Nomad Foods Ltd (NOMD) 2023 Q3 法說會逐字稿

Greeting. Welcome to the Nomad Foods Third Quarter 2023 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Nomad Foods 2023 年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Anthony Bucalo, Head of Investor Relations. You may begin.

現在我將會議交給東道主投資者關係主管安東尼·布卡洛 (Anthony Bucalo)。你可以開始了。

Hello, and welcome to the Nomad Foods Third Quarter 2023 Earnings Call. I am Anthony Bucalo, Head of Investor Relations, and I am joined on the call by Stefan Descheemaeker, our CEO; and Samy Zekhout, our CFO.

您好，歡迎參加 Nomad Foods 2023 年第三季財報電話會議。我是投資者關係主管 Anthony Bucalo，我們的執行長 Stefan Descheemaeker 也加入了我的電話會議；以及我們的財務長 Samy Zekhout。

Before we begin, I would like to draw your attention to the disclaimer on Slide 2 of our presentation. This conference call may include forward-looking statements that are based on our view of the company's prospects, expectations and intentions at this time. Actual results may differ due to risks and uncertainties, which are discussed in our press release, our filings with the SEC and this slide in our investor presentation, which includes cautionary language.

在我們開始之前，我想提請您注意我們簡報投影片 2 上的免責聲明。本次電話會議可能包括基於我們目前對公司前景、期望和意圖的看法的前瞻性陳述。由於風險和不確定性，實際結果可能會有所不同，這些風險和不確定性在我們的新聞稿、向美國證券交易委員會提交的文件以及投資者演示文稿中的這張幻燈片（其中包括警告性語言）中進行了討論。

We will also discuss non-IFRS financial measures during the call today. These non-IFRS financial measures should not be considered a replacement for and should be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations within our earnings release and in the appendices at the end of the slide presentation available on our website.

我們也將在今天的電話會議上討論非國際財務報告準則的財務指標。這些非國際財務報告準則財務指標不應被視為替代國際財務報告準則結果，而應與國際財務報告準則結果一起閱讀。使用者可以在我們的收益報告以及我們網站上幻燈片演示末尾的附錄中找到 IFRS 與非 IFRS 的調節表。

Please note that certain financial information within this presentation represents adjusted figures for 2022 and 2023. All adjusted figures have been adjusted for exceptional items, acquisition-related costs, share-based payments and related expenses as well as noncash FX gains or losses. Unless otherwise noted, comments from here on will refer to those adjusted numbers.

請注意，本簡報中的某些財務資訊代表 2022 年和 2023 年的調整後數字。所有調整後數字均針對特殊項目、收購相關成本、股份支付和相關費用以及非現金外匯損益進行了調整。除非另有說明，此後的評論將參考這些調整後的數字。

With that, I will hand you over to Stefan.

這樣，我就把你交給斯特凡了。

Thank you, Tony, and thank you for joining us on the call today. Nomad posted a solid top and bottom line performance in the third quarter, following our excellent results from the first half of the year.

謝謝你，托尼，也謝謝你今天加入我們的電話會議。繼上半年的優異業績之後，Nomad 在第三季實現了穩健的營收和淨利潤表現。

Sales grew organically by 1.6%, our fifth consecutive quarter of organic sales expansion. Additionally, we generated strong adjusted free cash flow, successfully refinanced USD 700 million of our debt to lower interest charges and bought back EUR 66 million for own shares at attractive prices. We have borrowed back more than 4% of our shares in the first 9 months of the year.

銷售額有機成長 1.6%，這是我們連續第五個季度實現有機銷售擴張。此外，我們還產生了強勁的調整後自由現金流，成功為 7 億美元的債務進行了再融資以降低利息費用，並以有吸引力的價格回購了 6,600 萬歐元的自有股票。今年前9個月我們已經借回了超過4%的股份。

Our teams accomplished this while deploying new strategic commercial investments to drive growth and bring us back to positive volumes. Boosted by our share repurchases, we are again raising our annual adjusted EPS guidance. We're closely watching the development of weight loss drugs globally and the possible impact on food industry volumes. The long-term impact of these treatments is still under examination. However, in any scenario, we believe Nomad is in excellent position due to our unique portfolio of products, which are on target for consumers looking to eat healthy.

我們的團隊在部署新的策略性商業投資以推動成長並使我們恢復正產量的同時實現了這一目標。在股票回購的推動下，我們再次提高了年度調整後每股盈餘指引。我們正在密切關注全球減肥藥物的發展及其對食品產業產量可能產生的影響。這些治療的長期影響仍在研究中。然而，在任何情況下，我們相信 Nomad 都處於有利地位，因為我們獨特的產品組合瞄準了追求健康飲食的消費者。

Nomad is a highly resilient company, and over the past several years, we have effectively managed through several crisis. Through those challenges, we have protected our cost and margin structures to ensure that we maintain the right level of investment in our business. In reaction to historic inflation last year, we adjusted our price in 2022 and 2023, knowing that we would lose volumes. We've lost volumes, but this was a necessary decision to safeguard the integrity and strength of our business.

Nomad是一家具有高度韌性的公司，在過去的幾年裡，我們有效地度過了幾次危機。透過這些挑戰，我們保護了我們的成本和利潤結構，以確保我們保持適當的業務投資水準。為了因應去年歷史性的通貨膨脹，我們在 2022 年和 2023 年調整了價格，因為我們知道數量會減少。我們的銷量有所下降，但這是維護我們業務完整性和實力的必要決定。

Now that we have stabilized our business, returning to volume growth is our most important strategic objective. We made progress in the third quarter. We also made some difficult but necessary decisions with a few of our retail partners across several markets. This resulted in some volume losses that were outside of our original plan. Absent these dislocations, our volume progress would have been consistent with our sequential volume improvement plan.

現在我們的業務已經穩定下來，恢復銷售成長是我們最重要的策略目標。我們在第三季取得了進展。我們也與多個市場的一些零售合作夥伴做出了一些困難但必要的決定。這導致了一些數量的損失，超出了我們最初的計劃。如果沒有這些錯位，我們的銷售進展將與我們連續的銷售改進計劃保持一致。

The majority of these discussions have been addressed and we expect that these losses will reverse in the fourth quarter and in the first quarter of next year, bringing us back on track. Consistent with our objective to return to share and volume growth, we activated our A&P investment plan, raising our A&P spend in September to 5% of sales from 3.5% of sales last year. Utilizing these resources, we launched new advertising across Europe, and we have strengthened our media profile, leveraging the iconic Captain in our advertising for Nomad's leading fish brands across our key markets.

大多數討論已經解決，我們預計這些損失將在第四季度和明年第一季扭轉，使我們重回正軌。與我們恢復份額和銷售成長的目標一致，我們啟動了 A&P 投資計劃，將 9 月的 A&P 支出從去年銷售額的 3.5% 提高到銷售額的 5%。利用這些資源，我們在歐洲推出了新的廣告，並加強了我們的媒體形象，在我們的主要市場上為 Nomad 的領先魚類品牌做廣告時利用了標誌性的船長形象。

Additionally, we've stepped up our in-store execution with new and exciting promotional activity across Europe, placing our leading brands directly in shoppers' line of sight. This heightened visibility is compounding the effectiveness of our advertising and driving demand. The initial result of our dynamic A&P program are highly promising. We expect our volume and share trends to improve in the fourth quarter, ultimately returning to growth in 2024 and beyond.

