菲利普莫里斯國際 (PM) 2021 Q4 法說會逐字稿

Good day, and welcome to the Philip Morris International Fourth Quarter 2021 Year-End Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Philip Morris International management and the question-and-answer session. (Operator Instructions)

美好的一天，歡迎參加菲利普莫里斯國際公司 2021 年第四季度年終收益電話會議。今天的電話會議預計持續約 1 小時，包括菲利普莫里斯國際管理層的講話和問答環節。 （操作員說明）

I will now turn the call over to Mr. Nick Rolli, Vice President of Investor Relations and Financial Communications. Please go ahead, sir.

我現在將把電話轉給投資者關係和金融傳播副總裁 Nick Rolli 先生。請繼續，先生。

Welcome, and thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2021 fourth quarter and full year results. You may access the release on www.pmi.com. A glossary of terms, including the definition for reduced-risk products, or RRPs, as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures and additional heated tobacco unit market share data are at the end of today's webcast slides, which are posted on our website.

歡迎，並感謝您加入我們。今天早些時候，我們發布了一份新聞稿，其中包含有關我們 2021 年第四季度和全年業績的詳細信息。您可以在 www.pmi.com 上訪問該版本。術語表，包括低風險產品或 RRP 的定義，以及與最直接可比的美國公認會計原則措施和額外加熱煙草單位市場份額數據的調整、其他計算和對賬，位於今天的網絡廣播幻燈片的末尾，發佈在我們的網站上。

Unless otherwise stated, all references to IQOS are to our IQOS heat-not-burn products and all references to smoke-free products are to our RRPs.

除非另有說明，否則所有提及 IQOS 均指我們的 IQOS 加熱不燃燒產品，所有提及無菸產品均指我們的建議零售價。

Growth rates presented on an organic basis reflect currency-neutral underlying results. Following the acquisitions of Fertin Pharma, OtiTopic and Vectura Group, PMI added the Other category in the third quarter of 2021. Business operations for the Other category are evaluated separately from the geographical operating segments.

在有機基礎上呈現的增長率反映了貨幣中性的基本結果。在收購 Fertin Pharma、OtiTopic 和 Vectura Group 之後，PMI 在 2021 年第三季度增加了其他類別。其他類別的業務運營與地理運營部門分開評估。

Today's remarks contain forward-looking statements and projections of future results. I direct your attention to the forward-looking and cautionary statements disclosure in today's presentation and press release for a review of the various factors that could cause actual results to differ materially from projections or forward-looking statements.

今天的評論包含前瞻性陳述和對未來結果的預測。我請您注意今天的演示文稿和新聞稿中披露的前瞻性和警示性聲明，以審查可能導致實際結果與預測或前瞻性聲明產生重大差異的各種因素。

Please also note the additional forward-looking and cautionary statements related to COVID-19.

另請注意與 COVID-19 相關的其他前瞻性和警示性聲明。

It's now my pleasure to introduce Jacek Olczak, our Chief Executive Officer; and Emmanuel Babeau, our Chief Financial Officer. Over to you, Jacek.

現在我很高興介紹我們的首席執行官 Jacek Olczak；和我們的首席財務官 Emmanuel Babeau。交給你，傑克。

Thank you, Nick, and welcome, everyone. I hope you are all safe and well. Our business delivered an excellent performance in 2021, reaching record net revenues, adjusted diluted EPS and cash flow with growth in overall volumes, high single-digit organic net revenue growth and strong double-digit adjusted EPS growth.

謝謝你，尼克，歡迎大家。我希望你們一切安好。我們的業務在 2021 年取得了出色的業績，實現了創紀錄的淨收入、調整後的攤薄後每股收益和現金流量隨著整體銷量的增長、高個位數的有機淨收入增長和強勁的兩位數調整後每股收益增長。

This illustrates the sustainable nature of our growth, based on new product and innovation as demonstrated by continued strength of IQOS, which delivered 31% full year organic growth in RRP net revenues. Smoke-free products surpassed 30% of total net revenues in Q4 as we progress towards our ambition of becoming a predominantly smoke-free company by 2025. We are especially pleased by the reacceleration of our business in Q4 to deliver a better-than-expected result. This reacceleration was visible in organic net revenues, IQOS user growth, heated tobacco unit market shares across developed and emerging markets, innovation in devices and consumables and commercial investments and combustible market share.

這說明了我們基於新產品和創新的增長的可持續性質，正如 IQOS 的持續實力所證明的那樣，IQOS 全年實現了 31% 的 RRP 淨收入有機增長。隨著我們朝著到 2025 年成為一家以無菸為主的公司的雄心邁進，無菸產品在第四季度總淨收入中的佔比超過 30%。我們對第四季度業務的重新加速實現了好於預期感到特別高興結果。這種重新加速體現在有機淨收入、IQOS 用戶增長、發達和新興市場的加熱煙草單位市場份額、設備和消耗品的創新以及商業投資和可燃市場份額。

IQOS user growth recovered in Q4 to reach an estimated 21.2 million total users, despite ongoing tightness in device supplies in the second half of the year.

儘管下半年設備供應持續緊張，但 IQOS 用戶增長在第四季度恢復，總用戶估計達到 2120 萬。

Full year heated tobacco unit shipment volumes grew 25% to reach 95 billion units with broad-based growth for both our volumes and the category across key geographies, with an especially positive rebound in the EU. The growth outlook for IQOS remains very positive with outstanding initial results from IQOS ILUMA in Japan and Switzerland, the only 2 launches so far, and growing traction for IQOS VEEV in early launch markets. In combustibles, we essentially reached our goal of stable category share in the fourth quarter despite the impact of IQOS cannibalization.

全年加熱煙草單位出貨量增長 25%，達到 950 億單位，我們的銷量和主要地區的類別均實現了廣泛的增長，尤其是在歐盟出現了積極的反彈。 IQOS 的增長前景仍然非常樂觀，IQOS ILUMA 在日本和瑞士的初步成果非常出色，迄今為止僅有 2 次發布，並且 IQOS VEEV 在早期發布市場的吸引力越來越大。在可燃品方面，儘管受到 IQOS 蠶食的影響，我們在第四季度基本實現了穩定類別份額的目標。

During the year, we laid the foundation for our long-term growth ambitions beyond nicotine in wellness and health care, including the milestone acquisition of Fertin and Vectura, which provide essential capabilities for future product development. And last, bolstered by strong operating cash flow, we continued to prioritize returns to shareholders through a 4.2% increase in the dividend and ongoing share repurchases.

在這一年裡，我們為我們在健康和保健領域超越尼古丁的長期增長目標奠定了基礎，包括里程碑式地收購了 Fertin 和 Vectura，這為未來的產品開發提供了必要的能力。最後，在強勁的經營現金流的支持下，我們繼續通過增加 4.2% 的股息和持續的股票回購來優先考慮股東回報。

Turning to the headline numbers, our full year adjusted net revenues grew organically by 7.6% or 10.3% in dollar terms, including positive currency. This reflects the continued underlying strength of IQOS and the ongoing recovery of the combustible business in many markets compared to the pandemic-affected prior year. Our net revenue per unit grew 5.3% organically driven by the increasing proportion of IQOS in our sales mix and pricing. Combustible pricing was in line with our expectations at 2.7% or around 4%, excluding Indonesia. Our adjusted operating income margin increased by 200 basis points on an organic basis, in line with our expectations, with continued positive effect from the increasing size and profitability of IQOS, pricing and productivity savings.

轉向標題數據，我們全年調整後的淨收入以美元計算有機增長了 7.6% 或 10.3%，包括正貨幣。與受大流行影響的上一年相比，這反映了 IQOS 的持續潛在實力以及許多市場的可燃業務持續復甦。由於 IQOS 在我們的銷售組合和定價中的比例增加，我們的單位淨收入有機增長了 5.3%。可燃物價格符合我們的預期，為 2.7% 或 4% 左右，不包括印度尼西亞。我們調整後的營業利潤率有機地增加了 200 個基點，符合我們的預期，IQOS 的規模和盈利能力的增加、定價和生產力節約的持續積極影響。

Through first half expansion -- although strong and solid expansion was tempered in the second half by the expected initial higher unit cost of IQOS ILUMA, geographic and category expansion investment and the Q4 resumption of consumer programs in a number of markets.

通過上半年的擴張——儘管下半年由於 IQOS ILUMA 的初始較高單位成本、地理和類別擴張投資以及一些市場消費者計劃的第四季度恢復而緩和了強勁而穩健的擴張。

Our resulting adjusted diluted EPS of $6.08 represents 17.6% growth in dollar terms and 15.3% currency-neutral growth, which is well above our prior guidance as IQOS user growth, the launch of ILUMA and total industry volumes exceeded our expectations.

我們由此產生的 6.08 美元的調整後稀釋每股收益代表 17.6% 的美元增長和 15.3% 的貨幣中性增長，這遠高於我們之前的指導，因為 IQOS 用戶增長、ILUMA 的推出和行業總量超出了我們的預期。

Finally, we generated operating cash flow of $12 billion, reflecting excellent underlying cash conversion in addition to strong Q4 business results and certain timing factors.

最後，我們產生了 120 億美元的運營現金流，除了強勁的第四季度業務業績和某些時間因素外，還反映了出色的基本現金轉換。

Looking at our Q4 performance, net revenues grew by 8.4% organically. This reflects the sequential improvement in IQOS user acquisition, the initial success of ILUMA in Japan and strong overall volumes, including a further recovery in combustibles. We delivered a robust organic net revenue per unit growth of 4.1%, again reflecting our shift in business mix. We achieved this despite softer pricing on combustibles of 1.4% due to the factors flagged previously of continued pandemic-related challenges in certain markets, as well as comparison effects in Germany and Australia.

從我們第四季度的表現來看，淨收入有機增長了 8.4%。這反映了 IQOS 用戶獲取的連續改善、ILUMA 在日本的初步成功以及強勁的整體銷量，包括可燃物的進一步復甦。我們實現了強勁的每單位有機淨收入增長 4.1%，再次反映了我們業務組合的轉變。儘管由於之前提到的某些市場與流行病相關的挑戰持續存在的因素以及德國和澳大利亞的比較效應，我們實現了這一目標。

Our Q4 adjusted operating income margin declined by 10 basis points on an organic basis, primarily due to the same factors mentioned for the second half, as accelerating business performance opened more opportunities for investment in future growth. Despite that, our currency-neutral adjusted diluted EPS again grew strongly by 11.9%, also reflecting a lower interest cost and effective tax rate.

我們第四季度調整後的營業利潤率有機下降了 10 個基點，主要是由於下半年提到的相同因素，因為加速的業務表現為未來增長提供了更多投資機會。儘管如此，我們的貨幣中性調整後攤薄每股收益再次強勁增長 11.9%，這也反映了較低的利息成本和有效稅率。

Turning now to 2022 guidance. After the temporary slowdown in IQOS user growth in the second half of 2021, the device supply situation is gradually improving. While the situation remains fluid, we now expect a more limited impact, allowing us to gradually return to prior rates of user progression over the coming quarters. With the remarkable success of ILUMA in its first market, a number of other innovations planned, and promising growth for IQOS in low and middle income markets, our 2022 growth fundamentals are strong, and we look forward to an exciting year.

現在轉向 2022 年的指導。在2021年下半年IQOS用戶增長暫時放緩後，設備供應形勢正在逐步好轉。雖然情況仍然不穩定，但我們現在預計影響更有限，使我們能夠在未來幾個季度逐漸恢復到之前的用戶進展速度。隨著 ILUMA 在其第一個市場取得顯著成功，計劃了許多其他創新，以及 IQOS 在中低收入市場的可觀增長，我們 2022 年的增長基礎強勁，我們期待著激動人心的一年。

We note that the slower user growth in the second half of 2021, particularly in the third quarter, will have an estimated carryover effect on our growth this year of around 4 billion to 5 billion heated tobacco units. This is reflected in our 2022 expectations of 113 million to 118 billion HTU shipment volume. Given this continued growth, we expect our full year HTU shipments to again be ahead of IMS volumes.

我們注意到，2021 年下半年，尤其是第三季度用戶增長放緩，預計將對我們今年約 40 億至 50 億支加熱煙草單位的增長產生結轉影響。這反映在我們對 2022 年 1.13 億至 1180 億 HTU 的出貨量的預期中。鑑於這種持續增長，我們預計全年 HTU 出貨量將再次領先於 IMS 出貨量。

We expect to deliver between 4% and 6% organic net revenue growth, keeping us well on track to deliver our 2021 to 2023 compound annual growth rate target of more than 5%. This range prudently incorporates the continuing uncertainty on full device availability and the pace of the ongoing pandemic recovery. For duty free, we assume no meaningful pickup in Asian travel, but a continued gradual recovery in other geographies.

