億滋國際 (MDLZ) 2020 Q3 法說會逐字稿

Good day, and welcome to the Mondelez International Third Quarter 2020 Earnings Conference Call. Today's call is scheduled to last about an hour, including remarks by Mondelez management and the question-and-answer session. (Operator Instructions)

各位來賓，歡迎參加億滋國際2020年第三季財報電話會議。本次電話會議預計持續約一小時，包括億滋管理層致詞和問答環節。 （操作說明）

I'd now like to turn the call over to Mr. Shep Dunlap, Vice President, Investor Relations for Mondelez. Please go ahead, sir.

現在我將把電話交給億滋國際投資者關係副總裁謝普‧鄧拉普先生。請您發言，先生。

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

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

During this call, we'll make forward-looking statements about the company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-K, 10-Q and 8-K filings for more details on our forward-looking statements.

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

As we discuss our results today, unless noted as reported, we'll be referencing our non-GAAP financial measures, which adjust for certain items included in our GAAP results. In addition, we provide our year-over-year growth on a constant currency basis, unless otherwise noted. You can find the comparable GAAP measures and GAAP to non-GAAP reconciliations within our earnings release and at the back of our slide presentation.

今天在討論績效時，除非另有說明，我們將使用非公認會計準則（非GAAP）財務指標，這些指標已對公認會計準則（GAAP）業績中包含的某些項目進行了調整。此外，除非另有說明，我們將以固定匯率為基礎提供年增率資料。您可以在我們的獲利報告和簡報末尾找到相應的公認會計準則指標以及公認會計準則與非公認會計準則的調節表。

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

在今天的電話會議中，Dirk 將首先報告業務最新進展，然後 Luca 將詳細介紹財務狀況和公司展望。最後我們將進行問答環節。

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

接下來，我將把電話交給德克。

Thank you, Shep, and good afternoon. We are very encouraged by our performance in the third quarter. Our execution was strong. We continue to accelerate our strategic initiatives and all of our regions were in growth. Our teams have been resilient and focused, and we continued to prioritize safety during Q3 as we will for the remainder of the year. We continue to manage successfully through uncertainty and COVID-related challenges. And as a consequence, we are outperforming our categories, continuing to gain significant market share.

謝謝Shep，下午好。我們對第三季的業績感到非常鼓舞。我們的執行力很強。我們持續加速推進各項策略性舉措，所有區域均實現了成長。我們的團隊展現出了韌性和專注力，並且在第三季以及今年剩餘時間裡，我們始終將安全放在首位。我們持續成功應對了不確定性和新冠疫情帶來的挑戰。因此，我們的業績優於同類產品，並持續獲得顯著的市場份額。

While our category outperformance is in most markets around the world, there are very diverging markets and category situations depending on how they are affected by COVID dynamics. Our largest categories, biscuits and chocolates, continue to perform well. Gum is still under significant pressure due to changes in consumer mobility and habits. And candy, while initially under pressure, also improved. Meals and powdered beverages continue to do well.

雖然我們在全球大多數市場都實現了品類業績的優異表現，但不同市場和品類受新冠疫情影響的程度各不相同。我們最大的類別——餅乾和巧克力——繼續保持良好表現。由於消費者出行方式和習慣的改變，口香糖仍面臨巨大壓力。糖果雖然最初也受到衝擊，但之後有所改善。速食和粉狀飲料的銷售情況依然良好。

Demand remained elevated in Developed Markets, and we saw sequential improvement in Emerging Markets. In Developed Markets where more of our business is in the grocery channel and our gum business is also smaller, we continued with good momentum. In Emerging Markets, the majority of our markets grew in Q3, including key markets such as India, China, Brazil and Russia. But conditions do vary, and some markets are still challenged, particularly where our portfolio skews towards gum and candy or where our sales are mostly in the traditional trade, which is mainly in Latin America, the Middle East and Africa.

已開發市場需求依然旺盛，新興市場需求也較上季改善。在已開發市場，我們的業務主要集中在食品雜貨通路，口香糖業務規模也相對較小，但我們依然保持著良好的成長動能。在新興市場，包括印度、中國、巴西和俄羅斯等主要市場在內的大多數市場在第三季實現了成長。但各地情況不盡相同，部分市場仍面臨挑戰，尤其是在我們的產品組合專注於口香糖和糖果，或銷售主要依賴傳統通路的市場，例如拉丁美洲、中東和非洲。

Our long-term growth strategy remains unchanged. But during this crisis, we have accelerated certain initiatives in order to emerge stronger and build further on our advantaged position. First, we are simplifying our business in order to facilitate more growth and reduce costs. Examples of this would be SKU reduction and innovation streamlining.

我們的長期成長策略保持不變。但在此次危機期間，我們加快了部分舉措，以增強自身實力並進一步鞏固優勢地位。首先，我們正在簡化業務，以促進成長並降低成本。例如，減少產品種類和精簡創新流程。

Second, we are accelerating a number of growth initiatives in order to maintain our momentum and build on our share gains. For instance, in H2, we are increasing investment in our brands and commercial capabilities. We've also focused more on the momentum in e-commerce and the grocery channel.

其次，我們正在加速推動多項成長計劃，以保持成長動能並鞏固市場佔有率。例如，下半年我們將加大對品牌和商業能力的投資。此外，我們也更關注電子商務和生鮮通路的成長動能。

Third, in order to offset some of the extra COVID-related cost, we have advantaged -- or advanced a number of strategic cost reduction initiatives. We're also prioritizing stronger between CapEx projects.

第三，為了抵銷部分與新冠疫情相關的額外成本，我們優先推動多項策略性成本削減計畫。同時，我們也正在更合理地分配資本支出項目。

And fourth, we are rolling out changes in our ways of working and optimizing our organization structures while strengthening some new, more required capabilities.

第四，我們正在逐步改變工作方式，優化組織結構，同時加強一些新的、更必要的能力。

Switching now to Slide 5. Q3 was a strong quarter across all key metrics. We delivered organic net revenue growth of 4.4%. We're holding or gaining share in over 80% of our revenue base. We had good momentum on share coming into the pandemic, and I'm satisfied that we have sustained share gains beyond the initial phase of the crisis. This demonstrates the strength of our brands and our supply chain.

現在切換到第五張投影片。第三季所有關鍵指標均表現強勁。我們實現了4.4%的有機淨收入成長。我們在超過80%的收入基礎中維持或提升了市場佔有率。在疫情爆發前，我們的市佔率成長勢頭良好，我對我們能夠在危機初期之後繼續保持市場份額成長感到滿意。這充分展現了我們品牌和供應鏈的實力。

Our gross profit dollars grew strongly at 6% despite the incremental COVID-related costs. And operating income grew strongly at 10.5% despite a significant increase in our brand investments. And last, we continue to improve free cash flow generation, delivering $1.7 billion year-to-date, up $.0.5 billion versus the same period last year.

儘管受到新冠疫情相關成本增加的影響，我們的毛利仍實現了6%的強勁成長。儘管品牌投資大幅增加，營業收入也實現了10.5%的強勁成長。最後，我們的自由現金流持續改善，今年迄今已實現17億美元，較去年同期成長5億美元。

I'm now on Slide 6. As stated, we continue to believe that our growth strategy is the right one for this environment. Not only do we believe that our strategy is the right one, we have the ambition to emerge from this crisis even stronger than we were before. To do so, we are accelerating certain areas of investment and other initiatives within the current strategy in light of the current dynamics.

我現在講到第六張幻燈片。正如之前所說，我們仍然相信，我們的成長策略在當前環境下是正確的。我們不僅相信我們的策略是正確的，而且我們雄心勃勃地希望從這場危機中變得更加強大。為此，鑑於當前的情況，我們正在加快在現有戰略框架內某些領域的投資和其他舉措。

Let me highlight a few of these areas where we are making strong progress. We are stepping up working media investments behind our brands in the second half of this year. This is possible because we decreased our investments during the second quarter when because of all the issues arising when this crisis just started, it did not make sense to invest. We are seeing good results from this increase in investment. For example, as one proof point, our market share momentum continued in Q3.

讓我重點介紹一下我們取得顯著進展的幾個領域。今年下半年，我們將加大對旗下品牌媒體投入。之所以能夠做到這一點，是因為在第二季度，由於疫情初期各種問題的出現​​，我們減少了投入，當時投資並不划算。現在，我們看到增加投入帶來了良好的效果。例如，我們的市佔率在第三季持續保持成長勢頭，就是一個很好的例證。

Also, our ROI on these investments has increased significantly. We now rank in the top tier in our industry. And interesting to note is that we are skewing our spend to digital even more. For the first time this year, we will be spending more on digital than on TV.

此外，這些投資的報酬率也顯著提高。我們現在在業界名列前茅。值得注意的是，我們正在進一步加大對數位媒體的投入。今年，我們在數位媒體上的支出將首次超過電視廣告。

Another area of great progress is brand equity increases. Our marketing teams have successfully adapted our brand communication to the circumstances. Some of it is focused on purpose and human connections, others on staying playful while staying at home, or some others are about reinforcing hygiene practices. As a consequence, our brands are forging stronger connections with our consumers, really connecting through their purpose.

另一個有顯著進展的領域是品牌資產的提升。我們的行銷團隊已成功調整品牌傳播策略，以適應當前情況。部分傳播內容著重於品牌使命與人與人之間的連結，部分著重於居家期間保持輕鬆愉悅的生活方式，有些則著重於強化衛生習慣。因此，我們的品牌與消費者之間建立了更緊密的聯繫，並真正透過品牌使命與消費者建立了連結。

In another area, we are on track to be 75% through our SKU reduction exercise by year-end. Our teams are focused on ensuring we don't lose shelf space or incur too much waste while increasing sales, reducing inventory and increasing line efficiency. I do want to reiterate that while 25% SKU reduction sounds like a big number, this represents a very small percentage of our revenue.

在另一個方面，我們正按計畫推進SKU精簡工作，預計到年底將完成75%。我們的團隊致力於在提升銷售額、減少庫存和提高生產線效率的同時，確保不會損失貨架空間或造成過多浪費。我想再次強調，雖然25%的SKU精簡聽起來很多，但這只占我們總收入的一小部分。

A fourth highlight is that we have successfully implemented cost mitigation programs that we expect to fully offset the COVID-related costs we incur in the second half of the year. While this helps to deliver an on-algorithm year this year, it also supports our plans to continue to increase our investment in brands and capabilities again next year while continuing to deliver against our financial algorithm.

