菲利普莫里斯國際 (PM) 2022 Q1 法說會逐字稿

Good day, and welcome to the Philip Morris International First Quarter and 2021 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第一季度和 2021 年收益電話會議。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 would now like to turn the call over to Mr. Nick Rolli, Private -- Vice President of Investor Relations and Financial Communications. Please go ahead, sir.

我現在想將電話轉給私人投資者關係和財務傳播副總裁 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 2022 first quarter 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 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 2022 年第一季度業績的詳細信息。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. Growth rates presented on an organic basis reflect currency-neutral adjusted results, excluding acquisitions. Figures and comparisons presented on a pro forma basis entirely exclude PMI's operations in Russia and Ukraine.

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 RRP。在有機基礎上呈現的增長率反映了不包括收購在內的貨幣中性調整結果。以備考為基礎的數據和比較完全不包括 PMI 在俄羅斯和烏克蘭的業務。

In the third quarter of 2021, we acquired Fertin Pharma, Vectura Group and OtiTopic. On March 31, 2022, we launched a new Wellness and Healthcare business, Vectura Fertin Pharma, which consolidates these entities. The operating results of this new business are reported in the Other category. Business operations of our Wellness and Healthcare business are managed and evaluated separately from the geographical segments.

2021年第三季度，我們收購了Fertin Pharma、Vectura Group和OtiTopic。 2022 年 3 月 31 日，我們推出了一項新的健康和醫療保健業務 Vectura Fertin Pharma，該業務整合了這些實體。這項新業務的經營成果在其他類別中報告。我們的健康和醫療保健業務的業務運營與地理部門分開管理和評估。

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。

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

現在我很高興介紹首席執行官 Jacek Olczak；和首席財務官 Emmanuel Babeau。交給你，傑克。

Thank you, Nick, and welcome, everyone. I hope you are all safe and well. Recent months have been extremely challenging for many of us given the tragic events related to the war in Ukraine. I would like to express our sadness and solidarity for the people of Ukraine.

謝謝你，尼克，歡迎大家。我希望你們一切安好。鑑於與烏克蘭戰爭有關的悲慘事件，最近幾個月對我們許多人來說極具挑戰性。我想表達我們對烏克蘭人民的悲傷和聲援。

Our primary concern is for our employees and their families, and we have been doing everything we can to support them with 3 priorities. First, evacuating our colleagues. We have evacuated over 1,000 colleagues and family members from the country and supported more than 2,700 hours to move from conflict zones to locations away from the heaviest fighting. Second, we are delivering critical aids to people that cannot leave or who decided to remain in Ukraine. And third, we are providing accommodation, immediate assistance and a path forward to those who left the country.

我們最關心的是我們的員工及其家人，我們一直在盡我們所能在三個優先事項上為他們提供支持。首先，疏散我們的同事。我們已經從該國疏散了 1,000 多名同事和家人，並支持 2,700 多個小時從衝突地區轉移到遠離最激烈戰鬥的地點。其次，我們正在向無法離開或決定留在烏克蘭的人們提供重要的援助。第三，我們正在為那些離開這個國家的人提供住宿、即時援助和前進的道路。

In addition, we have already contributed around $10 million in funds and donated essential items across the country directly to humanitarian organization and through our own employee-led initiative, Projects with a Heart. This includes providing medicine, food, clothes and a variety of other items to our colleagues and to the broader population; the purchase of 25 ambulances and the setup of a mobile hospital. Based on our current visibility, we estimate an additional cost of around $25 million for additional support to employees this year.

此外，我們已經捐贈了大約 1000 萬美元的資金，並通過我們自己的員工主導的“愛心項目”計劃直接向人道主義組織捐贈了全國各地的必需品。這包括向我們的同事和更廣泛的人群提供藥品、食品、衣服和各種其他物品；購買了 25 輛救護車並建立了流動醫院。根據我們目前的知名度，我們估計今年為員工提供額外支持的額外成本約為 2500 萬美元。

Our colleagues in neighboring countries continue to provide vital support to all people arriving from Ukraine to seek refuge. Our heartfelt gratitude goes to everyone involved in this generous efforts to help at such a difficult time.

我們在鄰國的同事繼續為所有從烏克蘭來尋求避難的人提供重要支持。我們衷心感謝所有參與這一慷慨努力的人，在如此困難的時刻提供幫助。

In terms of the impact on our business operations, the production at our Ukraine manufacturing facility in Kharkiv remains suspended. While business activities in Eastern Ukraine have been mostly heavily impacted, we have seen some resumptions in areas where conditions allow as we seek to maximize product availability and service to consumers using existing inventories on hand. We are also now planning to import products from other manufacturing location, although this may involve higher costs.

就對我們業務運營的影響而言，我們位於哈爾科夫的烏克蘭製造工廠的生產仍處於暫停狀態。雖然烏克蘭東部的商業活動受到了嚴重影響，但我們在條件允許的地區看到了一些恢復，因為我們尋求利用現有庫存最大限度地提高產品可用性和為消費者提供的服務。我們現在還計劃從其他製造地點進口產品，儘管這可能涉及更高的成本。

We continue to pay salaries to all our Ukrainian employees and to provide substantial in-kind support to them and their families. As communicated in our March 24 press release, PMI's Board of Directors and senior executive team are working on options to exit the Russian market in an orderly manner in the context of a complex and rapidly changing regulatory and operating environment. This is no easy task in view of recently introduced complex legislation, but we are committed to seeking a viable path to exit the market while supporting our employees in Russia for this period.

我們繼續向所有烏克蘭員工支付工資，並為他們及其家人提供大量實物支持。正如我們在 3 月 24 日的新聞稿中所傳達的，PMI 的董事會和高級管理團隊正在研究在復雜且快速變化的監管和運營環境的背景下有序退出俄羅斯市場的選擇。鑑於最近出台的複雜立法，這並非易事，但我們致力於尋找一條可行的退出市場的途徑，同時在此期間支持我們在俄羅斯的員工。

It is also clear that we cannot continue business as usual in light of regulatory and supply chain disruption, which has already impacted the Russian business in Q1. We have taken concrete steps to scale back our operations such as the cancellation of all new investments and product launches, including IQOS ILUMA and IQOS VEEV. We are delisting 25% of our cigarette products, including Marlboro and Parliament SKUs. We have also canceled $150 million investment in capacity to ultimately manufacture more than 20 billion TEREA sticks for IQOS ILUMA in our Russian factory.

同樣很明顯，鑑於監管和供應鏈中斷已經影響到第一季度的俄羅斯業務，我們無法繼續照常營業。我們已採取具體措施縮減我們的運營，例如取消所有新投資和產品發布，包括 IQOS ILUMA 和 IQOS VEEV。我們將下架 25% 的捲煙產品，包括萬寶路和議會 SKU。我們還取消了 1.5 億美元的產能投資，最終在我們的俄羅斯工廠為 IQOS ILUMA 生產超過 200 億支 TEREA 棒。

Clearly, the impact of the conflict has also created disruption in global supply chains and exacerbated inflationary pressures in certain materials and services. However, the Q1 performance and outlook for our business, excluding Russia and Ukraine, remains strong. On a reported basis, our outlook conservatively assumes no further contribution from Russia or Ukraine from April 1. To provide a consistent view given the uncertainty and volatility of these 2 markets, we will now also provide adjusted results and guidance on a pro forma basis, excluding Russia and Ukraine from both the prior and full current year.

顯然，衝突的影響也造成了全球供應鏈的中斷，並加劇了某些材料和服務的通脹壓力。然而，除俄羅斯和烏克蘭外，我們業務的第一季度業績和前景依然強勁。據報導，我們的展望保守地假設俄羅斯或烏克蘭自 4 月 1 日起不會有進一步的貢獻。鑑於這兩個市場的不確定性和波動性，為了提供一致的觀點，我們現在還將提供經調整的結果和備考指引，不包括上一年度和本年度的俄羅斯和烏克蘭。

I will now hand over to Emmanuel to cover this in more detail.

我現在將交給 Emmanuel 來更詳細地介紹這一點。

Thank you, Jacek. We delivered a very strong performance in Q1 with a double-digit organic net revenue and currency-neutral adjusted diluted EPS growth on a pro forma basis, excluding Russia and Ukraine from both the current and prior year quarter. Overall currency-neutral results were also ahead of our expectations.

謝謝你，傑克。我們在第一季度實現了非常強勁的業績，在備考基礎上實現了兩位數的有機淨收入和貨幣中性調整後的攤薄每股收益增長，不包括本季度和上一季度的俄羅斯和烏克蘭。整體貨幣中性結果也超出了我們的預期。

Our IQOS business delivered an excellent quarter, continuing the reacceleration seen last quarter as device supply constraints continue to ease. Our IQOS user base grew by more than 1 million excluding Russia and Ukraine, marking a very strong performance. RRP pro forma net revenues grew by plus 23%, with pro forma smoke-free net revenue over 30% of the total company. Importantly, pro forma HTU shipment volumes grew plus 18% compared to the prior year quarter. This reflects excellent progress in the EU region, continued growth in Japan as well as over plus 50% growth in low- and middle-income market.

隨著設備供應限制繼續緩解，我們的 IQOS 業務實現了出色的季度表現，延續了上季度的重新加速。除俄羅斯和烏克蘭外，我們的 IQOS 用戶群增長超過 100 萬，表現非常強勁。 RRP 備考淨收入增長了 23%，備考無菸淨收入占公司總收入的 30% 以上。重要的是，與去年同期相比，備考 HTU 出貨量增長了 18%。這反映了歐盟地區的出色進展、日本的持續增長以及中低收入市場超過 50% 的增長。

PMI HTUs are now the second largest nicotine brand in markets where IQOS is present as our efforts on innovation, portfolio and geographic expansion drive consumer trial and adoption. The impressive start for IQOS ILUMA continues in Japan and Switzerland with very encouraging initial take-up in our latest launch market of Spain. The initial success in these 3 very different markets reaffirms our confidence in ILUMA as an exciting future growth driver for our company.

PMI HTU 現在是 IQOS 所在市場的第二大尼古丁品牌，因為我們在創新、產品組合和地域擴張方面的努力推動了消費者試用和採用。 IQOS ILUMA 令人印象深刻的開端繼續在日本和瑞士繼續，在我們最新的西班牙推出市場的初步佔有率非常令人鼓舞。在這三個截然不同的市場上取得的初步成功再次證明了我們對 ILUMA 作為公司未來增長動力的信心。

Meanwhile, our combustible business performed robustly, exceeding our objective of stable category share and delivering positive volume and organic net revenue growth. In addition to supporting strong financial performance, this also enhances our ability to maximize the switching of adult smokers to smoke-free alternatives. Overall, our business is off to a strong start. And while currency is unfavorable in 2022, we expect to deliver another year of robust organic top and bottom line growth.

與此同時，我們的可燃業務表現強勁，超出了我們穩定類別份額的目標，實現了正的銷量和有機淨收入增長。除了支持強勁的財務業績外，這還增強了我們最大限度地讓成年吸煙者轉向無菸替代品的能力。總體而言，我們的業務開局良好。儘管 2022 年貨幣不利，但我們預計將實現又一年強勁的有機頂線和底線增長。

Turning now to the headline numbers. Our Q1 net revenue grew organically by plus 9% in total and plus 10% on a pro forma basis. This reflects total volume growth driven by the underlying strength of IQOS, the ongoing recovery of the combustible business in many markets against pandemic-affected comparison and some positive timing impact, including inventory movements. Our total organic net revenue per unit grew plus 5.3% and by plus 4.9% on a pro forma basis, driven by the increasing proportion of IQOS HTUs in our sales mix, higher device volumes and pricing. Combustible pricing was above expectation at plus 2.9% pro forma or around plus 6% excluding Indonesia.

現在轉向標題數字。我們第一季度的淨收入有機地增長了 9%，在備考基礎上增長了 10%。這反映了 IQOS 的潛在實力推動的總量增長、許多市場的可燃物業務在受大流行影響的比較下持續復甦以及一些積極的時間影響，包括庫存變動。由於 IQOS HTU 在我們的銷售組合中的比例增加、設備數量和定價增加，我們每單位的總有機淨收入增長了 5.3% 和 4.9%。可燃物價格高於預期，預計上漲 2.9% 或大約上漲 6%（不包括印度尼西亞）。

Our total Q1 adjusted operating income margin declined organically by 30 basis points and by 40 basis points, excluding Russia and Ukraine. This reflects a lower gross margin compared to a tough prior year comparison, where productivity was higher mostly due to timing factors. Flagged in our full year earnings, Q1 margins were impacted by higher device sales or increasing IQOS user acquisition, channel replenishment and IQOS ILUMA. As mentioned previously, the unit cost and weight of ILUMA consumable and device cost is initially higher as we ramp up production with improvement expected from next year. Inflation in certain elements of our supply chain, including energy, wages and direct materials and an increase in the use of air freight was also exacerbated by the impact of the war in Ukraine.