我們預計將實現 4% 至 6% 的有機淨收入增長，使我們能夠順利實現 2021 年至 2023 年超過 5% 的複合年增長率目標。這個範圍謹慎地考慮了整個設備可用性的持續不確定性和持續的大流行恢復的速度。對於免稅，我們假設亞洲旅行沒有有意義的回升，但其他地區繼續逐步復甦。

We expect our adjusted operating income margin to expand between 50 and 150 basis points as the positive effects of our product transformation continues, despite the expectation of a moderately lower gross margin. This is essentially attributable to temporary ILUMA related factors such as the higher initial weight and cost of TEREA consumables and the cost of devices, which we expect to decrease over the 18 to 24 months post launch as we have experienced in previous -- with previous major innovations.

我們預計，隨著我們產品轉型的積極影響持續，我們調整後的營業利潤率將擴大 50 至 150 個基點，儘管預計毛利率會適度降低。這主要歸因於臨時 ILUMA 相關因素，例如較高的初始重量和 TEREA 耗材成本以及設備成本，我們預計在推出後的 18 至 24 個月內，正如我們之前所經歷的那樣 - 與之前的主要創新。

We also account for higher logistic costs, where the tremendous uptake of ILUMA in Japan has led to increased use of air freight, investments to grow capacity across our smoke-free platforms and inflation in certain supply chain elements.

我們還考慮到更高的物流成本，在日本，ILUMA 的大量使用導致航空貨運的使用增加，投資以增加我們的無菸平台的容量以及某些供應鏈元素的通貨膨脹。

Operating income margin expansion and continued reinvestment in attractive smoke-free growth opportunities and in wellness and healthcare R&D will again be supported by our ongoing efficiency programs. We remain on track to deliver around $2 billion in gross savings by 2023.

我們正在進行的效率計劃將再次支持營業收入利潤率的擴大和對有吸引力的無菸增長機會以及健康和醫療保健研發的持續再投資。到 2023 年，我們仍有望實現約 20 億美元的總節省。

Accordingly, we forecast currency-neutral adjusted diluted EPS growth of 8% to 11%. This translates into an adjusted diluted EPS range of $6.12 to $6.30, including an estimated unfavorable currency impact of around $0.45 at prevailing rates. This is primarily due to translation effects, and this currency impact reflects notably the depreciation of the euro, Japanese yen and Turkish lira versus the dollar.

因此，我們預測貨幣中性調整後的攤薄每股收益增長 8% 至 11%。這意味著調整後的稀釋後每股收益範圍為 6.12 美元至 6.30 美元，其中包括按現行匯率計算的 0.45 美元左右的不利貨幣影響。這主要是由於換算效應，這種貨幣影響主要反映了歐元、日元和土耳其里拉對美元的貶值。

This guidance includes the impact of $785 million of share repurchases made in 2021, which were somewhat restricted by blackout periods. It does not reflect the impact of repurchases in 2022 as we continue to take an opportunistic approach within our target of between $5 billion to $7 billion over 3 years.

該指導包括 2021 年進行的 7.85 億美元股票回購的影響，這在一定程度上受到了停電期的限制。它並未反映 2022 年回購的影響，因為我們繼續在 3 年內 50 億至 70 億美元的目標範圍內採取機會主義方法。

Our guidance also reflects the impact of acquired businesses, which we expect to generate underlying operating income in line with our business plan, but with an operating loss of around $150 million or approximately 1% of adjusted diluted EPS, which we'll come back to explain later.

我們的指導還反映了收購業務的影響，我們預計這些業務將產生符合我們的業務計劃的基本營業收入，但營業虧損約為 1.5 億美元，約佔調整後攤薄每股收益的 1%，我們將回到這一點稍後解釋。

As outlined in today's release, there are a number of other assumptions underpinning our outlook. We expect the total industry volume of cigarettes and heated tobacco units, excluding the U.S. and China, to decline between minus 1% and minus 2%. Given our leadership in smoke-free product, the structural growth of the category and its growing proportion in our business, we expect to gain share and target broadly stable total PMI shipment volumes within the range of minus 1% to plus 1%. We assume full year combustible pricing of 3% to 4% with a softer first half and a stronger second half of the year, and this is clearly above 2021 levels. The pricing environment is improving but still challenged in certain markets with ongoing pandemic related impacts.

正如今天的新聞稿中所述，我們的展望還有許多其他假設。我們預計，不包括美國和中國的捲煙和加熱煙草單位的總行業銷量將下降負 1% 至負 2%。鑑於我們在無菸產品方面的領先地位、該類別的結構性增長及其在我們業務中的增長比例，我們預計將獲得份額並將總體穩定的 PMI 總出貨量目標定在負 1% 至正 1% 的範圍內。我們假設全年可燃物價格為 3% 至 4%，上半年疲軟，下半年走強，這明顯高於 2021 年的水平。定價環境正在改善，但在某些市場仍面臨挑戰，並受到持續的大流行相關影響。

Our balance sheet is strong. We delivered excellent operating cash flow of $12 billion in 2021, reflecting robust underlying cash conversion in addition to favorable timing and one-off impact of around $0.5 billion. With further strong organic profit growth expected in 2022, we expect to generate around $11 billion of operating cash flow, subject to year-end working capital requirements and after accounting for the reversal of timing benefits and using prevailing exchange rates.

我們的資產負債表很強勁。我們在 2021 年實現了 120 億美元的出色運營現金流，這反映了強勁的基本現金轉換以及約 5 億美元的有利時機和一次性影響。預計 2022 年有機利潤將進一步強勁增長，我們預計將產生約 110 億美元的運營現金流，這取決於年終營運資金要求，並在考慮到時間收益的逆轉和使用現行匯率後。

As a result, we raise our 2021 to '23 operating cash flow target communicated at the February 2021 Investor Day at then prevailing rates from around $35 billion to the range of $36 billion to $37 billion. We also expect full year capital expenditures of around $1 billion, reflecting increased capacity investment behind our smoke-free platforms, including ILUMA, and enhancing our digital commercial engine in addition to certain projects which were delayed due to the pandemic.

因此，我們將我們在 2021 年 2 月投資者日上傳達的 2021 年至 23 年的運營現金流目標提高，當時的現行利率從大約 350 億美元提高到 360 億美元至 370 億美元之間。我們還預計全年資本支出約為 10 億美元，這反映了我們的無菸平台（包括 ILUMA）背後的產能投資增加，以及除了某些因大流行而推遲的項目外，我們還增強了我們的數字商業引擎。

Lastly, looking specifically to the first quarter of 2022, we expect adjusted diluted EPS of $1.50 to $1.55, including $0.15 of unfavorable currency at prevailing rates. We expect robust organic top line growth and operating margins comparisons, which reflect both a very strong prior year quarter, which benefited from a high level of productivity savings and relatively low levels of investment, and the Q1 of 2022 dynamics of increased device sales, commercial investments, ILUMA-related costs and increases in some inputs such as freight.

最後，特別針對 2022 年第一季度，我們預計調整後的稀釋後每股收益為 1.50 美元至 1.55 美元，其中包括按現行匯率計算的 0.15 美元的不利貨幣。我們預計有機頂線增長和營業利潤率比較強勁，這既反映了上一季度非常強勁的上一季度，該季度得益於高水平的生產力節省和相對較低的投資水平，以及 2022 年第一季度設備銷售、商業增長的動態投資、ILUMA 相關成本以及運費等投入的增加。

Let me now hand over to Emmanuel, who will give you more details of our performance in 2021.

現在讓我交給 Emmanuel，他將為您詳細介紹我們在 2021 年的表現。

Thank you, Jacek. Turning back to our 2021 results, total shipment volumes increased by plus 4.2% in Q4 and by plus 2.2% for the year. This reflects continued strong broad-based growth from HTUs of plus 25% or 18.9 billion units for the full year, comfortably exceeding the decline of 3.6 billion cigarettes. The plus 2.4% increase in our Q4 cigarette volumes reflect the continued sequential recovery of the total industry and of our category share, in addition to a 2.7 billion stick favorable inventory movement, which mainly reflects inventory reduction in the prior year quarter.

謝謝你，傑克。回顧我們 2021 年的業績，第四季度總出貨量增長了 4.2%，全年增長了 2.2%。這反映了全年 HTU 持續強勁的廣泛增長，增長了 25% 或 189 億支，輕鬆超過了 36 億支捲菸的下降幅度。第四季度捲菸銷量增長 2.4% 反映了整個行業和我們類別份額的持續回升，此外還有 27 億棒的有利庫存變動，這主要反映了去年同期的庫存減少。

Due to the remarkable performance of IQOS, heated tobacco units comprised almost 14% of our total shipment volume in the fourth quarter and 13.2% for the year, as compared to 11% in full year 2020, 8% in 2019 and 5% in 2018. Our sales mix is evolving rapidly, putting us on track to become a majority smoke-free company by 2025. Smoke-free net revenues made up over 30% of our adjusted total revenue in Q4 and 29% for the year as compared to 24% in 2020.

由於 IQOS 的卓越表現，加熱煙草單位在第四季度占我們總出貨量的近 14%，全年佔 13.2%，而 2020 年全年為 11%，2019 年為 8%，2018 年為 5% . 我們的銷售組合正在迅速發展，使我們有望在 2025 年成為一家佔多數的無菸公司。無菸淨收入占我們第四季度調整後總收入的 30% 以上，全年佔 29%，相比之下，24 2020 年的百分比。

In 10 markets, we have already surpassed 50%. IQOS devices accounted for over 6% of the $9.1 billion of 2021 RRP net revenues with a step up in H2, reflecting the IQOS ILUMA launch, outweighing the effect of supply constraint on other IQOS versions.

在 10 個市場中，我們已經超過了 50%。 IQOS 設備佔 2021 年 RRP 淨收入 91 億美元的 6% 以上，下半年有所上升，這反映了 IQOS ILUMA 的推出，超過了供應限制對其他 IQOS 版本的影響。

We delivered plus 7.6% organic growth in 2021 net revenues on shipment volume growth of plus 2.2%, reflecting the twin engines driving our top line. The first is pricing on combustible and in certain markets on HTUs. Second is the increasing mix of HTUs in our business at higher net revenue per unit, which continues to deliver substantial growth, an increasingly powerful driver as our transformation accelerates.

我們在 2021 年實現了 7.6% 的有機增長，出貨量增長了 2.2%，反映了推動我們收入的雙引擎。首先是可燃物的定價，以及在某些市場上對 HTU 的定價。其次是我們業務中的 HTU 組合不斷增加，每單位淨收入增加，這將繼續帶來可觀的增長，隨著我們的轉型加速，這是一個越來越強大的驅動力。

Let's now turn to the driver of our 2021 margin expansion. Our gross margin increased by 190 basis points on an organic basis due to product mix, pricing and cost savings, while our adjusted marketing, administration and research costs were 10 basis points better as a percentage of adjusted net revenues. We generated over $800 million in gross cost savings in 2021 with around $550 million in manufacturing and supply chain productivity and more than $250 million in SG&A efficiency before inflation. This represents strong progress towards our target of around $2 billion for 2021-2023 and allows us to reinvest in top line growth while continuing to deliver robust margin progression.

現在讓我們轉向 2021 年利潤率擴張的驅動因素。由於產品組合、定價和成本節約，我們的毛利率有機增長了 190 個基點，而我們調整後的營銷、管理和研究成本佔調整後淨收入的百分比提高了 10 個基點。到 2021 年，我們節省了超過 8 億美元的總成本，製造和供應鏈生產力約為 5.5 億美元，通貨膨脹前的 SG&A 效率超過 2.5 億美元。這代表著我們朝著 2021-2023 年約 20 億美元的目標邁進了一大步，並使我們能夠在繼續實現強勁的利潤率增長的同時，對收入增長進行再投資。

While OI margin expansion was lower in H2, this reflects the positive dynamic of our business and the ability to return to normalized investment levels compared to the pandemic affected prior year. ILUMA device and HTU shipments commenced with higher initial unit cost and we reaccelerated investments in our commercial program, digital engine and R&D as well as a number of growth opportunities across categories and geographies. We intend to continue investing in such opportunities in 2022. But with the benefit of scale, operating leverage and accelerated efficiencies, we continue to target organic SG&A increases below the rate of sales growth.

雖然下半年的 OI 利潤率增長較低，但這反映了我們業務的積極動態以及與去年受大流行影響的投資水平相比恢復正常投資水平的能力。 ILUMA 設備和 HTU 的出貨量以較高的初始單位成本開始，我們重新加速了對我們的商業計劃、數字引擎和研發的投資，以及跨類別和地域的一些增長機會。我們打算在 2022 年繼續投資於此類機會。但憑藉規模、經營槓桿和加速效率的優勢，我們繼續將 SG&A 的有機增長目標定在低於銷售增長率的水平。

Moving now to market share, our share of the combustible category recovered and was essentially stable in Q4 on a year-over-year basis, as our portfolio initiatives bear fruit and pandemic-linked restrictions receded in many markets. Our leadership in combustible helps to maximize switching to smoke-free products and we continue to target a stable category share over time despite the impact of IQOS cannibalization. As IQOS user growth reaccelerates, we target at first a slight decline in 2022.

