億滋國際 (MDLZ) 2022 Q2 法說會逐字稿

Good day, and welcome to the Mondelez International Second Quarter 2022 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)

各位來賓，歡迎參加億滋國際2022年第二季財報電話會議。本次電話會議預計持續約1小時，包括億滋管理階層致詞及問答環節。 （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。請您發言，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. Earlier today, we sent out our press release and presentation slides, which are available on our website, mondelezinternational.com/investors.

下午好，感謝各位蒞臨。今天與我一同出席的有我們的董事長兼執行長德克·范德普特先生，以及財務長盧卡·扎拉梅拉先生。今天早些時候，我們已發布新聞稿和演示文稿，您可以在我們的網站mondelezinternational.com/investors上查看。

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, Q and 8-K filings for more details on our forward-looking statements.

在本次電話會議中，我們將就公司績效做出前瞻性陳述。這些陳述是基於我們目前的判斷。由於風險和不確定性，實際結果可能與預期有重大差異。有關前瞻性陳述的更多詳情，請參閱我們提交的10-K、Q和8-K文件中包含的警示性聲明和風險因素。

As we discuss our results today, unless noted as reported, we'll be referencing our non-GAAP financial measures, which adjust for 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 presentation.

在今天討論績效時，除非另有說明，我們將引用非GAAP財務指標，這些指標已對GAAP業績中包含的項目進行了調整。此外，除非另有說明，我們將以固定匯率為基礎提供年增速。您可以在獲利報告和簡報結尾找到對應的GAAP指標以及GAAP與非GAAP指標的調節表。

In today's call, Dirk will provide a business and strategy update, then Luca will take you through our financial results and our outlook. We will close with Q&A.

在今天的電話會議中，Dirk 將介紹業務和策略的最新進展，然後 Luca 將為大家講解我們的財務表現和展望。最後我們將進行問答環節。

With that, I'll turn the call over to Dirk.

接下來，我將把電話交給德克。

Thanks, Shep, and thanks to everyone for joining the call today. I will start on Slide 4.

謝謝謝普，也謝謝今天參加電話會議的各位。我將從第四張投影片開始。

I'm pleased to share that we have delivered a strong first half of the year with robust volume growth and solid pricing execution that supports raising our full year revenue growth outlook to 8% plus. Our core chocolate and biscuit businesses continue to demonstrate volume and pricing resilience as consumers around the world continue to seek out our trusted and iconic brands to meet their snacking needs.

我很高興地宣布，今年上半年我們取得了強勁的業績，銷量成長穩健，定價策略也十分有效，這支撐了我們將全年營收成長預期上調至8%以上。我們的核心巧克力和餅乾業務持續展現出銷售和價格的韌性，全球消費者持續青睞我們值得信賴的標誌性品牌，以滿足他們的零食需求。

And although we may see a more mixed consumer sentiment in the near term given the macro environment, we expect the consumers to consume more at home and be more selective in the brands they buy, which we believe to be a net positive for (inaudible). We also continue to effectively navigate a dynamic operating environment. Input cost inflation remains challenging. And although we may see commodity inflation beginning to ease, we expect other costs like wages to show significant inflation.

儘管宏觀環境的影響，短期內消費者情緒可能較為複雜，但我們預期消費者將增加居家消費，並更加註重品牌選擇，我們認為這對（聽不清楚）而言總體上是利好消息。同時，我們也積極應對瞬息萬變的經營環境。投入成本通膨仍構成挑戰。雖然大宗商品通膨可能開始緩解，但我們預期薪資等其他成本仍將出現顯著通膨。

Our strong track record in having cost efficiency and simplification positions us well to mitigate the impact of these inflationary factors. At the same time, our consistent results enable us to maintain our course in driving a virtuous cycle where strong net revenue and gross profit (inaudible) to continuously invest in our brands, distribution capabilities and acquisitions.

我們在成本效益和簡化流程方面擁有良好的業績記錄，這使我們能夠有效應對通膨因素的影響。同時，我們持續穩定的業績使我們能夠保持良性循環，透過強勁的淨收入和毛利（聽不清楚）不斷投資於我們的品牌、分銷能力和收購。

We also continue to make great progress in reshaping our portfolio. A great example of that is our agreement to acquire Clif Bar, which will improve our position in the attractive and fast-growing snack bar category. I'll share some additional context on the exciting (inaudible) in a few minutes.

我們在重塑產品組合方面也持續取得顯著進展。一個很好的例子是我們達成了收購Clif Bar的協議，這將提升我們在極具吸引力且快速成長的零食棒領域的地位。稍後我會分享更多關於這項激動人心的（聽不清楚）的資訊。

Along with the Clif acquisition, we announced plans to divest our developed market Gum & Halls businesses, allowing us to focus our portfolio and further invest in our faster-growing businesses of chocolate and biscuits. We remain confident that the strength of our brands, our proven strategy and our increasing investments position us well to deliver attractive sustainable growth for the remainder of 2022 and beyond.

隨著對Clif的收購，我們宣布計劃剝離已開發市場的口香糖和Halls品牌業務，使我們能夠專注於業務組合，並進一步投資於成長更快的巧克力和餅乾業務。我們仍然堅信，憑藉我們強大的品牌實力、行之有效的策略以及不斷增加的投資，我們有能力在2022年剩餘時間及以後實現可持續的穩健增長。

Above all, I am extremely confident in our people, who continue to demonstrate exceptional passion and dedication to serving our consumers despite ongoing challenges with inflation, (inaudible) and periodic (inaudible) in COVID conditions.

最重要的是，我對我們的員工充滿信心，儘管面臨通貨膨脹、（聽不清楚）和新冠疫情期間的周期性（聽不清楚）等持續挑戰，他們仍然展現出非凡的熱情和奉獻精神，為我們的消費者服務。

Day in and day out are 80,000-plus makers and bakers who strive to help people snack right. We respect and honor our colleagues around the world, and we truly believe that team Mondelez is a very (inaudible) [theme] in the consumer packaged goods industry.

日復一日，超過8萬名生產者和烘焙師致力於幫助人們享用健康零食。我們尊敬並敬重世界各地的同事，我們堅信，億滋團隊是消費品包裝產業中非常（聽不清楚）的[主題]。

Turning to Slide 5. You can see that our strategy is continuing to drive a virtuous cycle. The strength of our brands, increasing investments, volume growth and significant pricing actions are sustaining top line momentum and solid profitability despite substantial inflation. We grew revenue this quarter by 13.1% and 10.7% for the first half of the year. We delivered gross profit growth of 9.7% due to healthy volume growth and pricing actions.

請看幻燈片5。您可以看到，我們的策略正在持續推動良性循環。儘管通貨膨脹嚴重，但我們強大的品牌實力、不斷增加的投資、銷售成長以及有效的定價策略，都維持了營收成長動能和穩健的獲利能力。本季營收成長13.1%，上半年營收成長10.7%。由於銷售的穩健成長和有效的定價策略，我們的毛利成長了9.7%。

Our A&C investments have increased double digits as to gain or hold share across more than half our revenue base and positioning us well for future periods. An example of our commitment to brand investment is the renovation of Milka to make this leading chocolate brand the most tender and creamy ever.

我們的廣告和廣告投資實現了兩位數的成長，旨在提升或鞏固我們超過一半收入來源的市場份額，並為未來的發展奠定堅實的基礎。我們對品牌投資的承諾體現在對Milka的品牌升級改造上，力求讓這款領先的巧克力品牌擁有前所未有的柔滑細膩口感。

This program includes an upgraded taste profile, creamier (inaudible) and distinctive packaging, celebrating the brand's Alpine soul. This initiative represents our largest chocolate brand renovation in 25 years. Illustration of the campaign is featured on our earnings presentation coverage page.

該項目包括升級的口味、更柔滑的口感（此處略有含糊）以及獨具特色的包裝，彰顯了品牌的阿爾卑斯山精神。這是25年來我們規模最大的巧克力品牌革新。活動宣傳圖已發佈在我們的財報簡報頁面上。

We are supporting the launch with a fully integrated 18-month marketing and advertising support program starting in H2 '22. And last, we increased operating income by 8.5% for the quarter and 11.2% (inaudible) first half while delivering great free cash flow results.

我們將透過一項為期 18 個月的全面整合的行銷和廣告支援計畫來支持產品上市，該計畫將於 2022 年下半年啟動。最後，我們本季營業收入成長了 8.5%，上半年成長了 11.2%（聽不清楚），同時實現了良好的自由現金流業績。

As you can see on Slide 6, we delivered 10 points growth during the first half of the year. We view this strong performance as evidence that our long-term strategy continues to pay off. In late 2018, we launched a new growth plan focused on gross profit dollar growth, local first commercial execution, a virtuous cycle of increasing investment and a new approach to (inaudible) incentives. We are (inaudible) that this approach will continue to consistently deliver attractive growth.

正如您在幻燈片 6 中看到的，我們在今年上半年實現了 10 個百分點的成長。我們認為這一強勁的業績證明了我們的長期策略持續奏效。 2018 年底，我們啟動了一項新的成長計劃，重點關注毛利成長、在地化優先的商業化執行、不斷增加投資的良性循環以及新的激勵機制。我們堅信，這項策略將繼續帶來持續的、可觀的成長。

Importantly, we are also delivering strong volume, which is important to (inaudible). It is a proof that consumers are eating more of our products every day and an indication of sustainable long-term growth.

