可口可樂 (KO) 2015 Q1 法說會逐字稿

Thank you.

謝謝。

At this time, I would like to welcome everyone to the Coca-Cola Company's first quarter 2015 earnings results conference call.

現在，我歡迎大家參加可口可樂公司2015年第一季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

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

如果您有任何異議，請此時斷開連接。

(Operator Instructions)

（操作員說明）

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.

我想提醒大家的是，這次會議的目的是與投資人對話，因此不會回答媒體的提問。

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

媒體參與者如有任何疑問，請聯絡可口可樂媒體關係部門。

I would now like to introduce Tim Leveridge, Vice President and Investor Relations Officer.

現在我想介紹副總裁兼投資者關係官 Tim Leveridge。

Mr. Leveridge, you may begin.

萊弗里奇先生，您可以開始了。

Good morning, and thank you for being with us today.

早上好，感謝您今天和我們在一起。

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

我們的董事長兼執行長穆塔·肯特 (Muhtar Kent) 和首席財務長凱西·沃勒 (Kathy Waller) 也加入了我的行列。

Before we begin, I would like to inform you that you can find webcast materials in the Investors section of our Company website at www.Coca-ColaCompany.com that support the prepared remarks by Muhtar and Kathy this morning.

在我們開始之前，我想通知您，您可以在我們公司網站 www.Coca-ColaCompany.com 的投資者部分找到網路廣播資料，這些資料支持 Muhtar 和 Kathy 今天早上準備的講話。

I would also like to note that we have posted schedules under the Financial Reports & Information tab in the Investors section of our Company website.

我還想指出，我們已在公司網站「投資者」部分的「財務報告和資訊」標籤下發布了時間表。

These schedules reconcile certain non-GAAP financial measures, which may be referred to by our senior executives during this morning's discussion, to our results as reported under generally accepted accounting principles.

這些時間表將某些非公認會計準則財務指標（我們的高階主管在今天早上的討論中可能會提到的）與我們根據公認會計原則報告的結果進行了協調。

Please look on our website for this information.

請在我們的網站上查看此資訊。

In addition, 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.

此外，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，並應與我們的盈利發布和公司最近的定期 SEC 報告中包含的警示性陳述結合起來考慮。

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

在穆泰爾和凱西今天早上準備好的演講之後，我們將轉交電話詢問您的問題。

Ahmet Bozer, Executive Vice President and President of Coca-Cola International; Sandy Douglas, Senior Vice President and President of Coca-Cola North America; and Irial Finan, Executive Vice President and President of Bottling Investment, will also be available for our Q&A session.

艾哈邁德‧博澤爾 (Ahmet Bozer)，可口可樂國際公司執行副總裁兼總裁；桑迪‧道格拉斯 (Sandy Douglas)，可口可樂資深副總裁兼北美區總裁；裝瓶投資執行副總裁兼總裁 Irial Finan 也將出席我們的問答環節。

Now, I will turn the call over to Muhtar.

現在，我將把電話轉給穆赫塔爾。

Thank you, Tim, and good morning, everyone.

謝謝蒂姆，大家早安。

First apologies for the state of my voice.

首先為我的聲音狀態道歉。

I have a cold, so please bear with me.

我感冒了，所以請耐心等待。

I am going to start with some highlights from our first quarter performance, and then review the progress we have made against our five strategic actions we laid out last October to reignite growth.

我將首先介紹我們第一季業績的一些亮點，然後回顧我們根據去年 10 月為重振成長而製定的五項策略行動所取得的進展。

Finally, I will touch on our outlook for the remainder of the year before I turn the call over to Kathy to take you through more details on the financial results.

最後，我將談談我們對今年剩餘時間的展望，然後再將電話轉給凱西，讓您了解更多有關財務業績的詳細資訊。

Let me begin by saying that I am pleased to report early momentum, the beginning of 2015, a year of transition for the Company.

首先，我很高興向大家報告 2015 年初的早期勢頭，這是公司轉型的一年。

We delivered promising first quarter results, especially in light of the significant macroeconomic volatility in many regions around the world, and the productivity and rewiring initiatives we are implementing this year.

我們取得了令人鼓舞的第一季業績，特別是考慮到全球許多地區宏觀經濟的大幅波動，以及我們今年正在實施的生產力和重組計劃。

For those of you following our webcast, you can see our quarterly performance score card on slide 4. Our performance was largely driven by the strength of our global brand portfolio and the strong distribution capabilities of our bottling partners as evidenced by our continued global value share gains in NARTD, sparkling beverages, as well as still beverages in the quarter.

對於那些關注我們網路廣播的人，您可以在幻燈片4 上看到我們的季度業績記分卡。我們的業績在很大程度上是由我們的全球品牌組合的實力和我們的裝瓶合作夥伴強大的分銷能力推動的，這一點從我們持續的全球價值份額就可以看出。NARTD、起泡飲料以及非碳酸飲料在本季度都有所增長。

While certain markets faced significant currency devaluation, economic slowdown, or political unrest, our focus on improving our execution enabled us to deliver overall solid results.

儘管某些市場面臨貨幣大幅貶值、經濟放緩或政治動盪，但我們對提高執行力的關注使我們能夠取得整體穩健的業績。

We grew our top line and bottom line due to initial improvements in the underlying business, the timing of Easter, and six extra days in our fiscal quarter.

由於基礎業務的初步改善、復活節的時間以及我們財政季度的額外六天，我們的收入和利潤有所增長。

Importantly, net revenues grew 8% on an organic basis, driven by the extra selling days and positive 3% price mix globally.

重要的是，在銷售天數增加和全球 3% 正價格組合的推動下，淨收入有機增長了 8%。

While it is still early in the year, we are pleased with the 3% global price mix, and the 2% price mix in North America, both ahead of full-year 2014 results.

雖然現在還處於今年年初，但我們對 3% 的全球價格組合和 2% 的北美價格組合感到滿意，這兩個價格組合均領先 2014 年全年業績。

This price mix is the result of disciplined implementation of our price backed channel strategies which is a key and consistent portion of our long-term approach to creating value for consumers, customers, bottlers, and ourselves.

這種價格組合是我們嚴格執行價格支援通路策略的結果，這是我們為消費者、客戶、裝瓶商和我們自己創造價值的長期方法的關鍵和一致的部分。

Productivity initiatives, benign commodity costs, and favorable product mix in key markets drove gross and operating margin improvement, and we continue to invest substantially behind advertising, leading to double-digit increase in marketing spend.

主要市場的生產力措施、良好的商品成本和有利的產品組合推動了毛利率和營業利潤率的提高，我們繼續在廣告方面進行大量投資，從而導致行銷支出實現兩位數的成長。

The bottom line result was double-digit growth in comparable currency neutral income before tax.

最終結果是可比貨幣中性稅前收入達到兩位數成長。

Now turning to the five strategic actions we laid out for this year.

現在談談我們今年制定的五項策略行動。

One of our key strategic initiatives is making disciplined brand and growth investments.

我們的關鍵策略舉措之一是進行嚴格的品牌和成長投資。

As mentioned earlier, we increased our media investments double digits in the quarter as we work towards fully funded brand plans in markets around the world, while at the same time enhancing the quality of our advertising.

如前所述，我們在本季將媒體投資增加了兩位數，因為我們致力於在全球市​​場上開展全額資助的品牌計劃，同時提高廣告品質。

A great example of this is the new Coca-Cola marketing campaign during the Chinese New Year which helped our China business grow brand Coca-Cola volume 9% despite slowing economic conditions.

一個很好的例子是可口可樂在農曆新年期間推出的新行銷活動，儘管經濟狀況放緩，但該活動幫助我們的中國業務將可口可樂品牌銷量成長了 9%。

As we said previously, media investments take about 12 to 24 months to realize their full value.

正如我們之前所說，媒體投資大約需要 12 至 24 個月才能實現其全部價值。

While we are seeing initial positive results, we are even more encouraged by the knowledge that it is still early in the process, and we have tremendous runway for continued improvement in our top line growth.

雖然我們看到了初步的正面成果，但更令我們感到鼓舞的是，我們知道這個過程仍處於早期階段，而且我們還有巨大的空間來持續改善我們的營收成長。

We remain resolutely focused on driving costs out of business and embedding a culture of productivity into our DNA, which is enabling us to fund our brand and growth investments.

我們仍然堅定地致力於降低業務成本，並將生產力文化融入我們的 DNA，這使我們能夠為我們的品牌和成長投資提供資金。

This change in culture is reflected in incorporating zero-based work processes into all phases of our annual planning cycles.

這種文化的變化體現在將零基工作流程納入我們年度規劃週期的所有階段。

We remain on track across all spend areas to deliver more than $0.5 billion in savings this year and $3 billion in annualized savings by 2019.

我們仍致力於在所有支出領域實現今年節省超過 5 億美元的目標，到 2019 年實現年化節省 30 億美元的目標。

The difficult but necessary changes made during the end of 2014 are now accounted for in our budgets and tied to our objectives and goals.

2014 年底做出的困難但必要的改變現已納入我們的預算，並與我們的目的和目標掛鉤。

The initial implementation of our new operating model is on track, and the previously announced head count reductions associated with this change are well underway.

我們新營運模式的初步實施已步入正軌，先前宣布的與這項變更相關的裁員工作也在順利進行中。

We are continuing to work through the rewiring of business processes within the entire organization.

我們正在繼續努力重新調整整個組織內的業務流程。

For example, we have eliminated a layer in many of our functions at the group levels in different geographies and linked our corporate center directly to our business units.

例如，我們在不同地區的集團層級取消了許多職能部門，並將我們的公司中心直接與我們的業務部門連結。

In R&D, this means connecting our corporate R&D efforts directly to our global development centers, and linking both of these to service our business across business units across the world.

在研發方面，這意味著將我們的企業研發工作直接與我們的全球開發中心連結起來，並將兩者連結起來，為我們在世界各地的業務部門的業務提供服務。

This allows us to scale our efforts in innovation, share new developments faster, and accelerate development of new products.

