億滋國際 (MDLZ) 2022 Q4 法說會逐字稿

Good day, and welcome to the Mondelez International Fourth Quarter 2022 and Full Year 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. Sir, please go ahead.

各位來賓，歡迎參加億滋國際2022年第四季及全年業績電話會議。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）現在我將把電話交給億滋投資者關係副總裁謝普·鄧拉普先生。先生，請開始。

Good afternoon, and thank you 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.

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, 10-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，實際結果可能與這些陳述有重大差異。有關前瞻性陳述的更多詳情，請參閱我們提交的10-K、10-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 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.

在今天討論績效時，除非另有說明，我們將使用非GAAP財務指標，這些指標已對GAAP業績中包含的某些項目進行了調整。此外，除非另有說明，我們將以固定匯率為基礎提供年增率資料。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。

Today, Dirk will provide a business and strategy update followed by a review of our financial results and outlook by Luca. We will close with Q&A.

今天，Dirk將帶來業務和策略方面的最新進展報告，隨後Luca將回顧我們的財務表現和展望。最後是問答環節。

I'll now turn the call over to Dirk.

現在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. I'm pleased to share that we delivered another record year not only in size of the company but also in profit dollar growth. Our strong top line performance was driven by excellent pricing execution and continued volume strength, as consumers all over the world remain loyal to our iconic snacking brands. We delivered strong top line performance in both emerging and developed markets while continuing to exercise cost discipline.

謝謝Shep，也謝謝各位今天參加電話會議。我將從第四張投影片開始。我很高興地告訴大家，我們今年不僅公司規模再創新高，利潤成長也創下新高。我們強勁的營收成長得益於出色的定價策略和持續的銷售成長，全球消費者對我們標誌性的零食品牌依然忠誠。我們在新興市場和已開發市場都實現了強勁的營收成長，同時繼續嚴格控製成本。

In keeping with our strategy of achieving global snacking leadership, we continue investing in our brands and capabilities while strengthening our portfolio with important bolt-on acquisitions that increase our exposure to attractive and growing categories and profit pools.

為了實現我們在全球零食行業的領導地位，我們將繼續投資於我們的品牌和能力，同時透過重要的補充收購來加強我們的產品組合，從而增加我們在有吸引力且不斷增長的品類和利潤池中的份額。

We executed well against our long-term algorithm, returning $4 billion in capital to shareholders. Perhaps most importantly, we continue to invest in our people, building a deep and diverse team whose local roots and global insights enable us to stay a step ahead of rapidly changing customer and consumer tastes. We are confident that the strength of our brands, our proven strategy, our continued investments and especially our great people position us well to achieve our long-term financial targets in 2023 and beyond.

我們成功執行了長期策略，為股東返還了40億美元的資本。或許最重要的是，我們持續投資人才，打造了一支實力雄厚、多元化的團隊。他們既紮根當地，又擁有全球視野，這使我們能夠始終領先於快速變化的客戶和消費者口味。我們堅信，憑藉強大的品牌實力、行之有效的策略、持續的投資，尤其是我們優秀的人才，我們完全有能力在2023年及以後實現長期財務目標。

Along with our financial performance, I'm pleased to share that we made significant progress towards our environmental, social and governance agenda. You recall from our investor update last spring that we have elevated sustainability as the fourth pillar of our growth acceleration strategy. That's because we firmly believe that helping to drive positive change at scale is an integral part of our value creation with positive returns for all our stakeholders.

除了財務表現之外，我很高興地告訴大家，我們在環境、社會和治理（ESG）方面取得了顯著進展。您可能還記得，我們​​在去年春季的投資者更新報告中提到，我們將永續發展提升為我們成長加速策略的第四支柱。這是因為我們堅信，推動大規模積極變革是我們創造價值、為所有利害關係人帶來正面回報的重要組成部分。

Let me share a few highlights on Slide 5, sorry. First, we continued to advance our leadership in more sustainably sourcing cocoa and wheat, our 2 most critical ingredients. We launched the next chapter of Cocoa Life, our signature cocoa sourcing program with another $600 million commitment, bringing our total investment to $1 billion. Cocoa Life is working to lift up the people and restore landscapes where cocoa grows. Similarly, we will launch in the first quarter of 2023 an updated vision for our Harmony Wheat program focused on more sustainably sourcing wheat across the European Union.

抱歉，我先簡單介紹一下投影片5上的幾個重點。首先，我們持續鞏固在永續採購可可和小麥（我們最重要的兩種原料）方面的領先地位。我們啟動了「可可生活」（Cocoa Life）計畫的新篇章，這是我們標誌性的可可採購計劃，並追加了6億美元的投資，使我們的總投資達到10億美元。 「可可生活」計畫致力於改善可可種植地居民的生活，並恢復當地的生態環境。同樣，我們將在2023年第一季推出「和諧小麥」（Harmony Wheat）計畫的更新版，該計畫專注於在歐盟範圍內更永續地採購小麥。

We continued advancing our Light and Right packaging strategy. For example, our Cadbury Dairy Milk chocolate in the United Kingdom, Australia and New Zealand now are wrapped in packaging with more than 30% recycled content. We also continue to make progress on tackling climate change. We expanded our use of renewable energy to reduce our scope 1 and 2 greenhouse emissions. And in about 80% of farms in our Cocoa Life program in West Africa, we achieved near to no deforestation, reducing Scope 3 emissions.

我們持續推動「輕量化與環保」包裝策略。例如，我們在英國、澳洲和紐西蘭銷售的吉百利牛奶巧克力，其包裝材料中超過30%為可回收材料。同時，我們在應對氣候變遷方面也取得了持續進展。我們擴大了再生能源的使用，以減少範圍1和範圍2的溫室氣體排放。此外，在西非「可可生命」計畫中，我們已在約80%的農場實現了近乎零毀林，從而減少了範圍3的溫室氣體排放。

Since 2018, we have reduced our CO2 emissions by more than 20%. We also remain focused on advancing diversity, equity and inclusion because we firmly believe that diverse perspectives and viewpoints make our company stronger while helping us stay closer to our customers and consumers. As an example, we increased the gender and racial diversity of our Board of Directors with the appointment of industry-leading experts. We are proud of team Mondelez' continued success in making important impacts on these critical environmental, social and government issues while creating value for our shareholders and other key stakeholders.

自2018年以來，我們的二氧化碳排放量已減少超過20%。我們始終致力於推動多元化、公平性和包容性，因為我們堅信，多元化的觀點和觀點能夠增強公司實力，並幫助我們與客戶和消費者保持更緊密的聯繫。例如，我們透過任命業界領先的專家，提高了董事會的性別和種族多元化。我們為億滋團隊在應對這些關鍵的環境、社會和政府問題方面取得的持續成功感到自豪，同時，他們也為股東和其他主要利害關係人創造了價值。

Turning to Slide 6. You can see that we had a record year despite challenging operating conditions. We view our strong performance in '22 as evidence that our long-term strategy continues to deliver for our stakeholders. Organic volume grew 2.7% for the year, on pace with recent years, demonstrating the continued strength of our resilient brands and categories even in an inflationary environment.

請看幻燈片6。您可以看到，儘管經營環境充滿挑戰，我們仍然取得了創紀錄的表現。我們認為2022年的強勁表現證明，我們的長期策略持續為利害關係人帶來利益。全年有機銷售成長2.7%，與近年來的成長速度持平，顯示即使在通膨環境下，我們具有韌性的品牌和品類依然保持強勁勢頭。

Organic net revenue grew by 12.3%, significantly lapping the prior 3 years' performance with broad-based growth across all regions. We also delivered record adjusted gross profit dollar growth of $1.4 billion. We are proud of our team's ability to offset major cost pressures to enable us to continue investing in the business, which will drive further growth acceleration. Accordingly, we increased A&C investment by double digits, helping to keep our brands top of mind for both consumers and customers.

有機淨收入成長12.3%，顯著超越了過去三年的業績，所有地區均實現了全面成長。同時，我們調整後的毛利也創下14億美元的新高。我們為團隊能夠有效應對巨大的成本壓力而感到自豪，這使得我們能夠繼續投資於業務發展，從而進一步加速成長。為此，我們大幅提高了廣告和廣告投入，有助於維持品牌在消費者和客戶心中的領先地位。

These pricing, cost management and investing activities translated into strong operating income growth of more than $580 million. We remain confident that our virtuous cycle of strong gross profit dollar growth, which fuels local-first commercial investment and execution will continue to consistently deliver attractive profit growth. We are especially confident that our unique growth strategy centered on acceleration and focus will enable us to continue to successfully navigate the dynamic global operating environment, differentiating us from many other food companies.

這些定價、成本管理和投資活動轉化為超過5.8億美元的強勁營業收入成長。我們仍然堅信，強勁的毛利成長所帶來的良性循環，將持續推動以在地化為先的商業投資和執行，並帶來可觀的利潤成長。我們尤其相信，我們以加速和聚焦為核心的獨特成長策略，將使我們能夠繼續成功駕馭瞬息萬變的全球經營環境，從而在眾多食品公司中脫穎而出。

On Slide 7, you can see that, despite the volatile environment, we have the right setup and strategy to ensure we deliver against our growth algorithm. Momentum in emerging markets with particularly China and India showing strong results, combined with the resilience of our categories as evidenced by strong volume growth is helping us to offset the challenges that many companies are facing, such as global cost inflation, the energy crisis, recession concerns in Europe and supply chain volatility.

