億滋國際 (MDLZ) 2019 Q2 法說會逐字稿

Good day, and welcome to the Mondelez International Second Quarter 2019 Earnings 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)

大家好，歡迎參加億滋國際2019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。（操作說明）

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

現在我將把電話交給億滋國際投資者關係副總裁謝普‧鄧拉普先生。請繼續，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 will make forward-looking statements about the company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-K and 10-Q filings for more details on our forward-looking statements.

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

As we discuss our results today, unless otherwise noted, we will be referencing our non-GAAP financial measures which adjust for certain items included in our GAAP results. In addition, we provide our year-over-year growth on a constant-currency basis unless otherwise noted. You can find the comparable GAAP measures and GAAP to non-GAAP reconciliations within our earnings release and at the back of the slide presentation.

今天，在討論我們的業績時，除非另有說明，我們將參考我們的非GAAP財務指標，這些指標會根據GAAP業績中包含的某些項目進行調整。此外，除非另有說明，否則我們提供的年成長率均以固定匯率為基礎。您可以在我們的獲利報告中以及投影片簡報的背面找到可比較的 GAAP 指標以及 GAAP 與非 GAAP 的調整表。

In today's call, Dirk will give you an overview of our results as well as progress update against our strategic priorities, then Luca will take you through the financials and our outlook. We'll 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以及策略重點方面的進展情況，然後 Luca 將帶大家了解財務狀況和我們的展望。最後是問答環節。

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.

謝謝你，謝普，大家下午好。

Today, we're reporting strong second quarter results as our category leadership position and solid execution allows us to capitalize on strong snacking fundamentals in most of our key markets. Our first half performance demonstrates that our more consumer-centric approach and focus on our strategic priorities is working. We're delivering volume-driven top line growth while driving earnings growth and improved cash flow generation. Given this performance, we're raising our full year outlook for organic net revenue growth to 3% plus which Luca will discuss in more detail later in the call.

今天，我們公佈了強勁的第二季業績，憑藉我們在品類中的領先地位和穩健的執行力，我們得以在大多數主要市場充分利用強勁的零食基本面。我們上半年的業績表明，我們以消費者為中心的策略和對策略重點的關注是行之有效的。我們實現了銷售驅動的營收成長，同時推動了獲利成長和現金流改善。有鑑於此業績，我們將全年有機淨收入成長預期上調至 3% 以上，Luca 將在稍後的電話會議中對此進行更詳細的討論。

As you can see on my first slide, it is clear that our unique position as a global snacking leader and our unique approach to growing our business is driving us forward. We have a strong portfolio of global and local brands combined with an advantaged manufacturing and distribution network. We have leading positions in both developed and emerging markets, and we have talented and committed colleagues who are energized by the progress they are seeing.

正如你在我的第一張幻燈片中看到的，很明顯，我們作為全球零食領導者的獨特地位以及我們獨特的業務增長方式正在推動我們前進。我們擁有強大的全球和本地品牌組合，並具備優越的生產和分銷網絡。我們在已開發市場和新興市場都佔據領先地位，我們擁有才華橫溢、盡職盡責的同事，他們因所看到的進步而充滿活力。

The combination of these advantages are helping to generate volume growth which, by virtue of our efficient operations, generates more fuel to further invest in expanding our top line as well as create long-term value for our shareholders.

這些優勢的結合有助於實現銷售成長，而高效的營運為進一步投資擴大營收以及為股東創造長期價值提供了更多動力。

We create that value through our consumer-centric growth strategy, a reminder of which is on Slide 5. Our long-term goal is to deliver attractive dollar profit increase driven by solid top line growth as well as free cash flow expansion by focusing our business on 3 clear priorities: first, to accelerate top line growth; second, to drive operational excellence; and third, to build a winning growth culture.

我們透過以消費者為中心的成長策略創造價值，詳情請見第5頁投影片。我們的長期目標是透過穩健的營收成長和自由現金流擴張，實現可觀的美元利潤成長。為此，我們將業務重點放在三個明確的優先事項上：第一，加速營收成長；第二，提升營運效率；第三，打造成功的成長文化。

Turning to the financial results for the second quarter on the next slide. We delivered strong performance against many key metrics. Our top line growth accelerated to 4.6% underpinned by solid category performance, improving share trends and volume growth. Our emerging markets grew 7.6% while developed markets showed 2.8% growth. Our adjusted operating income grew in line with revenue as volume leverage and cost savings were partly reinvested in strengthening our brands and capabilities for the future. We reported high single-digit adjusted EPS growth, and free cash flow reached $581 million since the start of the year. We also continued to make great progress on living our purpose across the organization, including through our sustainability agenda.

接下來請看下一張投影片，內容是第二季的財務表現。我們在許多關鍵指標上都取得了優異的成績。在穩健的品類表現、不斷改善的市佔率趨勢和銷售成長的支撐下，我們的營收成長加速至 4.6%。新興市場成長了7.6%，而已開發市場成長了2.8%。由於銷售成長和成本節約的部分收益被重新投資於加強我們的品牌和未來能力，我們的調整後營業收入與收入同步成長。我們實現了高個位數的調整後每股收益成長，自年初以來自由現金流達到 5.81 億美元。我們也在整個組織內繼續大力實踐我們的宗旨，包括透過我們的永續發展議程。

To talk briefly about our geographies, revenue grew across all 4 of our regions and was underpinned by market share gains. Our North American business grew 2.5%, led by strong U.S. Biscuits result. Our AMEA business grew 4.7% overall with strong growth in China and India. Our European business grew 3.9%, boosted by the U.K., Germany and Russia. And in Latin America, growth was 10.9% or 4.2%, excluding Argentina.

簡單來說，就我們的地理分佈而言，我們所有 4 個地區的收入都實現了成長，這得益於市場份額的提升。我們的北美業務成長了 2.5%，主要得益於美國餅乾業務的強勁表現。我們的 AMEA 業務整體成長了 4.7%，其中中國和印度的業務成長強勁。我們的歐洲業務成長了 3.9%，主要得益於英國、德國和俄羅斯的成長。拉丁美洲的成長率為 10.9%，若不包括阿根廷，則為 4.2%。

Let me share a little more detail on progress against our strategy, turning to Slide 7. We committed to increasing and optimizing investment behind our brands, both global and local and our channels in order to create a solid foundation for future growth. Year-to-date, we have driven a total increase in organic net revenue of over $500 million and an increase in adjusted operating income of almost $100 million on a constant-currency basis. This investment is helping us to maintain strong growth momentum in 2 of our biggest brands, Oreo and Cadbury Dairy Milk, thanks in part to expansion of distribution in key markets and channels.

讓我再詳細分享我們策略的進展情況，請看第 7 張投影片。我們致力於增加和優化對我們全球和本地品牌以及管道的投資，以便為未來的成長奠定堅實的基礎。今年迄今為止，我們的有機淨收入總成長超過 5 億美元，以固定匯率計算，調整後的營業收入成長近 1 億美元。這項投資有助於我們保持其兩大品牌——奧利奧和吉百利牛奶巧克力——的強勁成長勢頭，部分原因是我們在關鍵市場和通路擴大了分銷管道。

At the same time, we are putting more emphasis than in the past on our local jewels. For example, Nutter Butter, an iconic U.S. brand that celebrated its 50th anniversary this year, is delivering double-digit growth thanks to fresh investments. We're also fueling channel expansion. We have continued to expand our rural distribution network in major markets like India. This will give us an even stronger competitive advantage in a market where we're already chocolate leaders.

同時，我們比以往更重視本地瑰寶。例如，今年迎來 50 週年的美國標誌性品牌 Nutter Butter，憑藉新的投資實現了兩位數的成長。我們也在推動通路擴張。我們持續擴大在印度等主要市場的農村分銷網絡。這將使我們在巧克力市場中擁有更強的競爭優勢，而我們已經是該市場的領導者。

In Southeast Asia, further investment in modern traditional trade has enabled us to accelerate our fast-growing chocolate business in countries like Indonesia, resulting in double-digit growth and share gains. We continue to build our e-commerce business as well. Our global e-commerce reported net revenue grew more than 30% in the quarter, while our U.S. e-commerce business grew almost 80%. We also saw continued strong growth in markets like China where partnerships with e-tailers are helping us gain share.

在東南亞，對現代傳統貿易的進一步投資使我們能夠加速在印尼等國家快速成長的巧克力業務，從而實現兩位數的成長和市場份額的提升。我們也持續發展電子商務業務。本季度，我們的全球電子商務淨收入成長超過 30%，而我們的美國電子商務業務成長近 80%。我們也看到，在中國等市場，與電商平台的合作幫助我們不斷擴大市場份額，並實現了持續強勁成長。

Operational excellence remains critical to our success. I was particularly pleased to see our Easter execution this year. During a particularly important time for our chocolate business, we achieved best-in-class service levels in key markets across Europe.

卓越的營運能力對我們的成功至關重要。我尤其高興地看到我們今年的復活節演出。在我們巧克力業務發展的一個特別重要的時期，我們在歐洲各主要市場實現了業內一流的服務水平。

And when it comes to cost, we are continuing to exercise the muscle we've built over recent years. Cost discipline remains well embedded in our organization thanks to zero-based budgeting, and we are extending efforts to cut other unnecessary costs from our supply chain, including reducing waste in our U.S. manufacturing network.

而就成本控製而言，我們將繼續發揮近年來累積的優勢。由於實施零基預算，成本控制在我們組織中根深蒂固，我們正在加強削減供應鏈中其他不必要的成本，包括減少美國製造網路中的浪費。

As we head into the second half of the year, our new commercial organization is operating well. Our focus is more local and increasingly consumer-centric, leading to improved speed, execution and results. By way of example, in changing our organizational structure in Europe, we've made our business planning process much more efficient with 40% fewer meetings required. This has increased the speed of decision-making and keeps our people focused on their growth initiatives.

隨著我們進入下半年，我們的新商業組織運作得很好。我們的重點更加本地化，​​並且越來越以消費者為中心，從而提高了速度、執行力和結果。例如，透過改變我們在歐洲的組織結構，我們提高了業務規劃流程的效率，減少了 40% 的會議。這加快了決策速度，並使我們的員工能夠專注於他們的成長計畫。

On the next slide, I want to talk about another important pillar of our growth strategy, the acquisition of brands that help us accelerate growth by entering into adjacencies in broader snacking or into more well-being oriented products. So far this year, we've already made investments through our SnackFutures unit in the paleo/vegan chocolate company, Hu, and in the probiotics company, Uplift Foods. As you will have seen, we've recently taken a majority stake in Perfect Snacks, the pioneer in refrigerated nutrition bars.

在下一張投影片中，我想談談我們成長策略的另一個重要支柱，即收購品牌，透過進入更廣泛的零食領域或更注重健康的產品領域，幫助我們加速成長。今年到目前為止，我們已經透過旗下的 SnackFutures 部門投資了古食/純素巧克力公司 Hu 和益生菌公司 Uplift Foods。正如您所看到的，我們最近收購了冷藏營養棒先驅 Perfect Snacks 的多數股權。

A few reasons why we are so excited about this brand. The products have great well-being credentials and offer organic, non-GMO, protein-rich snacks which are on-trend with consumers. The company is growing fast and had 2018 revenues of $70 million.