現在轉向市場份額，我們在可燃品類別中的份額在第四季度同比恢復並基本穩定，因為我們的投資組合計劃取得了成果，並且與大流行相關的限制在許多市場有所消退。我們在可燃物領域的領先地位有助於最大限度地轉向無菸產品，儘管受到 IQOS 蠶食的影響，我們仍將繼續瞄準穩定的類別份額。隨著 IQOS 用戶增長重新加速，我們最初的目標是在 2022 年略有下降。

For the combustible category overall, the improving total market volume backdrop includes notable Q4 recoveries in Indonesia, Mexico and Turkey, close to stable industry volume in the EU region and a modest recovery in duty free driven by sales outside Asia. Daily consumption remains below pre-COVID levels in certain markets such as the Philippines, where our share of market is influenced by mobility and social consumption.

就整體可燃品類別而言，總市場銷量不斷改善的背景包括印度尼西亞、墨西哥和土耳其第四季度顯著復甦，歐盟地區的行業銷量接近穩定，以及在亞洲以外銷售的推動下免稅市場溫和復蘇。在菲律賓等某些市場，日常消費仍低於疫情前的水平，我們的市場份額受到流動性和社會消費的影響。

In Indonesia, our share was again broadly stable on a sequential basis despite the continued growth of the below Tier 1 segment and our volumes grew over 4% for the year. The reduction from 10 to 8 excise tax tiers in 2022 represents a step in the right direction, and the industry weighted average excise increase of around plus 13% is slightly below the prior year. However, the playing field remains unequal between industry players and the pricing environment remains challenging.

在印度尼西亞，我們的份額在連續的基礎上再次大致穩定，儘管低於一級細分市場持續增長，我們的銷量全年增長超過 4%。到 2022 年，消費稅從 10 級減至 8 級是朝著正確方向邁出的一步，行業加權平均消費稅增幅約為 13%，略低於上年。然而，行業參與者之間的競爭環境仍然不平等，定價環境仍然充滿挑戰。

In terms of our overall share, ongoing gain for our IQOS portfolio creates positive momentum going into this year, and we expect to resume overall share growth as well as achieving broadly stable total shipment volume. PMI HTUs now have a 7.1% share in the markets where they are present, making them the third largest tobacco brand. This includes the #1 position in 5 markets, and the #2 in a further 6 markets.

就我們的整體份額而言，我們 IQOS 產品組合的持續增長創造了進入今年的積極勢頭，我們預計將恢復整體份額增長並實現總體穩定的總出貨量。 PMI HTU 現在在其所在市場中佔有 7.1% 的份額，使其成為第三大煙草品牌。這包括在 5 個市場中排名第一，在另外 6 個市場中排名第二。

Moving now to IQOS performance. We estimate there were approximately 21.2 million IQOS users as of December 31. The improved user growth of plus 0.8 million in Q4 reflects our agile commercial model, which allowed us to rapidly adjust our consumer program and assortment. As demonstrated by the performance of ILUMA in Japan and Switzerland, the underlying momentum of the IQOS brand remains strong. While we don't yet have full visibility over the full year of 2022, as device shortages ease, we expect to gradually return to user growth at or above the prior run rate of around 1 million per quarter. We estimate that 72% of total users or 15.3 million adult smokers have switched to IQOS and stopped smoking with the balance in various stages of conversion.

現在轉向 IQOS 性能。我們估計，截至 12 月 31 日，IQOS 用戶約有 2120 萬。第四季度用戶增長增加 80 萬，這反映了我們靈活的商業模式，這使我們能夠快速調整我們的消費者計劃和分類。正如 ILUMA 在日本和瑞士的表現所表明的，IQOS 品牌的潛在動力依然強勁。雖然我們尚未全面了解 2022 年全年，但隨著設備短缺的緩解，我們預計用戶增長將逐漸恢復到或高於之前每季度約 100 萬的運行速度。我們估計總用戶中的 72% 或 1530 萬成年吸煙者已轉向 IQOS 並在轉換的各個階段平衡戒菸。

In the EU region, fourth quarter HTU share reached 6.4% of total cigarette and HTU industry volume, 1.4 points higher than Q4 last year. Underlying IMS growth trends remain excellent. This very good performance included strong growth across the region, with Italy reaching the milestone of 2 million users and positive contribution from Germany and Poland. I also want to highlight Hungary, where our Q4 national HTU share exceeded 20%, following Japan and Lithuania in reaching this important threshold.

在歐盟地區，第四季度 HTU 份額達到捲菸和 HTU 行業總量的 6.4%，比去年第四季度高 1.4 個百分點。潛在的 IMS 增長趨勢仍然很好。這一非常好的表現包括整個地區的強勁增長，意大利達到了 200 萬用戶的里程碑，以及德國和波蘭的積極貢獻。我還想強調匈牙利，我們第四季度的國家 HTU 份額超過 20%，繼日本和立陶宛之後達到了這一重要門檻。

To give some further color on our progress in the EU region, this slide shows a selection of the latest key city offtake shares. While Vilnius continued to lead the way with 37.5% share, the 20% level was also reached in Budapest, Rome and Athens. With strong progress across the region, we are especially pleased by Vienna, almost doubling to 4%, the strong traction in London at almost 6% share, and an acceleration in Zurich with the introduction of IQOS ILUMA. We show further HTU share data in the appendix to these slides.

為了進一步了解我們在歐盟地區的進展，這張幻燈片顯示了最新的主要城市承購份額。維爾紐斯以 37.5% 的份額繼續領先，布達佩斯、羅馬和雅典也達到了 20% 的水平。隨著整個地區的強勁進展，我們特別高興的是維也納，幾乎翻了一番，達到 4%，倫敦的強勁牽引力接近 6% 的份額，以及隨著 IQOS ILUMA 的推出而在蘇黎世加速。我們在這些幻燈片的附錄中展示了進一步的 HTU 共享數據。

Share growth continued in Russia with our Q4 HTU share up by plus 0.8 points to reach 8%. For both Russia and the overall region, sequential growth in adjusted IMS slowed in the last 2 quarters, partly reflecting the more acute device shortage and lead on commercial program. In addition, the region was affected by the halting of sales in Belarus, which impacted sequential IMS growth in Q4.

俄羅斯的份額繼續增長，我們的第四季度 HTU 份額增加了 0.8 個百分點，達到 8%。對於俄羅斯和整個地區而言，過去兩個季度調整後的 IMS 環比增長放緩，部分反映了更嚴重的設備短缺和商業計劃的領先地位。此外，該地區受到白俄羅斯銷售停止的影響，這影響了第四季度 IMS 的連續增長。

In this context, as mentioned in last quarter, we have seen some increased consumer trial in Russia of discounted competitor offerings and disposable e-vapor products. We continue to see high interest in the category and with a pipeline of exciting innovations planned, including the launch of ILUMA, we aim to resume strong growth this year.

在這種情況下，如上一季度所述，我們看到俄羅斯消費者對折扣競爭對手產品和一次性電子蒸汽產品的試用有所增加。我們繼續看到對該類別的濃厚興趣，併計劃推出一系列令人興奮的創新，包括推出 ILUMA，我們的目標是在今年恢復強勁增長。

In Japan now, the adjusted total tobacco share for our HTU brands increased by plus 1.7 points to a record 21.8% in Q4. And an offtake exit share approaching 23%, with Q4 adjusted IMS sequential trends incorporating the pull forward of consumer offtake into Q3 before the price increase. This performance reflects the strength of our portfolio and the launch of IQOS ILUMA, which I will come back to shortly.

現在在日本，我們 HTU 品牌的調整後總煙草份額在第四季度增加了 1.7 個百分點，達到創紀錄的 21.8%。承購退出份額接近 23%，第 4 季度調整後的 IMS 連續趨勢將消費者承購提前到第 3 季度，然後價格上漲。這一表現反映了我們產品組合的實力以及 IQOS ILUMA 的推出，我稍後會談到。

The overall heated tobacco category continues to grow, making up over 31% of the adjusted total Japanese tobacco market in Q4, with IQOS maintaining a high share of segment and capturing the majority of the category's 2021 growth. In addition to strong progress in developed countries, we see very promising IQOS growth in low and middle income market. A prime example of this is Egypt, where offtake share in Cairo is approaching 4% within 6 months of launch, with other notable successes including Lebanon, Jordan, the Dominican Republic and the Philippines despite pandemic restrictions in Manila. This low and middle-income market key city performance is especially encouraging as we achieved it despite the premium position of the current IQOS portfolio.

整體加熱煙草類別繼續增長，在第四季度佔調整後的日本煙草市場總量的 31% 以上，IQOS 保持了較高的細分市場份額，並佔據了該類別 2021 年增長的大部分。除了發達國家的強勁進步外，我們還看到 IQOS 在中低收入市場的增長非常有希望。這方面的一個典型例子是埃及，在開羅的承購份額在推出後的 6 個月內接近 4%，儘管馬尼拉有大流行限制，但其他顯著的成功包括黎巴嫩、約旦、多米尼加共和國和菲律賓。儘管當前 IQOS 產品組合處於優勢地位，但我們實現了這一中低收入市場關鍵城市的表現尤其令人鼓舞。

We do intend to bring a new complementary range of heat-not-burn products tailored to emerging markets towards the end of this year, which I will come back to.

我們確實打算在今年年底之前推出針對新興市場量身定制的全新補充系列加熱不燃燒產品，我將再次談到這一點。

With this potential in mind, we continue to drive the geographic expansion of our smoke-free products as we aim to be in 100 markets by 2025. During the quarter, we launched IQOS in both Morocco and Tunisia. This takes the total number of markets where PMI smoke-free products are available for sale to 71, of which 30 are in low and middle-income markets. We plan to add more market this year as we also meaningfully broaden our product offer and price segmentation within existing geographies. This includes the expansion of LIL and Fiit, which are now available in over 20 markets across multiple regions, and our expansion of e-vapor and nicotine pouches.

考慮到這一潛力，我們繼續推動無菸產品的地域擴張，因為我們的目標是到 2025 年進入 100 個市場。本季度，我們在摩洛哥和突尼斯推出了 IQOS。這使得 PMI 無菸產品可供銷售的市場總數達到 71 個，其中 30 個位於低收入和中等收入市場。我們計劃今年增加更多市場，因為我們還在現有地區有意義地擴大了我們的產品供應和價格細分。這包括 LIL 和 Fiit 的擴展，這些產品現已在多個地區的 20 多個市場上銷售，以及我們對電子蒸汽和尼古丁袋的擴展。

Following the implementation of the ITC's importation ban, IQOS is not currently available in the U.S. We continue to work on contingency plans, including domestic manufacturing, and hope to be able to resume U.S. supply in the first half of 2023. It is important to remember that the ITC decision on this patent is an outlier. We were encouraged by the U.S. patent office recent invalidation of 1 of the 2 patents included in the ITC ruling, and we expect a decision on the second patent by April 2, though this decision is subject to an appeal process. BAT has been universally unsuccessful in asserting these same 2 patent family against IQOS in Europe.

在 ITC 的進口禁令實施後，IQOS 目前在美國無法使用我們繼續制定應急計劃，包括國內製造，並希望能夠在 2023 年上半年恢復美國供應。重要的是要記住ITC 對該專利的決定是一個異常值。美國專利局最近對 ITC 裁決中包含的 2 項專利中的 1 項無效感到鼓舞，我們預計在 4 月 2 日之前對第二項專利做出決定，儘管該決定需要經過上訴程序。 BAT 在歐洲針對 IQOS 主張這相同的 2 專利家族普遍不成功。

Separately, in December, a German court ruled that the BAT GLO HYPER dual-coil heat-not-burn device infringes our patent and that we are entitled, among other things, to an injunction against BAT sales of the device.

另外，在 12 月，德國法院裁定 BAT GLO HYPER 雙線圈加熱不燃燒設備侵犯了我們的專利，除其他外，我們有權禁止 BAT 銷售該設備。

Moving now to IQOS ILUMA, we are delighted to report the outstanding success since its launch in Japan and Switzerland with sales performance and consumer reaction exceeding our expectation. In Japan, the uptake of ILUMA devices and consumables among both existing IQOS users and legal age smoker has been rapid with more than 20% of the large user base switching since the August launch and over 20% of sales to legal age smokers due to IQOS.

現在轉到 IQOS ILUMA，我們很高興地報告自其在日本和瑞士推出以來所取得的巨大成功，其銷售業績和消費者反應超出了我們的預期。在日本，現有 IQOS 用戶和法定年齡吸煙者對 ILUMA 設備和耗材的使用迅速，自 8 月推出以來，超過 20% 的大型用戶群轉換，並且由於 IQOS，超過 20% 的銷售給法定年齡吸煙者.

