百事 (PEP) 2015 Q2 法說會逐字稿

Good morning and welcome to PepsiCo's second-quarter 2015 earnings conference call. (Operator Instructions). Today's call is being recorded and will be archived at www.pepsico.com.

早安，歡迎各位參加百事公司（PepsiCo）2015 年第二季財報電話會議。（接線員指示）。今天的電話會議將被錄音，並將存檔於 www.pepsico.com。

It is now my pleasure to introduce Mr. Jamie Caulfield, Senior Vice President of Investor Relations. Mr. Caulfield, you may begin.

現在我很榮幸為各位介紹投資人關係資深副總裁 Jamie Caulfield 先生。Caulfield 先生，您可以開始了。

Thank you and good morning. Joining me on the call today are Indra Nooyi, PepsiCo's Chairman and CEO, and Hugh Johnston, PepsiCo's CFO. We will lead off the call this morning with prepared remarks and then turn to Q&A.

謝謝，各位早安。今天與我一同參與電話會議的有百事公司董事長暨執行長 Indra Nooyi，以及百事公司財務長 Hugh Johnston。我們今天早上將先進行事先準備的發言，接著進入問答環節。

As we begin the call, it is important to note the following. We will make forward-looking statements on this call. Any forward-looking statement inherently involves risks and uncertainties that could cause actual results to differ materially from current predictions and expectations. Information on such risks can be found in today's earnings release and our most recent Form 10-K and subsequent SEC filings.

在我們開始之前，請注意以下事項。我們將在本次電話會議中發表前瞻性陳述。任何前瞻性陳述本質上都涉及風險與不確定性，可能導致實際結果與目前的預測與預期出現重大差異。相關風險資訊可見於今日的財報新聞稿，以及我們最近一期的 Form 10-K 與其後向美國證券交易委員會（SEC）提交的文件。

In addition, we'll discuss results using non-GAAP measures and you can find the GAAP to non-GAAP reconciliations on our website under the investor section in the events and presentations tab.

此外，我們將使用非 GAAP 指標討論業績；您可在我們網站投資人專區的「活動與簡報」分頁中，查閱 GAAP 與非 GAAP 的調節表。

Beginning with the third quarter of 2015, PepsiCo will realign some -- certain of its reportable segments as you saw in this morning's press release. Within the next 30 days, PepsiCo expects to provide reclassified summary segment reporting for 2013 and 2014 and the first two quarters of 2015 to reflect the Company's new structure.

自 2015 年第三季起，如同您在今天早上的新聞稿中所見，百事公司將重新調整部分——某些可報告部門。在未來 30 天內，百事公司預期將提供 2013 年、2014 年以及 2015 年前兩季的重分類部門彙總報告，以反映公司新的組織架構。

And now it is my pleasure to introduce Indra Nooyi.

現在我很榮幸為各位介紹 Indra Nooyi。

Thank you, Jamie, and good morning, everyone. We are very pleased with our performance in the quarter. Organic revenue grew 5.1% with global snacks up 8% and global beverages up 2%. Core gross margin improved by 115 basis points. Core constant currency operating profit grew 8% and core constant currency EPS grew 11%.

謝謝你，Jamie，各位早安。我們對本季的表現非常滿意。有機營收成長 5.1%，其中全球零食成長 8%，全球飲料成長 2%。核心毛利率提升 115 個基點。核心固定匯率營業利益成長 8%，核心固定匯率每股盈餘（EPS）成長 11%。

Based on the strength of the quarter, our overall first-half results, and our outlook for the remainder of the year, we are increasing our full-year core constant currency 2015 EPS growth outlook to 8%.

基於本季的強勁表現、上半年整體成果，以及我們對今年剩餘期間的展望，我們將 2015 年全年核心固定匯率 EPS 成長展望上調至 8%。

Our businesses are performing well both in the top line and bottom line. PepsiCo Americas beverages had an outstanding quarter. 3% organic revenue growth translated to 10% core currency operating profit growth. Frito-Lay North America delivered another quarter of very strong results with organic revenue up 3% and core constant currency operating profit up 7%.

我們的各項業務在營收端與獲利端都表現良好。百事公司美洲飲料業務本季表現出色。3% 的有機營收成長轉化為 10% 的核心固定匯率營業利益成長。北美菲多利（Frito-Lay North America）再度交出非常強勁的季度成果，有機營收成長 3%，核心固定匯率營業利益成長 7%。

And our developing and emerging markets delivered 11% organic growth in the quarter, revenue growth, despite the ongoing volatility in many regions of the world.

此外，儘管全球多個地區仍持續波動，我們的開發中與新興市場本季仍實現 11% 的有機成長（營收成長）。

Looking across some of our key D&E markets, our businesses continue to prove resilient. Turkey and Saudi Arabia achieved double-digit organic revenue growth. China, Egypt and the Philippines achieved high single-digit organic revenue growth and Mexico achieved mid single-digit organic revenue growth.

從我們一些關鍵的開發中與新興（D&E）市場來看，我們的業務持續展現韌性。土耳其與沙烏地阿拉伯達成兩位數的有機營收成長。中國、埃及與菲律賓達成高個位數的有機營收成長，墨西哥則達成中個位數的有機營收成長。

Now I assume you've had a chance to read the release this morning, so rather than go through the numbers in detail by segment or country, what we will do on this call and going forward is to give you an update and provide a bit more detail on each of our big initiatives to drive performance, namely innovation supported by sensible brand management, flawless execution, sales sustaining productivity, prudent capital allocation and talent renewal and management. So today we will focus primarily on innovation and touch briefly on the others. And on future calls, we will highlight one of each of the other initiatives.

我想各位已經有機會閱讀今天早上的新聞稿，因此我們不再按部門或國家逐一詳述數字；在本次電話會議以及未來，我們將向各位更新並更詳細說明推動績效的各項重大倡議，也就是：以合理的品牌管理支持的創新、零瑕疵執行、以生產力支撐銷售、審慎的資本配置，以及人才更新與管理。因此今天我們將主要聚焦在創新，並簡要提及其他項目。在未來的電話會議中，我們將每次重點說明其他倡議中的其中一項。

So let me begin with innovation. Our innovation success today is the result of significant investments in and changes to our innovation, research and development capabilities and processes that began about eight years ago. At that time, we were an extremely decentralized organization operating as a loose confederation of geographic business units with each largely driving its own development agenda and establishing their own processes. Development was focused largely on product line extensions and that structure, while effective in its time, led to less efficient use of resources with redundant projects often being undertaken in different parts of the world and sub-optimal resource allocation to the most promising ideas.

那麼我先從創新談起。我們今日的創新成功，源自約八年前開始對創新、研發能力與流程所做的大量投資與變革。當時，我們是一個高度分散的組織，運作方式更像是由各地理區域事業單位鬆散組成的聯盟，各單位多半自行推動其開發議程並建立各自流程。開發工作主要聚焦於產品線延伸；該架構在當時雖有效，但也導致資源使用效率較低，世界各地常出現重複專案，且對最具潛力構想的資源配置不夠理想。

As a result, much of our innovation lacked staying power. In part, this had to do with the quality of our innovation but it also had to do with an inability to appropriately incubate innovation in the marketplace. And to address these opportunities, we undertook a major transformation to improve our R&D function and innovation capabilities.

因此，我們許多創新缺乏持久力。部分原因與創新品質有關，但也與我們無法在市場上適當孵化創新有關。為了改善這些機會，我們進行了一項重大轉型，以提升我們的研發（R&D）職能與創新能力。

Specifically, we established global category groups charged with coordinating global innovation. This resulted in a more focused innovation agenda, a greater emphasis on development platforms rather than product line extensions only and more efficient allocation of development resources as we have significantly reduced redundant efforts through better coordination.

具體而言，我們成立了全球品類團隊，負責協調全球創新。這使創新議程更聚焦、更強調開發平台而非僅是產品線延伸，並且透過更佳協調大幅降低重複投入，使開發資源配置更有效率。

Two, we globally adopted the proprietary demand moments framework originally developed at Frito-Lay North America. The framework focuses on the triggers of consumption by examining consumer needs based on the context of the occasion. This created much stronger linkage between consumer and shopper insights in the R&D functions and has led to our innovation being more incremental to topline growth.

第二，我們在全球採用最初由北美菲多利開發的專有「需求時刻」（demand moments）架構。該架構透過檢視消費情境下的消費者需求，聚焦於驅動消費的觸發因素。這使研發職能中的消費者與購物者洞察之間建立更強連結，並讓我們的創新對營收成長帶來更多增量貢獻。

Three, we implemented a common disciplined stage-gate process to gain better visibility into multi-year pipeline of R&D projects, to allocate resources to the most promising ideas and new platforms, and to ensure a better balance of refresh, reframe and breakthrough innovation.

第三，我們導入一致且嚴謹的階段關卡（stage-gate）流程，以更清楚掌握多年期的研發專案管線，將資源配置到最具潛力的構想與新平台，並確保在更新（refresh）、重塑（reframe）與突破性（breakthrough）創新之間取得更佳平衡。

Four, to facilitate more rapid lift and shift of our most successful innovation launches from one market to another, we provided our businesses with better visibility into new products and their performance around the globe.

第四，為了促進將最成功的創新上市成果更快速地從一個市場複製移轉到另一個市場，我們讓各事業單位能更清楚掌握全球各地新產品及其表現。

Five, we increased our investment in R&D starting in 2008. In fact, in 2011 to 2014 alone, our investment in R&D has increased almost 40%.

第五，我們自 2008 年起提高研發投資。事實上，僅 2011 年至 2014 年期間，我們的研發投資就增加了近 40%。

Next, more recently we established a design capability topped with world-class design talent. Increasingly, we are involving design in the early stages of innovation taking into account the entire project to consumption cycle to create truly memorable experiences for our consumers.

接著，較近期我們建立了設計能力，並延攬世界級設計人才領軍。我們愈來愈多在創新早期階段就導入設計，並考量從專案到消費的完整週期，為消費者創造真正令人難忘的體驗。

And lastly we are using reverse engineering, leveraging our learnings and developing in emerging markets to yield the benefits of thinking more holistically about low-cost design of new products, packaging and equipment without sacrificing quality.

