億滋國際 (MDLZ) 2021 Q1 法說會逐字稿

Good day, and welcome to Mondelez International First Quarter 2021 Earnings Conference Call. (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.

各位來賓，歡迎參加億滋國際2021財年第一季財報電話會議。 （操作說明）現在我將電話轉交給億滋國際投資者關係副總裁謝普‧鄧拉普先生。請您發言。

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.

下午好，感謝各位的到來。今天陪同我的是我們的董事長兼執行長德克·范德普特先生，以及我們的財務長盧卡·扎拉梅拉先生。今天早些時候，我們已發布了新聞稿和演示文稿，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 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，實際結果可能與預期有重大差異。有關前瞻性陳述的更多詳情，請參閱我們提交的10-K、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.

在今天討論績效時，除非另有說明，我們將引用非GAAP財務指標，這些指標已對GAAP績效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。

For first quarter results, we're also presenting growth on a 2-year average 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.

鑑於新冠疫情對2020年業績的影響，為了更好地進行比較，我們在第一季業績報告中也採用了兩年平均成長率。您可以在我們的獲利報告和投影片簡報的末尾找到可比較的GAAP指標以及GAAP與非GAAP指標的調節表。

Before I speak to the agenda, I'd like to notify everyone that we have an upcoming investor call on May 26, which follows publication of our annual Snacking Made Right ESG report on May 5. Both Dirk and our Chief Impact Officer, Chris McGrath, will discuss key components of ESG. We'll talk more about our approach, our targets and progress on this call as well as answer your questions.

在正式開始議程之前，我想通知大家，我們將於5月26日召開投資者電話會議。這次會議緊接著我們5月5日發布的年度《負責任零食ESG報告》之後。屆時，Dirk和我們的首席影響力長Chris McGrath將共同探討ESG的關鍵要素。我們將在本次電話會議上詳細介紹我們的方法、目標和進展，並回答各位的問題。

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.

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

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

接下來，我將把電話交給德克。

Thank you, Shep, and thanks to everyone for joining the call today. We had a strong start to the year despite lapping our highest growth quarter in 2020 and Q1 reconfirms that we are emerging from COVID even stronger. Our performance demonstrates that our strategy is working and that we have clear growth opportunities in front of us. We are driving a virtuous cycle and producing a consistent track record of growth.

謝謝Shep，也謝謝今天所有參加電話會議的各位。儘管今年第一季已經超過了2020年同期成長最快的季度，但我們依然取得了強勁的開局。第一季的業績再次印證了我們從新冠疫情中強勢復甦。我們的業績表明，我們的策略行之有效，並且我們面前擁有清晰的成長機會。我們正在推動良性循環，並持續創造成長的佳績。

As we continue to deliver on our commitments, we are also strengthening our business by accelerating investments, reshaping our portfolio and simplifying the business while maintaining cost discipline. We are well positioned to accelerate long-term revenue and earnings growth.

在持續履行各項承諾的同時，我們也透過加速投資、重塑投資組合和簡化業務流程來強化業務，並維持成本控制。我們已做好充分準備，加速長期營收和利潤成長。

On Slide 5, let me walk you through the headlines of our financial results. Top line growth was 3.8%, underpinned by broad-based share gains and excellent execution across all geographies, categories and brands. Our teams around the world delivered amazing results with events like Chinese New Year and Easter being clear standouts. In turn, the strong volume and price-driven top line translated into gross profit dollar growth of 5%, also aided by our emerged stronger cost initiatives.

在第5張投影片中，我將帶您了解我們財務表現的要點。營收成長3.8%，這得益於市場佔有率的全面提升以及在所有地區、品類和品牌上的出色執行。我們全球團隊取得了令人矚目的成績，其中春節和復活節等重要節日表現尤為突出。強勁的銷售量和價格驅動型營收成長轉化為5%的毛利成長，這也得益於我們推出的更有效的成本控制措施。

We continue to invest in our brands and sales and marketing capabilities to drive our categories. We also increased working media double digits to support further share gains. And a good business converts top line results into cash. And for the quarter, we generated $700 million, which is the best first quarter since the formation of the company, which continues to enable us for strong capital return to our investors. In summary, our first quarter results leave us well positioned to deliver on our full year 2021 outlook and provide increased confidence that we can accelerate our long-term growth rate.

我們持續投資於品牌建立、銷售和行銷能力，以推動品類發展。同時，我們大幅提升了媒體投放投入，以支持市場佔有率的進一步成長。良好的業務營運能夠將營收轉化為現金流。本季度，我們實現了7億美元的現金流，創下公司成立以來最佳的第一季業績，這使我們能夠持續為投資者帶來豐厚的資本回報。總而言之，第一季的良好業績使我們更有信心實現2021年全年業績目標，並增強了我們對加速長期成長的信心。

On Slide 6, let me spend a moment on our track record, which we expect to continue. Q1 top line results marked another quarter at or above our long-term growth algorithm of 3% plus, now averaging 3.8% growth since late 2018. This is happening because we have fundamentally changed our approach to the business. From a focus on costs and profit margins, we have switched to top line growth and profit dollars, which has driven better and more consistent results.

在第6張投影片中，我想簡單回顧我們過往的業績，我們預期這好勢頭將得以延續。第一季營收再次達到或超過我們3%以上的長期成長目標，自2018年底以來，平均成長率已達3.8%。這得益於我們從根本上改變了業務策略。我們不再只關注成本和利潤率，而是轉向關注營收成長和利潤金額，從而取得了更好、更穩定的業績。

Our local first commercial approach enables us to move faster and be more consumer-centric. We have entered a virtuous financial algorithm, which allows us to invest more in the business. And lastly, our incentives are better aligned with an ownership and growth mindset with increased accountability and high-quality outcomes.

我們以在地化為先的商業模式，使我們能夠更快地發展，更加以消費者為中心。我們已進入良性循環的財務模式，這使我們能夠增加對業務的投資。最後，我們的激勵機制與主人翁意識和成長型思維更加契合，從而提高了責任感，並帶來更高品質的成果。

Beyond Q1 results and 2021 expected outcomes, as shown on Slide 7, we believe we are uniquely well positioned to thrive in the years ahead with a long runway of growth opportunities and advantaged growth enablers. First, our core categories are attractive and resilient, demonstrating durable growth and significant headroom for future upside. Second, we believe our growth algorithm and our ability to continue to invest behind strong growth propositions is something that sets us apart from our competition and will continue to result in share gains over the years ahead. Third, we are seizing large opportunities in under-indexed channels like e-commerce and discounters. Fourth, we have significant opportunities to expand in high-growth segments like well-being and premium and in geographies where we have a strong share of 1 core category but a much lower share of another. And beyond our core categories, we are building strong platforms in high-growth adjacencies such as cakes and pastries or bars.

除了第一季業績和2021年預期成果（如幻燈片7所示）之外，我們相信，憑藉長期的成長機會和有利的成長推動因素，我們擁有得天獨厚的優勢，能夠在未來幾年蓬勃發展。首先，我們的核心品類極具吸引力且韌性十足，展現出持續成長的潛力，並擁有龐大的未來成長空間。其次，我們相信，我們的成長策略以及持續投資於強勁成長方案的能力，使我們從競爭對手中脫穎而出，並將持續為我們帶來未來幾年的市場份額成長。第三，我們正在抓住電子商務和折扣店等被低估管道的巨大機會。第四，我們在健康和高端等高成長領域，以及我們在某一核心品類市場份額較高但另一核心品類市場份額較低的地區，擁有巨大的擴張機會。此外，除了核心品類之外，我們還在蛋糕糕點或酒吧等高成長的鄰近領域中建立強大的平台。

We believe we have distinct advantages that will enable us to seize these opportunities. These include our proven ability to price across the globe, more impactful and high-return marketing, increased investments in our brands, ongoing portfolio reshaping to increase our exposure to incremental high-growth areas of snacking, continued cost improvements to fuel investments and increased business clarity and simplification.

我們相信我們擁有獨特的優勢，能夠抓住這些機會。這些優勢包括：我們成熟的全球定價能力、更具影響力和高回報的營銷策略、對品牌投入的增加、持續調整產品組合以拓展我們在零食領域新興高增長領域的業務、持續降低成本以支持投資，以及提高業務的清晰度和簡化程度。

On Slide 8, you can see the strong progress we have made in Q1 against some of our biggest growth opportunities. Within our core business, we achieved double-digit growth in Cadbury Dairy Milk and high single growth in Oreo. Oreo has been growing at a double-digit CAGR since 2018 as we activate our planned trade group and pursue a $1 billion opportunity over the next 3 years via geographical expansion and share gains. We also delivered mid-single-digit growth in our local jewels, including strong results from Chips Ahoy! and Tate's in biscuit as well as Côte d'Or and Lacta in chocolate. Continued efforts to revitalize brand messaging, packaging and activations have created a growth engine within a substantial part of our portfolio.

在第8張投影片中，您可以看到我們在第一季針對一些最重要的成長機會所取得的顯著進展。在核心業務方面，吉百利牛奶巧克力實現了兩位數成長，奧利奧實現了較高的個位數成長。自2018年以來，奧利奧一直保持著兩位數的複合年增長率，這得益於我們啟動了計劃中的貿易集團，並透過地域擴張和市場份額提升，力爭在未來三年內實現10億美元的增長目標。此外，我們的本土特色品牌也實現了中等個位數的成長，其中包括餅乾類的趣多益（Chips Ahoy!）和泰特（Tate's），以及巧克力類的金寶巧克力（Côte d'Or）和樂之（Lacta）。我們持續致力於品牌訊息、包裝和行銷活動的革新，這為我們產品組合中相當一部分產品創造了成長動力。

Looking at our channel opportunities, the consumer shift to e-commerce continues to accelerate growing 77% on a reported basis in the first quarter with share gains in the U.S., China and the U.K. E-commerce represented approximately 6% of our revenue in Q1. This has not come at the expense of brick-and-mortar, where we continue to drive distribution gains in key emerging markets like China, where we added 120,000 stores in the last quarter or in India where we added 60,000. To put that China figure in context, in China biscuits, we are now in 3 million stores out of 6 million that formed the Nielsen universe. So we have a huge headroom. And in gum, we are only in 1.9 million of 6 million stores, and our leading competitor is in 4.2 million stores.