第四個亮點是，我們已成功實施成本緩解計劃，預計將完全抵消下半年因新冠疫情產生的相關成本。這不僅有助於我們今年實現既定目標，也為我們明年繼續加大對品牌和能力的投資，同時保持財務目標的達成提供了支持。

As it relates to our new ways of working, the company is functioning very well in this new reality, with most of our office associates working from home for the foreseeable future. We have also optimized our organization, shifting people to where we need them most like e-commerce, digital or RGM.

就我們新的工作方式而言，公司在這種新情況下運作良好，大多數辦​​公室員工在可預見的未來都將居家辦公。我們也優化了組織架構，將人員調配到最需要的職位，例如電子商務、數位化或零售總經理（RGM）部門。

Switching to Slide 7. While the COVID crisis has been all absorbing, we are continuing to progress, even enhance our ESG agenda. In this quarter, 3 areas got particular attention. First of all, we are focused on and making progress against the enhanced diversity and inclusion commitments we made in September. I am particularly pleased with our recent appointment of a new Global Chief Diversity and Inclusion Officer, Robert Perkins. Robert will help us increase minority representation in our business, and advise me, my team and the broader company on how to take further action to drive an even more inclusive culture at Mondelez.

切換到第7張投影片。儘管新冠疫情危機牽動著我們所有人的心，但我們仍在繼續推進，甚至加強了我們的ESG（環境、社會和治理）議程。本季度，我們重點關註三個領域。首先，我們正專注於落實9月所做的加強多元化和包容性承諾，並且取得了進展。我尤其高興的是，我們最近任命了新的全球首席多元化和包容性長羅伯特·珀金斯。羅伯特將幫助我們提高少數族裔在公司業務中的代表性，並就如何採取進一步行動，在億滋國際打造更具包容性的文化，向我、我的團隊以及整個公司提供建議。

As it relates to sustainability, we are continuing to invest in creating a more sustainable supply chain for cocoa. We just unveiled a new global cocoa technical center in Indonesia, which will support sustainable cocoa farming practices and drive positive change for farmers and communities.

在永續發展方面，我們正持續投資，致力於打造更永續的可可供應鏈。我們剛剛在印尼啟用了一個新的全球可可技術中心，該中心將支持可持續的可可種植方式，並為農民和社區帶來積極的改變。

And finally, we are developing the sustainable futures investment program to amplify our impact in sustainability areas. Its role is to invest in innovative sustainability and social impact solutions, mainly in our palm and cocoa growing communities. With these actions, even more so than before, we're living our purpose to empower people to snack right.

最後，我們正在製定可持續未來投資計劃，以擴大我們在永續發展領域的影響力。該計劃旨在投資於創新的可持續發展和社會影響解決方案，主要面向我們的棕櫚和可可種植社區。透過這些舉措，我們比以往任何時候都更加切實地實踐著「賦能人們健康享用零食」的使命。

With that, I hand it over to Luca.

說完，我把它交給了盧卡。

Thank you, Dave, and good afternoon, everyone. Our third quarter performance was strong in terms of revenue growth, share gains, profitability and cash flow. As we exited Q2, we were already seeing signs of improvement in those business units that had been heavily affected by lockdowns and traditional trade closures. And we were expecting a good quarter with the continuation of sustained consumption trends in Developed Markets but also return to growth of our Emerging Markets.

謝謝戴夫，大家下午好。我們第三季的業績表現強勁，營收成長、市場佔有率提升、獲利能力和現金流均表現良好。第二季末，我們已經看到受疫情封鎖和傳統貿易中斷嚴重影響的業務部門出現改善跡象。我們預計，隨著已開發市場消費持續成長以及新興市場恢復成長，第三季業績將表現良好。

We closed Q3 with overall growth of plus 4.4%. Our Developed Markets delivered a strong organic increase of plus 3.8%, while Emerging Markets return to more normal levels, delivering plus 5.3%.

第三季整體成長4.4%。已開發市場實現了強勁的內生成長，達到3.8%；新興市場則回歸正常水平，成長5.3%。

To provide more color, in Developed Markets, as far as North America goes, we continue to see elevated consumption versus pre-COVID levels, albeit at lower rate than in Q1 and Q2. And for Europe, too, we saw strong mass retail demand across all our key markets.

為了更詳細地說明情況，就已開發市場而言，就北美而言，我們看到消費水平仍然高於疫情前水平，儘管增速低於第一季和第二季。在歐洲，我們也看到所有主要市場的零售需求強勁。

In Emerging Markets, we saw good growth in 80% of the business unit's revenue base, including in large businesses like India, China, Russia and Brazil, as operating restriction is enabling better mobility and access to traditional trade. Although the situation is better in the vast majority of our Emerging Markets, we expect some COVID restrictions and challenging economic circumstances to continue in part of Latin America and Middle East, Africa and impacting disproportionately our gum and candy category.

在新興市場，我們業務部門80%的收入基礎實現了良好成長，其中包括印度、中國、俄羅斯和巴西等大型市場，這得益於營運限制促進了人員流動和傳統貿易管道的暢通。儘管我們絕大多數新興市場的情況有所好轉，但我們預計拉丁美洲、中東和非洲部分地區仍將持續受到新冠疫情限制措施和嚴峻經濟形勢的影響，這將對我們的口香糖和糖果品類造成尤為嚴重的影響。

Growth this quarter included the impact of trade restocking as demand spikes in North America and European retailers as well as traditional trade closures in Emerging Markets resulted in trading basis below normal levels as we exited Q2. This contributed approximately 1 point of growth.

本季成長包括北美和歐洲零售商需求激增導致的貿易補貨，以及新興市場傳統的貿易關閉，這些因素導致我們在第二季末的交易基差低於正常水平。這貢獻了大約 1 個百分點的成長。

Turning to Slide 10. Q3 revenue growth was driven by solid volume and pricing. Mix was unfavorable due to lower world travel retailers and gum revenues. As mentioned, growth includes approximately 1 point of pipeline refill.

請看第10張投影片。第三季營收成長主要得益於銷售量和價格的穩健成長。由於全球旅遊零售商和口香糖收入下降，產品組合不利。如前所述，成長中包含約1個百分點的通路補貨。

In terms of categories, this case continued to experience strong demand with growth at nearly 8% driven by North America, AMEA and EU, with oil a key contributor and an important driver of our share gains in the category. Chocolate returned to growth at more than 5%. This was aided in part by large chocolate businesses such as India and Brazil returning to robust growth. But overall, all key markets like the U.K., Germany, Russia, Australia, France and Nordics did have a very good quarter. This result also includes nearly 2.5 points of headwind related to world travel retail. Overall, categories did well, and on top, we are gaining share.

就品類而言，該品類需求持續強勁成長，北美、中東和非洲以及歐盟市場推動了近8%的成長，其中石油是主要貢獻者，也是我們在該品類市場份額提升的重要驅動力。巧克力品類恢復成長，成長超過5%。這在一定程度上得益於印度和巴西等大型巧克力市場強勁復甦。但總體而言，英國、德國、俄羅斯、澳洲、法國和北歐等所有主要市場在本季均表現良好。這項業績也包含了全球旅遊零售業近2.5個百分點的不利影響。整體而言，各品類表現良好，而且我們的市佔率也不斷成長。

Gum and candy declined double digits, primarily driven by gum, which improved from Q2 lows but is still facing significant headwind from social distancing and less out-of-home activity. And this particularly affected in some Emerging Markets like Mexico and Western Andean.

口香糖和糖果銷售量均出現兩位數下滑，主要由口香糖銷量下滑拖累。儘管口香糖銷量較第二季低點有所回升，但仍受到社交隔離和外出活動減少的顯著影響。這種情況在墨西哥和安地斯西部等一些新興市場尤其嚴重。

Turning to Slide 11. I wanted to spend a moment on e-commerce as this channel has clearly taken on more importance. E-commerce revenue grew 78% on a reported basis in Q3 and represents 5% of our revenue base. In our top 4 markets, we grew triple digits in the U.S., close to triple digits in the U.K. and double digits in China and France. In some of those markets, our e-commerce share is greater than our offline share, while in others, we have more headroom.

翻到第11張幻燈片。我想花點時間談談電子商務，因為這個管道的重要性顯然日益凸顯。第三季度，電子商務收入按報告數據成長了78%，占我們總收入的5%。在我們前四大市場中，美國市場實現了三位數成長，英國市場接近三位數成長，中國和法國市場則實現了兩位數成長。在某些市場，我們的電子商務份額已經超過了線下市場份額，而在其他市場，我們還有更大的成長空間。

We see multiple instances of significant e-commerce share gains this year such as U.S. biscuit and U.K. chocolate. Importantly, we believe e-commerce is driving incrementality as we look to meet and generate additional demand. This is also additive to our bottom line, with profitability comparable to our offline business.

今年我們看到多個電商市場份額顯著增長的案例，例如美國餅乾和英國巧克力。重要的是，我們相信電商正在推動成長，以滿足並創造更多需求。這也有助於提升我們的獲利能力，其獲利水準與線下業務相當。

Building on our existing trends, we are making substantial investments to take this business to the next level. This includes our increased investments in more digital working media, data-driven engagement and improved online shopping site, ensuring we have the right path and the right price with the packs and bundles and testing new platforms to explore incremental opportunities in eB2B and direct to consumers.

基於我們現有的發展趨勢，我們正在進行大量投資，以推動業務邁上新台階。這包括增加對數位化工作媒體、數據驅動型互動和改進型線上購物網站的投入，確保我們以合理的價格提供合適的套餐和組合，並測試新的平台，以探索B2B和直接面向消費者領域的更多成長機會。

Turning to category and share highlights on Page 12. Our effort to drive meaningful and sustained share gains is succeeding as strong execution of our teams, trusted global and local brands and investments in more working media with compelling ROI are continuing to yield very good results. We have held our gain share in 80% of our revenue base on a year-to-date basis.

請參閱第12頁的品類和市佔率亮點。我們致力於實現有意義且持續的市場份額成長，這得益於我們團隊的高效執行、值得信賴的全球和本地品牌，以及對更多具有顯著投資回報率的有效媒體的投資，這些都持續帶來非常可觀的成果。今年迄今為止，我們在80%的收入來源中保持了成長的市場份額。

What we've shown in this slide is rounded to the nearest 5%, but we were down 3% when compared to the last quarter as biscuits ticked down slightly. Biscuits and chocolate were the big drivers once again as biscuits held or gained share in 90% of our revenue base and chocolate held or gained in 85%. Gum and candy held or gained in 45%. Notable share gains included U.S., France, China, Russia biscuit, and U.K., Russia and Australia chocolate. Many of these share gains, such as U.S. and China biscuit and U.K. chocolate, are quite significant in terms of the absolute size.

