可口可樂 (KO) 2019 Q4 法說會逐字稿

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

在這個時候，我想歡迎大家參加可口可樂公司第四季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

如果您有任何異議，請在此時斷開連接。

(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，這次會議的目的是與投資者對話，因此媒體的問題不會得到解決。

Media participants should contact Coca-Cola's Media Relations Department if they have any questions.

媒體參與者如有任何問題，請聯繫可口可樂的媒體關係部。

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

我現在想介紹一下副總裁兼投資者關係官 Tim Leveridge 先生。

Mr. Leveridge, you may now begin.

Leveridge 先生，您現在可以開始了。

Good morning and thank you for joining us today.

早上好，感謝您今天加入我們。

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

我和我們的董事長兼首席執行官 James Quincey 在一起；和我們的首席財務官約翰·墨菲。

Before we begin, I would like to inform you that we posted schedules under the Financial Reports and Information tab in the Investors section of our company website at www.coca-colacompany.com.

在開始之前，我想通知您，我們在公司網站 www.coca-colacompany.com 的“投資者”部分的“財務報告和信息”選項卡下發布了時間表。

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.

這些時間表協調了某些非公認會計原則的財務指標，我們的高級管理人員在今天上午的討論中可能會提到我們根據公認會計原則報告的結果。

I'd also like to note that you can find additional materials in the Investors section of the company website that provide an analysis of our margin structure.

我還想指出，您可以在公司網站的“投資者”部分找到其他材料，這些材料提供了對我們保證金結構的分析。

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聲明，包括有關長期收益目標的聲明，應與我們的收益發布和公司最近的定期美國證券交易委員會報告中包含的警示聲明一起考慮。

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

在今天早上準備好的發言之後，我們將把電話轉過來回答您的問題。

(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，大家早上好。

As you'll have seen from our results today, we are pleased to report another quarter of strong performance, capping off a successful year in 2019.

正如您從我們今天的業績中看到的那樣，我們很高興地報告又一個季度的強勁表現，為 2019 年成功的一年畫上了句號。

We delivered on our financial commitments for the year even in the face of stronger-than-expected currency headwinds.

即使面對強於預期的貨幣逆風，我們也兌現了全年的財務承諾。

We see the right strategies taking hold, supported by the right partners, underpinned by a growing and vibrant industry, but we're just getting started.

我們看到正確的戰略在正確的合作夥伴的支持下，由不斷發展和充滿活力的行業支撐，但我們才剛剛開始。

This is what gives us confidence in our 2020 outlook, and we are optimistic about the long-term opportunities in front of us.

這讓我們對 2020 年的前景充滿信心，我們對擺在我們面前的長期機遇持樂觀態度。

As regard to 2019, our business performed well.

2019年，我們的業務表現良好。

We gained value share globally in addition to gaining share in each of our geographic segments, achieving our largest share gain in almost a decade, with 34 of our top 40 markets gaining share.

除了在我們的每個地理細分市場中獲得份額之外，我們還獲得了全球價值份額，實現了近十年來最大的份額增長，我們的前 40 個市場中有 34 個獲得了份額。

Organic revenue grew 6%, 2 points ahead of our initial forecast and at the top end of our long-term growth model.

有機收入增長 6%，比我們最初的預測高出 2 個百分點，處於我們長期增長模型的頂端。

Top line growth was driven by strength across all the operating segments.

收入增長是由所有運營部門的實力推動的。

Comparable currency-neutral operating income grew 13% versus our initial goal of 10% to 11% through accelerated top line growth and delivering on our productivity targets.

通過加速收入增長和實現我們的生產力目標，可比較的貨幣中性營業收入增長了 13%，而我們最初的目標是 10% 至 11%。

Comparable EPS grew 1%, at the top end of our guidance despite a higher-than-expected 8-point currency headwind.

儘管貨幣逆風高於預期 8 個點，可比每股收益增長 1%，處於我們指引的高端。

Finally, we delivered $10.5 billion in cash from operations, up 37% from prior year and well ahead of our initial guidance.

最後，我們從運營中交付了 105 億美元的現金，比上年增長 37%，遠高於我們最初的指導。

Our 2019 performance was the result of our broad-based success across the majority of our markets.

我們 2019 年的業績是我們在大多數市場取得廣泛成功的結果。

Globally, we achieved high single-digit organic revenue growth within our developing and emerging markets, along with mid-single-digit organic revenue growth in our developed markets.

在全球範圍內，我們在發展中和新興市場實現了高個位數的有機收入增長，在我們的發達市場實現了中個位數的有機收入增長。

So let me walk you around the world a little and touch on some of the strategic actions that we have been taking.

所以讓我帶你環遊世界，談談我們一直在採取的一些戰略行動。

In North America, we delivered a solid performance in 2019, and we are well positioned with a strong marketing and innovation pipeline heading into 2020.

在北美，我們在 2019 年取得了穩健的業績，並且我們在進入 2020 年的強大營銷和創新渠道方面處於有利地位。

Organic revenue grew 3% for the year and while we continued to gain overall value share, too.

今年有機收入增長了 3%，而我們也繼續獲得整體價值份額。

Trademark Coca-Cola drove our performance with 4% retail value growth.

商標可口可樂以 4% 的零售價值增長推動了我們的業績。

Volumes in trademark Coke were positive for the second consecutive year, even as we continued to execute on our smaller pack initiatives.

商標可口可樂的銷量連續第二年保持正增長，儘管我們繼續執行我們的小包裝計劃。

Across our refranchised North American bottling system, there is improved execution and continued conviction about the long-term growth opportunities for our business.

在我們重新特許經營的北美裝瓶系統中，執行力得到了改善，並且對我們業務的長期增長機會的持續信念。

Over the past few years, the system has invested nearly $0.75 billion to support our innovation and revenue growth management agenda.

在過去幾年中，該系統已投資近 7.5 億美元來支持我們的創新和收入增長管理議程。

This includes expanding availability of our popular mini cans, which again grew in the double digits for the year.

這包括擴大我們廣受歡迎的迷你罐的供應量，這一年再次以兩位數增長。

Turning to Latin America.

轉向拉丁美洲。

Here, we achieved 13% organic revenue growth while navigating a tough macro environment by focusing on the fundamentals.

在這裡，我們實現了 13% 的有機收入增長，同時通過關注基本面來應對艱難的宏觀環境。

These included expanding cooler placements, acceleration of single-serve packs and increasing availability of returnable packaging in under-indexed markets.

其中包括擴大冷卻器放置、加速單份包裝以及在指數不足的市場中增加可回收包裝的可用性。

For example, in Brazil, we delivered the best performance we've seen in 7 years, growing more than twice the rate of consumer spending.

例如，在巴西，我們實現了 7 年來的最佳表現，消費者支出增長率是其兩倍多。

Our results were driven by high single-digit growth of single-serve packages, due in part to a more than 20% increase in cooler placements by our bottling partners.

我們的業績是由單份包裝的高個位數增長推動的，部分原因是我們的裝瓶合作夥伴增加了 20% 以上的冷藏放置。

This aligned focus and investment is a testament to the long-term opportunities our system sees in this large and important market.

這種一致的重點和投資證明了我們的系統在這個龐大而重要的市場中看到的長期機會。

The resilience of our Brazilian business helped deliver solid results in Latin America despite markets such as Argentina, where the economic situation continued to deteriorate during the year.

儘管阿根廷等市場的經濟形勢在年內持續惡化，但我們巴西業務的韌性幫助我們在拉丁美洲取得了穩健的業績。

In EMEA, organic revenue growth of 5% was balanced between solid industry growth and strong share gains.

在歐洲、中東和非洲地區，5% 的有機收入增長在穩健的行業增長和強勁的份額增長之間取得了平衡。

Growth was driven by strong results across developed, developing and emerging markets while innovations with Coca-Cola led to the best performance we've seen in the last 8 years for the trademark.

增長是由發達、發展中和新興市場的強勁業績推動的，而可口可樂的創新帶來了我們在過去 8 年中看到的最好的商標表現。

Our innovation with iconic brands also went beyond Trademark Coca-Cola.

我們對標誌性品牌的創新也超越了商標可口可樂。

Schweppes grew double digits during the year, boosted by our new adult/mixer offerings.

在我們新的成人/混音器產品的推動下，Schweppes 在這一年實現了兩位數的增長。

Fuze Tea continued to perform well across the group, now fully lapping its 37-market rollout in January of 2018.

Fuze Tea 在整個集團中繼續表現良好，現已在 2018 年 1 月全面推出其 37 個市場。

We have strong plans in place for the brand heading into 2020 focused on new winter flavors and no sugar antioxidant-infused offerings.

我們為品牌進入 2020 年制定了強有力的計劃，重點是新的冬季口味和不含糖抗氧化劑的產品。

These results led to the strongest share gains we've seen in years across the region, supported both by sparkling and non-sparkling gains.

這些結果導致了我們多年來在該地區看到的最強勁的份額增長，這得到了閃閃發光和非閃閃發光的收益的支持。

Turning to Asia.

轉向亞洲。

A concerted effort to recruit new consumers and drive horizontal expansion helped deliver 5% organic revenue growth for the year.

齊心協力招募新消費者並推動橫向擴張有助於實現 5% 的有機收入增長。

Across Asia, we added 1.4 million new customer outlets, led by our 2 largest markets in the region, China and India.

在亞洲，我們新增了 140 萬個新客戶網點，其中我們在該地區的兩個最大市場中國和印度處於領先地位。

Our success in China is not just solely based on increased distribution.

我們在中國的成功不僅僅基於增加分銷。

In order to help expand the consumer base, we've been adapting to the new digital-first consumer landscape.