這使我們能夠擴大創新力度，更快地分享新的發展成果，並加速新產品的開發。

In addition, we are also rewiring our marketing organization around consumer clusters to drive speed, to drive efficiency, and effectiveness.

此外，我們也圍繞消費者群體重新建構我們的行銷組織，以提高速度、效率和效果。

This will allow us to better leverage learnings from similar markets, regardless of the geographic location, and improve the quality of our advertising through our networked marketing model.

這將使我們能夠更好地利用來自類似市場的經驗教訓，無論地理位置如何，並透過網路行銷模式提高廣告品質。

A great example of this is how we are strategically leveraging the 100th anniversary of our contour Coca-Cola bottle to drive our business forward through integrating marketing, commercial, and innovation under one umbrella to reach approximately 140 markets.

一個很好的例子是，我們如何策略性地利用可口可樂輪廓瓶誕生 100 週年之際，透過整合行銷、商業和創新來推動我們的業務向前發展，以覆蓋約 140 個市場。

This campaign centers on the magic of drinking a Coke with the emphasis on the experience as much as the bottle.

活動以喝可樂的魔力為中心，強調體驗和瓶子一樣。

As such, it is focused on driving profitable immediate consumption packages and purchase transactions.

因此，它專注於推動有利可圖的即時消費套餐和購買交易。

As part of this campaign, our system is investing in glass bottles all around the world, while introducing the next generation contour [PT] bottle and expanding the supply of our premium aluminum bottles in key developed markets.

作為活動的一部分，我們的系統正在世界各地投資玻璃瓶，同時推出下一代輪廓 [PT] 瓶，並擴大我們在主要已開發市場的優質鋁瓶的供應。

Importantly, this is not simply a global campaign.

重要的是，這不僅僅是一場全球運動。

Rather, it is a new way of networked marketing that has led to the creation of 20 marketing assets that markets can use leverage in a more cost-effective model or manner.

相反，它是一種新的網路行銷方式，創造了 20 種行銷資產，市場可以透過更具成本效益的模式或方式利用這些資產。

Some of our markets will leverage the campaign throughout the year, while others quarter by quarter.

我們的部分市場將全年利用該活動，而其他市場將逐季度利用該活動。

As a result, we have significantly been able to reduce our production and development costs per gross rating point, allowing more dollars to be focused against the consumer.

因此，我們能夠大幅降低每個總收視點的生產和開發成本，使更多的資金能夠集中在消費者身上。

We are seeing initial positive results in the markets that have already launched the campaign, such as South Africa, Australia, and Latin Center.

我們在南非、澳洲和拉丁中心等已經啟動活動的市場中看到了初步的正面成果。

Across the entire Company, our deeper market segmentation strategy is also starting to yield early results.

在整個公司範圍內，我們更深層的市場區隔策略也開始產生早期成果。

Two examples are North America and India here.

北美和印度就是兩個例子。

In North America, we are focused on generating revenue through a greater reliance on price realization, increased media investments, coupled with our segmented price pack strategies, drove revenue growth in our sparkling portfolio through a strong 3% price mix and a 1% increase in transactions.

在北美，我們專注於透過更多地依賴價格實現、增加媒體投資以及我們的細分價格包策略來創造收入，透過強勁的3% 價格組合和1% 的成長，推動了我們閃亮產品組合的收入增長。交易。

Simply put, more consumers are enjoying our products more often, and are increasingly choosing smaller packages including our iconic contour bottle.

簡而言之，越來越多的消費者更頻繁地享受我們的產品，並且越來越多地選擇更小的包裝，包括我們標誌性的輪廓瓶。

Whereas in India, where our revenue growth strategies focus on expanding distribution and recruiting new consumers, we grow double-digit unit case volume growth in both our sparkling as well as still portfolio.

在印度，我們的收入成長策略著重於擴大分銷和招募新消費者，而我們的氣泡酒和靜止酒產品組合的單位箱銷售量均實現了兩位數的成長。

Turning to our focus on our core business model, we continue to make progress on our North America re-franchising efforts in the quarter.

談到我們對核心業務模式的關注，我們本季的北美再特許經營工作繼續取得進展。

First, we remain on track with our previously announced territory transfers to existing partners.

首先，我們仍然按照先前宣布的向現有合作夥伴轉讓領土的方式進行。

During the quarter, we transitioned four territories to Coca-Cola consolidated, and are on track to transfer additional territories in Kentucky and Tennessee to consolidated and [current] Coca-Cola [currents] this year.

在本季度，我們將四個地區轉為可口可樂合併，並預計今年將肯塔基州和田納西州的其他地區轉為合併和[當前]可口可樂[當前]。

We are slightly ahead of schedule to close the previously-announced transaction with new entrants into our bottling network.

我們稍微提前完成了先前宣布的與新進入我們裝瓶網路的交易。

Territory transfers to both Troy Taylor in Central Florida and Reyes Holdings in Chicago are slated to close in the second quarter.

向佛羅裡達州中部特洛伊·泰勒和芝加哥雷耶斯控股公司的領土轉讓預計將於第二季完成。

Together, the territories pending to transition to these two new partners will represent approximately 5% of US bottle/can volume.

待過渡到這兩個新合作夥伴的地區合計將占美國瓶裝/罐裝銷售量的約 5%。

Finally, just this morning, we announced the signing of new letters of intent with existing bottling partners for territories covering more than 5% of bottle/can volume.

最後，就在今天早上，我們宣布與現有裝瓶合作夥伴簽署新的意向書，涵蓋的地區覆蓋瓶裝/罐裝量的 5% 以上。

In aggregate, territories transitioned to date, and those covered by definitive agreements or letters of intent, represent a little over 15% of total US bottle/can volume.

總的來說，迄今為止過渡的地區以及最終協議或意向書所涵蓋的地區僅占美國瓶裝/罐裝總量的 15% 以上。

Further, as we continue to transition territories, we are getting better and faster which is why we are confident that our previously-stated timeline to have two-thirds of bottle/can volume distributed by our independent bottling partners by 2017 is very much on track.

此外，隨著我們不斷過渡領域，我們變得越來越好、越來越快，這就是為什麼我們相信我們先前規定的到2017 年由我們的獨立裝瓶合作夥伴分配三分之二的瓶裝/罐裝量的時間表已步入正軌。

Looking outside of North America, we closed our joint venture in Coca-Cola Amatil Indonesia in early April.

放眼北美以外的地區，我們於四月初關閉了在可口可樂阿馬提爾印尼的合資企業。

I was in Jakarta earlier this year with the Indonesian bottler to celebrate this new venture.

今年早些時候，我與印尼裝瓶商一起在雅加達慶祝這項新計畫。

This investment will help us capture the growth opportunity in one of the largest and most dynamic countries in the world, as we enable our system to be even more responsive to consumer and customer needs.

這項投資將幫助我們抓住世界上最大和最具活力的國家之一的成長機會，因為我們使我們的系統能夠更好地回應消費者和客戶的需求。

We are off to a solid start in 2015, and we are on track to deliver against our full-year currency neutral EPS expectation of mid-single digit growth.

2015 年我們有一個良好的開端，我們預計將實現全年中個位數成長的中性每股盈餘預期。

Importantly, I am encouraged by the progress we have made, and we remain confident that we have the right strategies in place to create sustainable shareholder value.

重要的是，我對我們所取得的進步感到鼓舞，我們仍然相信我們擁有正確的策略來創造可持續的股東價值。

However, there is still much work ahead of us.

然而，我們還有很多工作要做。

We continue to expect that the benefits from the announced initiatives will take time to fully materialize.

我們仍然預計，所宣布的舉措好處需要時間才能完全實現。

Further, we are operating in a very challenging environment.

此外，我們在一個非常具有挑戰性的環境中運作。

A cautious recovery in the US is offset by a relatively sluggish expansion in Europe and Japan, as well as weaknesses in emerging markets, notably Brazil and Russia, as well as China slowing down.

美國謹慎的復甦被歐洲和日本相對緩慢的擴張以及新興市場（尤其是巴西和俄羅斯）的疲軟以及中國的放緩所抵消。

Therefore, we remain cautious in our outlook, so we will continue to focus on what we can control and execute against our strategic initiatives to emerge stronger and better positioned to capture growth in the global nonalcoholic beverage industry.

因此，我們對前景保持謹慎，因此我們將繼續專注於我們可以控制和執行的策略性舉措，以變得更強大、更有能力抓住全球非酒精飲料行業的成長。

I will now hand the call over to our Chief Financial Officer, Kathy Waller, who will provide you with a more detailed look at our financial performance, as well as update on our outlook on our business for 2015.

我現在將把電話轉給我們的財務長 Kathy Waller，她將為您提供有關我們財務業績的更詳細信息，以及我們對 2015 年業務前景的最新展望。

Thank you, Muhtar, and good morning, everyone.

謝謝你，穆泰爾，大家早安。

I am going to spend a few minutes discussing the quarter and then our outlook for 2015 as Muhtar just stated.

我將花幾分鐘討論本季度，然後討論我們對 2015 年的展望，正如 Muhtar 剛才所說。

Overall, we are pleased with our performance in the quarter and encouraged by some of the early signs of success.

總體而言，我們對本季的表現感到滿意，並受到一些早期成功跡象的鼓舞。

Our positive pricing continues as we focus on driving revenue in the marketplace, and our reinvestment in brand Coca-Cola is starting to yield results.

隨著我們專注於推動市場收入，我們的積極定價仍在繼續，而且我們對可口可樂品牌的再投資已開始產生成果。

Focusing on the quarter, organic revenue growth was driven by 5% growth in concentrate shipments and 3 points of positive price mix.

重點關注本季度，有機收入成長是由精礦出貨量成長 5% 和 3 個百分點的積極價格組合所推動的。

The concentrate shipment growth benefited from the six extra days in the period.

