億滋國際 (MDLZ) 2019 Q1 法說會逐字稿

Good day, and welcome to the Mondelez International First Quarter 2019 Conference Call. Today's call is scheduled to last about 1 hour, including remarks by 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 of Mondelez. Please go ahead, sir.

大家好，歡迎參加億滋國際2019年第一季電話會議。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，我想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，先生。

Good afternoon, and thanks for joining us. With me today are Dirk Van de Put, our Chairman and CEO; and Luca Zaramella, our CFO.

下午好，感謝各位的參與。今天陪同我的是我們的董事長兼執行長 Dirk Van de Put，以及我們的財務長 Luca Zaramella。

Earlier today, we sent out our press release and presentation slides which are available on our website, mondelezinternational.com/investors.

今天早些時候，我們發布了新聞稿和演示文稿，這些內容可在我們的網站 mondelezinternational.com/investors 上找到。

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 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'll 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。

In today's call, Dirk will give you an overview of our results as well as a progress update against our strategic priorities. Then Luca will take you through the financials and our outlook. We will close with Q&A.

在今天的電話會議中，Dirk 將向大家概述我們的業績，並介紹我們在策略重點方面取得的進展。然後盧卡將帶你了解財務狀況和我們的展望。最後我們將進行問答環節。

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, and good afternoon, everybody. Six months after the launch of our new strategy, I'm encouraged by our performance and the progress that we are making. Our new strategy leverages our unique differentiators. We are a global leader in snacking, we are not in general food, we have an expansive global presence with nearly 75% of our sales outside of North America, we have large and powerful global brands and well-known local brands that resonate with consumers. And we built a culture of cost discipline which provides a strong platform to leverage future growth. And our teams are rallying behind our clear and focused strategy to accelerate growth and create value for our shareholders.

謝謝你，謝普，大家下午好。新策略推出六個月後，我對我們的業績和所取得的進展感到鼓舞。我們的新策略充分利用了我們獨特的差異化優勢。我們是全球零食產業的領導者，我們不從事一般食品產業；我們的業務遍及全球，近 75% 的銷售額來自北美以外地區；我們擁有強大的全球品牌和深受消費者喜愛的知名本地品牌。我們建立了成本控製文化，為未來的成長提供了堅實的基礎。我們的團隊正團結一致，支持我們清晰明確的策略，以加速成長並為股東創造價值。

Our new strategic plan builds on these fundamental advantages and is focused on executing on the 3 strategies to create a more consumer-centric organization. The first strategy is about accelerating our top line growth. The second, about driving operational excellence. And the third, about creating a winning consumer-focused culture. The combination of these 3 leaves us well-positioned to create sustainable, long-term shareholder value.

我們的新策略計劃建立在這些基本優勢之上，並專注於執行這 3 項策略，以創建一個更以消費者為中心的組織。第一項策略是加快營收成長。第二點是關於如何提升營運效率。第三點是關於打造以消費者為中心的成功文化。這三者的結合使我們有能力創造可持續的長期股東價值。

I am pleased with our latest financial results which demonstrates clear progress against these strategies. These results reinforce my confidence in what we can achieve with a consumer-centric mindset and with our people in power to act with speed and agility.

我對我們最新的財務表現感到滿意，這表明我們在執行這些策略方面取得了明顯的進展。這些結果增強了我的信心，只要我們秉持以消費者為中心的理念，並賦予員工快速且靈活行動的能力，我們就能取得怎樣的成就。

We started 2019 with a strong quarter. In the first 3 months, we delivered against our key financial metrics. Our top line growth accelerated to 3.7% with a good balance of volume/mix and pricing. Our emerging markets grew at 8%. And we continue to build on our momentum created with our strong execution.

2019年伊始，我們的季度業績表現強勁。前三個月，我們實現了關鍵財務指標。我們的營收成長加速至 3.7%，銷售/產品組合和定價都達到了良好的平衡。我們的新興市場成長了 8%。我們將繼續鞏固憑藉出色執行力所取得的良好動力。

India, China, Southeast Asia, Russia, Mexico and Africa all performed really well and Brazil returned back to growth. Our developed markets showed sustained growth at approximately 1%, supported by Europe and a continued improvement in North America. We also expanded gross profit dollar growth of 4.5% and we achieved an OI increase of more than 4%. All this enabled us to deliver double-digit adjusted EPS growth for the quarter.

印度、中國、東南亞、俄羅斯、墨西哥和非洲都表現出色，巴西也恢復了成長。在已開發市場中，歐洲市場持續成長，北美市場持續改善，我們的已開發市場維持了約 1% 的成長。我們也實現了毛利美元成長 4.5%，營業利潤成長超過 4%。這一切使我們能夠實現本季兩位數的調整後每股收益成長。

We also continued to improve cash generation with free cash flow of $200 million while we deployed over $1 billion to shareholders through dividends and share buybacks.

同時，我們的現金流持續改善，自由現金流達到 2 億美元，並透過股利和股票回購向股東派發了超過 10 億美元的資金。

So let me share with you some more details and examples. Our first strategy, which is consumer-focused growth, is driven by deep and proprietary insights about snacking behaviors and occasions. The first focus area within this strategy is to extend our brands into broader snacking territories.

那麼，讓我再和你們分享一些細節和例子。我們的第一個策略是以消費者為中心的成長，其驅動力是對零食消費行為和場合的深刻而獨有的洞察。該策略的首要重點領域是將我們的品牌拓展到更廣泛的零食領域。

A couple of examples from Q1. We've talked about chocobakery which is a growing cross category opportunity globally. And this quarter, in India, our team expanded our presence in this space with a new Oreo cookie which is dipped in our Cadbury chocolate. The result is a premium offering which helped us gain biscuit market share in this key market.

Q1 中的幾個例子。我們已經討論過巧克力烘焙，這是一個在全球範圍內不斷增長的跨品類市場機會。本季度，在印度，我們的團隊透過推出一款沾有吉百利巧克力的全新奧利奧餅乾，擴大了我們在該領域的市場份額。最終我們推出了高端產品，幫助我們在這個關鍵市場中獲得了餅乾市場份額。

Another example is about parents wanting a playful child's treat. So we launched Cadbury Little Treasures in the U.K., which is a portion-controlled amount of chocolate combined with a series of collectible toys. The launch was very strong, exceeding our expectations and helped us to increase overall Cadbury Dairy Milk sales in the U.K.

另一個例子是父母想要為孩子準備一些好玩的零食。因此，我們在英國推出了吉百利小珍寶系列，該系列包含一份分量可控的巧克力，並搭配一系列可收藏的玩具。這次新品上市非常成功，超出了我們的預期，並幫助我們提高了吉百利牛奶巧克力在英國的整體銷售。

The second focus area of our growth strategy is to make the most of our portfolio by investing in our global and our local brands. A great example here is Pacific biscuits which is an iconic historical brand in China and absolutely loved by local consumers. It is also quite uniquely adapted to Chinese taste. In this quarter, we expanded the brand into rice wafers, a new segment beyond the core of the brand and it's performing really well.

我們成長策略的第二個重點領域是透過投資我們的全球和本地品牌，最大限度地利用我們的投資組合。太平洋餅乾就是一個很好的例子，它是中國一個具有標誌性的歷史品牌，深受中國消費者的喜愛。它也相當獨特地迎合了中國人的口味。本季度，我們將品牌拓展到了米餅領域，這是品牌核心產品之外的一個新細分市場，而且表現非常出色。

Our local brands in total contributed solid growth to this quarter, which is an important reversal of the previous trend. I also want to mention that our global brands grew faster as well at mid-single digits. We had strong growth across most global brands but I want to call out Oreo, our biggest brand, which grew double digits, which is quite remarkable. And also Cadbury Dairy Milk, another one of our big brands, which grew high single digits.

本季度，我們的本土品牌整體實現了穩健成長，這標誌著先前趨勢的重大逆轉。我還想提一下，我們的全球品牌也實現了更快的成長，達到了中等個位數。我們大多數全球品牌都實現了強勁成長，但我特別想提一下我們最大的品牌奧利奧，它的成長率達到了兩位數，這非常了不起。還有吉百利牛奶巧克力，這是我們的另一個大品牌，也實現了接近兩位數的成長。

The third focus area of our consumer growth strategy is the activation of our new marketing playbook. This is driven by new and proprietary consumer insight. This is allowing us to refine our campaigns and capture more growth as consumers change how they engage with the brands they care about.

我們消費者成長策略的第三個重點領域是啟動我們的新行銷策略。這是由全新且獨有的消費者洞察所驅動的。隨著消費者與他們所關注的品牌互動方式的改變，這使我們能夠改善行銷活動並獲得更多成長。

The first example here is our new global Oreo campaign where we use our insight to deliver highly effective local adaptation. In China for instance, we took the broad global concept of staying playful and made it culturally relevant, connecting Oreo with traditional Chinese occasions. As a result, we've grown China Oreo sales double digits.

第一個例子是我們新的奧利奧全球行銷活動，我們利用洞察力進行高效的在地化調整。例如在中國，我們將「保持玩樂精神」這個全球性概念與中國文化聯繫起來，使奧利奧與中國傳統場合相契合。因此，我們在中國市場的奧利奧銷量實現了兩位數的成長。

Another example is in Brazil where a new campaign for Trident, called Chew2Relax, made use of consumer insight to reposition the gum brand driving a strong consumption recovery and help us regain share.

另一個例子是巴西，Trident 發起了一項名為 Chew2Relax 的新活動，利用消費者洞察重新定位口香糖品牌，推動了強勁的消費復甦，並幫助我們重新奪回了市場份額。

Our fourth focus area within our consumer growth strategy is about innovation where we're changing to an agile innovation approach. This focuses on testing ideas in small launches, capturing learning and then scaling them across more markets. An example here which we are particularly proud of is our first quarter launch of PataMilka in France, which went from idea to market in 6 months. What we've done here is taking the Milka chocolate brand and expanding it into the broader snacking category of spreads, which is a big opportunity in a country where chocolate spread is a key part of afternoon snacking rituals. And we applied an agile approach and we set a record time from idea to market.

我們在消費者成長策略中的第四個重點領域是創新，我們正在轉向敏捷創新方法。這種方法著重於在小規模推廣中測試想法，收集經驗，然後將其推廣到更多市場。這裡我們特別引以為傲的例子是，我們在第一季在法國推出的 PataMilka，從構思到上市只花了 6 個月。我們在這裡所做的，是將 Milka 巧克力品牌擴展到更廣泛的零食類別——塗抹醬，這在巧克力醬是下午零食習俗的重要組成部分的國家是一個巨大的機會。我們採用了敏捷方法，並創造了從構思到上市的記錄時間。

The last focus area within the growth strategy is reaching the consumer wherever they are, which points to a stronger expansion of our presence in alternative channels but also geographical white spaces. A great example here is the continued expansion of our distribution in traditional trade in Indonesia. This approach is helping drive double-digit sales growth in this promising developing market.