從通路機會來看，消費者向電商的轉變持續加速，第一季按報告數據計算增長了77%，並在美國、中國和英國的市場份額均有所提升。第一季度，電商收入約占我們總收入的6%。這並未以犧牲實體店為代價，我們在關鍵新興市場（如中國和印度）持續拓展通路。中國上季新增門市12萬家，印度新增門市6萬家。為了更直觀地說明中國市場的成長情況，我們可以參考尼爾森的數據：在中國，我們的餅乾產品已覆蓋600萬家門市中的300萬家，因此我們仍有巨大的成長空間。而在口香糖領域，我們的產品僅涵蓋600萬家門市中的190萬家，而我們的主要競爭對手則涵蓋了420萬家門市。

As it relates to the opportunity in high-growth segments, we significantly increased our presence in well-being and premium this quarter with the acquisitions of Grenade, Gourmet Food and Hu. And finally, we continue to expand in close in adjacencies, becoming the lead manufacturer in the U.K. snack bars category with Grenade.

就高成長細分市場的機會而言，本季我們透過收購 Grenade、Gourmet Food 和 Hu，大幅提升了在健康和高端市場的份額。最後，我們繼續拓展鄰近領域，憑藉 Grenade，我們已成為英國零食棒類別的領先製造商。

Since the launch of our strategy, we have enhanced our portfolio by adding nearly $1 billion in revenue with a number of high-growth platforms, as you can see on Slide 9. These acquisitions are driving accelerated growth and have a long runway. Our balance sheet provides a great flexibility and optionality, particularly through our coffee JVs. While we are very happy with the results and prospects of both KDP and JDE, our expectation is to increase our exposure to snacking over time. And in 2020, we sold down our stakes in both with $2 billion of net proceeds to convert into a highly strategic snacking acquisitions.

自策略實施以來，我們透過收購多個高成長平台，新增近10億美元的收入，從而優化了投資組合，如幻燈片9所示。這些收購正在推動加速成長，並擁有長期發展潛力。我們的資產負債表提供了極大的靈活性和選擇餘地，尤其體現在我們與咖啡企業的合作上。我們對KDP和JDE的表現和前景都非常滿意，但我們預計未來將逐步增加在零食領域的投資。 2020年，我們減持了這兩家公司的股份，淨收益達20億美元，用於進行極具戰略意義的零食收購。

We are also evaluating our developed market gum business to determine the best way forward. Across these initiatives, we are driving clear outcomes in the form of accelerated growth.

我們也正在評估已開發市場的口香糖業務，以確定最佳發展方向。透過這些舉措，我們正在推動實現加速成長，並取得顯著成果。

Next, I will share some additional color on these recent acquisitions and how they'll align with our strategy on Slide 10. Our focus has always been to increase our exposure to high-growth segments like premium and well-being, enter geographic wide spaces in our core categories or expand into fast-growing adjacencies. Most recently, we acquired 4 fast-growing companies. Grenade, the U.K. energy protein bar, the leader that is allowing us to expand our snacking portfolio into active nutrition products. It was a missing piece to become the largest players in the $1.2 billion U.K. snack bar market.

接下來，我將在第10張投影片中詳細介紹這些近期收購以及它們將如何與我們的策略相契合。我們一直致力於擴大在高成長細分市場（例如高端和健康領域）的份額，在核心品類中拓展地域覆蓋範圍，或進軍快速成長的鄰近領域。最近，我們收購了四家快速成長的公司。其中就包括英國能量蛋白棒領導企業Grenade，此次收購使我們能夠將零食產品組合擴展到活性營養產品領域。這對我們成為價值12億美元的英國零食棒市場最大參與者而言，是至關重要的一環。

Gourmet Food, which is a premium and well-being focused cracker portfolio in Australia. This platform allows us to significantly increase our Australia biscuits business and share. The brand has tremendous growth potential inside and outside of Australia and is a leader in a highly attractive segment.

Gourmet Food是澳洲專注於高端健康餅乾的品牌。該平台使我們能夠顯著提昇在澳洲的餅乾業務和市場份額。該品牌在澳洲國內外都擁有巨大的成長潛力，並且在極具吸引力的細分市場中處於領先地位。

Hu is a premium well-being chocolate-led lifestyle brand that has developed a very strong followership. It is the fastest moving chocolate brand in Whole Foods but currently has limited presence in more conventional retailers, which is a clear opportunity.

Hu是一個主打高端健康巧克力生活方式的品牌，已經累積了非常忠實的擁躉。它是Whole Foods超市銷售速度最快的巧克力品牌，但目前在其他傳統零售商的銷售管道有限，這顯然是一個發展機會。

And Give & Go is an undisputed leader in the large and high-growth in-store bakery segment in North America. It is highly incremental and spans across multiple product forms like cookies, muffins, brownies and cupcakes. It has strong consumer appeal, driven by high-quality freshness and permissible indulgence. This platform is performing very well, and we believe it will yield good revenue and cost synergies.

Give & Go 是北美大型高成長店內烘焙食品領域的領導企業，這點毋庸置疑。它以極具成長潛力的模式運營，產品涵蓋多種類型，例如餅乾、鬆餅、布朗尼和紙杯蛋糕。憑藉高品質的新鮮度和適度的美味享受，Give & Go 深受消費者喜愛。該平台目前表現優異，我們相信它將帶來可觀的收入和成本協同效應。

As we have seen with our prior acquisitions of Tate's and Perfect Snacks, these platforms provide leadership positions in new or adjacent categories of increasing relevance with our consumers. Tate's represent large addressable markets, are financially attractive and create new growth path for us.

正如我們先前收購Tate's和Perfect Snacks所展現的那樣，這些平台為我們在新興或相鄰品類中佔據了領先地位，而這些品類對我們的消費者而言也日益重要。 Tate's代表著龐大的潛在市場，具有很高的財務吸引力，並為我們開闢了新的成長路徑。

Turning to Slide 11 and our sustainability commitments and approach. We believe we can create value by building a sustainable snacking company that is focused on sustainability -- or sorry, sustainably sourced ingredients, minimizing our climate and landscape impact, building a diverse, inclusive and engaged workforce, selling products that meet the evolving snacking needs of consumers and result in zero packaging waste. We are confident that our approach is effective as we prioritize according to where we have the largest impact. We focus on breakthrough solutions, and we collaborate when needed.

接下來請看第11頁投影片，了解我們的永續發展承諾和方法。我們相信，透過打造一家專注於永續發展的零食公司，我們可以創造價值。這家公司致力於使用可持續採購的原料，最大限度地減少對氣候和環境的影響，建立一支多元化、包容性和積極進取的員工隊伍，銷售滿足消費者不斷變化的零食需求的產品，並最終實現零包裝浪費。我們相信，我們的方法行之有效，因為我們優先考慮的領域能夠產生最大的影響。我們專注於突破性解決方案，並在需要時開展合作。

In closing, our strong start to the year gives us increasing conviction that the steps we are taking to evolve our growth strategies are the right ones and that they will continue to support consistent and profitable growth for many years to come.

總而言之，今年開局強勁，這讓我們越來越相信，我們正在採取的改進成長策略的措施是正確的，這些措施將繼續支持未來多年的持續獲利成長。

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

接下來，我將把麥克風交給盧卡，讓他詳細介紹我們的財務表現。

Thank you, Dirk, and good afternoon, everyone. Our first quarter performance was strong across all key financial metrics, building off the strength and momentum of 2020.

謝謝Dirk，大家下午好。我們第一季的業績表現強勁，各項關鍵財務指標均表現良好，延續了2020年的強勁動能。

Revenue grew 3.8% driven by broad-based growth and a healthy balance of price and volume. On a 2-year average basis, we grew for 5.1%. Emerging market performance was strong with growth of 10% for the quarter and more than 7% on a 2-year basis.

受全面成長和價格與銷售平衡的推動，營收成長3.8%。以兩年平均計算，成長率為5.1%。新興市場表現強勁，本季成長10%，兩年平均成長率超過7%。

Quarter 1 marks for emerging markets, a solid come back from the impact of COVID and proves that our geographical footprint is a long-term sustainable competitive advantage. These results include double-digit growth in Brazil, India and China as well as high single-digit increase in Russia.

第一季新興市場業績強勁復甦，從新冠疫情的影響中穩步回升，證明我們的全球佈局是長期可持續的競爭優勢。其中，巴西、印度和中國實現了兩位數成長，俄羅斯也實現了接近兩位數的成長。

In developed markets, we continue to see solid consumption and are pleased with our performance, given the elevated demand in the previous year quarter. These markets were in positive growth territory for the quarter, while the 2-year average growth was 4%.

在已開發市場，我們持續看到穩健的消費，鑑於去年同期的高需求，我們對自身的績效感到滿意。這些市場本季實現了正成長，而兩年平均成長率為4%。

Turning to Slide 14 and performance by category. Biscuits grew plus 3.4% in Q1 and plus 7.6% on a 2-year average. Each of our big countries delivered double-digit growth during the quarter, while our large U.S. business posted low single-digit growth against very elevated growth from the previous year. The oil brand once again was a clear winner with nearly double-digit growth.

請參閱第14張投影片，了解各類別業績表現。餅乾在第一季成長了3.4%，兩年平均成長率為7.6%。我們所有主要市場在本季度均實現了兩位數成長，而我們龐大的美國業務則實現了個位數低成長，與去年同期相比增幅顯著。食用油品牌再次成為明顯的贏家，實現了接近兩位數的成長。

Chocolate grew more than 10% for the quarter with a 2-year average of 6.5%. Our large chocolate countries such as India, the U.K., Germany, Brazil and Russia all turned in strong results. We are particularly pleased with our Easter performance considering that mobility restrictions are still in place, for instance, in Europe. From a brand perspective, both Cadbury Dairy Milk and Milka grew double digits.

本季巧克力銷售額成長超過10%，而兩年平均成長率為6.5%。印度、英國、德國、巴西和俄羅斯等巧克力主要市場均表現強勁。考慮到目前歐洲等地仍存在出行限制，我們對復活節期間的表現尤為滿意。從品牌角度來看，吉百利牛奶巧克力和妙卡巧克力均實現了兩位數成長。

Gum & Candy continue to see the impact of restricted mobility. This business declined approximately 16% during the quarter and 8% on a 2-year basis. Comparisons will become easier as we move into the second quarter, though we are expecting a gradual recovery.

