可口可樂 (KO) 2012 Q1 法說會逐字稿

At this time, I would like to welcome everyone to The Coca-Cola Company's first quarter 2012 earnings results conference call.

此時，我想歡迎大家參加可口可樂公司 2012 年第一季度財報電話會議。

Today's call is being recorded.

今天的通話正在錄音中。

If you have any objections, you may disconnect at this time.

如果您有異議，此時您可以斷開連接。

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

在電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) Due to the interest in this call, we are requesting a limit of one question per person.

（操作員說明）由於對本次通話的興趣，我們要求每人限答一個問題。

I would like to remind everyone that the purpose of this conference is to speak with investors; 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對話；因此，媒體的提問將不予回答。

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。

I would now like to introduce Mr Jackson Kelly, Vice President and Investor Relations Officer.

我現在想介紹副總裁兼投資者關係官 Jackson Kelly 先生。

Mr Kelly, you may begin.

凱利先生，您可以開始了。

Good morning.

早上好。

Thank you for being with us today.

感謝您今天與我們在一起。

I'm joined by Muhtar Kent, our Chairman and Chief Executive Officer and Gary Fayard, our Chief Financial Officer.

我們的董事長兼首席執行官 Muhtar Kent 和首席財務官 Gary Fayard 也加入了我的行列。

Following prepared remarks this morning, we will turn the call over for your questions.

在今天早上準備好的發言之後，我們將轉交您的問題。

Before we begin, 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 periodic 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，包括有關長期收益目標的陳述，應與我們的收益發布和公司最近定期報告中包含的警示性陳述一起考慮美國證券交易委員會報告。

In addition, I would also like to note that we have posted schedules on our Company website at www.thecoca-colacompany.com, under the Reports & Financial Information tab in the Investor section, which reconciles certain non-GAAP financial measures that may be referred to by our senior executives in our discussions this morning and from time to time in discussing our financial performance to our results as reported under 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“報告和財務信息”選項卡下發布了時間表，其中協調了某些非 GAAP 財務措施，這些措施可能我們的高級管理人員在今天上午的討論中以及在討論我們根據公認會計原則報告的財務業績時不時提到。

Please look on our website for this information.

請在我們的網站上查看此信息。

Now, I'll turn the call over to Muhtar.

現在，我將把電話轉給 Muhtar。

Thank you, Jackson.

謝謝你，傑克遜。

Good morning, everyone.

大家，早安。

Let me begin by saying that I'm pleased with our first quarter results.

首先讓我說，我對我們第一季度的業績感到滿意。

I've never been more excited about the prospects for our brands, as well as our system, or more proud of our people who are driving our consistent and quality performance results.

我從未對我們的品牌和系統的前景感到如此興奮，也從未為推動我們始終如一的優質績效結果的員工感到自豪。

We continue to deliver volume, value, and profit growth, as we enter the third year of our 2020 Vision.

隨著我們進入 2020 年願景的第三個年頭，我們將繼續實現銷量、價值和利潤增長。

We once again saw positive volume growth across every one of our five geographic operating groups.

我們再次看到我們五個地理運營集團中每一個的銷量正增長。

We also continued to gain volume and value share globally in the nonalcoholic ready-to-drink beverages and in every sparkling and still beverage category in which we compete.

我們還繼續在全球範圍內獲得非酒精即飲飲料以及我們競爭的每一種起泡和靜止飲料類別的數量和價值份額。

We are winning with our global sparkling beverage portfolio, which was up a solid 4% this past quarter, led by the global growth of brand Coca-Cola, which was up also a healthy 4%.

我們的全球起泡飲料組合取得了成功，該組合在上個季度強勁增長了 4%，這得益於可口可樂品牌的全球增長，該品牌也實現了 4% 的健康增長。

And we are continuing to win with our global still beverage portfolio, which grew a strong 9% this quarter.

我們將繼續通過我們的全球非碳酸飲料產品組合取勝，本季度該產品組合強勁增長 9%。

As we stand a little less than a quarter of the way into our journey towards our 2020 Vision, today's results demonstrate yet again how we are passionately and effectively refreshing a thirsty world with a capable, resilient and advantaged global bottling system.

在我們邁向 2020 年願景的過程中只走了不到四分之一，今天的結果再次證明了我們如何熱情有效地用一個有能力、有彈性和優勢的全球裝瓶系統來刷新一個口渴的世界。

Before reviewing our quarterly operating results, let's take a few moments to address today's mixed global economic environment.

在回顧我們的季度經營業績之前，讓我們花點時間來談談當今復雜的全球經濟環境。

With respect to Europe, we are observing ongoing macroeconomic uncertainty as 2012 unfolds.

就歐洲而言，隨著 2012 年的到來，我們觀察到持續存在的宏觀經濟不確定性。

Austerity measures implemented across the region are weighing on consumer confidence, which recently reached its lowest level since the first quarter of 2009.

該地區實施的緊縮措施正在打壓消費者信心，消費者信心最近達到 2009 年第一季度以來的最低水平。

Despite the challenges in Europe, we are executing on all fronts to drive performance and share gains.

儘管在歐洲面臨挑戰，但我們在各個方面都在執行以推動業績和分享收益。

So, while we expect the macroeconomic conditions will remain difficult in Europe throughout 2012, we remain cautiously encouraged by our performance in this market.

因此，儘管我們預計整個 2012 年歐洲的宏觀經濟狀況仍將困難重重，但我們仍對我們在該市場的表現持謹慎態度。

Turning to the United States.

轉向美國。

Despite its struggle with a sustained period of relative high unemployment, we are pleased to see some early signs of a slowly improving macroeconomic environment.

儘管它與持續的相對高失業率作鬥爭，但我們很高興看到宏觀經濟環境緩慢改善的一些早期跡象。

We remain firmly committed to building strong brands and creating value in the United States to capture more than our fair share of the industry's profitable growth.

我們仍然堅定地致力於在美國建立強大的品牌和創造價值，以獲取超過我們應得的行業利潤增長份額。

Finally, let me touch on recent macroeconomic developments across a couple of key BRIC markets.

最後，讓我談談幾個主要金磚四國市場最近的宏觀經濟發展。

In China, we've all seen economists lower their 2012 GDP growth rate forecast.

在中國，我們都看到經濟學家降低了他們對 2012 年 GDP 增長率的預測。

While we agree that there has been some moderate slowdown in China, we also believe that this is a natural progression and that it is a positive for the long-term sustainable growth of the country.

雖然我們同意中國出現了一些溫和的放緩，但我們也相信這是一個自然的過程，這對中國的長期可持續增長是積極的。

As we move through 2012, we anticipate that our business in China may not be immune to this cooling economy; therefore, we may also see our volume results in China moderate to some extent.

隨著 2012 年的到來，我們預計我們在中國的業務可能無法免受經濟降溫的影響；因此，我們也可能會看到我們在中國的銷量結果在一定程度上有所放緩。

Having said that, we are confident that China will continue to serve as a double-digit growth market for our business over the long-term.

話雖如此，我們有信心中國將繼續作為我們業務長期兩位數增長的市場。

As for Brazil, which underwent a cooling down period of its own in 2011, there are now signs of improving consumer sentiment.

至於巴西，其在 2011 年經歷了自身的冷卻期，現在有跡象表明消費者信心有所改善。

We expect this trend to hold, as we move through the balance of 2012 with our business in Brazil continuing to gain market share.

我們預計這一趨勢將持續下去，因為我們在 2012 年餘下的時間裡我們在巴西的業務將繼續獲得市場份額。

In summary, we always find ourselves operating in a fast, evolving global environment, one with some economies slowing, other economies stabilizing, while sustaining high unemployment and still others, improving and well on their way to recovery.

總而言之，我們總是發現自己在一個快速、不斷變化的全球環境中運作，一些經濟體在放緩，另一些經濟體在穩定，同時維持高失業率，還有一些經濟體正在改善並正在復蘇。

In all cases, we remain intently focused on realizing our 2020 Vision and we will keep investing through these challenging times to drive long-term advantaged and sustainable growth.

在任何情況下，我們都將專注於實現我們的 2020 年願景，我們將在這些充滿挑戰的時期繼續投資，以推動長期的優勢和可持續增長。

For if we have learned anything these past few years, it is that during times of ongoing uncertainty, consumers are even thirstier for brands that inspire real moments of optimism and happiness.

如果我們在過去幾年中學到了什麼，那就是在持續不確定的時期，消費者更加渴望能夠激發真正樂觀和幸福時刻的品牌。

Turning now to our total Company performance results.

現在轉向我們公司的總體業績結果。

Our volume grew 5% in the quarter, ahead of our long-term target and fueled by organic volume growth in all five geographic operating groups.

在所有五個地理運營集團的有機銷量增長的推動下，我們本季度的銷量增長了 5%，超過了我們的長期目標。

As for our financial results, we grew comparable currency neutral net revenue by 7% and we grew comparable currency neutral operating income by 8%, once you adjust for the cycling of lower commodity costs in the prior period.

至於我們的財務業績，我們將可比貨幣中性淨收入增長了 7%，並且我們將可比貨幣中性營業收入增長了 8%，一旦你調整了前期較低商品成本的周期。

As such, we remain confident in our ability to deliver full-year 2012 operating income results, in line with our long-term targets.

因此，我們對實現 2012 年全年營業收入結果的能力充滿信心，這符合我們的長期目標。

Now, let's review our performance results across our global markets in more detail, beginning with North America, our flagship market.

現在，讓我們從我們的旗艦市場北美開始，更詳細地回顧我們在全球市場的業績結果。

Our North America business was up 2%, delivering an eighth consecutive quarter of growth.

我們的北美業務增長了 2%，實現了連續第八個季度的增長。

Importantly, our North America system once again led the industry, capturing volume and value share in nonalcoholic ready-to-drink beverages.

重要的是，我們的北美系統再次引領行業，在非酒精即飲飲料中佔據數量和價值份額。

Our sparkling beverages in North America were up 1% in the quarter with brand Coca-Cola also positive in the quarter, while further improving its brand health scores.

我們在北美的起泡飲料在本季度增長了 1%，品牌可口可樂在本季度也表現良好，同時進一步提高了其品牌健康評分。

The momentum behind both Coke Zero, as well as Fanta, continued with these brands up 9% and 4% respectively this quarter, and we also earned higher pricing in North America, which enabled us to generate a positive 3% price mix for both bottled can sparkling beverages, as well as our total North America beverage business.

可口可樂零和芬達背後的勢頭在本季度繼續增長，這些品牌分別上漲了 9% 和 4%，我們還在北美獲得了更高的定價，這使我們能夠為這兩種瓶裝產品產生 3% 的正價格組合起泡飲料，以及我們整個北美飲料業務。

Our still beverages in North America were up 6% in the quarter, gaining both volume and value share, while delivering industry-leading results across many categories.

