卡夫亨氏 (KHC) 2015 Q3 法說會逐字稿

Good day.

再會。

My name is Ben, and I will be your operator today.

我叫本，今天我將成為您的接線生。

At this time, I would like to welcome everyone to the Kraft Heinz Company's third-quarter 2015 earnings conference call.

此時此刻，我歡迎大家參加卡夫亨氏公司2015年第三季財報電話會議。

I will now turn the call over to Chris Jakubik, Vice President of Investor Relations.

我現在將把電話轉給投資者關係副總裁克里斯·雅庫比克 (Chris Jakubik)。

You may begin.

你可以開始了。

Good afternoon and thank you for joining our business update for the third quarter of 2015.

下午好，感謝您參與我們 2015 年第三季的業務更新。

With me today is Bernardo Hees, our Chief Executive Officer; Paulo Basilio, our Chief Financial Officer; and George Zoghbi, the Chief Operating Officer of our US Commercial Business.

今天和我在一起的是我們的執行長貝爾納多·希斯 (Bernardo Hees)； Paulo Basilio，我們的財務長；喬治‧佐格比 (George Zoghbi)，我們美國商業業務的營運長。

During our remarks, we will make some forward-looking statements that are based on how we see things today.

在我們的發言中，我們將根據我們今天的看法做出一些前瞻性陳述。

Actual results may differ due to risks and uncertainties, and these are discussed in our press release.

由於風險和不確定性，實際結果可能會有所不同，我們的新聞稿中對此進行了討論。

We will also be discussing some non-GAAP financial measures during the call today.

我們也將在今天的電話會議上討論一些非公認會計準則財務指標。

You can find a GAAP to non-GAAP reconciliation within the earnings release we issued about an hour ago, and in the investor center on our corporate website.

您可以在我們大約一小時前發布的收益報告中以及我們公司網站的投資者中心找到 GAAP 與非 GAAP 調節表。

Before we get started, as you know, the merger between Kraft and Heinz to form the Kraft Heinz Company was completed on July 2, 2015.

在我們開始之前，如您所知，卡夫和亨氏之間的合併於 2015 年 7 月 2 日完成，成立了卡夫亨氏公司。

Therefore, this is the first time we have provided a business update as a combined Company.

因此，這是我們第一次作為合併後的公司提供業務更新。

So today, Bernardo, George, and Paulo are going to provide some perspective on how we intend to run our business more generally, in addition to covering Q3 results and recent business trends.

因此，今天，除了第三季度的業績和最近的業務趨勢之外，貝爾納多、喬治和保羅還將就我們打算如何更廣泛地經營我們的業務提供一些觀點。

After that, we will be available to take your questions.

之後，我們將回答您的問題。

So let's turn to slide number 2, and I will hand it over to Bernardo.

讓我們轉向第二張幻燈片，我將把它交給貝爾納多。

Thank you, Chris, and good afternoon, everyone.

謝謝克里斯，大家下午好。

It's my pleasure and my honor to be speaking to you as the CEO of the Kraft Heinz Company.

作為卡夫亨氏公司的首席執行官，我很高興也很榮幸與您交談。

Since this is our first call since the merger, I thought it would be good to start by sharing with to you some highlights of our first 120 days as a combined Company.

由於這是我們自合併以來的第一次電話會議，因此我認為最好先向您分享合併後公司成立 120 天內的一些亮點。

After completing the merger, on July 2nd, we moved quickly to establish our new leadership team and put in place a streamlined structure for our business in the U.S and Canada zones.

7 月 2 日完成合併後，我們迅速建立了新的領導團隊，並為我們在美國和加拿大地區的業務建立了精簡的結構。

Having done that early on, our integration work has remained right on track, working on people, systems, and process.

在很早就做到了這一點之後，我們的整合工作一直保持在正軌上，致力於人員、系統和流程。

We have been pleased with our ability to retain top talent, particularly front-of-the-house marketers in key Kraft categories.

我們對留住頂尖人才的能力感到滿意，尤其是卡夫關鍵類別的前台行銷人員。

We have been impressed with how the legacy Kraft team has embraced change in this performance-driven culture.

卡夫傳統團隊如何擁抱這種績效驅動文化的變革，給我們留下了深刻的印象。

We are instituting new rituals and routines that represent the discipline, accountability, and methodology for how we will operate as one of the world's premier companies.

我們正在製定新的儀式和慣例，代表我們作為世界一流公司之一的運作方式的紀律、責任和方法。

This includes cascading core business practice that will continue to build our competitive advantage like zero-based budgeting, revenue management, and management by objectives.

這包括級聯核心業務實踐，將繼續建立我們的競爭優勢，如零基預算、收入管理和目標管理。

We are currently rolling out our zero-based budgeting, or ZBB, across the legacy Kraft commercial units and functions, and it will be the basis for our 2016 planning process worldwide.

目前，我們正在卡夫原有的商業部門和職能部門推出零基預算 (ZBB)，這將成為我們 2016 年全球規劃流程的基礎。

In revenue management, we are building an internal function from the ground up to support our go-to-market across roughly 40 categories in North America.

在收入管理方面，我們正在從頭開始建立內部職能，以支持我們在北美約 40 個類別的市場上市。

We are also now installing our third core business practice that we call, Management By Objectives, or MBOs, with all our legacy Kraft leaders as part of our integration efforts.

作為我們整合工作的一部分，我們現在也與我們所有的卡夫傳統領導者一起實施我們所謂的第三個核心業務實踐，即目標管理（MBO）。

MBO is an important language that clearly outlines measurable expectations, goals, and deliverables for all our Kraft Heinz leaders.

MBO 是一種重要的語言，它為我們所有卡夫亨氏領導者清晰地概述了可衡量的期望、目標和可交付成果。

It connects our employees around the world to our goals that cascade down directly from me to my leadership team and then throughout the organization.

它將我們世界各地的員工與我們的目標聯繫起來，這些目標直接從我到我的領導團隊，然後整個組織。

On our mergier announcement call in March, I mentioned that we have implemened our MBO process with individual performance targets for over 3,000 of white collars employees at Heinz.

在 3 月的合併公告電話會議上，我提到我們已經為亨氏 3,000 多名白領員工實施了個人績效目標的 MBO 流程。

As we finalize our plans for 2016, approximately 5,200 of our employees will have specific, individualized MBOs in place.

當我們最終確定 2016 年計畫時，大約 5,200 名員工將製定具體、個人化的 MBO。

Collectively, zero-based budgeting, revenue management, and management by objectives are systematic tools that we use to run our daily operations.

總的來說，零基預算、收入管理和目標管理是我們用於日常營運的系統工具。

Another important accomplishment during our first 120 days was the completion of an extensive review of our combined North America supply chain and manufacturing footprint, capabilities and capacity utilization.

前 120 天內的另一項重要成就是完成了對北美供應鏈和製造足跡、能力和產能利用率的廣泛審查。

The actions under the resulting plan will take us two years to complete, but will make us more globally competitive and accelerate our future growth.

根據最終計劃採取的行動將需要我們兩年的時間才能完成，但將使我們更俱全球競爭力並加速我們未來的成長。

We will talk about the details in a moment.

我們稍後會討論細節。

We're also pleased with the fact that to have been able to maintain base business momentum, as we institute significant change throughout the organization.

我們也對能夠保持基本業務動能感到高興，因為我們在整個組織中進行了重大變革。

Obviously, our report numbers have been significantly impacted by currency headwinds all year.

顯然，我們的報告數據全年都受到貨幣逆風的顯著影響。

Excluding currency, both our top-line and bottom-line drivers have been consistent with year to date throughout the third quarter.

排除貨幣因素，我們第三季的營收和利潤驅動因素均與年初至今保持一致。

Our top-line results have been mixed.

我們的整體業績好壞參半。

On the positive side, we have had much success with the big [bets] in innovation such as Lunchables, P3, and the Heinz yellow mustard.

從積極的一面來看，我們在創新方面的大[賭注]取得了巨大成功，例如Lunchables、P3和亨氏黃芥末。

Investments we have made in ketchup and pasta sauce are driving solid consumption gains in the markets where it compete.

我們在番茄醬和義大利麵醬方面的投資正在推動其競爭市場的消費成長。

Our sauces business in Asia-Pacific is doing well, and we are benefiting greatly in Europe from an improved product mix and higher investment in marketing behind our brands.

我們在亞太地區的醬料業務表現良好，而在歐洲，我們從產品組合的改進和品牌行銷方面的更多投資中受益匪淺。

At the same time, our challenges have continued in certain categories like ready-to-drink beverages, and dinners in the United States, and frozen meals in a number of foreign markets that has held back our growth.

同時，我們在某些​​類別上仍然面臨挑戰，例如美國的即飲飲料和晚餐，以及許多外國市場的冷凍食品，這阻礙了我們的成長。

So more work needs to be done.

因此還需要做更多的工作。

On the pricing front, we have had net pricing gains in all geographies, and our price net of commodities helped drive profit growth in both the quarter and the year to date.

在定價方面，我們在所有地區都實現了淨定價收益，並且我們的商品淨價幫助推動了本季和今年迄今的利潤成長。

And last but not least, the productivity and restructuring initiative that both Kraft and Heinz put in place prior to the merger have been driving our bottom line all year.

最後但並非最不重要的一點是，卡夫和亨氏在合併前實施的生產力和重組計劃一直在推動我們全年的利潤成長。

We also have started to see the beginning of some integration savings in Q3.

我們也開始看到第三季開始出現一些整合節省。

That's our 120-day update.

這是我們的 120 天更新。

Before I hand it over to George and Paulo to get more into the details of our third-quarter results, I think it's important to talk about where are we going.

在我將其交給喬治和保羅詳細了解第三季業績之前，我認為有必要討論我們的發展方向。

If you are tuning into our call today, I think you certainly know who Kraft Heinz is.

如果您今天收聽我們的電話，我想您一定知道卡夫亨氏是誰。

From our diverse portfolio of sauces, cheese, meals, meat, and beverages, to our extensive global footprint, with dedicated Kraft Heinz employees in over 45 countries and most important, our loved brands.

從我們多樣化的醬料、起司、餐點、肉類和飲料產品組合，到我們廣泛的全球足跡，在超過45 個國家/地區擁有專門的卡夫亨氏員工，最重要的是，我們喜愛的品牌。

8 billion dollar plus brands, five brands between $500 million and $1 billion in sales, and many, many $100 million-plus brands spread across a broad range of categories and geographies.

價值超過 80 億美元的品牌、五個銷售額在 5 億至 10 億美元之間的品牌以及許多價值超過 1 億美元的品牌分佈在廣泛的類別和地區。

But that doesn't really tell you what Kraft Heinz is all about.

但這並不能真正告訴您卡夫亨氏的全部內容。

Where are we going and how we intend to get there.

我們要去哪裡以及我們打算如何到達那裡。

It all begins with our vision.

一切都始於我們的願景。

To be the best food Company growing a better world.

