可口可樂 (KO) 2019 Q1 法說會逐字稿

At this time, I'd like to welcome everyone to The Coca-Cola Company's First Quarter 2019 Earnings Results Conference Call.

現在，我歡迎大家參加可口可樂公司 2019 年第一季獲利電話會議。

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。

I would now like to introduce Mr. 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 先生。

Mr. Leveridge, you may now begin.

萊弗里奇先生，您現在可以開始了。

Thank you.

謝謝。

Good morning, and thank you for joining us today.

早安，感謝您今天加入我們。

I am here with James Quincey, our Chief Executive Officer; and John Murphy, our Chief Financial Officer.

我和我們的執行長 James Quincey 一起來到這裡。和我們的財務長約翰·墨菲。

Before we begin, I'd 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，包括有關長期盈利目標的陳述，並應與我們的盈利報告和公司最近的報告中包含的警示性陳述結合起來考慮。定期SEC 報告。

We've posted schedules under the Financial Reports and Information tab in the Investors section of our company website.

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 results as reported under generally accepted accounting principles.

這些時間表協調了某些非公認會計準則財務指標，我們的高階主管在今天上午的討論中可能會參考根據公認會計原則報告的結果。

Finally, during today's call, when our senior executives refer to comparable performance, they're referring to comparable performance from continuing operations.

最後，在今天的電話會議中，當我們的高階主管提到可比業績時，他們指的是持續營運的可比績效。

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，我們將轉交電話詢問您的問題。

(Operator Instructions)

（操作員說明）

Now let me turn the call over to James.

現在讓我把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone.

謝謝蒂姆，大家早安。

2019 is off to a good start with strong underlying performance as we leverage our transformation as a total beverage company.

隨著我們作為一家綜合飲料公司的轉型，2019 年有了一個良好的開端，基礎業績強勁。

We continue to win in a growing industry.

我們繼續在不斷發展的行業中獲勝。

The nonalcoholic ready-to-drink beverage industry grew value 4% in the quarter.

非酒精即飲飲料產業本季價值成長 4%。

And we gained global value share with a balanced contribution from most developed and emerging markets, led by strong performance within our sparkling soft drink business.

在我們的氣泡軟性飲料業務的強勁表現的帶動下，我們獲得了全球價值份額，大多數已開發市場和新興市場的均衡貢獻。

During the quarter, we delivered 6% organic revenue growth, cycling 5% last year.

本季度，我們實現了 6% 的有機收入成長，去年為 5%。

Growth was broad-based with positive performance across each of our operating segments.

我們的每個營運部門都取得了廣泛的成長和積極的業績。

Of course, there are often timing impacts on a quarterly basis, and we did see a net benefit in this quarter, which John will cover in more detail.

當然，每季通常都會產生時間影響，我們確實在本季度看到了淨收益，約翰將對此進行更詳細的介紹。

But to be clear, we delivered strong top line growth in the quarter, which we converted into 16% comparable currency-neutral operating income growth, and comparable EPS was up 2%, which was comprised of 13% comparable currency-neutral EPS growth, partially offset by an 11% currency headwind.

但需要明確的是，我們在本季度實現了強勁的營收成長，我們將其轉化為16% 的可比貨幣中性營業收入成長，可比每股收益成長了2%，其中包括13% 的可比貨幣中性每股收益成長， 11% 的貨幣逆風部分抵銷了這一影響。

So our disciplined growth strategies are working well, and we're on track to deliver our full year guidance.

因此，我們嚴格的成長策略運作良好，我們有望實現全年指導。

As you know, our industry continues to evolve, and our approach to addressing this encompasses our op system acting with discipline to drive growth.

如您所知，我們的行業正在不斷發展，我們解決這一問題的方法包括我們的作業系統按紀律行事以推動成長。

First, innovating and investing in our core categories and brands as well as in emerging spaces.

首先，對我們的核心品類和品牌以及新興領域進行創新和投資。

This encompasses everything from massive categories like hot beverages to emerging ones like Kombucha.

這涵蓋了從熱飲料等龐大類別到康普茶等新興類別的一切。

And it allows us to proactively address innovation opportunities that stem from blurring category lines.

它使我們能夠主動應對因品類界線模糊而產生的創新機會。

Second, we're looking at how we operate as a company from our existing geographic segments to our new Global Ventures segment.

其次，我們正在研究我們作為一家公司如何從現有的地理細分市場到新的全球創投細分市場進行營運。

Third, our system is aligned and engaged with improved execution.

第三，我們的系統保持一致並致力於改善執行力。

Our bottling partners are investing for growth, including cold-drink equipment and incremental feet on the street as well as implementing more segmented revenue growth strategies.

我們的裝瓶合作夥伴正在投資成長，包括冷飲設備和增加街道上的腳步，以及實施更細分的收入成長策略。

At the same time, we're investing in digital capabilities.

同時，我們正在投資數位能力。

We engage with consumers, interact with our customers from reduced costs across our enterprise.

我們透過降低整個企業的成本來與消費者互動、與客戶互動。

So starting with our brands.

所以從我們的品牌開始。

Constant innovation is crucial for sustained growth.

持續創新對於持續成長至關重要。

Brand Coke, which includes our flagship product and its many variants, has momentum because it has been continually updated to maintain its relevance.

可口可樂品牌，包括我們的旗艦產品及其許多變體，之所以具有動力，是因為它不斷更新以保持其相關性。

Over the past 3 years, innovation has helped accelerate global retail value growth each year, including up to 6% growth in 2018.

過去3年，創新每年都幫助全球零售價值加速成長，其中2018年成長高達6%。

This growth is in large part because of the success of Coke Zero Sugar, which didn't happen of course overnight.

這種成長在很大程度上歸功於零糖可樂的成功，這當然不是一朝一夕的事。

We refined and expanded Zero Sugar over time, and we see more growth ahead.

隨著時間的推移，我們完善和擴展了零糖，並且我們看到未來會有更多成長。

Coke Zero Sugar succeeds because it builds on the brand edge of original Coke, on its taste, its upliftment, on the energy boost that the product provides, all these in a product that doesn't have calories or sugar.

零糖可樂之所以成功，是因為它建立在原版可樂的品牌優勢、口味、提升以及產品提供的能量提升的基礎上，所有這些都在一種不含卡路里或糖的產品中實現。

So what's next for brand Coke?

那麼可口可樂品牌的下一步是什麼？

You will see us to continue to innovate to capture additional consumption occasions and need states.

您將看到我們不斷創新，以捕捉更多的消費場合和需求狀態。

One example that I've talked about before is Coca-Cola coffee, which we tested in several Asian markets last year.

我之前談到的一個例子是可口可樂咖啡，我們去年在幾個亞洲市場測試了它。

Coke coffee was designed to reach consumers during specific occasions and channels like the mid-afternoon energy slump at work.

可口可樂咖啡的設計目標是在特定場合和管道（例如工作中的午後精力低迷時）吸引消費者。

We've learned from these pilots, and we now plan to launch in more than 25 markets around the world by year-end.

我們從這些試點中吸取了教訓，現在計劃在年底前在全球超過 25 個市場推出。

We're also pursuing another logical extension on the Coca-Cola brand with our test of Coke Energy.

我們也透過可口可樂能量的測試來追求可口可樂品牌的另一個邏輯延伸。

This takes one of the original brand edges of Coke, its energy boost, to a new level and a new taste.

這將可口可樂的原始品牌優勢之一——能量提升——提升到了一個新的水平和新的口味。

This product is designed to the white spaces where the energy category isn't well-developed.

該產品專為能源類別尚未成熟的空白空間而設計。

But our approach to innovation is not limited to brand Coke.

但我們的創新方法不僅限於可口可樂品牌。

We're taking other brands and pushing into new spaces to offer consumers what they want by leveraging the brand edges.

我們正在吸收其他品牌並進入新領域，利用品牌優勢為消費者提供他們想要的東西。

For example, Innocent, our leading juice business in Europe, expanded into plant-based beverages.

例如，我們在歐洲領先的果汁業務 Innocent 已擴展到植物性飲料。

And within our challenger brands, Simply, our premium juice brand in the U.S. recently launched a new line of smoothies.

在我們的挑戰者品牌中，我們在美國的優質果汁品牌 Simply 最近推出了新的冰沙系列。

We're also improving the way we operationalize our innovation pipeline.

我們也正在改進創新管道的運作方式。

Within our explorer brands, almost half of our country category combinations are growing volume double digits, which is up from about 1/3 a year ago.

在我們的探索者品牌中，近一半的國家類別組合銷售量成長兩位數，高於一年前的約 1/3。

While we often talk about innovating in products, our evolution is just as much about changing how we work.

雖然我們經常談論產品創新，但我們的發展也涉及改變我們的工作方式。

Our organizational needs are ever-changing as our portfolio and competitive environment become more complex around the world.

隨著我們的產品組合和全球競爭環境變得更加複雜，我們的組織需求也不斷變化。

So we're adapting.

所以我們正在適應。

One example is the creation of a new operating group, Global Ventures.

一個例子是創建一個新的營運集團 Global Ventures。

The goal is to accelerate some of our businesses like Innocent and Costa Coffee that have the potential for growth across traditional borders.

