億滋國際 (MDLZ) 2018 Q2 法說會逐字稿

Good day, and welcome to the Mondelez International Second Quarter 2018 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by the Mondelez management and the question-and-answer session. (Operator Instructions) I'd now like to turn the call over to Mr. Shep Dunlap, Vice President, Investor Relations for Mondelez. Please go ahead, sir.

大家好，歡迎參加億滋國際2018年第二季財報電話會議。今天的電話會議預計持續約 1 小時，包括億滋國際管理層的演講和問答環節。（操作員指示）現在，我將把電話轉交給億滋國際投資者關係副總裁謝普·鄧拉普先生。請繼續，先生。

Good afternoon, and thanks for joining us. With me today are Dirk Van de Put, our Chairman and CEO; Brian Gladden, our outgoing CFO; and Luca Zaramella, our CFO beginning August 1. Earlier today, we sent out our press release and presentation slides, which are available on our website, mondelezinternational.com/investors.

下午好，感謝各位的參與。今天陪同我的有：我們的董事長兼執行長 Dirk Van de Put；即將卸任的財務長 Brian Gladden；以及將於 8 月 1 日上任的財務長 Luca Zaramella。今天早些時候，我們發布了新聞稿和演示文稿，您可以在我們的網站 mondelezinternational.com/investors 上找到它們。

During this call, we'll 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 the 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，今天我們將使用非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。

And with that, I'll now turn the call over to Dirk.

接下來，我將把電話交給德克。

Thank you, Shep. Good afternoon, and thank you for joining us. We delivered a strong second quarter, building on the momentum we saw in the first quarter. We generated solid top line growth, strong margin expansion and double-digit EPS growth. Organic net revenue grew 3.5%, driven by both positive volume growth and solid pricing. This includes a positive impact from lapping last year's malware incident.

謝謝你，謝普。下午好，感謝各位的參與。我們第二季業績強勁，延續了第一季的良好勢頭。我們實現了穩健的營收成長、強勁的利潤率擴張和兩位數的每股盈餘成長。有機淨收入成長 3.5%，這得益於銷售成長和價格的穩健上漲。這其中包括去年惡意軟體事件的影響。

Our growth was broad-based across our regions and categories. This revenue growth translated into a strong bottom line performance. Adjusted operating income grew more than 10%. And margin expanded to 16.7%, up 130 basis points. Adjusted EPS increased almost 15% at constant currency.

我們的成長在各個地區和各個品類中都實現了全面提升。營收成長轉化為強勁的獲利表現。調整後營業收入成長超過10%。利潤率擴大至 16.7%，上升 130 個基點。以固定匯率計算，調整後每股盈餘成長近15%。

We remain encouraged by industry trends. Snacking growth is improving globally, and our categories are up about 3%. It's particularly encouraging to see that this growth was coming from both developed and emerging markets. As you know, we have a broad geographic footprint and generate a significant majority of our revenue outside of North America. In the majority of countries around the world, we have a leading position in the highly attractive snacking category as we have a stable of iconic global and local brands.

我們對產業發展趨勢依然充滿信心。全球零食市場成長動能良好，我們的品類成長了約 3%。尤其令人鼓舞的是，這種成長既來自已開發市場，也來自新興市場。如您所知，我們的業務遍及全球，絕大部分收入來自北美以外地區。在世界大多數國家，我們在極具吸引力的零食領域佔據領先地位，因為我們擁有一系列標誌性的全球和本土品牌。

Seeing our categories grow largely everywhere around the world gives me confidence in our ability to drive growth going forward. As I've said over the past 8 months, the key to unlocking more value for our shareholders is based on 2 simple core concepts: putting the consumer at the center of everything we do and executing with excellence every day. These concepts are fundamental to our strategy and our long-term growth framework, which we will talk about in September.

看到我們的產品類別在世界各地都實現了大幅成長，這讓我對我們未來推動成長的能力充滿信心。正如我在過去 8 個月中一直強調的，為股東創造更多價值的關鍵在於兩個簡單的核心理念：將消費者置於我們一切工作的中心，並每天追求卓越。這些概念是我們策略和長期成長框架的基礎，我們將在九月對此進行討論。

Now I'd like to highlight a few areas that demonstrate strength and continued progress across our geographies and categories. Starting in Europe, we delivered another solid quarter with strong volume growth. Our biscuit business delivered strong volume growth across most of Western Europe, including Germany, France, Italy and Spain. Our chocolate brands, Milka, Toblerone and Côte d'Or, also performed well. And chocobakery, which includes Milka and Cadbury biscuits, continued its momentum.

現在我想重點介紹幾個領域，這些領域展現了我們在各個地區和類別中的優勢和持續進步。從歐洲市場開始，我們又迎來了一個穩健的季度，銷售量實現了強勁成長。我們的餅乾業務在西歐大部分地區，包括德國、法國、義大利和西班牙，都實現了強勁的銷售成長。我們的巧克力品牌，Milka、Toblerone 和 Côte d'Or，表現也很好。巧克力烘焙食品（包括Milka和吉百利餅乾）持續保持成長動能。

Once again, Germany was a particular standout, which was up double digits. Our Milka biscuits brand is gaining strong consumer appeal across the country, which gives us confidence in our ability to continue to expand these products into our other regions. In France, where we've been running a successful Oreo marketing campaign, volumes were up mid-single digits.

德國再次表現突出，領先優勢達到兩位數。我們的Milka餅乾品牌在全國各地越來越受到消費者的喜愛，這讓我們有信心繼續將這些產品推廣到其他地區。在法國，我們開展了成功的奧利奧行銷活動，銷售量實現了中等個位數的成長。

In Eastern Europe, we continue to experience strong chocolate growth, largely thanks to the strength of Milka. We also saw strong revenue growth in Russia, fueled by the continued success of the Alpen Gold Dark and the Milka Dark launches as well as activations around the World Cup.

在東歐，巧克力市場持續強勁成長，這主要歸功於妙卡 (Milka) 的強勁表​​現。在俄羅斯，我們也看到了強勁的營收成長，這得益於 Alpen Gold Dark 和 Milka Dark 的持續成功上市，以及世界盃期間的各項推廣活動。

Switching to North America. Organic revenue was up 5.7%, which is partially driven by lapping the malware incident from last year. Recent innovations like Oreo Thin Bites and RITZ Crisp & Thins have performed well.

切換到北美地區。有機收入成長了 5.7%，部分原因是彌補了去年惡意軟體事件的影響。近期推出的創新產品，如奧利奧薄脆餅乾和麗滋脆薄餅乾，表現良好。

Our new innovation strategy is to start small, experiment and bring brands to scale based on what we learn in the local markets. An example of this would be Trident Vibes, which we launched in a few markets this May. We are encouraged by our progress in North America with expanding margins and improving trends in our U.S. biscuits business. However, there is still more work to do.

我們新的創新策略是從小規模做起，不斷試驗，並根據我們在本地市場學到的經驗，將品牌規模化。例如，我們今年 5 月在部分市場推出了 Trident Vibes。我們在北美的進展令人鼓舞，利潤率不斷擴大，美國餅乾業務的發展趨勢也不斷改善。然而，還有更多工作要做。

Turning to AMEA. We continued to perform well across a number of key areas where we delivered volume growth and share gains. AMEA continued its run of double-digit revenue growth supported by strong volume. Expanded distribution in traditional trade, successful innovation and strong execution have been driving market share gains, underscoring our market leadership in India chocolate.

轉向AMEA。我們在多個關鍵領域持續保持良好表現，實現了銷售成長和市佔率提升。AMEA地區在強勁的銷售支撐下，持續保持兩位數的營收成長。在傳統貿易通路擴大分銷、成功創新和強有力的執行，推動了市場份額的成長，鞏固了我們在印度巧克力市場的領導地位。

In China, we delivered mid-single-digit growth. We posted good results in biscuits and turned another good quarter of growth and share improvement in gum. Our e-commerce platform in China continues to grow, driven by gifting and personalization.

在中國，我們實現了中等個位數的成長。我們在餅乾業務上取得了不錯的業績，口香糖業務也再次實現了良好的成長和市場份額提升。在禮品和個人化服務的推動下，我們在中國的電子商務平台持續成長。

In Latin America, we delivered mid-single-digit growth. Mexico, led by strength in both biscuits and gum, turned in solid results. And similar to many other companies, our Brazil business was meaningfully impacted by the trucker strike, which contributed to a high single-digit decline in revenue. While we are positive on the longer-term outlook for Brazil, we do expect continued volatility for the remainder of the year.

