宝洁公司 (PG) 首席执行官大卫·泰勒出席巴克莱全球消费者大会 (会议记录)

[机器翻译] 电话会议 · 2019年09月08日 · 47 次阅读

The Procter & Gamble Company (NYSE:PG) Barclays Global Consumer Staples Conference September 5, 2019 8:15 AM ET

宝洁公司(纽约证券交易所股票代码:[PG])德克萨斯州巴克莱全球消费者订单会议2019年9月5日上午8:15...

公司参与者

David Taylor - Chief Executive Officer
Jon Moeller - Chief Financial Officer

  • David Taylor - 首席执行官
  • Jon Moeller - 首席财务官

电话会议参与者

Lauren Lieberman - Barclays

  • 劳伦利伯曼 - 巴克莱

Unidentified Company Representative

下午好,感谢您加入我们Celestica 2019年第二季度收益电话会议。今天的电话会议是总裁兼首席执行官Rob Mionis;和首席财务官Mandeep Chawla。

提醒一下,在本次电话会议中,我们将根据1995年美国私人证券诉讼改革法案和适用的加拿大证券法,作出前瞻性陈述。这些前瞻性陈述基于管理层当前的预期,预测和假设,这些预期,预测和假设受风险不确定性和可能导致实际结果和结果与此类陈述中表达的结论,预测或预测产生重大差异的其他因素的影响。

有关此类因素和假设的识别和讨论以及有关财务指导的进一步信息,请参阅今天的新闻稿,包括其中有关前瞻性陈述的警示性说明,我们的20-F表格年度报告和其他公开文件,可在sec.gov和SEDAR.com访问。除非适用法律要求,否则我们不承担更新任何前瞻性陈述的义务。此外,在本次电话会议期间,我们将参考各种非IFRS指标,包括营业收入,营业利润率,调整后毛利率,调整后的投资资本回报率或调整后的ROIC,自由现金流量,总债务为非IFRS,为期12个月,调整后的EBITDA杠杆比率,调整后的净收益,调整后的每股收益,调整后的SG&A费用和调整后的有效税率。

应提醒听众,在本次电话会议中提及上述任何措施均表示非IFRS措施是否具体定义为此类措施。这些非IFRS指标没有IFRS规定的任何标准化含义,可能与使用IFRS的其他上市公司或根据美国GAAP报告并使用非GAAP指标描述类似操作指标的类似指标不具有可比性。

我们将向您介绍今天的新闻稿和2019年第二季度的盈利报告,这些报告可在celestica.com的“投资者关系”选项卡下获取,以获取有关这些和某些其他非IFRS措施的更多信息,包括对历史非IFRS措施的调节从我们的财务报表中直接比较IFRS措施。除非另有说明,否则本次电话中所有对美元的提及均为美元。

现在让我把电话转到Rob身上。

P&G would like to remind you that today’s discussion will include a number of forward-looking statements. If you will refer to P&G’s most recent 10-K, 10-Q and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections. Additionally, the company has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP and other financial measures.

宝洁谨提醒您,今天的讨论将包括一些前瞻性陈述。 如果您将参考宝洁公司最新的10-K,10-Q和8-K报告,您将看到可能导致公司实际结果与这些预测产生重大差异的因素的讨论。 此外,该公司还在其投资者关系网站www.pginvestor.com上公布了非GAAP和其他财务指标的完全对账。...

Lauren Lieberman

So we're fortunate to have both P&G's CEO, David Taylor; and CFO, Jon Moeller, with us at the conference this year. It's amazing what a difference a year makes, but, of course, the change in P&G's performance hasn't happened overnight. After more than a decade of trying to deliver a quick turnaround, we believe P&G is now investing and planning with a longer time horizon, truly listening to the consumer and adapting to new competitive realities in a way that previously seems unthinkable. The revenue growth has clearly turned a corner. We think this is just the beginning, and we look forward to hearing more ways in which new strategies and ways of working are beginning to yield better results.

所以我们很幸运有宝洁公司的首席执行官大卫泰勒; 和首席财务官Jon Moeller今年在会议上和我们一起。 令人惊讶的是一年的差异,但当然,宝洁公司业绩的变化并非一蹴而就。 经过十多年努力实现快速转变,我们相信宝洁现在正在投资和规划更长的时间,真正倾听消费者的心声,并以一种以前似乎无法想象的方式适应新的竞争现实。 收入增长明显转向了一个角落。 我们认为这只是一个开始,我们期待听到更多的方式,新的战略和工作方式开始产生更好的结果。

