億滋國際 (MDLZ) 2021 Q2 法說會逐字稿

Good day, and welcome to the Mondelez International Second Quarter 2021 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Mondelez management and the question-and-answer session. (Operator Instructions) I'd now like to turn the call over to Mr. Shep Dunlap, Vice President, Investor Relations for Mondelez. Please go ahead, sir.

大家好，歡迎參加億滋國際2021年第二季財報電話會議。今天的電話會議預計持續約 1 小時，包括億滋國際管理層的演講和問答環節。（操作員指示）現在，我將把電話轉交給億滋國際投資者關係副總裁謝普·鄧拉普先生。請繼續，先生。

Good afternoon, and thanks for joining us. With me today are Dirk Van de Put, our Chairman and CEO; and Luca Zaramella, our CFO. Earlier today, we sent out our press release and presentation slides, which are available on our website. 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.

下午好，感謝各位的參與。今天陪同我的是我們的董事長兼執行長 Dirk Van de Put，以及我們的財務長 Luca Zaramella。今天早些時候，我們發布了新聞稿和演示文稿，這些內容可以在我們的網站上找到。在本次電話會議中，我們將對公司的績效做出前瞻性陳述。這些說法是基於我們今天看待事物的方式。由於風險和不確定因素，實際結果可能與預期有重大差異。有關我們前瞻性聲明的更多詳情，請參閱我們 10-K、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. We're also presenting revenue growth on a 2-year CAGR basis to provide better comparability given the impact of COVID on 2020 results. You can find the comparable GAAP measures and GAAP to non-GAAP reconciliations within our earnings release and at the back of the slide presentation.

今天，當我們討論績效時，除非另有說明，否則我們將參考非GAAP財務指標，這些指標會根據GAAP業績中包含的某些項目進行調整。此外，除非另有說明，否則我們提供的年成長率均以固定匯率計算。鑑於 COVID 對 2020 年業績的影響，為了提供更好的可比性，我們也以 2 年複合年增長率 (CAGR) 為基礎來展示收入成長。您可以在我們的獲利報告中以及投影片簡報的背面找到可比較的 GAAP 指標和 GAAP 與非 GAAP 的調整表。

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

在今天的電話會議上，德克將提供業務和策略方面的最新進展。接下來，盧卡將為大家介紹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. Firstly, I want to acknowledge our colleagues, our suppliers and our customers around the world who continue to navigate through the pandemic, particularly in markets where COVID vaccines are not yet widely available. We continue to work hard to accelerate access to vaccines for our colleagues and sincerely appreciate everyone's efforts to maintain the supply and availability of our products.

謝謝謝普，也謝謝今天參加電話會議的各位。首先，我要感謝世界各地的同事、供應商和客戶，感謝他們繼續努力應對疫情，尤其是在新冠疫苗尚未廣泛普及的市場。我們將繼續努力加快為同事們提供疫苗，並衷心感謝大家為維持我們產品的供應和可用性所做的努力。

We had a strong first half, executing our strategy well and leveraging our advantaged enablers to deliver against our growth drivers. The strong first half gives us the confidence to raise our full year revenue growth outlook to 4% plus. We are seeing improving mobility trends in many places, helping to drive recovery in areas such as World Travel Retail and Gum & Candy that was negatively impacted last year. We also see continued strong demand for the categories and channels that experienced elevated demand last year due to COVID.

上半年我們表現強勁，策略執行到位，並利用自身優勢實現了成長目標。上半年強勁的業績讓我們有信心將全年營收成長預期上調至 4% 以上。我們看到許多地方的出行趨勢正在改善，這有助於推動去年受到負面影響的世界旅遊零售和口香糖糖果等領域的復甦。我們也看到，去年受新冠疫情影響而需求激增的品類和通路的需求仍然強勁。

Once again, this quarter, we have demonstrated that our strategy is working as it is driving a virtuous cycle that is consistently delivering a profitable, volume-driven top line and bottom line growth as well as good returns to our shareholders. We are leveraging our revenue growth management capability, which is particularly important in this inflationary environment to generate fuel for continued investment in our brands and capabilities. And we continue to reshape our portfolio to further increase our focus on snacking as well as to accelerate our long-term growth rate.

本季度，我們再次證明我們的策略是有效的，因為它正在推動一個良性循環，持續帶來獲利、銷售驅動的營收和利潤成長，以及為股東帶來良好的回報。我們正在利用我們的收入成長管理能力，這在當前通膨環境下尤其重要，可以為持續投資於我們的品牌和能力提供動力。我們將繼續調整產品組合，進一步加大對零食領域的關注，並加快長期成長速度。

To this end, we announced in Q2 an agreement to acquire Chipita, which I will speak more about later. After this strong first half of the year and strong previous years, I remain even more confident that we have the right strategy and are taking the right actions to deliver continued and accelerated growth.

為此，我們在第二季宣布了收購 Chipita 的協議，稍後我會詳細介紹。在經歷了今年上半年的強勁成長以及前幾年的良好業績後，我更加確信我們擁有正確的策略，並且正在採取正確的行動，以實現持續加速成長。

Turning to Slide 5 and the headlines of our financial performance. We grew revenue by 6.2% in the quarter and 5% for the half lapping 3.7% growth in the first half of 2020. Despite cost inflation, which continues to be a factor in our sector, we grew gross profit faster than revenue. We achieved this through volume leverage, pricing actions and continued cost discipline. This profitable growth funded another quarter of double-digit increase in working media spend.

接下來請看第 5 張投影片，了解我們的財務表現概況。本季營收成長 6.2%，上半年成長 5%，超過了 2020 年上半年的 3.7% 的成長率。儘管成本上漲仍然是我們行業面臨的問題，但我們的毛利成長速度超過了收入成長速度。我們透過提高銷售量、採取定價策略和持續控製成本實現了這一目標。這項獲利成長為媒體工作支出連續第二季實現兩位數成長提供了資金。

Our A&C investment, combined with our advantaged portfolio of brands and excellent execution, continued to deliver strong share performance. On a 2-year cumulative basis, we are gaining or holding share across 75% of our revenue year-to-date. And in terms of cash generation and capital return, we increased our free cash flow by $300 million versus half 1 of last year and returned $2.4 billion of capital to shareholders, an increase of $0.9 billion versus half 1 2020.

我們在A&C領域的投資，加上我們優勢品牌組合和出色的執行力，持續帶來強勁的市佔率表現。從兩年累計來看，我們今年迄今的收入中有 75% 的份額正在增長或保持穩定。在現金產生和資本回報方面，與去年上半年相比，我們的自由現金流增加了 3 億美元，並向股東返還了 24 億美元的資本，比 2020 年上半年增加了 9 億美元。

Adding the Q2 revenue growth to our track record of performance since launching our strategy in late 2018, you can see on Slide 6 that we are now averaging a 4% quarterly growth rate. We achieved this by pivoting from a cost and percentage margin focus to a volume-led growth and profit dollar focus, by increasing clarity and accountability in the company through a simplified local-first commercial model where decisions are made closer to the consumer, by stepping up the investment levels in our brands and capabilities, and by better aligning our incentives to our strategy to stimulate growth-driving behaviors and a winning culture.

將第二季的營收成長與我們自 2018 年底推出策略以來的業績記錄相結合，您可以在第 6 張投影片中看到，我們現在的平均季度成長率為 4%。我們透過以下方式實現了這一目標：從專注於成本和利潤率轉向專注於銷售成長和利潤；透過簡化在地化優先的商業模式，提高公司的透明度和問責制，使決策更貼近消費者；加大對品牌和能力的投資；以及更好地將激勵機制與策略相結合，以刺激成長驅動行為和打造制勝文化。

Driving sustained growth requires remaining close to the consumer and being informed by consumer insights, which I will discuss on Slide 7. As we enter the second half, consumer behavior around the world is still shaped by COVID, where gradual shifts in behavior continue to drive strong demand for our snacks. Globally, we are some distance away from reaching a new normal, and recovery is uneven, largely dependent on availability and adoption of vaccines.

要實現持續成長，需要與消費者保持密切聯繫，並掌握消費者洞察，我將在第 7 張投影片中討論這一點。進入下半年，全球消費者的行為仍然受到新冠疫情的影響，行為的逐漸轉變繼續推動對我們零食的強勁需求。在全球範圍內，我們距離實現新的常態還有一段距離，而且復甦並不均衡，很大程度上取決於疫苗的供應和普及程度。

Comfort and mental well-being remain as important as they have been throughout this pandemic, and that is leading consumers to reach for the snack brands they know and love. Variety, convenience, value and nutrition have returned as decision factors as countries begin to reopen. Mobility is increasing as restrictions ease, but at-home consumption remains elevated, and it appears that higher levels of working from home and shopping online are here to stay. More time at home, the desire for trusted and comforting brands, and the return of impulse and on-the-go consumption are driving sustained growth in our core categories. Year-to-date, the biscuit category has a 2-year average yearly growth rate of nearly 4% and chocolate is growing almost 6%.

疫情期間，人們依然像以往一樣重視舒適感和心理健康，這也促使消費者選擇他們熟悉和喜愛的零食品牌。隨著各國開始重新開放，多元、便利、價值和營養再次成為決策因素。隨著限制措施的放鬆，人員流動正在增加，但居家消費仍然居高不下，而且居家辦公室和線上購物的趨勢似乎將會持續下去。居家時間增加、對值得信賴和令人安心的品牌的需求，以及衝動型和行動消費的回歸，正在推動我們核心品類的持續成長。今年迄今，餅乾類別的兩年平均年增率接近 4%，巧克力類別的成長率接近 6%。

Solidly growing core categories are the first of a long runway of growth opportunities that we have illustrated on Slide 8. The runway is long, and we are realizing these opportunities by leveraging our strong enablers such as increased brand investment, higher quality and purpose-led marketing, and pricing ability. As a consequence, this quarter, we continue to make progress against our key growth drivers. These include driving category growth and share gains in our core categories through impactful partnerships like the Premier League with Cadbury in the U.K., the U.S. Olympics team with Oreo and the NBA with Trident.

