可口可樂 (KO) 2008 Q3 法說會逐字稿

At this time, I would like to welcome everyone to the Coca-Cola Company's third quarter 2008 earnings conference call.

在此，我想歡迎大家參加可口可樂公司 2008 年第三季度財報電話會議。

All participants will be on a listen-only mode until the formal question and answer portion of the call.

在通話的正式問答部分之前，所有參與者都將處於只聽模式。

(OPERATOR INSTRUCTIONS) Participants will be announced by their name and company.

（操作員說明）參與者將通過他們的姓名和公司公佈。

Due to the interest in this call, we request a limit of one question per person.

由於對此電話感興趣，我們要求每人限制一個問題。

I would like to remind everyone that the purpose of this conference is to talk with investors and therefore questions from the media will not be addressed.

我想提醒大家，這次會議的目的是與投資者交談，因此媒體的問題不會得到解決。

Media participants should contact Coca-Cola's media relations' department if they have questions.

媒體參與者如有疑問應聯繫可口可樂的媒體關係部門。

I would now like to introduce Ann Taylor, Vice President and Director of Investor Relations.

我現在想介紹一下副總裁兼投資者關係總監 Ann Taylor。

Ms.

小姐。

Taylor, you may begin.

泰勒，你可以開始了。

Good morning and thank you for being with us today.

早上好，感謝您今天與我們在一起。

I'm joined by Muhtar Kent our President and Chief Executive Officer; Gary Fayard, our Chief Financial Officer; and Sandy Douglas our North America Group President.

我們的總裁兼首席執行官 Muhtar Kent 也加入了我的行列；我們的首席財務官 Gary Fayard；和我們的北美集團總裁桑迪·道格拉斯。

Following prepared remarks this morning by Muhtar and Gary we will turn the call over for your questions.

在 Muhtar 和 Gary 今早準備好的講話之後，我們將把電話轉過來回答您的問題。

Before we get started I would like to remind you that this conference call may contain forward-looking statements including statements concerning long-term earnings objectives and should be considered in conjunction with cautionary statements contained in our earnings release and in the Company's most recent SEC report.

在我們開始之前，我想提醒您，本次電話會議可能包含前瞻性陳述，包括有關長期盈利目標的陳述，應與我們的盈利發布和公司最近的美國證券交易委員會報告中包含的警示性陳述一起考慮.

In addition, I would also like to note that we have posted schedules on our Company website at www.theCoca-ColaCompany.com under the financial information tab in the investor section which reconciles certain non-GAAP financial measures that may be referred to by senior executives in our discussion this morning and from time to time in discussing our financial performance as reported in generally accepted accounting principles.

此外，我還想指出，我們已在公司網站 www.theCoca-ColaCompany.com 上的投資者部分的財務信息選項卡下發布了時間表，該時間表協調了高管可能提到的某些非公認會計準則財務指標高管們在今天上午的討論中以及不時討論我們在公認會計原則中報告的財務業績。

Please look on our website for this information.

請在我們的網站上查看此信息。

Now let me turn the call over to Muhtar.

現在讓我把電話轉給 Muhtar。

Thank you, Ann and good morning.

謝謝你，安，早上好。

I'm happy to report that our financial performance continues to be strong and I'm pleased with our results for the quarter.

我很高興地報告，我們的財務表現繼續強勁，我對本季度的業績感到滿意。

Our ability to proactively address the rapidly changing economic environment exemplifies the strength of the Coca-Cola system.

我們主動應對快速變化的經濟環境的能力體現了可口可樂系統的實力。

The fundamentals of our business are strong and we continue to work closely with our bottling partners to take action to drive sustainable growth.

我們的業務基礎強勁，我們將繼續與裝瓶合作夥伴密切合作，採取行動推動可持續增長。

We are clearly in unchartered territory in these global markets and we continue to calibrate and recalibrate the actions we need to take to continue delivering strong results.

在這些全球市場中，我們顯然處於未知領域，我們將繼續校準和重新校准我們需要採取的行動，以繼續取得強勁的成果。

Given our performance this quarter, and our proven ability to deliver strong and sustainable long-term results for our share owners, we remain confident in our ability to navigate in these challenging times.

鑑於我們本季度的表現，以及我們為股東帶來強勁和可持續的長期業績的成熟能力，我們對在這些充滿挑戰的時代駕馭的能力仍然充滿信心。

However, the current global macroeconomic environment continues to be volatile.

然而，當前的全球宏觀經濟環境繼續動盪。

This is particularly true in North America and we expect this to continue through 2009 with economic growth moderating around the globe.

在北美尤其如此，我們預計這種情況將持續到 2009 年，全球經濟增長放緩。

Nevertheless, I remain confident that we operate in a very resilient industry and that we have the management and strategies to help us operate successfully during these difficult times.

儘管如此，我仍然相信我們在一個非常有彈性的行業中運營，並且我們擁有管理和戰略來幫助我們在這些困難時期成功運營。

Our performance during the third quarter demonstrates this resilience.

我們在第三季度的表現證明了這種彈性。

During the third quarter, we achieved double-digit comparable earnings per share growth of 17%, marking our eighth consecutive quarter of double-digit EPS growth which means we are well ahead of our long-term earnings growth model in 2008.

在第三季度，我們實現了 17% 的兩位數可比每股收益增長，標誌著我們連續第八個季度實現兩位數的每股收益增長，這意味著我們遠遠領先於 2008 年的長期盈利增長模式。

Our unit case volume increased 5% in the quarter, and as expected, accelerated versus the second quarter which was impacted by several one-time events.

我們的單位案件量在本季度增長了 5%，並且正如預期的那樣，與受到幾次一次性事件影響的第二季度相比有所加速。

Revenue growth increased 9%.

收入增長9%。

This growth was negatively impacted by 2 percentage points due primarily to the sale of bottlers.

主要由於裝瓶商的銷售，這一增長受到了 2 個百分點的負面影響。

So, excluding the sale of bottlers, revenue increased by a very solid 11%.

因此，不包括裝瓶商的銷售，收入增長了 11%，非常穩健。

Once again, we successfully balanced the value and volume equation to deliver consistent top line performance.

再一次，我們成功地平衡了價值和數量等式，以提供一致的頂線業績。

Ongoing operating income increased 17%, reflecting the solid revenue growth, continued brand investment and disciplined management of operating expenses.

持續經營收入增長 17%，反映了穩健的收入增長、持續的品牌投資和嚴格的經營費用管理。

Year-to-date, cash generation remains strong, with over $5.5 billion from operations.

年初至今，現金產生仍然強勁，來自運營的現金超過 55 億美元。

By any measure, a strong set of results.

無論以何種方式衡量，都是一組強有力的結果。

Our volume performance during the quarter was again led by our international markets including solid growth across most emerging markets.

我們在本季度的銷量表現再次由我們的國際市場引領，包括大多數新興市場的穩健增長。

Unit case volume in international markets increased 7%, cycling 8% growth in the prior year quarter.

國際市場的單位案件量增長了 7%，比去年同期增長了 8%。

The international performance was driven by 5% growth in Spartan Beverages including Coca-Cola up by 4%, Coca-Cola Zero up by 22%, and strong growth in both Sprite as well as Fanta.

國際表現受到包括可口可樂在內的斯巴達飲料增長 5%、可口可樂零增長 22% 以及雪碧和芬達的強勁增長推動。

Coca-Cola Zero, now in over 100 markets worldwide, is on plan to exceed 0.5 billion unit cases for 2008.

Coca-Cola Zero 現在在全球 100 多個市場銷售，計劃在 2008 年銷售超過 5 億箱。

Most key emerging markets delivered solid growth, with China up 17%, India up 18%, and Brazil and Mexico both up 7%.

大多數主要新興市場實現穩健增長，中國增長 17%，印度增長 18%，巴西和墨西哥均增長 7%。

In addition, we saw strong performances in Argentina, Turkey, Eastern Europe, Southern Eurasia, Pakistan, North and West Africa, Nigeria, Korea and across most of Southeast Asia including including Thailand.

此外，我們看到阿根廷、土耳其、東歐、歐亞大陸南部、巴基斯坦、北非和西非、尼日利亞、韓國以及包括泰國在內的東南亞大部分地區表現強勁。

As you can see, our quality performance spans most of the globe.

如您所見，我們的質量表現遍及全球大部分地區。

In countries with per capitas of less than 150, our volume growth was 9% in the quarter, cycling 12% from prior year.

在人均少於 150 人的國家，我們的銷量在本季度增長了 9%，比上年增長了 12%。

Importantly, we continue to gain volume and value share in most of our key markets and in core sparkling and still beverages.

重要的是，我們在大多數主要市場以及核心起泡飲料和非碳酸飲料中繼續獲得銷量和價值份額。

This illustrates how the strength of our brands and the strength of our system enable us to successfully operate in tough environments.

這說明了我們的品牌實力和系統實力如何使我們能夠在惡劣的環境中成功運營。

History has proven by continuing to invest in our business, even during difficult economic times, we can further strengthen our balance with consumers, thus garnering a stronger share position for the long-term.

歷史證明，通過繼續投資於我們的業務，即使在經濟困難時期，我們也可以進一步加強與消費者的平衡，從而在長期內獲得更強大的份額。

Simply said, we are winning in the marketplace.

簡單地說，我們在市場上獲勝。

Let me turn now to the results in our geographies.

現在讓我談談我們所在地區的結果。

Latin America once again achieved very solid results.

拉丁美洲再次取得了非常紮實的成績。

Unit case volume increased 8%, cycling 9% growth in prior year.

單位案件量增長了 8%，比上年增長了 9%。

The growth was balanced across geographies as well as the beverage portfolio with all business units delivering high single digit unit case volume growth.

各個地區以及飲料組合的增長是平衡的，所有業務部門都實現了高個位數的單位箱量增長。

Coca-Cola increased 4% and still beverages increased 38% in the quarter as we continued to leverage the (inaudible - highly accented language) acquisition.

