英美煙草 (BTI) 2024 Q2 法說會逐字稿

Good morning, everyone.

大家，早安。

I'm delighted to welcome you to our 2024 interim results presentation.

我很高興歡迎您參加我們的 2024 年中期業績發表會。

With me this morning is Soraya Benchikh, our new CFO, and Victoria Buxton, Group Head of Investors Relations.

今天早上和我一起的是我們的新任財務長 Soraya Benchikh 和投資者關係集團主管 Victoria Buxton。

I will begin with our transformation highlights and the progress we have made against our key areas of focus over the last 12 months.

我將首先介紹我們的轉型亮點以及過去 12 個月我們在重點關注領域的進展。

Soraya will then take you through our financial performance in more detail.

然後，索拉亞將向您詳細介紹我們的財務表現。

I will then return to talk more about our performance outlook before we move to the Q&A session.

然後，在進入問答環節之前，我將返回更多地討論我們的業績前景。

With that, I'd like to draw your attention to the disclaimers on slides 2 and 3.

在此，我想提請您注意投影片 2 和 3 上的免責聲明。

So let's begin by looking at the way forward.

因此，讓我們先看看未來的發展方向。

Our first half performance is in line with expectations, and we are on track to deliver our full year guidance.

我們上半年的業績符合預期，我們有望實現全年指引。

In the first half of this year, we have continued to transform our business.

今年上半年，我們持續推動業務轉型。

We added 1.4 million smokeless consumers, reaching 26.4 million.

我們增加了 140 萬無菸消費者，達到 2,640 萬。

Smokeless now accounts for 18% of group revenue, up 1.4 percentage points versus full year '23.

無菸現在佔集團收入的 18%，比 23 年全年增長 1.4 個百分點。

Our focus on quality growth, balancing top and bottom line delivery, has driven a GBP165 million increase in new category contribution, and close to a 10 percentage point increase in our category contribution margin.

我們注重品質成長、平衡營收和利潤，推動新品類貢獻增加了 1.65 億英鎊，品類貢獻利潤率增加了近 10 個百分點。

Building on this momentum, we expect another good increase in new category contribution for the full year.

在此動能的基礎上，我們預期全年新品類貢獻將再次出現良好成長。

We are committed to rewarding shareholders with strong cash returns, and I'm pleased with our progress in enhancing financial flexibility, enabling the initiation of a sustainable share buyback.

我們致力於以豐厚的現金回報回報股東，我對我們在提高財務靈活性、啟動可持續股票回購方面取得的進展感到高興。

This year is a key moment in our transformation journey, as we sharpen our execution, enabling us to navigate near-term market challenge and drive our sustainable transformation.

今年是我們轉型之旅的關鍵時刻，我們加強了執行力，使我們能夠應對近期的市場挑戰並推動永續轉型。

Turning to the drivers of 2024 delivery.

轉向 2024 年交付的驅動因素。

As we previously guided, 2024 is an investment year for BAT.

正如我們之前預測的那樣，2024 年是 BAT 的投資年。

In the first half, we have invested to strengthen our US business, accelerate innovation momentum, and enhance capabilities that support our strategic delivery.

上半年，我們進行了投資，以加強我們的美國業務，加速創新動力，並增強支持我們策略交付的能力。

This, together with lapping a tough comparator in APMEA, means we expect an acceleration in our second half performance.

這一點，再加上 APMEA 中的嚴格比較，意味著我們預計下半年的表現將會加速。

I'm encouraged that our new category launchings and our first half US investments are gaining traction.

我感到鼓舞的是，我們新類別的推出和上半年美國的投資正在獲得關注。

Together with the expected unwind of US wholesale inventory movements related to the year-on-year timing of our first half price increase, I'm confident that we are on track to deliver our full year guidance.

加上與我們上半年價格上漲的同比時間相關的美國批發庫存變動的預期緩解，我相信我們有望實現全年指導。

This time last year, I shared a clear set of objectives to sharpen our execution and build a more modern and agile BAT.

去年的這個時候，我分享了一套明確的目標，以提高我們的執行力並建立一個更現代和敏捷的 BAT。

Over the last 12 months, working together with our broader teams, we have made good progress across these six areas of focus.

在過去 12 個月中，透過與更廣泛的團隊合作，我們在這六個重點領域取得了良好進展。

We will touch on some of these highlights in more detail as we go through today's presentation.

在今天的演示中，我們將更詳細地討論其中的一些亮點。

While there is still more to do, we are making good progress, and I'm confident that the choice we have made and actions we are taking are the right way forward for BAT.

雖然還有很多工作要做，但我們正在取得良好進展，我相信我們所做的選擇和正在採取的行動是英美菸草的正確前進方向。

And with that, I will hand over to Soraya to take you through the detail of our results.

接下來，我將請 Soraya 向您詳細介紹我們的結果。

Thank you, Tadeu, and good morning, everyone.

謝謝你，塔德烏，大家早安。

I'm Soraya Benchikh, CFO of BAT.

我是索拉亞‧本奇赫 (Soraya Benchikh)，英美菸草公司 (BAT) 財務長。

And before I take you through the results, I would like to introduce myself.

在向您介紹結果之前，我想先介紹一下自己。

I'm Lebanese, and having started my career in finance at Gillette and GE.

我是黎巴嫩人，在吉列和通用電氣開始了我的金融職業生涯。

I then spent many years working at BAT across Europe, Russia, Africa, and the Middle East.

隨後，我在歐洲、俄羅斯、非洲和中東的英美菸草公司工作了許多年。

I have spent the last 12 years in general management, and my last four have been at Diageo, culminating in my role as President for Europe.

過去 12 年我一直從事綜合管理工作，最後 4 年在帝亞吉歐 (Diageo) 工作，最後擔任歐洲區總裁。

Now, after two months back at BAT, I'm excited to join Tadeu and the team to work on the next stage of our transformation.

現在，在回到 BAT 兩個月後，我很高興能加入 Tadeu 和團隊，致力於下一階段的轉型。

As CFO, my focus will be on supporting BAT's transformation with financial stability and effective resource allocation.

作為財務官，我的重點將是透過財務穩定和有效的資源配置來支持英美菸草公司的轉型。

This includes driving quality growth by balancing top and bottom line performance and targeting investments to deliver better returns and consistent cash generation.

這包括透過平衡頂線和底線績效來推動高品質成長，並有針對性地進行投資以提供更好的回報和持續的現金產生。

I will do so by prioritizing understanding market trends and consumer needs, investing in innovation and R&D, streamlining operations for efficiencies, while managing organizational change effectively and aligning with our sustainability goals.

為此，我將優先了解市場趨勢和消費者需求，投資於創新和研發，簡化營運以提高效率，同時有效管理組織變革並與我們的永續發展目標保持一致。

I am passionate about transformative leadership and committed to fostering creative, inclusive, and empowered teams.

我熱衷於變革型領導力，並致力於培養富有創造力、包容性和賦權的團隊。

Maintaining transparent and consistent communication with stakeholders is also key for me.

與利害關係人保持透明和一致的溝通對我來說也很關鍵。

And I really look forward to sharing insights into our performance and future outlook with you.

我非常期待與您分享對我們業績和未來前景的見解。

Now, moving to our first half results.

現在，我們來看看上半年的結果。

Our reported results reflect the impact of our exit from Russia and Belarus in September last year, higher amortization and impairment charges following the decision to start amortizing the US acquired combustible brands from January 2024, and a gain recognized in respect of the partial sale of the group's investment in ITC.

我們報告的業績反映了我們去年 9 月退出俄羅斯和白俄羅斯的影響、決定從 2024 年 1 月開始攤銷美國收購的可燃品牌後攤銷和減值費用增加，以及因部分出售該品牌而確認的收益集團對ITC的投資。

Now, to better understand the underlying performance of the business and present a like-for-like comparison, excluding Russia and Belarus, we will focus today on organic, adjusted, constant currency results unless otherwise stated.

現在，為了更好地了解業務的基本業績並進行同類比較（不包括俄羅斯和白俄羅斯），除非另有說明，我們今天將重點放在有機、調整後的恆定貨幣結果。

Our group revenue was down 0.8%, while new category revenue grew over 7%.

我們的集團收入下降了 0.8%，而新類別收入增加了 7% 以上。

Profit from operations was down 0.9%, and diluted EPS was up 1.3%.

營運利潤下降 0.9%，攤薄後每股收益成長 1.3%。

While our group results have been impacted by continued macroeconomic headwinds in the US, we have also made targeted investment choices, and these have included continued investment in our US commercial plans with related wholesaler inventory movements, and investment in new category launches globally in order to strengthen our portfolio and drive sustainable growth and value creation.

雖然我們的集團表現受到美國持續的宏觀經濟逆風的影響，但我們也做出了有針對性的投資選擇，其中包括繼續投資於我們的美國商業計劃以及相關的批發商庫存變動，以及投資於全球推出的新類別，以便加強我們的產品組合併推動永續成長和價值創造。

As you can see, our wholesaler inventory movements in the US significantly impacted our first half delivery.

如您所見，我們在美國的批發商庫存變動極大地影響了我們上半年的交貨。

Excluding these, our group revenue would be flat and profit from operations was up 0.5%.

排除這些，我們集團的營收將持平，而營運利潤成長 0.5%。

We expect these movements to unwind in the second half and have no material impact on our full year delivery.

我們預計這些變動將在下半年緩解，並且不會對我們全年的交付產生重大影響。

Now diving into some of the key drivers of our performance.

現在深入探討我們績效的一些關鍵驅動因素。

We delivered 4.3% combustible price mix with pricing up 7.2% offset by a negative geographic mix mainly driven by the US In addition, we achieved a flat operating margin driven by improvement in our new category contribution and our continued focus on efficiencies despite absorbing a 1.8% transactional effects headwind.

我們實現了4.3% 的可燃價格組合，價格上漲了7.2%，這被主要由美國推動的負面地理組合所抵消。我們實現了持平的營業利潤率% 交易影響逆風。

Excluding the US, which I will discuss in more detail later, and the rest of the world, we delivered 4% revenue and 4.6% profit from operations growth in line with our medium term guidance.

不包括我將在稍後詳細討論的美國和世界其他地區，我們實現了 4% 的收入和 4.6% 的營運利潤成長，符合我們的中期指導。

This reflects the resilience of our multi-category portfolio and the benefit of our global footprint.

這反映了我們多類別投資組合的彈性以及我們全球足跡的優勢。

Our new category revenue growth in the first half was driven by an excellent performance from Velo in all three regions.

我們上半年新品類收入的成長得益於 Velo 在所有三個地區的出色表現。

We expect an acceleration new category performance in the second half driven by the phasing of our innovation launches, which we will touch on in more detail later on in the presentation.

我們預計，在我們的創新推出的分階段推動下，下半年新類別的表現將加速，我們將在稍後的演示中更詳細地討論這一點。

I will now share more detail on our key category drivers.

我現在將分享有關我們關鍵類別驅動因素的更多詳細資訊。

As usual, market shares for our top markets are available in the appendix.

與往常一樣，附錄中提供了我們主要市場的市場份額。

Starting with vapor, the fundamentals of the vapor category are strongly positive.

從蒸汽開始，蒸汽類別的基本面非常積極。

The total number of vapor consumers is accelerating and vapor is the largest contributor to active new category usage, capturing 65% of consumers.

電子煙消費者總數正在加速成長，電子煙是新品類活躍使用的最大貢獻者，佔了 65% 的消費者。

Views revenue was up nearly 3%, delivering a continued positive category contribution.

觀看次數收入成長了近 3%，為此類別帶來了持續的正面貢獻。

There was strong revenue growth in Europe and APMEA, which was partly offset by the impact of illicit single-use vapor products in the US and Canada.

歐洲和 APMEA 的收入成長強勁，但部分被美國和加拿大非法一次性蒸汽產品的影響所抵消。

These maintain global value share leadership and also remains the number one brand in the US While we are losing share in the US due to the continued proliferation of illicit products, we are actively working to drive more effective regulation and enforcement at the state and federal levels.