成長策略的最後一個重點領域是觸達消費者，無論他們身在何處，這意味著我們將大力拓展在其他管道以及地理空白領域的業務。一個很好的例子就是我們在印尼傳統貿易領域不斷擴大分銷管道。這種方法有助於推動這個充滿潛力的新興市場實現兩位數的銷售成長。

A second example was in our South Central Europe business. This area includes countries such as Romania and Bulgaria but also Serbia, Albania, Bosnia and Croatia. All these countries together add up to more than 50 million inhabitants. The team here expanded our presence in the impulse channel in a major way through investments in route-to-market and sales capabilities as well as A&C and price pack architecture. All this led to solid double-digit growth of the total business in the first quarter.

第二個例子是我們位於中南歐的業務。該地區包括羅馬尼亞、保加利亞等國，以及塞爾維亞、阿爾巴尼亞、波士尼亞和克羅埃西亞。這些國家加起來人口超過5000萬。團隊透過投資市場管道和銷售能力以及廣告和包裝和價格體系，大幅擴大了我們在衝動型管道中的影響力。所有這些都促成了公司第一季整體業務的兩位數穩健成長。

So now switching to our second strategy, which is aimed at translating our consumer-centric growth model into incremental sales and margins by focusing on improving execution across all elements of our business. This operational excellence strategy can come in the form of sales execution, for instance, where we leverage our customer supply and logistics capabilities to deliver outstanding in-store presence and availability.

現在我們轉向第二個策略，旨在透過專注於提高業務各環節的執行力，將我們以消費者為中心的成長模式轉化為增量銷售額和利潤率。這種卓越營運策略可以體現在銷售執行方面，例如，我們利用客戶的供應和物流能力，在店內提供卓越的展示效果和充足的庫存。

As you know, a particular focus here is North America where we are making important improvements to our supply chain. As well as leveraging the power of our direct-to-store distribution model. This has helped fuel results, including low single digit consumption growth and feature and display conversion up double digits, particularly behind the recent launch of the Game of Thrones themed Oreo pack. This pack was displayed prominently ahead of the new season airing in the U.S.

如您所知，我們此次工作的重點是北美地區，我們正在對該地區供應鏈進行重要改進。同時，我們也充分利用了直接到店配送模式的優勢。這有助於推動業績成長，包括低個位數的消費成長以及兩位數的功能和展示轉換率成長，尤其是在最近推出《權力的遊戲》主題奧利奧包裝之後。在新一季節目於美國播出前，這款包裝被醒目地展示出來。

We've also continued to benefit from our investments in our plans. We talked to you about [Côte d'Ivoire] in Brazil at the CAGNY conference. Another example would be our Xuzhou plant in China where our world-class efficiency has helped to drive strong volume growth in that market.

我們也持續從我們在各項計劃中的投資中受益。我們在巴西舉行的 CAGNY 會議上和您談論了科特迪瓦。另一個例子是我們在中國徐州的工廠，我們世界一流的效率幫助推動了該市場強勁的銷售成長。

Turning to our last strategy, which is our drive to nurture a winning growth culture. The changes we are making have given our teams a renewed sense of energy, purpose and passion. This is helping them uncover more opportunities to grow.

接下來談談我們的最後一個策略，即培育一種成功的成長文化。我們正在進行的變革讓我們的團隊重新煥發了活力、目標感和熱情。這有助於他們發現更多發展機會。

As I mentioned before, we have launched a nimbler, more empowered business unit commercial organization with the right incentives to drive growth. As a result, our commercial organization is better positioned to meet consumer needs, move fast and act entrepreneurially.

正如我之前提到的，我們已經成立了一個更靈活、更有自主權的業務部門商業組織，並制定了適當的激勵措施來推動成長。因此，我們的商業組織能夠更好地滿足消費者需求，快速行動，並採取創業精神。

We're also accelerating training across our business, focused on growth capabilities and growth mindset and we're also launching more agile project-based working systems across our different functions. Under these newly empowered teams, we're already seeing benefits like accelerated and more efficient investment in A&C and a better split of our investment in local and global brands as well as higher sales and faster innovation.

我們也正在加速全公司的培訓步伐，並專注於培養員工的成長能力和成長思維，同時也在各職能部門推出更敏捷的專案製工作系統。在這些新授權的團隊的領導下，我們已經看到了許多好處，例如加速和更有效地投資於廣告和廣告，更好地分配對本地品牌和全球品牌的投資，以及更高的銷售額和更快的創新速度。

Another initiative in the evolution of our culture is to drive step change innovation like creating an internal and an external network. The creation of our SnackFutures innovation adventure hub, which aims to unlock snacking growth opportunities around the world, is off to a great start. We have made minority investments in Uplift Foods, which is focused on prebiotic functional snacks and we also invested in a healthy snacking company called Hu with a portfolio of vegan and paleo chocolate and biscuits.

我們文化發展的另一項措施是推動變革性創新，例如建立內部和外部網路。我們旨在釋放全球零食成長機會的 SnackFutures 創新探索中心的創建已經取得了良好的開端。我們對專注於益生元功能性零食的 Uplift Foods 進行了少數股權投資，我們還投資了一家名為 Hu 的健康零食公司，該公司擁有純素和原始人巧克力和餅乾產品組合。

Finally, I want to talk about our purpose because our 3 strategies are inspired by our company purpose of empowering people to snack right. Snacking Made Right relates to many aspects of our business but not in the least to the impact we have on the world. The journey to empower people to snack right starts with how we source our ingredients. And this is an important focus for me as a leader of this company.

最後，我想談談我們的宗旨，因為我們的三大策略都源自於我們公司的宗旨——賦能人們健康飲食。「健康零食」與我們業務的許多方面都息息相關，但更重要的是，它關係到我們對世界的影響。讓人們養成健康零食習慣的旅程，始於我們如何採購食材。身為這家公司的領導者，這是我關注的重點。

I was fortunate recently to meet farmers and stakeholders we partner with in Ghana and Ivory Coast as part of our Cocoa Life sustainability program. I witnessed firsthand how we are working everyday to strengthen the supply chain for the future and to empower farmers to achieve sustainable livelihoods. I am proud to announce that we will accelerate our sustainable cocoa sourcing program. So we commit that by 2025, 100% of the cocoa we use in our chocolates globally will be sourced through our cocoa life sustainability program. That is an increase from 43% today. This is a huge milestone for our program, our team and our company and also an important step towards further securing sustainable growth for Mondelez International.

最近我有幸與加納和科特迪瓦的農民和利益相關者會面，這是我們可可生命永續發展計畫的一部分。我親眼目睹了我們每天如何努力加強未來的供應鏈，並幫助農民實現可持續的生計。我很榮幸地宣布，我們將加快永續可可採購計畫的實施。因此，我們承諾到 2025 年，我們全球巧克力中使用的可可豆將 100% 透過我們的可可生命永續發展計畫採購。這比目前的 43% 有所增加。這對我們的專案、團隊和公司來說都是一個巨大的里程碑，也是億滋國際朝著進一步確保永續成長的重要一步。

So in summary, I feel very confident that we have the right strategies in place to capitalize on the opportunities we see in snacking and in our markets, particularly with our strong emerging market position. And I'm also very pleased to see that we're are executing against those strategies in a way that is bringing tangible improvement in our top line growth, our operational excellence and in our culture.

總而言之，我非常有信心我們已經制定了正確的策略，以抓住我們在零食領域和市場中看到的機遇，尤其是在我們強大的新興市場地位方面。我也非常高興地看到，我們正在以一種切實改善營收成長、卓越營運和企業文化的方式執行這些策略。

Our first quarter results demonstrate that we've got momentum as we head into this year of investment. Our categories are performing generally well. And our brands, both local and global, are benefiting from increased investment in advertising, creative and innovation. All of this is very motivating for our teams in the markets. I think they feel empowered, entrusted and ready to perform.

我們第一季的業績表明，隨著我們進入今年的投資年，我們擁有了強勁的發展勢頭。我們的產品類別整體表現良好。我們的本地和全球品牌都受惠於廣告、創意和創新方面投入的增加。所有這些都極大地激勵了我們市場團隊。我認為他們感到更有力量、更受信任，並且準備好大展身手。

So let me now turn to Luca for more detail on our Q1 performance.

現在請盧卡詳細介紹我們第一季的業績。

Thank you, Dirk, and good afternoon. It was a strong first quarter and start to the year as we built on the progress we saw on the later part of 2018. In quarter 1, we delivered strong organic net revenue growth, a solid increase in gross profit dollars, double-digit earnings increase and positive free cash flow. We also returned more than $1 billion to our shareholders. Growth was broad-based as we posted positive results across each region and business unit driven by another quarter of balanced volume and pricing. It is important to note that the vast majority of Easter shipments happened in Q1, generally eliminating phasing impact between Q1 and Q2.

謝謝你，德克，下午好。今年第一季開局強勁，我們在 2018 年下半年的進展基礎上又取得了進一步的進步。第一季度，我們實現了強勁的內生淨收入成長、毛利穩定成長、兩位數的獲利成長以及正的自由現金流。我們也向股東返還了超過10億美元。由於銷量和價格連續第二個季度保持平衡，各地區和業務部門均取得了積極業績，實現了全面增長。值得注意的是，絕大多數復活節貨物的出貨都發生在第一季度，因此基本上消除了第一季和第二季之間的階段性影響。

Adjusted gross profit dollars on a constant-currency basis grew more than revenue in Q1, similar to Q4. And we continue to make critical investments to our business in order to support our long-term strategic initiatives across brands, go to market and innovation, consistently with our plans for the full year.

與第四季類似，以固定匯率計算，第一季調整後的毛利成長超過了營收成長。我們將繼續對業務進行關鍵投資，以支持我們在品牌、市場推廣和創新方面的長期策略舉措，這與我們全年的計劃保持一致。

Organic net revenue increased 3.7% for the first quarter. This increase was driven by solid execution across our business and continued momentum in emerging markets where we posted growth of 8%, with a good balance of volume and pricing. Excluding Argentina, emerging markets grew 6.5%. We delivered strong results across the board in India, China, Southeast Asia, Russia, Mexico and Africa. In addition, Brazil returned to growth this past quarter. We also delivered solid performance in developed markets, supported by growth in Europe and continued steady improvements in the North American business.

第一季有機淨收入成長3.7%。這一成長得益於我們業務各方面的穩健執行以及在新興市場的持續成長勢頭，我們在新興市場實現了 8% 的成長，銷量和價格也達到了良好的平衡。除阿根廷外，新興市場成長6.5%。我們在印度、中國、東南亞、俄羅斯、墨西哥和非洲等各個地區都取得了強勁的業績。此外，巴西在上個季度恢復了成長。在已開發市場，我們也取得了穩健的業績，這得益於歐洲市場的成長和北美業務的持續穩定改善。

On a regional basis, Europe once again demonstrated another quarter of solid execution as it delivered revenue growth of 2.7%, lapping the strongest quarter last year. This growth was volume driven and broad-based, with solid increases across chocolate, biscuits and candy. Russia grew double digits while Germany and the U.K. also delivered solid results. AMEA grew 6.1% due to strength in several key markets and growth in agribusiness unit. India once again delivered a quarter of double-digit growth, powered by a strong market environment and great execution in both chocolate and biscuit. China grew mid-single digits behind great results in both biscuit as we grow both global and local brands and gum where our Stride proposition continues to gain traction with consumers.

