卡夫亨氏 (KHC) 2022 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to The Kraft Heinz Company second quarter results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加卡夫亨氏公司第二季業績電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Anne-Marie Megela. Please go ahead.

現在我想把會議交給今天的發言人 Anne-Marie Megela。請開始。

Thank you and hello, everyone. This is Anne-Marie Megela, Head of Global Investor Relations at The Kraft Heinz Company, and welcome to our Q&A session for our second quarter 2022 business update.

謝謝，大家好。我是卡夫亨氏公司全球投資人關係主管 Anne-Marie Megela，歡迎參加我們 2022 年第二季業務更新的問答環節。

During our remarks today, we will make some forward-looking statements that are based on how we see things today. Actual results may differ due to risks and uncertainties, and these are discussed in our earnings release and our filings with the SEC. We will also discuss some non-GAAP financial measures today during the call, and these non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. And you can find the GAAP to non-GAAP reconciliations within our earnings release and the supplemental materials posted at ir.kraftheinzcompany.com.

在今天的發言中，我們將做出一些前瞻性陳述，這些陳述是基於我們目前對情勢的看法。由於風險與不確定性，實際結果可能有所不同；相關內容已在我們的盈餘新聞稿以及向美國證券交易委員會（SEC）提交的文件中討論。我們也將在本次電話會議中討論一些非 GAAP 財務衡量指標；這些非 GAAP 指標不應被視為 GAAP 結果的替代，並應與 GAAP 結果一併閱讀。您可在我們的盈餘新聞稿以及發布於 ir.kraftheinzcompany.com 的補充資料中，找到 GAAP 與非 GAAP 的調節表。

Before we begin, I'm going to hand it over to our CEO, Miguel Patricio, for a few quick opening remarks.

在開始之前，我先把時間交給我們的執行長 Miguel Patricio，請他做幾句簡短的開場致詞。

Well, thank you, Anne-Marie, and thank you, everyone, for joining us today. I wanted to acknowledge the fact that we are living under a lot of uncertainty in what regards to the external world. And in that sense, I want to thank my team and to congratulate my team for delivering another quarter of very solid results.

謝謝你，Anne-Marie，也謝謝各位今天加入。我想先提到，我們在外部環境方面正處於高度不確定之中。在這樣的情況下，我要感謝我的團隊，並祝賀我的團隊再度交出一季非常穩健的成果。

Of course, we are mindful of the current inflationary environment and how it affects our consumers and our customers. But we continue to develop solutions that benefit our consumers and our retailers. Our relationships with retailers continue to strengthen, and we have improved inventory and service levels so we can have now more optionality to execute more mutually strategic programs.

當然，我們也留意目前的通膨環境，以及它對消費者與客戶的影響。但我們持續開發能讓消費者與零售商受益的解決方案。我們與零售商的關係持續強化，庫存與服務水準也有所改善，因此我們現在有更多彈性去執行更多雙方共同的策略性方案。

Well, with that, we are happy to take your questions.

那麼，我們很高興開始回答各位的問題。

(Operator Instructions) And our first question will come from Bryan Spillane from Bank of America.

（接線員指示）我們的第一個問題來自美國銀行（Bank of America）的 Bryan Spillane。

I had just one clarification question and then a second question. The first one, just as a clarification. Andre, in the slide deck, I think it's Slide 27, where you talk about -- there's a portion or a section in there about gross margin, and it shows gross margin at 30.3%. I just want to make sure, that is not adjusted, right? So that's just your gross margin. And I think, as we did in the adjusted gross margin calculation, it was like 31.5%. So I just wanted to clarify that, that margin that you're -- that you put in the slide deck is reported, not adjusted?

我先有一個釐清問題，接著第二個問題。第一個是釐清：Andre，在簡報投影片中，我想是第 27 頁，你談到——裡面有一段或一個區塊是關於毛利率，顯示毛利率為 30.3%。我想確認一下，那不是調整後的，對吧？所以那就是你們的毛利率。我記得我們在計算調整後毛利率時，大概是 31.5%。所以我只是想確認，你們放在投影片裡的那個毛利率是申報數（reported），不是調整後（adjusted）的？

Bryan, thanks for the question. Very good, by the way. So yes, you're right. So this is the GAAP gross margin. So to get to adjusted, we will need to increase this number by 110 basis points due to the change of unrealized hedge on commodities, okay? And in fact, if we adjust for that, our margin in Q2 is pretty much in line with the margin in Q1. And if you go back to the prior year, you would see an expansion of margin if it were not for the dilutive impact of repricing to offset inflation.

Bryan，謝謝你的問題。順帶一提，問得很好。是的，你說得對。這是 GAAP 毛利率。要得到調整後數字，我們需要把這個數字提高 110 個基點，原因是商品未實現避險損益的變動，好嗎？事實上，如果做了這項調整，我們第二季的毛利率基本上與第一季相當。若回看去年，你會看到毛利率其實是擴張的——若不是因為為了抵消通膨而進行重新定價所帶來的稀釋影響。

Okay. And then my question is just in the prepared remarks, Miguel, you talked a little bit about, I think, there still being supply chain pressures in the back half of the year and -- or currently, I suppose. And if I recall in last year, where part of what happened in the U.S. was you had some supply chain issues and they affected service levels, especially around the holiday. I guess, does the guidance assume that there's still going to be some pressure there and that you won't be fully merchandised for the holidays? Or are we -- are you in a position where you can be more fully sort of supplied and merchandised at the holidays in the U.S.?

