聯合利華 (UL) 2022 Q2 法說會逐字稿

Hello, and welcome to the Unilever's Q2 and Half Year 2022 Results. (Operator Instructions) We would like to now hand over to Richard Williams, Unilever's Head of Investor Relations, to begin the presentation.

大家好，歡迎收看聯合利華2022年第二季及上半年業績發表會。 （操作說明）現在，我們把發言權交給聯合利華投資者關係主管理查威廉斯先生，由他開始演講。

Thank you. Good morning, and welcome to Unilever's half year results update. We expect prepared remarks to be around 30 minutes, followed by Q&A of around 30 minutes. All of today's webcast is available live, transcribed on the screen. First, can I draw your attention to the disclaimer related to forward-looking statements and non-GAAP measures. And with that said, straight over to Alan.

謝謝。早安，歡迎收看聯合利華半年業績更新會議。我們預計發言環節將持續約30分鐘，隨後約30分鐘的問答環節。現今的網路直播全程即時顯示，並附有文字稿。首先，請各位注意有關前瞻性陳述和非GAAP財務指標的免責聲明。接下來，請Alan發言。

Thanks, Richard, and good morning, everybody. This is how we're going to run today. I'll give a quick overview of the first half of 2022 and an update against our performance on our strategic priorities. Then Graeme will take you through the details of the results and will share our outlook.

謝謝理查德，大家早安。今天的會議流程如下：我將簡要概述2022年上半年的情況，並報告我們在各項策略重點方面的進展。之後，格雷姆將詳細介紹業績，並分享我們的展望。

Unilever's first half performance does build on the growth that we delivered in 2021. We've been quick to price in response to significant commodity inflation, and that's given us the ability to continue to invest in our brands. Our big brands, priority markets, and key channels have again performed well in line with our strategy, as I'll cover in a minute or 2.

聯合利華上半年的業績延續了2021年的成長動能。我們迅速調整價格以應對大宗商品價格的大幅上漲，這使我們能夠繼續投資於旗下品牌。正如我稍後將詳細介紹的，我們的主打品牌、重點市場和關鍵管道再次表現出色，符合我們的策略預期。

We've continued to improve the growth exposure of our portfolio, most recently by successfully completing the disposal of the ekaterra tea business, and with the acquisition of Nutrafol. And on July 1, we implemented our new organization model that does dramatically simplify Unilever and will support higher performance through increased speed, accountability and category focus.

我們持續優化投資組合的成長前景，近期成功完成了對Ekaterra茶業務的出售，並收購了Nutrafol。 7月1日，我們實施了新的組織架構，將大幅簡化聯合利華的運作，並透過提高效率、加強問責制和聚焦品類，助力公司實現更高的業績。

That being said, the external environment remains very challenging. Input cost inflation continues to run at record levels. Graeme will show how costs are still significantly up versus a year ago. And even though a few commodity spot prices have eased in recent weeks, we're likely to see peak cost inflation sometime in the second half of the year. The threat of recession is starting to impact consumer confidence and change spending patterns and behaviors. And the pandemic is still with us with spikes in infection rates in several countries and the rolling lockdowns that we all know about in China.

儘管如此，外在環境依然充滿挑戰。投入成本通膨持續處於歷史高點。格雷姆將展示成本與一年前相比仍然顯著上漲。儘管近幾週一些大宗商品現貨價格有所回落，但我們預計成本通膨將在下半年達到高峰。經濟衰退的威脅開始影響消費者信心，改變消費模式和行為。此外，疫情仍在持續，多個國家的感染率激增，而中國仍在實施我們熟知的輪流封鎖措施。

However, against this difficult backdrop, we believe Unilever is well positioned. Our brands are in good health with more than 80% of our turnover with either stable or growing brand power. And this is critical as we reset pricing. And then dealing with inflation, we're drawing on our deep experience across many of our markets. We have a playbook, which has been fine-tuned in high-inflation markets over the years. It starts with precision pricing taken quickly and single-mindedly to protect the shape of the P&L and retain our ability to invest behind our brands. This is the correct strategy even if it results in low single-digit volume declines in the short term.

然而，即便在如此嚴峻的情況下，我們相信聯合利華依然處於有利地位。我們的品牌發展良好，超過80%的營業額都擁有穩定或不斷成長的品牌影響力。這在我們重新調整價格策略時至關重要。此外，在應對通貨膨脹方面，我們將借鏡我們在許多市場累積的豐富經驗。我們擁有一套行之有效的策略，這套策略已在多年高通膨市場中不斷改進。其核心在於迅速且堅定地採取精準定價策略，以維持損益表的穩健性，並確保我們有能力持續投資於旗下品牌。即使短期內銷售量會出現個位數的下滑，這仍然是正確的策略。

The new Unilever organization is now up and running. It's a major change for the company, and we're already seeing some of the benefits, for example, in the speed of very recent decision-making around pricing. So far, we're seeing volume elasticities that have been better than we expected and competitiveness has broadly held up well. So against this backdrop, we've delivered second quarter USG of 8.8%. That's 11.2% from price and minus 2.1% volume. And that takes first half USG to 8.1%, of which price is 9.8% volume, minus 1.6%.

聯合利華新的組織架構現已投入營運。這對公司而言是一項重大變革，我們已經開始看到一些成效，例如，最近在定價決策方面速度顯著提升。目前為止，銷售彈性優於預期，整體競爭力也維持良好。在此背景下，我們第二季的美國市場成長率 (USG) 為 8.8%。其中，價格因素貢獻了 11.2%，銷售因素貢獻了 2.1%。上半年美國市場成長率為 8.1%，其中價格因素貢獻了 9.8%，銷售因素貢獻了 1.6%。

The pricing momentum established during the second half of 2021 and early 2022 has continued. And we've landed increases across all geographies and divisions. We continue to win competitively with 53% of our business winning share. As expected, this is down from the 58% we reported in Q1. We are careful not to push pricing levels to a point where we compromise the long-term health of the business. But as we said before, we are prepared to accept a short-term hit to competitiveness in some places as we lead on pricing.

2021年下半年和2022年初建立的價格上漲動能得以延續。我們在所有地區和業務部門都實現了價格上調。我們持續保持競爭力，53%的業務市佔率得以保持領先。如預期，這一比例低於第一季的58%。我們謹慎行事，避免將價格推高到損害公司長期健康的程度。但正如我們之前所說，為了保持價格領先地位，我們已做好準備，接受在某些地區短期內競爭力可能受到的衝擊。

Underlying operating margin was 17%, and that's a reduction of 180 basis points versus the same period last year and within the 16% to 17% guidance that we gave with our first quarter results. Underlying earnings per share is EUR 1.34, which is an increase of 1% versus last year. And free cash flow remains strong at EUR 2.2 billion. Graeme will give more details on that.

基本營業利益率為17%，較去年同期下降180個基點，但仍在公司第一季業績報告中給出的16%至17%的預期範圍內。基本每股收益為1.34歐元，較去年同期成長1%。自由現金流依然強勁，達到22億歐元。格雷姆將提供更多詳情。

Let me now get into some detail on the first half performance through the lens of Unilever's 5 strategic priorities from our Compass growth strategy, and I'll start with brands and innovation. Our EUR 1 billion plus brands now make up over 50% of our turnover and delivered USG of 10% in the quarter and 9.4% in the first half. Our growth is being underpinned by bigger, better innovation and our relentless focus on functional product superiority. And our brand investment was up in absolute euro in the first half as planned.

現在，我將從聯合利華「指南針」成長策略的五大策略重點出發，詳細分析上半年的業績，首先從品牌和創新說起。我們旗下營業額超過10億歐元的品牌目前佔總營業額的50%以上，本季和上半年分別貢獻了10%和9.4%的單位成長率。我們不斷進行更大規模、更優質的創新，並始終堅持以卓越的產品功能為核心，這為我們的成長提供了有力支撐。此外，如預期，我們上半年的品牌投資額（以歐元計）也實現了成長。

Ensuring that brand support is at competitive levels remains a priority as we navigate the second half and into 2023. Our second strategic pillar is to move the portfolio into higher growth spaces. The ekaterra disposal completed on the 1st of July for EUR 4.5 billion. And this is a culmination of a huge amount of work to establish the world's largest pure-play tea business. We wish ekaterra every success under its new owners.

在下半年及2023年，確保品牌支援保持競爭力仍是我們的首要任務。我們的第二個策略支柱是將產品組合拓展至更高成長領域。 7月1日，我們以45億歐元的價格完成了對ekaterra的出售。這標誌著我們為打造全球最大的純茶飲企業所做的大量努力終於結出了果實。我們祝福ekaterra在新東家的帶領下取得圓滿成功。

We announced the acquisition of Nutrafol in the quarter and the transaction completed early in July. It's an exciting brand in business, which we welcome into our Health & Wellbeing portfolio. It's the #1 dermatologist-recommended hair growth brand in the United States, underpinned with extremely robust clinical evidence and without the challenging side effects that accompany some of the other solutions on the market. Sales are almost entirely online with the largest proportion direct-to-consumer.

我們在本季宣布了對 Nutrafol 的收購，交易已於 7 月初完成。 Nutrafol 是一個充滿活力的品牌，我們非常歡迎它加入我們的健康與福祉產品組合。它是美國排名第一的皮膚科醫生推薦的生髮品牌，擁有極其可靠的臨床證據支持，並且沒有市面上其他一些產品常見的副作用。其銷售幾乎全部來自線上，其中大部分為直接面向消費者的銷售模式。

Unilever Ventures was a minority investor in Nutrafol prior to the acquisition. And I must say it's great to see this investment mature into a fully-fledged part of Unilever's portfolio. Prestige delivered second quarter growth of 14%, helped by the launch of Tatcha into the U.K., the return of consumers to off-line channels, and the expansion of some of our Prestige brands in China.

在收購之前，聯合利華創投是Nutrafol的少數股東。我很高興看到這項投資發展成為聯合利華投資組合中不可或缺的一部分。由於Tatcha在英國的上市、消費者回歸線下管道以及我們部分高端品牌在中國市場的擴張，Prestige業務在第二季度實現了14%的成長。

Health & Wellbeing delivered 28% growth with another particularly strong quarter for Liquid I.V.

健康與福祉業務實現了 28% 的成長，其中 Liquid I.V. 業務又一個季度表現尤為強勁。

Let's now look at our priority geographies, the U.S., India, China and our key emerging markets. The U.S. maintained strong growth momentum at 8.7%, and that was driven by price, with volumes very slightly negative. Growth in the U.S. continues to benefit from our portfolio changes with Prestige Beauty and Health & Wellbeing contributing strongly. As we anticipated with the Q1 results presentation, we've continued to see ongoing customer service challenges in the U.S. caused primarily by labor availability. The situation is improving quickly, but it will continue into the third quarter.

