動因素，上半年加速節省的大部分資金來自供應靈活性和成本效益，以及廣告和促銷活動，我稍後會談到這一點。在管理費用方面也有一些節省，但這些節省幅度較小，與成本控制和公司職能的改進以及人員減少有關。

On supply agility, we've benefited from improved utilization rates, facility and logistics optimization, and digital supply chain transformation, for example, using SIP, our Scotch Intelligence Platform. You will recall the other bucket we shared that would drive accelerate savings with straight efficiency, which we have always said would take longer to come through. In the first half, we didn't see any savings from this, as these savings are typically tied to renegotiations with our large customers, which are normally on a calendar year basis.

在供應靈活性方面，我們受益於更高的利用率、設施和物流優化以及數位化供應鏈轉型，例如，我們使用了我們的蘇格蘭智慧平台 SIP。您可能還記得我們之前分享過的另一個方案，即透過提高效率來加速節省成本，但我們一直認為這需要更長的時間才能實現。上半年，我們沒有從中獲得任何節省，因為這些節省通常與和我們的大客戶重新談判有關，而這些談判通常是按日曆年進行的。

On A&P let me start by saying that nothing has changed in terms of our commitment to investing in our brands for the future. However, we are committed to being more effective and efficient with our spend and being choiceful where we invest and where we may choose not to, given the market conditions.

關於A&P，首先我想說的是，我們對未來品牌投資的承諾並沒有改變。但是，我們致力於提高支出的效率和效益，並根據市場狀況，選擇性地決定投資方向和不投資方向。

Our tools such as Catalyst are helping us do this and to maximize both ROI and volume. For example, during the first half, we pivoted investment towards Guinness in Europe, and we reallocated investment from spirits to RTDs in Brazil.

我們的工具，例如 Catalyst，正在幫助我們實現這一目標，並最大限度地提高投資回報率和銷售量。例如，上半年，我們將投資轉向歐洲的健力士啤酒，並將投資從烈酒重新分配到巴西的即飲飲料。

You would have seen AMP spend down circa 10% on last year. Taking you through the reasons for this and consistent with Accelerate, we saw savings in A&P primarily from lower development costs, which were 15% of A&P spend compared with about 17.5% last year.

你會發現 AMP 的支出比去年減少了約 10%。為了解開原因，與 Accelerate 計劃一致，我們發現 A&P 方面的節省主要來自於開發成本的降低，開發成本佔 A&P 支出的 15%，而去年這一比例約為 17.5%。

I have shared some examples of the areas of savings on the slide. AI content using virtual content studios, facilitating market customization at scale, procurement savings with improved rates and new contracts, concentrated development spend on fewer, bigger opportunities. Johnnie Walker is a great example of this, which supported brand growth, and finally, smart media buying using allocation tools to maximize returns.

我在投影片上列舉了一些可以節省開支的領域。利用虛擬內容工作室製作人工智慧內容，促進大規模市場定制，透過提高價格和簽訂新合約節省採購成本，將開發支出集中在更少、更大的機會。尊尼獲加就是一個很好的例子，它透過智慧媒體購買和分配工具來支持品牌成長，最終實現了最大化收益。

Let me now take you through the movement in net sales for the half year in more detail. Reported net sales declined 4%, with organic sales decline and the adverse impact of acquisitions and disposals only partly mitigated by favorable foreign exchange and hyperinflation adjustments. Organic volume declined 0.9% as solid volume growth in Africa was offset by volume losses across the other four regions.

現在讓我更詳細地帶您了解上半年的淨銷售額變化。報告顯示，淨銷售額下降了 4%，其中有機銷售額下降以及收購和處置的不利影響，僅部分被有利的匯率和惡性通貨膨脹調整所抵消。有機銷量下降 0.9%，非洲地區的銷量成長被其他四個地區的銷量下降所抵消。

Excluding the impact of Chinese white spirits, volumes were down approximately 0.5%. Europe, Latin Africa delivered positive price mix with 1.9% decline at group level, driven mainly by the adverse impact of Chinese white spirits weakness in China, and the decline in US spirits, primarily due to tequila, as I talked to earlier. If you were to exclude the impact of Chinese white spirits, price mix would have been broadly flat.

剔除中國白酒的影響，銷量下降了約0.5%。歐洲和拉丁美洲的價格組合呈現積極態勢，集團層面下降了 1.9%，這主要是由於中國白酒市場疲軟以及美國烈酒市場下滑（主要是由於龍舌蘭酒的下滑，正如我之前提到的那樣）所造成的不利影響。如果排除中國白酒的影響，價格結構將大致保持穩定。

The negative impact from acquisitions and disposals was due to the disposal of Guinness Ghana at the beginning of the half, and the disposals of Guinness Nigeria completed in September '24, and CIROC completed in the fourth quarter of fiscal '25. The positive impact of foreign exchange was primarily driven by favorable movement on sterling and EUR, partly offset by adverse impact of the TRY.

