億滋國際 (MDLZ) 2016 Q4 法說會逐字稿

Good evening and welcome to Mondelez International's 2016 fourth quarter and full-year earnings conference call. Today's call is scheduled to last about one hour, including remarks by Mondelez's management and the question-and-answer session.

晚上好，歡迎參加億滋國際2016年第四季及全年業績電話會議。今天的電話會議預計持續約一小時，包括億滋國際管理層的演講和問答環節。

(Operator Instructions)

（操作說明）

I'd now like to turn the call over to Mr. Shep Dunlap, Vice President, Investor Relations for Mondelez. Please go ahead.

現在我將把電話交給億滋國際投資者關係副總裁謝普‧鄧拉普先生。請繼續。

Thank you and good afternoon and thanks for joining us. With me today are Irene Rosenfeld, our Chairman and CEO, and Brian Gladden, our CFO. Shortly after market close today, we sent out our earnings release and presentation slides, which are available on our website, mondelezinternational.com/investors.

謝謝，下午好，謝謝各位的參與。今天陪同我的是我們的董事長兼執行長艾琳·羅森菲爾德，以及我們的財務長布萊恩·格拉登。今天股市收盤後不久，我們就發布了收益報告和演示文稿，這些資料可以在我們的網站 mondelezinternational.com/investors 上找到。

During this call, we will make forward-looking statements about the Company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-K and 10-Q filings for more details on our forward-looking statements.

在本次電話會議中，我們將對公司的績效做出前瞻性陳述。這些說法是基於我們今天看待事物的方式。由於風險和不確定因素，實際結果可能與預期有重大差異。有關我們前瞻性聲明的更多詳情，請參閱我們 10-K 和 10-Q 文件中包含的警示性聲明和風險因素。

Some of today's prepared remarks include non-GAAP financial measures. Today we will be referencing our non-GAAP financial measures, unless otherwise noted. You can find the GAAP to non-GAAP reconciliations within our earnings release and at the back of the slide presentation.

今天準備的發言稿中部分內容涉及非GAAP財務指標。除非另有說明，今天我們將參考非GAAP財務指標。您可以在我們的獲利報告中以及投影片簡報的背面找到 GAAP 與非 GAAP 的調整表。

Before we get started, I have one comment regarding the timing of our calls. Based on investor feedback from recent surveys, we plan to hold our earnings calls after market close going forward. We heard from many investors who would prefer not to have the call during market trading. This new timing allows additional time to digest results and provide commentary prior to the next day's market open. And with that, I'll now turn the call over to Irene.

在我們開始之前，關於通話時間，我有一點要說明。根據近期調查中投資人的回饋，我們計劃今後在股市收盤後舉行財報電話會議。我們了解到，許多投資者不希望在市場交易期間接到電話會議。新的時間安排使得人們有更多的時間消化結果，並在第二天市場開盤前發表評論。接下來，我將把電話交給艾琳。

Thanks, Shep, and good afternoon. As you read news from around the world these days, it's clear that an unprecedented number of economies are facing significant disruption and uncertainty. Slower GDP growth, currency and commodity volatility, the uncertain impact of the Brexit vote, market shocks like the recent demonetization in India, and complex developments in the political landscape, including a backlash against globalization. The impact from these events are being felt across many companies and industries, and we are not immune. We're dealing with these realities with a sense of urgency to control what we can and create contingencies for what we can't.

謝謝你，謝普，下午好。從近期世界各地的新聞來看，很明顯，數量空前的經濟體正面臨巨大的混亂和不確定性。GDP成長放緩、貨幣和商品波動、英國脫歐公投的不確定性影響、印度最近的廢鈔令等市場衝擊，以及政治格局的複雜發展（包括對全球化的反彈）。這些事件的影響波及許多公司和產業，我們也不例外。我們正在以緊迫感應對這些現實，力求控制我們能控制的事情，並為我們無法控制的事情制定應急方案。

Before diving into our results, I'd like to take a step back to underscore our approach for long-term value creation in today's uncertain world. Our strategy is guided by the belief that the best companies have been and will continue to be those with the brands, platforms and capabilities to create long-term value for shareholders by delivering sustainable growth on both the bottom and the top lines. We continue to improve operational efficiencies throughout our business, expanding margins and focusing on delivering consistent returns to shareholders by growing our bottom line. In fact, over the past four years, we have delivered double-digit compound growth in adjusted EPS at constant currency. Few of our competitors have done that.

在深入探討我們的研究成果之前，我想先回顧一下，強調我們在當今充滿不確定性的世界中創造長期價值的方法。我們的策略指導原則是，最好的公司過去是、現在是、將來也仍將是那些擁有品牌、平台和能力，能夠透過在營收和利潤方面實現永續成長，為股東創造長期價值的公司。我們不斷提高業務營運效率，擴大利潤率，並透過提高淨利潤，專注於為股東帶來持續回報。事實上，過去四年，我們以固定匯率計算的調整後每股盈餘實現了兩位數的複合成長。我們的競爭對手中很少有人這樣做。

But we also recognize that great companies simply cannot cut their way to long-term growth, and so we haven't lost sight of the need to invest in our business to support sustainable top line growth. While we are encouraged by our results in 2016, we acknowledge that our top line is not yet where we want it to be. Some of this is due to factors outside of our control. Some is due to mixed execution on our part. And some reflects deliberate actions we've taken to run a more profitable business.

但我們也意​​識到，偉大的公司不可能透過削減成本來實現長期成長，因此我們始終沒有忘記投資於我們的業務以支持可持續的收入成長。儘管我們對 2016 年的業績感到鼓舞，但我們也承認，我們的營收還沒有達到我們想要的目標。其中一些原因是由於我們無法控制的因素造成的。部分原因是由於我們執行不力造成的。有些反映了我們為實現更盈利的業務而採取的刻意措施。

So with that as context, let me discuss our 2016 performance. In the fourth quarter, we delivered adjusted EPS of $0.47, up 12%, adjusted OI margin expansion of 110 basis points, organic revenue growth of only 0.6%, reflecting the significant impact from India demonetization and selected market contractions. Our power brands grew nearly 2%, which outpaced category growth. And we returned $1.1 billion to our shareholders.

基於以上背景，讓我來談談我們2016年的表現。第四季度，我們實現了調整後每股收益 0.47 美元，增長 12%；調整後營業利潤率增長 110 個基點；有機收入增長僅為 0.6%，這反映了印度廢鈔令和部分市場萎縮的重大影響。我們的主力品牌成長了近 2%，超過了品類整體的成長速度。我們向股東返還了11億美元。

For the full year, we delivered adjusted EPS growth of 24% at constant currency, strong adjusted OI margin expansion up 230 basis points, fueled by significant net productivity and overhead savings, organic growth of 1.3%, including the impact of approximately 110 basis points from revenue management and India demonetization. Once again, our power brands grew above category rates, up nearly 3%. And we returned $3.7 billion to our shareholders.

全年來看，我們以固定匯率計算實現了 24% 的調整後每股收益增長，調整後營業利潤率強勁增長 230 個基點，這主要得益於顯著的淨生產率和運營成本節約，有機增長為 1.3%，其中包括收入管理和印度廢鈔令帶來的約 110 個基點的影響。我們的主力品牌再次超越同類產品平均水平，成長近 3%。我們向股東返還了37億美元。

We achieved these results despite the current market realities. For example, in the UK and India, two markets with good momentum through the first half, extraordinary events like Brexit and demonetization muted the impact of our investments. And in Brazil and US Biscuits, two highly competitive markets, our trade spending in the quarter did not deliver the volumes we expected. In Brazil, macroeconomic headwinds depressed demand for biscuits and led to significant down trading by consumers. And in the US, aggressive spending by a key competitor failed to provide any uplift in growth and simply compressed margins.

儘管面臨當前的市場現實，我們仍然取得了這些成果。例如，在英國和印度這兩個上半年發展勢頭良好的市場，英國脫歐和廢鈔令等特殊事件削弱了我們投資的影響。在巴西和美國餅乾這兩個競爭非常激烈的市場，我們本季的貿易支出並沒有達到我們預期的銷售量。在巴西，宏觀經濟逆風抑制了對餅乾的需求，導致消費者大幅降低購買力。而在美國，主要競爭對手的激進支出未能帶來任何成長提升，反而壓縮了利潤率。

From time to time in the short term, we will choose to defend our share in response to specific competitive actions. Over the long term, however, we are far more focused on growing our share and our categories through brand equity, innovation and price pack architecture, and that's where we're making most of our investments. So despite some puts and takes on the top line, we continue to grow; and on the bottom line, we're significantly expanding margins and delivering sizable returns to our shareholders.

短期內，我們會不時地選擇捍衛我們的市場份額，以應對特定的競爭行為。但從長遠來看，我們更專注於透過品牌資產、創新和價格包裝架構來擴大市場份額和品類，這也是我們投入最多資金的領域。因此，儘管營收方面出現了一些波動，但我們仍在持續成長；在利潤方面，我們正在大幅提高利潤率，並為股東帶來可觀的回報。

As we've outlined before, our strategy is built on three pillars, investing for growth, reducing costs and focusing our portfolio. We will have more time to update you on our progress at CAGNY, but let me quickly give you some 2016 highlight.

