英美煙草 (BTI) 2015 Q4 法說會逐字稿

Good morning, everyone, and welcome to British American Tobacco's full-year results presentation. I am Nicandro Durante, Chief Executive of British American Tobacco; and with me this morning is Ben Stevens, our Finance Director.

各位早上好，歡迎來到英美煙草公司的全年業績發布會。我是英美煙草公司的首席執行官 Nicandro Durante；今天早上和我一起的是我們的財務總監本·史蒂文斯 (Ben Stevens)。

As always, a warm welcome to those of you who may be listening on the conference call, or watching via our website, bat.com.

一如既往，熱烈歡迎那些可能正在聽電話會議或通過我們的網站 bat.com 觀看的人。

As usual, after taking you through the results presentation there will be an opportunity for those of you in the audience to ask questions.

像往常一樣，在帶您完成結果演示後，觀眾中的那些人將有機會提問。

I am very pleased to say that BAT delivered an excellent performance in 2015 across all areas of our strategy. This was achieved in the face of unprecedented ForEx headwinds, and a difficult trading environment.

我很高興地說，BAT 在 2015 年在我們戰略的所有領域都取得了出色的表現。這是在面對前所未有的 ForEx 逆風和艱難的交易環境時實現的。

The global recovery has been slower than anticipated with continued political economic turmoil in a number of our major markets. Despite this, we achieved very strong results, masked only by significant ForEx headwinds, both translation and transactional.

由於我們許多主要市場持續的政治經濟動盪，全球復甦比預期的要慢。儘管如此，我們還是取得了非常出色的成績，只是被外匯交易和交易方面的重大不利因素所掩蓋。

Our share performance has been very strong in recent years, and the pace has accelerated during 2015 with the GDBs driving a record share performance.

近年來，我們的股票表現非常強勁，並且在 2015 年加快了步伐，GDB 推動了創紀錄的股票表現。

We grew corporate, GDB, and premium shares strongly, significantly outperforming the industry.

我們強勁地增長了公司股、GDB 股和溢價股，表現明顯優於行業。

Constant currency EPS was up over 10%, exceeding our high single-figures earnings growth commitment. This is an excellent result, given the significant transactional ForEx impact on the cost base.

不變貨幣每股收益增長超過 10%，超過了我們高個位數的盈利增長承諾。考慮到外匯交易對成本基礎的重大影響，這是一個很好的結果。

Excluding the 6% impact on operating profit, EPS would have been up 16%; one of our strong performances in the last 10 years.

剔除對營業利潤 6% 的影響，EPS 將增長 16%；這是我們過去 10 年的強勁表現之一。

Once again, we are recognizing this strong underlying performance with an increase in the dividend of 4%, demonstrating our continued commitment to growing shareholders' return.

我們再次認識到這一強勁的基本業績，股息增加 4%，表明我們繼續致力於提高股東回報。

Ben will now take you through the numbers in more detail.

Ben 現在將帶您更詳細地了解這些數字。

Thank you, Nicandro. And good morning, everyone. As Nicandro mentioned, the Group performed very strongly in 2015, despite a challenging external environment.

謝謝你，尼坎德羅。大家早上好。正如 Nicandro 所說，儘管外部環境充滿挑戰，但集團在 2015 年的表現非常強勁。

Cigarette volume was down only 0.5% in an industry we estimate to be down around 2.3%. Excluding the TDR acquisition, volume was down 0.8%. This is the result of particularly strong year of corporate share growth, up 40 basis points; and another outstanding performance from the global drive brands with volume up 8.5%, and share up 120 basis points.

在我們估計下降約 2.3% 的行業中，捲菸銷量僅下降 0.5%。不包括 TDR 的收購，銷量下降了 0.8%。這是企業份額增長特別強勁的一年的結果，增長了 40 個基點；全球硬盤品牌的另一個突出表現是銷量增長 8.5%，份額上漲 120 個基點。

Currency movements continued to impact reported numbers. However, on a constant basis we grew revenue 5.4%; profit, 4%; and EPS, 10.1%.

貨幣走勢繼續影響報告的數字。然而，在穩定的基礎上，我們的收入增長了 5.4%；利潤，4%；和每股收益，10.1%。

Excluding the transactional FX impact of 6%, operating profit would have risen 10% and earnings per share by 16%.

排除 6% 的交易性外匯影響，營業利潤將增長 10%，每股收益將增長 16%。

Price mix was 5.9% and compares very favorably with the 4.2% achieved in 2014, reflecting a continued improvement in the pricing environment over the year.

價格組合為 5.9%，與 2014 年的 4.2% 相比非常有利，反映了過去一年定價環境的持續改善。

Underlying operating margin was up around 160 basis points, although on a reported basis it was down 60 basis points, as I'll explain later.

基礎營業利潤率上升了約 160 個基點，但據報導它下降了 60 個基點，我將在後面解釋。

The translational FX headwind for the year was 10% at the EPS level, leaving adjusted earnings per share marginally higher at 208.4p. However, on a constant currency basis we have again delivered on our commitment for high single-figure earnings growth.

全年的換算外匯逆風在每股收益水平上為 10%，使調整後的每股收益小幅上漲至 208.4 便士。然而，在固定匯率基礎上，我們再次兌現了實現高個位數盈利增長的承諾。

Currencies were obviously a key feature of 2015 and, based on current spot rates, they remain a challenge for 2016.

貨幣顯然是 2015 年的一個關鍵特徵，根據當前的即期匯率，它們在 2016 年仍然是一個挑戰。

As you can see from the slide, the impact of FX increased over the course of 2015 as rates deteriorated. Currency translation reduced operating profit by 7% in the first half and this increased to 16% in the second half; while the transactional FX impact increased from 4% to 8% over the same period.

正如您從幻燈片中看到的那樣，隨著利率惡化，外彙的影響在 2015 年期間有所增加。上半年貨幣換算使營業利潤減少 7%，下半年增加到 16%；而同期交易外匯影響從 4% 增加到 8%。

Although the translational impact is improving in 2016, given the delay caused by the timing of hedges rolling off and the scale of FX movements in the latter part of the year, we're facing a similar full-year transactional FX impact in 2016 of 7% on operating profit, based on current spot rates.

儘管 2016 年的轉化影響正在改善，但考慮到對沖滾動的時間延遲以及今年下半年外匯變動的規模，我們在 2016 年面臨類似的全年交易外匯影響 7營業利潤百分比，基於當前即期匯率。

For translation, the headwind for the full year would be 1% on both operating profit and [EPS].

對於翻譯，全年的不利因素將是營業利潤和 [EPS] 的 1%。

Turning now to margins, we made good progress on the margins during 2015 with an underlying improvement of around 160 basis points. This was more than offset by the transactional currency impact of 190 basis points, with like-for-like margins down just 30 basis points.

現在轉向利潤率，我們在 2015 年的利潤率方面取得了良好進展，基本改善了約 160 個基點。這被 190 個基點的交易貨幣影響所抵消，同比利潤率僅下降 30 個基點。

The effect of the TDR acquisition and a change in accounting treatment relating to income from a small distribution partner in the Middle East contributed to reported margins down 60 basis points.

收購 TDR 的影響以及與來自中東小型分銷合作夥伴的收入相關的會計處理方式的變化導致報告的利潤率下降了 60 個基點。

Excluding transactional FX, all regions would have seen good margin growth.

不包括交易性外匯，所有地區的利潤率都會有良好的增長。

As you know, on average over the years we aim to grow our operating margin between 50 basis points and 100 basis points per year, and I remain confident in our ability to achieve this. Delivering this performance in 2016 will be a challenge, although we'll continue to make significant progress on an underlying basis.

如您所知，多年來，我們的目標是平均每年將營業利潤率提高 50 個基點至 100 個基點，我對我們實現這一目標的能力充滿信心。在 2016 年實現這一業績將是一項挑戰，儘管我們將繼續在基礎上取得重大進展。

So, in summary, significant foreign exchange impacts, both translational and transactional, have masked a very strong underlying performance. Excluding translation and the 6% transactional impact on operating profit, profit would have been up 10%, and EPS would have been up 16%.

因此，總而言之，重大的外匯影響，無論是轉化的還是交易的，都掩蓋了非常強勁的潛在表現。剔除轉換和 6% 的交易對營業利潤的影響，利潤將增長 10%，每股收益將增長 16%。

Turning now to the regions, all four regions performed well. Strong share growth in AsPac, EEMEA, and Americas, and a recovery in Western European industry volume led to overall volume significantly outperforming the industry. This, together with improved pricing, drove strong top-line revenue growth.

現在轉向區域，所有四個區域都表現良好。 AsPac、EEMEA 和美洲的強勁份額增長以及西歐行業銷量的複蘇導致整體銷量顯著優於行業。這與定價的改善一起推動了收入的強勁增長。

Revenue growth in AsPac was held back by the effects of a strong prior-year comparator and continued down trading in Australia.

AsPac 的收入增長受到強勁的前一年比較和澳大利亞持續低迷交易的影響。

I'll now take you through each of the regions in more detail. At the regional level, I'll quote the profit increase at constant currency excluding the translational and transactional FX. When I quote markets, the adjustment is only for translation.

我現在將帶您更詳細地了解每個區域。在區域層面，我將以不包括轉換和交易外彙的固定貨幣報價利潤增長。當我引用市場時，調整隻是為了翻譯。

Asia Pacific delivered strong underlying results: share was up 70 basis points with growth in nine of its 11 key markets, aided by another good performance from the GDBs across the region with their volume up 5.6%. As a result, regional volume was marginally higher, driven by strong results in Bangladesh; Japan; Indonesia; and Vietnam, significantly outperforming the industry, which was down over 3%.

亞太地區取得了強勁的基本業績：11 個主要市場中有 9 個市場的份額增長了 70 個基點，這得益於該地區 GDB 的又一良好表現，其交易量增長了 5.6%。因此，受孟加拉國強勁業績的推動，區域銷量略有增加；日本;印度尼西亞;和越南，表現明顯優於行業，後者下跌超過 3%。

Good revenue performances in Vietnam, Bangladesh, and Pakistan were more than offset by unfavorable FX, geographic mix dilution, and the ongoing competitive environment in Australia. However, excluding transactional FX, which mostly affected Japan, New Zealand, and Indonesia, constant currency profit was up around 4%.

越南、孟加拉國和巴基斯坦的良好收入表現被不利的外匯、地域組合稀釋和澳大利亞持續的競爭環境所抵消。然而，不包括主要影響日本、新西蘭和印度尼西亞的交易性外匯，固定匯率利潤增長了約 4%。

In Australia, profits were significantly lower. But the duty-paid market continued to be impacted by the large excise driven price increases, associated down trading, and the pricing environment.