好的。那我的問題是，在事先準備的發言中，Miguel，你稍微提到我想是今年下半年仍會有供應鏈壓力——或者說目前也有。我記得去年在美國的情況是，部分原因是供應鏈問題影響了服務水準，尤其是在假期期間。我想問的是，你們的指引是否假設那邊仍會有一些壓力，導致你們在假期期間無法完全鋪貨？還是說——你們是否已經處於一個能在美國假期期間更充分供貨並完成陳列鋪貨的位置？

Okay. Bryan, I think that since your question is addressing world of U.S., I will pass it to Carlos.

好的。Bryan，我想既然你的問題聚焦在美國市場，我會把問題交給 Carlos。

Thank you, Miguel. Yes, I think -- first of all, thank you for your question. The reality is that we have continued to improve our production and our service levels as you saw in the presentation. And now that we are approaching kind of the low 90s in terms of service in Q2, it's going to allow us to continue to focus on driving the right kind of levels of both service and inventory with our retailers.

謝謝你，Miguel。是的——首先謝謝你的提問。實際情況是，我們持續改善生產與服務水準，正如你在簡報中看到的。隨著我們在第二季的服務水準接近 90% 出頭，這將使我們能持續專注於與零售商一起推動適當的服務與庫存水準。

So for us, it's important to see the continued progression that we have, and we don't anticipate that actually going against us as we go forward. In fact, what we're going to continue to see as we go into Q3 and Q4 is the continued expansion of our service and as a result, a continued improvement in terms of our performance.

因此，對我們而言，看到這種持續的進展非常重要；我們不預期這會在未來對我們造成不利。事實上，當我們進入第三季與第四季時，我們將持續看到服務水準的擴張，因此在績效表現方面也會持續改善。

We saw that in Q2, where in fact, we have been able to kind of unlock opportunities within, for example, brands like Philadelphia or Heinz Ketchup, both of which had record shares, in fact, highest share they ever had in both of those businesses. So I think as we go forward, we're only going to continue to improve our position.

我們在第二季已經看到這點；事實上，我們已能解鎖一些機會，例如 Philadelphia 或 Heinz 番茄醬等品牌，兩者的市占都創下紀錄，實際上是各自業務有史以來最高的市占。因此我認為，往後我們只會持續改善我們的地位。

And we'll take our next question from Ken Goldman from JPMorgan.

接下來我們的問題來自摩根大通（JPMorgan）的 Ken Goldman。

You mentioned in the prepared remarks that you have the optionality now to execute more, I think, you called it mutually strategic programs with retailers. Now that your service levels are in a better place, I just wanted to clarify, number one, is there any major difference between a mutually strategic program and just a really good promotion that's more than just a discount? Maybe it's just something more in depth or creative than usual promotion. I just wanted to kind of clarify that definition.

你在事先準備的發言中提到，現在你們有更大的彈性去執行更多——我想你稱之為與零售商「雙方共同的策略性方案」。既然你們的服務水準已改善，我想先釐清第一點：所謂「雙方共同的策略性方案」與一個非常好的促銷（不只是折扣，可能更深入或更有創意的促銷）之間，有沒有任何重大差異？我只是想釐清這個定義。

And the second part of that is, I wanted to ask if you're confident that these programs, if you do implement them that they're being driven from a position of strength, right, whereby you're doing them because you're able to versus maybe from a position where you're doing it because the consumer in a position of weakness themselves is demanding it.

第二點我想問的是，如果你們確實推行這些方案，你們是否有信心這些方案是從「強勢」的立場出發來推動的，也就是你們是因為有能力才做，而不是因為消費者本身處於弱勢、因此要求你們必須這麼做？

Okay. Ken, I'll give you 2 examples of these programs that -- because we have now much better service levels we can have. So I'll give you 2 examples. One is what we call the Art of the Burger. It has been a very successful program, especially now during summertime, when people barbecue more and when we can put together our sauces, our cheese together with the buns of supermarket chains. It has been very good and very well accepted by our customers.

好的。Ken，我給你兩個這類方案的例子——因為我們現在的服務水準好很多，所以能做。兩個例子。第一個是我們稱為「漢堡的藝術」（Art of the Burger）的方案。這是一個非常成功的方案，尤其是在夏季，人們更常烤肉時，我們可以把醬料、起司與超市連鎖的麵包一起組合陳列。這個方案表現非常好，也獲得客戶高度接受。

I'll give you another example in a moment like this that we are exploring value propositions together with customers. I'll give you an example of grilled cheese. You can have a grilled cheese for less than $1. And we do programs with our customers, putting together our cheese, our mayo and with their bread as well, right?

我再給你另一個我們正在與客戶共同探索價值主張的例子：烤起司三明治。你可以用不到 1 美元就做出一份烤起司。我們會和客戶一起做方案，把我們的起司、蛋黃醬以及他們的麵包搭配在一起，對吧？

So these are just 2 examples of bringing value -- a value proposition, and the customers are receiving this extremely well. And this is bringing a little bit of creativity that we have never used, thinking about value or bringing the value of our products together with the customers.

所以這只是兩個把價值——價值主張帶給消費者的例子，而客戶對此反應非常好。這也帶來了一些我們過去從未使用過的創意，去思考價值，或是把我們產品的價值與客戶一起結合起來。

And then the second part -- doing this, I guess, from a position where you feel it's from strength rather than maybe because the consumer is demanding it a little bit. I just wanted to make sure about that. Maybe you answered that a little bit with the second part of that, talking about the value proposition promos, but just curious for your thoughts there.

