奧馳亞 (MO) 2006 Q2 法說會逐字稿

Good morning and welcome to Altria Group's second quarter 2006 earnings conference call. [OPERATOR INSTRUCTIONS]

早上好，歡迎來到奧馳亞集團 2006 年第二季度收益電話會議。 [操作說明]

I'll now turn the call over to Mr. Nick Rolli., Vice President of Industrial Relations and Financial Communications for Altria.

我現在將電話轉給奧馳亞勞資關係和金融傳播副總裁 Nick Rolli 先生。

Please go ahead, sir.

請繼續，先生。

Good morning, and thank you for joining us on the call today.

早上好，感謝您今天加入我們的電話會議。

For those of you listening via the audo -- audio webcast we are providing summary slides of second quarter results for Philip Morris USA, Philip Morris International and Kraft Foods.

對於那些通過音頻網絡廣播收聽的人，我們提供了 Philip Morris USA、Philip Morris International 和 Kraft Foods 第二季度業績的摘要幻燈片。

Today's call is limited to a discussion of our business results.

今天的電話會議僅限於討論我們的業務成果。

Kraft Foods reported its second quarter 2006 results yesterday and hosted a separate webcast, and since the food business was covered in detail on that webcast, our discussion of Kraft this morning will be limited.

卡夫食品昨天公佈了其 2006 年第二季度的業績並主持了一次單獨的網絡廣播，由於該網絡廣播詳細介紹了食品業務，因此我們今天上午對卡夫的討論將是有限的。

Our remarks contain forward-looking statements and projections of future results, and I direct your attention to the Safe Harbor statement at the end of our news release for review of the various factors that could cause actual results to differ materially from projections.

我們的評論包含前瞻性陳述和對未來結果的預測，請注意我們新聞稿末尾的安全港聲明，以了解可能導致實際結果與預測產生重大差異的各種因素。

Finally, today's remarks by Dinny Devitre, Altria's Senior Vice President and Chief Financial Officer, will summarize the highlights of our major operating Company's performance during the second quarter, followed by your questions.

最後，奧馳亞高級副總裁兼首席財務官 Dinny Devitre 今天的講話將總結我們主要運營公司第二季度業績的亮點，然後是您的問題。

For more detailed review, I direct your attention to the news release we issued earlier this morning, which is available on our website at altria.com.

如需更詳細的評論，請關注我們今天上午早些時候發布的新聞稿，該新聞稿可在我們的網站 altria.com 上獲取。

And now it's my pleasure to introduce Dinny.

現在我很高興介紹 Dinny。

Thank you, Nick, and good morning, everyone.

謝謝你，尼克，大家早上好。

In the second quarter all our businesses delivered solid performances.

在第二季度，我們所有的業務都表現出色。

PM USA continued to increase its market share, driven by gains of Marlboro and Parliament.

在萬寶路和國會的推動下，PM USA 繼續增加其市場份額。

Philip Morris International achieved strong share gains in France, Germany and Italy, and benefited from acquisitions.

菲利普莫里斯國際公司在法國、德國和意大利取得了強勁的份額增長，並從收購中獲益。

Kraft Foods continued its progress by generating good top-line growth and solid income performance.

卡夫食品繼續取得良好的收入增長和穩健的收入表現。

Altria's reported diluted earnings per share from continuing operations were down 7.9%, but adjusted for one-time tax benefits and other items as shown on page 2 of our news release, EPS was up 6.8% to $1.41 from $1.32, more accurately reflecting the underlying strength of our businesses.

奧馳亞報告的持續經營攤薄後每股收益下降 7.9%，但根據我們新聞稿第 2 頁所示的一次性稅收優惠和其他項目進行調整後，每股收益從 1.32 美元上漲 6.8% 至 1.41 美元，更準確地反映了潛在的我們業務的實力。

We raised our previously-announced projection for 2006 full-year diluted earnings per share from continuing operations by $0.15 to a range of $5.40 to $5.50.

我們將先前宣布的 2006 年全年持續經營攤薄每股收益預測上調了 0.15 美元至 5.40 美元至 5.50 美元。

This change reflects Kraft's anticipated gain on the redemption of its interest in United Biscuits, benefiting Altria by approximately $0.09 per share, Kraft's forecast for lower-than-expected restructuring charges for the full year from unfavorable impact of $0.36 in previous guidance to the current $0.28 per share and a charge of $0.03 per share for Philip Morris capital corp's exposure to the airline industry.

這一變化反映了卡夫在贖回其在 United Biscuits 的權益方面的預期收益，使奧馳亞每股受益約 0.09 美元，卡夫預測全年重組費用低於預期，從之前指導中的不利影響 0.36 美元降至目前的 0.28 美元每股費用和每股 0.03 美元的費用用於 Philip Morris capital corp 在航空業的風險敞口。

While exchange rates have moved favorably since the first quarter of 2006, we are not updating our currency guidance at this time because of the heightened uncertainty relating to various developments around the world and their potential impact on the relative value of the dollar.

雖然自 2006 年第一季度以來匯率一直向好，但我們此時不會更新我們的貨幣指導，因為與世界各地的各種發展及其對美元相對價值的潛在影響相關的不確定性增加。

Nevertheless, if rates hold at today's levels, we could benefit by between $0.04 and $0.06 per share.

儘管如此，如果利率保持在今天的水平，我們可以從每股 0.04 美元到 0.06 美元之間獲益。

On the other hand, I should also point out that our tax rate for 2006 might be slightly higher than we originally estimated and this may negate the potential currency favorability.

另一方面，我也應該指出，我們 2006 年的稅率可能會比我們最初估計的略高，這可能會抵消潛在的貨幣優勢。

Turning to domestic tobacco, Philip Morris USA had another successful quarter, characterized by solid income and strong retail share growth.

談到國內煙草，菲利普莫里斯美國公司又迎來了一個成功的季度，其特點是穩定的收入和強勁的零售份額增長。

Operating Company's income rose 3.2% to $1.3 billion, primarily driven by lower wholesale and retail promotional allowance rates, partially offset by lower volume.

運營公司的收入增長 3.2% 至 13 億美元，這主要是由於較低的批發和零售促銷津貼率，部分被較低的銷量所抵消。

Cigarette shipment volume of 47.2 billion units was down 4.3% from the previous years due to changes in wholesale and retail inventory levels and the timing of Fourth of July trade purchases versus the prior year.

捲菸發貨量為 472 億支，比前幾年下降 4.3%，這是由於批發和零售庫存水平的變化以及 7 月 4 日貿易採購的時間與上一年相比下降。

Adjusting for those factors, PM USA estimates that shipment volume declined approximately 2% in the second quarter of 2006 versus the year-ago quarter.

對這些因素進行調整後，PM USA 估計 2006 年第二季度的發貨量與去年同期相比下降了大約 2%。

In the quarter, retail share advanced 0.5 points to 50.5%, driven by Marlboro and Parliament as measured by IRI/Capstone Total Retail Panel.

本季度，零售份額上升 0.5 個百分點至 50.5%，由 IRI/Capstone Total Retail Panel 衡量的萬寶路和 Parliament 推動。

Marlboro achieved a 40.6 market share, up zero points, six points versus prior-year quarter.

萬寶路取得了 40.6 的市場份額，上升了 0 個百分點，比去年同期上升了 6 個百分點。

Importantly, Marlboro's price gap with the lowest-price brand was essentially stable at approximately 46%.

重要的是，萬寶路與最低價品牌的價格差距基本穩定在 46% 左右。

Parliament's market share of 1.9% rose 0.2 points versus prior-year quarter.

Parliament 的市場份額為 1.9%，比去年同期上升 0.2 個百分點。

PM USA's share of the premium category increased 0.1 point to 62.1%, while its share of discount category grew 0.3 share points to 16.7%.

PM USA 在高端類別中的份額增長 0.1 個百分點至 62.1%，而其在折扣類別中的份額增長 0.3 個百分點至 16.7%。

Within the discount category share of the deep-discount segment, which includes both major manufacturers' private-label brands and all other manufacturers' discount brands, continued to decline, down 0.5 points to 11.3%.

在包括主要製造商的自有品牌和所有其他製造商的折扣品牌在內的深度折扣細分市場的折扣類別份額繼續下降，下降 0.5 個百分點至 11.3%。

This is the lowest quarterly share since the second quarter of 2002.

這是自 2002 年第二季度以來的最低季度份額。

As mentioned in our news release, Philip Morris USA began test marketing a smoke-free and spit-free tobacco pouch product called Taboka earlier this month in the Indianapolis area, in order to evaluate adult smoker acceptance of this new product.

正如我們在新聞稿中提到的，菲利普莫里斯美國公司本月早些時候開始在印第安納波利斯地區試銷一種名為 Taboka 的無菸無吐煙草袋產品，以評估成年吸煙者對這種新產品的接受程度。

It is too early to give you any indication of how it is doing.

現在告訴你它是如何做的還為時過早。

Overall, Philip Morris USA enters the second half of the year with continued retail share momentum and is on track to deliver moderate retail share growth and operating Companies income growth in the mid single-digits for the full-year 2006.

總體而言，Philip Morris USA 以持續的零售份額勢頭進入今年下半年，並有望在 2006 年全年實現適度的零售份額增長和運營公司收入增長，實現中等個位數增長。

Turning to our international tobacco business, in the second quarter PMI's operating Company's income was up 5.7% to $2.1 billion, due primarily to higher pricing and the favorable impact of acquisitions of $81 million, partially offset by a negative currency impact of $68 million.

