麥當勞 (MCD) 2014 Q4 法說會逐字稿

Hello and welcome to McDonald's January 23, 2015, investor conference call.

大家好，歡迎來到麥當勞 2015 年 1 月 23 日投資者電話會議。

At the request of McDonald's Corporation, this conference is being recorded.

應麥當勞公司的要求，本次會議正在錄製。

Following today's presentation that will be a question-and-answer session for investors.

在今天的演講之後，將舉行投資者問答環節。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Mr. Chris Stent, Vice President of Investor Relations for McDonald's Corporation.

我現在將會議交給麥當勞公司投資者關係副總裁 Chris Stent 先生主持。

Mr. Stent, you may begin.

史坦特先生，您可以開始了。

Hello, everyone, and thank you for joining us.

大家好，感謝您加入我們。

With me on the call are President and Chief Executive Officer Don Thompson and Chief Financial Officer Pete Bensen.

與我一起參加電話會議的有總裁兼執行長唐·湯普森 (Don Thompson) 和首席財務官皮特·本森 (Pete Bensen)。

In addition, McDonald's USA President Mike Andres will join us for Q&A.

此外，麥當勞美國總裁 Mike Andres 將參加我們的問答活動。

Today's conference call is being webcast live and recorded for replay by phone, webcasts and podcasts.

今天的電話會議將進行網路直播並進行錄音，以便透過電話、網路廣播和播客重播。

Before I turn it over to Don I want to remind everyone that the forward-looking statements in our earnings release and 8-K filing also apply to our comments.

在將其交給 Don 之前，我想提醒大家，我們的收益發布和 8-K 文件中的前瞻性陳述也適用於我們的評論。

Both documents are available on www.investor.mcdonalds.com as are our reconciliations of any non-GAAP financial measures mentioned on today's call with their corresponding GAAP measures.

這兩份文件均可在www.investor.mcdonalds.com 上獲取，我們對今天電話會議中提到的任何非GAAP 財務指標與其相應的GAAP 指標的調節表也可在www.investor.mcdonalds.com 上獲取。

And now I would like to turn it over to Don.

現在我想把它交給唐。

Thank you Chris and good morning, everyone.

謝謝克里斯，大家早安。

2014 was a difficult year during which performance fell short of our expectations.

2014 年是艱難的一年，業績未達到我們的預期。

But it was also a building year.

但這也是建設的一年。

As we entered 2014 we were well aware of the obstacles that we faced in terms of growing comparable sales and margins amid ongoing broad-based challenges and cost pressures throughout our P&L.

進入 2014 年，我們清楚地意識到，在整個損益表中持續存在廣泛的挑戰和成本壓力的情況下，我們在可比銷售額和利潤增長方面面臨著障礙。

Now while some of the challenges were anticipated others were not like the supplier issue in Asia-Pacific, Middle East, Africa and the volatile operating environment in Russia and the Ukraine.

現在，雖然一些挑戰是可以預見的，但其他挑戰並不像亞太、中東、非洲的供應商問題以及俄羅斯和烏克蘭不穩定的營運環境。

And we experienced shortfalls in our internal plans particularly in key markets such as the US.

我們的內部計劃也存在缺陷，尤其是在美國等關鍵市場。

In response to these shortfalls we took a number of important steps to lay the foundation for our turnaround.

為了因應這些不足，我們採取了一系列重要措施，為扭虧為盈奠定基礎。

We are acting with a sense of urgency as these steps are critical to addressing current performance and to advancing our longer-term strategies.

我們帶著緊迫感採取行動，因為這些步驟對於解決當前業績和推進我們的長期策略至關重要。

Specifically, we renewed our focus on our customers with the evolution of our strategic plan.

具體來說，隨著戰略計劃的發展，我們重新關注客戶。

We brought in new talent in several major markets around the world to provide innovative thinking and fresh perspectives.

我們在全球幾個主要市場引進了新人才，以提供創新思維和新鮮視角。

We announced the changes that we are making to the US organization to put decision-making and accountability closer to the customer.

我們宣布了對美國組織的變革，以使決策和責任更貼近客戶。

We redefined menu choice and personalization with the introduction of the Create Your Taste platform in Australia and the US.

透過在澳洲和美國推出「創造您的口味」平台，我們重新定義了菜單選擇和個人化。

We focused on the service experience through an increased emphasis on operations excellence and the initiation of our global digital strategy.

我們透過更加重視卓越營運和啟動全球數位策略來專注於服務體驗。

We did more to bolster trust in brand McDonald's because we know that when our customers feel good about us and about eating at McDonald's, they visit us more often.

我們採取了更多措施來增強對麥當勞品牌的信任，因為我們知道，當顧客對我們以及在麥當勞用餐感覺良好時，他們就會更頻繁地光顧我們。

Now let's turn to 2014 results.

現在讓我們來看看2014年的結果。

In constant currencies operating income was down 15% for the fourth quarter and 8% for the year.

以固定匯率計算，第四季營業收入下降 15%，全年營業收入下降 8%。

Earnings per share was down 14% for the quarter and 11% for the full year both in constant currencies.

以固定匯率計算，本季每股收益下降 14%，全年每股收益下降 11%。

Excluding the impact of the higher tax rate and the supply issue in APMEA, earnings per share for the year would have been down 1% in constant currencies.

排除較高稅率及APMEA供應問題的影響，以固定匯率計算，今年每股盈餘將下降1%。

For the full year global system-wide sales grew 1% in constant currencies and global comparable sales were down 1%.

以固定匯率計算，全年全球系統銷售額成長 1%，全球可比銷售額下降 1%。

Comparable sales were down 90 basis points for the quarter.

本季可比銷售額下降 90 個基點。

Looking to January comparable sales are expected to be negative due in part to the shift in Chinese New Year and consumer perception issues in Japan.

展望一月份，可比銷售額預計將為負數，部分原因是農曆新年的轉變和日本消費者認知問題。

The changes we are making are designed to refocus our system on those areas that matter most to our customers today and for the future.

我們所做的改變旨在將我們的系統重新聚焦於對我們的客戶當前和未來最重要的領域。

And that starts with deepening our relationship with the customers to increase relevance, drive traffic and position McDonald's for longer-term growth.

首先是加深我們與客戶的關係，以提高相關性、增加客流量並為麥當勞的長期成長做好準備。

Our actions are guided by our four strategic growth priorities which are broad enough that markets adapt and focus on those elements most relevant to their local customer bases.

我們的行動以我們的四個策略成長優先事項為指導，這些優先事項足夠廣泛，可以讓市場適應並專注於與當地客戶群最相關的要素。

Beyond our existing menu we are asserting McDonald's burger leadership by offering greater customization and choice.

除了現有的菜單之外，我們還透過提供更多的客製化和選擇來維護麥當勞漢堡的領導地位。

Not only does Create Your Taste provide new menu news that excites consumers, it has the potential to lift sales of core classics by bringing more customers into our restaurants.

「創造您的口味」不僅提供讓消費者興奮的新菜單新聞，而且有可能透過吸引更多顧客進入我們的餐廳來提升核心經典菜餚的銷售。

At the same time we are strengthening the menu pipeline to create greater choice at the local levels that reflect attributes like taste preferences and demographics and those things that make each market unique.

同時，我們正在加強菜單管道，以在當地層面創造更多選擇，反映口味偏好和人口統計等屬性以及使每個市場獨一無二的因素。

Greater localization enables us to take advantage of those attributes and tailor our menu and our marketing efforts to strengthen our relevance and appeal to customers in those regions.

更好的在地化使我們能夠利用這些屬性並客製化我們的菜單和行銷工作，以增強我們的相關性和對這些地區客戶的吸引力。

You also see changes in our customer service models as we work to create more memorable experiences and to deliver unparalleled convenience.

您還會看到我們的客戶服務模式發生變化，我們致力於創造更難忘的體驗並提供無與倫比的便利性。

For example, multiple order point strategies include self order kiosks, table service or mobile order and payment will modernize how customers interact with our brand and quite simply make it easier to get McDonald's their way, whatever that might be.

例如，多點餐策略包括自助點餐機、餐桌服務或行動點餐和支付，這將使顧客與我們品牌的互動方式現代化，並且更容易以他們的方式購買麥當勞，無論是什麼。

We are also strengthening the value proposition.

我們也在加強價值主張。

We are strategically evaluating pricing relationships across the entry-level, core and premium tiers of our menu.

我們正在策略性地評估菜單中入門級、核心級和高級級的定價關係。

At the same time we are thinking differently about how to encourage customers to bundle products and use add-on purchases to create a satisfying affordable meal.

同時，我們正在以不同的方式思考如何鼓勵顧客捆綁產品並使用附加購買來創造令人滿意的實惠餐食。

You'll also see a shift in the way we engage our customers and consumers in general.

您還將看到我們與客戶和消費者互動的方式發生了轉變。

We are being bold and direct as we talk about what matters most to customers especially the quality of our menu ingredients with multifaceted efforts like Our Food, Your Questions in markets including the US, Canada and Australia.

我們大膽而直接地談論對顧客來說最重要的事情，尤其是我們的菜單原料的質量，並透過多方面的努力，如我們的食品、您在美國、加拿大和澳大利亞等市場的問題。

Collectively these changes create the McDonald's Experience of the Future which brings the work that is happening within each strategic priority together to deliver changes our customers will notice.

這些變化共同創造了麥當勞的未來體驗，它將每個戰略重點中正在發生的工作結合在一起，以提供我們的客戶將注意到的變化。

It builds on the investments we have already made in technology, reimaging our restaurants and operations improvement with an increased emphasis on tangible customer-centric innovations for menu and service to profitably grow the business.

它建立在我們已經進行的技術投資的基礎上，重新規劃我們的餐廳和營運改進，更加重視以客戶為中心的菜單和服務的切實創新，以實現業務的盈利增長。

We have enduring competitive advantages that have served us well over time and those advantages are even more relevant today.

我們擁有持久的競爭優勢，這些優勢長期以來一直為我們提供了良好的服務，而這些優勢在今天更加重要。

Our size and geographically diversified restaurant portfolio allow us to test new products and concepts at a local level and then broadly scale those that are successful like we have done in the past with beverages and like we are currently doing with Create Your Taste.

我們的規模和地理多元化的餐廳組合使我們能夠在當地測試新產品和概念，然後廣泛推廣那些成功的產品和概念，就像我們過去在飲料方面所做的那樣，就像我們目前在「創造您的口味”方面所做的那樣。

McDonald's operates as one single brand allowing us to focus our energy and resources on evolving the customer experience and changing the way we engage with consumers while also leveraging the equity inherent in our iconic core products.

麥當勞作為單一品牌運營，使我們能夠將精力和資源集中在發展客戶體驗和改變我們與消費者互動的方式上，同時也利用我們標誌性核心產品固有的資產。

Our global infrastructure enables us to tap into a variety of perspectives and expertise.