我們的目標是加速我們一些具有跨越傳統邊界成長潛力的業務，例如 Innocent 和 Costa Coffee。

While the acquisition of Costa Coffee plays a significant entry point into hot beverages, it's also more than that.

雖然收購 Costa Coffee 是進軍熱飲領域的重要切入點，但意義還不止於此。

Costa is a platform in coffee overall.

Costa整體來說是一個咖啡平台。

This requires more and better connectivity than ever before.

這需要比以往更多、更好的連結。

We spent the first 3 months ensuring the transition from Whitbread went smoothly while building connections within our existing business units.

我們在前 3 個月的時間裡確保從 Whitbread 的過渡順利進行，同時在現有業務部門內建立聯繫。

And Costa is performing in line with expectations.

科斯塔的表現符合預期。

As we look to the second quarter, we'll be launching our first ready-to-drink Costa products, expect to hear more about that in the weeks ahead.

展望第二季度，我們將推出首款即飲 Costa 產品，預計在未來幾週內聽到更多相關資訊。

Turning now to our geographic performance.

現在轉向我們的地理表現。

We saw good results in many markets around the world.

我們在全球許多市場都看到了良好的表現。

Our emerging and developing markets are growing organic revenue double digits.

我們的新興和發展中市場的有機收入正在以兩位數的速度成長。

And our developed markets are performing well, delivering mid-single-digit organic revenue growth.

我們的已開發市場表現良好，實現了中個位數的有機收入成長。

In EMEA, we grew organic revenue 14% driven by continued growth in Europe and Turkey and improved performance in Russia.

在歐洲、中東和非洲地區，由於歐洲和土耳其的持續成長以及俄羅斯業績的改善，我們的有機收入成長了 14%。

We also benefited from our European bottlers increasing their inventory levels as a safeguard for a potentially disruptive Brexit.

我們也受惠於歐洲裝瓶商增加庫存水平，作為應對可能造成破壞性的英國脫歐的保障。

Across Europe, revenue growth management initiatives and Zero Sugar innovations are creating sustained momentum in the majority of our markets.

在整個歐洲，收入成長管理措施和零糖創新正在為我們的大多數市場創造持續的動力。

Not only has this benefited price/mix, but unit case volume was up 4% for our European sparkling soft drink portfolio.

這不僅使價格/組合受益，而且我們的歐洲起泡軟性飲料產品組合的單位箱銷量增加了 4%。

This performance is balanced with growth in our tea and hydration categories as we broaden out the portfolio.

隨著我們擴大產品組合，這一業績與我們的茶和水產品類別的成長相平衡。

Turning to North America.

轉向北美。

Our results continue to mount steady progress driven by strong marketing and execution.

在強大的行銷和執行力的推動下，我們的業績繼續穩步進步。

Organic revenue was unfavorably impacted by 2 points for 1 less day in the quarter and the Easter shift and grew 1% driven by disciplined price pack management and solid value growth within sparkling soft drinks, juice drinks and value-added dairy.

有機收入受到本季減少1 天和復活節班次的不利影響，受到2 個百分點的不利影響，但在嚴格的價格包管理以及起泡軟飲料、果汁飲料和增值乳製品的穩定價值增長的推動下，有機收入成長了1%。

Our sparkling portfolio benefited from the continued strong performance in Coke Zero Sugar and new flavor innovations like Orange Vanilla Coke, which helped drive 6% retail value growth for brand Coca-Cola in our flagship markets.

我們的氣泡產品組合受益於零糖可樂的持續強勁表現以及橙子香草可樂等新口味創新，幫助推動可口可樂品牌在我們旗艦市場的零售價值增長 6%。

Unit case volume declined by 1% in North America as we continued to focus on providing consumers with smaller pack sizes.

由於我們繼續專注於為消費者提供更小的包裝尺寸，北美的單位箱量下降了 1%。

For example, mini cans grew 14% in the quarter, contributing to transactions and our pace in volume while driving significant value for our system and our customers.

例如，迷你罐在本季度增長了 14%，促進了交易和我們的銷售成長，同時為我們的系統和客戶帶來了巨大的價值。

In Latin America, we delivered 6% organic revenue growth in an increasingly difficult operating environment.

在拉丁美洲，我們在日益困難的營運環境中實現了 6% 的有機收入成長。

Argentina's economic environment worsened, high inflation increased the salary gap and impacted private consumption.

阿根廷經濟環境惡化，高通膨加劇薪資差距，影響私人消費。

The volume here declined double digits, but we gained value and volume share by adjusting the price pack architecture focused on transactions and maintaining our consumer base.

這裡的銷售量下降了兩位數，但我們透過調整專注於交易的價格包架構和維護我們的消費者基礎，獲得了價值和銷售份額。

In Mexico, we're working with our bottling partners to ensure our revenue growth management initiatives continue to drive momentum.

在墨西哥，我們正在與裝瓶合作夥伴合作，確保我們的收入成長管理計劃繼續推動勢頭。

And Brazil.

還有巴西。

Brazil is on an upward trajectory.

巴西正處於上升軌道。

Our turnaround plan is working with volume up 5% and transactions up double digits in the quarter.

我們的扭虧為盈計畫是使本季的交易量成長 5%，交易量成長兩位數。

Incremental cooler placements and increased availability of our refillable packages are helping to drive this acceleration.

增加冷卻器的放置和增加可再填充包裝的可用性有助於推動此加速。

Finally, in Asia Pacific, we saw good performance in China and India along with accelerating momentum in our Southeast Asia business unit, which drove 4% organic revenue growth for the segment overall.

最後，在亞太地區，我們在中國和印度看到了良好的業績，同時我們的東南亞業務部門的勢頭也在加速，這推動了整個細分市場 4% 的有機收入成長。

Execution around Chinese New Year was strong, contributing to 9% volume growth and double-digit transaction growth in China.

農曆新年前後的執行力強勁，推動中國銷量成長 9%，交易量成長兩位數。

In Japan, our system continues to deal with the supply chain impact from natural disasters last year.

在日本，我們的系統持續應對去年自然災害對供應鏈的影響。

Manufacturing capacity remains tight but is improving with additional lines ramping up in the second quarter.

製造產能仍然緊張，但隨著第二季新增生產線的增加，產能正在改善。

So we expect this to ease the capacity shortage, but full recovery will take until next year.

因此，我們預計這將緩解產能短缺，但全面恢復需要到明年。

In Japan, unit case volume was even.

在日本，單位箱量是均勻的。

New product launches drove momentum in tea and coffee during the first quarter while we cycle the benefit of a strong innovation pipeline in sparkling soft drinks last year.

新產品的推出推動了第一季茶和咖啡的發展勢頭，同時我們去年也受益於氣泡軟性飲料強大的創新管道。

So in summary, we had a good start to the year.

總而言之，我們今年有一個好的開始。

Our strategy of being more consumer-focused and creating value for our customers is working.

我們更加以消費者為中心、為客戶創造價值的策略正在發揮作用。

And we are confident we will deliver our full year targets and drive shareholder value.

我們有信心實現全年目標並提升股東價值。

I'll now turn the call over to John.

我現在將把電話轉給約翰。

Thank you, James, and thanks to all of you for joining us.

謝謝你，詹姆斯，也謝謝你們所有人加入我們。

Today, I'd like to cover 3 topics.

今天，我想講3個話題。

One, our financial results in the quarter; two, our outlook for the remainder of the year; and three, I'd like to say a few points on our currency hedging program.

一、我們本季的財務業績；二是我們對今年剩餘時間的展望；第三，我想就我們的貨幣對沖計畫說幾點。

So starting with our financial performance in the quarter.

首先從我們本季的財務業績開始。

As James said, we got off to a good start to the year.

正如詹姆斯所說，我們今年有了一個好的開始。

You'll see that the composition of organic revenue growth in the first quarter was the inverse of what we saw last year, driven more by price/mix than volume.

您會發現第一季有機收入成長的組成與我們去年看到的相反，更多地受到價格/組合而非數量的推動。

Price/mix was 5%, cycling 1% and trending ahead of our recent run rate, driven by strong price/mix in North America, EMEA and Latin America.

在北美、歐洲、中東和非洲和拉丁美洲強勁的價格/組合的推動下，價格/組合為 5%，循環 1%，並且趨勢領先於我們最近的運行率。

Our concentrate shipments grew 1%, cycling 4%, adversely impacted by 1 less day in the quarter.

我們的精礦出貨量成長了 1%，週期成長了 4%，受到本季減少 1 天的不利影響。

Of course, with a portfolio as diverse as ours, there will often be variability in timing from quarter-to-quarter.

當然，由於我們的投資組合如此多樣化，每個季度的時間安排往往會有所不同。

The largest timing impact we saw was in Europe where our bottlers increased safety stock in advance of a potentially disruptive Brexit.

我們看到的最大的時間影響是在歐洲，我們的裝瓶商在可能造成破壞性的英國脫歐之前增加了安全庫存。

This benefited both global price/mix and concentrate shipments since Europe comprises high revenue per case markets.