核心品類穩定成長是我們在第 8 張投影片中所展示的眾多成長機會中的第一個。成長空間很大，我們正在利用我們強大的推動因素來實現這些機會，例如增加品牌投資、提高品質和以目標為導向的行銷以及定價能力。因此，本季我們在關鍵成長驅動因素方面繼續取得進展。這些舉措包括透過有影響力的合作關係，推動核心類別的成長和市場份額的提升，例如英國的英超聯賽與吉百利合作，美國奧利奧與美國奧運代表隊合作，以及NBA與Trident合作。

Also expanding our presence in key channels like digital commerce, which grew 14% this quarter on a reported basis after close to triple-digit growth last year. We are also expanding our presence in emerging markets where we continue to gain distribution in key countries like China and India with another 60,000 and 20,000 stores added this quarter.

此外，我們也擴大了在數位商務等關鍵管道的業務，據報告，本季數位商務成長了 14%，而去年同期成長接近三位數。我們也在新興市場擴大業務，繼續在中國和印度等主要國家拓展分銷管道，本季分別新增 6 萬家和 2 萬家門市。

We are increasing our exposure to high-growth segments where we are underrepresented, for example, premium, where we have recently integrated Tate's onto our U.S. DSD system and are seeing the benefits through accelerated strong double-digit growth this year. And finally, we are also increasing our foothold in adjacent categories like cakes and pastries, where we are now realizing the potential of acquisitions like Give & Go in North America. We are also launching innovations like Oreo muffins.

我們正在加大對高成長細分市場的投入，例如高端市場，我們最近將 Tate's 整合到我們的美國 DSD 系統中，並在今年實現了兩位數的強勁增長，從中受益匪淺。最後，我們也不斷擴大在蛋糕和糕點等相鄰類別的市場份額，我們現在意識到像 Give & Go 這樣的北美收購案的潛力。我們也將推出奧利奧鬆餅等創新產品。

Moving to Slide 9. Let me speak for a minute about the attractiveness of the packaged cakes and pastries category and our expansion into it. This is a $65 billion category, growing at or above the rate of our core snacks categories. It also has attractive profitability. Both cakes and pastries typically have a higher net revenue per kilogram than cookies. It is a close adjacency to our core biscuit capabilities, and it is a fragmented category, which provides a clear opportunity for a company with the right brands and capabilities to gain a leadership position.

接下來是第 9 張投影片。請容許我花一分鐘時間談談包裝蛋糕和糕點品類的吸引力以及我們向該品類的擴張。這是一個價值 650 億美元的品類，其成長速度與我們的核心零食品類持平或更高。它還具有很有吸引力的盈利能力。通常來說，蛋糕和糕點的每公斤淨收入都高於餅乾。它與我們的核心餅乾業務密切相關，而且這是一個分散的品類，這為擁有合適品牌和能力的公司提供了獲得領導地位的明確機會。

The #1 and #2 players have a market share below 10%, and following the acquisition of Chipita, we will be the #3 player. And finally, we believe we can add value and premiumize the category by leveraging our brands, and you can see a few examples of that on the slide.

排名第一和第二的玩家市佔率均低於 10%，收購 Chipita 後，我們將成為排名第三的玩家。最後，我們相信我們可以透過利用我們的品牌來增加價值並提升品類的品質，您可以在幻燈片上看到一些例子。

Starting with LU in Europe, the #1 cookie brand in France, which is now building its presence in the cakes and pastries aisles. That includes the well beloved Petit Beurre biscuit reimagined as a soft cake. And recently, the brand is expanding even further into waffles in the highly incremental pastries space.

從歐洲的 LU 開始，LU 是法國排名第一的餅乾品牌，現在正努力在蛋糕和糕點區站穩腳跟。其中包括深受喜愛的 Petit Beurre 餅乾，它被重新設計成一款鬆軟的蛋糕。最近，該品牌也在成長迅速的糕點領域進一步拓展華夫餅業務。

On Oreo, we have recently expanded from our core cookies into cupcakes, doughnuts and more by leveraging our Give & Go platform in North America. Our products bring the Oreo taste and quality.

最近，我們利用在北美的 Give & Go 平台，將 Oreo 產品線從核心餅乾擴展到了紙杯蛋糕、甜甜圈等更多產品。我們的產品帶來奧利奧的口味和品質。

And finally, Milka, the #1 chocolate brand in France, Germany and Austria, which we initially took into the cookie aisle through our chocobakery innovation. Milka has now expanded into soft cakes like brownies and will soon expand into croissants through the Chipita acquisition. And you can imagine we will do the same with Cadbury in the countries where Cadbury is our main chocolate brand.

最後是法國、德國和奧地利排名第一的巧克力品牌 Milka，我們最初透過巧克力烘焙創新將其引入了餅乾貨架。Milka 現在已經擴展到布朗尼等軟蛋糕領域，並將很快透過收購 Chipita 進入羊角麵包領域。您可以想像，在吉百利是我們主要的巧克力品牌的國家，我們也會對吉百利採取同樣的做法。

We firmly believe that the leadership position in the cakes and pastries category can contribute to an accelerated growth rate for our company. And between our core brands and recent acquisitions, we have the tools to succeed.

我們堅信，在蛋糕和糕點類別中的領先地位能夠促進公司加速成長。憑藉我們的核心品牌和近期的收購，我們擁有成功的必要條件。

Now let's dive a little deeper on Chipita on Slide 10. We're very excited about acquiring this attractive portfolio, which is led by the 7Days brand. It is a $600 million business, growing high single digit and skewed towards European emerging markets with strong potential to expand its presence in many other geographies. The portfolio is predominantly prepackaged croissants, which give us greater exposure to the breakfast or pre-lunch consumption occasion. We have clear revenue synergies with Chipita including distribution and co-branding, and we believe there is other attractive innovation in the pipeline. We also expect to realize efficiency opportunities.

現在讓我們在第 10 張幻燈片中更深入地了解 Chipita。我們非常高興能夠收購這個極具吸引力的投資組合，其中以 7Days 品牌為首。這是一個價值 6 億美元的企業，以接近兩位數的速度成長，主要集中在歐洲新興市場，並有強大的潛力將業務擴展到其他許多地區。該產品組合主要為預包裝羊角麵包，這使我們能夠更好地掌握早餐或午餐前的消費時機。我們與 Chipita 在收入方面有明顯的協同效應，包括分銷和聯合品牌，我們相信還有其他有吸引力的創新正在醞釀中。我們也希望能夠實現提高效率的機會。

This will be our seventh acquisition since 2018, which will combine to add $1.5 billion of revenue to our business. We also sold down a further $1 billion of KDP stock in Q2, which will part fund the Chipita acquisition. We look forward to welcoming Chipita onboard and believe this business can be a strong growth engine.

這將是我們自 2018 年以來的第七次收購，這些收購將為我們的業務增加 15 億美元的收入。第二季度，我們還進一步出售了價值 10 億美元的 KDP 股票，這將為收購 Chipita 提供部分資金。我們期待 Chipita 的加入，並相信這項業務可以成為強勁的成長引擎。

In conclusion, as you can see from our first half performance, executing our strategy continues to deliver strong results. I am confident that we are well positioned to deliver consistent and profitable growth for years to come.

總而言之，正如您從我們上半年的業績中所看到的，執行我們的策略繼續帶來強勁的成果。我相信我們已經做好充分準備，在未來幾年內將持續獲利成長。

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

接下來，我將把發言權交給盧卡，讓他詳細介紹我們的財務表現。

Thank you, Dirk, and good afternoon. Our second quarter performance was strong across the board. We delivered robust top line growth, healthy gross profit dollar growth that allowed reinvestment in our brands and attractive free cash flow. Revenue for the quarter increased by 6.2%. Growth was broad based and volume led. Pricing, which was favorable across all regions, was also a key contributor. Emerging market performance was strong, growing more than 16% for the quarter and more than 5% on a 2-year basis despite India being affected at the beginning of the quarter by COVID-related lockdowns.

謝謝你，德克，下午好。我們第二季的各項業績都非常強勁。我們實現了強勁的營收成長和健康的毛利成長，從而能夠對我們的品牌進行再投資，並產生可觀的自由現金流。本季營收成長6.2%。成長基礎廣泛，以銷量驅動。價格在所有地區都很優惠，這也是一個關鍵因素。儘管印度在本季初受到新冠疫情相關封鎖的影響，但新興市場表現強勁，本季成長超過 16%，兩年內成長超過 5%。

In India, the situation improved in June, and growth trends have already been restored in line with what we saw in quarter 1. Of note, these emerging market results include double-digit growth in Brazil, India, Russia and Mexico and high single-digit growth in China. We remain encouraged by the resiliency and underlying strength of our emerging market, while we continue to invest behind attractive growth opportunities for the long term.

印度的情況在6月有所改善，成長趨勢已恢復到第一季的水準。值得注意的是，這些新興市場業績包括巴西、印度、俄羅斯和墨西哥的兩位數成長，以及中國的高個位數成長。我們對新興市場的韌性和潛在實力感到鼓舞，同時我們將繼續投資於具有吸引力的長期成長機會。

Developed markets also performed well with robust consumption trends continuing. These markets grew 1.3% during Q2, coming off elevated demand in 2020. The 2-year average growth for Q2 was nearly 3% and more than 3% for half 1.

已開發市場表現也十分良好，強勁的消費趨勢仍在持續。受 2020 年高需求的影響，這些市場在第二季成長了 1.3%。第二季兩年平均成長率接近 3%，上半年超過 3%。

Turning to Slide 13 and portfolio performance. Biscuits grew 2.8% in Q2 and 6% on a 2-year average. Brazil, Russia and Mexico posted double-digit growth, while Germany grew high single digit in this category. Our North America business declined low single digits, lapping double-digit growth in 2020. Chocolate grew more than 12% for the quarter with a 2-year average of 5.9%. India, Brazil, Germany and Russia all posted strong results despite some restrictions in India. Cadbury, Milka, Lacta and Toblerone all grew significantly during the quarter. Toblerone's results reflect growth from improving mobility trends in World Travel Retail, albeit this business is only at around 40% of 2019 levels.