收購和處置帶來的負面影響是由於上半年初處置了 Guinness Ghana，以及在 2024 年 9 月完成的 Guinness Nigeria 的處置，還有在 2025 財年第四季度完成的 CIROC 的處置。外匯市場的正面影響主要由英鎊和歐元的有利走勢推動，但部分被土耳其里拉的不利影響所抵消。

Turning now to the movement and operating profit for the half year, reported operating profit before exceptionals declined circa 3.5%, as lower gross profit and the movement in acquisitions and disposals was in part mitigated by lower marketing spend, overheads, and FX benefits.

現在來看看上半年的業績和營業利潤，報告顯示，扣除特殊項目前的營業利潤下降了約 3.5%，原因是毛利潤下降以及收購和處置活動的影響部分被營銷支出、管理費用和外匯收益的減少所抵消。

Gross profit declined $324 million organically, driven by top-line performance, adverse product mix, cost inflation, and tariffs. Efficiencies across manufacturing, logistics, and supply networks partly mitigated this, with gross margin remaining broadly flat. Lower marketing spend provided a $178 million benefit to operating profit, which I talked to earlier.

受營收下滑、產品組合不利、成本上漲和關稅的影響，毛利自然下降了 3.24 億美元。製造、物流和供應鏈網路效率的提高在一定程度上緩解了這個問題，毛利率基本上保持不變。降低行銷支出為營業利潤帶來了 1.78 億美元的好處，我之前已經提到過這一點。

Overhead savings were largely due to lower indirect overhead costs, given savings from the accelerated program, such as optimized IT costs. Moving to cash, free cash flow decreased by $164 million versus half one fiscal '25 to just over $1.5 billion representing approximately half of the $3 billion guided to for the full year.

間接費用的節省主要歸功於加速計畫帶來的節省，例如優化的 IT 成本，從而降低了間接費用。現金方面，自由現金流較 2025 財年上半年減少了 1.64 億美元，略高於 15 億美元，約為全年預期 30 億美元的一半。

This was because we lacked a very favorable movement in creditor balances in the prior year, and also a lower creditor balance at the end of the half. Importantly, creditor days compared to prior were broadly flat. The cash outflow from maturing stock in the half was minimal as we continued to optimize investment in our mid to long-term maturing liquid requirements.

這是因為我們在上一年的債權人餘額沒有出現非常有利的變化，而且上半年末的債權人餘額也較低。值得注意的是，債權人周轉天數與先前相比基本持平。由於我們持續優化中長期到期流動性需求的投資，上半年到期股票的現金流出量極少。

Tax paid was lower due to a low operating profit, and the timing of payments and net interest paid reduced, given both a lower effective interest rate and the capitalization of certain borrowing costs. CapEx was approximately $590 million, a decrease of about $40 million on last year, reflecting a disciplined approach to investing in projects, including Guinness production, capacity expansion, supply, agility, and digital infrastructure.

由於營業利潤低，繳納的稅款也相應減少；由於實際利率較低以及某些借款成本資本化，付款時間和淨利息支出也相應減少。資本支出約為 5.9 億美元，比去年減少了約 4,000 萬美元，反映出該公司在投資項目方面採取了嚴謹的態度，包括吉尼斯啤酒的生產、產能擴張、供應、靈活性和數位基礎設施。

Our full year guidance for CapEx remains unchanged at the lower end of the $1.2 billion to $1.3 billion range. EPS pre-exceptional declined 2.5% of last year to $0.953, largely driven by the impact of lower organic operating profit and lapping the impact of disposals. There was also some offset from a lower tax charge and reduced minority interest. As previously guided, our exceptionals were significantly reduced versus fiscal '25, with details shared in the appendix.

我們對全年資本支出的預期保持不變，仍為 12 億美元至 13 億美元區間的下限。扣除特殊項目後的每股盈餘較去年下降 2.5% 至 0.953 美元，主要原因是內生性營業利潤下降以及資產處置的影響被抵銷。稅收支出減少和少數股東權益減少也起了一定的抵銷作用。正如之前所指導的那樣，我們的特殊支出與 2025 財年相比大幅減少，詳情請見附錄。

Moving to the balance sheet, we closed the half with lower net debt of $21.7 billion a small decrease compared with the balance at the end of fiscal '25. Given lower EBITDA year on year, our leverage ratio remained flat compared to June 2025. As a reminder, we have guided that the completion of the sale of our 65% shareholding EABL announced in December is expected to delever our balance sheet by circa 0.25 times, and we are making progress through the strategic review by USL of its ownership in Royal Challengers Bangalore. This is consistent with our guidance to delever and strengthen our balance sheet and increase financial flexibility.