談到我們的國際煙草業務，第二季度 PMI 的運營公司收入增長 5.7% 至 21 億美元，這主要是由於更高的定價和 8100 萬美元收購的有利影響，部分被 6800 萬美元的負面貨幣影響所抵消。

Excluding unfavorable currency, PMI's operating Company's income was up 8.9% versus the second quarter of 2005.

排除不利貨幣因素，PMI 運營公司的收入比 2005 年第二季度增長了 8.9%。

Absent unfavorable currency and acquisitions, PMI's OCI was up 4.9%, a solid performance in the face of PMI's challenges in Spain.

沒有不利的貨幣和收購，PMI 的 OCI 上漲 4.9%，面對 PMI 在西班牙的挑戰，表現穩健。

Cigarette shipment volume increased 5.7% to 213.9 billion units, driven by recent acquisitions in Indonesia and Columbia, favorable timing of shipments in Italy, as well as gains in France, Poland, Argentina, Ukraine and worldwide duty free.

捲菸出貨量增長 5.7% 至 2139 億支，這主要得益於最近在印度尼西亞和哥倫比亞的收購、意大利出貨的有利時機以及法國、波蘭、阿根廷、烏克蘭和全球免稅的增長。

These increases were partially offset, primarily by lower volume in Spain and Portugal and the unfavorable timing of shipments in Russia and Japan.

這些增長被部分抵消，主要是由於西班牙和葡萄牙的銷量下降以及俄羅斯和日本的出貨時間不利。

Excluding acquisitions, PMI cigarette shipment volume was up 0.8% in the second quarter.

不包括收購，PMI 捲菸出貨量在第二季度增長了 0.8%。

PMI's total tobacco volume, including 2.2 billion cigarette equivalent units of other tobacco products, grew 6% in the second quarter to 216.1 billion units.

PMI 的煙草總銷量，包括 22 億支香煙當量的其他煙草產品，在第二季度增長了 6%，達到 2161 億支。

Turning to a brief review of PMI's results from a regional perspective.

現在從區域角度簡要回顧一下 PMI 的結果。

In the European Union region, PMI's cigarette shipments were up 0.8%, as gains in France and Poland and the favorable timing of shipments in Italy were largely offset by declines in Spain and Germany and Portugal.

在歐盟地區，PMI 的捲煙出貨量增長了 0.8%，因為法國和波蘭的增長以及意大利出貨的有利時機在很大程度上被西班牙、德國和葡萄牙的下降所抵消。

PMI's cigarette market share in the European Union was 39.3%, down 0.2 points versus prior-year quarter, primarily reflecting Spain, while its share of total tobacco consumption, which includes cigarettes and other tobacco products, in the EU was 35.4%, an increase of 0.4 points.

PMI 在歐盟的捲煙市場份額為 39.3%，比去年同期下降 0.2 個百分點，主要反映西班牙，而其在歐盟煙草消費總量（包括捲菸和其他煙草產品）中的份額為 35.4%，比去年同期有所增加的 0.4 分。

In Spain, the total cigarette market declined 2.5%, which was essentially flat when adjusted for two less selling days in the second quarter of 2006.

在西班牙，捲菸市場總量下降了 2.5%，經 2006 年第二季度減少兩天的銷售天數調整後基本持平。

This performance reflects some recovery after the first quarter impact of the new tobacco law implemented on January 1st of this year.

這一業績反映了今年 1 月 1 日實施的新煙草法對第一季度影響後的一些復甦。

PMI's shipments in Spain were down 14.2% and market share, compared to the prior-year quarter, was down three points to 31.6%.

PMI 在西班牙的出貨量下降了 14.2%，市場份額與去年同期相比下降了 3 個百分點至 31.6%。

However, PMI's sequential market share, at approximately 32%, has been resilient over the past three quarters.

然而，PMI 的連續市場份額約為 32%，在過去三個季度中一直保持彈性。

In Spain, Marlboro's share of 16.7% in the second quarter was down 0.3 points, but it was Chesterfield and L&M in the medium and low-priced categories that accounted for most of PMI's market share loss compared to last year's second quarter.

在西班牙，萬寶路第二季度的市場份額為 16.7%，下降了 0.3 個百分點，但與去年第二季度相比，PMI 市場份額下降的主要原因是中低價類別的切斯特菲爾德和 L&M。

Their share declines reflects the repositioning of premium and mid-priced competitive brands to the low-priced segment, and the availability of competitive brands in the super-low segment priced at a euro 1.85 per pack of 20 cigarettes.

它們的份額下降反映了高端和中等價位競爭品牌向低價市場的重新定位，以及超低價市場競爭品牌的可用性，每包 20 支捲菸的價格為 1.85 歐元。

In this challenging environment, PMI continues to advocate an increase in the level of minimum excise tax in Spain to address the issue of very low price offerings.

在這個充滿挑戰的環境中，PMI 繼續主張提高西班牙的最低消費稅水平，以解決極低價格產品的問題。

While PMI's sequential market share trend in Spain is encouraging, recovery towards previous profitability levels will take time, and we believe that PMI's superb brand portfolio will, over time, steadily regain market share losses.

雖然 PMI 在西班牙的連續市場份額趨勢令人鼓舞，但恢復到之前的盈利水平需要時間，我們相信 PMI 卓越的品牌組合將隨著時間的推移穩步收復市場份額損失。

In Germany, we're very pleased with PMI's market share performance, which was up in the second quarter on both a sequential and year-over-year basis.

在德國，我們對 PMI 的市場份額表現感到非常滿意，該市場份額在第二季度環比和同比均有所上升。

Share of total tobacco consumption rose two points to 30.8%, representing sequential share growth for the third consecutive quarter.

佔煙草消費總量的份額上升了兩個百分點，達到 30.8%，連續第三個季度實現連續增長。

PMI's cigarette market share in Germany of 37.6% grew 0.7 points versus the prior-year quarter, driven by the growth of L&M.

在 L&M 的增長推動下，PMI 在德國的捲煙市場份額為 37.6%，比去年同期增長 0.7 個百分點。

In addition, PMI's share of total tobacco portions advanced 11 points versus the prior year to 25.1%.

此外，菲莫國際在煙草總份額中的份額比上年提高了 11 個百分點，達到 25.1%。

Recall that, as of April 1, 2006, tobacco portions in Germany can no longer be manufactured with favorable tax treatment.

回想一下，自 2006 年 4 月 1 日起，德國的煙草部分不能再享受稅收優惠待遇。

However, the retail availability of tobacco portions is expected to remain in the German market through the third quarter of this year.

然而，煙草部分的零售供應預計將在今年第三季度之前在德國市場保持。

Overall, 2006 is essentially a transition year for PMI in Germany, as the market for tobacco portions gradually ends, resulting in improved cigarette volume.

總的來說，2006 年基本上是德國 PMI 的過渡年，因為煙草部分市場逐漸結束，導致捲菸銷量增加。

PMI is actively reinforcing Marlboro with line extension and unique marketing and promotional activities to drive future volume and share growth.

PMI 通過產品線延伸和獨特的營銷和促銷活動積極加強萬寶路，以推動未來銷量和份額增長。

It has also successfully positioned L&M at a competitive price.

它還以具有競爭力的價格成功定位了 L&M。

In Italy, the total cigarette market declined 1.5%, primarily reflecting two less selling days versus the prior-year quarter.

在意大利，捲菸市場總量下降了 1.5%，主要是因為與去年同期相比，銷售天數減少了兩天。

PMI's reported shipment volume was up 19.8%, helped by the favorable timing of shipments, and market share rose 0.9 points to 53.6%.

得益於有利的發貨時機，PMI 報告的發貨量增長了 19.8%，市場份額上升了 0.9 個百分點至 53.6%。

Marlboro grew 0.5 points to 22.8% in the second quarter, and market share gains were also recorded by Chesterfield, Merit and the Philip Morris brand.

萬寶路在第二季度增長了 0.5 個百分點，達到 22.8%，切斯特菲爾德、梅里特和菲利普莫里斯品牌的市場份額也有所增長。

In France, PMI's business fundamentals continue to be very strong.

在法國，PMI 的業務基礎繼續非常強勁。

Cigarette shipments rose nearly 11% and share grew 1.1 point to 42.8%, driven by the continued success of Marlboro and the Philip Morris brand.

受萬寶路和菲利普莫里斯品牌持續成功的推動，捲菸出貨量增長近 11%，份額增長 1.1 個百分點至 42.8%。

Moving on to Eastern Europe, Middle East and Africa, shipments grew 0.6%, due mainly to continued gains in Ukraine and several North African markets, largely offset by lower shipments in Turkey and Russia.

接下來是東歐、中東和非洲，出貨量增長 0.6%，這主要是由於烏克蘭和幾個北非市場的持續增長，這在很大程度上被土耳其和俄羅斯的出貨量下降所抵消。

In Russia shipments were down 2.1% due to timing, while share was down 0.4 points to 26.6%.

在俄羅斯，由於時間原因，出貨量下降了 2.1%，而份額下降了 0.4 個百分點至 26.6%。

Importantly, consumers in Russia continue to trade up to PMI's premium brands.

重要的是，俄羅斯的消費者繼續購買 PMI 的高端品牌。

In market sales in Russia for our higher margin offerings, which include Marlboro, Parliament and Virginia Slims, were up a combined 10.3% in the second quarter.

我們在俄羅斯的高利潤產品（包括 Marlboro、Parliament 和 Virginia Slims）的市場銷售額在第二季度合計增長了 10.3%。

In Turkey, PMI shipments declined 4.3%, mainly due to low-price Bond Street.

在土耳其，PMI 出貨量下降 4.3%，主要是由於邦德街的低價。

However, market share grew 2.1 point to 42.6%, behind the strong performance of Lark.