在澳大利亞，利潤明顯較低。但已完稅市場繼續受到消費稅大幅上漲、相關的降價交易和定價環境的影響。

A strong performance from Rothmans, together with improving performance from Winfield, was offset by declines in other brands, leading to stable market share.

Rothmans 的強勁表現以及 Winfield 的改善表現被其他品牌的下滑所抵消，從而實現了穩定的市場份額。

Volume was up 1.2% in Japan, against an industry down 2.1%, as share continued to grow. However, profit was down, mainly due to the weakness in the yen, partly offset by productivity savings.

日本銷量增長 1.2%，而行業銷量下降 2.1%，份額繼續增長。然而，利潤下降，主要是由於日元疲軟，部分被生產力節省所抵消。

Another good performance from Dunhill in Indonesia drove volume and share growth. Profitability was impacted by higher marketing investment, adverse foreign exchange, and higher clothe prices.

Dunhill 在印度尼西亞的另一項良好業績推動了銷量和份額的增長。盈利能力受到更高的營銷投資、不利的外彙和更高的服裝價格的影響。

Market share and profit grew strongly in Pakistan. Volume was down due to market contraction, following excise-driven price increases.

巴基斯坦的市場份額和利潤增長強勁。在消費稅驅動的價格上漲之後，由於市場收縮，銷量下降。

In Malaysia, profit was stable and share grew, driven by Peter Stuyvesant, although volume was down, following a large ad hoc excise increase in November.

在馬來西亞，在 Peter Stuyvesant 的推動下，利潤穩定且份額增長，儘管在 11 月臨時消費稅大幅增加後銷量有所下降。

In the Americas, strong pricing led to double-digit constant currency revenue and profit growth with good performances in Canada, Chile, Mexico, and the Caribbean.

在美洲，強勁的定價導致貨幣收入和利潤保持兩位數的穩定增長，加拿大、智利、墨西哥和加勒比地區的業績也不錯。

Transactional FX reduced operating profit by more than 5%, mainly impacting Brazil, Venezuela, and Columbia. Excluding this, profit would have increased around 16%.

交易性外匯使營業利潤減少了 5% 以上，主要影響巴西、委內瑞拉和哥倫比亞。排除這一因素，利潤將增長約 16%。

Regional volume was down 5.2%, largely as a result of industry volume declines in Brazil and Argentina, partly offset by growth in volume in Mexico. However, share in the region was up 20 basis points.

地區銷量下降 5.2%，主要是由於巴西和阿根廷的行業銷量下降，部分被墨西哥銷量的增長所抵消。然而，該地區的份額上升了 20 個基點。

In Brazil, consumer disposable income came under increasing pressure, due to rising unemployment and inflation and a weak macroeconomic environment. This, together with excise-driven price increases, led to significantly lower duty paid industry volume, and competitor pricing activity in the low segment.

在巴西，由於失業率和通脹上升以及宏觀經濟環境疲軟，消費者可支配收入面臨越來越大的壓力。這與消費稅驅動的價格上漲一起，導致完稅行業數量顯著下降，以及低端市場的競爭定價活動。

As a result, profit at constant rates was lower. However, Dunhill maintained its growth momentum with share up 120 basis points over the year.

因此，按固定利率計算的利潤較低。然而，登喜路保持了增長勢頭，全年份額增長了 120 個基點。

Favorable pricing and cost reductions in Canada drove another year of constant currency profit growth. Volume and share were down, as a result of competitor activity and growth in the low-price category; however, Pall Mall continued to grow shares strongly.

加拿大有利的定價和成本降低推動了又一年的貨幣利潤持續增長。由於競爭對手的活動和低價類別的增長，銷量和份額下降；然而，Pall Mall 的股票繼續強勁增長。

Mexico delivered another outstanding performance. Volume growth, good pricing, and continued share gains, driving by Pall Mall and Lucky Strike, led to a strong increase in constant currency profit.

墨西哥又一次表現出色。在 Pall Mall 和 Lucky Strike 的推動下，銷量增長、良好的定價和持續的份額增長導致不變貨幣利潤的強勁增長。

In Chile, good pricing and up-trading also resulted in strong profit growth, despite lower volume.

在智利，儘管銷量較低，但良好的定價和升級交易也帶來了強勁的利潤增長。

The global drive brands performed very well across the region with volume up over 7%, driven by excellent performances from Pall Mall in Mexico and Canada; Lucky Strike in Chile and Mexico; and Dunhill in Brazil.

受 Pall Mall 在墨西哥和加拿大的出色表現推動，全球驅動品牌在該地區表現出色，銷量增長超過 7%；智利和墨西哥的 Lucky Strike；和巴西的登喜路。

Western Europe saw an improved pricing environment with increases implemented in the majority of the market. Good performances in Germany, Romania, and Denmark helped increase profit by 5.1%, which would be 6% excluding transactional FX.

西歐的定價環境有所改善，大部分市場都實施了提價。德國、羅馬尼亞和丹麥的良好表現幫助利潤增長了 5.1%，如果不包括交易外匯，利潤將增長 6%。

Volume in the region was up 0.5%. This benefitted from the acquisition of TDR and the unwinding of the inventory build in Denmark in 2014.

該地區的成交量增長了 0.5%。這得益於 2014 年對 TDR 的收購和丹麥庫存建設的解除。

Excluding TDR, volume was down 1.1% as growth in Romania, Germany, and France was offset by decline elsewhere in the region, mainly due to industry [retraction].

不包括 TDR，銷量下降 1.1%，因為羅馬尼亞、德國和法國的增長被該地區其他地方的下降所抵消，這主要是由於工業[收縮]。

Regional share was down by 10 basis points over the year, although share was up in five markets over the same period.

區域份額在一年中下降了 10 個基點，儘管同期五個市場的份額有所上升。

Romania delivered a very strong performance. Profit at constant currency increased, driven by good pricing, cost savings, and growth in volume and share, with Pall Mall and Dunhill continuing to perform well.

羅馬尼亞的表現非常出色。在良好的定價、成本節約以及銷量和份額增長的推動下，按固定匯率計算的利潤有所增加，其中 Pall Mall 和 Dunhill 繼續表現良好。

In Germany and the UK, profit on a constant basis increased, as a result of higher pricing and improved market share.

在德國和英國，由於更高的定價和更高的市場份額，利潤持續增長。

GDB volume was up 4.3%, driven by good performances from Rothmans in the UK and Italy; Pall Mall in Poland, Germany, and Romania; and Lucky Strike in France, Germany, Serbia.

GDB 銷量增長 4.3%，這主要得益於 Rothmans 在英國和意大利的良好表現；波蘭、德國和羅馬尼亞的 Pall Mall；以及法國、德國、塞爾維亞的 Lucky Strike。

EEMEA delivered another strong underlying performance against the backdrop of significant FX movements and a volatile economic and geo-political environment.

在重大外匯波動和動蕩的經濟和地緣政治環境的背景下，歐洲、中東和非洲地區再次取得強勁的基礎表現。

Constant currency revenue was up 7.5%, driven by strong pricing. The depreciation of the Russian ruble, Ukrainian hryvnia, and Nigerian naira, amongst others, resulted in a large transactional FX impact of over 13% on profit. Despite this, constant currency profit grew 1.3%.

在定價強勁的推動下，固定匯率收入增長了 7.5%。俄羅斯盧布、烏克蘭格里夫納和尼日利亞奈拉等貨幣的貶值導致交易性外匯對利潤的影響超過 13%。儘管如此，固定匯率利潤仍增長了 1.3%。

Excluding transactional FX, constant currency profit would have grown by more than 14%.

不包括交易性外匯，固定貨幣利潤將增長 14% 以上。

Volume in the region was up 1.1%, driven by Turkey, Ukraine, Kazakhstan, and the Middle East.

在土耳其、烏克蘭、哈薩克斯坦和中東的推動下，該地區的銷量增長了 1.1%。

Regional share grew strongly, and was up 50 basis points.

區域份額增長強勁，上升了 50 個基點。

Strong pricing in Russia was offset by lower volume and transactional FX, leading to a decrease in profit. However, market share continued to grow, driven by Rothmans.

俄羅斯的強勁定價被較低的交易量和交易外匯所抵消，導致利潤下降。然而，在樂富門的推動下，市場份額繼續增長。

In South Africa, volume was down, due to growth in the local low-price segment, where BAT does not compete. However, profit was stable, as a result of good pricing. Market share decreased, despite good performances from Pall Mall and Benson & Hedges.

在南非，由於 BAT 沒有參與競爭的當地低價市場的增長，銷量有所下降。然而，由於良好的定價，利潤穩定。儘管 Pall Mall 和 Benson & Hedges 表現良好，但市場份額有所下降。

In Turkey and Ukraine, volume was up and market share grew strongly, driven by Rothmans.

在土耳其和烏克蘭，在樂富門的推動下，銷量上升，市場份額增長強勁。

The GDBs delivered an outstanding performance with volume up 14.4%. This was led by Rothmans, with Kent and Dunhill also performing well.

GDB 表現出色，成交量增長 14.4%。其中以樂富門為首，肯特和登喜路也表現不俗。

Adjusted EPS of 208.4p at current rates was marginally higher as growth in operating profit, together with excellent results from our associates, in particular, the enlarged Reynolds American business, were offset by a 10% translational currency headwind.

按當前匯率計算，調整後的每股收益為 208.4 便士，略高於營業利潤的增長，以及我們聯營公司的出色業績，特別是擴大的雷諾美國業務，被 10% 的換算貨幣逆風所抵消。

Although net finance costs increased, mainly due to M&A funding, our average cost of debt improved.

儘管淨財務成本增加（主要是由於併購融資），但我們的平均債務成本有所改善。

There's a small carry over from the share buyback program, which was suspended in July of 2014.

2014 年 7 月暫停的股票回購計劃有少量結轉。

The effective tax rate fell marginally to 30.5%.

有效稅率小幅下降至 30.5%。

Non-controlling interests were lower, due to the buyout of the Souza Cruz minority.

由於收購了 Souza Cruz 少數股權，非控股權益較低。

Now, on to cash flow. Overall, free cash flow was GBP3,481 million, which is GBP974 million above the same period last year. This was mainly due to the receipt of GBP963 million in the UK related to the Franked Investment Income Group Litigation Order, and the absence of the 2014 non-tobacco litigation charges.