我們在北美的非碳酸飲料在本季度增長了 6%，銷量和價值份額均有所增長，同時在多個類別中取得了行業領先的業績。

In sports drinks, Powerade grew double-digits yet again this quarter, while once again capturing volume and value share.

在運動飲料方面，Powerade 本季度再次實現兩位數增長，同時再次佔據銷量和價值份額。

Our glaceau trademark grew 9%, also capturing volume and value share led by another quarter of double-digit growth for both smartwater and vitaminwater zero.

我們的 glaceau 商標增長了 9%，在 smartwater 和 vitaminwater zero 的另外四分之一兩位數增長的帶動下，也獲得了銷量和價值份額。

Our key performance, again, accelerated this quarter, up double-digits, led by Gold Peak, which grew double-digits for the 20th consecutive quarter.

我們的主要業績在本季度再次加速，增長兩位數，其中 Gold Peak 連續第 20 個季度實現兩位數增長。

And in water, DASANI also expanded double-digits this quarter with the national rollout of our innovative plant bottle that is positively impacting purchase intent and brand equity.

在水方面，DASANI 在本季度也實現了兩位數的增長，我們在全國推出了我們的創新植物瓶，這對購買意向和品牌資產產生了積極影響。

As we have said many times before, we believe North America is a growth market for our business.

正如我們之前多次說過的，我們相信北美是我們業務的增長市場。

Despite a challenging competitive and macroeconomic backdrop, our results, both validate this belief and provide us with every reason to remain optimistic about the long-term outlook for America.

儘管充滿挑戰的競爭和宏觀經濟背景，我們的結果都證實了這一信念，並為我們提供了對美國長期前景保持樂觀的充分理由。

Now, let me turn to our Pacific group, which grew 8% in the quarter, including 6% growth for brand Coca-Cola.

現在，讓我談談我們的太平洋集團，該集團本季度增長了 8%，其中可口可樂品牌增長了 6%。

In China, the overall beverage industry was not immune from the impact of the economic slowdown we mentioned earlier, as well as the unseasonably cold weather that occurred during this quarter's Chinese New Year celebration.

在中國，整個飲料行業也未能倖免於我們之前提到的經濟放緩的影響，以及本季度農曆新年慶祝活動期間出現的反常寒冷天氣。

Despite this, our business in China delivered a solid 9% growth this quarter, while cycling a strong first quarter last year.

儘管如此，我們在中國的業務本季度實現了 9% 的穩健增長，同時在去年第一季度表現強勁。

Importantly, our right-sizing efforts are generating strong incremental transactions, in line with our expectations.

重要的是，我們調整規模的努力正在產生強勁的增量交易，這符合我們的預期。

Sparkling beverage transactions were up double-digits this past quarter, driven by the expansion of our 300ml package.

在我們 300 毫升包裝擴展的推動下，上個季度起泡飲料的交易量增長了兩位數。

This helped us capture both volume and value share in the sparkling beverage category this quarter.

這幫助我們在本季度獲得了起泡飲料類別的數量和價值份額。

Just a few weeks ago, I was pleased and honored to inaugurate our 42nd bottling plant in China in Yingkou.

就在幾週前，我很高興也很榮幸地在營口為我們在中國的第 42 家裝瓶廠舉行落成典禮。

This new plant is now our largest production facility in China, with an expected annual production capacity of more than 5 billion servings of sparkling and still beverages.

這個新工廠現在是我們在中國最大的生產設施，預計年生產能力超過 50 億份起泡飲料和不含氣飲料。

This new lead certified plant is part of our system's three-year, $4 billion China investment plan and reaffirms our strong commitment to China.

這座新的鉛認證工廠是我們系統為期三年、價值 40 億美元的中國投資計劃的一部分，重申了我們對中國的堅定承諾。

Japan's first quarter results were up 3%, building on the great work done by our system to restore and strengthen our business during a very challenging 2011.

日本第一季度的業績增長了 3%，這得益於我們的系統在充滿挑戰的 2011 年為恢復和加強我們的業務所做的出色工作。

Our Japan business gained both volume and value share in the nonalcoholic beverages this quarter.

本季度，我們的日本業務在非酒精飲料中的銷量和價值份額均有所增長。

This growth in Japan was broad-based, with numerous sparkling and still beverages delivering positive results, including brand Coca-Cola up 2%, Fanta up 6%, glaceau water up 4% and Georgia Coffee up 3%.

日本的這種增長是廣泛的，許多起泡和非碳酸飲料都取得了積極的成果，包括品牌可口可樂增長 2%、芬達增長 6%、冰露水增長 4% 和喬治亞咖啡增長 3%。

Additionally, our Japan business grew across all channels, including convenience stores and vending.

此外，我們的日本業務在所有渠道都有增長，包括便利店和自動售貨機。

Also during the quarter, our Japan business unit was recognized with our Company's highest honor, the 2011 Woodruff Cup based on the business unit's achievement of key performance metrics as set forth in our 2020 Vision.

同樣在本季度，我們的日本業務部門獲得了公司的最高榮譽，即 2011 年伍德拉夫杯，該獎項基於該業務部門實現我們 2020 年願景中規定的關鍵績效指標。

As such, we remain confident that our system in Japan is well aligned and in a strong position to deliver full-year low single-digit growth in 2012.

因此，我們仍然相信我們在日本的系統能夠很好地協調一致，並有能力在 2012 年實現全年低個位數增長。

I also want to call out two other markets within this diverse and dynamic geographic region of the world.

我還想指出世界上這個多元化和充滿活力的地理區域中的另外兩個市場。

First, our business in the Philippines is growing again, up mid single-digits this past quarter, reflecting how the hard work put in by our bottling investment group keeps yielding strong results.

首先，我們在菲律賓的業務再次增長，上個季度增長了中等個位數，反映出我們的裝瓶投資集團的辛勤工作如何不斷取得強勁成果。

While we believe there is still much opportunity left to be captured in the Philippines, we also believe that our business there is on the right track and that we are successfully building the capabilities needed to deliver consistent and sustainable growth.

雖然我們相信在菲律賓仍有很多機會可以抓住，但我們也相信我們在那裡的業務走在正確的軌道上，我們正在成功地建立實現持續和可持續增長所需的能力。

Second, our business in Thailand grew over 20% in the first quarter and brand Coca-Cola was up over 30%, as we build momentum in this market, while investing for the future.

其次，我們在泰國的業務在第一季度增長了 20% 以上，可口可樂品牌增長了 30% 以上，因為我們在這個市場建立了勢頭，同時為未來投資。

We have plans in place to expand our beverage production capabilities in this fast-growing market, consistent with our system's culture of targeted investment that underpins our 2020 Vision.

我們已製定計劃，在這個快速增長的市場中擴大我們的飲料生產能力，這與我們支持 2020 年願景的系統目標投資文化相一致。

Moving now to Latin America.

現在搬到拉丁美洲。

Our volume grew 5% for the quarter, including 4% growth for brand Coca-Cola.

本季度我們的銷量增長了 5%，其中可口可樂品牌增長了 4%。

In the process, we gained additional share in nonalcoholic ready-to-drink beverages, as well as in both sparkling and still beverages in Latin America this quarter.

在此過程中，本季度我們在拉丁美洲的非酒精即飲飲料以及起泡和無氣飲料中獲得了更多份額。

Latin America's solid first quarter results were driven by our consistent growth in Mexico, improved results in Brazil, and high single-digit growth in both our Latin center and South Latin regions.

拉丁美洲第一季度的穩健業績得益於我們在墨西哥的持續增長、巴西業績的改善以及拉丁美洲中部和拉丁美洲南部地區的高個位數增長。

In Mexico, we delivered 3% growth, cycling 14% from last year.

在墨西哥，我們實現了 3% 的增長，比去年循環增長 14%。

We captured additional nonalcoholic ready-to-drink beverage volume and value share in Mexico.

我們在墨西哥獲得了額外的非酒精即飲飲料銷量和價值份額。

This is a further testament to our team's ability to execute clear occasion-based channel strategies across all beverage categories in our highest per capita market.

這進一步證明了我們的團隊有能力在我們最高人均市場的所有飲料類別中執行明確的基於場合的渠道策略。

As for Brazil, we reiterated many times last year that as this country's economy improved, so would our results.

至於巴西，我們去年多次重申，隨著該國經濟的好轉，我們的業績也會好轉。

This quarter's 4% volume growth in Brazil validates this belief.

本季度巴西 4% 的銷量增長證實了這一信念。

Importantly, our continued volume and value share gains in Brazil are a testament to our sustained, long-term growth strategies, which never wavered during last year's economic slowdown.

重要的是，我們在巴西的銷量和價值份額持續增長證明了我們持續的長期增長戰略，該戰略在去年的經濟放緩期間從未動搖過。

Looking ahead, we expect our 2012 growth results in Brazil to remain steady, as low to mid single-digits, as the Brazilian economy recovers.

展望未來，隨著巴西經濟的複蘇，我們預計 2012 年巴西的增長結果將保持穩定，保持在中低個位數水平。

Our commitment to the future of Brazil has never been stronger, as shown by our system's recent announcement to accelerate our investments in Brazil to nearly $8 billion through 2016.

我們對巴西未來的承諾從未如此堅定，正如我們系統最近宣佈到 2016 年將我們在巴西的投資加速到近 80 億美元所表明的那樣。

Our Eurasia and Africa business grew a strong 9% in the quarter, including solid 9% growth for brand Coca-Cola.

我們的歐亞大陸和非洲業務在本季度強勁增長 9%，其中可口可樂品牌實現了 9% 的穩健增長。

Our overall group results were led by robust growth across the entire region, including growth in India, Russia, South Africa, the Middle East and North Africa.

我們的整體集團業績得益於整個地區的強勁增長，包括印度、俄羅斯、南非、中東和北非的增長。

Overall performance was once again led by India, which grew 20% in the quarter, delivering balanced growth across all categories.

印度再次領跑整體表現，本季度增長 20%，所有類別均實現均衡增長。

I was particularly encouraged by brand Coca-Cola's 27% growth in India this past quarter.

上個季度可口可樂品牌在印度的 27% 增長讓我特別受鼓舞。

Our still beverages in India were up over 20% in the quarter, led by Maaza up over 30%.

我們在印度的非碳酸飲料在本季度上漲了 20% 以上，其中 Maaza 漲幅超過 30%。

Russia was up 3% this quarter, cycling last year's strong 27% growth.