Jon Moeller

Jon Moeller

Thank you, Lauren. I'm going to start with a quick summary of fiscal 2019 then David will spend time on four strategic focus areas: Superiority, Productivity, Constructive Disruption, and Organization and Culture. And of course, we'll save time for questions.
For fiscal 2019, organic sales up 5%; core earnings per share up 7%; currency-neutral core earnings per share up 15%; adjusted free cash flow productivity of 105%; $12.5 billion of cash returned to owners. Each of these metrics in line or ahead of objectives set going into the fiscal year. All of this progress against strong headwinds. FX, commodities, transportation costs and tariffs created a $1.4 billion fiscal year after tax headwind of 13 point negative impact on core earnings per share, all overcome with innovation-driven volume growth, pricing and productivity, yielding strong results for the year. Capping a strong year, a very strong fourth quarter, organic sales up more than 7%.
Four quarters, 4%, 4%, 5% and 7%, volume, pricing and mix each contributing top line momentum. Broad-based growth, 9 of our 10 global categories grew organic sales in fiscal 2019. Skin & Personal Care up mid-teens. Personal Health Care, Fabric Care, Feminine Care and Home Care, up high single digits. Family Care and Oral Care, up mid-single digits. In the fourth quarter, all 10 global categories grew organic sales.
All six regions grew organic sales. 15 out of 15 top markets held or grew. Strong results in our two largest markets. In the U.S., sales up 7%. In the past quarter, up 4% on the fiscal year, 10 of 10 categories growing in the fourth quarter. Continued progress in China, improving from a 5% sales decline in fiscal 2016 to 1% growth in fiscal 2017 to 7% organic sales growth in fiscal 2018. Fiscal 2019 growth, up 10%, up 12% in the fourth quarter. E-commerce organic sales, up 25%, now well over $5 billion in annual sales or about 8% of the company total. Strong and improving market share trends. Aggregate global value share up versus a year ago in fiscal 2019. 33 of our top 50 category country combinations held or grew value share, up from 26 in fiscal 2018; 23 in fiscal 2017; and 17 in fiscal 2016, so on chronological order, 17, 23, 26 and now, 33. Eight of 10 global categories held or grew share.
On the bottom line, fiscal year core earnings per share, up 7% and 15% on a currency-neutral basis. Fourth quarter core earnings per share up 17% versus the prior year; up 26% on a currency-neutral basis. Fourth quarter margins improved, both sequentially and versus year ago. We increased our dividend 4% in April, the 63rd consecutive annual increase and 129th consecutive year in which P&G has paid a dividend. P&G is one of only 10 U.S. companies to pay a dividend for more than 120 consecutive years.
Only 3 U.S. companies have increased dividends more consecutive years than P&G. Over the last 10 years, the annual dividend has increased from $1.64 per share to $2.90 per share, up almost 80%, returning $68 billion of cash to shareowners. We're not winning everywhere. We still face challenges and continue to operate in a difficult, competitive and macro landscape. Our work is not over but we're making progress behind the integrated and mutually reinforcing strategies David will discuss next. David?

谢谢你,劳伦。我将从2019财年的快速摘要开始,然后大卫将花时间在四个战略重点领域:优势,生产力,建设性破坏,组织和文化。当然,我们会节省时间来提问。

2019财年,有机销售额增长5%;核心每股收益增长7%;货币中性核心每股收益增长15%;调整后的自由现金流生产率为105%; 125亿美元现金返还给业主。这些指标中的每一个都在进入财政年度的目标范围内或之前。所有这些进展都抵御了强大的逆风。外汇,商品,运输成本和关税创造了14亿美元的财政年度税收逆风,对核心每股收益产生13点负面影响,所有这些都得益于创新驱动的销量增长,定价和生产力,并在今年取得了强劲的成果。封盖强劲的一年,非常强劲的第四季度,有机销售额增长超过7%。

四个季度,4%,4%,5%和7%,数量,价格和组合各自贡献顶线动力。广泛的增长,我们的10个全球类别中有9个在2019财年增加了有机销售。皮肤和个人护理在十几岁中期。个人健康护理,织物护理,女性护理和家庭护理,高单位数。家庭护理和口腔护理,中等个位数。在第四季度,所有10个全球类别都增加了有机销售额。

所有六个地区都有机销售。 15个顶级市场中有15个持有或增长。我们两大市场的强劲业绩。在美国,销售额增长7%。在过去的一个季度中,该财年增长了4%,第四季度增加了10个类别中的10个。在中国继续取得进展,从2016财年的销售额下降5%到2017财年的1%增长,到2018财年的有机销售增长率为7%。2019财年增长10%,第四季度增长12%。电子商务有机销售额增长25%,现在年销售额超过50亿美元,占公司总销售额的8%左右。强劲且改善的市场份额趋势。 2019财年总体全球价值份额与一年前相比有所增加。我们排名前50位的国家组合中有33个持有或增加了价值份额,高于2018财年的26个; 2017财年23日; 2016财年有17个,按时间顺序分列,17,23,26和现在,33。全球10个类别中有8个持有或增长份额。

最重要的是,财政年度核心每股收益,按货币中性计算,分别上涨7%和15%。第四季度核心每股收益比上年增长17%;在货币中立的基础上上涨26%。与第一季度相比,第四季度利润率均有所改善。我们在4月份将股息增加4%,连续第63年增加,并且宝洁公司已连续第129年支付股息。宝洁是美国仅有的10家连续超过120年支付股息的公司之一。

只有3家美国公司连续多年增加股息,而不是宝洁公司。在过去10年中,年度股息从每股1.64美元增加到每股2.90美元,增长近80%,向股东返还680亿美元现金。我们并没有到处赢。我们仍面临挑战,并继续在困难,竞争和宏观环境中运营。我们的工作尚未结束,但我们正在大卫将在下一步讨论的综合和相互促进的战略背后取得进展。大卫?

David Taylor

大卫泰勒

Thanks, Jon. Good morning, everyone. One of the most encouraging points about the strong results we've delivered is the breadth of progress we've made across categories, regions and countries. The breadth of growth gives me confidence that the strategies and focus areas that are guiding our choices and investments are the right ones. It also gives me confidence that we're building the capabilities to sustain growth at or above market levels.
The mutually reinforcing strategic choices we've made are critical to our progress. We focused and strengthened our portfolio in daily use categories where performance drives brand choice in categories where we occupy number one or two position, which have historically grown faster than the balance of the company and done so more profitably. The benefits of the portfolio choices are clearly playing out. Within these 10 categories where performance drives brand choice, we've taken a deliberate choice to invest and advance the superiority of products and packages, brand communication, retail execution and the value advantage, growing the markets in which we compete and strengthening the long-term health and competitiveness of our brands.
We've raised minimum standards of competitive advantage versus each superiority driver and investing to meet or beat these new standards. A superior offering to drive market growth and this is incredibly important, increasing consumption, creating additional usage occasions, bringing more spend into the category and growing markets. This creates topline growth that is typically more sustainable than simply taking business from a competitor. It creates a winning proposition for our retail partners, high expansion versus zero sum, a positive versus negative spiral, and where we grow markets disproportionately and more sustainably, we build share.
Over the last 40 years, P&G U.S. Fabric Care has grown 5 times, 500% in a market that's grown 4 times. Market growth has been the primary driver of P&G's growth, which we've driven with leading innovation, and as a result, our market share has grown about 5 points. In meaningfully superior unit dose detergents, Tide PODS and Gain Flings have driven over 90% of U.S. laundry detergent category growth, since they were introduced at roughly a 50% price premium per load. Unit dose products now generate almost 20% of category sales with P&G holding nearly an 80% share of the form. 28% of U.S. households now use the unit dose detergent, up 12 points over the last three years and much more opportunity ahead.
In the U.K. for example, unit dose is already 1/3 of households and Poland is 50%. And we're just getting started in many markets. Just a year ago, we launched three chamber unit dose products in Japan and China with more markets to go. Now we've raised the bar again with our latest unit dose upgrade, a hands-down winner, delivering a 15-point consumer preference advantage versus our previous unit dose offerings. The latest upgrade enables us to deliver excellent cleaning and stain removal in a quick and cold wash, adding incremental value for consumers in both time and money. This is both a performance and a sustainability benefit as the energy used for heating water and the length of the cycle are greatly reduced. It also delivers a step change in performance against malodor, which has emerged as a challenge that is equal importance to consumers as tough stain removal. We're driving single-digit to double-digit growth on the form across each launched country, including the U.S., U.K., France and Poland.