精礦出貨量的成長受益於該期間額外增加的六天。

These extra days will reverse in the fourth quarter, so you will see a corresponding impact in that period.

這些額外的天數將在第四季度逆轉，因此您將在該時期看到相應的影響。

After adjusting for the six extra days in this quarter, concentrate shipments lagged unit cases primarily due to the timing of shipments in our international markets.

在本季額外的六天進行調整後，精礦出貨量落後於單位箱，主要是由於我們國際市場的出貨時間。

For the full year, we expect concentrate shipments to be generally in line with unit cases.

就全年而言，我們預計精礦出貨量將與單位箱數基本一致。

Consolidated price mix in the quarter was driven by positive pricing and product mix initiatives across many of our markets.

本季的綜合價格組合是由我們許多市場的積極定價和產品組合措施所推動的。

In addition, we benefited from positive geographic mix, as markets where shipments lagged reported unit cases were in lower revenue per CSE market.

此外，我們受益於積極的地理組合，因為出貨量落後於報告的單位案例的市場每個 CSE 市場的收入較低。

As we moved through the year, I would like to remind you of a couple of points.

隨著這一年的過去，我想提醒您幾點。

First, we will begin to cycle better underlying pricing, and second, as we catch up from the timing of shipments in international markets, we will see negative pressure from geographic mix at the consolidated level.

首先，我們將開始循環更好的基礎定價，其次，當我們趕上國際市場的發貨時間時，我們將看到來自綜合層面地理組合的負面壓力。

Therefore, while we remain resolutely focused on driving revenue in our markets, we do expect price mix to moderate from the current level.

因此，儘管我們仍然堅定地專注於推動市場收入，但我們確實預計價格組合將在當前水準上有所放緩。

Our comparable gross margins improved about 75 basis points on a consolidated basis.

我們的可比較毛利率在合併基礎上提高了約 75 個基點。

This increase was driven primarily by better margins in North America, due to positive pricing and business mix, as well as moderately lower commodity costs.

這一增長主要是由於積極的定價和業務組合以及適度較低的商品成本推動了北美利潤率的提高。

As you think about the remainder of the year, we would also expect many of these drivers to moderate, as we begin to cycle more difficult comparisons.

當你考慮今年剩下的時間時，我們也預計隨著我們開始進行更困難的比較，其中許多驅動因素將會放緩。

Therefore, our full-year outlook on gross margins has not changed from our prior guidance.

因此，我們對全年毛利率的展望與先前的指引相比沒有變化。

Comparable currency neutral operating leverage came in better than anticipated in the quarter, primarily due to the stronger growth in gross profit, driven by the factors just mentioned.

本季可比貨幣中性經營槓桿優於預期，主要是由於在上述因素的推動下毛利成長強勁。

Comparable currency neutral income before tax grew 13%.

可比貨幣中性稅前收入增加了 13%。

The combined impact of structural items and the provision in Venezuela resulted in a 3 point headwind on income before tax which was consistent with our previous outlook.

結構性項目和委內瑞拉撥備的綜合影響導致稅前收入下降 3 個百分點，這與我們先前預期的一致。

Our first quarter comparable EPS was $0.48 which included a 6 point currency headwind.

我們第一季的可比每股收益為 0.48 美元，其中包括 6 個百分點的貨幣逆風。

On a comparable currency neutral basis, our EPS grew 15% in the quarter.

在可比較貨幣中性的基礎上，我們的每股盈餘在本季成長了 15%。

The 6 point currency headwind was slightly less than our original expectations, primarily due to the benefit from foreign exchange gains associated with the euro-denominated debt issued during the quarter.

6 個點的貨幣逆風略小於我們最初的預期，主要是由於本季發行的歐元計價債務所帶來的外匯收益。

Items impacting comparability in the quarter were primarily related to the early extinguishment of certain long-term debt, costs associated with our previously-announced $3 billion productivity program, and charges related to our Venezuelan operations.

影響本季可比較性的項目主要與某些長期債務的提前清償、與我們先前宣布的 30 億美元生產力計劃相關的成本以及與我們的委內瑞拉業務相關的費用有關。

As many of you know, the Venezuelan government introduced a new floating exchange rate mechanism, called Simadi, in mid-February.

眾所周知，委內瑞拉政府於二月中旬推出了新的浮動匯率機制，稱為「Simadi」。

We re-measured our bolivar-denominated net monetary assets at the end of the first quarter using the new Simadi floating exchange rate of approximately VEF193 to the dollar, and translated our Venezuelan subsidiaries' local currency income statement into US dollars using that same rate.

我們在第一季末使用新的斯馬迪浮動匯率（約VEF193兌美元）重新計量了以玻利瓦爾計價的淨貨幣資產，並使用相同的匯率將我們委內瑞拉子公司的本幣損益表折算成美元。

We generated $1.1 billion in free cash flow, up 72%, primarily due to the efficient management of working capital, the impact of six additional days, and the timing of capital expenditures, and it's partially offset by an unfavorable impact from currency exchange rates.

我們產生了11 億美元的自由現金流，成長了72%，這主要是由於營運資金的有效管理、額外六天的影響以及資本支出的時間安排，但貨幣匯率的不利影響部分抵消了這一影響。

We returned $1.8 billion to share owners in the form of dividends and net share repurchases during the quarter, which is reflective of our commitment to return cash to share owners.

本季我們以股利和淨股票回購的形式向股東返還 18 億美元，這反映了我們向股東返還現金的承諾。

For 2015, we increased our annual dividend by 8%, to $1.32 per share, and it is worth noting that we have increased our dividend every year for more than half a century.

2015年，我們將年度股息增加了8%，達到每股1.32美元，值得注意的是，半個多世紀以來，我們每年都增加股息。

Turning to outlook, while we are encouraged by some of the early signs of success, it is still early in the year, and global economic growth remains constrained by challenges in many markets, as evidenced in regions like Brazil, Russia, and China.

談到前景，雖然我們對一些早期成功跡象感到鼓舞，但現在還處於今年初期，全球經濟成長仍然受到許多市場挑戰的限制，巴西、俄羅斯和中國等地區就證明了這一點。

Therefore, we are maintaining our underlying full-year currency neutral growth expectations as previously provided.

因此，我們維持先前提供的全年貨幣中性成長預期。

However, we are updating the expected impact from structural items and currency.

然而，我們正在更新結構性項目和貨幣的預期影響。

During our last call, we said we expected the transaction with Monster Beverage Corporation to close in early Q2.

在上次電話會議中，我們表示預計與 Monster Beverage Corporation 的交易將於第二季初完成。

We now expect closing to happen in the latter half of the second quarter, as the parties work to satisfy contractual closing considerations.

我們現在預計交割將於第二季後半段發生，因為雙方努力滿足合約交割考慮因素。

However, distribution of Monster products in the US has already begun transitioning to the KO system.

然而，Monster產品在美國的經銷已經開始向KO制度過渡。

Finally, we are slightly ahead of schedule on closing the US territory transfers to Troy Taylor and Reyes Holdings.

最後，我們比計劃提前完成了 Troy Taylor 和 Reyes Holdings 的美國領土轉讓。

We now estimate that the net impact of structural items on full-year 2015 results will be a slight headwind on net revenue growth, with no material change to our prior outlook on income before tax.

我們現在估計，結構性項目對 2015 年全年業績的淨影響將對淨收入成長構成輕微阻力，而我們先前對稅前收入的展望不會發生重大變化。

Therefore, consistent with what we said in February, for the full-year 2015, we continue to expect mid-single digit comparable currency neutral EPS growth.

因此，與我們 2 月所說的一致，對於 2015 年全年，我們繼續預期可比貨幣中性每股收益將實現中個位數成長。

However, we do see a slight change in the impact from currency exchange rates.

然而，我們確實看到貨幣匯率的影響略有變化。

After considering our hedge positions, current spot rates, and the cycling of our prior-year rates, we now expect an approximate 6 point currency headwind on net revenue, an approximate 10 point currency headwind on operating income, and an approximate 7 point headwind on income before tax for the full year 2015.

在考慮了我們的對沖頭寸、當前即期匯率以及上一年匯率的循環之後，我們現在預計淨收入將面臨約6 個點的貨幣阻力，營業收入將面臨約10 個點的貨幣阻力，而營業收入將面臨約7 個點的貨幣阻力。2015 年全年稅前收入。

The currency impact on income before tax remains roughly the same as our previous outlook, as the foreign exchange gains associated with our euro-denominated debt issued this quarter is offset by the effects from translating our bolivar-denominated profits at the Simadi exchange rate, as well as the continued decline in several emerging and developing market currencies.

貨幣對稅前收入的影響與我們先前的預期大致相同，因為與本季發行的歐元計價債務相關的外匯收益被以斯馬迪匯率換算的玻利瓦爾計價利潤的影響所抵消，如下所示：以及幾種新興市場和發展中市場貨幣的持續下跌。

So when modeling the second quarter, there are a couple of phasing items you should consider.

因此，在對第二季度進行建模時，您應該考慮幾個階段性項目。

The timing of Easter benefited the first quarter this year, while it benefited the second quarter of last year.

復活節的時機使今年第一季受益，而去年第二季也受益。

We expect structural items to be roughly neutral impact on net revenue, and a 1 to 2 point headwind on income before tax.

我們預期結構性項目對淨收入的影響大致為中性，對稅前收入的影響則為 1 至 2 個百分點。

Then finally, we currently expect currency will be an approximate 7 point headwind on net revenue and an approximately 10 point headwind on operating income, and a 5 to 6 point headwind on income before tax in the second quarter as we cycle more favorable rates from the prior year.

最後，我們目前預計第二季的淨收入將受到大約 7 個點的阻力，營業收入將受到大約 10 個點的阻力，稅前收入將受到 5 到 6 個點的阻力，因為我們從去年。

The variance between the currency headwind and operating income and income before tax is primarily due to that foreign exchange gains associated with our euro debt.