我們第一季度調整後的總營業利潤率有機下降了 30 個基點和 40 個基點，不包括俄羅斯和烏克蘭。這反映了與去年艱難的比較相比，毛利率較低，而去年的生產率較高主要是由於時間因素。在我們的全年收益中，第一季度的利潤率受到設備銷售增加或 IQOS 用戶獲取增加、渠道補充和 IQOS ILUMA 的影響。如前所述，ILUMA 耗材的單位成本和重量以及設備成本最初較高，因為我們提高了產量，預計明年會有所改善。烏克蘭戰爭的影響也加劇了我們供應鏈某些要素的通貨膨脹，包括能源、工資和直接材料，以及空運使用量的增加。

Despite these temporary margin challenges, we saw positive effects of the increasing size of IQOS, pricing and cost efficiency combined with our strong net revenue growth. This enabled us to deliver adjusted diluted EPS of $1.56, including unfavorable currency of $0.23, representing plus 14% currency-neutral growth. This was comfortably ahead of our currency-neutral expectations even accounting for timing benefit of around $0.06. Excluding Russia and Ukraine, our pro forma adjusted diluted EPS of $1.46 grew by plus 16%.

儘管存在這些暫時的利潤率挑戰，但我們看到了 IQOS 規模、定價和成本效率的增加以及我們強勁的淨收入增長帶來的積極影響。這使我們能夠提供 1.56 美元的調整後稀釋每股收益，包括 0.23 美元的不利貨幣，即加上 14% 的貨幣中性增長。即使考慮到大約 0.06 美元的時間收益，這也大大超出了我們對貨幣中性的預期。不包括俄羅斯和烏克蘭，我們的備考調整後攤薄每股收益為 1.46 美元，增長了 16%。

Turning now to our 2022 outlook. As Jacek mentioned, given the lack of visibility in Russia and Ukraine, we are now providing an adjusted outlook on a pro forma basis excluding these 2 markets for the entire year. With our underlying business reaccelerating, our growth fundamentals remain strong. Importantly, we expect to deliver organic net revenue growth of plus 4.5% to plus 6.5% compared to 2021 pro forma adjusted net revenue of $29.2 billion. This is both our previous forecast trajectory for total PMI, despite an approximate 0.5-point drag from the shift to hyperinflationary accounting in Turkey.

現在轉向我們的 2022 年展望。正如 Jacek 所提到的，鑑於俄羅斯和烏克蘭缺乏知名度，我們現在提供一個不包括這兩個市場全年的預估調整後的展望。隨著我們的基礎業務重新加速，我們的增長基礎依然強勁。重要的是，與 2021 年 292 億美元的備考調整後淨收入相比，我們預計有機淨收入將增長 4.5% 至 6.5%。這是我們之前對總 PMI 的預測軌跡，儘管從土耳其轉向惡性通貨膨脹會計過程中拖累了大約 0.5 個百分點。

This range incorporates the risk of supply chain disruption for certain materials, a somewhat slower TEREA production capacity buildup due to the production cancellation in Russia, part of which was designated for export, the remaining uncertainty on full device availability and the pace of the ongoing pandemic recovery. We expect our pro forma adjusted operating income margin to be organically 0 to plus 100 basis points higher for the full year.

該範圍包括某些材料供應鏈中斷的風險、由於俄羅斯取消生產（其中一部分被指定用於出口）導致 TEREA 產能建設有所放緩、完整設備可用性的剩餘不確定性以及持續大流行的速度恢復。我們預計全年我們的備考調整後營業利潤率將有機地提高 0 到 100 個基點以上。

As mentioned at full year results, we expect a lower gross margin as we invest in new innovation and incurred temporarily higher unit and transportation costs for the fast growth of ILUMA. Since then, we have observed increased inflation in raw material and energy prices and additional supply chain costs due to war-related disruption including a temporary increase in air freight for both HTU and select cigarette products.

正如全年業績所述，我們預計毛利率會降低，因為我們投資於新的創新，並為 ILUMA 的快速增長帶來暫時較高的單位和運輸成本。從那時起，我們觀察到原材料和能源價格上漲，以及由於戰爭相關的中斷導致供應鏈成本增加，包括 HTU 和精選捲菸產品的空運臨時增加。

Higher expected device sales from the tremendous uptake of IQOS ILUMA and easing of device supplies constraint also have an initial dilutive margin impact. Despite this added headwind and the further expected COGS increase of around $300 million compared to our initial expectation, we remain confident that we will achieve organic pro forma margin expansion as our strong revenue growth, favorable product mix and cost saving initiatives deliver sustainable accretion. We forecast pro forma currency neutral-adjusted diluted EPS growth of plus 9% to plus 11%, also above our prior total PMI full year guidance. This translates into a pro forma adjusted diluted EPS range of $5.35 to $5.46, including an estimated unfavorable currency impact of around $0.63 at prevailing rates. This compared to our previous 2022 adjusted diluted EPS guidance of $6.12 to $6.30 provided in February, with the difference primarily reflecting the exclusion of Russia and Ukraine and an incremental unfavorable currency impact.

由於 IQOS ILUMA 的巨大採用和設備供應限制的緩解而導致的更高預期設備銷售也產生了最初的稀釋利潤影響。儘管與我們最初的預期相比，這增加了逆風和進一步預期的銷貨成本增加約 3 億美元，但我們仍然相信，隨著我們強勁的收入增長、有利的產品組合和成本節約舉措帶來可持續增長，我們將實現有機的備考利潤率擴張。我們預測經預估貨幣中性調整後的攤薄每股收益增長 9% 至 11%，也高於我們之前的 PMI 全年指引。這轉化為 5.35 美元至 5.46 美元的備考調整後稀釋每股收益範圍，包括按現行匯率計算的約 0.63 美元的不利貨幣影響。這與我們之前在 2 月份提供的 2022 年調整後稀釋每股收益指引 6.12 美元至 6.30 美元相比，差異主要反映了俄羅斯和烏克蘭的排除以及不利的貨幣影響的增加。

The underlying IQOS growth outlook remains excellent. On a pro forma basis, we expect to deliver between 88 billion and 92 billion HTU shipment volumes, representing plus 20% to plus 25% growth over the pro forma prior year of 73.5 billion units. This excludes the nearly 5 billion unit shipped in Russia and Ukraine in Q1. And while we conservatively assume no further such contribution from April 1, this imply a total outlook of 93 billion to 97 billion units for the year. We continue to expect pro forma HTU shipment to be modestly ahead of IMS for the year after lagging behind in the second quarter, as I will explain later.

潛在的 IQOS 增長前景仍然很好。在備考基礎上，我們預計 HTU 出貨量將在 880 億至 920 億之間，比上一年的備考 735 億單位增長 20% 至 25%。這不包括第一季度在俄羅斯和烏克蘭的近 50 億件出貨量。雖然我們保守地假設從 4 月 1 日起不再有此類貢獻，但這意味著今年的總銷量為 930 億至 970 億台。正如我稍後將解釋的那樣，在第二季度落後之後，我們繼續預計今年的備考 HTU 出貨量將略微領先於 IMS。

As outlined in today's release, there are a number of other assumptions underpinning our outlook. We expect the total industry volume of cigarette and HTUs excluding Russia, Ukraine, U.S. and China, to decline by up to minus 1%. Given our leadership in smoke-free products, the structural growth of the category and its growing proportion in our business as well as stabilizing share in combustible, we expect to gain share. We therefore target positive total PMI pro forma shipment volume within the range of flat to plus 1%. We assume full year combustible pro forma pricing of around plus 3%, now including the adverse impact from hyperinflationary accounting in Turkey.

正如今天的新聞稿中所述，我們的展望還有許多其他假設。我們預計不包括俄羅斯、烏克蘭、美國和中國的捲煙和 HTU 的總行業量將下降至多負 1%。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比例不斷增長以及可燃物份額的穩定，我們預計將獲得份額。因此，我們將 PMI 備考總出貨量目標定在持平至正 1% 的範圍內。我們假設全年可燃物的備考定價約為 3%，現在包括土耳其惡性通貨膨脹會計的不利影響。

The pricing environment is improving, including in Indonesia, although challenges remain due to ongoing pandemic-related impact and disposable income pressures. Our other assumptions include around $10 billion in operating cash flow and an effective tax rate of 21% to 22%. We continue to expect full year capital expenditure of around $1 billion. Despite the impact of the war in Ukraine, our balance sheet remains strong and we remain steadfastly committed to returning cash to shareholders through dividend and opportunistic share repurchases.

定價環境正在改善，包括在印度尼西亞，儘管由於持續的大流行相關影響和可支配收入壓力，挑戰仍然存在。我們的其他假設包括約 100 億美元的運營現金流和 21% 至 22% 的有效稅率。我們繼續預計全年資本支出約為 10 億美元。儘管受到烏克蘭戰爭的影響，我們的資產負債表仍然強勁，我們仍然堅定地致力於通過股息和機會性股票回購向股東返還現金。

With regard to the phasing of pro forma performance this year, we expect a robust H1 overall with margin expansion and adjusted diluted EPS growth weighted to the second half. In large part, this reflects the reacceleration of IQOS as device supply constraints ease, with a sharp recovery in device volume as we replenish channel inventory for user acquisition and we supply the accelerated ILUMA replacement cycle in Japan. In addition, our average device price is lower than the prior year, reflecting stepped-up commercial activity to drive acquisition, including the broadening of our device portfolio with LIL and ILUMA ONE.

關於今年備考業績的分階段，我們預計上半年整體表現強勁，利潤率擴張和調整後的攤薄每股收益增長加權至下半年。在很大程度上，這反映了隨著設備供應限制的緩解，IQOS 的重新加速，隨著我們為用戶獲取補充渠道庫存以及我們在日本提供加速的 ILUMA 更換週期，設備數量急劇回升。此外，我們的平均設備價格低於去年，反映了推動收購的商業活動加強，包括擴大我們與 LIL 和 ILUMA ONE 的設備組合。

While our devices continue to be priced at a meaningful premium to heavily discounted competitive offering, we have already seen encouraging signs in stabilizing our high category share. Moreover, as we adjust our supply chain flows to prevailing global disruption in various material and logistic services, combined with the effect of the war in Ukraine, there may be a risk of short out-of-stock situation on certain cigarette SKUs in select markets. And we are making adjustment to some product to reflect the availability of specific material. The reorganization of supply chain flows will contribute to the later timing of shipments to certain markets.

雖然我們的設備繼續以比大幅折扣競爭產品的價格高出有意義的價格，但我們已經看到了穩定我們高類別份額的令人鼓舞的跡象。此外，隨著我們根據全球各種材料和物流服務的普遍中斷調整我們的供應鏈流動，再加上烏克蘭戰爭的影響，某些市場的某些捲菸 SKU 可能存在缺貨情況的風險.我們正在對某些產品進行調整，以反映特定材料的可用性。供應鏈流程的重組將有助於推遲向某些市場發貨的時間。

We notably expect Q2 to be impacted by a number of temporary or specific factors, including the reversal of certain Q1 timing benefit. Organic pro forma net revenue growth is expected to be low single digit with other notable factors, including the delayed timing of HTU and cigarette shipment to Japan with an approximate 2-point drag on growth and a further impact from the shift to hyperinflationary accounting in Turkey, where the Q2 exchange rate comparison is accentuated. We expect total PMI pro forma HTU shipment of around 20 billion in Q2, partly reflecting around 3 billion less HTU shipment to Japan than originally planned. This compared to 18.7 billion pro forma in Q2 2021. We expect this 3 billion unit to move to H2, generating a further growth acceleration in the third and fourth quarters.

