英美煙草 (BTI) 2020 Q4 法說會逐字稿

Good morning, everyone. I am Jack Bowles, Chief Executive of BAT, and I'm here with Tadeu Marroco, our Group Finance Director. We are very happy to be with you as be virtually for our 2020 preliminary results presentation. I hope everybody listening this morning and your families and friends are well. Today, I am excited to update you on the progress we have made in 2020 on our journey towards A Better Tomorrow. Tadeu will then share more details on our performance and '21 outlook before I return with more color on our strategy moving forward.

大家，早安。我是 BAT 的首席執行官 Jack Bowles，我和我們的集團財務總監 Tadeu Marroco 在一起。我們很高興與您一起參加我們的 2020 年初步結果演示。我希望今天早上聽的每個人以及你的家人和朋友都很好。今天，我很高興向您介紹我們在 2020 年邁向更美好明天的道路上取得的進展。然後，Tadeu 將分享更多關於我們的表現和 21 年展望的細節，然後我再回來為我們的戰略前進提供更多色彩。

We are absolutely committed to transforming BAT. In 2020, we defined our corporate purpose to build A Better Tomorrow, which is central to everything we do. We have a clear vision to transform and grow, changing not just our portfolio but our structures and culture. And it will fundamentally change the nature of our relationship with society. We are transforming into a high-growth, multi-category FMCG business with a reduced risk to public health, driven by evolving consumer needs. We have already started this transformation. And today, we want to show you the progress we have already made. With 10% of our revenue now in noncombustible products, we are on track and excited by the momentum. And we have clear targets going forward.

我們絕對致力於改造 BAT。 2020 年，我們確定了建立更美好明天的企業目標，這是我們所做一切的核心。我們對轉型和發展有著清晰的願景，不僅要改變我們的產品組合，還要改變我們的結構和文化。它將從根本上改變我們與社會關係的性質。在不斷變化的消費者需求的推動下，我們正在轉變為一個高增長、多品類的快速消費品業務，降低公共健康風險。我們已經開始了這種轉變。今天，我們想向您展示我們已經取得的進展。現在，我們 10% 的收入來自不可燃產品，我們步入正軌，對這一勢頭感到興奮。我們有明確的前進目標。

We made excellent progress in 2020 with accelerating consumer acquisition and volume growth across all 3 New Categories. We have generated great momentum. And we are growing share in all 3 New Categories as we exit the year. We took the opportunity to continue to invest a further GBP 430 million in the New Categories and delivered 100 bps of margin expansion. This was fueled by our continued strong performance in combustible and GBP 660 million worth of savings. We generated cash -- free cash flow of GBP 7.3 billion, driven by operating cash flow conversion of 103%, well ahead of our 90% target. We are proud to have delivered revenue, profit and EPS growth and strong cash flow in challenging circumstances.

我們在 2020 年取得了顯著進展，所有 3 個新類別的消費者獲取速度和銷量增長都加快了。我們產生了巨大的勢頭。隨著我們今年退出，我們在所有 3 個新類別中的份額都在增長。我們藉此機會繼續在新類別中進一步投資 4.3 億英鎊，並實現了 100 個基點的利潤率擴張。這得益於我們在可燃物方面的持續強勁表現和價值 6.6 億英鎊的節省。在 103% 的經營現金流轉換率的推動下，我們產生了 73 億英鎊的自由現金流，遠超我們 90% 的目標。我們很自豪能夠在充滿挑戰的情況下實現收入、利潤和每股收益增長以及強勁的現金流。

While we have further to go, our transformation is well underway. We have a clear responsibility to transform our business and lead the category. Why? Because we are the largest and also the only true global tobacco and nicotine company worldwide. And we are taking this responsibility seriously. We have strong points of difference and we are uniquely positioned because we are the only truly international company present in over 180 markets, including the U.S., which represents 40% of the global industry value and also creates trends across our multi-categories.

雖然我們還有很長的路要走，但我們的轉型正在順利進行。我們有明確的責任改變我們的業務並引領行業。為什麼？因為我們是全球最大的也是唯一一家真正的全球煙草和尼古丁公司。我們正在認真對待這一責任。我們有很強的差異性，而且我們處於獨特的地位，因為我們是唯一一家在包括美國在內的 180 多個市場中存在的真正國際化公司，它代表了全球行業價值的 40%，並在我們的多類別中創造了趨勢。

We are the only consumer-centric, multi-category company with the global scale to leverage our insights on consumer satisfaction and taste preferences. We are the only company present in all 4 New Categories, from tobacco to nicotine and beyond. Finally, we are the only company building strong, unique and recognized brands of the future, specifically positioned in each category. All of this is underpinned by the quality and diversity of our people, who embrace our corporate ethos, our passion for change and speed. Our transformation is already ongoing.

我們是唯一一家以消費者為中心、擁有全球規模的多品類公司，可以利用我們對消費者滿意度和口味偏好的洞察力。我們是唯一一家出現在所有 4 個新類別中的公司，從煙草到尼古丁等等。最後，我們是唯一一家打造強大、獨特和公認的未來品牌的公司，專門定位於每個類別。所有這一切都以我們員工的素質和多樣性為基礎，他們擁護我們的企業精神，我們對變革和速度的熱情。我們的轉型已經在進行中。

In 2020, we accelerated noncombustible consumer acquisition, adding another 3 million consumers to reach 13.5 million with growth in every category. We added 1.1 million consumers in Q4 with sequential acceleration through the year as our growth doubled through the second half. Our continued investment generated tangible results. And we remain very confident in achieving our 50 million target by 2030.

2020 年，我們加快了非可燃性消費者的獲取，新增 300 萬消費者，達到 1350 萬，每個品類都有增長。隨著我們的增長在下半年翻了一番，我們在第四季度增加了 110 萬消費者，全年連續加速。我們的持續投資產生了實實在在的成果。我們對到 2030 年實現 5000 萬的目標仍然充滿信心。

We have strong global brands across all 3 New Categories. Vuse is well underway to global leadership and was the fastest-growing Vapour brand in 2020, reaching 26% value share across our top 5 markets. glo Hyper has closed the satisfaction gap with peers with total nicotine volume share reaching a latest February weekly share of 6.3% in Japan. This is up 100 bps since August, driven by the growth of our first-to-world induction heating product.

我們在所有 3 個新類別中都擁有強大的全球品牌。 Vuse 正朝著全球領先地位邁進，是 2020 年增長最快的 Vapor 品牌，在我們的前 5 個市場中達到 26% 的價值份額。 glo Hyper 已經縮小了與同行的滿意度差距，其尼古丁總銷量份額在日本最近 2 月達到 6.3% 的每週份額。受我們全球首款感應加熱產品增長的推動，這一數字自 8 月以來上漲了 100 個基點。

Although revenues was impacted by the sens withdrawal, THP consumable fixed volume was up 29%. And across our top 9 markets, glo now achieved a 15% category share. In Modern Oral, we delivered excellent growth with a volume of 62%. We consolidate our Modern Oral leadership internationally. And our U.S. portfolio was strengthened by the acquisition of Dryft in September with share in the U.S. back to sequential growth in December, reaching 11% in January. We have made excellent progress, particularly in the second half.

儘管收入受到 sens 退出的影響，但 THP 消耗品的固定數量增長了 29%。在我們的前 9 個市場中，glo 現在實現了 15% 的類別份額。在 Modern Oral 中，我們實現了 62% 的出色增長。我們鞏固了我們在國際上的現代口頭領導地位。我們的美國投資組合因 9 月收購 Dryft 而得到加強，12 月在美國的份額恢復到環比增長，1 月達到 11%。我們取得了很好的進展，尤其是在下半年。

We entered '21 with strong volume and share momentum and a pipeline of exciting innovations. And we have further to go with a huge opportunity ahead of us to accelerate across all 3 categories: Vuse and glo with the introduction of Hyper show strong and clear volume acceleration in H2; and Velo, with the acquisition of Dryft at the end of the year, is expected to accelerate this momentum in 2021.

我們進入了 21 年，銷量強勁，共享動力以及一系列令人興奮的創新。我們還需要進一步把握在所有 3 個類別中加速的巨大機會：Vuse 和 glo 隨著 Hyper 的引入在下半年表現出強勁而清晰的銷量加速；而 Velo 在年底收購 Dryft 後，預計將在 2021 年加速這一勢頭。

Turning now to numbers. Reported results benefited from the impact of one-offs in the prior year. To better understand the key drivers of our performance, we will focus on constant currency adjusted results, unless otherwise stated. And you will hear in more detail from Tadeu in a moment.

現在轉向數字。報告的結果受益於上一年一次性的影響。為了更好地了解我們業績的關鍵驅動因素，除非另有說明，否則我們將關注不變的貨幣調整結果。稍後您將聽到 Tadeu 的更多詳細信息。

Our results show that we are delivering today with a continued strong performance in combustible. We gained 20 bps of corporate value share in combustible, driven by our Strategic Brands, which grew 40 bps, with continued strong price/mix and volumes ahead of the industry, demonstrating our strength and the strength of our combustible business, driving growth in revenue, profit, EPS and cash in a challenging environment, allowing us to pay dividends of GBP 4.7 billion and to continue to deliver the balance sheet.

我們的結果表明，我們今天在可燃物領域的表現依然強勁。在我們的戰略品牌增長 40 個基點的推動下，我們在可燃品領域的企業價值份額增加了 20 個基點，價格/組合和銷量持續強勁，領先於行業，展示了我們的實力和可燃性業務的實力，推動了收入增長、利潤、每股收益和現金在充滿挑戰的環境中，使我們能夠支付 47 億英鎊的股息並繼續交付資產負債表。

I am proud of the response of our people and teams around the world to global pandemic. It is their resilience and agility which has delivered these results. It has already brought out the best in BAT, allowing us to build on and accelerate our new capability. We simplified the organization, reducing management by 20%, further enhancing operational agility to Quantum. Our rapid response in our supply chain ensured no combustible out of stock. And we accelerated our transformation to new ways of working, pivoting our business to faster-growth digital platforms.

我為我們在世界各地的員工和團隊對全球流行病的反應感到自豪。正是他們的韌性和敏捷性帶來了這些結果。它已經發揮了 BAT 中最好的一面，使我們能夠建立並加速我們的新能力。我們簡化了組織，減少了 20% 的管理，進一步提高了昆騰的運營敏捷性。我們在供應鏈中的快速反應確保沒有可燃物缺貨。我們加快了向新工作方式的轉型，將我們的業務轉向增長更快的數字平台。

With ESG front and center in everything that we do, we supported our employees, suppliers, farmers and their broader community with a wide range of programs, both financial and practical. And our COVID vaccine candidate entered Phase I clinical trials in December. Our people have gone above and beyond, ensuring that our business performed strongly throughout the crisis and will exit even stronger.

將 ESG 置於我們所做的一切工作的中心，我們通過廣泛的財務和實踐計劃來支持我們的員工、供應商、農民及其更廣泛的社區。我們的 COVID 候選疫苗於 12 月進入 I 期臨床試驗。我們的員工已經超越，確保我們的業務在整個危機期間表現強勁，並且將更加強大。

Now over to Tadeu, which will talk you through the details of the results.

現在轉到 Tadeu，它將與您討論結果的詳細信息。

Thank you, Jack. Our performance in 2020 is a great example of the journey BAT is on. We are transforming the business with strong share gains and consumer acquisition growth, powering New Categories as well as combustible and cost savings funding our investments while Quantum simplifies our ways of working. We are delivering good revenue and earnings growth in challenging circumstances and excellent cash generation, enabling us to maintain our 65% dividend payout commitment and further delever the balance sheet. We are taking this strong momentum into 2021 and remain confident in our financial algorithm post COVID.

謝謝你，傑克。我們在 2020 年的表現是英美煙草公司的一個很好的例子。我們正在通過強勁的份額收益和消費者獲取增長來改變業務，為新類別提供動力以及為我們的投資提供可燃和成本節約，而 Quantum 簡化了我們的工作方式。我們在充滿挑戰的環境中實現了良好的收入和盈利增長以及出色的現金生成，使我們能夠維持 65% 的派息承諾並進一步去槓桿化資產負債表。我們正將這一強勁勢頭帶入 2021 年，並對我們在 COVID 後的財務算法保持信心。

In 2020, we delivered revenue growth above our revised 1% to 3% guidance range. And we would have been comfortably above our 3% to 5% medium-term guidance range without the impact of COVID. Combustibles is the engine growth of the business. And it is in great shape and we remain global leaders in volume and revenue. In 2020, our price/mix was 7.3%, which together with the strength of our brands, delivered another year of both value and volume share gains with combustibles contributing a weighted 2.3% to group revenue growth. Non-combustibles added another 1% to group growth with an accelerated performance in the second half. This is a number we are confident to increase in the coming years. I'm very pleased with the results delivered in 2020.

2020 年，我們實現了高於修訂後的 1% 至 3% 指導範圍的收入增長。如果沒有 COVID 的影響，我們將輕鬆高於 3% 至 5% 的中期指導範圍。可燃物是業務增長的引擎。它的狀態很好，我們在數量和收入方面仍然處於全球領先地位。 2020 年，我們的價格/組合為 7.3%，再加上我們品牌的實力，價值和銷量份額又實現了一年的增長，可燃物對集團收入增長的加權貢獻率為 2.3%。下半年，非易燃品的業績加速增長，使集團增長又增加了 1%。這是我們有信心在未來幾年增加的數字。我對 2020 年取得的成果感到非常滿意。

We are very happy with our performance in Vapour with a standout market share performance of Vuse. We are committed to establish Vuse as the global leader in vapor. We are well underway with #1 positions in 4 of the top 5 markets. Our value share in the U.S. in 2020 has nearly doubled. And we are now the leader in 15 states. In Canada, we achieved leadership via migrating the brand from Vype to Vuse. And in Europe, we further strengthened our leadership positions in top markets. With the momentum and scale we are building, we are very confident in our pathway to Vapour profitability.

我們對我們在 Vapor 的表現感到非常滿意，Vuse 的市場份額表現出色。我們致力於將 Vuse 打造為蒸汽領域的全球領導者。我們在前 5 個市場中的 4 個市場中排名第一。 2020 年，我們在美國的價值份額幾乎翻了一番。我們現在是 15 個州的領導者。在加拿大，我們通過將品牌從 Vype 遷移到 Vuse 取得了領先地位。在歐洲，我們進一步鞏固了我們在頂級市場的領導地位。憑藉我們正在建立的勢頭和規模，我們對實現 Vapor 盈利能力的途徑非常有信心。

Looking into 2021 with our #1 device share across all these markets, we expect further share gains in consumables. And we will be piloting new launch, incorporating age verification technology in key markets in quarter 2. Earlier this year, we activated our beyond nicotine strategy with a city test of a CBD vaping product in the U.K. We are excited about this opportunity, and we'll keep you updated on progress. With the strength of our Vuse brand, we are confident we can be the global leaders in vapor, making Vuse both a high-growth and highly profitable brand.

展望 2021 年，我們在所有這些市場中的設備份額排名第一，我們預計消耗品的份額將進一步增長。我們將在第二季度試行新的發布，將年齡驗證技術納入主要市場。今年早些時候，我們通過在英國對 CBD 電子煙產品進行城市測試來激活我們的超越尼古丁戰略。我們對這個機會感到興奮，我們'將讓您了解最新進展。憑藉我們 Vuse 品牌的實力，我們有信心成為蒸汽領域的全球領導者，使 Vuse 成為一個高增長和高利潤的品牌。

With glo, we have taken a significant step forward with our induction heating product, Hyper, our best-performing launch yet. We have been candid that we needed to close the satisfaction gap with peers. Hyper has done this. On key consumer attributes, it scores the same or better than competition. Half of glo in Japan is already Hyper just 9 months after launch, which position us very well for the future growth. And this transformation has been borne out by sales with good progress across all of our key THP markets. In the end, Hyper is just one step on the journey in our ambition to have the most satisfying products and the fastest-growing THP brand. We are very excited about our future innovation pipeline and where we can take this brand.

