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Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Good morning, everyone. I'm Jack Bowles, the Chief Executive of BAT, and I'm here with Tadeu Marroco, the Group Finance and Transformation Director. We are very happy to be with you this morning to present our 2021 results. I hope everyone listening this morning and your families and friends are well.
大家,早安。我是 BAT 的首席執行官 Jack Bowles,我和集團財務和轉型總監 Tadeu Marroco 一起在這裡。我們很高興今天早上與您一起展示我們 2021 年的結果。我希望今天早上聽的每個人以及你的家人和朋友都很好。
In 2021, we delivered the pivotal year, a key milestone towards our 2025 targets and a clear acceleration in our transformation journey to build a better tomorrow. This morning, I will share the key highlights of our progress, and then Tadeu will provide more details on our performance and outlook.
2021 年,我們迎來了關鍵的一年,這是實現 2025 年目標的關鍵里程碑,也是我們構建更美好明天的轉型之旅的明顯加速。今天上午,我將分享我們進展的主要亮點,然後 Tadeu 將提供更多關於我們的表現和展望的細節。
A year ago, we said that 2021 would be a pivotal year, and we were at a critical turning point in BAT's transformation journey. We committed to accelerating New Category revenue growth, reducing New Category losses for the first time and deleveraging to around 3x net debt to EBITDA. And I'm delighted to say that we have delivered on all 3 areas. We accelerated constant currency New Category's revenue growth to over 50%. We reduced New Category losses for the first time with circa GBP 100 million improvement in profitability. And with continued strong cash conversion, we reduced leverage to below 3x.
一年前,我們說過2021年是關鍵的一年,我們正處於BAT轉型之路的關鍵轉折點。我們致力於加速新品類收入增長,首次減少新品類損失,並將淨債務與 EBITDA 的比率降低至約 3 倍。我很高興地說,我們已經在所有 3 個領域都交付了。我們將固定貨幣新品類的收入增長加速至 50% 以上。我們首次減少了新類別的虧損,盈利能力提高了約 1 億英鎊。隨著持續強勁的現金轉換,我們將槓桿率降至 3 倍以下。
As we said, this has given us the financial flexibility to be more active on our capital allocation to deliver sustainable long-term value for shareholders. As a first step in our new capital allocation framework, whilst maintaining a growing dividend, we have announced a GBP 2 billion share buyback for 2022. Tadeu will talk more about this later.
正如我們所說,這賦予了我們財務靈活性,讓我們更積極地進行資本配置,為股東創造可持續的長期價值。作為我們新資本分配框架的第一步,在保持股息增長的同時,我們宣布了 2022 年 20 億英鎊的股票回購。Tadeu 稍後將對此進行更多討論。
With strong progress in New Categories, we successfully accelerated our transformation in 2021, and we are well on track to deliver on our 2025 targets. Our purpose to reduce the health impact of our business is central to our strategy, and we are actively encouraging smokers to switch from cigarettes to our reduced risk New Category products.
隨著新品類的強勁發展,我們在 2021 年成功加快了轉型,我們正在朝著實現 2025 年目標的方向邁進。我們旨在減少業務對健康的影響是我們戰略的核心,我們正在積極鼓勵吸煙者從捲菸轉向我們降低風險的新類別產品。
Demonstrating this, we delivered a record increase in consumers of noncombustible products in 2021. We grew this consumer base by 4.8 million to reach 18.3 million with strong growth across all 3 New Categories. This shows the power of our multi-category strategy to encourage the largest numbers of smokers to switch to our broad range of reduced risk products. With this strong momentum, we are confident in achieving our target of 50 million consumers of noncombustible products by 2030.
證明這一點的是,我們在 2021 年實現了非可燃產品消費者的創紀錄增長。我們將這一消費者群增加了 480 萬,達到 1830 萬,所有 3 個新類別均實現了強勁增長。這顯示了我們的多類別戰略的力量,它可以鼓勵最大數量的吸煙者轉向我們廣泛的低風險產品。憑藉這一強勁勢頭,我們有信心實現到 2030 年實現 5000 萬不可燃產品消費者的目標。
Over the last 3 years, we have built 3 powerful New Category global drive brands. Vuse is the #1 global vaping brand, with a value share of 34%. I am particularly pleased that in the U.S., Vuse delivered strong revenue and share growth and in the second half of 2021 became profitable at the category contribution level for the first time.
在過去的 3 年中,我們建立了 3 個強大的新類別全球驅動品牌。 Vuse 是全球排名第一的電子煙品牌,價值份額為 34%。我特別高興的是,在美國,Vuse 實現了強勁的收入和份額增長,並在 2021 年下半年首次在類別貢獻水平上實現盈利。
glo has achieved 18% volume share of THP in its key markets. Growth has accelerated, driven by the success of Hyper, which is delivering a step change in product satisfaction and a significant improvement in consumer conversion.
glo 已在其主要市場中實現了 18% 的 THP 銷量份額。在 Hyper 的成功推動下,增長加速,它在產品滿意度和消費者轉化率方面取得了顯著改善。
With Velo, while we still have work to do in the U.S., our superior international products further extended our volume share leadership in ENA.
有了 Velo,雖然我們在美國仍有工作要做,但我們卓越的國際產品進一步擴大了我們在 ENA 的銷量份額領先地位。
I'm delighted with the performance of our New Category brands, with each of them growing revenue by more than 40% in 2021. This demonstrates the importance of a global multi-category strategy with strong brands, great products in the right markets.
我對我們的新品類品牌的表現感到高興,每個品牌的收入在 2021 年都增長了 40% 以上。這表明了全球多品類戰略的重要性,在正確的市場上擁有強大的品牌和優質產品。
Our New Category drive brands are supported by a clear ESG focus, which is both important to our consumers and is actively contributing to our group's sustainability targets. For example, we have already reduced plastic in our Vuse packaging, saving 250 tonnes globally. And we have commenced take-back schemes on New Category devices and vapour cartridges. This is fully in line with consumers' evolving expectations of global brands and reflects our work to embed ESG across our business.
我們的新品類驅動品牌受到明確的 ESG 關注的支持,這對我們的消費者很重要,並且正在為我們集團的可持續發展目標做出積極貢獻。例如,我們已經減少了 Vuse 包裝中的塑料用量,在全球範圍內節省了 250 噸。我們已經開始對新類別設備和蒸氣盒進行回收計劃。這完全符合消費者對全球品牌不斷變化的期望,並反映了我們將 ESG 融入我們業務的工作。
Turning now to the financials. We delivered robust results in 2021, while navigating the continuing challenges of COVID. Our reported results reflect a translational currency headwind of over 7% on EPS, partly offset by a reduction in adjusting items in 2021. To better understand the key drivers of our performance, we will focus on constant currency adjusted results unless otherwise stated.
現在轉向財務。我們在 2021 年取得了強勁的業績,同時應對了 COVID 的持續挑戰。我們報告的結果反映了每股收益超過 7% 的換算匯率逆風,部分被 2021 年調整項目的減少所抵消。為了更好地了解我們業績的關鍵驅動因素,除非另有說明,否則我們將專注於固定匯率調整後的結果。
Revenue was up nearly 7 percentage points, driven by excellent New Category revenue growth and a strong performance from combustibles. EPS growth at 6.6%, which was at the top end of our mid-single figure guidance range, having absorbed the net impact of a number of one-off factors.
收入增長了近 7 個百分點,這得益於出色的新類別收入增長和可燃物的強勁表現。每股收益增長 6.6%,處於我們中等個位數指導範圍的高端,吸收了一些一次性因素的淨影響。
I would like to take the opportunity to thank all our people and partners for their continued focus and commitment in delivering this performance through this difficult COVID period.
我想藉此機會感謝我們所有的員工和合作夥伴,感謝他們在艱難的 COVID 時期繼續專注並致力於實現這一績效。
Having delivered on our pivotal year, we are now entering the next phase of our journey, faster transformation. This means, first, New Category's contribution to group revenue will continue to grow and is expected to more than double from the GBP 2 billion to GBP 5 billion by 2025 as we continue to encourage more smokers to switch to our reduced risk products.
在完成了關鍵的一年之後,我們現在正進入下一階段的旅程,即更快的轉型。這意味著,首先,隨著我們繼續鼓勵更多吸煙者改用我們的低風險產品,新品類對集團收入的貢獻將繼續增長,預計到 2025 年將增加一倍以上,從 20 億英鎊增至 50 億英鎊。
Second, as we leverage our increasing scale and reduce losses, New Category's contribution to group profit growth is expected to accelerate. And third, with our more active and new capital allocation framework, we are committed to delivering enhanced long-term value for shareholders.
其次,隨著我們利用不斷擴大的規模和減少虧損,新品類對集團利潤增長的貢獻有望加速。第三,憑藉我們更積極和新的資本分配框架,我們致力於為股東提供更高的長期價值。
With these foundations, we are building a better tomorrow. We are making strong progress towards our New Category targets of GBP 5 billion in revenue and profitability by 2025. In addition, we see significant opportunities beyond nicotine. With our investment in Organigram and through our corporate ventures unit B Tomorrow Ventures, we are building an ecosystem of capabilities as consumers increasingly seek products offering well-being and stimulation.