我們特別預計第二季度將受到許多臨時或特定因素的影響，包括某些第一季度時間收益的逆轉。由於其他顯著因素，包括 HTU 和向日本發貨的時間延遲，對增長造成約 2 個百分點的拖累，以及土耳其轉向惡性通脹會計的進一步影響，預計有機備考淨收入增長將處於低個位數，其中第二季度的匯率比較得到了強調。我們預計第二季度 PMI 預估 HTU 總出貨量約為 200 億個，部分反映對日本的 HTU 出貨量比原計劃減少約 30 億個。相比之下，2021 年第二季度為 187 億個備考。我們預計這 30 億個單位將移至下半年，在第三和第四季度進一步加速增長。

For Q2 pro forma operating margin, the disproportionate impact of the catch-up in device shipment will be accompanied by a corresponding step-up in commercial investment as we support the reacceleration of IQOS user acquisition over the coming quarters. In tandem with the negative mix impact of lower shipments to Japan, the highest expected quarterly increase in air freight costs of over $80 million and other supply chain adjustment costs, we expect margins to contract further before a significant recovery in the second half.

對於第二季度的備考營業利潤率，設備出貨量追趕的不成比例的影響將伴隨著商業投資的相應增加，因為我們支持在未來幾個季度重新加速 IQOS 用戶獲取。鑑於對日本的出貨量減少、空運成本的最高季度增幅超過 8000 萬美元以及其他供應鏈調整成本的負面影響，我們預計利潤率將在下半年大幅回升之前進一步收縮。

These dynamics are reflected in our expectation of H1 pro forma adjusted diluted EPS of $2.65 to $2.70, including an unfavorable currency impact of $0.36 at prevailing rates. This represents currency-neutral growth of 5% to 7% compared to $2.86 in the prior year. In combination with our strong first quarter, H1 pro forma top line performance is expected to deliver organic growth of 5% to 7% overall.

這些動態反映在我們對 H1 備考調整後攤薄每股收益 2.65 美元至 2.70 美元的預期中，包括按現行匯率計算的 0.36 美元的不利貨幣影響。與上一年的 2.86 美元相比，這代表了 5% 至 7% 的貨幣中性增長。結合我們強勁的第一季度，H1 備考頂線業績預計將實現 5% 至 7% 的整體有機增長。

In H2, the powerful drivers of pricing, scale and efficiencies and the receding of temporary cost headwinds should outweigh inflationary pressures to deliver strong top line growth, organic margin expansion and an acceleration in bottom line growth.

在下半年，定價、規模和效率的強大驅動力以及臨時成本逆風的消退應該超過通脹壓力，以實現強勁的收入增長、有機利潤率擴張和加速利潤增長。

Our strong 2022 outlook places us firmly on track to deliver our 2021-2023 CAGR targets on a pro forma basis of more than 5% in organic net revenue growth and more than 9% in currently -- in currency-neutral adjusted EPS growth.

我們強勁的 2022 年前景使我們堅定地實現了我們 2021-2023 年復合年增長率的目標，預計有機淨收入增長超過 5%，當前貨幣中性調整後每股收益增長超過 9%。

We remain on track to deliver around $2 billion in gross cost savings by 2023, which is especially important given global inflationary pressures. Importantly, our ambition to become a majority smoke-free business by net revenue in 2025 remains intact. We remain confident in the rapid pace of our transformation.

到 2023 年，我們仍有望實現約 20 億美元的總成本節約，鑑於全球通脹壓力，這一點尤為重要。重要的是，我們在 2025 年按淨收入計算成為主要無菸企業的雄心保持不變。我們仍然對我們的快速轉型充滿信心。

Turning back to our Q1 results. Total shipment volumes increased by plus 3.5% on a total PMI basis and by plus 4.9% pro forma. This reflects continued strong broad-based pro forma growth of plus 18.4% as user acquisition reaccelerate from the Q3 2021 supply-driven slowdown and an increase of plus 3.2% in pro forma cigarette volume, reflecting the continued recovery of the total industry and of our category share.

回到我們的第一季度業績。在採購經理人指數的基礎上，總出貨量增加了 3.5%，備考增加了 4.9%。這反映了持續強勁的廣泛備考增長 18.4%，因為用戶獲取從 2021 年第三季度供應驅動的放緩中重新加速，備考捲菸銷量增長了 3.2%，反映了整個行業和我們的持續復甦品類份額。

The transformation of our business towards smoke-free products continued at a rapid pace. Heated tobacco unit comprised almost 13% of our total pro forma shipment volume in the first quarter as compared to 11.6% in full year 2021. Our sales mix is also evolving rapidly to become a majority smoke-free company. Smoke-free net revenue made up over 30% of our pro forma total in Q1 compared to 27.9% for full year 2021.

我們的業務向無菸產品的轉型繼續快速進行。加熱煙草部門在第一季度占我們備考總出貨量的近 13%，而 2021 年全年為 11.6%。我們的銷售組合也在迅速發展，成為一家以無菸為主的公司。第一季度無菸淨收入占我們備考總額的 30% 以上，而 2021 年全年為 27.9%。

IQOS devices accounted for approximately 6% of the $2.1 billion of Q1 RRP pro forma net revenue, reflecting higher year-over-year device volume as supply constraint ease and ILUMA performs strongly.

IQOS 設備約佔第一季度 RRP 預估淨收入 21 億美元的 6%，反映出隨著供應限制的緩解和 ILUMA 表現強勁，設備銷量同比增長。

We delivered organic growth of plus 10% in Q1 pro forma net revenue on shipment volume growth of plus 4.9%. This growth reflects the twin engine driving our top line. The first is pricing led by combustible; the second is the increasing mix of reduced-risk products in our business at higher net revenue per unit, which continue to deliver substantial growth, an increasingly powerful driver as our transformation accelerates.

我們在第一季度的備考淨收入中實現了 10% 的有機增長，出貨量增長了 4.9%。這種增長反映了推動我們收入的雙引擎。一是可燃物引領定價；第二個是我們業務中降低風險產品的組合越來越多，每單位淨收入增加，這些產品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 Q1 pro forma OI margin, which declined by 40 basis points. Our pro forma gross margin decreased organically by 250 basis points, reflecting the factors I mentioned earlier. Conversely, our pro forma adjusted marketing, administration and research costs were 210 basis points better organically due to the positive operating leverage of IQOS growth and successful cost efficiency programs.

現在讓我們談談我們第一季度備考 OI 利潤率下降 40 個基點的驅動因素。我們的備考毛利率自然下降了 250 個基點，反映了我之前提到的因素。相反，由於 IQOS 增長的積極運營槓桿和成功的成本效率計劃，我們的預估調整後的營銷、管理和研究成本有機地提高了 210 個基點。

We generated around $180 million in gross cost savings in the first quarter, with around $80 million in COGS productivities and $100 million from SG&A. This makes over $1 billion since the start of 2021, already over halfway towards our target of around $2 billion for '21-'23. This allows us to reinvest in top line growth and mitigate inflationary pressures while continuing to deliver solid margin progression.

我們在第一季度節省了約 1.8 億美元的總成本，其中 COGS 生產力約 8,000 萬美元，SG&A 為 1 億美元。自 2021 年初以來，這已超過 10 億美元，已經超過我們在 21-23 年約 20 億美元的目標的一半。這使我們能夠再投資於收入增長並減輕通脹壓力，同時繼續實現穩健的利潤率增長。

We continue to accelerate investments in our commercial programs, digital engine and R&D as well as a number of growth opportunities across categories and geographies. As reflected in our full year guidance, we expect our operating margin progression to improve over the course of the year as temporary headwinds and tough comparisons ease.

我們繼續加快對我們的商業項目、數字引擎和研發的投資，以及跨類別和地域的許多增長機會。正如我們的全年指導所反映的那樣，隨著暫時的逆風和艱難的比較緩解，我們預計我們的營業利潤率將在一年內有所改善。

Our combustible portfolio performed well in Q1 with robust pro forma growth in volume and organic net revenues. This notably reflects a further recovery in Indonesia and the Philippines, supporting an expectation of organic net revenue growth and broadly stable volume in our South and Southeast Asia region this year. Increased travel also supported volume growth in Spain and Duty Free.

我們的可燃產品組合在第一季度表現良好，預計銷量和有機淨收入增長強勁。這尤其反映了印度尼西亞和菲律賓的進一步復甦，支持了今年我們南亞和東南亞地區有機淨收入增長和總體穩定銷量的預期。旅行的增加也支持了西班牙和免稅店的銷量增長。

Our share of the combustible category continued to recover with a plus 0.4-point pro forma gain in Q1 on a year-over-year basis. This includes gain in Japan, Turkey and Duty Free as our portfolio initiatives bear fruit and social consumption resumed with Marlboro share plus 0.3 points higher.

我們在可燃品類別中的份額繼續恢復，第一季度的預估同比增長 0.4 個百分點。這包括在日本、土耳其和免稅店的收益，因為我們的投資組合舉措取得成果，社會消費恢復，萬寶路份額上漲 0.3 個百分點。

While the category is declining over time. Our leadership in combustibles helps to maximize switching to smoke-free product, and we continue to target a stable category share over time despite the impact of IQOS cannibalization.

雖然該類別隨著時間的推移而下降。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。

In terms of our overall market share now, ongoing gains for our IQOS portfolio creates continued positive momentum. We delivered pro forma share growth in Q1 as expected, including gains in Italy, Duty Free, Egypt, Germany and Poland. PMI HTUs are now the second largest nicotine brand in the market where they are present with a 7.5% share, excluding Russia and Ukraine. This includes the #1 position in 6 markets.

就我們現在的整體市場份額而言，我們 IQOS 產品組合的持續增長創造了持續的積極勢頭。我們在第一季度實現了預期的份額增長，包括意大利、免稅、埃及、德國和波蘭的增長。 PMI HTU 現在是市場上第二大尼古丁品牌，市場份額為 7.5%，不包括俄羅斯和烏克蘭。這包括在 6 個市場中的第一名。

Moving now to the IQOS performance. We estimate there were approximately 17.9 million IQOS users as of March 31, excluding Russia and Ukraine, which had an estimated 4.8 million users at December 31, 2021. This reflects pro forma growth of more than 1 million users, a phenomenal performance by historic standards. This was driven by the resumption of consumer program in many markets, as device supply constraints receded, capitalizing on the strong underlying demand for the brand, as also evident in the very impressive start of IQOS ILUMA.

現在轉到 IQOS 性能。我們估計，截至 3 月 31 日，IQOS 用戶約為 1790 萬，不包括俄羅斯和烏克蘭，截至 2021 年 12 月 31 日，這兩個國家的用戶估計為 480 萬。這反映了超過 100 萬用戶的預估增長，按歷史標準衡量，這是一個驚人的表現.這是由許多市場的消費者計劃恢復推動的，隨著設備供應限制的消退，利用對該品牌的強勁潛在需求，IQOS ILUMA 令人印象深刻的開端也證明了這一點。

We estimate that 71% of total IQOS users outside Russia and Ukraine, or 12.7 million adult smokers, have switched to IQOS and stopped smoking, with the balance in various stages of conversion.

我們估計，在俄羅斯和烏克蘭以外的 IQOS 用戶總數中，有 71% 或 1270 萬成年吸煙者已經改用 IQOS 並戒菸，其餘部分處於轉換的不同階段。

We were also very encouraged by the FDA's recent MRTP order for IQOS 3, with the full range of authorized IQOS products now classified as modified risk tobacco product.

FDA 最近對 IQOS 3 的 MRTP 訂單也讓我們感到非常鼓舞，所有授權的 IQOS 產品現在被歸類為改良風險煙草產品。

In the EU region, first quarter HTU share reached 7.6% of total cigarette and HTU industry volume, representing a first quarter share gain of 2 points, including a small benefit from the timing of inventory movement. Adjusted IMS volume also continue to exhibit robust sequential growth, and we expect this to continue in the second quarter, noting that the usual seasonality of the combustible market combined with the reversal of Q1 inventory movement, is expected to result in a lower sequential share in Q2. This very good performance include strong user and volume growth across the region, with especially notable contribution from Italy and Poland. I also want to again highlight Hungary and Lithuania where our Q1 national HTU share exceeded 25%.

在歐盟地區，第一季度 HTU 份額達到捲菸和 HTU 行業總量的 7.6%，代表第一季度份額增長 2 個百分點，其中包括從庫存變動時機中獲得的小幅收益。調整後的 IMS 量也繼續呈現強勁的環比增長，我們預計這種情況將在第二季度繼續增長，並指出可燃市場的通常季節性加上第一季度庫存變動的逆轉，預計將導致環比份額下降Q2。這一非常好的表現包括整個地區強勁的用戶和銷量增長，其中意大利和波蘭的貢獻尤其顯著。我還想再次強調匈牙利和立陶宛，我們第一季度的國家 HTU 份額超過 25%。

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 continue to lead the way, approaching 40% share, Budapest, Rome and Athens are also well into the mid- to high 20s. Elsewhere, we are especially pleased by Vienna more than doubling to 5%, the strong traction in London at over 6% share, and a further acceleration in Zurich with the introduction of ILUMA.