然後第二部分——我想是關於你們做這些事情時，是否是從你們覺得是「強勢」的立場出發，而不是因為消費者有點在要求。我只是想確認這點。也許你在第二部分談到價值主張型促銷時已經部分回答了，但我仍想聽聽你的看法。

I'm not -- the other thing I would say here, Ken, this is Andre speaking, is we continue to have very productive conversations with our customers in a way that makes sense for both parties.

我不是——我在這裡還想補充一點，Ken，我是 Andre，我們持續以對雙方都有意義的方式，與客戶進行非常富有成效的對話。

Yes. Sure, it's from a position of strength. I will say, we feel very positive about it. We are excited with the momentum that we have with our customers and with our consumers.

是的。當然，這是建立在強勢地位之上。我會說，我們對此感到非常正面。我們對與客戶以及消費者之間的動能感到振奮。

And we'll take our next question from Andrew Lazar from Barclays.

接下來我們將請 Barclays 的 Andrew Lazar 提問。

In the slide deck, you provided a breakdown of categories that are sort of more and less sensitive to price gaps with private label. I think 15% of sales are in categories that are more sensitive where gaps are increasing. And I'm just curious, how do you approach these businesses in terms of balancing share and profitability? Do you take the necessary price to protect profit and deal with the short-term pressure on share or protect share and sort of take the short-term profit hit?

在簡報投影片中，你們提供了各品類對自有品牌價差敏感度較高與較低的拆分。我想有 15% 的銷售額是在價差擴大的、較敏感的品類。我很好奇，你們在這些業務上如何在市占與獲利能力之間取得平衡？你們會採取必要的定價來保護利潤、並承受短期市占壓力；還是會保護市占、並在短期內承受利潤下滑？

And you talk about another 25% that are sensitive to private-label gaps but currently stable. And I guess if those were to expand from here, I guess, what gives you confidence you can manage this bigger segment in the context of your sort of growth algorithm?

你們也提到另外有 25% 的品類對自有品牌價差敏感，但目前仍然穩定。我想如果這些價差從現在開始擴大，你們有什麼信心能在你們的成長演算法（growth algorithm）框架下，管理這個更大的區塊？

Well, let me start it, I think, answer the question specifically to the U.S. So I'll take a shot. I think for us, the reality is that even as we think about those businesses, there may be, as you saw, a very small part of our portfolio that is more exposed to private label. One of the things that we're actually doing is working differently in terms of how we're offering consumer solutions in a moment in which they are looking for different choices across the spectrum of economic development of consumers.

我先從美國的情況開始回答這個問題。我來試著說明一下。對我們而言，現實是，即使我們在思考這些業務時，如你所見，我們的產品組合中只有非常小的一部分更容易受到自有品牌影響。我們實際上正在做的一件事，是在消費者於此刻尋求不同選擇、且其經濟能力分布橫跨不同區間的情況下，以不同方式提供消費者解決方案。

So one of the things we're actually looking at is how we actually allow consumers to stay in our iconic brands because of the number of ranges of our products across our pricing ladder. Whether that is -- and let me give you an example, something like Oscar Mayer in which we have from natural to deli fresh to the original Oscar Mayer. That allows consumers actually for -- to have an option in which to actually stay within our brands knowing that over the last couple of years, we've actually been renovating many of our iconic brands and investing behind it.

因此，我們正在看的其中一件事，是如何讓消費者因為我們在價格階梯上有多個產品區間，而能持續留在我們的經典品牌之中。無論那是——我舉個例子，像 Oscar Mayer，我們從天然（natural）到熟食新鮮（deli fresh）到原味（original）Oscar Mayer 都有。這讓消費者能夠——有一個選項可以留在我們的品牌內；而且大家也知道，過去幾年我們一直在翻新（renovating）許多經典品牌並加大投資。

So we have improved the quality. We have improved the renovation of those brands in a way now that makes our brands even more valuable to consumers. And frankly, we're seeing that already play out. We see that, for example, in a product like Kraft Mac & Cheese portfolio, in which we also have that kind of full array of products across pricing ladder that in Q2, you saw us gaining share as well. So for us, it's about being strategic about how we think about leveraging the entire portfolio that we have in a way that allows us to continue to offer consumers different approaches in terms of options.

所以我們提升了品質，也以一種方式強化了這些品牌的翻新，讓我們的品牌對消費者而言更有價值。坦白說，我們已經看到這正在發生。例如在 Kraft Mac & Cheese 產品組合上，我們同樣在價格階梯上提供完整的產品陣列，而在第二季你也看到我們的市占在提升。因此對我們而言，關鍵在於策略性地思考如何運用我們的整體產品組合，讓我們能持續以不同方式為消費者提供選擇。

And it's really category by category, right? So even in the 15% where the prices are expanding, the stories are very different. Like in sandwich cheese, similar to cold cuts, we do have a very good price ladder. We have the Velveeta slices, the flour, in fact, even priced at or below private label. We have the Kraft Singles and we have the Deluxe. And we're actually getting share in the last several months, so it's working quite well for us.

而且這真的是一個品類一個品類來看，對吧？所以即便在那 15% 價格差距正在擴大的品類中，情況也非常不同。像在三明治起司（sandwich cheese）方面，類似於冷切肉品（cold cuts），我們確實有非常好的價格階梯。我們有 Velveeta 片裝、以及——事實上甚至有些產品定價與自有品牌相同或更低；我們有 Kraft Singles，也有 Deluxe。過去幾個月我們的市占其實在提升，所以對我們來說運作得相當好。

In Ore-Ida, for example, we have the partnership with Simplot that is now starting. And that will unlock a lot of capacity later in the year, which will allow us to start to promote more this brand, which we haven't been able to do in a consistent manner for years. So it's really category by category. We monitor this very close and it makes sense that we are doing something that makes sense for both top and bottom line.