最後，我們運用逆向工程，善用我們在新興市場的學習與開發成果，以更整體的方式思考新產品、包裝與設備的低成本設計，同時不犧牲品質。

We are pleased with the progress we've made across all these fronts and the tangible results we are seeing. Innovation as a percentage of total revenue reached 9% in 2014, an improvement of 150 basis points compared to two years ago. Three PepsiCo products received the 2015 Nielsen Breakthrough Innovation Award. This award recognizes the most successful and enduring new CPG products launched in the US in 2013. PepsiCo was the only company to receive multiple awards this year.

我們對在上述各方面取得的進展，以及所看到的具體成果感到滿意。2014 年創新占總營收比重達到 9%，較兩年前提升 150 個基點。有三項百事公司產品獲得 2015 年尼爾森（Nielsen）突破性創新獎。該獎項表彰 2013 年在美國上市、最成功且最具持久力的新消費性包裝商品（CPG）產品。百事公司是今年唯一獲得多項獎項的公司。

And over the past three years, we've introduced a number of new products that have achieved, or are on pace to achieve, more than $100 million each in annual retail sales including Tostitos Cantina, Mountain Dew Kickstart, Doritos Cheetos Fun Multipack Mix, and Gatorade Fierce Blue Cherry and Frost Glacier Cherry.

在過去三年中，我們推出多項新產品，其年度零售銷售額已達到或正朝著各自超過 1 億美元的目標邁進，包括 Tostitos Cantina、Mountain Dew Kickstart、Doritos Cheetos Fun Multipack Mix，以及 Gatorade Fierce Blue Cherry 與 Frost Glacier Cherry。

More recently, we are successfully using premium innovation within key categories to capture more price realization, so we launched Caleb's Kola and launched DEWshine, a craft premium soda inspired by Mountain Dew's brand roots in the backwoods of Tennessee.

更近期，我們在關鍵品類中成功運用高端創新，以取得更高的價格實現，因此我們推出 Caleb's Kola，並推出 DEWshine——一款受 Mountain Dew 品牌在田納西州偏遠鄉間根源啟發的精釀高端汽水。

We are also innovating on packaging. Capitalizing on the success of our consumer engaging Lay's Do Us A Favor Campaign, we launched Lay's Summer Days Campaign, encouraging friends to create custom digital bags of Lay's potato chips featuring photos of their favorite summer moments to share with friends and family on social media. Adding excitement to this experience, 10,000 lucky fans will receive a real-life customized bag of Lay's classic potato chips featuring the photo they digitally submitted, offering consumers personalized packaging for the first time in the brand's history.

我們也在包裝方面持續創新。延續我們成功吸引消費者參與的 Lay's「Do Us A Favor」活動，我們推出了 Lay's「Summer Days」活動，鼓勵朋友們製作客製化的 Lay's 洋芋片數位包裝袋，放上他們最喜愛的夏日瞬間照片，並在社群媒體上與親友分享。為了讓這項體驗更令人興奮，將有 10,000 名幸運粉絲收到一包真實的 Lay's 經典洋芋片客製化包裝袋，上面印有他們在數位端提交的照片，這也是該品牌史上首次為消費者提供個人化包裝。

We are also capitalizing on consumer health and wellness demand. As consumers are embracing almond milk and other plant-based proteins as an alternative to traditional dairy milk, Naked Juice has launched two new nut milks, Berry Almond Nut Milk and Peachy Almond Nut Milk. And in Quaker Foods North America, our new quick cooked steel cut innovation has propelled us to the number one market position in the on trend and growing steel cut oatmeal segment by making preparation much more convenient.

我們也正把握消費者對健康與保健的需求。隨著消費者將杏仁奶及其他植物性蛋白視為傳統乳牛奶的替代選擇，Naked Juice 推出了兩款新的堅果奶：莓果杏仁堅果奶（Berry Almond Nut Milk）與蜜桃杏仁堅果奶（Peachy Almond Nut Milk）。此外，在北美桂格食品（Quaker Foods North America），我們全新的快速烹煮鋼切燕麥創新，透過大幅提升準備便利性，推動我們在正流行且成長中的鋼切燕麥片品類中躍升至市占第一。

Channel focused innovation is advancing our food service business. We're launching a new line of craft soft drinks called Stubborn Soda in fountains this summer. The Stubborn lineup includes unique and contemporary takes on traditional craft flavors. Flavors include: black cherry tarragon, lemon berry asai, agave vanilla cream and pineapple cream. They contain no high fructose corn syrup and are made with fair trade certified cane sugar and natural flavors.

聚焦通路的創新正在推進我們的餐飲服務（food service）業務。今年夏天，我們將在飲料機（fountain）推出名為 Stubborn Soda 的全新手工汽水產品線。Stubborn 的產品組合包含對傳統手工風味的獨特且具當代感的詮釋。口味包括：黑櫻桃龍蒿、檸檬莓果阿薩伊、龍舌蘭香草奶油，以及鳳梨奶油。產品不含高果糖玉米糖漿，並採用公平貿易認證蔗糖與天然香料製成。

And, of course, we continue to refresh and reframe our key brands to maintain a high level of consumer engagement and excitement.

當然，我們也持續為核心品牌注入新意並重新定位，以維持高度的消費者參與度與興奮感。

Now our innovation has also contributed to good market share performance in the second quarter in the United States, and I believe our results are impressive. We held LRB value share while delivering strong net price realization. We gained value share across important subcategories including sports drinks and ready-to-drink teas.

我們的創新也促成了美國第二季良好的市占表現，我認為我們的成果令人印象深刻。在實現強勁淨價格實現（net price realization）的同時，我們維持了 LRB 的價值市占（value share）。我們在多個重要子品類（包括運動飲料與即飲茶）取得價值市占成長。

Gatorade's share of sports drinks surpassed 80%. Mountain Dew gained 40 basis points of value share within the CSD category in Q2. In fact, if you add Kickstart, DEWshine and Baja and Sangrita Blast together, it represents more than 2 points of CSD value share in the most recent four-week period placing our recent Mountain Dew Innovation by itself as the fourth-largest flavored CSD behind base Mountain Dew, Dr Pepper and Sprite.

Gatorade 在運動飲料的市占率超過 80%。Mountain Dew 在第二季於碳酸軟性飲料（CSD）品類中的價值市占提升了 40 個基點。事實上，若將 Kickstart、DEWshine、Baja 與 Sangrita Blast 合計，在最近四週期間其 CSD 價值市占合計超過 2 個百分點，使我們近期的 Mountain Dew 創新產品單獨就成為第四大風味 CSD，僅次於基礎款 Mountain Dew、Dr Pepper 與 Sprite。

In Q2, we grew retail sales in measured channels in the US for regular colas and Mountain Dew within CSD, for Gatorade, Lipton Tea and Naked Juice within our non-carb portfolio. And at Frito-Lay, we held value share in savory snacks and in Quaker Foods we gained value share in key categories - hot and ready-to-eat cereals - while expanding gross margin and stepping up advertising and marketing at the same time.

第二季，我們在美國可衡量通路（measured channels）中，於 CSD 的一般可樂與 Mountain Dew、於非碳酸產品組合中的 Gatorade、Lipton Tea 與 Naked Juice，皆實現零售銷售成長。同時，在 Frito-Lay，我們維持了鹹味零食的價值市占；在桂格食品（Quaker Foods），我們在關鍵品類——熱食與即食穀物（hot and ready-to-eat cereals）——取得價值市占成長，並在擴大毛利率的同時加大廣告與行銷投入。

And our innovation is driving growth for our retail partners as well. In the second quarter, PepsiCo was once again the largest contributor to US retail sales growth among all food and beverage manufacturers with over $400 million of retail sales growth in all major channels. This was more than two times the next largest contributor to growth and represented more growth than the next 14 largest manufacturers combined. Notably, North American beverages was the key driver of US retail sales growth within PepsiCo and the largest contributor to US retail sales growth on a standalone basis.

我們的創新也同樣帶動零售合作夥伴的成長。第二季，百事公司（PepsiCo）再次成為所有食品與飲料製造商中，對美國零售銷售成長貢獻最大的公司，在所有主要通路的零售銷售成長超過 4 億美元。這一成長規模是第二大成長貢獻者的兩倍以上，且其成長量超過接下來 14 家最大製造商的合計。值得注意的是，北美飲料（North American beverages）是百事公司內部推動美國零售銷售成長的關鍵動能，並且以單一事業體來看，也是美國零售銷售成長的最大貢獻者。

Our intention is to continue to invest in innovation, build upon our already strong capability base and further sharpen our holistic innovation process to drive greater growth for our customers, create compelling products for our consumers, and ultimately increase the contribution of new products to our total revenue. So that's the story on innovation.

我們的目標是持續投資創新，在既有強大的能力基礎上再接再厲，並進一步精進我們的整體創新流程，以為客戶帶來更高成長、為消費者打造更具吸引力的產品，並最終提升新產品對我們總營收的貢獻。以上就是關於創新的內容。

Turning now to execution, we've ramped up our execution focus across the value chain from seed to shelf. We have established clear consistent performance metrics to track and benchmark the effectiveness and efficiency of every one of our core value driving activities from safety to manufacturing utilization to transport efficiency to promotional display execution. Execution is a never ending journey as there will always be an opportunity to raise the game of the below average performance within manufacturing lines or DSD rounds. But we are seeing solid execution and steady improvement across the enterprise and this is translating to good market based performance and financial results.

接著談執行力，我們已在從種子到貨架（seed to shelf）的整個價值鏈上，全面提升對執行的聚焦。我們建立了清晰且一致的績效衡量指標，用以追蹤並對標每一項核心價值驅動活動的成效與效率，涵蓋從安全、製造產能利用率、運輸效率到促銷陳列執行。執行是一段永無止境的旅程，因為在製造產線或 DSD 配送路線中，對於低於平均的表現永遠都有提升空間。但我們正看到全企業範圍內穩健的執行與持續改善，並轉化為良好的市場表現與財務成果。

Turning now to productivity and disciplined capital allocation. As you know, we have a goal of delivering $5 billion in productivity savings over five years from 2015 to 2019, which is approximately $1 billion per year. Our current program follows a similarly aggressive three-year, $3 billion program that we successfully concluded in 2014. And, overall, our productivity initiatives are driving meaningful results.

