聯合利華 (UL) 2023 Q2 法說會逐字稿

Hello, and welcome to Unilever's Half 1 2023 Results Webcast. (Operator Instructions)

您好，歡迎收看聯合利華2023年上半年業績網路直播。 （操作說明）

We would like now to hand over to Richard Williams, Unilever's Head of Investor Relations, to begin the presentation.

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，讓他開始演講。

Thank you. Good morning, and welcome to Unilever's half year results update. All of today's webcast is available live, transcribed on the screen. First, can I draw your attention to the disclaimer relating to forward-looking statements and non-GAAP measures.

謝謝。早安，歡迎收看聯合利華半年業績更新網路直播。現今的直播全程即時顯示，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。

Now to start today, our new CEO, Hein Schumacher, will share some initial impressions, and then he will hand over to Graeme to update you on our performance and to take you through the results. Graeme will also share the outlook. We will then leave time to take your questions.

今天，首先由我們的新任首席執行官海因·舒馬赫先生分享他的初步印象，之後他將把發言權交給格雷姆先生，格雷姆先生將向大家匯報我們的業績並介紹相關結果。格雷姆先生也將展望公司未來發展。最後，我們將留出時間回答大家的問題。

With that said, it's my pleasure to hand over to you, Hein.

那麼，我很高興把麥克風交給你，海因。

Thank you, Richard, and good morning, everyone, and thank you for joining us today. I'm Hein Schumacher. And by way of introduction, I thought I would share a little bit about myself and why I joined Unilever and some of my first impressions.

謝謝理查德，大家早安，謝謝各位今天收看我們的節目。我是海因·舒馬赫。首先，我想簡單介紹一下我自己，以及我加入聯合利華的原因和一些最初的印象。

I took up the position of CEO of Unilever 3 weeks ago, so it's still early days. Why Unilever? Well, look, firstly, it is a great industry, and I've spent my whole career in or around consumer goods and in roles that took me from Europe to North America, China and Southeast Asia. And I love the speed with which you see results, the intense competition in consumer goods, the importance of quality and innovation and the fact that everything needs to come together seamlessly to succeed. It all needs to tick and tie. And the inescapable truth that, in the end, obviously, the consumer has a final say.

我三週前才接任聯合利華執行長一職，所以現在還處於初期階段。為什麼選擇聯合利華？首先，這是一個非常棒的產業，我的整個職業生涯都與消費品產業息息相關，我的工作經驗也讓我有機會從歐洲到北美、中國和東南亞。我喜歡這個行業見效快、競爭激烈、對品質和創新要求極高，以及所有環節必須完美契合才能成功。一切都必須運作良好、環環相扣。當然，最終決定權在消費者手中，這是不爭的事實。

And across my career, I've accumulated a lot of experiences which are relevant to the significant opportunity we have had, and that is to step up our performance and realize the full potential of Unilever. And I am in no doubt that Unilever's strong fundamentals give us an excellent platform from which to do it. I believe we have a fantastic portfolio of brands. We have an unmatched geographic footprint and reach in emerging markets. We have talented people who are committed to delivering top class performance. And we are leaders in addressing the key sustainability issues, which are going to shape a large part of the industry's future.

在我的職業生涯中，我累積了許多與我們目前面臨的重大機會息息相關的經驗，那就是提升業績，充分發揮聯合利華的潛力。我堅信，聯合利華雄厚的基礎為我們實現這一目標提供了絕佳的平台。我們擁有卓越的品牌組合，在新興市場擁有無可比擬的地域覆蓋和影響力，我們擁有才華橫溢、致力於創造一流業績的員工，並且在應對將對行業未來產生深遠影響的關鍵可持續發展問題方面處於領先地位。

My first impressions and experiences since joining Unilever have only confirmed this. And in my first weeks, I visited our priority markets, the U.S., India and China. I've been in our R&D laboratories with our scientists. In fact, I spent quite a bit of time there. I've been in brand discussions with our marketers and looked at how our brands show up in key retail channels. And I've lifted a little on some of the opportunities and issues that we face in digital and sustainability. And while doing this, I've met a good cross-section of our key talent.

自加入聯合利華以來，我的第一印象和經歷都印證了這一點。在最初的幾周里，我走訪了我們的重點市場——美國、印度和中國。我與科學家一起參觀了我們的研發實驗室，事實上，我在那裡待了相當長的時間。我與行銷人員探討了品牌相關主題，並了解了我們的品牌在主要零售通路的呈現方式。我還深入了解了我們在數位化和永續發展方面面臨的一些機會和挑戰。在過程中，我結識了我們各領域的核心人才。

I've also seen how our new organization is taking shape. It is embracing agility and demanding accountability and bringing the category focus and expertise that's required in this industry. All in all, I've been impressed by a lot of what I've seen. But at the same time, it's clear that there is a real opportunity to step up our performance and competitiveness and drive significant value creation ahead. And there are some areas, which I already think warrant further focus and attention. Let me give you a flavor.

我也親眼見證了我們新組織的雛形。它注重敏捷性，強調責任擔當，並帶來了這個行業所需的品類專注度和專業知識。總而言之，我所看到的許多方面都給我留下了深刻的印象。但同時，我們也清楚看到，我們確實有機會提升業績和競爭力，並在未來創造更大的價值。而且，我認為有些領域值得我們進一步關注和重視。讓我舉個例子。

First, I would want to get much closer to the way that we resource our big brands and land innovations, which really move the needle with consumers and drive category value. We need to be sure that we are investing in these consistently, and that these are supported by a high-quality, focused and science-backed innovation pipeline, hence, the important in my induction -- importance of my induction of R&D.

首先，我希望更深入了解我們如何為其大品牌提供資源並推動創新，這些創新能夠真正打動消費者並提升品類價值。我們需要確保持續不斷地投資於這些創新，並由高品質、目標明確且以科學為基礎的創新管道提供支援。因此，研發在我此次入職訓練中佔據了非常重要的地位。

Secondly, I want to see more of our products performing better than the competition. Our brands should be winning superiority tests week in, week out. And when they are not, we should be taking decisive action. And as I said, in this industry, the consumer always has the final say. And that means it's paramount to invest behind holistic product quality.

其次，我希望看到我們的更多產品在性能上超越競爭對手。我們的品牌應該每週都能在性能測試中拔得頭籌。如果未能做到這一點，我們就必須採取果斷措施。正如我所說，在這個行業，消費者永遠擁有最終決定權。這意味著，對產品整體品質的投入至關重要。

Thirdly, it's critical that we finish the job of fully embedding our new organization. We have made great progress, but there is opportunity to push the principles of the new operating model further and strengthen, in particular, the performance culture, which is, in my experience, a hallmark of truly successful companies.

第三，至關重要的是，我們必須完成新組織架構的全面整合。我們已經取得了巨大進展，但仍有機會進一步推動新營運模式的各項原則，尤其要加強績效文化。依我之見，績效文化才是真正成功企業的標誌。

And fourthly, I'd like us to sharpen our focus on our sustainability agenda. And to be clear, I am highly supportive of Unilever's sustainability leadership. As the world faces mounting environmental and social challenges, this is an important differentiating strength for our business, and it will continue under my tenor. Nevertheless, it's important that we focus our efforts more on our big priorities, like reducing greenhouse gas emissions, our plastic packaging footprint and protecting and restoring nature. These are the most material to our business, and these are the areas where we can have the most positive and differentiating impact.

第四，我希望​​我們更加重視永續發展議程。需要明確的是，我非常支持聯合利華在永續發展方面的領導地位。在全球面臨日益嚴峻的環境和社會挑戰之際，這已成為我們業務的重要差異化優勢，在我任期內，這一優勢將繼續保持。然而，我們必須將更多精力集中在一些重大優先事項上，例如減少溫室氣體排放、降低塑膠包裝足跡以及保護和恢復自然環境。這些對我們的業務至關重要，也是我們能夠產生最大正面影響和差異化優勢的領域。

So to reiterate, this is only a flavor on what's on my mind and just after 3 weeks in the role, and I'm in the initial stages of really getting into the issues and connecting the dots. I will continue to listen and to learn, but I'm already clear that we need to move with pace as we set the plans that will help to unlock the potential of this business. And from here, I'm going to visit more of our key markets, listen to consumers, customers and other key stakeholders along the way. And I will work with my executive team and beyond, of course, to agree the actions required to raise our game. I will share a more complete set of observations and thoughts when we present our quarter 3 results in October. And in the meantime, the priority for the business is to execute our growth plans brilliantly and to build on the momentum of the recent quarters.

所以，再次重申，這只是我目前想法的冰山一角。我上任才三週，還處於深入了解問題、理清頭緒的初期階段。我會繼續傾聽和學習，但我已經清楚地認識到，我們需要加快步伐，並制定能夠釋放公司潛力的計劃。接下來，我將造訪更多關鍵市場，並傾聽消費者、客戶和其他重要利害關係人的意見。當然，我也會與我的管理團隊以及其他相關人員合作，共同討論提升公司績效所需的行動方案。在10月份公佈第三季業績時，我會分享更全面的觀察和想法。同時，公司的首要任務是出色地執行成長計劃，並鞏固近幾個季度的成長勢頭。

And with that, let me hand over to Graeme, who will take you through the first half year results.

接下來，我將把麥克風交給格雷姆，他將為大家介紹上半年的表現。

Thanks, Hein. Good morning, everybody.

謝謝海因。大家早安。

Unilever's progress in the first half of 2023 builds on the growth we delivered in 2022 and reflects stronger investment behind our brands and in building new capabilities. It also reflects the impact of the portfolio shift that we've made over recent years to position the company in faster-growing segments. We've seen growth across all business groups, driven by price with volume continuing to hold up well. The growth was driven by the billion-plus Euro brands with increased brand investment funded by an improvement in gross margin, which, although still below the levels of a few years ago, now starts to reflect our disciplined approach to pricing and savings delivery. As we pass the first anniversary of the new organization, we're seeing the benefits in terms of sharper strategies and choices and we will continue to improve and refine the organization, as Hein has just mentioned.

聯合利華2023年上半年的業績成長建立在2022年成長的基礎上，體現了我們對旗下品牌和新能力建設的加大投入。這也反映了近年來我們為將公司定位在成長更快的細分市場而進行的投資組合調整所帶來的影響。所有業務集團均實現了成長，這主要得益於價格因素，銷量也保持良好勢頭。成長主要來自年銷售額超過10億歐元的品牌，品牌投資的增加得益於毛利率的提升。儘管毛利率仍低於幾年前的水平，但已開始反映出我們在定價和成本節約方面採取的嚴謹策略。在新組織架構成立一週年之際，我們看到了其在更精準的策略和決策方面帶來的益處，正如海因剛才所提到的，我們將繼續改進和完善組織架構。

We delivered Q2 underlying sales growth of 7.9%, driven by 8.2% price with volumes down 0.3%. This resulted in first half growth of 9.1% with price up 9.4% and volumes down 0.2%. As we expected, price growth is moderating as the year goes on, although the business groups are at different stages of the inflationary cycle as we will see shortly. The results reflect a good job in continuing to manage inflation with responsible pricing, a good trajectory on volume and cost coverage starting to show in the build back of our gross margin. The black mark is on our headline percent business winning measure.

第二季度，我們實現了7.9%的基礎銷售額成長，其中價格上漲8.2%，銷量下降0.3%。這使得上半年整體銷售額成長達到9.1%，價格上漲9.4%，銷售量下降0.2%。正如我們預期，隨著時間的推移，價格漲幅正在放緩，儘管各業務部門所處的通膨週期階段各不相同，這一點我們稍後會詳細說明。業績反映出我們在透過合理的定價策略有效控制通膨方面做得不錯，銷售成長勢頭良好，成本覆蓋率也開始在毛利率的回升中得到體現。不足之處在於我們整體業務獲利百分比指標有所下降。

Overall, the volume performance was good and reflected continued improvement from the first quarter, which, as we said in our last call, had the benefit of some volume tailwinds in Personal Care. We saw a good balance of price and volume in Beauty & Wellbeing and in Personal Care, which are exiting the inflation phase. In contrast, Nutrition and Ice Cream remain at an earlier stage in the inflationary cycle due to their ingredient profiles and have a greater footprint in Europe, where it is harder to increase price to cover cost inflation. And from a geography perspective, this resulted in all regions reporting volume growth this period, with the exception of Europe.

總體而言，銷量表現良好，延續了第一季的良好勢頭。正如我們在上次電話會議中所述，第一季受惠於個人護理品類銷售成長的推動。美容保健和個人護理類別的價格與銷售量達到了良好的平衡，這兩個品類正逐步走出通膨階段。相較之下，營養品和冰淇淋品類由於其成分特性，仍處於通膨週期的早期階段，且在歐洲市場佔有較大份額，因此難以透過提價來抵銷成本上漲的影響。從地理分佈來看，除歐洲以外，所有地區在本季度均實現了銷售成長。

Now our business winning measure at the half year was still below 50% as we had signaled to you. But at 41%, it has dropped quite a bit over the past quarter, which is frankly disappointing. Our focus is on building this measure back up from here. Before unpacking the movement in the headline business winning measure further, I do want to remind you that there are many strategically important parts of our business, for example, Prestige Beauty, Health & Wellbeing, out-of-home Ice Cream and Food Solutions, where we are very confident that we are outperforming our markets. These businesses account for around 15% of our turnover and are not captured in our percent business winning measure.

正如我們先前向您指出的，我們上半年的業務成功率指標仍然低於50%。但目前已降至41%，較上一季大幅下降，坦白說，這令人失望。我們目前的重點是努力提升這項指標。在進一步分析主要業務成功率指標的變動之前，我想提醒您，我們業務中還有許多具有重要戰略意義的部分，例如高端美容、健康與保健、戶外冰淇淋和食品解決方案，我們非常有信心在這些領域都取得了優於市場平均水平的業績。這些業務約占我們營業額的15%，並未計入我們的業務成功率指標。

There's a lot of conscious choice driving the drop in business winning, but also some consumer shifts and pockets of competitive weakness that we are addressing, for example, in Indonesia. In unpacking it, let me focus on 3 blocks. The first is choices that the business groups have made to improve the structural health of their portfolios. Significant SKU rationalization programs have helped us to simplify the business and improve the health of each business group's portfolio. Across the business groups, we have taken out 17% of our SKUs in the last 12 months and 25% over the last 18 months. This is a very necessary action, but does have a short-term impact on our market share measure.