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。雖然維爾紐斯繼續領先，接近 40% 的份額，但布達佩斯、羅馬和雅典也進入了 20 多歲的中高位。在其他地方，我們特別高興的是，維也納增長了一倍多，達到 5%，倫敦的強勁牽引力超過 6%，以及隨著 ILUMA 的引入，蘇黎世的進一步加速。

In Japan, the adjusted share for our HTU brands increased by plus 1.9 points to a record 22.7% in Q1. This performance reflects the strength of our portfolio and the launch of IQOS ILUMA, which is also driving notable gains in Tokyo and other key cities. We expect strong offtake trends to continue in Q2, reaching around 24% market share despite seasonality effect. Conversely, as I touched on earlier, supply chain constraints will likely result in Q2 HTU shipment below the prior year. With HTU inventory consequently reduced in the second quarter, we expect the replenishment in H2 to deliver a substantial recovery.

在日本，我們 HTU 品牌的調整後份額在第一季度增加了 1.9 個百分點，達到創紀錄的 22.7%。這一表現反映了我們產品組合的實力以及 IQOS ILUMA 的推出，這也推動了東京和其他主要城市的顯著收益。我們預計第二季度將繼續強勁的承購趨勢，儘管受到季節性影響，市場份額仍將達到 24% 左右。相反，正如我之前提到的，供應鏈限制可能會導致第二季度 HTU 出貨量低於去年。隨著第二季度 HTU 庫存減少，我們預計下半年的補貨將帶來大幅復甦。

Notwithstanding such quarterly volatility with substantial commercial activity planned and excellent underlying momentum, we expect strong double-digit HTU shipment volume growth in Japan this year.

儘管有這樣的季度波動，計劃中的大量商業活動和良好的潛在動力，我們預計今年日本的 HTU 出貨量將實現兩位數的強勁增長。

In addition to strong progress in developed countries, we see very promising IQOS growth in low-and middle-income market. The share of our HTU brands in the 28 such markets launched by December 31, 2021, excluding Russia and Ukraine, grew by plus 0.8 points compared to the prior year to reach 2.7%. Given the large size of this market, the premium positioning of the exiting IQOS portfolio and the relatively early stage of commercialization, this represents excellent progress. As mentioned last quarter, we also intend to bring a new complementary range of heat-not-burn devices and HTUs tailored to emerging markets towards the end of this year.

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。我們的 HTU 品牌在截至 2021 年 12 月 31 日推出的 28 個此類市場（不包括俄羅斯和烏克蘭）中的份額同比增長 0.8 個百分點，達到 2.7%。鑑於該市場規模龐大、現有 IQOS 產品組合的高端定位以及相對較早的商業化階段，這代表了良好的進展。如上個季度所述，我們還打算在今年年底推出針對新興市場量身定制的全新補充系列加熱不燃燒設備和 HTU。

A prime example of this is Egypt, where offtake exit share in Cairo is approaching 5% within 8 months of launch as compared to total Q1 share of 4.3%. Other notable successes, including the recently launched market of Morocco as well as Lebanon, Jordan, the Dominican Republic and the Philippines, despite pandemic restriction in Manila.

一個典型的例子是埃及，開羅的承購出口份額在推出後的 8 個月內接近 5%，而第一季度的總份額為 4.3%。其他顯著的成功，包括最近推出的摩洛哥市場以及黎巴嫩、約旦、多米尼加共和國和菲律賓，儘管馬尼拉有大流行限制。

Moving now to IQOS ILUMA. We are delighted to report the further outstanding success since its launch, with sales performance and consumer reactions still 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 30% of the large user base up-trading since the August 2021 launch, and over 20% of sales remain to legal-age smoker new to IQOS. Moreover, the enhanced and consistently high-quality user experience, better reliability and no need for cleaning has led to significant observed increases in conversion rates, retention rates and Net Promoter Score. This bodes well for volumes with premium-priced TEREA consumables, the fastest-growing launch in the smoke-free category, reaching an offtake share of 12% within 6 months of national launch, overtaking Marlboro HeatSticks and HEETS combined to become the #1 smoke-free brand.

現在搬到 IQOS ILUMA。我們很高興地報告自推出以來取得的進一步卓越成功，銷售業績和消費者反應仍然超出我們的預期。在日本，現有 IQOS 用戶和法定年齡吸煙者對 ILUMA 設備和消耗品的使用速度很快，自 2021 年 8 月推出以來，超過 30% 的龐大用戶群進行了向上交易，超過 20% 的銷售額保持不變到 IQOS 新的法定年齡吸煙者。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。這對於高價 TEREA 消耗品的銷量來說是個好兆頭，這是無菸類別中增長最快的產品，在全國推出後 6 個月內達到 12% 的承購份額，超過萬寶路 HeatSticks 和 HEETS，成為排名第一的煙霧產品-免費品牌。

We now have all 3 IQOS ILUMA devices in the market following the launch of ILUMA ONE, which provides multiple consecutive use at a more affordable price point. We are also introducing a new HTU brand called SENTIA for use with ILUMA in select prefectures at a mainline price point comparable to HEETS.

隨著 ILUMA ONE 的推出，我們現在在市場上擁有所有 3 款 IQOS ILUMA 設備，它以更實惠的價格提供多次連續使用。我們還推出了一個名為 SENTIA 的新 HTU 品牌，與 ILUMA 一起在部分地區使用，其主線價格點與 HEETS 相當。

Results in Switzerland have again been even more remarkable with significant sales to new user and TEREA making up almost 2/3 of HTU sales after only 5 months of commercialization. Our HTU share growth has accelerated from less than 6% in Q3 to 9% this quarter, with notable success in the German-speaking majority of the country. Our newest ILUMA launch was in Spain last month. While very early days, the signs are also very positive with device sales to new user increasing plus 50% compared to the prior run rate, 10% of existing users upgraded within the first month and TEREA exiting March at over 1/4 of total HTU offtake.

瑞士的結果再次更加顯著，在僅僅 5 個月的商業化之後，新用戶和 TEREA 的銷售額佔 HTU 銷售額的近 2/3。我們的 HTU 份額增長從第三季度的不到 6% 加速到本季度的 9%，在該國講德語的大多數地區取得了顯著的成功。我們最新的 ILUMA 發佈於上個月在西班牙。雖然非常早期，但跡像也非常積極，新用戶的設備銷售量與之前的運行率相比增加了 50%，10% 的現有用戶在第一個月內升級，TEREA 退出 3 月，超過總 HTU 的 1/4承接。

These results across 3 markets with differing consumer characteristics and level of RRP maturity are clearly very encouraging for the wider rollout of ILUMA around the world. While device supply constraints are easing, the timing of HTU availability for new ILUMA market has been somewhat delayed given the rapid uptake in the initial market and the resulting need for greater supply for each new market than was originally anticipated. In addition, the cancellation of our investment in the production of TEREA HTUs in our Russian facility has a short-term impact. As a result, further market launches are now mostly expected towards the end of H2.

這些跨越 3 個具有不同消費者特徵和 RRP 成熟度水平的市場的結果對於在全球範圍內更廣泛地推廣 ILUMA 顯然是非常令人鼓舞的。雖然設備供應限制正在緩解，但考慮到初始市場的快速吸收以及由此產生的每個新市場的供應需求比最初預期的更多，新 ILUMA 市場的 HTU 供應時間有所延遲。此外，取消我們在俄羅斯工廠生產 TEREA HTU 的投資會產生短期影響。因此，現在大多預計將在下半年結束時進一步推出市場。

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 at different price tier.

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。我們在不同價位的設備和耗材上擁有令人興奮的創新渠道。

In e-vapor, IQOS VEEV's promising results in the first group of markets continue. VEEV is a premium proposition with an average price premium to competitive device of 20% to 30%, making these results especially encouraging as we pursue a differentiated and profitable category leadership position over time. We see further success in Italy, reaching almost 20% offtake share of closed-system pods, with rapid progress also visible in Croatia within 8 months of launch.

在 e-vapor 中，IQOS VEEV 在第一組市場中的可喜成果仍在繼續。 VEEV 是一個高端產品，平均價格比競爭設備高出 20% 到 30%，隨著我們不斷追求差異化和盈利的類別領導地位，這些結果尤其令人鼓舞。我們在意大利看到了進一步的成功，在封閉系統吊艙中達到了近 20% 的承購份額，克羅地亞在推出後 8 個月內也取得了快速進展。

In the Czech Republic after some temporary supply disruption at the start of the quarter which affected Q1 share, rapid growth has resumed. VEEV was present in 7 markets at March 31, and we plan to add more this year with timing subject to device availability. Separately, our relaunched commercialization of nicotine pouches under the Shiro brand in the Nordics is progressing well with positive consumer feedback.

在捷克共和國，在本季度初的一些暫時性供應中斷影響了第一季度的份額之後，快速增長已經恢復。 VEEV 於 3 月 31 日出現在 7 個市場，我們計劃今年增加更多，具體時間取決於設備可用性。另外，我們在北歐以 Shiro 品牌重新推出的尼古丁袋商業化進展順利，並獲得了積極的消費者反饋。

Moving to sustainability and our ESG priorities. I'm happy to share 2 important development published in our 2022 proxy statement. Firstly, our Board of Directors updated our company's statement of purpose, expanding it beyond smoke-free to better reflect the role of wellness and health care in our corporate strategy and transformation. Second, the introduction of a bespoke Sustainability Index explicitly links our ESG performance to 30% of long-term compensation. Further details will be shared in our Integrated Report on May 17 and further dedicated disclosures.

轉向可持續發展和我們的 ESG 優先事項。我很高興分享我們 2022 年代理聲明中發布的兩項重要進展。首先，我們的董事會更新了我們公司的宗旨聲明，將其擴展到無菸之外，以更好地反映健康和保健在我們公司戰略和轉型中的作用。其次，引入定制的可持續發展指數明確地將我們的 ESG 績效與 30% 的長期薪酬掛鉤。更多細節將在我們 5 月 17 日的綜合報告和進一步的專門披露中分享。

Product health impact remains one of our most critical ESG priorities, and the growing penetration of smoke-free products around the world is accelerating the end of cigarette as legal-age smokers switch to better alternative. There is a growing body of scientific and real-world evidence of the substantial risk reduction potential of smoke-free products compared with smoking. While challenges in some markets are to be expected, we continue to support regulatory and fiscal framework that recognize the positive impact tobacco harm reduction policies can have on public health. A recent example of this is Italy, which has established distinct excise tax category for heat-not-burn, e-vapor and nicotine pouches.

產品健康影響仍然是我們最重要的 ESG 優先事項之一，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。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。雖然一些市場的挑戰是意料之中的，但我們繼續支持認識到減少煙草危害政策可能對公共衛生產生積極影響的監管和財政框架。最近的一個例子是意大利，它為加熱不燃燒、電子蒸汽和尼古丁袋建立了不同的消費稅類別。

Thank you. And I will now turn it back to Jacek.

謝謝你。我現在將它轉回給 Jacek。

Thank you, Emmanuel. Despite the challenges in Russia and Ukraine, we have delivered an excellent start to the year with a strong recovery in IQOS user growth, an exceptional initial results from the groundbreaking innovation of IQOS ILUMA. As we covered recently at CAGNY, we have a rich pipeline of further smoke-free innovations to expand and grow across new and existing categories and geographies.

謝謝你，伊曼紐爾。儘管俄羅斯和烏克蘭面臨挑戰，但我們在 IQOS 用戶增長方面取得了良好的開端，這是 IQOS ILUMA 開創性創新的非凡初步成果。正如我們最近在 CAGNY 所報導的那樣，我們擁有豐富的無菸創新渠道，可以在新的和現有的類別和地區進行擴展和發展。

Our combustible business is now stabilizing category share despite the impact of IQOS cannibalization, which allows us to accelerate further switching of smokers to better alternatives.

儘管受到 IQOS 蠶食的影響，我們的可燃業務現在正在穩定類別份額，這使我們能夠加速進一步將吸煙者轉向更好的替代品。

We also continue to invest for long-term growth through the development of innovative wellness and health care products, which seeks to deliver a net positive impact on society. Our 2022 fundamentals are strong, with a pro forma expectation of 4.5% to 6.5% organic net revenue growth and 9% to 11% currency-neutral adjusted diluted EPS growth. Despite the significant inflationary pressures and disruptions in the global supply chain affecting first half and the full year, we also expect our organic operating income margin to expand to up by 100 basis points.