從資產負債表來看，上半年結束時，我們的淨債務為 217 億美元，比 2025 財年末的餘額略有下降。儘管 EBITDA 同比下降，但我們的槓桿率與 2025 年 6 月相比保持不變。再次提醒，我們已表示，12 月宣布的出售我們持有的 EABL 65% 股份的交易預計將使我們的資產負債表去槓桿化約 0.25 倍，並且我們正在透過 USL 對其在皇家挑戰者班加羅爾隊的股權進行戰略審查取得進展。這與我們降低槓桿率、加強資產負債表和提高財務靈活性的指導方針是一致的。

Let me take you through our fiscal '26 guidance. Firstly, we've updated organic net sales growth guidance given further weakness in the US. We now expect this to be down 2% to 3%, which compares with flat slightly down previously.

讓我帶您了解我們2026財年的業績預期。首先，鑑於美國市場進一步疲軟，我們更新了有機淨銷售成長預期。我們現在預計這一數字將下降 2% 至 3%，而先前的預測是持平略微下降。

As a result of this change, we've also updated our organic operating profit guidance, which is now expected to be flat to up low single-digits. This compares with low to mid-single-digit growth before. This includes the impact of tariffs, assuming a 10% rate on UK imports and a 15% rate on European imports, as well as assuming that the USMCA exemption remains.

由於這項變化，我們也更新了有機營業利潤預期，目前預計將持平或略微成長（個位數百分比）。這與之前個位數低至中等的成長率相比有了顯著提高。這包括關稅的影響，假設英國進口商品的關稅稅率為 10%，歐洲進口商品的關稅稅率為 15%，並假設美墨加協定豁免仍然有效。

However, we note that the recent ruling on tariff policy by the United States Supreme Court has increased uncertainty and potentially increased risk surrounding the impact of US tariff policy, which we continue to monitor and have not updated our guidance for this. Our tax interest and CapEx guidance are all unchanged from what we shared previously, as shown on the slide.

然而，我們注意到，美國最高法院最近對關稅政策的裁決增加了美國關稅政策影響的不確定性，並可能增加了風險，我們將繼續關注此事，但尚未更新我們的相關指引。如投影片所示，我們的稅務利益和資本支出指導意見均與先前公佈的內容保持一致。

Finally, on free cash flow, we have reiterated our $3 billion guidance for fiscal '26. As a reminder, this is after exceptional costs relating to accelerate. However, it does not include an approximate $100 million one-off impact on working capital, given inventory build ahead of the implementation of S4 Hanna in early fiscal '27.

最後，關於自由現金流，我們重申了 2026 財年 30 億美元的預期。提醒一下，這是在扣除與加速相關的特殊費用之後的價格。然而，由於在 2027 財年初實施 S4 Hanna 之前累積了庫存，因此並未計入對營運資金的約 1 億美元的一次性影響。

And with that, let me hand back to Dave.

那麼，現在讓我把鏡頭還給戴夫。

Thanks, Nik. As I said at the introduction, I'm seven weeks in. It's been pretty intense. It's been great meeting the team, I've had a fantastic welcome, and the energy in the business is really very high and infectious. This energy is going to be crucial and a key requirement to the turnaround journey ahead.

謝謝你，尼克。正如我在開場白中所說，我已經入職七週了。這段時間相當緊張。很高興見到這個團隊，我受到了熱烈的歡迎，公司裡的氣氛非常活躍，而且這種氛圍也很有感染力。這種能量將至關重要，是未來扭虧為盈的關鍵要素。

In the last seven weeks, I've spent time in North America, in New York, Florida, Texas, I've spent time with the whole Latin American team in Colombia, and I've spent time in Europe, Middle East, and India, as well as getting functional briefings here in London. Obviously, the induction is not complete.

在過去的七周里，我先後在北美（紐約、佛羅裡達、德克薩斯）和整個拉丁美洲團隊在哥倫比亞待了一段時間，還去了歐洲、中東和印度，並在倫敦參加了一些職能簡報會。顯然，歸納法並不完全。

We'll take two weeks out now for the results and then I'll spend time in Africa and in Asia. We're looking to have an updated strategy proposal for the board in calendar Q2, before sharing with the market mid calendar Q3.

現在我們將休息兩週等待結果，然後我將在非洲和亞洲待一段時間。我們計劃在第二季向董事會提交一份更新的策略提案，然後在第三季中期與市場分享。

But the business moves on, and as Nik says, we face some challenges now. So I want to share with you a few first impressions before sharing three immediate priorities that will guide our endeavors before sharing with you any strategy revision.

但商業仍在繼續，正如尼克所說，我們現在面臨一些挑戰。因此，在分享任何策略調整之前，我想先和大家分享一些初步印象，然後再分享指導我們工作的三個首要任務。

I understand the commentary of TBA, but I'd like to focus where our business actually is, spirits and beer. Spirits, including RCD format, account for more than 80% of our sales, and if I add Guinness, we get to more than 95% of our business. The spirits category is a very stable category. In fact, it's one of the most stable I've ever seen.

我理解 TBA 的評論，但我更想專注於我們真正的業務領域——烈酒和啤酒。烈酒（包括 RCD 格式）占我們銷售額的 80% 以上，如果加上健力士黑啤，就占我們業務的 95% 以上。烈酒類別是一個非常穩定的品類。事實上，它是我見過的最穩定的系統之一。

Between 2010 and 2024, volume growth is around 13%. The significant feature of the market is the strong trend to premiumization, and Diageo deserves great credit here for seeing the opportunity and driving this trend. It was a fantastic strategy and it developed a portfolio of truly exceptional brands.