然而，在 Lark 的強勁表現背後，市場份額增長了 2.1 個百分點至 42.6%。

In the Ukraine, shipments increased and share rose 0.6 points to 32.7%, fueled by the continued growth of Marlboro and Chesterfield.

在烏克蘭，出貨量增加，份額上升 0.6 個百分點至 32.7%，這得益於萬寶路和切斯特菲爾德的持續增長。

Turning to Asia, volume increase 20.5% reflecting the acquisition of Sampoerna Indonesia.

轉向亞洲，銷量增長 20.5%，反映了對 Sampoerna Indonesia 的收購。

Excluding the Sampoerna volume, shipment in Asia were down 2.4% due primely to a difficult comparison with the prior-year quarter in Japan.

不包括 Sampoerna 的銷量，亞洲的出貨量下降了 2.4%，這主要是由於與日本去年同期的比較困難。

In Japan, the total market grew 13.8% in the second quarter, reflecting trade purchasing ahead of a tax-driven price increase on July 1, 2006.

在日本，整個市場在第二季度增長了 13.8%，反映了在 2006 年 7 月 1 日稅收驅動的價格上漲之前的貿易採購。

PMI shipments were down 1.1 billion units because last year's second quarter benefited from the inventory build in advance of the Marlboro license return, partially offset by higher in-market sales of 12.7% in the second quarter of 2006, ahead of the tax increase.

PMI 出貨量下降了 11 億件，因為去年第二季度受益於萬寶路許可歸還之前的庫存積累，部分被 2006 年第二季度在稅收增加之前較高的市場銷售額 12.7% 所抵消。

PMI's market share of 24.4% was down 0.2 points.

PMI 的市場份額為 24.4%，下降了 0.2 個百分點。

Importantly, Marlboro's share in Japan was up 0.2 points to 9.8% behind the success of Marlboro Ultra Lights Menthol.

重要的是，萬寶路在日本的份額上升了 0.2 個百分點，達到 9.8%，落後於萬寶路 Ultra Lights Menthol 的成功。

Effective July 1, 2006, PMI passed on the tax increase in Japan of 20 yen per pack and it took additional ten yen a pack on approximately 35% of its portfolio.

自 2006 年 7 月 1 日起，PMI 轉嫁了日本每包 20 日元的增稅政策，並對其約 35% 的產品組合額外徵收每包 10 日元。

Overall, PMI's portfolio in Japan should be enhanced by these pricing moves in this highly important market.

總的來說，PMI 在日本的投資組合應該會因在這個非常重要的市場上的這些定價變動而得到增強。

Looking forward, we expect second half industry volume in Japan to be down approximately 15% compared to the same period last year, reflecting preprice increase trade purchasing in the second quarter and the impact of the July 1st price increase.

展望未來，我們預計日本下半年的行業銷量將比去年同期下降約 15%，反映出第二季度貿易採購的預價增長以及 7 月 1 日價格上漲的影響。

PMI's in-market sales will also be down, although more modestly, and the shipment volume -- and shipment volume will decline at a lower rate than experienced in the first half of this year.

PMI 的市場銷售也將下降，儘管下降幅度較小，而出貨量和出貨量的下降速度將低於今年上半年。

In Indonesia results are strong in the second quarter, with key brands [A Ajou], A Mild, Dji Sam Soe and Marlboro, all performing well.

在印度尼西亞，第二季度業績強勁，主要品牌 [A Ajou]、A Mild、Dji Sam Soe 和 Marlboro 均表現良好。

Market share for PMI's portfolio in Indonesia was 27.5%, up 1.9 points on a pro forma basis versus the prior-year quarter.

PMI 投資組合在印度尼西亞的市場份額為 27.5%，與去年同期相比增長 1.9 個百分點。

Turning to Latin America, PMI shipments were up 10.1%, driven by gains in Argentina and Mexico, and acquisition of Coltabaco in Columbia.

談到拉丁美洲，PMI 出貨量增長了 10.1%，這得益於阿根廷和墨西哥的增長以及對哥倫比亞 Coltabaco 的收購。

Excluding Coltabaco, shipments grew 6%.

不包括 Coltabaco，出貨量增長了 6%。

In Argentina, shipment growth and market share gains were robust, driven by the price repositioning of the Philip Morris brand and recent launch of Next.

在阿根廷，受菲利普莫里斯品牌的價格重新定位和最近推出的 Next 的推動，出貨量增長和市場份額增長強勁。

In Mexico, shipments rose 3.2% and market share was up 0.5 points to 62.8%, due to the continued momentum of Marlboro and Benson and Hedges.

在墨西哥，出貨量增長 3.2%，市場份額上升 0.5 個百分點至 62.8%，這得益於萬寶路和 Benson and Hedges 的持續增長勢頭。

Total Marlboro shipments in the quarter were down 2%, due mainly to the shipments in Japan and declines in Germany and Argentina, partially offset by the favorable timing by shipments in Italy and solid gains in France, Korea, Romania, Russia, Ukraine and worldwide duty-free.

本季度萬寶路總出貨量下降 2%，主要是由於日本的出貨量以及德國和阿根廷的下降，部分被意大利出貨量的有利時機和法國、韓國、羅馬尼亞、俄羅斯、烏克蘭和全球的穩步增長所抵消免稅。

Absent the timing factors in Japan and Italy, Marlboro cigarette shipments were essentially flat in the second quarter versus the same period a year ago.

排除日本和意大利的時間因素，萬寶路捲菸出貨量在第二季度與去年同期基本持平。

Importantly, Marlboro achieved solid share gains in many top-,income markets as mention in our news release.

重要的是，正如我們新聞稿中提到的那樣，萬寶路在許多高收入市場取得了可觀的份額增長。

In addition, PMI continues to broaden Marlboro's portfolio with the recent introduction of Marlboro's Wides in Portugal, France and Spain.

此外，PMI 繼續擴大萬寶路的產品組合，最近在葡萄牙、法國和西班牙推出了萬寶路廣味香煙。

By the end of this year, Marlboro Wides will be launched in a number of other PMI markets.

到今年年底，Marlboro Wides 將在其他一些 PMI 市場推出。

To sum up on PMI, we remain confident in the long-term growth potential of our international tobacco business.

總結 PMI，我們對我們國際煙草業務的長期增長潛力充滿信心。

We are particularly encouraged that the rates of decline in the EU cigarette industry, as well as PMI's in-market sales in that region, have been moderating over the last three years.

我們尤其感到鼓舞的是，歐盟捲菸行業的下滑速度以及 PMI 在該地區的市場銷售在過去三年中一直在放緩。

PMI continues to project approximately 4% to 5% volume growth and organic volume growth of about 1% in 2006, despite the challenges in Spain.

PMI 繼續預測 2006 年銷量增長約 4% 至 5%，有機銷量增長約 1%，儘管西班牙面臨挑戰。

On a constant currency basis, operating Company's income is forecast to increase in the mid single-digit range.

在固定匯率的基礎上，運營公司的收入預計將在中等個位數範圍內增長。

Let me now turn to our food business.

現在讓我談談我們的食品業務。

Kraft reported its results yesterday.

卡夫昨天公佈了結果。

Net revenues were up 3.4% to $8.6 billion, reflecting positive product mix, the impact of price increases and gains in Eastern Europe and Latin America, as well as solid growth in North America, partially offset by the impact of divestitures, as well as unfavorable currency of $32 million.

淨收入增長 3.4% 至 86 億美元，反映了積極的產品組合、東歐和拉丁美洲價格上漲和收益的影響，以及北美的穩健增長，部分被資產剝離的影響所抵消，以及不利的3200萬美元的貨幣。

Organic growth revenues rose 4.9% in the second quarter.

第二季度有機增長收入增長 4.9%。

Kraft's ongoing volume growth of 0.9% included gains in cheese, meats and coffee.

卡夫的銷量持續增長 0.9%，其中包括奶酪、肉類和咖啡的增長。

Volume growth also included an estimated one percentage point benefit from the shifting timing of Easter shipments versus last year.

銷量增長還包括因複活節出貨時間與去年相比發生變化而帶來的估計 1 個百分點的收益。

In addition, the impact of product item pruning and the discontinuation of select product lines represented approximately 2% of prior-year volume.

此外，產品項目修剪和部分產品線停產的影響約佔上一年銷量的 2%。

Kraft's operating income decreased 5.8% to $1.2 billion for the second quarter, due to higher asset impairment, exit and implementation costs.

由於資產減值、退出和實施成本增加，卡夫第二季度營業收入下降 5.8% 至 12 億美元。

However, excluding those costs and gains losses on the sales of businesses, operating income increased 9.3% and operating income margin increased to 16.6% from 15.7%.

然而，剔除這些業務銷售的成本和收益損失，營業收入增長了 9.3%，營業利潤率從 15.7% 增加到 16.6%。

To conclude, Altria's fundamentals continue to be strong in the second quarter, with good volume, share and income performance across our tobacco and food businesses.

總而言之，奧馳亞的基本面在第二季度繼續保持強勁，我們的煙草和食品業務的銷量、份額和收入表現良好。

Thank you.

謝謝。

I will now be happy to take your questions.

我現在很樂意回答您的問題。

Thank you. [OPERATOR INSTRUCTIONS] Our first question is from Chris Growe of A.G. Edwards.

謝謝。 [操作員說明] 我們的第一個問題來自 A.G. Edwards 的 Chris Growe。

Please go ahead.

請繼續。

Good morning, Dinny.

早上好，丁尼。

Good morning, Chris.

早上好，克里斯。

I just have a couple questions for you.

我有幾個問題要問你。

To lead off, you made some, I think, some helpful comments around the earnings guidance.