正如我們之前概述的那樣，我們的策略建立在三大支柱之上：投資成長、降低成本和聚焦投資組合。我們將有更多時間向您報告我們在 CAGNY 的進展，但讓我先快速地向您介紹 2016 年的一些亮點。

Disciplined investing for growth remains critical to our strategy. As Tim Cofer, our Chief Growth Officer, outlined last September, our growth plan is focused in three areas. First, contemporizing our core business to ensure that our portfolio remains relevant to today's consumers. This includes increasing resources and investment behind our power brands, our largest and most profitable trademarks, which represent nearly 70% of our revenues. This focus is paying off. In 2016, our power brands continued to outpace category growth, led by Oreo, Milka and belVita.

穩健的投資以實現成長仍然是我們策略的關鍵。正如我們的首席成長長蒂姆·科弗去年九月所概述的那樣，我們的成長計劃集中在三個領域。首先，對我們的核心業務進行現代化改造，以確保我們的產品組合與當今消費者的需求保持相關性。這包括增加對我們主力品牌（我們規模最大、獲利能力最強的商標，占我們收入的近 70%）的資源和投資。這種專注正在發揮成效。2016年，我們的主力品牌持續超越類別成長速度，其中以奧利奧、妙卡和焙朗為首。

Second, we're adding to the core by filling in key white spaces, by bringing our power brands to growing markets and usage occasions where we're underrepresented today. We are seeing early success from our launches of Milka Chocolate in China and the repatriation of our Nabisco Biscuit trademarks in Japan. And we just entered the US chocolate market with Milka Oreo and Green & Black's. We're also addressing consumer white spaces, the most significant of which is the shift toward well-being. Good Thins and belVita Softbakes are two examples from our strong innovation pipeline, and GMO-free Triscuit is one of our most recent examples of brand renovation.

其次，我們正在透過填補關鍵空白來壯大核心業務，將我們的強勢品牌帶到我們目前尚未充分覆蓋的成長型市場和使用場景。我們在中國的Milka巧克力上市以及在日本收回Nabisco餅乾商標都取得了初步成功。我們剛帶著Milka Oreo和Green & Black's進入了美國巧克力市場。我們也關心消費者的空白領域，其中最重要的是轉向健康福祉的轉變。Good Thins 和 belVita Softbakes 是我們強大的創新產品線中的兩個例子，而不含基因改造成分的 Triscuit 是我們最近的品牌重塑案例之一。

Third, we're expanding sales and distribution capabilities to ensure that our products are available wherever and whenever people shop. In the online arena, which is a small but growing channel for snacks, as consumers increasingly choose to shop online, we're building an industry-leading e-commerce snacks business, targeting at least $1 billion in revenue by 2020. Despite our overall reduction in overheads, we've invested to build a dedicated e-commerce team and to enhance our supply chain capabilities in this space. These efforts are already paying off, as our e-commerce business grew more than 35% on a reported basis in 2016.

第三，我們正在擴大銷售和分銷能力，以確保我們的產品在任何時間、任何地點都能被消費者購買。在零食的線上銷售領域，雖然規模較小但成長迅速，因為消費者越來越傾向於在線購物，我們正在打造行業領先的電子商務零食業務，目標是到 2020 年實現至少 10 億美元的收入。儘管我們整體上降低了營運成本，但我們仍然投資組建了一支專門的電子商務團隊，並提升了我們在該領域的供應鏈能力。這些努力已經初見成效，據報告，2016 年我們的電子商務業務成長超過 35%。

While we continue to invest to drive the top line, given today's market realities, we have sharpened our focus even more on reducing costs. And you can see the impact on our expanded margins, as cost consciousness has become part of our DNA. Our supply chain reinvention program, now in its fifth year, is delivering strong net productivity and we still have a long runway of opportunity ahead of us, especially as we put more of our power brands onto advantaged assets and continue to leverage our integrated Lean Six Sigma tools.

儘管我們仍在繼續投資以推動營收成長，但鑑於當今的市場現實，我們更加重視降低成本。您可以看到，成本意識已經融入我們的基因，這體現在我們不斷擴大的利潤率。我們的供應鏈重塑計畫已經進入第五年，帶來了強勁的淨生產力，而且我們還有很長的發展道路，尤其是在我們將更多強勢品牌轉移到優勢資產上，並繼續利用我們整合的精益六西格瑪工具的情況下。

To aggressively reduce overheads, we've actively embraced zero-based budgeting. Over the past three years, our ZBB initiative has saved over $500 million in indirect costs. We're also building a global shared services capability, which leverages our scale to simplify and standardize key back office processes.

為了大幅降低營運成本，我們積極採用了零基預算。過去三年，我們的零基預算計畫已節省了超過 5 億美元的間接成本。我們也正在建立全球共享服務能力，利用我們的規模優勢來簡化和標準化關鍵的後台流程。

These supply chain and overhead benefits will continue to build over the next couple of years. As a result, we're well on track to deliver our adjusted OI margin target of 17% to 18% by 2018, and we have good visibility to expand margins beyond that.

這些供應鏈和管理方面的效益將在未來幾年內持續成長。因此，我們預計在 2018 年實現 17% 至 18% 的調整後營業利潤率目標，並且我們有良好的前景進一步擴大利潤率。

Finally, we continue to take actions to focus our portfolio so resources can be deployed to the highest return opportunities. Most recently, we announced an agreement to sell most of our grocery business in Australia and New Zealand, including the Vegemite brand.

最後，我們將繼續採取措施，集中資源進行投資組合，以便將資源投入回報最高的投資機會。最近，我們宣布了一項協議，將出售我們在澳洲和紐西蘭的大部分食品雜貨業務，包括 Vegemite 品牌。

At the same time, we are strengthening our portfolio through bolt-on acquisitions in growing markets and consumer segments. For example, we've successfully integrated the Kinh Do snacks business that we acquired in 2015, enabling high single-digit growth in our Vietnam business. And in our allergy friendly Enjoy Life Foods business, also acquired in 2015, we've expanded capacity and flexibility with the opening of a new US-based manufacturing facility in Indiana. This increased capacity enabled our recent expansion into the UK and Australia.

同時，我們正在透過在不斷增長的市場和消費領域進行補充收購來加強我們的產品組合。例如，我們成功整合了 2015 年收購的 Kinh Do 零食業務，使我們在越南的業務實現了高個位數成長。在我們於 2015 年收購的、主打對過敏人群友好的 Enjoy Life Foods 業務中，我們透過在印第安納州開設一家新的美國製造工廠，擴大了產能和靈活性。產能的提升使我們近期得以拓展至英國和澳洲市場。

To summarize, 2016 was another solid year for our company. Despite the significant headwinds, we delivered adjusted EPS growth of 24% at constant currency, strong adjusted OI margin expansion up 230 basis points, while returning $3.7 billion to our shareholders. With that, let me turn the call over to Brian to review our fourth quarter and full-year performance in more detail.

總而言之，2016年對我們公司來說又是穩健的一年。儘管面臨諸多不利因素，我們仍實現了以固定匯率計算的調整後每股收益增長 24%，調整後營業利潤率大幅提升 230 個基點，同時向股東返還了 37 億美元。接下來，我將把電話交給布萊恩，讓他更詳細地回顧我們第四季和全年的表現。

Great. Thanks, Irene, and good afternoon. Overall, we performed well on a number of key metrics for the full year and delivered solid results in light of the challenging environment that Irene just reference. While the external environment was definitely more difficult than we planned coming into 2016, we made great progress in driving strong margin expansion and cash flow, despite the weaker top line.

偉大的。謝謝你，艾琳，下午好。總體而言，我們在全年的多項關鍵指標上表現良好，並在艾琳剛才提到的充滿挑戰的環境下取得了穩健的成績。儘管 2016 年的外部環境比我們預想的要困難得多，但儘管營收疲軟，我們在推動利潤率和現金流強勁成長方面取得了巨大進展。

Organic net revenue increased 1.3% for the year. This included the negative impact of 20 basis points from India demonetization and 90 basis points from our revenue management actions which, you will recall, includes SKU rationalization, portfolio pruning and trade optimization. While these actions do temper growth on the top line, they improve the overall quality of our portfolio, allowing us to focus on more attractive and higher profit opportunities.

本年度有機淨收入成長1.3%。這其中包括印度廢鈔令帶來的 20 個基點的負面影響，以及我們收入管理措施帶來的 90 個基點的負面影響，您應該還記得，這些措施包括 SKU 合理化、產品組合精簡和貿易優化。雖然這些措施確實會抑制營收成長，但它們提高了我們投資組合的整體質量，使我們能夠專注於更具吸引力和更高利潤的機會。

Our power brands continued to be the primary driver behind our growth, as they finished up nearly 3% for the year, exceeding category growth rates. Emerging markets increased 2.7%, due primarily to currency driven pricing in inflationary markets, while developed markets grew 0.5%, driven by positive vol mix. Vol mix was approximately flat for the year when excluding the impact of the India demonetization, with the second half stronger than the first. This is also a significant improvement from 2015, when vol mix was a negative 2.5 percentage points.

我們的主力品牌繼續成為我們成長的主要驅動力，全年成長率接近 3%，超過了品類成長率。新興市場上漲 2.7%，主要原因是通膨市場中匯率波動導致的定價上漲；而已開發市場上漲 0.5%，主因是波動率組合向好。剔除印度廢鈔令的影響，全年成交量構成基本持平，下半年強於上半年。與 2015 年相比，這也是一個顯著的進步，當時的銷售混合比為負 2.5 個百分點。

For the quarter, organic revenue grew 0.6%, including power brand growth of nearly 2%. We saw good results in a number of our largest countries, including Germany, China, Russia and Mexico. But overall revenue growth was lower than our expectations, as India demonetization had a negative impact of approximately 60 basis points and we saw weaker category growth in US Biscuits, the UK and across the Middle East.

