联合利华 PLC (UL) 出席德意志银行全球消费者大会 (成绩单)

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Unilever PLC (NYSE:UL) Deutsche Bank Global Consumer Conference Call June 11, 2019 2:30 AM ET

联合利华PLC(纽约证券交易所代码:[UL])德意志银行全球消费者大会电话会议2019年6月11日美国东部时间上午2:30

公司参与者

Alan Jope - Chief Executive Officer
Graeme Pitkethly - Chief Financial Officer

  • Alan Jope - 首席执行官
  • Graeme Pitkethly - 首席财务官

电话会议参与者

Good morning ladies and gentlemen. I feel [indiscernible] to welcome you to our 16th dbAccess Global Consumer Conference here in Paris. This year, we had over 100 companies with a combined market cap of $3.9 trillion presenting and 600 investors joining 38 meetings, and all of our 4,000 small and [one-one-one meetings]. Hopefully that will give you a lot of insights that answers the many questions you have on the sector at the momentum.
Before I hand over to our speakers, there are a couple of housekeeping points. You have clearly all registered already, but you will need to go back to registration every day to get your meeting scheduled for the day. Please make sure you carry your badge all the time, you will be scanned and checked. In order to get to the meeting rooms, you will need a badge.
The key presentations take place in this room and [indiscernible] around the corner. Food is served in the [indiscernible] and the post meeting drinks are in the corner over there. And then last but not least, WiFi network is consumer 2019, password global 2019!
Before I ask our first speaker on stage, I would also like to say a big thank you to our corporate access team. As you can imagine, every year they do the undoable and meet 8000 meetings requests into 4000 actual meetings [at very little sleep and very much coffee] and I think they deserve a round of applause. Thank you very much.
And with that, I would like to announce our first speaker Alan Jope, the newly appointed CEO of Unilever; and it is always better to have two Scotts than one, Graeme Pitkethly, who a lot of you will already know as the long-standing CFO. Both are veterans of this conference. I think their first appearance was back in 2016, needless to say a lot has happened since, including Alan’s appointment as the CEO and without further ado, I hand over to him to talk through his vision for the company.

  • 早上好,女士们,先生们。我觉得[音频不清晰]欢迎您参加我们在巴黎举行的第16届dbAccess全球消费者大会。今年,我们有超过100家公司,总市值为3.9万亿美元,600名投资者参加了38次会议,以及我们所有的4,000次小型和[一对一会议]。希望这会给你很多见解,以回应你在这个领域的许多问题。
  • 在我交给扬声器之前,有几个管家点。您已经明确注册了所有注册,但您需要每天返回注册,以便安排当天的会议。请确保您随身携带徽章,您将被扫描并检查。要到达会议室,您需要一个徽章。
  • 主要演讲在这个房间进行,并且[音频不清晰]在拐角处。食物在[音频不清晰]供应,会后饮料在那里的角落。然后最后但并非最不重要的是,WiFi网络是消费者2019,密码全球2019!
  • 在我问第一位演讲嘉宾之前,我还要对我们的企业访问团队表示非常感谢。你可以想象,每年他们都会做出可撤销的会议,满足8000次会议要求,进行4000次实际会议[很少睡觉,喝咖啡很多],我认为他们应该得到一阵掌声。非常感谢你。
  • 有了这个,我想宣布我们的第一位发言人Alan Jope,联合利华新任首席执行官

Alan Jope

Thanks [Eva], and good morning everybody. Going off script straight away, it is customary for Graeme and I to begin with a joke about Scottish Football, but there is nothing funny about Scottish Football at the moment. Before we get going, let me draw your attention to your usual disclaimer around forward-looking statements and non-GAAP measures.
As I look around, I can see almost a worrying number of familiar faces. I hope I’m getting my time that I am standing right between the consumers and investors, but I am also aware that I haven’t had the chance to meet everybody.
So, let me briefly introduce myself. I joined Unilever 30 years ago as a marketing trainee. And after a few years in the UK, I spent 14 years in North America, and 13 years in Asia, 4 in Thailand, 5 in China, and 4 in Singapore, and a mixture of marketing and general management roles. My better three quarters, my wife and I are in London now and we’ve got three kids scattered all around the world.
Since taking on the role of Unilever’s Chief Exec at the start of the year, I have spent a lot of time getting out and listening to multiple stakeholders. So, customers, employees, suppliers, media, government, NGOs and of course most extensively with our investors and the analyst community. And I must say, I have taken away a couple of very clear messages from all those meetings.
First, there is a great deal of support and respect for Unilever and what we are trying to achieve. I would say there is wide appreciation for our long-term multi-stakeholder model. In fact, it is hard for us to believe in further and being a leader in responsible and sustainable business. A feeling that Unilever is quite well pleased to win in today’s changing world because we have the scale, the portfolio, the reach, and the talent.
So, that’s the first positive message, but secondly there’s a belief that we can and indeed should deliver faster market beating growth. And that’s what we’re going to be focusing on this morning. To my mind, a sustainable business is one which has performance at the core. A financial strength gives us more options, it allows us to do more. It ensures our long-term success for all stakeholders. And let me be absolutely clear, my absolute focus is on how we drive performance in Unilever top line, bottom line cash, but especially top line.
The three things that I would like to lead for at Unilever are as follows. First, I’d like to unequivocally prove that sustainable business drives superior long-term financial performance. Secondly, I want all of Unilever's brands to be known for being purpose led. Great products of course superior products, but also clear on the positive impact that our brands have on people, society, and the planet.
And thirdly, I want Unilever to recognize for being a diverse and inclusive organization of [beacon] of diversity and inclusion that is also digitally skilled and with the organizational flexibility needed to keep winning and after changing more dynamic world.

谢谢[伊娃],大家早上好。直接离开剧本,格雷姆和我开始谈论苏格兰足球的笑话,但目前苏格兰足球并没有什么好玩的。在我们开始之前,让我提请您注意您对前瞻性陈述和非GAAP措施的通常免责声明。

当我环顾四周时,我几乎可以看到一些令人担忧的熟悉面孔。我希望我的时间能让我站在消费者和投资者之间,但我也知道我没有机会见到每个人。

所以,让我简要介绍一下自己。 30年前,我作为营销实习生加入了联合利华。在英国工作几年后,我在北美工作了14年,在亚洲工作了13年,在泰国工作了4年,在中国工作了5年,在新加坡工作了4年,并担任营销和一般管理职位。我的四分之三,我的妻子和我现在在伦敦,我们有三个孩子分散在世界各地。

自从今年年初担任联合利华首席执行官一职以来,我花了很多时间出去听取多个利益相关者的意见。因此,客户,员工,供应商,媒体,政府,非政府组织,当然还有最广泛的投资者和分析师社区。我必须说,我从所有这些会议中带走了一些非常明确的信息。

首先,联合利华得到了很多支持和尊重,以及我们正在努力实现的目标。我想对我们的长期多利益相关方模型有广泛的赞赏。事实上,我们很难进一步相信并成为负责任和可持续发展业务的领导者。联合利华很高兴在今天不断变化的世界中获胜,因为我们拥有规模,投资组合,范围和人才。