谢谢,乔恩。大家,早安。关于我们取得的强劲成果,最令人鼓舞的一点是我们在不同类别,地区和国家取得的广泛进展。增长的广度使我相信,指导我们的选择和投资的战略和重点领域是正确的。它还让我相信我们正在建立维持市场或以上增长的能力。

我们所做出的相辅相成的战略选择对我们的进步至关重要。我们专注并加强了我们在日常使用类别中的投资组合,其中性能推动了我们占据第一或第二位的类别中的品牌选择,这些类别的历史增长速度超过公司的平衡并且更有利可图。投资组合选择的好处显而易见。在性能推动品牌选择的这10个类别中,我们慎重选择投资并提升产品和包装的优势,品牌传播,零售执行和价值优势,增加我们竞争的市场并加强长期术语健康和我们品牌的竞争力。

我们提高了竞争优势的最低标准,而不是每个优势驱动因素,并投资以达到或超越这些新标准。推动市场增长的卓越产品,这非常重要,增加消费,创造额外的使用场合,为该类别和不断增长的市场带来更多支出。这创造了一线增长,通常比仅仅从竞争对手那里获得业务更具可持续性。它为我们的零售合作伙伴创造了一个成功的主张,高扩张与零和,正面和负面螺旋,以及我们以不成比例和更可持续的方式增长市场,我们建立了份额。

在过去的40年里,P&G美国织物护理公司已经增长了5倍,在一个增长4倍的市场中增长了500%。市场增长一直是宝洁增长的主要动力,我们推动了领先创新,因此,我们的市场份额增长了约5个百分点。在有意义的优质单位剂量洗涤剂中,Tide PODS和Gain Flings已经推动了美国洗衣粉类别增长的90%以上,因为它们以每个负载大约50%的价格溢价推出。单位剂量产品现在产生近20%的类别销售额,宝洁公司持有近80%的份额。 28%的美国家庭现在使用单位剂量洗涤剂,在过去三年中增加了12个点,并且未来有更多机会。

例如,在英国,单位剂量已经是家庭的1/3,波兰是50%。我们刚刚开始涉足许多市场。就在一年前,我们在日本和中国推出了三种室内单位剂量产品,市场还有更多。现在我们再次通过我们最新的单位剂量升级提升了标准,这是一个不折不扣的赢家,与之前的单位剂量产品相比,提供了15分的消费者偏好优势。最新升级使我们能够在快速冷洗中提供出色的清洁和去污效果,为消费者增加时间和金钱的增值。这既是性能又是可持续性的好处,因为用于加热水的能量和循环的长度大大减少。它还对恶臭提供了性能上的一个步骤变化,这已经成为一种挑战,与消费者同样重要的是去除顽固污渍。我们在每个发起国家(包括美国,英国,法国和波兰)的表格上实现了单位数增长,达到两位数增长。

Fabric enhancers, scent beads, a great example of a superior product and package, packaging that serves the product and communicates the scent benefit with a squeeze release. Distinctive and appealing, Fabric enhancers are the fastest-growing segment in the U.S. Fabric Care category, up high single digits, and scent beads are the fastest-growing form, growing at about 20% rate. P&G scent bead offerings are growing nearly 25% with cumulative value share growth of 10 points in the scent beads segment and 6 points in overall Fabric Care, fabric enhancers over the past four years.
Superior innovation that grows markets and continues to drive strong results over time. And we have tremendous upside here, in the U.S., scent bead household penetration is only 18% and beads are currently used in only 7% of loads. Now we recently launched in China, Thailand and Spain with additional expansion opportunities ahead.
Next, we strive to communicate product and packaging benefits with superior brand messaging. Advertising that makes you think, talk, laugh, cry, smile, act, and of course, buy. Advertising that drives growth for the categories and our brands. This year at the Effie Awards, which recognized the most effective marketing communication, P&G won the top honor of most effective marketer and Tide won the grand Effie Award. Let's watch the winning ad.
[Video Presentation]
That's all of them for now. Superior in-store and online execution also contributes to the growth of categories into our brands. In Fabric Care, we're addressing the needs of e-commerce through ship and own container, executions that enable a direct shipment from P&G to market, P&G to retailers to consumers without the need to manipulate the package, a more appealing execution with less packaging, a more sustainable solution.
Our superior retail execution is being recognized. In the recently published 2018 Global Advantage Report, an independent retailer assessment of manufacturers across seven key performance areas, these are strategic alignment, people, category development, consumer marketing, trade and shopper marketing, supply chain and customer service, P&G ranked number one globally. We earned the highest number of #1 country rankings, 12 in total, including China, Japan, Mexico, Russia and the U.S., and we ranked #1 in all of the seven performance categories.
Omnichannel results were tabulated for the first time this past year. P&G was identified as the leading manufacturer overall with the #1 position in the U.S., China, France and Turkey. We're also recently recognized by Walmart in the U.S. as the supplier of the year in consumables, the first time we've earned this distinction in more than a decade, driven by innovation that grows markets and increases margin and record service levels enabled by our supply chain transformation. We're also named supplier of the year by Walmart in Mexico, Japan and China. We're in similar recognitions in the U.S. at Target, CVS and Family Dollar. Though we appreciate this recognition, but what really matters is retailers improved view of P&G as a partner in joint value creation, which earns stronger distribution, share of shelf, display and feature.