重要的是，我們的銷售也十分強勁，這對（聽不清楚）至關重要。這證明消費者每天都在消費更多我們的產品，也預示著可持續的長期成長。

Like many companies, as shown on Slide 7, we are experiencing a dynamic operating environment driven by global cost inflation, supply chain volatility and currency headwinds. Let's take a closer look at each of these dynamics and the steps we are taking to address them.

如投影片7所示，與許多公司一樣，我們正面臨著由全球成本上漲、供應鏈波動和匯率不利因素驅動的動態經營環境。讓我們仔細分析這些動態因素以及我們為應對它們所採取的措施。

First, we continue to (inaudible) elevated input cost inflation especially in the areas of energy, transportation, packaging, wheat, dairy and edible oils. To offset these challenges, we recently announced further pricing actions across key markets and continue to (inaudible) appropriate action to hedge our commodity costs along with ongoing productivity and cost reduction initiatives.

首先，我們持續面臨（聽不清楚）高企的投入成本通膨，尤其是在能源、運輸、包裝、小麥、乳製品和食用油領域。為了因應這些挑戰，我們近期宣佈在主要市場採取進一步的價格調整措施，並將繼續採取（聽不清楚）適當措施對沖大宗商品成本，同時推進持續的生產力提升和成本削減計劃。

Second, we continue to manage through volatility in the supply chain, especially in the United States due to labor shortages at third parties as well as the continuing gap in demand and supply of trucking capacity containers. Although we do have more work to do, we are making progress against our plans to unlock manufacturing warehouse capacity, improve service levels and implement new measures to support employee retention.

其次，我們仍在努力應對供應鏈的波動，尤其是在美國，由於第三方勞動力短缺以及卡車運輸貨櫃供需持續缺口，供應鏈波動尤為顯著。儘管我們仍有許多工作要做，但我們在釋放製造倉庫產能、提升服務水準以及實施新措施以留住員工方面正在取得進展。

Third, we are working through the impact of the strengthening U.S. dollar particularly against the (inaudible) and the British pound by focusing on what we can control. This includes mitigating our translation exposure through currency hedges and net investment hedges. Delivering a (inaudible) real dollar earnings is an ongoing focus. And though we may see some significant currency (inaudible) in the short term, we have delivered robust real dollar earnings growth over the past several years.

第三，我們正在努力應對美元走強，特別是兌（聽不清楚）和英鎊走強的影響，重點放在我們可控的因素上。這包括透過貨幣對沖和淨投資對沖來降低我們的匯兌風險。實現（聽不清楚）實際美元收益是我們持續關注的重點。儘管短期內我們可能會面臨一些顯著的匯率波動（聽不清楚），但過去幾年我們一直保持著強勁的實際美元收益成長。

Turning to our categories and the consumer on Page 8. Our annual state of snacking survey shows that consumers increasingly prefer snacking over traditional meals. And because snacking plays such an important role in consumers' lives, our core categories of chocolate and biscuits historically have (inaudible) resilience to economic downturns and pricing actions.

接下來請翻到第8頁，了解我們的產品類別和消費者狀況。我們的年度零食消費狀況調查顯示，消費者越來越傾向於選擇零食而非傳統正餐。由於零食在消費者生活中扮演著如此重要的角色，我們的核心產品類別——巧克力和餅乾——歷來都具有較強的抗經濟衰退和價格波動能力。

This trend continues to play out around the world despite an overall drop in consumer confidence. While developed (inaudible) consumers express growing frustration with rising prices for a broad range of goods and services, they continue to perceive chocolate and biscuits as affordable indulgences and an important pick-me-up. In fact, almost 40% of U.K. shoppers said that chocolate is a necessity and remains one of the best value snack products.

儘管消費者信心整體下降，但這一趨勢仍在世界各地持續。發達地區的消費者雖然對各種商品和服務價格上漲日益不滿，但他們仍然認為巧克力和餅乾是價格適中的美味享受，也是重要的提神食品。事實上，近40%的英國消費者表示，巧克力是必需品，而且仍然是最物超所值的零食之一。

Due to (inaudible) consumer loyalty, category volume growth and penetration is holding up well in most of our key developed (inaudible). Elasticity have notched up slightly but remained low compared to historical benchmarks. Private label is either flat or down in the vast majority of our markets, and shoppers say they are much less likely to switch to private label in chocolate and biscuits compared to other categories.

由於消費者忠誠度較高，在我們大多數主要已開發市場，該品類的銷售成長和滲透率保持良好。彈性略有上升，但與歷史基準相比仍然較低。在我們絕大多數市場，自有品牌銷售量持平或下降，消費者表示，與其他類別相比，他們不太可能轉向購買巧克力和餅乾的自有品牌產品。

Meantime, in emerging markets, consumer confidence remains relatively strong, recovering to almost pre-COVID levels. And our core category shows solid volume and penetration growth despite price increases. Compared to developed markets, emerging market consumers are less likely to reduce overall consumption of our categories or switch when faced with price increases.

同時，在新興市場，消費者信心依然相對強勁，已基本恢復至疫情前水準。儘管價格上漲，我們的核心品類銷售和滲透率仍保持穩健成長。與已開發市場相比，新興市場消費者在面臨價格上漲時，不太可能減少對我們類別的整體消費或轉向其他品牌。

Instead, they are more (inaudible) switch stores to find deals on their favorite brands or look for different sizes. Overall, we remain confident that the strength of our beloved and trusted brands will continue to help us navigate inflationary periods like the one we (inaudible) today.

相反，他們更傾向於（聽不清楚）換店購買心儀品牌的折扣商品或尋找不同尺寸的商品。總而言之，我們仍然相信，我們喜愛和信賴的品牌的實力將繼續幫助我們度過像今天這樣的通貨膨脹時期（聽不清楚）。

Moving to our efforts around portfolio reshape on Slide 9. I'd like to share a bit more color on our recently announced agreement to acquire Clif Bar. Clif is a leader in high growth, well-being snack bars. The company's on-trend brands including CLIF, LUNA and CLIF Kids, a great addition to our global snacking portfolio, and they are differentiated (inaudible) page.

接下來，我們將討論第9頁關於產品組合調整的舉措。我想更詳細地介紹一下我們最近宣布的收購Clif Bar的協議。 Clif是高成長健康零食棒的領導者。該公司旗下擁有CLIF、LUNA和CLIF Kids等引領潮流的品牌，此次收購將極大地豐富我們的全球零食產品組合，並且它們具有差異化優勢（聽不清楚）。

Each of these brands is strong and healthy. Pretty high (inaudible) advocacy and loyalty. Clif also enjoys high brand loyalty among the 18 to 24 age group. The brand also performs well on key taste (inaudible) a critical differentiation across age groups in a category where many products (inaudible) so well.

這些品牌實力雄厚，市場表現良好，擁有相當高的（聽不清楚）擁護度和忠誠度。 Clif 在 18 至 24 歲年齡層的消費者中也享有很高的品牌忠誠度。品牌在關鍵口味（聽不清楚）方面也表現出色，這在眾多產品（聽不清楚）表現同樣出色的品類中，是區分不同年齡層消費者口味的關鍵因素。

Clif is also widely recognized as a leader in well-being and sustainable snacking. The company's purpose and culture are well aligned with our purpose of empowering people to snack right. We look forward to working with the passionate, dedicated Clif team to advance our (inaudible).

Clif 在健康和永續零食領域也廣受認可，是行業領導者。公司的宗旨和文化與我們「賦能人們健康零食」的宗旨高度契合。我們期待與充滿熱情、敬業的 Clif 團隊攜手合作，共同推進我們的（聽不清楚）。

On Slide 10, you can see that we have moved from a small bar business in 2018 to about $300 million last year with the addition of Perfect Snacks and Grenade and to a $1 billion-plus global snack bar platform factoring Clif. This gives us an attractive position in a $16 billion market with revenues roughly split between U.S. and international. As a significant 700 million-plus presence in the U.S., protein and energy space, which is expected to continue to grow well over the coming years as a diverse range of consumers increasingly count snack bars as meal replacements, energy or a better way of snacking.

從第10張投影片可以看出，我們已從2018年的小型能量棒業務發展到去年約3億美元的規模（這得益於Perfect Snacks和Grenade的加入），並最終成為一個價值超過10億美元的全球能量棒平台（計入Clif）。這使我們在160億美元的市場中佔據了極具吸引力的地位，收入大致分為美國和國際兩部分。我們在美國擁有超過7億的龐大用戶群，在蛋白質和能量領域佔據重要地位，預計未來幾年該領域將繼續保持良好增長，因為越來越多的消費者將能量棒視為代餐、能量來源或更健康的零食選擇。

Slide 11 shows that the Clif Bar acquisition offers an opportunity for us to (inaudible) business through our marketing expertise, operational excellence and financial discipline to create significant value. There are clear and substantial cost synergies, which include leveraging our experience with logistics and warehousing, reducing waste in existing (inaudible) in marketing and advertising to optimize A&C spend.

第11張投影片顯示，收購Clif Bar為我們提供了一個機會，讓我們能夠利用自身的行銷專長、卓越營運和財務紀律，為業務創造顯著價值。此次收購存在明顯且可觀的成本綜效，包括利用我們在物流和倉儲方面的經驗，減少現有行銷和廣告方面的浪費，從而優化廣告和廣告支出。

In terms of growth, we see substantial opportunities to increase household penetration and distribution in alternative (inaudible) and e-commerce as well as existing outlets. There is also an opportunity to unlock growth through revenue growth management and enhanced in-store excellence. And beyond the U.S., there are clear opportunities to drive international growth.