所以,这是第一个积极的信息,但其次是我们相信我们能够而且确实应该实现更快的市场增长。这就是我们今天早上要关注的内容。在我看来,可持续发展的企业是以绩效为核心的企业。财务实力为我们提供了更多选择,它使我们能够做得更多。它确保了我们所有利益相关方的长期成功。让我绝对清楚,我的绝对关注点是我们如何在联合利华的顶线,底线现金,特别是顶线推动业绩。

我想在联合利华领导的三件事情如下。首先,我想毫不含糊地证明可持续发展的业务可以带来卓越的长期财务业绩。其次,我希望所有联合利华的品牌都以引领为目的而闻名。伟大的产品当然是卓越的产品,但也清楚我们的品牌对人类,社会和地球的积极影响。

第三,我希望联合利华能够认识到,作为一个多元化和包容性的多元化和包容性组织,这个组织也具有数字化技能,并具有保持胜利和改变更具活力的世界所需的组织灵活性。

So, let me talk a little bit about each of these three areas and then I’ll hand over to Graeme. Let’s talk by looking at our recent performance. Over the last five years with market growth at 3% to 3.5%. We’ve delivered just a competitive performance with average Unilever growth of 3.5% not within that emerging markets growing at 6%.
In the same period, we’ve improved our operating margin from 15.5% to 18.4% and this has really been delivered by driving strong savings and efficiency programs, while all was carefully balancing price volume mix, and reinvesting the majority of our savings buying our brands.
Last year, we delivered 5 billion of cash and returned 10 billion to shareholders through a combination of dividends and buy backs. And this balance performance has proved to us in the top third as far as total shareholder is concerned, but its superior growth that’s the priority for a step-up and is going to be the key to delivering superior financial performance in the coming years.
Our multi-year growth range is 3% to 5%, not 3.5%. This year we’ve already guided that we expect to be in the lower half of that 3% to 5% range, but of course we aim to be firmly in the top half. And I'm going to spend the next few minutes looking at how [indiscernible] intend to drive faster growth and I’ll explain how we will seek out [higher] growth spaces along three dimensions, three axis. I’m looking for faster growth spaces.
Our portfolio axis, our channel axis, and a geographical axis. So, [a lot] going on, on this chart. To accelerate growth first and foremost we are shifting our portfolio into higher growth segments. At a macro level, we are doing this by growing the size of our beauty and personal care division, which is now over 40% of turnover. And indeed, we have consistently and strategically allocated more of our capital towards beauty and personal care.
In fact, over the last 10 years 70% of our acquired turnover has been in the beauty and personal care division, while 95% of our disposed turnover has been in foods and refreshment. So, if you like, this is our more macro strategy, but we also use M&A to shift our portfolio at a micro level, and by that, I mean within each division. So, for example acquiring into high-growth segments such as healthy snacking, vegan and organic foods and children's nutrition hands grazed, the vegetarian butcher, and Horlicks.
Food and refreshment is not intrinsically slow growth, we just need to be in higher growing segments within food and refreshment. But that’s only one lever from moving the portfolio, and the other lever of course is what we're doing organically. We continue to innovate on our products and our brands, championing market development. For example, one, removing consumers relentlessly from bars to powders to liquids and ultimately to capsules, ensuring functional superiority in our core categories like deodorants.
Introducing new value-added formats such as shower foams, body scrubs, body polishes, and so on in our skin cleansing category where we have strong global leadership, and an area where you will see more and more innovation is on sustainable products, and sustainable packaging. We’re also creating all-new brands and brand segments. For example, here you see Love Beauty & Planet, it’s an entirely new brand built on a proposition of gorgeous beauty products that also look after the environment.

那么,让我谈谈这三个领域中的每一个,然后我将交给格雷姆。让我们通过观察我们最近的表现来谈谈。在过去五年中,市场增长率为3%至3.5%。我们只提供了竞争性的表现,联合利华的平均增长率为3.5%,而新兴市场的增长率为6%。

在同一时期,我们将经营利润率从15.5%提高到18.4%,这实际上是通过推动强大的储蓄和效率计划来实现的,而所有这些都是在仔细平衡价格量组合,并将大部分储蓄再投资购买我们的品牌。

去年,我们通过股息和回购相结合的方式交付了50亿现金,并向股东返还了100亿美元。就整体股东而言,这种平衡表现已经证明我们排在前三位,但其优越的增长是升级的优先事项,并且将成为未来几年提供卓越财务业绩的关键。

我们的多年增长率为3%至5%,而不是3.5%。今年我们已经指导我们预计会在3%到5%范围的下半部分,但当然我们的目标是稳稳地进入上半部分。我将在接下来的几分钟内研究[音频不清晰]如何推动更快的增长,并且我将解释我们将如何沿着三个轴,三个轴寻找[更高]的增长空间。我正在寻找更快的增长空间。

我们的投资组合轴,我们的渠道轴和地理轴。所以,[很多]正在这张图表上。为了加速增长,我们首先将我们的投资组合转移到更高的增长领域。从宏观层面来说,我们通过增加美容和个人护理部门的规模来实现这一目标,目前这一部门占营业额的40%以上。事实上,我们一直在战略上将更多资金分配给美容和个人护理。

事实上,在过去10年中,我们获得的营业额中有70%来自美容和个人护理部门,而我们95%的营业额都来自食品和茶点。因此,如果您愿意,这是我们更宏观的策略,但我们也使用并购来将我们的投资组合转移到微观层面,我认为这意味着在每个部门内部。因此,例如进入高增长领域,如健康零食,素食和有机食品以及儿童的营养手放牧,素食屠夫和Horlicks。

食物和茶点并非本质上缓慢增长,我们只需要在食物和茶点中的较高增长部分。但这只是移动投资组合的一个杠杆,而另一个杠杆当然是我们有机地做的事情。我们不断创新产品和品牌,支持市场发展。例如,一个,将消费者从酒吧无情地移到粉末到液体,最终去除胶囊,确保我们的核心类别如除臭剂的功能优势。

在我们的皮肤清洁类别中引入新的增值形式,如淋浴泡沫,身体磨砂,身体磨砂等,我们拥有强大的全球领导地位,以及您将看到越来越多创新的领域,可持续产品和可持续发展打包。我们还在创造全新的品牌和品牌细分。例如,在这里你可以看到Love Beauty&Planet,它是一个全新的品牌,建立在美丽的美容产品的基础上,同时也关注环境。