現在，關於現金流。總體而言，自由現金流為 34.81 億英鎊，比去年同期增加 9.74 億英鎊。這主要是由於在英國收到與 Franked Investment Income Group Litigation Order 相關的 9.63 億英鎊，並且沒有 2014 年的非煙草訴訟費用。

This case is still in the judicial process and, as such, we've treated the payment as deferred income. Any future recognition as income will be treated as an adjusting item.

此案仍在司法程序中，因此，我們已將付款視為遞延收入。任何未來確認為收入將被視為調整項目。

Depreciation is the main component of non-cash items.

折舊是非現金項目的主要組成部分。

Working capital outflows were lower than last year at GBP263 million, and were mainly due to stock builds linked to the timing of excise-driven price increases.

營運資金流出量低於去年，為 2.63 億英鎊，主要是由於與消費稅驅動的價格上漲時機相關的庫存增加。

Gross CapEx of GBP591 million benefited from FX, and was partly offset by asset sales, giving a net CapEx of GBP483 million.

5.91 億英鎊的總資本支出受益於外匯，部分被資產出售所抵消，淨資本支出為 4.83 億英鎊。

Based on current rates, we expect gross CapEx to be slightly higher than last year, mainly due to investments in NGP.

根據目前的利率，我們預計總資本支出將略高於去年，這主要是由於對 NGP 的投資。

Our operating cash flow conversion rate was slightly up at 92%, reflecting our ability to generate strong cash flows.

我們的經營現金流轉換率略微上升至 92%，反映出我們產生強勁現金流的能力。

Shortfall funding for pensions related to the UK schemes, and was in line with last year.

與英國計劃相關的養老金資金短缺，與去年持平。

Net interest paid was higher, primarily driven by the M&A activity, offset by the benefit of lower refinancing costs on the Group debt.

支付的淨利息較高，主要受併購活動的推動，被集團債務再融資成本降低的好處所抵消。

Tax outflows reduced, largely as a result of exchange rate movements.

稅收流出減少，主要是由於匯率變動。

Restructuring and settlement outflows were lower as increased restructuring costs were more than offset by the absence of non-tobacco litigation costs in 2015.

重組和和解流出較低，因為 2015 年增加的重組成本被非煙草訴訟成本的減少所抵消。

This delivers free cash flow of GBP3,481 million.

這帶來了 34.81 億英鎊的自由現金流。

I'd like to finish off by touching on financing and shareholder returns. Net debt increased by GBP4.6 billion to GBP14.8 billion, as a result of the M&A investments, leaving net debt-to-EBITDA at 2.8 times. Although this is slightly higher than our long-term net debt-to-EBITDA corridor of 1.5 times to 2.5 times, we're comfortable at the current levels, with interest rates where they are today.

最後，我想談談融資和股東回報。由於併購投資，淨債務增加了 46 億英鎊，達到 148 億英鎊，使淨債務與 EBITDA 之比達到 2.8 倍。儘管這略高於我們長期淨債務與 EBITDA 比率的 1.5 倍至 2.5 倍，但我們對目前的水平以及目前的利率水平感到滿意。

Our credit ratings are unchanged at A3 by Moody's, and at A- by S&P.

我們的信用評級維持在穆迪 A3 和標準普爾 A- 不變。

We've increased our full-year dividend in 2015 by 4%, pushing up the payout ratio to 74%, in recognition of the strong underlying performance of the business.

我們將 2015 年的全年股息提高了 4%，將派息率推高至 74%，以表彰該業務強勁的基本業績。

Thank you. And I'll hand you back to Nicandro.

謝謝。我會把你交還給 Nicandro。

Thank you, Ben. As you have heard, the Group performed very well in 2015 with strong top-line organic growth. This was driven by improved volume and pricing across all the regions, as well as a strong corporate share growth.

謝謝你，本。如您所知，集團在 2015 年表現出色，營收有機增長強勁。這是由所有地區銷量和定價的改善以及企業份額的強勁增長推動的。

Constant currency operating profit growth of around 10% excluding transaction of ForEx was an outstanding achievement in the current environment.

不包括 ForEx 交易在內的固定貨幣營業利潤增長約 10%，這是當前環境下的一項傑出成就。

GDB volume was up 8.5%, and their share was up a record to 120 basis points. Their growth accelerated over the year and premium and key segment shares continued to improve with good momentum going to 2016.

GDB 交易量增長了 8.5%，其份額創下了 120 個基點的記錄。他們的增長在一年中加速，保費和關鍵細分市場份額繼續改善，2016 年勢頭良好。

The GDBs now account for over 45% of the overall portfolio in terms of volume.

就數量而言，GDB 現在佔整體投資組合的 45% 以上。

The GDBs have gone from strength to strength, and the investment we have put behind innovations and product quality is clearly paying off. More than half of our GDBs now carry some form of innovation. This demonstrates the underlying health of the business.

GDB 不斷壯大，我們在創新和產品質量方面的投資顯然得到了回報。我們一半以上的 GDB 現在都進行了某種形式的創新。這證明了企業的基本健康狀況。

And now, turning briefly to each of the brands. Dunhill delivered another excellent performance with volume up 6%, and share up 30 basis points, driven by continued growth in Indonesia, Brazil, and a strong performance in South Korea.

現在，簡要介紹一下每個品牌。在印度尼西亞、巴西的持續增長以及韓國的強勁表現的推動下，登喜路再次取得出色的業績，銷量增長 6%，份額增長 30 個基點。

In Indonesia, the launch of Dunhill Filter, a full-flavored kretek, in November 2014 has been the most successful launch in recent years and has already reached a market share of 2.4%.

在印度尼西亞，2014 年 11 月推出的全味丁香魚 Dunhill Filter 是近年來最成功的一次上市，市場份額已達到 2.4%。

Overall, Dunhill volume was up almost 50% in Indonesia, reaching a national share of nearly 5% in December.

總體而言，登喜路在印度尼西亞的銷量增長了近 50%，12 月份在全國的份額達到近 5%。

Dunhill's strong performance in Brazil also continued with market share up 120 basis points to 13% in December. The brands lead in the premium segment with a share of 34%.

登喜路在巴西的強勁表現也在繼續，12 月份的市場份額上升了 120 個基點，達到 13%。這些品牌以 34% 的份額在高端市場處於領先地位。

In Malaysia, Dunhill maintain its 47% share, despite down trading and volume decline in the legal markets as illicit continued to grow.

在馬來西亞，Dunhill 仍保持其 47% 的份額，儘管合法市場的交易量和交易量隨著非法交易的持續增長而下降。

In South Korea, an updated pack, product, and communications campaign drove strong share growth of 110 basis points to 12.8% of market, following the 80% excise-driven price increase in January.

在韓國，繼 1 月份 80% 的消費稅推動價格上漲後，更新的包裝、產品和宣傳活動推動市場份額強勁增長 110 個基點，達到 12.8%。

Finally, in Romania, Dunhill grew 30 basis points to reach a record share of 5.8%.

最後，在羅馬尼亞，登喜路增長了 30 個基點，達到創紀錄的 5.8%。

Dunhill's strong overall share performance remains one of the key drivers of the Group's continued growth in premium share.

登喜路強勁的整體股票表現仍然是集團保費份額持續增長的主要驅動力之一。

Kent volume was up 3.3%, despite significant industry volume declines in a number of its key markets. The strong volume performances in Iran, Turkey, Japan, Chile, and the Middle East were partly offset by decline in Russia, Ukraine, Azerbaijan, and Romania, mainly due to market contraction.

肯特的銷量增長了 3.3%，儘管其多個主要市場的行業銷量大幅下降。伊朗、土耳其、日本、智利和中東的強勁銷量表現被俄羅斯、烏克蘭、阿塞拜疆和羅馬尼亞的銷量下滑部分抵消，主要原因是市場收縮。

Share was up in Japan and Turkey, offset by declines in Romania and Russia. However, Kent held share in the premium segment in Russia, and remains the leading premium brand.

日本和土耳其的份額上升，被羅馬尼亞和俄羅斯的下降所抵消。然而，肯特在俄羅斯的高端市場佔有一席之地，並且仍然是領先的高端品牌。

In Ukraine, Kent continued to grow share of the premium segment, despite the more competitive price environment.

在烏克蘭，儘管價格競爭更加激烈，但肯特在高端市場的份額繼續增長。

In Iran, Kent's growth momentum continued, as a result of slimmer variants.

在伊朗，Kent 的增長勢頭得以延續，這得益於更苗條的變體。

And in Japan, share grew 50 basis points to a record 7.6%, driven by tubes, convertibles, and Kent's slimmer variants.

在日本，在管車、敞篷車和 Kent 的更纖細車型的推動下，份額增長了 50 個基點，達到創紀錄的 7.6%。

Lucky Strike posted another good result, growing both volume and share. Volume was up 3.6%, driven mainly by France, Serbia, Belgium, and Chile. Share grew 10 basis points, due to a good performance in France, Argentina, Mexico, and Belgium.

Lucky Strike 又取得了不錯的成績，銷量和份額均有所增長。銷量增長 3.6%，主要受法國、塞爾維亞、比利時和智利的推動。由於在法國、阿根廷、墨西哥和比利時的良好表現，份額增長了 10 個基點。

In France, Lucky Strike is the fastest-growing brand in the market, exiting the year at 8.2% share. This was largely driven by the Black series single and double capsules offers. The new smooth series full-flavor range was recently launched in Germany, and the early results are very promising.

在法國，Lucky Strike 是市場上增長最快的品牌，以 8.2% 的份額結束了這一年。這在很大程度上是由 Black 系列單膠囊和雙膠囊產品推動的。新的 smooth 系列全味系列最近在德國推出，早期的結果非常有希望。

Pall Mall had another good year with volume up 0.4%. This was driven by growth in Pakistan, Venezuela, Germany, Poland, and Mexico; partly offset by decline in Italy, due to the migration to Rothmans. Excluding the effect of the migration, volume was up 2.6%.

Pall Mall 又迎來了一個好年頭，銷量增長了 0.4%。這是由巴基斯坦、委內瑞拉、德國、波蘭和墨西哥的增長推動的；由於遷移到 Rothmans，部分被意大利的下降所抵消。排除遷移的影響，銷量增長了 2.6%。

Pall Mall continued to grow share strongly in Pakistan, driven by the successful introduction of tubes.

在管材成功推出的推動下，Pall Mall 在巴基斯坦的市場份額繼續強勁增長。

In Germany, Pall Mall is the fastest-growing value-for-money brand, and is now the second-largest brand in the segment.

在德國，Pall Mall 是增長最快的性價比品牌，現在是該細分市場中的第二大品牌。

In Romania, it remains the fastest-growing brand in the market; up 190 basis points over the year to an exit share [60.2%].