從區域來看，歐洲再次展現了穩健的季度業績，實現了 2.7% 的收入成長，超過了去年同期表現最好的季度。這一增長是由銷量驅動的，並且基礎廣泛，巧克力、餅乾和糖果均實現了穩健增長。俄羅斯經濟實現了兩位數成長，德國和英國也取得了穩健的表現。由於幾個關鍵市場的強勁表現和農業綜合企業部門的成長，AMEA 成長了 6.1%。在強勁的市場環境和巧克力、餅乾業務的出色執行下，印度再次實現了兩位數的季度成長。中國市場實現了中等個位數的成長，這主要得益於餅乾業務的出色表現（我們發展了全球和本土品牌），以及口香糖業務的強勁增長（我們的 Stride 產品持續受到消費者的青睞）。

South East Asia posted mid-single-digit growth with good results in biscuits and chocolate. And Africa also grew with chocolate, candy, beverages and gum all posting growth.

東南亞市場實現了中等個位數的成長，其中餅乾和巧克力表現良好。非洲的巧克力、糖果、飲料和口香糖等產品也都成長了。

Latin America grew 8.4% due in part to Argentina. Growth, excluding Argentina, was low single digits. Mexico delivered mid-single digit growth and Brazil returned to growth in Q1 as a result of strength in chocolate and solid results in biscuit. We are encouraged by the progress we made in Brazil and expect steady improvement throughout the year.

拉丁美洲經濟成長8.4%，部分原因是阿根廷的成長。除阿根廷外，其他國家的成長率僅為個位數。墨西哥實現了中等個位數的成長，而巴西在第一季恢復了成長，這得益於巧克力的強勁表現和餅乾的穩健業績。我們對在巴西取得的進展感到鼓舞，並期待全年穩步提升。

North America grew 0.5% in Q1 due to continued momentum in the U.S. biscuit business, partially offset by gum and Halls declines. We delivered biscuit share gains across nearly all channels driven in part by strong performance and execution behind our Oreo brand.

由於美國餅乾業務持續成長，北美地區第一季成長了 0.5%，但部分被口香糖和 Halls 口香糖的下滑所抵消。我們憑藉著奧利奧品牌的出色表現和執行力，在幾乎所有通路都實現了餅乾市場份額的成長。

We made improvements in service levels in the quarter. That said, there is still work to be done to drive better consistency. We continue to expect progress in 2019, albeit not linear with overall modest growth for the year.

本季我們的服務水準有所提升。儘管如此，要提高一致性，仍有許多工作要做。我們仍然預期 2019 年會取得進展，儘管這種進展並非線性，全年整體成長幅度不大。

Now let's review our profit performance. In the first quarter, we grew adjusted gross profit dollars nearly 5% on a constant-currency basis. This increase was driven by continued productivity, volume leverage and pricing. Gross profit growth offset partially by additional SG&A drove OI dollar expansion of more than 4% on a constant-currency basis. This translated into adjusted OI margin of 16.7%, which is flat versus the previous year and consistent with our expectations.

現在讓我們來回顧一下我們的獲利情況。第一季度，我們以固定匯率計算的調整後毛利成長了近 5%。這一成長是由持續提高生產效率、擴大銷售量和優化定價策略所推動的。毛利成長部分被額外的銷售、一般及行政費用抵消，推動營業收入以固定匯率計算成長超過 4%。經調整後的營業利益率為 16.7%，與上年持平，符合我們的預期。

During the quarter, we made some additional investments in A&C, route-to-market and innovation, in line with our plan. In addition, we also lapped a favorability in indirect taxes matter for the previous year and incurred expenses related to the resolution of some legal and indirect tax matters.

本季度，我們按照計劃，在航空航太、市場通路和創新方面進行了一些額外的投資。此外，我們也取消了上一年間接稅的優惠政策，並產生了與解決一些法律和間接稅問題相關的費用。

On a regional basis, gross margin expansion and continued cost execution drove profit dollar improvements in 3 of our 4 regions. Europe grew adjusted OI dollars by 8% due to solid volume leverage. AMEA improved operating income dollars by nearly 17% due to strong volume-based growth and productivity.

從區域角度來看，毛利率的擴張和持續的成本控制推動了我們 4 個區域中 3 個區域的利潤成長。由於成交量強勁，歐洲經調整後的未平倉合約美元成長了 8%。由於銷售強勁成長和生產效率提高，AMEA 的營業收入提高了近 17%。

Latin America OI dollars declined by approximately 19%, mostly due to the prior year impact of an indirect tax matter in Brazil. Finally, North America, which increased adjusted OI dollars by nearly 9% on a constant currency basis due to pricing net of cost and improved service levels which more than offset logistics inflation.

拉丁美洲的未實現投資金額下降了約 19%，主要是由於巴西上一年間接稅問題的影響。最後是北美，由於扣除成本後的定價和提高的服務水平，以固定匯率計算，經調整的營業收入增長了近 9%，這足以抵消物流通脹的影響。

Let me spend a moment on category highlights. Our 3 snacking categories continued to demonstrate solid growth rates, growing on a year-to-date basis by almost 3%. This builds off the momentum of last year and reinforces our confidence that we are participating in an attractive space with the right geographical footprint.

讓我花點時間介紹一下各個類別的亮點。我們的三大零食類別繼續保持穩健的成長速度，今年迄今成長了近 3%。這延續了去年的發展勢頭，並增強了我們的信心，即我們正在參與一個具有吸引力的領域，並擁有合適的地理佈局。

Now moving to shares. Overall, we had or gained shares in 60% of our business. Our Biscuits business grew 3.4%. Approximately 80% of our revenue grew or had share in this category, including our 3 most sizable businesses: U.S., China and France. In chocolate, our business grew 5.9%. Approximately 35% of our revenue grew or had share including Russia and Brazil. It is important to note that we overindex in Easter versus many competitors. So we would expect share performance to improve next quarter. Gum and candy growth was down slightly, reflecting weaker results in the U.S., mostly due to Halls. About 30% of our revenue in this business gained or had share, including strength in China gum and Mexico candy.

現在轉向股票交易。總體而言，我們擁有或獲得了公司 60% 的股份。我們的餅乾業務成長了 3.4%。我們約 80% 的營收成長或在該類別中佔有一席之地，其中包括我們 3 個規模最大的業務：美國、中國和法國。在巧克力業務方面，我們的業務成長了 5.9%。約 35% 的收入成長或市佔率成長來自俄羅斯和巴西。值得注意的是，與許多競爭對手相比，我們在復活節期間的表現更為出色。因此，我們預計下一季股價表現將有所改善。口香糖和糖果的成長略有下降，反映出美國市場業績疲軟，這主要是由於 Halls 口香糖的業績下滑。該業務中我們約 30% 的收入實現了市場份額的成長或保持成長，其中包括在中國口香糖和墨西哥糖果市場的優勢。

Now turning to earnings per share. Q1 EPS grew approximately 13% on a constant-currency basis. This growth primarily reflected operating gains driven by strong revenue results as well as by share repurchases and low taxes rates.

現在來看每股收益。以固定匯率計算，第一季每股收益成長約 13%。這一成長主要反映了強勁的營收業績帶來的營運收益，以及股票回購和低稅率帶來的收益。

I'll now move on to our free cash flow results. We delivered positive free cash flow for the quarter of $200 million, which was in line with our plans. We continue to execute well on our working capital metrics and net income conversion.

接下來我將介紹我們的自由現金流結果。本季我們實現了 2 億美元的正自由現金流，符合我們的計劃。我們在營運資本指標和淨利潤轉換率方面持續保持良好表現。

In terms of capital deployment, we returned $1 billion in capital to our shareholders in the first quarter. This included approximately $650 million in share repurchases at an average cost of $44.20 per share and $380 million in dividends.

在資本部署方面，我們在第一季向股東返還了 10 億美元的資本。其中包括約 6.5 億美元的股票回購，平均每股成本為 44.20 美元，以及 3.8 億美元的股息。

Moving to the outlook. We are maintaining our organic net revenue growth target of 2% to 3%. We feel good about the quality of the top line results for Q1 and the growth across all the regions. Yet while we are encouraged by the strong results, it is still early in the year. We are also maintaining our view of adjusted earnings per share growth of 3% to 5%. Although we delivered double-digit growth in the first quarter, we did get some benefit from a few items that were below the operating line, including tax and interest that are not expected to contribute in the same way in subsequent quarters. We have also been clear that this is an important year of investments for brands, sales and innovation to drive more sustainable top line growth over the long term.

接下來展望未來。我們維持2%至3%的有機淨收入成長目標。我們對第一季的營收業績以及所有地區的成長感到滿意。儘管我們對這些強勁的成績感到鼓舞，但現在畢竟還只是年初。我們也維持對調整後每股收益成長3%至5%的預期。雖然我們在第一季實現了兩位數的成長，但我們也從一些低於營運成本的項目中獲得了一些收益，包括稅收和利息，預計這些項目在隨後的幾個季度不會以同樣的方式做出貢獻。我們也明確表示，今年是品牌、銷售和創新的重要投資年，旨在推動長期更永續的營收成長。

With that, let's open the line for questions.

接下來，我們開放提問環節。

Okay.

好的。

(Operator Instructions) And your first question comes from the line of Andrew Lazar with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Andrew Lazar。

Maybe we'll just pick up on the organic growth piece. Obviously, as you mentioned, it's just the first quarter. But I guess with a strong start to the year, on the organic top line, maybe why is 2% to 3% still the right number for the full year and particularly as pricing seems to be coming through nicely? And as part of that, were there any things that maybe were discrete benefits that you can help quantify to organic growth in the first quarter, whether that's -- you had mentioned a bit of a benefit I think from Easter and perhaps anything related to like a Brexit inventory build and things of that nature?

或許我們可以只關注自然成長這部分。顯然，正如你所說，這只是第一季。但我想，鑑於今年有機銷售額開局強勁，或許 2% 到 3% 仍然是全年合適的成長率，尤其是在定價策略似乎也進展順利的情況下？作為其中的一部分，您能否量化一下第一季有機成長中可能存在的個別益處？例如，您之前提到復活節帶來的好處，以及與英國脫歐相關的庫存增加等等？

Yes. So I'll start by saying that we are clearly very pleased with the way Q1 played out. And it is a little bit on the momentum we saw in the second half of '18. I think it is also important to taking a look at the result to realize that those were really good quality results. I think the things around the world did a great job. And I'll let Dirk talk maybe a little bit later, but this clearly adds to the conviction of the long-term potential of Mondelez and the merit of the strategy we put together and we presented to you. We were very clear that in 2019, we really want to solidify the progress we saw towards the end of last year. And we believe we really need to see this growth rate above guidance for at least another quarter before we revise our outlook.