現在讓我們來看看重點地區：美國、印度、中國以及我們的主要新興市場。美國市場維持了8.7%的強勁成長勢頭，這主要得益於價格因素，銷量略有下降。美國市場的成長持續受益於我們的產品組合調整，其中高端美妝和健康養生業務貢獻顯著。正如我們在第一季業績報告中所預期的，美國市場的客戶服務仍面臨挑戰，主要原因是勞動力短缺。目前情況正在迅速改善，但預計這種情況將持續到第三季。

E-commerce growth has moderated in the U.S. as consumers return to physical stores and we see greater number of consumers researching online and then purchasing offline, and that emphasizes the growing importance of digital channels in the path to purchase.

在美國，電子商務的成長已經放緩，消費者回歸實體店，我們看到越來越多的消費者在網路上進行研究，然後在線上購買，這凸顯了數位管道在購買過程中日益增長的重要性。

India, as already reported, post 19.5% growth, price up 11.8%, and volumes up 6.8%. This growth is broad-based and is driven by strong competitiveness and a portfolio that's been built with brands competing up and down the price tiers. The Indian markets are growing in value, but market volumes are declining. This consumption weakness is due to the impact of inflation on Indian consumers, particularly those in rural areas. We are confident of HUL's ability to continue to grow ahead of the market and we see that reflected in very strong market share performance.

如同先前通報，印度市場成長19.5%，價格上漲11.8%，銷售成長6.8%。這項成長基礎廣泛，主要得益於強大的市場競爭力以及涵蓋不同價格區間的品牌組合。印度市場價值成長，但銷量卻下降。消費疲軟的主要原因是通膨對印度消費者，尤其是農村地區消費者的影響。我們對聯合利華(HUL)持續保持市場領先成長的能力充滿信心，這也反映在其強勁的市佔率表現上。

China declined by 9.3% in the quarter with volumes down 10.5%. This, of course, reflects the impact of the lockdowns on both consumer and last-mile deliveries, mostly in April and May. Our competitiveness in China remains strong and we did begin to see some easing of the restrictions in June. EUR 17.4 billion of our first half turnover, nearly 60%, came from emerging markets. However, EMs is not really a particularly helpful aggregation. It comprises markets with very different structures and different consumer dynamics. So we thought it might be helpful if we shared performance in some of our key emerging markets in a little bit more detail.

中國市場本季下滑9.3%，銷量下降10.5%。這當然反映了封鎖措施對消費者和末端配送的影響，主要集中在4月和5月。我們在中國市場的競爭力依然強勁，我們在6月開始看到一些限制措施有所放鬆。我們上半年營業額的174億歐元（近60%）來自新興市場。然而，「新興市場」這個概念本身並不十分貼切。它涵蓋了結構和消費動態差異很大的市場。因此，我們認為，如果能更詳細地介紹我們在一些主要新興市場的業績，或許會更有幫助。

In Turkey, consumers are adjusting to the reality of extremely high inflation. Despite higher prices, we see consumer demand and market volumes holding up, due partly to pantry loading. We're ensuring that we adjust our portfolio to offer the right product formats and pack sizes and strengthen our position in the right channels to navigate these conditions successfully. Not surprisingly, we see good growth, for example, in the discounter channel in Turkey. Our business is performing well so far with 44% USG and 15% volume growth in the quarter.

在土耳其，消費者正適應極高的通膨現實。儘管物價上漲，但由於消費者囤積食品等因素，我們看到消費者需求和市場銷售仍保持穩定。我們正在調整產品組合，提供合適的產品規格和包裝規格，並加強在關鍵管道的佈局，以成功應對當前的市場環境。不出所料，我們在土耳其的折扣通路實現了良好的成長。本季度，我們的業務表現良好，單位銷售額成長了44%，銷量成長了15%。

In line with our treatment of other hyperinflationary countries, the underlying price growth in Turkey was capped from the second quarter. In Southeast Asia, we see a range of slightly different conditions. For example, in Vietnam, the economy and consumer confidence are both relatively strong. And we're seeing a continued shift to multichannel shopping and premium propositions like Pond's Age Miracle.

與我們對其他高通膨國家的應對措施一致，土耳其的潛在價格成長從第二季開始受到抑制。在東南亞，我們看到的情況略有不同。例如，在越南，經濟和消費者信心都相對強勁。而且，我們看到消費者持續轉向多通路購物，並青睞像旁氏奇蹟煥顏系列這樣的高階產品。

In Thailand, the market remains overall flat with positive price being balanced by negative volumes. The removal of government support packages put in place during the pandemic is having some impact on consumption, and associated with this, we see a shift towards modern trade from smaller traditional outlets. The country desperately needs the economic boost of a return to full tourism levels.

在泰國，市場整體保持平穩，價格上漲被銷售下滑所抵銷。疫情期間政府推出的扶持政策的取消對消費產生了一定影響，隨之而來的是消費者從小型傳統門市轉向現代零售通路。泰國迫切需要旅遊業全面復甦來提振經濟。

Overall, our business in Southeast Asia grew 8% in the quarter with only a small decline in volume. In Indonesia, we see growing consumer confidence as people get back to more normal lifestyles. With the high inflation levels, some consumers are trading down to cheaper brands in Home Care, much less so in Beauty & Personal Care or in Foods & Refreshment. We're taking action to ensure that our brands cover all relevant price points.

整體而言，本季我們在東南亞的業務成長了8%，銷量僅略有下降。在印尼，隨著人們生活方式逐漸恢復正常，我們看到消費者信心正在增強。由於通貨膨脹率居高不下，一些消費者在家居護理產品中轉向價格較低的品牌，但在美容及個人護理或食品飲料領域，這種情況則較少發生。我們正在採取措施，確保我們的品牌能夠涵蓋所有相關的價格範圍。

From a channel perspective, the mini market proximity store channel continues to grow, as does e-commerce in the major cities, and we're now seeing smaller independent outlets returning to growth. So we saw 10% growth in Indonesia in the quarter. It was led by price with volumes down. Indonesia is a market where we continue to work to restore competitiveness. We're seeing benefits from increased investment in, for example, the configuration and reach of our distribution network from higher levels of marketing support and from some important changes to our pack price architecture, but there is still more to do on competitiveness in Indonesia.

從通路角度來看，便利商店通路持續成長，主要城市的電商業務也同樣如此，我們現在看到小型獨立門市也開始恢復成長。因此，本季我們在印尼市場實現了10%的成長。這主要得益於價格上漲，銷量下降。印尼是我們持續努力恢復競爭力的市場。我們透過加大投資，例如優化分銷網絡配置和覆蓋範圍、提升行銷支援力度以及對包裝價格系統進行一些重要調整，已經取得了一些成效。但是，在提升印尼市場的競爭力方面，我們仍有許多工作要做。

In Latin America, we are seeing inflation have a direct impact on consumption with consumers shopping around to find the best deals. This is reflected in very clear channel shifts to cash and carry and to wholesalers and to street markets. And that's coupled with greater shopping frequency, smaller basket sizes, and some switching to lower price points.

在拉丁美洲，我們看到通貨膨脹對消費產生了直接影響，消費者四處比價，尋找最優惠的價格。這體現在非常明顯的通路轉變上，消費者轉向了現金批發市場、批發商和街頭市場。同時，購物頻率增加，每次購物的商品數量減少，一些消費者也轉向了價格較低的商品。

Our LatAm USG was just under 17% in the quarter, price up by over 21% was partially offset by volumes down 4%. This high level of price increases is necessary to protect the ability to invest in our brands and the impact on volumes was very much in line with our expectations. We continue to pay very close attention to competitiveness.

本季，我們在拉丁美洲的單位市場成長率略低於17%，價格上漲超過21%，但銷售量下降4%部分抵銷了價格上漲的影響。如此大幅度的價格上漲對於保障我們品牌投資能力至關重要，而銷售量下降的影響基本上也符合我們的預期。我們將繼續密切關注市場競爭力。

And I'd also like to give a quick mention to Africa, which has continued its run of strong delivery with 14% USG in the quarter. Relevant and impactful innovation remains critical to success in emerging markets during these tougher economic times. And you can see some examples at the bottom of the chart. They cover premium solutions that provide functional superiority such as the color and fiber protection offerings from our premium laundry care brands, and premium propositions like Pond's Age Miracle that I already mentioned. But also the need to ensure that our brand portfolio and pack price architecture cover all the relevant price points. And you can see the example here of Dishwash in Indonesia. And finally, propositions, which unlock new ways to offer great value to consumers and OMO dilutable a great example of that.

我還想簡單提一下非洲市場，本季持續保持強勁的交付勢頭，USG 佔比達到 14%。在當前經濟情勢嚴峻的情況下，相關且具影響力的創新對於新興市場的成功仍然至關重要。您可以在圖表底部看到一些範例。這些範例涵蓋了提供卓越功能的優質解決方案，例如我們高端洗衣護理品牌的護色和纖維保護產品，以及我之前提到的旁氏煥顏奇蹟等高端產品。此外，我們還需要確保我們的品牌組合和包裝價格系統涵蓋所有相關的價格點。您可以在這裡看到印尼洗碗精的例子。最後，我們也要關注那些能為消費者提供更高價值的創新方案，奧妙可稀釋洗潔精就是一個很好的例子。

So while the emerging markets are living through more difficult economic times, they're certainly not 1 homogeneous group. The right local insights offer great opportunities for brands to meet those needs with great products that deliver great value and not just lowest possible price.

因此，儘管新興市場正經歷著更艱難的經濟時期，但它們絕非同質群體。精準的在地化洞察為品牌提供了絕佳的機會，使其能夠以卓越的產品滿足這些市場需求，而不僅僅是追求最低價格。

So next, leading in channels of the future. E-commerce grew 25% in the first half with growth coming from omnichannel retailers and our B2B platforms. Pure play was flat, and that reflects primarily the impact of the COVID lockdowns in China. Worth noting that in just 5 years, e-commerce has grown from 2% of Unilever's turnover to 14% in the first half. We do continue to invest in channel expertise and the right technology and in channel-specific innovation. And a couple of examples, in recent months, we've launched these Dove premium hair treatment masks and the Clear scalp care range, which is aimed to meet the needs of the younger male consumer in China, as well as Lifebuoy bundled products in the U.K., and they're all designed to increase the value density and achieve high transaction value for our online channels.