在成長方面，我們看到了透過其他管道（例如電商平台）以及現有零售管道提高家庭滲透率和分銷管道的巨大機會。此外，透過營收成長管理和提升門市服務水平，也存在釋放成長潛力的機會。在美國以外，我們也擁有推動國際市場成長的明確機會。

We are excited about the announcement to acquire the Clif business and the top and bottom line growth opportunities that lie ahead. We also see material upside to the returns versus our low cost of capital.

我們對收購Clif業務的消息感到非常興奮，並期待未來營收和利潤的全面成長。此外，考慮到我們較低的資本成本，我們也看到了巨大的投資回報潛力。

Moving to Slide 12. Clif is just the latest example of our continuing efforts to reshape our portfolio through strategic M&A that increases our exposure to incremental fast-growing snacking segment. Since we announced our growth strategy in 2018, we have completed or announced 9 acquisitions that strengthen and complement our portfolio and fill key gaps, adding more than $2.8 billion in annual revenues and averaging growth in the high single digits.

翻到第12頁。 Clif只是我們持續透過策略併購重塑產品組合的最新例證，這些併購旨在增加我們在快速成長的零食領域的份額。自2018年宣布成長策略以來，我們已完成或宣布了9項收購，這些收購強化並完善了我們的產品組合，填補了關鍵空白，每年新增收入超過28億美元，平均成長率接近兩位數。

So (inaudible) 2022, in addition to announcing the Clif transaction, we have closed and integrated our acquisition of Chipita, a high-growth European leader in croissants and baked (inaudible). And announced an agreement to acquire Ricolino, Mexico's leading confectionery company for Grupo Bimbo. These strategic acquisitions will complement and build on our substantial M&A progress in 2021, which brought us Grenade, a leading U.K. performance nutrition company; Gourmet Food Holdings, a leading Australian premium biscuit and cracker company; and Hu, a well-being snacking company in (inaudible).

因此，在2022年，除了宣布收購Clif之外，我們還完成了對Chipita的收購併進行了整合。 Chipita是一家快速成長的歐洲羊角麵包和烘焙食品（聽不清楚）領導企業。此外，我們還宣布了一項協議，將代表Grupo Bimbo收購墨西哥領先的糖果公司Ricolino。這些策略收購將補充並鞏固我們在2021年取得的顯著併購成果。 2021年，我們收購了英國領先的運動營養公司Grenade；澳洲領先的高端餅乾和薄脆餅乾公司Gourmet Food Holdings；以及（聽不清楚）一家健康零食公司Hu。

These acquisitions have been regional in nature that can largely be managed by local teams. This includes the recent Chipita acquisition, which we successfully and rapidly traded at the end of Q2. We are confident that executing our strong patient playbook will allow us to drive sustained growth, accretive to our algorithm across the portfolio.

這些收購大多具有區域性特徵，主要由當地團隊負責管理。其中包括我們近期對 Chipita 的收購，我們已在第二季末成功快速地完成了交易。我們相信，持續執行我們穩健的投資策略將使我們能夠推動整個投資組合的持續成長，並提升我們演算法的效益。

With that, I will hand over to Luca for more details on our financials.

接下來，我會把麥克風交給盧卡，讓他詳細介紹我們的財務狀況。

Thank you, Dirk, and good afternoon. Our second quarter performance was once again strong with above expectations, outcomes across all P&L line (inaudible) cash. We delivered revenue growth of plus 19% with 5 points coming from volume/mix, showing the (inaudible) approach to supporting our brands and investing in capabilities, exploit our long runway of opportunities is paying off. Emerging market (inaudible) to show significant strength, posting an increase of more than 22% with great momentum across all our major business units. Importantly, volume/mix drove more than 10 points of this.

謝謝Dirk，下午好。我們第二季的業績再次表現強勁，超乎預期，所有損益表項目（聽不清楚）的現金流量均有所成長。我們實現了19%的營收成長，其中5個百分點來自銷售/產品組合的提升，顯示我們（聽不清楚）支持品牌、投資能力建立、掌握長期發展機會的策略正在取得成效。新興市場（聽不清楚）表現特別強勁，成長超過22%，所有主要業務部門均維持強勁的成長動能。值得注意的是，銷售量/產品組合的提升貢獻了其中超過10個百分點的成長。

Developed market grew plus 8.1% for the second quarter with trends in both (inaudible) and North America as demand (inaudible). Volume/mix was also positive in developed market, with approximately 4 points of volume in Europe. While U.S (inaudible) most likely negative given supply chain constraints.

已開發市場第二季成長8.1%，北美和（聽不清楚）市場均呈現成長趨勢，需求（聽不清楚）。已開發市場的銷售和產品組合也呈現正面態勢，其中歐洲銷售成長約4個百分點。而美國（聽不清楚）市場由於供應鏈限制，很可能出現負成長。

You can see our portfolio performance on Slide 15. Chocolate and biscuits continue to exhibit strong and durability as (inaudible) making CapEx. Additionally, Gum & Candy continue to improve as global mobility increases coming out of the pandemic. Biscuits grew 10.4% for the quarter, with nearly 2 points coming from volume/mix. Emerging markets grew strong double digits, while developed markets increased high single digits. (inaudible) delivered strong increases includes Oreo, Chips Ahoy!, (inaudible), LU biscuits.

您可以在第15頁投影片中查看我們的投資組合表現。巧克力和餅乾業務持續強勁且穩健，資本支出（聽不清楚）有所成長。此外，隨著全球疫情後流動性的增強，口香糖和糖果業務也持續改善。餅乾業務本季成長10.4%，其中近2個百分點來自銷售/產品組合的成長。新興市場實現了強勁的兩位數成長，而已開發市場則實現了接近兩位數的成長。 （聽不清楚）強勁成長的產品包括奧利奧、趣多多、（聽不清楚）和LU餅乾。

Chocolate grew more than [15%], with increases in both developed and emerging markets, including digit growth in Europe. Chocolate was driven by robust volume growth of plus 9% as consumers continue (inaudible) brands as an affordable indulgence. Both global and local product (inaudible) well, including Cadbury Dairy Milk, overall (inaudible). Gum & Candy grew nearly 26% (inaudible) Mexico, Middle East, North Africa all delivered strong growth.

巧克力銷量成長超過15%，已開發市場和新興市場均實現成長，其中歐洲市場成長尤為顯著。巧克力銷售成長強勁，增幅達9%，消費者持續將巧克力品牌視為價格適中的美味享受。全球和本地產品（包括吉百利牛奶巧克力）整體表現良好。口香糖和糖果銷量成長近26%，墨西哥、中東和北非市場均強勁成長。

Now let's review our market share performance (inaudible) 16. We had (inaudible) in 55% revenue base during the first half with 20 points of headwind due to the service challenges in the U.S. We expect to see gradual improvement in the second half of the year. Our chocolate category performed well with 75% of our revenue base holding or gaining share. Our biscuits category had a gain share in 40% of our revenue (inaudible) 40 points of headwinds from supply chain constraints in North America. We are already seeing some improvements in service (inaudible) and share, but we expect (inaudible) improvement (inaudible) visible as the year progresses.

現在讓我們回顧一下我們的市佔率表現（聽不清楚）16。上半年，我們的收入基礎（聽不清楚）佔比為55%，但由於美國服務的挑戰，我們面臨20個百分點的不利影響。我們預計下半年情況將逐步改善。我們的巧克力品類表現良好，75%的收入基礎維持或提升了市場佔有率。我們的餅乾品類在40%的營收基礎上實現了市佔率成長（聽不清楚），但由於北美供應鏈的限制，我們面臨40個百分點的不利影響。我們已經看到服務（聽不清楚）和市場份額方面出現了一些改善，但我們預計隨著時間的推移，（聽不清楚）改善（聽不清楚）將更加明顯。

Now on Page 17. We delivered high single-digit growth, both in terms of gross and operating profit. Importantly, the overall gross profit dollars delivery allowed us to reinvest in A&C by double digits in the quarter and obtain EBIT gains versus last year.

現在翻到第17頁。我們在毛利和營業利潤方面均實現了接近兩位數的成長。更重要的是，整體毛利的成長使我們能夠在本季對A&C業務進行兩位數的再投資，並實現了息稅前利潤（EBIT）較去年同期的成長。

Turning to regional performance on Slide 18. Europe grew 10.8% during the quarter, supported by great execution and strong growth across mass grocery as well as convenience away from home and travel retail channels. Results were driven by nearly 6% volume/mix. While dollar for the quarter declined a little over 1% by significant commodity pressure as well as the impact of the Ukraine war. The implementation of pricing will allow us to return to profit growth. Importantly, we continue to invest in A&C.

請參閱第18頁投影片，以了解區域績效。歐洲本季成長10.8%，這得益於高效的執行以及大眾食品雜貨店、便利商店和旅遊零售通路的強勁成長。銷售/產品組合成長近6%，推動了業績成長。儘管受大宗商品價格大幅下跌以及烏克蘭戰爭的影響，本季美元收入略為下降超過1%。價格調整的實施將使我們能夠恢復利潤成長。重要的是，我們將繼續增加對A&C（廣告和消費者）領域的投資。

North America grew 9.2% in Q2, driven by higher pricing in biscuits as well as double-digit Gum & Candy growth. Volume/mix was down 1% as a result of continued supply chain constraints. North America OI increased by 6.3% during the quarter due to higher (inaudible) that was announced in early (inaudible).