成為最好的食品公司，創造更美好的世界。

It's an ambitious statement the guides our long-term objectives.

這是一個雄心勃勃的聲明，指導我們的長期目標。

It serves as the foundation for building our business.

它是我們開展業務的基礎。

Our vision speaks to our focus on transforming the industry and becoming the most profitable food company that's powered by the industry's top talent, igniting top-line growth.

我們的願景體現了我們致力於改變行業並成為由行業頂尖人才驅動的最賺錢的食品公司，從而激發營收成長。

It means that our products are the best quality, that we have the leading brands in all the categories in which we compete, that we can serve our customers and consumers to their highest expectations.

這意味著我們的產品品質最好，我們在所有競爭類別中擁有領先品牌，我們可以為客戶和消費者提供最高的期望。

The second part of our vision underscores our focus on growth.

我們願景的第二部分強調了我們對成長的關注。

Make no mistake, we are committed to growing our great brands by accelerating big bet innovations, investing more in working media, and building aggressive sales teams.

毫無疑問，我們致力於透過加速大賭注創新、加大對工作媒體的投資以及建立積極進取的銷售團隊來發展我們的偉大品牌。

But we are also committed to being a good corporate citizen and focused on the sustainable health of our business, from our supply chain and packaging, to our philanthropic and community investments.

但我們也致力於成為優秀的企業公民，並專注於我們業務的可持續健康發展，從我們的供應鏈和包裝，到我們的慈善和社區投資。

Globally, we have a singular commitment to fighting hunger throughout our signature effort, the Kraft Heinz Micronutrient Campaign, which provides and distributes vitamin and mineral powders to children in poor countries.

在全球範圍內，我們在卡夫亨氏微量營養素運動這一標誌性行動中做出了與飢餓作鬥爭的獨特承諾，該運動為貧困國家的兒童提供和分發維生素和礦物質粉。

Our vision outlies a path for future achievements and power s[our plans] for continued profitable growth.

我們的願景勾勒出未來成就的道路，並為持續獲利成長提供[我們的計劃]動力。

So how will you get there?

那麼你將如何到達那裡呢？

How will we create value?

我們將如何創造價值？

Our strategy is based on three objectives: profitable sales growth, best-in-class margins, and a superior return of capital as an investment-grade Company.

我們的策略基於三個目標：獲利性銷售成長、一流的利潤率以及作為投資級公司的卓越資本回報。

Let me speak to each, starting with profitable sales growth.

讓我從獲利的銷售成長開始談一談。

We are a sales organization, and as we have said before, we believe there are multiple avenues for sales growth ahead of us by focusing on four pillars.

我們是一個銷售組織，正如我們之前所說，我們相信透過專注於四大支柱，我們面前有多種銷售成長途徑。

First, innovation, fewer, bigger, and bolder.

第一，創新，少、大、大膽。

That's what we call the big bets innovation.

這就是我們所說的大賭注創新。

Second, by having high investment in working media dollars.

其次，對工作媒體進行高額投資。

Third, to leverage the scale of our go-to-market capabilities by building aggressive sales teams.

第三，透過建立積極進取的銷售團隊來利用我們的市場進入能力的規模。

And finally, by taking Kraft brands global over time.

最後，隨著時間的推移，卡夫品牌將走向全球化。

Through those four pillars, we will invest [intelligently] in our business to support innovation that responds to customer needs, marketing that supports the health of our brands, and product launches in the new markets to expand our global presence.

透過這四大支柱，我們將[明智地]投資於我們的業務，以支持滿足客戶需求的創新、支持我們品牌健康的營銷以及在新市場推出產品以擴大我們的全球影響力。

We also will drive profitable growth through revenue management, which is all about optimizing price pack architecture and promotion strategy, and improving the ROI on trade execution.

我們也將透過收入管理來推動利潤成長，即優化價格包架構和促銷策略，並提高交易執行的投資報酬率。

Across all these efforts, we will rigorously measure the return on our investment and deploy capital in a disciplined manner.

在所有這些努力中，我們將嚴格衡量投資回報，並以嚴格的方式配置資本。

Our second objective is to achieve and maintain best-in-class margins.

我們的第二個目標是實現並維持一流的利潤率。

Two of the main drivers here will be zero-based budgeting and making our manufacturing distribution footprint more efficient, and we have already made significant progress in each of those areas.

這裡的兩個主要驅動力是零基預算和提高我們的製造分銷足蹟的效率，我們已經在這些領域取得了重大進展。

Zero-based budgeting, or ZBB, is a systematic approach not a one-time event.

零基預算（ZBB）是一種系統方法，而不是一次性事件。

It's all about ownership and doing more with less.

這一切都與所有權和事半功倍有關。

It drives accountability and encourages our employees to treat Company dollars as if they are their own.

它推動問責制並鼓勵我們的員工將公司資金視為自己的資金。

And as far as our manufacturing distribution footprint, as I mentioned, after an extensive review of our combined capabilities, yesterday we announced a difficult decision to close seven manufacturing facilities and several distribution centers in North America.

就我們的製造分銷足跡而言，正如我所提到的，在對我們的綜合能力進行廣泛審查之後，昨天我們宣布了一項艱難的決定，關閉北美的七個製造工廠和幾個分銷中心。

In doing so, we will eliminate excess capacity and reduce operational redundancies for the new combined Company.

在此過程中，我們將消除合併後新公司的過剩產能並減少營運裁員。

We will also invest heavily in modernizing many of our facilities with installation of a state-of-the-art production lines and this should facilitate further product quality improvements and innovation.

我們還將大力投資對許多設施進行現代化改造，安裝最先進的生產線，這將有助於進一步提高產品品質和創新。

Our third objective is the superior return of capital as an investment-grade Company.

我們的第三個目標是作為投資級公司獲得卓越的資本回報。

This includes our commitment to maintaining the existing dividend policy, and Paulo will speak to the actions we're taking on that front a bit later.

這包括我們對維持現有股利政策的承諾，保羅稍後將談到我們在這方面採取的行動。

Now, the path to creating more value at Kraft Heinz begins with execution of fast, seamless, integration in our biggest commercial business, the United States.

現在，卡夫亨氏創造更多價值的道路始於在我們最大的商業業務美國進行快速、無縫的整合。

So it's my pleasure to ask my partner, George, to provide some on-the-ground color on how we were doing this, while still serving our consumers and our customers.

因此，我很高興請我的合作夥伴喬治提供一些關於我們如何做到這一點的實際信息，同時仍然為我們的消費者和客戶提供服務。

Thank you, Bernardo, and good afternoon, everyone.

謝謝貝爾納多，大家下午好。

To build on Bernardo's comments, what we have been most encouraged by, and in fact, most impressed with to date, is the speed at which our people have integrated our commercial organization.

以貝爾納多的評論為基礎，迄今為止，我們最受鼓舞、事實上印象最深刻的是我們的員工整合我們商業組織的速度。

Let me give you some statistics on what our team has been able to achieve since the merger closed.

讓我給你們一些統計數據，說明我們的團隊自合併結束以來所取得的成就。

By day one, we had the leadership team of the US business appointed.

第一天，我們就任命了美國企業的領導團隊。

By day 12, we had the top 67 leaders in place.

到第 12 天，我們已經找到了 67 位最高領導者。

On August 14th, five weeks from closing, we stood up the commercial organization with all our sales, marketing, R&D, innovation, and commercial teams in place.

8 月 14 日，距離交易結束還有五週，我們建立了商業組織，所有銷售、行銷、研發、創新和商業團隊都就位。

And by the end of September, we had business processes in place.

到九月底，我們的業務流程已經就位。

Along the way, we have made a good number of promotions from within.

一路走來，我們從內部進行了大量晉升。

Our new rituals and routines are already operational in areas such as sales and within our monthly performance reviews and our US commercial units.

我們的新儀式和慣例已經在銷售等領域、我們的每月績效評估和我們的美國商業部門中投入使用。

We have taken a best-of-both approach, with ongoing improvements as we harmonize trading terms and develop joint business plans with our retail customers.

我們採取了兩全其美的方法，並在與零售客戶協調交易條款和製定聯合業務計劃時不斷改進。

And importantly, we are well positioned as we look forward to 2016.

重要的是，展望 2016 年，我們已做好充分準備。

Our innovation pipeline is ready to be launched, and we will talk more about that in the coming months.

我們的創新管道已準備好啟動，我們將在未來幾個月內更多地討論這一點。

And we expect to continue the progress we have been making in shifting our advertising spend from non-working to working media.

我們希望繼續將廣告支出從非工作媒體轉向工作媒體的進展。

Now, this may all sound good, and we do feel good about where we are at.

現在，這聽起來可能不錯，而且我們確實對我們所處的位置感覺良好。

But I also understand that the numbers show several challenges.

但我也明白這些數字顯示了一些挑戰。

During the third quarter in the US, while we didn't see anything fall off through the integration, our base business trends remain mixed.

在美國第三季度，雖然我們沒有看到整合帶來任何下降，但我們的基本業務趨勢仍然好壞參半。

Overall, our market share in the United States has been stable, with some increases and declines, despite the changes we went through.

總體而言，儘管我們經歷了一些變化，但我們在美國的市佔率一直穩定，有增有減。

And across our top 20 or so categories, our share is up or flat in roughly two-thirds of those categories.

在我們排名前 20 的類別中，大約三分之二的類別的份額上升或持平。

From a consumption perspective, the bars on the right of the slide show that our US retail business grew in both Q3 and year to date.

從消費角度來看，投影片右側的長條圖顯示我們的美國零售業務在第三季和今年迄今均成長。

But what I am most encouraged by is the fact that our base for non-promoted sales are up strongly.

但最令我鼓舞的是，我們的非促銷銷售基礎強勁成長。

The investments we have made in Heinz ketchup, Classico pasta sauce, Oscar Mayer Select natural cold cuts, Philadelphia cream cheese, coffee, and Bagel Bites are driving our solid consumption gains.

我們對亨氏番茄醬、經典義大利麵醬、奧斯卡梅耶精選天然冷盤、費城奶油乳酪、咖啡和百吉餅的投資正在推動我們的消費成長。

On the innovation front, we are seeing some encouraging momentum.

在創新方面，我們看到了一些令人鼓舞的動力。

Earlier this year, we made a big bet around Heinz yellow mustard.

今年早些時候，我們在亨氏黃芥末上下了很大的賭注。

The result was a significant disruption to the mustard category in both the United States and Canada.

結果是美國和加拿大的芥末類別受到嚴重破壞。

We were able to achieve high single-digit market share in just four months, an unprecedented short amount of time.

我們在短短四個月內就實現了高個位數的市場份額，這是前所未有的短時間。

Lunchables Uploaded and our P3 portable snack innovation are also growing strongly into their second years on the market.

Lunchables Uploaded 和我們的 P3 便攜式零食創新在進入市場的第二年也強勁成長。

But in large part, this has been offset by lower volumes from ongoing challenges we have had in our Capri Sun ready-to-drink beverages, boxed dinners, including mac & cheese, and our Smart Ones frozen meals.

