聯合利華 (UL) 2017 Q2 法說會逐字稿

We're about to hand the call over to Unilever to begin the conference call. (Operator Instructions)

我們即將把電話交給聯合利華，開始電話會議。（操作說明）

We will now hand over to Andrew Stephen.

現在我們將把麥克風交給安德魯史蒂芬。

And welcome to Unilever's Half Year Results Presentation, which will be given in the usual way by Paul and Graeme. Paul will give the headlines of the first half performance and talk about connected -- how Connected 4 Growth is building more agility and resilience into our business. Graeme will cover the results in a bit more detail, and Paul will wrap up. We'll leave plenty of time for Q&A.

歡迎參加聯合利華半年業績發表會，本次發表會將由保羅和格雷姆以慣常的方式進行。Paul 將介紹上半年業績的重點，並談論互聯互通——「互聯互通促進成長」如何為我們的業務建立更大的敏捷性和韌性。格雷姆將更詳細地介紹結果，保羅將作總結。我們會預留充足的時間進行問答環節。

As usual, I draw your attention to the disclaimer relating to forward-looking statements and non-GAAP measures.

照例，我提請您注意有關前瞻性陳述和非GAAP指標的免責聲明。

And with that, I'll hand over to Paul.

接下來，我將把麥克風交給保羅。

Well, thank you, Andrew, and good morning, everybody. The first half results demonstrate again good progress against the objectives we have set out. We are building on the past 8 years of consistent and competitive growth in both top and bottom line and the investments we've made over this time consistently.

謝謝你，安德魯，大家早安。上半年的成績再次表明，我們在實現既定目標方面取得了良好進展。我們正以過去 8 年在營收和利潤方面持續穩定的成長以及我們在此期間持續進行的投資為基礎，繼續發展壯大。

The Connected 4 Growth program, which we announced last year, is now accelerating this performance. It is making Unilever simpler, more agile and more connected. It means we can bring better innovations to market faster, both globally and indeed at local level. This is driving continued growth ahead of our markets, which we see as the best way of delivering long-term shareholder value.

我們去年宣布的「互聯互通促進成長」計劃，現在正在加速這一進程。它使聯合利華變得更簡單、更靈活、更緊密聯繫。這意味著我們可以更快地將更好的創新產品推向市場，無論是在全球範圍內還是在本地層面。這推動了我們持續超越市場平均的成長，我們認為這是實現股東長期價值的最佳途徑。

At the same time, the savings programs, which are an integral part of Connected 4 Growth, enable us to accelerate our margin expansion. The savings programs are delivering faster than planned, allowing for a higher level of reinvestment going forward.

同時，作為「互聯互通促進成長」計劃不可或缺的一部分的儲蓄計劃，使我們能夠加快利潤率的擴張。儲蓄計劃的成效比預期更快，從而可以實現更高水準的再投資。

In essence, our business model is one of investment-led growth ahead of the market. It is a model of delivering compounded returns on investment for shareholders. This is evidenced by sustainable, attractive and growing dividends over the long term.

從本質上講，我們的商業模式是以投資為導向，領先於市場實現成長。它是一種為股東帶來複利投資回報的模式。長期來看，可持續、有吸引力且不斷增長的股息就證明了這一點。

Before we look at the results for the first half, let's start with the market context. And as you will expect, it's a mixed picture. For the time being, our markets are still subdued, growing at only above 2% in total. Looking ahead, there are some positive signals at the macroeconomic level. Whilst there are a few notable exceptions like Turkey or Egypt, currencies in emerging markets have mostly been stable or even, in some cases, strengthening.

在查看上半年業績之前，讓我們先來了解市場背景。正如你所預料的那樣，情況喜憂參半。目前，我們的市場依然低迷，整體成長率僅略高於 2%。展望未來，宏觀經濟層面出現了一些正面訊號。雖然土耳其或埃及等少數國家是個例外，但新興市場貨幣大多保持穩定，甚至在某些情況下有所走強。

In the short term, we are seeing the benefit of this in the positive currency effect on our first half results. More importantly, though, over this time, we should relieve some of the pressure on the billions of people who have had disposable income squeezed by these higher costs. It will take a while for this to work through to the improved demand for our categories, but in due course, we should see the return to healthy growth rates in emerging markets, which, as you will agree with me, is now well overdue.

短期來看，我們已經看到匯率對我們上半年業績的正面影響。但更重要的是，在此期間，我們應該減輕數十億人因生活成本上漲而導致可支配收入減少的壓力。這需要一段時間才能轉化為對我們產品類別需求的改善，但遲早我們會看到新興市場恢復健康的成長率，正如您和我一樣，這早就應該發生了。

In the short term, there have been some significant disruptions in a number of markets. Political uncertainty is high in several countries, which is hampering their recoveries. This is particularly so in Brazil, where the trade has reacted to a contracting demand by reducing stock. In India, the welcomed introduction of the new goods and services tax prompted distributors and wholesalers to cut back their stock during the transition period. And in Indonesia, we've seen changes in the festive calendar that led to a few less shipping days.

短期內，許多市場都出現了一些重大波動。多個國家的政治不確定性很高，這阻礙了它們的經濟復甦。這種情況在巴西尤為突出，由於需求萎縮，貿易商減少了庫存。在印度，新商品和服務稅的推出受到了歡迎，促使分銷商和批發商在過渡期內減少了庫存。在印度尼西亞，我們看到節日日程發生了變化，導致發貨天數減少了一些。

Volatility such as this are likely to be the norm for the time being. This is exactly why Connected 4 Growth is landing not a day too soon. It makes our business more resilient and better able to continue to deliver profitable growth despite these challenging market conditions.

這種波動在短期內可能成為常態。這正是 Connected 4 Growth 的推出恰逢其時的原因。這使我們的業務更具韌性，並能夠在這些充滿挑戰的市場環境下繼續實現獲利成長。

With that context, let's first turn to the results for the first half of the year. Underlying sales growth grew 3%, which was again ahead of our markets. All of our categories and all of our subcategories, except for spreads, showed growth. Excluding spreads, underlying sales growth was 3.4%.

在了解了這些背景之後，我們先來看看上半年的業績。基礎銷售額成長了 3%，再次領先市場平均。除了塗抹醬之外，我們所有的類別和所有子類別都實現了成長。剔除價差後，基礎銷售額成長3.4%。

Our savings programs are running ahead of plan as we have accelerated key initiatives of what we call now 5-S in the supply chain, ZBB and the Connected 4 Growth organizational changes. Together, they're actually delivering more than EUR 1 billion of savings in the first half of the year alone.

我們的節約計劃進展順利，超前於計劃，因為我們加快了供應鏈中我們稱之為 5S 的關鍵舉措、零基預算 (ZBB) 以及「互聯互通促進增長」的組織變革。光是今年上半年，他們就共同實現了超過 10 億歐元的節省。

Underlying operating margin was up by 180 basis points after a reinvestment of about half of the gross savings generated. The accelerated delivery of savings will allow a higher level of reinvestment, particularly in brands and marketing in the second half of the year. This will support an innovation plan, which is somewhat back-weighted this year, particularly in Personal Care.

將大約一半的毛節省額進行再投資後，基本營業利潤率提高了 180 個基點。加速實現節約將使資金能夠進行更高水準的再投資，尤其是在下半年的品牌和行銷方面。這將支持一項創新計劃，該計劃今年的重點有所放寬，尤其是在個人護理領域。

If you look at underlying earnings per share, they grew at a strong 14%. Free cash flow at EUR 1.4 billion was EUR 600 million higher than in the first half of last year, even after a one-off injection of EUR 600 million into our pension fund.

如果看每股基本收益，其成長幅度高達 14%。即使在向退休基金一次性注資 6 億歐元之後，自由現金流仍達到 14 億歐元，比去年上半年高出 6 億歐元。

Sustained, competitive growth obviously depends on the quality of our brands and innovations. The Connected 4 Growth program once more is a key enabler here. The new country category business teams, or CCBTs as we now call them, are all fully up and running. They are cross-functional teams charged with the delivery of business results. They take the innovations from the global team and land them in the marketplace. But they are also now empowered and provided with resources to develop local innovations with speed without going through the lengthy process of internal approvals from global teams.

持續的、具競爭力的成長顯然取決於我們品牌和創新的品質。「互聯互通促進成長」計畫再次成為關鍵推動因素。新成立的國家類別業務團隊（我們現在稱之為 CCBT）已經全面投入營運。他們是負責交付業務成果的跨職能團隊。他們將全球團隊的創新成果推向市場。但現在他們也被賦予了權力，並獲得了資源，可以快速開發本地創新，而無需經過全球團隊冗長的內部審批流程。

In a nutshell, this means that we can both be more global and more local. This gives us more frontline focus, with more of our resources and activities closer to the market where customers live and where trends all develop from. Where these trends have regional or global relevance, the global category teams develop interfaces, but in a more focused way so that we can scale them faster. So far this year, we've actually reduced the number of global projects by around 10%, but at the same time increased the average size of those projects by over 20%. Meanwhile, the local teams, empowered and provided with resources to develop local innovations with speed, have increased the number of local launches by 25% already this year alone.

簡而言之，這意味著我們可以既具有全球視野，又具有本土視野。這使我們能夠更加專注於第一線業務，將更多資源和活動投入到更貼近客戶所在市場和所有趨勢發展的地方。如果這些趨勢具有區域或全球相關性，全球品類團隊會開發介面，但會以更集中的方式進行，以便我們可以更快地擴大規模。今年到目前為止，我們實際上已經將全球專案數量減少了約 10%，但與此同時，這些專案的平均規模增加了 20% 以上。同時，本地團隊獲得了授權和資源，可以快速開發本地創新產品，光是今年，本地產品發布數量就增加了 25%。

We have just completed detailed reviews with each of our categories and clusters as part of our strategy reviews, and it is clear that our innovation plans have never been stronger. Our global innovations have more differentiated technologies. We're also starting to step up again our expansions into white spaces, and we are now more agile and better able to meet the local trends more quickly.

作為策略審查的一部分，我們剛剛完成了對每個類別和集群的詳細審查，很明顯，我們的創新計劃從未如此強大。我們的全球創新擁有更多差異化技術。我們也開始再次加強拓展空白領域，現在我們更靈活，能夠更快地適應當地趨勢。

Let's just look at a few examples of what is already landing in the marketplace. I don't think it's an exaggeration to say that our new Persil Powergems represents the kind of innovation that comes once in a decade. It's the first laundry detergent made with 100% active ingredients that makes it twice as concentrated as a powder with less chemicals to get the triple power of stain removal, care and freshness.