在拉丁美洲，我們實現了中等個位數的成長。墨西哥憑藉著餅乾和口香糖的強勁表現，取得了穩健的業績。與許多其他公司一樣，我們的巴西業務也受到了卡車司機罷工的嚴重影響，導致收入接近兩位數的下降。儘管我們對巴西的長期前景持樂觀態度，但我們預計今年剩餘時間市場仍將持續波動。

Over the past quarter, we also opened 2 state-of-the-art manufacturing facilities, one in the Czech Republic and one in Bahrain, both focused on servicing our emerging market growth. The factory in Opava, Czech Republic, which will manufacture brands like Oreo, belVita, Milka and Cadbury biscuits, is a great example of our strong commitment to building a positive impact for people and our planet.

在過去的一個季度裡，我們還開設了兩家最先進的製造工廠，一家在捷克共和國，一家在巴林，這兩家工廠都專注於服務我們新興市場的成長。位於捷克共和國奧帕瓦的這家工廠將生產奧利奧、belVita、Milka 和吉百利餅乾等品牌，這充分體現了我們致力於為人類和地球帶來積極影響的堅定承諾。

Operating as a 0 waste-to-landfill facility, the plant uses as little energy and water as possible. The Oreo cookies that are produced here use sustainable cocoa sourced through our Cocoa Life program. And the wheat used in the biscuits is increasingly sourced through our Harmony program, which promotes biodiversity and clean environmental wheat production in Europe. We are very excited about this program. And last month, we announced plans to expand our Harmony program to cover 100% of European biscuits by 2022.

該工廠作為一家零垃圾掩埋場運營，盡可能減少能源和水的消耗。這裡生產的奧利奧餅乾採用的是透過我們的「可可生活」計畫採購的可持續可可豆。餅乾中使用的麥子越來越多地來自我們的“和諧計劃”，該計劃旨在促進歐洲的生物多樣性和清潔環保的麥子生產。我們對這個項目感到非常興奮。上個月，我們宣布計劃擴大我們的 Harmony 計劃，到 2022 年覆蓋 100% 的歐洲餅乾。

I also wanted to call out 2 important events that have happened since our last call. First, we closed the acquisition of Tate’s Bake Shop late in the quarter. Tate's is a great fit with our portfolio of iconic brands. It expands our exposure to the fast-growing premium cookie segment with an entrepreneurial theme that has created an authentic brand with truly delicious product. Tate's is off to a great start as part of Mondelez International, and we look forward to introducing this exceptional brand to even more consumers.

我還想提一下自上次通話以來發生的兩件重要事件。首先，我們在本季末完成了對 Tate's Bake Shop 的收購。泰特美術館與我們旗下眾多標誌性品牌非常契合。它拓展了我們在快速成長的高端餅乾領域的業務，以創業為主題，打造了一個擁有真正美味產品的正宗品牌。作為億滋國際旗下品牌，Tate's 開局良好，我們期待將這個卓越的品牌介紹給更多消費者。

Second, in early July, the Keurig Dr. Pepper acquisition was completed. We have a 13.8% ownership in that business. Our coffee investments have been good contributors to the company, and we'll talk more about them in our September Investor Meeting.

其次，7月初，Keurig Dr Pepper的收購完成。我們持有該公司13.8%的股份。我們在咖啡領域的投資為該公司做出了良好的貢獻，我們將在九月的投資者會議上對此進行更詳細的討論。

Going forward, our focus remains on executing with excellence and finalizing our strategic review. We look forward to sharing more details regarding our plans with you at our Investor Day in September.

展望未來，我們的重點仍然是出色地執行戰略，並最終完成戰略評估。我們期待在九月的投資者日上與您分享更多關於我們計劃的細節。

Before turning it over to Brian, I want to extend my gratitude to him as he has been an invaluable partner since I joined the company. During his tenure, Brian's leadership and financial discipline has played a critical role in our journey to become the world's best snacking company. He has built a world-class financial organization, and I know that we are in great hands with Luca Zaramella assuming the role of CFO.

在將發言權交給布萊恩之前，我想向他表達我的感激之情，因為自從我加入公司以來，他一直是我非常寶貴的合作夥伴。在布萊恩的領導下，他的領導能力和財務紀律在我們成為世界最佳零食公司的旅程中發揮了至關重要的作用。他打造了一家世界一流的金融機構，我知道，盧卡·扎拉梅拉擔任財務長後，我們一定會發展得很好。

With that, I'll turn it over to Brian to share more details on the quarter.

接下來，我將把麥克風交給布萊恩，讓他分享更多關於本季的情況。

Thanks, Dirk, and good afternoon. We delivered solid top line and bottom line results in the second quarter. We continued to see positive momentum in most of our markets and posted broad-based revenue growth across regions and categories.

謝謝你，德克，下午好。第二季度，我們的營收和利潤均表現穩健。我們在大多數市場繼續保持積極的成長勢頭，並在各個地區和類別中實現了廣泛的收入成長。

Organic net revenue increased 3.5%, driven in large part by volume growth and balanced pricing. This includes approximately 160 basis points relating to 3 factors: the positive effect of lapping last year's malware event; the negative impact of the Easter shift into the first quarter; and the negative impact from the trucker strike in Brazil during this quarter. Similarly, for the first half, our organic net revenue growth was 2.9%, including approximately 100 basis points from the previously mentioned items.

有機淨收入成長 3.5%，主要得益於銷售成長和均衡定價。這包括與 3 個因素相關的約 160 個基點：去年惡意軟體事件的正面影響；復活節假期提前到第一季度的負面影響；以及本季度巴西卡車司機罷工的負面影響。同樣，上半年我們的有機淨收入成長了 2.9%，其中包括前面提到的專案貢獻的約 100 個基點。

Both developed and emerging markets continued to perform well for us during the quarter. Our developed markets were up 2.5% in the quarter, while our strong emerging market footprint continued to deliver for us, with organic net revenues increasing 4.7% with positive volume growth.

本季度，已開發市場和新興市場均持續為我們帶來良好的業績。本季度，我們已開發市場成長了 2.5%，而我們強大的新興市場佈局繼續為我們帶來收益，有機淨收入成長了 4.7%，銷量也實現了正成長。

On a regional basis for the quarter, Europe's organic net revenue increased 2.8% and was volume driven. We continued to deliver strong results in the region with notable growth in key countries like Germany and Russia, which both grew double digits in biscuits and chocolate.

從區域來看，本季歐洲的有機淨收入成長了 2.8%，主要受銷售推動。我們在該地區繼續取得強勁的業績，在德國和俄羅斯等主要國家實現了顯著增長，這兩個國家的餅乾和巧克力銷量均實現了兩位數增長。

AMEA grew 1.7%, driven by double-digit growth in India and solid growth in China. This strength was tempered by a weaker Ramadan season in the Middle East and soft results in Australia.

AMEA地區成長1.7%，主要得益於印度兩位數的成長和中國的穩健成長。這一優勢因中中東齋月期間的疲軟以及澳洲的糟糕戰績而減弱。

Latin America grew 3.8%, with mid-single-digit growth in Mexico and currency-driven pricing in Argentina. This was partially offset by the impact of the trucker strike in Brazil that lasted 11 days during May and early June, which resulted in shipping delays and lost consumption.

拉丁美洲經濟成長 3.8%，其中墨西哥實現中位數個位數成長，阿根廷則受匯率波動影響而價格上漲。巴西卡車司機罷工在 5 月至 6 月初持續了 11 天，造成運輸延誤和消費損失，部分抵消了上述影響。

North America increased 5.7%, which reflects the lapping of last year's malware incident. Growth was driven by solid biscuit results, which were partially offset by weak performance in gum. We are encouraged with the progress in North America. But there's still significant work ahead, and we expect to see gradual improvement in this region as we move forward.

北美地區成長了 5.7%，這反映了去年惡意軟體事件的影響已經過去。餅乾業務的穩健表現推動了成長，但口香糖業務的疲軟表現部分抵消了這一成長。我們對北美的進展感到鼓舞。但前方仍有大量工作要做，我們預計隨著工作的推進，該地區的情況會逐漸改善。

Now let's review our margin performance. We expanded adjusted OI margins by 130 basis points to 16.7%. Higher gross margins and continued SG&A improvements drove these results. Gross margins expanded due to net productivity, volume leverage and sequentially improving commodity costs, as we expected. We continued to execute on our ZBB program while selectively investing in key growth activities in our SG&A spend.

現在我們來回顧一下我們的利潤率表現。我們將調整後的未償付餘額利潤率提高了 130 個基點，達到 16.7%。更高的毛利率和持續的銷售、管理及行政費用改善推動了這些績效。正如我們預期的那樣，由於淨生產率提高、銷售成長以及大宗商品成本環比改善，毛利率有所擴大。我們繼續執行零基預算計劃，同時選擇性地投資於銷售、管理及行政費用中的關鍵成長活動。

On a regional basis, gross margin expansion and cost execution drove margin improvements in 3 of 4 regions. Europe margins grew 110 basis points to 19.2%. North America increased by 130 basis points to 20.8%, driven by volume leverage and lower SG&A. Latin America increased by 120 basis points to 15.4%. And AMEA declined by 40 basis points to 15% as a result of lapping a onetime property insurance recovery in the prior year.