但在很大程度上，這已被我們的 Capri Sun 即飲飲料、盒裝晚餐（包括通心粉和起司）以及 Smart Ones 冷凍食品所面臨的持續挑戰所導致的銷售下降所抵消。

These are turnaround opportunities for us, and I look forward to updating you in the coming months on our plans.

這些對我們來說是扭轉局面的機會，我期待在未來幾個月內向您通報我們的最新計劃。

From a profitability perspective, I would note two things.

從獲利能力的角度來看，我要注意兩件事。

One is that our ability to maintain pricing consistent with our cost, it has held up in what has been a high pressure deflationary environment in some of our key categories, and we feel very good about that.

一是我們保持定價與成本一致的能力，在我們的一些關鍵類別的高壓通貨緊縮環境中保持了穩定，我們對此感覺非常好。

Two is that the cost savings and productivity program that were in place in the US prior to the merger were all executed and delivered as planned.

二是合併前美國實施的成本節約和生產力計劃均按計劃執行和交付。

So overall, a good start for our team in the United States, and we know where our opportunities to improve reside.

總的來說，這對我們美國團隊來說是一個很好的開端，我們知道改進的機會在哪裡。

Now let me turn it over to Paulo to walk through the numbers in more detail.

現在讓我把它交給保羅來更詳細地介紹這些數字。

Thank you, George.

謝謝你，喬治。

Before I get into our third Q results and the numbers, I would like to spend some time on slide 6 discussing our non-GAAP financial metrics.

在介紹我們的第三季業績和數字之前，我想花一些時間在投影片 6 上討論我們的非 GAAP 財務指標。

These three measures are what we use to evaluate our performance versus our internal plans and what we will report out to you on a quarterly basis.

這三個指標是我們用來評估我們的績效與內部計畫的指標，也是我們每季向您報告的指標。

The first one is organic net sales growth, and similar to most companies, we simply exclude the impact of currency, acquisitions, and divestitures.

第一個是有機淨銷售額成長，與大多數公司類似，我們只是排除了貨幣、收購和資產剝離的影響。

The second is adjusted EBITDA.

第二個是調整後的 EBITDA。

Our adjusted EBITDA figures exclude the impact of: integration; and restructuring costs; merger-related costs; stock-based comp; unrealized gains and losses on commodity hedges; impairments; gains or losses on the sales of business; and non-monetary currency devaluations such as Venezuela, which we recognized in the second quarter this year.

我們調整後的 EBITDA 資料不包括以下因素的影響： 整合；和重組成本；合併相關成本；股票比較；商品對沖的未實現損益；損傷；業務銷售的收益或損失；以及非貨幣貨幣貶值，例如我們在今年第二季度認識到的委內瑞拉。

The third measure is adjusted earnings per share.

第三個指標是調整後每股盈餘。

Similar to adjusted EBITDA for adjusted EPS we exclude: the impact of integration and restructuring costs, merger-related costs, unrealized gains and losses on commodity hedges, impairments, gains and losses on the sale of business, and non-monetary currency devaluations.

與調整後每股收益的調整後 EBITDA 類似，我們排除了：整合和重組成本、合併相關成本、商品對沖的未實現損益、減值、業務出售損益以及非貨幣貨幣貶值的影響。

So we adjust EPS in much the same way we adjust EBITDA, except that we do not back out the impact of stock-based compensation for adjusted EPS.

因此，我們調整每股盈餘的方式與調整 EBITDA 的方式大致相同，只是我們不排除以股票為基礎的薪酬對調整後每股盈餘的影響。

Now, a number of you have asked us about and may be surprised by the fact, that we are not backing out the impact of purchase accounting from our adjusted EPS figures.

現在，你們中的許多人已經向我們詢問，並且可能會對以下事實感到驚訝：我們並沒有從調整後的每股收益數據中排除購買會計的影響。

The reason we are not backing out the impact of purchase accounting is that the incremental non-cash step-up in costs, due to purchase accounting, will largely be offset by incremental non-cash favorability flowing through our income statement going forward.

我們不否認採購會計的影響的原因是，由於採購會計導致的增量非現金成本上升，將在很大程度上被未來流經我們損益表的增量非現金優惠所抵銷。

Beginning in Q4, we expect to see a stepped-up benefit from the monetization of prior service credits under our post-retirement benefit plans due to plan changes.

從第四季度開始，由於計劃的變化，我們預計退休後福利計劃下的先前服務積分的貨幣化將帶來更大的好處。

To give you some numbers, the amortization of prior service credits amounted to $28 million in Q3, driven by one month of amortization related to these plan changes.

給你一些數字，第三季先前服務積分的攤銷達到 2800 萬美元，這是由與這些計劃變更相關的一個月攤銷推動的。

Q4 this year and every quarter thereafter for the next several years will reflect three months of amortization at the same rate, or roughly $325 million annually.

今年第四季以及此後幾年的每個季度將以相同的比率反映三個月的攤銷，即每年約 3.25 億美元。

So with that out of the way, let's turn to our Q3 results, starting with total Company results on slide 7.

因此，讓我們轉向第三季的業績，從幻燈片 7 上的公司整體業績開始。

As you might have seen in this afternoon's earnings release, our GAAP, or reported third-quarter results, are a bit disjointed due to a number of factors, including the fact that there were five calendar days of pre-merger Heinz results while during the rest of the quarter, we operated as a combined Kraft Heinz business.

正如您可能在今天下午的收益報告中看到的那樣，由於多種因素，我們的GAAP 或報告的第三季度業績有點脫節，其中包括合併前的亨氏業績有五個日曆日，而在合併期間有五個日曆日的業績。在本季度剩餘的時間裡，我們作為卡夫亨氏合併業務運作。

So to keep things simple, my comments today will focus on our pro-forma non-GAAP results.

因此，為了簡單起見，我今天的評論將重點放在我們預期的非公認會計原則結果。

On that basis, for the total Company in Q3, we saw mixed top-line results, down 9% due to a 7 percentage-point currency headwind, while positive net pricing was offset by lower volume mix.

在此基礎上，第三季整個公司的營收結果好壞參半，由於 7 個百分點的貨幣逆風而下降了 9%，而積極的淨定價被較低的銷售組合所抵消。

In terms of pricing, a 70-basis-point net pricing increase reflected two factors.

在定價方面，70個基點的淨定價上漲反映了兩個因素。

One, net pricing gains in all geographies, including pricing to address higher local input costs in Europe, and developed marketing that more than offset a negative impact of approximately 1.5 percentage points related to lower net commodity cost across our big four commodities: dairy, meat, coffee, and nuts in the US and Canada.

第一，所有地區的淨定價收益，包括解決歐洲當地較高的本地投入成本的定價，以及發達的營銷，抵消了與我們四大商品（乳製品、肉類）淨商品成本降低相關的約1.5個百分點的負面影響美國和加拿大的咖啡和堅果。

Volume mix declined 2.7%, as far as the growth in the rest of the world segment, was offset by lower volume in ready-to-drink beverage, food service, cheese, and boxed dinners in the United States and Canada.

就世界其他地區的成長而言，銷量組合下降了 2.7%，但被美國和加拿大的即飲飲料、食品服務、起司和盒裝晚餐銷量下降所抵消。

Adjusted EBITDA and adjusted EPS were both down due to approximately 8.5 percentage-point currency headwind at the EBITDA level.

由於 EBITDA 水準受到約 8.5 個百分點的貨幣逆風影響，調整後 EBITDA 和調整後每股盈餘均下降。

However, on a constant currency basis, adjusted EBITDA was up 4.8%, and adjusted EPS would have been up in the mid-single-digit range as well.

然而，以固定匯率計算，調整後的 EBITDA 成長了 4.8%，調整後的每股盈餘也將成長在中個位數範圍內。

This reflected ongoing savings from pre-merger restructuring and productivity initiatives at both Kraft and Heinz and the beginning of the integration savings.

這反映了卡夫和亨氏合併前重組和生產力計劃持續節省的資金以及整合節省的開始。

So favorable pricing net of commodity costs, and as well as solid volume mix gains in Europe and Asia-Pacific.

扣除商品成本後的如此優惠的定價，以及歐洲和亞太地區銷售組合的穩健增長。

Adjusted EPS also faced an additional headwind in the form of a higher effective tax rate.

調整後的每股盈餘還面臨更高的有效稅率等額外阻力。

The effective tax rate was roughly 30% in Q3 2015 versus roughly 25% in Q3 last year when we had favorability from some discrete tax items on the Kraft side.

2015 年第三季的有效稅率約為 30%，而去年第三季的有效稅率約為 25%，當時我們從卡夫方面的一些離散稅收項目中獲得了優惠。

As we move forward, we would expect to see integration-related savings taking on a bigger role.

隨著我們的前進，我們預計與整合相關的節省將發揮更大的作用。

And as I mentioned earlier, we should begin to see the benefit of step-up amortization of prior service credits under our post-retirement benefit plans coming through, beginning in Q4; that's the total Company.

正如我之前提到的，從第四季度開始，我們應該開始看到根據我們的退休後福利計劃逐步攤銷先前服務積分的好處；這就是整個公司。

Now let me provide some color on the results and the state of business in our four reporting segments, the United States, Canada, Europe, and rest of the world.

現在讓我對我們的四個報告部門（美國、加拿大、歐洲和世界其他地區）的結果和業務狀況提供一些說明。

In the US, we have been focused these past few months on executing asmooth business integration, while minimizing disruption, as George talked about.

正如喬治所說，在美國，過去幾個月我們一直專注於執行順利的業務整合，同時最大限度地減少干擾。

You can see on slide 8 that in Q3, organic net sales declined 3.7%, as gains from pricing were more than offset by a decline in volume mix versus the prior-year period.

您可以在幻燈片 8 中看到，第三季的有機淨銷售額下降了 3.7%，因為定價收益被銷售組合與去年同期相比的下降所抵消。

On the pricing front, while net pricing in the US was up only 20 basis points, this included a negative impact of approximately 2 percentage points related to lower commodity costs in our big four commodities, primarily dairy and coffee.

在定價方面，雖然美國的淨定價僅上漲了 20 個基點，但這包括與我們四大商品（主要是乳製品和咖啡）的商品成本降低相關的約 2 個百分點的負面影響。

The volume mix declines were primarily driven by lower volume in three areas: ready-to-drink beverages, where we've reformulated Capri Sun in an effort to reverse consumption declines, but had to raise price by about 25% to offset the higher costs of enhanced product quality; boxed dinners, where both consumer takeaway and our level of promotional activity were lower than the prior year; and food service, where shipments were lower from some lost bids at a couple of key customers.