北美地區第二季成長9.2%，主要得益於餅乾價格上漲以及口香糖和糖果兩位數成長。由於供應鏈持續受阻，銷售/產品組合下降1%。北美地區營業收入本季成長6.3%，主要原因是先前公佈的（聽不清楚）成長。

AMEA grew 13.2% for the quarter, with strong volume/mix growth of 8.7 points, showing continued momentum in the (inaudible). India grew almost 30% in the quarter, driven by chocolate and biscuit. China increased high single digits despite restrictions in certain (inaudible). And Southeast Asia delivered single-digit growth with double-digit growth in [biscuits] and chocolate. AMEA increased OI dollars by 7.9% for the quarter as volume-driven profit was partially offset by commodities, transportation inflation and reinvestment in A&C.

AMEA地區本季成長13.2%，銷售/產品組合成長強勁，達到8.7個百分點，展現出持續的成長動能。印度市場本季成長近30%，主要得益於巧克力和餅乾的銷售成長。儘管部分地區受到限制，中國市場仍實現了接近兩位數的成長。東南亞市場整體實現個位數成長，其中餅乾和巧克力的成長率達到兩位數。 AMEA地區本季營業收入成長7.9%，銷售成長帶來的利潤被大宗商品價格上漲、運輸成本增加以及對A&C業務的再投資部分抵銷。

Latin America grew 33%, with double-digit volume/mix growth. Category strength was broad-based, small digit increases across the board. Brazil, Mexico and our Western Andean business unit all posted very strong double-digit increases similar to last quarter. (inaudible) dollars in Latin America increased more than 70% for the quarter. These increases were driven by broad-based volume-driven (inaudible) effective pricing to our [GM] actions and (inaudible) and candy sales.

拉丁美洲市場成長33%，銷量和品類組合均達到兩位數成長。各品類整體表現強勁，均實現小幅成長。巴西、墨西哥和我們的西安第斯業務部門均實現了與上季度類似的強勁兩位數成長。拉丁美洲的銷售額在本季成長超過70%。這些成長主要得益於銷售成長帶來的廣泛影響，以及我們採取的有效定價策略和糖果銷售。

Now EPS on Slide 19. Q2 EPS grew 9.1% at constant currency. This growth was high quality as it was primarily driven by top line-related operating gains.

現在來看第19頁幻燈片中的每股盈餘（EPS）。第二季每股收益以固定匯率計算成長了9.1%。這一成長品質很高，因為它主要由與營收相關的營運收益所推動。

On Page 20. We remain focused on driving attractive top and bottom line performance, including real dollar earnings growth. Clearly, this is a challenging year in terms of exceptional currency headwinds for us and for our industry. By executing against our strategy and focusing on what we can control, our performance over the past 3 years has been quite strong, both on an absolute and relative basis. These results are even more impressive if you consider we invested materially in our brands and capabilities. Going forward, we will continue to take actions to drive strong profit dollar growth in constant and real dollars.

第20頁。我們始終專注於實現可觀的營收和利潤成長，包括實際美元收益成長。顯然，今年對我們和整個產業而言都是充滿挑戰的一年，匯率波動帶來了巨大的不利影響。透過執行我們的策略並專注於我們能夠控制的因素，過去三年我們的業績表現相當強勁，無論從絕對值還是相對值來看都是如此。考慮到我們對品牌和能力進行了大量投資，這些成績就更加令人矚目了。展望未來，我們將繼續採取措施，以不變美元和實際美元計算，推動利潤強勁成長。

Turning to free cash flow and capital return on Slide 21. We delivered first half free cash flow of $1.6 billion during the first half as a result of our strong growth and profitability. We also returned $2.5 billion to shareholders in the form of dividends and share repurchases over the same period. Our ongoing confidence in the business and cash generation enabled us to also announce a 10% increase to our cash dividend. Over the past 3 years, we have increased our dividend by more than 35%.

請參閱第21頁投影片，以了解自由現金流和資本回報。由於強勁的成長和獲利能力，我們上半年實現了16億美元的自由現金流。同期，我們也以股利和股票回購的形式向股東返還了25億美元。我們對業務和現金流的持續信心促使我們宣布將現金股利提高10%。過去三年，我們的股息累計成長超過35%。

Before I cover our outlook, I wanted to make a comment on our focus now and going forward as it relates to the current environment. We have and will continue to take action to navigate some of the near-term dynamics around the inflation and supply chain constraints. How (inaudible) we remain true to our strategy and making the right decisions to drive attractive, profitable and sustainable growth for the long term. That means we remain committed to significantly investing behind our brands, driving volumes, generating healthy profit dollar growth and (inaudible) our market share. We believe this disciplined (inaudible) will create lasting and differentiated value for our consumers, customers and shareholders.

在展望未來之前，我想先談談我們目前及未來在當前環境下的關注重點。我們已經並將繼續採取行動，應對通膨和供應鏈限制等短期挑戰。我們將堅持既定策略，做出正確的決策，以實現長期、獲利且可持續的成長。這意味著我們將持續大力投資旗下品牌，提升銷量，創造健康的利潤成長，並擴大市場佔有率。我們相信，這種嚴謹的策略將為我們的消費者、客戶和股東創造持久且差異化的價值。

We also had a clear focus on strong earnings growth in constant real terms dollars. We have done this over the past 3 years despite a strong dollar. Although this year is shaping up to be more challenging, we believe we are well positioned to attract real dollar earnings in the years to come.

我們也明確專注於以不變實際美元匯率實現強勁的獲利成長。過去三年，儘管美元走強，我們依然實現了這個目標。雖然今年的情況更具挑戰性，但我們相信，我們已做好充分準備，在未來幾年吸引以實際美元匯率計算的獲利成長。

Now let me provide some color on our revised 2022 outlook on Slide 24. Given our strong first half results, we now expect 8% plus top line growth. This revised top line outlook factors in a number of considerations, including the negative full year impact anticipated from the Ukraine war, including revenue losses related to products that previously were manufactured in the country and exported into Europe. This can be quantified in approximately 1 percentage point of equivalent revenue growth.

現在，我將在第24頁投影片中詳細介紹我們修訂後的2022年展望。鑑於我們上半年強勁的業績，我們現在預計營收成長將超過8%。這項修訂後的營收展望考慮了許多因素，包括烏克蘭戰爭預計對全年業績造成的負面影響，例如先前在烏克蘭生產並出口到歐洲的產品所造成的收入損失。這大約相當於營收成長減少1個百分點。

Second, some elements of customer disruption in Europe as a result of the second wave of price increases. While we have already been able to agree on most of the planned price increases in Europe, there are still some customers and countries where negotiations are underway. The size of customer disruption is difficult to predict, but we have factored into our guidance a certain impact, which is expected to be more pronounced in the third quarter.

其次，第二輪價格上漲導致歐洲部分客戶受到影響。雖然我們已經與歐洲大部分客戶就計劃中的價格上漲達成一致，但仍有一些客戶和國家仍在進行談判。客戶受影響的程度難以預測，但我們已將一定程度的影響納入業績預期，預計這種影響在第三季會更加明顯。

Finally, although elasticities have been at low levels through (inaudible), we are planning for them to return closer to historical levels in the second half as consumers continue to navigate inflationary trends and increased pricing across most markets.

最後，儘管彈性一直處於較低水平（聽不清楚），但我們預計下半年彈性將恢復到接近歷史水平，因為消費者將繼續應對大多數市場的通膨趨勢和價格上漲。

Our EPS outlook of mid- to high single digits is unchanged. And risk adjusted for additional inflation resulting from the Ukraine war, some customer disruption with respect to pricing and higher levels of elasticity. However, given the strength of our first half results and depending on the outcome of our pricing negotiations in Europe, we might finish in the upper part of this range.

我們對每股盈餘的預期維持不變，仍為中高個位數成長。該預期已根據烏克蘭戰爭導致的額外通膨、部分客戶在定價方面受到的影響以及更高的價格彈性進行了風險調整。然而，鑑於我們上半年的強勁業績，並取決於我們在歐洲的價格談判結果，我們最終的預期可能會達到該預期範圍的上限。

As far as cost inflation goes, our expectations for low double-digit cost inflation for full year 2022 are confirmed. This earnings outlook also reflects $0.04 of EPS headwind from our stopped Ukraine operations. Additionally, this outlook reflects our ongoing commitment to investing in our brands (inaudible) in media, not only during this period of elevated pricing, but importantly, to drive long-term growth.

就成本通膨而言，我們確認2022年全年成本通膨率將維持在兩位數低點。這項獲利預期也反映了因烏克蘭業務停止營運而導致的每股收益0.04美元的不利影響。此外，這項預期也反映了我們對媒體品牌持續投資的承諾，不僅在當前價格高漲時期，更重要的是，旨在推動長期成長。

Our EPS outlook also now factors in $0.22 of (inaudible) related to ForEx impact. $0.12 of this amount has already been (inaudible) in our first (inaudible) results. With respect to free cash flow, our view is unchanged. We continue to expect $3 billion.

我們的每股盈餘預期現已計入與外匯影響相關的0.22美元（聽不清楚）。其中0.12美元已在我們的首份業績報告中計入（聽不清楚）。關於自由現金流，我們的預期不變，仍預期為30億美元。

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

接下來，我們開放提問環節。

(Operator Instructions) And our first question comes from Bryan Spillane with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的布萊恩·斯皮蘭。

Two questions for me. The first one is just maybe, Dirk, if you could step back and just give us sort of the current state of things in the marketplace. And I guess in the context of having such a strong first half and maybe -- contemplating maybe some deceleration in the second half, just where do things stand currently as you kind of look across your various markets?