Packaging, that’s a 100% recycled plastic, not including any ingredients or broad concerned consumers and partnering on things like ocean cleanups that brand will exceed $100 million of turnover this year and in fact is right now expanding into home care with Love Home & Planet. So, shifting the portfolio through acquisitions, through disposals, through innovation, and through new brand launches.
The second axis along which we were seeking higher growth is the channel axis. Consumers are changing where they shop and our customer landscape will continue an extra way to become more complex and more fragmented. And of course, hypermarkets and supermarkets and general trade grocery in emerging world remain very important to our business, but there three key chopper channels where we are strategically increasing our presence.
In e-commerce, we're working across multiple models. We're partnering with the pure play online platforms such as Alibaba, Ocado, Amazon. We're working on omnichannel with retailers like Tesco, Carrefour, and Walmart where they build their own e-commerce business alongside their bricks and mortar business, and actually the smallest of the subchannels is direct-to-consumer where brands like Dollar Shave Club and our important prestige business are doing direct-to-consumer e-commerce.
In aggregate because of our [strong] geographic footprint e-commerce is currently 5% of our turnover, but we’re growing well ahead of the market at over 30%. We have a very significant opportunity in [outer hall meeting] through our Unilever food solutions business, a much unharrowed part of Unilever €2.5 billion of turnover growing at twice Unilever's rate at Unilever's margins, and alongside that our world-class ice cream distribution networks.
And we think that Front of House presence in chain restaurants alone offers €1 billion growth opportunity. And of course, the health and beauty channel is growing up three times faster than hypermarkets and supermarkets. Especially some of the sub segments such as dedicated beauty stores and is a great space for us in terms of channel specific innovation, building brand engagement and creating powerful in-store brand experiences.
So, in total, these three channels today represent about 20% of our turnover and we expect them to grow at, at least 8% per annum for the next few years. So, that’s portfolio and channel, and the third axis of course is geography. Unilever's business as you know is already 60% in the emerging markets and 40% in developed markets, and while developed markets are and will remain an important part of the business, they’re not quite frankly where most of our growth is going to come from.
It will come from the strength and debt of Unilever's business in emerging markets. Now part of that will naturally come from population growth and positive shifts and living standards, but our real competitive advantage in these emerging markets is our history, and the reach which enabled us to connect with consumers wherever they live and with the right portfolio of brands and products that are being developed based on deep local consumer understanding.

包装,这是一种100%再生塑料,不包括任何成分或广泛关注的消费者,并与海洋清理等合作伙伴关系,今年该品牌将超过1亿美元的营业额,实际上现在正在扩展到Love Home&Planet的家庭护理。因此,通过收购,出售,创新和新品牌推出来转变投资组合。

我们寻求更高增长的第二个轴是通道轴。消费者正在改变他们购物的地方,我们的客户格局将继续变得更加复杂和分散。当然,新兴市场的大型超市和超市以及一般贸易杂货对我们的业务仍然非常重要,但有三个关键的直升机渠道,我们正在战略性地增加我们的存在。

在电子商务中,我们正在研究多种模式。我们正在与阿里巴巴,Ocado,亚马逊等纯玩在线平台合作。我们正在与零售商如特易购,家乐福和沃尔玛合作开展全渠道业务,他们与实体业务一起建立自己的电子商务业务,实际上最小的子渠道是直接面向消费者的品牌,如Dollar Shave Club我们重要的声誉业务是直接面向消费者的电子商务。

总体而言,由于我们[强大]的地理覆盖范围,电子商务目前占我们营业额的5%,但我们在市场上的增长率超过了30%。通过我们的联合利华食品解决方案业务,我们在[外厅会议]中获得了非常重要的机会,这是联合利华在联合利华的利润率两倍于联合利华的两倍,以及我们世界一流的冰淇淋分销网络中的25亿美元营业额中非常不利的一部分。

我们认为Front of House仅在连锁餐厅中的存在提供了10亿欧元的增长机会。当然,健康和美容渠道的成长速度是大型超市和超市的三倍。特别是一些细分市场,如专门的美容店,在渠道特定创新,建立品牌参与度和创造强大的店内品牌体验方面,对我们来说是一个很好的空间。

因此,总的来说,今天这三个渠道占我们营业额的20%左右,我们预计它们将在未来几年内以每年至少8%的速度增长。那么,那是投资组合和渠道,第三轴当然是地理。如你所知,联合利华的业务在新兴市场已占60%,在发达市场占40%,虽然发达市场已经并将继续成为业务的重要组成部分,但我们的大部分增长将来都不会坦白从。

它将来自联合利华在新兴市场的业务实力和债务。现在,其中一部分自然会来自人口增长,积极转变和生活水平,但我们在这些新兴市场的真正竞争优势是我们的历史,以及使我们能够与消费者无论身在何处以及与合适的品牌组合建立联系的范围和基于当地消费者深刻理解的产品。

You cannot understand Unilever by looking at us through a lens from London, Paris or New York. You have to get into the markets like Indonesia, India, Turkey, Brazil to really understand what Unilever is. And on that note, the graph on the right shows our top 38 emerging markets ranked by turnover. You can see that 16 of them, 16 countries deliver individually more than €0.5 million billion of turnover.
So, not only do we have the scale, we also have unparallel breadth, which allows us to benefit from the growth opportunity, but with some internal edge and risk diversification because of the breadth emerging markets presence. Most of you probably know Unilever well enough to know which of our big emerging markets lead the geography table. So, India, China, Brazil, and Indonesia really are our priorities. Together they make a quarter – [food at quarter] of Unilever, and those of four of our six biggest markets globally alongside the U.S. and UK and Ireland.
We have wonderful positions in places like South Africa, the Philippines, Mexico, Thailand, Turkey, Arabia, and so on. But alongside these existing priorities, I just want to call out some emerging stars, our next generation markets. These are going to be very important for the future and we are investing heavily. The combination of some quite big populations, strong underlying GDP growth, rapid acceleration and consumption of the types of categories that we sell, and very strong market shares that we enjoy today, thanks to wise decisions made 10, 20, 30 years ago.
Meaning that, countries like Vietnam, Pakistan, Bangladesh, Myanmar, even Ethiopia not up here, will be our growth stars in the next few years. And we do continue to invest behind these opportunities. For example, in the middle of $120 million continuing investment in Pakistan to invest in capacity across four factories. I only have wonderful joint venture in Myanmar, which is allowing us to drive stronger rural penetration, further grow our market shares, and really scale up our business in that beautiful country.
So, please be in no doubt that setting up our growth is the most important priority that we have to ensure we continue to deliver superior long-term financial performance. The second area that I want Unilever to be recognized for is, having our portfolio of brands that use purpose as a source of competitive advantage and purpose pays. The evidence is extremely compelling.
In April this year, Kantar published its Purpose 2020 report, which showed quite simply that brands which consumers see as having a positive impact in the world are growing at twice the rate of the rest of the brands that they were measuring. And various other pieces of third-party research have shown that two-thirds of consumers around the world say they’ll choose brands because of their stand on social issues, and over 90% of millennials say that they would switch brands to one that champions, a cause that’s important to them.
And we know quite frankly that purpose creates relevance, it derives drives stock ability, it builds penetration, it even reduces price elasticity. But the most compelling evidence we have is quite a bit closer to home. Brands being purposeful is something Unilever has known about for over 100 years. It goes back to our – one of our founders William Lever, in fact, he defined the mission of his firm as being about making cleanliness commonplace and lessening the load on women. Imagine that 130 years ago, this guy was talking about feminist issues, quite a visionary.