我們還通過開發創新的健康和保健產品繼續投資以實現長期增長，旨在對社會產生積極的影響。我們 2022 年的基本面強勁，預計有機淨收入增長 4.5% 至 6.5%，貨幣中性調整後攤薄每股收益增長 9% 至 11%。儘管全球供應鏈面臨巨大的通脹壓力和中斷影響上半年和全年，我們還預計我們的有機營業收入利潤率將擴大至 100 個基點。

In addition, we have taken the conservative assumption in our reported guidance of no further contribution from Russia or Ukraine from April 1. Overall, we are very confident in the near- and midterm growth outlook and remain committed to sustainably rewarding shareholders over time as we continue our transformation.

此外，我們在報告的指引中採用了保守的假設，即自 4 月 1 日起俄羅斯或烏克蘭不再做出進一步貢獻。總體而言，我們對近期和中期增長前景充滿信心，並繼續致力於隨著時間的推移可持續地回報股東，因為我們繼續我們的轉型。

Thank you. And we are now happy to answer your questions.

謝謝你。我們現在很高興回答您的問題。

Operator, this is Nick Rolli. Can I just interrupt for one second? I understand we had some technical difficulties with the webcast, and I apologize for that. The full script and slides are posted on our website, so please access www.pmi.com. And we will correct the replay on the webcast following today's presentation. So you can go back to the website, and if you missed any of the audio sound, but you can get the script and slides on our website. Thank you. Go ahead, operator, with the questions.

接線員，這是尼克·羅利。我可以打斷一秒鐘嗎？我知道我們在網絡廣播中遇到了一些技術問題，對此我深表歉意。完整的腳本和幻燈片發佈在我們的網站上，因此請訪問 www.pmi.com。我們將在今天的演示之後更正網絡廣播中的重播。因此，您可以返回網站，如果您錯過了任何音頻，但您可以在我們的網站上獲取腳本和幻燈片。謝謝你。來吧，接線員，帶著問題。

(Operator Instructions)

（操作員說明）

Our first question comes from Chris Growe with Stifel.

我們的第一個問題來自 Stifel 的 Chris Growe。

I just wanted to ask if I could first. As I think about your IQOS guidance for the year and obviously reducing that for Russia and Ukraine. I just want to be sure, as you think about -- as those -- the new guidance incorporates your expectations, excluding Russia and Ukraine, is that the only adjustment you've made for volume and that estimate, the new 88 billion to 92 billion sticks? Is that just taking out your expectation for Russia and Ukraine for this year?

我只是想先問問我能不能。當我想到你今年的 IQOS 指導時，顯然減少了俄羅斯和烏克蘭的指導。我只是想確定，正如您所想的那樣，新指南包含您的期望，不包括俄羅斯和烏克蘭，是您對數量和估計所做的唯一調整，將新的 880 億調整為 92億支？這是否超出了你對今年俄羅斯和烏克蘭的預期？

That's correct. We're just talking for the entire year, the volumes from Russia and Ukraine. But then obviously, for the Q1, we recognize what have been sold in above geographies, which is this 5 billion. Therefore, on a pro forma for the full year, excluding Russia and Ukraine, we're looking into 88 billion to 92 billion. But if you add back the 5 billion, which we already sold during the first period, the first quarter, I mean, the effect translates to 93 billion, 97 billion, which would assume or is assuming that there is no further sales of IQOS as of April 1 in neither Russia nor in Ukraine.

這是正確的。我們只是在談論全年，來自俄羅斯和烏克蘭的數量。但很明顯，對於第一季度，我們認識到在上述地區銷售的產品，即這 50 億美元。因此，在全年的備考中，不包括俄羅斯和烏克蘭，我們正在研究 880 億至 920 億。但是如果你把我們在第一季度已經售出的 50 億加回，我的意思是，效果轉化為 930 億，970 億，這將假設或假設沒有進一步的 IQOS 銷售4 月 1 日在俄羅斯和烏克蘭都沒有。

Got it. And then I just want to understand a little bit about the second quarter. You've talked about higher device shipments in the quarter. I think that will be a stronger driver of revenue growth. At the same time, you have some timing differences it sounds like at least in Japan, where that will weigh on revenue overall. I think you're expecting more like a low single-digit increase in revenue.

知道了。然後我只想了解一點關於第二季度的信息。您談到了本季度更高的設備出貨量。我認為這將成為收入增長的更強勁動力。同時，至少在日本聽起來會有一些時間差異，這將影響整體收入。我認為您期望的收入更像是低個位數的增長。

So I just want to understand, I guess, to a degree you can help in terms of the magnitude of those 2 factors. It sounds like the Japan timing may be a larger factor on 2Q revenue. And then just to understand also the availability of devices. Is it the second half when that's back to like a, I'll call it, full availability of devices? And is that a function of not having devices committed to Russia and Ukraine is providing more availability for the rest of the world? I hope that's clear.

所以我只是想了解，我想，就這兩個因素的大小而言，你可以在一定程度上提供幫助。聽起來日本的時機可能是影響第二季度收入的一個更大因素。然後只是為了了解設備的可用性。是下半場，我會稱之為設備的完全可用性嗎？不向俄羅斯和烏克蘭提供設備的功能是否正在為世界其他地區提供更多可用性？我希望這很清楚。

Okay. So the first quarter shipments of the devices, on the one hand, yes, you're absolutely right, this contributes to the better rev, to the growth of revenue. But remember that the devices are putting a pressure on the margins, right? So that's the story between the devices and the impact on one hand on the revenue than the margins.

好的。因此，一方面，設備的第一季度出貨量是的，你說得對，這有助於提高轉速，促進收入增長。但請記住，這些設備正在給利潤帶來壓力，對吧？這就是設備之間的故事，一方面是對收入的影響，而不是對利潤率的影響。

The big impact, which we expect to have in Q2 is on the supply of the shipments of the consumables, so the HeatSticks and TEREA. And as a result, among other constraints on the supply chain of stopping the investment in Russia, we need to resource that missing capacity to other locations, and it will take us a while. And therefore, we expect that we will go lower with the inventories in Japan, mainly Japan, in order to ensure on the manufacturing side, the proper resourcing we will have when we expect quite a robust growth on IMS and the market share.

我們預計在第二季度產生的重大影響是對消耗品出貨量的供應，例如 HeatSticks 和 TEREA。因此，除了停止在俄羅斯投資的供應鏈上的其他限制之外，我們需要將缺失的產能資源轉移到其他地方，這需要一段時間。因此，我們預計日本（主要是日本）的庫存將降低，以確保在製造方面，當我們預計 IMS 和市場份額將強勁增長時，我們將擁有適當的資源。

And I think Emmanuel on the slide have indicated that we should think that we're aiming at the 24%, around 24% market share for the quarter in Japan. So it's nothing on the consumer level on the offtake level, but we need to do these operations through the inventories in order to resume to the normal course of shipments in the Q3 and Q4. And hence, this will drive the better performance, a stronger performance in the second half than the first half, which will be what we estimate to be impacted by the Q2 difference in a shipment.

而且我認為幻燈片上的 Emmanuel 表明我們應該認為我們的目標是在日本本季度的 24%，即 24% 左右的市場份額。所以在承購層面上消費者層面沒什麼，但我們需要通過庫存來做這些操作，以便在第三季度和第四季度恢復到正常的出貨過程。因此，這將推動更好的表現，下半年的表現比上半年更強，這將是我們估計受到第二季度出貨量差異的影響。

Now with regards to the devices, I mean, we -- there is this continuous sale of the devices in the excluded geographies, right? So it's not that we stopped selling. We stopped recognizing this whole thing due to the visibility and other factors, what is happening in Russia and Ukraine. But in reality, we need to keep at least the replacement devices, right? So it's not that you can take the volume out of Russia and Ukraine and to redirect them to other locations.

現在關於設備，我的意思是，我們 - 在被排除的地區持續銷售設備，對嗎？所以並不是我們停止銷售。由於能見度和其他因素，俄羅斯和烏克蘭正在發生的事情，我們不再承認這整件事。但實際上，我們至少需要保留替換設備，對吧？所以並不是說你可以把音量從俄羅斯和烏克蘭轉移到其他地方。

We do have -- actually getting better and better, but not perfect visibility with regards to the device supplies. And do you remember, we've been very cautious about this as of second half of last year. And the moment when we had the better order fulfillment and also better visibility with regards to the future orders for this year, we feel more confident about how we can realize the -- fully realize the opportunity of IQOS. So that looks okay. It's not perfect, but I don't want to mislead anybody. It's not perfect, but it's better than, say, at the beginning of the year.

我們確實有——實際上越來越好，但在設備供應方面並不是完美的可見性。你還記得嗎，截至去年下半年，我們一直對此非常謹慎。當我們對今年的未來訂單有了更好的訂單履行和更好的可見性時，我們對如何實現——充分實現 IQOS 的機會更有信心。所以看起來沒問題。它並不完美，但我不想誤導任何人。它並不完美，但比年初時要好。

And you saw it at the moment that we regained some have almost full-fledged availability of devices, how IQOS could accelerate its growth for the user acquisition and the market share progressions in Q1. So we know that we have it, but everything hinges on a continuity and undisturbed, uninterrupted supplies of both devices and HeatSticks.

你現在看到了，我們重新獲得了一些幾乎完全成熟的設備可用性，IQOS 如何在第一季度加速用戶獲取和市場份額的增長。所以我們知道我們擁有它，但一切都取決於設備和 HeatStick 的連續性、不受干擾、不間斷的供應。

And Chris, maybe just to complement, I think it's really important that everybody understands the evolution of the gross margin in Q1, Q2 and H1 versus H2. I'm sure you remember that last year, the gross margin in H1 was extremely high. We were at 70%. The gross margin was lower and probably more normative in H2.

克里斯，也許只是為了補充，我認為每個人都了解第一季度、第二季度和上半年與下半年毛利率的演變非常重要。我相信你還記得去年上半年的毛利率非常高。我們達到了 70%。下半年的毛利率較低，可能更規範。

So what we have seen in Q1 was, first of all, facing very high comps. I think we've been describing in the presentation the various driver for the 250 basis point reduction in the gross margin. What you can expect for Q2 is this element to continue, knowing that the gross margin reference is 70% as well last year in Q2. And on top of it, we will have more device sales even than in Q1, which I think is good news because it shows the success of IQOS.

所以我們在第一季度看到的是，首先，面臨著非常高的比賽。我認為我們在演示文稿中一直在描述導致毛利率下降 250 個基點的各種驅動因素。您對第二季度的預期是這一因素將繼續存在，因為知道去年第二季度的毛利率參考為 70%。最重要的是，我們的設備銷量甚至比第一季度還要多，我認為這是個好消息，因為它顯示了 IQOS 的成功。

We have increased air freight costs for the reason that we mentioned and the tension on the supply chain, and that's going to have an impact on the margin. And last element, you have this mix which is a temporary element, of course, like air freight, by the way, on the fact that the volume will be lower for Japan in Q2 with the recovery and the compensation in H2. And with that, you have the reason for increased pressure, gross margin pressure in Q2, but with the compensation that will come in H2.

由於我們提到的原因和供應鏈的緊張局勢，我們增加了空運成本，這將對利潤率產生影響。最後一個因素，你有這種臨時因素，當然，就像空運一樣，順便說一句，隨著日本的複蘇和下半年的補償，第二季度日本的貨運量會更低。有了這個，你有理由增加壓力，第二季度的毛利率壓力，但隨著下半年的補償。

We will 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 on the 2023 outlook and how you're thinking about your targets for next year, particularly on the HTU side. Should we assume a similar reduction to your heated tobacco target as the guidance reduction for this year of about 20%? And given Russia's significant contribution to the overall IQOS business, how are you adjusting your strategy for achieving your target for 50% of revenue coming from smoke-free products by 2025?

我有一個關於 2023 年前景的問題，以及您如何考慮明年的目標，尤其是在 HTU 方面。我們是否應該假設與您的加熱煙草目標類似的減少，作為今年的指導減少約 20%？鑑於俄羅斯對整體 IQOS 業務的重大貢獻，您將如何調整戰略以實現到 2025 年 50% 的收入來自無菸產品的目標？

We'll continue with the geographical and portfolio expansion of IQOS in the existing and the new geographies. And obviously, this we confronted with all the supply chain constraints and availability of devices, et cetera. So I mean we all know this.

