億滋國際 (MDLZ) 2019 Q3 法說會逐字稿

Good day, and welcome to the Mondelez International Third 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) I'd now like to turn the call over to Mr. Shep Dunlap, Vice President, Investor Relations for Mondelez. Please go ahead, sir.

大家好，歡迎參加億滋國際2019年第三季財報電話會議。今天的電話會議預計持續約 1 小時，包括億滋國際管理層的演講和問答環節。（操作員指示）現在，我將把電話轉交給億滋國際投資者關係副總裁謝普·鄧拉普先生。請繼續，先生。

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

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。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'll 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計算。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 a 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，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。

We are pleased to report another quarter of strong top line growth, continuing the momentum of the first half of the year. As you know, a year ago, we launched our new strategy which intended to accelerate our growth by focusing on the consumer, driving operational excellence and building a winning growth culture.

我們很高興地宣布，本季營收持續保持強勁成長，延續了上半年的成長動能。如您所知，一年前，我們推出了新的策略，旨在透過專注於消費者、推動卓越營運和建立成功的成長文化來加速我們的成長。

Today's results are proof that the strategy is working well and that we're making progress against our goal to create attractive, long-term, sustainable growth.

今天的業績證明，該策略行之有效，我們在實現具有吸引力、長期、可持續成長的目標方面取得了進展。

So let's take a look at the quarter in more detail. We reported revenue growth of 4.2% in the third quarter, which confirms the strength of our snacking fundamentals around the world as well as the leadership role that our portfolio of global and local brands plays in snacking. The growth was high quality and driven by a good balance of volume/mix and pricing. It was also broad-based geographically, our emerging markets grew 6.6% or 5% ex-Argentina, and we are encouraged by what we are seeing in markets such as Russia, India, China as well as Southeast Asia. Our developed markets grew 2.9%. Europe reported strong volume-driven growth in key markets like Germany and the U.K. And in the U.S., we saw continued revenue growth and share gains which was driven primarily by biscuits.

那麼讓我們更詳細地看一下本季的情況。第三季營收成長 4.2%，證實了我們在全球零食業務的基本面強勁，以及我們的全球和本地品牌組合在零食領域的領導作用。成長品質很高，是由銷售/產品組合和定價的良好平衡所驅動的。從地理上看，我們的成長也十分廣泛，新興市場成長了 6.6%，除阿根廷外成長了 5%，我們對俄羅斯、印度、中國以及東南亞等市場的現狀感到鼓舞。我們的已開發市場成長了2.9%。歐洲主要市場（如德國和英國）銷售強勁成長。在美國，我們看到收入持續成長，市佔率不斷擴大，這主要得益於餅乾的銷售成長。

Our strategy to invest more in our growth initiatives is paying off, resulting in solid operating income growth. Our adjusted EPS growth was 10% for the quarter, and we're also pleased with our year-to-date cash flow of $1.2 billion.

我們加大對成長計畫的投資力度，這項策略正在取得成效，帶來了穩健的營業收入成長。本季調整後每股收益成長了 10%，我們對今年迄今的現金流達到 12 億美元也感到滿意。

As we look across our business units, we are seeing evidence that our strategy is creating the basis for sustainable future growth. This is driven by a renewed focus on the consumer, which is informing everything we do, and it inspires and also motivates our teams. So while the entire organization is focused on driving top line growth, we remain true to our culture of cost discipline so that we can ensure that top line growth generates attractive OI dollar growth. This focus is leading to impactful growth initiatives across our business, in key markets and key channels as well as on our local and global brands.

縱觀我們各個業務部門，我們看到有證據表明，我們的策略正在為未來的永續成長奠定基礎。這源自於我們對消費者的重新關注，而這種關注貫穿我們所做的一切，也激勵著我們的團隊。因此，儘管整個組織都致力於推動營收成長，但我們仍然堅持成本控製文化，以確保營收成長能帶來可觀的營業利潤成長。這種專注正在推動我們業務的各個方面，包括重點市場和重點管道，以及我們的本地和全球品牌，實現具有影響力的成長。

For instance, we are winning in growth channels in both developed and developing markets. In the U.S., this means capitalizing on growth opportunities like Discount and Club outlets. While in China, we achieved new distribution milestones this quarter. We reached 1.5 million outlets with our biscuit products and 1 million outlets for our gum. And in e-commerce, another example, this means a continued global expansion through our partnerships with e-tailers and online platforms. So our reported growth in e-commerce for the quarter was 25%.

例如，我們在已開發市場和發展中市場的成長管道中都取得了成功。在美國，這意味著要抓住折扣店和會員店等成長機會。本季度，我們在中國市場實現了新的分銷里程碑。我們的餅乾產品覆蓋了 150 萬個銷售點，口香糖產品覆蓋了 100 萬個銷售點。再舉一個例子，在電子商務領域，這意味著透過與電商和線上平台的合作，不斷實現全球擴張。因此，我們報告的本季電子商務成長率為 25%。

Another area to highlight are our local jewels, local brands that are also contributing to our growth. A few examples that stood out in Q3 are the Jubilee biscuit brand in Russia, the iconic Prince Polo brand in Poland and, for instance, Biskuat in Indonesia. All these are performing well thanks to renewed investment and focus.

另一個值得關注的領域是我們當地的瑰寶，這些當地品牌也為我們的發展做出了貢獻。第三季的一些突出例子包括俄羅斯的 Jubilee 餅乾品牌、波蘭的標誌性 Prince Polo 品牌，以及印尼的 Biskuat 等品牌。由於加大了投資力度和關注度，這些項目都取得了良好的表現。

A big priority for us this year has been to reinvigorate our marketing approach. One manifestation of that focus is what we call our new marketing playbook that gets to the roots of what makes our brands special. Our intention is to drive clarity in brand positioning and consistency in execution. We've applied this playbook to many of our global brands, and we will be rolling it out across more brands in the future.

今年我們的一項重要任務是重振我們的行銷策略。這種關注的一個體現就是我們稱之為「新行銷策略」的策略，它深入探討了我們品牌獨特之處的根源。我們的目標是明確品牌定位，並保持執行的一致性。我們已將這套策略應用到我們旗下的許多全球品牌中，未來也將推廣到更多品牌。

As a result of this renewed focus, we're seeing some good examples of brand equity campaigns that enhance our connection with the consumers. In the U.K. for instance, where our growth was particularly strong this quarter, our latest addition of the Cadbury Dairy Milk Generosity campaign is performing really well.

由於這種重新重視，我們看到了一些品牌資產行銷活動的良好案例，這些活動增強了我們與消費者之間的聯繫。例如，在英國，我們本季的成長尤其強勁，我們最新推出的吉百利牛奶巧克力慷慨活動表現非常出色。

While we are driving growth, we remain very focused on our operational excellence. For instance in marketing, we've seen solid improvements in our return on investment in digital. While in our supply chain, we continue to focus on productivity and process improvements. Good examples here would be the digitalization of our procurement function as well as the reduction of waste in our North American network.

在推動業務成長的同時，我們始終非常注重卓越營運。例如，在行銷方面，我們已經看到數位行銷的投資報酬率有了顯著提高。在供應鏈環節，我們持續專注於生產效率和流程改善。很好的例子包括我們採購職能的數位化以及北美網路中浪費的減少。

Around the world in our different business units, we are trying to reach best-in-class execution. In AMEA for instance, we are leveraging our significant sales and distribution capability in key markets like India and Southeast Asia to win in seasonals. As an example, our seasonal gifting offerings performed well during the Hindu celebration of Rakhi in India. Or as another example this year, Mid-Autumn moon cake season was particularly successful across Southeast Asia with Kinh Do and even Oreo-branded mooncakes selling really well.

在全球各地，我們各個業務部門都在努力實現一流的執行力。例如，在 AMEA 地區，我們正在利用我們在印度和東南亞等主要市場的強大銷售和分銷能力，在季節性銷售中取得成功。例如，在印度教的拉基節期間，我們的季節性禮品銷售情況良好。再舉一個例子，今年的中秋月餅季在東南亞地區尤其成功，京都月餅甚至奧利奧品牌的月餅都賣得很好。

Local adaptations of our global brands or the success we're having with culturally relevant seasonal offerings underscore the power of our more locally oriented model. Another strong example of this is the work we are doing in China with our Stride gum brand. Here, our approach is to personalize our marketing to Chinese consumers, and it is working well, helping us win with Gen Z consumers through mainly digital spend.

我們全球品牌的在地化調整，以及我們在與文化相關的季節性產品方面取得的成功，都凸顯了我們更注重在地化的模式的力量。另一個強而有力的例子是我們在中國推廣的Stride口香糖品牌。在這裡，我們的方法是針對中國消費者進行個人化行銷，而且效果很好，主要透過數位消費幫助我們贏得了 Z 世代消費者的青睞。

Finally, we continue to make good progress with our more agile innovation approach at our SnackFutures initiative. Our focus is on emerging trends and technologies in well-being and premium products. As an example, we've recently reached an agreement with a key supplier to explore the use of cocoa fruit by introducing those parts of the fruit into the food chain that have thus far been discarded. A product using this ingredient was developed in record time and put into the market in a very limited distribution to see how it will perform. This sort of an approach is very different from the innovation approach that we had in the past.

最後，我們在 SnackFutures 計劃中採用更敏捷的創新方法，並持續取得良好進展。我們專注於健康和高端產品領域的新興趨勢和技術。例如，我們最近與一家主要供應商達成協議，探索可可果的利用方式，將可可果中迄今被丟棄的部分引入食品鏈。使用這種成分的產品在創紀錄的時間內研發成功，並以非常有限的規模推出市場，以檢驗其市場表現。這種方法與我們過去採用的創新方法截然不同。

I'm also very proud of the progress we are continuing to make on our sustainable and mindful snacking strategies. Creating durable growth also means looking after our planet and the people who contribute and consume our products. This quarter, we were again recognized by the Dow Jones Sustainability Index and improved our rating for environmental reporting. This is just one example of how we're bringing to life our sustainable snacking strategy, which is our commitment to grow our business the right way.