業務拓展失敗的原因有很多，其中既有員工的自主選擇，也包括一些消費者行為的轉變以及我們正在努力解決的市場競爭弱點，例如在印尼市場。為了更深入地分析，我將重點放在三個方面。首先是各業務部門為改善產品組合結構所做的選擇。我們實施了大規模的SKU精簡計劃，有助於簡化業務流程，並提升各業務部門產品組合的健康狀況。在過去12個月中，我們在各業務部門淘汰了17%的SKU，在過去18個月淘汰了25%。這是一項非常必要的舉措，但確實會對我們的市佔率指標產生短期影響。

The second block is pricing dynamics. We've continued to face cost of goods inflation, particularly in Nutrition and in Ice Cream, requiring further pricing, which has resulted in some short-term turnover losses. Whilst most price agreements have been reached, there are some ongoing negotiations in Europe that have resulted in pockets of loss turnover in a couple of markets. We've made good progress here, but there's a little more to do and we take the pain in the business winning measure.

第二個方面是定價動態。我們持續面臨商品成本上漲的局面，尤其是在營養品和冰淇淋領域，這需要我們進一步調整價格，導致短期營業額出現一些下滑。雖然大部分價格協議已經達成，但歐洲的一些談判仍在進行中，導致部分市場出現零星的營業額虧損。我們在這方面取得了顯著進展，但仍有一些工作要做，而為了贏得業務，我們必須承受這些陣痛。

And thirdly, we've seen some consumer shifts to parts of the market where Unilever is underrepresented. There is a trend of value as consumers look to balance the household budget. This can be seen in the growth of unbranded loose tea in India and the growth of very low-priced laundry brands in Brazil. These are very low profitability segments where we choose either not to play or to play very selectively. Therefore, we look to limit our losses while maintaining our investment levels so that we are well placed to capture the return to our brands as economies improve.

第三，我們觀察到消費者的一些消費趨勢轉向了聯合利華目前涵蓋不足的市場領域。隨著消費者尋求平衡家庭預算，性價比成為一種趨勢。這體現在印度散裝茶葉市場的成長以及巴西低價洗衣品牌的成長。這些細分市場的利潤率極低，我們選擇不是不涉足，就是只進行非常謹慎的篩選。因此，我們力求在維持投資水準的同時，盡可能減少損失，以便在經濟好轉時，能夠充分掌握品牌帶來的回報。

We've also seen growth of the premium segment in U.S. Personal Care categories, such as deodorants and skin cleansing. This is a price segment with an average index of between 140 and 200, where we are underrepresented today. This super premium opportunity shows the somewhat bipolar nature of the market just now, with both value and super premium segments growing at the same time. All that said, of course, 41% is not a good position. And so across the business, we're fully focused on building back from here.

我們也看到美國個人護理類別（例如除臭劑和潔膚產品）的高端市場有所成長。這一價格區間的平均指數在140到200之間，而我們目前在該領域的市佔率偏低。這種超高端市場的機會體現了當前市場的兩極化特徵，即價值型和超高端市場都在同時成長。當然，41%的市佔率並不理想。因此，我們正全力以赴，努力從目前的水平中恢復過來。

Turning to financial highlights. Underlying operating margin was 17.1%. That's an increase of 10 basis points versus the same period last year. The shape of the improvement was healthy, driven by gross margin with an increase in brand investment and reduced overheads as a percent of turnover. I'll give more details on this in a few minutes. Underlying earnings per share was up 3.9% versus last year and free cash flow remained strong at EUR 2.5 billion, up EUR 0.2 billion on the comparable period last year.

接下來是財務亮點。基本營業利益率為17.1%，較去年同期成長10個基點。這一成長動能良好，主要得益於毛利率的提升（品牌投資增加）以及營運成本佔營業額比例的下降。稍後我會詳細介紹。基本每股盈餘較去年同期成長3.9%，自由現金流維持強勁，達25億歐元，較去年同期成長2億歐元。

Let me now share some more details on that first half performance. Firstly, let me start with brands and innovation. Our 14 billion-plus Euro brands now make up over 55% of our turnover and delivered underlying sales growth ahead of the Unilever average at 10% in the quarter and 11% in the first half. We've made good progress against our strategic objective to move the portfolio into higher growth spaces. The Prestige Beauty and Health & Wellbeing brands delivered another quarter of double-digit organic growth. And we recently announced the acquisition of Yasso, which is a premium U.S. frozen Greek yogurt brand comprising a range of low-calorie, yet indulgent products. This acquisition is expected to close in the third quarter. And we also completed the disposal of the Suave brand in the U.S. in May.

現在讓我來詳細介紹一下上半年的業績。首先，我想談談品牌和創新。我們旗下價值超過140億歐元的品牌目前佔總營業額的55%以上，其基礎銷售成長高於聯合利華的平均水平，季度成長率為10%，上半年成長率為11%。我們在實現策略目標方面取得了顯著進展，即推動產品組合向更高成長領域轉型。高端美妝和健康養生品牌再次實現了兩位數的內生成長。此外，我們近期宣布收購美國高端冷凍希臘優格品牌Yasso，該品牌旗下擁有一系列低卡路里但口感極佳的產品。此次收購預計將於第三季完成。同時，我們也在5月完成了美國Suave品牌的出售。

Coming to our priority geographies. The U.S. reported 7.4% growth in the half. Price growth moderated in the second quarter, but volumes picked up with Prestige Beauty and Health & Wellbeing, both contributing strongly.

接下來談談我們的重點市場。美國上半年實現了7.4%的成長。第二季價格成長放緩，但銷量回升，其中高端美妝和健康養生類產品貢獻尤為顯著。

India grew by 9.1% with a good balance of price and volume. India growth remains competitive in a dynamic market. And whilst all business groups grew, we saw a particularly strong performance from Home Care in India.

印度市場成長9.1%，價格和銷售量均保持良好平衡。在充滿活力的市場中，印度市場的成長依然具有競爭力。雖然所有業務部門均實現成長，但印度家庭護理業務表現尤為強勁。

China growth picked up in the quarter as we expected. After the 1.8% reported in quarter 1, growth accelerated in the second quarter to land the half year at 7.9%, driven by volume with strong growth in Food Solutions and in out-of-home Ice Cream.

正如我們預期，中國市場本季增速加快。繼第一季1.8%的成長之後，第二季成長進一步提升，上半年成長率達7.9%，主要得益於銷售成長，尤其是食品解決方案和戶外冰淇淋業務的強勁成長。

Emerging markets as a group represented nearly 60% of our first half turnover and grew at 10.6%, led by price but with positive volume. I'll give a little more color on performance from some of the key markets in a moment.

新興市場整體占我們上半年營業額的近60%，成長10.6%，主要受物價上漲帶動，成交量也達到正成長。稍後我會更詳細地介紹一些重點市場的表現。

Digital Commerce continues to reshape our markets as consumers seek the distinct buying experiences offered by different channels. We saw 16% growth in digital commerce in the first half to now represent 16% of our turnover. The pace of change here is very fast, and adapting to emerging channels like short video and group buying with products that are optimized for that specific consumer channel remains a key focus for us.

隨著消費者尋求不同管道提供的獨特購物體驗，數位商務正持續重塑我們的市場格局。今年上半年，我們的數位商務業務成長了16%，目前已占公司營業額的16%。這一領域的變革日新月異，因此，我們始終將產品優化，以適應短視頻和團購等新興管道，並以此吸引消費者，這仍然是我們的工作重點。

Now the new organization has been in place for 1 year now, so this is a good moment to reflect briefly on the progress that we've made. We've spoken before about the benefits we've seen in terms of faster decisions, for example, on SKU rationalization, putting greater focus on our core brand propositions and responding to both opportunities and reacting to performance gaps. As the new structures and ways of working bed down, we see increasing evidence of sharp strategic choices and tradeoffs reflecting a more category-focused approach. More resources are flowing faster to strategic priorities, and we have greater domain expertise, giving us the platform for continuing to drive higher performance.

新組織架構已運作一年，現在正是回顧我們所取得的進展的好時機。我們之前曾談到，新架構帶來的許多好處，例如加快決策速度，優化產品線，更加專注於核心品牌主張，以及更快地把握機會並彌補業績差距。隨著新的組織架構和工作方式日益完善，我們看到越來越多的策略選擇和權衡取捨體現出更以品類為中心的策略。更多資源能夠更快流向策略重點領域，我們也擁有更豐富的專業知識，這為我們持續提升績效奠定了基礎。

We also see bigger and bolder investment decisions now that the old geography to category matrix structure has been removed. For example, Personal Care has entered into a sponsorship agreement with FIFA, starting with the Women's World Cup this year and running until 2027. This will enable our Personal Care brands to connect with a large and highly engaged audience, and it would have been very difficult for a global investment of this scale to be made under the complexity of the old organization. So we're continuing to refine and improve the organization, particularly to increase both the clarity of accountability and to place a higher proportion of our resource base directly into the hands of the 5 business groups.

隨著原有地域與類別矩陣結構的移除，我們看到了規模更大、更具魄力的投資決策。例如，個人護理業務已與國際足總達成贊助協議，從今年的女足世界盃開始，一直持續到2027年。這將使我們的個人護理品牌能夠與龐大且高度活躍的受眾群體建立聯繫。在原有複雜的組織架構下，如此規模的全球投資幾乎不可能實現。因此，我們正在不斷改進和改進組織架構，尤其致力於提高責任的清晰度，並將更多資源直接分配給五大業務集團。

Let me take a moment now to review innovation with some examples of our major programs. All of the business groups are focused on delivering superior products, which are differentiated, that grow their markets and that win with the customer and the consumer. Liquid IV in Beauty & Wellbeing has been growing strongly through increased distribution and awareness, with excellent performance in the recent Amazon Prime Day event. We've extended the Liquid IV range now, developing and launching 3 variants of sugar-free hydration multiplier with new proprietary technology, meeting the needs of consumers without compromising on flavor or on performance. Plans to roll out Liquid IV to more geographies are well defined and will start in the second half. Liquid IV has more than quadrupled its turnover since acquisition and is now 3x larger than the #2 hydration powder in the U.S. market.

現在，我想藉此機會回顧我們的創新舉措，並舉幾個主要項目為例進行說明。所有業務部門都致力於提供卓越且差異化的產品，以拓展市場並贏得客戶和消費者的青睞。 Liquid IV 在美容與健康領域透過擴大分銷管道和提升品牌知名度實現了強勁增長，並在最近的亞馬遜 Prime Day 活動中表現出色。我們現已擴展 Liquid IV 產品線，開發並推出了三款採用全新專利技術的無糖補水粉，在滿足消費者需求的同時，確保了產品的口感和功效。我們已製定完善的計劃，將 Liquid IV 推廣至更多地區，並將於下半年啟動。自收購以來，Liquid IV 的營業額成長了四倍多，目前是美國市場排名第二的補水粉品牌的三倍。

In Home Care, our top-performing fabric cleaning capsules in plastic-free packaging have now been launched in European markets, offering superior product performance, lower cost and more sustainable packaging. Axe has launched the Axe Fine Fragrance collection. This is long-lasting cologne-quality cent offered as a premium range of body sprays, deodorant sticks and body washes. Hellmann's continues to benefit from the Make Taste Not Waste campaign and has extended into the fast-growing intense flavor segment with Hellmann's Spicy. And in Ice Cream, this season's new variants of Magnum, Starchaser and Sunlover, are helping us premiumize and drive growth.

在居家護理領域，我們性能卓越的無塑膠包裝織物清潔膠囊現已在歐洲市場上市，該產品性能更佳、成本更低，且包裝更環保。 Axe推出了Axe Fine Fragrance系列，該系列產品持久留香，品質媲美古龍水，涵蓋高端身體噴霧、止汗膏和沐浴露。 Hellmann's持續受惠於「Make Taste Not Waste」活動，並以Hellmann's Spicy系列產品進軍快速成長的濃鬱口味市場。在冰淇淋領域，本季Magnum、Starchaser和Sunlover的新品上市，協助我們提升產品檔次，推動成長。

And last but not least, in this list of examples, Vaseline has extended the successful Gluta-Hya range into the anti-aging segment in Thailand. The full Gluta-Hya range is driving premiumization and accelerating growth in Southeast Asia, contributing to double-digit growth for the Vaseline brand globally.

最後，值得一提的是，在上述案例中，凡士林已將其成功的穀胱甘肽系列產品拓展至泰國的抗衰老領域。穀胱甘肽系列產品正推動東南亞地區的高端化進程，並加速成長，進而助力凡士林品牌在全球實現兩位數成長。

Underlying sales growth in the quarter was 7.9%, with price growth at 8.2% and volumes slightly down at minus 0.3%. This brings the half year to 9.1%, with price growth at 9.4% and volume minus 0.2%.

本季基礎銷售額成長7.9%，價格成長8.2%，銷量略降0.3%。上半年整體銷售額成長9.1%，價格成長9.4%，銷售量下降0.2%。

Now this chart provides a longer-term view of growth, showing the contribution of price and volume. And what we can see is that price is moderating as we start to lap increases taken last year and that volumes are recovering. But as expected, the volumes are not going in a straight line. All of the business groups contributed to first half growth, but with very different price and volume dynamics, as I mentioned earlier.

這張圖表從更長期的角度展現了成長情況，顯示了價格和銷售的貢獻。我們可以看到，隨著去年漲幅逐漸回落，價格成長正在放緩，銷售量也在復甦。但如預期，銷售並非呈直線成長。所有業務板塊都對上半年的成長做出了貢獻，但正如我之前提到的，它們的價格和銷售動態差異很大。

Let me now give you a little bit more detail on the performance of each business group. I'll start with Beauty & Wellbeing. Beauty & Wellbeing reported 8.8% growth in the quarter, with a good balance between 4.9% volume and 3.7% of price. Prestige Beauty and Health & Wellbeing both delivered double-digit growth, with Liquid IV, OLLY, Dermalogica, Paula's Choice, HourGlass and Living Proof all performing strongly. The Tatcha brand continues to grow rapidly in China. And Nutrafol, which we acquired a year ago, continues to perform very strongly. Nutrafol will be included in our underlying sales growth measure from the third quarter onwards. The 4 largest brands, Liquid IV, Nutrafol, Dermalogica and Paula's Choice, added around EUR 350 million to turnover in the first half, underlining the impact of shifting our portfolio into these higher-growth spaces.