貨幣逆風與營業收入和稅前收入之間的差異主要是由於與我們的歐元債務相關的外匯收益。

In closing, we are cautiously optimistic about the progress we see in the business, which gives us increased confidence that our strategies and actions are working.

最後，我們對我們在業務中看到的進展持謹慎樂觀的態度，這使我們更有信心我們的策略和行動正在發揮作用。

With that said, it is still early days in a transition year, as we implement significant change in our Company amidst a volatile and challenging operating environment.

話雖如此，現在仍處於過渡年的早期階段，因為我們在動盪且充滿挑戰的營運環境中實施了重大變革。

We absolutely believe that the Coca-Cola Company is best positioned to capture growth in nonalcoholic beverages and to continue to deliver long-term value to our shareholders.

我們絕對相信，可口可樂公司最有能力抓住非酒精飲料的成長，並繼續為我們的股東創造長期價值。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

The first question is from Bryan Spillane of Bank of America.

第一個問題來自美國銀行的 Bryan Spillane。

Hi.

你好。

Good morning, everyone.

大家，早安。

Good morning, Brian.

早安，布萊恩。

I guess as we look at this quarter, it just seems like some of the things that you laid out at the beginning of the year that were within your control have tracked in line, maybe even a little bit better than expected.

我想，當我們審視本季時，你在年初制定的一些在你控制範圍內的事情似乎已經進展順利，甚至可能比預期好一點。

It sounds like the refranchising in North America is pacing maybe a little faster.

聽起來北美的特許經營權重組步伐可能要快一些。

Closing the Monster transaction is taking a little bit longer, and it sounds like you're tracking pretty well in terms of cost savings and redeploying or spending more in marketing.

完成 Monster 交易需要更長的時間，而且聽起來您在成本節省和重新部署或在行銷方面花費更多方面跟踪得很好。

I guess when we think about the factors that are outside of your control, which would be I guess some of the macro factors, the change in the Venezuela exchange rate, how some of the markets are moving, I'm not sure if we have a great sense for maybe what is worse or what is better.

我想當我們考慮一些你無法控制的因素時，我想是一些宏觀因素，委內瑞拉匯率的變化，一些市場的走勢，我不確定我們是否有對什麼是更糟或什麼是更好的判斷力。

If you could just maybe lay out for us versus where you were earlier this year, when you initially gave us guidance, what is better and what is worse, especially focusing on some of the things that are outside of your control?

如果你能為我們列出與今年早些時候你最初給我們指導時的情況相比，什麼是更好，什麼是更糟，特別是關註一些你無法控制的事情？

Bryan, it is Muhtar here.

布萊恩，我是穆赫塔爾。

Good morning again.

再次早安。

In North America, I will start with North America, I'd say that the outlook appears to be trending a little positive, raising hopes that potential wage growth and lower fuel prices could translate into consumer spending.

在北美，我將從北美開始，我想說，前景似乎有點積極，這增加了人們對潛在薪資成長和較低燃料價格可能轉化為消費者支出的希望。

In Latin America, Mexico is, the best way I would say is, relatively stable and continues to track closer to the United States, because they're so closely linked.

我想說的是，在拉丁美洲，墨西哥相對穩定，並且繼續向美國靠攏，因為它們聯繫如此緊密。

Brazil continues to deteriorate faster than we expected.

巴西的惡化速度持續快於我們的預期。

I'd say that.

我想說的是。

Venezuela continues to increase as a concern given the growing difficulty on maintaining supply in the marketplace.

鑑於維持市場供應的難度越來越大，委內瑞拉的擔憂持續加劇。

And Argentina just continues to be challenging.

阿根廷仍然充滿挑戰。

And Colombia is again a star in Latin America in terms of performance and macro conditions.

哥倫比亞在表現和宏觀條件方面再次成為拉丁美洲的明星。

In Europe, I think there are also some green shoots on the back of monetary easing, but it's early days.

在歐洲，我認為在貨幣寬鬆的背景下也出現了一些萌芽，但現在還處於早期階段。

That just started.

那才剛開始。

Deflation still remains a concern this year, and overall, consumer spending in Europe I would say is still sluggish, as it will take time for I think monetary easing to flow to the consumer pocket and translate into increased consumer spending, and then risk to recovery [remains] a still volatile environment.

今年通貨緊縮仍然是一個令人擔憂的問題，總體而言，我認為歐洲的消費者支出仍然低迷，因為我認為貨幣寬鬆政策需要時間才能流入消費者的口袋並轉化為消費者支出的增加，然後面臨復甦的風險[仍然]仍然不穩定的環境。

Then of course you have the possible Greece exit issues lingering on.

當然，希臘可能的退出問題仍然揮之不去。

In Eurasia and Africa, Russia continues to see significant challenges, the Russian consumer, and we expect it to continue to remain challenging throughout the year this year.

在歐亞大陸和非洲，俄羅斯消費者繼續面臨重大挑戰，我們預計今年全年仍將面臨挑戰。

Sub-Sahara Africa is a strong bright spot, and we are seeing that in our results.

撒哈拉以南非洲是一個強大的亮點，我們在我們的結果中看到了這一點。

And then Middle East, we have got some pockets where it's defying the geopolitical environment, but overall, obviously increased geopolitical risks there.

然後是中東，我們有一些地區正在挑戰地緣政治環境，但總體而言，那裡的地緣政治風險明顯增加。

Then in Asia and Pacific China continues, the disposable incomes, consumer spending, CSE in China continues to decelerate.

然後在亞太地區中國繼續，中國的可支配收入、消費者支出、CSE繼續減速。

We saw that happening in Q1, versus the stated GDP of 7%.

我們在第一季看到了這種情況的發生，而當時的 GDP 為 7%。

Japan remains sluggish, I would say similar to Europe, although we are starting to see some green shoots in the economy.

日本仍然低迷，我想說與歐洲類似，儘管我們開始看到經濟出現一些萌芽。

And finally in Asia-Pacific, India continues to be a bright spot I would say inside the BRIC end markets, the four BRIC markets.

最後，在亞太地區，印度仍是金磚四國終端市場、四個金磚四國市場中的亮點。

That's a walk-through.

這是一個演練。

Then the commodity environment, again, talking about what we can control and what we can't, remains fairly benign, compared to previous years, stable and benign.

然後，與前幾年相比，商品環境仍然相當良性，穩定和良性，談論我們可以控制什麼和不能控制什麼。

Given that value growth for us is highly correlated to PCE growth, I hope I have been able to give you a quick walk-through of what is good and what is not so good and what is more stable.

鑑於我們的價值成長與 PCE 成長高度相關，我希望我能讓您快速了解什麼是好的、什麼是不太好的以及什麼是更穩定的。

That is very helpful, Muhtar.

這非常有幫助，穆塔爾。

Thank you.

謝謝。

I didn't mean to have you talk so long.

我本來不想讓你說這麼久的。

Your voice is definitely under some pressure this morning.

今天早上你的聲音肯定受到了一些壓力。

Kathy, if I could, just one follow-up on the commodity piece, the comparisons were a little bit better in the first quarter.

凱西，如果可以的話，請對商品進行一次跟進，第一季的比較要好一些。

Just looking forward, is there anything that we should be looking at that could make it maybe more favorable as the year goes on?

展望未來，有什麼我們應該關注的事情可以讓它隨著時間的推移變得更加有利嗎？

Like how much of it is locked in and how much of it might move based on commodity movements?

例如有多少是被鎖定的，有多少可能會根據大宗商品的變動而改變？

Thank you.

謝謝。

Brian, as Muhtar just said, commodities for us will be benign this year.

布萊恩，正如穆泰爾剛才所說，今年大宗商品對我們來說將是良性的。

In this quarter, and the first half we're cycling higher prices, in the first half of last year.

在本季和上半年，我們的價格比去年上半年更高。

And thinking about something like oil, oil doesn't really impact us.

想想像石油這樣的東西，石油並沒有真正影響我們。

For our commodities, we are hedged.

對於我們的商品，我們進行了對沖。

We basically are not going to see specific benefit there, and they are going to be basically benign.

我們基本上不會在那裡看到具體的好處，而且它們基本上是良性的。

The next question is John Faucher of JPMorgan.

下一個問題是摩根大通的約翰·福徹（John Faucher）。

Thank you.

謝謝。

I wanted to follow up on two questions related to the price mix number which is I guess one, if we look at the gallon variances you mentioned, it skews a little bit more towards high revenue per case.

我想跟進與價格組合數字相關的兩個問題，我想這是一個，如果我們看看您提到的加侖差異，它會更傾向於每箱高收入。

Can you give us an idea in the quarter in terms of how much of that benefit in geographic concentrate shipments, how much we'll need to take out over the balance of the year?

您能否在本季向我們介紹地理精礦運輸的收益有多少，以及我們在今年剩餘時間內需要取出多少？

Then going back to some of the comments that you guys made, I think back in December, about a different global pricing strategy in terms of really trying to find the right balance region by region, can you talk about the outlook for pricing in Europe?

然後回到你們在 12 月發表的一些評論，關於不同的全球定價策略，真正試圖在各個地區找到適當的平衡，您能談談歐洲的定價前景嗎？

It was obviously price mix was flat this quarter, but that's one where it seems like there are some opportunities going forward.

顯然，本季的價格組合持平，但這似乎是未來存在一些機會的地方。

What is the medium to longer term view on pricing in Europe?

對歐洲定價的中長期看法是什麼？

Thanks.

謝謝。

Okay, John, I will take the first part of that question.

好的，約翰，我將回答這個問題的第一部分。

The gallons and the cases definitely, when you make the adjustment for days, gallons are behind cases, and that will moderate.

加侖和箱子肯定是，當你進行幾天的調整時，加侖落後於箱子，這會緩和。

That will be based on, as you just said, what we see in the first quarter is the higher revenue for CSE, and so we did benefit from positive geographic mix in our price mix.