由於我們繼續利用（聽不清 - 重音語言）收購，本季度可口可樂增長了 4%，無汽飲料增長了 38%。

The group also continued to achieve share gains in all key countries.

該集團還繼續在所有主要國家實現份額增長。

In Eurasia and Africa, we achieved unit case volume growth of 9% cycling 13% growth in the prior year.

在歐亞大陸和非洲，我們實現了 9% 的單位案件量增長，而上一年則增長了 13%。

The performance was led by double-digit growth in key markets including India, Nigeria, Turkey, Southern Eurasia and high single digit growth in the Middle East and Northwest Africa.

該業績主要得益於印度、尼日利亞、土耳其、南歐亞大陸等主要市場的兩位數增長以及中東和西北部非洲的高個位數增長。

Growth was solid across sparkling and still beverages with sparkling beverages growing 6% and still beverages growing 21%.

起泡飲料和非碳酸飲料增長穩健，起泡飲料增長 6%，非碳酸飲料增長 21%。

In Russia, unit case volume declined 3%, primarily reflecting the impact from unseasonable weather and economic and inflationary pressures.

在俄羅斯，單位案件量下降了 3%，主要反映了不合時宜的天氣以及經濟和通脹壓力的影響。

Despite the slowdown of volume growth in Russia, we gained volume and value share in nonalcoholic ready to drink beverages in the quarter and the fundamentals of our business in this key market remain strong.

儘管俄羅斯銷量增長放緩，但我們在本季度非酒精即飲飲料的銷量和價值份額均有所增長，我們在這個關鍵市場的業務基本面依然強勁。

The Pacific group grew unit case volumes 7% in the quarter, cycling 11% growth in the prior year.

太平洋集團在本季度的單位案件量增長了 7%，比去年同期增長了 11%。

China and Japan delivered strong results, solid results, offsetting weaknesses in the Philippines due to continuing weather and inflationary pressures, both of which impacted consumer spending.

中國和日本取得了強勁的業績，抵消了菲律賓由於持續的天氣和通脹壓力而導致的疲軟，這兩者都影響了消費者支出。

China once again delivered solid double-digit growth which accelerated versus the second quarter.

中國再次實現了兩位數的穩健增長，與第二季度相比加速增長。

Sparkling beverages grew 13% and still increased 27%, led by the continued success of Minute Maid Pulpy and the expansion of our Original Leaf Tea which as you will recall we launched earlier this year.

起泡飲料增長了 13%，但仍增長了 27%，這主要得益於 Minute Maid Pulpy 的持續成功以及我們今年早些時候推出的 Original Leaf Tea 的擴張。

Perhaps the most significant achievement for the Company in the quarter was our successful activation of the Beijing Olympic game sponsorship.

本季度公司最重要的成就或許是我們成功激活了北京奧運會贊助。

Our sponsorship attracted widespread positive media and consumer attention for the company in China and around the world.

我們的讚助為公司在中國和世界各地吸引了廣泛的積極媒體和消費者關注。

During the 16 days of the games, over 0.5 billion Chinese consumers connected with our brands through sampling programs, Olympic torch relay activities and downloads of the Coca-Cola Olympic song which was downloaded over 260 million times and reached number one on the pop music charts in the country.

在奧運會的16天裡，超過5億的中國消費者通過採樣節目、奧運火炬傳遞活動和可口可樂奧運歌曲的下載量與我們的品牌建立了聯繫，可口可樂奧運歌曲下載量超過2.6億次，並在流行音樂排行榜上排名第一在國內。

All of these activities as well as numerous other events and promotions resulted in Coca-Cola being cited as the most recognized and effective sponsor of the Beijing games as reported by Nielsen.

根據尼爾森的報導，所有這些活動以及眾多其他活動和促銷活動使可口可樂被評為北京奧運會最受認可和最有效的讚助商。

Also in the quarter, we announced our offer to acquire China Huiyuan Group Ltd.

同樣在本季度，我們宣布了收購中國匯源集團有限公司的要約。

The acquisition provides a unique opportunity to complement our existing leadership in China of sparkling beverages and expand our presence in still beverages, particularly the dynamic and fast-growing juice category.

此次收購提供了一個獨特的機會，可以補充我們在中國氣泡飲料領域的現有領導地位，並擴大我們在非碳酸飲料領域的影響力，特別是動態和快速增長的果汁類別。

Huiyuan brands are highly complementary to our Minute Maid business, and Huiyuan's existing manufacturing footprint will provide additional scale to our China operations.

匯源品牌與我們的美汁源業務高度互補，匯源現有的製造足跡將為我們的中國業務提供更大的規模。

In terms of the process, we filed, our for Chinese Ministry of Commerce approval and are fully cooperating with their review of the transaction.

在流程方面，我們已提交中國商務部批准，並正在全力配合他們對交易的審查。

In Japan, volume increased 1%, successfully cycling 4% growth in the prior year resulting in nonalcoholic ready to drink retail share gain.

在日本，銷量增長了 1%，在上一年成功地實現了 4% 的增長，導致非酒精即飲零售份額增加。

We continue to invest in our three cola strategy and the success of this was evident in the growth of sparkling beverages during the quarter, which was led by Trademark Coca-Cola.

我們繼續投資於我們的三款可樂戰略，這一成功在本季度由商標可口可樂引領的起泡飲料的增長中得到了明顯體現。

Additionally, we continued with successful innovation behind the Fanta trademark.

此外，我們繼續在芬達商標背後進行成功的創新。

Georgia Coffee grow 4%, marking its fourth consecutive quarter of growth and core Georgia flavors increased 10%.

佐治亞咖啡增長 4%，連續第四個季度實現增長，佐治亞核心口味增長 10%。

The strength of the marketing activity behind the Georgia brand led the continued category share gain.

佐治亞品牌背後的營銷活動實力引領品類份額持續增長。

In Japan, we continue to execute against our strategies and focused on delivering consistent, sustainable results.

在日本，我們繼續執行我們的戰略，並專注於提供一致、可持續的結果。

The Europe group overcame a slowing Western European economy, and unseasonable weather in Northwest Europe to increase volume 3%.

歐洲組克服了西歐經濟放緩和西北歐不合時宜的天氣，銷量增長了 3%。

Despite the challenges, we are outperforming the marketplace and gaining overall nonalcoholic beverage share.

儘管面臨挑戰，我們的表現仍優於市場，並獲得了非酒精飲料的整體份額。

We continue to strike a balance between tactically addressing the current economic environment and investing for long-term growth by supporting our core sparkling brands and driving innovation across the portfolio.

我們通過支持我們的核心品牌和推動整個投資組合的創新，繼續在策略性地應對當前經濟環境和投資以實現長期增長之間取得平衡。

Driving sparkling performance in Europe is the development of the zero range including Coca-Cola Zero which grew double digits in the quarter, the launch of the Pan-European [Pembriton] program which highlights the Heritage of Coca-Cola and the German launch of the Spirit of Georgia, our first adult targeted lightly sparkling lemonade beverage containing fermented juices.

推動歐洲閃耀業績的是零範圍的發展，包括在本季度增長兩位數的可口可樂零，推出突出可口可樂傳統的泛歐 [Pembriton] 計劃以及德國推出的可口可樂喬治亞精神，我們的第一個成人目標是含有發酵果汁的輕微起泡檸檬水飲料。

We continue to expand our still beverage offerings to generate more balanced growth including continued support of NA ready to drink coffee which is now in nine markets as well as Vitamin Water in Great Britain.

我們繼續擴大我們的非碳酸飲料產品以實現更平衡的增長，包括繼續支持現在在九個市場銷售的 NA 即飲咖啡以及英國的維生素水。

We are consistently making solid strategic investments behind our brands for the balance of 2008 in Europe, and we will activate the recently-announced '007 campaign supporting the latest James Bond film as well as our traditional holiday campaigns.

我們將在 2008 年餘下時間在歐洲持續為我們的品牌進行可靠的戰略投資，我們將啟動最近宣布的 '007 活動，以支持最新的詹姆斯邦德電影以及我們的傳統節日活動。

In North America, results were clearly impacted by the volatile economic environment.

在北美，業績明顯受到動蕩的經濟環境的影響。

However, it is important to recognize volume declines of 2% outperformed the industry in the quarter.

然而，重要的是要認識到本季度銷量下降 2% 的表現優於行業。

This resulted in total measured and unmeasured nonalcoholic ready to drink volume and value share gains in the quarter.

這導致本季度總測量和未測量的非酒精即飲量和價值份額增長。

Sparkling beverages declined 2% in the quarter, an improvement from the year-to-date trend and resulted in core sparkling volume share gains.

本季度起泡飲料下降 2%，較年初至今的趨勢有所改善，並導致核心起泡飲料銷量份額增加。

This reflects the successful activation and execution of our Olympic marketing program during July and August.

這反映了我們在 7 月和 8 月期間成功啟動和執行奧運營銷計劃。

Our red, black and silver portfolio, Coca-Cola Classic, Coca-Cola Zero, and Diet Coca-Cola continued to gain volume and value share as well.

我們的紅色、黑色和銀色產品組合、可口可樂經典、零可口可樂和健怡可口可樂也繼續獲得銷量和價值份額。

Coca-Cola Zero delivered strong results, growing 30% in the quarter, cycling double-digit growth from the prior year.

零號可口可樂取得了強勁的業績，本季度增長了 30%，比上一年實現了兩位數的增長。

However, there was continued softness in our food service business and other on-premise channels, both of which are being impacted by the current economic realities.

然而，我們的餐飲服務業務和其他內部渠道持續疲軟，這兩者都受到當前經濟現實的影響。

Additionally, bottling pricing post Labor Day has impacted volume performance.

此外，勞動節後的裝瓶定價也影響了銷量表現。

As consequence, we are aggressively moving to address these challenges by allocating resources to consumer and customer facing programs.

因此，我們正在積極採取行動，通過將資源分配給面向消費者和客戶的計劃來應對這些挑戰。

Our still beverages portfolio continued to outperform the industry, resulting in volume and value share gains.