是的。首先我要說的是，我們對第一季的業績非常滿意。這多少延續了我們在 2018 年下半年看到的勢頭。我認為同樣重要的是要查看結果，從而意識到這些結果品質確實很高。我認為世界各地的這些事情都做得很好。我稍後可能會讓德克發言，但這顯然增強了人們對億滋國際長期潛力的信心，也證明了我們制定並向大家展示的策略的價值。我們非常明確地表示，在 2019 年，我們真的希望鞏固去年年底的進展。我們認為，至少在接下來的一個季度裡，成長率必須高於預期，才會修改我們的展望。

I want to remind you that this is an investment year and some of the investments we are making are for the benefit of the medium to long term as well. So it will take a little bit of time for those investments to positively affect our revenue. And we clearly remain optimistic about our outlook. But as you said many times, we want to also be thoughtful given some of the uncertainties that might pose risks throughout the year, clearly Brexit is one of those.

我想提醒大家，今年是投資年，我們進行的一些投資也有利於中長期發展。因此，這些投資需要一段時間才能對我們的收入產生正面影響。我們對前景依然保持樂觀。但正如您多次所說，我們也希望考慮到今年可能存在的一些不確定因素所帶來的風險，顯然英國脫歐就是其中之一。

We also had some share losses and we need to address those in the remainder of the year. To your specific question, at the time of guidance last quarter, we said that there would be a 50 basis point positive impact due to Easter in the second quarter because of timing. The reality is after that guidance, we sat down with the trade specifically in the U.K. and we decided that ahead of the potential Brexit exit at that line which was March 29, it was better for either one to put the Easter stock in the trade itself, which we did. So in terms of year-over-year, Easter happens to be neutral in terms of shipment of -- on the quarter. So there is no timing effect. And so I think it is, in relative terms, a clean quarter. Again, we are very pleased with the way we see the markets performing. But as I said, it is still early in the year to call out the guidance at this point

我們也出現了一些市場份額的損失，需要在今年剩餘的時間內解決這些問題。關於您提出的具體問題，在上個季度發布業績指引時，我們曾表示，由於復活節的緣故，第二季度業績將受到 50 個基點的正面影響。事實上，在那之後，我們與英國的貿易部門坐下來進行了專門的討論，並決定在3月29日英國脫歐之前，雙方最好將復活節庫存投入到貿易中，我們也確實這樣做了。因此，就同比而言，復活節對本季的出貨量來說是中性的。所以不存在時間效應。所以我覺得，相對而言，這是一個比較順利的季度。再次重申，我們對市場表現非常滿意。但正如我所說，現在談論指導意見還為時過早。

Great. That's really helpful. Thank you for that color. And then just very quickly, Dirk, the better overall volume result even in light of the pricing is notable. So I guess where we are in the process of the shifting mindset from more of a cost focus to a growth focus? And I guess how responsible is the new compensation scheme that rewards the volume growth component specifically? Thank you.

偉大的。這真的很有幫助。謝謝你提供的這種顏色。然後，Dirk，簡單來說，即使考慮到定價因素，整體銷量取得更好的結果也是值得注意的。所以我想問的是，我們目前處於從注重成本轉向注重成長的思維模式轉變過程的哪個階段？那麼，這種專門獎勵銷售成長的新薪酬方案究竟有多負責任呢？謝謝。

Thanks, Andrew. Yes, we -- one of the key elements of our strategy was to create volume growth which we haven't had for quite a while for a number of reasons. I think you're only growing as a company if your volume is going up, i.e., that you're selling more product to more consumers. But also because it gives us overhead leverage. We have installed capacity. And to use that better, every extra ton we put through the plants comes at, relatively speaking, lower cost than the previous one.

謝謝你，安德魯。是的，我們——我們策略的關鍵要素之一是實現銷量成長，但由於種種原因，我們已經很久沒有實現銷量成長了。我認為只有當公司銷售成長，也就是向更多消費者銷售更多產品時，公司才能成長。但更重要的是，它給了我們更大的資源優勢。我們已經安裝了相應的容量。為了更好地利用這些資源，我們每多投入一噸原料，相對而言成本都會比前一噸更低。

So we try to help our teams to think differently about this. First of all, there was the incentive plan, which we did a number of changes. And not in the least, we started to reward our teams for volume growth. There's also a better balance between top line and bottom line growth in our incentives. We also pushed down incentives in the sense that before, most people would be rewarded on how the region was performing. We now have people being rewarded at the business unit level. So it's more a direct impact. We -- before, we used to have 60% of their results based on financial results. We've moved that up to 80%. So there is a more direct relation there. And we also made sure that our long-term incentives are very performance-based. So for sure, that has played a role, a big role, I would say, in these results. The other one that is really helping in this sense is the fact that we are focusing more and more on dollar gross profit growth. And that makes you think a little bit different on how you generate that versus the percentage of gross profit. And so that means that, that volume also through that sort of thinking, is being stimulated. So overall, yes, we are at close to 2%, 1.7% volume growth in the quarter. That's pretty good and we want to keep it like that because we can clearly see the benefits.

所以我們努力幫助團隊從不同的角度思考這個問題。首先，我們對激勵計畫進行了一些修改。而且，我們也開始獎勵那些業績成長的團隊。我們的激勵機制也更好地平衡了營收成長和利潤成長。我們也降低了激勵機制，因為以前，大多數人的獎勵都取決於所在地區的表現。現在我們已經在業務部門層級實施了獎勵機制。所以這是一種更直接的影響。我們以前 60% 的業績都是基於財務表現的。我們已經將這個比例提高到了 80%。所以這兩者之間有著更直接的關聯。我們也確保了長期激勵措施與績效緊密掛鉤。所以可以肯定的是，這在這些結果中起到了一定的作用，而且可以說是很大的作用。另一個在這方面真正有幫助的因素是我們越來越關注美元毛利的成長。這會讓你對如何產生利潤以及毛利百分比有不同的看法。所以這意味著，透過這種思考方式，這個數量也受到了刺激。所以總體而言，是的，我們本季的銷售成長接近 2%，達到 1.7%。這很好，我們希望保持現狀，因為我們清楚地看到了它的好處。

And your next question comes from Chris Growe with Stifel.

下一個問題來自 Stifel 公司的 Chris Growe。

I had a question for you, if I could start on pricing. It was obviously quite strong in North America. You discussed the benefit from Argentina in the quarter. Just curious, does that continue across the year so that you continue kind of boost to your price realization for the overall company?

我有個問題想問您，我可以先從定價方面談起嗎？它在北美顯然非常流行。你們在本季討論了阿根廷帶來的好處。我很好奇，這種情況會持續一整年，從而持續提升公司的整體股價嗎？

Yes. Look, we are very pleased with pricing and the balance we see with volume/mix. As I described pricing last year, we clearly focused on a couple of parts of the world. One was Developing Markets, which Argentina is a component. I think there is a little bit higher pricing this quarter than we saw on average last year. But the simple reality is Argentina in Q1 is lapping last year a relatively benign inflation in ForEx. So the valuation ramped up in the second part of the year. We moved to higher rates of inflation in the second part of the year in Q2 as well.

是的。你看，我們對定價以及銷售/產品組合的平衡都非常滿意。正如我去年在定價方面所描述的那樣，我們顯然將重點放在了世界上的幾個地區。其中之一是新興市場，阿根廷是其組成部分之一。我認為本季的價格比去年同期平均略高。但事實是，阿根廷第一季的外匯通膨率已經超過了去年同期相對溫和的水平。因此，該公司的估值在下半年迅速攀升。今年第二季度，我們的通膨率也隨之上升。

But the second one about Argentina is we are striking a better balance between pricing and volume. So the volume component is better than we have seen last year. So all in all, I think Argentina will continue growing at a rate that is not going to be necessarily the Q1 rate and -- but excluding Argentina, again, when I look at Developing Markets, that grew 8.5% in the quarter give or take. Excluding Argentina, we are looking at 6.5%, which is clearly building on the great momentum of last year. And the good news is that, that growth rate is comprised both of volume for the vast majority and pricing. So we are very pleased.

但關於阿根廷的第二個好處是，我們在價格和銷售之間取得了更好的平衡。所以成交量方面比去年好。總而言之，我認為阿根廷將繼續成長，但成長速度不一定會達到第一季的水平——而且，如果排除阿根廷，當我觀察新興市場時，該季度增長率約為 8.5%。如果排除阿根廷，我們看到的是 6.5%，這顯然是在去年強勁勢頭的基礎上繼續增長。好消息是，這種成長率既包括絕大多數產品的銷售成長，也包括價格上漲。我們非常高興。

The other one is North America where last year we had positive pricing. As I said last year, we used pretty much all the pricing levers promo, price pack architecture and line pricing. We announced toward the end of last year a price increase in the U.S. We are pleased with the way it is going into the market. And again, when we look at biscuits, which is the biggest category we have in the U.S. and we look at consumption, nice numbers in terms of category growth between the volume and pricing, and importantly, with share gains. So we will continue see pricing for the remainder of the year. I think Argentina and the impact associated with it will come down in the quarters to come.

另一個是北美，去年我們在北美實現了正向定價。正如我去年所說，我們幾乎使用了所有定價槓桿——促銷、價格組合架構和產品線定價。去年年底，我們宣布了美國市場的價格上漲計劃。我們對目前的市場反應感到滿意。再看看餅乾，這是我們在美國最大的品類，看看它的消費情況，從銷量和價格來看，品類增長都很不錯，更重要的是，市場份額也有所提升。因此，今年剩餘時間我們將繼續看到價格波動。我認為阿根廷及其相關影響將在接下來的幾個季度內減弱。

Okay. I had just one other quick follow-up. As you put in place the -- more of a focus on the local brands over the Power Brands. I just wanted to understand and it sounds like, Dirk, you had said maybe the level of investment this quarter was what you expected in relation to the strategy. Is that something that's taking effect right away? Is there a pipeline of new products that's to be developed? Is there more marketing to be done there? I just want to understand how that manifests itself in this situation as you kind of tradition your focus as well to some of the local brands.

好的。我還有一個簡短的後續問題。隨著你們逐步落實——更加重視本土品牌而非強勢品牌。我只是想了解一下，聽起來，德克，你之前說過，本季的投資水準可能符合你對該策略的預期。這件事會立即生效嗎？是否有待開發的新產品計劃？那裡是否還有更多的市場推廣工作要做？我只是想了解在這種情況下，當你把注意力也放在一些本地品牌上時，這會如何表現出來。

Yes. I'll take that one. Yes, so the first element there is that we are raising our investments about $150 million this year. That largely goes to A&C. And if I would split that between local and global brands, that is more going to local brands than to global brands. We're also investing in route-to-market, India, Russia, China, South Central Europe, yes, we see that as more salespeople, more trucks on the road. And we are also investing in R&D.