2010 年至 2024 年間，銷售成長率約 13%。市場的顯著特徵是高端化趨勢強勁，帝亞吉歐敏銳地看到了這一機會並推動了這一趨勢，值得高度讚揚。這是一個絕妙的策略，它打造了一系列真正卓越的品牌。

And whilst I fully recognize that there are factors affecting this category and will continue to affect this category going forward, questions like GLP-1, and the attitude of certain sectors of society, to the category, the core category drivers are still really stable.

雖然我完全認識到有一些因素會影響這個類別，並且未來將繼續影響這一類別，例如 GLP-1 以及社會某些群體對這一類別的態度，但該類別的核心驅動因素仍然非常穩定。

On the chart you see the penetration frequency and the consumption profile for four of our key markets. And what you see is that penetration of spirits is really very stable. The consumption frequency of spirits is actually slightly increasing due to the different lifestyle that people now follow the number of new occasions being in their places as people consume on the go.

圖表顯示了我們四個主要市場的滲透頻率和消費情況。你會發現，這種滲透性非常穩定。由於人們現在的生活方式不同，飲酒場合也隨之增多，人們隨時隨地都在飲酒，因此烈酒的消費頻率實際上略有增加。

But it's the serves per occasion where we see the change, and these fewer serves per occasion point to a pressure in the economics that our consumer groups are facing. So whilst I do not diminish at all factors like GLP-1, or the attitudes towards the category, at this moment in time they show a very small impact on spirits consumption, but there is a challenge which is broader economically.

但我們看到變化的是每次用餐的份量，每次用餐份量的減少表明我們的消費者群體正面臨經濟壓力。因此，雖然我絲毫不會輕視 GLP-1 等因素或人們對該類別的態度，但就目前而言，它們對烈酒消費的影響非常小，然而，在經濟方面卻存在著更廣泛的挑戰。

To get under the skin of this, I've been asking the Diageo team to focus first on consumers, how they live their lives before we even get to the alcohol category. And what you see is a very significant squeeze on disposable income.

為了深入了解這個議題，我一直要求帝亞吉歐團隊先專注於消費者，注意他們的生活方式，然後再去研究酒精飲料品類。我們看到的是可支配所得大幅縮水。

If you look at the chart on the left hand side and look at US households, this is a basket of CPG staples over the last five years, and you see that the cost of that basket has increased by more than 25%, and actually the volume for that 25% increase is some 8% fewer items. There's a very significant squeeze for US consumers, and that's before you start talking about the cost of healthcare and other costs that US consumers are having to bear.

如果你看一下左邊的圖表，看看美國家庭的情況，這是過去五年裡消費品籃子的價格，你會發現這籃子商品的價格上漲了超過 25%，而實際上，這 25% 的增長對應的商品數量卻減少了約 8%。美國消費者面臨非常嚴峻的經濟壓力，還不包括醫療成本以及美國消費者必須承擔的其他費用。

Slightly different study in the UK looks at discretionary household expenditure, and you see the increase in the costs around the essentials, be that housing, fuel and power, transport, and essential food and non-alcoholic drinks. There's a a change in profile also in terms of discretionary effort, and what you see is that in our category of alcohol, the spend is flat.

英國一項略有不同的研究著眼於家庭可自由支配的支出，結果發現基本生活必需品的成本增加，例如住房、燃料和電力、交通以及基本食品和非酒精飲料。在可自由支配的支出方面，消費者的組成也發生了變化，我們看到，在我們這個酒類消費類別中，支出保持穩定。

It's not down, it's flat, and whilst there's been inflation in the category, it's that consumption level that I talked about earlier in terms of serves per occasion that is the dynamic behind that flat. But we need to recognize that the discretionary spending power of consumers in key markets is under some pressure.

它不是下降，而是持平，雖然該類別出現了通貨膨脹，但正如我之前提到的，每次消費的份量才是導致持平的根本​​原因。但我們需要認識到，主要市場消費者的可支配支出能力正面臨一定的壓力。

Looking at that a little more, if we start on the right-hand side of this chart, we look at the North American market, the USA market by age. Young people, (inaudible) to 34, penetration of spirits is actually slightly increasing.

再仔細看看，如果我們從這張圖表的右側開始，我們可以看到北美市場，也就是美國市場按年齡劃分的情況。年輕人（聽不清楚）到 34 歲，酒精滲透率實際上略有上升。

The frequency is also up as people change their lifestyle, but the serves per occasion is dropping, and it's, this is mainly due to the economic factors I talked about before. So on the left hand side, we try and recognize that there are a number of things that are impacting our category. By far and away, the strongest is those pressurized consumer wallets. Yes, there is some moderation in drinking, and there is some impact from GLP-1s, but it's small when you think of spirits specifically.