此外，我們還在歐洲各地開展了令人興奮的全新促銷活動，加強了店內執行力度，將我們的領導品牌直接置於購物者的視線中。這種可見度的提高提高了我們廣告的有效性並推動了需求。我們動態 A&P 計劃的初步結果非常有希望。我們預計第四季度的銷售和份額趨勢將有所改善，最終在 2024 年及以後恢復成長。

While our A&P program will be crucial to driving growth, we also remain laser focused on our other strategic plans. We are harvesting our supply chain cost savings to redeploy in marketing. Additionally, we continue to expand our revenue growth management capabilities. We have made significant progress on both initiatives and this is helping drive pull from consumers leading to volume and market share recovery.

雖然我們的 A&P 計劃對於推動成長至關重要，但我們也仍然專注於我們的其他策略計劃。我們正在利用供應鏈節省的成本來重新部署行銷。此外，我們持續擴大收入成長管理能力。我們在這兩項措施上都取得了重大進展，這有助於推動消費者的吸引力，從而導致銷售和市場份額的恢復。

Looking ahead to the end of the year and next year, we are excited about our growth prospects. We expect to see an improvement in performance in Q4, which should carry well into 2024 and beyond.

展望今年年底和明年，我們對我們的成長前景感到興奮。我們預計第四季度的業績將有所改善，這種情況應該會持續到 2024 年及以後。

With that, I'd like to recap our third quarter key financial metrics, beginning with revenues. Our reported sales grew 1% and grew 1.6% on an organic basis. This result was ahead of our original expectations. Gross margin was 28.4% with cost pressure offset by our pricing initiatives and cost control programs.

說到這裡，我想回顧一下我們第三季的關鍵財務指標，從收入開始。我們報告的銷售額成長了 1%，有機成長 1.6%。這個結果超出了我們最初的預期。毛利率為 28.4%，我們的定價措施和成本控制計畫抵銷了成本壓力。

Adjusted EBITDA was EUR 140 million, while adjusted EPS came in at EUR 0.43 per share, both ahead of market expectations. At current dollar spot rates, our Q3 adjusted EPS was USD 0.45 per share. In Q3, sales grew by 1.6% on an organic basis with strong pricing offsetting volume and mix declines consistent with our expectations.

調整後 EBITDA 為 1.4 億歐元，調整後每股盈餘為 0.43 歐元，皆超出市場預期。以當前美元即期匯率計算，我們第三季調整後每股收益為 0.45 美元。第三季度，銷售額有機成長 1.6%，強勁的定價抵銷了銷售量和產品組合的下降，符合我們的預期。

For the first 9 months of the year, we grew organic sales 6%, and we remain on track to deliver our guidance of mid-single-digit growth for the full year. Our supply chain delivered excellent results, and we remain in a positive cycle of customer service and cost management. This efficiency is helping support our new A&P investments. Our service levels rose to 98.6%, up 160 basis points.

今年前 9 個月，我們的有機銷售額成長了 6%，我們仍有望實現全年中個位數成長的指導。我們的供應鏈取得了優異的成績，我們保持在客戶服務和成本管理的良性循環中。這種效率有助於支持我們新的 A&P 投資。我們的服務水準升至 98.6%，提高了 160 個基點。

The hard work we've done on supply chain transformation is paying dividends at a crucial time. As volume demand picks up and commodity prices stabilize, our efficient supply chain execution will be critical in filling new customer and consumer needs. We have benefited throughout the year from a strategy of selectively assessing the risk profile of each individual raw material category we buy, making or buying more efficient.

我們在供應鏈轉型方面所做的努力正在關鍵時刻得到回報。隨著需求量的回升和商品價格的穩定，我們高效率的供應鏈執行對於滿足新的客戶和消費者需求至關重要。我們全年受益於選擇性評估我們購買的每種原材料類別的風險狀況的策略，從而提高或購買效率。

Looking ahead, we have begun the process of covering for next year, and we have good visibility on key commodity trends heading into 2024. Our value share was down about 1% in the quarter, consistent with our expectations. However, our new A&P investments were rolled out towards the end of Q3. We expect an improving share trend moving forward.

展望未來，我們已經開始展望明年，並且我們對 2024 年的主要商品趨勢有良好的了解。本季我們的價值份額下降了約 1%，與我們的預期一致。然而，我們新的 A&P 投資已於第三季末推出。我們預期未來股價趨勢將呈現改善趨勢。

With our business performance on track with our expectations and our share repurchase, we are raising our adjusted 2023 EPS guidance to EUR 1.57 to EUR 1.60 per share from our previous range of EUR 1.54 to EUR 1.57 per share. This represents an adjusted EPS range of $1.66 to $1.69 per share at current spot rates. This guidance excludes the impact of any potential future capital allocation.

隨著我們的業務表現符合我們的預期以及我們的股票回購，我們將調整後的 2023 年每股收益指引從先前的每股 1.54 歐元至 1.57 歐元上調至每股 1.57 歐元至 1.60 歐元。這代表以當前即期匯率計算的調整後每股收益範圍為 1.66 美元至 1.69 美元。本指引不包括任何潛在的未來資本配置的影響。

While on the topic of capital allocation, we are pleased to share significant developments in our capital allocation strategy. Accretive capital allocation is crucial to our long-term goals at Nomad. We deployed EUR 66 million to repurchase our shares in Q3. In the first 9 months of the year, we have invested a total of EUR 118 million, reducing our share count by more than 7.6 million. As you may recall, in August of 2021, we announced a $500 million share repurchase program, which was successfully utilized and is set to expire at the end of this year.

在資本配置主題上，我們很高興分享我們資本配置策略的重大進展。增值資本配置對於我們 Nomad 的長期目標至關重要。我們在第三季部署了 6,600 萬歐元回購股票。今年前 9 個月，我們總共投資了 1.18 億歐元，減少了超過 760 萬股。您可能還記得，2021 年 8 月，我們宣布了一項 5 億美元的股票回購計劃，該計劃已成功實施，預計將於今年年底到期。

Proceeding with our share repurchase efforts, our Board of Directors has approved a new $500 million share repurchase program, which will expire by the end of 2026. In addition to our share repurchase program and subject to approval by our Board of Directors, we intend to initiate in early 2024, a regular quarterly dividend which we expect will be a key means of delivering reliable value to shareholders going forward. We will share further details early in 2024.

繼續進行股票回購工作，我們的董事會已批准一項新的 5 億美元股票回購計劃，該計劃將於 2026 年底到期。除了我們的股票回購計劃並經董事會批准外，我們還打算於2024 年初啟動定期季度股息，我們預計這將是未來為股東提供可靠價值的關鍵手段。我們將在 2024 年初分享更多細節。

This enhanced framework for shareholder return, bolstered by our strong free cash flow profile, underscores our commitment to maximizing shareholder returns. Since 2022, it has been our plan to raise our media and promotion spending in the second half of this year to drive volume and share momentum. This quarter, we launched many new initiatives to reignite growth, such as our back-to-school Birds Eye campaign in U.K., our television sponsorship with Croustibat in France and our Captain Adventures TV and digital activation in Italy.