這些產品保持了全球價值份額的領先地位，並且仍然是美國第一品牌。執法。

In June, we submitted the age-gated Vuse Pro PMTA and last week we received a marketing granted order for our Vuse Alto device and tobacco flavors, confirming that the continued marketing of these products is appropriate for the protection of public health.

6 月，我們提交了年齡限制的 Vuse Pro PMTA，上週我們收到了 Vuse Alto 設備和菸草香料的營銷許可訂單，確認繼續行銷這些產品適合保護公眾健康。

Outside the US, we maintain value share leadership in AME at 32%.

在美國以外，我們在 AME 的價值份額保持領先地位，為 32%。

Although our regional performance was impacted by the flavor ban in Quebec province and Canada, where volume has shifted to the illegal market due to lack of enforcement, our value share in Europe grew 120 basis points.

儘管我們的區域業績受到魁北克省和加拿大風味禁令的影響，由於缺乏執行，銷量已轉移到非法市場，但我們在歐洲的價值份額增長了 120 個基點。

We are excited about the developing opportunity in APMEA with our revenue growing 48% driven by South Korea, New Zealand and Indonesia.

我們對 APMEA 的發展機會感到興奮，在韓國、紐西蘭和印尼的推動下，我們的收入成長了 48%。

In heated products, industry growth is slowing with growing poly-usage.

在加熱產品中，隨著多用途的增加，產業成長正在放緩。

Glo revenue was down 4%, mainly impacted by price repositioning in Japan and Italy in mid-'23.

Glo 收入下降 4%，主要受到 23 年中期日本和義大利價格重新定位的影響。

And pipeline build at the end of '23 in certain AME markets ahead of the flavor ban on tobacco consumables.

並於 23 年底在菸草消費品香料禁令之前在某些非洲、中東和非洲市場建立了管道。

Glo has started to deliver sequential category volume share improvement in key markets since December and is stabilizing share being down 20 basis points year-to-date at 16.8 versus 110 basis points in 2023.

自 12 月以來，Glo 已開始在主要市場實現連續類別銷售份額的改善，並將份額穩定在今年迄今下降 20 個基點至 16.8，而 2023 年為 110 個基點。

This has been driven by the encouraging early consumer response to our new innovations, Hyper Pro and improved consumables.

這是由於消費者對我們的新創新、Hyper Pro 和改進的耗材的早期反應令人鼓舞。

As part of our innovation, Hyper Pro -- of our innovation pipeline, Hyper Pro is an important first step into the premium HP segment.

作為我們創新產品 Hyper Pro 的一部分，Hyper Pro 是我們進入高階惠普市場的重要第一步。

As a result, we are seeing an improving performance with our June volume share up 60 basis points in Japan and up 70 basis points in Italy versus December.

因此，我們看到業績有所改善，與 12 月相比，日本 6 月的銷售份額上升了 60 個基點，義大利的銷量份額上升了 70 個基點。

This is especially encouraging as we also raise consumables pricing in both markets during the period.

這尤其令人鼓舞，因為我們在此期間也提高了兩個市場的消耗品定價。

Altogether, we drove a strong improvement in total category contribution.

總而言之，我們推動了總品類貢獻的強勁成長。

With the majority of Hyper Pro rollouts completed and Veo, our tobacco free consumables range now launched in 19 markets and outperforming competing products, we expect an acceleration in our second half performance.

隨著大部分 Hyper Pro 的推出完成，我們的無菸消耗品系列 Veo 現已在 19 個市場推出，並且表現優於競爭產品，我們預計下半年業績將加速。

Now moving on to Modern Oral.

現在轉向現代口語。

The fastest growing new category where new markets with no oral tradition now account for one quarter of industry volume.

成長最快的新類別，沒有口傳傳統的新市場目前佔業界總量的四分之一。

In H1, revenue was up 49% with growth across all regions and a growing category contribution.

上半年，隨著所有地區的成長以及品類貢獻的不斷增長，收入成長了 49%。

Our market share continued to grow with our volume share of Modern Oral up 30 basis points.

我們的市佔率持續成長，Modern Oral 的銷售份額上升了 30 個基點。

In AME, we maintain clear leadership of the Modern Oral category with 65% volume share and Velo capturing the majority of the category growth.

在 AME 中，我們以 65% 的銷售份額保持著現代口腔類別的明顯領先地位，而 Velo 則佔據了該類別增長的大部分份額。

Velo’s continued performance is driven by achieving the highest consumer acquisition and conversion scores and the strongest brand power in key markets.

Velo 的持續表現得益於在關鍵市場實現最高的消費者獲取和轉換分數以及最強的品牌影響力。

Importantly, in AME, Velo’s gross margin per mil is -- in AME, VLO's gross margin per mil is over two times that of combustibles, driving a strong increase in category contribution.

重要的是，在非洲和中東地區，Velo 的每百萬輛毛利率是可燃物的兩倍多，推動了品類貢獻的強勁成長。

In the US, we are encouraged by results from our Velo pilot featuring a refreshed Velo brand expression.

在美國，我們對 Velo 試點計畫的結果感到鼓舞，該試點計畫採用了煥然一新的 Velo 品牌表達。

In H1, we rolled out nationally returning our US performance to strong growth with revenue up 120% and reaching 7.6% of volume share in June up 3 percentage points versus December.

上半年，我們在全國推出了美國業績強勁增長的舉措，收入增長了 120%，6 月份銷量份額達到 7.6%，比 12 月份提高了 3 個百分點。

In addition, following positive consumer testing, we started the US national rollout of Grizzly Modern Oral in June.

此外，經過積極的消費者測試，我們於 6 月開始在美國全國推廣 Grizzly Modern Oral。

One of my key priorities is to ensure that as we transform, we balance top and bottom line delivery.

我的首要任務之一是確保在轉型過程中平衡頂線和底線交付。

This is demonstrated with our new category contribution now driving our contribution margin up, whilst we continue to invest for our future growth.

我們的新類別貢獻證明了這一點，現在推動我們的貢獻利潤率上升，同時我們繼續為未來的成長進行投資。

New categories are now meaningfully contributing to group results as we benefit from increased scale and efficiencies.

隨著我們受益於規模和效率的提高，新類別現在正在為集團績效做出有意義的貢獻。

Building on this momentum, we expect to deliver a strong year-on-year improvement in new category profitability in 2024.

在此動能的基礎上，我們預期 2024 年新品類獲利能力將實現年比強勁改善。

Now turning to combustibles, volumes declined by 6.9% on an organic basis.

現在轉向可燃物，銷量有機下降了 6.9%。

This was driven by wholesaler inventory movements in the US, 2023 market exits and supply chain disruptions in Sudan.

這是由美國批發商庫存變動、2023 年市場退出以及蘇丹供應鏈中斷所推動的。

If we exclude these one-offs, our volume was down 4.7%.

如果我們排除這些一次性事件，我們的銷量下降了 4.7%。

Our volume share was up 30 basis points driven by strong momentum and key combustible markets such as Brazil, Bangladesh and Pakistan.

在強勁勢頭和巴西、孟加拉和巴基斯坦等主要易燃市場的推動下，我們的銷售份額上升了 30 個基點。

Value share decreased by 10 basis points with the impact of our commercial actions in the US more than offsetting value share gains in AME and APMEA which delivered a combined increase of 20 basis points.

由於我們在美國的商業行動的影響，價值份額下降了 10 個基點，這遠遠抵消了 AME 和 APMEA 的價值份額收益，後者合計增加了 20 個基點。

Revenue was down 2.6% driven by the US partially offset by resilient performance in AME and APMEA delivering combined revenue growth of 2.2%.

美國營收下降 2.6%，部分被 AME 和 APMEA 的強勁表​​現所抵消，合併收入成長 2.2%。

Now turning to our regions, in the US total revenue was down 7% mainly driven by a combustible's performance and the impact of illicit products on the vapor category.

現在轉向我們的地區，美國的總收入下降了 7%，主要是由於可燃物的性能以及非法產品對蒸氣類別的影響。

As previously discussed, we have continued to actively invest in strengthening our portfolio with the majority of our previously announced investment in commercial initiatives now completed in the first half.

如前所述，我們繼續積極投資加強我們的投資組合，先前宣布的大部分商業計劃投資現已在上半年完成。

Today we'll share more detail on this later on in the presentation.

今天我們將在稍後的演示中分享更多細節。

Adjusted profit from operations was down 5% driven by declining revenue partially offset by efficiency gains, enabling us to expand our margins by 100 basis points.

由於收入下降部分被效率提升所抵消，調整後的營運利潤下降了 5%，這使我們能夠將利潤率擴大 100 個基點。

Adjusting for wholesaler inventory movements, revenue was down less than 5% and adjusted profit from operations was down 2.6%.

調整批發商庫存變動後，收入下降了不到 5%，調整後的營運利潤下降了 2.6%。

US combustibles industry volume was down 10% or 9.5% on a sales to retail basis, excluding inventory movements.

美國可燃物產業銷售量以零售額計算下降 10% 或 9.5%（不包括庫存變動）。

Beyond secular market decline, industry volume was mostly impacted by a combination of macroeconomic headwinds and increasing poly-usage, particularly driven by the growth of illicit single-use vapes.

除了市場長期下滑之外，產業銷售主要受到宏觀經濟逆風和多次使用增加的綜合影響，特別是非法一次性電子煙成長的推動。

Our combustibles volume declined by 13.7% ahead of industry decline, mainly driven by wholesaler inventory movements.

我們的可燃物銷量在行業下滑之前下降了 13.7%，這主要是由於批發商庫存變動所致。

If we exclude the deep discount segment where we are not present, industry decline was nearly 11% in line with our volume decline when adjusted for inventory movements at 11.4%.

如果我們排除我們不存在的大幅折扣部分，行業下降了近 11%，與我們的銷量下降（根據庫存變動調整為 11.4%）一致。

While our volume share is down year-to-date by 10 basis points and value share is down 30 basis points, I am pleased that our commercial plans are delivering signs of volume and value share recovery.

雖然今年迄今我們的銷售份額下降了 10 個基點，價值份額下降了 30 個基點，但我很高興我們的商業計劃顯示出銷售和價值份額恢復的跡象。

Our volume share is up 10 basis points since the last half year, driven by a 90 basis point increase in the premium segment.

自去年下半年以來，在高端市場成長 90 個基點的推動下，我們的銷售份額上升了 10 個基點。

In addition, we have started to recover value share, with a 20 basis point decline since last half year, led by a 20 basis point increase in our premium share, reaching our highest level in four years.

此外，我們已經開始恢復價值份額，自去年以來下降了20個基點，其中保費份額增加了20個基點，達到了四年來的最高水平。

Driven by this progress and adjusted for inventory moves, our combustibles contribution has recovered versus the last half year.

在這項進展的推動下，並根據庫存變動進行調整，我們的可燃物貢獻較上半年有所恢復。

Now looking outside the US, AME is a truly multi-category region.

現在看看美國以外的地區，非洲、中東和非洲是一個真正的多類別地區。

Smokeless products now represent 25% of regional revenues in markets where we are present and over 50% of revenue in 11 markets.

目前，無菸產品占我們所在市場區域收入的 25%，佔 11 個市場收入的 50% 以上。

This drove continued strong regional delivery.

這推動了區域交付的持續強勁。

Revenues grew 5%, driven by higher revenue from combustibles, reflecting a resilient volume performance and pricing, alongside continued new category revenue growth driven by an excellent Modern Oral performance, which was up 47%.

在可燃物收入增加的推動下，營收成長了 5%，反映出有彈性的銷售表現和定價，同時出色的現代口腔表現推動了新類別收入的持續成長，成長了 47%。

Excluding Canada, vapor revenues in AME were up 15%.

除加拿大外，非洲和中東地區的蒸汽收入增加了 15%。

Adjusted profit from operations was up 5%, as we continue to offset the impact of inflation with continued efficiency gains.

調整後的營運利潤成長了 5%，我們繼續透過持續提高效率來抵銷通膨的影響。

In APMEA, we saw resilient performance against a very strong prior year comparator.

