英美煙草 (BTI) 2019 Q4 法說會逐字稿

Hello and welcome to the BAT 2019 Preliminary Results Presentation. (Operator Instructions) Please note, this call is being recorded.

大家好，歡迎參加 BAT 2019 初步結果發表會。（操作員指示）請注意，本次通話正在錄音。

I will now hand over to Jack Bowles, the Chief Executive.

現在我將把發言權交給執行長傑克鮑爾斯。

Good morning, everyone. I'm Jack Bowles, Chief Executive, and with me this morning to present our full year 2019 results is Tadeu Marroco, our Group Finance Director. Before I start the presentation, I will take it that you have all seen and read the disclaimer on Page 2 and Page 3. As usual, at the end of the presentation, there will be an opportunity for you to ask questions.

各位早安。我是執行長傑克鮑爾斯，今天早上和我一起向大家介紹我們 2019 年全年業績的是集團財務總監塔德烏馬羅科。在開始演講之前，我假設各位都已經看過並閱讀了第2頁和第3頁的免責聲明。和往常一樣，演講結束後，大家將有機會提問。

Last March, we set out 3 clear priorities to transform our business. I am pleased to say that we have made good progress over the last year. We delivered value growth from our combustible business, gaining share globally with enhanced profitability. We are driving a step change in New Categories by launching new products and entering new markets, providing potentially reduced risk products to close to 11 million consumers.

去年三月，我們制定了 3 個明確的優先事項來改造我們的業務。我很高興地說，過去一年我們取得了良好的進展。我們從極具挑戰性的業務中實現了價值成長，在全球範圍內獲得了市場份額，並提高了盈利能力。我們透過推出新產品和進入新市場，推動新類別的變革，為近 1,100 萬消費者提供潛在風險降低的產品。

Lastly, in September, we announced some important organizational changes, which are largely completed. We have removed a net of 2,300 roles and recruited an additional 350 managers across the organization, creating the capabilities and resources to continue investing in new categories. This marks a significant first step in the journey towards making BAT a stronger, simpler, faster organization better equipped for the future.

最後，我們在 9 月宣布了一些重要的組織變革，這些變革目前已基本完成。我們已淨裁減 2300 個職位，並在整個組織內額外招募了 350 名經理，從而創造了繼續投資新類別的能力和資源。這標誌著 BAT 在向更強大、更精簡、更快捷、更能適應未來的組織邁出了重要的第一步。

And this is just the beginning of our journey. Our purpose is clear, we aim to build a better tomorrow by reducing the health impact of our business through offering a greater choice of enjoyable and less risky products. Our 2019 results reflected a strong operational performance across all our key financial and strategic objectives. As you will have seen from this morning's announcement, reported results were impacted by a number of adjusting items, the majority of which were noncash. To help you better understand the key drivers of the strong operational performance, we will focus on constant currency adjusted results for the balance of the presentation, unless stated otherwise.

而這只是我們旅程的開始。我們的目標很明確，我們旨在透過提供更多令人愉悅且風險更低的產品選擇，減少我們業務對健康的影響，從而創造更美好的明天。2019 年的業績反映了我們在所有關鍵財務和策略目標方面都取得了強勁的營運表現。正如您從今天早上的公告中看到的那樣，公佈的業績受到許多調整項目的影響，其中大部分是非現金項目。為了幫助您更了解強勁營運績效的關鍵驅動因素，除非另有說明，否則本簡報的其餘部分將重點介紹按固定匯率調整後的績效。

I am delighted to say that we delivered another year of high single-figure earning growth. Revenues and profit were both at the upper end of our guidance range while group value and volume share both grew. Operating margin increased alongside significant investment in New Categories. Our strong New Category revenue growth was achieved despite the impact of the U.S. vapor category slowdown. This demonstrates the strength of our long-term multi-category strategy.

我很高興地宣布，我們又一年實現了個位數的高獲利成長。營收和利潤均達到我們預期範圍的上限，集團價值和銷售份額均有所增長。隨著對新產品類別的大量投資，營業利潤率也隨之提高。儘管受到美國電子煙市場成長放緩的影響，我們仍然實現了強勁的新產品類別收入成長。這體現了我們長期多品類策略的優勢。

Our strong focus on cash generation has supported delivery against our priority to reduce the leverage -- or to reduce leverage. We have announced a 3.6% increase in the dividend, in line with our 65% payout ratio and our commitment to delivering shareholder returns and dividend growth in sterling terms. This means we have delivered on all the commitments we set out last year.

我們對現金流的重視，為實現降低槓桿率這一首要目標提供了支持。我們宣布將股息提高 3.6%，這符合我們 65% 的派息率，也符合我們以英鎊計價實現股東回報和股息成長的承諾。這意味著我們已經兌現了去年制定的所有承諾。

In recent years, a key pillar for our value creation has been our approach to sustainability. The known health effects of the cigarettes we sell remain our biggest challenge. However, with the investments we are making to grow our New Category business, we have now close to 11 million people using noncombustible products across 45 countries, including a leading 3.5 million consumers in the EU alone, and this continues to grow.

近年來，永續發展一直是我們創造價值的關鍵支柱。我們所售香菸已知的健康影響仍然是我們面臨的最大挑戰。然而，隨著我們為發展新類別業務而進行的投資，目前已有近 1,100 萬人在 45 個國家/地區使用不可燃產品，光是歐盟就有 350 萬消費者，而且這一數字還在持續成長。

Within our agricultural supply chain, we aim to deliver a positive social impact wherever we operate. We strive for excellence in the management of our environmental footprint and have made some good progress. Since 2010, we have reduced overall carbon emission by 24%, water withdrawal by 34% and reduced waste to landfill by 60%. Finally, we strive to operate to a high corporate governance standard.

在我們的農業供應鏈中，我們力求在我們營運的每一個環節中產生正面的社會影響。我們力求在環境足跡管理方面做到卓越，並已取得了一些良好進展。自 2010 年以來，我們已將碳排放總量減少了 24%，用水量減少了 34%，送往垃圾掩埋場的廢棄物減少了 60%。最後，我們努力依照高標準的公司治理規範進行運作。

The broad range of external recognitions we have achieved over the years is a testament to our progress to date. BAT was awarded the Organizational Impact Award in the SEAL 2019 Business Sustainability Awards, putting us in the world's top 50 sustainable companies. 2019 also marks the 18th consecutive year that BAT has been included in the Dow Jones Sustainability Index. And in 2019 was the only company in our industry to have been included in the World Index.

多年來我們獲得的廣泛外部認可，證明了我們迄今為止的進步。BAT 在 SEAL 2019 商業永續發展獎中榮獲組織影響力獎，躋身全球前 50 家永續發展公司。2019 年也是 BAT 連續第 18 年入選道瓊永續指數。2019 年，我們公司是業界唯一入選世界指數的公司。

In summary, we have made a lot of progress. However, we are aware that there is more to do, and I look forward to telling you more in our Capital Market Day in March. We are delivering on our 3 priorities, and our results today reflect the good progress we have made in building a better tomorrow. It is clear that these results benefit from a very strong performance in combustible, the continued growth in our new category products and an organization that is already faster, more efficient and simpler.

總而言之，我們取得了很大進展。然而，我們也意識到還有更多工作要做，我期待在三月的資本市場日上向大家詳細介紹。我們正在落實三大優先事項，今天的成果反映了我們在建立更美好明天方面取得的良好進展。顯然，這些成果得益於可燃品業務的強勁表現、新產品類別的持續成長以及組織架構的最佳化，使得公司營運速度更快、效率更高、流程更簡單。

Starting with the value growth in our combustible business. Revenue grew strongly, driven by value share gains, strong brands, good pricing and improved geographical mix. Cigarette and THP volume was down 4.4%, reflecting the effect of the previously announced one-off stock reduction in Russia and lower industry volumes in a number of low market values, including Egypt and Venezuela. Excluding these effects, BAT group volume was down around 3%, in line with global industry volume. Looking into 2020, we expect global industry volume to be down around 4%, with the increase reflecting large excise-driven industry volume declines in Indonesia and in Turkey.

首先從我們易燃易爆業務的價值成長說起。營收強勁成長，主要得益於市佔率提升、強勢品牌、合理定價及地理組合優化。捲菸和THP銷量下降4.4%，反映了先前宣布的俄羅斯一次性庫存削減的影響，以及包括埃及和委內瑞拉在內的一些低市值國家的行業銷量下降。剔除這些影響，BAT集團銷量下降約3%，與全球產業銷量基本一致。展望 2020 年，我們預計全球工業產量將下降約 4%，其中成長反映了印尼和土耳其受消費稅影響而導致的工業產量大幅下降。

In combustibles, our strategic brand portfolio continues to perform very well, delivering revenue growth of 5.6% in 2019. Total combustible volume and value share were up 20 basis points. This was driven by strategic brands portfolio volume share gain of 70 basis points, benefiting from migration in Brazil and value share gains of 40 basis points. This now marks the eighth consecutive year of group volume share growth, reflecting a strong track record of superior consumer insights and innovation.

在可燃物領域，我們的策略品牌組合持續表現非常出色，2019 年實現了 5.6% 的營收成長。可燃物總量和價值份額均上升了20個基點。這主要得益於策略品牌組合銷售份額增長 70 個基點，受益於巴西的移民市場，以及價值份額增長 40 個基點。這標誌著該集團銷量份額連續第八年增長，反映了其在消費者洞察和創新方面的卓越成就。

Our U.S. Strategic Brands continue to strengthen their position with growth in all key value metrics. We gained share at the corporate level, in premium and with adult smokers aged 21 to 30 years old. At 44%, our leading ASU30 share is now ahead of our corporate share of 35%, demonstrating the strong outlook of the business. The growth in the New Category revenue was driven by a multi-category, multi-market approach. We grew more than 20% globally in each category and delivered double-digit growth across all geographic regions. It is worth noting that New Categories revenue growth, excluding U.S. vapor, was up 39%. This is in line with guidance given at the half year before the U.S. vapor market contracted.