本投影片所示數據已四捨五入至最接近的5%，但與上一季相比，我們下降了3%，主要是因為餅乾銷售額略有下滑。餅乾和巧克力再次成為主要驅動力，餅乾在我們收入基礎中的份額保持或增長了90%，巧克力保持或增長了85%。口香糖和糖果的份額保持或增長了45%。值得一提的是，美國、法國、中國和俄羅斯的餅乾以及英國、俄羅斯和澳洲的巧克力市場份額均有所增長。其中許多市場份額的成長，例如美國和中國的餅乾以及英國的巧克力，就絕對規模而言都相當可觀。

Similar to our commentary last quarter, it is important to understand that the year-to-date category growth of plus 3.7% doesn't reflect unmeasured channels such as convenience and world travel retailer. It also does not include the impact of our meal business, which is performing quite well.

與我們上季度的評論類似，需要注意的是，今年迄今3.7%的品類成長率並未反映便利商店和全球旅遊零售商等未計入的通路。此外，此成長率也未包含我們表現相當不錯的餐飲業務的影響。

Now let's review our profitability performance on Slide 13. Overall, our profitability was strong in the third quarter. We increased gross profit due to volume leverage and productivity as well as some promotional efficiencies. Operating income dollars increased more than 10% due to overhead reductions and simplification efforts, which helped offset COVID-related costs of approximately $50 million. COVID cost this year has been totaling so far about $200 million. Importantly, we continue to step up our working media investment to further strengthen our brand, stay top of mind with consumers and position ourselves well going forward.

現在讓我們回顧一下第13頁幻燈片中的獲利情況。整體而言，我們第三季的獲利能力強勁。由於銷量成長、生產效率提高以及促銷活動的優化，我們的毛利有所增長。營業收入成長超過10%，這得益於管理費用的削減和流程簡化，從而抵消了約5000萬美元的新冠疫情相關成本。今年迄今，新冠疫情造成的損失總計約2億美元。重要的是，我們將繼續增加媒體投入，以進一步強化品牌形象，保持消費者對我們的高度關注，並為未來的發展奠定堅實的基礎。

Moving to regional performance on Slide 14. North America grew 6.3%, driven by elevated biscuit consumption and strong share gains. Ongoing investment in working media and strong DSD execution are helping us to sustain our broad-based share gains. Gum was down double digits due to limited on-the-go consumption occasions. North America operating income increased by more than 18% due to volume leverage and cost control initiatives, more than offsetting COVID-related costs and meaningful working media incremental investments.

第14頁幻燈片展示了區域業績。北美地區成長6.3%，主要得益於餅乾消費量的成長和市佔率的顯著提升。持續增加對廣告媒介的投入以及高效率的直接送貨上門（DSD）策略，幫助我們維持了廣泛的市佔率成長。由於外出消費場景受限，口香糖銷量出現兩位數下滑。北美地區營業收入成長超過18%，這得益於銷售成長和成本控制措施，足以抵銷與新冠疫情相關的成本以及廣告媒介方面的顯著增量投資。

Europe revenue grew 3.4% in the quarter. We saw good category growth in chocolate, biscuits and meals. The breadth of growth across key markets was quite impressive, with solid results in the U.K., France, Germany, Russia, Benelux and the Nordics. In terms of headwinds, world travel retail continued to trend well below last year at circa 20% of 2019 revenue, and that has a headwind of more than 2 points to the EU. In terms of share performance, we drove notable share gains in the U.K., France, Germany and Russia. OI dollars returned to growth as solid increases in volumes more than offset COVID-related costs and unfavorable mix. In addition, working media increased in the quarter.

歐洲地區本季營收成長3.4%。巧克力、餅乾和餐食品類均達到良好成長。主要市場的成長範圍相當廣泛，英國、法國、德國、俄羅斯、比荷盧經濟聯盟和北歐地區均取得穩健業績，令人印象深刻。在不利因素方面，全球旅遊零售業務持續遠低於去年同期水平，約2019年營收的20%，其中歐盟市場受到的影響超過2個百分點。在市場份額方面，我們在英國、法國、德國和俄羅斯實現了顯著的市場份額成長。由於銷售強勁成長，抵消了與新冠疫情相關的成本和不利的產品組合，營業收入恢復成長。此外，本季工作媒體業務也有所成長。

AMEA posted growth of 4.2%, with growth across most markets as operating restrictions have become less onerous. China grew high single digits, following double-digit growth in Q2, with significant share gains in biscuits. India returned to growth with a high single-digit increase for the quarter, driven by chocolate and significant biscuit growth and the excellent execution of the team there. Australia, New Zealand and Japan posted low single-digit growth. Southeast Asia grew mid-single digits in Q3, but we did see some headwinds in certain countries such as Thailand and the Philippines, where towards the end of the quarter, categories slowed down due to more difficult economic conditions, which are expected to persist in the near term. Our Middle East and North Africa business declined low double digits as the economy there remains pressured. AMEA operating income dollars grew nearly 17% due to volume increases and cost mitigation efforts despite meaningful increases in working media.

亞太及中東地區（AMEA）實現了4.2%的成長，隨著營運限制的放寬，大多數市場均實現了成長。中國市場繼第二季兩位數成長後，第三季實現了接近兩位數的成長，其中餅乾市佔率顯著提升。印度市場也恢復了成長，第三季實現了接近兩位數的成長，這主要得益於巧克力和餅乾的顯著成長以及當地團隊的出色執行。澳洲、紐西蘭和日本市場實現了接近兩位數的成長。東南亞市場在第三季實現了中等個位數的成長，但我們也看到泰國和菲律賓等部分國家面臨一些不利因素，在第三季末，由於經濟狀況較為嚴峻，部分品類成長放緩，預計這種情況將在短期內持續。由於中東和北非地區的經濟持續承壓，該地區的業務出現了接近兩位數的下滑。儘管工作媒體數量大幅增加，但由於銷售成長和成本控制措施，AMEA地區的營業收入仍增加了近17%。

Latin America grew 3.1%, behind better results in Brazil, while Argentina grew due to inflation-driven pricing. Ex Argentina, Latin America grew by approximately 1%. Mexico declined low double digits due to a significant decline in gum and candy, which is more than 40% of that business as out-of-home categories remain impacted by social distancing. The biscuit business in Mexico posted robust growth. In Brazil, we posted double-digit growth in the quarter, driven by growth in powder beverages, chocolate and biscuit. Underlying growth was mid-single digits when taking into consideration the lapping of the supply chain-related issues last year. Gum and candy remain significantly impacted by COVID, posting double-digit declines. We feel good about the continued progress of our supply chain, in-store execution and marketing in this country, but we know that we have more work to do.

拉丁美洲整體成長3.1%，主要得益於巴西的出色表現，而阿根廷的成長則主要歸功於通膨推動的價格上漲。剔除阿根廷，拉丁美洲整體成長約1%。墨西哥的銷售額出現兩位數的下滑，主要原因是口香糖和糖果銷售量大幅下降，而這兩類產品佔墨西哥總業務的40%以上，這主要是由於戶外消費仍受到社交隔離措施的影響。墨西哥的餅乾業務則實現了強勁成長。在巴西，本季我們實現了兩位數的成長，這主要得益於粉末飲料、巧克力和餅乾的成長。考慮到去年供應鏈相關問題的影響，實際成長率僅為個位數中段。口香糖和糖果仍受到新冠疫情的嚴重影響，銷量出現兩位數的下滑。我們對在巴西的供應鏈、門市執行和行銷方面取得的持續進展感到滿意，但我們也深知還有更多工作要做。

Our Western Andean countries posted a decline as COVID continues to impact traditional trade channels. Gum and candy as a category is down double digits. OI in Latin America grew 11% as pricing, cost containment measures and improved supply chain performance more than offset COVID-related costs. We also benefited from currency hedges that are better than current spot rates. Our expectations is that parts of Latin America will remain challenging in the near term given the restriction in place and the economic environment in many markets. We remain focused on execution and targeted investments to drive share gains as well as cost controls.

受新冠疫情持續影響，我們在西非安地斯山脈地區的業務出現下滑。口香糖和糖果類別整體下滑幅度達兩位數。拉丁美洲地區的營業額成長了11%，這得益於價格上漲、成本控制措施以及供應鏈績效的提升，這些因素足以抵銷新冠疫情相關的成本。此外，我們也受惠於優於目前即期匯率的貨幣避險。鑑於目前存在的限制措施以及許多市場的經濟環境，我們預期拉丁美洲部分地區在短期內仍將面臨挑戰。我們將繼續專注於執行策略和進行有針對性的投資，以提升市場份額並控製成本。

Now turning to earnings per share on Slide 18. On a year-to-date basis, EPS is up 6%, driven mostly by operating gains. Q3 EPS was flat versus previous years with operating gains of $0.06 and taxes offsetting them.

現在就來看看第18張投影片中的每股盈餘。年初至今，每股盈餘成長了6%，主要得益於營業利潤的成長。第三季每股收益與去年同期持平，營業利潤為0.06美元，但部分被稅收抵銷。

I'll now move on to our free cash flow on Slide 19. We delivered free cash flow of $1.7 billion through the first 3 quarters, an increase of almost $500 million versus previous year. Higher earnings, more focused CapEx, lower restructuring and strong working capital management with a 3-day improvement in our cash conversion cycle helped drive these results. In addition, deferred tax payments, some of which will reverse in Q4, also positively impacted these results.

接下來，我將介紹第19頁投影片中的自由現金流狀況。前三個季度，我們實現了17億美元的自由現金流，比上年同期成長近5億美元。更高的獲利、更集中的資本支出、更少的重組以及強勁的營運資本管理（現金週轉週期縮短了3天）都推動了這一業績。此外，遞延所得稅支出（其中一部分將在第四季度衝回）也對業績產生了積極影響。

Moving to our outlook on Slide 21. Visibility still remains challenging in several markets, but we are providing an updated view of our full year expectations based on what we know to date. We expect full year organic revenue growth of 3.5% plus. Implied Q4 would be broadly in line with Q3 when excluding the refilling of trade stock. We expect overall good EBIT growth in Q4 but below Q3 levels, particularly as we continue setting up work in India, as we face some additional inflation in North America around transportation costs and as in Latin America, we expect the benefit of favorable currency hedges to subside.