Moreover, the enhanced and consistently high-quality user experience, better reliability and no need for cleaning has led to significant observed increases in conversion rate, retention rate and Net Promoter Score. This bodes well for volume growth and indeed, premium-priced TEREA consumables have been the fastest-growing launch in the smoke-free category, reaching an offtake share in the 3 main convenience store chains of 8% within 3 months of national launch and driving the growth of the heat-not-burn category following the October tax-driven price increase.

此外，增強且始終如一的高質量用戶體驗、更好的可靠性和無需清潔已導致轉化率、保留率和淨推薦值顯著提高。這對銷量增長來說是個好兆頭在 10 月份稅收驅動的價格上漲之後，加熱不燃燒類別的增長。

Early results in Switzerland have been even more remarkable with over 1/3 of sales to new user and TEREA making up over 1/3 of HTU sales after only 2 months of commercialization. Our HTU share growth has accelerated accordingly, from 6% in September to 7.9% in December. These results are very encouraging for the wider rollout of ILUMA in the EU region and around the world, and we plan to roll out gradually to more markets this year, mostly in H2.

瑞士的早期成果更加顯著，僅在商業化 2 個月後，新用戶的銷售額就超過 1/3，TEREA 佔 HTU 銷售額的 1/3 以上。我們的 HTU 份額增長相應加快，從 9 月的 6% 增長到 12 月的 7.9%。這些結果對於在歐盟地區和世界各地更廣泛地推廣 ILUMA 非常鼓舞人心，我們計劃今年逐步推廣到更多市場，主要是在下半年。

While we continue to manage device supply constraints, the unprecedented growth in Japan also means we have had to accelerate both the supply of TEREA consumable using airfreight and the conversion of our production line to support new market launches. With ILUMA, IQOS 3 DUO and LIL, we now have 3 heat-not-burn technology under the IQOS umbrella to serve different consumer needs and segment the market. We have an exciting pipeline of innovation on devices and consumables across our technology at different price tiers.

在我們繼續管理設備供應限制的同時，日本空前的增長也意味著我們必須通過空運加速 TEREA 耗材的供應和我們生產線的轉換，以支持新的市場推出。憑藉 ILUMA、IQOS 3 DUO 和 LIL，我們現在在 IQOS 保護傘下擁有 3 種加熱不燃燒技術，以滿足不同的消費者需求和細分市場。我們在不同價格層級的技術中擁有令人興奮的設備和耗材創新管道。

As I mentioned, we also plan to enhance our portfolio for future growth with the introduction of a new complementary technology towards the end of this year. This will be targeted at smokers in low and middle income market, catering to the consumer need of simple, high-quality, affordable devices and consumable and specific local taste preferences.

正如我所提到的，我們還計劃通過在今年年底推出一項新的互補技術來增強我們的產品組合以實現未來的增長。這將針對中低收入市場的吸煙者，滿足消費者對簡單、高質量、負擔得起的設備以及消耗品和特定當地口味偏好的需求。

In terms of HTUs, after launching over 15 new ILUMA SKUs in Q4, we plan to continue expanding our portfolio across platforms, geography and price points this year. We continue to commercialize IQOS VEEV with very promising results in the first group of markets where we started in our own channel with a limited range of test variants and nicotine levels. IQOS VEEV is a premium product, providing a superior experience and the commercial infrastructure of IQOS allows us to deploy efficiently and at scale through a bespoke route-to-market approach.

在 HTU 方面，在第四季度推出超過 15 個新的 ILUMA SKU 後，我們計劃今年繼續擴大我們跨平台、地理和價格點的產品組合。我們繼續將 IQOS VEEV 商業化，在第一組市場中取得了非常有希望的結果，我們從自己的渠道開始，測試變體和尼古丁水平範圍有限。 IQOS VEEV 是一款優質產品，提供卓越的體驗，IQOS 的商業基礎設施使我們能夠通過定制的上市途徑有效地大規模部署。

As we start to expand distribution and the consumable offering, we observed signs of increased uptake and clear positive consumer feedback relative to competitive product. We see encouraging success in Italy and the Czech Republic, reaching double-digit offtake shares of close to 10 points with rapid progress also visible in Croatia within 3 months of launch. After launching in Canada and Ukraine in the fourth quarter, we plan to add more markets in 2022 with timing subject to device availability. We also continued preparation to apply for a PMTA from the U.S. FDA and now prudently assume readiness for filing in early 2023, given further clarity on the required preparatory steps.

隨著我們開始擴大分銷和消耗品供應，我們觀察到與競爭產品相關的吸收增加和明確的積極消費者反饋的跡象。我們在意大利和捷克共和國看到了令人鼓舞的成功，在推出後的 3 個月內達到了接近 10 個百分點的兩位數承購份額，在克羅地亞也看到了快速進展。在第四季度在加拿大和烏克蘭推出後，我們計劃在 2022 年增加更多市場，具體時間取決於設備可用性。我們還繼續準備向美國 FDA 申請 PMTA，現在謹慎地假設準備在 2023 年初提交，因為所需的準備步驟進一步明確。

An additional exciting midterm growth opportunity is in the nicotine pouch category, where we aim to become a leading player with the Shiro brand. Nicotine pouches provide a convenient smoke-free alternative for adult smokers. And while still early in many markets, we see Shiro playing an important role in our smoke-free portfolio over the coming years.

另一個令人興奮的中期增長機會是尼古丁袋類別，我們的目標是成為 Shiro 品牌的領先者。尼古丁袋為成年吸煙者提供了一種方便的無菸替代品。雖然在許多市場仍處於早期階段，但我們看到 Shiro 在未來幾年在我們的無菸產品組合中發揮著重要作用。

Following the acquisition of AG Snus and Fertin Pharma, we have established a base of product development and manufacturing expertise. Although we are still learning about the promising category, our IQOS commercial infrastructure allows for a fast rollout and we plan a number of launches over the coming quarters.

在收購 AG Snus 和 Fertin Pharma 之後，我們建立了產品開發和製造專業知識的基礎。儘管我們仍在了解有前途的類別，但我們的 IQOS 商業基礎設施可以快速推出，我們計劃在未來幾個季度推出一系列產品。

The first major activity is the full relaunch of the revitalized Shiro portfolio in the Nordic this month from its more limited prior presence with full commercial activity and a broad portfolio of flavors and strength variants. Separately, following feedback from the 2021 consumer test of our Platform 2 carbon tip product, the design of our current technology has been discontinued. We are assessing alternative design for this consumer segment.

第一項主要活動是本月在北歐全面重新推出重振版的 Shiro 產品組合，此前該產品的存在較為有限，具有全面的商業活動以及廣泛的風味和強度變體組合。另外，在 2021 年消費者對我們的 Platform 2 碳尖端產品測試的反饋之後，我們當前技術的設計已經停止。我們正在評估這一消費群體的替代設計。

Turning now to our nascent business beyond nicotine, the 2021 acquisition of Fertin, Vectura and OtiTopic provides a base for building critical respiratory and oral product development capabilities in tandem with our existing expertise. This opened up opportunity to deliver the positive effect of existing wellness and health care molecules in a fast and effective manner.

現在轉向我們在尼古丁以外的新興業務，2021 年收購 Fertin、Vectura 和 OtiTopic 為建立關鍵的呼吸和口腔產品開發能力以及我們現有的專業知識提供了基礎。這為以快速有效的方式提供現有健康和保健分子的積極作用提供了機會。

For the time being, our reported number in the Other segment showed the existing acquired business, which delivered $101 million in net revenue in the fourth quarter and a marginal operating loss of $1 million. The underlying performance is in line with our expectation with reported operating expenses reflecting the amortization of intangible, deal-related items and our planned investments. Around 39% of Q4 revenue were derived from 13 smoking cessation products and nicotine pouch operations.

目前，我們在其他部門報告的數字顯示了現有的收購業務，該業務在第四季度實現了 1.01 億美元的淨收入和 100 萬美元的邊際運營虧損。基本業績符合我們的預期，報告的運營費用反映了無形交易相關項目的攤銷和我們計劃的投資。第四季度約 39% 的收入來自 13 種戒菸產品和尼古丁袋業務。

While we intend to continue the CDMO activities of the acquired companies, the most significant value to PMI is in this ability to develop and commercialize new products in the wellness and healthcare segment over time. We plan important R&D investment over the course of the coming years to support the aim of delivering meaningful incremental revenue starting 2 to 3 years from now as we pursue our ambition of at least $1 billion of net revenue from wellness and healthcare products by 2025.

雖然我們打算繼續被收購公司的 CDMO 活動，但 PMI 最重要的價值在於隨著時間的推移在健康和醫療保健領域開發和商業化新產品的能力。我們計劃在未來幾年進行重要的研發投資，以支持從現在開始 2 到 3 年實現有意義的增量收入的目標，因為我們追求到 2025 年至少 10 億美元的健康和保健產品淨收入的雄心。

As I mentioned earlier, we expect an operating loss of around $150 million in 2022, with revenue of around $250 million, including smoking cessation products. We recognized investor interest in our future product line in these new areas and plan to provide more color at our CAGNY conference presentation on February 23.

正如我之前提到的，我們預計 2022 年的營業虧損約為 1.5 億美元，包括戒菸產品在內的收入約為 2.5 億美元。我們認識到投資者對我們在這些新領域的未來產品線的興趣，併計劃在 2 月 23 日的 CAGNY 會議演示中提供更多色彩。

Moving to sustainability and our ESG priorities, I'm happy to share that we recently completed a new sustainability materiality assessment to update and recalibrate our priorities in accordance with our biggest impact on society, double materiality and extensive stakeholder inputs. While addressing the health impact of our product remains by far the biggest focus, we also identified a number of topics, which are emerging in importance or required an evolved approach. We will publish the results next week. It is increasingly important to align management incentives with sustainability, materiality, performance and impact. We will strengthen this link in 2022 with the new sustainability index and plan to provide more details in the near future.

談到可持續發展和我們的 ESG 優先事項，我很高興與大家分享，我們最近完成了一項新的可持續發展重要性評估，以根據我們對社會的最大影響、雙重重要性和廣泛的利益相關者投入更新和重新調整我們的優先事項。雖然解決我們產品對健康的影響仍然是迄今為止最大的焦點，但我們還確定了一些主題，這些主題正在變得越來越重要或需要一種改進的方法。我們將在下周公布結果。將管理激勵措施與可持續性、重要性、績效和影響相結合變得越來越重要。我們將在 2022 年通過新的可持續發展指數加強這一聯繫，併計劃在不久的將來提供更多細節。

Our progress on sustainability continues to be recognized by leading external stakeholders with repeated inclusion in both the Dow Jones Sustainability Index North America and the Bloomberg Gender-Equality Index, and receiving CDP's Triple-A score for the second year running.

我們在可持續發展方面取得的進展繼續得到主要外部利益相關者的認可，多次入選道瓊斯北美可持續發展指數和彭博性別平等指數，並連續第二年獲得 CDP 的 AAA 級評分。

We also published an agricultural labor practices report, making 10-year -- marking 10 years of the program. Since its introduction, we have successfully eradicated systemic issue related to child labor, while improving living condition of farmers and farm workers. It also outlined our ambition targets, such as 100% farmers supplying tobacco to PMI making a living income by 2025.

我們還發布了一份農業勞動實踐報告，制定了 10 年——標誌著該計劃的 10 年。自推出以來，我們成功地消除了與童工有關的系統性問題，同時改善了農民和農場工人的生活條件。它還概述了我們的雄心壯志目標，例如到 2025 年 100% 的農民向 PMI 供應煙草以謀生。

On our most critical priority of product impact, the growing penetration of smoke-free products around the world is accelerating the end of cigarettes as legal age smokers switch to better alternative. I am also pleased to report further recent positive regulatory development. For example, as part of its Beating Cancer Plan, the European Parliament special committee recognized and featured harm reduction in its last report, for which the plenary vote will take place next week.

在我們最重要的產品影響優先事項中，隨著法定年齡吸煙者轉向更好的替代品，全球無菸產品的日益普及正在加速捲菸的終結。我也很高興地報告最近的積極監管發展。例如，作為其抗擊癌症計劃的一部分，歐洲議會特別委員會在其上一份報告中承認並強調了減少危害，該報告將於下週進行全體投票。

In New Zealand, the government published its smoke-free action plan, expressly excluding smoke-free product from the proposed measures. In addition, a number of countries, including Poland and Russia, have announced new multiyear excise tax plans with taxation of smoke-free products clearly differentiated from cigarettes, making 15 markets globally with such plans.

在新西蘭，政府公佈了無菸行動計劃，明確將無菸產品排除在擬議措施之外。此外，包括波蘭和俄羅斯在內的一些國家已經宣布了新的多年消費稅計劃，無菸產品的稅收明顯不同於捲菸，全球有 15 個市場有此類計劃。

There is a growing body of scientific and real-world evidence of the substantial risk reduction potential of smoke-free product compared with smoking. While challenges in some markets are to be expected, we continue to support regulatory and fiscal framework that recognize this critical harm reduction opportunity.