正如您剛才所說，這是基於我們在第一季看到的 CSE 收入較高，因此我們確實受益於價格組合中積極的地理組合。

That will moderate.

這會緩和。

We will start to see when it catches up more of the geographies that provide the lower revenue for CSE coming through, which will then give us the negative geographic mix coming through as well in the balance of year.

我們將開始看到它何時會趕上更多為 CSE 提供較低收入的地區，這將為我們帶來今年剩餘時間的負面地理組合。

I think the second part of your question, on the outlook of pricing, Sandy, do you want to talk about at all the North American pricing specifically?

我認為你問題的第二部分是關於定價的前景，桑迪，你想具體談談北美的定價嗎？

Sure, Kathy.

當然，凱西。

Good morning, John.

早安，約翰。

The North America pricing situation is really the continuation of the strategy that we have been talking about for the last year and a half.

北美的定價情況實際上是我們過去一年半一直在談論的策略的延續。

Irial and I talked about this I think six calls ago that we were going to focus our business on the sustaining strategy of disciplined price and volume mix to maximize revenue, with an emphasis on price as a driver in the US business.

Irial 和我談到了這一點，我認為在六個電話之前，我們將把我們的業務重點放在嚴格的價格和銷量組合的維持戰略上，以最大限度地提高收入，並強調價格作為美國業務的驅動力。

That is exactly what we have been doing, and what we continue to plan to do with a lot of discipline and focus.

這正是我們一直在做的事情，也是我們繼續計劃以嚴格的紀律和重點去做的事情。

As you look at the first quarter, if you look at each business by themselves, we met our pricing objectives in the first quarter.

當您查看第一季時，如果您單獨查看每項業務，您會發現我們在第一季實現了定價目標。

We saw a little bit faster growth in our fountain business, which created a little bit of negative business mix, but net-net, the year started according to plan.

我們看到噴泉業務的成長有點快，這造成了一些負面的業務組合，但淨淨，這一年按計劃開始了。

We see the outlook as being rational, and our strategy remains very consistent.

我們認為前景是理性的，我們的策略仍然非常一致。

Ahmet, you want to talk about Europe?

艾哈邁德，你想談談歐洲嗎？

Thanks, Sandy.

謝謝，桑迪。

Hi, John.

你好，約翰。

Just a couple of comments in general and then Europe, we are following exactly the same strategy of managing our product mix and price versus volume around markets international.

總的來說，然後是歐洲，我們遵循完全相同的策略來管理我們的產品組合以及國際市場上的價格與數量。

In fact, we are getting some pretty good results in many of our big markets.

事實上，我們在許多大市場中都取得了一些相當不錯的成果。

Specifically in Europe, one must remember that last year, we have had some fairly aggressive pricing, which resulted in our view somewhat of an imbalanced progression of our business, where we have lost some market share, but got great pricing.

特別是在歐洲，我們必須記住，去年我們的定價相當激進，這導致我們認為我們的業務發展有些不平衡，我們失去了一些市場份額，但獲得了很好的定價。

We were saying before that we would be moderating that somewhat this year, so that we have a more balanced growth of volume and revenue.

我們之前說過，今年我們會有所調整，以便我們的銷售和收入成長更加平衡。

What you saw in the first quarter is a result of that moderation, but we do believe that we would be achieving reasonable price mix in Europe in the course of this year.

您在第一季看到的情況是這種放緩的結果，但我們確實相信今年我們將在歐洲實現合理的價格組合。

John, this is Muhtar.

約翰，這是穆赫塔爾。

I will just add one other point, which is related to what I already mentioned, that we are reorganizing and have reorganized our marketing around the different clusters of developed, emerging, and developing markets.

我只想補充一點，這與我已經提到的有關，我們正在圍繞已開發市場、新興市場和發展中市場的不同集群重組並重新組織我們的行銷。

I think that is also working, beginning to yield some early results, and I think our new marketing leadership is very committed and very much part of this new reorganization of our marketing around the clusters.

我認為這也正在發揮作用，開始產生一些早期成果，而且我認為我們新的行銷領導層非常堅定，並且是圍繞集群的營銷新重組的重要組成部分。

I can say very clearly that marketing is playing an important role in how we are generating enhanced revenue in our business.

我可以非常清楚地說，行銷在我們如何增加業務收入方面發揮著重要作用。

That is really an important takeaway, I think.

我認為這確實是一個重要的收穫。

Great.

偉大的。

Thank you, and feel better, Muhtar.

謝謝你，感覺好多了，穆泰爾。

Thanks.

謝謝。

I feel good.

我感覺很好。

It is just my voice.

這只是我的聲音。

Thank you.

謝謝。

The next question is Dara Mohsenian of Morgan Stanley.

下一個問題是摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hi, guys.

嗨，大家好。

I will give Muhtar's voice a break, and maybe start with Kathy.

我會讓穆泰爾的聲音休息一下，也許可以從凱西開始。

The quarter came in better than expected from a margin perspective clearly versus consensus, but with the extra shipping days and Easter shift, it is tough to judge your margin performance.

從利潤率角度來看，本季的表現明顯優於預期，但由於運輸天數增加和復活節轉變，很難判斷您的利潤率表現。

I was just hoping you could give us some perspective on where margins and profit came in this quarter versus your original expectations, and some of the key puts and takes in the quarter, again versus those original expectations.

我只是希望您能給我們一些關於本季度的利潤和利潤與您最初的預期相比的看法，以及本季度的一些關鍵看跌期權和收益，再次與最初的預期相比。

The price mix obviously is 3 points, as I just spoke about.

正如我剛才所說，價格組合顯然是 3 個點。

We did benefit from positive geographic mix in the first quarter.

我們確實受益於第一季積極的地域組合。

As we will get as concentrate shipments and timing starts to catch up, we will have the impact of a negative geographic mix which for us is not a surprise, in that it is normal run rate for several of our geographies.

隨著精礦出貨量和時間開始趕上，我們將受到負面地理組合的影響，這對我們來說並不奇怪，因為這是我們幾個地區的正常運作率。

We did get the pricing in the quarter and the benefit.

我們確實得到了本季的定價和收益。

Then the other side of that would be the costs, and when you adjust for structural, and you adjust for currencies, cost of goods is really in line with concentrate shipments.

另一方面是成本，當你調整結構和貨幣時，貨物成本實際上與精礦出貨量一致。

Then the other issue would then just be commodities, and then as we said the commodities are basically going to be benign for us, and in the quarter, we are cycling higher costs from last year.

那麼另一個問題就是大宗商品，正如我們所說，大宗商品基本上對我們有利，在本季度，我們的成本比去年更高。

That was a slight benefit.

這是一個小小的好處。

For the most part, I'm looking into the rest of the year, commodities are going to be benign.

在很大程度上，我預計今年剩餘時間裡，大宗商品將會表現良好。

It is really basically the pricing that we got this quarter, offset by the costs that were better than prior year because we cycled better costs.

這實際上基本上是我們本季獲得的定價，被比去年更好的成本所抵消，因為我們循環了更好的成本。

Okay.

好的。

Then net-net, when you put everything together, would you say from a profit standpoint, or margin standpoint, where did the quarter come in versus original expectations at the corporate level?

然後，當你將所有內容放在一起時，你會說從利潤或利潤率的角度來看，該季度的表現與公司層面的原始預期相比如何？

I also would add one other thing in addition, in North America specifically, we had better business mix, which basically was around our food service business.

我還想補充一件事，特別是在北美，我們有更好的業務組合，基本上是圍繞著我們的食品服務業務。

For the first quarter, in a transition year, we are obviously very pleased with our results.

對於第一季度，在過渡年，我們顯然對我們的結果非常滿意。

And I would say that I would expect pricing to moderate for the back half of the year, and to continue with -- the cost of goods sold continue to be in line with the concentrate shipments.

我想說的是，我預計今年下半年的定價將會放緩，並且持續下去——銷售商品的成本將繼續與精礦出貨量保持一致。

We were basically given the quarter in line with our expectations and we expect to be in line with our full-year expectations that we have provided.

我們的季度業績基本上符合我們的預期，我們預計也將符合我們提供的全年預期。

Okay.

好的。

That's helpful.

這很有幫助。

Thanks.

謝謝。

Thank you.

謝謝。

Next question is Steve Powers of UBS.

下一個問題是瑞銀集團的史蒂夫鮑爾斯。

Thanks.

謝謝。

Muhtar, feel free to weigh in, but I will also try to give you a break and direct questions to Sandy and Kathy.

穆赫塔爾，請隨意發表意見，但我也會盡力讓您休息一下，並向桑迪和凱西直接提問。

Guys, on North America, the price realization was solid, but it was actually a little lower than I at least had expected just based on market data.

夥計們，在北美，價格實現是穩定的，但實際上比我至少根據市場數據預期的要低一些。

I know were you lapping some fairly intense retailer promotions, so maybe that played a role.

我知道您是否正在接受一些相當激烈的零售商促銷活動，所以也許這發揮了作用。

Maybe it was again negative mix from still.

也許這又是一種消極的混合。

I know you mentioned fountain dynamic, Sandy.

我知道你提到了動態噴泉，桑迪。

I was hoping you could just expand on the trends there and whether you think 2% is a representative number for the year, at least in terms of way you're targeting it.

我希望您能詳細闡述那裡的趨勢，以及您是否認為 2% 是今年的代表性數字，至少就您的目標方式而言。

On a related note, I was wondering if you could dimension for us the profit contribution to this price mix you're getting.

與此相關的是，我想知道您是否可以為我們確定您所獲得的價格組合的利潤貢獻。

Because clearly, if it was all rates, pure rate, then it would flow through 100% to profit, all else equal, but given a lot of what we're seeing is category mix and these are just introduction of new package types, I'm wondering how to think about the profit contribution.

因為很明顯，如果都是費率、純費率，那麼在其他條件相同的情況下，它會100% 盈利，但考慮到我們看到的很多都是類別組合，而這些只是新套餐類型的引入，我我想知道如何考慮利潤貢獻。

Should we be assuming 50% as a rule of thumb, roughly?