我們如此看好這個品牌的原因有幾個。這些產品具有極佳的健康功效，提供有機、非基因改造、富含蛋白質的零食，符合消費者的趨勢。該公司發展迅速，2018 年收入達 7,000 萬美元。

We will operate Perfect Snacks as a separate business in order to nurture its culture and its spirit. And importantly, key members of the founding family, the Keiths, are keeping a significant minority stake and will continue to lead the company. While they remain a separate business, we will offer significant resources to expand distribution. The business is delivering very strong growth, and we're excited about the potential with clear opportunities to expand this platform further.

我們將把 Perfect Snacks 作為獨立企業運營，以培育其文化和精神。更重要的是，創始家族的關鍵成員基思家族保留了相當數量的少數股權，並將繼續領導公司。雖然它們仍是獨立營運的公司，但我們將提供大量資源來擴大分銷管道。該業務發展勢頭強勁，我們對未來的發展潛力感到興奮，並看到了進一步拓展該平台的明確機會。

Finally, let's turn to our impact on the world around us and our consumers. Our company's purpose to empower consumers to snack right is also reflected in our broad corporate sustainability agenda. In the second quarter, we announced our sustainable and mindful snacking goals. As part of our sustainable snacking strategy, for example, we have committed to sourcing 100% of the cocoa for our chocolate through Cocoa Life and moving to 100% recyclable packaging by 2025. And in order to encourage mindful consumption by our consumers, we will include portion amounts and mindful snacking information on all packages globally by 2025.

最後，讓我們來看看我們對周圍世界和消費者的影響。我們公司致力於幫助消費者健康飲食，這項宗旨也體現在我們廣泛的企業永續發展議程中。第二季度，我們公佈了永續和理性零食的目標。例如，作為我們永續零食策略的一部分，我們承諾透過 Cocoa Life 採購 100% 的巧克力可可，並在 2025 年前實現 100% 可回收包裝。為了鼓勵消費者理性消費，我們將在 2025 年前在全球所有包裝上標註份量和理性零食資訊。

We're also committed to cutting carbon dioxide emissions from the energy used in manufacturing. To help us achieve that, we announced a partnership with Enel Green Power to purchase energy delivered to the grid from a solar energy farm in U.S. This will help us reduce our global manufacturing emissions by around 5%. The feedback on these initiatives from consumers and governments have been positive and underscores the importance for us to continue to lead the way in creating a future where people and the planet thrive.

我們也致力於減少生產過程中能源消耗產生的二氧化碳排放。為了幫助我們實現這一目標，我們宣布與 Enel Green Power 建立合作夥伴關係，從美國的一座太陽能發電廠購買輸送到電網的電力。這將有助於我們減少全球製造業排放量約 5%。消費者和政府對這些措施的回饋都很積極，這凸顯了我們繼續引領潮流，創造一個人與地球共同繁榮的未來的重要性。

With that, I will hand over to Luca.

接下來，我將把麥克風交給盧卡。

Thank you, Dirk, and good afternoon.

謝謝你，德克，下午好。

As you can see on Slide 11, we delivered strong performance across all our key metrics. The quarter includes broad-based revenue growth with balanced volume/mix and pricing, a solid increase in gross profit and high single EPS growth. Productivity and overhead savings provided the fuel for $50 million of business investments in the first half versus last year to drive sustainable growth. Finally, these good results translated into free cash flow of approximately $600 million year-to-date.

如第 11 頁所示，我們在所有關鍵指標上都取得了優異的成績。本季營收全面成長，銷售/產品組合和定價保持平衡，毛利穩定成長，每股盈餘也實現了高成長。生產力提高和營運成本節約為上半年5000萬美元的業務投資提供了動力，從而推動了永續成長。最終，這些良好的業績轉化為今年迄今約 6 億美元的自由現金流。

Turning to Slide 12. Our leading footprint in emerging markets remains a competitive advantage for us and help drive our strong top line growth in Q2. These markets grew approximately 8%, marking the fourth consecutive quarter of growth greater than 5%.

翻到第12張投影片。我們在新興市場的領先地位仍然是我們的競爭優勢，並有助於推動我們在第二季度實現強勁的營收成長。這些市場成長了約 8%，連續第四個季度成長超過 5%。

Excluding inflation-driven growth in Argentina, emerging markets grew 5.4%. China, India, Southeast Asia, Russia and Mexico were among some of our business units that drove this growth with a nice balance of volume and price. Developed markets also posted good momentum in Q2 with nearly 3% organic net revenue growth driven by strong results out of Europe and notable improvement in North America.

剔除阿根廷的通膨驅動成長，新興市場成長了5.4%。中國、印度、東南亞、俄羅斯和墨西哥等業務部門憑藉著銷售和價格的良好平衡，推動了這一成長。已開發市場在第二季也呈現良好勢頭，有機淨收入成長近 3%，這主要得益於歐洲市場的強勁表現和北美市場的顯著改善。

Now let's review our profit performance on Slide 13. In the second quarter, we increased gross profit by more than 4%. Productivity, volume leverage and pricing all contributed. And importantly, gross profit grew faster than revenues in 3 of 4 regions.

現在讓我們回顧一下第 13 張投影片上的獲利情況。第二季度，我們的毛利成長超過 4%。生產效率、銷售槓桿和定價都是促成因素。更重要的是，在四個地區中的三個地區，毛利成長速度超過了收入成長速度。

We feel very good about our ability to convert additional volume and revenue into gross profit and investing this benefit to ignite a virtuous cycle. In Q2, these benefits were partially muted by some operational issues we had in Brazil. I'll talk a bit more about those in a minute.

我們對將額外的銷售量和收入轉化為毛利的能力以及利用這種收益來啟動良性循環的能力感到非常滿意。第二季度，由於我們在巴西遇到了一些營運問題，這些收益部分被抵銷了。我稍後會詳細談談這些。

Our gross profit increase translated into solid OI dollar expansion with volume leverage and cost savings offsetting a step up in investments in the areas of A&C, route-to-market and innovation.

我們的毛利成長轉化為穩健的營業收入美元擴張，銷售槓桿作用和成本節約抵消了在A&C、市場通路和創新領域投資的增加。

Moving to regional performance on Slide 14. Europe delivered an excellent quarter with 3.9% revenue growth driven by strength in the U.K., Germany and Eastern Europe. Notably, strong in-store execution and marketing activations around Easter enabled a halo effect on our chocolate business and allowed us to exceed our sales expectations and gain market share while driving the category. Philadelphia also performed particularly well as our investments are driving growth.

第 14 頁將介紹區域表現。歐洲本季業績表現出色，營收成長 3.9%，主要得益於英國、德國和東歐市場的強勁表現。值得一提的是，復活節期間強有力的店內執行和行銷活動對我們的巧克力業務產生了光環效應，使我們能夠超越銷售預期並獲得市場份額，同時推動該品類的發展。費城也表現得特別出色，因為我們的投資正在推動經濟成長。

Adjusted OI dollars grew by 5% in Europe due to robust sales and volume leverage alongside ongoing cost discipline. We also invested in A&C and route-to-market in the quarter. AMEA grew 4.7% due to continued strength across much of the region. India delivered another quarter of double-digit growth fueled by strong market dynamics and great execution in both Chocolate and Biscuit. China grew double digits, driven by strong results in Biscuit. This includes a balance between global and local trends as both Oreo and Pacific delivered great results. Gum also had a standout quarter with strong growth as we continue to take share. South East Asia grew mid-single digits with solid results in Biscuits and Chocolate. AMEA increased operating income dollars by 5% due to operating gains, partially offset by additional investments in high-growth potential markets.

由於強勁的銷售和銷售成長以及持續的成本控制，歐洲調整後的未實現營業收入成長了 5%。本季我們也對航空航太與通訊以及市場管道進行了投資。由於該地區大部分地區持續走強，AMEA 增長了 4.7%。由於強勁的市場動態以及巧克力和餅乾業務的出色執行，印度市場連續第二個季度實現了兩位數的成長。中國市場實現了兩位數成長，主要得益於餅乾業務的強勁表現。這反映了全球趨勢和本地趨勢之間的平衡，因為奧利奧和太平洋地區都取得了很好的表現。口香糖業務本季也表現出色，實現了強勁成長，我們繼續擴大市場份額。東南亞地區實現了中等個位數的成長，其中餅乾和巧克力業務表現穩健。AMEA 的營業收入成長了 5%，這主要得益於營業收益，但部分被對高成長潛力市場的額外投資所抵消。

Latin America grew 10.9% due in part to inflation-driven growth in Argentina and impact of lapping the trucker strike in Brazil last year. Growth, excluding these items, was low single digits. Mexico delivered another mid-single-digit increase driven by Graham. Adjusted OI dollars in Latin America declined by approximately 13% primarily due to issues in Brazil during the quarter surrounding the consolidation of 4 plants to 2.

拉丁美洲經濟成長 10.9%，部分原因是阿根廷通貨膨脹推動的成長以及去年巴西卡車司機罷工的影響。剔除這些項目後，成長率僅為個位數。在格雷厄姆的推動下，墨西哥股市再次實現了個位數中段的成長。拉丁美洲經調整後的營業利潤下降了約 13%，這主要是由於本季度巴西將 4 家工廠合併為 2 家工廠的相關問題所致。

Production delays and some service delivery issues impacted our gross profit. Our team in Brazil is working to address these issues, and we expect improvements over the course of the second half, although there will be some headwinds also for Q3.

生產延誤和一些服務交付問題影響了我們的毛利。我們在巴西的團隊正在努力解決這些問題，我們預計下半年情況會有所改善，儘管第三季也會面臨一些不利因素。

Finally, North America grew 2.5% in Q2 led by solid results in the U.S. Biscuits business. We gained share in Biscuits as Oreo and belVita delivered strong results across multiple channels. We continue to improve service levels, and in addition, our DSD execution is driving benefits. While we still have work to do to improve consistency, we are encouraged by this progress.

最後，北美地區第二季成長了 2.5%，這主要得益於美國餅乾業務的穩健表現。由於奧利奧和 belVita 在多個管道中取得了強勁的業績，我們在餅乾市場中獲得了更大的份額。我們不斷提高服務水平，此外，我們的直接送貨上門服務也帶來了效益。雖然我們在提高一致性方面仍需努力，但我們對這項進展感到鼓舞。

The North American region grew OI by nearly 10% due to effective pricing, waste reduction and overall supply chain execution.

由於有效的定價、減少浪費和整體供應鏈執行，北美地區的營業額成長了近 10%。

Let me spend a moment on category highlights. Our 3 snacking categories continued to demonstrate great fundamentals with total category growth of 3.4% on a year-to-date basis. This builds off 2018 momentum and reinforces our confidence that we have shaped the portfolio in the right way to benefit from attractive categories and markets. We also know that in many cases, we have helped drive this category's strength through our investments and execution. A few example include U.S. Biscuits where Oreo and DSD are 2 key drivers, or Easter execution around the world, but especially in the U.K. and Australia, or in India where our distribution gains are helping chocolate to make its way into consumption habits throughout the country.