隨著人們生活方式的改變，消費頻率也有所上升，但每次消費的份量卻在下降，這主要是由於我之前提到的經濟因素造成的。因此，在左側，我們試圖認識到有很多因素正在影響我們的類別。到目前為止，最強大的力量還是那些錢包緊縮的消費者。是的，飲酒要適度，GLP-1 也會產生一些影響，但就烈酒而言，這種影響很小。

We need to keep an eye out on the emerging substitutes, but as we speak today, at a global level, these are a small impact on the category. So if that's the category, how have we done in this very stable space? The chart shows you Diageo's market share again going back to 2010, and with all of that drive in premiumization that you know about, our core share of spirits is up 118 basis points to 16.7%. However, if I include RTDs, then our share of total spirits has come down by 46 basis points.

我們需要密切關注新興的替代品，但就目前而言，在全球範圍內，這些替代品對該品類的影響很小。如果這是評判標準，那麼我們在這個非常穩定的領域中做得如何？圖表再次顯示了帝亞吉歐自 2010 年以來的市場份額，正如您所了解的，隨著高端化進程的推進，我們核心烈酒市場份額上升了 118 個基點，達到 16.7%。但是，如果將即飲烈酒也算在內，那麼我們在烈酒總銷量中的份額下降了 46 個基點。

The majority of consumers come to RTDs with the same motivation of spirits. They appreciate the convenience, the consistency and the control, and very importantly, the lower out of pocket expenditure. That accompanies those purchases.

大多數消費者購買即飲飲料的動機與購買烈酒的動機相同。他們欣賞這種便利性、穩定性和可控性，非常重要的是，他們喜歡較低的自付費用。這些購買行為都伴隨著這些物品。

So we have very stable shares in a very stable spirits market, but with a premium portfolio which over the last five years has relatively got slightly more premium given the price mix changes illustrated on the bottom of the chart.

因此，我們在非常穩定的烈酒市場中擁有非常穩定的股份，但我們擁有高端產品組合，鑑於圖表底部所示的價格組合變化，過去五年中，這些產品的溢價程度相對略有增加。

So if we look specifically at the US market as a key example, the chart looks at the percentage of the market sold at each price point and compares the Diageo portfolio contribution. So for example, in the US spirits market, 21% of the market is sold in units $45 and above. For Diageo, that percentage of our portfolio is 31%.

因此，如果我們以美國市場為例進行具體觀察，圖表顯示了每個價格點的市佔率百分比，並比較了帝亞吉歐產品組合的貢獻。例如，在美國烈酒市場，21% 的市場份額是以 45 美元及以上的單價出售的。對帝亞吉歐而言，該比例在我們投資組合中為 31%。

In tequila, the concentration is even more significant. 35% of the market is above $45 and for Diageo, that's 70%. As a consequence, in the mass market part of the portfolio, we are significantly underrepresented. This is both a challenge and indeed an opportunity.

在龍舌蘭酒市場，這種集中度更為顯著。 35%的龍舌蘭酒售價高於45美元，而帝亞吉歐旗下品牌的比例更高達70%。因此，在投資組合的大眾市場部分，我們的份額嚴重不足。這既是挑戰，也是機會。

The final thing I would pull out of this chart is to look at the sales below $10. This recognizes a growth in small packs, and again, as economic pressure has found its way into the US category, we see a down trading to smaller pack sizes. And here, if you look at US spirits, 9% of the market is now in those pack sizes, but Diageo's portfolio is only contributing 5% from that particular segment, again, an opportunity for Diageo.

最後，我想從這張圖表中得出的結論是，要看低於 10 美元的銷售額。這顯示小包裝產品有所成長，隨著經濟壓力波及美國市場，我們看到消費者轉向購買較小的包裝尺寸。而在這裡，如果你看看美國烈酒市場，目前9%的市場份額是這種包裝規格，但帝亞吉歐的產品組合在這個特定細分市場僅佔5%，這再次為帝亞吉歐帶來了機會。

If we move to RTDs. This is an increasingly relevant role in the spirit's socializing occasion. On the left-hand side, significant to see how Diageo, who created this category with the launch of Smirnoff circa 26 years ago, drove a very significant share. But a loss of focus on RTDs since around 2008 means that we now have a share of RTDs which is below 10% from a high of more than 25% at a time when RTD's share of the spirits market has increased significantly and is now around 15%.

如果我們改用即飲飲料。在酒類社交場合中，這種角色越來越重要。左側圖表顯示，帝亞吉歐（Diageo）在 26 年前推出斯米諾伏特加（Smirnoff）開創了這一品類，並佔據了相當大的市場份額，這一點值得注意。但自 2008 年左右以來，人們對即飲飲料的關注度有所下降，這意味著我們現在的即飲飲料份額已從超過 25% 的高點降至 10% 以下，而與此同時，即飲飲料在烈酒市場的份額卻大幅增長，目前約為 15%。

If you take those RTDs and see where the growth is coming from, you can see that of the $8 billion of growth between 2021 and 2024, 50% of the growth is in the higher ABV ready to drink segment. Again, giving some illustration of what it is, is happening in terms of attitude to alcohol, young people are choosing RTDs, but they're choosing RTDs with higher ABV which gives some indication of their attitude towards this category. We believe that there's a very significant unprofitable opportunity for Diageo in RTDs, but we have work to do.