接著談生產力與嚴謹的資本配置。如各位所知，我們的目標是在 2015 至 2019 的五年期間實現 50 億美元的生產力節省，約每年 10 億美元。我們目前的計畫延續了同樣積極的三年 30 億美元方案，而該方案已於 2014 年成功完成。整體而言，我們的生產力措施正在帶來顯著成果。

Over the three years ending in 2014, despite adverse ForEx, we realized $1 billion of annual productivity savings, net revenue per employee is up 10% and EBIT per employee is up 9%. And since 2012, gross margins have consistently expanded. Similarly, our capital allocation discipline is yielding meaningful results. From year-end 2011 to the second quarter of 2015, net CapEx as a percentage of net revenue has improved from 4.9% to 4.1% on a rolling four-quarter basis and this 80 basis point reduction equates to approximately $500 million in incremental annual free cash flow.

在截至 2014 年的三年期間，儘管面臨不利的外匯（ForEx）影響，我們仍實現每年 10 億美元的生產力節省；每位員工的淨營收提升 10%，每位員工的 EBIT 提升 9%。自 2012 年以來，毛利率也持續擴張。同樣地，我們的資本配置紀律也帶來了顯著成果。從 2011 年底到 2015 年第二季，以最近四季滾動基礎計算，淨資本支出（net CapEx）占淨營收比重由 4.9% 改善至 4.1%；這 80 個基點的下降相當於每年約 5 億美元的新增自由現金流。

And since 2012 through the second quarter of 2015, core net ROIC has improved by 310 basis points to 18.4% on a rolling four-quarter basis.

此外，自 2012 年至 2015 年第二季，以最近四季滾動基礎計算，核心淨投資資本報酬率（core net ROIC）提升了 310 個基點至 18.4%。

And finally, people renewal and development; this is an area that I and the Board spend a lot of time on. Our focus is twofold here, making sure we have the right leaders in place today and that we are developing the next two generations of leadership for the Company. And as all of you know, good talent management does not happen in short bursts. It requires taking a long-term view and very detailed analytical planning.

最後是人才更新與發展；這是我與董事會投入大量時間的領域。我們在此的重點有兩個：確保今天我們已配置正確的領導者，同時也在培育公司未來兩個世代的領導梯隊。如各位所知，良好的人才管理不會在短時間內一蹴可幾。它需要長期視角與非常細緻的分析性規劃。

At the core of our people renewal and management plan is to focus on the 200 critical leadership roles in our Company. These are the roles that are most important to our success and that provide the greatest experiential development for our executives. For each of these roles, we have developed a pipeline that ensures that we have at least one immediate successor candidate, two people in a one- to three-year timeframe and then another three people ready four to six years out.

我們的人才更新與管理計畫核心，是聚焦公司內 200 個關鍵領導職位。這些職位對我們的成功最為重要，也能為高階主管提供最具價值的歷練與發展。針對每一個職位，我們都建立了人才管道（pipeline），確保至少有 1 位可立即接任的候選人、2 位在 1 至 3 年內可接任的人選，以及另外 3 位在 4 至 6 年後可接棒的人才。

As a result of this process we are deliberately developing top talent by giving them multiple category, geography and job experiences and ensuring we have well-developed succession plans.

透過這套流程，我們有意識地培育頂尖人才，讓他們累積跨品類、跨地域與跨職能的多元經驗，並確保我們擁有完善的接班計畫。

The other priority we have is ensuring that we have the right balance of homegrown talent, that we augment our talent pool from time to time with exceptional executives that we recruit from outside the Company and I believe our plans are working. When we've had executive transitions, both planned and unplanned, they've been smooth and well coordinated.

我們的另一項優先事項，是確保內部培養人才的適當比例，同時也會不時從公司外部延攬卓越的高階主管來充實人才庫；我相信我們的計畫正在發揮成效。當我們出現高階主管交接時，無論是計畫內或非計畫內的變動，過程都相當順暢且協調良好。

And as you look at our current leadership, you will find that executives have had very broad critical experiences within PepsiCo for many years across functions, geographies and categories. People like Tom Greco, Al Carey, Sanjeev Chadha, Ramon Laguarta and Hugh Johnston, and folks that we bought into PepsiCo later in their careers to augment our skill base and stretch our thinking, people like Mehmood Khan, Laxman Narasimhan and Tony West. And we are grooming our next generation of leadership by giving them critical experiences, people like Mike Spanos, who runs our China operation or Eugene Willemsen and Brian Newman, whose promotions we announced last night.

再看我們目前的領導團隊，你會發現許多主管多年來在百事公司內，跨職能、跨地域與跨品類累積了非常廣泛且關鍵的經驗。例如 Tom Greco、Al Carey、Sanjeev Chadha、Ramon Laguarta 與 Hugh Johnston；以及我們在他們職涯較後期延攬加入百事公司、用以強化我們的技能基礎並拓展思維的人才，例如 Mehmood Khan、Laxman Narasimhan 與 Tony West。同時，我們也透過提供關鍵歷練來培養下一代領導者，例如負責中國業務的 Mike Spanos，或是 Eugene Willemsen 與 Brian Newman——我們昨晚已宣布他們的升遷。

So to conclude, we are pleased with our financial performance in the first half of 2015 and with the progress we've made across our value driving initiatives. Clearly there are number of macro challenges around the world, but we believe we have the right strategies and programs in place to enable us to continue to navigate successfully through the current environment.

總結來說，我們對2015年上半年的財務表現以及在各項價值驅動計畫上取得的進展感到滿意。顯然，全球仍面臨多項宏觀挑戰，但我們相信已具備正確的策略與方案，使我們能在目前環境中持續成功應對。

The construction of our product and geographic portfolios enable us to continue to deliver strong results, in part, because our balanced portfolio creates a natural hedge against the global macro and political volatility that has become the new normal, and all of this bolsters our confidence in our ability to continue to achieve our financial targets.

我們的產品與地理組合的建構，使我們得以持續交出強勁成果；部分原因在於，我們均衡的組合對已成為新常態的全球宏觀與政治波動形成天然避險，而這一切也強化了我們持續達成財務目標的信心。

So with that let me turn the call over to Hugh.

那麼，接下來我把電話交給Hugh。

Thank you, Indra, and good morning, everyone.

謝謝你，Indra，各位早安。

Turning directly to guidance, as Indra mentioned based on the strength of our first half results and our outlook for the remainder of the year, we've increased our full-year core constant currency EPS growth target to 8% from 7% previously. Our other targets remain unchanged.

直接談到財測指引，如Indra所提，基於我們上半年業績的強勁表現以及對今年剩餘期間的展望，我們將全年核心固定匯率EPS成長目標由先前的7%上調至8%。其他目標維持不變。

For the full year 2015, we continue to expect mid single-digit organic revenue growth, core operating margin expansion as organic top line growth and productivity should offset negative geographic mix and commodity inflation, which incorporates the impact of transaction related foreign-exchange headwinds and approximately $1 billion of productivity savings.

就2015全年而言，我們仍預期有中個位數的有機營收成長；核心營業利益率擴張，因為有機營收成長與生產力提升應可抵銷不利的地理組合與大宗商品通膨，其中已納入交易相關的外匯逆風影響以及約10億美元的生產力節省。

Below the division operating line, we continue to expect corporate costs to be lower, a core tax rate of approximately 25% and a reduced share count. We expect foreign exchange translation to negatively impact net revenue and core earnings per share growth by approximately 9 percentage points and 11 percentage points respectively based on current market consensus rates.

在事業部營業利益線以下，我們仍預期公司層級成本較低、核心稅率約25%，以及流通股數下降。依目前市場共識匯率，我們預期外匯換算將分別對淨營收與核心每股盈餘成長造成約9個百分點與11個百分點的負面影響。

Our outlook for the year assumes translation of our Venezuela results at the CCAD rate of VEF12].8 per US dollar. Should circumstances dictate use of a higher rate, this would also negatively impact our US dollar results.

我們對今年的展望假設以CCAD匯率（每1美元兌VEF12].8）換算委內瑞拉的業績。若情勢迫使採用更高匯率，亦將對我們以美元計價的結果造成負面影響。

Taking our 2014 core EPS of $4.63 and applying our guidance and current market consensus of foreign exchange impact implies 2015 core EPS of approximately $4.49.

以2014年核心EPS 4.63美元為基礎，套用我們的指引與目前市場共識的外匯影響，推算2015年核心EPS約為4.49美元。

As you model out the third quarter, I would ask you to consider the following. Foreign exchange translation should have an approximate 11 point unfavorable impact on the third quarter net revenue growth and an approximate 12 point unfavorable impact on third-quarter core EPS growth based on current market consensus rates. And we expect a profit decline in QFNA as we lap last year's gain on the sale of the cereal business.

在你們建模第三季時，我想請各位考量以下幾點。依目前市場共識匯率，外匯換算預計將對第三季淨營收成長造成約11個百分點的不利影響，並對第三季核心EPS成長造成約12個百分點的不利影響。此外，由於去年出售穀物業務帶來一次性收益形成高基期，我們預期QFNA的獲利將下滑。

Below the division operating profit line, net interest expense is expected to continue to increase in the third quarter versus last year driven by higher interest rates and net debt balances and our tax rate in the third quarter is expected to be higher than the third quarter of 2014.

在事業部營業利益線以下，受利率上升與淨負債餘額較高所驅動，第三季淨利息費用預期將較去年同期持續增加；而我們第三季的稅率預期也將高於2014年第三季。

From a cash flow perspective, we continue to expect full-year free cash flow of more than $7 billion. We expect our capital allocation discipline to continue to drive core ROIC improvement. This is building on the steady progress we've made in ROIC with core net ROIC up 310 basis points from 2012 to 18.4% through the second quarter of 2015 on a rolling four-quarter basis. And, consistent with prior outlook, we expect to return between approximately $8.5 billion and $9 billion to shareholders in 2015 through both dividends and share repurchases.