銷量下降主要是由三個領域的銷量下降造成的：即飲飲料，我們重新配製了 Capri Sun，以扭轉消費下降的趨勢，但不得不將價格提高約 25%，以抵消較高的成本提高產品品質;盒裝晚餐，消費者外帶和促銷活動水平均低於上年；食品服務業的出貨量因幾個主要客戶的投標失敗而下降。

Unfortunately, these factors offset some significant gains from product innovation in Lunchables, P3, coffee, and cream cheese, as well as some [trends bending] in growth and market share that we are seeing from investments we have made in ketchup, mustard, and pasta sauce.

不幸的是，這些因素抵消了午餐食品、P3、咖啡和奶油乳酪產品創新帶來的一些顯著收益，以及我們從番茄醬、芥末和奶油乳酪領域投資中看到的增長和市場份額的一些[趨勢彎曲]。義大利麵醬。

Pro forma adjusted EBITDA in the US grew 1.4%, driven by a combination of favorable pricing net of cost, lower manufacturing cost, and lower overhead.

在有利的扣除成本定價、較低的製造成本和較低的管理費用的共同推動下，美國的預期調整後 EBITDA 成長了 1.4%。

And these gains more than offset the impacts of unfavorable volume mix, as well as higher marketing expenses and significantly higher bonus accruals versus Q3 last year.

與去年第三季相比，這些收益足以抵消不利的銷售組合、更高的行銷費用和顯著更高的應計獎金的影響。

On slide 9, in Canada, our focus on executing as most integration has been much the same as the US, only that our team north of the border has also been dealing with the pressure of higher local input costs in many of their categories.

在投影片 9 中，在加拿大，我們執行大多數整合的重點與美國大致相同，只是我們邊境以北的團隊也一直在應對許多類別中當地投入成本較高的壓力。

Organic net sales declined 2.6% versus the prior year, driven by a 5.2 percentage-point decline in volume mix that was partially offset by a 2.6 percentage-point increase from net pricing.

有機淨銷售額較上年下降 2.6%，這是由於銷售組合下降 5.2 個百分點，但淨定價成長 2.6 個百分點部分抵消了這一影響。

Positive net pricing reflected price increases to offset higher local input costs, particularly in coffee.

正的淨定價反映了價格上漲，以抵消當地投入成本的上升，尤其是咖啡。

But I would point out that total net pricing also included a negative impact of approximately 1 percentage point related to lower commodity costs in our big four commodities, mainly dairy.

但我要指出的是，總淨定價還包括與我們四大商品（主要是乳製品）的商品成本降低相關的約 1 個百分點的負面影響。

The volume mix declines were driven by lower shipments in food service, as well as the volume pressure caused by price increases in coffee.

銷售量下降的原因是食品服務出貨量減少以及咖啡價格上漲造成的銷售壓力。

And these factors more than offset solid growth in pasta sauce and mustard.

這些因素足以抵消義大利麵醬和芥末的強勁成長。

Canada's adjusted EBITDA in constant currency was down 2.4%, as unfavorable volume mix and negative pricing net of higher local input costs more than offset gains from pre-merger restructuring and productivity efforts, as well as [the state] of integration savings.

加拿大以固定匯率計算的調整後 EBITDA 下降了 2.4%，原因是不利的銷售結構和負定價（扣除較高的當地投入成本）遠遠抵消了合併前重組和生產力工作以及整合節省帶來的收益。

But price net of higher local input cost and the volume mix decline held back Q3 profit growth in the quarter.

但扣除較高的當地投入成本和銷售組合下降後的價格抑制了第三季利潤的成長。

Turning to Europe on slide 10.

第 10 張投影片轉向歐洲。

In Europe, our team has been focused on two fronts: executing line extensions in premiumization to drive better volume and mix performance, and driving increased efficiencies throughout our business, everything from package size harmonization to right-sizing our footprint.

在歐洲，我們的團隊一直專注於兩個方面：執行高端化產品線擴展，以提高產量和混合性能，並提高整個業務的效率，從包裝尺寸統一到合理調整我們的足跡。

An effort on both these fronts has really been paying off.

在這兩方面的努力確實得到了回報。

Organic net sales grew half a point, driven by a combination of higher net pricing and positive volume mix.

在較高的淨定價和積極的銷售組合的共同推動下，有機淨銷售額增長了半個百分點。

Gains in net pricing reflected a reduction in inefficient promotional spending in our UK beans business and strategic pricing in ketchup across a number of markets.

淨定價的成長反映了我們英國豆類業務低效促銷支出的減少以及多個市場番茄醬的策略定價。

That was partially offset by higher promotional spending to reinvigorate consumption in mayonnaise.

這被為重振蛋黃醬消費而增加的促銷支出部分抵消。

Positive volume mix was driven by ketchup and pasta sauce growth across Europe that more than offset volume declines in infant nutrition in Italy and soup in the UK.

歐洲各地番茄醬和義大利麵醬的成長推動了銷售的積極成長，足以抵消義大利嬰兒營養品和英國湯品銷售下降的影響。

This healthy top-line growth was supported by a double-digit increase in marketing investments to support our brands.

這種健康的營收成長得益於支持我們品牌的行銷投資兩位數的成長。

In the end, improved product mix, along with manufacturing and overhead cost savings, combined to deliver cost currency adjusted EBITDA growth of over 20%.

最終，產品組合的改進以及製造和管理成本的節省，使成本貨幣調整後的 EBITDA 成長超過 20%。

Finally is rest of the world on slide 11, which includes our operations in three regions, Asia-Pacific; Latin America; and Russia, India, Middle East, and Africa, or what we call RIMEA.

最後是幻燈片 11 上的世界其他地區，其中包括我們在三個地區的業務：亞太地區；拉美;以及俄羅斯、印度、中東和非洲，或我們所說的 RIMEA。

Here we are focused on profitable top-line growth and adopting to local consumer trends and dynamic marketplace in fast-growing emerging markets.

在這裡，我們專注於獲利的營收成長，並適應快速成長的新興市場中的當地消費趨勢和動態市場。

In the near term, however, foreign exchange trends have been and will likely continue to be a challenge, as we pass through pricing to offset higher local input costs.

然而，在短期內，外匯趨勢已經並且可能繼續成為一個挑戰，因為我們透過定價來抵消更高的當地投入成本。

In the third quarter, organic net sales grew 7%, driven by a 4% volume mix gain, as well as roughly 3 points of net pricing.

第三季度，在銷售組合成長 4% 以及淨定價約 3 個百分點的推動下，有機淨銷售額成長 7%。

Net pricing growth was primarily driven by price increases to offset higher local cost in our RIMEA region.

淨定價成長主要是由價格上漲推動的，以抵消我們 RIMEA 地區較高的當地成本。

Volume mix growth was driven by strength in ABC sauces in Asia; beverage in Indonesia, related to Ramadan; frozen potato gains in Mexico; and solid ketchup growth in most regions.

亞洲 ABC 醬料的強勢推動了銷售組合的成長；印尼與齋戒月有關的飲料；墨西哥冷凍馬鈴薯產量增加；大多數地區的番茄醬增長強勁。

These gains were partially offset by volume-mix declines in our Complan nutritional beverage business in India, as well as Quero pasta sauce in Brazil, where it was being experience some recent supply chain disruption.

這些收益被我們在印度的 Complan 營養飲料業務以及巴西的 Quero 義大利麵醬業務的銷量下降所部分抵消，該業務最近在巴西經歷了一些供應鏈中斷。

Rest of world adjusted EBITDA declined 29% versus the prior year, due to a 43.7 percentage-point negative impact from currency.

由於匯率造成 43.7 個百分點的負面影響，世界其他地區調整後 EBITDA 較上年下降 29%。

And approximately 25 percentage points of currency impact was due to the Venezuela devaluation that we recognized in Q2, that we are seeing the effect of beginning in this third quarter.

大約 25 個百分點的貨幣影響是由於我們在第二季度認識到的委內瑞拉貶值造成的，我們從第三季開始就看到了這種影響。

On a constant currency basis, our rest of world adjusted EBITDA was up 14.3%, driven primarily by gains from cost-savings initiatives.

以固定匯率計算，我們世界其他地區的調整後 EBITDA 成長了 14.3%，這主要是由成本節約措施帶來的收益所推動的。

Before I hand it back to Bernardo to close out, I wanted to provide you with an update on synergies in our capital structure.

在我將其交還給貝爾納多結束之前，我想向您提供有關我們資本結構協同效應的最新資訊。

I will start with synergies on slide 12.

我將從投影片 12 上的協同效應開始。

Overall, we remain on track.

總體而言，我們仍處於正軌。

The best way to frame how we think about our opportunity here is to think about our savings coming from three areas: organizational structure, overhead savings, and manufacturing footprint.

建立我們如何看待這裡的機會的最佳方法是考慮來自三個領域的節省：組織結構、管理費用節省和製造足跡。

Org structure savings tend to come earlier than other areas, and are really an enabler to getting after the broader cost-savings opportunities.

組織結構節省往往比其他領域來得更早，並且確實有助於獲得更廣泛的成本節省機會。

Overhead savings are non-people related and really driven by our ZBB system.

間接費用節省與人員無關，並且真正由我們的 ZBB 系統驅動。

The third piece, manufacturing footprint, tends to take the longest, as there is literally a lot of heavy lifting involved.

第三部分，即製造足跡，往往需要最長的時間，因為實際上涉及許多繁重的工作。

To date, we have announced two major cost-savings actions.

迄今為止，我們已經宣布了兩項重大成本節約行動。

In August we made the difficult but necessary decision to develop a new streamlined structure for our business in the US and Canada zones.

八月份，我們做出了艱難但必要的決定，為我們在美國和加拿大地區的業務開發一個新的精簡結構。

This resulted in a reduction of 2,500 salary and contracted positions across the US and Canada, and we will represent the bulk of our org structure savings.

這導緻美國和加拿大減少了 2,500 個薪資和合約職位，我們將佔組織結構節省的大部分。

And Yesterday as Bernardo talked about, we announced the consolidation of our manufacturing across Kraft Heinz North America supply chain network.

昨天，正如伯納多所說，我們宣布整合卡夫亨氏北美供應鏈網路的製造業務。

This critical step in our integration plan will take up to two years to complete.

我們整合計劃中的這一關鍵步驟將需要兩年時間才能完成。

It will eliminate excess capacity and reduce operational redundancies, making us more competitive and improving our ability to drive profitable growth for many years to come.

它將消除過剩產能並減少營運冗餘，使我們更具競爭力，並提高我們在未來許多年推動獲利成長的能力。

On the numbers side, we remain confident in our ability to deliver against our initial financial expectations for the merger.

在數字方面，我們對實現合併的最初財務預期的能力仍然充滿信心。

This includes our aggressive cost-savings target of $1.5 billion, which we now expect to deliver fully in 2017.

這包括我們雄心勃勃的 15 億美元成本節約目標，我們現在預計將在 2017 年全面實現這一目標。

And as we validated and updated our plans, the cash cost to achieve those savings is consistent with our initial expectations, consisting of approximately $1.1 billion of upfront cash cost and roughly $1.1 billion of CapEx for footprint optimization over the next few years.