本季有機營收成長0.6%，其中強勢品牌成長近2%。我們在一些最大的國家取得了良好的成果，包括德國、中國、俄羅斯和墨西哥。但整體而言，營收成長低於我們的預期，因為印度廢鈔令產生了約 60 個基點的負面影響，而且我們在美國餅乾、英國和整個中東地區的品類成長也較為疲軟。

Now let's take a closer look at our margin performance. 2016 represented another strong year of adjusted OI margin expansion, as we marched towards our 2018 goal of 17% to 18%. Since 2013, our adjusted OI margins are up nearly 500 basis points. Adjusted OI margin for the year was 15.3%, up 230 basis points and in line with our guidance. We increased adjusted gross margins by 70 basis points for the year, driven by very strong net productivity. We also delivered continued reductions in overheads, resulting from our zero-based budgeting and global shared services.

現在讓我們仔細看看我們的利潤率表現。2016 年，經調整後的營業利潤率再次強勁成長，我們朝著 2018 年 17% 至 18% 的目標邁進。自 2013 年以來，我們調整後的未償付收入利潤率提高了近 500 個基點。經調整後的本年度未償還營業利益率為 15.3%，上升 230 個基點，符合我們的預期。由於強勁的淨生產力，我們本年度調整後的毛利率提高了 70 個基點。我們也透過零基預算和全球共享服務，持續降低了營運成本。

In Q4, our adjusted OI margin grew 110 basis points, primarily through overhead reductions. As we mentioned in our last call, we made incremental investments during the quarter in areas such as white space expansions in US and China Chocolate. We saw a small decline in adjusted gross margins, as strong productivity gains were more than offset by short-term trade investments.

第四季度，我們調整後的營業利潤率成長了 110 個基點，主要得益於管理費用的降低。正如我們在上次電話會議中提到的，本季我們對美國和中國巧克力市場的空白領域進行了增量投資。我們看到調整後的毛利率略有下降，因為強勁的生產力成長被短期貿易投資所抵銷。

Overall, we are pleased with our margin results for the year and remain very confident in our path to our 2018 target. We continue to run the business in a way that delivers strong margin expansion while making critical investments behind key growth initiatives.

總體而言，我們對今年的利潤率結果感到滿意，並且對實現 2018 年目標仍然充滿信心。我們繼續以能夠實現強勁利潤成長的方式經營業務，同時對關鍵成長計畫進行重要投資。

Let me now provide some color on our performance by region. In North America, we delivered full-year adjusted OI margin expansion of 190 basis points, primarily driven by continued overhead reductions and strong net productivity. On the top line, North America grew 1.2%, fueled by solid vol mix results. Biscuits growth was led by belVita, Oreo, Chips Ahoy, and our Thins, platform which all posted solid results. Gum and Candy remained soft from an overall category perspective, but Sour Patch Kids candy continued to gain momentum, posting strong growth for the full year. In Q4, and as expected, we saw a decline in adjusted OI margins, due primarily to increased A&C, including investments in US Chocolate. Revenue in the quarter grew 0.4%, due to weak gum performance and the competitive pressures in biscuits that Irene discussed earlier.

現在讓我按地區具體介紹一下我們的業績。在北美，我們全年調整後的營業利潤率成長了 190 個基點，這主要得益於持續的間接費用削減和強勁的淨生產力。北美地區營收成長1.2%，主要得益於穩健的銷售組合表現。餅乾業務的成長主要由 belVita、Oreo、Chips Ahoy 和我們的 Thins 平台引領，這些品牌都取得了穩健的表現。從整體品類來看，口香糖和糖果依然疲軟，但酸味軟糖持續保持成長勢頭，全年實現了強勁增長。第四季度，正如預期的那樣，我們看到調整後的營業利潤率下降，這主要是由於調整和變更支出增加，包括對美國巧克力公司的投資。本季營收成長0.4%，原因是口香糖銷售疲軟以及Irene先前提到的餅乾市場競爭壓力。

Europe delivered strong margin growth for the year, with adjusted OI margin up 220 basis points to 18.3%. Productivity and lower overheads were the primary drivers of those gains. Organic net revenue continued to be positive, up 0.7% for both the year and the quarter, primarily driven by vol mix. Biscuits delivered strong growth in Germany and Russia for both the year and the quarter, while Chocolate turned in solid performances in Germany and the UK for the year.

歐洲今年的利潤率實現了強勁增長，調整後的營業利潤率上升了 220 個基點，達到 18.3%。生產效率的提高和營運成本的降低是這些收益的主要驅動因素。有機淨收入持續保持正成長，全年和季度均成長 0.7%，主要得益於銷量組合的改善。餅乾在德國和俄羅斯的年銷售額和季度銷售額均實現了強勁增長，而巧克力在德國和英國的年銷售額也表現穩健。

In EMEA, 2016 adjusted OI margins grew 230 basis points to 12.1%, driven by reduced overheads and solid productivity. Organic revenue increased 0.5% for the year, with growth in Australia, China and Southeast Asia. Fourth quarter organic revenue declined 1.2%, including the impact from India's demonetization, which was an approximate $40 million headwind across all categories. Although we believe the worst of this impact has passed, we expect headwinds in the first quarter and potentially into Q2. We also saw a decline in the Middle East, as the economic recession caused by low oil prices and tightening credit markets persisted.

在歐洲、中東和非洲地區，2016 年調整後的營業利潤率成長了 230 個基點，達到 12.1%，這主要得益於管理費用的降低和穩健的生產效率。全年有機收入成長0.5%，其中澳洲、中國和東南亞市場均實現成長。第四季有機收入下降 1.2%，其中包括印度廢鈔令的影響，該政策對所有類別造成了約 4,000 萬美元的不利影響。雖然我們認為最糟糕的影響已經過去，但我們預計第一季以及可能延續到第二季​​仍將面臨不利因素。我們也看到中東地區經濟下滑，因為低油價和信貸市場收緊導致的經濟衰退持續存在。

On the flip side, we saw growth in China from Biscuits as well as good initial results from Milka Chocolate, including some favorable impact from the timing of Chinese New Year. Southeast Asia delivered a strong quarter, with balanced results across all categories and continued momentum with Kinh Do. In addition, we saw the expected uplift from our initial quarter of the Japan Biscuit repatriation.

另一方面，我們看到中國市場餅乾銷量成長，Milka 巧克力也取得了良好的初步業績，其中中國新年的到來帶來了一些有利影響。東南亞地區本季表現強勁，各類別業績均衡，Kinh Do 持續維持成長動能。此外，我們看到了日本餅乾回流第一季帶來的預期成長。

In Latin America, adjusted OI margin increased 220 basis points to nearly 13% for the year, primarily driven by lower overheads, including VAT-related settlements, as well as targeted pullbacks in A&C. Gross margins were pressured in the region, as we saw significant volume reductions in our manufacturing plants. Organic net revenue increased nearly 5% for the year, led by Mexico and Argentina. Mexico grew mid-single digits, driven by balanced vol mix and pricing, while Argentina grew double digits as a result of pricing to offset currency driven inflation.

在拉丁美洲，經調整的營業利潤率全年增長了 220 個基點，達到近 13%，主要原因是管理費用降低，包括增值稅相關結算，以及 A&C 的有針對性削減。由於我們製造工廠的產量大幅下降，該地區的毛利率面臨壓力。全年有機淨收入成長近 5%，其中墨西哥和阿根廷市場表現強勁。墨西哥經濟成長率為個位數中段，這得益於均衡的波動組合和定價；而阿根廷經濟成長率為兩位數，這得益於定價機制抵消了貨幣波動引發的通貨膨脹。

Consistent with our commentary for the past several quarters, Brazil remains a challenging market. Government austerity, tight credit conditions and high unemployment continued to temper consumption, causing consumers to trade down to lower-priced snacking options. We're pleased to see improving results on Brazil Chocolate; however, as our price pack architecture efforts continue to gain traction. Although we continue to believe that Brazil will be a long-term growth engine for us, we expect the market to be challenged for the foreseeable future.

與我們過去幾季的評論一致，巴西仍然是一個充滿挑戰的市場。政府財政緊縮、信貸環境緊張和高失業率持續抑制消費，導致消費者轉向價格更低的零食選擇。我們很高興看到巴西巧克力的業績有所改善；然而，隨著我們的價格包裝架構努力繼續取得成效。儘管我們仍然相信巴西將是我們長期的成長引擎，但我們預計在可預見的未來，該市場將面臨挑戰。

Let me now make some comments around category highlights. In aggregate, Snack category growth continued to slow in the fourth quarter, contributing to a full-year rate of 2.3%. Our growth was lower in aggregate than our categories. This was primarily a result of our revenue management actions. Biscuits grew 1.8%, with strength in the UK, Germany, Russia and Southeast Asia. BelVita and Oreo posted strong results for the year. We did marginally lose share in our large US biscuits business in a challenging competitive environment. This resulted in only 35% of our Biscuits revenue growing or holding share for the year.

現在我想就類別亮點做一些評論。總體而言，零食品類的成長在第四季度繼續放緩，導致全年增長率為 2.3%。我們整體的成長低於各細分市場的成長。這主要是我們採取的收入管理措施的結果。餅乾銷售成長1.8%，其中英國、德國、俄羅斯和東南亞市場表現強勁。BelVita 和 Oreo 今年的業績表現強勁。在競爭激烈的市場環境下，我們在美國龐大的餅乾業務中市佔率略有下降。這導致我們全年餅乾業務的收入只有 35% 實現了成長或保持成長。

Chocolate grew 2%, driven by solid results in Germany, the UK and Australia. Despite a decline in Q4 from demonetization, India had a strong year; and although it's early, we're pleased with our results in China Chocolate for Q4. Although the category declined overall, we achieved a 2% share and expected continued momentum in 2017. Approximately 60% of our Chocolate revenue grew or held share.