我們的美國策略品牌在所有關鍵價值指標上持續成長，進一步鞏固了其市場地位。我們在企業層面、高端市場以及 21 至 30 歲成年吸菸者群體中都獲得了市場份額。目前，我們領先的 ASU30 份額為 44%，超過了我們公司 35% 的份額，這表明該業務前景強勁。新類別收入的成長得益於多類別、多市場的策略。我們在全球各個品類中均實現了超過 20% 的成長，並在所有地理區域實現了兩位數的成長。值得注意的是，不包括美國電子煙業務在內，新類別收入成長了 39%。這與美國電子煙市場萎縮前半年的預測一致。

In vapor, we strengthened our global position and delivered constant currency revenue growth of 23% despite the turbulence in the market. We saw the category return to sequential growth in key markets in Q4 2019. We welcome the FDA recent actions to clarify U.S. vapor market regulation and support regulation that seeks to provide quality products for adult consumption. We are well positioned ahead of the PMTA deadline in May and look forward to its enforcement. We estimate a potential of GBP 1.5 billion of revenue to become contestable in the U.S. post the deadline. We are in a very strong position and we expect the benefit to materialize in 2021.

在蒸汽領域，儘管市場動盪，我們仍鞏固了全球地位，並實現了以固定匯率計算 23% 的收入成長。2019 年第四季度，我們看到該品類在主要市場恢復了環比成長。我們歡迎 FDA 近期採取的行動，以明確美國電子煙市場監管，並支持旨在為成人消費提供高品質產品的監管措施。我們已做好充分準備，迎接5月份PMTA的最後期限，並期待其強制執行。我們估計，截止日期過後，美國可能有高達 15 億英鎊的收入會受到質疑。我們目前處於非常有利的地位，預計2021年將實現收益。

Turning now to THP. The category grew at a slower rate than previous years, with Japan and South Korea still representing over 60% of the total market. Improved consumer satisfaction for this category will be the key for its future success, given the satisfaction gap relative to cigarettes. Nevertheless, we continue to see good opportunities for THP in specific markets, mainly in markets where low cigarettes strength delivery levels and where there are fewer tobacco and nicotine other alternatives. As a result, our priority is to focus on improving the satisfaction level of our products and to prioritize our investment in selected markets where we identified the greatest opportunities for category growth.

現在轉向THP。該品類的成長速度比往年放緩，日本和韓國仍佔整個市場的 60% 以上。鑑於消費者對該品類產品與香菸產品之間的滿意度差距，提高消費者對該品類產品的滿意度將是其未來成功的關鍵。儘管如此，我們仍然看到 THP 在特定市場擁有良好的發展機會，尤其是在捲菸強度較低、菸草和尼古丁替代品較少的市場。因此，我們的首要任務是專注於提高我們產品的滿意度，並將投資重點放在我們認為具有最大品類成長機會的特定市場。

Modern Oral is a small but exciting new category that is growing rapidly where it is present, with 70% of the global volume outside of the U.S. We are a global leader -- global category leader with a volume share of 47%, with strong marketing and supply chain capabilities. So we are committed to deliver a better tomorrow and we are excited by the opportunities in New Categories.

現代口腔護理是一個規模雖小但令人興奮的新興品類，在現有市場中成長迅速，全球銷售量的 70% 來自美國以外地區。我們是全球領導者——全球品類領導者，擁有 47% 的市場份額，以及強大的行銷和供應鏈能力。因此，我們致力於創造更美好的明天，並對新類別帶來的機會感到興奮。

The regulatory environment is dynamic, as shown by the recent actions in Russia and Mexico and the FDA's intervention on vapor. With short-term visibility a challenge, it is important to be agile and responsive. Annual growth rates are difficult to predict. Yet, we are clear on our ambition to achieve GBP 5 billion revenue for New Categories in '23/'24. We must retain the investment flexibility to allocate resources as necessary. This allows us to be in a position of strength to invest in the business or to adapt to developments whilst delivering on our financial targets.

監管環境瞬息萬變，俄羅斯和墨西哥最近的行動以及美國食品藥物管理局對電子煙的干預就證明了這一點。由於短期可見性不足，保持敏捷和快速回應至關重要。年增長率難以預測。但是，我們明確表示，我們的目標是在 2023/2024 財年實現新類別 50 億英鎊的收入。我們必須保持投資彈性，以便根據需要分配資源。這使我們能夠處於有利地位，在實現財務目標的同時，投資於業務發展或適應市場變化。

We are committed to delivering 3% to 5% revenue growth and continued margin expansion, with the benefits of Quantum providing both the capabilities and efficiencies to support additional investment as required. We are committed to delivering high single-figure adjusted EPS growth and continued strong cash generation to drive further deleverage and dividend growth.

我們致力於實現 3% 至 5% 的收入成長和持續的利潤率擴張，Quantum 的優勢在於能夠提供所需的能力和效率，從而支持在需要時進行額外的投資。我們致力於實現個位數的調整後每股收益成長和持續強勁的現金流，以推動進一步去槓桿化和股息成長。

Looking into 2020. While vapor markets are showing sequential recovery, they are yet to return to the level reached prior to the U.S. vapor slowdown. While we cannot predict the duration and extent of the coronavirus, we have already seen some impact in our duty-free business and the first signs of New Category supply disruption at retailer level. Whilst these factors are unpredictable, this will make first half New Category revenue growth difficult, given the likelihood of growing out of stock and delayed new product launches. Nevertheless, we do not expect this to impact our ability to deliver on our financial guidance.

展望2020年。雖然電子煙市場呈現逐步復甦的態勢，但尚未恢復到美國電子煙市場放緩之前的水平。雖然我們無法預測冠狀病毒的持續時間和影響範圍，但我們已經看到它對我們的免稅業務產生了一些影響，並且零售商層面出現了新類別供應中斷的最初跡象。雖然這些因素難以預測，但考慮到庫存不足和新產品上市延遲的可能性，這將使上半年新類別收入成長變得困難。然而，我們預計這不會影響我們實現財務預期目標的能力。

So in summary, we are performing well, delivering on our 3 priority areas. The opportunities in New Categories remain exciting. As we consolidate our New Category brands, we are committed to investing further than building the capabilities required. Consumer and market insights clearly demonstrate that our multi-category strategy is key to deliver long-term sustainable growth. This is central to our ambition to create a better tomorrow. I will now hand over to Tadeu, who will take you through 2019 in a bit more details.

總而言之，我們表現良好，在三個優先領域都取得了進展。新類別中的機會依然令人興奮。隨著我們整合新品類品牌，我們致力於投入更多資源，而不僅僅是建立所需的能力。消費者和市場洞察清楚地表明，我們的多品類策略是實現長期永續成長的關鍵。這對我們創造更美好未來的願景至關重要。現在我將把麥克風交給塔德烏，他將更詳細地帶大家回顧2019年。

Thank you, Jack. As we said at the beginning of the presentation, in 2019, we have again delivered on our financial commitments and we have done this while continuing to invest significant additional resource in our future. Margin improvement of 50 basis points was delivered alongside an incremental GBP 500 million market investment in new categories. Strong free cash flow after dividends of GBP 1.9 billion exceeded our guidance of GBP 1.5 billion. This underscores our ability to sustainably grow the dividend, maintain a 65% dividend payout ratio and simultaneously reduce our leverage by 0.4x at constant rates.

謝謝你，傑克。正如我們在演講開始時所說，2019 年，我們再次履行了財務承諾，並且我們一直在繼續為我們的未來投入大量額外資源。在新增 5 億英鎊市場投資用於新品類的同時，利潤率提高了 50 個基點。派息後強勁的自由現金流達到 19 億英鎊，超過了我們先前預期的 15 億英鎊。這凸顯了我們有能力在維持股息不變的情況下，持續提高股息，維持 65% 的股息支付率，同時將槓桿率降低 0.4 倍。

Total revenue grew 5.6%, ahead of our guidance range of 3.5%, driven by the strong performance in combustibles and our growth in New Categories. Profit growth of 6.6% was also at the top end of our guidance range, with growth in revenue and operating margin driven by strong performance across our markets.

總營收成長 5.6%，高於我們 3.5% 的預期範圍，這主要得益於可燃物業務的強勁表現以及我們在新類別中的成長。獲利成長率達到 6.6%，也處於我們預期範圍的上限，營收和營業利潤率的成長得益於我們在各個市場的強勁表現。

There was a good performance across the regions. In APME, total revenue grew by more than 5%, driven by good price/mix and growth in New Categories. Value share increased by 30 basis points, led by gains in Japan. Profit from operations grew nearly 8%, with strong growth in Japan and the Middle East alongside additional investments in New Categories. In AMSSA, revenue was up over 9% and value share increased 20 basis points, with a particularly strong performance in South Africa, returning to volume, revenue and profit growth with a reduction in illicit trade. Profit from operations grew 10%, driven by growth in Brazil, Canada, Chile, Nigeria and Mexico.

各地區表現都很出色。在亞太、中東和非洲地區，總收入成長超過 5%，這得益於良好的價格/產品組合和新產品類別的成長。價值份額增加了30個基點，其中日本市場的成長最為顯著。營業利潤成長近 8%，其中日本和中東市場成長強勁，同時對新類別進行了額外投資。在非洲、南亞和南亞地區，營收成長超過 9%，價值份額增加 20 個基點，其中南非表現尤為強勁，銷售、收入和利潤均恢復成長，非法貿易減少。營業利潤成長了 10%，主要得益於巴西、加拿大、智利、奈及利亞和墨西哥市場的成長。

In ENA, revenue grew 5%, driven by strong pricing across the region. Cigarette value share was marginally higher with strong performance from Romania, Ukraine and Russia. Profit from operations was up 3% with good results in Germany, Turkey, Romania and Poland, offset by the impact of the stock reduction in Russia and additional investments in New Categories.