當我們驗證和更新我們的計劃時，實現這些節省的現金成本與我們最初的預期一致，包括約 11 億美元的前期現金成本和約 11 億美元的未來幾年用於足跡優化的資本支出。

Turning to slide 13, I am also pleased to share with you today that Kraft Heinz Board of Directors declared a dividend of $0.575 per common share.

轉向幻燈片 13，我今天還很高興與您分享，卡夫亨氏董事會宣布派發每股普通股 0.575 美元的股息。

That's a 4.5% increase versus the prior $0.55 per share, and consistent with Kraft's historical practice and commitment we made at the time of the merger announcement to grow our dividend per share over time.

與之前每股 0.55 美元相比，增長了 4.5%，符合卡夫的歷史慣例以及我們在宣布合併時做出的隨著時間的推移增加每股股息的承諾。

We are excited to offer this increase so soon after the merger, and we will continue to remain focused on delivering long-term shareholder value.

我們很高興在合併後這麼快就提供此次增資，我們將繼續專注於提供長期股東價值。

Importantly, we remain confident that we will be able to maintain our policy over time, while at the same time, remaining an investment-grade Company and delivering against our goal to reduce leverage to less than 3 times adjusted EBITDA over the medium term.

重要的是，我們仍然相信，隨著時間的推移，我們將能夠維持我們的政策，同時保持投資級公司的地位，並實現我們的目標，即在中期內將槓桿率降低至調整後EBITDA 的3倍以下。

I will now turn it back to Bernardo to wrap up our discussion.

現在我將把它轉回貝爾納多來結束我們的討論。

Thank you, Paulo and George.

謝謝保羅和喬治。

This is an exciting and challenging time for the Kraft Heinz Company.

對於卡夫亨氏公司來說，這是一個令人興奮且充滿挑戰的時刻。

We have established our new leadership team throughout our organization to drive the next stage of the Company's growth.

我們在整個組織中建立了新的領導團隊，以推動公司下一階段的發展。

We are firmly focused on finishing strong in 2015 and powering ahead towards 2016.

我們堅定地致力於在 2015 年取得強勁成績，並在 2016 年繼續前進。

Our integration efforts are going well and we have laid our plans throughout 2017.

我們的整合工作進展順利，我們已經制定了 2017 年的計畫。

We are working hard to empower teams and to increase the speed of the decision-making process, it is core to creating a culture of ownership, an environment where checks and balances happen routinely, and meritocracy can flourish as our backbone.

我們正在努力賦予團隊權力並提高決策過程的速度，這是創造主人翁文化的核心，這是一個經常進行製衡的環境，並且精英管理可以作為我們的支柱蓬勃發展。

For 2016, we are pushing a big agenda around innovation and sales.

2016 年，我們將圍繞創新和銷售推動一項重大議程。

And our efficiency savings will create an even bigger opportunity to invest in our people, our brands, and our products.

我們的效率節約將為投資於我們的員工、我們的品牌和我們的產品創造更大的機會。

Thank you for joining us today.

感謝您今天加入我們。

Now we will be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Good evening, everybody.

晚上好大家。

Two questions if I could.

如果可以的話，有兩個問題。

First, George, you mentioned how well pricing is holding up in some key US categories, despite high pressure depletion, as you called it.

首先，喬治，您提到了美國一些關鍵類別的定價保持得有多好，儘管正如您所說的那樣，存在高壓消耗。

Can you expand on this a bit more and maybe compare it to the last time you faced this sort of deflation?

您能否進一步闡述這一點，並將其與您上次面臨此類通貨緊縮時進行比較？

Thank you, Andrew, and yes, we're feeling good about our pricing at this time and the way our brands are behaving.

謝謝你，安德魯，是的，我們對目前的定價和我們品牌的行為方式感覺良好。

As you know, last time we spoke about this, we were building our brand equity, particularly in the refrigerated area.

如您所知，上次我們談到這一點時，我們正在建立我們的品牌資產，特別是在冷藏領域。

And where we are at now is very different from where we were and the brand equity has gotten a lot stronger and enabled us to do so.

我們現在的處境與過去非常不同，品牌資產變得更加強大，使我們能夠做到這一點。

So not only are we seeing our ability to hold prices, but even gaining market share in three out of the four cheese categories and in the cold cuts business and meat.

因此，我們不僅看到了我們保持價格的能力，甚至還獲得了四種起司類別中的三種以及冷盤業務和肉類的市場份額。

Okay, thank you for that.

好的，謝謝你。

And then second, Bernardo, I think you may have mentioned previously that you don't expect the extent of SKU rationalization at the Kraft portfolio compared to what you have done on the Heinz portfolio over the past two years or so.

其次，Bernardo，我想你之前可能已經提到過，與過去兩年左右你對亨氏投資組合所做的相比，你並不期望卡夫投資組合的 SKU 合理化程度。

Maybe that's one of the reasons why sales at Kraft are not likely as expected to be as negatively impacted as we saw at Heinz.

也許這就是卡夫的銷售不太可能像亨氏那樣受到預期負面影響的原因之一。

Is that still the case, based on what you've seen, now that you have lived with these businesses for a little bit?

既然您已經在這些企業中生活了一段時間，那麼根據您所看到的情況，情況仍然如此嗎？

Does that thought process still hold or is there more to do at Kraft than maybe you may have thought initially?

這種思考過程是否仍然有效，或者卡夫是否還有比您最初想像的更多的事情要做？

Thank you.

謝謝。

Thank you, Andrew.

謝謝你，安德魯。

You are correct.

你是對的。

As we get to know more and now I can say we have a very good understanding of the business.

隨著我們了解得越來越多，現在我可以說我們對業務有了很好的了解。

And already operating as Kraft Heinz, I think your assessment is right.

並且已經以卡夫亨氏的名義運營，我認為您的評估是正確的。

We have to grow and that's a big pillar of the Company but to be on the path to profitable growth, right, we have to have profitable sales.

我們必須成長，這是公司的一大支柱，但要走上獲利成長的道路，對吧，我們必須有獲利的銷售。

And in this case, we're going to have some SKU rationalization and are going through the process as we work the revenue management, business initiatives, as I have said before.

在這種情況下，正如我之前所說，我們將進行一些 SKU 合理化，並在我們開展收入管理和業務計劃時完成該流程。

But you are right to say that's not in the magnitude of happened in the legacy Heinz over two years ago.

但你說得對，這還沒有達到兩年多前亨氏遺產所發生的規模。

Thank you.

謝謝。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

Hi, good evening, everyone.

嗨，大家晚上好。

I just had two questions.

我只有兩個問題。

The first, could you talk a little bit about interest expense?

首先，您能談談利息支出嗎？

I think in the quarter, the GAAP interest expense a lot higher than I think most of us were modeling, so I don't of there's some one-time items in there.

我認為在本季度，公認會計準則利息支出比我認為我們大多數人建模的要高得多，所以我不認為其中有一些一次性項目。

And then just maybe some clarity now that you've got the interim financing, how we should be thinking about interest expense going forward.

現在，既然你已經獲得了臨時融資，那麼我們應該如何考慮未來的利息支出，也許會有些清晰。

And then I have a follow-up.

然後我有一個後續行動。

Hi Bryan.

嗨布萊恩。

This is Paulo.

這是保羅。

So that's right, in the GAAP financials, the number that you see is just expense, there are some one-offs there related to the merger.

沒錯，在 GAAP 財務報表中，您看到的數字只是費用，其中有一些與合併相關的一次性費用。

So I think the easy way to think about our interest expenses is that we have currently around $25 [billion] of gross debt and our average interest rate is around low 4%.

因此，我認為考慮我們的利息支出的簡單方法是，我們目前的總債務約為 250 億美元，而我們的平均利率約為 4% 左右。

So there is the simple way to do that.

所以有一個簡單的方法可以做到這一點。

When we file our Q, and we're going to have the all details about that and the cost for each of the traunches that we have.

當我們提交問題時，我們將獲得有關該問題的所有詳細資訊以及我們擁有的每個批次的成本。

Okay, thank you.

好的謝謝。

That's helpful.

這很有幫助。

And then on slide 12, there was on the last bullet, you talk about the cost savings target of $1.5 billion by 2017, and then $1.9 billion of it is pretax.

然後在投影片 12 上，最後一個項目符號提到 2017 年節省成本 15 億美元的目標，其中 19 億美元是稅前的。

And so I just wanted to make sure that you're talking -- we are talking about those two numbers match, meaning above the pretax income line to $1.9 billion of savings and then the net effect is $1.5 billion at net income.

所以我只是想確保你所說的——我們所說的這兩個數字是匹配的，這意味著稅前收入線之上有 19 億美元的儲蓄，然後淨效應是 15 億美元的淨利潤。

Is that the way to think about it?

是這樣思考的嗎？

No, so if you think about all the integration cost, the integration piece of the process here.

不，所以如果您考慮所有整合成本，即此處流程的整合部分。

We are -- very comfortable with the initial financial expectations we have.

我們對最初的財務預期非常滿意。

So, think about this $1.5 billion as operational savings, and it would be to net of inflation.

因此，將這 15 億美元視為營運節省，並且扣除通貨膨脹因素。

So it would appear in EBITDA of 2017.

所以它會出現在2017年的EBITDA中。

So that's the way that we think.

這就是我們的想法。

Another thing is that this is the $1.5 billion, synergy savings that we see.

另一件事是，這是我們看到的 15 億美元的協同節省。

In terms of the cost to achieve that, you see that again, -- it's also in line with what we expected before that we -- that there are $2.2 billion are cash cost to achieve.

就實現這一目標的成本而言，您再次看到，這也符合我們先前的預期，即需要 22 億美元的現金成本來實現。

And this cash cost, includes everything.

而這個現金成本，包含了一切。

We have the CapEx that is half of this, and we have other upfront expenses that we have to have all the restructuring programs that you [have going] with the Company today.

我們的資本支出是其中的一半，我們還有其他前期費用，我們必須擁有您今天與公司進行的所有重組計劃。

When you think about the overall integration process, and the integration financial expectations that we had initially in the merger call, we're pretty much in line with that in terms of having thesame view about the $1.5 billion synergies and we -- also have the EPS accretion that we were expecting for 2017, so both the financial expectations we had initially, we are still comfortable with them.

當你考慮整個整合過程以及我們最初在合併電話會議中提出的整合財務預期時，我們對 15 億美元的協同效應有著相同的看法，而且我們也有我們預計2017 年每股收益會增加，因此我們最初的財務預期仍然令人滿意。

Okay, thank you.

好的謝謝。

Jason English, Goldman Sachs.

賈森·英格利希，高盛。

Good afternoon, folks.

下午好，各位。

Thank you for the question.

感謝你的提問。

I have another question on productivity.

我還有一個關於生產力的問題。

Paulo, I think you said $1.5 billion to be delivered fully in 2017.

Paulo，我想您說過 15 億美元將在 2017 年全部交付。

Yet at the same time, you said you've got a fair amount of manufacturing work that will take around two years to complete, suggesting it won't be complete until late 2017.