從區域角度來看，毛利率擴張和成本控制推動了 4 個區域中 3 個區域的利潤率提高。歐洲利潤率成長110個基點至19.2%。北美地區成長 130 個基點至 20.8%，主要得益於銷售成長及銷售、一般及行政費用降低。拉丁美洲成長120個基點，至15.4%。由於上一年一次性財產保險賠償金被抵消，AMEA 下降了 40 個基點至 15%。

Moving to category highlights. The snacking category continues to demonstrate healthy momentum, building on the past 3 quarters with growth of more than 3%. Year-to-date, our biscuits revenue grew 4.3%, with strength in the U.S., France, Russia and China. Approximately 80% of our revenue grew or held share in this category.

進入類別亮點。零食品類持續保持健康成長勢頭，在過去三個季度的基礎上實現了超過 3% 的成長。今年迄今為止，我們的餅乾收入成長了 4.3%，其中美國、法國、俄羅斯和中國市場表現強勁。我們約 80% 的收入在該類別中實現了成長或保持了市場份額。

In chocolate, our business remains robust, growing 4%. India and Russia delivered double-digit growth, while Germany and the U.K. delivered solid results. Approximately 60% of our revenue grew or held share in this category.

在巧克力業務方面，我們的業績依然強勁，成長了 4%。印度和俄羅斯實現了兩位數的成長，而德國和英國也取得了穩健的業績。我們約 60% 的收入在該類別中實現了成長或保持了市場份額。

Gum & Candy grew less than 1% as the candy business posted low single-digit growth, offset partially by soft but improving gum results. Gum declined in developed markets, partially offset by mid-single-digit growth in emerging markets. About 40% of our revenue in this business gained or held share.

口香糖和糖果業務成長不到 1%，其中糖果業務僅實現個位數低成長，部分被疲軟但正在改善的口香糖業績所抵消。已開發市場的口香糖銷量下降，但新興市場的中個位數成長部分抵消了這一下滑。該業務中我們約 40% 的收入實現了市場份額的成長或保持穩定。

Turning to earnings per share. We delivered another strong quarter of adjusted EPS growth, increasing nearly 15% on a constant-currency basis. These results were driven by solid volume-driven revenue growth, gross margin improvement and SG&A discipline. We returned approximately $1 billion in capital to shareholders during the quarter and $1.8 billion year-to-date. For the quarter, we repurchased $650 million in stock and paid more than $300 million in cash dividends. In addition, we announced an increase in our dividend of 18% today as we continued to deliver dividend growth that is greater than earnings. Our dividend is up more than 50% over the past 3 years.

接下來看每股收益。我們又實現了強勁的季度調整後每股收益成長，以固定匯率計算成長近 15%。這些業績得益於銷量穩定成長帶來的收入成長、毛利率提高以及銷售、管理及行政費用的嚴格控制。本季我們向股東返還了約 10 億美元的資本，今年迄今已返還了 18 億美元。本季度，我們回購了價值 6.5 億美元的股票，並支付了超過 3 億美元的現金股利。此外，我們今天宣布將股息提高 18%，因為我們持續實現股息成長超過獲利成長。過去三年，我們的股息成長超過 50%。

Turning to free cash flow. The second quarter was a solid quarter of cash flow generation for the company, driven by continued strong working capital execution and higher cash earnings. Year-to-date, we've generated $650 million in free cash flow, which is approximately $900 million more than the first half of last year. Our team remains focused on delivering approximately $2.8 billion in free cash flow for full year 2018.

接下來討論自由現金流。第二季度，公司現金流表現穩健，主要得益於持續強勁的營運資本運作和更高的現金收益。今年迄今為止，我們已產生 6.5 億美元的自由現金流，比去年上半年增加了約 9 億美元。我們的團隊仍然專注於在 2018 年全年實現約 28 億美元的自由現金流。

Now turning to our outlook for the year. We're encouraged by the category growth trends as well as our own revenue growth on a year-to-date basis. Both of these measures are better than our initial expectations coming into the year. On the other side, we see Brazil, which represents about 6% of our revenue, as more challenging than expected. Taking this into consideration, we're raising our top line outlook and now expect organic net revenue growth at the high end of our stated range of 1% to 2%.

現在來展望一下今年的情況。我們對品類成長趨勢以及我們自身年初至今的營收成長感到鼓舞。這兩項指標都優於我們年初的預期。另一方面，我們認為巴西市場（約占我們收入的 6%）比預期更具挑戰性。考慮到這一點，我們提高了營收預期，現在預計有機淨收入成長將達到我們先前宣布的 1% 至 2% 範圍的高端。

Looking ahead, I'd remind you that the comparisons in the second half are more challenging given category growth comparisons and the positive prior year impact of malware-related shipments. With respect to our adjusted margin, adjusted EPS and free cash flow commitments, we are maintaining outlook for the year.

展望未來，我想提醒各位，考慮到品類成長的比較以及去年同期惡意軟體相關出貨量的正面影響，下半年的比較更具挑戰性。就我們調整後的利潤率、調整後的每股盈餘和自由現金流承諾而言，我們維持今年的預期。

Before I turn things over to Dirk to open it up for Q&A, I'd like to make a couple of comments regarding the transition of my role to Luca, who will assume the CFO position next week on August 1. I believe the company and our shareholders are in great hands with Luca as our new CFO. He has a strong track record of success over the past 20 years with the company and a deep knowledge of our products, markets, operations, competitors and customers. I've had the opportunity to work closely with him over my time at Mondelez and have incredible respect for his expertise and knowledge. I'm sure you will all enjoy working with Luca.

在將發言權交給德克進行問答環節之前，我想就我的角色交接給盧卡一事發表幾點看法。盧卡將於下週8月1日正式就任財務長一職。我相信，有了盧卡擔任新的財務官，公司和我們的股東都會過得很好。過去 20 年，他在公司取得了卓越的成就，並且對我們的產品、市場、營運、競爭對手和客戶有著深刻的了解。我在億滋國際工作期間有機會與他密切合作，我對他的專業知識和技能非常敬佩。我相信你們都會很樂意和盧卡一起工作。

I'll now turn it over to him to say a few words.

現在我把麥克風交給他，讓他講幾句話。

Thanks, Brian. Good afternoon, everyone. It's a great honor and privilege for me to be the next CFO of Mondelez. I have a great belief in this company, and I am excited to take on this role after over 2 decades of building my career, working across the company.

謝謝你，布萊恩。大家下午好。能夠成為億滋國際的下一任財務官，對我來說是莫大的榮幸與榮耀。我對這家公司充滿信心，在公司工作了二十多年，累積了豐富的經驗，現在能夠擔任這個職位，我感到非常興奮。

I've had the opportunity to see emerging and developed markets across Europe, Latin America as well as in North America in corporate. I'm happy to be working with Dirk and excited to enter the next phase of this company. I have personally learned a great deal from Brian and benefited from his leadership and counsel over the past few years. And I look forward to getting to know those on the call over the coming months and quarters.

我有幸在企業界接觸過歐洲、拉丁美洲以及北美的新興市場和已開發市場。我很高興能與德克共事，也很興奮能進入公司發展的下一個階段。過去幾年裡，我個人從布萊恩身上學到了很多東西，也從他的領導和建議中受益。我期待在接下來的幾個月和幾個季度裡，與電話會議上的各位相識。

I'll now turn it over to Dirk for some closing comments.

現在我把發言權交給德克，讓他做一些總結性發言。

Thanks, Luca. Thanks, Brian. In closing, while we continue to see some volatility across a few emerging markets, we feel very good about the progress we've made in both developed and developing markets. Our business in Europe continued to perform well. And while there is more work we need to do in North America, we are working hard to drive improvement in the region and seeing progress. Developing markets across AMEA and Latin America have mostly improved over the past several quarters, except for Brazil, which is expected to remain challenging over the near term.

謝謝你，盧卡。謝謝你，布萊恩。最後，雖然我們仍然看到一些新興市場存在一些波動，但我們對我們在已開發市場和發展中市場的進展感到非常滿意。我們在歐洲的業務持續表現良好。雖然我們在北美還有更多工作要做，但我們正在努力推動該地區的改進，並且已經看到了進展。過去幾個季度，除巴西外，AMEA 和拉丁美洲的發展中市場大多有所改善，預計巴西在短期內仍將面臨挑戰。

I am encouraged by the momentum that we are seeing in the business and with the strong first half results. We are making good progress with our strategic review and are looking forward to sharing this work in early September.

我對我們目前在業務上取得的成長勢頭以及上半年強勁的業績感到鼓舞。我們的策略評估工作進展順利，期待9月初與大家分享評估結果。

And with that, let's open the line for questions.