有了這些基礎,我們正在建設更美好的明天。我們在實現到 2025 年收入和盈利能力達到 50 億英鎊的新品類目標方面取得了長足進展。此外,我們看到了尼古丁以外的重大機遇。隨著我們對 Organigram 的投資以及通過我們的企業風險投資部門 B Tomorrow Ventures,我們正在建立一個能力生態系統,因為消費者越來越多地尋求提供幸福和刺激的產品。
We will continue to deliver robust financial results and return to our medium-term outlook for revenue growth of 3% to 5% and high single figure EPS growth.
我們將繼續提供強勁的財務業績,並恢復我們對收入增長 3% 至 5% 和高單位數每股收益增長的中期展望。
With our continued focus on cash, we expect to generate around GBP 40 billion of cumulative free cash flow over the next 5 years, representing more than 1/2 of our current market capitalization.
隨著我們對現金的持續關注,我們預計未來 5 年將產生約 400 億英鎊的累計自由現金流,占我們當前市值的 1/2 以上。
Tadeu will now provide more details on the strong momentum in our business. Tadeu?
Tadeu 現在將提供有關我們業務強勁勢頭的更多細節。塔杜?
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Thank you. So thank you, Jack. I'm very pleased with our results in 2021. We delivered strong progress against all of our key financial focus areas. We further increased investment in New Categories by almost GBP 500 million, while at the same time reducing New Category losses by close to GBP 100 million.
謝謝你。所以謝謝你,傑克。我對我們在 2021 年的業績感到非常滿意。我們在所有關鍵財務重點領域都取得了長足的進步。我們進一步增加了近 5 億英鎊的新品類投資,同時減少了近 1 億英鎊的新品類損失。
Quantum is fueling our transformation and in total we have delivered around GBP 1.3 billion of savings and expect to deliver at least GBP 1.5 billion of savings by the end of this year. Cash generation is a key focus for the group, and we delivered another year of operating cash conversion in excess of 100%.
Quantum 正在推動我們的轉型,我們總共節省了大約 13 億英鎊,預計到今年年底將節省至少 15 億英鎊。現金產生是該集團的重點,我們又實現了超過 100% 的運營現金轉換。
And as Jack has said, this has given us the financial flexibility to be more active in our capital allocation to deliver sustainable long-term value for shareholders. As a first step, we have announced a dividend increase and a GBP 2 billion share buyback for 2022.
正如傑克所說,這給了我們財務靈活性,讓我們更積極地進行資本配置,為股東創造可持續的長期價值。作為第一步,我們宣佈在 2022 年增加股息並回購 20 億英鎊的股票。
Turning now to the results. Revenue growth was strong at 6.9%, comfortably beating our guidance of above 5%. The impact of excise changes in Australia and the sale of our business in Iran partway through the year were partially offset by the impact of trade inventory movements in the U.S.
現在轉向結果。收入增長強勁,達到 6.9%,輕鬆超過我們 5% 以上的預期。澳大利亞消費稅變化的影響以及我們在今年中途出售伊朗業務的影響被美國貿易庫存變動的影響部分抵消。
Excellent New Category revenue growth of 51% was driven by strong growth across all 3 categories. Noncombustibles contributed nearly 1/2 of our total group revenue growth at 3 percentage points, a significant step-up from the 1% contribution in 2020. Combustibles volume benefited from the performance of emerging markets with the partial recovery from the impact of COVID in the prior year. And with value share up 10 basis points, we continue to drive value from combustibles.
新品類收入增長 51%,這得益於所有 3 個品類的強勁增長。不可燃品貢獻了我們集團總收入增長的近 1/2,增長了 3 個百分點,比 2020 年 1% 的貢獻顯著提升。可燃品銷量受益於新興市場的表現,部分從 COVID 的影響中復蘇去年。隨著價值份額上升 10 個基點,我們繼續推動可燃物的價值。
Combustibles price/mix of 4.3% reflected strong pricing, partially offset by significant geographic mix from the emerging market recovery. The FX headwinds on group and New Category revenue were around 7% and 8%, respectively.
4.3% 的可燃物價格/組合反映了強勁的定價,部分被新興市場復甦帶來的重要地域組合所抵消。集團和新類別收入的外匯逆風分別約為 7% 和 8%。
We are delighted to announce Vuse global value share leadership in Vapour in July 2021. We continue to build on this momentum in the second half, with Vuse achieving a full year value share of 34% in our top 5 markets, up 7.8 percentage points. In addition, Vuse remains the device share leader across all our top 5 markets, a good indicator of future growth.
我們很高興在 2021 年 7 月宣布 Vuse 在 Vapor 的全球價值份額處於領先地位。下半年,我們將繼續鞏固這一勢頭,Vuse 在我們的前 5 個市場中實現了 34% 的全年價值份額,增長了 7.8 個百分點。此外,Vuse 仍然是我們所有前 5 個市場的設備份額領導者,這是未來增長的良好指標。
With Vuse's growing brand strength, we raised prices in all key markets in 2021, driving second half revenue growth above volume growth for the first time. We also made good progress across all 3 key levers of profitability improvements, trade margins, cost of goods and marketing spend effectiveness, driving a strong improvement in Vapour profitability.
隨著 Vuse 品牌實力的增強,我們在 2021 年提高了所有主要市場的價格,推動下半年收入增長首次超過銷量增長。我們還在盈利能力提升、貿易利潤率、商品成本和營銷支出有效性這三個關鍵槓桿方面取得了良好進展,推動了 Vapor 盈利能力的強勁提升。
In the U.S., Vuse performed particularly well and has closed a 27 percentage point value share gap in just 2 years and is now on the verge of leadership. Growth has been powered by continued brand equity improvement; increased consumer relevant assortments, including single and quad packs, which drove higher trial and conversion and now represent over 60% of volume; and a focus on excellence in our in-store execution.
在美國,Vuse 表現尤為出色,在短短 2 年內縮小了 27 個百分點的價值份額差距,現在處於領先地位。持續的品牌資產改善推動了增長;增加了與消費者相關的分類,包括單包和四包,這推動了更高的試用和轉化率,現在佔銷量的 60% 以上;並專注於我們店內執行的卓越。
In addition, state-by-state execution planning has helped us to deliver hyper-local Vuse marketing expressions. At the same time, as Jack has said, we reduced the year-on-year losses, resulting Vuse achieving profitability in the second half of 2021. This is a fantastic performance by our U.S. team and is an important milestone on our way to profitability to a group level by 2025.
此外,各州的執行計劃幫助我們提供超本地化的 Vuse 營銷表達。同時,正如Jack所說,我們減少了同比虧損,使Vuse在2021年下半年實現盈利。這是我們美國團隊的出色表現,是我們盈利道路上的重要里程碑到 2025 年達到小組水平。
In October, Vuse Solo received the first of its kind PMTA authorization, confirming that the marketing of original flavor Vuse Solo product is appropriate for the protection of public health. This approval gives us further confidence in our other PMTA applications, which share the same foundational science.
10 月,Vuse Solo 獲得首個此類 PMTA 授權,確認 Vuse Solo 原味產品的營銷適用於保護公眾健康。這一批准使我們對其他共享相同基礎科學的 PMTA 應用程序更有信心。
In addition to our success in Vapour, we have also gained significant share in THP, powered by the continued success of glo Hyper. In 2021, glo's share of the Japanese total nicotine market grew in every quarter to reach an average of 7.4% in Q4. In ENA, Hyper continues to drive strong share momentum, with glo gaining volume share of total cigarette and THP in key markets. In Russia, our THP growth has been enabled by the investments we made in the late 2020, partnering with outstanding brand equity building, which blends the best of glo with local Russian flavor.
除了我們在 Vapour 方面的成功之外,我們還在 THP 中獲得了可觀的份額,這得益於 glo Hyper 的持續成功。 2021 年,glo 在日本總尼古丁市場的份額每季度都在增長,第四季度平均達到 7.4%。在 ENA 中,Hyper 繼續推動強勁的份額勢頭,glo 在主要市場中獲得捲菸和 THP 總量份額。在俄羅斯,我們的 THP 增長得益於我們在 2020 年底進行的投資,與出色的品牌資產建設合作,將最好的 glo 與俄羅斯當地風味融合在一起。
Our share of the THP category in the T9 key markets was up 480 basis points to 18% for 2021, with Hyper now accounting for over 70% of glo's volume. And in ENA, glo volume growth is outpacing category growth by a factor of more than 5x, driving our category volume share up 930 basis points to 16.6%. As Hyper rapidly generates scale, we are reducing production and consumer acquisition costs, supported by our marketing spend effectiveness digital tools.
到 2021 年,我們在 T9 主要市場中 THP 類別的份額增加了 480 個基點,達到 18%,Hyper 現在佔 glo 銷量的 70% 以上。在 ENA,glo 銷量增長超過類別增長 5 倍以上,推動我們的類別銷量份額上升 930 個基點至 16.6%。隨著 Hyper 迅速擴大規模,我們正在降低生產和消費者獲取成本,並得到我們營銷支出有效性數字工具的支持。
In Modern Oral, global volume growth was up over 70%. In the U.S., while we recognize we have more to do, the category represents only around 1% of total nicotine industry revenue due to the availability of established alternatives, including vapour and traditional oral and significant discounting.
Modern Oral 的全球銷量增長超過 70%。在美國,雖然我們認識到我們還有更多工作要做,但由於現有替代品的可用性,包括蒸汽和傳統口服以及大幅折扣,該類別僅佔尼古丁行業總收入的 1% 左右。
In ENA, we consolidated our clear leadership in both established oral markets in Scandinavia and more broadly across Europe with further share gains. In our largest market, Sweden, Lyft lab, our Modern Oral innovation hub, is a great example of where we have co-created with consumers to better meet their specific taste preference. The highly digitally focused activation has reached more than 12 million adult consumers.