為了幫助擴大消費者基礎，我們一直在適應新的數字優先消費者格局。

For example, we launched an integrated Coke and meals campaign with a heavy focus on online food aggregators.

例如，我們推出了一項綜合可樂和膳食活動，重點關注在線食品聚合商。

This helped us recruit more than 20 million new consumers, boosting our share of online meal ordering to over 60%.

這幫助我們招募了超過 2000 萬新消費者，將我們的在線訂餐份額提高到 60% 以上。

Actions like these led us to be named the fastest-growing FMCG brand in Asia by Kantar.

這些舉措讓我們被凱度評為亞洲增長最快的快速消費品品牌。

I've also been encouraged by the system's response in markets where we face challenges.

我也對系統在我們面臨挑戰的市場中的反應感到鼓舞。

In Japan, for example, the system moved quickly to rebuild production capacity following natural disasters in 2018 and stepped up execution performance in order to support our innovation pipeline.

例如，在日本，該系統在 2018 年自然災害後迅速採取行動重建生產能力，並提高執行性能以支持我們的創新管道。

Across the globe, we've seen that a constant focus on innovation, revenue growth management and improved execution, all supported by integrated brand building, forms the foundation to deliver strong results today and in the years ahead.

在全球範圍內，我們已經看到，在整合品牌建設的支持下，對創新、收入增長管理和改進執行的持續關注，構成了在今天和未來幾年取得強勁業績的基礎。

Although we have much room to improve, I am pleased with the progress we've made across these areas during the year.

儘管我們還有很大的改進空間，但我對我們在這一年中在這些領域取得的進展感到高興。

On innovation, we've leveraged the strength of our flagship brand while continuing to innovate across the total portfolio.

在創新方面，我們充分利用了我們旗艦品牌的優勢，同時繼續在整個產品組合中進行創新。

Coke with coffee, launched in 35 additional markets in 2019, is satisfying a new occasion and recruiting consumers back into the brand, driving incremental sales for Coca-Cola Trademark.

可口可樂於 2019 年在另外 35 個市場推出，正在滿足一個新的場合併吸引消費者重新加入該品牌，從而推動可口可樂商標的銷售增長。

We've also launched Coke Energy in select international markets.

我們還在特定國際市場推出了可口可樂能源。

And while we've seen some success with the initial rollout, we'll continue to learn how to enhance the consumer proposition as we expand further into 2020, including our recent rollout in the U.S., that tastes a little more like Coke.

雖然我們在最初的推出中看到了一些成功，但隨著我們進一步擴展到 2020 年，我們將繼續學習如何增強消費者主張，包括我們最近在美國推出的產品，它嘗起來更像可口可樂。

We're putting the full marketing muscle behind our Coke Energy launch in the U.S.

我們將全力支持我們在美國推出的 Coke Energy。

Turning to the juice, dairy and plant-based portfolio.

轉向果汁、乳製品和植物性產品組合。

NutriBoost continues to grow strongly across Asia behind our new and innovative functional dairy products for kids and young adults.

NutriBoost 在我們面向兒童和年輕人的新型創新功能性乳製品的支持下，繼續在亞洲強勁增長。

NutriBoost started as an internal innovation in Vietnam and continues to expand across the region, including its latest launch in Australia.

NutriBoost 最初是越南的一項內部創新，並繼續在該地區擴展，包括其在澳大利亞的最新推出。

We look to continue accelerating our innovation pipeline in 2020.

我們希望在 2020 年繼續加快我們的創新渠道。

And just touching on North America, our innovation plans include the launch of AHA Sparkling Water in March with a distinctive edge in the sparkling water space as 2 flavor offerings contain caffeine for a little morning or afternoon pick-me-up.

就北美而言，我們的創新計劃包括在 3 月推出 AHA 蘇打水，在蘇打水領域具有獨特優勢，因為 2 種風味產品含有咖啡因，早上或下午提神。

We're innovating within our sports drink portfolio as well, with the rollout of POWERADE ULTRA, a breakthrough innovation for the sports drinks category with cutting-edge ingredients, including creatine and more electrolytes than original POWERADE.

我們也在運動飲料產品組合中進行創新，推出了 POWERADE ULTRA，這是運動飲料類別的一項突破性創新，採用尖端成分，包括肌酸和比原始 POWERADE 更多的電解質。

We're also expanding our capabilities through the recent acquisition of fairlife, giving us a strong position in the fast-growing, value-added dairy space.

我們還通過最近收購 fairlife 來擴展我們的能力，使我們在快速增長的增值乳製品領域處於強勢地位。

We've also taken several steps in the ongoing evolution of our revenue growth management agenda.

我們還在收入增長管理議程的持續發展中採取了幾個步驟。

We're strengthening our competitive advantage by making better, more informed decisions and making them faster, translating data into insights and insights into action.

我們通過做出更好、更明智的決策並更快地做出決策，將數據轉化為洞察力並將洞察力轉化為行動，從而增強我們的競爭優勢。

Importantly, these insights equip our customers with a new view on how to create value in the beverage category, one not dependent on lowering prices to drive foot traffic.

重要的是，這些見解使我們的客戶對如何在飲料類別中創造價值有了新的認識，而不是依賴於降低價格來增加客流量。

For example, working with one of our European bottling partners, we added an incremental 100,000 transactions per week for one of our largest customers through insights driven by our RGM capabilities.

例如，通過與我們的一個歐洲裝瓶合作夥伴合作，我們通過 RGM 能力驅動的洞察力為我們最大的客戶之一每週增加了 100,000 筆交易。

This kind of collaboration helps drive results, leveraging the power of our consumer insights to support growth for us, our bottling partners and our customers.

這種合作有助於推動結果，利用我們的消費者洞察力來支持我們、我們的裝瓶合作夥伴和我們的客戶的增長。

It's another example of how we create shared value for all who touch the Coca-Cola business.

這是我們如何為所有接觸可口可樂業務的人創造共享價值的另一個例子。

And we're still in the early stages of building out these capabilities and see this as a source of growth for a long time to come.

我們仍處於建立這些能力的早期階段，並將其視為未來很長一段時間的增長源。

In the end, ultimately though, it comes down to execution, as you can have a fantastic brand, a compelling consumer proposition, but it must be available at the right place at the right time.

最後，歸根結底，它歸結為執行，因為您可以擁有一個出色的品牌，一個引人注目的消費者主張，但它必須在正確的時間在正確的地方提供。

And execution continues to be based on the fundamentals.

執行繼續以基本面為基礎。

For example, in the Philippines, through the placement of more than 10,000 coolers and a 23-point increase in order fulfillment rates, we achieved double-digit volume growth for the year, along with our highest availability coverage and market share in 7 years.

例如，在菲律賓，通過放置 10,000 多個冷卻器和 23 個百分點的訂單履行率，我們實現了今年兩位數的銷量增長，以及 7 年來最高的可用性覆蓋率和市場份額。

To support our growth agenda, we've always been clear that M&A serves as an enabler to our strategy rather than a strategy in of itself.

為了支持我們的增長議程，我們一直很清楚，併購是我們戰略的推動者，而不是戰略本身。

During 2019, we acquired Costa Coffee, which provides us a platform to create a world-class global coffee business.

2019 年，我們收購了 Costa Coffee，這為我們提供了一個創建世界級全球咖啡業務的平台。

And we're moving with speed to build a strong foundation for long-term value creation under that brand.

我們正在加快步伐，為該品牌的長期價值創造奠定堅實的基礎。

We started with the launch of ready-to-drink Costa across Europe, already achieving 6 points of value share in GB within the category.

我們從在歐洲推出即飲 Costa 開始，已經在該類別中的 GB 中實現了 6 個價值份額。

We've also accelerated placements of Costa Express, our premium self-serve coffee solution, including more than 700 units across key markets in the fourth quarter alone.

我們還加快了優質自助咖啡解決方案 Costa Express 的投放，僅在第四季度就在主要市場投放了 700 多個單位。

And we're working closely with our bottling partners to accelerate the total Costa platform in 2020.

我們正在與我們的裝瓶合作夥伴密切合作，以在 2020 年加速整個 Costa 平台。

While I'm proud of our team in delivering strong results, I'm equally proud of the work we are doing to build a sustainable business for the future.

雖然我為我們的團隊取得了驕人的成績而感到自豪，但我同樣為我們為建立未來的可持續業務所做的工作感到自豪。

Our initiatives address water stewardship, sugar reduction, women's empowerment and climate.

我們的舉措涉及水資源管理、減糖、賦予婦女權力和氣候問題。

And I'll focus here on our World Without Waste initiative, which includes a number of goals to reduce packaging waste.

我將在這裡重點關注我們的世界無浪費倡議，其中包括減少包裝浪費的一些目標。

We've made steady progress.

我們取得了穩步進展。

For example, bottles made with 100% recycled PET are now available in 12 markets with more planned for 2020.

例如，100% 回收 PET 製成的瓶子現在在 12 個市場上銷售，併計劃在 2020 年推出更多市場。

Coca-Cola Sweden announced it would be the first market in the world to transition to 100% rPET, 100% recycled PET for all plastic bottles made in the country, a fully circular economy.

瑞典可口可樂公司宣布，它將成為世界上第一個過渡到 100% rPET、100% 回收 PET 用於該國製造的所有塑料瓶的市場，這是一個完全循環的經濟。

In 2019, in Western Europe, we used nearly 30% recycled plastic across our total portfolio of PET bottles and are accelerating fast in line with supply.

2019 年，在西歐，我們在 PET 瓶的全部產品組合中使用了近 30% 的再生塑料，並且隨著供應量的增長，我們正在快速加速。

By the end of the year, we project to reach 40% recycled plastics in our bottles in Western Europe, targeting 50% by 2023 and working to increase the recycled content steadily thereafter.