我們將繼續在現有和新的地區擴展 IQOS 的地域和產品組合。顯然，我們面臨著所有供應鏈限制和設備可用性等問題。所以我的意思是我們都知道這一點。

The good way or one of the way maybe to look at the '23 targets, I believe you referred to the absolute volume target for IQOS is that, okay, let's assume that we don't have -- the lowest assumptions you can make is that we will not realize any further sales as of April 1 in the -- of Russia and in Ukraine. And that's essentially the floor of that thing.

看看 '23 目標的好方法或方法之一，我相信你提到 IQOS 的絕對數量目標是，好吧，假設我們沒有——你可以做出的最低假設是從 4 月 1 日起，我們不會在俄羅斯和烏克蘭實現任何進一步的銷售。這基本上就是那件事的底線。

Where do we land? I think everyone will appreciate, we need a little bit of time to really have the full visibility what is happening or what we will do with our business and you know our intentions about the exiting the Russia and also what's the -- or whatever might be the longer-term outlook for Ukraine, et cetera. There will be a bend in absolute numbers, there's no questions about it. The way I look into this whole thing, we may be in a situation that will deliver this target but with about a 12-month delay.

我們在哪裡著陸？我想每個人都會感激，我們需要一點時間來真正了解正在發生的事情或我們將如何處理我們的業務，你知道我們對退出俄羅斯的意圖以及是什麼 - 或者可能是什麼烏克蘭等的長期前景。絕對數字會出現變化，這是毫無疑問的。根據我對整個事情的看法，我們可能會實現這個目標，但會延遲大約 12 個月。

I mean, I am not in a position -- my thinking does not change the target. Just recognize that you may need a little bit of additional time to deliver on this target. All other parameters, the relative growth targets being the top line, bottom line and the relative growth of the -- or relative contribution, which is a very important target for us, of the noncombustible to combustible business, they remain as we have said before. And on that one, I'm confident we should be in a position to deliver this one.

我的意思是，我不在一個位置——我的想法不會改變目標。只要認識到你可能需要一點額外的時間來實現這個目標。所有其他參數，相對增長目標是頂線，底線和相對增長 - 或相對貢獻，這對我們來說是一個非常重要的目標，不可燃到可燃的業務，它們仍然像我們之前所說的那樣.在這一點上，我相信我們應該能夠提供這一點。

But in absolute volume, yes. I mean we might have missed but the way again -- sorry for repetition, I look at this, maybe I need a 12 months more to deliver the same target for other geographies and organic growth in existing geographies.

但在絕對數量上，是的。我的意思是我們可能已經錯過了，但又一次 - 抱歉重複，我看看這個，也許我需要 12 個月的時間來為其他地區和現有地區的有機增長實現相同的目標。

And Pamela, on your question on how do we get to more than 50% in 2025, I'm sure you've seen that in Q1 on a pro forma basis, excluding Russia and Ukraine, we are a bit below the full perimeter of the group, but not that much below. So we're at 30% versus around 31%.

帕梅拉，關於你關於我們如何在 2025 年達到 50% 以上的問題，我相信你已經看到，在第一季度的備考基礎上，不包括俄羅斯和烏克蘭，我們略低於該組，但沒有那麼多。所以我們的比例是 30%，而 31% 左右。

So yes, there is a bit more ground to cover to get to 50%. But given the dynamism that we see in our IQOS business and the opportunity we've been clearly showing in low- and middle-income country, we think we can catch up and deliver this more than 50%.

所以，是的，要達到 50%，還有更多的基礎可以覆蓋。但鑑於我們在 IQOS 業務中看到的活力以及我們在低收入和中等收入國家明顯展示的機會，我們認為我們可以趕上並實現 50% 以上。

And then a question on new IQOS user acquisition. You saw a good recovery this quarter, just by taking out the impacts from Russia to 1 million user -- over 1 million users. Do you expect to see a similar pace of new user acquisition over the course of the year? And how much of a role did ILUMA play in that? Would there be any impact from the supply disruption on the TEREA consumables?

然後是關於新 IQOS 用戶獲取的問題。您在本季度看到了良好的複蘇，僅通過消除俄羅斯對 100 萬用戶（超過 100 萬用戶）的影響。您是否期望在一年中看到類似的新用戶獲取速度？ ILUMA 在其中發揮了多大作用？ TEREA 耗材供應中斷是否會產生影響？

Yes. Did you hear my question?

是的。你聽到我的問題了嗎？

Yes. I think your question was -- sorry, because we want to catch up the sentence. Your question was we can expect the same dynamics of the user acquisition, right, going forward?

是的。我認為您的問題是-- 抱歉，因為我們想趕上這句話。你的問題是我們可以期待用戶獲取的相同動態，對吧，未來？

Yes.

是的。

Okay. So look, I mean the 1 million, above 1 million acquisition this quarter, which already goes sequentially about close to the 1 million acquisition, the Q4, I mean, that's directly correlated to our availability of the device, to the availability of devices and a full portfolio of devices. As you know, we also play now the different price segments gains. We have a more expensive devices, mid-priced devices, lower-priced devices.

好的。所以看，我的意思是本季度 100 萬，超過 100 萬的收購，這已經連續接近 100 萬收購，第四季度，我的意思是，這與我們的設備可用性、設備的可用性和完整的設備組合。如您所知，我們現在也在玩不同價格段的收益。我們有更昂貴的設備、中等價位的設備、低價位的設備。

So as long as we have availability of devices, I actually think that number should -- we should repeat the same sort of the rate if not actually higher because you could see from the conversion perspective and the like, consumer liking measured by NPS and other parameters, what we're offering today really is meeting the consumer expectation.

因此，只要我們有可用的設備，我實際上認為這個數字應該 - 如果實際上不是更高，我們應該重複同樣的比率，因為你可以從轉換的角度等看到，消費者喜歡由 NPS 和其他衡量參數，我們今天提供的確實是滿足消費者的期望。

So there's also bridging somehow to the -- before the question, that once we see the visibility on the devices, right, in the next quarter or so, and all the dynamics which we can achieve outside the Russia and Ukraine, then we would be in a position to revise what actually we will deliver in a year from now in terms of a total IQOS volume.

因此，在問題之前，我們還可以以某種方式橋接——一旦我們看到設備上的可見性，對，在下一季度左右，以及我們可以在俄羅斯和烏克蘭之外實現的所有動態，那麼我們就會能夠根據 IQOS 總量來修改我們在一年內實際交付的內容。

We will take our next question from Vivien Azer with Cowen.

我們將與 Cowen 一起回答 Vivien Azer 的下一個問題。

So I wanted to follow up on Japan. I'm just having a hard time reconciling 2 comments that you guys made. Number one, that there was negative device mix in the quarter but that you had device growth from ILUMA, because last quarter, I thought the launch of ILUMA was mix accretive in Japan. So am I misunderstanding something or did something change?

所以我想跟進日本。我只是很難協調你們提出的 2 條評論。第一，本季度出現了負面的設備組合，但您從 ILUMA 獲得了設備增長，因為上個季度，我認為 ILUMA 的推出在日本是混合增長的。那麼我是誤解了什麼還是改變了什麼？

I think that device mix, we're talking that we're signing up 3, as of now, 3 versions of IQOS ILUMA. You have a premium, mid and the lower price. Lower price was just introduced now to the market to the consumers. So obviously, in the shipments, we already had them in the Q1, right, because this is all recognized on the shipment.

我認為設備組合，我們正在談論我們正在註冊 3 個，截至目前，3 個版本的 IQOS ILUMA。您有溢價、中價和低價。較低的價格剛剛向市場推出給消費者。所以很明顯，在出貨量中，我們已經在第一季度擁有它們，對，因為這在出貨量上都是公認的。

And second is that these devices, I mean, the ILUMA ONE, which is the lowest price device, goes at attractive price in the market higher than the competitions, but attractive and lower than the price that we used to have on the one version of IQOS 3 before. So maybe here to Vivien what you need to look into.

其次，這些設備，我的意思是，ILUMA ONE，它是價格最低的設備，在市場上以比競爭對手更高的有吸引力的價格出售，但比我們過去在一個版本上的價格更有吸引力且更低。 IQOS 3 之前。所以也許在這裡給 Vivien 你需要調查什麼。

Yes. Vivien, if I may, Emmanuel speaking. It's a positive in the mix within the device because it comes at a higher price. But any growth in device is negative to the mix in terms of gross margin because it's coming with, of course, a much reduced gross margin versus the consumables. So the more device we sell, you have some impact on the revenue which is positive, but it has a dilutive impact on the gross margin rate, to be very clear.

是的。薇薇安，如果可以的話，伊曼紐爾說。這是設備內部組合的積極因素，因為它的價格更高。但就毛利率而言，設備的任何增長都會對組合產生負面影響，因為與消耗品相比，它的毛利率當然會大大降低。因此，我們銷售的設備越多，您對收入的影響是積極的，但對毛利率有攤薄影響，這一點非常清楚。

Understood. I think what I had failed to grasp was the pricing tier, so thank you both for that. For my second question, I was hoping to get some incremental color on Germany. You had meaningful share growth, both on a year-over-year and a sequential basis. Is there anything to call out there from an activation standpoint? Because the results were very strong.

明白了。我想我沒能掌握的是定價層，所以謝謝你們倆。對於我的第二個問題，我希望能對德國有所了解。無論是同比還是環比，您的份額都實現了有意義的增長。從激活的角度來看，有什麼要說的嗎？因為結果非常強烈。

No. This again comes to where cost price -- increased cost price change environment in Germany as the one thing. And second is, again, I mean, the Germany starts benefiting from not restricted access to the devices. So this again follows the same story that if we have a continuous broad range availability of the devices, we can go into the portfolio again and hence the performance. And this is one extra -- one additional comment I would make here, Vivien, is that Germany is still running on the IQOS 3.1 version, which is a blade version.

不，這又涉及到成本價格的所在——德國的成本價格變化環境是一回事。其次，我的意思是，德國開始從不受限制的設備訪問中受益。因此，這再次遵循相同的故事，即如果我們有持續廣泛的設備可用性，我們可以再次進入產品組合，從而提高性能。這是一個額外的——Vivien，我要在這裡做的一個額外的評論是，德國仍在運行 IQOS 3.1 版本，這是一個刀片版本。

And the reasons why we went for example, to Switzerland, with IQOS ILUMA is before opening the larger market, which obviously will take a lot of volume of the device because IQOS ILUMA would be performing in the similar sort of geography. So I'm very pleased with the success so far of IQOS ILUMA in Switzerland, especially the German-speaking part, because I use this as the -- we could use this as the proxy for Germany on acceleration, of the further acceleration of the growth in Germany.

而我們去瑞士的原因，例如，IQOS ILUMA 是在打開更大的市場之前，這顯然會佔用大量的設備，因為 IQOS ILUMA 將在類似的地區表現。因此，我對 IQOS ILUMA 迄今為止在瑞士取得的成功感到非常高興，尤其是德語部分，因為我用它作為 - 我們可以用它作為德國加速的代表，進一步加速德國的增長。

Now nothing is certain in life, but I think this is as far as we can read through the consumer reactions in Switzerland.

現在生活中沒有什麼是確定的，但我認為這是我們可以通過瑞士消費者的反應來閱讀的。

We will take our next question from Bonnie Herzog with Goldman Sachs.

我們將向高盛的 Bonnie Herzog 提出我們的下一個問題。

I had a few questions on Russia. I guess I was hoping you could share maybe just a few more details on your exit from the country and really what the mechanics of that are. I guess could you help us understand what's being manufactured in the market currently? And then what about the volume your manufacturing facility in St. Petersburg exports? Can you share with us roughly what percentage of the volume is exported? And then where you plan to maybe shift that volume to and when? And I guess I'm just trying to think about all this in terms of any costs associated with that. And then is that being reflected in your guidance?