巧克力業務成長了 2%，主要得益於德國、英國和澳洲市場的穩健表現。儘管第四季受廢鈔令影響有所下滑，但印度市場整體表現強勁；雖然現在下結論還為時過早，但我們對第四季度中國巧克力市場的業績感到滿意。儘管該類別整體有所下降，但我們仍獲得了 2% 的市場份額，並預計在 2017 年將繼續保持成長勢頭。我們約 60% 的巧克力收入實現了成長或保持了市場份額。

Gum and Candy was slightly negative for the year. Solid performance in Mexico Gum and US Candy were among the highlights. About half of our revenue in this category gained or held share.

口香糖和糖果的年增率略為負數。墨西哥口香糖和美國糖果的出色表現是其中的亮點。該類別中我們約有一半的收入份額有所增長或保持穩定。

Now turning to earnings per share. For the year, we delivered adjusted EPS of $1.94, which was up 24% on a constant currency basis. This growth was driven by our strong operating income performance, as well as the impact from share repurchases and lower taxes. In addition, we continue to be very pleased by the performance of our coffee equity investments. In addition to being a highly attractive and value-creating transaction for us, we believe these investments are becoming more valuable as they execute well.

現在來看每股收益。本年度調整後每股收益為 1.94 美元，以固定匯率計算成長了 24%。這一成長得益於我們強勁的營業收入表現，以及股票回購和稅收減少的影響。此外，我們對咖啡股權投資的表現仍然非常滿意。除了對我們來說是極具吸引力且能創造價值的交易之外，我們相信這些投資隨著執行情況的良好表現而變得更有價值。

Moving to cash flow and capital return, we generated approximately $1.6 billion of free cash flow in 2016, which exceeded our outlook. Our teams continue to make excellent progress in working capital and we believe we're now approaching best-in-class performance here. As we've said in the past, our improving margins, lower CapEx and a decline of future restructuring charges will position us well to deliver on our 2018 free cash flow target of approximately $2.8 billion.

再來看現金流和資本回報，我們在 2016 年產生了約 16 億美元的自由現金流，超過了我們的預期。我們的團隊在營運資金方面持續取得優異成績，我們相信我們在這方面正接近一流水準。正如我們過去所說，利潤率的提高、資本支出的降低以及未來重組費用的減少，將使我們能夠很好地實現 2018 年約 28 億美元的自由現金流目標。

Q4 also capped off a strong year for capital return. For the year, we returned $3.7 billion to shareholders, representing more than 220% of our net earnings. We believe this is best-in-class among our peers. During the quarter, we returned more than $1.1 billion through repurchases and dividends. For the year, we repurchased approximately $2.6 billion of our shares and our buyback actions reflect more than a 15% reduction of shares since the spin.

第四季也為強勁的資本回報年畫下了圓滿的句點。本年度，我們向股東返還了 37 億美元，佔淨利的 220% 以上。我們相信這在同類產品中是最佳的。本季度，我們透過股票回購和分紅返還了超過 11 億美元。今年，我們回購了約 26 億美元的股票，我們的回購行動反映出自分拆以來，我們的股票數量減少了 15% 以上。

Now let me share the key elements of our 2017 outlook. As Irene mentioned, our priorities and strategy remain unchanged, and as we look at the global landscape for 2017, we do expect continued economic and geopolitical uncertainties, especially in the emerging markets, but also in places like the US. We've built our plans for 2017 assuming that the category environment remains consistent with what we saw in the fourth quarter. We believe this is an appropriately conservative stance.

現在讓我來分享我們2017年展望的關鍵要素。正如艾琳所提到的，我們的優先事項和戰略保持不變，展望 2017 年的全球形勢，我們預計經濟和地緣政治的不確定性將持續存在，尤其是在新興市場，但在美國等地也是如此。我們在製定 2017 年計畫時，假設品類環境與第四季的情況保持一致。我們認為這是一個恰當的保守立場。

Even in this slower growth environment, however, we expect to deliver another year of strong margin expansion and exceptional EPS growth. Specifically, we expect full-year organic net revenue to grow at least 1%. This outlook is built on a category growth rate as we see it today and includes both the benefit of new white space launches, as well as our continued revenue management efforts. I would also note that based on the timing of Easter, the Chinese New Year, continued effects of India demonetization, and the strength of our first quarter in 2016, we expect flat to slightly positive growth in the first quarter.

即使在當前成長放緩的環境下，我們預計仍將實現強勁的利潤率擴張和卓越的每股盈餘成長。具體而言，我們預計全年有機淨收入至少成長 1%。這項展望建立在我們目前所看到的品類成長率之上，既包括新空白市場產品推出帶來的好處，也包括我們持續的收入管理努力。我還想指出，根據復活節、中國新年的時間表、印度廢鈔令的持續影響以及我們 2016 年第一季的強勁表現，我們預計第一季將保持平穩或略有正成長。

We expect adjusted OI margin in the mid-16% range. We remain highly confident in our margin expansion execution. This outlook is based on continued progress in overhead reductions, strong net productivity, while supporting investments in our key growth initiatives and high return A&C. Overall, we remain confident in our ability to deliver on our target of 17% to 18% in 2018 and continue to see improvement opportunities beyond that.

我們預計調整後的未償付營業利益率在 16% 左右。我們對利潤率擴張的執行情況仍然充滿信心。這一前景基於持續降低管理費用、強勁的淨生產力，同時支持對關鍵成長計畫和高回報的資產和合約的投資。總體而言，我們仍然有信心在 2018 年實現 17% 至 18% 的目標，並且繼續看到在此基礎上進行改進的機會。

Finally, we're expecting double-digit adjusted EPS growth on a constant currency basis. This would give us a double-digit CAGR over five years. We know of few other companies in our space that are delivering that type of performance. I'll now turn it back to Irene for a few closing comments.

最後，我們預期以固定匯率計算，調整後每股盈餘將達到兩位數成長。這將使我們在五年內實現兩位數的複合年增長率。我們知道，同業中很少有其他公司能夠達到這樣的績效水準。現在我把麥克風交還給艾琳，讓她做幾點總結發言。

Thanks, Brian. Simply put, I firmly believe we are well positioned today and for the future. Our industry has been undergoing a period of unprecedented change and heightened volatility, and we expect this to continue in 2017. Challenging times like these demand decisive actions with a focus on creating value, both now and for the long term. Our aggressive cost management is making us nimbler, more efficient and more productive. At the same time, we're making smart, strategic investments in our core franchises that will pay dividends for many years to come. We're clearly seeing some green shoots of growth in the brands, channels and markets where we're investing.

謝謝你，布萊恩。簡而言之，我堅信我們現在和未來都處於有利地位。我們的產業正經歷前所未有的變革和日益加劇的波動，我們預計這種情況將在 2017 年繼續下去。當前充滿挑戰的時期需要採取果斷行動，重點在於創造價值，既要著眼於當下，也要著眼於長遠。我們積極的成本管理使我們更加靈活、高效和高產量。同時，我們正在對核心業務進行明智的策略性投資，這些投資將在未來多年帶來回報。我們已經清楚地看到，在我們投資的品牌、通路和市場中，出現了一些成長的跡象。

Of course, not everything will show results immediately or work as well as we planned. But we're not afraid to experiment and innovate in this tough environment. In fact, we believe that's the only way to create momentum in a rapidly changing world. While we believe it's critical to manage for the long term, we're also very focused on creating value for our shareholders today, regardless of headwinds, and we've done that.

當然，並非所有事情都會立即見效，或者像我們計劃的那樣順利進行。但我們並不害怕在這種艱難的環境下進行試驗和創新。事實上，我們認為這是在瞬息萬變的世界中創造發展動能的唯一途徑。雖然我們認為長期管理至關重要，但我們也非常注重為股東創造價值，無論面臨何種不利因素，而我們也做到了這一點。

What gets me really excited, though, is this, when the macro picture improves, and we are confident that it will, the foundation we are laying today positions our Company to leverage the investments we have made over the years to deliver differentiated growth on both the bottom and the top lines. With that, let's open it up for questions.

不過，真正讓我興奮的是，當宏觀情況好轉時（我們相信這種情況一定會發生），我們今天奠定的基礎將使公司能夠利用多年來的投資，在收入和利潤方面實現差異化增長。那麼，接下來就進入提問環節。

(Operator Instructions)

（操作說明）

Ken Goldman, JPMorgan.

Ken Goldman，摩根大通。

Good evening, everybody, and thank you. Two for me, if I can. First, as you talked about, your organic sales growth a little bit lighter than usual. You discussed some of the headwinds. Irene, if you were maybe to size some of those headwinds, whether it's India, which you already did size, as I appreciate that for us, competition in the US, global economic issues, which would you say were the most challenging this period and was there anything that came in on the flip side maybe better than you expected on that top line?