我也為我們在永續和健康零食策略方面不斷取得的進展感到非常自豪。實現永續成長也意味著要愛護我們的地球以及為地球做出貢獻和消費我們產品的人。本季度，我們再次獲得道瓊斯永續發展指數的認可，並在環境報告方面提高了評級。這只是我們實踐永續零食策略的一個例子，也是我們致力於以正確的方式發展業務的承諾。

Another example is how we are using a new methodology focused on science-based targets to help us further reduce our end-to-end CO2 emissions.

另一個例子是，我們正在使用以科學目標為重點的新方法來幫助我們進一步減少端到端的二氧化碳排放量。

Finally, I want to mention the work we're doing to respond to the well-being needs of our consumers. We're working on offering the consumer the right snacks, which can mean different things to different consumers. The options are ranging from smaller portion-sized formats, what you could call permissible indulgence, to better-for-you products which are made with authentic and simple ingredients or with a particular functional nutrition characteristic.

最後，我想提一下我們為滿足消費者的健康需求所做的工作。我們正在努力為消費者提供合適的零食，但這對不同的消費者來說可能意味著不同的東西。這些選擇範圍很廣，從份量較小的產品（你可以稱之為適度的放縱）到採用真實簡單的原料或具有特定功能性營養特性的更健康的產品。

A good proof point was our recent commitment in the U.K. to ensure that all our products that are made for parents to offer to their children are less than 100 calories per serving. I'm quite proud of this move and know that we'll have more to share in the future.

一個很好的例證是我們最近在英國做出的承諾，確保我們所有供父母給孩子食用的產品，每份的熱量都低於 100 卡路里。我為這項舉措感到非常自豪，並且知道未來我們還會分享更多。

And with that, I will hand it over to Luca.

然後，我就把它交給盧卡了。

Thank you, Dirk, and good afternoon.

謝謝你，德克，下午好。

As you can see on Slide 9, we delivered strong performance across a number of key metrics. Our third quarter growth was notable for both its quality which was broad-based as well as for the balance of volume and pricing.

如投影片 9 所示，我們在多項關鍵指標上都取得了優異的成績。我們第三季的成長非常顯著，不僅體現在其廣泛的高品質表現上，也體現在銷售量和價格的平衡上。

During the quarter, we drove growth on a variety of fronts. We delivered strong results in 3 of 4 regions. Global brands grew mid-single digits while local brands continued to accelerate with growth in line with overall categories. And this growth was high quality as it was driven by a balance of volume and pricing. Finally, this happened on the back of strong category growth, which we help drive.

本季度，我們在多個方面實現了成長。我們在四個區域中的三個區域取得了顯著的成績。全球品牌實現了中等個位數的成長，而本土品牌則持續加速成長，與整體品類成長一致。而且這種成長品質很高，因為它是由銷量和價格的平衡所驅動的。最終，這得益於該品類的強勁成長，而我們也為此做出了貢獻。

We also delivered a solid increase in gross profit and OI dollars along with 10% EPS growth. Productivity and cost savings initiatives provided the fuel for approximately $85 million of business investments through the first 3 quarters. That will strengthen our brands, our go-to-market positions and sales and marketing excellence for future years. Finally, Q3 marked another good quarter of free cash flow generation, which continues to be a key priority. We generated $1.2 billion through Q3 and are on target for a full year outlook of $2.8 billion.

我們也實現了毛利和營業收入的穩健成長，以及每股盈餘成長10%。前三個季度，提高生產力和節省成本的舉措為約 8,500 萬美元的業務投資提供了動力。這將增強我們的品牌實力、市場地位，並在未來幾年提升我們的銷售和行銷水平。最後，第三季自由現金流再次實現良好成長，這仍然是公司的關鍵優先事項。第三季我們創造了 12 億美元的收入，預計將實現全年 28 億美元的收入目標。

Turning to Slide 10. Our scale, reach and expertise in emerging markets are clear assets for our company. We continued to drive robust volume-driven growth in key countries like China, India, Southeast Asia, Russia, Mexico and Africa. In aggregate, emerging markets grew approximately 7%, marking the fifth consecutive quarter of growth greater than 5%. Excluding inflation-driven growth in Argentina, emerging markets grew 5%.

翻到第10張投影片。我們在新興市場的規模、覆蓋範圍和專業知識是我們公司的優勢。我們在中國、印度、東南亞、俄羅斯、墨西哥和非洲等主要國家持續保持強勁的銷售驅動成長。新興市場整體成長約 7%，連續第五季成長超過 5%。剔除阿根廷通膨驅動的成長，新興市場成長了 5%。

Developed markets also performed very well during the quarter with revenue growth of nearly 3%, driven by strong volume-driven results out of Europe and North America where we saw a combination of volume/mix and pricing increases.

已開發市場在本季也表現非常出色，營收成長近 3%，這主要得益於歐洲和北美強勁的銷售成長，這兩個地區的銷售/產品組合和價格均有所提高。

Now let's review our profitability performance on Slide 11. In the third quarter, we increased gross profit by 2.6%, which in turn translated into solid OI dollar improvement with volume leverage, pricing and cost savings partially offsetting investment, primarily in route-to-market capabilities. It is important to note that our profitability results are consistent with our goal of higher-quality and sustainable growth.

現在讓我們回顧一下第 11 張投影片上的獲利能力表現。第三季度，我們的毛利成長了 2.6%，這反過來又轉化為營業收入的穩健成長，銷售成長、定價和成本節約部分抵消了投資，主要投資於市場通路能力。值得注意的是，我們的獲利結果與我們追求更高品質和永續成長的目標相符。

When excluding Brazil, which is dealing with margin headwinds related to supply chain transition and powdered beverage category weakness, our business is growing volume/mix by more than 2%, growing gross profit dollars faster than revenues, enabling incremental investments across A&C and go to market and growing operating income dollars faster than revenue on a year-to-date basis.

除巴西（巴西正面臨供應鏈轉型和粉末飲料品類疲軟帶來的利潤率不利因素）外，我們的業務銷量/產品組合增長超過 2%，毛利潤增長速度超過收入增長速度，從而能夠對廣告和銷售以及市場推廣進行增量投資，並且年初至今的營業收入增長速度也超過收入增長速度。

Moving to regional performance on Slide 12. Europe delivered another excellent quarter with 5% revenue growth. The U.K. was a standout with double-digit revenue growth in the quarter. Germany, Russia and the rest of Eastern Europe also posted strong results. Europe continues to demonstrate sales and marketing excellence with particular strength in our chocolate franchises where all of our top brands delivered volume and revenue growth. Consistent with Q2, the Philadelphia business turned in very good results, driven by targeted investments and great sales and marketing execution.

第 12 頁將介紹區域表現。歐洲市場又迎來了一個表現優異的季度，營收成長了5%。英國表現突出，本季營收實現了兩位數成長。德國、俄羅斯和東歐其他國家也取得了強勁的成績。歐洲在銷售和行銷方面繼續展現出卓越的實力，尤其是在巧克力特許經營方面，我們所有的頂級品牌都實現了銷售和收入的成長。與第二季一致，費城業務取得了非常好的業績，這得益於有針對性的投資以及出色的銷售和行銷執行。

Adjusted OI dollar grew by 6% in Europe due to robust sales and volume leverage alongside ongoing investment partially offset by higher A&C. AMEA grew 5.3%, showing continuous trends across much of the region. India grew double digits behind strong execution and an attractive market backdrop. We continued to perform well in chocolate while building out a more meaningful biscuits business that represents a larger -- a large opportunity for us. China grew just shy of 10%, driven by another well-executed quarter in both biscuits and gum. The team got to show the power of our new local first commercial culture that empowers speed, agility and consumer-centric decision making. Southeast Asia grew mid-single digits with solid results in biscuits and chocolate. AMEA increased operating income dollars by 10% due to leverage from top line growth, partially offset by continued increases in investments in high-growth potential markets. Latin America grew 4.3% due primarily to inflation-driven growth in Argentina. Revenue declined 1.5% excluding Argentina.

由於強勁的銷售和銷售槓桿作用以及持續的投資，歐洲調整後的未償付收入美元增長了 6%，但部分被更高的 A&C 所抵消。AMEA 成長 5.3%，該地區大部分地區呈現持續成長趨勢。在強勁的執行力和良好的市場環境下，印度實現了兩位數的成長。我們在巧克力業務方面繼續保持良好表現，同時也在建立一個更有意義的餅乾業務，這代表著更大的機會。中國市場成長略低於 10%，這主要得益於餅乾和口香糖業務在本季的出色表現。團隊得以展現我們全新的本地優先商業文化的力量，這種文化能夠提升速度、敏捷性和以消費者為中心的決策能力。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穩健。AMEA 的營業收入成長了 10%，這得益於營收成長帶來的槓桿效應，但部分被對高成長潛力市場持續增加的投資所抵消。拉丁美洲經濟成長4.3%，這主要是由於阿根廷的通貨膨脹推動了經濟成長。若不計入阿根廷的收入，收入下降1.5%。

Mexico grew mid-single digits, driven by strong execution in candy while Brazil posted a decline mostly due to softness in powdered beverages driven by category decline and some share losses. We expect to see some volatility in this category in the coming quarters. Adjusted OI dollars in Latin America declined by approximately 13% primarily due to volume losses in powdered beverages as well as the planned consolidation issues in Brazil that caused additional waste and logistical costs. We are continuing to work through these issues and expect to see progress in Q4, though still some headwinds on an absolute basis. Finally, North America grew 2.5% in Q3 led by another solid quarter in U.S. biscuits. We grew share in biscuits as Oreo, Ritz and belVita all delivered strong results.