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持續展現出良好的基本面，今年迄今的總類別成長率為 3.4%。這延續了 2018 年的發展勢頭，並增強了我們的信心，即我們已經以正確的方式建立了投資組合，從而能夠從有吸引力的類別和市場中受益。我們也知道，在許多情況下，我們透過投資和執行，幫助推動了這一領域的成長。例如，在美國餅乾市場，奧利奧和DSD是兩個關鍵驅動因素；或在全球範圍內執行復活節活動，尤其是在英國和澳洲；或者在印度，我們的分銷管道拓展正在幫助巧克力融入全國的消費習慣。

Overall, we held or gained share in 65% of our business which is an improvement over recent quarters. Our Biscuits business grew 3.6%. Approximately 70% of our revenue grew or held share in this category, including our U.S., China and India business.

總體而言，我們在 65% 的業務中保持或擴大了市場份額，這比最近幾季有所改善。我們的餅乾業務成長了3.6%。約 70% 的收入來自該類別，包括我們在美國、中國和印度的業務，這些收入實現了成長或維持了市場份額。

In Chocolate, our business grew 6.6%. Approximately 65% of our revenue grew or held share, including the U.K., Australia and Brazil. The execution around this season in many of our key chocolate countries was best-in-class.

在巧克力業務方面，我們的業務成長了 6.6%。約 65% 的收入實現了成長或維持了市場份額，其中包括英國、澳洲和巴西。本季我們在許多主要巧克力生產國的執行情況都堪稱一流。

Gum & Candy revenue grew slightly. About 35% of our revenue in this business gained or held share, including strength in China gum and Mexico candy.

口香糖和糖果的收入略有成長。該業務中約 35% 的收入實現了市場份額的成長或維持，其中包括在中國口香糖和墨西哥糖果市場的強勁表現。

Now turning to EPS on Slide 20. Q2 EPS grew 9%. This growth primarily reflected operating gains driven by strong revenue results as well as income from the JV equity investment and share repurchases.

現在來看看第 20 張投影片中的 EPS 部分。第二季每股收益成長9%。這一成長主要反映了強勁的收入表現帶來的營運收益，以及合資企業股權投資和股票回購帶來的收入。

I'll now move on to our cash flow results on Slide 21. We delivered year-to-date free cash flow of $581 million, in line with our plans due to further working capital efficiencies. We are well positioned to deliver on our full year target.

接下來，我將在第 21 頁展示我們的現金流量結果。由於進一步提高了營運資本效率，我們實現了年初至今的自由現金流 5.81 億美元，符合我們的計劃。我們完全有能力實現全年目標。

Turning to capital deployment on the next slide, we have returned $1.7 billion to our shareholders through the first half. Today, we announced an increase to our quarterly cash dividend of 10%, consistent with our goal of dividend growth in excess of adjusted EPS.

下一頁將介紹資本部署情況，上半年我們向股東返還了 17 億美元。今天，我們宣布將季度現金股息提高 10%，這符合我們股息成長超過調整後每股收益的目標。

Moving to our outlook. We are increasing are full year organic net revenue growth expectations to 3% plus. This reflects our strong first half results as well as our view that the fundamentals around our categories remain robust and that momentum will continue into the second half. But it also acknowledges that our year-to-date revenues was positively affected by an exceptional execution in our Easter season. We are also increasing our outlook for EPS growth to approximately 5%.

接下來談談我們的展望。我們將全年有機淨收入成長預期上調至 3% 以上。這反映了我們上半年強勁的業績，以及我們認為各品類基本面依然穩健，而這種勢頭將延續到下半年的觀點。但報告也承認，我們年初至今的收入得益於復活節期間出色的業績表現。我們同時將每股盈餘成長預期上調至約5%。

Let me spend a few words to explain some of the dynamics here. Our EPS delivery in the first half has been strong, but with respect to the second half, it is important to note that we lack 2 items. The first one is a tax favorability in Q3 last year related to the U.S. tax reform transition period. And the second is impact of lower tax rates in the Netherlands that benefited JDE in Q4 2018. Excluding these 2 items, our underlying profit performance should be comparable with the first half where volume leverage upsides and gross profit increases will be partially reinvested in growth initiatives.

讓我花幾句話解釋一下這裡的一些動態。我們上半年的 EPS 交貨情況良好，但下半年需要注意的是，我們缺少 2 個項目。第一個是去年第三季與美國稅制改革過渡期相關的稅收優惠。第二個原因是荷蘭較低的稅率對 JDE 在 2018 年第四季的業績產生了影響。剔除這兩個因素後，我們的基本獲利表現應該與上半年相當，銷售成長和毛利增加的部分收益將再投資於成長計畫。

Concerning our overall second half effective tax rate, it is important to note that it is expected to be in line with Q2. We are also updating our interest expense estimate to approximately $400 million. Additional geopolitical disruptions or other disruptive events, including Brexit, are not anticipated within this EPS outlook estimate. Finally, our free cash flow expectations are unchanged.

關於我們下半年的整體實際稅率，值得注意的是，預計它將與第二季保持一致。我們同時將利息支出預估更新至約4億美元。此次每股盈餘預期預測中未考慮其他地緣政治動盪或其他破壞性事件，包括英國脫歐。最後，我們對自由現金流的預期保持不變。

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

接下來，我們開放提問環節。

(Operator Instructions) 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。

Just 2 questions from me. First, I guess just at a high level, Dirk, with the strong first half curious where you see this as putting Mondelez in the scheme of its broader strategy? I guess do you see the company as ahead of schedule to return to the stated long-term algorithm?

我只有兩個問題。首先，我想從宏觀層面來說，德克，鑑於上半季的強勁表現，你認為這會將億滋國際置於其整體戰略規劃中的什麼位置？我想您認為該公司是否提前恢復了既定的長期發展策略？

And then second, guidance for 3% plus organic top line for the full year. As you mentioned, Luca, suggested deceleration from, call it, the 4% level in the first half. Are there some discrete items to think through here, particularly given category growth is running above 3%? Or is there also perhaps some conservatism being employed as well?

其次，預計全年有機營收成長將超過 3%。正如你所提到的，盧卡建議減速，比如說，從上半場的 4% 水平開始。這裡是否有一些需要仔細考慮的具體事項，特別是考慮到該品類成長率超過 3%？或者，其中是否也運用了一些保守主義思想？

Okay. Thanks for the question, Andrew. I will maybe reply to the first part, and then Luca can take the second question.

好的。謝謝你的提問，安德魯。我或許會先回答第一個問題，然後讓盧卡回答第二個問題。

So yes, we are pleased with the performance in the first half. We feel that it is a confirmation of the strong fundamentals that we have, which as you see, with our unique position as a global snacking leader within the right categories, within the right geographies. We have the emerging markets but also developed markets this quarter doing quite well. We feel that we are successfully executing against our strategy which is good -- giving good early results and share trends. We wanted to invest in our brands and our capability, which we are doing and which we can probably increase a little bit for the year. And we know that, that's not linear. Not all of the effects of that increased investment we will see this year. That's going to build up over time. And then the whole change we want to drive in the company, becoming more consumer-centric. We've changed our structure to business units with a local-first approach, changed the incentives all to improve speed and execution and results.

是的，我們對上半場的表現感到滿意。我們認為這證實了我們所擁有的強大基本面，正如您所看到的，我們在正確的品類和正確的地域範圍內，作為全球零食行業的領導者，擁有獨特的地位。本季新興市場和已開發市場的表現都相當不錯。我們認為我們正在成功執行我們的策略，這很好——取得了良好的早期成果和市場份額成長趨勢。我們希望投資我們的品牌和能力，我們正在這樣做，而且今年我們可能會在這方面有所提高。我們知道，這不是一個線性過程。並非所有增加投資帶來的影響都會在今年顯現。隨著時間的推移，這會逐漸累積起來。然後，我們希望推動公司發生徹底的變革，變得更加以消費者為中心。我們已將組織結構調整為以本地優先為原則的業務單元，並改變了激勵機制，所有這些都是為了提高速度、執行力和績效。

And yes, I would say that at this stage, we feel that everything is going as planned and probably faster than we would have planned. And we feel that the strategy we put in place and our execution against that strategy is positioning us in a situation where we think that creating sustainable long-term shareholder value is clear. And yes, we feel pretty good about what's happening in the company at this stage.

是的，我認為現階段一切都在按計劃進行，而且可能比我們計劃的還要快。我們認為，我們制定的策略以及我們執行該策略的方式，使我們處於一種可以清晰地創造可持續的長期股東價值的境地。是的，我們對公司現階段的發展狀況感到非常滿意。

So maybe Luca, you can talk about the guidance?

盧卡，或許你可以談談指導方面的問題？

Yes. Thank you, Andrew. I think when you look at the quality of the overall results, it is, I think, fair to say that probably all around this is one of the best, if not the best quarter since the formation of Mondelez. And clearly, that gives us the confidence in the outlook also going forward. So we remain quite optimistic on the outlook, and we clearly anticipate continued momentum in the second half.

是的。謝謝你，安德魯。我認為，從整體業績來看，可以說，這可能是億滋國際成立以來業績最好的一個季度，甚至可能是最好的季度。顯然，這讓我們對未來的前景充滿信心。因此，我們對前景依然相當樂觀，並明確預期下半年將持續維持成長動能。

We have to acknowledge though that the first half was positively impacted by what we call the halo effect on a great Easter execution. As we look around all the countries where we have a meaningful chocolate business, and there are many, we clearly drove the category performance in Q2. And we have executed very well from, I would say, supply chain, with the exception of Brazil which we called out as one exception, to actually being able to sell in the marketplace, not only our seasonal products but also the regular lines. And as we look at this, we are very, very pleased. We did exceptionally well. And that is one of the reasons why maybe the second part of the year might be lower than the 4% growth rate that you have seen in the first half.

不過我們必須承認，上半場的成功受到了我們所說的「光環效應」的正面影響，這體現在復活節主題活動的出色執行上。當我們環顧所有我們擁有重要巧克力業務的國家（這樣的國家有很多），我們在第二季度明顯推動了該品類的業績成長。從供應鏈（除了我們特別指出的巴西這個例外）到實際在市場上銷售產品（不僅是季節性產品，還有常規產品線），我們的執行都非常出色。看到這些，我們非常非常滿意。我們做得非常出色。這也是為什麼今年下半年的成長率可能會低於上半年4%的成長率的原因之一。

But to be very precise, we didn't have any discrete items in Q2 or for that matter in the first half. Yes, we are lapping the trucker strike last year in Brazil, but in the big scheme of things it's quite immaterial. It is 0.1 points of growth for total Mondelez.

但確切地說，我們在第二季度，甚至上半年，都沒有任何獨立項目。是的，我們比去年巴西的卡車司機罷工規模更大，但從大局來看，這無關緊要。億滋國際整體成長了0.1個百分點。

You didn't ask about profit, but maybe I'll spend a couple of words there as well. Again, we are quite pleased with what we saw in the first half. Excluding Brazil, gross profit is really growing nicely, and we see the virtuous cycle coming to fruition. We see volume leverage coming through, productivity, effective pricing. I mean, look at the number we are posting for North America profit as one example. And we are using the upside to reinvest in the business.