首先，我認為您圍繞收益指引發表了一些有益的評論。

But with the upside coming through with Kraft with, I calculate, a little higher -- a little bit more of a benefit from -- I'm sorry, a little less of a negative from currency and what seems to be some improved conditions in Spain, I'm surprised that the guidance didn't go much higher.

但隨著卡夫食品的上漲，我計算出，有點高 - 多一點的好處 - 我很抱歉，貨幣的負面影響有所減少，而且似乎有所改善西班牙，令我驚訝的是指導並沒有走高。

Is there an expectation for more aggressive reinvestment back in the business and, if so, is that PM USA, PMI?

是否期望對業務進行更積極的再投資，如果是，是 PM USA、PMI 嗎？

I'm just curious as to kind of your thinking on that.

我只是想知道你對此有何想法。

No, I think the situation is -- in Spain is largely unchanged, Chris, from our earlier guidance, and the same is true for Kraft.

不，我認為西班牙的情況基本上沒有變化，克里斯，從我們之前的指導來看，卡夫也是如此。

And, you know, as we said earlier in our -- in my prepared remarks, except for the three items, which are reported items, i.e., the UB gain, the Kraft -- the lower Kraft restructuring, and the higher allowance for the airline industry, besides those our guidance is unchanged.

而且，你知道，正如我們之前所說的——在我準備好的發言中，除了三個項目，這是報告的項目，即 UB 收益、Kraft——較低的 Kraft 重組，以及較高的津貼航空業，除此之外，我們的指導方針沒有改變。

You're right, currency could be favorable approximately $0.04 to $0.06, although the situation out there is pretty uncertain in terms of things around the world, and so we'd rather stay prudent there.

你是對的，貨幣可能有利大約 0.04 美元到 0.06 美元，儘管就世界各地的情況而言，那裡的情況相當不確定，所以我們寧願在那裡保持謹慎。

And then as I said, it could be the offset with higher tax rate.

然後正如我所說，它可能會被更高的稅率所抵消。

So, we really are very comfortable holding our guidance in this range of $5.40 to $5.50.

因此，我們真的很樂意將我們的指引維持在 5.40 美元至 5.50 美元的範圍內。

Okay, and then if I could ask a question on Spain.

好的，然後我可以問一個關於西班牙的問題。

Is there an expectation for another increase in the minimum reference price.

是否有再次上調最低參考價的預期。

If I recall, there was something following the -- I think it was after June 30th they were going to consider that minimum reference price.

如果我記得的話，我認為是在 6 月 30 日之後，他們將考慮最低參考價格。

Is that still the case, as far as you know?

據您所知，情況仍然如此嗎？

Well, it's certainly an expectation and we hope that it'll come through, but, you know it's up to the government of Spain.

好吧，這當然是一種期望，我們希望它能夠實現，但是，你知道這取決於西班牙政府。

They've got to make the decision, so we'll just have to wait and see.

他們必須做出決定，所以我們只能拭目以待。

Okay.

好的。

And my last question is on PM USA and basically your outlook for the division, in light of what seems to be a little more of an aggressive or a little more of a volume decline this quarter, is that perhaps fuel price related?

我的最後一個問題是關於 PM USA 的，基本上是你對該部門的展望，鑑於本季度似乎更激進或更多的銷量下降，這可能與燃料價格有關嗎？

And I know there's a number of large excise tax increases, at least in place or perhaps going to be in place.

而且我知道有許多消費稅大幅增加，至少已經到位或可能將要到位。

Are you a little more cautious on the outlook there for PM USA for the second half and into'07.

您是否對 PM USA 下半年和 07 年的前景更加謹慎？

The decline in the second quarter -- you know, as I said, the adjusted decline was about 2% and the state excise taxes this year are actually fairly benign.

第二季度的下降——你知道，正如我所說，調整後的下降約為 2%，今年的州消費稅實際上相當溫和。

The problem, of course, with state excise taxes is going to be next year, when we expect the effective increases in Texas to go through.

當然，州消費稅的問題將在明年出現，屆時我們預計得克薩斯州的有效增長將得以實現。

And then there are a number of ballot initiatives, including California, which we'll find out about in November.

然後是一些投票倡議，包括加利福尼亞州，我們將在 11 月了解這些倡議。

And, you know, we hope that doesn't go through, but if that does go through, that could have quite a significant impact on state excise taxes and, therefore, the price of cigarettes in 2007.

而且，你知道，我們希望這不會通過，但如果真的通過了，那可能會對州消費稅產生相當大的影響，因此也會影響 2007 年的捲煙價格。

Okay.

好的。

Was there any fuel price hit, as you see it, to even your underlying volume this quarter?

如您所見，本季度您的基礎銷量是否受到燃料價格的影響？

The only thing we're noticing is that there are lower retail inventories at certain outlets because of the higher prices of fuel.

我們唯一注意到的是，由於燃料價格上漲，某些商店的零售庫存減少了。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question is from David Adelman from Morgan Stanley.

我們的下一個問題來自摩根士丹利的大衛阿德爾曼。

Please go ahead.

請繼續。

Good morning, Dinny.

早上好，丁尼。

Hi, David.

嗨，大衛。

Dinny, I'm curious.

丁尼，我很好奇。

Following the Florida Supreme Court's Engel ruling, is there anything incremental you can tell us about the anticipated timing of a Kraft spin-off?

根據佛羅里達州最高法院的恩格爾裁決，您是否可以告訴我們有關卡夫分拆的預期時間的任何增量？

David, as a matter of course we do not discuss litigation issues on these calls.

大衛，當然，我們不會在這些電話會議上討論訴訟問題。

However, I'll make this one statement, and then I'm not going to answer any more questions regarding this matter.

但是，我只做一次聲明，然後我不會再回答有關此事的任何問題。

I just say I repeat that we're fully committed to the restructuring of the Company.

我只是說我重申，我們完全致力於公司的重組。

And although the Engel verdict removes one major roadblock, as Louie Camilleri, our Chairman and CEO, has said, the board of directors will take into account the litigation landscape, including the DOJ case, before making its decision.

儘管 Engel 的判決消除了一個主要障礙，正如我們的董事長兼首席執行官 Louie Camilleri 所說，董事會在做出決定之前將考慮訴訟形勢，包括 DOJ 案件。

And that's all I can say at this stage, David, and in fact, I'm not going to take any more questions on this.

這就是我在這個階段所能說的，大衛，事實上，我不會再回答這個問題了。

Okay.

好的。

Secondly, Dinny, the press release references concern about the global economy;

其次，Dinny，新聞稿提到了對全球經濟的擔憂；

Louie has a quote referencing this.

Louie 引用了這句話。

And I'm just curious, at this point in time, is that evident in any of the major business units in any of the major markets?

我很好奇，在這個時間點，這在任何主要市場的任何主要業務部門中是否都很明顯？

Or is that more of a cautionary comment, going forward.

或者這更像是一個警告性的評論，向前看。

It is a cautionary comment, going forward.

這是一個警告性的評論，向前看。

Okay.

好的。

Thirdly, the tobacco portion volume in Germany being down during the second quarter, is that an evidence of certain brands and certain manufacturers starting to deplete their stocks?

第三，第二季度德國的煙草份量下降，是否表明某些品牌和某些製造商開始耗盡庫存？

Yes.

是的。

Actually what happened is that the volume of tobacco portions fell about 1.8 billion units in the second quarter compared to the first quarter, and that actually reflected depletion of private-label tobacco portions.

實際上，與第一季度相比，第二季度煙草部分的數量下降了約 18 億單位，這實際上反映了自有品牌煙草部分的消耗。

And we're finding that most of those smokers -- smokers who are smoking the private-label, tobacco portions, are moving to make-your-own and roll-your-own products, as well as Cigarellos.

我們發現，大多數吸煙者——吸自有品牌煙草的吸煙者，正在轉向自製和卷製產品，以及小雪茄。

So for example, we found that, in the second quarter of this year, that the share of fine-cut, which is running at about 13.5% of total consumption, is now up to 15.5% of total consumption.

因此，例如，我們發現，在今年第二季度，精切的份額大約佔總消費量的 13.5%，現在高達總消費量的 15.5%。

And filter Cigarellos are also growing fairly rapidly and have increased their share from 2% in the first quarter to about 2.5% in the second quarter.

過濾嘴雪茄的增長也相當迅速，其份額從第一季度的 2% 增加到第二季度的約 2.5%。

Okay, and then two other quick things, Dinny.

好的，然後是另外兩件事，Dinny。

I think in the first quarter, Spain was 400 basis point drag on the rate of operating profit growth.

我認為在第一季度，西班牙的營業利潤增長率被拖累了 400 個基點。

Was that a similar adverse impact in the second quarter?

第二季度是否有類似的不利影響？

Yes, about the same, David.

是的，差不多，大衛。

Lastly, Dinny, can you comment on the pace of your retail market growth share in Japan?

最後，Dinny，您能否評論一下您在日本零售市場份額的增長速度？

If you went back several years ago, you used to gain share in that market, perhaps 100 basis points a year, and that's slowed over time, and in this quarter, as well.

如果你回到幾年前，你過去常常在那個市場上獲得份額，每年可能增加 100 個基點，而且隨著時間的推移，這個份額也在放緩，在本季度也是如此。

I'm just curious, you know, on your observations on what's happening in that market and with the Marlboro take-back, you're gaining share, but are there realistic opportunities to accelerate pace of share growth?

我只是很好奇，你知道，根據你對該市場正在發生的事情的觀察以及萬寶路回收，你正在獲得份額，但是否有加快份額增長步伐的現實機會？

Yes, I think there are, David.