接下來，我們來談談引領未來管道。上半年，電子商務成長了25%，成長主要來自全通路零售商和我們的B2B平台。純線上銷售持平，主要反映了新冠疫情在中國封鎖措施的影響。值得注意的是，在短短五年內，電子商務在聯合利華營業額中的比例就從2%成長到了上半年的14%。我們將繼續投資於通路專業知識、合適的技術以及針對特定管道的創新。舉幾個例子，最近幾個月，我們推出了多芬高端護髮膜和清揚頭皮護理系列，旨在滿足中國年輕男性消費者的需求；此外，我們還在英國推出了力士香皂組合裝產品。所有這些措施都是為了提高線上通路的價值密度，實現更高的交易額。

Now at the start of the year, we set out our intention to implement a new organization and operating model. And the new model went live on the 1st of July. It marks a significant moment for our company. The objectives of the change are to make Unilever simpler, faster, more agile, even more focused in our categories, and with greater impairment and accountability. It is a simple model with 5 business groups, a lean corporate center, and a low-cost technology-driven transactional backbone Unilever Business Operations.

今年年初，我們制定了實施全新組織架構和營運模式的計畫。新模式已於7月1日正式上線，對本公司而言意義非凡。這次變革的目標是讓聯合利華更精簡、更有效率、更靈活，在各個品類上更專注，並提升責任落實和問責。新模式結構簡潔，包含5個業務集團、一個精簡的總部以及一個低成本、技術驅動的交易骨幹系統－聯合利華業務營運中心。

The new business groups are now in place. They're fully responsible for their portfolios from strategy to monthly performance. And Unilever Business Operations is now responsible for all our transactional processes that benefit from Unilever's scale, the power of one. We'll update you on the distinct strategies for the business groups and Unilever Business Operations later in the year. It is still early days for the new model, but I'm already impressed by the difference in the focus, the energy, the urgency that this change is creating. Our task for the coming months is to bed in the structure, refine it, help our people adjust to the new ways of working. And we are being cautious to avoid declaring victory too early in what is a substantial change for the company. We'll be sharing the restatement of our financials through the lens of the new business groups in September. And our third quarter results will be presented on this new basis.

新的業務集團現已到位。它們全面負責各自的業務組合，從策略制定到月度業績評估。聯合利華業務營運部則負責所有受益於聯合利華規模優勢（即「一體化」的力量）的交易流程。我們將在今年稍後向您詳細介紹各業務集團和聯合利華業務營運部的具體策略。新模式尚處於初期階段，但我已經對這種變革所帶來的專注度、活力和緊迫感印象深刻。未來幾個月，我們的任務是鞏固和完善新架構，並幫助員工適應新的工作方式。我們謹慎行事，避免過早宣佈公司取得重大變革。我們將於9月份根據新的業務集團視角重述財務報表，並在此基礎上發布第三季業績。

So let me now repeat the full summary of our first half performance. We're starting to see the consistency of growth that Unilever looks to deliver. It's coming in line with the strategic priorities that we identified early last year. And the underlying growth potential of our portfolio has been transformed through judicious disposals and focused acquisitions. Of course, we cannot know exactly what lies ahead, but I am confident that Unilever is a very different business than it was before the pandemic, stronger, faster, hungrier, more fit to compete.

現在，讓我再次總結我們上半年的業績。我們開始看到聯合利華所追求的持續成長。這與我們去年初確定的策略重點相符。透過審慎的資產剝離和有針對性的收購，我們投資組合的潛在成長空間得到了顯著提升。當然，我們無法準確預測未來，但我相信，與疫情前相比，聯合利華已經發生了翻天覆地的變化，它更強大、更敏捷、更有進取心，也更有能力參與競爭。

And with that, over to you, Graeme, for more details on the first half performance.

接下來，格雷姆，請你為大家帶來更多上半場表演的細節。

Thanks, Alan. Good morning, everybody. Our focus on operational excellence and our 5 strategic choices continue to drive competitive growth. After posting growth of 7.3% in the first quarter, we grew by 8.8% in the second quarter, putting the half at 8.1% USG. Of this, price growth was 9.8%, volume growth was minus 1.6%. And we feel that this is a good performance in what are very challenging inflationary conditions and in line with our shorter-term strategy that Alan has just outlined.

謝謝艾倫。大家早安。我們對卓越營運的專注以及五項策略選擇持續推動著我們的競爭性成長。繼第一季實現7.3%的成長後，第二季我們實現了8.8%的成長，上半年達到8.1%（美國政府單位）。其中，價格成長了9.8%，銷量下降了1.6%。我們認為，在當前充滿挑戰的通膨環境下，這樣的業績表現良好，也符合艾倫剛才概述的短期策略。

We delivered broad-based growth across all 3 of our divisions. Pricing has stepped up sequentially now over the last 6 quarters in response to the rising commodity inflation. If we aim off for the specific impact of the lockdowns in China, volumes are tracking pretty much as we anticipated when we presented the Q1 results, and better, in fact, than our historical price elasticity models had predicted for us.

我們三大業務部門均實現了全面成長。受大宗商品通膨上漲的影響，過去六個季度以來，產品定價已逐季上調。若不考慮中國疫情封鎖措施的具體影響，銷量基本上符合我們發布第一季業績時的預期，甚至優於我們歷史價格彈性模型先前的預測。

If we click down now into performance through the regional lens. Our largest region, Asia/AMET/RUB grew 9% in the second quarter with 11.9% from price and minus 2.6% volume. The China lockdown impact was negative 160 basis points on volume, and we saw continued strong volume growth in India, as Alan has described earlier.

現在我們深入分析一下區域業績。我們最大的地區——亞洲/AMET/RUB——第二季度增長了9%，其中價格增長11.9%，銷量下降2.6%。中國疫情封鎖對銷售造成了160個基點的負面影響，而正如Alan之前所述，我們在印度看到了持續強勁的銷售成長。

So quite a few moving parts to the reported minus 2.6% volume for Asia. Latin America stepped up from 9.8% growth in Q1 to 16.8% in Q2 with 21.7% price and minus 4% volume. Elasticity levels have been performing in line with our expectations and very much reflect the strength of both our brands and our in-market execution across the LatAm region.

因此，亞洲市場銷量下滑2.6%的原因有很多。拉丁美洲市場銷量下滑4%，但價格卻上漲了21.7%，比起第一季的9.8%成長，第二季則回升至16.8%。市場彈性水準符合預期，充分體現了我們品牌的實力以及在拉丁美洲市場的出色執行力。

North America grew 8.9% despite the constrained supply we're experiencing. We saw good growth across Foods & Refreshment and Beauty & Personal Care and especially in Prestige and Health & Wellbeing. Europe grew 4.6% with 6.5% price and minus 1.8% volume. Whilst there are local nuances, the U.K., France and Germany all delivered low single-digit growth with pricing largely offset by lower volumes. Food Solutions posted strong double-digit growth, and ice cream growth was strong as the out-of-home channel reopened.

儘管面臨供應緊張的局面，北美市場仍實現了 8.9% 的成長。食品飲料、美容及個人護理類別均呈現良好成長，其中高端品類及健康保健品類成長尤為顯著。歐洲市場成長 4.6%，其中價格上漲 6.5%，銷售量下降 1.8%。儘管各地情況略有不同，但英國、法國和德國均實現了個位數低成長，價格上漲的影響基本上被銷量下降所抵消。食品解決方案類別實現了強勁的兩位數成長，隨著戶外通路的重新開放，冰淇淋品類也實現了強勁成長。

Turnover for the half year was EUR 29.6 billion, up 14.9% versus 2021. Underlying sales growth contributed 8.1%, and we saw a positive impact from acquisitions and disposals of 0.6% with the inclusion of Prestige Beauty brand, Paula's Choice, being the main driver of that. Currency had a positive impact of 5.6% as nearly all of our basket of currencies strengthened against the euro. Based on spot rates, we would now expect a full year positive currency translation effect of around 4.5% on turnover for the full year 2022.

上半年營業額為296億歐元，較2021年同期成長14.9%。其中，基礎銷售額成長貢獻了8.1%，收購和出售業務帶來了0.6%的正面影響，主要得益於高端美妝品牌Paula's Choice的併入。匯率變動也帶來了5.6%的正面影響，因為我們所持貨幣籃子中的幾乎所有貨幣兌歐元均走強。基於即期匯率，我們預計2022年全年匯率變動將對營業額產生約4.5%的正面影響。

Turning now to our divisions. Beauty & Personal Care grew 8.0% in the second quarter with 10.5% from price and a 2.3% decline in volume. Price stepped up in all categories versus the first quarter, and we expect to see continued impact of price on volume going forward with the growth of Prestige Beauty and Health & Wellbeing offsetting some of this.

現在來看我們的各個業務部門。美容及個人護理業務第二季成長8.0%，其中價格上漲貢獻了10.5%，銷量下降了2.3%。與第一季相比，所有類別的價格均有所上漲。我們預計未來價格對銷售的影響將持續存在，但高端美容和健康保健業務的成長將部分抵消價格上漲的影響。

Deodorants delivered double-digit growth with volume flat as social and work occasions continue to return across our markets. Rexona 72-hour protection continues to perform strongly, and Axe is benefiting from the success of a full brand restage with longer-lasting fragrances and superior order protection for body sprays. Skin Care grew low single digit on the back of a strong prior year. Pond's delivered double-digit growth in India, partially offset by more muted growth in the U.S. and the decline in China. Hair Care grew mid-single digits, driven by strong performances in India and North America and helped along by the success of Sunsilk Activ-Infusion, which is our best ever blend of vitamins, oils and proteins to improve the health and look of skin and hair, supported by the Sunsilk brand mission, which is to open up possibilities for girls everywhere.

隨著社交和工作場合在各市場持續恢復，除臭劑銷售量保持穩定，實現了兩位數成長。 Rexona 72小時防護系列表現依然強勁，Axe則受惠於品牌全面重塑，其身體噴霧產品擁有更持久的香氛和更卓越的除臭效果。護膚品在去年強勁表現的基礎上實現了個位數低成長。旁氏在印度實現了兩位數成長，但部分被美國市場較溫和的成長和中國市場的下滑所抵銷。護髮產品實現了個位數中成長，這主要得益於印度和北美市場的強勁表現，以及Sunsilk Activ-Infusion的成功。這款產品是我們迄今為止最佳的維生素、油脂和蛋白質混合配方，能夠改善肌膚和頭髮的健康和外觀，這與Sunsilk的品牌使命相契合，即為世界各地的女孩開啟無限可能。

And with our mission to tap into new growth channels, Unilever International has forged a partnership with InterContinental Hotels Group to supply their guest bathrooms with larger packs of personal care products in a move that will significantly reduce IHG's single-use plastics footprint.

為了開拓新的成長管道，聯合利華國際與洲際酒店集團建立了合作關係，為其客房浴室提供更大包裝的個人護理產品，此舉將大幅減少洲際酒店集團一次性塑膠的使用量。

Growth in Food & Refreshment was 8.1% in Q2 with a small decline of 1.2% in volume. Continued out-of-home channel recovery drove growth in both Ice Cream and Food Solutions. Out-of-home Ice Cream benefited from strong price and volume growth as the ice cream season in the Northern Hemisphere took off to a flying start. Magnum and Cornetto were both strong, supported by the Magnum Classics Remixed and Cornetto Soft innovations.