你沒問到利潤方面的問題，但我或許也會簡單談談這方面。再次強調，我們對上半場的表現非常滿意。除巴西外，毛利成長勢頭良好，我們看到良性循環正在實現。我們看到銷售優勢、生產力和有效定價正在發揮作用。我的意思是，以我們公佈的北美利潤數字為例。我們將利用獲利機會對業務進行再投資。

The second half as far as profit goes, it will be comparable to what we have seen so far. But we also want to solidify our business through continued investment. And so there is a little bit more to come in terms of investments, and clearly, where we see momentum maybe we'll double down to make sure that we generate even more revenue. So maybe we are conservative. But I would say the first half was exceptionally well as we executed around, for instance, Easter as I called out.

下半年的利潤情況將與上半年基本持平。但我們也希望透過持續投資來鞏固我們的業務。因此，未來還會有更多投資，而且很明顯，如果我們看到發展勢頭良好，我們可能會加倍投入，以確保產生更多收入。所以，或許我們算是保守派。但我認為上半場表現得非常出色，例如，正如我所提到的，我們在復活節前後都執行得非常到位。

Your next question comes 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。

So 2 questions for me. One just, first one, in North America, pricing was up a little bit more sequentially in the second quarter than it was in the first quarter. I think you said in the prepared remarks that you also had share gains.

我有兩個問題。首先，在北美，第二季的價格較上季上漲幅度比第一季略大。我想你在事先準備好的發言稿中也提到過，你也獲得了股票收益。

So I guess 2 things around that relative to this price increase that you took earlier in the year or late last year, has the share performance and the brands responded to that pricing maybe better than you expected? And I guess as we're thinking about kind of the balance of the year, would you expect that level of pricing to hold up the balance of the year?

所以，我想問兩點，關於您今年早些時候或去年年底進行的這次提價，市場份額表現和品牌對這次定價的反應是否比您預期的要好？我想，當我們考慮今年剩餘時間的情況時，您認為這種價格水平能夠維持到年底嗎？

Yes, maybe I'll start, and then -- to give you a little bit of more perspective on shares and brand dynamics, I think this we let color -- a little bit of color there. So pricing, yes, it is sequentially better. By the way, I think if you look across all the regions, it is a little bit sequentially better. So it's not only a North American thing, I would say. But we announced price, the second wave, quite frankly, towards the end of last year and became partially into effect in Q1. So it is kicking in at its fullest in Q2. And that's why you see the benefit becoming a little bit more pronounced in Q2.

是的，也許我會先開始，然後——為了讓你對股票和品牌動態有更深入的了解，我認為我們可以加入一些色彩——一些色彩。所以，價格方面，是的，它逐級地變得更好了。順便說一句，我認為如果縱觀所有地區，情況會逐級略有改善。所以我認為這不只是北美特有的現象。但坦白說，我們在去年年底公佈了價格，第二波價格，並在第一季部分生效。所以它在第二季會全面發揮作用。所以你會看到，在第二季度，這種優勢變得更加明顯。

As you said, the categories particularly in Biscuits, are reacting well. When you dissect the category dynamics, you see both volume and pricing being positive. And so not really true that you can price and you're going to lose volume. If you have good marketing numbers and if you support your franchises, that can lead to value and volume growth simultaneously, which is the case. And on top of that, we are driving share.

正如你所說，尤其是餅乾類產品，反應很好。從品類動態分析來看，銷售量和價格都呈現正面態勢。所以說，定價過高會導致銷售下降的說法並不完全正確。如果你擁有良好的行銷數據，並且支持你的加盟商，那麼就能同時實現價值和銷售的成長，而事實正是如此。除此之外，我們還在努力提升市場佔有率。

Yes. And maybe to add to that on the shares. So yes, we are seeing that our Biscuits category is in very good shape. North America and as you know, it's 80% of our business. We have outstanding results for brands like Oreo or belVita, which means that we are driving the category growth. We see the pricing come through, as Luca was commenting, and as we are gaining share. We also are seeing clearly that we have the benefit now of DSD. We have excellent execution in DSD in this quarter. And the other thing that has been changing is the retailer destocking is slowing down. So overall, we feel that there is good momentum in the consumer -- or in the consumption of our brands. We feel that this momentum is going to continue.

是的。或許還可以增加股票方面的投入。是的，我們看到餅乾品類的銷售情況非常好。北美市場，如您所知，占我們業務的 80%。我們為奧利奧或 belVita 等品牌取得了卓越的業績，這意味著我們正在推動品類成長。正如盧卡所說，我們看到了價格因素的影響，而且我們的市場份額也在不斷增長。我們也清楚看到，我們現在享有DSD帶來的好處。本季我們在DSD業務方面表現出色。另一個正在改變的現像是，零售商的去庫存速度正在放緩。所以總的來說，我們認為消費者——或者說我們品牌的消費——呈現出良好的發展勢頭。我們認為這種勢頭將會持續下去。

Maybe on North America, which has been a discussion in the past, a little bit on the supply chain, because that could throw us off on those share gains that I was talking about, we saw a very good quarter. We are lowering our waste. Our case fill rate is back to a reasonable level. There's more work to be done, but overall, we feel that we really are seeing good progress there.

或許在北美，也就是我們過去討論過的地方，供應鏈方面需要稍微關註一下，因為這可能會影響我們之前提到的市場份額成長，我們看到了一個非常好的季度。我們正在減少浪費。我們的案件完成率已恢復到合理水平。還有很多工作要做，但總的來說，我們感覺這方面確實取得了良好的進展。

We also have to improve our predictability and the consistency of the supply chain. That has been one of the issues. But again, now for a number of quarters, that has been improved. And we are also focused overall in driving excellence in our core operating processes. So we don't see anything in the internal functioning of the company that would throw us off to continue to gain share in North America.

我們還必須提高供應鏈的可預測性和穩定性。這是其中一個問題。但近幾個季度以來，情況又有所改善。此外，我們也致力於全面提升核心營運流程的卓越性。因此，我們認為公司內部運作方面沒有任何因素會阻礙我們繼續在北美市場擴大市場份額。

Okay, great. And Luca, if I could just follow-up on net interest expense, it's down for the year versus original. Is that a function of like refinancing or a movement in rates? Just trying to understand if there's more sensitivity to that as we look forward.

好的，太好了。盧卡，如果我能跟進淨利息支出狀況，今年的淨利息支出比原先有所下降。這是否與再融資或利率變動有關？我只是想了解，展望未來，人們是否會對此更加敏感。

No. I don't think. I mean, you -- I mean -- and some of your colleagues in Q1. Year-to-date, we are $180 million give or take in terms of interest cost. I think it is going to be in the ballpark of $400 million. So I think it was a little bit more of we wanted to be on the safe side.

不。我不這麼認為。我的意思是，你——我的意思是——還有你在第一季的某些同事。今年迄今為止，我們的利息成本約為 1.8 億美元。我認為大概會在 4 億美元左右。所以我覺得更多的是出於謹慎考慮。

I think in the meantime, interest cost have moved down. And particularly given the commercial paper program we have, we are capturing some benefit versus the original guidance. So I don't see anything material changing in the interest environment going forward, and we will continue to do what we had done so far which is really getting our interest cost over the last 5 years down to a very good level considering the investment grade we have.

我認為與此同時，利息成本已經下降了。尤其考慮到我們現有的商業票據計劃，我們比最初的預期獲得了一些收益。因此，我認為未來的利率環境不會發生任何實質變化，我們將繼續做我們迄今為止一直在做的事情，那就是在過去 5 年裡，將我們的利息成本降低到一個非常好的水平，考慮到我們目前的投資等級。

Your next question comes from Chris Growe with Stifel.

下一個問題來自 Stifel 公司的 Chris Growe。

I just had a question for you, first off on just the broader level of investment you're putting behind the business. And as we think about -- you gave some, a good kind of forecast for the second half for profitability and then unique factors to keep in mind. As you've outperformed the first half, are your investments even heavier the second half than they were in the first half is the question? And then just to understand how they're going, emerging markets versus developed markets, just to get a better sense of that, please.

我有個問題想問你，首先是關於你對這項業務的整體投資水準。正如我們所思考的——您給出了一些關於下半年獲利能力的良好預測，以及一些需要考慮的獨特因素。既然你上半年的表現已經優於上半年，問題是，你下半年的投資規模是否會比上半年更大？然後，為了更了解新興市場與已開發市場的發展狀況，請容許我再做一點補充。

Yes. So we are trying to get ourselves into this virtuous cycle whereby we invest more. And that investment is concentrated in 3 areas: one is A&C; the second one is route-to-market; and the third one is R&D. And as we invest more, we want that to generate volume growth together with some pricing. And that then increases our gross profit dollars, of which we reinvest part of it and the other part flows down to the bottom line.

是的。所以我們正在努力讓自己進入這個良性循環，從而增加投資。而這些投資集中在三個領域：一是航空航太；二是市場通路；三是研發。隨著我們投入的增加，我們希望這能帶來銷售成長和價格上漲。這樣一來，我們的毛利就會增加，其中一部分會再投資，另一部分則會轉化為淨利。

In 2019, our thinking here is to largely reinvest most of that gross profit in the business. We obviously are going to deliver on the OI increase we have for the year. But it -- this is really a year of trying to get momentum in our brands and protect them for the long term. So if we have the opportunity in the second half, yes, we are planning to invest more.

2019年，我們的想法是將大部分毛利再投資於業務發展。我們顯然會實現今年設定的營業額成長目標。但今年，我們真正要努力的是為我們的品牌積蓄力量，並保護它們的長期發展。所以如果下半年有機會，是的，我們計劃加大投資。

I would also like to say that it's not just a question of investments. What we are also doing is trying to optimize our spending. What that means is that we are paying a lot of attention to our ROI, on our investment activities. We've implemented a new, what we call marketing playbook, which is working well for us. And we are also shifting more of the investment to working media. So the net effect of what we really are spending on media and online is more than the extra amount we are investing. It's a shift within that spending, too.

我還想說，這不只是投資的問題。我們目前也在努力優化支出。這意味著我們非常關注投資活動的報酬率。我們實施了一套新的行銷策略，我們稱之為“行銷手冊”，這套策略對我們來說效果很好。我們也將更多投資轉移到媒體營運領域。因此，我們在媒體和網路方面實際花費的淨收益超過了我們額外投入的金額。這也是支出方式的一種轉變。

So the long answer to your question is yes, we will -- we see this year as an investment year, still growing our OI, but we want to catch as much as momentum as we can on our brands. And so with what we're seeing coming out in the next second half, we expect that we can do a little bit more.

所以，對於你的問題，長話短說，是的，我們會——我們把今年視為投資年，繼續擴大我們的營業收入，但我們希望盡可能地抓住我們品牌的發展勢頭。因此，根據我們目前看到的下半年的情況，我們預計我們可以做得更多。

As it relates to emerging markets versus developed markets, I'd say at a high level, what is happening is that the very good trend that we've seen in the emerging markets, which was now for the fourth quarter in a row, our growth of above 5% continued. They were up 7.6%. And we have very good results in places like India, China, Southeast Asia, Eastern Europe. At this stage, we feel very good about these markets, and we feel that we can continue to drive category development through increased distribution and more investment in the brands.