接下來是投影片21的展望。儘管部分市場的前景仍然不明朗，但我們根據目前掌握的信息，對全年預期進行了更新。我們預計全年有機收入成長將達到3.5%以上。若不計入庫存補充，第四季業績將與第三季基本持平。我們預計第四季度息稅前利潤（EBIT）整體增長良好，但低於第三季度水平，尤其是在我們繼續推進印度業務、北美地區運輸成本上漲以及拉丁美洲地區有利的貨幣對沖效應逐漸消退的情況下。

For the full year, adjusted EPS is expected to grow at 5% plus at constant ForEx. Free cash flow should be approximately $3 billion. ETR should be in the low to mid-20s, and adjusted interest expense is projected to be approximately $350 million. We are also planning to reinstate our share buyback program in the fourth quarter given the business is performing well, cash flow is strong and we have further strengthened our balance sheet. It is not expected to have a significant impact on EPS this year given proximity to year-end.

預計全年調整後每股盈餘（EPS）以固定匯率計算將成長5%以上。自由現金流預計約30億美元。有效稅率（ETR）預計在20%左右，調整後利息支出預計約3.5億美元。鑑於公司業務表現良好、現金流強勁且資產負債表進一步改善，我們計劃在第四季度重啟股票回購計畫。考慮到臨近年末，預計該計劃不會對今年的每股盈餘產生重大影響。

ForEx translation is now expected to negatively impact our reported revenue by approximately 3 percentage points and EPS by $0.04 on the year based on current market rates. This is based on current conditions and does not factor in a significant degradation of the operating environment that could be triggered by material worsening of COVID. This also incorporates the following expectations: a continuing level of elevated demand and in-home consumption in certain Developed Markets such as North America and Europe mass retail; headwinds in certain Emerging Markets, predominantly in our Latin America region, the Middle East, North Africa countries and parts of Southeast Asia and of our gum business, continued weakness in world travel retail.

根據目前市場匯率，預計外匯折算將使我們全年報告的收入減少約3個百分點，每股收益減少0.04美元。這項預測是基於當前情況，並未考慮新冠疫情顯著惡化可能導致的經營環境大幅惡化。此外，該預測還包含以下預期：北美和歐洲等部分已開發市場大眾零售業的需求和居家消費將持續高企；部分新興市場（主要包括拉丁美洲、中東、北非國家和東南亞部分地區）以及我們的口香糖業務將面臨不利因素；全球旅遊零售業持續疲軟。

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

接下來，我們進入問答環節。

(Operator Instructions) And your first question is 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. Dirk, as you pointed out in the prepared remarks, organic sales growth was strong across all regions. Perhaps you can maybe take us through your thoughts on how trends look currently in key regions as you enter 4Q. And then as a follow-on, maybe you can extrapolate kind of 3Q results into 4Q and whatever you feel comfortable talking about now regarding '21 at this stage because the company will obviously be lapping significant COVID costs. We'll have incremental brand investment you'll be lapping as well as have incremental cost saves kicking in, right, as you go into next year as well.

太好了。德克，正如你在準備好的發言稿中提到的，所有地區的有機銷售成長都很強勁。或許你可以談談你對第四季主要地區當前趨勢的看法。接下來，你能否將第三季度的業績推斷到第四季度，以及你現在覺得可以談論的關於2021年的任何內容，因為公司顯然會承擔大量的疫情相關成本。隨著新冠疫情的影響，我們將逐步收回新增的品牌投資，同時，隨著成本的逐步降低，這些都將在明年發揮作用。

Okay. Thank you, Andrew. Maybe what I can do is do a little tour maybe through categories and regions because the 2 are quite linked. And then Luca can talk about Q4 and '21. So if you look at the categories, categories are affected by the mobility of the consumer. So I would say that 80% of our revenue is coming from advantaged categories that are performing very well. And in top -- in those categories, we have strong Mondelez brands, and we are increasing our market share.

好的，謝謝你，安德魯。或許我可以先簡單介紹一下品類和地區，因為這兩者連結很緊密。然後盧卡可以談談第四季和2021年的情況。從品類來看，消費者的流動性會影響品類分佈。因此，我認為我們80%的收入都來自於表現非常優異的優勢類別。在這些頂級品類中，我們擁有強大的億滋國際品牌，且我們的市佔率正在持續成長。

So biscuits is the main driver at the moment. The demand remains very strong globally. We had high single-digit revenue growth in Q3, and we had very strong share gains.

所以目前餅乾是主要的成長動力。全球需求依然非常強勁。第三季我們的營收實現了接近兩位數的成長，市佔率也大幅提升。

Chocolates came back in Q3. It accelerated versus Q2 largely because some of our Emerging Markets came back, like, for instance, India. And the 5% growth that we're seeing in Q3 is despite the world travel retail headwind, which squeezed off 2 points of the growth of chocolate. And yes, world travel retail, as you can imagine at this stage, is still lower than 20% of what it used to be. I think we do see that chocolate growth because we have a very advantaged portfolio, which is skewed to at-home consumption. In the Emerging Markets, we have a low unit price. We have good affordability in our chocolate and middle of the road with the right price points.

第三季巧克力銷售回升，較第二季增速加快，主要得益於部分新興市場的復甦，例如印度。儘管全球旅遊零售業受到不利因素影響，巧克力銷售成長被抑制了2個百分點，但我們第三季仍實現了5%的成長。誠然，正如您所想，目前全球旅遊零售業的規模仍不到以往的20%。我認為巧克力銷售成長的原因在於我們擁有極具優勢的產品組合，尤其著重於家庭消費。在新興市場，我們的巧克力單價較低，價格適中，性價比高。

The one that remains very challenged is gum. We knew that in recessions or in moments that gum is affected, it recuperates slowly, but it's probably recuperating a bit slower than we would have anticipated. And that has to see everything with the consumer mobility. The 75% of gum consumption is on-the-go. And even if we're not in lockdown anymore or unfortunately, about to go back to lockdown in Europe, the consumer is still not as mobile as before. And then meals and powder beverages are doing quite well.

口香糖目前仍面臨嚴峻挑戰。我們知道，在經濟衰退或口香糖市場受到影響的時期，它的復甦速度會比較緩慢，但目前的復甦速度可能比我們預期的要慢一些。這與消費者的出遊習慣息息相關。 75%的口香糖消費都是在外出時進行的。即使我們現在不再處於封鎖狀態，或者不幸的是，歐洲即將再次進入封鎖狀態，消費者的旅行量仍然不如以前。相較之下，即溶食品和粉狀飲料的銷售情況則相當不錯。

So if you keep that in mind and then you go to the regions and you know more or less what the mix is of the region, it gives you an idea of how we're doing. So North America, 80% biscuit. Demand of biscuit, as I said, remains very elevated. Our execution has been very strong. Very strong share gains. Consumers are snacking more at home. Still well above the pre-COVID level, not as high as in March and April but still quite increased consumption. And so North America is solid. And seeing where we are with COVID and the fact that we probably will get more recommendations to stay at home, we expect this elevated consumption to continue for a while.

所以，如果你記住這一點，然後去了解各個地區的情況，大致了解一下各地區的組成，就能大致了解我們的業績。北美地區，餅乾佔80%。正如我所說，餅乾的需求依然非常旺盛。我們的執行力非常強，市佔率也大幅成長。消費者在家吃零食的時間更多了。雖然消費量仍然遠高於疫情前的水平，雖然不如三、四月那麼高，但仍顯著成長。因此，北美市場表現穩健。考慮到疫情的現狀以及未來可能會有更多居家隔離的建議，我們預期這種高消費水準的局面還會持續一段時間。

We said the same in Europe in mass retail, but our business there is more also on-the-go with away from home, and world travel retail is consolidated in our European numbers. So apart from that, Europe has very strong mass retail. And now that we go back in lockdown, we can expect that to remain like that. And we did see an improvement in the convenience channel in Europe. But as I said before, the world travel retail still remains very soft.

我們之前也說過，歐洲大眾零售市場的情況也類似，但我們在歐洲的業務更依賴外出購物，而全球旅遊零售業務已計入我們歐洲的業績數據中。所以，除此之外，歐洲的大眾零售市場非常強勁。現在我們再次進入封鎖狀態，預計這種情況會持續下去。我們確實看到歐洲便利商店通路有所改善。但正如我之前所說，全球旅遊零售市場仍然非常疲軟。

And then in Emerging Markets, 2/3 of our markets, which we had already mentioned in the Q2 call, bounced back quite nicely. I'm talking about China, India, Brazil and some of the European emerging markets like Russia. The Q2 was disrupted, but they're all coming back, all high single-digit growth. At this stage, we do not expect a repeat of the disruption that we saw at the beginning of the crisis. I think it's impossible in those countries to do the same sort of lockdowns that they did because it led to severe economic effects. So we continue to see those markets recuperating with bumps. It's not going to be one nice road upward. It depends a little bit on the local situation and what the government does. But overall, I would expect the emerging markets to gradually keep on improving.

然後是新興市場，我們在第二季電話會議上已經提到的三分之二的市場已經強勁反彈。我指的是中國、印度、巴西以及一些歐洲新興市場，像是俄羅斯。第二季經濟受到衝擊，但它們都在復甦，所有市場都實現了接近兩位數的成長。目前，我們預計不會重蹈危機初期那樣的覆轍。我認為在這些國家不可能再像之前那樣實施封鎖措施，因為那會造成嚴重的經濟影響。因此，我們看到這些市場仍在復甦，但復甦之路並非一帆風順。這在一定程度上取決於當地的具體情況和政府的政策。但整體而言，我預期新興市場將持續逐步改善。

And then there is 1/3 of our Emerging Markets that are in situations where the macro effects are more pronounced on top. Unfortunately, those markets are having a high mix of gum and candy in their sales, and so they are severely affected. And those are the ones that are having more serious problems. I'm talking about Mexico, Central America, talking also about the Middle East and parts of Africa and also a few countries in Southeast Asia.

此外，還有三分之一的新興市場，其宏觀經濟影響更為顯著。不幸的是，這些市場的口香糖和糖果銷售佔比很高，因此受到的影響尤其嚴重。這些市場面臨的問題更為嚴峻。我指的是墨西哥、中美洲、中東、非洲部分地區以及東南亞的一些國家。

So that gives you an idea where we are. I think that situation will continue in Q4 and even stretch out in the beginning of next year. I don't see a huge change taking place on the regional situations as we see them today. Maybe, Luca, you can talk a little bit about Q4 and '21.