口香糖和糖果業務持續受到旅行限制的影響。本季業務下滑約16%，兩年累計下滑約8%。隨著進入第二季度，年比數據將有所改善，我們預計該業務將逐步復甦。

Now I'll cover our market share performance on Slide 15. We continue to see good share performance. Given the unique impact of COVID on results, we have switched to a 2-year cumulative 4 percentage of revenue gaining or holding share as we feel it better depict how we are truly doing. In Q1, we held or gained share in 80% of our revenue. Biscuits and chocolates were the big drivers holding or gaining share in 85% of our revenue base. Gum & Candy held or gained 35%. Notable share gainers included U.S., China and Russia biscuit and Russia and Australia chocolate. It is important to understand that the year-to-date category growth of 3% does not reflect some major channels. Using the same methodology, the 2-year average category growth rate is approximately 5%, which reflects the elevated demand in Q1 2020, particularly in North America.

現在我將在第15張投影片中介紹我們的市佔率表現。我們持續保持良好的市佔率表現。鑑於新冠疫情對業績的特殊影響，我們已將過去兩年累計的市場份額佔收入增長或維持的4%這一指標改為“市場份額增長或維持”，因為我們認為這樣更能真實反映我們的業績。第一季度，我們80%的營收份額實現了市場份額成長或維持。餅乾和巧克力是主要的成長動力，占我們收入基礎的85%。口香糖和糖果的市佔率成長或維持在35%。值得一提的是，美國、中國和俄羅斯的餅乾以及俄羅斯和澳洲的巧克力市場份額均實現了顯著增長。需要注意的是，年初至今3%的品類成長率並未反映部分主要通路的成長。採用相同的方法，過去兩年的平均品類成長率約為5%，這反映了2020年第一季度，尤其是在北美地區，市場需求的旺盛。

Now let's review our profitability performance on Slide 16. Overall, profitability was strong in the first quarter. We grew gross profit by 5% due to strong volume leverage, productivity and revenue growth management partially offset by some commodity and logistics increases. Operating income dollars increased nearly 13% due to overhead reduction and simplification efforts, which helped offset COVID-related costs of approximately $25 million. Importantly, we continue to invest in our brands to a mid-single-digit investments in A&C, including a double-digit increase in Working Media.

現在讓我們回顧一下第16頁幻燈片中的獲利表現。整體而言，第一季獲利能力強勁。由於銷售成長、生產效率提升和收入成長管理得當，毛利成長了5%，但部分被大宗商品和物流成本上漲所抵銷。營業收入成長近13%，這得益於降低管理費用和簡化流程，從而抵消了約2,500萬美元的新冠疫情相關成本。重要的是，我們持續增加對旗下品牌的投資，其中A&C領域的投資成長了中等個位數，Working Media領域的投資成長更是達到了兩位數。

Moving to regional performance on Slide 17. Europe revenue grew 3.3% in the quarter and 3.8% on a 2-year basis. The U.K., Germany and Russia all delivered strong results. OI dollars increased 8.6%. North America declined 2.3% in the quarter with a 2-year average growth of 5.6%. Biscuit posted a low single-digit increase on top of strong double-digit growth in the previous year quarter. While Gum & Candy saw double-digit declines. Our venture business unit, which combines Tate's, Give & Go, Perfect Snacks, Hu and Enjoy Life, grew strongly, both organically and on a pro forma basis.

第17頁幻燈片展示了各地區的業績表現。歐洲地區本季營收成長3.3%，兩年累計成長3.8%。英國、德國和俄羅斯均取得了強勁的業績。營業收入成長8.6%。北美地區本季營收下降2.3%，兩年平均成長率為5.6%。餅乾業務在去年同期強勁的兩位數成長基礎上，本季實現了個位數低幅的成長。而口香糖和糖果生意則出現了兩位數的下滑。我們的創投業務部門（包括Tate's、Give & Go、Perfect Snacks、Hu和Enjoy Life）實現了強勁成長，無論是有機成長還是按備考基準計算的成長。

North America operating income declined 3.6% as a result of volume dynamics. as well as some extra cost to serve due to winter storms in February. AMEA posted exceptional growth of 10.8% and a 2-year average of 6.5%. India delivered extraordinary growth underpinned by great execution and robust consumption in chocolate and biscuit. India growth on a 2-year average was double digit and higher than pre-COVID rates. China continued to demonstrate momentum with double-digit growth. These results were driven by continuous strength in biscuit. China growth on a 2-year average was double digits.

受銷售波動以及2月冬季風暴造成的額外服務成本影響，北美地區營業收入下降3.6%。 AMEA地區實現了10.8%的卓越成長，兩年平均成長率為6.5%。印度市場成長尤其顯著，這主要得益於高效的執行以及巧克力和餅乾市場的強勁消費。印度市場兩年平均成長率達到兩位數，高於疫情前的水準。中國市場持續保持強勁成長勢頭，實現了兩位數成長。這項業績主要得益於餅乾市場的持續強勁表現。中國市場兩年平均成長率也達到兩位數。

AMEA operating income dollars grew nearly 37% due to significant volume leverage as well as cost mitigation efforts despite continued working media increases. Latin America grew 7.2% in Q1 and 7.1% on a 2-year average. Brazil grew double digits, driven by strong market growth in biscuits and chocolate as well as good performance in powdered beverages. Easter was executed well by the team. Mexico and Western India declined mid-single digits due to category softness in Gum & Candy, while biscuit delivered strong growth. Adjusted OI dollars in Latin America grew nearly 10%.

儘管媒體投放量持續成長，但由於銷售量顯著提升以及成本控制措施到位，AMEA地區的營業收入仍成長近37%。拉丁美洲第一季成長7.2%，兩年平均成長率為7.1%。巴西市場實現兩位數成長，主要得益於餅乾和巧克力市場的強勁成長以及粉狀飲料的良好表現。復活節期間，團隊執行得非常出色。墨西哥和印度西部地區的營業收入出現個位數中段下滑，主要原因是口香糖和糖果品類疲軟，而餅乾則實現了強勁增長。拉丁美洲經調整後的營業收入成長近10%。

Now turning to earnings per share on Slide 18. Q1 EPS increased more than 10% at constant currency, driven mostly by operating gains.

現在來看第 18 頁的每股盈餘。第一季每股收益以固定匯率計算成長超過 10%，主要得益於營業利益的成長。

Moving to cash flow and capital return on Page 19. We delivered free cash flow of $700 million in the first quarter, higher earnings, lower restructuring and very strong working capital management with a 10-day improvement in our conversion cycle helped drive these results. We deployed more than $1 billion to repurchase shares at attractive prices during the dislocation in the first 2 months of the quarter. We also paid out $450 million in dividend, representing an 11% increase versus the previous year.

第19頁將介紹現金流和資本回報。第一季度，我們實現了7億美元的自由現金流，獲利成長、重組減少以及非常穩健的營運資本管理（轉換週期縮短10天）共同推動了這些業績。在第一季前兩個月的市場動盪期間，我們投入超過10億美元以優惠價格回購股票。此外，我們也派發了4.5億美元的股息，較上年同期成長11%。

Moving to our outlook on Page 21. I would start by saying that we expect the continuation of the same trend and momentum experienced in Q1 going into the rest of the year. Consumers continuing to snack more for both mental and physical well-being, elevated at-home consumption with restriction fluctuating but still present, consumers preferring trusted quality brands and strength in mass retail and higher sustained e-commerce adoption.

接下來，我們來看看第21頁的展望。首先，我們預期第一季呈現的趨勢和動能將延續到今年剩餘時間。消費者出於身心健康考量，零食消費量持續成長；居家消費量增加，儘管限制措施有所波動但依然存在；消費者更傾向於選擇值得信賴的優質品牌；大眾零售通路保持強勁增長；電子商務的普及率也持續提高。

We also expect vaccination efforts to help gradually unlock mobility over time but remain prudent in our planning for parts of the business that will benefit from this, such as World Travel Retail and gum. Also some markets are reestablishing lockdowns and some uncertainty remains. Our strong start to the year and continued recovery in emerging markets provide an increased level of confidence in our ability to deliver a strong 2021. Having said that, COVID still creates an element of uncertainty and volatility.

我們也預期疫苗接種工作將有助於逐步恢復人員流動，但我們仍將謹慎規劃那些將受益於此的業務板塊，例如世界旅遊零售和口香糖業務。此外，一些市場正在重新實施封鎖措施，仍存在一些不確定性。年初的強勁開局以及新興市場的持續復甦，增強了我們對2021年業績的信心。儘管如此，新冠疫情仍帶來了一定的不確定性和波動性。

So we are reaffirming our original 2021 outlook or 3% plus revenue growth. If some of the elements of volatility dissipate in the coming months, we might be in a position to revisit the outlook in our Q2 call. From a profit standpoint, we expect high single-digit growth for EPS. This reflects our current view of top line, some incremental commodity and transportation inflation for the year that despite being higher than originally planned remains manageable. In addition, we will continue investing in the business to propel our virtual cycle.

因此，我們重申2021年的預期，即營收成長3%以上。如果未來幾個月一些波動因素有所緩解，我們可能會在第二季財報電話會議上重新評估這個預期。從獲利角度來看，我們預期每股盈餘將實現接近兩位數的成長。這反映了我們目前對營收成長的預期，以及一些額外的商品和運輸成本上漲，儘管高於原計劃，但仍在可控範圍內。此外，我們將繼續投資於業務，以推動我們的虛擬週期發展。

We also continue to expect free cash flow of $3 billion plus. ForEx translation is now expected to positively impact our reported revenue by approximately 2 percentage points and EPS by $0.10 on the year. All the elements of the outlook are based on current conditions and do not factor in a material degradation of the operating environment that could be triggered by a significant worsening of COVID.

我們仍然預計自由現金流將超過30億美元。外匯折算預計將使我們的報告收入增加約2個百分點，每股收益增加0.10美元。所有展望要素均基於當前情況，並未考慮新冠疫情顯著惡化可能導致的經營環境實質惡化。

To sum up, we feel good about where we stand and remain focused on delivering on full year commitments. We are winning share. We are driving a virtual cycle with impactful high-return investments. We are driving leverage in our business and emerging and developed markets are performing well.

總而言之，我們對自身現狀感到滿意，並將繼續專注於實現全年目標。我們正在贏得市場份額。我們正透過高回報的影響力投資推動虛擬循環。我們正在提升業務槓桿，新興市場和已開發市場均表現良好。

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 Andrew Lazar with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Andrew Lazar。

Great. First off, maybe, Dirk, can you talk a little bit about how you feel about the durability of the emerging market performance given the strength that you saw in the quarter, obviously, but with all that is going on in so many of those emerging markets currently?