就新興市場與已開發市場而言，我認為從宏觀層面來看，新興市場一直保持著非常好的成長趨勢，連續第四季度成長率超過 5%。他們上漲了7.6%。我們在印度、中國、東南亞、東歐等地都取得了非常好的成績。現階段，我們對這些市場充滿信心，並相信我們可以透過增加分銷管道和增加對品牌的投資來繼續推動品類發展。

Probably the biggest change came from developed markets versus the previous trend in this quarter, whereby they now grew 2.8%, almost 3%. That was driven obviously by the continued improvement in North America and a very strong Easter season in the U.K. and Ireland. So what I would say, a good balance of volume and pricing was also clear for us in the developed markets, and we expect -- we also saw as expanding our margins in those markets this quarter.

可能最大的變化來自已開發市場，與本季之前的趨勢相比，它們現在增長了 2.8%，接近 3%。這顯然是由於北美市場的持續改善以及英國和愛爾蘭復活節期間的強勁銷售所推動的。因此，我認為，在已開發市場，銷售和價格的良好平衡對我們來說也很明顯，我們預計——我們也看到了本季在這些市場擴大利潤率。

So overall, I would say very positive signs in both, and nothing at this -- on the horizon that would throw us off, except maybe from a Brexit or something like that. But we see the momentum in emerging and developed markets continuing.

所以總的來說，我認為這兩方面都出現了非常積極的跡象，目前來看，除了英國脫歐之類的事件之外，沒有什麼事情會讓我們偏離軌道。但我們看到新興市場和已開發市場的成長動能仍在持續。

Okay. I had just a quick follow-on which is in relation to the pricing that you achieved this quarter, would you -- could we call that sort of a full run rate based on what you announced so far? Or is there more pricing still to come through that you've announced in the market rather than focus on something you may still announce for the business?

好的。我還有一個後續問題，是關於您本季度實現的定價，您能否——根據您目前公佈的信息，我們可以稱之為全面運行價格嗎？或者，你們是否還有其他定價策略尚未公佈，而不是專注於可能尚未向公司宣布的定價策略？

Look, I think, Chris, the -- I'm sensitive while talking about future pricing actions, and I don't want to signal anything. Just remember that we had some incremental pricing actions that took effect in the second part of last year. And in general terms, what I would say is we have proven that we want to be disciplined in terms of pricing. Last year in the U.S., I think we were the first player to really move. So we will continue to be disciplined on pricing. We believe it is quintessential to the algorithm to support our franchises.

克里斯，我覺得——我在談論未來的定價策略時比較敏感，我不想發出任何信號。請記住，我們在去年下半年實施了一些增量定價措施。總的來說，我想說的是，我們已經證明我們希望在定價方面保持自律。去年在美國，我認為我們是第一個真正採取行動的球隊。因此，我們將繼續嚴格控制價格。我們認為，支援我們的加盟店對於演算法來說至關重要。

So without talking about specifics, we see some places where there is inflation, where there is some commodity and cost pressures, and we will take appropriate pricing actions as we see appropriate.

因此，在不談具體細節的情況下，我們看到一些地方存在通貨膨脹，一些商品和成本面臨壓力，我們將視情況採取適當的定價措施。

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。

So Luca, to start off, I appreciate the color on Brazil. Was hoping to get a little bit more insight as to dimensionalizing how much of a profit drag it was to segment or total company profitability. And how do we think about the recovery rate in the back half? Specifically, is this weighing on your ability to fill customer service rates? Is it causing any kind of distribution losses in Brazil? Color there would be helpful. And then I have a quick follow-up for Dirk.

盧卡，首先，我很欣賞巴西的色彩。我希望能夠更深入地了解，如何衡量利潤拖累對公司整體獲利能力的影響程度。那麼，我們如何看待下半季的恢復率呢？具體來說，這是否影響了您支付客戶服務費率的能力？這是否在巴西造成了任何分銷損失？如果加上顏色就更好了。然後我還有一個問題要問德克。

Yes. So these operational issues in the quarter adversely impacted the gross profit line by, I would say, $20 million to $30 million. So it was a material impact. The simple facts are over the last couple of years at least, Brazil, has as an economy suffered quite a bit, and the categories where we compete lost quite a bit of volume. So we really underwent a material change in the business.

是的。因此，本季的這些營運問題對毛利產生了不利影響，我認為損失了 2,000 萬至 3,000 萬美元。所以這造成了實質的影響。事實很簡單，至少在過去幾年裡，巴西經濟遭受了相當大的損失，我們所競爭的類別銷售也大幅下降。所以，我們的業務確實經歷了實質的變化。

And we featured in the past, Curitiba, which is one of the 2 plants. We have 1 in the south and the other 1 in the north as being very cost competitive. But the facts are we consolidated 4 plants down to these 2 plants, and we had some executional issues. That translated first into inefficiencies in product that we had to scrap in the plant, but also in logistics-related issues in terms of distribution, inability to have the right product in the right place and also extra cost.

我們之前也介紹過庫里蒂巴，它是這兩座工廠之一。我們在南部和北部各建了一個工廠，因為它們的成本非常有競爭力。但事實是，我們將 4 家工廠合併成了這兩家工廠，而且我們在執行方面遇到了一些問題。首先，這導致工廠必須報廢產品，造成生產效率低；其次，在物流配送方面也出現了問題，無法將正確的產品送到正確的地方，也增加了額外的成本。

The recovery rate, it is hard to give you a specific answer there. What I would say, though, is I don't think we would be fully sold by the end of Q3, and there might the improvements in Q4. I feel hopeful that there will be improvements in Q4. Albeit, I can't tell you exactly what they will be at this point in time.

至於康復率，很難給出具體答案。不過，我認為到第三季末我們不會完全售罄，第四季可能會有所改善。我對第四季情況會有所改善抱有希望。不過，我現在還不能確切地告訴你它們會是什麼。

In the overall guidance we gave you, we consider all those things. And so we will provide an update clearly as we post Q3 and as we talk about Q4. But for the time being, I can't say that we will be fully sold by Q3 or Q4.

在我們給你的整體指導中，我們已經考慮到了所有這些因素。因此，我們將在發布第三季財報和討論第四季財報時，提供明確的更新資訊。但就目前而言，我不能保證我們會在第三季或第四季完全售罄。

And then for Dirk, we've seen a lot of the global multinational companies that are also showing very good organic sales growth, reinvest also back into the core business. So to the extent you had the ability to pull forward some of the investment spend that you're planning for maybe the start of early fiscal '20 into this year, what are some of the priority country-category combinations that we can look for the business to maybe improve or maybe even accelerate at the margin?

對德克來說，我們看到許多全球跨國公司也實現了非常好的內生銷售成長，並將利潤再投資於核心業務。因此，如果你們能夠將原計劃在 2020 財年初進行的一些投資支出提前到今年，那麼有哪些優先的國家/地區類別組合可以幫助業務改善，甚至在邊際上加速發展？

Okay. Yes, I mean, for us, the emerging markets are very important. The reason being that we see that a lot of the snacking growth around the world will be coming from those markets. So for us to invest more in places like India, China, Southeast Asia, Eastern Europe, and also Brazil, those are the places where we would think about. At the same time, we do feel that we have very good momentum in North America, and we have not necessarily been able to invest a lot more versus the past in North America. So we are planning also there to increase our investment. So that's the way I would describe it. It's about the emerging markets, the ones I mentioned, and then North America.

好的。是的，我的意思是，對我們來說，新興市場非常重要。原因是，我們看到全球零食市場的大部分成長都將來自這些市場。因此，如果我們要加大對印度、中國、東南亞、東歐以及巴西等地的投資，這些地方都是我們會考慮的。同時，我們確實感覺到我們在北美的發展勢頭非常好，而且與過去相比，我們可能無法在北美投入更多資金。因此，我們也計劃增加在那裡的投資。這就是我的描述方式。它指的是新興市場，也就是我提到的那些市場，還有北美。

Your next question comes from the line of Ken Goldman with JPMorgan.

你的下一個問題來自摩根大通的 Ken Goldman。

It seems -- at least it's a possibility of a hard Brexit taking place at this point. And I know you've spoken in the past about some of the preparation you've done to maybe mitigate the impact. Can you just update us on some of the steps you've taken since, where do you stand with that? And I imagine it's far too difficult to have any level of certainty here, but if you are any closer to being able to quantify some of the risks of a Brexit, that would be helpful, too.

看來——至少目前來看，硬脫歐是有可能發生的。我知道你過去曾談到你為減輕影響所做的一些準備。能否簡單介紹一下您之後採取的一些措施，以及您目前的進展？而且我認為，要在這裡獲得任何程度的確定性都太難了，但是，如果你能更接近量化英國脫歐的一些風險，那也會很有幫助。

Yes. Well, it's difficult to speculate. I can give you an indication of what we think the possible effects are of a Brexit, but to quantify that exactly is a little bit difficult since we do not know which shape or form Brexit will take.

是的。這很難推測。我可以大致說明我們認為英國脫歐可能產生的影響，但要準確量化這些影響有點困難，因為我們不知道英國脫歐會採取何種形式。

Having said that, the U.K. business is an important business for us. It's also one of our powerhouse businesses. It's a snacking powerhouse with a very strong presence in Chocolate, Biscuit and Candy. It's a market that is doing very well for us. It's very profitable and growing at a very good pace. And particularly this second quarter was a very good quarter for the U.K.

話雖如此，英國業務對我們來說仍然非常重要。它也是我們的核心業務之一。它是零食產業的巨頭，在巧克力、餅乾和糖果領域擁有非常強大的影響力。這是一個對我們來說非常好的市場。它利潤豐厚，而且成長速度非常快。尤其是第二季度，對英國來說是一個非常好的季度。

Like I said, it's very difficult to speculate, but there's different forms of Brexit. And if there is a hard Brexit, there will certainly be implications to our business. In the short term, we are largely talking about supply-related issues. And in Q1, as we were preparing for a potential Brexit in March, we put in motion those plans. What does that mean? It means that we increased the level of raw materials we have in the country. We increased the number of warehousing space we have for finished products. We contract more distribution trucks, and so we are ready to keep our products in distribution no matter what.

正如我所說，很難進行推測，但英國脫歐有不同的形式。如果出現硬脫歐，肯定會對我們的業務產生影響。短期內，我們主要討論的是與供應相關的問題。第一季度，當我們為三月可能發生的英國脫歐做準備時，我們啟動了這些計劃。這意味著什麼？這意味著我們提高了國內原材料的儲備水準。我們增加了成品倉儲空間。我們增加了配送卡車的數量，因此無論發生什麼，我們都能確保產品正常配送。

We did that very well. In fact, The TRADE called our preparation one of the best, if not the best preparation for a potential Brexit, and we are going to put that plan back in motion. We thought it would cover us very well on the short-term potential effects of disruption in the supply chain.

我們做得非常好。事實上，《貿易》雜誌稱我們的準備工作是應對潛在英國脫歐的最佳準備工作之一，甚至可以說是最佳準備工作，我們將重新啟動該計畫。我們認為它能很好地應對供應鏈中斷可能帶來的短期影響。

However, there is also a risk that there could be inflation and a currency devaluation as a consequence of Brexit, and those are effects that are much more difficult for us to estimate. And it would lead to a number of other changes that we needed to implement related to pricing, related to sourcing. Those are more of the longer-term effect. And as I said at this stage, very difficult to exactly estimate what the quantitative effect will be.