第二季食品飲料業務成長8.1%，銷量小幅下降1.2%。戶外通路的持續復甦推動了冰淇淋和食品解決方案業務的成長。隨著北半球冰淇淋季的強勁開局，戶外冰淇淋受益於價格和銷售的雙雙成長。 Magnum和Cornetto兩大品牌表現強勁，這主要得益於Magnum Classics Remixed和Cornetto Soft的創新產品。

Performance in the U.S. and especially in Ben & Jerry's, was constrained by supply issues, which are continuing into the third quarter. Hellmann's delivered double-digit price led growth in the quarter with a step-up from Q1. Hellmann's brand purpose to reduce food waste is gaining real traction, and the new Turn Nothing into Something campaign is driving growth whilst having a positive impact on food waste.

在美國，尤其是Ben & Jerry's的業績受到供應問題的限制，這一問題延續到了第三季。 Hellmann's在本季度實現了兩位數的成長，價格上漲帶動了整體成長，較第一季有所提升。 Hellmann's減少食物浪費的品牌宗旨正獲得切實認可，全新的「化腐朽為神奇」（Turn Nothing into Something）活動在推動增長的同時，也對減少食物浪費產生了積極影響。

Sales at our Food Solutions business, which serves professional chefs, are now 6% higher than prepandemic in 2019, and that is despite the impact of the lockdowns in China in the second quarter.

我們為專業廚師服務的食品解決方案業務的銷售額目前比 2019 年疫情前的水平高出 6%，儘管第二季度中國實施了封鎖措施，但仍取得了這樣的成績。

Looking forward, though, we are aware that inflation could have an impact on consumer discretionary spending and hence, eating out habits, and we're going to closely watch and follow that. Home Care grew 12.2% in Q2, led by price growth of 16.6% and a volume decline of negative 3.8%, mostly across the European and Latin American home care markets. Fabric Cleaning delivered strong double-digit growth, with volumes holding up well, helped by strong contributions from the brands, OMO and Radiant.

展望未來，我們意識到通膨可能會影響消費者的非必需支出，進而影響外食習慣，我們將密切關注並追蹤這一趨勢。第二季度，家居護理業務成長12.2%，主要受物價成長16.6%和銷量下降3.8%的推動，銷量下降主要集中在歐洲和拉丁美洲的家居護理市場。織物清潔業務實現了強勁的兩位數成長，銷售量保持穩定，這得益於OMO和Radiant品牌的出色表現。

South Asia and Turkey both delivered positive volumes, coupled with double-digit price increases, supported by the category format shifting ever more towards liquid detergents. Fabric enhancers accelerated in the second quarter with a strong performance by Comfort in Brazil and China, with the latter helped by the success of Comfort Fragrance Beads. We also saw good growth in the professional channel with the launch of OMO Perfect White, time to coincide with the return of travelers to hotels. This range is super concentrated, meaning less plastic packaging per wash, and is unbeatable stain removal for the common stains found in the hospitality industry, whilst also needing less energy and water in the wash cycle. So OMO Perfect White is really a quadruple win for guests, for the hospitality operators, for Unilever, and for the planet. Home & Hygiene growth was more muted as consumers used less hygiene and disinfection products than they were last year.

南亞和土耳其的銷售量均實現正成長，同時價格也實現了兩位數的成長，這得益於洗滌劑品類向液體洗滌劑方向的轉變。第二季度，織物柔軟精銷售加速成長，其中Comfort品牌在巴西和中國表現強勁，在中國市場尤其受惠於Comfort香氛珠的成功。隨著OMO Perfect White的上市，專業通路也實現了良好的成長，恰逢飯店旅客回歸之際。此系列產品採用超濃縮配方，每次洗滌所需的塑膠包裝較少，能有效去除飯店業常見的污漬，同時還能減少洗滌過程中的能源和用水量。因此，OMO Perfect White可謂是為顧客、旅館經營者、聯合利華以及地球帶來四重效益。由於消費者對衛生消毒產品的使用量低於去年，家居及個人護理類別的成長較為溫和。

Let me shift gears now to the cost environment, specifically how inflation is impacting our business and how we're managing it. Now we spent quite some time in previous quarters discussing the particular cost pressures that we're facing. This chart shows that these cost pressures remain despite some recent falls in the spot prices of palm kernel oil and aluminum, which demonstrates the continued volatility we are seeing in the global commodity markets. In April, we projected EUR 4.8 billion of net material inflation over the course of the year. Just as a reminder, net material inflation is the absolute impact that we see after savings, after buying efficiencies, after product logic changes, et cetera, et cetera.

現在我想把話題轉到成本環境，特別是通貨膨脹對我們業務的影響以及我們應對措施。在前幾季，我們花了不少時間討論我們面臨的具體成本壓力。這張圖表顯示，儘管棕櫚仁油和鋁的現貨價格近期有所下跌，但這些成本壓力依然存在，這表明全球大宗商品市場持續波動。今年4月，我們預測全年淨材料通膨將達到48億歐元。需要提醒的是，淨材料通膨是指在扣除節省成本、提高採購效率、調整產品邏輯等因素後，我們看到的絕對影響。

Our latest view of net material inflation is a little lower at around EUR 4.6 billion with nearly EUR 2 billion already baked into the first half and around EUR 2.6 billion projected for the second half. Now of this second half spend, 80% is now covered through contracts and inventories and hedging, reducing the levels of uncertainty for the second half, but also meaning that it takes a little time for spot price falls, if they're sustained, to enter fully into our cost base. We are expecting to hit peak year-on-year inflation in the second half, and therefore, we will continue to price responsibly while managing consumer demand elasticity and competitive dynamics.

我們最新的淨材料通膨預期略低，約46億歐元，其中近20億歐元已計入上半年支出，預計下半年約26億歐元。目前，下半年支出的80%已透過合約、庫存和避險到覆蓋，這降低了下半年的不確定性，但也意味著現貨價格下跌（如果持續）需要一段時間才能完全反映在我們的成本結構中。我們預計下半年將達到年比通膨峰值，因此，我們將繼續採取負責任的定價策略，同時控制消費者需求彈性並應對競爭動態。

This then brings me on to margins. Underlying operating margin for the half year was 17%, down 180 basis points from last year and within our guided range. Gross margin was down 210 basis points, reflecting the fact that despite stepping up pricing significantly, it was not sufficient to fully offset the cost inflation. Brand and marketing investment in constant currencies was EUR 3.7 billion, and that's up EUR 0.2 billion versus the prior year. High levels of turnover growth, of course, mean that BMI as a percentage of turnover was down 40 basis points, but this is a less useful measure when turnover growth has been driven so high by pricing. Our internal analysis reassures us that our support levels are competitive and we remain focused on this as the year progresses. Overheads were up by 10 basis points with productivity programs and turnover leverage more than offset by some investment behind our strategic priorities.

接下來談談利潤率。上半年基本營業利潤率為17%，較去年同期下降180個基點，但仍在預期範圍內。毛利率下降210個基點，反映出儘管大幅漲價，但仍不足以完全抵銷成本上漲的影響。以固定匯率計算，品牌和行銷投資為37億歐元，較上年同期增加2億歐元。當然，營業額的高速成長意味著品牌和行銷投資佔營業額的百分比下降了40個基點，但當營業額成長主要由價格驅動時，這項指標的意義就不那麼大了。我們的內部分析表明，我們的支持力度具有競爭力，我們將繼續專注於此，並在今年保持這一優勢。管理費用上升了10個基點，但生產力提升計畫和營業額槓桿作用已被策略重點投資所抵銷。

Constant rate earnings per share were down 3.9%, mainly due to the lower operating margin, higher financing costs and tax, partially offset by the impact of the share buyback program. The higher tax rate reflects changes in profit mix and some favorable one-offs in the prior year, which led to an underlying effective tax rate of 24.4% versus 21.9% in the prior year. The main reasons for the increase are changes in the profit mix, as I said, and favorable one-off settlements.

以固定匯率計算，每股盈餘下降3.9%，主要原因是營業利益率下降、融資成本和稅收增加，部分被股票回購計畫的影響所抵銷。較高的稅率反映了利潤結構的變化以及上一年的一些有利的一次性項目，導致實際稅率從上年的21.9%上升至24.4%。正如我所說，稅率上升的主要原因是利潤結構的變化以及有利的一次性結算。

Underlying earnings per share were up by 1% in current currency with a favorable currency tailwind contributing 4.9%. Based on spot rates, we would now expect a full year positive currency translation effect on earnings of around 4%. We continue to adopt a disciplined approach to capital allocation, and that has 3 key elements to it. First, we continue to invest in our business operations. This includes CapEx, which is now increasing post COVID, as we had anticipated, but also into BMI and into R&D.

以目前匯率計算，基本每股盈餘成長1%，其中有利的匯率因素貢獻了4.9%。基於即期匯率，我們預期全年匯率變動將對收益產生約4%的正面影響。我們繼續採取嚴謹的資本配置策略，該策略包含三個關鍵要素。首先，我們持續投資於業務運作。這包括資本支出（正如我們預期的那樣，疫情後資本支出正在增加），以及對商業模式創新（BMI）和研發的投入。

Now I know that the latter 2 are included in the operating margin, but I call them out here to emphasize their fundamental importance to our business model. A key theme underpinning our CapEx is the investment in digital, whether that be in our supply chain, our marketing, or in our relationship with customers and platforms. This digital investment is enabling us to better understand consumer needs, to better serve customers and to run an efficient supply chain.

我知道後兩項已包含在營業利潤率中，但我在此特別提及，是為了強調它們對我們商業模式的根本重要性。我們資本支出的一個關鍵主題是對數位化的投資，無論是在供應鏈、行銷，或是與客戶和平台的關係方面。這項數位化投資使我們能夠更好地了解消費者需求，更好地服務客戶，並經營高效的供應鏈。

We are making significant investments in our supply chain networks in our priority markets with India and U.S. network resets and a new multi-category site in China underway. And we're also investing to increase capacity for premium ice cream in Europe and in North America.

我們正在專注於市場對供應鏈網路進行大量投資，包括對印度和美國網路進行重組，以及在中國新建一座多品類生產基地。此外，我們也正在投資提升歐洲和北美高端冰淇淋的產能。

Secondly, from a capital allocation perspective portfolio, Alan covered this earlier, so I'll not repeat the details, but we continue to use bolt-on acquisitions and selective disposals to reposition our portfolio towards higher growth. And finally, returns to shareholders. In addition to the ongoing attractive dividend that we pay, we're also well-advanced in our EUR 3 billion share buyback program over 2022 and 2023 with the first EUR 750 million tranche now completed, and it's our intention to launch a second tranche of EUR 750 million early in the third quarter.