在 ENA 中,我們鞏固了我們在斯堪的納維亞半島和更廣泛的歐洲已建立的口腔市場的明顯領導地位,並進一步增加了份額。在我們最大的市場瑞典,我們的 Modern Oral 創新中心 Lyft 實驗室是我們與消費者共同創造以更好地滿足他們特定口味偏好的一個很好的例子。高度數字化的激活已覆蓋超過 1200 萬成年消費者。
In combustibles, we continue to drive value growth. Overall, we delivered combustibles revenue growth of 4% with continued strong cigarette pricing of 80%, partially offset by geographic mix. This was driven by the performance of emerging markets and their potential (sic) [partial] recovery from the impact of COVID in the prior year, particularly in Bangladesh, Pakistan and Vietnam. As a result, combustible volume was flat.
在可燃物方面,我們繼續推動價值增長。總體而言,我們實現了 4% 的可燃物收入增長,而捲菸價格持續保持 80% 的強勁增長,部分被地域組合所抵消。這是由新興市場的表現及其從前一年 COVID 的影響中恢復的潛力(原文如此)[部分] 推動的,特別是在孟加拉國、巴基斯坦和越南。結果,可燃量持平。
We are continuing to leverage our scale in combustibles to drive our transformation. Last year, 1 billion of our cigarette packs worldwide carried communication to encourage adult smokers to switch to our New Category products. This year, we plan to double this to 2 billion packs.
我們將繼續利用我們在可燃物領域的規模來推動我們的轉型。去年,我們在全球範圍內有 10 億個捲菸包裝進行宣傳,以鼓勵成年吸煙者改用我們的新類別產品。今年,我們計劃將這一數字翻一番,達到 20 億包。
Turning now to the regions. In ENA, New Category revenue grew by 80% with all 3 categories recording more than 40% growth. Glo revenue more than doubled, driven by glo Hyper's success, and THP is now the largest of our 3 categories in the region. High investments associated with the rollout of Hyper impacted regional profits. In Vapour, revenue growth was ahead of volume growth in the year, driven by higher pricing on Vuse.
現在轉向地區。在 ENA,新品類收入增長了 80%,所有 3 個品類均錄得超過 40% 的增長。在 glo Hyper 成功的推動下,Glo 收入翻了一番多,而 THP 現在是我們在該地區的 3 個類別中最大的一個。與 Hyper 推出相關的高額投資影響了區域利潤。在 Vapour 中,在 Vuse 定價上漲的推動下,今年的收入增長領先於銷量增長。
Combustible revenue grew 1% as volume decline was more than offset by price mix, which reflected the impact of excise increase in Russia.
可燃物收入增長 1%,因為銷量下降被價格組合所抵消,這反映了俄羅斯消費稅增加的影響。
In APME, glo revenue grew by 13%, driven by volume share gains with a strong acceleration in revenue in the second half. In combustibles, higher volume and pricing was more than offset by geographic mix, the Australasian impact and the sale of our business in Iran. In AMSSA, continued strong growth of Vuse in Canada and the recovery of vapour in South Africa following the sales ban in 2020 drove New Category revenue up over 100%.
在 APME 中,glo 收入增長了 13%,這主要得益於銷量份額的增長以及下半年收入的強勁增長。在可燃物方面,較高的銷量和價格被地理組合、澳大利亞影響和我們在伊朗的業務出售所抵消。在 AMSSA 中,加拿大 Vuse 的持續強勁增長以及 2020 年禁售令後南非蒸氣的複蘇推動新類別收入增長超過 100%。
Combustible volume was flat with revenue up 4%, driven by strong pricing. Cigarette and THP value share declined 70 basis points, driven by growth in the value segment due to the lower illicit trade in Canada and some downtrading in Mexico.
在強勁定價的推動下,可燃物銷量持平,收入增長 4%。香煙和 THP 的價值份額下降了 70 個基點,這是由於加拿大的非法貿易減少和墨西哥的一些下降交易導致價值部分的增長。
In the U.S., we continued our strong momentum. New Category revenue was up over 50%, led by continued significant value share gains from Vuse. Revenue was up 9%, driven by the excellent New Category growth and a continued strong performance in combustibles. Combustible volume was down 5%, partly benefiting from trade inventory movements, which are expected to unwind in 2022. These movements were mainly linked to the timing of price increase in 2021 and uncertainty about the potential excise increase.
在美國,我們繼續保持強勁勢頭。在 Vuse 持續顯著的價值份額增長的帶動下,新品類的收入增長了 50% 以上。收入增長 9%,受新品類出色增長和可燃品持續強勁表現的推動。可燃物量下降 5%,部分受益於貿易庫存變動,預計 2022 年將減少。這些變動主要與 2021 年價格上漲的時間和潛在消費稅增加的不確定性有關。
Our underlying volume decline adjusted for the number of selling days and inventory movements was around 7%.
我們根據銷售天數和庫存變動調整後的基本銷量下降約為 7%。
Combustible revenue growth was 8.1% at constant currency, driven by strong pricing, with 4 BAT price increases during the year, and also benefited from around GBP 200 million additional revenue due to the trade inventory movements. These results reflect the strength of our U.S. brand portfolio.
受強勁定價的推動,可燃物收入增長 8.1%,年內 BAT 價格上漲了 4 次,並且還受益於貿易庫存變動帶來的約 2 億英鎊的額外收入。這些結果反映了我們美國品牌組合的實力。
Value share increased by 60 basis points, driven by our premium brands Newport and Natural American Spirit. We relaunched the iconic brand Lucky Strike in December 2020, successfully broadening our portfolio in the lower-priced segment and achieving around 1% national volume share in 2021.
在我們的高端品牌 Newport 和 Natural American Spirit 的推動下,價值份額增加了 60 個基點。我們於 2020 年 12 月重新推出了標誌性品牌 Lucky Strike,成功擴大了我們在低價領域的產品組合,並在 2021 年實現了約 1% 的全國銷量份額。
Moving on to operating margin. Price-mix and operational efficiencies contributed 40 basis points to operating margin. A strong operational improvement was partially offset by geographic mix and the net impact of an estimated GBP 260 million negative profit impact in Australasia and the benefit of the U.S. trade inventory movements. The group absorbed a 1.7% transactional FX impact on profits, which was a headwind of 60 basis points to margin.
繼續經營利潤率。價格組合和運營效率為運營利潤率貢獻了 40 個基點。強勁的運營改善部分被地域組合、澳大拉西亞估計的 2.6 億英鎊負面利潤影響的淨影響以及美國貿易庫存變動的好處所抵消。該集團吸收了 1.7% 的交易外匯對利潤的影響,這對利潤率造成了 60 個基點的不利影響。
We continued to increase New Category investment with close to an additional GBP 500 million invested in 2021, while at the same time, reducing New Category loss for the first time by nearly 10%. As a result, the margin headwind from New Categories has materially reduced.
我們繼續加大新品類投資,2021年新增投資近5億英鎊,同時新品類虧損首次減少近10%。因此,來自新品類的利潤逆風已大幅減少。
This reduction in New Category loss was driven by improved trade margins with a 31% improvement in Vapour; overall, GBP 220 million productivity savings through increased automation and reduced cost of goods sold; and a significant improvement in our cost of consumer acquisition across all 3 brands, leveraging our marketing spend effectiveness tools.
新品類損失的減少是由貿易利潤率的提高推動的,蒸汽業務增長了 31%;總體而言,通過提高自動化程度和降低商品銷售成本,節省了 2.2 億英鎊的生產力;利用我們的營銷支出有效性工具,我們在所有 3 個品牌中的消費者獲取成本顯著提高。
With Vuse now profitable in the U.S., driven by the progress on all 3 levers, we have reached an important milestone. For the 2022 financial reporting period, we will disclose New Category contribution to group profits to provide investors with increased visibility and clarity on our pathway to New Category profitability by 2025.
隨著 Vuse 現在在美國實現盈利,在所有 3 個槓桿的進展的推動下,我們已經達到了一個重要的里程碑。在 2022 年財務報告期內,我們將披露新類別對集團利潤的貢獻,以使投資者在 2025 年實現新類別盈利的途徑上更加清晰明了。
Through Quantum, we are continuing to drive further simplification of the business. We have cut the number of business units by 40%, reduced management layers with a 22% reduction in senior management headcount. And we have redesigned our operating model to empower our people and increase our speed to markets.
通過 Quantum,我們將繼續推動業務的進一步簡化。我們將業務部門的數量減少了 40%,管理層減少了 22%,高級管理人員減少了 22%。我們重新設計了我們的運營模式,以增強我們的員工能力並加快我們進入市場的速度。
As part of our continued focus on simplification and efficiency, the U.S. will join our global TaO operating model and SAP platform during 2022. In total, through Quantum, we have delivered around GBP 1.3 billion in savings, fueling our investment in our transformation, and we now expect to deliver savings of at least GBP 1.5 billion by the end of 2022.
作為我們持續關注簡化和效率的一部分,美國將在 2022 年加入我們的全球 TaO 運營模式和 SAP 平台。通過 Quantum,我們總共節省了約 13 億英鎊,推動了我們對轉型的投資,以及我們現在預計到 2022 年底將節省至少 15 億英鎊。
Turning now to EPS. We delivered constant currency adjusted diluted EPS growth of 6.6%. This was at the top end of our mid-single figure of guidance range, reflecting a robust operating performance that enabled us to absorb the net impact of the one-off factors I have already talked about.