俄羅斯本季度增長了 3%，延續了去年 27% 的強勁增長勢頭。

Our business in Russia continues to be led by the strong momentum of brand Coca-Cola, which once again delivered double-digit growth.

我們在俄羅斯的業務繼續由可口可樂品牌的強勁勢頭引領，該品牌再次實現了兩位數的增長。

Additionally, our Dobry juice brand delivered 9% growth and as a result our overall business in Russia keeps outperforming the rest of the industry, gaining nonalcoholic ready-to-drink beverage volume and value share.

此外，我們的 Dobry 果汁品牌實現了 9% 的增長，因此我們在俄羅斯的整體業務繼續優於其他行業，獲得了非酒精即飲飲料的銷量和價值份額。

Finally, we saw positive volume across growth in every other business unit in our Eurasia and Africa group, including double-digit growth in South Africa, as well as in the Middle East and North Africa region.

最後，我們在歐亞和非洲集團的所有其他業務部門都看到了積極的增長，包括南非以及中東和北非地區的兩位數增長。

We are excited about the future opportunities for our business in this dynamic, growing part of the world.

我們對我們業務在這個充滿活力、不斷發展的地區的未來機會感到興奮。

Moving now to Europe, volume was up 1%, gaining share in nonalcoholic ready-to-drink beverages.

現在轉向歐洲，銷量增長了 1%，在非酒精即飲飲料中獲得了份額。

Notably, this is Europe's seventh consecutive quarter of positive growth.

值得注意的是，這是歐洲連續第七個季度實現正增長。

And this growth was led by Germany, which was up 3% for the quarter, capturing once again share in the nonalcoholic ready-to-drink beverages, as well as in both sparkling and still beverage categories.

這一增長由德國引領，該國本季度增長了 3%，再次佔據了非酒精即飲飲料以及起泡和非碳酸飲料類別的份額。

Brand Coca-Cola was up 4% this quarter in Germany, benefiting from both our effective marketing campaigns and our consumer recruitment initiatives.

受益於我們有效的營銷活動和我們的消費者招募計劃，可口可樂品牌本季度在德國上漲了 4%。

In total, this marks Germany's fifth consecutive quarter of positive growth.

總的來說，這標誌著德國連續第五個季度實現正增長。

This consistency validates how our ongoing bottling restructuring efforts have enhanced our ability to create value during difficult economic times.

這種一致性證實了我們正在進行的裝瓶重組工作如何增強了我們在經濟困難時期創造價值的能力。

Another region where our business is showing signs of moderate improvement despite challenging economic conditions is Central and Southern Europe.

儘管經濟形勢嚴峻，但我們的業務仍顯示出適度改善跡象的另一個地區是中歐和南歐。

Most markets in this region posted positive growth, including Italy, which was up 4% for the quarter.

該地區的大多數市場都實現了正增長，其中包括本季度增長 4% 的意大利。

Another very important geography where we achieved positive results is Spain, up 6% for the quarter.

我們取得積極成果的另一個非常重要的地區是西班牙，該季度增長了 6%。

We are closely monitoring our business in both of these markets, in light of recently announced austerity measures.

鑑於最近宣布的緊縮措施，我們正在密切關注我們在這兩個市場的業務。

Importantly, we believe we have the right brands, the right strategies and the right capabilities in place to continue delivering long-term sustainable growth in Europe.

重要的是，我們相信我們擁有正確的品牌、正確的戰略和正確的能力，可以繼續在歐洲實現長期可持續增長。

As we look ahead to this summer, both in Europe, as well as across the world, we are very excited about the unique opportunity to grow the value of our brands even further through our investments in the 2012 London Summer Olympic Games.

展望今年夏天，無論是在歐洲還是在世界各地，我們都非常高興能有機會通過投資 2012 年倫敦夏季奧運會進一步提升我們品牌的價值。

For context, during the 2008 Beijing Summer Olympics, we activated 36 markets across the globe.

就背景而言，在 2008 年北京夏季奧運會期間，我們激活了全球 36 個市場。

For this year's Summer Olympics, we plan to activate almost 100 markets, leveraging content, experiences and conversations generated through our global program.

對於今年的夏季奧運會，我們計劃激活近 100 個市場，利用通過我們的全球計劃產生的內容、體驗和對話。

This fully integrated 2012 global Olympic marketing program will be all about recruiting teams by tapping into emotional passion points like sports and music.

這個完全整合的 2012 年全球奧林匹克營銷計劃將通過挖掘運動和音樂等情感激情點來招募團隊。

An early success of this program is the over 160,000 YouTube views of Mark Ronson's behind the scenes footage, as he developed our new Olympics theme song.

該計劃的早期成功是 Mark Ronson 創作我們新的奧運會主題曲的幕後花絮在 YouTube 上的觀看次數超過 160,000 次。

These views were generated without any active promotions on our part and once again, are a clear example of how we are successfully engaging consumers with innovative, compelling, and sharable social media content.

這些觀點是在我們沒有進行任何積極促銷的情況下產生的，再次清楚地說明了我們如何通過創新、引人注目和可共享的社交媒體內容成功地吸引消費者。

As we work to engage with our consumers, we're also committed to building a better tomorrow.

在努力與消費者互動的同時，我們也致力於建設更美好的明天。

Last month, we released our 2012 Global Water Stewardship and Replenishment Report, detailing our ongoing work to reduce, recycle and replenish the water we use around the world.

上個月，我們發布了 2012 年全球水資源管理和補給報告，詳細介紹了我們在減少、回收和補給我們在世界各地使用的水方面正在進行的工作。

To date, our Company has launched 386 Community Water Partnership projects in 94 countries.

迄今為止，我們公司已在 94 個國家/地區啟動了 386 個社區水資源合作項目。

These projects have improved water access for 1.6 million people, including more than 0.25 million women and children in Africa.

這些項目改善了 160 萬人的用水狀況，其中包括 25 萬非洲婦女和兒童。

In 2011 alone, our Community Water Partnership projects replenished 35% of the water used in our finished product beverages.

僅在 2011 年，我們的社區水夥伴關係項目就補充了成品飲料用水量的 35%。

These projects also benefited the communities we served, by providing sustainable agriculture training and resources to more than 12,000 farmers and by supporting the reforestation of over 30,000 hectares.

這些項目還為 12,000 多名農民提供可持續農業培訓和資源，並支持 30,000 多公頃的重新造林，從而使我們服務的社區受益。

As we build a better tomorrow, our efforts and performance are being recognized.

隨著我們建設更美好的明天，我們的努力和表現正在得到認可。

This past quarter, we were humbly honored to receive several acknowledgments.

在上個季度，我們很榮幸收到幾份致謝。

Firstly, Fortune Magazine's survey of the most admired companies listed us at Number four in their 2012 rankings, up from Number six in 2011, and up 20 spots from where we ranked just five years ago.

首先，在《財富》雜誌對最受讚賞公司的調查中，我們在 2012 年的排名中名列第四，高於 2011 年的第六名，比五年前的排名上升了 20 位。

In these same rankings, Fortune Magazine's survey once again rated us as the Number one most admired beverage company in the world.

在這些相同的排名中，財富雜誌的調查再次將我們評為全球最受尊敬的飲料公司第一名。

Secondly, Forbes also announced just two weeks ago that our Company had risen to Number seven on that publication's list of America's most reputable companies, based on a consumer survey, by Reputation Institute.

其次，就在兩週前，福布斯還宣布，根據聲譽研究所的一項消費者調查，我們公司在該出版物的美國最負盛名公司名單中排名第七。

This ranking is up from Number 25 in 2011.

這一排名高於 2011 年的第 25 位。

We also saw our standing improve within the Harris Interactive Reputation Study, an annual survey that measures the corporate reputations of the 60 most visible companies in the US.

我們還看到我們在 Harris Interactive Reputation Study 中的地位有所提高，Harris Interactive Reputation Study 是一項年度調查，衡量美國 60 家最知名公司的企業聲譽。

In their latest survey, our Company climbed to Number three, up from 15 the previous year.

在他們的最新調查中，我們公司從去年的第 15 位攀升至第三位。

While all of us at The Coca-Cola Company are proud of these achievements, we understand that they only represent a snapshot of where we are today rather than where we aspire to be tomorrow.

雖然我們可口可樂公司的所有人都為這些成就感到自豪，但我們明白它們只是我們今天所處位置的快照，而不是我們渴望成為明天的地方。

As I have stated many times before, the complexity and the challenge of today's mixed global economy also brings real opportunities and exciting growth prospects.

正如我之前多次指出的那樣，當今混合的全球經濟的複雜性和挑戰也帶來了真正的機遇和令人振奮的增長前景。

What was true on day one of our 2020 Vision is still true today.

我們 2020 年願景第一天的情況在今天仍然適用。

Our system has only just begun to achieve its potential.

我們的系統才剛剛開始發揮其潛力。

We have a clear road map for growth, a productivity and reinvestment program that is driving efficiencies and a global bottling system that is well aligned and poised for execution.

我們有清晰的增長路線圖、提高效率的生產力和再投資計劃，以及協調一致並準備好執行的全球裝瓶系統。

This strong alignment has not only enabled us to effectively navigate the volatility of these past several years, it has also put us in a position of real strength.

這種強強聯合不僅使我們能夠有效應對過去幾年的動盪，還使我們處於真正的優勢地位。

That is why we are confident that our Coca-Cola system will continue to passionately refresh a thirsty world and create value for all of our consumers, customers and shareholders.

這就是為什麼我們相信我們的可口可樂系統將繼續熱情地為口渴的世界提神並為我們所有的消費者、客戶和股東創造價值。

With that, I would now like to turn the call over to Gary.

有了這個，我現在想把電話轉給加里。

Thanks, Muhtar.

謝謝，穆赫塔爾。

Good morning, everyone.

大家，早安。

We delivered strong results this quarter, underscoring once again that our global system is well positioned to execute our strategic plans and alignment with our 2020 Vision.

本季度我們取得了強勁的業績，再次表明我們的全球系統已做好充分準備，可以執行我們的戰略計劃並與我們的 2020 年願景保持一致。

We reported comparable earnings per share of $0.89 this quarter, up 3% versus the prior year.

我們報告的本季度可比每股收益為 0.89 美元，比去年同期增長 3%。

As Muhtar shared earlier, our earnings growth was driven by broad-based volume growth across all of our five operating groups.

正如 Muhtar 早些時候分享的那樣，我們的盈利增長是由我們所有五個運營集團的廣泛銷量增長推動的。

In fact, we had volume growth across nearly all of our business units within our global operations this quarter.

事實上，本季度我們全球業務中幾乎所有業務部門的銷量都出現了增長。

Comparable currency-neutral operating income was up 5% this quarter.