就現金流角度而言，我們仍預期全年自由現金流超過70億美元。我們預期資本配置紀律將持續推動核心ROIC改善。這是建立在我們ROIC穩健進展之上：以滾動四季計算，截至2015年第二季，核心淨ROIC自2012年以來提升310個基點至18.4%。並且，與先前展望一致，我們預期2015年將透過股利與庫藏股回購合計回饋股東約85億至90億美元。

As a reminder, our previously announced 7% dividend per share increase commenced with the June payment. Our annualized dividend is now $2.81, an approximate 60% payout ratio based on 2014 core EPS. This represents the 43rd consecutive year of annual dividend increases and our annualized dividends per share have grown at 10% compound annual rate over the past 10 years.

提醒各位，我們先前宣布的每股股利上調7%已自6月發放起生效。我們的年化股利目前為2.81美元，依2014年核心EPS計算，配息率約60%。這是連續第43年年度股利增加，且過去10年我們的年化每股股利以10%的複合年成長率成長。

So, to summarize, our core constant currency earnings per share outlook for 2015 has improved from our last call and free cash flow, disciplined capital allocation and returning cash to our shareholders remain top priorities for the Company.

因此總結而言，我們對2015年核心固定匯率每股盈餘的展望較上次電話會議有所改善；自由現金流、嚴謹的資本配置，以及回饋現金給股東，仍是公司的首要重點。

With that, operator, we will take the first question.

接下來，接線員，我們開始第一個問題。

Thank you. (Operator Instructions). John Faucher, JPMorgan.

謝謝。(接線員指示)。JPMorgan的John Faucher。

Thanks. Good morning. Two quick questions here. One, can you just give us a little bit of the rationale in terms of the merger of the Latin American food and beverage business? Is that just sort of the regions need to manage the regions?

謝謝。早安。這裡兩個簡短問題。第一，能否請你們稍微說明一下合併拉丁美洲食品與飲料業務的理由？這是否只是各區域需要管理各區域的安排？

And then secondly, can you talk a little bit about the Frito volume, which was a little bit light relative to trends. Anything in particular going on there? Thanks.

第二，能否談談Frito的銷量，相較於趨勢看起來有點偏弱。那邊是否有任何特別情況？謝謝。

Let me talk a bit about the Latin American merger. We are seeing success in Europe and EMEA with all of the power of one management of those regions. We are able to get more productivity, take out costs and especially with volatile economies we have to get more and more agile and more creative about how to take out costs.

我先談談拉丁美洲的合併。我們在歐洲與EMEA看到「一體化管理」這些區域所帶來的成功。我們能取得更多生產力、降低成本，尤其在經濟波動時，我們必須更敏捷、更有創意地思考如何降低成本。

And it's not just costs within our system, John, I think even with our bottling partners there's an opportunity to cooperate and figure out how not to duplicate efforts between the two companies and we are seeing those initiatives pay off in EMEA and Europe and we decided now is the time to do it in Latin America.

而且不僅是我們體系內的成本，John，我認為即使與我們的裝瓶合作夥伴之間，也有機會合作並找出如何避免兩家公司之間重複投入；我們在EMEA與歐洲已看到這些措施帶來成效，因此我們決定現在是在拉丁美洲推動的時機。

We are in the middle of a major productivity program in Latin America Foods and integrating Latin America Beverages with Foods gives us that much more of a cost base to work with.

我們正在拉丁美洲食品推動一項重大生產力計畫，而將拉丁美洲飲料與食品整合，讓我們有更大的成本基礎可以著力。

Lastly, given the volatility of those economies there, I think it's very important to be -- really become a lean, mean machine there in order to take the savings and reinvest it to grow the top line. So that's Latin America.

最後，鑑於當地經濟的波動性，我認為在那裡變得更精實、更有效率非常重要，才能把節省下來的資金再投資以推動營收成長。以上是拉丁美洲的部分。

Second is on the Frito volume. Again, we watch the Frito performance very carefully as does Tom Greco and the Frito team. In our potato chip business, we were going through a revenue management program and that revenue management program is actually yielding good revenue growth and improving topline growth and profitability for our retailers. And one of the results of the revenue management program is that it is going to impact volume because the price pack architecture shifts some of the volume to certain bag sizes which impacts volume in the short term but over the long term it's the right thing for the business.

第二個是關於Frito的銷量。同樣地，我們非常密切地關注Frito的表現，Tom Greco與Frito團隊也是如此。在我們的洋芋片業務中，我們正在推動一項收益管理計畫，而該計畫實際上帶來良好的營收成長，並改善零售商的營收成長與獲利能力。收益管理計畫的其中一個結果是會影響銷量，因為價格與包裝架構會把部分銷量轉移到特定袋裝規格，短期內會影響銷量，但長期而言這對業務是正確的作法。

So I'd let it play out to the balance of the year then look at our results in 2016.

因此我會讓它在今年剩餘期間持續發酵，然後再看我們2016年的結果。

Bryan Spillane, Bank of America.

美國銀行的Bryan Spillane。

Just two quick ones. First, in terms of exchange rates, Hugh, you mentioned Venezuela and if you were to move to the Simadi rate, what would the impact for that be on the year and how would that affect the guidance that you've given for currencies?

兩個簡短問題。第一，關於匯率，Hugh，你提到委內瑞拉；如果改用Simadi匯率，對全年會有什麼影響？以及這會如何影響你們對匯率所給的指引？

Hugh, why don't you take that here?

Hugh，你要不要在這裡回答？

Yes, happy to do that, Bryan. As you all know, we have provided pretty extensive disclosures in our 10-Qs and 10-K on the question. In the Q that we intend to file after today's market close and consistent with past Qs, you'll see that Venezuela represents approximately 2% of our revenue and operating profit. We also have net monetary assets of approximately $335 million and nonmonetary assets of approximately $725 million.

好的，很樂意，Bryan。如各位所知，我們在10-Q與10-K中已就此議題提供相當詳盡的揭露。在我們預計於今日收盤後提交的10-Q中，且與過往季度一致，你會看到委內瑞拉約占我們營收與營業利益的2%。我們也有約3.35億美元的淨貨幣性資產，以及約7.25億美元的非貨幣性資產。

Now if we were to take all of that and go to Simadi, Venezuela would then represent 0% or very slightly above 0% of our revenue and operating profit. So it is roughly a 2% hit on both revenue and operating profit. We have a charge of approximately $325 million related to the net monetary assets. It would also likely lead to an impairment of our nonmonetary asset.

現在如果我們把所有這些因素納入考量並改用 Simadi，委內瑞拉將會佔我們營收與營業利益的 0% 或僅略高於 0%。因此，對營收與營業利益大約都是 2% 的衝擊。我們就淨貨幣性資產計提約 3.25 億美元的費用。這也很可能導致我們的非貨幣性資產發生減損。

Now the one thing for investors to consider on this is from an economic standpoint, this really would not represent a big impact on PepsiCo given that Venezuela is largely a self-sufficient, self-funding operation. We're not putting any capital to speak of in the country and we've not been able to redeploy any of our Venezuela cash outside of Venezuela. So from the perspective of cash flow and cash management, it would not have a meaningful impact on cash returns.

不過投資人需要從經濟角度考量的一點是，鑑於委內瑞拉基本上是一個自給自足、可自我融資的營運體，這對百事公司其實不會造成很大的影響。我們幾乎沒有在該國投入任何資本，而且我們也一直無法把委內瑞拉的現金調度到委內瑞拉以外。因此，從現金流與現金管理的角度來看，對現金回饋不會有實質性的影響。

So that 2% effect on operating income though would be above and beyond the guidance that you've given this morning in terms of the 11% currency hit to EPS for the year. Is that right?

不過，營業利益的那 2% 影響，會是在你們今天早上所給的全年每股盈餘（EPS）受匯率影響下滑 11% 的指引之外的額外影響。是這樣嗎？

That's correct. Right now, what we are assuming for the balance of the year on Venezuela is 12.8 because that was the recent CCAD option, which was a pretty robust option. But if we did make the move to Simadi, the impact would be that much more significant.

沒錯。目前我們對委內瑞拉在今年剩餘期間的假設是 12.8，因為那是近期的 CCAD 選項匯率，而且是相當有利的選項。但如果我們改用 Simadi，影響就會顯著得多。

Okay. And then just one other question I guess thinking about the back half of the year, it just seemed like in the first half has come in better than expected and with organic sales at mid single-digit, it seems like there's just been a little better operating leverage; the currency neutral operating profit has been better. So, in the second half, just some higher-level thoughts in terms of why that doesn't continue in the second half. Is there something you're seeing on the commodity cost front? Is the flow of productivity savings? Just something that sort of raises that flag for the back half of the year that you won't continue to kind of see the current growth? Thank you.

了解。另外還有一個問題，我想是關於下半年：看起來上半年表現優於預期，有機銷售成長在中個位數，似乎營運槓桿也稍微更好一些；以固定匯率計的營業利益表現更佳。所以在下半年，能否談談一些較高層次的看法，為什麼這種情況不會在下半年延續？你們在大宗商品成本方面看到什麼嗎？生產力節省的流入節奏如何？是否有什麼因素讓你們對下半年亮起警訊，認為不會繼續看到目前這樣的成長？謝謝。

Yes, I think there's three things I would remind you of in that regard, Bryan. Number one, the back half laps particularly Q4 but both Q3 and Q4 are more challenging than the first half overlap, so we're certainly facing more of an uphill for growth in the back half of the year.

是的，Bryan，我想在這方面有三點要提醒你。第一，下半年在比較基期上，尤其是第四季，但第三季與第四季都比上半年更具挑戰性，因此我們在下半年要達成成長確實面臨更大的上坡路。

Number two, you are correct, commodities are more of a headwind in the back half of the year than they were in the first half of the year.

第二，你說得對，下半年的大宗商品成本逆風會比上半年更大。

Number three, again recall certainly based on what we're seeing in the news these days, the world remains a very volatile place. We have big businesses in the Middle East. We have big businesses in Russia, and as we model things out, we obviously try to ensure that we give investors appropriate guidance, at least incorporating some of that volatility, so we're not assuming the perfect sunny day going forward as well.