其次，從資本配置的角度來看，Alan之前已經詳細介紹過投資組合，所以我不再贅述。我們將繼續透過補充收購和選擇性出售來調整投資組合，以實現更高的成長。最後，關於股東回報。除了我們持續發放的可觀股利外，我們2022年和2023年總額達30億歐元的股票回購計畫也進展順利，首期7.5億歐元的回購已經完成，我們計劃在第三季初啟動第二期7.5億歐元的回購。

Free cash flow in the half was EUR 2.2 billion. That's down EUR 0.2 billion versus the prior year, which reflected higher CapEx and cash tax, partially offset by improved operating profit and working capital. Our net debt-to-EBITDA ratio increased from 2.2 at the end of 2021 to 2.3x, in line with our broad leverage target.

上半年自由現金流為22億歐元，較上年同期減少2億歐元，主要原因是資本支出和現金稅額增加，但部分被營業利潤和營運資本的改善所抵銷。我們的淨負債與EBITDA比率從2021年底的2.2倍上升至2.3倍，符合我們設定的整體槓桿目標。

Our net debt level stands at EUR 27.1 billion, up from EUR 25.5 billion at year-end. The increase was driven by the dividends paid, our share buyback program, and an adverse currency movement, partially offset by free cash flow delivery. The cash proceeds from the tea disposal are in the bank, but they were received after the quarter closed, so they're not yet reflected in any of these numbers.

我們的淨債務水準為271億歐元，高於去年年底的255億歐元。成長的主要原因是支付的股息、股票回購計畫以及不利的匯率波動，部分被自由現金流所抵銷。出售茶葉業務所得的現金已存入銀行，但由於是在本季結束後才收到，因此尚未反映在上述任何數據中。

Our pension surplus increased from EUR 3 billion at the full year-end to EUR 5 billion today. The increase was driven by lower liabilities as interest rates, partially offset by negative investment returns on pension assets. So what does this mean for the outlook for 2022 and beyond? With higher pricing, we now expect underlying sales growth in 2022 to be above the top end of the previously guided range of 4.5% to 6.5%. And that will be driven by price with some further pressure on volume.

我們的退休金盈餘從上年末的30億歐元增加到目前的50億歐元。這一成長主要得益於利率下降導致負債減少，但部分被退休金資產的負投資回報所抵銷。那麼，這對2022年及以後的前景意味著什麼？隨著價格上漲，我們現在預計2022年的基本銷售成長將高於先前預期的4.5%至6.5%區間的上限。而價格上漲將推動這一成長，銷售也將面臨一定壓力。

We will navigate the inflationary pressure while investing for growth to support the long-term health of our brands. We will continue to invest competitively in advertising, in R&D and in capital expenditure. And we will embed our new operating model without losing the improved momentum we have built, maintaining our cost discipline and delivering the leaner and simpler organization we have designed. We expect underlying operating margin for the full year 2022 to be 16%, within our guided range of between 16% and 17%. We will continue to drive savings very hard and take actions across all lines of the P&L. And if exchange rates continue around the same levels for the full year, then we expect overall euro earnings to be largely unchanged.

我們將應對通膨壓力，同時增加成長投資，以保障旗下品牌的長期健康發展。我們將繼續在廣告、研發和資本支出方面保持競爭力。我們將鞏固已建立的成長勢頭，並在此基礎上推行新的營運模式，同時嚴格控製成本，打造我們精心設計的精簡高效的組織架構。我們預計2022年全年基本營業利益率為16%，符合先前16%至17%的預期目標。我們將繼續大力節約成本，並在損益表的各環節採取相應措施。如果全年匯率維持在目前水準附近，我們預計以歐元計價的整體收益將基本保持不變。

Looking beyond 2022, we expect to improve margin in '23 and '24 through pricing, mix, volume leverage, and savings delivery, and as market conditions normalize. And as I said before, we will not be setting a margin target. That concludes our prepared remarks. And with that, let me hand you back to Richard for Q&A.

展望2022年後，我們預計在2023年和2024年，透過價格、產品組合、銷售槓桿和成本節約措施，以及隨著市場環境的正常化，利潤率將會提高。正如我之前所說，我們不會設定利潤率目標。以上就是我們準備好的發言。接下來，我將把發言權交給理查德，由他來回答問題。

Thank you, Graeme. (Operator Instructions) Our first question is from David Hayes at SocGen.

謝謝你，格雷姆。 （操作說明）我們的第一個問題來自法國興業銀行的大衛·海耶斯。

Two questions from me. Firstly, just on LatAm pricing. Obviously, a big contributor to the growth profile, 22%. If I look at CPI in Brazil and Mexico, they're kind of running 10%, 12% lower, so just trying to understand, a, where that pricing is coming from, any specific markets? And b, again, going back to your point earlier about market share, whether that's the market where you are seeing market share erosion because you're not getting followed as quickly as a market leader there?

我有兩個問題。首先是關於拉美地區的定價。顯然，拉丁美洲市場對整體成長貢獻巨大，達到了22%。但如果我看一下巴西和墨西哥的消費者物價指數（CPI），它們的定價大約低10%到12%。所以我想了解一下：a）拉丁美洲市場的定價策略是什麼？具體是哪些市場？ b）再次回到您之前提到的市場佔有率問題，您是否因為跟不上市場領導者的步伐而導致市場佔有率下滑？

And the second question is on the margin outlook for the second half and into next year. So in terms of the second half, 15% margin implied, I wonder if you can just talk through any dynamics on how much pricing is actually in place already for the second half, what percentage of pricing? And also you seem to have alluded to A&P spend maybe going up perhaps versus previous expectations. Is that a fair interpretation? And on that basis, could we see A&P spend being less of a contributor to the margin progression versus the 40 basis points in the first half.

第二個問題是關於下半年及明年利潤率的展望。就下半年而言，隱含利潤率為15%，我想請您談談目前下半年實際的定價策略，以及定價比例是多少？您似乎還暗示廣告和促銷支出可能會高於先前的預期。我的理解是否正確？基於此，廣告和促銷支出對利潤率成長的貢獻是否會低於上半年的40個基點？

Great. Thanks, David. I'll deal with your question on LatAm, and Graeme can pick up on margins. So yes, LatAm actually are our Ninja masters on landing pricing. It's something they've been doing for many years. They're extremely experienced at it. But you're right, this is the highest pricing that we've seen since 2017 in LatAm. It is driven by all categories. But it doesn't yet reflect the full pass-through of all cost increases. So at a total level in the company, we've only passed through so far just around 70% of cost increases.

太好了，謝謝David。我會處理你關於拉丁美洲的問題，Graeme可以負責利潤率方面。沒錯，拉丁美洲團隊在定價方面確實是行家，他們在這方面已經做了很多年，經驗非常豐富。但你說得對，這是自2017年以來我們在拉丁美洲看到的最高價格。價格上漲是由所有品類共同決定的，但目前還沒有完全反映出所有成本上漲的影響。因此，就公司整體而言，我們目前只轉嫁了約70%的成本上漲。

And for the MAT, let me just give you one level more detail than we normally share, which is the percent business winning in Latin America is at 67%. So we have managed to land very high levels of pricing driven by the double whammy of ForEx depreciation and commodity increases, and at the same time, hold high levels of market share as measured by business winning. So good job done so far by our team in Latin America. And there's not huge differences across the different markets within LatAm. They're all heading in a similar direction. Graeme, margins?

關於MAT，我再補充一點細節，那就是我們在拉丁美洲的業務成功率達到了67%。這得益於外匯貶值和商品價格上漲的雙重利好，我們成功地實現了非常高的定價，同時，以業務成功率衡量，我們也保持了很高的市場份額。所以，我們拉丁美洲團隊目前的工作非常出色。而且，拉丁美洲各市場之間的差異並不大，它們的發展方向基本上一致。格雷姆，那利潤率呢？

So yes, I mean, as we've said, our full year expectation of margin is still at 16%. The first half is at 17%. So we do expect the second half margin to be below 16%. Frankly, it's always been the case over the last 5 years that our second half margin is below our first half margin. That's principally due to sales mix and phasing between the 2 halves, but that's consistently been the case.

是的，正如我們之前所說，我們全年的利潤率預期仍然是16%。上半年的利潤率為17%。因此，我們預計下半年的利潤率會低於16%。坦白說，過去五年，我們的下半年利潤率一直低於上半年。這主要是由於銷售組合和上下半年的銷售週期差異造成的，但這種情況一直如此。

And of course, as I said, we're still expecting EUR 2.6 billion of inflation in the second half. 80% of that is now covered. So it's a fairly certain number. And that compares to a figure of, I think it was EUR 2 billion in the second half of last year. Just on one other data point on that. In terms of total cost inflation, that's net materials inflation plus logistics inflation and controlled cost inflation in our factories, we're around about 70% to 75% covered in terms of the pricing. So that, I think, is a good expression, David, of the lagging effect between the pricing that we're putting through and the cost that we're seeing. So that will be the principal driver of the lower margin in the second half.

當然，正如我所說，我們仍然預計下半年通膨率為26億歐元。目前已有80%的通膨成本受到控制，所以這個數字相當確定。相較之下，去年下半年的通膨率約為20億歐元。關於這一點，還有一點要說明。就總成本通膨而言，包括淨原物料通膨、物流通膨以及工廠可控成本通膨，我們的定價已經涵蓋了約70%到75%的成本。所以，大衛，我認為這很好地反映了我們定價與實際成本之間的滯後效應。這將是下半年利潤率下降的主要原因。

As we said, we're continuing to invest behind our brands. We think it's extremely important to do that in driving growth and keeping that brand equity high. The reason for being early and pricing proactively, as Alan said earlier, is to protect the shape of our P&L in order that we can invest back in our brands. And we did that in the first half with EUR 200 million of more BMI investment, A&P investment in constant rates, it was more than that in current rates, but I think constant rates is a better comparison for that.

正如我們所說，我們將繼續加大對旗下品牌的投入。我們認為，這對於推動成長和維持品牌價值至關重要。正如艾倫先前所說，我們之所以要儘早採取積極的定價策略，是為了保障損益表的穩健結構，以便能夠將資金重新投入品牌建設。上半年，我們確實追加了2億歐元的品牌推廣和廣告宣傳投資（以固定匯率計算），以當前匯率計算，投資額更高，但我認為以固定匯率計算更具參考價值。

And as far as the second half is concerned, we'll continue to invest more in brand and marketing investment. In terms of the basis points, it's hard to say because a lot depends on the pricing and what happens with the top line in terms of what the actual basis point movement will be. But you can expect that we'll continue to invest more behind our brands.

至於下半年，我們將持續加大品牌和行銷的投入。至於基點方面，很難預測，因為實際的基點變動很大程度上取決於定價策略和營收走勢。但可以肯定的是，我們將持續加大對旗下品牌的投入。

Thanks for the question, David. Next question, Warren Ackerman of Barclays.