好的。首先，德克，鑑於本季新興市場表現強勁，但考慮到目前許多新興市場面臨的種種問題，您能否談談您對新興市場表現可持續性的看法？

Yes. Well, just to put the numbers back in front of us. So it's about 10% of growth in the quarter and then 7% on average for the last 2 years. It was broad-based with double-digit growth in Brazil, in India, in China and in Russia -- or high single digit in Russia, sorry. And the contribution to the growth was coming from our global brands and from our local brands. So I would say strong across the board. Maybe some of the countries where we have Gum & Candy business a little bit less, but we're talking about Mexico or some of the Central American countries or Thailand, but not the big emerging markets.

是的。好吧，我們再把數據擺在眼前。本季成長約10%，過去兩年平均成長7%。成長覆蓋率廣，巴西、印度、中國和俄羅斯都實現了兩位數成長——抱歉，俄羅斯的成長是接近兩位數。成長的貢獻來自我們的全球品牌和本地品牌。所以我認為整體表現很強勁。可能在一些我們主要經營口香糖和糖果業務的國家，成長稍弱一些，例如墨西哥、一些中美洲國家或泰國，但不包括那些大型新興市場。

Obviously, the big question is what's going to happen with COVID in these big markets? And is it going to affect the consumer? So if I go through them one by one, China is operating well. COVID is under control, I would say. There's a return to mobility. And if there is a rise in COVID cases, they lockdown quickly an area, contract trace and then -- contact trace, sorry, and move on. So I think China, we can be relatively sure that, that is going to continue.

顯然，最大的問題是新冠疫情在這些大型市場會如何發展？它會影響消費者嗎？如果我逐一分析，中國目前運作良好。我認為疫情得到了控制。人們的出行正在恢復。如果出現新冠病例激增，他們會迅速封鎖相關區域，進行密切接觸者追踪，然後——抱歉，只是追踪密切接觸者，之後就繼續前進。所以我認為，我們可以相對肯定，中國的情況會繼續維持下去。

The next one, India, the performance was very strong in the first quarter. But at the same time, we've seen near the end of the quarter and then into the second quarter, big rise in cases driven by religious festivities, state elections and probably some fatigue. At the moment, the restrictions are only about 10%. So 10% of the population is under severe lockdown, and these lower type of restrictions do not materially affect the access to our products. But if these restrictions would be more expanded, that could give us some pockets of disruption to our opinion. But overall, I think life continues. People clearly have migrated to our brands, which are trusted brands and they offer a lot of food safety also. So we're expecting a strong quarter in India even in the current circumstance for Q2.

接下來是印度，第一季的表現非常強勁。但同時，我們看到在第一季末以及第二季初期，受宗教節慶、邦選舉以及可能的疲勞情緒的影響，病例數大幅上升。目前，印度的限制措施僅覆蓋約10%的人口。也就是說，只有10%的人口處於嚴格的封鎖狀態，這種程度的限制措施不會對我們產品的供應造成實質影響。但如果限制措施進一步擴大，可能會對我們的銷售業績造成一些影響。但總的來說，我認為生活仍在繼續。人們顯然已經轉向了我們值得信賴的品牌，這些品牌也提供了良好的食品安全保障。因此，即使在當前情況下，我們仍然預期印度第二季的業績將保持強勁。

And then Brazil, as you know, in Q1 was heavily affected by COVID. We still have a serious impact. But we see chocolate and biscuit consumption clearly growing. But of course, the gum and candy is still impacted by the lockdowns. In Brazil, just like in the other countries, we're seeing very positive trends in our market shares also. And then Russia, I would say, is also in a relatively difficult COVID situation, but it does not affect consumption.

如您所知，巴西在第一季受新冠疫情影響嚴重，至今仍受到嚴重衝擊。但我們看到巧克力和餅乾的消費量明顯增加。當然，口香糖和糖果的消費仍然受到封鎖措施的影響。在巴西，與其他國家一樣，我們的市佔率也呈現非常正面的成長趨勢。至於俄羅斯，我認為其疫情情勢也相對嚴峻，但並未影響消費。

So I feel confident that in these 4 biggest BUs and then some of the other ones, we will be able to sustain growth. And there's a number of underlying factors that will drive that, one would be, for instance, distribution expansion. In China, we've added 500,000 stores over the last 2 years. In India, we've done about 360,000 stores. We have huge opportunity in getting to more stores as I was talking about in the call before. And then India is entering to the choco bakery space, too, where we think there's a big opportunity, and our biscuit business is growing very fast. So I think also based on those factors that we feel strong about the emerging markets.

因此，我對這四大業務單位以及其他一些業務單位的持續成長充滿信心。推動這一成長的因素有很多，例如分銷管道的擴張。過去兩年，我們在中國新增了50萬家門市。在印度，我們新增了約36萬家門市。正如我在先前的電話會議中提到的，我們在拓展更多門市方面擁有巨大的潛力。此外，印度也正在進軍巧克力烘焙領域，我們認為這是一個巨大的機遇，而且我們的餅乾業務也在快速成長。因此，基於這些因素，我們對新興市場充滿信心。

Maybe one thing, Andrew, because this is maybe the moment to talk about COVID and the India situation as a side remark. But obviously, our hearts go out with everyone in India and the struggle that the country is going through. The safety of our colleagues is our number one priority. And we are giving all the support we can to our local team. And this week, we are going to donate at least $2 million to the government and to the health care workers to provide critical medical infrastructure like oxygenators and other equipment. So I just wanted to make sure that we are aware of what's going on in India. And as a company, we are planning to do whatever we can to help.

安德魯，或許可以順便提一下新冠疫情和印度的現況。我們非常關心印度人民，也深切體會他們正在經歷的困境。同事們的安全是我們的首要任務。我們正在盡一切努力支持本地團隊。本週，我們將向印度政府和醫護人員捐贈至少200萬美元，用於購買氧氣機等關鍵醫療設備。我只是想確保大家都了解印度的疫情狀況。作為一家公司，我們計劃盡一切努力提供協助。

Yes, of course. And then Luca, just a quick one. Given 1Q organic sales growth was obviously very strong and above the full year expectation, and it was against the toughest year-ago comp. I guess, could the 3% plus full year organic sales growth outlook prove potentially conservative? And I guess, potentially also give you more comfort, obviously, in your margin expectations in a rising sort of inflationary environment?

當然可以。還有，盧卡，我問你個問題。鑑於第一季有機銷售成長非常強勁，遠超全年預期，而且去年同期基數很高，那麼3%以上的全年有機銷售成長預期是否可能過於保守了呢？而且，在通膨不斷上升的環境下，這個預期是否也能讓你對利潤率更有信心呢？

Yes. So we are clearly encouraged by the strong start to the year and the quality of our results. It's remarkable to see share gains, continuing volume and price both contributing in a meaningful way to top line and profitability and free cash flow ahead of last year. As Dirk just said, we are very happy with emerging markets that have truly come back since the pickup, the COVID prices last year in Q2. And the last 3 quarters over there have been aligned in terms of trends to the pre-COVID levels or even better. And same goes for developed markets that -- for which consumption is higher than the 2019 baseline. So we are optimistic about the fundamentals and the ability that we have to execute a 2021 plan. But we know, as Dirk just said in India, there is some volatility, and we want to make sure that we don't get ahead of ourselves. And so reaffirming our original plan at this point, we believe is really the right approach. Having said that, you're right, we are cautiously optimistic about the ability to over-deliver versus the original guidance. But I want to make sure that we don't get ahead of ourselves. It is early in the year. And -- but just to reassure that we have all the investments aligned in the plan. And actually, we have unlocked some additional investments, particularly in places where I think the situation is experiencing great momentum.

是的。我們對今年強勁的開局和高品質的業績感到非常鼓舞。令人欣喜的是，市場佔有率的成長、銷售和價格的持續上漲都對營收、獲利能力和自由現金流做出了顯著貢獻，並且都超過了去年同期水準。正如德克剛才所說，我們對新興市場的表現非常滿意，這些市場自去年第二季受新冠疫情影響價格回升以來已經真正復甦。過去三個季度，這些市場的趨勢已經恢復到疫情前的水平，甚至更好。已開發市場的情況也類似，其消費水準高於2019年的基準水準。因此，我們對基本面以及執行2021年計劃的能力持樂觀態度。但正如德克剛才在印度提到的，我們知道市場存在一些波動，我們希望確保不會操之過急。因此，我們認為在目前階段重申原計劃是正確的做法。話雖如此，您說得對，我們對能否超越原先的業績預期持謹慎樂觀的態度。但我希望我們不要操之過急。現在才年初。而且——只是想再次強調，我們所有的投資都符合計畫。事實上，我們已經啟動了一些額外的投資，尤其是在我認為發展勢頭強勁的地區。

In terms of inflation, there is more inflation coming. And so profitability is great in Q1. We believe we are going to hit the numbers as we had originally in mind. But the higher inflation will require some additional pricing and some additional productivities to offset the impact, which I believe at this point is absolutely manageable given that all these positions are pretty much hedged for 2021. And so as I said, profitability should be good, in line with what we told you at the end of last quarter. And we feel like we can price away the inflation and commit again to a high single-digit EPS as per the original guidance.

就通膨而言，未來通膨還會加劇。因此，第一季的獲利能力非常強勁。我們相信能夠實現最初預期的目標。但更高的通膨需要我們採取一些額外的定價策略並提高生產效率來抵消其影響，鑑於所有這些頭寸都已基本對沖至2021年，我認為目前完全可以應對。正如我所說，獲利能力應該不錯，與我們上季末的預期一致。我們認為能夠將通膨因素納入定價考量，並再次承諾實現接近兩位數的每股盈餘成長，這與最初的預期相符。

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

你的下一個問題來自摩根大通的 Ken Goldman。

You've done a number of bolt-on acquisitions in the last couple of years. You highlighted them today. But nothing on the larger side. And I understand you've been pretty clear you're not really looking to buy anything sizable. But if a larger asset became available, would you consider it? Or is it really something that's not on your radar right now? Is it just something where you're, I guess, still committed to those smaller-sized targets for now?

過去幾年，你們進行了一些小規模收購，今天也重點提到了這些。但都沒有大規模收購。而且我知道你們已經明確表示過，目前並沒有收購大型資產的計畫。但如果出現規模較大的資產，你們會考慮嗎？還是說，這真的不在您的考慮範圍？我猜想，你們現在仍專注於規模較小的收購目標？

No. We remain on our strategy, which is the snacking world, basically. And we want to execute any acquisitions, small or big clearly, as it should help us to accelerate our overall growth rate. So we want to stay in snacking and we want to accelerate our growth rate. So we know where that needs to come from. It has to come from the adjacencies, some of the geographical white spaces and some of the fast-growing segments that we have in our current market. So if there would be a larger acquisition that would provide us the opportunity to get bigger in snacking or get an accelerated -- and/or get an accelerated growth rate, we're certainly open to it. But it's just very difficult to find and we're hesitant. We would probably be open to get into other areas of snacking, but we are hesitant to get into other food categories, which are showing less growth. And so that makes it much more difficult to find the right sizable acquisitions. But it's absolutely not the case that we're not open to it. We're totally open to it.