我們的非碳酸飲料產品組合繼續跑贏行業，帶來銷量和價值份額的增長。

Our multi-tier juice strategy led by double-digit growth in Minute Maid enhanced and Simply Trademarks resulted in continued superior category performance and share gains.

我們的多層次果汁戰略由 Minute Maid Enhanced 和 Simply Trademarks 的兩位數增長引領，帶來了持續卓越的品類表現和份額增長。

Glaceau performance remains solid, increasing double digits in the quarter with strong performance in immediate consumption and non measured channels driving increased volume and value share leadership.

Glaceau 的業績保持穩健，本季度增長了兩位數，即時消費和非衡量渠道的強勁表現推動了銷量和價值份額領先地位的提高。

Glaceau remains on target to becoming a $2 billion trademark in early 2009.

Glaceau 仍有望在 2009 年初成為價值 20 億美元的商標。

Glaceau, along with Trademark Simply, Coca-Cola Zero, Nos, and Fuse are five of the top 10 fastest growing trademarks in incremental retail sales for North America.

Glaceau、Trademark Simply、Coca-Cola Zero、Nos 和 Fuse 是北美增量零售額增長最快的 10 個商標中的五個。

Last week we also announced a distribution agreement for Hanson's Monster energy drinks.

上週，我們還宣布了 Hanson's Monster 能量飲料的分銷協議。

We believe the Monster brand will complement our existing portfolio of energy drinks and provide our bottlers with further opportunity to drive profitable growth.

我們相信 Monster 品牌將補充我們現有的能量飲料組合，並為我們的裝瓶商提供進一步推動盈利增長的機會。

While we have a strong marketing calendar with our bottling system and customers across sparkling and still brands for the remainder of the year, we expect fourth quarter volume to trail the year-to-date trend, due to the continued impacts of the economic slowdown and bottler pricing actions.

雖然我們的裝瓶系統和客戶在今年剩餘時間裡擁有強大的營銷日曆，但我們預計第四季度的銷量將落後於年初至今的趨勢，因為經濟放緩的持續影響和裝瓶商定價行為。

We continue to focus on productivity, and expense management initiatives to target investments in consumer and customer facing programs for future growth in North America.

我們繼續專注於生產力和費用管理計劃，以投資於面向消費者和客戶的計劃，以促進北美的未來增長。

We remain committed to our strategies and to winning in North America.

我們將繼續致力於我們的戰略並在北美取勝。

Now, let me update you on our Company-wide productivity initiative which has been up and running since last quarter.

現在，讓我向您介紹我們自上個季度以來一直在運行的全公司範圍內的生產力計劃。

We are leveraging our efforts to redirect investments to drive top line growth and long-term sustainable value creation.

我們正在努力調整投資方向，以推動收入增長和長期可持續的價值創造。

Our system-wide focus on productivity remains a priority for 2008 and beyond.

我們全系統對生產力的關注仍然是 2008 年及以後的優先事項。

As you know from our last call, we moved early to take aggressive steps in this area.

正如您從我們上次的電話會議中知道的那樣，我們很早就開始在該領域採取積極措施。

Through this work, we are rewiring our business and reallocating our resources to be more directly focused on the marketplace.

通過這項工作，我們正在重新規劃我們的業務並重新分配我們的資源，以便更直接地專注於市場。

As well, against our highest growth opportunities, building strong brands with world class marketing is the key to our sustained -- is the key to our sustainable top line growth.

同樣，針對我們最高的增長機會，建立具有世界級營銷的強大品牌是我們持續的關鍵——也是我們可持續頂線增長的關鍵。

As previously indicated, our target is to generate annualized operating savings in the range of 400 million to $500 million by the end of 2011.

如前所述，我們的目標是到 2011 年底每年節省 4 億至 5 億美元的運營成本。

These are savings accruing directly to the Coca-Cola Company.

這些是可口可樂公司直接節省的費用。

We will also continue to work towards improving the system supply chain.

我們還將繼續努力改善系統供應鏈。

We've also previously indicated that there will be non-recurring costs of approximately 400 million to $500 million associated with implementing these initiatives and that both the benefits and the costs would be spread fairly equally annually through 2011.

我們之前還指出，實施這些舉措將產生大約 4 億到 5 億美元的非經常性成本，並且到 2011 年，收益和成本將每年平均分配。

A team led by seasoned operators has ensured that we are on track to deliver against these targets and we have already begun to benefit meaningfully from this initiative in 2008.

由經驗豐富的運營商領導的團隊確保我們按計劃實現這些目標，並且我們已經在 2008 年開始從這一舉措中受益匪淺。

Once again, I am pleased with our results for the quarter.

再一次，我對本季度的業績感到滿意。

We are winning in the market as evidenced by our share gains in key categories and markets.

我們在關鍵類別和市場的份額增長證明了我們在市場上的勝利。

Our increased focus on effectiveness and efficiency is providing the additional flexibility needed to consistently deliver long-term growth and create value for our share owners.

我們對有效性和效率的日益關注提供了持續實現長期增長並為我們的股東創造價值所需的額外靈活性。

During periods of economic stress, the merits of the Coca-Cola Company truly come to the floor as we have seen again in this most recent quarter.

在經濟壓力時期，可口可樂公司的優點真正發揮了作用，正如我們在最近一個季度再次看到的那樣。

Our brands and our business were built for times like these.

我們的品牌和業務就是為這樣的時代而建立的。

We have a seasoned management team with great experience, honed through many tough cycles in markets across the globe.

我們擁有一支經驗豐富、經驗豐富的管理團隊，經過全球市場的許多艱難週期磨練。

Our business is balanced across nearly every market.

我們的業務在幾乎每個市場上都是平衡的。

Our product portfolio spans most major nonalcoholic beverage categories and our brands are available in more channels and outlets than any other consumer company.

我們的產品組合涵蓋了大多數主要的非酒精飲料類別，並且我們的品牌比任何其他消費品公司在更多的渠道和商店中銷售。

This quarter's performance reflects that reality.

本季度的表現反映了這一現實。

Backed by our solid balance sheet, the Coca-Cola Company continues to deliver attractive earnings growth, strong free cash flow, as well as a reliable dividend that we have increased for 46 straight years in both good and challenging times.

在我們穩健的資產負債表的支持下，可口可樂公司繼續實現具有吸引力的盈利增長、強勁的自由現金流以及可靠的股息，我們在順境和充滿挑戰的時期連續 46 年增加了股息。

It is incumbent upon us to ensure that we not only meet these challenges, but that we use them to our advantage.

我們有責任確保我們不僅能夠應對這些挑戰，而且能夠利用它們為我們帶來優勢。

We continue to define our picture of success as exceeding our long-term growth model.

我們繼續將我們的成功圖景定義為超越我們的長期增長模式。

We are also realistic about the operating environment for 2009.

我們對 2009 年的經營環境也很現實。

We're in the process of reviewing and finalizing our plans for 2009 and will provide more color on our expectations for next year during our fourth quarter call in February.

我們正在審查和最終確定我們 2009 年的計劃，並將在 2 月份的第四季度電話會議上為我們對明年的預期提供更多信息。

However, you can expect us to continue to invest to fuel brand growth while aggressively managing costs.

但是，您可以期望我們繼續投資以推動品牌增長，同時積極管理成本。

I remain confident we are building a stronger Coca-Cola system for the future.

我仍然相信我們正在為未來建立一個更強大的可口可樂系統。

With that, let me turn the call over to Gary.

有了這個，讓我把電話轉給加里。

Thanks, Muhtar.

謝謝，穆赫塔爾。

As Muhtar indicated, we just again delivered strong financial results in the quarter.

正如 Muhtar 所說，我們在本季度再次取得了強勁的財務業績。

We reported earnings per share of $0.81 per share on a diluted basis in the quarter.

我們報告本季度攤薄後每股收益為 0.81 美元。

However, this included a net charge of $0.02 per share for restructuring charges and costs related to global productivity initiatives.

但是，這包括每股 0.02 美元的淨費用，用於重組費用和與全球生產力計劃相關的成本。

Partially offset by the gain on the sale of a portion of our investment in our Pakistan bottler.

部分被出售我們在巴基斯坦裝瓶商的部分投資所獲得的收益所抵消。

Therefore, comparable earnings per share was $0.83 per share, an increase of 17% after considering factors impacting comparability in both the current and prior year quarters.

因此，可比每股收益為每股 0.83 美元，在考慮影響當前和上年季度可比性的因素後增長了 17%。

Our eighth consecutive quarter of double-digit comparable EPS growth.

我們連續第八個季度實現兩位數的可比每股收益增長。

Net revenue in the quarter increased 9%, and increased 11% excluding the impact from structural changes primarily related to the sale of bottlers.

本季度淨收入增長 9%，不包括主要與裝瓶商銷售相關的結構變化的影響，增長 11%。

Growth was driven by 2% favorable impact from price and mix, a 3% increase in Concentrate sales and a 6% increase from currency.

增長受到價格和組合 2% 的有利影響、精礦銷售額增長 3% 和貨幣增長 6% 的推動。

In the quarter, unit case volume increased 5%, cycling 6% growth in the prior year quarter.

本季度，單位箱量增長 5%，環比增長 6%。

Year-to-date Concentrate sales and unit case growth rates are essentially in line.

年初至今的精礦銷售和單位案件增長率基本一致。

We grew operating income by 20% on a reported basis, after considering items impacting comparability and the current and prior year quarter's operating income increased 17% which includes a 9% benefit from currencies, year-to-date our currency neutral operating income of 9% remains ahead of our 6 to 8% long-term target.

在考慮影響可比性的項目後，我們在報告的基礎上將營業收入增長了 20%，本季度和上一季度的營業收入增長了 17%，其中包括 9% 的貨幣收益，年初至今我們的貨幣中性營業收入為 9 % 仍高於我們 6% 至 8% 的長期目標。

Total selling, general and administrative expenses on an ongoing basis increased 8% in the quarter.