然而，英國脫歐也可能導致通貨膨脹和貨幣貶值，而這些影響我們很難估計。這將導致我們需要實施一系列與定價、採購相關的其他變更。這些更多的是長期影響。正如我之前所說，現階段很難準確估計其量化影響。

We are ready to deal with these challenges, as you can imagine. We are running scenarios, and we are ready to implement. We do believe that over the long term, this is a very strong market. It's a business that we want to protect, and we are sure that if we have to deal with any short-term or even a little bit longer-term disruption that in the end, we will be back stronger than before. As you might know, we have a very significant production presence in the U.K., and we see ourselves capable in the end to supply the U.K. from the U.K. if need to.

正如您所想，我們已經做好應對這些挑戰的準備。我們正在進行情境模擬，並已做好實施準備。我們相信，從長遠來看，這是一個非常強勁的市場。我們想要保護這項業務，我們相信，即使面臨任何短期甚至稍長的干擾，最終我們也會比以前更強大地回歸。如您所知，我們在英國擁有非常重要的生產基地，我們認為最終我們有能力在必要時從英國向英國供貨。

Your next question comes from Jason English with Goldman Sachs.

下一個問題來自高盛的傑森·英格利希。

I guess I'll -- real quick, I'll just build off of Ken's question, and then I've got an entirely separate question. The U.K. government in March announced a temporary -- well, some sort of proposal for temporary relief in the situation of a hard Brexit on import tariffs for up to 12 months. So that would appear to imply to most food products. Do you believe that would be applicable to your business? And could that be a powerful mitigator of any sort of near-term disruption?

我想──我先簡單回答一下，就以 Ken 的問題為基礎，然後我還有一個完全不同的問題。英國政府在 3 月宣布了一項臨時性——或者某種形式的臨時性提案——旨在應對硬脫歐的情況，對進口關稅提供長達 12 個月的臨時性救濟。所以這似乎適用於大多數食品。您認為這適用於您的業務嗎？這能否成為緩解近期任何形式混亂的有力措施？

Look, we did quite an extensive analysis on these. We don't believe, even after a temporary period, there will be material tariff impacts in our business given the structure of our imports into the country.

你看，我們對這些進行了相當廣泛的分析。鑑於我們對該國的進口結構，我們認為，即使經過一段暫時的時期，關稅也不會對我們的業務產生實質影響。

As Dirk said, we have a material presence in the U.K., to start with, but also given what we import and the shape and form of what we import, we don't believe there will be material ongoing tariff at this point in time based on what we know at this point. So I would say not only temporarily but also in the long term, there will be most likely no material tariff impacts for us at this point in time. That's what we see.

正如德克所說，我們首先在英國擁有實質的業務，但考慮到我們進口的產品及其形式，根據我們目前所了解的情況，我們認為目前不會有實質的持續關稅。因此，我認為，不僅是暫時的，而且從長遠來看，目前來看，關稅很可能不會對我們造成實質影響。這就是我們所看到的。

I think as Dirk said, a hard Brexit will -- might hamper consumer confidence. There will be most likely an immediate currency devaluation on top of what we have seen these last couple of days. But we will also see potentially inflation running up into the countries, and that might lead to a consumer situation. That might be detrimental not only to our business but to the overall economy.

我認為正如德克所說，硬脫歐將會——可能會——損害消費者信心。很可能會在過去幾天已經出現的貨幣貶值基礎上，立即出現貨幣貶值。但我們也可能會看到各國出現通貨膨脹，可能會導致消費情勢惡化。這不僅可能對我們的業務造成不利影響，而且可能對整體經濟造成不利影響。

So it's hard to say exactly what will happen, but that's really what we need to watch for. And that's how we want to take as a company a long-term stance, making sure that we protect the business we have there which is quite a good business.

所以很難準確預測會發生什麼，但這正是我們需要密切關注的。這就是我們公司想要採取的長期立場，確保我們保護好我們在那裡的業務，這是一項相當不錯的業務。

Sure. That makes a lot of sense. And then pivoting to my second line of question, it's really around gross margins. I understand the Brazil math. It looks like it was somewhere in the magnitude of 30 to 50 basis point drag on GMs this quarter. But the lack of margin flow-through on the accelerating price growth is nonetheless a little bit surprising.

當然。這很有道理。然後，我轉而提出第二個問題，這實際上與毛利率有關。我懂巴西的數學。看起來，這為通用汽車本季的股價帶來了 30 到 50 個基點的拖累。但價格加速上漲卻未能帶來利潤率的相應提升，仍然有點令人驚訝。

Can you walk us through the puts and takes, like where is productivity coming in? Where is inflation? Where is the reinvestment in product or expansion into other lower-margin verticals that could mix down? What are all those puts and takes that are holding back GMs?

能詳細解釋一下投入和產出狀況嗎？例如，生產力是如何提升的？通貨膨脹在哪裡？對產品的再投資或向其他利潤率較低的垂直領域擴張的資金在哪裡？這些資金可能會拉低利潤率。究竟是什麼因素阻礙了總經理的行動？

I would say -- and we are clearly not going to disclose gross margin or gross profit by region. But I can reassure you that as I look at pretty much all P&Ls by category and business unit around the world, I can tell you the vast majority of those P&Ls make a lot of sense. You see broad-based growth, and you see a nice balance of volume and pricing. The volume effect and the leverage that it provides to our supply chain is coming into effect, and we see continued cost savings into COGS and overheads. In some cases, clearly, there are better outcomes than in others. But overall, I would say, again as I look around the world, we are quite in a good place in terms of GP growth.

我想說的是——而且我們顯然不會按地區公佈毛利率或毛利。但我可以向你保證，當我查看世界各地幾乎所有按類別和業務部門劃分的損益表時，我可以告訴你，絕大多數損益表都是非常合理的。你可以看到全面成長，並且銷售和價格達到了良好的平衡。規模經濟體及其對我們供應鏈帶來的槓桿作用正在顯現，我們看到銷售成本和管理費用持續降低。顯然，有些情況下結果會比其他情況更好。但總的來說，我再次環顧世界，就GP成長而言，我們處於一個相當不錯的位置。

I think on a year-to-date basis, we are 20 bps up in total company. And again, when you add back the potential impact of Brazil and the fact that in terms of pure percentage margins, places like Argentina are becoming a little bit more diluted than we have seen in the past. I think when you consider those 2 effects, I think we can say we are quite pleased.

我認為，從今年迄今的數據來看，我們公司整體業績上升了 20 個基點。此外，還要考慮到巴西的潛在影響，以及阿根廷等地的純粹百分比差距比我們過去看到的要大得多。我認為，考慮到這兩個因素，我們可以說我們相當滿意。

You look at the OI growth in Q2, North America growing almost 10% OI. You look at EU and AMEA 5% after we made material investments in the A&C line. I think all in all, the algorithm, as we envisaged in the first place, is coming to fruition. It's not that we are not delivering the savings, that volume leverage isn't there, it is the fact that this specific quarter, we had Latin America being an outlier.

你看第二季的未完工投資成長情況，北美地區的未完工投資成長了近 10%。在我們對A&C生產線進行實質投資後，您將看看歐盟和AMEA 5%。總的來說，我認為我們最初設想的演算法正在逐步實現。並不是說我們沒有實現節約，也不是說銷售槓桿作用沒有發揮出來，而是這個季度拉丁美洲的情況比較特殊。

Your next question comes from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

Two quick ones for me as well. First on Chocolate, your Chocolate business was holding or gaining share. I think it was about 35% to 40% of its markets last year. And now those numbers look more like 2/3 of that business are holding or gaining share, so that's a nice improvement. Could you talk about the biggest factors that have really turned your market share trends in Chocolate around?

我也有兩個問題想快速回答。首先是巧克力，您的巧克力業務正在保持或擴大市場份額。我認為去年它約佔其市場份額的 35% 到 40%。現在這些數字看起來更像是三分之二的企業保持或擴大了市場份額，這是一個不錯的進步。您能否談談真正扭轉巧克力市場佔有率趨勢的最大因素？

Yes, yes. Well, we over-indexed in Easter and particularly in Europe. And so what you saw in the first quarter was that is kind of a normal trend in our business. Easter this year was not in the first quarter but in the second quarter. Last year, it was in the first quarter. So you saw the difference. And then in the second quarter, we had an excellent execution of Easter, and that is really what is giving us the boost in the market share. So we are now -- year-to-date, we are sort of evened out, and we saw some very good progress in our Chocolate market share. But it's completely due to our Easter execution.

是的，是的。嗯，我們在復活節期間，尤其是在歐洲，投資額超標了。所以你在第一季看到的，是我們業務中正常的趨勢。今年的復活節不在第一季度，而是在第二季度。去年是在第一季。所以你看出差別了。然後在第二季度，我們出色地執行了復活節促銷活動，這才是真正推動我們市場佔有率成長的原因。所以，從今年至今來看，我們的業績基本上持平，而且我們在巧克力市場份額方面取得了非常好的進展。但這完全是由於我們在復活節期間的執行方式造成的。

Got it. And then second, you've talked in the past about a more decentralized management approach, and that was going to dovetail with a greater attention to and perhaps spend behind some of your regional power brands, not just your global ones. Is that -- or has that shift already begun? And is that a factor in your results this year? Or is that something more of a longer curve to it?

知道了。其次，您過去曾談到一種更分散的管理方式，這將與更加關注並可能投入更多資金支持您的一些區域性強勢品牌（而不僅僅是全球品牌）相契合。是這樣嗎？還是這種轉變已經開始了？這是否是影響你今年成績的因素？或者說，它的曲線更長？

No, that shift has started. And so we've increased our overall investment, and I would say a large chunk -- I can't put an exact percentage on it, but I would call it maybe 70%, 80% is going into those local brands. And we've seen a clear change of strength since we've started to do that. So local brands or regional brands in the past would have been negative for us. They're now positive, and they have been accelerating every quarter in their growth. So the intention was there. We are executing, and we're seeing the effects very, very clearly in our results.

不，這種轉變已經開始了。因此，我們增加了整體投資，其中很大一部分——我無法給出確切的百分比，但我估計可能有 70%、80% 都投入了這些本土品牌。自從我們開始這樣做以來，我們已經看到了實力上的明顯變化。所以，過去本地品牌或區域品牌對我們來說都是負面的。他們現在獲利狀況良好，而且每個季度的成長速度都在加快。所以他們的意圖是存在的。我們正在執行，並且在結果中非常清楚地看到了效果。

And do you think that, that will be continuing to go -- an area of improvement even from these levels?

你認為這方面還會繼續進步嗎？甚至在目前的水平上，還會有提升的空間嗎？

I would expect that we still have some upside. At the moment, they are growing in line with or even slightly above the categories. But these are brands that have not received a lot of investments for years. If you take into account, we started about 9 months ago on really investing in them. So we haven't even seen a full year of investment. And we're also not only increasing the investment but we're doing a number of innovations, launching a number of healthier products with cleaner ingredients and so on. So we are also renovating these brands. So I do think that there's still a run way to increase the level of their growth.