在 APMEA 中，我們看到了與去年非常強勁的比較相比的彈性表現。

Total revenue was up 2%, with combustibles revenue up 1%, driven by good pricing, partly offset by the decline -- the industry decline in Australia and supply chain disruptions in Sudan.

受良好定價的推動，總收入增長了 2%，其中可燃物收入增長了 1%，但部分被澳洲行業下滑和蘇丹供應鏈中斷所抵消。

Vapor and the modern oil revenue were both up strongly, driven by geographic expansion and continued progress in emerging markets.

在地域擴張和新興市場持續進步的推動下，蒸氣和現代石油收入均強勁成長。

HP revenue was impacted by our price repositioning in Japan last year.

惠普去年的營收受到我們在日本價格重新定位的影響。

Smokeless products now represent 18% of regional revenue in markets where we are present.

無菸產品目前占我們所在市場區域收入的 18%。

And adjusted profit from operations was up 4%, driven by strong pricing and continued efficiency gains.

在強勁的定價和持續的效率提升的推動下，調整後的營運利潤成長了 4%。

Now returning to our group performance.

現在回到我們的集體表演。

Our operating margin was flat, as we successfully offset high single figure inflation and a nearly 2% transactional FX headwind, with improving new category profitability and continued efficiency gains.

我們的營業利潤率持平，因為我們成功抵消了高個位數通膨和近 2% 的交易性外匯逆風，同時提高了新類別的獲利能力並持續提高效率。

Inflation was mainly related to leaf, which we expect to ease in the second half.

通貨膨脹主要與葉子有關，我們預計下半年會有所緩解。

Turning now to EPS, we delivered organic constant currency adjusted diluted EPS up 1.3%.

現在轉向每股收益，我們的有機固定貨幣調整稀釋每股收益成長了 1.3%。

Our performance benefited from lower net finance costs, tax and share count, which was partially offset by our reduced share of ITC profits.

我們的業績得益於淨財務成本、稅收和股份數量的減少，但我們在 ITC 利潤中所佔份額的減少部分抵消了這一影響。

Our underlying tax rate was 24.4%, and we continue to expect a rate of around 25% for the full year with existing tax rates.

我們的基本稅率為 24.4%，我們繼續預計在現有稅率下全年稅率為 25% 左右。

BAT is a highly cash generative company.

英美菸草公司是一家現金產出能力極強的公司。

Our cash flow conversion of 78% in the first half puts us well on track for another year of cash conversion in excess of 90%, enabled by our continuous improvement mindset and further resource optimization.

上半年我們的現金流轉化率為 78%，這使我們預計在下一年實現超過 90% 的現金流轉化，這得益於我們不斷改進的心態和進一步的資源優化。

Due to the timing of leaf purchases and MSA payments, our cash flow is always second half weighted.

由於菸葉採購和 MSA 付款的時間安排，我們的現金流始終是下半年加權的。

We now expect full year gross capex of around GBP600 million, below adjusted depreciation and amortization.

我們目前預計全年總資本支出約為 6 億英鎊，低於調整後的折舊和攤提。

This is above our previous guidance of GBP550 million, as we expand production capacity in the fast growing Modern Oral category.

這高於我們之前 5.5 億英鎊的指導，因為我們擴大了快速增長的現代口腔類別的產能。

We are making good progress on de-leverage and expect to be within our narrow target range of 2 to 2.5 times at year end.

我們在去槓桿方面取得了良好進展，預計年底將達到 2 至 2.5 倍的狹窄目標範圍內。

We have seen some improvement in the interest rate environment with lower rates and tightening credit spreads.

我們看到利率環境改善，利率降低，信貸利差收緊。

This together with the cash we received from the ITC asset sale has resulted in lower than expected net finance costs.

這與我們從 ITC 資產出售中收到的現金一起導致淨財務成本低於預期。

As a result, we now expect full year net finance costs to be around GBP1.7 billion, subject to both effects and interest rate volatility.

因此，我們現在預計全年淨財務成本約為 17 億英鎊，受到影響和利率波動的影響。

As we continue our transformation journey, we are focused on the importance of disciplined capital allocation and strong shareholder returns.

當我們繼續轉型之旅時，我們關注嚴格的資本配置和強勁的股東回報的重要性。

We are committed to a progressive dividend and we are making good progress on de-leverage.

我們致力於派發漸進式股息，並且在去槓桿化方面取得了良好進展。

We are committed to a sustainable share buyback and in March we re-initiated a share buyback, starting with GBP700 million in 2024 and GBP900 million next year, enabled by the monetization of a portion of our ITC stake.

我們致力於永續的股票回購，並於 3 月重新啟動了股票回購，從 2024 年開始回購 7 億英鎊，明年回購 9 億英鎊，這得益於我們部分 ITC 股份的貨幣化。

Looking forward, we are making targeted investment choices to drive our medium term sustainable growth algorithm.

展望未來，我們正在做出有針對性的投資選擇，以推動我們的中期永續成長演算法。

As expected, our first half performance was impacted by continued macroeconomic pressures and investment in our commercial actions.

正如預期的那樣，我們上半年的業績受到持續的宏觀經濟壓力和商業行動投資的影響。

We are confident that our second half will accelerate and we remain on track to deliver low-single digit organic revenue and adjusted profit from operations growth, including a 2% transactional FX headwind for the full year.

我們相信下半年將加速發展，並且我們仍有望實現低個位數的有機收入和營運成長帶來的調整後利潤，包括全年 2% 的交易外匯逆風。

Extrapolating current spot rates, we anticipate currency translation to be a 4% headwind on full year adjusted profit from operations growth.

根據目前即期匯率推斷，我們預期貨幣換算將對全年調整後營運成長利潤產生 4% 的阻力。

Now beyond 2024, we expect to progressively improve our delivery to 3% to 5% organic revenue growth and mid-single digit adjusted profit from operations growth on an organic constant currency basis by 2026.

現在，到 2024 年之後，我們預計到 2026 年，我們的有機收入成長將逐步提高至 3% 至 5%，營運成長帶來的調整後利潤將在 2026 年實現中個位數。

And with that, I will hand back to Tadeu.

接下來，我將把事情交還給塔德烏。

Thank you.

謝謝。

Thank you, Soraya.

謝謝你，索拉雅。

I would now like to spend a few moments outlining the opportunity and pathway ahead for BAT and why we are confident we can deliver an acceleration in our second half performance.

現在，我想花一些時間概述英美菸草未來的機會和道路，以及為什麼我們有信心在下半年實現加速業績。

There are four clear accelerators that we expect to drive our second half delivery.

我們預計有四個明顯的加速器將推動下半年的交付。

Improving US performance, innovations in all three new categories, driving double digit revenue growth for the full year.

美國業績的改善以及所有三個新類別的創新，推動了全年兩位數的收入成長。

In addition, we are lapping a softer comparator in APMEA and expect a continuous strong performance in AME.

此外，我們正在 APMEA 中研磨較軟的比較器，並期望 AME 中持續強勁的表現。

As a result, we remain confident in delivering our guidance for 2024.

因此，我們對提供 2024 年的指導仍然充滿信心。

Looking at the US premium segment, we can see a clear correlation between consumer sentiment and premium segment volume trends.

看看美國的高端市場，我們可以看到消費者信心和高端市場銷售趨勢之間有明顯的相關性。

Historic macroeconomic shocks have had a significant impact on consumer sentiment, and this in turn has driven accelerated decline in premium volumes.

歷史性的宏觀經濟衝擊對消費者信心產生了重大影響，進而導致保費加速下降。

However, over time, as consumer confidence levels improve, premium volume decline typically stabilize, returning to a more normalized level.

然而，隨著時間的推移，隨著消費者信心水準的提高，保費銷售的下降通常會穩定下來，恢復到更正常的水平。

Although the US market continues to evolve, we believe this further supports our outlook for improving US delivery over the medium term.

儘管美國市場持續發展，但我們相信這進一步支持了我們在中期內改善美國交付的前景。

A key feature of our industry in recent years has been the strength of the deep discount segment, as consumers look to make their dollars stretch further.

近年來，我們行業的一個關鍵特徵是深度折扣細分市場的實力，因為消費者希望進一步節省開支。

We are now starting to see deep discount volume growth slow dramatically, with market share remaining broadly flat since the third quarter of last year.

我們現在開始看到深度折扣量的成長急劇放緩，市佔率自去年第三季以來基本上持平。

At the same time, the branded value segment has grown volume share, with BAT increasing its segment share led by Lucky Strike.

同時，品牌價值細分市場的銷售份額有所增長，英美菸草 (BAT) 增加了以 Lucky Strike 為首的細分市場份額。

While we have not assumed a macro improvement in our full year guidance, we believe this early indication of low-end consumer recovery could provide a tailwind in the medium term.

儘管我們並未假設全年指引會出現宏觀改善，但我們相信，低端消費者復甦的早期跡象可能會在中期提供推動力。

I want to share some more color on the portfolio actions we have taken, and why we are confident these will drive an improving performance moving forward.

我想分享更多有關我們已採取的投資組合行動的信息，以及為什麼我們有信心這些行動將推動未來業績的改善。

In premium, we have invested in Newport soft pack in key investment states, creating a ladder portfolio which has driven a recovery in Newport's share of the total premium segment.

在高端市場，我們在關鍵投資州投資了Newport軟包，創建了階梯投資組合，推動了Newport在高端市場總份額的復甦。

This has enabled us to drive a 30% reduction in smokers switching out of the Newport brand family, resulting in an 80% reduction in low-end growth in the 19 states where Newport soft pack has been deployed.

這使我們能夠將不再使用 Newport 品牌系列的吸煙者減少 30%，從而使已部署 Newport 軟包裝的 19 個州的低端增長減少 80%。

Taking a step back, we have a balanced portfolio of brands across all price points.

退一步說，我們在所有價位上擁有均衡的品牌組合。

Through our commercial initiatives, we have driven consistent value share gains in both the premium segment with Natural American Spirit and in the branded value segment with Lucky Strike.

透過我們的商業計劃，我們在 Natural American Spirit 的高端細分市場和 Lucky Strike 的品牌價值細分市場推動了持續的價值份額成長。

Natural American Spirit's distinctive brand positioning in the super premium segment benefits from a highly loyal consumer base, while Lucky Strike relaunched three years ago remains the fastest-growing cigarette brand in the market.

Natural American Spirit 在超高端市場的獨特品牌定位得益於高度忠誠的消費者基礎，而三年前重新推出的 Lucky Strike 仍然是市場上成長最快的捲菸品牌。

A key element of our commercial investment has been expanding our contractor distribution universe over the last 12 months to reach 88% coverage.

我們商業投資的關鍵要素是在過去 12 個月內擴大我們的承包商分銷範圍，以達到 88% 的覆蓋率。

This has significantly improved our competitive position by offering more of our retailer partners increased its sales force support.

透過為我們的更多零售商合作夥伴提供更多的銷售團隊支持，顯著提高了我們的競爭地位。

This has driven a 2.3 percentage point increase in volume chain these newly contracted outlets with share gains across our brands.

這使得這些新簽約門市的銷售量增加了 2.3 個百分點，我們品牌的市佔率也有所增加。

In addition, this has led to a 1.6% decline in the deeper discount segment in these outlets.

此外，這也導致這些商店的深度折扣部分下降了 1.6%。

Altogether with this previously announced commercial initiatives now in place, we are confident that our actions will drive a better second half performance in the US and further strengthen our portfolio over the medium to long term.

加上先前宣布的商業計劃現已到位，我們相信我們的行動將推動美國下半年更好的業績，並在中長期進一步加強我們的投資組合。

Turning to regulation.

轉向監管。

We continue to advocate for more appropriate regulation and enforcement of new categories, especially in US vapor.

我們繼續主張對新類別進行更適當的監管和執行，特別是在美國蒸汽領域。

During the first half, we saw an increase in enforcement action from the FDA with increasing fines, import refusals and seizures.