第三，再次提醒，尤其從我們這些天在新聞中看到的情況來看，世界仍然非常動盪。我們在中東有很大的業務。我們在俄羅斯也有很大的業務；在我們進行模型推估時，顯然會努力確保給投資人適當的指引，至少把部分波動性納入考量，因此我們也不會假設未來都是完美的晴天。

So that's what goes into our thinking as you look at the so-called squeeze chart between the first half and the second half of the year.

所以，當你看所謂上半年與下半年之間的「擠壓圖表」時，這些就是我們思考中所納入的因素。

Bill Schmitz, Deutsche Bank.

德意志銀行的 Bill Schmitz。

A couple of questions. The first one is, is there a price war going on in snacks, especially in the UK? Because I look at some of the market share trends and it seems like the category is under a lot of pressure and Pringles and Kellogg's are getting pretty aggressive. And I know it's not a huge business but I just wonder how far that travels across Europe and what the competitive response has been? And I have a follow-up.

有幾個問題。第一個是，零食市場是否正在打價格戰，尤其是在英國？因為我看了一些市佔率趨勢，似乎這個品類承受很大壓力，而品客（Pringles）和家樂氏（Kellogg's）變得相當積極。我知道這不是一個很大的業務，但我想知道這種情況在歐洲會蔓延到什麼程度，以及你們的競爭回應是什麼？我還有一個追問。

I wouldn't call it a price war. I just think that the retail environment in the UK remains interesting. The high street retailers are going through their own set of challenges. You've got the entry of the discounters. All of that is causing the entire competitive situation in the UK to be reset and, being one of the major food and beverage companies in the UK and the largest salty snack company in the UK, I think we have to be careful how we make our transitions with the high street retailers and the discounters.

我不會稱之為價格戰。我只是認為英國的零售環境仍然很有意思。英國本土的高街零售商正面臨他們自己的一系列挑戰。再加上折扣零售商的進入。這些因素正在促使英國整體競爭態勢被重新洗牌；作為英國主要的食品與飲料公司之一、也是英國最大的鹹味零食公司，我認為我們必須謹慎地處理與高街零售商及折扣零售商之間的轉型。

And so in the short term, we did lose some share but we have plans in place to recover that share and somehow navigate through these retail environment changes.

因此在短期內，我們確實流失了一些市佔，但我們已有計畫來收復這些市佔，並設法在這些零售環境變化中順利前行。

Again, Bill, I tell you around the world as we see major changes in the retail environment, always in the short term there will be some dislocation because we have to make the changes to the business model very, very carefully.

再說一次，Bill，我想告訴你的是，在全球各地，只要我們看到零售環境出現重大變化，短期內總會有一些錯位，因為我們必須非常、非常謹慎地調整商業模式。

Bill Marshall, Barclays.

巴克萊的 Bill Marshall。

I was just curious, so the syndicated data in June across a lot of categories looked a little tough. I think most have come to the conclusion that maybe that was a little bit weather-related. I'm curious if you could update us on what you're seeing in the market and then specifically if you had any comments into the July 4 holiday, how both of your beverage and snacks portfolios were doing on a volume and price perspective?

我只是好奇，6 月份在許多品類的聯合數據（syndicated data）看起來有點疲弱。我想大多數人都得出結論，可能多少與天氣有關。我想請你們更新一下你們在市場上看到的情況；另外，針對 7 月 4 日假期，你們的飲料與零食產品組合在銷量與價格表現方面如何，有沒有任何評論？

I think from our perspective, our numbers look fine. We got good price realization. Yes, there was some weather-related issues in some parts of the country, but I think overall we are feeling pretty good about our results.

就我們的角度來看，我們的數字看起來不錯。我們取得了良好的價格實現。是的，國內某些地區確實有一些與天氣相關的問題，但整體而言，我們對結果感到相當不錯。

Yes, absolutely, Bill. To some degree I think there's some bifurcation between what's happening in the center of the store and what's happening on the perimeter. But from the perspective of the categories we participate in, with the exception of center of the store where we saw Quaker slow down -- Quaker category slow down a little bit, most of our categories are robust and saw pretty good growth across the quarter.

是的，Bill，完全同意。某種程度上，我認為賣場中間區域（center of the store）與外圍區域（perimeter）的表現有些分化。但就我們參與的品類而言，除了賣場中間區域中我們看到桂格（Quaker）放緩——桂格品類稍微放緩之外，我們大多數品類都很強勁，並在本季呈現相當不錯的成長。

Kevin Grundy, Jefferies.

Jefferies 的 Kevin Grundy。

So two quick ones for you, Indra. First with respect to North American carbonated soft drinks and broadly in the industry, and given the recent pricing discipline, which has taken hold, my question is, given this dynamic, how materially does this change your view with respect to North American carbonated soft drink profit pool and do you see mid single-digit growth now as more sustainable here looking out not just this year but longer-term?

Indra，我有兩個簡短問題。第一個是關於北美碳酸軟性飲料（CSD）以及整體產業：鑑於近期已形成的價格紀律，我的問題是，在這樣的動態下，這會在多大程度上改變你對北美碳酸軟性飲料獲利池的看法？你是否認為中個位數成長現在更具可持續性，不僅是今年，還包括更長期的展望？

And then as sort of a follow-up sticking with North America beverages, can you give us an update, Indra, on Diet Pepsi and the change to the formulation there? Your competitors are not following, and how you're thinking about that, how you're defining success there with that product? Thank you.

另外作為追問，仍聚焦北美飲料：Indra，你能否更新一下健怡百事（Diet Pepsi）以及其配方調整的進展？你們的競爭對手並沒有跟進，你們如何看待這點？你們又如何定義該產品的成功？謝謝。

In terms of the North American CSD pricing, look, we've been talking about disciplined pricing for a long time, I'd say a couple of years. I'm glad that there is disciplined pricing in the marketplace right now and there's a lot more innovation in CSD in the marketplace at least from our end.

就北美 CSD 的定價而言，你看，我們談論有紀律的定價已經很久了，我會說大概有幾年了。我很高興目前市場上確實有定價紀律，而且至少從我們這邊來看，CSD 在市場上的創新也更多了。

We're going to keep playing our game. We will focus on disciplined pricing, good revenue management, good CSD innovation out into the marketplace. And ultimately it depends on the competitive situation, what the profit pool is in this whole CSD business, or the North American beverage business in totality. But we believe this is the right way to participate and play in this very, very important and large segment.

我們會繼續按照我們的策略來做。我們將專注於有紀律的定價、良好的營收管理，以及把好的 CSD 創新推向市場。最終，整個 CSD 業務——或整體北美飲料業務——的獲利池有多大，取決於競爭態勢。但我們相信，這是參與並經營這個非常、非常重要且規模龐大的區隔的正確方式。

In terms of Diet Pepsi, big business. And I think for some reason, which we cannot really explain, aspartame fell out of favor with some consumers. From our perspective, we just want to make sure we have an offering for all of the consumers who want to switch out of aspartame and we have formulated a very, very good product, which is aspartame-free and will be available in the market starting in late August.

就健怡百事（Diet Pepsi）而言，這是一門大生意。而且我認為出於某些我們其實無法真正解釋的原因，阿斯巴甜在部分消費者之間不再那麼受青睞。從我們的角度來看，我們只是想確保能為所有想要改用不含阿斯巴甜的消費者提供一個選擇；我們已經配方出一款非常、非常好的產品，不含阿斯巴甜，並將於8月下旬開始在市場上供應。

So for all of those consumers who are looking for an alternative to an aspartame sweetened diet product, we will have a product, and for those consumers who still love Diet Pepsi with aspartame, we will figure out how to make it available online. So I think this is a consumer-driven strategy to offer all of the diet lovers a diet cola that is aspartame free.

因此，對於所有正在尋找以阿斯巴甜甜味的健怡產品替代方案的消費者，我們會有一款產品；而對於仍然喜愛含阿斯巴甜的健怡百事的消費者，我們會想辦法讓它能在線上購買。所以我認為這是一項以消費者為驅動的策略，為所有健怡愛好者提供一款不含阿斯巴甜的健怡可樂。

Rob Ottenstein, Evercore.

Rob Ottenstein，Evercore。

Very impressive introductions on the innovation front and progress there. So wondering if you could give us a little bit more granularity on the impact to the top line both in terms of volume and price mix you are getting from innovation?

在創新方面的推出非常令人印象深刻，相關進展也很不錯。所以想請問你們能否更細緻地說明一下，創新對營收（top line）的影響——不論是銷量（volume）還是價格/組合（price mix）方面，你們從創新中獲得了什麼？

I would say that innovation has allowed us to get a lot more price mix. Pricing realization in particular, something that is very, very important in today's environment. And product packaging process innovation but we are also spending a lot of time on revenue management and we are really thinking through portion sizes, pack sizes and I think this combination of interesting products coming to the marketplace in interesting packages, in interesting combinations of packages, is what's resulting in incrementality on the revenue side and actually resulting in higher profit flow through.

我會說，創新讓我們能取得更好的價格/組合。尤其是價格落地（pricing realization），在當前環境中非常、非常重要。此外還有產品、包裝與製程創新；但我們也在收益管理（revenue management）上投入大量時間，並且確實在深入思考單份容量（portion sizes）、包裝規格（pack sizes）。我認為這種「有趣的產品」以「有趣的包裝」、以及「有趣的包裝組合」進入市場的組合，正帶來營收端的增量（incrementality），並且實際上帶來更高的利潤穿透（profit flow-through）。

And we're seeing it across carbonated soft drinks whether it's DEWshine or Baja Blast or any of those products, and we are seeing it even in Europe and Russia and Latin America and EMEA where I would say creative revenue management tactics coupled with innovation that cuts through the clutter is resulting in flow through to the bottom line. Again, I think in these environments the focus should be on revenue and profit, not necessarily on volume growth. We focus more on unit growth, revenue and profit in these environments because a chase for volume results in the whole business hurting.