在北美東部地區，受該地區強勁定價策略的推動，營收成長了 5%。捲菸銷售份額略有上升，其中羅馬尼亞、烏克蘭和俄羅斯表現強勁。營業利潤成長 3%，德國、土耳其、羅馬尼亞和波蘭的表現良好，但被俄羅斯庫存減少和對新類別的額外投資所抵消。

Turning to our largest region, the U.S. Performance was strong, with revenue and profits from operations up over 4% and 6%, respectively. This was driven by the combustible business, which grew revenue nearly 4%, reflecting good pricing and the reduction in discounting supported by data analytics. This more than offset volume, which was down 6% on a shipment to wholesale basis. This was against an industry down 5.3%.

再來看我們最大的地區—美國。美國市場表現強勁，營業收入和利潤分別成長超過 4% 和 6%。這主要得益於易燃品業務，該業務收入增長近 4%，這反映了良好的定價策略以及在數據分析支援下減少折扣。這足以抵消銷量下降 6% 的影響（以批發發貨量計算）。而同期產業整體下滑了 5.3%。

Looking into 2020, we expect industry volumes to be down around 5%, a slight improvement on 2019. This reflects the benefits of a reduction and the impact from the growth of vapor, largely offset by the impact of legislation raising the minimum age to purchase all tobacco products to 21.

展望 2020 年，我們預計產業銷量將下降約 5%，比 2019 年略有改善。這反映了減量帶來的好處以及電子煙成長的影響，但這些影響很大程度上被將所有菸草製品的最低購買年齡提高到 21 歲的立法的影響所抵消。

Profit from operations grew more than 6%, driven by good revenue growth and cost savings, offset increased market investment behind New Categories. Following the acquisition of Reynolds and the license synergies, mainly procurement, R&D and overheads of over $400 million have been delivered a year ahead of schedule. Operating margin was up 100 basis points to 48.5%.

營業利潤成長超過 6%，這得益於良好的收入成長和成本節約，抵消了對新產品類別的市場投資增加。收購雷諾茲公司及取得許可綜效後，採購、研發和管理費用等超過 4 億美元的支出提前一年完成。營業利益率上升100個基點至48.5%。

In U.S. vapor, Vuse grew value share and we claimed the #2 brand position in the market, strongly outperforming the industry in the second half. In the second half, Vuse grew value share over 8 percentage points to 21.2%, driven by the success of Alto with value share up over 12 percentage points to 15.4%. Closed systems now represent 6% of the U.S. vapor markets.

在美國電子煙市場，Vuse 的市場份額不斷增長，我們佔據了市場第二大品牌地位，並在下半年大幅超越了行業平均水平。下半年，Vuse 的市佔率成長了 8 個百分點以上，達到 21.2%，這主要得益於 Alto 的成功，其市佔率成長了 12 個百分點以上，達到 15.4%。封閉式系統目前占美國電子煙市場的 6%。

Outside the U.S., we strengthened our leadership position in vapor. In ENA, vapor revenue was up 30%, driven by Vype, which grew revenue 110%. We are growing volume and value sharing in all the established vapor markets, including the U.K., France and Germany. In newer vapor markets, Vype became a market leader in Hungary, the #1 brand in Belgium and is showing strong early progress in Spain.

在美國以外，我們鞏固了在電子煙領域的領先地位。在北美地區，電子煙收入成長了 30%，這主要得益於 Vype 的收入成長了 110%。我們在所有成熟的電子煙市場（包括英國、法國和德國）的銷售和價值份額都在不斷增長。在新興的電子煙市場，Vype 已成為匈牙利的市場領導者，比利時的第一品牌，並在西班牙取得了強勁的早期進展。

Finally, we completed the acquisition of Twisp in South Africa in Q4. This strengthens our network across stores and e-commerce channels and give us market leadership in vapor in South Africa. In THP, Q4 saw the launch of our 3 new glo variants: glo Pro, the first product to use induction heating technology; glo Nano, a design upgrade in place of glo Mini; and glo Sens, a hybrid product.

最後，我們在第四季完成了對南非 Twisp 公司的收購。這將加強我們在實體店和電商通路的網絡，使我們在南非電子煙市場中佔據領先地位。在 THP，第四季度我們推出了 3 款新的 glo 型號：glo Pro，首款採用感應加熱技術的產品；glo Nano，取代 glo Mini 的設計升級版；以及 glo Sens，一款混合產品。

glo Pro has shown good initial traction with consumers, driven by the benefits of its induction technology, with consumers highlighting the more satisfying product experience, boost function and faster ramp-up as key benefits. Regarding glo Sens, after an encouraging launch, we have seen less traction in consumer uptake than we had anticipated. We are improving our in-market execution, broadening device penetration, improving trial to conversion rates and implementing plans to drive better consumer uptake.

glo Pro憑藉其感應技術的優勢，在消費者中獲得了良好的初步反響，消費者強調其更令人滿意的產品體驗、增強功能和更快的升溫速度是其主要優勢。關於 glo Sens，在經歷了令人鼓舞的上市後，我們發現消費者的接受度低於預期。我們正在改善市場執行力，擴大設備滲透率，提高試用轉換率，並實施計畫以推動消費者更好地接受產品。

Overall, THP revenue grew by 23% with consumables volume up 32%. In Japan, we reached a record BAT volume share of total nicotine of 19.2% in January. THP category growth in Japan has fallen from 67% in 2018 to 6.5% in 2019 due to market saturation. In addition, competitive intensity has increased with the proliferation of new product launches. These market dynamics looks set to continue as we move into 2020, with THP category growth in Japan expect to moderate further. Despite this, glo's latest weekly total nicotine share is now up to 5.2%.

總體而言，THP 收入成長了 23%，耗材銷量成長了 32%。1月份，我們在日本的BAT尼古丁銷售份額達到了創紀錄的19.2%。由於市場飽和，日本THP品類的成長率已從2018年的67%下降到2019年的6.5%。此外，隨著新產品的不斷推出，競爭強度也隨之增加。隨著我們進入 2020 年，這些市場動態似乎也將繼續，預計日本 THP 類別的成長將進一步放緩。儘管如此，glo 最新的每週尼古丁總份額已升至 5.2%。

Elsewhere in ENA, the THP category is still small, with concentration in just 3 markets representing 57%. We are making steady progress from a low base. glo has demonstrated particular traction in Eastern Europe in generally lower tar markets. Category share in the capital cities of Russia, Kazakhstan and Ukraine is now at 10%, 32% and 10%, respectively.

在北美其他地區，THP 類別仍然很小，僅集中在 3 個市場，佔 57%。我們從較低的基數穩步前進。glo 在東歐地區，尤其是在焦油含量較低的市場，展現了特別強勢的地位。目前，俄羅斯、哈薩克和烏克蘭首都城市的品類份額分別為 10%、32% 和 10%。

Moving on to Modern Oral. In ENA, which accounts for 2/3 of the category worldwide, our Modern Oral revenue was up over 240%. In Sweden, Lyft is the leading modern oral brand with a 58% share of category. And in Norway, BAT is the fastest-growing company modern oral with a category share of 71%.

接下來是現代口說。在佔全球該類別 2/3 的北美地區，我們的現代口腔產品收入成長超過 240%。在瑞典，Lyft 是領先的現代口腔品牌，佔據該品類 58% 的市場。在挪威，BAT 是現代口腔護理領域成長最快的公司，市佔率為 71%。

After only 6 months of launch, we are pleased with the performance of Velo in the U.S., having achieved 10% volume share of the modern oral category and 29% share of the growing under 6-milligram category. In 2019, the under 6-milligram segment reached 34% of the category, up 6 percentage points. Having focused our initial launch rollout in the eastern states to test and learn, we are pleased to see significantly higher share performance in this area. We are in constraint with manufacturing capacity of 2 billion pouches. We have yet to fully activate the national support plans, and we'll redeploy the learnings from the initial launching states. In Atlanta, where all the 3 categories are present, we see a strong development of modern oral and vapor with very little traction for THP. In the last 6 months, our U.S. business has grown share of total nicotine in Atlanta faster than nationally.

Velo上市僅6個月，我們就對其在美國的表現感到滿意，它在現代口服藥物類別中取得了10%的銷量份額，在不斷增長的6毫克以下藥物類別中取得了29%的份額。2019 年，6 毫克以下劑量的藥品佔該類別的 34%，增加了 6 個百分點。我們最初將產品推廣重點放在東部各州進行測試和學習，很高興看到該地區的市場份額表現明顯更高。我們的生產能力目前受限於20億個包裝袋的產能。我們尚未全面啟動國家支持計劃，並將重新部署從最初啟動州獲得的經驗。在亞特蘭大，這三個類別都有，我們看到現代口服和蒸汽吸入劑發展強勁，而 THP 的發展勢頭卻很弱。在過去的 6 個月裡，我們在美國亞特蘭大的業務在尼古丁總市場份額的成長速度超過了全國平均水平。

Moving on to operating margin, which was up 50 basis points. The 300 basis points incremental New Category investment was focused on developing and launching new products, platforms and digital capabilities. This helped us drive robust New Category growth in 2019 and has also strengthened our platform to support growth in the years to come. This incremental investment was more than offset by the 390 basis points of margin support. This was driven by pricing and improved geographic mix, gross margin expansion, SKU rationalization.

接下來是營業利益率，上升了 50 個基點。新增的 300 個基點的新類別投資重點用於開發和推出新產品、平台和數位能力。這幫助我們在 2019 年實現了強勁的新品類成長，也增強了我們的平台實力，以支持未來幾年的成長。這項新增投資被 390 個基點的利潤率支撐完全抵銷。這主要得益於價格調整、地理組合最佳化、毛利率提升和 SKU 合理化。

Looking into 2020 and beyond, the benefits of Quantum means that we'll be able to continue to invest for the future and deliver margin expansion. Our key highlights of the group's performance in 2019 was its strong cash generation, resulting in the leverage of 0.5x at current rates and 0.4x at constant rates in line with our guidance. Free cash flow, after dividends of GBP 1.8 billion at constant rates, was driven by operating cash flow conversion of 97%, ahead of our medium-term target of 90% or more. At constant rates, adjusted net debt fell GBP 0.8 billion, driven by our strong cash flow. This was despite GBP 0.4 billion of other cash and noncash items, mainly hedging, and the recognition of a higher lease liability on adoption of IFRS 16, which added GBP 0.6 billion to net debt.