上半年，我們看到 FDA 的執法行動增加，罰款、拒絕進口和扣押的數量不斷增加。

In addition, the US Justice Department and FDA recently announced the creation of a task force designed to harness the enforcement capabilities of multiple federal agencies to combat illicit products.

此外，美國司法部和 FDA 最近宣布成立一個特別工作小組，旨在利用多個聯邦機構的執法能力打擊非法產品。

However, the success of legal products is dependent on the FDA doing more to tackle illicit vapor.

然而，合法產品的成功取決於 FDA 採取更多措施來解決非法蒸氣問題。

To support this, we continue to advocate for the publication of a PMTA list, which would provide clarity to all market participants.

為了支持這一點，我們繼續主張發布 PMTA 清單，這將為所有市場參與者提供清晰的資訊。

I'm pleased that just last week, the US International Trade Commission announced it will investigate our patent infringement complaint against the manufacturers, distributors and retailers of single-use illicit products.

我很高興，就在上週，美國國際貿易委員會宣布將對我們針對一次性非法產品製造商、分銷商和零售商的專利侵權投訴進行調查。

In addition, the ITC continues its investigation of our complaint against the unfair import of this illicit products.

此外，美國國際貿易委員會 (ITC) 繼續對我們針對該非法產品不公平進口的投訴進行調查。

Clearly, the pressure for enforcement is building.

顯然，執法壓力正在增加。

However, much more needs to be done to drive a meaningful impact over the medium term.

然而，要在中期內產生有意義的影響，還需要做更多的工作。

At the state level, Vapor directory or enforcement legislation has now been passed in 13 states, meaning once implemented, 31% of the tracked vapor industry volume will be covered by state directories.

在州一級，蒸氣目錄或執法立法現已在 13 個州通過，這意味著一旦實施，所追蹤的蒸氣行業總量的 31% 將被納入州目錄。

In Louisiana, the first state to implement a vapor directory with significant enforcement in October 2023, we are starting to see listed product volume decline with views out of capturing the majority of the volume flow back into the legal segment.

路易斯安那州是第一個於 2023 年 10 月實施蒸汽煙目錄並大力執行的州，我們開始看到列出的產品數量下降，因為人們不希望將大部分數量流回合法領域。

As a blueprint, Louisiana is a powerful example of what can be achieved.

作為藍圖，路易斯安那州是可以實現的目標的強大範例。

However, it's important to note that the scope of vapor directories and regulation differs materially by states and that much more needs to be done to ensure effective enforcement of these regulations.

然而，值得注意的是，各州的蒸氣目錄和監管範圍存在很大差異，並且需要做更多工作來確保這些法規的有效執行。

Turning now to our Heated Products.

現在轉向我們的加熱產品。

As Soraya shared, we are starting to see a turnaround in glo performance driven by Hyper Pro.

正如 Soraya 分享的那樣，我們開始看到 Hyper Pro 推動的 glo 效能好轉。

With the majority of our launches now in place in the first half, we are confident we can build on this momentum through the rest of the year.

由於我們的大部分產品已在上半年推出，我們有信心在今年剩餘時間內繼續保持這一勢頭。

The step change in performance is clear, with volume share gains in key HP markets, Japan, Italy and Poland.

業績的階梯變化是顯而易見的，惠普主要市場日本、義大利和波蘭的銷售份額增加。

Our Pro device has a premium price positioning and the launch of our upgraded consumables has enabled us to take price increase in key markets.

我們的 Pro 設備具有溢價定位，升級耗材的推出使我們能夠在關鍵市場上提高價格。

Importantly, since December, our value chain in these key markets is now growing faster than our volume share, reflecting the strength of our innovations and commercial actions.

重要的是，自 12 月以來，我們在這些關鍵市場的價值鏈的成長速度快於我們的銷售份額，反映了我們的創新和商業行動的實力。

So what has driven this turnaround?

那麼是什麼推動了這項轉變呢？

I have been very transparent that we needed to do more to strengthen our HP performance, and this all begins with better products.

我一直非常坦率地表示，我們需要採取更多措施來增強我們的惠普績效，而這一切都始於更好的產品。

Leveraging our consumer insights, glo Hyper Pro and consumables are resonating strongly with consumers across key attributes such as brand equity and perception.

憑藉我們的消費者洞察，glo Hyper Pro 和消耗品在品牌資產和認知等關鍵屬性上與消費者產生了強烈共鳴。

It is also driving an increasing in average daily consumption amongst global consumers.

它也推動了全球消費者平均每日消費的成長。

These launch are the first step in our enhanced innovation pipeline for Heated Products.

這些產品的推出是我們增強加熱產品創新管道的第一步。

And that's a significant driver in the progress we are making to improve glo's category contribution.

這是我們在提高 glo 類別貢獻方面取得進展的重要推動力。

In Vapour, we have started to roll out exciting innovations with significant launch plans for the second half.

在 Vapour 中，我們已開始推出令人興奮的創新，並計劃在下半年推出重要的產品。

Vuse Go 2.0, our newest single-use vapor delivers improved sensorials with superior heating technology.

Vuse Go 2.0 是我們最新的一次性蒸氣產品，透過卓越的加熱技術提供改進的感官體驗。

Importantly, this is our first device with removable battery which together with the device lock directly addresses key sustainability and safety concerns.

重要的是，這是我們第一款配備可拆卸電池的設備，它與設備鎖一起直接解決了關鍵的永續性和安全性問題。

We continue to upgrade our rechargeables experience with our new Vuse Go Reload device, which pairs with our improved views flavors.

我們繼續透過新的 Vuse Go Reload 設備升級我們的充電體驗，該設備與我們改進的視圖風格相結合。

Vuse Go Reload provides the flexibility and convenience of single-use products with a rechargeable device.

Vuse Go Reload 透過可充電設備提供一次性產品的靈活性和便利性。

And earlier this month, in the US, we entered the emerging zero nicotine space with the launch of Sensa.

本月早些時候，在美國，我們推出了 Sensa，進入了新興的零尼古丁領域。

Putting all this together, we are confident these innovations can drive an improved Vuse performance in the second half.

綜上所述，我們相信這些創新能夠在下半年推動 Vuse 性能的提升。

In Modern Oral, we are reinvigorating our US portfolio.

在現代口語中，我們正在重振我們的美國產品組合。

I'm delighted by the performance of our refreshed Velo brand expression in our New York pilot, which has driven volume share up 7.2 percentage points to June versus pre-pilot levels reaching 16.5%.

我對我們在紐約試點中煥然一新的 Velo 品牌表現的表現感到非常高興，這使得 6 月份的銷量份額比試點前的 16.5% 提高了 7.2 個百分點。

As a result of this success, earlier this year, we commenced a national rollout of refreshed Velo.

由於取得了這一成功，今年早些時候，我們開始在全國推出更新後的 Velo。

Utilizing our consumer insights, we continue to innovate to broaden our offering and appeal to both traditional auto consumers through Grizzly Modern Oral, and internationally, by enhancing our flavors range.

利用我們對消費者的洞察，我們不斷創新，擴大我們的產品範圍，透過 Grizzly Modern Oral 吸引傳統汽車消費者，並透過增強我們的口味系列來吸引國際消費者。

As you can see, we have exciting new innovations in markets in each new category to drive our second half acceleration.

正如您所看到的，我們在每個新類別的市場中都有令人興奮的新創新，以推動我們下半年的加速。

I am encouraged that our new category launches and our first half commercial investments to strengthen our US combustible portfolio are gaining traction, which together with the unwinding of US wholesaler inventory movements, I'm confident we'll drive an acceleration of our group performance in the second half.

我感到鼓舞的是，我們新類別的推出和上半年為加強我們的美國可燃產品組合而進行的商業投資正在獲得牽引力，再加上美國批發商庫存變動的緩解，我相信我們將推動我們集團業績的加速下半場。

As a result, we are on track to deliver our full year guidance.

因此，我們有望提供全年指導。

In conclusion, 2024 is an investment year for BAT.

綜上所述，2024年是BAT的投資年。

We are sharpening our execution to navigate near-term market challenges and set the business up for a stronger future.

我們正在加強執行力，以應對近期的市場挑戰，並為業務創造更美好的未來。

We will continue to reward shareholders throughout our transformation driven by consistent cash flows, disciplined capital allocation and strong shareholder returns.

在持續的現金流、嚴格的資本配置和強勁的股東回報的推動下，我們將在整個轉型過程中繼續回報股東。

While there is much to do, our focus on quality growth is building momentum, and I'm confident this is the right approach to ensure we deliver long-term growth and value creation.

儘管還有很多工作要做，但我們對高品質成長的關注正在積聚動力，我相信這是確保我們實現長期成長和價值創造的正確方法。

Thank you for listening.

感謝您的聆聽。

We will now be joined on stage by Victoria for the question-and-answer session.

維多利亞現在將在台上與我們一起參加問答環節。

Thank you.

謝謝。

Figures or I or outlook.

數字或我或展望。

I would now like to spend a few moments outlining the opportunity to and pathway ahead for beauty and why we are confident we can deliver an acceleration or second-half performance.

現在，我想花一些時間概述美容的機會和前進的道路，以及為什麼我們有信心能夠實現加速或下半年的業績。

There are four clear accelerators that we expect to drive our second half delivery, improving US performance innovations in all three new categories driving double digit revenue growth for the full year. In addition, we are lapping a softer comparator and they're up near and expect the continued strong performance. Cme. As a result, we remain confident in delivering our guidance for 2024.

我們預計有四個明顯的加速器將推動下半年的交付，改善美國在所有三個新類別中的績效創新，從而推動全年兩位數的收入成長。此外，我們正在研磨一個更軟的比較器，他們已經接近並期望持續強勁的性能。來吧。因此，我們對提供 2024 年的指導仍然充滿信心。

Looking at the US premium segment, we can see a clear correlation between consumer sentiment in premium segment volume trends. Historically, macroeconomic shocks have had a significant impact on consumer sentiment, and these in turn has driven an accelerated decline in premium volumes. However, over time, as consumer confidence levels improve, premium volume declined to produce stabilize, returning to more normalized level.

看看美國高端市場，我們可以看到消費者情緒與高端市場銷售趨勢之間有明顯的相關性。從歷史上看，宏觀經濟衝擊對消費者信心產生了重大影響，進而導致保費量加速下降。然而，隨著時間的推移，隨著消費者信心水準的提高，保費量下降產生穩定，恢復到更正常化的水平。

Although the US market continues to evolve, we believe this further supports our outlook for improving US delivery over the medium term. A key feature of our industry in recent years has been the strength of the deep discount segment as consumers look at to make a big stretch further, we are now starting to see deep discount volume growth slowed dramatically with market share remaining broadly flat since the third quarter of last year. At the same time, the branded value segment has grown. Volume share would be to increase each segment's share led by Lucky Strike.

儘管美國市場持續發展，但我們相信這進一步支持了我們在中期內改善美國交付的前景。近年來，我們行業的一個關鍵特徵是深度折扣細分市場的實力，因為消費者希望進一步擴大折扣，我們現在開始看到深度折扣數量的增長急劇放緩，市場份額自第三季度以來基本持平。去年第四季。同時，品牌價值部分也在成長。銷售份額將增加以 Lucky Strike 為首的各細分市場的份額。

While we have not assumed the macro improvements in our full year guidance for Aimco recovered could provide a tailwind in the medium term. I want to share some more color on the portfolio actions we have taken and why we are confident these will drive an improving performance moving forward. In premium. We have invested in Newport soft back in key investments, states creator leather portfolio, which has driven a recovery Newport's share of the total premium segment.

儘管我們並未假設 Aimco 全年指引中的宏觀改善能夠在中期提供推動力。我想分享更多有關我們已採取的投資組合行動的信息，以及為什麼我們有信心這些行動將推動未來業績的改善。溢價。創建者皮革投資組合表示，我們在關鍵投資中投資了紐波特軟背，這推動了紐波特在整個高端市場中的份額的復甦。

This has enabled us to drive a 30% reduction in smokers switching out of the Newport brand family, resulting in an 80% reduction in the low end growth in the 19 states where Newport SoftBank has been deployed. Taking a step back, we have a balanced portfolio of brands across all price points through our commercial initiatives. We have driven consistent value share gains in both the premium segment with Natural American Spirit and in the branded value segments would look strike.