各位晚上好，謝謝。如果可以的話，我想吃兩個。首先，正如您所說，您的自然銷售成長比往常略低。您談到了一些不利因素。艾琳，如果你能評估這些不利因素，例如印度市場（我知道你已經評估過了）、美國的競爭、全球經濟問題，你認為這段時間最具挑戰性的是什麼？另一方面，有沒有什麼因素比你預期的還要好，例如營收方面？

Yes, Ken, I think we pretty much sized the main impacts, without a doubt, for us, given our strong presence in India, and particularly our strong presence in rural India, demonetization was a particularly significant impact. And as Brian mentioned, we expect it will continue probably into at least through the first quarter, if not into a little bit of the second quarter.

是的，肯，我認為我們已經相當準確地評估了主要影響，毫無疑問，鑑於我們在印度的強大影響力，特別是我們在印度農村的強大影響力，廢鈔令對我們產生了特別重大的影響。正如布萊恩所提到的那樣，我們預計這種情況可能會持續至少到第一季度，甚至可能持續到第二季​​度的一段時間。

The other one really that was different than, perhaps was a little tougher than we had expected was the strong promotion spending that we saw in both the UK and the US. There's a lot of trade spending dollars. It didn't do very much to drive the category. And in fact, all it did was margin down the business. And again, we chose to participate in that to defend our shares, but that's not the right way to build the business for the long term. And I think as our customers experience the reality of that spending, we're going to be able to get back to a more disciplined focus on innovation and brand marketing and price pack architecture. So I would say those probably were the two biggest.

另一個與我們預期不同的情況，或許比我們預想的要困難一些，就是我們在英國和美國看到的強勁的促銷支出。貿易支出資金非常龐大。它對該品類的發展並沒有起到太大作用。事實上，這樣做只會降低公司的利潤率。我們再次選擇參與其中，是為了捍衛我們的股份，但這並不是企業長期發展的正確方式。我認為，隨著我們的客戶體驗到這種消費的實際效果，我們將能夠重新專注於創新、品牌行銷和價格組合架構，從而更加有條不紊地開展工作。所以我覺得這大概是最大的兩個問題。

Without a doubt, we continue to see a shift toward well-being products and we are committed to participating in that shift. We saw strong performance from some of our own products, like Good Thins, like belVita. But we'll share with you at CAGNY our focus on really accelerating that growth, because that's where the consumer is going. So I think without a doubt, the top line is not yet where we want it to be.

毫無疑問，我們持續看到消費者對健康產品的關注趨勢，我們也致力於參與這項轉變。我們看到我們自己的一些產品表現強勁，例如 Good Thins 和 belVita。但我們將在 CAGNY 上與您分享我們對真正加速這一成長的關注，因為這是消費者的發展方向。所以我認為毫無疑問，目前的總業績還沒有達到我們想要的水平。

I would say, though, in answer to your second question, there are some dynamics underlying the aggregate numbers that make us feel confident that we're going to start to see some improvement as we move ahead. The first is simply the quality of the revenue. We have told you over time, we were going to migrate from a very price driven revenue profile to one more driven by vol mix. And as you saw coming out of this year, we went from about minus 2.5% contribution of vol mix last year to almost flat this year. And as Brian mentioned, we saw some nice improvement as the year progressed.

不過，對於你的第二個問題，我想說，整體數字背後有一些動態因素，讓我們有信心，隨著我們不斷前進，我們將開始看到一些改善。首先是收入的品質。我們之前已經告訴過你們，我們將從以價格為主導的收入模式轉向以銷售組合為主導的收入模式。正如你在今年年底看到的那樣，波動率組合的貢獻從去年的約 -2.5% 變為今年的幾乎持平。正如布萊恩所提到的，隨著時間的推移，我們看到了一些不錯的進步。

We're very pleased with the performance of our power brands. They're 70% of the revenue today. Over time, as they continue to grow faster, because that's where we're making our investments, we should see that growth pick up and they will be a larger portion of our overall portfolio. But they are growing faster than our categories and we expect that that will continue.

我們對我們旗下電源品牌的表現非常滿意。它們目前佔總收入的70%。隨著時間的推移，由於我們把投資投向了這些領域，它們的成長速度會越來越快，因此我們應該會看到成長勢頭加快，它們在我們整體投資組合中所佔的比例也會越來越大。但它們的成長速度比我們的其他產品類別更快，我們預計這種情況還會持續下去。

As I mentioned, we well-being products are performing well. And over time, we've made a commitment that by 2020, 50% of our products will be in the well-being space. They're performing well and you will see that continue to have a contribution.

正如我之前提到的，我們的健康產品表現良好。隨著時間的推移，我們承諾到 2020 年，我們 50% 的產品將屬於健康領域。他們表現出色，你會看到他們將繼續做出貢獻。

I feel good about the white space launches. We talked for a long time about the fact that we were going to launch China Chocolate, and you saw us launch Chocolate in the US. We're feeling good. Those are early days, of course, but we're off to a good start there.

我對太空發射感到滿意。我們花了很長時間討論要在中國推出巧克力，你們也看到了我們在美國推出巧克力。我們感覺很好。當然，現在還處於早期階段，但我們開局良好。

And then last but not least, obviously we're seeing a fairly significant channel shift in a number of our markets, particularly the US and China. And we've invested quite significantly in e-commerce and we're very pleased with the early progress in that space. We're up about 35% year-over-year and we're hoping that that's going to represent a $1 billion business for us over the next couple of years.

最後但同樣重要的是，顯然我們看到許多市場，特別是美國和中國，出現了相當大的通路轉變。我們在電子商務領域投入了相當多的資金，並且對該領域的早期進展感到非常滿意。我們比去年同期成長了約 35%，希望在未來幾年內，這將為我們帶來 10 億美元的業務。

So net-net, we're not quite where we want to be on the top line. We're very pleased with the strong bottom line performance that we delivered. But we do see some green shoots underlying those aggregate numbers.

總而言之，我們在營收方面還沒有達到預期目標。我們對取得的強勁獲利業績非常滿意。但我們確實看到這些總體數字背後有一些復甦的跡象。

That's very helpful and thank you for all that. One quick follow-up for me. Some of your peers have quantified the benefit of the accounting change to stock-based comp on their earnings guidance this year. Just curious, to any degree are you expecting this to help your earnings this year or is that too small to really think about?

這非常有幫助，謝謝你。我還有一個後續問題。你們的一些同業已經量化了會計準則變更為股票選擇權誘因對他們今年獲利預期帶來的好處。我只是好奇，你認為這對今年的收入有幫助嗎？還是說這點幫助太小，不值得考慮？

I would say, Ken, it's in our outlook that we provided. It's relatively small. And as you know, it's kind of hard to predict, but it's in there.

肯，我想說，這體現在我們提供的觀點中。它相對較小。如你所知，這很難預測，但它確實存在。

All right. Thanks, Brian.

好的。謝謝你，布萊恩。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

Good afternoon, everyone. Just one question related to the margin outlook for 2017. Brian, can you talk a little bit about where your outlook is for commodity cost inflation? And also, with revenue still below average, what kind of drag you're seeing from volume deleverage? Trying to get a sense for, even though you're guiding to the mid-16s for margins, it just seems like there are still some headwinds there that you're fighting to get there and trying to get a sense for what those are.

大家下午好。關於2017年的利潤率前景，我只有一個問題。布萊恩，你能談談你對大宗商品成本通膨的看法嗎？另外，在營收仍低於平均的情況下，銷售下滑對您造成了什麼樣的拖累？雖然你們的指導目標是16%左右的利潤率，但似乎仍有一些不利因素在阻礙你們實現目標，我想了解這些不利因素是什麼。

Bryan, I would say commodities is a bit mixed. Everybody's seen cocoa prices come down and clearly, we will ultimately benefit from that. It is, obviously we have a hedge program that cushions that and take some of the volatility out, so we don't necessarily get it right away and it will play its way through. But there are other things that are up in that portfolio of commodities that we buy. So I would say it's a mixed bag and it's not necessarily as big a driver as it's been over the last few years from a commodity standpoint. That said, there's still markets where we have to price and that's one of the key elements that's going to drive our performance as we move into 2017. So I think that's the fundamental view on commodities.

布萊恩，我認為大宗商品市場情勢喜憂參半。大家都看到了可可價格下跌，顯然，我們最終都會從中受益。顯然，我們有對沖計劃來緩衝這種情況並消除一些波動性，所以我們不一定會立即受到影響，它會慢慢過去。但我們購買的商品組合中還有其他一些商品價格上漲。所以我覺得情況喜憂參半，從商品角度來看，它未必像過去幾年那樣成為一個重要的驅動因素。也就是說，我們仍然需要對某些市場進行定價，而定價是推動我們2017年業績的關鍵因素之一。所以我認為這就是對大宗商品的基本看法。

I think when you look at overall margins, we are assuming a similar environment as to what we see now. We've, as you would expect, it's been a weaker volume year than we would have hoped and we've delivered very strong productivity with all the work that we've done, despite that. So we've built a plan to deliver on our 2017 commitments, assuming that we have a similar environment from a top line standpoint and not much help from volume. It will be continued focus on the programs that are taking overheads and shared services, and we have to do a better job on trade optimization. Price pack architecture will be part of that that drives through our margins.

我認為，從整體利潤率來看，我們假設的環境與現在的情況類似。正如您所預料的那樣，今年的銷量比我們預期的要低，但儘管如此，我們仍然憑藉所做的所有工作實現了非常高的生產力。因此，我們制定了一項計劃，以履行我們在 2017 年的承諾，假設從營收角度來看，我們的環境與去年類似，並且銷售方面不會有太大幫助。我們將繼續專注於那些佔用大量管理費用和共享服務的項目，並且我們必須在貿易優化方面做得更好。價格包裝架構將是影響我們利潤率的因素之一。

And then we told you last summer that we're moving some dollars from CapEx which were initially focused on capacity and driving growth. We've moved that into more restructuring. So that gives us more confidence and a bigger portfolio of programs that help us drive the margins in an environment like this. So I think we're adapting to plan and adjusting to an environment that has lower growth.