本季度的總銷售、一般和管理費用持續增長 8%。

This translated into 5 points of operating expense leverage.

這轉化為 5 個運營費用槓桿。

We continued to invest in our brands and build market execution capabilities.

我們繼續投資於我們的品牌並建立市場執行能力。

Marketing expenses increased at approximately the same rate as gross profit growth and sales and service increased solidly to support our bottling operations.

營銷費用的增長速度與毛利增長大致相同，銷售和服務穩步增長以支持我們的裝瓶業務。

Our focus on expense management and productivity initiatives is reflected in a mid single digit decrease in general and administrative expenses.

我們對費用管理和生產力計劃的關注反映在一般和行政費用的中位數下降中。

Additionally, we continue to see year-to-date margin improvement in both our core business and in our bottling investments group.

此外，我們繼續看到我們的核心業務和裝瓶投資集團的年初至今利潤率有所提高。

For the remainder of the year, we would expect to continue to achieve expense leverage, but at a more moderate rate as we start to cycle some of the programs put in place late last year.

在今年餘下的時間裡，我們預計將繼續實現費用槓桿，但隨著我們開始循環去年年底實施的一些計劃，速度會更加溫和。

Our net interest expense decreased in the quarter, reflecting the benefit of interest income earned internationally at higher rates.

我們的淨利息支出在本季度有所下降，反映了以更高利率在國際上賺取的利息收入的好處。

With regard to taxes, we ended up the quarter with an underlying effective tax rate of 22% and we expect to remain at that underlying effective rate for the remainder of the year.

在稅收方面，我們在本季度結束時的基本有效稅率為 22%，我們預計今年剩餘時間將保持在該基本有效稅率。

As we previously announced during the quarter, we have curtailed our share repurchase program for the remainder of the year, as we pursue the acquisition of the Huiyuan juice business in China.

正如我們之前在本季度宣布的那樣，我們已經縮減了今年剩餘時間的股票回購計劃，因為我們正在收購中國的匯源果汁業務。

We repurchased a slight number of additional shares at the beginning of the quarter and now have borrowed approximately $1.1 billion for our stock year-to-date.

我們在本季度初回購了少量額外股票，今年迄今已為我們的股票借入約 11 億美元。

Now, let me address some of the factors that we see impacting the remainder of 2008.

現在，讓我談談我們認為影響 2008 年剩餘時間的一些因素。

We remain confident in our ability to achieve long-term sustainable growth and our picture of success remains to exceed our long-term growth model.

我們對實現長期可持續增長的能力仍然充滿信心，我們的成功前景仍將超越我們的長期增長模式。

We will continue to portfolio manage globally as we expect solid performance in most of our markets.

我們將繼續在全球範圍內進行投資組合管理，因為我們預計在我們的大多數市場中都會有穩健的表現。

While we expect economic growth in some emerging markets to moderate, we believe that key emerging markets like China, India, Eurasia and Latin America should continue with solid business growth.

雖然我們預計一些新興市場的經濟增長將放緩，但我們認為中國、印度、歐亞大陸和拉丁美洲等主要新興市場的業務應該會繼續穩健增長。

It is our belief that among other consumer goods companies, our business will better navigate the current economic environment as we reach the consumer through a broader array of channels and packages with preferred brands.

我們相信，在其他消費品公司中，我們的業務將更好地駕馭當前的經濟環境，因為我們通過更廣泛的渠道和首選品牌的包裝來接觸消費者。

Improvement in our market share will continue to be a benchmark of our success.

我們市場份額的提高將繼續成為我們成功的基準。

Globally, we are working closely with our bottling partners, the fundamentals of our business remain strong and as a system we continue to take appropriate actions to navigate the near term volatility while strategically investing behind our brands in the marketplace for long-term growth.

在全球範圍內，我們正與我們的裝瓶合作夥伴密切合作，我們的業務基礎依然強勁，作為一個系統，我們將繼續採取適當的行動來應對近期的波動，同時戰略性地投資於我們在市場上的品牌以實現長期增長。

Last quarter we revised our net capital expenditure forecast to approximately 1.8 billion to $1.9 billion.

上個季度，我們將淨資本支出預測修正為約 18 億至 19 億美元。

And we'll likely come out close to $1.9 billion for the full year.

我們全年的收入可能接近 19 億美元。

Lastly, as you saw in the quarter, structural changes primarily related to disposal of bottlers caused a drag on net revenue growth.

最後，正如您在本季度看到的那樣，主要與裝瓶商處置相關的結構性變化拖累了淨收入增長。

We sold all of the Remil bottler in Brazil to Coca-Cola FEMSA at the end of the second quarter.

第二季度末，我們將巴西的所有 Remil 裝瓶機賣給了可口可樂 FEMSA。

We sold a portion of our investment in the Pakistan bottler to our Turkish bottler at the end of the third quarter, such that we now own just under 50% and will no longer consolidate the Pakistan bottler but include it in equity income.

我們在第三季度末將我們在巴基斯坦裝瓶商的部分投資出售給了我們的土耳其裝瓶商，因此我們現在擁有略低於 50% 的股份，並且將不再合併巴基斯坦裝瓶商，而是將其計入股權收入。

Additionally, we will not have the offsetting impacts of the Norsa bottler in Brazil and CCAG, our German bottler acquisitions as we cycled these in the third quarter.

此外，我們不會受到巴西 Norsa 裝瓶商和 CCAG 的抵消影響，我們在第三季度對這些德國裝瓶商進行了收購。

So we would expect a larger impact from structural change on net revenues in the fourth quarter and into 2009.

因此，我們預計結構變化對第四季度和 2009 年淨收入的影響會更大。

Moving now to two key topics, liquidity and currency.

現在轉到兩個關鍵主題，流動性和貨幣。

Given the recent market volatility, I know liquidity may be top of mind for some of you.

鑑於最近的市場波動，我知道流動性可能是你們中的一些人最關心的問題。

Our liquidity remains strong and our commercial paper program continues to function each day, as broadly authorized by investors and it trades strongly.

我們的流動性依然強勁，我們的商業票據計劃每天都在繼續運作，得到投資者的廣泛授權，而且交易強勁。

We have been able to continue to access 60 to 90 day terms and have not had a material change to our spreads to benchmark rates.

我們能夠繼續獲得 60 至 90 天的期限，並且我們與基準利率的利差沒有發生重大變化。

We also have $2.2 billion of committed unused credit facilities from our network of relationship banks.

我們還從我們的關係銀行網絡中獲得了 22 億美元的未使用信貸額度。

And our almost $8 billion in cash is available and in a liquid high quality investments.

我們擁有近 80 億美元的現金，並且是流動性高的優質投資。

Most of the cash is offshore but we have reviewed our contingency plans and would be able to access the cash on short notice.

大部分現金都在離岸，但我們已經審查了我們的應急計劃，並且能夠在短時間內獲得現金。

Year-to-date, we have generated over $5.5 billion in cash from operations and in short, liquidity is not a concern as we're able to fund our operations from internal cash generation and commercial paper.

年初至今，我們從運營中產生了超過 55 億美元的現金，簡而言之，流動性不是問題，因為我們能夠通過內部現金產生和商業票據為我們的運營提供資金。

With regard to currency, as I mentioned, we saw a positive impact from currencies in the quarter, on operating income of 9% and 10% year-to-date.

關於貨幣，正如我所提到的，我們在本季度看到了貨幣對營業收入的積極影響，今年迄今的營業收入分別為 9% 和 10%。

We are maintaining our full year 2008 forecast of at least a mid single digit currency benefit.

我們維持對 2008 年全年至少有中個位數貨幣收益的預測。

We realized a stronger than expected benefit in the third quarter, which we expect to be offset by slightly weaker forecast in the fourth quarter.

我們在第三季度實現了強於預期的收益，我們預計這將被第四季度略弱的預測所抵消。

Therefore, no change for the full year.

因此，全年沒有變化。

As for our 2009 currency outlook, it is obviously a very volatile environment.

至於我們 2009 年的貨幣前景，顯然是一個非常不穩定的環境。

We're already 100% covered on key hard currencies like the euro and the yen.

我們已經 100% 覆蓋了歐元和日元等主要硬通貨。

Emerging market currencies are particularly volatile as we've seen over the last few weeks.

正如我們在過去幾週看到的那樣，新興市場貨幣特別不穩定。

Therefore, it would be impractical to give a view on currencies for 2009 at this time.

因此，此時就 2009 年的貨幣發表看法是不切實際的。

However, it is important to note that we manage our business in local currency to ensure that we make the right decisions for the long term.

然而，重要的是要注意，我們以當地貨幣管理我們的業務，以確保我們做出正確的長期決策。

As Muhtar indicated, we are in the process of finalizing our 2009 business plans so we'll provide our outlook for 2009 on our year end call in February.

正如 Muhtar 所說，我們正在最終確定 2009 年的業務計劃，因此我們將在 2 月份的年終電話會議上提供我們對 2009 年的展望。

So that's the topics I wanted to cover this morning, operator, we're ready for questions.

這就是我今天早上想討論的主題，接線員，我們已經準備好提問了。

Thank you.

謝謝你。

(OPERATOR INSTRUCTIONS) Our first question comes from Bill Pecoriello, Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Bill Pecoriello。

Your line is open.

你的線路是開放的。

Good morning, Muhtar and Gary.

早上好，穆赫塔爾和加里。

You mentioned the system's ability to adapt to the rapidly changing economic environment as a key competitive advantage.

您提到了系統適應快速變化的經濟環境的能力，這是一個關鍵的競爭優勢。

Can you give us some examples, some of the tactics the system is using to adapt, especially as immediate consumption begins to slow?

你能給我們舉一些例子，系統用來適應的一些策略，特別是當即時消費開始放緩時？

In some reasons of the world, maybe a shift in channel or a package focus to adapt to that?

在世界上的某些原因中，可能是渠道的轉變或一攬子重點以適應這種情況？

Thanks.

謝謝。

First, Bill, good morning.