這使我們能夠將不再使用 Newport 品牌系列的吸菸者減少 30%，從而使 Newport SoftBank 部署的 19 個州的低端增長減少 80%。退一步說，透過我們的商業計劃，我們在所有價位上擁有均衡的品牌組合。我們在天然美國烈酒的高端細分市場和品牌價值細分市場都推動了持續的價值份額成長，這將帶來衝擊。

Natural American Spirit's distinctive brand positioning in the super-premium segment. Benefits from a whole are highly loyal consumer base. Why it looks strike larger three years ago remains the fastest growing cigarette brands in the markets. A key element of our commercial investment has been expanding our contractor distribution universe over the last 12 months to reach 88% coverage. This has significantly improved our competitive position by offering more of our retailer partners increase its sales force support. This has driven a 2.3 percentage points increase in volume share in these newly contracted outlets. With share gains across our brands.

天然美國烈酒在超高端市場的獨特品牌定位。整體受益的是高度忠誠的消費者群。為什麼它在三年前看起來規模更大，仍然是市場上成長最快的捲菸品牌。我們商業投資的關鍵要素是在過去 12 個月內擴大我們的承包商分銷範圍，以達到 88% 的覆蓋率。透過為我們的更多零售商合作夥伴提供更多的銷售團隊支持，顯著提高了我們的競爭地位。這使得這些新簽約據點的銷售份額增加了 2.3 個百分點。我們品牌的份額不斷增加。

In addition, this has led to a 1.6% decline in the deep discount segment in these outlets oh two. But with this previously announced that commercial initiatives now in place, we are confident that our actions will drive a better second half performance in the US and further strengthen our portfolio over the medium to long term future regulation, we continue to advocate for a more appropriate regulation and enforcement of new categories, especially in US vapor.

此外，這也導致這些商店的深度折扣部分下降了 1.6%哦！但鑑於先前宣布的商業舉措現已到位，我們有信心我們的行動將推動美國下半年業績更好，並在未來中長期監管中進一步加強我們的投資組合，我們繼續主張採取更適當的措施新類別的監管和執行，特別是在美國蒸汽領域。

During the first half, we saw an increase in enforcement action from the FDA with increasing finds import refusals in seizures. In addition, the US Justice Department, and that's the recently announced the creation of a task force designer to harness the enforcement capabilities of multiple federal agencies to combat illicit products.

上半年，我們看到 FDA 的執法行動增加，查獲的拒絕進口案件也增加。此外，美國司法部最近宣布成立一個特別工作組設計者，以利用多個聯邦機構的執法能力來打擊非法產品。

However, the success of products is dependent on that be doing more spectacular illicit vapor. To support this, we continue to advocate for the publication of IPMT list, which would provide clarity to all market participants.

然而，產品的成功取決於是否能做出更引人注目的非法蒸氣。為了支持這一點，我們繼續倡導發布 IPMT 清單，這將為所有市場參與者提供清晰的資訊。

I'm pleased that just last week, the US International Trade Commission announced that it will investigate our patent infringement complaint against the manufacturers, distributors and retailers of single use illicit products. In addition, the ITC continues its investigation of of our complaint against the unfair import of these illicit products. Clearly, the pressure for enforcement is building, however, much more needs to be done to drive a meaningful impact over the medium term.

我很高興，就在上週，美國國際貿易委員會宣布將對我們針對一次性非法產品製造商、分銷商和零售商的專利侵權投訴進行調查。此外，美國國際貿易委員會繼續對我們對這些非法產品不公平進口的投訴進行調查。顯然，執法壓力正在增加，但要在中期產生有意義的影響，還需要做更多的工作。

At the state level, vapor directory or enforcement legislation has now been passed. The 13 states, meaning was implemented 31% of the tracker vapor industry volume will be covered by state directories in Louisiana, the first states to implement a vapor directory with significant enforcement, the October 2023, we are starting to see listed product volume decline with views out to capturing the majority of the Board and flow back into the Legal segment.

在州一級，蒸汽目錄或執法立法現已通過。路易斯安那州實施了13 個州，這意味著31% 的追蹤蒸汽行業銷量將被納入州目錄，該州是第一個實施蒸汽目錄並大力執行的州，到2023 年10 月，我們開始看到列出的產品數量下降旨在獲得董事會的多數席位並回流至法律部門。

As a blueprint, Louisiana is a powerful example of what can be achieved. However, it's important to note that the so-called vapor directories and regulation differs materially by speeds, and that's much more needs to be done to ensure effective enforcement of these regulations. Turning now to a heated products, SRI, a shared we are starting to see a turnaround in low performance, driven by high per proved with the majority of our launches now in place in the first half. We are confident we can build on this momentum through the rest of the year.

作為藍圖，路易斯安那州是可以實現的目標的強大範例。然而，值得注意的是，所謂的蒸汽目錄和法規在速度方面存在重大差異，為了確保有效執行這些法規，還需要做更多的工作。現在轉向熱門產品，SRI，我們開始看到低性能的好轉，這是由高效率驅動的，我們的大部分產品已在上半年推出。我們有信心在今年剩餘時間內繼續保持這股勢頭。

The step change in performance is clear with volume share gains in key HP markets, Japan, Italy and Poland. Our Pro device has a premium price positioning, and the launch of the our proprietary consumables has enabled us to take price increase in key markets. Importantly, since December, our value share in these key markets is now growing faster than our volumes, reflecting the strength of our innovations and commercial actions.

隨著惠普主要市場日本、義大利和波蘭銷售份額的成長，業績的階躍變化是顯而易見的。我們的 Pro 設備具有溢價定位，並且我們專有耗材的推出使我們能夠在關鍵市場上提高價格。重要的是，自 12 月以來，我們在這些關鍵市場的價值份額成長速度快於銷售成長速度，反映了我們創新和商業行動的實力。

So what has driven this turnaround? I have been very transparently that we needed to do more to strength our HB performance. And these all begins with better products. Leveraging consumer insights will hyper Pro and consumables are resonating strongly with consumers across key attributes such as brand equity and perception is also driving an increasing in average daily consumption amongst consumers. These loans are the first step in our enhanced innovation pipeline for heating products and that a significant driver in the progress we are making to improve close category contribution

那麼是什麼推動了這項轉變呢？我一直非常坦率地表示，我們需要採取更多措施來加強我們的 HB 績效。而這一切都始於更好的產品。利用消費者洞察，超級專業人士和消費品在品牌資產和認知等關鍵屬性上與消費者產生強烈共鳴，也推動了消費者平均每日消費的成長。這些貸款是我們加強暖氣產品創新管道的第一步，也是我們在提高緊密類別貢獻方面取得進展的重要推動力

In brief, but we have started to rollout exciting innovations with significant launch plans for the second half views grew 2.0. Our newest single use vapor delivers improved since Oreos with superior heating technology. Importantly, this is our first device with the removable battery, which together with the device look directly addresses key sustainability and safety concerns. We continue to upgrade our rechargeables experience with our new views go below the device, which bears Rebel, improving the views. Flavors views grew reloads provides the flexibility and convenience of single use products with a rechargeable device.

簡而言之，我們已經開始推出令人興奮的創新，並計劃在下半年推出 2.0 瀏覽量成長的重大計劃。我們最新的一次性蒸汽產品自奧利奧 (Oreos) 以來，憑藉卓越的加熱技術進行了改進。重要的是，這是我們第一款配備可拆卸電池的設備，它與設備外觀一起直接解決了關鍵的永續性和安全性問題。我們繼續升級我們的充電體驗，我們的新視圖位於具有 Rebel 的設備下方，改善了視圖。口味視圖增長的重新加載提供了具有可充電設備的一次性產品的靈活性和便利性。

And earlier this month in the US, we entered the emerging zero equity in space with the launch of sensor. Putting all this together, we are confident these innovations can drive and improve the views performance in the second half .

本月早些時候，在美國，我們推出了感測器，進入了新興的太空零資產領域。綜上所述，我們相信這些創新能夠推動並改善下半年的觀看表現。

You may know, we are reinvigorating our our US portfolio. I'm delighted by the performance of our refresh villa brand expression in our New York pilots, which has driven volume share up 7.2 percentage points to June versus pre-pilot levels reaching 16.5%. The result of this success. Earlier this year, we commenced a national rollout utilizing our consumer insights.

您可能知道，我們正在重振我們的美國投資組合。我對紐約試點計畫中我們的全新別墅品牌表達的表現感到非常高興，這使得 6 月份的銷量份額比試點前的 16.5% 提高了 7.2 個百分點。這次成功的結果。今年早些時候，我們利用我們的消費者洞察開始在全國推廣。

We continue to innovate to broaden our offering and appeal to both traditional auto consumers through Grizzly, modern, oral and internationally by enhancing our Flavors range. As you can see, we have exciting new innovations in markets in each new category to drive our second-half acceleration. I am encouraged that our new category launches and our first half commercial investments to strengthen our US combustible portfolio are gaining traction, which together with the unwinding of US wholesale inventory movements, I'm confident will drive and will drive an acceleration of our group performance in the second half. As a result, we are on track to deliver our full-year guidance.

我們不斷創新，擴大我們的產品範圍，並透過 Grizzly、現代、口頭和國際方式增強我們的口味系列來吸引傳統汽車消費者。正如您所看到的，我們在每個新類別的市場中都有令人興奮的新創新，以推動我們下半年的加速發展。令我感到鼓舞的是，我們的新類別推出和上半年為加強我們的美國可燃產品組合而進行的商業投資正在獲得牽引力，再加上美國批發庫存變動的緩解，我相信將推動我們集團業績的加速在下半場。因此，我們有望提供全年指導。

In conclusion, 2024 is an investment year for BAT. We are sharpening our execution to navigate near-term market challenges and set the business up for a stronger future. We will continue to reward shareholders throughout our transformation, driven by consistent cash flows, discipline and disciplined capital allocation and strong shareholder returns. While there's more to do our focus on quality growth is building momentum. And I'm confident this the right approach to ensure we deliver long-term growth and value creation.

綜上所述，2024年是BAT的投資年。我們正在加強執行力，以應對近期的市場挑戰，並為業務創造更美好的未來。在持續的現金流、嚴格的資本配置和強勁的股東回報的推動下，我們將在整個轉型過程中繼續回報股東。儘管還有更多工作要做，但我們對品質成長的關注正在積聚動力。我相信這是確保我們實現長期成長和價值創造的正確方法。

Thank you for listening. We'll now be joined on stage by Victoria for the question and answer session.

感謝您的聆聽。維多利亞現在將在台上加入我們的問答環節。

Thank you, Tadeu, and good morning, everyone.

謝謝你，塔德烏，大家早安。

(Event Instructions) Tadeu and Soraya will be very happy to take your questions.

（活動說明）Tadeu 和 Soraya 將非常樂意回答您的問題。

And I will now hand over to the conference call operator.

現在我將把工作交給電話會議接線員。

Rashad Kawan, Morgan Stanley.

拉沙德·卡萬，摩根士丹利。

Hey, good morning, Tadeu and Soraya.

嘿，早上好，塔德烏和索拉亞。

Thanks for taking my questions and congrats on the results.

感謝您回答我的問題，並對結果表示祝賀。

A couple for me, both on the US, please.

請給我一對，都在美國。

On the combustibles market, if I compare to '21, where you laid out the impacts to the market, what you have in the full year, the key deterioration is coming from higher elasticities.

在可燃物市場上，如果我與 21 年相比，你列出了全年對市場的影響，那麼關鍵的惡化來自於更高的彈性。

Is that purely from increased poly-usage, you think?

您認為這純粹是由於多次使用的增加嗎？

Or is it just less volume of smokers are cutting back given the pricing environment, a weak sentiment overall?

還是只是考慮到定價環境，整體情緒疲軟，吸菸者減少吸菸量？

I guess have you seen a material change in consumer elasticity in US combustibles?