接下來請看第 13 張投影片，了解投資組合表現。第二季餅乾銷量成長了 2.8%，兩年平均銷量成長了 6%。巴西、俄羅斯和墨西哥實現了兩位數的成長，而德國在該類別中實現了接近兩位數的成長。我們的北美業務出現了個位數低幅下滑，與 2020 年兩位數的成長相比大幅下降。本季巧克力銷量成長超過 12%，而兩年平均銷量為 5.9%。儘管印度存在一些限制措施，但印度、巴西、德國和俄羅斯都取得了強勁的成績。吉百利、妙卡、拉克塔和瑞士三角巧克力在本季均實現了顯著成長。Toblerone 的業績反映了世界旅遊零售業流動性趨勢的改善，儘管該業務目前僅達到 2019 年水準的 40% 左右。

Gum & Candy posted strong double-digit growth, resulting from improving mobility trends and lapping the big COVID restrictions in 2020. This business grew 28% during the quarter but still declined over 7% on a 2-year basis. We expect growth to be better for the second half of the year as mobility generally improves. Yet, we are still cautious about gum category dynamics that is still at 80% of the 2019 levels. And our full year outlook does not imply a full recovery to pre COVID.

口香糖和糖果實現了強勁的兩位數成長，這得益於出行趨勢的改善以及克服了 2020 年新冠疫情的嚴重限制。該業務本季成長了 28%，但兩年內仍下降了 7% 以上。我們預計下半年經濟成長將有所改善，因為出行狀況總體上會有所改善。然而，我們仍對口香糖品類的動態保持謹慎，該品類目前仍處於 2019 年水準的 80%。而且，我們的全年展望並不意味著完全恢復到新冠疫情前的狀態。

Now I'll cover our market share performance on Slide 14. We continue to see good share performance. Given the unique impact of COVID on results, last quarter, we switched to a 2-year cumulative for percentage of revenue gaining or holding share as we feel it better depicts how we are truly performing. On a 2-year cumulative basis as of June, we have held or gained share in 75% of market and category combinations. Biscuits and chocolate continue to be the primary drivers of this performance as they held or gained in 80% of our revenue base. Notable share gainers on a 2-year basis include the U.S., China, Russia and Brazil biscuits; and Germany, Russia and South Africa chocolate. Gum & Candy held or gained in 50% improving since the last quarter, primarily due to the U.S. candy performance.

接下來，我將在第 14 張投影片中介紹我們的市佔率表現。我們持續看到良好的股票表現。鑑於 COVID 對業績的特殊影響，上個季度我們改用兩年累積成長率或持平率來衡量收入成長或維持的百分比，因為我們認為這樣能更好地反映我們真實的業績表現。截至 6 月，過去兩年累計，我們在 75% 的市場和品類組合中保持或獲得了份額。餅乾和巧克力仍然是推動業績成長的主要因素，它們在我們 80% 的收入基礎中保持穩定或有所成長。過去兩年中，市佔率顯著成長的包括美國、中國、俄羅斯和巴西的餅乾；以及德國、俄羅斯和南非的巧克力。口香糖和糖果價格持平或上漲 50%，較上一季有所改善，主要得益於美國糖果市場的表現。

Now let's review our profitability on Slide 15. Overall, profitability was strong in the second quarter and year-to-date. Gross profit grew faster than revenue, increasing more than 7% due to strong volume leverage, productivity, line pricing and revenue growth management initiatives that helped to offset inflation in commodities, logistics and labor. As we said many times, inflation and commodity costs are higher than we originally anticipated at the start of 2021, but we continue to believe that they are manageable. And we are holding to our original stance as far as investments are concerned.

現在讓我們回顧一下第 15 張投影片中的獲利情況。整體而言，第二季和年初至今的獲利能力都很強勁。由於強大的銷售槓桿作用、生產力、產品線定價和收入成長管理舉措，毛利成長速度超過收入成長速度，增幅超過 7%，這些舉措有助於抵銷大宗商品、物流和勞動力方面的通貨膨脹。正如我們多次所說，通貨膨脹和商品成本高於我們在 2021 年初的預期，但我們仍然認為它們是可控的。就投資而言，我們仍然堅持原有的立場。

Having said that, we are managing gross profit dollars for the year, and there might be some pressure points in the second half. In addition, our goal is to enter 2022 with a sound profitability level that will enable higher investment in 2022. Operating income dollars also increased by more than 7%.

話雖如此，我們仍需管理全年的毛利，下半年可能會面臨一些壓力。此外，我們的目標是在 2022 年達到良好的獲利水平，從而能夠在 2022 年進行更多投資。營業收入也成長了7%以上。

Moving to regional results on Slide 16. Europe revenue grew 5.4% in the quarter and 2% on a 2-year basis with OI dollars of plus 15%. North America declined slightly at minus 0.3% in the quarter with a 2-year average growth of 5.2%. Operating income declined minus 7.2% in the quarter because of volume and mix dynamics as well as some cost inflation that was more pronounced in this region than others.

第 16 頁將展示區域結果。歐洲季度營收成長 5.4%，兩年內成長 2%，營業收入成長 15%。北美地區本季小幅下滑 0.3%，而兩年平均成長率為 5.2%。由於銷售量和產品組合的變化以及一些成本上漲（該地區的成本上漲比其他地區更為明顯），本季營業收入下降了 7.2%。

AMEA posted growth of plus 7% and a 2-year average of 1.8%, which includes the peak COVID lockdowns in Q2 of last year. India delivered another quarter of exceptional growth despite a challenging start related to lockdowns, growing strong double digits. India grew, on a 2-year average, mid-single digit. AMEA operating income dollars grew more than 7% in the quarter due to volume leverage as well as cost mitigation efforts with substantial brand and working media investment increases.

AMEA地區實現了7%的成長，兩年平均成長率為1.8%，其中包括去年第二季新冠疫情封鎖高峰期。儘管開局受封鎖措施影響充滿挑戰，印度經濟仍實現了又一個季度的卓越成長，保持了兩位數的強勁成長。印度近兩年的平均成長率為個位數中段。由於銷售成長以及透過大幅增加品牌和工作媒體投資來降低成本，AMEA 地區的營業收入在本季度增長超過 7%。

Latin America grew 33.7% in Q2 and 8.9% on a 2-year average, aided by Brazil that grew by double digits. OI dollar in Latin America grew significantly over previous year due to top line growth and mix as gum is on a recovery path.

拉丁美洲第二季成長了 33.7%，兩年平均成長率為 8.9%，這主要得益於巴西兩位數的成長。由於口香糖業務正在復蘇，拉丁美洲的 OI 美元較上年實現了顯著增長，這主要得益於營收成長和產品組合的改善。

Now turning to EPS on Slide 17. Q2 EPS increased 1.6% at constant currency, driven mostly by operating gains, which were partially offset by the lapping of a onetime tax benefit in previous year quarter. First half EPS increased 8.6% at constant currency, primarily due to operating gains and despite lapping a onetime tax impact last year.

現在來看看第 17 張投影片中的 EPS 部分。第二季每股收益以固定匯率計算成長1.6%，主要得益於營業收益，但部分被上年同期一次性稅收優惠的到期抵銷。以固定匯率計算，上半年每股收益成長 8.6%，主要得益於營業收益，儘管抵銷了去年的一次性稅收影響。

Moving to cash flow and capital return on Slide 18. We delivered free cash flow of $700 million in the second quarter, bringing us to $1.4 billion for the first half. We also repurchased approximately $1.5 billion in shares in the first half at attractive prices. Dividend growth remains an important part of our capital allocation approach, and to that end, we announced another increase of 11% to our cash dividend today. This represents an increase of almost 85% over the past 5 years.

第 18 頁講解現金流和資本回報。第二季我們實現了 7 億美元的自由現金流，使上半年的自由現金流達到 14 億美元。上半年，我們也以優惠的價格回購了約 15 億美元的股票。股息成長仍然是我們資本配置方法的重要組成部分，為此，我們今天宣布將現金股利再次提高 11%。這比過去 5 年增長了近 85%。

Moving to our outlook on Slide 20. As a result of first half strength, continued category durability and healthy demand trends in both emerging and developed markets, we are increasing our full year net revenue growth to plus 4% plus. With the first half at plus 5%, the implied growth rate for the half 2 is at least 3%. We remain prudent in the way we plan the business, whether it relates to channels such as World Travel Retail and categories like gum, which are beginning to benefit from an improvement in mobility. We are also mindful that there is still a significant degree of volatility on a global basis as many countries find themselves in different stages as it relates to vaccines rollout, COVID transmission and restrictions.

接下來，我們來看看第 20 張投影片的展望。由於上半年業績強勁，品類持續穩健，新興市場和已開發市場的需求趨勢良好，我們將全年淨收入成長預期上調至 4% 以上。上半年成長 5%，下半年隱含成長率至少 3%。我們在規劃業務時仍保持謹慎的態度，無論是世界旅遊零售等管道，或是口香糖等品類，這些品類都開始受益於出行便利性的提升。我們也意識到，全球範圍內仍然存在相當大的波動性，因為許多國家在疫苗推廣、新冠病毒傳播和限制措施方面處於不同的階段。

In terms of EPS, we continue to expect high single-digit growth for the full year. We have not factored in the full benefit of the top line additional growth on EBIT as we will continue to reinvest the volume-driven upside back in the business to sustain our share performance. We also continue to expect free cash flow generation of $3 billion plus for the year, as some additional coffee-related taxes are now factored into our outlook.