有了 glo，我們的感應加熱產品 Hyper 向前邁出了重要的一步，這是我們迄今為止性能最好的產品。我們坦率地說，我們需要縮小與同行的滿意度差距。 Hyper 做到了這一點。在關鍵的消費者屬性上，它的得分與競爭對手相同或更好。在推出 9 個月後，日本一半的 glo 已經是 Hyper，這為我們未來的增長做好了準備。我們所有主要 THP 市場的銷售都取得了良好的進展，證明了這一轉變。最後，Hyper 只是我們實現擁有最令人滿意的產品和增長最快的 THP 品牌的雄心壯志的一步。我們對我們未來的創新管道以及我們可以把這個品牌帶到哪裡感到非常興奮。

In Modern Oral, in 2020, we continued to consolidate our strong leadership position outside the U.S. Our success in Scandinavia and across Europe showed that we have the best international portfolio of products in Modern Oral. Beyond Europe, we see very exciting prospects for Modern Oral globally. In many emerging markets, consumers are familiar with other similar oral products. With no electronic device to buy, this is an attractive, affordable product for consumers. We are already seeing encouraging results from markets, including Pakistan and Bangladesh, and we will continue to invest in its rollout.

在 Modern Oral 方面，2020 年，我們繼續鞏固了我們在美國以外的強大領導地位。我們在斯堪的納維亞半島和整個歐洲的成功表明，我們在 Modern Oral 領域擁有最佳的國際產品組合。在歐洲之外，我們在全球範圍內看到了 Modern Oral 非常令人興奮的前景。在許多新興市場，消費者熟悉其他類似的口腔產品。由於無需購買電子設備，這對消費者來說是一款有吸引力且價格合理的產品。我們已經從包括巴基斯坦和孟加拉國在內的市場上看到了令人鼓舞的成果，我們將繼續投資於其推廣。

In contrast to our success in Europe, the U.S. is the one market where we have not performed as well as we would have liked it. But this is changing. Our recent Dryft acquisition really transforms our U.S. portfolio, expanding our product range from 4 SKUs with only 2 flavors and strengths below 6 milligram to 28 SKUs across a range of flavors and strengths with a great U.S. product and entry into the key 6 milligram-plus segment for the first time, which accounts for 2/3 of the markets. After an encouraging initial period of exclusivity with one chain, we are building distribution further under the Velo brand with the latest volume share reaching 11% in January.

與我們在歐洲取得的成功相比，美國是我們表現不如預期的市場。但這種情況正在改變。我們最近對 Dryft 的收購確實改變了我們在美國的產品組合，將我們的產品範圍從只有 2 種口味和強度低於 6 毫克的 4 個 SKU 擴大到 28 個 SKU，涵蓋各種口味和強度，具有出色的美國產品並進入關鍵的 6 毫克以上首次細分市場，佔市場的 2/3。在與一個連鎖店進行了令人鼓舞的初期獨家經營之後，我們正在 Velo 品牌下進一步建立分銷渠道，1 月份的最新銷量份額達到 11%。

Overall, across the New Categories and beyond, we are making great progress, giving us an excellent platform to further accelerate growth in the future. This strong momentum would not be possible without the cash flow and capabilities from our combustible business, which is industry-leading. Our combustible business continues to perform very well across all key metrics. Overall, in 2020, we grew our revenue by 2.8% with 20 basis points of value share gains. And we continue to take strong pricing ahead of the industry and grew volume share. This would not be possible without an excellent brand portfolio that spans a wide range of price points and is concentrated around strong strategic brands in each market.

總體而言，在新類別及其他領域，我們都取得了長足的進步，為我們提供了一個極好的平台，可以在未來進一步加速增長。如果沒有我們行業領先的可燃業務的現金流和能力，這種強勁勢頭是不可能實現的。我們的易燃品業務在所有關鍵指標上繼續表現良好。總體而言，在 2020 年，我們的收入增長了 2.8%，價值份額增長了 20 個基點。我們繼續在行業之前採取強有力的定價並增加銷量份額。如果沒有跨越廣泛價格點並集中在每個市場的強大戰略品牌的優秀品牌組合，這將是不可能的。

The price environment remains strong. And we have seen no acceleration in down-trading in developed markets. And with our revenue growth management tool, we are now able to precision target with store-level pricing to further enhance combustible's value. I'm really happy with the resilience demonstrated by our combustible business throughout the year, which has shown its ability to deliver whatever the environment.

價格環境依然強勁。我們沒有看到發達市場的下行交易加速。借助我們的收入增長管理工具，我們現在能夠通過商店級定價進行精准定位，以進一步提升可燃物的價值。我對我們的可燃業務全年表現出的彈性感到非常滿意，這表明它有能力提供任何環境。

One example has been our performance through the menthol bans in EU and Turkey. Our combustibles portfolio overindexed menthol, yet we significantly grew our share of nicotine. Overall, we achieved 110% retention of total nicotine consumers through the menthol bans, capitalizing on our unique multi-category position, adding over 300,000 new consumers in the last 6 months.

一個例子是我們在歐盟和土耳其的薄荷醇禁令中的表現。我們的可燃物產品組合高估了薄荷醇，但我們的尼古丁份額顯著增長。總體而言，我們通過薄荷醇禁令實現了 110% 的尼古丁總消費者保留率，利用我們獨特的多類別地位，在過去 6 個月內增加了超過 300,000 名新消費者。

Now taking a look at the regions more broadly. The regions reflect the impact of COVID, particularly in the emerging markets and global travel retail and a number of additional one-off factors. Despite this, we delivered a resilient performance. In ENA, we invested strongly behind New Categories to drive 50% revenue growth, led by a doubling of THP revenue from the successful launch of Hyper and Vuse also performing strongly. As mentioned, we grew our share of total nicotine through the menthol bans.

現在更廣泛地看看這些地區。這些地區反映了 COVID 的影響，特別是在新興市場和全球旅遊零售以及一些額外的一次性因素。儘管如此，我們還是表現出了彈性。在 ENA 中，我們大力投資於 New Categories 以推動收入增長 50%，這得益於 Hyper 和 Vuse 的成功推出帶來的 THP 收入翻了一番，也表現強勁。如前所述，我們通過薄荷醇禁令增加了總尼古丁的份額。

In APME, glo volume growth from Hyper was more than offset by Japanese excise increase and the withdraw of sens, our hybrid proposition, yet we continue to take market share across the region and in the second half of the year, benefited from the gradual market recovered as lockdown restrictions eased. The team's strong focus on our cost base drove margin expansion despite the tough external environment.

在 APME 中，來自 Hyper 的 glo 銷量增長被日本消費稅的增長和我們的混合主張 sens 的退出所抵消，但我們繼續在整個地區佔據市場份額，並且在下半年，受益於漸進式市場隨著封鎖限制的放寬而恢復。儘管外部環境艱難，但團隊對成本基礎的高度關注推動了利潤率的增長。

In AMSSA, strong growth in Vuse drove New Category revenue up almost 16%. And we responded quickly to government-mandated shutdowns across the region, shifting production to available sites and avoiding out of stocks. South Africa reopened in August. Although the illicit trades remains above pre-lockdown levels, we rapidly returned to market leadership. As we said at the half year, there was a clear differentiation between emerging markets and developed market performance.

在 AMSSA，Vuse 的強勁增長推動新品類收入增長近 16%。我們對整個地區的政府強制停工做出了迅速反應，將生產轉移到可用地點並避免缺貨。南非於 8 月重新開放。儘管非法交易仍高於封鎖前的水平，但我們迅速恢復了市場領先地位。正如我們在半年中所說，新興市場和發達市場表現之間存在明顯差異。

We saw a significant recovery in our emerging market's volume in the second half. And this has continued into 2021. While emerging markets represent around 70% of our volume, they are 25% of revenue. Despite COVID restrictions impacting consumers' ability to access the product in many emerging markets, consumption remained resilient. Although impacted by global travel retail, our developed markets remained resilient throughout the pandemic. We expect the global industry volume to recover to a decline of around 3% in 2021.

我們看到下半年新興市場的交易量顯著復甦。這種情況一直持續到 2021 年。雖然新興市場約占我們銷量的 70%，但它們佔收入的 25%。儘管 COVID 限制影響了許多新興市場消費者獲取產品的能力，但消費仍然具有彈性。儘管受到全球旅遊零售的影響，我們的發達市場在整個大流行期間仍然保持彈性。我們預計 2021 年全球行業銷量將恢復至下降 3% 左右。

In the U.S., we had our most successful year-to-date with strong growth across revenue, value share and profits, reflecting the strength of our brand portfolio, robust pricing and an accelerating performance in New Categories, where revenue was up by over 80%, driven by Vuse. In combustibles, we benefited from a strong portfolio across price peers. At the premium end, we have the best performance trends. In 2020, Newport and Natural American Spirit continued to grow revenue strongly with Newport reaching 17% value share.

在美國，我們今年迄今最成功，收入、價值份額和利潤均實現強勁增長，這反映了我們品牌組合的實力、強勁的定價以及在新類別中的加速表現，其中收入增長了 80 多倍%，由 Vuse 驅動。在可燃物方面，我們受益於價格同行的強大投資組合。在高端市場，我們擁有最好的性能趨勢。 2020 年，Newport 和 Natural American Spirit 的收入繼續強勁增長，Newport 的價值份額達到 17%。

At this stage, we are not providing U.S. industry volume guidance for 2021 given market uncertainties. While the positive industry dynamics in 2020 will not necessarily benefit every year, we have a strong brand portfolio with low elasticity than industry and a target approach enabled by RGM. Together, this gives us confidence in our ability to deliver sustainable value growth and profitability going forward in the U.S.

鑑於市場不確定性，現階段我們不提供 2021 年美國行業銷量指導。雖然 2020 年積極的行業動態不一定每年都會受益，但我們擁有強大的品牌組合，其彈性低於行業以及 RGM 支持的目標方法。總之，這讓我們對未來在美國實現可持續價值增長和盈利能力的能力充滿信心。

Moving on to operating margin. We delivered a 100 basis points increase, reaching an overall margin of over 44% and invested an incremental GBP 430 million to drive our growth in New Categories whilst absorbing one-off costs related to COVID. This was funded by our strong value growth in combustibles and GBP 660 million of savings driven by Quantum. We expect to further increase our investment in New Categories in 2021 with spend weighted towards the first half. We also expect the drag from new categories on operating margin to reduce for the full year as revenue growth offsets the additional investments.

繼續經營利潤率。我們實現了 100 個基點的增長，總利潤率達到了 44% 以上，並增加了 4.3 億英鎊的投資來推動我們在新類別方面的增長，同時吸收與 COVID 相關的一次性成本。這得益於我們在可燃物領域的強勁價值增長以及 Quantum 推動的 6.6 億英鎊儲蓄。我們預計將在 2021 年進一步增加對新品類的投資，並將重點放在上半年。我們還預計，由於收入增長抵消了額外投資，新類別對營業利潤率的拖累將在全年減少。

Simplifying the business, our third operational priority is driven by Quantum. We are releasing funds and creating a stronger, simpler, faster organization. We are on track to generate at least GBP 1 billion of savings by 2022. In 2020, we realized GBP 660 million total savings. These savings do not include any net efficiencies related to COVID. We have created a more agile, empowered and fast organization with reduced management layers and clear accountability. For example, our development pipeline has reduced from 24 months to 12 months and our speed to market deployment has improved by 40%.

為了簡化業務，我們的第三個運營重點是由昆騰驅動的。我們正在釋放資金並創建一個更強大、更簡單、更快的組織。到 2022 年，我們有望實現至少 10 億英鎊的節省。2020 年，我們實現了 6.6 億英鎊的總節省。這些節省不包括與 COVID 相關的任何淨效率。我們創建了一個更加敏捷、授權和快速的組織，減少了管理層和明確的責任。例如，我們的開發流程從 24 個月減少到 12 個月，我們的上市速度提高了 40%。

We delivered robust EPS growth of 5.5% in constant currency, meeting our guidance for 2020. We could have easily delivered on our high single-figure medium-term guidance had we not continued to invest behind the New Categories. But these would not have been the right thing to do for the business. Income from associates, mainly ITC, was down, reflecting the impact of COVID, particularly in the second half. Our underlying tax rate was lower at 24.9%. We expect a similar underlying rate in 2021 of around 25%.

按固定匯率計算，我們實現了 5.5% 的強勁每股收益增長，符合我們對 2020 年的指導。如果我們不繼續投資於新類別，我們本可以輕鬆實現高個位數的中期指導。但這些對企業來說不是正確的做法。來自聯營公司（主要是 ITC）的收入下降，反映了 COVID 的影響，尤其是在下半年。我們的基本稅率較低，為 24.9%。我們預計 2021 年類似的基本利率約為 25%。

One of the highlights of our 2020 performance was our excellent cash generation. We delivered operating cash flow conversion of 103%, well ahead of our medium-term target of over 90%, driving our free cash flow of GBP 7.3 billion. This funded GBP 4.7 billion in dividends to shareholders, the largest payment in the FTSE. We deleveraged the balance sheet by 0.2x at current and 0.3x at constant rates. With adjusted net debt falling GBP 2.2 billion at both current and constant rates, we remain confident in our targets to reduce adjusted net debt to adjusted EBITDA to around 3x by the end of 2021.

我們 2020 年業績的亮點之一是我們出色的現金生成。我們實現了 103% 的運營現金流轉換，遠超 90% 以上的中期目標，推動了 73 億英鎊的自由現金流。這為股東支付了 47 億英鎊的股息，這是 FTSE 中最大的一筆支付。我們以當前利率將資產負債表去槓桿化 0.2 倍，以恆定利率將資產負債表去槓桿化 0.3 倍。隨著以當前和固定利率計算的調整後淨債務下降 22 億英鎊，我們仍然對我們的目標充滿信心，即到 2021 年底將調整後的淨債務與調整後的 EBITDA 降低到 3 倍左右。

As mentioned, cash conversion in the period was strong at 103%. During 2020, we further strengthened our liquidity position through bond issues, including a liability management transaction, repurchasing and redeeming debt that would have otherwise matured in 2021 and 2022, signing short-term bilateral facilities and renegotiating our revolving credit facility, extending its maturity and removing the financial covenants. Our maturity profile improved and remains very manageable with maximum annual debt maturities moving forward no higher than GBP 4 billion with an average maturity approaching 10 years and close currency matching.

如前所述，該期間的現金轉換率高達 103%。 2020 年，我們通過發行債券進一步加強了流動性狀況，包括負債管理交易、回購和贖回本應在 2021 年和 2022 年到期的債務、簽署短期雙邊融資和重新談判我們的循環信貸融資、延長其期限和取消財務契約。我們的到期狀況有所改善，並且仍然非常易於管理，最高年度債務到期日不超過 40 億英鎊，平均到期日接近 10 年，貨幣匹配程度接近。

One of my priorities is maximize cash generation to fuel our transformation. We expect to generate cumulative free cash flow of around GBP 40 billion over the next 5 years. To drive this, we expect at least 90% operating cash conversion and good profit growth. And this will be supported by Quantum savings. In 2021, we expect gross CapEx of GBP 700 million broadly in line with adjusted depreciation and amortization.