讓我們來看幾個已經推出市場的例子。毫不誇張地說，我們新推出的 Persil Powergems 代表了十年一遇的創新。這是第一款採用 100% 活性成分製成的洗衣液，其濃度是普通洗衣粉的兩倍，化學成分更少，從而達到去污、護理和清新三重功效。

Signal Enamel Repair toothpaste takes our unique new mineral technology, which we originally introduced at a superpremium price point in a product called REGENERATE, and it applies it now for the first time to one of our mass brands at a very affordable price.

Signal 琺瑯質修復牙膏採用了我們獨特的全新礦物技術，該技術最初以超高端價格應用於名為 REGENERATE 的產品中，現在首次將其應用於我們的大眾品牌之一，價格非常實惠。

And then you have Magnum Double, I know we all like that one, using double-dipping technology to create a sensuous double layer that now includes new raspberry and coconut flavors.

還有 Magnum Double，我知道我們都喜歡它，它採用雙層蘸料技術，打造出令人愉悅的雙層口感，現在還加入了新的覆盆子和椰子口味。

All of our categories are planning significant whitespace expansions, too. Whilst I won't share the details of our future plans, as you can understand, you can see here a few examples of launches which are actually happening now. The Hijab Fresh is an example of an entirely new brand. Now launched in Indonesia, it provides a solution to the specific needs of Muslim consumers brought to life in a very local way.

我們所有類別也都計劃大幅擴展空白區域。雖然我不會透露我們未來計劃的細節，但正如您所理解的，您可以在這裡看到一些目前正在進行的發布會的例子。Hijab Fresh 就是全新品牌的例子。該產品現已在印尼推出，以非常本土化的方式滿足了穆斯林消費者的特定需求。

You have Baby Dove; it's an example of entering a new segment. It was first introduced in Brazil 3 years ago and is now in 19 markets, with the U.S. and the U.K. amongst the most recent launches.

你們有嬰兒多芬品牌；這就是進入新細分市場的例子。該產品於 3 年前首次在巴西推出，目前已進入 19 個市場，其中美國和英國是最近推出的市場。

We're also just now introducing Omo into Iran, an example of taking one of our established brands into a new country.

我們現在也正在將 Omo 引入伊朗，這是我們將旗下一個成熟品牌引入新國家的例子。

And we continue to extend acquired brands as well. Examples would be TRESemmé that has just entered 25 new markets since we acquired it 7 years ago and actually is now entering China. Dermalogica would be another one that is entering China. We're also introducing Grom ice cream into the in-home market for the first time, an example, in this case, of entering a new channel.

我們也會繼續拓展收購的品牌。例如，自我們 7 年前收購 TRESemmé 以來，該品牌已進入 25 個新市場，現在正進軍中國市場。Dermalogica是另一個即將進入中國市場的品牌。我們也首次將 Grom 冰淇淋引入家庭市場，這就是進入新通路的一個例子。

Here, you can see a few examples of the many initiatives in the markets that show you the greater local agility for the Connected 4 Growth program and what that is really bringing to us. Take Lux Botanifique, developed by the local team. It takes Lux into the premium natural segment in Japan, already available online and the full launch is next month. Or take Breyers Delight in the U.S., low in calories, high in proteins and priced as a superpremium brand, launched at an accelerated pace to hit the summer season in the U.S.

在這裡，您可以看到一些市場中眾多舉措的例子，這些舉措向您展示了「互聯互通促進成長」計劃更大的在地化靈活性，以及​​它真正為我們帶來的成果。以當地團隊開發的 Lux Botanifique 為例。這使得力士（Lux）正式進軍日本高端天然產品市場，目前已在線上銷售，並將於下個月全面上市。再例如美國的 Breyers Delight，它低卡路里、高蛋白，定價為超高端品牌，並以加速的速度推出，以趕上美國的夏季銷售旺季。

In Thailand, the country ended a year-long mourning period following the death of their beloved king. And within 2 months, our local CCBTs had launched a new laundry detergent to help people wash the black clothes that they are now wearing.

在泰國，全國結束了長達一年的哀悼期，悼念他們敬愛的國王的逝世。不到兩個月，我們當地的CCBT就推出了新的洗衣液，幫助人們清洗他們現在穿的黑色衣服。

In Italy, the local foods team introduced a natural liquids bouillon under the Knorr brand, taking the idea to launch in just 4 months, working with third parties to develop and manufacture it.

在義大利，當地食品團隊推出了 Knorr 品牌的天然液體肉湯，僅用了 4 個月就將這個想法付諸實踐，並與第三方合作進行開發和生產。

In another example, from Italy, the Home Care CCBT launched a combined spray and mousse under the Cif brand, responding rapidly to local competitive developments, working closely with the global team on the digital advertising.

再舉一個例子，來自義大利的 Home Care CCBT 推出了 Cif 品牌的噴霧和慕斯組合產品，迅速應對當地競爭的發展，並與全球團隊密切合作進行數位廣告。

And finally, Dove Sakura, a seasonal limited edition in China, taken from idea to launch in just 5 months. This is a different Unilever. And as I say, these are just a few examples.

最後是多芬櫻花，這是一款在中國推出的季節性限定版香水，從構思到上市僅花了 5 個月。這是另一家聯合利華公司。正如我所說，這些只是幾個例子。

Alongside innovation, we've been developing our portfolio through M&A as well. Acquisition can often be faster and more secure routes to developing a new segment or channel than doing it organically. Recent acquisitions like Dollar Shave Club, Seventh Generation, Blue Air, Sir Kensington's, Living Proof and Hourglass are all examples of this.

除了創新之外，我們還透過併購來拓展我們的產品組合。與自然成長相比，收購通常是開發新細分市場或通路更快、更安全的途徑。近期收購的 Dollar Shave Club、Seventh Generation、Blue Air、Sir Kensington's、Living Proof 和 Hourglass 等品牌都是這方面的例子。

The other kind of acquisition consolidates strengths and scale in our core categories and unlocks access to substantial cost and revenue synergies. A good example is the acquisition of Quala's home and personal care brands in North Latin America, which we announced in May.

另一種收購方式鞏固了我們在核心類別中的優勢和規模，並釋放了巨大的成本和收入綜效。一個很好的例子是我們在 5 月宣布收購 Quala 在北美和拉丁美洲的家居和個人護理品牌。

We will continue to target both kinds of acquisitions, those that extend our presence in new categories, segments or channels and those that bring scale and synergy. And we will continue to do so across our portfolio in Personal Care, Home Care and Food and Refreshments.

我們將繼續追求兩種類型的收購：一種是擴大我們在新類別、細分市場或通路的業務，另一種是帶來規模和綜效的收購。我們將繼續在個人護理、家庭護理以及食品和飲料等業務領域中這樣做。

As well as having a good strategic fit, acquisitions must meet our strict financial criteria, and I think we have a good discipline and, certainly, track record of delivery. A review of the acquisitions we made between 2009 and 2015 showed that well over 80% of the investments we've made is either in line with or ahead of the original business case. Furthermore, recent acquisitions, those made during the last 12 months, it's obviously too early to make a full financial assessment, but I'm also encouraged to see them grow and grow in the aggregate at more than 20% in the first half year. These will start to contribute to underlying sales growth as we, obviously, anniversary them.

除了具有良好的策略契合度外，收購還必須符合我們嚴格的財務標準，我認為我們在這方面有著良好的紀律，而且肯定有良好的業績記錄。對我們 2009 年至 2015 年間進行的收購進行回顧發現，超過 80% 的投資要么符合最初的商業計劃，要么超出了最初的商業計劃。此外，對於最近 12 個月內進行的收購，現在進行全面的財務評估顯然還為時過早，但我很高興地看到它們在第一半年整體成長超過 20%。隨著週年紀念日的臨近，這些產品顯然會開始對潛在的銷售成長做出貢獻。

The final aspect of Connected 4 Growth that I want to talk about is how we are building our presence in new channels. Some of this is through acquisition, as I've just described, and some of it is organic. It's an important change because we see disruptions everywhere around us, be it in the rapidly growing e-commerce channel or the simultaneous growth of both discounters and premium drugstores or in how and where our people choose to spend their money on treating themselves with more impulse purchases.

我想談談「互聯互通促進成長」的最後一個方面，那就是我們如何在新的管道中建立影響力。其中一些是透過收購實現的，正如我剛才所描述的，而另一些則是自然成長的。這是一個重要的變化，因為我們看到周圍的一切都在變化，無論是快速增長的電子商務管道，還是折扣店和高端藥店的同步增長，亦或是人們選擇在哪里花錢犒勞自己，進行更多衝動消費。

In e-commerce, we now have over 600 people developing our capabilities across the many different models, grocery.com, pure play or direct-to-consumer. And we're introducing more products and formats that are specifically designed for the online sales channel.

在電子商務領域，我們現在有 600 多人致力於開發我們在各種不同模式下的能力，包括食品雜貨網站、純電商或直接面向消費者模式。我們正在推出更多專為線上銷售通路設計的產品和形式。

Our sales through drugstores have been growing at twice the rate of our Personal Care business over the last few years. This has been helped by partnerships with key retailers, channel-specific innovations like [IUs] and our net revenue management program to get the right assortment and price points.

過去幾年，我們透過藥局實現的銷售額成長速度是個人護理業務的兩倍。這得益於與主要零售商的合作、通路特定的創新（如[IU]）以及我們的淨收入管理計劃，以獲得合適的商品組合和價格點。

Our entrance into Prestige has also helped us to build scale and specialized beauty stores like Sephora or ULTA Beauty. We now have 1,300 stores for our ice cream and tea brands, and they are growing around 15% to 20% per annum and helping to build our brands' equities and so underpin our growth of our refreshment unit.

我們進入高端市場也幫助我們擴大了規模，並開設了像 Sephora 或 ULTA Beauty 這樣的專業美妝店。我們現在擁有 1300 家冰淇淋和茶飲品牌門市，這些門市每年增長約 15% 至 20%，這有助於提升我們品牌的資產，從而鞏固我們飲料部門的成長。

With that, let me hand over to Graeme to take us through the results in more detail for the first half of the year. Graeme?

接下來，我將把麥克風交給格雷姆，讓他更詳細地為我們介紹上半年的業績。格雷姆？

Thank you, Paul. Good morning, everyone. Let's start with the first half year performance by category.

謝謝你，保羅。各位早安。讓我們先來看看上半年的各項業績。

All the categories grew, and all of them delivered a significant step up in margin. Personal Care grew 2.6%, with volumes flat. This was against the relatively strong comparator of 5.7% in the first half of last year, which was largely from volume. Our 3 biggest Personal Care brands: Dove, Rexona and Lux; and our largest brand in Prestige, which is Dermalogica, all grew in mid-single digits. However, the trade disruptions taking place in Brazil, India and Indonesia have particularly affected volumes in Personal Care. And it's also in Personal Care that we see the innovation and marketing plan for the year to be most back-weighted. We therefore expect a significant step up in brand and marketing investment in the second half and an acceleration of volumes.