現在轉向EPS。我們實現了固定匯率調整後的攤薄每股收益增長 6.6%。這是我們指導範圍的中單數字的高端,反映了強勁的經營業績,使我們能夠吸收我已經談到的一次性因素的淨影響。
Earnings growth also benefited from lower net finance costs, a partial recovery in our associate income and a slightly lower underlying tax rate. For 2022, we expect net finance costs to be around GBP 1.5 billion. And based on current tax rates globally, we expect a similar tax rate of around 25%.
盈利增長還受益於淨財務成本降低、聯營公司收入部分恢復以及基本稅率略低。我們預計 2022 年的淨財務成本約為 15 億英鎊。根據全球當前的稅率,我們預計類似的稅率約為 25%。
Finally, extrapolating current spot rates, we expect currency translation to be broadly neutral on full year adjusted EPS growth.
最後,根據當前的即期匯率推斷,我們預計貨幣換算對全年調整後每股收益增長基本保持中性。
Operating cash conversion was strong at 104%, reflecting our focus on cash delivery and also benefiting from the absence of a stock build in Australia following the change in excise structure.
營運現金轉換率強勁,達到 104%,這反映了我們對現金交付的關注,同時也受益於隨著消費稅結構的變化,澳大利亞沒有庫存增加。
We reduced leverage to just below 3x and have a strong balance sheet with a very manageable maturity profile, with 90% of our debt fixed, an average maturity of 10 years and close currency matching, and maximum annual debt maturities no higher than GBP 4 billion.
我們將槓桿率降至略低於 3 倍,資產負債表穩健,到期日非常可控,90% 的債務是固定的,平均期限為 10 年,貨幣匹配度高,最高年度債務到期日不超過 40 億英鎊.
We expect gross CapEx for 2022 to be broadly in line with adjusted depreciation and amortization at around GBP 750 million.
我們預計 2022 年的總資本支出將與調整後的折舊和攤銷大致一致,約為 7.5 億英鎊。
Over the next 5 years, we are on track to generate around GBP 40 billion of free cash flow before dividends.
未來 5 年,我們有望在股息前產生約 400 億英鎊的自由現金流。
With strong profitability, cash conversion in excess of 90% and leverage within our 2x to 3x net debt to EBITDA corridor, we now have the flexibility to be more active in our capital allocation to deliver long-term value for our shareholders. This will include: continuing to grow the dividend and maintaining leverage within our target corridor of 2 to 3x adjusted net debt to adjusted EBITDA, whilst also considering potential bolt-on M&A opportunities and share buybacks to enhance shareholder returns.
憑藉強勁的盈利能力、超過 90% 的現金轉換率以及我們 2 倍至 3 倍的淨債務與 EBITDA 走廊的槓桿作用,我們現在可以靈活地更積極地進行資本配置,為我們的股東創造長期價值。這將包括:繼續增加股息並在調整後淨債務與調整後 EBITDA 的 2 至 3 倍的目標範圍內保持槓桿,同時考慮潛在的併購機會和股票回購以提高股東回報。
The Board will prioritize these capital allocation opportunities while taking into account macro and fiscal factors and potential regulatory and litigation outcomes.
董事會將優先考慮這些資本分配機會,同時考慮宏觀和財政因素以及潛在的監管和訴訟結果。
As a first step, we have announced a dividend increase of 1% and a GBP 2 billion share buyback for 2022.
作為第一步,我們宣佈在 2022 年增加 1% 的股息和 20 億英鎊的股票回購。
Looking forward, 2022 results are expected to be driven by strong category growth and a further reduction in losses. We expect a continued good underlying performance in combustibles, while lapping a very strong performance in the U.S., absorbing the unwinding of the U.S. trade inventory movements and reflecting a highly competitive price environment in Australia. As a result, we expect revenue growth of 3% to 5% and EPS growth reaching high single figure, with incremental benefit from the share buyback and growth weighted to the second half.
展望未來,預計 2022 年的業績將受到強勁的類別增長和進一步減少損失的推動。我們預計可燃品的基本表現將持續良好,同時在美國表現非常強勁,吸收了美國貿易庫存變動的影響,並反映了澳大利亞極具競爭力的價格環境。因此,我們預計收入增長 3% 至 5%,每股收益增長達到高個位數,股票回購的增量收益和增長權重到下半年。
And with that, I will now hand you back to Jack.
有了這個,我現在把你交還給傑克。
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Thank you, Tadeu. So now, we're at the time of the Q&A.
謝謝你,塔杜。所以現在,我們正處於問答環節。
Operator
Operator
(Operator Instructions) The first question is coming from the line of Jon Leinster from Societe Generale.
(操作員說明)第一個問題來自法國興業銀行的 Jon Leinster。
Jonathan Stephen Leinster - Research Analyst
Jonathan Stephen Leinster - Research Analyst
On the NGP, I mean, clearly, the cost base in 2021 was around GBP 3 billion. Given that you're expecting revenues to be GBP 5 billion by 2025, how -- I mean, does that imply a significant increase in operating leverage and that the costs for the whole NGP operations are not going to grow significantly between now and 2025. How does that -- how do you get to profitability?
在 NGP 上,我的意思是,很明顯,2021 年的成本基礎約為 30 億英鎊。鑑於您預計到 2025 年收入將達到 50 億英鎊,我的意思是,這是否意味著運營槓桿的顯著增加,以及從現在到 2025 年整個 NGP 運營的成本不會顯著增長。那是怎麼做到的——你如何實現盈利?
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Well, first of all, we need to consider that these are very consolidated figures. When you see the broader group numbers, it's a combination of markets where we have been very mature for some time. For example, Vapour in the U.S, we have been investing in that market for longer. So we refer to in the presentation that in the second half we just got to positive category contribution from Vapour, which was a fantastic result from the U.S. team. But at the same time, we have other markets where we are just starting the geographic expansion. If you see, many markets -- in ENA, for example, THP has been rolled out very recently through Hyper.
嗯,首先,我們需要考慮到這些是非常綜合的數字。當你看到更廣泛的群體數字時,它是我們已經非常成熟一段時間的市場的組合。例如,美國的 Vapor,我們在該市場上的投資時間更長。因此,我們在演示文稿中提到,下半年我們剛剛從 Vapour 獲得了積極的類別貢獻,這是美國團隊的一個了不起的結果。但與此同時,我們還有其他市場剛剛開始地理擴張。如果您看到,許多市場——例如在 ENA,THP 最近已通過 Hyper 推出。
So it's difficult to make a kind of a consolidated view. You have to go in a more isolated case. But the fact is that our levers of profitability is working properly. The trade margins, like I mentioned before, has reduced significantly mainly on the Vapour side. We are taking pricing. Pricing will be an element of us reaching profitability. And we are now being able to, like you said, get in some operational leverage because our fixed cost has been invested and a lot of extra marginal consumers are coming to the platform in many different markets.
所以很難形成一種統一的觀點。你必須進入一個更孤立的案例。但事實是,我們的盈利槓桿運作正常。就像我之前提到的,貿易利潤主要在蒸汽方面顯著下降。我們正在定價。定價將是我們實現盈利的一個要素。而且,正如您所說,我們現在能夠獲得一些運營槓桿,因為我們的固定成本已經投入,並且許多額外的邊際消費者正在許多不同市場進入該平台。
So we are very confident that with the progress that we have made, and we will see more of that in the years to come and we are very comfortable to reach the profitability of -- by 2025.
因此,我們非常有信心,隨著我們取得的進展,我們將在未來幾年看到更多這樣的進展,我們很高興能夠在 2025 年之前實現盈利。
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
You have seen that in '21, we started to reduce the losses with -- despite -- or with an investment of GBP 500 million in New Categories. So we have the levers that are working well, and we're continuing to expand. We will get there. No problem.
您已經看到,在 21 年,我們開始減少損失——儘管如此——或者在新類別上投資了 5 億英鎊。因此,我們擁有運作良好的槓桿,並且我們正在繼續擴展。我們會到達那裡。沒問題。
Jonathan Stephen Leinster - Research Analyst
Jonathan Stephen Leinster - Research Analyst
Just a follow-up on that. I mean, in the past, you've mentioned that automating the supply chain on the vaping side would represent a considerable saving. Is there any evidence of that sort of coming through? Or is that still work in progress?
只是對此的跟進。我的意思是,在過去,您曾提到在電子煙方面實現供應鏈自動化將代表可觀的節省。有任何證據表明這種情況會發生嗎?還是仍在進行中?
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
No, there are clearly evidence. This is clearly coming through. We have been seeing the reduction in the liquids that we produce because we are replacing many lines with automation as a consequence of us being able to gain scale. And these investments has a very, very fast payback, to be honest, and we are benefiting from that. And this is clearly one of the elements. That's why I highlight that in terms of our leverage to improve profitability, is -- automation is clearly one of these elements there.
不,有明確的證據。這顯然正在通過。我們已經看到我們生產的液體減少了,因為我們正在用自動化取代許多生產線,因為我們能夠擴大規模。老實說,這些投資的回報非常非常快,我們正在從中受益。這顯然是要素之一。這就是為什麼我強調,就我們提高盈利能力的槓桿而言,自動化顯然是其中的元素之一。
Jonathan Stephen Leinster - Research Analyst
Jonathan Stephen Leinster - Research Analyst
And then quickly, the share repurchase of GBP 2 billion seems to imply that, roughly, looking forward you're targeting sort of maintaining net debt to EBITDA at about 3x, at least on my figures. Should we assume that -- although you say 2 to 3x, should we assume that going forward that buybacks are more important than sort of further debt reduction or deleveraging from that perspective? Should we assume that sort of the high end of your target range of 2 to 3x is where you're comfortable?