我們的全球基礎設施使我們能夠利用各種觀點和專業知識。

Our franchisees are an integral part of the communities in which they do business.

我們的特許經營商是他們開展業務的社區不可或缺的一部分。

Suppliers bring innovation in their discipline and company employees focus on strategic direction to complement day-to-day execution in our restaurants.

供應商在他們的紀律中帶來創新，公司員工專注於策略方向，以補充我們餐廳的日常執行。

And finally, our strong financial foundation, which is supported by industry-leading average unit volumes.

最後，我們強大的財務基礎，並得到業界領先的平均銷售量的支持。

It enables us to pursue our global growth priorities in every type of operating environment while returning significant amounts of cash to shareholders each year.

它使我們能夠在各種營運環境中追求全球成長優先事項，同時每年向股東返還大量現金。

On our July call we outlined the steps required over a 12 to 18 month period to strengthen our foundation and enhance our relevance and appeal to customers.

在 7 月的電話會議上，我們概述了在 12 至 18 個月內需要採取的步驟，以鞏固我們的基礎並增強我們的相關性和對客戶的吸引力。

Having reached the six-month mark we are beginning to see signs of progress in some of our priority markets.

達到六個月大關後，我們開始看到一些優先市場取得進展的跡象。

While the specifics vary across the markets the underlying formula has been very consistent.

儘管各個市場的具體情況各不相同，但基本公式非常一致。

In 2014 these markets brought in fresh leadership with new perspectives on how to get customers back in the restaurants.

2014 年，這些市場引入了新的領導層，他們對如何吸引顧客重返餐廳提出了新的觀點。

They strengthened franchisee alignment in those relationships and re-emphasized value and re-energized our marketing approaches.

他們加強了特許經營者在這些關係中的一致性，並重新強調了價值，並為我們的行銷方法注入了新的活力。

We are already seeing a shift in Australia which has over 900 restaurants.

我們已經在擁有 900 多家餐廳的澳洲看到了轉變。

It started with fundamental improvements in our marketing efforts and across our entire menu and it was enabled by much stronger alignment with our franchisees.

它始於我們的行銷工作和整個菜單的根本改進，並且是透過與我們的特許經營商更緊密的協調來實現的。

We are building on this strong foundation with plans to roll Create Your Taste across the majority of our restaurants by the end of this year.

我們正以此為基礎，計劃在今年年底前在我們的大多數餐廳推出「創造您的口味」活動。

It is the first of our priority markets to demonstrate signs of recovery with positive comparable sales and guest counts since September.

這是我們的優先市場中第一個顯示出復甦跡象的市場，自 9 月以來可比銷售額和客人數量均呈正增長。

It will take longer to see an uptick in the US which has more than 14,000 restaurants across 22 different regions.

美國需要更長的時間才能看到成長，因為美國在 22 個不同地區擁有 14,000 多家餐廳。

The changes we announced last year to create a flatter, more nimble organization have opened the door for decisions to be made closer to the customer.

我們去年宣布的旨在創建一個更扁平、更靈活的組織的變革為更貼近客戶的決策打開了大門。

Mike Andres is on the call today and he can share more during the Q&A about the work that is being done to take shape around our menu, marketing and service which will enhance our relevance and appeal to customers.

麥克·安德烈斯(Mike Andres) 今天接聽了電話，他可以在問答中分享更多關於我們圍繞菜單、營銷和服務正在進行的工作，這些工作將增強我們的相關性和對客戶的吸引力。

Over to Germany.

到了德國。

Negative trends are beginning to moderate with the month of December marking the highest comparable sales performance in more than two years.

隨著 12 月創下兩年多來最高的可比較銷售業績，負面趨勢開始緩和。

While we expect an uneven recovery as market dynamics remain challenging in the near term, we are focused on driving sales and guest counts by strengthening value offers, highlighting the quality of both core and premium products in our marketing messages and aggressively pursuing growth opportunities within the family and breakfast businesses.

雖然我們預計，由於市場動態在短期內仍然充滿挑戰，復甦將不均衡，但我們致力於透過加強價值優惠、在行銷訊息中強調核心和優質產品的品質以及積極尋求內部成長機會來推動銷售和客人數量。

Our position in Australia, the US and Germany is much like what the UK experienced in the early 2000s.

我們在澳洲、美國和德國的處境與英國在 2000 年代初期的經歷非常相似。

We can and we will turn around these markets with a balanced approach.

我們能夠而且將會以平衡的方式扭轉這些市場。

Russia and China are also key markets that are in a recovery mode.

俄羅斯和中國也是處於復甦模式的主要市場。

While the specific tactics are different both markets are focused on enhancing our brand image and winning customers back by emphasizing food quality and also celebrating the many reasons to choose McDonald's such as convenience and affordability.

雖然具體策略不同，但兩個市場都專注於提升我們的品牌形象，透過強調食品品質來贏得客戶，並讚揚選擇麥當勞的許多理由，例如便利性和價格實惠。

Fourth-quarter comparable sales in China were negative 6.7% due to the lingering impact of the supplier issue.

由於供應商問題的持續影響，第四季度中國可比銷售額為負 6.7%。

Each month of the quarter showed sequential improvement reflecting the positive impact of our ongoing customer recovery efforts in the market.

本季的每個月都出現連續改善，反映出我們在市場上持續進行的客戶恢復工作的正面影響。

Finally, in Japan the team continues to work to overcome significant challenges.

最後，在日本，團隊繼續努力克服重大挑戰。

The market is executing a multifaceted brand recovery campaign which is designed to rebuild brand trust and strength in quality and affordability perceptions.

市場正在進行多方面的品牌恢復活動，旨在重建品牌信任以及品質和承受能力認知的實力。

While we know these actions will win back customers history tells us that these efforts will take time to resonate so we expect continued volatility in the market through most of 2015.

雖然我們知道這些行動將贏回客戶，但歷史告訴我們，這些努力需要時間才能產生共鳴，因此我們預計 2015 年大部分時間市場將持續波動。

2015 will be a year of regaining momentum globally.

2015年將是全球經濟重拾動力的一年。

We expect further growth amid the pockets of success we are already seeing.

我們預計在我們已經取得的成功中將進一步成長。

However, it will take time, especially in our larger markets, for customers to notice the comprehensive changes that are underway.

然而，客戶需要時間才能注意到正在發生的全面變化，尤其是在我們更大的市場中。

So our internal projections assume continued sales and earnings pressure in volatility in the business particularly in the first half of the year.

因此，我們的內部預測假設業務波動將持續帶來銷售和獲利壓力，特別是在今年上半年。

In light of continuing headwinds we've made thoughtful adjustments to our 2015 plans pulling back in some areas to fund key growth initiatives focused on delivering greater customer relevance, broader consumer reach and better restaurant execution.

鑑於持續的不利因素，我們對2015 年計劃進行了深思熟慮的調整，在某些領域進行了縮減，為關鍵增長計劃提供資金，重點是提供更大的客戶相關性、更廣泛的消費者覆蓋面和更好的餐廳執行力。

For example, we reduced capital expenditures by paring back on new store openings in markets that are experiencing significant near-term challenges including China, Russia, Germany and the United States.

例如，我們透過減少在中國、俄羅斯、德國和美國等近期面臨重大挑戰的市場開設新店的數量來減少資本支出。

And we are redirecting G&A from the US business and corporate to priority initiatives that will drive our growth.

我們正在將一般管理費用從美國業務和企業轉移到將推動我們成長的優先計劃。

We are committed to taking necessary actions to improve performance and position McDonald's for enduring profitable growth into the future.

我們致力於採取必要的行動來提高業績，並使麥當勞在未來實現持久的獲利成長。

As we embark on a new year we maintain high expectations of ourselves and for our brand.

當我們開始新的一年時，我們對自己和我們的品牌抱有很高的期望。

I remain confident in our prospects both in the near and long term.

我對我們的近期和長期前景仍然充滿信心。

We are keenly focused on the opportunities that exist within our global growth priorities to serve our customers' favorite food and drink, to create memorable experiences, to offer unparalleled convenience and to become an even more trusted brand.

我們密切關注全球成長重點中存在的機會，為客戶提供最喜歡的食品和飲料，創造難忘的體驗，提供無與倫比的便利，並成為更值得信賴的品牌。

We are changing and we are doing it aggressively.

我們正在改變，而且我們正在積極地改變。

We know that some tactics will be different from market to market and region to region around the world and that is why our plans are supported by comprehensive and localized execution approaches that rely on our franchisees, our Company employees and suppliers to satisfy customer expectations and drive stronger business results.

我們知道，一些策略會因世界各地的市場和地區而異，這就是為什麼我們的計劃得到全面和本地化的執行方法的支持，這些執行方法依靠我們的特許經營商、公司員工和供應商來滿足客戶的期望並推動更強勁的業務成果。

Thanks again for being on the call, everyone.

再次感謝大家撥通電話。

And I will now turn it over to Pete.

現在我將把它交給皮特。

Thanks, Don, and hi, everyone.

謝謝，唐，大家好。

2014 was a challenging year for McDonald's all around the world.

2014 年對全世界的麥當勞來說都是充滿挑戰的一年。

Our results were impacted on a variety of fronts and across each of our geographic segments.

我們的業績受到各個領域和各個地理區域的影響。

Today I would like to spend a few minutes putting our 2014 performance into perspective, providing details on some key fourth-quarter numbers and outlining the critical components of our 2015 financial plan.

今天，我想花幾分鐘的時間來回顧我們 2014 年的業績，提供有關第四季度一些關鍵數據的詳細信息，並概述我們 2015 年財務計劃的關鍵組成部分。

I'll begin by reviewing our results for the quarter and full year highlighting the three factors that had a notable impact on performance in each of our major geographic segments.

首先，我將回顧我們本季和全年的業績，重點介紹對我們每個主要地理區域的業績產生顯著影響的三個因素。

First is the underperformance of our US business.

首先是我們美國業務的表現不佳。

Throughout 2014 our results reflect the impact of ongoing broad-based challenges including operating in an increasingly competitive marketplace amid sluggish industry growth.

2014 年全年，我們的業績反映了持續存在的廣泛挑戰的影響，包括在行業成長低迷的情況下在競爭日益激烈的市場中運作。

For the year the segment's operating income declined $257 million, or 7% partly due to negative comparable sales and guest counts which contributed to margin declines.

今年該部門的營業收入下降了 2.57 億美元，即 7%，部分原因是可比銷售額和客人數量為負，導致利潤率下降。

US results were also impacted by higher G&A spending and other operating expenses associated with positioning the US business for the future including the segment's revamped marketing approach and development of the new brand love campaign.

美國業績也受到一般管理支出和其他與美國業務未來定位相關的營運支出增加的影響，包括該部門改進的營銷方式和新品牌熱愛活動的發展。

We expect to incur additional US restructuring costs in the first quarter.

我們預計第一季美國將產生額外的重組成本。

The second significant item that affected our global results was the APMEA supplier issue.