那麼，接下來我們開放提問環節。

(Operator Instructions) Your first question comes from the line of Bryan Spillane with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的布萊恩·斯皮蘭。

Brian, I want to wish you all the best going forward. It's been a real pleasure working with you. And Luca, looking forward to working with you as well.

布萊恩，祝你未來一切順利。和您一起工作真是太愉快了。盧卡，我也期待與你合作。

Thanks, Bryan.

謝謝你，布萊恩。

Thank you, Bryan.

謝謝你，布萊恩。

So I guess have 2 questions relative to the revenue outlook, balance of the year. First, I guess in North America, how much progress -- or how comfortable do you feel now that you've got service levels back to the sort of levels that you'd expect going forward, meaning you've got back to full service levels? That's the first. And then second, I guess, as we're looking over the balance of the year, I understand the Brazil piece is -- it could be a little bit challenging. But it just seems like with the momentum in the category getting better and the momentum potentially set up for improvement in North America as we go forward, why not go above the high end of the range on the organic revenue growth guidance?

所以，關於今年剩餘時間的收入前景，我有兩個問題。首先，我想問的是，在北美，你們的服務水準恢復到預期水準（即全面服務水準）後，取得了多大的進展？或者說，你們現在覺得有多安心？這是第一點。其次，我想，當我們回顧今年的剩餘賽程時，我了解到巴西這部分——可能會有點挑戰性。但隨著該品類的發展勢頭越來越好，而且隨著我們繼續前進，北美市場的發展勢頭也可能繼續改善，為什麼不將有機收入增長預期提高到預期範圍的上限以上呢？

Thank you, Bryan. I think you touched upon the 2 areas that, clearly, for the rest of the year, require attention from our side. As it relates to North America, yes, we have made some progress. Our supply chain, which is one of the key things that we needed to work on and improve, has shown some good customer service results in the second quarter. And we are seeing some good momentum also from our DSD system. It remains, however, a system that still has a few old plants in there which are a bit finicky. So we feel good but we need to keep on confirming for the rest of year that we have things under control. So we're a bit cautious. At the same time, we do see an increasing momentum in the categories. In North America, our share performance within that has been better in the sense that biscuits is accelerating and we have increased a little bit our share. And as it relates to gum, the category is doing better and our share decline has improved a little bit. So yes, we are having a stronger top line. If you take out malware, we're now clearly in positive territory in North America. At the same time, for the remainder of the year, I would say that the comparisons are going to become more difficult because as you will remember, the third quarter had a positive effect last year from malware. And just overall, the comparisons become more difficult. So we feel good about our forecast for North America in the remainder of the year, and we want to see what next quarter brings us before thinking through if it should be higher.

謝謝你，布萊恩。我認為你提到的這兩個方面，顯然需要我們在今年餘下的時間裡加以關注。就北美而言，是的，我們取得了一些進展。我們的供應鏈是我們需要努力改進的關鍵環節之一，在第二季度，供應鏈的改善為客戶服務帶來了一些正面的影響。我們的DSD系統也展現出良好的發展動能。然而，該系統中仍然有一些老舊的設備，這些設備有點挑剔。所以我們感覺不錯，但今年剩下的時間裡，我們需要繼續確認一切都在掌控之中。所以我們有點謹慎。同時，我們確實看到各個類別的發展動能日益增強。在北美，我們的市佔率表現較好，因為餅乾業務正在加速成長，我們的市佔率也略有增加。至於口香糖品類，該品類表現有所好轉，我們的市佔率下滑情況也略有改善。是的，我們的營收成長動能更強勁。如果排除惡意軟體，我們在北美的情況顯然已經好轉。同時，我認為今年剩餘時間的比較將變得更加困難，因為正如您所知，去年第三季受到惡意軟體的積極影響。總的來說，比較變得更加困難。因此，我們對北美地區今年剩餘時間的預測感到樂觀，我們想看看下個季度的情況，然後再考慮是否應該提高預測值。

Yes. And maybe about the total company, clearly, we are encouraged by the evolution of the top line over the last 3 quarters. And as we said in the opening remarks, quite pleased about the fact that it is broad-based, both in terms of categories and regions. Also pleased by the volume and price balance that we see. And in general, as you saw, we are improving our revenue outlook for the year. In totality for the company, though we want to remain thoughtful about the second half, there are still some elements of volatility in emerging markets like Brazil, as we said. North America, good progress, as we've said, but improvement is going to be gradual. And in terms of comparison, we are lapping higher growth in the second part of last year. And also, malware was a positive effect, specifically in Q3 last year.

是的。就整個公司而言，顯然，過去三個季度的營收成長令人鼓舞。正如我們在開場白中所說，我們非常高興它具有廣泛的基礎，無論是在類別方面還是在地區方面。我們也對目前的成交量和物價平衡感到滿意。總的來說，正如你所看到的，我們正在改善今年的收入預期。總的來說，對於公司而言，雖然我們希望對下半年保持謹慎，但正如我們所說，巴西等新興市場仍然存在一些波動因素。正如我們所說，北美取得了良好的進展，但改善將是一個漸進的過程。相比之下，我們今年下半年的成長速度更快。此外，惡意軟體也產生了積極影響，尤其是在去年第三季。

Your next question comes from the line of Andrew Lazar with Barclays.

你的下一個問題來自巴克萊銀行的安德魯·拉扎爾。

All the best to you, Brian.

祝你一切順利，布萊恩。

Thanks, Drew.

謝謝你，德魯。

I wanted to follow up, Dirk, a little bit. I think you mentioned in the previous answer that the DSD system was starting to see some building momentum. And I'm just trying to get a sense of are there any, I guess, specific metrics that you can point to as of yet that sort of tell you that the company is starting to see maybe what could be a sort of sustainable or substantive advantage from having DSD vis-à-vis competitors that don't just because of all the malware issues? We're seeing that that's not obviously been able to be leveraged perhaps in the way that you'd like it to be over the last year.

德克，我還想再補充一點。我認為你在之前的回答中提到過，DSD 系統開始逐漸發展壯大。我只是想了解一下，目前是否有一些具體的指標可以指出，這些指標表明，該公司是否開始意識到，由於惡意軟體問題，擁有 DSD 相對於沒有 DSD 的競爭對手，可能會帶來某種可持續的或實質性的優勢？我們看到，在過去一年裡，這種優勢似乎並沒有以您希望的方式充分利用。

Yes, Andrew. Well, of course, the best measure for us is our share performance. That is what will give us the clearest measure. We also, of course, look at our customer service and things like out of stocks and so on. And that is clearly improving for us. And I think also the fact that we are much more clear on our communication about the fact that we do believe in DSD and we think it can be a differentiator for us. That has caused us to get more confident in our [themes]. If we go a little bit deeper, the things we typically look at is the number of displays that we have, what's going on with our share of shelf. And there, we see clear improvement and clear increases. So those are the different factors that we look at to be able to understand how DSD is doing for us.

是的，安德魯。當然，對我們來說，最好的衡量標準就是我們的股價表現。那將為我們提供最清晰的衡量標準。當然，我們也會關注客戶服務以及缺貨等問題。這一點顯然正在改善。而且我認為，我們現在更清楚地表達了我們對DSD的信念，並認為它可以成為我們的差異化優勢。這讓我們對自己的主題更有信心。如果我們更深入地了解一下，我們通常會關注的是我們的展示數量，以及我們在貨架上的份額。在那裡，我們看到了明顯的改善和明顯的成長。所以，以上是我們用來了解DSD對我們效果如何的不同因素。

Got it. And then, Brian, gross margin came in quite a bit better than we had modeled. Is part of that just the, I guess, more positive mix effect from a stronger developed market performance in this quarter, partially because of lapping malware as opposed to anything else? Because it sequentially improved quite a bit in terms of the year-over-year improvement.

知道了。布萊恩，毛利率實際上比我們預想的要好得多。我猜想，這其中一部分原因只是已開發市場在本季表現強勁，帶來了更積極的市場組合效應，部分原因是惡意軟體的減少，而不是其他原因？因為就年比改善而言，它逐年取得了相當大的進步。

Yes, Andrew. That's part of it. I -- up 60 basis points, we feel pretty good about it. And I think we've been saying that as we move through the year that we expected to see gross margins get a bit better, and we still expect them to be up for the total year. But I would say mix has been helpful. Net productivity and the supply chain execution actually was good in the quarter. Sequentially, we had commodities moving in the right direction. As we said, we had hedges that we're rolling off, gave us access to lower-priced cocoa. That was helpful sequentially. Dairy pricing, we've now pretty much got covered with pricing -- or dairy increased inflation we have covered with pricing. And then volume leverage, I think, overall has contributed, better absorption and better overall margin. So I think those are the key drivers. And as I said, we feel good about, in the 17% commitment for the year, that gross margins will still be up year-over-year. So good growth progress in the quarter.