謝謝你的提問，大衛。下一個問題，巴克萊銀行的沃倫·阿克曼。

Warren here at Barclays. I've got a couple as well. First one is, can we assume a bit more into competitiveness. I mean you said 58% of the portfolio was winning in Q1, and now 53% at Q2 on a 12-month MAT basis, so I guess that must mean below 50% in the second quarter. And you also said to David just now, LatAm was 67%. So I was scratching my head a little bit to try and work out which areas, geographies, categories where there has been a competitiveness step back in Q2, which areas are in the 40s? I imagine it's Europe, but could you maybe sort of comment specifically on that?

我是巴克萊銀行的沃倫。我也有幾個問題。第一個問題是，我們能否更深入探討競爭力？您提到第一季投資組合中有 58% 的股票表現良好，而第二季以過去 12 個月的業績計算，這一比例降至 53%，所以我猜這意味著第二季的獲利比例低於 50%。您剛才也跟大衛說，拉丁美洲的獲利比例為 67%。所以我一直在琢磨，究竟哪些地區、哪些類別在第二季出現了競爭力下滑？哪些地區的獲利比例低於 40%？我猜是歐洲，您能否具體談談這方面的情況？

And then the second one is just around your volume outlook in H2, in light of, I guess, the Walmart warning yesterday overnight talking about now quite aggressive trade down. And more generally, which categories, geographies are you starting to see that trade down, if you could elaborate a bit? If I can just squeeze in a housekeeping on out-of-home ice cream. I don't know if you can just tell us what the number was on USG for the quarter?

第二個問題是關於您對下半年銷售的展望，考慮到沃爾瑪昨晚發布的警告，他們正在大力推動降價促銷活動。更廣泛地說，您認為哪些品類和地區開始出現降價促銷？能否詳細說明一下？另外，能否順便提一下外帶冰淇淋的狀況？可否告知我們上季度美國市場（USG）的銷售數據？

Okay. Let me talk about competitiveness. We do have a point of view on how to reconcile our strong U.S. performance with the Walmart announcement last night. And Graeme can share that with you. Graeme can also decide if we want to lift the carpet on the out-of-home ice cream.

好的。讓我談談競爭力。對於如何調和我們在美國市場的強勁表現與沃爾瑪昨晚的聲明之間的關係，我們確實有自己的看法。格雷姆可以跟大家分享一下。格雷姆也可以決定我們是否要取消戶外冰淇淋銷售的限制。

So on competitiveness, Warren, you know we're going to hold the line on talking about MAT. Business winning for us is a very harsh and strict measure, which is we only count when we are gaining market share. Flat shares for us does not count as winning. You'll know from our engagements last year that you cannot aggregate quarterly business winning to get to the full picture on moving annual total.

華倫，關於競爭力，你知道我們不會輕易談論MAT（總資產價值）。對我們來說，贏得業務是一個非常嚴格且嚴苛的衡量標準，也就是說，只有市佔率成長才算數。市佔率持平對我們來說不算贏得業務。你從我們去年的交流中應該知道，不能把季度業務成長數據加起來就得出年度整體業績的全貌。

We are pricing ahead of the market, and we're prepared to tolerate low single-digit volume declines and some compromise on competitiveness for a limited period of time in order to land that price. Some examples of where we are gaining, actually, it's across the world and it's cell-by-cell. So places like U.K. body cleansing, also China hand and body, Mexico body cleansing, we're winning share. Some of the places where we have to keep a close eye, for example, in the U.S., to your last question there, the mass ice cream business in the U.S., we've conceded share there. It's a particularly unprofitable part of our portfolio.

我們的定價策略領先市場，為了實現這個價格目標，我們願意承受個位數的銷售下滑，並在有限的時間內犧牲一些競爭力。事實上，我們正​​在全球逐步擴大市場份額。例如，在英國的身體清潔產品市場，以及中國的手部和身體護理產品市場、墨西哥的身體清潔產品市場，我們都在贏得市場份額。當然，我們也需要密切關註一些市場，例如您剛才提到的美國大眾冰淇淋市場，我們已經失去了部分市場份額。這部分業務是我們投資組合中獲利能力較差的部分。

And there are a number of cells across Europe where we've moved ahead on price and are watching carefully to make sure that we don't have sustained losses of shares. A lot in foods actually, Foods Europe. We've had a few cells where we've gone from winning to losing share. As you see, it's dropped from 58% on an MAT basis to 53%. We want to keep it above 50%, but our priority actually is the ability to continue to invest in our brands. And I think you can see that reflected in the numbers that we've posted today. Graeme?

在歐洲，我們有很多業務部門在價格方面取得了進展，並且正在密切關注，以確保不會出現持續的市場份額下滑。尤其是在食品領域，例如歐洲食品展（Foods Europe）。我們有一些業務板塊的市場份額從領先轉為下降。正如您所看到的，以滾動平均值計算，市場佔有率已從58%下降到53%。我們希望將市場份額保持在50%以上，但我們的首要任務是確保能夠繼續投資於我們的品牌。我認為您已經從我們今天公佈的數據中看到了這一點。格雷姆？

I'll pick up the Walmart point. First of all, you saw, of course, the release that we put out last night. A couple of things I think just contextually around that. As I read the comments, I think a lot of it was around the sort of durables, I'm probably using the wrong words here, but this is the durables part of the...

我來說說沃爾瑪那部分。首先，你們當然都看到了我們昨晚發布的公告。我想就此談幾點。我看了評論，感覺很多都圍繞著耐用品展開，我可能用詞不太準確，但這裡說的耐用品是指…

General merchandise and apparel.

一般商品和服裝。

General merchandise and apparel, there you go. So durables and I guess that's clothing, and less around what they describe as consumables, which is the part of Walmart's business that we represent. I think there's probably some currency impact on the earnings outlook, of course, as a U.S. dollar reporter.

一般商品和服裝，就是這樣。耐用品，我想也包括服裝，而他們所說的消耗品就沒那麼重要了，而消耗品正是我們代表的沃爾瑪業務部分。當然，身為美元分析師，我認為匯率波動可能會對獲利前景產生一定影響。

And just generally around what we're seeing in terms of U.S. retail, and this would include, I suppose, Walmart as well, but we are seeing, I think Alan mentioned it earlier, a shift from online channels to offline channels. But with a lot of the sort of pre-shopping, if you like, being done in digital, research being done in digital, with the customer then visiting the store, I think one of the drivers of that we believe is that consumers, when they're seeking value, believe that a store visit will expose that value more actively to them and they have a more engaged and active shopping decision. And I think overall footfall in-store in the U.S. is up. So that's really the picture that we're seeing there, Warren.

總的來說，就我們目前在美國零售業的觀察而言，這其中也包括沃爾瑪，正如艾倫之前提到的，我們看到的是從線上管道向線下管道的轉變。很多購物前的準備工作，例如線上研究，都是在線上完成的，顧客最終才會到店。我們認為，這種轉變的驅動因素之一是，消費者在追求價值時，相信到店購物能更直接感受到價值，從而做出更積極主動的購買決策。我認為，美國實體店的整體客流量正在上升。沃倫，這就是我們目前看到的景象。

Now in terms of volumes, let me just talk at a general sort of category level. Our volumes are down most in Home Care, because that's where we've taken most of the pricing. So you see the elasticity impact there. It's more muted in BPC. In BPC, of course, we get the benefit from Prestige Beauty and Health & Wellbeing, and it's more muted in Foods & Refreshment, where we get the benefit from the strong out-of-home ice cream, which I'll come on to in a second. And our Food Service business, which I've said is now recovered back to levels above the levels of prepandemic in 2019.

現在來談談銷量方面，我先從大致的品類層面談談。我們的銷售降幅最大的是居家護理類，因為我們大部分的定價都集中在這個類別上。所以你可以看到價格彈性在這裡受到的影響。個人護理用品類受到的影響則相對較小。當然，在個人護理用品類中，我們受益於高端美妝和健康養生類產品；而在食品飲料類中，我們受益於強勁的戶外冰淇淋銷售，這一點我稍後會詳細說明。至於我們的餐飲服務業務，正如我之前提到的，現在已經恢復到高於2019年疫情前水準的程度​​。

Just to go a little bit of geography for you, particular areas of strength from a volume perspective have been India, which have double-digit pricing and still maintain high single-digit volumes in a market where volume is in decline. Really, that reflects a big price coverage of our brand portfolio. North America, which had price growth of 9.4%, with volumes down only 0.5%, and that is despite some service challenges in BPC and ice cream, which we mentioned earlier. And it benefits, of course, from the high growth of our Prestige business and our Health & Wellbeing business, which has got a big North American footprint.

簡單介紹一下地理分佈。從銷售角度來看，印度市場表現特別強勁。儘管印度市場整體銷售下滑，但我們仍保持著兩位數以上的定價策略，銷售量也維持在個位數的高點。這充分體現了我們品牌組合的高定價覆蓋率。北美市場價格成長了9.4%，銷量僅下降了0.5%。這要歸功於我們之前提到的個人護理產品和冰淇淋業務在服務方面遇到的一些挑戰。當然，北美市場也受惠於我們高端產品業務和健康養生業務的快速成長，這兩個業務在北美市場都佔據了相當大的份額。

In Latin America, well, Alan just covered a lot of it actually through the competitiveness discussion, but pricing was 21.7%, volumes down 4%, that's less volume impact than we saw in the first quarter despite higher pricing. And again, that reflects a very well-positioned portfolio of brands that covers all price tiers, capturing trading up and trading down, because in both India and in Latin America one of the trends we're seeing is a trade-up in addition to a trade down for value. And of course, we've built a very significant presence in the key value channel in Latin America, which is cash and carry. And then China, we spoke a bit about it on the call, but volumes were down by 10.5%, but that was largely related to the lockdowns, et cetera.

在拉丁美洲，艾倫剛才在討論競爭力時已經涵蓋了很多內容，價格下降了21.7%，銷量下降了4%，儘管價格上漲，但銷量受到的影響比第一季要小。這再次體現了我們品牌組合的良好定位，涵蓋了所有價格層級，既滿足了消費者的升級需求，也滿足了降價需求。因為在印度和拉丁美洲，我們都觀察到一個趨勢，那就是除了追求性價比的降價消費之外，消費者也在追求更高的性價比。當然，我們在拉丁美洲的關鍵價值管道——現貨批發——也建立了非常強大的市場份額。至於中國市場，我們在電話會議上也略有提及，銷量下降了10.5%，但這主要是因為疫情封鎖等因素造成的。

And finally then, if I just come on to ice cream trends for you. So just a reminder, our out-of-home ice cream business is about 40% of our total ice cream business. So it's 60% in-home, 40% out-of-home. In the first half, the in-home business was pretty flat, to be honest. And that's pretty good against the high base, because as you remember, in-home ice cream got a very significant boost during the pandemic when the out-of-home ice cream channel was largely closed. But then out-of-home ice cream is the big contributor. It grew at just over 20% in the first half.