我們應該粗略地假設 50% 是經驗法則嗎？

Or are there reasons to be more optimistic or cautious related to extrapolating price mix to profit flow-through?

或者是否有理由在將價格組合推斷為利潤流動方面更加樂觀或謹慎？

Steve, the comments I would make about overall pricing are, to reiterate what I said earlier, which is that on a business by business basis, our pricing results in the first quarter were solid.

史蒂夫，我對整體定價的評論是重申我之前所說的，即在逐個業務的基礎上，我們第一季的定價結果是穩健的。

You saw in Nielsen, very strong price growth.

您在尼爾森看到了非常強勁的價格成長。

Some of that was driven by wholesale improvement that we were achieving with our customers.

其中一些是由我們與客戶一起實現的整體改進所推動的。

Some of it was lapping some really aggressive promotional activity that happened in the end of February and early March, and some of it was our customers making more money in the category.

其中一些是在二月底和三月初發生的一些非常積極的促銷活動，還有一些是我們的客戶在該類別中賺了更多錢。

The net effect of it was a really good start to the year, in line with our plan.

它的最終效果是今年的一個非常好的開始，符合我們的計劃。

If you cross our business over into our chilled Minute Maid business, we saw price realization there.

如果你將我們的業務轉移到我們的冷凍美汁源業務中，我們就會看到那裡的價格實現。

We launched some new items that drove some incremental revenue.

我們推出了一些新產品，增加了一些收入。

Then as I mentioned, the fountain business was stronger than we expected at the beginning of the year, which creates a business mix drag overall.

然後正如我所提到的，噴泉業務比我們年初的預期要強，這對整體業務組合造成了拖累。

What I would say from a profitability standpoint is that the combination of rate and mix was in line with our expectations, but I would also point out that as we get into the second half of the year, you are going to see more difficult pricing comparisons.

從獲利能力的角度來看，我想說的是，利率和組合的組合符合我們的預期，但我也想指出，隨著我們進入今年下半年，您將看到更困難的定價比較。

We will continue our strategy of rigorous and disciplined and focused price volume management, but we will be lapping ourselves, and we'll be continuing to do so, but against a little bit tougher comparison.

我們將繼續實行嚴格、紀律嚴明、重點突出的價格量管理策略，但我們將自我超越，我們將繼續這樣做，但要進行更嚴格的比較。

Net-net, off to the start we had hoped to.

淨淨，我們一開始就希望如此。

Irial, any additional dimension?

Iriial，還有其他維度嗎？

(Inaudible) repeating what you said, but I'd go back, and I've said this for six calls.

（聽不清楚）重複你說的話，但我會回去，我已經打了六通電話了。

We are being very disciplined and rational about our pricing.

我們對定價非常嚴格和理性。

What we achieved in the first quarter is pretty well in line.

我們在第一季取得的成績非常符合預期。

Sandy's mentioned there's maybe some channel mix impacts in there, but generally speaking, very much in line.

桑迪提到，其中可能存在一些管道組合的影響，但總的來說，非常一致。

We intend to stay disciplined, and I'd used the word [nearly] be boring in terms of how we approach the business.

我們打算保持紀律，就我們處理業務的方式而言，我用了「幾乎」無聊這個詞。

We want to remain disciplined and focus on doing the right things for the business.

我們希望保持紀律並專注於為企業做正確的事情。

We believe we are on a good track.

我們相信我們正走在良好的軌道上。

We intend to stay on that track, and I think as each quarter goes by, you will see positive momentum in the business.

我們打算保持在這條軌道上，我認為隨著每個季度的過去，您都會看到業務的積極勢頭。

Can I just add one more thing?

我可以再增加一件事嗎？

What Irial just said then creates the environment for our small packages to grow.

伊裡亞爾剛才所說的話，為我們的小包裝的成長創造了環境。

The consumer is moving strongly to small packages, and we are continuing to see low- to mid-teens growth in those packages, and all of which is supported by the impact of a step-up in marketing, which gives the whole thing more sustainability, as we work through the more challenging comps.

消費者正在大力轉向小包裝，我們繼續看到這些包裝的增長在十幾歲左右，所有這些都受到營銷升級的影響的支持，這使整個事情更具可持續性，當我們完成更具挑戰性的比賽時。

Okay.

好的。

Maybe if I can just follow-up, related theme, different angle, and maybe this is for Kathy, but I noticed you changed the reporting of regional profit to profit before tax, so regional operating profits, to profit before tax, consistent with the incentive changes you made.

也許我可以跟進，相關的主題，不同的角度，也許這是給凱西的，但我注意到你把區域利潤的報告改為稅前利潤，所以區域營業利潤，改為稅前利潤，與您所做的激勵改變。

North American PBT was up like 100 basis points, 180 basis points or so, but I was wondering if you could comment, A, if there was any material benefit from sub-bottling payments in the quarter, and B, if [OI] margin trends would have mirrored PBT?

北美 PBT 上漲了 100 個基點、180 個基點左右，但我想知道您是否可以發表評論，A，本季度的分裝付款是否有任何實質性好處，B，如果 [OI] 利潤趨勢會反映PBT 嗎？

Then assuming so, how much of that 180 basis points improvement was driven by some of the better pricing realization, the better productivity, commodities, that can continue as a run rate versus timing benefits in the quarter related to the Easter and the calendar shift?

那麼假設是這樣，那麼這180 個基點的改善有多少是由一些更好的定價實現、更好的生產力、大宗商品推動的，這些可以繼續作為與復活節和日曆轉換相關的季度的運行率與時機優勢？

If 180 is representative of the underlying OI trends, and then what is the real run rate that we should be thinking about as expected margin improvement on the year?

如果 180 代表了潛在的 OI 趨勢，那麼我們應該考慮今年預期利潤率改善的實際運行率是多少？

Thanks.

謝謝。

The expected margin improvement over the balance of the year, as Sandy just said, so we got good pricing in the quarter.

正如桑迪剛才所說，今年剩餘時間的預期利潤率有所改善，因此我們在本季度獲得了良好的定價。

Irial said we are very focused on continuing to rationally price.

伊裡亞爾表示，我們非常注重繼續合理定價。

We have higher comps in the back half of the year for pricing that we have to cycle.

我們在今年下半年的定價上有更高的競爭，我們必須循環。

As far as the refranchising is concerned, I wouldn't expect to see much benefit at this point from the sub-bottling payments.

就重新特許經營而言，我預計目前不會從分裝付款中看到太多好處。

And as you know, if you look at it from an (inaudible) perspective, we structurally adjust those.

如您所知，如果您從（聽不清楚）的角度來看，我們會在結構上調整這些內容。

We pulled them out.

我們把他們拉了出來。

We pulled the benefits, so would we put it back on an apples-to-apples basis year-over-year.

我們取消了福利，因此我們是否會逐年將其恢復到同等水平。

There is not a big difference at operating versus PBT in our North American operations at this point.

目前，我們北美業務的營運與 PBT 並沒有太大差異。

For the margin expansion, that is basically really good pricing.

對於利潤率擴張來說，這基本上是非常好的定價。

As we get really good pricing in the fourth quarter of last year, they are very focused on pricing.

由於我們在去年第四季度獲得了非常好的定價，因此他們非常關注定價。

That will continue, but we are cycling higher prices in the back half of this year.

這種情況將持續下去，但今年下半年我們的價格將會上漲。

Thank you.

謝謝。

Next question is Bill Chappell of SunTrust.

下一個問題是 SunTrust 的 Bill Chappell。

Thanks, good morning.

謝謝，早安。

Good morning, Bill.

早安，比爾。

I guess two questions, I will lump them together.

我想有兩個問題，我會把它們放在一起。

One, on Diet Coke in the US, it did look like most recently the Nielsens looked like actually a positive number, and we haven't seen that in a while.

第一，就美國的健怡可樂而言，尼爾森最近看起來確實是一個正數，而我們已經有一段時間沒有看到這種情況了。

I just wanted to see if maybe the trends, you feel like you've gotten behind that, where we could see some growth going forward or at least stabilization?

我只是想看看趨勢，你是否覺得你已經落後了，我們可以看到未來的一些成長或至少穩定？

Then the second question, on the refranchising, anything you have seen thus far?

那麼第二個問題，關於再特許經營，到目前為止您看到了什麼？

I know it is early, where it is may be accelerated even further in terms of the bottler network, where it is maybe you have more of an update later as we move through the year?

我知道現在還為時過早，裝瓶網路方面可能會進一步加速，隨著今年的進展，您可能會有更多更新？

Bill, on Diet Coke, I would describe Diet Coke still as a work in progress.

比爾，關於健怡可樂，我將健怡可樂描述為仍在進行中的工作。

We have done a number of things on the basics of marketing, graphics, advertising, packaging.

我們在行銷、圖形、廣告、包裝等基礎上做了很多工作。

We have some very advanced big data driven customer relationship programs going on, with consumers who love Diet Coke.

我們正在進行一些非常先進的大數據驅動的客戶關係計劃，對像是喜愛健怡可樂的消費者。

We are seeing some improvement in the year-over-year revenue, but we are still very much focused on that as a work in progress and expect to.

我們看到收入同比有所改善，但我們仍然非常關注這項正在進行的工作並期望如此。

But I would say this.

但我想說的是。

The team and I, and our whole system, believe that in fact we will return Diet Coke to growth in the long term, but recent improvement, but still work in progress.

我和我的團隊以及我們的整個系統都相信，事實上，從長遠來看，我們將使健怡可樂恢復成長，但最近有所改善，但仍在進行中。

On refranchising, the refranchising is going according to plan.

在重新特許經營方面，重新特許經營正在按計劃進行。

It is, as we said before, a massive project.