本季度可比貨幣中性營業收入增長了 5%。

On a comparable basis, the impact of currency on this quarter's operating income results was a 2% headwind, in line with outlook we provided during our last earnings call in February.

在可比基礎上，貨幣對本季度營業收入結果的影響是 2% 的逆風，這與我們在 2 月份的上一次財報電話會議上提供的展望一致。

In addition, and also as for the outlook we provided through this quarter, we cycled lower commodity costs in the first quarter of 2011.

此外，對於我們提供的本季度前景，我們在 2011 年第一季度循環降低商品成本。

Adjusting for the 3% impact relating to the cycling of these lower commodity costs, our comparable currency-neutral operating income was up 8% in the first quarter of 2012.

調整與這些較低商品成本循環相關的 3% 的影響後，我們的可比貨幣中性營業收入在 2012 年第一季度增長了 8%。

When you also consider that this quarter had one less selling day than the first quarter of 2011, we are very pleased with this operating income result.

當您還考慮到本季度的銷售天數比 2011 年第一季度少一個時，我們對這一營業收入結果感到非常滿意。

Comparable currency-neutral net revenue grew 7% this quarter, including a 3% increase in concentrate sales and 3% positive price mix.

本季度可比貨幣中性淨收入增長 7%，其中精礦銷售額增長 3%，價格組合積極增長 3%。

The currency impact on this quarter's comparable net revenue result was a 1% headwind.

貨幣對本季度可比淨收入結果的影響為 1%。

This quarter's 3% consolidated price mix is particularly encouraging, especially when considering today's challenging macroeconomic conditions.

本季度 3% 的綜合價格組合尤其令人鼓舞，尤其是考慮到當今充滿挑戰的宏觀經濟狀況。

Looking ahead, we still expect our full-year 2012 consolidated price mix results to come in between 1% and 2%, in line with our long-term target range.

展望未來，我們仍預計 2012 年全年綜合價格組合結果將介於 1% 至 2% 之間，符合我們的長期目標範圍。

This quarter's comparable gross margin was in line with our full-year 2011 gross margin, consistent with outlook we provided earlier this quarter.

本季度的可比毛利率與我們 2011 年全年的毛利率一致，與我們本季度早些時候提供的展望一致。

As a reminder, we expect our full-year 2012 consolidated comparable gross margin to remain in line with full-year 2011.

提醒一下，我們預計我們 2012 年全年的綜合可比毛利率將與 2011 年全年持平。

Our comparable currency-neutral SG&A expenses were up 4% in the quarter, as we sustained our commitment to invest in the health and the strength of our brands.

我們的可比貨幣中性 SG&A 費用在本季度增長了 4%，因為我們堅持投資於我們品牌的健康和實力的承諾。

As for operating expense leverage, it came in positive this quarter.

至於運營費用槓桿，本季度為正。

For 2012, we still expect to capture low single-digit operating expense leverage as we further invest in strategic brand building initiatives around the world and effectively manage our operating expenses.

對於 2012 年，隨著我們在全球範圍內進一步投資於戰略品牌建設計劃並有效管理我們的運營費用，我們仍然希望獲得低個位數的運營費用槓桿。

Our net interest income came in at $27 million this quarter, ahead of our initial forecast, primarily due to a benefit related to our interest rate swaps.

本季度我們的淨利息收入為 2700 萬美元，高於我們最初的預測，這主要是由於與我們的利率掉期相關的收益。

As such, and based on our current best estimates of interest rates in our international operations, we now expect our full-year 2012 net interest income to come in at the higher end of the $20 million to $40 million range we provided in our last earnings call.

因此，根據我們目前對國際業務利率的最佳估計，我們現在預計 2012 年全年淨利息收入將達到我們在上一份收益中提供的 2000 萬至 4000 萬美元範圍的較高端稱呼。

In addition, we expect our net interest to come in close to even in the second quarter.

此外，我們預計我們的淨利息將在第二季度接近持平。

We'll continue to update you on net interest outlook on a quarterly basis.

我們將繼續每季度向您更新淨利息展望。

Our underlying effective tax rate currently stands at 24.8% within the 24% to 25% range we communicated during our last earnings call.

我們的基本有效稅率目前為 24.8%，在我們上次財報電話會議上溝通的 24% 至 25% 範圍內。

As for our cash flow from operations, this increased 13% year to date.

至於我們的運營現金流，今年迄今增長了 13%。

Please note that this cash flow result is net of the approximately $130 million in incremental contributions made to our pension plans this quarter when compared to the contributions we made to our pension plans in the first quarter of last year.

請注意，與去年第一季度我們對養老金計劃的供款相比，這一現金流量結果扣除了本季度對我們養老金計劃的約 1.3 億美元增量供款。

With regard to our share repurchase program, our net share repurchases during the quarter totaled nearly $850 million, including accruals for stock options and treasury shares that did not settle prior to the close of the quarter.

關於我們的股票回購計劃，本季度我們的淨股票回購總額接近 8.5 億美元，包括本季度結束前未結算的股票期權和庫存股的應計費用。

This places us well on track to achieve the $2.5 billion to $3 billion range for full-year 2012, as we communicated during our last earnings call.

正如我們在上次財報電話會議上所傳達的那樣，這使我們有望在 2012 年全年實現 25 億至 30 億美元的目標。

Now, let me take a moment to remind you of our full-year outlook on currencies and commodities, which we provided in our last earnings call.

現在，讓我花點時間提醒您我們在上次財報電話會議上提供的貨幣和商品的全年展望。

With regard to commodities.

關於商品。

In our last call, we said that we expected the full-year 2012 incremental impact of the Big Four Commodity costs on our results to range between $350 million and $450 million.

在上次電話會議中，我們表示預計四大商品成本對我們業績的 2012 年全年增量影響在 3.5 億美元至 4.5 億美元之間。

And just a reminder, the Big Four Commodities are aluminum, sweetener, juice and PET.

提醒一下，四大商品是鋁、甜味劑、果汁和 PET。

While our commodity cost outlook remains unchanged, if current trends hold, we may see this outlook slowly improve in the coming months.

雖然我們的商品成本前景保持不變，但如果當前趨勢保持不變，我們可能會看到這種前景在未來幾個月內緩慢改善。

We'll update you on any changes to our outlook during our next earnings call.

我們將在下一次財報電話會議上向您通報我們前景的任何變化。

As for currencies, based on our hedge positions, current spot rates and the cycling of our prior-year rates, we continue to expect currencies to have a mid single-digit negative impact on operating income for the full-year.

至於貨幣，根據我們的對沖頭寸、當前即期匯率和我們上一年匯率的周期，我們繼續預計貨幣對全年營業收入產生中個位數的負面影響。

Furthermore, we expect to see this impact come in at the high end of this mid single-digit range in the second quarter.

此外，我們預計這種影響會在第二季度出現在這個中等個位數範圍的高端。

Let me highlight one additional item for those that model our business.

讓我為那些為我們的業務建模的人強調一個額外的項目。

In light of the recent change to our global tea joint venture with Nestle -- as a reminder, earlier this year we announced our agreement with Nestle to refocus the geographic scope of this joint venture primarily to Europe and Canada, while phasing out the joint venture in most other territories by the end of 2012.

鑑於我們與雀巢的全球茶葉合資企業最近發生的變化——提醒一下，今年早些時候我們宣布與雀巢達成協議，將這家合資企業的地理範圍主要重新集中在歐洲和加拿大，同時逐步取消合資企業到 2012 年底在大多數其他地區。

Accordingly, we have eliminated the joint venture volume from our reported results for both 2011 and 2012, in those territories where the joint venture is being phased out.

因此，我們已從 2011 年和 2012 年報告的業績中剔除合資企業正在逐步退出的地區。

Please note that this change did not impact the Company's reported volume results this quarter on a consolidated level or for any individual operating group.

請注意，這一變化並未影響公司本季度報告的合併水平或任何單個運營集團的銷量結果。

Finally, with regard to our new productivity and reinvestment program, we reconfirm our expectations to capture total incremental annualized savings of $550 million to $650 million, phased over a four-year period starting in 2012 through the end of 2015.

最後，關於我們新的生產力和再投資計劃，我們再次確認我們的預期是在從 2012 年到 2015 年底的四年期間分階段獲得 5.5 億至 6.5 億美元的年度化節餘。

As noted in our last call, these funds will serve to enhance our ongoing system-wide brand building initiatives, as we reinvest in our business to drive long-term profitable growth.

正如我們在上次電話會議中指出的那樣，這些資金將有助於加強我們正在進行的全系統品牌建設計劃，因為我們對我們的業務進行再投資以推動長期盈利增長。

We're still in the initial stages of defining the total one-time costs associated with the capture of these incremental annualized savings and will provide an update on these costs during our next earnings call.

我們仍處於確定與捕獲這些增量年化節省相關的一次性總成本的初始階段，並將在我們的下一次財報電話會議上提供這些成本的更新。

In summary, as we begin the third year of our 2020 Vision, we are greatly encouraged by our business, achieving yet another solid quarter of quality volume, value and profit results.

總而言之，在我們開始 2020 年願景的第三年之際，我們的業務讓我們深受鼓舞，又一個穩定的季度實現了高質量的銷量、價值和利潤結果。

Our system remains healthy and financially strong.

我們的系統保持健康且財務狀況良好。

We're generating cash, investing in our world class brands and executing our consistent growth strategies from a position of real strength.

我們正在產生現金，投資於我們的世界級品牌，並從真正的優勢地位執行我們一貫的增長戰略。

Importantly, we continue to pay a healthy dividend.

重要的是，我們繼續支付可觀的股息。

Our seasoned leadership team and highly capable global bottling partners are taking the right actions and executing the right strategies to successfully realize our 2020 Vision.

我們經驗豐富的領導團隊和能力出眾的全球裝瓶合作夥伴正在採取正確的行動並執行正確的戰略，以成功實現我們的 2020 年願景。

So while we're still navigating through an ongoing mixed global economic recovery, we remain confident in our ability to deliver full-year results, in line with our long-term growth targets.

因此，儘管我們仍在經歷混合的全球經濟復甦，但我們對實現全年業績的能力充滿信心，這符合我們的長期增長目標。

Operator, we're now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Bryan Spillane, Bank of America.

（操作員說明）美國銀行的 Bryan Spillane。

Just a question -- you had a very strong first quarter.

只是一個問題 - 你有一個非常強勁的第一季度。

I think what was really encouraging was how broad-based your volume growth was and especially seeing markets like Japan, North America, Germany, Philippines, all growing simultaneously.