影響我們全球績效的第二個重要事項是 APMEA 供應商問題。

The total impact from lost sales and expenses associated with our customer recovery efforts was approximately $110 million, or $0.09 per share for the quarter and $290 million, or $0.23 per share for the full year.

與我們的客戶恢復工作相關的銷售損失和費用的總影響約為 1.1 億美元，即該季度每股 0.09 美元，全年為 2.9 億美元，即每股 0.23 美元。

The markets most affected by this issue include China, Japan and Hong Kong.

受此問題影響最嚴重的市場包括中國、日本和香港。

Prior to the supplier issue these markets collectively represented about 10% of global system-wide sales and 5% of global operating income.

在供應商問題發生之前，這些市場合計約佔全球系統銷售額的 10% 和全球營業收入的 5%。

In APMEA, our results were also pressured by ongoing performance issues in Japan.

在 APMEA 中，我們的表現也受到日本持續存在的績效問題的壓力。

For the full year APMEA's operating income declined 28%, or 25% in constant currencies, $413 million.

APMEA 全年營業收入下降 28%，以固定匯率計算下降 25%，即 4.13 億美元。

Japan's contribution to APMEA's operating income includes royalties and the Company's share of McDonald's Japan's after-tax results.

日本對 APMEA 營業收入的貢獻包括特許權使用費以及公司在麥當勞日本稅後業績中所佔的份額。

The third significant impact on McDonald's global results for 2014 was in Russia in the Ukrainian.

2014年對麥當勞全球業績產生第三個重大影響的是俄羅斯和烏克蘭。

During 2014 McDonald's Europe experienced significant declines in company operating margins driven by weakening currencies and economic slowdown and store closures in these two markets.

2014 年，由於貨幣疲軟、經濟放緩以及這兩個市場的門市關閉，麥當勞歐洲公司的營業利潤大幅下降。

For the year Europe reported a $90 million decrease in operating income, a 2% decline in constant currencies with the segment's company-operated margins weighing heavily on results.

今年歐洲的營業收入減少了 9,000 萬美元，以固定匯率計算下降了 2%，該部門的公司經營利潤嚴重影響了業績。

The entire operating income decline for the year was solely driven by Russia and the Ukraine company-operated margin results.

今年整個營業收入的下降完全是由俄羅斯和烏克蘭公司經營的利潤率結果所推動的。

Over half of this margin decline reflects the significant impact of weakening currencies on imported commodity costs in these two markets.

利潤率下降的一半以上反映了貨幣貶值對這兩個市場進口商品成本的重大影響。

We expect this currency impact to significantly pressure the segment's company-operated margins again in 2015 especially in the first half.

我們預計，這種貨幣影響將在 2015 年（尤其是上半年）再次對該部門的公司經營利潤率造成重大壓力。

While we expect to move beyond some of these unique events of last year, certain challenges remain.

雖然我們預計去年的一些獨特事件會有所突破，但某些挑戰仍然存在。

In the US our turnaround initiatives to reignite momentum are in progress.

在美國，我們重燃勢頭的扭虧為盈舉措正在進行中。

Mike Andres and the US leadership team are implementing a new, more nimble organizational structure that places decision-making back in the hands of the local market teams.

麥克安德烈斯 (Mike Andres) 和美國領導團隊正在實施一個新的、更靈活的組織結構，將決策權重新交給當地市場團隊。

The US business is working aggressively to implement these changes but it will take time before we see the benefits in the segment's overall financial results.

美國業務正在積極努力實施這些變革，但我們需要一段時間才能看到該部門整體財務表現的好處。

In Russia while all of our restaurants impacted by the temporary closures are back in operation, the market remains in a recession and the economic outlook is weak.

在俄羅斯，雖然我們所有受臨時關閉影響的餐廳都已恢復營業，但市場仍處於衰退狀態，經濟前景疲軟。

More broadly, consumer confidence across most of Europe is forecasted to remain low throughout 2015.

更廣泛地說，預計 2015 年歐洲大部分地區的消費者信心將保持在低點。

In APMEA, in response to the supplier issue customer recovery efforts initiated in September in each of our impacted markets.

在 APMEA，為了回應供應商問題，我們在 9 月在每個受影響的市場啟動了客戶恢復工作。

While sales trends in China showed signs of improvement during the fourth quarter our best estimate is that it will take at least three to six more months for our business in China to return to a normalized level.

雖然中國的銷售趨勢在第四季度顯示出改善的跡象，但我們的最佳估計是，我們在中國的業務至少還需要三到六個月的時間才能恢復到正常水平。

For McDonald's Japan, recovery from the supplier issue has not been as strong.

對日本麥當勞來說，供應商問題的復甦並不那麼強勁。

At the same time new consumer perception issues have emerged which have further depressed sales and profitability.

同時，新的消費者認知問題也出現了，進一步降低了銷售額和獲利能力。

We expect these issues to impact results for the foreseeable future.

我們預計這些問題將在可預見的未來影響結果。

Japan remains on our priority market list.

日本仍然在我們的優先市場名單上。

Next I want to provide a 2014 update and a 2015 preview for some of our key financial items: commodities, pricing, G&A and currencies.

接下來，我想提供一些關鍵金融項目的 2014 年更新和 2015 年預覽：商品、定價、一般管理費用和貨幣。

I will start with commodity costs for the US and Europe.

我將從美國和歐洲的商品成本開始。

For the fourth quarter US commodity costs rose approximately 3.5% primarily due to higher beef prices.

第四季美國商品成本上漲約 3.5%，主要是因為牛肉價格上漲。

For the full year commodity costs ended up about 3% which was the upper end of our forecast as reductions in other commodities were more than offset by increases in beef.

全年商品成本最終上漲約 3%，這是我們預測的上限，因為其他商品的減少被牛肉的增加所抵消。

Commodity cost pressure is expected to continue into 2015 with the full-year increase projected at 1.5% to 2.5% again driven primarily by beef.

大宗商品成本壓力預計將持續到 2015 年，全年增幅預計為 1.5% 至 2.5%，這主要是由牛肉推動的。

Excluding currency, Europe's commodity costs were up 1% for the fourth quarter and were relatively flat for the full year.

不計貨幣因素，第四季歐洲大宗商品成本上漲 1%，全年相對持平。

For 2015 our full-year outlook is for Europe's grocery basket to also reflect an increase of 1.5% to 2.5%.

對於 2015 年，我們對歐洲雜貨籃的全年展望也反映了 1.5% 至 2.5% 的成長。

To help offset this pressure we have taken some price increases.

為了幫助抵消這種壓力，我們提高了價格。

The US ended 2014 with pricing up roughly 1.8% notably lower than the 2013 increase of about 3% and lower than food away from home inflation, which ended the year at 3%.

2014 年美國食品價格上漲約 1.8%，明顯低於 2013 年約 3% 的漲幅，也低於 2014 年 3% 的外食通膨。

During the second half of the year we consciously did not completely offset the prior-year price increases that rolled off.

今年下半年，我們有意識地沒有完全抵銷去年下降的價格上漲。

This further pressured our margins during the third and fourth quarters and based on where we stand at the start of 2015 we expect this pressure to continue in the near term.

這進一步對我們第三和第四季的利潤率造成壓力，根據 2015 年初的情況，我們預計這種壓力將在短期內持續。

Our price increases in Europe vary by market with the overall segment, excluding Russia, averaging about 2% year-over-year.

我們在歐洲的價格上漲因市場而異，整個細分市場（不包括俄羅斯）年平均上漲約 2%。

Consolidated G&A increased 9% in constant currencies for the fourth quarter and 5% in constant currencies for the year.

以固定匯率計算，第四季綜合管理及行政費用成長 9%，以固定匯率計算，全年成長 5%。

For the quarter these increases were driven largely by costs associated with positioning our US business for the future as well as costs related to our long-term growth initiatives.

本季的這些成長主要是由與我們的美國業務未來定位相關的成本以及與我們的長期成長計畫相關的成本所推動的。

As I mentioned in October, during 2014 we identified $100 million of G&A savings in the US and corporate.

正如我在 10 月所提到的，2014 年期間，我們在美國和企業節省了 1 億美元的一般管理費用。

These savings are being redirected toward our critical long-term growth initiatives in 2015.

這些節省的資金將重新用於我們 2015 年關鍵的長期成長計畫。

Our review of the corporate G&A spending was completed in December.

我們對企業 G&A 支出的審查已於 12 月完成。

We are nearing the completion of our full G&A review of the US and will provide more details on these efforts later this quarter.

我們即將完成對美國的全面一般管理費用審查，並將在本季度稍後提供有關這些工作的更多詳細資訊。

While our G&A increased for both periods in 2014, I want to emphasize an important point.

雖然 2014 年兩個時期我們的一般管理費用都有增加，但我想強調重要的一點。

McDonald's operates in a pay-for-performance culture.

麥當勞奉行按績效付費的文化。

As such, short-term incentive payouts for 2014 were zero for all corporate and US employees.

因此，2014 年所有公司和美國員工的短期激勵支出為零。

In addition, 2014 performance negatively impacted management's long-term incentive compensation.

此外，2014年的業績對管理階層的長期激勵薪酬產生了負面影響。

We expect 2015 G&A to increase 7% to 8% in constant currencies primarily due to the restoration of incentive pay.

我們預計 2015 年一般行政費用以固定匯率計算將成長 7% 至 8%，主要是由於激勵性薪資的恢復。

Excluding incremental incentive-based compensation 2015 G&A is expected to increase 1% to 2%.

不包括基於激勵的增量薪酬，2015 年 G&A 預計將成長 1% 至 2%。

More than 100% of this remaining increase relates to costs associated with the expansion of our strategic growth initiatives including Experience of the Future and our digital strategy.

剩餘成長的 100% 以上與擴大我們的策略成長計畫（包括未來體驗和數位策略）相關的成本有關。

Foreign currencies proved to be another headwind in 2014 with translation negatively impacting fourth-quarter EPS by $0.08 and full-year EPS by $0.12.

事實證明，外幣匯率是 2014 年的另一個不利因素，匯率對第四季每股收益產生 0.08 美元的負面影響，對全年每股收益產生 0.12 美元的負面影響。

Given the recent strengthening of the US dollar against virtually all major foreign currencies, we expect a negative translation on first-quarter 2015 of $0.08 to $0.10 per share and a full-year impact of $0.35 to $0.40 per share.

鑑於近期美元兌幾乎所有主要外幣均走強，我們預計 2015 年第一季每股收益為 0.08 至 0.10 美元，全年影響為每股 0.35 至 0.40 美元。

As usual, take this as directional guidance only because rates will change as we move throughout the year.

像往常一樣，將此視為方向性指導，因為利率會隨著我們全年的變化而變化。

Finally, I would like to share our current capital expenditure and restaurant opening plans for the upcoming year.

最後，我想分享一下我們目前的資本支出和來年的餐廳開幕計劃。

Our plan for 2015 capital expenditure budget is approximately $2 billion, nearly $1 billion less than our initial capital expenditure plan last year.