我的首要任務之一是最大限度地產生現金以推動我們的轉型。我們預計未來 5 年將產生約 400 億英鎊的累計自由現金流。為了推動這一點，我們預計至少有 90% 的運營現金轉換和良好的利潤增長。這將得到 Quantum 儲蓄的支持。我們預計 2021 年的總資本支出為 7 億英鎊，與調整後的折舊和攤銷大致相符。

Looking forward, we remain committed to our capital allocation priorities with a 65% dividend payout ratio, investing in New Categories and deleveraging to within our new corridor of 2 to 3x adjusted net debt to adjusted EBITDA. We believe this is the right level of gearing for the group, given our strong cash generation. And this will give us more flexibility in terms of capital allocation by the end of 2021.

展望未來，我們將繼續致力於以 65% 的股息支付率優先進行資本配置，投資新類別，並在調整後淨債務與調整後 EBITDA 之比為 2 至 3 倍的新通道內進行去槓桿化。鑑於我們強大的現金生成能力，我們認為這對集團來說是正確的負債水平。到 2021 年底，這將使我們在資本配置方面更加靈活。

We are carrying great momentum into 2021 and expect continued strong operational delivery with revenue growth in the 3% to 5% constant currency range. So we are confident, but we are not complacent. With COVID an ongoing challenge, an uncertain U.S. volume outlook and a continued COVID impact on our associates, we retain our outlook for mid-single-digit adjusted diluted EPS growth for 2021 with performance within the mid-single-digit range dependent on the factors I just mentioned. We will update you as the year progress.

我們在 2021 年保持強勁勢頭，並預計持續強勁的運營交付，收入增長在 3% 至 5% 的固定貨幣範圍內。所以我們有信心，但我們並不自滿。由於 COVID 是一個持續的挑戰、不確定的美國銷量前景以及 COVID 對我們的員工的持續影響，我們保留對 2021 年中個位數調整後攤薄每股收益增長的展望，其業績在中個位數範圍內取決於因素我剛才提到了。隨著年度的進展，我們將更新您。

And with that, I will now hand back to Jack.

有了這個，我現在將交還給傑克。

Thank you, Tadeu. So we have grown earnings and accelerated our transformation in 2020 through COVID. We have genuine momentum, doubling our rate of noncombustible consumers acquisition in the second half with a further acceleration in Q4. And we are generating the resources and cash flow to do this from our focus on growing value in convertibles as well as the benefits of simplifying the company.

謝謝你，塔杜。因此，我們在 2020 年通過 COVID 增加了收入並加速了我們的轉型。我們擁有真正的動力，下半年我們的不可燃消費者購買率翻了一番，第四季度進一步加速。我們正在通過專注於增加可轉換債券的價值以及簡化公司的好處來產生資源和現金流來做到這一點。

We are led by the consumer, which is at the heart of our consumer-centric, multi-category model. These leverages are well-established cross-category consumer insights, deep understanding of product satisfaction, detailed market opportunity mapping, digital consumer and RGM capability. This has taken many years to build. And every element is vital for multi-category success, giving us a unique competitive advantage.

我們以消費者為主導，這是我們以消費者為中心的多品類模式的核心。這些槓桿是成熟的跨類別消費者洞察、對產品滿意度的深刻理解、詳細的市場機會映射、數字消費者和 RGM 能力。這花了很多年的時間來建立。每一個元素對於多品類的成功都至關重要，為我們提供了獨特的競爭優勢。

To further accelerate our transformation, we have put in place Quest. We announced Quantum in 2019 to deliver a simpler, faster, more agile organization. And Quest combines Quantum with 4 other work streams under Tadeu and myself and is the catalyst to build the enterprise of the future, accelerating the move from a business that is used to sell cigarettes to a consumer-centric, multi-category consumer product group.

為了進一步加快我們的轉型，我們實施了 Quest。我們在 2019 年宣布推出 Quantum，以提供更簡單、更快、更敏捷的組織。 Quest 將 Quantum 與 Tadeu 和我本人領導下的其他 4 個工作流相結合，是構建未來企業的催化劑，加速了從用於銷售捲菸的業務向以消費者為中心的多類別消費產品集團的轉變。

What does it all mean? Our targets are clear. With the momentum in the business, we are well on track to achieving GBP 5 billion revenue with New Categories by 2025 and we have mapped a clear pathway to 2025 profitability. And through our portfolio of products in nicotine and beyond, we are confident of reaching 50 million non-combustible consumers by 2030. We have made excellent progress in 2020. And post COVID, we are confident in returning to our medium-term guidance with revenue growth of 3% to 5% and EPS growth in high single figure. We are clear that by delivering in both our ESG and financial targets, we will generate significant share of value for all stakeholders, including our shareholders.

這是什麼意思呢？我們的目標很明確。憑藉業務的發展勢頭，我們有望在 2025 年之前通過新類別實現 50 億英鎊的收入，並且我們已經為 2025 年的盈利繪製了清晰的路徑。通過我們在尼古丁及其他領域的產品組合，我們有信心到 2030 年達到 5000 萬不可燃消費者。我們在 2020 年取得了巨大進展。在 COVID 之後，我們有信心在收入方面回到我們的中期指導3%至5%的增長和高個位數的EPS增長。我們很清楚，通過實現我們的 ESG 和財務目標，我們將為包括我們的股東在內的所有利益相關者創造可觀的價值份額。

We are building A Better Tomorrow. We have started, we are accelerating in New Categories and we are a step ahead in multi-category capability. And while we know we have further to go, we see a huge opportunity. I am proud of what the organization delivered in 2020. And we are carrying strong momentum into '21 with combining our growth acceleration and pathway to profitability in New Categories. This is a pivotal year in creating the enterprise of the future. We will be sharing more with you during our presentation at the CAGNY conference tomorrow.

我們正在建設一個更美好的明天。我們已經開始，我們正在加速新類別，我們在多類別能力方面領先一步。雖然我們知道我們還有更遠的路要走，但我們看到了巨大的機會。我為該組織在 2020 年所交付的成果感到自豪。我們將強勁的勢頭帶入 21 年，將我們的增長加速和新類別的盈利途徑相結合。這是創造未來企業的關鍵一年。我們將在明天的 CAGNY 會議上與您分享更多信息。

And I look forward to taking your questions at our Q&A session at 9:30 a.m. U.K. time. Thank you for listening, and stay well.

我期待在英國時間上午 9:30 的問答環節回答您的問題。感謝您的聆聽，並保持健康。

Good morning, everyone. So 2020 has been the year of delivery, transformation and acceleration. We have a strong 2020 in combustibles. And in NGP, we had a very good performance with the growth in volume in all 3 categories by around 50%. We also have 2 million more consumers in H2. The dividend is strong. We did a lot of work on the cash and the deleverage. So 2021 is really a pivotal year. We have momentum. We have strong foundations with the right strategy. So we are a global consumer multi-category company, accelerating our transformation. So now is time for questions. Can the questions come, please?

大家，早安。所以2020年是交付之年、轉型之年、加速之年。 2020 年，我們在可燃物方面表現強勁。在 NGP 中，我們的表現非常好，所有 3 個類別的銷量都增長了 50% 左右。我們在下半年還有 200 萬消費者。股息強勁。我們在現金和去槓桿方面做了很多工作。所以2021年真的是關鍵的一年。我們有動力。我們擁有堅實的基礎和正確的戰略。因此，我們是一家全球消費者多品類公司，正在加速我們的轉型。所以現在是提問的時候了。請問問題可以來嗎？

(Operator Instructions)

（操作員說明）

And our first question comes from the line of Nik Oliver from UBS.

我們的第一個問題來自瑞銀的 Nik Oliver。

Just a couple from me. Just on some of the COVID-19 headwinds that you flagged for 2020, could you just share like how much of that was the global travel piece? And I guess, then hence, how much of that will sort of spill into in 2021, to help us on the EPS bridge. And then secondly, is there any guidance you can share on what is the implicit transactional headwind baked into the constant currency EPS? Because I know the transactional you absorbed through the organics. That would be very helpful.

就我一對。就您標記為 2020 年的一些 COVID-19 不利因素而言，您能否分享一下其中有多少是全球旅行的一部分？因此，我猜想，到 2021 年，其中有多少會溢出，以幫助我們建立 EPS 橋樑。其次，關於固定貨幣每股收益中隱含的交易逆風是什麼，您是否可以分享任何指導？因為我知道你通過有機物吸收的交易。那將非常有幫助。

Okay. Jack, do you want me to take this one?

好的。傑克，你要我拿這個嗎？

Go ahead.

前進。

Okay. Nik, on the COVID-19, on the -- we said at the mid of last year that we were expecting [2%] hit on the lower line. And that being better than that, so basically a recovery of emerging markets that went better than we first saw in the second half of the year. So we end up with 2.5% hit in 2020 as of the net turnover. So half of that is global travel retailer. So 1.3% of our revenue was hit by global travel retail. And we are yet to see the recovery of that in 2021. Remember that this is one of the elements of uncertainty that we have to take in consideration when we flag a guidance for this year, in particular. Because at the end of the day, we can see some rebound of that. Or we can see the number of situations. Because we still -- we had 1 quarter -- the first quarter of last year was still positive, we're still selling. And (inaudible) as I said, we were completely shutdown from quarter 2. So this is one of the elements of the uncertainties as well.

好的。 Nik，在 COVID-19 上，我們在去年年中說過，我們預計 [2%] 會觸及下限。這比那要好，所以基本上新興市場的複蘇比我們在下半年首次看到的要好。因此，我們在 2020 年的淨營業額最終受到 2.5% 的打擊。其中一半是全球旅遊零售商。因此，我們 1.3% 的收入受到全球旅遊零售的影響。我們還沒有看到 2021 年的複蘇。請記住，這是我們在製定今年的指導時必須考慮的不確定性因素之一。因為在一天結束時，我們可以看到一些反彈。或者我們可以看到情況的數量。因為我們仍然 - 我們有一個季度 - 去年第一季度仍然是積極的，我們仍在銷售。而且（聽不清）正如我所說，我們從第 2 季度開始完全關閉。所以這也是不確定性的因素之一。

Taking on your second point about the transaction. I would like to remember that our guidance includes transactional FX. So when we -- mid-single digit, there is an element of transaction FX that is already incorporated in these numbers. So last year, as you saw from the presentation, you have an idea, of course, we highlight that in the operating mark waterfall. But last year was around GBP 30 million, which equates to something like (technical difficulty) operating profit. In 2021, double that based on current rates. So as we stand today, we expect to have a 2% headwind in operating profit as part of the transaction FX, which, again, is a red part of our range when we say -- mid single-digit range is part of that, okay?

關於交易的第二點。我想記住，我們的指導包括交易外匯。因此，當我們 - 中個位數時，這些數字中已經包含了交易外彙的元素。所以去年，正如您從演示中看到的那樣，您有一個想法，當然，我們在操作標記瀑布中強調了這一點。但去年大約是 3000 萬英鎊，這相當於（技術難度）營業利潤。到 2021 年，在當前費率的基礎上翻一番。因此，就我們今天的情況而言，作為交易外彙的一部分，我們預計營業利潤將有 2% 的逆風，當我們說時，這又是我們範圍的紅色部分——中個位數範圍是其中的一部分，好的？

Our next question comes from the line of Adam Spielman from Citi.

我們的下一個問題來自花旗的 Adam Spielman。

I really wanted to -- I guess a little bit of a sort of more understanding about the mid-single-digit constant currency EPS guidance. I suppose going into this, I (inaudible) you've had some -- globally, you have a pretty easy comp because COVID was globally a negative in 2020. Also, for the first time, you've got reduced risk products, turning to actually be a positive profit contribution as I understand it. And so there's a swing in profitability from New Categories. So I was just wondering if you can give me some of the elements that you think are leading to this mid-single-digit guidance? As I said, I would have thought your comp was easy -- and you're beginning to see a positive swing in New Categories.

我真的很想 - 我想對中個位數的固定貨幣每股收益指導有更多的了解。我想進入這個，我（聽不清）你有一些——在全球範圍內，你有一個相當容易的補償，因為 COVID 在 2020 年在全球範圍內是負面的。此外，你第一次獲得了降低風險的產品，轉向據我所知，實際上是一個積極的利潤貢獻。因此，新類別的盈利能力出現了波動。所以我只是想知道你是否可以給我一些你認為導致這個中個位數指導的元素？正如我所說，我原以為你的組合很容易——而且你開始看到新類別的積極波動。

Yes. Thank you. I think that to start with, we have a strong 2020, and we are very happy with that. We exit the year strong in combustor, very strong in New Categories. Nonetheless, there are some uncertainties in front of us. And frankly speaking, we prefer to have a guidance that is reasonable because there are some unknowns in there. And you still have the COVID that is going to bring some tension, especially in mature markets. You have uncertainties in the U.S., of course. Then you have our associates that are like ITC recovering slowly in terms of the COVID that has been quite brutal in India as an impact.

是的。謝謝你。我認為首先，我們有一個強勁的 2020 年，我們對此感到非常高興。我們在燃燒器方面表現強勁，在新類別方面表現非常強勁。儘管如此，我們面前仍有一些不確定性。坦率地說，我們更喜歡有一個合理的指導，因為那裡有一些未知數。而且你仍然擁有會帶來一些緊張局勢的新冠病毒，尤其是在成熟市場。當然，你在美國有不確定性。然後你有我們的同事，就像 ITC 一樣，就在印度相當殘酷的 COVID 影響而言，恢復緩慢。

So I think that we prefer to be reasonable in terms of the guidance. And then it's going to be from the top and the bottom of the guidance, and we will update you as we go along across the year. Tadeu?

所以我認為我們更願意在指導方面保持合理。然後它將從指南的頂部和底部開始，我們將在全年進行更新。塔杜？

Yes. I think that you're absolutely right. We are very, very happy with the performance that we have at the back of 2020. We had a good momentum in 2021. You are right, Adam. We expect to start reducing our P&L losses in New Categories. But we cannot ignore that the problem of the pandemic is still out there. So we expect it would be better, around decline of [3%]. Most of it would probably be a recovery from the emerging markets. So there will be some elements of geographic mix there that we had to take into consideration. We are (technical difficulty) strong U.S. markets in 2020. And as you saw, we haven't provided any outlook in U.S. market given the (technical difficulty) too unclear yet to see how the market developed post COVID. And that's the reason why we haven't provided the guidance. We spoke about GTR, which is still some uncertainties there. Jack rightly alluded to ITC. At the end, we reported ITC with the 1 quarter lag. And this meeting, our kickers for 2021 can be also low as it was in 2020. So when you consider all that, we had -- we decided to take a more prudent view around the mid-single digits. And as we go along, we update in the market.

是的。我認為你是完全正確的。我們對 2020 年末的表現非常非常滿意。我們在 2021 年勢頭良好。你說得對，亞當。我們希望開始減少新類別的損益損失。但我們不能忽視，大流行的問題仍然存在。所以我們預計它會更好，大約下降 [3%]。其中大部分可能是新興市場的複蘇。因此，我們必須考慮到一些地理組合的因素。我們在 2020 年是（技術難度）強勁的美國市場。正如你所看到的，鑑於（技術難度）還不清楚，我們還沒有提供美國市場的任何前景，因為目前還不清楚 COVID 後市場如何發展。這就是我們沒有提供指導的原因。我們談到了 GTR，這仍然存在一些不確定性。傑克正確地提到了 ITC。最後，我們報告了滯後 1 個季度的 ITC。而這次會議，我們對 2021 年的踢球者也可能與 2020 年一樣低。所以當你考慮所有這些時，我們決定對中個位數採取更謹慎的看法。隨著我們的前進，我們會在市場上進行更新。

And Adam, we will reduce our loss in New Categories. We will be around 3% in terms of net debt to EBITDA. We will deliver in terms of combustible. We will continue to accelerate in New Categories, and we'll simplify the company with Quantum, and now the addition of Quest. So I think that it's a pivotal year, 2021. And I want to have the possibility to invest and to make sure that we deliver on our guidance, but also that we continue to transform the company and accelerate in the great momentum that we have in New Categories across the 3 categories, and also beyond.