如投影片7所示，儘管市場環境動盪，但我們擁有正確的架構和策略，確保實現成長目標。新興市場（尤其是中國和印度）的強勁成長勢頭，以及我們各品類展現的韌性（銷售強勁成長），正幫助我們抵銷許多公司面臨的挑戰，例如全球成本上漲、能源危機、歐洲經濟衰退以及供應鏈波動。

Our consumer continues to hold up well across most geographies, prioritizing snacking and buying more volumes of our products despite significant price increases. Our U.S. supply chain is gradually getting back to normal after a long period of suboptimal customer service triggered by the 2021 strike and the subsequent overall supply chain volatility. We are continuing to implement appropriate incremental price increases across key markets, including Europe. We also continue to take appropriate action to hedge our commodity costs while continuing to advance our ongoing productivity initiatives.

儘管價格大幅上漲，但我們的消費者在大多數地區仍然保持良好的消費習慣，優先選擇零食，並增加了我們產品的購買量。受2021年罷工及隨後整體供應鏈波動的影響，我們的美國供應鏈經歷了較長時間的客戶服務欠佳，目前正逐步恢復正常。我們正在包括歐洲在內的主要市場繼續實施適當的價格調整。同時，我們也持續推動各項生產力提升計劃，並採取適當措施對沖大宗商品成本風險。

All of the above allows us to increase our investment in brands and capabilities every year, which underpins our growth momentum. Our ability to deliver real dollar growth enables us to make sound and choiceful decisions that drive the business forward and position us well for continued future growth.

以上種種優勢使我們能夠逐年增加對品牌和能力的投入，從而鞏固我們的成長勢頭。我們實現實實在在的美元成長的能力，使我們能夠做出明智且審慎的決策，推動業務向前發展，並為未來的持續成長奠定堅實的基礎。

Slide 8 shows that our performance in 2022 gives us confidence that we have not only the right growth plan but also the right execution to deliver it. Our core categories of chocolate and biscuits remain attractive and durable in both developed and emerging markets. We are accelerating our focus on these core categories because they have attractive growth and profitability characteristics and still a significant headroom in terms of penetration and per capita consumption.

第 8 張投影片顯示，我們在 2022 年的業績讓我們確信，我們不僅擁有正確的成長計劃，而且擁有實現該計劃的正確執行方案。我們的巧克力和餅乾核心類別在已開發市場和新興市場都保持著良好的吸引力和持久性。我們正在加快對這些核心品類的投入，因為它們具有誘人的成長和獲利能力，並且在市場滲透率和人均消費量方面仍有很大的提升空間。

Our long-term vision is to generate 90% of revenue through these 2 core categories. We hit an exciting milestone in the biscuit category this year as Oreo surpassed $4 billion in global net revenue, further solidifying its position as the world's favorite cookie. Our acquisitions of Chipita and Clif Bar helped us expand our footprint in the growing baked snacks segment, while our acquisition of Ricolino helped us fill an important geographic white space, establishing a strong foothold in a priority emerging market of Mexico.

我們的長期願景是透過這兩大核心品類創造90%的收入。今年，奧利奧餅乾類別迎來了一個令人興奮的里程碑，全球淨收入突破40億美元，進一步鞏固了其作為全球最受歡迎餅乾的地位。我們收購了Chipita和Clif Bar，拓展了在蓬勃發展的烘焙零食領域的市場份額；同時，收購Ricolino則幫助我們填補了重要的地域空白，在墨西哥這一重點新興市場站穩了腳跟。

We also continue to expand our presence in high-growth channels, segments and price tiers. For example, Silk premium chocolate doubled its prior year penetration in India; while in emerging markets, we added more than 400,000 additional outlets. And we have significant runway ahead of us. These are just a few examples of the ways our teams remain relentlessly focused on delivering the growth and acceleration plan we outlined at our Investor Day last spring.

我們持續拓展在高成長通路、細分市場和價格區間的業務。例如，Silk高端巧克力在印度的市場滲透率較前一年翻了一番；而在新興市場，我們新增了超過40萬家門市。未來，我們仍擁有龐大的發展空間。以上僅是幾個例子，展現了我們的團隊如何始終不懈地致力於實現我們在去年春季投資者日上提出的成長和加速發展計劃。

As Slide 9 indicates, we continue working hard to reshape our portfolio, which will accelerate our growth, and I'm pleased to share that we made significant progress in 2022. As we continue to drive focus on chocolate, biscuits and baked snacks, our 9 strategic acquisitions since 2018 have enabled us to enter exciting adjacent spaces such as well-being and premium. They also have strengthened our presence in key geographies and expanded our trade coverage. Together, these acquisitions add nearly $3 billion in revenues and are all growing high single or double digits.

如投影片9所示，我們正持續努力重塑產品組合，這將加速我們的成長。我很高興地宣布，我們在2022年取得了顯著進展。我們將繼續專注於巧克力、餅乾和烘焙零食領域，自2018年以來完成的9項策略性收購使我們能夠進入健康和高端等令人振奮的相鄰領域。這些收購也鞏固了我們在關鍵地區的市場地位，並擴大了我們的貿易覆蓋範圍。這些收購合計新增近30億美元的收入，並且所有收購都實現了高個位數或兩位數的成長。

Strong execution against our proven integration playbook enabled us to rapidly realize the value of the 3 acquisitions we closed in 2022. The Chipita business provides us an important platform to further accelerate growth in the attractive biscuits and baked snacks category. Similarly, Clif Bar expands our global snack bar business to more than $1 billion. Additionally, Ricolino, Mexico's leading confectionary company, doubles the size of our business and more than triples our routes to market in Mexico.

憑藉我們行之有效的整合策略，我們迅速實現了2022年完成的三項收購的價值。 Chipita業務為我們提供了一個重要的平台，進一步加速在極具吸引力的餅乾和烘焙零食領域的成長。同樣，Clif Bar的收購使我們的全球能量棒業務規模超過10億美元。此外，墨西哥領先的糖果公司Ricolino的收購使我們在墨西哥的業務規模翻了一番，市場管道增加了兩倍多。

Along with successfully integrating these 3 businesses, we announced in late 2022 the sale of our developed market gum business to Perfetti Van Melle for an implied EBITDA multiple of about 15x. This divestiture will help fund these recent acquisitions and streamline our portfolio. We continue to have the Halls business, which has been performing well but still intend to divest it over time in a way that maximizes value.

在成功整合這三項業務的同時，我們在2022年底宣布將成熟市場口香糖業務出售給Perfetti Van Melle，隱含EBITDA倍數約為15倍。此次出售將有助於為近期收購項目提供資金，並精簡我們的業務組合。我們將繼續持有Halls口香糖業務，該業務表現良好，但我們仍計劃逐步剝離，以實現價值最大化。

In conclusion, I'm pleased to reiterate that 2022 was a record year. Our focus and portfolio reshaping strategy is working, and we are well positioned to continue driving attractive growth in 2023 and beyond. By continuing to double down on the attractive chocolate, biscuits and baked snacks categories, investing in our iconic brands, focusing on operational execution and cost discipline and empowering our great people, I am confident that we can deliver strong performance for years to come.

總之，我很高興地重申，2022年是創紀錄的一年。我們聚焦核心業務並調整產品組合的策略正在奏效，我們已做好充分準備，在2023年及以後繼續保持強勁成長。透過持續增加對極具吸引力的巧克力、餅乾和烘焙零食品類的投入，投資於我們的標誌性品牌，專注於營運執行和成本控制，並充分發揮我們優秀員工的潛力，我相信我們能夠在未來幾年取得優異的業績。

With that, I'll turn it over to Luca to share additional insights on our financials.

接下來，我將把發言權交給盧卡，讓他分享更多關於我們財務狀況的見解。

Thank you, Dirk, and good afternoon, everyone. In 2022, we delivered unprecedentedly strong results, starting with double-digit top line growth through both volume and value, which in turn translated into strong gross profit dollar growth, allowing reinvestment in the business, solid earnings and cash flow. Growth was also broad-based in terms of regions, categories and brands. Revenue growth was 12.3% and 15.4% for the year and the quarter, respectively. Importantly, nearly 3 points of full year growth and 1.6 points of Q4 came from volume mix.

謝謝Dirk，大家下午好。 2022年，我們取得了前所未有的強勁業績，首先是營收實現了兩位數增長，銷量和銷售額均大幅提升，進而轉化為強勁的毛利增長，從而能夠對業務進行再投資，並保持穩健的盈利和現金流。成長也遍及各個地區、品類和品牌。全年和第四季的營收成長率分別為12.3%和15.4%。值得注意的是，全年近3個百分點的成長和第四季1.6個百分點的成長均來自銷售成長。

Emerging markets increased 22% for the year and 24.7% for the quarter, with strong performance across a significant majority of countries, including Brazil, China, India, Russia, Mexico, the Western Andean countries and Southeast Asia. More than 7 points of full year growth in emerging markets was driven by volume mix, confirming the great momentum of these geographies.

新興市場全年成長22%，季度成長24.7%，其中絕大多數國家表現強勁，包括巴西、中國、印度、俄羅斯、墨西哥、西亞安地斯山脈國家和東南亞。新興市場全年成長超過7個百分點主要得益於銷售結構的變化，印證了這些地區強勁的成長動能。

Developed markets grew 7% for the year and 10.5% for the quarter. Volume mix in developed markets was flat in Q4 as there were still some ongoing negotiations at the beginning of the quarter in the EU that resulted in customer disruption, which in turn offset some good momentum in countries like the U.S., Canada, Australia and others. Those negotiations are now fully closed, but we have just announced another pricing round in Europe.

已開發市場全年成長7%，季增10.5%。第四季已開發市場的銷售佔比持平，原因是季度初歐盟方面仍在進行一些談判，導致客戶體驗受到影響，進而抵消了美國、加拿大、澳洲等國家的一些良好成長勢頭。目前這些談判已全部結束，但我們剛剛宣布了歐洲新一輪的定價方案。

Turning to portfolio performance on Slide 12. Our chocolate and biscuit businesses both delivered double-digit growth, while gum and candy continue to recover with improved mobility. Biscuits grew 11.7% for the year and 18% for the quarter, supported by significant volume growth. Oreo, Ritz, Chips Ahoy!, Tate's, Give & Go and Club Social were among the brands that performed very well.