我們2015年的資本支出預算計畫約為20億美元，比去年最初的資本支出計畫減少了近10億美元。

The decrease in our 2015 capital expenditures is driven primarily by an $800 million decrease in capital allocated to new restaurant openings.

我們 2015 年資本支出的減少主要是因為分配給新餐廳開業的資本減少了 8 億美元。

The most notable reductions will take place in markets experiencing the greatest challenges, China, Russia, Germany and the US.

最顯著的減少將發生在面臨最大挑戰的市場，如中國、俄羅斯、德國和美國。

Our $2 billion capital budget is divided relatively evenly with approximately one-half earmarked for new restaurant openings and the remaining $1 billion dedicated to reinvestments.

我們 20 億美元的資本預算分配得相對均勻，其中約一半專門開設新餐廳，其餘 10 億美元則專門用於再投資。

We continue to rigorously screen new restaurant opportunities to determine where they will generate the most attractive returns given each market's potential, competitive environment and current industry dynamics.

我們將繼續嚴格篩選新的餐廳機會，根據每個市場的潛力、競爭環境和當前的行業動態，確定它們將在哪裡產生最具吸引力的回報。

In 2015 we do expect to open more than 1,000 McDonald's restaurants primarily in China, the US, Russia and France.

2015 年，我們預計將開設 1,000 多家麥當勞餐廳，主要在中國、美國、俄羅斯和法國。

This compares with about 1,300 restaurant openings in 2014.

相比之下，2014 年新開業的餐廳數量約為 1,300 家。

On a net basis we expect 600 to 700 additions for the year compared with approximately 800 in 2014.

以淨值計算，我們預計今年將新增 600 至 700 名員工，而 2014 年約為 800 名。

The majority of our reinvestment dollars are slated for the US and Europe.

我們大部分的再投資資金將用於美國和歐洲。

Expansion of the Create Your Taste burger platform in up to 2,000 restaurants in the US and continued rollout of Experience of the Future in Europe accounts for a majority of the reinvestment dollars.

再投資資金的大部分來自於將 Create Your Taste 漢堡平台擴展到美國多達 2,000 家餐廳，以及在歐洲繼續推出「未來體驗」。

Earlier this year we outlined plans to pursue additional opportunities to enhance shareholder value by optimizing our capital and ownership structures and scrutinizing our G&A spending.

今年早些時候，我們概述了透過優化我們的資本和所有權結構以及審查我們的一般管理支出來尋求更多機會來提高股東價值的計劃。

As we close out the first year of our three-year plan, I would like to update you on our progress.

在我們三年計畫的第一年即將結束之際，我想向您通報我們的最新進展。

During 2014 we re-franchised over 400 restaurants against our three-year target of at least 1,500.

2014 年，我們對 400 多家餐廳進行了重新特許經營，而三年目標是至少 1,500 家。

In the area of G&A we identified and redirected nearly $100 million in savings for 2015 toward future long-term growth initiatives such as the digital strategy and the McDonald's Experience of the Future.

在 G&A 領域，我們確定了 2015 年近 1 億美元的節省資金，並將其重新用於未來的長期成長計劃，例如數位策略和麥當勞未來體驗。

And as always we continue to explore additional savings opportunities.

我們一如既往地繼續探索額外的節省機會。

As we move into 2015 we remain on track to deliver against our three-year target to return $18 billion to $20 billion to shareholders between 2014 and 2016 in the form of dividends and share repurchases having returned $6.4 billion to shareholders last year.

進入 2015 年，我們仍有望實現我們的三年目標，即在 2014 年至 2016 年期間以股息和股票回購的形式向股東返還 180 億至 200 億美元，去年向股東返還 64 億美元。

We are moving forward aggressively to regain business momentum.

我們正在積極向前邁進，以恢復業務動力。

Together our strategy, strength and structure provides the capability and opportunity for us to change the trajectory of the business and our financial performance.

我們的策略、實力和結構共同為我們提供了改變業務軌跡和財務表現的能力和機會。

We are on the right path.

我們走在正確的道路上。

We've made tough decisions, are holding ourselves to rigorous standards of performance and are doing more with less.

我們做出了艱難的決定，堅持嚴格的績效標準，並且用更少的資源做更多的事情。

As a system our charge over the coming year is to accelerate the pace of change and elevate the overall McDonald's experience in the eyes of our customers.

作為一個系統，我們來年的職責是加快改變步伐，提升顧客心目中麥當勞的整體體驗。

Thanks.

謝謝。

Now I will turn it over to Chris to begin the Q&A.

現在我將把它交給克里斯來開始問答。

Thanks, Pete.

謝謝，皮特。

I will now open the call for analyst and investor questions.

我現在將開始徵求分析師和投資者的問題。

(Operator Instructions) Joe Buckley, Bank of America Merrill Lynch.

（操作員指令）Joe Buckley，美國銀行美林公司。

I'm going to cheat right away and ask two but that is down from three, so I'm directionally complying.

我會立即作弊並詢問兩個，但這比三個要少，所以我會定向遵守。

A lot of discussion of plans for the US and seems more long term than near term and near-term sales results notwithstanding the slight improvement in the month of December have been so weak, I guess I'm curious what the plan is to change the trajectory of sales.

許多關於美國計劃的討論似乎都是長期的而不是近期的，儘管 12 月份的銷售業績略有改善，但近期的銷售結果仍然如此疲軟，我想我很好奇改變計劃是什麼銷售軌跡。

And then the related question I guess is on Create Your Taste, I think when we visited the restaurant with you in your mini-meeting in December, that was the sixth restaurant with Create Your Taste.

然後我想相關的問題是關於“創造你的口味”，我想當我們在12月份的小型會議上與你一起參觀這家餐廳時，那是第六家“創造你的口味”餐廳。

Now you are talking about 2,000.

現在你說的是2,000。

What is making you accelerate this from a financial standpoint?

從財務角度來看，是什麼讓您加速這一進程？

How confident are you that it works and what are the economics of Create Your Taste I guess is the basic question?

你對它的作用有多大信心？

Thanks for the questions.

感謝您的提問。

A couple of things.

有幾件事。

I will respond a little bit to the Create Your Taste piece and then I'm going to ask Mike to speak a little bit to some of those initiatives and actions that are actually in the near term because I think that was really your question.

我將對「創造你的品味」部分做出一些回應，然後我將請麥克談談近期實際實施的一些舉措和行動，因為我認為這確實是你的問題。

Relative to Create Your Taste, please keep this in mind.

相對於“創造你的品味”，請記住這一點。

We have been modeling out looking at Create Your Taste, Build Your Burger now for over three years.

三年多來，我們一直在模仿「創造您的口味，打造您的漢堡」。

We started this in the innovation center.

我們在創新中心開始了這項工作。

We moved to a test restaurant in Romeoville.

我們搬到了羅密歐維爾的一家測試餐廳。

As you know, Joe, when we look at something we look at all aspects of the implementation from not only the production side and the service side to crew interactions to consumer relevance and so we have been doing quite a bit in the prior years.

如你所知，喬，當我們關注某件事時，我們會專注於實施的各個方面，不僅包括生產方面和服務方面，還包括工作人員互動和消費者相關性，因此我們在過去幾年中做了很多工作。

Then we've had this in NA restaurant in test in the California area -- in the SoCal area -- we had it in test for about another year plus.

然後我們在加州地區的北美餐廳進行了測試——在南加州地區——我們又測試了大約一年多。

Also keep in mind we have had similar initiatives in markets outside of the US, markets like France on the service side of this.

請同時記住，我們在美國以外的市場（例如法國等市場的服務方面）也採取了類似的措施。

We had been looking at some of the digital application pieces of this in markets like Sweden.

我們一直在研究瑞典等市場的一些數位應用程式。

So all of these things have come together into what we today call Create Your Taste.

因此，所有這些東西都匯集在一起，形成了我們今天所說的“創造您的品味”。

So as we move forward now this is not about just having to add one restaurant.

因此，當我們現在向前邁進時，這不僅僅是增加一家餐廳。

This is about having three-plus, four-odd years of looking at a concept and various pieces of that concept coming together.

這是關於用三年多、四年多的時間來研究一個概念並將該概念的各個部分結合在一起。

Create Your Taste is not just about the food from a customization/personalization perspective, it's also about the digital engagement and interaction of customers via kiosk or mobile ordering.

「創造您的口味」不僅涉及客製化/個人化角度的食品，還涉及客戶透過自助服務終端或行動訂購進行的數位參與和互動。

It's also about a change relative to the interaction with our restaurant employees and how they engage and embrace the customers.

這也涉及到與我們餐廳員工的互動以及他們如何吸引和擁抱顧客的變化。

It's also about the physical changes within the restaurant as well as how we present our food so that you can understand and see the freshness of the produce and the quality of our proteins.

它還涉及餐廳內的物理變化以及我們如何展示食物，以便您可以了解和看到產品的新鮮度和蛋白質的品質。

And so this is a much broader piece than simply about the food itself.

因此，這是一個比簡單的食物本身更廣泛的內容。

It is about the overall experience and so hopefully that answers that question.

這是關於整體體驗的，因此希望能夠回答這個問題。

I will ask Mike to speak a little bit through some of the things taking place in the US because there are quite a few relative to the near term.

我會請麥克談談美國發生的一些事情，因為有很多與近期有關的事情。

As you mentioned, we are looking at our business clearly from a near-term and a longer-term perspective.

正如您所提到的，我們正在從近期和長期的角度清晰地審視我們的業務。

In the nearer term this is a market share game.

從近期來看，這是一場市佔率遊戲。

It's always going to be a market share game.

這始終是一場市場佔有率遊戲。

So we trust and we expect to see our more customized approach from our owner/operators.

因此，我們相信並期望看到我們的所有者/運營商提供更客製化的方法。

And in terms of a owner/operator-driven business plan locally it is based on the customer insights and the unique competitive sets in the marketplace.

就本地業主/營運商驅動的業務計劃而言，它是基於客戶洞察和市場上獨特的競爭環境。

And these plans are going to be multilayered in nature.

這些計劃本質上將是多層次的。

You will see disruptive value.

您將看到顛覆性的價值。

You will see new product news.

您將看到新產品新聞。

We will see service initiatives and then our regional management in our new structure is empowered to commit the resources to make these plans come to life.

我們將看到服務舉措，然後我們新結構中的區域管理層將被授權投入資源來實現這些計劃。

I don't think it can be underestimated the power of ownership by owner/operators of their own plan to execute it, own it and get results that we expect to get from those marketplaces.

我認為不能低估所有者/運營商執行計劃、擁有計劃並獲得我們期望從這些市場獲得的結果的所有權力量。

We are also looking at our marketing approach and making sure that we are leveraging the power of the three layers of marketing.

我們也正在研究我們的行銷方法，並確保我們利用三層行銷的力量。

Clearly we've got our local co-ops.

顯然我們有當地的合作社。

We've got our national and we also have local store marketing.