還有亞當，我們將減少在新類別中的損失。就 EBITDA 的淨債務而言，我們將在 3% 左右。我們將提供可燃物。我們將繼續在新類別方面加速發展，我們將通過 Quantum 簡化公司，現在又增加了 Quest。因此，我認為 2021 年是關鍵的一年。我希望有機會進行投資並確保我們兌現我們的指導方針，同時也希望我們繼續改造公司並加速我們在跨越 3 個類別的新類別，以及更多類別。

Can I ask you just a couple of follow-ups? And I think the answer, just talking about the guidance. I think one way of saying the answer. And I just want to check I've got this right. It's very clear, there's more uncertainty in 2021 than pretty much any year you've seen before, given COVID, and all its multiple effects. And because of that, perhaps you've been a little bit more conservative than in previous years, in your guidance. Is that (technical difficulty)

我能問你幾個後續嗎？我認為答案，只是談論指導。我認為可以用一種方式來回答。我只是想檢查一下我是否做對了。很明顯，鑑於 COVID 及其所有多重影響，2021 年的不確定性比你以前見過的幾乎任何一年都多。正因為如此，在您的指導中，也許您比前幾年更加保守。是這樣嗎（技術難度）

We agree with the first part of your comment, I would say, well, instead of conservative, I would say reasonable. As I said, we have a good momentum. We continue to accelerate in 2020, and we will update you in the midyear. I think it's the right way to go because we have momentum, and we want to continue to accelerate our transformation.

我們同意你評論的第一部分，我會說，好吧，我會說合理，而不是保守。正如我所說，我們的勢頭很好。我們在 2020 年繼續加速，我們將在年中更新您。我認為這是正確的方式，因為我們有動力，我們希望繼續加速我們的轉型。

But just to be clear, Adam, if not for the uncertain COVID, we would have returned to the high single-digit again. There's nothing to prevent us to get there. Unless we -- until we get the clear of this, we cannot ignore that. We are still living through this pandemic.

但為了清楚起見，亞當，如果不是因為不確定的 COVID，我們會再次回到高個位數。沒有什麼可以阻止我們到達那裡。除非我們——在我們弄清楚這一點之前，我們不能忽視這一點。我們仍在經歷這場大流行。

Okay. And then just turning to the New Categories. You see 2021 (technical difficulty)

好的。然後只是轉向新類別。你看2021（技術難度）

I'm sorry (technical difficulty) beginning of your question.

對不起（技術難度）你的問題的開始。

I was going to say, turning to New Categories, as you think about 2021 now compared with how you were thinking about 2021, let's say, 12 months ago, would you say things are more in line with your plan, ahead of plan in terms of revenue, but also the investment needed behind us?

我要說的是，轉向新類別，當您現在考慮 2021 年時，與您對 2021 年的看法相比，假設 12 個月前，您會說事情更符合您的計劃，提前計劃收入，還需要我們背後的投資嗎？

I think there are 3 sides to that. One is, as we said at the beginning of 2020, we expected an acceleration in terms of the New Categories. We had a lot of launches, Hyper, for instance. The launch of Modern Oral in the U.S. with the acquisition of Dryft. There were a lot of things that had to materialize. (technical difficulty) we saw a very strong acceleration in the second half of the year with an additional 2 million consumers across the world -- 13.5 million consumers, but 2 million in the second half, and 1.1 million in the last quarter. So we have strong acceleration.

我認為這有 3 個方面。一是，正如我們在 2020 年初所說，我們預計新品類會加速。例如，我們推出了很多產品，例如 Hyper。通過收購 Dryft 在美國推出 Modern Oral。有很多事情必須實現。 （技術難度）我們在下半年看到了非常強勁的加速，全球消費者增加了 200 萬——1350 萬消費者，但下半年有 200 萬，上一季度有 110 萬。所以我們有很強的加速度。

As I said earlier, in the second half, the 3 categories in terms of volume grew around 50% in volume. So we're getting where we want to be. We still have a lot of development to be done in terms of geo expansion. Still a lot of things to be done in terms of putting our products in front of the consumers. And I think that it is a strong start with the Q4 and the beginning of the year, and we'll continue to accelerate (inaudible) to that. That's why we wanted -- I think that we have to sustain the investment in terms of New Categories. As I said before, it is more now we have built the capabilities. It has taken us 3 years to get there with our multi-category consumer-centric approach. We are the only one to have that and to have been present in the New Categories, the 3 categories. And beyond, we have already started with CBD in the U.K. and other developments, as you saw in the presentation. So I'm happy with the development. Now we can continue to accelerate. So we are on the journey and accelerating on the journey. Tadeu, would you want to add something?

正如我之前所說，下半年，3個品類的銷量增長了50%左右。所以我們正在到達我們想去的地方。在地理擴張方面，我們還有很多工作要做。要將我們的產品展示在消費者面前，還有很多事情要做。我認為這是第四季度和年初的強勁開端，我們將繼續加速（聽不清）。這就是我們想要的原因——我認為我們必須維持對新類別的投資。正如我之前所說，現在我們已經建立了更多的能力。我們花了 3 年時間才採用以消費者為中心的多類別方法。我們是唯一擁有這一點並出現在新類別（3 個類別）中的人。此外，正如您在演示文稿中看到的那樣，我們已經開始在英國開展 CBD 和其他發展。所以我對發展很滿意。現在我們可以繼續加速。因此，我們正在旅途中並在旅途中加速。 Tadeu，你想補充點什麼嗎？

No. I think that you said all. I think that we -- the plans that -- I think that we have addressed the 3 major points that we had around New Categories. First, we knew about the satisfaction problem we had in AB, and glo Hyper is proving. We have addressed this gap and given the performance and not just in Japan, but outside Japan, which is quite exciting. We know that we had a problem in more (technical difficulty) Northern U.S., which the acquisition of Dryft puts us back with -- in the competition, in the fight. Because then we moved from 4 SKUs to 28 SKUs. And we knew that we had to address the profitabilities that we have in Vapor. And we have made big inroads (technical difficulty) we have a clear road map to profitability in Vapor. So we are very -- and that's the reason why we are very confident to start reducing the losses, also in the P&L from 2021 onwards.

不，我想你說的都說了。我認為我們 - 計劃 - 我認為我們已經解決了圍繞新類別的 3 個要點。首先，我們知道我們在 AB 中存在的滿意度問題，glo Hyper 正在證明這一點。我們已經解決了這個差距並給出了不僅在日本而且在日本以外的表現，這非常令人興奮。我們知道我們在更多（技術難度）美國北部遇到了問題，收購 Dryft 讓我們回到了競爭中，在戰鬥中。因為那時我們從 4 個 SKU 變成了 28 個 SKU。我們知道我們必須解決我們在 Vapor 中的盈利能力。而且我們已經取得了很大進展（技術難度），我們有一個清晰的 Vapor 盈利路線圖。所以我們非常——這就是為什麼我們非常有信心開始減少損失，從 2021 年開始的損益表中也是如此。

So we were on a very good track, Adam, for the GBP 5 billion by 2025 and we'll accelerate as we go along. So we'll go step-by-step. You know me, I'm more of a farmer somewhat. We do what we say and we say what we do, and we deliver. And we'll continue to do so. The pivotal moment is the year 2021, while we continue to invest. As Tadeu said, reduce the losses in New Category despite the additional investment and continue to perform. We have the cash, why? Because we have a very strong combustible business. And we are migrating the consumers from combustibles to New Categories, and there is a lot of space. Also, we are present internationally, but also in the U.S. And we're the only ones like that. And that gives us the possibility to continue to plough through.

所以我們在一個非常好的軌道上，亞當，到 2025 年將達到 50 億英鎊，我們將隨著我們的前進而加速。所以我們一步一步來。你知道我，我在某種程度上更像是一個農民。我們做我們所說的，我們說我們所做的，我們交付。我們將繼續這樣做。關鍵時刻是 2021 年，而我們將繼續投資。正如 Tadeu 所說，儘管增加了投資，但減少了 New Category 的損失並繼續執行。我們有現金，為什麼？因為我們有一個非常強大的可燃業務。而且我們正在將消費者從可燃品轉移到新品類，還有很大的空間。此外，我們不僅在國際上存在，而且在美國也存在。而且我們是唯一這樣的人。這使我們有可能繼續耕耘。

In the U.S., for instance, on Vapor, we have already 15 states where we are leaders in Vapor. In Canada, we took the leadership in Vapor. And we're continuing to accelerate on THP and in Modern Oral, we are the leader worldwide. And now through the acquisition of the products that we did, now we went from 8% to 11.1%, 11.2% share. And we're just in expansion of distribution. As you know, all these products, including e-cigarettes in the U.S., for instance, are going more and more into general trade, which means lower trade margins by far. And also the volume gives us reduction of COGS. And all our innovation not only gives satisfaction to the consumer, but also reduction of COGS and scale. So I think that we're on the right path. We will continue to accelerate.

例如，在美國，在 Vapor 上，我們已經有 15 個州在 Vapor 方面處於領先地位。在加拿大，我們在 Vapor 方面處於領先地位。我們在 THP 和 Modern Oral 方面繼續加速發展，我們是全球領先者。現在通過收購我們所做的產品，現在我們從 8% 到 11.1%，11.2% 的份額。我們只是在擴大分銷。如您所知，所有這些產品，例如美國的電子煙，都越來越多地進入一般貿易領域，這意味著迄今為止貿易利潤率較低。而且體積使我們減少了銷貨成本。我們所有的創新不僅讓消費者滿意，而且降低了銷貨成本和規模。所以我認為我們走在正確的道路上。我們將繼續加速。

Our next question comes from the line of Gaurav Jain from Barclays.

我們的下一個問題來自巴克萊銀行的 Gaurav Jain。

I have 3 questions. So one is on heat-not-burn.

我有 3 個問題。所以一個是加熱不燃燒。

Please, please. Can you start with one, then go to the next one, then go to the next one. And so we have the time to digest. Thank you.

請，請。你能不能從一個開始，然後去下一個，然後去下一個。所以我們有時間消化。謝謝你。

No worries, Jack.

不用擔心，傑克。

Thanks.

謝謝。

Can you talk about heat-not-burn plans over the next few years? Like, you are still in a limited number of markets. How many markets should we expect that you launch over the next 3 years? Is Europe going to be a big focus? I don't think you are still in Germany. So how are you thinking of heat-not-burn over the next 3 years?

你能談談未來幾年的加熱不燃燒計劃嗎？就像，您仍然處於有限數量的市場中。我們預計您在未來 3 年內會推出多少市場？歐洲會成為焦點嗎？我不認為你還在德國。那麼，您如何看待未來 3 年的加熱不燃燒？

Yes. I think that you have always to go back to what we said in terms of the way we look at the full portfolio in terms of New Categories. There are some markets where we'll emphasize on one category, and then reduce the investment on the other categories. Because the consumers are different from geographies, but also taxation, but also regulation. So we will have an expanded footprint in terms of THP, but we'll not put THP everywhere. We will have an expanded footprint on THP, where we feel that the category has legs for the future, i.e., the current markets plus others that we have the domain as additional markets for THP. So it's an approach by category because we have these 3 categories that we can navigate.

是的。我認為您必須始終回到我們所說的關於我們從新類別的角度看待完整投資組合的方式。有些市場我們會強調一個類別，然後減少對其他類別的投資。因為消費者地域不同，還要徵稅，還要監管。因此，我們將在 THP 方面擴大足跡，但我們不會將 THP 放在任何地方。我們將在 THP 上擴大足跡，我們認為該類別有未來的立足點，即當前市場加上我們擁有該域作為 THP 的額外市場的其他市場。所以這是一種分類方法，因為我們有這 3 個可以導航的類別。

Sure. The second is on this GBP 400 million charge in relation to the MSA liability that you have booked in relation to the brands that you sold to Imperial. So how should we think about this? Because now you have booked a charge. So how should we think about it?

當然。第二項是與您為出售給 Imperial 的品牌所預訂的 MSA 責任有關的 4 億英鎊費用。那麼我們應該如何思考這個問題呢？因為現在您已經預訂了費用。那麼我們應該如何思考呢？

Tadeu, you take that one.

Tadeu，你拿那個。

Yes. This is -- look, this is a known litigation that we had that comes back to the transaction that involved with Lorillard in the past, as you know. I don't want to make much comments about this because the litigation is ongoing. We booked the charge; of course, we have request from the Florida states to pay for the old products (technical difficulty) as they are related to the products that we sell -- we sold to Imperial or Reynolds at that time. So (technical difficulty) and at the back of the transaction. So we had to book a charge, and we paid. Actually, some of that has already been paid, and we made a provision based on the best estimate that we have for the other 3 states (technical difficulty) and we have a final court judgment in Delaware. So I will prevent to make any further comments on that. But the important thing is that we already booked it in our results. Some of that we had paid and some others in terms of provision.

是的。這是 - 看，這是一個已知的訴訟，我們已經回到過去與 Lorillard 相關的交易，如你所知。我不想對此發表太多評論，因為訴訟正在進行中。我們預訂了費用；當然，我們有佛羅里達州的要求為舊產品（技術難度）支付費用，因為它們與我們銷售的產品有關——我們當時賣給了 Imperial 或 Reynolds。所以（技術難度）並在交易的後面。所以我們不得不預訂費用，我們付了錢。實際上，其中一些已經支付，我們根據對其他 3 個州（技術難度）的最佳估計作出了準備，我們在特拉華州有最終法院判決。因此，我將阻止對此發表任何進一步的評論。但重要的是我們已經在結果中預訂了它。其中一些是我們已經支付的，而另一些則是按規定支付的。

Sure. And just a last question on the stock. So look, since April 1, 2019, (inaudible) stock is around 17% and there is a lot of value within the company, either through your stake in other companies. Now your (technical difficulty) business is growing very fast and (technical difficulty) cigarette companies listed tech-like valuations, whether it is in Hong Kong or (technical difficulty). So, is there a way for you to approach the unlocking of the value which resides within VAT?

當然。這只是關於股票的最後一個問題。所以看，自 2019 年 4 月 1 日以來，（聽不清）股票約為 17%，公司內部有很多價值，無論是通過你在其他公司的股份。現在你的（技術難度）業務增長非常快，（技術難度）捲菸公司上市的估值類似技術，無論是在香港還是（技術難度）。那麼，您有沒有辦法解鎖增值稅中的價值？

Let me tell you. I mean, very clearly, a few years ago, when Tadeu and myself took the 2 jobs that we have now, we were told that in terms of New Categories, we were nowhere and we had a lot to do. We've created capabilities. We've taken position in 3 different categories, and we are growing strongly. So I think what is important to consider is that we have a lot of potential moving forward because we're already 3 years on the journey of multi-category, and we'll continue to accelerate on that journey. Tadeu?

讓我告訴你。我的意思是，非常清楚，幾年前，當 Tadeu 和我接受我們現在擁有的 2 份工作時，我們被告知在新類別方面，我們無處可去，我們有很多事情要做。我們創造了能力。我們已經在 3 個不同的類別中佔據一席之地，並且我們正在強勁增長。所以我認為需要考慮的重要一點是，我們有很大的發展潛力，因為我們已經在多品類的旅程中走了 3 年，我們將繼續加快這一進程。塔杜？

Yes. I think that is right. I don't have more comments to make. It's -- the question is about what, Gaurav, because I missed your first part of the question?

是的。我認為這是對的。我沒有更多的評論要發表。這是 - 問題是關於什麼，Gaurav，因為我錯過了你問題的第一部分？

What I was asking is that, look, your NGP business is growing very fast. And then we see the stand (technical difficulty) similar companies, they are trading at tech-like valuations. I mean...

我要問的是，看，你的 NGP 業務增長非常快。然後我們看到了類似公司的立場（技術難度），它們的交易估值與技術類似。我是說...