是的，我想有，大衛。

Actually, if you look at the history in Japan, there have been periods when we've grown faster and there have been periods where we've grown slower, and it's got a lot to do with the, you know, timing of introduction of new brands, relative to competition.

實際上，如果你看看日本的歷史，有我們發展得更快的時期，也有我們發展得更慢的時期，這與引入時間有很大關係。相對於競爭的新品牌。

And, you know, I think we're at -- we're at one of those sort of parts of the cycle where our share growth is not as strong as we'd like it to be.

而且，你知道，我認為我們正處於——我們正處於週期中我們的份額增長不如我們希望的那樣強勁的階段之一。

But we're getting ready in Japan with some interesting initiatives, and I think you'll see in the next few quarters our market share growing.

但我們正準備在日本推出一些有趣的舉措，我想你會在接下來的幾個季度看到我們的市場份額不斷增長。

And I'm pretty confident that, for the year, our share is going to be ahead of 2005.

我非常有信心，今年我們的份額將超過 2005 年。

Sure.

當然。

Okay.

好的。

Thank you very much.

非常感謝。

Thanks, David.

謝謝，大衛。

Our next question is from Bonnie Herzog of Citigroup.

我們的下一個問題來自花旗集團的邦妮赫爾佐格。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, Dinny.

早上好，丁尼。

Hi, Bonnie.

嗨，邦妮。

Hi.

你好。

I just had a couple of questions on the U.S. business and then maybe a couple on your international business.

我剛剛有幾個關於美國業務的問題，然後可能有幾個關於你的國際業務的問題。

First, is there -- or can you share with us any feedback you've received on the launch of Tabaka - it's hard for me to pronounce that -- in your test market?

首先，在您的測試市場中是否有——或者您能否與我們分享您在推出 Tabaka 時收到的任何反饋——我很難說出來？

And then, how are you merchandising this product in the stores?

然後，您如何在商店中銷售該產品？

And I'm curious to know if you have any deadline as to when you might make a decision to potentially launch the product nationally?

我很想知道您是否有關於何時可以決定在全國范圍內推出該產品的最後期限？

And what is the status of your moist smokeless organic interaction?

您的潮濕無菸有機互動的狀態如何？

Taboka.

塔博卡。

Yes, thank you.

是的，謝謝。

It's been -- it's actually been too recently launched, Bonnie, for us to make any prediction.

它已經 - 它實際上是最近推出的，Bonnie，我們無法做出任何預測。

It is being merchandised in the cigarette section of the counter, and we make -- this is a -- like in any test market, it's an opportunity to learn, to see how consumers react to this, how they like the taste, et cetera.

它在櫃檯的香煙區銷售，我們製造——這是——就像在任何測試市場一樣，這是一個學習的機會，看看消費者對此有何反應，他們喜歡這種味道等等.

And we're going to study it, and at an appropriate time we'll make a decision whether to take it to, you know, other test markets or whether to spread it regionally or nationally.

我們將對其進行研究，並在適當的時候做出決定，是將其帶到其他測試市場，還是在區域或全國范圍內推廣。

But we -- it's too far away from that point.

但是我們 - 離那一點太遠了。

What is the third part of your question?

你的問題的第三部分是什麼？

Well, the last part was I'd like to hear status of your moist smokeless organic introduction.

好吧，最後一部分是我想听聽您介紹濕潤無菸有機產品的情況。

Sorry, I didn't hear it.

對不起，我沒聽到。

Sorry, Dinny.

對不起，丁尼。

The status of your moist smokeless organic introduction.

您的潮濕無菸有機介紹的狀態。

Where are you at and when can we expect to hear more about it?

你在哪裡，我們什麼時候可以聽到更多關於它的信息？

We have no plans at this stage, Bonnie.

邦妮，我們現階段沒有計劃。

Okay.

好的。

All right.

好的。

And, again, just in terms of the test market, you're thinking six months to year when you say analyzing how -- the success of this, when you say several months away.

而且，再次，就測試市場而言，當你說分析如何成功時，你正在考慮六個月到一年 - 當你說幾個月後。

Correct?

正確的？

That's a fair assumption.

這是一個合理的假設。

Okay.

好的。

I'd like to ask a broader question on the U.S. business.

我想問一個關於美國企業的更廣泛的問題。

How do you feel about the health of the cigarette market for PM USA specifically, I guess, given the ongoing higher tax increases -- although I heard your statements about you think it's benign -- but the increased smoking ban, you know, the possible increased competition from Reynolds, and the current price gap.

您對美國總理捲菸市場的健康狀況有何看法，我想，鑑於持續增加的稅收——雖然我聽到你說你認為這是良性的——但增加禁煙令，你知道，可能來自 Reynolds 的競爭加劇，以及當前的價格差距。

Are you more concerned about top-line growth for PM USA going forward, given these issues, or are you simply planning on changing your portfolio mix, meaning shifting into other parts of the tobacco industry in effort to boost PM USA's top line?

鑑於這些問題，您是否更關心 PM USA 未來的收入增長，或者您只是計劃改變您的投資組合，這意味著轉向煙草行業的其他部分以努力提升 PM USA 的收入？

No, I think -- look, the bulk of our business is the cigarette business, and we're doing very well in the cigarette business.

不，我認為 - 看，我們的大部分業務是捲菸業務，而且我們在捲菸業務方面做得很好。

Our market share growth for the quarter was 0.5 share point.

本季度我們的市場份額增長了 0.5 個份額點。

I think that's terrific in this very highly competitive business.

我認為這在這個競爭非常激烈的行業中非常棒。

Our strategies are working, and we really don't have any plan to change that strategy.

我們的戰略正在發揮作用，我們真的沒有任何改變該戰略的計劃。

Now, as far as -- as I mentioned, the state excise taxes per pack are roughly about $0.88 on a weighted average basis at the moment.

現在，就我提到的而言，目前每包州的消費稅在加權平均基礎上約為 0.88 美元。

And we expect that, for the year, they're going to come out at somewhere around $0.90 a pack.

我們預計，今年它們的售價將在每包 0.90 美元左右。

But as I mentioned earlier, to Chris's question, next year there are potential major increases, which could affect the size of the total industry, and, therefore, PMI -- PM USA's volume.

但正如我之前提到的，對於克里斯的問題，明年可能會出現大幅增長，這可能會影響整個行業的規模，從而影響 PMI——美國 PM 的數量。

I mean that, Dinny, with all due respect that that could continue for the next three to five years.

我的意思是，Dinny，恕我直言，這可能會在未來三到五年內持續下去。

I mean, I don't -- or do you foresee this ever going away or the -- so the smoking bans for the most part, quite frankly, have been implemented in many of the major cities already.

我的意思是，我沒有——或者你是否預見到這種情況會消失或——所以坦率地說，大部分禁煙令已經在許多主要城市實施。

Just trying to get a sense from you how you feel about the state of the business?

只是想從您那裡了解您對業務狀況的看法？

I know consumption has been declining for what now, 30, 35 years, and that is probably going to continue, so it makes sense you're moving into other parts of tobacco.

我知道消費量在過去 30 年、35 年內一直在下降，而且這種情況可能會持續下去，所以你轉向煙草的其他領域是有道理的。

I think that's your strategy, even though cigarettes will always be the core.

我認為這是你的策略，儘管香煙永遠是核心。

Yes.

是的。

Is that fair?

這公平嗎？

And we've said -- we've spoken about a [JS&C] strategy in that regard.

我們已經說過——我們已經談到了這方面的 [JS&C] 戰略。

And once again coming back to the size of the cigarette industry, it has been declining between 1% and 2%, as you say, for a long time.

再次回到捲菸行業的規模，正如您所說，很長一段時間以來一直在下降 1% 到 2%。

The current rate of decline is sort of closer, I think, to 2%.

我認為目前的下降速度更接近 2%。

But I think the industry is still in pretty solid shape.

但我認為該行業仍處於相當穩固的狀態。

Okay.

好的。

And then just in terms of pricing, which I'm not even going to touch on, but I just want to ask about the price gap, so you're still okay with where the price gap is?

然後就定價而言，我什至不打算談這個，但我只想問一下價格差距，所以你仍然認為價格差距在哪裡？

Yes, yes.

是的是的。

I think the price gap is just fine.

我認為價格差距剛剛好。

All right.

好的。

Now quickly into PMI, internationally Marlboro shipments declined 2% -- as is stated in the press release -- during the quarter, primarily due to the timing of shipments in Japan, as well as the lower volume in Germany and Argentina.

現在很快進入採購經理人指數，國際萬寶路出貨量下降了 2%——正如新聞稿中所述——在本季度，主要是由於日本的出貨時間以及德國和阿根廷的銷量下降。

Now, excluding these issues, would Marlboro shipment volume have been up?

現在，排除這些問題，萬寶路的發貨量會增加嗎？

Yes, it would have been up slightly.

是的，它會略有上升。

Okay.

好的。

All right.

好的。

Now, but if you think about it just being up slightly, should we think about the future of Marlboro internationally, which is such an incredible brand franchise?

現在，但如果你認為它只是略有上升，我們是否應該考慮國際萬寶路的未來，這是一個如此令人難以置信的品牌特許經營權？

Will we hear more and see more from that business, in terms of innovation to leverage the brand equity further, like Marlboro Wides, once PMI is separated or spun off?

一旦 PMI 被分離或剝離，我們是否會從該業務中聽到更多並看到更多，在創新方面進一步利用品牌資產，如 Marlboro Wides？

Do you think that's when we're going to hear more news?

你認為那是我們會聽到更多消息的時候嗎？

Are you waiting?