所有類別均實現成長，且所有類別的利潤率均顯著提高。個人護理用品銷售成長2.6%，與上年持平。而去年上半年同期成長率相對較高，為 5.7%，這主要是由於銷售成長所致。我們三大個人護理品牌：多芬、力士和力士；以及我們最大的高端品牌德美樂嘉，都實現了中等個位數的成長。然而，巴西、印度和印尼發生的貿易中斷對個人護理用品的銷售造成了特別大的影響。而且，在個人護理領域，我們看到今年的創新和行銷計畫最為滯後。因此，我們預期下半年品牌和行銷投入將大幅增加，銷售量也將加速成長。

Home Care grew by 3.3%, with volume up by just under 1%. Comfort fabric conditioners continue to grow strongly. And in Brazil, our value brand, Brilhante, is benefiting from consumer down-trading. Foods grew by 0.6%, with volume down 1.7%. Excluding spreads, which declined by 3.7%, underlying sales for Foods were up by 2%. Knorr, our largest brand, grew at 4%, driven by strong growth for cooking products in the emerging markets. This was partly offset by a decline in some of our noncore brands, such as pot noodles in Europe.

家庭護理業務成長了 3.3%，業務量成長了不到 1%。舒適型織物柔軟精市場持續強勁成長。在巴西，我們的平價品牌Brilhante正受惠於消費者降級消費的趨勢。食品業成長了0.6%，但銷量下降了1.7%。在剔除下降 3.7% 的價差後，食品業務的基本銷售額成長了 2%。家樂是我們最大的品牌，成長了 4%，這主要得益於新興市場烹飪產品的強勁成長。部分非核心品牌（例如歐洲的泡麵）的下滑抵消了這一影響。

Refreshment grew by 6.1%. Ice cream was up 7%, driven by innovation behind brands like Ben & Jerry's and Magnum. We've had another strong start to the season in Europe after a good season last year. Tea grew by 5%, driven by the specialty teas, which we've been building within our portfolio. There was a drag to the overall Refreshment growth from the decline in Ades, but this will come out in the numbers in the second half as we completed the disposal at the end of the first quarter.

茶飲銷量成長了 6.1%。冰淇淋銷量成長了 7%，這主要得益於 Ben & Jerry's 和 Magnum 等品牌的創新。繼上賽季取得佳績之後，我們本季在歐洲賽場上又迎來了一個強勁的開局。茶葉銷售量成長了 5%，這主要得益於我們產品組合中不斷開發的特色茶葉。Ades 的下滑拖累了整體 Refreshment 的成長，但隨著我們在第一季末完成資產剝離，這種情況將在下半年的數據中得到改善。

Looking now at our underlying sales growth for the first half year by region. Asia/AMET/RUB grew at 5.5%, with volumes up 0.8%. Very unusually for this region, volumes in the second quarter were actually down by 0.6%. Now, this was heavily influenced by the fewer shipping days in Indonesia and the trade destocking in the transition to the new goods and services tax in India. Our experienced Indian team have managed through the GST transition very effectively indeed, and we expect to recover that volume shortfall in the second half.

現在我們來看看上半年各地區的基本銷售成長情況。亞洲/AMET/RUB 成長 5.5%，銷量成長 0.8%。與該地區以往的非常不同的是，第二季的銷量實際上下降了 0.6%。這很大程度上受到了印尼出貨天數減少以及印度在過渡到新的商品和服務稅期間貿易去庫存的影響。我們經驗豐富的印度團隊已經非常有效地應對了商品及服務稅 (GST) 的過渡，我們預計下半年將彌補銷售缺口。

China returned to good growth in the first half year, driven by rapid expansion in the e-commerce channel.

今年上半年，受電子商務通路快速擴張的推動，中國經濟恢復了良好成長。

Our businesses in Latin America again demonstrated their resilience, with growth of 5% and volumes down by only 1% despite the sharp market contraction and trade destocking in Brazil. Mexico, in particular, delivered a very strong volume-driven performance.

儘管巴西市場急劇萎縮和貿易去庫存，但我們在拉丁美洲的業務再次展現了其韌性，實現了 5% 的成長，銷量僅下降了 1%。墨西哥尤其表現出色，銷售強勁。

In North America, we grew by 0.3%, with volume down 0.2%. Excluding spreads, the region grew by 0.9%, and volume was up 0.3%. Here, also, growth was led by the fast-emerging e-commerce channel where our sales were up by 50%.

在北美，我們成長了 0.3%，但銷量下降了 0.2%。剔除價差後，該地區成長了 0.9%，成交量增加了 0.3%。同樣，快速發展的電子商務通路也帶動了成長，我們的銷售額成長了 50%。

In Europe, underlying sales were down 0.8% and volume down by 0.6%. Excluding spreads, both underlying sales and volumes were slightly positive. Consumer demand is still weak in Europe, and the retail environment is challenging in much of the region, but we are seeing good momentum in Central and Eastern Europe and in Spain.

在歐洲，基礎銷售額下降了0.8%，銷量下降了0.6%。剔除價差後，基礎銷售額和銷售量均略有成長。歐洲的消費需求仍然疲軟，該地區大部分地區的零售環境充滿挑戰，但我們看到中歐、東歐和西班牙的成長勢頭良好。

Overall then, underlying sales growth was 3% for the first half all from price. And over the remainder of the year, we expect an acceleration of our volume growth. At the same time, we expect price growth to moderate. There are 2 reasons for this. First of all, a little less pressure from commodity cost increases in the second half; and secondly, tax benefits from the introduction of GST in India will be passed on to consumers with an impact at the global Unilever level of around 20 to 30 basis points on price in the second half.

因此，上半年整體銷售額成長了 3%，全部來自價格上漲。預計今年剩餘時間內，銷售成長將加速。同時，我們預計價格漲幅將放緩。原因有二。首先，下半年大宗商品成本上漲的壓力將略有減輕；其次，印度引入商品及服務稅 (GST) 帶來的稅收優惠將傳遞給消費者，這將對聯合利華全球價格產生約 20 至 30 個基點的影響。

M&A increased turnover by 0.8%, largely through the acquisitions of Dollar Shave Club, Blue Air and Seventh Generation, and partly offset by the disposal of Ades at the end of the first quarter.

併購使營業額成長了 0.8%，主要得益於對 Dollar Shave Club、Blue Air 和 Seventh Generation 的收購，但部分被第一季末出售 Ades 所抵消。

Currency translation increased turnover by 1.7%. This comes from stronger currencies in a number of emerging markets. A positive effect from the stronger U.S. dollar was almost exactly balanced by the weaker pound sterling. If exchange rates were to stay as they are today, we would expect a full-year benefit of around 1% on turnover and around 2% on EPS.

匯率變動使營業額增加了1.7%。這是由於一些新興市場貨幣走強所致。美元走強帶來的正面影響幾乎完全被英鎊走弱所抵消。如果匯率維持目前的水平，我們預計全年營業額將成長約 1%，每股盈餘將成長約 2%。

Now let's look at the drivers of the improvement in underlying operating margin, starting with an update on our savings programs, which are delivering faster than planned and realized more than EUR 1 billion already in the first half year. This is a strong start towards our total target of EUR 6 billion over the 3 years to 2019.

現在讓我們來看看推動基本營業利潤率改善的因素，首先介紹一下我們的節約計劃，這些計劃的實施速度比計劃更快，上半年已經實現了超過 10 億歐元的節約。這是朝著2019年之前三年內實現60億歐元總目標邁出的良好開端。

In the supply chain, we delivered more than EUR 500 million of savings in the first half year. This includes the 5-S program, which we first launched in Home Care where it has delivered excellent results. We are now rolling the program out across the other categories.

在供應鏈方面，我們上半年實現了超過 5 億歐元的成本節約。這其中包括 5S 管理計劃，我們首先在家庭護理領域推出了該計劃，並取得了非常好的效果。我們現在正將該計劃推廣到其他類別。

5-S looks at the business more broadly than traditional savings programs. In addition to the usual areas, it brings, for example, savings through simplification. In laundry, we reduced the number of powder formulations by 65% and the number of liquids formulations by 35%. Working closely with strategic partners contributes to both innovation and cost reduction. New developments in packaging technologies, alternative active ingredients or the move to new weight-efficient materials have significantly reduced costs, all of that without compromising our focus on winning products.

5-S 比傳統的節約計畫更全面地看待企業營運。除了通常的領域外，它還能透過簡化流程帶來節省。在洗衣領域，我們將粉狀配方數量減少了 65%，液體配方數量減少了 35%。與策略夥伴緊密合作有助於創新和降低成本。包裝技術的新發展、替代活性成分或轉向新型輕質材料，都顯著降低了成本，而我們始終專注於打造成功的產品。

We are now making greater use of e-auctions for many of our purchases, and this is beginning to generate a lot of value. And the forensic look at the cost incurred versus the value that the consumer is willing to pay for demonstrates to us further opportunities for cost reduction, while continuing to win with consumers.

我們現在越來越多地利用電子拍賣進行採購，這開始創造很多價值。透過對成本與消費者願意支付的價值進行深入分析，我們發現了進一步降低成本的機會，同時也能持續贏得消費者的青睞。

In brand and marketing investment, we have delivered more than EUR 300 million of savings through Zero Based Budgeting. ZBB is helping us to reduce wasted investment, to drive efficiencies and to improve effectiveness. Let me give you just a few examples. Our analysis shows that we were producing too many new pieces of advertising. More than 95% of our advertising films were being replaced before they had reached their maximum effectiveness. Now this created a lot of wasted work, both internally and for our agencies. And by managing this better and running films for longer, we -- our spend is down in agencies by about 17% in the first half. At the same time, by looking more closely and creatively at the costs associated with producing a new asset, we find savings opportunities, so we're now using a wider set of production houses and some lower-cost locations. This has helped us to reduce average cost per film by 14%.