在我們強大的自由現金流狀況的支持下，這個增強的股東回報框架凸顯了我們對股東回報最大化的承諾。自2022年以來，我們計劃在今年下半年增加媒體和促銷支出，以推動銷售並分享動力。本季度，我們推出了許多新舉措來重振成長，例如英國的返校鳥眼活動、法國的 Croustibat 電視贊助以及義大利的 Captain Adventures TV 和數位活化。

We launched new fish shapes in Austria, Netherlands and Belgium, reincreasing chicken and cheese nuggets in Germany, in a wave of modern meal solutions in vegetables across Europe. We debuted new advertising with the Captain across our markets, connecting even more with our consumers and bringing attention to our delicious fish products. Fish makes up just under 40% of our sales, and we are the leader across most of our market.

我們在奧地利、荷蘭和比利時推出了新的魚形狀，在德國重新增加了雞肉和起司塊，掀起了歐洲現代蔬菜膳食解決方案的浪潮。我們在各個市場上首次推出了 Captain 的新廣告，與我們的消費者建立了更多的聯繫，並引起了人們對我們美味魚產品的關注。魚品占我們銷售額的近 40%，我們是大部分市場的領導者。

To win at the point of sale, we've stepped up our promotion in supermarket aisles, bringing consumer attention to high-quality branded products. With the new promotion plans in place, the price gaps with our private label competitors have stabilized. Frozen food is a resilient category, and there are plenty of green shoots across Europe. Frozen is back in volume and value growth.

為了贏得銷售點，我們加大了超市過道的促銷力度，讓消費者註意到高品質的品牌產品。隨著新的促銷計劃的實施，我們與自有品牌競爭對手的價格差距已經穩定。冷凍食品是一個有彈性的類別，整個歐洲都有大量的萌芽。 《冰雪奇緣》的銷售和價值都恢復了成長。

September trailing 12-week data shows 1.5% volume growth in the category. And there is growth in 12 out of the 16 markets tracked. Additionally, the category is performing ahead of total food in volume terms across several key markets. Consumer behavior is showing signs of improvement as well. In the U.K., for example, we see consumers putting more frozen food products on their plates, for instance, adding peas to fish fingers.

9 月過去 12 週的數據顯示該類別的銷量成長了 1.5%。在追蹤的 16 個市場中，有 12 個市場出現成長。此外，該類別在幾個主要市場的銷量方面領先於食品總量。消費者行為也顯示出改善的跡象。例如，在英國，我們看到消費者在盤子裡放了更多的冷凍食品，例如在魚條中添加豌豆。

For Nomad, the quarter is still in early stages, but we are seeing improving value share and volume trends in some of our biggest markets, U.K. and Italy, especially. There were many great commercial developments at Nomad during the quarter. In the U.K., we launched a back-to-school master brand campaign with Birds Eye to capture the attention of family settling back into the school year after summer breaks. We reached more than 90% of households with our Birds Eye brand advertising during the period.

對於 Nomad 來說，本季仍處於早期階段，但我們看到一些最大市場（尤其是英國和義大利）的價值份額和銷售趨勢有所改善。本季 Nomad 取得了許多重大的商業發展。在英國，我們與 Birds Eye 合作推出了返校主品牌活動，以吸引暑假後重返學年的家庭的注意。在此期間，我們的 Birds Eye 品牌廣告涵蓋了超過 90% 的家庭。

In the Adriatic region, we posted record ice cream sales driven by our excellent portfolio and supported by good weather, high service level and an acceleration in our point of sales program. We benefited from our investment in supply chain, marketing and innovation. We also launched fish fingers in the region, and the initial results are highly promising. Following the sixth anniversary of Findus in Italy, we are now celebrating the 25th birthday of Carletto, a brand icon chameleon for Sofficini, our beloved pancake product. We celebrated with the introduction of a short movie about his life at a prestigious film festival for kids, creating significant media coverage from national newspapers and TV.

在亞得里亞海地區，我們的冰淇淋銷售創歷史新高，這得益於我們卓越的產品組合，以及良好的天氣、高服務水平和銷售點計劃加速的支持。我們受惠於對供應鏈、行銷和創新的投資。我們還在該地區推出了魚條，初步結果非常有希望。繼 Findus 在義大利迎來六週年紀念之後，我們現在正在慶祝 Carletto 的 25 歲生日，Carletto 是我們深受喜愛的煎餅產品 Sofficini 的品牌標誌變色龍。我們在一個著名的兒童電影節上推出了一部關於他生活的短片來慶祝，引起了全國報紙和電視的廣泛媒體報道。

Finally, Green Cuisine remains our plant-based pillar for iglo and keeps growing value share. In Germany, one of our core markets for the brand, our value share was up 7% in Q3. This was driven by focused activation behind the new campaign as well as product innovation. We've gotten many questions from investors and analysts about how the retail trade looks with our new promotion plan now in full swing.

最後，綠色美食仍然是 iglo 以植物為基礎的支柱，並不斷增長價值份額。在我們品牌的核心市場之一德國，我們的價值份額在第三季成長了 7%。這是由新活動背後的集中激活以及產品創新所推動的。我們收到了許多投資者和分析師的問題，詢問我們目前全面展開的新促銷計劃對零售業的影響。

We've got some great examples here of in-store execution in four of our top markets. In the U.K., we are combining our best-selling and most loved products in high-visibility ice freezer to give consumers combined meal ideas. This provides a great takeaway experience at an affordable price. We've lined up our fish fingers with Green Cuisine, Goodfella's and Aunt Bessie's. We also have our famous potato waffles in the mix.

我們在四個頂級市場中提供了一些店內執行的出色範例。在英國，我們將最暢銷和最受歡迎的產品組合在高可見度的冰箱中，為消費者提供組合膳食創意。這以實惠的價格提供了很棒的外賣體驗。我們把炸魚條和Green Cuisine、Goodfella's 和Aunt Bessie's 放在一起。我們還有著名的馬鈴薯華夫餅。

In France and Spain, we've ramped up Goodfella's distribution in recent months. In France, we've got a good example here of how we are catching the consumers' attention for what is a new brand in the country. Notice the high visibility of the display, giving details on the product for new consumers first learning the benefits of this great brand.

近幾個月來，我們在法國和西班牙加大了 Goodfella 的發行力道。在法國，我們有一個很好的例子，說明我們如何吸引消費者對該國新品牌的注意。請注意顯示器的高可見度，為新消費者提供產品詳細信息，讓他們首先了解這個偉大品牌的優勢。

Since acquiring our Adriatic business, the addition of ice cream to our portfolio has been a great success. In Croatia, we have an example of our King ice cream promotions, especially our highly profitable single-serve versions. In Germany, we are on offense with our fish fingers and vegetables. In this aisle freezer, we have got our key spinach products on promotion next to our iglo fish fingers, both Must Win Battles in that market.

自從收購我們的亞得里亞海業務以來，將冰淇淋添加到我們的產品組合中取得了巨大成功。在克羅埃西亞，我們有一個 King 冰淇淋促銷活動的例子，特別是我們利潤豐厚的單份冰淇淋。在德國，我們用魚指和蔬菜來進攻。在這個過道冷凍櫃中，我們在冰屋魚條旁邊促銷了我們的主要菠菜產品，這兩種產品都是該市場的必勝之戰。

We have many more examples across our business, and I'm happy to report that the reaction from these programs have been strong so far. With this in-store execution driving sales along with our new media, I'm highly optimistic about the outlook for the rest of the year and beyond.

我們的業務中有更多的例子，我很高興地報告，到目前為止，這些計劃的反應非常強烈。透過這種店內執行以及我們的新媒體推動銷售，我對今年剩餘時間及以後的前景非常樂觀。

With that, I will now hand the call over to Samy to review our financial results and guidance in more detail. Samy?