我認為我們還有一定的上漲空間。目前，它們的成長速度與各類別持平，甚至略高於各類別。但這些品牌多年來都沒有獲得大量投資。如果考慮到這一點，我們大約在9個月前才開始真正投資它們。所以我們甚至還沒有看到一整年的投資。而且，我們不僅在增加投資，還在進行多項創新，推出一系列成分更乾淨、更健康的產品等等。所以我們也在對這些品牌進行改造。所以我認為他們的成長水準還有提升的空間。

Your next question comes from Robert Moskow with Credit Suisse.

下一個問題來自瑞士信貸的羅伯特·莫斯科。

Just wanted to clarify a couple of things. I think you said the second half, you expected to be similar to the first. And were you referring to sales and operating income growth both? Because they're both running at around 4%, ex currency.

想澄清幾件事。我想你說過，你希望下半場和上半場類似。您指的是銷售額和營業收入的成長嗎？因為它們目前的收益率都在 4% 左右（不含匯率）。

And then secondly, I'm still trying to figure out the level of investment, or at least roughly. Your gross profit dollars, ex currency, are up 4.4% year-to-date. That's about $200 million. Is the answer something along the lines of half of that or some percentage of that? I know you don't want to give us an exact number, but I'm just trying to figure it out.

其次，我仍在努力確定投資規模，或至少大致規模。扣除匯率因素後，您的毛利（美元）今年迄今成長了 4.4%。那大約是2億美元。答案是類似一半還是某個百分比之類的嗎？我知道你不想給我們一個確切的數字，但我只是想弄清楚。

Yes. So when I said -- when I was talking about the profile being comparable, I was talking more about gross profit and NOI. We gave you the couple of items that are masking a little bit the underlying performance of our EPS, and they related, as I said, to taxes. So I was really referring to the bottom line more than the top line.

是的。所以當我說——當我談到業績具有可比性時，我更多的是在談論毛利和淨營業收入。我們已經向您展示了一些掩蓋我們每股收益實際表現的因素，正如我所說，這些因素都與稅收有關。所以我其實更關注的是最終結果，而不是最終結果。

What I said on the top line is that we clearly see momentum in the business. And we anticipate continued momentum in the second half, both in terms of categories. And as one of your colleagues said, also in terms of share, we are quite pleased with what we saw in Chocolate.

我在開篇就說過，我們清楚地看到了業務的發展動能。我們預計下半年各類別的發展動能將持續下去。正如你們一位同事所說，就市場佔有率而言，我們對巧克力業務的表現也相當滿意。

But having said that, the first half was positively impacted by what we call the halo effect of a great Easter execution. And that is why the second part of the year might be lower than the 4% growth rate of the first half.

但話雖如此，上半場還是受到了復活節大屠殺的光環效應的正面影響。因此，下半年的成長率可能會低於上半年的 4%。

As it relates to the level of investments, as we said, for the year, we intend to invest give or take $150 million. I think as you -- I gave you enough elements to say how the second part of the year will look like in terms of GP and NOI growth. And then we made the reference to what we spent in the first half. So there is more to come in the second half. But we will continue to invest both on global and local brands. We said we are investing in A&C. As Dirk said, it's not only the amount of money, it's the quality of what we are doing, elevating the emotional connections of our brands.

至於投資規模，正如我們所說，今年我們計劃投資約 1.5 億美元。我認為和你一樣——我已經提供了足夠的信息，可以告訴你今年下半年在毛利潤和淨營業收入增長方面會是什麼樣子。然後我們提到了上半年的支出狀況。所以下半場還有更多精彩內容。但我們會持續投資全球品牌和本土品牌。我們說過我們會投資A&C。正如德克所說，重要的不僅是資金的數量，還有我們所做事情的質量，即提升我們品牌的情感連結。

But also in route-to-market -- or in route-to-market in places like India, Russia, we continue to invest, and we want to continue to invest. And finally, in R&D, we are also making material investments, specifically around test-and-learn methodologies, agile methodologies. We gave you a few examples of things we are doing. So I think you have enough elements to understand what we are -- how Q2 -- how Q3 and Q4 will look like in terms of GP and NOI.

但我們也繼續投資於市場管道——或者說，在印度、俄羅斯等地的市場管道，我們也繼續投資，我們希望繼續投資。最後，在研發方面，我們也進行了實質投資，特別是圍繞著測試學習方法和敏捷方法。我們給你舉了一些我們正在做的事情的例子。所以我認為你已經掌握了足夠的資訊來了解我們目前的狀況——第二季度——第三季和第四季在毛利和淨營業收入方面會是什麼樣子。

And just to be clear, the $150 million is the reinvestment for the total year or was that...

需要澄清的是，這1.5億美元是全年的再投資額，還是…

Yes, it is. Yes, it is. Thank you.

是的。是的。謝謝。

Your next question is from David Driscoll with Citi Research.

下一個問題來自花旗研究部的戴維·德里斯科爾。

Appreciate you guys getting me in, and I see what time we are on the hour. I guess just a couple of points. So first one is nice job on the first half of the year so far. And then I wanted to just ask a little bit about North America. The margin in the quarter, I think just a little bit more than 22% segment margin. I believe that might be a record margin for North America. So given the problems that happened on the malware attack, et cetera, can you just take us up-to-date as to what really was the key driver for that margin? And would you expect that, that margin has upside in the future as you continue your progression on cost in Lines of the Future, et cetera?

感謝你們讓我進來，我看了看現在是整點幾點。我想就幾點吧。首先，今年上半年的工作做得很好。然後我還想問一些關於北美的問題。本季利潤率，我認為略高於 22%。我相信這可能是北美地區最大的勝差紀錄。鑑於惡意軟體攻擊等問題，您能否簡要說明一下，究竟是什麼因素導致了這一利潤率的下降？您是否預期，隨著您在「未來線路」等成本控制方面不斷取得進展，該利潤率未來會有上升空間？

Look, I think if I have to step back and really tell you what is the difference in Q2 versus other quarters in North America, it is we have created a lot of discipline around key processes for the company. Starting with demand planning, making sure that we shape up demand in a way that makes sense in terms of cost. Instead of shipping products from branch to branch, we are governing through a better forecast, through a better governance all those flows of goods that in a context where we have more than 50 branches and quite a few SKUs in biscuits, governing that is clearly key. We have created a lot of discipline and visibility and transparency around waste and waste process, not only what we generate in a plant but also returns of goods. And I can tell you, there is a material benefit coming through as Glen and the team have established processes to govern, again, waste.

你看，我覺得如果我必須退後一步，真正告訴你北美第二季度與其他季度的區別是什麼，那就是我們圍繞公司的關鍵流程建立了很強的紀律性。從需求規劃開始，確保我們以成本合理的方式塑造需求。我們沒有將產品從一個分店運送到另一個分店，而是透過更好的預測和更好的管理來管理所有這些貨物的流動。在我們擁有 50 多個分店和相當多的餅乾 SKU 的情況下，管理這些貨物顯然是關鍵。我們對廢棄物和廢棄物處理流程建立了良好的紀律、可見性和透明度，不僅包括我們在工廠產生的廢棄物，還包括貨物的退回。我可以告訴你，格倫和他的團隊已經建立了管理浪費的流程，這帶來了實質的好處。

And third, but not less important, it is the fact that by having visibility and good understanding of how demand is shaping, our factories are able to predict more reliably what they need to produce and when. And so we have more efficient runs in the company.

第三，但同樣重要的是，透過了解和掌握需求的變化趨勢，我們的工廠能夠更可靠地預測他們需要生產什麼以及何時生產。因此，我們公司的營運效率更高了。

There is clearly also pricing coming through. In a context where last year, we saw inflation, we priced promptly I believe. But the full benefit of pricing didn't come through last year, and so now you have a more balanced situation in terms of pricing net of cost. So these 4 elements are coming through.

顯然，價格也會隨之而來。我認為，在去年通貨膨脹的背景下，我們及時進行了定價。但去年定價的全部好處並沒有反映出來，所以現在從扣除成本後的定價來看，情況更加平衡了。所以這四個要素都體現出來了。

Do I think we can improve? Absolutely. I think we can improve. As we said, North America is one of the networks where we will be making more investments going forward. And so I think in terms of upside potential, there is more to come.

我認為我們還能做得更好嗎？絕對地。我認為我們還有提升空間。正如我們所說，北美是我們未來將加大投資的地區之一。所以我認為，就上漲潛力而言，未來還有更大的發展空間。

That was a very thorough answer. One follow-on relating to outside North America but relates to Chocolate. We've heard a number of U.S. chocolate companies taking price increases in the United States. You guys, of course, have your major chocolate operations in Europe and elsewhere. Is -- can we draw any parallels between the price increases that we're seeing in the United States in chocolate, where those price increases might be applicable to your chocolate operations outside the United States? Or would you really kind of disabuse me of that notion and say that these things are more unconnected than that? But it feels like North America and Europe should have some kind of connection in terms of chocolate pricing. Would just love to hear your thought process.

這是一個非常詳盡的回答。後續內容與北美以外地區有關，但與巧克力有關。我們聽說美國多家巧克力公司提高了產品價格。當然，你們在歐洲和其他地方都有主要的巧克力業務。我們能否將美國巧克力價格上漲的情況與貴公司在美國以外的巧克力業務進行類比，看看這些價格上漲是否也適用於貴公司？還是您真的想讓我打消這種想法，並告訴我這些事情之間的連結其實比這更不相關？但感覺北美和歐洲在巧克力定價方面應該存在某種關聯。很想聽聽你的思考過程。

Look, again, it's really -- it wouldn't be good for me to comment on future pricing actions in places like Europe. Again, that is too sensitive of a subject. I think there are a couple of things, though, that are very clear at this point in time. One, it is that there is quite a bit of inflation, not only in the U.S. but all around the world in terms of specifically 2 items. It's -- one, it is logistics costs, and the second one is labor costs. And so I think over time, we have to make sure that we price that away. Might not happen in the short term, but over time, we have proven that we have the discipline to price those costs away.

再說一遍，我真的——我不太適合評論歐洲等地的未來定價策略。這又是一個過於敏感的話題。不過，我認為目前有幾件事非常清楚。第一，通貨膨脹相當嚴重，不僅在美國，而且在全世界範圍內，尤其體現在以下兩個方面。第一是物流成本，第二是勞動成本。所以我認為，隨著時間的推移，我們必須確保透過定價來消除這種影響。短期內可能不會發生，但隨著時間的推移，我們已經證明我們有能力透過定價來消除這些成本。

The second part, I think it is very important to note that in terms of the way we procure cocoa, we are never hand-to-mouth. And this year, for instance, cocoa prices went up for us but we were able to secure cocoa at a very reasonable price.

第二部分，我認為非常重要的一點是，就我們採購可可的方式而言，我們從來不會捉襟見肘。例如，今年可可價格上漲了，但我們以非常合理的價格獲得了可可。

But I think it is fair to say that given some of the proposals that are coming out of the Cote d'ivoire and Ghana, there is a spike in cocoa cost. And concepts like the leading income differential are putting a little bit of pressure in the market. And the cost of cocoa has gone up. So I think I've given you enough elements for you to draw some conclusions. But for me to be able to talk about specific pricing actions, I think it is really hard.