织物增强剂,香味珠,优质产品和包装的典范,包装为产品提供服务,并通过挤压释放传达香味益处。独特且吸引人的是,织物增强剂是美国织物护理类别中增长最快的部分,高达个位数,香味珠是增长最快的形式,增长率约为20%。 P&G香味珠产品增长近25%,香味珠子部分的累计价值份额增长了10个百分点,而整个Fabric Care,织物增强剂在过去四年中增长了6个百分点。

卓越的创新能够促进市场的发展并继续推动强劲的业绩。我们在这里有巨大的优势,在美国,香味珠的家庭渗透率仅为18%,珠子目前仅用于7%的负荷。现在我们最近在中国,泰国和西班牙推出了额外的扩展机会。

接下来,我们努力通过卓越的品牌信息传达产品和包装的好处。广告,让你思考,说话,笑,哭,微笑,行动,当然,购买。促进类别和品牌增长的广告。今年在获得最有效营销传播的艾菲奖中,宝洁赢得了最有效营销人员的最高荣誉,而Tide则获得了盛大的艾菲奖。我们来看看中奖广告。

[视频演示]

这就是现在所有这些。卓越的店内和在线执行也有助于我们品牌的类别增长。在Fabric Care中,我们通过船舶和自己的集装箱解决电子商务的需求,实施直接从宝洁到市场的运输,宝洁到零售商到消费者,无需操纵包装,更具吸引力的执行,更少的包装,更可持续的解决方案。

我们卓越的零售执行正在得到认可。在最近发布的2018年全球优势报告中,独立零售商对七个主要业绩领域的制造商进行了评估,包括战略调整,人员,品类开发,消费者营销,贸易和购物者营销,供应链和客户服务,宝洁在全球排名第一。我们在排名第一的国家中排名第一,共有12个,包括中国,日本,墨西哥,俄罗斯和美国,我们在所有七个表现类别中排名第一。

Omnichannel结果在过去一年中首次列入表格。宝洁被评为全球领先制造商,在美国,中国,法国和土耳其排名第一。我们最近也被沃尔玛在美国认可为年度耗材供应商,这是我们十多年来首次获得这一荣誉,这是由于市场发展和增加利润和创纪录的服务水平所带来的创新。我们的供应链转型。我们还被沃尔玛评为墨西哥,日本和中国的年度供应商。我们在Target,CVS和Family Dollar的美国也有类似的认可。虽然我们很欣赏这种认可,但真正重要的是零售商改善了宝洁作为共同价值创造合作伙伴的观点,这种合作伙伴获得了更强的分销,货架,展示和功能。

The last element of superior execution, not certainly the least, is a winning consumer and customer value equation. In both laundry and fabric enhancers, we continue to drive category growth by offering products across price tiers and launching premium innovations that offer consumers new and incremental benefits.
In the U.S, Tide value-add PODS are 25% price premium to base Tide PODS, which are 25% premium to Tide liquids, which are 100% premium to the balance of the market. Close to 40% of our PODS business is in value adds, a big win for retailers and P&G and a superior experience for consumers. Driving regimen from just laundry to the perfect wash, which includes detergent, fabric, liquid fabric enhancer, beads and sheets, doubles the size of the Fabric Care basket, grows the category for retailers and drives growth in our brands.
P&G global Fabric Care is winning with consumers with over 80% of its portfolio on a new standard measured as superior, and results speak for themselves. Globally, the categories growing mid single-digits with P&G driving the growth. Last fiscal year, P&G drove nearly 50% of market growth, well above our value share of 30%. Results are broad based across regions, brands and forms. Last fiscal year, all six regions grew organic sales mid single-digits or higher. Globally, value share increased 30 basis points, including 0.5 point share growth in North America, nearly 1 point in Europe and over 1 point in Asia Pacific.
Now excited to share the next example from a category I worked on a few years ago. Home Care is a category that many believe is commoditized, slow growth, but in fact it continues to deliver fantastic growth for us and our retailers. Over the past two years, Mr. Clean raised the bar across all elements of superiority and returned a sleepy category and a declining brand back to growth.
In fiscal 2019, Mr. Clean drove mid single-digit market growth in the U.S. Surface Care segment and gained over 0.5 point of share. Organic sales grew 20% in fiscal 2019 on top of high single-digit growth in fiscal 2018. Investments across the five vectors of superiority enabled this outstanding turnaround.
Mr. Clean launched product innovations across each form: concentrated liquids, sprays and erasers and added a new eraser sheet form. The Mr. Clean spray upgrade, called Clean Freak utilizes the grease-fighting technology of Dawn to deliver a deep cleaning mist with three times the cleaning power of the leading all-purpose bleach cleaning spray. Clean Freak delivers superior cleaning in many areas of the home, including kitchens and bathrooms and on granite and stainless steel.
Magic Erasers were upgraded to improve durability, widening our superiority advantage. Magic Erasers worked so well that some consumers save them only for big jobs. So we're driving increased category consumption with the launch of Magic Eraser sheets that consumers like to use every day on any size job. These product innovations were launched with superior packaging upgrades.