現在，我將把電話轉交給 Samy，以更詳細地審查我們的財務表現和指導。薩米？

Thank you, Stefan, and thank you all for your participation on the call today. Turning to Slide 9. I will provide more detail on our key third quarter operating metrics, beginning with reported revenues, which increased roughly 1% to EUR 764 million. Sales grew organically 1.6%. Third quarter revenues were negatively impacted by 1.1% of unfavorable FX. We delivered gross margin of 28.4% supported by pricing and cost control. This result was ahead of our plan.

謝謝斯特凡，也謝謝大家參加今天的電話會議。轉向幻燈片 9。我將提供有關第三季度主要運營指標的更多詳細信息，首先是報告的收入，該收入增長了約 1%，達到 7.64 億歐元。銷售額有機成長 1.6%。第三季營收受到 1.1% 不利外匯的負面影響。在定價和成本控制的支持下，我們的毛利率達到 28.4%。這個結果超出了我們的計劃。

As previously discussed, Q3 was the most challenging quarter for gross margins for the year due to the comparison from the third quarter of 2022. Looking out to Q4, we remain on track to deliver stable gross margin for the year. This will be supported by an improving volume trend, pricing, strong cost discipline and robust RGM execution.

如前所述，與 2022 年第三季相比，第三季是今年毛利率最具挑戰性的季度。展望第四季度，我們仍有望實現全年穩定的毛利率。這將得到不斷改善的銷售趨勢、定價、嚴格的成本控制和穩健的 RGM 執行的支持。

Moving down to the rest of the P&L. Our gross profit came at EUR 217 million in the third quarter. Cost of goods sold increased to EUR 547 million, an increase of 2%, up EUR 8 million versus last year. Adjusted operating expense of EUR 100 million was up 11% year-over-year, reflecting stepped-up A&P investment. As a result, adjusted EBITDA was EUR 140 million with adjusted EBITDA margin at 18.3%. Finally, we posted adjusted EPS of EUR 0.43 per share in Q3. This translates to USD 0.45 per share at current spot rates.

繼續看損益表的其餘部分。第三季我們的毛利為 2.17 億歐元。銷售成本增至 5.47 億歐元，成長 2%，比去年增加 800 萬歐元。調整後營運費用為 1 億歐元，年增 11%，反映出 A&P 投資的加大。結果，調整後 EBITDA 為 1.4 億歐元，調整後 EBITDA 利潤率為 18.3%。最後，我們發布的第三季調整後每股收益為 0.43 歐元。以當前即期匯率計算，這相當於每股 0.45 美元。

Turning to cash flow on Slide 10. We delivered strong cash flow in the first 9 months of the year, driven primarily by working capital improvements and EBITDA growth. Additionally, we've been highly focused on effective inventory management and cash collection helping our working capital performance. We are well on track for annual adjusted cash flow guidance target of EUR 250 million at a conversion rate of 90% to 95%. Maintaining this high level of conversion is paramount as we consider our capital allocation strategies for the year and beyond.

轉向幻燈片 10 上的現金流。我們在今年前 9 個月實現了強勁的現金流，這主要是由營運資本改善和 EBITDA 成長推動的。此外，我們一直高度關注有效的庫存管理和現金回收，以幫助我們提高營運資金績效。我們正在順利實現 2.5 億歐元的年度調整後現金流指引目標，轉換率為 90% 至 95%。當我們考慮今年及以後的資本配置策略時，維持這種高轉換水準至關重要。

In the first 9 months, we generated EUR 125 million of adjusted free cash flow for a conversion ratio of 56%, our highest first 9-month conversion rate since 2020. Working capital decreased EUR 151 million to EUR 68 million, more than offsetting a EUR 44 million increase in cash interest driven by our refinancing and repricing activities. CapEx of EUR 59 million was up EUR 4 million versus last year as we remain highly disciplined on supporting long-term strategic investments within our business. Changes in cash tax increased EUR 9 million to EUR 53 million, while cash interest was up EUR 44 million to EUR 130 million, driven by last year's refinancing.

前9 個月，我們產生了1.25 億歐元的調整後自由現金流，轉換率為56%，這是我們自2020 年以來最高的前9 個月轉換率。營運資本減少1.51 億歐元至6800 萬歐元，足以抵消由於我們的再融資和重新定價活動，現金利息增加了 4400 萬歐元。由於我們在支援業務內的長期策略投資方面仍然嚴格自律，因此資本支出為 5,900 萬歐元，比去年增加了 400 萬歐元。在去年再融資的推動下，現金稅的變動增加了 900 萬歐元，達到 5,300 萬歐元，而現金利息則增加了 4,400 萬歐元，達到 1.3 億歐元。

With that, let's turn to Slide 11 to review our 2023 guidance, which we are updating today. This guidance is based on foreign exchange rates as of November 1, 2023. First, we are again maintaining our organic revenue projection of mid-single-digit growth for 2023 with our pricing more than offsetting volume declines.

接下來，讓我們轉向投影片 11 來回顧我們今天更新的 2023 年指南。該指引是基於截至 2023 年 11 月 1 日的匯率。首先，我們再次維持 2023 年有機收入中個位數成長的預測，我們的定價足以抵銷銷售下降。

As our current A&P investment takes hold in the market and we approach 2024, our expectation is that we will develop a more balanced mix of price and volume. We expect to see the beginning of volume recovery in Q4 rolling into 2024. We are keeping our adjusted free cash flow guidance of approximately EUR 250 million. We expect our cash conversion ratio to be in the range of 90% to 95%, consistent with historical averages.

隨著我們目前的 A&P 投資在市場上站穩腳跟，並且接近 2024 年，我們預計我們將開發出更平衡的價格和銷售組合。我們預計銷售量將在 2024 年第四季開始恢復。我們將調整後的自由現金流指引維持在約 2.5 億歐元。我們預計現金轉換率將在 90% 至 95% 之間，與歷史平均值一致。

As Stefan spoke to earlier in the presentation, with our underlying business performance in line with our expectations, and our share repurchase across the first 9 months of the year, we are raising our 2023 adjusted EPS guidance last updated in August. We now expect adjusted EPS in the range of EUR 1.57 to EUR 1.60 per share or $1.56 to $1.59 per share at current spot rates. This excludes any additional impact of potential future capital allocation.

正如Stefan 在演講中早些時候所說，由於我們的基本業務表現符合我們的預期，並且我們在今年前9 個月進行了股票回購，因此我們提高了2023 年調整後每股收益指引，該指引於8 月最新更新。我們目前預計調整後每股收益為 1.57 歐元至 1.60 歐元，或以當前即期匯率計算為每股 1.56 美元至 1.59 美元。這不包括未來潛在資本配置的任何額外影響。

I will now turn the session over to Q&A. Operator, back to you.

我現在將會議轉到問答環節。接線員，回到您身邊。

(Operator Instructions) Our first question comes from the line of Jason English with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Jason English 與高盛的電話線。

Great news on the dividend. I look forward to more details to come in terms of payout ratio, magnitude, et cetera, early in the new year. On the quarter itself, I was surprised by retail disputes, a strange time of year to see retail disputes. And looking at your P&L, price growth accelerated on a 2- and 3-year stack basis. So is it fair to assume that you've implemented new price increases in the quarter. Those are the cause of the disputes? And if so, can you give us a sense of order of magnitude?