我有兩個問題。第一個問題是，德克，您能否先回顧一下當前市場狀況？考慮到上半年業績強勁，下半年可能會放緩，您如何看待目前各個市場的狀況？

Yes, Bryan. Well, I would say, overall, we feel good about how '22 is panning out for us. As you can see from the presentation, the demand is strong. We have very good volume growth. Chocolate and biscuits are showing good growth. The categories are holding up. The emerging markets are a real growth engine for us. And developed markets are solid with good volume in Europe. And so overall, year-to-date, our profit dollar growth is good, double digit. And free cash flow is also strong. So I think the numbers of the first half are really good.

是的，布萊恩。總的來說，我們對2022年的業績感到滿意。正如你從簡報中看到的，市場需求強勁，銷售成長非常可觀。巧克力和餅乾的成長勢頭良好，各個品類都保持穩定。新興市場是我們真正的成長引擎，已開發市場也表現穩健，歐洲銷售可觀。因此，今年迄今為止，我們的利潤成長良好，達到了兩位數。自由現金流也很強。所以我認為上半年的業績非常出色。

If I then look to the second half, we feel good about the second half. If I go a little bit about what's going to happen here, I think we will see some softening of consumer confidence, particularly in developed markets, I would say. But I do expect our categories to remain solid, probably flat to small growth in volume. And then, of course, the effect of pricing. And I think within that, our brands are very strong and have a good connection to the consumer.

展望下半年，我們對下半年的前景感到樂觀。如果讓我預測未來可能出現的情況，我認為消費者信心會減弱，尤其是在已開發市場。但我預期我們的品類將保持穩健，銷售量可能持平或略有成長。當然，價格因素也會產生影響。我認為，在價格因素的影響下，我們的品牌實力雄厚，與消費者建立了良好的連結。

We will have ongoing conversations with our customers about price increases, and we will try to drive a value equation there. I think together, we can probably find a way to keep our categories going at a very good rate and create the necessary value. I think competition will be about the same, maybe a difference between those that will invest and those that won't.

我們將持續與客戶溝通價格上漲事宜，並努力在價格調整中體現價值。我認為，透過共同努力，我們或許能夠找到一種方法，在維持各品類良好成長的同時，創造必要的價值。我認為競爭格局將基本保持不變，可能只會在那些願意投資的企業和那些不願意投資的企業之間產生一些差異。

And then from a pricing perspective, I can, of course, not comment on the specifics, but more tracking has to happen, and it's -- we execute very carefully by market. But it is something that still is in the pipeline. Most of it has been announced, and we're now in the discussions and implementation of it.

至於定價方面，我當然無法評論具體細節，但還需要進行更多跟踪，而且我們會根據不同市場謹慎執行。這仍然是我們正在籌備中的項目。大部分內容已經公佈，我們現在正處於討論和實施階段。

Elasticity, as you saw, is low, but we expect an uptick, and we've planned, in fact, for the second half of the year normal elasticity that might pan out that way or not. At this moment, it would look it wouldn't, but we thought it would be a more careful planning stance.

如您所見，彈性較低，但我們預計會有回升，事實上，我們已經為下半年制定了正常的彈性計劃，但實際情況可能並非如此。目前看來，彈性可能不會回升，但我們認為採取更謹慎的計畫策略更為穩健。

And then from a cost perspective, yes, some commodities are pulling back, but we do expect the near-term inflation to remain high. So I would say that our stance for the second half is positive but careful because we might see a more pronounced consumer reaction. We might have more difficulties getting pricing implemented.

從成本角度來看，雖然部分大宗商品價格有回落，但我們預期短期通膨仍將居高不下。因此，我們對下半年的預期是樂觀但謹慎的，因為我們可能會看到消費者更強烈的反應，價格調整的實施也可能面臨更多困難。

But overall, I think what's unique about us is that we are clearly in a virtuous cycle here. We are investing quite strongly, as you could see. That is leading to strong volume growth with some good pricing on top. Our gross profit growth is good, which allows us to make those investments. And then that is then leading to a good bottom line. We think that virtuous cycle will continue, but there might be, here and there, more difficulties than we've had in the first half. But overall, I think we feel very good about '22.

但總的來說，我認為我們的獨特之處在於，我們顯然正處於一個良性循環之中。正如您所看到的，我們正在大力投資。這帶來了強勁的銷售成長，並在此基礎上實現了良好的定價。我們的毛利成長良好，這使我們能夠進行這些投資。而這最終又帶來了良好的獲利。我們認為這個良性循環將會持續下去，但可能會遇到一些比上半年更多的困難。但總的來說，我對2022年的前景非常樂觀。

And if I could follow up on just specifically in Europe. In the prepared remarks you made, there were some comments about some caution around trying to push some price increases through. We know that there's -- we still have the conflict in the Ukraine and the impact on Russia. So -- and maybe if you talk a little bit about just -- is Europe kind of more of a concern area for you? And Luca, if you could add, the margins were pretty soft in Europe in the quarter. Is that something we expect over the back half of the year?

我想就歐洲市場具體情況再問幾句。您在事先準備好的發言稿中提到，在提價方面需要謹慎。我們知道，烏克蘭衝突及其對俄羅斯的影響仍然存在。所以，能否具體談談歐洲市場？歐洲市場對您來說是否更令人擔憂？盧卡，您能否補充一下，本季歐洲市場的利潤率相當低。這種情況預計會持續到下半年嗎？

Yes. Again, Europe -- I'll comment first on what we see with our business in the consumer in Europe and then Luca can talk about the margins. I mean Europe was strong from a top line perspective. I'll hand it over to Luca for the margins afterwards. The business continues to perform well. Our core categories, our robust penetration is flat. We don't necessarily see consumers walking away from our categories or down trading so far.

是的。再說一遍，歐洲——我先談談我們在歐洲的消費市場業務狀況，然後盧卡可以談談利潤率。我的意思是，從營收角度來看，歐洲市場表現強勁。之後我會把利潤率部分交給盧卡。業務持續良好。我們的核心品類，也就是我們強勁的市場滲透率，目前維持穩定。到目前為止，我們還沒有看到消費者放棄我們的類別或降低消費檔次。

What we see is that consumers continue to prioritize grocery spending. They're spending less on other categories, but not on grocery. Private label is not particularly increasing. There is really little evidence that, that is happening. What we do see is that consumers are switching more to discounters. So that's a little bit the overall situation. So, so far, so good, I would say, nothing major happening from a consumer perspective.

我們看到，消費者仍然優先考慮食品雜貨支出。他們在其他品類上的支出減少，但在食品雜貨上的支出卻沒有減少。自有品牌商品並沒有顯著成長，幾乎沒有證據顯示這種情況正在發生。我們確實看到，消費者更多地轉向了折扣店。這就是整體情況。所以，到目前為止，一切都還不錯，從消費者的角度來看，沒有發生任何重大變化。

Going forward, yes, we are probably a little bit more concerned about Europe because we still have some pricing to implement. Of the second pricing round in Europe, about 65% is now agreed, still 35% under discussion. I think we will get there. But then the consumer will be confronted with that extra pricing, and we will see what the reaction is going to be there.

展望未來，我們可能更關注歐洲市場，因為我們還有一些定價問題需要落實。在歐洲第二輪定價中，約65%已經達成一致，還有35%仍在討論中。我認為我們最終會達成一致。但屆時消費者將不得不面對這些額外的價格，我們將拭​​目以待他們的反應。

So I would say we are feeling good so far, but we are, of all the regions around the world, probably more concerned about what's going to happen in the second half in Europe. Luca?

所以我覺得目前為止情況還不錯，但和全世界其他地區相比，我們可能更擔心歐洲下半年的情況。盧卡？

Yes. So Bryan, a couple of things just to give you a little color. When actually I look at the GP dollar line for Europe, it goes up year-over-year even if marginally. But clearly, the material revenue and volume did translate proportionately into the appropriate gross margin. And that is because quite honestly, we have been a little bit delayed in terms of implementing pricing as compared to when commodity costs kicked in.

是的。布萊恩，我先補充幾點，給你一些背景資訊。實際上，我查看歐洲的毛利（美元）數據時發現，雖然增幅不大，但比去年同期增長了。顯然，實際的收入和銷量並沒有按比例轉化為相應的毛利率。坦白說，這是因為與大宗商品成本上漲相比，我們在價格調整方面確實有所滯後。

So I want to reassure you that as we implement these pricing actions and you might still see margins under pressure in Q3 because of potential customer disruption, but as of -- as we look back and as these things will be behind us, margins in Europe will be restored.

因此，我想向你們保證，在我們實施這些定價措施的過程中，由於潛在的客戶中斷，你們可能仍然會在第三季度看到利潤率承壓，但隨著我們回顧過去，隨著這些事情的過去，歐洲的利潤率將會恢復。

The other one that is important for us to notice is that A&C was up meaningfully in the quarter in Europe because obviously, I have those price increases. We want to keep consumer engaged.

另一點要注意的是，歐洲地區的A&C業務在本季顯著成長，這顯然是因為價格上漲。我們希望保持消費者的參與。

So the simple straight answer is yes, margin was pressured. As we implement pricing, the situation should get back to normal. And importantly, we continue investing, and that is one of the reasons why actually despite gross profit dollar being up year-on-year, OI margin -- OI dollars was down in the quarter.