在羅馬尼亞，它仍然是市場上增長最快的品牌；全年上漲 190 個基點，退出份額 [60.2%]。

In Mexico, capsules continued to drive share growth and the brand reached a record national share of 18.5%.

在墨西哥，膠囊繼續推動市場份額增長，該品牌的全國市場份額達到創紀錄的 18.5%。

Pall Mall also grew share in Poland, driven by tubes; as well as Canada, and South Africa.

在管子的推動下，Pall Mall 在波蘭的份額也有所增長；以及加拿大和南非。

Pall Mall's overall share was up 10 basis points.

Pall Mall 的整體份額上升了 10 個基點。

Rothmans continued its outstanding performance with volume up over 46%, and share up 70 basis points. This was driven by strong performances in Russia; Ukraine; Turkey; Italy; Australia; Kazakhstan; and the UK.

樂富門繼續其出色的表現，銷量增長超過 46%，份額上漲 70 個基點。這是由俄羅斯的強勁表現推動的；烏克蘭;火雞;意大利;澳大利亞;哈薩克斯坦;和英國。

Rothmans continued to grow both volume and share in Russia, reaching a new record share of 6%.

樂富門在俄羅斯的銷量和份額繼續增長，達到 6% 的新紀錄。

In Turkey, Rothmans was launched in January and by December had already reached the 3.2% share, driven by tubes. Rothmans has been the fastest-growing market entry in Turkey in the last 10 years.

在土耳其，Rothmans 於 1 月推出，到 12 月在管子的推動下已經達到 3.2% 的份額。在過去的 10 年裡，樂福門一直是土耳其增長最快的市場進入者。

In Italy, Pall Mall was successfully migrated to Rothmans and continued to grow throughout the year. With post-migration that increases in exit share to 7.8%.

在意大利，Pall Mall 成功遷移至樂富門，並在全年持續增長。遷移後退出份額增加到 7.8%。

And in Australia, Rothmans grew to a high of 14.6%; this is the highest Rothmans share globally, achieved just 18 months after its re-launch.

在澳大利亞，Rothmans 增長至 14.6% 的高位；這是樂富門全球最高的份額，在其重新推出僅 18 個月後就達到了。

Moving on to margins, as Ben has said, transactional ForEx affected reported margins in 2015; and it seems likely this will be the case in 2016, as well. However, the progress on our cost base has continued to be strong with underlying improvement last year of over 160 basis points.

至於利潤率，正如 Ben 所說，外匯交易影響了 2015 年報告的利潤率； 2016 年似乎也將如此。然而，我們在成本基礎上的進展繼續強勁，去年基礎改善超過 160 個基點。

The TaO program was completed on time, and on budget, with only those markets not part of the regional program, such as Indonesia and TDR, to be completed.

TaO 計劃在預算內按時完成，只有那些不屬於區域計劃的市場（例如印度尼西亞和 TDR）需要完成。

As the new operating model is embedded globally, significant further efficiencies will be realized: this giving the confidence that we continue to grow margin -- we can continue to grow margin by an average of 50 basis points to 100 basis points per year over the medium term.

隨著新的運營模式在全球範圍內得到應用，效率將進一步顯著提高：這使我們有信心繼續提高利潤率——我們可以繼續以平均每年 50 個基點到 100 個基點的速度增長中期利潤率學期。

We have consistently delivered against our aim of high single-figure earnings growth at constant rates of nearly 20 years. 2015 was no exception with EPS up over 10%. This was achieved whilst continuing to invest in the long-term success of the business.

我們始終如一地實現了以近 20 年的恆定增長率實現高個位數收益增長的目標。 2015 年也不例外，每股收益增長超過 10%。這是在繼續投資於業務的長期成功的同時實現的。

The investment in our innovations, the rollout to new markets continued during 2015 with volume up over 14%.

2015 年，我們繼續投資於創新，推出新市場，銷量增長超過 14%。

More than half of the GDB volume, and more than one-quarter of Group volume, now carry at least one form of product innovation. This is a key driver of our strong share growth.

超過一半的 GDB 數量和超過四分之一的集團數量，現在至少進行了一種形式的產品創新。這是我們強勁的份額增長的關鍵驅動力。

The investments we have made in to new growth market opportunities, such as Indonesia, the Philippines, and Algeria, are also showing good results. For example, we are growing overall share in Indonesia, and the strategic brands, Dunhill and Club Mild, now account for nearly 90% of our volume in the market; up from 10% five years ago.

我們對印度尼西亞、菲律賓和阿爾及利亞等新增長市場機會的投資也取得了良好的效果。例如，我們在印度尼西亞的整體份額正在增長，戰略品牌 Dunhill 和 Club Mild 現在占我們市場銷量的近 90%；高於五年前的 10%。

In the Philippines, we hit a 1% national share for the first time, and we have 3 share points in [Greater Manila]; up 90 basis points over last year.

在菲律賓，我們首次達到1%的全國份額，我們在【大馬尼拉】有3個份額點；比去年上升 90 個基點。

In Algeria, we achieved a strong volume on profit growth. We are the fastest-growing brand -- company on a share basis, and Rothmans is now the number two international brand in the market.

在阿爾及利亞，我們實現了強勁的利潤增長。我們是增長最快的品牌——按股份計算的公司，樂富門現在是市場上排名第二的國際品牌。

I am very happy with the progress we are making in our investment markets: these will be the profit growth drivers for the future.

我對我們在投資市場取得的進展感到非常高興：這些將成為未來利潤增長的動力。

We also had an active year in M&A in 2015. We have already started to benefit from our investment in the enlarged Reynolds business. This has been demonstrated by its improved contribution to our earnings and excellent recently reported results.

2015 年我們在併購方面也很活躍。我們已經開始從對擴大後的雷諾茲業務的投資中受益。這已通過其對我們收益的改進貢獻和最近報告的出色結果得到證明。

In Brazil, we completed the buyout of Souza Cruz minorities early this year, and is now a wholly owned subsidiary. We have already started to further integrate the business in to the region, and have announced the closure of its factory in Cachoerinha.

在巴西，我們今年年初完成了對 Souza Cruz 少數民族的收購，現在是全資子公司。我們已經開始將業務進一步整合到該地區，並宣布關閉其在 Cachoerinha 的工廠。

The economic environment in Brazil has deteriorated significantly over the last year; however, Souza Cruz is a very strong business. It has a powerful brand portfolio and a growing premium position.

巴西的經濟環境在去年顯著惡化；然而，Souza Cruz 是一家非常強大的企業。它擁有強大的品牌組合和不斷增長的高端地位。

We also acquired TDR in 2015. We are making good progress with the integration and have already completed the migration of Benson to Rothmans with others planned in 2016.

我們還在 2015 年收購了 TDR。我們在整合方面取得了良好進展，並已在 2016 年完成了將 Benson 與其他公司一起遷移到 Rothmans 的計劃。

The acquisition of the CHIC Group in Poland gave us over 800 dedicated points of sale. This provide us with important scale and market, reaching the growing Polish e-cigarette market, and a number of leading e-cigarette brands, as well as R&D and manufacturing capabilities.

收購波蘭的 CHIC 集團後，我們擁有 800 多個專門的銷售點。這為我們提供了重要的規模和市場，觸及不斷增長的波蘭電子煙市場，以及眾多領先的電子煙品牌，以及研發和製造能力。

We also acquired a state-of-the-art e-liquid facility, which has mixing, bottling, and packaging capabilities.

我們還收購了最先進的電子液體設施，該設施具有混合、裝瓶和包裝能力。

And we are making great progress with our NGP investment.

我們在 NGP 投資方面取得了很大進展。

For those of you who came to the IR day in September, you know that our ambition to lead in the NGP category worldwide has advanced substantially during 2015. In the UK, we added the eTank and e-liquids to our Vype portfolio, and revealed purchases at over -- up over 50% in the last six months.

對於那些參加 9 月 IR 日的人，您知道我們在全球 NGP 類別中處於領先地位的雄心在 2015 年取得了長足進步。在英國，我們將 eTank 和電子液體添加到我們的 Vype 產品組合中，並透露過去六個月的購買量超過 50%。

We have rolled out Vype across five new markets: Italy, Poland, France, Germany, and Colombia. Early indications are positive.

我們已經在五個新市場推出了 Vype：意大利、波蘭、法國、德國和哥倫比亞。早期跡像是積極的。

In Poland, we plan to utilize the CHIC national retail outlet network to promote and distribute Vype within the country, giving us critical mass.

在波蘭，我們計劃利用 CHIC 全國零售店網絡在國內推廣和分銷 Vype，為我們提供臨界質量。

The CHIC business also has an exciting portfolio of vapor brands to the existing BAT portfolio. There are five leading brands in Poland, and three standalone brands of e-liquids.

CHIC 業務在現有 BAT 產品組合中還擁有令人興奮的蒸氣品牌組合。波蘭有五個領先品牌和三個獨立品牌的電子液體。

In THP we have two platforms: the first, GLO IFUSE, which combines tobacco heating and e-cigarette product technologies, has been in test market in Romania for six weeks. It's very early days, but so far we are encouraged and excited by its performance and consumer feedback.

在 THP，我們有兩個平台：第一個是 GLO IFUSE，它結合了煙草加熱和電子煙產品技術，已經在羅馬尼亞進行了六週的市場測試。現在還很早，但到目前為止，我們對它的性能和消費者反饋感到鼓舞和興奮。

The second, our electronic heating system, will, we believe, take this form of THP to another level. We will launch these in the second half of 2016.

第二，我們的電子加熱系統，我們相信，將這種形式的 THP 提升到另一個層次。我們將在 2016 年下半年推出這些產品。

Finally, in the licensed medicinal products category, let me fine-tune the production processes for Vogue. It is a complicated product that must be manufactured to very strictest standards; however, Vogue will be launched this year.

最後，在特許藥品類別中，讓我為 Vogue 微調生產流程。它是一種複雜的產品，必須按照非常嚴格的標準製造；不過，Vogue將於今年推出。

As we always said, we are enthusiastic about the opportunity in NGPs, and believe that all the three categories, vapor, tobacco heating products, and licensed medicinal products, offer great potential.

正如我們常說的那樣，我們對 NGP 的機會充滿熱情，並相信蒸汽、煙草加熱產品和許可醫藥產品這三個類別都具有巨大的潛力。

So, in summary, 2015 has been a strong year for BAT. Revenue, profit, and EPS excluding translation and transaction of currency effects were up 5%, 10%, and 16%, respectively. This is a very strong performance, which was underpinned by record corporate and premium share growth, driven by an outstanding performance from the GDBs.