是的，安德魯。這是其中的一部分。上漲 60 個基點，我們感覺相當不錯。我認為我們一直在說，隨著今年的推進，我們預計毛利率會略有改善，而且我們仍然預計全年毛利率會上升。但我認為混合模式很有幫助。本季淨生產率和供應鏈執行情況實際上都不錯。從順序來看，大宗商品價格朝著正確的方向發展。正如我們所說，我們之前擁有的對沖基金正在被取消，這使我們能夠以更低的價格獲得可可。按順序這樣做很有幫助。乳製品定價方面，我們現在基本上已經透過定價機制解決了問題——或者說，乳製品價格上漲帶來的通貨膨脹，我們已經透過定價機制解決了問題。我認為，銷售槓桿作用總體上也促成了更好的吸收率和更好的整體利潤率。所以我認為這些都是關鍵驅動因素。正如我所說，我們對今年 17% 的成長目標感到樂觀，相信毛利率仍將同比增長。本季成長進展良好。

Your next question comes from the line of David Driscoll with Citi Research.

你的下一個問題來自花旗研究部的 David Driscoll。

I wanted to ask about the non-Power Brands. I think in the quarter, guys, correct me if I'm wrong, you don't actually have it printed on the slides, but I think maybe growth of the non-Power Brands was maybe a little bit less than 1%. Dirk, now that you've been with the company for a while, can you give us some comments as to what you see as the role of these non-Power Brands? Should they be kind of flattish or low growth? And do you need to invest more in them to get them moving? And then just kind of the final point on this question is if not, if the answer is not positive to some of those, then perhaps some of this should be divestiture candidates as they would enhance the revenue growth on the residual business. I'd appreciate your thoughts.

我想問非主流品牌的情況。我認為，各位，如果我沒記錯的話，你們的投影片上並沒有實際印出來，但我認為本季非強勢品牌的成長率可能略低於 1%。Dirk，既然你已經在公司工作了一段時間，你能否就這些非強勢品牌的角色發表一些看法？它們應該是扁平狀還是低矮狀的？你需要投入更多資金才能讓它們運作起來嗎？最後一點是，如果上述某些問題的答案不是肯定的，那麼或許應該考慮剝離其中一些業務，因為它們會提高剩餘業務的收入成長。我很想聽聽你的想法。

Yes, David. I would say the -- and this is a little piece of what we are looking for at the new strategy, and we will talk more about it in September. But the way I look at it is we are a company that is composed of Power Brands, which are global brands that are clearly on trend and that are doing well and provides the majority of our growth. But we also have a number of other brands, largely local brands, and those you can indeed divide up in 2 categories. There's the ones that are quite lost, that have potential. They can play in authenticity or a health and wellness role. And we probably have not invested enough in them. And that's one of the areas where we are trying to make a change. And then there is probably a number of them that are not as appealing and that really don't have a clear future. And yes, we need to see what we need to do with those. You start to see already a little bit of that. Europe has started to shift some of their investments into some of those local brands, and we're getting some good traction from that. So I don't think they're going to grow 3%, 4%. But to see them somewhere around 1%, maybe a little bit above that on an ongoing basis, we would be quite happy if that is what these brands are going to do for us.

是的，大衛。我想說的是——這只是我們在新戰略中尋求的一小部分，我們將在九月對此進行更詳細的討論。但我認為，我們是一家由實力品牌組成的公司，這些實力品牌都是全球品牌，它們顯然符合潮流，發展良好，並為我們帶來了大部分的成長。但我們還有許多其他品牌，大多是本地品牌，這些品牌確實可以分為兩類。有些人迷失了方向，但他們很有潛力。他們可以扮演真實角色，也可以扮演健康養生角色。我們可能對它們的投入還不夠。而這正是我們試圖做出改變的領域之一。此外，可能還有一些項目不太吸引人，未來發展前景也不明朗。是的，我們需要看看該如何處理這些。你已經開始看到一些這樣的跡象了。歐洲已經開始將部分投資轉向一些本土品牌，我們已經從中獲得了一些不錯的成效。所以我認為他們不會成長 3% 或 4%。但如果這些品牌能持續維持 1% 左右，甚至略高於這個數字，我們會非常高興。

And then one follow-up. On the emerging markets, I think if I read the data right, volumes were down. How concerning is this? And do you expect volume growth to be positive for the emerging markets in the second half?

然後還有一次後續跟進。關於新興市場，如果我對數據的解讀沒錯的話，交易量有所下降。這有多令人擔憂？您預期新興市場下半年的銷售成長會是正值嗎？

I think when you look at that, take into consideration the fact that in those numbers, there are a couple of drivers. One is Argentina, where clearly, we price according to inflation. And there is a volume implication there. The other one that came into play in the quarter, it is in the Philippines, where we had to price for a beverage tax. And the pricing we took was quite high. It was around about 100%, so there was a volume impact. But we are quite pleased to see the likes of China, India and Russia actually grow in volume. And so in general, I would say as you strip out some of the outliers I've just mentioned, we feel quite good with the volume momentum we see even in developing markets.

我認為在分析這些數據時，要考慮到這些數字中包含幾個主要因素。一個是阿根廷，在那裡，價格顯然是根據通貨膨脹來定的。這其中蘊含著交易量方面的資訊。本季出現的另一個問題是菲律賓，我們需要將飲料稅納入定價。我們當時的定價相當高。大約是 100%，所以交易量受到了影響。但我們很高興看到中國、印度和俄羅斯等國的銷售量確實有所成長。因此總的來說，我認為，剔除我剛才提到的一些異常值後，我們對即使在發展中市場看到的成交量勢頭也感到非常滿意。

And David, if you look at emerging in total, vol mix was positive, up 1% in the quarter.

大衛，如果你整體來看新興市場，波動率組合是正面的，本季上漲了 1%。

Brian, thanks for everything and good luck.

布萊恩，感謝你所做的一切，祝你好運。

Thank you.

謝謝。

Your next question comes from the line of Jason English with Goldman Sachs.

你的下一個問題來自高盛的傑森·英格利希。

I'll just echo the sentiment. Brian, congratulations, and it's great to see you walking out on a high note with the company and kind of humming overall.

我完全同意這種說法。布萊恩，恭喜你！很高興看到你和公司一起完美地告別，整體上也發展得很好。

Thank you.

謝謝。

In terms of the performance, it's great to see the sales accelerating. I know there's some noise in there. I think in the disclosure in the slides, about 160 basis points of benefit this quarter on organic. Kind of dialing it back, around 1.9%, I think, for the quarter and for the year-to-date if we strip out that noise, which is relatively solid. But if we compare it to your end market growth of 3.1%, you're still lagging by around 100 basis points, which is about where you've been lagging for the last few years. Yet you're showing your percentage of sales, at least in snacks, that are gaining or holding, materially improving, 65%. We haven't seen that, I think, since maybe 2013. What's the disconnect for those 2 data points? Why is your market share number kind of getting better? I presume the answer is because that 35% that's losing is substantial. And if so, what are some of the drags? And how should we think about their impact going forward?

就業成績而言，很高興看到銷售額加速成長。我知道裡面有些噪音。我認為從幻燈片披露的資訊來看，本季有機成長約有 160 個基點的收益。我覺得本季和今年迄今的漲幅都在 1.9% 左右（如果剔除那些幹擾因素的話），整體來說還算穩健。但如果與你們 3.1% 的終端市場成長率相比，你們仍然落後約 100 個基點，這與你們過去幾年一直落後的幅度大致相同。但你們的數據顯示，至少在零食方面，銷售額成長或維持成長的百分比為 65%，並且有實質的改善。我想，我們大概從 2013 年起就沒見過這種情況了。這兩個數據點之間有什麼區別？為什麼你們的市佔率似乎在好轉？我猜答案是因為那35%的虧損群體相當龐大。如果真是如此，那麼有哪些阻礙因素呢？那麼，我們該如何看待它們未來的影響呢？

Yes, Jason, this is Brian. I'll take it. As you think about it, I think we've sort of got the math at about 70 basis points disconnect between category growth and our growth. And there's really 2 drivers. We are, net-net, still in aggregate, losing some share. It's mostly in Brazil, U.S. gum contributes, and those are probably the 2 biggest. And then there's -- as we talked about in the first quarter, there's an inventory trade reduction that played out in the North America business. Those are the 2 biggest drivers that would explain the delta. I'd say we feel pretty good about the fact that the share performance almost everywhere else in the world is actually improving, and I think we see this gap closing over time.

是的，傑森，這是布萊恩。我要買它。仔細想想，我認為我們已經計算出品類成長與我們自身成長之間存在著大約 70 個基點的脫節。實際上有兩名司機。總的來說，我們仍然在失去一些市場份額。主要產地是巴西，美國口香糖也有貢獻，這兩個國家可能是最大的兩個產地。然後，正如我們在第一季討論的那樣，北美業務出現了庫存交易減少的情況。這是造成差異的兩大主要原因。我認為，我們對世界其他地區股票表現實際上都在改善這一事實感到非常滿意，而且我認為隨著時間的推移，這種差距將會縮小。

Very good. That's helpful. You mentioned Brazil. Maybe you can elaborate a little bit more on there because as we listen to various companies, the messaging is kind of all over the place. Some suggesting it's better today than last year. Some suggesting it's still really choppy. What are you guys seeing in the marketplace? You kind of sounded a somewhat cautionary note. Is that driven more by end market growth, more by market share? Can you just give us some more context and color around that?

