菲利普莫里斯國際 (PM) 2022 Q2 法說會逐字稿

Good day, and welcome to the Philip Morris International Second Quarter 2022 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) I would now like to turn the call over to Mr. James Bushnell, Vice President of Investor Relations and Financial Communications. Please go ahead, sir.

美好的一天，歡迎參加菲利普莫里斯國際公司 2022 年第二季度收益電話會議。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發言和問答環節。 （操作員說明）我現在想將電話轉給投資者關係和財務傳播副總裁 James Bushnell 先生。請繼續，先生。

Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2022 second quarter results. You may access the release on 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。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 年第二季度業績的詳細信息。您可以在 pmi.com 上訪問該版本。術語表，包括低風險產品或 RRP 的定義以及調整、其他計算和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對賬，位於今天的網絡廣播幻燈片的末尾，已發布在我們的網站上。

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 and disposals. Consistent with last quarter, figures and comparisons presented on a pro forma basis entirely exclude PMI's operations in Russia and Ukraine. As mentioned previously, starting in the second quarter of 2022, and on a comparative basis, PMI will exclude amortization and impairment of acquired intangibles from its adjusted results.

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。在有機基礎上呈現的增長率反映了貨幣中性調整後的結果，不包括收購和出售。與上一季度一致，在備考基礎上提供的數據和比較完全不包括 PMI 在俄羅斯和烏克蘭的業務。如前所述，從 2022 年第二季度開始，在比較的基礎上，PMI 將從其調整後的結果中排除收購無形資產的攤銷和減值。

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. It's now my pleasure to introduce Emmanuel Babeau, Chief Financial Officer. Over to you, Emmanuel.

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。現在我很高興介紹首席財務官 Emmanuel Babeau。交給你了，伊曼紐爾。

Thank you, James. Welcome to you in your new role, and welcome, everyone. Before I begin, I want to reiterate our focus on supporting our employees and their families affected by the war in Ukraine and above all on the safety of our people. We continue to deploy pledge humanitarian support and additional benefits for our Ukraine employees. As previously announced, we intend to exit the Russian market in an orderly manner, as the complexities of continuing to operate in Russia increase such as supply chain challenges and financial and banking sector restriction.

謝謝你，詹姆斯。歡迎您擔任新角色，歡迎大家。在開始之前，我想重申我們的重點是支持受烏克蘭戰爭影響的員工及其家人，最重要的是我們人民的安全。我們繼續為烏克蘭員工提供承諾人道主義支持和額外福利。正如之前宣布的那樣，隨著供應鏈挑戰以及金融和銀行業限制等繼續在俄羅斯運營的複雜性增加，我們打算有序退出俄羅斯市場。

We continue to actively work on options for doing so in the context of an increasingly complex and rapidly changing regulatory and operating environment, including the requirement to obtain certain governmental approval for any transaction.

在日益複雜和迅速變化的監管和運營環境的背景下，我們將繼續積極研究這樣做的選擇，包括任何交易都需要獲得某些政府批准的要求。

Turning to our business. We demonstrated strong underlying momentum in the second quarter of 2022 with another quarter of positive volume supporting better-than-expected top and bottom line growth. Most impressive was the continued excellent IQOS performance and strong Q2 pro forma user growth of more than 1.1 million, demonstrating further sequential acceleration compared to Q1 as device limitation and COVID restrictions continue to ease. This reflects strong momentum in the EU region, Japan and developing market. Q2 RP pro forma net revenues grew by plus 11% despite the adverse shipment timing impact due to supply chain constraints highlighted last quarter, while HTU IMS volumes grew by plus 20%.

轉向我們的業務。我們在 2022 年第二季度展示了強勁的潛在動力，另外一個季度的正交易量支持好於預期的頂線和底線增長。最令人印象深刻的是持續出色的 IQOS 性能和超過 110 萬的強勁 Q2 備考用戶增長，與 Q1 相比，隨著設備限制和 COVID 限制繼續放寬，顯示出進一步的連續加速。這反映了歐盟地區、日本和發展中市場的強勁勢頭。儘管上個季度突出的供應鏈限制對發貨時間產生不利影響，但第二季度 RP 預估淨收入增長了 11% 以上，而 HTU IMS 銷量增長了 20% 以上。

IQOS ILUMA delivered further impressive results in its first 3 markets of Japan, Switzerland and Spain. The acceleration in category growth in these diverse geographies highlight the exciting future growth opportunity across the world, including in the latest launch market of Greece. In combustible, robust Q2 pro forma volume growth of plus 2.4% and organic net revenue growth of plus 4.2% were driven by Marlboro share gains, stronger pricing and the continued recovery of the markets.

IQOS ILUMA 在日本、瑞士和西班牙的前三個市場取得了令人矚目的成績。這些不同地區的品類增長加速突顯了全球令人興奮的未來增長機會，包括希臘最新推出的市場。在可燃性、強勁的第二季度備考銷量增長 2.4% 和有機淨收入增長 4.2% 的推動下，萬寶路股價上漲、定價走強和市場持續復甦。

Maintaining leadership of the cigarette category allows us to maximize the switching of adult smokers to smoke-free alternatives and accelerate our transformation into a predominantly smoke-free business by 2025. We expect the strong underlying momentum of our business in H1 to continue, and we are from an organic growth outlook for the year. We are now well on track to deliver 2 consecutive years of volume growth, confirming our status as a growth company in terms of volumes, organic net revenues and margins.

保持捲菸類別的領先地位使我們能夠最大限度地讓成年吸煙者轉向無菸替代品，並加快我們到 2025 年向無菸業務的轉型。我們預計上半年我們業務的強勁潛在勢頭將繼續下去，我們來自今年的有機增長前景。我們現在有望實現連續 2 年的銷量增長，證實了我們在銷量、有機淨收入和利潤率方面作為成長型公司的地位。

Despite a substantial currency headwind in 2022, we expect to deliver full year adjusted diluted EPS of around $6, including Russia and Ukraine. The proposed addition of Swedish Match would further boost our future financial profile. This is a value-creating offer for both set of shareholders with a compelling strategic and cultural fit, providing an additional opportunity to accelerate our smoke-free future.

儘管 2022 年存在巨大的貨幣逆風，但我們預計全年調整後的攤薄後每股收益約為 6 美元，包括俄羅斯和烏克蘭。擬議增加瑞典火柴將進一步提升我們未來的財務狀況。對於具有引人注目的戰略和文化契合度的雙方股東來說，這是一個創造價值的提議，為加速我們的無菸未來提供了額外的機會。

Turning to the headline numbers. Our Q2 volumes grew by plus 3% on a pro forma basis and by plus 1.1% in total, including Russia and Ukraine. Pro forma net revenues grew organically by plus 6.2% and by plus 5.3% for total PMI, reflecting both the continued strong growth of IQOS and the ongoing recovery of the combustible business in many markets against a pandemic affected comparison. As we anticipated and indicated previously, less unfavorable timing of cigarette shipment also played a role, notably due to replenishment of duty-free inventories. Our total organic net revenue per unit grew by plus 3% on a pro forma basis and by plus 4.1% in total despite the expected delay of HTU shipments to Japan as we manage through global supply chain disruption.