最後，我想跟大家分享一下冰淇淋的銷售趨勢。提醒一下，我們的外送冰淇淋業務約佔冰淇淋總業務的40%。也就是說，60%是家庭消費，40%是外送。坦白說，上半年家庭消費業務基本上持平。考慮到基數較高，這已經相當不錯了，因為大家應該記得，疫情期間外送管道基本上關閉，家庭冰淇淋業務反而獲得了顯著增長。但外帶冰淇淋才是主要貢獻者。上半年，外送冰淇淋業務成長了20%以上。

Thanks, Graeme. So straight to your next question, which is Bruno Monteyne at Bernstein.

謝謝格雷姆。那麼直接回答你的下一個問題，也就是伯恩斯坦公司的布魯諾·蒙泰恩。

Things seem to be better than it were a few months ago based on everything you've said. I mean your net material inflation for the full year has come down by EUR 200 million despite a lot of these costs already being locked in a few months ago. So the underlying improvement is probably better. You've increased your sales guidance, your elasticities are better than you expected. So all of that is incrementally good news in a very short period of time. But at the same time, your margin guidance doesn't change. I'm not reading that correctly that any upside you would have in the P&L, you're basically reinvesting in faster growth. Would that be a correct interpretation?

根據你所說的，情況似乎比幾個月前好多了。我的意思是，儘管很多成本幾個月前就已經鎖定，但你全年的淨材料通膨率還是下降了2億歐元。所以，潛在的改善可能會更好。你提高了銷售預期，彈性係數也比預期的還要好。所有這些都是在很短時間內取得的利好消息。但同時，你的利潤率預期卻沒有改變。我的理解是，你把損益表上的任何成長都重新投資於更快的成長，對嗎？我的理解正確嗎？

Thanks, Bruno. The short answer is yes. Things are looking better, but it isn't a fast -- we've been working for years now to step up our execution muscle to shift the portfolio into higher growth categories, to make sure we're winning in the important geographies. And the cost environment still means that the second half is going to be peak inflation heavier than the first half.

謝謝，布魯諾。簡而言之，是的。情況正在好轉，但進展並不迅速——多年來，我們一直在努力提升執行力，將投資組合轉向更高成長的類別，以確保我們在重要地區取得成功。而且，成本環境仍然意味著下半年的通膨高峰將比上半年更加嚴重。

We are deliberately avoiding a margin target. We're stepping away from any margin target as a signal that our priority is compounded steady top line, high-quality growth. And we want to preserve the ability should we need to step up our investment in our brands, then we want to preserve the ability to do that without any disappointment on the margin levels that we are anticipating. So that's a slightly longer answer, but the short answer is yes, we're studiously avoiding a margin target to preserve the ability to invest more in our brands should we need to.

我們刻意避免設定利潤率目標。我們不設定任何利潤率目標，是為了表明我們的首要任務是實現營收穩定成長和高品質成長。我們希望保留在必要時加大對旗下品牌投資的能力，並確保利潤率不會低於預期。所以，這解釋得稍微詳細一些，但簡而言之，是的，我們刻意避免設定利潤率目標，是為了在必要時能夠加大對旗下品牌的投資。

Thanks for the short blunt question, Bruno. Next question is Pinar Ergun from Morgan Stanley.

謝謝你簡潔明了的問題，布魯諾。下一個問題是來自摩根士丹利的皮納爾·埃爾貢。

The first one is on volumes. You've noted that volume elasticities are performing in line with your expectations. Looking ahead, would you anticipate volumes to get weaker as consumers and retailers digest the higher prices? And do you have the tools to inform you if pricing ever goes too far?

第一個問題是關於銷售量。您提到銷售彈性符合預期。展望未來，隨著消費者和零售商逐漸消化更高的價格，您預期銷售量會下降嗎？您是否有工具來判斷價格是否過高？

Then the second one is a follow-up to Bruno's actually. The tone on '23, '24 margin outlook seems to have changed from recovering the margins to improving them. Could you talk a little bit about the reasons behind that? Is that because you're looking to reinvest any benefits you might see from commodities pulling back? Or are you expecting a more challenging operating environment? And look, I appreciate you just said you're not setting margin targets here, but do you have an idea of when we should see margins recover back to pre-COVID levels?

第二個問題其實是對布魯諾問題的後續。關於2023年和2024年的利潤率展望，語氣似乎已從恢復利潤率轉變為提高利潤率。您能否談談背後的原因？是因為您希望將大宗商品價格回落帶來的收益再投資嗎？還是您預計經營環境將更具挑戰性？另外，我知道您剛才說過不會設定利潤率目標，但您認為利潤率何時才能恢復到新冠疫情前的水平？

Pinar, I think we can give very straightforward answers to your questions. I anticipate that second half volumes will be down by more than first half volumes as the full impact of pricing lands. But I can also assure you that we are watching pricing category by category, brand by brand, country by country. And in fact, we have already reversed a couple of prices in sales where we feel that competition are not following or we've moved too far.

皮納爾，我想我們可以很直接地回答你的問題。我預計下半年的銷售降幅會大於上半年，因為價格調整的全面影響將會顯現。但我也可以向你保證，我們正在逐一品類、逐個品牌、逐個國家地密切關注價格走勢。事實上，我們已經調整了一些產品的價格，因為我們認為競爭對手沒有跟進，或者我們之前的降價幅度過大了。

And actually, our new organization model is allowing us to do that with far greater speed, speed measured in a couple of days. And so it is a very dynamic equation that we're managing, looking across input costs, pricing competitiveness, and protecting the ability of our P&L to invest in our brands. So blunt answer is, prices will go up and down in the second half. And I do expect the volume impact to be slightly more substantial in the second half than in the first half. Graeme, margin outlook?

事實上，我們新的組織模式讓我們能夠以更快的速度完成這項工作，速度之快只需幾天。因此，我們正在應對一個非常動態的局面，需要兼顧投入成本、價格競爭力，並確保損益表能夠支持我們投資於自有品牌。所以直截了當地說，下半年價格會有波動。而且我預計下半年的銷售波動幅度會比上半年略大。格雷姆，利潤率前景如何？

Let me begin, as I always do on the subject, and that is that delivering faster and more consistent growth remains the #1 priority, and we're going to continue to invest in the health of our brands. We did deliberately change the language in the outlook statement this quarter just to make it really clear that we don't have a margin target for 2024. To be honest, our previous language was prompting a lot of questions. And I think I have used sometimes that we had a margin target, which, of course, we do not. So we think it's a better expression to say that we expect margin to improve in '23 and '24.

讓我像往常一樣，首先強調一點：實現更快、更穩定的成長仍然是我們的首要任務，我們將繼續投資於旗下品牌的健康發展。本季度，我們特意修改了展望聲明中的措辭，以明確表明我們沒有設定2024年的利潤率目標。坦白說，我們之前的措辭引發了很多疑問。而且，我之前也曾提到我們設定了利潤率目標，但實際上我們並沒有。因此，我們認為更準確的說法是：我們預計2023年和2024年的利潤率將會有所提升。

And we do expect that, that will come through pricing, mix and savings. And we remain committed to that profitable growth that's implied by that. But it's still very uncertain and volatile from a macroeconomic and a cost inflation perspective. But we do continue to expect, as we did when we first made the statement about '23 and '24, some normalization in cost inflation over '23 and '24. And as we've explained with the scenarios that look at the kind of mechanics of how that plays through in our P&L, that should mean that we're able to increase margins in those 2 years.

我們預計，這將透過定價、產品組合和成本節約來實現。我們仍然致力於實現由此帶來的獲利成長。但從宏觀經濟和成本通膨的角度來看，情況仍然非常不確定且波動較大。不過，正如我們最初對2023年和2024年做出預測時所預期的那樣，我們仍然預計2023年和2024年成本通膨將趨於正常化。正如我們在分析損益表運作機制的情景中所解釋的那樣，這意味著我們能夠在兩年內提高利潤率。

Next question to Jeff Stent, Exane BNP.

下一個問題請問Jeff Stent，Exane BNP。

If I recall correctly, there was approaching -- there was nearly 100 basis points of COVID costs in the margin, if we go back a couple of years, and you were pretty adamant at that time that those were going to bounce back. So I was just wondering if you could maybe update us on what's happened to these costs and what's happened to your benchmark expectation?

如果我沒記錯的話，幾年前，新冠疫情相關的成本幾乎佔了利潤率的100個基點，而當時你非常堅定地認為這些成本會反彈。所以我想問你，這些成本現在的狀況如何？你的基準預期又發生了怎樣的變化？

Yes, we can, Jeff. I think the -- let me just dig out the exact right numbers here for that. If I remember correctly, in the first half, we're seeing a favorable impact versus prior year of 30 basis points from COVID costs. But that still leaves us minus 60 basis points versus 2019. So I would say we're kind of 1/3 of the way back towards recovering the COVID costs.

是的，傑夫。我想——讓我找找確切的數字。如果我沒記錯的話，上半年，新冠疫情帶來的成本比去年同期增加了30個基點。但這仍然比2019年同期下降了60個基點。所以我覺得我們大概已經彌補了新冠疫情成本的三分之一了。

Interesting question, they do become a smaller area of focus for us in the context of these gigantic input costs increases that we're seeing. But the straight answer is that we've recovered about 30 of the 100 or so basis points, but we're still down 60 or so versus 2019.

這個問題很有意思。鑑於目前投入成本的大幅上漲，這些方面確實不再是我們關注的重點。但直接的答案是，我們已經收回了大約100個基點中的30個，但與2019年相比，我們仍然下降了大約60個基點。

Next question to Tom Sykes at DB.

下一個問題請問DB的Tom Sykes。

You mentioned that your peak cost inflation is obviously in H2. In terms of the prices and pricing discussions, have you basically put through everything at the moment that you need to cover the EUR 2.6 billion? Or do you need some more? And how the pricing discussions go when your own inflation is going up, but the spot prices are coming down?

您提到成本通膨高峰顯然出現在下半年。就價格和定價討論而言，您目前是否已經基本完成了所有必要的成本控制，足以覆蓋26億歐元的支出？還是還需要更多？當自身通膨上升而現貨價格下降時，定價討論又將如何進行？

And then just on the depreciation, I think the depreciation to sales was down by about 50 basis points. Is the full year depreciation just expected to be roughly 2x H1, please?

至於折舊方面，我認為折舊與銷售額之比下降了約50個基點。請問全年折舊預計約為上半年的兩倍嗎？

Right. I'll try and explain in one level more detail the cost outlook. And Graeme, you can address the depreciation point. So just to remind, Tom, on the cost inputs, we've locked in about 80% of our costs for the second half. And those lock-ins did not happen at peak commodity pricing. So for instance, some of the categories or segments where we've seen softening of commodity prices, they've softened back towards the level that we've locked in.