但同時，您表示您已經完成了大量的製造工作，大約需要兩年時間才能完成，這表明要到 2017 年底才能完成。

So first, did I hear that right?

首先，我沒聽錯吧？

And if so, are you suggesting that one you complete the manufacturing work, there's going to be incremental savings over and above the $1.5 billion?

如果是這樣，您是否建議您完成製造工作後，將會節省超過 15 億美元的增量成本？

Yes, hi Jason.

是的，嗨傑森。

When you think about the $1.5 billion, so first, you're right.

當你想到 15 億美元時，首先，你是對的。

We believe that we are seeing that we are going to deliver the $1.5 billion synergies in 2017, so to your first question.

我們相信，我們將在 2017 年實現 15 億美元的協同效應，所以回答你的第一個問題。

And we really believe that the majority, this is the bulk of savings that we're seeing for this program that we are running now.

我們真的相信大多數人，這是我們現在正在運行的這個計劃所看到的大部分節省。

We should have some carryover for the following year, yes, but I think the bulk of the savings is now is going to be $1.5 billion in 2017.

是的，我們應該在下一年有一些結轉，但我認為 2017 年節省的大部分資金將達到 15 億美元。

Okay.

好的。

That's hard costs.

這就是硬成本。

Loved to comment on softer cost.

喜歡評論軟成本。

You mentioned your ability to pull out ineffective promotional spend in the UK, I think it was referencing the Heinz beans.

你提到你有能力在英國取消無效的促銷支出，我認為這是指亨氏豆。

As you look at the rather large trade budget and promotional spend for Kraft, have you identified opportunity to do something similar?

當您看到卡夫相當大的貿易預算和促銷支出時，您是否發現了做類似事情的機會？

And if so, what do you think the magnitude may be?

如果是這樣，您認為其規模可能是多少？

Jason, this is George here.

傑森，這是喬治。

I will take this question.

我來回答這個問題。

For the next couple of years, we are focusing on revenue management rather than just trade promotion, which will include price pack architecture and looking at return on investment and promotion.

在接下來的幾年裡，我們將重點放在收入管理而不僅僅是貿易促銷，其中將包括價格包架構以及投資和促銷回報。

Then we will make a decision what we do with that savings, whether to invest it in better returning promotion and grow the top line and bottom line, or drop it to the bottom line.

然後我們將決定如何使用這些節省下來的資金，是否將其投資於更好的回報促銷並增加收入和利潤，或將其降低到利潤。

Once we complete that analysis, we will be in a better position to share that with you.

一旦我們完成分析，我們將能夠更好地與您分享。

Great, thank you.

太好了謝謝。

Look forward to hearing more.

期待聽到更多。

I will pass it on.

我會把它傳遞下去。

Thank you, Jason.

謝謝你，傑森。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi, good afternoon, everyone.

嗨，大家下午好。

You said a couple of times that some of the activities you're taking will take two years to complete; it seemed to be an emphasis.

您曾多次說過，您正在進行的某些活動需要兩年才能完成；這似乎是一個強調。

So two questions on that: one, is the implication or is the message that we should be modeling most of that $1.5 billion in savings a little bit later than earlier?

那麼有兩個問題：第一，這是否意味著我們應該比之前稍晚一點對這 15 億美元的節省中的大部分進行建模？

That's question one.

這是問題一。

And then question two is, and maybe I'm reading way too much into this, but the other application there that you are unlikely to make a large complex acquisition until that process is done.

然後問題二是，也許我對此讀得太多了，但另一個應用程式是，在該過程完成之前，您不太可能進行大型複雜的採集。

I'm just curious why you were emphasizing that and whether there's anything really to read into either of those?

我只是好奇你為什麼要強調這一點，以及是否真的有什麼值得解讀的？

When you think about the ramp up of the savings, Ken, there will be some ramp up of the savings.

肯，當你考慮儲蓄的增加時，儲蓄將會增加。

Again, when you think about the savings, you're always thinking three buckets, right?

再說一遍，當您考慮節省時，您總是會想到三個桶，對嗎？

You have the organization savings, we have the ZBB savings, and we have the footprint savings.

您可以節省組織成本，我們可以節省 ZBB，還可以節省佔地面積。

So the first two, they come first.

所以前兩個是第一位的。

The footprint is the one that takes longer.

足跡是需要更長時間的一個。

So if you think about view that we have today for how this savings are going to flow to our P&L, we are seeing the $1.5 billion fully in 2017.

因此，如果您考慮我們今天對這些節省的資金將如何流入我們的損益表的看法，我們會發現 2017 年將達到 15 億美元。

So this is for your first question.

這是你的第一個問題。

Of course, they will ramp up as they do start to happen.

當然，當它們確實開始發生時，它們就會加速。

The footprint piece, will mainly start helping out the second half of 2016 and the beginning of 2017.

足跡篇，主要從2016年下半年及2017年初開始助力。

Let me go to your second questions related to our M&A -- and our activities during this period of time, for sure we have our plate full during the period of this complex integration.

讓我回答你的第二個問題，涉及我們的併購以及我們在這段時間的活動，當然，在這個複雜的整合期間，我們已經忙完了。

We don't comment about M&A strategy or hypotheticals in this case, but for sure, we will be evaluating any type of opportunity that appears for the Company that makes sense for the long term and creates value for the Company.

在這種情況下，我們不會評論併購策略或假設，但可以肯定的是，我們將評估對公司而言具有長期意義並為公司創造價值的任何類型的機會。

Helpful, thank you.

有幫助，謝謝。

You're welcome.

不客氣。

Chris Growe, Stifel Nicolaus.

克里斯格羅，史蒂菲爾尼古拉斯。

Hi, good evening.

嗨，晚上好。

I just had two questions as well, if I could.

如果可以的話，我也有兩個問題。

I wanted to ask first if I could just, as you implement a program like ZBB, and we're learning more and more about that through Heinz and through other companies implementing the program as well, given that Kraft had had an already low overhead level, is there more or less opportunity that you see at Kraft for ZBB?

我想先問我是否可以，當你實施像 ZBB 這樣的計劃時，考慮到卡夫的管理費用水平已經很低，我們通過亨氏和其他實施該計劃的公司正在了解越來越多的信息，您在卡夫看到ZBB有或多或少的機會嗎？

More or less in relation to where Heinz is today, do you see much improvement in Kraft's overhead level from ZBB?

或多或少與亨氏今天的情況有關，您認為卡夫的 ZBB 管理費用水準有很大改善嗎？

Hi Chris.

嗨克里斯。

It's Bernardo.

這是貝爾納多。

The way we like to think ZBB, to be honest, is much less as a one-time event and much more as a systematic approach of doing business.

老實說，我們認為 ZBB 與其說是一次性事件，不如說是一種系統性的開展業務的方法。

It's really fighting for the penny in every space capturing all the opportunities that allows us to be in a position so that we can invest more behind working media dollars, behind our people, behind our products, behind our brands, and so on.

它確實是在每個領域爭奪一分錢，抓住所有機會，使我們能夠在工作媒體、我們的員工、我們的產品、我們的品牌等方面投入更多資金。

So it's not only a program, but it is really a business tool that we apply in different ways.

所以它不僅僅是一個程序，而且它實際上是一個我們以不同方式應用的商業工具。

And in that sense, you are right to say that the level Kraft already had achieved was positive within the industry.

從這個意義上說，你說卡夫已經達到的水平在行業內是積極的，這是正確的。

But we are finding significant opportunities like Paulo described already in the $1.5 billion.

但我們正在 15 億美元中發現像 Paulo 所描述的重大機會。

And also learning things from the legacy Kraft side that we're applying) On the Heinz side, just to give you an example, Kraft used to have a media buying infrastructure with lower costs than us at Heinz and then collaborated the other way around in that sense.

並且也從我們正在應用的傳統卡夫方面學習）在亨氏方面，僅舉個例子，卡夫過去擁有比我們亨氏成本更低的媒體購買基礎設施，然後以相反的方式進行合作那種感覺。

So it's two ways if you want to think about this.

所以如果你想思考這個問題，有兩種方法。

But it is true there are significant opportunities.

但確實存在重大機會。

And as they materialize it allows us to be in a position to invest for growth and that's an idea that myself, George, and the entire team here will be pushing as our agenda.

當它們實現時，它使我們能夠為成長進行投資，這是我、喬治和整個團隊將作為我們的議程推動的想法。

Okay, thank you.

好的謝謝。

Good color.

顏色好。

And maybe quick question for George in relation to the US.

也許還有一個關於美國的問題想問喬治。

To see your sales down, call of 4% for the quarter, in relation to consumption, that was much better than that, as you showed, and solutions as well) Are there unique factors weighing the reported sales this quarter that we're not picking up in the measured channel data?

要看到您的銷售額下降，就消費而言，本季度的銷售額下降了4％，這比您所展示的要好得多，還有解決方案）是否有我們沒有考慮到的衡量本季度報告銷售額的獨特因素拾取測量通道資料？

Yes, thank you Chris.

是的，謝謝克里斯。

You probably touched on it yourself.

您可能自己也觸及過它。

Two things differentiate shipment from consumption.

運輸與消費有兩點不同。

Number one, there are changes between quarter relate on where the promotion falls and when we ship the product to the customers, and that will adjust itself over time.

第一，季度之間的變化與促銷活動的地點以及我們將產品運送給客戶的時間有關，並且隨著時間的推移，這些變化會自行調整。

That's not a big thing.

這不是什麼大事。

Then you have channels that are not tracked by scanned sales, most importantly, the food service channel.

然後，您會發現掃描銷售無法追蹤的管道，最重要的是食品服務管道。

So in the food service channel, we have two things going on.

因此，在餐飲服務通路中，我們發生了兩件事。

Number one, we have a large number of contracts, particularly in the large commodity segment, that are based on what we call mark-to-market.

第一，我們擁有大量合同，特別是在大型商品領域，這些合約是基於我們所謂的按市價計價。

And in a deflationary market of dairy and meat, you just change the price automatically.

在乳製品和肉類的通貨緊縮市場中，您只需自動更改價格。

And in a deflationary environment, you see pressure on the top line.

在通貨緊縮的環境下，你會看到營收面臨壓力。

And two, most legacy companies in the food service business lost a couple large accounts prior to the merger.

第二，食品服務業的大多數傳統公司在合併之前就失去了幾個大客戶。

And we are nearing the tail of that and we see the overlap to better comp the coming and future quarters.

我們已經接近尾聲，我們看到了重疊，可以更好地比較未來和未來的幾個季度。

Okay.

好的。

Thank you for the time.

謝謝你的時間。

Thank you, Chris.

謝謝你，克里斯。

Matthew Grainger, Morgan Stanley.

馬修‧格蘭傑，摩根士丹利。

Good evening, everyone.

各位晚上好。

Thank you for the questions.

謝謝你的提問。

I had two questions.