越來越多的科學和現實世界證據表明，與吸煙相比，無菸產品具有顯著降低風險的潛力。雖然某些市場的挑戰是意料之中的，但我們將繼續支持認識到這一重要的減少危害機會的監管和財政框架。

I will now turn it back to Jacek for some concluding remarks.

我現在將把它轉回給 Jacek 做一些總結性發言。

Thank you, Emmanuel. Overall, we are very pleased to have delivered excellent growth in last year in 2021 with a strong underlying momentum for IQOS as well as a record adjusted EPS, net revenues and cash generation. The consistent quality and sustainability of our organic top and bottom line delivery has been clearly demonstrated over the last 2 years, which I believe we all acknowledge were pretty turbulent years. With an improving outlook for device supply, although still there's an element of fragility, the exceptional initial success of ILUMA and the number of innovations and growth initiatives, we look forward to 2022 with a tremendous excitement. At the same time, we're building -- we will be building our development capabilities in wellness and healthcare through targeted investment in order to support the next driver of our long-term growth.

謝謝你，伊曼紐爾。總體而言，我們很高興在 2021 年實現了出色的增長，IQOS 的潛在動力強勁，調整後的每股收益、淨收入和現金產生也創下歷史新高。在過去的 2 年裡，我們的有機頂線和底線交付的始終如一的質量和可持續性得到了清楚的證明，我相信我們都承認這是相當動蕩的幾年。隨著設備供應前景的改善，儘管仍然存在脆弱性、ILUMA 的非凡初步成功以及創新和增長計劃的數量，但我們懷著極大的興奮期待 2022 年。與此同時，我們正在建設——我們將通過有針對性的投資建設我們在健康和醫療保健領域的發展能力，以支持我們長期增長的下一個驅動力。

Our balance sheet is strong, and we have increased cash returns to shareholders through a higher dividend and our share repurchase program, in line with our objective to deliver sustainable value and returns to investors as we continue our smoke-free transformation. In short, we continue to see a bright future for our business. Following a very strong 2021, we remain confident in our '21 to '23 growth targets and in our ambition to be majority smoke-free by net revenues in 2025.

我們的資產負債表強勁，我們通過更高的股息和股票回購計劃增加了對股東的現金回報，這符合我們在繼續無菸轉型的同時為投資者提供可持續價值和回報的目標。簡而言之，我們繼續看到我們業務的光明前景。在經歷了非常強勁的 2021 年之後，我們仍然對 21 至 23 年的增長目標以及我們在 2025 年按淨收入實現大部分無菸的雄心充滿信心。

Thank you all for your attention. Emmanuel and myself will be happy to answer your questions.

謝謝大家的關注。 Emmanuel 和我本人將很樂意回答您的問題。

(Operator Instructions) Our first question will come from Bonnie Herzog with Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的 Bonnie Herzog。

Jacek and Emmanuel, I hope you're both doing well. I have a question on your EPS guidance this year. It's quite a wide range at 8% to 11% on a currency-neutral basis. So I was hoping you could highlight some of the key assumptions or drivers that put you maybe at the low end of that range versus what needs to happen for you to get to the 11% growth. For instance, 11% is it possible even if the chip shortage situation doesn't get resolved for the next few months?

Jacek 和 Emmanuel，我希望你們都做得很好。我對你們今年的 EPS 指導有疑問。在貨幣中性的基礎上，這是一個相當大的範圍，在 8% 到 11% 之間。所以我希望你能強調一些關鍵假設或驅動因素，這些假設或驅動因素可能使你處於該範圍的低端，而不是你需要發生什麼才能實現 11% 的增長。例如，即使未來幾個月芯片短缺的情況沒有得到解決，11% 是否有可能？

I think Emmanuel.

我認為伊曼紐爾。

I'm going to take this one, Bonnie. So obviously, and we've been saying it in our preliminary remarks, we are still facing a number of uncertainties. The COVID has not disappeared. Even if things seem to be improving, we don't have full visibility on the IT shortage and on the supply chain globally. And that is obviously what is behind with some certainly cautiousness on the guidance that we are giving on the top line.

我要拿這個，邦妮。很明顯，我們在初步評論中已經說過，我們仍然面臨著許多不確定性。新冠病毒並沒有消失。即使情況似乎有所改善，我們也無法全面了解 IT 短缺和全球供應鏈。這顯然是背後的原因，我們對我們在頂線上給出的指導有些謹慎。

And then from there, we, of course, are driving a business that is seeing good momentum. We are the traditional driver of price increase. We're going to be very efficient on cost savings. You can see what we've been delivering in 2021, already more than $800 million of efficiency on our cost. We're going to continue in 2022. And I know that is going to drive the difference between the revenue growth and the adjusted EPS organic growth. One of the headwinds that we're going to face this year, which I think we should see as very positive because it's coming from the growth, and we are managing a very nice potential of growth, is that we are investing for exciting outlook.

然後從那裡，當然，我們正在推動一個發展勢頭良好的業務。我們是價格上漲的傳統驅動力。我們將非常有效地節省成本。您可以看到我們在 2021 年交付的成果，我們的成本效率已經超過 8 億美元。我們將在 2022 年繼續。我知道這將推動收入增長與調整後每股收益有機增長之間的差異。今年我們將面臨的逆風之一，我認為我們應該認為這是非常積極的，因為它來自增長，我們正在管理一個非常好的增長潛力，那就是我們正在為令人興奮的前景進行投資。

It starts, of course, with ILUMA in Japan, but globally, the launch of ILUMA. But certainly with a big impact in Japan, where we know that when we launch a new product, this is having some impact on the cost of goods because we are not at the same level in terms of efficiency on the supply chain. The productivity is not at its maximum, and we've been explaining that in our remarks. And that is going to have some impact at the launch.

當然，它始於日本的 ILUMA，但在全球範圍內，則是 ILUMA 的推出。但在日本肯定會產生很大的影響，我們知道當我們推出新產品時，這會對商品成本產生一些影響，因為我們在供應鏈的效率方面並不處於同一水平。生產力並未達到最大值，我們在評論中一直在解釋這一點。這將對發布產生一些影響。

We talked about air freight as well. And that is going to have an impact, we said it will probably -- what we see today is a moderate decrease of the gross margin rate. Without that, it would have been from -- what we see today, another year of growth of the gross margin rate. But that's really what is driving the guidance. So we have some uncertainty, but we are very excited by the potential of growth that we see with all this innovation that is coming up. We are the traditional driver of efficiency that are going to help. We have some headwinds, which was absolutely planned because we are coming with innovation, and we need to invest to launch this innovation.

我們也談到了空運。這將會產生影響，我們說它可能會 - 我們今天看到的是毛利率適度下降。如果沒有這一點，它將來自 - 我們今天看到的，毛利率的又一年增長。但這確實是推動指導的原因。所以我們有一些不確定性，但我們對即將到來的所有這些創新所帶來的增長潛力感到非常興奮。我們是效率的傳統驅動力，這將提供幫助。我們遇到了一些逆風，這是絕對有計劃的，因為我們正在創新，我們需要投資來啟動這項創新。

And I should add in terms of innovation, but it's certainly the fact that we are also expanding in terms of geography. What we see in Egypt bode extremely well for the potential in emerging countries, but we need to invest, of course, to build the capacity. We need to develop our commercial tools. We need to invest on the new 2 platforms, vaping and nicotine pouches.

我應該在創新方面補充一下，但事實上我們也在地理方面進行擴張。我們在埃及看到的情況預示著新興國家的潛力非常好，但我們當然需要投資來建設能力。我們需要開發我們的商業工具。我們需要投資新的 2 個平台，電子煙和尼古丁袋。

So what I think is great in this guidance and in our ambition for 2022 is that it's a year with a lot of investment for an exciting growth, but we are still able to deliver a good dynamic top line. We are able to deliver nice margin improvement, good organic growth at a good level. And as you have seen, we are hugely cash generative, and we do that at the same time, again, while investing for the future.

因此，我認為本指南和我們對 2022 年的雄心壯志的偉大之處在於，這是為實現令人興奮的增長而進行大量投資的一年，但我們仍然能夠提供良好的動態收入。我們能夠在良好的水平上實現良好的利潤率改善和良好的有機增長。正如您所看到的，我們可以產生大量現金，我們在為未來投資的同時，再次做到這一點。

Okay. That's super helpful and honestly makes a lot of sense. So clearly, a lot of puts and takes, but you've got a lot of levers to pull. For my second question, I maybe wanted to switch gears a bit and just kind of ask a little bit about the situation in the U.S. and just maybe an update. It sounds like you expect to get back in the market next year with IQOS. So maybe love to hear a little more color on this. And will the build out of the production in the U.S., will that be your financial responsibility?

好的。這非常有幫助，老實說很有意義。很明顯，有很多看跌期權，但你有很多槓桿可以拉動。對於我的第二個問題，我可能想稍微改變一下方向，然後稍微詢問一下美國的情況，也許只是更新一下。聽起來您希望明年通過 IQOS 重返市場。所以也許喜歡聽到更多的色彩。並且將在美國建立生產，這將是您的財務責任嗎？

And then Altria mentioned some issues between you 2 in terms of the agreement you have in their fourth quarter press release. So just was hoping to better understand what that could mean. For instance, I guess, if Altria fails to meet the terms of the agreement, would you then pursue distribution of IQOS in the U.S. yourselves and/or, I guess, find another distribution partner? Can you kind of walk through that for us? And then I'm thinking in the context of a potential solution for VEEV in the U.S., assuming it gets ITC approval.

然後奧馳亞在他們的第四季度新聞稿中提到了你們 2 之間的一些問題。所以只是希望更好地理解這可能意味著什麼。例如，我想，如果奧馳亞未能滿足協議條款，你會自己在美國尋求 IQOS 的分銷和/或，我猜，尋找另一個分銷合作夥伴？你能為我們介紹一下嗎？然後我在考慮美國 VEEV 的潛在解決方案，假設它獲得了 ITC 的批准。

Yes. So Bonnie, yes, we are working on the -- bringing the manufacturing capacity for IQOS on the U.S. territory. And that's our main mitigation plan or reaction plan to where we are today post the ITC event. As we said, we think that, somewhere at the beginning of the next year, we should be in a position to resume the shipments in the U.S.

是的。所以邦妮，是的，我們正在努力將 IQOS 的製造能力帶到美國境內。這是我們今天發布 ITC 事件的主要緩解計劃或反應計劃。正如我們所說，我們認為，在明年年初的某個時候，我們應該能夠恢復在美國的發貨。

As to we and Altria is very clear disclosed, we have some disagreement with regards whether Altria has fulfilled the certain milestones in the current contract, and we're currently in negotiations or discussions with Altria how to resolve it. And so I believe in a good faith, we should be finding some solutions. I wouldn't go now beyond speculating what other options and how we would approach the IQOS going forward in the U.S. I mean, our partner results, and I think, we should seek some amicable solution between both partners.

至於我們和奧馳亞非常明確的披露，我們對於奧馳亞是否已經完成了當前合同中的某些里程碑存在一些分歧，我們目前正在與奧馳亞談判或討論如何解決它。因此，我真誠地相信，我們應該找到一些解決方案。我現在不會猜測還有哪些其他選擇以及我們將如何在美國推進 IQOS。我的意思是，我們的合作夥伴的結果，我認為，我們應該在兩個合作夥伴之間尋求一些友好的解決方案。

Now I have said it on a number of occasions in the U.S. market is as a few other markets in which we have a very negligible presence, are of strategic importance. So obviously, you've heard us in the past, I believe, that the pre-ITC ruling IQOS performance in U.S. and you know how we performed -- with IQOS across all essential geographies. I mean it's really well below what I would expect at this stage or characterize as the potential of IQOS. And if I take into this the fact that this is the only inhalable FDA authorized product. You don't really have a competition, and the size of the market, et cetera, I think it's fair to say that the expectations were much beyond where we are today. But I will stop here and I believe we will find a good resolution, which will, on the one hand, enable American smokers, cigarette smokers to have access to the technology, and also something which will be accretive to us or the partners' results there.

現在我已經多次在美國市場上說過，因為我們在其他幾個市場中的影響力非常微不足道，但具有戰略重要性。所以很明顯，我相信你過去聽說過我們，ITC 之前裁定 IQOS 在美國的表現，你知道我們的表現如何——IQOS 在所有重要地區都有。我的意思是它真的遠低於我在這個階段的預期或描述為 IQOS 的潛力。如果我考慮到這是唯一可吸入的 FDA 授權產品這一事實。你並沒有真正的競爭，而且市場規模等等，我認為可以公平地說，人們的期望遠遠超出了我們今天的水平。但我會在這裡停下來，我相信我們會找到一個很好的解決方案，一方面，這將使美國吸煙者、吸煙者能夠獲得這項技術，同時也會增加我們或合作夥伴的成果那裡。

We'll take our next question from Chris Growe with Stifel.