在品牌和行銷投資方面，我們透過零基預算節省了超過 3 億歐元。零基預算正在幫助我們減少投資浪費，提高效率，提升效益。我舉幾個例子。我們的分析表明，我們製作了太多新的廣告作品。超過 95% 的廣告影片在達到最佳效果之前就被替換了。這造成了大量的工作浪費，無論是在公司內部還是對我們的代理商而言。透過更好地管理並延長影片的播放時間，我們上半年在廣告代理商的支出減少了約 17%。同時，透過更仔細、更具創造性地審視與製作新資產相關的成本，我們發現了節省成本的機會，因此我們現在正在使用更廣泛的製作公司和一些成本較低的地點。這幫助我們將每部影片的平均成本降低了 14%。

We've also tightened our disciplines around media planning. Let me give you just one example from Southeast Asia where we had a tendency to overexpose people to our advertising beyond the point of diminishing returns. Here, we've been able to reduce our media spend by 12% by focusing on the quality of our advertising reach.

我們也加強了媒體規劃的管理。讓我舉一個東南亞的例子，我們當時傾向於過度曝光廣告，以至於超過了收益遞減的臨界點。在這裡，我們透過專注於提高廣告覆蓋率的質量，成功減少了 12% 的媒體支出。

Across our ZBB program, we have set clear operational KPIs, not just to track delivery of the savings themselves, but also to ensure that we are delivering the underlying operating improvements in a healthy way, which is compatible with continued competitive growth.

在我們的零基預算 (ZBB) 計劃中，我們設定了明確的營運關鍵績效指標 (KPI)，不僅是為了追蹤節約本身的實現情況，也是為了確保我們以健康的方式實現基本的營運改進，從而與持續的競爭性成長相兼容。

In overheads, where the savings are around EUR 200 million, we also see the benefit of ZBB. To take just one small example, the number of airline flights is down by 30%, and the average cost per flight is down by 24%. In addition, the new Connected 4 Growth organization has enabled us to reduce middle and senior management headcount by 13%. And integration of Foods and Refreshment into a single team will allow us to unlock substantial further savings.

在管理費用方面，節省了約 2 億歐元，我們也看到了零基預算的好處。舉個小例子來說，航班數量下降了 30%，每次航班的平均成本下降了 24%。此外，新的「互聯互通促進成長」組織使我們能夠減少中高階主管 13%。將食品和飲料部門整合到一個團隊中，將使我們能夠進一步大幅節省成本。

So let's see how this is reflected in our margin development. Underlying operating margin increased by 180 basis points. Gross margin was up by 40 basis points. The supply chain savings of more than EUR 500 million have largely been reinvested as the price increase of 3% was below the pricing that would have been needed to offset commodity cost increases in the first half. These increased by mid- to high single digits in local currencies. As we've communicated before, we expect a lower level of commodity cost inflation in the second half when we'll be looking to retain more of our savings as well as taking less pricing.

那麼，讓我們看看這會如何影響我們的利潤率發展。基本營業利潤率提高了180個基點。毛利率上升了40個基點。由於上半年3%的價格漲幅低於抵銷大宗商品成本上漲所需的價格，供應鏈節省的5億歐元以上資金已基本重新投入市場。這些數字以當地貨幣計價，增幅在個位數中高位。正如我們之前溝通的那樣，我們預計下半年大宗商品成本通膨水準會降低，屆時我們將努力保留更多儲蓄，同時減少價格波動。

Brand and marketing investment was lower than last year by 130 basis points. There are 2 main reasons for this. Firstly, the strong and fast delivery of savings and productivity gains from ZBB; and secondly, a back half-weighted innovation plan this year, particularly in Personal Care, as we focused on getting the new CCBTs fully up and running in the first half. With the planned step-up in the second half, we expect brand and marketing investment in absolute terms to be maintained at or around last year's levels.

品牌和行銷投入比去年減少了130個基點。這主要有兩個原因。首先，零基預算 (ZBB) 帶來了強勁而快速的節約和生產力提升；其次，今年下半年制定了一項側重創新的計劃，尤其是在個人護理領域，因為我們上半年專注於讓新的 CCBT 全面投入運作。隨著下半年計畫加大投入，我們預期品牌和行銷投資的絕對值將維持在去年的水平或接近去年的水平。

Our overheads improved by 10 basis points. The benefits from the savings programs have been largely offset, but the higher overheads mix associated with the new business models we're developing and acquiring to strengthen our position in direct-to-consumer e-commerce and with retail-led brands, for example.

我們的營運成本降低了10個基點。節省計劃帶來的好處在很大程度上被抵消了，但與我們正在開發和收購的新業務模式相關的較高管理費用組合，以加強我們在直接面向消費者的電子商務和零售主導品牌等領域的地位。

Underlying earnings per share increased by 14.4%. Operational performance, which is the combination of growth and margin, contributed 16.9%. We lapped a one-off gain last year on our investment in some products, which more than offset increased income from our Pepsi Lipton joint venture to give a drag of 1.7%.

每股基本收益成長了14.4%。營運績效（即成長和利潤率的結合）貢獻了 16.9%。去年，我們從對某些產品的投資中獲得了一次性收益，這足以抵消我們百事立頓合資企業收入的增加，從而導致 1.7% 的拖累。

Our underlying tax rate was higher this year at 27.9%, compared with 26.1% last year. We expect the rate for the full year to be in line with our medium-term guidance of around 27%. There was a small gain from share buybacks, representing the impact since the program began in May. And currency movements had a favorable impact of 2.6%.

今年我們的基本稅率為 27.9%，高於去年的 26.1%。我們預計全年利率將與我們27%左右的中期預期相符。股票回購帶來了小幅收益，反映了該計劃自 5 月啟動以來的影響。匯率波動產生了2.6%的有利影響。

Free cash flow was EUR 1.4 billion. That's an increase of EUR 600 million on the first half of last year. This result was achieved despite a one-off injection of EUR 600 million into our pension funds, which we flagged with the first quarter's trading update. We continue to apply rigor and discipline to our management of working capital, and our moving annual average stocks have reduced by a further 2 days over last year. Capital expenditure continues to trend down following the earlier phase of reinvestment, and we expect it to be around 3% of sales for the full year, in line with our longer-term guidance.

自由現金流為14億歐元。比去年上半年增加了6億歐元。儘管我們向退休基金一次性注入了 6 億歐元（我們在第一季的交易更新中已對此進行了說明），但我們仍然取得了這一成果。我們繼續嚴格、自律地管理營運資金，我們的年度移動平均庫存比去年減少了 2 天。在早期再投資階段之後，資本支出持續呈下降趨勢，我們預計全年資本支出將佔銷售額的 3% 左右，這與我們的長期指導一致。

Our net debt increased from EUR 12.6 billion at the end of last year to EUR 13.8 billion. This includes the effect of EUR 1.4 billion of share buybacks completed between the start of May and the end of June. We're well on track to complete the EUR 5 billion share buyback program by the end of the year. And finally, our net pension deficit halved to EUR 1.6 billion as a result of both the cash injection and strong investment returns.

我們的淨債務從去年年底的 126 億歐元增加到 138 億歐元。這其中包括 5 月初至 6 月底完成的 14 億歐元股票回購的影響。我們正按計畫穩步推進，預計在年底前完成50億歐元的股票回購計畫。最後，由於資金注入和強勁的投資回報，我們的退休金淨赤字減少了一半，降至 16 億歐元。

And with that, let me hand back to Paul.

那麼，現在讓我把鏡頭交還給保羅。

Well, thanks, Graeme. So let's wrap up for the interest of time. As you have seen, the accelerated Connected 4 Growth program, which started in the fall of 2016, is actually working well for us. As Graeme has just shown you, we are running faster than planned with our savings programs as well as our margin delivery. But fundamentally, Connected 4 Growth is about securing long-term profitable growth through impactful innovations and local agility.

謝謝你，格雷姆。為了節省時間，我們就此結束吧。正如你所看到的，從 2016 年秋季開始的加速版「互聯互通促進成長」計畫對我們來說確實效果很好。正如格雷姆剛才向你們展示的那樣，我們的節約計劃和利潤交付速度都比計劃更快。但從根本上講，「互聯互通促進成長」旨在透過具有影響力的創新和在地化的靈活性來確保長期獲利成長。

With the new organization now fully up and running, including the local CCBTs and more focused global category teams, we have a strong innovation plan for the second half of the year. You can just see a few examples of that on this chart that I won't go into for the interest of time. We will be supporting these with a significant step up in brand and marketing investment in the remainder of the year, and expect to see an acceleration of our volumes.

隨著新組織全面投入運營，包括本地 CCBT 和更專注的全球品類團隊，我們為下半年制定了強有力的創新計劃。您可以在這張圖表中看到一些例子，為了節省時間，我就不一一贅述了。今年剩餘時間裡，我們將大幅增加品牌和行銷投入，以支持這些舉措，並預期銷售量將加速成長。

We continue to expect underlying sales growth in the 3% to 5% range for 2017. We now also expect underlying operating margin to be up by at least 100 basis points, an upgrade to our previous guidance. And we expect another year of strong cash flow.

我們繼續預期 2017 年基本銷售額將成長 3% 至 5%。我們現在預計基本營業利潤率將提高至少 100 個基點，比我們先前的預期有所上調。我們預計未來一年現金流依然強勁。

And with that, let me open it up, Andrew, if I may, to questions.

那麼，安德魯，如果可以的話，請允許我回答一些問題。

Thank you, Paul. (Operator Instructions) So I see our first question is from Warren Ackerman of Societe Generale. Warren, please go ahead.

謝謝你，保羅。（操作說明）我看到我們的第一個問題來自法國興業銀行的華倫‧阿克曼。沃倫，請繼續。

It's Warren Ackerman here at SocGen. Two questions actually, both on volume. The first one is a bigger picture question for Paul on volume. Paul, I remember when you first started back in 2009, you talked about getting volume growth up to global GDP growth. That was one of your key priorities. I mean, it seems to me that that hasn't really come through in recent years. If I look at last year, global GDP growth was north of 3%, but your volumes were less than 1%. I know there are reasons, but my question, really, big picture, is are you kind of disappointed by your volume performance? And should we be concerned about the impact of lower media spend on volumes going forward? And then specifically for Graeme, second question on volume. Can you isolate, Graeme, the impact from less trading days in Indonesia? Maybe also kind of tell us what volumes did in Brazil in Q2. I think Q1 Brazilian volumes were down 10%.