請參閱第12頁投影片，以了解投資組合表現。我們的巧克力和餅乾業務均實現了兩位數成長，而口香糖和糖果業務隨著出行便利性的改善而持續復甦。餅乾業務全年成長11.7%，季度成長18%，這主要得益於銷量的顯著成長。奧利奧、麗滋、趣多多、泰特、Give & Go和Club Social等品牌表現特別出色。

Chocolate grew more than 10% for both the year and quarter with significant growth across both developed and emerging markets. Volume mix was virtually flat in Q4 due to customer disruption in Europe. Emerging markets posted exceptional double-digit growth for the year and the quarter. Cadbury Dairy Milk, Milka, Lacta and Toblerone, all delivered robust growth. Gum and candy grew 25% for the year and the quarter. Brazil, Mexico and the Western Andean area all performed well.

巧克力銷量全年和季度均成長超過10%，已開發市場和新興市場均實現顯著成長。由於歐洲客戶需求受到影響，第四季銷售量基本持平。新興市場全年和季度均實現了兩位數的強勁成長。吉百利牛奶巧克力、妙卡巧克力、樂達巧克力和瑞士三角巧克力都實現了穩健成長。口香糖和糖果銷量全年和季度均成長25%。巴西、墨西哥和安地斯西部地區表現良好。

Now let's review market share performance on Slide 13. We held or gained share in 40% of our revenue base, which includes 15 points of headwinds coming from the U.S. supply chain that, while improving, still weighs on the full year share performance. Chocolate held or gained share in 50% of our revenue base. This number includes a strong Christmas season with gains in several key countries but also reflects customer disruption in Europe. Retailer and consumer activities are now vastly restored in the region, but the price that we just announced might have a negative impact in the first 2 quarters of 2023 as far as share goes.

現在讓我們回顧一下第13頁幻燈片中的市佔率表現。我們在40%的收入來源中維持或提升了市場份額，其中包括來自美國供應鏈的15個百分點的不利因素。儘管這些因素正在改善，但仍對全年市佔率表現構成壓力。巧克力在我們50%的收入來源中保持或提升了市場份額。這一數字包含了強勁的聖誕季銷售業績，我們在幾個主要國家實現了成長，但也反映了歐洲市場消費中斷的情況。目前，該地區的零售商和消費者活動已基本恢復，但我們剛剛宣布的價格調整可能會在2023年前兩個季度對市場份額產生負面影響。

Our biscuit business held or gained share in 25% of our revenue base. This includes 30 points of headwinds from the U.S. supply constraint and customer disruption in Europe. The U.S. made significant service level improvements in the back half of 2022, narrowing share losses, and we expect this trajectory to continue to improve in 2023.

我們的餅乾業務在總收入中佔比維持或有所成長，達到25%。這其中包含了來自美國供應限制和歐洲客戶中斷帶來的30個百分點的不利影響。 2022年下半年，美國市場的服務水準大幅提升，市佔率損失有所收窄，我們預期這一趨勢將在2023年持續改善。

Turning to Page 14. For the year, we delivered strong double-digit OI dollar growth driven by a record-high increase in gross profit of nearly $1.4 billion. In Q4, we also saw strong double-digit OI and gross profit dollar growth.

翻至第14頁。全年來看，我們實現了兩位數的強勁營業收入成長，這主要得益於毛利創歷史新高，達到近14億美元。第四季度，我們的營業收入和毛利也均實現了兩位數的強勁成長。

Moving to regional performance on Slide 15. Europe grew 7.4% for the year and 8.7% for the quarter. Thanks to strong execution, volume mix was flat for the year despite customer disruption in Q3 and Q4. Brand support remains a priority in the region, and we have continued to increase our A&C.

第15頁幻燈片展示了區域業績。歐洲全年成長7.4%，季成長8.7%。儘管第三季和第四季客戶需求受到影響，但由於執行力強勁，全年銷售佔比保持穩定。品牌支援仍然是該地區的優先事項，我們持續增加廣告和客戶投入。

OI dollars for the year were up 4.3% and 12.4% for the quarter and the year, respectively. Q4 profitability saw a return to growth due to an additional price increase and the emerging market performance within the segment.

本季和全年營業收入分別成長了4.3%和12.4%。第四季獲利能力恢復成長，這得益於價格的進一步上漲以及該細分市場新興市場的良好表現。

To close on Europe, we continue to see more pronounced inflation in this region based on energy and other input costs. We also expect to see challenged margins in Q1 given our expectations of customer disruption. Although we saw a small uptick in elasticity for Q4, the European consumer has continued to hold up well, and the preference for snacking and trusted brands remain strong with elasticity levels below normal.

最後來看歐洲市場，我們持續看到該地區因能源和其他投入成本上漲而出現的明顯通膨。鑑於我們預期客戶需求會受到影響，預計第一季利潤率將面臨挑戰。儘管第四季彈性略有回升，但歐洲消費者仍保持良好的消費習慣，對零食和信賴品牌的偏好依然強勁，彈性水準低於正常水準。

North America grew 12.3% for the full year and 19.5% for the quarter. Higher pricing, robust volume mix and strength from our ventures such as Tate's and Give & Go fueled those increases. Volume mix was 0.8% for the year and 4.2% for the quarter.

北美地區全年成長12.3%，季增19.5%。更高的定價、穩健的銷售組合以及旗下Tate's和Give & Go等業務的強勁表現推動了這些成長。全年銷售佔比為0.8%，季比為4.2%。

North America profit increased 18.7% for the year and 37.3% for the quarter due to strong pricing and healthy volume results. Besides the benefit of our pricing execution, the consumer remains resilient, and elasticity continues to be well below normal levels.

得益於強勁的定價策略和良好的銷售表現，北美地區全年利潤增長18.7%，季度利潤增長37.3%。除了定價策略帶來的利多外，消費者依然保持韌性，需求彈性持續遠低於正常水準。

AMEA grew 12.5% for the year and 13.6% for the quarter, with strong volume growth for both periods. India grew strong double digits for the year and quarter driven by both chocolate and biscuit. China increased high single digits for the year despite COVID restrictions in certain cities and posted double-digit growth for the quarter. Finally, Southeast Asia also delivered strong double-digit growth for both periods. AMEA increased dollars by 9.8% for the year and 8.8% for the quarter, continuing their virtual cycle.

亞太及中東地區（AMEA）全年成長12.5%，季增13.6%，兩個時期銷售量均強勁成長。印度市場全年及季均實現兩位數成長，主要得益於巧克力和餅乾的強勁表現。儘管部分城市受到新冠疫情限制措施的影響，中國市場全年仍維持高個位數成長，季度成長也達到兩位數。東南亞市場全年及季同樣實現了兩位數成長。 AMEA地區全年美元營收成長9.8%，季成長8.8%，延續了其良好的成長動能。

Latin America grew 31.9% for the year and 37.1% for the quarter, with robust volume mix growth coupled with strong price contribution. All key markets posted double-digit increases for the quarter. Latin America has had its strongest year ever in terms of OI delivery. In fact, OI dollars in Latin America grew 48.5% for the year and more than 45% for the quarter. Broad-based volume growth, pricing and ongoing improvement from the gum and candy categories drove these results.

拉丁美洲全年成長31.9%，季度成長37.1%，這得益於強勁的銷量成長和價格的顯著提升。所有主要市場本季均實現了兩位數的成長。拉丁美洲的OI（開放式保險）交付量創歷史新高。事實上，拉丁美洲的OI美元全年成長48.5%，季度成長超過45%。銷售全面成長、價格上漲以及口香糖和糖果品類的持續改善推動了這些業績的實現。

Next to EPS on Slide 16. Full year EPS grew 11.9% in constant currency. This growth was primarily driven by operating gains. And despite very significant currency headwinds, we grew adjusted EPS at reported ForEx by 3.5%.

第16頁幻燈片旁邊是每股盈餘（EPS）。以固定匯率計算，全年每股收益成長了11.9%。這一增長主要得益於營業利潤的提升。儘管面臨非常顯著的匯率不利因素，我們仍以報告匯率計算調整後的每股盈餘成長了3.5%。

Turning to Slide 17. We delivered $3 billion of free cash flow for the full year, including a onetime expense of $300 million related to the Clif acquisition and buyout of its employee stock ownership plan.

翻到第 17 頁投影片。我們全年實現了 30 億美元的自由現金流，其中包括與收購 Clif 及其員工持股計畫相關的 3 億美元的一次性支出。

Turning to outlook on Page 19. For the current year, we expect to deliver on or in excess of our long-term algorithm for all variables. There might still be meaningful variability for the year, so we expect plus 5% to plus 7% organic net revenue growth, which stems from the higher pricing. We also expect on-algo adjusted EPS, up high single digits. Somewhat like 2022, we expect a slightly different shape related to the P&L with higher top line, strong profit dollar growth and lower-than-historical margin rates given elevated inflation and related pricing away in dollar terms.

請參閱第19頁的展望。對於本年度，我們預期所有變數均能達到或超過我們長期演算法的預測目標。儘管全年仍可能有顯著波動，但我們預期有機淨收入將成長5%至7%，這主要得益於更高的定價。我們也預期演算法調整後的每股盈餘將實現接近兩位數的成長。與2022年類似，我們預期損益表結構將略有不同，營收將成長，利潤美元成長強勁，但由於通貨膨脹加劇以及以美元計價的相關價格上漲，利潤率將低於歷史水準。

As far as assumptions go, we are planning for another year of double-digit inflation with dollars higher than in '22. This inflation is driven by the continued elevated cost in packaging, energy, ingredients and labor. These input costs are also more pronounced in Europe and some select emerging markets. We also had favorable coverage versus the market in '22. And although spot rates have been easing in many cases, new hedges are coming at higher levels than what was incorporated in March of last year.