因此，總而言之，2015 年對 BAT 來說是強勁的一年。排除貨幣影響的換算和交易後的收入、利潤和每股收益分別增長 5%、10% 和 16%。這是一個非常強勁的表現，這得益於創紀錄的企業和保費份額增長，以及來自 GDB 的出色表現。

In recognition of the underlying strength of the business, and demonstrate our commitment to growing shareholders' returns, we have again increased the dividend by 4%.

為表彰業務的潛在實力，並表明我們致力於提高股東回報，我們再次將股息提高了 4%。

Although it's only early in the year, the economic environment still very challenging, and at current rates, currencies remain a significant headwind for the business.

雖然才剛剛年初，但經濟環境仍然充滿挑戰，而且按照目前的匯率，貨幣仍然是業務的重大阻力。

The timing of the transaction of ForEx impact, market spend, and our investment in NGPs will mean that, as in 2015, our results will be skewed to the second half. Nevertheless, at this stage, I am confident of another good year of constant currency earnings growth.

ForEx 影響、市場支出和我們對 NGPs 投資的交易時機將意味著，與 2015 年一樣，我們的業績將偏向下半年。儘管如此，在現階段，我對貨幣收益持續增長的又一個好年頭充滿信心。

Thank you. And I will now open it up to questions.

謝謝。我現在將公開提問。

(inaudible), Bank of America. Could you please give us an outlook on your core business profit? It was, if I remember right, they were about 20% of your earnings. And if we look at Brazil, it looks like it is taking share, but you [didn't say then] the losses in Canada regarding Imperial Tobacco.

（聽不清），美國銀行。您能給我們介紹一下您的核心業務利潤嗎？如果我沒記錯的話，它們大約佔你收入的 20%。如果我們看看巴西，它似乎正在分享，但你 [當時沒有說] 加拿大在帝國煙草方面的損失。

And in terms of South Africa, we saw an excise up to 7 billion now: how do you expect revenues to be impacted by that?

就南非而言，我們現在看到了高達 70 億的消費稅：您預計收入將如何受到影響？

In Russia, if I understand well, you lost a bit of share. Do you expect that to (inaudible). What is your outlook on volume for the industry in Russia?

在俄羅斯，如果我理解得很好，你會失去一些份額。您希望這樣嗎（聽不清）。您對俄羅斯該行業的銷量前景有何看法？

And then finally, on Australia, (inaudible) [are changing], so please give us your thoughts.

最後，關於澳大利亞，（聽不清）[正在改變]，所以請告訴我們您的想法。

I'll try to answer everything, maximum three hours, so let's see if I can.

我會盡力回答所有問題，最多三個小時，讓我們看看我是否可以。

Let me start with Canada. First of all, the five biggest profit providers of BAT are the same: the Canada, South Africa, Brazil, Russia, and Australia. They were 40% of our profit some years ago, two years ago, now it's 36%, 36.5%, so the change is not significant. I see this -- we want these companies to grow fast, but also to have a better spread of the profit is not that bad.

讓我從加拿大開始。首先，BAT最大的五個利潤來源是一樣的：加拿大、南非、巴西、俄羅斯和澳大利亞。幾年前，兩年前，它們占我們利潤的 40%，現在是 36%、36.5%，所以變化並不大。我看到這一點——我們希望這些公司快速增長，但也有更好的利潤分配並不是那麼糟糕。

But there are some inaccuracies in your question. Let me start with Canada. We have been growing profit in Canada strongly four years in a row. We are doing very well in Canada. We lost some share last year in the very low-price segment: that's something that we want to compete, but we don't want to compete so strongly there.

但是你的問題有些不准確。讓我從加拿大開始。我們在加拿大的利潤連續四年強勁增長。我們在加拿大做得很好。去年我們在極低價市場失去了一些份額：這是我們想要競爭的東西，但我們不想在那裡競爭如此激烈。

So Canada is doing extremely well. And profit has gone up in the last four years and Canada had a very strong 2015 in profitability terms.

所以加拿大做得非常好。過去四年利潤有所上升，加拿大在 2015 年的盈利能力非常強勁。

Going to Russia, in which you mentioned that we lost share, we are the only company growing share in Russia for three years in a row. Last year, we grew market share in 2015 against 2014. And if you look at exit share in Russia in 2015 against exit share in 2014, it's a better measure over the last 12 months, we grew share, 1 share point; so 100 basis points. We are doing very well in Russia.

去俄羅斯，你提到我們失去了市場份額，我們是唯一一家連續三年在俄羅斯市場份額增長的公司。去年，我們在 2015 年的市場份額比 2014 年有所增長。如果你看看 2015 年俄羅斯的退出份額與 2014 年的退出份額，這是過去 12 個月更好的衡量標準，我們增長了份額，1 個份額點；所以100個基點。我們在俄羅斯做得很好。

Of course, the profit in Russia has been affected by translation and transactional ForEx, and excise increases as well.

當然，俄羅斯的利潤受到了換算和外匯交易的影響，消費稅也有所增加。

As you know, in the case of Russia we have a volume decline. I think that Russia declined last year around --- I had the number here somewhere. Russia was declining last year 4.5%; but in reality, underlying it was around 7% to 7.5%, because we had some stock movements. And this year, we also had substantial excise increases and price increases. But don't forget that excise in Russia is still very low, a little bit above 40.

如您所知，就俄羅斯而言，我們的銷量有所下降。我認為俄羅斯去年左右下降了 --- 我這裡有這個數字。俄羅斯去年下降了 4.5%；但實際上，它的基礎在 7% 到 7.5% 左右，因為我們有一些股票變動。今年，我們還大幅提高了消費稅和價格。但不要忘記，俄羅斯的消費稅仍然很低，略高於 40。

Price increase in Russia, because of the [NIM Collect] excise, you have price increases in the low-price category moving faster that in high price. So last three years, on average, premium is moving prices of 17%, low price around the 28%, 29%; that's one of the reasons that you see volume decline.

俄羅斯的價格上漲，由於 [NIM Collect] 消費稅，低價類別的價格上漲速度快於高價類別。所以最近三年，平均而言，溢價是移動價格的 17%，低價在 28%、29% 左右；這就是您看到交易量下降的原因之一。

Going now to Brazil, in the case of Brazil, of course, Brazil is difficult. As I said in my speech here, economic, there are some challenge in economic environment in Brazil.

現在去巴西，就巴西而言，當然，巴西很難。正如我在這裡的演講中所說，經濟，巴西的經濟環境存在一些挑戰。

We had five years of excise plan in Brazil; that finished last year. But the government had an additional excise increase there; that didn't affect only the tobacco category, I have to say, it was across the board, and you affect Souza Cruz results. How much is going to affect Souza Cruz's results in 2016, have to wait and see the impact on illicit trade.

我們在巴西有五年的消費稅計劃；那是去年完成的。但是政府在那裡額外增加了消費稅；這不僅影響了煙草類別，我不得不說，它是全面的，你會影響 Souza Cruz 的結果。 Souza Cruz 2016年的成績會受到多大影響，對非法貿易的影響還需拭目以待。

The government did a fantastic job in 2015 on illicit trade. Illicit trade went down in Brazil 2015 against 2014, so we need to see how illicit trade is going to react. But that will be impacting in the results, of course.

2015 年政府在打擊非法貿易方面做得非常出色。 2015 年巴西的非法貿易比 2014 年有所下降，因此我們需要看看非法貿易將如何反應。但這當然會影響結果。

So we go to Australia now, trying to answer all the big markets. Australia capital market share at 40%. We had a price increase that just happened two weeks ago: we moved prices up, and the competition has followed. We have a small real price increase in Australia now, more or less the same amount that you had last year; a little bit higher. So prices are moving a little bit slow, but prices are moving.

所以我們現在去澳大利亞，試圖回答所有的大市場。澳大利亞資本市場份額為40%。兩週前我們剛剛提價：我們提價，競爭隨之而來。現在澳大利亞的實際價格略有上漲，與去年的漲幅大致相同；高一點。所以價格變動有點慢，但價格在變動。

The prospect for 2016, we'll have to wait and see.

2016年的前景如何，我們拭目以待。

Illicit trade is around 14.5%, 4.5% higher than before the introduction of plain packing; that's one of the consequences of plain packaging.

非法貿易約為 14.5%，比採用平裝前高 4.5 個百分點；這是無裝飾包裝的後果之一。

The profit in the country has been affected, of course, by down trading, which was caused by the industry going to the low-price segment, because the industry was not there. We just had one competitor that was playing there. But because of the sizeable excise increase and price increase that segment started growing, and then we had to follow; we, and one of our competitors. So that's the situation in Australia.

該國的利潤當然受到了下跌交易的影響，這是由於該行業走向低價部分而導致的，因為該行業不存在。我們只有一個競爭對手在那裡比賽。但是由於相當大的消費稅增加和價格上漲，該細分市場開始增長，然後我們不得不跟隨；我們和我們的競爭對手之一。這就是澳大利亞的情況。

South Africa, we have a strong Company, strong brands, and the Company is doing well. We have some share losses which last year happened to mainly to local players playing the low-price segment. That's the situation in South Africa. But the brands are performing very well. Dunhill, Peter Stuyvesant, Rothmans, all these brands are doing very well there.

南非，我們擁有強大的公司、強大的品牌，並且公司經營良好。我們有一些份額損失，去年主要發生在低價市場的本地玩家身上。這就是南非的情況。但是這些品牌的表現非常好。 Dunhill、Peter Stuyvesant、Rothmans，所有這些品牌在那裡都做得很好。

I hope that I answered most of your questions, but you'll come back if I haven't answered any.

我希望我回答了你的大部分問題，但如果我沒有回答任何問題，你會回來的。

(inaudible) the company on [ impaired] tobaccos (inaudible - microphone inaccessible)?

（聽不清）公司 [ 受損 ] 煙草（聽不清 - 麥克風無法訪問）？

Yes. You want more answer on that, Jerry, would you answer the question. Jerry's our general counsel, so he can give you a more detailed answer on that.

是的。傑里，你想要更多的答案，你能回答這個問題嗎？ Jerry 是我們的總法律顧問，因此他可以就此為您提供更詳細的答案。

I think you're asking about the Quebec transaction, yes. So we had a security order issued in October requiring Imperial Tobacco Canada to make clearly deposits of -- well, totaling 758 million, broken up over seven quarters. The first deposit went in at the end of December, and will continue until such time as we win the appeal.