就每股收益而言，我們仍然預計全年將實現高個位數成長。我們尚未將營收成長帶來的額外收益完全計入息稅前利潤，因為我們將繼續將銷售成長帶來的收益再投資於業務，以維持我們的股價表現。我們也繼續預計今年將產生 30 億美元以上的自由現金流，因為一些與咖啡相關的額外稅收現在已經納入了我們的預期。

ForEx translation is now expected to positively impact our reported revenue by approximately 2 percentage points and EPS by $0.09 on the year based on current market rates. As said, our updated outlook is based on current conditions and does not factor in a material degradation in the operating environment that could be triggered by a significant worsening of COVID.

根據當前市場匯率，預計外匯兌換將使我們本年度報告的收入增加約 2 個百分點，每股收益增加 0.09 美元。如前所述，我們更新後的展望是基於當前情況，並未考慮因新冠疫情顯著惡化而可能引發的營運環境實質惡化。

We also expect to continue executing against our plans in revenue growth management, including pricing and simplification in order to offset some of the inflationary costs related to commodities, logistics and labor that we expect to be incrementally higher in the second half of the year. As already said, we want to enter 2022 with the strong margins that will allow the combination of the virtuous cycle and high investment level.

我們也將繼續執行我們的收入成長管理計劃，包括定價和簡化，以抵消與大宗商品、物流和勞動力相關的部分通膨成本，我們預計這些成本在今年下半年將逐步上漲。正如之前所說，我們希望以強勁的利潤率進入 2022 年，從而實現良性循環和高投資水平的結合。

To close, we remain focused on consistently executing against our strategy. This means continued investment in our brand, driving core growth, expanding in underserved channels, doubling down on high-growth segments and capturing new opportunities in closing adjacencies, like cakes and pastries and bars.

最後，我們將繼續專注於持續執行我們的策略。這意味著要繼續投資我們的品牌，推動核心成長，拓展服務不足的管道，加倍投入高成長領域，並在蛋糕、糕點和酒吧等鄰近領域抓住新機會。

With that, let's open it up for Q&A.

接下來，我們進入問答環節。

(Operator Instructions) Your first question comes from the line of Ken Goldman with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Ken Goldman。

Dirk, you mentioned that your plan remains prudent. You talked about global volatility. I'm curious, though, how you see the situation today in some of your key emerging markets and what your outlook is for the rest of the year. Again, I know you don't have a crystal ball. But are there any areas of the world where you might be more optimistic, more concerned? Just trying to get a sense of that.

德克，你提到你的計劃仍然謹慎。你談到了全球波動性。不過，我很好奇您如何看待您目前在一些主要新興市場的情況，以及您對今年剩餘時間的展望。我知道你沒有水晶球。但世界上有沒有哪些地區，你會更樂觀一些，或更擔心一些？我只是想了解一下。

Okay. Thanks, Ken, and yes, a pleasure to go into that. You probably saw that we had a strong emerging market performance in Q2 with 16% growth in the quarter and now a 5% growth on a 2-year average basis. It would have been probably higher, but we had disruption in India COVID cost in May. And so if you look around, I would say, you look at the big markets, we have strong double-digit growth in all the BRIC countries for the quarter, so Brazil, India, Russia and then the high single-digit growth in China. So there's nothing there.

好的。謝謝你，肯，是的，我很樂意參與討論。您可能已經注意到，我們在第二季新興市場表現強勁，當季成長 16%，而兩年平均成長率為 5%。如果不是因為5月印度新冠疫情造成的損失，損失可能會更高。所以，如果你環顧四周，我會說，看看那些大市場，你會發現所有金磚國家（巴西、印度、俄羅斯）本季都實現了強勁的兩位數成長，而中國也實現了接近兩位數的成長。所以那裡什麼都沒有。

I would say, of those countries, there's always a potential maybe, except for China, that COVID will cause some volatility. Particularly, a country like India looks more susceptible to it. But overall, they seem to be on a path of a gradual increase. China, I mean, operating well. COVID seems to be under control. They're returning to mobility, and we've seen a constantly improving category performance. And on top, we have strong share gains, sometimes like in gum 3 points year-to-date.

我認為，除了中國之外，其他這些國家都有可能因為新冠疫情而出現一些波動。尤其是像印度這樣的國家，似乎更容易受到這種影響。但總體而言，它們似乎正處於逐步成長的趨勢中。我的意思是，中國運作良好。新冠疫情似乎已控制。他們正在回歸出行領域，而且我們已經看到該品類的表現不斷提升。此外，我們的市佔率也大幅成長，例如口香糖今年迄今成長了 3 個百分點。

If I look at India, they bounced back in June of the crisis of April and May, and the daily cases are now at 10% of what the peak was. So the short-term risk of further disruption remains significant due to the slow vaccine rollout and new variants. But if I look at the long-term prospects, I believe they still are very strong. And our team there is executing the strategy very well, doing more investment, increasing the range and driving more distribution.

以印度為例，他們在6月從4月和5月的危機中反彈，現在每日新增病例數已降至高峰的10%。因此，由於疫苗推廣緩慢和新變種的出現，短期內進一步中斷的風險仍然很高。但從長遠來看，我認為它們的前景仍然非常強勁。我們團隊在那裡的策略執行得非常好，加強了投資力度，擴大了產品範圍，並推動了分銷管道的拓展。

And then Brazil had very strong growth, double-digit net revenue and now also double digit on a 2-year CAGR. The COVID nervousness is still there. And then the chocolate and biscuit consumption is growing while the Gum & Candy, which, as you know, is very heavily affected by COVID, is still negative by the reduced mobility.

然後巴西實現了非常強勁的成長，淨收入實現了兩位數的成長，現在兩年複合年增長率也達到了兩位數。人們仍然對新冠疫情感到擔憂。巧克力和餅乾的消費量正在增長，而口香糖和糖果的消費量，正如你所知，由於新冠疫情的影響非常嚴重，仍然因為流動性減少而呈負增長。

In Brazil, we see the vaccine rollout accelerating, and it's starting to have an impact. And so we expect mobility in Brazil in the second half to be quite strong. And we also see some share gains in biscuits in Brazil. So in the big markets, I cannot say, apart from what I just said, that there would be major surprises.

在巴西，我們看到疫苗推廣速度加快，並且開始產生影響。因此，我們預期巴西下半年的流動性將相當強勁。我們也看到巴西餅乾市場的份額有所成長。所以，在大市場中，除了我剛才說的之外，我不能說會有重大意外發生。

I would say, at this stage, Southeast Asia is particularly affected, and so that's going to take a few months probably. We have transmissions peaking in Vietnam and Indonesia. Q2 was flat against 2019, so we have to monitor that very closely.

我認為，現階段東南亞受影響尤其嚴重，因此可能需要幾個月的時間才能恢復。越南和印尼的訊號傳輸強度達到高峰。第二季與 2019 年同期持平，所以我們必須密切關注這一點。

And then the Middle East and Africa, in general, they are in growth on a 2-year basis, but that's also a part of the world that I would say we need to remain careful. And I don't think they have fully recovered.

而中東和非洲整體上每兩年都保持成長，但這也是我們需要謹慎的地區。我認為他們還沒有完全恢復。

If I look at Latin America, the smaller markets, Mexico, slight growth on a 2-year basis now, had a tough year last year, coming back quite nicely. The rest of the smaller markets, probably not quite there yet, still below the 2019 levels. That's also driven by the fact that our Gum & Candy business is quite important in those markets. And then the European emerging markets, apart from Russia, they remain strong.

如果我看看拉丁美洲，尤其是較小的市場，例如墨西哥，過去兩年略有成長，去年經歷了艱難的一年，但現在已經很好地復甦了。其餘較小的市場可能還沒有完全恢復，仍低於 2019 年的水準。這也與我們的口香糖和糖果業務在這些市場中非常重要這一事實有關。除了俄羅斯以外，歐洲新興市場依然保持強勁。

So I would say, overall, there are smaller markets that are affected at the moment, but the big emerging markets are doing well. Volatility remains, but I would largely see that in India and Southeast Asia and potentially Africa. But overall, I think the mix of our emerging markets, over time, will keep on showing more stability and a gradual increase versus 2019.

所以總的來說，目前有一些較小的市場受到影響，但大型新興市場表現良好。波動性仍然存在，但我認為主要集中在印度、東南亞以及可能還有非洲。但總的來說，我認為隨著時間的推移，我們新興市場的組合將繼續展現出更大的穩定性，並比 2019 年逐步成長。

That is very helpful. And then quickly, Luca, I was just thinking about the phasing of the third quarter and the fourth quarter from a top line perspective. As we model each of those quarters, are there any onetime maybe headwinds or tailwinds that you'd like us to consider or keep in mind?

那很有幫助。然後，盧卡，我剛才只是從營收角度考慮第三季和第四季的安排。在模擬每季的情況時，您是否希望我們考慮或記住某些可能出現的一次性不利因素或有利因素？

I mean the straight answer is no. Clearly, we are very happy with the strong first half, and the 4-plus percent guidance, which implies at least 3% growth for the second half is evenly spread, I would say, between Q3 and Q4. The 3% plus or at least 3% in the second half might appear conservative, and maybe it is given the first half trend. But as Dirk just finished talking about emerging markets, we know the situation is still volatile in certain parts of the world. And we do not know to which extent Gum & Candy and World Travel Retail will recover. So we feel quite good about the 4-plus percent. Expect the growth to be evenly spread between Q3 and Q4.

我的意思是，直接回答「不」。顯然，我們對上半年的強勁表現非常滿意，超過 4% 的成長預期意味著下半年至少 3% 的成長，我認為，這一成長將均勻地分佈在第三季和第四季之間。下半年成長 3% 以上或至少 3% 看起來比較保守，考慮到上半年的趨勢，也許確實如此。但正如德克剛才談到的新興市場一樣，我們知道世界某些地區的局勢仍然動盪不安。我們不知道口香糖糖果產業和世界旅遊零售業的復甦程度如何。所以我們對4%以上的成長率感到非常滿意。預計成長將均勻分佈在第三季和第四季。

Your next question comes from the line of Andrew Lazar with Barclays.