展望 2020 年及以後，Quantum 的優勢意味著我們將能夠繼續為未來投資並實現利潤率成長。2019 年集團業績的主要亮點是其強勁的現金流，使得槓桿率按當前利率計算為 0.5 倍，按固定利率計算為 0.4 倍，符合我們的預期。在扣除固定匯率下的股利後，自由現金流為 18 億英鎊，這主要得益於 97% 的經營現金流轉換率，高於我們 90% 或更高的中期目標。以固定匯率計算，受強勁現金流的推動，調整後淨債務減少了 8 億英鎊。儘管還有其他 4 億英鎊的現金和非現金項目（主要是避險），以及採用 IFRS 16 後確認的更高租賃負債（使淨債務增加了 6 億英鎊），但情況依然如此。

At current rates, adjusted net debt reduced by a further GBP 0.9 billion to GBP 41.7 billion due to FX translation, resulting from the strengthening of sterling against the U.S. dollar. In 2020, gross CapEx is expected to be around GBP 650 million, in line with adjusted depreciation. We expect operating cash conversion to be in excess of 90% and remain committed to a 65% dividend payout ratio, with growth in sterling terms alongside continued leverage of the balance sheet.

由於英鎊對美元走強，匯率折算導致調整後淨債務按當前利率進一步減少 0.9 億英鎊至 417 億英鎊。2020 年總資本支出預計約為 6.5 億英鎊，與調整後的折舊金額一致。我們預計經營現金轉換率將超過 90%，並將繼續保持 65% 的股息支付率，以英鎊計價實現成長，同時繼續提高資產負債表的槓桿率。

The leverage on the balance sheet continues to be a priority. With current FX rates representing a headwind, we expect to drive adjusted net debt to adjusted EBITDA down to around 3.2x at current rates by the end of the year and then to below 3x by the end, 2021.

資產負債表槓桿率仍然是首要考慮因素。鑑於目前的匯率構成不利因素，我們預計到今年年底，調整後的淨債務與調整後的 EBITDA 比率將降至 3.2 倍左右（按當前匯率計算），到 2021 年底將降至 3 倍以下。

On a constant basis, adjusted diluted EPS grew 8.4%, delivering on our high single-figure earnings growth commitments. Adjusted diluted EPS was up 9.1% at current rates. Net finance cost at constant rate increased mainly due to short-term funding of working capital movements and interest on leases under IFRS 16. We expect net finance costs to be stable at around GBP 1.5 billion for 2020.

經調整後的稀釋每股收益持續成長 8.4%，實現了我們高個位數獲利成長的承諾。以目前匯率計算，調整後稀釋每股盈餘成長9.1%。以固定利率計算，淨融資成本增加主要是由於營運資金流動的短期融資以及根據 IFRS 16 計算的租賃利息。我們預計2020年淨融資成本將穩定在15億英鎊左右。

Associate income increased due to a good performance of -- from ITC, which was further helped by the Indian tax reform. The underlying tax rate decreased from 26.4% in 2018 to 26% in 2019. I would expect the underlying tax rate for 2020 should reduce further to around 25.5%. This, in combination with a stable net finance costs, means that in 2020, we expect a similar benefit to EPS growth from items below operating profit.

由於 ITC 的良好表現，關聯公司收入增加，而印度稅制改革也進一步促進了這一成長。2018 年的基本稅率為 26.4%，2019 年則降至 26%。我預計 2020 年的基本稅率將進一步降至 25.5% 左右。這一點，再加上穩定的淨財務成本，意味著在 2020 年，我們預期營業利潤以下的項目將對每股收益成長產生類似的正面影響。

We expect another year of high single-figure constant currency earnings growth, with results, in particular, New Category revenue growth weighted to the second half. Based on our current foreign exchange rates, there will be a headwind of around 4% on earnings if FX rates were to remain unchanged for the rest of the year.

我們預計今年將再次實現個位數的高位固定匯率獲利成長，尤其是新類別收入成長將在下半年較為顯著。根據我們目前的匯率，如果匯率在今年剩餘時間內保持不變，獲利將面臨約 4% 的不利影響。

Thank you. I will now pass back to Jack for his closing remarks.

謝謝。現在我將把麥克風交還給傑克，請他作總結發言。

Thank you very much, Tadeu. To sum up, the business is performing well. We are delivering on our financial commitments and another year of high single-figure constant currency earning growth, whilst at the same time, making significant additional investment for the future. We will continue to focus on our 3 core priorities to create a better tomorrow. We are transforming the company with the consumer as its center, building strong brands and delivering value from our combustible business, providing the resources to invest significantly behind a multi-category business.

非常感謝你，塔德烏。總而言之，公司營運狀況良好。我們正在履行財務承諾，並連續第二年實現個位數的高位固定匯率獲利成長，同時，我們也為未來進行了大量額外投資。我們將繼續專注於三大核心優先事項，創造更美好的明天。我們正在以消費者為中心對公司進行轉型，打造強大的品牌，並從我們充滿活力的業務中創造價值，提供資源對多品類業務進行大量投資。

Looking ahead to 2020, we are confident of another good year of high single-figure earnings growth. Our confidence in the future of BAT is reflected in another increase in the dividend.

展望2020年，我們有信心再創佳績，實現個位數獲利成長。我們對英美菸草公司未來的信心體現在再次提高股利。

Thank you, and I will now open up for questions. Yes?

謝謝大家，現在開始接受提問。是的？

Gaurav Jain from Barclays. I have a few questions which are all interlinked. So can you talk of the U.S. cigarette volume performance year-to-date? You mentioned that there is a supply constraint, which is now happening in e-cigarettes in the U.S. So is it happening for you as well as for competition? And if it persists, is there a benefit that might happen to U.S. cigarette volumes?

來自巴克萊銀行的 Gaurav Jain。我有幾個相互關聯的問題。那麼，您能談談今年迄今美國捲菸銷量的表現嗎？您提到目前美國電子煙市場有供應限制。那麼，您的產品以及競爭對手的產品也面臨同樣的問題嗎？如果這種情況持續下去，美國捲菸銷售量會不會從中受益？

Sorry, we stop there and then we continue after, if you don't mind. Yes, I mean, related to the U.S. market. So of course, I'm not going to go further and beyond what we said earlier, but I think that we do not see any material difference between Q4 and the performance of the business in the beginning of the year. So I think that the U.S. market is coming out nicely of the crisis related to e-cigarettes. Of course, the growth that is happening at the moment did not recover fully what has happened in the second half of last year. But we see a good potential for the U.S. market.

抱歉，我們就先到這裡，之後再繼續，如果您不介意的話。是的，我的意思是，與美國市場有關。所以，我當然不會再贅述我們之前說過的內容，但我認為，第四季與年初的業務表現之間沒有任何實質的差異。所以我認為美國市場正在很好地擺脫與電子煙相關的危機。當然，目前的成長還沒有完全恢復到去年下半年的水平。但我們認為美國市場潛力大。

On your second question related to the supply disruption, first of all, we have to be cognizant of the fact that it's a terrible thing that is happening related to that coronavirus, and there is lots of dead persons. And we're doing all the support and we're giving all the support that we can to our teams first, but also to all the partners that we're working with, all the manufacturers that we're working with.

關於你提出的第二個問題，即供應中斷問題，首先，我們必須意識到，與冠狀病毒相關的這是一件非常可怕的事情，而且已經造成了大量死亡。我們正在盡一切可能為我們的團隊提供支持，同時也為所有與我們合作的合作夥伴和製造商提供支援。

Most of the factories are now open, yet we see here and there some attention in terms of supply chain and some limited out of stocks in retailers in some geographies. You just have to remember that I'm not going to comment on the potential out of stocks of competition. But as I said, we see some in different places.

現在大部分工廠都已開工，但我們仍然看到一些地方在供應鏈方面存在一些問題，並且在某些地區的零售商那裡出現了一些有限的缺貨情況。你只需要記住，我不會對競爭對手可能出現的缺貨發表評論。但正如我所說，我們在不同的地方也能看到一些。

First of all, we have a very strong business worldwide. The weight of China in our all revenue base is extremely limited. And most, nearly all, our factory footprint on manufacturing for cigarettes is outside of the area of China. And we do not see, at the moment, any inflection point apart from duty-free, which, of course, is impacted by the reduction of number of travelers, but this is extremely marginal in our total business. So that was your first 2 questions. You had more?

首先，我們在全球擁有非常強大的業務。中國在我們全部收入來源中所佔的比重極為有限。而且，我們幾乎所有捲菸生產工廠都位於中國境外。目前，除了免稅業務之外，我們沒有看到任何轉折點。當然，免稅業務會受到旅客數量減少的影響，但這在我們整體業務中所佔比例非常小。這就是你提出的前兩個問題。你還有嗎？

Yes. So switching to Modern Oral in the U.S. So you have a 10 percentage share now after 6 months of -- or 7 months of being in the market. And there will be the bigger competitor, which will enter the market later this year. So how do you assess success in that market?

是的。所以，在美國改用 Modern Oral 品牌後，經過 6 個月或 7 個月的市場推廣，現在你們的市佔率達到了 10%。而且，今年稍後還會有一個更大的競爭對手進入市場。那麼，你要如何評估該市場的成功呢？

Yes. I think what's very important to us is that we're present in 3 categories worldwide and we're growing share in these 3 categories. That's the starting point. So we are not only delivering growth in these 3 categories but also a very strong growth in combustible business. I think that, specifically to oral tobacco, as we said, we are the leader worldwide in terms of oral tobacco and even Scandinavia, that is, I would say, the starting ground of all these products, we are winning against all competition in terms of modern oral.