墨西哥實現了個位數中段的成長，這主要得益於糖果市場的強勁表現；而巴西則出現下滑，這主要是由於粉末飲料市場疲軟，受到品類下滑和部分市場份額損失的影響。我們預計未來幾季該類別市場將會出現一些波動。拉丁美洲經調整後的營業收入下降了約 13%，主要原因是粉末飲料銷量下降，以及巴西計劃中的整合問題導致額外的浪費和物流成本。我們正在繼續努力解決這些問題，並預計在第四季度取得進展，儘管從絕對意義上講，仍然有一些不利因素。最後，北美地區第三季成長了 2.5%，這主要得益於美國餅乾業務的另一個穩健季度表現。我們在餅乾業務中的份額有所增長，奧利奧、麗滋和焙朗都取得了強勁的業績。

Improved commercial execution and innovation, share gains in alternative channels and more consistency in supply chain helped drive these results. We remain committed to sustaining our improved performance in the region. The North American region grew OI by almost 5% due to effective pricing and waste reduction with pricing and volume/mix providing fuel for marketing investments.

商業執行和創新能力的提升、替代通路份額的成長以及供應鏈的穩定性增強，都有助於推動這些成果的取得。我們將繼續致力於保持我們在該地區不斷提升的業績。由於有效的定價和減少浪費，北美地區的營業收入增長了近 5%，定價和銷售/產品組合為行銷投資提供了動力。

Let me spend a moment on category highlights. Our 3 snacking categories continued to demonstrate strong fundamentals with total category growth of 4% on a year-to-date basis. We remain encouraged by the health of our categories and believe they can continue to sustain growth of approximately 3% over the long term. In many geographies, we were a key driver of the category growth. This includes areas such as U.S. and China biscuit, India, U.K., Russia and Germany chocolate and China gum.

讓我花點時間介紹一下各個類別的亮點。我們的三大零食品類持續展現強勁的基本面，今年迄今，品類總成長率達到 4%。我們對各品類的健康狀況感到鼓舞，並相信它們能夠長期維持約 3% 的成長。在許多地區，我們是該品類成長的關鍵驅動力。這其中包括美國和中國的餅乾、印度、英國、俄羅斯和德國的巧克力以及中國的口香糖等地區。

As we mentioned before, specifically chocolate is benefiting from a prolonged Easter season and the subsequent halo effect on overall consumption. This tailwind accounts for almost 1 percentage point of overall category growth. Overall, we held or gained share in 65% of our business, which is consistent with our second quarter and evident of an improving trend over the past year. This resulted in overall flat share results for Mondelez.

正如我們之前提到的，巧克力尤其受益於復活節假期延長以及隨之而來的整體消費光環效應。這項利好因素為此類別整體成長貢獻了近 1 個百分點。總體而言，我們在 65% 的業務中保持或擴大了市場份額，這與我們第二季的情況一致，並表明過去一年來呈現改善趨勢。這導致億滋國際的整體市佔率持平。

Our biscuits business grew 4.1%. Approximately 75% of our revenue grew or held share in this category including our U.S., China and India businesses. In chocolate, our business grew 6.4%. Approximately 65% of our revenue grew or held share, including the U.K., Australia and Russia.

我們的餅乾業務成長了 4.1%。約 75% 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。在巧克力業務方面，我們的業務成長了 6.4%。約 65% 的收入實現了成長或維持了市場份額，其中包括英國、澳洲和俄羅斯。

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

口香糖和糖果的收入略有成長。該業務中我們約 35% 的收入來自市場份額的成長或維持，其中包括在中國、法國、巴西和俄羅斯口香糖市場的強勁表現。

Now turning to EPS on Slide 18. Q3 EPS grew 10% in the quarter. This growth primarily reflected operating gains driven by strong revenue results income from the JV equity and the tax benefit in the quarter.

現在來看看第 18 張投影片中的 EPS 部分。第三季每股收益成長了10%。這一成長主要反映了強勁的收入業績帶來的營運收益，以及合資企業股權和本季稅收優惠。

I'll now move on to our free cash flow results on Slide 19. We delivered year-to-date free cash flow of $1.2 billion, which is an improvement over the last years through Q3 due to continued progress in our cash conversion cycle, lower cash restructuring and CapEx. We remain well positioned to deliver on our full year target and feel good about our ability to make improvements over the coming years.

接下來，我將在第 19 頁介紹我們的自由現金流結果。今年迄今為止，我們實現了 12 億美元的自由現金流，這比過去幾年截至第三季的水平有所提高，這得益於現金轉換週期的持續進展、現金重組和資本支出的減少。我們仍然有能力實現全年目標，並且對未來幾年取得進步充滿信心。

I wanted to also mention that we continue to thoughtfully manage our balance sheet and leverage and cost of debt. In September, we raised approximately $2.5 billion in new financing at attractive rates to refinance debt that matured in late October.

我還想提一下，我們一直在認真管理我們的資產負債表、槓桿率和債務成本。9 月份，我們以優惠的利率籌集了約 25 億美元的新資金，用於為 10 月底到期的債務進行再融資。

Turning to capital deployment on the next slide, we have returned $2.3 billion to our shareholders through the first 3 quarters.

下一頁將介紹資本部署情況，前三個季度我們已向股東返還了 23 億美元。

Moving to our outlook, we are increasing our full year organic net revenue growth expectations to 3.5% plus. This reflects our strong year-to-date results which included the benefit of a longer Easter season. These dynamics do not extend into Q4. And as a result, we are not expecting Q4 growth at the same level as the first 3 quarters of the year.

展望未來，我們將全年有機淨收入成長預期上調至 3.5% 以上。這反映了我們今年迄今為止的強勁業績，其中包括復活節假期延長帶來的利多。這些動態不會延續到第四季。因此，我們預計第四季的成長水準將不及今年前三個季度。

We are also increasing our outlook for adjusted EPS growth to 5% to 7%. As a reminder, in Q4, we expect to lap significant favorability in the equity income line related to our JV investment due to the impact in Q4 of 2018 from an enacted tax rate reduction in the Netherlands. Please note that when estimating adjusted EPS, we apply 5% to 7% outlook to the prior year basis of $2.42 then adjust for the expected impact of currency, which we anticipate to be circa $0.14. We expect underlying profit performance to be comparable with the profile so far where volume leverage upsides and gross profit increases will be partially reinvested in growth initiatives.

我們同時將調整後每股盈餘成長預期上調至 5% 至 7%。提醒一下，由於荷蘭在 2018 年第四季度實施了稅率下調政策，我們預計在第四季度，與我們的合資投資相關的股權收入將獲得顯著的利多。請注意，在估算調整後的每股盈餘時，我們以上一年的 2.42 美元為基礎，應用 5% 至 7% 的成長預期，然後根據預期的匯率影響進行調整，我們預計匯率影響約為 0.14 美元。我們預期基本獲利表現將與目前的情況類似，銷售成長帶來的收益和毛利的成長將部分再投資於成長計畫。

Additional geopolitical disruptions or other disruptive events, including the hard Brexit, are not anticipated within this EPS outlook. We now expect to spend approximately $1.5 billion for the full year on share repurchases as we acquired the Perfect Snacks business and are managing overall leverage thoughtfully. We repurchased a little over 200 million of shares in Q3 to bring our year-to-date amount to more than $1.1 billion and continue to repurchase shares at current levels. We remain committed to returning meaningful capital to shareholders and share repurchases continue to be an important component of our capital return program. We will continue to operate with a disciplined approach which aims to optimize results for continuing shareholders and allows for flexibility based on market conditions. Finally, our free cash flow expectations remain unchanged.

這項每股盈餘展望預計不會出現額外的地緣政治動盪或其他破壞性事件，包括硬脫歐。由於我們收購了 Perfect Snacks 業務，並且正在謹慎地管理整體槓桿率，我們預計全年將花費約 15 億美元用於股票回購。我們在第三季回購了略多於 2 億股的股票，使我們今年迄今的回購金額超過 11 億美元，並將繼續以目前的水平回購股票。我們始終致力於為股東帶來有意義的資本回報，股票回購仍然是我們資本回報計畫的重要組成部分。我們將持續秉持嚴謹的經營理念，力求為現有股東創造最佳收益，並根據市場情況靈活調整策略。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) 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。

Two questions, if I could. First, the updated full year organic sales guidance of 3.5% plus, as you mentioned, suggest perhaps a sequential deceleration in 4Q. Can you explain some of the puts and takes on that particularly in light of the accelerated global category growth? I know you mentioned Easter. But wanted to know if there were some other things playing into that as well.

如果可以的話，我想問兩個問題。首先，正如您所提到的，更新後的全年有機銷售預期為 3.5% 以上，這可能表明第四季度環比增速放緩。鑑於全球品類加速成長，您能否解釋一下這方面的一些觀點和看法？我知道你提到了復活節。但我想知道是否還有其他因素在起作用。

And then second, Mondelez did discuss the challenges in Brazil on the supply chain last quarter. It feels like things maybe got a bit more challenging in 3Q. Can you talk about your visibility there, why you think you got your arms around it? And perhaps you can parse out how much of the impact in the third quarter was really supply chain versus some of the other headwinds in Brazil like powdered beverages and such.

其次，億滋國際上季確實討論了巴西供應鏈面臨的挑戰。感覺第三季情況可能變得更具挑戰性了。你能談談你在那裡的知名度嗎？為什麼認為自己能夠掌控局面？或許你可以分析一下，第三季的影響有多少是真正來自供應鏈，又有多少是來自巴西的其他一些不利因素，例如粉狀飲料等等。

Okay. Well, maybe I'll start with looking at the top line. And then maybe Luca can discuss Brazil.