你的下一個問題來自巴克萊銀行的安德魯·拉扎爾。

Maybe to start with, you talked about how you obviously expect better organic revenue growth for the year and are kind of standing pat on the EPS growth outlook. And I guess it's a combination of reinvestment and some additional inflation. But first off, I was hoping, Luca, you could break down those 2 for us. Is 1 of those 2 maybe a significantly larger portion of the impact to -- the incremental impact to margins in the back half of the year. And to the extent it's reinvestment to kind of hold up market share, given you're starting to lap some of the unprecedented market share gains from last year, what are you seeing that helps inform your ability to hold on to some of these share points or these share wins as you go forward?

首先，您提到您顯然預期今年的有機收入成長會更好，並且對每股收益成長前景持保留態度。我想這是再投資和一些額外通貨膨脹共同作用的結果。但首先，盧卡，我希望你能為我們詳細解釋這兩個問題。這兩項因素中，有一項可能對下半年利潤率的增量影響更大。考慮到你們正在逐漸失去去年前所未有的市場份額成長，而這種再投資是為了維持市場份額，那麼你們看到了哪些因素有助於你們在未來保持這些市場份額或市場份額的勝利呢？

So maybe I'll start with this last one. In terms of share gains, the peak of the share gains were last year in Q2; and as we said many times, it was fairly consistent across the board. Our top countries and our middle-sized countries in both chocolate and biscuit posted tremendous share gains. And obviously, the 75%, 80% share gains that we're talking about don't give full justice to the absolute amount of shares. And so by lapping the peak last year, what I can tell you today is that we are fairly happy with the overall result over the 2-year period, and we intend to keep it as it is as of Q2 and potentially slightly growing those share gains in the second part of the year.

那或許我就從最後一個開始吧。就市佔率成長而言，市佔率成長的高峰出現在去年第二季；而且正如我們多次所說，市佔率成長在各方面都相當穩定。在巧克力和餅乾領域，我們的主要市場和中型市場都取得了巨大的市場份額成長。顯然，我們所說的 75%、80% 的股份成長並不能完全反映股份的絕對數量。因此，在去年達到高峰之後，我今天可以告訴大家的是，我們對過去兩年的整體結果相當滿意，我們打算保持第二季的水平，並有可能在今年下半年略微擴大市場份額。

In terms of dynamics, the amount of A&C that we are going to invest for the second part of the year is pretty much in line with what you have seen so far in the first half. Obviously, Q2 last year, we kind of cut a little bit A&C because we were impossibilitated to do business in certain places, particularly in emerging markets. But when you look on the face of it, the increment in the second part of the year will be lower. But in terms of run rate and absolute numbers, it is absolutely in line with the first part of the year.

從動態角度來看，我們計劃在今年下半年投入的A&C金額與上半年目前為止的金額基本一致。顯然，去年第二季度，我們削減了一些A&C方面的開支，因為我們在某些​​地方，特別是新興市場，無法開展業務。但從表面上看，下半年的增幅會較低。但就運行率和絕對數量而言，這與今年上半年的情況完全一致。

In terms of pricing and inflation, I would say there is going to be more in the second part of the year. To start with, our pipeline of commodities and ForEx has been advantageous in the first part of the year, and we expect some commodities and ForEx impact to be relatively higher in the second part. So there will be some more pressure in Q3 specifically. But we will continue to be very disciplined in terms of cost and pricing. And the overall goal for us is to enter 2022, a, with some strong share momentum; and two, with some GP level that will enable continued investment.

就物價和通貨膨脹而言，我認為下半年情況會更加嚴峻。首先，今年上半年我們的商品和外匯交易管道表現良好，我們預計下半年某些商品和外匯交易的影響將相對較大。因此，第三季將會面臨更大的壓力。但我們會繼續在成本和定價方面保持高度自律。我們的總體目標是進入 2022 年，一是擁有強勁的市佔率成長動能；二是擁有足夠的普通股股東人數，以便能夠繼續投資。

So as I said, Q3 will be more pressured than Q4. But I think at this point in time, we have line of sight to incremental pricing. We have line of sight to incremental volume. And we have line of sight certainly to more of what we call RGM, which is critical for us as we continue to support our brands and with the ultimate goal to again, as I said, to enter 2022 with a strong momentum.

正如我所說，第三季的壓力會比第四季更大。但我認為，就目前而言，我們已經看到了逐步定價的曙光。我們能夠預見銷量的成長。我們當然看到了更多我們稱之為 RGM 的東西，這對我們來說至關重要，因為我們將繼續支持我們的品牌，最終目標是，正如我所說，以強勁的勢頭進入 2022 年。

Your next question comes from the line of Nik Modi with RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Nik Modi。

So I just wanted to follow up on Andrew's question regarding share gains. And a year ago, we were talking a lot about consumer trial and household penetration, and, Luca, Dirk, I was hoping you can maybe provide an update on the retention, what you're seeing from some of these new consumers. Maybe that can help us provide some perspective around the sustainability of share gains.

所以我想對安德魯關於股票收益的問題做個後續說明。一年前，我們一直在討論消費者試用和家庭滲透率，Luca、Dirk，我希望你們能提供一些關於用戶留存率的最新信息，以及你們從這些新消費者身上看到的情況。或許這可以幫助我們從另一個角度看待股價上漲的永續性問題。

Yes. So if I look at the household penetration in the last 12 months, globally, we have an increase of about 150 million households, which we are holding on to. That is not falling back. The other area that I see as in is not necessarily going to lead to share gains, but I think it will lead to strong categories, is this combination of an at-home consumption that is lower than it was -- slightly lower than it was last year but still significantly higher than it was in 2019. But that is then sort of a buildup or there's a build-on from mobility increases and the impulse channel coming back and giving a strong growth in Gum & Candy as well as in biscuits and chocolate. And so that, I think, would be a second factor that will influence this.

是的。因此，如果我看一下過去 12 個月全球家庭普及率，我們增加了約 1.5 億戶家庭，我們正在保持這一數字。那不是退縮。我認為另一個領域雖然不一定會帶來市場份額的成長，但我認為它會帶來強勁的品類成長，那就是居家消費低於以往水準——略低於去年，但仍遠高於 2019 年的水準。但隨後，隨著出行量的增加和衝動消費管道的回歸，口香糖、糖果以及餅乾和巧克力市場都出現了強勁增長，這算是一種積累或積累。所以，我認為這將是影響此事的第二個因素。

And then I -- as Luca was saying, we are lapping the highest share increases that we had last year. That was, of course, a combination of our brands and the performance of our brands but also the fact that our supply chain last year kind of worked better than some of our competitors. That effect we knew over time was going to go away. But in the second half of the year, those huge increases driven by our supply chain performance last year are gone, so we'll be lapping market share increases that are milder. And on top, we're expecting, as we did in the second quarter but also in the third and the fourth quarter to continue to increase our working media spend in a significant way. So I expect that also to contribute to the market share gain. So what we expect to happen is that, by the end of this year, the market share gains that we had at the end of last year will have retained or potentially increased a little bit.

然後——正如盧卡所說，我們正在超越去年最高的市佔率成長。當然，這既是我們品牌及其表現的綜合因素，也是因為我們去年的供應鏈運作得比一些競爭對手好。我們知道，隨著時間的推移，這種影響終將消失。但到了下半年，去年由供應鍊錶現帶來的巨大成長已經消失，因此我們的市佔率成長將會較為溫和。此外，我們預計，就像我們在第二季、第三季和第四季所做的那樣，我們將繼續大幅增加工作媒體支出。因此，我預計這也將有助於市場份額的成長。因此，我們預計到今年年底，我們在去年年底取得的市佔率成長將得以維持，甚至可能略有成長。

Excellent. That's very helpful. And then just one last question. As we start seeing a surge in cases in the U.S. and obviously, other pockets of the world have been not as favorable as what the U.S. has seen, are you seeing retailers behave any differently? Are they -- is there this fear that supply won't be able to come to the market if people start stocking up, so they're buying inventory in early? Any context around that?

出色的。那很有幫助。最後一個問題。隨著美國病例激增，而且顯然世界其他地區的情況不如美國那麼樂觀，您是否看到零售商的行為有所不同？他們是否擔心如果人們開始囤貨，市場就無法獲得供應，所以才提前購買庫存？有什麼背景資訊嗎？

Not really at this stage. We haven't really seen anything. It was a little bit but not really significantly I would say. Now if the news continues to worsen like the CDC is saying today that even vaccinated people in certain circumstances should start to wear masks again, the fact that consumers might stay at home longer because the returning to work is not as evident after Labor Day at the moment, I think we might see a sort of a repeat of previous situations.

目前還沒有這個條件。我們什麼也沒看到。有點影響，但我覺得影響不大。如果疫情繼續惡化，就像疾管中心今天所說的那樣，即使接種過疫苗的人在某些情況下也應該重新戴上口罩，考慮到勞動節後復工的跡象並不明顯，消費者可能會在家待更長時間，我認為我們可能會看到以前的情況重演。

I don't think it will lead to massive stocking at home, but the increased consumption at home, I think, will continue for a while. So at the moment, for instance, the food consumption at home still shows a 15% spend increase versus 2019. I think that will continue well into the third quarter and potentially in the fourth quarter. And the out-of-home eating is still not quite there. It's still 5% down, the spending there versus what it was in 2019. But the consumer is venturing out more, which also helps our snacking category. So I think, overall, our categories will benefit, but I do not expect that we will see massive sort of stocking and retailers struggling with replenishment.

我認為這不會導致家庭大規模囤貨，但家庭消費增加的趨勢我認為會持續一段時間。例如，目前家庭食品消費支出仍比 2019 年增加了 15%。我認為這種情況會持續到第三季度，甚至可能延續到第四季。外出用餐的趨勢仍未完全恢復。與 2019 年相比，該地區的支出仍下降了 5%。但消費者外出消費的增多，也對我們的零食品類有所幫助。所以我認為，整體而言，我們的品類將會受益，但我預計不會出現大規模的囤貨潮，也不會出現零售商補貨困難的情況。

The next question comes from the line of Bryan Spillane with Bank of America.