我們有全國性的行銷，也有本地的商店行銷。

And we are looking at a revamped marketing approach that better coordinates the specific roles and deliverables of our co-op marketing plans using more sophisticated analytics and data to understand the best way to approach.

我們正在研究一種改進的營銷方法，使用更複雜的分析和數據來更好地協調我們合作行銷計劃的具體角色和可交付成果，以了解最佳方法。

Certainly our national messaging comes on top of it to help build our brand.

當然，我們的國家訊息是最重要的，可以幫助建立我們的品牌。

We have a unique relationship with our customers and the recent advertising is rekindling that relationship in a way that people are used to over the years and we have enjoyed.

我們與客戶有著獨特的關係，最近的廣告正在以人們多年來習慣的方式重新點燃這種關係，我們也很享受。

And then the local market aspect of it is that it has been our heritage, owner/operators and McDonald's being the help of their local communities, very important to our turnaround plan as well as the local marketing store -- things that they are doing to combat the guy across the street from them.

然後，當地市場方面是我們的傳統、所有者/經營者和麥當勞在當地社區的幫助下，這對我們的周轉計劃以及當地的營銷商店非常重要——他們正在做的事情與他們街對面的人戰鬥。

That's kind of the key to that.

這就是關鍵。

Then we are looking at how we address the simplicity -- the complexity, I should say -- of our menu.

然後我們正在研究如何解決菜單的簡單性——我應該說是複雜性。

We have simplified our menu as we talked about last month.

正如我們上個月談到的那樣，我們簡化了菜單。

That is going into place, as a matter of fact, this week.

事實上，這一切將於本週落實。

That includes reduction in the EVMs, other menu items.

這包括減少 EVM 和其他選單項目。

Our test market results, which included faster order times and faster total times in the drive-thru continue to see performance above the controls.

我們的測試市場結果（包括更快的訂單時間和更快的得來速總時間）繼續看到效能高於控制。

So no single initiative is going to drive the improvements but it's all these working together and things that will create a differentiated customer experience that our customers will notice.

因此，沒有任何一項措施能夠推動改進，但所有這些共同努力才能創造出我們的客戶會注意到的差異化客戶體驗。

So we are looking at the US as 22 different regions.

因此，我們將美國視為 22 個不同的地區。

As you know there's multiple markets within those regions.

如您所知，這些地區有多個市場。

We are already seeing pockets of success and expect those pockets of success to grow.

我們已經看到了一些成功的案例，並期望這些成功案例能夠不斷擴大。

And then parallel to this short term we are looking at a longer term of refining our plans to make comprehensive changes that create an enhanced experience for the customers and continue to differentiate McDonald's from the other QSRs.

與此短期目標並行的是，我們正在著眼於長期完善我們的計劃，以進行全面的變革，為顧客創造更好的體驗，並繼續將麥當勞與其他快餐店區分開來。

So Don talked about CYT, you asked about it, that is only one element of this refined experience.

Don 談到了 CYT，你問過它，這只是這種精緻體驗的一個要素。

It is comprehensive in nature.

它本質上是綜合性的。

We are calling it the Experience of the Future.

我們稱之為未來體驗。

We are co-creating this with our owner/operators and we will present the plan to all of our owner/operators at a national meeting in March and right after that we will start aggressively expanding that up to 2,000 stores in 2015.

我們正在與我們的業主/經營者共同製定這項計劃，我們將在 3 月的全國會議上向所有業主/經營者介紹該計劃，之後我們將開始在 2015 年積極將門市數量擴大到 2,000 家。

Karen Holthouse, Goldman Sachs.

凱倫‧霍爾特豪斯，高盛。

So we've seen pretty meaningful pressure on margins in the fourth quarter this year and even if the commodity outlook into 2015 is fairly muted we are starting to see sort of on a more macrolevel some signs of QSR wages re-inflating.

因此，我們在今年第四季看到了利潤率面臨相當大的壓力，即使 2015 年的大宗商品前景相當黯淡，我們也開始在更宏觀的層面上看到一些 QSR 工資重新上漲的跡象。

Is that something you are also seeing in your system and assuming that is a factor in 2015 how should we think about the Company's philosophy of accepting that pressure versus passing it on and then on the franchise side really their ability to accept that pressure versus need to pass it on?

你是否也在你的系統中看到了這一點，假設這是2015 年的一個因素，我們應該如何思考公司接受壓力而不是傳遞壓力的理念，然後在特許經營方面，他們真正有能力接受壓力而不是需要壓力傳承下去？

As we have talked a lot over these last couple of years, margins are such a top-line game for us.

正如我們在過去幾年中多次談論的那樣，利潤率對我們來說是一個最重要的遊戲。

So very critical in the margin area that the plans and initiatives that Mike talked about especially in the US start to gain momentum and get that traction back on the top line.

在利潤率領域非常重要，麥克所談到的計畫和舉措（尤其是在美國）開始獲得動力，並重新獲得營收。

Having said that, we are in a relatively low inflation environment.

話雖如此，我們正處於通膨相對較低的環境。

So pricing, as I noted in my commentary, pricing will still be probably below our average if you assume the low inflationary environment continues.

因此，正如我在評論中指出的那樣，如果您假設低通膨環境持續下去，定價仍可能低於我們的平均值。

At the same time multiple states are increasing minimum wages.

與此同時，多個州正在提高最低工資。

We've got national healthcare impacting 2015 for the first time.

2015 年，我們首次迎來了全國醫療保健影響。

That is going to hit the McOpCo margin for about 20 basis points.

這將使 McOpCo 的利潤率下降約 20 個基點。

So I think the margin in the US will continue to be a little bit pressured by the combination of less price flexibility and a few of these costs but long term as the sales get back on track and start to grow, that is what will allow us to start to see the margin leverage.

因此，我認為美國的利潤率將繼續受到價格靈活性下降和其中一些成本的影響，但從長遠來看，隨著銷售重回正軌並開始增長，這將使我們能夠開始查看保證金槓桿。

And the same kind of dynamics are impacting franchisees' restaurants as well.

同樣的動態也影響著特許經營商的餐廳。

As they start to grow guest counts and cash flow they will start to offset some of these pressures.

隨著客人數量和現金流開始增加，他們將開始抵消其中一些壓力。

David Palmer, RBC.

大衛‧帕爾默，加拿大皇家銀行。

Could you talk a little bit more about Europe?

能多談談歐洲嗎？

My greatest area of curiosity lies with really the heart of Europe.

我最感興趣的領域其實是歐洲的中心。

France has been getting softer in recent months, at least I believe so.

法國近幾個月來變得更加疲軟，至少我這麼認為。

Germany has been soft for a while.

德國已經軟弱了一段時間。

It doesn't look like in those markets you are playing your B game.

在這些市場中，你看起來不像在玩 B 遊戲。

You have done a lot of good things there.

你在那裡做了很多好事。

Are consumer perceptions of McDonald's and fast food changing in Europe, or is this purely an economic issue and what are the steps you are taking to restore growth?

歐洲消費者對麥當勞和速食的看法是否正在發生變化，或者這純粹是經濟問題？

Thanks.

謝謝。

There's some positives and then there's some challenges relative to our business in Europe.

我們在歐洲的業務有一些正面因素，但也存在一些挑戰。

Some of the positives are in 2015 we will see -- if you look globally around the system first you will see some good high-yield growth.

我們將在 2015 年看到一些積極的一面——如果你先環顧全球系統，你會看到一些好的高收益成長。

There's parts of Europe where we will see a little bit of high-yield growth, i.e.

在歐洲的某些地區，我們將看到一些高收益成長，即

Germany will see a bit projected in 2015, the UK will see a bit.

預計 2015 年德國將有所變化，英國也將有所變化。

France is a more difficult market.

法國是一個更困難的市場。

France is actually projected to have some high-yield decline.

實際上，預計法國高收益債券將出現一定程度的下滑。

We have been gaining market share in both France and the UK despite some of the difficult broader business or macroenvironments.

儘管存在一些困難的更廣泛的商業或宏觀環境，但我們在法國和英國的市場份額一直在增加。

Germany we lost some share and we have talked about Germany as a priority market.

德國我們失去了一些份額，我們已經將德國視為優先市場。

What I will tell you is that as a priority market there were a number of changes that Germany has implemented.

我要告訴你的是，作為優先市場，德國實施了許多變革。

Some of those I spoke to relative to the actual team that we have there.

我採訪過的一些人與我們在那裡的實際團隊有關。

Our marketing leadership there, actually our agency, we changed out the agency in Germany.

我們在那裡的營銷領導層，實際上是我們的代理機構，我們更換了德國的代理機構。

We are seeing a collaboration with the franchisees that is much stronger.

我們看到與特許經營商的合作更加緊密。

So we are making some positive moves in our marketing plans, our menu plans and we are seeing some changes relative to how we are addressing the consumer in those markets.

因此，我們正在行銷計劃、菜單計劃中採取一些積極的舉措，並且我們看到了與我們針對這些市場消費者的方式有關的一些變化。

So I am feeling as if -- I mentioned Germany had -- we are seeing some recovery in Germany.

所以我感覺——我提到過德國——我們正在看到德國的一些復甦。

We are cautious as we say it because there are some challenges across Europe as we all know right now relative to the euro itself, but we are seeing some positive things there.

正如我們所說，我們持謹慎態度，因為我們現在都知道，相對於歐元本身，整個歐洲都面臨著一些挑戰，但我們在那裡看到了一些積極的事情。

But I would tell you it's broadly economic in many of the markets, with the exception of Germany where we have some things to do in terms of our own internal plans.

但我想告訴你，在許多市場上，這基本上都是經濟的，但德國除外，我們在自己的內部計劃方面有一些事情要做。

But for many of the other markets, we are gaining share or we're at a point where our businesses are continuing to compete on par with our competition there.

但對於許多其他市場，我們正在獲得份額，或者我們正處於我們的業務繼續與我們在那裡的競爭對手競爭的階段。

So it will be primarily an economic piece relative to Europe.

因此，這將主要是相對於歐洲的經濟部分。

Jeff Farmer, Wells Fargo.

傑夫法默，富國銀行。

Just following up on an earlier question.

只是跟進之前的問題。

What level of same-store sales growth do you guys need in both the US and Europe segments to hold on to restaurant level margins in 2015?

2015 年，美國和歐洲市場的同店銷售成長需要達到什麼水準才能維持餐廳水準的利潤率？

And you touched on it, but do you have any opportunities in the shorter term to control some of your potential costs on -- you mentioned labor, but some of the other costs on the restaurant level line?

您談到了這一點，但是您在短期內是否有機會控制一些潛在成本——您提到了勞動力，但餐廳層面的其他一些成本？

Historically, we have talked about a 2% to 3% margin -- I'm sorry, 2% to 3% comp needed to maintain margins in the US.

從歷史上看，我們談論過 2% 到 3% 的利潤率——抱歉，在美國需要 2% 到 3% 的利潤率來維持利潤率。

And again, that has been modeled in what we call a normal year.