然後很快,20 億英鎊的股票回購似乎意味著,粗略地,展望你的目標是將淨債務與 EBITDA 保持在 3 倍左右,至少在我的數據上是這樣。我們是否應該假設——儘管你說是 2 到 3 倍,我們是否應該假設從這個角度來看,回購比進一步減少債務或去槓桿更重要?我們是否應該假設您的 2 到 3 倍目標範圍的高端是您感到舒服的地方?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Yes. We have said that we will do the right balance between the different elements that we spoke about in our model. And we'll take the opportunities as we go. We are very happy now to be at 2.99 in terms of net debt to EBITDA, and we have a corridor of 2 to 3. So we have space to navigate in the different parameters of that new approach in terms of capital allocation.
是的。我們已經說過,我們將在模型中談到的不同元素之間做出適當的平衡。我們會隨時把握機會。我們現在很高興淨債務與 EBITDA 之比為 2.99,我們有一個 2 到 3 的走廊。因此,我們有空間在資本分配方面導航這種新方法的不同參數。
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Yes. And just to complement that, we have proved now that we were able to delever between 0.3, 0.4x on every year on a constant FX basis. For sure, we cannot control FX. And just in 2021 alone, our free cash flow was on a constant FX basis GBP 3 billion on top of the dividends that were paid. So we are in a very strong position. That's why we are making the point about GBP 40 billion free cash flow for the next 5 years. So we have a very cash-generative company.
是的。為了補充這一點,我們現在已經證明,我們能夠在恆定的外匯基礎上每年在 0.3 到 0.4 倍之間去槓桿。當然,我們無法控制 FX。僅在 2021 年,我們的自由現金流在已支付的股息之上以固定匯率計算為 30 億英鎊。所以我們處於非常有利的位置。這就是為什麼我們要在未來 5 年內實現 400 億英鎊的自由現金流。所以我們有一家非常能產生現金的公司。
And like Jack said, we will be awaiting the priorities year-by-year. And I'll not be guiding on the top of the range and the low of the range. We need to keep in the corridor and make the right calls to improve shareholder returns over time.
正如傑克所說,我們將逐年等待優先事項。而且我不會指導範圍的頂部和範圍的低點。我們需要保持在走廊上並做出正確的決定,以隨著時間的推移提高股東回報。
Operator
Operator
And lastly, can I just ask a quick question? Yesterday, one of your competitors reported that or stated that there had been a trade infringement, patent ruling against you in Germany. Does that impact glo Hyper's launch or expansion or continuing sales in Germany?
最後,我可以問一個簡單的問題嗎?昨天,您的一位競爭對手報告或聲明在德國對您進行了貿易侵權和專利裁決。這會影響 glo Hyper 在德國的推出、擴張或持續銷售嗎?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
No, it does not. But the more broader question is -- there are a lot of cases as it is normal in, I would say, an emerging category in the last 4 to 5 years really. There is a lot of patent challenges across the world. You win some, you lose some. They mostly look at backwards looking. And technology is evolving fast. And no, there is no problem in Germany.
不,不是的。但更廣泛的問題是——在過去 4 到 5 年的新興類別中,有很多情況是正常的。世界各地都存在許多專利挑戰。你贏了一些,你輸了一些。他們大多是向後看。技術正在快速發展。不,在德國沒有問題。
Operator
Operator
And the next question is coming from the line of Gaurav Jain from Barclays.
下一個問題來自巴克萊銀行的 Gaurav Jain。
Gaurav Jain - Research Analyst
Gaurav Jain - Research Analyst
So I have 3 questions. One is on the dividend philosophy going forward. So this year, you have increased dividend by 1%, and you haven't written the statement that dividend payout will be 65% of EPS. So should we assume that dividend growth -- dividend will still grow going forward, but it could be below EPS growth. And so more of free cash flow will be returned to shareholders in the form of share repurchases. And clearly, we have seen that the stock has been very strong in anticipation of share repurchases. So clearly, market's value share repurchase is more than dividends. So how are you thinking about dividend growth going forward over the next few years?
所以我有3個問題。一是關於未來的股息理念。所以今年,你增加了 1% 的股息,你還沒有寫下股息支付將是每股收益的 65% 的聲明。因此,我們是否應該假設股息增長——股息仍將繼續增長,但可能低於每股收益增長。因此,更多的自由現金流將以股票回購的形式返還給股東。很明顯,我們已經看到該股對股票回購的預期非常強勁。所以很明顯,市場價值的股票回購不僅僅是分紅。那麼,您如何看待未來幾年的股息增長?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Yes. So dividend first. Dividend will continue to grow. Tadeu?
是的。所以先分紅。股息將繼續增長。塔杜?
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Yes. Look, we are -- we have a 20 years plus track record of dividend growth, even during the crisis of COVID and we were one of the companies out there keeping the growth in dividends. We believe that this is aligned with the majority of the BAT shareholders, and we want to keep the dividends growing in stunning terms.
是的。看,我們 - 即使在 COVID 危機期間,我們也有 20 多年的股息增長記錄,我們是保持股息增長的公司之一。我們認為這與 BAT 的大多數股東一致,我們希望保持股息以驚人的速度增長。
So at the end of the day, this would be more relevant for us than the 65%. As we speak today, the ratio is even above the 65%, is slightly above the 66%. But moving forward, we will make considerations around dividend, around buyback with a clear assumption that the dividend continues to grow, not necessarily at the 65% payout, like you will refer to. And then how we can enhance shareholder return as a combination of the dividend, of the buyback. And also the investments that we have to make to accelerate the transformation of the group eventually if we find interesting in terms of M&A bolt-ons. And this within the range of 2 to 3. That's the active capital allocation framework that we have highlighted today, which is quite aligned with a company that is transforming fast as BAT.
因此,歸根結底,這對我們來說比 65% 更重要。正如我們今天所說,這個比例甚至在65%以上,略高於66%。但展望未來,我們將圍繞股息和回購進行考慮,並明確假設股息會繼續增長,不一定像您所說的那樣以 65% 的派息率增長。然後我們如何通過股息和回購的結合來提高股東回報。如果我們在併購補充方面發現有趣,我們必須進行投資以最終加速集團的轉型。這在 2 到 3 的範圍內。這就是我們今天強調的主動資本配置框架,這與像 BAT 一樣快速轉型的公司非常吻合。
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
What's very important to me is that in the last 3 years, we developed the company and we went from a low position in New Categories, where boldly we put together and formed multi-category consumer-centric approach in terms of New Categories. And that was a lot of investment for 3 years, creating the capabilities, hiring the people, simplifying the company, making sure that our combustible business revenue and value supports that.
對我來說非常重要的是,在過去的3年裡,我們發展了公司,我們從新品類的低位開始,我們大膽地拼湊起來,在新品類方面形成了以消費者為中心的多品類方式。這是 3 年的大量投資,創造能力,僱用人員,簡化公司,確保我們的可燃業務收入和價值支持這一點。
We had that pivotal year in 2021, where you saw that the results, I mean, are extremely strong. We're very proud of that. Now we have a bit more space and less of a straightjacket, where we can make more calls moving forward. And it's more the fact of having more opportunities that is extremely important to Tadeu and myself. And we will continue to grow the company faster in the transformation. And that's the key to our business moving forward.
我們在 2021 年度過了關鍵的一年,你看到我的意思是,結果非常強勁。我們為此感到非常自豪。現在我們有更多的空間和更少的緊身衣,我們可以在其中進行更多的調用。更重要的是,擁有更多機會對 Tadeu 和我自己來說都極為重要。我們將繼續在轉型中更快地發展公司。這是我們業務向前發展的關鍵。
Gaurav Jain - Research Analyst
Gaurav Jain - Research Analyst
That's very, very helpful. My second question is on the U.S. market. The U.S. cigarette volumes last year -- and you were saying that e-cigarette volumes grew 20% last year and we had a difficult comp. We also had price increases, which were more than historical averages. And still, cigarette volumes have turned out to be only down minus 6%. How are you looking at FY '22 volumes? Like will there be worsening from here because of e-cigarette growth and oil price increases? Or you could have another year of minus 5% kind of volume decline in the U.S.?
這非常非常有幫助。我的第二個問題是關於美國市場的。去年美國的捲煙銷量——你是說去年電子煙銷量增長了 20%,而我們遇到了困難。我們也有價格上漲,高於歷史平均水平。儘管如此,捲菸銷量卻僅下降了負 6%。您如何看待 FY '22 卷?由於電子煙的增長和油價的上漲,從這裡開始會變得更糟嗎?或者你可以在美國再出現負 5% 的銷量下降?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Yes, I'm not going to give some guidance in terms of the size of the U.S. market. I mean that's much too soon in the year to do this kind of exercise. What I can tell you is that the market was strong. Last year, we grew value share. The premium segment was extremely strong. There was no massive acceleration in terms of downtrading.