我是法國興業銀行的華倫‧阿克曼。其實有兩個問題，都跟數量有關。第一個問題是保羅需要考慮的更廣泛的音量問題。保羅，我記得你2009年剛開始創業的時候，你曾說過要讓銷售成長達到全球GDP成長水準。那是你的首要任務之一。我的意思是，在我看來，近年來這一點似乎並沒有真正體現。如果我回顧去年，全球 GDP 成長率超過 3%，但你們的銷售量卻不到 1%。我知道其中有原因，但我的問題是，從宏觀角度來看，你是否對你的銷售表現感到失望？我們是否應該擔心媒體支出減少對未來銷售的影響？然後，特別問格雷姆一個關於音量的第二個問題。格雷姆，你能單獨分析一下印尼交易日減少的影響嗎？或許還可以告訴我們第二季巴西的銷售情況。我認為第一季巴西的銷量下降了10%。

Thanks, Warren. I appreciate both questions. The -- obviously, our model continues to be an investment-led growth model. You've seen our significant increase in brand spend over the last 9 years. I think, cumulatively, we've added about EUR 12 billion to our brand spend to strengthen our brands. So those are significant investments, and we continue to do that. What you see over the first 6 months is a small adjustment in brand spend really related to phasings, our savings programs and maintaining a competitiveness in a market where we see lots of our competitors slightly coming down. We again flagged that, for the total year, our BMI will be flat. So I don't see that we are underspending in media, I don't get any indication on that one. On the volume side, specifically, there is a component, obviously, of spreads I can take out. And you see some of the volume coming through. We expect the second half of the year to have a positive volume component. But there is no doubt in my mind that longer term, we need to have more volume in this market as we grow our -- as we continue to grow our business. And as I said, I have no doubt either that that actually will be coming with the plans that we have put in place over the second half already, and you'll see that. There are some components that Graeme will go a little bit more in detail in the first half that have cost us the volume a little bit more, and I'll let him answer that. But let me take a little bit of our longer-term view and give you the macro picture. What we unfortunately have had to deal with, despite growing our business from EUR 38 billion to now about EUR 55 billion, despite continuing to grow at twice the market rate and ahead of our competitors, we have had one headwind that has consistently stuck with us, which is really in the emerging markets, where, since the financial crisis, interest rates, currencies, et cetera, we've had a prolonged period of about 8, 9 years now where we have seen significant weakening of emerging market currencies, for which, unfortunately, we have to price as many of that is being imported. And as we price for that, we have seen in these countries that rates-related increases or productivity-related increases were actually trailing the pricing that we had to do on our products, and the markets have been subdued. So despite seeing in this 6 months, for example, a 5.5% increase in the emerging markets, you actually see the volume components of these emerging markets continuing to be very, very low, whilst historically, it was all volume-driven growth. I am convinced that, that is coming back now. We're starting to see these currencies stabilizing. We're starting to see the effects of our pricing that is needed being more tempered now, and we're starting to see already in some markets the volume components coming back. That's obviously a very big part of the total that we're producing as overall numbers. So I'll let Graeme give a little bit more granularity on Indonesia because I just came from there, and perhaps India as well, you might just do the 2.

謝謝你，沃倫。感謝兩位提出的問題。顯然，我們的模式仍然是投資驅動型成長模式。在過去9年裡，你們已經看到了我們在品牌投入上的顯著成長。我認為，累計起來，我們已經增加了約 120 億歐元的品牌支出，以加強我們的品牌。所以這些都是重大投資，我們會繼續進行這些投資。在前 6 個月裡，您會看到品牌支出的小幅調整，這實際上與分階段實施、我們的節約計劃以及在市場中保持競爭力有關，因為我們看到很多競爭對手都在略微減少支出。我們再次強調，全年來看，我們的BMI將保持穩定。所以，我不認為我們在媒體上的投入不足，我沒有收到任何這方面的跡象。具體來說，在成交量方面，顯然存在我可以扣除的價差部分。你可以看到一些音量傳了出來。我們預計下半年銷售將有所成長。但我毫不懷疑，從長遠來看，隨著我們業務的不斷發展，我們需要在這個市場擁有更大的銷售量。正如我所說，我毫不懷疑，隨著我們在下半年制定的計劃的實施，這確實會實現，你們將會看到這一點。格雷姆將在上半部更詳細地介紹一些導致本書篇幅略微增加的因素，我會讓他來回答這個問題。但讓我從更長遠的角度來看這個問題，跟大家介紹一下宏觀狀況。儘管我們的業務規模從 380 億歐元增長到現在的約 550 億歐元，儘管我們的成長速度是市場增速的兩倍，並且領先於競爭對手，但我們仍然面臨著一個持續存在的逆風，那就是新興市場。自金融危機以來，利率、貨幣等因素導致新興市場貨幣持續貶值，這種情況已經持續了約 8、9 年。不幸的是，由於其中許多商品是進口的，我們不得不對商品定價進行調整。而當我們為此定價時，我們發現這些國家的利率上漲或生產力上漲實際上落後於我們對產品所採取的定價策略，市場也因此變得低迷。因此，儘管例如在過去的 6 個月中，新興市場成長了 5.5%，但實際上這些新興市場的數量部分仍然非常非常低，而從歷史上看，成長完全是由數量驅動的。我確信，這種情況正在回歸。我們開始看到這些貨幣趨於穩定。我們開始看到定價策略的影響，現在需要更加溫和一些，我們已經開始在一些市場看到銷售開始回升。這顯然是我們所統計的總數據中非常大的一部分。所以，我讓格雷姆更詳細地介紹一下印度尼西亞，因為我剛從那裡回來，也許印度也可以，你可能只需要做 2 部分。

I will, Paul, yes. I mean, just to pick up from where you left off there. Warren, the -- as Paul said, our volumes have actually been improving sequentially over the last 3 or 4 quarters. And I know they're flat in this quarter, but there's no volume growth in the market, but there is a sequential improvement. And that's despite the 3 markets that we've called out specifically, and it's worth drilling into them a little bit. That's India, Indonesia and Brazil. Because in aggregate, the impacts on those markets, we think that, that has had about an 80 basis point impact on volume at an aggregate level. And you see it more in the Asia/AMET/RUB geographic results; we think it had about a 150 basis point impact there. And particularly in Personal Care, those 3 markets are 25% of our Personal Care business in just those 3 markets. We think they're about a 130 basis point impact. Just on your question on Indonesia, in total, there were 9 fewer shipping days in the first half in Indonesia. That was the timing of the Lebaran holidays, and an unexpected 2-day ban on transportation, which was news to us. And as a consequence, the Indonesian volumes were down by high single digits in the second quarter. As you mentioned, in Brazil, our volumes were down 10% in the first quarter, but they've improved to only being down mid-single digits in the second quarter. We've got strong contraction in market volume, of course, there with the economic difficulty in Brazil, but -- and also a bit of a credit crunch, interest rates of 13% or so versus inflation of 4%. It's led to a lot of customer destocking as money goes into bank deposits. And just to round out the picture, Warren, in India, as I said in the presentation, I think we've managed the GS (sic) [GST] implementation very well there. Congratulations to the team on the ground have done a really good job. But we would expect to recover most of that volume lost in the second quarter over the balance of the second half.

好的，保羅。我的意思是，就接著你剛才中斷的地方繼續吧。沃倫，正如保羅所說，我們的銷量在過去三到四個季度實際上一直在逐週增長。我知道本季他們的業績持平，市場銷量沒有成長，但較上季有所改善。儘管我們已經特別提到了這 3 個市場，但還是值得深入研究一下。那就是印度、印尼和巴西。因為總體而言，我們認為，這些市場受到的影響對整體交易量產生了約 80 個基點的影響。在亞洲/AMET/RUB地區的地理結果中，這種影響更為明顯；我們認為它對這些地區的影響約為150個基點。尤其是在個人護理領域，這三個市場就占我們個人護理業務的 25%。我們認為這將產生約 130 個基點的影響。關於您提到的印尼問題，印尼上半年的總運輸天數比其他國家少了 9 天。當時正值開齋節假期，而且出乎意料地實施了為期兩天的交通禁令，這對我們來說是意料之外的消息。因此，第二季印尼的銷售量出現了接近兩位數的下降。正如您所提到的，在巴西，我們第一季的銷售量下降了 10%，但第二季的情況有所改善，僅下降了個位數中段。當然，由於巴西經濟困難，市場交易量大幅萎縮，信貸也出現緊縮，利率約為 13%，而通貨膨脹率為 4%。由於資金流入銀行存款，導致大量顧客減少了庫存。最後，沃倫，正如我在演講中所說，我認為我們在印度的商品及服務稅（GST）實施方面做得非常好。恭喜現場團隊，他們做得非常好。但我們預計，在下半年剩餘的時間裡，我們將恢復第二季損失的大部分銷售量。

And our next question is from Martin Deboo of Jefferies.

下一個問題來自傑富瑞集團的馬丁·德布。

Martin Deboo at Jefferies. It's a question probably for Graeme, I think, on what I would call the moving parts of margin in H2. And I don't want it to appear churlish given how good H1 has been, but the axiom of your guidance is that you're only going to see something like 20 bps of margin improvement in H2. My back of the envelope on A&P would suggest that full year A&P is going to be down about 70 bps, therefore, flat in H2. So I guess the question is why are you being so conservative on full year margin guidance? Surely, if cost savings continue to flow in H2, there's no implication from restructuring cost if we're looking at underlying margins. So I'm just curious as to why you don't feel even more confident on your margin guidance full year than you are being.

Martin Deboo，傑富瑞集團員工。我覺得這個問題可能應該問 Graeme，關於我所說的 H2 邊距的動態部分。考慮到上半年業績如此出色，我不想顯得無禮，但你們的業績指引表明，下半年利潤率只會提高 20 個基點左右。我粗略估計，A&P全年將下降約70個基點，因此，下半年將持平。所以我想問的是，為什麼你們對全年利潤率預期如此保守？當然，如果下半年成本節約持續持續，那麼從根本利潤率來看，重組成本就不會產生任何影響。所以我很好奇，為什麼您對全年利潤率預期沒有比現在更有信心。

Martin, I can't just argue with your mathematics there, but let me just try and deconstruct it a little bit for you. You're right, we now expect to deliver at least 100 basis points, and that's quite a slowdown in the momentum rate from the 180 that we delivered in the first half of the year. But I think the critical thing is just to go directly to the mix of that delivery in the first half of the year with 130 basis points from brand and marketing investment. Our absolute level of spend were down about EUR 200 million in the first half. We think we were very competitive through that period. When we look at share of voice, share of market, for example, it's clear that we are still above 100 over the first half year for that. We're very clear that we're competitive with our spend and that the benefits are coming through productivity. But it's clear from that and the step-down that we had that the market rate of investment is actually coming down a little bit. That's the first thing. The second thing is that, as Paul said in the presentation, we really do have a second-half-weighted innovation program. And we do expect, therefore, to step up the brand and marketing investment. As we've said before, we want to make sure that we're investing to keep the growth momentum going. We're still growing 1% or so ahead of our markets. We think it's very important to land that innovation well and invest behind it. And I think you'll see that in the second half of the year. That means that we expect to come out the full year with a higher-level investment in BMI, and the second half will be at or around, I think, absolute spend levels that we saw last year. And net-net, with a further contribution from gross margin, which should step up in its delivery because of the phasing of commodity cost increases and the delivery of savings programs, which the commodity costs ease off a little bit in the second half, our savings programs continue to deliver, that means we'll see a shift in the mix of margin delivery, more gross margin, less in aggregate from brand and marketing investment. And we think, overall, that, that will give us at least 100 basis points for the full year. So you're right, we're not banking the momentum we've got and extrapolating it. We think we need to continue to invest behind the business. We've got a good program to do that, and we need to remain competitive. So that's really the sort of anchor point of that guidance.