關於股息的好消息。我期待在新年伊始獲得更多關於支付比率、金額等方面的細節。就本季本身而言，我對零售糾紛感到驚訝，這是一年中出現零售糾紛的奇怪時間。看看你的損益表，價格成長在兩年和三年的基礎上加速。因此，假設您在本季實施了新的漲價是否公平？那些是引起糾紛的原因？如果是這樣，您能給我們一個數量級的感覺嗎？

Thanks, Jason. Thanks for the question. Well, I think the world has changed a bit. In the past, in Europe, we had one negotiation per year at the beginning of the year, and then we have these volatile times with inflation going up. And you remember last year, we increased price three to four times. So instead of one negotiation, you had the two to three to four negotiations.

謝謝，傑森。謝謝你的提問。嗯，我認為世界已經發生了一些變化。過去，在歐洲，我們每年年初都會進行一次談判，然後就會經歷通膨上升的動盪時期。你還記得去年，我們把價格提高了三到四倍。因此，您不再進行一次談判，而是進行了兩到三到四次談判。

So this year is a bit the other way around. Obviously, inflation is coming down, which is great for all of us, but still a volatile time. So I'm not surprised that we have this conversation -- healthy conversation instead of conflict because we never stopped the dialogue with these guys. So I think it's absolutely unavoidable and to some extent, sometimes necessary to make sure that we have the integrity in terms of pricing.

所以今年的情況有點相反。顯然，通貨膨脹正在下降，這對我們所有人來說都是好事，但仍然是一個動盪的時期。因此，我對我們進行這樣的對話並不感到驚訝——健康的對話而不是衝突，因為我們從未停止與這些人的對話。所以我認為這是絕對不可避免的，在某種程度上，有時是必要的，以確保我們在定價方面保持誠信。

I think the key piece for us is -- how can I say, is we've decided to do this way because we want to protect the long-term integrity of the business. And sometimes, it's obviously not easy because we are listed and we had a quarter coming in that should not prevent us from making the right decision in terms of negotiation. And that's absolutely fundamental for us and for the future and for our retailers. So that's what we had.

我認為對我們來說關鍵是——怎麼說呢，我們決定這樣做是因為我們想要保護業務的長期誠信。有時，這顯然並不容易，因為我們已經上市，而且我們還有一個季度的收入，這不應該妨礙我們在談判方面做出正確的決定。這對我們、未來以及我們的零售商來說絕對是至關重要的。這就是我們所擁有的。

In terms of what it did in Q3, in Q3 in terms of revenues, around 2% plus of revenues were "lost" with these negotiations. I think most of these negotiations are over. We still have a bit of left ahead of us. Q4, you will have obviously the remaining, it's going obviously during the first month. But then definitely, it's going to positively impact Q4 and definitely more -- even more so for Q1 with the right level of margin. So that's that. So that's -- the world is changing, Jason. And I think probably it's going to be a bit more stable in the future. But the number of negotiations have increased.

就第三季的收入而言，這些談判「損失」了大約 2% 以上的收入。我認為大部分談判已經結束。我們還剩下一點時間。 Q4，顯然你會有剩餘的，它顯然會在第一個月內進行。但毫無疑問，這將對第四季度產生積極影響，而且肯定會產生更多影響——對於利潤率水平合適的第一季來說更是如此。就是這樣。所以，世界正在改變，傑森。我認為未來可能會更加穩定。但談判數量增加。

Okay. One thing that's also changed in the last year or so is the private label was no longer following you as closely or as quickly as they had been in the past with price increases. And you note in the slides that private label price gaps remain stable. So I assume that they still; a, still haven't followed on sort of your last rounds. And now if you're putting through more -- are you seeing them kind of would suggest in the slide that you're seeing them follow if price gaps are stable. But can you confirm that's the case?

好的。去年左右發生的一件事是，自有品牌不再像過去那樣密切或快速地跟隨你的價格上漲。您在幻燈片中註意到自有品牌價格差距保持穩定。所以我假設他們仍然； a，仍然沒有註意你的最後幾輪。現在，如果你投入更多——你是否會在幻燈片中看到它們，表明如果價格差距穩定，你會看到它們跟隨。但你能證實情況確實如此嗎？

And then the second part of it, you're talking about a lot more merchandising activity on the forward, which makes a lot of sense, as you look to improve volume. But between that and rectifying some of the disputes of retailers, has there been any sort of price -- net price that you're effectively having to give back to fund that merch or rectify the tension with the retailers?

然後是第二部分，您正在談論更多的遠期銷售活動，這很有意義，因為您希望提高銷量。但是，在這與糾正零售商之間的一些糾紛之間，是否存在任何形式的價格——淨價，你實際上必須回饋給該商品資金或糾正與零售商的緊張關係？

Jason -- sorry for my voice, I have a bit voice extension, but I'll try to answer your question. On the private label point, I think what's really important is that we have effective stabilization, but with a gap that is now, frankly, reaching a point where we think we can still operate while effectively leveraging all of the other aspects of our -- and mainly promotion in order for us to stay competitive versus them and reignite growth from that basis.

傑森——抱歉我的聲音，我有一點語音擴展，但我會盡力回答你的問題。在自有品牌方面，我認為真正重要的是我們有有效的穩定，但坦白說，現在的差距已經達到了我們認為我們仍然可以運作的程度，同時有效地利用我們的所有其他方面——主要是為了讓我們保持與他們的競爭力並在此基礎上重新激發成長而進行促銷。

So if you recall, the price gap was double digit, and it can double-digit increase versus the prior gap, then it started to go down and it has reached a level, let's say, of 5-plus percent. And within that, really what we are taking -- what the actual we are taking right now is effectively acting at the promotion level, beefing up our A&P and at the same time as well, taking into consideration the change in the inflation dynamics that we see for the future. And this is where the negotiation and the compensation all to play there.

因此，如果您還記得的話，價格差距是兩位數，並且與之前的差距相比可以兩位數增長，然後價格開始下降，達到了 5% 以上的水平。在這之中，我們實際上正在採取的措施——我們現在正在採取的實際措施是在促銷層面上有效採取行動，加強我們的 A&P，同時考慮到我們所採取的通膨動態的變化。展望未來。這就是談判和補償的關鍵。

We clearly want to reignite share growth. We want to revert the volume trend, which it has stabilized, I mean, at this stage and on its way back to effective recovery by Q1 and Q4, we'll see an improvement. In Q1, we'll see effectively a turnaround at that point in time.

我們顯然希望重新點燃股票成長。我們希望恢復已經穩定下來的成交量趨勢，我的意思是，在現階段以及在第一季和第四季恢復有效復甦的過程中，我們將看到有所改善。在第一季度，我們將在那個時間點看到有效的轉變。

Our next question comes from the line of John Baumgartner with Mizuho Securities.

我們的下一個問題來自瑞穗證券的約翰·鮑姆加特納。

Stefan, it looks as though in this latest run of Nielsen data, Nomad has seen some market shares improve across a number of countries, but Italy is still soft. And I think that's where the pricing -- the relative pricing has been more troublesome. How do you think about the time required once you're in market for consumers to shop the aisle or become aware of the promo and take advantage of it? I mean, I guess, what's sort of the natural purchase cycle for your categories? Is it 4 weeks? Is it 6 weeks? Just trying to better understand the willingness and ability for consumers to take advantage of promo once it's in market.