首先，比爾，早上好。

First, I think what you need to see is that we have -- we keep focus with our strategies of growing sparkling and expanding still beverages, balanced growth, increasing our pace of innovation and growing capability, but within that, as I said, we continue to calibrate and recalibrate to ensure that our system remains very flexible, leveraging new packaging innovations, new price points and also ensuring that there is an absolute good balance between above the line and below the line activities, closer -- much closer relationship with our customers, value offers and in this environment, more and more people, particularly in the West, are going to spend more time at home and we have programs to address that with future consumption bringing back refillables in many countries, in emerging markets, so all of that taken as a whole, I think affordability focus, new price points, package innovation and continued bottler investment to ensure that we keep focus.

首先，我認為您需要看到的是，我們一直專注於我們的戰略，即增長起泡和擴大無汽飲料、平衡增長、加快創新步伐和增長能力，但正如我所說，我們在此範圍內繼續校準和重新校準，以確保我們的系統保持非常靈活，利用新的包裝創新、新的價格點，並確保線上和線下活動之間存在絕對良好的平衡，與我們的關係更緊密 - 更緊密客戶，價值提供，在這種環境下，越來越多的人，尤其是西方人，將在家裡度過更多的時間，我們有計劃來解決這個問題，未來的消費將在許多國家和新興市場帶回可再填充物，所以所有總體而言，我認為以負擔能力為重點，新的價格點，包裝創新和持續的裝瓶商投資，以確保我們保持專注。

There is no other business in the world that visits 20 million customers on a weekly basis and no other business that is as close to the marketplace as our business.

世界上沒有其他企業每周訪問 2000 萬客戶，也沒有其他企業像我們的企業那樣貼近市場。

So we continue to leverage that and stay connected with all local markets and I think we're seeing the benefit of that.

因此，我們繼續利用這一點並與所有當地市場保持聯繫，我認為我們看到了這樣做的好處。

And any implications for system margins as you see more of the future consumption focus or are you pull various leverage so the system can maintain margins as you get that shift?

當您看到更多的未來消費焦點時，對系統利潤率的任何影響，或者您是否拉動各種槓桿，以便系統在您獲得這種轉變時可以保持利潤率？

I think we will balance the margins with share gains and we want to be absolutely assured that we do the right thing for the long term.

我認為我們將平衡利潤與股票收益，我們希望絕對確保我們長期做正確的事情。

I've been through this movie in smaller versions a number of times in the past, in 2000 -- in 1998 in Russia, 2001 in Turkey and in Latin America and I can tell you that the key here is to make sure that you keep connected to the consumer, maintain the health of your brands, and that's what you're going to be seeing us do.

過去，我曾多次看過這部電影的小版本，2000 年——1998 年在俄羅斯，2001 年在土耳其和拉丁美洲，我可以告訴你，這裡的關鍵是確保你保持與消費者建立聯繫，維護您品牌的健康，這就是您將看到我們做的事情。

But also, we are going to be making sure that any kind of costs that are not necessary are going to be -- we will continue to eliminate them out of our system, religiously, and refocus our resources to market facing and customer facing activity.

而且，我們將確保任何不必要的成本都將成為——我們將繼續虔誠地將它們從我們的系統中消除，並將我們的資源重新集中在面向市場和麵向客戶的活動上。

Thank you.

謝謝你。

Our next question comes from Judy Hong, Goldman Sachs.

我們的下一個問題來自高盛的 Judy Hong。

Your line is open.

你的線路是開放的。

Thanks, good morning.

謝謝，早上好。

Muhtar, can you speak to the resiliency of or even sequential improvement of some of your key international markets in terms of volume trends in Q3 versus Q2.

Muhtar，您能否談談您的一些主要國際市場在第三季度與第二季度的銷量趨勢方面的彈性甚至連續改善。

And then as you look out 2009, as you kind of deal with the economic conditions and I understand you're not giving specific guidance but if you can give us some perspective as to how you think about '09 relative to your long-term growth targets both from a volume and EPS perspective.

然後當你展望 2009 年，當你處理經濟狀況時，我理解你並沒有給出具體的指導，但如果你能給我們一些關於你如何看待 09 年相對於你的長期增長的看法從數量和每股收益的角度來看。

Right.

正確的。

I think, what you see, Judy, is first, you see the balanced portfolio working in our favor.

我認為，朱迪，你首先看到的是平衡的投資組合對我們有利。

We have some countries that even, again, in the third quarter did not perform up to our expectations, like Philippines, like Russia, like US foodservice, Germany was flat but despite that we came in with a very strong quarter.

我們有一些國家甚至在第三季度的表現也沒有達到我們的預期，比如菲律賓，俄羅斯，美國的餐飲服務，德國持平，但儘管我們的季度表現非常強勁。

You saw that every single one of our international operating groups increased their growth trend versus the second quarter of '08, Europe from 0 to 3%, Latin America from 7 to 8%, Eurasia and Africa from 6 to 9% and the Pacific group growing from 4 to 7%.

您看到我們每個國際運營集團的增長趨勢與 08 年第二季度相比都有所提高，歐洲從 0% 上升到 3%，拉丁美洲從 7% 上升到 8%，歐亞大陸和非洲從 6% 上升到 9%，太平洋集團從 4% 增長到 7%。

So you saw us.

所以你看到了我們。

We had indicated to you that there was a lot of one off items in the second quarter that were impacting our business and I think that you saw us coming through in what was still a very difficult quarter and the balance and our actions, flexibility in the marketplace, our bottlers' ability to continue, an appetite to continue to invest in the marketplace, you saw us coming through.

我們已向您表明，第二季度有很多一次性項目影響了我們的業務，我認為您看到我們在仍然非常困難的季度中度過了難關，平衡和我們的行動，靈活性市場，我們裝瓶商的持續能力，繼續投資市場的意願，你看到了我們的成功。

I think that, there are going to be areas of the world next year that will be -- that will be growing less.

我認為，明年世界上的某些地區將會 - 增長將會減少。

There will be growth, for sure, in the emerging markets.

新興市場肯定會有增長。

It may not be to the same extent as we saw this year but I think that despite the volatility, we are in the best business there is, consumer business there is, tremendous resilience providing we take the right actions and you will see us taking the right actions.

它可能與我們今年看到的程度不同，但我認為，儘管存在波動，但我們處於最好的業務，消費者業務，巨大的彈性，只要我們採取正確的行動，你會看到我們採取正確的行動。

Okay.

好的。

And your comment about the fourth quarter volume trending a bit below the year-to-date volume, is that more a function of North America potentially shoring another leg down or is that also related to international markets?

您對第四季度銷量趨勢的評論略低於年初至今的銷量，這更多是北美潛在支撐另一條腿的功能，還是與國際市場有關？

No, no, that comment was purely, that comment was purely related to North America and I made sure that I stated it that way.

不，不，那條評論純粹是，那條評論純粹與北美有關，我確保我是這樣說的。

Okay.

好的。

It was purely related to North America and related to those issues that I discussed with you because of the continuing pressure on immediate consumption and attitudes of the US consumer as well as pricing to shore up the margins by our bottling partners at the end of the quarter.

這完全與北美有關，並且與我與您討論的那些問題有關，因為美國消費者的即時消費和態度以及在本季度末我們的裝瓶合作夥伴為支撐利潤率而定價的持續壓力.

Okay.

好的。

And then just a quick question for you, Gary.

然後是一個簡短的問題，加里。

If we look at your expense leverage, clearly a big driver is the corporate expenses coming down and if we look at the run rate in the last two quarters, it looks like around 3% of net sales.

如果我們看一下您的費用槓桿，很明顯一個重要的驅動因素是企業費用下降，如果我們看一下過去兩個季度的運行率，它看起來大約占淨銷售額的 3%。

Is that sort of a good run rate to use going forward?

未來使用這種良好的運行速度嗎？

Judy, I would expect that the run rate will be about that or slightly less.

朱迪，我希望運行率大約是這個或略低。

We're starting -- we actually started having some of that leverage coming through in the fourth quarter of last year.

我們正在開始——實際上，我們在去年第四季度開始發揮一些槓桿作用。

So it will actually go down a little bit because of what we're cycling.

因此，由於我們正在騎自行車，它實際上會下降一點。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Thanks.

謝謝。

Our next question comes from Kaumil Gajrawala, UBS.

我們的下一個問題來自瑞銀的 Kaumil Gajrawala。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Hello, everybody.

大家好。

A couple questions on the regions that you mentioned with the per caps under 150.

關於你提到的每個上限低於 150 的地區的幾個問題。

First, just quickly, how much of your volume comes from those regions and then second, given the economic environment should we be assuming a lower run rate maybe these regions in aggregate going forward?

首先，很快，您的銷量中有多少來自這些地區，其次，鑑於經濟環境，我們是否應該假設這些地區的總體運行率可能會降低？

And then are some of these regions big enough that we should start seeing margins grow at a much faster rate than we're seeing sales grow.

然後這些地區中的一些是否足夠大，以至於我們應該開始看到利潤率的增長速度比我們看到的銷售額增長速度要快得多。

Kaumil, good morning, I think roughly it's fair to say about a third of our volume globally will come from those kind of markets, per capitas of around 150.

Kaumil，早上好，我認為大致可以公平地說，我們全球約三分之一的交易量將來自此類市場，人均約為 150 個。

I think what you've seen in many of the markets that were there and now are at higher per capitas, Latin American market, South Africa, Turkey and so forth that have passed that level you're seeing margins for the system improving fairly radically.

我認為你在許多過去和現在人均較高的市場中看到的情況，拉丁美洲市場，南非，土耳其等已經超過了那個水平，你看到系統的利潤率得到了相當大的改善.

And I think that as we see per capitas growing, we certainly will make sure that we -- the same trend is also valid for margin improvement and enhancement and I think that we are seeing from many African markets and many other smaller Latin American markets, Asian markets, Middle Eastern markets, Eurasian markets, as they approach the 100, 150 per capita range, the scale of our business is beginning to power ahead and that we're seeing really good growth levels and also margin enhancement in these countries.