馬丁，我不能直接反駁你的數學推導，但讓我試著為你稍微分析一下。你說得對，我們現在預計至少能實現 100 個基點的成長，這比我們上半年實現的 180 個基點的成長速度放緩了很多。但我認為關鍵在於，要在今年上半年直接將此交付成果與品牌和行銷投資130個基點結合。上半年我們的絕對支出水準下降了約 2 億歐元。我們認為在那段時間裡我們非常有競爭力。例如，當我們查看市場份額和聲量份額時，很明顯，我們上半年的這些指標仍然超過 100%。我們非常清楚，我們的支出具有競爭力，而且收益正反映在生產力的提升上。但從這一點以及我們經歷的逐步下調來看，很明顯，市場投資率實際上正在略微下降。這是第一點。第二點是，正如保羅在演講中所說，我們確實有一個專注於下半年的創新計劃。因此，我們預期將加大品牌和行銷方面的投入。正如我們之前所說，我們希望確保投資能夠保持成長勢頭。我們目前的成長速度仍比市場平均高出1%左右。我們認為，確保創新落地並進行相應投資至關重要。我認為你會在下半年看到這一點。這意味著我們預計全年對 BMI 的投資水準會更高，而下半年的絕對支出水準我認為會與去年持平或接近。總的來說，毛利率將進一步貢獻利潤，由於大宗商品成本上漲的階段性變化以及節約計劃的實施，毛利率的貢獻應該會有所提高。下半年大宗商品成本會略有下降，而我們的節約計畫將繼續發揮作用，這意味著我們將看到利潤組成發生轉變，毛利率將增加，品牌和行銷投資的總額將減少。我們認為，總體而言，這將使我們全年至少獲得 100 個基點的收益。所以你說得對，我們不會把現有的勢頭累積起來並加以延續。我們認為需要繼續加大對企業的投入。我們有很好的方案來實現這一目標，我們需要保持競爭力。所以，這其實是該指導原則的核心要點。

Martin, it's really in the BMI to ensure continued growth. This is a long-term, compounding growth model based on reinvestment. And we have major innovations coming up that we will put our BMI against. So life is not exactly measured in the 6 months, nor do we run our business that way. And you'll see the swing in the BMI component; that will be clear at the end of the year.

馬丁，BMI（身體質量指數）確實能確保持續成長。這是一個基於再投資的長期複利成長模式。我們即將推出一些重大創新產品，屆時我們將用我們的BMI指數來檢驗這些產品的表現。所以，人生並非完全以六個月來衡量，我們的生意也不是這樣經營的。你會看到BMI指標的波動；到年底就會很明顯了。

And we have our next question from Jonathan Feeney of Consumer Edge.

接下來，我們來聽聽來自 Consumer Edge 的 Jonathan Feeney 提出的問題。

A couple of questions, please. First, just a detailed question. Graeme, you mentioned that pricing in the first half wasn't enough to cover commodities, expect them to back off in the second half. Could you give us a sense exactly how much you would have needed and would need in the second half to cover commodities? Is that something you're prepared to disclose? And also, in your commentary, and, Paul, certainly, we'd love your comment on this, too, you mentioned -- Graeme mentioned a forensic look at what the consumer is prepared to pay for, and I thought that was an interesting comment. If you look at the volume you delivered this first half, in the context of all the cost savings you have globally, 5 years ago, 10 years ago, given all the changes that have happened with the consumer, would you have been spending back more of these savings to drive volume right now and that maybe this forensic look is driving you to price a little bit more versus -- and wait for the volume to come more naturally? Or is that fanciful thinking on my part?

請問幾個問題。首先，請問一個比較詳細的問題。格雷姆，你提到上半年的定價不足以覆蓋大宗商品價格，預計下半年價格會回落。您能否大致說明一下，上半年您需要多少資金，以及下半年需要多少資金來支付大宗商品費用？你準備透露這件事嗎？另外，在你的評論中，保羅，當然，我們也想聽聽你對此的看法，你提到——格雷姆提到要仔細研究消費者願意為之付費的東西，我認為這是一個很好的評論。如果回顧上半年的銷量，結合你們在全球範圍內節省的所有成本，再看看 5 年前、10 年前，考慮到消費者行為發生的所有變化，你們是否會把節省下來的更多成本用於推動銷量增長？或許正是這種深入的分析促使你們將價格稍微提高，而不是等待銷售自然成長？或者這只是我異想天開的想法？

I'll start with the second one, that might be best -- good for a second. It is clear that we have seen with competitive benchmarking and our own feedback from the markets that our 5-S program, as we call it, gives us an opportunity to be even sharper in designing for value. What it really means is that what are price points -- and often, it's currency-related because of our developing market issues, what are price points that consumers can afford and design our product cost structure around that. We gave you last time, I think on the call, the example of the deodorant cans where one deodorant might be 10% cheaper to the consumer, but the can itself in price would be higher. We don't want that anymore. So we are putting enormous energy in the system with our design people, formula-wise, packaging-wise, to be able to reflect product cost structures that mirror more the price points. And that's a huge idea, and we see huge possibilities there. Your question, if you look back over the last 5 or 10 years, the reality is we've grown at twice the market rate. We've outgrown our competitors significantly. I can take -- especially in Home and Personal Care, at double the rate. And we've been accused that sometimes that perhaps putting more into growing and moderating that a little bit more with growth in the bottom line. So there's always a fine balance how you trade off these 2 things. I think after having invested EUR 12 billion in the total BMI component and significantly strengthening our business, we certainly feel that we are competitive now. And many of the volume growth components that will come as we move forward will actually come from a much stronger innovation program than anything else, and that's where we're focused on now. And I think you're starting to see the first effects of that. If you ask me a question, would you have invested more of your savings to grow, I think we might have gotten more pressure from the market that we are not progressing as much on the bottom line. So I have a fine balance here, a balance where I need to continuously to deliver on performance to have this compounded long-term growth model work and to continue to invest in the long term. And that's always a balancing act that, in hindsight, you would do some things differently. But I think, broadly, we're getting that balance right. And as I said before, you'll see the volume components coming in moving forward. Interestingly, once more, more driven by another step-up again in an innovation program that many of you have commented on, it's getting stronger and stronger at Unilever.

我先從第二個開始，這可能是最好的——適合作為替代方案。很明顯，透過競爭性標竿分析和我們自身的市場回饋，我們已經看到，我們稱之為「5S計畫」的方案，讓我們有機會在價值設計方面做得更加出色。其真正含義是，價格點是什麼——而且通常由於我們不斷發展的市場問題，這與貨幣有關——消費者能夠負擔得起的價格點是什麼，並圍繞這一點來設計我們的產品成本結構。我想我們上次在電話會議上舉了除臭劑罐的例子，其中一罐除臭劑的價格可能比另一罐便宜 10%，但除臭劑罐本身的價格卻會更高。我們不想再那樣了。因此，我們的設計人員在配方、包裝等方面投入了大量精力，以期使產品成本結構更能反映價格點。這是一個非常棒的想法，我們看到了其中蘊藏的巨大潛力。你的問題是，如果你回顧過去 5 年或 10 年，事實是我們的成長速度是市場速度的兩倍。我們的規模已經遠遠超過了競爭對手。我可以接受——尤其是在家庭和個人護理方面，費用可以翻倍。我們曾被指責，有時或許應該在成長和控制方面投入更多，而不是在利潤成長方面投入更多。所以，如何在兩者之間取得平衡始終是一個難題。我認為，在BMI整體投資120億歐元並大幅加強業務後，我們當然感覺我們現在很有競爭力。隨著我們不斷前進，許多銷售成長的因素實際上將來自一個比其他任何因素都更強大的創新計劃，而這正是我們目前關注的重點。我認為你們已經開始看到這些影響的初步顯現了。如果你問我，你會不會把更多的積蓄投入到成長中，我認為我們可能會面臨更大的市場壓力，因為我們在獲利方面進展不夠快。所以，我在這裡找到了一個微妙的平衡點，既要不斷提升業績，才能讓這種長期複合成長模式奏效，又要繼續進行長期投資。這始終是一種平衡的藝術，事後看來，有些事情你會做得不一樣。但我認為，總體而言，我們正在取得適當的平衡。正如我之前所說，接下來你會看到音量分量逐漸增加。有趣的是，在你們許多人都評論過的創新計劃的另一個升級的推動下，聯合利華的創新能力正在不斷增強。

Jonathan, just to pick up your first point on commodities and pricing. It's really -- it's impossible in the time, really, to give you a very granular answer, principally, because of the interplay between the movements in commodities and hard currencies that we sort of -- we talk about. When we say high single digits and mid-single digits, that's hard currency pricing. But how that actually lands in markets, as you know, is hugely impacted by currency movements, foreign exchange movements against that. But just broadly, the -- our pricing of 3%, if you think about high -- mid- to high single-digits increases on the base of commodities that we have in the first half, that would give you a number that's well in excess of the pricing applied to our turnover number. And that shows you the extent to which we've had to work good work in the supply chain to deliver the savings just to remain competitive. And when we've got those 2 deltas, that's when we say that we've been investing in pricing and investing our savings back into those programs. As I said in the presentation, we do expect the commodities to -- inflation to ease off, so that we'll be mid-single digits for the full year. And we expect more of those to be invested back into brand and marketing investment for the second half.

喬納森，我只是想回應你關於商品和定價的第一點。確實——在這麼短的時間內，不可能給你一個非常詳細的答案，主要是因為我們談論的商品和硬通貨走勢之間的相互作用。當我們說接近兩位數和接近兩位數時，指的是硬通貨定價。但正如你所知，這最終會在市場上產生怎樣的影響，很大程度上受到貨幣波動和外匯匯率波動的影響。但總的來說，我們 3% 的定價，如果你考慮到上半年我們商品價格的高個位數成長，那麼這個數字將遠遠超過我們營業額所對應的定價。這說明我們在供應鏈中必須付出多大的努力才能實現成本節約，從而保持競爭力。當我們得到這兩個差值時，我們可以說我們一直在投資定價，並將節省的資金重新投入這些項目。正如我在演講中所說，我們預計大宗商品價格將有所回落——通膨將會放緩，因此全年通膨率將保持在個位數中段。我們預計下半年將會有更多資金重新投入品牌和行銷投資。

Our next question is from James Edwardes Jones of RBC.