轉向標題數字。我們的第二季度銷量在備考基礎上增長了 3%，包括俄羅斯和烏克蘭在內的總銷量增長了 1.1%。備考淨收入有機增長 6.2%，總 PMI 增長 5.3%，反映出 IQOS 的持續強勁增長以及許多市場的可燃業務在受大流行影響的情況下持續復甦。正如我們之前預期和指出的那樣，捲菸運輸的不利時機也發揮了作用，特別是由於免稅庫存的補充。儘管我們通過全球供應鏈中斷進行管理，預計 HTU 向日本的發貨延遲，但我們每單位的總有機淨收入在備考基礎上增長了 3%，總收入增長了 4.1%。

This incorporates combustible pricing of plus 3.5% on a pro forma basis or almost plus 5% excluding Indonesia. Our Q2 adjusted operating income margin declined organically by 190 basis points on a pro forma basis and by 150 basis points in total. As expected and communicated in our Q1 quarterly results, this reflects 4 main factors: first, investment to further expand and match the speed of growth in our smoke-free portfolio. This includes the initial higher cost of ILUMA devices and HTUs and the transitory dilutive margin impact of higher device sales as we roll out ILUMA and replenish distribution channel as device constraint ease to support reaccelerating IQOS user growth.

這包括在備考基礎上增加 3.5% 或幾乎增加 5%（不包括印度尼西亞）的可燃物定價。我們第二季度調整後的營業利潤率在備考基礎上有機下降了 190 個基點，總共下降了 150 個基點。正如我們在第一季度業績中所預期和傳達的那樣，這反映了四個主要因素：首先，投資以進一步擴大和匹配我們無菸產品組合的增長速度。這包括 ILUMA 設備和 HTU 的初始較高成本，以及隨著我們推出 ILUMA 並在設備限制緩解以支持重新加速 IQOS 用戶增長時補充分銷渠道時更高設備銷售對利潤率的暫時稀釋影響。

Second, the impact of supply chain disruption, notably due to the war in Ukraine, including around $80 million in additional air freight expenses. Third, inflation of around 4% in our cost of goods driven by the global pandemic recovery and exacerbated by the war, notably for certain direct materials, wages, energy and transportation costs. And last, a challenging prior year margin comparison, which included substantial cost of goods sold productivity savings.

其次，供應鏈中斷的影響，尤其是烏克蘭戰爭造成的影響，包括大約 8000 萬美元的額外空運費用。第三，在全球大流行複蘇和戰爭加劇的推動下，我們的商品成本上漲了約 4%，尤其是某些直接材料、工資、能源和運輸成本。最後，上一年的利潤率比較具有挑戰性，其中包括大量銷售商品成本節省了生產力。

Despite these typical margin challenges, our robust top line growth and ongoing cost efficiency enable us to deliver plus 5.6% growth in pro forma currency-neutral adjusted diluted EPS ahead of expectation to $1.32 and plus 3.8% growth for total PMI to $1.48, including Russia and Ukraine. Looking at the first half of the year now, our volumes grew by plus 4% on a pro forma basis and by plus 2.2% for total PMI. Pro forma revenues grew by plus 8.1% and by plus 7.1% in total, also driven by strong IQOS performance and the recovery of the cigarette category.

儘管存在這些典型的利潤率挑戰，但我們強勁的收入增長和持續的成本效率使我們能夠在備考貨幣中性調整後的攤薄每股收益上實現 5.6% 的增長，超過預期，達到 1.32 美元，以及包括俄羅斯在內的總 PMI 增長 3.8% 至 1.48 美元和烏克蘭。現在看今年上半年，我們的交易量在備考基礎上增長了 4%，總 PMI 增長了 2.2%。備考收入增長了 8.1%，總收入增長了 7.1%，這也受到了 IQOS 強勁表現和捲菸類別復甦的推動。

We delivered organic net revenue per unit growth of plus 4% on a pro forma basis and plus 4.7% in total, again, reflecting the positive impact of growing HT volumes and pricing. Our H1 adjusted operating income margin contracted organically by 110 basis points on a pro forma basis and 90 basis points in total, driven by the factors mentioned previously. We expect better margin performance in H2, a topic I will review it shortly.

我們在備考基礎上實現了每單位有機淨收入增長 4%，總收入增長 4.7%，這再次反映了 HT 銷量和定價增長的積極影響。在前面提到的因素的推動下，我們的 H1 調整後營業收入利潤率在備考基礎上有機收縮了 110 個基點，總共收縮了 90 個基點。我們預計下半年的利潤率表現會更好，我將很快回顧這個話題。

Currency-neutral adjusted diluted EPS grew by plus 10.4% to $2.79 on a pro forma basis and plus 9.2% in total to $3.06, an excellent performance given the circumstances.

貨幣中性調整後的攤薄每股收益在備考基礎上增長了 10.4% 至 2.79 美元，總計增長了 9.2% 至 3.06 美元，在這種情況下表現出色。

Reflecting this strong momentum, we have our guidance for 2022. With strong IQOS growth and robust trends in combustible, we foresee an acceleration in our currency-neutral growth expectation relative to our previous forecast. First, we now expect to grow our total pro forma shipment volume by plus 1.5% to plus 2.5% for 2022, achieving another year of volume growth. For pro forma net revenue, we expect to deliver between plus 6% and plus 8% organic growth as compared to the plus 4.5% to plus 6.5% announced previously, despite a greater-than-anticipated drag from hyperinflationary accounting in Turkey.

反映這一強勁勢頭，我們制定了 2022 年的指導方針。隨著 IQOS 的強勁增長和可燃物的強勁趨勢，我們預計相對於我們之前的預測，我們的貨幣中性增長預期將加速。首先，我們現在預計到 2022 年，我們的總備考出貨量將增長 1.5% 至 2.5%，實現又一年的出貨量增長。對於備考淨收入，我們預計將實現 6% 至 8% 的有機增長，而之前宣布的增長為 4.5% 至 6.5%，儘管土耳其惡性通貨膨脹會計的拖累大於預期。

With a strong recovery in device volume, the increasing contribution of ILUMA with initially higher unit cost and ongoing global inflation, we are narrowing our forecast for pro forma adjusted organic OI margin expansion to between 0 and plus 50 basis points.

隨著設備銷量的強勁復甦、ILUMA 的貢獻增加以及最初較高的單位成本和持續的全球通脹，我們將我們對備考調整後的有機 OI 利潤率擴張的預測縮小至 0 至 50 個基點之間。

We are also raising our growth outlook for pro forma currency-neutral adjusted diluted EPS to between plus 10% and plus 12%. This reflects a range of $5.23 to $5.34, including an estimated unfavorable currency impact of $0.80 at prevailing rates notably due to the euro and Japanese yen. We'll include a slide in the appendix with further detail on this estimated impact. For total PMI, which assumes a full year contribution from Russia and Ukraine, we expect adjusted diluted EPS of $5.90 to $6.05, reflecting similar dynamic to the pro forma basis and including an estimated $0.69 unfavorable currency impact.

我們還將備考貨幣中性調整後稀釋後每股收益的增長前景提高至正 10% 至正 12% 之間。這反映了 5.23 至 5.34 美元的範圍，包括按現行匯率計算的 0.80 美元的估計不利貨幣影響，主要是由於歐元和日元。我們將在附錄中加入一張幻燈片，進一步詳細說明這一估計影響。對於假設俄羅斯和烏克蘭全年貢獻的總 PMI，我們預計調整後的攤薄每股收益為 5.90 美元至 6.05 美元，反映了與備考基礎類似的動態，包括估計的 0.69 美元的不利貨幣影響。

Please note our 2022 forecast assumes no contribution from the proposed combination with Swedish Match which is expected to close in the fourth quarter of this year, subject to Swedish Match shareholder acceptance and the necessary regulatory approvals. The outlook for IQOS growth is excellent, and we now expect to deliver full year pro forma HTU shipment volume of 90 billion to 92 billion units, representing the upper half of our previous forecast range.