下一個問題來自美國銀行的布萊恩·斯皮蘭。

Just wanted to ask a question about investment levels. I think you talked about part of the -- what's contemplated in the guidance for the full year in '21 is some incremental investment and wanting to be in a good place to invest for '22 as well. So I guess 2 questions around that. One is just where is the -- where are you making those investments, just I guess, in terms of maybe which product categories or which geographies. And then second, just if you give us a sense of what types of investments those are. So are they product and packaging? Is it marketing? Just trying to get an understanding of kind of where and what the investments are.

我想問一下關於投資水準的問題。我認為你談到了其中的一部分——2021 年全年業績指引中考慮的是一些增量投資，並且希望為 2022 年的投資做好準備。所以我想就此提出兩個問題。一個問題是——你們在哪裡進行投資，我猜想，可能是在哪些產品類別或哪些地區進行投資。其次，能否請您簡單介紹一下這些投資類型？所以它們是產品和包裝嗎？這是行銷手段嗎？我只是想了解這些投資的大致方向和具體內容。

It is a combination of the strategy we had all along since the launch of the new strategy in 2018. First and foremost, it is around global brands but also about local brands. And so the local jewels we have around the world are all benefiting from increased A&C. It is about more working media than anything else. And so we are reducing consistently, over the last couple of years, the amount of nonworking media that we have in our plans and in our numbers.

這是自 2018 年推出新策略以來，我們一直奉行的策略的結合。首先，它關注的是全球品牌，但也關注本土品牌。因此，世界各地的地方瑰寶都受益於 A&C 的增加。它更多是關於媒體運作，而不是其他方面。因此，在過去的幾年裡，我們一直在不斷減少計劃和數據中無效媒體的數量。

We are consistently pushing the envelope on renovation of some of these brands, and we continue investing in new packaging, in new quality, et cetera. But the overwhelming part of the investment is around working media. It is more skewed towards biscuits and chocolate, but we are also increasing, particularly in some places like China and Latin America, gum investment because we want obviously to reap the benefit of increased mobility. And so I think it is all around all these global and local brands, and that's, I think, paying back in terms of share gains and certainly in terms of volume and revenue growth.

我們不斷突破這些品牌的革新極限，並持續投資於新包裝、新品質等。但絕大部分投資都用於媒體運作。雖然餅乾和巧克力的市場份額更大，但我們也在增加口香糖的投資，尤其是在中國和拉丁美洲等一些地方，因為我們顯然希望從流動性增強中獲益。所以我認為這一切都與這些全球和本土品牌有關，而且我認為，這正在透過市場份額的成長，當然也透過銷售和收入的成長得到回報。

Your next question comes from the line of Robert Moskow with Credit Suisse.

你的下一個問題來自瑞士信貸的羅伯特·莫斯科。

Two quick questions. The first is have you experienced higher freight and logistics costs. Did that occur in 2Q? I didn't hear it called out. And if it is, is it showing up in SG&A? Or is it in COGS?

兩個問題，簡單問一下。首先，您是否曾經遇到貨運和物流成本上漲的情況？這件事發生在第二季嗎？我沒聽到有人喊出來。若屬實，它是否體現在銷售、一般及行政費用？還是它在成本核算中？

And then the other question was I just want to confirm about the guidance. It's high single digit off of a higher EPS base by about $0.03 following the restatement. So I know you said there's a lot of reinvestment. But are you also saying that some of it -- some of this top line benefit will drop to the bottom line because -- around the order of $0.03?

另一個問題是，我想確認一下相關指導。重述後，每股收益基數提高了約 0.03 美元，實現了接近兩位數的成長。我知道你說過有很多再投資。但你的意思是，其中一部分收益——一部分主要收益——會因為大約 0.03 美元的損失而降到利潤中嗎？

So logistics cost and freight cost is a pressure point already in Q2, and it is reported into COGS. It is, for the most part of it, a phenomenon that we saw in North America, but it is not only limited to North America. Ocean freight are really on the rise everywhere, and it is impossible pretty much to cover for a long period of time. And so we are facing pressure particularly in that area.

因此，物流成本和貨運成本在第二季已成為一個壓力點，併計入銷售成本。雖然這種現象主要發生在北美，但它並不局限於北美。海運費用在世界各地都在上漲，而且在很長一段時間內幾乎不可能完全覆蓋。因此，我們尤其在這一領域面臨壓力。

Obviously, given the fact that we have in the U.S. a DSD system, which is a captive system, which is on-lease trucks, et cetera, we are somewhat more insulated than others, but it is definitely a pressure point. We called out, in general, inflation because there is more than logistics and freight. There is also some packaging cost that is high. And in general, co-mans and co-packers are rising cost with us.

顯然，鑑於美國擁有DSD系統（一種自有系統，使用租賃卡車等），我們比其他國家受到的影響要小一些，但這絕對是一個壓力點。我們之所以特別提到通貨膨脹，是因為除了物流和貨運之外，還有其他因素會影響通貨膨脹。此外，包裝成本也比較高。總的來說，代工生產商和代包裝商都在提高我們的成本。

In terms of EPS, we have been guiding to high single digit. That is off the base that has been restated. And there is a little bit of an upside driven by the incremental revenue, but the most part of the upside is being reinvested back in the business. You might imagine, Rob, that as we might implement more pricing around the world and given also the high share that we are retaining, we want to enter 2022, a, with strong share momentum; and b, with a level of profitability that is allowing us to continue to reinvest. And if we implement more pricing, obviously, we need more support to our brands.

就每股收益而言，我們一直預計會達到高個位數成長。這是基於已經重申的基礎。雖然收入成長帶來了一些好處，但大部分好處都重新投資了業務。羅布，你可以想像，隨著我們在全球範圍內實施更多定價策略，並且考慮到我們保持的高市場份額，我們希望在 2022 年：a) 擁有強勁的市場份額增長勢頭；b) 擁有能夠讓我們繼續進行再投資的盈利水平。如果我們實施更多定價措施，顯然就需要為我們的品牌提供更多支援。

Your next question comes from the line of Alexia Howard with Bernstein.

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

Two quick questions for me. I think you mentioned in the press release that you were getting some benefit from manufacturing productivity. I'm curious if that's just operating leverage or whether there are specific manufacturing cost savings that you're seeing around the world. And if so, where those are and what's going on? And then my second question is really around just the commentary on the negative mix on both the revenues and the gross margin. I was just wondering if you were able to quantify that and qualitatively describe what's happening.

我有兩個問題想問一下。我認為您在新聞稿中提到過，您從生產效率的提高中獲得了一些好處。我很好奇這只是經營槓桿效應，還是說你們在世界各地都看到了具體的製造成本節約。如果屬實，這些設施在哪裡？又發生了什麼事？我的第二個問題其實是關於營收和毛利率雙雙下滑的分析。我只是想知道你是否能夠量化這一點，並用定性的方式描述正在發生的事情。

So in terms of net productivity, with the exclusion of commodities and ForEx costs, we include everything else in net productivity pretty much, so labor inflation and any other type of inflation that is in there. We are benefiting from the fact that volume is growing 4.4% in the quarter, and that is providing leverage in our factories as well, obviously. But I think it's fair to say also that all the actions that we have put in place in the last few years in terms of simplification, for instance, of the portfolio, the fact that we continue to invest our CapEx mostly behind productivity initiatives is giving us benefits. And that is particularly evident in places like Latin America and AMEA that have a good rate of net productivity. Clearly, in the U.S., where, as I said, logistics inflation, which is part of productivity, is higher is somewhat muting a bit the benefit that we're having in conversion costs.

因此，就淨生產力而言，除了大宗商品和外匯成本之外，我們幾乎將其他所有因素納入淨生產率，包括勞動力通膨和任何其他類型的通膨。本季銷售成長了 4.4%，這讓我們受益匪淺，顯然，這也為我們的工廠帶來了優勢。但我認為公平地說，過去幾年我們在簡化投資組合等方面採取的所有措施，以及我們繼續將資本支出主要用於提高生產力的舉措，都為我們帶來了好處。這一點在拉丁美洲和非洲、中東及非洲地區等淨生產力較高的地區尤其明顯。顯然，正如我所說，在美國，物流通膨（這是生產力的一部分）較高，這在某種程度上削弱了我們在轉換成本方面所獲得的好處。

In terms of mix, I called out during the prepared remarks that as you think about World Travel Retail, which is a $0.25 billion business in 2019 or a little bit less, it is still running at 40% of what we used to be in 2019. And this is a business that runs with a much higher gross profit because it is mostly World Travel Retail, which is Toblerone, and it is sold at a very premium to the rest of the portfolio.

就產品組合而言，我在事先準備好的發言稿中指出，考慮到世界旅遊零售業，2019 年的業務規模為 2.5 億美元或略少一些，目前仍只有 2019 年的 40%。而且，這項業務的毛利要高得多，因為它主要面向世界旅遊零售市場，也就是 Toblerone 巧克力，而且它的售價比公司其他產品組合中的其他產品高出許多。

The other one, obviously, is gum. I said that it is 80% of what it used to be in 2019. It is 5% of the total revenue that we have. And again, that is a line of business that runs with a GP margin that is relatively higher to the rest of the portfolio.

另一個顯然是口香糖。我說過，它只有 2019 年時的 80%。這占我們總收入的5%。而且，該業務線的毛利率相對於投資組合中的其他業務線而言要高。

So I don't want to embark in giving you an exact mix number. What I can tell you is that if we restore the business to the levels of 2019, it will be a material impact and positive impact in terms of dollars that will drop to the bottom line.

所以我不想給出確切的混合比例。我可以告訴你們的是，如果我們能將業務恢復到 2019 年的水平，這將對公司的利潤產生實質的正面影響。

As I said, think about gum running at 20% higher than it is today or World Travel Retail running at 60% higher than it is today. That will be a material benefit to the bottom line and to the profitability. It is fair to say that you haven't seen a big impact last year or this year because we have been able to offset it through a lot of cost measures that are embedded into the P&L. In fact, when you look at the overhead line, we are very happy with what we have, and I think that is the reason why we're holding profit at good levels and increasing it by 10% in the first half despite double-digit A&C.