我們在碳酸飲料上看到了這一點，無論是 DEWshine、Baja Blast 或其他產品；我們甚至在歐洲、俄羅斯、拉丁美洲以及 EMEA 也看到了。我會說，富有創意的收益管理策略結合能在雜訊中脫穎而出的創新，正在推動利潤端的落地。再次強調，我認為在這些環境下，重點應放在營收與利潤，而不一定是銷量成長。在這些環境中，我們更聚焦於單位成長（unit growth）、營收與利潤，因為追逐銷量會導致整個業務受傷。

So I think with revenue management, unit growth, value growth and profit is what we focus on and that's what our innovation efforts are yielding today, the almost 10% -- I think the high 9%s, our innovation, performance and something that is a significant step up and we keep watching that metric very, very carefully.

所以我認為，透過收益管理，單位成長、價值成長（value growth）與利潤是我們關注的重點；而這正是我們當前創新努力所帶來的成果——接近10%——我想是高9%區間的創新表現，這是一次顯著的提升，我們也非常、非常仔細地持續關注這個指標。

Caroline Levy, CLSA.

Caroline Levy，CLSA。

A question on the -- there's actually talk of Russia putting an advertising ban on sugared drinks and fatty foods and things like that. And in the context of that, I am just wondering if you see increased regulatory risk to your food or beverage business around the globe and what you think the impact might be, for example, in Russia and how you would handle that?

有個問題關於——目前有消息稱俄羅斯可能會對含糖飲料與高脂食品等實施廣告禁令。在此背景下，我想請問你是否看到你們在全球食品或飲料業務面臨更高的監管風險？你認為可能的影響是什麼，例如在俄羅斯，你們會如何應對？

Caroline, we were among the first people to recognize this risk and we have been retooling our portfolio to make sure that first of all we have a diverse portfolio that can weather any sort of action on any part of our portfolio. But we are also in constructive conversations with governments to make sure there aren't any discriminatory taxes or just country action on any of our categories.

Caroline，我們是最早意識到這項風險的人之一，並且一直在重新調整我們的產品組合，首先確保我們擁有多元化的組合，能夠承受針對我們組合中任何部分所採取的行動。同時，我們也在與各國政府進行建設性的對話，以確保不會出現任何歧視性的稅負，或針對我們任何品類的單一國家行動。

Having said that, on Russia in particular, it is perhaps the most diverse portfolio of any part of our Company between dairy and juices and snacks ranging from fun for you to good for you and beverages. CSDs actually are a small portion of our business in Russia and so if you want to use an example of the most diverse portfolio of doing fun for you, better for you and good for you, skewing toward good for you, I think it's our Russia portfolio.

話雖如此，就俄羅斯而言，它或許是我們公司各地區中產品組合最多元的之一，涵蓋乳製品、果汁與零食，從「讓你開心（fun for you）」到「更適合你（better for you）」再到「對你更好（good for you）」以及飲料。碳酸飲料（CSDs）在我們俄羅斯業務中其實只占很小一部分；因此如果要舉一個「讓你開心、較適合你、對你更好」且更偏向「對你更好」的多元組合例子，我認為就是我們的俄羅斯產品組合。

So we feel good about Russia so far and we all wish there weren't any geopolitical issues to deal with from a Russian perspective, but our business is doing well and the economy has been good to us and the Russian business environment has been good for us. So we like it.

所以到目前為止我們對俄羅斯感到放心；當然我們都希望從俄羅斯角度來看，不必面對任何地緣政治問題，但我們的業務表現良好，經濟環境對我們很有利，俄羅斯的商業環境也對我們很友善。所以我們喜歡那裡。

Mark Swartzberg, Stifel.

Mark Swartzberg，Stifel。

I was wondering if we could talk a little bit more about procurement specifically in that larger $5 billion productivity aim. Can you give us a bit of an update on to what extent that number is included in the $5 billion and how you're leveraging your global scale and whether, if at all, these changes in the reporting structure, and particularly Latin America, have any influence on how you go after procurement savings as a global entity?

我想更深入談談採購（procurement），特別是在更大的50億美元生產力（productivity）目標之中。你能否更新一下：採購節省在多大程度上被納入這50億美元之中？你們如何運用全球規模？以及這些申報架構的變動——尤其是拉丁美洲——是否會對你們以全球實體追求採購節省的方式產生任何影響？

Hugh, go ahead.

Hugh，你來回答。

Yes, I am happy to take that one, Mark. The answer to your question is actually quite straightforward. We don't include procurement savings as a part of productivity. Productivity is focused on the operating cost structure, not on the commodity and procurement cost structure. The way we report procurement savings is we share with you all a net commodity inflation number. So that includes gross commodity inflation less whatever we can do in terms of managing what we call value engineering, so managing our commodities to a lower cost through more efficient packaging, trading different types of juices and things like that. So the $5 billion number does not include any savings from procurement at all. That's all captured in net commodity inflation.

好的，Mark，我很樂意回答這題。你這個問題的答案其實相當直接。我們不把採購節省納入生產力的一部分。生產力聚焦於營運成本結構（operating cost structure），而不是大宗商品與採購成本結構（commodity and procurement cost structure）。我們呈報採購節省的方式，是與各位分享「淨大宗商品通膨（net commodity inflation）」數字。因此它包含大宗商品通膨總額（gross commodity inflation），扣除我們在所謂價值工程（value engineering）方面能做的管理，例如透過更有效率的包裝、替換不同種類的果汁等方式，將原物料成本降到更低。所以這50億美元的數字完全不包含任何採購節省。那些都反映在淨大宗商品通膨之中。

Steve Powers, UBS.

Steve Powers，UBS。

I was actually hoping you could just talk us through the personnel and segmentation decisions that you announced alongside today's results. Obviously congrats to you, Hugh, but could you maybe also provide a little bit more color on the other people movements that were highlighted and then also a bit broader window into your thinking on the re-segmentation? I think it makes sense to bring Latin America in line with Europe and Asia as you mentioned and the increased visibility into North America beverages is welcome, at least from my perspective, but I would love your broader perspective on it as well. Thanks.

我其實希望你能帶我們梳理一下，你們在今天公布的業績同時宣布的人事與分部（segmentation）決策。顯然也恭喜你，Hugh，但你是否也能就其他被提到的人事異動提供更多細節？另外也請更廣泛地談談你們對重新分部的思考。如你所說，讓拉丁美洲與歐洲、亞洲一致我覺得合理；而提高北美飲料的可見度至少從我的角度來看也很受歡迎，但我也很想聽聽你更宏觀的看法。謝謝。

Steve, I will tell you one of the things we did some time ago is really sit back from the world and say how do we -- how should we think about groups of countries and clusters of operations that makes sense. And based on all the work we did, basically the world broke out into eight clusters. North America is cluster one; Western Europe as the next developed market was cluster two; three was Latin America; four was Russia and East Europe; five was Middle East and North Africa; cluster six was the Indian subcontinent; seven was China and the whole Pacific Rim; and cluster eight was sub-Saharan Africa. So those were the eight clusters.

Steve，我可以告訴你，我們前一段時間做的一件事，就是從全球角度退一步思考：我們該如何——我們應該如何看待各國家群組與營運叢集（clusters of operations），才是合理的。基於我們所做的所有工作，基本上全球被劃分為八個叢集。北美是第一叢集；西歐作為下一個已開發市場是第二叢集；第三是拉丁美洲；第四是俄羅斯與東歐；第五是中東與北非；第六叢集是印度次大陸；第七是中國與整個太平洋沿岸地區；第八是撒哈拉以南非洲。以上就是八個叢集。

And North America is so big that grouping it get together and not providing visibility into the pieces didn't make sense, so we have kept North America separate in terms of North American beverages and Frito-Lay and Quaker being so different, but all of the clusters we just cleaned it up. Cluster three is Latin America, we put it together, and sub-Saharan Africa we had the snacks business of South African and Simba reporting into Europe and beverages reporting to our Asia/Middle East sector; we just cleaned it up.

而北美規模太大，把它合在一起卻不提供各部分的可見度並不合理，所以我們在北美方面仍然分開呈現：北美飲料，以及因為 Frito-Lay 和 Quaker 差異很大而分開；但對於剛才提到的所有叢集，我們只是把架構整理得更清楚。第三叢集是拉丁美洲，我們把它整合在一起；而撒哈拉以南非洲方面，我們原本是南非與 Simba 的零食業務向歐洲匯報、飲料向我們的亞洲/中東部門匯報；我們只是把它整理清楚。

So the segment changes that we reported were a cleanup of these clusters so that we can think of cluster strategies, so that's the first one. And more and more our strategic thinking and designs for the future are based on how do we establish and grow our positions in each of these clusters? And more importantly, how do we get more productive working across our partners within each of the clusters? That's what we've been focused on.

因此，我們所報告的分部變更，是對這些叢集的一次整理，讓我們能以叢集策略來思考——這是第一點。而且我們對未來的策略思考與設計，越來越是建立在：我們如何在每個叢集中建立並擴大我們的地位？更重要的是，我們如何在每個叢集內與合作夥伴之間更有效率地協作、提升生產力？這就是我們一直在聚焦的方向。

So the last group got cleaned up. In terms of personnel changes, as I talk to you earlier in my script, talent management is something that the Board and I are focused on a lot. Our Board, a phenomenal Board, spends a lot of time thinking through succession for the top couple hundred jobs and one of the things we always look at to see, where is that bright talent across the Company that should be lifted up so that they can be part of a succession process in the Company. And every time we get an opportunity, we figure out ways to lift them up in order to stretch people, in order to really build exciting talent for the future and that's what the most recent changes enabled us to do.

所以最後那一組已經整理完畢。就人事變動而言，正如我先前在講稿中提到的，人才管理是董事會和我非常關注的重點。我們的董事會——一個非常卓越的董事會——花很多時間思考前幾百個關鍵職位的接班規劃；而我們總會檢視的一件事是：公司內部有哪些耀眼的人才應該被提拔，讓他們能納入公司的接班梯隊。每當有機會，我們就會想辦法把他們往上推，讓大家接受更大挑戰，真正為未來打造令人振奮的人才，而最近這些變動正好讓我們做到了這一點。

And just to give you an idea, let me start with Brian Newman and I've worked with Brian now for 20 years off and on. Brian started in Corporate Strategy but then went to China. He went to Russia. He went to Spain, worked in European headquarters. Went to Canada. Was the Treasurer of the Pepsi Bottling Group and both Hugh and I have been mentoring him now for 20 years, Hugh?