但我認為可以公平地說，鑑於科特迪瓦和加納提出的一些方案，可可價格出現了飆升。而像領先收入差距這樣的概念，正在為市場帶來一些壓力。可可的價格上漲了。所以我覺得我已經提供了足夠的信息，供你得出一些結論。但要我談談具體的定價策略，我覺得真的很難。

Your final question comes from Rob Dickerson with Deutsche Bank.

最後一個問題來自德意志銀行的羅伯‧迪克森。

Couple of questions. I guess first question is just regarding the top line guidance, you said potential implied, slight deceleration, if that does happen in the back half versus kind of the floor of what we saw in the first half. The question I have, though, is it doesn't seem like pricing would necessarily be decelerating just given the actions we are seeing flowing through in North America, maybe Latin America as well. There's not much in Europe. But other parts of -- or let's say, Europe, other kind of overall end market basis is still seeing decent pricing.

我有幾個問題。我想第一個問題是關於業績指引的，您提到可能會出現輕微的放緩，如果這種情況真的發生在下半年，那麼業績可能會比上半年的最低點有所下降。不過，我的問題是，考慮到我們在北美（或許還有拉丁美洲）看到的種種跡象，價格上漲速度似乎不一定會放緩。歐洲沒什麼東西。但是其他地區——或者說歐洲——其他類型的整體終端市場價格仍然相當不錯。

And so then I look at it and say, well -- okay, well, then obviously it will be more volume/mix, and there could be some nuances to why. But like, again, when I look in the first half, right, the first half, the volume performance in growth terms, volume/mix was essentially similar to what we saw in the first half of last year. And then -- so if you look at the back half, the volume/mix is a little bit easier last year to compare again.

所以，我看了之後就想，好吧——好吧，那顯然音量/混音會更大一些，至於原因，可能還有一些細微差別。但是，再說一遍，當我回顧上半年時，對吧，上半年，就成長而言，銷售表現，銷售/組合，基本上與去年上半年我們看到的情況類似。然後——所以如果你看一下後半部分，音量/混合比就更容易與去年進行比較了。

So the question, even though wordy, is basically if there is deceleration, it seems like kind of what you're saying is maybe there's a little risk of nuanced volume deceleration in the back half of the year because the first half was impacted by a well-executed Easter. It doesn't seem like pricing would decelerate, but then that's off of an easier second half compare. So like why would volumes really decelerate that much if the compare is easier? And if pricing isn't coming down, why would organic sales really decelerate? And I have one more.

所以，雖然這個問題有點囉嗦，但基本上是，如果出現減速，你似乎想表達的是，由於上半年受到了復活節假期成功舉辦的影響，下半年銷量可能會出現輕微的減速。價格似乎不會放緩，但這主要是因為下半年的同比數據相對容易。如果比較比較容易，為什麼銷量真的會下降那麼多呢？如果價格不下降，為什麼有機銷售真的會放緩呢？我還有一個。

Yes. Look, as we've said, I don't think this is about not having confidence in the second part of the year or seeing momentum slowing down or -- as Andrew asked the first question, having some discrete items in the first half that will turn into issues in the second part. This is nothing around all -- any of these topics.

是的。正如我們所說，我認為這並非是對下半年缺乏信心，也不是看到發展勢頭放緩，或者——正如安德魯提出的第一個問題——上半年出現的一些零星事件會在下半年演變成問題。這與所有這些話題毫不相干。

Again, it is the recognition of the fact that in the 4.1% we had on a year-to-date basis in the first half, there was a clear execution gain related to Easter. And that is why the second part of the year might be lower than the 4% we see in the first half. But I think in the end, we have to feel good about the solidity of our categories, the fact that the growth of the business is broad-based.

再次強調，我們認識到，今年上半年迄今的 4.1% 的增長中，明顯存在與復活節相關的執行力提升。因此，下半年的成長率可能會低於上半年的 4%。但我認為最終，我們應該對我們各個品類的穩健性感到滿意，因為業務成長是廣泛性的。

Again, it is not about the quarter at 4.6% that I like. Obviously, I like the 4.6%. But it is the good quality of results all around. I haven't seen these types of volume/mix and price gains in a long, long time. I was very pleased with the share gains that we started seeing. Chocolate is fantastic. We are still losing a bit of share in places like India where we have a 65% share. But if I take out India, all the big markets, they are growing share. And the same is applicable to Biscuits.

再次強調，我喜歡的並不是4.6%的季度報酬率。顯然，我喜歡4.6%。但各方面結果都很好。我已經很久很久沒有見過這種成交量/產品組合和價格上漲的局面了。我對我們開始看到的市場份額成長感到非常滿意。巧克力太棒了。我們在印度等一些市場仍然失去了部分市場份額，此前我們在這些市場擁有 65% 的份額。但如果我把印度排除在外，所有的大市場都在擴大市場份額。同樣的道理也適用於餅乾。

So this is not about saying the second part of the year we will have a slowdown or -- it is about recognizing that in the first half, there was a positive impact due to Easter.

所以這並不是說今年下半年經濟會放緩，而是要認識到，上半年由於復活節的影響，經濟出現了積極的變化。

Okay. Fair enough. And then one other question -- I have two questions. One is a little bit more sensitive. The first question is on just your JDE piece, right, total income from equity investments. In the first half, year-over-year, it's up, say, 30%. So obviously, something is going well there. If you could just provide any color as to why they've been performing so well, one. And then two, is that a run rate that we should be thinking about at least in the near term for the back half? And I asked just given it's obviously material to your total income.

好的。很公平。還有一個問題──我有兩個問題。其中一位稍微敏感一些。第一個問題僅針對您的 JDE 部分，對吧，即股權投資的總收入。上半年，與去年同期相比，成長了約 30%。顯然，那邊進展順利。如果你能用任何一種顏色來解釋他們表現如此出色的原因，那就是一。其次，在下半季的短期內，我們是否應該考慮這樣的運行率？我這麼問是因為這顯然會影響你的總收入。

Look, we are very pleased and -- with coffee. It is fair to say that they have performed very, very well. So in Q2 and the first half, as you said, the earnings grew, respectively, 40% and 25%. As KDPs get in the synergies, and this should be no surprise, we are reporting KDP on a lag.

你看，我們非常高興——還有咖啡。可以說，他們的表現非常非常出色。正如你所說，第二季和上半年的收益分別成長了 40% 和 25%。隨著 KDP 發揮協同效應（這並不奇怪），我們對 KDP 的報告有滯後。

So to understand what is going to happen in Q3 for KDP, you have to look at their Q2. And JDE is capitalizing on a successful business model in single-serve and espresso and compatible business, which is doing very, very well, and it is taking share in the major markets in Europe mostly. The company is also generating good cash flow, and they are delevering fast. And so there is a subsequent interest cost saving.

因此，要了解 KDP 在第三季將會發生什麼，你必須看看他們第二季的表現。JDE 正在利用其在單杯咖啡、濃縮咖啡及相關業務領域成功的商業模式，該模式發展得非常好，並且主要在歐洲主要市場佔據了份額。該公司現金流良好，去槓桿化速度也很快。因此，可以節省利息成本。

So nothing has really changed in what we see in JDE and KDP. They are good financial investments for us. They doubled in value since the inception of the JV. And as we've said, many times there is more upside potential for both businesses, and we like clearly the clarity, the vision, the potential and the flexibility those investments offer.

所以，JDE和KDP的情況並沒有真正改變。它們對我們來說都是很好的投資。自合資企業成立以來，它們的價值翻了一番。正如我們所說，很多時候兩家企業都有更大的發展潛力，我們非常看好這些投資所帶來的清晰目標、遠見卓識、發展潛力和彈性。

So it doesn't sound like there's much urgency, like, say -- or any change to the strategic optionality thought process, right? They're doing well. Obviously, Q1 and Q2, they've done very well. Unless we really need the cash for some reason, let's just keep letting them do well. It's pretty much that?

所以聽起來似乎沒有什麼迫切性，比如說——或者說戰略選擇思維過程的任何改變，對嗎？他們做得很好。顯然，他們在第一季和第二季都做得非常好。除非我們真的因為某些原因需要這筆錢，否則就讓他們繼續發展下去吧。差不多就是這樣吧？

Yes. I mean, we have good shareholder rights over both companies. Specifically for JDE, we could propose a price to drop for which they have the right of first refusal. And then if the value is not accepted, we could take JDE public through an IPO. And clearly, we would love to have a public mark for both investments as we believe there is more value. So yes, you're right. Nothing at this point has really changed. We see more upside potential for both companies.

是的。我的意思是，我們對這兩家公司都有良好的股東權益。具體到 JDE，我們可以提出一個降價方案，他們擁有優先購買權。如果市場不接受這個估值，我們可以透過IPO將JDE上市。顯然，我們希望這兩項投資都能獲得公開估值，因為我們相信它們還有更大的價值。是的，你說得對。目前來看，一切都還沒有真正改變。我們認為兩家公司都還有更大的上漲潛力。

Okay, super. And then one last quick one is just your -- when you said back half profit would be similar to first half profit means a lot of different things. And maybe I just don't get it. Sometimes I don't. Is that you're just -- you're literally just saying operating profit? Or is that gross profit? Or is that just net profit, like net income would be similar on a dollar basis back half versus second half?

好的，太棒了。最後還有一個小問題──你說下半年的利潤與上半年的利潤類似，這有很多不同的意義。或許我只是沒理解。有時我不會。你說的就是──你實際上只是在說營業利潤嗎？還是那是毛利？或者這只是淨利潤，比如說，以美元計算，上半年和下半年的淨收入會差不多嗎？

Yes, I think the shape of the P&L will be similar to the first half. I would say -- I would leave it at that. Clearly, there is a little bit more investment coming in the second part of the year, but broad stroke, the shape of the P&L is going to be similar.

是的，我認為損益表的形狀會與上半年相似。我會說——我就說到這兒吧。顯然，今年下半年將會有更多投資，但整體而言，損益表的格局將與上半年類似。

Thank you.

謝謝。

And as I said at the outset, I'm proud of this quarter's results and of the work -- the hard work of my colleagues across the globe. I think this quarter and this first half show how our leadership position and strategy is helping to drive the strength of snacking categories around the world and creating value for our shareholders. And we do all this while remaining committed to deliver on our promise to create a future where people and the planet thrive.

正如我一開始所說，我對本季的業績以及全球同事們的辛勤工作感到自豪。我認為本季和上半年的數據表明，我們的領導地位和策略正在幫助推動全球零食品類的成長，並為我們的股東創造價值。我們做這一切的同時，始終致力於履行我們的承諾，創造一個人類和地球共同繁榮的未來。

This first half helps us to remain focused on our long-term objective of generating volume-driven top line growth of 3% plus and fueled by virtuous circle of increasing investments, which generate solid sustainable operating income growth. Our progress to date gives me further confidence in the validity of our strategy and our long-term prospects.

上半年有助於我們繼續專注於實現長期目標，即透過不斷增加投資，實現 3% 以上的銷售驅動型營收成長，從而形成穩健可持續的營業收入成長的良性循環。我們迄今為止的進展讓我更加確信我們策略的有效性和長期前景。

Thank you for your interest in the company.

感謝您對本公司的關注。

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

謝謝。今天的電話會議到此結束。您現在可以斷開連線了。