這有利於全球價格/組合和濃縮物出貨量，因為歐洲市場的每箱收入很高。

After normalizing for the estimated 2-point timing benefit and impact from 1 less day in the quarter, the best way to think of the underlying top line performance in the first quarter is 5%.

在對估計的 2 點時間效益和本季減少 1 天的影響進行標準化後，考慮第一季基本營收業績的最佳方法是 5%。

Over the remainder of 2019, we expect a more balanced volume and price/mix.

在 2019 年剩餘時間內，我們預期銷售量和價格/組合將更加平衡。

Importantly, I'm really encouraged by our organic performance in the first quarter and the sustainability of that growth going forward.

重要的是，我對第一季的有機業績以及未來成長的可持續性感到非常鼓舞。

Turning now to margins for both growth and operating margins.

現在轉向成長利潤和營業利潤。

We delivered another quarter of underlying margin expansion.

我們又實現了一個季度的基礎利潤率擴張。

In line with our expectations, our geographic groups were the primary driver, a function of continued innovation, revenue growth management strategies and the effect of management of our cost structure.

與我們的預期一致，我們的地理群體是主要驅動力，是持續創新、收入成長管理策略以及成本結構管理效果的結果。

However, comparable margins contracted in the quarter due to the impact of acquisitions and currency.

然而，由於收購和貨幣的影響，本季的可比利潤率有所下降。

At the gross profit level, we saw underlying gross margin expand about 30 basis points.

在毛利水準上，我們看到基礎毛利率擴大了約 30 個基點。

Currencies and net acquisitions impacted gross margin by about 100 basis points and 80 basis points, respectively.

貨幣和淨收購分別影響毛利率約 100 個基點和 80 個基點。

This was expected with the impact from net acquisitions driven primarily by bottler transactions within our bottling investments segment.

這是預期的，主要是由於我們的裝瓶投資部門內的裝瓶商交易推動的淨收購的影響。

At the operating profit level, a continued focus on productivity as well as the timing of certain expenses drove a 240 basis point expansion in underlying operating margin.

在營業利潤水準上，對生產力的持續關注以及某些費用的時間安排推動了基本營業利潤率擴大了 240 個基點。

But this was offset by about 130 basis point impact from currencies and about 130 basis point impact from net acquisitions.

但這被貨幣約 130 個基點的影響和淨收購約 130 個基點的影響所抵銷。

As James noted, comparable EPS growth grew 2% in the quarter, which was comprised of 13% comparable currency-neutral growth, partially offset by an 11% currency headwind.

正如詹姆斯指出的那樣，本季可比每股收益成長了 2%，其中包括 13% 的可比貨幣中性增長，部分被 11% 的貨幣逆風所抵消。

Finally, we generated free cash flow of $335 million in the quarter, in line with our expectations.

最後，我們在本季產生了 3.35 億美元的自由現金流，符合我們的預期。

Strong underlying cash generation was offset by the impact of currency headwinds along with an increase in capital expenditures and cash tax payments.

強勁的潛在現金產生能力被貨幣逆風以及資本支出和現金稅支付增加的影響所抵消。

Looking now at the remainder of the year.

現在看看今年剩下的時間。

We are confident we can deliver the full year guidance we have spoke about previously and is included in our release.

我們有信心能夠提供我們之前談到的全年指導，並將其納入我們的發布中。

We do expect the quarterly phasing to be a bit uneven.

我們確實預期季度階段會有點不平衡。

So let me just highlight some considerations to factor into your models.

因此，讓我強調模型中需要考慮的一些注意事項。

The timing benefit we received from bottlers stocking up in anticipation of Brexit was roughly $0.02 into the first quarter EPS.

我們從裝瓶商因預期英國脫歐而備貨中獲得的時機收益約為第一季每股收益 0.02 美元。

But as we move forward, we expect this to reverse this year.

但隨著我們向前邁進，我們預計今年這種情況將會逆轉。

This is a fluid situation, but our current estimate is that our bottlers will hold their safety stock through the second and third quarter.

這是一個不穩定的情況，但我們目前的估計是，我們的裝瓶商將在第二和第三季保持安全庫存。

So for modeling purposes, I would take the $0.02 out of the fourth quarter.

因此，出於建模目的，我將從第四季度中取出 0.02 美元。

Before giving a currency outlook, I'd like to highlight a few points.

在給出貨幣前景之​​前，我想強調幾點。

Since CAGNY, we've taken a close look at how we manage foreign exchange in over 70 functional currencies.

自 CAGNY 以來，我們仔細研究如何管理 70 多種功能貨幣的外匯。

For developed market currencies, I believe we have the right hedging strategy to mitigate fluctuations to cash flows.

對於已開發市場貨幣，我相信我們有正確的對沖策略來減輕現金流波動。

This approach has provided a significant cash flow benefit over the past 5 years, which is important for our company given our large domestic cash obligations, including the dividend.

這種方法在過去 5 年中提供了顯著的現金流效益，鑑於我們大量的國內現金義務（包括股息），這對我們公司來說非常重要。

Our challenge is emerging market currencies given the increasing importance of emerging markets to our earnings base.

鑑於新興市場對我們獲利基礎的重要性日益增加，我們面臨的挑戰是新興市場貨幣。

While we have not underperformed versus other approaches, there has been a limited amount we can do to hedge this exposure in a cost-efficient manner.

雖然與其他方法相比，我們的表現並不遜色，但我們可以採取有限的措施以具有成本效益的方式對沖這種風險。

Going forward, we will continue to evaluate our approach to optimally manage this area.

展望未來，我們將繼續評估我們優化管理該領域的方法。

We'll provide insight if and when that approach evolves.

如果這種方法得到發展，我們將提供見解。

I'd also love to have us do a better job on overall communications.

我也希望我們在整體溝通上做得更好。

So going forward, in quarters where it is significant, we will begin calling out hedging as a component of the overall currency impact, so it's clear what gains or losses we'll be cycling next year.

因此，展望未來，在重要的季度，我們將開始將對沖視為整體貨幣影響的一部分，因此明年我們將循環哪些收益或損失是很清楚的。

For example, in the first quarter of 2019, the currency impact to operating income was not materially affected by hedging activities and is primarily the result of a change in spot rates.

例如，2019年第一季，貨幣對營業收入的影響並未受到避險活動的重大影響，而主要是即期匯率變動的結果。

We will also provide preliminary currency outlook for the following year once we have better insight into our hedging activity for the latter year.

一旦我們對下一年的對沖活動有了更好的了解，我們還將提供下一年的初步貨幣前景。

I expect this to be on the third quarter earnings call.

我預計這將在第三季的財報電話會議上進行。

Returning to our near-term outlook.

回到我們的近期展望。

In the second quarter, we expect a 7-point currency impact to operating income.

我們預計第二季的營業收入將受到 7 點貨幣影響。

This includes a 2-point impact from hedging activity driven almost entirely by gains we are cycling from the prior year.

這包括幾乎完全由我們從上一年開始循環的收益所驅動的對沖活動的 2 點影響。

We are hedged through options near current market rates for the G10 currencies as well as for certain emerging market currencies.

我們透過接近 G10 貨幣以及某些新興市場貨幣當前市場匯率的選擇權進行避險。

So we have downside protection in the quarter and some upside opportunities should the dollar weaken.

因此，我們在本季有下行保護，如果美元走弱，我們也有一些上行機會。

As we move into the back half of the year, we expect the impact from currencies to become less of a headwind each quarter.

隨著進入今年下半年，我們預計每季貨幣帶來的不利影響將減少。

However, while we are hedged on the hard currencies through the end of 2019, we do have some exposure to fluctuations in emerging market currencies, and our currency outlook will reflect this accordingly.

然而，雖然我們在 2019 年底之前都對硬通貨進行對沖，但我們確實面臨一些新興市場貨幣波動的風險，我們的貨幣前景將相應地反映這一點。

As always, our Investor Relations team will be happy to answer any questions as you build out your models for the year.

像往常一樣，我們的投資者關係團隊將很樂意回答您在建立今年模型時的任何問題。

So in summary, organic revenue growth is strong and is broad-based.

總而言之，有機收入成長強勁且基礎廣泛。

Currency and acquisitions impacted margins in the quarter, but pricing and productivity are driving underlying margin expansion.

貨幣和收購影響了本季的利潤率，但定價和生產力正在推動潛在的利潤率擴張。

And we are confident in our ability to deliver our full year guidance.

我們對提供全年指導的能力充滿信心。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Our first question comes from Steve Powers with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Steve Powers。

I guess James, congrats on the quarter.

我想詹姆斯，恭喜這個季度。

I think the prepared remarks gave a lot of clarity.

我認為準備好的發言已經說得很清楚了。

I wanted to start actually stepping back and talking about a bigger picture issue just in terms of innovation.

我想開始真正退後一步，談論創新方面的更大問題。

You've talked a lot about incremental innovation and how you work and how you introduce new products since you've taken over as CEO and about the need to try more, not be afraid of failure, but also when you do fail, to fail fast and fail cheaply.

自從您接任執行長以來，您已經談論了很多關於漸進式創新以及如何工作以及如何推出新產品，以及需要進行更多嘗試，不要害怕失敗，而且當您失敗時，也要失敗速度快，失敗成本低。

And I guess my question is as you step back, just how do you assess your progress against those innovation objectives?