卓越执行的最后一个要素,不一定是最不重要的,是赢得消费者和客户价值方程式。在洗衣和织物增强剂方面,我们通过提供跨价格层的产品并推出可为消费者带来新的和增量优势的优质创新,继续推动品类增长。

在美国,Tide增值PODS比Tide PODS价格溢价25%,比Tide液体溢价25%,这比市场上的余额溢价100%。接近40%的PODS业务增值,对零售商和宝洁来说是一个巨大的胜利,并为消费者提供了卓越的体验。从洗衣到完美洗涤的驾驶方案,包括洗涤剂,织物,液体织物增强剂,珠子和床单,使织物护理篮子的尺寸增加一倍,为零售商增加品类并推动我们品牌的增长。

宝洁全球织物护理公司赢得了消费者的青睐,其80%以上的产品组合都采用了新标准,并且效果不错。在全球范围内,宝洁公司的中位数增长率达到个位数,推动了增长。上一财年,宝洁推动了近50%的市场增长,远高于我们30%的价值份额。结果广泛地基于地区,品牌和形式。上个财政年度,所有六个地区的有机销售均增长至个位数或更高。在全球范围内,价值份额增加了30个基点,其中包括北美0.5个百分点的增长,欧洲的近1个点和亚太地区的1个百分点。

现在很高兴能够分享几年前我工作过的类别中的下一个例子。家庭护理是许多人认为商品化,增长缓慢的类别,但实际上它继续为我们和我们的零售商带来梦幻般的增长。在过去的两年里,清洁先生提升了所有优势元素的标准,并将一个沉睡的类别和一个衰退的品牌带回了增长。

在2019财年,清洁先生推动美国表面护理领域的单位数市场增长,并获得超过0.5个百分点。 2018财年有机销售额增长了20%,而2018财年的单位数增长率高。八大优势的投资促成了这一突出的转变。

Clean先生在每种形式上推出了产品创新:浓缩液体,喷雾剂和橡皮擦,并添加了新的橡皮擦表单。 Mr. Clean喷雾升级,名为Clean Freak,利用Dawn的抗油脂技术,提供深度清洁喷雾,其清洁能力是领先的通用漂白清洁喷雾的三倍。 Clean Freak可在家中的许多区域提供卓越的清洁效果,包括厨房和浴室以及花岗岩和不锈钢。

Magic Erasers进行了升级,以提高耐用性,扩大我们的优势。 Magic Erasers工作得很好,有些消费者只为大工作拯救他们。因此,随着消费者喜欢每天在任何规模的工作中使用的Magic Eraser表的推出,我们正在推动增加的类别消费。这些产品创新是通过卓越的包装升级推出的。

Clean Freak sprays have a special trigger that can dispense a small spray or continuous light mist. They can be sprayed upside down to clean hard-to-reach areas and offer sustainability and value through a starter kit and a refill option. The Magic Eraser Sheets launched in a booklet form that enables easy storage and includes educational material inside the front cover to encourage increased consumption.
Mr. Clean focused on increasing household penetration, by educating consumers on the multiple uses of each product. The brand pivoted from advertising the hero Mr. Clean, the man, and traditional jingles to educational in commercial style copy focused on the product, how, when and where to use it. The brand experienced an immediate increase in consumption after the first educational copy was aired. Household penetration improved 30% the first year and has continued to grow. Let's watch two spots showcasing Clean Freak and Magic Eraser.
[Video Presentation]
Beautiful. Mr. Clean also made important retail executional improvements. In club stores, pallet designs and product packaging were transformed to improve in-store display executions. Mr. Clean erasers moved from tub containers to large, flat boxes, creating a large marketing wall for the brand where executed sales have increased by 20%.
In the mass channel, Mr. Clean Magic Erasers were moved to gravity drop boxes, which declutter shelves and enable on-shelf marketing. Where executed, the 3D packaging gravity boxes contributed to nearly a 30% increase in purchases.
Now by educating the consumer in the multiple uses of Magic Erasers and Sheets, the value equation, which we framed from our purchasing a sponge through purchasing a product that can clean virtually anything, the Magic Eraser Sheets are driving category growth via trade-up and the consumer value equation has improved as she uses a single-use sheet for about one-third the price of an eraser, but a lot more of them.
Clean Freak has grown the all-purpose cleaning spray segment, up 6% post-launch by offering a superior product and superior packaging, communicated in a simple to use format. Consumers understand the value and love the sustainable refill model.
We will continue to make progress extending our margin of advantage and increasing the quality of execution, which will require ongoing investment. The need for this investment -- the need to offset the macro cost headwinds that Jon talked about earlier and the need to drive balance, top and bottom line growth, including margin expansion, underscores the importance of productivity. We're driving cost savings and efficiency improvements in all facets of our business, now past the midpoint of our second five-year, $10 billion productivity program.
Through our productivity efforts, P&G has maintained and built its status as a highly profitable company. Before tax, operating margins were among the highest in the industry, behind only Reckitt and Colgate, whose margins reflects their concentrations in Health Care. We have significant below the line advantages, operating with one of the lowest interest expense percentages and one of the lowest tax rates, putting us near the top of the industry in after-tax margins, already highly profitable and aggressively driving more savings.

Clean Freak喷雾剂具有特殊的触发器,可以分配小喷雾或连续的轻雾。它们可以倒置喷洒,以清洁难以触及的区域,并通过入门套件和补充选项提供可持续性和价值。 Magic Eraser Sheets以小册子的形式推出,可以轻松存放,并在封面内包含教育材料,以鼓励增加消费。

Clean先生通过教育消费者了解每种产品的多种用途,专注于提高家庭渗透率。该品牌从宣传英雄先生清洁,男人和传统的歌曲转向商业风格的教育复制,专注于产品,如何,何时以及在何处使用它。第一个教育版本播出后,该品牌的消费量立即增加。家庭普及率第一年提高了30%,并且持续增长。让我们看两个展示Clean Freak和Magic Eraser的地方。

[视频演示]

美丽。 Clean先生也做了重要的零售改进。在俱乐部商店中,托盘设计和产品包装被改造以改善店内展示执行。 Clean rubrs先生从浴缸容器转移到大型扁平盒子,为品牌创造了一个巨大的营销墙,执行销售额增加了20%。

在大众渠道中,Clean Magic Erasers先生被转移到重力下降箱,这些箱子可以拆卸货架并实现货架营销。在执行时,3D包装重力箱的购买量增加了近30%。

现在通过教育消费者使用Magic Erasers和Sheets的多种用途,我们通过购买可以清洁任何东西的产品购买海绵来构建价值等式,Magic Eraser Sheets通过交易推动类别增长消费者价值方程式得到了改善,因为她使用一次性纸张的价格约为橡皮擦价格的三分之一,但更多的是这样。