是的。我認為對我們來說非常重要的一點是，我們在全球三大領域都有業務，並且在這三大領域中的市場份額都在不斷增長。這是起點。因此，我們不僅在以上三個類別中實現了成長，而且在易燃商品業務方面也實現了非常強勁的成長。我認為，具體到口服煙草領域，正如我們所說，我們是全球口服煙草領域的領導者，甚至在斯堪的納維亞半島（我認為是所有這些產品的發源地）也是如此，我們在現代口服煙草領域戰勝了所有競爭對手。

In the U.S. specifically, we have very good performance with the Velo brand, and I said I'm very pleased with the results. We have no constraint in terms of supply. And as Tadeu explained earlier, we took the opportunity to learn on that category, as we do all the time, and we have now a distribution of more than 70% but an active distribution of around 15%. If you take the position that we have, for instance, where all the different categories are present in Georgia and also in Atlanta, we have close to 40% share in oral tobacco. So I think that we have the potential and the runway to continue to accelerate in terms of New Categories.

具體來說，在美國，Velo 品牌的表現非常好，我對結果非常滿意。我們在供應方面沒有任何限制。正如 Tadeu 之前解釋的那樣，我們藉此機會學習了該類別，就像我們一直以來所做的那樣，現在我們的分銷率超過 70%，但活躍分銷率約為 15%。例如，如果我們採取我們目前的做法，即在喬治亞州和亞特蘭大都有不同類別的產品，那麼我們在口服菸草市場佔有近 40% 的份額。所以我認為我們有潛力也有發展空間，可以在新類別方面繼續加速前進。

Nico Von Stackelberg from Liberum. I had a quick question on the dividend growth. My impression was, in a relatively bad year, the dividend would grow about 4%. So it grew a little bit below that. And I was just wondering, could you explain what the rationale was?

來自 Liberum 的 Nico Von Stackelberg。我有一個關於股息成長的小問題。我的印像是，在相對糟糕的年份，股息會成長約 4%。所以它比那個尺寸略低了一些。我只是想問一下，您能否解釋一下這樣做的理由？

As was always, to deliver what we committed, a 65% payout ratio, that's exactly that 65% payout. We have, for sure, very diligence of cash, as you can imagine, and we are striving to deleverage the company. And we assess that it's a good remuneration in terms of the dividend, and we are sticking to the policy that we have set ourselves.

一如既往，為了兌現我們的承諾，支付 65% 的款項，支付率就是 65%。正如您所想，我們確實擁有非常充裕的現金流，並且我們正在努力降低公司的槓桿率。我們評估認為，就股息而言，這是一個不錯的回報，我們將堅持我們自己制定的政策。

I guess, my second question. I'm curious about product applications in the U.S. and the PMTA...

我想，這是我的第二個問題。我對美國的產品申請和PMTA（上市前醫療器材申請）很感興趣…

What, sorry?

什麼？你說什麼？

The product applications for PMTA. Could you give an overview of what your priorities are in terms of PMTA? Are there certain major categories that you see that you won't be PMTA-ing, for example, tobacco heating products, THP? Will that be lead PMTA product there? And yes, just generally speaking, could you talk about modern oral PMTA?

PMTA的產品應用。您能否概述一下您在 PMTA 方面的優先事項？您是否認為某些主要類別的產品不會申請上市前藥品申請（PMTA），例如菸草加熱產品（THP）？這會是那裡的主導PMTA產品嗎？還有，您能否大致談談現代口服PMTA？

Yes. I think that our first priority lies on e-cigarette and oral tobacco. We said, repeatedly, we will do tobacco mint and other flavors and we'll select these ones. We want to make sure that we're strong in this environment. And in terms of THP, we already have a product that is in review with the FDA. What's the most important to us is the fact that from, the market that was extremely segmented or extremely atomized in terms of number of players and number of SKUs and open system, now you have in the U.S. a market where 60% of the sales are done in closed system, which plays to our strength.

是的。我認為我們首要關注的是電子煙和口服煙草。我們一再說過，我們會做煙草薄荷味和其他口味，我們會選擇這些口味。我們希望確保自己在這種環境下保持強大。至於THP，我們已經有一款產品正在接受FDA的審查。對我們來說最重要的是，過去市場參與者眾多、SKU 數量龐大且系統開放，而現在美國市場 60% 的銷售額都是在封閉系統中完成的，這有利於我們發揮優勢。

And the second thing is we see that there's a contestable space that is going to happen by consequence of the filtering of the FDA process of $1.5 billion, to which you will have most of the benefit that will come rather in '21 and most of it in '22. Why? Because it will take time to -- for the FDA to process all the information that we'll receive. I remind you that we've already put some PMTA applications in the system in order to test the grounds more for the administrative side of it, and just these SKUs represent 150,000 documents and took more than 27 hours to download. So it's going to be a heavy process, and we're going to support the FDA as much as we can, and we are already in contact with the FDA to make sure that this goes as smoothly as possible.

第二點是，我們看到，由於 FDA 15 億美元的審批流程，將會出現一個可爭奪的領域，其中大部分利益將在 2021 年到來，大部分利益將在 2022 年到來。為什麼？因為FDA需要時間來處理我們將收到的所有資訊。我提醒您，我們已經在系統中放入了一些 PMTA 應用程序，以便更多地測試其管理方面的情況，僅這些 SKU 就代表了 150,000 個文檔，下載就花費了超過 27 個小時。因此，這將是一個繁重的過程，我們將盡我們所能支持FDA，並且我們已經與FDA聯繫，以確保這個過程盡可能順利進行。

And my final question is on the vapor opportunity in the U.S. for profitability. I mean, I can see how this becomes a profitable segment after PMTA, but could you give any sort of color from your side in terms of how you see the profitability of this category developing, say, on a 5-year view, please?

我的最後一個問題是關於美國電子煙產業的獲利機會。我的意思是，我能理解PMTA之後這個細分市場如何盈利，但是您能否從您的角度，比如說從5年的角度來看，談談您對這個類別盈利能力發展的看法？

There are a number of levers that we can action to improve profitability in vapor. One of those is related to the product costs and the whole supply chain. And it's a constant topic for us to review what are the opportunities out there to improve and reduce the cost and improve gross margins. The second one is how can we improve our direct-to-consumer assets, and we're putting a lot of efforts in terms of e-commerce and be more able to reduce the trade margins that -- as a consequence of that.

我們可以採取多種措施來提高蒸汽行業的獲利能力。其中之一是與產品成本和整個供應鏈有關的問題。對我們來說，不斷審視有哪些機會可以改善並降低成本，提高毛利率，是值得我們持續關注的議題。第二個問題是，我們如何改善我們的直接面向消費者的資產？我們在電子商務方面投入了大量精力，並希望能夠降低貿易利潤率——這是由此產生的。

And there is already a trend, as I explained, in the closed system, which helps us. And for sure, PMTA will open up a contestable space around $1.5 billion. And we believe that we are very well positioned with the products that we have currently and the momentum is there. So I think that this all will play together because this will generate more scale and also revert in improved profitability.

正如我解釋的那樣，在封閉系統中已經出現了一種趨勢，這對我們很有幫助。可以肯定的是，PMTA 將開闢一個價值約 15 億美元的競爭空間。我們相信，憑藉我們目前的產品，我們處於非常有利的地位，而且發展勢頭強勁。所以我認為這一切將會相互促進，因為這將擴大規模，並最終提高獲利能力。

I guess the question is, for my model, in 5 years from now, what should I be modeling, roughly speaking? Could you provide maybe a range on profitability for the segment?

我想問的是，就我的模型而言，五年後，大致來說，我應該模擬什麼樣的模型？您能否提供一下該細分市場的獲利範圍？

GBP 5 billion in New Categories. We have to take it step by step. The regulatory environment is evolving rapidly. The level of taxation in the different categories, the 3 categories, THP, you see that they are growing more and more towards full taxation on tobacco. You have that already in North Asia, you have that already in the U.S. In terms of e-cigarettes, there was a fragmentation of the market that was very important. And now we see that there's a concentration in closed system.

新增類別投資50億英鎊。我們必須一步一步來。監管環境正在快速變化。從不同類別的稅收水準來看，這 3 個類別（THP）的稅收水準越來越高，越來越傾向對菸草徵收全額稅。北亞已經出現了這種情況，美國也出現了這種情況。就電子煙而言，市場分散化是一個非常重要的因素。現在我們看到，在封閉系統中存在濃度。

There's more product so watch it, that will create a concentration. And as Tadeu said, the fact of having bigger brands, more economies of scale and distribution, that will cost you less because now that we have age verification competitors that has applied, then suddenly, I'm in agreement with our marketing colleagues to go for e-cigarettes into e-commerce. But we have to make sure that we understand, and it's not the time to give guidance related to these things, it's the time for us to take leadership in these different categories and to make sure that we have the right products on the right consumer.

還有更多產品，注意用量，否則會造成濃度升高。正如 Tadeu 所說，擁有更大的品牌、更大的規模經濟和分銷管道，成本就會更低，因為現在我們有了年齡驗證方面的競爭對手，所以突然之間，我同意我們的行銷同事將電子煙推向電子商務領域。但我們必須確保我們理解，現在不是就這些事情提供指導的時候，而是我們應該在這些不同的類別中發揮領導作用，並確保我們為合適的消費者提供合適的產品的時候。

What is the most important to me is that because we have been multi-category since many years now, we have reinforced our capabilities. As I said, we've recruited 350 managers in all these areas of New Categories going from product development to design, to insights. We are the only 1 to have 4 categories in site that are available to us and have done pilots, market tests and launches that have been successful.