去年夏天我們曾告訴大家，我們將把一些原本用於提升產能和推動成長的資本支出資金轉移到其他領域。我們已將其納入重組計劃。這讓我們更有信心，也讓我們擁有更多專案組合，幫助我們在這種環境下提高利潤率。所以我認為我們正在調整計劃，以適應成長放緩的環境。

And is that part of the visibility beyond 17% and 18% margins, once you get a little bit of volume back into the model, that ought to drive some leverage that isn't there today?

而一旦銷量恢復到一定水平，能否突破 17% 和 18% 的利潤率，從而帶來目前尚不存在的槓桿效應？

Absolutely right. It changes the whole equation. If we were to get some volume leverage on this thing, given what we've done with margins, it's a pretty powerful engine.

完全正確。它改變了整個局面。如果我們能利用銷售優勢，再加上我們在利潤率方面所做的努力，這將是一個相當強大的引擎。

Okay. Thank you.

好的。謝謝。

Chris Growe, Stifel Capital.

Chris Growe，Stifel Capital。

Hi. Good afternoon. Just to follow on Bryan's question there, just to be clear, do you expect then, I heard you talk about some pricing in some markets that's going to be sporadic, it sounds like, and how would that balance against volume growth? Do you expect volume growth for the year in 2017?

你好。午安.接著布萊恩剛才的問題，為了更清楚地說明，我聽你說過，某些市場的定價可能會出現波動，那麼你認為這會如何與銷售成長相平衡呢？您預計2017年銷量會成長嗎？

I think it feels a lot like what we saw this year, Chris. The pricing we need to do, there are some selected markets where it's rather extreme, where we've seen devaluations in Egypt and Nigeria that has forced us to act very quickly with some significant pricing. But the rest of it, a lot of it will come from things like price pack architecture and revenue management. It won't be like we saw in 2015, which was broad based across many markets. So that's just part of the equation that we've got to drive this year and I think we're in reasonable shape in terms of executing those things heading into the year.

我覺得這和我們今年看到的情況很像，克里斯。我們需要進行定價，在某些特定市場，情況相當極端，例如埃及和奈及利亞的貨幣貶值，這迫使我們迅速採取行動，進行一些重大定價。但其餘部分，很多都將來自價格包架構和收入管理等面向。情況不會像 2015 年那樣，當時的衝擊波遍及多個市場。所以這只是我們今年需要努力的方向的一部分，我認為就執行這些事情而言，我們今年的情況還不錯。

Okay. And then just a question for you on the gross margin. As we consider the supply chain savings coming through, as well as some continued overhead cost control, can you give an idea, I thought the savings would accrue more so to the gross margin in 2017. Is that true? And the gross margin was a little weaker than I thought in the fourth quarter, perhaps that's more volume and revenue driven.

好的。最後，我還有一個關於毛利率的問題。考慮到供應鏈節省的成本以及持續的間接成本控制，您能否給出一些想法？我認為這些節省在 2017 年會更多地體現在毛利率上。是真的嗎？第四季的毛利率比我預想的要低一些，這或許更多是銷量和收入驅動的。

It is. Gross margin has been and it will continue to be a key driver as we think about the margin expansion and the commitments we have. Supply chain execution is going well. It does set us up for productivity as we move over the next couple years. So gross margin will continue to be important. And if volumes come back, it obviously is a much more significant driver. As you look at the fourth quarter dynamic on gross margin, we had very strong productivity. So I think the underlying performance was very good. We had a couple unplanned items, obviously the lost volume in some of these markets, India, Middle East, Brazil. We saw a few markets, as we said, that had extreme currency devaluations where you really can't price fast enough to catch up, and then the trade spending. Those were the dynamics that played out across the gross margin line as you look at the fourth quarter. So it will be, it will continue to be a driver. You can't count on it every quarter. It's going to be a little bit lumpy. But we feel confident in the initiatives that are going to drive gross margin expansion.

這是。毛利率一直是並將繼續是我們考慮利潤率擴張和履行承諾的關鍵驅動因素。供應鏈執行情況良好。這確實為我們未來幾年的高效工作奠定了基礎。因此，毛利率仍將非常重要。如果銷量回升，這顯然會是更重要的驅動因素。從第四季的毛利率動態來看，我們的生產效率非常強勁。所以我認為其基本面表現非常好。我們遇到了一些計劃外的情況，顯然，我們在印度、中東、巴西等一些市場的銷售量有所下降。正如我們所說，我們看到一些市場出現了極端的貨幣貶值，以至於你根本無法快速定價來彌補，然後是交易支出。當你觀察第四季毛利率走勢時，你會發現上述這些動態變化。所以它會繼續發揮作用，它會繼續成為一個驅動因素。你不能指望每季都這樣。表面會有點凹凸不平。但我們對那些將推動毛利率成長的舉措充滿信心。

So for the year, could it be up in line with your expected operating margin expansion? Is that realistic?

那麼，今年的營業利益率能否達到您預期的成長目標呢？這現實嗎？

Yes, I don't want to get into the individual lines. We want to be held accountable for the OI margin expansion, and we've got good plans to get there across both overheads and gross margins.

是的，我不想深入探討具體細節。我們希望對營業利潤率的擴張負責，並且我們已經制定了良好的計劃，透過降低管理費用和提高毛利率來實現這一目標。

Okay. That makes sense. Thank you.

好的。這很有道理。謝謝。

Thanks, Chris.

謝謝你，克里斯。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Good evening, everybody Two questions. One, just to finish up this gross margin conversation, the target, I think, that was thrown out maybe at CAGNY about a year ago was in 2018, I think gross margins of 42% to 43%. At this stage, it sounds like, at least in this current volume environment, maybe it's slightly below that and maybe the SG&A piece around overheads and whatnot just picks up little more steam as you lean in a little more heavily on that. Is that generally what you're trying to get at or should we not abandon the 42% to 43% just yet?

各位晚上好，我有兩個問題。第一，為了結束關於毛利率的討論，我認為，大約一年前在紐約國際汽車展上提出的目標，是 2018 年的毛利率達到 42% 到 43%。現階段，至少在目前的銷售環境下，聽起來可能略低於這個水平，而隨著你更加重視銷售、管理及行政費用等，這些費用可能會略微增加。這就是你想要表達的意思嗎？還是我們應該暫時不要放棄 42% 到 43% 這個比例？

I think we'll talk a little bit about it at CAGNY this year. But it's clearly a different volume environment than we would have thought about as we laid that out. So we'll give you a little bit of a sense for how we're thinking about that. I think you can have confidence that we have multiple paths to get there. And we're chasing initiatives that are going to drive gross margin and overheads and the SG&A line.

我想我們今年會在CAGNY上稍微討論一下這個問題。但很明顯，這與我們當初設想的銷售環境有所不同。所以，讓我們來簡單介紹一下我們是如何考慮這個問題的。我認為您可以相信，我們有多種途徑可以實現目標。我們正積極推動能夠提高毛利率、降低管理費用和銷售、管理及行政費用的各項措施。

Okay. And then Irene, a question that's relevant for Mondelez, but maybe a bit broader also, and it's relevant for the group as a whole. I'm trying to get a sense of at what point do multi-year margin targets that not just Mondelez have put out, but others, maybe become a bit counterproductive, maybe if those margins ultimately come on a sales base that maybe is much lower than planned? At some point, how do you balance the, hey, should we push out a margin target in order to make sure we stabilize our sales base the way we need to? I'm just trying to get a sense, in a broader sense, of how you think about that.

好的。然後是艾琳，這個問題與億滋國際有關，但也可能更廣泛一些，與整個集團都相關。我想了解一下，不僅是億滋國際，其他公司也制定了多年利潤目標，這些目標在什麼情況下可能會適得其反，尤其是在最終的銷售基數可能遠低於計劃的情況下？在某種程度上，你如何平衡「嘿，我們是否應該提高利潤率目標以確保我們能夠以所需方式穩定銷售基礎」這個問題？我只是想從更廣泛的意義上了解你對此的看法。

I do think our balance between top and bottom is one of the things that distinguishes us. I think we are uniquely well-positioned because of the nature of our portfolio, strong brands, a strong geographic footprint, strong routes to market with a good infrastructure. All of that is why we continue to make investment, even in this challenging environment. So without a doubt, we have pulled back a little bit. We've been pretty clear with our investors as to where those pullbacks have been. But we're one of the few companies that is delivering significant earnings growth, while at the same time continuing to make those investments. And I think that is something that will continue to differentiate us, Andrew.

我認為我們公司上下層之間的平衡是我們與眾不同的地方之一。我認為，由於我們的產品組合特性、強大的品牌、強大的地域覆蓋、強大的市場管道以及良好的基礎設施，我們擁有得天獨厚的優勢。正因如此，即使在如此充滿挑戰的環境下，我們仍然會繼續進行投資。所以毫無疑問，我們已經有所縮減。我們已經非常清楚地向投資者說明了這些回調發生在哪些地方。但我們是少數幾家在持續進行投資的同時，還能實現顯著獲利成長的公司之一。安德魯，我認為這一點將繼續使我們與眾不同。

See you in Florida.

佛羅裡達見。

See you.

再見。

David Driscoll, Citi.