Stefan，從尼爾森的最新數據來看，Nomad 在許多國家的市佔率有所提高，但義大利仍然疲軟。我認為這就是定價——相對定價更麻煩的地方。您如何看待進入市場後消費者在貨架上購物或了解促銷活動並利用它所需的時間？我的意思是，我想，您的類別的自然購買週期是什麼樣的？是4週嗎？是6週嗎？只是想更了解消費者在促銷進入市場後利用促銷的意願和能力。

But to your point, I think frozen aisle is obviously is more something like your destination as such. And the average country by country, but let's say, give or take, is around 4 to 5 times per year. So you can imagine between at the moment you're starting with your promotion and the impact it has in the market, it takes a bit of time, so what we see in Italy, we see some green shoots. It's very much in line with what we were expecting. And then basically, the last thing we need to do is to change course.

但就你的觀點而言，我認為冷凍走道顯然更像是你的目的地。各國的平均每年大約有 4 到 5 次。所以你可以想像，從你開始促銷到它對市場產生影響，這需要一些時間，所以我們在義大利看到了一些萌芽。這非常符合我們的預期。基本上，我們需要做的最後一件事就是改變方向。

So we've taken that but on the contrary we have started our RGM program, let's say, the fastest, let's say, with the very deep, especially in fish and what we're starting to see some green shoots, but definitely it's going to be complemented by A&P on top.

所以我們已經採取了這一點，但相反，我們已經開始了我們的RGM 計劃，比如說，最快的，比如說，非常深的，特別是在魚類方面，我們開始看到一些綠芽，但它肯定會發生上面還有 A&P 的補充。

So take that on top of the 4 to 5 times also with a stabilization of COGS, stabilization of obviously, labor cost is starting to increase. But to some extent, in terms of cost of living is good progress as well, especially in a country like Italy. And then we see that they definitely end of this quarter -- end of Q4 this quarter and definitely next year, with the A&P, we are very confident that Italy will reverse the trends, which is what they're starting to do, especially in fish.

因此，除了 4 到 5 倍的銷售成本穩定之外，勞動成本也開始增加。但在某種程度上，生活成本方面也取得了不錯的進步，尤其是在義大利這樣的國家。然後我們看到他們肯定會在本季末——本季第四季末，肯定會在明年，透過 A&P，我們非常有信心義大利將扭轉這一趨勢，這就是他們開始做的事情，尤其是在魚。

Okay. And then thinking more about the macro into 2024 and the persistent inflation in Europe and the impact on consumers' budgets and shifts in food spending, when you're lining up these brand investments, how are you thinking about -- I guess the competition just alternatives for consumers, are you mostly focused on winning in-store against other frozen or fresh categories? Is there also an angle here to try and capture some food spend from outside the home? I guess what are your expectations for how or where you'll source that incremental volume from going forward?

好的。然後多思考 2024 年的宏觀形勢、歐洲持續的通貨膨脹以及對消費者預算的影響和食品支出的變化，當你排列這些品牌投資時，你會如何考慮——我猜競爭只是對於消費者的替代品，您是否主要專注於在店內戰勝其他冷凍或新鮮類別？這裡是否也有一個角度來嘗試捕捉一些來自家庭以外的食物支出？我想您對如何或在哪裡獲取未來增量的期望是什麼？

Well, the first thing is we've lost some market share. And so definitely, there is a piece of that we want to regain. That's the first thing. That's within the area and that we think that with the programs we have, we can do this, but also, we believe that we have this program of the Must Win Battle, they're supposed to grow in a disproportionate way compared to the others. That's what we've been doing.

嗯，首先是我們失去了一些市場份額。毫無疑問，我們想要重新獲得其中的一部分。這是第一件事。這是在這個領域內的，我們認為透過我們擁有的計劃，我們可以做到這一點，而且，我們相信我們有這個必勝之戰的計劃，與其他計劃相比，它們應該以不成比例的方式增長。這就是我們一直在做的事情。

One more thing you will see as well is we're going to start in a very selective way to work on new categories on a country by country, very far from what happened something like 10 years ago, which was a bit of everything. But definitely, where we think that in a country, this category could be poultry, in some countries could be freeze dried and other. We have the right to win. We're going to do it. So there's going to be a long-term investment. So that's a combination of different things.

您還將看到的另一件事是，我們將以一種非常有選擇性的方式開始，逐個國家地開發新類別，這與 10 年前發生的情況相去甚遠，那是一切。但可以肯定的是，我們認為在一個國家，這個類別可能是家禽，在某些國家可能是冷凍乾燥等。我們有權利獲勝。我們會這麼做的。因此，這將是一項長期投資。所以這是不同事物的組合。

When you think about poultry or you think about pizza, for example, definitely, you have a contest and competition with not only with frozen but also with chilled, so that's going to be the framework for us. So definitely focused on the all Must Win Battles with RGM, with obviously A&P. And with that, we think that within this frame, we are going to gain market share. And then on top of that, we're starting something which is, again, very focused behind new categories, and that will impact the frozen food, but definitely also above and beyond frozen food, which in and of itself, by the way, is doing well compared to many other categories.

例如，當你想到家禽或披薩時，你肯定會與冷凍食品和冷藏食品競爭，所以這將成為我們的框架。所以絕對專注於與 RGM 的所有必須獲勝的戰鬥，顯然還有 A&P。有了這個，我們認為在這個框架內，我們將獲得市場份額。然後最重要的是，我們正在開始一些非常關注新類別的事情，這將影響冷凍食品，但絕對也超越冷凍食品，順便說一句，冷凍食品本身，與許多其他類別相比表現良好。

Our next question comes from the line of Rob Dickerson with Jefferies.

我們的下一個問題來自 Rob Dickerson 和 Jefferies 的對話。

Stefan, maybe just to kind of follow up on what you just said. I think in the prepared remarks, you'd stated volume growth was kind of back for the broader frozen category in 12 out of 16 markets. I mean, clearly, I guess, a few things going on in Q3 that you're not posting the volume growth, but then also it sounds like there is some incremental pricing that's gone through the market.

Stefan，也許只是為了跟進你剛才所說的話。我認為在準備好的評論中，您曾說過 16 個市場中有 12 個市場的更廣泛的冷凍品類的銷量增長有所回升。我的意思是，顯然，我想，第三季發生的一些事情你沒有公佈銷售成長，但聽起來市場上也出現了一些增量定價。

So like as we get through Q4, as you say, you think the volume trajectory improves, I mean, are you into Q1, like should we be thinking that hopefully, as you get toward the end of the quarter, that you start to see volumes stabilize, and therefore, there could actually be volume growth next year despite the pricing because of ongoing higher A&P, and Must Win Battles?

就像我們進入第四季度一樣，正如你所說，你認為銷量軌跡有所改善，我的意思是，你是否進入了第一季度，我們是否應該認為，希望當你接近本季度末時，你開始看到銷售量趨於穩定，因此，儘管由於持續較高的 A&P 和必須贏得戰鬥而定價，明年的銷售實際上可能會增長？

Well, to your point, I think we have -- the programs we have with the combination of, let's say, more stable macros, definitely, we believe that we're going to come back to the previous algorithm, which was based on, obviously, volume growth, then you obviously higher sales then obviously definitely higher EBITDA and then double-digit EPS. So that's definitely what we want to come back, with the combination as we said A&P, RGM, which is really something that we have -- we've however, invested a lot and milder, let's say, macro. That's the idea.