請注意，我們對 2022 年的預測假設與瑞典火柴的擬議合併沒有任何貢獻，該合併預計將在今年第四季度完成，但須獲得瑞典火柴股東的接受和必要的監管批准。 IQOS 增長前景非常好，我們現在預計全年備考 HTU 出貨量將達到 900 億至 920 億個單位，占我們之前預測範圍的上半部分。

With growth momentum very strong, the main constraint for not further raising our HTU volume target is our production capacity, notably for ILUMA HTUs due to their outstanding initial success and the cancellation of production in Russia as we convert existing production line for induction consumable. We continue to expect excellent HTU growth in the coming quarters with a progressive improvement in ILUMA HTU capacity through the first half of 2023. We are prioritizing ILUMA launch markets accordingly with further launches plan in Q4 as communicated previously.

由於增長勢頭非常強勁，我們無法進一步提高 HTU 產量目標的主要製約因素是我們的產能，尤其是 ILUMA HTU，因為它們取得了出色的初步成功，並且由於我們將現有生產線轉換為感應耗材而取消了在俄羅斯的生產。我們繼續預計未來幾個季度的 HTU 將實現出色的增長，到 2023 年上半年 ILUMA HTU 容量將逐步提高。我們正在優先考慮 ILUMA 發射市場，並在第四季度進一步推出如前所述的計劃。

A notable further update to our outlook is an increase in our operating cash flow forecast to around $10.5 billion as compared to around $10 billion previously despite notable currency headwinds. This includes our accelerated pro forma earnings growth forecast and an assumed full year contribution from Russia and Ukraine. We delivered robust operating cash flow growth in H1 of plus 14%. And as shown through the challenges of recent years, the cash generation capacity of our business remains exceptional. While flatted somewhat in 2021 by favorable timing and one-off impact, our revised full year forecast demonstrates underlying growth against this exceptional year after also accounting for higher inflation driven working capital requirements and currency. This underlines our ability to maintain a strong balance sheet, pay down debt and invest in the growth of our business.

儘管存在明顯的貨幣逆風，但我們對前景的一個顯著更新是我們將運營現金流預測從之前的約 100 億美元增加到約 105 億美元。這包括我們加速的備考盈利增長預測以及俄羅斯和烏克蘭的假設全年貢獻。我們在上半年實現了強勁的經營現金流增長，增長了 14%。正如近年來的挑戰所表明的那樣，我們業務的現金產生能力仍然非常出色。雖然由於有利的時機和一次性影響在 2021 年有所持平，但我們修訂後的全年預測顯示，在考慮到更高的通脹驅動的營運資金需求和貨幣後，與這一特殊年份相比的潛在增長。這突顯了我們維持強勁資產負債表、償還債務和投資於業務增長的能力。

Our net debt of $23 billion on June 30, 2022, decreased compared to both June and December 2021, despite H1 capital expenditure of $0.5 billion and ongoing dividend payment. Our commitment to our progressive dividend policy is unwavering and we look forward to the additional cash flow, the proposed combination with Swedish Match would bring. We also continue to expect around $1 billion in full year capital expenditure.

儘管上半年資本支出為 5 億美元且持續支付股息，但與 2021 年 6 月和 2021 年 12 月相比，我們在 2022 年 6 月 30 日的淨債務為 230 億美元。我們對累進股息政策的承諾堅定不移，我們期待與瑞典火柴的擬議合併帶來的額外現金流。我們還繼續預計全年資本支出約為 10 億美元。

Moving now to the pro forma outlook for the second half. We expect to deliver strong top line growth, organic adjusted OI margin expansion and further acceleration in bottom line growth. For Q3, we expect mid-single-digit organic top line growth driven by IQOS with around $22 billion in pro forma HTU shipment volumes. While there is a tougher comparison for cigarette and a modest negative impact expected from shipment timing, we expect combustible volume trends to remain resilient by historical standards. Net revenue growth will also continue to be impacted in both Q3 and Q4 by the shift to hyperinflationary accounting in Turkey.

現在轉到下半年的備考展望。我們預計將實現強勁的收入增長、有機調整後的 OI 利潤率擴張以及進一步加速利潤增長。對於第三季度，我們預計 IQOS 將推動中等個位數的有機頂線增長，預計 HTU 出貨量約為 220 億美元。雖然對捲菸的比較更為嚴格，並且預計發貨時間會產生適度的負面影響，但我們預計可燃量趨勢將保持歷史標準的彈性。由於土耳其轉向惡性通貨膨脹會計，第三季度和第四季度的淨收入增長也將繼續受到影響。

While the temporary cost headwinds in Q2 are expected to ease somewhat in the third quarter, we expect this to be broadly offset by a step-up in smoke-free commercial and R&D investment as compared to a device constraint in Q3 2021. This results in an expected Q3 pro forma adjusted diluted EPS range of $1.23 to $1.28, including an estimated adverse currency impact of $0.24 at prevailing rates. We expect a strong Q4 with a rebound in HTU shipment volume due to phasing to the most pronounced as HT capacity constraint improve. The H2 recovery in our pro forma adjusted OI margin is also expected to be Q4 weighted.

雖然預計第二季度的臨時成本逆風將在第三季度有所緩解，但與 2021 年第三季度的設備限制相比，我們預計這將被無菸商業和研發投資的增加所抵消。這將導致預計第三季度備考調整後的稀釋每股收益範圍為 1.23 美元至 1.28 美元，包括按現行匯率計算的 0.24 美元的估計不利貨幣影響。我們預計第四季度強勁，HTU 出貨量反彈，因為隨著 HT 產能限制的改善，逐步達到最明顯的階段。我們備考調整後的 OI 利潤率中的 H2 復甦預計也將是第四季度加權的。

Turning back to our results. Pro forma HTU in-market sales volume grew strongly by plus 20% for both the second quarter and the first half, notably driven by strong performance in the EU region. As expected, Q2 IMS pro forma growth was significantly ahead of shipment volume growth reflecting the later timing of shipments I mentioned earlier. Our total pro forma shipment volume increased by plus 3% for Q2 and plus 4% for H1. As I touched on earlier, this put us well on track to deliver total volume growth for the second consecutive year on both a pro forma and total PMI basis.

回到我們的結果。第二季度和上半年的備考 HTU 市場銷量強勁增長了 20% 以上，這主要是受歐盟地區強勁表現的推動。正如預期的那樣，第二季度 IMS 的備考增長明顯領先於出貨量增長，這反映了我之前提到的出貨時間較晚。我們的總備考出貨量在第二季度增加了 3%，在上半年增加了 4%。正如我之前提到的，這使我們在備考和總採購經理人指數基礎上連續第二年實現總量增長。

With the impressive performance of IQOS, heated tobacco units comprised 12.6% of our pro forma shipment volume in H1 or 14% in total despite the anticipated HTU shipment timing impact in Q2. Our sales mix is also changing rapidly as we aim to become a majority smoke-free company by 2025. Smoke-free net revenues made up almost 30% of our pro forma total and exceeded 30% for total PMI in the first half of the year. IQOS devices accounted for approximately 5% of the $4.2 billion of pro forma H1 RRP net revenues. This reflects higher device volume at a lower average price than last year as we expand our device portfolio with VEEV and ILUMA ONE and price ladder, our blade device portfolio in preparation for the launch of premium position in ILUMA.