我認為真正令人鼓舞的是你們銷量增長的基礎有多廣泛，尤其是看到日本、北美、德國、菲律賓等市場都在同時增長。

Think about the balance of the year.

想想今年的餘額。

Muhtar, could you talk a little bit about how you view that performance, carrying out through the balance of the year, maybe some of the factors that you've got in place or some of the activity you have in place to continue to drive that through the balance of the year.

Muhtar，你能談談你如何看待這一表現嗎？在今年餘下的時間裡，也許你已經具備的一些因素，或者你為繼續推動這一表現而採取的一些活動。通過今年的餘額。

Then secondarily, maybe, Gary, if you could just talk about if it's a -- given your potentially better view on costs balance of the year and the potential for some volume performance, continuing to be doing well this year, just better drop-through of profitability I guess as we move through the year, if we can just talk a little bit about that as well.

其次，也許，加里，如果你能談談它是否是 - 考慮到你對今年成本平衡的潛在更好的看法以及一些銷量表現的潛力，今年繼續表現良好，只是更好的直通車我想隨著這一年的推移，盈利能力的提高，如果我們也能談談這一點的話。

Bryan, good morning, thanks.

布萊恩，早上好，謝謝。

This is Muhtar.

這是穆赫塔爾。

I think what I would like to just -- the message I would like to get across is that we leave behind the first quarter of 2012 with confidence and with momentum in our business.

我想我想傳達的信息是，我們在 2012 年第一季度結束時充滿信心，業務發展勢頭強勁。

I think it is broad-based growth, as you mentioned.

正如你提到的，我認為這是基礎廣泛的增長。

In fact, the top 10 countries in our business generated about 65%, a little over 65% of the total incremental growth cases, organic unit case growth in the quarter.

事實上，我們業務中排名前 10 位的國家/地區產生了約 65%，略高於總增量增長案例的 65%，本季度有機單位案例增長。

That is more broad-based than in the past.

這比過去的基礎更廣泛。

That's a good sign.

這是一個好兆頭。

I think we've always said that there's tremendous -- everywhere I go, I see tremendous opportunity for our brands, our system is strong, our system -- this is the result of investments that our system continues to make every quarter.

我想我們總是說有巨大的——無論我走到哪裡，我都看到了我們品牌的巨大機會，我們的系統很強大，我們的系統——這是我們的系統每個季度繼續進行投資的結果。

Also, generating revenue and we're able to crack this calculus for growth.

此外，產生收入，我們能夠破解增長的微積分。

Everywhere we go in this difficult macroeconomic environment, it's important to note that the Coca-Cola system is one of the most important net contributors to the economy.

在這種困難的宏觀經濟環境中，無論我們走到哪裡，重要的是要注意可口可樂系統是經濟最重要的淨貢獻者之一。

Globally, we're one of the top 10 private employers, non-governmental employers, and we create -- based on our Vision, we will create an additional 120,000 new jobs in the next 10 years.

在全球範圍內，我們是排名前 10 位的私營雇主和非政府雇主之一，我們創造——基於我們的願景，我們將在未來 10 年內創造額外的 120,000 個新工作崗位。

More and more, governments are recognizing that unemployment is the number 1, number 2, number 3 priority.

越來越多的政府認識到失業是第一、第二、第三優先事項。

I think with that, with our system, we're earning our right every day, in every market.

我認為有了這個，有了我們的系統，我們每天都在每個市場上贏得我們的權利。

That's important.

這很重要。

As I -- obviously, the macroeconomic conditions around the world is challenged.

正如我——顯然，世界各地的宏觀經濟狀況都面臨著挑戰。

The recovery is slow.

恢復緩慢。

Unemployment remains high and as I believe will remain high, as we go through this year.

失業率仍然居高不下，而且我相信，在我們度過今年的過程中，失業率仍將居高不下。

But the premise, Bryan, on which we've built our 2020 Vision, holds true today.

但我們建立 2020 年願景的前提，布萊恩，今天仍然適用。

What we said is, no matter how you slice and dice it, there will be about 1 billion new people coming into the middle class.

我們說的是，無論你怎麼劃分，都會有大約 10 億新人進入中產階級。

We'll have about 800 million new urbanized consumers in the decade, this decade that we're talking about, 2010 to 2020.

在這十年裡，我們將有大約 8 億新的城市化消費者，我們正在談論的這個十年，即 2010 年到 2020 年。

Now, the quarter we just left behind, about 22 million new urbanized consumers and about 22 million to 25 million new middle class have been created in the world and we were there to serve their needs and refresh them.

現在，在我們剛剛結束的那個季度，世界上已經創造了大約 2200 萬新城市化消費者和大約 2200 萬至 2500 萬新中產階級，我們在那裡滿足他們的需求並讓他們煥然一新。

So, yes, challenged environment.

所以，是的，充滿挑戰的環境。

Yes, slow recovery.

是的，恢復緩慢。

Yes, some slowing down in emerging markets.

是的，新興市場有些放緩。

But when we talk about slowing down, you go down from a 9% to an 8.5% or 8.2%, I think there is still tremendous amount of growth and middle class creation around the world, whether you take Africa, Latin America, Asia and we're there.

但當我們談到放緩時，你會從 9% 下降到 8.5% 或 8.2%，我認為世界各地仍然有大量的增長和中產階級的創造，無論是非洲、拉丁美洲、亞洲和在那裡。

And in the Western markets, we've always said our balance, our Vision calls for balanced growth, balanced in geographies, balanced in portfolio and once again, we were able to validate that is something we are able to execute with our -- passionately with our bottling partners.

在西方市場，我們總是說我們的平衡，我們的願景要求平衡增長，地域平衡，投資組合平衡，我們再次能夠驗證我們能夠用我們的 - 熱情地執行的事情與我們的裝瓶合作夥伴。

So I'll now pass it over to Gary to answer the second part of your question.

所以我現在將它傳遞給加里來回答你問題的第二部分。

Hi, Bryan.

嗨，布萊恩。

I guess I would say a couple of things.

我想我會說幾件事。

As we look, it is still a challenged economic environment across the world.

在我們看來，全球經濟環境仍然充滿挑戰。

We have seen -- if you think back actually first quarter of 2010, things looked like economically they were getting better and then they didn't.

我們已經看到——如果你回想一下 2010 年第一季度，經濟上的情況看起來正在好轉，但後來卻沒有。

First quarter of 2011, looked like things were getting better and then they didn't.

2011 年第一季度，看起來情況正在好轉，但後來卻沒有。

Then we've seen the significant volatility around commodities and currencies across the world over the last several years as well.

然後我們在過去幾年中也看到了全球商品和貨幣的顯著波動。

So I think -- I guess where we are is trying to be somewhat conservative and trying to say we're 3 quarters -- or 3 months into the year, one quarter into the year.

所以我認為 - 我想我們現在正試圖保守一點，並試圖說我們是 3 個季度 - 或一年中的 3 個月，一年中的一個季度。

The smallest quarter, in fact.

事實上，最小的四分之一。

I think we need to continue to go through the year.

我認為我們需要繼續度過這一年。

Are things looking better?

事情看起來好些了嗎？

Yes.

是的。

It looks like interest income's going to be a little bit better.

看起來利息收入會好一點。

Looks like if things hold, commodities will probably be better.

看起來如果事情持續下去，大宗商品可能會更好。

So, things are actually looking pretty good.

所以，事情實際上看起來很不錯。

But I think at this point, our view was, we hold with where we are.

但我認為在這一點上，我們的觀點是，我們堅持我們的現狀。

We get through another quarter to see how the year is going.

我們通過另一個季度來了解這一年的情況。

Is the economic recovery that we're starting to slowly see in the US going to continue or not?

我們開始在美國緩慢看到的經濟復甦是否會繼續？

So that's where we are.

這就是我們的處境。

We're being -- trying to be conservative and recognize that we are in this as a marathon and not as a sprint.

我們正在——試圖保持保守，並認識到我們在這場比賽中是一場馬拉松，而不是短跑。

This is about long-term value creation.

這是關於長期價值創造的。

Just one point I would add to that too, Bryan, is that 4 years ago, we made some bets in terms of our strategy, our 2020 Vision and I think those are now positioning us to win.

布萊恩，我還要補充一點，就是 4 年前，我們在我們的戰略、2020 年願景方面下了一些賭注，我認為這些賭注現在使我們能夠獲勝。

I'd say that in this volatile world environment, I think we are definitely a great hedge and a balanced hedge in what's happening in the world.

我想說的是，在這個動蕩的世界環境中，我認為我們絕對是對世界上正在發生的事情的一個很好的對沖和一個平衡的對沖。

Okay.

好的。

Thank you for that.

謝謝你。

Just Gary, just as a follow-up, if there's upside -- or Gary and Muhtar, if there's upside, more inclined to invest some of that back, particularly given the momentum you have in some of these markets?

只是加里，作為後續行動，如果有上行——或者加里和穆赫塔爾，如果有上行，更傾向於將其中的一些投資回來，特別是考慮到你在其中一些市場的勢頭？

Is there more room to invest if there's more funds generated?

如果產生的資金更多，是否有更多的投資空間？

Well, I'm happy to say that we are investing.

好吧，我很高興地說我們正在投資。

If you look at our marketing spend and if you look at how we're controlling all OpEx in the right way and then spending on our brands and you'll see some of those numbers in the first quarter, too, coming to life.

如果你看看我們的營銷支出，如果你看看我們如何以正確的方式控制所有運營支出，然後在我們的品牌上支出，你會在第一季度看到其中一些數字也變得生動起來。

That's basically how we've always managed this business.

這基本上就是我們一直以來管理這項業務的方式。

Investing in our brands, investing for the long-term, ensuring that our brands remain healthy and get healthier all the time, which they are and that generates, again, a great system alignment, a great investment picture from the total cash that we generate with our bottling partners.

投資於我們的品牌，長期投資，確保我們的品牌始終保持健康並變得更健康，它們確實如此，並且再次產生了良好的系統一致性，從我們產生的總現金中獲得了良好的投資前景與我們的裝瓶合作夥伴。

I've said it before.

我以前說過。

The results that you see this quarter, this past quarter, are not coming from the investments we made in this quarter.

您在本季度、上個季度看到的結果並非來自我們在本季度進行的投資。

They are coming from the investments that we made 4, 5, 6, 7 quarters ago.

它們來自我們在 4、5、6、7 個季度前進行的投資。

The same is going to be true from 4 quarters or 5 quarters from now based on investments we're making today.

根據我們今天所做的投資，從現在開始的 4 個或 5 個季度，情況也是如此。

Caroline Levy, CLSA.