對我來說最重要的是，因為我們多年來一直從事多品類業務，所以我們的能力得到了增強。正如我所說，我們已經在新產品類別的各個領域招募了 350 名經理，涵蓋從產品開發到設計再到洞察等各個方面。我們是唯一一家在網站上擁有 4 個類別，並且已經成功進行過試點、市場測試和產品發布的公司。

Just from memory, ePen 3 and the equivalent of the Alto in Europe is product of the year. That means that the reception from the consumer is extremely good. From that base, we grow share in these 3 categories and we'll continue to do so.

憑記憶，ePen 3 和歐洲的 Alto 同款產品是年度最佳產品。這意味著消費者反應非常好。在此基礎上，我們在這三個類別中不斷擴大市場份額，並將繼續這樣做。

And final question for me, please. On -- when I look at the large gap between adjusted and reported profits, obviously, a lot of these one-offs are -- they're genuinely one-off in nature, and I appreciate that you've quantified them, which is quite useful, so thank you for that. But I guess the question is, for the year ahead and maybe for the couple of years ahead, could you provide us any sort of color on what the sort of like gap maybe? Or what is the restructuring charge you may foresee? Just generally, if you could explain your thinking on that going forward.

最後一個問題。當我看到調整後利潤與報告利潤之間存在巨大差距時，很明顯，其中許多都是一次性項目——它們本質上確實是一次性的，我很感激你對它們進行了量化，這非常有用，所以謝謝你。但我想問的是，對於未來一年甚至未來幾年，您能否給我們一些關於差距的具體資訊？或者，您預計重組費用是多少？總的來說，如果您能解釋一下您未來在這方面的想法就太好了。

Yes. I think it's important to see on the restructuring. We are increasing from 2018, mainly as a consequence of the project Quantum in the restructuring side. The element of that is just being on the restructuring side. Other than that, the vast majority, like you said, is noncash item and that is difficult to predict. And we -- one of the biggest ticket item there was related to the charge in respect of Québec case, like we have disclosed already in the half year.

是的。我認為觀察重組情況很重要。自 2018 年以來，我們的業務量一直在成長，這主要是由於重組方面的 Quantum 專案所致。關鍵在於站在重組的一方。除此之外，正如你所說，絕大多數都是非現金項目，這很難預測。而我們——其中最大的一筆支出與魁北克案件的指控有關，正如我們在半年前披露的那樣。

In terms of cash flow, in 2019, we saw a slight decline in terms of adjusting items compared with the year before. And although we have bigger ticket items to cover in 2020, which is the Quantum itself plus tax case in Russia, we have already been working, and we are not expect to have -- to be a bigger trend in terms of cash for next year, given the other actions that we are making. From then, if we have to continue with Quantum, which is a restructuring progress. But it's difficult to estimate the overall adjusting item for there are elements there that are, like you said, very one-off. Yes, San.

就現金流而言，2019 年，與前一年相比，調整項目略有下降。儘管我們在 2020 年還有更大的專案需要處理，例如 Quantum 專案本身以及在俄羅斯的稅務案件，但我們已經開始著手處理，考慮到我們正在採取的其他行動，預計明年現金流不會出現更大的成長趨勢。從那時起，如果我們不得不繼續推進 Quantum 項目，那將是一個重組過程。但很難估計整體調整項目，因為其中有些因素，正如你所說，是非常一次性的。是的，聖。

Sanath from Morgan Stanley. I have 3 questions, largely on the U.S. market. First of all, you shared your views about the U.S. cigarette volumes for 2020, where you expect it to be, about 5%. Could you just help us understand how you're thinking about the drag or the reduced drag from vaping and the impact of Tobacco 21 on your numbers. And maybe just...

來自摩根士丹利的薩納特。我有三個問題，主要涉及美國市場。首先，您分享了您對 2020 年美國捲菸銷售的看法，您預計銷售量將達到 5% 左右。您能否幫助我們了解您是如何看待電子煙帶來的阻力或阻力減小，以及 Tobacco 21 對您數據的影響？或許只是…

Can I start on that one? Then we go to the other question. So the 2021 -- it's a very good question. Thank you very much for asking. There, you have already 15 states in the U.S. that are above 21 years old, and we saw that the impact was very minimal. But for a responsible company like us, it's a very good regulation coming forward.

我可以先從那件事開始嗎？接下來我們來看另一個問題。所以，2021年——這是一個很好的問題。非常感謝您的提問。目前美國已有 15 個州的州超過 21 年實施了該法案，我們看到其影響非常小。但對於像我們這樣負責任的公司來說，這是一項非常好的法規。

Then the second thing is you have to remember that in the U.S., we have a share above 21 years old of 44% annual (inaudible) so we are better positioned than our current total market share in the U.S. So that was for your first question. Then your second question?

其次，你要記住，在美國，我們21歲以上族群的年市佔率為44%（聽不清楚），因此我們在美國的整體市佔率比我們目前的市場地位更有優勢。以上就是你第一個問題的答案。那你的第二個問題是什麼？

So basically, also from a longer-term perspective, you always said historically that you're adding consumers of nicotine, too. How do you see that evolving in the U.S.? Or have you seen it in 2020 or 2019? And going forward, post '21 -- Tobacco 21 post-PMTA, how do you see this consumer acquisition going forward?

所以基本上，從長遠來看，你也一直說，從歷史上看，你也在增加尼古丁的消費者。您認為這種情況在美國會如何發展？或者你在 2020 年或 2019 年見過它嗎？展望未來，在 2021 年後—也就是 PMTA 之後的 Tobacco 21，您如何看待消費者獲取的未來發展？

Yes. I mean, without going too much into detail because that's forward-looking, but what we saw in 2019, with the crisis in terms of e-cigarettes, is that it was not that consumers from e-cigarettes were rushing back to cigarettes, but rather consumers from combustible were less going to e-cigarettes because they had the doubt in terms of the product. I think that the regulatory framework that's been put in by the FDA is a valid one. It's a first step, a very big first step in the right direction and there might be more to come.

是的。我的意思是，我不想過多贅述細節，因為這涉及到未來，但我們在 2019 年的電子煙危機中看到的情況是，並不是電子煙消費者紛紛湧回香煙市場，而是可燃香煙消費者因為對電子煙產品存在疑慮而減少了轉向電子煙的意願。我認為FDA制定的監管框架是有效的。這是第一步，是朝著正確方向邁出的重要一步，未來可能會有更多進展。

And so one of your competitors put out a comment at CAGNY saying by the end of this decade, probably, they'll end up being equal-sized revenues in NGP and combustible in the U.S. Do you feel very strongly about that? Or how do you see the evolution of that market there?

所以，你的一個競爭對手在CAGNY上發表評論說，到本十年末，他們可能在NGP的收入規模上與你們持平，但在美國，他們的收入規模將與你們相當。你對此有很強的感受嗎？或者，您如何看待當地市場的發展演變？

I think I've been very clear at the beginning of my presentation for the first time in terms of our purpose, and I take you back to that one. What's important is we believe, we strongly believe in the quality of our tobacco business, and we strongly believe that you have to have, at the same time, a strong arm in New Categories. We have 3 categories that are important because we don't believe that one size fits all. We do believe that the consumers are having some aspirations in terms of risk-reduced products and that, depending on geographies, depending on culture, depending on excise environment and depending on regulatory environment, you need multiple approaches.

我認為我在演講開始時已經非常清楚地闡明了我們的目標，現在我再回到這個目標。重要的是，我們相信，我們堅信我們菸草業務的質量，我們也堅信，同時，你必須在新品類方面擁有強大的實力。我們認為有 3 個重要的類別，因為我們認為沒有一種模式適合所有人。我們相信消費者對降低風險的產品有一些期望，而且根據地理位置、文化、消費稅環境和監管環境的不同，需要多種方法。

Of course, it takes a lot of energy, a lot of resources in order to cope with that. But I think it gives us a head start on all competition across the industry in terms of being successful for the future. And that's why I reiterate, despite the crisis and the scale measures that have happened last year and this year, that we will achieve the GBP 5 billion moving forward as an ambition.

當然，應對這種情況需要大量的精力和資源。但我認為這讓我們在未來取得成功方面，在整個行業競爭中佔據了先機。因此，我重申，儘管去年和今年發生了危機並採取了大規模措施，但我們仍將實現 50 億英鎊的目標。

And then I'm cheekily just asking last one. On the leverage you highlighted, you'll be below 3 turns by 2021. Is there a target internally in terms of where you would like to be? Or what's the optimum rate you would like to have?

然後我就厚著臉皮問最後一個問題了。依照你提到的槓桿比例，到 2021 年你的槓桿倍數將低於 3 倍。公司內部是否有明確的目標，例如你希望達到什麼高度？或者，您希望的最佳利率是多少？

No, it's a very good question. I'm not going to give a target related to that. What I'm saying is one of the main reasons why we reduced guidance this year, the number of guidance, that we say 3% to 5% in terms of revenue, high single-digit in terms of EPS, the 65% in terms of dividend and the deleveraging is because I want to have a little bit more space to be able to take the opportunities in the market whilst continuing to deliver on the financial metrics of the company and we'll continue to do so.

不，這是一個很好的問題。我不會設定與此相關的目標。我所說的，我們今年下調業績指引的主要原因之一，就是我們之前給出的營收成長3%到5%，每股盈餘成長接近兩位數，股息成長65%，以及去槓桿化，是因為我希望有更大的空間去抓住市場機遇，同時繼續實現公司的財務指標，我們將繼續這樣做。

The first year last year, we had a situation that was more difficult. We gave more guidance. I think it's more reasonable now to be in a situation where we have a little bit more space in order to make the right calls for the business and to invest. I'll just remind you that in 2019, we are delivering the financial results, and at the same time, we invested GBP 500 million more in terms of marketing investments, GBP 500 million more. And I will continue to invest in the New Categories at the right pace in order to make sure that our multi-category approach is the right one and it is showing the right approach from the consumers.