而且我認為，隨著我們看到人均增長，我們肯定會確保我們 - 同樣的趨勢也適用於利潤率的提高和提高，我認為我們從許多非洲市場和許多其他較小的拉丁美洲市場看到，亞洲市場、中東市場、歐亞市場，隨著人均接近 100、150 的範圍，我們的業務規模開始強勁增長，我們看到這些國家的增長水平非常好，利潤率也有所提高。

Then on volume run rate?

然後在批量運行率上？

I think that basically I am cautiously optimistic that we have -- we will have growth coming through in all those markets as we've seen this year.

我認為基本上我對我們擁有謹慎樂觀的態度 - 正如我們今年所看到的那樣，我們將在所有這些市場中實現增長。

Okay.

好的。

Thank you.

謝謝你。

We have a question from Christine Farkas, Merrill Lynch.

我們有一個來自美林公司的 Christine Farkas 的問題。

Your line is open.

你的線路是開放的。

Thank you very much.

非常感謝。

Good morning.

早上好。

There was some reversals as you indicated in third quarter versus the second quarter.

正如您在第三季度與第二季度所指出的那樣，存在一些逆轉。

I'm wondering if you can talk about early fourth quarter trends, specifically in Russia, given their macro environment, China post the Olympics and how those trends are?

我想知道你能否談談第四季度初的趨勢，特別是在俄羅斯，考慮到他們的宏觀環境、中國奧運會後的情況以及這些趨勢如何？

And then Mexico on the back of the US economy, I mean, your volumes there have been pretty strong.

然後墨西哥在美國經濟的支持下，我的意思是，你們那裡的交易量非常強勁。

Can you talk about perhaps the competitive environment?

你能談談競爭環境嗎？

Thanks.

謝謝。

Hi, Christine.

嗨，克里斯汀。

Firstly, I wouldn't call it reversals.

首先，我不會稱之為逆轉。

I would call it improvements.

我稱之為改進。

But I think, I can't give you basically guidance for quarter four at the moment but I can tell you that our business is very, very strong in markets, in Latin America, including but not limited to Mexico as well as China.

但我認為，目前我無法為您提供第四季度的基本指導，但我可以告訴您，我們的業務在拉丁美洲市場非常非常強大，包括但不限於墨西哥和中國。

And I think that we certainly are going to be looking at ensuring that we can move forward with our plans for Q4 and '09.

我認為我們肯定會考慮確保我們能夠推進我們的第四季度和 09 年的計劃。

So that our picture of success remains valid, that we can meet or exceed our long-term growth targets.

這樣我們的成功圖景仍然有效，我們可以達到或超過我們的長期增長目標。

Okay.

好的。

Great.

偉大的。

And then a follow-up for Gary.

然後是加里的後續行動。

I think if I heard you correctly, you mentioned equity income may have been boosted by the impact of the sale of the Pakistan bottler.

我想如果我沒聽錯的話，你提到股權收入可能受到出售巴基斯坦裝瓶商的影響而增加。

Can you tell us how much was reflected in that line item?

您能告訴我們該訂單項反映了多少嗎？

What I said was it would now be reported in equity income.

我說的是現在將在股權收入中報告。

We actually closed the transaction at the very end of the third quarter, so starting in the fourth quarter, but it's really not going to be a significant change.

我們實際上在第三季度末完成了交易，因此從第四季度開始，但這實際上不會有重大變化。

The biggest change you'll see is just -- it will be a drag on top line revenue.

您將看到的最大變化只是——這將拖累收入。

But relative to income, it's not going to make a big difference at all.

但相對於收入而言，它根本不會產生太大的影響。

Okay.

好的。

So the equity income line was actually just the regular equity income drawing from your bottlers, et cetera.

因此，股權收入線實際上只是從您的裝瓶商等處獲得的常規股權收入。

Correct, correct.

正確，正確。

Thank you.

謝謝你。

You have a question from Bryan Spillane, Banc of America.

您有一個來自美國銀行的 Bryan Spillane 的問題。

Your line is open.

你的線路是開放的。

Hey, good morning.

嗨，早安。

First, want to congratulate Ann Taylor moving on to her new position.

首先，要祝賀 Ann Taylor 繼續擔任新職務。

Ann, you'll be missed.

安，你會被想念的。

Thank you, Bryan.

謝謝你，布萊恩。

Gary, a question for you on liquidity.

加里，關於流動性的問題。

Just two areas of interest.

只有兩個感興趣的領域。

One is, what's the potential that there may be a tax holiday to allow you to repatriate some of that cash back to the US without taking the tax penalty?

一個是，可能會有一個免稅期，讓您可以將部分現金匯回美國而無需繳納稅款？

And then second, just related to both bottlers and trade customers, are you seeing anything different in terms of the tighter credit markets, whether it's retailers carrying less inventory, maybe a destocking situation or bottlers that may not have otherwise been under stress that may be stressed by the liquidity or the credit market?

其次，僅與裝瓶商和貿易客戶有關，您是否看到信貸市場收緊方面有什麼不同，無論是零售商庫存減少，可能是去庫存情況，還是裝瓶商可能沒有承受壓力是流動性壓力還是信貸市場壓力？

Yes, Bryan.

是的，布萊恩。

Thanks.

謝謝。

Number one, potential for a tax holiday, coming up to the election, everything else, I really don't know.

第一，免稅期的可能性，即將到來的選舉，其他一切，我真的不知道。

If it happened we would look at it and we would make the right decision for the long-term but that one, I really can't speculate on.

如果發生這種情況，我們會考慮並做出長期正確的決定，但我真的無法推測。

I don't know at this point.

我現在不知道。

What I do know is we've got the cash.

我所知道的是我們有現金。

We can access it if needed.

如果需要，我們可以訪問它。

But whether we repatriate or not, I really can't comment on that yet.

但無論我們是否遣返，我還真的無法評論。

Relative to bottlers and trade customers and both.

相對於裝瓶商和貿易客戶以及兩者。

I'd say two things.

我想說兩件事。

Let me address both.

讓我解決這兩個問題。

First, receivables, as we've really been working on our working capital and in fact if you look at our cash flow, in fact, I'll point out one item within our cash flow statement, that does not -- it makes it looks like we did not improve working capital as much as we did.

首先，應收賬款，因為我們一直在努力處理我們的營運資金，事實上如果你看看我們的現金流，事實上，我會在我們的現金流表中指出一個項目，它沒有——它使看起來我們沒有像我們那樣提高營運資金。

There's about a $350 million tax item on a settlement of a issue with a foreign tax issue where we paid the cash in the quarter and we'll actually recoup it.

解決與外國稅收問題有關的問題大約有 3.5 億美元的稅收項目，我們在本季度支付了現金，我們實際上會收回它。

We'll get it back.

我們會把它拿回來的。

But we'll get it back in the fourth quarter or early first quarter of next year.

但我們將在明年第四季度或第一季度初將其收回。

So if you look then, if you take that out, we actually bettered our use of working capital significantly.

因此，如果你看一下，如果你把它拿出來，我們實際上大大改善了我們對營運資金的使用。

I mean, like $700 million or so.

我的意思是，大約 7 億美元。

Year-to-date Q3 versus year-to-date Q2.

年初至今的第三季度與年初至今的第二季度。

The other is our days in receipt, in receivables, are exactly in line with where they were at the end of third quarter last year.

另一個是我們的收貨天數，應收賬款，與去年第三季度末的水平完全一致。

So we've not seen any issues there.

所以我們在那裡沒有看到任何問題。

We've also not seen a lot of destocking because for us, obviously, it's primarily with the bottlers and we actually work with the bottlers every year as we put our plans together on optimizing what their inventories should be and so it's something we work on you routinely, every year, to ensure that they're in exactly the right place because we don't want them holding too much inventory and having a lot of working capital tied up either.

我們也沒有看到很多去庫存，因為對我們來說，很明顯，這主要是與裝瓶商合作，我們實際上每年都與裝瓶商合作，因為我們將我們的計劃放在一起優化他們的庫存應該是什麼，所以這是我們努力的事情你每年都會例行地確保他們在正確的地方，因為我們不希望他們持有過多的庫存並且也有大量的營運資金被佔用。

So I think we're in a pretty good place right now.

所以我認為我們現在處於一個相當不錯的位置。

Okay.

好的。

Thanks.

謝謝。

Thanks.

謝謝。

Our next question comes from Lauren Torres, HSBC.

我們的下一個問題來自匯豐銀行的 Lauren Torres。

Your line is open.

你的線路是開放的。

Good morning.

早上好。

Coke Hellenic has been rather vocal I would say over the course of this year with regard to challenges in several of their markets.

我想說的是，今年以來，希臘可口可樂就其幾個市場面臨的挑戰直言不諱。

You've been somewhat more positive on emerging market growth.

你對新興市場的增長更加樂觀。

But I was hoping you could address specific markets expectations for Russia, maybe parts of Eastern Europe, I know there's some macro challenges or there are macro challenges but I was just curious about your thoughts looking out over the next year or so about a return to some more normalized growth there?

但我希望你能解決對俄羅斯的具體市場預期，也許是東歐部分地區，我知道存在一些宏觀挑戰或存在宏觀挑戰，但我只是好奇你對未來一年左右回歸的想法那裡有一些更正常的增長？

Yes, Lauren, first the current conditions in Eastern Europe, Russia, markets of Eurasia are still -- the macroeconomic conditions are still such that they're generating growth.

是的，勞倫，首先，東歐、俄羅斯、歐亞市場的當前狀況仍然存在——宏觀經濟狀況仍然如此，它們正在產生增長。

And the sentiment is a lot better than it is, say, in the United States or Western Europe.

而且這種情緒比美國或西歐要好得多。

Now, it's -- we -- I don't think that it will get as bad as the United States or Western Europe.

現在，我們——我認為它不會像美國或西歐那樣糟糕。

I don't think they will stay as good as they were in the past 12 months.

我認為他們不會像過去 12 個月那樣保持良好狀態。

Russia is certainly experiencing issues and problems in their financial markets.