我們的下一個問題來自加拿大皇家銀行的詹姆斯·愛德華茲·瓊斯。

Can I go back to Martin Deboo's question quickly? I'm still struggling with that second half margin. If marketing is going to be broadly flat as a percentage of sales in the second half, gross margins are improving and you've got cost cuts cutting through, why are you only pointing to something of the order of 20 basis points margin growth in the second half?

我可以快速回到 Martin Deboo 的問題嗎？我仍在努力解決下半場比數差距的問題。如果下半年行銷費用佔銷售額的比例基本上持平，毛利率有所提高，而且成本削減措施也正在奏效，為什麼你們只預測下半年毛利率會成長 20 個基點左右？

Let me just stop this, otherwise we get the same question over and over again. We got 130 basis points pickup in the first half on BMI. In the second half, we'll have a slightly negative margin contribution of BMI. If you then look at that swing, that gets into the bottom line. So guys, just run your own numbers there, but that is what we keep telling you. So in the second half, we will spend more BMI behind the increased pace of innovations. And as a result, our contribution from BMI will be negative in the sense that it will lower the margin over the second half. So...

我還是就此打住吧，否則我們會一遍又一遍地被問到同樣的問題。上半年，BMI指數上漲了130個基點。下半年，BMI的利潤貢獻將略為負。如果你再仔細觀察這種波動，你會發現它關係到最終結果。所以各位，你們自己算算吧，但我們一直都是這麼跟你們說的。因此，在下半年，我們將投入更多資金用於BMI，以應對不斷加快的創新步伐。因此，BMI 對我們的貢獻將是負面的，因為它會降低下半年的利潤率。所以...

You could expect the contribution of gross margin in BMI maybe to be roughly 50-50 in terms of the overall margin.

可以預期，BMI 的毛利率貢獻率在總利潤率中約為 50-50%。

So that's really -- it's the swing I -- yes?

所以這真的是——這就是我搖擺的地方——對嗎？

Sorry, say that again, Graeme?

抱歉，格雷姆，你再說一次？

In terms of the overall bottom line margin improvement for the year, you could expect the contribution from gross margin and the contribution from BMI to be roughly equal.

就全年整體利潤率的提高而言，毛利率的貢獻和 BMI 的貢獻預計大致相等。

Okay. But then -- and then you should have cost cuts on top of that. It still -- still seems you're being relatively cautious.

好的。但是——而且在此基礎上，你還應該削減成本。看來你仍然比較謹慎。

No, we're not. We're going up in gross margin from this quarter to next quarter. We'll probably get a little bit more out of gross margin. We will be spending more in BMI, and we will continue to drive the efficiencies in indirects. As a result of that, between first and second half, you'll see that the second half margin progress will be less than the first half. Overall, we'll be around 100 basis points, slightly plus, perhaps, when we come out at the end of the year, but it will be around that 100 basis points. That's really what we're telling you.

不，我們不是。我們的毛利率將從本季到下季有所提高。我們或許能從毛利率中獲得更多收益。我們將增加在BMI方面的投入，並將持續提高間接業務的效率。因此，你會發現上半場和下半場的差距，下半場的差距會小於上半場。總體而言，年底公佈的數據可能會略微超過 100 個基點，但應該不會超過 100 個基點。這就是我們真正想告訴你們的。

So 2 more questions on the line. First, Reg Watson from ING.

所以還有兩個問題待解答。首先是來自ING的Reg Watson。

Sorry, Paul, I appreciate your frustration with the questions on margins and the explanation you've just given. But looking at the slides on the update on savings programs, you had greater than EUR 300 million from brand and marketing savings. That's 110 basis points, so you could look at the 130 basis points from BMI in the first half, as 110 basis points from savings, only 20 basis points from the phasing of BMI spend. Why is that not the right way to look at this? And therefore, the delta between first half and second half, the swing, if you like, is going to be 40 basis points.

抱歉，保羅，我理解你對頁邊距問題的困惑以及你剛才的解釋。但從有關節約計畫的最新進展的幻燈片來看，你們在品牌和行銷方面節省了超過 3 億歐元。那就是 110 個基點，所以你可以把上半年 BMI 帶來的 130 個基點看作是 110 個基點來自節省，只有 20 個基點來自 BMI 支出的分階段實施。為什麼這種看待問題的方式不對？因此，上半年和下半年之間的差額，或者說波動幅度，將是 40 個基點。

No, no, that is no problem looking at that. But what you don't take into this equation that we keep saying is that we reinvest some of these savings. We are reinvesting. So we might report savings, but it doesn't mean they all go to the bottom line. We reinvest some of these savings.

不，不，那樣看沒問題。但是，你沒有考慮到我們一直強調的一點是，我們會將部分省下的資金再投資。我們正在進行再投資。因此，我們可能會報告節省了成本，但這並不意味著所有節省下來的成本都會體現在利潤上。我們將部分節省下來的資金再投資。

No, I appreciate that. So some of that's already been reinvested in the first half?

不，我很感激。所以其中一部分資金已經在上半年重新投入使用了？

In this case, in the first half -- yes, in this in the first half was BMI, because BMI, you cannot -- you can save quicker by, for example, running advertising longer on air, sweating your production of -- production costs better, you can save quicker. But your media, for example, is booked. So there are savings that we can turn on. But to spend more might have a little bit longer lead time. So the way that your absolute savings work and the way that your reinvestments work might not be 100% aligned on a 6-month basis.

在這種情況下，上半場——是的，上半場是BMI，因為BMI，你不能——你可以透過例如延長廣告播出時間、降低製作成本等方式更快地節省成本，從而更快地節省成本。但例如，您的媒體檔期已預訂。所以我們可以開啟一些節能功能。但如果預算更高，可能需要更長的準備時間。因此，你的絕對儲蓄運作方式和你的再投資運作方式在 6 個月內可能並非 100% 一致。

Can I just -- maybe just to illustrate that a little bit. So, yes, EUR 300 million of BMI gross savings, about EUR 200 million of that -- about EUR 100 million of that gets reinvested, and EUR 200 million was the movement in the absolute. But within that, there's a phasing impact as well of the innovation between the first half and the second half. It's the same with the EUR 6 billion of overall savings that we anticipate over the course of the next 3 years. We expect that around 2/3 of that will be reinvested and about 1/3 of it will drop into the bottom line. So when we're talking savings, Reg, we're always talking gross numbers, not necessarily tracking through to the exact movement in the P&L.

我可以──或許只是想稍微說明一下嗎？所以，是的，BMI 的總節省額為 3 億歐元，其中約 2 億歐元——約 1 億歐元被重新投資，而 2 億歐元是絕對值。但其中也存在著創新在上半年和下半年分階段發展的影響。未來三年，我們預計總共可節省 60 億歐元，情況也是如此。我們預計其中約 2/3 將用於再投資，約 1/3 將計入利潤。所以，雷格，當我們談論節省開支時，我們總是談論總額，而不一定要追蹤損益表中的具體變動。

Yes, I appreciate that. It's always been something as you have a gross of 6 and a net of 2 in the guidance.

是的，我很感激。指導意見中一直都有這樣的情況：總桿數為 6，淨桿數為 2。

That's right. That's right.

這是正確的。這是正確的。

Final question for you, gents. So moving off the margin, you'll be pleased to hear and somewhat more philosophical, when you look at the multiple pay for Reckitt's food business, what do you think the implications are for Unilever on that?

最後一個問題，各位。那麼，拋開邊際效益不談，你會很高興聽到，而且從更哲學的角度來看，當你審視利潔時食品業務的多重薪酬時，你認為這對聯合利華意味著什麼？

Well, I don't know. We don't comment on the competitors and what they buy. So -- but...

嗯，我不知道。我們不評論競爭對手及其採購情況。所以——但是…

Well, there's more that -- it's more what they sold and at the staggering (inaudible) multiple.

嗯，還有更多——還有他們賣出的東西，以及令人震驚的（聽不清楚）倍數。

Yes. So I think looking at the comments this morning in the press, I think a lot of people are surprised at the multiple. But this is a quality asset, no doubt. But I think staying with Unilever, you've seen a very disciplined approach to M&A from Unilever. We have an active M&A program. 80% of that is running in line or ahead of our payout of the actives, and we'll continue to have that discipline. And that's probably why we didn't end up with that asset. It's a high multiple for an asset like this according to many people that have written around it -- about it, so that's really what it is.

是的。所以我覺得，從今天早上媒體的評論來看，很多人對這個倍數感到驚訝。但毫無疑問，這是一項優質資產。但我認為，繼續關注聯合利華，你會發現聯合利華在併購方面採取了非常嚴謹的態度。我們擁有積極的併購計劃。其中 80% 的收益符合或超過我們向活躍用戶支付的收益目標，我們將繼續保持這種紀律。這大概就是我們最終沒能得到那項資產的原因吧。許多撰文討論過這筆資產的人都認為，對於這類資產來說，這個估值倍數很高——所以，事實的確如此。

And our final question is from Toby McCullagh from Macquarie.

最後一個問題來自麥考瑞大學的托比·麥卡洛。

Just a couple from me, sort of following on slightly on the M&A side, and then I'm afraid back to margins as well. In terms of the M&A, putting together the Prestige Personal Care business, there was originally a target to get that to around about EUR 1 billion of sales. I just wonder if you could give us an update of roughly how big that is now and what the underlying sales growth of that sort of aggregate business is in the quarter or year-to-date. And whether you can share anything on the margin of that business, either the number itself or whether it's accretive/dilutive to Personal Care more broadly or the group. And then also on, I suppose, relatively recent M&A, an update on Dollar Shave Club. It's interesting to know that Harry's has launched fairly aggressively in the U.K. recently. I just wonder what the plans are at Dollar Shave Club. And then just 2 very quick sort of clarifications on overall margin. I wonder, in the underlying operating margin in the first half, was there an FX impact in that plus 180 basis points? And then a final clarification. You've given us -- helpful on the impact of GST being about a 20 or 30 basis points hit at the group level coming through pricing. Just looking at the HUL presentation, is there an offsetting positive margin implication that we should expect within that? And if so, is it material? So a handful there.