正如我所說，想想看，如果口香糖的價格比現在高出 20%，或者世界旅遊零售的價格比現在高出 60% 會是什麼樣子。這將對公司的利潤和盈利能力產生實質的影響。可以公平地說，去年和今年您都沒有看到太大的影響，因為我們已經透過許多納入損益表的成本措施抵消了它。事實上，從營運成本來看，我們對目前的狀況非常滿意，我認為這就是為什麼儘管年化和資本支出達到兩位數，我們上半年仍能保持利潤水平良好並增長 10% 的原因。

Your next question comes from the line of Chris Growe with Stifel.

你的下一個問題來自 Stifel 的 Chris Growe 一線。

I just had 2 questions for you. The first one would just be with -- in relation to the degree of cost inflation, I'm just trying to get a sense of how it differs, if it differs between developed and emerging markets. And I guess related to that, I'm seeing very strong pricing in Latin America, a little bit more in Asia but very limited pricing in Europe and North America to start to see that pricing pick up based on the inflation in the second half of the year.

我有兩個問題想問你。第一個問題是──關於成本通膨程度，我只是想了解已開發市場和新興市場之間是否有差異。我想與此相關的是，我看到拉丁美洲的價格非常堅挺，亞洲的價格略高一些，但歐洲和北美的價格漲幅非常有限，預計到下半年才會開始因通貨膨脹而上漲。

Look, it's difficult for me to make statements about future pricing as it boils down to segment pricing and profitability. What I would tell you is we are seeing pressure in the commodity market, and so what we see in commodities like sugar, edible oils, packaging, material resins costs, et cetera, those are common to all markets around the world. To that, I would add that in some developing markets, ForEx pressure is compounding. And so if you think about the Russian ruble, there is more cost pressure in some of these developing markets.

你看，我很難對未來的定價做出預測，因為這最終取決於細分市場的定價和獲利能力。我想告訴大家的是，我們看到大宗商品市場面臨壓力，例如糖、食用油、包裝材料、樹脂成本等等，這些都是世界各地所有市場普遍存在的問題。對此，我還要補充一點，在一些新興市場，外匯壓力正在加劇。因此，如果你考慮俄羅斯盧布，你會發現一些新興市場面臨更大的成本壓力。

Certainly, in the U.S., when we look at labor costs, when we look at packaging costs, when we look at edible oils and logistics and freight, there is clearly a material impact. As I said, I don't want to start making comments about future pricing. But what I can tell you is that in general terms, a, we have developed great capabilities around revenue growth management and North America is most likely leading the pack in that area; and second, I will tell you that not any different than any other segment we operate in, all the business that we have is trying to enter 2022 with a level of profitability that allows continued investment. And I would leave it at there because, as I said, I don't want to give any indication of future pricing by segment.

當然，在美國，當我們審視勞動成本、包裝成本、食用油、物流和貨運時，就會發現這顯然會產生實質的影響。正如我所說，我不想對未來的定價發表評論。但我可以告訴你們的是，總的來說，第一，我們在收入成長管理方面已經發展出了強大的能力，北美很可能在這一領域處於領先地位；第二，我要告訴你們的是，與我們運營的任何其他業務部門一樣，我們所有的業務都在努力以盈利水平進入 2022 年，從而能夠繼續投資。我就說到這裡吧，因為正如我所說，我不想透露任何關於未來各細分市場定價的資訊。

I understand. Thank you for the color that you can give. And just a quick follow-on in relation to Bryan's question earlier about the investment. I think you just said about how you're trying to be in a position to be able to reinvest again next year in 2022. I assume you're going to reinvest every year, frankly, and I think that's hopefully going to help drive the strong revenue growth. I just want to get a little more color as you're thinking about 2022. Is it a heavier rate of reinvestment you foresee? Or is it just the normal course of continued investment that you're calling out for next year?

我明白。感謝你賦予的色彩。關於布萊恩之前提出的投資問題，我再補充一點。我想你剛才說過，你正在努力讓自己處於能夠於2022年再次進行投資的位置。坦白說，我假設你們每年都會進行再投資，我認為這有望推動收入的強勁成長。我想在你思考 2022 年的時候，讓畫面更豐富一些。你預計再投資率會更高嗎？或者，您指的是明年繼續進行正常的投資？

No. We are -- in general, what we're trying to do, of course, is a little bit up or down every year, is to take half of the extra gross profit that we generate in dollars every year and reinvest it in the business. That's the ideal formula, let's say, that we're trying to achieve. And we're not planning to change that next year.

不。總的來說，我們努力的目標是，每年將我們額外產生的毛利的一半（以美元計）再投資到業務中。當然，這個目標每年可能會略有波動。可以說，這就是我們想要達到的理想公式。我們明年不打算改變這一點。

As you can imagine, we will have to deal with the inflation that we see as Luca was explaining, so we will have to do more pricing, and we might have a little bit more pressure on our gross profit line. So we -- for the remainder of the year, we are expecting that we will do better from a top line perspective. We will see significant growth in our gross profit line. But we are expecting that most of it, we will have to reinvest in the business.

正如你所想，我們將不得不應對盧卡所解釋的通貨膨脹問題，因此我們將不得不進行更多定價，我們的毛利可能會面臨更大的壓力。因此，我們預計今年剩餘時間裡，從營收角度來看，我們會做得更好。我們的毛利將顯著成長。但我們預計，其中大部分資金將不得不重新投資於業務。

That's what we mean to get ourselves into the ideal position at the start of next year. But then next year, we're expecting to do exactly what I explained, continue our current way of looking at things and no expectation of increasing investment significantly next year. Now on a year-over-year basis, that's usually a 7 to 8, sometimes double-digit increase of our investment, that formula I was talking about.

這就是我們為了讓自己在明年年初處於理想狀態而採取的措施。但是，明年我們預計會像我解釋的那樣，繼續沿用我們目前看待事物的方式，並且不打算大幅增加投資。現在，按年計算，我們的投資通常會成長 7 到 8 倍，有時甚至達到兩位數，這就是我剛才提到的公式。

Your next question comes from the line of Michael Lavery with Piper Sandler.

你的下一個問題來自邁克爾·拉弗里和派珀·桑德勒的對話。

Just wanted to follow up on innovation and SKU rationalizations and maybe try to tie them together a little bit. One, just could you give a sense of your progress on SKU rationalizations? I know the 25% you were cutting is big, but it clearly hasn't slowed the organic growth. Just then also curious, a little bit related to that, on innovation, if it's -- what your learnings are from that process and if it changes how you think about screening or gating your launches and just what implications it might have as you look at new products.

我只是想跟進一下創新和 SKU 合理化方面的工作，並嘗試將它們稍微連結起來。第一，能否簡單介紹一下您在 SKU 合理化的進展？我知道你們削減了 25% 的預算，這幅度很大，但這顯然並沒有減緩自然成長。剛才我還好奇，跟這個有點關係，關於創新，你從這個過程中學到了什麼，它是否會改變你對篩選或限制產品發布的看法，以及它在你考慮新產品時可能會產生什麼影響。

Yes. First of all, on SKU rationalization, there's really 3 levels of how you should think about SKU rationalization. First of all, there is stopping production and so not producing certain SKUs anymore. Second is then having those SKUs not in inventory anymore; and then third, having those SKUs not in the store anymore. So those are the 3 levels.

是的。首先，關於 SKU 合理化，你應該從三個層面來考慮 SKU 合理化。首先，生產已經停止，因此不再生產某些 SKU。其次，這些 SKU 已從庫存中移除；再次，這些 SKU 已從商店中移除。以上就是三個等級。

Where we are at the moment is that of that 25%, most of it, the production has been stopped. We're gradually running out of inventory. We didn't want to write off the inventory, which would give us a big cost effect. And then it's now starting to show up in-store. In-store, we're not yet down 25%, but it's increasing rapidly.

目前的情況是，這 25% 的產品中，大部分已經停產。我們的庫存正在逐漸耗盡。我們不想註銷庫存，那會為我們帶來很大的成本影響。現在它開始在商店裡出現了。店內銷售額雖然還沒下降 25%，但下降速度很快。

The effect of that sort of trickle reduction is going to be that I don't think you will see an effect on our top line, and that it really should go by almost unnoticed that we have 25% less SKUs. Keep in mind also that, that 25% was kind of 2% or 3% of our total net revenue. And if we manage it well in-store and keep the same shelf space and replace those 25% with faster rotating SKUs, we could even gain sales.

這種涓滴的減產效果應該是，我認為不會對我們的營收產生影響，而且我們減少了 25% 的 SKU 也不會引起太多注意。也要記住，這 25% 只占我們總淨收入的 2% 或 3%。如果我們在店內管理得當，保持相同的貨架空間，並將這 25% 的商品替換為週轉速度更快的 SKU，我們甚至可以提高銷售額。

On innovation, in a business like ours, innovation is kind of 3 things. It's, first of all, what we call renovation. It's existing SKUs that we have to renovate, update, make more interesting. Second, there is then innovation within the core, new flavors and so on. And then there's what we call innovation beyond the core, which is new to market type of segments or new types of products.

對於像我們這樣的企業來說，創新主要體現在三個方面。首先，這就是我們所說的翻新。我們需要對現有的 SKU 進行改造、更新，使其更具吸引力。其次，核心產品內部也有創新，例如新口味等等。此外，還有我們稱之為核心之外的創新，即市場上全新的細分領域或新型產品。

What we have been aiming for in our innovation approach is that renovation part and that sort of new flavors part. That's where we believe we can reduce a little bit the amount of activity that we have, and we've been doing that also around the 25% mark. And that has led to bigger renovations or bigger sort of within the core innovations. And we're seeing the benefit from that. And it's clearly showing up in the way our net revenue growth is being composed.