再說一遍，這是以我們所謂的正常年份為模型的。

So where you have kind of normal commodity inflation, normal price elasticity and ability to raise prices, normal wage inflation, etc.

因此，如果存在正常的商品通膨、正常的價格彈性和漲價能力、正常的工資通膨等。

So a lot of those variables are a little bit out of whack for 2015.

因此，2015 年的許多變數都有點不正常。

So the prices I already addressed, we don't see getting to our historical levels.

因此，我已經提到的價格，我們認為不會達到歷史水平。

Wages will probably grow a little faster than normal, especially if you throw in the healthcare impact of that.

薪資成長可能會比正常情況快一點，特別是如果考慮到醫療保健的影響。

So again, as we think about it, especially in this first half of the year, US margins will continue to be a little bit under pressure.

因此，正如我們所想，特別是在今年上半年，美國的利潤率將繼續承受一些壓力。

David Tarantino, Robert W. Baird.

大衛塔倫提諾、羅伯特W貝爾德。

A couple of questions, Pete, around financial strategies.

皮特，有幾個關於財務策略的問題。

And I guess first, as you get into the re-franchising program that you mentioned, are you finding opportunities to potentially go deeper?

我想首先，當您進入您提到的再特許經營計劃時，您是否正在尋找可能進一步深入的機會？

And I guess the big picture question is, could you take the system to a much higher franchise percentage over time, say into the 90%s or even approaching 100%; is that even practical, or are you thinking about it differently?

我想大局問題是，隨著時間的推移，你能否將系統的特許經營百分比提高到 90% 甚至接近 100%？這是否可行，或您有不同的想法嗎？

And then maybe a second part of the financial question would be, are there ways to go deeper on some of the G&A cuts?

那麼財務問題的第二部分可能是，是否有辦法進一步削減一些一般行政費用？

I know you're reallocating $100 million, but are there other opportunities that you are seeing that might be able to limit the increases that you will see this year and into next year?

我知道您正在重新分配 1 億美元，但是您是否看到其他機會可以限制今年和明年的成長？

First on the re-franchising, we started out with our guidance that said at least 1,500 restaurants and we feel comfortable in being able to accomplish that over the next three years.

首先，在重新特許經營方面，我們一開始的指導方針是至少 1,500 家餐廳，我們對能夠在未來三年內實現這一目標感到放心。

I will tell you the dialogue with the area-of-the-world presidents has increased around re-franchising and the benefits that that can bring to the overall business.

我會告訴你，與世界各地總裁圍繞重新特許經營及其為整體業務帶來的好處的對話有所增加。

So we are not committing to a new target by any means but we also said that after that three-year period franchising will continue to be something that we look at and go after.

因此，我們不會以任何方式承諾新的目標，但我們也表示，三年期之後，特許經營將繼續成為我們關注和追求的目標。

100% we will never be but certainly the ability to continue to increase that franchise percentage over time is something that we will look at.

我們永遠不會達到 100%，但隨著時間的推移，我們肯定會考慮繼續提高特許經營百分比的能力。

On the G&A side, I think we've been fairly consistent since we announced our plans for the savings that we believe there are significant growth opportunities available in this McDonald's Experience of the Future.

在一般行政費用方面，我認為自從我們宣布節省計劃以來，我們一直相當一致，我們相信麥當勞未來體驗中存在重大增長機會。

And in fact since we first started talking about it we have gotten a little bit more aggressive in our plans to go after that in 2015.

事實上，自從我們第一次開始討論這個問題以來，我們在 2015 年的計劃中就變得更加激進了。

So for the short term you heard us say we don't think we can cut our way to growth in the G&A area.

因此，從短期來看，您聽到我們說我們認為我們無法在一般管理費用領域實現成長。

And we recognize these are a fairly significant amount of resources we are reinvesting.

我們認識到，我們正在對這些資源進行再投資，數量相當可觀。

But we believe that it is right for the long-term benefit of the business, as Mike said, to change the customer experience in the McDonald's restaurants.

但我們相信，正如麥克所說，改變麥當勞餐廳的顧客體驗對於企業的長期利益是正確的。

And as we think about reallocating kind of growth, growth resources, by cutting over $800 million of capital allocated to new restaurant openings and kind of redirecting it towards the McDonald's Experience of the Future, we think that's an appropriate and prudent thing to do in this environment.

當我們考慮重新分配成長、成長資源時，透過削減分配給新餐廳開設的超過 8 億美元的資金，並將其重新導向麥當勞的未來體驗，我們認為這是一個適當且謹慎的做法。

John Glass, Morgan Stanley.

約翰‧格拉斯，摩根士丹利。

Could you just clarify if the reduction in CapEx is a one-year production, or do you view this as the new run rate?

您能否澄清一下資本支出的減少是否是一年的生產，或者您將其視為新的運作率？

And what happens to this windfall, is it upside to the $18 billion to $20 billion of return, or are you just sort of making up for the shortfall in the cash flow of the business in the last year or so?

這筆意外之財會發生什麼事？

And then Mike, can you just talk about the pricing?

麥克，你能談談定價嗎？

I think you said menu reductions -- menu item reductions -- where are you in that process?

我想你說的是菜單減少——菜單項目減少——你在這個過程中處於什麼階段？

Is it hurting sales, or have you found it actually is sales neutral?

它是否會損害銷售，或者您是否發現它實際上對銷售沒有影響？

The same thing for the pricing adjustments.

價格調整也是如此。

I think you talked about maybe lowering or adjusting prices.

我想你談到了可能降低或調整價格。

Is it possible actually to see menu pricing go negative as a result of that?

菜單定價是否有可能因此而變成負值？

So the cut down to $2 billion that's not a permanent run rate.

因此，削減至 20 億美元並不是永久性的。

In these markets that we described you've heard us talk about the growth opportunities that exist in these markets.

在我們描述的這些市場中，您已經聽到我們談論這些市場中存在的成長機會。

It's a I'll call it a relatively shorter-term readjustment as we face the realities of the business environment we are operating in.

我將其稱為相對短期的調整，因為我們面臨著我們所處的商業環境的現實。

And so think about it as this is 2015-only and as we move throughout the year and regain that momentum that Don talked about, we will start to realize where the capital will go in 2015.

因此，請考慮一下，因為這只是 2015 年，當我們全年行動並重新獲得 Don 談到的勢頭時，我們將開始意識到 2015 年資本將流向何處。

But keeping that balance between investing in the Experience of the Future and the appropriate level of new restaurant openings and think about all of this in our $18 billion to $20 billion target.

但要在投資未來體驗和適當水平的新餐廳開業之間保持平衡，並在我們 180 億至 200 億美元的目標中考慮所有這些。

John, one of the things, and I know there has been a couple of questions kind of around this, we firmly believe based upon the strength of our business and the reach of our business as you all know we touch about 70 million customers a day.

約翰，其中一件事，我知道圍繞此存在一些問題，我們堅信，基於我們業務的實力和業務範圍，正如你們所知，我們每天接觸大約 7000 萬客戶。

One of the things that we have not leveraged as strongly has been the whole digital engagement aspect.

我們沒有充分利用的事情之一是整個數位參與方面。

So as we embarked upon the digital strategy we knew we were embarking upon something that was going to require us to make substantial investments to get it up to par, to be able to have mobile ordering and mobile payment.

因此，當我們開始實施數位策略時，我們知道我們正在進行的工作需要我們進行大量投資才能達到標準，以便能夠進行行動訂購和行動支付。

To be able to have promotional offerings that really really were relevant to customers today across all age ranges.

能夠提供真正與當今所有年齡層的客戶相關的促銷產品。

And so we have made substantial investments there.

因此我們在那裡進行了大量投資。

Our focus now is to focus on that in-restaurant experience of our existing base.

我們現在的重點是專注於我們現有基地的餐廳體驗。

So if we can improve upon that whether that's digital engagement, the physical assets themselves, the way the restaurants look, the placement of kiosks in the restaurant, our food offerings in the restaurant, that is where we are making substantial investments.

因此，如果我們能夠改進這一點，無論是數位參與、實體資產本身、餐廳的外觀、餐廳中售貨亭的放置、餐廳中的食品供應，這就是我們進行大量投資的地方。

This is not that much different than when we decided that we were going to focus on McCafe at one point, pulled back some of the new store capital at that time and reinvested it back in existing restaurants.

這與我們一度決定將重點放在麥咖啡上，當時撤回了一些新店資本並將其重新投資到現有餐廳時沒有太大不同。

And so we are doing something very similar as we look at the digital strategies, the in-restaurant experience and the Create Your Taste and food experiences in the restaurant.

因此，我們正在做一些非常相似的事情，我們著眼於數位策略、餐廳內體驗以及餐廳內的「創造你的口味」和美食體驗。

And so as we look at this we will continue to look at our expenditures both internally and externally but we will also be mindful where we have opportunities in some of the markets to grow, as those markets return to the level of growth and the level of I will say stability that we think is going to be needed for us to be able to continue our new development strategies in some of those markets.

因此，當我們考慮這個問題時，我們將繼續關注我們的內部和外部支出，但我們也會注意我們在某些​​市場上有成長機會的地方，因為這些市場恢復到成長水準和成長水準。說的是，我們認為我們需要穩定，才能在其中一些市場繼續我們的新發展策略。

Mike, if you would a little bit on menu.

麥克，請您稍微介紹一下菜單。

So John the menu rationalization that is being rolled out as we speak, we are expecting to see the same results that we saw in the test markets, which included obviously would be a throughput improvement because we're making it easier to order for our customers.

因此，約翰，就在我們發言時正在推出的菜單合理化，我們期望看到與我們在測試市場中看到的相同結果，其中顯然包括吞吐量的提高，因為我們正在讓客戶更容易訂購。

Less complexity in the kitchen.

減少廚房的複雜性。

So the time to get the food out of the kitchen and to the windows increases.

因此，將食物從廚房送到窗戶的時間增加了。

So we are seeing improved sales results against the control markets in our tests.

因此，在我們的測試中，我們看到相對於對照市場的銷售結果有所改善。

We expect to see that happen in the rest of the country.

我們希望看到這種情況在該國其他地區發生。

I did not speak specifically about pricing.

我沒有具體談論定價。

I did speak about value and that the markets are clearly more targeted in terms of their efforts around value and competitive threats within the marketplaces.

我確實談到了價值，而且市場在圍繞價值和市場內競爭威脅的努力方面顯然更具針對性。

So we are seeing more aggressive disruptive value offers in the marketplace today.

因此，我們今天在市場上看到了更具侵略性的顛覆性價值。

As a matter fact, we are moving to a strategy of more flexibility for the local markets to price the dollar menu and more, which is complementing their other value messages so that the level of aggressiveness and the tactics can be more reflective of the customer expectations, the specific competitive activity and the economic realities of each market.