好吧，就你的觀點而言，我認為我們擁有的程式結合了更穩定的宏，當然，我們相信我們將回到以前的演算法，該演算法基於，顯然，銷量成長，那麼銷售額明顯更高，然後EBITDA 明顯更高，然後每股收益達到兩位數。因此，這絕對是我們想要回來的，正如我們所說的 A&P、RGM 的組合，這確實是我們擁有的東西——然而，我們已經投資了很多，而且更溫和，比如說宏觀投資。就是這個想法。

The concept of -- do we believe that we're going to gain market share and get back to volume growth next year? Absolutely. Where are they going to happen in which week? I can't tell you that right now. But definitely, we're very confident that we're going to gain market share and we're going to gain volume next year.

我們是否相信明年我們將獲得市場份額並恢復銷售成長？絕對地。它們將在哪週發生？我現在不能告訴你。但毫無疑問，我們非常有信心明年將獲得市場份額和銷售量。

All right. Super. And then, I guess, Samy, just on the gross margin, I think you had said Q4 gross margin kind of in line have gross margin essentially flat for the year. I think that kind of implies Q4 gross margins essentially flat. But at the same time, I'm hearing some stuff about pricing and RGM initiatives and sure there's productivity. So I'm just curious kind of with some pricing coming through, it sounds like maybe that is clearly offsetting some higher costs. Otherwise, I kind of would think gross margin would be up.

好的。極好的。然後，我想，薩米，就毛利率而言，我想你說過第四季度的毛利率與今年的毛利率基本上持平。我認為這意味著第四季的毛利率基本上持平。但與此同時，我聽到了一些有關定價和 RGM 計劃的消息，並且確信存在生產力。所以我只是對一些定價感到好奇，聽起來這可能明顯抵消了一些更高的成本。否則，我認為毛利率會上升。

You have -- I mean, you had a bit of an effect as well of mix because we had ice cream in Q3, and then we don't have ice cream in Q4. When you look at the trends, if you look at first 3 quarters to the fourth quarter, but versus a year ago, you started to see some improvement there, which is going to comfort the projection of, let's say, flat gross margin, I would say, for the year. So technically, the cycle has been that the first 3 quarters were slightly above 28%. And then effectively in Q4, it's going to be slightly lower than that. But for an average of the year, that's going to be flat versus a year ago.

我的意思是，混合也產生了一些影響，因為我們在第三季度有冰淇淋，但在第四季度沒有冰淇淋。當你看趨勢時，如果你看前三個季度到第四季度，但與一年前相比，你開始看到那裡有一些改善，這將安慰毛利率持平的預測，我會說，今年。因此從技術上講，週期是前三個季度略高於 28%。然後在第四季度，這一數字將略低於這個數字。但就全年平均而言，這將與一年前持平。

So it's clearly definitely the investment we are making in terms of productivity, in terms of investment behind our core brand and particularly on mix on our core category. And Must Win Battle in particular is going to start to pay off. We see effectively the trajectory starting to improve into the next year. But for this year, we definitely maintain our flat gross margin for the year.

因此，這顯然是我們在生產力、核心品牌背後的投資，特別是我們核心類別的組合所做的投資。尤其是「必須贏得戰鬥」將開始獲得回報。我們實際上看到明年的發展軌跡開始改善。但今年，我們肯定會維持全年毛利率持平。

Our next question comes from the line of Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯（Steve Powers）。

On the gross margin, actually, while we're here, you mentioned that 3Q came in ahead. Is that -- what was the source of the upside? Was it better ice cream sales? Or were there other drivers of the upside versus your expectations?

實際上，就毛利率而言，當我們在這裡時，您提到第三季領先。那是──上漲的根源是什麼？冰淇淋銷量更好嗎？或者是否還有其他與您預期不同的上漲驅動因素？

Well, this is expectation. I think we've been slightly higher, as you know, because effectively we had a bit of a better performance on the top line if you really look at that as expectation. And yes, ice cream has been doing really well there. There's a mix factor there and the continuation effectively of the return that we are putting, we're getting behind all of the cost savings and productivity initiatives. I mean, as you know, we're putting a lot of focus and a lot of effort in COGS in particular. But it's a combination of elements that we see.

嗯，這就是期待。如你所知，我認為我們的業績略高，因為如果你真的將其視為預期的話，那麼實際上我們在營收上的表現要好一些。是的，冰淇淋在那裡賣得非常好。這裡有一個混合因素，以及我們所投入的回報的有效持續，我們正在支持所有成本節約和生產力計劃。我的意思是，如您所知，我們特別在銷貨成本方面投入了大量的精力和精力。但它是我們看到的元素的組合。

I mean that it's not only just the saving in itself, but you really have a good combo on focusing on Must Win Battle, stepping up effectively the mix by investing behind the Must Win Battle. RGM starts to get in motion on that, which is giving us a bit of a breathing space there, which we expect to continue to maintain and again, securing our hypothesis and our projects for the year at about flat gross margin.

我的意思是，這不僅僅是節省本身，而且你確實有一個很好的組合，專注於“必勝之戰”，通過投資“必勝之戰”來有效地加強組合。 RGM 開始著手解決這個問題，這給了我們一點喘息的空間，我們預計將繼續保持這種喘息空間，並再次確保我們的假設和今年的項目毛利率基本持平。

Yes. Okay. Very good. And you mentioned 100% coverage and strong visibility on costs into '24. Is there anything you can offer us in terms of an overall cost outlook? Or any color on expected kind of timing of the cost curve into the next year?

是的。好的。非常好。您提到 24 年的成本覆蓋率為 100%，並且具有很強的可見度。關於整體成本前景，您能提供我們什麼嗎？或是明年成本曲線的預期時間安排有什麼顏色嗎？

Yes, we -- at the time we give the guidance there because, frankly, I have to say, I mean, so far, of course, we indeed have covered, I mean, for the year, that's obviously because we are now, frankly, at the level where we are. But getting into the nature, we're starting effectively to lock some of the deals available in the market, there is effectively some deflation on fish, some slight inflation on some of the veggies. I mean some of them more than others.

是的，我們——當時我們在那裡提供指導，因為，坦率地說，我不得不說，我的意思是，當然，到目前為止，我們確實已經涵蓋了，我的意思是，今年，這顯然是因為我們現在，坦白說，就我們目前的水平而言。但進入大自然後，我們開始有效地鎖定市場上的一些交易，魚類實際上出現了一些通貨緊縮，一些蔬菜出現了輕微的通貨膨脹。我指的是其中一些比其他人更重要。

And we are really trying to look at the market dynamics to frankly, make sure that we remain competitive versus the other players in the market. And frankly, we have a COGS structure that enabled us to adjust the price as necessary through promotion as we move forward to stay competitive there. But definitely, after 2 years of heavy inflation, we are seeing effectively a flattening and a decline in some of the categories. I mean, fish as an example, and a bit of an increase on the rest. So rest assured we'll keep you up to date, I mean, at this stage, but we are maintaining the strategy of trying to grasp as much as we can from the market in order to really help create value to invest in business.

坦白說，我們確實在努力觀察市場動態，以確保我們相對於市場上的其他參與者保持競爭力。坦白說，我們的銷貨成本結構使我們能夠在必要時透過促銷調整價格，同時保持競爭力。但毫無疑問，在經歷了兩年的嚴重通貨膨脹之後，我們實際上看到了某些類別的趨平和下降。我的意思是，以魚為例，其餘的都有一點增加。因此，請放心，我們會及時向您通報最新情況，我的意思是，在現階段，我們將維持盡可能掌握市場的策略，以便真正幫助創造商業投資價值。

Okay. That's very helpful. And last question, if I could. As the -- I think everyone is trying to kind of get a pulse and try to track your progress on volume recovery and market share improvement as you make good on the investments that you're currently making. As we do that from the outside, is tracked channel data a good barometer of your progress? Or is there a reason to believe that tracked channel performance will either lead or lag total portfolio performance?