卡羅琳利維，里昂證券。

Muhtar, last time we met, you said that you were headed off to Asia and you did share quite a bit of your enthusiasm with us already.

Muhtar，上次我們見面時，你說你要去亞洲，你確實已經和我們分享了你的熱情。

But can you talk a little more in depth about the prospects for Japan, China and what the other real big drivers of growth will be going forward?

但是，您能否更深入地談談日本、中國的前景以及其他真正的主要增長動力將如何發展？

And how owning your bottlers in some key markets within China and Japan is impacting the business?

在中國和日本的一些主要市場擁有您的裝瓶商對業務有何影響？

Thanks, Caroline.

謝謝，卡羅琳。

Yes, I just spent a good bit of time in Asia a couple of weeks ago.

是的，幾週前我剛剛在亞洲度過了一段美好的時光。

I think you've seen the Pacific group's volume growth up 8%, which was broad-based in the quarter with the numbers that we've shared with you for places like, not just China and Japan up 9% and 3% respectively, but also for Thailand and the Philippines and so forth.

我想你已經看到太平洋集團的銷量增長了 8%，這在本季度具有廣泛的基礎，我們與你分享的數字不僅僅是中國和日本分別增長了 9% 和 3%，也適用於泰國和菲律賓等地。

I think importantly, again, very encouraged that brand Coca-Cola is up 6% in that massive geography and reported net revenue for the quarter, up 12% and good price mix across.

我認為重要的是，可口可樂品牌在這個廣闊的地理區域增長了 6%，並且該季度報告的淨收入增長了 12%，並且價格組合良好，這再次讓我感到非常鼓舞。

So it's important really to be able to ensure that when you have -- when we talk about sustainable growth, we mean growth not just in volume, not just in a certain category, but broad-based growth and also growth in the revenue line that can be matched or better than the volume line.

因此，真正重要的是能夠確保當你擁有 - 當我們談論可持續增長時，我們指的不僅僅是數量增長，不僅僅是某個類別的增長，而是基礎廣泛的增長以及收入線的增長可以匹配或優於音量線。

I think we're seeing that and yes, no question, everyone you talk to, whether it's the shop owner in any particular part of China or whether it's the government or whether it's some national government, there is a little cooling down.

我認為我們正在看到這一點，是的，毫無疑問，與您交談的每個人，無論是中國任何特定地區的店主，還是政府或某個國家政府，都有一點降溫。

I think that's healthy.

我認為那是健康的。

I think that's healthy for the real estate market in China.

我認為這對中國的房地產市場來說是健康的。

That's healthy for the banking industry in China.

這對中國的銀行業來說是健康的。

That's healthy for the long-term sustainable growth of the economy in China, which I have no doubt is going to continue.

這對中國經濟的長期可持續增長是有益的，我相信這種增長會繼續下去。

So we see China as a fantastic opportunity.

所以我們認為中國是一個絕佳的機會。

As I said, we've just opened our largest to date facility in China, 42nd and the largest of them all and lead certified on top of it.

正如我所說，我們剛剛在中國開設了迄今為止最大的工廠，第 42 家，也是所有工廠中最大的一家，並在此基礎上通過了鉛認證。

That's, again, one sign of our commitment.

這再次表明了我們的承諾。

Many more such factories to come in our $4 billion announced investment program for China.

我們宣布的 40 億美元的中國投資計劃中還會有更多這樣的工廠。

So, I see China certainly playing an important role for our 2020 Vision.

因此，我認為中國肯定會在我們的 2020 年願景中發揮重要作用。

And particularly pleased about Japan, where I met with all our bottling partners in Tokyo and presented their Woodruff Cup Awards to each one of our bottling partners.

尤其對日本感到高興，我在東京會見了我們所有的裝瓶合作夥伴，並向我們的每一位裝瓶合作夥伴頒發了伍德拉夫盃獎。

Again, category by category, we see very good improvement in our business in Japan.

同樣，逐個類別，我們看到我們在日本的業務有了很好的改善。

So the terrible tragedy of 2011 allowed us to galvanize our system and strengthen our system and continue to grow our system and importantly, every channel, important channel, like convenience, like vending, is now back to growth in Japan and that's a very important thing for our business and categories, whether it's coffee with Georgia or sparkling or tea, again, generating growth.

所以 2011 年的可怕悲劇讓我們能夠激勵我們的系統，加強我們的系統，並繼續發展我們的系統，重要的是，每個渠道，重要的渠道，比如便利店，比如自動售貨機，現在在日本都恢復了增長，這是一件非常重要的事情對於我們的業務和品類，無論是佐治亞咖啡、起泡咖啡還是茶，都再次帶來了增長。

So prospects I think overall, we've always said the picture of success in Japan is low single-digit growth and I believe that we're poised well to achieve that target for Japan.

所以我認為總體前景，我們一直說日本的成功圖景是低個位數的增長，我相信我們已經做好了為日本實現這一目標的準備。

Then I went to Thailand, where we're having, as I said, very good growth prospects and share gains, tremendous share gains in that important market with a very healthy consumption habit for sparkling beverages.

然後我去了泰國，正如我所說，我們在那裡擁有非常好的增長前景和份額增長，在這個重要市場上的巨大份額增長以及非常健康的起泡飲料消費習慣。

I see -- whether it's other markets like Vietnam or Indonesia or West Asia, I see great prospects for our growth.

我明白了——無論是越南、印度尼西亞還是西亞等其他市場，我都看到了我們增長的廣闊前景。

I'll soon be also heading towards West Asia in a couple of months.

幾個月後我也將前往西亞。

Again, you heard the results that we've been able to post this past quarter in India, continue to have very healthy brand metrics for Coca-Cola and as well as our still brands there in that incredible elite prospective geography.

再一次，你聽到了我們在過去一個季度在印度發布的結果，繼續擁有非常健康的可口可樂品牌指標，以及我們在那個令人難以置信的精英潛在地理區域的靜止品牌。

So I think Asia overall, a little cooling, healthy and a great long-term prospects for both our business, as well as I think leading the world out of some of the current global macro issues.

因此，我認為整個亞洲，對於我們的業務以及我認為引領世界擺脫當前的一些全球宏觀問題的整體而言，亞洲略有降溫、健康和良好的長期前景。

Judy Hong, Goldman Sachs.

Judy Hong，高盛。

Muhtar, a couple of questions with, or Gary on North America.

Muhtar，幾個關於北美的問題，或 Gary。

One, just in terms of the underlying industry performance and your performance in North America, obviously the macro's been getting a little bit better, but just in Q1, do you think that there was any benefit from a weather perspective?

第一，就潛在的行業表現和你們在北美的表現而言，顯然宏觀經濟有所好轉，但就在第一季度，你認為從天氣的角度來看有什麼好處嗎？

If you've seen a big shift from take-home into immediate consumption.

如果您看到從帶回家到立即消費的巨大轉變。

Then talking about your performance in the context of the competitive backdrop, where obviously Pepsi has talked about spending more money, so what impact are you seeing from a competitive perspective in North America?

然後談談你在競爭背景下的表現，顯然百事可樂已經談到要花更多的錢，那麼從北美的競爭角度來看，你看到了什麼影響？

Then, Gary, just on the profitability side in North America, if you can just walk us through the puts and takes in Q1 as it relates to the cycling of the commodities.

然後，加里，就北美的盈利能力而言，如果你能帶領我們了解看跌期權並接受第一季度，因為它與商品的循環有關。

For the balance of the year, how should we think about the phasing of commodities and the margins in North America as we go forward?

對於今年餘下的時間，我們應該如何考慮未來商品的分階段和北美的利潤率？

Judy, just let me take the first part of the question.

朱蒂，讓我回答問題的第一部分。

I think we continue to see validation -- a little more validation of what I indicated also in the previous call.

我認為我們將繼續看到驗證——對我在上一次電話會議中所指出的內容進行更多驗證。

There are some healthier signs from the US consumer right now than it was 12 months ago, this time.

與 12 個月前相比，這一次美國消費者出現了一些更健康的跡象。

In terms of more travel, more mobility, more bookings and mobility is an important factor for our business, for consumer goods.

就更多的旅行、更多的流動性、更多的預訂和流動性而言，對於我們的消費品業務來說，這是一個重要因素。

Also, I think eating out, a little healthier numbers in terms of that what we are seeing compared to, say, 12 to 16 months ago.

此外，我認為與 12 至 16 個月前相比，就我們所看到的而言，外出就餐的人數要少一些。

Having said that -- and I do believe that trend is likely to continue, providing we can keep -- have prices at the pump for gasoline about where they stay now.

話雖如此——我確實相信這種趨勢可能會持續下去，前提是我們能夠保持——讓汽油價格保持在目前的水平。

So I premise that with that caveat.

所以我以那個警告為前提。

I think for -- we have always said that United States is a growth business.

我認為 - 我們一直說美國是一個成長型企業。

Despite the current macroeconomic challenges, we've been posting growth quarter after quarter.

儘管當前面臨宏觀經濟挑戰，但我們每個季度都實現了增長。

I'm very pleased that this past quarter also that sparkling beverages was positive.

我很高興上個季度的起泡飲料也很積極。

Brand Coca-Cola was positive.

品牌可口可樂是積極的。

We've started putting together the framework for our growth in North America way before the acquisition of the [CC's] business in North America.

在收購 [CC's] 在北美的業務之前，我們已經開始為我們在北美的增長構建框架。

I want to reiterate that once again.

我想再次重申這一點。

The brand price packed channel architecture, getting our brands to a healthier position than they were previously, getting the right package to be sold at the right outlet and the right channel at the right price.

品牌價格包裝渠道架構，讓我們的品牌比以前更健康，讓正確的包裝以正確的價格在正確的渠道和正確的渠道銷售。

All of that architecture we started working on 3 to 4 years ago.

我們在 3 到 4 年前開始研究所有這些架構。

And I think we are seeing some results out of all of that work.

我認為我們正在從所有這些工作中看到一些成果。

As I said, we believe that the positive sentiment that we see compared to a year ago of the US consumer, slightly positive sentiment would probably continue is what I would estimate, providing other conditions hold, particularly the price of gasoline.

正如我所說，我們認為，與一年前相比，我們看到的美國消費者的積極情緒，如果其他條件成立，特別是汽油價格，我估計可能會繼續保持略微積極的情緒。

Gary?

加里？

Yes, Judy, I would say just a couple things.

是的，朱迪，我只想說幾件事。

The first, I just want to congratulate our colleagues in North America, because I think if you -- as you think about it and think about this quarter was sparkling plus 1%, brand Coca-Cola positive growth in the quarter and those are things that not that long ago, I think everyone listening to this call would have said is impossible to do.