就假設而言，我們預期未來一年通膨率將持續兩位數，美元匯率將高於2022年。這項通膨主要受包裝、能源、原料和勞動成本持續高企的影響。這些投入成本在歐洲和部分新興市場尤為突出。此外，我們在2022年的避險​​策略也優於市場平均。儘管即期匯率在許多情況下有所回落，但新的對沖合約價格仍高於去年3月的水準。

We are taking action with a flexible hedging program by using options to minimize risk and volatility whether commodity rise or fall significantly from current rates. That is to reassure you that in case of commodity price dislocations, we will still be in a position to hit our profit commitment while still investing for growth.

我們正採取靈活的避險策略，運用選擇權來降低風險和波動性，無論大宗商品價格較目前水準大幅上漲或下跌。這旨在向您保證，即使大宗商品價格出現波動，我們仍能實現獲利目標，同時繼續投資以實現成長。

In terms of interest expenses, we expect an incremental $90 million for the line associated with the financing of recent acquisitions that we plan to repay later in the year with the developed gum divestiture proceeds. We are planning for a net increase in total pension costs of around $25 million as above-the-line service costs will be lower and below-the-line elements will be worse due to the rising interest rate.

就利息支出而言，我們預計近期收購融資相關的信貸額度將增加9,000萬美元，我們計劃在今年稍後用已開發口香糖業務剝離所得款項償還這筆款項。由於利率上升，線上服務成本將下降，而線下服務成本將上升，因此我們預計退休金總成本將淨增加約2500萬美元。

Important to note that due to our strong funding levels, we do not have to make additional contributions to our plan. We will also benefit from the high OI dollar contribution from the acquisitions of Clif and Ricolino and their related synergies.

值得注意的是，由於我們資金充足，無需為該計劃追加投資。此外，收購Clif和Ricolino及其相關綜效也將為我們帶來可觀的營業收入。

In terms of phasing, we expect Q1 to be lower from a margin rate perspective due to lower volumes in Europe associated with the expected customer disruptions and Chinese New Year phasing. Disruption in Europe might also continue into Q2. We are expecting $0.04 of EPS headwinds related to ForEx.

就銷售階段而言，由於預計歐洲市場受客戶需求波動和春節假期影響，銷售量將有所下降，我們預期第一季利潤率將低於預期。歐洲市場的波動可能還會持續到第二季​​。我們預期外匯市場將對每股盈餘造成0.04美元的負面影響。

With respect to free cash flow, we expect another strong year with $3.3 billion plus, absent any significant onetime nonoperating items. In this outlook, we also expect an adjusted effective tax rate in the low to mid-20s based on what we know today and a share repurchase of around $2 billion.

就自由現金流而言，我們預計今年將持續保持強勁勢頭，達到33億美元以上，前提是不計任何重大的一次性非經營性項目。基於我們目前掌握的信息，我們預計調整後的實際稅率將在20%左右，並計劃回購約20億美元的股票。

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 will come from Andrew Lazar with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的安德魯·拉扎爾。

Two questions for me if I could. First, Dirk, maybe you could provide a bit of a state of the union in key markets, especially in Europe in terms of just what you're seeing with the consumer in response to recent pricing and if there's any sort of early update on what you're hearing from the most recently announced pricing in Europe. And then, Luca, you talked a little bit about a different shape to the year than would be typical. And it sounds like that's mostly incremental inflation and sort of the mechanics of pricing impacting margin. But I just want to make sure that that's kind of what you see it as opposed to anything that could be deemed more structural that we should be concerned about when it comes to sort of the margin percentage compression that could still be the case, I guess, for the full year a bit.

如果可以的話，我想問兩個問題。首先，Dirk，您能否簡要介紹一下主要市場，特別是歐洲市場的現狀，特別是消費者對近期價格的反應，以及您是否了解歐洲最新公佈的價格資訊？其次，Luca，您提到今年的市場趨勢與往年有所不同。聽起來這主要是由於通膨加劇以及價格機制對利潤率的影響。但我只是想確認一下，您是否只是這樣看待這個問題，而不是因為存在一些結構性因素，例如利潤率下降，而這種情況可能會持續到全年。

Okay. Thank you, Andrew. Yes. I would say we feel good if I look at the total business about the strength of our portfolio and the diversification that we have within that portfolio. So when there are some areas that are a bit of a more difficult situation, we always have other areas that compensate for that. And so we can keep on delivering very good results. And it goes across brands, regions and categories for us.

好的，謝謝你，安德魯。是的。從整體業務來看，我們對自身產品組合的實力和多元化程度都感到非常滿意。因此，即使某些領域的情況比較棘手，我們總能透過其他領域來彌補。所以我們能夠持續取得優異的業績。這一點適用於我們各個品牌、地區和品類。

I also feel good about the strong top line performance with good execution of our pricing but also for the year, almost 3 points of volume growth, which is in line with the previous years of volume growth. And I think that is a testimony to the strength of our brands and the categories. Share is obviously below expectations, but there is very good explanations for that because we had disruptions in our U.S. supply chain and then also in Q3 and Q4, disruption with our European customers, sorry, for -- because of the price increases.

我對強勁的營收表現感到滿意，這得益於我們定價策略的有效執行。此外，全年銷售成長近3個百分點，與往年銷售成長基本持平。我認為這證明了我們品牌和品類的實力。市場份額顯然低於預期，但這有充分的理由，因為我們在美國的供應鏈受到了乾擾，而且在第三季度和第四季度，由於價格上漲，我們的歐洲客戶也受到了影響。

I think also something that we feel particularly good about is our broad-based strength in emerging markets from a top but also very importantly, from a bottom line perspective. And as you know, we're very focused on growing dollars in the gross profit line, and the $1.4 billion is a very strong result, which enables us to offset some of the extra costs we're seeing but also to significantly continuing to invest in our brands and increase our bottom line.

我認為我們尤其感到欣慰的是，我們在新興市場的整體實力，這不僅體現在公司整體業績上，更重要的是，也體現在公司的獲利能力上。如您所知，我們非常注重提高毛利，14億美元的業績非常強勁，這不僅使我們能夠抵銷部分額外成本，還能讓我們繼續大力投資品牌建設，並提升淨利潤。

Our margins, of course, are impacted by elevated inflation. It's something that it has a denominated effect as we price against that, but we do expect that, over time, margins will come back. And then despite currency headwinds, we are having in constant -- or in adjusted EPS, we have double digit, but we still grew real EPS by 3.5%.

當然，高通膨會影響我們的利潤率。由於我們在定價時會考慮通膨因素，因此利潤率會受到一定影響，但我們預計隨著時間的推移，利潤率會回升。此外，儘管面臨匯率不利因素，我們仍實現了兩位數的每股盈餘成長（以不變匯率或調整後每股盈餘計算），實質每股盈餘也成長了3.5%。

So overall, I would say we feel very good about the results. If I look at the consumer, the volume growth rates, which is what we are looking for to see really how strong the categories are, are holding up really well. We see very good in-home consumption in the U.S. In Europe, there are some signs of a bit of a category slowdown. That's the only region where our categories are slowing in negative volume growth, but I would counter that with very strong volume growth in all our other regions, particularly in places like Brazil, India, China. I think from a competition perspective, we will start to see the differentiation between companies that can continue to invest in their brands and keep a very positive algorithm, while others will have to focus more on costs and cutting back in this cycle.

總的來說，我對業績非常滿意。從消費者角度來看，銷售成長率（這也是我們衡量品類強勁程度的關鍵指標）表現非常出色。美國家庭消費市場表現特別強勁。歐洲市場則出現了一些品類成長放緩的跡象。這是我們所有品類銷售成長負成長的唯一地區，但其他所有地區的銷售成長都非常強勁，尤其是在巴西、印度和中國等市場。我認為，從競爭角度來看，我們將開始看到那些能夠持續投資品牌並保持良好成長動能的公司之間的差異，而其他公司則必須更加重視成本控制和削減開支。

As it relates to pricing, so the pricing for '23 in the U.S. has passed and is implemented. So we did that in December. In Europe, we have started discussion with our clients. I would say we are 60% done of what we need to do. So far, so good, but there is obviously still a few weeks and months to go, and we will know more by the end of March, beginning of April where we stand. But so far, so good, I would say.

關於定價方面，美國2023年的定價已經通過並實施，我們在去年12月完成了這項工作。在歐洲，我們已經開始與客戶討論。我認為我們已經完成了所需工作的60%。目前為止一切順利，但顯然還需要幾週甚至幾個月的時間，到3月底或4月初，我們會更清楚地了解目前的進展。但總的來說，目前為止一切順利。

The other thing I would mention as it relates to the consumer is that the elasticity is still very low. There's a slight uptick in Europe but still well below the expectations. We are planning for more elasticity in our '23 outlook, but we still have to see that materialize.

關於消費者方面，我還想提一下，目前的彈性仍然很低。歐洲市場略有回升，但仍遠低於預期。我們在2023年的展望中預期彈性會有所提高，但這仍需觀察實際情況。

The other one, I think, is important to mention is that we will have double-digit cost inflation. There's a lot of talk about diminishing inflation. We don't see that at the moment, and that is driven largely by energy, ingredients and labor.