再以 Ore-Ida 為例，我們與 Simplot 的合作夥伴關係現在開始啟動。這將在今年稍晚釋放大量產能，使我們能開始更積極地促銷這個品牌——而這是多年來我們一直無法持續做到的。因此確實是逐品類管理。我們非常密切地監控這些狀況，而且我們所做的事情必須同時對營收端與獲利端都有意義。

And our next question will come from Chris Growe from Stifel.

接下來我們將請 Stifel 的 Chris Growe 提問。

Can you hear me now?

你現在聽得到我嗎？

Yes, sir.

聽得到，先生。

I just had a quick question for you, if I could, around the revenue growth in the quarter outpacing consumption. I was just curious how much of that was foodservice strength, for example, and maybe the nonmeasured channels versus actual inventory rebuilding. I think this kind of fits with an earlier question around do you see product availability as a constraint for the third and fourth quarter performance in the second half or is that behind us now is what I'm ultimately trying to get to.

我想快速問一個問題：本季營收成長超過消費量成長。我很好奇其中有多少是來自餐飲服務（foodservice）的強勁表現，例如非量測通路（nonmeasured channels），以及有多少其實是庫存回補。我想這也呼應先前一個問題：你們是否仍將產品供應可得性視為下半年第三、第四季表現的限制因素，還是這個問題現在已經過去了？這是我最終想釐清的。

I think it's a combination of the sectors. So foodservice, as you have seen in our presentation, is growing north of 20%. So -- and that represents roughly 30% of our total revenue. In nonmeasured channels in the U.S., we have been doing very well in club and dollar, actually been gaining share year-to-date in those 2 channels because we were already prepared for a gradual shift toward those channels. And we had thought it was more pronounced in Q1, in fact, in Q2 it was very minor. So I think it's more atypical for the first 2.

我認為這是多個部門的組合。如你在我們簡報中所見，餐飲服務的成長超過 20%。而且——它約占我們總營收的 30%。在美國的非量測通路方面，我們在會員制量販（club）與美元店（dollar）表現非常好，年初至今在這兩個通路的市占其實在提升，因為我們早已為通路逐步轉移做好準備。我們原本以為第一季會更明顯，事實上第二季的變化非常小。所以我認為前兩項的影響比較不尋常（atypical）。

Regarding service levels, as you have seen, we are still in the low 90s, where the ideal level is in the high 90s. So we still have work to do. Obviously, that's the average of the portfolio. Some categories are in great shape, back to the historical appropriate levels of services. Some others still working through it. And even if you look at on-shelf availability, we are much closer to the historical levels. So before, if you think about on-shelf availability, you were going to see in the industry like 93, 94. We are now in the 91, 92. So we're getting there but still some room to grow.

至於服務水準（service levels），如你所見，我們仍在 90% 出頭的低段，而理想水準是在 90% 後段的高段。所以我們還有工作要做。當然，這是整體產品組合的平均值。有些品類狀況很好，服務水準已回到歷史上適當的水準；另一些仍在改善中。即使你看貨架可得性（on-shelf availability），我們也更接近歷史水準。以前如果你看整個產業，貨架可得性大概會在 93、94；我們現在在 91、92。也就是說我們正在接近，但仍有進一步提升空間。

And would there still be some continued inventory build you'd expect at retail as you improve your service levels?

那麼，隨著你們改善服務水準，你們是否仍預期零售端會持續有一些庫存建立？

We might. Obviously, we cannot comment on how -- we don't know how we're going to measure the inventories moving forward. If you were to look capacity historical levels, yes, there could be some room for further inventory buildup.

有可能。當然，我們無法評論——我們也不知道未來將如何衡量庫存。如果你看產能的歷史水準，是的，確實可能還有一些進一步庫存回補的空間。

And our next question will come from Steve Powers from Deutsche Bank.

接下來我們將請 Deutsche Bank 的 Steve Powers 提問。

You talked about your outlook contemplating greater price elasticity negatively impacting volume and mix, I guess, over the balance of the year. Is there a way for you to help us think through the P&L impacts of lower volumes at this point?

你們談到展望時，假設更高的價格彈性會在今年剩餘期間對銷量與組合（mix）造成負面影響。你們能否協助我們思考，在目前這個時間點，較低銷量對損益表（P&L）的影響？

Clearly, there are many other moving parts. But all else equal, if volumes are to move lower in places where you anticipate, how material is that on margins in terms of fixed cost deleverage per unit sold? I'm just -- I'm really asking just how fixed versus variable the cost structure is at this point.

很明顯還有許多其他變動因素。但在其他條件不變下，如果銷量在你們預期的地方下滑，對毛利率的影響會有多大——例如每單位銷售的固定成本攤提不足（fixed cost deleverage）？我其實是在問：目前成本結構中固定成本與變動成本的比例大概如何？

Thanks for the question. And this part is not really a drag because we are still building inventory. Remember, our service levels are still in the low 90s. So as we continue to produce more than what we sell, it actually is a little positive effect at this moment. And we are monitoring the demand curves very closely. So then we'll also adjust our labor accordingly to make sure that we don't have an overhang down the road when we start to step down on production to make sure that we don't have more labor than needed and have this effect that you're talking about. But as of right now, this is not an issue.