首先，我只想祝賀我們在北美的同事，因為我想如果你——你想想這個季度是閃閃發光的 1%，可口可樂品牌在這個季度正增長，這些都是事情就在不久前，我想听到這個電話的每個人都會說這是不可能的。

It's really working.

這真的很管用。

Everything that Muhtar is talking about is actually working.

Muhtar 所說的一切實際上都在起作用。

Our brand score is getting better, because of the things we have been doing over the last few years.

由於過去幾年我們一直在做的事情，我們的品牌得分越來越高。

But then if you look at -- all right, great, Gary, got that, but let's talk about the financial results.

但是如果你看看 - 好吧，很好，加里，明白了，但讓我們談談財務結果。

You're showing that on a comparable basis, operating income is down 9% quarter on quarter.

您顯示的是，在可比基礎上，營業收入環比下降 9%。

So how do you talk about that?

那你怎麼說呢？

Well, on that one, that is the issue that I alerted, I think all of you to earlier this quarter.

好吧，關於那個，這就是我提醒過的問題，我想你們所有人都會在本季度早些時候提醒。

The way the commodities hit last year, that $800 million of commodity pressure that we had last year, it all was in quarters 2, 3 and 4.

去年大宗商品的衝擊方式，我們去年承受的 8 億美元大宗商品壓力，都發生在第 2、3 和 4 季度。

Basically none of it in the numbers in Q1 in North America.

北美Q1的數據基本沒有。

So when you adjust for that, for just commodities, that minus 9% actually gets to only slightly negative.

因此，當你對此進行調整時，僅就商品而言，負 9% 實際上只是略微下降。

Then you have to recognize that there was a one less day.

然後你必須認識到少了一天。

You adjust for that and actually North America suddenly flips into it was actually positive.

你對此進行了調整，實際上北美突然變成了它實際上是積極的。

You take that, then you look at remainder of year and you recognize that we've gotten the pricing so that the commodities aren't going to be as big of an issue going forward remainder of year and all the other things we've been doing, we would expect to see North America in very good, positive territory, remainder of year.

你接受它，然後你看看今年剩餘時間，你會認識到我們已經確定了價格，因此在今年剩餘時間和我們一直在做的所有其他事情中，大宗商品不會成為一個大問題這樣做，我們希望看到北美在今年剩餘時間里處於非常好的、積極的領域。

Things are going -- knock on wood, exactly the way we planned for them to at this point.

事情正在發生——敲木頭，這正是我們為他們計劃的方式。

Just one last quick add-on to that, Judy.

朱迪，這是最後一個快速補充。

Importantly to note, the strategic focus in North America remains consistent on continuing to build strong brands, creating value with our customers and building our systems, continuing to build our system capability.

需要注意的重要一點是，北美的戰略重點仍然是繼續建立強大的品牌，為我們的客戶創造價值，建立我們的系統，繼續建立我們的系統能力。

So the strategic focus remains in place.

因此，戰略重點仍然存在。

Secondly, in this past quarter, I would note also that [IC] growth was ahead of total volume growth in North America.

其次，在上個季度，我還注意到 [IC] 增長超過了北美的總銷量增長。

That also helped generate a good price mix for our total business.

這也有助於為我們的整體業務創造良好的價格組合。

Also, of course, I just want to make sure I mention the share gains that are continuing across the board in North America for us.

另外，當然，我只是想確保我提到了我們在北美持續全面增長的份額。

Great.

偉大的。

Gary, just -- so if I think about that 3%, the cycling of the lower commodity impact on your operating profit, that's about $75 million.

加里，只是 - 所以如果我考慮那 3%，較低商品的循環對你的營業利潤的影響，大約是 7500 萬美元。

When you think about -- you're saying North America would have been slightly down ex the cycling, so the impact on North America from that would have been about $50 million and the rest would be in BIG?

當你想一想——你是說北美在自行車運動之前會略有下降，所以這對北美的影響大約是 5000 萬美元，其餘的會很大嗎？

Yes, the rest would have been in BIG.

是的，其餘的本來就很大。

Okay, and the phasing of the $400 million of commodity this year is much more evenly spread out.

好吧，今年 4 億美元商品的分期分配要均勻得多。

Correct.

正確的。

I guess we'll see, depending on the commodity costs as we go forward.

我想我們會看到，這取決於我們前進的商品成本。

But it's much more evenly spread out, so we should start to see really the much more benign impact starting in Q2.

但它的分佈要均勻得多，所以我們應該從第二季度開始真正看到更為良性的影響。

Very well put.

放得很好。

That's exactly right, exactly right.

完全正確，完全正確。

Okay.

好的。

Then as I mentioned to Bryan's question earlier, if then commodities hold with where they are today, that actually $350 million to $450 million, so call it $400 million, actually could be coming down to the lower end and becoming more favorable versus what we've been talking about.

然後正如我之前提到的 Bryan 的問題，如果那時大宗商品保持在今天的水平，實際上 3.5 億到 4.5 億美元，所以稱之為 4 億美元，實際上可能會下降到低端並變得比我們更有利一直在談論。

Bonnie Herzog, Wells Fargo.

邦妮赫爾佐格，富國銀行。

I wanted to go back to a question on China.

我想回到關於中國的問題。

I was actually hoping you could talk about the competitive landscape, given Pepsi's new strategic alliance with Tingyi and how that may impact your business and strategy.

考慮到百事可樂與康師傅的新戰略聯盟，我實際上希望你能談談競爭格局，以及這將如何影響你的業務和戰略。

I guess thinking about it, the alliance of the 2 strong competitors, wouldn't this accelerate the pace that you execute your game plan?

想來想去，兩大強者聯手，豈不是加快了你執行遊戲計劃的步伐？

Also, could you give us some color on how you will allocate the $4 billion investment among your different initiatives there?

另外，您能否介紹一下您將如何在不同的計劃中分配 40 億美元的投資？

For instance, will you spend more on infrastructure than brand building in the next few years?

例如，在未來幾年內，您在基礎設施方面的支出是否會多於品牌建設？

Okay, Bonnie.

好的，邦妮。

I think we have a strategy for China.

我認為我們有針對中國的戰略。

That strategy is not changing with what's happening across the industry.

該戰略不會隨著整個行業的發展而改變。

I want to reiterate that.

我想重申這一點。

That strategy is valid and still in place and obviously, it will evolve as we introduce a wider variety of packages to promote affordability, enhance the consumer experience with our brands, all with a focus to drive incremental increased transactions and profitable growth and to continue building brand equity with consumers.

該策略是有效的並且仍然有效，並且顯然，隨著我們推出更多種類的套餐以提高負擔能力，增強消費者對我們品牌的體驗，所有這些都以推動增量交易和利潤增長並繼續建設與消費者的品牌資產。

I think this is critical for us and that you will see us continue to do that.

我認為這對我們至關重要，您會看到我們繼續這樣做。

I believe that -- we're confident in our ability to deliver double-digit growth over the long-term.

我相信——我們有信心在長期內實現兩位數的增長。

I think continuing introduction of a wider variety of packages to promote affordability and I think immediate consumption growth.

我認為繼續推出更多種類的套餐以提高負擔能力，我認為即時消費增長。

So we will continue driving all of those priorities.

因此，我們將繼續推動所有這些優先事項。

As far as the investments are concerned, $4 billion, that I would say probably it's fair that you could allocate about 50% into infrastructure and 50% into the brand building area.

就投資而言，40 億美元，我想說，你可以將大約 50% 分配給基礎設施，將 50% 分配給品牌建設領域，這可能是公平的。

That's probably a good split.

這可能是一個很好的分裂。

If you've looked at the past 3 years, that's probably where it ended up.

如果你看過過去 3 年，那可能就是它的結局。

John Faucher, JPMorgan.

約翰福徹，摩根大通。

Gary, just wanted to follow up on Judy's question a little bit, which was -- and I apologize if I missed it.

加里，只是想稍微跟進一下朱迪的問題，那就是——如果我錯過了，我深表歉意。

If we strip out the commodity stuff, what have you, the revenue growth was still great, but the operating profit I think was still down.

如果我們剝離商品的東西，你有什麼，收入增長仍然很大，但我認為營業利潤仍然下降。

So is that a profit mix issue?

那麼這是一個利潤組合問題嗎？

Is that simply an investment issue?

這僅僅是一個投資問題嗎？

Then Muhtar, I just was wondering if you could clarify something, because in your comments, you guys hadn't stated explicitly that you would gain share in sparkling, but you just mentioned that you had share gains across the board.

那麼 Muhtar，我只是想知道你是否可以澄清一些事情，因為在你的評論中，你們沒有明確表示你將獲得起泡酒的份額，但你只是提到你的份額全面增加。

So is that a safe assumption, then, that you guys did in fact have share gains in North America in sparkling?

那麼，這是一個安全的假設嗎，你們確實在北美的起泡酒中獲得了份額？

Thanks.

謝謝。

Yes, John.

是的，約翰。

Let me start.

讓我開始吧。

Well, in fact, I'll go ahead and answer that last part first.

好吧，事實上，我會先回答最後一部分。

We did have share gains pretty much across the board, across the world and the US.

我們確實在全球和美國幾乎全面實現了份額增長。

So we did have share gains in sparkling.

所以我們確實在起泡酒中獲得了份額。

On the commodity issue relative to North America and if I don't exactly answer the question, come back and tell me.

關於北美的商品問題，如果我沒有準確回答問題，請回來告訴我。

But basically, if you strip out the commodity impact, North America's OI for the quarter, instead of being down 9%, would have been down 1%, is exactly what it would have been.

但基本上，如果你剔除大宗商品的影響，北美本季度的 OI 不會下降 9%，而是會下降 1%，這正是它本來的樣子。

Then if you add in an extra day, it would have been positive.

然後，如果您增加一天，那將是積極的。

So what you're seeing is that one day, actually one less day, is having a huge impact on the P&L, because you've got basically all of the costs going through for the full quarter, with a day less sales, is basically what's happening, which is why when you go to Q2 and 3, actually it becomes much more normalized and the commodities are not an issue at all.

所以你看到的是，一天，實際上少了一天，對損益產生了巨大的影響，因為你基本上已經得到了整個季度的所有成本，銷售額減少了一天，基本上發生了什麼，這就是為什麼當你進入第二季度和第三季度時，實際上它變得更加正常化，商品根本不是問題。

In fact, it reverses a little bit because you had more of that hitting in Q2 and 3 last year, with none of it hitting in Q1 last year.

事實上，它有點逆轉，因為你在去年第二季度和第三季度有更多的命中，而去年第一季度沒有命中。

So it's a cycling thing.