我認為另一點也很重要，那就是我們將面臨兩位數的成本通膨。現在很多人都在談論通膨會下降，但我們目前並沒有看到這種情況，這主要是由於能源、原材料和勞動成本上漲所致。

Nevertheless, if you take all that together, I think we are positioned well for '23. Luca will talk a little bit about the different shape of our P&L, but we will be on-algorithm with a higher top line. But that is driven to the whole inflationary situation. So maybe, Luca, I hand it over to you.

不過，綜合所有因素來看，我認為我們為2023年做好了充分準備。盧卡會簡單談談我們損益表結構的變化，但我們會採用演算法驅動，營收也會更高。但這主要是受通貨膨脹的影響。所以，盧卡，或許我該把麥克風交給你了。

Yes. Thank you for the question, Andrew. And as it relates to the shape of the P&L, particularly on gross margin, you will see some pressure, particularly in the first part of the year, a result of a couple of things. One, it is elevated inflation and us having particularly good coverage in 2022 and lapping the favorable pipeline that we had in commodity terms in 2022, and the fact that, clearly, pricing, particularly for Europe, is not fully implemented yet, the new pricing wave I mean. And that is also compounded by the expectation that we will have some customer disruption kicking in towards the end of Q1 and potentially also into Q2.

是的，謝謝你的提問，安德魯。關於損益表結構，特別是毛利率，你會看到一些壓力，尤其是在今年上半年，這主要是由以下幾個因素造成的。首先，通膨高企，我們2022年的訂單覆蓋率非常高，而且2022年大宗商品方面也有著不錯的訂單儲備。其次，顯然，定價機制，特別是針對歐洲的定價機制，尚未完全實施，我指的是新一輪定價。此外，預計第一季末以及可能延續到第二季​​度，客戶訂單可能會出現一些中斷，這也加劇了上述壓力。

Having said that, I think when you look at the fundamentals of the business, I feel quite good about emerging markets. You saw the stunning number that we printed for Q4 and for the year. The momentum of those emerging markets is continuing into Q1. We started the year quite strongly. I'm quite happy with the U.S. and North America in general. I think there was an excellent pricing execution. And obviously, as the last pricing wave comes into effect into the P&L., that allows for reinvestments in the business. And I think also you will be positively surprised by share throughout the year.

話雖如此，但從業務基本面來看，我對新興市場相當樂觀。你們也看到了我們第四季和全年令人矚目的業績。新興市場的成長動能延續到了第一季。我們今年的開局非常強勁。我對美國和北美整體市場的表現也相當滿意。我認為定價策略執行得非常出色。顯然，隨著最後一輪定價策略最終計入損益表，我們可以對業務進行再投資。而且我認為，你們也會對全年的市佔率成長感到驚喜。

Clearly, EU is a little bit of a watch out. Happy to say that the profitability, as you saw in Q4, improved quite a bit compared to Q3 and that is the testament to the team of the pricing that was implemented. But clearly, there are some unknowns in relation to further pricing and potential disruption, and we have commented on consumers in general.

顯然，歐盟市場需要格外關注。令人欣慰的是，正如您在第四季度所見，盈利能力較第三季度有了顯著提升，這要歸功於團隊實施的定價策略。但顯然，未來的定價和潛在的市場波動仍存在一些未知因素，我們也已就消費者整體狀況發表了看法。

So look, the key assumption here is double-digit inflation. Part of it is driven by the favorable coverage we have. And we will stay disciplined in pricing it away. And as I said in the prepared remarks, if commodities take a more benign impact, we will be able to take advantage of it because we have flexible coverage implemented.

所以，關鍵假設是兩位數通膨。部分原因是由於我們擁有有利的保險覆蓋範圍。我們會繼續嚴格控制通膨因素。正如我在事先準備好的發言稿中所說，如果大宗商品價格受到的影響較小，我們也能從中受益，因為我們實施了靈活的保險覆蓋方案。

Our next question will come from Ken Goldman with JPMorgan.

下一個問題將來自摩根大通的肯·戈德曼。

I may have missed this. But did you guys by any chance talk about your expectation of price versus volume mix this year? I recognize it's not something you typically give in guidance, but I'm just trying to get a sense for how to model that a little bit cleaner just given some of the puts and takes.

我可能錯過了。請問各位有沒有談到今年價格與成交量比例的預期？我知道這通常不是你們在業績指引中會提及的內容，但我只是想了解一下，鑑於目前的市場行情，如何更清晰地建立模型來預測價格與成交量比例。

So I'll give you a little bit of a high-level answer, and the answer is we have planned for modest volume contribution into 2023. And quite frankly, that is the direct outcome of us planning for historical elasticities rather than what we have seen as of recent. So there might be a little bit of an upside versus that assumption. As you dissect the business a little bit more, I believe you're going to see good volume growth in emerging markets, particularly in countries like China, India, Brazil and so on and so forth. You are going to see volume growth in North America. Clearly, there is an element of us replenishing stock with the trade. That has a positive impact. But importantly, I think U.S. biscuit is really on solid ground and all the ventures, namely Give & Go and Tate's particularly are really delivering volume growth versus last year.

所以我先簡單概括一下。我們預計2023年銷售貢獻將較為溫和。坦白說，這主要是因為我們基於歷史彈性而非近期實際數據來規劃。因此，實際銷量可能略高於預期。如果您更深入分析業務，我相信新興市場，尤其是中國、印度、巴西等國家，銷售將實現良好成長。北美地區的銷量也將有所成長。顯然，我們透過貿易補充庫存，這會產生正面影響。但更重要的是，我認為美國餅乾業務基礎穩固，所有合資企業，特別是Give & Go和Tate's，都實現了較去年同期的銷量增長。

And finally, where I think you're going to see volume pressure is in Europe, and that is the direct outcome of potential customer negotiation disruption and relatively higher elasticity than in other places in the world. So volume leverage, I think, will be one important component of the 2023 P&L shape. Three regions, I believe, will be on positive ground in Europe due to disruption. There might be some volume pressure. Overall, I think you're going to see modest volume growth for the year.

最後，我認為銷售壓力將主要集中在歐洲，這直接源自於潛在的客戶談判障礙以及歐洲市場相對較高的彈性。因此，我認為銷售槓桿作用將是2023年損益表格局的重要組成部分。我相信，由於市場動盪，歐洲有三個地區的業績將會成長。銷量可能會面臨一些壓力。總體而言，我認為今年的銷售成長將較為溫和。

Very helpful. If I can just ask a quick follow-up. You talked about partly the reason for losing share in 2022 was because of your European customer disruptions. Are your competitors not being disrupted as much? I'm just curious, are they not pricing up as much as you? Is it more of a timing issue? It just feels like if everyone's pricing up, maybe there shouldn't be share loss, but I'm missing part of that perhaps.

非常有用。我可否再問一個後續問題？您提到2022年市佔率下降的部分原因是歐洲客戶受到影響。您的競爭對手受到的影響沒有那麼大嗎？我很好奇，他們的漲價幅度是否沒有您那麼大？這是否更多的是時機問題？感覺如果大家都提價，或許就不會出現市佔率下降的情況，但我可能忽略了某些因素。

Yes. Well, we have to take into account that our main competitors in Europe are private companies. And what we've seen is that they have not priced as aggressively as we have. We assume that, that eventually will have to come, but that is the main difference between us and the competition. And so that is the explanation of the share loss. Some of the other competitors have had some events that they lapped the year before, and that has helped them also to gain some share this year. So that's -- those are the 2 big reasons.

是的。我們必須考慮到，我們在歐洲的主要競爭對手是私人公司。我們發現，他們的定價策略不如我們激進。我們預計這種情況最終也會發生，但這正是我們與競爭對手之間的主要差異。這就是我們市場佔有率下降的原因。其他一些競爭對手在去年的一些活動中取得了領先優勢，這也幫助他們在今年獲得了一些市場份額。所以，這就是兩個主要原因。

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 on -- just a follow-up on Europe. If you look at 2022, fiscal '22, were you able to get pricing up in line with inflation in Europe? And I guess I'm trying to understand is, if you look at 2023, is there any sort of catch up in pricing you expect in Europe, if that's possible, which may sort of compound some of these issues with share there?

我有個關於歐洲的問題想問您，算是後續跟進。如果您回顧2022財年，您能否將歐洲的定價與通貨膨脹率保持一致？我想了解的是，如果您展望2023年，您預計歐洲的定價是否會有任何追趕的跡象（如果可能的話），這可能會加劇目前市場份額方面的問題？

Chris, I think as you look at the quarterly gating in 2022, you saw the most pressure in terms of profit delivery in Europe in Q3. And in there, there was the fact that we were running out of hedges for the first part of the year and pricing was not fully implemented. As you saw in Q4, profit is up soundly. And in that context, we also increased investments. So as we close the year, the absolute inflation that you would expect annualized -- compared to the pricing annualized was a wash.

克里斯，我認為，當你回顧2022年的季度業績時，你會發現歐洲市場在第三季的獲利壓力最大。當時的情況是，我們在年初的避險策略已經用完，定價機制也未能完全實施。正如你在第四季看到的，利潤穩定成長。在此背景下，我們也增加了投資。因此，到年底，你預期的年化通膨率與年化定價率基本持平。

The point here is, as we walk into 2023, there are a couple of events that came into play. One, it is the material energy pressure and the fact that, in 2022, we had positive coverage in that area. And the second one is the fact, clearly, that we have to price again. So all considered, the 2022 inflation that was embedded in the base and the pricing wasn't at wash by the end of the year in terms of annual impact.