我想您是否看到美國可燃物的消費者彈性發生了重大變化？

And then my second question is on Modern Oral again in the US I mean the acceleration we're seeing a bit of a surprise, to be honest, given you still don't have your more superior obviously European product in the US Is it just about the brand refresh you've done?

然後我的第二個問題又是關於美國的現代口語，說實話，我們看到的加速有點令人驚訝，因為在美國仍然沒有更優越的明顯歐洲產品，這只是關於你所做的品牌更新？

Are you benefiting a little bit from the shortages by one of your peers there?

您是否從同行的短缺中受益匪淺？

Any more color on what's going on in US Modern Oral, I think.

我想，對美國現代口語中發生的事情還有更多的看法嗎？

Thanks, again.

再次感謝。

Okay, Rashad, look, on the US combustible, we are not seeing a massive deterioration in terms of elasticity in the cigarettes.

好吧，拉沙德，看，就美國可燃物而言，我們沒有看到捲菸彈性的大幅惡化。

What is impacting us in the industry as a whole is a combination of a very difficult macro environment.

對我們整個產業產生影響的是非常困難的宏觀環境。

Remember that we came from the pandemic times of a lot of support from state federal level to consumers that was really reversed completely, was taken out completely.

請記住，我們經歷了大流行時期，州聯邦層級對消費者的大量支持實際上被完全逆轉，並被完全取消。

And at the same time, the consumer got heated by very high levels of inflation and very high levels of interest rates as well and put mostly low-income consumers under a lot of stress financially.

同時，消費者因極高的通膨率和極高的利率而變得狂熱，使大多數低收入消​​費者面臨巨大的財務壓力。

So this clearly has an impact, and it's reflecting the consumer sentiment.

因此，這顯然會產生影響，並反映了消費者的情緒。

That's why we show in our presentation, the correlation.

這就是我們在演示中展示相關性的原因。

Now there are the obvious driver for that is the proliferation of the illegal vapor single-use products in the US.

現在，明顯的驅動因素是美國非法一次性蒸汽產品的擴散。

And the category continues to grow despite the fact that the legal part of it is actually reducing now is all the growth is more than compensating the reduction on the legal side and going into those illicit, and this is putting more pressure on that.

儘管該類別的合法部分現在實際上正在減少，但該類別仍在繼續增長，所有增長都不僅僅是補償合法方面的減少並進入非法領域，這對此施加了更大的壓力。

So these are the major drives that's why we are seeing this high-single digit industry decline in the US.

因此，這些是主要驅動力，這就是我們看到美國產業出現高個位數衰退的原因。

It's good to note that we are seeing some first green shoots in terms of the macroeconomics.

值得注意的是，我們正在看到宏觀經濟方面的一些初步萌芽。

The inflation is coming down.

通貨膨脹正在下降。

Weight inflation is catching up and narrowing the gap with the overall inflation.

體重通膨正在追趕並縮小與整體通膨的差距。

We are seeing a small uptick in consumer sentiment more recently, and this, combined with a potential Fed move in terms of reduced interest rates by end of the year, could all be positive more towards 2025-2026.

我們最近看到消費者信心小幅上升，再加上聯準會可能在年底前降息，這可能對 2025-2026 年產生更多正面影響。

Now your question about poly-usage is the right one, because at the end, we are seeing more poly-users dynamic in the US market.

現在，您關於多用途的問題是正確的，因為最終，我們看到美國市場上有更多的多用戶動態。

So remember that before the pandemic, we used to see secular decline in the US around 4% to 5%.

因此請記住，在大流行之前，我們曾經看到美國經濟長期下降約 4% 至 5%。

I think that this high end of the range now will be as soon as things stabilize on the macroeconomic side, become the low end of the range, a new range around 5% to 7%.

我認為，一旦宏觀經濟方面穩定下來，這個範圍的高端就會成為該範圍的低端，一個新的範圍在 5% 到 7% 左右。

I would say that is the best guess that we have moving forward when things start stabilizing.

我想說，這是當情況開始穩定時我們會繼續前進的最佳猜測。

And we see at least a minimal level of enforcement on the illegal products.

我們看到對非法產品至少有最低程度的執法。

Now the Modern Oral question you are referring to, look, I think that most of the driver of the improvement has had to do with our new expression of the brand, because we pilot since Q3 last year in New York, and we were already seeing some traction there before seeing any type of distribution issues with competitors in the market.

現在，您提到的現代口語問題，看，我認為改進的大部分驅動力與我們對品牌的新表達有關，因為我們自去年第三季度以來在紐約進行了試點，我們已經看到在看到在市場上競爭對手出現任何類型的分銷問題之前，已經有一定的吸引力。

So obviously, this more recently case probably is also helping to drive some growth in our offer.

顯然，最近的這個案例也可能有助於推動我們的報價成長。

But you have to remember that we already grew in New York at the end of last year.

但你必須記住，我們去年底就已經在紐約發展了。

And that's the reason why we decided to do the national rollout in the first quarter of this year.

這就是我們決定在今年第一季進行全國推廣的原因。

And for sure, we have now Grizzly also in a new offer.

當然，我們現在也為 Grizzly 提供了新的報價。

It's early days.

現在還早。

Of course, we saw a lot of consumers of Grisly actually moving our interest in these new emerging segments.

當然，我們看到許多 Grisly 消費者實際上將我們的興趣轉向了這些新興細分市場。

And we are trying to contemplate this within a very strong brand power, which is Grizzly in the US.

我們正試圖在一個非常強大的品牌力量中思考這一點，這就是美國的 Grizzly。

Thank you very much.

非常感謝。

Gaurav Jain, Barclays

高拉夫‧賈恩 (Gaurav Jain)，巴克萊銀行

Hi, good morning.

早安.

I have three questions.

我有三個問題。

So first one is for Soraya.

第一個是給索拉雅的。

So if I look at your FX guidance, there is a 4% headwind, and that has been a structural issue with BAT given your presence in so many emerging markets.

因此，如果我看一下你們的外匯指引，就會發現存在 4% 的逆風，考慮到你們在如此多的新興市場的業務，這對英美煙草來說是一個結構性問題。

It was an issue for a lot of other FMCG companies, and we are now hearing from several companies, including Philip Morris, Unilever, Coke, that they're targeting dollar EPS growth or a pound EPS growth.

這對許多其他快速消費品公司來說都是一個問題，我們現在從菲利普莫里斯、聯合利華、可口可樂等幾家公司得知，他們的目標是美元每股收益成長或英鎊每股收益成長。

Is that something which BAT would also like to move to that instead of just a constant currency EPS growth, actually try to have meaningful pound EPS growth?

這是否是英美菸草公司也希望實現的目標，而不僅僅是貨幣每股收益的恆定成長，實際上是嘗試實現有意義的英鎊每股收益成長？

Sorry, Gaurav.

對不起，高拉夫。

Apologies.

道歉。

I didn't hear the last part of the question.

我沒有聽到問題的最後一部分。

If I understand correctly, are we confident that we can drive EPS growth on constant terms?

如果我理解正確的話，我們是否有信心能夠持續推動每股盈餘成長？

Was that the question?

是這個問題嗎？

And current term?

現在的任期呢？

No.

不。

Look, I think clearly you have a guidance that you can grow EPS on a constant currency basis.

聽著，我認為顯然你有一個指導，你可以在固定匯率的基礎上增加每股盈餘。

But it is not -- I mean, it has been a struggle to drive pound EPS growth.

但事實並非如此——我的意思是，推動英鎊每股收益成長一直是一場鬥爭。

That is because FX has been a structural headwind, and we are seeing some of your peers, including Philip Morris, now talk of hard currency EPS growth.

這是因為外匯一直是結構性逆風，我們看到包括菲利普莫里斯在內的一些同行現在正在談論硬通貨每股收益成長。

So is that something which BAT should also do is what I'm trying to understand.

我想了解的是，BAT 也應該做些什麼嗎？

And maybe Tadeu, you can also chime in there.

也許塔德烏（Tadeu），你也可以插話一下。

Yes.

是的。

I am confident, Gaurav, that we can drive EPS growth on current terms.

高拉夫，我有信心我們能夠以目前的條件推動每股盈餘成長。

Do you want to add, Tadeu?

塔德烏，你想補充嗎？

Gaurav, look, remember that our numbers, we have a transactional FX on this.

Gaurav，看，記住我們的數字，我們對此有交易性外匯。

Some of these companies you are referring to they come with numbers at constant numbers that actually exclude transaction, which makes a very deep -- even bigger distance between constant and current let's put it that way.

您提到的其中一些公司的數據是恆定的，實際上排除了交易，這使得恆定值和當前值之間的距離非常深，甚至更大，讓我們這樣說吧。

So for sure, in years like the ones that we are facing now with a lot of the valuations coming mainly emerging markets, it's difficult to imagine that you can offset all that.

因此，可以肯定的是，在我們現在面臨的許多估值主要來自新興市場的年份，很難想像你可以抵銷所有這些。

But like Soraya said, in the medium term, on a current basis, we should be able to be able to deliver that.

但正如索拉亞所說，從中期來看，在目前的基礎上，我們應該能夠實現這一目標。

Sure.

當然。

Thank you.

謝謝。

Then the second question I had is on your NGP revenue and volume and how it has panned out in 1H.

然後我的第二個問題是關於你們的 NGP 收入和數量以及 1H 的表現如何。

Your heated tobacco volumes organically are down, and they were down in Japan as well.

你們的加熱煙草銷量自然下降了，日本的銷量也下降了。

And you had a lot of price repositioning in 2H '23.

2023 年 2 月，您進行了許多價格重新定位。

And your e-cigarette business is also down.

而且你們的電子煙業務也下滑了。

So do you think it makes sense to direct more of the investments into e-cigarettes and away from heated tobacco?

那麼您認為將更多投資轉向電子煙而不是加熱菸草是否有意義？

Otherwise, both the segments are down.

否則，兩個段都會關閉。

Look, the situation in AME is impacted, and we referred to that in our presentation by some stock movements that we have done end of last year to prepare for the flavor ban in tobacco heated product because we have to, in some markets start selling view our non-tobacco flavor product.

看，非洲和中東地區的情況受到了影響，我們在去年年底所做的一些庫存變動的介紹中提到，為煙草加熱產品的香料禁令做準備，因為我們必須在某些市場開始銷售視圖我們的非煙草香精產品。

And if you adjust for that, AME, I think, that had a revenue of 2%, a volume of 7%.

如果你對此進行調整，我認為 AME 的營收為 2%，銷量為 7%。

The volume will be double digits adjusted for that.

為此，音量將進行兩位數調整。

So I'm very pleased actually with the progress that we are making.

所以我對我們正在取得的進展感到非常滿意。

You go to place like Poland, for example, we have a read 34% market share in the category.

例如，你去波蘭這樣的地方，我們在該類別中擁有 34% 的市場份額。

And in difficult places like Italy, we start seeing some improvements.

在義大利等困難的地方，我們開始看到一些改進。

The same happening in Japan.

同樣的情況也發生在日本。

You have to remember that last year -- and I was very clear and transparent about that.

你必須記住去年的情況——我對此非常清楚和透明。

So when I came as a CFO, I said we don't have a really competitive THP product, and we are focused in improving our competitiveness in that segment.

所以當我擔任財務長時，我說我們沒有真正有競爭力的THP產品，我們專注於提高我們在該領域的競爭力。

We managed to sign an IP agreement with PMI early in the year.

今年年初，我們成功與 PMI 簽署了智慧財產權協議。

And we also managed to get in place a product that is well superior.

我們也成功推出了一款非常優越的產品。

You saw some of the statistics that I present today.

你們看到了我今天提供的一些統計數據。

And if you consider that the penetration of these devices on average, just -- all these improvements that you saw in my slide about average day consumption, conversion, retention, this will just grow from now until the end of the year, not to mention the other platforms that we are now building our pipeline.

如果你考慮到這些設備的平均滲透率，你在我的幻燈片中看到的關於平均每日消耗、轉化、保留的所有這些改進，從現在到年底都會增長，更不用說我們現在正在構建管道的其他平台。

So I think the answer is yes, we should be investing.