憑藉 IQOS 令人印象深刻的表現，儘管預計第二季度的 HTU 出貨時間會受到影響，但加熱煙草單位在上半年占我們備考出貨量的 12.6% 或總出貨量的 14%。我們的銷售組合也在迅速變化，我們的目標是到 2025 年成為多數無菸公司。無菸淨收入占我們備考總額的近 30%，上半年 PMI 總收入超過 30% . IQOS 設備約佔 H1 預計 RRP 淨收入 42 億美元的 5%。這反映了設備數量增加，平均價格低於去年，因為我們通過 VEEV 和 ILUMA ONE 以及價格階梯擴展了我們的設備組合，我們的刀片設備組合為在 ILUMA 推出優質位置做準備。

The positive momentum of IQOS continues and is further accelerating in many geographies, providing a powerful driver of revenue and margin growth. We delivered organic growth of plus 8.1% in H1 pro forma net revenues and shipment on growth of plus 4%. This reflects between engine driving our top line in addition to volume. The first is pricing led by combustible. The second is the increasing mix of RRPs in our business at higher net revenue per unit, which continued to deliver substantial growths. This is an increasingly powerful driver as our transformation accelerate.

IQOS 的積極勢頭仍在繼續，並在許多地區進一步加速，為收入和利潤率增長提供了強大動力。我們在上半年的備考淨收入和出貨量增長了 4%，實現了 8.1% 的有機增長。這反映了驅動我們收入的引擎和銷量之間的關係。一是易燃物引領定價。第二個是我們業務中的 RRP 組合不斷增加，每單位淨收入增加，這繼續帶來可觀的增長。隨著我們轉型的加速，這是一個越來越強大的驅動力。

Let's now turn to the drivers of pro forma adjusted OI margin which contracted organically by 110 basis points. Pro forma gross margin decreased by 280 basis points organically, reflecting the factors I mentioned previously, as we invest in our smoke-free business and manage temporary supply chain disruption and cost inflation. This margin headwind was partially offset by better pro forma adjusted marketing administration and reserve costs, which improved by 160 basis points organically. This was driven by the positive operating leverage of RRP growth and successful cost efficiency program where we generated around $420 million in gross cost savings, of which approximately $170 million came from COGS productivity and over $250 million from SG&A.

現在讓我們轉向調整後的備考 OI 保證金的驅動因素，該保證金有機收縮了 110 個基點。備考毛利率有機地下降了 280 個基點，反映了我之前提到的因素，因為我們投資於無菸業務並管理臨時供應鏈中斷和成本膨脹。這一利潤率逆風被更好的備考調整營銷管理和儲備成本部分抵消，後者有機地提高了 160 個基點。這是由 RRP 增長的積極運營槓桿和成功的成本效率計劃推動的，我們節省了約 4.2 億美元的總成本，其中約 1.7 億美元來自 COGS 生產力，超過 2.5 億美元來自 SG&A。

With more than $1.2 billion of savings realized by this halfway point, we are well on track to deliver cost savings of $2 billion for 2021, 2023. This allows us to reinvest in top line growth and mitigate inflationary pressures while continuing to deliver margin expansion. We continue to accelerate investment in our commercial programs, digital engine and R&D for long-term growth as well as a number of growth opportunities across categories and geographies. As reflected in our full year outlook, we expect our operating margin trajectory to improve in the second half of the year as temporary headwind and tough comparison in. Focusing now on combustible, our portfolio again delivered growth in pro forma volume and organic net revenue in Q2. Our pro forma shipment volume grew by plus 2.4% against a pandemic affected comparison notably driven by Indonesia, Poland and Turkey. In addition, we saw a continued recovery in international duty-free outside Asia as passenger traffic increases.

到這個中途點實現了超過 12 億美元的節省，我們有望在 2021 年和 2023 年實現 20 億美元的成本節省。這使我們能夠在繼續實現利潤率擴張的同時，對收入增長進行再投資並緩解通脹壓力。我們繼續加快對我們的商業項目、數字引擎和研發的投資，以實現長期增長以及跨類別和地域的許多增長機會。正如我們的全年展望所反映的那樣，由於暫時的逆風和艱難的比較，我們預計我們的營業利潤率軌跡將在下半年有所改善。現在專注於可燃物，我們的投資組合再次實現了備考數量和有機淨收入的增長Q2。與受印度尼西亞、波蘭和土耳其影響的大流行比較相比，我們的備考出貨量增長了 2.4%。此外，隨著客運量的增加，我們看到亞洲以外的國際免稅商品持續復甦。

Pro forma combustible pricing of plus 3.5% was slightly ahead of our expectations. And while we remain cautious on the economic outlook, the pricing environment has been gradually improving. We expect to deliver a similar level of pricing for the full year. Our leadership in combustibles helps to maximize switching to smoke-free product and both the positive Q2 and H1 segment share demonstrates the strength of our portfolio. We continue to target a stable category share over time despite the impact of IQOS cannibalization. This year marks the 50th anniversary of Marlboro becoming the world's leading cigarette brand. With the return of social consumption occasion, Marlboro volumes grew plus 7% year-over-year in H1, with category share again surpassing 10% on a pro forma 12-month rolling basis. Of course, our long-standing success in building Marlboro's brand equity is the strength we are now a smoke-free product as we make excellent progress with IQOS as the undisputed global smoke-free leader.

預計可燃物價格上漲 3.5%，略高於我們的預期。雖然我們對經濟前景保持謹慎，但定價環境已逐漸改善。我們預計全年提供類似水平的定價。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，Q2 和 H1 細分市場的積極份額都證明了我們產品組合的實力。儘管受到 IQOS 蠶食的影響，但隨著時間的推移，我們將繼續瞄準穩定的類別份額。今年是萬寶路成為世界領先捲菸品牌50週年。隨著社交消費場合的回歸，萬寶路上半年銷量同比增長 7%，在備考 12 個月滾動基礎上，類別份額再次超過 10%。當然，我們在建立萬寶路品牌資產方面的長期成功是我們現在成為無菸產品的優勢，因為我們在 IQOS 作為無可爭議的全球無菸領導者方面取得了巨大進步。

The positive combination of a stable share in combustible and the continued growth of IQOS positions to deliver total market share growth over time. We capture plus 40 basis points of pro forma share gain in Q2 including gains in duty-free, Italy, Japan and Turkey. Moreover, PMI HTU strengthened their position as the second largest nicotine brand in markets where IQOS is present with a 7.5% share, excluding Russia and Ukraine.

可燃物的穩定份額與 IQOS 頭寸的持續增長相結合，隨著時間的推移實現了總市場份額的增長。我們在第二季度獲得了加上 40 個基點的備考股票收益，包括免稅、意大利、日本和土耳其的收益。此外，PMI HTU 鞏固了其在 IQOS 市場中第二大尼古丁品牌的地位，市場份額為 7.5%，不包括俄羅斯和烏克蘭。

Moving now to IQOS performance. We estimate there were approximately 19 million IQOS users as of June 30 on a pro forma basis. This reflects very strong growth of over plus 1.1 million users in Q2 and plus 2.2 million in H1, a record first half high on this basis. The acceleration of IQOS user growth compared to both Q1 and last year was driven by the reactivation of acquisition and retention program in many markets as device supply constraint receded as well as the impressive start of IQOS ILUMA. While device supply constrained has eased in recent quarter, this is largely due to the success of our own proactive effort. The global supply of semiconductors remain tight, and we continue to closely monitor and manage the situation.

現在轉向 IQOS 性能。我們估計，截至 6 月 30 日，IQOS 用戶在備考基礎上約有 1900 萬。這反映了第二季度超過 110 萬用戶和上半年增加 220 萬用戶的強勁增長，在此基礎上創下上半年的新高。與第一季度和去年相比，IQOS 用戶增長的加速是由於隨著設備供應限制的消退以及 IQOS ILUMA 令人印象深刻的開端，許多市場重新啟動了獲取和保留計劃。儘管最近一個季度設備供應受限有所緩解，但這主要歸功於我們自己積極努力的成功。全球半導體供應依然緊張，我們將繼續密切監控和管理情況。

In the EU region, we are now approaching the milestone of 9 million IQOS users, reflecting stepped-up commercial activities to drive acquisition and retention, along with the launch of ILUMA in Switzerland and Spain. Our second quarter HTU share increased by plus 1.6 points to 7.1% of total cigarette and HTU industry volume. As noted in prior years, sequential share compared to Q1 was affected by the usual seasonality of the combustible market with the additional element of a strong year-over-year combustible recovery this quarter.