現在讓我更詳細地介紹一下各業務板塊的業績。首先是美容與健康板塊。美容與健康部門本季成長8.8%，銷售成長4.9%，價格成長3.7%，兩者之間保持了良好的平衡。高端美容和健康與健康板塊均實現了兩位數的成長，其中Liquid IV、OLLY、Dermalogica、Paula's Choice、HourGlass和Living Proof等品牌表現強勁。 Tatcha品牌在中國市場持續保持快速成長。我們一年前收購的Nutrafol品牌也持續保持著非常強勁的業績。從第三季開始，Nutrafol的業績將納入我們的基礎銷售成長指標。 Liquid IV、Nutrafol、Dermalogica和Paula's Choice這四大品牌在上半年為公司貢獻了約3.5億歐元的營業額，凸顯了我們將業務組合轉向這些高成長領域的成效。

Sunsilk grew well in here, helped by the success of the core relaunch, while TRESemmé continued to benefit from the full range relaunch across shampoos, conditioners, styling and treatments, building on salon credentials and professional expertise. Core skin grew through Vaseline, where, as I said earlier, Gluta-Hya continued to perform well in Southeast Asia. And we saw another quarter of decline in the Carver brand in North Asia as we continue with the channel reset for this brand.

Sunsilk 在該地區發展良好，這得益於其核心產品線的重新上市取得成功；而 TRESemmé 則繼續受益於洗髮水、護髮素、造型產品和護理產品的全線重新上市，並鞏固了其沙龍級品質和專業技術。凡士林 (Vaseline) 的核心護膚產品線實現了成長，正如我之前提到的，穀胱甘肽 (Gluta-Hya) 在東南亞地區繼續保持良好表現。而隨著我們持續推進 Carver 品牌的通路調整，該品牌在北亞地區的銷售量又經歷了一個季度的下滑。

Turning now to Personal Care. Personal Care delivered 9% growth in the quarter with 5.4% price and 3.4% volume. The step-down from the first quarter reflected the anticipated easing in price growth, whilst volume growth was maintained. Deodorants delivered another quarter of strong growth, driven by Europe and the Americas. Rexona continues to benefit from our 72-hour nonstop protection technology, and Dove deodorant grew well on the back of a global relaunch. Both of these are very large and multiyear innovation programs.

接下來是個人護理業務。本季個人護理業務成長9%，其中價格成長5.4%，銷量成長3.4%。與第一季相比有所放緩，反映了預期中價格成長的放緩，而銷售成長則保持穩定。除臭劑產品再次強勁成長，主要得益於歐洲和美洲市場的強勁表現。 Rexona 繼續受益於我們72小時不間斷防護技術，而 Dove 除臭劑則在全球重新上市後實現了良好增長。這兩個項目都是規模龐大且歷時多年的創新項目。

Skin cleansing continued to perform well, and volumes improved as pricing moderated. The Lux brand delivered good growth on the back of the superior product relaunch, which offers clinically proven skin care benefits. Oral Care growth improved in the second quarter, driven by both Close-Up and Pepsodent, helped by premium innovations in Southeast Asia. Home Care growth was 6.7%, with price up 9% in the quarter and volumes minus 2.1%. Price growth eased in Home Care as we lap high prior year comparators. And volumes, whilst negative, are being closely managed and are recovering. Fabric Cleaning grew well, and we saw double-digit growth from the OMO brand helped by strong performance in South Asia, whilst Home & Hygiene made progress with a good performance from dish wash.

皮膚清潔產品表現持續良好，隨著價格趨於穩定，銷售量也有所提升。力士品牌憑藉其卓越的產品升級，實現了良好的成長，該產品具有經臨床驗證的護膚功效。口腔護理產品在第二季度成長有所改善，主要得益於高露潔和潔齒特兩大品牌的強勁表現，以及東南亞地區高端創新產品的推動。居家護理產品成長6.7%，其中價格上漲9%，銷售量下降2.1%。由於去年同期基數較高，居家護理產品的價格漲幅放緩。儘管銷量出現負成長，但我們正在密切控制並逐步恢復。織物清潔產品成長良好，奧妙品牌在南亞地區的強勁表現推動下實現了兩位數成長。同時，家居及衛生用品也取得了進展，其中洗潔精表現良好。

Nutrition grew 8.9% led by price at 11.8%, reflecting the need to respond to continued material commodity cost inflation. Volume was down 2.6%, which is a resilient performance given the higher pricing. Knorr grew well despite weak volumes in Europe, and overall brand performance was powered by continuing strong growth in Unilever Food Solutions, which benefited from a return to out-of-home eating in China.

營養品銷售成長8.9%，其中價格成長11.8%，主要得益於此，這反映了為因應持續的原材料成本上漲而採取的措施。銷量下降2.6%，但考慮到價格上漲，這一表現仍屬穩健。儘管歐洲銷售疲軟，家樂品牌依然實現了良好成長。整體品牌表現得益於聯合利華餐飲解決方案的持續強勁成長，而聯合利華餐飲解決方案又受惠於中國外食的復甦。

Dressings continued double-digit growth as the Hellmann's brand built upon its successful Super Bowl campaign in the U.S. Whilst in Brazil, Hellmann's is partnered now with the NBA. The Spicy Mayo innovation continues to drive growth for the Hellmann's brand.

在美國，Hellmann's 品牌憑藉其在超級盃活動中取得的成功，其調味品銷售量持續保持兩位數成長。而在巴西，Hellmann's 已與 NBA 達成合作。辣味蛋黃醬的創新也持續推動 Hellmann's 品牌的成長。

Finally, Ice Cream grew 5.6% with price up 12.1% and volumes down 5.8% as continued cost inflation remained a key factor in Ice Cream. Out-of-home Ice Cream grew double digit with positive volume growth as the channel continued to recover momentum after the pandemic. In-home Ice Cream growth was, however, low due to reduced consumption in response to pressure on household budgets and share gains from both lower-priced competitors, including private label. Emerging market growth was ahead of the business group average in Ice Cream despite the impact of poor weather and the disruption from the earthquakes in Turkey, which is a very large ice cream market for Unilever.

最後，冰淇淋整體成長5.6%，但價格上漲12.1%，銷售量下降5.8%，持續的成本上漲仍是影響冰淇淋銷售的關鍵因素。戶外冰淇淋實現了兩位數成長，銷量也實現了正成長，這得益於疫情後該通路持續復甦。然而，由於家庭預算壓力導致消費量下降，以及低價競爭對手（包括自有品牌）的市佔率成長，家庭冰淇淋的成長較為緩慢。儘管受到惡劣天氣和土耳其地震的影響（土耳其是聯合利華非常重要的冰淇淋市場），新興市場的成長仍然高於集團冰淇淋業務的平均水平。

Let me move now to give you a little bit of geographic detail. The Asia Pacific, Africa region delivered underlying sales growth of 8.3% in the quarter, comprising 6.5% price and 1.8% volume. The market in India continues to grow in value, and volumes are also now recovering, with rural volumes moderately positive over the last 3 months. We are seeing the return of smaller players in the Indian market and a tick up in media intensity, which are further signs of recovery. Hindustan Unilever delivered healthy growth in the quarter with a good balance between price and volume.

現在讓我來詳細介紹一下地理區域的情況。亞太及非洲地區本季實現了8.3%的基礎銷售額成長，其中價格成長6.5%，銷量成長1.8%。印度市場價值持續成長，銷售量也開始復甦，過去三個月農村地區的銷售量略有成長。我們看到印度市場中小型企業的回歸，以及媒體曝光度的提升，這些都是市場復甦的進一步跡象。印度聯合利華本季實現了穩健成長，價格和銷售量之間保持了良好的平衡。

The Southeast Asian markets continue to see stable economic growth and to navigate inflation relatively well. Vietnam is benefiting from inward investment and Thailand from the return of tourism. In general, we saw good performances from our businesses in Southeast Asia, with the exception of Indonesia which reported declines in price and volume in the quarter. Here, the work to return our Indonesian business to competitive performance continues with price points and promotional strategies reset and with stock and trade now back to the right levels, with some impact on the reported results of Indonesia in the short term.

東南亞市場持續保持穩定的經濟成長，並相對有效地應對了通膨。越南受惠於外來投資，泰國則受惠於旅遊業的復甦。整體而言，我們在東南亞的業務表現良好，但印尼市場除外，本季價格和銷售量均出現下滑。目前，我們正努力使印尼業務重回競爭行列，包括調整價格策略和促銷策略，並使庫存和交易恢復到合理水平，但短期內會對印尼的業績報告產生一定影響。

Year-to-date share trends in soy sauce, surface cleaning, oral care, skin cleansing and (inaudible) are showing improvement in Indonesia, and that should move into MAT share improvement as the year progresses. We have a strong innovation program planned for the second half, and we've been managing trade stocks very carefully so that new products get rapid distribution when we launch them.

今年迄今為止，醬油、表面清潔劑、口腔護理、皮膚清潔和（聽不清楚）等類別的市場份額在印尼呈現改善趨勢，隨著時間的推移，這些改善有望轉化為整體市場份額的提升。我們已為下半年制定了強有力的創新計劃，並一直謹慎管理庫存，以確保新產品上市後能夠迅速分銷。

The recovery in China is mixed, held back by weak consumer confidence and higher unemployment. This translates into mixed FMCG market growth rates. Home Care is back to good growth, Personal Care is in low growth and Beauty & Wellbeing is still in decline, showing the different stages of market recovery. We are seeing significant channel shift in China, particularly to short video commerce, away from both big format stores and what you could term as traditional e-commerce. Unilever performed well in this environment with double-digit growth driven by foodservice and Ice Cream, both benefiting from the return to out-of-home channels.

中國經濟復甦喜憂參半，消費者信心疲軟和失業率居高不下是主要限制因素。這導致快速消費品（FMCG）市場成長率也呈現分化。家居護理市場重回成長軌道，個人護理市場成長緩慢，而美容及健康市場仍處於下滑階段，這反映出市場復甦的不同階段。我們看到中國市場正在發生顯著的通路轉變，尤其是短視訊電商，消費者正逐漸從大型實體店和傳統電商通路轉向短視訊電商。在此背景下，聯合利華表現出色，在餐飲服務和冰淇淋業務的推動下實現了兩位數成長，這兩個業務都受益於消費者重返戶外消費管道。

In Turkey, new economic policies have been accompanied by currency weakness and the impact of 2 earthquakes continues to be felt. The increase in the minimum wage has helped protect consumers, and our markets are relatively healthy despite high inflation levels. Poor weather in Turkey in April and May led to a late start to the Ice Cream season. But nonetheless, we delivered strong growth, driven by price but with positive volume.

在土耳其，新的經濟政策伴隨著貨幣疲軟，兩次地震的影響仍在持續。最低工資的提高有助於保護消費者，儘管通膨水平較高，但我們的市場整體狀況相對健康。土耳其四、五月份的惡劣天氣導致冰淇淋銷售旺季開始較晚。儘管如此，我們依然實現了強勁成長，這主要得益於價格因素和銷售的雙贏。

African economies continue to suffer inflationary pressures, depreciating currencies and foreign exchange shortages. We're seeing the acceleration of value brands in Africa, channel switching, reduced purchasing of nonessentials and the growth of multi-use all around our products in Home Care. Unilever's Africa business navigated this volatility to deliver double-digit growth, driven by price.

非洲經濟持續面臨通膨壓力、貨幣貶值和外匯短缺。我們看到，在非洲，平價品牌正在加速發展，消費者轉向其他管道，非必需品的購買量減少，而多用途產品在我們家居護理產品領域則呈現成長趨勢。聯合利華非洲業務成功應對了這些波動，並在價格驅動下實現了兩位數的成長。

In Latin America, Brazil is emerging from the inflationary cycle relatively early with inflation under control, positive GDP growth, low unemployment and consumer confidence at its highest levels since 2019. Consumers remain under pressure, and we continue to see down-trading to value tiers and channel switching by savvy shoppers. Unilever delivered 14.3% growth in the quarter with 2.8% from volume. Price growth fell to 11.1% as we lap high price increases in the prior year.

在拉丁美洲，巴西較早擺脫了通膨週期，通膨得到控制，GDP維持正成長，失業率低，消費者信心達到2019年以來的最高水準。消費者仍面臨壓力，我們持續看到精明的消費者轉向更經濟實惠的消費品，並轉換購買管道。聯合利華本季實現了14.3%的成長，其中銷量成長2.8%。由於去年同期價格漲幅較大，價格漲幅降至11.1%。

In North America, the U.S. market continues to grow, whilst inflation eases. However, sentiment is dropping and consumers are starting to show signs of caution. Private label growth has picked up across the market, but particularly in Ice Cream and in Dressings. In this context, Unilever delivered 6.7% growth in the quarter, balanced between price and volume growth.

在北美，美國市場持續成長，通膨有所緩解。然而，市場情緒正在下降，消費者開始顯露出謹慎態度。自有品牌產品在整個市場中均有所成長，尤其是在冰淇淋和調味品領域。在此背景下，聯合利華本季實現了6.7%的成長，價格成長和銷售成長均保持平衡。

Europe remains very challenging, with high inflation putting consumers under real pressure to adapt their shopping habits. We've seen a broad-based increase in private label share, which is now above pre-pandemic levels, and continued growth of value brands and discounter channels. Shoppers are buying less with smaller basket sizes and are both down-trading and shopping less often in our major markets in Europe.

歐洲市場仍充滿挑戰，高通膨迫使消費者調整購物習慣。我們看到自有品牌市佔率全面成長，目前已超過疫情前水平，而平價品牌和折扣通路也持續成長。在歐洲主要市場，消費者減少了單次購買的商品數量和每次購物的金額，並且降低了購物頻率，同時減少了商品種類。

Inflation has been particularly high for food products, and this has led to further price increases in Nutrition and Ice Cream. Unilever grew 4.3% in the quarter, but this was driven all by price, which was up 15.5% and offset by a 9.7% reduction in volume. Now this reduction is not just price elasticity, but also reflects the impact of the SKU portfolio rationalization that I mentioned earlier that took place across the business groups and the impact of 1 or 2 pockets of extended price negotiation in Europe.

食品通膨尤其嚴重，導致營養品和冰淇淋價格進一步上漲。聯合利華本季成長4.3%，但這完全是由價格上漲推動的，價格上漲了15.5%，被銷量下降9.7%所抵銷。銷售下降不僅是價格彈性造成的，也反映了我之前提到的各業務集團產品組合優化以及歐洲部分地區價格談判的影響。

Turning to our turnover results. Turnover for the first half was EUR 30.4 billion, up 2.7% against last year. The underlying sales growth of 9.1% was offset by acquisitions and disposals, with this being the last period where the exit from T impacts the turnover numbers. Currency impact was a negative 3.2%, which comprises a negative impact of minus 5% from the euro strengthening against key currencies and 1.9% growth from hyperinflationary markets. Based on spot rates, we now expect an exchange rate effect of around minus 6% on full year turnover, excluding that hyperinflationary adjustment.