我想我的問題是，當您退後一步時，您如何根據這些創新目標評估您的進度？

You cited some things in the prepared remarks that have shown promise.

您在準備好的發言中引用了一些已經顯示出希望的內容。

But what metrics are you specifically tracking when it comes to innovation?

但在創新方面您具體追蹤哪些指標？

And maybe if you could, could you share some of those with us?

如果可以的話，您能與我們分享其中一些嗎？

Is it simply a matter of accelerating the number of new product innovations and introductions?

這僅僅是加快新產品創新和推出數量的問題嗎？

And if so, have those, in fact, accelerated?

如果是這樣，這些實際上是否加速了？

Or are there other metrics in terms of success rates or product contributions to growth or the balance of innovation across categories and geographies?

或者在成功率或產品對成長的貢獻或跨類別和地域的創新平衡方面是否還有其他指標？

Just a little bit more context around how you're approaching the measurement of innovation success.

關於您如何衡量創新成功的更多背景資訊。

Sure.

當然。

Let me offer you a couple of thoughts, Steve.

讓我給你一些想法，史蒂夫。

I think one is to -- one metric that we track and I think we've put some numbers in our CAGNY presentation, if I remember correctly, is looking at the contribution of innovation to overall volume or revenue growth or gross margin growth.

我認為其中之一是——我們追蹤的一項指標，如果我沒記錯的話，我認為我們已經在CAGNY 演示中放了一些數字，那就是關注創新對總體銷量、收入增長或毛利率增長的貢獻。

So just tracking quite simply what was existing and what was new and what's contributing to the base.

因此，只需簡單地追蹤現有內容、新增內容以及對基礎做出的貢獻即可。

And that is useful to us not just to know what's new and what's existing, but on the thesis that the most important thing is to work out how to stay relevant, there are innovations which are about new products and there are innovations about marketing and packaging, which is all aimed to help us stay relevant.

這對我們不僅有助於了解什麼是新的和現有的，而且最重要的是弄清楚如何保持相關性，有關於新產品的創新，也有關於行銷和包裝的創新，這一切都是為了幫助我們保持相關性。

So innovation shouldn't be seen just as narrowly as the physical liquid product.

因此，創新不應被狹隘地視為實體液體產品。

It needs to be also seen as the packaging and the marketing.

它也需要被視為包裝和行銷。

So we do measure the narrow, which is the product, but we're also invested in the broad.

因此，我們確實衡量了狹義的產品，但我們也投資於廣義的產品。

And ultimately, what that ladders up to is driving the framework we've talked about, which is the leader, challenger, explorer and the zombies.

最終，這會推動我們所討論的框架，即領導者、挑戰者、探索者和殭屍。

So in the end, the innovations in the product, the packaging, the marketing, the execution, the co-brand, it's all about getting more quality leadership positions.

所以最終，產品、包裝、行銷、執行、聯名品牌的創新，都是為了獲得更多的品質領先地位。

And so we're measuring there how many of the leaders are growing faster than personal consumption.

因此，我們正在衡量有多少領導者的成長速度快於個人消費。

And are they expanding their leadership position?

他們是否正在擴大自己的領導地位？

How many of the challengers are gaining a decent amount of value share each year?

有多少挑戰者每年獲得可觀的價值份額？

Because if they don't gain a decent amount of value share each year, they'll never arrive at being leader.

因為如果他們每年不能獲得可觀的價值份額，他們永遠無法成為領導者。

And how many of the explorers are growing double-digits?

有多少探險家的成長率是兩位數？

We called out in the scriptures then that with half the explorers are growing double-digits and there was only 1/3 last year.

當時我們在經文中指出，有一半的探險家的成長率是兩位數，而去年只有1/3。

So innovation should be seen as in service of creating quality leadership for the brands, and that's the kind of the highest level metric that we look at in the end.

因此，創新應該被視為為品牌創造品質領先地位的服務，這是我們最終關注的最高層級的指標。

And our next question comes from Lauren Lieberman with Barclays.

我們的下一個問題來自巴克萊銀行的勞倫·利伯曼。

Great.

偉大的。

The volume performance in Asia was really notable this quarter.

本季亞洲的銷售表現確實引人注目。

And so I know in the release, you mentioned China, Southeast Asia and India.

我知道您在新聞稿中提到了中國、東南亞和印度。

But could you just walk through sort of specifically what's driving the performance?

但您能具體介紹一下推動性能的因素嗎？

Even like just talk about it as a sequential acceleration.

甚至就像只是將其視為順序加速一樣。

And also, I'm sure it's quite small, but you did mention this authentic tea house launch in China.

而且，我確信它很小，但你確實提到了這個在中國推出的正宗茶館。

And I just know that's been a sort of tough country category combination for you historically.

我只知道，從歷史上看，這對您來說是一種艱難的國家類別組合。

So if you could comment on that because if you put it in the release, it must be worth talking about.

因此，如果您可以對此發表評論，因為如果您將其放入版本中，那麼它一定值得討論。

Yes.

是的。

Okay.

好的。

I think the first thing I would say is that the Asia Pacific volume growth in the first quarter was very much in line with the volume growth in 2018.

我想我首先要說的是，第一季亞太地區的銷售成長與 2018 年的銷售成長非常一致。

I think the question that was out there was, in the fourth quarter, when it softened a little, was that a blip or was that the emergence of something else?

我認為存在的問題是，在第四季度，當它稍微軟化時，這是曇花一現還是其他東西的出現？

And I think at least with the first quarter, the fourth quarter looks more like a blip.

我認為至少從第一季來看，第四季看起來更像是曇花一現。

So I think it's a retaking of the momentum we had in 2018.

所以我認為這是我們重拾 2018 年的勢頭。

Specifically what was driving it was, for example, in China, we had very strong performance by the whole Coca-Cola trademark as well as emphasizing kind of single-serve water and the kind of the recreating value in the water category that has been an ongoing theme for us in the China business.

具體來說，推動它的原因是，例如在中國，我們透過整個可口可樂商標以及強調單份水和水類別中的再創造價值的方式取得了非常強勁的表現，這一直是我們關注的焦點。我們在中國業務的持續主題。

Obviously, all of that was wrapped together with a good Chinese New Year.

顯然，這一切都與一個美好的農曆新年融為一體。

Tremendous activation on the marketing programs there.

那裡的營銷計劃得到了巨大的激活。

So really, a solid quarter by the Chinese business.

事實上，中國業務的季度業績表現強勁。

In India, we did well, good performance by the sparkling, but we also had in the case of India really strong growth in the juices.

在印度，我們做得很好，氣泡酒表現良好，但在印度，我們的果汁也有非常強勁的成長。

Maaza, which is the local mango-scented juice business, was up very strongly, along with some of the Minute Maid local Indian fruit flavors.

當地的芒果口味果汁公司 Maaza 以及一些當地印度水果口味的美汁源 (Minute Maid) 的股價上漲非常強勁。

So a nice performance there.

所以那裡的表演很好。

We also saw Southeast Asia do better.

我們也看到東南亞表現更好。

Philippines, Thailand, Indonesia, Vietnam, they were all in double-digits.

菲律賓、泰國、印尼、越南，都達到了兩位數。

So a really good performance across Southeast Asia.

所以整個東南亞的表現都非常好。

And Authentic Tea House, I know it made it into the release, and I think it's starting to continue to do well.

至於《Authentic Tea House》，我知道它已發布，而且我認為它開始繼續表現良好。

So we are pleased with the initial results.

所以我們對初步結果感到滿意。

It's going to be a very -- it's definitively in the category of explorer.

這將會是一款非常——絕對屬於探險家的產品。

So it's growing.

所以它正在增長。

But I think there's a long, long road to go before we are happy with where we end up in tea in China.

但我認為，在我們對中國茶業的最終結果感到滿意之前，還有很長很長的路要走。

And our next question comes from Bonnie Herzog with Wells Fargo.

我們的下一個問題來自富國銀行的邦妮·赫爾佐格。

All right.

好的。

So I had a question on your margins.

所以我有一個關於你的問題。

The underlying margins were quite impressive in the quarter ex FX and acquisitions.

本季扣除外匯和收購費用後的基本利潤率相當可觀。

So I was hoping you could help bucket some of the key drivers behind the strength in the quarter.

因此，我希望您能幫助找出本季強勁表現背後的一些關鍵驅動因素。

And then maybe give us a sense as to how much of the benefit you got from productivity savings versus the lift you might be getting from some of the strong pricing you're seeing.

然後也許可以讓我們了解您從生產力節省中獲得的好處與您從所看到的一些強勁定價中可能獲得的提升相比有多少。

Let me start with a quick walk forward on gross margin first, and then I'll cover operating margin.

讓我先快速回顧一下毛利率，然後我將討論營業利潤率。

As I mentioned in my remarks, the underlying margin expansion of what's 30 basis points in gross margin was led by EMEA.

正如我在演講中提到的，毛利率 30 個基點的基本利潤率擴張是由歐洲、中東和非洲地區帶動的。

And the benefits of Brexit was clearly part of that.