你在等嗎？

I think PMI, regardless of whether it's, you know, part of Altria or on its own, is always going to be have tremendous focus on Marlboro.

我認為 PMI，無論它是奧馳亞的一部分還是獨立的，總是會非常關注萬寶路。

It's a great brand, as you say, and in fact, I was just looking at some numbers the other day.

正如你所說，這是一個偉大的品牌，事實上，前幾天我只是在看一些數字。

If you look at the period 2002 to 2005, the three-year period, Marlboro's volume has declined a bit, but it's gone from 326 billion units to 322 billion units in that three-year period, and this is in a time when there've been huge reductions in the cigarette market and tremendous upheaval in some of the EU markets.

如果你看一下 2002 年到 2005 年這三年期間，萬寶路的銷量略有下降，但在這三年期間從 3260 億件減少到 3220 億件，而且這個時期有捲菸市場大幅減少，一些歐盟市場發生巨大動盪。

And despite that, Marlboro's performance has held pretty steady over this period.

儘管如此，萬寶路的業績在此期間一直保持穩定。

And for a a premium brand, that's really a terrific performance.

對於一個高端品牌來說，這確實是一個了不起的表現。

But in my view, after also talking with Andre, I think there's just so much more potential, especially if you implement new packaging, possibly new line extensions on this brand, again to increase the visibility not -- or brand equity, to leverage that.

但在我看來，在與安德烈交談之後，我認為還有更多的潛力，特別是如果你實施新包裝，可能是這個品牌的新產品線延伸，再次提高知名度而不是 - 或品牌資產，以利用它.

I think you're right, and that's what we're doing with Marlboro Wides and a number of other initiatives that we have.

我認為你是對的，這就是我們對萬寶路威士忌所做的以及我們擁有的許多其他舉措。

And that we'll hear more about, when you say number of initiatives, we still have not heard everything, right?

而且我們會聽到更多，當你說倡議的數量時，我們還沒有聽到所有的事情，對吧？

Exactly.

確切地。

You haven't.

你沒有。

Right.

正確的。

Final quick question on your German business.

關於您的德國業務的最後一個快速問題。

Your total shipment volume was up and you're taking share.

你的總出貨量增加了，你正在分享。

And, again, I think you mentioned that it's primarily due to the strength in the portions business.

而且，我想你再次提到這主要是由於部分業務的實力。

So I'm thinking about it as you look forward in the second half, what are you expecting for your business in this country?

所以我在考慮下半年，您對您在這個國家的業務有何期待？

Do you expect it to get worse, since you are no longer shipping portions, again due to the favorable tax conditions in Germany?

您是否預計情況會變得更糟，因為您不再運輸部分，同樣是由於德國的優惠稅收條件？

And then, also, where do you expect these main portions smokers to trade to, -- I think you mentioned some of them are shifting into the make-your-own, roll-your-own business -- or are you seeing them possibly shift to the deep-discount cigarette segment?

然後，您還希望吸煙者將這些主要部分交易到哪裡——我想你提到他們中的一些人正在轉向自己製作、自己卷製的業務——或者你是否可能看到他們轉向超低折扣捲菸市場？

Just trying to get a feel for it.

只是想感受一下。

I'm pretty confident that our share of the cigarette segment in Germany will be up against last year in the second half and of -- obviously for the full year.

我非常有信心，我們在德國捲菸市場的份額將在下半年與去年持平——顯然是全年。

As far as the portion smokers will be coming back to, you know, other tobacco products, including cigarettes in -- by the end of the third quarter.

至於吸煙者將在第三季度末返回到其他煙草產品，包括香煙的部分。

I think we'll get more than our fair share of the bounce-back from portion.

我認為我們將獲得比我們應得的部分反彈更多的份額。

And we want them to go back to the right type of cigarettes, correct?

我們希望他們回到正確類型的香煙，對嗎？

Yes.

是的。

Thank you so much for your time.

非常感謝您的參與。

Thank you.

謝謝。

Our next question is from Marc Greenberg of Deutsche Bank.

我們的下一個問題來自德意志銀行的馬克格林伯格。

Please go ahead.

請繼續。

Good morning, Dinny.

早上好，丁尼。

My question relates to the use of capital.

我的問題與資本的使用有關。

In the past you indicated that there's some technical factors relating to the spin that somewhat restrict the balance sheet.

過去你曾表示，有一些與旋轉相關的技術因素在一定程度上限制了資產負債表。

I'm wondering if you could caulk about that three ways.

我想知道你是否可以通過這三種方式來解決問題。

First, with Kraft completing the United Biscuits transaction this week, is Kraft's book value at the point where we might see a new and different level of activity at Kraft?

首先，隨著卡夫本週完成對聯合餅乾的交易，卡夫的賬面價值是否達到了我們可能會看到卡夫出現新的、不同水平的活動的程度？

Second, can you talk about your Altria Corp availability for outside resources of capital, things, things like paper, in light of the favorable outcome in the price case?

其次，鑑於價格案例中的有利結果，你能否談談你的奧馳亞公司對外部資本資源、事物、紙張等事物的可用性？

And finally, any update that you might provide on the resumption of share repurchase would be very helpful.

最後，您可能提供的關於恢復股票回購的任何更新都將非常有幫助。

Thank you.

謝謝。

Well, Marc, for the foreseeable future, really, I can't see much change in capital structure.

嗯，馬克，在可預見的未來，真的，我看不到資本結構有太大變化。

As far as share buy-backs are concerned, we've sort of consistently said over the past many quarters that we have no plan to buy back shares.

就股票回購而言，我們在過去多個季度一直表示我們沒有回購股票的計劃。

And, in fact, our guidance, you know, obviously doesn't include any share buy-back.

而且，事實上，您知道，我們的指導顯然不包括任何股票回購。

I don't think the -- the UB acquisition at Kraft, it has any direct impact with regard to their capital structure.

我不認為——UB 在卡夫的收購，對他們的資本結構有任何直接影響。

So I think my answer to your question is that really there is no change for the foreseeable future in terms of capital structure.

所以我想我對你問題的回答是，在可預見的未來，資本結構確實沒有變化。

Thank you.

謝謝。

Okay.

好的。

Our next question is from Judy Hong from Goldman Sachs.

我們的下一個問題來自高盛的 Judy Hong。

Please go ahead.

請繼續。

Hi, Dinny.

嗨，丁尼。

Hi, Judy and congratulations.

嗨，朱迪，祝賀你。

Thank you.

謝謝。

This first question of PMI, if I look at the operating profit acquisition and constant currency basis, it was up 4.9%, with volume being up .8%, if you take out acquisitions, which seems that you've got pretty good -- you've gotten pretty good operating leverage in the second quarter versus the first quarter.

PMI 的第一個問題，如果我看一下營業利潤收購和固定貨幣基礎，它增長了 4.9%，成交量增長了 0.8%，如果你不考慮收購，這似乎很好——與第一季度相比，您在第二季度獲得了相當不錯的運營槓桿。

Can you just talk about the factors which drove that in the second quarter?

您能談談推動第二季度增長的因素嗎？

Well, I think the major factor that drove that in the second quarter is that we did better in the EU, compared to the first quarter.

好吧，我認為推動第二季度增長的主要因素是與第一季度相比，我們在歐盟的表現更好。

I think that would be the major driving factor.

我認為這將是主要的驅動因素。

That wasn't coming from Spain, though, is that correct?

不過，那不是來自西班牙，對嗎？

Because I think you said Spain for the full year, the outlook remains largely unchanged?

因為我認為你說的是西班牙全年，前景基本保持不變？

Yes, it came from most of the other EU markets, despite Spain falling.

是的，它來自大多數其他歐盟市場，儘管西班牙下跌。

Okay, so basically you've gotten better geographic mix in the second quarter versus the first quarter?

好吧，基本上你在第二季度比第一季度獲得了更好的地理組合？

That's right.

這是正確的。

Okay.

好的。

The second questions, just looking at Russia, I think this is the second quarter in a row where volume was weak, and I think you mentioned in the press release that it was somewhat related to the inventory situation there.

第二個問題，只看俄羅斯，我認為這是連續第二個季度銷量疲軟，我想你在新聞稿中提到這與那裡的庫存情況有些相關。

Can you just give us a little bit more color in terms of what's going on in that market, both related to the trade inventory movement as well as at the consumer level?

你能否就該市場正在發生的事情給我們更多的顏色，既與貿易庫存變動有關，又與消費者層面有關？

Yes.

是的。

Actually you're right.

其實你是對的。

Shipments were down 2.1%.

出貨量下降了 2.1%。

But if you looked at in-market sales in the second quarter, they were up 3%.

但如果你看一下第二季度的市場內銷售額，就會發現它們增長了 3%。

And market share was down 0.4 points to 26.6%, but this was due to losses we had in our lower-margin products, particularly Apollo Soyuz and our Optima, which are at the lowest end of the market, and we also had a loss -- small market share loss with L&M.

市場份額下降 0.4 個百分點至 26.6%，但這是由於我們的低利潤產品出現虧損，尤其是處於市場最低端的阿波羅聯盟號和我們的 Optima，我們也有虧損 - - L&M 的市場份額損失很小。

But our premium and medium-priced products, including Chesterfield, Parliament and Marlboro and Virginia Slims, are all doing well and all growing.

但我們的高端和中等價位產品，包括 Chesterfield、Parliament 和 Marlboro 以及 Virginia Slims，都表現良好，而且都在增長。

So we're improving our mix in Russia, but we're losing share because we have this pretty big tail of local, low-priced brands, where the price competition is very significant.

因此，我們正在改善我們在俄羅斯的產品組合，但我們正在失去市場份額，因為我們擁有大量本地低價品牌，價格競爭非常激烈。

Okay.