Clean Freak通过提供优质产品和优质包装,以简单易用的形式进行沟通,增加了6%的清洁喷雾产品。消费者了解价值并热爱可持续填充模型。

我们将继续取得进展,扩大我们的优势,提高执行质量,这将需要持续的投资。需要进行这项投资 - 需要抵消乔恩先前谈到的宏观成本逆风以及推动平衡,上下线增长(包括利润率扩张)的必要性,这强调了生产力的重要性。我们正在推动我们业务各个方面的成本节约和效率提升,现已超过我们第二个五年100亿美元的生产力计划的中点。

通过我们的生产力努力,宝洁公司保持并建立了其作为高利润公司的地位。在税前,营业利润率是行业中最高的,仅次于Reckitt和高露洁,其利润率反映了他们在医疗保健方面的集中度。我们拥有显着的线下优势,以最低的利息支出百分比和最低的税率之一运营,使我们在税后利润率方面接近行业的顶峰,已经非常有利可图并且积极地推动更多的储蓄。

Superiority and productivity are critical but are insufficient to keep us ahead in a world with constantly changing retail environment, quickly evolving consumer needs, media ecosystem transformation, revolutionary changes in technology. We must and are leading the constructive disruption of our industry across all areas of the value chain. Each of these drivers are required to win in a highly dynamic and competitive environment we face today; superiority, productivity and constructive disruption.
Next, P&G Ventures is an internal start-up studio that works with entrepreneurs to create new brands, technologies and business models. Brands that have been created within P&G Ventures that are in the learning market phases include Zevo, a safe and effective way to control insects in your home; Opté, a precision skin care technology that digitally scans skin and analyzes complexion to cover imperfections; Metaderm, a proprietary botanical extract skincare product that helps people manage their chronic skin conditions; and Pepper & Wits, a treatment product that helps women with symptoms of menopause.
We're also leading disruption of our retail execution behind the SK-II, Future X Smart Store. This store offers an AI supported shopping experience with personalized recommendations based on smart scans of a person's skin, product browsing on virtual shelves and shopping through the wave of a hand. It's the first augmented reality retail environment, which merges physical and digital technology to give the shoppers exactly the skincare regimen needed in a new smart packaging that features a companion app for personalized skincare every day. We're reinventing brand building, moving from wasteful mass marketing to mass one-to-one brand building, fueled by data and technology with a propensity focus.
In the U.S, we built a data and analytics learning lab based on anonymous media audience data and retail purchase information. We're moving from generic demographic targets, like women 18 to 49 years old, to more than 350 precise, smart audiences, like first-time moms, millennial young professionals, first-time washing machine owners and many more, to reach the right people at the right place at the right time.
The Secret brand is disrupting how we communicate. The brand no longer has an agency of record. The brand team has become its own agency, bringing nearly all advertising creation and media planning in-house.
Let's take a look at some recent spots shot locally in Cincinnati by P&G employees with primarily P&G talent and their families.
[Video Presentation]
Secret's approach is disrupting the cost, speed and agility of consumer communication. The new ads are being created in as little as a one-tenth -- with as little as one-tenth of the cost of a traditional execution. The time from idea to execution has significantly reduced, producing content in under a month versus average production time of 3 to 5 months. These benefits, combined with in-house media planning, give the brand complete control and flexibility to react in real time to current events and consumer response to our ads. There's a tremendous opportunity in this area across brands ahead of us.

优势和生产力至关重要,但不足以让我们在零售环境不断变化,快速发展的消费者需求,媒体生态系统转型,技术革命性变革的世界中保持领先地位。我们必须并且正在引领价值链所有领域对我们行业的建设性破坏。这些驱动因素中的每一个都需要在我们今天面临的高度动态和竞争的环境中获胜;优势,生产力和建设性的破坏。

接下来,P&G Ventures是一家内部创业工作室,与企业家合作创建新的品牌,技术和商业模式。在P&G Ventures中创建的处于学习市场阶段的品牌包括Zevo,一种安全有效的方法来控制家中的昆虫; Opté,一种精确的皮肤护理技术,可对皮肤进行数字扫描并分析肤色以掩盖瑕疵; Metaderm,一种专利的植物提取物护肤产品,可帮助人们控制慢性皮肤病;和Pepper&Wits,一种帮助女性更年期症状的治疗产品。

我们还在推动SK-II,Future X Smart Store背后的零售执行中断。这家商店提供人工智能支持的购物体验,基于对人的皮肤进行智能扫描,在虚拟货架上浏览产品和通过手势购物提供个性化推荐。这是第一个增强现实零售环境,融合了物理和数字技术,为购物者提供了一个新的智能包装所需的护肤方案,每天都有一个用于个性化护肤的配套应用程序。我们正在重塑品牌建设,从浪费的大规模营销转向大规模的一对一品牌建设,以数据和技术为重点推动。

在美国,我们基于匿名媒体受众数据和零售购买信息构建了数据和分析学习实验室。我们正在从一般的人口统计目标(如18至49岁的女性)转变为超过350名精准,聪明的受众群体,如首次妈妈,千禧年青年专业人士,首次洗衣机所有者等等,以达到合适的目标人们在正确的时间在正确的地方。

Secret品牌正在扰乱我们的沟通方式。该品牌不再拥有记录机构。品牌团队已成为自己的代理商,几乎所有的广告创作和媒体策划都在内部。

让我们来看看最近在辛辛那提本地拍摄的一些由宝洁员工主导的宝洁和他们的家庭。

[视频演示]

Secret的方法正在破坏消费者沟通的成本,速度和敏捷性。新广告的创建时间只有十分之一 - 仅为传统执行成本的十分之一。从构思到执行的时间显着减少,产生的内容在一个月以内,而平均生产时间为3到5个月。这些优势与内部媒体规划相结合,为品牌提供了完全的控制和灵活性,可以实时响应当前事件和消费者对我们广告的响应。我们面前的品牌在这个领域有巨大的机会。