好的。我再詳細解釋一下成本前景。格雷姆，你可以談談折舊方面。湯姆，我再提醒一下，關於成本投入，我們已經鎖定了下半年大約 80% 的成本。而這些鎖定並非在商品價格高峰期進行的。例如，在某些商品價格有所回落的類別或細分市場，它們的價格已經回落到我們鎖定的水平附近。

That being said, you'll have seen very clearly in the chart that we're still expecting EUR 2.6 billion in the second half. That's a record high that we still have to cover. We would expect pricing in the second half to carry on in a similar territory to where we are right now, and that does mean that we'll have to land some further sequential price increases in the second half to maintain that level of pricing versus a year ago. And so the short answer, have we put through all the pricing yet? No. And have we seen all the costs flow through so far? No. I think on that, I'll let Graeme talk a bit more about depreciation.

也就是說，正如您在圖表中清楚看到的，我們仍然預計下半年營收將達到26億歐元。這是一個歷史新高，我們仍需努力彌補。我們預計下半年的定價將與目前的水平保持相似，這意味著我們需要在下半年進一步漲價，以維持與去年同期相比的價格水準。所以簡而言之，我們是否已經完成了所有定價工作？還沒有。我們是否已經看到所有成本都已計入？也沒有。關於這一點，我想讓格雷姆再詳細談談折舊問題。

I think in terms of the application of the depreciation rates of this year, you can probably just double the number for the first half. A couple of comments on it, though, if I can just expand it out a little bit. A couple of things we've had. Most of our big investments in ERP are getting close to being fully amortized or depreciated now.

我認為就今年的折舊率而言，上半年的數字大概可以翻倍。不過，我還有幾點補充，希望能再詳細說。我們最近遇到一些問題。我們在ERP系統上的大部分大筆投資現在都快要攤銷完畢或折舊完畢了。

A word about overall CapEx. We've stepped up CapEx by a couple of hundred million in this half. That takes us to about 2.1% of sales, which is back to around the pre-COVID levels. That's been a long road back because we had to slow down some of our capital investment projects because of the impacts of the pandemic. And you might have heard me mention in the prepared remarks that we've got quite a fulsome program coming up, including the investment in a complete, very extensive network reset of our supply chain in India. So India is making a lot of investment. We've got a very extensive plan, which will operate over the next couple of years in our business in the U.S. Again, it's a network reset. It's quite exciting piece of investment that will change the business quite significantly there. And we're also investing in capacity expansion upgrades in China. So it's really across those 3 priority markets.

關於整體資本支出，我想說幾句。本半年，我們的資本支出增加了數億美元，達到銷售額的2.1%左右，基本上恢復到疫情前的水準。由於疫情的影響，我們不得不放緩一些資本投資項目，所以要恢復到疫情前的水準並非易事。您可能已經聽我說過，在準備的演講稿中，我們即將推出一項相當全面的計劃，其中包括對印度供應鏈進行徹底、廣泛的網絡重塑。因此，我們在印度投入了大量資金。我們制定了一項非常全面的計劃，該計劃將在未來幾年內應用於我們在美國的業務。同樣，這也是一項網路重塑計劃。這是一項令人振奮的投資，將對我們在美國的業務產生重大影響。此外，我們也在中國投資擴建和升級產能。所以，我們的投資主要集中在這三個優先市場。

Now we think that the sort of long-term CapEx level, probably 2.7% is about right. And one reminder on that, because very often people do long-term comparisons of CapEx as a percent of turnover. Just a reminder, I have said this a few times, but contract manufacturing and our use of third parties is now used for about 20% of our volume, and that's roughly doubled over the course of the last 6 or 7 years.

現在我們認為，長期資本支出水準大概在2.7%左右比較適合。這裡要再次強調一下，因為很多人常常會用資本支出佔營業額的百分比來進行長期比較。我之前也說過幾次，現在我們大約20%的產量是透過合約製造和第三方合作完成的，而且這個比例在過去六、七年裡幾乎翻了一番。

And what that means is that the CapEx that sits on our third-party balance sheet, if you want to get a like-for-like long-term analysis of CapEx, you should probably add about 50 basis points on a percentage of turnover level when you look at those analyses. So sorry for using the opportunity to talk CapEx, Tom. But your question on depreciation is, yes.

這意味著，如果您想對第三方資產負債表上的資本支出進行長期的同類分析，那麼在查看這些分析時，您可能需要在營業額百分比的基礎上增加約 50 個基點。湯姆，很抱歉藉此機會談論資本支出。但關於折舊的問題，答案是肯定的。

That's great. Thanks, Tom. Let's go to the question from John Ennis at Goldman Sachs.

太好了。謝謝你，湯姆。接下來我們來看高盛的約翰恩尼斯提出的問題。

I guess apologies because they are on the same theme, again, of course. But I wanted to ask more explicitly about the retailer price negotiations, please. I guess we're seeing, anecdotally, a bit more pushback on pricing from the likes of Tesco with Kraft Heinz or Mars and Walmart and Target in the U.S. So from your perspective, have these become much more challenging now relative to maybe the start of the year? Or is it just the usual part of business from your perspective?

我知道這個問題又回到了同一個話題，所以還是想先道個歉。不過，我想更具體地問關於零售商價格談判的問題。我聽說，像樂購（Tesco）與卡夫亨氏（Kraft Heinz）、瑪氏（Mars）、沃爾瑪（Walmart）和塔吉特（Target）這樣的美國零售商在價格談判上似乎遇到了更多阻力。所以，從您的角度來看，與年初相比，現在的談判是否變得更加艱難？或者這只是您認為的正常商業運作的一部分？

And then my second question is on the inflation outlook into next year 2023. Obviously, a number of commodities have begun to unwind in recent months, and your NMI figure has slightly moderated versus the 1Q. And I do appreciate it's a very hard thing to have a strong view on it this time of the year given the volatility. But with your hedging policies and based on current spot prices, do you have an early steer on how NMI will look into the first half of next year or better still for the full year?

我的第二個問題是關於2023年通膨前景的展望。顯然，近幾個月來許多大宗商品價格開始回落，你們的NMI數據也較第一季略有緩和。我理解，鑑於目前的市場波動，在這個時期很難做出明確的預測。但是，根據你們的對沖策略和目前的現貨價格，你們能否初步預測明年上半年，甚至全年的NMI走勢？

Yes. John, the answer to your first question about retailer price negotiations is that we are being very constructive in fact-based discussions with our retail partners. It's a nonissue in 60% of our business in emerging markets where the focus has always been much more on growth than on cost.

是的，約翰，關於你提出的第一個問題，即與零售商的價格談判，我們的回答是，我們與零售合作夥伴的討論非常注重事實，而且非常具有建設性。在我們60%的新興市場業務中，價格談判根本不是問題，因為這些市場一直以來都更關注成長而非成本。

Our U.S. retail partners similarly have a strong growth mindset despite pushing back on price increases, but there's a rationality in the discussions at the moment where everyone recognizes the external environment. And in Europe, we've been through now the intense period of price negotiation. We think we've come out in a balanced position. And I would say of all the issues that we have to deal with, there will still be patches of disagreement with our retail partners. But overall, I think there's a sober and rational tone to the engagement. It's not a space that I'm losing much sleep on at the moment.

儘管我們的美國零售合作夥伴對漲價有所抵觸，但他們同樣擁有強烈的成長意識。目前，各方在討論中保持理性，充分認識到外部環境的影響。在歐洲，我們已經度過了激烈的物價談判期，目前我們認為雙方立場較為平衡。我認為，在我們需要處理的所有問題中，與零售合作夥伴之間仍會存在一些分歧。但總的來說，我認為雙方的溝通基調是冷靜理性的。目前，我對此並不感到擔憂。

Then as far as inflation in 2023 is concerned, I think anyone who's giving you too precise an outlook on 2023 commodities, any comments there need to be taken with a pinch of salt. We don't have a crystal ball. We're less than 10% forward covered for the first half of 2023. There will be a significant carryover inflation in the first half. That could be partially offset in the second half depending on future commodity price movements. But I must say we are more focused at the moment on pricing agility than locking in a view on what commodities are going to do into the future.

至於2023年的通膨，我認為任何對2023年大宗商品價格做出過於精確預測的人，他們的任何言論都應該謹慎對待。我們沒有水晶球。我們2023年上半年的遠期合約覆蓋率不到10%。上半年將會出現顯著的通膨延續效應。這或許會在下半年得到部分抵消，取決於未來大宗商品價格的走勢。但我必須說，目前我們更關注的是定價的彈性，而不是鎖定對未來大宗商品價格走勢的預測。

I think we probably have to make that the last question. Alan, do you want to make any final summary remarks.

我想我們或許應該把這個問題當作最後一個問題。艾倫，你還有什麼總結性發言嗎？

Yes, I would actually, Richard. So of course, as the theme of the questions on the call has reflected the signature contextual impact comes from the high inflation that the world is experiencing, and it's not over yet, we're likely to see sustained inflation and a period of slower macroeconomic growth, but Unilever's strategy is crystal clear. We know to be bold to price first to be able to protect our long-term P&L health and the ability to invest in our brands. How we apply that pricing strategy varies by category and by geography, but we are leveraging our long-standing experience of how to price in high inflationary environments, like David's question to open the call from Latin America, and it's working.

是的，理查德，我確實會這麼做。當然，正如電話會議提問的主題所反映的那樣，其主要背景影響來自全球正在經歷的高通膨，而且通膨尚未結束，我們可能會看到持續的通膨和一段宏觀經濟增長放緩的時期，但聯合利華的策略非常明確。我們知道，必須大膽定價，才能保障我們長期的損益健康，並有能力投資我們的品牌。我們如何運用這項定價策略因品類和地理而異，但我們正在利用我們在高通膨環境下定價的長期經驗，就像大衛在電話會議開始時從拉丁美洲提出的問題一樣，而且行之有效。

We're going to continue to stay focused on operational excellence and on reaping the benefits of our simpler organization. We've made the big moves to strengthen our execution ability and to reshape our portfolio. And our priority remains simple. It's focused on high-quality, consistent top line growth. And on that note, thanks, everybody, for joining us, and have a good morning.

我們將繼續專注於卓越運營，並充分利用精簡後的組織架構帶來的優勢。我們已採取重大舉措，增強執行能力並重塑產品組合。我們的首要任務依然不變，那就是專注於高品質、持續的營收成長。最後，感謝各位的參與，祝大家早安。

Thank you, Alan. Thank you, everybody, for listening, and we'll end the call there. Thank you.

謝謝你，艾倫。謝謝大家的聆聽，通話就到此結束。謝謝。

This now concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。您可以掛斷電話了。