是的,我不會就美國市場的規模給出一些指導。我的意思是在一年中進行這種鍛煉還為時過早。我可以告訴你的是,市場很強勁。去年,我們增加了價值份額。高端市場非常強勁。下行交易沒有大幅加速。
I think that the U.S. market is strong. We have a very strong portfolio over there. And we had the launch of Lucky Strike there as a one of the best launches in many years in the U.S. market. And we go for value in the U.S. market. As you know, we go for value and we'll continue to do that.
我認為美國市場很強勁。我們在那裡有非常強大的投資組合。我們在那裡推出了 Lucky Strike,這是多年來在美國市場上最好的產品之一。我們在美國市場追求價值。如您所知,我們追求價值,我們將繼續這樣做。
So you will have to temper that a bit related to everything that is happening, the price of oil and other things in the U.S. But the springboard is very strong.
因此,您將不得不緩和與正在發生的一切有關的事情,包括美國的石油價格和其他事物。但是跳板非常堅固。
Operator
Operator
Sure. And my last question is on potential future launches on glo. So your competitor is clearly out there and they are talking very bullishly of their device out there. And we haven't seen an update glo -- on Hyper now, I would say, in almost 2 years. So when could we expect the next device launch out of glo?
當然。我的最後一個問題是關於 glo 未來的潛在發布。所以你的競爭對手顯然就在那裡,他們非常看好他們的設備。而且我們還沒有看到更新 glo - 現在在 Hyper 上,我想說,近 2 年了。那麼我們什麼時候可以期待 glo 推出下一款設備呢?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Well, that's a very good question and a bit too early in the process. But let me tell you the following: since 2 years or since 1.5 years rather, we have launched glo Hyper in a lot of geographies. The rollout has been extremely successful, and we have been able to grow positions everywhere. So we have a very good product.
嗯,這是一個很好的問題,但在這個過程中有點太早了。但讓我告訴你以下幾點:從 2 年或 1.5 年開始,我們已經在很多地區推出了 glo Hyper。推出非常成功,我們已經能夠在各地增加職位。所以我們有一個非常好的產品。
Now we have not been sleeping in terms of R&D, to say the least, and we have a lot of things that are getting ready for launch in the foreseeable future. But it's too soon to speak about that, too soon to speak about that. But we're very happy with the performance that we have at the moment, and we're still doing geo-expansion of the current one.
至少可以說,現在我們在研發方面並沒有睡著,我們有很多東西準備在可預見的未來推出。但現在談論這個還為時過早,談論這個也為時過早。但我們對目前的表現非常滿意,我們仍在對當前的表現進行地理擴展。
I'm a farmer. You do one, then you bring the second one, then you continue to accelerate. We're growing by close to 5 million additional consumers every year. And that is a record on the record of last year. And it means that we have the right portfolio for the consumer. And we have -- because we are a multi-category, a lot of insights on consumers on the 3 categories. So we know a lot about consumers that are going to New Categories, not only 1, but 3.
我是農民。你做一個,然後你帶來第二個,然後你繼續加速。我們每年新增近 500 萬消費者。這是去年的記錄。這意味著我們擁有適合消費者的產品組合。我們有 - 因為我們是一個多類別的,對這三個類別的消費者有很多見解。所以我們知道很多關於新類別的消費者,不僅是 1,而且是 3。
Operator
Operator
And the next question is coming from the line of Nik Oliver from UBS.
下一個問題來自瑞銀的 Nik Oliver。
Nik Oliver - MD, Head of European Consumer Staples Team & Analyst
Nik Oliver - MD, Head of European Consumer Staples Team & Analyst
2 questions from me as well, please. Firstly, just on the EPS guidance. Obviously, very nice to see a return to the high single-digit constant FX algorithm. But I guess that was the historic BAT model. And now we've got the buyback as well. So just any words on just why it's not higher? Is that just investments in New Categories or maybe some of the unwinds of the U.S. trade inventories that you mentioned?
我也有2個問題,請。首先,只是關於 EPS 指導。顯然,很高興看到回歸到高個位數常數 FX 算法。但我想那是歷史上的 BAT 模型。現在我們也得到了回購。所以只是關於為什麼它不更高的任何話?這只是對新類別的投資,還是您提到的美國貿易庫存的一些縮減?
And second question on the U.S. I mean, you mentioned, obviously, the very strong pricing in the U.S., 8 price increases in 2 years, and your peer has done 7. Any words on how you're thinking about pricing going forward?
關於美國的第二個問題,我的意思是,您顯然提到了美國非常強勁的定價,兩年內價格上漲了 8 次,而您的同行已經完成了 7 次。您對未來的定價有何看法?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Yes, Tadeu...
是的,塔杜...
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
On the EPS, we are coming out of 2 years of mid-single digit at the back of COVID. And we want to remind everyone about the high single-digit figure that we used to have in the past. And at the end of the day, this is slightly different in the company than we -- that we have in the past for today. Reynolds was part of our associates, now is part of our subsidiaries. And we believe that the return to high single digits would be a natural step for a company that now has turned into the investment mode in New Categories and moving now to profitability, which, in essence, will translate into a kind of a profit driver and profit enhancement for us for the years to come, which is very, very positive.
在 EPS 上,我們正在擺脫 COVID 背後的 2 年中個位數。我們想提醒大家我們過去曾經擁有的高個位數數字。歸根結底,這與我們公司的情況略有不同——我們過去在今天的情況。 Reynolds 是我們聯營公司的一部分,現在是我們子公司的一部分。我們認為,對於一家現在已經轉向新品類投資模式並轉向盈利的公司來說,回歸高個位數將是一個自然的步驟,這在本質上將轉化為一種利潤驅動力和對我們未來幾年的利潤增長,這是非常非常積極的。
And -- but we have to remind everyone that our numbers include the FX transactional, different from others that give guidance in EPS on a -- excluding transaction FX. We incorporate this in our numbers. And with the fact that Reynolds now is part of the subsidiaries means that the EPS mostly needs to come from operational performance from the group.
而且 - 但我們必須提醒大家,我們的數字包括外匯交易,不同於其他在每股收益中提供指導的 - 不包括交易外匯。我們將這一點納入我們的數字中。雷諾茲現在是子公司的一部分,這意味著每股收益主要需要來自集團的運營業績。
And in 2022, in particular, we made reference to some of the headwinds that we faced during my presentation. And that's the reason why we were referring to us being able to start reaching the high single digit in 2022. That will be boosted by the share buyback in accordance with how we can execute throughout the year.
特別是在 2022 年,我們提到了在我的演講中遇到的一些不利因素。這就是為什麼我們指的是我們能夠在 2022 年開始達到高個位數的原因。根據我們全年的執行方式,股票回購將推動這一點。
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
So step by step.
所以一步一步來。
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
And the U.S. price, I don't think that we can make any comments on that.
而美國的價格,我認為我們不能對此發表任何評論。
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Yes. U.S. price, we're not going to make any comments related to that. Price elasticity is still strong in the U.S. There's a lot of moving parts at the moment in terms of price of gas, employment and inflation and everything. I mean we'll take it step by step. We have a very, very robust portfolio. We have grown premium share. We have launched brands in different parts of the portfolio. And we have a very strong position. So I think that there is a good momentum. We'll have to see how it develops during the year.
是的。美國價格,我們不會對此發表任何評論。美國的價格彈性仍然很強。目前在天然氣價格、就業和通貨膨脹等方面有很多變動因素。我的意思是我們會一步一步來。我們有一個非常非常強大的產品組合。我們已經增長了溢價份額。我們在產品組合的不同部分推出了品牌。我們有一個非常強大的地位。所以我認為勢頭很好。我們將不得不看看它在這一年中的發展情況。
Nik Oliver - MD, Head of European Consumer Staples Team & Analyst
Nik Oliver - MD, Head of European Consumer Staples Team & Analyst
Great. And maybe just one quick follow-up on the U.S. Obviously, you mentioned Lucky Strike has taken 1% of share. I mean when you think about sort of segmentation in the U.S., is it really premium growing strongly and value and then maybe the mid-section is struggling? Is that how we should think about volumes in the U.S.?
偉大的。也許只是對美國的快速跟進。顯然,你提到幸運罷工已經佔據了 1% 的份額。我的意思是,當您考慮美國的細分市場時,它是否真的在強勁增長和增值,然後中段可能正在苦苦掙扎?這就是我們應該如何看待美國的交易量嗎?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
What you have at the moment in the U.S. is a strong premium market, and we're doing very well in that strong premium market. You have a high level of pricing, but it's 50 different states with 50 different levels of pricing in the different states. So that's an aggregate number, which is less representation of one given market somewhere. But it gives you the possibility to do a lot of pricing because you can do geo pricing much more effectively in the U.S.
你目前在美國擁有的是一個強大的高端市場,我們在這個強大的高端市場做得很好。你有很高的定價水平,但它是 50 個不同的州,在不同的州有 50 個不同的定價水平。所以這是一個總數,它對某個特定市場的代表較少。但它使您有可能進行大量定價,因為您可以在美國更有效地進行地理定價。
And the other thing is that you see that in the lower part of the market, you have some competitive brands that are doing well. Lucky Strike has taken a very good position. And the non-big 3 players are taking some pricing. So I think that it's a geo expansion approach, plus the fact of having the right portfolio that makes the difference.
另一件事是你看到在市場的低端,你有一些競爭品牌做得很好。 Lucky Strike 佔據了非常好的位置。非三巨頭正在採取一些定價。所以我認為這是一種地域擴張方法,加上擁有正確的投資組合這一事實會有所作為。
Operator
Operator
(Operator Instructions) The next question in the queue is coming from the line of Owen Bennett from Jefferies.