關鍵在於，進入2023年，有兩個因素開始發揮作用。首先是物質能源壓力，以及2022年我們在能源領域獲得了正收益的事實。其次，顯然我們需要重新進行定價。因此，綜合考慮，2022年已計入基數和定價的通膨，到年底時並未對年度影響完全抵銷。

Now going into 2023, there is more pressure coming and subsequent price required. You are going to see some subpar numbers in terms of profit for Europe most likely in Q1 and Q2 as a result of pricing not fully implemented yet and customer negotiations. But then by Q3 and Q4, there will be a recovery of margins and profitability in Europe. And again, in this context, the last thing we want to do is to cut on investment, and we will continue to invest A&C regardless of pricing negotiations going on.

進入2023年，我們將面臨更大的壓力，相應的價格也將隨之上漲。由於定價尚未完全落實以及與客戶的談判，預計歐洲市場在第一季和第二季的利潤將低於預期。但到了第三季和第四季，歐洲市場的利潤率和獲利能力將會回升。在此背景下，我們最不希望看到的就是削減投資，因此無論價格談判如何進行，我們都將繼續增加對航空航太和通訊領域的投資。

Okay. That was a good answer there. Then the other question I have was just in relation to China. You had a strong performance there this quarter and through the year. Is that a tough comp for 2023? Or if we see some improvement in mobility and travel, should that help China grow at even faster rate in '23?

好的，剛才的回答很好。接下來我想問的是關於中國市場的問題。你們本季以及全年在中國市場的表現都很強勁。這對於2023年來說是否是一個難以跨越的基準？或者說，如果出遊和旅行狀況有所改善，這是否能幫助中國市場在2023年實現更快的成長？

I wouldn't say that we are immediately planning for a faster rate in China; but certainly, if you look at the country, sorry, coming out of the COVID situation and the restrictions starting to ease and the travel restrictions being lifted, on top of that, our plants are open and operational, which was not always the case during the past year. So I think that we will be having a good supply situation. We do have some increased costs, and we will have to deal with that through price increase. But overall, I would expect China to continue with a high single-digit to double-digit growth for next year.

我不會說我們立即計劃加快中國市場的增速；但可以肯定的是，鑑於中國正在走出新冠疫情的陰霾，各項限制措施開始逐步放寬，旅行限制也已解除，再加上我們的工廠已經恢復運營（這在過去一年裡並非總是如此），我認為我們的供應狀況將會良好。當然，我們的成本確實有所增加，我們將不得不透過漲價來應對。但總體而言，我預計明年中國市場將繼續保持較高的個位數到兩位數的成長。

The gum business, we expect to come back, and we would continue on momentum with the biscuit growth that we've seen. We continue to increase our market share. I see no reason why that would not continue next year also. And so apart from the pricing, all the other indicators for China are pretty positive for us. Not quite sure if that really immediately translates in acceleration, but high single digits to low double digit is doable for China for next year.

我們預期口香糖業務將會復甦，餅乾業務的成長動能也將延續。我們的市場份額正在不斷擴大，我認為明年也將繼續保持這一勢頭。因此，除了價格因素外，其他所有針對中國市場的指標都對我們非常有利。雖然目前還不能確定這些利好因素能否立即轉化為加速成長，但明年中國市場實現接近兩位數的成長是完全有可能的。

Maybe just one little add. There is a little bit of phasing as it relates to Chinese New Year, so in Q1, you're not going to see double-digit revenue growth. But as Dirk said, the fundamentals of the business are very strong, and the team is executing extremely well in the country.

或許只需要補充一點。由於正值中國新年，第一季的營收成長不會達到兩位數。但正如德克所說，公司的基本面非常強勁，團隊在中國的業務執行力也極為出色。

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

下一個問題將來自高盛的傑森·英格利希。

Congrats on the strong finish to the year, by the way. First, on the China [year], can you help me understand that a little bit more? Is it that you shift, you pulled more into the fourth quarter, so we don't get the benefit in Q1? And also on timing, the North America volume was very robust, certainly more robust than we expected. Is there anything unique or onetime in nature that's helped volume in that region this quarter?

順便祝賀你們今年業績收官強勁。首先，關於中國市場，您能幫我更詳細地解釋一下嗎？是因為你們把更多業務轉移到了第四季度，所以我們第一季沒有受益？另外，關於時間安排，北美地區的銷售非常強勁，遠遠超出預期。這個季度該地區的銷售成長是否有任何特殊或一次性因素推動？

So let's tackle maybe this last one first. As you think about volume in the U.S., clearly, the share situation is improving. The category, despite double-digit pricing, is posting volume growth, particularly in Q4. So we saw value and volume growing within the category, as I said, shall improve. But importantly, we are also recuperating service level, and that clearly helps a bit. So I believe all in all, there is a strong foundation in the biscuit business in the U.S.

那麼，我們先來談談最後一個問題。就美國市場的銷售而言，很明顯，市場佔有率正在改善。儘管價格漲幅高達兩位數，但該品類的銷量仍在成長，尤其是在第四季。如我所說，我們看到該品類的價值和銷售量都在成長，而且情況還會進一步改善。但更重要的是，我們的服務水準也在恢復，這顯然也起到了一定的幫助作用。因此，我認為總體而言，美國餅乾業務擁有堅實的基礎。

And the second element that has to be taken into account is the fact that what we call ventures, namely Give & Go, Hu and also Tate's are delivering volume and value growth. And we are clearly taking advantage of synergies, particularly in the case of Tate's. We are very pleased with the fact that, that platform going into DSD has delivered material revenue and bottom line growth. And clearly, in the case of Give & Go, we are seeing after price increases, the category thriving, and that drives really the volume.

第二個要考慮的因素是，我們稱為「合資企業」的品牌，即Give & Go、Hu以及Tate's，都實現了銷售和價值的成長。我們顯然正在充分利用協同效應，尤其是在Tate's的案例中。我們非常高興地看到，該平台轉型為直接送貨上門（DSD）模式後，帶來了顯著的收入和利潤成長。顯然，就Give & Go而言，我們看到漲價後，該品類蓬勃發展，這確實推動了銷量的成長。

In terms of Chinese New Year, China was north of 10% in Q4. And there was, I would say, 3, 4 points of contribution coming out of that 10-plus percent due to Chinese New Year. Clearly, that is a reversal in Q1; but again, fundamentally, the business remains very sound. I think you're going to see continued share gains. And we're not talking about small share gains in the category of biscuits. And again, as the country reopens, one of the things that we missed throughout 2022 was gum growing. And Gum is going to come most likely positive in 2023, and that will help also the bottom line because margins in gum are higher than in biscuits. So hopefully, that addresses your question.

就春節而言，中國市場在第四季貢獻了超過10%的銷售額。我認為這10%以上的成長中，春節貢獻了3到4個百分點。顯然，第一季的情況有所逆轉；但從根本上講，公司業務依然非常穩健。我認為市場佔有率將會持續成長。而且我們說的不是餅乾品類的小幅成長。此外，隨著國家逐步重啟，我們在2022年錯失的一大成長點是口香糖的成長。口香糖很可能在2023年實現正成長，這將有助於提升公司利潤，因為口香糖的利潤率高於餅乾。希望以上解答能幫助您。

Yes, very helpful and a good segue into my second question is you brought up gum and margin mix. As we bridge out your margins for the fourth quarter, we've got a very big hole in our margin bridge, suggesting that we're meaningfully underestimating the amount of inflation, or there's some unusual cost or perhaps some much larger mix headwinds than you've contested with for the rest of the year. Can you unpack it for us and give us a little more color? Because with the price you got and the acceleration, it was just surprising to see margins move so much further south.

是的，這很有幫助，也剛好引出了我的第二個問題，您提到了口香糖和利潤率組合。當我們分析第四季利潤率時，發現利潤率存在一個很大的缺口，這表明我們可能嚴重低估了通膨幅度，或者存在一些異常成本，又或者存在一些比您今年其他季度所面臨的更大的產品組合不利因素。您能否詳細解釋一下，並提供更多細節？因為考慮到您給出的價格和成長速度，利潤率下降如此之大確實令人驚訝。

Yes, I don't think -- I mean, mix was positive, so I don't think mix in general is a problem. I think you saw gum and candy growing 25%. That's margin accretive. I think what was underestimated in general in the modeling that I saw around, it is the impact of inflation and the subsequent price that was coming out of it. As we price away dollar for dollar and not for percentage margins, I think the -- there was an underestimation of both pricing and the inflation despite the fact that we said very clearly, inflation was double digit.

是的，我不認為——我的意思是，產品組合總體上是積極的，所以我認為產品組合本身不是問題。我認為你也看到了口香糖和糖果成長了25%。這提高了利潤率。我認為我看到的模型普遍低估了通貨膨脹及其導致的物價上漲的影響。因為我們是按美元而不是按百分比利潤率來定價的，所以我認為——儘管我們非常明確地指出通貨膨脹率是兩位數，但定價和通貨膨脹都被低估了。

I think the way you have to think about it is you wouldn't have expected for the year a 3% volume growth. You wouldn't have expected a 1.6% volume mix in Q4, which, by the way, when adjusted for the customer disruption due to Europe in Q4 is, again, roundabout 3%. So I think versus what you had in mind, there is much better volume. There is higher inflation. There is higher pricing, and the fact that we price dollar for dollar creates a little bit of pressure on the percentage margin. I think in terms of OI margin, you see a good number because, obviously, also cost below the line have been kept in control -- or below GP, I mean. And so that's really all the puts and takes that you have within the shape of the P&L.

我認為你應該這樣想：你不會預期全年銷量會成長3%。你也不會預期第四季銷售佔比達到1.6%，順便說一句，如果考慮到第四季歐洲市場對顧客的影響，實際成長率大約是3%。所以，我認為銷量比你預想的要好得多。通貨膨脹加劇了，價格也上漲了，而且我們採用美元對美元的定價方式，這給利潤率帶來了一定的壓力。我認為營業利潤率表現不錯，因為成本控制得很好——或者說低於毛利率。以上就是損益表中的所有優缺點分析。

Our next question will come from Alexia Howard with Bernstein.