不，我們依然堅持目前的策略，也就是專注於零食領域。我們希望進行任何收購，無論大小，因為這將有助於我們加快整體成長速度。所以，我們希望繼續深耕零食領域，並加快成長速度。我們知道成長的動力來自哪裡。它必須來自我們現有市場中的一些鄰近領域、一些地理上的空白市場以及一些快速成長的細分市場。因此，如果有較大的收購能夠讓我們在零食領域擴大規模或加速成長速度，我們當然持開放態度。但這樣的收購非常難找，我們也比較謹慎。我們或許願意涉足零食領域的其他方面，但我們對進入其他成長較慢的食品類別持謹慎態度。因此，找到合適的、規模較大的收購目標變得更加困難。但這絕不代表我們完全不考慮收購。我們對此持開放態度。

Understood. And then very quickly, you mentioned that the February storms hurt your operating margin in North America. I don't think you quantified that. I know it's tough to be precise sometimes. But is there any way we could sort of think about how much that affected your margin this quarter? It's important just as we think about what the nonrecurring versus recurring impacts were.

明白了。然後您很快就提到二月的暴風雪影響了您在北美的營業利潤率。我想您沒有具體說明影響程度。我知道有時候很難做到精確。但我們能否大致估算一下，這場暴風雪對本季利潤率的影響有多大？這一點很重要，就像我們分析哪些影響是非經常性因素，哪些是經常性因素一樣。

Yes. It had a disruption in February, unless you wanted to go, Luca?

是的。二月的時候行程有點混亂，除非你想去，盧卡？

No, no, go ahead. Go ahead, Dirk.

不，不，你繼續。你繼續，德克。

Yes. We had a disruption in February from the Texas storm, but we had a good stock rebuild in March. So I would say that the effect for us has been limited. I mean, at the moment itself in February, we saw it clearly. And so those sales that we lost there will not come back, but it's not going to have a major impact on the year, I would say.

是的。二月德克薩斯州的風暴確實給我們造成了一些影響，但三月我們的庫存恢復情況良好。所以我覺得對我們的影響有限。我的意思是，二月的時候，我們確實看到了影響。那些損失的銷售額肯定無法彌補，但我覺得不會對全年業績造成重大影響。

Your next question is from the line of Robert Moskow with Crédit Suisse.

你的下一個問題來自瑞士信貸的羅伯特·莫斯科。

I noticed that Brazil had much better numbers than what we're used to seeing. And I remember you put new management in place in Brazil. Can you give a little more color on what you think the team is doing right there? How sustainable those improvements are? And is there any kind of a model for your other LatAm countries to follow here? Or do you think just the environment in Brazil is just more amenable than the others?

我注意到巴西的數據比我們通常看到的要好得多。我記得您在巴西更換了管理團隊。您能否詳細介紹一下您認為團隊在那裡所做的工作？這些改進的可持續性如何？其他拉丁美洲國家是否可以藉鏡這種模式？或者您認為僅僅是因為巴西的環境比其他國家更有利？

Yes. Yes, Brazil has been doing better, like Luca said already for several quarters now. It grew double-digit in Q1, and we are expecting good growth again in Q2. And all that within a situation where COVID cases are increasing dramatically. One thing to keep into account before I talk about all the good things that management has been doing is that the composition of our product range in Brazil is fundamentally different from a Mexico or what we call WACAM, which is Colombia, Peru, Chile and Central America. Those Mexico and WACAM have a very important share of their business is driven by Gum & Candy. And as a consequence, they suffer more in this crisis. Brazil has a bigger biscuits and chocolate business, and they're doing quite well, increasing market share. We've stepped up investments. We've also improved our customer service. I think the team also has increased or improved their internal process in a big way, made the business much simpler to manage. They've brought in some extra talent. So yes, clearly, management is driving a change in the way the business is operating, and it's showing in the results.

是的。正如盧卡之前幾季所說，巴西市場的表現確實越來越好。第一季實現了兩位數成長，我們預計第二季也將保持良好的成長動能。而這一切都發生在新冠病例急遽增加的情況下。在我詳細介紹管理階層所做的所有努力之前，需要說明一點：我們在巴西的產品組合與墨西哥或我們稱為WACAM（哥倫比亞、秘魯、智利和中美洲）的地區有著本質差異。墨西哥和WACAM地區的業務很大一部分依賴口香糖和糖果。因此，它們在這次危機中受到更大的衝擊。巴西的餅乾和巧克力業務規模更大，而且表現相當不錯，市場份額不斷增長。我們加大了投資力度，也改善了客戶服務。我認為團隊也大幅提升了內部流程，讓業務管理更加便利。他們也引進了一些優秀人才。所以，很明顯，管理階層正在推動企業運作方式的變革，而這已經從業績中體現出來了。

I would say for the other businesses, the problem is different from what we had in Brazil. We were not performing in the Brazilian market in biscuits and chocolate. It's largely in Mexico and WACAM, we need to make sure that the Gum & Candy business comes back. And so we will see how that goes. We see it come back step by step, but it's going to take a while.

我認為其他業務面臨的問題與我們在巴西遇到的情況不同。我們在巴西的餅乾和巧克力市場表現不佳。主要問題出在墨西哥和WACAM，我們需要確保口香糖和糖果業務能夠復甦。所以我們將拭目以待。我們看到它正在逐步恢復，但這需要一段時間。

Okay. A follow-up on chewing gum. Is there any kind of earnings dilution number in your head that you would find acceptable if you were to divest your developed market chewing gum business. And also, how would you go about splitting it up by keeping your brands and EMs and also if you were to divest exit the brands in DMs -- in developed market.

好的。關於口香糖業務，我想問一個後續問題。如果您要剝離已開發市場的口香糖業務，您認為可以接受的收益稀釋幅度是多少？另外，您會如何分割業務，既保留現有品牌，又剝離已開發市場的品牌？

I can let Luca, maybe talk about the dilution. Our developed market business is not that big, and he can talk about that. But splitting it up, I don't think it's -- from a brand perspective, a major issue. It exists with many brands that one company owns a brand in one area and then owns it in another area. It's probably a little bit more difficult but doable as it relates to the supply chain and where the products are being produced. But we think that those factories can stay with the different regions. And then R&D, I think an agreement can always be made that our R&D team continues to provide service and any innovation we do on our brands in one part of the world, we can extend that to the other part of the world if needed.

我可以請盧卡談談股權稀釋的問題。我們在已開發市場的業務規模不大，他可以談談這方面。但從品牌角度來看，我認為拆分業務並不是一個大問題。很多品牌都是這樣，一家公司在一個地區擁有某個品牌，在另一個地區也擁有該品牌。拆分可能會稍微複雜一些，但考慮到供應鏈和產品生產地點，這並非不可能。我們認為這些工廠可以繼續留在不同的地區。至於研發，我認為總能達成協議，我們的研發團隊將繼續提供服務，我們在世界某個地區對旗下品牌進行的任何創新，如有需要，都可以推廣到世界其他地區。

So I think from an operational standpoint, splitting it up, it's doable. It's not -- I mean, it's not a walk in the park, but it's something that I think our teams can manage quite well. Luca?

所以我覺得從營運角度來看，拆分是可行的。當然，這並非易事，但我認為我們的團隊能夠很好地應對。盧卡？

I think on dilution, quite frankly, it is a little bit premature to talk about what it could be. I mean we are assessing multiple options. And even within certain scenarios, it might be not an outright sale. And so we have multiple options ahead of us. And quite candidly, we are assessing all of them. So we haven't decided yet. It is 2% of the business, 5% overall, 2% when you look at on the emerging markets. And we believe in general terms that if we had to go down the path of a sale of the business, the increased focus and the outcomes that we could drive through our existing biscuits and chocolate business will over time offset. And obviously, we are not going to sell anything below the keep value. Those are key fundamental principles that we apply all the times, and we will apply even this time.

坦白說，我認為現在談論股權稀釋還為時過早。我們正在評估多種方案。即使在某些情況下，也可能不會直接出售。所以我們有很多選擇。坦白講，我們正在評估所有方案。因此，我們尚未做出決定。出售的股份占公司總股份的2%，整體佔5%，新興市場佔2%。我們總體上認為，即使最終不得不出售公司，我們現有餅乾和巧克力業務所帶來的專注度提升和業績成長，最終將彌補股權稀釋的影響。顯然，我們不會以低於保留價值的價格出售任何股份。這些都是我們始終堅持的關鍵基本原則，這次也不例外。

Your next question is from the line of Dara Mohsenian with Morgan Stanley.

你的下一個問題來自摩根士丹利的達拉‧莫森尼安。

So a couple of questions. First, you mentioned your ability to price to offset higher commodity costs. I'm wondering if the pressure continues to build incrementally on those fronts going forward. Can you talk about your ability to take pricing in emerging markets where in theory, there's a weaker consumer post-COVID? And just how you think about that on a regional basis in some of the key emerging markets relative to pricing power in developed markets in the U.S. and Europe?

我有幾個問題。首先，您提到您有能力透過定價來抵銷不斷上漲的大宗商品成本。我想知道，未來這方面的壓力是否會持續增加？您能否談談您在新興市場的定價能力？理論上，這些市場在疫情後消費能力較弱。您又是如何看待一些主要新興市場在區域層面的定價能力，並將其與美國和歐洲等已開發市場的定價能力進行比較的？

Yes. Maybe I'll start. So I think we are, overall, starting with the position of strength in our franchises. We have invested quite a bit in the last few years with our consumers and our customers, and we are delivering value for both consumers and customers overall. We have a strong portfolio of brands. We have invested in Working Media in -- that is going double digit, sales execution, route to market and in capital in our facilities.