是的。我選那個。是的，所以第一個要素是我們今年將籌集約 1.5 億美元的投資。這筆錢主要歸A&C所有。如果以本地品牌和國際品牌來劃分，那麼流向本地品牌的金額會比流向國際品牌的金額更多。我們也在投資市場管道，例如印度、俄羅斯、中國、中南歐，是的，我們看到這意味著更多的銷售人員和更多的卡車在路上行駛。我們也在研發方面進行投資。

The R&D investment is probably taking a little bit more time. But increasing our A&C investment in our brands and giving a little push on our local brands, that is really having an immediate effect. And also the route-to-market has, of course, an immediate effect. But we do still believe that the big benefit of that extra investment still has to show up. So we want to see an acceleration in the return we get on it. And overall, I would also like to say that we don't see this as a one-off year where we do this. Our overall thinking is that as we invest more this year, we will get higher top line growth, which will lead to solid gross profit growth and then we, more or less, flow half of that to the bottom line and reinvest half of that into our A&C and so one. So we see this continuing, getting ourselves into a virtuous circle and that would mean that every year, we increase our investment.

研發投資可能需要更多時間。但是，增加對旗下品牌的廣告和贊助投入，並大力扶持本土品牌，確實產生了立竿見影的效果。當然，市場通路也會產生直接影響。但我們仍然相信，這筆額外投資帶來的巨大好處仍有待顯現。所以我們希望看到投資報酬率加速成長。總而言之，我還想說，我們不認為今年是特例。我們的整體想法是，隨著今年投資的增加，我們將獲得更高的營收成長，這將帶來穩健的毛利潤成長，然後我們將或多或少地把其中一半轉化為淨利潤，並將另一半再投資於我們的A&C等。所以我們看到這種情況會持續下去，讓我們進入一個良性循環，這意味著我們每年都會增加投資。

Your next question is from Bryan Spillane with Bank of America.

下一個問題來自美國銀行的布萊恩·斯皮蘭。

I had a couple of questions related to the balance sheet, I guess. The first one, Luca, looks like total debt in the quarter was up sequentially by about $1 billion. And yet even interest expense came in more favorably. So I guess one question related to that is just is there anything timing related that drove the debt higher in the quarter? And then just, I guess, the disconnect between interest expense coming down but debt going up?

我有一些關於資產負債表的問題。第一個例子是 Luca，看起來該季度總債務環比增加了約 10 億美元。然而，就連利息支出也更加有利。所以我想問的一個相關問題是，是否存在任何與時間相關的因素導致本季債務上升？然後，我想，就是利息支出下降而債務上升之間的脫節吧？

Look, I'll start by talking about the interest cost. I think on the interest cost, Q1 at $80 million, it came quite frankly a little bit more favorable than we thought. The reality is we are still benefiting particularly year-over-year from additional net investment hedges that had a positive impact.

好的，我先來說說利息成本。我認為第一季的利息成本為 8000 萬美元，坦白說，這比我們預想的要好一些。事實上，我們仍然受益於額外的淨投資對沖，這些對沖產生了積極影響，並且我們每年都能從中受益。

We are quite pleased with the rate we have in terms of interest cost. I would just want to remind you that we had $4.5 billion of euro-denominated debt. That is partly coming due in the second part of the year. That debt is at 0 cost, actually negative cost for a part of it and we will renew that with a longer tenure. We would incur an additional interest cost. So yes, maybe the interest cost guidance of $450 million is a little bit on the conservative side. But I think again, we have to see how the year plays out. I think there has been a little bit of fluctuations around interest rate.

就利息成本而言，我們對目前的利率相當滿意。我只想提醒各位，我們當時有45億美元的歐元債務。部分款項將在今年下半年到期。這筆債務的成本為零，實際上其中一部分的成本為負，我們將延長債務期限並進行續約。我們將承擔額外的利息成本。所以，4.5億美元的利息成本預期或許有點過於保守了。但我認為，我們還是得看看今年的情況如何發展。我認為利率出現了一些波動。

On the debt, it is true the debt went up. I don't think it went up. I'm looking at net debt. So including cash that we had some additional cash compared to the end of the year. And the reason being that there is particular in Q1 some seasonality due to Easter falling later. Receivables went up a bit. So we had a little bit more liquidity in the system. But the total debt went up pretty much because we renew some debt. We have, as you know, low -- still relatively low cash flow compared to the yearly projections. So $200 million in Q1 versus the $2.8 billion that we are going to generate in the year. And then we took the opportunity to buy back shares. As I said at 44. So between share and dividends, we paid a little bit north of $1 billion. So the debt went up a bit. I think in terms of leverage, we are in the ballpark of the number we had at the end of last year. So I think it is pretty much timing.

關於債務，債務確實增加了。我覺得它沒有上漲。我正在查看淨債務。所以，包括現金在內，我們比年底多了一些現金。原因是第一季存在一些季節性因素，因為復活節較晚。應收帳款略有增加。所以系統中的流動性稍微增加了一些。但總債務增加主要是因為我們續簽了一些債務。如您所知，我們的現金流較低——與年度預測相比仍然相對較低。所以第一季營收為 2 億美元，而我們全年將創造 28 億美元的營收。然後我們抓住機會回購了股票。正如我44歲時所說。因此，加上股票和股息，我們支付的總額略高於 10 億美元。所以債務略有增加。我認為就槓桿而言，我們目前的水平與去年年底的數字大致相當。所以我覺得這主要還是時機問題。

And so I guess as we're thinking about the timing and relative as we're thinking about net debt for the full year, absent something that we don't know about like an acquisition or somewhere along those lines, you're not expecting net debt to really increase for the year?

所以我想，當我們考慮全年淨債務的時間和相對影響時，除非發生我們不知道的事情，例如收購或其他類似情況，否則您預計今年的淨債務不會真正增加嗎？

Maybe it will increase a bit again in line with EBITDA, I would say. But I wouldn't expect leverage to go up again. We are committed to the credit ratings we have. We just got -- reaffirmed as one of the agencies' rating. So we feel good where we are. I think you should project the same situation as of the end of last year.

我認為，它可能會隨著 EBITDA 的成長而再次小幅成長。但我預計槓桿率不會再上升。我們致力於維護現有的信用評級。我們剛剛再次獲得了評級機構的確認。所以我們對現狀感到滿意。我認為你應該預測與去年年底相同的情況。

Okay. And just one more related one. There's been some stories about the potential for Mondelez being interested in Arnott's and obviously I'm not asking you to comment specifically about that. But just a deal that size seems large relative to what you described in M&A. So maybe either, Dirk or Luca, if you could just remind us how you're thinking about M&A both in terms of strategy but more just size, how you're thinking about what types of size of deals you'd be looking at?

好的。還有一個相關的問題。有一些報導稱億滋國際可能對阿諾特百貨感興趣，顯然我不是要你對此發表具體評論。但是，就你所描述的併購交易而言，如此規模的交易似乎很大。所以，Dirk 或 Luca，你們能否提醒我們一下，你們是如何看待併購的，既包括戰略方面，也包括規模方面，你們在考慮哪些規模的交易？

Yes. As we have stated, our preference is for bolt-on acquisitions, looking at the different white spaces that we have around the world. As you go around and you look at biscuits, chocolate or gum and candy markets, they still have areas where we are not present or are not big enough and that would be our preference, to sort of fill in our geographical landscape.

是的。正如我們之前所說，我們更傾向於進行補充性收購，並著眼於我們在世界各地存在的各種空白領域。當你四處走走，看看餅乾、巧克力或口香糖和糖果市場時，你會發現仍然有一些地區我們沒有涉足，或者規模不夠大，而這正是我們希望填補的地理版圖。

We have the same in existing markets where in certain channels, or there are certain areas in our categories like health and wellness, premium, digital businesses that we would be interested in. But overall, we do not expect those to be big deals. In the case of Arnott's, it's Australia, it's biscuit, it's quite a sizable business, it fits in that wide space thinking. It's obviously a process that's still ongoing. It's probably a little bit higher than what we would originally thought when we thought about acquisitions. But at the same time, we have very clear expectations in terms of returns and in terms of leverage and we want to stay a very disciplined buyer. So as long as it fits into the same framework that we set into our strategic plan, we will do so. But if it falls out of that, we will not make a deal.

在現有市場中，我們也存在著同樣的情況，在某些管道，或在我們感興趣的類別中，例如健康和保健、高端、數位業務等。但總的來說，我們預計這些不會造成太大影響。以 Arnott's 為例，它是一家澳洲餅乾公司，規模相當大，符合這種廣闊的市場定位。這顯然是一個仍在進行中的過程。這可能比我們最初考慮收購時所預想的要高一些。但同時，我們對回報和槓桿率有著非常明確的預期，我們希望保持高度自律的買家姿態。只要符合我們策略計畫中所設定的框架，我們就會去做。但如果情況並非如此，我們將不會達成協議。

And your next question is from Steve Strycula with UBS.

下一個問題來自瑞銀集團的史蒂夫·斯特里庫拉。

So two-part question. First, for Luca, just to -- on an apples-to-apples basis for first quarter, I know you have Argentina, Brexit and Easter, to Andrew Lazar's question, would you say if we kind of take those 3 pieces into consideration, the underlying organic sales number was close to about a 3 percentage point number?

所以這個問題分成兩個部分。首先，對於 Luca 來說，就第一季而言，我知道你們有阿根廷、英國脫歐和復活節這三個因素，針對 Andrew Lazar 的問題，如果我們把這三個因素考慮在內，你認為基本的有機銷售額是否接近 3 個百分點？

Again, I -- the way I commented on Brexit, it was -- we decided to put it Easter into the system ahead of a potential exit or even hard Brexit. So in terms of shipment, I wouldn't attribute to Brexit an impact year-over-year. It just happened that Easter this year fell in Q2 and we decided to put [Celine] into the system in Q1. So Q1 '18 versus '19, no material changes. I think as I said, Argentina is a little bit higher. We gave you the number between Developing Markets with or without Argentina. The relevance of Argentina in the quarter is a little bit higher than last year. We expect that to come down. So I would say, look, in shipment terms, I think it is really a clean quarter now. I think you saw the categories, particularly around Chocolate, where we have some share challenges. Part of it is due to timing. We need to work on the shares. And as I said, if you're trying to see if there are opportunities in terms of top line for the year, I would say great start to the year. We are very pleased. As I said, I would like to see the second quarter above guidance for us to be able to call guidance out for the year.

再說一遍，我——就像我評論英國脫歐的方式一樣——我們決定在可能退出甚至硬脫歐之前，將復活節納入系統。因此，就出貨量而言，我不認為英國脫歐會對出貨量造成年比影響。今年復活節恰好在第二季度，所以我們決定在第一季將 [Celine] 納入系統。所以，2018 年第一季與 2019 年第一季相比，沒有實質變化。我認為正如我所說，阿根廷的排名略高一些。我們已向您提供了包含或不包含阿根廷的新興市場之間的數字。阿根廷在本季的重要性比去年略高。我們預計價格會下降。所以我覺得，從出貨量來看，這確實是一個非常乾淨的季度。我想你們已經看到了各個類別，特別是巧克力類別，我們在那裡設定了一些分享挑戰。部分原因是時機問題。我們需要處理一下股票相關事宜。正如我所說，如果你想了解今年營收的機會，我會說今年開局不錯。我們非常高興。正如我所說，我希望第二季業績能夠超過預期，這樣我們才能給出全年的業績預期。

Okay. And then a follow-up for Dirk. Dirk, you recently did an interview with a German newspaper. And admittedly, my German isn't so fresh. So I was hoping you might help bridge a few comments or add some transparency as to what you meant when you were describing some of the opportunities that for big global brands relative to homegrown brands? And then to wrap up, your comments on the monetization potential for the coffee assets in that paper.