通过伦敦,巴黎或纽约的镜头观察我们,你无法理解联合利华。你必须进入印度尼西亚,印度,土耳其,巴西等市场才能真正了解联合利华的情况。在这方面,右图显示了按营业额排名的前38个新兴市场。你可以看到其中16个国家,16个国家的营业额超过50亿欧元。

因此,我们不仅拥有规模,我们还拥有无与伦比的广度,这使我们能够从增长机会中受益,但由于广泛的新兴市场存在,因此具有一些内部优势和风险分散。大多数人可能都非常了解联合利华,知道我们哪个大新兴市场领先于地理位置表。因此,印度,中国,巴西和印度尼西亚确实是我们的首要任务。他们共同创造了联合利华的四分之一 - [季度食品],以及全球六大市场中的四个与美国,英国和爱尔兰一起的四分之一。

我们在南非,菲律宾,墨西哥,泰国,土耳其,阿拉伯等地拥有优​​秀的地位。但除了这些现有的优先事项外,我只想提出一些新兴的明星,即我们的下一代市场。这对未来非常重要,我们正在大力投资。由于10年,20年,30年前的明智决策,一些相当大的人口,强劲的GDP增长,我们销售的类别的快速加速和消费,以及我们今天享有的非常强大的市场份额的组合。

这意味着,越南,巴基斯坦,孟加拉国,缅甸,甚至埃塞俄比亚等国都不会在这里成为我们未来几年的增长之星。我们继续在这些机会背后投资。例如,在巴基斯坦持续投资1.2亿美元的中间投资四个工厂的产能。我在缅甸只有很好的合资企业,这使我们能够推动更强大的农村渗透率,进一步增加我们的市场份额,并真正扩大我们在这个美丽国家的业务。

因此,毫无疑问,确保我们的增长是我们必须确保的最重要的优先事项,以确保我们继续提供卓越的长期财务业绩。我希望联合利华获得认可的第二个领域是,我们的品牌组合将目的用作竞争优势和目标的来源。证据非常引人注目。

今年4月,Kantar发布了2020年目的报告,该报告非常简单地表明,消费者认为在全球产生积极影响的品牌的增长率是其他品牌的两倍。其他各种第三方研究表明,全球三分之二的消费者表示,由于他们在社会问题上的立场,他们会选择品牌,超过90%的千禧一代表示他们会将品牌转换为冠军品牌。 ,这对他们来说很重要。

坦率地说,我们非常清楚地知道,目的会产生相关性,它会推动库存能力,提高渗透率,甚至降低价格弹性。但是我们得到的最有说服力的证据就是离家更近了。有目的的品牌是联合利华100多年来所知道的。它可以追溯到我们 - 我们的创始人之一William Lever,事实上,他将公司的使命定义为使清洁工作变得平常并减轻女性的负担。想象一下,130年前,这个人正在谈论女权主义问题,这是一个有远见的人。

And for several years now, we’ve been measuring our performance of our – what we call our sustainable living brands. We’ve now got 28 shown here. Some big, some small, some global, some local, some homegrown, some acquired. And these brands are growing 69% faster than the rest of the brands in our portfolio. And by the way that number is up from 46% faster in 2017. So, our sustainable living brands are growing faster than the rest of the portfolio and the differential between them and the rest of the portfolio seems to be widening.
Now, what is the sustainable living brand? Well, they all have two defining features. They communicate a purpose, which highlights an environmental or societal issue. We call that the brand proposition or the brand say, but that’s absolutely not enough. Each brand must back up its brands say by taking compelling, meaningful, long-term action with measurable results, and we call that the brand due. Let me illustrate. Dove can only talk about girl’s self-esteem and real beauty with authority because the brand has been teaching one-hour sessions about body confidence and unrealistic beauty stereotypes to over 35 million girls now in school settings across the world.
In India, Rin’s purpose is to help people from more modest backgrounds who want to overcome some of the disadvantages that they face in life, and that’s unstable, but we back it up by equipping people with the right skills through something called the Rin Career Academy. It’s a skills-based training program, which is accessible to people across India using just their mobile phones and the curriculum offers things like spoken English lessons, interview skills, how to dress in the office, and you should see some of the stories that we get, of how this has transformed people’s lives. It’s fantastic.
No, I guess Ben & Jerry's credentials is a campaigning brand, probably need no further introduction. In fact, I was in Vermont visiting Ben & Jerry themselves. Jerry still comes to work every day, how cool is that, 20 years later. And they continue to push the limits. Their current focus is on racial and equalities in the U.S. criminal justice system. What they’ve noticed is that as marijuana gets legalized, all the white dudes are making lots of money, and all the black dudes remain locked up behind bars for procession. So, this is the latest campaign that Ben & Jerry's are on.
It’s not just so much talk. And lastly, Vaseline’s brand proposition has always been about healing. Under this brand do however, Vaseline has been partnering with a wonderful NGO organization called Direct Relief, and Vaseline and Direct Relief have together held to heal the skin of about 3 million people globally, mainly in highly distressed situations such as Syrian refugee camps or on-site following natural disasters in the Caribbean, and activating around this Vaseline healing project has turned this brand around, it’s now growing nearly 10% in 2018.
So, we believe very, very strongly and increasingly how the evidence, the purpose drives growth and so strongly do we believe this that we’re prepared to commit that in future every brand in Unilever's portfolio will be a brand that competes on purpose.

几年来,我们一直在衡量我们的业绩 - 我们称之为可持续生活品牌。我们现在已经有28个了。一些大的,一些小的,一些全球的,一些本地的,一些本土的,一些获得的。这些品牌的增长速度比我们产品组合中的其他品牌快69%。从2017年开始这个数字增长了46%。因此,我们的可持续生活品牌的增长速度超过了其他投资组合,而且它们与其他投资组合之间的差异似乎正在扩大。

现在,什么是可持续生活品牌?嗯,它们都有两个定义的特征。他们传达的目的是突出环境或社会问题。我们称品牌主张或品牌说,但这绝对不够。每个品牌必须通过采取具有可衡量结果的引人注目,有意义的长期行动来支持其品牌,我们称之为品牌。让我来说明一下。 Dove只能谈论女孩的自尊和真正的美丽与权威,因为该品牌已经在世界各地的学校环境中为超过3500万女孩教授一小时关于身体自信和不切实际的美容刻板印象。

在印度,Rin的目的是帮助那些想要克服他们在生活中面临的一些不利因素的人,他们想要克服他们在生活中面临的一些不利因素,而且这种不利因素是不稳定的,但是我们通过称为Rin Career Academy的东西为人们提供正确的技能来支持他们。 。这是一项以技能为基础的培训计划,印度人只需使用手机即可访问,课程提供英语口语课程,面试技巧,如何在办公室穿着,你应该看到我们的一些故事。得到,这是如何改变人们的生活。这是梦幻般的。

不,我认为Ben&Jerry的证书是一个竞选品牌,可能不需要进一步介绍。事实上,我在佛蒙特州亲自拜访了Ben&Jerry。杰瑞仍然每天都来上班,20年后这有多酷。他们继续推动极限。他们目前的重点是美国刑事司法系统中的种族和平等。他们注意到的是,随着大麻合法化,所有的白人都赚了很多钱,所有的黑人老兄都被关在酒吧里游行。所以,这是Ben&Jerry的最新活动。

这不仅仅是说话。最后,凡士林的品牌主张一直是关于治疗。然而,在这个品牌下,凡士林一直与一个名为Direct Relief的非凡的非政府组织合作,凡士林和直接救济共同致力于治愈全球约300万人的皮肤,主要是在叙利亚难民营等高度痛苦的环境中或在加勒比地区发生自然灾害之后的现场,并且围绕这个凡士林治疗项目的活动已经使这个品牌成为现实,它现在在2018年增长了近10%。