大衛‧德里斯科爾，花旗集團。

Great. Thank you and good evening. I wanted to ask about your thoughts here on this border adjusted tax proposal. What do you assess that on your operations? And related to this, how much margin improvement is in your forecast from your Mexican/Salinas operations for the 2018 margin goals?

偉大的。謝謝，晚上好。我想問您對這項邊境調整稅收提案的看法。您如何評估這對您的營運有何影響？與此相關的是，您預期 2018 年墨西哥/薩利納斯業務的利潤率目標能提高多少？

David, we obviously spend a lot of time talking about this. It's hard not to see it play out. It's very difficult and I think in this discussion, a little early to speculate on what it would mean to us in terms of the impact of a border adjustment tax. As you know, we are a very global company. We have structured it successfully in a way that allows us to run it efficiently and serve our customers, consumers around the world, while delivering strong returns. And this has enabled us to create a competitive and, I would say, advantaged global tax structure and low cash taxes as part of what we do in delivering our results.

大衛，我們顯然花了很多時間討論這個問題。很難不看到這種情況發生。非常困難，而且我認為在目前的討論中，現在就推測邊境調節稅對我們意味著什麼還為時過早。如你所知，我們是一家全球化程度很高的公司。我們已經成功地建立了這種結構，使我們能夠高效地運作並服務於世界各地的客戶和消費者，同時帶來豐厚的回報。這使得我們能夠建立具有競爭力的全球稅收結構，我認為，這種結構具有優勢，同時降低現金稅，這也是我們實現績效的一部分。

So to directly really respond to the specific question, I would just say that we do import from Mexico and other parts of the world into the US. Our imports represent a minority of our US revenues and profits. And as I said, we're not going to do anything to adjust our operations or plans until we really know what the policies are going to be and they're much more concrete.

所以，要直接回答這個問題，我只想說，我們確實從墨西哥和世界其他地區進口商品到美國。我們的進口額僅占美國國內收入和利潤的一小部分。正如我所說，在我們真正了解政策是什麼並且這些政策更加具體之前，我們不會對我們的營運或計劃進行任何調整。

We're very involved. We're watching developments. We have a voice in this process of providing feedback. And to the extent that we face higher costs for imported products, we'd obviously need to look for ways to cover these costs, adapt our supply chain model, and we'd do that over time.

我們深度參與其中。我們正在密切關注事態發展。在這個過程中，我們擁有提供回饋意見的發言權。如果進口產品成本上升，我們顯然需要尋找彌補這些成本的方法，調整我們的供應鏈模式，而這需要時間。

In terms of how much incremental benefit associated with Mexico or Salinas, we are, I would say, fairly well utilized in that facility at this point, and we don't have, right now at this point, additional plans to move any additional production to Mexico. I would say it's contributing. You've seen the results in North America in terms of our margin expansion. Obviously, that's part of it.

就墨西哥或薩利納斯工廠帶來的增量收益而言，我認為我們目前在該工廠的產能利用率相當高，而且目前我們也沒有將任何額外生產轉移到墨西哥的計劃。我認為它起到了一定的作用。您已經看到了我們在北美地區利潤率擴張所取得的成果。顯然，這是其中的一部分。

And we have, it's important to note, we've made significant investments in our US assets, as well, and we continue to make investments here. We've invested over the last few years almost $500 million in our existing US manufacturing footprint, in US plants. So it's a mixed bag and that has, David, contributed to the margin expansion, as well. We've seen great margin expansion from the US plants, as well.

值得注意的是，我們也對美國的資產進行了大量投資，並且我們將繼續在這裡進行投資。過去幾年，我們已在美國現有的生產基地（即美國工廠）投資了近 5 億美元。所以情況喜憂參半，而這也促成了利潤率的擴張，大衛。我們也看到美國工廠的利潤率大幅提升。

So bottom line, would you say it's fair, though, that both Brexit and border adjusted taxes throw out some big questions about how it will impact the Company, but as of yet with no actual definition as to exactly what's going in, you can't really assess it right now, so you stick with your 2018 margin targets. Is that where we are?

所以歸根結底，您認為公平嗎？英國脫歐和邊境調整稅都對公司將受到的影響提出了一些重大問題，但由於目前還沒有關於具體情況的定義，所以現在還無法真正評估，因此您堅持 2018 年的利潤率目標。我們現在在哪裡？

Look, I think it's a very global business. For all the positive things that come from that, we've got exposures to some of these questions. We're watching the developments. We'll manage our way through it and we will adjust, as appropriate, as we move forward, and we'll keep you posted as we learn more.

我認為這是一個全球性的行業。儘管這帶來了許多正面影響，但我們也因此接觸到了一些問題。我們正在密切關注事態發展。我們會想辦法克服困難，並根據實際情況進行調整，一旦有更多消息，我們會及時通知大家。

Thank you very much.

非常感謝。

Thanks, David.

謝謝你，大衛。

Jason English, Goldman Sachs.

Jason English，高盛集團。

Hi. Good evening, folks. Thank you for letting me ask a question. Just a couple housekeeping items for me. I apologize if I missed it, undoubtedly I did miss it, but can you give us your expectation for all in revenue growth in FY17?

你好。各位晚上好。謝謝您允許我提問。我只需要處理幾件家務事。如果我錯過了，我深表歉意，毫無疑問我確實錯過了，但您能否告訴我們您對 2017 財年所有營收成長的預期？

We gave you organic net revenue of at least 1% is what we said, Jason.

傑森，我們說過，我們保證至少能帶來 1% 的有機淨收入成長。

No, no, I heard that. But there's FX and there's some other moving pieces. What your guidance, in terms of net sales, what your guidance is predicated on?

不，不，我聽到了。但還有特效和其他一些變動因素。您在淨銷售額方面給予的指引是什麼？您的指引是基於什麼依據的？

The other thing we provided in the release would have been 1% headwind from currency on the top line.

我們在新聞稿中提到的另一件事是，匯率波動會對營收造成 1% 的不利影響。

Okay. Thank you. Sorry for the nuanced question. And the other housekeeping item, the VAT tax benefit, I think you mentioned that in your prepared remarks in terms of Lat Am contribution to margins. How big was that?

好的。謝謝。抱歉問了個比較複雜的問題。還有一點要注意的地方，即增值稅優惠，我想您在準備好的發言稿中提到了拉丁美洲對利潤率的貢獻。那東西有多大？

We disclosed it in the third quarter. I think it was disclosed at about $35 million. We had an additional smaller amount in the fourth quarter. So I would say we've had this over the last couple of years from time to time. And it contributed, in the Lat Am business, I would say about 80 basis points on the full year in terms of their profit, 80 basis points in terms of versus prior year.

我們在第三季披露了此事。我認為披露的數字約為3500萬美元。第四季我們還有一筆金額較小的額外收入。所以我覺得，在過去幾年裡，這種情況時常發生。就拉丁美洲業務而言，我認為它為全年利潤貢獻了約 80 個基點，與前一年相比也貢獻了約 80 個基點。

Got it. Okay. Thank you. As promised, I was going to keep it short with a housekeeping. I'll pass it on.

知道了。好的。謝謝。正如我承諾的那樣，我會簡短地做一些家務事。我會轉達的。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Good evening, everyone. Just two quick ones. Firstly, you alluded to promotional spending intensifying in the US during this last quarter. I wasn't quite sure whether the idea was that it wasn't very effective and everybody's given up on it at this point, or whether it's likely to continue. That was the first question. And the second one, linked, ad spend and consumer advertising spending, how much was that up year-on-year in the fourth quarter, what was the margin headwind, and how much more have you got to go in 2017 versus 2016? Thank you very much.

各位晚上好。就兩個簡單的問題。首先，您提到上個季度美國加大了促銷支出。我不太確定，這究竟是說這種方法效果不佳，大家都放棄了，還是說這種方法可能會繼續下去。這是第一個問題。第二個問題與此相關，即廣告支出和消費者廣告支出，第四季年增了多少？利潤率面臨哪些不利因素？ 2017 年與 2016 年相比，還需要成長多少？非常感謝。

So I would say it wasn't particularly effective, but that doesn't mean everybody will stop. I can't forecast that. What I will tell you is we certainly are going to be a little bit more disciplined as we think about how we want to spend our money. Again, we did not see the kind of return that we had hoped for. And in fact, it basically took our spending away from some of the other longer term equity building activities. So you're going to see us continue to migrate our spending. But I would say our customers, at the end of the day, if it doesn't grow, if the spending that goes into it does not grow the category, I think our customers over time will look at other tactics, as well. In terms of A&C in the fourth --

所以我覺得它效果並不特別好，但這並不代表所有人都會停止。我無法預測。我可以告訴你們的是，在考慮如何花錢時，我們肯定會更加自律。我們再次沒有看到我們所希望的回報。事實上，這基本上佔用了我們原本可以用於其他一些長期資產累積活動的資金。所以你會看到我們繼續轉移支出。但我認為，歸根究底，如果消費沒有成長，如果投入這個品類的資金沒有推動品類成長，我認為我們的顧客隨著時間的推移也會考慮其他策略。就第四點而言，A&C——

Yes, I'll take it. I would say, Alexia, for the total year, essentially flat and slightly above 9%, I think as we've talked about. In the quarter, it was slightly down. We made some conscious decisions. While we did invest in some key markets in the key white spaces, you think about India, you think about what happened in the Middle East, you think about some of the other markets where we saw challenges, we did pull back intentionally. So about flat for the year. As you know and we've talked about, we continue to mix towards digital, which has created for us more room and is cheaper, obviously, than traditional. We benefited from some ZBB work here and we've also continued to distort to the power brands. So moving A&C and spending it in the right places, I think we've gotten better at that. But in general, about flat.