好的。好吧，或許我應該先看看第一行。然後盧卡或許可以談談巴西。

The first thing I would like to say is that the strategy is working well. We are pleased with our progress. We see good momentum in the business. We are delivering on and above our goals. Everything we put in motion a year ago about consumer-centric organization and increasing our speed, execution and results, it's all working out probably faster than we expected. And in this quarter, we saw some quality in net revenue growth and also year-to-date. As it relates to volume/mix and price, the mix between developed markets and emerging markets or between global and local brands, the balance is there. And the category is strong, as you pointed out, Andrew. In many cases, it's driven by us since we play -- we're a major player in the categories.

首先我想說的是，這個策略效果很好。我們對所取得的進展感到滿意。我們看到業務發展勢頭良好。我們不僅實現了目標，而且還超額完成了目標。一年前，我們啟動了以消費者為中心的組織架構，並提高了速度、執行力和成果，所有這些措施的成效可能比我們預期的還要好。本季度，淨收入成長以及年初至今的成長都取得了一些成效。就銷售/產品組合和價格而言，已開發市場與新興市場之間，或全球品牌與本土品牌之間，都達到了平衡。正如你所指出的，安德魯，這個類別很有競爭力。在很多情況下，這都是由我們推動的，因為我們參與其中——我們是這些類別中的主要參與者。

And yes, we do have some challenges in Latin America. But otherwise, our overall performance from net revenue through gross profit into OI is a very healthy equation. And it shows that the top line growth we're having combined with the cost discipline is working out for us.

是的，我們在拉丁美洲確實面臨一些挑戰。但除此之外，從淨收入到毛利再到營業利潤，我們的整體績效是一個非常健康的指標。這表明，我們目前的營收成長與成本控制相結合，對我們是有效的。

We did call up our full year outlook to 3.5% plus net revenue growth and an EPS of 5% to 7%. That means that, yes, we expect that Q4 will be a little bit lower. I would say, as you pointed out, Andrew, the first thing to keep in mind is the longer Easter season that we have this year which will have an effect -- or less -- no effect in Q4, if I can say it like that. In Q3, we also lapped the heatwave we had last year in Europe which was beneficial to us. So that had a benefit.

我們將全年業績預期上調至淨收入成長 3.5% 以上，每股盈餘成長 5% 至 7%。這意味著，是的，我們預計第四季度業績會略有下降。正如你所指出的，安德魯，首先要記住的是，今年的復活節假期更長，這將對第四季度產生影響——或者說影響較小——如果我可以這麼說的話。第三季度，我們也避開了去年歐洲的熱浪，這對我們來說是有利的。所以這樣做是有好處的。

And so in Q4, we will not see any of these benefits. And overall, we feel that our categories are somewhere between 3% to 4% growth, not fully the 4% that we saw in Q4. And we think that the categories will go back to a normal growth rate, around 3% plus, as we have been saying all the time in reality.

因此，在第四季度，我們將看不到這些好處。整體而言，我們認為各類別的成長率在 3% 到 4% 之間，並沒有達到第四季 4% 的水準。我們認為，各個品類的成長率將恢復到正常的水平，在 3% 以上，正如我們一直以來所說的。

As it relates to 2020, we continue to see big opportunities for us to keep on driving the categories to improve our market share and increasing our investment in our brands and our capabilities. But we have to remain a little bit mindful again about Brexit which didn't happen this year but it will have an effect potentially on the first quarter. We'll give you a full outlook on 2020 when we report the Q4 earnings. But I would say that's the way we're looking at Q4 right now. So Luca, maybe a bit on Brazil?

展望 2020 年，我們仍然看到巨大的機遇，可以繼續推動各個品類的發展，提高市場份額，並加大對品牌和能力的投資。但我們還是要對英國脫歐保持一些警惕，雖然脫歐今年還沒有發生，但可能會對第一季產生影響。我們將在公佈第四季財報時，為您帶來2020年的完整展望。但我認為，這就是我們目前對第四季的看法。盧卡，能不能稍微談談巴西？

Yes. Let me maybe just start by saying that Brazil for us is a large and complex market. We have clearly a big portfolio in there that spans pretty much across all the categories that Mondelez compete in globally. We have a good set of global and local brands. And as you say, Andrew, in Q3, we had the material negative impact that was anticipated for the most part. And this negative impact, quite frankly, explains the entirety of the profit shortfall that we had in L.A. in the quarter versus last year.

是的。首先我想說的是，對我們來說，巴西是一個龐大而複雜的市場。顯然，我們擁有龐大的產品組合，幾乎涵蓋了億滋國際在全球範圍內參與競爭的所有類別。我們擁有一系列優秀的國際品牌和本土品牌。正如你所說，安德魯，第三季度我們確實受到了預期的實質負面影響。坦白說，這種負面影響完全解釋了我們本季在洛杉磯的利潤與去年同期相比出現的全部下滑。

As you said, the issues are twofold. As we discussed the last quarter, some plant closures caused transition issues. We ended up with line startups that were delayed and we faced extra costs. We ended up scrapping more product than we wanted to. And in addition to that, we had some extra logistics costs. I would say this first issue accounts for pretty much half of the material profit gap we saw in the quarter in L.A. and in Brazil as I said.

正如你所說，問題有兩個面向。正如我們在上個季度討論的那樣，一些工廠的關閉造成了過渡問題。最終導致生產線啟動延遲，我們也面臨額外的成本。我們最終報廢的產品比預期要多。除此之外，我們還有一些額外的物流費用。正如我之前所說，我認為第一個問題幾乎佔了我們在洛杉磯和巴西本季看到的利潤差距的一半。

And the second issue is about powdered beverages, which is a material category for us both in terms of top and bottom line. The category itself is quite challenged at the moment, and our shares of market are declining. The declining trend accelerated a bit in Q3 versus what we saw in the first part of the year. And that resulted in revenue and profit shortfalls, also compounded by the fact that in a declining category and share environment, we had to take out some trade stock in the quarter.

第二個問題是關於粉狀飲料，這對我們來說是一個重要的品類，無論從營收或利潤來看都是如此。目前該品類本身面臨相當大的挑戰，我們的市佔率正在下降。與今年上半年相比，第三季的下降趨勢已加速。這導致收入和利潤不足，再加上在品類和市佔率下滑的環境下，我們不得不在本季出售一些庫存商品，情況就更糟了。

So we are working on both fronts, and we are making good progress with our supply chain. But as we said very clearly in Q3, we will still have some impacts in Q4. But the issues should get materially better as we enter 2020. For PBs, the issue is a little bit more accentuated, and it will take some time for us to address both the category and the share decline dynamics.

因此，我們正在雙管齊下，供應鏈方面也取得了良好進展。但正如我們在第三季明確指出的那樣，第四季仍會受到一些影響。但隨著我們進入 2020 年，這些問題應該會得到實質的改善。對於個人理財產品而言，這個問題更加突出，我們需要一些時間來解決該類別和份額下降的動態問題。

I would also like to take the opportunity that you provided with your question to reiterate a couple of things. Despite, as I said in my recent remarks or recorded remarks, the materiality of the issues in Brazil and the fact that we are lapping the highest gross margin in Q3 last year, our virtuous cycle is working. GP and OI are both growing circa 4% on a year-to-date basis. As I said, when you take out Brazil, gross margins and OI margins are both up on a year-to-date basis. We are delivering the volume leverage and SG&A leverage as we planned. We continue with cost discipline. I think you've seen the quarter a good number for SG&A. That number includes an increase in A&C. But the embedded ZBB behaviors we have are delivering savings. And all of this, quite frankly, gives me confidence that the model is working and that we will deliver on our long-term ambition to grow OI and GP more than revenue.

我還想藉您提問的機會重申幾點。儘管正如我在最近的演講或錄音講話中所說，巴西的問題非常重要，而且我們在第三季度的毛利率超過了去年同期的最高水平，但我們的良性循環正在發揮作用。今年迄今，GP 和 OI 均成長約 4%。正如我所說，如果剔除巴西市場，毛利率和營業利潤率今年迄今均有所上升。我們正按計劃實現銷售槓桿及銷售、管理及行政費用槓桿。我們將繼續嚴格控製成本。我認為你已經看到了，本季銷售、管理及行政費用（SG&A）數據不錯。該數字包括 A&C 的成長。但是我們現有的零基預算機制正在帶來節省。坦白說，所有這些都讓我相信，這個模式是行之有效的，我們將實現長期目標，即實現營業利潤和毛利的成長，而不是收入的成長。

So not ideal what we saw in Brazil in the quarter. But in the big scheme of things, when you strip it out, I think the model is working and the long-term algorithm we had in mind is safeguarded.

所以，我們在巴西看到的情況並不理想。但從大局來看，拋開這些因素，我認為這個模型是有效的，我們所設想的長期演算法也得到了保障。

And your next question is from Chris Growe from Stifel.

下一個問題來自 Stifel 公司的 Chris Growe。

I just had a first kind of high-level question. As you think about the strategy and executing your new strategy and your playbook for the business, I'm just curious how that's developing sequentially. So maybe not quarter by quarter. But just like are you moving on to different types of investments? Have you made a lot of the initial investment you wanted to make? Is this moving more out of marketing new products? Just trying to get a sense of how that's playing into the stronger revenue growth barring some of the unique things that occurred this quarter.

我剛才有一個比較高層次的問題。當您思考和執行新策略以及業務營運方案時，我很好奇它是如何按順序發展的。所以也許不能按季度來算。但您是否正在轉向其他類型的投資？你是否已經完成了大部分預期的初始投資？這是否意味著行銷新產品的趨勢正在減弱？我只是想了解一下，撇開本季發生的一些特殊情況不談，這如何影響了更強勁的營收成長。

Yes. Maybe first of all, it's a multiyear investment program. We are probably flowing less of our gross profit next year than this year into investments, but we want to keep on increasing our investments year after year. And this year, the investment was focused on an increase in our A&C, an increase in our route-to-market investment and to our R&D, so innovation.