是的，也許我該先說說。總的來說，我認為我們目前的優勢在於我們強大的特許經營體系。過去幾年，我們對消費者和客戶進行了大量投資，並為他們創造了整體價值。我們擁有強大的品牌組合。我們在媒體推廣（成長率達兩位數）、銷售執行、市場通路以及設施建設方面都進行了投資。

Having said that, there is higher inflation in the marketplace. And if you look even at this quarter and the composition of pricing and volume, pricing is a little bit more pronounced than it has been historically. So we are pricing more and we are pricing away inflation. We are not necessarily going all the time with lease price increases. We use a lot revenue growth management techniques within the company. Those provide a better impact for consumers and elasticity. We will protect free price point, particularly in emerging markets and price-pack architecture is a key element of price increases throughout both emerging markets and developed markets. We are clearly optimizing promo spending. We are optimizing mix. Mix is still negative in quarter 1 because of gum and World Travel Retail. But when you strip that out and you look at biscuits and chocolate, it is better than it has been in the past. And also, we want to improve trade deals ROI.

話雖如此，市場通膨確實較高。即使只看本季的價格和銷售組成，價格上漲的幅度也比以往更大。因此，我們提高了價格，也抵消了通貨膨脹的影響。我們並非總是提高租賃價格。公司內部運用了許多營收成長管理技巧。這些技巧能更好地惠及消費者，並提高價格彈性。我們將保護免費價格點，尤其是在新興市場。價格包裝架構是新興市場和已開發市場價格上漲的關鍵因素。我們正在優化促銷支出，並優化產品組合。由於口香糖和世界旅遊零售業務的影響，第一季的產品組合仍然不佳。但如果剔除這些因素，只看餅乾和巧克力，情況就比以往好。此外，我們也希望提高貿易交易的投資報酬率。

So to cut it short, we feel confident that we can price away inflation. And we are never going for the big bank depending on what the current situation is in terms of commodities and ForEx. But it is a gradual implementation of pricing over time. And obviously, given where we stand in terms of overall inflation, as we go into next year, we will have to price.

簡而言之，我們有信心將通膨因素納入定價考量。我們絕不會因為大宗商品和外匯市場的當前狀況而盲目跟風。定價是一個循序漸進的過程。顯然，鑑於我們目前的整體通膨水平，進入明年，我們將不得不進行定價。

Okay. That's helpful. And then from a market share standpoint, it looked like the momentum continued in Q1 on a 2-year basis. Can you give us a little more of a near-term update of what you're seeing in March and April as you cycle some of the incremental share gains from last year? And are you seeing any competitive response in the marketplace to the share gains you've seen recently? I guess, indirectly, that ties the first question around pricing, but I'd be curious for competitive response and what you're seeing from competitors?

好的，這很有幫助。從市場佔有率的角度來看，第一季的成長動能似乎延續了兩年來的發展。您能否就三月和四月的情況，也就是您如何逐步鞏固去年市佔率成長的成果，提供一些更近期的最新資訊？您最近市場佔有率的成長是否引起了市場上的競爭對手的反響？我想，這間接地與第一個關於定價的問題相關，但我很想了解競爭對手的反應以及您觀察到的情況。

Yes. So overall, I would say, for this year, we're expecting modest gains on the back of the very strong gains that we had last year, but we do expect to continue to increase our market share. In Q1, on a global basis, we continue to increase our share, not as strong as last year, but still quite good, more than it has been in the past. Of course, as we get into March and April and in some countries, we don't have the full results yet, that's where we start to lap some of our largest step-up in share gains that we had last year. And so it's a bit too early for us to say how that's going to pan out. But overall, we do expect a good year and the reason being is that some of the things we're doing like distribution increase, execution against seasonals, increase in our investments, the ROI we're seeing on some of our marketing is all pointing in the around -- sorry, in the right direction. And so we believe that the base is there to continue gaining share.

是的。總的來說，我認為今年我們預計在去年強勁成長的基礎上會有小幅成長，但我們確實希望繼續擴大市場份額。第一季度，在全球範圍內，我們的市佔率持續成長，雖然不如去年那麼強勁，但仍然相當不錯，比以往任何時候都要好。當然，到了三、四月份，在某些國家（我們還沒有完整的數據），我們可能會開始回落到去年市佔率增幅最大的時期。所以現在預測最終結果還為時過早。但總的來說，我們預計今年會是一個好年頭，原因在於我們正在採取的一些措施，例如擴大分銷渠道、針對季節性因素進行營銷、增加投資，以及我們一些營銷活動的投資回報率，都指向一個積極的方向。因此，我們相信，我們有能力繼續擴大市場份額。

Another one that I didn't mention, but it's the increased penetration of our brands in the last 12 months. We have about 150 million households globally that are now consuming our products. So I don't think that's going to go away right away, and that is going to be the base that is going to help us to continue to gain share.

還有一點我沒提到，那就是過去12個月我們品牌的滲透率顯著提高。目前全球約有1.5億個家庭在消費我們的產品。所以我認為這種趨勢不會很快消失，而且這部分用戶群將成為我們持續擴大市場份額的基礎。

We think it's more helpful since we have a big step up last year, and we will, in some markets, give back a little bit, I'm assuming in the coming months. So I think the net result over the 2 years is what is most important. That's why we thought it would be better to start showing the 2-year cumulative share.

我們認為這樣做更有幫助，因為我們去年取得了顯著進步，而且我估計未來幾個月在某些市場會出現小幅回落。所以我認為兩年來的淨收益才是最重要的。這就是為什麼我們認為最好開始展示兩年累計市場份額的原因。

As I said before, we have all the right things in place. We're seeing a continuation of that in Q1, and we think that we still will have a good year.

正如我之前所說，我們已經做好了一切必要的準備。第一季的情況也印證了這一點，我們認為今年仍然會是個不錯的年份。

Your next question is from the line of Bryan Spillane with Bank of America.

你的下一個問題來自美國銀行的布萊恩‧斯皮蘭。

So I wanted to just follow back up on the questions around portfolio and the gum business. And I guess, 2 questions there. First one is just the slide where you've talked about $1 billion of revenue from the acquisitions or they're contributing $1 billion of revenue. Can you give us a sense of just what the profit contribution is? And where -- maybe where that stands relative to what you thought you were -- when you made the acquisition? Just trying to get a better understanding of just how accretive it's been to returns or contribution to profit growth?

所以我想就投資組合和口香糖業務的問題再追問一下。我有兩個問題。第一個問題是關於您在幻燈片中提到的，收購帶來了10億美元的收入，或者說這些收購貢獻了10億美元的收入。您能否具體說明一下這些收購對利潤的貢獻是多少？與您當初進行收購時的預期相比，現在的情況如何？我只是想更了解這些收購對收益或利潤成長的貢獻究竟有多大？

Yes. So I would say the group of acquisitions is all on strategy, but it's very different of where in the development these different brands are. So the profit contribution is largely depending on how big and where they are in their development. So to give you the 2 extremes, potentially Give & Go mature business, strong profitability, growing high single digits in the first quarter. So a big contribution to our profitability.

是的。所以我認為，這一系列收購都符合策略，但這些不同品牌的發展階段差異很大。因此，它們的利潤貢獻很大程度上取決於它們的規模和發展階段。舉兩個極端的例子，Give & Go 可能是一家成熟的企業，獲利能力強勁，第一季實現了接近兩位數的成長。因此，它對我們的獲利貢獻巨大。

On the other spectrum, I would say Hu, smaller brand, still investing in getting distribution in getting the brand build up, huge potential, biggest -- or fastest selling chocolate brand in Whole Foods, but we need to build up distribution. So for the time being, we're probably going to run a loss on Hu as we build up the brand. All the other ones, I would say, if I think about Perfect Snacks, Grenade and Tate's, they all have strong EBITDA in line or above with the EBITDA of the company. And they are in sort of the $100 million to $150 million mark in sales. And so they all have huge distribution opportunities, which we are continuing to build with them. And so our expectation is that they are profitable, that they will contribute to our overall profitability, but that's not the main role. Their main role is to grow as fast as we possibly can. So hopefully, that gives you an idea how we think about it.

另一方面，我想說Hu這個小品牌，它還在投資拓展分銷管道，提升品牌知名度，潛力巨大，是Whole Foods銷量最大（或者說最快）的巧克力品牌，但我們需要加強分銷。所以目前，在品牌建立過程中，Hu可能會出現虧損。至於其他品牌，如Perfect Snacks、Grenade和Tate's，它們的EBITDA都很強勁，與公司整體EBITDA持平或更高。它們的銷售額都在1億到1.5億美元之間。因此，它們都擁有巨大的分銷潛力，我們也持續拓展這些管道。我們預期它們都能獲利，並為公司整體獲利做出貢獻，但這並非它們的主要目標。它們的主要目標是盡可能快速地發展。希望這些解釋能讓您了解我們的想法。

Yes, that's helpful. And then, Luca, maybe just a follow-up on Rob Moskow's question. As we're thinking about the potential options for gum, just tax leakage or cash tax return or cash returns because Mondelez has been very effective at exiting businesses in a very tax advantaged way over time. And so if you could just kind of maybe give us a little bit of color on how we should think about those considerations. Is the cost basis in this business goes all the way back to when Cadbury bought Adams, right? So I don't even know what the cost basis is. But as we're thinking about exit vehicles, were we really thinking about tax efficiency and maybe those types of structures. And again, this is a business that could be worth, I guess, $1.5 billion or more. So just trying to understand how we should think about cash -- the cash inflow potential.

是的，這很有幫助。然後，盧卡，或許可以就羅布·莫斯科的問題補充一下。我們正在考慮口香糖的潛在退出方案，例如避稅、現金退稅或現金回報，因為億滋國際一直以來都非常擅長以極具稅務優勢的方式退出業務。所以，您能否就我們該如何考慮這些因素做一些說明？這項業務的成本基礎是否可以追溯到吉百利收購亞當斯的時候？我什至不知道成本基礎是多少。但是，當我們考慮退出方案時，我們是否真正考慮過稅務效率以及其他類型的結構？再次強調，這項業務的價值可能達到15億美元甚至更高。所以，我只是想了解我們應該如何看待現金——現金流入的潛力。

The situation varies upon the structure we are going to use, and it will be different between the U.S. and Europe. I would say, overall, the tax leakage is manageable if we had to go down that path and I want to reiterate. It's not a foregone conclusion at this point. But there will be some tax leakage potentially. Again, in the big scheme of things, I think it is something that we can handle. And it will depend upon the structure we might end up using and how the value is allocated between Europe and U.S.

具體情況取決於我們將採用的架構，美國和歐洲的情況也會有所不同。總的來說，如果必須採取這種方案，我認為稅收漏洞是可以控制的，這一點我再次強調。目前這還不是板上釘釘的事。但確實可能會有一些稅務漏洞。再次強調，從長遠來看，我認為我們可以應付。最終結果取決於我們最終採用的架構以及價值在歐洲和美國之間的分配方式。

Your next question is from the line of David Palmer with Evercore ISI.