如果你看看這些即飲飲料的成長點，你會發現，在 2021 年至 2024 年 80 億美元的成長中，50% 的成長來自高酒精度即飲飲料市場。再次舉例說明一下，就酒精態度而言，年輕人正在選擇即飲型飲料，但他們選擇的即飲型飲料酒精度更高，這在一定程度上表明了他們對這一類別的態度。我們認為帝亞吉歐在即飲飲料領域存在著一個非常重要的無利可圖的機會，但我們還有很多工作要做。

I'd like to talk a little about Guinness. Guinness is a brand I thought I knew from the outside of Diageo, a brand that I respected and admired. I thought it was a phenomenally strong brand before I joined Diageo. Now I can see it from the inside, it's even stronger than I thought. It's growing very strongly everywhere. In North America, in the last period, it's growing by more than 15% and is the fastest growing beer brand in North America.

我想簡單談談吉尼斯啤酒。吉尼斯是我自認為從帝亞吉歐集團外部就了解的品牌，一個我尊重和欽佩的品牌。在加入帝亞吉歐之前，我就認為這是一個實力非常強大的品牌。現在我從內部觀察，它比我想像的還要堅固。它在各地發展勢頭都非常強勁。在北美，該品牌在過去一段時間內成長超過 15%，是北美成長最快的啤酒品牌。

It's historic return on invested capital is very high. But you see from the chart on the right hand side that we are geographically constrained, eight markets are more than 85% of the business, and if you've tried to buy a pint in London, you also know that we have some capacity constraints too.

它的歷史投資報酬率非常高。但從右側的圖表可以看出，我們的業務受到地理限制，八個市場佔了 85% 以上的業務量，如果你在倫敦嘗試買過一品脫啤酒，你也會知道我們的產能也存在一些限制。

This capacity and geographical constraint is an issue that we need to address and quickly, but please be in no doubt what a phenomenal asset I think that Guinness is. So with that simplified overview of reflections, I'd like to share my thoughts on our immediate priorities. Immediate priority number one. Competitive category strategies, winning with the relevant brands.

產能和地理限制是我們需要盡快解決的問題，但請毫不懷疑，我認為吉尼斯是多麼了不起的資產。綜上所述，我想分享我對當前優先事項的看法。首要任務。競爭性品類策略，憑藉相關品牌贏得市場。

Now I've chosen these words very deliberately. Competitive category strategies. Diageo is known for its focus on brand. I want to keep the focus on outstanding brands, but I'd like to add the category lens. It's how our customers think and buy. It's how our consumers navigate their off-trade purchases, and it's the lens through which we can focus and leverage our innovation resources.

我特意選擇了這些字詞。競爭品類策略。帝亞吉歐以其對品牌的重視而聞名。我想繼續關注傑出品牌，但我想加入品類視角。這就是我們顧客的思考與購買方式。這就是我們的消費者如何進行非即飲通路購買的方式，也是我們可以集中精力並利用創新資源的視角。

Relevant brands because, I believe there are some proposition spaces that are opportunities for Diageo, but it's also relevance through the lens of price point, and that's particularly relevant given the economic backdrop that I've shared earlier.

之所以選擇相關的品牌，是因為我相信帝亞吉歐在某些產品定位方面擁有機會，但從價格角度來看，相關性也很重要，考慮到我之前提到的經濟背景，這一點尤其重要。

So we'll continue to invest in the premium portfolio, be in no doubt the premium portfolio is a massive asset, we will continue to invest in it, but we will also, in addition, explore new portfolio opportunities. That might involve some price repositioning and it might open up new proposition spaces.

因此，我們將繼續投資於優質投資組合，毫無疑問，優質投資組合是一項巨大的資產，我們將繼續投資於它，但除此之外，我們將探索新的投資組合機會。這可能涉及一些價格調整，並可能開啟新的產品空間。

In addition, we need to sharpen our price pack architecture and particularly address the opportunity that I've already referred to in the growth of small packs. The idea is that we build truly competitive category strategies, and I'd like to illustrate one of those by sharing an example from the Middle East. This is the market UAE.

此外，我們需要完善價格包裝架構，尤其要抓住我之前提到的小包裝成長所帶來的機會。我們的理念是建構真正具有競爭力的品類策略，我想透過分享一個來自中東的例子來說明其中一種策略。這是阿聯酋的市場。

The team in UAE have been thinking about how it can serve all consumers. In one of the markets which has really quite a strong premium consumer and brand portfolio already. Let me briefly explain the chart. What you see is from left to right, all of the brands in the UAE market. The shaded columns relate to the volume of that brand within that market, and the red line is their price positioning per liter.