接下來來看看我們的營業額業績。上半年營業額為304億歐元，較去年同期成長2.7%。 9.1%的銷售額成長被收購和出售所抵消，這也是退出T公司對營業額產生影響的最後一個時期。匯率影響為負3.2%，其中包括歐元兌主要貨幣走強帶來的5%的負面影響，以及惡性通貨膨脹市場帶來的1.9%的成長。基於即期匯率，我們預計全年營業額將受到約6%的匯率影響（不計入惡性通貨膨脹調整）。

Underlying operating margin improved 10 basis points to 17.1% in the first half. Gross margin improved by 30 basis points, and brand and marketing investment was up EUR 0.4 billion in constant exchange rates, an increase of 30 basis points. The majority of this increased investment was in consumer-facing media. Overheads improved by 10 basis points, reflecting the top line leverage. We continue to invest in R&D, which was up EUR 30 million in constant exchange rates, and we see a drag on overheads as the percent of turnover from the higher overheads profile of Prestige Beauty, Health & Wellbeing and Food Solutions, which are all growing much faster than Unilever average.

上半年，基本營業利益率提升10個基點至17.1%。毛利率提升30個基點，品牌和行銷投入以固定匯率計算增加4億歐元，成長率達30個基點。新增投入主要集中在面向消費者的媒體管道。管理費用降低10個基點，反映了營收成長帶來的槓桿效應。我們持續加大研發投入，以固定匯率計算增加3,000萬歐元。由於高端美妝、健康與保健以及食品解決方案業務的管理費用佔營業額的比例較高，且這些業務的增長速度遠超聯合利華平均水平，因此管理費用將受到一定程度的拖累。

Let's go into a little bit more detail on the gross margin. This chart shows the movement in gross margin for the first half since 2019. Under the line, we show the directional impact of some key drivers. Gross margin has started to improve in the first half of 2023, driven by pricing starting to cover more of our input cost inflation, but particularly by mix improvement and portfolio changes. We saw cost of goods inflation very much in line with our expectations for the first half. Net material inflation finished up at EUR 1.6 billion, and increases in production and logistics costs reflected the impact of increased wages and energy costs.

讓我們更詳細地了解毛利率。這張圖表展示了自 2019 年以來上半年的毛利率走勢。圖表下方標示了幾個關鍵驅動因素的方向性影響。 2023 年上半年，毛利率開始改善，這主要得益於價格上漲開始更好地抵消投入成本的上漲，尤其是產品組合的最佳化和投資組合的調整。上半年的商品成本上漲基本上符合預期。淨原材料成本上漲最終達到 16 億歐元，生產和物流成本的增加反映了工資和能源成本上漲的影響。

The inflation in Nutrition and Ice Cream remained high, whereas Beauty & Wellbeing and Personal Care have seen a leveling off, with Home Care somewhere in between. For the second half, we continue to expect to see inflation at EUR 0.4 billion, with commodity prices down that gets offset by higher conversion costs in our suppliers and it leaves the net inflation almost all down to transactional foreign exchange. Overall price coverage has moved up to 88%, so we are still not completely recovering the impact of the cost of goods inflation.

營養品和冰淇淋的通膨率依然居高不下，而美容保健和個人護理用品的通膨率趨於平穩，家居護理用品的通膨率則介於兩者之間。我們預期下半年通膨率仍將達到4億歐元，大宗商品價格下跌將被供應商更高的轉換成本所抵消，因此淨通膨幾乎全部由交易性外匯變動造成。整體物價覆蓋率已提升至88%，因此我們仍未完全消除商品成本通膨的影響。

Net material inflation coverage is now covered above 100%. But as I just mentioned, if we factor in wage and energy costs, then we've not yet got to full cost coverage. The mix improvement, which was good, came from strategic action with regard to unprofitable business and SKU reduction. This is the most important driver, but we also saw some benefit from portfolio mix, with the impact of the exit from tea and the acquisition of Nutrafol both favorable to gross margin. The chart shows that we still have some way to go to repair gross margin to pre-COVID levels.

目前淨材料通膨覆蓋率已超過100%。但正如我剛才提到的，如果將工資和能源成本考慮在內，我們尚未實現完全成本覆蓋。產品組合的改善（這是一個正面的訊號）源自於針對虧損業務的策略性舉措和SKU的精簡。這是最重要的驅動因素，但我們也從產品組合優化中獲益，退出茶葉業務和收購Nutrafol均對毛利率產生了正面影響。圖表顯示，我們距離將毛利率恢復到新冠疫情前的水平還有一段路要走。

Underlying earnings per share was up 3.9% in current currency, despite an adverse foreign exchange impact of minus 5.3%. We expect the currency impact on full year underlying earnings per share to be minus 7% to minus 8%. Constant underlying earnings per share was up 9.2%, largely driven by the higher operating profit, which resulted from the higher underlying operating margin combined with the top line leverage. Whilst minorities increased, this was offset by the impact of our share buyback program.

儘管受到5.3%的不利匯率影響，以目前匯率計算，基本每股盈餘仍成長了3.9%。我們預期匯率對全年基本每股盈餘的影響將為-7%至-8%。以固定匯率計算，基本每股盈餘成長了9.2%，主要得益於營業利潤的成長，而營業利益的成長則源自於更高的基本營業利潤率以及營收槓桿率的提升。雖然少數股東權益有所增加，但這一成長被我們的股票回購計畫所抵消。

In terms of capital allocation, we continue to invest in our business as the first priority. I've already covered BMI and R&D, and we expect CapEx to be around 3% of turnover in the full year. Portfolio reshaping continues with bolt-on acquisitions and selective disposals. As I said in the first half, we saw the acquisition of Yasso and disposal of Suave, both in the U.S. And we remain committed to returning capital to shareholders through the combination of an attractive dividend and the ongoing share buyback program where we completed the third tranche a few weeks ago.

在資本配置方面，我們始終將業務投資放在首位。我之前已經談到了BMI和研發，我們預計全年資本支出將佔營業額的3%左右。我們繼續透過補充收購和選擇性出售來調整投資組合。正如我在上半年提到的，我們完成了對Yasso的收購，並出售了Suave，這兩筆交易都在美國進行。我們仍然致力於透過提供有吸引力的股息和持續的股票回購計劃來回報股東，我們已在幾週前完成了第三批股票回購。

Let me close up with our 2023 full year outlook. We now expect underlying sales growth to be above 5%. Price growth will moderate throughout the year. We will seek to continue our top line momentum by investing for growth in BMI, in R&D and in CapEx whilst further embedding the new operating model. Net material inflation for the year is expected to be around EUR 2 billion in total. And of this, EUR 0.4 billion will fall in the second half. And finally, we continue to expect a modest improvement in underlying operating margin for full year 2023 with an increase in gross margin, funding increased investment behind our brands.

最後，我想談談我們對2023年全年的展望。我們預計基本銷售額成長率將超過5%。全年價格成長將趨於緩和。我們將透過增加對BMI、研發和資本支出的投資，並進一步鞏固新的營運模式，力求維持營收成長動能。預計全年淨材料通膨總額約20億歐元，其中4億歐元將在下半年下降。最後，我們仍預期2023年全年基本營業利潤率將小幅提升，毛利率也將隨之提高，從而為旗下品牌增加投資提供資金。

With that, let me hand you back to Richard for the Q&A.

那麼，現在就把問答環節交還給理查。

Thank you, Graeme. (Operator Instructions) When it's your turn to ask a question, I'll call out your name and then please just go ahead. And finally, please keep your questions to a maximum of two.

謝謝你，格雷姆。 （操作員須知）輪到你提問時，我會叫你的名字，然後請你提問。最後，請將你的問題限制在兩個以內。

So our first question is from Olivier Nicolai from Goldman Sachs. Do you want to go ahead with your questions, Olivier?

我們的第一個問題來自高盛的奧利維爾·尼古拉。奧利維爾，你想繼續提問嗎？

Just a couple of questions. First of all, you've talked about your impression as a new CEO of Unilever. I understand you've been only in the seat for a few weeks. But what do you think is the key competitive advantage in the mid-term?

我有幾個問題。首先，您談到了您作為聯合利華新任執行長的感受。我知道您上任才幾週。但您認為中期內最重要的競爭優勢是什麼？

And second question, I think one of the big debate at the moment is about pricing. So what do you think happen to pricing in H2 in the context of moderation of input cost inflation and also more pressure from retailers in emerging markets and also in developed countries?

第二個問題，我認為目前爭論的焦點之一是定價。您認為在投入成本通膨放緩，以及新興市場和已開發國家零售商施加更大壓力的情況下，下半年定價會發生什麼變化？

Thank you, Olivier, for your questions. Let me first go into your -- into the question on key competitive advantage, and I'll have a brief remark on pricing. And then Graeme can give you a bit more details. But when it comes to key competitive advantages, I think I mentioned a few, but are particularly striking for me. I think, first of all, look, it is our portfolio of brands. We have 14 brands of more than EUR 1 billion, and they are growing ahead of average. And actually, Unilever is quite focused in the sense that it has top -- our top 30 brands represent 75% of our turnover. I believe that we have a phenomenal footprint, 60% of our business being in the emerging markets. And I think that's important in large emerging markets. And we're present, obviously, in many countries, which make the business overall very resilient.

奧利維爾，謝謝你的提問。首先，我想回答你關於關鍵競爭優勢的問題，然後我會簡單談談定價。之後格雷姆會提供更多細節。說到關鍵競爭優勢，我想我已經提到了一些，但對我來說，其中最突出的幾點是：首先，我們的品牌組合。我們有14個年銷售額超過10億歐元的品牌，而且它們的成長速度都高於平均水準。事實上，聯合利華的業務非常集中，我們前30名的品牌貢獻了75%的營業額。我認為我們擁有非常強大的市場覆蓋範圍，60%的業務來自新興市場。我認為這在新興市場規模龐大的情況下至關重要。而且，我們在許多國家都有業務，這使得我們的整體業務具有很強的韌性。

The attraction to talent continues to be, I would say, very, very strong. If you look at our followership on platforms like LinkedIn, I believe we're still globally in the top 5 with more than 19 million followers to date, and it shows in the number of open applications and so forth that we receive.

我認為，我們對人才的吸引力依然非常非常強。看看我們在LinkedIn等平台上的粉絲數量，我們至今仍位列全球前五名，擁有超過1900萬粉絲，這一點也反映在我們收到的求職申請數量等方面。

And finally, the leadership on sustainability issues, and I elaborated a little bit on that in my opening speech, I think it is truly important. This is, of course, something that we all face, and I believe we have taken a strong leadership position in that. So these are fundamentals, and they are important in the long term. But I would say many of these are also benefiting us in the short run. And I'm happy overall with the changes that have been made to the organization. I think the organization brings a good amount of clarity, fosters fast decision-making and gives good transparency per category in which we operate. So look, I think from a -- where we are, where we operate as well as how we operate and how we structure ourselves, I would say these are some of the key of our key strengths.

最後，我想談談我們在永續發展議題上的領導力。我在開幕致詞中也略有提及，我認為這至關重要。當然，這是我們所有人都要面對的問題，我相信我們在這方面已經佔據了重要的領導地位。這些都是基本原則，對長遠發展至關重要。但我認為，其中許多原則在短期內也對我們大有裨益。總的來說，我對公司所做的改變感到滿意。我認為，新的組織架構帶來了清晰的思路，促進了快速決策，並提高了我們各個業務領域的透明度。所以，我認為，從我們所處的位置、我們的營運範圍、營運方式以及組織架構來看，這些都是我們關鍵優勢的體現。

Now on your second question on pricing, and as Graeme has already said, pricing is moderating. Inflation is moderating throughout this year, and we're seeing that also -- we're seeing that in the second half of this year progressing. However, and that is a word of caution here, there are pockets and particularly on agricultural commodities where we're seeing high volatility. If you think about a drought in Southern Europe, if you think about geopolitical events, for example, pressure on grain and the related volatility that, that might likely bring, there might still be certain pockets and primarily in food where we would see continued inflation and, hence, a need for us over time to price. But Graeme, do you have any other comments to make?

現在來談談你關於定價的第二個問題，正如格雷姆剛才所說，價格正在趨於緩和。今年的通膨率一直在下降，我們看到，下半年通膨趨勢仍在持續。然而，這裡需要提醒大家的是，某些領域，特別是農產品，價格波動仍然很大。例如，如果南歐發生乾旱，或考慮到地緣政治事件，糧食供應可能面臨壓力，由此引發的價格波動可能會影響到某些領域，尤其是食品領域，這些領域的價格可能會持續上漲，因此，隨著時間的推移，我們需要對價格進行調整。格雷姆，你還有其他補充嗎？

Yes, I'll have a crack at it. Let me give you an aggregate comment, Nicolai, and then try and break it down a little bit further. So in aggregate, obviously, we expect that the price growth will continue to moderate throughout the year. Most of the pricing in Q2 that you see reflected was actually carryover from previous quarters, and that carryover pricing will start to fall as the year progresses. That's the macro comment.

好的，我來試著解釋一下。尼古拉，我先給你一個整體評價，然後再進一步分析。總的來說，我們預計價格成長將在全年持續放緩。你在第二季度看到的大部分價格上漲實際上是前幾季的延續，而這些延續下來的價格會隨著時間的推移而逐漸下降。以上是宏觀層面的評價。

But as I just said earlier, the business groups are all in different stages of the inflation cycle. And really, if you want to look a little bit into the future or maybe the best thing to say is pull the future into the present, it's good to look at Beauty & Wellbeing and Personal Care where we started to see that pricing moderate because the inflation has been less, and we've started to see the volumes pick back up. And their first half results were really nicely balanced between price and volume in both Beauty & Wellbeing and in Personal Care.