我有幾個關於俄羅斯的問題。我想我希望你能分享一些關於你離開這個國家的更多細節，以及真正的機制是什麼。我想你能幫助我們了解目前市場上正在生產什麼嗎？那麼你們在聖彼得堡的製造工廠的出口量呢？您能否與我們大致分享一下出口量的百分比？然後你打算把那個音量轉移到什麼時候？我想我只是想從與之相關的任何成本方面考慮所有這些。然後這是否反映在您的指導中？

Bonnie, Jacek here. Judging by -- judging just by the number of details you mentioned in that question, you will appreciate how complex the situation is in Russia, so one by one. Russia in terms of the -- so far, production and export allocation was not really that significant. We had a much more significant plans of expanding Russia is that one of the key suppliers of new IQOS ILUMA, and hence, our decision is to immediately stop that investment as a result that we created a temporary hold for the rest of the market, partially for Russia launch of ILUMA, which we also canceled but also that Russia was supposed to contribute to the supply of the ILUMA, the consumables that are HeatSticks into other markets, including in Japan. So our first priority is how we can resource that capacity there.

邦妮，傑克在這裡。從你在那個問題中提到的細節的數量來看，你會明白俄羅斯的情況有多複雜，所以要一一了解。到目前為止，俄羅斯的生產和出口分配並不是那麼重要。我們有一個更重要的擴張俄羅斯的計劃是新 IQOS ILUMA 的主要供應商之一，因此，我們決定立即停止這項投資，因為我們為其餘市場創造了臨時保留，部分為俄羅斯推出 ILUMA，我們也取消了該產品，但俄羅斯本應為 ILUMA 的供應做出貢獻，ILUMA 是熱棒的消耗品，用於其他市場，包括日本。因此，我們的首要任務是如何為那裡的產能提供資源。

Obviously, that capacity means that we have an equipment installed in Russia. And we can't -- we don't use this equipment today. What will happen to that equipment going forward, we're also working on a certain plan, but I would stop here. I will not go into more details.

顯然，這種能力意味著我們在俄羅斯安裝了設備。我們不能——我們今天不使用這種設備。該設備未來會發生什麼，我們也在製定某個計劃，但我會就此打住。我將不再贅述。

Now to exit Russia in the orderly manner for us means that we need to reconcile the interest first of all of our shareholders, the employees in Russia. And you know that the ever-evolving legislation in Russia puts the significant risk or constraints of our ability to adhere. And this is only in the context of the very evolving regulatory environment, both on the international, it's obviously the sanctions, but also the legislations or legislation in Russia.

現在有序地退出俄羅斯對我們來說意味著我們首先需要協調我們所有股東的利益，即在俄羅斯的員工。而且您知道，俄羅斯不斷發展的立法給我們的遵守能力帶來了重大風險或限制。這只是在不斷變化的監管環境的背景下，無論是在國際上，這顯然是製裁，還有俄羅斯的立法或立法。

So if we want to, we have a significant presence in Russia, as we all know it. We're in the market, organically built the business over the last 30 years. This is 100% business of PMI International. We don't have any partners contributing to the core business. We obviously are connected with the local supply chains and wholesale and distribution components, but PM Izhora and Philip Morris sales and distribution is 100% Philip Morris business.

因此，如果我們願意，我們在俄羅斯擁有重要的影響力，我們都知道這一點。我們在市場上，在過去 30 年裡有機地建立了業務。這是 PMI International 100% 的業務。我們沒有任何合作夥伴為核心業務做出貢獻。我們顯然與當地的供應鏈以及批發和分銷組件相連，但 PM Izhora 和菲利普莫里斯的銷售和分銷是 100% 菲利普莫里斯的業務。

We have some shareholding in addition to this, we have a key distributor in the market, together along with our major tobacco company. And to unwind in orderly manner, all the strengths which we have in Russia is a complex endeavor. But we are committed to do so. Hence in our guidance and the decisions to look at the PMI as the rest of the business, which is doing absolutely great despite all of the headwinds which we have and so on rather than [pollute it] with something which would have limited visibility and ability to track them accordingly.

除此之外，我們還有一些股權，我們在市場上有一個主要的分銷商，還有我們的主要煙草公司。為了有序地放鬆，我們在俄羅斯擁有的所有優勢是一項複雜的努力。但我們致力於這樣做。因此，在我們的指導和決定中，將 PMI 視為業務的其餘部分，儘管我們遇到了所有不利因素等等，但它確實做得非常好，而不是用有限的知名度和能力來[污染它]相應地跟踪它們。

So I know that my answers have not -- gave you more clarity, but that is the best which we can say at this moment. I mean we're working on the exit, but it's presumably one of the most complication -- complicated transactions in front of the history of the group, which we're drawing from the board.

所以我知道我的回答沒有讓你們更清楚，但這是我們目前可以說的最好的答案。我的意思是我們正在努力退出，但這可能是最複雜的交易之一——在我們從董事會中提取的集團歷史面前的複雜交易。

Yes, I can only imagine. I appreciate the color. And just to be clear, just in terms of the exit, do you have a target date, the full exit of the market that you can share?

是的，我只能想像。我很欣賞這種顏色。需要明確的是，就退出而言，您是否有一個目標日期，您可以分享的市場完全退出？

Well, I mean, we are not delayed beyond what is necessary as long as we satisfied all the teams of the groups, if you like. And again, I repeat it, I mean, our -- we have a responsibility to shareholders, but we also have responsibility too in place in Russia. And overall group of stakeholders with the various expectations, okay? And you try to resolve that equation to the satisfaction of everyone, that's becoming a complex exercise. But we're working relentlessly of how to move forward. I mean I would appreciate that if there was any other size of the business and presence in the market, things could have looked differently. But this was a very big business for us.

好吧，我的意思是，只要我們讓小組的所有團隊都滿意，我們就不會延遲超出必要的時間，如果你願意的話。我再說一遍，我的意思是，我們對股東負有責任，但我們在俄羅斯也有責任。以及具有各種期望的整個利益相關者群體，好嗎？你試圖解決這個等式，讓每個人都滿意，這正在成為一項複雜的練習。但我們正在不懈地研究如何前進。我的意思是，如果市場上有任何其他規模的業務和存在，情況可能會有所不同。但這對我們來說是一項非常大的業務。

And honestly, that kind of brings me to my second question. As I think about your new pro forma HTU volume guidance of 88 billion to 92 billion units for this year, which assuming 22% growth at the midpoint, I guess I'd like to understand the key drivers of that since the growth outlook is now I guess, above your previous guidance. But Russia really, I thought, was such an important driver of that and for your future.

老實說，這讓我想到了第二個問題。當我想到你今年新的備考 HTU 銷量指導為 880 億至 920 億台時，假設中點增長 22%，我想我想了解其中的關鍵驅動因素，因為增長前景現在是我猜，在你之前的指導之上。但我認為，俄羅斯真的是這方面和你們未來的重要推動力。

So I just kind of want to understand what gives you the confidence, especially also on top of the uncertainty related to the semiconductor chip shortage situation.

所以我只是想了解是什麼給了你信心，尤其是在與半導體芯片短缺情況相關的不確定性之上。

Yes, thank you. So obviously, we need to make some -- we're making some assumptions on the supply chain. As I said earlier, we don't live today in a perfect visibility for all the remaining quarters of this year. But I think we have enough of the confidence to come up with this pro forma -- estimate of this pro forma guidance.

是的，謝謝。所以很明顯，我們需要做一些——我們正在對供應鏈做出一些假設。正如我之前所說，我們今天並沒有在今年剩餘的所有季度都處於完美的能見度中。但我認為我們有足夠的信心提出這個備考 - 對這個備考指導的估計。

Now look, you see the continuous trajectory of IQOS growth in essentially all geographies, including the geographies that historically were a bit tougher for us, where yet we had the progress but they were not really going at the group level of the growth. And now we see that Japan, with that ILUMA and a few other locations with ILUMA already having a massive acceleration of the growth. We know that we have in our plans for this and the year after with ILUMA.

現在看，您會看到基本上所有地區的 IQOS 增長的持續軌跡，包括歷史上對我們來說有點困難的地區，但我們取得了進展，但它們並沒有真正進入集團層面的增長。現在我們看到日本、ILUMA 和其他幾個擁有 ILUMA 的地方已經大幅加速增長。我們知道我們在 ILUMA 的這一年和後年的計劃中。

We also know that IQOS [3.1 3 DUO] which is currently the mostly sold device also continues to be very attractive. And this is continuously despite the fact that we offering our portfolio both of the devices and the consumables at a significant premium to any other market propositions. I think we're getting this confidence that IQOS continues to grow. And we're looking forward also to the moment when this will accelerate its growth. Will IQOS in the near term, excluding Russia and Ukraine, so the rest of the geographies compensate the lack of Russia and Ukraine? I think over a longer period of time, we once notice is in a shorter period of time, it might be challenging, okay? So we're not making any promises at this stage.

我們也知道，目前最暢銷的設備 IQOS [3.1 3 DUO] 也繼續非常有吸引力。儘管我們以高於任何其他市場主張的價格提供我們的設備和消耗品組合，但這種情況仍在持續。我認為我們對 IQOS 繼續增長充滿信心。我們也期待這將加速其增長的時刻。 IQOS 會在短期內，不包括俄羅斯和烏克蘭，因此其他地區會彌補俄羅斯和烏克蘭的不足嗎？我認為在較長的一段時間內，我們一旦注意到在較短的時間內，這可能是具有挑戰性的，好嗎？所以我們在這個階段沒有做出任何承諾。

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. Number one is (inaudible)...

所以我有幾個問題。第一個是（聽不清）...

Gaurav, we cannot really hear you.

Gaurav，我們真的聽不見你的聲音。

We can't hear you. Could you repeat the question, please?

我們聽不見你的聲音。請你再重複一遍這個問題好嗎？

Sure. Is this better?

當然。這是否更好？

It's better, yes.

更好，是的。

Yes, it's better, yes. Thank you.

是的，這樣更好，是的。謝謝你。

Sorry about that. So my first question is your guidance on industry volume and your own volume, ex Russia and Ukraine. So it seems to have become better. And if I look especially at your European volumes, they are quite strong. So we have this sort of the macro pressure on consumers and inflationary pressure and Europe might be in recession, not in recession or oil price impact.

對於那個很抱歉。所以我的第一個問題是你對行業數量和你自己的數量的指導，不包括俄羅斯和烏克蘭。所以似乎變得更好了。如果我特別看你們的歐洲銷量，它們非常強勁。所以我們對消費者和通脹壓力有這種宏觀壓力，歐洲可能處於衰退中，而不是衰退或油價影響。

So my question is that why are you seeing stronger volumes? And is it that when cigarette prices historically used to be up 4 in Europe and wage growth was 1, so cigarettes were becoming less affordable. And right now, cigarette pricing is still 4, while wage inflation is probably 4 or 5, so cigarettes are actually becoming more affordable, and that's why you are seeing better volume trends.

所以我的問題是，為什麼你會看到更強勁的銷量？是不是當歷史上捲菸價格在歐洲上漲 4 倍而工資增長為 1 倍時，捲菸變得越來越便宜。而現在，捲菸定價仍然是 4，而工資通脹可能是 4 或 5，因此捲菸實際上變得更實惠，這就是為什麼你看到更好的銷量趨勢。

Well, I think we should -- I mean we have the information of Q1 that are pointing to this evolution. It is true, Gaurav, that there are uncertainty on what's going to be the growth of the global economy in the coming quarters.

好吧，我認為我們應該 - 我的意思是我們有第一季度的信息指向這種演變。的確，高拉夫，未來幾個季度全球經濟的增長情況存在不確定性。

I suppose there is some trend in the market that are underlying trends in terms of demographics and behaviors. And let's face it, there is also still the continuation of rebound after the COVID. So last year was not a normal year. We are becoming much more normal. I'm not saying we're there yet, [technically in Duty Free], we're not. But in other markets, we can hope that for the coming months to be more normal, and that's going to be a positive.

我想市場上有一些趨勢是人口統計和行為方面的潛在趨勢。讓我們面對現實吧，在 COVID 之後仍有反彈的延續。所以去年不是一個正常的年份。我們變得越來越正常。我不是說我們還在那裡，[從技術上講，在免稅店裡]，我們還沒有。但在其他市場，我們可以希望未來幾個月會更加正常，這將是積極的。

So I don't know what's going to be the impact of a potential slowdown of the economy. Is it, by the way, going to have an impact on volume or more down trading and some countries in consumer going for cheaper offering. Today, what we see and we've been highlighting that with Marlboro recovering market share, we see Chesterfield being very successful. And we see, of course, great success with all our IQOS brand.