英國脫歐的好處顯然是其中的一部分。

But there was also a positive benefit of geographical mix overall.

但整體而言，地域組合也帶來了正面的好處。

And this was partially offset by North America due to growth in the finished good businesses.

由於成品業務的成長，這被北美部分抵消。

I think importantly, we need to take into account the currency headwinds, and they were particularly related to the Argentinian peso.

我認為重要的是，我們需要考慮貨幣逆風，它們與阿根廷比索尤其相關。

And we also were cycling some hedge gains from prior year.

我們也循環利用了去年的一些對沖收益。

In addition to which, we also had a structural impact mainly driven by the acquisition of the Philippines bottling business.

除此之外，我們也產生了結構性影響，主要是因為收購菲律賓裝瓶業務所致。

And there was a slight offset there on the kind of the bottler refranchising.

裝瓶商重新特許經營的類型略有抵消。

On the operating margin front, the underlying expansion of 250 basis points was due to EMEA and the Brexit impact where we have a higher revenue and would have had no expenses there.

在營業利潤率方面，250 個基點的潛在擴張是由於 EMEA 和英國脫歐的影響，我們在那裡有更高的收入，並且不會有任何費用。

And North America also due to productivity in the -- across-the-board and the timing of some expenses.

北美也歸因於全面的生產力和一些費用的時間安排。

We also saw though the headwinds on operating margin on the acquisition front and on the currency headwinds due to the peso and hedging gains that I mentioned before.

我們也看到了收購方面營業利潤率的不利因素以及我之前提到的比索和對沖收益導致的貨幣不利因素。

So underlying margin expansion, net positive but clearly been impacted by the headwinds on currency and acquisitions.

因此，潛在的利潤率擴張是淨正值，但顯然受到了貨幣和收購不利因素的影響。

And our next question comes from Judy Hong with Goldman Sachs.

我們的下一個問題來自高盛的 Judy Hong。

So James, I guess, I'm just trying to get a little bit more color just in terms of your organic revenue growth outlook for the full year.

所以詹姆斯，我想，我只是想從全年有機收入成長前景方面獲得更多的資訊。

I think in the fourth quarter call, you talked about some of the cautions around some of the macroeconomic volatility in markets like Middle East and Argentina.

我認為在第四季度的電話會議中，您談到了圍繞中東和阿根廷等市場的一些宏觀經濟波動的一些警告。

It seems like first quarter certainly came in a little bit better even setting aside some of the timing noise.

即使拋開一些時間噪音，第一季的表現似乎也確實好一些。

So how are you thinking about the 4% number?

那麼您如何看待 4% 的數字呢？

Do you feel like there's maybe some cushion as you kind of think about the volatility perhaps being a little bit less or are certain markets actually doing a little bit better than you thought?

當您認為波動性可能會小一點或某些市場實際上表現比您想像的要好一點時，您是否覺得可能有一些緩衝？

Sure.

當然。

I mean I think, firstly, it's certainly encouraging to come out of the gate in the first quarter with a strong start.

我的意思是，我認為，首先，第一季的強勁開局確實令人鼓舞。

And as you say, taking the timing aside, I think we can call the first quarter a 5. It's obviously our smallest quarter.

正如你所說，撇開時間不談，我認為我們可以將第一季稱為 5。這顯然是我們最小的季度。

So there's still a long way to go in the rest of 2019.

所以2019年剩下的時間還有很長的路要走。

And I think it's still a question of the macros versus what we can execute against ourselves, very much as it was in the last call.

我認為這仍然是宏與我們可以對自己執行什麼的問題，就像上次通話中一樣。

I think since we last spoke, the IMF has come out and reduced its forecast for the year again.

我認為自從我們上次談話以來，國際貨幣基金組織再次下調了今年的預測。

So I think the macro environment remains of a lower level of growth than it was in 2018 and a degree of uncertainty as to how some of the bigger issues around trade are going to play out.

因此，我認為宏觀環境中的成長水準仍低於 2018 年，並且圍繞貿易的一些更大問題將如何解決存在一定程度的不確定性。

Depending on the week, it can be blowing a little more optimistic or a little more pessimistic.

根據一周的不同，它可能會變得更樂觀一些，也可能更悲觀一些。

But I think fundamentally, the macro environment remains very similar to what we have been planning against for the last number of months.

但我認為從根本上講，宏觀環境仍然與我們過去幾個月的計劃非常相似。

Obviously, what we are focused on is the execution against our strategy.

顯然，我們關注的是我們策略的執行。

We think we have a strategy that's right for the consumers and the customers for 2019 and well into the future.

我們認為我們擁有適合 2019 年以及未來消費者和客戶的策略。

We and the bottling partners are focused on executing against that.

我們和裝瓶合作夥伴致力於解決這個問題。

We're going to have to deal with the ups and downs in some of the trickier parts of the world, whether that's Argentina or the Middle East or other places that are under pressure.

我們將不得不應對世界上一些更棘手地區的起起落落，無論是阿根廷、中東還是其他面臨壓力的地方。

But we think we have a plan that's going to work.

但我們認為我們有一個行之有效的計劃。

So I think in the end, it comes down to we are confident in our guidance.

所以我認為最終，這取決於我們對我們的指導充滿信心。

We had a good start in the first quarter although it's the smallest quarter.

我們在第一季取得了良好的開局，儘管這是最小的季度。

And we will continue to focus on managing what we can manage to deliver a good result in 2019.

我們將繼續專注於管理我們能夠做到的事情，以在 2019 年取得良好的成果。

And our next question comes from Ali Dibadj with Bernstein.

我們的下一個問題來自阿里·迪巴吉和伯恩斯坦。

So I was just wondering about the SG&A improvement.

所以我只是想知道SG&A 的改進。

It looked pretty strong in the quarter, notwithstanding some of the gross margin impact and FX impact.

儘管受到一些毛利率和外匯影響，但本季的表現看起來相當強勁。

What's underlying that in particular given a little bit of detail, John, a moment ago?

約翰，剛才給了一點細節，背後到底是什麼？

But I guess I ask in the context of the $3.8 billion restructuring target that was set a few years ago and whether there's an opportunity to up that number.

但我想我是在幾年前設定的 38 億美元重組目標的背景下問的，以及是否有機會提高這個數字。

It certainly seems like you have more room there, understanding a lot of moving parts.

看起來你在那裡有更多的空間，了解很多活動部件。

And then the second thing is related to Coke Energy.

第二件事與可口可樂能源有關。

You mentioned it, James, in your opening remarks.

詹姆斯，你在開場白中提到了這一點。

Do you have any detail further about the opportunities there?

您有關於那裡的機會的更多詳細資訊嗎？

That would be helpful as well.

這也會有幫助。

Ali, on SG&A, we had a slight increase in comparables at 1.1%.

阿里，在 SG&A 方面，我們的可比公司略有成長 1.1%。

And there's a couple of things in there.

裡面有一些東西。

One, it does reflect the integration of the new businesses, but it's offset by currency and the structural impact.

第一，它確實反映了新業務的整合，但它被貨幣和結構性影響所抵消。

So when you look at the comparisons, take those into account.

因此，當您查看比較時，請考慮這些因素。

We did have some savings in SG&A during the quarter, a benefit of the ongoing productivity work that we have been doing plus some timing of expenses in North America.

本季我們確實節省了一些銷售管理費用，這是我們一直在進行的生產力工作的好處，加上北美的一些費用安排。

And as we look to the future, I quote our ongoing work on productivity in under the whole margin expansion arena where we would be embedding into just the way we operate, a critical focus across the enterprise on driving costs at every line, our cost to sales line.

當我們展望未來時，我引用了我們在整個利潤擴張領域正在進行的生產力工作，我們將把這些工作嵌入到我們的營運方式中，整個企業的一個關鍵重點是推動每條生產線的成本，我們的成本銷售線。

We see opportunities to continue to drive or concentrate supply business more efficiently through harmonization of formulas, et cetera.

我們看到了透過統一配方等繼續更有效地推動或集中供應業務的機會。

There is ongoing opportunity in the OpEx arena to drive more efficiency, particularly with some of the digitization initiatives we have underway.

營運支出領域存在著不斷提高效率的機會，特別是我們正在進行的一些數位化措施。

And then finally, there's always ways to, I think, be more effective and efficient with our marketing spend, and that's a key area of focus going forward across the enterprise.

最後，我認為總有辦法讓我們的行銷支出更加有效和高效，這是整個企業未來關注的關鍵領域。

And our next question comes from Bill Chappell with SunTrust.

我們的下一個問題來自 SunTrust 的 Bill Chappell。

Can you talk a little more on the innovation, especially on the coffee side?

能多談談創新，尤其是咖啡的創新嗎？

Just trying to understand, I guess, one, how the Coke coffee works with Costa?

我想，只是想了解一下，可口可樂咖啡與 Costa 是如何搭配的呢？

And also, what kind of timing of some of these launches?

另外，其中一些發布的時機是什麼？

Will they be in North America?

他們會在北美嗎？

Will they have an impact in 1Q, 2Q, 3Q?

會對1Q、2Q、3Q產生影響嗎？

Just a little more color on how that flows through the year would be helpful.