我想你問的是魁北克交易，是的。因此，我們在 10 月份發布了一項安全命令，要求加拿大帝國煙草公司明確存款——總計 7.58 億美元，分為七個季度。第一筆定金於 12 月底存入，並將持續到我們贏得上訴為止。

The appeal should be argued this November. And we remain very confident about the appeal. And -- yes. So the big difference is there was an order earlier in the year that would have required the money to go out from the defendant to the plaintiffs. The order that came in October, the money is held in court and will be returned if and when, we hope, we win the appeal. Okay?

上訴應在今年 11 月進行辯論。我們對上訴仍然非常有信心。是的。所以最大的區別是今年早些時候有一項命令要求將錢從被告轉到原告。 10 月份下達的命令，這筆錢由法庭保管，如果我們希望贏得上訴，將會退還。好的？

Can you take dividends out of Imperial Tobacco's hands while the [back] cases, [not Brazil]?

你能在 [back] 案例 [not Brazil] 時從 Imperial Tobacco 手中奪走股息嗎？

The payment of dividends is a matter for the Board of Imperial Tobacco Canada.

支付股息是加拿大帝國煙草公司董事會的事情。

(inaudible - microphone inaccessible).

（聽不清 - 麥克風無法訪問）。

[ I think] Canada's [largely be used to] (technical difficulty).

[我認為]加拿大的[很大程度上被習慣]（技術難度）。

But you could have dividends, yes. If the Board decides that they have enough cash to pay dividends then the answer is yes. I think that was your question? Thank you, Jerry.

但是你可以有股息，是的。如果董事會決定他們有足夠的現金來支付股息，那麼答案是肯定的。我想那是你的問題？謝謝你，傑里。

You had a question. Can I just go for others, and then go for you, James?

你有一個問題。我可以先去找別人，然後再去找你嗎，詹姆斯？

So the real question, or the other question, can you give us a little bit more detail about TaO? I think you said in the statement it's pretty much everywhere apart from one or two [months]. I was just trying to think about how the cost savings here. My understanding is there will be efficiencies that come in, in the next couple of years. Is there any way you can quantify that, whether the 160 bps points underlying margin will continue? And that's really the question. Thank you.

那麼真正的問題，或者另一個問題，你能給我們更多關於 TaO 的細節嗎？我想你在聲明中說過，除了一兩個 [月] 之外，它幾乎無處不在。我只是想考慮如何在這裡節省成本。我的理解是，在接下來的幾年裡，效率將會提高。有什麼方法可以量化，160 個基點的基礎保證金是否會持續？這才是真正的問題。謝謝。

Okay. We have deployed SAP globally in the largest and fastest deployments ever done. That's all deployments, I have to say. It's on time, it's on budget, and it's on spec, so that in itself sets it apart from most SAP deployments, I'd say.

好的。我們在全球範圍內部署了 SAP，這是有史以來規模最大、速度最快的部署。我不得不說，這就是所有部署。它準時、符合預算、符合規格，所以我認為這本身就使它與大多數 SAP 部署區分開來。

The speed of deployment of SAP is tremendous news. We just went live in South Africa and Brazil a couple of weeks ago. But obviously, we've then got to stabilize the system, and the savings comes through after that. I'm confident that even though we've deployed SAP we're not actually necessarily reaping all the benefits of it yet, so I think the savings from SAP will continue to flow through.

SAP 的部署速度是一個巨大的新聞。幾週前我們剛剛在南非和巴西上線。但很明顯，我們必須先穩定係統，然後才能節省開支。我相信，即使我們已經部署了 SAP，我們實際上也不一定能從中獲得所有好處，所以我認為 SAP 帶來的節省將繼續流過。

This year, whilst we finish the first deployment we're going round and sweeping up all the other countries that weren't part of the original plan. So we've got to do TDR, obviously; we've got to do Indonesia, we haven't done, which will be a really big deployment this year. So there's more SAP to come. And once SAP is deployed there are more savings to come from SAP, potentially.

今年，在我們完成第一次部署的同時，我們將四處巡視並掃蕩所有不在原計劃範圍內的其他國家。所以很明顯，我們必須進行 TDR；我們必須做印度尼西亞，我們還沒有做，這將是今年的一個非常大的部署。所以會有更多的 SAP 出現。一旦部署了 SAP，SAP 可能會帶來更多的節省。

Two questions, actually. The first one is linked, which is of the 160 basis point margin expansion in2015, can you give us a feeling for how much of that was, let's call it, organic-organic versus SAP-driven cost savings?

實際上有兩個問題。第一個是相關的，它是 2015 年 160 個基點的利潤率擴張，你能告訴我們其中有多少是有機-有機與 SAP 驅動的成本節約嗎？

Well, we've always said about half of the margin improvement comes from pricing, and about half comes from cost savings. I don't think there's any reason to assume that was particularly different last year.

好吧，我們一直說大約一半的利潤率提高來自定價，大約一半來自成本節約。我認為沒有任何理由認為去年情況特別不同。

Secondly, on Japan, obviously a market where we've had, let's say, irregular pricing over the years where the market leaders just moved, okay, not in their whole portfolio, but on half of it. How do you think about the pricing environment in Japan now, obviously, with regard to your own portfolio there?

其次，在日本，顯然是一個市場，比方說，多年來市場領導者剛剛移動的定價不規律，好吧，不是在他們的整個投資組合中，而是在其中的一半。你如何看待日本現在的定價環境，顯然，關於你自己的投資組合？

Well, we don't see prices moving for JT's competitors. They have [$0.10 in revenues], and we are not going to follow it. The brand reposition just [$0.10], with not only us but other competitors in the market of JT are not moving.

好吧，我們沒有看到 JT 競爭對手的價格變動。他們有 [0.10 美元的收入]，我們不會效仿。品牌重新定位僅 [0.10 美元]，不僅我們而且 JT 市場上的其他競爭對手都沒有動。

I think that the price environment in Japan is pretty dependent on excise increase, because you usually take prices there when you have an excise increase. And probably, your bet is as good as mine, and when you have one. They keep saying that at the end of this year, or maybe next year, so we don't know.

我認為日本的價格環境在很大程度上取決於消費稅的增加，因為當消費稅增加時，你通常會把價格帶到那裡。很可能，你的賭注和我的一樣好，當你有一個。他們一直說今年年底，或者明年，所以我們不知道。

As you know, it's difficult to move prices there without government agreement. And you can reposition a brand, but then you have to have government agreement to do the repositioning. So that's not our intention to move brands, [nor] price.

如您所知，如果沒有政府同意，很難在那裡調整價格。你可以重新定位一個品牌，但是你必須得到政府的同意才能進行重新定位。所以我們不打算改變品牌，[也不] 價格。

And sorry to labor the point on margins, but I know you said 50 basis points to 100 basis points is going to be challenging this year. But given current rates, would you expect margins to be down again, or could you commitment to them being positive?

很抱歉在利潤率上強調這一點，但我知道你說過今年 50 個基點到 100 個基點將具有挑戰性。但考慮到目前的利率，您是否預計利潤率會再次下降，或者您是否可以承諾利潤率是正的？

And then secondly, given the aggression of some of your competitors rolling out their heat-not-burn product, I know you said second half of this year for yours, Ben, but could you be a bit more specific and maybe how many markets you intend to be in by the end of the year? Thanks.

其次，考慮到你的一些競爭對手推出他們的加熱不燃燒產品的侵略性，我知道你說的是今年下半年，本，但你能不能更具體一點，也許你有多少市場打算在年底前入住？謝謝。

[Sammy], look, it's late February. If I knew where FX rates were going to go for the rest of the year, I wouldn't be sitting here on a cold February morning in London; I'd be sitting on a yacht in the Caribbean somewhere. So it's hard to judge, yes.

[薩米]，看，現在是二月底。如果我知道今年餘下時間的匯率走勢，我就不會在倫敦寒冷的二月早晨坐在這裡；我會坐在加勒比海某個地方的遊艇上。所以很難判斷，是的。

So the current estimate on transactional FX rate is 7%. Some of those costs we can hedge, but obviously hedging costs, things like ruble/dollar hedging costs are very expensive. So you can't hedge all of your cost base.

因此，目前對交易匯率的估計是 7%。其中一些成本我們可以對沖，但顯然對沖成本，比如盧布/美元對沖成本非常昂貴。所以你不能對沖所有的成本基礎。

So one of the reasons margins were a little bit worse in the second half of the year than we thought was the fact that exchange rates went from a 7% translational hit to a 16% translational hit in the second half.

因此，下半年利潤率比我們想像的要差一點的原因之一是匯率在下半年從 7% 的平移衝擊變為 16% 的平移衝擊。

Now, I've no idea whether sterling's going to strengthen or weaken. If sterling strengthens, it's not necessarily a particular help to transactional FX, but it's a big help for translational FX. What affects transactional FX is more the strength of the dollar and the euro against the strength of market currencies like the ruble, the real, the Canadian dollar, the Australian dollar, those sorts of exchange rates. So it's a very big and difficult mix to pull out.

現在，我不知道英鎊是會走強還是走弱。如果英鎊走強，不一定對交易型外匯有特別的幫助，但對平移型外匯有很大幫助。影響交易外彙的更多是美元和歐元兌盧布、雷亞爾、加元、澳元等市場貨幣的強勢，以及這些匯率。所以這是一個非常大而且很難的組合。

So, we are hopeful. We'll certainly grow underlying margins this year; whether it's enough to offset the transactional FX rate, we'll just have to wait and see. It's very, very early in the year to be able to predict that, I'm afraid.

所以，我們充滿希望。我們今年肯定會增加基本利潤率；它是否足以抵消交易匯率，我們只能拭目以待。恐怕在今年非常非常早的時候就可以預測到這一點。

On the tobacco heating products, let me start by saying that we have two platforms. One is the electronic tobacco device that has been launched, as I said. It was launched six weeks ago in Romania, and the results are encouraging. So this is one of the platforms that we have: that has been launched already. I think that was probably went flat.

關於菸草加熱產品，首先我要說我們有兩個平台。一種是已經推出的電子煙設備，正如我所說的。它於六週前在羅馬尼亞啟動，結果令人鼓舞。所以這是我們擁有的平台之一：已經啟動。我認為那可能是平的。

So it went six weeks ago. It's doing very well, encouraging. And we intended to expand this to Romania during the year; and then, we will see how we expanded to other markets. Because the initial results are very encouraging, and the volume's a little bit higher than we were expecting. We thought this was going to be a little bit slower. So we need to see manufacturing capabilities, and so on, so forth, but we should expand it, until the end of the year, to other markets as well.