在歐盟地區，我們現在正在接近 900 萬 IQOS 用戶的里程碑，這反映了推動收購和保留的商業活動的加強，以及 ILUMA 在瑞士和西班牙的推出。我們第二季度的 HTU 份額增加了 1.6 個百分點，達到捲菸和 HTU 行業總量的 7.1%。正如前幾年所指出的那樣，與第一季度相比，可燃物市場的環比份額受到了可燃物市場通常季節性的影響，另外還有本季度可燃物同比強勁復甦的額外因素。

Most importantly, IMS volume continued to exhibit robust sequential growth, and we expect this to continue in the second half. The strong performance includes excellent user and volume growth across the region with notable contribution from Italy and Poland. Now to give some further color on our progress in the region. This slide shows a selection of the latest key city of Texas in Q2. Despite the denominator effect of the combustible category I just mentioned, share results remain very strong. Most impressive is Vilnius, the first city in the world to surpass 40% share while Athens, Budapest and Rome are in the mid- to high 20s.

最重要的是，IMS 銷量繼續呈現強勁的環比增長，我們預計這種情況將在下半年繼續。強勁的表現包括整個地區的出色用戶和銷量增長，其中意大利和波蘭的貢獻顯著。現在進一步說明我們在該地區取得的進展。這張幻燈片顯示了第二季度德克薩斯州最新的主要城市的選擇。儘管我剛才提到的可燃品類別具有分母效應，但份額結果仍然非常強勁。最令人印象深刻的是維爾紐斯，它是世界上第一個超過 40% 份額的城市，而雅典、布達佩斯和羅馬則處於 20 多歲。

Elsewhere, we are especially pleased by the results in London, Vienna and Zurich. In Japan, IQOS ILUMA is [driving] and our share of market continues to increase in key cities such as Tokyo. Most importantly, our IMS volume trends remain strong with continued sequential growth. As indicated last quarter, Q2 shipments were lower due to timing factors and should recover in the second half with a weighting towards Q4. The adjusted share for our H2 brands increased by plus 1.9 points to a record 22.9% in Q2 despite seasonality.

在其他地方，我們對倫敦、維也納和蘇黎世的結果感到特別高興。在日本，IQOS ILUMA 正在[驅動]，我們在東京等主要城市的市場份額繼續增加。最重要的是，我們的 IMS 銷量趨勢保持強勁，持續連續增長。如上一季度所述，由於時間因素，第二季度的出貨量較低，下半年應該會恢復，並在第四季度佔比重。儘管存在季節性因素，我們 H2 品牌的調整後份額在第二季度增加了 1.9 個百分點，達到創紀錄的 22.9%。

While we are very pleased with these results, our share performance could have accelerated even further. The combustible category was notably resilient in the quarter and our rollout of mainline price [entire] HTUs for use with ILUMA was slightly slower than initially planned. However, early results were encouraging. (inaudible) is designed to cater to its consumers switching to ILUMA and more price-conscious legal-age smokers. We also observed an increase in legal-age users switching from low price competitive heat-not-burn product. We estimate users of competitive offering to have less average daily consumption due to lower full conversion, which we believe ILUMA should improve over time. The heat-not-burn category now represents around 1/3 of total tobacco in Japan with IQOS increasingly driving this year's growth.

雖然我們對這些結果非常滿意，但我們的股票表現可能會進一步加速。可燃品類別在本季度具有顯著的彈性，我們推出與 ILUMA 一起使用的主線價格 [整個] HTU 比最初計劃的要慢一些。然而，早期的結果令人鼓舞。 （聽不清）旨在迎合其轉向 ILUMA 的消費者和更注重價格的法定年齡吸煙者。我們還觀察到，越來越多的法定年齡用戶從具有競爭力的低價加熱不燃燒產品轉向。我們估計競爭產品的用戶由於完全轉化率較低而平均每日消費量較低，我們認為 ILUMA 應該會隨著時間的推移而改善。加熱不燃燒類別現在佔日本煙草總量的 1/3 左右，IQOS 越來越推動今年的增長。

In addition to strong progress in developed countries, we continue to see very promising IQOS growth in low and medium income market. The pro forma share of our HTU brands in the 28 such markets launched by December 31, 2021, continued to grow and reach 2.9% in Q2, reflecting sustained growth in IMS volume. Given the large size of this market, the premium positioning of the existing IQOS portfolio and the relatively early stage of commercialization, this represents outstanding progress. A prime example of this are Lebanon where Q2 of take share in Beirut increased by plus 8.1 points to 17.4%, and Egypt where offtake share in Cairo reached around 5% after launching less than 1 year ago. Other notable successes include the recently launched market of Morocco and Tunisia, as well as Georgia, Jordan, North Macedonia and the Philippine despite pandemic restriction in Manila.

除了發達國家的強勁進步外，我們繼續看到 IQOS 在中低收入市場的增長非常有希望。截至 2021 年 12 月 31 日，我們的 HTU 品牌在 28 個此類市場中的備考份額繼續增長，在第二季度達到 2.9%，反映了 IMS 銷量的持續增長。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，這代表著顯著的進步。一個典型的例子是黎巴嫩，第二季度在貝魯特的份額增加了 8.1 個百分點，達到 17.4%，埃及在開羅的份額在不到一年前推出後達到了 5% 左右。其他值得注意的成功包括最近推出的摩洛哥和突尼斯市場，以及格魯吉亞、約旦、北馬其頓和菲律賓，儘管馬尼拉有大流行限制。

Moving now to IQOS ILUMA, which continued to drive increased conversion and retention rate across initial launch market. In Japan, ILUMA continued to exhibit strong growth with premium priced TEREA HTUs growing rapidly to become the second largest tobacco brand, reaching an offtake share of 14.6% within 9 months of national launch. Encouragingly, SENTIA offtake share has already surpassed the level of HEETS in (inaudible) prefectures covering around 45% of industry volume.

現在轉向 IQOS ILUMA，它繼續推動整個初始發布市場的轉化率和保留率提高。在日本，ILUMA 繼續表現出強勁的增長勢頭，高價的 TEREA HTU 迅速成長為第二大煙草品牌，在全國推出後的 9 個月內達到 14.6% 的銷售份額。令人鼓舞的是，SENTIA 的承購份額已經超過了（聽不清）縣的 HEETS 水平，約佔行業總量的 45%。

The expansion of our device portfolio with ILUMA ONE in Q1 has also seen robust traction with legal-age smokers. We exited Q2 with a record high of tech share and continue to see a long runway of growth in Japan for ILUMA over the coming quarters.

我們在第一季度使用 ILUMA ONE 擴展了我們的設備組合，這也受到了法定年齡吸煙者的強烈關注。我們以創紀錄的高技術份額退出了第二季度，並繼續看到 ILUMA 在未來幾個季度在日本的長期增長。

ILUMA and TEREA HTUs also continue their superb start in Spain and Switzerland. We launched ILUMA in Spain in March 2022 with very positive initial results, notably in key cities such as Barcelona and Madrid. Sequential IMS volumes grew by 27% in Q2. TEREA exited the quarter, making up over 50% of HTU sales only 4 months after commercialization and our national HTU share has grown to plus 1.7%. This is especially encouraging as Spain has been a market where regulatory restriction had limited the speed of IQOS growth.