因此,我们非常,非常强烈且越来越相信证据,目的推动增长,以及我们如此强烈地相信这一点,我们准备承诺未来联合利华的每个品牌都将成为一个有目的竞争的品牌。

Now, coming to the third thing that I would like to lead forward the diverse digital and flexible organization, and truly inclusive and fit for the future. So, we want to continue to attract the very, very best talent and we want to inspire the passion and commitment, not just of our employees on the payroll, but also the far wider network of people who work across our expanded value chain and through the many partnerships that we have.
Diversity in Unilever is not just obviously gender diversity, well this is a good place to start. As you know of our 12 non-executive directors, we have six men, and six women and women represent 49% of Unilever's management, which is up from 38% 10 years ago. So, 1,100 basis point improvement in 10 years. And of course, diversity is about much more than just gender.
Interestingly, there is no dominant nationality in Unilever. We’ve got nine nationalities on over 12 non-Exec’s. We’ve got over 70 nationalities in our leadership teams, 80% of our country business leaders are locals, and 90% of our managers in markets are locals. But the next front that we are tackling is disability.
I really want Unilever to represent the societies that we do business in. Unilever where people can bring their [wholesales] to work, regardless of age, gender, nationality, race, religion, sexual identity, and so on. This is important for our business and it’s important for me personally. But to get the most out of that talent we need the right skills across the organization. And I already mentioned briefly digital marketing, but that’s only one element.
We’re upscaling our entire workforce in digital. Yes, of course, our marketers, but whether it’s new analytics tools in finance or robotic process automation in our factories where we are already hundreds up and running. Digital is the way we're working and it is the future.
At the same time, our cultural needs to evolve from being hierarchy led to network. Frankly our traditional organization of rigid hierarchies fixed boxes what reporting lines and in flexible resourcing that model is drawn from the military and has been around for 100 years is reaching its end of its useful life for us at Unilever. What we want to do is assemble the right network of people with the right skills to work on an opportunity. When the opportunity is realized, they will disband and move on to the next assignment.
We see a future of work that’s more inclusive. It engages our expanded teams across the value chain more. It’s much more flexible and frankly this we're working as a lot more fun. We’re already doing it. People are loving it. They’re having a ball. I should go on and on about that. So, winning in the future is going to require us to have an organization that’s fast and disciplined in execution is efficient at the right cost and is absolutely digitally native. And as you know, we’ve already started making some organizational and team changes this year.
Perhaps the most significant is to establish or re-establish the role of Chief Operating Officer. Nitin has a deep knowledge of both our markets and our divisions, looking rather dapper here I must say. He has a strong track record of delivering, and he is well placed to deliver our annual performance and health, step-up our growth ambition. Nitin has already removed all dedicated regional layers in Unilever and so he now has our 15 biggest markets reporting directly to him.

现在,第三件事我想引领多元化的数字化和灵活的组织,真正具有包容性,适应未来。因此,我们希望继续吸引最优秀的人才,我们希望激发我们的激情和承诺,不仅仅是我们的员工在工资单上,还有更广泛的人员网络,他们在我们扩展的价值链中工作,并通过我们拥有的众多合作伙伴关系。

联合利华的多样性不仅仅是性别多样性,这是一个很好的起点。如你所知,我们有12名非执行董事,我们有6名男性,6名女性和女性占联合利华管理层的49%,比10年前的38%有所上升。因此,10年内提高1,100个基点。当然,多样性不仅仅是性别。

有趣的是,联合利华没有占主导地位的国籍。我们有超过12个非执行官的9个国籍。我们的领导团队拥有70多个国家,80%的国家商业领袖都是当地人,90%的市场经理都是当地人。但我们正在解决的下一个问题是残疾问题。

我真的希望联合利华代表我们开展业务的社团。联合利华人们可以将他们的[批发]带到工作中,无论年龄,性别,国籍,种族,宗教,性别等等。这对我们的业务很重要,对我个人而言非常重要。但是为了充分利用这种人才,我们需要整个组织拥有合适的技能。我已经简要地提到了数字营销,但这只是一个因素。

我们正在提升数字化的整个员工队伍。是的,当然,我们的营销人员,但无论是我们已经数百个运行的工厂中的金融或机器人过程自动化中的新分析工具。数字是我们工作的方式,也是未来。

与此同时,我们的文化需求从层次结构演变为网络。坦率地说,我们传统的严格等级制度组织固定了报告线和灵活资源,这种模式来自军方并已经存在了100年,它已经在联合利华达到了它的使用寿命。我们想要做的就是组建合适的人才网络,以便抓住机遇。当机会实现时,他们将解散并继续下一个任务。

我们看到一个更具包容性的工作的未来。它使我们扩展的团队更多地参与整个价值链。它更加灵活,坦率地说,我们正在努力工作。我们已经在做了。人们喜欢它。他们有一个球。我应该继续这样做。因此,未来的胜利将要求我们拥有一个快速且有纪律的执行组织,以合理的成本高效且绝对是数字原生的。如您所知,我们今年已经开始进行一些组织和团队变革。

也许最重要的是建立或重新确立首席运营官的角色。 Nitin对我们的市场和我们的部门都有深入的了解,在这里看起来相当潇洒我必须说。他在交付方面有着良好的记录,他有能力提供我们的年度业绩和健康,提升我们的增长目标。 Nitin已经取消了联合利华所有专门的区域层面,因此他现在有15个最大的市场直接向他汇报。

And of course, the intends on that is speed. His primary responsibility is to deliver the three differentiated divisional strategies, and for the avoidance of doubt, Nitin has the authority over end year resource reallocation. And while our focus on growth runs through the whole organization, our three divisions do continue to have differentiated strategic rules and priorities and that hasn't changed.
Let me quickly introduce them. So, Beauty & Personal Care is our largest division with 42% of the group's turnover is led by Sunny Jain, who is joining Unilever this month from Amazon, bringing added digital e-commerce experience to my leadership team. The primary strategic priority for BPC is growth. Firstly, getting more from the core by leveraging our largest brands to deliver on trend innovation with superior performing products.
Secondly, we will continue to build future fit portfolio watching new brand such as Ayush in India. I think in the last two years we’ve launched 13 new brands in Beauty & Personal Care. Some will be big hits and others will not, which is fine because we launched these new brands with quite a different model. Very low-cost launches, limited capital, brand communication that’s focused in-store and on social media, typically premium priced and with good gross margins from the get go.
The BPC division is also focused on winning in some high growth spaces. Some of which I mentioned earlier, but also emerging consumer segments and of course markets with the future continue our growth in the prestige division, which we are building through acquisition and sustained double-digit organic growth of the acquired prestige businesses, all underpinned by a new model of marketing that we don't have time to go into here, but it replaces interruption based advertising with a new model that’s built around purpose, content, and massive distribution at scale of using digital techniques.
Before I finish on Beauty & Personal Care, I should probably mention the latest acquisition in our prestige portfolio Tatcha. We invested the deal last night. It’s a modern prestige skincare brand inspired by Japanese Geisha beauty rituals. One of the absolute highest performing beauty brands in North America and we are absolutely delighted to welcome the founder Vicky Tsai, and the whole of the Tatcha business to the Unilever family.
Okay, Food & Refreshment is our second largest division. 38% of our turnover, now led by Hanneke, who was previously President of Unilever in Europe, and overarching priority in Foods & Refreshment is to get into higher growth segments. Plant-based [eating] is a megatrend and so in addition to things like acquiring the vegetarian butcher late last year, we’ve launched a number of vegan products.
I mean who would have thought that a vegan Magnum, vegan Ben & Jerry's even. And Knorr recently launched a report in partnership with WWF, which has highlighted the 50 plant foods that we should eat for healthier and better future, and this megatrend really is informing both our prioritization, our acquisition, and our innovation agendas. And so, it’s a third division homecare.