去年第一年，我們面臨的情況更加困難。我們提供了更多指導。我認為現在的情況更合理，我們有了更大的空間，可以做出對業務有利的正確決策並進行投資。我只想提醒各位，2019 年，我們實現了財務業績，同時，我們在行銷方面又增加了 5 億英鎊的投資，增加了 5 億英鎊。我將繼續以適當的速度投資於新品類，以確保我們的多品類策略是正確的，並且能夠體現消費者的正確態度。

Thank you. Adam, yes? Sorry, Adam.

謝謝。亞當，是嗎？抱歉，亞當。

Can -- as always -- can I ask you sort of 3 questions?

我可以像往常一樣問你三個問題嗎？

Go one by one because they're always very sharp, your questions, I want to make sure.

一個一個來，因為他們總是很尖銳，我想確認一下你們的問題。

The first question, can you talk about the -- in Japan, you've been very successful in the little cigar category.

第一個問題，您能談談—在日本，您在小雪茄領域取得了巨大的成功嗎？

Sorry, in the?

抱歉，在？

With little cigars. This new...

帶著小雪茄。這個新的…

Oh, yes, yes, yes.

哦，是的，是的，是的。

Can you talk about how you don't see -- well, then, more importantly, how you expect that going forward? That's the first question.

您能否談談您為何看不到——或者更重要的是，您預計未來會如何發展？這是第一個問題。

Okay. So let's start with that one. Thank you, Adam. I think that there was -- there was a historical thing that was there in Japan, which was, first, low taxation for some cigarette products, normal cigarette products. And that has been closed and it will be closed gradually by the government in Japan.

好的。那就讓我們從這個問題開始吧。謝謝你，亞當。我認為，日本歷史上曾有過這樣一種情況，那就是對某些香菸產品，也就是普通的香菸產品，徵收較低的稅。日本政府已經關閉了該設施，並將逐步關閉。

The second thing is there was that opportunity related to these, I would say, mini cigars, it goes in a way but more in the sense of cigarettes and we took that opportunity because, to the difference of other players, we consider that the combustible business is extremely important. And that's why when we speak about our results in Japan, we say [19.1] a share in terms of total nicotine offer on the market. That category, the same way as the lower taxation that has happened historically in Japan, will close and it goes around. That gives us -- and it has given us the possibility to continue to grow in that category. I think it was a very useful step towards having a better value share and a better market share in Japan. Did that answer your question, Adam?

第二件事是，我們抓住了與這些迷你雪茄相關的機遇，雖然它在某種程度上與香菸有關，但更像是香菸的一種形式。與其他競爭者不同的是，我們認為可燃物業務極為重要。所以，當我們談到我們在日本的表現時，我們說[19.1]佔市場上尼古丁產品總量的份額。就像日本歷史上發生的低稅現像一樣，這個類別將會關閉，然後循環往復。這讓我們有機會——也已經讓我們有機會——繼續在這個領域發展壯大。我認為這是朝著在日本獲得更高價值份額和更高市場份額邁出的非常有用的一步。亞當，這樣回答你的問題了嗎？

I think so, very clearly. Next question, probably the most important question is trade -- well, I'll start with another one. In menthol regulation by state...

我非常清楚地這麼認為。下一個問題，或許也是最重要的問題，是關於貿易的──好吧，我先從另一個問題開始。各州對薄荷醇的監管…

In menthol regulation by state, are you talking about the U.S.?

您說的各州對薄荷醇的監管是指美國嗎？

Yes. So talking about the U.S., we're now seeing more states at least threatening to ban menthol. How concerned should we be about that?

是的。就美國而言，我們現在看到越來越多的州至少威脅要禁止薄荷醇。我們應該對此有多擔心？

I think there are 2 things. One is -- it's a very good question. One is the fact that the FDA, after so many years, is still allowing menthol in cigarettes and also still allowing menthol in e-cigarettes. And that is extremely recent, so there is no new science related to that. At state level or city level, some decide to ban menthol. Okay, what's happening is that the U.S. is 50 states and the borders are what they are in the U.S. So you see a, I would say, potential acceleration of cross borders. And I don't think that this is going to be something that is extremely sustainable in the future.

我認為有兩件事。一是——這是一個很好的問題。其中一個事實是，這麼多年過去了，FDA 仍然允許在香菸中使用薄荷醇，也仍然允許在電子煙中使用薄荷醇。而且這是非常近期的事，所以還沒有相關的新科學發現。有些州或市決定禁止薄荷醇。好吧，現在的情況是，美國由 50 個州組成，而美國的邊界就是這樣。因此，我認為，跨境流動可能會加速。我不認為這種模式在未來能夠持續下去。

But I understand why cities or states are taking the view. Are we for it? The answer is no, because we believe in consumer choice, and there is no material scientific evidence that has said that there is a problem related to menthol. Did that answer your question, Adam?

但我理解為什麼有些城市或州會持這種觀點。我們贊成嗎？答案是否定的，因為我們相信消費者的選擇權，而且沒有任何實質的科學證據顯示薄荷醇會帶來問題。亞當，這樣回答你的問題了嗎？

I think so, yes. So the third question, more general. You've spoken before about creating a better process for innovation and a better -- and perhaps more sharp commercial execution around the next-generation products. So can you just talk about how the process of developing new products, how the process is improving? Has any change happened in the last 12 months? How do you expect that to change...

我想是的。那麼，第三個問題，比較一般一些。您之前曾談到要為下一代產品創造更好的創新流程，以及更好、或許更精準的商業執行。那麼，您能否談談新產品的開發過程，以及這個過程是如何改進的呢？過去12個月發生了什麼變化嗎？你認為這種情況會如何改變…

Yes. For sure. I mean, what we have done is we've put a lot of investment in terms of insight. The area also where we've accelerated quite sharply is everything that's related to big data. And the social listening is also a part that is very important. Now further and beyond that, on the definition -- that's about the consumer. Further -- and remember, we're the only ones to have data and information and insight on 4 categories. Yes?

是的。一定。我的意思是，我們已經在洞察力方面投入了大量資源。我們在大數據相關的所有領域也取得了相當顯著的進展。社群媒體監聽也是非常重要的一環。現在，更進一步來說，關於定義——那就是關於消費者的。此外——請記住，我們是唯一一家擁有這 4 個類別的數據、資訊和見解的公司。是的？

Further and beyond that, what's very important for us is the 4 Ds of R&D were split in the company before, now they're all in the same place. So there is one body, which is the new category group that is looking at all this, with strong support from IDT, so digital and technology. I think that what it gives us is the possibility to work much better and to understand much better the consumer needs. I think that one of which that is maybe the most important one is the satisfaction that consumers get out of these products.

此外，對我們來說非常重要的一點是，公司之前研發的 4D 部分是分散的，現在它們都集中在一個地方了。因此，有一個機構，即新的類別小組，正在研究所有這些問題，並得到了數位和技術部門的大力支持。我認為它帶給我們的是更好地工作和更好地了解消費者需求的可能性。我認為其中最重要的一點或許是消費者從這些產品中獲得的滿足感。

And you know that in THP, for instance, there is 25% of segment share of total nicotine in Japan, and that's the only country in the world. You know that in Korea, it has peaked at a point and it has reduced now to 8% despite players that are there, which includes the local strong company. We know that in Europe, there is only traction in a very limited number of countries. We know that the more you go into the scale of tar and nic, if you go to Canada, for instance, despite the fact that THP has been there 3 years earlier than e-cigarette, e-cigarette is now much bigger than THP.

你知道，例如，在THP（四氫大麻酚）領域，日本的市佔率佔尼古丁總量的25%，而日本是世界上唯一一個這樣的國家。你知道，在韓國，這個比例曾經達到頂峰，現在已經下降到 8%，儘管那裡仍然有一些玩家，包括當地實力雄厚的公司。我們知道，在歐洲，這種模式只在極少數國家獲得認可。我們知道，焦油和尼古丁的含量越高，情況就越嚴重。例如，如果你去加拿大看看，儘管 THP 比電子煙早出現 3 年，但現在電子煙的市場規模遠大於 THP。

We know that in the U.S., but that's only the -- in this infancy, we'll see how it will develop. And I'm not undermining the possibility of THP that can grow in the U.S., but the environment does not seem very, I would say, favorable in the sense that you have 2 other categories that are extremely well-established already. And when we see that 2 other categories are well established, it's very difficult for the third category to grow. So I think that what we've done in terms of our R&D and our understanding of the consumer has been massively stepped up and we've invested much more money in the course of 2019 in order to make sure that we deliver related to that.

我們知道在美國是這樣，但這只是初期階段，我們將拭​​目以待它的發展。我並不是說 THP 在美國發展沒有可能，但就目前的情況來看，環境似乎不太有利，因為另外兩個類別已經發展得非常成熟了。當我們看到其他兩個類別已經發展成熟時，第三個類別就很難發展壯大。所以我認為，我們在研發和對消費者的了解方面已經取得了巨大的進步，我們在 2019 年投入了更多的資金，以確保我們能夠在這方面取得成果。

And just to follow up on that, should we expect the same vapor to see important new products? And how -- when are we going to see some results of a better process?

最後，我們是否可以期待同一蒸汽領域會出現重要的新產品？那麼，我們什麼時候才能看到改進流程帶來的成果呢？

Yes. I think -- I don't want to go -- it's a very good question, Adam. I don't want to go in product definition because then I would give away too much. But yes, the reality is you have now the segment, we're a leader worldwide. You look at the segment itself, the number or the percentage of closed system is there, increasing and very strong. It has a very, very important consequence, which is the regulatory framework and the product stewardship.

是的。我覺得──我不想去──亞當，這是一個很好的問題。我不想深入產品定義，因為那樣我會透露太多資訊。但事實是，現在我們已經佔據了這個細分市場，我們是全球領導者。你看看這個細分市場本身，封閉系統的數量或百分比就在那裡，而且還在增加，非常強勁。它會產生非常非常重要的影響，那就是監管框架和產品管理。

You have a device that goes with the liquid that goes with the system. This is the future moving forward. After that, you have to make sure that you continue to develop these products. And the products that we have at the moment in the market will evolve in the next 2, 3, 4 years because there are a lot of cost opportunities and improvement opportunities in terms of satisfaction moving forward.