是的。首先，這是一個多年期投資計畫。明年我們投入投資的毛利可能會比今年少，但我們希望逐年增加投資。今年，投資重點放在增加我們的A&C投入、增加我們的市場通路投資以及我們的研發投入，也就是創新方面。

So Luca was talking about the virtuous cycle which we want to continue. If I look at what that means for us going forward, I do not expect substantially these investments to change. We do have still areas of the world where we should be putting more and see investment in our brands particularly the local brands which are accelerating but they are yet not always on the right level of investment. We still have big route-to-market opportunities if I think about China, India, where we have to go in third and fourth tier cities. And we, for several years, this one, we need keep on investing, and you can imagine the same for places like Southeast Asia or Africa where we need to keep on doing that.

所以盧卡談到了我們想要延續的良性循環。如果從未來發展的角度來看，我預計這些投資不會發生實質變化。我們仍然需要在世界上的某些地區投入更多資金，增加對我們品牌的投資，特別是那些正在加速發展的本土品牌，但它們的投資水準尚未達到應有的程度。如果考慮到中國和印度，我們仍然有很大的市場拓展機會，因為我們必須進入三、四線城市。而且，在接下來的幾年裡，我們需要繼續投資，你可以想像，在東南亞或非洲等地，我們也需要繼續這樣做。

And then in R&D, we do want to -- a continued push on more agility and faster speed. And we may be a little bit less in the years to go forward than we did this year, but it's going to be largely the same 3 buckets that we are going to invest in. I would also say that apart from increasing our investment, we are also moving more of the investment within A&C into working media. And on top, we are trying to drive the ROI of our marketing spend. We've done things like consolidations of our agency, which drive value and gives us more consistent quality globally. And we are also working quite hard on our point-of-sales execution investment which we will continue next year. So maybe a long answer to just point out where we are investing and the fact that we see that continuing. It's working for us, and we feel that there's still a big upside in continuing to do so.

而在研發方面，我們確實希望──繼續努力提高靈活性和速度。未來幾年，我們的投資金額可能會比今年略少一些，但我們主要還是會投資這三個領域。我還要補充一點，除了增加投資外，我們還將A&C內部的更多投資轉移到媒體製作領域。此外，我們也正在努力提高行銷支出的投資報酬率。我們採取了一些措施，例如整合公司資源，這提高了公司價值，並使我們在全球範圍內擁有更一致的服務品質。我們也在銷售點執行的投入方面投入了大量精力，明年我們將繼續推進這項工作。所以，或許需要長篇大論來解釋我們的投資方向，以及我們認為這種投資趨勢將會持續下去。這種方法對我們有效，我們認為繼續這樣做還有很大的發展空間。

Yes. And maybe just to complement one second, all of this is contemplated in the mid-single-digit guidance for OI growth that we gave you at Investor Day and the high single-digit EPS growth that again we gave you at Investor Day.

是的。或許可以補充一點，所有這些都已在我們投資者日給出的營業收入成長預期（中個位數）和每股盈餘成長預期（高個位數）中得到體現。

Going forward. Yes. Okay. And just one other question, if I could, which is the pricing that's coming through this year, would you say that it's offsetting cost inflation? So if we think about a pricing net of cost, you're -- that's sort of not a factor in the gross margin here? Is that the right way to look at that?

展望未來。是的。好的。還有一個問題，如果可以的話，我想問一下，今年的價格是否能夠抵銷成本上漲的影響？所以如果我們考慮扣除成本後的淨定價，那麼──這在某種程度上並不影響毛利率？這樣看待這個問題是否正確？

Yes, I think it is. The -- I'm particularly pleased about the fact that our top line is in the quarter half volume and half pricing. I think it varies a little bit by region clearly. We see pricing more pronounced in emerging markets and in North America where the inflationary pressure has been a little bit higher than in Europe. Europe growth is mostly driven by volume. I think you see AMEA with combined strong volume growth and pricing. I'm happy to report clearly that North America has returned to volume growth this quarter. So overall, we really like the algorithm. It is more volume-driven in developed markets where margins are higher. And emerging markets in relative terms, we see a little bit less volume and more price, which again we like. So in the big scheme of things, it is quite balanced, and it is offsetting the inflationary pressure we see. Quite frankly though that is also because we covered our commodity and ForEx exposure quite well. So I don't want to hint to any pricing going into next year. But if we have to mark-to-market our commodities and ForEx impact, it'll be a little bit higher than what you see in the P&L at the moment.

是的，我認為是這樣。我尤其感到高興的是，我們本季的營收一半來自銷量，一半來自價格。我認為這顯然會因地區而異。我們看到，新興市場和北美地區的定價現象更為明顯，這些地區的通膨壓力略高於歐洲。歐洲的成長主要由銷售驅動。我認為AMEA地區銷售和定價都將呈現強勁成長。我很高興地報告，北美地區本季銷量已恢復成長。總的來說，我們非常喜歡這個演算法。在利潤率較高的已開發市場，銷售驅動因素更為突出。相對而言，新興市場的交易量略有下降，但價格有所上漲，這正是我們所樂見的。所以從大局來看，情況相當平衡，並且抵消了我們看到的通膨壓力。坦白說，這也是因為我們對商品和外匯風險敞口控制得相當好。所以我不想透露明年任何定價方面的資訊。但如果我們按市值計價我們的大宗商品和外匯影響，它將比您目前在損益表中看到的數字略高一些。

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。

So first, just a clarification look on the Brazil issue because it sounds like it will linger in Q4. Are you expecting a similar magnitude in Q4 relative to Q3 and then it's really next year? Would you start to see that drag dissipate? And then second, in the U.K., obviously very strong momentum in the quarter, double-digit revenue growth. Can you give us a bit more detail on what drove that strength in terms of market share versus category growth? And some CPG companies have noted a bit of slowdown around the Brexit uncertainty even though it didn't ultimately come to fruition this month. So have you seen any impact there so far in Q4, expecting any deceleration going forward?

首先，我們來澄清一下巴西的問題，因為這個問題似乎會持續到第四季。你預期第四季相對於第三季會有類似的幅度嗎？如果是這樣，那就真的要等到明年了？你會看到阻力開始消失嗎？其次，在英國，本季發展勢頭非常強勁，營收實現了兩位數成長。您能否更詳細地說明一下，是什麼因素推動了市場佔有率和品類成長的優勢？一些消費品公司注意到，儘管英國脫歐最終並未在本月發生，但其不確定性還是導致了業務放緩。那麼，到目前為止，您在第四季度是否看到任何影響？您預計未來會出現任何放緩跡象嗎？

Yes. Maybe I'll comment on Brazil, a little bit on the U.K. and the impacts in here. So on Brazil, the biggest impact has been actualized in both Q2 and Q3. There will still be an impact in Q4. That impact will be sequentially lower. Importantly as we enter next year, the supply chain-related issues should be fully solved or almost entirely solved. I think we will still see some issues related to powdered beverages and competitiveness of Mondelez in that category. Remember in Q1, it is summertime, and so there is a big consumption. So there might still be some PB or powdered beverage-related issues in Q1.

是的。或許我會談談巴西，稍微談談英國以及它們對這裡的影響。因此，在巴西，最大的影響體現在第二季和第三季。第四季仍會受到影響。這種影響會逐級降低。重要的是，進入明年，與供應鏈相關的問題應該要徹底解決或幾乎完全解決。我認為我們仍然會看到一些與粉狀飲料以及億滋國際在該領域的競爭力相關的問題。請記住，第一季是夏季，所以消費量很大。因此，第一季可能還會出現一些與花生醬或粉狀飲料相關的問題。

In the U.K., I think we are quite frankly hitting on all cylinders. The category -- the chocolate category is up. It is on the back of hot summer last year and the fact that Q3 was quite hot. So there was a market pickup. But importantly, we are gaining share. Dirk alluded clearly to -- or actually said that in Q3, the execution of Cadbury Dairy Milk and the campaign with Cadbury Dairy Milk Generosity is working very well. And we are seeing material share gains. So we are executing quite well around chocolate. But I would also say around biscuits, which is the other good category. So we are very pleased with the execution in that market.

坦白說，我認為英國目前各方面都進展順利。巧克力類商品數量上升了。這是由於去年夏季炎熱以及第三季氣溫較高所致。所以市場出現了回升。但重要的是，我們的市場佔有率正在成長。Dirk明確暗示——或者說他確實說過——在第三季度，吉百利牛奶巧克力的執行情況以及吉百利牛奶巧克力慷慨活動的效果非常好。我們看到市場佔有率顯著成長。所以，我們在巧克力領域做得相當不錯。但我還想說，餅乾也是不錯的選擇。因此，我們對該市場的表現非常滿意。

And I would add that at this stage, we cannot talk about any slowdown as it relates to Brexit worries, as the numbers testified. So we don't see it at the moment, we are preparing for it, of course. But we also believe that our categories, the snacking category is not that necessarily going to go big swings up and down as consumer sentiment goes up and down. So we hope that we will be a little bit protected from big consumer sentiment changes.

我還要補充一點，正如數據所表明的那樣，現階段我們不能談論與英國脫歐擔憂相關的任何經濟放緩。所以目前我們還沒有看到這種情況，當然，我們正在為此做準備。但我們也認為，我們的品類，尤其是零食品類，不一定會隨著消費者情緒的起伏而大幅波動。所以我們希望能夠在某種程度上免受消費者情緒大幅波動的影響。

Your next question comes from Ken Goldman with JPMorgan.