到今年年底，我們計劃在西歐的瓶子中達到 40% 的再生塑料，到 2023 年達到 50% 的目標，並努力在此後穩步增加再生塑料的含量。

Within our flagship U.S. market, we teamed with partners and large competitors to launch Every Bottle Back program, which is designed to improve sorting, processing and collection in areas with the biggest infrastructure gaps.

在我們的旗艦美國市場，我們與合作夥伴和大型競爭對手合作推出 Every Bottle Back 計劃，該計劃旨在改善基礎設施差距最大的地區的分揀、處理和收集。

This will help increase the amount of recycled plastic available to be remade into beverage bottles.

這將有助於增加可用於重新製成飲料瓶的回收塑料的數量。

Speaking more broadly, we are preparing our system for the future with a flexible packaging portfolio.

更廣泛地說，我們正在通過軟包裝產品組合為未來的系統做準備。

We're investing in innovation to design in sustainable solutions and design out waste, while also reducing our carbon footprint in line with our science-based targets.

我們正在投資創新，以設計可持續解決方案並減少浪費，同時根據我們基於科學的目標減少我們的碳足跡。

We're also maintaining a portfolio of aluminum and glass packaging and creating packageless solutions like Freestyle and DASANI PureFill to provide more choice.

我們還保留了鋁和玻璃包裝產品組合，並創建了 Freestyle 和 DASANI PureFill 等無包裝解決方案，以提供更多選擇。

As we look forward, I'm encouraged by the progress the organization is making, progress that gives us confidence in delivering consistent and sustainable financial performance.

展望未來，我對組織正在取得的進展感到鼓舞，這些進展使我們有信心實現一致和可持續的財務業績。

It's clear that our culture shift is gaining traction as we continue to raise the performance bar across the organization.

很明顯，隨著我們繼續提高整個組織的績效標準，我們的文化轉變正在獲得牽引力。

Looking at the bigger picture, our success comes down to our ability to craft the beverage brands that people love and to refresh them in body and spirit.

從更大的角度來看，我們的成功歸結於我們製作人們喜愛的飲料品牌並在身體和精神上煥然一新的能力。

We strive to do this in ways that create a more sustainable business and a better shared future that makes a difference in people's lives, communities and our planet.

我們努力以創造更可持續的業務和更美好的共同未來的方式做到這一點，從而改變人們的生活、社區和我們的星球。

Simply put, it's about loved brands done sustainably for a better shared future, and I look forward to sharing more with you at upcoming CAGNY.

簡而言之，它是關於可持續發展的受喜愛品牌，以創造更美好的共同未來，我期待在即將到來的 CAGNY 與您分享更多。

So with that, I'm going to turn over to John.

因此，我將轉交給約翰。

Thank you, James, and thank you to everybody for joining us this morning.

謝謝你，詹姆斯，也感謝大家今天早上加入我們。

As James mentioned, 2019 was another solid year.

正如詹姆斯所說，2019 年是又一個穩健的一年。

We delivered on our financial commitments while continuing to invest for growth in the years ahead.

我們兌現了我們的財務承諾，同時繼續投資於未來幾年的增長。

Our press release covered our fourth quarter results in detail.

我們的新聞稿詳細介紹了我們的第四季度業績。

Big picture, we saw another quarter of solid results with 7% top line growth, translating into double-digit operating income growth.

總體而言，我們看到了另一個季度的穩健業績，收入增長 7%，轉化為兩位數的營業收入增長。

When you factor in timing of shipments and the extra day in the quarter, the top line is closer to a 6% net of these factors and in line with our full year top line results.

當您考慮發貨時間和本季度額外的一天時，收入接近這些因素後的 6%，與我們全年的收入結果一致。

With that, I'll focus on some of the progress we've been making on our priorities as well as on our 2020 guidance.

有了這個，我將重點關注我們在優先事項以及 2020 年指導方面取得的一些進展。

On the top line, we continue to see a strong response from the strategic actions we've been taking, now in the second year of delivering at the mid to high end of our long-term growth algorithm with contribution from both volume and price/mix.

最重要的是，我們繼續看到我們一直在採取的戰略行動的強烈反應，現在是在我們的長期增長算法的中高端交付的第二年，數量和價格都有貢獻/混合。

Delivering quality top line growth is translating into underlying margin expansion and profit growth.

實現高質量的收入增長正在轉化為潛在的利潤率擴張和利潤增長。

For 2019, we achieved underlying operating margin expansion of 150 basis points driven by top line acceleration and leveraging our cost base through productivity initiatives.

2019 年，我們實現了 150 個基點的基本營業利潤率增長，這得益於收入加速和通過生產力計劃利用我們的成本基礎。

We expanded margins even as we accelerated reinvestments in the business, helping us to drive double-digit profit growth on a currency-neutral basis.

即使我們加快對業務的再投資，我們也擴大了利潤率，幫助我們在貨幣中性的基礎上推動兩位數的利潤增長。

Comparable operating margin compressed by approximately 100 basis points as underlying expansion was more than offset by a combined approximate 250 basis point headwind from currency and acquisitions.

可比營業利潤率壓縮了約 100 個基點，因為基本擴張被貨幣和收購帶來的約 250 個基點的逆風所抵消。

Free cash flow has been a particular area of focus this past year, enabling us to deliver $8.4 billion during the year, up 38% from the prior year and well ahead of our plan.

過去一年，自由現金流一直是一個特別關注的領域，使我們能夠在這一年交付 84 億美元，比上一年增長 38%，遠超我們的計劃。

We achieved this through accelerating our underlying performance, capturing working capital initiatives, a reduction in productivity and reinvestment costs and more disciplined use of our capital spend.

我們通過加速我們的基本績效、捕獲營運資本計劃、降低生產力和再投資成本以及更規範地使用我們的資本支出來實現這一目標。

Our progress on cash is a good example of when the organization is clear on the opportunity and the drivers to achieve it.

我們在現金方面的進展是一個很好的例子，說明組織何時清楚機會和實現機會的驅動力。

And as we've seen, the results can sometimes exceed even our own expectations.

正如我們所見，結果有時甚至會超出我們自己的預期。

Turning to the 2020 outlook.

轉向2020年的展望。

Based on the progress we've been making and the plans we have in place, we expect to achieve results well within our long-term growth targets for revenue, profit and earnings per share for 2020.

根據我們一直在取得的進展和我們已經制定的計劃，我們預計將在我們的 2020 年收入、利潤和每股收益的長期增長目標內取得良好的業績。

importantly, we expect to deliver meaningful U.S. dollar EPS growth.

重要的是，我們預計將實現有意義的美元每股收益增長。

Specifically, we expect organic growth -- organic revenue growth of approximately 5% and comparable currency-neutral operating income growth of approximately 8%.

具體來說，我們預計有機增長——有機收入增長約 5%，可比貨幣中性營業收入增長約 8%。

Key drivers of our operational outlook center around our continued focus on innovation, revenue growth management and improved execution, all supported by a comprehensive approach to brand building.

我們運營前景的主要驅動力圍繞著我們對創新、收入增長管理和改進執行的持續關注，所有這些都得到了全面的品牌建設方法的支持。

James highlighted a few aspects of the innovation pipeline, and we continue to get sharper on how to better connect our revenue growth management initiatives into an integrated execution strategy in the marketplace that delivers on both the top and the bottom line.

詹姆斯強調了創新管道的幾個方面，我們繼續更清楚地了解如何更好地將我們的收入增長管理計劃與市場中的綜合執行戰略聯繫起來，從而實現最高和最低收益。

From a macro perspective, although volatility remains in certain spots around the world, we do expect consumer spending to remain healthy for 2020 and expect the emerging and developing world to outpace developed markets similar to 2019.

從宏觀角度來看，儘管全球某些地區仍存在波動，但我們確實預計 2020 年消費者支出將保持健康，並預計新興和發展中世界的增速將與 2019 年類似。

In terms of currency, based on the latest rates, our hedged positions and our forecasted business mix, we anticipate a 0 to 1 point headwind on revenue and a 2- to 3-point headwind at operating income.

就貨幣而言，根據最新匯率、我們的對沖頭寸和我們預測的業務組合，我們預計收入將受到 0 至 1 個百分點的阻力，而營業收入將受到 2 至 3 個百分點的阻力。

These headwinds are inclusive of cycling any hedging gains in 2019, which, as noted in the past, were minimal.

這些不利因素包括在 2019 年循環任何對沖收益，正如過去所指出的，這些收益是微乎其微的。

Considering these factors, we expect comparable earnings per share of approximately $2.25 for 2020, a 7% increase from the prior year.

考慮到這些因素，我們預計 2020 年的可比每股收益約為 2.25 美元，比上一年增長 7%。

We also expect to generate approximately $8 billion of free cash flow for 2020 through $10 billion in cash from operations and $2 billion in capital investments.

我們還預計，通過 100 億美元的運營現金和 20 億美元的資本投資，到 2020 年將產生約 80 億美元的自由現金流。

Cash generation will be driven by continued strong underlying performance, capturing further working capital benefits, further reduction in productivity and reinvestment costs and even more disciplined use of capital spend.

現金產生將受到持續強勁的基本業績的推動，進一步獲得營運資金收益，進一步降低生產力和再投資成本，甚至更加規範地使用資本支出。

We remain consistent on our disciplined capital allocation program, which balances financial flexibility with efficient capital structure.

我們在嚴格的資本分配計劃上保持一致，該計劃平衡了財務靈活性和有效的資本結構。

Specifically, we'll continue to invest -- reinvest the cash generated to support our growth agenda.