当然,打算这就是速度。他的主要职责是提供三种不同的部门战略,为避免疑问,Nitin拥有对年终资源重新分配的权力。虽然我们对增长的关注贯穿整个组织,但我们的三个部门确实继续拥有差异化的战略规则和优先事项,并且没有改变。

让我快速介绍一下。因此,Beauty&Personal Care是我们最大的部门,该集团42%的营业额由Sunny Jain领导,他本月将从亚马逊加入联合利华,为我的领导团队带来更多的数字电子商务体验。 BPC的主要战略重点是增长。首先,通过利用我们最大的品牌,通过卓越的性能产品实现趋势创新,从核心中获得更多。

其次,我们将继续打造未来合适的投资组合,观看印度Ayush等新品牌。我认为在过去的两年里,我们推出了13个新的美容和个人护理品牌。有些将是大热门,有些则不会,这很好,因为我们推出了这些新品牌,具有完全不同的型号。非常低成本的推出,有限的资本,品牌传播,专注于店内和社交媒体,通常是高价,并具有良好的毛利率。

BPC部门也专注于在一些高增长空间中获胜。我之前提到的其中一些,但也包括新兴的消费者细分市场,当然还有未来的市场,我们继续保持声望部门的增长,我们通过收购和持续的声望业务持续两位数的有机增长来建立,所有这些都得到了新的营销模式,我们没有时间进入这里,但它取代了基于中断的广告,其中新的模式是围绕着使用数字技术的目的,内容和大规模分发而建立的。

在我完成美容与个人护理之前,我应该提到我们声望很高的投资组合Tatcha的最新收购。我们昨晚投入了这笔交易。这是一个现代声望的护肤品牌,灵感来自日本艺妓美容仪式。北美绝对性能最高的美容品牌之一,我们非常高兴地欢迎创始人Vicky Tsai和整个Tatcha业务到联合利华家族。

好的,Food&Refreshment是我们的第二大部门。现在38%的营业额由Hanneke领导,他曾担任联合利华欧洲总裁,以及食品和茶点的首要优先事项是进入更高的增长领域。基于植物的[吃]是一个大趋势,因此除了去年年底收购素食屠夫之外,我们还推出了一些素食产品。

我的意思是谁会想到素食主义者Magnum,素食主义者Ben&Jerry甚至。 Knorr最近与世界自然基金会合作发布了一份报告,该报告突出了我们应该吃的50种植物性食物,以实现更健康和更​​美好的未来,而这种大趋势确实为我们的优先次序,收购和创新议程提供了信息。因此,它是第三个分部家庭护理。

Homecare now being led by Peter, who was most recently running both Southeast Asia and our global digital transformation program. So, another digital expert that we’re welcoming to the top table of Unilever. Now our home – one unique characteristic of our homecare division is that 80% of this turnover sits in emerging markets. Quite distinct from other multinationals and we believe this gives us a unique opportunity to continue to capture the very good growth that’s coming from home care in these markets, while importantly steadily stepping up profitability. The profit squeeze on home care is higher than the other two divisions.
We’re focused on building strong foundations of superior products at the right prices, and you see here the new OMO, reached off to a great start in Brazil, but at the same time we are transforming our portfolio to be future fit. Seventh generation product that you see here is eight times concentrated, it’s being designed to be e-commerce friendly life from the get go. And finally, I must say sustainability is a big focus for this largely petrochemical derived homecare business.
So, things like time-based detergents and a major, major program around less plastic, better plastic, and no plastic is driving a reduction of single-used plastic across Unilever. In fact, our goal is to keep plastic in the economy and out of the environment. So, our vision is that Unilever will remain recognized as the leader in sustainable business. We will demonstrate how our purpose led and future fit model leads to superior financial performance, specifically by delivering consistently in the top third TSR.
And we have now integrated what previously were two separate initiatives in the business. Our business strategy and our sustainable living plan into one common strategy, which puts at the center our purpose that does not change, which is to make sustainable living commonplace. And we’ve organized all of our priorities in the company around three very deeply held believes that brands with purpose grow, that companies with purpose last, and the people with purpose thrive.
[Indiscernible] framework, it captures our agenda for the coming years. And as you can imagine there is enormous detail of activity system and KPIs sustainable below this simple superstructure, but this is the model we will be using to drive the strategic agenda of Unilever in the coming years. I’m now going to hand over to Graeme, who's going to focus on one of these strategic imperatives, which relevant for this event is to deliver long-term superior value. Graeme, over to you.

家庭护理现在由彼得领导,他最近负责东南亚和我们的全球数字化转型计划。所以,另一位数字专家,我们欢迎联合利华的顶级餐桌。现在我们的家 - 我们家庭护理部门的一个独特特征是,80%的营业额位于新兴市场。与其他跨国公司截然不同,我们相信这为我们提供了一个独特的机会,可以继续抓住这些市场中家庭护理带来的非常好的增长,同时重要的是稳步提高盈利能力。家庭护理的利润挤压高于其他两个部门。

我们专注于以合适的价格建立优质产品的坚实基础,您在这里看到新的OMO,在巴西取得了良好的开端,但与此同时我们正在改变我们的产品组合,以适应未来。您在这里看到的第七代产品是八倍集中,它被设计为从一开始就是电子商务友好的生活。最后,我必须说可持续性是这个主要由石化衍生的家庭护理业务的重点。

因此,基于时间的洗涤剂和围绕塑料较少,塑料更好,不含塑料的主要计划,正在促使联合利华减少使用过的塑料。事实上,我们的目标是在经济和环境中保持塑料。因此,我们的愿景是联合利华将继续被公认为可持续发展业务的领导者。我们将展示我们的目标导向和未来适合模型如何带来卓越的财务绩效,特别是通过始终如一地提供前三名TSR。

我们现在已经整合了以前在业务中的两个独立计划。我们的业务战略和可持续生活计划成为一个共同战略,其中心是我们不改变的目标,即使可持续生活变得平常。我们已经在公司中组织了所有优先事项,围绕着三个非常深刻的人认为,有目的的品牌在增长,有目的的公司,以及有目的的人才能茁壮成长。

[音频不清晰]框架,它捕捉了我们未来几年的议程。正如您可以想象的那样,在这个简单的上层建筑下,活动系统和KPI可持续发展的细节很多,但这是我们将在未来几年推动联合利华战略议程的模型。我现在要交给Graeme,Graeme将专注于这些战略要求之一,与此事件相关的是提供长期的卓越价值。格雷姆,对你而言。