(操作員說明)隊列中的下一個問題來自 Jefferies 的 Owen Bennett。
Owen Michael Bennett - Equity Analyst
Owen Michael Bennett - Equity Analyst
I just had a quick question on glo in the U.S. So IQOS obviously delayed from being back on the U.S. market for a while at least now. So I'm just kind of the view would it not be better for you to get your PMTA in on glo soon rather than later, so maybe you can be on the market not long after IQOS is potentially introduced. So I just wanted to get the latest with the glo PMTA in the U.S. And are you maybe even waiting to do a PMTA on Hyper versus the original glo? Is that the strategy there?
我剛剛對美國的 glo 提出了一個簡短的問題。所以 IQOS 顯然至少推遲了一段時間重新回到美國市場。所以我只是認為,讓你的 PMTA 盡快進入 glo 不是更好,所以也許你可以在可能引入 IQOS 後不久上市。所以我只是想在美國獲得最新的 glo PMTA。你是否甚至在等著在 Hyper 上做一個 PMTA,而不是原來的 glo?那是那裡的策略嗎?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Yes. As you know -- I mean, the PMTA process is a very long process. So we are taking all the steps that we need to take related to that in order to be in the market when we will need to be in the market. Yet always remember, there's a lot of offers to the consumers already in the U.S. market, and the results of e-cigarettes and the results of traditional oral and the results of modern oral gives a lot of opportunities for the consumers to use noncombustible products in the U.S. So it will take a long time.
是的。如您所知——我的意思是,PMTA 流程是一個非常漫長的流程。因此,我們正在採取與此相關的所有步驟,以便在我們需要進入市場時進入市場。但請永遠記住,美國市場上已經給消費者提供了很多優惠,而電子煙的結果以及傳統口服的結果和現代口服的結果為消費者提供了很多使用不燃產品的機會。美國 所以這需要很長時間。
The process with the PMTA is very long. So we'll play the long game, and there is no problem related to that. First, we focused on e-cigarettes because that was the closest product to the needs of the consumers. We've done that well. Remember, 3 years ago, a lot of people said we would never have a place in there. Now we're leading there worldwide and very close to be there in the U.S. We're taking pricing. We're taking position.
PMTA 的過程非常漫長。所以我們會打持久戰,這沒有任何問題。首先,我們專注於電子煙,因為這是最接近消費者需求的產品。我們做得很好。請記住,3 年前,很多人說我們永遠不會在那裡佔有一席之地。現在我們在全球範圍內處於領先地位,並且非常接近在美國。我們正在定價。我們就位。
And in terms of oral, with traditional oral, that is around 10% of the market in the U.S., we have a very strong position also. Modern Oral is a very small category at 1% with a lot of, as Tadeu said, the price permissions, that needs better products in the future and that will need PMTAs again. So that's pushing it down the road a few years before it's absolutely there. So step by step. And yes, we are pursuing that very closely.
就口語而言,傳統口語約占美國市場的 10%,我們也擁有非常強大的地位。 Modern Oral 是一個非常小的類別,只有 1%,正如 Tadeu 所說,價格許可很多,未來需要更好的產品,並且再次需要 PMTA。因此,在它絕對存在之前的幾年,它就被推上了道路。所以一步一步來。是的,我們正在非常密切地追求這一點。
Owen Michael Bennett - Equity Analyst
Owen Michael Bennett - Equity Analyst
Okay. Just a quick follow-up there. So on the vape side. So you moved to profitability in the second half. If we do see PMTAs in the near term, could we expect spend behind the vape activities than you guys did to really materially pick up again? Or would you expect kind of spend level where they are, to just -- to sit?
好的。只是在那裡快速跟進。所以在vape方面。所以你在下半年開始盈利。如果我們確實在短期內看到 PMTA,我們是否可以期望在 vape 活動背後的支出比你們真正再次實質性地回升?或者你會期望他們所處的那種消費水平,只是——坐著?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
I think that what we have at the moment is a very efficient approach in terms of investment and in terms of marketing in the U.S. for e-cigarettes. So there will be no need for further acceleration. What we have at the moment is an overall ecosystem that is working very well and working in our favor. We are the only ones who have over 2,500 reps in the U.S. that are supporting vapour. And that gives us a very strong position. We still have to do some geo expansion. As you know, we are very close to be the leader at point 1, but yet we're the leaders in only 26 states. So I still have a lot of states to go and to do geo expansion. So I'm very much confident in the fact that we'll continue to grow in the U.S. in the vapour business and we'll start to make money.
我認為我們目前在投資和電子煙在美國的營銷方面是一種非常有效的方法。所以沒有必要進一步加速。我們目前擁有的是一個運行良好且對我們有利的整體生態系統。我們是唯一在美國擁有超過 2,500 名代表支持蒸汽的公司。這給了我們一個非常強大的地位。我們仍然需要做一些地理擴張。如您所知,我們非常接近成為第 1 點的領導者,但我們僅是 26 個州的領導者。所以我還有很多州要去做地理擴張。所以我非常有信心,我們將繼續在美國的蒸汽業務增長,我們將開始賺錢。
Operator
Operator
And the next question is coming from the line of Rashad Kawan from Morgan Stanley.
下一個問題來自摩根士丹利的 Rashad Kawan。
Rashad Kawan - Equity Analyst
Rashad Kawan - Equity Analyst
Just a couple for me. So the first one, if I can follow up on the U.S. cigarette market. Are you seeing signs of accelerated downtrading in '22 as the inflation and rising kind of gas prices remain elevated? I'm just trying to get a sense on whether you're seeing or expect to see any major changes to consumption trends this year? And then my second question is around Velo in the U.S. How are you thinking about that kind of on the medium term? I guess if you take a step back, have your views on the U.S. modern oral market changed? And do you expect some level of normalization in the promotional activities in 2022?
對我來說只是一對。所以第一個,如果我能跟進美國捲菸市場的話。由於通貨膨脹和不斷上漲的天然氣價格仍然居高不下,您是否看到 22 年加速下跌的跡象?我只是想了解您是否看到或期望看到今年消費趨勢的任何重大變化?然後我的第二個問題是關於美國的 Velo。你如何看待中期的這種情況?我想如果你退後一步,你對美國現代口腔市場的看法是否發生了變化?您是否預計 2022 年的促銷活動會出現某種程度的正常化?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
So in terms of the U.S., again, it's more related to what happens in 2022. But I mean, the market has been very strong in the U.S. in 2021. And you have something that has happened towards the last part of the year, in Q4, is a reduction in discounting, because you have the absolute pricing and then you have the discounting that gives more space to the consumer. And this discounting has been lower than what they are normally at this period of the year. So that's why you see a bit of inflection that reflects into a bit of a pickup at the low end of the market. What's very important as an indicator is the strength of the premium, and the strength of the premium is there. So I would not be too concerned with that.
所以就美國而言,再次,它與 2022 年發生的事情更相關。但我的意思是,2021 年美國的市場非常強勁。今年下半年發生了一些事情,在Q4,是折扣的減少,因為您擁有絕對定價,然後您擁有為消費者提供更多空間的折扣。而且這種折扣低於一年中這個時期的正常水平。所以這就是為什麼你會看到一些拐點反映在低端市場的一些回升中。作為指標非常重要的是溢價的強度,溢價的強度就在那裡。所以我不會太在意這一點。
The second question is related to modern oral. Yes, modern oral -- you have already -- as I say always, there's a lot of offers in the market already in terms of reduced risk products, especially with e-cigarettes and traditional oral. Modern oral is only 1% of the market. As we said last year, it's mostly geo expansion in the course of 2021. So it starts to stall a little bit. And then what you have is big companies that are investing heavily in discounting and offers of products to the consumer: buy one, get one free kind of. So that's quite extreme at the moment. The second thing that we know -- so the value is not there.
第二個問題與現代口語有關。是的,現代口腔 - 你已經有了 - 正如我一直說的那樣,市場上已經有很多降低風險產品的報價,特別是電子煙和傳統口腔。現代口服僅佔市場的1%。正如我們去年所說,2021 年主要是地理擴張。所以它開始有點停滯。然後你所擁有的是大公司,它們在折扣和向消費者提供產品方面投入巨資:買一種,免費獲得一種。所以目前這是相當極端的。我們知道的第二件事——所以價值不存在。
The second thing that we know is that the -- it's very much occasional usage because the satisfaction of the product -- remember, they have to be in the market in a long -- since a long time, yes. The satisfaction of these products are very low. And you have to do PMTA. So it takes a few years more so that you have product satisfaction to the right level. So that very occasional usage of these products cost you a bomb in terms of consumer conversion, a bomb. And the products are not yet there to the right level for the consumers. So that category will take some time before PMTAs come in and bring additional new products.
我們知道的第二件事是 - 這是非常偶然的使用,因為產品的滿意度 - 請記住,它們必須在很長一段時間內進入市場 - 很長一段時間,是的。這些產品的滿意度很低。你必須做PMTA。因此,您還需要幾年的時間才能將產品滿意度提高到正確的水平。因此,就消費者轉化而言,偶爾使用這些產品會讓你付出一顆炸彈,一顆炸彈。而且產品還沒有達到適合消費者的水平。因此,在 PMTA 進入並帶來更多新產品之前,該類別將需要一些時間。
As you see in the rest of the world, we're the leaders. Why? Because the products are much better. They are much more adequate to the consumer needs. So I think that, that category is really on the tension in terms of pricing and margins at the moment, a lot of price permissions gaining. It's the Far West a little bit out there. And that will take 2 years, 3 years in order to get the PMTAs on the road. Small segment.