Yes. You know what, the reality is, there was a bubble with e-cigarettes. There was a bubble with other companies in New Categories. The reality is, you have to have a very strong foundation in terms of international footprint. You have to have the capabilities, i.e., the distribution in the 180 markets that we're in. And you have to have the legs and the possibility and the understanding in terms of consumers, in terms of regulation, in terms of pricing, and in terms of distribution to be able to be there in the long run. And that's what I think we've demonstrated. We've created the capabilities and we go forward. We are now (inaudible), where they are building capabilities on the long term for accelerating our transformation.

是的。你知道嗎，現實是，電子煙存在泡沫。新類別中的其他公司存在泡沫。現實情況是，您必須在國際足跡方面擁有非常堅實的基礎。您必須具備能力，即在我們所在的 180 個市場中進行分銷。您必須在消費者、監管、定價和在分配方面能夠長期存在。這就是我認為我們已經證明的。我們已經創造了能力，我們繼續前進。我們現在（聽不清），他們正在建立長期能力以加速我們的轉型。

We're a global consumer multi-category company, and we're the only one. That is our point of difference, and it is paying off. H2 2020 has been the testament to that. And that gives us a strong stream growth for 2021, and we'll continue to grow. I'm very confident in the GBP 5 billion. I'm very confident in the 50 million consumers that we won by 2030. It's a long journey. It's not a sprint, it's a marathon. And we're winning the marathon, multi categories, and all the elements of the puzzle are coming together as we speak.

我們是一家全球性的消費者多類別公司，而且我們是唯一一家。這就是我們的不同之處，並且正在取得成效。 2020 年下半年證明了這一點。這使我們在 2021 年實現了強勁的流量增長，而且我們將繼續增長。我對 50 億英鎊非常有信心。我對我們到 2030 年贏得的 5000 萬消費者非常有信心。這是一段漫長的旅程。這不是短跑，而是馬拉松。我們正在贏得馬拉鬆比賽、多類別比賽，而拼圖的所有元素在我們說話的時候都聚集在一起。

I fully agree with Jack, that we need to play severe. It's a question of time. We have created the right foundations. We are already seeing the benefit of its deliver time. That's why Jack has referred to 2021 being a pivotal year. We agree with that, and this will (technical difficulty).

我完全同意傑克的觀點，我們需要嚴肅對待。這是時間問題。我們已經建立了正確的基礎。我們已經看到了交付時間的好處。這就是為什麼傑克將 2021 年稱為關鍵年的原因。我們同意這一點，這將（技術難度）。

Our next question comes from the line of Richard Felton from Goldman Sachs.

我們的下一個問題來自高盛的 Richard Felton。

My first question is on NGP margins. And so at your Capital Markets Day in March last year, you showed a very interesting slide with gross margin for each of your NGP categories, and an indication of whether you are facing headwinds or tailwinds. So my question is whether things have developed as you had anticipated, in particular for Vapor, you called out various reasons for gross margins to improve. Have you actually seen that in your FY '20 numbers? That's my first question.

我的第一個問題是關於 NGP 利潤的。因此，在去年 3 月的資本市場日，您展示了每個 NGP 類別的毛利率非常有趣的下滑，並表明您是面臨逆風還是順風。所以我的問題是，事情的發展是否如你預期的那樣發展，特別是對於 Vapor，你指出了毛利率提高的各種原因。您是否真的在您的 20 財年數字中看到了這一點？這是我的第一個問題。

Yes. I mean I think what's important to note is that we have improved in terms of our costs. We are improving in terms of distribution costs, and we are improving in terms of efficiency on marketing. That's why we say that for '21, we will not only continue to invest at a high level in New Categories, but we will start to reduce our losses in terms of New Categories. And I think that's a very important testament to the journey that we're going through in terms of financial efficiency in New Categories. So Tadeu, maybe you want to add something?

是的。我的意思是我認為需要注意的重要一點是，我們在成本方面有所改善。我們在分銷成本方面正在提高，我們在營銷效率方面也在提高。這就是為什麼我們說在 21 年，我們不僅會繼續在新品類上進行高水平的投資，而且我們將開始減少在新品類方面的損失。我認為這是我們在新類別的財務效率方面所經歷的旅程的一個非常重要的證明。所以Tadeu，也許你想添加一些東西？

Yes. Just going back to the (technical difficulty) and what we see today, look, on the model or, if anything, the (inaudible) are even higher than what we showed before. So the pay back, we always said that we paid back in more than (inaudible) otherwise, once we launch in market, it's not more than 15 months. So it's a product that there is no device. There is a very good margin, and we are very satisfied with that. When the THP thought that there will be probably some headwinds ahead, we are seeing already some governments taking excise up, which means there will be some margin (technical difficulty) that we'll be facing. But overall, that -- in our case that we use most of our cigarette machines adapted to our consumables, I think that we still have space to reduce the cost of our consumers and keep our mark as attractive as they are in cigarettes, not more. So the only problem that we have been facing, and you know that is around Vapor. And the inroads made in 2020 is around trade margins because as big as you get, you start having more negotiation power. So we are seeing already this in France. So far, we have been renegotiating trade margin with some of the key accounts, the main accounts in France.

是的。回到（技術難度）和我們今天看到的東西，看看模型，或者，如果有的話，（聽不清）甚至比我們之前展示的還要高。所以回報，我們總是說我們的回報超過（聽不清），否則，一旦我們在市場上推出，它不會超過 15 個月。所以它是一個沒有設備的產品。利潤率非常高，我們對此非常滿意。當 THP 認為未來可能會遇到一些阻力時，我們已經看到一些政府已經開始徵收消費稅，這意味著我們將面臨一些餘地（技術難度）。但總的來說，在我們使用大多數適合我們消耗品的捲煙機的情況下，我認為我們仍有空間降低消費者的成本並保持我們的商標與捲菸一樣具有吸引力，而不是更多.所以我們一直面臨的唯一問題，你知道那是關於 Vapor 的。 2020 年取得的進展圍繞著貿易利潤，因為你獲得的越大，你就開始擁有更多的談判能力。所以我們已經在法國看到了這一點。到目前為止，我們一直在與一些主要客戶（法國的主要客戶）重新談判貿易保證金。

The other element that we are leveraging is e-commerce. We now have already 20,000 subscriptions, and the subscriptions has more than doubled of a normal buyer. And e-commerce has more than twice of when you sell in convenience stores. So we grew our performance by more than 60%, and it's doing extremely well. And another element that we are now introducing in Vapor and in New Categories in general is our revenue growth management tool. That is doing extremely well in combustible. And we can now take price in some areas with no negative impact in volume. So we can be very (technical difficulty) in terms of elasticity across the New Categories. So we have been doing that in the U.K., for example, with very good results. And finally, we introduced a model now with the return of investment in terms of marketing investment spend in different effect to define exactly the effective touchpoints behind the investments to allow us to do better resource allocation decisions.

我們正在利用的另一個元素是電子商務。我們現在已經有 20,000 個訂閱，訂閱量是普通買家的兩倍多。在便利店銷售時，電子商務的比例是電子商務的兩倍多。因此，我們的業績增長了 60% 以上，而且表現非常好。我們現在在 Vapor 和新類別中引入的另一個元素是我們的收入增長管理工具。這在可燃物方面做得非常好。我們現在可以在一些區域定價，而不會對數量產生負面影響。因此，就新類別的彈性而言，我們可以非常（技術難度）。例如，我們一直在英國這樣做，結果非常好。最後，我們現在引入了一個模型，以不同效果的營銷投資支出來衡量投資回報，以準確定義投資背後的有效接觸點，從而使我們能夠做出更好的資源分配決策。

So all in all, we are progressing for sure that when you see one particular (technical difficulty) is a combination of our market where you are just starting and (technical difficulty) mature, but we are already seeing the result of all these initiatives coming through in more mature markets.

總而言之，當您看到一個特定的（技術難度）是我們剛剛開始的市場和（技術難度）成熟的市場組合時，我們正在取得進展，但我們已經看到所有這些舉措的結果通過在更成熟的市場。

What makes the difference at the end of the day is all the points that Tadeu spoke about and scale, and scale, in terms of e-cigarettes, we're growing in the second half, 59%. In terms of THP, we're growing 45%. In terms of (inaudible) we're growing 56%. So that was all the points that Tadeu said. I mean that's why we're saying that we will reduce our losses in 2021. So that's the pathway, and we'll continue to plough through.

歸根結底，不同之處在於 Tadeu 談到的所有要點和規模，以及規模，就電子煙而言，我們在下半年增長了 59%。在 THP 方面，我們增長了 45%。就（聽不清）而言，我們增長了 56%。這就是 Tadeu 所說的所有要點。我的意思是這就是為什麼我們說我們將在 2021 年減少損失。所以這就是路徑，我們將繼續努力。

Great. That's very clear. And my second question is on the outlook for U.S. cigarettes. I (technical difficulty) you haven't given any specific guidance to industry volume but could you maybe outline some of the scenarios you're thinking about for the U.S. in FY '21, which underpins your group guidance for 3% to 5%, constant currency growth? And relating to that, are you expecting a more challenging tax environment in FY '21 than you would expect in a normal year?

偉大的。這很清楚。我的第二個問題是關於美國捲菸的前景。我（技術難度）你沒有對行業數量給出任何具體指導，但你能否概述一下你在 21 財年為美國考慮的一些情景，這支撐了你的 3% 到 5% 的集團指導，貨幣持續增長？與此相關的是，您是否期望 21 財年的稅收環境比正常年份更具挑戰性？

First of all, thank you very much. First of all, in terms of the U.S., yes, we're not giving guidance. What you have to start with is 2020. We had a very strong performance in the U.S. Why? Because we have an extremely strong portfolio. We are much better in pricing than anybody else. We led pricing twice during the year. And we took more pricing than competition. We grew volume share and we grew value share. We didn't see any acceleration of our down trading. So we have a very strong portfolio.

首先，非常感謝您。首先，就美國而言，是的，我們沒有提供指導。你必須從 2020 年開始。我們在美國的表現非常強勁。為什麼？因為我們擁有極其強大的產品組合。我們在定價方面比其他任何人都好得多。我們在這一年中兩次領先定價。而且我們採取的定價高於競爭。我們增加了銷量份額，我們增加了價值份額。我們沒有看到我們的下跌交易有任何加速。所以我們有一個非常強大的產品組合。

On the back of that, you will have also the consequences of the COVID that will still be there in 2021. You will have also all the impact in terms of taxation, in terms of regulation. But already in the U.S., you have prices that are ranging from $5 in Houston, Texas to $10 in New York. So there is a lot of space. And because we have a very strong portfolio, we will be certainly able to navigate all this. We don't give guidance for the U.S. because there is uncertainty, and Tadeu might elaborate a little bit about that later. But the reality is we see that our performance in the U.S. is going to have an increase in revenue because the market will be good. But to what level these external factors will impact the business moving forward. We are very well positioned in the U.S. market, and we'll be the ones that we will be benefiting more. But Tadeu, you want to add something?

在此基礎上，您還將承受 2021 年仍將存在的 COVID 的後果。您還將在稅收和監管方面產生所有影響。但在美國，價格從德克薩斯州休斯頓的 5 美元到紐約的 10 美元不等。所以空間很大。而且因為我們擁有非常強大的產品組合，我們肯定能夠駕馭這一切。我們不會為美國提供指導，因為存在不確定性，Tadeu 稍後可能會對此進行詳細說明。但現實是我們看到我們在美國的表現將會增加收入，因為市場會很好。但是這些外部因素會在多大程度上影響業務的發展。我們在美國市場處於非常有利的地位，我們將成為受益更多的人。但是Tadeu，你想補充點什麼嗎？

Yes. I think it's important to -- when you think about the market, you should bear in mind that there is a historical decline around 3% to 4% in the markets. Now last year, we had an up -- the industry was up 1.5%. Because there were these factors that Jack alluded to, (technical difficulty) inventories was a big factor. We noticed that retailer and wholesalers in general. The increase their (technical difficulty) of inventories to cope with these uncertainties around lockdown throughout the epidemic. We thought that there was more consumer moments and these generate more -- they did see, if anything, was slightly up in the U.S., for example. We also saw that the flow back that we have seen in Vapor in the year before '19, they reduce and it actually contribute to positive momentum in the cigarette business at the back of the value crisis. And then the regulation FDA is stripping out flavors out of a -- part of tobacco and menthol and the cigarette business in January 2020.

是的。我認為重要的是——當你考慮市場時，你應該記住，市場歷史上下跌了 3% 到 4% 左右。去年，我們上漲了——該行業上漲了 1.5%。因為傑克提到了這些因素，（技術難度）庫存是一個很大的因素。我們注意到一般的零售商和批發商。增加庫存（技術難度）以應對整個流行病期間圍繞封鎖的這些不確定性。我們認為有更多的消費時刻並且這些產生更多——例如，他們確實看到，如果有的話，在美國略有上升。我們還看到，我們在 19 年前一年在 Vapor 中看到的回流減少了，這實際上有助於在價值危機的背後推動捲菸業務的積極勢頭。然後，FDA 將在 2020 年 1 月從煙草和薄荷醇以及捲菸業務的一部分中剔除香料。

So there were a number of factors, and that's exactly what we meant about uncertainties. Because we don't know how the pandemic will develop. And hence, all these elements (technical difficulty) was referring to, will actually impact the markets in 2021. (technical difficulty) Markets will perform in the macroeconomic environment, how the Vapor in particular that we saw -- read some article on Vapor from the last quarter, the last 2 quarters, last year, if we will continue or not. So there is -- that's why when we talk about our guidance, we always talk about the range; we say mid-single digits. But there is a range there that could be up -- high or low. It is exactly one of the elements that is part of these uncertainties that we are facing.

所以有很多因素，這正是我們所說的不確定性。因為我們不知道大流行將如何發展。因此，所指的所有這些因素（技術難度）實際上將影響 2021 年的市場。（技術難度）市場將在宏觀經濟環境中表現，尤其是我們所看到的 Vapor——閱讀一些關於 Vapor 的文章最後一個季度，最後兩個季度，去年，我們是否會繼續。所以有——這就是為什麼當我們談論我們的指導時，我們總是談論範圍；我們說中個位數。但那裡有一個可能上升的範圍——高或低。這正是我們面臨的這些不確定性的組成部分之一。

Now what's important is that we have a very strong portfolio in the U.S., both in combustibles and in New Categories, and we are planning for one. So what is very important to consider is that we know how to navigate all these things. But yet, it's too early, especially with competition, not giving guidance. I'm not feeling interested in giving a guidance at this stage. We'll see more towards the half year what has developed in the U.S., and we'll take it from there. But the start is strong.

現在重要的是，我們在美國擁有非常強大的投資組合，包括可燃物和新類別，我們正在計劃推出一個。因此，需要考慮的非常重要的是，我們知道如何駕馭所有這些事情。但是，現在還為時過早，尤其是在競爭激烈的情況下，不給予指導。在這個階段，我對提供指導不感興趣。我們將在半年內看到更多美國的發展情況，我們將從那裡開始。但是開局很強。

Our next question comes from the line of Alan Erskine from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Alan Erskine。

Three questions for me. So I'll ask them one by one. The first question is on heated tobacco in Japan. And 2 parts to that. You say you exited the year with 6.3% share. Can I just check how much of that -- or what proportion of that is Hyper? And then my second question is...

給我三個問題。所以我會一一問他們。第一個問題是關於日本的加熱煙草。還有 2 個部分。你說你以 6.3% 的份額退出了這一年。我可以檢查其中有多少——或者其中有多少是 Hyper？然後我的第二個問題是...