好的。

And then just a final question of PM USA, if you look at your overall market share -- in looking at the retail data, your overall market share is up about 0.5 points.

然後是 PM USA 的最後一個問題，如果你看一下你的整體市場份額——看看零售數據，你的整體市場份額上升了大約 0.5 個百分點。

But within the premium segment I think your share is up only 0.1 point in the second quarter.

但在高端細分市場中，我認為您的份額在第二季度僅上升了 0.1 個百分點。

Can you just talk about how we should think about your overall market share versus just looking at your share of the premium segments?

你能談談我們應該如何考慮你的整體市場份額，而不是只看你在高端細分市場中的份額嗎？

Is this 0.1 share point gain in the premium segment concerning?

這 0.1 個份額點的收益與高端市場有關嗎？

Would you like to see stronger share growth within the premium segment?

您希望看到高端細分市場的份額增長更強勁嗎？

Well, we'd like to see stronger share growth within the premium segment.

好吧，我們希望看到高端市場份額增長更強勁。

You have to remember that the -- all the competition is in the premium segment, and if you look at our two main competitors, they're both concentrating on the premium segment.

你必須記住——所有的競爭都在高端市場，如果你看看我們的兩個主要競爭對手，他們都專注於高端市場。

That's where most of the promotion is.

那是大多數促銷活動的地方。

That's where most of the selling efforts are.

這是大多數銷售努力的地方。

And to eke out a 0.1 share, when we already have 62% of that segment, is pretty good.

當我們已經擁有該細分市場的 62% 時，勉強獲得 0.1 的份額是相當不錯的。

Okay.

好的。

Thanks, Dinny.

謝謝，丁尼。

Okay.

好的。

Thanks, Judy.

謝謝，朱迪。

Our next question is from Christine Farkas of Merrill Lynch.

我們的下一個問題來自美林證券的 Christine Farkas。

Please go ahead.

請繼續。

Thank you very much.

非常感謝。

Good morning, Dinny.

早上好，丁尼。

Hi, Christine.

嗨，克里斯汀。

Back to your comments, I guess, in your press release about the concerning global economic outlook.

回到你的評論，我想，在你的新聞稿中有關全球經濟前景的評論。

Was this really in reference to your outlook for potential currencies, because we're not seeing lot of down-trading in your emerging markets.

這真的是關於您對潛在貨幣的展望，因為我們沒有看到您的新興市場有很多下跌交易。

So I'm just wondering if you could perhaps clarify why that outlook is a concern and how that would impact your view of PMI or, potentially, PM USA?

所以我只是想知道你是否可以澄清為什麼這種前景令人擔憂，以及這將如何影響你對 PMI 或 PM USA 的看法？

Well, you know, clearly all one reads today, based on what, you know, everyone is reading today, the situation around the world is pretty unsettled in some parts of the world, politically, and economically there are issues, particularly with regard to currency in a number of emerging markets.

好吧，你知道，很明顯，今天所有人都在閱讀，基於你知道，今天每個人都在閱讀的內容，世界各地的局勢在世界某些地區相當不穩定，在政治和經濟上存在問題，特別是關於許多新興市場的貨幣。

So that's basically what we were referring to when we talked about the global situation.

所以這基本上就是我們在談論全球形勢時所指的。

Okay.

好的。

So then, is it fair to say then, that down-trading trends in emerging markets are not all that apparent and have certainly have not worsened?

那麼，可以公平地說，新興市場的下跌趨勢並不是那麼明顯，而且肯定沒有惡化嗎？

No, we didn't want to give that impression.

不，我們不想給人這樣的印象。

Okay.

好的。

Terrific.

了不起。

If you can just spend a little bit of time on Turkey.

如果你能花一點時間在土耳其。

Clearly the volume comparisons are getting tougher there.

顯然，那裡的體積比較變得越來越困難。

Can you talk a little bit about the product mix and perhaps the prospects for Marlboro in that market?

您能談談產品組合以及萬寶路在該市場的前景嗎？

Yes, the situation in Turkey is that the total market has slowed down this year -- the growth of the total market has slowed down this year because we took a significant -- I mean, the industry took significant price increases last year, and that slowed down the total market.

是的，土耳其的情況是今年整個市場已經放緩——今年整個市場的增長已經放緩，因為我們採取了顯著的——我的意思是，該行業去年價格大幅上漲，而且放慢了整個市場。

But our market share in Turkey is growing well.

但我們在土耳其的市場份額增長良好。

I think it was up over two share points compared to the same quarter last year.

我認為與去年同期相比，它增加了兩個以上的份額。

We are very well positioned in Turkey.

我們在土耳其處於非常有利的位置。

We have Parliament and Marlboro in the premium-price category, and then we have Chesterfield and L&M in the mid-priced category, and then we have Lark and Bond Street in the low-priced category, so we have a terrific portfolio.

我們有 Parliament 和 Marlboro 屬於高端價格類別，然後我們有 Chesterfield 和 L&M 屬於中等價格類別，然後我們有 Lark 和 Bond Street 屬於低價類別，所以我們有一個很棒的產品組合。

We have a market share of well over 42%, and I think the slow-down in the total market is temporary and is the result, as I said, of the price increases we took last year.

我們的市場份額遠遠超過 42%，我認為整個市場的放緩是暫時的，正如我所說，這是我們去年提價的結果。

We expect the market to resume its growth, and with that will come volume increases.

我們預計市場將恢復增長，隨之而來的是交易量的增加。

Okay.

好的。

Moving on to Japan, can you just clarify, then, I guess when the year-over-year distributor pattern will normalize?

轉到日本，你能澄清一下嗎，我猜年同比分銷模式何時會正常化？

Will that be somewhere in the third quarter?

那會在第三季度的某個地方嗎？

Yes, it will be in the third quarter.

是的，將在第三季度。

Okay.

好的。

Moving on just quickly to -- well, I guess as a broader question, could you tell us, given that repayment in the quarter, what your equity value in the tobacco -- in your tobacco segment would be?

快速進入 - 好吧，我想作為一個更廣泛的問題，你能告訴我們，考慮到本季度的還款，你在煙草部門的股權價值是多少？

Yes, at the end of the second quarter -- at the end of the second quarter our equity -- this is Altria ex-Kraft, was $11.6 billion compared to $8.9 billion at the end of last year and $6.8 billion at the end of the second quarter last year.

是的，在第二季度末 - 在第二季度末我們的股權 - 這是奧馳亞前卡夫，為 116 億美元，而去年年底為 89 億美元，今年年底為 68 億美元去年第二季度。

Okay.

好的。

And final question.

最後一個問題。

Again I guess back to the economic outlook, certainly the premium volumes in the U.S. speak for themselves and seem to be winning share.

我想再次回到經濟前景，當然美國的保費量不言自明並且似乎正在贏得份額。

I guess within pockets of the U.S., are you seeing any evidence that higher energy prices or economic fears are actually impacting on the product mix or resulting in some down-trading, perhaps in the collective states?

我想在美國的口袋裡，你是否看到任何證據表明能源價格上漲或經濟擔憂實際上正在影響產品組合或導致一些降價交易，也許是在集體州？

We're not seeing any evidence of that, Christine.

我們沒有看到任何證據，克里斯汀。

I'm not saying that that may not be happening in certain parts of the United States, but my knowledge is not that comprehensive to be able to give you that kind of detail.

我並不是說在美國的某些地區可能不會發生這種情況，但我的知識還不夠全面，無法為您提供那種細節。

But I'd say, overall, the mix is not being affected.

但我想說，總的來說，組合沒有受到影響。

In fact, the premium segment is continuing to grow and the discount segment is declining.

事實上，高端市場正在持續增長，而折扣市場正在下降。

All right, thanks.

好的，謝謝。

Thanks for that, Dinny.

謝謝你，丁尼。

Thank you, Christine.

謝謝你，克里斯汀。

Our next question is from Ann Gurkin from Davenport.

我們的下一個問題來自達文波特的 Ann Gurkin。

Please go ahead.

請繼續。

Good morning, Dinny.

早上好，丁尼。

Hi, Ann.

嗨，安。

I want to start in Brazil where I understand your share is flat, and what is your strategy in Brazil?

我想從巴西開始，我知道你的份額持平，你在巴西的戰略是什麼？

Our share in Brazil is flat, you're right.

我們在巴西的份額持平，你是對的。

Has been flat for 35 years and our strategy is to keep plugging away.

35 年來一直持平，我們的策略是繼續努力。

We will certainly figure out a way of growing in Brazil.

我們一定會找到在巴西發展的方法。

It's not easy.

這並不容易。

We've had, you know, a strong competitor there entrenched for many years.

你知道，我們有一個強大的競爭對手在那裡盤踞多年。

And all I can tell you is we've got the patience, we've got the resilience and we've got the resources to just continue.

我只能告訴你的是，我們有耐心，有韌性，有資源繼續前進。

Okay.

好的。

Switching to Germany and the other tobacco segments.

轉向德國和其他煙草市場。

Will we see you'll step-up innovation in products for that segment or will you acquire brands to move into that segment?

我們會看到您會加強該細分市場的產品創新，還是會收購品牌以進入該細分市場？

Are you happy with the your mix of your portfolio right now in Germany?

您對目前在德國的組合感到滿意嗎？

We're happy with our mix of our portfolio in Germany.

我們對我們在德國的投資組合感到滿意。

We're well represented, obviously.

顯然，我們有很好的代表。

We've got a good lock on the premium segment and we've now got a competitive brand with L&M in the - -in the lower-priced segment, so I think we're positioned in Germany.