這樣你就能大致了解我們目前的處境了。我認為這種情況會持續到第四季度，甚至可能延續到明年年初。就目前的情況來看，我認為區域情況不會發生太大變化。盧卡，或許你可以談談第四季和2021年的情況。

Yes. Sure, Hi Andrew. So basing on what Dirk just said, we had line of sight at this point to, as we said, the full year revenue outlook number that is 3.5-plus percent. And importantly, as Dirk just said, all the underlying trends that have been discussed so far are broadly unchanged into Q4 and certainly as we start November. And that is why we see Q4 in terms of top line that is 3% or so growth.

是的，當然，你好，安德魯。根據德克剛才所說，我們目前可以預見，正如我們之前提到的，全年營收成長預期在3.5%以上。更重要的是，正如德克剛才所說，目前討論的所有潛在趨勢在第四季度以及11月初基本上保持不變。因此，我們預計第四季營收成長約為3%。

As far as EBIT goes, Q4 should be another strong quarter. I want to reiterate that. But more in line with last year OI growth rate. We will continue investing in working media. We see the benefit of that. Dirk alluded to higher ROI, and the share gains are there to testify the merit of continuous investment. There will be some effect but lower than in the past in terms of COVID costs as well as -- and we are very pleased with the positive effect of the cost initiatives that we are putting in place and we have put in place as part of the Emerge Stronger.

就息稅前利潤而言，第四季應該又是一個強勁的季度。我想再次強調這一點。但更接近去年同期的營業收入成長率。我們將繼續投資於有效媒體。我們看到了這樣做的好處。 Dirk 提到了更高的投資報酬率，而股價的上漲也證明了持續投資的價值。疫情成本會產生一些影響，但會比以往更低——我們對正在實施的成本控制措施的正面效果非常滿意，這些措施也是「強勢復甦」計畫的一部分。

Nevertheless, we see some cost pressures, particularly in the U.S., since elevated demand and the need we have to improve on-shelf availability is causing some extra logistics costs. We have been hearing also by competitors and others that there is a pressure. We are feeling it as well as we buy a portion of our transportation on the spot market, and as I said, inflation is quite high. In addition, we're running out of some positive ForEx hedges in Latin America. In other words -- and I would say gross profit will be more muted in terms of growth in Q4 versus the 6% you have just seen on Q3.

儘管如此，我們仍然面臨一些成本壓力，尤其是在美國，因為需求旺盛以及我們需要提高貨架供應率，導致物流成本增加。我們也從競爭對手和其他方面了解到類似的壓力。我們自己也感受到了這種壓力，因為我們部分運輸業務是在現貨市場採購的，而且正如我所說，通貨膨脹率相當高。此外，我們在拉丁美洲的一些外匯對沖部位也即將耗盡。換句話說——我認為第四季毛利的成長將比第三季的6%更為溫和。

On 2021, we are still going through the plan for next year. But based on what we know so far, we believe that 2021 should be [ongoing]. I can give you some flavor on the building blocks of the plan. First of all, we expect to retain our share gains and to continue to invest not only in working media but in marketing and sales. We talked many times about the distribution opportunities we have around the world in Emerging Markets as one example. Despite COVID costs subsiding into next year and the Emerge Stronger initiatives that, in our mind, will carry the benefits into 2021, we will reinvest the upside in the business to sustain the material share gains that we see and potentially to weather a more recessionary environment.

關於2021年，我們仍在製定明年的計畫。但根據目前掌握的信息，我們認為2021年應該會持續進行。我可以簡單介紹一下計劃的框架。首先，我們希望維持目前的市場份額，並繼續投資於媒體、行銷和銷售。例如，我們曾多次談到我們在新興市場等全球範圍內的分銷機會。儘管新冠疫情的影響可能會在明年逐漸消退，而且我們認為「Emerge Stronger」計畫的成效也會延續到2021年，但我們仍會將成長的收益再投資於業務，以維持我們目前看到的顯著市場份額增長，並應對可能出現的經濟衰退。

Biscuits and chocolates, from what we see today, will continue to do well. But as you say, we will be lapping some elevated growth in 2020, particularly in Developed Markets and biscuits. But on the flip side, I think there should be a recovery of the most impacted COVID categories and countries.

從目前的情況來看，餅乾和巧克力仍將保持良好勢頭。但正如您所說，2020年的成長動能將會放緩，尤其是在已開發市場和餅乾品類方面。但另一方面，我認為受新冠疫情影響最嚴重的品類和國家將會復甦。

Talking about costs, commodities and ForEx inflation is, in broad stroke, aligned to what we have seen in the last few years. In some cases, for instance, in chocolate and cocoa and in some countries, for instance, Brazil, there will be higher inflation. But overall, we are in the neighborhood of what we have seen in the last few years.

談到成本、大宗商品和外匯通膨，總體而言，與過去幾年的情況基本一致。在某些情況下，例如巧克力和可可，以及在某些國家（例如巴西），通貨膨脹率會更高。但總體而言，我們目前的情況與過去幾年大致相同。

The sum of all of these, again, should lead to a 2021 that should be on algorithm. We will have to stay tuned, and I'll give you more flavor and update as we post the Q4 results. But needless to say that there are still some unknowns like Brexit or the potential tax change in the U.S. or a material relapse of COVID. And so I think it is important that we stay agile, and we'll talk to you more about the situation if there is evolution of what we know.

綜上所述，2021 年的業績應該會更加依賴演算法。我們將密切關注事態發展，並在發布第四季度業績報告時提供更多細節和最新資訊。但毋庸置疑，目前仍存在一些未知因素，例如英國脫歐、美國潛在的稅收政策變化以及新冠疫情的嚴重反彈。因此，我認為保持彈性至關重要，如果情況有所變化，我們會及時與大家溝通。

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 the market share results have been very impressive for you guys this year in biscuits and chocolate. Obviously, you had some momentum pre-COVID, but it's ramped up even more during COVID. So just wanted to get your thoughts on the sustainability of Mondelez market share gains as you look out to 2021, particularly as you have to cycle these difficult COVID comps and perhaps how the higher A&C spend might play into that.

今年貴公司在餅乾和巧克力領域的市佔率表現非常出色。顯然，在新冠疫情爆發前，貴公司就已經具備一定的成長勢頭，而疫情期間更是加速發展。因此，我想了解貴公司對於億滋國際市佔率成長能否持續到2021年的看法，尤其是在需要應對疫情帶來的嚴峻挑戰，以及更高的廣告和消費支出可能會對此產生怎樣的影響。

Yes, yes. First of all, this quarter, the areas where we are gaining or holding share is at 85%. It's about 3 points lower than it was the previous quarter. That's minor. And so overall, I would say we've held on to our shares geographically speaking and in revenue terms very well. What's more important, which we don't report here but which we know, is that the size of the market share gains is quite significant. And it's in some of the more important areas like in China gum or Germany chocolate or biscuits in the U.S., China, Brazil, Germany and so on.

是的，是的。首先，本季我們市佔率成長或維持穩定的地區佔比為85%，比上一季略低3個百分點，幅度不大。因此，總體而言，我認為無論從地理分佈還是營收來看，我們都很好地保持了市場份額。更重要的是，雖然我們在此並未公佈，但我們知道，市佔率的成長幅度相當可觀。而且，在一些重要的市場，例如中國的口香糖市場、德國的巧克力市場，以及美國、中國、巴西、德國等地的餅乾市場，都取得了顯著成長。

If we analyze what happened is in the beginning, I would say, at the beginning of the COVID crisis, it was our supply chain and our route to market that partially helped us because we saw an increase of our total distribution point. We saw a very good customer service levels, seen the circumstances and so on, and we have DSD in some parts of the world. We also know that consumers in this crisis tend to go to trusted brands. They want to feel safe. So they go to the brands they know and trust, particularly the big heritage sort of taste of the nation brands around the world.

如果我們分析疫情初期的情況，我認為，在新冠疫情危機初期，我們的供應鏈和市場管道在一定程度上幫助我們渡過了難關，因為我們的分銷點總數有所增加。我們看到了非常良好的客戶服務水平，也考慮到了當時的情況等等，而且我們在世界某些地區提供直接送貨上門服務。我們也知道，在這次危機中，消費者傾向於選擇值得信賴的品牌。他們想要獲得安全感。所以他們會選擇自己熟悉和信任的品牌，尤其是那些具有悠久歷史和民族特色的品牌。

And then we are accompanying that with increased media and adapted messaging on our brands as much as we can to the COVID situation. And that all seems to play very well for us. We've done a number of very successful adaptations of our brands, and we can see the equity that we have in our brands increasing.

同時，我們也盡可能根據新冠疫情調整品牌宣傳訊息，並加大媒體投入。所有這些措施似乎都對我們非常有利。我們已經成功地對品牌進行了一系列調整，並且可以看到品牌價值不斷提升。

And then the third factor, I would say, is since there was more at-home snacking, our range that we have in the different categories, our range of products is better suited. We are more in the classical biscuits and crackers, I would say, which is very well suited for home consumption and also in the tablet category of chocolate. And that's really helping us.

第三個因素是，由於居家零食消費增多，我們不同類別的產品組合也更符合市場需求。我們主打經典餅乾和薄脆餅乾，非常適合居家食用，巧克力片類產品也是如此。這確實對我們大有裨益。

So going forward, we're doing a number of actions to sustain those share gains. We increased our working media in the second half. But going into next year, we are continuing to do the same thing. And so yes, as Andrew was mentioning, we lap a number of things that will be beneficial for us. We also have some cost pressures obviously. But we are also increasing, again, our A&C investment. Our algorithm allows us to do that. And I think it's critical in a situation where there might be a recession and the consumer might still be a little bit unsure. I think we need to keep on supporting our brands. So we think that will help.

所以，展望未來，我們將採取一系列措施來維持市場佔有率的成長。下半年，我們增加了媒體投放。明年，我們將繼續採取同樣的策略。正如安德魯所提到的，我們正在推動一些對我們有利的措施。當然，我們也面臨一些成本壓力。但我們也在再次增加廣告和廣告上的投入。我們的演算法允許我們這樣做。我認為，在經濟衰退可能持續、消費者仍可能有些猶豫不決的情況下，這一點至關重要。我們需要繼續支持我們的品牌。所以，我們相信這些措施會有所幫助。

We are doing a lot of work on in-store visibility, starting Christmas early, probably will start Easter early. We've got some very big team activations coming up for next year, some very exciting stuff. And so I feel that we probably have the best activity plan related to our brands that we've had in a number of years coming up for next year. And then we are working very hard on our promotional strategy. We're keeping an eye on value and any value-plus strategy that we need to do, like multibuys or family packs or whatever is needed for the at-home consumption.