Can I start with that one, if you would like? So the answer is 50%. And what is interesting is that we don't see an acceleration of decline of the products that were there prior to the launch of Hyper. What we see is that some consumers are very happy with the Super slim segment -- with the Super slim product that we have in the market. It plays to older consumers. And for the younger consumers, now we have the glo Hyper that complements the portfolio, if you want. And it is the first to the world induction meeting that we launched a few months ago. So I think that we're in a good position in a very, very competitive market where everybody throws everything in, Philip Morris and JTI, drawing everything in.

如果你願意，我可以從那個開始嗎？所以答案是 50%。有趣的是，我們沒有看到 Hyper 推出之前的產品加速下降。我們看到的是，一些消費者對超薄細分市場非常滿意——我們在市場上擁有的超薄產品。它適用於老年消費者。對於年輕消費者，如果您願意，現在我們擁有可以補充產品組合的 glo Hyper。這是我們幾個月前發起的第一次世界感應會議。因此，我認為我們在一個競爭非常激烈的市場中處於有利地位，每個人都投入了一切，菲利普莫里斯和 JTI，吸引了一切。

We have grown since August, 100 bps in terms of market share. So we had a deficiency in terms of products at the beginning of last year. And now with glo Hyper and glo Pro, we have a portfolio that resonates very well with the consumers. We have also extended our capabilities in terms of digital and in terms of consumer activation. Digital, especially during the COVID. So there was a lot of closures of shops in the first half of the year. We've accelerated strongly in the second half of the year. As I said, I mean -- THP in Japan, we make money. We're happy about that, and we'll continue to do so. It represents more than 50% of our revenue in the -- in Japan. But our combustible business also in Japan is doing very well. And we'll continue to have these 2 engines of growth in Japan. That was for the first question.

自 8 月以來，我們的市場份額增長了 100 個基點。所以去年年初我們在產品方面存在不足。現在有了 glo Hyper 和 glo Pro，我們的產品組合與消費者產生了很好的共鳴。我們還在數字和消費者激活方面擴展了我們的能力。數字化，尤其是在 COVID 期間。所以今年上半年有很多商店關門。我們在下半年強勁加速。正如我所說，我的意思是——在日本的 THP，我們賺錢。我們對此感到高興，我們將繼續這樣做。它占我們在日本收入的 50% 以上。但我們在日本的可燃物業務也做得很好。我們將繼續在日本擁有這兩個增長引擎。這是第一個問題。

I think to be fair, you've covered most of my second part as well. But I was just going to say, clearly, it is a pivot...

我認為公平地說，你也涵蓋了我第二部分的大部分內容。但我只是想說，很明顯，這是一個支點……

I'm not the brain reader, but I'm trying to give complete answers.

我不是讀腦者，但我試圖給出完整的答案。

I mean it is a key battleground, I guess. And given the momentum that you have going into the year, would you be confident that -- would your ambition be to grow share of the heated tobacco category in '21 in Japan? I'm conscious PMI have got some innovation coming, but would you aspire to growing share '21 on '20 in Japan (inaudible)

我的意思是這是一個關鍵的戰場，我猜。鑑於您今年的勢頭，您是否有信心——您的目標是在 21 年日本增加加熱煙草類別的份額？我意識到 PMI 有一些創新即將到來，但您是否渴望在 20 世紀 21 日在日本增加份額（聽不清）

Yes. I think that our position is strong. We have momentum. I think that innovations have been launched by everybody in the course of 2019 and 2020. And now we have the right portfolio, and we'll continue to blossom.

是的。我認為我們的立場是強大的。我們有動力。我認為每個人都在 2019 年和 2020 年推出了創新。現在我們擁有正確的產品組合，我們將繼續開花。

And then my second question, and forgive me, this may be a stupid question. But my understanding of transaction issues, a large part of that was that you're buying tobacco leaf often in dollars and then selling the cigarettes in, obviously, the currencies of the end market.

然後是我的第二個問題，請原諒我，這可能是一個愚蠢的問題。但我對交易問題的理解，很大一部分是您經常以美元購買菸葉，然後以終端市場的貨幣出售香煙。

But I'm just looking, obviously, the dollars weakened against the euro quite materially. So maybe just for my understanding, can you just very simply explain why the transaction headwind is greater in '21 than in '20?

但我只是在看，很明顯，美元兌歐元大幅貶值。所以也許只是為了我的理解，你能簡單地解釋一下為什麼 21 年的交易逆風比 20 年更大嗎？

Yes. I have a finance guy, he is an engineer. Tadeu, that's for you.

是的。我有一個財務人員，他是一名工程師。 Tadeu，這是給你的。

Well, it's basically our exposure to emerging markets. There is a massive devaluation of currencies. For example, you go to Russia, for example, you're absolutely right. You have to pay your leaf in dollars. And all of a sudden, you have a massive devaluation of the ruble, and starting last year, and -- but the average last year compared with the spot rate, this year is a much stronger devaluation than the average. So that's what makes -- the same happens in Brazil, the same happen -- so it's exactly the exposure more towards the emerging markets that makes this big hit.

嗯，這基本上是我們對新興市場的敞口。貨幣大幅貶值。例如，你去俄羅斯，例如，你是絕對正確的。你必須用美元支付你的葉子。突然之間，盧布大幅貶值，從去年開始，而且 - 但去年的平均匯率與即期匯率相比，今年的貶值幅度比平均水平大得多。所以這就是為什麼——同樣的事情發生在巴西，同樣的事情發生了——所以這正是對新興市場的更多曝光造成了這一重大打擊。

And then my last question is just conceptual, really. I mean as we look to the journey on NGP products to breakeven, and profitability at some point, could I just ask which of the 2 categories, Vapor and the heated tobacco, do you think will go through breakeven first?

然後我的最後一個問題只是概念性的，真的。我的意思是，當我們著眼於 NGP 產品在某個時候實現盈虧平衡和盈利能力的旅程時，我可以問一下蒸汽和加熱煙草這兩個類別中的哪一個，您認為會首先實現盈虧平衡嗎？

Well, they're all improving sequentially, which is very good. Then it will all depend on taxation environment. We see that there's more taxation acceleration in THP at the moment, but we'll have to see through the years. What is most important to us is that we want to reduce our losses as of this year in terms of New Categories, and then a clear route to profitability.

嗯，它們都在依次提高，這非常好。那麼這一切都取決於稅收環境。我們看到目前 THP 有更多的稅收加速，但我們必須經歷這些年。對我們來說最重要的是，我們希望從今年開始減少新類別的虧損，然後找到一條清晰的盈利途徑。

As I said before, the scale is very important, and we're expanding geographically because we have the right capabilities, and we have the right portfolio. We have innovation today, and we'll have innovation this year and next year coming to the market. So I think that we have a clear pathway. After that -- that's the beauty of being in multi-category.

正如我之前所說，規模非常重要，我們正在擴大地域範圍，因為我們擁有合適的能力，並且我們擁有合適的產品組合。我們今天有創新，今年和明年我們將有創新進入市場。所以我認為我們有一條清晰的道路。在那之後——這就是多類別的美妙之處。

As I said, THP has more acceleration in terms of taxation. Well, we are in 3 categories. So we can balance our activities. And remember always that in terms of combustible, we have the best-performing business. We're growing share. We're growing value share, and we are the biggest in volume. So I mean, the fact of having all these artillery in our weaponry, if you want, is just a very strong position. And I think that also you cannot forget the fact that we have a team in BAT across the different levels of the organization because we have the genetic of being entrepreneurs at core and because we are simplifying our organization, with now 20% of the management of the company.

正如我所說，THP 在稅收方面有更多的加速。好吧，我們分為 3 類。所以我們可以平衡我們的活動。永遠記住，在可燃物方面，我們擁有表現最好的業務。我們的份額正在增長。我們正在增加價值份額，而且我們的數量是最大的。所以我的意思是，如果你願意，在我們的武器中擁有所有這些火砲，這只是一個非常強大的位置。而且我認為你也不能忘記這樣一個事實，即我們在組織的不同層面都有一個 BAT 團隊，因為我們擁有成為企業家的基因，並且因為我們正在簡化我們的組織，現在 20% 的管理層公司。

And also, we have a change. I and Tadeu have changed most of the management board with new responsibilities and new people. And we've changed the 120 below. We've changed something around 3/4 of the jobs of the different people that were there including the replacements. So we have taken a lot of people from outside. So I think that we have a clear path in terms of development. Tadeu?

而且，我們有一個變化。我和 Tadeu 已經改變了大部分管理委員會的職責和新的人員。我們已經更改了下面的 120。我們已經改變了大約 3/4 的不同人員的工作，包括替代人員。所以我們從外面帶了很多人。所以我認為我們在發展方面有一條清晰的道路。塔杜？

Yes. I agree with you. I think that we cannot forget that depends a lot in terms of the mapping that we'll be doing in terms of our expansion, in terms of consumer needs. And we have all the tools necessary to identify that. And so at global scale, it's always tricky to answer questions like that. Because at any point in time, entering new markets -- and you have some more mature month. But the dynamic behind the categories, like Jack said, we have to see how these pan out to this (technical difficulty)

是的。我同意你的看法。我認為我們不能忘記，這在很大程度上取決於我們將在擴張方面所做的映射，就消費者需求而言。我們擁有識別這一點所需的所有工具。所以在全球範圍內，回答這樣的問題總是很棘手。因為在任何時候，進入新市場——你都有一些更成熟的月份。但是類別背後的動態，就像傑克說的那樣，我們必須看看這些是如何實現的（技術難度）

So we have a clear pathway for each category in terms of profitability. And we have a very clear pathway in terms of geo expansion. We said that one year ago, and we continue -- we do what we said one year ago, basically. And we are accelerating in our transformation, and that makes us successful. Now is it to the point where we are already reaching the GBP 5 billion? The answer is no. But we are on a very strong acceleration. And that is why we are in the situation in which we are, which is the base is extremely strong. The foundation is extremely strong. We have the right strategy. We're expanding on that portfolio. We have the right innovations, the right capabilities and radical cost and resources allocation. And we go very, very close to the cash and to the dividend in order to make sure that we're able to deliver as we transform the company.

因此，就盈利能力而言，我們對每個類別都有明確的路徑。在地理擴張方面，我們有一條非常明確的途徑。一年前我們說過，我們繼續 - 我們基本上按照一年前所說的去做。我們正在加速轉型，這使我們取得了成功。現在已經到了我們已經達到 50 億英鎊的地步了嗎？答案是不。但我們正處於非常強勁的加速狀態。這就是為什麼我們處於我們所處的情況，即基礎非常強大。基礎非常牢固。我們有正確的策略。我們正在擴展該產品組合。我們擁有正確的創新、正確的能力以及激進的成本和資源分配。我們非常非常接近現金和股息，以確保我們能夠在公司轉型時交付。

It's a pivotal year in '21, where the investments that we've made in last year, the momentum that we have at the end of 2020 will take us through to the next phase of the development when we start Quantum and redeploying the company in a very different way going forward.

這是 21 年關鍵的一年，我們去年的投資以及我們在 2020 年底所擁有的勢頭將帶領我們進入下一階段的發展，屆時我們將啟動 Quantum 並將公司重新部署在一種非常不同的前進方式。

Our next question comes from the line of Jonathan Leinster from Societe Generale.

我們的下一個問題來自法國興業銀行的 Jonathan Leinster。

Yes. A couple of -- few questions. I'll go one at a time as well. So first of all, on the NGP, I mean, clearly, the target implies sort of 25%, 30% sales growth. Is that something we should write in? Is that going to be exponential? Or should we assume that for 2021?

是的。幾個——幾個問題。我也一個一個去。所以首先，在 NGP 上，我的意思是，很明顯，目標意味著 25%、30% 的銷售增長。那是我們應該寫的嗎？這會是指數級的嗎？或者我們應該假設2021年？

I -- it's a very good question. And again, I think that there is a lot of moving parts in development of New Categories. There is taxation. There is regulation. There is geographical footprint. There is consumer choices. As you saw, we launched (inaudible) because we wanted to experiment in hybrid between kind of e-cigarettes and THP. It was not successful. But yet, we took a lot of learning. So the portfolio will evolve as we go along. And there are not some things that will happen. So I think that is going to be a journey where I'm telling you now that we are very confident with the GBP 5 billion. And we are continuing to develop our business. We will invest strongly in 2021 to continue to benefit from the acceleration that we have.

我——這是一個很好的問題。再一次，我認為新類別的開發中有很多變化的部分。有稅收。有監管。有地理足跡。有消費者的選擇。如您所見，我們推出（聽不清）是因為我們想嘗試混合電子煙和 THP。它沒有成功。但是，我們學到了很多東西。因此，投資組合將隨著我們的發展而發展。並且不會發生一些事情。所以我認為這將是一段旅程，我現在告訴你，我們對 50 億英鎊非常有信心。我們正在繼續發展我們的業務。我們將在 2021 年大力投資，以繼續從我們所擁有的加速中受益。

Again, I insist, it's the first time that we have in half year, 2 more million consumers. And this is massive. That's 1.1 million in Q4 only. So we are in best in class, and that's great. Because we need to continue to do so. And because we are edged between our 3 categories, plus beyond nicotine that we have already explored since more than a few years now and started with the pilot in terms of CBD.

我再次強調，這是我們半年以來第一次擁有 200 萬消費者。這是巨大的。僅在第四季度就有 110 萬。所以我們在課堂上是最好的，這很棒。因為我們需要繼續這樣做。而且因為我們在我們的 3 個類別之間處於優勢地位，再加上我們已經探索了幾年多的尼古丁，並從 CBD 的試點開始。

We'll continue to accelerate in that category also. So it's a question of deploying all this and making sure that we have the right goal. That's why I want to have space. I want to make sure that I do the right things for the business with Tadeu and making sure that we have the right resources in place.

我們還將繼續在該類別中加速。所以這是一個部署所有這些並確保我們有正確目標的問題。這就是我想要空間的原因。我想確保我為 Tadeu 的業務做正確的事情，並確保我們擁有正確的資源。

Right. Okay. Just following on for that. I mean the GBP 5 billion target for 2025. I mean, clearly, one of your competitors is just talking half of revenues by the same period, which implies a business -- or NGP business, sort of 2 to 3x bigger? I mean is GBP 5 billion ambitious enough?

對。好的。只是繼續這樣做。我的意思是 2025 年 50 億英鎊的目標。我的意思是，很明顯，你的一個競爭對手只是在談論同期收入的一半，這意味著業務——或 NGP 業務，規模要大 2 到 3 倍？我的意思是 50 億英鎊是否足夠雄心勃勃？

As I said, (inaudible). We take it step by step. We have a very strong start. We are happy with that, and then we'll navigate as we go along. I think that our strategy is the right one. I'm sorry. I'm repeating myself. But I think our strategy is the right one, and we'll continue to accelerate. So they give -- it's fine. For them, it's fine. It's perfect, very good. Our numbers are our numbers, and we'll continue to develop as we go along.

正如我所說，（聽不清）。我們一步一步來。我們有一個非常強勁的開端。我們對此感到滿意，然後我們將繼續前進。我認為我們的策略是正確的。對不起。我在重複自己。但我認為我們的戰略是正確的，我們將繼續加快步伐。所以他們給 - 沒關係。對他們來說，這很好。很完美，非常好。我們的數字就是我們的數字，我們將繼續發展。

Okay. And just more technical ones. I mean the FDA has begun to sort of issue sort of notices to delist some of the non-PMT compliant vaping. I think in the past, you've talked about a sort of contestable space, okay a couple of billion dollars. Is that beginning to show? Or are the FDA measures, as we speak, still very limited in terms of U.S. vaping?