為了讓各位有個概念，我先從 Brian Newman 談起；我和 Brian 斷斷續續合作至今已有 20 年。Brian 一開始在企業策略部門，之後去了中國。他去過俄羅斯。他去過西班牙，在歐洲總部工作。也去過加拿大。他曾擔任百事裝瓶集團（Pepsi Bottling Group）的財務長，而 Hugh 和我也一路指導他 20 年了，Hugh？

That's exactly right.

完全正確。

And now giving him this job at Operations coupled with Corporate Strategy allows him to get a whole perspective of the Company across snacks and beverages, even though he has worked in it for a while. And he is a person that speaks Mandarin Chinese, speaks multiple other languages and just a very -- a great executive to lift up. And we are looking for opportunity to do that and with the departure of Enderson, it gave us that opportunity.

現在讓他負責營運並兼管企業策略，能讓他對公司在零食與飲料兩大業務有更全面的視角，儘管他已在其中工作一段時間。他會說中文普通話，也會多種其他語言——是一位非常、非常優秀、值得提拔的高階主管。我們一直在尋找這樣的機會，而 Enderson 的離任讓我們得以把握這個機會。

And Eugene likewise. He has been running the tea partnership -- but again a Dutch national who has worked in multiple countries and a truly global executive; travels 60%, 70% of his time in every part of the world. I remember when he was running Turkey, he started to learn Turkish. Everywhere he goes he becomes a national. And again a very exciting executive.

Eugene 也是如此。他一直在負責茶飲合資事業——同樣地，他是荷蘭籍，曾在多個國家工作，是一位真正的全球型主管；他有 60%、70% 的時間都在世界各地出差。我記得他在負責土耳其時，還開始學土耳其語。他到哪裡就融入哪裡，彷彿成了當地人。同樣也是一位非常令人期待的主管。

And you will all get a chance to see these people in action as we move along. And all of the people we are elevating, whether it's Laxman who is now going to be running Latin America, Ramon who has got additional responsibilities in Europe, Sanjeev who is running a gigantic geography -- you will see all of them over the next few quarters. And of course you all know Al Carey and Tom Greco and Hugh very, very well.

隨著我們持續推進，各位也都會有機會看到這些人實際發揮。我們正在提拔的所有人——不論是現在將負責拉丁美洲的 Laxman、在歐洲承擔更多職責的 Ramon、負責一個龐大區域的 Sanjeev——接下來幾個季度你們都會看到他們。當然，各位也都非常、非常熟悉 Al Carey、Tom Greco 和 Hugh。

So I think that you'll find that what PepsiCo is doing is just reinforcing the fact that we're a talent academy and any company that's looking for talent always raids PepsiCo, so we have to constantly make sure that our best and brightest will move up and we keep them engaged and excited about the Company. And that's my job and the job of the Board and that's what we're doing.

所以我想你們會發現，百事公司正在做的事情，是在強化一個事實：我們是一所「人才學院」。任何想找人才的公司都會來挖角百事，因此我們必須不斷確保最優秀、最有潛力的人才可以往上發展，同時讓他們對公司保持投入與熱情。這是我的工作，也是董事會的工作，而這正是我們正在做的事。

Judy Hong, Goldman Sachs.

Judy Hong，高盛。

So I have two questions. One, Indra, is just really more of a longer-term kind of strategy questions as you think about your global snack business. You obviously have a very good business there but in a world where scale is becoming increasingly important and you've got other macro snacking categories that perhaps you may not be participating as actively, how do you think about accelerating really top line as well as the profit growth as you think about the global snack platform? Is really looking at integrated beverage and snack nationally the answer, or can you really do something more with the platform?

我有兩個問題。第一個，Indra，算是比較長期的策略問題，關於你們的全球零食業務。你們顯然在那裡有非常好的業務，但在一個規模變得愈來愈重要的世界裡，且還有一些你們可能沒有那麼積極參與的更大型零食品類，你們如何思考在全球零食平台上加速營收成長以及獲利成長？答案是把飲料與零食在各國做整合嗎？還是你們能在這個平台上做更多事情？

And then second question is talking about your global e-commerce effort. It's not an easy opportunity for CPG companies, so can you just give us some perspective on what efforts you've made already and what are some of the opportunities as you think about over the next few years?

第二個問題是關於你們的全球電商布局。對消費品（CPG）公司而言，這不是一個容易的機會，你能否分享一下你們目前已做了哪些努力，以及展望未來幾年有哪些機會？

Sure, Judy. Interesting question because I think in global snacks, we are in an interesting position because our base is savory snacks and we are a very, very strong player in savory snacks. First of all globally we still have a lot of growth within savory snacks. We came from a salty crisp snack background and we are expanding more and more into other savory snacks be it crackers, be it nuts and seeds, we are expanding into those areas. There's a lot of opportunity there.

當然可以，Judy。這個問題很有意思，因為在全球零食方面，我們處於一個很有利的位置：我們的基礎是鹹味零食，而我們在鹹味零食領域是非常、非常強勢的玩家。首先，就全球而言，我們在鹹味零食內部仍有很大的成長空間。我們起家於鹹味脆片類零食，現在正愈來愈多地擴展到其他鹹味零食，不論是餅乾、堅果與種子，我們都在擴張到這些領域。那裡有很多機會。

I see growth in global snacks along two dimensions. Dimension one is accompaniments to our snacks and that's what made us go into dips. Because many of our snacks are consumed by themselves. Other times our snacks serve as sort of a substrate upon which you can put on products like our Sabra hummus or our Tostitos dips. So that's one vector to grow and we still haven't scratched the surface that we've got lots of growth.

我看到全球零食的成長有兩個面向。第一個面向是零食的搭配品（accompaniments），這也是我們進入沾醬（dips）的原因。因為我們很多零食是單獨食用。但有時候，我們的零食也像是一種「基底」，可以搭配像 Sabra 鷹嘴豆泥或 Tostitos 沾醬這類產品。這是一個成長向量，而我們其實還只是剛開始，仍有很大的成長空間。

The other area is taking away eating occasions from other macro snacks categories. It's interesting, unlike beverages in the case of snacks, we can go off and take eating occasions from other macro snacks be it cookies or confectionery or chocolate. And our goal is to focus on what we are doing but looking at our science of demand spaces, which I talked about briefly, look at each eating occasion by cohort group and figure out how we can leverage our salty snack platform to go after other macro snacks be it replace it with a salty occasion or do some sort of a salty/sweet combination.

另一個領域是從其他大型零食品類中搶占食用情境（eating occasions）。很有意思的是，不同於飲料，在零食方面，我們可以去搶走其他大型零食的食用情境，不論是餅乾、糖果或巧克力。我們的目標是專注於我們正在做的事情，同時運用我稍早簡要提到的「需求空間科學」（science of demand spaces），按不同族群逐一檢視每個食用情境，並思考如何運用我們的鹹味零食平台去切入其他大型零食——要嘛用鹹味情境來替代，要嘛做某種鹹甜組合。

For example, Stacy's with cinnamon sugar. It's based on a pita chip but it certainly sweet when you taste it and has a much better mouth feel and experience than if you eat something totally sweet by itself. At least that's my perspective.

例如，Stacy's 的肉桂糖口味。它是以皮塔脆片為基底，但你品嚐時確實是甜的，而且口感與體驗都比單吃純甜食更好。至少我是這麼認為。

So I think that our growth is all about growing the core and then leveraging all of the other eating occasions, taking share away from other macro snacks and other savory snacks.

所以我認為，我們的成長關鍵在於壯大核心，並進一步運用其他各種食用情境，從其他大型零食品類以及其他鹹味零食中搶占市占。

In addition, I think it's leveraging the beverage occasion to really figure out how to go into all retail outlets our beverages are in already because beverage in retail outlets, our penetration is much higher than snacks. And so if you leverage that retail base, it gives you a lot more opportunities for growth. And internationally, we are leveraging in-store promotional displays a lot more.

此外，我認為也要善用飲料的消費情境，真正去思考如何進入所有我們飲料已經進駐的零售通路，因為在零售通路中，飲料的滲透率遠高於零食。因此，若能利用這個零售基礎，就能帶來更多成長機會。在國際市場，我們也更大量運用店內促銷陳列。

I was in the Middle East a few months ago and I was just amazed to see the in-store displays of Lay's and Pepsi and again with the shares of Pepsi that we have there, it is really a powerful in-store promotion that results in tremendous lift.

幾個月前我在中東，看到 Lay's 和 Pepsi 的店內陳列，真的非常驚訝；再加上我們在那裡 Pepsi 的市占，這種店內促銷非常有力，能帶來巨大的拉升效果。

So the opportunities for growth by itself and in combination with beverages are pretty significant.

因此，不論是單獨成長，或與飲料結合的成長機會，都相當可觀。

So with that, let me turn to Hugh to talk about global e-commerce because he is the leader of the global e-commerce activity. Hugh.

接下來，讓我請 Hugh 來談全球電商，因為他是全球電商業務的負責人。Hugh。

Okay. Thank you, Indra. Global e-commerce, to talk about it in two minutes is a bit of a challenge, to say the least. I guess I'd make just a couple of quick comments to start the dialogue on that. Number one, global e-commerce can mean so many things, anywhere from just changing the way the product is ordered and picked, the so-called click-and-collect model where people order online and then go pick up products at their local retail outlet, all the way through to in China where the product is delivered significantly to door, and in more and more proportions of the overall spend.

好的。謝謝你，Indra。要在兩分鐘內談全球電商，坦白說確實有點挑戰。我想先快速提幾點，作為這個話題的開端。第一，全球電商可以涵蓋很多事情，從只是改變產品下單與拣貨方式——也就是所謂的「線上下單、到店取貨」（click-and-collect）模式，人們在線上訂購，然後到當地零售門市取貨——一直到像中國那樣，產品大量採取到府配送，而且在整體支出中的占比愈來愈高。

Clearly, one of the leading areas to the UK where you see retailers also doing a lot more delivery to store, all the way through to new emerging players like the Blue Aprons of the world who are actually sort of designing meal solutions, in effect, filling demand moments for consumers by giving them an entire prepackaged meal, which you see in some urban markets in the US and starting to expand outside the US as well.