好的。然後是給德克的後續報道。德克，你最近接受了一家德國報紙的訪問。說實話，我的德語不太好。所以我希望您能幫忙解釋一下您之前在描述大型全球品牌相對於本土品牌的一些機會時，您指的是什麼，或者說，您能補充一些更清晰的解釋嗎？最後，請您對論文中咖啡資產的貨幣化潛力發表一些看法。

Yes. Well, the 2 comments were not that new. I think the first one as it related to brands was that I have -- and I think the rest of the management team and the company shares that belief that the days of the big global brands that cover all areas and on the reach you can do everything and that will lead to significant growth, that's not necessarily what the future looks like and we can see the phenomenon very clearly with the insertion brands in the U.S. which is translating in sales a little bit around the world. So the comment was related to my opinion that we need to keep on growing our global brands. And as we explained, we are very happy to have our 2 biggest brands growing almost both of them double digits is quite good. But at the same time, we believe local brands more and more will have a significant role to play. They are closer to the global consumers. They feel more connected to it. And so the comment was meant to say we believe our strategy is the right one.

是的。其實這兩則評論不算新鮮。我認為與品牌相關的第一點是，我——而且我認為管理團隊的其他成員和公司也認同這一點——認為過去那種覆蓋所有領域、擁有強大影響力的全球大品牌可以無所不能並帶來顯著增長的時代，未必是未來的發展方向。我們可以在美國插入式品牌中非常清楚地看到這種現象，而這種現像也在一定程度上影響著世界各地的銷售。所以，這則評論與我的觀點有關，即我們需要繼續發展我們的全球品牌。正如我們解釋的那樣，我們非常高興看到我們最大的兩個品牌都實現了兩位數的成長，這相當不錯。但同時，我們相信本土品牌將發揮越來越重要的作用。它們與全球消費者聯繫更緊密。他們感覺與它有了更緊密的聯繫。因此，這條評論的意思是，我們相信我們的策略是正確的。

On the coffee assets, the comment there was the what was the future of our coffee assets in the business. I said that for the time being, we're very happy with our different investments. We're seeing good growth. We are happy what the management teams are doing there and they still have some good potential. The -- on the longer term, the comment was that obviously we divested or partially divested our coffee business. We are not running it anymore. And over time we will exit those assets. We don't know when. But clearly, we -- it's something that is in the plans. Those were the 2 comments.

關於咖啡資產，當時的評論是：我們咖啡資產在業務中的未來會如何？我說過，就目前而言，我們對各項投資都非常滿意。我們看到了良好的成長動能。我們對管理團隊目前的工作感到滿意，他們仍然很有潛力。從長遠來看，評論是，很明顯我們已經剝離或部分剝離了咖啡業務。我們已經停止營運了。隨著時間的推移，我們將逐步退出這些資產。我們不知道具體時間。但很顯然，這已經在我們的計劃之中了。以上就是這兩則評論。

And your next question is from Ken Goldman with JPMorgan.

下一個問題來自摩根大通的肯‧戈德曼。

In North America, there was a fairly significant gap between your take away as reported by Nielsen in the quarter and your actual North American sales. I know you addressed this a little bit. But I'm just hoping for a little bit more color in your view, were the biggest reasons were for maybe the reported numbers coming in a little bit more below takeaway than what some of us expected.

在北美，尼爾森公司本季報告的您的收入與您在北美的實際銷售額之間存在相當大的差距。我知道你已經稍微談過這個問題。但我只是希望你能更詳細地說明一下，導致實際公佈的數字比我們一些人預期的要低一些的最大原因是什麼。

Yes. Yes, and I don't know which takeaway numbers that you are looking at. But you probably are comparing our biscuit take away numbers to our overall net revenue numbers.

是的。是的，我不知道你指的是哪些外送數據。但您可能是在將我們的餅乾外送銷售與我們的整體淨收入進行比較。

No. I'm including everything. It's still a little bit lower.

不。我把所有內容都包括進來了。現在還略低一些。

Yes. It's still a bit lower. I would say, our takeaway overall would be around 2% and then the net revenue is 0.5%. The -- clearly, biscuits are doing very well for us. We have a good category growth. We've been increasing our market share. And we clearly see that in the consumption. We do have -- a much smaller part of our business is related to gum and candy. And in the first quarter, we saw a slowdown in those 2 categories, particularly in candy. We think that's only driven by Easter falling later into the year this year. We think that's going to come back in gum, as you know has been always a little bit underperforming. So that's clearly a challenge. As I reached, they are not going at that level that the rest of the consumption is growing. Particularly hard hit was Halls in the quarter because of the cold season not being very good and also that we have some more pressure from VICKS competitor that's very wealthy. The other factor that you need to take into account is that the retailers still are lowering their stock levels and that shows up in our net revenue but doesn't show up in the consumption numbers. So that's clearly something that played a role for us. So those are largely the biggest factors.

是的。現在還是略低一些。我認為，我們的總利潤率約為 2%，淨收入為 0.5%。顯然，餅乾對我們來說非常暢銷。我們品類成長良好。我們的市場份額一直在增長。這一點在消費方面體現得非常明顯。我們確實有——不過我們業務中與口香糖和糖果相關的部分要小得多。第一季度，這兩個類別的成長速度有所放緩，尤其是糖果類產品。我們認為這只是因為今年的復活節來得比較晚。我們認為口香糖會重回市場，你也知道，口香糖的表現一直有點差強人意。這顯然是一個挑戰。據我了解，他們的成長速度並沒有達到其他消費成長的速度。本季度，Halls受到的衝擊尤為嚴重，因為冬季銷售情況不佳，而且我們還面臨著來自財力雄厚的競爭對手VICKS的更多壓力。另一個需要考慮的因素是，零售商仍在降低庫存水平，這反映在我們的淨收入中，但並未反映在消費數據中。所以這顯然對我們起到了一定作用。所以，這些基本上就是最重要的因素。

There's potentially also a little bit of nonmeasured channels that don't show up in the consumption numbers that you see, which were not growing to the same rate. So that also causes that difference between the 2. Those would be the big reasons, but we were able to perfectly make that bridge between our net revenue that we're seeing in consumption.

可能還有一些未被衡量的管道，這些管道沒有體現在你看到的消費數據中，而且它們的成長速度也沒有達到相同的水平。所以這也是造成兩者差異的原因。這些是主要原因，但我們能夠完美地將我們的淨收入與消費量連結起來。

Okay. That's very helpful. My follow-up will be quick. In terms of the destocking you've seen which certainly isn't limited to Mondelez, any idea when we can expect a little bit of a slowdown there? I mean there can't be destocking forever and yet it seems to be happening for longer than what maybe some companies were anticipating?

好的。那很有幫助。我的後續回覆會很快。就您看到的去庫存現象而言（這當然不僅限於億滋國際），您認為這種情況何時會有所放緩？我的意思是，去庫存化不可能永遠持續下去，但這種情況似乎比一些公司預期的要持續得更久？

Yes. So first of all, the -- some of the rollouts were not the whole country at the same time. So that certainly plays a role. Then also, the systems are now -- so the rollouts were spread over more than 1 year. The second effect that you have there is it's an automatic system. And as that automatic system sees for instance, our gum sales go down, that will lead to lower stock levels and dereferencing some of our SKUs. And so that sort of has an extra effect in the year. As our sales will start to go up, that will probably lead to a slight increase of our stock levels in the trade over time. So we do believe that this difference between our net revenue and the consumption we see will disappear in the coming months or quarters and that it will be more evened out.

是的。首先，有些推廣活動並不是全國同時進行的。所以這肯定起了一定作用。此外，這些系統現在——因此推廣工作持續了一年多的時間。第二個好處是它是一個自動化系統。例如，當該自動系統偵測到我們的口香糖銷售量下降時，這將導致庫存水準降低，並取消對某些 SKU 的引用。因此，這會對這一年產生額外的影響。隨著銷售額的成長，隨著時間的推移，我們的庫存水準可能會略有上升。因此我們相信，在未來幾個月或幾個季度裡，我們的淨收入和我們看到的消費之間的這種差異將會消失，並且會更加趨於平衡。

So just to follow-up and make sure, and I apologize for having the call a little bit. But just to make sure I understand, if your take away numbers in Nielsen are disappointing in a certain category, the customers will automatically order less? I knew there was something in there. But I just want to make sure that that's what you're sort of suggesting.

所以，我再確認一下，也為剛才通話耽擱了您一會兒而道歉。但為了確保我理解正確，如果尼爾森數據顯示你們的外送銷售在某個類別中表現不佳，顧客就會自動減少訂購量嗎？我知道裡面一定有東西。但我只是想確認一下，你是不是就是這個意思。

They don't order less. Yes, in a way they do, but they will lower their stock level because if the sales go down, they need to have less stock. So you're seeing an effect from that, too.

他們並沒有減少訂購量。是的，從某種意義上說，他們的確會這樣做，但他們會降低庫存水平，因為如果銷售額下降，他們就需要減少庫存。所以你也看到了由此產生的影響。

Well, what we're saying, yes, in gum specifically, we see a little bit of trade reassessing their stock position and thus consumption goes down. In our SKUs, they adjust top-down. So he was justifying to gum for that comment, I assume.

是的，就口香糖而言，我們看到一些貿易商正在重新評估他們的庫存狀況，因此消費量下降了。在我們的 SKU 中，它們是自上而下調整的。所以，我猜他是在為那番言論辯解。

And your next question is from Jason English with Goldman Sachs.

下一個問題來自高盛的傑森·英格利希。

I've got 2 questions. First, a quick one. Is your business going to be affected by the price controls implemented in Argentina? And if so, what are the implications there?

我有兩個問題。首先，快速回答一個問題。阿根廷實施的價格管制會對您的業務產生影響嗎？如果真是如此，這又意味著什麼？

I think the answer to that question is at this point, no. I think as the new, relatively new pricing came into play actually all price controls were removed. I think the exchange rate environment is, in terms of ability to move money out of the country and to remit money abroad has been better than in the past. So the simple answer is no. We don't have price control categories at this point in time. But we don't know clearly what lies ahead.

我認為目前這個問題的答案是否定的。我認為，隨著新的、相對較新的定價機制的實施，實際上所有的價格管制都被取消了。我認為，就資金轉移出境和匯款到國外而言，目前的匯率環境比過去好。所以答案很簡單，是否定的。目前我們還沒有價格管制類別。但我們並不清楚未來會怎樣。

Got it. And then my second question, I totally appreciate and respect your focus on gross profit dollar growth. But I'm still trying to make sure that I understand my margin bridges. And I was a bit surprised that we didn't see a bit more margin strength this quarter given the sequential acceleration of price and given this still pretty easy comp that you're cycling against here in the first quarter. Can you walk us through some of the puts and takes that you're seeing there, in terms of inflation, productivity and maybe some mix drags between gum, wheat, are you pushing into local brands or investing, et cetera?