好的。還有更多技術性的。我的意思是 FDA 已經開始發布某種通知，以刪除一些不符合 PMT 的電子煙。我認為在過去，你談到了一種可競爭的空間，好吧，幾十億美元。開始顯現了嗎？或者，正如我們所說，FDA 的措施在美國電子煙方面仍然非常有限？

The way it works in the U.S. is -- and it has been slowed down a bit by the COVID. As you saw, the date was moved back a bit, about 9 months ago. But the reality is the market is going in very clear direction. One, it is from open system to close system. Two, from Vapor shops to general distribution. And three, to fund products to brands. Because people need to be reassured by the quality of their brands.

它在美國的運作方式是——而且它已經被 COVID 放慢了一點。如您所見，日期向後移動了一點，大約 9 個月前。但現實是市場正朝著非常明確的方向發展。一是從開放系統到封閉系統。二、從蒸汽店到一般配送。第三，為品牌提供產品資金。因為人們需要對其品牌的質量感到放心。

And we've doubled our position in the U.S. in the last 12 months. So we'll continue to do so. I think that all our products are where they should be in the PMTA process. And I continue to believe that there is for the 2 years to come, a contestable space of 1.5 billion. Now how will that materialize in terms of the implementation of the PMTA, is we'll have to see that's going to be the starting element. But already, the fact that they are producing a list of products that are not going through the process in the right way, gives you some idea that the body has started to roll. But we'll have to see as we go along. Let the whole thing unfold, and we still consider that there is a contestable space of 1.5 billion way forward. Tadeu, do you want to add something?

在過去的 12 個月裡，我們在美國的地位翻了一番。所以我們會繼續這樣做。我認為我們所有的產品都應該在 PMTA 流程中。而且我仍然相信，在未來的 2 年裡，還有 15 億的可競爭空間。現在，在 PMTA 的實施方面，這將如何實現，我們必須看到這將成為起始要素。但是，事實上，他們正在生產的產品清單沒有以正確的方式完成這個過程，這讓你知道身體已經開始滾動了。但隨著我們的進展，我們將不得不看到。讓整個事情展開，我們仍然認為未來還有15億的競爭空間。 Tadeu，你想補充點什麼嗎？

Yes. Look, Jack, on the -- I just want to point on the GBP 5 billion. I think that more important -- for sure that we are confident we clearly had the momentum. 2020 was very unique year, but we had to face a number of headwinds, as you probably have noticed from what we disclosed it. But more important, as the transformations are happening, the world has changed. So our footprint is our footprint, is unique. No other company will be comparable with each other because they are different. So we have a footprint that is different. So if you see below the group level, at a market level, you go to Japan, more than 40% of our revenue is already in the, what we call, noncombustible. You go to Sweden, it's more than 60%. And you go to U.K., it's 30%. So this is happening in a number of markets. But for sure, we are present in a -- we have a very strong footprint across the world. So I think that that's what is important (technical difficulty) to have their own base. We are very confident we can deliver the GBP 5 billion, and this is a transformation. And that's what (technical difficulty) in my view.

是的。看，傑克，我只想指出 50 億英鎊。我認為更重要的是——我們確信我們顯然擁有勢頭。 2020 年是非常獨特的一年，但我們不得不面對許多不利因素，正如您可能已經從我們披露的內容中註意到的那樣。但更重要的是，隨著變革的發生，世界發生了變化。所以我們的足跡就是我們的足跡，是獨一無二的。沒有其他公司可以相互比較，因為它們是不同的。所以我們有一個不同的足跡。因此，如果你在集團層面，在市場層面，你去日本，我們超過 40% 的收入已經在我們所說的不可燃物上。你去瑞典，超過60%。你去英國，是30%。因此，許多市場都在發生這種情況。但可以肯定的是，我們存在於 - 我們在全球擁有非常強大的足跡。所以我認為擁有自己的基礎很重要（技術難度）。我們非常有信心能夠交付 50 億英鎊，這是一次轉型。在我看來，這就是（技術難度）。

Okay. Lastly, can I ask -- I mean you tried the Modern Oral category in a number of -- a couple of emerging markets. And I was just wondering whether there's any update on whether that had proved successful or not?

好的。最後，我能問一下——我的意思是你在幾個新興市場嘗試過現代口語類別。我只是想知道是否有任何關於這是否成功的更新？

Yes. It's a very good question, and the answer is yes. And we're taking learnings from there because there are a lot of countries in emerging markets where the ritual of chewing this kind of product is there already. And also always remember, you don't need to buy a device to go to Modern Oral. So the cost barrier is not there. And there's a lot of illicit in these different markets. And this is a product that will be with taxation. So it's all beneficial to both the governments in terms of revenue, the consumers in terms of risk reduction because they cannot afford the device, and to us because we have the geographical footprint to support them.

是的。這是一個非常好的問題，答案是肯定的。我們正在從中吸取教訓，因為在新興市場的許多國家，咀嚼這種產品的習慣已經存在。還要永遠記住，您無需購買設備即可進入 Modern Oral。所以成本壁壘不存在。在這些不同的市場中存在很多非法行為。這是一個需要徵稅的產品。因此，就收入而言，這對政府和降低風險的消費者都是有利的，因為他們買不起設備，而對我們來說，因為我們擁有支持他們的地理足跡。

So we're taking the learnings as we speak in these different markets, and we'll continue to move forward. I strongly believe that we have a major strength in our geographical footprint and our revenue. 75% of our revenue globally is in developed markets. 25% of our revenue is in emerging markets. But yet on the volume side, 60% of our volume is in emerging markets. So we have the distribution in all these markets that we can leverage. Tadeu, do you want to add something?

因此，當我們在這些不同的市場上發言時，我們正在吸取教訓，我們將繼續前進。我堅信我們在地理足跡和收入方面具有主要優勢。我們全球 75% 的收入來自發達市場。我們 25% 的收入來自新興市場。但在銷量方面，我們 60% 的銷量來自新興市場。因此，我們可以利用所有這些市場的分佈。 Tadeu，你想補充點什麼嗎？

Yes. I would just add to say that COVID didn't help us at all in a year like that in those -- as we were referring. But I think that (technical difficulty) clearly is there. A number of those markets are sticky markets. So we can sell, not even we (technical difficulty) we can sell sachets of Modern Oral with very a few pouches, for example, 4, 5; make it very affordable. So clearly, and there are ways that we can to democratize the journey to reduce the risk products. So we will (technical difficulty) at what we believe that there is a lot of potential there. And it's the right thing to do for society as well.

是的。我只想補充說，在我們所說的那樣的一年裡，COVID 根本沒有幫助我們。但我認為（技術難度）顯然是存在的。其中一些市場是粘性市場。所以我們可以賣，即使是我們（技術難度）我們也可以賣一小袋現代口服的小袋，例如，4、5；讓它非常實惠。很明顯，我們可以通過多種方式使降低風險產品的旅程民主化。所以我們會（技術難度）我們認為那裡有很多潛力。這也是為社會做的正確的事情。

Our next question comes from the line of Rey Wium from SBG Securities.

我們的下一個問題來自 SBG Securities 的 Rey Wium。

Listen, just a couple of questions from my side as well. I just noted the net debt-to-EBITDA corridor, I think you've now said 2 to 3x as opposed to the previous guidance, I think it was 1.5 to 2.5. So I was just curious what has led to the thinking of increasing it a bit? And to follow-on from that is if you get to a net debt-to-EBITDA round about 3x, is share buybacks may be something on the radar screen for 2022?

聽著，我這邊也有幾個問題。我剛剛注意到淨債務與 EBITDA 的關係，我認為您現在說的是 2 到 3 倍，而不是之前的指導，我認為是 1.5 到 2.5。所以我只是好奇是什麼導致了增加它的想法？接下來，如果你的淨債務與 EBITDA 之比約為 3 倍，那麼股票回購可能會成為 2022 年雷達屏幕上的事情嗎？

Well, Tadeu you want to take that one?

那麼，Tadeu 你想拿那個嗎？

Well...

好...

We are just (technical difficulty). What's very important to me is that we go to around 3 because that gives us then a straitjacket that is unleased, and then we can relook at the way we do capital allocation. That is going to be by the end of the year. But Tadeu?

我們只是（技術難度）。對我來說非常重要的是，我們達到了 3 點左右，因為這給了我們一個釋放的緊身衣，然後我們可以重新審視我們進行資本配置的方式。那將是到今年年底。但是塔杜？

Yes. Look, Rey, we have set this new leverage corridor for the company of 3 to 2 because this if that is aligned with our credit rating ambitions and our business needs as well.

是的。看，Rey，我們為公司設置了 3 比 2 的新槓桿通道，因為這符合我們的信用評級目標和我們的業務需求。

We have clearly expressed it in terms of priority for capital allocation that we have committed to (technical difficulty) [55] bps and payout ratio, continue investing in the New Category space, and the leverage in line with our targets.

我們已經明確表達了我們承諾的資本配置優先級（技術難度）[55] bps 和派息率，繼續投資新類別空間，以及符合我們目標的槓桿率。

We have a very high cash-generative company. Even in a fiscal year like 2020, as you saw in our results, you are able to (technical difficulty) for cash. Hence, we expect to generate around [40 billion] (inaudible) in terms of free cash flow in the next 5 years, which is 2/3 of the (technical difficulty) of VAT today. So once we reach this level or this corridor, we will be -- we will have more flexibility to assess the areas as share buyback like you all do, too. If the circumstances are the right one, or bear in mind that our focus continues to be invest in the New Categories of business and the only (inaudible) space as well.

我們有一家現金生成能力非常高的公司。正如您在我們的結果中看到的那樣，即使在像 2020 年這樣的財政年度，您也能夠（技術難度）獲得現金。因此，我們預計未來 5 年的自由現金流量將產生約 [400 億]（聽不清），這是當今增值稅（技術難度）的 2/3。因此，一旦我們達到這個水平或這條走廊，我們將 - 我們將像你們一樣擁有更大的靈活性來評估股票回購的領域。如果情況合適，或者請記住，我們的重點仍然是投資於新的業務類別以及唯一（聽不清）的空間。

Excellent. And just in terms of your industry volume guidance, I think you're saying roughly around about 3% lower. So now obviously, will be the follow-up to -- given that you've always gained a bit of market share, sense that you may do a little bit better than that? Or -- I just want to get a bit more color on your own specific volume number.

優秀的。僅就您的行業數量指導而言，我認為您所說的大約降低了約 3%。所以現在很明顯，將是後續行動——鑑於你總是獲得一點市場份額，感覺你可能會做得比這更好一點嗎？或者 - 我只是想在您自己的特定卷號上獲得更多顏色。

Yes, we do believe that in '21, the emerging markets will recover a bit in terms of volume. And as you rightly say, we grow share, and we grow value share. So that's what we say for the size of the market. We always aim, of course, to do better than the market.

是的，我們確實相信，在 21 年，新興市場的數量會有所恢復。正如你所說的那樣，我們增加了份額，我們增加了價值份額。這就是我們所說的市場規模。當然，我們始終致力於做得比市場更好。

And maybe if I can just throw in the last one there. Just in terms of the Canada litigation. It's now 2 years basically that this stay has been in place. I mean I know you've provided just an update in the release. But I mean, how much longer can we expect this to continue? I mean any sort of evidence that we can maybe get to some finality on that.

也許如果我能把最後一個扔在那裡。就加拿大訴訟而言。現在基本上已經2年了。我的意思是我知道你在版本中只提供了一個更新。但我的意思是，我們還能期望這種情況持續多久？我的意思是任何形式的證據表明我們可能會就此達成某種定論。

Yes. I think, first of all, it's a legal case. So we have to be cautious in the way we speak about that. Second one, there has been some part that has been covered in the last 2 years. But I think that looking at it through the lenses of legal, it will take some time. And it takes a lot to tango, a lot of people to tango, and it will take some time. So it's known. It's taken care of. But we'll have to be patient, I think.

是的。我認為，首先，這是一個法律案件。所以我們在談論這個問題時必須謹慎。第二個，在過去的兩年中已經涵蓋了一些部分。但我認為，從法律的角度來看，這需要一些時間。探戈需要很多人，很多人去探戈，而且需要一些時間。所以眾所周知。它已經處理好了。但我認為，我們必須要有耐心。

Our next question comes from the line of Sanath Sudarsan from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Sanath Sudarsan。

So a few from my side. Starting off, I just wanted to understand what's the kind of split we are thinking about -- or we should be thinking about in terms of your investments in NGP with various promotions versus core platform investments? And what I'm more keen to understand is, what's the impact you've seen in older markets as you kind of lifted your promotions in terms of the sales growth or consumer retention? That's the first question.

所以我身邊的幾個。一開始，我只是想了解我們正在考慮的拆分類型是什麼——或者我們應該考慮您對 NGP 的各種促銷與核心平台投資的投資？我更想了解的是，當你在銷售增長或消費者保留方面提升促銷活動時，你在舊市場看到了什麼影響？這是第一個問題。

Yes. I'll take the second part. Tadeu will take the first part. I think what we see is that the efficiency that we have in terms of converting consumers is increasing. I think that the quality of the portfolio resonates very well with the consumer. And I think that there has been a lot of places where there has been either heavy promotions done by competition like NJOY in the U.S. while you have to have the resources in order to follow and you want to make sure that you're in the game, and we did so.

是的。我會講第二部分。 Tadeu 將參加第一部分。我認為我們看到的是，我們在轉換消費者方面的效率正在提高。我認為產品組合的質量與消費者產生了很好的共鳴。而且我認為在很多地方，要么像美國的 NJOY 這樣的競爭對手進行了大規模的促銷活動，而你必須擁有資源才能跟進，並且你想確保自己在遊戲中，我們就這樣做了。

So, of course, we are for value. Value -- I mean growing value of the category. But we will take the actions that are necessary when necessary. I think that the pathway is clear, we have the right platforms in 3 different categories. And we are accelerating. I think that the road to profitability in terms of these 3 categories is clear, and we start to reduce our losses in 2021. Tadeu, do you want to take the first part of the question?

所以，當然，我們是為了價值。價值——我的意思是該類別的價值增長。但我們會在必要時採取必要的行動。我認為路徑很明確，我們在 3 個不同類別中擁有合適的平台。我們正在加速。我認為這三個類別的盈利之路是明確的，我們在 2021 年開始減少虧損。Tadeu，你要不要回答問題的第一部分？

Yes. On the promotion side, we are -- if you take the year 2020, [20%] (technical difficulty) the investment was around promotions, and for sure -- just a reminder, these are any initiatives that could be our turnover. So when you see our numbers, it's a rather net of those, let's put it that way. And we have a clear way to track the return of those promotions. And we have a very clear payback time in each of those markets, and we tracked it very diligently as you can imagine. And then we -- I spoke about the marketing (technical difficulty) tools that we have in place that is completely linked with consumer funnel. So we can identify exactly based on our plan to -- in terms of numbers of (technical difficulty) loyalty in terms of consumers that want to generate, how much we need to invest in each of the touch points, which is the other entity. So we're (technical difficulty)

是的。在促銷方面，我們是——如果你以 2020 年為例，[20%]（技術難度）投資是圍繞促銷進行的，當然——只是提醒一下，這些都是可能成為我們營業額的任何舉措。所以當你看到我們的數字時，這是一個相當大的數字，讓我們這麼說吧。我們有一個明確的方法來跟踪這些促銷活動的回報。我們在每個市場都有一個非常明確的回報時間，我們非常努力地跟踪它，正如你想像的那樣。然後我們 - 我談到了我們擁有的與消費者漏斗完全相關的營銷（技術難度）工具。因此，我們可以根據我們的計劃準確地確定 - 就（技術難度）忠誠度而言，就想要產生的消費者而言，我們需要在每個接觸點（即另一個實體）上投資多少。所以我們是（技術難度）

I just need (technical difficulty) on the point that Tadeu raised, which is on the price promotions, the promotions are already in the NTO, already in the revenue..