所以它在六個星期前就過去了。它做得很好，令人鼓舞。我們打算在年內將其擴展到羅馬尼亞；然後，我們將看到我們如何擴展到其他市場。因為初步結果非常令人鼓舞，而且銷量比我們預期的要高一點。我們認為這會慢一點。因此，我們需要查看製造能力等等，但我們應該將其擴展到今年年底，並擴展到其他市場。

And the second one is platform two, is the electronic heating system. And this one will be at the end of this year, the launch. We are still fine-tuning the product, the manufacturing capabilities. We think that this will take the product to another level. And we are already testing the product in our R&D, and we think that it should go for one or two markets at the end of this year; and then, expansion 2017.

第二個是平台二，是電子加熱系統。而這一款將在今年年底推出。我們仍在微調產品和製造能力。我們認為這將使產品更上一層樓。我們已經在研發中測試該產品，我們認為它應該在今年年底進入一兩個市場；然後是 2017 年的擴張。

But let me tell you that the way that BAT approaches NGP is we look at these under the three categories, not just one. We are doing a lot in EHP, but I think that you should not underestimate the work that has been done in the vapor area, in which we think that has a fantastic potential. And we are already in six markets, doing extremely well, as we highlighted here.

但是讓我告訴你，BAT 接近 NGP 的方式是我們在三個類別下看這些，而不僅僅是一個。我們在 EHP 方面做了很多工作，但我認為您不應該低估在蒸氣領域所做的工作，我們認為在該領域具有巨大的潛力。正如我們在此強調的那樣，我們已經在六個市場中做得非常好。

We have new products coming to the market. We bought CHIC; that has 65% market share in Poland with outstanding training capabilities. We think that it can expand very fast our portfolio. They have some good products as well, and we are expanding this very fast.

我們有新產品投放市場。我們買了CHIC；在波蘭擁有65%的市場份額，培訓能力突出。我們認為它可以非常快速地擴展我們的產品組合。他們也有一些不錯的產品，我們正在快速擴展。

We are not going faster, because we wanted to have a controlled geographic spread. We don't want it to go too fast. We are going for six markets in the first half of the year, evaluate, and probably do some more markets in the second half of the year.

我們不會走得更快，因為我們想要控制地理分佈。我們不希望它走得太快。上半年我們打算去六個市場，評估一下，下半年可能會做更多的市場。

And the third category is the medicinal licensed products. We are the only company in the world that has got one with Vogue, approved by MHRA. We are also fine-tuning the manufacturing capability; should come to the market during this year.

第三類是藥用許可產品。我們是世界上唯一一家與 Vogue 合作並獲得 MHRA 批准的公司。我們也在微調製造能力；應該會在今年上市。

So is an approach that look at the three categories; not only THP. But TPH, one of those was launched already. The second one is going to be the end of this year. Okay?

著眼於這三個類別的方法也是如此；不僅是 THP。但是 TPH，其中一個已經推出。第二個將是今年年底。好的？

(inaudible). Can you please give us the initial consumer [reaction] because of the [credit reversion and the way] you distribute it [in your] products? And more general information on (inaudible) products [since the margins, one is still low, or is this bigger potentially you have higher (inaudible) for convertible tobacco]?

（聽不清）。能否請您告訴我們最初的消費者 [反應] 因為 [信用返還和方式] 您在 [您的] 產品中分發它？還有關於（聽不清）產品的更多一般信息 [由於利潤率，一個仍然很低，或者這個更大的可能是你有更高的（聽不清）可轉換煙草]？

You are talking about Vogue, or Vype?

你說的是 Vogue 還是 Vype？

Vogue, the medicinal products.

時尚，醫藥產品。

The medicinal, we haven't launched it yet. We have test it, and the test is very positive. We have a small pilot, and the initial results are very positive. We just want -- we think that it's going to be a product that is going to be very well received.

藥用的，我們還沒有推出。我們已經對其進行了測試，並且測試非常積極。我們有一個小試點，初步結果非常積極。我們只是想要 - 我們認為它將成為一種非常受歡迎的產品。

[Any one], I guarantee that when you go to the market we have enough capabilities in terms of volume to go not only for UK, but for other markets as well at the same time. So I cannot talk about that, but as soon as we launch it I will come back.

[任何人]，我保證當你進入市場時，我們在數量方面有足夠的能力不僅可以進入英國，而且可以同時進入其他市場。所以我不能談論這個，但一旦我們推出它，我就會回來。

[So will be retailed in pharmacies] and --?

[因此將在藥店零售] 並且——？

Sorry?

對不起？

It has to be described by a doctor, right?

得找醫生描述吧？

No, it doesn't need to be prescribed by doctor. It can be prescribed by doctor. We can end up having NHS paying the product for us; that's a first for tobacco industry.

不，它不需要由醫生開處方。它可以由醫生開處方。我們最終可以讓 NHS 為我們支付產品費用；這在煙草行業尚屬首次。

The margins, of course it's not going to be the same margins of tobacco. The whole vapor, THP, and the medicinal tobacco products they all have a lower margins. But there'll be lower margin percentage terms. It will be around 20% to 25%. I cannot be precise now. But in absolute terms, be similar to cigarettes, because it starts with a higher price.

利潤率，當然不會與煙草的利潤率相同。全蒸汽、THP 和藥用煙草產品的利潤率都較低。但是會有較低的保證金百分比條款。它將在 20% 到 25% 左右。我現在不能準確。但從絕對意義上講，類似於香煙，因為它的起步價更高。

So, in absolute, it's not going to be so different per milliliter, the same comparison; but relative, percentage wise, it will be more of an over-the-counter [medicine] margins, 20%, 25%.

所以，絕對來說，同樣的比較，每毫升不會有太大的不同；但相對而言，就百分比而言，它將更多地是非處方 [藥物] 利潤率，20%、25%。

You've got to remember that in tobacco, if the consumer price is 100, 70 disappears as excise, and we measure margin on the remaining 30. But, of course, with a licensed medicinal product, if it sells for 100, you measure the margin on the 100. So a 15% margin on 100 is the same as a 50% margin on the 30. It may [start to actually, at some] point that may be a good thing.

你必須記住，在煙草中，如果消費價格為 100，則 70 作為消費稅消失，我們衡量剩餘 30 的利潤。但是，當然，對於獲得許可的醫藥產品，如果它的售價為 100，你衡量100 的保證金。因此 100 的 15% 保證金與 30 的 50% 保證金相同。它可能 [實際上，在某些時候] 可能是一件好事。

(inaudible) [The licensed] medicinal products, we don't believe so, that's going to be taxed. If you're asking the question about vapor and THP, yes, I think that vapor should be taxed, and we are recommending to regulators to be taxed.

（聽不清）[許可的] 醫藥產品，我們不相信，這將被徵稅。如果你問的是關於蒸汽和 THP 的問題，是的，我認為應該對蒸汽徵稅，我們建議監管機構徵稅。

We want to be taxed according to [risk] continue. So we don't pay the same tax as tobacco, should be lower tax. So we should let the risk continue for the consumers and taxed in a different tax rate, so we engaged with regulators trying to convince them to do that.

我們希望根據 [risk] 繼續徵稅。所以我們不繳納與煙草相同的稅，應該是更低的稅。因此，我們應該讓消費者繼續承擔風險，並以不同的稅率徵稅，因此我們與監管機構接觸，試圖說服他們這樣做。

Just a quick one from me. I've noticed Americas had a very strong profit growth performance, 11% at constant currency. I was wondering, do hyper-inflation markets actually make a big impact on that; i.e., what was the growth excluding Venezuela and Argentina?

只是我的一個快速的。我注意到美洲的利潤增長非常強勁，按固定匯率計算為 11%。我想知道，惡性通貨膨脹市場是否真的對此產生了重大影響？即，不包括委內瑞拉和阿根廷在內的增長是多少？

I'm not going to quote figures excluding particular markets. If we did inflation accounting for Venezuela, which we don't do in the constant currency results, it would have taken profits down by [15 million].

我不會引用不包括特定市場的數據。如果我們對委內瑞拉進行通貨膨脹核算，而我們在不變貨幣結果中沒有這樣做，那麼利潤就會下降 [1500 萬]。

Just a couple of questions. First one, just following on from your comments about regulation, obviously, one of your competitors is trying to get modified risk status from the (inaudible) the FDA. Are you talking to regulators in that way? And is their proposal on an industry basis, or just for their specific product, if you look at modified-risk status?

只是幾個問題。第一個，根據您對監管的評論，很明顯，您的一個競爭對手正試圖從（聽不清）FDA 獲得修改後的風險狀態。您是否以這種方式與監管機構交談？如果您查看修改後的風險狀態，他們的提議是基於行業還是僅針對他們的特定產品？

Secondly, just a quick one on CapEx. Obviously, with TaO has now been effectively rolled out you're saying the gross CapEx is going to be broadly similar. Is that all down to NGP? And would we expect, therefore, that to come down quite quickly thereafter?

其次，只是關於資本支出的一個快速的。顯然，隨著 TaO 現已有效推出，您是說總資本支出將大體相似。這一切都歸功於 NGP 嗎？因此，我們是否期望此後會很快下降？

I go for the first question. It's just for their products, because we have to do product by product, it cannot be by category. We are analyzing our options now, if we should follow the same route or not. It takes years and years and years to get the approval, and files of research to get there. So we are preparing our case, and we'll decide if we should go for the same route or not in the coming months.

我去問第一個問題。只是針對他們的產品，因為我們要做一個產品一個產品，不能一個品類。我們現在正在分析我們的選擇，是否應該走同樣的路線。獲得批准需要數年、數年和數年的時間，並且需要研究文件才能到達那裡。所以我們正在準備我們的案子，我們將在未來幾個月內決定是否應該走同樣的路線。

Yes, CapEx will be higher this year than last year. Remember, we haven't finished the roll out of TaO. We've got to do Indonesia, we've got to do Croatia this year, so we've got all of those costs coming through.

是的，今年的資本支出將高於去年。請記住，我們還沒有完成 TaO 的推出。我們今年必須去印度尼西亞，我們必須去克羅地亞，所以我們已經承擔了所有這些費用。

We've got NGP costs in terms of preparing for the launch of Vogue.

在準備推出 Vogue 方面，我們有 NGP 成本。

And we've got operations costs, where we've been keeping Alan pretty tightly bound down over the last few years while we pay for TaO. But he's finally escaped and we'll be spending some more money in terms of driving the CapEx that comes with innovation, which, of course, is the start of the share growth for all of our brands.

我們還有運營成本，在過去幾年裡，我們在為 TaO 支付費用的同時，一直將 Alan 緊緊地約束在這些成本中。但他終於逃脫了，我們將在推動創新帶來的資本支出方面投入更多資金，這當然是我們所有品牌份額增長的開始。

So you'll see CapEx, it depends a bit on exchange rates, but around the GBP700 million, maybe, next year, gross.