我們正在大力提升店內陳列效果，聖誕節和復活節的宣傳活動可能都會提前啟動。明年我們將推出一些規模龐大的團隊推廣活動，非常精彩。因此，我認為我們明年的品牌推廣活動計畫可能是近年來最完善的。同時，我們也積極制定促銷策略。我們會密切注意產品價值，並根據需要推出各種增值策略，例如多件裝、家庭裝等，以滿足家庭消費的需求。

And then the last thing we are doing is that we've done a number of launches of innovation -- innovations in certain countries like an expansion of the Milka spread, the launch of the LU Biscuits brand in Germany and so on. And based on all these things and the fact that we have the momentum and we're seeing great connection of our brands with the consumer, we are confident that on top of the elevated level of this year, we can increase our market share further next year.

最後，我們也推出了一系列創新產品——例如在某些國家擴大了Milka塗抹醬的銷售範圍，在德國推出了LU餅乾品牌等等。基於所有這些舉措，以及我們目前的發展勢頭和品牌與消費者之間建立的良好聯繫，我們有信心在今年已達到的較高水平基礎上，明年進一步提升市場份額。

And 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 have taken down your exposure to joint ventures this year. I wanted to ask a little bit about this. Dirk, you previously qualified these JVs maybe a little bit more as investments than core strategic assets. Can you update us, how do you see these investments today in respect to maybe some other opportunities you have out there? And does the sort of sale or partial sale of your equity, does that say anything about your longer-term strategy, if anything? I guess I'm just trying to get at what's the plan here going forward for some of these assets, if you're willing to talk about it.

今年您減少了合資企業的投資。我想就此問一下。德克，您之前可能把這些合資企業更多地看作是投資而非核心策略資產。您能否更新一下，您現在如何看待這些投資，以及它們與您目前擁有的其他機會之間的關係？您出售或部分出售股權是否對您的長期策略有任何影響？我想了解的是，如果您願意的話，您未來對這些資產有何計劃。

Yes. Thank you, Ken. Maybe I'll take that. I mean we reiterate what we said many times. We remain optimistic about both assets. They have clearly a long-term potential. To start with, they compete in strong categories. They have solid fundamentals as categories. And these companies are equipped to get more traction on key trends like one-demand coffee as one example only.

是的，謝謝你，肯。也許我會接受。我的意思是，我們重申過很多次的觀點：我們對這兩項資產仍然保持樂觀。它們顯然具有長期潛力。首先，它們在競爭激烈的品類中佔有一席之地，而這些品類本身的基本面也很穩固。此外，這些公司有能力在關鍵趨勢上取得更大的發展，例如按需咖啡（僅舉一例）。

They are gaining share. They have a clear strategic direction. They are executing quite well, and there are strong management teams that can even enhance the advantage of the categories and of the brands that both companies have. So there are all the ingredients in our mind for long-term top and bottom line and cash flow potential.

他們正在擴大市場份額，擁有清晰的策略方向，執行力也相當出色，而且都擁有強大的管理團隊，能夠進一步提升兩家公司旗下品類和品牌的優勢。因此，我們認為，這些因素都具備了公司長期營收、利潤和現金流成長潛力的所有要素。

We are not able clearly to talk specifically about JV and the results so far. But I think you saw a strong quarter for KDP, continued momentum, top line beating consensus, gaining penetration, strong share momentum, EPS and really strong outcomes across all metrics. And they continue to deleverage and create cash flow. So we believe that the value is higher than what the current stock price would say for both companies and nothing consistent with other companies as well in the broad CPG world.

我們目前還無法就合資企業的具體情況和業績做出明確的評論。但我認為，KDP本季表現強勁，持續成長勢頭，營收超出預期，市場滲透率不斷提升，市佔率成長勢頭強勁，每股盈餘（EPS）表現優異，各項指標均表現突出。此外，他們還在持續降低槓桿率並創造現金流。因此，我們認為兩家公司目前的股價都無法充分體現其價值，而且與整個消費品產業的其他公司相比，其價值也明顯偏高。

We made a series of moves that, quite frankly, were more tactical than anything. And if you look at our balance sheet, we have shown the top quite well since the beginning of the year. So on KDP, we are comfortable around current levels of ownership. And if we make further trades, there will be a derived value for us, and we will try to coordinate with other major shareholders.

坦白說，我們採取的一系列措施更多是策略性的。如果你看一下我們的資產負債表，你會發現自年初以來，我們的財務狀況一直相當不錯。因此，對於KDP目前的持股水平，我們感到滿意。如果我們進行進一步的交易，將會產生相應的價值，我們會盡量與其他主要股東協調。

And on JV, clearly, we are a major shareholder. We own 22.9% of the company. We did welcome the IPO that is giving us an avenue for optionality. And having said that though, we are committed for the long-term success of the company. You might expect some trades from us in the coming quarters that should improve the current limited flow. But we will remain disciplined both in JV and KDP. And under current circumstances, we want to retain the presence in both stocks.

在JV公司，我們顯然是主要股東，持有22.9%的股份。我們歡迎IPO，因為它為我們提供了更多選擇。儘管如此，我們仍然致力於公司的長期成功。未來幾個季度，我們可能會進行一些交易，以改善目前有限的資金流動。但我們在JV和KDP兩家公司都將保持謹慎。在當前情況下，我們希望繼續持有這兩家公司的股票。

So what you have seen recently was more tactical than anything. We took advantage of certain stock price levels. We remain committed to these companies, and we really believe in the potential. But as you said, over time, we want to replace those with snacking assets.

所以，你最近看到的更多是策略性的舉措。我們利用了特定的股價水準。我們仍然對這些公司保持投資，我們堅信它們的潛力。但正如你所說，隨著時間的推移，我們希望用一些可以作為補充的資產來取代它們。

Our next question is 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。

So maybe just a follow-up on, Luca, the comment you made in response to Andrew's question related to algorithm next year and more interested in, at this point, in cash flow. So I guess 2 questions around that. One, would you expect that free cash flow would also be -- or free cash flow conversion would also be sort of on algorithm? And then maybe connected to that, part of the algorithm has been returning cash to shareholders, right, via share repurchases and dividend increases annually. So would we expect that, that would be part of the equation again in '21?

盧卡，我想就你之前回覆安德魯關於明年演算法的問題，以及你目前更關注的現金流問題，做個後續討論。我想問兩個相關問題。第一，你認為自由現金流——或者說自由現金流轉換率——也會受到演算法的影響嗎？另外，演算法的一部分內容是透過股票回購和每年提高股息來向股東返還現金，對吧？那麼，我們是否預期這在2021年還會是演算法的一部分呢？

So the straight answer to the last part of the question is absolutely yes. We remain committed to dividends, to what we said several times about dividend growing in excess of EPS. I think the last dividend increase reflects that. Share buybacks should continue absent acquisitions or things that is going -- might happen or not. And so I would yes, there should be share buybacks.

所以，對於問題的最後一部分，答案是肯定的。我們仍然致力於派發股息，正如我們多次強調的那樣，股息成長速度將超過每股盈餘成長速度。我認為最近一次提高股息就反映了這一點。除非發生收購或其他可能發生的事情，否則股票回購應該繼續進行。因此，我的答案是肯定的，應該繼續進行股票回購。

And finally, on free cash flow, free cash flow, there is no reason to expect a slowdown into next year. Having said that, I think you know we went public with a JV that we set the base for tax purposes in Europe. And there is a tax component that is going to be tracked into free cash flow next year. But I feel like at this point, it might not be going up from this year, but considering some of the tax onetimers that I just talked, I think you can think about a $3 billion, $3-plus billion cash flow even for next year. That's the plan at this point.

最後，關於自由現金流，目前沒有理由預期明年會放緩。話雖如此，我想您也知道，我們與一家合資企業成立了公司，並在歐洲設立了稅務基準。明年自由現金流中會包含部分稅收因素。但我認為，就目前而言，自由現金流可能不會比今年有所增長，不過考慮到我剛才提到的一些一次性稅收項目，我認為明年的現金流可以達到30億美元，甚至更高。這就是我們目前的計劃。

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

你的下一個問題來自 Stifel 的 Chris Growe。

I just had 2 questions, if I could. The first one would just be in relation to the SKU rationalization program. I just want to get a sense, does that start here in the quarter? Does that ramp up in the fourth quarter into next year? And I guess I'm also curious like where you see the benefits of that coming through. So as you come behind that with more innovation, is it just better volume growth? Is there mix improvement, that sort of thing?

我有兩個問題，可以嗎？第一個問題是關於SKU精簡計畫的。我想了解一下，這個計劃是本季開始嗎？還是會在第四季到明年逐步推進？另外，我也想了解一下，您認為這項計畫的益處體現在哪些方面。隨著更多創新的推出，是否會帶來銷售成長？或是產品組合的優化等等？

And then just a quick question, if I could, on inventory levels. You got some benefit this quarter from shipping inventory. Does that -- are you back to where you want retail inventories to be or your own inventories? Are there more building to go as we move into the fourth quarter and next year?

最後，如果可以的話，我想問一個關於庫存水準的問題。本季你們從出貨庫存中獲益良多。這是否意味著——你們的零售庫存或自有庫存已經恢復到理想水準了？隨著我們進入第四季和明年，是否還需要進行更多的庫存建設？

Okay. Maybe I'll do the SKUs, and then Luca can do the inventory. So the SKUs, the time line on that is gradual, largely driven in the negotiations with the trade. And around the world, there are certain moments you can make these changes. And for instance, in Europe, that moment is the beginning of next year. So we are preparing for it now, but the implementation will only be beginning of next year.

好的。或許我可以負責SKU，然後Luca可以負責庫存。 SKU的調整是一個循序漸進的過程，主要取決於與貿易夥伴的談判。在世界各地，進行這些調整的時間點各不相同。例如，在歐洲，這個時間點是明年年初。所以我們現在正在為此做準備，但實際實施要等到明年年初。

So roughly, I would say, if you look at it around the world, we should be 75% done by year-end. And then the rest would be done in the beginning of '21. You have to think about this as part of a broader simplification program that is meant to drive both the top line and the bottom line and cash flow. It's a simplification of SKUs, the number of innovation initiatives and also looking at our brand portfolio.