知道了。我的第二個問題是，我完全理解並尊重您對毛利成長的關注。但我仍在努力確保我理解我的利潤橋樑。考慮到價格環比加速上漲，以及第一季同比基數仍然相對較低，我對本季利潤率沒有出現更大幅度的增長感到有些意外。您能否為我們詳細介紹一下您在通貨膨脹、生產力以及口香糖、小麥等產品組合可能存在的拖累方面所看到的一些投入和投入？您是否正在大力發展本地品牌或進行投資等等？

Yes. Look, I think it is clear that we are trying to move the mindset from gross margin percentages to gross profit dollars or from that matter, from OI percentages to OI dollars. I think the gross profit line was in line with expectations, it grew 4.5% which is ahead of revenue. We added 30 basis points of gross margin. As I dissect the business on the gross margin line, quite frankly, we are very pleased with what we are seeing in 3 regions out of 4. There is Latin America that is facing some pressure. And last year, we did cover strategies for ForEx that were absolutely exceptional and we are lapping quite positive ForEx rates in Latin America in Q1.

是的。我認為很明顯，我們正在努力將思維方式從毛利率百分比轉變為毛利美元，或者更確切地說，從營業利潤百分比轉變為營業利潤美元。我認為毛利符合預期，成長了 4.5%，高於營收成長。我們提高了30個基點的毛利率。當我從毛利率的角度分析業務時，坦白說，我們對四個地區中的三個地區的表現感到非常滿意。只有拉丁美洲地區面臨一些壓力。去年，我們報告了一些非常出色的外匯策略，並且我們在第一季在拉丁美洲獲得了相當積極的外匯匯率。

But with the exclusion of Latin America, quite frankly, I see strength across all the other 3 regions. And volume leverage is coming into play. Pricing that, of course, is positive. And clearly, we delivered productivity.

但坦白說，除了拉丁美洲之外，我認為其他三個地區都表現強勁。成交量槓桿作用正在發揮作用。定價當然是好事。很明顯，我們提高了生產力。

Below the line or below gross profit, we invested in A&C in overhead markets in R&D as we've said. But -- and we also delivered cost savings in the overhead line. So on the line savings, both in gross profit and overhead is quite good, in line with expectations. We happen to lap a little bit of one time as last year for some VAT related benefits that we got into the P&L.

正如我們所說，我們在研發方面的間接費用市場投資了A&C，這部分投資是在毛利以下進行的。但是——我們也實現了管理費用的節省。因此，無論是毛利或管理費用，線上節省的成本都相當不錯，符合預期。我們碰巧有一次稍微超前了一點，就像去年一樣，因為一些與增值稅相關的優惠，我們把這些優惠計入了損益表。

And as I made -- and as I said in my remarks, we are also -- we have made accruals in Q1 in relation to some legal matters and again, indirect taxes. So the year-over-year impact is around about $40 million. So when I exclude these items, I think the P&L that we delivered in Q1 was great. On Latin America, I wouldn't be, at this point, overly concerned. We achieved what we have in plan and thus Brazil specifically speaks up for the remainder of the year, we should be benefiting from better leverage as well there. So it might be a little bit below what you had in mind but it is in line with what we had internally. And importantly, I see 3 regions on solid ground.

正如我剛才所說——正如我在演講中提到的——我們在第一季也提列了一些與法律事項和間接稅相關的費用。因此，年比影響約為 4000 萬美元。所以，如果排除這些項目，我認為我們第一季的損益表表現非常出色。對於拉丁美洲，就目前而言，我不會過度擔憂。我們已經實現了計畫目標，因此，就今年剩餘時間巴西的具體情況而言，我們也應該能夠從中受益，獲得更大的影響力。所以它可能比你預想的要低一些，但與我們內部的預期是一致的。更重要的是，我認為有三個地區發展勢頭良好。

Very good. Thank you, and congrats on the strong start.

非常好。謝謝，祝賀你們取得如此強勁的開局。

Thank you, Jason.

謝謝你，傑森。

Thanks, Jason.

謝謝你，傑森。

Your next question comes from Dara Mohsenian with Morgan Stanley.

下一個問題來自摩根士丹利的達拉·莫森尼安。

I wanted to get a bit more detail on the pricing environment in Latin America, some of the key markets ex Argentina. It was a big sequential improvement in trends. So did Brazil and Mexico see some sequential improvement in Q1 versus Q4? And maybe just detail the competitive environment you're seeing there particularly in Brazil. And then from a volume standpoint, we're still seeing declines in Latin America versus very healthy growth you're seeing in other emerging markets around the world and a lot of progress we are seeing in some of the other regions. So just curious if we should get more of a balance between volume and pricing going forward in Latin America and your ability to accelerate volume growth there like we've seen in some of the other regions?

我想更詳細地了解拉丁美洲的定價環境，特別是阿根廷以外的一些主要市場。這是趨勢上的重大循序漸進的改善。那麼，巴西和墨西哥第一季與第四季相比是否有所改善？或許可以詳細介紹一下你所看到的競爭環境，尤其是在巴西。從銷售來看，我們仍然看到拉丁美洲的銷售量在下滑，而世界其他新興市場則呈現非常健康的成長，其他一些地區也取得了很大的進步。所以，我很好奇，未來在拉丁美洲，我們是否應該在銷售和價格之間取得更大的平衡，以及你們是否能夠像在其他一些地區一樣，加速該地區的銷售成長？

Yes, maybe I'll start with the volume part of the question, and Dirk can give you a little bit of flavor around both Brazil and Mexico and what we are seeing. Yes, look. Latin America has historically shown negative volume. I think if you look at the volume/mix this quarter, it happens to be a little bit better than what you have seen in the last few years. Remember that we used the full array of pricing tools to price the marketplace. So one component of volume is downsizing. And there is an impact specifically in Brazil around that. But all in all, I think you should expect also for the remainder of the year, a little bit of volume pressure. Having said that, I think there should be sequential improvement.

是的，或許我可以先從數量方面入手，讓德克來談談巴西和墨西哥的情況以及我們目前所看到的。是的，你看。拉丁美洲歷來交易量為負。我認為，如果你看一下本季的銷售/產品組合，你會發現它比過去幾年的情況要好一些。請記住，我們使用了所有定價工具來為市場定價。所以，銷售量的一個組成部分是縮減規模。而這尤其對巴西產生了影響。但總的來說，我認為今年剩餘時間裡，銷售壓力也會增加。話雖如此，我認為應該循序漸進地改進。

In Argentina, as I said, in one of the previous questions, volume came in better than last year. We are striking a much better balance between volume and pricing. And I think this move to gross profit dollars and the opportunity we have to optimize reliable, consistent and repeatable volume growth, I think it is quintessential to the model. So I think all in all, we are also pleased with the volume dynamics we are seeing overall in Latin America. And hopefully, we see an improvement in the remainder of the year. On the Brazil/Mexico, Dirk, if you want to...

正如我在之前的問題中提到的，阿根廷的銷售量比去年有所增長。我們在銷售和價格之間取得了更好的平衡。我認為，這種以毛利美元為單位的調整，以及我們有機會優化可靠、穩定和可重複的銷售成長，我認為這對該模式至關重要。所以總的來說，我們對目前在拉丁美洲看到的整體銷售動態也感到滿意。希望今年餘下的時間情況會有所改善。關於巴西/墨西哥航線，德克，如果你想…

Yes. So one observation on Latin America was that all our business units grew at the same time. In fact, all our business units around the world have grown. So that made the quarter quite appealing to it. To talk a little bit more about Brazil, we feel that Brazil is on an uptick, it's improving. It's not totally stable yet. There's certainly a number of macro uncertainties that are still there. But overall, we see the business return back to growth which we felt good about.

是的。因此，我們對拉丁美洲市場的觀察結果是，我們所有的業務部門都同時實現了成長。事實上，我們全球所有業務部門都實現了成長。所以，這使得該季度對它來說相當有吸引力。再多談談巴西吧，我們覺得巴西正在好轉，情況正在改善。目前還不太穩定。當然，宏觀層面仍存在許多不確定因素。但總體而言，我們看到業務恢復成長，這讓我們感到欣慰。

As we look at categories, the chocolate category was in slight decline. But that of course includes the impact of a late Easter. And in terms of our Q1 revenue, our chocolate grew high single digits. One of the successes there was the launch of a product called Bis Xtra under our Bis brand and there was a new type of wafer covered with chocolate that's doing very well there.

從各個品類來看，巧克力類別略為下滑。當然，這其中也包括復活節延後帶來的影響。就我們第一季的營收而言，我們的巧克力產品實現了接近兩位數的成長。其中一個成功之處在於，我們推出了 Bis 品牌下的 Bis Xtra 產品，這是一種新型的巧克力威化餅，在那裡銷售情況非常好。

As it relates to the gum category, we saw high single-digit revenue growth. This was driven also -- sorry, the category was growing and our revenue was growing largely driven by Trident. And Trident launched a new campaign called Chew2Relax and that had a significant impact.

就口香糖品類而言，我們看到了接近兩位數的收入成長。這主要是由於——抱歉——該品類的增長以及我們收入的增長，而這主要得益於 Trident 的暢銷。Trident 發起了一項名為 Chew2Relax 的新活動，並產生了重大影響。

And then also Beverages is very important for us and where we also see the category getting back to growth which was not the case last year, here we lost a little bit of share in the past year and we're starting to recover but we still have some recovery to do. So overall in Brazil, I would say surprising situation because the origin of your question is relatively healthy. It's not as big as it is in Argentina and largely in line with our expectations.

此外，飲料品類對我們來說也非常重要，我們看到該品類正在恢復成長，而去年並非如此。去年我們在該品類中失去了一些市場份額，現在我們開始恢復，但仍有一些恢復工作要做。所以總的來說，巴西的情況令人驚訝，因為你提出的問題源自於一個相對健康的社會現象。它沒有阿根廷那麼大，基本上符合我們的預期。

By the way, the overall effect, Luca, for Argentina, on our result I think compared to last year, growth was 0.2 -- so there is an effect but it's not that dramatic, I would say as you might expect.

順便說一下，盧卡，就阿根廷而言，我認為與去年相比，整體影響是增長了 0.2——所以是有影響的，但正如你所預料的那樣，影響並不顯著。

And then maybe to talk about Mexico a little bit, Mexico, we see a very good situation. We're growing mid-single digits and pricing is relatively mitigated there also. So I would say if you look at Latin America where the pricing is higher than it has been in the past year, is largely in Argentina. The rest looks largely in line with expectations.

然後或許可以稍微談談墨西哥，墨西哥的情況非常好。我們的成長率達到了中等個位數，而且價格波動也相對較小。所以我想說，如果你看看拉丁美洲，你會發現價格比過去一年更高的地區主要是阿根廷。其餘部分基本符合預期。

And your next question is from the line of Alexia Howard with Bernstein.