下一個問題來自摩根大通的肯‧戈德曼。

I wanted to -- I know you're not willing to talk about 2020 specifically yet. But you have brought up Brexit a couple of times. I just wanted to ask how you think about either including or excluding any potential impact from Brexit in your guidance. Some companies have said, you know what, there's no way we can quantify it, so when we think about the out-years, we're just not going to even try. And other companies have said, no, maybe we should bake in a little bit of risk into our guidance just in case. I'm just trying to get a sense of where you guys fall on that spectrum, if you even consider that yet?

我想說──我知道你現在還不願意具體談論2020年的事。但你已經好幾次提到英國脫歐了。我只是想問您，您認為是否應該在您的指導下納入或排除英國脫歐可能帶來的任何影響？有些公司表示，你知道嗎，我們根本無法量化它，所以當我們考慮未來幾年時，我們乾脆就不嘗試了。其他公司則表示，不，或許我們應該在績效指引中加入一些風險因素，以防萬一。我只是想了解你們在這個光譜上處於什麼位置，如果你們考慮過這個問題的話？

Yes. At the larger scale, I would say you can say we are in the first part where we cannot really quantify it. We don't know what type of Brexit it will be. And so we have not included a larger effect of Brexit into our thinking.

是的。從更宏觀的角度來看，可以說我們正處於無法真正量化的第一階段。我們不知道最終會是哪種類型的脫歐。因此，我們尚未將英國脫歐的更大影響納入我們的考慮。

What we always include, which we will also do for first quarter of 2020, is the short-term Brexit disturbance that you could have at the borders where we need to increase our inventories, we need to book more transportation, we need to stock up our raw materials and packaging and so on. That we have always done and that we will continue to do, and that's included in our forecast. But if it would be a hard Brexit with a devaluation of the pound and a big consumer reaction, that is not included for us.

我們一直都會考慮（2020 年第一季也會考慮）英國脫歐可能帶來的短期幹擾，例如邊境管制，屆時我們需要增加庫存、預訂更多運輸工具、儲備原材料和包裝材料等等。我們一直以來都是這樣做的，而且我們還會繼續這樣做，這已經包含在我們的預測中。但如果出現硬脫歐，導致英鎊貶值和消費者強烈抵制，那我們就不考慮這種情況了。

And then a follow-up is on Andrew Lazar's conference recently, you talked about Oreo's distribution not being good enough in U.S. C-stores. I've always thought, and I think you guys have always thought, it's a pretty big opportunity that is not necessarily being capitalized on now. But I didn't get a sense of what moves you're making necessarily to improve Oreo in C-stores, whether you're going to use your DSD system to gain distribution and so forth. I just wanted to get a better sense of sort of what the strategy and maybe some of the tactics are along those lines.

然後，關於安德魯·拉扎爾最近的會議，您談到了奧利奧在美國便利商店的分銷情況不夠好。我一直認為，我想你們也一直認為，這是一個很大的機會，但目前還沒有充分利用。但我不太清楚你們為了改善便利商店中奧利奧的銷售情況，究竟採取了哪些具體措施，例如是否會利用DSD系統來拓展分銷管道等等。我只是想更了解他們的戰略以及相關的一些戰術。

Yes. First of all, I can say that in the background, there's a lot of work going on as it relates to Oreo in C-Stores. It takes a while. We have to test our approach, see if it works. So next year, we are expecting to make bigger strides as it relates to that.

是的。首先，我可以透露，在幕後，與便利商店中的奧利奧相關的工作正在緊鑼密鼓地進行中。需要一段時間。我們需要測試一下我們的方法，看看是否有效。所以明年，我們預計在這方面會取得更大的進展。

Just to clarify, our DSD does not work in the C-Store channel. Our DSD is a system that works in the supermarket channel for us. So we are not planning at this stage to use our DSD system for that. But we do have the right route-to-market set up, and we are building up the right programs and relationships with the clients, and we're expecting that next year we'll show some significant progress.

需要澄清的是，我們的DSD在C-Store頻道中無法播放。我們的DSD系統在超市通路中運作良好。所以現階段我們還沒有計劃使用我們的DSD系統來實現這個目標。但是我們確實擁有正確的市場管道，並且正在與客戶建立正確的專案和關係，我們預計明年我們將取得一些重大進展。

And I think I would say that if you look at the market and share for C-stores, I think we are having not as high as the opportunity is yet, but we are gaining share in C-stores in biscuits as well.

我認為，如果你看看便利商店的市場份額，你會發現我們還沒有達到應有的高度，但我們在便利商店的餅乾市場份額也在不斷增長。

Your next question comes 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 Luca, just quick cleanup question on the gross margin. Excluding Brazil, I think last quarter, you called it out as a $25 million to $30 million profit drag to the line. How should we think about the context specific to Q3? And then I have a revenue question follow-up.

盧卡，關於毛利率，我還有一個簡單的問題想問。撇開巴西不談，我認為上個季度你曾指出，這將拖累公司利潤 2,500 萬至 3,000 萬美元。我們該如何看待第三季的具體情況？然後我還有一個關於收入的後續問題。

I think it is around about the same number. It is in the ballpark. I think clearly, one of the components as I called out, it is in relation to PBs, powdered beverages, and some destocking we had in that category. But when you look at all the numbers excluding Brazil, you really see that the shape of the P&L is good. And as I said particularly on the year, notwithstanding the fact that in Q3 we're lapping the highest gross margin last year. Particularly on a year-to-date basis, you see that virtuous model predicated on volume growth coming into fruition.

我認為數量差不多。差不多。我認為很明顯，正如我所指出的，其中一個因素與花生醬、粉狀飲料以及我們在該類別中的一些清倉有關。但如果你把巴西的數據排除在外，你會發現損益表的走勢其實不錯。正如我之前所說，尤其是在今年，儘管第三季我們的毛利率超過了去年同期的最高水準。尤其從今年迄今的數據來看，以銷售成長為基礎的良性循環模式正在逐步實現。

Great. And then, Dirk, can you walk us through some of the bigger chocolate markets where Mondelez entered the last few years but not necessarily had scaled pretty big into, specifically China and the U.S.? What's your latest thinking about what the near, medium and long-term opportunity is for both those markets?

偉大的。那麼，Dirk，你能否帶我們了解億滋國際在過去幾年進入的一些較大的巧克力市場，但這些市場並沒有真正大規模擴張，特別是中國和美國？您目前對這兩個市場的近期、中期和長期機會有何看法？

Yes. So both markets are a little bit the same for us. We entered largely from what I would say as an opportunistic approach, trying to carve out as big a niche as we can. That would lead to a market share somewhere between 1%, 2%, maybe 3%, best case. We were always aware of that. I would say now that both markets have very significant players here in the U.S. and in China that we would be up against, so we didn't want to have a sort of a major strategy or a major approach. We wanted to just capture the opportunity that we have largely using Oreo as a brand. So far, we have captured what we were planning to get, but we are not planning on pushing that into other brands or a major chocolate approach. We feel that we have other opportunities around the world, which are more -- which are bigger and give us a better return, and we want to focus on those first before we want to enter those 2 big chocolate markets around the -- or increase our presence in those 2 big chocolate markets in China and the U.S.

是的。所以對我們來說，這兩個市場有點相似。我們進入這個行業很大程度上是出於機會主義的態度，試圖盡可能地開闢出一個更大的市場。這樣一來，市佔率大概會在 1%、2% 到 3% 之間，這還是最好的情況。我們一直都知道這一點。我認為，現在美國和中國這兩個市場都有非常重要的競爭對手，所以我們不想採取大規模的策略或大規模的策略。我們只是想抓住奧利奧這個品牌所帶來的機會。到目前為止，我們已經實現了我們計劃要實現的目標，但我們並不打算將其推廣到其他品牌或大規模的巧克力策略。我們覺得我們在世界各地還有其他機會，這些機會更大，能為我們帶來更好的回報，我們想先專注於這些機會，然後再進入中國和美國這兩個大型巧克力市場，或者增加我們在中國和美國這兩個大型巧克力市場的份額。

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。

Geez, we've covered a lot of ground so far, so I just want to -- I guess I'll bring us back to that gross margin question to build off of Steve's prior question. I appreciate that you're up against a larger year-on-year comp. But just looking back over history, your gross margins aren't meaningfully different between the second quarter and third quarter. Yet this quarter, they sequentially fell by around 90 bps. But it sounds like a fairly comparable Brazil supply chain issue. I'm not trying to make a mountain out of a molehill here. But can you just help us understand a little bit more what the drivers are of that sequential step-down? And how many of them are durable in nature and which ones may dissipate with time?

哎呀，我們目前已經討論了很多內容，所以我只想——我想我會回到毛利率的問題上來，以史蒂夫之前的問題為基礎進行討論。我知道你們面臨的是年增幅較大的局面。但回顧歷史數據，第二季和第三季的毛利率並沒有顯著差異。然而，本季它們環比下降了約 90 個基點。但這聽起來很像巴西供應鏈方面存在的問題。我並不是想小題大作。您能否幫我們更深入地了解這種逐步降級背後的驅動因素是什麼？其中有多少是經久耐用的，又有多少會隨著時間而消散？

Yes. I think, look, if you really look at percentages, I think on a year-to-date basis, we are around about 40%. I think we closed last year at 40.2%. So if we really want to dissect through the decimal point, yes, we are a few decimal points behind. I don't think, Jason, that there is anything structural besides Brazil. And Brazil again, as I dissect the issue, there is part of it that is going to persist to a certain extent into next year, and it is the powdered beverages part of it. On supply chain, we should be fixed.