我們將回答 Chris Growe 和 Stifel 的下一個問題。

I just wanted to ask, first of all, on IQOS, and you had a nice acceleration in the number of IQOS users in the fourth quarter. I just want to get -- and I know you talked about an acceleration of getting back to that roughly 1 million users sequentially. Can that not happen until the second half of '22? Or will supply be sufficient to where you could start to see that level of user growth in the first half of '22? I'm just trying to get a sense of that availability of devices to understand the growth in '22.

我只想問，首先，關於 IQOS，你們在第四季度的 IQOS 用戶數量上有了不錯的增長。我只是想得到 - 我知道你談到了加速恢復到大約 100 萬用戶的順序。直到 22 年下半年才會發生這種情況嗎？或者供應是否足以讓您在 22 年上半年開始看到用戶增長水平？我只是想了解設備的可用性，以了解 22 年的增長。

Yes. Look, the Q4, reacceleration or coming back to the previous user growth is highly encouraging. It just confirmed that IQOS has that ability of a continued growth. Obviously, it very much hinges on the fact that where we have unrestricted access or availability of the devices. And remember IQOS today is -- our heat-not-burn propositions, which we have today consist of the few versions of IQOS blade product.

是的。看，第四季度，重新加速或回到之前的用戶增長是非常令人鼓舞的。它只是證實了 IQOS 具有持續增長的能力。顯然，這在很大程度上取決於我們在哪裡可以不受限制地訪問或使用設備。請記住，今天的 IQOS 是 - 我們的加熱不燃燒主張，我們今天擁有的 IQOS 刀片產品的幾個版本。

I should mention LIL product is coming through through our partnership with KT&G and IQOS ILUMA. And all of that altogether create certain portfolio of proposition for the various targets in the various consumers growth. So we regain a little bit of a flexibility of recomposing the full portfolio in Q4. And hence, in Europe -- we have all seen the spectacular regain in user acquisition.

我應該提到 LIL 產品是通過我們與 KT&G 和 IQOS ILUMA 的合作來實現的。所有這些共同為各種消費者增長中的各種目標創造了一定的命題組合。因此，我們在第四季度重新組合整個投資組合時重新獲得了一點靈活性。因此，在歐洲——我們都看到了用戶獲取的驚人復蘇。

It is somehow reflected in our 4% to 6% growth target and the heated tobacco unit target for this year, that for how many months or for how many weeks in a year, we think we can have unrestricted access to the full product portfolio of the devices very much. I believe that actually IQOS can fly higher if we're in the unrestricted mode, but somehow in the forecast for the next year, we should have clear, bigger scenario, which is maybe more on the moderate side, et cetera.

這在某種程度上反映在我們今年 4% 至 6% 的增長目標和加熱煙草單位的目標中，即在一年中的幾個月或幾週內，我們認為我們可以不受限制地訪問完整的產品組合設備非常多。我相信，如果我們處於不受限制的模式，實際上 IQOS 可以飛得更高，但不知何故，在對明年的預測中，我們應該有明確的、更大的情景，這可能是更溫和的一面，等等。

If this was the -- if we wouldn't have all these constraints coming from a device as a couple of other things in the supply chain, I believe we would be looking at a different number. But at this stage, it's difficult to start baking this into something which we think we can deliver.

如果這是 - 如果我們不會將所有這些限制來自設備作為供應鏈中的其他一些東西，我相信我們會看到一個不同的數字。但是在這個階段，很難開始將其烘焙成我們認為可以交付的東西。

So I think I'm saying that IQOS has a higher potential of that growth rate. But we really have to be in the moment when we can go unconstrained. Needless to say that part of our growth is coming from Asia region. And although European Union, western part of the world if you like, seems like it's leaving COVID behind, we're still not at this stage in Japan and a few other locations. So we also have to start factoring this in. But I'm very optimistic that we can deliver 2022 and, frankly speaking, knowing how much headwind we need to take on our chest in 2022, I start looking actually excited about the '23.

所以我認為我是說 IQOS 具有更高的增長率潛力。但我們真的必須處於可以不受約束的時刻。不用說，我們的部分增長來自亞洲地區。儘管歐盟，如果你願意的話，世界西部的一部分，似乎它正在把新冠病毒拋在腦後，但在日本和其他一些地方，我們還沒有處於這個階段。所以我們也必須開始考慮這一點。但我非常樂觀地認為我們可以在 2022 年交付，坦率地說，知道我們需要在 2022 年承受多大的逆風，我開始對 23 年感到非常興奮。

Just to complement on your question on, can we reach 1 million. I think we are simply -- we see rather a ramp up today. It doesn't mean that we cannot reach 1 million in 1 of the quarter in H1. But it's true that we see a ramp-up and an acceleration as we go through the year.

只是為了補充您的問題，我們能否達到 100 萬。我認為我們只是 - 我們今天看到了相當大的增長。這並不意味著我們不能在上半年的第一季度達到 100 萬。但確實，我們在這一年中看到了增長和加速。

Okay. And I did just have a quick question on the U.S. to follow on Bonnie's question. Is there a scenario where you prevail on the patent office review that would allow you to start importing the product again before the first half of '23? So you're getting your supply chain ready in the U.S., but is there a chance that you could win on the patents and not -- and then be able to import the product again?

好的。在 Bonnie 的問題之後，我確實有一個關於美國的簡短問題。是否存在您在專利局審查中獲勝的情況，允許您在 23 年上半年之前再次開始進口產品？所以你在美國準備好你的供應鏈，但是你有沒有機會贏得專利而不是——然後能夠再次進口產品？

Well, there is, but the whole process is -- I think it deserves a separate conversations about the patent laws and the processes around this whole thing and unfortunately, we have to work with -- cope with this. I mean even if we prevail on the invalidation of some patents, obviously, the other party, in this case, they have a right to appeal. So the whole process is really extended in time. And by -- you need another couple of years, frankly speaking, until you have -- one of the parties actually can claim the full victory. Then you have to go to the ITC and establish the restrictions, if you like, which are now imposed on us.

嗯，有，但整個過程 - 我認為值得單獨討論專利法和圍繞整個事情的過程，不幸的是，我們必須合作 - 處理這個問題。我的意思是，即使我們在某些專利的無效上勝訴，顯然，在這種情況下，對方也有上訴的權利。所以整個過程真的在時間上延長了。而且，坦率地說，你還需要幾年時間，直到你擁有——其中一方實際上可以聲稱完全勝利。然後你必須去 ITC 並建立限制，如果你願意的話，這些限制現在強加給我們。

I think the fastest -- absent any other resolutions, right, the fastest route back to the U.S. is through activating there our domestic capacity and resupplying the market from that. And then it might be that later on, we are unconstrained, which means that the U.S. market could be supplied from the both international and from the domestic. But I think the near-term opportunity for us is to go the route which we discussed.

我認為最快的——沒有任何其他決議，對，返回美國的最快途徑是激活我們的國內產能並從中重新供應市場。然後可能是以後，我們不受約束，這意味著美國市場可以由國際和國內供應。但我認為我們近期的機會是走我們討論過的路線。

We'll take our next question from Pamela Kaufman with Morgan Stanley.

我們將向摩根士丹利的帕梅拉考夫曼提出下一個問題。

I have a question about your outlook for combustibles pricing in 2022. Pricing in 2021 was below your historical rate of growth, given headwinds in Indonesia. But can you talk about your expectations for pricing environment in 2022? And how you're prioritizing price realization versus market share in combustibles?

我對貴方對 2022 年可燃物定價的展望有疑問。鑑於印度尼西亞的逆風，2021 年的定價低於貴方的歷史增長率。但是您能談談您對 2022 年定價環境的期望嗎？以及您如何優先考慮可燃物的價格實現與市場份額？

Yes. So we're looking for, as we said, we're looking at the 3% to 4% pricing variance this year, which is better, stronger than the last year. I think some Asian geographies, due to the variety of factors are still presumably driving us lower on what we think we could have normally realized a bit, comparing at least to the historical trends we had there. Indonesia, you're absolutely rightly pointed out, is on the negative.

是的。因此，正如我們所說，我們正在尋找今年 3% 到 4% 的定價差異，這比去年更好、更強。我認為一些亞洲地區，由於各種因素，可能仍然使我們低於我們認為通常可以實現的水平，至少與我們在那裡的歷史趨勢相比。印度尼西亞，你絕對正確地指出，是負面的。

Although the tax increases, which the industry has to pass on, I mean, gives some hope that we can end up with the -- that maybe Indonesia can return to the pricing that is an important component of the growth there. But we also have to take it from the considerations of impact of COVID, the volumes and presumably talking more about the Philippines. We will see how much of this thing we can unwind in 2022. And having -- reaching the benefits in '22 and how much we can build at a good pace for '23. It's going in the right direction, but a bit of a more is needed.

儘管該行業必須轉嫁的稅收增加，我的意思是，給我們帶來了一些希望，我們可以最終實現 - 也許印度尼西亞可以恢復定價，這是那裡增長的重要組成部分。但我們也必須從 COVID 的影響、數量以及可能更多地談論菲律賓的考慮中來考慮。我們將看到我們可以在 2022 年放鬆多少。並且在 22 年獲得收益，以及我們可以在 23 年以良好的速度建設多少。它正朝著正確的方向發展，但還需要更多。

The last of the pricing environment, okay, is always difficult to predict. But as we characterize it's improving on all other geographies. And we have a pretty good visibility at this stage, obviously, about the taxes that is in the major volume or profit market. Emmanuel in his part of the remarks, was talking about this, more and more countries are taking to the multiyear approach, which always gives us better visibility and planning around.

最後的定價環境，好吧，總是難以預測。但正如我們所描述的，它在所有其他地區都在改進。顯然，在這個階段，我們對主要交易量或利潤市場的稅收有很好的了解。伊曼紐爾在他的部分發言中談到了這一點，越來越多的國家正在採取多年的方法，這總是讓我們有更好的知名度和規劃。

As you know, in some countries, the tax increases cannot be passed into consumers in 1 step. You need to have some preparatory, take some pricing before some pricing after -- so it is going into the right direction, especially if we take it in a context that every country, every market is having a huge pressure on the public finances due to the COVID situation, et cetera. So I think we -- I mean, have so far navigated pretty well there.

如您所知，在某些國家，增稅無法一步傳遞給消費者。你需要做一些準備，在定價之前先定價——所以它正朝著正確的方向發展，特別是如果我們在每個國家、每個市場都對公共財政承受巨大壓力的背景下進行分析COVID情況等。所以我認為我們——我的意思是，到目前為止，我們在這方面做得很好。

Right. My second question is on ILUMA uptake. And if you can provide some more color on how much of the new user growth in Japan has been driven by ILUMA for IQOS? And what observations you have around the user base and the interaction with prior versions of IQOS?

正確的。我的第二個問題是關於 ILUMA 的吸收。如果您能提供更多關於 ILUMA 為 IQOS 推動了日本新用戶增長的多少？您對用戶群以及與 IQOS 先前版本的交互有什麼觀察？

Yes. So -- but you might have -- might remember that from the very beginning of ILUMA, I was personally very excited about that innovation. And I am so happy that it delivers all my expectations, actually, if not even beating by expectations. So I will continue, if you allow me, to do enthusiastic voice. ILUMA does generate, obviously, the IQOS user, Blade product users, they appreciate the benefit of ILUMA, the first moment, you have it in your hands and you have your fist experience. And the response from the consumers in Japan is phenomenal.

是的。所以 - 但你可能已經 - 可能記得從 ILUMA 的一開始，我個人就對這項創新感到非常興奮。我很高興它滿足了我的所有期望，實際上，即使沒有超出預期。所以我會繼續，如果你允許我，做熱情的聲音。顯然，ILUMA 確實產生了 IQOS 用戶、Blade 產品用戶，他們欣賞 ILUMA 的好處，第一刻，你就擁有了它，你就有了第一手的體驗。日本消費者的反應是驚人的。

Obviously, first ILUMA goes to the existing users, but we also already having a benefit of existing IQOS users switching to ILUMA because they have uninterrupted consumption during every moment of day when they wish or they're willing to use the product. And this also has an impact on the volumes. In other sense, if I give you the device, which is much more intuitive to use, reliable, much, much, much more reliable, you will have a tendency to increase the consumption versus what you have on a Blade, which on other occasions failed to allow for having that experience. So that's a very good thing.