具體來說，我們將繼續投資——將產生的現金再投資以支持我們的增長議程。

We'll also continue to return cash to shareowners by growing the dividend.

我們還將通過增加股息繼續向股東返還現金。

And after investing for growth and delivering on our dividend commitments, we intend to use the excess cash to repurchase shares over time.

在投資增長並兌現我們的股息承諾後，我們打算隨著時間的推移使用多餘的現金回購股票。

My last point to cover is timing considerations for our 2020 outlook as we expect the majority of growth to occur in the back half of the year.

我要介紹的最後一點是我們對 2020 年展望的時間考慮，因為我們預計大部分增長將發生在今年下半年。

The 2 biggest factors are: First, we have 1 less day in the first quarter and 2 additional days in the fourth quarter.

兩個最大的因素是：首先，我們在第一季度減少了 1 天，在第四季度增加了 2 天。

And second, we will be cycling the impact from our European bottlers increasing their safety stock in advance of a potentially disruptive Brexit earlier in 2019.

其次，我們將循環利用歐洲裝瓶商的影響，在 2019 年初可能具有破壞性的英國退歐之前增加他們的安全庫存。

This was a benefit to revenue growth in the first quarter of 2019 and then was subsequently reversed in the fourth quarter.

這對 2019 年第一季度的收入增長有利，但隨後在第四季度出現逆轉。

The cycling effect will create a natural headwind for the first quarter of 2020 and a tailwind in the fourth quarter.

循環效應將為 2020 年第一季度創造自然逆風，並在第四季度創造順風。

So in summary, we are pleased with our 2019 results and confident in our ability to deliver on our commitments for 2020.

總而言之，我們對 2019 年的業績感到滿意，並對我們兌現 2020 年承諾的能力充滿信心。

We're also very clear on the direction we are heading as a system and well equipped to execute on the strategies to get us there.

我們也非常清楚我們作為一個系統的前進方向，並且有能力執行將我們帶到那裡的策略。

Operator, we are now ready for questions.

接線員，我們現在可以提問了。

(Operator Instructions) Our first question comes from Dara Mohsenian with Morgan Stanley.

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

Just wanted to touch on the organic sales growth guidance for 2020.

只是想談談 2020 年的有機銷售增長指南。

You obviously posted a strong 6% result in 2019, but your guidance does imply a bit of a slowdown in 2020.

您顯然在 2019 年發布了 6% 的強勁業績，但您的指導確實暗示 2020 年會有所放緩。

So just wanted to hear if anything is giving you specific concern there driving that slowdown, maybe an update on emerging markets and anything you're seeing there?

所以只是想听聽是否有什麼東西讓你特別擔心推動經濟放緩，也許是新興市場的最新情況以及你在那裡看到的任何東西？

Or is that guidance more that you typically start the year assuming some things will go wrong and with a bit of a conservative bend similar to 2019?

或者，假設某些事情會出現問題並且與 2019 年類似，您通常會在今年開始時提供更多的指導？

Thanks, Dara.

謝謝，達拉。

Look, I think the first fundamental point to make is we don't see any change in our underlying business momentum.

看，我認為第一個基本點是我們看不到我們的潛在業務動力有任何變化。

As we've considered the kind of global macros and the geopolitics and the wins that could buffer things, we got really focused on what we can control and what we can drive and really putting together a program around the brand building, the innovation, the revenue growth management and the execution.

當我們考慮了全球宏觀和地緣政治以及可以緩衝事情的勝利時，我們真正專注於我們可以控制和推動什麼，並真正圍繞品牌建設、創新、收入增長管理和執行。

That served us well in 2019, and we believe it will serve us well in 2020.

這在 2019 年為我們提供了良好的服務，我們相信它將在 2020 年為我們提供良好的服務。

So we're expecting a solid result in 2020.

因此，我們預計 2020 年將取得穩健的結果。

There were a few puts and takes in 2019 that perhaps favored the results a little, the contribution from BIG, which obviously is a little more disproportionately contributing on the revenue versus the profit line.

2019 年有一些看跌期權可能有利於結果，BIG 的貢獻顯然對收入與利潤線的貢獻不成比例。

So we feel that as we look out into 2020, we're seeing the same momentum, the same levers we know how to pull.

所以我們覺得，展望 2020 年，我們看到了同樣的勢頭，同樣的槓桿，我們知道如何拉動。

And when you compare it backwards to kind of a 2-year runway or make a small adjustment for BIG, I think you see it's very much in line with what we're delivering.

當您將其與 2 年跑道進行比較或對 BIG 進行小幅調整時，我認為您會發現它與我們正在提供的內容非常一致。

Of course, if we do better in the year, we'll update guidance as and when that becomes appropriate.

當然，如果我們在這一年做得更好，我們會在適當的時候更新指導。

But we think we've got a great plan.

但我們認為我們有一個很棒的計劃。

We've got solid momentum, 10 quarters doing in the range.

我們的勢頭強勁，有 10 個季度在該範圍內。

And I think that's how you should think about 2020.

我認為這就是你應該如何看待 2020 年。

Our next question comes from Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Steve Powers。

Great.

偉大的。

Maybe just sticking with the top line.

也許只是堅持頂線。

The -- 2019 was a great year on organic growth, as you just described, but particularly in terms of price/mix realization.

正如您剛才所描述的，2019 年是有機增長的偉大一年，尤其是在價格/組合實現方面。

And I guess the question is, is there a way to parse out how much of the 5 points of price/mix you realized in '19 was driven by initiatives that you would see as real and repeatable versus things that might be considered more onetime step-ups or pricing simply as a by-product of outsized inflation in certain emerging markets?

我想問題是，有沒有一種方法可以分析出您在 19 年實現的 5 個價格/組合點中有多少是由您認為是真實且可重複的舉措驅動的，而不是可能被認為是一次性步驟的舉措漲價或定價僅僅是某些新興市場過度通脹的副產品？

And I guess, more importantly, as you think about the composition of growth in 2020, do you expect a similar price/mix versus volume composition?

而且我想，更重要的是，當您考慮 2020 年的增長構成時，您是否期望價格/組合與數量構成相似？

Or is it to be more balanced as we look forward?

還是在我們期待的時候更加平衡？

Thanks, Steve.

謝謝，史蒂夫。

Look, lots of moving pieces as one looks at the aggregate price/mix ratio.

看，有很多動人的作品，因為人們著眼於總價格/混合比。

Obviously, 2019 was a little heavier on price/mix.

顯然，2019 年的價格/組合有點重。

I think there was some inflation coming through places like Argentina.

我認為阿根廷等地出現了一些通貨膨脹。

We've certainly talked about previously how we're looking for a balance between volume and price over time.

我們之前當然已經討論過我們如何隨著時間的推移在數量和價格之間尋求平衡。

As you know, if you get up into the 5% to 6% growth, 6% last year, 5% year before, looking for 5%, we're looking for 2% to 3% of each, so clearly, 5% would be more than we were -- more than you would imagine in the long term.

如你所知，如果你達到 5% 到 6% 的增長，去年是 6%，前年是 5%，尋找 5%，我們正在尋找每個 2% 到 3%，很明顯，5%會比我們更多——從長遠來看，比你想像的要多。

But we're going to focus on what drives the core business.

但我們將專注於推動核心業務的因素。

The way I think about pricing is that pricing has to be earned.

我認為定價的方式是必須獲得定價。

It has to be earned with the consumer.

它必須與消費者一起獲得。

It has to be earned with the customer because they want their business to grow.

它必須與客戶一起贏得，因為他們希望他們的業務增長。

So it's about the brand building, it's about the innovation, it's about the RGM initiatives.

所以這關乎品牌建設，關乎創新，關乎 RGM 舉措。

We've talked on previous calls about how we see that as a long runway of opportunity on RGM, on the pricing and the packaging opportunities and, of course, executing it.

我們在之前的電話會議上討論過我們如何將其視為 RGM 的一條漫長的機會跑道，定價和包裝機會，當然還有執行它。

And just final thought is in 2019, the price/mix is a little overweighted by what happened with BIG being very strong as well.

最後的想法是在 2019 年，由於 BIG 也非常強勁，價格/組合有點高估了。

So we'll continue to push, to earn pricing, and we'll be looking going forward for a balance between price/mix and volume.

因此，我們將繼續推動，以贏得定價，我們將期待在價格/組合和數量之間取得平衡。

Our next question comes from Ali Dibadj with Bernstein.

我們的下一個問題來自 Ali Dibadj 和 Bernstein。

I think that despite just the first 2 questions you got, it feels like investors seem to maybe moved on a little bit from questioning too much at least your organic top line growth sustainability.

我認為，儘管你只得到了前兩個問題，但感覺投資者似乎可能會從過度質疑至少你的有機頂線增長可持續性方面有所改變。

I hope that's true.

我希望那是真的。

I hope that's right.

我希望這是對的。

But we all certainly kind of keep looking for your top line to show leverage on your EPS line, and that seems to be a little bit more elusive.

但我們肯定會一直在尋找你的最高線以顯示你的 EPS 線的影響力，這似乎有點難以捉摸。

I want to hear your perspective on that.

我想听聽你對此的看法。

2020 guidance that you've given, obviously, 5% organic top line growth, that's only 7% EPS growth.

您給出的 2020 年指導顯然是 5% 的有機頂線增長，即每股收益僅增長 7%。

For a lot of other companies, that would be much higher than that in the FMCG world.

對於許多其他公司來說，這將遠遠高於快速消費品領域。

And would love your perspective on why that is for you guys, in particular, whether that can change?

並且會喜歡你對為什麼這對你們來說的看法，特別是，這是否會改變？

And in particular, why not get more leverage out of being more decisive on your share buybacks at this point?