事實上，我們正​​在採取一種更靈活的策略，為當地市場提供一美元菜單等的定價，這是對他們其他價值資訊的補充，以便攻擊性和策略的水平可以更好地反映客戶的期望、具體競爭活動和每個市場的經濟現實。

Keith Siegner, UBS.

基斯‧西格納，瑞銀集團。

I want to ask a question about Japan.

我想問一個關於日本的問題。

And I realized that it is a relatively small percentage of the overall operating profits but it is having a material impact on results.

我意識到，這在整體營業利潤中所佔的比例相對較小，但它對結果產生了重大影響。

And we have talked about the strategic rationale for this in the past and Pete what you've told us is, keeping that ownership percentage was important because it lets you influence that business and help to improve it.

我們過去已經討論過這樣做的戰略原理，皮特你告訴我們的是，保持所有權百分比很重要，因為它可以讓你影響該業務並幫助改進它。

We've had years of negative same-store sales including unit closures.

我們已經經歷了多年的同店銷售負成長，包括關閉單位。

You just mentioned that you expect this to continue for the foreseeable future.

您剛才提到您預計這種情況在可預見的未來將持續下去。

Is the plan enough -- since you are there to help influence it do we need like a wholesale restaging of the brand at this point?

這個計劃是否足夠——既然你在那裡幫助影響它，我們現在是否需要對品牌進行大規模的重新定位？

Where do we go with Japan?

我們和日本一起去哪裡？

Thanks.

謝謝。

Keith, I think that's a fair question.

基思，我認為這是一個公平的問題。

If you think about the unforeseen events over the last let's say six months, it's had a significant impact on the consumer perception of the brand in Japan.

如果你想想過去六個月發生的不可預見的事件，它對日本消費者對品牌的看法產生了重大影響。

And frankly there were some concerns about the consumer perception of the brand before these incidents.

坦白說，在這些事件發生之前，消費者對該品牌的看法存在一些擔憂。

And so to your point, I think there is an opportunity here in talking with the APMEA leadership and the Japan leadership, the recognition that there is kind of a clean sheet of paper approach to take a look at what we are doing with our brand positioning there and how we connect with the consumer so we can improve the trends in our business there over time.

因此，就您的觀點而言，我認為這裡有機會與 APMEA 領導層和日本領導層進行交談，認識到有一種全新的方法來審視我們在品牌定位方面所做的事情以及我們如何與消費者建立聯繫，以便我們能夠隨著時間的推移改善我們的業務趨勢。

Will Slabaugh, Stephens.

威爾·斯拉博，史蒂芬斯。

I wonder if you could talk a little bit more about the simplification of the menu and I know you have mentioned that it's happening right now.

我想知道您是否可以多談談菜單的簡化，我知道您已經提到它現在正在發生。

I wondered if you can talk about how much further you would be willing to go assuming you do see some improvement here and if you think that there would be much more room to take more off of the menu?

我想知道您是否可以談談，假設您確實看到了一些改進，您願意走多遠，並且您是否認為會有更多空間從菜單中刪除更多內容？

And then if you could sort of contrast that with any potential new menu items that you may introduce and where they may fall in terms of premium versus value?

然後，您是否可以將其與您可能推出的任何潛在新菜單項目進行對比，以及它們在溢價與價值方面可能會下降？

I think this menu rationalization process is clearly ongoing.

我認為菜單合理化過程顯然正在進行中。

As we look forward we've added quite a number of products over the last 18 months or so.

展望未來，我們在過去 18 個月左右的時間裡添加了相當多的產品。

So we are rationalizing that looking at clearly what the customers are ordering, what they expect to see.

因此，我們正在合理化，清楚地了解客戶訂購的內容以及他們期望看到的內容。

I think moving forward one of the things that we are seeing with Create Your Taste, obviously that offers unlimited variety to our guests.

我認為，我們在“創造您的口味”中看到的事情之一是向前邁進，顯然這為我們的客人提供了無限的多樣性。

They can now choose whatever they want so it takes some of the pressure off of a lot of the other menu items that we would have showing on the menu at a given time.

他們現在可以選擇他們想要的任何內容，這減輕了我們在給定時間在選單上顯示的許多其他選單項目的壓力。

In terms of the overall menu pipeline and what we are looking at today, obviously food is a high priority for me personally.

就整體菜單流程和我們今天所關注的內容而言，顯然食物對我個人來說是重中之重。

I think that is the foundation of where we are taking the business moving forward and what the expectations of the consumer are.

我認為這是我們推動業務向前發展以及消費者期望的基礎。

So we are seeing this localization of more locally relevant products that are being drawn or pulled from the marketplace as they get into the customer insights.

因此，我們看到更多本地相關產品的在地化，當它們進入客戶洞察時，這些產品正在從市場中抽取或撤出。

We are looking at building our culinary talents to support our talented US chefs.

我們正在考慮培養我們的烹飪人才來支持我們才華橫溢的美國廚師。

We are including our supplier team of chefs.

我們還包括我們的供應商廚師團隊。

We've got some outside consultants who will bring a fresh and forward-thinking perspective on our menu vision.

我們有一些外部顧問，他們將為我們的菜單願景帶來新鮮和前瞻性的視角。

We are looking at educating America on our food, so this conversation about Our Food, Your Question, giving them facts.

我們正在考慮對美國人進行關於我們的食物的教育，所以這次關於我們的食物，你的問題的對話，向他們提供事實。

We have seen 20 million hits on YouTube, 4.1 billion earned media impressions.

YouTube 上的點擊量已達 2,000 萬次，媒體曝光量達 41 億次。

So that is resonating with our consumers and all about the quality story.

這引起了我們消費者的共鳴以及所有關於品質的故事。

We have to make sure that our quality aligns with the consumer's definition of quality moving forward.

我們必須確保我們的品質符合消費者對品質的定義。

And so we are going to be very aggressive in that area looking at -- working with our owner-operators to revise our product vision for a very different future as led by the consumer, from the provenance to the label ingredients to the processes we use to bring the food from farm to table.

因此，我們將在該領域非常積極地與我們的業主運營商合作，修改我們的產品願景，以實現由消費者主導的截然不同的未來，從來源到標籤成分再到我們使用的流程將食物從農場送到餐桌。

We have opportunities to clean up our ingredient list and enhance the taste and as you mentioned, a lot of innovation going on including Create Your Taste.

我們有機會清理我們的成分清單並增強口味，正如您所提到的，正在進行大量創新，包括創造您的口味。

We are evolving our menu in response to a lot of the consumer trends.

我們正在改進我們的菜單，以回應許多消費趨勢。

We're launching new products at a national level this year and we're complementing that on differentiated products at a local level, as I mentioned allowing the marketplaces to address the specific and the regional taste that exist out there today.

今年我們將在全國範圍內推出新產品，並在地方層面上對差異化產品進行補充，正如我所提到的，允許市場滿足當今存在的特定和區域口味。

So a lot of new product news to see in the coming year and news on our food in general.

因此，來年會有很多新產品新聞以及有關我們食品的新聞。

Matt DiFrisco, Buckingham Research.

馬特‧迪弗里斯科，白金漢研究中心。

Hi, this is Katherine for Matt.

大家好，我是馬特的凱瑟琳。

Can you talk about your comp gap between your December same-store sales to the overall QSR sandwich category?

您能談談 12 月份同店銷售額與整體 QSR 三明治類別之間的比較差距嗎？

And then also the second part of the question is regarding your Create Your Taste, can you comment on if this, any incremental traffic that you are seeing and with the customization is it adding another level of complexity to the operations?

然後問題的第二部分是關於您的“創建您的品味”，您能否對此發表評論，您所看到的任何增量流量以及定制是否會增加操作的另一級複雜性？

Any effect on the speed of service?

對服務速度有影響嗎？

Thank you.

謝謝。

Regarding the comp gap, clearly that is an important metric for us to follow and certainly we have high awareness of that in our marketplaces today.

關於薪資差距，顯然這是我們需要遵循的一個重要指標，當然我們在當今的市場中對此有著很高的認識。

So we are seeing that we were confronted with some inflationary pressures that are well documented and I think we have kind of lost our focus on the customer relative to value while the competition became more aggressive, so we are seeing that gap start to improve.

因此，我們看到我們面臨一些有據可查的通膨壓力，我認為，隨著競爭變得更加激烈，我們已經失去了對客戶相對於價值的關注，所以我們看到這種差距開始改善。

Be less negative.

少一點消極。

Of course that gap varies by marketplace.

當然，這種差距因市場而異。

We have markets that actually have a positive comp gap.

我們的市場其實存在著正的競爭差距。

So obviously we are learning from the things that are happening in those markets.

顯然，我們正在從這些市場發生的事情中學習。

But as I mentioned our plans and our tactics in each market they've got multiple layers which include proactive and reactive targeted tactics against specific competitive activity.

但正如我所提到的，我們在每個市場的計劃和策略都有多個層次，其中包括針對特定競爭活動的主動和被動的有針對性的策略。

Specifically the gap for December was 4.1.

具體而言，12 月的差距為 4.1。

Negative 4.1.

負面 4.1。

Relative to Create Your Taste, clearly we are seeing positive results.

相對於“創造你的口味”，我們顯然看到了積極的結果。

We have Australia at a point that by yearend they will have implemented nearly 900 restaurants on the platform.

澳洲到年底他們將在該平台上開設近 900 家餐廳。

Again it is a much more integrated platform.

它又是一個更整合的平台。

So it encompasses service, it encompasses multiple order points, so the kiosk applications, mobile applications, those things as well as being able to still approach the business in a traditional sense through the front corner or through drive-thru.

因此它包含服務，它包含多個訂購點，因此自助服務終端應用程式、行動應用程式等這些東西以及仍然能夠透過前角或透過得來速以傳統意義上的方式處理業務。

We are looking at all aspects of how we bring this new food offering and customer choice and customization to all the customers who want to experience McDonald's.

我們正在研究如何為所有想要體驗麥當勞的顧客提供這種新食品、顧客選擇和客製化服務的各個方面。

And so we are seeing some positives in the markets, clearly, otherwise we would not be implementing this.

因此，我們顯然在市場上看到了一些正面因素，否則我們就不會實施這項措施。

I would tell you that from a service perspective no matter what you implement throughout the years in the McDonald's system, initially what you are going to see is a slight service increase -- decrease, I would say -- in terms of the effectiveness of us being able to serve in the initial month or two and then that should come right back and we should be able to be even more efficient.

我想告訴你，從服務的角度來看，無論你多年來在麥當勞系統中實施什麼，最初你會看到服務略有增加 - 我想說 - 就我們的效率而言，服務有所減少能夠在最初的一兩個月內服務，然後應該會立即回來，我們應該能夠更有效率。

That's the same thing that we are seeing with Create Your Taste thus far.

到目前為止，我們在“創造您的品味”中看到的也是同樣的情況。

So thus far we are very positive on Create Your Taste but we are also mindful that we need to do this the right way.