但正如我剛才所說，各個業務板塊都處於通膨週期的不同階段。實際上，如果要展望未來，或者更確切地說，是將未來帶到當下，那麼不妨關註一下美容健康與個人護理板塊。我們已經看到，由於通膨放緩，這兩個板塊的價格開始趨於緩和，銷售也開始回升。而且，這兩個板塊上半年的價格和銷售都達到了很好的平衡。

Although as Hein just touched on, we do still see pressures in commodities, in Nutrition and Ice Cream in particular. Those 2 categories -- 2 business groups, rather, have got quite a big European footprint. So 60% of our European business, and our European business is 20% of Unilever, 60% of Europe is Nutrition and Ice Cream. And that's where we -- that's where the challenge of pricing and the challenge of the consumer is most sharp. And you see that really from the European pricing result in the second quarter where we raised UPG. Delivery in Europe was 15.5%, but it came with 9.7% negative volume. We were later to take pricing in Europe. We have higher Ice Cream and Nutrition exposure, as I said, also the actions to simplify the portfolio and rationalize SKUs, the 17% reduction that's taken place over the last 12 months was an even higher number than that in Europe. And we're still not there. If you look at the decline in gross margin and decline in operating margin, it's much higher in Europe than it is across the Unilever average, and the European margin remains low overall relative to the Unilever average.

正如海因剛才提到的，我們仍然看到大宗商品，尤其是營養品和冰淇淋，面臨壓力。這兩個品類——或者更確切地說是兩個業務板塊——在歐洲的業務規模相當龐大。我們歐洲業務的60%（而聯合利華歐洲業務佔20%）都來自營養品和冰淇淋。正因如此，定價和消費者方面的挑戰才最為嚴峻。這點從第二季歐洲的定價結果可見一斑，我們提高了UPG（單位：千人價格）。歐洲的交付量增加了15.5%，但銷量卻下降了9.7%。我們後來調整了歐洲的定價策略。如我所說，我們在冰淇淋和營養品領域的業務佔比很高，此外，我們還採取了簡化產品組合和優化SKU的措施，過去12個月的SKU削減幅度高達17%，甚至超過了歐洲的降幅。即便如此，我們仍未完全實現目標。如果觀察毛利率和營業利潤率的下降情況，就會發現歐洲的下降幅度遠高於聯合利華的平均水平，而且歐洲的利潤率總體上仍然低於聯合利華的平均水平。

So one further comment, maybe North America. We got positive volumes in North America, and that was assisted, of course, by Prestige and Beauty & Wellbeing. We would expect that to continue looking forward. Latin America started to moderate price, but it's still quite high at 11.1% in the first half. But again, we delivered positive volume in Latin America. We'd expect that to continue. We would expect Southeast Asia to put up a good balance between price and volume. South Asia and India, in particular, is one call-out.

最後再補充一點，關於北美市場。我們在北美市場實現了正銷售成長，這當然得益於高端市場和美容保健品市場的強勁表現。我們預計這一趨勢將持續下去。拉丁美洲市場的價格開始回落，但上半年的價格漲幅仍高達11.1%。不過，我們在拉丁美洲市場也實現了正銷售成長，預計這一趨勢將持續下去。我們預計東南亞市場將在價格和銷售之間取得良好的平衡。尤其值得一提的是南亞和印度市場。

There are 2 particular categories in our Indian business, so that's fabric cleaning and skin cleansing. They make up about 40% of the Indian business. And there, there's a lot of local competition, and pricing is very directly connected to commodity pricing. And as commodity falls, we expect pricing to have to adjust downwards. It may go flat and it may go negative. That is particularly an Indian feature, and I wouldn't read that across the full breadth of the Unilever portfolio. But you may have noticed that in the Hindustan Unilever comments earlier this week.

我們在印度的業務主要分為兩大類：織物清潔和皮膚清潔。這兩類產品約佔印度業務的40%。這兩個領域競爭非常激烈，定價與大宗商品價格直接相關。隨著大宗商品價格下跌，我們預期產品價格也必須下調。價格可能持平，甚至可能下跌。這主要是印度市場的特點，我並不認為這種情況會蔓延到聯合利華的所有產品組合中。但您可能已經注意到，本週早些時候印度聯合利華的評論中也提到了這一點。

Okay. Thank you. Thanks for the question, Olivier. Let's go straight to our next question out, which is Rashad Kawan from Morgan Stanley. Go ahead with your question.

好的，謝謝。謝謝你的提問，奧利維爾。我們直接進入下一個問題，提問者是來自摩根士丹利的拉沙德·卡萬。請開始提問吧。

Can you guys hear me?

你們聽得到我說話嗎？

We can, yes.

是的，我們可以。

Yes, we can.

是的，我們可以。

Perfect, and congrats on the results. A couple from me. The first one on margins. You're still guiding towards a modest margin improvement despite the strong first half margin performance, and I'd say significantly lower. And Hein, in the second half. I know you're talking about stepping up BMI spend further, but is there a level of conservatism still built into that guide?

太好了，恭喜你取得這樣的成績。我有幾點建議。第一點是關於利潤率。儘管上半年利潤率表現強勁，但你仍然預期下半年利潤率只會略有提升，而且我認為提升幅度會更大。第二點是關於海因，關於下半年。我知道你正在考慮進一步增加BMI方面的投入，但這份預期中是否仍保留了一定的保守性？

And then the second question, very resilient volume dynamics in the quarter. I think it's particularly surprising in the context of a 17% reduction in SKUs that you flagged. Are you seeing an increased take-up from the SKUs that you still have on the shelf? Was there any kind of one-off items to flag in the quarter that would have impacted volumes?

第二個問題，本季銷量表現非常穩健。考慮到您之前提到的SKU減少了17%，這一點尤其令人驚訝。您是否觀察到目前仍在售的SKU銷量有所成長？本季是否有任何特殊情況影響了銷量？

Thank you, Rashad, for your question. I note first question on margin improvement. And the second on volumes, both related to the first half and the second quarter, Graeme?

謝謝拉沙德的提問。我注意到你的第一個問題是關於利潤率提升的。第二個問題是關於銷售的，這兩個問題都跟上半年和第二季有關，格雷姆？

Sure. Thanks, Hein. So I guess the first thing to say is we're pleased with the quality of the margin delivery in the first half, with the gross margin stepping forward by 30 basis points and the increased investment in BMI of EUR 400 million. We're starting to see the start of gross margin recovery, driven by strong mix improvement. The price coverage of cost inflation is still less than 100%. It sits at 88% in aggregate, but it does vary by business group. And that remains our focus for the second half. We are very focused on gross margin recovery to fuel the incremental investment in brand and marketing investment and in R&D investment. And it's worth highlighting that our gross margin still remains quite significantly below our historical level. It's 270 basis points, now below the point it was at the end of the first half of 2019.

當然。謝謝，海因。首先我想說的是，我們對上半年的利潤率表現感到滿意，毛利率提升了30個基點，同時對品牌、行銷和行銷（BMI）的投資增加了4億歐元。在產品組合顯著改善的推動下，我們開始看到毛利率開始復甦。目前，價格對成本通膨的覆蓋率仍低於100%，整體為88%，但各業務集團的情況有所不同。這仍然是我們下半年的工作重點。我們將全力以赴提升毛利率，以支持品牌、行銷和研發方面的額外投資。值得一提的是，我們的毛利率仍然遠低於歷史水平，目前為270個基點，比2019年上半年末的水平低了不少。

So you're right, our guide is to continue to expect modest UOM improvement for the full year. A couple of factors to bear in mind with that. The operating margin for Unilever in the second half is typically lower than the first half. We do believe that pricing will continue to moderate. We need to build on the success we've had in managing volume and be very, very careful with managing the price volume dynamic, and we do want to continue to step up investment behind our brands. So although we are seeing a step-down in the overall level of inflation, there's still quite a lot of volatility and uncertainty out there, in particular in Nutrition and Ice Cream. And I spoke earlier about the big European footprints of those businesses. So we do want to remain cognizant that it's an uncertain outcome, drive the gross margin, drive the investment and just guide to, as we said, a modest increase in the operating margin.

所以您說得對，我們的預期是全年營業利潤率將保持溫和成長。但有幾個因素需要考慮。聯合利華下半年的營業利益率通常低於上半年。我們相信價格將繼續趨於溫和。我們需要鞏固在銷售管理方面的成功，並且非常謹慎地管理價格與銷售之間的動態關係，同時我們也希望繼續增加對旗下品牌的投資。儘管我們看到整體通膨水平有所下降，但市場仍然存在相當大的波動性和不確定性，尤其是在營養品和冰淇淋領域。我之前也提到這些業務在歐洲的龐大規模。因此，我們始終意識到結果存在不確定性，並努力提高毛利率，並加大投資力度，正如我們所說，我們預期營業利潤率將實現溫和成長。

Thanks, Graeme.

謝謝你，格雷姆。

Okay. Thank you, Rashad. Let's go straight to our next question, which is Jeff Stent at Exane. Go ahead, Jeff.

好的。謝謝你，拉沙德。我們直接進入下一個問題，提問者是來自Exane公司的傑夫·斯滕特。請開始吧，傑夫。

Two questions, if I may. The first one for Hein, just on sustainability. Do you believe that Unilever has commercialized its efforts in sustainability as much as it could have done, i.e., it's actually used to drive revenues as opposed to just sustainability to be a good sort of corporate citizen?

恕我冒昧，我想問兩個問題。第一個問題想問海因，是關於永續發展的。您認為聯合利華是否已經將其在永續發展方面的努力商業化，也就是說，它是否真正利用永續發展來推動收入成長，而不僅僅是將其作為做一個優秀的企業公民？

And the second one for Graeme. Graeme, it's a market you know very well, Indonesia. But I'm kind of losing quote now of how many quarters we're here talking about, oh, it's bad, but we're doing X, Y, Z, then it should get better. How confident are you that this is actually the low point and we should be getting back to good growth from here?

第二個問題是問格雷姆的。格雷姆，你對印尼市場非常了解。但我現在有點搞不清楚我們到底有多少個季度都在討論「哦，情況很糟糕，但我們正在採取X、Y、Z措施，然後情況應該會好轉」。你有多大把握認為這真的是低谷，我們能夠從這裡恢復到良好的成長狀態？

Thank you, Jeff, for your question. I'll take the first one. Graeme, you take the second one. I mean on sustainability, look, as I said, I think it is very important. And actually, it is high on my list of priorities. The Unilever purpose, which I think is very clear, it's something that I absolutely endorse to make sustainable living commonplace. And that means that the more we convert our leadership and sustainability into our commercial offerings, obviously, that is a very -- that is a positive. At the same time, I believe that there is opportunity to focus our efforts on those areas where we can truly have a differentiating and a significant impact. And I mentioned a few, the reduction, obviously, of greenhouse gases and the related efforts that we're making on packaging as well as the restoration of -- and the protection of nature.

傑夫，謝謝你的提問。我先回答第一個問題，格雷姆，你來回答第二個。關於永續發展，正如我所說，我認為它非常重要。事實上，它在我的優先事項清單上名列前茅。聯合利華的宗旨非常明確，我絕對支持讓永續生活成為一種常態。這意味著，我們越是將我們在永續發展方面的領導力融入我們的商業產品和服務中，這顯然是非常積極的。同時，我認為我們有機會將精力集中在那些我們能夠真正產生差異化和重大影響的領域。我剛才提到了一些，例如減少溫室氣體排放，以及我們在包裝上所做的相關努力，還有自然環境的恢復和保護。

So I believe a strong level of focus in what we do whilst continuing to drive the company purpose and seeing where that comes together, that for me is the priority. And that's what I see as the road ahead of us. I won't comment too much on -- let's say, on what happened to date, but I do believe that these 2 effects actually coming together going forward. Graeme?

所以我認為，在我們繼續推進公司目標的同時，保持高度專注，並觀察兩者如何融合，這對我來說才是重中之重。這也是我所看到的我們未來的道路。我不會過多評論——比如說，迄今為止發生的事情，但我相信這兩方面的影響會在未來真正融合在一起。格雷姆？

So I mean, you're right, Indonesia, a market very close to my heart and one I know well. And let me tackle head on your question. I don't want you to take the sense that this is a sort of mañana story with regard to Indonesia, very, very conscious of the fact that it's taking a while to turn it around. But I'm very, very close to the actions that are happening within the marketplace and the actual scale of the challenge, so please don't take that our comments in Indonesia are the same as they've been for the last 2 quarters. I really want to give you the sense that we're starting to see things turn around, and the results of our actions are starting to bear fruit.

所以，你說得對，印尼市場對我來說意義非凡，我非常了解它。讓我直接回答你的問題。我不想讓你覺得印尼市場的狀況是「明天就能見分曉」的，我非常清楚扭轉局面需要時間。但我對市場正在發生的種種變化以及挑戰的實際規模都非常了解，所以請不要誤會，我們對印尼市場的看法與過去兩個季度截然不同。我真心希望你能感受到，我們開始看到情況好轉，我們的行動也開始初見成效。

But please take that we're not at all satisfied with the situation. Our overarching goal is to return Unilever Indonesia to competitiveness. That's the absolute focus, and it's the focus for all 5 of our business groups. Indonesia is in a very fortunate situation, and it's a key strategic market for all 5 business groups. So the level of care, attention and detail that it's getting from around the business is really quite profound. So what's happening in terms of signals about our actions actually starting to work for us. I take a lot of positivity from the clear signs of improvement in sequential market share reading upticks. And this is in the sort of year-to-date market share in Oral Care, which is a very big business for us with very high market share in Indonesia, that's the Pepsodent brand; in skin cleansing; in soy sauce; in bullions, that's Bango and Royco, the 2 of those; and in surface cleaning.

但請理解，我們對現狀並不滿意。我們的首要目標是讓聯合利華印尼公司重返競爭力行列。這是我們工作的重中之重，也是我們所有五大業務集團的共同目標。印尼市場情勢非常有利，對我們五大業務集團而言都是至關重要的策略市場。因此，公司上下對印尼市場投入了極大的關注與重視。目前，一些跡象表明，我們的行動已開始奏效。市佔率環比成長的明顯跡象讓我感到非常樂觀。這體現在口腔護理（我們的一項重要業務，在印尼市場份額很高，主要指Pepsodent品牌）、皮膚清潔、醬油、濃湯寶（包括Bango和Royco這兩個品牌）以及表面清潔等領域的年初至今市場份額增長。

So we're starting to see it in the year-to-date reads. And with the passage of time and continuation of that direction, we'll start to see that coming into the MAT numbers. What have we done? We've reset prices very significantly. We have no option but to do that. You know all about our -- the competitive environment there and, in particular, with wings who are backward integrated and have many, many benefits from the commodity run-up. We've had to face into the challenge of that, reset pricing, reset promotional strategies.