顯然，首先 ILUMA 面向現有用戶，但我們也已經從現有 IQOS 用戶切換到 ILUMA 中受益，因為他們在一天中的每一刻都在他們希望或願意使用該產品時不間斷地消費。這也對交易量產生影響。換句話說，如果我給你設備，它使用起來更直觀、可靠、可靠得多、可靠得多，與刀片上的設備相比，你將傾向於增加消耗，而在其他情況下不能有這樣的經歷。所以這是一件非常好的事情。

Second thing is ILUMA, after all of these initial months, we observed a very solid higher level of conversions. And if you know, it is a very important component in the business model. I have many devices, will fully convert smokers -- combustible smokers. How many of them will stay because it releases the pressure going forward also on the margins, et cetera.

第二件事是 ILUMA，在所有這些最初的幾個月之後，我們觀察到了非常穩定的更高水平的轉換。如果您知道，它是商業模式中非常重要的組成部分。我有很多設備，會完全轉換吸煙者——可燃吸煙者。他們中有多少人會留下來，因為它釋放了未來的壓力，也在邊緣等等。

And the third one is at this stage, if I remember the number correctly, about 20% of the user of the ILUMA cells is coming from the people who are never in the category, not in IQOS. And also what I started serving recent or we started serving recently, ILUMA also start taking back users who have temporarily migrated from IQOS to competitive products. So in whatever aspect of performance of ILUMA look like, it really delivers on every axis.

第三個是在這個階段，如果我沒記錯的話，大約 20% 的 ILUMA 細胞用戶來自從未屬於該類別的人，而不是 IQOS。還有我最近開始服務或我們最近開始服務的，ILUMA 也開始收回暫時從 IQOS 遷移到競爭產品的用戶。因此，無論 ILUMA 的性能表現如何，它確實在每個軸上都能發揮作用。

So the question is again, and I know that for some might be boring, do we have availability of the devices? And can we continue supplying the market and the rest? I believe so far, so far is really going in the right direction.

所以問題又來了，我知道對於某些人來說可能很無聊，我們是否有可用的設備？我們能否繼續供應市場和其他產品？我相信到目前為止，到目前為止確實是朝著正確的方向前進。

We'll take your next question from Vivien Azer with Cowen.

我們將與 Cowen 一起回答 Vivien Azer 的下一個問題。

My first question is on pricing. Certainly encouraging to hear that your outlook for 2022 contemplates an improvement in pricing relative to last year. I was wondering, however, if you could just comment on how you're thinking about price gap management between your combustible cigarettes and your heated tobacco units, please?

我的第一個問題是關於定價的。聽到您對 2022 年的展望考慮到與去年相比價格有所改善，這當然令人鼓舞。但是，我想知道，如果您能評論一下您如何考慮可燃香煙和加熱煙草裝置之間的價格差距管理，好嗎？

Well, we essentially, in most or in all markets, we maintain the same sort of a positioning of IQOS today versus the combustible reference point. As you know, most of the tax expense actually have that conversion mechanism baked in. So if there is a tax increase on a combustible somehow proportionally this triggers the increase on the heated tobacco units, which translates that the consumer price gap is essentially untouched.

好吧，我們基本上，在大多數或所有市場中，我們今天與可燃參考點保持相同的 IQOS 定位。如您所知，大多數稅收支出實際上都包含了這種轉換機制。因此，如果以某種方式按比例增加對可燃物的稅收，則會觸發加熱煙草單位的增加，這意味著消費者價格差距基本上沒有受到影響。

We obviously complement, depending on the market situation, our portfolio, for example, KT&G, the real proposition. And I think it works very nicely, especially in the geographies when IQOS reaches the levels which are above, for example, premium -- equivalent of the premium price segment in the combustible market.

我們顯然會根據市場情況補充我們的投資組合，例如 KT&G，真正的主張。而且我認為它的效果非常好，特別是在 IQOS 達到高於例如溢價水平的地區 - 相當於可燃市場中的溢價價格段。

So we need to take affordability to the equation as well. So instead of doing something about the pricing of IQOS and the heat. We're actually expanding the portfolio to the below, but also to the above in some geographies when we think there is a best premium versus IQOS versus heat, is the opportunity. We did it very successfully in Russia and in a few European markets.

所以我們也需要考慮到等式的負擔能力。因此，與其對 IQOS 的定價和熱量做點什麼。我們實際上正在將產品組合擴展到以下領域，但在某些地區，當我們認為與 IQOS 與熱度相比，溢價最好時，也是機會。我們在俄羅斯和一些歐洲市場上做得非常成功。

So I think the whole thing is that the broader we have a portfolio of horizontally from a price perspective and vertically from taste, flavor, et cetera, perspective, we're increasingly creating more attractiveness for the cigarette smokers to switch to heat-not-burn.

所以我認為整件事是，從價格的角度來看，我們擁有的產品組合越廣泛，從口味、風味等角度來看，我們的產品組合就越廣泛，我們正越來越多地為吸煙者創造更多的吸引力，讓他們轉向加熱而不是-燒傷。

Perfect. And my follow-up question is on your decision to discontinue Platform 2 heat. Certainly, that product has been under evaluation for a number of years. And I was just curious to hear kind of the key takeaway from the consumer test. Is the problem that consumers are using a live heat source, and that's just creating a lot of confusion in terms of the reduced risk proposition? Was it product performance? Just any other color would be helpful.

完美的。我的後續問題是關於您決定停止 Platform 2 heat。當然，該產品已被評估多年。我只是很想知道消費者測試中的關鍵點。消費者使用帶電熱源的問題是，這只是在降低風險的主張方面造成了很多混亂嗎？是產品性能嗎？任何其他顏色都會有幫助。

Now actually, I think that, if you like it, allow me the tech language, it was more on the user interface rather than anything else. I don't think the past -- the number of the market test, the proposition, the eligibility of the propositions in terms of the -- is the better alternative to smoking and everything goes there. The issue actually pertains to the heat source. As you remember, the design at the very end of the cigarette-like looking product, you have the heat source, which requires lighting, okay?

現在實際上，我認為，如果你喜歡它，請允許我使用技術語言，它更多地出現在用戶界面上，而不是其他任何東西。我不認為過去 - 市場測試的數量，提議，提議的資格 - 是吸煙的更好替代品，一切都在那裡。這個問題實際上與熱源有關。你還記得，在看起來像香煙的產品的最後設計，你有熱源，這需要照明，好嗎？

And this was -- to face open this from the paper cup lighten this. And that is the question, how you extinguish the product, right, because you need to pay attention how you extinguish the product. And this was actually in our opinion, what the consumers' opinion actually, not leading to that adoption levels, which we would wish to have, and especially comparing our experience from other platforms and the mainly P1 platform.

這是——從紙杯中打開這個，把它變亮。這就是問題，你如何熄滅產品，對，因為你需要注意你如何熄滅產品。在我們看來，這實際上是消費者的意見，並沒有導致我們希望擁有的採用水平，尤其是比較我們從其他平台和主要 P1 平台獲得的體驗。

So I think we reached the moment of the design of that product and this part of the technology around the heat source and operating, asking the consumers, how the interact and operate around this whole thing led us to the conclusion that we are -- think that design component we shut down. And I think still the proposition makes sense, is understood by the consumer, has the potential, but we cannot offer the product to the consumers, which they will not find convenient to use. And the convenience is the middle name of what the consumers want these days, and I think, we need to deliver on this one, especially that our ambitions would be to also leverage the equity, which we build around the IQOS, and IQOS cannot afford calling the product, which has this one.

所以我認為我們已經到了設計該產品的那一刻，以及圍繞熱源和操作的這部分技術，詢問消費者，如何圍繞整個事情進行交互和操作，讓我們得出這樣的結論——想想我們關閉了那個設計組件。而且我認為這個提議還是有道理的，被消費者理解了，有潛力，但我們不能把產品提供給消費者，他們會覺得使用起來不方便。便利性是當今消費者想要的中間名，我認為，我們需要實現這一點，尤其是我們的目標是利用我們圍繞 IQOS 建立的股權，而 IQOS 負擔不起調用產品，其中有這個。

So I think we will come back 1 day to the P2. From the very beginning, you may recall, our annual Investors Day when we start talking about the vision of growing smoke-free and how many platforms will be needed to compare the 1 billion smokers worldwide. This is a proposition which is more for the -- more conservative audience. The people who really don't want to completely walk away from the ritual and experience which the combustible cigarettes are delivering. So I think in terms of our growth prospects for the near item I don't think it's that much of an issue. That we will be working on that by using a different approach to the design and the technology going forward. So I hope it answers your question, Vivien.

所以我想我們會在 1 天后回到 P2。您可能還記得，從一開始，我們一年一度的投資者日就開始談論發展無菸的願景，以及需要多少平台來比較全球 10 億吸煙者。這是一個更適合 - 更保守的觀眾的提議。那些真的不想完全擺脫可燃香煙所傳遞的儀式和體驗的人。因此，我認為就近項目的增長前景而言，我認為這不是什麼大問題。我們將通過使用不同的設計方法和未來的技術來解決這個問題。所以我希望它能回答你的問題，Vivien。

We'll take our next question from Gaurav Jain with Barclays.

我們將向巴克萊銀行的 Gaurav Jain 提出下一個問題。

So I have a couple of questions. So first one is on your guidance. So your volume growth is minus 1 to 1. You are saying cigarette pricing will be 3 to 4. And then category price mix in that slide that you have, it is plus 3, assuming it is a 3. So it should come to plus 5% to plus 8% on revenue growth for FY '22, but you are saying 4% to 6%. So that will imply that the category mix uplift will be less in FY '22 than was the case in FY '21. So can you just help us understand why that will be the case.

所以我有幾個問題。所以第一個是你的指導。所以你的銷量增長是負 1 比 1。你說捲菸定價是 3 比 4。然後在你擁有的幻燈片中，類別價格組合是加 3，假設它是 3。所以它應該是加22 財年收入增長 5% 到 8%，但你說的是 4% 到 6%。因此，這意味著 22 財年的類別組合提升將低於 21 財年的情況。所以你能不能幫助我們理解為什麼會這樣。

I'm happy to try to add to, Gaurav, certainly what we are expecting in 2022 is to have another very nice difference between the volume growth and the revenue growth. And indeed, for the volume, we've been guiding to -- from minus 1% to plus 1%. So then the question is how much are we going to generate in terms of extra growth, there is this price where we have in 2% to 4%. Remember, we've done 2.7% in 2021. So the low end of the bracket is not massively above what we did in 2021. But it's true that it could be better, and it's certainly something that we are factoring in the high end.

Gaurav，我很高興補充一點，我們當然期望 2022 年在銷量增長和收入增長之間有另一個非常好的差異。事實上，對於數量，我們一直在指導 - 從負 1% 到正 1%。那麼問題是我們將在額外增長方面產生多少，這個價格我們有 2% 到 4%。請記住，我們在 2021 年完成了 2.7%。因此，低端並沒有大大高於我們在 2021 年所做的。但它確實可能會更好，而且這肯定是我們在高端考慮的因素。

And then there is impact of the growth of the IQOS business and the heat-not-burn category where we have this positive mix impact that is playing. But here, the mix and with the launch in many new economies and new geographies, emerging country that is potentially having an impact on the differential. So we do expect a very strong differential again, but not necessarily at the same level as the difference that we generated in 2021.

然後是 IQOS 業務的增長和加熱不燃燒類別的影響，我們正在發揮這種積極的混合影響。但在這裡，隨著許多新經濟體和新地理區域的推出，新興國家可能對差異產生影響。因此，我們確實預計會再次出現非常大的差異，但不一定與我們在 2021 年產生的差異處於同一水平。

Last but not least, we referred to the fact that we have, at the beginning, and it's temporary higher weight on the consumables for IQOS ILUMA and TEREA. And this is having an impact because the excise duty in the country where the excise duty are based on weight is higher, and therefore, because we are coming with the same price for the consumable than heat. That can generate when we have a switch but temporary. Again, I insist on the fact that it's temporary, decrease -- a slight decrease on the per stick. So that can have an impact as well.

最後但並非最不重要的一點是，我們在開始時提到了這樣一個事實，即 IQOS ILUMA 和 TEREA 消耗品的權重暫時較高。這會產生影響，因為在以重量計稅的國家/地區的消費稅更高，因此，我們的消耗品價格與熱量相同。當我們有一個開關但暫時的時，就會產生這種情況。再一次，我堅持認為它是暫時的，減少——每根棍子略有減少。所以這也會產生影響。

So that is really what you're going to have plus leaving potentially some impact on the price of the device, which will depend on the volume of the device that we sell. Also on the mix of the device that we sell and also on the commercial aggressiveness that we want to have on the price of the device. So you have to take a number of things into account.

因此，這確實是您將要擁有的，並且可能會對設備的價格產生一些影響，這將取決於我們銷售的設備的數量。還有我們銷售的設備的組合以及我們希望在設備價格上具有的商業侵略性。所以你必須考慮很多事情。

Now at the end of the day, as you can see between the minus 1% to plus-1% and the 4% to 6%, we are definitely targeting to have another year with a very nice differential between volume and organic revenue growth, which is exactly how we end up.