是的。我認為，如果你仔細看百分比，我認為從今年迄今為止的情況來看，我們大約達到了 40%。我認為我們去年的收盤價是 40.2%。所以如果我們真的要仔細分析小數點，是的，我們確實落後了幾個小數點。傑森，我認為除了巴西之外，沒有其他結構性問題了。再說巴西，當我剖析這個問題時，發現其中一部分問題會在某種程度上持續到明年，那就是粉末飲料的問題。在供應鏈方面，我們應該要有所改進。

I think as you look at all the components of the gross profit delivery, volume leverage is there. I think when you look at the volume/mix that is 2%, that is a good number. I think that provides material leverage both into the GP line and the overhead line, and I think we see it coming into fruition.

我認為，當你審視毛利交付的各個組成部分時，你會發現銷售槓桿作用是存在的。我認為，當音量/混合比例為 2% 時，這是一個不錯的數字。我認為這為毛利和營運成本都提供了實質的槓桿作用，而且我認為我們正在看到它取得成果。

In terms of pricing, last year, we announced a couple of ways of pricing in the U.S. market. And I think as you look at the biscuit market, specifically you see volume and value going up. In that context, we are gaining share. I think in emerging markets, we clearly have the pricing discipline that is required. And quite frankly, it is a little bit more sophisticated than going out and announcing big price increase as it is leveraging the full array of pricing tools that we have, including trade deal optimization, promo intensity, price pack architecture. And as I answered before, if I look at the composition of the commodity and ForEx inflation and the pricing we have taken business unit by business unit, I think we did a good job in both emerging and developed markets.

在定價方面，去年我們宣布了美國市場的幾種定價方式。我認為，如果你觀察餅乾市場，你會發現銷量和銷售額都在上升。在這種背景下，我們的市佔率正在成長。我認為在新興市場，我們顯然具備必要的定價紀律。坦白說，這比直接宣布大幅提價更複雜一些，因為它利用了我們擁有的所有定價工具，包括貿易交易優化、促銷強度、價格包架構。正如我之前回答的那樣，如果我看一下商品組成、外匯通膨以及我們逐個業務部門進行的定價，我認為我們在新興市場和已開發市場都做得很好。

And productivity, it is a little bit lower than in the past years, not because gross productivity isn't there. It is there, but we are facing a little bit more inflation on the labor front and the logistics cost. So as I dissect the gross margin component and I take myself in a context where I say, okay, Brazil is a little bit of an outlier, do I see us having material issues on price net of commodities, productivity, volume leverage? The simple answer is no. I think the 1 point is mostly attributable to Brazil. It is attributable to the fact that in Q3 last year, the number was higher than the rest of the year. A 40% with Brazil embedded into the number, I don't think it is for us something that we should worry structurally about. I think having said that, we need to continue working well on delivering volume, on getting the productivities and pricing in line with the inflation we see in the marketplace.

而且，生產力比往年略低，但這並不是因為總生產力不夠高。雖然通膨因素，但我們在勞動成本和物流成本方面面臨更大的通膨壓力。因此，當我分析毛利率組成部分，並考慮到巴西的情況有點特殊時，我認為，扣除大宗商品、生產率和銷售槓桿作用後，我們在價格方面是否存在實質性問題？答案很簡單：不行。我認為這1分主要歸功於巴西隊。這是因為去年第三季的數字高於其他季度。巴西佔比 40%，我認為這對我們來說在結構上不應該是一個值得擔憂的問題。我認為，即便如此，我們仍需繼續努力提高產量，使生產力和定價與市場上的通貨膨脹保持一致。

Your next question is from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

Dirk, in the past, you've talked about that country level approach to management, and one outcome would be that the local power brands would be getting more marketing support. Could you talk a little bit about that? How is that going? Are your country level managers spending more on those local brands as you had planned? And are you getting a return on that investment in terms of accelerated local brand growth? Any numbers on that will be helpful, and I have a quick follow-up.

Dirk，你過去曾談到這種國家層面的管理方法，結果之一就是當地的強勢品牌將獲得更多的行銷支援。能稍微談談這方面嗎？進展如何？你們各國的經理人是否按照計畫增加了在本地品牌上的支出？那麼，從本地品牌加速成長的角度來看，這項投資是否獲得了回報？任何相關數據都會很有幫助，我還有一個後續問題。

Yes. Well, the short answer to your question is, yes, they are spending more on the local brands. And yes, we are getting a return on that, and also we are seeing an acceleration of the growth. So if I look at our local brands, they, for instance in '18, they would've grown around 1%. Year-to-date '19, they're growing about 3.5%. And they were even higher in Q3. So we clearly see the effect on our brands, and we feel that we're getting a good return.

是的。簡而言之，答案是肯定的，他們確實在本地品牌上投入了更多資金。是的，我們從中獲得了回報，而且我們也看到了成長速度的加快。所以，如果我看一下我們的本地品牌，例如在 2018 年，它們的成長率約為 1%。截至 2019 年，他們的成長率約為 3.5%。第三季這些數字甚至更高。因此，我們清楚地看到了這對我們品牌的影響，並且我們覺得我們獲得了良好的回報。

Of course, we want those local brands to grow in line with the markets, and they're about there. But there is still, we feel, opportunity to keep on investing more. An example would be brands like Pacific in China, which is a very local brand, which is adapted to local flavors, a biscuit brand. And it also has a health and wellness connotation. So that plays well. We're revamping LU in Belgium and France, and there's a number of these brands around the world which we think we need to really offer a full portfolio to our consumers. And again, to answer your question clearly, yes, we've seen very clearly an effect on our local brands, and it's working well.

當然，我們希望這些本土品牌能夠與市場同步發展，而它們目前也基本上達到了這個目標。但我們認為，仍有機會繼續加大投資。例如中國的太平洋餅乾品牌就是一個本土品牌，它非常本土化，迎合了當地的口味。它還具有健康和保健的含義。這樣安排很奏效。我們正在對比利時和法國的 LU 品牌進行改造，我們認為在世界各地還有很多類似的品牌，我們需要真正為我們的消費者提供完整的產品組合。再次明確回答您的問題，是的，我們已經非常清楚地看到這對我們的本地品牌產生了影響，而且效果很好。

And related to that, I would have thought by now there'd be more of those bolt-on Tate's-like acquisitions around the world, that you'd be getting a wish list as you get that country level approach, and they're seeing stuff that is more relevant for them in a country level. And then you'd be getting that wish list, and it will be building up by now, and that inorganic growth would be becoming a bigger part of the story. Do you think that, that could happen at some point that we start to see more and more bolt-ons as they look to add to the inventory of brands?

與此相關的是，我原以為現在世界各地會有更多像泰特美術館那樣的收購，隨著各國採取這種國家層面的策略，你會得到一份願望清單，他們會看到一些與本國情況更相關的東西。然後你就會收到那份願望清單，而且到現在為止，這份清單上的項目會越來越多，這種非自然增長將成為故事中越來越重要的部分。你認為，隨著品牌尋求擴充產品線，未來是否有可能出現越來越多的外掛式配件出現？

Yes. Yes, we are constantly evaluating, I would say, largely in our bigger markets, what are the opportunities for us to do bolt-on acquisitions. Of course in the first place, we want to invest in our own local brands. But if we see a clear gap in the market -- I'm sorry, in the snacking landscape as we lay it out and the brand fits there, like for instance, we did with the recent acquisition of Perfect Snacks here in the U.S., protein bar, refrigerated, largely based on nuts, that is something we don't have growing very fast.

是的。是的，我們一直在評估，尤其是在我們較大的市場中，有哪些機會可以進行補充收購。當然，首先我們希望投資自己的本土品牌。但是，如果我們發現市場上有明顯的空白——抱歉，應該說是在我們規劃的零食領域，而我們的品牌恰好符合這個空白，例如，我們最近在美國收購了 Perfect Snacks，這是一款冷藏蛋白棒，主要成分是堅果，而我們目前在這個領域的增長速度並不快。

So as we see these opportunities around the world, we are clearly engaging. We try to be disciplined. And so we only -- we'll do it when it makes financial sense for us, and on top, we see a large runway towards becoming a significant brand. We do not want to buy brands that in the end will not be of significant volume and net revenue to make a difference for us. But yes, again the answer would be yes. And hopefully in the coming quarters, you will see the effect of that.

因此，當我們看到世界各地出現這些機會時，我們顯然會積極參與其中。我們努力做到自律。因此，我們只會——只有在對我們有利的情況下才會這樣做，而且，我們看到了成為重要品牌的巨大潛力。我們不想收購那些最終無法為我們帶來顯著銷售和淨收入的品牌，以免造成任何損失。但是，答案仍然是肯定的。希望在接下來的幾個季度裡，你們將會看到成效。

Your next question comes from Nik Modi with RBC.

下一個問題來自 RBC 的 Nik Modi。

Dirk, maybe you could just answer 2 quick ones. The first is just latest thinking on DSD. Just wanted to get your latest state of the union on that. And then the second is really talking about the breakfast occasion as well as savory snacking and kind of how your initiatives in those areas are working. And what we should be expecting, if you have any big opportunities over the next few quarters.

德克，或許你可以簡單回答兩個問題。第一點是關於DSD的最新思考。只是想了解你對此事的最新看法。第二部分主要討論早餐場合以及鹹味零食，以及您在這些領域的舉措是如何運作的。那麼，在接下來的幾個季度裡，如果你有任何重大機遇，我們應該期待些什麼？

Okay. Maybe on DSD, as we said in the past, we think DSD for us is a strength. It allows us to have a better customer service and a fuller presence, if I can call it like that, in the store. And we've been very pleased with our performance of our DSD in the U.S., and we're seeing important market share gains, and we are pushing the category.