所以，簡單來說，答案是肯定的，利潤率確實受到了壓力。隨著我們實施定價策略，情況應該會恢復正常。更重要的是，我們一直在持續投資，這也是儘管毛利年增，但本季營業利潤率（即營業收入）卻有所下降的原因之一。

Our next question will come from Andrew Lazar with Barclays.

下一個問題將來自巴克萊銀行的安德魯·拉扎爾。

You raised your full year organic outlook -- growth outlook meaningfully but kept obviously the mid- to high single-digit constant currency EPS growth guidance. What would be preventing the top line strength from flowing through to profitability more significantly? Or is there perhaps an element of conservatism built in the model? It certainly seems that way from some of your previous comments, but I just want to make sure there's nothing else or discrete that's preventing that flow-through that I'm not aware of.

您大幅提高了全年有機成長預期，但顯然仍維持了中高個位數的固定匯率每股收益成長預期。是什麼原因導致營收成長未能更顯著地轉化為獲利能力？或者說，模型中是否包含保守因素？從您之前的評論來看，似乎確實如此，但我只是想確認是否存在我未曾意識到的其他因素或特殊情況阻礙了這種增長。

Yes. No, I think it's a very good question. Thank you, Andrew. I'll give you a little bit of color around how the P&L came together in our mind in terms of giving you guidance. We continue and I personally continue to feel very confident about 2022 being a very strong year, and that is not only in terms of top line, but also in terms of bottom line and particularly cash flow. You might have noticed $1.6 billion in the first half. It is one of the strongest numbers we have ever posted, if not the strongest number.

是的。不，我認為這是一個很好的問題。謝謝你，安德魯。為了更好地向你提供指導，我來簡單介紹一下我們是如何看待損益表的。我們，以及我個人，仍然對2022年充滿信心，相信這將是非常強勁的一年，這不僅體現在營收方面，也體現在淨利潤，尤其是現金流方面。你可能已經注意到上半年16億美元的表現。這是我們有史以來最強勁的業績之一，甚至可能是最強勁的。

Chocolate and biscuits, we are very happy. They are doing very well. I mean I'm impressed with the volume/mix that we saw in the first half. And as I said, while we kept on investing in the business, you see that our bottom line and cash flow continue to be strong.

巧克力和餅乾的銷售情況非常好，我們非常滿意。上半年銷售和產品組合都讓我印象深刻。正如我所說，儘管我們持續投資於這項業務，但您可以看到我們的利潤和現金流仍然強勁。

The 8% plus top line guidance reflect that confidence. And when you consider that it includes 1 point for the Ukraine prices, a potential and quite frankly, as I said, difficult to estimate impact from customer reaction and as well as a more normal level of elasticities, you understand really that the business has an underlying momentum that is quite good, and we are confident in the combination of those trends.

超過8%的營收成長預期反映了這種信心。考慮到其中包含了烏克蘭價格上漲1個百分點的影響（坦白說，正如我所說，烏克蘭價格上漲的影響難以估量，而且彈性係數也較為正常），我們就能理解公司業務的潛在增長勢頭相當強勁，我們對這些趨勢的組合充滿信心。

On the profit side, look, I said it the last time we talked, I said we might be cautious and we continue to be cautious. But quite frankly, we are now in a much better position than we were in the last quarter to really see line of sight to high single-digit EPS at this point.

關於獲利方面，正如我上次談話時所說，我們會保持謹慎，現在我們依然會保持謹慎。但坦白講，我們現在的處境比上個季度好得多，完全有希望實現接近兩位數的每股盈餘成長。

I just wanted to be a little bit conservative because clearly, customer disruption is difficult to predict and then elasticities that are above what we see today can play a role as well. So I would like to say that in case of elasticities that are more benign and more benign customer reaction than the one we have planned, certainly, we're going to be within the high single-digit limit.

我只是想稍微保守一點，因為很明顯，客戶流失難以預測，而且高於我們目前所見的彈性也可能產生影響。所以我想說，如果彈性比我們預期的要溫和得多，客戶反應也比我們預期的要溫和得多，那麼我們肯定會將損失控制在個位數的高位。

I also would like to make a point, which might be overlooking all these numbers is -- and it is the fact that we continue to observe very good cost discipline in the company. You might be sidetracked by looking at the SG&A line being up year-on-year. But reality is overheads are held under control and the line that is increasing by more than 13% is our A&C support to the business.

我還想強調一點，這一點可能容易被其他數據忽略——那就是我們公司一直保持著非常良好的成本控制。您可能會被銷售、管理及行政費用（SG&A）同比上升所吸引，但實際上，我們的管理費用控制得很好，真正增長超過13%的是我們對業務的廣告和諮詢支援費用。

Great. And then just briefly, Dirk, thanks for the details on Clif. Some investors certainly still question the greater foray into the bar category, and as recently announced with Clif is it's perceived as a fairly crowded space and one maybe where it can be tougher to sort of differentiate. I guess what underpins your confidence in being able to drive the profitability of that Clif business meaningfully over the next several years such that there is a compelling ROI on the transaction?

好的。 Dirk，最後簡單說一下，謝謝你詳細介紹Clif的狀況。一些投資者仍然對進軍能量棒市場持懷疑態度，正如Clif最近宣布的那樣，這個市場被認為競爭相當激烈，想要脫穎而出可能更難。我想問的是，你對未來幾年大幅提升Clif業務的獲利能力，從而確保這筆交易獲得可觀的投資報酬率，有什麼信心呢？

Thanks, Andrew. Well, we believe that the category is interesting. And it had a slowdown as it relates to the COVID because it's very heavily linked to mobility, but clearly, the category is coming back in the recent months. And Clif, within that category, is a very strong position. It's -- it has been for several years the fastest growing in that bar market.

謝謝，安德魯。我們認為這個品類很有意思。受新冠疫情影響，這個品類成長放緩，因為它與人員流動密切相關。但很明顯，近幾個月來，這個品類正在復甦。而Clif在這個品類中佔據著非常強勢的地位。它——多年來一直是能量棒市場成長最快的品牌。

We would say that the brand is very strong from our perspective across all age groups. It has organic ingredients. It has a great taste. When we look at the details, we believe that there is a big opportunity to expand distribution in existing and alternative channels, but also improve the quality of the distribution of where Clif is present.

我們認為，從我們的角度來看，該品牌在各個年齡層都擁有非常強大的影響力。它採用有機成分，口感極佳。深入分析後，我們相信，Clif在現有通路和新興通路的拓展方面擁有巨大的潛力，同時也能提升現有通路的配送品質。

We also think we can optimize A&C as well as their cost of goods and their SG&A. We also think that working with them, we can work on RGM and PPA and also make a difference there. We think the transaction price was a fair premium for a very scarce high-growth quality asset in North America. So we feel good about the value that we're getting there.

我們認為，我們還可以優化A&C（資產和合約）以及他們的商品成本和銷售、管理及行政費用。我們也相信，透過與他們合作，我們可以改善RGM（零售管理）和PPA（購電協議），並在這些方面取得成效。我們認為，對於北美地區如此稀缺的高成長優質資產而言，此交易價格溢價合理。因此，我們對此次交易的價值感到滿意。

I would say that the profitability of last year for Clif is not representative. As I said, we have a significant opportunity to optimize overheads, implement an RGM strategy. They've been experiencing supply chain disruption. And we're already seeing in the first 2 quarters of this year, a much improved profitability for the business. So we feel that the business is completely coming back to normal, and then we can add on the many synergies that we see from our side.

我認為去年Clif的獲利情況並不具代表性。正如我所說，我們有很大的機會優化營運成本，並實施RGM（零售成長管理）策略。他們一直受到供應鏈中斷的影響。而且，我們已經看到今年前兩季業務獲利能力大幅提升。因此，我們認為業務正在完全恢復正常，此外，我們還可以利用我們自身看到的諸多協同效應。

So the earn-out is another factor probably that's important. We did see the possibility to add a significant earn-out if we would go with a substantial top line acceleration and margin expansion. So we believe that as we would enter into that acceleration, our returns would even go up. And so we hope that we will see that sort of growth that we have been planning for.

因此，獲利支付條款可能是另一個重要的因素。我們看到，如果營收和利潤率能夠大幅成長，就有可能增加一筆可觀的獲利支付。我們相信，隨著營收和利潤率的加速成長，我們的回報也會隨之提高。因此，我們希望能夠實現我們一直預期的成長。

Our next question will come from Chris Growe with Stifel.

我們的下一個問題將來自 Stifel 公司的 Chris Growe。

I just had a question for you, if I could, on -- around this quarter with this accelerating rate of volume growth in relation to accelerating pricing, which is obviously very encouraging. I wonder if you could discuss that broadly and what you think drove that incremental volume as the pricing went higher.

我有個問題想請教您，關於本季銷售成長加速以及價格上漲加速的情況，這顯然非常令人鼓舞。我想請您詳細談談，您認為是什麼因素推動了價格上漲帶來的銷售成長？

But then also with that stronger volume growth should come better fixed cost leverage and with the gross margin being down a little bit sequentially, I realize that pricing did not quite keep up with inflation. But just to understand how that fixed cost leveraging might have helped the gross margin in the quarter or may help it going forward.

但銷售成長強勁的同時，固定成本槓桿作用也應該得到改善。由於毛利率較上季略有下降，我意識到定價未能完全跟上通貨膨脹的腳步。我只是想了解固定成本槓桿作用是如何影響本季毛利率的，以及未來又將如何發揮作用。

Look, we are very happy with the volume growth and the revenue progression. There is an element of clearly some of the business that were impacted during COVID coming back. The reality is the underlying performance of both biscuit and chocolate is just great. I can't find another word really to qualify it.