你的下一個問題來自 Alexia Howard 與 Bernstein 的對話。

So 2 quick ones. First of all, on the A&C spend. How much was it up this quarter and how much are you expecting it to be up for the full year, either in percentage terms or dollar terms? Is it going to accelerate from here or was there a big burst this quarter and then it slows down? And then my second question, just coming back to the beginning of the Q&A, you mentioned that one of the reasons that you didn't want to raise guidance for the full year is it's early and there are clearly some risks on the horizon and Brexit is one of them. Is that the main one or are there are other uncertainties out there that you're keeping an eye on? Thank you, and I'll pass it on.

兩個簡短的問題。首先，關於A&C支出。本季成長了多少？您預計全年將成長多少？請以百分比或美元計算。它會從這裡開始加速成長，還是說本季經歷了大幅成長後又放緩了？我的第二個問題，回到問答環節的開頭，您提到您不想提高全年業績預期的原因之一是現在還早，而且顯然存在一些風險，英國脫歐就是其中之一。這是主要問題嗎？還是還有其他不確定因素需要您關注？謝謝，我會轉達的。

Thank you for the question, Alexia. So on A&C, it was up in Q1. We are not going to start giving you details by A&C spending. But as particularly we look at work in A&C which is dollars we spend behind initiatives online, or television, et cetera, that was up quite a bit year-over-year. I expect that increase to continue for the remainder of the year. And actually, the overall A&C spending is going to sequentially increase in the quarters to come. Nothing that wasn't expected, it is baked into the guidance.

謝謝你的提問，Alexia。所以，A&C 在第一季有所成長。我們不會按A&C支出情況開始向您提供詳細資訊。但尤其當我們檢視A&C領域的工作，也就是我們在網路、電視等領域投入的資金時，會發現這筆錢比前一年增加了不少。我預計這種成長趨勢將在今年剩餘時間內持續下去。事實上，未來幾個季度，A&C 的總支出將逐季成長。一切都在預料之中，相關規定已經包含在指導方針中。

To your second question, yes, Brexit is clearly unknown at this point in time and it is the biggest risk that we know of. But as I normally times in my life, I mean, sometimes the unexpected comes as well. And so there are a few elections around the world. I don't know the outcomes of those yet. But there might be some uncertainties. Again, as I look at the categories, they are displaying solid growth in many places. We are fairly pleased with developing market. Having said that, given it is just one quarter, we decided to keep guidance the same.

關於你的第二個問題，是的，目前英國脫歐的走向顯然尚不明朗，這是我們所知的最大風險。但就像我生活中經常發生的那樣，我的意思是，有時也會發生意想不到的事情。所以世界各地都會舉行一些選舉。我還不清楚那些結果如何。但可能存在一些不確定因素。再來看一次各個類別，它們在許多方面都呈現出穩健的成長。我們對市場發展狀況相當滿意。話雖如此，考慮到這只是一個季度，我們決定維持業績預期不變。

And your last question is from the line of David Driscoll with Citi.

你的最後一個問題來自花旗銀行的 David Driscoll。

I wanted to -- I got a couple of questions here that I wanted to ask. On -- just going back on Brian's question about the debt. Can you just go over how much of debt, euro debt, has a negative interest rate? What is that negative interest rate? And when do you actually refi it? I'm still struggling with the $80 million interest expense in the quarter and how we get to this $450 million. And then you made the comment, well, maybe that's a little bit conservative. Can you help me figure out how conservative?

我想問幾個問題。繼續——就布萊恩關於債務的問題而言。能簡單介紹一下有多少歐元債務的利率為負嗎？什麼是負利率？那你究竟什麼時候再進行再融資呢？我仍在努力理解本季 8,000 萬美元的利息支出，以及我們如何得出 4.5 億美元的數字。然後你發表了評論，嗯，也許這有點保守了。你能幫我算保守程度嗎？

Look, just -- let's get the number straight on the debt. The net debt that we had at the end of last year was around about $17.3 billion, okay? And it was a total leverage of 3.3x on EBITDA. At the end of Q1, net debt inclusive of cash which I said increased around the world because of seasonality specifically around Easter, it was $17.8 billion with the leverage that was around about 3.4x. So those are the numbers.

聽著，我們先來把債務數字弄清楚。截至去年年底，我們的淨債務約為 173 億美元，明白嗎？總槓桿率為 EBITDA 的 3.3 倍。第一季末，包括現金在內的淨債務（我說過，由於季節性因素，特別是復活節前後，全球範圍內的現金有所增加）為 178 億美元，槓桿率約為 3.4 倍。以上就是全部數據。

On the interest rate and the cost, $80 million is clearly a number that if you multiply it by 4 doesn't get you the guidance we gave on interest rate. Having said that, there is an impact on net investment hedges. And particularly year-over-year, that impact is going to subside. And then it was not uncommon particularly on short tenure debt to be able to borrow money in Europe at a negative interest cost. I'm not going to give you the details of what it is. But it is negative, so we are getting paid for that. And as we renew that debt at current rates, we are going to incur costs. And not last, we're going to increase tenure of the debt we're going to issue for in the second part of the year. So that is causing a little bit of an interest cost headwind that we have projected this year. As I said, I believe we're going to be a little bit better than the $450 million. But I think again it is still early in the year given some uncertainties. Remember, we have multiple interest cost components in the year. We have short-term borrowings that we do around the world. There is the net investment hedges. There is CP, commercial paper. The free cash flow came in better in Q1 than last year. So there is upside, most likely. I think it is early for me to quantify it. I wouldn't expect to -- a massive number here though there in terms of upside

關於利率和成本，8000 萬美元顯然是一個數字，如果你將其乘以 4，並不能得到我們給出的利率指導。也就是說，這會對淨投資對沖產生影響。尤其是與去年相比，這種影響將會逐漸減弱。而且，在歐洲，尤其是短期債務中，以負利率借款的情況並不少見。我不會透露它的具體細節。但它是負面的，所以我們才能因此獲得報酬。如果我們以目前的利率續約債務，我們將會產生費用。最後，我們將延長今年下半年發行債券的期限。因此，這造成了我們預計今年將出現的一些利息成本方面的不利影響。正如我所說，我相信我們會比 4.5 億美元略好。但考慮到目前仍處於年初，存在一些不確定因素，我認為現在下結論還為時過早。請記住，一年中我們會產生多種利息成本。我們在世界各地都有短期借款。還有淨投資對沖。還有CP，即商業票據。第一季的自由現金流比去年同期好。所以很可能還是有上升空間的。我覺得現在量化這個問題還太早。我並不指望——儘管從上漲空間來看，這其中肯定有巨大的成長空間。

That's very helpful. On the phasing of the investments this year, and I think it's around $150 million, did the first quarter more or less get its proportional share? Did 25% of that $150 million go into Q1? Then I'm just really trying to get a sense here for the pacing of these investments. Previously, I think you guys had said that you did expect it would be rather even throughout the year. But now that we've got 1 quarter in the books, I was hoping you could update us on that one. And then, Dirk, I had one final one. You were about to bite on this one earlier in the questions. But I'd like you just to talk about that cookie growth in the United States, the 6.5 points of volume growth that we're seeing in the Nielsen data. And just the sustainability of that kind of take away and what's driving it. It's pretty special. Obviously, it's in cookies and not in the other portions of the U.S. business. But I'm still just curious as to what's driving it in the sustainability of that cookie growth?

那很有幫助。今年的投資分階段進行，我認為總額約為 1.5 億美元，第一季是否基本獲得了應有的份額？這1.5億美元中有25%投入了第一季嗎？那麼，我只是想了解這些投資的節奏。之前，我想你們曾說過，你們預期全年情況會比較均衡。但現在我們已經完成了一個季度的工作，我希望你能給我們更新這方面的情況。然後，德克，我還有最後一個。你之前在提問環節差點就答對了。但我希望您談談美國餅乾市場的成長，尼爾森數據顯示，餅乾銷量成長了 6.5 個百分點。以及這種外賣模式的可持續性以及推動其發展的因素。它非常特別。顯然，它存在於餅乾中，而不是美國業務的其他部分。但我仍然很好奇，是什麼因素推動了這種餅乾銷售成長的可持續性？

Okay. Well, as it relates to the investments, it is evenly spread. If anything, the first quarter was probably a bit lower than its fair share. So it is not that we have an extraordinary spending in this quarter and now it tempers down, I would say. We're expecting, as Luca said, a sequential increase of the spending as we go through the quarters. As it relates to what we're seeing, yes, we -- obviously, that's not captured in our consumption numbers that you see. But you're referring to a report that I think came out recently. We do see quite some substantial increase of consumption.

好的。就投資而言，分配比較均衡。如果有什麼不足的話，那就是第一季的表現可能略低於其應有的水平。所以，並不是說我們本季支出異常高，現在支出有所放緩。正如盧卡所說，我們預計隨著季度的推進，支出將逐季增加。就我們所看到的情況而言，是的，顯然，這並沒有體現在你看到的消費數據中。但你指的是最近發布的一份報告。我們確實看到消費量出現了相當大的成長。

I would say in biscuits in North America, the -- I think that's sort of a particular situation. We have Easter is in those numbers so that's going to have an effect. We also just ran a very successful promotion on Oreo, the Game of Thrones edition, which is a one-off. So I'm expecting as those big effects sort of passes, that consumption will go back to the normal 3-ish percent that we're seeing. But yes, we clearly have seen in April a big boost in consumption and we are quite happy about that.

我想說，在北美的餅乾產業，——我認為這是一種特殊情況。復活節也包含在這些數字裡，所以肯定會產生影響。我們最近也成功推出了奧利奧《權力的遊戲》特別版促銷活動，這是一次性的。所以我預計，隨著這些重大影響逐漸消退，消費量將恢復到我們目前看到的3%左右的正常水平。但確實，我們4月的消費量明顯大幅成長，對此我們感到非常高興。

Well, congratulations and thank you, guys.

恭喜各位，也謝謝你們。

Thank you.

謝謝。

Thank you.

謝謝。

And I will now turn the call back over to Dirk.

現在我將把電話轉回給德克。

Okay. Thank you. So as I said at the outset, I feel good about our performance in this first quarter and the progress we're making, our strategic plan. We're encouraged by this strong start and we believe we are well-positioned to deliver on our financial commitments and keep on funding our future growth. We want to continue to invest for the long term to support our brands, our sales, our innovation and our quality. And we think we are entering into that virtuous circle that we're talking about to build the sustainable momentum and keep on creating value for our shareholders for many years to come. So thank you for your time. Thank you for your interest in the company, and I'll talk to you in about a quarter.

好的。謝謝。正如我一開始所說，我對我們第一季的表現、所取得的進展以及我們的策略計畫感到滿意。我們對這一強勁的開局感到鼓舞，並相信我們有能力履行我們的財務承諾，並繼續為未來的成長提供資金。我們希望繼續進行長期投資，以支持我們的品牌、銷售、創新和品質。我們認為我們正在進入我們所說的良性循環，從而建立可持續的發展勢頭，並在未來幾年繼續為我們的股東創造價值。非常感謝您抽出時間。感謝您對公司的關注，大約一個季度後我會再與您聯繫。

Thank you.

謝謝。

This does conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。