俄羅斯當然在其金融市場上遇到問題。

But I think that if you look at our business, the fundamentals of our business are strong in all these markets.

但我認為，如果你看看我們的業務，我們的業務基礎在所有這些市場中都很強勁。

We're a business -- you've got to keep in mind that we're a business that generates, with our bottlers as a system, $15 billion plus of cash a year.

我們是一家企業——你必須記住，我們是一家以我們的裝瓶商為系統的企業，每年可產生超過 150 億美元的現金。

We visit multiple, multiple customers, millions of customers in these markets and in many of these markets that you referenced, the trade is very fragmented, very, very fragmented, and that's I think is a big advantage going forward for us in dealing -- in working closely with all these smaller customers.

我們在這些市場和您提到的許多市場中訪問了多個、多個客戶、數百萬客戶，交易非常分散，非常非常分散，我認為這是我們在交易中的一大優勢——與所有這些小客戶密切合作。

My experience in these -- in this kind of environment is that Coca-Cola and our brands become a more -- a bigger part of the revenue of these smaller customers in these circumstances.

我在這些方面的經驗——在這種環境下，可口可樂和我們的品牌在這些情況下成為這些小客戶收入的更大一部分。

We mean more to these customers as we service them.

當我們為這些客戶提供服務時，我們對他們意味著更多。

No one services them like our system services them.

沒有人像我們的系統為他們服務一樣為他們服務。

And I think that is a huge advantage that we will continue to leverage in this environment.

我認為這是我們將在這種環境中繼續利用的巨大優勢。

So with that said, even though we may see some volume weakness, you're still seeing share gains, be it volume or value share gains?

話雖如此，即使我們可能會看到一些成交量疲軟，但您仍然看到股票收益，無論是成交量還是價值份額收益？

Yes, and I do still believe there will be growth in these markets for our business.

是的，我仍然相信這些市場對我們的業務來說會有所增長。

Thank you.

謝謝你。

Next question comes from Mark Swartzberg, Stifel Nicolaus.

下一個問題來自 Stifel Nicolaus 的 Mark Swartzberg。

Your line is open.

你的線路是開放的。

Thanks, good morning everyone.

謝謝，大家早上好。

Muhtar, acquisitions, I was hoping you could talk a little bit more here about your appetite for additional multi billion dollar acquisitions generally?

Muhtar，收購，我希望你能在這裡多談談你對額外數十億美元收購的興趣？

And then with share repo being on hold because of Huiyuan, if the right thing were to present itself, is there any issue with your credit rating, given you backed up your bottlers that would prevent you over the near term from doing additional major acquisitions?

然後由於匯源而暫停股票回購，如果正確的事情出現了，你的信用評級是否有任何問題，因為你支持你的裝瓶商，這會阻止你在短期內進行額外的重大收購？

Mark, I'd just say the following.

馬克，我只想說以下。

First, I said it and I'll repeat it again, organic growth is key to our success.

首先，我說過，我會再重複一遍，有機增長是我們成功的關鍵。

It is -- sparkling growth is key to our success.

它是——閃閃發光的增長是我們成功的關鍵。

It's the oxygen.

是氧氣。

We've got to balance sparkling growth with still growth and we've got to have organic growth and any opportunities for acquisitions will come on top of that.

我們必須平衡快速增長與靜止增長，我們必須實現有機增長，任何收購機會都將在此之上。

That remains absolutely valid.

這仍然是絕對有效的。

Huiyuan, I think is a great opportunity and we continue to work with the Chinese government and we are the first Company to apply to the Minister of Commerce in the new law to -- and we believe that we will prevail in China with that great opportunity.

匯源，我認為這是一個很好的機會，我們將繼續與中國政府合作，我們是第一家向商務部長申請新法律的公司——我們相信，我們將在中國取得成功.

If there are any other opportunities that present themselves, our strategy remains bolt-on acquisitions, still part of the strategy.

如果有任何其他機會出現，我們的戰略仍然是補強收購，仍然是戰略的一部分。

And we will not -- make sure if we see a great opportunity for the future of our business, complementing our existing business in that country, we will not let it go by.

我們不會 - 確保如果我們看到我們業務未來的巨大機會，補充我們在該國的現有業務，我們不會放過它。

Great.

偉大的。

Thank you.

謝謝你。

You have a question from John Faucher, JPMorgan.

您有來自摩根大通的 John Faucher 的問題。

Your line is open.

你的線路是開放的。

Thank you very much.

非常感謝。

In looking at the performance of your publicly traded anchor bottlers year-to-date, obviously some pretty tough times in that regard.

看看你們公開交易的主要裝瓶商今年迄今為止的表現，顯然在這方面有些艱難。

So I guess a couple of questions.

所以我猜有幾個問題。

You've talked about selling off bottling assets.

你談到了出售裝瓶資產。

We've begun to see that a little bit.

我們已經開始看到一點。

Has the change in the public market valuations drifted into the private markets?

公開市場估值的變化是否已轉移到私人市場？

And then flipping that around, given the fact that the private market valuations are so low, does that change your interest in maybe bringing more bottlers into the hospital ward or is that something you say look, we're going to worry about the market, we'll let the market deal with that and we're just focused on operating where we need to operate?

然後反過來考慮，鑑於私人市場估值如此之低，這是否會改變您對可能將更多裝瓶商帶入醫院病房的興趣，或者您所說的，我們會擔心市場，我們會讓市場來解決這個問題，而我們只專注於在我們需要運營的地方運營？

John, hi.

約翰，你好。

I'll reflect on that and maybe Gary can also comment on it.

我會對此進行反思，也許 Gary 也可以對此發表評論。

Firstly, I was with -- we had a big bottlers' meeting three weeks ago with about 50 of our top bottlers around the world.

首先，我參加了——三週前，我們與全球大約 50 位頂級裝瓶商舉行了一次盛大的裝瓶商會議。

The first meeting of its kind for some time.

一段時間以來的第一次此類會議。

And I can only tell you that I think everyone comes away with tremendous passion, realistic optimism as well as determination to continue driving our business to continue investing and to continue to do the right things for our business.

我只能告訴你，我認為每個人都帶著巨大的熱情、現實的樂觀態度以及繼續推動我們的業務繼續投資並繼續為我們的業務做正確事情的決心。

Whether they're public or private bottlers.

無論他們是公共裝瓶商還是私人裝瓶商。

And I think that nothing really has changed from our strategy of -- in terms of looking at homes for bottlers that weaker currently are running when it makes sense, the right homes and also if there's a need, we will not hesitate to bring another bottler into our sphere.

而且我認為我們的策略並沒有真正改變——在合理的情況下為目前較弱的裝瓶商尋找房屋，合適的房屋，如果有需要，我們會毫不猶豫地帶來另一個裝瓶商進入我們的領域。

However, we don't -- I don't see any -- anything near on the horizon for us to do that right now and I think that I come away, as well as our bottling partners came away from that meeting really charged up and really feeling good about the future of our business.

然而，我們沒有——我沒有看到任何——我們現在可以做到這一點的任何事情，我認為我離開了，我們的裝瓶合作夥伴離開了那次會議，真的很興奮並且對我們業務的未來感覺良好。

John, it's Gary.

約翰，我是加里。

I would add, relative to values of the bottlers that we have, that we own, I'd say a couple of things.

我要補充一點，相對於我們擁有的裝瓶商的價值觀，我們擁有的，我想說幾件事。

Number one, we've always taken a long-term view, basically that we would only sell a bottler if the purchaser had the financial and the management resources to really grow that market for the long term and that when selling, we would sell at fair value.

第一，我們總是有長遠的眼光，基本上，如果購買者有財務和管理資源來真正長期發展該市場，我們只會出售裝瓶商，並且在出售時，我們會以公允價值。

And so I would say that's still where we are.

所以我想說這仍然是我們所處的位置。

If we were looking to sell a bottler today, we would be looking for fair value and then that would be just subject to negotiation on how you define that number.

如果我們今天要出售裝瓶商，我們將尋找公允價值，然後就如何定義該數字進行協商。

But our strategy really has not changed at all.

但是我們的策略真的一點都沒有改變。

Okay.

好的。

And then if I could ask one follow-up on that, which would be you guys have been managing Fairly Coke for a while now.

然後，如果我可以問一個後續問題，那就是你們已經管理 Fairly Coke 有一段時間了。

Any insight into how the rest of your North American bottling system should deal with its recent struggles, given the fact that you guys have a little bit more hands-on experience right now?

考慮到你們現在有更多的實踐經驗，對北美裝瓶系統的其他部分應該如何應對最近的困境有任何見解嗎？

Well, I think, John, we're learning from many experiments in North America.

嗯，我想，約翰，我們正在從北美的許多實驗中學習。

It's not just Fairly.

這不僅僅是公平的。

I think Fairly is doing many things to prop up their on-premise business very successfully.

我認為 Fairly 正在做很多事情來非常成功地支持他們的本地業務。

In fact, they've been proving to everyone that sparkling beverages can grow again in North America if you do the right things.

事實上，他們一直在向所有人證明，如果你做對了，起泡飲料可以在北美再次增長。

But then, with many of our other bottlers, including CCE, we have a number of initiatives going, whether it be packaging initiatives, whether it be sparkling growth initiatives, whether it be still growth initiatives, on-premise initiatives, as well as in the foodservice business of ours, where we're looking at commercializing a number of innovations in the coming months.

但是，對於我們的許多其他裝瓶商，包括 CCE，我們有許多計劃正在進行，無論是包裝計劃，是否是令人興奮的增長計劃，是否仍然是增長計劃，內部部署計劃，以及在我們的餐飲服務業務，我們正在考慮在未來幾個月內將一些創新商業化。

So I think it's not just limited to Fairly.

所以我認為它不僅限於 Fairly。

And the entire system, entire system is really learning from all the -- not experiments but lead markets tests that we're doing, not just experiments and I think that you will see us rolling out a number of those very, very shortly and Sandy Douglas is here, President of our North American business and I'll ask him to also shed some light on that.