所以粗略估計，從全球來看，到今年年底我們應該可以完成75%。剩下的部分將在2021年初完成。你需要把這看作是一個更廣泛的簡化計劃的一部分，該計劃旨在提升營收、利潤和現金流。這包括簡化產品種類、減少創新項目數量，以及重新檢視我們的品牌組合。

So we do not expect the negative top line impacted. They represented -- this 25% represents 2%, 3% of our revenue, but we think we will easily replace that with higher velocity on the remaining SKUs. We will get more shelf space. And then the benefits, as I already mentioned, more sales. We expect our inventories to go down because it's those SKUs that take a lot of the inventory. In manufacturing, it is less complexity, less downtime, fewer changeover. So it gives us a benefit on our costs.

因此，我們預計營收不會受到負面影響。這25%的損失僅占我們總收入的2%到3%，但我們相信，透過提高其他SKU的周轉率，我們可以輕鬆彌補這一損失。我們將獲得更多的貨架空間。正如我之前提到的，這將帶來更多好處，例如更高的銷售量。我們預計庫存將會下降，因為這些SKU佔用了大量的庫存。在生產方面，這意味著更低的複雜性、更少的停機時間和更少的換線。因此，這將降低我們的成本。

And then on the customer side, we give them better customer service. It's going to be easier for them to manage their shelf, and so their costs go down, too. So it's a support to deliver our long-term algorithm. This is not meant to be transformative from a margin perspective, but it does help us to deliver on the top and the bottom line in the cash flow of our algorithm. Luca?

然後，在客戶方面，我們會提供更好的客戶服務。這樣一來，他們管理貨架會更輕鬆，成本也會降低。所以，這有助於我們實現長期演算法。從利潤率的角度來看，這並非旨在帶來變革，但它確實有助於我們實現演算法現金流的損益平衡點。盧卡？

Yes. On inventory levels, there are obviously puts and takes. I would say we got to a more normalized level at the end of Q3. Overall, I think we are in a decent situation. As I said, there might be places where we need to do a little bit more than where we are fine. I wouldn't expect a big pickup due to inventory replenishment in the quarters to come. And obviously, we want to end the year with the right level of inventory as we have always done.

是的。庫存水準方面，顯然會有進出之分。我認為我們在第三季末已經恢復到較正常的水平。總體而言，我認為我們目前的情況還不錯。正如我所說，在某些方面，我們可能需要比現在做得更好。我預計未來幾季庫存補充不會帶來大幅成長。當然，我們希望像往年一樣，在年底前保持合適的庫存水準。

And 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 just wanted to make sure I understood the implied sales guide for 4Q. It seems like it's below 3%. Year-to-date, you're at 3.9%. So just wanted to understand why it might be lower than year-to-date. And then also, can you be more specific about the cost reduction plans, the efficiency plans? It looks like in the quarter, they were in LatAm and they were in AMEA. And is that where most of these cost reduction plans are going to take place? And if so, does that make it more difficult to capitalize on the growth as they recover?

我只是想確認一下我對第四季隱含銷售指引的理解。它似乎低於3%。今年迄今為止，你們的銷售額為3.9%。所以我想了解為什麼第四季會低於今年迄今的水平。另外，您能否更具體地說明成本削減計劃和效率提升計劃？看起來本季這些計畫主要集中在拉丁美洲和中東、非洲地區。這些成本削減計劃是否主要在這些地區實施？如果是這樣，這是否會使這些地區在復甦時更難成長？

We said it is 3.5% plus on the full year. So the implied growth rate, as I said, it is roundabout 3% for Q4. I wouldn't read too much into a different number than 3% in Q4. I also clearly said that there is 1 point of growth in the 4.4% that you see in Q3. So again, we are not mindful as you think about Q4. Importantly, at this point, we will end the year with the right level of trade inventory. And as we look into next year, again, we want to line up all the initiatives that will allow us to hit a year that is on algorithm. I think that's a simple way to think about it.

我們說過全年成長率會超過3.5%。所以正如我所說，第四季的隱含成長率約為3%。如果第四季的成長率不是3%，我不會過度解讀。我也明確指出，第三季4.4%的成長率包含了1個百分點的成長。所以，我們並不擔心第四季的情況。重要的是，目前我們能夠確保年底的庫存水準處於合理範圍。展望明年，我們希望推進所有相關舉措，以實現全年演算法交易的目標。我認為這是一個簡單易懂的想法。

In terms of cost initiatives, I would say they are pretty much across the board. The Emerge Stronger initiatives, the initiatives we have taken in terms of designing our cost packages, in terms of pushing net revenue growth, in terms of working to reduce nonworking media and increasing working media, those are effects that you see consistently throughout the regions. Yes, there might be regions like the U.S. where -- or North America where we did a little bit more in terms of revenue growth management. But overall, again, they are fairly consistent across the board.

就成本控制措施而言，我認為總體上是一致的。 「增強實力」計畫、我們為優化成本方案、推動淨收入成長、減少無效媒體投放、增加有效媒體投放等所採取的措施，這些成效在各個地區都得到了持續體現。當然，像美國或北美這樣的地區，我們在收入成長管理方面可能投入了更多精力。但總體而言，這些措施在各個地區都相當一致。

And 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。

Two quick questions. Firstly, on emerging -- e-commerce. Can you talk about how in some areas you are overrepresented (inaudible) and in other areas that you are underrepresented (inaudible)? Could you just sort of give where are these opportunities? And then my follow-up is around (inaudible) particularly around cocoa. With the new $400 a tonne (inaudible), you're talking about a new center of excellence in Indonesia, I believe. Are you thinking about changing (inaudible) or sourcing cocoa (inaudible)?

兩個簡短的問題。首先，關於新興的電子商務領域。您能否談談貴公司在某些領域（聽不清楚）的優勢，以及在其他領域（聽不清楚）的優勢不足？能否簡要說明這些機會在哪裡？其次，我的後續問題是關於（聽不清楚），特別是關於可可。隨著每噸可可價格達到每噸400美元（聽不清楚），您提到在印尼建立了一個新的卓越中心，對嗎？您是否考慮改變（聽不清楚）或購買可可（聽不清楚）？

Thanks, Alexia. It was very broken up, so I had difficulties understanding what you exactly asked. There was an echo somewhere on the line and made it difficult. I think you -- I heard it was about e-commerce, but I don't know what the details were. Somebody -- look at our -- maybe you can try again?

謝謝，Alexia。通話斷斷續續的，所以我很難聽清楚你到底問了什麼。線路裡有迴聲，所以聽不清楚。我聽說你問的是電子商務方面的問題，但具體細節我不太清楚。有人——看看我們的——或許你能再試一次？

Yes. I didn't understand the second part of the question at all. I mean I know the first part was about e-commerce. The second part, I have no clue.

是的。我完全沒看懂問題的第二部分。我知道第一部分是關於電子商務的，但第二部分，我一竅不通。

Can I try -- can you hear me -- yes?

我可以試試嗎？你聽得到我說話嗎？可以嗎？

Yes.

是的。

Yes.

是的。

Let's try once again. Is it clearer now?

我們再試一次。現在清楚些了嗎？

Yes, yes.

是的，是的。

Perfect. All right. So on e-commerce, you mentioned that you are underrepresented in some areas and overrepresented in e-commerce, different regions, and obviously, areas where you're underrepresented relative to your brick-and-mortar sales. That might be the area where you've got more headroom. Could you just give us an idea of which regions those are where you think there are real opportunities?

好的。好的。關於電子商務，您提到您在某些地區的市場份額不足，而在某些地區的市場份額過高，顯然，在某些地區，您的線上銷售額相對於實體店銷售額而言也較低。這或許是你們還有較大成長空間的領域。您能否具體說說您認為哪些地區存在真正的成長機會？

And then the second question was on cocoa sourcing. I'm just curious about whether you might be changing your regional approach to cocoa sourcing given that you're putting a new center of excellence in Indonesia. Meanwhile, there's $400 a tonne cocoa taxes going in, in some parts of Africa. Are you thinking about changing your regional approach to where you're getting the cocoa from globally? Hopefully, you could hear that better.

第二個問題是關於可可豆的採購。我很好奇，鑑於你們正在印尼設立一個新的卓越中心，你們是否會調整可可豆的區域採購策略？同時，非洲部分地區正在徵收每噸400美元的可可稅。你們是否考慮調整全球可可豆的採購區域策略？希望您能聽得更清楚些。

Yes, yes, yes. Now it worked. It was not you. It was a technical side of things, Alexia.

對，對，對。現在成功了。不是你的問題。是技術方面的問題，艾莉克西亞。

Understood.

明白了。

On e-commerce, yes. First of all, we're seeing very good growth in e-commerce, as I mentioned in the prepared remarks. Roughly, you could say that our e-commerce head space is largely in China and in the U.S. The rest -- the 2 other big countries we have are the U.K. and France. But I would say the biggest gap we have in China, which we are catching up. We're working very hard on that.

關於電子商務，是的。首先，正如我在準備好的發言稿中提到的，我們看到電子商務發展勢頭非常強勁。大致來說，我們的電子商務業務主要集中在中國和美國。其他兩個主要市場是英國和法國。但我認為我們最大的差距在中國，我們正在努力追趕。我們正為此付出巨大的努力。

Overall, we're seeing market share gains, largely in most of the areas around the world with the exception of France at the moment. And we've also started to enter into smaller countries, and that is going to give us some extra gain also. Overall, though, if you take globally, our shares on and offline are similar. So we have some headroom here and there, but then we are overrepresented somewhere else. So that's a little bit the situation on e-commerce.

總體而言，我們看到市場份額有所增長，尤其是在全球大部分地區，目前法國除外。我們也開始進軍一些較小的國家，這將為我們帶來額外的成長。不過，從全球範圍來看，我們的線上和線下市場份額基本上持平。因此，我們在某些​​方面還有提升空間，但在其他方面則已經佔據了過大份額。以上就是電子商務領域目前的大致狀況。

Going forward, it's about expanding our assortment to meet the channel need. It's about recreating impulse experience. It's about developing our data as it relates to the consumers and getting better connections with them. It's about putting more investment in there and then experimenting with 2 other areas that are developing for us in e-commerce, which is e-business-to-business and direct-to-consumer. So also important to mention is that our margins are similar online and offline. So that's the situation on e-commerce.