你有一個與系統配套液體的設備。這就是未來的發展方向。之後，你必須確保繼續開發這些產品。我們目前在市場上銷售的產品將在未來 2、3、4 年內持續發展，因為在提高客戶滿意度方面，存在著許多降低成本和改進的機會。

Other questions? That would be potentially the last question or last 2 questions from what Mike is telling me from the back.

還有其他問題嗎？根據麥克從後面告訴我的情況，這可能是最後一個問題，或者最後兩個問題。

It's Chas Manso from SocGen. A couple of few, if I may. I'll take one at a time. First of all, a quick one.

他是法國興業銀行的查斯·曼索。如果可以的話，我想提幾個問題。我會一個一個來。首先，快速回答一個問題。

I'm French, so you have to go slow.

我是法國人，所以你得慢一點。

In Canada, has there been any progress in the discussions? And is it possible to break out what the profitability of Canada was in...

在加拿大，相關討論有任何進展了嗎？是否有可能詳細列出加拿大的獲利情況…

CCAA], CCAA?

CCAA]，CCAA？

Yes.

是的。

Yes.

是的。

Has there been any progress in terms of forming a resolution?

在製定決議方面取得任何進展了嗎？

Yes, we have -- the industry is in the process of negotiation through a mediator that was established with the plaintiffs in the -- not just in the Ontario but all provinces. We -- the latest news we heard is that there was this stay of all the process, it was extended until September. And we are confident that we can be able to come up with a negotiation that represent a growing concern for all the players moving forward. But I cannot say much more about that because it's quite confidential in the process now.

是的，我們已經——該行業正在透過與原告（不僅是安大略省，而是所有省份）共同設立的調解員進行談判。我們—我們聽到的最新消息是，所有程序都暫停了，暫停期限延長至九月。我們有信心能夠達成一項談判協議，以反映所有參與者日益關注的問題。但我不能透露更多細節，因為目前這個過程非常保密。

Is there any sort of -- you mentioned the extension until September. Is that there for the beginning of the process? Or is there a time frame for a potential resolution?

您剛才提到延期到九月，請問是否有任何延期？這是流程的開始嗎？或者，是否有可能的解決方案的時間表？

No, it's just the fact that they have a stay in place, trying to come to a type of agreement. But to be honest, I don't expect anything happening in the short term. I mean, end of the year, eventually a couple of years.

不，只是他們採取了暫緩執行的措施，試圖達成某種協議。但說實話，我不認為短期內會有什麼事發生。我的意思是，年底，最終可能要過幾年。

Okay. Secondly, going back to aged tobacco. Clearly, your focus seems to be on Eastern Europe. So just to be clear, in 2020, when the -- your investment outside of Japan in tobacco is going to be very much focused on Russia, Kazakhstan, Ukraine.

好的。其次，回歸陳年煙草。顯然，你的焦點似乎在東歐。所以說清楚點，2020 年，你在日本以外的菸草投資將主要集中在俄羅斯、哈薩克和烏克蘭。

Yes, I mean, we're going to expand our footprint for the 3 different categories, and we're going to make sure that we're so successful where we're going. I think we'll go step by step. And as I said earlier to the question of Adam, what's extremely important -- and so I like the question, what's extremely important is that we have created, in 2018 and 2019, the capabilities and the resources, put in place the resources, so that we are able to continue to grow.

是的，我的意思是，我們將擴大我們在三個不同類別中的業務範圍，並且我們將確保我們在進軍的每個領域都取得成功。我認為我們會一步一步來。正如我之前對亞當提出的問題所說，極其重要的是——所以我很喜歡這個問題——極其重要的是，我們在 2018 年和 2019 年已經創造了能力和資源，並落實了這些資源，以便我們能夠繼續發展。

Even with the THP and oral, you remember I said last year, we are using our current tobacco machines to do our THP products because I don't want to be in a situation whereby I'm ending up with the CapEx exposure that is much too high compared to the regulatory framework. So I think that Tadeu said very clearly that the CapEx will be in line with depreciation. First year in many years that we are able to do that in 2020, and that's a very good news related to that. So our geographical footprint will continue to expand but we'll speak more about that at the Investor Day.

即使對於 THP 和口服產品，你還記得我去年說過嗎？我們仍然使用現有的菸草機器來生產 THP 產品，因為我不想陷入資本支出風險遠超監管框架的境地。所以我認為塔德烏已經非常明確地表示，資本支出將與折舊保持一致。這是多年來我們第一次在 2020 年做到這一點，這無疑是個好消息。因此，我們的業務版圖將繼續擴大，但我們將在投資者日上對此進行更詳細的討論。

And lastly, on the sort of regulatory front and such. Is there any sign that people like -- organizations like the WHO are moving much more towards the sort of harm reduction view of the world? Or do we remain stuck in a sort of differential world where, in particular, transnational organization still believe in quit or die?

最後，關於監管方面等等。是否有任何跡象表明，像世界衛生組織這樣的組織正在朝著減少傷害的世界觀轉變？或者我們仍然深陷於一種差異化的世界，尤其是在跨國組織中，仍然信奉「要麼退出，要麼滅亡」的理念？

Yes. I think what you have to do -- it's a very good question. I think what you have to do is to follow the consumer first. And the consumers are buying the products that we're selling. We have very good products you want ship on these products, and we'll continue to do so. Secondly, we have a very responsible marketing approach to all the activities that we do. Why? Because that is about the sustainability of the group moving forward.

是的。我認為你必須做的事——這是一個很好的問題。我認為你應該先考慮消費者的需求。消費者正在購買我們銷售的產品。我們有很多非常好的產品，你們希望透過這些產品出貨，我們也會繼續這樣做。其次，我們對所有行銷活動都秉持著非常負責任的態度。為什麼？因為這關係到集團未來的永續發展。

And the third thing that is also very important is that we will go step-by-step in the development of these products, and we engage with regulators as required, both the FDA or other bodies across the geographies in which we operate, in order to have the right scientific base that is put forward to them and the right benefit of these categories that is put to them.

第三點也非常重要，那就是我們將逐步開發這些產品，並根據需要與監管機構（包括 FDA 和我們營運所在地區的其他機構）進行溝通，以便向他們提出正確的科學依據，並向他們說明這些類別的正確益處。

Okay. Last one?

好的。最後一個？

No. So thank you very much. I mean, I must say, as you know, it's my first year as CEO, and before that, I was COO so I know this company very well. I know the muscle that this company has. We have done a lot of restructuring in our business to become faster, simpler and more agile. We're doing it. We're doing it in short terms of time. Why? Because I want to transform this company fast. We have created the foundations in 2018 and 2019 to have a strong base on our tobacco business, very strong base on our tobacco business with huge revenue growth and with value share growth, and we are taking the resources from there in order to grow our New Categories.

不。非常感謝。我的意思是，正如你所知，這是我擔任執行長的第一年，在此之前，我曾擔任首席營運官，所以我非常了解這家公司。我知道這家公司擁有多麼強大的實力。我們對業務進行了大量重組，使其變得更快、更簡單、更靈活。我們正在做這件事。我們正在短時間內完成這項工作。為什麼？因為我想盡快改變這家公司。我們在 2018 年和 2019 年為我們的菸草業務奠定了堅實的基礎，我們的菸草業務擁有非常強大的基礎，收入和價值份額都實現了巨大的成長，我們將利用這些資源來發展我們的新類別。

We have invested GBP 500 million more in 2019 in the New Categories. We grew share in the 3 categories. We have delivered within the guidance, and we'll continue to perform in these New Categories and grow share, of course, there will be skirmishes all over the place because there's always a country that decides that regulatory framework has to change, and there's always a country that will decide that a bit more taxation is required from these different markets. All in all, what we want to create is a better tomorrow for society, for the stakeholders that we have and including the shareholders.

2019年，我們在新類別方面追加投資了5億英鎊。我們在三個類別中的市佔率均有所成長。我們已在預期範圍內完成任務，並將繼續在這些新類別中取得佳績，擴大市場份額。當然，各地都會出現一些小摩擦，因為總會有國家認為監管框架必須改變，也總會有國家認為需要對這些不同的市場徵收更多稅。總而言之，我們想要創造的是社會、利害關係人（包括股東）的更美好明天。

We have demonstrated in the last 2 years that despite the waves and despite the negative environment that has been there, we have been able, in 2019, to deliver revenue growth at 5.6%, to deliver the dividend and to make sure that we continue to deliver the deleveraging of the company and we'll continue to do so.

在過去的兩年裡，我們已經證明，儘管面臨各種挑戰和不利的環境，我們仍然能夠在 2019 年實現 5.6% 的收入成長，發放股息，並確保公司繼續降低槓桿率，我們將繼續這樣做。

Less guidance is the right thing to do because that gives me the flexibility in order to move forward, but we'll give you guidance on the most important elements. Then I will navigate in terms of the different opportunities because it is all the aim of gaining opportunities and flexibility in the organization and our resource allocation. We will continue to deliver, as we said, in 2020, in terms of 3% to 5% and in terms of high single-digit related to EPS. Thank you very much.

減少指導是正確的做法，因為這樣我才能靈活地推進工作，但我們會就最重要的方面給予您指導。然後我會根據不同的機會進行探索，因為這一切的目的都是為了在組織和資源分配中獲得機會和靈活性。正如我們所說，2020 年我們將繼續實現 3% 至 5% 的成長率，以及與每股盈餘相關的高個位數成長率。非常感謝。

This now concludes our conference call. Thank you all for attending. You may now disconnect your lines.

本次電話會議到此結束。感謝各位的出席。現在您可以斷開線路了。