顯然，在英國你會看到零售商也在大幅增加「送貨到店」等服務；一路延伸到像全球的 Blue Apron 這類新興業者，他們其實是在設計餐食解決方案，實質上是透過提供一整份預先包裝好的完整餐點，來滿足消費者在特定需求時刻的需求；這在美國一些都會市場已可見到，且也開始向美國以外地區擴張。

From the perspective of PepsiCo, we're looking at it two ways. Number one is the existing products going through the existing channels, either current retailers or the traditional online retailers; and then second, really looking hard at demand moments and designing products that fit the e-commerce types of distribution channels and e-commerce types of consumers in a more tailored way. So that's sort of a very brief view towards what's happening in the e-commerce world.

從百事公司的角度來看，我們用兩種方式來看待這件事。第一，是既有產品透過既有通路銷售，無論是現有零售商或傳統線上零售商；第二，則是更深入地聚焦於「需求時刻」，並以更量身打造的方式，設計適合電商型配送通路與電商型消費者的產品。以上是對電商世界正在發生什麼的一個非常簡要的觀點。

The biggest opportunity, obviously, is to be able to have more of a one-on-one relationship with those consumers than we've ever had in the past or through traditional linear TV advertising. I expect you'll see a lot more from us in this regard but that's probably the best two minutes that I can give in terms of what it is that we are doing right now.

最大的機會，顯然是我們能夠以前所未有的方式，與這些消費者建立更一對一的關係，而不是像過去或透過傳統線性電視廣告那樣。我預期你們會在這方面看到我們更多作為，但就我們目前正在做的事情而言，這大概是我能在兩分鐘內給出的最佳說明。

Ali Dibadj, Bernstein.

Ali Dibadj，Bernstein。

Wanted to follow-up on the volume versus price question that we heard about FLNA about but want to hear more about Europe and what really was driving that if we are seeing any end in sight in terms of slower volumes there is the first question and Europe specifically.

我想就我們聽到的、關於 FLNA 的「量與價」問題做個追問，但也想多了解歐洲的情況，以及究竟是什麼在驅動；第一個問題是，若我們看到那邊的銷量放緩，是否有任何結束的跡象？特別是針對歐洲。

And then the second one is, if you could help us -- I guess give some quantification for the buckets where the remaining cost cutting will be coming from -- what the buckets are, how much? And if we were to talk to your employees at this point, would we hear any concerns that you're cutting too deeply into the organization from a cost perspective?

第二個問題是，能否請你們協助我們——我想是對剩餘成本削減將來自哪些「桶」（類別）做一些量化——有哪些類別、各有多少？另外，如果此刻我們去和你們的員工聊，是否會聽到任何擔憂，認為你們在成本面向對組織削減得太深？

Let me take the first one. The thing I will tell you is Europe is a difficult economy between East and the West. There's some sort of volatility there all the time. I think today, year to date, we are the best performing European CPG Company based on all the numbers we've looked at. If you combine East and West or look at them individually, both on the topline and the profit performance, we have performed the best.

我先回答第一個問題。我要告訴你的是，歐洲在東歐與西歐之間是一個困難的經濟體。那裡一直都有某種程度的波動。我認為截至目前（年初至今），根據我們所檢視的所有數據，我們是歐洲表現最好的民生消費品（CPG）公司。無論你把東西歐合併看，或分開各自看，在營收端與獲利表現上，我們都是表現最佳的。

The challenge in Europe is, especially with Russia there, the high street battle in the UK going on, I think it's very important we play a very judicious game between revenue and profit. And we've been playing that game very, very carefully and if you look at our year-to-date numbers -- I wouldn't look at it on a quarterly basis, I would look at it on a year-to-date basis -- I think on a year-to-date basis, we are performing at or above our expectations in Europe. And we feel comfortable with what the team is doing and that's what we intend to keep doing balance of the year.

歐洲的挑戰在於，特別是俄羅斯的情況，以及英國正在進行的高街（實體零售）競爭；我認為我們在營收與獲利之間採取非常審慎的策略非常重要。而我們一直非常、非常小心地在玩這個平衡；如果你看我們年初至今的數字——我不會用單一季度來看，我會用年初至今來看——我認為以年初至今而言，我們在歐洲的表現達到或高於我們的預期。我們對團隊正在做的事情感到放心，而這也是我們打算在今年剩餘時間持續做的：保持平衡。

And in terms of cost-cutting opportunities, Hugh, you can talk about what other opportunities exist, but in terms of employees, look nobody likes cost cutting. Everybody likes growth. I think we are one of those companies that are doing a wonderful balance of growing the topline and delivering productivity and that's what we want to focus on. Swinging the pendulum too much to cost cutting I don't think is a good idea at all because it just jeopardizes the future of the Company.

至於成本削減的機會，Hugh，你可以談談還有哪些機會；但就員工而言，坦白說沒有人喜歡成本削減。每個人都喜歡成長。我認為我們是那種能在營收成長與生產力提升之間取得很棒平衡的公司，而這正是我們想要聚焦的。我完全不認為把鐘擺過度擺向成本削減是個好主意，因為那只會危及公司的未來。

So we look at opportunities to shrink the cost base and get more lean and mean but without sacrificing our ability to innovate and grow. And that's really all I have to say on this matter.

因此，我們會尋找縮減成本基礎、讓組織更精實、更有效率的機會，但不會犧牲我們創新與成長的能力。關於這件事，我要說的大概就這些。

Do you want to add anything, Hugh?

Hugh，你還想補充什麼嗎？

No, I think you captured it well. The areas for cost-cutting I think remain in some of the manufacturing facilities. We're using automation where it makes more sense. Inside of the selling system, we are using technology to make our route system more productive and inside of the G&A buckets, we are doing more combinations of shared services to create more efficiency in the way we deliver shared services to the organization.

沒有，我覺得你已經說得很到位了。我認為成本削減的領域仍然在部分製造設施。我們在更有意義的地方導入自動化。在銷售體系內，我們運用科技讓我們的配送路線系統更具生產力；而在一般與管理費用（G&A）方面，我們透過更多共享服務的整合，以提升我們向組織提供共享服務的效率。

And Indra, I would reiterate what you said, which is we are finding the right balance, driving productivity, reinvesting some in growth and delivering some to the bottom line and it's yielding results in brand building and innovation and taking some of that growth, investing it back and driving more productivity and delivering some of that to the bottom line is working well. I think we are in the sweet spot right now in terms of being able to deliver performance and it is a careful balance to manage.

另外，Indra，我想重申你所說的：我們正在找到正確的平衡——推動生產力、將部分回投於成長、並將部分反映到最終盈餘（bottom line）——而這正在帶來品牌建設與創新方面的成果；把部分成長再投回去、推動更多生產力、並把其中一部分落到最終盈餘，這套做法運作得很好。我認為就交付績效而言，我們現在正處於甜蜜點（sweet spot），而這是一個需要謹慎管理的微妙平衡。

Nik Modi, RBC Capital Markets.

Nik Modi，RBC Capital Markets。

Good morning, everyone, and congrats to you. I guess the question is on cost savings, so clearly you have this $1 billion per year program over the next few years but every meeting I go in with an investor or an industry conference, the word zero-based budgeting comes up or the term zero-based budgeting comes up. So I just wanted to get your perspective on that particular cost savings initiative and if you're thinking about zero-based budgeting at all within the business in addition to the $1 billion program?

各位早安，也恭喜你們。我想問題是關於成本節省：很明顯你們未來幾年有一個每年 10 億美元的計畫，但我每次和投資人開會或參加產業研討會，「零基預算」（zero-based budgeting）這個詞都會被提到。所以我想請教你們對這項特定的成本節省倡議的看法，以及除了這個 10 億美元計畫之外，你們是否也在業務內考慮零基預算？

Look, we look at every opportunity to tighten our belts and become more efficient. As I said earlier and as Hugh reiterated, Nik, we are balancing topline and bottom-line growth very, very judiciously. When you embark on a zero-based budgeting program that [cuts] to the bone and jeopardizes your ability to grow the topline, I think that's a formula for disaster.

你看，我們會檢視每一個勒緊褲帶、提升效率的機會。如我先前所說、Hugh 也再次強調的，Nik，我們非常、非常審慎地在營收端與盈餘端的成長之間取得平衡。當你啟動一個零基預算計畫，把成本[砍]到見骨、並危及你推動營收成長的能力時，我認為那是一個災難的配方。

We believe in smart spending initiatives where we look across all of our cost structure and see where we can selectively reduce costs intelligently, not for the short term -- but find a way to make sure it does not affect topline growth initiatives.

我們相信「聰明花錢」的倡議：我們會檢視整體成本結構，看看在哪些地方可以有選擇地、以更智慧的方式降低成本；不是為了短期——而是要確保不會影響營收成長的各項倡議。

So rest assured that we look at every possible way to make our Company more efficient and I think we are, as Hugh said, in the sweet spot of balancing investments against topline growth and figuring out ways to, through automation, shared services, taking out work that's not needed, simplifying our processes, coordinating across the Company, reducing our costs. And that's what we're focused on.

所以請放心，我們會檢視所有可能讓公司更有效率的方法；而且我認為如 Hugh 所說，我們正處於在投資與營收成長之間取得平衡的甜蜜點，同時也在思考如何透過自動化、共享服務、移除不必要的工作、簡化流程、跨公司協同、降低成本。這就是我們的重點。

And with that, let me reiterate that we are pleased with our results for the first half. We are confident that our plans are working and believe we are on the track to deliver our financial targets for 2015. I want to thank you all for your time and questions this morning. And more importantly for the confidence you have placed in us. Have a wonderful day.

最後，我想再次強調，我們對上半年業績感到滿意。我們有信心我們的計畫正在奏效，並相信我們正走在達成 2015 年財務目標的軌道上。感謝各位今天早上撥冗以及提出問題。更重要的是，感謝各位對我們所寄予的信心。祝各位有美好的一天。

Thank you for participating in PepsiCo's second-quarter 2015 earnings conference call. You may now disconnect.

感謝您參與百事公司 2015 年第二季財報電話會議。您現在可以掛線。