我們已經很好地鎖定了高端市場，現在我們在低價市場上有了一個與 L&M 競爭的品牌，所以我認為我們定位在德國。

Okay.

好的。

And then I saw a news story that British supermarket, [Azahazray], in September is going to implement a minimum purchase age of 18 years, which is greater than the UK of 16.

然後我看到一則新聞，英國超市[Azahazray]在9月份將實施18歲的最低購買年齡，這比英國的16歲要大。

Is this going to be a movement -- just a one-time scenario or you think this is going to be a movement to raise the minimum purchase for cigarettes in the UK?

這將是一場運動——只是一次性的情景，還是您認為這將是一場提高英國香煙最低購買量的運動？

Difficult to say.

很難說。

At the moment I think it's one-time thing, but, you know, it could be something that could spread.

目前我認為這是一次性的事情，但是，你知道，它可能會傳播開來。

Okay.

好的。

That's great.

那太棒了。

That's all I have.

這就是我的全部。

Thanks.

謝謝。

Thank you.

謝謝。

[OPERATOR INSTRUCTIONS] Our next question comes from Rob Campagnino of Prudential Equity Group.

[操作員說明] 我們的下一個問題來自 Prudential Equity Group 的 Rob Campagnino。

Please go ahead.

請繼續。

Again I'm with the media, but that's okay.

我再次與媒體在一起，但這沒關係。

I'm going to buck the trend here and just ask one question and, Dinny, I was hoping you could provide us with some commentary on the Kraft board's decision to replace Roger with Irene?

我要逆勢而為，只問一個問題，Dinny，我希望你能就卡夫董事會用 Irene 取代 Roger 的決定向我們提供一些評論？

Well, first of all, let me start off by saying that, as you heard yesterday, Rob, Kraft had a pretty good quarter.

好吧，首先，讓我首先說，正如你昨天聽到的那樣，羅布，卡夫有一個很好的季度。

They've got good mix improvement and this is very encouraging, because good mix drives the bottom line.

他們取得了良好的混合改進，這非常令人鼓舞，因為良好的混合推動了底線。

And as we've seen in the second quarter, Kraft income operations has grown well, and we're cautiously optimistic that this trend has continued.

正如我們在第二季度看到的那樣，卡夫收入業務增長良好，我們對這種趨勢持續持謹慎樂觀態度。

We think Irene is the perfect person to take Kraft forward at this time.

我們認為 Irene 是此時帶領 Kraft 前進的完美人選。

She's delighted to be back at a Company which she knows very well, both in terms of its people and its products, and we're delighted to have her back.

她很高興回到一家她非常了解的公司，無論是在員工還是產品方面，我們很高興她能回來。

And I think she's going to do a terrific job of taking Kraft forward.

而且我認為她將在推動卡夫前進方面做得非常出色。

Okay.

好的。

Then I want one more question, just as a follow-up.

然後我想再問一個問題，作為跟進。

What do you see as her strengths versus the job Roger had done over the past several years?

與羅傑過去幾年所做的工作相比，您認為她的優勢是什麼？

I'm not going to compare her to anyone.

我不會將她與任何人進行比較。

All I'll say is that she knows the business extremely well, particularly obviously domestic business and she's a terrific marketing person, and she's got terrific people skills, so a combination of all those factors I think should make her very successful.

我要說的是，她非常了解業務，尤其是國內業務，而且她是一位了不起的營銷人員，而且她擁有出色的人際交往能力，所以我認為所有這些因素的結合應該會讓她非常成功。

I would tend to agree with that.

我傾向於同意這一點。

Thanks for your time this morning, Dinny.

謝謝你今天早上的時間，Dinny。

Thanks, Rob.

謝謝，羅布。

Our next question is coming from Chris Bird from Bloomburg News.

我們的下一個問題來自彭博新聞社的 Chris Bird。

Please go ahead.

請繼續。

Chris?

克里斯？

Yes, can you hear me?

是的，你能聽到我說話嗎？

Yes.

是的。

Okay.

好的。

Thank you very much.

非常感謝。

How did -- can you give me the average price for -- in the second quarter for your cigarettes and how much was that up from a year earlier?

你能告訴我你的香煙在第二季度的平均價格如何嗎？與去年同期相比上漲了多少？

The price of Marlboro -- weighted average price of Marlboro in the second quarter was $3.92, and compared to the last year I think we were at about $3.72.

萬寶路的價格——第二季度萬寶路的加權平均價格為 3.92 美元，與去年相比，我認為我們的價格約為 3.72 美元。

So it was up about $0.20 a pack.

所以它每包上漲了大約 0.20 美元。

Thanks very much.

非常感謝。

Okay.

好的。

Our next question comes from Eric Bloomquist from JPMorgan.

我們的下一個問題來自摩根大通的 Eric Bloomquist。

Please go ahead.

請繼續。

Hi, Eric.

嗨，埃里克。

Hi, Dinny.

嗨，丁尼。

I wanted to follow up on what is happening in Argentina.

我想跟進阿根廷發生的事情。

I was wondering if you could provide more color on that.

我想知道你是否可以提供更多顏色。

It looks like it has been terrific volume growth, but it looks like a lot of that is coming from the low end, with the price repositioning of Philip Morris.

看起來銷量增長非常可觀，但看起來其中很大一部分來自低端產品，以及菲利普莫里斯公司的價格重新定位。

Can you -- is that volume growth profitable?

你能——銷量增長有利可圖嗎？

And are we going to continue to see the market down-trade there or is that something that we should expect will be stabilizing as we go forward?

我們是否會繼續看到那裡的市場低迷交易，或者我們應該預期的事情會隨著我們的前進而穩定下來？

The situation in Argentina, actually, was last year this ultra low-priced segment from local manufacturers increased significantly, and as a result, both [BAT] and our sales entered the ultra low-price segment, and our brand in that segment is next and it's done very well.

阿根廷的情況，實際上，去年這個來自當地製造商的超低價細分市場顯著增加，因此 [BAT] 和我們的銷售都進入了超低價細分市場，我們在該細分市場的品牌是下一個而且做得很好。

At the same time, we did lower the price of Philip Morris and that has gained significant volume.

與此同時，我們確實降低了 Philip Morris 的價格，並且銷量顯著增加。

You know, going forward, we'll just have to wait and see how things shake out there, but I think we're going to see some more stability going forward.

你知道，展望未來，我們只需要拭目以待，看看那裡的情況如何，但我認為我們會看到更多的穩定性。

And is there the possibility of implementation of something like a minimum collectible tax or a minimum reference price in Argentina that would help stabilize the situation similar to what happened in Spain?

阿根廷是否有可能實施類似最低徵收稅或最低參考價格的措施，以幫助穩定與西班牙類似的情況？

Yes, hopefully that's going to happen.

是的，希望這會發生。

And timing on that?

時間安排呢？

Not clear.

不清楚。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question is from [Ursula Morane] of Bear, Stearns Asset Management.

我們的下一個問題來自 Bear, Stearns Asset Management 的 [Ursula Morane]。

Thanks.

謝謝。

I think earlier in the call you mentioned that the energy price increases had led to lower retail inventories in certain places and I wondered if you could comment further on that?

我想你在電話會議的早些時候提到能源價格上漲導致某些地方的零售庫存下降，我想知道你是否可以就此進一步發表評論？

And your outlook in the second half or any changes we might need to be prepared for?

您對下半年的展望或我們可能需要準備的任何變化？

Well, I think what happened is, with energy prices going up -- with gasoline prices going up, especially if you look at retail outlets, gasoline outlets, since they've got to spend more on their gasoline inventories, they're cutting down -- I mean, they sort of limited working capital resources, so they're cutting down on the inventories of all other products, including cigarettes, and that's what I was referring to when I mentioned this point earlier.

好吧，我認為發生的事情是，隨著能源價格上漲 - 汽油價格上漲，特別是如果你看看零售店，汽油店，因為他們不得不在汽油庫存上花費更多，他們正在削減——我的意思是，他們的營運資金資源有限，所以他們正在削減所有其他產品的庫存，包括香煙，這就是我之前提到這一點時所指的。

Going forward, once you have that one-time inventory correction, I don't think you're going to get a further correction, because they're already at pretty low levels, so I think going forward you're not going to have that problem.

展望未來，一旦你進行了一次性庫存修正，我認為你不會再進行進一步修正，因為它們已經處於相當低的水平，所以我認為未來你不會有那個問題。

And you wouldn't expect it would spread beyond the gas stations?

你不會想到它會傳播到加油站之外嗎？

I don't think, so because non-gas stations don't carry gas.

我不這麼認為，因為非加油站不提供汽油。

Right.

正確的。

But their energy costs are up overall on other items, and they could also --

但他們的能源成本在其他項目上總體上有所上升，而且他們還可以——

Yes, but that impact I don't think is that significant.

是的，但我認為這種影響並不那麼重要。

Okay.

好的。

Fair enough.

很公平。

Thanks.

謝謝。

Thanks.

謝謝。

Thank you.

謝謝。

I'd now like to turn the floor back over to Nick Rolli for any closing comments.

我現在想把發言權轉回給 Nick Rolli，請他發表任何結束評論。

Okay.

好的。

I want to thank you for joining us on this call this morning, and appreciate you being with us and look forward to talking with you again next quarter.

我要感謝你今天早上加入我們的電話會議，感謝你和我們在一起，期待下個季度再次與你交談。

As I said earlier, if you didn't get a copy of the release, please go to our website at altria.com to get a copy.

正如我之前所說，如果您沒有獲得新聞稿副本，請訪問我們的網站 altria.com 獲取副本。

Thank you all for joining us and have a great day.

感謝大家加入我們，祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。