所以我們已經開始從年初至今的數據顯示中看到這一點。隨著時間的推移和這一趨勢的持續，我們將在MAT數據中看到這一點。我們做了什麼？我們大幅調整了價格。我們別無選擇。您也了解我們所處的競爭環境，尤其是那些擁有垂直整合優勢、從大宗商品價格上漲中獲益良多的企業。我們不得不面對這項挑戰，重新調整價格和促銷策略。

We had too much stock in trade, in the general trade and in the mini market channel. And that was giving rise to quite a bit of channel conflict and confusion in the reseller and wholesale markets. So we've reset prices, rationalized pricing. We've put in place a pricing control tower on the ground in Indonesia, so we can manage the prices land effectively in the marketplace. And I think that's all good news, but it's not there yet. And I don't want to give you the sense that we're anything but frustrated with the time it's taking to get Indonesia moving. But we are seeing that, that return to competitiveness start to pull through. The areas where we're not seeing it so far are in Beauty & Wellbeing in particular, but we have major brand relaunches coming up in that space in the balance of the year and good innovation going in. So as I said, lots of attention, lots of action, principally around pricing, around inventory, around our control over the business and also around innovation.

我們在零售通路，包括普通零售通路和小型超市通路，庫存過剩。這導致經銷商和批發市場出現了許多通路衝突和混亂。因此，我們重新調整了價格，使定價更加合理。我們在印尼設立了價格管制中心，以便有效管理市場上的價格。我認為這些都是好消息，但目前還未達到目標。我並不想讓大家覺得我們對印尼市場進展緩慢感到沮喪。但我們看到，競爭力正在逐漸恢復。目前尚未完全恢復的領域主要是美容和健康領域，但今年剩餘時間裡，我們將在該領域推出多個重要品​​牌的重新上市產品，並推出一些優秀的創新產品。正如我所說，我們投入了大量精力，採取了許多行動，主要集中在定價、庫存、業務管控以及創新方面。

I don't want to sort of make any excuses here, but just in the results of Indonesia that you saw for the last quarter, there are a couple of things that I would like to call out in the marketplace. Household consumption is still negative because of inflation. So the actual consumer is not in a great place. Consumers are down-trading. They're either buying cheaper or less volume, and that, of course, plays into the hands of some of our lower-priced competition. And there was also some softening of market volumes. There were a couple of B2B e-commerce players. I think it was GDIG and, from memory, Mitra Tokopedia, just 2 examples who have exited the business because these platform models have proven to be very high cash burn and not very profitable. So I'll leave it there, Jeff. But message received. Thanks.

我不想找任何藉口，但就你看到的印尼上一季業績而言，我想指出市場上的幾個問題。由於通貨膨脹，家庭消費仍為負值。因此，消費者的實際處境並不樂觀。消費者正在降低消費水平，要么購買更便宜的產品，要么減少購買量，這當然正中一些低價競爭對手的下懷。此外，市場交易量也有所下降。有幾家B2B電商企業退出了市場，我記得是GDIG和Mitra Tokopedia，這只是其中兩個例子，因為這些平台模式已被證明是高額現金消耗且盈利能力不佳。好了，傑夫，我就說到這裡。訊息已收到。謝謝。

Thanks, Jeff. Sorry, Hein.

謝謝你，傑夫。抱歉，海因。

Thank you, Graeme. Just to confirm and to build a little bit on that. I mean Indonesia is a super important market for us. I'll be visiting Indonesia in the next couple of weeks. And exactly what Graeme is saying is working with local management to see whatever we can do to obviously get the business back to the business winning share that we have enjoyed. Yes, I know the market quite well. I have been there quite a few times, but looking forward to work with the company over there to do that.

謝謝你，格雷姆。我只是想確認一下，並在此基礎上再補充一點。我的意思是，印尼對我們來說是一個極為重要的市場。我將在未來幾週內訪問印尼。格雷姆所說的正是與當地管理層合作，看看我們能做些什麼，才能讓業務重回我們曾經享有的市場份額。是的，我對這個市場非常了解。我去過那裡好幾次了，但我很期待與當地公司合作，共同實現這個目標。

Thanks, Hein. To our next question now, which is Warren Ackerman from Barclays. Go ahead with your question, Warren.

謝謝海因。現在進入下一個問題，提問者是來自巴克萊銀行的沃倫·阿克曼。沃倫，請開始提問吧。

Warren here at Barclays. Two also from me. The first one is on market share and SKUs. When do you think share winning will return to above 50%? I think that was supposed to be in the second half. Obviously, that's been pushed back. By how long has it been pushed back? And then can you talk about the 25% SKU cuts over 18 months? I mean that's a massive number. What's the baseline in SKUs? I thought the target was a 20% reduction by '25. It sounds like you're well ahead of that. And maybe could you give some examples of how the new organization has helped accelerate SKU reduction and what it all means from mix? So one on market share and SKUs.

我是巴克萊銀行的沃倫。我也有兩個問題。第一個問題是關於市場佔有率和SKU（庫存​​單位）。您認為市場佔有率何時才能恢復到50%以上？我記得原本預計是在下半年。顯然，這個目標被推遲了。推遲了多久？另外，您能否談談在18個月內削減25% SKU的目標？我的意思是，這是一個巨大的數字。 SKU的基準線是多少？我記得目標是到2025年減少20%。聽起來你們已經遠遠超額完成這個目標了。您能否舉例說明一下新的組織架構是如何加速SKU削減的，以及這對產品組合意味著什麼？所以，第一個問題是關於市場佔有率和SKU的。

And then secondly, probably for Graeme, how do you see the shape of volume mix evolving in H2 and into next year? Because I guess, this quarter, we're seeing a very bifurcated performance, very strong Beauty & Wellbeing, very weak Europe and Ice Cream. How does that look in the back half? And I guess, how confident are you that vol/mix gets back to 2% to 3% next year as that reinvestment steps up?

其次，格雷姆，您認為下半年及明年銷售量組成會如何改變？因為本季，我們看到業績呈現兩極化，美容及健康產品表現強勁，而歐洲和冰淇淋業務則非常疲軟。下半年情況如何？隨著再投資的增加，您對明年銷量佔比回升至2%至3%有多大信心？

Thank you, Warren. I think most of these questions I would like Graeme to shed a light on a bit, but let me just open with a quick comment on business winning. Look, I mean, first of all, the 41% I think is disappointing. And as I said, we're looking forward to drive improvement there along the lines -- some of the lines that I mentioned in my opening. Now that being said, it is important to note that business winning is only one metric that we look at competitiveness. It's not the perfect metric. I don't believe there is any perfect metric for a multi-category and multi-country FMCG. I mean, you need to look at it in conjunction with each other. And there's quite a few businesses that are strategic for us that are excluded from the metric. Now that said, the 41% that we measure consistently is disappointing, and we need to improve from there. Graeme, on the SKU reduction and related share performance.

謝謝沃倫。我想格雷姆可以就這些問題多多解釋一下，不過首先我想簡單談談業務拓展。首先，41%這個數字確實令人失望。正如我之前提到的，我們期待在這方面有所改進——也就是我開場白中提到的一些方面。話雖如此，需要指出的是，業務拓展只是我們衡量競爭力的指標之一，它並非完美無缺。我認為對於一家多類別、跨國快速消費品公司來說，不存在完美的指標。我們需要綜合考慮所有因素。而且，有許多對我們具有戰略意義的業務並沒有被納入這個指標的考量。總而言之，我們持續衡量的41%的業績令人失望，我們需要在此基礎上繼續提升。格雷姆，接下來談談SKU減少以及相關的市佔率表現。

Yes. Warren, let me just build on where you left things off there, Hein. Warren, we're going to be all guns focused on building back that percentage winning from here. We're not going to commit to a moment where we cross 50% because as you can see from the comments we've made in the results, there's a lot of conscious strategic action in there. But there are also areas where the consumer has gone temporarily to places where we don't want to play at, put that in the strategy bucket as well. For example, Brazilian fabric cleaning and India tea are examples of that.

是的。華倫，海因，我接著你剛才說的繼續說。沃倫，我們會全力以赴，爭取重新奪回目前的市佔率。我們不會設定一個超過50%的目標，因為正如你從我們對結果的評論中看到的，這其中包含了許多有意識的策略舉措。但同時，消費者也暫時轉向了一些我們不想涉足的領域，這也需要納入我們的策略考量。例如，巴西織物清洗和印度茶就是很好的例子。

But there are also areas where we're not competitive enough, let's be clear on that. And that's Hein and my absolute focus. We've got the business groups focused on 30-, 60-, 90-day plans. We're well aware of what's needed to turn some of these cells around. So it's a combination of conscious choice and understanding where the market has moved to, which is part of strategy, and areas where we need to be more competitive. And that's a simple question about pricing, about innovation, about execution, et cetera. So that's the mix of it. But look for -- we're not happy at 41%. We need to drive up in the third quarter and in the fourth quarter, but I won't commit to when we cross that 50%.

但我們必須明確一點，在某些領域，我們的競爭力還不夠強。這正是我和海因的首要關注。我們已經讓各個業務團隊制定了30天、60天和90天的計畫。我們非常清楚扭轉這些部門頹勢需要做些什麼。所以，這既是深思熟慮的選擇，也是對市場走向的理解（這是策略的一部分），同時也是我們需要提升競爭力的領域。這牽涉到定價、創新、執行等方面。這就是問題的綜合。但請注意——我們對41%的轉換率並不滿意。我們需要在第三季和第四季進一步提升，但我不會承諾何時能突破50%。

I do just want to come back to one point around it, which is there's a -- and I mentioned it in the presentation, there's a big part of our business, very strategic to us, Prestige Beauty, Health & Wellbeing, out-of-home Ice Cream and Unilever Food Solutions. And I'm not just cherrypicking these, these are -- and you will recognize critical channels for Unilever. You'll recognize them in the business group strategies that you've heard about. It's where we've put a lot of our capital allocation to build businesses. And we are very confident that those businesses are growing faster than the rate of market growth and are, therefore, competitive. It's not an excuse. I'm not saying we're going to redefine anything. And we're focused on driving that percent business winning population up from here, but there are parts of our business, which are very competitive with that -- are not in that measure.

我想再強調一點，我在演講中也提到過，我們業務中有很大一部分，對我們而言具有非常重要的戰略意義，包括高端美妝、健康與保健、戶外冰淇淋以及聯合利華食品解決方案。我並非隨意挑選這些，它們對聯合利華至關重要，您也會在之前聽到的業務集團策略中看到它們的身影。我們投入了大量資本來發展這些業務。我們非常有信心，這些業務的成長速度超過了市場平均水平，因此具有競爭力。這不是藉口。我並不是說我們要重新定義什麼。我們專注於提升業務成功率，但我們業務中還有一些部分，雖然也很有競爭力，卻沒有被納入這個衡量標準。

Now the SKU reduction, these are big numbers, you're right, and it comes through the new organization. We're down currently about 86,000 SKUs from about 104,000, 106,000, I think it was at the start, 25% SKU reduction over the last 18 months, 17% over the last 12 months. So very difficult, obviously, to measure what the turnover impact and market share impact specifically of those things are because they're net reductions as we launch new SKUs and take old SKUs out. It's a net reduction that I'm quoting. And obviously, there's turnover that moves across the new SKU, and it's almost impossible to put a precise number on it. But we think that the 17% reduction equates to about 2% to 2.5% of our turnover at a global level. So it's quite significant, which is why we call it out for you in terms of the percent winning measure.

現在來說說SKU的減少，這確實是個大數字，沒錯，而且這主要得益於新的組織架構。我們目前的SKU數量約為8.6萬個，而最初大約是10.4萬到10.6萬個，過去18個月減少了25%，過去12個月減少了17%。顯然，很難具體衡量這些措施對營業額和市佔率的影響，因為隨著我們推出新SKU並淘汰舊SKU，這些都是淨減少。我引用的就是淨減少量。當然，新SKU的推出也會帶來一定的客流量，幾乎不可能給出精確的數字。但我們認為，17%的減少相當於我們全球營業額的2%到2.5%。所以這相當顯著，這也是為什麼我們用百分比來衡量它的原因。

It is coming as a consequence of the new organization. I'll just give you a few examples. In Personal Care, very quickly, we've discontinued 60-odd small local brands and taken 5,000 SKUs out. In Nutrition, we've -- in the U.S. Dressings category, we've taken out some very low profitability SKUs around Hellman's and Sir Kensington's a smaller premium brand. In the Knorr business in U.S., the sides business, we've cut 30% of the SKUs that had pretty low growth margin. And in Ice Cream, we've done a lot of SKU reduction around the tubs business in Europe. In Home Care, fabric cleaning in particular, we've done a lot of SKU rationalization in Europe. And you've seen it reported that we're exiting the fabric cleaning business in Nigeria, again, for profitability and simplification reasons. So that's -- that hopefully gives you a good picture on that, Warren.

這是新組織架構調整的結果。我舉幾個例子。在個人護理領域，我們迅速停產了60多個小型本地品牌，並下架了5000個SKU。在營養品領域，我們——在美國的調味品類別中——下架了一些利潤率極低的SKU，例如Hellman's和Sir Kensington's（一個規模較小的高端品牌）。在美國的Knorr業務（配菜業務）中，我們削減了30%成長利潤率較低的SKU。在歐洲的冰淇淋業務中，我們對桶裝冰淇淋業務進行了大量的SKU精簡。在家庭護理領域，特別是織物清潔領域，我們在歐洲進行了大量的SKU優化。您可能已經看到報道，我們將退出尼日利亞的織物清潔業務，同樣是出於盈利能力和簡化流程的考慮。希望這些能讓您對此有所了解，沃倫。

In terms of the shape of volume and mix going forward, I think we'll continue to see more of the same. Beauty & Wellbeing and Personal Care continuing to have good balance. I think you're right in your characterization of what we're looking for. We're looking -- when we come out of this period of incredible inflation after the pandemic, we're all looking to deliver a good mid-single-digit growth number with a decent proportion of that, maybe half of it coming from volume. That's the -- that's what everybody, I think, is shooting for. I think in Home Care, where volumes are still negative, you'll see them start to pick up. The big question mark is in Nutrition and Ice Cream, where we're continuing to see inflation, and that's earlier in the journey. But I hope that's helpful on where we think volumes are going to get to.