我有兩個問題。

First, could you talk a bit more about the broader promotional environment in the US?

首先，您能多談談美國更廣泛的促銷環境嗎？

We have seen a fairly widespread decline in merchandising depth and retail merchandising opportunities across the industry this year.

今年，我們看到整個產業的商品推銷深度和零售商品推銷機會普遍下降。

And given that retailers are demanding more contributions from the industry, many of your competitors have become more gross-margin focused as well.

鑑於零售商要求產業做出更多貢獻，許多競爭對手也變得更加重視毛利率。

Is this setting up as an environment where it's, in a way, easier for you to realize the kinds of trade spend optimization efficiencies that you are going to be targeting over the next year?

在某種程度上，這種環境是否能讓您更輕鬆地實現您明年的目標貿易支出優化效率？

Thank you, Matthew, about the question.

謝謝你，馬修，關於這個問題。

Let me separate it into two.

讓我把它分成兩個部分。

One is we talked a lot in the past about the return on promotions, and that return on promotion, in general, in the industry comes under pressure.

一是我們過去多次談論促銷回報，而促銷回報總體而言在業界面臨壓力。

Two, we are seeing the merchandising levels widely in the retailers coming down.

第二，我們看到零售商的商品銷售水準普遍下降。

But that's not what we are focusing on.

但這不是我們關注的重點。

We're more focusing on returning investment by categories, and mainly, price-pack architecture so seeing pricing, both on an everyday and on an ad hoc by categories, what we want to achieve.

我們更專注於按類別回報投資，主要是價格包架構，因此按類別查看日常和臨時定價，這是我們想要實現的目標。

So we believe in the future, we will see better implementation of promotional activities based on better return on investments, and that's what we are putting our resources in and where we are making our investments.

所以我們相信，在未來，我們會看到基於更好的投資回報來更好地實施促銷活動，這就是我們投入資源和投資的地方。

Okay.

好的。

Thank you, George, that's helpful.

謝謝你，喬治，這很有幫助。

Just a second question, for Bernardo, I suppose.

我想，這只是貝納多的第二個問題。

In the past, you've talked about a willingness to take a look at the entire portfolio and assess whether given brands and categories offer you the potential for profitable growth.

過去，您曾談到願意查看整個產品組合併評估特定品牌和類別是否為您提供獲利成長的潛力。

And today, you talked about a few categories like frozen and ready-to-drink beverages that have been consistent headwinds.

今天，您談到了一些類別，例如冷凍飲料和即飲飲料，這些飲料一直受到阻礙。

I know you consider these turnaround opportunities and for now you're investing, but is there still a willingness there to assist the relevance of those products in the portfolio over the next year or two?

我知道您正在考慮這些扭虧為盈的機會，並且目前正在投資，但是您是否仍然願意在未來一兩年內幫助投資組合中這些產品的相關性？

Hi Matt.

嗨馬特。

Thank you for the question.

感謝你的提問。

Look, we are always evaluating our portfolio on a broader basis.

看，我們總是在更廣泛的基礎上評估我們的投資組合。

You are right to say that in the past, we [looked] different in some segments against others and we're going to do the same thing.

你說得對，在過去，我們在某些​​領域與其他領域[看起來]不同，但我們將做同樣的事情。

Right now our focus really is on consolidating our integration.

現在我們的重點確實是鞏固我們的整合。

It's a lot of work that's coming through, and we're very pleased with the steps that are happening now within the Company already.

正在進行大量工作，我們對公司內部目前已經採取的步驟感到非常滿意。

Working at Kraft Heinz to unify operations, and sales, in our go-to-market.

在卡夫亨氏工作，負責統一行銷的營運和銷售。

We're going through a huge system integration and a lot of different area's.

我們正在經歷巨大的系統整合和許多不同的領域。

What does it mean in the future?

對未來意味著什麼？

We can now evaluate the portfolio with pros and cons, before taking significant steps, but I don't think that now is the appropriate time to do that, and the time will come for us to have a better knowledge and to have a better understanding to take the right steps.

在採取重大步驟之前，我們現在可以評估投資組合的利弊，但我認為現在不是這樣做的適當時機，我們需要更好地了解和理解的時候到了正確的步驟。

That being said, we know very well, like George already pointed out and Paulo also mentioned, the segments, the innovation in the places are going to be investing more of our money that we can push for rejuvenation growth.

話雖這麼說，我們非常清楚，就像喬治已經指出的那樣，保羅也提到過，這些領域的創新將投入更多的資金，我們可以推動復興成長。

Okay, great.

好的，太好了。

Thank you again, everyone.

再次謝謝大家。

Pablo Zuanic, Susquehanna.

巴勃羅·祖安尼奇，薩斯奎哈納。

Good afternoon, everyone.

大家下午好。

I'm trying to assess your performance so far, obviously, I think for us it's easier to look at the Heinz side than Kraft.

我正在嘗試評估你到目前為止的表現，顯然，我認為對我們來說，關注亨氏一方比關注卡夫更容易。

Kraft, you just started there.

卡夫，你才剛開始。

If I look at the international piece, which obviously, is mostly -- it's just Heinz, I'm very impressed with your 760 BPs of margin expansion in Europe and more than 500 in the first half.

如果我看國際部分，顯然主要是亨氏，我對你們在歐洲的利潤率擴張 760 BP 和上半年超過 500 BP 印象非常深刻。

So I guess that gives us an idea of what to expect in the other places.

所以我想這讓我們了解了其他地方會發生什麼。

But there's three questions here.

但這裡有三個問題。

One, it would be great if you could tell us what was your margin expansion in Europe in 2014?

第一，如果您能告訴我們 2014 年您在歐洲的利潤擴張情況是多少，那就太好了？

Last night in the 8-K, you only gave us the first half of 2015.

昨晚的8-K，你只為我們帶來了2015年的上半年。

That would be very useful again, to understand the visibility of what you're actually doing.

這對於了解您實際正在做的事情的可見性再次非常有用。

The second question would be that type of margin expansion in Europe, it's even more impressive when you think that that was already your highest margin division, and it's a very tough retail environment there and also a tougher regulatory environment from the cost-cutting perspective compared to the US.

第二個問題是歐洲的這種類型的利潤擴張，當你認為這已經是你利潤率最高的部門時，它更令人印象深刻，而且那裡的零售環境非常艱難，從成本削減的角度來看，監管環境也更嚴格。到美國。

So if you can comment on that.

所以如果你能對此發表評論的話。

And then three, just give us more color in terms of what you found and what allowed you to put that type of margin expansion in Europe.

第三，請給我們更多關於您發現的內容以及是什麼讓您能夠在歐洲進行這種類型的利潤擴張的信息。

All my questions are all Europe, because I assume that that's the best proof of what you are doing -- what you have done at Heinz, and I guess we can think about what you would do in North America.

我所有的問題都是關於歐洲的，因為我認為這是你正在做的事情的最佳證明——你在亨氏所做的事情，我想我們可以考慮你會在北美做什麼。

Thank you.

謝謝。

Thank you for the question.

感謝你的提問。

Addressing Europe and the business side, before passing to Paolo here that can get into more details on the margin expansion and so on.

先談談歐洲和業務方面，然後再交給 Paolo，他可以詳細介紹更多有關利潤率擴張等的細節。

I think you are right to say that it's a cycle.

我認為你說這是一個循環是對的。

That staying out in Europe, and we actually, intend to expand investment and you can see what's happening in Europe, is innovation, an aggressive go-to-market, and higher working media dollars investment that are pushing the growth.

留在歐洲，實際上，我們打算擴大投資，你可以看到歐洲正在發生的事情，是創新、積極的市場進入和更高的工作媒體美元投資，這些都推動了成長。

But to answer we also restructured and cut salesin the last couple of years to get us the base and the results to allow us to invest big in the segments and products and ideas that we really thought could be winning the marketplace.

但為了回答這個問題，我們在過去幾年中也進行了重組和削減銷售額，以獲得基礎和結果，使我們能夠在我們真正認為可以贏得市場的細分市場、產品和想法上進行大量投資。

And what's happening right now, that if you see is really be working dollars increasing in Europe.

現在正在發生的事情，如果你看到歐洲的工作美元確實在增加。

That will continue, and you're going to see more investment in Europe.

這種情況將會持續下去，你將會看到歐洲有更多的投資。

So in a sense, it's coming to a point that now in investing more, you're going to see our [not extension of margin in that sense, but more sales coming through more investment in a retail environment, that you are right also to say, that's extremely challenging.

因此，從某種意義上說，現在已經到了這樣的程度，現在在進行更多投資時，您將看到我們的[不是這種意義上的利潤率的擴大，而是透過對零售環境的更多投資來實現更多的銷售額，您也是對的可以說，這非常具有挑戰性。

But in order to be in that position, first of all, we need to have the big bet ideas on innovation, that I think our pipeline not only in Europe, but also in United States, Canada, and other places are quite robust.

但為了處於這個位置，首先，我們需要在創新上有大賭注的想法，我認為我們的管道不僅在歐洲，而且在美國、加拿大和其他地方都非常強大。

What makes me optimistic when I see 2017, 2018, and beyond.

當我展望 2017 年、2018 年及未來時，是什麼讓我感到樂觀？

And we need to be in a position of efficiency that you say hey, that is the right opportunity to have so we can come and invest big to win not only on the sales piece, but expanding segments and product lines within the environment we are facing in Europe.

我們需要處於一個高效的位置，你會說嘿，這是一個正確的機會，這樣我們就可以來進行大量投資，不僅在銷售方面獲勝，而且在我們面臨的環境中擴大細分市場和產品線在歐洲。

So commercially, you can expect more investment in marketing and selling in Europe as we continue to expand our product line in the region.

因此，從商業角度來看，隨著我們繼續擴大在該地區的產品線，您可以期待在歐洲的營銷和銷售方面進行更多投資。

Paolo, do want to comment on the margin?

保羅，想對邊緣發表評論嗎？

Yes, if you think about Europe, if I understood correctly, Europe business in 2014, nine months would be around 30%-ish in terms of margin, but I think Chris and Rishi can help you to go through the details based on our filings later.

是的，如果你考慮歐洲，如果我理解正確的話，2014 年的歐洲業務，九個月的利潤率約為 30% 左右，但我認為 Chris 和 Rishi 可以根據我們的文件幫助你了解詳細信息之後。

I don't want an (inaudible).

我不想要（聽不清楚）。

You gave us a number last night as30.2% in Europe.

昨晚您給了我們一個數字，歐洲為 30.2%。

I'm just asking what was not given, what was the margin expansion in Europe in 2014?

我只是想問一下沒有給的內容，2014 年歐洲的利潤率擴張是多少？

Is that something that you have [a lid over your head] or it was really just flat margins in 2014 in Europe?

這是你所擁有的東西嗎？還是說 2014 年歐洲的利潤率確實持平？

Pablo, we will come back to you on it, because you really have to look at the historical Heinz filings.