謝謝你的問題。這部分其實目前不是拖累，因為我們仍在建立庫存。記得我們的服務水準仍在 90% 出頭的低段。所以當我們持續生產的量高於銷售的量時，現階段反而會有一點正面效果。我們也非常密切地監控需求曲線。因此我們也會相應調整人力，確保未來當我們開始下調產量時，不會出現人力超出所需、而產生你所提到的那種影響。但就目前而言，這不是問題。

Okay. Great. And if I could, you gave some good color on the cost outlook for the remainder of '22. I guess I'm just curious how you see, if possible, early positioning looking out to '23. I guess on the one hand, you mentioned costs hopefully peaking and maybe starting to receive in some cases. But on the other hand, we're still obviously a lot higher year-over-year. And you presumably have some hedges rolling into the year that will roll off both on commodities and currency. So just maybe a little bit of color, if you have any, on early positioning, visibility on constant currency looking out to the first part of '23.

好的。謝謝。再追問一下：你們對 2022 年剩餘期間的成本展望提供了很好的說明。我想了解的是，如果可以的話，你們如何看待 2023 年初的初步態勢與布局。一方面，你們提到成本希望已接近高峰，某些項目可能開始回落；但另一方面，年對年仍然明顯更高。而且你們可能有一些避險部位會在明年延續、但也會在商品與匯率上逐步到期。因此，如果你們有任何看法，能否談談以固定匯率（constant currency）角度來看，對 2023 年前段的初步布局與能見度？

As you can tell, there's still a lot of volatility out there. Yes, the costs have received it. They are still very high, but we are working with different scenarios for next year, but we need to talk about that. You can see that we have been taking like price throughout the year that we wanted to have a carryover effect into next year, especially in the first half of the year. So that will help, but early to tell.

如你所見，外部仍然存在很大的波動。是的，成本已經反映到了；它們仍然非常高，但我們正在針對明年制定不同情境，不過我們需要再談這件事。你可以看到，我們在今年全年一直在採取我們希望能延續到明年的定價行動，特別是在上半年。因此這會有幫助，但現在還言之過早。

Our next question will come from Robert Moskow from Credit Suisse.

我們的下一個問題來自瑞士信貸（Credit Suisse）的 Robert Moskow。

Your income statement shows losses on your derivative hedges in 2Q. I imagine that commodity inputs are now falling. And if that's right, should we assume at some point that this necessitates more counts in your thing on any specific products? And then a quick follow-up.

你們的損益表顯示第二季（2Q）在衍生性商品避險上出現損失。我猜想大宗商品投入成本現在正在下滑。如果是這樣，我們是否應該假設在某個時間點，這會需要你們在某些特定產品上做更多的……（調整/計提）？然後我有一個簡短的追問。

Yes. So thanks for the question. So a couple of things. First, maybe to answer the prior question is I need to refer you bit to this one. We typically price on what -- on market changes, not on our hedged position, right? So it's important you know that. I hope this is clear. We price based on what we're seeing out in the market, not based on what our internal pricing hedgings are.

是的，謝謝你的問題。有幾點。首先，或許要回答前一個問題，我需要把你稍微帶到這一題上。我們通常是依據市場變化來定價，而不是依據我們的避險部位，對吧？所以你知道這點很重要。我希望這很清楚：我們的定價是基於我們在市場上看到的情況，而不是基於我們內部的定價避險。

But the second thing is regarding this effect, what you see in the P&L is the change in the unrealized hedge on commodities, okay? So it doesn't mean that the hedge is positive or negative. It just means that there was a change period over period. So we're still having hedge gains. We had hedge gains in both Q1 and Q2. But because part of that materialized, we see this negative effect on the realized portion. But again, the important thing is we look at the market prices, and that's how we make our price decisions.

第二點，關於這個影響，你在損益（P&L）中看到的是大宗商品未實現避險的變動，好嗎？所以這並不表示避險是正或負；它只是表示期間相較前期發生了變化。因此我們仍然有避險收益；我們在第一季（Q1）和第二季（Q2）都有避險收益。但因為其中一部分已經實現，我們在已實現部分看到這個負面影響。不過再次強調，重點是我們看的是市場價格，並以此做出定價決策。

Maybe I'll follow up. My follow-up is, I think you did ship above retail consumption in 2Q. And I think you said that you'd be refilling shelves in 2Q. Can you give us any number as to how much that might have been just in 2Q?

我再追問一下。我追問的是，我認為你們在第二季的出貨量高於零售端的消費量。而且我記得你們說第二季會在補貨上架。你們能否提供任何數字，說明僅在第二季大概有多少是這部分？

The inventory effect in Q2 is very small. So yes, the 2Q is a very small number. And again, we can't -- we don't know how delis are going to manage their inventories. If you were to look at the levels pre-pandemic, net-net, we still have room to grow our inventory retailers. And our shelf availability, as I said before, is still a little below the historical level, which might give further indication that this is a possibility.

第二季的庫存影響非常小。所以是的，2Q 是一個非常小的數字。而且再次強調，我們無法——我們不知道熟食店（delis）會如何管理他們的庫存。如果你看疫情前的水準，整體而言，我們在零售商端的庫存仍有成長空間。而且如我之前所說，我們的貨架可得性仍略低於歷史水準，這可能進一步顯示這種情況是有可能發生的。

Yes. Andre, I get it. But you also said you're producing above your sales. So I don't know, is it a material amount? Or are you just -- it is. And are you refilling your own inventory then rather than retailers? Or...