所以我不知道潛在的經濟放緩會產生什麼影響。順便說一句，這是否會影響交易量或更多的交易量下降，以及一些國家的消費者會尋求更便宜的產品。今天，我們看到並且我們一直在強調隨著萬寶路市場份額的恢復，我們看到切斯特菲爾德非常成功。當然，我們看到我們所有的 IQOS 品牌都取得了巨大的成功。

So that is what is driving for us this outlook for growth in volume. And of course, starting Q1 with a very nice growth, even if we flagged the fact that there was some -- maybe some anticipation. But I think that the Q1 numbers are there, it shows the dynamism that we are seeing in our portfolio.

因此，這就是推動我們實現銷量增長前景的原因。當然，從第一季度開始就有非常不錯的增長，即使我們指出存在一些——也許是一些預期的事實。但我認為第一季度的數據就在那裡，它顯示了我們在投資組合中看到的活力。

Sure. And coming to the EPS guidance and the dividend. So your dividend payout ratio will now be north of 90%. So how does that impact how you're thinking about share repurchases?

當然。並談到每股收益指導和股息。因此，您的股息支付率現在將超過 90%。那麼，這對您對股票回購的看法有何影響？

And we keep seeing these cycles with PM every 3 years. You have massive adverse FX and we go back 10 years, euro used to be EUR 1.50, yen was JPY 70. Then we had 1 cycle in 2014 and 2017. Now we have another cycle of FX. And clearly, a lot of your costs are in Swiss francs and dollars. So is there something you can do so that the cost mismatch, the transaction FX mismatch is lesser? And we again get into the situation where dividend payout ratio is becoming very tight.

我們每 3 年都會看到 PM 的這些週期。你有大量的不利外匯，我們回到 10 年前，歐元曾經是 1.50 歐元，日元是 70 日元。然後我們在 2014 年和 2017 年有一個週期。現在我們有另一個外匯週期。很明顯，你的很多成本都是瑞士法郎和美元。那麼有什麼辦法可以讓成本不匹配、交易外匯不匹配更小嗎？我們再次陷入股息支付率變得非常緊張的情況。

Well, Gaurav. So yes, of course, on the basis of the guidance that we've been giving, we would have a payout ratio that would significantly increase versus 2021. I think we've shown in the past the capacity to grow profit over time and reduce that. Our objective is to go down over time, and we did not give any kind of precise date to go down to 75% is still there.

好吧，高拉夫。所以是的，當然，根據我們一直提供的指導，我們的派息率將比 2021 年顯著增加。我認為我們過去已經展示了隨著時間的推移增加利潤並減少利潤的能力那。我們的目標是隨著時間的推移而下降，我們沒有給出任何確切的日期來下降到 75% 仍然存在。

I agree that given the adverse event that we are facing, it's going to take a bit more time to get there. That's the case, not so much -- I mean, the currency is playing, but it's really the accumulation of currency and Russia leaving the perimeter of the group that is driving that situation.

我同意，鑑於我們面臨的不利事件，到達那裡需要更多時間。情況就是這樣，不是那麼多——我的意思是，貨幣正在發揮作用，但實際上是貨幣的積累和俄羅斯離開了該集團的外圍，從而推動了這種情況。

Now on the ForEx, there is 2 elements. One is the pressure on margin, and we continue to work on trying to equalize better the currency in which we are invoicing and the currency in which we have our cost. We do that with the supply chain. There are some limitations because there are a number of things that you buy in dollars. But of course, we do that through everything we buy.

現在在 ForEx 上，有 2 個元素。一是保證金壓力，我們將繼續努力努力使我們開具發票的貨幣和我們產生成本的貨幣更好地平衡。我們通過供應鏈做到這一點。有一些限制，因為您可以用美元購買許多東西。但是，當然，我們通過我們購買的一切來做到這一點。

But there is one element that we cannot change that we have limited invoicing in dollars. So when the dollar is going up versus most of the currency, that is an impact, which is mechanical and on which there is not much we can do. So we can work, and I think we continue to work on the margin dimension. We cannot work on the fact that we have limited invoicing in dollar.

但是有一個因素是我們無法改變的，那就是我們限制了以美元計價的發票。因此，當美元兌大多數貨幣上漲時，這就是一種影響，這是機械性的，我們無能為力。所以我們可以工作，我認為我們會繼續在邊際維度上工作。我們無法處理我們有限的美元發票這一事實。

We will take our next question from Owen Bennett with Jefferies. It appears Mr. Bennett has dropped. We will go ahead and take our next question from Jared Dinges with JPMorgan.

我們將向 Jefferies 的 Owen Bennett 提出我們的下一個問題。看來貝內特先生已經放棄了。我們將繼續回答 JPMorgan 的 Jared Dinges 的下一個問題。

I just wanted to ask about the pricing environment, given inflation in places like Europe is -- it's reaching levels not seen for a long time.

我只是想問一下定價環境，考慮到歐洲等地的通貨膨脹——它達到了很長時間以來未見的水平。

Do you think there could be more of an opportunity to put through additional price increases given you are seeing cost inflation as well on a global basis, especially post-Russia and Ukraine, maybe we can see a bit more of a margin offset?

鑑於您在全球範圍內（尤其是後俄羅斯和烏克蘭）也看到成本上漲，您認為是否有更多機會進行額外的價格上漲，也許我們可以看到更多的利潤抵消？

We're taking a price increase and a price variance. So the opening of the -- came in be better than we initially thought. We will see what the remaining part of the year and especially the second half will bring.

我們正在考慮價格上漲和價格差異。所以開場的情況比我們最初想像的要好。我們將看到今年剩下的時間，尤其是下半年會帶來什麼。

Now when we look at the inflation, I mean, we also have to look at what is the inflation of the material. So like the cost of living and what is the inflation of the income, right? Because we haven't yet seen the inflation on the income level at the concept level. So we have to find the right spot at the right balance where do we have introduced.

現在當我們看通貨膨脹時，我的意思是，我們還必須看看什麼是材料的通貨膨脹。所以就像生活成本和收入的通貨膨脹，對吧？因為我們還沒有看到概念層面的收入水平的通貨膨脹。所以我們必須在合適的平衡點找到合適的位置，我們在哪裡引入。

But in most of the geographies, I mean, at the pricing environment, I would characterize it is getting positive. I mean Emmanuel talked about the Indonesia. On the other hand, we have a very strong rebound in the volumes in Indonesia. And hopefully also Indonesia, which used to be quite important or significant contributor to the pricing will hopefully towards the end of this year or definitely '23 will resume its pricing contribution.

但在大多數地區，我的意思是，在定價環境中，我認為它正在變得積極。我的意思是伊曼紐爾談到了印度尼西亞。另一方面，我們在印度尼西亞的銷量反彈非常強勁。並且希望過去對定價非常重要或重要的印度尼西亞也有望在今年年底或肯定 23 年恢復其定價貢獻。

We had a price increase in Germany flowing through the market, as the Philippines or Turkey as now Turkey goes to the hyperinflationary accounting. But we're trying to price it widely, looking at the inflation yields, the pressure. But as I said at the beginning of the year, we already started be ahead of our own expectations, pricing variance. So let's see how does this continue through the year.

我們在德國的價格上漲流經市場，就像菲律賓或土耳其一樣，現在土耳其進入惡性通貨膨脹會計。但我們正試圖對其進行廣泛定價，著眼於通脹收益率和壓力。但正如我在年初所說的那樣，我們已經開始超出我們自己的預期，定價差異。因此，讓我們看看這一年如何持續下去。

Got it. And maybe just to follow up on Southeast Asia. Clearly, it's a very, very strong start to the year in terms of volumes. What are your expectations there on the volume side for the rest of the year?

知道了。也許只是為了跟進東南亞。顯然，就銷量而言，這是今年非常非常強勁的開端。您對今年剩餘時間的銷量有什麼期望？

Well, there is this continuous -- remember, this is the part of the world which is still not out of the woods with regards to COVID unfortunately, right? So the situation is not really -- it didn't get back to the pre-COVID times. I believe there is some underlying growth opportunities just by the fact that if the continued recovery from the COVID situation, we should start seeing continuously better volume.

好吧，這是連續的-請記住，不幸的是，這是世界上仍未擺脫COVID的部分，對嗎？因此，情況並非如此——它沒有回到 COVID 之前的時代。我相信存在一些潛在的增長機會，因為如果從 COVID 情況中持續復甦，我們應該會開始看到持續更好的交易量。

And as I said, I mean, we took a price increase in Philippines. We're taking some pricing or taking the pricing a little bit accelerated in Indonesia, but on the other hand, we're still in there. As you remember, Indonesia take a couple of rounds of steps of a price increase to pass on the beginning of the excise increase. So we still need a bit of a time in order to go into the net margin improvement territory.

正如我所說，我的意思是，我們在菲律賓提高了價格。我們在印度尼西亞採取一些定價或加快定價，但另一方面，我們仍然在那裡。正如你所記得的，印度尼西亞採取了幾輪價格上漲步驟來傳遞消費稅上漲的開始。因此，我們仍然需要一點時間才能進入淨利率改善領域。

But it's very much hinges essentially to keep the charge on continuous recovery and no further surprises with regards of the COVID situation.

但這在很大程度上取決於保持對持續恢復的負責，並且對 COVID 情況沒有進一步的意外。

And Jared, as we said, we expect to grow nicely revenue in the region this year, which would be a very nice evolution.

Jared，正如我們所說，我們預計今年該地區的收入將增長良好，這將是一個非常好的演變。

That was the last question. Operator?

那是最後一個問題。操作員？

And there are no further questions on the line. I will turn the program back over to Nick Rolli for any additional or closing remarks.

並且沒有進一步的問題。我會將程序轉回給 Nick Rolli，以獲取任何補充或結束語。

I think Jacek, you have some closing remarks.

我認為 Jacek，你有一些結束語。

Okay. So thank you, everyone, for your attention and the patience. The quarter was pretty complex and complicated for us, and since the -- due to some technical problems, the earnings call also somehow adjusted to the situations in a quarter.

好的。因此，感謝大家的關注和耐心。這個季度對我們來說非常複雜和復雜，而且由於一些技術問題，財報電話會議也以某種方式適應了一個季度的情況。

I have one only comment for everyone I hope is still on the line. I would like to take this opportunity to thank Mr. Nick Rolli for his outstanding contribution to PMI and our former parent company over the past 35 years, in particular, as the Vice President, Investor Relations since the 2008 spin of Philip Morris International.

我對每個人都只有一個評論，我希望仍然在線。我想藉此機會感謝 Nick Rolli 先生在過去 35 年中對 PMI 和我們前母公司的傑出貢獻，特別是自 2008 年菲利普莫里斯國際公司成立以來擔任投資者關係副總裁。

As you all, I believe will agree with me, he has been a critical contributor to the journey of our company. And I know that you, our investors and analysts will join me in congratulating Nick and to wish him all the best for his very well-deserved retirement. At the same time, I would also like to congratulate James Bushnell on his new role. I have the pleasure because I personally was hiring Mr. Bushnell some years ago to PMI in his new role as the successor to Nick Rolli, and I believe he will receive the same support and warm welcome as Nick Rolli enjoyed from you for the last 35 years. So welcome, James, and thank you, Nick.

正如你們所有人一樣，我相信會同意我的看法，他一直是我們公司發展歷程中的重要貢獻者。我知道您、我們的投資者和分析師將與我一起祝賀尼克，並祝他一切順利，他當之無愧的退休。同時，我也要祝賀詹姆斯·布什內爾擔任新職務。我很高興，因為幾年前我親自聘請布什內爾先生擔任 PMI 的新職務，作為尼克羅利的繼任者，我相信他會得到尼克羅利在過去 35 年裡從你那裡得到的同樣的支持和熱烈歡迎年。歡迎，詹姆斯，謝謝你，尼克。

Thank you, Jacek, Thank you, Emmanuel. Congratulations, James.

謝謝你，Jacek，謝謝你，Emmanuel。恭喜，詹姆斯。

Thank you, Nick.

謝謝你，尼克。

And thank you all on the call because I know we've had some long relationships with many of you, and I value that relationship. And that's it. So thank you very much.

謝謝大家的電話，因為我知道我們與你們中的許多人有一些長期的關係，我很重視這種關係。就是這樣。所以非常感謝。

Thank you, Nick.

謝謝你，尼克。

That concludes the call. And again, we apologize for the technical difficulties on my last call, but we'll resolve everything and look forward to dealing with your follow-up questions. Thank you very much.

這結束了通話。再次，對於我上次通話中遇到的技術困難，我們深表歉意，但我們會解決所有問題，並期待處理您的後續問題。非常感謝你。

Talk to you soon, guys. Thank you.

小伙伴們快來聊聊吧。謝謝你。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接。