阿聯酋的團隊一直在思考如何才能更好地服務所有消費者。在某個已經擁有相當強大的高端消費者和品牌組合的市場。讓我簡單解釋一下這張圖表。從左到右，你看到的是阿聯酋市場上的所有品牌。陰影柱表示該品牌在該市場中的銷量，紅線表示其每公升的價格定位。

What you see is In the from and to, that actually what we've done, what the team in the UAE has done really very well is introduce new premium offerings, Johnnie Walker Black Ruby and Bullet to show two on the right hand side, but also a small reposition of the price on Black Ruby Johnny Walker, Black Label and Red Label.

您所看到的是，從過去到現在，實際上我們已經做了，阿聯酋團隊做得非常好的是推出了新的高端產品，尊尼獲加黑寶石和子彈（如圖右側所示），同時還對尊尼獲加黑寶石、黑牌和紅牌的價格進行了小幅調整。

But a significant repositioning of the Vat 69, Black and White and J&B rare brands against a more value-based opportunity. So what we do with this portfolio is we appeal to reach and service the broader consumer universe within that market. And whilst the percentage margin of the portfolio in today's portfolio is slightly diluted to that which we had before, the absolute quantum of gross profit is significantly higher. Put it another way, whilst the percentage margin in the new portfolio is lower, the value creation for shareholders is significantly greater in that new portfolio.

但 Vat 69、Black and White 和 J&B 稀有品牌進行了重大重新定位，以抓住更有價值的機會。因此，我們利用這個產品組合，旨在吸引並服務該市場中更廣泛的消費群體。雖然目前投資組合的利潤率比以前略有下降，但毛利的絕對值卻顯著更高。換句話說，雖然新投資組合的利潤率較低，但新投資組合為股東創造的價值卻高得多。

Immediate priority two, customer, customer, customer. If there is one surprise over the last seven weeks, it's the low level of investment in how we build and execute our business with our customers. In the on trade, we know that this is key to how we build our brands.

首要任務二：顧客，顧客，顧客。如果說過去七週有什麼令人驚訝的地方，那就是我們在如何與客戶建立和執行業務方面的投入水平很低。在餐飲通路，我們知道這是我們打造品牌的關鍵。

Our capability here was dismantled, understandably during COVID, given the closure of that sector, but our build back has been slow and patchy and therefore leads to an opportunity. I've seen the power of this done exceptionally well in Latin America and the Middle East, but we need to build that capability and invest in it around the world.

在新冠疫情期間，由於該行業的關閉，我們在這裡的能力被削弱了，這是可以理解的。但是，我們的重建工作進展緩慢且參差不齊，因此也帶來了機會。我已經看到這種能力在拉丁美洲和中東地區得到了非常出色的運用，但我們需要在世界各地建立這種能力並進行投資。

Our customer service in the off trade is frankly really very poor. I've shared with you here the customer service levels I experienced in North America, Latin America and the UK and they really are not acceptable. When we're looking for growth, the idea that we can't service the demand that's there is both a source of significant regret, but it's also an opportunity for us. A big part of this is Guinness and the capacity constraint I talked about earlier, but it's not all.

坦白說，我們在零售通路的客戶服務真的非常糟糕。我在這裡和大家分享了我曾在北美、拉丁美洲和英國體驗過的客戶服務水平，這些水平實在令人無法接受。當我們尋求發展時，無法滿足現有需求的想法既令人深感遺憾，但同時也為我們提供了一個機會。這其中很大一部分原因是吉尼斯啤酒和我之前提到的產能限制，但這並非全部原因。

And the systems and processes that we have in place that facilitate the engagements with our customers, frankly are just not fit for purpose. And if I told you that 60% of all the orders that Diageo enters are entered manually, it would give you some semblance for how developed those processes are. We need to address this. We need to start to build joint business plans for the development of the business, but also the execution of the business.

坦白說，我們現有的用於促進與客戶互動的系統和流程根本無法滿足需求。如果我告訴你帝亞吉歐 60% 的訂單都是手動輸入的，你就能大致了解這些流程有多麼完善了。我們需要解決這個問題。我們需要開始製定聯合商業計劃，以促進業務發展，同時也要製定業務執行計劃。

And ultimately, our approach to our customers must be that we grow our customers' categories and we look to gain disproportionately from that growth. We grow with our customers, a significant opportunity for Diageo.

最終，我們對待客戶的方式必須是：發展客戶的品類，並從這種成長中獲得不成比例的收益。我們與客戶共同成長，這對帝亞吉歐來說是一個巨大的機會。

Immediate priority three is the redesign of the Diageo operating framework. Feedback inside of Diageo is really very loud that we could improve the clarity of our operations, global, regional, local, clear accountability, clear responsibilities, there's an opportunity for us to be clearer. That clarity will help us in our agility.