好的。這非常有幫助。最後一個問題，如果可以的話。我認為每個人都在努力把握脈搏，並在兌現目前正在進行的投資的同時，嘗試追蹤銷量恢復和市場份額提高的進展。當我們從外部進行此操作時，追蹤的頻道資料是否是您進度的良好晴雨表？或者是否有理由相信追蹤的通路績效將領先或落後於總投資組合績效？

Well, directionally, it's okay, absolutely. But then they have some puts and takes when obviously, you have the difference between sell in and sell out. You also have the food service, the piece. Then some countries are not covered as well. But directionally, it's okay. And then definitely with Tony, we can obviously help you to be a bit further -- I mean, more precise with the difference between, let's say, the numbers as such that are publicly available and then how to get to the final number. But directionally, it's okay.

嗯，從方向上來說，沒問題，絕對沒問題。但是，當他們顯然有賣出和賣出之間的區別時，他們就會有一些看跌期權和賣出選擇權。您也可以享受餐飲服務。有些國家也不包括在內。但從方向上來說，還是可以的。當然，在托尼的幫助下，我們顯然可以幫助您走得更遠——我的意思是，更精確地了解公開的數字與如何得出最終數字之間的差異。但從方向上來說，還是可以的。

(Operator Instructions) Our next question comes from the line of Jon Tanwanteng with CJS Securities.

（操作員指示） 我們的下一個問題來自 CJS 證券的 Jon Tanwanteng 線路。

It's Peter Lukas for Jon. You guys covered most of the stuff here in the prepared remarks and Q&A, but if you could just kind of maybe summarize the biggest puts and takes you're seeing in regards to working capital and cash flow expectations going forward.

這是喬恩的彼得·盧卡斯。你們在準備好的評論和問答中涵蓋了這裡的大部分內容，但如果你們能總結一下你們所看到的關於未來營運資金和現金流預期的最大看跌期權和支出。

Yes. I think as we have mentioned in our -- I mean cash flow is absolutely an essential critical measure for us because it drives effectively a lot of the commitment we have to driving shareholder value and through effective capital allocation. So we clearly have been investing a lot of efforts in order to step up our performance in all of the areas of working capital. I mean, let me make -- get them one by one, if you want, I mean on receivables is clearly something where we have to clearly get the perfect match between the overall receivable and the collection.

是的。我認為，正如我們在我們的報告中提到的，我的意思是現金流對我們來說絕對是一項重要的關鍵衡量指標，因為它有效地推動了我們透過有效的資本配置來推動股東價值的承諾。因此，我們顯然已經投入了大量的努力，以提高我們在營運資本所有領域的績效。我的意思是，如果你願意的話，讓我一一獲取它們，我的意思是，在應收賬款上，我們必須清楚地獲得整體應收賬款和收款之間的完美匹配。

And honestly, at this stage, we're really making a very good progress and have set of our performance, I mean, from that end, not necessarily in the change itself, but in the efficiency of collecting effectively money beyond our receivable. On inventory in payables, the point there was, as you recall, a year ago, we have stepped up our inventory, I mean, because of all of the conditions we have with the disruption in supply, with war and with specific supply issue, I mean, relating to some of the ingredients and we have taken the journey of the supply chain team has done an extraordinary work there to really drive down our inventory in order to support our business requirement. And you see that in a customer service level that are very good.

老實說，在這個階段，我們確實取得了非常好的進展，並且已經取得了一定的業績，我的意思是，從這一點來看，不一定是變革本身，而是有效收集超出我們應收賬款資金的效率。關於應付帳款庫存，正如您所記得的那樣，一年前，我們增加了庫存，我的意思是，由於我們面臨供應中斷、戰爭和特定供應問題的所有條件，我的意思是，就某些成分而言，我們已經採取了供應鏈團隊的旅程，他們在那裡做了出色的工作，真正降低了我們的庫存，以支持我們的業務需求。你會發現客戶服務水準非常好。

And at the same time, you've seen a step change in improvement in our inventory that has been down together with our receivable that have now integrated is shown, the one-off effect of the past, particularly the unfair trade practice that has, let's say, dragged an impact on the overall payables. So net-net, if you want receivable, clearly, huge focus on a per market basis to make sure we perform in line with expectations. Inventory on a journey of taking the overall inventory level down while making sure that we maintain top performance in the area of customer service and the totality of all of that is really enabling to free up an amount of cash that is enabling our performance.

同時，您已經看到我們的庫存改善發生了一步變化，我們的庫存已經下降，我們的應收帳款現已整合，這表明過去的一次性影響，特別是不公平的貿易做法，可以說，對整體應付帳款產生了影響。因此，淨淨，如果你想要應收帳款，顯然，要專注於每個市場，以確保我們的表現符合預期。庫存在降低整體庫存水準的同時，確保我們在客戶服務領域保持最佳績效，所有這些的總和確實能夠釋放大量現金，從而提高我們的績效。

So from a cash flow standpoint, we just reiterate the point that this business is designed to deliver 90% to 95% of free cash flow conversion, which, I mean, amounts to EUR 250 million for this year, and we intend to continue to do that and to do each and every effort to even generate more cash beyond -- on top and beyond that in this and the out-years.

因此，從現金流的角度來看，我們只是重申這一點，即該業務旨在實現 90% 至 95% 的自由現金流轉換，我的意思是，今年總計 2.5 億歐元，我們打算繼續做到這一點，並盡一切努力，甚至在今年和未來幾年創造更多的現金。

Very helpful. And then just last one for me. What is your expected net interest expense following the repricing?

很有幫助。然後是我的最後一個。重新定價後您預期的淨利息支出是多少？

For the repricing, we'll get back to you. Let me tell you the interest expense with the overall for the year, we'd be expecting probably around 118 million, 110 million, 150 million, I mean, overall for 2023.

對於重新定價，我們會回覆您。讓我告訴你今年的利息支出，我們預期 2023 年的利息支出可能約為 1.18 億、1.1 億、1.5 億。

And we have reached the end of the question-and-answer session. And I'll now turn the call back over to Stefan Descheemaeker for closing remarks.

我們的問答環節已經結束了。現在，我將把電話轉回給 Stefan Descheemaeker，讓其閉幕詞。

Thank you for your participation on today's call. After the unique challenges of 2022, we continue to deliver organic sales growth while protecting our margins and investing in the long-term health of the business. Our A&P program is poised to drive growth. Our supply chain is in great shape and our RGM capabilities are expanding with each new quarter.

感謝您參加今天的電話會議。在經歷 2022 年的獨特挑戰之後，我們將繼續實現有機銷售成長，同時保護我們的利潤並投資於業務的長期健康發展。我們的 A&P 計劃有望推動成長。我們的供應鏈狀況良好，我們的 RGM 能力隨著每個新季度的發展而不斷擴大。

We are already looking forward to an exciting 2024 of volume and market share recovery. Once again, we are on track to deliver our ambitious financial objective for 2023 and beyond. Thank you all. Operator, back to you.

我們已經期待著 2024 年銷售量和市佔率的復甦。我們再次有望實現 2023 年及以後雄心勃勃的財務目標。謝謝你們。接線員，回到您身邊。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。