我們在創新方法中一直追求的是革新和創新。我們認為我們可以稍微減少這方面的活動量，而且我們也一直在這樣做，目前已經減少了約 25%。這導致了更大規模的改造，或者說是核心創新的更大變化。我們已經看到了從中帶來的好處。這一點在我們淨收入成長的構成方式上反映得非常明顯。

Where we still have work to do is what we call beyond the core. We're working that hard. We're trying to shift some resources to that. That requires a longer lead time, requires more investment but over time, can give a significant growth for the company. So what I would say here also, the 25% reduction has given an upside to us. And we are very happy with the way our innovation contribution to growth is panning out at the moment.

我們仍需努力的方向，就是我們所說的核心以外的領域。我們就是這麼努力。我們正嘗試將一些資源轉移到那方面。這需要更長的準備時間，需要更多的投資，但從長遠來看，可以為公司帶來顯著的成長。所以我想說的是，這 25% 的降幅對我們來說也是有利的。目前，我們對自身創新對成長的貢獻方式感到非常滿意。

Okay. And your last question comes from the line of Ken Zaslow with Bank of Montreal.

好的。你的最後一個問題來自蒙特利爾銀行的 Ken Zaslow。

Just a couple of questions. One is what have you seen with price elasticity to customers and how is this different than in the past. Second question would be, when you think about your acquisitions, all your tack-on -- your bolt-on acquisition, how much incremental sales growth do you think that's added? And how much will it add going forward?

幾個問題。一是你們觀察到的價格彈性對顧客的影響如何，這與過去有何不同。第二個問題是，當你考慮你的收購，所有附加收購——也就是外掛收購時，你認為這些收購帶來了多少增加銷售成長？未來它又能帶來多少成長？

The first question, Luca, do you...

盧卡，第一個問題是，你…

Elasticity, so if we see elasticity numbers at given prices raises...

彈性，所以如果我們看到給定價格下的彈性數值上升…

No. Okay. Yes. Okay. Sorry, I can't -- I didn't understand the question the first time. It was a bit interrupted for me. But from an elasticity perspective, our categories are showing, what I would say, an average elasticity from what I've seen to other food categories. And it depends a little bit where you are in which market around the world.

不。好的。是的。好的。抱歉，我不能──我第一次沒聽懂這個問題。我的行程有點被打斷了。但從彈性角度來看，我們的品類表現出的彈性，在我看來，與其他食品品類相比，屬於平均水準。這在某種程度上取決於你身處世界哪個市場的哪個位置。

In developed markets where most of the sales are through supermarkets and done in larger packs, there are price points, but they're probably not as solid. And for instance, in Germany, the price per kilo is extremely important, while in France, the exact price point where that pack normally sold is much more important. And so it's a mixed picture, but I would say we can more easily move things up or down.

在已開發市場，大部分銷售都是透過超市進行的，而且是以大包裝的形式進行，雖然存在價格點，但價格可能不太穩定。例如，在德國，每公斤的價格非常重要；而在法國，該包裝通常的確切售價則更為重要。所以情況比較複雜，但我認為我們可以更容易調整價格。

And then again, when we talk about pricing, you should not just think about direct price increase. It's also what we call price pack architecture. It's the amount and the depth of promotions that we have and at some of the trade activities that we deploy. So pricing is a big word or is sort of a grouping of a number of activities, which might not necessarily immediately translate in an elastic effect for the consumer who suddenly sees the price change.

還有，當我們談到定價時，你不應該只想到直接的價格上漲。這也是我們所謂的價格包裝架構。關鍵在於我們所進行的促銷活動的數量和深度，以及我們進行的一些貿易活動。所以，定價是一個很大的概念，或者說是一系列活動的集合，但對於突然看到價格變化的消費者來說，這可能不會立即產生彈性效應。

In emerging markets, it's slightly different. There, it's really about price points, and you need to maintain those price points. So in general, what we do there is we work much harder on productivities, reducing of packaging, improving the cost of our ingredients, improving the cost of our distribution and so on. Also making sure that we work hard on price pack architecture and so on. So that's a bit more of a difficult approach where you need to stick to the price points, and usually, when you have to move away from a price point, the elasticity effect shows quite considerably in your volumes. And so the game is played slightly different there.

在新興市場，情況略有不同。在那裡，關鍵在於價格，你需要保持這些價格。所以總的來說，我們在那裡所做的就是更加努力地提高生產效率，減少包裝，降低原料成本，降低分銷成本等等。同時，我們也要確保在價格方案架構等方面下足功夫。所以這是一種比較困難的方法，你需要堅持既定的價格點，而且通常情況下，當你必須偏離某個價格點時，彈性效應會在你的銷售中表現得相當明顯。因此，那裡的遊戲玩法略有不同。

So I hope that explains a little bit the 2 ways that we manage elasticity. But I would say in North America and Europe, in general, the way we're doing it, and as you probably heard in previous discussions, our price movements are bigger than previous year but not massive. And that's thanks to that RGM approach, I would say. We are able to deal with the elasticity that comes from it, and an example is a 4% plus volume growth we've seen in this quarter.

所以，我希望這能稍微解釋一下我們管理彈性的兩種方法。但我想說的是，在北美和歐洲，總的來說，我們目前的做法，正如你可能在之前的討論中聽到的那樣，我們的價格波動比去年更大，但並不劇烈。我認為這要歸功於RGM方法。我們能夠應對由此產生的彈性，例如，本季我們看到銷量成長超過 4%。

As it relates to acquisitions, acquisitions that we've done so far have added about $1.5 billion to our top line. The idea is that they grow high single digits, and so you can probably calculate what they add to our top line growth. I would say it's probably in the order of 0.3% growth. Our plan is to continue to do bolt-on acquisitions. It's difficult to say how much and when and at which growth rate. But in general, when we announced our strategy, we always said that we were counting on a 3% plus organic growth, and then we would complement that with growth through acquisition. In that thinking, we were thinking that about 0.5, 0.6 of growth would come eventually from acquisitions. So that's more or less what we have in mind.

就收購而言，我們迄今為止完成的收購已為我們的收入增加了約 15 億美元。其理念是它們實現個位數高成長，因此您可以計算出它們對我們營收成長的貢獻。我認為成長率大概在0.3%左右。我們的計劃是繼續進行補充性收購。很難說具體規模、時間、成長率是多少。但總的來說，當我們宣布我們的策略時，我們總是說我們指望 3% 以上的內生成長，然後我們將透過收購來補充成長。按照這種思路，我們認為最終會有大約 0.5% 到 0.6% 的成長來自收購。這就是我們大致的想法。

We haven't done that many acquisitions yet, and it will probably still take us a few years before we got a significant math that would lead to that 0.5, 0.6. But that's sort of our thinking as it relates to the contribution of acquisition.

我們還沒有進行那麼多收購，可能還需要幾年時間才能得出足以達到 0.5、0.6 的顯著數學結果。但就收購的貢獻而言，這大致上就是我們的想法。

Great. I appreciate it. I just had a quick one just to add is at what level of sales growth would you not reinvest that would fall to the bottom line. And I'm not guiding you anywhere. But if it was 5%, would you drop it down? Is it 6%? Is it 4.5%? And then I'll leave it there, and I really appreciate your time.

偉大的。謝謝。我只想補充一點，銷售成長到什麼程度才會停止再投資，進而影響利潤？我不會引導你去任何地方。但如果降幅是 5%，你會降低它嗎？是6%嗎？是4.5%嗎？我就先說到這裡吧，非常感謝您抽出時間。

Look, the idea is to -- the algorithm we have in mind is 3% plus on the top line. It is, under normal circumstances, 4% to 5% GP dollars. And then we take half of it. We reinvest it and half of it, we drop it to EBIT. And then that should deliver the EPS growth of high single digit.

你看，我們的想法是——我們設想的演算法是讓總收入提高 3% 以上。正常情況下，這相當於毛利率的 4% 到 5%。然後我們拿走一半。我們將這筆錢再投資，並將其中一半計入息稅前利潤。這樣一來，每股盈餘應該可以達到接近兩位數的成長。

Clearly, as you look at this year, we are ahead on top and bottom line. But as we said very clearly, what we want to do is to sustain the market share gains and potentially additional pricing that is coming and enter 2022 with the level of confidence that we can still have this virtuous cycle we are in and that we want to protect.

顯然，縱觀今年，我們在營收和利潤方面都處於領先地位。但正如我們非常明確地所說，我們想要做的是保持市場份額的成長，以及可能即將到來的額外定價，並以足夠的信心進入 2022 年，相信我們仍然可以保持我們目前所處的良性循環，並且我們想要保護這種循環。

Okay. Thank you. I think with that, we can conclude the call. We'd like to reiterate that it was a great quarter, solid top line growth, good gross margin and gross profit growth, significant reinvestment in the business, and I think a strong bottom line. Going forward, we will see a bit more inflation pressure. And our intent is that we will deliver a higher top line growth, 4% plus, as we said and that any additional margin that we have that we would reinvest it in the business so that we can enter 2022 with a great share position as well as a great margin position, which would allow us to continue our virtuous circle in '22.

好的。謝謝。我想，通話到此就可以結束了。我們想重申，這是一個非常棒的季度，營收穩定成長，毛利率和毛利成長良好，對業務進行了大量再投資，我認為最終盈利也很強勁。展望未來，我們將看到通膨壓力略有增加。我們的目標是實現更高的營收成長，正如我們所說，超過 4%，並且我們將把任何額外的利潤再投資於業務，以便我們能夠在 2022 年擁有良好的市場份額和利潤率，這將使我們能夠在 2022 年繼續保持良性循環。

Thank you for the interest in the business. Looking forward to take you through the results of Q3 and Q4. And thank you, of course, for all your questions, and that's it. Thank you.

感謝您對我們業務的關注。期待向大家介紹第三季和第四季的業績。當然，也感謝大家提出的所有問題，就到這裡吧。謝謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。