你看，我們對銷售成長和營收成長都非常滿意。當然，部分受疫情影響的業務正在逐步恢復。事實上，餅乾和巧克力的基本表現都非常出色。我實在找不到更適合的字眼來形容了。

As you look at the profit, the volume leverage is in there. The point is, particularly in the case of Europe, as you look at the profitability number, there is a lag between commodities hitting the P&L and pricing being implemented. And you realize that maybe Europe, it is more challenging than in other places. In all the rest of the world, we have been much more proactive in terms of pricing, but it is Europe really impacting the overall profitability of the company.

從利潤來看，銷售槓桿效應確實存在。關鍵在於，尤其是在歐洲，從獲利數據來看，大宗商品價格計入損益表與實際定價之間存在滯後。你會發現，歐洲的情況可能比其他地區更具挑戰性。在世界其他地區，我們在定價方面一直更加積極主動，但歐洲市場對公司的整體獲利能力影響尤其顯著。

Having said that, I still would like to get a couple of points out there. We clearly identified the watermark for our algorithm to work in terms of gross profit dollars to be 4% plus versus last year. I mean this quarter, we are almost 10%. You look at the profit dollar growth, I think on a year-to-date, we are 11%. You look at the amount of A&C we have put into the P&L, as I said, it is double digit year-on-year.

話雖如此，我還是想補充幾點。我們已經明確設定了演算法生效的基準線，即毛利年增4%以上。我的意思是，本季我們幾乎達到了10%。再看看利潤成長，我認為年初至今的成長率是11%。正如我所說，我們計入損益表的調整和變更費用（A&C）比去年同期成長了兩位數。

So when you step back, I think the question would be if we had priced earlier in Europe, how good of a P&L group we have? And it would be clearly much, much better. And that, I think, is what is going to happen going forward if we continue to invest in the business and execute pricing well. Because I think there is still, obviously, as we've said, a few situations where (inaudible) pricing needs to be implemented, particularly in Europe.

所以，從長遠來看，我認為問題在於，如果我們早點在歐洲實施定價策略，我們的損益表會有多好？顯然會好得多。我認為，如果我們繼續投資業務並有效執行定價策略，未來就會如此。因為我認為，正如我們之前所說，顯然還有一些情況需要實施定價策略，尤其是在歐洲。

Volume leverage is a critical component of the algorithm, and we will protect it as much as possible. And the benefit is going into the P&L. The point, as I said, if there is a lag between pricing and commodity going into the P&L of Europe.

成交量槓桿是演算法的關鍵組成部分，我們將盡最大努力保護它。收益將計入損益表。正如我所說，如果定價和商品價格之間存在滯後，那麼這部分收益將計入歐洲的損益表。

Okay. And just a quick follow-on. If I think about the second half outlook and a little more cautious view on margins, at least at this point as you've taken revenue up and kept EPS in place, is the main item to watch here the consumers' reaction to the pricing? Is it elasticity we should be watching? Or is the volume performance? Or anything else that you would just note that we should watch as indicator for success for the second half of the year?

好的。還有一個後續問題。如果我考慮下半年的展望，並且對利潤率持更謹慎的態度，至少目前來看，鑑於你們已經提高了營收並保持了每股收益，那麼主要需要關注的是消費者對價格的反應嗎？我們該關注的是價格彈性嗎？還是銷量表現？或是有其他什麼指標可以作為下半年業績的參考？

Look, the underlying margins is quite good. The inflationary pressure, I would say, is going a little bit up because obviously, in Q1, we had a more favorable pipeline of commodities. But besides elasticities, as I said, there is this element of what is the impact of customer disruption. And so that's where we wanted to give you the mid-single digit to high single-digit range as far as EPS goes.

你看，基本利潤率相當不錯。我認為通膨壓力略有上升，因為顯然，第一季我們的大宗商品供應更加充足。但除了彈性因素之外，如我所說，客戶中斷的影響也是一個重要因素。因此，我們預期每股盈餘將達到個位數中段到高個位數。

But look, as I said, even in presence of maybe a customer disruption but with more benign elasticities than those that we have planned that are in line with historical norms, I think we still have a shot at getting to high single-digit EPS.

但是，正如我所說，即使可能會出現客戶中斷，但彈性比我們計劃的、符合歷史常態的彈性要溫和得多，我認為我們仍然有機會實現接近兩位數的每股收益。

Our next question comes from Alexia Howard with Bernstein.

下一個問題來自伯恩斯坦的 Alexia Howard。

Can I ask to begin with -- there wasn't much commentary in the prepared remarks about market share trends, which I know were very strong a couple of years ago and probably down year-on-year against some tough comps. But I wondered whether you could just make some commentary on that, particularly given what we're seeing in North America, where I think it's down, but maybe because of supply chain constraints. But I'd also be curious about market share trends in other parts of the world as well. And I have a quick follow-up after that.

首先我想問一下——在準備好的演講稿中，關於市場佔有率趨勢的討論並不多。我知道幾年前市佔率非常強勁，但考慮到一些高基數因素，可能比去年同期有所下降。我想請您就此做一些評論，尤其是在北美地區，我認為市場份額有所下降，但這可能是由於供應鏈受限造成的。此外，我也想了解世界其他地區的市佔率趨勢。之後我還有一個後續問題。

Yes, the answer is relatively straightforward apart from some nits here and there. The only area where our market share is down is in the U.S. And that is driven by the supply chain gradual recovery that we're having. If I look around the world in AMEA, we have very solid gains in China, in India, [multi] biscuits. We see also gum in China doing extremely well. Chocolate in South Africa is doing well. In Europe, we are gaining share, mainly driven by France biscuits and U.K. biscuits. Latin America is flat yesterday, but they had a major increase last year, but also their biscuits are gaining share. And the Easter period has been particularly strong for us. So we have gained significant share there, was our strongest Easter ever.

是的，除了個別小問題之外，答案相對簡單明了。我們市場佔有率下降的唯一地區是美國，這主要是由於供應鏈正在逐步恢復。放眼全球，在AMEA地區，我們在中國、印度以及[多種口味]餅乾市場都取得了非常穩健的成長。在中國，口香糖市場也表現極佳。在南非，巧克力市場表現良好。在歐洲，我們的市佔率正在成長，這主要得益於法國和英國餅乾市場的強勁表現。拉丁美洲市場昨天持平，但去年增長顯著，而且他們的餅乾市場份額也在增長。復活節期間，我們的銷售業績尤其強勁，市佔率大幅提升，這是我們有史以來最強勁的復活節銷售業績。

We will have some negative impact in Europe because we were exporting to the European market from our Ukraine factories. And so that will have an effect. We're working on alternative sourcing, but until the end of the year, we will have some disruption from that.

由於我們之前是從烏克蘭的工廠向歐洲市場出口產品，因此這將對我們在歐洲的業務造成一些負面影響。我們正在尋找替代貨源，但這種情況會持續到年底，屆時我們的業務仍會受到一定程度的影響。

Now if I look to the U.S. So the share that we're losing there is purely because of supply chain constraints and it's on 4 local brands: Nilla, Nutter Butter, Premium and belVita. Our supply chain service levels and the performance of our lines are gradually improving. And so we are expecting to see some share improvement in North America in the second half of the year.

現在來看美國市場。我們在美國市場份額的下降完全是由於供應鏈的限制，主要集中在四個本土品牌：Nilla、Nutter Butter、Premium 和 belVita。我們的供應鏈服務水準和生產線的運作情況正在逐步改善。因此，我們預計今年下半年在北美的市佔率會回升。

And overall, I would say, longer term, we feel very good about continued share gains because of the amount of brand investments we're doing, the ROI we're getting on those. We are also driving share because of distribution gains in places like China, India, Southeast Asia. And we also have good gains coming from our innovation. So if you would be able to discard the U.S. situation, I think you would be able to see a very good situation in the rest of the world.

總的來說，從長遠來看，我們對市場份額的持續成長非常有信心，這得益於我們大量的品牌投資以及這些投資帶來的豐厚回報。此外，我們在中國、印度、東南亞等地區的通路拓展也推動了市場佔有率的成長。同時，我們的創新也帶來了可觀的效益。因此，如果能夠排除美國市場的影響，我認為我們在世界其他地區的情況將非常樂觀。

Great. And just a quick follow-up. Have you just closed how you're planning to finance the Clif Bar acquisition, whether that's out of debt, cash on hand or any other measures?

好的。還有一個後續問題。您是否已經敲定了收購Clif Bar的融資方案，無論是透過債務融資、動用現金或其他方式？

Yes. We have released, I think, a couple of weeks back an 8-K where we have secured a little bit of additional term loan. And clearly, that has to function as a bridge to the divestiture of gum in developed market and holds worldwide to be able to deploy those funds for the acquisition of Clif. So that's the idea, and it applies the same to Ricolino.

是的。我想大概兩週前，我們發布了一份8-K文件，其中提到我們獲得了額外的定期貸款。顯然，這筆貸款必須作為過渡資金，用於完成已開發市場口香糖業務的剝離以及在全球範圍內的持有業務，以便能夠將這些資金用於收購Clif。這就是我們的想法，同樣適用於Ricolino。

Now there are still other things that might be in play. As you know, we have multiple levels of flexibility within the balance sheet with coffee, with divestitures, et cetera. I think at this point in time, though, I still believe that the $2 billion of share buybacks is secured for the year. So I'm not sure we will go there to fund the acquisitions.