就未來的銷售和品類結構而言，我認為我們會看到類似的趨勢持續下去。美容保健和個人護理類別將持續保持良好的平衡。我認為您對我們所追求的目標的描述非常準確。我們期待——在疫情後經歷了這段令人難以置信的通膨時期之後——能夠實現一個不錯的個位數中段增長，其中相當一部分，或許一半，將來自銷量增長。我認為這是所有人的目標。我認為，在銷量仍為負成長的家庭護理類別，你會看到銷售量開始回升。最大的未知數在於營養品和冰淇淋品類，我們持續看到通膨，而且它們還處於復甦的早期階段。但我希望這些資訊有助於您了解我們對未來銷售走勢的預期。

Thank you, Graeme.

謝謝你，格雷姆。

Thanks for the question, Warren. Look, we're just about the hour, but we still had a few questions. So we'll perhaps run on for a few minutes, just so we can get maybe 2 or 3 more questions in. So the next question from Celine Pannuti at JPMorgan. Go ahead, Celine.

謝謝你的提問，沃倫​​。你看，現在快到整點了，但我們還有一些問題。所以我們可能還會再延長幾分鐘，以便再回答兩三個問題。下一個問題來自摩根大通的席琳潘努蒂。請問，席琳。

My first question maybe for Hein. You said that you want to focus more resource on big brands and vision, which -- however, I mean, big brands are doing quite well as you alluded in terms of the numbers. So I think it's rather the non-bidding brands that have not been well. Have you been there to (inaudible) the performance and what remedy should be applied for this?

我的第一個問題可能要問海因。您說過您想把更多資源集中在大品牌和願景上，但是——我的意思是，正如您所提到的，從數據上看，大品牌的表現相當不錯。所以我認為表現不佳的反而是那些沒有參與競標的品牌。您是否了解這些品牌的表現（聽不清楚），以及應該採取什麼措施來改善這種情況？

And the second question is trying to understand a bit the volumes. So this quarter, the volume mix was minus 0.2, which was the same as Q1. In Q1, you said that ex one-off, the underlying was minus 2%. So is it right that the underlying volume performance is picking up pace? And given that you have even easier comparative in H2, I'm a bit surprised by your guidance implying low single digit in H2 with volume picking up and pricing positive. And then on volume, could you give us the number for North America, excluding the (inaudible) brands, please?

第二個問題是關於銷量的。本季銷量佔比下降了0.2%，與第一季持平。您提到第一季剔除一次性因素後，實際銷售量佔比下降了2%。那麼，實際銷量表現是否正在回升？考慮到下半年的年比數據更為寬鬆，我對您下半年銷售成長預期（預計為個位數，且價格上漲）感到有些意外。另外，關於銷量，能否提供一下北美地區的銷售數據（不包括某些品牌）？

Celine, thank you for your questions. Before I go and answer your question, there was a bit of a breakup in the last question. Can you please repeat your last question to the -- because I wasn't sure. I got the volume question.

Celine，謝謝你的提問。在我回答你的問題之前，我想說一下，你剛才的問題有點斷斷續續的。你能再重複一次你剛才的問題嗎？因為我不太確定。我明白了音量的問題。

The bit about North America, Celine.

席琳，關於北美的那部分。

And then North America. Can you repeat that, please?

然後是北美。請您再說一次好嗎？

Just give the number. North America volume was positive, how much of that was driven by Prestige and Wellness?

直接給出具體數字就行。北美地區的銷售量為正成長，其中有多少是由高端和健康產品推動的？

Okay. Thank you. I mean, first on your question on the big brands. I mean we -- as I said, I like the relative focus that we have. Top 13 brands in the company representing around 75% of the turnover. And we have 14 brands of EUR 1 billion of sales. And actually, between the 14 and the 30, there's quite a few, and I think Graeme mentioned a few. And particularly in the Prestige Beauty and in Health & Wellbeing space, they are well on its way. So growing what we own, representing organic growth opportunities, that is really what drives me.

好的，謝謝。首先，關於您提到的大品牌問題。正如我之前所說，我喜歡我們目前相對集中的策略。公司前13大品牌貢獻了約75%的營業額。我們還有14個年銷售額超過10億歐元的品牌。實際上，在14到30個品牌之間，還有不少其他品牌，我想格雷姆也提到了一些。尤其是在高端美妝和健康養生領域，這些品牌發展勢頭良好。所以，發展我們擁有的品牌，抓住有機成長的機會，這才是真正激勵我的動力。

Now of course, there are always going to be a number of brands and businesses that are somewhat at the edges of the company, and we need to see if we can grow them further. And yes, you are right. They are growing at this moment already a bit faster than the company average, which I think confirms that view of driving significant scale is something that Unilever can do like no other. One of our key strengths is obviously our reach in emerging markets, our distribution capability and, therefore, scaling up things that we own acquisitions that we've made in the recent past. Once again, I think that is an important driver.

當然，總是會有一些品牌和業務處於公司邊緣，我們需要看看能否進一步發展它們。沒錯，您說得對。它們目前的成長速度已經略高於公司平均水平，我認為這印證了聯合利華在規模化方面擁有其他公司無法比擬的優勢。我們的關鍵優勢之一顯然在於我們在新興市場的覆蓋範圍、分銷能力，以及因此而來的，我們能夠擴大近期收購的業務規模。我認為，這再次證明了這是一個重要的驅動因素。

Now with all that said, I think there are opportunities to unlock further value also on the big brands by making sure that we have science-backed multiyear innovation programs behind them, by ensuring that we have strong quality and driving holistic superiority of these brands versus our competitors. I think there are some opportunities to further solidify these fundamentals and strongly focusing on these fundamentals only to drive success. Now these are just some of the comments. As I said, I will be coming back with a more elaborate view by the -- when we do the presentation of our quarter 3 results. On the volume question and the question North America, Graeme.

綜上所述，我認為我們仍有機會透過以下方式進一步挖掘大品牌的價值：確保我們擁有以科學為支撐的多年創新項目，保證產品質量，並提升這些品牌相對於競爭對手的整體優勢。我認為我們有機會進一步鞏固這些基本面，並專注於這些基本面，從而推動成功。以上僅是部分觀點。正如我所說，在發布第三季業績報告時，我將提供更詳細的闡述。關於銷量問題以及北美地區的問題，格雷姆。

Let me just quickly just pick up on Hein's point there. I actually think the new organization is the thing that you're seeing driving some of these choices and resource allocation very well, just with the benefit of the history of the older organization. And now the new organization working, I think that's a big driver of getting the resources where they actually move the needle in the big positions.

我只想簡單地回應一下海因的觀點。我認為，正是新的組織架構，在繼承原有組織歷史經驗的基礎上，有效地推動了這些選擇和資源分配。如今，新組織的運作模式，我認為是將資源精準投放到關鍵崗位，從而真正發揮影響力的重要驅動力。

Turning to your question on volume, you're absolutely right. I'll just confirm your feeling there. What was volume? It was minus 0.2 in Q1, minus 0.3 in Q2, but the Q1 number was flatter. We called it out as being somewhere, I think, between 1.5%, 2% negative because we had the benefit of service recovery and pipeline fill in our deodorants business. And also, frankly, we're seeing deals pick up to pre-pandemic levels as people are -- and there was quite a bit of buy in there. So you are seeing sequential volume improvement as you summarized there.

關於您提到的銷售問題，您說得完全正確。我完全同意您的感受。銷量是多少呢？第一季下降了0.2%，第二季下降了0.3%，但第一季的數據相對穩定。我們估計下降幅度在1.5%到2%之間，因為我們的除臭劑業務受益於服務恢復和銷售管道的補充。坦白說，隨著人們的消費水平回升，我們看到交易量也正在恢復到疫情前的水平——而且這方面確實有很多需求。所以正如您總結的那樣，銷量正在環比改善。

In terms of our guidance and where that sits within that, we basically view it as setting a floor of 5%. We've tried to architect it off our 3% to 5% long-term range, and we're saying that we're comfortable, well, at least be there as a floor. Please don't read into it that, mathematically, we think the second half is going to fall off a cliff because we don't think it will, but we just wanted to basically set a floor there. And as we said, there is still quite a bit of uncertainty and volatility around the sort of pricing and volume dynamic, and that's maybe the reason for setting a floor rather than giving a more precise number for you there.

就我們的指引以及它在整個預測體系中的位置而言，我們基本上將其視為設定5%的下限。我們嘗試根據3%至5%的長期成長區間來建構此一下限，我們認為至少可以接受這個下限。請不要誤解，我們並非認為下半年業績會斷崖式下跌，因為我們並不這麼認為，我們只是想設定一個下限。正如我們所說，價格和銷售動態方面仍然存在相當大的不確定性和波動性，這或許就是我們設定下限而不是給出更精確數字的原因。

In terms of North America and Prestige Beauty and Health & Wellbeing, I'm not going to give you the specific growth rates for those businesses. But I'm going to -- I do want to size them for you. So both of these businesses are now big-scale businesses, and they're growing very, very quickly. So it's hard to estimate where to finish the year. But my rough mathematics take me to around about EUR 3.5 billion of business. So this is a significant business when you think of it in terms of the size of our Ice Cream business, for example. It's nearly half the size of Ice Cream now in Prestige Beauty and Health & Wellbeing. So scale businesses. 80% of those businesses are in the United States, 20% of our U.S. business now is those businesses and 25% of our Beauty & Wellbeing business is those businesses. So I'm giving you a lot of data points to triangulate on here. Those 2 businesses are growing in the high teens and have done so for the last 10 quarters on volume. So without giving you the precise data, hopefully, you'll be able to work it backwards from there.

就北美和高端美妝及健康養生業務而言，我不會給予具體的成長率。但我會大致估算一下它們的規模。這兩個業務現在都是規模龐大的，而且成長速度非常快。因此，很難預測今年的最終業績。但我粗略估算了一下，業務規模大約在35億歐元左右。考慮到我們冰淇淋業務的規模，這確實是一個相當大的數字。高端美妝及健康養生業務的規模幾乎是冰淇淋業務的一半。所以，這些業務規模相當可觀。其中80%的業務位於美國，占我們美國業務的20%，占我們美妝養生業務的25%。我在這裡提供了很多數據點供大家參考。這兩家業務的銷售成長率都達到了兩位數以上，並且在過去10個季度都保持了這一成長勢頭。所以，雖然我不能提供精確的數據，但希望你能從中反推出來。

Okay. Thanks, Celine. Let's go straight to Guillaume Delmas at UBS for our next question. Go ahead, Guillaume.

好的，謝謝席琳。接下來我們直接請瑞銀的紀堯姆·德爾馬回答下一個問題。紀堯姆，請開始吧。

A couple of questions for me, please. The first one for Hein. I mean still very early days, but based on your initial impressions, would it be fair to assume that from a strategy standpoint, we should be expecting more of a evolution rather than a revolution to be announced at the end of October? So in other words, maybe new areas of focus, greater emphasis on superiority, but no drastic changes but from a portfolio standpoint or even a cost structure standpoint.

請容許我問幾個問題。第一個問題問海因。我的意思是，現在還處於非常早期的階段，但根據你的初步印象，從戰略角度來看，我們是否可以合理地假設，10月底宣布的戰略調整更像是漸進式的演變，而不是革命性的變革？換句話說，或許會專注於新的領域，更強調優勢，但不會有劇烈的變化，無論是從產品組合或成本結構的角度來看。

And then my second question for Graeme is on the consumer environment. Because, Graeme, you highlighted many pockets of weaknesses in India, Brazil, North America, Europe with changes in consumer behavior. Do you expect these trends to accelerate going forward? And if so, under this scenario, what do you think Unilever should do? I mean is it about investing in price competitiveness? Is it launching more affordable offerings? So any color on that would be helpful.

我的第二個問題是關於消費者環境的。格雷姆，你之前提到印度、巴西、北美和歐洲等地消費者行為的變化，這些地區有許多弱點。你認為這些趨勢未來會加速嗎？如果會，在這種情況下，你認為聯合利華該怎麼做？是應該加大投入提升價格競爭力嗎？還是應該推出更多價格親民的產品？你對此的任何見解都將不勝感激。

Thank you, Guillaume, and I'll take the first question. As you said, the second one more for Graeme. Look, I don't -- I think on your question for what to expect in October, as you say, I mean, it's a relatively short period of time, but I'm keen to share my observations at the end of October of my induction period as well as a number of steps going forward. And at this point, I don't want to jump yet to any conclusions, but I'm in the process of formulating my considered views as I get to know the business.

謝謝你，Guillaume，我先回答第一個問題。正如你所說，第二個問題更適合Graeme。你看，關於你問的十月份的預期，正如你所說，時間確實比較短，但我很想在十月底分享一下我入職培訓期間的觀察，以及接下來的一些計劃。目前，我不想妄下結論，但我正在逐步了解公司業務，並在過程中形成自己深思熟慮的觀點。

Now does that all mean that things will just stay the same? I think in my opening speech, I've also said, look, there are some very important and strong fundamentals in the company that I truly believe in. And actually, these are the reasons to join Unilever. But at the same time, I believe there are opportunities to unlock more potential and to step up our performance, and that's something that we all recognize that is needed. And I've given you some flavor of where that's going to go, and I'm really keen to elaborate on that by the end of quarter 3 or so. So I don't want to comment yet on evolution versus revolution. And even then, that will all be quite relative. So I mean for some people, small steps are quite revolutionary already and vice versa. Graeme, on the second question.

那麼，這一切是否意味著一切都將維持現狀？我在開場白中也提到過，公司擁有一些非常重要且穩固的基本面，我對此深信不疑。事實上，這些正是我加入聯合利華的原因。但同時，我相信我們有機會釋放更多潛力，提升業績，而這一點我們都認同。我已經向大家簡要介紹了未來的發展方向，我非常期待在第三季末左右詳細闡述。因此，我現在不想評論「漸進式發展」與「革命性變革」的差異。即便如此，這些也都是相對的。我的意思是，對某些人來說，小小的進步就已經具有革命性意義，反之亦然。格雷姆，關於第二個問題。

Yes. I did call out -- when I look back on it, I did call out the weak points vis-à-vis the consumer and where the consumer is shifting to. I was doing that really in the context to give you some color on the drop in percent business winning. I think if you go through on the playback and have a look at the comments I made about the consumer environment in some of our key markets in Brazil, in Southeast Asia, in China, in North America, et cetera, and in India, you can see some reasons for positivity. I think in many parts of the very broad Unilever footprint, we're getting through the hump of the inflationary dynamics and consumer pressures now. Things are generally starting to uptick. Consumers have traded down a little bit. They're buying a little bit less.