The Secret brand is not just disrupting how we communicate, but the use in its voice as a force for good and a force for growth, addressing gender equality. Spring boarding from the success of the All Strength, No Sweat campaign and our initial partnership with the U.S. Women's National Soccer Team, Secret recently donated over $0.5 million to the U.S. Women's Players Association to help raise awareness of the gender pay gap women face and do our part to close that gap. Since the donation, the U.S. Secret brand growth has accelerated from low single-digit to mid-single digit growth.
We're making organizational structure and cultural changes to better position us to win. We're taking steps to simplify the organization, focus effort, clarify responsibilities and increase accountability. We're supplementing internal talent development with experienced external hiring, and we're improving category dedication and mastery.
We're strengthening compensation and incentive plans. We're moving to a new organizational structure designed to dematrix the company and provide even greater clarity on responsibilities and reporting lines to focus and strengthen leadership accountability.
We're significantly reducing the level of corporate resources. We've moved from about 60% of corporate roles to the business units. About 60% of corporate roles have moved into the business units and markets. The benefit is the creation of a more focused, agile and accountable organization operating at a lower cost, focused on winning through superiority, fueled by productivity, operating at the speed of the market.
On July 1, we began to operate as fixed industry based sector business units, or SBUs, and manage our 10 product categories through these 6 SBUs. The SBUs have profit and loss responsibility for the largest markets – the focused markets, which represent about 80% of sales and 90% profits. The SBU CEOs are focused on winning and driving value-creation opportunities in these markets.
We continue to invest though also in the emerging enterprise markets, which have very attractive market growth rates, typically 5% to 6% right now. Organizational structures there are beginning to optimize and accelerate growth, top and bottom line, in dynamic macro environments.
Now I hope it's evident, we're disrupting P&G. The choices we've made to focus and strengthen our portfolio in daily-use categories where performance drives brand choice to establish and extend the superiority of our brands to make productivity as integral to our culture as innovation and to lead constructive disruption across the value chain and to improve organizational focus, agility and accountability are working.
These are not independent strategies. They reinforce and build on each other. They position us well within the industry to deal with near-term challenges such as macro headwinds, trade transformation and anticipated competitive response. But they're the foundation for stronger balanced growth and value creation of the short, mid and long term.

秘密品牌不仅扰乱了我们的沟通方式,而且还利用其声音作为促进善的力量和增长的力量,解决性别平等问题。春季登上了All Strength,No Sweat活动的成功以及我们与美国女子国家足球队的初步合作关系,Secret最近向美国女子运动员协会捐赠了超过50万美元,以帮助提高对女性所面临的性别薪酬差距的认识。我们要缩小差距。自捐赠以来,美国秘密品牌的增长已经从低单位数增长到中位数增长。

我们正在组织结构和文化变革,以更好地定位我们赢得胜利。我们正在采取措施简化组织,集中精力,明确责任并加强问责制。我们通过经验丰富的外部招聘来补充内部人才发展,并且我们正在提高职业奉献和掌握程度。

我们正在加强薪酬和激励计划。我们正在转向一个新的组织结构,旨在为公司提供解构,并提供更明确的责任和报告关系,以集中和加强领导责任。

我们正在大幅降低企业资源水平。我们已将约60%的企业角色转移到业务部门。大约60%的企业角色已进入业务部门和市场。这样做的好处是能够以更低的成本创建一个更专注,更敏捷,更负责任的组织,专注于通过生产力推动优势,以市场的速度运营。

7月1日,我们开始作为固定行业的行业业务部门(SBU)运营,并通过这6个SBU管理我们的10个产品类别。 SBU对最大的市场 - 重点市场负有盈亏责任,这些市场占销售额的80%和90%的利润。 SBU首席执行官致力于在这些市场中赢得并推动价值创造机会。

我们继续投资新兴企业市场,这些市场的市场增长率非常具有吸引力,目前通常为5%至6%。在动态宏观环境中,组织结构开始优化并加速增长,顶线和底线。

现在我希望这很明显,我们正在扰乱宝洁。我们选择在日常使用类别中集中和加强我们的产品组合,其中性能推动品牌选择,以建立和扩展我们品牌的优势,使生产力成为我们的文化创新的一部分,并在整个价值链中引发建设性的破坏并且为了改善组织重点,敏捷性和问责制正在发挥作用。

这些不是独立的策略。他们相互加强和相互建立。他们将我们定位于行业内,以应对宏观逆风,贸易转型和预期的竞争反应等近期挑战。但它们是短期,中期和长期更强劲的均衡增长和价值创造的基础。

With that, Jon and I are happy to answer any questions. Open it up.

有了这个,Jon和我很乐意回答任何问题。 打开它。

Jon Moeller

Jon Moeller

Lauren, do you want to start?

劳伦,你想开始吗?

问答环节

I would love to. I did not expect to cry from the Secret ad, but...

我喜欢。 我没想到会从Secret广告中哭出来,但......

David Taylor

大卫泰勒

That's a good thing.

这是好事。

Lauren Lieberman

Surprise of the day for me.

对我来说,这一天的惊喜。

David Taylor

大卫泰勒

And laugh for the Tide ad and buy for Mr. Clean ad.

并为Tide广告大笑并为Clean先生广告购买。

Lauren Lieberman

So wanted to first -- I actually have 2 questions, if we can get them in, but the first was around the operating model changes so the focused market versus the enterprise market. So it was about 9 months ago at the Investor Day, when you introduced this concept at least to The Street.
And I was wondering if there were any examples yet where you could point out what enterprise markets mean, the way of managing these markets differently, because I think it's something a lot of us struggle to really understand back in November?

所以首先想要 - 我实际上有两个问题,如果我们可以进入,但第一个是围绕运营模式的变化,所以焦点市场与企业市场。 因此,大约9个月前的投资者日,至少你向The Street介绍了这个概念。

而且我想知道是否有任何例子你可以指出企业市场的意义,以不同的方式管理这些市场的方式,因为我认为这是很多我们很难在11月真正理解的东西?