正如我們之前所說，這是一個龐大的項目。

We are putting the entire system in on a common ERP system, and refranchising the territories one sales center at a time, to make sure that the capability that we build continues to grow, and that our customers are well served in the process.

我們將整個系統置於一個通用的 ERP 系統上，並一次對一個銷售中心的區域進行重新特許經營，以確保我們構建的能力持續增長，並確保我們的客戶在此過程中得到良好的服務。

We are pleased with the progress.

我們對進展感到滿意。

We have a plan in place that we expect to meet or beat, and we are always looking for opportunities to accelerate it, but not at the expense of really high quality customer service and capability.

我們已經制定了一個計劃，希望能夠達到或超過，並且我們一直在尋找機會來加速它，但不會以犧牲真正高品質的客戶服務和能力為代價。

Got it.

知道了。

Thanks for the color.

謝謝你的顏色。

Thank you.

謝謝。

Next question is Ali Dibadj from Bernstein.

下一個問題是來自伯恩斯坦的 Ali Dibadj。

Hi, guys.

嗨，大家好。

Throughout the press release and your commentary, we pleasingly had heard and read about marketing increases, so that is a good thing.

在整個新聞稿和您的評論中，我們很高興地聽到並讀到了有關行銷成長的信息，所以這是一件好事。

That is very much on plan.

這完全符合計劃。

However, we didn't really see or hear much reference to cost-cutting benefits offsetting or funding some of those at this point.

然而，我們目前並沒有真正看到或聽到太多關於成本削減收益抵銷或資助其中一些的提及。

The only thing you said was we are on track for $500 million of cost savings this year, but we are not hearing or seeing a lot of that flowing through, even offsetting things.

你唯一說的是，我們今年有望節省 5 億美元的成本，但我們沒有聽到或看到大量的資金流向，甚至抵消了一些事情。

I'm not saying all the way to the bottom line but at least offsetting some of your investments.

我並不是說一直到底線，但至少抵消了你的一些投資。

When can we start hearing more about that savings offsetting your investments?

我們什麼時候可以開始聽到更多關於儲蓄抵消您的投資的消息？

Ali, this is Muhtar.

阿里，這是穆赫塔爾。

First, if it wasn't for the savings, we would not be able to do what you see us doing in terms of generating that increased marketing, generating all the other things that basically are part of our five point strategy of focusing on revenue, focusing on productivity, focusing on better and more marketing, rewiring the organization for better impact, and focusing on our core, which is the franchising that we talked about.

首先，如果不是為了節省開支，我們就無法做到你所看到的那樣，即增加行銷，產生基本上是我們關注收入的五點策略的一部分的所有其他事情，專注於生產力，專注於更好、更多的行銷，重新調整組織以獲得更好的影響，並專注於我們的核心，也就是我們談到的特許經營。

I would just say to you, had it not been for the productivity, we certainly would not be able to enable our organization to generate the kind of momentum that you see beginning to come back in.

我只想對你們說，如果沒有生產力，我們肯定無法讓我們的組織產生你們所看到的那種開始恢復的勢頭。

That is clear.

這很清楚。

There is no question about that.

毫無疑問。

This is not a four or five sequential compartments.

這不是四個或五個連續的隔間。

These are a very integrated approach to how we bring more momentum into our business, and everything that I mentioned is happening at the same time, more better [wired] organization, better marketing, marketing that works around clusters, more effective marketing, linked to social media, as well as into a better cost per GRP, all of that funded by incremental productivity.

這些是一種非常全面的方法，我們如何為我們的業務帶來更多動力，我提到的一切都是同時發生的，更好的[有線]組織，更好的營銷，圍繞集群進行的營銷，更有效的營銷，與社交媒體，以及更好的單位 GRP 成本，所有這些都由生產力的提高提供資金。

I think that is how you need to see our entire different buckets of our strategy coming to life.

我認為這就是您需要看到我們的策略的整個不同部分實現的方式。

A follow-up on that, and a separate question for Irial, just to follow up on that, Muhtar, if you could, is particularly in terms of the head count reduction and the savings there of, should we see that ramping up throughout the year?

對此的後續行動，以及向 Irial 提出的一個單獨問題，只是為了跟進這一點，Muhtar，如果可以的話，特別是在人員減少和節省方面，我們是否應該看到整個年？

At risk of being cut off, let me (inaudible) my second question here on a separate topic is we do keep hearing Germany, India, Vietnam bottlers in [BIG], continuing to do actually quite well.

冒著被切斷的風險，讓我（聽不清楚）關於另一個主題的第二個問題是，我們確實不斷聽到德國、印度、越南裝瓶商在[大]中繼續表現得很好。

I always pause whenever I see that, and obviously there's been controversy about some of those names including (inaudible) Germany, but when is the right time to divest those and get them out of the hospital ward?

每當我看到這一點時，我總是會停下來，顯然，其中一些名字存在爭議，包括（聽不清楚）德國，但什麼時候是剝離這些名字並將它們帶出醫院病房的合適時機呢？

What are you looking for to make sure that happens or potential buyers are looking for at this point to commit to buying them?

您正在尋找什麼來確保這種情況發生，或者潛在買家此時正在尋找什麼來承諾購買它們？

First, I will just say that I agree with you, that those bottlers are doing really well.

首先，我只想說我同意你的觀點，那些裝瓶商做得非常好。

Germany is certainly a star in Europe.

德國無疑是歐洲的一顆明星。

Southeast Asia bottlers are doing well, particularly Vietnam, the big one that we are running.

東南亞裝瓶商表現良好，尤其是我們經營的大型裝瓶商越南。

I think it is important to keep in mind for you that Germany was not in a position to be re-franchised until after 2012, because the consolidation was still taking place.

我認為重要的是要記住，德國直到 2012 年之後才能重新獲得特許經營權，因為整合仍在進行中。

It is really been ready for the last, I feel like 18, 24 months.

它真的已經為最後做好了準備，我感覺像是18、24個月。

It has been the real bright spot in Europe the last couple of years.

過去幾年，它一直是歐洲真正的亮點。

It is profitable.

這是有利可圖的。

We need to ensure that we find the right home and the right structure and the right value.

我們需要確保找到合適的家、合適的結構和合適的價值。

And so I could be clear with you that Germany is not a strategic long-term holding, and the right home will be found.

因此，我可以向你們明確表示，德國不是一個戰略性的長期控股，我們會找到合適的落腳點。

None of our, if you like, [BIG] operations are in a way long-term strategic holds.

如果你願意的話，我們的[大型]業務都不是長期策略持有的。

That is what I would say about your question.

這就是我對你的問題要說的。

Irial, you want to add anything to that?

Irial，您想補充什麼嗎？

The only add I would give is the three markets you mentioned actually are not in a hospital ward.

我唯一要補充的是，你提到的三個市場其實並不在醫院病房內。

To Muhtar's point, actually they are all performing very well now.

在穆泰爾看來，實際上他們現在都表現得很好。

We have been very transparent about re-franchising.

我們對於再特許經營一直非常透明。

I've said this many times at conferences that we would re-franchise at the right time.

我在會議上多次說過，我們會在適當的時候重新特許經營。

Germany, we've clearly said is ready for re-franchising.

德國，我們已經明確表示已準備好重新特許經營。

In the meantime, it continues to perform exceptionally well.

同時，它仍然表現出色。

We have a fantastic group of associates and management in Germany, and feel very good about it.

我們在德國擁有一群出色的員工和管理階層，我們對此感覺非常好。

I have also said we expect to get a fair price.

我還說過我們希望得到一個公平的價格。

Not get overpaid, but get a fair price for territory because we owe that to our shareholders.

不是得到過高的報酬，而是獲得公平的領土價格，因為我們欠我們的股東。

We take it from there.

我們從那裡拿走它。

Just to build on what Irial said, we are looking for three things in terms of the right partner, description of the right partner: one, proven management team; two, strong financial capabilities; and three, willing to invest in the business and grow the business.

就 Irial 所說的而言，我們正在尋找合適的合作夥伴（正確的合作夥伴的描述）方面的三件事：一是經過驗證的管理團隊；二、雄厚的資金實力；第三，願意投資業務並發展業務。

Those are the three things.

這是三件事。

I am confident that we will reach that goal.

我相信我們將實現這一目標。

Finally, on your question regarding head count reduction, I think you have heard about our previously announced plan, and we are sticking to that plan, simply said.

最後，關於你關於裁員的問題，我想你已經聽說過我們之前宣布的計劃，我們會堅持這個計劃，簡單地說。

Okay.

好的。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Next question is Ian Shackleton of Nomura.

下一個問題是野村證券的伊恩·沙克爾頓。

Good morning.

早安.

You announced a deal in China last week, and I was just keen to get a bit more detail of quite how that fits in.

你們上週宣布了在中國的一項交易，我只是想了解更多細節來了解該交易是如何進行的。

It is obviously a very different structure to what we have seen with the more recent deals of Monster or Keurig.

這顯然與我們在 Monster 或 Keurig 最近的交易中看到的結構非常不同。

Ian, it is Muhtar.

伊恩，是穆赫塔爾。

It fits right into the strategy of what we said is bolt-on acquisitions where they make sense, and we will look at them, and where we believe that they fit into our portfolio, where they actually add value.

它完全符合我們所謂的補強收購策略，只要它們有意義，我們就會關注它們，我們相信它們適合我們的投資組合，它們實際上會增加價值。

We can generate value for our bottling partners through that acquisition, and it fits right in there, and so that is all I would say about that, Ian.

我們可以透過這次收購為我們的裝瓶合作夥伴創造價值，它正好適合那裡，所以這就是我要說的，伊恩。

Okay.

好的。

Thank you.

謝謝。

To follow up, for Kathy.

跟進，凱西。

I know it can be quite volatile but equity income at this time has almost gone to zero.

我知道它可能會非常不穩定，但此時的股本收入幾乎為零。

Is there something specific in that that's causing that?

有什麼具體的原因導致這種情況嗎？

Our equity income is impacted by currency.