ILUMA 和 TEREA HTU 也在西班牙和瑞士繼續他們的出色開端。我們於 2022 年 3 月在西班牙推出了 ILUMA，取得了非常積極的初步成果，尤其是在巴塞羅那和馬德里等主要城市。第二季度的連續 IMS 交易量增長了 27%。 TEREA 在本季度退出，僅在商業化 4 個月後就佔 HTU 銷售額的 50% 以上，我們的全國 HTU 份額已增長到 1.7%。這尤其令人鼓舞，因為西班牙一直是監管限制限制 IQOS 增長速度的市場。

In Switzerland, the demand for ILUMA remains very strong. IMS volume continued to grow sequentially, increasing plus 13% in the second quarter. A significant proportion of existing users have upgraded to ILUMA and the offtake exit volume of TEREA now exceeds 70% of our HTU sales. We continue to expand our global smoke-fee portfolio through our rich pipeline of innovation. We launched ILUMA in Greece in late June with further market launches planned for Q4.

在瑞士，對 ILUMA 的需求仍然非常強勁。 IMS 交易量繼續環比增長，第二季度增長了 13%。很大一部分現有用戶已升級到 ILUMA，TEREA 的承銷出口量現在超過了我們 HTU 銷售額的 70%。我們通過豐富的創新渠道繼續擴大我們的全球煙費組合。我們於 6 月底在希臘推出了 ILUMA，併計劃在第四季度進一步推出市場。

With regard to our new heat-not-burn device tailored to low and middle income market, we continue to plan pilot launches in the fourth quarter, further expanding our portfolio to serve different consumer needs and segment the market. In e-vapor, IQOS continued to deliver encouraging results, and for example, is now the established #2 [closed pod] brand in Italy with offtake share growing sequentially to around 20%. This is a premium proposition with an average price premium to competitive devices of 20% to 30% as we pursue differentiated and profitable category leadership position over time.

關於我們為中低收入市場量身定制的新型加熱不燃燒設備，我們繼續計劃在第四季度試行，進一步擴大我們的產品組合，以滿足不同的消費者需求和細分市場。在 e-vapor 方面，IQOS 繼續取得令人鼓舞的成果，例如，現在已成為意大利排名第二的 [封閉式吊艙] 品牌，承購份額連續增長至 20% 左右。隨著我們不斷追求差異化和盈利的類別領導地位，這是一個優質的提議，其競爭設備的平均價格溢價為 20% 至 30%。

In Q2, we expanded into 3 additional geographies, including France, and are now present in 10 markets. The latest addition to our e-vapor portfolio is the Viva disposable device, responsibly marketed disposable e-vapor product can play an important role as a convenient hassle-free entry into the smoke-free category for legal-age smokers. Viva was recently launched in Canada with 9 varieties. Our geographic expansion of smoke-free products also continued in Q2 with the launch of IQOS in Bahrain. Of course, the biggest potential near-term addition to our smoke-free portfolio is the proposed combination with Swedish Match. This would deliver a major acceleration in our transformation to becoming a smoke-free company. The visions of our 2 companies are aligned in working towards a smoke-free future without cigarette and would create a global smoke-free champion.

在第二季度，我們擴展到了另外 3 個地區，包括法國，現在已經在 10 個市場開展業務。我們電子蒸汽產品組合的最新成員是 Viva 一次性設備，負責任地銷售的一次性電子蒸汽產品可以發揮重要作用，為法定年齡吸煙者提供方便、無憂的進入無菸類別。 Viva 最近在加拿大推出，有 9 個品種。隨著 IQOS 在巴林的推出，我們的無菸產品地域擴張也在第二季度繼續進行。當然，我們無菸產品組合中最大的潛在近期補充是與瑞典火柴的擬議組合。這將大大加快我們向無菸公司的轉型。我們兩家公司的願景一致，致力於實現沒有香煙的無菸未來，並打造全球無菸冠軍。

If completed, we would have a comprehensive global smoke-free portfolio with leadership position in heat-not-burn and the fastest growing category of oral nicotine with potential for accelerated international expansion.

如果完成，我們將擁有一個全面的全球無菸產品組合，在加熱不燃燒和增長最快的口服尼古丁類別中處於領先地位，並具有加速國際擴張的潛力。

Another competing rationale for this deal is a large, attractive and growing U.S. smoke-free market. Swedish Match as the leading nicotine pouch franchise within and a substantial U.S. operational platform, which would help us unlock the significant polity across other smoke-free categories over the coming years. This would be a strong strategic and cultural fit, offering significant shareholder value creation over the medium and long term. As stated in the offer document published on June 28, the waiting period for the transaction under the U.S. antitrust process has expired, meaning that we have satisfied our requirement in the U.S. to proceed with the transaction. We expect the transaction to close in the fourth quarter of this year, subject to Swedish Match shareholders acceptance and the necessary regulatory approvals.

這筆交易的另一個競爭理由是美國無菸市場龐大、有吸引力且不斷增長。瑞典火柴作為領先的尼古丁袋特許經營權和重要的美國運營平台，這將幫助我們在未來幾年解鎖其他無菸類別的重要政體。這將是一個強大的戰略和文化契合，在中長期內為股東創造重大價值。正如 6 月 28 日發布的要約文件所述，美國反壟斷程序下的交易等待期已屆滿，這意味著我們已經滿足了我們在美國進行交易的要求。我們預計該交易將在今年第四季度完成，前提是瑞典火柴股東接受並獲得必要的監管批准。

Moving to sustainability. I want to first draw your attention to our 2021 integrated report published in May which outlines our new sustainability strategy and ESG performance in detail as we continue to transform for good. Included in the report is our new sustainability index comprised of 19 KPIs across our most material sustainability issues. The index is weighted towards product transformation and now represent 30% of our long-term performance-based equity executive compensation. The definitions, methodology and scope of each of these KPIs are included in our recently published ESG KPI protocol providing further transparency on how we define success and major ESG performance.

轉向可持續性。我想首先提請您注意我們在 5 月發布的 2021 年綜合報告，該報告詳細概述了我們新的可持續發展戰略和 ESG 績效，因為我們將繼續向好的方向轉型。報告中包含我們新的可持續發展指數，該指數由 19 個關鍵績效指標組成，涵蓋我們最重要的可持續發展問題。該指數側重於產品轉型，現在占我們基於業績的長期股權高管薪酬的 30%。這些 KPI 的定義、方法和範圍均包含在我們最近發布的 ESG KPI 協議中，從而進一步透明地說明了我們如何定義成功和主要 ESG 績效。

With regard to tackling climate change, I am delighted to report that the science-based target initiative as today validated our 2040 net-zero target. The initiative also revalidated our near-term 2030 target for reducing greenhouse gas emission and our new 2025 target for 15% of our suppliers by [then] to have their own science-based target by 2025 a very positive development, given that Scope 3 remains the most challenging aspect of any company decarbonization strategy. To support the achievement of these targets, we are accelerating progress to decarbonize our chain, and we have made 8 more factory carbon neutral this year, more than doubling from last year and placing us on track to meet our goal of all factories by 2025.