David Taylor

大卫泰勒

Perfect. I'll give a comment. I think Jon illustrated it because he currently leads the enterprise markets, but what happened this weekend, Argentina, capital controls put on. And normally, in the past, we would have all of our 10 GBU President’s figuring out what their plan was. They'd be calling our General Manager in Argentina to work the plan, they didn't do that.
The 6 SBUs are responsible for the focused markets. They turned to one individual and said, that's the plan and Jon, as the leader of the enterprise market, was on the phone with the Argentina team and we have a plan. And the enterprise markets will bring that to life -- or in Argentina, they'll bring it to life and the GBUs didn't waste time on that because 10 people from faraway lands aren't going to come with the best solution. You can talk with them during the weekend.

完善。 我会发表评论。 我认为乔恩说明了这一点,因为他目前领导着企业市场,但本周末发生的事情,阿根廷,资本管制实施了。 通常,在过去,我们会让所有10 GBU主席确定他们的计划是什么。 他们会打电话给我们在阿根廷的总经理来制定计划,他们没有这样做。

6个SBU负责重点市场。 他们转向一个人说,这就是计划,Jon作为企业市场的领导者,正在与阿根廷团队通电话,我们有一个计划。 企业市场将把它带入生活 - 或者在阿根廷,它们将把它带入生活,GBU不会浪费时间,因为来自遥远的土地的10个人不会得到最好的解决方案。 你可以在周末和他们交谈。

Jon Moeller

Jon Moeller

Well, it's something we have an answer in 2 days. It would have taken us 2 months previously. And as David said, the bigger advantage is maintaining focus on the U.S., China the other big focused markets. So that's -- that -- it's a small example, but multiplied across all the difficulties that exist in those markets. It's a big, big improvement in terms of capacity.

嗯,这是我们在2天内得到答案的东西。 这将花费我们2个月的时间。 正如大卫所说,更大的优势是将重点放在美国,中国是另一个重点突出的市场。 这就是 - 这只是一个小例子,但却成倍增加了这些市场中存在的所有困难。 在容量方面,这是一个很大的改进。

David Taylor

大卫泰勒

And you flip that with the fact that they're all over U.S., China, making sure we win in the big countries in Western Europe and dealing with the dynamics that are occurring there and you see the growth rates improving. And our view is that we can grow both faster because we're more effectively used in leadership time focused on winning with consumers in each market on each category.

而且你认为他们遍布美国,中国这一事实,确保我们在西欧的大国赢得胜利,并处理那里发生的动态,你会看到增长率的提高。 我们的观点是,我们可以更快地成长,因为我们在领导时间中更有效地使用,专注于在每个类别的每个市场中赢得消费者。

Lauren Lieberman

Great. Can I go another one?

大。 我可以去另一个吗?

Jon Moeller

Jon Moeller

It's up to you.

由你决定。...

David Taylor

大卫泰勒

You've got the mic.

你有麦克风。

Lauren Lieberman

So I think the last time that P&G put up this type of growth that you're now delivering or have just delivered was before the great recession. And so one thing I've been asked a lot about and have thought about is, what if this is 2006 and not just in terms of a recession coming because that's not what I was going to you to prognosticate on, but the consumer's appetite for newness, the consumer's appetite for trade-up, for innovation, what is that -- a big piece of what's driving the success right now? And if the macro environment changes in the next 12 months, where does that leave P&G?

因此,我认为宝洁最后一次提出您正在实施或刚刚交付的这种增长方式是在经济大衰退之前。 所以有一件事我被问过很多关于并且已经考虑过的事情,如果这是2006年而不仅仅是因为经济衰退而来,因为这不是我要求你预测的,而是消费者的胃口。 新奇,消费者对贸易的渴望,对创新的兴趣,是什么 - 现在正在推动成功的重要因素是什么? 如果宏观环境在未来12个月内发生变化,那么宝洁公司会在哪里发生变化?

David Taylor

大卫泰勒

If anything, I think it leaves us in a better place in many ways because the focus is on winning in each market, in each category with category growing innovation, and we broadened our ladders in most categories on the price points we serve. But at that price point, we want to have superior offerings with product to package, go-to-market capability, communication, consumer and retail value.
Through that focus works in either, arguably, we're even better focused if it's tough lands because the consumers got to make choices on what really makes a difference in his or her life. In a story that I've told before, even in low-income markets, there is going to be a trade down.
Well, I remember a Russian consumer once that was buying Ariel, which is our high-end laundry detergent in Russia and we have a lower end, a less expensive one, and when asked why do you buy Ariel?
She said I can't afford the other brands because I need something that works all the time. So it is very much about -- when you have a limited amount of money, you have to buy or you want buy something that really works and you have confidence in. So the bigger the advantage in the equity ownership, to me, I think we're well placed.

如果有的话,我认为它会让我们在很多方面处于更好的位置,因为重点是赢得每个市场,在每个类别中增加创新类别,并且我们在我们所服务的价格点上扩大了大多数类别的梯子。但在这个价位上,我们希望在产品到包装,上市能力,通信,消费者和零售价值方面拥有卓越的产品。

通过这种关注可以说,或者说,如果它是艰难的土地,我们就会更加专注,因为消费者必须选择真正改变他或她生活的东西。在我之前讲过的一个故事中,即使在低收入市场,也会出现下跌趋势。

嗯,我记得一个俄罗斯消费者曾经购买过Ariel,这是我们在俄罗斯的高端洗衣粉,我们有一个较低端,一个较便宜的,当被问到为什么你买Ariel?

她说我买不起其他品牌因为我需要一直有效的东西。所以它非常重要 - 当你的钱数量有限时,你必须购买或者你想买一些真正有用的东西而且你有信心。所以股权所有权的优势越大,对我而言,我认为我们很好。

Lauren Lieberman

So we got to go to breakout. So thank you so much for being here, and we'll go over to breakout.

所以我们要去突破。 非常感谢你们在这里,我们将继续突破。

David Taylor

大卫泰勒

Thanks. Okay, thank you.

谢谢。 好的谢谢你。

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