特別是，為什麼不在此時對你的股票回購更具決定性，從而獲得更多的影響力呢？

Especially, John, to your point, given how free cash flow is improving, why not do something more now?

特別是，約翰，就你的觀點而言，鑑於自由現金流正在改善，為什麼不現在做更多的事情呢？

Well, firstly, I think our long-term growth model is pretty clear.

嗯，首先，我認為我們的長期增長模式非常清晰。

And the revenue guidance for 2020 is in the middle of the range, and the operating income guidance is in the middle of the range.

並且2020年的收入指導在區間的中間，營業收入的指導在區間的中間。

And yes, there's -- we're still projecting at this point in time a mild currency headwind, which then gives us the 7% on EPS.

是的，我們目前仍在預測溫和的貨幣逆風，這會給我們帶來 7% 的每股收益。

So I think the key is to keep looking at the underlying performance of the business in currency-neutral, and there's good leverage built in there.

因此，我認為關鍵是要繼續關注貨幣中性的業務基本表現，並且其中內置了良好的槓桿作用。

And we've certainly benefited over the last number of years from a lot of leverage from -- having coming out of refranchising, having focused on productivity, having used innovation to give us leverage between revenue and operating income.

在過去的幾年裡，我們當然受益於很多槓桿作用——從重新特許經營中走出來，專注於生產力，利用創新讓我們在收入和營業收入之間發揮槓桿作用。

We see ourselves entering a more steady phase where there is continued leverage from revenue to operating income, in this case, 3 points, in the guidance for 2020.

我們認為自己進入了一個更加穩定的階段，從收入到營業收入的槓桿作用持續存在，在這種情況下，在 2020 年的指導中為 3 個百分點。

And it's partly being driven by productivity and partly being driven by innovation and revenue growth management.

它部分是由生產力驅動的，部分是由創新和收入增長管理驅動的。

So I think there's -- that should be the stable outlook going forward, having come off a very strong period of getting operating leverage.

因此，我認為這應該是未來穩定的前景，已經擺脫了獲得運營槓桿的非常強勁的時期。

Do you want to say something about earnings, John?

約翰，你想談談收入嗎？

Yes.

是的。

Let me just add a point on the EPS on the share buybacks.

讓我在股票回購的每股收益上加一點。

I think it's -- we've got to look at it in the context of 2 areas: one is our overall capital allocation priorities; and then secondly, the cash we have available at a given point in time.

我認為這是 - 我們必須從兩個方面來看待它：一個是我們的整體資本配置優先事項；其次，我們在給定時間點可用的現金。

So with respect to capital allocation priorities, we -- I think we've been pretty consistent that priority number one is to invest in the business; number two, to grow the dividend; number three, to look at opportunistic M&A; and then number four is to look at share repurchase.

因此，關於資本配置優先事項，我們 - 我認為我們一直非常一致地認為，首要任務是投資業務；第二，增加股息；第三，看機會併購；然後第四點是看股票回購。

That has to be in the context of cash we have available.

這必須在我們有可用現金的情況下。

And while our free cash flow and progress in 2019 was terrific, I think when you take a step back and look at the cash we have available last year and even this year, we're talking about a relatively small amount.

雖然我們在 2019 年的自由現金流和進展非常好，但我認為當你退後一步看看我們去年甚至今年的可用現金時，我們談論的是相對較小的數量。

So we'll continue to factor that into our decision-making as we go through 2020 and into 2021.

因此，我們將在 2020 年和 2021 年繼續將其納入我們的決策制定中。

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 Lauren Lieberman。

I just had 2 questions.

我只有2個問題。

First, John, I just wanted to talk a little bit about cash because the cash conversion was pretty dramatic change, I think, 96% by my math.

首先，約翰，我只想談談現金，因為現金轉換是相當巨大的變化，我認為，根據我的數學計算，有 96%。

And I know working capital benefits probably helped a little bit with that, but the guidance is still really strong for next year.

我知道營運資金收益可能對此有所幫助，但明年的指導仍然非常強勁。

So if you can just talk a little bit about how you've driven such a big step change in performance on that front and speak a bit to sustainability?

所以，如果你能簡單談談你是如何在這方面推動業績發生如此大的變化，並談談可持續性？

And then, James, just -- you gave a lot of color on plastic, and I just have been thinking a lot about kind of consumer awareness and preference changes and how quickly that seems to be building momentum, particularly in the U.S. So if you could just offer perspective on how, as a system, you can sort of balance dealing with that, the consumer interest, but also the cost that's implied in sort of changing that packaging mix.

然後，詹姆斯，只是——你在塑料上塗了很多顏色，我一直在思考消費者意識和偏好的變化，以及這種勢頭的形成速度有多快，尤其是在美國。所以如果你可以提供一個觀點，作為一個系統，你可以如何平衡處理消費者利益，以及改變包裝組合所隱含的成本。

Thanks, Lauren.

謝謝，勞倫。

And your math is pretty accurate, so hold on.

而且您的數學非常準確，所以請稍等。

I think I've been pretty consistent in the last year, talking about this as being a top priority for me and indeed for the team.

我想我在過去的一年裡一直很穩定，把這看作是我和球隊的首要任務。

We're very clear on the drivers to improve our free cash flow.

我們非常清楚改善自由現金流的驅動因素。

I have a great team in place.

我有一個很棒的團隊。

And frankly speaking, the only surprise was that they made progress as fast as they have, hitting it out of the park, especially in the fourth quarter.

坦率地說，唯一令人驚訝的是他們取得瞭如此快的進步，將其擊出公園，尤其是在第四節。

As I look to the sustainability going forward, I see continued opportunities to improve the underlying fundamentals.

當我展望未來的可持續性時，我看到了改善基本面的持續機會。

Cash from operations should continue to improve.

運營現金應繼續改善。

We've still got opportunities on working capital.

我們仍然有機會獲得營運資金。

We'll not see much benefit in the comparative year on CapEx, but over time, that will be better.

在比較年，我們不會看到資本支出有太多好處，但隨著時間的推移，情況會更好。

And we will have lower sort of transformation costs in the productivity arena, particularly.

我們將在生產力領域降低轉型成本，尤其是。

For 2020, we do need to factor in a couple of special items.

對於 2020 年，我們確實需要考慮一些特殊項目。

There is a recycling of a special dividend from 2019 and some transition tax payment.

從 2019 年開始回收特別股息和一些過渡稅。

On a 2-year basis, if you look at it, we're in the mid- to high 80s, and I expect us to continue to make progress upwards from there.

在 2 年的基礎上，如果你看一下，我們正處於 80 年代中期至高水平，我希望我們能繼續從那裡取得進步。

So yes, good progress and still a lot of opportunity ahead.

所以，是的，進展良好，未來仍有很多機會。

Perhaps we'll -- be exercise generosity into the 2 questions, as we kind of did too for Ali.

也許我們會在這兩個問題上大方地提出，就像我們對阿里所做的那樣。

On the plastics bit, Lauren, I mean, clearly, consumer awareness is going up on plastics in particular and packaging or consumer waste in general.

在塑料方面，勞倫，我的意思是，很明顯，消費者對塑料的認識正在提高，特別是在包裝或消費垃圾方面。

So for sure, it's going up, U.S. and perhaps even further ahead, places in Europe.

所以可以肯定的是，它正在上升，美國，甚至可能更進一步，歐洲的地方。

So check, awareness is going up.

所以檢查一下，意識正在上升。

Second thing that's happening is a -- I think the emergence of a more profound investigation of what does it really mean.

正在發生的第二件事是——我認為對它的真正含義進行了更深入的調查。

Certainly, sometimes, initially there's a danger it becomes a philosophical question of plastic good, plastic bad, whereas, actually, when you get into it, the first thing to realize is there are different types of plastics.

當然，有時，最初存在一種危險，它成為塑料好塑料壞的哲學問題，而實際上，當你進入它時，首先要意識到的是有不同類型的塑料。

And some plastics have high value and are easily made part of the circular economy.

有些塑料價值很高，很容易成為循環經濟的一部分。

Some have -- are very hard to recycle and have very little value.

有些有——很難回收，價值很小。

And then there's stuff in the middle.

然後中間有東西。

So what's happening now is a kind of a more structured move towards, okay, what could we really do about it?

所以現在發生的事情是一種更有條理的走向，好吧，我們真的能做些什麼呢？

And what happens is 2 objectives come together when you stand back from plastic.

當您遠離塑料時，會發生兩個目標。

And actually, it then applies to plastic, aluminum, glass, cardboard, whatever packaging materials you're talking about, is, 2 things come together: How do we have 0 waste?

實際上，它適用於塑料、鋁、玻璃、紙板，無論你在談論什麼包裝材料，都是兩件事：我們如何實現零浪費？

And how, in doing that, do we have the lowest possible carbon footprint?

在此過程中，我們如何實現盡可能低的碳足跡？

Because that's the other objective that's going to come back into the equation here.

因為這是另一個將回到等式的目標。

I think the plastics space started more on the wayside, but the 2 things are going to come together.

我認為塑料領域開始時更多的是在路邊，但這兩件事會走到一起。

And the objectives are going to end up being how do we design a system to deliver the brands and beverages the that people want with 0 waste and a lower carbon footprint?

目標最終將是我們如何設計一個系統來提供人們想要的品牌和飲料，同時實現零浪費和更低的碳足跡？

And when you go down that road and you get into plastics, for an example as the material, what you find is high-value plastics, in which PET bottles are the preeminent high-value plastic, if you can get them back, they're fully recyclable and fully reusable in beverage bottles.