是的，Andre，我明白。但你也說你們的生產高於銷售。所以我不知道，這是很大的量嗎？還是你只是——是的。那你們是在補你們自己的庫存，而不是零售商的嗎？或者……

Yes. We are now refilling our own inventory because essentially we are going to receive historical levels. And eventually, this will go to the retailers. I don't know, Carlos, do you want to add something else?

是的。我們現在是在補我們自己的庫存，因為基本上我們要回到歷史水準。最終，這些會流向零售商。我不知道，Carlos，你想補充什麼嗎？

Yes. I mean I would say if you look at the presentation and the fact that we are able to provide service from the low 80s to the low 90s, it's a result of us being able to actually leverage our entire supply chain in a way that now with the right inventory levels in many of our categories that we can provide that service. At the same time, as Andre said, we're still in the low 90s. So there is opportunity for us to continue to drive down to the high 90s by pushing the right level of inventories internally so that we can actually be able to better service our customers.

是的。我的意思是，如果你看簡報，以及我們能把服務水準從 80% 出頭提升到 90% 出頭，這是因為我們能以一種方式真正運用整個供應鏈；現在在我們許多品類具備適當的庫存水準後，我們就能提供那樣的服務。同時，如 Andre 所說，我們仍在 90% 出頭。所以我們仍有機會，透過在內部推動適當的庫存水準，把服務水準進一步推升到接近 90% 高段，讓我們能更好地服務客戶。

And we'll take our next question from Alexia Howard from AllianceBernstein.

接下來我們的問題來自 AllianceBernstein 的 Alexia Howard。

Can I ask about the comments you made in your prepared remarks about the international zone and the expansion of distribution points? It seems as though in the go-to-market areas, there's been a very material expansion of distribution points in some of those emerging markets. How do you ensure that you've got the critical mass in those new outlets to make money? I don't know whether you can give us data on how profitable you are in some of those regions. But we've seen some other companies kind of dig themselves a profit hole as they're trying to do that expansion. And I just want to find out how you're making sure that you've got guardrails on that expansion.

我想問一下你在事先準備的發言中提到的國際區域（international zone）以及配送據點擴張的評論。看起來在 go-to-market 的區域中，你們在一些新興市場的配送據點有非常顯著的擴張。你們如何確保在那些新開的通路/門店中具備足夠的臨界規模（critical mass）來賺錢？我不知道你是否能提供一些數據，說明你們在其中一些地區的獲利情況。但我們看到有些其他公司在嘗試擴張時，反而把自己挖進獲利的坑。我想了解你們如何確保在擴張上有護欄（guardrails）。

Rafael, it's over to you.

Rafael，交給你。

Yes. No, Alexia, thanks for the question. I mean to be honest with you, we are extremely proud and happy with what's happening with our go-to-market model because it's a very comprehensive model that it actually starts by analyzing.

是的。不，Alexia，謝謝你的問題。坦白說，我們對 go-to-market 模式正在發生的事情感到非常自豪也很高興，因為這是一個非常全面的模式，它其實是從分析開始的。

It starts by where we can make money. So it starts by looking at the gross profit of each individual either channel or submarket, let's say, traditional modern trade depending on the region in multiple countries like you -- as you just mentioned. If you beat Brazil where we started, Russia, China, they are very vast countries so they have -- the profitability that you can achieve in different regions and different channels is significant -- can be significantly different.

它從我們在哪裡能賺錢開始。所以它從檢視每一個個別通路或次市場的毛利開始——例如依不同地區而定的傳統通路、現代通路——在多個國家中，如你剛提到的。以巴西（我們從那裡開始）、俄羅斯、中國為例，這些都是幅員遼闊的國家，因此你在不同地區與不同通路能達到的獲利能力，差異很大——可能會有顯著不同。

So we start by analyzing that, following through all the way to how we're going to execute the store. So it's a very comprehensive model of very detailed analytics with execution. So as you saw and you alluded to on the slides, we started this model in '18 in Brazil, copied -- adapted and copied to Russia, then to China. And now we are scaling up to -- by the end of the year, we expect to have 75% of our markets into this go-to-market model.

所以我們先做那樣的分析，並一路延伸到我們要如何在門店端執行。因此這是一個非常全面的模式：以非常細緻的分析搭配執行。如你在投影片中看到、也如你所提到的，我們在 2018 年於巴西啟動這個模式，之後調整並複製到俄羅斯，再到中國。現在我們正在擴大規模——預期到今年年底，我們將有 75% 的市場導入這個 go-to-market 模式。

And the numbers -- the result speaks for itself. So everywhere that we implemented the model, the growth has been significantly above the other emerging markets that are also growing. So we will continue to roll that out. It's a model that, again, requires a lot of analytics to be profitable, but at the same time, a lot of discipline on execution to kind of keep expanding in those regions and still have a lot of distribution to the game.

而數字——結果本身就說明了一切。所以在我們導入這個模式的每個地方，成長都顯著高於其他同樣在成長的新興市場。因此我們會持續推進。這個模式再次強調，需要大量分析才能獲利；同時也需要在執行上高度自律，才能在那些地區持續擴張，並且仍然在通路覆蓋上有很大的發揮空間。

On the profitability side, which is obviously very important, right, we want to make sure that we don't put a lot of people out there and we cannot have a payback on that. We're also very disciplined on it. So to give an example, in Brazil, we have about, I don't know, 1 million points of sales that we could hypothetically serve. We are still in the 130,000, 140,000.