好的。或許在DSD方面，正如我們過去所說，我們認為DSD對我們來說是一項優勢。它使我們能夠提供更好的客戶服務，並在店內擁有更全面的存在感（如果可以這樣稱呼的話）。我們對在美國的DSD業務表現非常滿意，我們看到了重要的市佔率成長，我們正在推動該品類的發展。

Obviously, the way we think about our DSD system is as we acquire some of these bolt-on brands, we are expecting to bring them over time on to our DSD system. And we've been testing that. We want to tread very carefully, and we do not want to do it overnight. But some of the tests we've been doing, putting some of those new brands on our DSD system have been highly successful. And so as we go forward, you will start to see us putting things like Tate's on our DSD across the U.S. which will be a big boost to the Tate's brand.

顯然，我們對 DSD 系統的看法是，隨著我們收購一些附加品牌，我們希望隨著時間的推移，將它們納入我們的 DSD 系統。我們一直在進行測試。我們想謹慎行事，不想倉促行事。但我們進行的一些測試，將一些新品牌應用到我們的DSD系統上，都獲得了巨大的成功。因此，隨著我們不斷推進，您將會看到我們在全美範圍內透過 DSD 配送服務銷售像 Tate's 這樣的產品，這將極大地提升 Tate's 品牌的知名度。

So we remain very committed to DSD, and we have a clear executional expectation of how DSD will perform for our current brands. But we also see a big opportunity to bring some of our new brands on to our DSD system.

因此，我們仍然非常重視DSD，並且對DSD在我們現有品牌中的表現有明確的執行預期。但我們也看到了將一些新品牌引入我們的DSD系統的巨大機會。

As it relates to the breakfast occasion, do you mind repeating what you were alluding to, Nik, because I didn't fully understand it?

關於早餐這件事，尼克，你介意再重複一次你剛才提到的內容嗎？因為我沒完全聽懂。

Yes. I'm just trying to get a sense. Obviously, those are 2 important opportunities of growth for the company. So just wanted to understand what you're -- how those businesses performed this quarter. And are there any big initiatives that we should be looking out for the next few quarters?

是的。我只是想了解一下狀況。顯然，這是公司兩大重要的成長機會。所以，我只是想了解一下你們——這些企業本季的業績如何。接下來幾季有哪些值得我們關注的重大舉措？

Well, the brand that we are positioning on the breakfast occasion is belVita. belVita is a biscuit that gives you sort of a slow release of energy, gives you 4-hour energy. It's a brand that's performing quite well, and it's mid-single-digit growth at the moment, doing quite well particularly in the U.S. Our evolution for belVita is to offer it in more different forms going into soft cakes for instance, going potentially to bars and gradually expand the range of belVita to make it a full breakfast offering not only in the U.S. but around the world and potentially also take the brand into mid-morning snacking, which could also be very interesting. And I think the brand has the credentials not only from a branding perspective but also from the active ingredients to make that happen. That's really our focus for the breakfast occasion for us.

我們定位在早餐市場的品牌是 belVita。belVita 是一種餅乾，可以緩慢釋放能量，提供 4 小時的能量。這是一個表現相當不錯的品牌，目前正維持中等個位數的成長，尤其是在美國市場表現尤為出色。我們對 belVita 的發展規劃是推出更多不同形式的產品，例如軟蛋糕，甚至可能推出能量棒，並逐步擴大 belVita 的產品範圍，使其成為不僅在美國，而且在全球範圍內的全套早餐產品，甚至有可能將該品牌拓展到上午茶點市場，這或許也會帶來很多樂趣。我認為該品牌不僅從品牌角度來看具備實現這一目標的資質，而且從其有效成分來看也具備。這才是我們早餐活動的真正重點。

Your next question is from Robert Moskow with Crédit Suisse.

下一個問題來自瑞士信貸的羅伯特·莫斯科。

I just want to -- this year is characterized as one of reinvestment. So I think people are going to look at the SG&A decline as a percentage of sales as a sign that this quarter didn't get the reinvestment as you normally would give to the business. But then again, you've been very clear that ex-Brazil, there was reinvestment, and the model was working. So can you kind of confirm that the missteps in Brazil didn't result in any kind of lower spending elsewhere around the globe? That you knew that profit was coming in weak in Brazil but that -- maybe you cut the spending a bit in Brazil but not elsewhere. And then secondly, I have a question on powdered beverages. Is it about $400 million in sales? That was just my desk guesstimate here in Brazil.

我只是想——今年的特點是再投資。所以我認為人們會把銷售、一般及行政費用佔銷售額的百分比下降視為一個訊號，表明本季沒有像往常一樣對業務進行再投資。但話說回來，您已經非常明確地表示，在巴西以外，存在再投資，而且這種模式是行之有效的。那麼，您能否確認一下，巴西的失誤並沒有導致全球其他地區的消費支出減少？你知道巴西的利潤疲軟，但是——也許你在巴西削減了一些開支，但在其他地方卻沒有。其次，我還有一個關於粉狀飲料的問題。銷售額大約是4億美元嗎？那隻是我在巴西這邊的粗略估算。

So to your first part of the question, we didn't cut anywhere. Our PB expenses are up materially in Q3, actually more than on a year-to-date basis. So we protected the A&C investment. As Dirk said many times, there are a couple of things to bear in mind there. The first one is we are also skewing more towards working media so that number that on the face of it is high in terms of total A&C is even higher in terms of working media, and in the quarter and on a year-to-date basis. And the second element that has to be kept in mind is that management, certainly management sitting at this table but also management sitting in the business unit, is not getting any pass for A&C reductions in terms of incentives.

所以對於你問題的第一部分，我們沒有進行任何刪減。第三季我們的個人發展支出大幅增加，其實比年初至今的支出還要多。因此，我們保護了A&C的投資。正如德克多次說過的那樣，有幾件事需要記住。首先，我們也更傾向於使用工作媒體，因此，就整體廣告和廣告而言，表面上已經很高的數字，就工作媒體而言則更高，無論是在本季度還是今年迄今為止都是如此。第二個需要牢記的因素是，管理層，當然包括坐在這張桌子上的管理層，以及業務部門的管理層，在激勵措施方面，不會因為A&C削減而獲得任何豁免。

So if we deliver profit in a quarter through cutting A&C, the number is not going to count in terms of incentive that we're going to get at the end of the year. And I think that is an important step forward versus the past. And the last thing we are going to do is cut A&C even in a context where maybe we're under a little bit of pressure from a profit delivery.

因此，如果我們在一個季度內透過削減A&C成本來獲利，那麼這個數字將不會計入我們年底獲得的激勵獎金。我認為這與過去相比是一個重要的進步。我們最後要做的事情就是削減A&C，即使在可能面臨獲利壓力的情況下。

In Brazil, we did cut some A&C. But it was due to the fact that we clearly didn't see it working. So we are not going to be planning and say, yes, let's spend whatever and no matter what. But I want to reassure that on that front, we are not going to do anything that we will regret in the medium to long term.

在巴西，我們確實削減了一些A&C。但這完全是因為我們當時根本沒看到它奏效。所以我們不會制定計劃，然後說，是的，讓我們不管怎樣都花掉所有錢。但我想向大家保證，在這方面，我們不會做任何在中長期內會讓我們後悔的事情。

The PB categories in Brazil, it is north of $300 million. As I said, the category is a little bit challenged. We have big brands in there, namely Tang and Clight and the local brand which is called Fresh. We are facing a couple of pressure points. One, it is CSDs are taking share from the category. And the second element -- so the category is shrinking a bit. And the second element is we are getting pressure from more competitive propositions and low price point propositions for consumers. So we are working on both. And there is a more comprehensive plan we have in place for powdered beverages, which hopefully will bring some positives. But I think it will take a little bit of time for that plan to really be in full effect and bring the category back up and our share back up.

巴西的PB類別，超過3億美元。正如我所說，這個類別有點棘手。裡面有唐和克萊特等知名品牌，還有一個名為「鮮活」的本地品牌。我們面臨幾個壓力點。第一，碳酸飲料正在蠶食該品類的市佔率。第二個要素－所以這個類別正在縮小一些。第二個因素是，我們面臨來自更具競爭力的產品和低價位產品的壓力。所以我們兩方面都在努力。我們也制定了更全面的粉狀飲料計劃，希望能帶來一些正面影響。但我認為，這項計劃需要一些時間才能真正全面生效，使該品類和我們的市佔率回升。

I think we can stop the questions here. We are at the top of the hour.

我想我們可以停止提問了。現在是整點。

So to wrap it up, our third quarter results, particularly our top line performance, demonstrates the continued strength of our core categories and the power of our unique local and global brand portfolio. Our new strategy focused on growth, execution and culture is continuing to drive engagement and results across our business units. We are encouraged by our early progress against our strategy. We are equally excited about the opportunities that we see ahead of us, particularly for next year and to increase further the momentum for our company. We see that in the form of expansion into adjacencies, driving market share gains in our existing portfolio or reinforcing the growth potential of our categories. Our focus going forward remains on continuing to execute against our strategy and ensuring that the company is well positioned for sustainable growth and attractive long-term shareholder value creation.

綜上所述，我們第三季的業績，特別是營收表現，證明了我們核心品類的持續強勁以及我們獨特的本地和全球品牌組合的強大實力。我們以成長、執行和文化為重點的新策略正在持續推動我們各個業務部門的參與度和績效。我們對我們在執行策略方面取得的初步進展感到鼓舞。我們對未來的機會同樣感到興奮，特別是明年，我們將進一步增強公司的發展動能。我們看到，這體現在向鄰近領域擴張、推動現有產品組合的市佔率成長，或增強我們品類的成長潛力。展望未來，我們的重點仍然是繼續執行我們的策略，並確保公司處於良好的發展狀態，實現永續成長和為股東創造有吸引力的長期價值。

Thank you for dialing in. Thank you for your interest in the company and talk to you next quarter.

感謝您撥入。感謝您對本公司的關注，我們下季再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，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。