當你沿著這條路走下去，你會接觸到塑料，例如作為材料，你會發現高價值塑料，其中 PET 瓶是卓越的高價值塑料，如果你能把它們拿回來，他們'可完全回收並在飲料瓶中完全重複使用。

And as we pointed out, we're going to have our first market in the world.

正如我們所指出的，我們將擁有世界上的第一個市場。

We're going to achieve a circular economy of getting the bottles back and making them back into plastic bottles, a fully circular economy in Sweden with our bottle.

我們將實現循環經濟，將瓶子取回並重新製成塑料瓶，在瑞典用我們的瓶子實現完全循環經濟。

And that -- those recycled PET bottles have a lower carbon footprint than just one-way bottle plastic bottles, but also have a lower carbon footprint than cans or glass, at least on today's technology.

而且——這些回收的 PET 瓶的碳足跡比單向瓶塑料瓶低，而且比罐頭或玻璃瓶的碳足跡低，至少在今天的技術上是這樣。

So actually, if your objectives remain 0 waste and lower carbon footprint, which is where I believe the conversation is going to move towards, then achieving a circular economy on PET is actually the best way to achieve that objective.

所以實際上，如果你的目標仍然是 0 浪費和更低的碳足跡，我相信這就是對話將朝著的方向，那麼在 PET 上實現循環經濟實際上是實現該目標的最佳方式。

Now there are, as I said, other types of plastic.

正如我所說，現在還有其他類型的塑料。

And we, as a system, have gone through the process of -- and yes, the bottle has lots of value.

我們，作為一個系統，已經經歷了——是的，瓶子有很多價值。

There are other plastics we use like, shrink wraps, which don't -- are much harder to recycle, have low value.

我們還使用了其他塑料，例如收縮包裝，它們不會 - 更難回收，價值低。

So for example, our Western European bottler is just going through a process of investing under the European Single-Use Plastics Directive, to remove all of that plastic from the supply chain and putting in cardboard.

例如，我們的西歐裝瓶商正在根據歐洲一次性塑料指令進行投資，將所有塑料從供應鏈中移除並放入紙板中。

It costs a little bit more but it can be accommodated within the business system.

它的成本稍高一些，但可以容納在業務系統中。

So we're starting to work on how do we eliminate low-value, super-hard-to-recycle plastics.

因此，我們開始研究如何消除低價值、極難回收的塑料。

And then the bit in the middle, we're investing with companies, other people are doing it, too, on innovation.

然後中間的一點，我們正在與公司進行投資，其他人也在這樣做，以進行創新。

Because what's needed there is some new technologies, enhanced recycling.

因為需要一些新技術，加強回收。

We came out with an innovation last year.

去年我們提出了一項創新。

We call it the marine bottle, where we were able to take very dirty PET, which doesn't fit in the normal stream, actually with enhanced recycling, chemical recycling, we're able to turn that back into food-grade PET.

我們稱它為海洋瓶，我們可以將非常臟的 PET 放入正常的流程中，但實際上通過加強回收、化學回收，我們能夠將其轉化為食品級 PET。

So I see the circular economy on clean PET bottles being the lowest carbon footprint and 0 waste.

所以我認為清潔 PET 瓶的循環經濟是最低的碳足跡和 0 浪費。

And that's the solution for today: new technologies coming in for the middle types of plastics, kind of complete the circular economy play; and the system moving out of hard-to-recycle plastics.

這就是今天的解決方案：中間類型塑料的新技術進入，循環經濟發揮了作用；以及系統不再使用難以回收的塑料。

Now all of that, if we do it collectively with peer manufacturers in beverages and other FMCG and retailers and put in place with governments the lowest-cost collection systems possible, this can all be accommodated within the business system going forward.

現在所有這一切，如果我們與飲料和其他快速消費品的同行製造商和零售商一起進行，並與政府一起實施成本最低的收集系統，這一切都可以在未來的業務系統中得到滿足。

And therefore, we can continue to use a range of packaging vehicles for the consumer, not forgetting that we are also one of the largest enterprises that have packageless dispensing.

因此，我們可以繼續為消費者使用一系列包裝工具，不要忘記我們也是最大的無包裝點膠企業之一。

Between our fountain business, our Freestyle business, our Costa Express business, we provide a wide platform of basically bottle or canless dispensing of beverages.

在我們的噴泉業務、我們的 Freestyle 業務、我們的 Costa Express 業務之間，我們提供了一個廣泛的基本瓶裝或罐裝飲料分配平台。

And we're continuing to innovate with DASANI PureFill.

我們將繼續使用 DASANI PureFill 進行創新。

So we will run a dual-track system and make sure we can offer the consumer the beverages they want and achieve a future where we have 0 waste and a lower carbon footprint.

因此，我們將運行一個雙軌系統，確保我們能夠為消費者提供他們想要的飲料，並實現我們擁有零浪費和更低碳足蹟的未來。

Our next question comes from Robert Ottenstein with Evercore.

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

Great.

偉大的。

And congratulations on a strong quarter, capping an excellent year.

並祝賀一個強勁的季度，為出色的一年畫上句號。

James, when you came on board, you talked about changing the culture, trying to drive more agility, speed, accountability.

詹姆斯，當你加入時，你談到了改變文化，試圖提高敏捷性、速度和責任感。

And certainly, we're seeing strong results.

當然，我們看到了強勁的成果。

But I was wondering if you can talk a little bit about the cultural changes that you're actually doing.

但我想知道你是否可以談談你實際上正在做的文化變革。

What -- kind of the sustainability of that?

什麼——那種可持續性？

Perhaps how you've adapted the compensation system?

也許你是如何調整補償系統的？

And then maybe to also touch on the change that you did initially, you went from a CMO to a growth officer, now you've gone back.

然後也許還要談到你最初所做的改變，你從首席營銷官變成了增長官，現在你又回去了。

Maybe a little bit about -- a little bit around that decision and how that works into your overall objectives?

也許有點關於 - 有點關於那個決定以及它如何影響你的整體目標？

Sure.

當然。

Let me start with the culture piece and then come to the CMO piece.

讓我從文化部分開始，然後再談 CMO 部分。

Absolutely, the -- what we said on the culture and simply put around, really fundamentally driving a growth mindset and celebrating all that's great about the Coke culture and the Coke system culture, but to get us more growth-orientated.

當然，我們在文化上所說的並簡單地表達出來，真正從根本上推動了一種成長心態，並慶祝可口可樂文化和可口可樂系統文化的所有優點，但讓我們更加以成長為導向。

And it's -- as I've said before, any large system, particularly a large, successful system, is predestined in a way to the effects of gravity to suck focus inwards, the bigger and bigger it gets and the more successful it gets.

而且它 - 正如我之前所說，任何大型系統，特別是一個大型成功的系統，都注定會受到重力的影響，將注意力向內吸走，它變得越來越大，它變得越成功。

And so it has to be pushed against.

所以它必須被反對。

It has to be pushed against to drive an external view of what is the consumer doing?

必須推動它以推動消費者對正在做什麼的外部看法？

What do they really want?

他們真正想要什麼？

How are we going to help our customers grow the business?

我們將如何幫助客戶發展業務？

Without that, things will go wrong.

沒有它，事情就會出錯。

And so that's been the focus of the culture shift, to really drive that.

所以這是文化轉變的重點，真正推動它。

It then goes along with the organizational strategy around empowerment and accountability and backing it up with compensation.

然後，它與圍繞授權和問責制的組織戰略一起進行，並以薪酬為後盾。

I don't think we should lose sight of the fact that cash got included in the compensation in the last couple of years, and we have done somewhat better in 2019 on cash.

我認為我們不應該忽視過去幾年現金被納入補償的事實，而且我們在 2019 年在現金方面做得更好。

So it is about organizational strategy, the various components working together to drive the end result, which is about the growth mindset leads to a focus on growth which leads to better results.

因此，它是關於組織戰略，各種組件協同工作以推動最終結果，這是關於成長心態導致關注增長，從而帶來更好的結果。

And as we think about that, switching over to the CMO question, we put in place the growth office with the purpose of providing more structure.

當我們考慮到這一點時，切換到 CMO 問題，我們設立了增長辦公室，目的是提供更多的結構。

We have spent a number of years expanding the portfolio into different categories with different brands.

我們花了數年時間將產品組合擴展到具有不同品牌的不同類別。

And we had not been disciplined enough about working out which ones were truly brands that offer the consumer a compelling proposition and which were just bulking up, and we had to come in and be more disciplined.

我們沒有足夠的紀律來確定哪些是真正的品牌，為消費者提供了一個令人信服的主張，哪些只是在膨脹，我們必須進來並更加自律。

So the work that the growth office did with Francisco driving it to create the Leader, Challenger, Explorer and the zombies and really get clear about what's working, what's not working and how do we administer and structure the portfolio in a more strategic way was a critical piece of getting more organized over the last couple of years.

因此，增長辦公室所做的工作是由弗朗西斯科推動它創建領導者、挑戰者、探索者和殭屍，並真正弄清楚什麼是有效的，什麼是無效的，以及我們如何以更具戰略性的方式管理和構建投資組合。在過去幾年中變得更有條理的關鍵部分。

And now the next phase, which is kind of why we've gone back to a more of a Chief Marketing Officer structure is having put that strategic logic in place, we have to continue to excel on 1 of the 4 fundamental levers of the business.

現在下一個階段，這就是為什麼我們回到了一個更像首席營銷官的結構，已經把戰略邏輯落實到位，我們必須繼續在業務的 4 個基本槓桿中的一個上表現出色.

We talked about brand building, innovation, RGM and execution, having a sharper focus on the hard core of marketing is critical.