在獲利性方面——這顯然非常重要，對吧——我們要確保不會投入很多人力在外面，卻無法回收。我們在這方面也非常自律。舉例來說，在巴西，我們大約有——我不知道——100 萬個理論上可以服務的銷售據點（points of sales）。但我們目前仍在 13 萬到 14 萬左右。

So -- and part of that is because the limits of our scale, right? So that's very important. We are halfway exploring alternatives, potential partnerships to actually increase the penetration in some markets. So maybe there will be more to come in the future. But yes, profitability is also an important consideration.

所以——其中一部分原因是我們規模的限制，對吧？這非常重要。我們也正在探索替代方案、潛在合作夥伴關係，以便在某些市場實際提高滲透率。所以未來也許會有更多進展。但沒錯，獲利性也是一個重要考量。

Since we are talking about Brazil, I think that now with the acquisition of Hemmer that is very strong in the South and Heinz is very strong in the Southeast, this gives us even a bigger opportunity to expand our distribution and the strength of our brands. We are really now with great scale in Brazil that we are very happy with how this acquisition is going and the plans that we have in place for the business there.

既然我們在談巴西，我認為現在隨著收購 Hemmer（其在南部非常強）以及 Heinz 在東南部非常強，這讓我們有更大的機會擴大我們的通路分銷與品牌力。我們現在在巴西確實具備很好的規模，我們對這次收購的進展以及我們在當地業務的規劃都非常滿意。

And we'll take our last question from David Palmer with Evercore ISI.

我們將接受最後一個問題，來自 Evercore ISI 的 David Palmer。

In your prepared remarks about gross margins, you talked about the fact that you're protecting profit dollars and not margin and that, that was causing 450 basis points of decline, and that math makes sense. But I'm sure there's more going on underneath the surface with regard to gross margins. Supply chain, I'm sure was a friction cost. And maybe there's some timing with regard to pricing versus input. So anything that you would call out that was also a factor in gross margins that we can be thinking about even into '23 as a comparison?

在您針對毛利率的事先準備發言中，您提到您是在保護利潤金額（profit dollars）而不是毛利率，而且這導致了450個基點的下滑，這個計算我理解。但我相信在毛利率表面之下還有更多因素在發生。供應鏈我想是一項摩擦成本。也可能存在定價相對於投入成本的時間差。所以，還有沒有任何您想特別點出的、同樣影響毛利率的因素，讓我們在思考甚至到2023年作為比較基期時也能納入考量？

Thanks for the question. Look, this is by far the highest impact. But other than the lead that you have, the growth efficiency -- remember that you have the $2 billion that we have communicated and that we are on track to deliver. We delivered the first 2 years in line with the expectation. And year 3, which is now, we continue to be on track. So that certainly continues.

謝謝你的問題。你看，這無疑是影響最大的因素。但除了你提到的這一點之外，成長效率——請記得，我們已對外溝通的20億美元目標，而且我們正按計畫交付。我們在前兩年交付的結果符合預期。而第三年，也就是現在，我們仍然在軌道上。所以這一點當然也會持續。

Mix, its effect is relatively small. It's now in the quarter slightly positive as we continue to accelerate the growth platforms where we have higher margins. But the number in the quarter is not significant. So really, in this quarter, it's about the dilutive effects. But again, moving forward, we should expect to continue to deliver the growth efficiencies. And as we continue to price at inflation and the inflation events start to ease, that might put us in a better position for us to continue to recover the margin.

產品組合（mix）的影響相對較小。本季它略為正向，因為我們持續加速推動毛利率較高的成長平台。但本季的數字並不顯著。所以就本季而言，主要是稀釋效應。不過再次強調，往前看，我們應該預期能持續交付成長效率。而當我們持續以通膨幅度進行定價、且通膨事件開始緩解時，這可能會讓我們處於更有利的位置，進一步持續修復毛利率。

And then on foodservice, the -- very impressive growth there. The over 20% growth in North America does imply some things happening there, some big market share wins. What's driving that? And is that sustainable? And I guess you're just citing that the big global QSRs as the momentum driver for international. And that does sound sustainable in your view?

另外在餐飲服務（foodservice）方面，那裡的成長非常亮眼。北美超過20%的成長確實意味著那裡發生了一些事情，可能有一些重大的市占率勝出。是什麼在驅動？這是否可持續？另外我想您提到國際市場的動能驅動來自大型全球QSR（速食連鎖）。就您看來，這聽起來也具有可持續性？

Thanks for the question. I think there are 2 things. One thing that I want to highlight that was not in the prepared remarks that our foodservice now in Q2 is 14% higher than Q2 in 2019, which is really remarkable. We -- there is a component of price, right? We've been pricing that channel consistent to what we've been doing in retail. So price also has a lot to do with the growth that you are seeing in Q2. But the volume continues to grow as we expand distribution market share in the -- where we have the information in developed markets in North America, Europe and Central.

謝謝你的問題。我認為有兩件事。第一件我想強調、但在事先準備發言中沒有提到的是：我們的餐飲服務在第二季已比2019年第二季高出14%，這真的很了不起。我們——其中有一部分是價格因素，對吧？我們在該通路的定價與我們在零售端所做的一致。因此，價格也與你在第二季看到的成長有很大關係。但隨著我們在已開發市場（北美、歐洲與中部地區）擴大通路覆蓋與市占（在我們掌握資訊的市場），銷量也持續成長。

Regarding QSR strategies, I'll let Rafa talk a little bit to what we are doing on the international zone.

至於QSR策略，我讓Rafa談一下我們在國際區域所做的事情。

But before Rafa talks about the international zone, I just want to say that -- since you, Andre, compared with '19. In '19, foodservice was -- is a very transactional area for the company, was not really strategic and was a small part of the company that we didn't put a lot of attention.