當然，還有其他一些因素需要考慮。如您所知，我們在資產負債表方面擁有多重彈性，包括咖啡業務、資產剝離等等。不過，我認為目前20億美元的股票回購計畫已經落實到位。因此，我不確定我們是否會動用這筆資金來收購。

Our next question comes from David Palmer with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

On Europe, you mentioned that organic sales and volume trends are remaining strong, and you showed that pretty lousy consumer confidence numbers over there, though. And so it does seem to be, maybe even more than the U.S., a period of some data looking worse than others. But are you seeing any countries or categories where price elasticity is picking up and you're seeing some trade down? And is that in any part some of the resistance you're picking up from retailer customers on the latest round of price increases?

關於歐洲市場，您提到有機產品的銷售和銷售趨勢仍然強勁，但您也指出那裡的消費者信心指數相當糟糕。因此，歐洲市場似乎正經歷著部分數據比其他數據更糟糕的時期，甚至可能比美國更嚴重。您是否觀察到某些國家或品類的價格彈性正在上升，並且出現了降價交易？這是否在一定程度上解釋了您從零售商客戶那裡感受到的對最新一輪價格上漲的抵觸情緒？

Well, first, I would say that our categories, biscuits and chocolates, are normally quite resilient in these circumstances. We've seen it during COVID, but we've also seen it in 2008 and in previous recessions because it's a small indulgence that consumers find difficult to forget or to leave behind. And then the presence of private label is relatively limited in our categories. So that might be -- at the start of it, that might be one of the reasons why our categories and our performance continues to look fairly strong.

首先，我想說，我們的餅乾和巧克力類別通常在這種情況下具有相當強的韌性。我們在新冠疫情期間就看到了這一點，2008年以及之前的經濟衰退中也同樣如此，因為這是一種消費者難以忘懷或放棄的小小享受。此外，自有品牌在我們品類的佔比也相對較低。因此，這或許可以解釋為何我們的品類和整體業績在初期階段依然保持強勁勢頭。

If you then look at consumer confidence, I think we do see a softening and consumers clearly talk about the inflation, the interest rates, the threat of recession. We don't see that in emerging markets, but the question, of course, was about developed. There is no drag on volumes yet. But if you go around the markets in Europe, things are different sometimes. So you, for instance, see a very strong French biscuit market, but you see chocolate in Germany and U.K. affected. And sometimes it has to see with seasonality and things like that and COVID last year.

如果你再看看消費者信心，我認為確實可以看到信心減弱，消費者顯然在談論通貨膨脹、利率以及經濟衰退的威脅。我們在新興市場沒有看到這種情況，但問題當然是針對已開發市場的。目前銷量還沒有受到影響。但如果你看看歐洲市場，情況有時會有所不同。例如，你會看到法國餅乾市場非常強勁，但德國和英國的巧克力市場卻受到了影響。有時這與季節性因素以及去年的新冠疫情有關。

But overall, I would say, from consumer consumption perspective, it's a mixed bag. But overall, it remains relatively mitigated the effect. The elasticities are slightly up versus Q1, but they are still below the historical benchmark. We do expect higher levels, as I explained in years ago, but it's still nothing that is as high as it used to be before. So for instance, if I look at U.K. chocolate, that's probably where we see the highest elasticity so far. But it's declining the elasticity, and we are now about 10% below the '20 or '21 levels as it relates to elasticity.

但總的來說，從消費者消費的角度來看，情況好壞參半。不過整體而言，疫情的影響仍然相對較小。彈性係數較第一季略有上升，但仍低於歷史基準水準。正如我幾年前解釋的那樣，我們預計彈性係數會更高，但目前仍遠不及以往。例如，英國巧克力市場目前的彈性係數可能最高。但彈性係數正在下降，目前比2020年或2021年的水準低約10%。

Now again, we have to see higher price increases in Europe for the second half. So we will see what happens there. But so far, there is really nothing from a penetration standpoint, from switching to private label, getting out of the category. We don't see anything that is of a major concern, but that doesn't mean it's going to remain like that.

現在，我們預計下半年歐洲的價格漲幅會更大。所以我們將拭目以待。但就目前而言，從市場滲透率、轉向自有品牌或退出該品類的角度來看，還沒有出現任何重大問題。我們沒有看到任何值得擔憂的因素，但這並不意味著情況會一直如此。

And you mentioned A&C increasing double digits so far this year. Where are you most leaning in with that spend?

您提到今年迄今為止，A&C（建築和施工）支出實現了兩位數的成長。您主要將這些支出集中在哪些方面？

So the one region where we are not spending more than last year is in North America so far because of our supply chain disruption, and it didn't make sense. We first have to improve our customer service. But then in the rest of the world, I would say it's about equally split. There are some markets where we particularly want to focus on the growth that we see ahead of us. So there's a slight disruption here and there for higher investment. But overall, I would say it's across the board that we are investing in biscuits and chocolates, mainly.

所以，目前為止，我們在北美地區的支出沒有超過去年，這是因為供應鏈中斷，這樣做並不合理。我們首先需要改善客戶服務。但在世界其他地區，我認為支出大致持平。有些市場我們特別希望專注於未來的成長。因此，在某些特定市場，我們可能會因為供應鏈中斷而增加投資。但總體而言，我認為我們主要在餅乾和巧克力領域進行投資。

Our last question will come from Jason English with Goldman Sachs.

最後一個問題來自高盛的傑森·英格利希。

So, Dirk, I believe it was you in prepared comments or maybe it was a response to question, I forget. But you referenced an outlook for your categories to kind of maintain maybe flat, modest volume growth and then price on top of it through the back half of the year. Your guidance implies that you expect your own volume to be down sort of low to mid-single digits in the back half. And I was hoping you could unpack that for us. Like are there specific things that you're aware of or that we should be aware of that will be headwinds? Or I guess the pile on or the notion of conservatism, are you just sort of prudently assuming that things get worse because the environment is really choppy?

德克，我記得你好像是在事先準備好的評論裡提到過，也可能是在回答問題的時候提到過，記不太清了。你提到你對下半年各品類銷售的預期是保持平穩，銷量溫和成長，價格也會隨之上漲。你的預測意味著你預計下半年自身銷售會下降個位數百分比左右。我希望你能詳細解釋一下。例如，你有沒有意識到或我們應該意識到哪些具體因素會構成不利影響？或者，你是因為市場環境動盪，所以謹慎地假設情況會變得更糟？

Jason, maybe Dirk will comment on the category themselves. In terms of the guidance, as I said, when you strip out the impact of the Ukrainian war, which is 1 point that it is more pronounced in the second half, when you strip out the higher elasticities, we are planning or which arguably might be on the cautious side. And third, when you strip out the impact of the customer disruption, pretty much the underlying trends of the first half are the same as of the second half.

傑森，或許德克會就這個類別發表一些看法。至於業績指引，正如我所說，如果剔除烏克蘭戰爭的影響（這點在下半年更為明顯），剔除較高的彈性因素，我們的計畫或許會比較謹慎。第三，如果剔除客戶中斷的影響，上半年和下半年的基本趨勢基本上相同。

So I want to reassure you that in terms of slowdown, as you look at some of the numbers for chocolate and biscuits, as you look at emerging markets growing in the quarter, 22%, we are not assuming a material slowdown into the second part of the year. It is these 3 elements that I spelled out in the prepared remarks and also in some of the answers I gave that impact the rest of the year.

因此，我想向各位保證，就增速放緩而言，正如你們所見，巧克力和餅乾的銷售額，以及新興市場本季22%的成長，我們預計下半年不會出現實質放緩。真正影響今年剩餘時間的，是我在事先準備好的發言稿以及一些回答中提到的這三個因素。

Look, the 8 plus, the plus is there for one reason, which is we might end up doing better than that. And I believe it's there.

你看，8 Plus，這個「Plus」號的存在只有一個原因，那就是我們最終可能會做得更好。而且我相信它確實做到了。

Yes. From the category perspective, it was correct, what you were saying we, thought that -- what we expect to see is relatively high pricing for probably in the 8% to 10% range, maybe even double-digit pricing. And that would be accompanied by flat to maybe a 1% volume growth.

是的。從品類角度來看，您說的沒錯，我們之前也認為──我們預期價格會相對較高，漲幅可能在 8% 到 10% 之間，甚至可能達到兩位數。同時，銷量成長可能持平，甚至只有 1% 左右。

Now you have to keep into account that in previous years, the category growth was around -- in volume, was around 2%. And then -- and on top, another 2% of pricing in the past. So we would not be that far away from the volume growth that we've been seeing in the past, maybe slightly down. So that's our estimate for the time being for the second half.

現在您需要考慮到，往年該品類的銷售量成長約為2%。此外，過去價格也上漲了2%。因此，我們預期銷售成長將與以往相差不大，或許會略有下降。這是我們目前對下半年的預測。

I would now like to turn the call back over to our speakers for any additional or closing remarks.

現在我想把電話交還給發言人，請他們補充或作總結發言。

Well, thank you. Happy to have been able to inform you about a great first half of the year. Obviously, more to come, but thank you for your interest in the company and looking forward to talk to you in the coming weeks.

謝謝。很高興能向您報告我們上半年所取得的優異成績。當然，未來還會有更多好消息，感謝您對公司的關注，並期待在接下來的幾週內與您進一步交流。

Thank you, everyone.

謝謝大家。

Thank you, ladies and gentlemen. This does conclude today's call, and we appreciate your participation. You may disconnect at any time.

謝謝各位。今天的電話會議到此結束，感謝各位的參與。您可以隨時斷開連線。