所以我認為答案是肯定的，我們應該投資。

I think that we are lapping a difficult period, mainly because of lack of competitiveness.

我認為我們正在經歷一個困難時期，主要是因為缺乏競爭力。

But I'm quite confident that we have started to have turned our competitive position in THP.

但我非常有信心，我們已經開始轉變我們在 THP 中的競爭地位。

Sure.

當然。

Thank you so much.

太感謝了。

And my last question is on e-cigarettes.

我的最後一個問題是關於電子煙的。

Clearly, very nice to hear that you have received the PMTA.

顯然，很高興聽到您已收到 PMTA。

Could you just remind us what's your PMTA pipeline now on e-cigarettes in the US and clearly Vuse doing pretty well internationally.

您能否提醒我們，您現在在美國的電子煙方面的 PMTA 管道是什麼，顯然 Vuse 在國際上做得很好。

So how should we think about future PMTAs?

那我們該如何看待未來的 PMTA？

Well, Yeah.

嗯，是的。

PMTA -- well, what we have already approved is basically the tobacco flavors of Alto, Vuse, Ciro and Solo, as you know, is the largest combined PMTAs received in the US so far.

PMTA——嗯，我們已經批准的基本上是 Alto、Vuse、Ciro 和 Solo 的煙草口味，如你所知，這是迄今為止在美國收到的最大的組合 PMTA。

We are disputing, as you know, the mental version why we still keep selling, because we believe that we have the data that is necessary for the FDA to be to take into consideration.

如您所知，我們正在爭論為什麼我們仍然繼續銷售的心理版本，因為我們相信我們擁有 FDA 考慮的必要數據。

So we receive the stay, and we are hopeful that this can be reviewed in the future.

所以我們收到了住宿，我們希望將來能夠對此進行審查。

We have just submitted last month, the PMTA for our age-gated device.

我們上個月剛提交了我們的年齡限制設備的 PMTA。

This includes not just flavor but also some fruit flavors as well and mantle as part of this.

這不僅包括風味，還包括一些水果風味和地幔風味作為其中的一部分。

And this is the most pressing PMTAs, I have to say that we are now expecting.

這是最緊迫的PMTA，我必須說，我們現在正在期待。

We are very hopeful that given the fact that it's an age verified with age verification technology FDA can, as they said, expedite the approval of this PMTA -- but this will be probably 1-2 that they will be considering to trying to bring back flavors that is so critical to move other smokers out of cigarettes to add vapor in a responsible way.

我們非常希望，鑑於這是通過年齡驗證技術驗證的年齡，FDA 可以如他們所說，加快批准該 PMTA——但這可能是他們將考慮嘗試恢復的 1-2 倍。香煙並以負責任的方式添加蒸氣至關重要。

(Operator Instructions) Richard Felton, Goldman Sachs.

（操作員指令）理查德·費爾頓，高盛。

Thank you.

謝謝。

Good morning.

早安.

Two questions from me, please.

請問我兩個問題。

My first question is on vapor outside of the US, where I think volume was down almost 10% in H1.

我的第一個問題是關於美國以外地區的蒸氣，我認為上半年銷量下降了近 10%。

Is there any color or detail you can share on the drivers of that and whether those drivers are one-off in nature?

您是否可以分享有關該驅動程式的任何顏色或細節，以及這些驅動程式本質上是否是一次性的？

Or there's more structural headwinds that we should be aware of?

或者還有更多我們應該意識到的結構性阻力？

Then my second question also on new categories.

然後我的第二個問題也是關於新類別的。

Look, I'd really like to understand how you're thinking about growing revenue versus improving profitability from here?

聽著，我真的很想了解您如何考慮增加收入與提高獲利能力？

Because if I take a step back and reflect on your performance over the last few years, you've missed your guidance on revenue, but profitability has improved much better than you had been previously guiding for.

因為如果我退後一步並反思您過去幾年的表現，您會發現您錯過了收入指導，但盈利能力的改善比您之前的指導要好得多。

So looking forward, how do you think about managing your P&L for that part of the business?

那麼展望未來，您如何看待管理這部分業務的損益表？

And how do you balance investing in further growth but also improving margin?

您如何平衡投資進一步成長和提高利潤率？

Thank you.

謝謝。

Okay.

好的。

So I will take the second question.

那我就回答第二個問題。

In regards to your vapor question outside the US is pretty much impacted by Canada.

關於你的蒸氣問題，美國以外的地區很大程度上受到加拿大的影響。

This is basically Quebec that introduced a new legislation, limiting the amount of 1 ml to 2 ml and banning all flavors other than tobacco, and without any enforcement.

這基本上是魁北克推出了一項新立法，限制1毫升至2毫升的用量，並禁止除菸草以外的所有口味，而且沒有任何強制執行。

So what we saw in the following day was these proliferations of all these illegal products bringing back big tanks full of flavors and for sure, there is no level playing field, and that's the consequence that you are seeing there in Canada.

因此，我們第二天看到的是所有這些非法產品的激增，帶回了裝滿各種口味的大罐子，當然，沒有公平的競爭環境，這就是你在加拿大看到的後果。

So in a way, it's a one-off until the regulators wake up and trying to enforce properly or review the regulatory element to that.

因此，在某種程度上，這只是一次性的，直到監管機構醒來並嘗試適當執行或審查監管要素為止。

That's why when you see the second pillar of our strategy, it's all about tobacco harm reduction, it is about having evidence science evidence points of discussion with key stakeholders, regulators, policymakers to avoid this type of very misleading regulations to be put in place without proper enforcement.

這就是為什麼當你看到我們策略的第二個支柱時，它都是關於減少菸草危害，它是關於與主要利益相關者、監管機構、政策制定者進行討論的證據科學證據點，以避免在沒有實施的情況下實施這種非常誤導的法規。

So if you strip out Canada in reality, AME has as a region grew 15% in revenue.

因此，如果實際上除去加拿大，AME 作為一個地區的收入成長了 15%。

And this without any impact of all these products that I show in my slides, the Vuse Go 2.0, the Vuse Go Reload.

這對我在幻燈片中展示的所有這些產品（Vuse Go 2.0、Vuse Go Reload）沒有任何影響。

These are all reaching the market now in May has not any time in terms of the shares or performance that you saw in the performance this early today.

這些都已在五月進入市場，就您今天早些時候在業績中看到的股票或業績而言，還沒有任何時間。

And the other markets that we are quite excited about markets like New Zealand that has now moved to a more well-sounded regulatory environment and is allowing us to properly compete in the markets.

我們對紐西蘭等其他市場感到非常興奮，紐西蘭現在已經轉向更完善的監管環境，使我們能夠在市場上適當競爭。

And we are gaining a lot of traction with our offers in New Zealand.

我們在新西蘭的優惠活動獲得了極大的關注。

And also Korea, that is quite exciting.

還有韓國，這非常令人興奮。

We are ready market leaders in a very short period of time in Korea.

我們在很短的時間內就成為了韓國的市場領導者。

And we also have prospects like markets like Indonesia.

我們也有像印尼這樣的市場前景。

So overall, it's basically in summary, a consequence of the regulatory impact in Canada.

總的來說，這基本上是加拿大監管影響的結果。

Okay.

好的。

I'll take the second question.

我來回答第二個問題。

In terms of balancing revenue growth and margin expansion, as you might recall, I mentioned that our priority is really to balance top and bottom line growth.

在平衡收入成長和利潤擴張方面，您可能還記得，我提到我們的首要任務實際上是平衡營收和利潤的成長。

And we're really looking to do this by continuing to invest, but more so targeting our investments in all the categories that have momentum, but also where there is more value, be it in categories or in geographies.

我們確實希望透過繼續投資來做到這一點，但更重要的是，我們的投資目標是所有有動力的類別，而且是有更多價值的類別，無論是在類別還是在地域。

So we're targeting investment, what you will see is we'll continue to balance both top and bottom line.

因此，我們的目標是投資，你會看到我們將繼續平衡營收和利潤。

And this is evidenced by the fact that in the first half, we showed that we've increased category contribution by more than I think it was around GBP167 million.

上半年的事實證明了這一點，我們的類別貢獻增加了超過我認為的約 1.67 億英鎊。

And that's expanded category contribution by 10 margin points, 10%.

這使得品類貢獻擴大了 10 個利潤點，即 10%。

So as we go forward, and into the full year, we will continue our targeted investments.

因此，隨著我們的前進，進入全年，我們將繼續我們的有針對性的投資。

And as Tadeu mentioned, we are very second half leaning in terms of innovations coming to market.

正如塔德烏所提到的，我們非常傾向於下半年將創新推向市場。

So we will have quite a lot of investment in the second half, but you will continue to see our category contribution increase year-on-year.

所以下半年我們會有相當多的投資，但你會繼續看到我們的品類貢獻年增。

And this will be a really big priority for us going forward to target our investments and accrete our margins.

這將是我們未來確定投資目標並增加利潤的首要任務。

Great.

偉大的。

Thank you.

謝謝。

Franklin.

富蘭克林.

Faham Baig, UBS.

法漢姆·拜格，瑞銀集團。

Good morning, team.

早上好，團隊。

A couple from me as well, please.

請也從我這裡來幾張。

Could I go back to the increased poly-usage that you're seeing?

我可以回到您所看到的多用途增加嗎？

I think 1 of your competitors mentioned that the consumer conversion rates on vapor are lower than that seen in heated tobacco.

我想你們的一位競爭對手提到，蒸氣煙的消費者轉換率低於加熱菸草的消費者轉換率。

I just wanted to get your perspective on what you're seeing on the conversion rates between the two categories and how you generally see the prospects of the categories?

我只是想了解您對這兩個類別之間的轉換率的看法以及您對這些類別的前景有何總體看法？

And the second question goes back on to US vapor, I know you've previously quantified the growth of the overall category and the impact on cigarette volumes.

第二個問題回到美國蒸汽煙，我知道您之前已經量化了整個類別的增長以及對捲菸銷售的影響。

If you could just remind us on that?

您能提醒我們一下嗎？

And by when do you assume that the increased enforcement efforts by the FDA could negatively impact the development of these disposable products.

您認為 FDA 加強執法力度何時會對這些一次性產品的開發產生負面影響？

And if you can touch on this, you've highlighted some benefits in Louisiana as well.

如果您能談到這一點，您也強調了路易斯安那州的一些好處。

What about the other two states that have implemented the registries, Oklahoma and Alabama maybe what you're seeing there would help as well.

俄克拉荷馬州和阿拉巴馬州這兩個已經實施登記的州怎麼樣，也許您在那裡看到的州也會有幫助。

Yeah.

是的。

Okay.

好的。

On the poly-users, I think that we mentioned we give some statistics about vapor compared with HP in a conference that we participated last year.

關於多用戶，我想我們在去年參加的一次會議上提到我們提供了一些有關蒸汽與惠普的統計數據。

And we don't see a massive material change amongst those two categories in what conversion is related.

我們沒有看到這兩個類別之間的轉化相關性發生巨大的實質變化。

So we don't agree with this comment about one has a much stronger conversion than others in the first place.

因此，我們一開始就不同意這種關於一個人的轉換率比其他人強得多的評論。

And it's good to remember that vapor is 65% of consumption in this new space of no combustibles to start with and is growing fast as well, different from THP, which is, if anything, is slowing down as a category, mostly because of the phenomenon of poly-users.

值得記住的是，在這個從一開始就沒有可燃物的新領域，蒸汽佔消費量的65%，而且增長速度也很快，這與THP 不同，如果說有什麼區別的話，那就是THP 作為一個類別正在放緩，主要是因為多用戶現象。

That is not just because of vapor, but now a very accelerated growth in terms of Modern Oral.

這不僅是因為蒸汽，而且現在現代口腔的增長速度非常快。

In terms of US vapor, what we quoted before is a number around 2% of decline that is linked directly with the proliferation of these illegal products.

就美國蒸汽煙而言，我們之前引用的是大約2%的下降數字，這與這些非法產品的擴散直接相關。

If anything, we haven't seen any type of reduction in terms of growth.