只要多描述一下這一年的發展就會有所幫助。

Sure.

當然。

I think, firstly, the way we are seeing the opportunities for innovation in a product sense is in a way at the blurring edge or partly at the blurring edge with some of the categories.

我認為，首先，我們在產品意義上看到創新機會的方式在某種程度上處於模糊邊緣，或者部分處於某些類別的模糊邊緣。

So the opportunity to have a Coke and coffee variant of Coca-Cola is really at that juncture of what are the benefits that people see in Coke versus what are the benefits they look for in coffee, especially perhaps in some of the markets where the occasions are less well-developed.

因此，擁有可口可樂和咖啡版本的可口可樂的機會實際上是在人們看到可口可樂的好處與他們在咖啡中尋找的好處的關鍵時刻，特別是在一些市場上，特別是在某些場合，都不太發達。

Said another way, in the developed economies, 3/4 of what people drink is already a commercial beverage.

換句話說，在已開發經濟體，人們飲用的飲料中有 3/4 已經是商業飲料。

So they have a certain view as to what drinks go for what on what occasions.

因此，他們對於什麼場合喝什麼飲料有一定的看法。

But in the emerging economies, only 1/4 of what they drink is a commercial beverage.

但在新興經濟體，他們喝的飲料中只有 1/4 是商業飲料。

So there's still a lot of, in a way, creating of the occasions and connecting of brands and benefits to certain occasions.

因此，在某種程度上，仍然有許多場合的創造以及品牌和利益與某些場合的連結。

So there's opportunities to expand categories and to leverage the blurring of the edges.

因此，我們有機會擴大品類並利用模糊的邊緣。

And I think Coke coffee is a great example of that.

我認為可口可樂咖啡就是一個很好的例子。

It started out in Southeast Asia in that afternoon slump and really married the benefits of Coke with coffee in a very unique way and has done most.

它在那個下午的低迷時期在東南亞開始，以一種非常獨特的方式將可口可樂的好處與咖啡真正結合起來，並且取得了巨大的成功。

And there's nothing about that, that detracts from some of the more direct coffee drinks that we've launched.

這並沒有影響我們推出的一些更直接的咖啡飲料。

Obviously, we've got Georgia coffee, we've got some other coffee drinks in the U.S. with partners, and we see a great opportunity to bring Costa ready-to-drink to the marketplace.

顯然，我們有喬治亞咖啡，我們與合作夥伴在美國有一些其他咖啡飲料，我們看到了將 Costa 即飲推向市場的絕佳機會。

We'll be doing that later in the second quarter.

我們將在第二季度晚些時候這樣做。

So as we do that, of course, it's likely that will be concentrated in the markets where Costa already is, and we'll be coming out with that later in the second quarter.

當然，當我們這樣做時，很可能會集中在 Costa 已經所在的市場，我們將在第二季稍後推出。

And then as for how we foresee the rollout of the coffee platform, not just the ready-to-drink, but the vending and being a beverage partner with beans and machines, that we'll come back to later in the year as we have time to really solidify the expansion plans with the management of Costa.

然後，至於我們如何預見咖啡平台的推出，不僅是即飲，還有自動售貨以及成為咖啡豆和機器的飲料合作夥伴，我們將在今年晚些時候再討論這一點，因為我們已經是時候與Costa 的管理階層真正落實擴張計畫了。

Obviously, we closed the acquisition well ahead of schedule.

顯然，我們提前完成了收購。

The integration has gone well and is ahead of schedule, taking the business and the services out of Whitbread and connecting them to the Coke system.

整合進展順利，提前完成，將業務和服務從 Whitbread 移出並連接到可口可樂系統。

And we're currently working through the various stages of the synergy plans we see ahead.

我們目前正在研究未來協同計畫的各個階段。

And our next question comes from Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

John, I guess just a couple of questions, balance sheet-related questions for you.

約翰，我想有幾個問題要問你，與資產負債表相關的問題。

One is, if you look at the, I guess, long-term debt in the quarter went up and even net debt went up.

一個是，如果你看一下，我猜，本季的長期債務上升了，甚至淨債務也上升了。

And I know part of that is the Costa acquisition.

我知道其中一部分是對 Costa 的收購。

But I guess I was a little surprised to see net debt that was going up.

但我想我對淨債務上升感到有點驚訝。

So if you could just talk about kind of the evolution of the balance sheet and debt balances going forward first?

那麼，您是否可以先談談資產負債表和債務餘額的演變？

Then second, just related to your comments earlier on currency hedging.

其次，與您先前關於貨幣對沖的評論有關。

Can you just give us the high-level view of what the trade-offs are?

您能否向我們簡要介紹其中的權衡？

So the hedging -- the currency hedging has been a part of Coke for a long time.

因此，對沖——貨幣對沖長期以來一直是可口可樂的一部分。

So if you decided not to do it, I guess, with the emerging market currencies, just what's the trade-off?

因此，我想，如果你決定不對新興市場貨幣這樣做，那麼權衡是什麼？

What benefit do you derive from doing it now that you might have -- you might give up if you'd change the policy going forward?

如果您將來改變政策，您可能會放棄，現在這樣做會為您帶來什麼好處？

Okay.

好的。

Let me start with the balance sheet question and just a few key highlights from the quarter.

讓我從資產負債表問題和本季的幾個關鍵亮點開始。

First of all, our cash -- our balance is slightly lower, and that was driven by the acquisition of Costa.

首先，我們的現金餘額略低，這是由於收購 Costa 造成的。

We saw an increase in our noncurrent assets, $7.2 billion, also driven by Costa and CHI and that's affecting 2 line items.

我們的非流動資產增加了 72 億美元，這也是由 Costa 和 CHI 推動的，影響了 2 個項目。

One is the intangibles, increased by $5.5 billion.

一是無形資產，增加了55億美元。

And secondly, there was an increase of $0.5 billion in our plants and equipment line.

其次，我們的工廠和設備系列增加了 5 億美元。

We do have lower short-term debt balances driven by lower commercial paper balances.

由於商業票據餘額下降，我們的短期債務餘額確實較低。

In the first quarter, we did issue a long-term euro debt, which, combined with those lower cash balance that I mentioned is driving net debt slightly higher.

在第一季度，我們確實發行了長期歐元債務，再加上我提到的現金餘額較低，導致淨債務略有上升。

So our net debt-to-EBITDA is at 2.7x, slightly above our target of 2.5x.

因此，我們的淨債務與 EBITDA 比率為 2.7 倍，略高於我們 2.5 倍的目標。

But we do expect to get that back to within range fairly quickly.

但我們確實希望能夠很快地將其恢復到範圍內。

So that's on the balance sheet.

這就是資產負債表上的內容。

With respect to the hedging questions, I think there's a couple of points to consider.

關於對沖問題，我認為有幾點需要考慮。

First of all, we -- when you look at why we do it in the first place and why we've taken the approach we've taken, we know we have U.S. cash outgoings slated in the course of the year.

首先，當你看看我們為什麼要這樣做以及為什麼我們採取我們所採取的方法時，我們知道我們今年將有美國現金支出。

And it's important for us that we have certainty with respect to the inflows in order to cover those obligations.

對我們來說重要的是，我們必須對資金流入有確定性，才能履行這些義務。

So having that certainty is really important and is a key factor.

因此，擁有這種確定性非常重要，也是一個關鍵因素。

Historically, we've also wanted to smooth the impact over time periods.

從歷史上看，我們也希望消除不同時期的影響。

And when you take the long view on that, I think the treasury team has done a really good job on it.

從長遠來看，我認為財務團隊在這方面做得非常好。

We did -- over the last few weeks, we did actually take a look at what would've happened over the last 10 years if we had deployed other approaches.

在過去的幾周里，我們確實研究瞭如果我們採用其他方法，過去 10 年會發生什麼。

And for developed currencies, I think the hedging program we have in place by far delivered a better outcome than if we had done nothing or if we had been sort of more inactive in this area.

對於已開發貨幣而言，我認為我們迄今為止所實施的對沖計劃比我們什麼都不做或在這一領域表現得更加不活躍相比取得了更好的結果。

The area, and I mentioned it in my remarks, the area that's a challenge will be working with our emerging currency portfolio.

我在演講中提到過，這個領域是一個挑戰，將與我們的新興貨幣投資組合合作。

And as you know, the cost of hedging the more volatile currencies sometimes is not worth doing.

如您所知，對沖波動較大的貨幣的成本有時並不值得。

And we don't have, I don't think anybody has actually, a perfect model or system to cover the risks implicit in filling in a more volatile emerging currency.

而且我們沒有，我認為實際上沒有人有一個完美的模型或系統來承擔填充波動性更大的新興貨幣所隱含的風險。

So that's an area that we will continue to work on.

所以這是我們將繼續努力的一個領域。

In the short to medium term, we do have some positions which we believe are prudent and again give us more certainty in the short term and allow us to minimize the downside.

從中短期來看，我們確實持有一些我們認為審慎的頭寸，這再次為我們帶來了短期內更多的確定性，並使我們能夠將下行風險降至最低。

And our next question comes from Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

This is Peter Grom on for Andrea.