Graeme Pitkethly

Thanks Alan. And, okay, good morning everybody. I’m a bit short in time. So, I’m going to crack on a fair piece here. Long-term superior value is going to come by moving the portfolio into higher growth phases and a continued focus on reshaping the portfolio that’s both organically and inorganically, and by being a faster lower-cost and fully-digitized company. Now, there are many levers that we can use to achieve that, but today I want to focus on the levers of margin, the lever of brand investment, and acquisitions and disposals.
Let me start with the lever of margins since this has been become a focus on this recently. We’ve grown from a 16.4% underlying operating margin in 2016. We’ve added 200 basis points to 18.4% at the end of 2018, and we have a clear and sensible path as Alan and I talked about many times to reach 20% by 2020.
Now, this isn't a precise 20.00%, you know, at midnight on the 31st December 2020, but it is one that can be delivered through the savings and reinvestment programs that we have, up and running already, and very well established in the business, right. The major building blocks of margin are mix, and our three key cost and reinvestment programs, which are 5-S, ZBB and our restructuring investment. That mix comes from shifting the portfolio into higher margin product segments and channels.
For example, by growing faster in Beauty & Personal Care or in the high margin geographies, we can grow our margin through positive mix, and you might recall that emerging markets are in aggregate margin accretive for Unilever. So, that opportunity for growth that Alan mentioned earlier that in itself delivers positive mix to the margin.
Our 5-S program is a holistic program. It covers pricing, it covers product sourcing, product design at an SKU level in every single country, and with the help of 5-S, we’re well on the way to delivering €4 million of multi-year savings that come from the supply chain by 2020.
Our ZBB program is being managed really on an unprecedented scale in terms of the cost base that we’re addressing and the global reach of the program. We went from a first pilot in Thailand, back in 2015, to a full program that now runs across all of our divisions and all of our markets, and ZBB looks at to continue through 2020 and deliver beyond the €2 billion initial multi-year target that we set for it.
Now both 5-S and ZBB is important to note that we reinvested at least two thirds of the savings back in the business to fuel our growth engine, and we made available up to €3.5 billion of restructuring investment as Unilever continues the journey to being future fit. Now, the continued focus on cost and supply chain savings combined with the investments that we're making mean that the savings journey in Unilever will not simply come to a hard close following 2020, but it’ll continue each and every year as the new activity is underway, for example, end-to-end digitization of our business begins on our greater impact [into it].

谢谢艾伦。好的,大家早上好。我的时间有点短。所以,我打算在这里破解一个公平的部分。通过将投资组合转移到更高的增长阶段,并继续专注于重塑有机和无机组合,以及成为更快,成本更低,数字化程度更高的公司,将实现长期优势价值。现在,我们可以用很多杠杆来实现这一目标,但今天我想关注利润率的杠杆,品牌投资的杠杆以及收购和处置。

让我从利润的杠杆开始,因为这最近成为焦点。我们从2016年16.4%的基本经营利润率增长。到2018年底,我们增加了200个基点至18.4%,我们有一条明确而明智的道路,因为艾伦和我多次谈到达到20%到2020年。

现在,这不是精确的20.00%,你知道,在2020年12月31日的午夜,但是它可以通过我们已经拥有,已经开始运行的储蓄和再投资计划来实现,并且已经在业务,对。保证金的主要组成部分是混合,我们的三个关键成本和再投资计划,即5-S,ZBB和我们的重组投资。这种组合来自于将投资组合转移到利润率更高的产品细分和渠道。

例如,通过美容和个人护理或高利润地区的快速增长,我们可以通过积极的组合来增加我们的利润率,您可能会记得新兴市场对联合利华的总利润增加。因此,艾伦之前提到的增长机会本身就为利润提供了积极的组合。

我们的5-S计划是一个整体计划。它涵盖了定价,它涵盖了产品采购,每个国家SKU级别的产品设计,并且在5-S的帮助下,我们正在努力实现400万欧元的多年节约。供应链到2020年。

我们的ZBB计划在我们正在解决的成本基础和该计划的全球影响力方面正在以前所未有的规模进行管理。我们从2015年在泰国的第一个试点项目转到了现在遍布我们所有部门和所有市场的完整项目,ZBB期待着持续到2020年并超过20亿欧元的初始多年我们为它设定的目标。

现在,5-S和ZBB都值得注意,我们将至少三分之二的储蓄重新投入到业务中来为我们的增长引擎提供动力,随着联合利华继续实现这一目标,我们提供了高达35亿欧元的重组投资。未来适合。现在,对成本和供应链节约的持续关注以及我们正在进行的投资意味着联合利华的储蓄之旅将不会在2020年之后勉强接近,但它将每年都在继续活动正在进行中,例如,我们业务的端到端数字化始于我们对其的更大影响。

Let me give you a little bit more detail now just on ZBB and 5-S. In the ZBB model, of course, we measure our sales in terms of benchmark quartiles. Of course, you can see here from the blue arrows and where the position that we are now – where we are versus those benchmarks compared to where we started back in 2015. So, in BMI branded marketing investment, for example, we sit at the top of the third quartile. So, we’re investing more than the average of the benchmarks.
But in Facilities, which you’ll also see here, you can see that we aim to spend less. We’re almost at the first quartile in terms of spend efficiency, and of course, we don’t aim to be in the first quarter everywhere, and certainly not in BMI as we’re a company of brands and those brands require support, but we do use these benchmarks very, very actively as a way to make strategic cost choices and measure our progress.
Looking now to 5-S, we’ve got two great examples here of the kinds of areas that we target for savings. In fabric sensations, we’ve been harmonizing our use of active ingredients, and that’s been done without any impact on the efficacy of the product and it allows us to make cost savings and move faster to the market. In Axe deodorants, we’ve been focusing on reducing the weight of our cans and that means we use less aluminum, which is good for the planet and good for our cost model, which leads me to the second topic I’d like to cover, brand investment.
So, we’ve invested €310 million more in media over the past two years. However, looking at just one number, we think really oversimplifies one of the deep and multi-faceted area. The world of marketing is changing as we all know. We’ve talked before about how rapidly we’re moving to digital marketing, and of course, 40% of our media is now digital. But as marketing changes, the rules of what is good spend and what is bad spend are also shifting.
Now traditionally, overheads have been seen in Unilever's bad spends. However, we're choosing to invest more in marketing expertise such as in our digital hubs and our people data centers because we believe this is the right way to grow our brands. A new investment in these important capabilities appears as overheads rather than its brand and marketing investment.
And when we are assessing the effectiveness of total spend on our brand support, the measures that are more important than just absolute euros are as follows. Asset quality, how good a particular campaign is; brand health, how our consumers view the brands; a share of voice, which is a traditional measure that one that we continue to use very actively in the business, and we continue to be competitive across all of these factors.
The third topic I’d like to touch on finally is M&A, and of course, acquisitions and disposals have been a critical part of our portfolio evolution over the last decade. Since 2015, we’ve made 32 acquisitions, we’ve invested nearly €11 million and we’ve made 11 disposals realizing just over €8 billion for a net cash outflow of about €3 billion.