我們談到了品牌建設、創新、RGM 和執行，更加關注營銷的核心是至關重要的。

Now we have a clear structure on how we want to approach the portfolio.

現在，我們對如何處理投資組合有了清晰的結構。

And our next question comes from Kaumil Gajrawala with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

You're growing more quickly than you have in quite some time, including in volume terms.

在相當長的一段時間內，您的增長速度比以往任何時候都快，包括在數量方面。

And it sounds like the spread or the mix between volume and price might skew a bit to volume next year.

聽起來價差或成交量和價格之間的混合可能會在明年稍微偏向成交量。

It also sounds like there's a lot of -- there's quite tight cans capacity at the moment.

聽起來也有很多——目前罐頭容量很緊。

Is there any risk that there could be a limit or lid on your growth because of lack of access to cans?

是否存在因無法接觸罐頭而限製或限制您的成長的風險？

At the moment, we don't see any problem accessing can capacity given our current plans, where obviously we have a global procurement team that works on buying aluminum and can capacity for us.

目前，鑑於我們目前的計劃，我們認為獲取罐裝產能沒有任何問題，顯然我們有一個全球採購團隊，負責為我們購買鋁材和罐裝產能。

And we believe we have good visibility into what we need going forward.

我們相信我們對未來的需求有很好的了解。

I know there's some thinking out there that if plastics come under pressure, then cans are certainly going to shoot up.

我知道有人認為，如果塑料受到壓力，那麼罐頭肯定會爆炸。

Cans are doing well.

罐頭做得很好。

Certainly, we're going to continue with our strategy of driving the mini cans, which has been a strong piece of the North American success.

當然，我們將繼續我們推動迷你罐的戰略，這是北美成功的重要組成部分。

So there's going to be innovation in cans.

所以罐頭會有創新。

There's going to be more growth in cans.

罐頭將會有更多的增長。

But we don't see the market becoming wildly unstabilized.

但我們沒有看到市場變得極度不穩定。

And so we believe we have all the canning capacity with our supply base to drive the growth that we need.

因此，我們相信我們的供應基地擁有所有罐頭生產能力，可以推動我們所需的增長。

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。

So James, you mentioned that you're putting the full Coke marketing force behind Coke Energy.

所以詹姆斯，你提到你將可口可樂的全部營銷力量投入可口可樂能源公司。

And I know it's too early, but how has the launch gone so far?

我知道現在還為時過早，但到目前為止發布的進展如何？

And where does the incremental shelf space come from?

增量貨架空間從何而來？

I mean, where is coming from the energy cooler?

我的意思是，從哪裡來的能量冷卻器？

And what have you learned about shelf placement in the other parts of the world that you're applying to the U.S.?

您在向美國申請的世界其他地區的貨架放置方面學到了什麼？

And if you're generous also with me, can you please break down the 17% price/mix in LatAm into list price, Argentina benefit and better mix of single serve that you called out in Brazil and Mexico?

如果您對我也很慷慨，您能否將拉美 17% 的價格/組合分解為標價、阿根廷收益以及您在巴西和墨西哥呼籲的更好的單一服務組合？

And how should we think about the region embedded in your 5% guidance globally?

我們應該如何看待您在全球 5% 指導中嵌入的區域？

Okay.

好的。

Maybe I'll start with Latin America and exude generosity through the whole call.

也許我會從拉丁美洲開始，並在整個電話會議中表現出慷慨。

Argentina, I think, accounted for about 3 points of extra inflationary pricing within the Latin America numbers.

我認為，在拉丁美洲的數據中，阿根廷造成了大約 3 個額外的通脹定價。

So that would give you something in the kind of the low teens for Latin America for the full year if you excluded Argentina.

因此，如果您排除阿根廷，那將給您帶來全年拉丁美洲低端青少年的一些東西。

And I think that's more consistent with what you see going backwards in time for price/mix for Argentina.

而且我認為這與你看到的阿根廷價格/組合的倒退更一致。

We don't break out the kind of single serve in Brazil and the other pieces.

我們不會在巴西和其他作品中打破那種單發球。

So I think if you believe that Argentinian inflation is going to come down, then taking -- seeing Latin America's price/mix go back -- or exclude that benefit would be -- would then be logical.

因此，我認為，如果您認為阿根廷的通貨膨脹率將會下降，那麼採取 - 看到拉丁美洲的價格/組合回歸 - 或排除這種好處 - 將是合乎邏輯的。

In terms of Coke Energy, we're certainly making a strong effort in North America, kind of a version 2.0, having done a 1.0 in a number of the international markets.

就可口可樂能源而言，我們肯定在北美做出了巨大的努力，2.0 版，在許多國際市場上做了 1.0 版。

One of the things we learned as we went into the North American market is we wanted to move the flavor profile of the product closer to Coke, less citrusy, more Coke-like.

當我們進入北美市場時，我們學到的一件事是，我們想讓產品的風味更接近可樂，減少柑橘味，更像可樂。

We think that's going to work well for the North American market, and we'll be rolling that formula out in some of the round-one marketplaces.

我們認為這對北美市場來說會很有效，我們將在一些第一輪市場推出這個公式。

Certainly, in terms of shelf space and execution in the customers, we're very clear and we're looking to take space from the energy category from the brands that are competitive to those carried by the Coke system.

當然，在貨架空間和客戶執行方面，我們非常清楚，我們希望從與可口可樂系統所承載的品牌競爭的品牌中從能源類別中獲得空間。

By which I mean, I also include Monster in that among the Coke system.

我的意思是，我也將 Monster 包括在可樂系統中。

So we're looking to take from other competitors and generate space.

因此，我們希望從其他競爭對手那裡獲得優勢並創造空間。

So the strategy is clear.

所以策略很明確。

We're looking to expand the access to the energy category, and we think Coke can do that.

我們正在尋求擴大能源類別的使用範圍，我們認為可口可樂可以做到這一點。

We're certainly giving it a go.

我們當然會試一試。

And as you said, it's very early days.

正如你所說，現在還為時過早。

And so we don't have any clear conclusions yet in the U.S. marketplace, but it certainly seems to have generated a lot of interest.

所以我們在美國市場上還沒有任何明確的結論，但它似乎確實引起了很多興趣。

Our next question comes from Bill Chappell with SunTrust Robinson Humphrey.

我們的下一個問題來自 SunTrust Robinson Humphrey 的 Bill Chappell。

Can you just -- I realize it's still early, but any kind of thoughts of how coronavirus changes your plans in China, be it just current sales or plans to roll out Costa?

你能不能——我意識到現在還為時過早，但是關于冠狀病毒如何改變你在中國的計劃的任何想法，無論是目前的銷售還是推出 Costa 的計劃？

And also maybe any update or a reminder of kind of what SARS did to numbers, if anything, 10 years ago or 15 years ago?

或許還有關於 10 年前或 15 年前 SARS 對數字的影響（如果有的話）的任何更新或提醒？

Sure.

當然。

Well, starting at the end, obviously, China's economy was in a different place when SARS happened almost 10, 15 years ago.

嗯，從最後開始，很明顯，當差不多10、15年前SARS發生時，中國經濟處於不同的位置。

Net-net, when seen on an annual basis, the effect was not particularly noticeable from a business point of view.

Net-net，如果以年度為基礎，從商業角度來看，效果並不是特別明顯。

Obviously, the human and health point of view is different, but from a business point of view, SARS did not ultimately seem to make that much difference.

顯然，人類和健康的觀點是不同的，但從商業的角度來看，SARS 最終似乎並沒有造成太大的不同。

It's worth noting the Chinese economy is much bigger, and this could become more connected to the rest of the world.

值得注意的是，中國經濟規模要大得多，這可能與世界其他地區的聯繫更加緊密。

China accounts about 10% of our global volume, less on a profit and revenue basis, but about 10% of our global volume.

中國約占我們全球銷量的 10%，按利潤和收入計算，但約占我們全球銷量的 10%。

It is early days.

現在是早期。

Our focus is: firstly, our employees' safety; secondly, to support efforts the Chinese government wants in accommodating what needs to be accommodated to help them deal with the crisis, whether that's making donations of product or money to help in the efforts, which we've already done through the Coke Foundation, through the Coke system and through donation of product; and then thirdly, to worry about business continuity and recoverability or recoverability and then continuity.

我們的重點是：第一，我們員工的安全；其次，為了支持中國政府為幫助他們應對危機而需要採取的措施，無論是捐贈產品還是捐款，我們已經通過可口可樂基金會通過可樂系統和通過捐贈產品；第三，擔心業務連續性和可恢復性或可恢復性，然後是連續性。

So far, of course, the short-term effects are that the offices are closed.

當然，到目前為止，短期影響是辦公室關閉。

A good number of the factories are closed.

很多工廠都關門了。

And so that's the current situation.

這就是目前的情況。

There will be -- there is an effort by, of course, the Chinese government, there still has to be food and beverage available for the population.

會有——當然，中國政府會做出努力，仍然必須為民眾提供食品和飲料。

So we, under the auspices of the Chinese government and their kind of crisis management, are reopening some of our manufacturing facilities to make sure we continue to produce our product for the population and get it distributed in a way that's not going to make the spread any -- be part of the spread.

因此，在中國政府及其危機管理方式的支持下，我們正在重新開放我們的一些製造設施，以確保我們繼續為民眾生產產品並以不會造成傳播的方式分發產品任何——成為傳播的一部分。

So it's way too early to tell what the impact in the short term is.

因此，現在判斷短期內的影響還為時過早。

And I think, ultimately, in the long run, it will rebalance.

而且我認為，從長遠來看，它最終會重新平衡。

As I said, number one priority is employee safety; number two is help support the efforts to contain the virus and manage the crisis; number three, ensure business can be recovered and to support continuity in the short term.