現在歸根結底，正如您所見，在負 1% 到正 1% 和 4% 到 6% 之間，我們的目標是再過一年，銷量和有機收入增長之間的差異非常好，這正是我們最終的結果。

Okay. That's very helpful. And my second question is on the beyond nicotine segment. where you will have $150 million of operating losses this year and you made also the comment that you will invest in it in future years so that you can hit the $1 billion revenue target. So does it mean that the losses we should expect to be higher in FY '23 than what they will be in FY '22? Or when could we expect that segment to break even?

好的。這很有幫助。我的第二個問題是關於尼古丁以外的部分。今年你將有 1.5 億美元的經營虧損，你還發表評論說你將在未來幾年投資它，這樣你就可以達到 10 億美元的收入目標。那麼這是否意味著我們應該預計 23 財年的損失會高於 22 財年的損失？或者我們什麼時候可以期望該細分市場實現收支平衡？

Well, I think there will be an investment for the next few years, not a couple but a few years, which we are willing to do. I think if you stay with us and wait until the CAGNY when we will give you more insight of what we have, what is our thinking about is beyond nicotine wellness and healthcare business because then we will be in a position to show which products, concrete products or programs we're willing to go after what is the size of an opportunity and what sort of investment is in terms. But I think the number which we gave for this year, for 2022 in the guidance, about the ballpark sort of the investment, which we will be calling for the couple of years.

好吧，我認為未來幾年會有投資，不是幾年，而是幾年，我們願意這樣做。我認為，如果您留在我們身邊，等到 CAGNY，我們會讓您更深入地了解我們擁有的東西，我們的想法超出了尼古丁健康和醫療保健業務，因為那時我們將能夠展示哪些產品，具體我們願意追求的產品或計劃有多大的機會以及什麼樣的投資。但我認為我們在指導中給出的今年 2022 年的數字是關於投資的大致類型，我們將在幾年內呼籲。

It's not a one-off. It could go a bit higher, but I don't expect an explosion here. I think you have a good calibration of the kind of amount that we're going to invest over a few years.

這不是一次性的。它可能會更高一點，但我預計這裡不會發生爆炸。我認為您對我們將在幾年內投資的金額進行了很好的校準。

We'll take our next question from Jared Dinges with JPMorgan.

我們將向摩根大通的 Jared Dinges 提出我們的下一個問題。

First, I want to touch a bit more on the nicotine pouches. How should we be thinking about the scale of that initial launch in the Nordics? And how should we think about the future market launches that you guys touched on a bit? Are you considering launching nicotine pouches in markets maybe that don't have a nicotine pouch presence today, like some of your emerging markets? And also, just looking at the potential in the U.S., would you consider a PMT application there as well?

首先，我想多談談尼古丁袋。我們應該如何考慮在北歐首次推出的規模？我們應該如何看待你們談到的未來市場發布？您是否正在考慮在今天可能沒有尼古丁袋的市場（例如您的一些新興市場）推出尼古丁袋？而且，看看美國的潛力，你會考慮在那裡申請 PMT 嗎？

Yes. I would leave the U.S. aside for a second. I think nicotine pouches can play a very important role in if you like the smoking smokers, okay? They demonstrated their variability that has that proposition in many markets. Initially, we're essentially taking share as we acquire this. And after remaking of the product and the packaging, et cetera, we'll go in the market when there was some sales of Shiro. Obviously, not very high, but we start where we already were present. And we build on this. As always, in our innovations we will look at the consumers' feedback. See what else we have to improve, and we also have some product pipelines behind the initial offering of Shiro, which we now could accelerate to the large extent, thanks to the acquisition of Fertin.

是的。我會暫時離開美國。如果您喜歡吸煙者，我認為尼古丁袋可以發揮非常重要的作用，好嗎？他們展示了他們的可變性，這在許多市場都有這個主張。最初，我們基本上是在獲得這個份額時獲得份額。並且在重新製作產品和包裝等之後，我們將在 Shiro 有一些銷售時進入市場。顯然，不是很高，但我們從已經存在的地方開始。我們以此為基礎。與往常一樣，在我們的創新中，我們將關註消費者的反饋。看看我們還有什麼需要改進的，而且我們在 Shiro 的初始產品背後也有一些產品管道，由於收購了 Fertin，我們現在可以在很大程度上加速。

Now Fertin gives us much broader opportunities than just the pouches. Because Fertin sits on the very interesting delivery systems in -- for the oral delivery. And we know that Fertin is the manufacturer of the nicotine replacement therapies like the gums, nicotine gums, but they also have interesting other technologies.

現在，Fertin 為我們提供的機會遠不止這些袋子。因為 Fertin 坐在非常有趣的遞送系統上——用於口服遞送。我們知道 Fertin 是口香糖、尼古丁口香糖等尼古丁替代療法的製造商，但他們也有其他有趣的技術。

So we will be thinking. We start with the pouches, but I think over a period of time, not 2022, I think, the oral way of delivering nicotine as a substitute to smoking is actually a very attractive opportunity, which we are very excited to start working on. So we will go into the geographies, obviously, when pouches are not present today. I mean, as you know, we have a geographical footprint in addition to this 70-plus markets where they have acquired quite a meaningful IQOS infrastructure.

所以我們會思考。我們從小袋開始，但我認為在一段時間內，而不是 2022 年，我認為通過口服尼古丁替代吸煙的方式實際上是一個非常有吸引力的機會，我們很高興開始研究。因此，顯然，當今天沒有袋子時，我們將進入地理位置。我的意思是，如你所知，除了這 70 多個市場之外，我們還有一個地理足跡，他們已經獲得了相當有意義的 IQOS 基礎設施。

You're talking the shops, you're talking digital, you're having all the CRM, commerce -- consumer engagement. I believe we can start adding to that our portfolio of the propositions to smokers to the oral category -- broader oral category than just the pouches. So we focus this year on the pouches. We will be extending the presence. But I think that is more than just the pouches and therefore, very pleased that we concluded the acquisition of Fertin because it gives us -- it accelerates our development by a quite good few years, which otherwise we would have to take organically.

你在談論商店，你在談論數字化，你擁有所有的 CRM、商業——消費者參與。我相信我們可以開始將我們對吸煙者的建議組合添加到口腔類別 - 更廣泛的口腔類別，而不僅僅是小袋。因此，我們今年將重點放在小袋上。我們將擴大存在。但我認為這不僅僅是袋子，因此，非常高興我們完成了對 Fertin 的收購，因為它給了我們 - 它在相當好的幾年內加速了我們的發展，否則我們將不得不有機地採取。

Got it. So just to follow up on that. So you would consider the U.S. PMC application?

知道了。所以只是跟進。所以你會考慮美國PMC申請嗎？

I think I answered that question to Bonnie. U.S. is a very attractive market, and I believe it is of the strategic importance to us. And I do believe that in the market of the size of the U.S., we need to have all platforms, frankly speaking, because of the 1 platform which can which can guarantee the full success or full seizing of an opportunity. So ultimately, yes. But our focus today is somewhere else.

我想我已經向邦妮回答了這個問題。美國是一個非常有吸引力的市場，我相信它對我們具有戰略意義。而且我確實相信，在美國這樣規模的市場上，坦率地說，我們需要擁有所有平台，因為只有一個平台才能保證完全成功或充分抓住機會。所以最終，是的。但我們今天的重點在別處。

Got it. And the second one, going back towards cigarettes and IQOS. Are you guys worried at all about potential impacts of price elasticities with -- especially with lower income consumers given the inflationary environment and where you guys are positioned in most markets, and we're usually more at the premium end. So maybe you can give a comment on that?

知道了。第二個，回到香煙和IQOS。你們是否擔心價格彈性的潛在影響——尤其是考慮到通脹環境以及你們在大多數市場中所處的位置，尤其是低收入消費者，而我們通常更處於高端市場。所以也許你可以對此發表評論？

Yes. So the price elasticity is always the concern, and as we know very well, sometimes this price elasticity on the tobacco nicotine product is elevated due to the pressures or income pressures on the consumers. So we're now having that situation in a few markets that consumers have a pressure on the income. I mean I believe some of these pressures will unwind as the COVID will be becoming a sort of the past and I don't think it's anything systemic.

是的。因此，價格彈性始終是人們關注的問題，而且眾所周知，有時煙草尼古丁產品的價格彈性會由於消費者的壓力或收入壓力而升高。所以我們現在在一些市場上遇到了消費者對收入有壓力的情況。我的意思是，我相信這些壓力中的一些會減輕，因為 COVID 將成為過去，我認為這不是系統性的。

It's very interesting, you're asking this question because if we look in the market where were taking pricing on cigarettes and on the HeatSticks and the market has a pretty robust set of data from the price increases. I think today, products like IQOS or alternatives to smoking tends to have a better elasticity -- price elasticity than the conventional cigarette. And as you know, I guess, very well, the price elasticity on cigarettes underscored by other factors was pretty attractive, and this was a part of the building as a business model. And actually, at this stage, looks an alternative even for the -- not high but better elasticity than a combustible cigarette.

這很有趣，你問這個問題是因為如果我們看看市場上對捲菸和 HeatSticks 定價的地方，並且市場從價格上漲中獲得了一組相當強大的數據。我認為今天，像 IQOS 或吸煙替代品這樣的產品往往比傳統香煙具有更好的彈性——價格彈性。如你所知，我想，很好，其他因素強調的捲煙價格彈性非常有吸引力，這是商業模式建設的一部分。實際上，在這個階段，即使是比可燃香煙不高但彈性更好的替代品。

Separately, not from the elasticity perspective, but from the pure affordability perspective, we were already pretty successful with IQOS in the so-called low middle income countries. But we also know that in order to make the more significant inroads. We need to come with the proposition, which directly addresses the need or below-need price, low price segment. And we will not leave the smokers behind or alone. And before the end of this year, we are having the plans to test another technology which would allow for the both devices and consumables to be more accessible from an affordability perspective, while there is harm-reduction potential as IQOS, as we know it today. So we're taking those things into the very serious consideration. So thank you for your question.

另外，不是從彈性的角度來看，而是從純粹的負擔能力的角度來看，我們已經在所謂的中低收入國家使用 IQOS 取得了相當大的成功。但我們也知道，為了取得更重大的進展。我們需要提出一個直接解決需求或低於需求的價格、低價段的提議。我們不會讓吸煙者落後或孤單。在今年年底之前，我們計劃測試另一種技術，從負擔能力的角度來看，這將使設備和消耗品更容易獲得，同時正如我們今天所知，IQOS 具有減少危害的潛力.因此，我們正在非常認真地考慮這些事情。所以謝謝你的問題。

And there are no further questions at this time. I will turn the call back over to the management team for any closing remarks.

目前沒有進一步的問題。我會將電話轉回給管理團隊，以獲得任何結束語。

Well, this was a call longer than expected, but we also delivered the results last year better than we expected. So I think somehow we match it. Thank you very much for your attention. We invite you to our CAGNY presentation, which will be in a position to give the more light, more details on the few aspects like what we discussed today, wellness, healthcare, but also how we look in a much broader terms, the development of these categories. And I think you could feel in our -- my voice and Emmanuel's voice how excited we are that '21, we delivered in that shape and form. And despite the number of headwinds, which I believe we articulate pretty well, we're still looking into the very successful and rewarding for both of us 2022. So thank you very much for your attention, and hope to see most of you, if not all, during our CAGNY presentation. Thank you, all.

嗯，這是一個比預期更長的電話，但我們去年的結果也比我們預期的要好。所以我認為我們以某種方式匹配它。非常感謝您的關注。我們邀請您參加我們的 CAGNY 演講，它將就我們今天討論的健康、醫療保健等幾個方面提供更輕鬆、更詳細的信息，以及我們如何從更廣泛的角度看待，發展這些類別。我想你可以從我們的——我的聲音和伊曼紐爾的聲音中感受到，我們對 21 年的表現感到多麼興奮，我們以這種形式和形式交付。儘管有很多不利因素，我相信我們已經很好地表達了這一點，但我們仍在尋找對我們雙方都非常成功和有益的 2022 年。所以非常感謝你們的關注，並希望見到你們中的大多數人，如果不是全部，在我們的 CAGNY 演示期間。謝謝你們。

Thank you all. Talk to you soon.

謝謝你們。以後再聊。

If you have any follow-up questions, please contact the Investor Relations team. And just a reminder that the slides and scripts are available on the PMI website. Thank you very much. Have a great day.

如果您有任何後續問題，請聯繫投資者關係團隊。提醒一下，幻燈片和腳本可在 PMI 網站上找到。非常感謝。祝你有美好的一天。

Thank you, and this does conclude today's Philip Morris International Fourth Quarter 2021 Year-End Earnings Conference Call. At this time, you may disconnect, and have a wonderful day.

謝謝，今天的菲利普莫里斯國際公司 2021 年第四季度年終收益電話會議就此結束。這時，你可能會斷開連接，度過美好的一天。