现在让我在ZBB和5-S上给你一些细节。当然,在ZBB模型中,我们以基准四分位数衡量我们的销售额。当然,你可以从蓝色箭头和我们现在所处的位置看到这里 - 我们所处的位置与我们2015年开始的基准相比。例如,在BMI品牌营销投资中,我们坐在第三个四分位数的顶部。因此,我们的投资超过平均水平。

但在设施中,您也可以看到这里,您可以看到我们的目标是减少开支。在支出效率方面,我们几乎处于第一个四分位数,当然,我们的目标并不是在第一季度,而且当然不是BMI,因为我们是品牌公司,而这些品牌需要支持,但我们非常非常积极地使用这些基准,作为战略成本选择和衡量我们进步的一种方式。

现在看看5-S,我们在这里有两个很好的例子,说明我们针对储蓄的各种领域。在面料感觉方面,我们一直在协调我们对活性成分的使用,并且这些成分的使用对产品的功效没有任何影响,它使我们能够节省成本并更快地进入市场。在Axe除臭剂中,我们一直专注于减少罐头的重量,这意味着我们使用更少的铝,这对地球有益,对我们的成本模型也有好处,这使我想到了我想要涵盖的第二个主题,品牌投资。

因此,过去两年我们在媒体上投入了3.1亿欧元。然而,只看一个数字,我们认为真正过分简化了一个深层次和多面积的区域。众所周知,营销的世界正在发生变化。我们之前谈到过我们转向数字营销的速度有多快,当然,我们40%的媒体现在都是数字化的。但随着营销的变化,良好支出和坏消费的规则也在发生变化。

传统上,联合利华的不良支出中已经出现了管理费用。但是,我们选择投入更多的营销专业知识,例如我们的数字中心和人员数据中​​心,因为我们相信这是发展我们品牌的正确方法。对这些重要能力的新投资似乎是间接费用,而不是其品牌和营销投资。

当我们评估总支出对我们品牌支持的有效性时,比绝对欧元更重要的措施如下。资产质量,特定广告系列的效果如何

In Q1 of 2019, M&A activity added some 70 basis points to our growth, and we believe it is important to acquire new brands in high growth areas such as Seventh Generation and Schmidt's. We’ve been targeting adjacent white spaces for Unilever like healthy snacking in the UK with Graze and OLLY in the U.S., a bit of [indiscernible] on supplements business, which complements our small existing VMS portfolio, portfolio which is in Pukka and Equilibra.
Like for some brands, we undertake rapid roll-outs. These are sometimes done internationally and sometimes within a country where we can often be an opportunity for growth with new retail partners. Examples of different types of roll-out include Pukka, which we rolled out to new markets across Europe, the U.S., and Australia or Quala in Latin America, for which we moved quickly into deodorants with the Savile and eGo brands across Central America. Another good example would be Seventh Generation, which Alan just spoke about.
Completing 32 acquisitions in three years requires a disciplined process, and behind all of our M&A, we have a rigorous and consistent activity system where every acquisition target is assessed against tough financial criteria, strategic fit, and business readiness. And for every acquisition that we close on, we’ll have done and investigated around 10 times more in the funnel and we have looked at those in detail but not progressed them. So, this keeps all of our teams very active in this space.
Finally, let me sum up with our investment case. Running a purpose-led business model is, we believe, more relevant today than ever before. We are leading for a company, which puts consumers at the very center of everything that we do. We want our customers, our employees and our communities to share our vision and we want you, our shareholders, to be invested in the Unilever and in how we do business. We believe that our purpose-led business together with our multi-stakeholder model will lead to superior financial performance and long-term value creation.
Thank you for listening, and now we’ll open up for some questions. If we can, one question for Alan please.

在2019年第一季度,并购活动为我们的增长增加了约70个基点,我们认为在第七代和施密特等高增长领域获得新品牌非常重要。我们一直瞄准联合利华的相邻白色空间,例如英国的健康零食,美国的Graze和OLLY,有点[音频不清晰]的补品业务,这补充了我们现有的小型VMS产品组合,即Pukka和Equilibra。

与某些品牌一样,我们也会进行快速推广。这些有时在国际上进行,有时在一个我们通常可以成为新零售合作伙伴增长机会的国家内。不同类型推广的例子包括Pukka,我们在欧洲,美国和澳大利亚或拉丁美洲的Quala推出新市场,我们迅速将其转移到中美洲Savile和eGo品牌的除臭剂。另一个很好的例子是艾哈刚刚谈到的第七代。

在三年内完成32次收购需要严格的流程,在我们所有的并购背后,我们拥有严格一致的活动系统,每个收购目标都要根据严格的财务标准,战略契合度和业务准备情况进行评估。对于我们关闭的每一次收购,我们都会在漏斗中完成并调查大约10倍以上,我们已经详细研究了这些,但没有取得进展。因此,这使我们所有的团队在这个领域保持活跃。

最后,让我总结一下我们的投资案例。我们相信,运行以目标为导向的商业模式比以往任何时候都更具相关性。我们领导着一家公司,它将消费者置于我们所做的一切的中心。我们希望我们的客户,员工和社区分享我们的愿景,我们希望您,我们的股东能够投资联合利华以及我们如何开展业务。我们相信,我们的目标主导业务与我们的多利益相关方模型将带来卓越的财务业绩和长期价值创造。

感谢您的倾听,现在我们将开放一些问题。如果可以,请问艾伦一个问题。

问答环节

Does anyone have a question that you would like to ask Graeme or myself?

有没有人有问题要问格雷姆或我自己?

身份不明的分析师

You talked about, you know, a company with purpose or brands with purpose, and I’ve seen a couple of your brands cross the line into political, at least, and that’s my opinion. When does purpose cross into political and become bad? I mean because what – something like what Ben & Jerry's has done in the last year and a half, two years, you cut off half your market?

你知道,你谈到了一个有目的的品牌或有目的的品牌,我看到你的几个品牌跨越了政治,至少,这是我的看法。 目的何时进入政治并变得糟糕? 我的意思是因为什么 - 像Ben&Jerry在过去一年半,两年内所做的那样,你切断了一半的市场?

Alan Jope

Yes. Let me – I agree with the – what’s buying your question. It is impossible for business leaders or brands who go down this avenue not to tackle political issues. And however, I think it is absolutely wrong to get involved in party political issues and to explicitly take sides on one side or another of the political space from. And so, where we – where one of our brands to explicitly allying with a candidate or an individual party…

是。 让我 - 我同意 - 什么在买你的问题。 走在这条大道上的商界领袖或品牌不可能不解决政治问题。 然而,我认为参与政党政治问题并明确地站在政治空间的一边或另一边是绝对错误的。 所以,我们的地方 - 我们的一个品牌明确地与候选人或个别政党结盟......

身份不明的分析师

[Indiscernible]

[不可分辨]

Alan Jope

Yes, I didn't say that. I actually said, [if he can resist] and I was resisting divisiveness in society, but I think it went too far because it started to indicate an alignment with one side of the [house] and that will not happen on my watch.

是的,我没有这么说。 我实际上说过,[如果他能抗拒]我在社会中抵制分裂,但我认为它太过分了,因为它开始表明与[房子]的一侧对齐,而这在我的手表上不会发生。

Graeme Pitkethly

Let’s go. Alright.

我们走吧。 好的。

Alan Jope

I have to respect for – that was a good controversial question that we got. Thank you. But I have to respect for the agenda. I think we have to wrap up there. Thanks very much everybody.

我必须尊重 - 这是一个很有争议的问题,我们得到了。 谢谢。 但我必须尊重议程。 我想我们必须在那里结束。 非常感谢大家。

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