正如你在世界其他地方看到的那樣,我們是領導者。為什麼?因為產品好很多。它們更能滿足消費者的需求。所以我認為,該類別目前在定價和利潤率方面確實處於緊張狀態,獲得了很多價格許可。那裡有點遠西。這將需要 2 年、3 年的時間才能讓 PMTA 上路。小段。
Operator
Operator
And the last question is coming from Richard Felton Goldman Sachs.
最後一個問題來自 Richard Felton Goldman Sachs。
Richard Felton - Equity Analyst
Richard Felton - Equity Analyst
My first question is on -- another one on U.S. pricing. I know you're not going to give us details of your FY '22 pricing plans. But clearly, the frequency and the size of your price increases in the U.S. has stepped up quite materially over the last few years. So I guess can you help us understand what the strategy has been. Is that been kind of opportunistic because the consumers had a bit more disposable income? Or is that a sort of strategic shift in the way that you've been approaching pricing in the U.S. over the last few years?
我的第一個問題是關於美國定價的另一個問題。我知道您不會向我們提供您的 22 財年定價計劃的詳細信息。但很明顯,在過去的幾年裡,你在美國的價格上漲的頻率和幅度已經大大增加。所以我想你能幫助我們了解策略是什麼。這是一種機會主義,因為消費者有更多的可支配收入嗎?或者這是你過去幾年在美國接近定價方式的一種戰略轉變?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Strategic shift is not opportunistic. Strategic shift -- we understood much better and sooner the price elasticity and the fact that the U.S. is 50 states, and the tools and the approach was much more national than it was regional or even state by state or communities by communities or city by city. So that gave us a lot of opportunity to do pricing. And as we can monitor that very well, then we took more pricing.
戰略轉變不是機會主義的。戰略轉變——我們對價格彈性和美國有 50 個州這一事實有了更好、更早的理解,而且工具和方法比區域甚至州逐州或社區逐個社區或城市逐個城市更具國家性.所以這給了我們很多定價的機會。由於我們可以很好地監控這一點,因此我們採取了更高的定價。
And remember, there are 2 levels of pricing in the U.S. One is the public price list -- the published price list and the second one is the discounting. And there is more than 4 billion in discounting in the U.S. to the consumer, forget the trade, to the consumer. So you can modulate and adapt as you go along and you can make sure that your rhythm is maintained. So strong pricing in the last 2 years in the U.S.
請記住,美國有兩種定價級別。一種是公開價目表——公佈的價目表,第二種是折扣價。美國有超過 40 億的折扣給消費者,忘記交易,給消費者。因此,您可以在進行過程中進行調整和調整,並確保您的節奏保持不變。過去兩年在美國如此強勁的定價
The environment, we have to see exactly how it works, as I said earlier, and then we'll modulate our pricing related to that. But I think that there's still some space for pricing in the U.S. for sure.
正如我之前所說,環境,我們必須確切地了解它是如何工作的,然後我們將調整與此相關的定價。但我認為在美國肯定還有一些定價空間。
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Tadeu Luiz Marroco - Finance & Transformation Director, Member of Management Board and Executive Director
Just to add to what Jack is saying. It's important to highlight the data analytics that we have put in place in the U.S. over the last 2 years, the revenue growth management that give us visibility that we didn't have in the past, even by postcode or channel. And we can make a very target movements in terms of pricing and overall trading in particular. And this, combined with a very strong portfolio and very well represented not just in the premium but also in the mid and the low, gives us all the confidence to take the actions that we have taken in the last 2 years.
只是為了補充傑克所說的話。重要的是要強調我們在過去 2 年中在美國實施的數據分析,收入增長管理使我們能夠看到我們過去沒有的可見性,即使是通過郵政編碼或渠道。我們可以在定價和整體交易方面做出非常有針對性的動作。而這一點,再加上非常強大的投資組合,不僅在溢價方面而且在中低檔都有很好的表現,這讓我們有信心採取我們在過去 2 年採取的行動。
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
And by the way, on the same token, because we have size and scale and a very strong brand in e-cigarettes, we can do exactly the same now, use the tools that we have in combustible and put them on e-cigarettes because we can exactly do the same effort. That's why we have started in the second half of 2021 to take much more pricing, adapt our offers and go more granular in terms of e-cigarette. We're all about value.
順便說一句,同樣的,因為我們在電子煙領域擁有規模和規模以及非常強大的品牌,我們現在可以做同樣的事情,使用我們在可燃物領域擁有的工具並將它們放在電子煙上,因為我們完全可以做同樣的努力。這就是為什麼我們在 2021 年下半年開始採取更多定價、調整我們的報價並在電子煙方面更加細化的原因。我們都是關於價值的。
Richard Felton - Equity Analyst
Richard Felton - Equity Analyst
That's very clear. My follow-up, if that's okay. You seem very confident on the free cash flow generation of GBP 40 billion over the next 5 years. So in that context, why have you decided to do a 1-year share buyback target rather than committing to a multiyear program? And is there any reason that we shouldn't expect that buyback program to continue into each year?
這很清楚。我的後續,如果可以的話。您似乎對未來 5 年產生 400 億英鎊的自由現金流充滿信心。那麼在這種情況下,為什麼你決定制定一個為期 1 年的股票回購目標,而不是承諾一個多年期計劃呢?我們是否有任何理由不期望回購計劃持續到每年?
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
Jack Marie Henry David Bowles - CEO, Member of Management Board & Director
I mean I'm a reasonable person. And 3 years ago, we started and we had very little growth in New Categories. It was a nascent category. We had a lot of investments to do. Then we were starting to accelerate. And then you have COVID that goes in there. And then we continued to grow the dividend. Then we said we're going to do an enormous effort in terms of cash, and that's what we did in the last 3 years. We did cash conversion of more than 100%. And then we said we're going to save GBP 1 billion, and we did GBP 1.5 billion. And now we say more than EUR 1.5 billion. Now we're starting to go to -- we went from mid-single to crawling nicely our way towards high single digit.
我的意思是我是一個講道理的人。 3 年前,我們開始了新品類的增長。這是一個新興的類別。我們有很多投資要做。然後我們開始加速。然後你就有了新冠病毒。然後我們繼續增加股息。然後我們說我們將在現金方面做出巨大努力,這就是我們在過去 3 年所做的。我們進行了超過 100% 的現金轉換。然後我們說我們要節省 10 億英鎊,我們做到了 15 億英鎊。現在我們說超過 15 億歐元。現在我們開始走向——我們從中等單人到爬向高個位數。
Give us a little bit of space. We do 2 billion in terms of pounds, which is not far from 3 billion in terms of U.S. dollars of deleverage in 1 year. So we're telling you in a short period of time we're going to do all this. And we've put a mechanic in reviewing that on an ongoing basis. So give us a little bit of space, give us a little bit of -- possibility to grow the business. I will come back to you at the appropriate timing.
給我們一點空間。我們按英鎊做20億,距離1年去槓桿30億美元不遠。所以我們告訴你,我們將在短時間內完成這一切。我們已經安排了一個機制來持續審查它。所以給我們一點空間,給我們一點——發展業務的可能性。我會在適當的時間回复你。
I think that the questions are finished. So I am now going back to the end of the presentation. So we are very proud to have delivered the pivotal here. That was a very important moment for the company. We accelerated our transformation, delivering over 50% New Category revenue growth. The losses have reduced for the first time, and we have invested GBP 500 million. The losses have reduced for the first time and will continue to do so.
我認為問題已經完成。所以我現在要回到演示文稿的結尾。因此,我們很自豪能夠在這裡交付關鍵。那對公司來說是一個非常重要的時刻。我們加速轉型,新品類收入增長超過 50%。虧損首次減少,我們已投資 5 億英鎊。損失首次減少,並將繼續減少。
We have driven net debt-to-EBITDA below 3x. And our capital allocation flexibility has increased, as we just said, which is reflected in our share buyback announcement of today. We are well on track to meet our key ESG targets as we enter the next phase of our journey. That next phase is faster transformation. And this phase will be led by continued strong New Category growth and improving profitability, together with further development of opportunities in -- beyond nicotine.
我們已將淨債務與 EBITDA 的比率推低至 3 倍以下。正如我們剛才所說,我們的資本配置靈活性有所增加,這反映在我們今天的股票回購公告中。隨著我們進入下一階段的旅程,我們有望實現我們的關鍵 ESG 目標。下一階段是更快的轉型。這一階段將由持續強勁的新品類增長和不斷提高的盈利能力以及尼古丁以外的機會的進一步發展引領。
This will not only transform our business and the nature of our relationship with society, but will also generate strong financial results with medium-term outlook of revenue growth of 3% to 5%, high single figure EPS growth and continued strong cash flow. So we are transforming BAT to a high growth multi-category consumer-led CPG, with a reduced impact on public health and ESG at its core. I'm confident this will create value for all our stakeholders. Thank you very much for joining us today.
這不僅將改變我們的業務和我們與社會關係的性質,還將產生強勁的財務業績,中期收入增長前景為 3% 至 5%,每股收益高個位數增長和持續強勁的現金流。因此,我們正在將 BAT 轉變為高增長的多類別消費者主導的 CPG,其核心是減少對公共衛生和 ESG 的影響。我相信這將為我們所有的利益相關者創造價值。非常感謝您今天加入我們。