但在Rafa談國際區域之前，我只想說——既然你，Andre，拿2019年來比較。2019年時，餐飲服務對公司而言——是一個非常交易型的領域，並不真正具有策略性，而且在公司中占比很小，我們也沒有投入太多關注。

I think we have a great team today with a lot of ambition and really looking at this channel as a critical strategic channel that generates penetration of our brands across the globe. If we are having great momentum in emerging markets, in part, it's because our consumers are getting in touch with our brands in foodservice. So that's a very different change in mindset. And as a consequence, the team changed, yes, I think entirely since '19. Rafael, please?

我認為我們現在有一個很棒的團隊，充滿企圖心，並且真正把這個通路視為關鍵的策略性通路，能在全球提升我們品牌的滲透率。如果我們在新興市場有很好的動能，部分原因是消費者透過餐飲服務接觸到我們的品牌。所以這是思維上的非常不同的轉變。因此，團隊也改變了，是的，我認為自2019年以來幾乎是完全不同。Rafael，請？

Yes. The only thing I would complement, I mean, to build on, on what Miguel said, we have a -- say here, we use the model we define for foodservice. We call -- we own the chef, own the kitchen, own the customer. And that reflects the investments we made on chefs because chefs are extremely important, especially on QSR, global QSRs, as you alluded, because that's how you develop recipes or LTO, limited-time offers, with those customers. And this is the door into developing -- into innovating products for them to put in their stores.

是的。我唯一想補充的是——延續Miguel所說，我們有一個——可以說，我們採用我們為餐飲服務所定義的模式。我們稱之為——掌握主廚、掌握廚房、掌握顧客。這反映了我們在主廚方面的投資，因為主廚極其重要，特別是在QSR、你提到的那些全球QSR，因為你就是透過他們與這些客戶共同開發食譜或LTO（限時優惠）等。這也是進入——為他們開發創新產品、讓他們放進門店的入口。

So we've invested on this capability, and this is paying off big time because then you develop a relationship with those customers. That takes you to a different level. That allows you to innovate, to price better, to get out of commodity competition.

所以我們投資了這項能力，而這正在帶來非常顯著的回報，因為你會因此與這些客戶建立關係。這會把你帶到不同的層級。這讓你能夠創新、能更好地定價、並且跳脫大宗商品式的競爭。

And with that, we continue to use the channel as well to build the brand, I mean, in terms of impressions, a fantastic channel to build brand impressions. So foodservice is a core pillar for our growth both across international but in the U.S. as well. And Carlos can complement that. But we've been very successful with this model of investing on chefs and parting with the customers on product development.

此外，我們也持續利用這個通路來打造品牌——也就是在曝光（impressions）方面，這是一個非常棒的通路來建立品牌曝光。因此，餐飲服務是我們成長的核心支柱，不僅在國際市場，在美國也是如此。Carlos也可以補充。但我們透過投資主廚、並與客戶在產品開發上合作的這個模式，已經非常成功。

Yes. I would say, Rafa, the only thing I would add here is just the fact that the model that we have, we're also looking at it at a global basis. So the same concept of us being able to kind of -- as Miguel and Rafa pointed out, leveraging our points of distribution in away from home in order for us to kind of build our iconic brands in retail. That type of virtuous cycle is something we're going to continue, and we see that paying up for us.

是的。我會說，Rafa，我唯一要補充的是，我們的這個模式也以全球的角度來看待。所以同樣的概念是——如Miguel和Rafa所指出的，我們能夠利用外食（away from home）的通路據點，來幫助我們在零售端打造我們的標誌性品牌。這種良性循環是我們會持續推進的，而且我們看到它正在為我們帶來回報。

At the same time, over the last couple of years, the only -- we reorganized ourselves and focused our team in being -- having kind of the right expertise and capabilities with foodservice, but we have also simplified our portfolio quite a bit.

同時，在過去幾年裡，我們——我們重新組織並聚焦團隊，使其在餐飲服務方面具備——合適的專業與能力，但我們也大幅簡化了我們的產品組合。

I can tell you that since the last 2 years, we have reduced the number of SKUs in the U.S. foodservice by app. So that allows us to actually pivot to the things that really matter to our customers in a way that they can help with both in terms of providing great service and great value in away from home.

我可以告訴你，在過去兩年裡，我們已將美國餐飲服務的SKU數量減少了約（app.）——因此這讓我們能夠把重心轉向真正對客戶重要的事項，讓他們在外食場景中同時獲得優質服務與高價值。

And with that, let me pass it over to Miguel for some closing remarks.

接下來，讓我把時間交回Miguel做一些結語。

Okay. Well, thank you all for your questions today. As you are seeing, we are a company in the midst of a transformation. We are proud of what we've done so far, very proud. But each day, we continue to improve and to evolve. And we are just getting started. We have so many opportunities ahead of us, and we are all very excited about what's to come.

好的。那麼，謝謝大家今天的提問。如你們所見，我們是一家正處於轉型中的公司。我們為目前所做的一切感到自豪，非常自豪。但每天我們都在持續改善並持續演進。而我們才剛剛開始。前方還有非常多的機會，我們都對接下來的發展感到非常興奮。

Thank you very much, and thank you for the continued interest in Kraft Heinz.

非常感謝，也謝謝大家持續關注卡夫亨氏（Kraft Heinz）。

Thank you. This concludes today's conference call. Thank you for your participation, and you may now disconnect. Everyone, have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位的參與，現在可以掛線。祝各位有美好的一天。