我是彼得·格羅姆（Peter Grom）為安德里亞（Andrea）代言。

So I just wanted to ask a quick follow-up on Coke Energy.

所以我只是想詢問一下可口可樂能源公司的快速跟進情況。

So James, in the prepared remarks, you talked about launching in white spaces where the energy category is not yet developed.

詹姆斯，在準備好的演講中，您談到了在能源類別尚未開發的空白領域進行發射。

Is that more looking at specific countries across the world?

是否更關注世界各地的特定國家？

Or are you speaking to maybe a particular subsegment of the category that you think is underdeveloped?

或者您所談論的可能是您認為尚未開發的類別中的某個特定細分市場？

Yes.

是的。

I mean Coke Energy, the -- again, this is something that a base -- the dynamic of the blurring of some of the categories and the boundary between some of the categories.

我的意思是可口可樂能源，再次強調，這是一個基礎，某些類別和某些類別之間的邊界模糊的動態。

So there's -- with every category, and energy is no different, there's a very core to the category, a central proposition that everyone understands the category to be.

因此，每個類別（能源也不例外）都有一個非常核心的類別，一個每個人都理解該類別的中心命題。

And then as the boundary of the category, people have made innovations by adding other ingredients and starting to connect to benefits from other categories.

然後作為品類的邊界，人們透過添加其他成分並開始連接其他品類的好處來進行創新。

And in the case of the energy category, there has been a lot of growth in the central core of what the category stands for, and that's what's propelled the category forward in largely North America and Europe and a few other parts of the world.

就能源類別而言，該類別所代表的核心業務有了很大的成長，這正是推動該類別在北美、歐洲和世界其他一些地區向前發展的原因。

The energy category in itself is still in development in many emerging markets.

在許多新興市場，能源類別本身仍處於發展階段。

And therefore, there's an opportunity in complement to the core brands within the energy category to work at the boundary.

因此，能源類別中的核心品牌有機會在邊界上發揮補充作用。

And Coke Energy obeys that dynamic.

可口可樂能源公司也遵循這種動態。

I mean it's got the credentials and some of the origins to be able to connect to some of the energy need states.

我的意思是它擁有能夠連接到一些能源需求國家的資格和一些起源。

So we see that as a space where the energy category can grow.

因此，我們認為這是能源類別可以成長的空間。

And we see that across our whole series of geographies.

我們在整個地區都看到了這一點。

And we're going to experiment with Coke Energy and see how it works and then obviously refine the proposition.

我們將用可口可樂能源進行實驗，看看它是如何運作的，然後顯然會完善這個提議。

And we think it will help complement the other brands that sell successfully in this category.

我們認為這將有助於補充該類別中銷售成功的其他品牌。

And our next question comes from Robert Ottenstein with Evercore.

我們的下一個問題來自 Evercore 的 Robert Ottenstein。

This is Brendan Metrano for Robert.

我是羅伯特·布倫丹·梅特拉諾。

John, a quick follow-up for you.

約翰，您的快速跟進。

Could you quantify the benefit to gross and operating margin from that concentrate build in EMEA?

您能否量化歐洲、中東和非洲地區集中建設對毛利率和營業利益率的好處？

And then for James, I'm wondering if you could expand on trends in Brazil and Mexico and some of the initiatives that you're implementing in those markets.

然後，詹姆斯，我想知道您是否可以詳細介紹巴西和墨西哥的趨勢以及您在這些市場實施的一些舉措。

Brazil seems to kind of be turning for a while.

巴西似乎正在轉變一段時間。

The staples company in Mexico is obviously an important business for you guys.

墨西哥的主食公司顯然對你們來說是一項重要的業務。

Okay.

好的。

Let me take the Brexit question.

讓我來談談英國脫歐問題。

Yes, the timing benefit to margins on Brexit was 70 basis points in the quarter.

是的，英國脫歐對本季利潤率的時機好處是 70 個基點。

And that was for gross and operating?

那是毛額和營業額嗎？

Operating.

操作。

Yes.

是的。

We'll give everyone a shot at the question before we come back to the second one.

在我們回到第二個問題之前，我們會讓每個人都嘗試這個問題。

Our next question comes from Kaumil Gajrawala, Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Kaumil Gajrawala。

I wanted to ask a little bit for a little more detail on the Coke brand.

我想詢問有關可口可樂品牌的更多詳細資訊。

And maybe specifically, you've had Coke Zero Sugar for a period of time.

也許具體來說，您已經喝過零糖可樂一段時間了。

Now you have Orange and coffee and Energy.

現在你有橘子、咖啡和能量。

How do you know you're not overextending the brand and maybe the underlying business becomes less stable and a lot more reliant on the newest innovations?

您怎麼知道您沒有過度擴展品牌，而基礎業務可能變得不太穩定並且更加依賴最新的創新？

Yes.

是的。

Great question.

很好的問題。

I think there's a difference between what's central to the brand and what are innovations that are likely to be either in or out or, in a way, noncore to the identity or the most central part of the brand.

我認為品牌的核心內容與可能存在或暴露的創新之間存在差異，或者在某種程度上，對於品牌身份或最核心部分來說，創新是非核心的。

And so I would see brand Coke and what it stands for, and therefore, Coke Zero Sugar as a key part of what the Coca-Cola brand is.

因此，我會看到可口可樂品牌及其代表的含義，因此，零糖可口可樂是可口可樂品牌的關鍵部分。

Now things like coffee, that's at the beginning, we'll see how that develops.

現在像咖啡這樣的事情才剛開始，我們將看看它如何發展。

Clearly, that's a product variant that's crossing over into another category with coffee.

顯然，這是一種產品變體，正在跨入咖啡的另一個類別。

And obviously, there is a danger there, as you say, that it becomes -- it starts to change the nature of Coke itself.

顯然，正如你所說，存在著一種危險，它開始改變可口可樂本身的性質。

Orange and Vanilla, I think, is a flavor.

我認為橙子和香草是一種味道。

We've had some history with flavors.

我們在口味方面有一些歷史。

Whether it will ultimately end up proving to be one of those ones that endures and is available in the market but doesn't get support or not, time will tell.

它是否最終會被證明是那些經久不衰並在市場上可用但沒有得到支持的產品之一，時間會證明一切。

There are a number of them, and they are different in different countries.

它們有很多，並且在不同的國家有所不同。

And I think they add some interest and some connection to the brand.

我認為它們為品牌增添了一些興趣和聯繫。

But they are ultimately not marketed in that sense and really driven by availability.

但它們最終並不是從這個意義上進行行銷的，而是由可用性所驅動的。

In the end, what we have to steward is the vibrancy of the total brand.

最後，我們要管理的是整個品牌的活力。

And of course, those variants that make up the core of the brand.

當然，還有那些構成品牌核心的變體。

We do that through a whole series of metrics, whether it be consumer metrics or in-market metrics.

我們透過一系列指標來做到這一點，無論是消費者指標還是市場指標。

And I think that is a key challenge and an imperative, not just for the brand teams but for the management as well.

我認為這不僅對品牌團隊而且對管理層來說都是一個關鍵挑戰和當務之急。

And our next question comes from Brett Cooper with Consumer Edge.

我們的下一個問題來自 Consumer Edge 的 Brett Cooper。

I was wondering if you guys can talk about the process of expanding information or innovation from the original market, particularly interested in whether it is push from the center and pulled from the country.

我想知道你們能不能談談從原來的市場擴大資訊或創新的過程，特別感興趣的是它是從中心推動還是從國家拉動。

And then what happens between test and further rollout?

那麼在測試和進一步推出之間會發生什麼事？

And I guess the final thing is just can you talk about the speed of doing that?

我想最後一件事是你能談談這樣做的速度嗎？

And is that where you want it to be?

那是你想要的地方嗎？

Well, I think the nature of being in CEO or in corporate management is nothing is ever as fast as you'd like it, but that's a challenge on how to improve its speed rather than something you can live with philosophically.

嗯，我認為擔任執行長或企業管理層的本質是，沒有什麼比你想要的那麼快，但這是如何提高其速度的挑戰，而不是你可以在哲學上接受的東西。

I think, look, the reality is that you get a bit of everything.

我認為，看，現實是你什麼都得到了一點。

When there's a successful innovation in a market, there's a very high likelihood that one of the neighboring markets will have seen it and moved on it before anyone from the center needs to say anything.

當一個市場出現成功的創新時，很可能在中心的任何人需要發表任何言論之前，鄰近的市場之一就會看到它並採取行動。

In the end, we have to set up a system that allows that.

最後，我們必須建立一個允許這樣做的系統。

Why?

為什麼？

Because it's impossible for an enterprise as large as Coke to have everything directed from the center.

因為像可口可樂這樣大的企業，不可能一切都由中心指揮。

It's just not possible to know everything, and it's not possible to issue enough instructions to all the different markets.

只是不可能了解一切，也不可能向所有不同的市場發出足夠的指令。

The system has to rely on the center focusing on the highest-leverage decisions.

該系統必須依賴專注於最高槓桿決策的中心。

That could be moving in innovation around the world or ensuring that an innovation stay in a certain form.