目前第三項要務是重新設計帝亞吉歐的營運架構。帝亞吉歐內部的回饋非常強烈，認為我們可以提高營運的透明度，包括全球、區域和本地的運營，明確問責制和責任，我們有機會做得更清晰。這種清晰的認識將有助於我們提高靈活性。

A lot of the time cycles inside the business are not quick enough, and there's an opportunity for us to design a much more agile Diageo operating framework. And when I look at it from an effectiveness point of view, Also there's an opportunity for us to be better, that effectiveness is either in the output, and some of that you've seen in what I've said around our engagement with customers, but if it was also to talk about our innovation process, I would say that we have a lot, but a lot of very small projects and there's an opportunity for the effectiveness of the innovation part of our business to be significantly more impactful.

公司內部很多時間週期都不夠快，我們有機會設計一個更敏捷的帝亞吉歐營運架構。從效率的角度來看，我們也有機會做得更好。這種效率體現在產出上，正如我之前談到的我們與客戶的互動，但如果談到我們的創新流程，我會說我們有很多項目，但都是一些非常小的項目，我們業務的創新部分還有很大的提升空間，可以產生更大的影響。

There's also an opportunity more effective in terms of cost, and again I've given some indication of that in the customer space, but there are also other areas of the business where I see significant cost opportunities.

在成本方面還有更有效的機會，我在客戶領域也提到這一點，但我認為在業務的其他領域也存在著顯著的成本降低機會。

If I give you a small example, I was in India recently and saw that the cost of running the payroll system for Diageo with circa 30,000 employees is 10 times more expensive than my previous place of employment that had more than 15 times, that number gives you some idea of the opportunity. But we're redesigning the operating framework also to identify and invest in the differentiating competencies that will drive a more competitive Diageo. We need to build, sharpen, and constantly invest in a competitive edge, and we'll do that by always being very disciplined about how we deploy our capital, those of you who know me from my Tesco days, know that I take this responsibility really very seriously.

舉個小例子，我最近去了印度，發現帝亞吉歐（Diageo）擁有大約 3 萬名員工，其工資系統的運作成本比我之前工作的地方高出 10 倍，而我之前工作的地方的工資系統成本是帝亞吉歐的 15 倍多。這個數字可以讓你對其中的機會有所了解。但我們也正在重新設計營運框架，以確定並投資於能夠推動帝亞吉歐更具競爭力的差異化能力。我們需要建立、提升並持續投資於競爭優勢，而我們將透過始終嚴格地運用資本來實現這一目標。那些從我在 Tesco 工作時期就認識我的人都知道，我非常認真地對待這項責任。

So overall, the opportunity to redesign the Diageo operating framework is through the lens of how we can build a more competitive organization that is focused on shareholder value creation.

因此，總的來說，重新設計帝亞吉歐營運框架的機會在於，我們如何建立一個更具競爭力、專注於創造股東價值的組織。

So in summary, I find Diageo to be a very strong business with an enviable position and lots of energy. The market provides significant opportunity, but we have some significant work to do. We'll start by focusing on the portfolio and the category strategies, our customer relationships, and our operating model.

總而言之，我認為帝亞吉歐是一家實力雄厚、地位令人羨慕、充滿活力的企業。市場蘊藏著巨大的機遇，但我們還有很多重要工作要做。我們將首先關注產品組合和品類策略、客戶關係以及營運模式。

It's true the spirits market has some headwinds, principally economic, and there is also a small impact from GLP-1s and changing lifestyle. But our leadership position is strong and there is ample room to grow. And we will go on this turnaround journey by maintaining very strong capital deployment discipline.

烈酒市場確實面臨一些不利因素，主要是經濟方面的，此外，GLP-1 和生活方式的改變也產生了一定的影響。但我們的領導地位穩固，還有很大的發展空間。我們將透過保持嚴格的資本部署紀律來完成這趟轉型之旅。

On this last point, let me say a few words on the board's dividend decision. Firstly, this is not an easy decision to make, but we believe it is the right one. The North American market is challenged. Our portfolio needs some time and investment to make it more competitive. At the same time, we need to invest in our business, specifically Guinness capacity and capability investment.

關於最後一點，我想就董事會的分紅決定說幾句。首先，要做出這個決定並不容易，但我們相信這是正確的決定。北美市場面臨挑戰。我們的投資組合需要一些時間和投資才能更具競爭力。同時，我們需要投資我們的業務，特別是吉尼斯啤酒的產能和能力投資。

We want to do both of these things and strengthen the balance sheet. We will make disposals if appropriate, but we will not sell brands cheaply. All this leads to a change in the dividend policy. It gives us the space we need to turn around the business and the optionality around capital returns to shareholders as this turnaround unfolds.

我們希望做到這兩點，並改善資產負債表。我們會視情況進行處置，但不會以低價出售品牌商品。所有這些都導致​​了股利政策的改變。它為我們提供了扭轉業務局面所需的空間，並隨著業務的扭轉，為股東提供了資本回報的選擇。

Thank you very much for your time and look forward to your questions later.

非常感謝您抽出時間，期待您稍後提問。