所以你會看到資本支出，這在一定程度上取決於匯率，但明年可能會達到 7 億英鎊左右。

I'd like to ask a question about mix. As I look at results straightaway, you're growing really fast in Rothmans, and that suggests down trading. But you've kept on saying, a couple of times, you're doing very well in premium, as well.

我想問一個關於混合的問題。當我直接看結果時，你在 Rothmans 的增長非常快，這表明交易減少。但你一直說，有幾次，你在溢價方面也做得很好。

I was just wondering if you could somehow -- if I think about BAT as a whole is premium -- how is it working? Is premium becoming a larger percentage of BAT? Or is value-for-money becoming a larger percentage of BAT?

我只是想知道你是否能以某種方式——如果我認為 BAT 作為一個整體是優質的——它是如何運作的？溢價在 BAT 中所佔的比例是否更大？還是性價比在 BAT 中的佔比越來越大？

Let me try to explain. If you go back up to two years ago, we always have the pricing moving extremely well. And you have the downside offset by geographic mix, because, as you know, we grow faster in emerging markets, which is part of our strategy. We think that is a sound strategy for the future. Then, we had some tailwinds on portfolio mixes as well.

讓我試著解釋一下。如果你回到兩年前，我們的定價總是非常順利。你可以通過地域組合來抵消不利因素，因為如你所知，我們在新興市場增長更快，這是我們戰略的一部分。我們認為這是未來的合理戰略。然後，我們在投資組合組合方面也有一些順風。

But last year, we had some down trading in the world because of the challenging economic conditions; and overall, we had some headwinds on portfolio mix as well. So that's the first part of the answer.

但去年，由於經濟形勢嚴峻，我們在世界範圍內進行了一些低價交易；總體而言，我們在投資組合方面也遇到了一些不利因素。這就是答案的第一部分。

2015?

2015？

2015. We had some headwinds on portfolio mix as well, because we see a lot of down trading around the world. You see in places like, for example, Russia, UK, Switzerland, Italy, Germany, Australia, Japan, we saw some down trading happening. So there was a decrease in down trading.

2015 年。我們在投資組合組合方面也遇到了一些不利因素，因為我們看到全球有很多下跌交易。你會看到，例如在俄羅斯、英國、瑞士、意大利、德國、澳大利亞、日本等地，我們看到了一些下跌交易。因此，下跌交易有所減少。

And they play that -- the role that Rothmans play in our portfolio is that the value-for-money segment was the one that was growing. We were not so strong there. We had been able to deliver a product with [fantastic] quality, we've got lot of innovations, and that consumers are loving. So that's why the brand is growing so fast, because it is in a segment that is growing; and that brand is doing fantastically well on top of this.

他們扮演的角色——樂富門在我們的投資組合中扮演的角色是物有所值的細分市場正在增長。我們在那裡沒有那麼強壯。我們已經能夠提供質量[出色]的產品，我們有很多創新，而且消費者很喜歡。這就是品牌增長如此之快的原因，因為它所在的細分市場正在增長；除此之外，該品牌的表現非常出色。

What I mention about the premium segment is that inside the premium segment has declined a little bit this year. BAT grew 150 basis points, despite the fact that the GDBs grew 120. Why? Because we have some premium brands that are not GDBs across the world, as you know, as we call the shadow brands in the past, like the [Moulier] in Canada, which is not our trademark there; in Canada is a shadow brand of Dunhill, is doing well in the premium segment.

我提到的高端細分市場是今年高端細分市場內部有所下降。 BAT 增長了 150 個基點，儘管 GDB 增長了 120 個基點。為什麼？因為我們在世界範圍內有一些不是GDB的優質品牌，正如你所知，我們過去稱之為影子品牌，比如加拿大的[Moulier]，它不是我們在那裡的商標；在加拿大是登喜路的影子品牌，在高端市場表現不俗。

So our share in the premium segment is growing 150 basis points. But because the segment is declining, overall there was small headwind in portfolio mix, which, up to 2014, we had always a tailwind.

因此，我們在高端市場的份額增長了 150 個基點。但由於該細分市場正在下滑，總體而言，投資組合組合存在較小的逆風，直到 2014 年，我們一直是順風。

So how's it going to play out in 2016 depends a lot on how much you are going to grow your premium portfolio.

因此，它在 2016 年的表現如何，很大程度上取決於您打算在多大程度上增加您的保費投資組合。

We are doing very well. We are leaving 2015 with a very good share growth behind our brands. Our premium brands are growing very fast. You saw what we take about brands, for example, like Dunhill, in places like Russia -- sorry, in places like Indonesia, in which five years' ago 10% of the portfolio was behind Dunhill Club Mild, that was a strategic brand: now it's 90%. So it just shows that you can have a better share; it shows that the brands are growing very well.

我們做得很好。我們將在 2015 年以我們品牌背後的良好份額增長告終。我們的優質品牌增長非常快。你看到了我們對品牌的看法，例如，像 Dunhill，在俄羅斯這樣的地方——抱歉，在印度尼西亞這樣的地方，五年前 10% 的產品組合是 Dunhill Club Mild，這是一個戰略品牌：現在是90%。所以它只是表明你可以擁有更好的份額；這表明這些品牌的增長非常好。

Dunhill, who is the only international brand that's playing in the kretek segment, and was able to establish itself in the kretek segment has been Dunhill. We had in Dunhill Mild kretek, now have Dunhill Full Flavor. We launched the one year and two months' ago [2.4 shares] in Dunhill; you know how hard it is to get there. So it's doing very well.

Dunhill 是唯一一個在丁香煙市場上打拼的國際品牌，並且能夠在丁香煙市場站穩腳跟的就是 Dunhill。我們有 Dunhill Mild kretek，現在有 Dunhill Full Flavor。我們在一年零兩個月前在Dunhill推出了[2.4股]；你知道到達那裡有多難。所以它做得很好。

So it depends a lot if you are going to have a headwinds in terms of portfolio mix next year, or not; it depends a lot over the performance of the premium brand. But they are doing extremely well. I hope that they keep doing extremely well. We [end the day] in a very good and strong position. I hope that I encapsulate your question.

因此，明年的投資組合組合是否會遇到不利因素，這在很大程度上取決於；這在很大程度上取決於高端品牌的表現。但他們做得非常好。我希望他們繼續做得非常好。我們[結束這一天]處於非常有利的地位。我希望我概括了你的問題。

Yes, could you talk a bit about momentum and [try] this momentum.

是的，你能談談勢頭並[嘗試]這種勢頭嗎？

You accelerated your organic sales growth through the year. I think Q4 comes out with volumes up 2% and organic sales growth up 8%, 9%. So, first of all, are there any kind of funnies in there, any kind of pre-excised loading? So how clean is that number? And probably, could you give us a bit more color on where that acceleration of growth is happening for you, and how sustainable in to 2016 is it?

您全年加速了有機銷售增長。我認為第四季度的銷量增長了 2%，有機銷售額增長了 8%、9%。那麼，首先，那裡有什麼有趣的東西嗎，有什麼預先切除的加載嗎？那麼這個數字有多乾淨呢？也許，您能否給我們更多關於您正在加速增長的地方，以及到 2016 年的可持續性如何？

Okay, regarding Q4, there is no funny there. Using your expression.

好的，關於 Q4，那裡沒有什麼好笑的。用你的表情。

Yes, TDR, you've got a (multiple speakers) of about 40 million turnover off TDR.

是的，TDR，你有一個（多個演講者）TDR 的營業額約為 4000 萬。

TDR, of course, but is not something that will be in numbers for 2016. But eliminating TDR, was a strong quarter 4.

當然，TDR 不會出現在 2016 年的數字中。但消除 TDR 是第 4 季度的強勁表現。

But I keep saying, and I said at the interim, during the first half, the second half it was going to be stronger, remember that, because of, depends on your marketing investment, first half, second half. And we had a lot of launches in the first half. We had a lot of investments in NGP in the first half to have the benefits throughout the year.

但我一直在說，我在過渡期間說，在上半年，下半年它會變得更強大，請記住，因為，取決於你的營銷投資，上半年，下半年。我們在上半年進行了很多發布。上半年我們對 NGP 進行了大量投資，以便全年受益。

And the same [shift] you are going to see in 2016, by the way. So we are -- we had a lot of upfront investment. I don't think that you can read it too much on the quarter.

順便說一句，你將在 2016 年看到同樣的[轉變]。所以我們 - 我們有很多前期投資。我認為您不能在本季度閱讀太多內容。

But there is no loading there, there is no funny number, the numbers are very clear. We want to [get to] -- BAT, how it's come to the year, very clean, because you want to have a very strong next year. So we're not going to jeopardize next year with unloading, so it never happens with us.

但是那裡沒有loading，沒有funny number，數字很清楚。我們想要 [get to] -- BAT，它是如何來到這一年的，非常乾淨，因為你希望明年有一個非常強大的。所以明年我們不會因卸貨而受到危害，所以它永遠不會發生在我們身上。

We have some small loadings at the end of 2014, 2015 because of TaO, so markets that were introducing TaO in January, for example. We had some loading in prior years, but very small numbers that is not possible to notice.

由於 TaO，我們在 2014 年底和 2015 年有一些小負載，例如在 1 月份引入 TaO 的市場。前幾年我們有一些負載，但數量很少，無法注意到。

Also, Q4 2015 was very strong, because Q4 2014 was a weak quarter. So as comparable base, if you compare 2015 against 2014, 2014 was very weak, and then it looks like that 2015 was stronger than it was.

此外，2015 年第四季度非常強勁，因為 2014 年第四季度是一個疲軟的季度。因此，作為可比基數，如果將 2015 年與 2014 年進行比較，2014 年非常弱，然後看起來 2015 年比以前強。

But the numbers are very clean. We come for 2016 from the volume side, from the share side with strong numbers; and we are working very hard to keep like that, I can guarantee this to you.

但是數字非常乾淨。我們從數量方面來看 2016 年，從份額方面來看，數據強勁；我們正在努力保持這樣的狀態，我可以向你保證。

[Mike], can I have one more question? We are out of time? Is there any burning questions you may ask? No? (laughter)

[邁克]，我可以再問一個問題嗎？我們沒時間了？您可能會問任何緊迫的問題嗎？不？ （笑聲）

So, guys, thank you for coming, and appreciate -- you have a question, [Anna]? No? Okay. Thank you for coming. Appreciate that. Thank you.

所以，伙計們，感謝你們的到來，感謝——你有問題，[安娜]？不？好的。謝謝你的到來。感謝。謝謝。