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

You cited how you've been gaining share in most of your business. But you also cited that the core category growth has been 3% or so. So it's not too far behind where you have been. In other words, global sweet snacks has been extremely resilient during this entire pandemic. Could you speak to that? Do you think that there's parts -- obviously, you've talked about gum and World Travel Retail as being headwind areas. But there might be others that are tailwinds like Oreo's in the U.S., for example. Roll it up for us. Do you think that this pandemic has been a net headwind to your business? And something you can get back in future quarters as a tailwind? And I have a follow-up.

您提到貴公司在大部分業務領域都取得了市場份額成長。但您也提到核心品類的成長率約為3%。所以，它與貴公司之前的水準差距並不大。換句話說，全球甜點零食市場在整個疫情期間都展現了強烈的韌性。您能談談這方面嗎？您認為其中是否存在一些不利因素——顯然，您提到口香糖和世界旅遊零售市場是不利因素。但也可能有其他有利因素，例如奧利奧在美國的銷售情況。請您總結一下。您認為此次疫情對貴公司整體而言是不利因素嗎？還是說，疫情有可能在未來幾季轉化為有利因素？我還有一個後續問題。

I would say the beauty of our business is that despite everything that happened, we're very balanced. And if you look at it, we grew 3.7% last year. We're growing 3.8% in the first quarter of this year. Last year, we saw big gains in biscuits and in chocolate, but we had Gum & Candy really going the opposite way. We had emerging markets slowing down, but developed markets stepping up. So the balance -- the net balance, and I keep on referring to that, net balance has been that, in the end, for us, there has not been that big of an effect, and that continues into Q1.

我認為我們業務的優勢在於，儘管發生了種種變故，我們的整體業績依然非常均衡。去年我們實現了3.7%的成長，今年第一季更是達到了3.8%。去年，餅乾和巧克力業務成長迅猛，但口香糖和糖果業務卻呈現相反的下滑趨勢。新興市場成長放緩，而已開發市場則持續成長。因此，最終的業績——我一直強調淨成長——對我們而言並沒有造成太大的影響，而這種趨勢也延續到了第一季。

Now thinking it through what's going to happen going forward, I believe that it could probably be a tailwind. And the reason why is that I -- and I'm talking, let's call it, 2 years from now. In emerging markets, things will come back. Mobility will come back. And it's -- we see big growth in snacking. This quarter, as they came back, emerging markets were growing close to 10% for us. So I think there is momentum in emerging markets. Emerging markets are growing 7% on average over the last 2 years. There is momentum there. And as they get through COVID and the consumer gets back into their normal life, I think we will see a benefit to that.

現在仔細思考未來發展趨勢，我認為這很可能是一個利好因素。原因在於──我指的是兩年後的情況──新興市場將會復甦。出行將會恢復。我們看到零食市場出現了強勁成長。本季度，隨著新興市場經濟的復甦，我們的成長率接近10%。所以我認為新興市場的發展勢頭強勁。過去兩年，新興市場的平均成長率為7%。這種成長勢頭依然存在。隨著他們逐漸走出疫情陰霾，消費者恢復正常生活，我認為我們將從中受益。

In developed markets, I think consumers will use this as a change in the way they live. And they will not spend as much time in the office, and they will spend more time at home. And we clearly know that as the consumer spends more time at home, that benefits our categories, particularly biscuits, but also chocolate. So if I think about it not immediate in the next year because there will still be a lot of ins and outs. But during the crisis, it was kind of a neutral effect; getting out of it, I think it's going to have a tailwind for us.

在已開發市場，我認為消費者會把這視為一種生活方式的改變。他們會減少在辦公室的時間，增加待在家裡的時間。我們很清楚，消費者待在家裡的時間越多，我們的產品類別就越有利，尤其是餅乾，巧克力也是如此。所以，我預計明年不會立即見效，因為市場仍會有很多波動。但在危機期間，這種影響基本上是中性；我認為，疫情過後，這將對我們有利。

That's great. And you have such a multifaceted growth agenda. You've talked about a lot of the stuff during the slides, brand bolt-ons, underpenetrated channel push and global Oreo expansion, adjacencies, the like. Is there -- it's been kind of a wild year even already with inflation ramping up and you've heard about supply chain disruptions, whatever and obviously, the COVID cases in some of your emerging markets. Are your plans at all changing about what you are pushing harder on this year and leaning into? And I'll pass it on.

太好了。你們的成長計劃非常多元化。在投影片中，你們談到了許多內容，像是品牌拓展、滲透率低的通路推廣、奧利奧的全球擴張、相關業務等等。今年以來，通貨膨脹加劇，供應鏈中斷，以及一些新興市場的新冠疫情，這些都讓市場變得相當動盪。你們今年的計畫是否會有所調整，重點放在哪些方面？我會把這個問題轉達給你們。

I mean, overall, we feel that our strategy that we laid out in the second half of '18 still is very valid. We've made some adaptations to it during the crisis and at the moment, we're reviewing to see if we can build on sort of another level of sophistication and understanding of what really drives it. But the basics are still there. I would say that the areas where we've been working on for sure, is simplifying the business more. We have too many SKUs, too many small innovations and so on, and that makes life really complicated for our teams and for supply chain. So we've been focused on that. We also starting to understand our marketing approach better and better. We -- our brands are really driving. I think our teams have done an incredible job in better understanding purpose of our brands and really then making it come alive. We get great returns on our investments. And so I think we're going to continue that and try to lift that to the next level.

我的意思是，總的來說，我們認為2018年下半年制定的策略仍然非常有效。在危機期間，我們對其進行了一些調整，目前，我們正在進行評估，看看能否在此基礎上，進一步完善戰略，更深入地理解真正驅動戰略發展的因素。但基本原則依然不變。我想說，我們一直在努力簡化業務的領域。我們的SKU太多，創新產品也太多等等，這給我們的團隊和供應鏈帶來了很大的挑戰。所以我們一直專注於此。我們也開始越來越深入地了解我們的行銷策略。我們的品牌正在發揮著重要作用。我認為我們的團隊在更好地理解品牌宗旨並將其生動展現方面做得非常出色。我們的投資獲得了豐厚的回報。因此，我認為我們將繼續保持這種勢頭，並努力將其提升到一個新的水平。

As it relates to channels, for sure, we have to adapt our strategy, e-commerce, 77% growth in the first quarter after already a big boom last year. So e-commerce, I think in the coming years, will continue to grow very fast. We think discounters is another area that will be important. And we will have to see where the balance between grocery and big stores versus on the go and away from home will pan out, and that might require some adaptations. So I would say, overall, the list of opportunities that we have or to grow has not changed and has reconfirmed itself, we might change the sort of the weight or the priority of it, but the ones I went through in the presentation are still very valid. And the enablers of the growth are still very valid and are working for us. So it's more about prioritization than changes, to my opinion.

就通路而言，我們當然需要調整策略。電子商務在去年經歷了大幅成長之後，今年第一季又實現了77%的成長。因此，我認為未來幾年電子商務將繼續保持高速成長。我們認為折扣店是另一個重要的領域。此外，我們還需要觀察大型超市和外送管道之間的平衡，這可能需要做出一些調整。總的來說，我認為我們擁有的成長機會清單並沒有改變，反而得到了進一步的驗證。我們可能會調整某些機會的權重或優先級，但我在報告中提到的那些仍然非常有效。推動成長的因素也依然有效，並且對我們有利。所以，在我看來，關鍵在於優先順序的調整，而不是改變。

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

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

So can I ask, first of all, on the last earnings call, I seem to remember gross margins were down, I think, about 80 basis points year-on-year. And there was some trepidation expressed about how gross margins would develop this quarter. Clearly, they came through better than expected, flat year-on-year on an adjusted basis. Could I ask just what happened that came through better than you anticipated? Was it just pricing relative to input costs in Latin America? Or is there something more to it? And then I have a follow-up.

首先，我想問一下，在上一次財報電話會議上，我記得毛利率比去年同期下降了大約80個基點。當時大家對本季的毛利率走勢表示擔憂。顯然，實際結果好於預期，經調整後與去年同期持平。請問是什麼因素導致如此好的結果？僅僅是拉丁美洲的定價相對於投入成本而言嗎？還是另有其他原因？另外，我還有一個後續問題。

Yes. I mean as we saw inflation spiking, we have been doing a little bit more pricing and optimizing the overall revenue growth management mix. And so that's part of the answer. We have delivered a great quarter in terms of productivity. The colleagues that we have around the world working supply chain have done a remarkable job. And the goal for us is really to make sure that while protecting all employees around the world, COVID costs are pretty much absorbed by productivity and happy to report that in the quarter, the COVID costs were only, obviously, "$25 million." And then I think overall, when you look at the composition of profitability, we are very pleased with increasing profitability. You see not only in Latin America, which I think is quite good. And that is on the back of our teams in Brazil, for instance, optimizing returns on Easter that are this year at historical lows compared to last year. But also and importantly, all the volume leverage that came through AMEA, which is again proving to us if we didn't know that while this company has tremendous potential in revenue, that revenue, if it comes through the right mix of price and volume, it delivers tremendous upside to the bottom line. And also, as you saw, Alexia, in terms of cash flow.

是的。我的意思是，隨著通膨飆升，我們採取了一些定價策略，並優化了整體收入成長管理組合。這算是部分原因吧。就生產力而言，我們本季表現出色。我們遍佈全球的供應鏈同事們都做得非常好。我們的目標是確保在保護全球所有員工的同時，新冠疫情成本基本上被生產力所抵消。我們很高興地報告，本季新冠疫情相關成本僅2,500萬美元。我認為，整體而言，從獲利組成來看，我們對獲利能力的提升非常滿意。這不僅體現在拉丁美洲，我認為拉丁美洲的獲利能力相當不錯。例如，這要歸功於我們在巴西的團隊，他們優化了復活節期間的收益，今年的復活節收益與去年相比處於歷史低點。但同樣重要的是，AMEA帶來的所有銷量槓桿效應，再次向我們證明，即便我們之前並不了解，這家公司雖然擁有巨大的營收潛力，但如果價格和銷量組合得當，就能為公司帶來巨大的盈利增長。而且，正如你所看到的，Alexia在現金流方面也表現出色。

So it was better than we anticipated. I think it was better because, again, we priced a bit more. Productivities came in strongly and importantly, particularly in AMEA, but not only volume was strong, and it was also the case, obviously, in EU. And in the U.S., when you look at the 2-year stack on profit, I think we can call ourselves happy with the delivery of that.