巴勃羅，我們會再聯絡您，因為您確實必須查看歷史上的亨氏檔案。

So we will come back to you on it.

所以我們會盡快回覆您。

Can I ask one very last one?

我可以問最後一個嗎？

In terms of coffee K-ups, you've talked about you're looking at your portfolio, and of course, you're going to comment on what you may or may not do in the future.

就咖啡 K-ups 而言，您談到您正在審視您的投資組合，當然，您也會評論您將來可能會做什麼或可能不會做什麼。

But specifically in the case of K cups, the agreement with Green Mountain, they said they're willing to be co-packing for you.

但具體到K罩杯的情況，與綠山的協議，他們說他們願意為你聯合包裝。

You were going to move your lines to their company, but you haven't moved those lines.

您本來打算將線路轉移到他們的公司，但您尚未移動這些線路。

So is the plan for you to continue to start manufacturing K-cups on your own?

那你們有繼續自己生產K罩杯的計畫嗎？

Pablo, thank you.

巴勃羅，謝謝你。

This is George.

這是喬治。

I will take this question.

我來回答這個問題。

First, you're right.

首先，你是對的。

I can't comment on the details of the commercial agreement between us and other organizations.

我無法對我們與其他組織之間的商業協議的細節發表評論。

But what I can say, we are very happy with the coffee category.

但我可以說，我們對咖啡類別非常滿意。

We have been growing shares steadily in the last four weeks, in the last 13 weeks, and the last 52 weeks.

在過去 4 週、過去 13 週和過去 52 週，我們的股價一直在穩步增長。

On all fronts we have been able to grow share.

在所有方面，我們都能夠增加份額。

And the business in the K-cups has been very, very healthy and a main driver to share and it will continue to be a main driver of growth for us in this category.

K 杯業務一直非常非常健康，是分享的主要驅動力，並將繼續成為我們在這一類別中成長的主要驅動力。

Unfortunately, I can't give you the details of the agreement between us and other organizations.

不幸的是，我無法向您提供我們與其他組織之間協議的詳細資訊。

Understood.

明白了。

Thank you.

謝謝。

Thank you.

謝謝。

David Driscoll, Citigroup.

大衛‧德里斯科爾，花旗集團。

Great, thank you and good evening, everyone.

太好了，謝謝大家，大家晚上好。

I'd just like to start off with just a question about the quarter.

我只想先問一個有關本季的問題。

Since it's our first time with the combined Company, did you hit your internal objectives for the quarter?

由於這是我們第一次與合併後的公司合作，您是否達到了本季的內部目標？

And just to note that consensus was out there on EPS at like $0.62 versus the $0.44 you report.

請注意，大家對每股收益的共識是 0.62 美元，而您報告的每股收益是 0.44 美元。

EBITDA at $1.6 billion versus the $1.27 billion.

EBITDA 為 16 億美元，而 EBITDA 為 12.7 億美元。

I'm just wondering if the consensus just didn't have this one right at all.

我只是想知道共識是否根本沒有正確。

But did you guys hit the numbers that you thought you would hit in this quarter?

但你們是否達到了本季預期的目標？

Hi David, this is Bernardo.

嗨大衛，我是貝納多。

I am not going to comment on the numbers of the market or consensus of the projections within the street.

我不會評論市場數據或市場預測的共識。

What I can tell you from an integration standpoint and from a business perspective, as we already point out in the beginning of the presentation, we are very pleased with the progress of the business.

我可以從整合的角度和業務的角度告訴您，正如我們在演示開始時已經指出的那樣，我們對業務的進展感到非常滿意。

And I am very optimistic about the prospect of what we can build here together.

我對我們在這裡共同建設的前景非常樂觀。

So to answer your question, would be yes, we are.

所以回答你的問題，是的，我們是。

That being said, there's a lot of moving pieces.

話雖這麼說，有很多移動的部分。

Those are two very big companiesthat are pulling together at a very fast pace, already operating as one in the marketplace.

這是兩家非常大的公司，它們正在以非常快的速度整合在一起，已經在市場上作為一個整體運作。

What you're already seeing on the commercial side and entire Company, from Paulo and entire leadership here is really putting a lot of efforts for us to be on a much faster pace as we move to 2016 and 2017.

您已經在商業方面和整個公司看到，Paulo 和整個領導層確實付出了很多努力，讓我們在進入 2016 年和 2017 年時能夠以更快的速度前進。

So to answer your question, would say in terms of expectations andgoals and the things that we wanted to achieve for 2015, yes, we are on target.

因此，要回答您的問題，就期望和目標以及我們希望在 2015 年實現的目標而言，是的，我們正在實現目標。

And your question about the EPS figures that you mentioned, I think -- it appears to me that the main difference, the large difference of the consensus and the number that we published was the fact that our EPS we consider is post the preferred dividend.

我認為，你提到的關於每股盈餘數據的問題，在我看來，主要的區別，共識和我們發布的數字的巨大差異是我們認為我們的每股盈餘是在優先股股息之後的事實。

It's the EPS attributable to common.

這是歸屬於普通股的每股盈餘。

So this is the main driver, which in the out years, we don't believe it's a big difference because all the analysts, they assume that you are going to re-fi the preferred.

所以這是主要的驅動因素，在過去的幾年裡，我們認為這不會有很大的差異，因為所有分析師都認為你將重新選擇首選。

The EBITDA one misses to, so I don't -- there's something going on.

EBITDA 人們錯過了，所以我不知道——有一些事情正在發生。

But I want to ask a different question.

但我想問一個不同的問題。

So on the $1.5 billion of gross savings, do you have the intention of reinvesting any of that in the business?

那麼，對於 15 億美元的總節省，您是否打算將其再投資於業務？

And can you give us just some color there on if so, what magnitudes are appropriate for the business?

您能否給我們一些說明，如果是的話，什麼程度適合該業務？

We think differently about investments, this $1.5 billion number that we have, is focused on our savings and our restructuring programs that we have, net of inflation for 2017.

我們對投資的看法不同，我們擁有的這 15 億美元的數字主要用於我們的儲蓄和我們的重組計劃（扣除 2017 年的通貨膨脹）。

We don't treat this, number, net any type of reinvestment that we may decide to do.

我們不會將其視為我們可能決定進行的任何類型的再投資。

We don't treat reinvestments in the brand at the same bucket.

我們不會將品牌再投資放在同一位置。

So whatever is going to be -- whatever we decide to do in terms of marketing or innovation, it will need to pay itself, need to have a return inside investments, so we don't treat these together.

因此，無論發生什麼，無論我們決定在行銷或創新方面做什麼，它都需要自行支付，需要在投資中獲得回報，所以我們不會將這些放在一起。

Just one detail question, do you guys know what the adjusted gross margin was?

只是細節問題，你們知道調整後的毛利率是多少嗎？

I don't think in the press release there was enough information to apportion the various charges between the gross margin and the operating margin.

我認為新聞稿中沒有足夠的資訊來分配毛利率和營業利潤率之間的各種費用。

But do you have the gross -- adjusted gross margin handy?

但是你手邊有調整後的毛利率嗎？

David, I don't have the number, but it will be in the 10-Q when that comes out.

大衛，我沒有這個數字，但出來後會在 10-Q 中。

So you will have the disclosure then.

所以你將會得到披露。

Okay, thank you.

好的謝謝。

Operator, if we could take one more question, that would be great.

接線員，如果我們能再回答一個問題，那就太好了。

Priya Ohri-Gupta, Barclays.

Priya Ohri-Gupta，巴克萊銀行。

Thank you so much for taking the call.

非常感謝您接聽電話。

I have two quick questions.

我有兩個簡單的問題。

One, should we still be looking for the $2 billion in debt pay down by the middle of 2017?

第一，我們是否仍需要在 2017 年年中之前償還 20 億美元的債務？

And then secondly, with all of the synergies accruing to 2017 EBITDA, should we think about you hitting that net leverage target of getting below 3 times a 2017 phenomenon or should we think about it as 2018?

其次，隨著 2017 年 EBITDA 產生的所有綜效，我們是否應該考慮實現淨槓桿目標，即低於 2017 年現象的 3 倍，還是應該將其視為 2018 年？

Thank you.

謝謝。

Hi, so I think about the first question, yes, we will-- as I said, I think we have pretty much the same -- all the initial financial expectations we had in the merger call, including to pay down $2 billion in debt.

你好，所以我想考慮第一個問題，是的，我們會——正如我所說，我認為我們幾乎是一樣的——我們在合併電話會議中的所有最初財務預期，包括償還20 億美元的債務。

Our debt is already structured in the way that we refied our debt so we have this already structured in this way.

我們的債務已經以我們償還債務的方式構建，因此我們已經以這種方式構建了債務。

In terms of the leverage that we expect, what we said before and you are keeping track on that, that we expect to be below 3 times in the medium term.

就我們預期的槓桿率而言，正如我們之前所說的，你們正在追蹤這一點，我們預計中期槓桿率將低於 3 倍。

Of course, the reason that we said in the medium term is we don't expect the leverage to get to that level of leverage, the long term.

當然，我們之所以說中期是因為我們預期槓桿率不會達到長期槓桿水準。

So that's why we would use the word medium-term but we didn't change, our original expectations, so far.

這就是為什麼我們會使用中期這個詞，但到目前為止我們沒有改變我們最初的期望。

But as we think about medium term, I'm just trying to get a better sense of is that 2017, 2018, or 2019?

但當我們考慮中期時，我只是想更了解是 2017 年、2018 年還是 2019 年？

Or is it anywhere in between those types of years?

還是介於這些年份之間？

What I can say is exactly the same original expectations we had at the moment that agencies and we had all the discussions about the capital structure of the Company in the merger .

我能說的是，這與我們當時的最初預期完全相同，我們和機構就合併中公司的資本結構進行了所有討論。

Okay, thank you very much.

好的，非常感謝。

You're welcome.

不客氣。

Thank you, and that does conclude our question-and-answer period.

謝謝大家，我們的問答環節到此結束。

I would like to turn the conference back over to Mr. Chris Jakubik for any closing remarks.

我想將會議轉回給 Chris Jakubik 先生發表閉幕詞。

Thank you, everybody, for joining us this evening.

謝謝大家今晚加入我們。

And for those of you who have follow-up questions, Rishi Natarajan and I will be around for the analysts, and Michael Mullen will be around for anybody from the media.

對於那些有後續問題的人，Rishi Natarajan 和我將為分析師解答，邁克爾馬倫將為媒體的任何人解答。

So I'm going to turn it over to Bernardo.

所以我要把它交給貝納多。

I just want to thank you for the commitment in following us, and we are looking forward to be updating you as the Company progress and will continue to deliver the results we believe will be coming in the coming quarters.

我只想感謝您對我們的關注，我們期待隨著公司的進展向您通報最新情況，並將繼續交付我們相信將在未來幾季取得的成果。

Have a good evening.

祝你晚上愉快。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。

Have a great rest of your day.

祝您有個愉快的一天。