是的，我要了。Alexia，我想說，就全年而言，基本持平，略高於 9%，我想正如我們之前討論的那樣。本季略有下降。我們做出了一些深思熟慮的決定。雖然我們確實在一些關鍵市場和關鍵空白領域進行了投資，但想想印度，想想中東發生的事情，想想我們看到挑戰的其他一些市場，我們確實有意地撤出了這些市場。所以今年整體走勢基本持平。如您所知，我們也討論過，我們將繼續向數位轉型，這為我們創造了更大的空間，而且顯然比傳統方式更便宜。我們在這裡受益於一些 ZBB 工作，我們也繼續向功率品牌進行扭曲。所以，在調整資產和成本分配以及將資金投入正確的地方方面，我認為我們做得越來越好了。但整體來說，地勢平坦。

And for 2017, pretty much the same?

2017年的情況也差不多嗎？

Not going to provide specifics. I would say probably slightly up is the overall framework.

不提供具體細節。我認為整體框架可能會略微上調。

Thank you. I'll pass it on.

謝謝。我會轉達的。

Rob Moskow, Credit Suisse.

羅布·莫斯科，瑞士信貸。

Hi. Thank you. I wanted to dive a little bit more into biscuits in the US, because this commentary came up in third quarter that competition had intensified. And it sounded like Mondelez intended to do something about it. And with the Nabisco brand, you're obviously a big category leader, so what steps did you take to respond and why do you think it didn't pan out the way you hoped for in fourth quarter?

你好。謝謝。我想更深入地了解美國的餅乾市場，因為第三季有評論說競爭加劇了。聽起來億滋國際似乎打算對此採取行動。納貝斯克品牌顯然是該品類的領導者，那麼你採取了哪些措施來應對？你認為為什麼第四季的業績沒有達到你的預期？

Rob, I would say we have made terrific progress in our US Biscuit business in terms of margin expansion over the last couple of years. If you look at North America, it's up 540 basis points, and that's largely the US. And that's been our primary focus. And at the same time, over these last couple of years, we've been able to continue to grow our share. This last year, the net of it is that we had a lot of moving parts going on in terms of our transformation activities. And I would say with hindsight, some of the optimization that we did, for example in our DSB selling organization, had more of an impact on the execution than I would have liked. So we did see some impact in the short term. And as I mentioned, in answer to some of the earlier questions, we have seen a very challenging retailer environment which has really caused a lot of promotional spending which hasn't necessarily helped the overall category.

羅布，我認為在過去的幾年裡，我們在美式餅乾業務的利潤率擴張方面取得了巨大的進步。如果看北美，上漲了 540 個基點，這主要是指美國。這就是我們的主要關注點。同時，在過去的幾年裡，我們的市佔率也得以持續成長。過去一年，總的來說，我們在轉型活動方面有很多方面都在進行。事後看來，我們所做的一些最佳化，例如在我們的 DSB 銷售組織中所做的最佳化，對執行的影響比我預想的要大。所以短期內我們確實看到了一些影響。正如我之前回答一些問題時提到的，我們看到零售環境非常具有挑戰性，這導致了大量的促銷支出，但這並不一定有助於整個品類的發展。

Looking ahead, we have some very strong programs in place in 2017. And frankly, a lot of those began as we exited the year. We're going to continue to invest in price pack architecture. As I've talked about it, as we got our supply chain, most of our supply chain activities behind us, we now have the capability and much more flexibility to offer a variety of pack sizes for our products. So for example, we've got a family pack at one of our key customers that's doing exceptionally well. It took us a while to get that pack out the door.

展望未來，我們在 2017 年制定了一些非常強大的計畫。坦白說，很多這類問題都是在年底出現的。我們將繼續投資於價格包架構。正如我之前所說，隨著我們供應鏈的完善，以及大部分供應鏈活動的完成，我們現在有能力和更大的靈活性為我們的產品提供各種包裝尺寸。例如，我們的一位重要客戶推出的家庭套餐銷售量非常好。我們花了好一會兒才把那包東西寄出去。

We are continuing to innovate, particularly in the well-being space. I mentioned Good Thins and talked about the fact that you'll see a lot more of the items that we have coming in at CAGNY in a couple of weeks. And we're continuing to increase marketing investment behind programs with good ROI. We've got a very significant program behind our Oreo business this year, as well as a number of our other core franchises.

我們將持續創新，尤其是在健康領域。我提到了 Good Thins，並談到在接下來的幾周里，你們會在 CAGNY 看到更多我們即將到來的商品。我們將繼續加大對投資報酬率高的項目的行銷投入。今年，我們為奧利奧業務以及其他一些核心特許經營業務投入了非常重要的資金。

So some of it was a messy fourth quarter that turned out to not play out quite as well as we had hoped. But at the same time, I think the business is well staged with one of the strongest innovation pipelines and the strongest price pack architecture capabilities that's going to allow us not only to address occasion opportunities, but also to penetrate some channels that we haven't been as strong in.

所以，第四節比賽有些混亂，結果並沒有像我們希望的那樣順利。但同時，我認為公司已經做好了充分的準備，擁有最強大的創新管道和最強大的價格包裝架構能力，這不僅能讓我們抓住各種機遇，還能讓我們打入一些我們以前不太擅長的管道。

Okay. It's late. I'll leave it there. Thanks.

好的。現在已經太晚了。我就說到這兒吧。謝謝。

Thanks, Rob.

謝謝你，羅伯。

Ladies and gentlemen, we have reached our allotted time for questions. Steven Styrcula, UBS.

女士們、先生們，提問環節時間已到。史蒂文‧史蒂爾庫拉，瑞銀集團。

Two quick questions for me. The first would be for Irene, on the non-power brand part of the portfolio, that's down 1.9% in the quarter. Can you speak to whether the market share losses are more pronounced in this portion of the portfolio relative to power brands and are we seeing just an under investment in this pocket of brands right now because of where emerging markets stand today? Any kind of forward-looking strategy about how we think about that would be helpful

我有兩個問題想問一下。首先是 Irene，在非電力品牌組合中，該品牌本季下降了 1.9%。您能否談談，與強勢品牌相比，這部分品牌的市佔率損失是否更為明顯？我們目前是否只是因為新興市場現況而對這部分品牌投資不足？任何關於我們如何思考這個問題的前瞻性策略都將有所幫助。

Simple answer, Steven, is yes, power brands actually performed better in terms of overall market share. In fact, we actually grew share of power brands. So some of the decline is coming from the non-power brands. But I would tell you that global power brands did exceptionally well. Our regional power brands was a bit of a mixed bag this past year, because many of them are prominent in the emerging markets. So you think about a brand like Lacta Chocolate in Brazil, for example, that given the macroeconomic conditions did not have a particularly strong year. So we did see some of these regional brands perform a little bit less well. But our focus going forward is to continue to distort our spending behind these power brands. They have the best margins. They've got the best growth trajectory, and that will allow us to continue to offset some of the declines in the other brands.

史蒂文，答案很簡單：是的，強勢品牌在整體市場佔有率方面確實表現較好。事實上，我們確實提高了強勢品牌的市佔率。所以，部分下滑來自非強勢品牌。但我可以告訴你，全球實力品牌表現得格外出色。過去一年，我們的區域實力品牌表現參差不齊，因為其中許多品牌在新興市場中非常突出。例如，想想巴西的 Lacta Chocolate 這個品牌，考慮到宏觀經濟狀況，它今年的業績並不特別強勁。所以我們看到其中一些區域性品牌的表現稍遜一籌。但我們接下來的重點是繼續將支出重心轉移到這些強勢品牌。他們的利潤率最高。它們的成長軌跡最佳，這將使我們能夠繼續抵消其他品牌的一些下滑。

Okay. Great. And then a follow-up for Brian. Brian, did you comment on what the SKU rationalization drag is going to be for 2017? And then lastly, should we think of equity income from JVs as up slightly from last year? Thanks.

好的。偉大的。然後是布萊恩的後續提問。Brian，你有沒有說過2017年SKU精簡會帶來多大的阻力？最後，我們是否應該認為合資企業的股權收益比去年略有成長？謝謝。

Yes, in terms of equity income, I would assume we're planning on relatively close to what they did this year, maybe a little bit better. Not significant improvement. They're facing into green coffee inflation, especially in Robusta. So it's a bit of a challenge that they're working through. And Steve, what was your first --

是的，就股權收益而言，我估計我們的計劃基本上與他們的業績持平，或許會略好一些。沒有明顯改善。他們正面臨生咖啡豆價格上漲的問題，尤其是羅布斯塔咖啡豆。所以這是他們正在努力克服的挑戰。史蒂夫，你的第一次是什麼？

The SKU rationalization drag for 2017.

2017 年 SKU 合理化進程受阻。

Oh, SKU rationalization. All I said, and what we'll continue to say, it's smaller than we would have had in 2016, and we're not going to specifically break it out.

哦，SKU 精簡。我之前說過，我們之後也會繼續說，它比 2016 年的規模要小，我們不會具體說明。

Okay. Thanks.

好的。謝謝。

Great.

偉大的。

Ladies and gentlemen, thank you for joining Mondelez International's fourth quarter and year-end earnings conference call. You may now disconnect your lines and have a wonderful afternoon.

女士們、先生們，感謝各位參加億滋國際第四季及全年業績電話會議。現在您可以斷開線路，祝您下午愉快。