關於應對氣候變化，我很高興地報告，今天的基於科學的目標倡議驗證了我們的 2040 年淨零排放目標。該倡議還重新驗證了我們在 2030 年減少溫室氣體排放的近期目標和我們在 [那時] 之前為 15% 的供應商制定的新的 2025 年目標，以便到 2025 年擁有自己的基於科學的目標，這是一個非常積極的發展，因為範圍 3 仍然存在任何公司脫碳戰略中最具挑戰性的方面。為了支持這些目標的實現，我們正在加快我們的鏈條脫碳進程，今年我們已經實現了 8 家工廠的碳中和，比去年增加了一倍多，使我們有望在 2025 年之前實現所有工廠的目標。

Finally, product health impact remains one of our most critical ESG priorities. There is a growing body of scientific and real-world evidence of the substantial risk reduction potential of smoke-free product compared to smoking. We continue to support policy and fiscal framework that recognize a positive impact tobacco harm reduction policy can have on public health. Recent examples include a further multiyear tax plan with differentiated treatment for smoke-free products in Romania and statement from the Belgian Super Health Council on the whole e-vapor product can play in switching adult smokers away from cigarettes.

最後，產品健康影響仍然是我們最重要的 ESG 優先事項之一。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。我們繼續支持承認減少煙草危害政策對公共衛生產生積極影響的政策和財政框架。最近的例子包括進一步的多年稅收計劃，在羅馬尼亞對無菸產品實行差異化待遇，以及比利時超級健康委員會關於整個電子蒸汽產品可以幫助成年吸煙者遠離捲菸的聲明。

To conclude today's presentation, we have delivered a strong first half despite some challenging headwinds, placing us well on track to deliver robust volume growth and an accelerated currency-neutral pro forma financial performance in 2022. We remain excited by the promising results of IQOS ILUMA. Increased consumer satisfaction is driving higher retention and conversion, and we look forward to further market launches later this year. Our combustible business continues to perform well with pro forma volume and organic net revenue growth, maintaining our share of market over time despite the impact of IQOS cannibalization allows us to accelerate further switching of smokers to better alternative and to invest for long-term growth in the development of innovative wellness and health care product will seek to deliver a net positive impact on society.

總結今天的演講，儘管存在一些具有挑戰性的逆風，但我們上半年表現強勁，使我們有望在 2022 年實現強勁的銷量增長和加速的貨幣中性備考財務業績。我們仍然對 IQOS ILUMA 的可喜結果感到興奮.消費者滿意度的提高正在推動更高的保留率和轉化率，我們期待在今年晚些時候進一步推出市場。我們的可燃業務繼續表現良好，備考量和有機淨收入增長，儘管受到 IQOS 蠶食的影響，但隨著時間的推移保持我們的市場份額，使我們能夠加速進一步將吸煙者轉向更好的替代品，並投資於長期增長創新健康和保健產品的開發將尋求對社會產生積極的影響。

We continue to enrich our pipeline of smoke-free innovation, such as ILUMA and Viva to expand and grow across new and existing category and geography. We are raising our pro forma growth guidance for the full year and expect to deliver around [$6] in total adjusted diluted EPS, including Russia and Ukraine despite currency headwinds.

我們將繼續豐富我們的無菸創新產品線，例如 ILUMA 和 Viva，以在新的和現有的類別和地理範圍內擴展和發展。儘管存在貨幣逆風，我們正在上調我們的全年預估增長指導，並預計調整後的攤薄後每股收益總額約為 [6 美元]，包括俄羅斯和烏克蘭。

Importantly, with an excellent 2021 performance and our strong 2022 outlook, we now expect to comfortably exceed our 2021-2023 minimum CAGR target on a pro forma basis of more than plus 5% in organic net revenue growth and more than plus 5% in currency-neutral adjusted diluted EPS growth. Our ambition to become a majority smoke-free business by net revenue in 2025 also remains fully intact. We are confident in the rapid pace of our transformation.

重要的是，憑藉出色的 2021 年業績和強勁的 2022 年前景，我們現在預計將輕鬆超過我們 2021-2023 年的最低複合年增長率目標，在備考基礎上，有機淨收入增長超過 5%，貨幣增長超過 5% -中性調整後的攤薄每股收益增長。我們在 2025 年以淨收入計算成為主要無菸企業的雄心也保持不變。我們對快速轉型充滿信心。

Finally, we continue to be steadfastly committed to returning cash to shareholders. Our top priority for capital allocation remain reinvestment in the business and our progressive dividend policy, underpinned by strong cash flow generation. Thank you, and we are now more than happy to answer your questions.

最後，我們將繼續堅定不移地向股東返還現金。我們在資本配置方面的首要任務仍然是對業務的再投資和我們的累進股息政策，這以強勁的現金流為基礎。謝謝，我們現在非常樂意回答您的問題。

(Operator Instructions) Our first question comes from Pamela Kaufman from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Pamela Kaufman。

I wanted to get a sense for what's contributing to the strong IQOS new user momentum that you've experienced in the last 2 quarters. Is there anything that you're doing differently? And where are you adding these users geographically? How much is driven by ILUMA versus prior IQOS devices? And then related to that, what do you estimate new user growth would be if you were not constrained by production capacity?

我想了解是什麼促成了您在過去兩個季度中體驗到的強勁 IQOS 新用戶勢頭。你有什麼不同的地方嗎？您在哪裡添加這些用戶？與之前的 IQOS 設備相比，ILUMA 驅動了多少？然後與此相關，如果您不受產能限制，您估計新用戶增長會是多少？

Thanks, Pamela. So we are obviously -- and I said it very pleased with the performance of IQOS, and that is certainly being reflected in the very strong user growth of more than 1.1 million in the second quarter. We said that for H1, it's a record growth. The good news is that we are really growing across geographies. So of course, we have a number of countries such as Italy, Poland, Japan, because their size, of course, they contribute more in the quarter. But the reality is that we see very good trends across geographies. And I could mention countries such as Romania, Portugal, Hungary, I mean, these are all countries of smaller size, but where the growth is really impressive. So I think it's a tribute to the fact that IQOS is making some clear customer expectation, the fact that people realize all the benefits they can get by switching from combustible cigarettes to the IQOS product.

謝謝，帕梅拉。所以我們顯然 - 我說它對 IQOS 的表現非常滿意，這肯定反映在第二季度超過 110 萬的強勁用戶增長上。我們說過，對於上半年來說，這是一個創紀錄的增長。好消息是，我們確實在跨地域發展。所以當然，我們有一些國家，比如意大利、波蘭、日本，因為它們的規模，當然，它們在本季度的貢獻更大。但現實情況是，我們在各個地區都看到了非常好的趨勢。我可以提到羅馬尼亞、葡萄牙、匈牙利等國家，我的意思是，這些都是規模較小的國家，但增長確實令人印象深刻。因此，我認為這是對 IQOS 明確客戶期望這一事實的致敬，即人們意識到從可燃香煙轉向 IQOS 產品可以獲得的所有好處。

There is certainly ILUMA contributing. But as you know, we are unfortunately today, limited in the number of geographies where we propose ILUMA, it's Japan, Switzerland and Spain. We've been launching Greece. So that is certainly in this country, helping the performance. But to be very clear, the performance is across the board, as I said, and including country where we haven't launched yet ILUMA. So certainly, we are improving the way we deliver a great customer experience, including digital customer, how we contact smokers, how we get in touch with them, how we start the dialogue, how we explain the benefit of IQOS and how we are leaving them in the journey from moving away from combustible products to IQOS.