是的。回想起來，我確實指出了我們在消費者方面的弱點以及消費者行為的轉變方向。我當時這麼做，主要是為了讓大家更清楚了解業務成功率下降的原因。我認為，如果你回看當時的講話，看看我對我們在巴西、東南亞、中國、北美等主要市場以及印度的消費環境的評論，你會發現一些積極的因素。我認為在聯合利華龐大的商業版圖上的許多地區，我們現在已經度過了通膨和消費壓力的困難。情況整體開始好轉。消費者的消費水準下降，購買量也略有減少。

But what does that mean for Unilever? It means that -- and I think we've managed this inflation price/volume competitiveness dynamic reasonably well so far. I think that we need to be patient, and we need to stay the course. And we need to be careful because we talked a lot about the careful balances, the responsibility we have with pricing, how we try and titrate it in great detail. I think we need to continue to do that. If I talk about 2 specific examples that I did mention on the call, if you take the example of India tea, we don't play in the point where the market has moved to. We play in the branded loose tea category. The consumer has moved because of pricing into the unbranded category. All evidence we have shows that as soon as the consumer has a little bit more money to spend, they come back into the branded space. And in that branded space against our eyeball competitor, we're winning. We're just not present really in the point, nor do we want to be present in the place where the growth has gone within the category.

但這對聯合利華意味著什麼呢？這意味著——我認為到目前為止，我們對通膨、價格/銷售競爭的動態平衡處理得相當不錯。我認為我們需要保持耐心，堅持既定方針。我們需要謹慎行事，因為我們之前多次談到了謹慎的平衡，以及我們在定價方面所承擔的責任，以及我們如何細緻地調整定價。我認為我們需要繼續這樣做。如果我談談我在電話會議上提到的兩個具體例子，以印度茶為例，我們並沒有涉足市場已經轉移的那個領域。我們專注於品牌散裝茶品類。由於價格因素，消費者轉向了非品牌茶類別。我們掌握的所有證據都表明，一旦消費者手邊寬裕一些，他們就會重新回到品牌茶市場。在品牌茶領域，我們與我們的「眼球效應」競爭對手相比，處於領先地位。我們只是沒有真正進入市場成長的那個領域，也不想進入這個品類成長已經轉移的領域。

It's the same story in Brazil fabric cleaning. We -- our strategy in Brazil fabric cleaning is to win decisively in tier 1 and tier 2 pricing through the OMO brand to defend subject to reasonable profitability in Tier 3. That's with the Brilhante brand and a couple of other brands, but not be present in Tier 4 because we just don't like the profitability and the low quality of the products.

巴西的織物清洗市場也是如此。我們在巴西的織物清洗策略是透過奧妙（OMO）品牌在一線和二線市場取得決定性優勢，並在三線市場（包括百麗晶（Brilhante）和其他幾個品牌）保持合理的盈利能力，但我們不會涉足四線市場，因為我們對那裡的利潤率和產品質量都不滿意。

And again, you know the strength of our OMO brand in Brazil. Our reaction to that is to make the OMO brand more affordable. So we are doing a lot of activity right now around dilutable products for OMO, which are very price competitive but, of course, require the consumer to buy a concentrate and dilute at home in liquid fabric cleaning. But that's -- and also to continue investing heavily behind the brand. So we remind the consumer that OMO is still there. And again, in both of those cases, I think we will see -- as the consumer moves back up into the tier 1, tier 2, tier 3 space, we'll see a recovery into where we're more present in those cases.

再次強調，您也了解我們在巴西的OMO品牌實力。為此，我們採取的因應措施是降低OMO品牌的價格。目前，我們正在大力推廣OMO的稀釋型產品，這些產品價格極具競爭力，但需要消費者購買濃縮液，並在家中將其稀釋到液體洗滌劑中。此外，我們也將持續增加對品牌的投入，讓消費者知道OMO依然存在。我認為，隨著消費者重新回到第一線、二線、三線消費市場，我們在這些市場中的份額將會回升。

Thanks, Graeme. Okay. Thanks, Guillaume. Quickly to Tom Sykes at Deutsche Bank. Tom, your question?

謝謝，格雷姆。好的。謝謝，紀堯姆。請盡快聯絡德意志銀行的湯姆‧賽克斯。湯姆，你的問題是什麼？

Yes. So I wondered if it's possible just to be clear on the split between volume and mix within the UVG number at all, please, especially given that you stated that gross margin improvement has been driven by mix. Have you seen at all any deterioration in the volume element of UVG Q1 to Q2 offset by an improvement in the mix component of that, please?

是的。所以我想請教一下，能否更清楚地說明UVG數據中銷量和產品組合的具體組成，特別是考慮到您提到毛利率的提升是由產品組合驅動的。您是否觀察到UVG第一季到第二季銷售部分有任何下滑，但被產品組合部分的改善所抵銷？

And then just on the depreciation to sales, which I think was about 35 basis points lower. How much of that is due to acquisitions and disposals, please? And what is the right D&A number? And I guess if operating margin is moderately up, do you think the EBITDA margin will also be up, please?

然後是折舊與銷售額之比，我認為下降了大約35個基點。請問其中有多少是因為收購和處置造成的？折舊與攤提的正確數字是多少？我想，如果營業利潤率略有上升，您認為EBITDA利潤率也會上升嗎？

Thank you, Tom, for both questions, the split between volume and mix. And second question on depreciation to sales and related to M&A effect. Graeme, on the volume mix, please?

湯姆，謝謝你提出的兩個問題，第一個問題是關於銷售和產品組合的劃分。第二個問題是關於折舊對銷售額的影響以及併購的影響。格雷姆，請你談談銷售和產品組合的問題？

I'll do my best here, Tom. It might not be everything you're looking for. But on the -- so there's 2 different mix dynamics. You talked about the mix contribution within our underlying volume growth measure. We don't give the split of that, but rest assured that we are very much focused on what we call maxing the mix within our activity system. The -- it comes through premiumization, which is a constant strategic theme across all 5 business groups. It comes from the portfolio changes we've made. And a good example of that is the first half activity with the exit of the value brand, Suave, in North America and the acquisition of a premium position in Ice Cream. And all of that means that mix is a contributor to our UVG number, and it's a key focal point for us.

湯姆，我會盡力解釋清楚。這可能並非你想要的所有資訊。關於這一點——這裡存在著兩種不同的組合動態。你提到了組合對我們整體銷售成長指標的貢獻。我們沒有公佈具體比例，但請放心，我們非常注重在我們的業務體系內實現所謂的「組合最大化」。這主要體現在高端化策略上，而高端化是我們所有五大業務集團的持續策略主題。它源自於我們所做的產品組合調整。一個很好的例子是上半年我們在北美市場退出了平價品牌Suave，並在冰淇淋領域獲得了高端定位。所有這些都意味著組合對我們的整體銷售成長指標（UVG）有所貢獻，並且是我們關注的重點。

The second bit is the mix component within gross margin, which is slightly different. The first one, the UVG number, is more the sort of value density of the products that you're selling and the second one in gross margin is more around the actual mix of products that you're selling. And again, good mix contribution in gross margin in the first half. I think it was 70 basis points, something along those lines with another contribution of about 50 or 60 from, again, acquisition and disposal activity. So the gross margin performance of 30 basis points forward motion in the first half is pricing and cost don't cover each other yet, the contribution came from driving mix through the gross margin line.

第二點是毛利率中的產品組合組成，和第一點略有不同。第一點，即UVG（單位價值毛利率），更多地反映了你所售產品的價值密度，而第二點，即毛利率中的產品組合構成，則更多地反映了你所售產品的實際構成。同樣，上半年毛利率的組成構成貢獻良好。我記得是70個基點左右，另外還有大約50到60個基點的貢獻來自收購和處置活動。因此，上半年毛利率成長30個基點，是因為定價和成本尚未完全抵消，這部分貢獻主要來自毛利率組成調整。

On -- I'm a bit stumped on the depreciation sales. I lost you a little bit, Tom, but let me try and do my best with it. I think we're in a steady state when it comes to depreciation and amortization assumptions right now. We expect that we will have CapEx of 3% for the year, but that should put us in a steady-state position. There are no funny setting in terms of depreciation or amortization if you're trying to back into an EBITDA number for us.

關於折舊銷售額，我有點搞不清楚。湯姆，我剛才有點兒沒聽懂，不過我會盡力解釋清楚。我認為目前我們在折舊和攤銷假設方面處於穩定狀態。我們預期今年的資本支出將佔總支出的3%，但這應該能讓我們處於穩定狀態。如果你想幫我們反推EBITDA，折舊和攤提方面沒有什麼特殊設定。

Okay. Thank you. We'll just squeeze in one last question. We're kind of out of time. I know Hein and Graeme have got another call to go to. So Alicia Forry at Investec. Alicia, would you like to come with the last question?

好的，謝謝。我們再擠出最後一個問題吧，時間有點緊了。我知道海因和格雷姆還有另一通電話要接。那麼，Investec的艾莉西亞·福里，艾莉西亞，你來回答最後一個問題好嗎？

Yes. I'll do the one question. I wonder if we could talk a little bit more about your comments about the softening consumer in the U.S., which is your biggest market. We're hearing noises about retailer destocking there and, of course, there's some resilient economic data coming out. So I just wonder if we could really dig into whether it is -- some underlying softness there, if there's some temporary issues. Just anything you're able to share on that market would be very helpful.

好的，我只問一個問題。我想請您再詳細談談您之前提到的美國消費者購買力疲軟的問題，畢竟美國是你們最大的市場。我們聽說零售商正在減少庫存，當然，也有一些經濟數據顯示市場表現強勁。所以我想請您深入探討一下，這究竟是市場潛在疲軟，還是存在一些暫時性的問題。您能分享的任何關於美國市場的資訊都將對我們非常有幫助。

Graeme, can you talk a little bit more about the -- one of the comments made earlier on the softening consumer sentiment in the U.S.?

格雷姆，你能再詳細談談先前提到的美國消費者信心疲軟的問題嗎？

I will, Hein. The -- a couple of comments that I picked up from our business reviews this quarter and then a little bit of detail around the U.S. consumer. Consumer spending, we see as being resilient. But we are cognizant there's been a very rapid drop in excess savings, which were largely a consequence of the pandemic support, of course. And by our measure, they've gone from a peak of about $2.1 trillion to around about $0.5 trillion now, so -- sorry, $0.5 billion now, so -- $0.5 trillion, rather. So that's a factor. We're still factoring in the potential for a mild recession in Q4 or maybe Q1 of '24. We think we've got quite a well-positioned portfolio for recession, but we do need to watch out in our Ice Creams and our Dressings portfolio.

好的，海因。 ——我從本季的商業回顧中總結了一些看法，然後簡單談談美國消費者的情況。我們認為消費者支出具有韌性。但我們也意​​識到，超額儲蓄出現了非常迅速的下降，這當然主要是疫情期間政府支持措施的結果。據我們統計，超額儲蓄已從約2.1兆美元的高峰降至目前的約0.5兆美元，——抱歉，應該是0.5兆美元。所以這是一個需要考慮的因素。我們仍在考慮2024年第四季或2024年第一季可能出現輕度衰退的可能性。我們認為我們的投資組合已經為應對衰退做好了充分的準備，但我們確實需要密切關注冰淇淋和調味品業務。

Inflation continues to be -- it's the lowest annual rate, 4% in May, so it's dropping. But it is a significant contributor to relatively poor consumer sentiment. And we still see a very strong labor market, powering overall spending. What does that mean for the consumer? We're seeing a tick up in volume on deal in the U.S. We're seeing some cutback in consumer volume or discretionary spend. Private label continues to make small share gains in the U.S., small relative to Europe, but that's particularly felt by us in Ice Cream and in Dressings. And Ice Cream, consumers are trading down and there's relatively high price elasticity around that. So I'm not really seeing any evidence of destocking across our portfolio. We also read those comments, and we go looking for it within our business but we're not really seeing anything across our categories, Alicia.

通膨持續走低－5月的年化通膨率為4%，處於歷史低點。但它仍然是導致消費者信心相對低迷的重要因素。同時，我們仍然看到強勁的勞動市場，支撐著整體消費。這對消費者意味著什麼？我們看到美國市場的促銷活動銷售量略有上升。消費者購買量或非必需品支出減少。自有品牌在美國的市場份額持續小幅增長，雖然相對於歐洲而言增幅不大，但我們在冰淇淋和調味品方面感受到了這一點。冰淇淋方面，消費者正在降低消費檔次，冰淇淋的價格彈性也相對較高。因此，我並沒有看到我們產品組合中出現任何去庫存的跡象。我們也看到了這些評論，並在公司內部進行調查，但我們並沒有在各個品類中看到任何類似情況，艾莉西亞。

Thank you, Graeme. I think that sort of summarizes the morning session. Thanks, everyone, at least from my side to -- for dialing in and obviously asking questions and the interest in the company. So in the next couple of weeks, we will be rolling up our sleeves, I will be rolling up my sleeves, to work on the plans. Looking forward to reconnect, obviously, in October. And as I said, I feel the company has good fundamentals, but at the same time, there is lots to do. There's always lots to do. And I'm very eager to get going on that. I'm looking forward to meet with many of you, obviously, in the future. But until then, I wish you a good summer. And back to you, Richard.

謝謝你，格雷姆。我想這大致上概括了上午的會議內容。感謝各位，至少我個人要感謝大家撥入電話，感謝大家提出問題，感謝大家對公司的關注。接下來的幾週，我們將擼起袖子加油乾，我也會擼起袖子，著手製定計畫。當然，期待十月能與大家再次相聚。正如我所說，我認為公司基本上面良好，但同時，也有很多工作要做。總是有很多事情要做。我非常渴望著手處理這些工作。當然，我期待著將來與大家見面。在此之前，祝大家有個美好的夏天。理查德，把麥克風交給你。

Okay. Thank you. So we'll bring the call to a close. Thank you, everybody, for your questions. We didn't quite get through everybody. So if you got further questions, please e-mail the IR team, and we'll set us up a time to speak to you this morning. Thanks for the questions. Thank you, Hein. Thank you, Graeme. And enjoy the rest of the day, everybody.

好的，謝謝。那麼，今天的電話會議就到此結束了。感謝大家的提問。我們沒能一一解答所有人的問題。如果您還有其他問題，請發送電子郵件給投資者關係團隊，我們會安排時間在今天上午與您溝通。感謝大家的提問。謝謝海因，謝謝格雷姆。祝大家今天剩下的時間愉快。

Thanks, everybody. Bye-bye.

謝謝大家。再見。

This now concludes today's call. Thank you all for joining, and have a nice day.

今天的電話會議到此結束。感謝各位的參與，祝您愉快。