下一個問題將由伯恩斯坦的 Alexia Howard 提出。

Can I stick with Europe with 2 questions? The first one, I think you mentioned the category slowdown, and I can't remember whether that was biscuits or chocolate. But is that to do with the high fat, sugar and salt initiative in the U.K.? Or is it just weakness in the consumer in general? And then I have a follow-up.

我可以繼續問關於歐洲的問題嗎？我有兩個問題。第一個問題，我記得您提到某個類別的成長放緩，但我記不清是餅乾還是巧克力了。這和英國的高脂肪、高糖和高鹽飲食政策有關嗎？還是只是消費者整體消費能力下降？之後我還有一個後續問題。

Maybe we'll do first the categories, and then I didn't quite understand the question on the weakness of the consumer in the U.K.

或許我們可以先分類，然後，關於英國消費者弱點的問題，我不太明白。

Yes. She said is it to do with HFSS or something else.

是的。她問這是否與高脂肪、高鹽、高糖食品有關，還是其他原因。

Okay. So from a category perspective, in Europe, our category performance is obviously different from what we see the overall categories do. I would say both biscuits and chocolate are showing slightly negative, minus 2%, minus 3%, the overall category in Q4, and that is probably a consequence of the consumer feeling some recession. We're a little bit worse than that driven by customer disruption, but I think that as we go through the first quarter of next year, I think that will gradually come back. I'm talking about the category here. So it's probably understandable seeing the economical situation in Europe that we see a little bit of a slowdown there.

好的。從品類角度來看，在歐洲，我們的品類表現顯然與整體品類表現有所不同。我想說，餅乾和巧克力在第四季都略微下滑，比整體品類下滑了2%到3%，這可能是消費者感受到經濟衰退影響的結果。由於消費者需求受到干擾，我們的表現比整體情況略差一些，但我認為隨著明年第一季的到來，情況會逐漸好轉。我這裡指的是品類本身。考慮到歐洲目前的經濟形勢，出現一些放緩也是可以理解的。

As it relates to the U.K., what we see with HFSS is, first of all, there's 2 limitations that come from HFSS. One is the limit on the location where HFSS products can be sold in the store and the other one is a promotion and advertising limitation. The second one is not yet being implemented. That will be in October 24, but so far, we have the change in store. And so it means that you don't find them in checkouts, in the queuing area, no more at the store entrance, no more end aisles and so on.

就英國而言，高脂肪、高鹽、高糖（HFSS）食品的管制首先體現在兩個方面。一是限制HFSS產品在商店的銷售位置，二是限制其促銷和廣告宣傳。第二項限制尚未實施，將於10月24日生效。但目前，商店內部已經出現了變化。這意味著您將無法在收銀台、排隊區、商店入口、貨架末端等位置找到HFSS產品。

If you look at our business there, which is mainly a chocolate business, it is about 60% planned purchase and about 40% is impulse. And obviously, the impulse is affected by this because you have less interruption locations in the store. But the 60% of planned, of course, continues. We have been partnering with the stores to offset this by finding new secondary promotion locations, making our brands stand out in the aisle, moving the singles category, which was at the checkouts to the food-to-go areas and so on.

如果你看看我們在那裡的業務，主要經營巧克力，你會發現大約 60% 是計劃內購買，40% 是衝動消費。顯然，衝動消費會受到影響，因為店內幹擾性銷售點減少了。但計劃內購買的 60% 當然仍然存在。我們一直在與門市合作，透過尋找新的輔助促銷點、讓我們的品牌在貨架上更加醒目、將原本擺放在收銀台附近的單品移至外帶食品區等等方式來彌補這一損失。

So overall, I would say that the initial signs, while showing an effect on sales in the category and for our business, it is less or less bad than we would have expected. So in-store execution seems to be helping, and it's helping to mitigate the less off-shelf display that we have. Smaller stores are sort of suffering a little bit more because they have less space to make up for what was lost.

總的來說，雖然初步跡象顯示該品類和我們公司的銷售受到了一定影響，但情況比我們預期的要好一些。店內陳列的改進似乎起到了一定的作用，有助於彌補貨架外陳列減少帶來的影響。小型門市受到的影響更大一些，因為它們的空間有限，難以彌補損失。

So if I look at the category volumes, they're down 1.1%, which is not that bad in December; for the last 12 weeks, down about 4.5%. But if you take into account that the off-shelf distribution is down by about 30% because of those locations, I would say that the category is holding up quite well as it relates to the changes we're seeing in store. And so I would say, yes, there is an effect, but it's far from the magnitude that we could have taken, and I'm expecting that as the consumer gets used to this new setup of the stores, that the volume growth will come back.

所以，如果我看一下品類銷量，12月份下降了1.1%，這在12月份來說並不算太糟；過去12週的降幅約為4.5%。但考慮到由於門市調整，非貨架分銷通路的銷量下降了約30%，我認為就目前門市的變化而言，該品類整體表現相當不錯。因此，我認為，雖然確實存在一些影響，但遠沒有我們預期的那麼嚴重。我預計，隨著消費者逐漸適應新的門市佈局，銷售成長將會恢復。

Great. And then a super quick follow-up. I'm curious about these consumer -- sorry, customer disruptions in Europe continuing into, I think you said, the first quarter and 2Q, I thought all the pricing had to be done in the first couple of months of the year, so I thought all those customer disruptions were kind of in the fourth quarter rather than bleeding into the first half of the year. What's happening there? And I'll pass it on.

好的。還有一個小問題。我很好奇歐洲消費者——抱歉，是客戶——方面的問題，您剛才說的，這些問題一直持續到第一季和第二季。我以為所有的定價工作都必須在年初的頭幾個月完成，所以我以為所有這些客戶方面的問題都會在第四季度出現，而不是延續到上半年。這是怎麼回事？我會把情況轉達給相關人員。

Yes, there are some specific laws in France where, for instance, you have to be done with pricing negotiations by the end of February. Reality is, particularly on promotions and promotional calendars, there might still be negotiations underway. And besides France, other countries can, obviously in terms of negotiations, go a little bit longer. So we have announced pricing. We are clearly in active talks with most of the customers. By the way, successful implementation of pricing in places like the U.K., in the Nordics, in Southern Europe, namely Italy and Spain predominantly. But clearly, places like France and Germany, there is still some ongoing negotiations, and we expect some of the disruption happening in March and potentially spilling over into Q2. That was a little bit the pattern we saw between Q3 and Q4 this year -- in 2022, sorry, and we expect the equivalent of that in 2023.

是的，法國有一些特定的法律規定，例如，必須在2月底前完成價格談判。但實際上，尤其是在促銷和促銷日程安排方面，談判可能仍在進行中。除了法國，其他國家在談判方面顯然可以拖延一段時間。因此，我們已經公佈了價格。我們顯然正在與大多數客戶積極洽談。順便一提，我們在英國、北歐、南歐（主要是義大利和西班牙）等地成功實施了價格策略。但顯然，在法國和德國等地，一些談判仍在進行中，我們預計3月會出現一些混亂，並可能延續到第二季​​。這與我們今年（抱歉，應該是2022年）第三季和第四季的情況有些類似，我們預計2023年也會出現類似的情況。

Our next question will come from Cody Ross with UBS.

下一個問題將來自瑞銀集團的科迪·羅斯。

I just want to go back to Jason's question earlier on the consumption or at least your shipments trend stronger than consumption in the developed markets. What is driving that? Was there any pull forward ahead of your price increases that you have going into the market in December and then again in 1Q? And then I have a follow-up.

我想回到傑森之前提出的問題，關於你們的消費趨勢（或至少是出貨量）強於已開發市場的消費趨勢。是什麼原因導致這種情況？在你們12月和第一季提價之前，是否有任何提前漲價的因素？另外，我還有一個後續問題。

The simple straight answer is no. When you look at the European segment, I think you saw a volume decline -- a volume mix decline of 4%. So the last thing we did was to preempt the trade before future price increases, so no question, particularly in that segment. As you look at North America, when you dissect the performance of volume growth of North America, as I said, the category has positive volume dynamics. In that context, we are delivering better share. And the third element is we are improving customer service level and increasing to sound levels that are not sound yet, the retailer-related stock. So the last thing we did was to increase trade stock ahead of price increases. This is all stock that is being sold and consumed by consumers.

簡單來說，答案是否定的。就歐洲市場而言，銷量確實有所下降——銷量佔比下降了4%。因此，我們採取的最後一項措施是在未來漲價之前提前儲備庫存，所以毫無疑問，尤其是在歐洲市場。至於北美市場，如我之前所說，該品類的銷售成長勢頭良好。在這種情況下，我們的市佔率有所提升。第三個方面是，我們正在提高客戶服務水平，並將零售商庫存提升到目前尚未達到的合理水平。因此，我們採取的最後一項措施是在提價之前增加庫存。這些庫存最終都會被消費者購買和消費。

That's helpful. And then there were recently headlines in the news about a grocer asking food companies to lower prices on the back of moderating inflation. Historically on the back of inflationary cycles, would you consider rolling back price increases? Or do you expect to lean more heavily into promotions? And if it is promotions, can you just update us on what you're seeing from the promotional environment?

這很有幫助。最近新聞報導了一家雜貨店要求食品公司在通膨放緩的情況下降低價格。根據以往的通膨週期，您會考慮取消漲價嗎？還是會加大促銷力道？如果是促銷，能否介紹一下您目前觀察到的促銷環境？

Yes. So the request was in the U.S. And as we explained before, we are certainly not seeing for '23 our costs coming down. We still are seeing double-digit inflation in our costs. We just implemented a price increase in the U.S. We're implementing price increases in Europe. So we are not in a situation where we can say that costs are coming down. If anything, they're up versus last year.