非常好。那很有幫助。你提到了巴西。您或許可以再詳細解釋一下，因為我們聽了多家公司的意見，發現他們的說法五花八門。有人認為現在的情況比去年好。有人說網路仍然很不穩定。你們在市場上看到了什麼？你的語氣聽起來有點像是在發出警告。這主要是由終端市場成長驅動，還是由市場佔有率驅動？能再詳細解釋一下背景和情況嗎？

Yes, yes. I would say first of all, Brazil is important for us as it probably is for some other companies, too. It's about 6% of our revenue. And we certainly see heightened volatility. You had the trucker strike in this quarter, which has kind of thrown off the quarter, probably had about a $20 million impact on the top line. We think that was lost consumption as the product was not in the store and the consumer really couldn't get to the store. We don't think in the category like snacking that it's going to come back. So that's going to affect the rest of the year. You've probably seen that the exchange rate also has started to move. That is giving us some volatility. And there's also some social and political unrest in Brazil. So on the short term, for the rest of the year, we're sort of expecting that the consumer confidence and the consumer behavior will be affected. And so we expect more disruption and a bit of a difficult time for the second half of the year. On top of that, we have -- and we have reported on this a few times. We're doing quite well in biscuits and in gum. But in the chocolate markets, we've had some heavy competitive pressure. So we are faced with that also. Longer term, I think, yes, the observation that Brazil is doing better, that the GDP is improving. And I would say probably over the midterm, we are more positive about Brazil. But I wouldn't dare to say that the second half of the year will already bring us a much improved situation.

是的，是的。首先我想說，巴西對我們很重要，對其他一些公司來說可能也很重要。這約占我們收入的6%。我們確實看到了波動性加劇。本季發生了卡車司機罷工，這在一定程度上擾亂了本季的業績，可能對營收造成了約 2,000 萬美元的影響。我們認為這是消費損失，因為產品不在商店裡，消費者也無法前往商店。我們認為零食這類產品不會再流行起來了。所以這將會影響今年剩下的時間。你可能已經注意到匯率也開始波動了。這導致市場波動。巴西也出現了一些社會和政治動盪。因此，短期內，也就是今年剩餘的時間裡，我們預期消費者信心和消費者行為將受到影響。因此，我們預計下半年將會出現更多混亂和一些困難時期。除此之外，我們還有──而且我們已經報道過幾次了。我們在餅乾和口香糖方面做得相當不錯。但在巧克力市場，我們面臨巨大的競爭壓力。所以我們也面臨同樣的問題。從長遠來看，我認為，是的，觀察結果是巴西的情況正在好轉，GDP正在改善。而且我認為，中期選舉後，我們對巴西的看法可能會更加樂觀。但我不敢斷言下半年情況就會有顯著改善。

Your next question comes from the line of Robert Moskow with Credit Suisse.

你的下一個問題來自瑞士信貸的羅伯特·莫斯科。

I guess I'll ask about the cocoa cost comment. You said that hedges rolled over, Brian, which was a benefit to gross margin in the second quarter. But we're all kind of looking at cocoa cost as being inflationary. I know you have hedges that protect you for a while and protect Mondelez for a while. So what's the outlook for when the costs start to get higher instead of lower for the margin profile?

我想我會問問關於可可成本的評論。布萊恩，你說過對沖合約到期後，第二季的毛利率提高。但我們都認為可可價格上漲是通膨造成的。我知道你們有樹籬可以暫時保護你們，也可以暫時保護億滋國際。那麼，當成本開始上升而不是下降時，利潤率前景會如何呢？

Yes. Look, I think, Rob, it's moved around a little bit. I mean, it's actually down a little recently. When you look at it in the scale of sort of a 5-year cycle of where cocoa has been, it's actually pretty reasonably priced. And we feel okay with that, and we've been locking in a little bit longer than we otherwise would, given that dynamic. It's going to be slightly favorable for us in the second half of the year sequentially and year-over-year. And then first half of next year, it feels about the same based on what we have kind of in place already. So we're not really worried about where cocoa is. It hasn't moved a whole lot. I'd say dairy has come down a little bit. And if you look more broadly, not a whole lot of new changes to the commodity environment for us in terms of our key commodities. Crude oil has obviously moved up, and that affects us in some parts of our supply chain. But we've got some long-term hedges in place there as well. So I mean, as we said coming into the year, commodity is relatively benign year-over-year, and I would say that's still the case. I would say, as you would have heard from several other companies, clearly, there is some building inflation pressure in some other parts of the supply chain. When you look at logistics and packaging and even labor costs around the world, I would say that's looking to be more inflationary as you move over the next couple of years. And that's something that as we look at the strat plan and start talking about how we plan the business, we're going to have to take into account. But as we look at 2018, I'd say relatively benign right now.

是的。你看，羅布，我覺得它稍微移動了一下位置。我的意思是，最近實際上有所下降。如果從可可價格五年周期的角度來看，它的價格其實相當合理。我們對此感到滿意，而且鑑於這種動態，我們鎖定合約的時間也比通常情況下要長一些。今年下半年，無論從環比或同比來看，對我們來說都將略微有利。那麼明年上半年，根據我們目前已有的安排，感覺狀況也差不多。所以我們並不太擔心可可產地在哪裡。它並沒有移動太多。我覺得乳製品價格略有下降。從更廣闊的角度來看，就我們的主要商品而言，商品環境並沒有發生太多新的變化。原油價格明顯上漲，這影響了我們供應鏈的某些環節。但我們也採取了一些長期避險措施。所以我的意思是，正如我們年初所說，大宗商品價格比去年同期相對溫和，我認為這種情況仍然如此。正如你從其他幾家公司聽到的那樣，很明顯，供應鏈的其他一些環節存在著不斷增加的通膨壓力。當你審視全球的物流、包裝甚至勞動成本時，我認為未來幾年這些成本的通膨趨勢將會更加明顯。這是我們審視策略規劃並開始討論如何規劃業務時必須考慮的因素。但展望 2018 年，我認為目前來看相對平靜。

Can I ask you to opine on weak inflation also in your last conference call here as CFO?

我能否請您在上次擔任財務長參加的電話會議上，也對通膨疲軟發表一下看法？

Going forward or what we're seeing right now?

展望未來還是我們現在所看到的？

What you're seeing right now.

你現在看到的。

Not a big challenge for us.

對我們來說，這不算什麼挑戰。

Not a big challenge. Okay. Best wishes, Brian. Great working with you.

不算什麼大挑戰。好的。祝你一切順利，布萊恩。和你合作非常愉快。

Thanks a lot, Rob.

非常感謝，羅布。

Your next question comes from the line of Chris Growe with Stifel.

你的下一個問題來自 Stifel 的 Chris Growe 一線。

Brian, I'll add my congratulations as well. Wish you all the best. I wanted to ask, if I could, about emerging markets and the discussion before about volume being up in the emerging markets. I'm curious, if you took out Brazil, how much of weight was that on sales growth for the quarter? Emerging markets are still pretty solid, just a little below where they were in the first quarter. I'm just trying to get a little sense of how that one market -- the sort of the data this quarter.

布萊恩，我也要向你表示祝賀。祝你一切順利。我想問一下關於新興市場以及先前關於新興市場交易量上升的討論。我很好奇，如果剔除巴西市場，這對本季的銷售成長有多大影響？新興市場依然相當穩健，只是略低於第一季的水準。我只是想稍微了解一下這個市場的狀況——例如本季的數據。

Yes, I think Brazil clearly was impacted by the trucker strike. We feel quite good about majority of the emerging markets. You look at Russia, Russia grew quite highly, about 15% in the quarter. So it was quite a good number. We are gaining share. The categories are doing well. India, the same, volume-driven growth. China, mid-single-digit growth. So in general, as we look at developing markets, I think we feel quite good. So I would say that excluding Brazil and a couple of other markets, namely some markets in the Middle East, [overall] it grew solidly in Q2.

是的，我認為巴西顯然受到了卡車司機罷工的影響。我們對大多數新興市場都感到相當樂觀。看看俄羅斯，俄羅斯的成長相當強勁，本季成長了約 15%。所以這個數字相當不錯。我們正在擴大市場份額。各個類別表現良好。印度也是如此，成長主要由銷售驅動。中國，中等個位數成長。所以總的來說，當我們審視新興市場時，我認為我們感覺相當不錯。因此，我認為，除了巴西和其他幾個市場（特別是中東的一些市場）之外，第二季整體成長穩健。

Okay, okay. And just a quick question, if I could, in relation to the some of the SG&A-related savings, some of the benefit coming through the operating margin. Are those cost saving driven? I guess related to that, I'm curious if you're -- are you moving some of your advertising dollars into promotional spending? It's something you've done earlier in the year. I'm just curious how that's playing out and where you're investing those dollars.