所以這是一個騎自行車的事情。

But that's why when you adjust for all of that, our view is -- and what we had planned and what we saw all along, is that North America actually improves significantly after Q1 into the remainder of the year.

但這就是為什麼當你對所有這些進行調整時，我們的觀點是——我們的計劃和我們一直看到的是，北美在第一季度到今年剩餘時間實際上有了顯著改善。

That's exactly what we're seeing today.

這正是我們今天所看到的。

Okay.

好的。

So if we look at that impact, I know you have 2 extra selling days in Q4, right?

因此，如果我們看一下這種影響，我知道您在第四季度有 2 個額外的銷售日，對嗎？

Right, that's right.

對對對

So, if we map out the cadence over the course of the year, it seems like what we probably should see -- and you factor in your FX guidance, is it -- should we be looking at the numbers, a little more back end loaded, a little more Q4 weighted, with a little bit tougher Q2 when you put all of this stuff together?

因此，如果我們繪製出一年中的節奏，看起來我們可能應該看到 - 你考慮到你的 FX 指導，是嗎 - 我們應該看看數字，多一點後端當您將所有這些東西放在一起時，加載更多 Q4 權重，Q2 更嚴格一點？

Is that the right cadence, then?

那麼，這是正確的節奏嗎？

Yes, John, it is.

是的，約翰，是的。

It is.

這是。

Now, the CFO's going to come out in me, okay?

現在，首席財務官要向我坦白，好嗎？

Because when my own guys and I get a rolling estimate here and when I see that, I say -- oh, you've given me a hockey stick.

因為當我和我自己的人在這裡得到一個滾動估計時，當我看到它時，我說——哦，你給了我一根曲棍球棒。

So you try to manage against that as you're managing the business appropriately.

因此，當您適當地管理業務時，您會嘗試對此進行管理。

But the cadence of the business this year actually is exactly as you just said.

但是今年的業務節奏其實和你剛才說的一模一樣。

That's exactly right.

這是完全正確的。

It is more back end loaded, because of how the commodities hit and went through the P&L last year and the one day less in the first quarter, 2 extra days in the fourth quarter.

它的後端負荷更多，因為商品去年如何衝擊並經歷了損益表，第一季度少了一天，第四季度多了 2 天。

Some of the reason -- I have to hedge a little bit on this, is because there was one less day, you had a little bit of an Easter shift to help probably the first quarter slightly, but you really can't measure it.

部分原因 - 我必須對此進行一些對沖，因為少了一天，你有一點復活節輪班可能對第一季度有所幫助，但你真的無法衡量它。

So I would say -- basically what you're saying is exactly right.

所以我想說——基本上你說的是完全正確的。

Okay, great.

好，太棒了。

Just to add, on the North America front, John, I think it's important to note that we -- North America, I want to reiterate, had a great quarter in terms of both volume, revenue, overall NARTD share gains.

只是補充一下，在北美方面，約翰，我認為重要的是要指出，我想重申，北美在數量、收入和整體 NARTD 份額增長方面都有一個很好的季度。

Also we see importantly a rational pricing environment in North America, the 3% price in the mix gain is very important.

此外，我們還看到重要的是北美的合理定價環境，混合收益中 3% 的價格非常重要。

I think those things should really give indication of health of the business as we move into the second and third quarters, important second and third quarters of the year.

我認為，隨著我們進入今年第二和第三季度，重要的第二和第三季度，這些事情應該真正表明業務的健康狀況。

Therefore, I am pleased with the results in North America.

因此，我對北美的結果感到滿意。

Again, I think Gary explained the anomaly of comparability there in terms of the operating income number.

同樣，我認為加里用營業收入數字解釋了那裡的可比性異常。

Bill Schmitz, Deutsche Bank.

比爾施密茨，德意志銀行。

Can you just talk about the global competitive environment relative to what you thought it was going to be heading into the year?

你能談談全球競爭環境與你認為今年將要發生的情況有關嗎？

I know you discussed North America a little bit.

我知道你稍微討論過北美。

Can you broaden that globally?

你能把它擴展到全球嗎？

Then I have a follow-up.

然後我有一個後續行動。

Yes, well, it's hand-to-hand combat out there every single day.

是的，好吧，每天都在那裡進行肉搏戰。

And it's -- everywhere I go, everywhere our operators go, everywhere our leadership goes, we see opportunity.

而且它——無論我走到哪裡，無論我們的運營商走到哪裡，無論我們的領導走到哪裡，我們都會看到機會。

We see opportunity for our brands that are stronger.

我們為我們更強大的品牌看到了機會。

We earn our price every day.

我們每天都賺取我們的價格。

We're generating revenue growth.

我們正在創造收入增長。

We're a net contributor to the economies and our brands are healthy and our IC business is growing ahead of our total business and that's a good thing for the world.

我們是經濟的淨貢獻者，我們的品牌健康，我們的 IC 業務增長超過我們的整體業務，這對世界來說是一件好事。

Our IC business globally grew 6% in the world compared to 5% global volume growth.

我們的全球 IC 業務增長了 6%，而全球銷量增長了 5%。

By the way, this volume growth that we've had in the first quarter is one of the highest organic volume growths we've had in the last, say, 8 to 10 quarters that I look back, because this is all pure organic growth and it is strong and there's momentum.

順便說一句，我們在第一季度的銷量增長是過去 8 到 10 個季度中最高的有機銷量增長之一，因為這都是純有機增長它很強大，有動力。

I think, as I said, the competitive environment, I think out in the world is -- obviously, consumers are reticent to go out, to spend money.

我認為，正如我所說，我認為世界上的競爭環境是——顯然，消費者不願意出去花錢。

The environment is not healthy, particularly in Europe in terms of consumer sentiment.

就消費者情緒而言，環境並不健康，尤其是在歐洲。

But our business is able to continue to invest and also ensure that we generate value for our customers in Europe in this case, large customers, large format, small format and one of the really important metrics that we always follow is immediate consumption, which is a healthier mix, is growing ahead of our total business.

但我們的業務能夠繼續投資，並確保我們在這種情況下為我們在歐洲的客戶創造價值，大客戶，大格式，小格式，我們始終遵循的真正重要指標之一是即時消費，這是更健康的組合，比我們的整體業務增長更快。

Once again, that is a testament to the strength of our system, because you can always -- it's much easier to go and gain distribution in the future consumption channel, but in order to ensure that you supply and work and partner with every single small format store, takes a very strong and very different kind of system, which is the one we have.

再一次，這證明了我們系統的實力，因為你總是可以——在未來的消費渠道中獲得分銷要容易得多，但為了確保你供應、工作和與每一個小的合作夥伴格式存儲，採用了一種非常強大且非常不同的系統，這就是我們擁有的系統。

Great, then maybe you can get just a little more granular relative to what you expected headed into the year.

太好了，那麼也許您可以相對於您今年的預期更詳細一點。

Because it seems like maybe in Europe the promotional and pricing environment's maybe a little bit worse.

因為看起來歐洲的促銷和定價環境可能更差一些。

Then we obviously saw Pepsi show their cards and perhaps the competitive environment in North America is a little better.

然後我們明顯看到百事可樂亮出底牌，也許北美的競爭環境好一點。

Is that fair?

這公平嗎？

I think the environment in Europe is not any better for sure.

我認為歐洲的環境肯定好不到哪裡去。

But look at some of the numbers that I shared with you earlier, up 6% in Spain, up 4% in Italy, Germany continues to grow.

但看看我之前與大家分享的一些數字，西班牙增長 6%，意大利增長 4%，德國繼續增長。

Southeast Europe, beginning to show signs.

東南歐，初顯苗頭。

I've said before, Europe is a tale of 2, 3 cities at least.

我之前說過，歐洲至少是 2、3 個城市的故事。

You've got Eastern Europe beginning to come out, led by Russia.

在俄羅斯的帶領下，東歐開始站出來。

You've got Southern Europe beginning to stabilize, and Central and Northern Europe is still -- led by Germany, is I think the sentiment is slightly improving.

南歐開始趨於穩定，而中歐和北歐仍然——以德國為首，我認為市場情緒正在略有改善。

So overall, the Southern Europe still remains an importantly challenged area.

因此，總體而言，南歐仍然是一個面臨重大挑戰的地區。

But our business system is very strong in Southern Europe and we are benefiting from that.

但我們的業務系統在南歐非常強大，我們正從中受益。

In the US, as I said, consumer sentiment in terms of the mobility, in terms of travel bookings, in terms of travel on the highways, in terms of eating out, is better than it was 12 to 16 months ago.

正如我所說，在美國，消費者對流動性、旅行預訂、高速公路旅行、外出就餐的信心比 12 到 16 個月前要好。

This is Gary.

這是加里。

I want to come back.

我想回來。

John Faucher, on your question, I want to correct one thing.

John Faucher，關於你的問題，我想糾正一件事。

In North America's share, I went back and looked at the numbers, as we were looking at this.

在北美的份額中，我回頭看了看數字，就像我們在看這個一樣。

We gained value and volume share in total nonalcoholic beverages.

我們在非酒精飲料總量中獲得了價值和銷量份額。

We gained significant volume and value share in still.

我們仍然獲得了可觀的數量和價值份額。

In sparkling, it was a slight loss of share and the reason I said that we actually gained share is -- internally, as I was thinking about it, I was actually taking some pipeline filling out.

在閃閃發光的情況下，份額略有下降，而我說我們實際上獲得份額的原因是——在內部，正如我所考慮的那樣，我實際上正在填補一些管道。

That's not the way you should look at it.

那不是你應該看待它的方式。

So there was a slight loss of share.

因此，份額略有下降。

Thank you, Gary and Jackson.

謝謝你，加里和傑克遜。

In closing, this quarter's results provide yet another proof point that our Company and our system are on track to deliver our 2020 Vision.

最後，本季度的業績再次證明我們公司和我們的系統正在按計劃實現我們的 2020 年願景。

The tremendous opportunity we see ahead for our Company in all of our markets remain intact.

我們在所有市場中看到的公司未來的巨大機遇保持不變。

As always, we thank you for your interest and investment in our Company.

一如既往，我們感謝您對我們公司的興趣和投資。

There is no greater responsibility than earning and maintaining your trust and your confidence.

沒有比贏得和保持您的信任和信心更大的責任了。

You can rest assured that our entire leadership team is working diligently to protect and grow the value of your investment in our Company.

您可以放心，我們的整個領導團隊都在努力工作，以保護和增加您對我們公司的投資價值。

Thank you for joining us this morning.

感謝您今天早上加入我們。

This concludes today's conference.

今天的會議到此結束。

Thank you so much for joining.

非常感謝您的加入。

You may disconnect at this time.

此時您可以斷開連接。