展望未來，我們將致力於拓展產品種類以滿足通路需求，重塑衝動消費體驗，並不斷完善與消費者相關的數據，以便更好地與他們建立聯繫。我們將加大投資，同時嘗試電子商務領域中另外兩個正在蓬勃發展的方向：企業對企業 (E2B) 和直接面向消費者 (D2C)。此外，值得一提的是，我們的線上線下利潤率基本上持平。以上就是電子商務領域的現況。

If I go to cocoa, we are not -- we're experimenting with cocoa in other regions. But at this stage, we are going to continue -- in large part, to continue to source from Ghana and Ivory Coast. The -- we source in Latin America. We source in India. We source in Indonesia. But we are one of the biggest cocoa buyers in the world. And so those regions do not offer us enough quantity to shift. And shifting -- developing real cocoa sourcing takes years. So we're working on that, but it's not going to happen next year, not with the amount of cocoa that we need to buy.

說到可可，我們目前並沒有——我們正在嘗試從其他地區採購可可。但現階段，我們仍將主要從加納和科特迪瓦採購。此外，我們也從拉丁美洲、印度和印尼採購。我們是世界上最大的可可買家之一。因此，這些地區的供應不足以讓我們轉向其他地區。而真正建立起穩定的可可採購管道則需要數年時間。所以我們正在努力，但明年肯定無法實現，因為我們需要採購的可可數量還不夠。

On the other hand, we have already started to reflect the extra LID or the living income differential into our pricing. And so we are fully set to absorb that next year. We feel good about supporting what the government in those 2 countries are trying to do. We think it fits in our ESG approach.

另一方面，我們已經開始將額外的低收入發展稅（LID）或生活收入差異納入定價。因此，我們完全有能力在明年消化這部分成本。我們樂於支持這兩個國家政府正在採取的措施。我們認為這符合我們的ESG（環境、社會和治理）理念。

And at the same time, we want to keep on going with our own program, Cocoa Life, which is complementary to that. We think it's the right thing to do because we want a real sustainable future for cocoa, and farmer income is really critical. And we are making sure through Cocoa Life that we can actually see that and monitor what's going on. So we are planning to have 100% of our cocoa volume by 2025 being sourced through our Cocoa Life program. So I would say that is the answer on cocoa.

同時，我們希望繼續推進我們自己的“可可生活”項目，該項目與上述計劃相輔相成。我們認為這是正確的做法，因為我們希望可可產業擁有真正永續的未來，而農民的收入至關重要。我們正透過「可可生活」計畫確保能夠實際了解並監控農民的收入狀況。因此，我們計劃在2025年，透過「可可生活」計畫採購100%的可可。所以，這就是關於可可的答案。

And your final question is from the line of David Palmer with Evercore ISI.

最後一個問題來自 Evercore ISI 的 David Palmer。

Just a follow-up on emerging markets and a question on the marketing or grocery investments. On EM, you had nice improvement in Russia, Brazil and some other markets. And you mentioned in a previous question that you expect Emerging Markets to continue to improve. I think you also said in your prepared remarks that there was some late quarter slowing in Asia outside of China. So maybe just some clarification about where you feel like the momentum is continuing to improve across Emerging Markets would be helpful.

關於新興市場，我還有一些後續問題，以及關於行銷或食品雜貨投資的問題。關於新興市場，您提到俄羅斯、巴西和其他一些市場都有不錯的改善。您在先前的問題中也提到，您預期新興市場將繼續改善。我記得您在準備好的發言稿中也提到，除中國以外的亞洲地區在季度末出現了一些放緩。所以，如果您能進一步說明您認為新興市場哪些地區的成長動能正在持續改善，那就太好了。

And then just in terms of your growth reinvestments, you guys don't have a sort of just a windfall this year such that you're spending a ton of money in advertising. So I would expect this to be somewhat of a measured plan about what you're doing. And you said advertising or working media, as you said it, will be going up, particularly in digital. So could you talk about that gross spending, where you're spending it? What's -- where you're getting the high ROI? And do you think that's going to continue into '21?

就你們的成長再投資而言，今年你們並沒有像往年那樣獲得巨額資金，可以大手筆投入廣告。所以我預計你們的計劃會比較謹慎。您提到廣告或媒體投入將會增加，尤其是在數位領域。那麼，您能否談談總支出狀況，以及您們的投入方向？哪些方面獲得了高投資報酬率？您認為這種趨勢會延續到2021年嗎？

Okay. Maybe I'll take the first part. And can you do the second part, Luca?

好的。也許我可以做第一部分。盧卡，你能做第二部分嗎？

Yes, for sure.

是的，當然。

So on Emerging Markets, I would say the temporary headwinds, in our mind, do not hamper the long-term prospects. We feel that we're executing well. We have an advantaged network. We have deep distribution. We had good momentum precrisis. We're coming out of the crisis in most of the Emerging Markets very fast. I'm thinking about India, Brazil. We have share gains that we see. And obviously, we can only focus on what we control, which is execution, cost management, selective investment.

因此，就新興市場而言，我認為暫時的不利因素不會影響長期前景。我們感覺自身執行良好，擁有優勢網絡和強大的分銷管道，危機前發展勢頭強勁。目前，我們在大多數新興市場正迅速走出危機。例如印度和巴西，我們看到了市場份額的成長。當然，我們只能專注於我們能夠掌控的方面，即執行、成本控制和選擇性投資。

We remain confident about 2/3, as I mentioned. And those are the markets where we're seeing good momentum: China, India, the European -- sorry, Emerging Markets, Brazil, a little bit of the parts of Africa. We feel that they're already back in positive territory. We're confident that they will keep on growing. They were performing very well for us before the crisis. If anything, I think we've improved our position during the crisis. And we have very strong teams on the ground.

正如我之前提到的，我們對三分之二的市場仍然充滿信心。這些市場目前勢頭良好：中國、印度、歐洲——抱歉，是新興市場、巴西，以及非洲部分地區。我們認為這些市場已經重回正成長軌道，並且有信心繼續保持成長。在危機爆發前，這些市場的表現就非常出色。如果有什麼改變的話，我認為我們在危機期間反而提升了自身地位。而且，我們在當地擁有非常強大的團隊。

Where we are cautious and where we need to work hard because we are hampered by the local situation, that's more in Latin America. I'm thinking Mexico, thinking WACAM for us, which is the Central America and the Caribbean and Colombia, and some of the Middle Eastern and the Southeast Asia countries. That's where gum and candy is big for us. And the recuperation of gum and candy is going to be critical for us. So we're doing a lot of work on how to promote gum consumption in the time of COVID, where people are more -- spending more time at home and they're wearing masks and so on, which is contraindicative for gum consumption. And we are trying to make sure that for next year, we see good momentum in that category. So that's the part where I would say that we are a bit more careful. Luca?

我們之所以謹慎行事，是因為受到當地情況的限制，需要加倍努力，這種情況主要出現在拉丁美洲。我想到的是墨西哥，還有WACAM（中美洲和加勒比海地區）、哥倫比亞，以及一些中東和東南亞國家。口香糖和糖果在這些地區對我們來說非常重要。因此，恢復口香糖和糖果的銷售對我們至關重要。我們正在努力研究如何在新冠疫情期間促進口香糖的消費，因為人們待在家裡的時間更長，而且戴著口罩等等，這些都不利於口香糖的消費。我們正在努力確保明年這一品類能夠保持良好的成長動能。所以，我想說的是，我們在這一點上更加謹慎。盧卡？

Yes. So on A&C, David, the way you have to see it is particularly in Q2, given the circumstances, we pulled back. And so we doubled down in the second part of the year. And as we said many times, the share gains that we're seeing, they are truly broad-based. They are across multiple brands, multiple countries. With the exception, I would say, of gum, we are extremely pleased with the share gains we are seeing in biscuit and chocolate. So we want to retain those, and we will continue to invest into 2021.

是的。關於A&C，David，你需要明白，尤其是在第二季度，鑑於當時的情況，我們採取了縮減策略。因此，我們在下半年加倍投入。正如我們多次提到的，我們目前看到的市場份額成長是真正意義上的全面成長。這些成長涵蓋多個品牌，遍及多個國家。除了口香糖之外，我們對餅乾和巧克力的市場份額增長非常滿意。因此，我們希望保持這些成長，並將繼續在2021年進行投資。

So between the fact that COVID costs will subside, between the fact that in Q2 we will be lapping lower A&C spending, I think you will see an algorithm that in terms of EBIT and EPS expansion, should be in line with expectations for next year. Don't expect the same material impact that we are having in the second part of the year in terms of working media into next year as, a, we will be lapping a lower Q2; and b, we will have other levers into the P&L, including COVID costs that will subside to be able to fund this incremental investment. The reality is the more we can retain those share gains, the better, even in a context where maybe categories will be slightly impacted by a potential recession.

鑑於新冠疫情相關成本將會下降，以及第二季廣告和廣告支出將會減少，我認為明年息稅前利潤和每股盈餘的成長將符合預期。不要指望明年媒體業務能像今年下半年那樣產生顯著影響，原因有二：一是第二季度廣告和廣告支出將會減少；二是損益表上還有其他因素可以發揮作用，包括新冠疫情相關成本的下降，這些因素將為新增投資提供資金。事實上，我們越能維持目前的市佔率成長越好，即便某些品類可能會受到潛在經濟衰退的輕微影響。

And there are no...

而且沒有…

I think with that -- no further questions?

我想應該沒有其他問題了吧？

Yes, sir. There are no further questions at this time. I would like to turn the call back to management for closing remarks.

是的，先生。目前沒有其他問題了。我想把電話轉回給管理階層，請他們做總結發言。

Okay. Thank you, Angela. Well, thank you for connecting. As you can see, we had a good solid third quarter. We feel good about where the fourth quarter is heading and how we will close the year. We've given you a first flavor of what '21 looks like, which we also feel pretty good about. And obviously, in the next call, we will give you the guidance for the year if that is possible because you never know what happens in this COVID situation. Thank you for your interest, and thank you for your questions. And if there's anything else, feel free to connect to André or Shep, and we can give you more information. Thank you.

好的。謝謝Angela。感謝您的參與。如您所見，我們第三季業績穩健。我們對第四季的發展前景以及全年的收官計畫都充滿信心。我們已經初步展望了2021年的計劃，對此我們也相當樂觀。當然，在下次電話會議上，我們會盡可能提供全年的業績指引，因為在新冠疫情情勢下，未來發展難以預料。感謝您的關注與提問。如果您還有其他問題，歡迎隨時聯繫André或Shep，我們將竭誠為您提供更多資訊。謝謝。

Thank you.

謝謝。

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

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。