是的。所以這項請求來自美國。正如我們之前解釋的，我們2023年的成本肯定不會下降。我們的成本仍然保持兩位數的通貨膨脹率。我們剛剛在美國實施了價格上漲，現在也正在歐洲實施價格上漲。因此，我們現在的情況是，成本並沒有下降。恰恰相反，與去年相比，成本反而上升了。

From a promotional perspective, since we are rebuilding our customer service and our inventories in clients, there is no need for us to promote more. In fact, what we've done in last month is promote less to get our customer service back up. As long as volume continues to be this strong, we are not planning to increase our promotional pressure at all.

從促銷角度來看，由於我們正在重建客戶服務和客戶庫存，因此沒有必要加強促銷。事實上，上個月我們反而減少了促銷活動，以便更好地恢復客戶服務。只要銷量保持強勁勢頭，我們就完全沒有增加促銷力度的計劃。

Our last question will come from Steve Powers with Deutsche Bank.

最後一個問題來自德意志銀行的史蒂夫鮑爾斯。

Shifting gears a bit. On Slide 9, you talk about the accelerating benefits to total company organic growth from recent acquisitions. And I guess I was hoping you could talk a little bit more about plans and expected contributions from Clif and Chipita and Ricolino in 2023, but I was also hoping you could talk about the profitability of growth from those newly acquired businesses and how that compares at this point to base portfolio profitability, whether you describe the relative bottom line contributions as fairly comparable and proportional or whether there still remains upfront investment on the newer additions that will dampen profit margins for a time.

稍微轉換一下話題。在第9張投影片中，您談到了近期收購對公司整體有機成長帶來的加速效益。我原本希望您能更詳細地談談Clif、Chipita和Ricolino在2023年的計劃和預期貢獻，同時也希望您能談談這些新收購業務的增長盈利能力，以及它們目前與公司基礎投資組合盈利能力的比較情況。您是否認為它們對最終利潤的貢獻相當且比例均衡？或者，這些新收購業務的前期投資是否仍會在一段時間內拉低利潤率？

Yes. So I can maybe take you through the way we're thinking about the contribution to growth from businesses like Clif and Ricolino, and then Luca can talk a little bit about the margins. So as it relates to Clif Bar, we've taken over in August. We have strong results driven by good demand and good pricing. We had strong double-digit revenue growth, and we had high double-digit EBIT growth in the fourth quarter.

是的。我可以先跟您說說我們是如何看待Clif和Ricolino這類業務對成長的貢獻的，然後Luca可以簡單談談利潤率。關於Clif Bar，我們是在8月收購的。由於需求旺盛和定價合理，我們取得了強勁的業績。第四季度，我們的營收實現了兩位數的強勁成長，息稅前利潤（EBIT）也實現了兩位數的高速成長。

We started to implement pricing, which was not normal for them. So we've done 2 pricing actions last year, and we've seen minimal volume elasticity. We've also started to prioritize the SKUs in their portfolio and working on their supply chain. So we are seeing good supply recovery through Q3, and now we're starting with the integration of the businesses and find the cost and the revenue synergies. So we have a full integration team in place. We have a wide variety of opportunities already identified.

我們開始實施定價策略，這對他們來說並不尋常。去年我們進行了兩次定價調整，銷售彈性很小。我們也開始對他們產品組合中的SKU進行優先排序，並著手改善他們的供應鏈。因此，我們看到第三季供應情況良好恢復，現在我們正著手整合業務，尋找成本和收入的協同效應。我們已經組建了一支完整的整合團隊，並確定了各種各樣的合作機會。

As it relates to future growth, I think we have a strong position in the U.S. in the protein and the energy bar space. It's a $16 billion market, which is growing very fast. We have an opportunity to expand through Clif, but also through a business like Grenade in Europe in this space and it's well-being oriented. It's ESG focused, so it's right on the money as it relates to consumer interest. But even in the North America, we think that Clif has a huge opportunity for expansion, better distribution, and we are going to complement that with the international opportunity.

就未來成長而言，我認為我們在美國蛋白質和能量棒市場擁有強大的地位。這是一個價值160億美元的市場，而且成長非常迅速。我們有機會透過Clif品牌拓展業務，也可以透過像歐洲的Grenade這樣的公司在這個領域進行擴張，Grenade是一家以健康為導向的公司，注重ESG（環境、社會和治理），因此非常符合消費者的興趣。即使在北美，我們也認為Clif擁有巨大的擴張空間，可以改善分銷管道，我們將利用國際市場機會來補充這一優勢。

So I would say that explains a little bit the Clif thinking. As it relates to Ricolino it's a very different type of setup that closed in November, so far well above expectations, top and bottom line. There's a very high strategic fit to -- in a category perspective that is very complementary to our categories. It allows us to enter chocolate and reinforce our biscuit business in Mexico. One of the biggest benefits is that we can triple our route to markets, which is going to add a significant amount of stores. We will be present in 440,000 plus stores. And they also have a good growth U.S. business, which we are planning to give a boost through our U.S. organization, particularly, of course, in the U.S. Hispanic market.

所以我覺得這在某種程度上解釋了Clif的思路。至於Ricolino，情況則截然不同。這筆交易於11月完成，迄今為止，無論營收或利潤都遠超預期。從類別角度來看，Ricolino與我們現有類別高度契合，具有強烈的互補性。這使我們能夠進入巧克力市場，並鞏固我們在墨西哥的餅乾業務。最大的好處之一是，我們可以將市場通路擴大三倍，這將顯著增加我們的門市數量。我們的產品將覆蓋超過44萬家門市。此外，Ricolino在美國的業務也發展良好，我們計劃透過美國機構來推動其成長，尤其是在美國西班牙裔市場。

It's a full integration, Ricolino. Clif is a partial integration. Ricolino will be a full integration, merger of our business with theirs. So there is a significant opportunity for top and cost synergies, and so that will have a big effect on margins. Maybe I'll leave it at that on what those 2 will do for us. So Luca, talk a little bit about the financials.

Ricolino是全面整合，Clif是部分整合。 Ricolino將是全面整合，也就是我們與他們業務的合併。因此，在營收和成本協同效應方面存在巨大的機會，這將對利潤率產生重大影響。關於這兩家公司將為我們帶來什麼，我就說到這裡吧。 Luca，你來談談財務方面的狀況。

Yes. So I guess you were asking a little bit in terms of relative profitability of these platforms compared to the rest of Mondelez. I would say that Clif, which is almost a $1 billion platform projected into 2023 has sound gross margins at this point in time given the fact that, as Dirk said, we are about to implement another wave of pricing. Same dynamics that we saw in our U.S. business, little elasticity so far, so I think the P&L is going to shape up quite well.

是的。所以我想您是想問這些平台相對於億滋國際其他業務的獲利能力如何。我認為，Clif平台（預計到2023年營收將接近10億美元）目前的毛利率相當不錯，正如Dirk所說，我們即將推出新一輪定價策略。這和我們在美國業務中看到的趨勢一樣，目前價格彈性不大，所以我認為損益表最終會呈現相當不錯的態勢。

In terms of gross margin, the North American segment has the highest gross margin of Mondelez, particularly because of the DSD system that is quite effective from that standpoint. But Clif has gross margin that, albeit a little bit below the average of North America, they are above the average of the company. So that is really a sound platform in terms of potential and profitability. Importantly, there are material synergies we are after. We just announced a new organization in place. And clearly, there will be some testing going on, on the platform through DSD, and I think if you see what happened with Tate's, this is quite promising potentially.

就毛利率而言，北美地區的毛利率在億滋國際集團中最高，這主要得益於其高效的DSD配送系統。 Clif的毛利率雖然略低於北美地區的平均水平，但高於公司平均水平。因此，就潛力和盈利能力而言，這確實是一個穩健的平台。更重要的是，我們正在尋求實質的協同效應。我們剛剛宣布了新的組織架構。顯然，我們將透過DSD平台進行一些測試，我認為，如果你看看Tate's的成功案例，你會發現這個平台的潛力非常巨大。

In terms of Ricolino, it is a $600 million, $700 million platform. It is growing double digit at the moment. And in terms of margins, I think it's more important to say that the combination of both platforms between our existing business and Ricolino will step change materially the profitability of Mexico. And I think particularly in route to market and cost synergies, there is a big benefit to come now. We are in the process of combining the 2 companies. So the fruition into the P&L will come towards the second part of the year.

就Ricolino而言，它是一個價值6億至7億美元的平台，目前正以兩位數的速度成長。就利潤率而言，我認為更重要的是，我們現有業務與Ricolino兩個平台的整合將顯著提升墨西哥的獲利能力。我認為，尤其是在市場通路和成本綜效方面，未來將帶來巨大的效益。我們正在進行兩家公司的合併，因此，這些成果將在今年下半年反映在損益表中。

I think that brings us to the end. Thank you very much for your presence and for your interest in the company. Obviously, if there's any other questions, Shep and Philippe will be ready to answer them and looking forward to a good first quarter of the year. Thank you.

我想我們的會議就到此結束了。非常感謝各位的蒞臨以及對公司的關注。當然，如果還有其他問題，Shep 和 Philippe 將隨時解答，並期待今年第一季取得圓滿成功。謝謝。

Thank you, everyone.

謝謝大家。

Thank you, ladies and gentlemen. This does conclude today's Mondelez International Fourth Quarter 2022 and Full Earnings Year Conference Call. You may disconnect at any time, and we appreciate your participation.

謝謝各位。今天的億滋國際2022年第四季及全年財報電話會議到此結束。您可以隨時斷開連接，感謝您的參與。