我這裡就簡單提幾點，稍微牽涉到併購方面，然後恐怕又要回到利潤率的話題了。就併購而言，整合 Prestige Personal Care 業務的最初目標是使其銷售額達到約 10 億歐元。我想請您提供目前該業務的大致規模，以及本季或今年迄今為止該類綜合業務的潛在銷售成長情況。以及您是否可以分享有關該業務的任何邊際信息，無論是具體數字，還是它對個人護理業務或集團整體而言是增值還是稀釋。此外，我還想談談最近的併購事件，例如 Dollar Shave Club 的最新進展。有趣的是，Harry's 最近在英國的擴張步伐相當迅猛。我只是好奇Dollar Shave Club的未來計畫是什麼。然後，關於整體利潤率，還有兩點需要快速澄清。我想知道，上半年的基本營業利潤率是否受到了匯率波動的影響，增加了 180 個基點？最後還有一點需要澄清。您提供的資訊很有幫助，它顯示消費稅對集團層級定價的影響約為 20 或 30 個基點。單從HUL的業績報告來看，其中是否存在可以抵銷虧損的正面利潤率？如果是，它是否具有物質性？所以，那裡就有幾個。

Yes, thanks. Toby, if I just go to Prestige for a second, first. Obviously, we're very happy with the Prestige business that we're building. We've just added Living Proof and Hourglass with that. So if I now look at the total Prestige unit that we've put together, it's about EUR 0.5 billion, just to keep it simple, and they're doing relatively well. We have brands like Living Proof or Hourglass anywhere between 15% and 25%, 30% growth, and we're happy about that. The bigger brand in all of this is Dermalogica, where we have spent the first year bringing the sales back to the channels that we want to sell in and get rid of the gray market. But having done that, we now see the growth rates and the higher single-digit numbers. We're just launching the brand in China, as I mentioned before. So we feel we have now a portfolio that is good. The Hourglass acquisition, by the way, was very well received by the retailers because it really completed a little bit more our Prestige company level. Within all of that, I think most of the brands are actually amongst the fastest growing brands. Unilever Prestige in skin care grew about 14% and would be one of the top 10 players actually in double-digit growth in that segment. In Prestige Hair, although we only have Living Proof, as I mentioned, also one of the strongest growing brands. So we are pleased with how that business is going, increasingly getting an e-commerce component to that, for example, in the case of Dermalogica. So as we're putting this together, very good people running it like [facility] and others, looking at some selective further acquisitions to strengthen that unit. But bit by bit, we are exactly creating what we anticipated to create, and we're getting stronger with retailers, obviously. Some of the major retailers behind us like ULTA or brand.com or Sephora. We're becoming a major player to them and that's a good thing. It will take a little bit. When I talked about the EUR 1 billion, which is certainly true, which is a number that I feel we need more or less to have a critical mass within this company, I've never said that we would do that overnight. The EUR 1 billion for me is sort of a 2020-type thing that we keep in mind, with the combination of organic growth and M&A. This is a highly fragmented market where the brands are smaller, but where you need a portfolio of brands. But so far, our acquisitions work out well. The margin side is slightly margin-dilutive as we build these brands, but I think that will pretty quickly come in line with the total company. But for now, we are still slightly margin-dilutive, but growth-accretive, and that's obviously what we had communicated before as well. The -- So, so much on Prestige. Just 1 or 2 words on margin?

好的，謝謝。托比，如果我先去 Prestige 待一會兒的話。顯然，我們對我們正在打造的 Prestige 業務非常滿意。我們剛剛又新增了 Living Proof 和 Hourglass 這兩個品牌。所以，如果我現在看一下我們組成的整個 Prestige 部門，簡單來說，大約是 5 億歐元，而且他們的表現相對較好。像 Living Proof 或 Hourglass 這樣的品牌，成長率在 15% 到 25% 之間，甚至達到 30%，我們對此感到滿意。在這一切中，規模更大的品牌是 Dermalogica，我們花了第一年將銷售帶回我們想要銷售的管道，並清除灰色市場。但這樣做之後，我們現在看到了成長率和更高的個位數成長。正如我之前提到的，我們剛剛在中國推出這個品牌。所以我們認為我們現在擁有一個不錯的投資組合。順便一提，零售商對 Hourglass 的收購反應非常好，因為它確實進一步完善了我們的 Prestige 公司形象。在所有這些品牌中，我認為大多數品牌實際上都是成長最快的品牌之一。聯合利華旗下高端護膚品牌成長了約 14%，是該細分市場中實現兩位數成長的前 10 家公司之一。在高端美髮領域，雖然我們只有 Living Proof，但正如我所提到的，它也是成長最快的品牌之一。因此，我們對這項業務的發展感到滿意，例如，Dermalogica 就越來越多地融入了電子商務元素。所以，在我們籌備這個項目的時候，像[工廠]和其他一些非常優秀的人員正在運營，並考慮進行一些有選擇性的進一步收購，以加強該部門。但我們正在一步步實現我們預期的目標，而且顯然，我們與零售商的關係也越來越密切。我們背後的一些主要零售商包括 ULTA、brand.com 和 Sephora。我們正逐漸成為他們的重要合作夥伴，這是一件好事。需要一點時間。當我談到10億歐元時，這當然是事實，我覺得我們需要這個數字才能讓公司達到臨界規模，但我從未說過我們會在一夜之間做到這一點。對我來說，10億歐元的目標有點像是2020年左右的事情，我們需要將有機成長和併購結合起來才能實現。這是一個高度分散的市場，品牌規模較小，但你需要一個品牌組合。但到目前為止，我們的收購都進展順利。在打造這些品牌的過程中，利潤率方面會略微降低，但我認為這種情況很快就會與公司整體狀況保持一致。但就目前而言，我們的利潤率仍然略有下降，但成長卻有所提升，這顯然也是我們之前所傳達的訊息。——關於Prestige，真是太多了。頁邊空白處只有一兩個字？

Dollar Shave.

美元剃須。

Oh, Dollar Shave Club. Dollar Shave Club is obviously doing very well. We continue to grow well into the double digits and expanding the brand. There's no doubt that there is a reaction in the marketplace from the biggest competitor and from Harry's that we are obviously responding to as well. It gets reflected a little bit in the cost of acquisition, but we continue to acquire at a very high pace the consumer base. And like Harry's, we're looking also at expansion beyond the U.S. So we continue to feel very confident that we made the right acquisition there. And it's starting also to permeate into other parts of our business where we're leveraging the benefits of that into consumer and increasingly starting to leverage that as well.

哦，Dollar Shave Club。Dollar Shave Club 顯然經營得非常好。我們持續保持兩位數的成長，並不斷擴大品牌影響力。毫無疑問，市場上最大的競爭對手和 Harry's 都做出了反應，我們顯然也在做出回應。這在一定程度上反映在獲客成本上，但我們仍然以非常快的速度擴大消費者群體。和 Harry's 一樣，我們也正在考慮將業務拓展到美國以外的地區。因此，我們仍然非常有信心，我們在那裡的收購是正確的。而這種理念也開始滲透到我們業務的其他領域，我們正在利用這種理念為消費者帶來的好處，並且越來越多地開始利用這種理念。

Just on your question on margin, Toby, I'll actually pass over to Andrew for the detail, but the P&L impact of foreign exchange on margin was pretty small in the first half. It was around about 10 basis points, but, Andrew?.

關於你提出的保證金問題，Toby，我其實會請 Andrew 詳細解答，但上半年外匯對保證金的損益影響相當小。大概是10個基點左右，但是，安德魯？

Yes, that's correct. You have 2 parts of your question. I think one was on the FX impact, which Graeme's just addressed. The other was one on India and GST. There were 2 factors that HUL called out when they reported their results the other day. The first was a pure accounting impact of where credits on excise are booked. We don't see any impact of that in the Unilever consolidated numbers because under IFRS, turnover was already consolidated net of excise, so no impact from that. The other impact is the fact that there is less tax paid and there are full credits for the taxes that are paid, as that will get passed on to consumers in the second half. That means less cost, less price as well and a minimal impact on our margin.

是的，沒錯。你的問題包含兩個部分。我認為其中一項是關於外匯影響的，格雷姆剛才已經談到了這一點。另一篇是關於印度和商品及服務稅（GST）的。聯合利華前幾天公佈業績時，特別提到了兩個因素。第一個影響純粹是消費稅抵減的會計處理方式。我們沒有在聯合利華的合併財務數據中看到任何影響，因為根據國際財務報告準則，營業額已經扣除了消費稅，因此沒有受到任何影響。另一個影響是，繳納的稅款減少了，但已繳納的稅款可以全額抵免，因為這些稅收優惠將在下半年轉嫁給消費者。這意味著成本更低，價格也更低，對我們的利潤率影響也最小。

So with that, that finishes the questions, and we'll bring the close to the call there. Paul, would you like to wrap up with any closing remarks?

至此，問題就全部回答完了，我們的通話也到此結束。保羅，你還有什麼要補充的嗎？

No, I just want to thank everybody because it's in the midst of the summer, and I don't know if you're calling in from your holidays or if you still have your holidays, but all I want to end with is thank you for your support.

不，我只是想感謝大家，因為現在正值盛夏，我不知道你們是假期中打來的電話，還是還在休假，但我只想最後感謝你們的支持。

We think they're, overall, solid results. We do believe that we will see an acceleration of the top line in -- over the second half. We will also see a stronger volume component over the second half. It is mainly driven by a strengthened innovation program, which then also needs the appropriate BMI support, and that's really what we've tried to communicate to you. Overall, good results from our side.

我們認為整體而言，這些結果相當不錯。我們相信，下半年營收將會加速成長。下半年成交量也將增加。這主要得益於創新計畫的加強，而創新計畫又需要適當的商業創新支持，而這正是我們一直試圖傳達給你們的訊息。整體而言，我們這邊取得了不錯的成績。

We believe the Connected 4 Growth program is working. It's increasingly visible in the company as I go around. It's creating a lot of energy and excitement here. So what we've put in place since the fall of 2016, as we've mentioned to you, is starting to come through in the numbers.

我們相信「互聯互通促進成長」計畫正在發揮作用。隨著我走訪公司各處，這種情況越來越明顯。它在這裡引起了很大的活力和興奮。正如我們之前向你們提到的，自 2016 年秋季以來我們所採取的措施，已經開始在數據上顯現成效。

I appreciate your support. I wish you some time off with your loved ones. Enjoy the holiday season, and hopefully, see you soon again. Thank you very much.

感謝您的支持。祝您和家人朋友有美好的假期時光。祝您假期愉快，希望很快能再見到您。非常感謝。

Thanks, everyone.

謝謝大家。

This conference has been recorded. Details of the replay can be found on the Unilever website and will be available shortly. Thank you.

本次會議已錄影。重播詳情可在聯合利華網站上找到，很快就會發布。謝謝。