到目前為止，我們對「創造您的品味」非常積極，但我們也注意到我們需要以正確的方式做到這一點。

So we are not rushing to try to implement the US over a one- or two-year period, we are looking at the applications to make sure that they get the impact that we want from a guest count, a sales and an average check perspective, which is also a huge aspect as well as the halo around the freshness of our food and all of our produce.

因此，我們並不急於嘗試在一兩年內實施美國市場，我們正在研究這些申請，以確保它們從客人數量、銷售額和平均支票角度獲得我們想要的影響，這也是一個重要的方面，以及圍繞我們的食物和所有產品的新鮮度的光環。

So we are excited about what we see thus far but we're also cautious about how we continue to implement this across the year.

因此，我們對迄今為止所看到的情況感到興奮，但我們對全年如何繼續實施這一點也持謹慎態度。

Sara Senatore, Sanford Bernstein.

薩拉·參議員，桑福德·伯恩斯坦。

Actually two follow-ups.

其實還有兩個後續。

The first is on Create Your Taste and what you're seeing in Australia.

第一個主題是「創造您的品味」以及您在澳洲所看到的。

I think one of the differences certainly for example with France where you've had some very nice success with some of these initiatives is that the dine-in traffic -- the dine-in is a much smaller portion in the US.

我認為，與法國的區別之一肯定是，在法國，您在其中一些舉措中取得了一些非常好的成功，這就是堂食流量——在美國，堂食所佔的比例要小得多。

So I guess the first question is, are these kind of initiatives less relevant in the US because just the mix of your business so much of it goes to the drive-thru, or even carryout.

所以我想第一個問題是，這些舉措在美國是否不太相關，因為您的業務組合中有很大一部分都進入了得來速，甚至外賣。

And I guess the second question I wanted to ask was a follow-up on when you are talking about improving the quality halo and the provenance.

我想我想問的第二個問題是關於提高品質光環和出處的後續問題。

When I look at the competitive set, what I would call traditional QSRs, there are some that are doing quite well without any of that with I think to sort of a core competency around speed and service.

當我觀察競爭對手時，我稱之為傳統的 QSR，有些在沒有任何這些的情況下做得很好，我認為在速度和服務方面有一些核心競爭力。

Mike, maybe you could talk about diagnosing that, why some of your very direct competitors seem to be doing well even in the absence of fitting in with some of these trends about quality and provenance and just sort of the fast-casual direction.

麥克，也許你可以談談診斷，為什麼你的一些非常直接的競爭對手即使不符合其中一些關於品質和出處以及快速休閒方向的趨勢，似乎也做得很好。

Thanks.

謝謝。

Okay.

好的。

I'll take both parts, Sara.

我會接受這兩個部分，薩拉。

On the first part, relative to Create Your Taste and different dynamics, or better yet Experience of the Future in different dynamics because what France is doing is not an implementation of Create Your Taste at this point.

第一部分，相對於「創造你的品味」和不同的動態，或者更好的是在不同的動態中體驗未來，因為法國目前所做的並不是「創造你的品味」的實施。

They have implemented multiple order points and now you can place an order through the kiosk, front counter, table service, Web ordering, etc., mobile ordering.

他們已經實現了多個訂購點，現在您可以透過自助服務終端、前台、餐桌服務、網路訂購等、行動訂購來下訂單。

And when you look at the table service in France, yes there is a stronger SKU to in-store versus drive-thru.

當你看看法國的餐桌服務時，你會發現，與得來速相比，店內的 SKU 更強。

However, I would tell you this, what we do is look at things like that and we will tailor those based upon the market that we are implementing in.

然而，我想告訴你的是，我們所做的就是研究類似的事情，我們將根據我們正在實施的市場來客製化這些事情。

So we already know that in the US with the restaurants that are implementing Create Your Taste, that we have seen very positive results.

因此，我們已經知道，在美國，餐廳正在實施“創造您的口味”，我們已經看到了非常積極的結果。

Therefore, what we are doing is pulling customers who have a little bit more time and want to experience the restaurant inside to come inside the restaurant.

所以我們所做的就是把時間多一點、想體驗裡面餐廳的顧客拉到餐廳裡面。

We have made tremendous investments in terms of reimaging and actually we have more customers that are seeing those investments in this environment and with the offering of Create Your Taste.

我們在重塑形象方面進行了大量投資，實際上，我們有更多的客戶看到了在這種環境中的投資以及「創造您的品味」的產品。

So they will be modeled for the various markets around the world based upon what is going to appeal to customers the most.

因此，它們將根據最能吸引客戶的內容，針對世界各地的各個市場進行建模。

France will not be implementing Create Your Taste at the same pace as say Australia has.

法國不會像澳洲一樣以同樣的速度實施「創造你的品味」。

Australia is at a different point with regard to say Web ordering than France has been.

在網上訂購方面，澳洲與法國處於不同的階段。

So we will learn from all of those things as we bring this forward.

因此，當我們推進這項計劃時，我們將從所有這些事情中學習。

But nonetheless, Create Your Taste, table service in France, kiosk applications across Europe, all of those things have been successful for us and really the Experience of the Future aspect pulls them altogether.

但儘管如此，「創造您的口味」、法國的餐桌服務、歐洲各地的自助服務終端應用程序，所有這些事情對我們來說都取得了成功，而且真正的「未來體驗」方面將它們結合在一起。

And so you're going to see some variations across markets but clearly we will look at the performance metrics to make sure we are moving forward effectively.

因此，您會看到各個市場之間存在一些差異，但顯然我們會查看績效指標，以確保我們有效地前進。

This is none like again McCafe was very different in Australia than it is in the US, yet still McCafe has worked in both.

這與麥咖啡在澳洲和美國的情況截然不同，但麥咖啡仍然在這兩個國家工作過。

On the other side relative to traditional QSRs, I would offer this.

另一方面，相對於傳統的 QSR，我會提供這個。

No one is really shining that brightly relative to the traditional QSR space.

相對於傳統的 QSR 領域，沒有人真正閃耀得那麼耀眼。

I think what we're talking about at McDonald's is appealing more to the consumers that are out there, that are IEO customers.

我認為我們在麥當勞談論的是對外面的消費者，即 IEO 客戶更具吸引力。

So it is not about QSR thing or a fast-casual thing, it is about good tasting food, it's about affordability, it is about transparency as a brand, it's about a great service experience that gives me choice.

因此，這與快餐或休閒快餐無關，而是與美味的食物有關，與負擔能力有關，與品牌的透明度有關，與為我提供選擇的優質服務體驗有關。

Those are the things that we are putting in place and those are the things that will help us propel this business and move it forward.

這些是我們正在實施的事情，這些事情將幫助我們推動這項業務並推動其向前發展。

So we are not gauging ourselves by other QSRs, if you would, we are gauging ourselves by the market opportunity and we want to do that.

因此，我們不會透過其他 QSR 來衡量自己，如果你願意的話，我們會透過市場機會來衡量自己，我們希望這樣做。

I would also tell you that as we look forward at the markets around the world, each of those markets as we've said today is very different and at different places.

我還想告訴你，當我們展望世界各地的市場時，我們今天所說的每個市場都非常不同，並且位於不同的地方。

So they will be able to bring the Experience of the Future to life in their markets relative to their customer bases.

因此，他們將能夠在其客戶群相關的市場中帶來未來的體驗。

We are not skipping over the existing execution of the core products that we have, the core menu that we have, core service expectations, quality service cleanliness.

我們不會跳過我們現有的核心產品、核心菜單、核心服務期望、優質服務清潔度的現有執行。

Those things are important in every single market we have around the world today.

這些東西對於當今世界各地的每個市場都很重要。

We are out of time so I will turn it over to Don, who has a few closing comments.

我們已經沒有時間了，所以我將把它交給唐，他有一些結束語。

Let me just make a couple of comments because it came up a couple of times about our franchisees.

讓我簡單說幾句評論，因為這個問題曾經多次出現在我們的特許經營商身上。

And thoughts about one was someone mentioned something relative to implementation and franchisees and how they thought about it.

關於其中一個的想法是有人提到了一些與實施和加盟商相關的事情以及他們的想法。

I have to tell you the last couple of years as we have said have been difficult but as a global system all of our system has experienced quite a bit and endured many unforeseen changes in the local markets.

我必須告訴你，正如我們所說，過去幾年很困難，但作為一個全球系統，我們的所有系統都經歷了相當多的過程，並經歷了當地市場的許多不可預見的變化。

But at the same time we have charted and begun to implement a stronger pathway for future growth.

但同時，我們已經制定並開始實施更強有力的未來成長途徑。

I couldn't be more proud of the franchisees we have around the world.

我為我們在世界各地擁有的特許經營商感到無比自豪。

They own and operate 81% of our restaurants and without them we would not have been able to endure those things which we have over the last couple of years.

他們擁有並經營我們 81% 的餐廳，如果沒有他們，我們將無法忍受過去幾年所經歷的這些事情。

Whether that was geopolitical issues or food related issues, our franchisees along with the employees and suppliers have done a tremendous job and it is that strength that is going to propel us forward.

無論是地緣政治問題還是食品相關問題，我們的特許經營商以及員工和供應商都做了巨大的工作，正是這種力量將推動我們前進。

It is that unmentioned strength, if you would, that we don't often talk about when we talk about the financials but it is one of the things that has made McDonald's special and it is one of the things that will fuel our growth as we move forward.

如果你願意的話，正是這種未提及的優勢，當我們談論財務時，我們並不經常談論它，但它是使麥當勞與眾不同的因素之一，也是推動我們成長的因素之一。前進。

I want to thank all of you for joining us on the call today.

我要感謝大家今天加入我們的電話會議。

2015, as we have said, will be a year of regaining momentum.

正如我們所說，2015年將是恢復勢頭的一年。

We are making progress as we move even closer to our customers and as we change to be more relevant and more progressive.

隨著我們更加貼近客戶，隨著我們變得更加相關和更加進步，我們正在取得進展。

Modern service, genuine hospitality, personal engagement, more relevant customized menus and a brand that people can trust, truly trust, this is the McDonald's Experience of the Future.

現代服務、真誠的款待、個人化的參與、更相關的客製化菜單以及人們可以信賴、真正信賴的品牌，這就是麥當勞的未來體驗。

It is the pact that we are forging and I will tell you that the future is already on its way.

這是我們正在締結的協議，我會告訴你，未來已經在路上。

Our confidence in our brand and the competitive advantages and strengths of our system are truly a reflection of our ability to learn from our past but to also be purposeful and agile in the present and to strategically plan and evolve with changing customers perceptions, attitudes and desires as we move into the future.

我們對品牌的信心以及我們系統的競爭優勢和優勢，真正反映了我們從過去學習的能力，同時也體現了我們在當下保持目標明確、敏捷的能力，並根據不斷變化的客戶觀念、態度和願望進行策略規劃和發展。

Thank all of you for attending and participating on the call today and have a great day.

感謝大家今天出席並參加電話會議，祝您有美好的一天。