整個系統，整個系統都在真正從我們正在做的所有 - 不是實驗而是領先市場測試中學習，不僅僅是實驗，我認為你會看到我們很快就會推出一些這樣的和桑迪道格拉斯在這裡，我們北美業務的總裁，我會請他也對此有所了解。

Muhtar, I think you said it well.

Muhtar，我認為你說得很好。

We've been working with the entire system on remerchandising the sparkling packaging mix, with a number of lead markets, all bottlers involved.

我們一直在與整個系統合作，重新銷售起泡包裝組合，涉及多個主要市場，所有裝瓶商都參與其中。

We're working closely with the system to create new processes and approaches for managing large customers.

我們正在與該系統密切合作，以創建管理大客戶的新流程和方法。

And we're continuing to work on integrating our supply chain to drive out waste and to be able to have more money to invest in the consumer and the customer and we couldn't be happier about bottler involvement and participation and those lead markets as you say are presenting a road map for us to go forward that will put us in a stronger position in the years ahead.

我們正在繼續努力整合我們的供應鏈以消除浪費，並能夠有更多的錢投資於消費者和客戶，我們對裝瓶商的參與和參與以及像您一樣的領先市場感到非常高興比如說正在為我們提供一個前進的路線圖，這將使我們在未來幾年處於更有利的地位。

Okay.

好的。

Thanks.

謝謝。

You have a question from Marc Greenberg, Deutsche Bank.

您有來自德意志銀行的 Marc Greenberg 的問題。

Your line is open.

你的線路是開放的。

Thanks, good morning.

謝謝，早上好。

First just a follow-up on on's question.

首先只是對 on 問題的跟進。

In light of Pepsi's comments yesterday about taking restructuring and investing significant new monies behind North America, Sandy or Muhtar, do you feel that the absolute level of investment behind the US business is sufficient right now?

鑑於百事昨天關於在北美、桑迪或穆塔爾背後進行重組和投資大量新資金的評論，您認為目前在美國業務背後的絕對投資水平是否足夠？

Is it going to be step change kind of a year in 2009?

2009 年會不會是大變樣的一年？

Yes, Mark, I think you need to understand that we have been on a path to indicating or saying and wholly believing that sparkling beverages can grow in North America since late 2004 and we have pushed this agenda forward and you've seen the successes of Coca-Cola Zero and many other initiatives, Fanta brand also doing really well in our business in North America.

是的，馬克，我認為您需要了解，自 2004 年底以來，我們一直在表明或說並完全相信起泡飲料可以在北美髮展，我們已經推動了這一議程，您已經看到了可口可樂零和許多其他舉措，芬達品牌在我們在北美的業務也做得很好。

We also -- don't forget that we also took out $400 million in '05 and invested it in marketing across the world and a lot of that was honed in here in the United States.

我們還 - 不要忘記，我們還在 05 年拿出 4 億美元投資於全球營銷，其中很多都是在美國這裡磨練出來的。

So our base of marketing base had already grown.

因此，我們的營銷基礎已經擴大。

We will continue with our bottling partners to ensure that we have the right level of investments in North America to make sure that we can leverage all the opportunities that we talked about in the previous question, answer to the previous question and to make sure that we can replicate great experiments, great examples, great lead market stories in both innovations in packaging, new price points and much more inspiration at the point of sale, much more focused on gaining availability in the universe of accounts we have and learn from all the lead markets in the United States and make sure that we have the right level of investment, customer facing and consumer facing investments.

我們將繼續與我們的裝瓶合作夥伴合作，以確保我們在北美擁有正確的投資水平，以確保我們能夠利用我們在上一個問題中談到的所有機會，回答上一個問題並確保我們可以在包裝創新、新價格點和更多銷售點的靈感中復制偉大的實驗、偉大的例子、偉大的領先市場故事，更專注於在我們擁有的賬戶中獲得可用性，並向所有領先者學習在美國市場，並確保我們有正確的投資水平、面向客戶和麵向消費者的投資。

Okay.

好的。

Thanks.

謝謝。

Gary, just a quick housekeeping item.

加里，只是一個快速的家務用品。

The 7% volume growth in Mexico, wondering if there's any kind of a timing or acquisition bump in there, based on comments and guidance from some of the larger Mexican bottlers, our sense was that it wasn't going to be that big a number in the quarter and obviously expectations for the fourth quarter may be coming down a little bit.

墨西哥 7% 的銷量增長，根據一些較大的墨西哥裝瓶商的評論和指導，想知道那裡是否存在任何形式的時間或收購障礙，我們的感覺是它不會是那麼大的數字在本季度，顯然對第四季度的預期可能會有所下降。

Can you talk to that?

你能談談嗎？

Yes, Mark.

是的，馬克。

In Mexico specifically, acquisitions contributed low single digit to that growth rate.

特別是在墨西哥，收購對該增長率的貢獻率很低。

Our 5 points of that growth rate and our organic was low single digits.

我們的 5 個百分點的增長率和我們的有機是低個位數。

Great.

偉大的。

Thanks very much.

非常感謝。

Our final question comes from Carlos Laboy, Credit Suisse.

我們的最後一個問題來自瑞士信貸的 Carlos Laboy。

Your line is open.

你的線路是開放的。

Good morning, everyone.

大家，早安。

Muhtar, you've mentioned this I think in some form but market downturns sometimes they open up opportunities to radically change a market.

Muhtar，我認為您以某種形式提到了這一點，但市場低迷有時會為徹底改變市場提供機會。

Argentina a few years ago for example comes to mind.

例如幾年前的阿根廷。

Can you expand on the Company owned bottler performance expectations through this macro slowdown, and whether it's Germany or the Philippines?

您能否通過這種宏觀放緩擴大公司擁有的裝瓶商業績預期，無論是德國還是菲律賓？

What kind of opportunities do you see in this downturn to gain competitive ground?

您認為在這種低迷時期有哪些獲得競爭優勢的機會？

Well, Carlos, I see opportunities in this environment, not just for our Company on bottling operations, for our entire bottling system.

好吧，卡洛斯，我在這種環境中看到了機會，不僅僅是我們公司的裝瓶業務，還有我們整個裝瓶系統。

I want to stress that.

我想強調這一點。

And I think that the consolidation in Germany is complete.

我認為德國的整合已經完成。

We are gaining share in the German market.

我們正在德國市場獲得份額。

We're doing some great things under one of our great operators in our bottling business in Germany.

在德國的裝瓶業務中，我們在一位偉大的運營商的領導下做著一些偉大的事情。

And we're gaining great traction with discounters in Germany and I see the business fundamentals getting stronger every day.

我們在德國的折扣店獲得了巨大的吸引力，我看到商業基礎每天都在變強。

In the Philippines I think we're, again, doing exactly the right things for the long term.

在菲律賓，我認為我們再次在長期做正確的事情。

We had a disappointing quarter in the Philippines, was 9% down, but you will see that trend improving going forward and I think that the Philippines had -- its more than fair share of this economic volatility in the food quarter with food pricing really affecting consumer spending and sentiment but going forward I believe that trends in the Philippines is going to improve.

我們在菲律賓有一個令人失望的季度，下降了 9%，但你會看到這種趨勢在未來有所改善，我認為菲律賓在食品季度的經濟波動中所佔的份額超過了公平的份額，食品價格確實影響了消費者支出和情緒，但展望未來，我相信菲律賓的趨勢將會改善。

And I think in China, you know, again, we're doing exactly the right things to have a great, great business.

而且我認為在中國，你知道，再一次，我們正在做完全正確的事情來擁有一個偉大的、偉大的業務。

I say -- I always say, China is another Coca-Cola Company and I firmly believe that.

我說——我總是說，中國是另一家可口可樂公司，我堅信這一點。

Thanks, Muhtar.

謝謝，穆赫塔爾。

I'll now turn the call over to Mr.

我現在把電話轉給先生。

Kent for closing remarks.

肯特致閉幕詞。

Thank you, Gary and Ann.

謝謝你，加里和安。

Before we close the call, I would like to thank Ann Taylor for serving as Director of Investor Relations for the last four years.

在結束電話會議之前，我要感謝 Ann Taylor 在過去四年中擔任投資者關係總監。

She and her team have done a tremendous job helping craft and deliver our strategic and financial message as the Company has evolved during both Neville's and now my tenure as CEO.

隨著公司在內維爾和現在我擔任首席執行官期間的發展，她和她的團隊在幫助制定和傳達我們的戰略和財務信息方面做得非常出色。

Ann will be moving within our organization to a role overseeing the Company's transformation efforts, one of our most critical growth enablers.

Ann 將在我們的組織內擔任監督公司轉型工作的角色，這是我們最關鍵的增長推動力之一。

I want to thank Ann for her contributions and I know she will continue to play a very meaningful role going forward.

我要感謝 Ann 的貢獻，我知道她將在未來繼續發揮非常有意義的作用。

I'm pleased to announce Jackson Kelly has been appointed our new Director of Investor Relations.

我很高興地宣布 Jackson Kelly 被任命為我們新的投資者關係總監。

Jackson has spent the last two years working directly with me on global strategic initiatives and Jackson has 17 years with the Company.

在過去的兩年裡，傑克遜一直與我直接合作制定全球戰略計劃，傑克遜在公司工作了 17 年。

His background as a CPA as well as his experience in marketing, strategy, and finance will add an important new dimension to how we interact with each of you.

他作為註冊會計師的背景以及他在營銷、戰略和財務方面的經驗將為我們與你們每個人的互動增加一個重要的新維度。

Thanks for joining us this morning and have a great day.

感謝您今天早上加入我們，祝您有美好的一天。

Thank you you for participating in today's conference call with the Coca-Cola Company.

感謝您參加今天與可口可樂公司的電話會議。

Audio playback is available via the Company's website, theCoca-ColaCompany.com.

音頻播放可通過公司網站 theCoca-ColaCompany.com 獲得。

You may now all disconnect.

您現在可以全部斷開連接。