好的，好的。如果可以的話，我想問一個關於銷售、一般及行政費用節省以及由此帶來的營運利潤率收益的問題。這些措施是出於節省成本的考量嗎？我想說的是，我很好奇您是否正在將部分廣告預算轉移到促銷支出中？這是你今年早些時候做過的事情。我只是好奇事情進展如何，以及你把這些錢投資到哪裡了。

I'd say 2 things. I mean, we continued to work overheads and ZBB continues to deliver for us. We are reinvesting some dollars within overheads into some growth activities. And then A&C, I'd say A&C is down slightly in the quarter and I'd say mostly timing related. As we've said, we expect the total year to be roughly flat with '17, and we'll probably have some higher spending in the second half of the year.

我想說兩點。我的意思是，我們繼續控制營運成本，而零基預算也繼續為我們帶來收益。我們將部分營運成本重新投入一些成長活動。至於A&C，我認為A&C在本季度略有下降，我認為這主要是由於時間因素造成的。正如我們所說，我們預計全年總支出將與 2017 年大致持平，下半年支出可能會增加。

Your next question comes from the line of David Palmer with RBC.

你的下一個問題來自大衛·帕爾默在 RBC 的報導。

All the best, Brian.

祝你一切順利，布萊恩。

Thanks, David.

謝謝你，大衛。

Dirk, just a follow-up to your answer to Jason's question on Brazil. It sounded like the trucking strike hit your shelf presence, and the comment was -- or at least part of this was that, that would have a carryover impact to consumption. Am I getting that right? And does that mean the trucking strike is hurting certain players like Mondelez more than others, meaning this is having a carryover effect to market share rather than just a category or a consumer issue?

Dirk，我只是想補充一下你之前對 Jason 關於巴西的問題的回答。聽起來卡車司機罷工影響了你們的貨架陳列，評論是——或者至少部分評論是——這將對消費產生持續影響。我理解的對嗎？這是否意味著卡車司機罷工對某些企業（例如億滋國際）的打擊比其他企業更大，也就是說，罷工對市場份額產生了延續效應，而不僅僅是某個品類或消費者的問題？

No, no. What I meant is that during those 11 days, the consumer bought less products because on one hand, there was less product available. On the other hand, since it was a massive issue, consumers didn't get to the store. Since we were in snacking and in foods market, if they don't have their cookie for today, they won't eat them and they won't catch up going forward. They will still consume going forward. But those 11 days, we probably have lost for the year. But there's no ongoing effect of consumption for us.

不，不。我的意思是，在那11天裡，消費者購買的產品數量減少了，一方面是因為產品供應量減少了。另一方面，由於這是一個大問題，消費者根本沒有時間去商店。因為我們當時在零食市場和食品市場，如果他們今天沒有餅乾，他們就不會吃，以後也追不上進度。他們未來仍會繼續消費。但這11天，我們可能就此失去了一整年的時間。但對我們來說，消費並沒有持續的影響。

It didn't impact in the second half at all.

下半場完全沒有受到影響。

Okay, got it. And then just a follow-up on Middle East, the comments you made about the Middle East and the weaker Ramadan season weighing on the India results. How much of the slowdown in the quarter was a transitory issue? And what is your general outlook for that region?

好的，明白了。然後，我想就中東問題做個後續說明，您之前對中東局勢以及齋月期間印度經濟疲軟對印度選舉結果的影響發表了評論。本季經濟放緩有多少是暫時性的？您對該地區的整體前景有何看法？

Well, I would say that if I look at AMEA overall, all the signs are very positive. For the first half, AMEA is up 2.7%. We have very good growth in India with double digit. We have China, mid-single digits. South East Asia is also growing quite solidly. So it really boils down to the Middle East and Australia. Middle East, it has declined double digits because of the category softness and also some of the economic conditions. The Middle East has been a tough region for us. For the longer periods of time, a lot of the subsidies are gone and some of the competitors didn't price and so on. So on top of that, we were cautious with our Ramadan season. And so we see some effects of that. Australia also declined. That was due to Easter facing some challenging market competition and increased competitive activity. I'm expecting Australia to come back. The Middle East, the softer Ramadan, of course, will not continue. But it's still a region where clearly consumer confidence and consumer spending is affected at the moment.

總的來說，如果縱觀 AMEA，所有跡像都非常積極。上半年，AMEA 上漲了 2.7%。我們在印度的成長非常強勁，實現了兩位數的成長。中國的數據是中個位數。東南亞市場也呈現相當穩健的成長態勢。所以歸根究底，問題就出在中東和澳洲。中東地區由於品類疲軟以及一些經濟狀況的影響，出現了兩位數的下滑。中東地區對我們來說一直是個艱難的地區。從長遠來看，很多補貼都消失了，有些競爭對手也沒有進行定價等等。因此，除此之外，我們在齋戒月期間也格外謹慎。因此，我們看到了一些影響。澳洲也出現了下滑。這是由於Easter面臨嚴峻的市場競爭和日益激烈的市場活動。我期待澳洲能夠復甦。當然，中東地區較為溫和的齋戒月不會持續下去。但目前該地區的消費者信心和消費支出仍明顯受到影響。

And I think, David, we've managed the Ramadan fairly well, I mean, to the point where I don't see a carryover inventory challenge with how we manage through Ramadan. I think we were cautious coming into the season.

大衛，我認為我們齋戒月期間的庫存管理得相當不錯，我的意思是，我認為我們在齋戒月期間的庫存管理不會帶來任何庫存方面的挑戰。我認為我們在賽季開始前採取了謹慎的態度。

Your next question comes from the line of Steve Strycula with UBS.

你的下一個問題來自瑞銀集團的史蒂夫·斯特里庫拉。

Two questions for me. One is a clarification on -- going back over Brazil. It's very clear that the consumption -- the lost consumption for 11 days. But what I'm trying to get a better feel for is, are you commenting that as a result of that strike, was there lost -- broader consumer confidence loss in that region that is impairing maybe out the door consumption trends for the remainder of the year along with politics on a local and regional basis? Can you just clarify if there's any broader underlying trend change for the consumer?

我有兩個問題。其中一項是澄清——重返巴西。很明顯，這是 11 天的消費損失。但我更想了解的是，您是說，由於那次罷工，該地區的消費者信心是否普遍下降，從而影響了今年剩餘時間的消費趨勢，以及地方和區域政治局勢？您能否具體說明一下，消費者方面是否有任何更廣泛的潛在趨勢變化？

Yes. No. I wouldn't say that I see a bigger effect on consumer confidence or consumer spending going forward. We do have a little bit of a devaluation. So that will affect consumer prices in Brazil. But apart from that, I think we remain cautious. But we do not see any signs that consumer offtake is affected in a major way. Of course, you have the elections that are coming up, which causes some -- usually some volatility, especially in the run-up to the election. That's why we are -- for all those reasons, we are a little bit cautious at the moment. But at this stage, we don't see an effect on consumer offtake.

是的。不。我不認為這會對未來的消費者信心或消費支出產生更大的影響。我們確實出現了一些貶值。這將影響巴西的消費價格。但除此之外，我認為我們仍需保持謹慎。但我們沒有看到任何跡象顯示消費者的購買量受到了重大影響。當然，即將到來的選舉也會導致一些——通常是一些波動，尤其是在選舉臨近之際。正因如此，我們目前比較謹慎。但就目前而言，我們尚未看到對消費者購買量的影響。

Got you. And then getting back to a question that Jason English asked, to get to that end market 3% category growth rate over the medium to longer term, does that require dipping into maybe some lower margin pockets of growth, lower ASP products to really capture that runway? Or do you not view them as mutually exclusive in that you -- if you fix the U.S. and fix Brazil, that you should be able to find that runway and still be able to expand margins simultaneously?

抓到你了。回到 Jason English 提出的問題，為了在中長期內實現終端市場 3% 的品類成長率，是否需要涉足一些利潤率較低的成長領域，例如平均售價較低的產品，才能真正抓住這個成長空間？或者，您是否認為它們是互斥的，也就是說，如果您解決了美國和巴西的問題，您應該能夠找到發展空間，並且還能同時擴大利潤率？

Yes, yes. We don't see the first thing you mentioned. We don't necessarily see that as a must to get to that 3% growth. I think if we get the U.S. closer to the market growth and the same in Brazil, we should be very close to the 3% market growth.