這可能是在世界範圍內推動創新或確保創新保持某種形式。

But it tends to be directed at a few big decisions and then a focus on talent and culture and a system that can allow an organic amount of self-generation.

但它往往針對一些重大決策，然後專注於人才和文化以及可以允許有機量自我生成的系統。

So to take the example we've talked about so far today, Coke with coffee.

以我們今天討論的例子為例，可樂加咖啡。

That started out in Asia Pacific.

這一切始於亞太地區。

They came up with one variant.

他們想出了一種變體。

The next market then started to move on it before it was really something that the seller was worrying about or looking at.

然後，在賣家真正擔心或關注的事情之前，下一個市場就開始移動。

They actually then updated the formula, so it already went from 1.0 to 2.0 by the time it went to the second country based on some of the learnings.

他們實際上更新了公式，所以當它根據一些經驗進入第二個國家時，它已經從 1.0 變為 2.0。

And then as it got moved out further, yes, there have been further evolutions of the formula.

然後，隨著它的進一步發展，是的，公式有了進一步的演變。

Obviously, one of the things we've done from the Corporate Center is try to make sure there's some unity in how the variant is being thought about and how the formulas are being developed.

顯然，我們在企業中心所做的事情之一就是嘗試確保在如何考慮變體以及如何開發公式方面存在一定的統一性。

Because ultimately, we have to push against the trend that every market thinks it necessarily has to make the thing better and that we'll end up with 200 versions of everything.

因為最終，我們必須抵制這樣一種趨勢，即每個市場都認為必須讓事情變得更好，並且我們最終會得到 200 個版本的一切。

It doesn't have to be 1 version, but 200 is also probably the wrong answer.

它不一定是 1 版本，但 200 也可能是錯誤的答案。

And so we do apply a process of pressure to get into a corridor that we believe is appropriate to both satisfy local consumer differences, yet drive the growth of the global brand and an efficiency of an overall supply chain.

因此，我們確實施加了壓力，以進入我們認為既能滿足當地消費者差異，又能推動全球品牌成長和整體供應鏈效率的走廊。

And I'd just add -- if I may add one additional comment.

我只想補充一下——如果我可以補充一條評論的話。

Just from my experience over the last couple of years Brett, is that I think we've moved from more of a hub and spoke model to a network model.

根據布雷特過去幾年的經驗，我認為我們已經從中心輻射模型轉向網路模型。

Our R&D center is now reporting into the local operations.

我們的研發中心現在正在向當地營運部門匯報。

We have 1 in Shanghai, Tokyo, Brussels and Mexico.

我們在上海、東京、布魯塞爾和墨西哥設有 1 個。

And they're very much wired together and connected to our business units.

它們緊密相連並與我們的業務部門相連。

So the speed at which stuff is moving around has increased a lot over the last 2 years, not where we would ideally want it to be, but it's certainly a key part of the overall profit that James just referenced.

因此，在過去的兩年裡，物品的移動速度增加了很多，這不是我們理想的情況，但這肯定是詹姆斯剛才提到的整體利潤的關鍵部分。

And our next question comes from Laurent Grandet with Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的洛朗‧格朗台。

I'd like to focus on Coke Energy again.

我想再次關注可口可樂能源。

I mean could you please update us on the Coke Energy launch in Europe?

我的意思是，您能否向我們介紹可口可樂能源在歐洲推出的最新情況？

The reception from bottlers and retailers?

裝瓶商和零售商的接待情況如何？

And maybe already from consumers?

也許已經來自消費者了？

If sales are incremental to the Coke franchise or if it's taking share from competition?

可口可樂特許經營權的銷售額是否會增加，或者是否會從競爭中奪取份額？

Any update on upcoming launches outside of Europe?

有關即將在歐洲以外推出的產品的任何更新嗎？

That will help.

那會有幫助的。

Yes, sure.

是的，當然。

I think that the headline, unfortunately, Laurent, it's too early to tell.

不幸的是，我認為標題，勞倫特，現在下結論還為時過早。

It's only really just been launched.

它才剛剛推出。

The first sales are only just being made.

第一批銷售才剛完成。

It seems to have resonated well in the first couple of weeks.

最初幾週似乎引起了很好的反響。

And so given how early on it is, it's not -- we're not at a stage where we can really make a good call on where are the incremental sales coming from.

因此，考慮到現在還處於早期階段，我們還沒有處於能夠真正確定增量銷售來自何處的階段。

Obviously, they're still small at this stage.

顯然，現階段它們還很小。

So I think it's very -- it's too early to tell.

所以我認為現在下結論還太早。

Obviously, we'll be looking at it in the coming weeks and months, and we'll be able to become clearer as we go forward.

顯然，我們將在未來幾週和幾個月內研究它，並且隨著我們的前進，我們將能夠變得更加清晰。

And our final question comes from Amit Sharma with BMO Capital Markets.

我們的最後一個問題來自 BMO 資本市場的 Amit Sharma。

This is Drew Levine on for Amit.

這是阿米特的德魯·萊文。

I just wanted to ask about the competitive environment in the U.S. Your main competitor said that they're at least not losing share on their cola brand anymore.

我只是想問美國的競爭環境。你們的主要競爭對手說，他們至少不再失去可樂品牌的份額。

So I just wanted to see what you're seeing in the market, if you're happy with your market share performance in cola.

所以我只是想看看你在市場上看到了什麼，如果你對可樂的市佔率表現感到滿意的話。

And then kind of related to that, in sports drinks, any plans to expand the scope of BODYARMOR or additional support for the sports drinks given some plans by your competitor to increase spending on their own brand.

與此相關的是，在運動飲料中，考慮到競爭對手增加自有品牌支出的計劃，任何擴大 BODYARMOR 範圍或對運動飲料提供額外支援的計劃。

Yes.

是的。

We've got a good strategy in the U.S. focused on investing in the brands, building out the portfolio, working with the new network of bottlers post refranchising to execute the strategy in the marketplace with a packaging approach, a smaller package.

我們在美國制定了良好的策略，重點是投資品牌、建立產品組合、與重新特許經營後的新裝瓶商網路合作，以包裝方法（較小的包裝）在市場上執行該策略。

We have a standing strategy in the U.S. that has been successful in allowing us to help the industry to grow for our customers and for us to be able to gain share within that total industry, and that again played out in the first quarter this year.

我們在美國有一個長期策略，成功地使我們能夠幫助該行業為客戶發展，並使我們能夠在整個行業中獲得份額，這一點在今年第一季再次發揮作用。

So we think it's a strategy that works for us.

所以我們認為這是一個適合我們的策略。

Obviously, as other parties, large or small, invest in the industry, I think it says 2 things.

顯然，隨著其他各方（無論大小）投資該行業，我認為這說明了兩件事。

One, it says the industry is attractive because it's got growth and profitability.

第一，它說這個行業有吸引力，因為它有成長和獲利能力。

That's why people want to enter.

這就是人們想要進入的原因。

And it says we need to up our game because the industry is going to become more competitive.

它說我們需要提高我們的水平，因為這個行業將變得更具競爭力。

And I think that's, in the end, good news for The Coca-Cola Company, and it certainly has been over the last number of years in North America.

我認為這對可口可樂公司來說最終是個好消息，過去幾年在北美市場確實如此。

We've been focused on driving sparkling beverages, and that's continuing to do well, particularly Coke Zero Sugar.

我們一直專注於開發起泡飲料，並且繼續表現良好，尤其是零糖可樂。

BODYARMOR has had a good start in the sports drinks category.

BODYARMOR在運動飲料類別中取得了良好的開端。

It's certainly been one of the things that's been driving growth in that category.

這無疑是推動該類別成長的因素之一。

So we're going to continue to invest.

所以我們將繼續投資。

We're going to stick to our overall game plan.

我們將堅持我們的整體比賽計劃。

And we'll focus on working to make our brands as relevant for consumers and our plans as value creating for the customers, so we can remain competitive in this attractive industry.

我們將致力於使我們的品牌與消費者相關，使我們的計劃為客戶創造價值，這樣我們就可以在這個有吸引力的行業中保持競爭力。

Thank you.

謝謝。

Ladies and gentlemen, that concludes our question-and-answer session for today's call.

女士們先生們，今天的電話問答環節到此結束。

I would now like to turn the call back over to James Quincey for any further remarks.

我現在想將電話轉回給詹姆斯昆西，以徵求進一步意見。

Thank you, everyone, for joining the call today.

謝謝大家今天加入電話會議。

To conclude, we had a solid start to the year.

總而言之，我們今年有一個好的開始。

We capitalized on our momentum coming out of 2018, and we'll continue to drive our strategies for the remainder of the year.

我們充分利用了 2018 年的勢頭，並將在今年剩餘時間內繼續推進我們的策略。

We remain confident we will deliver our full year guidance.

我們仍然有信心能夠提供全年指導。

As always, we thank you for your interest, your investment in our company and for joining us today.

一如既往，我們感謝您對我們公司的興趣、投資以及今天加入我們。

Thank you.

謝謝。

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

女士們、先生們，感謝你們參加今天的會議。

This does conclude today's program, and you may all disconnect.

今天的節目到此結束，大家可以斷線了。

Everyone, have a wonderful day.

祝大家有美好的一天。