正如我所說，第一要務是員工安全；第二是幫助支持遏制病毒和管理危機的努力；第三，確保業務可以恢復並在短期內支持連續性。

And our next question comes from Laurent Grandet with Guggenheim.

我們的下一個問題來自古根海姆的 Laurent Grandet。

I do have a question regarding the cash flow trend.

我確實對現金流趨勢有疑問。

So clearly strong progress this year, which should be a positive for many investors.

今年顯然取得了強勁的進展，這對許多投資者來說應該是積極的。

Now you mentioned in the past, you were going through a task of identifying the right size of ownership level of your bottling partners.

現在您在過去提到過，您正在完成確定裝瓶合作夥伴所有權級別的正確規模的任務。

Could you please update us on that task specifically?

您能否具體更新我們關於該任務的信息？

Yes.

是的。

It's -- we've talked about that in the past in the context of looking at our overall balance sheet and making sure that we are fully utilizing our asset base in the most efficient and effective manner.

這是 - 我們過去曾在查看我們的整體資產負債表並確保我們以最有效和最有效的方式充分利用我們的資產基礎的背景下討論過這一點。

We continue to look at all aspects of the balance sheet, including our equity investments.

我們繼續關注資產負債表的各個方面，包括我們的股權投資。

It's a thoughtful process.

這是一個深思熟慮的過程。

It requires us to work closely with our partners, which we are doing.

它要求我們與我們正在做的合作夥伴密切合作。

We've had a couple of initiatives in 2019 that you're aware of.

您知道，我們在 2019 年採取了一些舉措。

And we'll continue to do what's right for both our balance sheet, but also for the businesses that we're invested in.

我們將繼續為我們的資產負債表以及我們所投資的業務做正確的事情。

Overall, it's not a material matter when it comes to the -- our future cash flow trends, and we'll continue to update you as we make progress.

總體而言，就我們未來的現金流趨勢而言，這不是一個重要問題，隨著我們取得進展，我們將繼續為您提供最新信息。

And our next question comes from Carlos Laboy with HSBC.

我們的下一個問題來自匯豐銀行的 Carlos Laboy。

On price/mix, can you comment on the role of bottler digital platform advances for driving things like directed initiatives by point of sale?

關於價格/組合，您能否評論一下裝瓶商數字平台在推動銷售點定向計劃等方面的作用？

Where do you see the system advancing these digital capabilities further as you look out to 2020, 2021?

展望 2020 年和 2021 年，您認為系統會在哪些方面進一步提升這些數字能力？

And how important do you think these are as you look ahead?

在您展望未來時，您認為這些有多重要？

Sure.

當然。

I mean, the ability to drive RGM absolutely can be made more powerful.

我的意思是，驅動RGM的能力絕對可以變得更強大。

And, to some extent, will have a greater reliance on our ability to capture, use analytics to generate the insights for the further round, not just of overall aggregate price packaging but abilities to work with customers kind of one-on-one in a segmented way to drive results.

而且，在某種程度上，我們將更加依賴我們捕捉、使用分析來為下一輪生成洞察力的能力，而不僅僅是整體總價格包裝，而是與客戶進行一對一合作的能力。分段的方式來推動結果。

So no question that the increasing availability and general-ability, if I can just invent that word, of data is going to create a competitive advantage for the Coke system, for the bottlers to be able to drive revenue growth management and engage with customers on how to drive it.

因此，毫無疑問，如果我能發明這個詞，數據的可用性和通用能力的提高將為可口可樂系統創造競爭優勢，使裝瓶商能夠推動收入增長管理並與客戶互動如何駕駛它。

And ultimately, at some point, that will bring in AI and all sorts of other tools.

最終，在某個時候，這將帶來人工智能和各種其他工具。

But I see that as all under version 4.0, 5.0, 6.0 of driving RGM and that RGM is a competitive advantage for the Coke bottlers and the Coke system overall.

但我認為，在驅動 RGM 的 4.0、5.0、6.0 版本下，RGM 對可口可樂裝瓶商和整體可口可樂系統來說是一個競爭優勢。

(Operator Instructions) Our next question comes from Sean King with UBS.

（操作員說明）我們的下一個問題來自瑞銀的肖恩·金。

How are you thinking about the margin impact of the innovation pipeline you have planned for the U.S. in 2020?

您如何看待您在 2020 年為美國計劃的創新渠道對利潤的影響？

I guess, I'm thinking in particular about AHA and Coke Energy.

我想，我特別在想 AHA 和 Coke Energy。

And in that light, any insight you can provide on the pricing and promotional strategy for the rollout of those different products would be great.

有鑑於此，您可以就推出這些不同產品的定價和促銷策略提供任何見解。

Not a lot of real news.

沒有太多真實的消息。

And I think the margin impact for both energy and AHA should be overall very, very positive.

而且我認為能源和 AHA 的利潤影響總體上應該是非常非常積極的。

I think we need to do math and take a look at the overall innovation pipeline.

我認為我們需要做數學，看看整個創新管道。

It links back to the -- what James referred to earlier.

它鏈接回——詹姆斯之前提到的。

It is one of the key drivers of both sustainable top line growth but also conversion into the kind of margin expansion that we're committed to for the future.

它是可持續收入增長的關鍵驅動因素之一，也是我們致力於未來的利潤率擴張的關鍵驅動因素之一。

I think with the shift from being volume-centric to value-centric, we've seen our business units and our R&D centers readjust their focus on making sure that what comes out of the pipeline on an overall basis has got the right margin characteristics.

我認為隨著從以數量為中心到以價值為中心的轉變，我們已經看到我們的業務部門和我們的研發中心重新調整了他們的重點，以確保從整體上流出的產品具有正確的利潤率特徵。

So a lot of good work underway.

所以很多好的工作正在進行中。

And I think we're -- you'll see that being reflected in the overall output from innovation, not just in North America but in the rest of the world.

而且我認為我們 - 你會看到創新的整體產出反映了這一點，不僅在北美，而且在世界其他地區。

And our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Congratulations on a strong year.

祝賀這一年的強勁表現。

John, I wanted to come back and drill down a bit in the area of productivity.

約翰，我想回來深入研究一下生產力領域。

So earlier in the call, you said the organization is clear on the opportunity with respect to free cash flow.

所以在電話會議的早些時候，你說該組織很清楚自由現金流的機會。

And congratulations, you've done a great job since taking over.

恭喜你，自從接手以來，你做得很好。

But similarly, is the organization clear on the opportunity regarding productivity?

但同樣，組織是否清楚地了解生產力方面的機會？

And is this something you intend to quantify for the investment community?

這是您打算為投資界量化的東西嗎？

Do you believe that the incentive structure at The Coca-Cola Company reflects this opportunity beyond just operating income targets, maybe something more specific at the business unit level?

您認為可口可樂公司的激勵結構是否反映了這一機會，而不僅僅是營業收入目標，也許是在業務部門層面更具體的目標？

And then strategically, maybe discuss the role of productivity as an enabler to fund reinvestment to sustain the top line growth.

然後從戰略上講，也許討論生產力作為推動再投資以維持收入增長的推動力的作用。

Thank you.

謝謝你。

Yes, productivity is a critical part of the equation going forward.

是的，生產力是未來等式的關鍵部分。

It's embedded in our long-term growth algorithm.

它嵌入在我們的長期增長算法中。

And so it's an area of particular focus for us here and around the world.

因此，這是我們在這里和世界各地特別關注的一個領域。

I think it's important to highlight that for the last 2 to 3 years, it's offered an outsized portion of the expansion due to the reset of the cost base driven by the transformation plans that have been underway.

我認為重要的是要強調，在過去的 2 到 3 年中，由於正在進行的轉型計劃推動了成本基礎的重置，它提供了很大一部分的擴張。

As we look to the future, and I think we talked about this at the Deutsche Bank conference in 2019, and similar to the cash flow conversation, we're very clear on the levers that we have at our disposal to influence the productivity agenda.

當我們展望未來時，我認為我們在 2019 年的德意志銀行會議上談到了這一點，類似於現金流對話，我們非常清楚我們可以利用哪些槓桿來影響生產力議程。

And it's got to be linked to the overall growth agenda as well.

它也必須與整體增長議程聯繫起來。

We are very clear on how they relate to the different businesses that we have, the core business, our Global Ventures group and our bottling organization.

我們非常清楚它們與我們擁有的不同業務、核心業務、我們的全球風險投資集團和我們的裝瓶組織之間的關係。

And so the short answer is yes, it's very much embedded in the operational plans.

所以簡短的回答是肯定的，它非常嵌入在運營計劃中。

It's very much a part of the overall compensation model.

它在很大程度上是整體薪酬模型的一部分。

And we expect to continue to make progress, as I said, to deliver on our overall algorithm as we go into 2020 and beyond.

正如我所說，我們希望繼續取得進展，以在我們進入 2020 年及以後交付我們的整體算法。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes our question-and-answer session.

女士們，先生們，我們的問答環節到此結束。

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

我現在想將電話轉回給 James Quincey，以聽取任何結束語。

Thank you.

謝謝你。

As we've talked about, we made good progress in 2019 by delivering on our financial commitments and growing in a sustainable way.

正如我們所談到的，我們在 2019 年取得了良好的進展，兌現了我們的財務承諾並以可持續的方式增長。

We continue to transform the organization to act with a growth mindset, which gives us confidence in delivering our 2020 targets and our ability to create a better shared future for all our stakeholders.

我們繼續轉變組織，以成長心態行事，這使我們有信心實現 2020 年目標，並有能力為所有利益相關者創造更美好的共同未來。

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關注、投資以及今天加入我們。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。