是的，是的。我們沒有看到您提到的第一件事。我們並不認為這是實現 3% 成長的必要條件。我認為，如果我們能讓美國和巴西的市場成長率更接近目標，我們應該就能非常接近 3% 的市場成長率了。

Your next question comes from the line of John Baumgartner with Wells Fargo.

你的下一個問題來自富國銀行的約翰·鮑姆加特納。

Brian, I wanted to come back to margins for a second and specifically Gum & Candy. I actually remember Cadbury became pretty aggressive in attacking the overhead layer prior to the acquisition. And now after owning the business for almost a decade, I also think you've done quite a bit in terms of getting the systems and back offices where they need to be. So can you just talk a little bit about how the cost structure benchmarks in the G&C business? Where do you see opportunities for further margin expansion going forward? And how do you guys think about the drivers there?

布萊恩，我想再談談利潤率，特別是口香糖和糖果的利潤率。我記得吉百利在被收購之前就非常積極地削減了營運成本。現在，在你擁有這家公司近十年之後，我認為你在系統和後台部門的建設方面也做了很多工作，使之達到應有的水平。那麼，您能否簡單談談G&C業務的成本結構基準？您認為未來哪些方面還有機會進一步擴大利潤率？你們覺得那裡的司機怎麼樣？

Yes. Look, John, I think the Gum & Candy business continues to be a very high margin business for us. And I think as we've looked at it over time, there are some elements of that business that have a higher cost structure. I mean, it's a more intense go-to-market model. The route to market costs more. But as you think about the core gross margins of the business, it's still a very good business. And I think over time, as we've seen the growth slow and the category shrink in some cases, we have taken some costs out. And we work to try and maintain those margins. So it is still a contributor to the P&L. It still drives very strong cash flow, and it's still a good margin business. And I think over time, we have continued to take more cost out, and it has benefited from a lot of the bigger cost reductions and G&A reductions that we've done across the whole company as well.

是的。約翰，我認為口香糖和糖果業務對我們來說仍然是一項利潤非常高的業務。隨著時間的推移，我認為我們發現該業務的某些環節成本結構較高。我的意思是，這是一種更積極的市場推廣模式。進入市場這條路成本更高。但如果你仔細考慮企業的核心毛利率，它仍然是一家非常棒的企業。我認為隨著時間的推移，隨著成長放緩，某些品類甚至萎縮，我們已經削減了一些成本。我們努力維持這些利潤率。所以它仍然是損益表中的一項貢獻項。它仍然能帶來非常強勁的現金流，而且利潤率仍然很高。我認為隨著時間的推移，我們不斷削減成本，這也得益於我們在整個公司範圍內實施的許多更大的成本削減和一般及行政費用削減。

Going forward in the SG&A, what do you see -- are there further opportunities there? Is it more on the outsourcing side with the sales function? Or...

展望未來，在銷售、一般及行政費用方面，您認為還有哪些發展機會？銷售職能面向是否更屬於外包範疇？或者...

For the whole company, John?

約翰，是針對整個公司嗎？

Yes, just Gum & Candy.

是的，只有口香糖和糖果。

Yes. Look, I think that will be a topic that I know that Dirk and Luca and the team will talk to you about, how we think about gum. It's still -- in some markets, it continues to be a pretty important element of our go-to-market capability and the scale that we have in those markets. So I think there's places where there are opportunities to grow. And as you know, that business in the emerging markets, these guys continue to show growth for us. So continued growth in some of the emerging markets with high margins, that's a good thing. But you can expect to hear more about that, I think, in September with the team.

是的。我覺得這將是德克、盧卡和他們的團隊會和你們談論的一個話題，那就是我們如何看待口香糖。在某些市場，它仍然是我們進入市場能力和我們在這些市場中所擁有的規模的一個非常重要的因素。所以我認為有些地方還是有發展機會的。如您所知，我們在新興市場的業務，這些公司一直在為我們帶來成長。因此，在一些利潤率較高的新興市場保持持續成長，是一件好事。但我認為，9月球隊會就此發表更多評論。

And at this time, we have time for one more question. The final question comes from Ken Zaslow with Bank of Montreal.

此時，我們還有時間回答最後一個問題。最後一個問題來自蒙特婁銀行的肯‧札斯洛。

Brian, best of luck to you and congratulations.

布萊恩，祝你好運，恭喜你。

Thanks, Ken.

謝謝你，肯。

And my question is just kind of layering on the last question. Can you talk about the anecdotes or what you're doing in Europe to actually enhance the margins? Is it a closure of facilities? Is there a utilization rate that you're actually improving? Is it simple sourcing? Because it seems like there still is plenty of opportunity in Europe. So you can give -- I know you don't want to go forward, but can you give some anecdotes and some history of where we're going with this and some of the examples of what you're doing?

我的問題其實是對上一個問題的補充。您能否談談一些軼事，或者您在歐洲為實際提高利潤率所做的工作？是設施關閉嗎？你們實際提高了利用率嗎？來源簡單嗎？因為歐洲似乎仍然有很多機會。所以您可以提供一些軼事、一些歷史背景，說明我們未來的發展方向，以及您正在做的一些事情的例子嗎？我知道您不想繼續推進，但您能否提供一些軼事、一些歷史背景以及一些您正在做的事情的例子？

Yes, and I -- look, I think much of the agenda in Europe has been what we have talked about on a global basis, right? So supply chain reinvention, building capacity and capability with lines of the future that have lower conversion costs and more efficiency. We've obviously done that and added capability in Europe. We've also closed down some facilities, and that's contributed as well. They have been, as you've seen, sort of the best example of a place where we've seen volume growth that's given us leverage in the P&L and that's helped the margins as well. Everything we've done with shared services and G&A reductions, Europe has done that, too. So I think it's the broader global agenda coupled with volume growth. And a good starting point from a competitive standpoint has really helped that business to shine. And as we look at the margins in the Europe business, they compare incredibly well to other peer companies in Europe. And the team has done a very good job with that.

是的，而且——你看，我認為歐洲的大部分議程都與我們在全球範圍內討論的議程相同，對吧？因此，供應鏈需要進行重塑，透過面向未來的生產線來建立產能和能力，這些生產線具有更低的轉換成本和更高的效率。我們顯然已經做到了這一點，並在歐洲增加了相關能力。我們也關閉了一些設施，也造成了一定的影響。正如你所看到的，他們可以說是銷售成長的最佳例證，這不僅提升了我們的損益表收益，也提高了利潤率。我們在共享服務和削減一般及行政費用方面所做的一切，歐洲也都做到了。所以我認為這是更廣泛的全球議程加上銷售成長共同作用的結果。從競爭角度來看，良好的開端確實幫助這家企業脫穎而出。當我們審視歐洲業務的利潤率時，會發現它們與其他歐洲同行公司相比，表現非常出色。團隊在這方面做得非常出色。

I agree with you. And I guess my point more than anything else is as the margins have expanded to the level they have, and as you said, they are exceeding your peers, but it doesn't sound like there's really a limit or a near-term limit to them. Is that a fair way of thinking that? Or is there a reduction or a deceleration of margin expansion opportunities?

我同意你的看法。我想說的重點是，利潤率已經擴大到目前的水平，正如你所說，他們已經超過了同行，但聽起來他們的利潤率並沒有真正的上限，或者說近期內沒有上限。這種想法合理嗎？或者說，利潤率擴張機會是否減少或放緩？

Well, I think there's a fair portion of that that's been the transformation of the company as contributed. So with the restructuring-driven program that's taken a lot of cost out, we're obviously going to be in a different phase of the transformation and not have nearly the supply chain reinvention opportunity in a place like Europe. So I think the volume growth will continue to be the big lever point for them. And if we can grow on what is a competitive cost structure, I think you'll see margin expansion in Europe going forward.

嗯，我認為這很大一部分要歸功於公司的轉型。因此，透過重組計劃大幅削減成本，我們顯然將進入轉型的不同階段，並且不像歐洲那樣擁有供應鏈重塑的機會。所以我認為銷售成長仍將是他們的關鍵槓桿。如果我們能夠保持具有競爭力的成本結構並在此基礎上實現成長，我認為未來在歐洲市場，利潤率將會擴大。

Well, I think we've reached the end. Thank you for dialing in. Again, I would like to thank Brian, wish him all the best. It was great to have him here. And as you can imagine, he's had a big impact on the performance of this company over the last 4 years. And I'm, of course, welcoming Luca. And he's looking forward to working with all of you. And thank you for investing in the company.

好了，我想我們已經到了最後。感謝您撥入。再次感謝布萊恩，祝他一切順利。他能來真是太好了。可想而知，在過去的四年裡，他對這家公司的表現產生了巨大的影響。我當然也歡迎盧卡。他期待著與大家一起工作。感謝您對公司的投資。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。

Thank you. This concludes the Mondelez International Second Quarter 2018 Earnings Call. You may now disconnect.

謝謝。億滋國際2018年第二季財報電話會議到此結束。您現在可以斷開連線了。