如果有什麼不同的話，那就是我們沒有看到成長出現任何形式的下降。

I cannot be here in a position to say, all these headlines that you read has reflected positively in the market because we don't see this should be the case.

我不能在這裡說，你讀到的所有這些頭條新聞都對市場產生了積極的影響，因為我們認為情況不應該如此。

Actually, the likely loss of share that we had in vapor.

實際上，我們可能會失去蒸氣份額。

It was exactly for these illegal products in the tracked channels mostly.

正是針對這些被追蹤管道中的非法產品。

So they still continue to grow.

所以他們還在繼續成長。

There is -- it's very difficult to answer a question of when we expect to see enforcement because we were expecting to see a conclusion of the PMTA vapor process from the FDA perspective end of June, where originally it was end of December last year and now moved to end of June.

很難回答我們預計什麼時候會看到執法的問題，因為我們預計從 FDA 的角度來看，PMTA 蒸氣製程的結論會在 6 月底，而最初是去年 12 月底，現在是移至六月底。

So -- we still haven't seen that.

所以——我們還沒看到這一點。

That's why in my presentation was make a reference to the needs of the FDA to really conclude this process and be able to clearly publicly state what is allowed, what is not allowed because this can help tremendously enforcement, at least on these tracked channels that we are continuing to see growing the participation of illegal vapors.

這就是為什麼在我的演講中提到FDA 需要真正結束這個過程，並且能夠清楚地公開說明什麼是允許的，什麼是不允許的，因為這可以極大地幫助執法，至少在我們跟踪的這些渠道上。

Now Louisiana is the state of the art in terms of regulation.

現在路易斯安那州在監管方面處於最先進的水平。

So we are seeing a big progress in terms of reduction of Indigo products there, and which has benefited substantially Vuse as a major beneficiary with a reduction on the illegal products.

因此，我們看到在減少 Indigo 產品方面取得了重大進展，這使 Vuse 作為主要受益者受益匪淺，因為非法產品的減少。

And the other two, not at the same level because, as I mentioned, they are not the same type of regulations.

另外兩個，不在同一級別，因為正如我所提到的，它們不是同一類型的法規。

But it's a good start point because what you could do is to improve the regulation as soon as you start that.

但這是一個很好的起點，因為一旦開始，你可以做的就是改善監管。

But in the other two states, although there are some reduction, not at the same level of Louisiana because Louisiana is a more complete because they have just introduced also an excise, they use this to fund proper enforcement in the legislation.

但在其他兩個州，雖然有一些減少，但與路易斯安那州的水平不同，因為路易斯安那州更完整，因為他們剛剛引入了消費稅，他們用它來資助立法的適當執行。

And they have -- if you see the details around the legislation is much more, I would say, comprehensive than the other two states.

如果你看到立法的細節，我想說，他們比其他兩個州更全面。

Thanks for the.

謝謝你的。

Damian McNeela, Deutsche Bank

達米安‧麥克尼拉，德意志銀行

Hi, good morning, everybody.

嗨，大家早安。

Two for me, please.

請給我兩個。

Just firstly, just on the US combustibles business.

首先，關於美國的可燃物業務。

You've indicated that contracted coverage has moved from 82% to 88% just wondering what a reasonable level of coverage would be for the US and how long it would take you to get there.

您表示合約承保範圍已從 82% 升至 88%，只是想知道美國的合理承保水平是多少以及您需要多長時間才能達到這一水平。

And then just more generally on how happy you are with the progress that's being made in the commercial organization in the US and whether there's any more that can be done to drive an improvement in performance there?

然後更一般地說，您對美國商業組織所取得的進展有多滿意，以及是否還可以採取更多措施來推動那裡的績效改進？

And then the second question is just on, Soraya indicated an incremental GBP50 million going into Modern Oral capacity.

接下來是第二個問題，Soraya 表示將增加 5,000 萬英鎊用於現代口腔產能。

I was just wondering if you could give us an indication of how much headroom those investments gave you going forward, please.

我只是想知道您能否告訴我們這些投資為您帶來了多少發展空間。

Okay.

好的。

Yeah.

是的。

On the coverage, it's always an assessment of the investment and the return that we get on those retailers.

在報告方面，它始終是對我們從這些零售商身上獲得的投資和回報的評估。

We are coming to a point that we are very satisfied where we are -- that's why I was referring to.

我們已經到了一個非常滿意的地步——這就是我所指的原因。

Most of the commercial plans has been already concluded.

大部分商業計劃已經完成。

We did that back of increasing our sales force by 150 new reps, and so we expanded our sales force in order to do that.

為此，我們增加了 150 名新銷售代表，因此我們擴大了銷售團隊以實現這一目標。

We also invest heavily even more in terms of data analytics, revenue growth management systems in general.

我們也在數據分析和一般收入成長管理系統方面進行了更多投資。

And these are part of the commercial plans together with laddering and price adjustments and so on.

這些都是商業計劃的一部分，以及階梯和價格調整等。

So we are pretty much there in terms of what we need to do.

因此，就我們需要做的事情而言，我們已經準備好了。

You saw some of the improvements that we have been achieving recently in terms of volume share in terms of value share, in terms of premium segment.

您看到了我們最近在銷售份額、價值份額和高端市場方面取得的一些改進。

And so I think that we are in a very strong position now to benefit from when the market starts to improve from the macroeconomic level and from the enforcement levels on the on the illicit products.

因此，我認為，當市場開始從宏觀經濟層面和非法產品的執法水平開始改善時，我們現在處於非常有利的位置，可以從中受益。

But it's important to notice that nicotine consumption in the US is still pretty stable.

但值得注意的是，美國的尼古丁消費量仍然相當穩定。

The problem is that it's growing where we are not able to participate nowadays.

問題是它在我們現在無法參與的地方增長。

Of course, these illegal vapor markets accounting to -- and I mentioned this before, more than 6% of the vapor category, which means around GBP60 billion of revenue that will be up for grabs as soon as we have some minimal enforcement in that space, not to mention the emergency of Modern Oral as well as a category that we are now, despite the fact that we don't have our winning products that is still in the US, but subject to PMTA approval, as you know.

當然，我之前提到過，這些非法電子煙市場佔電子煙類別的 6% 以上，這意味著一旦我們在該領域採取最低限度的執法，大約 600 億英鎊的收入將可供爭奪。說現代口腔以及我們現在所處的類別的緊急情況，儘管我們沒有仍在美國的獲獎產品，但如您所知，需要經過PMTA 批准。

We are being able to start making some inroads to the product that we have currently after some adjustments that we have done more recently.

經過最近進行的一些調整後，我們能夠開始對目前的產品做出一些進展。

Modern Oral is a category that is growing everywhere.

現代口語是一個在各地都在成長的類別。

And you'll probably notice in our comment that 25% of the markets outside -- of the industry are in place where there was no oral tradition before, and this materialized in the massive growth.

您可能會在我們的評論中註意到，該行業 25% 的外部市場以前沒有口頭傳統，而這在大規模增長中實現了。

And BAT, with our product-to-bill is being able to absorb more than 7% of this growth happening in AME outside the US So we are really, really well positioned and having a truly powerful brand that consumer loves and being very well activated.

英美菸草(BAT) 的產品到帳單能夠吸收美國以外非洲和中東地區(AME) 成長的7% 以上，因此我們處於非常非常有利的位置，擁有一個真正強大的品牌，深受消費者喜愛，並且得到了很好的激活。

And hopefully, together with some improvements we are doing in the US and mostly when we'd really be able to have this product in the US, this will be a fantastic opportunity for the group moving forward.

希望加上我們在美國所做的一些改進，尤其是當我們真正能夠在美國推出該產品時，這將是該集團前進的絕佳機會。

I will leave for Soraya to answer about the CapEx.

我將前往索拉亞回答有關資本支出的問題。

In terms of the CapEx, yes, we're always enhancing.

就資本支出而言，是的，我們一直在增強。

As you can see, the trajectory of Modern Oral has been very impressive.

正如您所看到的，現代口腔的發展軌跡非常令人印象深刻。

I mean, on the first half alone, we grew 47%.

我的意思是，光是上半年，我們就成長了 47%。

So we're always looking to further invest to enhance capacity, both for the US and in Europe.

因此，我們一直在尋求進一步投資以增強美國和歐洲的產能。

So we have revised our CapEx investment this year from GBP550 million to GBP600 million.

因此，我們將今年的資本支出投資從 5.5 億英鎊修改為 6 億英鎊。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

And with that, I'd like to hand the call back over to you, Victoria, for any questions via the webcast.

至此，我想將電話轉給維多利亞，如果您透過網路廣播提出任何問題，我想將電話轉回給您。

Thank you.

謝謝。

We do have a couple of questions from the web.

我們確實有幾個來自網路的問題。

Soraya, this one is probably for you.

索拉亞，這可能適合你。

How much of the raw material increase was leaf costs versus FX?

與外匯相比，菸葉成本增加了多少原料成本？

And how much do you expect this to unwind over the next six months and over the next year?

您預計這種情況在未來六個月和明年會緩解多少？

Okay.

好的。

We had significant increase in leaf costs.

我們的菸葉成本大幅增加。

I think it was -- the raw materials was around 9% to 10%, and the leaf was around 14%.

我認為——原料約佔 9% 到 10%，葉子約佔 14%。

This is coming down sharply in the second half, and we expect most of it to unwind by next year.

這一數字在下半年急劇下降，我們預計到明年大部分將得到緩解。

But it has been a drag on the overall operating margin or the gross margin in terms of combustibles, which hopefully will be an upside for us next year.

但這拖累了整體營業利潤率或可燃物毛利率，這有望為我們明年帶來好處。

Next question is, will the (technical difficulty) payments impact our buyback plans next year?

下一個問題是，（技術難度）付款是否會影響我們明年的回購計畫？

Okay.

好的。

So the (technical difficulty) payments, which is GBP0.8 billion over four years, the amounts yearly have been well known to us, and they have been fully taken into account in our forecast when we actually announced our buyback resulting from the sale of our ITC stake.

因此，（技術難度）付款，即四年內 8 億英鎊，每年的金額我們都清楚，並且當我們實際宣布因出售而產生的回購時，我們已將其充分考慮到了我們的預測中。 ITC 股份。

And we committed to GBP700 million, which we started in March, and we will be doing the buyback of the remaining GBP900 million to make up the GBP1.6 billion from the ITC stakes out.

我們從 3 月開始承諾出資 7 億英鎊，我們將回購剩餘的 9 億英鎊，以彌補 ITC 股份中的 16 億英鎊。

So apologies, we don't appear to have any more questions from the web.

抱歉，我們似乎沒有再收到任何來自網路的問題。

If you didn't manage to ask a question, then please don't hesitate to contact the IR team and we'd be delighted to help you.

如果您未能提出問題，請隨時聯繫 IR 團隊，我們很樂意為您提供協助。

So I'd now hand back to Tadeu for some closing remarks.

現在我將請塔德做一些結束語。

Okay.

好的。

Thank you for listening today and for your questions.

感謝您今天的聆聽並提出問題。

I hope you can all see this year is a key moment in our transformation journey.

我希望大家看到，今年是我們轉型之旅的關鍵時刻。

I'm confident that the target investment choice we are making and the right decisions to deliver long-term growth and value creation.

我對我們正在做出的目標投資選擇以及實現長期成長和價值創造的正確決策充滿信心。

I look forward to keeping you updated on our progress, and I hope to see many of you at our Capital Markets Day being held at our innovation center in South Hampton on the 16th of October.

我期待向您通報我們的最新進展，並希望在 10 月 16 日於南漢普頓創新中心舉行的資本市場日活動中見到您。

Here, you have the opportunity to see firsthand how our teams are focused on reducing the health impact of our business and enabling BAT to deliver long-term sustainable value for all our stakeholders.

在這裡，您有機會親眼目睹我們的團隊如何專注於減少業務對健康的影響，並使 BAT 能夠為所有利害關係人提供長期可持續的價值。

Thank you very much.

非常感謝。