我只需要（技術難度）Tadeu 提出的一點，即價格促銷，促銷已經在 NTO 中，已經在收入中。

Great. And the second one I want to understand is, in terms of your global cigarette user pool. Of course, people have been saying a term probably [something more]. But you had lockdowns, especially in emerging markets to deal with. But as you exit 2020, how has -- how have you seen your consumer pool evolve? Have they kind of been more sticky, remaining the same with you? Or you've seen the normal rate of decline in users, which you traditionally see in emerging markets? I just want to understand your user pool, how that has kind of evolved.

偉大的。我想了解的第二個問題是，就您的全球捲菸用戶群而言。當然，人們一直在說一個術語可能[更多]。但是你有封鎖，特別是在新興市場要處理。但是，當您退出 2020 年時，您如何看待您的消費者群體的演變？他們有沒有更粘稠，和你一樣？或者您已經看到了傳統上在新興市場看到的用戶下降的正常速度？我只是想了解您的用戶池，它是如何演變的。

We didn't see any acceleration or reduction of the user rate of the products. What we saw more is the fact that borders were closed, as reduced illicit in a certain number of countries, but also consumers did not move, for instance, in Germany, a market that is historically now going down by 3% -- 2%, 3%, has grown by more than 4%. Because Germans stayed in Germany, and Germany is a high value market. So it's more of these kind of things that help influence the thing rather than consumption by consumers. No change in the patterns.

我們沒有看到產品的用戶率有任何加速或降低。我們看到的更多是邊境關閉的事實，因為某些國家的非法活動減少了，但消費者也沒有移動，例如在德國，這個市場從歷史上看現在下降了 3% - 2% , 3%, 增長了 4% 以上。因為德國人留在德國，而德國是一個高價值的市場。因此，更多的是這類東西有助於影響事物，而不是消費者的消費。圖案沒有變化。

Right. And then the last one I would say is just probably for Tadeu. Just trying to kind of deconstruct that GBP 40 billion cumulative cash flow over the next 5 years. You did about GBP 7 billion, GBP 7.5 billion in 2020, even though you had some payments to be made. But you have a guidance of mid-single-digit '21, high single-digit thereafter. But just mathematically puts you more like GBP 45 billion. Should we be thinking about cash generation kind of differently post '21?

對。然後我要說的最後一個可能只是為了 Tadeu。只是試圖解構未來 5 年 400 億英鎊的累計現金流。你做了大約 70 億英鎊，2020 年為 75 億英鎊，儘管你有一些付款要支付。但是你有一個中個位數的 '21 指導，之後是高個位數。但從數學上看，你更像是 450 億英鎊。我們是否應該在 21 年後以不同的方式考慮現金產生？

No. At the end, is we are seeing GBP 40-plus billion to be precise. But this is predicated in our ability to continue to generate a lot of cash out of the product. So that conversion has been exceptional good in 2020. We target, as you know, above 90%. But the reality is that we have been above 95% over the last years because the focus that we have given on the cash side. I don't know if you remember, but we decided also to take some calls in terms of CapEx. We slipped our CapEx to levels of depreciation, and it started to kick in 2021. This is one of the explanations why our conversion has been so high. So the GBP 40 billion-plus, (technical difficulty) our ability to continue to generate to convert as much as possible cash, and also in our algorithm -- financial algorithm of mid-single-digit and going back to high single digits as soon as we complete (technical difficulty) the skies on the (technical difficulty). So that's all together and considering all those (technical difficulty) offset we have here and there.

不。最後，準確地說，我們看到的是 40 多億英鎊。但這是基於我們能夠繼續從產品中產生大量現金的能力。因此，2020 年的轉化率非常好。如您所知，我們的目標是 90% 以上。但現實情況是，我們在過去幾年中一直在 95% 以上，因為我們把重點放在了現金方面。我不知道你是否記得，但我們決定也接聽一些關於資本支出的電話。我們將資本支出降至折舊水平，並於 2021 年開始發揮作用。這就是為什麼我們的轉化率如此之高的原因之一。所以 400 億英鎊以上，（技術難度）我們有能力繼續產生以轉換盡可能多的現金，以及我們的算法——中個位數的金融算法，並儘快回到高個位數當我們完成（技術難度）的天空時（技術難度）。所以這一切都在一起，並考慮到我們在這里和那裡的所有這些（技術難度）抵消。

All right. Can I just ask you on the '21 cash flow, please, if I may? I'm trying to just think through your deleveraging target of around 3 turns by '21. I mean you have a normal deleveraging run rate of about 0.4 turns. And given how the GBP has moved versus dollar, maybe it's a year where it's actually beneficial to you. So is it a conservative guidance of around 3 rather than, let's say, more like 2.8, which should be more normal run rate?

好的。如果可以的話，我可以問你關於 21 年現金流的問題嗎？我只是想通過你在 21 年前 3 週左右的去槓桿化目標。我的意思是你的正常去槓桿率約為 0.4 轉。鑑於英鎊兌美元的走勢，也許這一年它實際上對您有利。那麼它是 3 左右的保守指導，而不是比方說更像是 2.8，應該是更正常的運行速率？

No. I don't think so. Look, in terms of the deleverage, you are right. We have been able to deleverage at 0.4 in the last 3 years. This year, 2020, have constant -- it's all constant FX at the (technical difficulty) [2020] leverage at 0.3, but the currency is not helping us in the past. So we -- in 2020, it's a good example. We managed to deleverage (technical difficulty) because of the current headwind that we face, which is basically the difference between the 31st of December year-end position and throughout the year.

不，我不這麼認為。看，就去槓桿而言，你是對的。在過去 3 年中，我們能夠以 0.4 的水平去槓桿。今年，即 2020 年，匯率保持不變——在（技術難度）[2020] 槓桿率為 0.3 時，外匯都是不變的，但過去貨幣對我們沒有幫助。所以我們——在 2020 年，這是一個很好的例子。由於我們目前面臨的逆風，我們設法去槓桿（技術難度），這基本上是 12 月 31 日的年終頭寸與全年的差異。

So if you see 2021, for sure that our net debt, if it stays as it is now for the end of the year, (technical difficulty) is a stretch to imagine that, because there's still a year to go. For sure that the net debt will be reduced. On the other hand, (technical difficulty). So you have to bounce out this. So we have to see. It's too early to speculate how would be this. But our ambition is to get around 3x. It was at certain stage last year, an ambition should get below 2x. But we moved that to -- with reguidance from high to mid- single digits last year because of the earnings and (technical difficulty) to that. So we still believe that we are on track to get to around 3x by the end of the year.

因此，如果您看到 2021 年，肯定我們的淨債務，如果它在今年年底保持現在的狀態（技術難度）是難以想像的，因為還有一年的時間。肯定會減少淨債務。另一方面，（技術難度）。所以你必須反彈這一點。所以我們必須看到。現在推測這會如何還為時過早。但我們的目標是達到 3 倍左右。去年處於某個階段，野心應該低於2倍。但是由於收益和（技術難度），我們將其轉移到去年的高到中個位數的指導。因此，我們仍然相信我們有望在年底前達到 3 倍左右。

And you know, I mean, the important point. I mean, we, of course, continue to pursue our approach in terms of dividend at 65%. Last year, we had more than GBP 2 billion in terms of free cash to take care of this. I think that the company is in a good situation. We'll go step by step. We'll go step by step.

你知道，我的意思是，重要的一點。我的意思是，我們當然會繼續採用 65% 的股息率。去年，我們有超過 20 億英鎊的自由現金來處理這個問題。我認為公司的情況很好。我們一步一步來。我們一步一步來。

Our last question for today comes from the line of Gaurav Jain from Barclays.

我們今天的最後一個問題來自巴克萊銀行的 Gaurav Jain。

And it's actually follow-up from Sanath's question on leverage. So how would you calculate leverage because what the comments I have heard from Philip Morris (technical difficulty) that rating agencies are taking a very conservative view of tobacco companies' leverage, and doing all sorts of adjustments. And they're (technical difficulty) planning to repurchase that at a much lower leverage than what the 3x. So how should we think about how rating agencies are looking at leverage?

這實際上是 Sanath 關於槓桿問題的後續行動。那麼你將如何計算槓桿率，因為我從菲利普莫里斯（技術難度）那裡聽到的評論是評級機構對煙草公司的槓桿率持非常保守的看法，並進行了各種調整。他們（技術難度）計劃以比 3 倍低得多的槓桿率回購它。那麼我們應該如何思考評級機構是如何看待槓桿的呢？

You're a bit cut, Gaurav. I don't know if (technical difficulty) But anyway, we will answer how we calculate.

你有點過分了，高拉夫。不知道是不是（技術難度） 不過反正我們會回答我們是怎麼計算的。

Look, at the end of the day...

看，在一天結束時...

The core of the question, I'm not sure I heard everything also because the line was not so good. But I think what's important is what we said is that we go to around 3x net debt to EBITDA, and then we review capital allocation. But Tadeu, from what you understood from the question, I'm sorry, it was not very clear. The line was broken.

問題的核心，我不確定我是否聽到了所有內容，因為線路不太好。但我認為重要的是我們所說的是我們將淨債務達到 EBITDA 的 3 倍左右，然後我們審查資本分配。但是 Tadeu，從您從問題中了解到的情況，對不起，不是很清楚。線路斷了。

Well, the calculations -- the net debt is basically a conversion back to sterling on the 31st of December. It's a balance sheet conversion, great one. So if -- given the fact that the cost of our debt is U.S. denominated, if there is a strength in pounds at that point in time, we will benefit because it's less pounds at the 31st of December. So that's one element.

嗯，計算——淨債務基本上是在 12 月 31 日轉換回英鎊。這是資產負債表轉換，很棒。因此，如果 - 鑑於我們的債務成本是以美元計價的，如果英鎊在那個時間點走強，我們將受益，因為它在 12 月 31 日減少了英鎊。這是一個要素。

So if the currency stays as it is today compared with the previous year, clearly, it will be less -- a lower net debt figure. On the other hand, the EBITDA calculated throughout with the average, the exchange rate, how much profit will translate into cash at the cumulative rates, average rates throughout the year. And this also suffers an impact.

因此，如果貨幣與前一年相比保持在今天的水平，顯然，它會更少——淨債務數字更低。另一方面，EBITDA 以平均值、匯率、多少利潤將轉化為現金以累計匯率、全年平均匯率計算。這也受到影響。

So we have to see how this performs throughout the year. Remember that the correlation between FX to pound/dollar is important for the debt, but not that much for the EBITDA. That also gets impacted by emerging market currency and all that. So -- and then we get to the year-end figure. Now for me, I can explain all that, the constant FX and all that. But what matters is what is the headline number. We don't incorporate ITC in those numbers, if you want to know. So our EBITDA doesn't count with ITC despite the fact that ITC is part of our investments. But that's basically the way we calculate.

所以我們必須看看它全年的表現如何。請記住，外匯與英鎊/美元之間的相關性對債務很重要，但對 EBITDA 則沒有那麼重要。這也受到新興市場貨幣等的影響。所以 - 然後我們得到年終數字。現在對我來說，我可以解釋所有這些，恆定的 FX 和所有這些。但重要的是標題數字是多少。如果您想知道，我們不會將 ITC 納入這些數字。因此，儘管 ITC 是我們投資的一部分，但我們的 EBITDA 不計入 ITC。但這基本上是我們計算的方式。

Sure. I mean what I was asking is how do rating agencies do any adjustment to those numbers?

當然。我的意思是我要問的是評級機構如何對這些數字進行任何調整？

Okay. Now I got it. Okay. Well, depends. Depends on the rating agency. Some of them use gross debt as opposed to net debt. Some others, they adjust for PPA, some -- so depends on the agents. But they're slightly different from what we calculate.

好的。現在我明白了。好的。好吧，取決於。取決於評級機構。他們中的一些人使用總債務而不是淨債務。其他一些，他們根據 PPA 進行調整，一些 - 所以取決於代理。但它們與我們計算的略有不同。

Sure. And is there a range of how much higher is your leverage in their eyes versus a number that you have, like, is it 0.3 turns, 0.4 turns higher than what we are seeing?

當然。你在他們眼中的影響力與你所擁有的數字相比，是否有一個範圍，例如，是 0.3 圈，還是比我們所看到的高 0.4 圈？

Our corridor of 3 to 2 is in line with our credit rating ambitions. We have the BBB+, which is exactly where we want to be. We are BAA1. So 2. So one should be (inaudible). So I think that is what we want to achieve (technical difficulty) the new core book is aligned with our credit rating ambitions.

我們 3 到 2 的走廊符合我們的信用評級目標。我們有 BBB+，這正是我們想要的。我們是BAA1。所以 2. 所以應該是（聽不清）。所以我認為這就是我們想要實現的（技術難度）新的核心書籍與我們的信用評級目標一致。

I will now hand the call back to your host, Jack Bowles, for any closing remarks.

現在，我將把電話轉回給您的主持人 Jack Bowles，以聽取任何結束語。

Thank you very much. Thank you very much for all your questions and your support during the year. I mean what's important for me is that we deliver, we transform, and we have a strong acceleration in 2020. We have a strong 2020 in combustible. And in NGP, we really did the step for one. We have growth in volume in all 3 categories in the second half by around 50%. We have 2 million more consumers in H2 alone. Dividend, cash flow and deleverage, we're taking care of. Tadeu does that very well. So 2021 is really a pivotal year. We have momentum. We have strong foundations, and we have the right multi-category strategy.

非常感謝你。非常感謝您在這一年提出的所有問題和支持。我的意思是對我來說重要的是我們交付，我們轉型，我們在 2020 年有一個強勁的加速。我們在可燃物方面有一個強勁的 2020 年。在 NGP 中，我們確實做到了一步。下半年，我們在所有 3 個類別的銷量均增長了約 50%。僅在下半年，我們就有 200 萬消費者。股息、現金流和去槓桿，我們正在處理。 Tadeu 在這方面做得很好。所以2021年真的是關鍵的一年。我們有動力。我們有堅實的基礎，我們有正確的多品類戰略。

We are the only global consumer, multi-category company, and we're accelerating our transformation. There is nothing to do with standstill. We have an accelerating path, and we'll continue to do so. By doing so, we will also reduce our loss in New Categories. We will go around 3 net debt to EBITDA. We will deliver on combustibles and on value on combustibles, specifically, continue to accelerate our momentum of New Categories. We will simplify our business with Quantum. And now we have added Quest, which is the enterprise of the future, and the next step of our transformation.

我們是唯一的全球消費者、多類別公司，我們正在加速轉型。與靜止無關。我們有一條加速的道路，我們將繼續這樣做。通過這樣做，我們還將減少在新類別中的損失。我們將對 EBITDA 產生大約 3 個淨債務。我們將交付可燃物和可燃物價值，具體而言，繼續加快我們的新品類發展勢頭。我們將通過 Quantum 簡化我們的業務。現在我們添加了 Quest，這是未來的企業，也是我們轉型的下一步。

This is a pivotal year in 2021. We will deliver, we'll transform, and we'll accelerate.

這是 2021 年的關鍵一年。我們將交付，我們將轉型，我們將加速。

So thank you very much for your questions, and thank you very much for your patience. Have a nice day and stay safe.

非常感謝您的提問，也非常感謝您的耐心等待。有一個美好的一天，並保持安全。

And also, I remind you that tomorrow, we will be at CAGNY. So some of you -- or the ones that can participate and join, that will be absolutely fantastic. So see you tomorrow at the CAGNY conference. Tadeu and myself will be there during presentation and join me. Thank you very much. Have a nice day.

而且，我提醒你，明天，我們將在 CAGNY。所以你們中的一些人——或者那些可以參與和加入的人，那將是非常棒的。那麼明天在 CAGNY 會議上見。 Tadeu 和我本人將在演示期間到場並加入我的行列。非常感謝你。祝你今天過得愉快。

Thank you.

謝謝你。