我們的股權收入受到貨幣的影響。

We actually don't pull out all of the currency that impacts that because if you think about some of our locations, they have, their geography, they have many geographies.

事實上，我們並沒有拿出所有影響這一點的貨幣，因為如果你想想我們的一些地點，他們有，他們的地理位置，他們有很多地理位置。

When we report, we take the main currency, and translate that into US dollars.

當我們報告時，我們採用主要貨幣，並將其轉換為美元。

That means that there is still often a lot of currency impact in those numbers.

這意味著這些數字仍然經常受到很大的貨幣影響。

I would read into it that it is a very, very difficult currency environment out there at the moment.

我認為目前的貨幣環境非常非常困難。

Okay.

好的。

This is not a case of there being some big one-offs in some of the equity holdings there?

這不是說那裡持有的一些股權出現了一些大的一次性的情況嗎？

No, there is nothing one-off that I'm aware of in the equity holdings.

不，據我所知，所持有的股權並不是一次性的。

Excellent.

出色的。

Thanks for clarifying.

感謝您的澄清。

Thank you.

謝謝。

Thank you.

謝謝。

Next question is Bill Schmitz of Deutsche Bank.

下一個問題是德意志銀行的比爾‧施密茨。

Hi, good morning.

早安.

Good morning.

早安.

Is there any way to strip out what the benefit in the quarter was on the operating profit side from the extra days?

有什麼辦法可以從額外的天數中剔除本季度營業利潤方面的收益嗎？

I guess, Bill, the way I'd think about it is if you take our unit case sales of one and use that as a surrogate, because that doesn't have the extra days in it, and you take pricing of three, (inaudible) pricing, and then I would say that did benefit from positive geographic mix.

我想，比爾，我的想法是，如果你以我們的單位銷售量為一個，並將其用作替代品，因為其中沒有額外的天數，並且你以三個的定價，（聽不清）定價，然後我想說這確實受益於積極的地理組合。

That will moderate over the back half of the year, so I guess I would think of it using this price mix and average unit sales, unit cases.

這將在今年下半年有所緩和，所以我想我會考慮使用這種價格組合和平均單位銷售、單位情況。

Okay, but there is no fixed cost leverage or anything with the extra days that might have helped the gross and operating margin?

好的，但是沒有固定成本槓桿或任何可能有助於提高毛利率和營業利潤率的額外天數？

The operating expenses, I would say no, there was nothing specific in operating expenses that was helped by the 6 days.

營運費用，我想說不，這 6 天的營運費用沒有任何具體的幫助。

Then the sales and distribution expenses are impacted by the 6 days so they wash out, and I would say there is nothing there.

然後，銷售和分銷費用會受到這 6 天的影響，因此它們會被沖掉，我想說那裡什麼都沒有。

Okay.

好的。

That is very helpful.

這非常有幫助。

Just on BIG, the year-over-year margin expansion was awesome.

僅就 BIG 而言，利潤率的同比增長就非常驚人。

Massive.

大量的。

What is driving that, and how sustainable is it?

是什麼推動了這個趨勢？它的永續性如何？

Again, I hate to keep repeating myself, but then we did benefit from the size of the geographic mix, so I think the only thing I would say in terms of it will moderate in the back half of the year.

再說一次，我不想繼續重複自己，但我們確實從地理組合的規模中受益，所以我認為我唯一想說的話將在今年下半年有所緩和。

We will get more of our normal run rate of negative geographic mix from concentrate shipments.

我們將從精礦發貨中獲得更多正常的負地理組合運作率。

Then Sandy talked about the impact of the business mix with the food service business in North America.

然後桑迪談到了北美餐飲服務業務的業務組合的影響。

I think those are the things that basically would say that that number will moderate over the back half of the year, as we are still in a transition year.

我認為這些基本上表明這個數字將在今年下半年有所放緩，因為我們仍處於過渡年。

Okay.

好的。

Great.

偉大的。

Then just lastly, very quickly, the delay in the Monster transaction, is there any more color you can give us on why?

最後，很快，怪物交易的延遲，您能告訴我們更多原因嗎？

I think it was supposed to close maybe late 2014, early 2015, and then you guys said March, and now it is towards the end of the quarter.

我認為它應該在 2014 年底、2015 年初結束，然後你們說是 3 月份，現在已經到了季度末。

Is there still a high probability that it is going to close then?

到時候倒閉的可能性還大嗎？

Yes, there is no issue there.

是的，那裡沒有問題。

We always expected it to close in the first quarter.

我們一直預計它會在第一季關閉。

Then basically just the regulatory process that we have to go through that is delaying the close.

然後基本上就是我們必須經歷的監理程序延後了交割。

We fully anticipate that it will close.

我們完全預計它將關閉。

Okay.

好的。

Great.

偉大的。

That's very helpful.

這非常有幫助。

Thanks very much for the time.

非常感謝您抽出時間。

Certainly.

當然。

Thank you.

謝謝。

Our final question comes from Judy Hong of Goldman Sachs.

我們的最後一個問題來自高盛的朱迪·洪。

Thank you.

謝謝。

Good morning, everyone.

大家，早安。

Good morning.

早安.

I guess most of my questions were answered, so just a couple of P&L questions, Kathy.

我想我的大部分問題都得到了解答，所以只有幾個損益問題，凱西。

One, just in terms of the structural items impact this year, it sounds like a slight negative on revenues now as opposed to the prior call.

第一，僅就今年結構性項目的影響而言，與先前的預測相比，現在的收入聽起來似乎略有負面。

Just a little bit of clarification of the puts and takes on the revenue impact, it sounds like the impact on bottom line is pretty minimal.

只要稍微澄清一下看跌期權和認購期權對收入的影響，聽起來對利潤的影響很小。

Then on the FX, you had the re-measurement gain in Q1 that was about a little bit more than a penny.

然後在外匯方面，第一季的重新測量收益大約比一美分多一點。

Is that really what is the difference in terms of your full-year outlook for [PDP] impact being at the low end of that 7% to 8% that you had called out last time?

您對 [PDP] 影響的全年展望處於您上次提到的 7% 至 8% 的低端，這真的是什麼區別嗎？

Hi, Judy.

嗨，朱迪。

On the structural, the structural is impacted by the timing of the Monster transaction.

在結構上，結構受到 Monster 交易時間的影響。

Then any time we accelerate into the re-franchising, that is also going to impact our numbers.

然後，每當我們加速重新特許經營時，這也會影響我們的數字。

That is why we gave you different structural guidance.

這就是為什麼我們為您提供了不同的結構指導。

Then on the re-measurement gain, yes, that is basically, where we re-measured that euro debt, that impacted currency positively, and so that is what changed the outlook for currency over the back half of the year, and also the impact of Venezuela and change, using the Simadi rate going forward.

然後，關於重新衡量收益，是的，這基本上就是我們重新衡量歐元債務，這對貨幣產生了積極影響，這就是改變今年下半年貨幣前景的因素，也是影響委內瑞拉的匯率和變化，未來使用斯馬迪匯率。

The timing of the Monster transaction though, the deal itself is delayed, but you are getting the distribution into your bottling in this quarter.

雖然怪物交易的時間，交易本身被推遲了，但你將在本季將分銷進入你的裝瓶中。

That would be still a positive in terms of the revenue benefit, but is re-franchising pacing really what's dragging down in terms of the revenue impact?

就收入效益而言，這仍然是積極的，但再特許經營的步伐真的是拖累收入影響的因素嗎？

The distribution is starting to transition.

分佈開始轉變。

It has not fully transitioned.

它還沒有完全轉變。

That transition will take place over the year, and so at various times, that is not something that is really under our control.

這種轉變將在一年內發生，因此在不同的時間，這並不是我們真正可以控制的事情。

That is really under Monster's control, as they transition that.

當他們轉變時，這實際上是在怪物的控制之下。

We put an estimate of how we think it is going to transition, so it is not something that is already into our numbers.

我們對我們認為它將如何轉變進行了估計，因此這並不是我們已經包含在數據中的內容。

That is what is slowing up, slower than expected.

這就是正在放緩，比預期慢。

We expected it to start earlier.

我們預計它會更早開始。

Right.

正確的。

Okay.

好的。

That's clear.

很清楚。

All right.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

I would now like to turn the call back over to Muhtar Kent for closing remarks.

我現在想將電話轉回給穆泰爾·肯特 (Muhtar Kent) 致閉幕詞。

Thank you, Kathy, Ahmet, Sandy, Irial, and Tim.

謝謝凱西、艾哈邁德、桑迪、伊裡亞爾和提姆。

In summary, we are seeing initial progress in our plan to reinvigorate top line growth.

總之，我們看到重振收入成長的計畫取得了初步進展。

However, we still have much to do, and the full benefits from the announced initiatives are going to take time to materialize.

然而，我們還有很多工作要做，所宣布的舉措的全部好處需要時間才能實現。

2015 is a transition year as we transform our operating model for sustainable growth amidst a challenging global consumer environment.

2015 年是一個過渡年，我們在充滿挑戰的全球消費環境中轉變營運模式以實現永續成長。

While the macro environment remains challenging in the near term, we are confident in our ability to return to sustainable growth.

儘管短期內宏觀環境仍然充滿挑戰，但我們對恢復永續成長的能力充滿信心。

As the long-term dynamics our industry remain promising, our brands and our global system are unparalleled.

由於我們行業的長期活力仍然充滿希望，我們的品牌和全球體係是無與倫比的。

We are fully dedicated to strengthening our position as the world's leading beverage Company.

我們完全致力於鞏固我們作為世界領先飲料公司的地位。

As always, thank you for your interest.

一如既往，感謝您的關注。

Thank you for your investment in our Company, and for joining us this morning.

感謝您對我們公司的投資，並感謝您今天早上加入我們。

Thank you for your participation.

感謝您的參與。

That does conclude today's conference.

今天的會議到此結束。

You may disconnect at this time.

此時您可以斷開連線。