所以結果比我們預期的還要好。我認為好的原因在於，我們定價略高。生產效率大幅提升，尤其是在AMEA地區，這點非常重要。不僅銷售強勁，歐盟地區的情況也是如此。至於美國，從兩年的利潤總額來看，我認為我們可以對最終的表現感到滿意。

Great. And just as a quick follow-up. You called out unfavorable mix as a negative on the organic sales growth. Was that specifically just gum related? Or was it also World Travel Retail? Just curious about how that mix is likely to develop over time.

好的。還有一個後續問題。您提到不利的產品組合對有機銷售成長產生了負面影響。這僅僅是指口香糖嗎？還是也包括世界旅遊零售通路？我只是好奇這種產品組合會如何隨時間變化。

Overall, when you look at total mix, it is because of gum and it is because of World Travel Retail. Then obviously, North America commands a little bit higher profitability than other places and obviously, it didn't grow as much as other places this quarter. But overall, I would say, when you look at the fundamentals of mix management, we feel quite good both in chocolate and biscuits and hopefully gum and World Travel Retail will come back. Certainly, we will start lapping better numbers in the second part of the year.

整體而言，從整體產品組合來看，口香糖和全球旅遊零售通路的業績成長是主要原因。顯然，北美地區的獲利能力略高於其他地區，但本季其成長速度也低於其他地區。不過，從產品組合管理的基本面來看，我們對巧克力和餅乾的銷售情況都相當滿意，希望口香糖和全球旅遊零售通路的業績能回升。可以肯定的是，我們將在下半年取得更好的業績。

Your next question is from Jason English with Goldman Sachs.

下一個問題來自高盛的傑森·英格利希。

I think -- look, I think you've partially answered this, the answer to the last question, but I want to make sure I got it right. On AMEA, this is the highest margin, I think we've ever seen from that business with substantial growth. If it's all volume leverage, is it fair to underwrite like this is a sustainable profit level, I mean, maybe not every quarter, but this is not sort of unusual that we have to reset lower? And then on the flip side, it's been a couple of years since we've seen an EBIT margin below 20% in North America. It sounded like in answer to Ken Goldman's question, like this weather disruption was kind of a net wash. What drove the margin pressure there?

我覺得──你看，我覺得你已經部分回答了這個問題，也就是上一個問題的答案，但我還是想確認一下我的理解是否正確。在AMEA地區，我認為這是我們見過的最高利潤率，而且業務成長顯著。如果這完全是銷售槓桿作用的結果，那麼我們是否可以合理地認為這是一個可持續的利潤水平？我的意思是，也許不是每個季度都能達到，但這並非異常情況，以至於我們需要下調預期？另一方面，北美地區的息稅前利潤率已經好幾年沒低於20%了。聽起來，在回答Ken Goldman的問題時，似乎這次天氣災害的影響最終被抵消了。那麼，是什麼導致了那裡的利潤率承壓呢？

So Jason, the simple answer on AMEA and the remarkable 37% OI increase that you saw. It is because we have good profitability in India and China that delivered amazing growth in Q1. When you look at the P&L structure of these 2 companies, it is a sound P&L that allows for reinvestment. And so that came after we invested more in advertising. And again, I want to stress the fact that emerging markets can be profitable, can be cash accretive. And AMEA is the point in time. We come from a place where we have invested in supply chain. And we have great state-of-the-art facilities in both India and China as a specific example, and putting volume on top of it is just going to yield great results also going forward. So that's really when we say emerging markets in action. You look at the AMEA P&L and you realize how that can really come to fruition, not only in this quarter but for the years to come. And so it is a structural advantage. We just have to keep on being disciplined in pricing and delivering volume. And I think things will take care of themselves if we continue investing in route to market. And we gave you the idea of the opportunities that we still have in these places, whether it is biscuits, for instance, in India or whether it is number of stores in China and chocolate, obviously.

傑森，關於AMEA地區以及你看到的37%的驚人OI成長，答案很簡單。這是因為我們在印度和中國市場獲利能力強勁，並在第一季實現了驚人的成長。當你查看這兩家公司的損益表結構時，你會發現這是一個穩健的損益表，允許我們再投資。而這得益於我們加大了廣告投入。我再次強調，新興市場可以獲利，可以增加現金流。 AMEA地區正處於一個關鍵時期。我們一直以來都在對供應鏈進行投資。例如，我們在印度和中國都擁有先進的生產設施，而在此基礎上提高產量，未來必將帶來豐厚的回報。這就是我們所說的新興市場的實際應用。看看AMEA地區的損益表，你就會明白，這不僅在本季度，而且在未來幾年都將帶來豐碩的成果。因此，這是一個結構性優勢。我們只需要繼續保持定價和產量方面的嚴謹性。我認為，如果我們繼續投資於市場管道，一切都會迎刃而解。我們已經向你們展示了我們在這些地區仍然擁有的機會，例如在印度銷售餅乾，或在中國增加門市數量，當然還有巧克力。

I think in North America, I wouldn't get overly concerned about the margins. I think in North America, obviously, this quarter is facing some additional pressure in terms of logistics costs. And you all know that edible oils with, et cetera, they have been going up in terms of cost. But we are taking the necessary measures to optimize profitability and total dollar delivery a little bit more. Again, I don't want to take away the fact that on a 2-year average, when you look at the net benefit versus '19, it is still a 17%, 16% OI increase versus the 2019 baseline, which again, I think, is quite good.

我認為在北美，我不會過度擔心利潤率。顯然，北美本季在物流成本方面面臨一些額外的壓力。大家都知道，食用油等產品的成本一直在上漲。但我們正在採取必要的措施，以進一步優化獲利能力和總銷售額。再次強調，從兩年的平均值來看，與2019年相比，淨收益仍然成長了17%到16%，我認為這相當不錯。

And your final question is from the line of Chris Growe with Stifel.

你的最後一個問題來自 Stifel 的 Chris Growe。

I just had 2 follow-ons, if I could, from earlier questions. I wanted to ask, first of all, if we think about the organic revenue for the year, it's clear you're taking a little more pricing due to the inflation picking up. As we think about the balance of volume versus pricing, it sounds like pricing is going to be a larger contributor. Have you given a little more color around how much that could contribute to organic revenue growth for the year?

我還有兩點後續問題，可以嗎？首先，如果我們考慮今年的自然收入，很明顯，由於通貨膨脹加劇，你們的價格有所上漲。考慮到銷售量和價格之間的平衡，價格因素似乎會發揮更大的作用。您能否詳細說明一下，價格上漲會對今年的自然收入成長產生多大的影響？

So we come from a place last year, where if you look at the numbers, it was 50/50. I think it will be slightly more. Again, I think we need to look at the fundamentals of how we want to run this company. Volume is integral part of the incentive scheme for the countries and for us, obviously, at the center and for the regions, too. It is clearly a key contributor in places like AMEA, where we have tremendous leverage potential. There might be other places where we will have to price a little bit more, and there will be some volume consequences. So I think you will see still volume growth. It might be slightly less than what happened last year. And importantly, both volume market share and gross profit dollars are critical part of the incentive scheme. And so it will be the optimization of the 3 elements that will eventually determine how much we will deliver in pricing versus volume. Remember also in the second part of the year, we will start lapping meaningful volume declines in gum and World Travel Retail. And the simple year-over-year comparison should help that, partially offset potentially by tougher comparisons in developed markets, particularly in North America. So I feel quite good in telling you that the balance will still be there. Maybe it will be a little bit more tilted to price this year.

所以，去年我們的情況是，從數據來看，銷售量和銷售額各佔一半。我認為今年會略有不同。再次強調，我們需要從根本上思考如何經營這家公司。銷售量是各國激勵機制的重要組成部分，對我們總部和各區域來說也是如此。在像AMEA這樣的地區，銷售顯然是關鍵因素，因為我們在這些地區擁有巨大的槓桿潛力。在其他一些地區，我們可能需要提高一些價格，這會帶來一些銷售的影響。所以我認為銷量仍然會成長，但可能會略低於去年。重要的是，銷售市場佔有率和毛利都是激勵機制的關鍵組成部分。因此，最終決定我們在定價和銷售之間取得平衡的，將是這三個要素的最佳化。另外，請記住，在今年下半年，我們將開始應對口香糖和全球旅遊零售業務的顯著銷售下滑。簡單的同比比較應該有助於解決這個問題，但已開發市場（尤其是北美）較為嚴峻的同比變化可能會部分抵消這種影響。因此，我很有信心告訴大家，整體平衡仍會維持。或許今年價格因素會稍微占主導地位一些。

Okay. That's helpful. And then just one quick follow-on. We talked about high-growth segments and adjacencies. Most of your M&A activity has been in the U.S. for those 6 transactions you outlined there. Is that a more heavier focus for you outside the U.S.? You had one recently in the U.K. Is there -- are you looking outside the U.S. for more of that sort of high-growth segment or adjacency for the business? That's all I have.

好的，這很有幫助。還有一個後續問題。我們剛才談到了高成長領域和相關領域。您提到的六筆併購交易，大部分都發生在美國。在美國以外，您是否也更注重這方面的併購？您最近在英國也有一筆併購。您是否正在尋找美國以外的更多類似高成長領域或相關業務？我的問題就這些。

Yes. In fact, we did -- in this year, we did 3 and 2 were outside of the U.S., 1 in Australia, 1 in Europe. I would say the focus that we have is as much internationally as in the U.S., there's no clear preference. Probably in the past, things have moved faster in North America than in the rest of the world. But we see a good pipeline, good conversations going on. So in the end, you can expect a good balance between the 2.

是的。事實上，我們今年確實做了——我們做了3個項目，其中2個在美國以外，1個在澳大利亞，1個在歐洲。我想說，我們對國際市場的重視程度與對美國市場的重視程度相當，沒有明顯的偏好。過去，北美地區的進展可能比世界其他地區更快。但我們看到良好的專案儲備，以及正在進行的良好洽談。所以最終，您可以期待兩者之間取得良好的平衡。

I think that's it. Well, thank you very much for your attention to our earnings. Thank you very much for your investment in the company and for your interest in the company. We obviously look forward to a great continuation of the year and looking forward to talk to you in the coming weeks. Thank you.

我想就這些了。非常感謝各位關注我們的財報。非常感謝各位對公司的投資與關注。我們期待今年能繼續取得佳績，也期待在接下來的幾週與各位繼續交流。謝謝。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this does conclude today's earnings conference call. You may now disconnect your lines.

女士們、先生們，今天的財報電話會議到此結束。您可以掛斷電話了。