當然，ILUMA 也有貢獻。但如您所知，不幸的是，我們今天提出ILUMA 的地區數量有限，即日本、瑞士和西班牙。我們一直在推出希臘。所以這肯定是在這個國家，有助於表現。但要非常清楚，正如我所說，性能是全面的，包括我們尚未推出 ILUMA 的國家。因此，當然，我們正在改進我們提供出色客戶體驗的方式，包括數字客戶、我們如何联系吸煙者、我們如何與他們取得聯繫、我們如何開始對話、我們如何解釋 IQOS 的好處以及我們如何離開他們正在從可燃產品轉向 IQOS 的過程中。

So no doubt, we continue to improve our commercial engine, and that is helping. There is probably the impact of awareness, visibility that is growing. There are markets where when you start to reach a certain market share, IQOS become visible, more visible you go in bars, you go in events, you go in social gathering, you see more and more people. And that triggers what we call organic growth, people who wants to discover by themselves about IQOS. They want to learn, friends explaining how it works and why they really enjoy IQOS. We are also accelerating innovation. We have been proposing new devices. We are proposing new type of references. So we are enlarging the choice and that make probably IQOS even more desirable and attractive. So that's really, I think, all the powerful driver behind the success of IQOS.

所以毫無疑問，我們會繼續改進我們的商業引擎，這是有幫助的。可能有意識的影響，可見度正在增長。有些市場，當你開始達到一定的市場份額時，IQOS 變得可見，你去酒吧、參加活動、參加社交聚會，你會看到越來越多的人。這觸發了我們所謂的有機增長，即那些想要自己發現 IQOS 的人。他們想學習，朋友們解釋它是如何工作的，以及為什麼他們真正喜歡 IQOS。我們也在加速創新。我們一直在提出新設備。我們正在提出新的參考類型。因此，我們正在擴大選擇範圍，這可能使 IQOS 更加可取和更具吸引力。所以，我認為，這確實是 IQOS 成功背後的所有強大驅動力。

Now if I focus on ILUMA and what is the potential with more ILUMA capacity, we see it in the 3 markets where we have been launching. ILUMA is resolving the remaining pain point that was -- that are existing on the previous version of IQOS. It's certainly coming with a great customer experience. It is increasing the conversion, the loyalty. We expect it to increase the average daily consumption as well and to significantly reduce (inaudible). We see the customer net promoter score improving in the countries. So that is obviously bringing more momentum in the country where we are launching ILUMA. And I think we should see it as a kind of second stage of the rocket that we are going to launch in the various countries to send IQOS even higher, and that's what we expect in the various countries where we're going to launch in the coming quarters.

現在，如果我專注於 ILUMA 以及更多 ILUMA 容量的潛力，我們會在我們推出的三個市場中看到它。 ILUMA 正在解決先前版本的 IQOS 上存在的剩餘痛點。它肯定會帶來出色的客戶體驗。它正在增加轉換，忠誠度。我們預計它也會增加平均每日消費量並顯著減少（聽不清）。我們看到這些國家的客戶淨推廣者得分有所提高。因此，這顯然為我們推出 ILUMA 的國家帶來了更多動力。我認為我們應該將其視為我們將在各個國家發射的火箭的第二階段，以使 IQOS 更高，這就是我們將在各個國家發射的期望即將到來的幾個季度。

That's very helpful. I also wanted to get a sense for how you would characterize your current appetite for additional acquisitions in the near term in light of the Swedish Match transaction. There are additional assets for sale in the U.S. market. Are you in a position to consider more acquisitions?

這很有幫助。鑑於瑞典火柴的交易，我還想了解您將如何描述您目前對近期額外收購的興趣。在美國市場上還有其他資產可供出售。您是否可以考慮進行更多收購？

Yes. Today, we are focusing on Swedish Match. The time line is the one we were expecting at the beginning. We continue to expect the closing of the transaction in Q4, of course, subject to Swedish Match shareholder acceptance. Nothing has changed. We are focusing on that. Am I closing the door in the future on other things that would further accelerate our journey to become a leading and successful smoke-free company? No. But clearly, the priority and the focus today is on Swedish Match.

是的。今天，我們專注於瑞典火柴。時間線是我們一開始所期待的。當然，我們仍預計交易將在第四季度完成，這取決於瑞典火柴股東的接受。什麼也沒有變。我們正專注於此。我是否會在未來關閉其他可以進一步加快我們成為領先且成功的無菸公司的進程的事情的大門？不，但很明顯，今天的優先事項和重點是瑞典火柴。

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 have a question on your pro forma adjusted OP margin in Q2. It declined on an organic basis. And you did highlight that the drag on your margins, at least partly was from the higher cost of ILUMA devices and then HTUs. And then you also lowered your full year OP margin guidance. So just hoping you could give us a sense of how long margins could be negatively impacted, I guess, from the rollout of ILUMA. And just based on your FY '22 guidance, which does imply lower year-over-year EPS growth in the second half. I assume the drag on margins could be a key driver of this in the second half, but I just wanted to verify that. And just kind of thinking out into 2023, should the drag sort of ease? Or will that continue as you keep pushing on ILUMA?

我對您在第二季度的備考調整後的 OP 利潤率有疑問。它在有機基礎上下降。您確實強調了對您的利潤的拖累，至少部分是由於 ILUMA 設備和 HTU 的成本較高。然後您還降低了全年 OP 利潤率指導。所以只是希望你能讓我們了解，我猜，ILUMA 的推出會對利潤率產生多長時間的負面影響。僅基於您的 22 財年指導，這確實意味著下半年每股收益同比增長較低。我認為利潤率的拖累可能是下半年的一個關鍵驅動因素，但我只是想驗證這一點。只是考慮到 2023 年，拖累應該緩解嗎？或者，隨著您繼續推動 ILUMA，這種情況會繼續嗎？

Yes. Thanks, Bonnie for the question. So I mean, that's true that in H1, we've seen a number of headwinds on the margin. Needless to say that inflation, of course, is one. And we said that we are seeing around 4% inflation on our input cost. So I guess it's probably lower than inflation that we see in many countries, but that's significant. Obviously, we have costs that are coming from the disruption in the supply chain, notably coming from the war in Ukraine. We have a dramatic acceleration of air freight that is, of course, temporary. We're not going to keep air shipping on the long term. But during a period of time, we need to do that, and it's very costly at the time where the cost of freight is globally, not only for air, but globally going up. So we are obviously being impacted. So that is having an impact here.

是的。謝謝，邦妮的問題。所以我的意思是，在上半年，我們確實看到了一些不利因素。不用說，通貨膨脹當然是其中之一。我們說我們的投入成本通脹率約為 4%。所以我想這可能低於我們在許多國家看到的通貨膨脹，但這很重要。顯然，我們的成本來自供應鏈中斷，尤其是來自烏克蘭戰爭。我們的航空貨運量急劇增加，這當然是暫時的。我們不會長期保持空運。但是在一段時間內，我們需要這樣做，而且在全球貨運成本非常高的時候，不僅是空運，而且全球都在上漲。所以我們顯然受到了影響。所以這在這裡產生了影響。

And then there is a launch of ILUMA at the beginning, notably in Japan, where we had a very, very strong investment, which was really important to make on the device. And we have 2 devices now offering -- 3 device, actually, 3 models in Japan, and the strong volume in device has an impact on the margin level. On top of that, we said it since the beginning, we don't start the launch of ILUMA with optimized cost and weight on the consumable on TEREA and on SENTIA. And that is coming at the beginning with a negative impact on margin which something that is temporary as well.

然後一開始就推出了 ILUMA，特別是在日本，我們在那裡進行了非常非常強大的投資，這對於在設備上進行非常重要。我們現在提供 2 款設備——實際上是 3 款設備，日本有 3 款型號，設備的強勁銷量對利潤率水平產生了影響。最重要的是，我們從一開始就說過，我們不會在 TEREA 和 SENTIA 上以優化成本和重量的消耗品開始推出 ILUMA。這在一開始對利潤率產生負面影響，這也是暫時的。

So we expect in the course of 2023 seems to gradually improve. So inflation is not temporary. I think for the rest, a lot of the headwinds that we are seeing in H1 are temporary, and there will be a recovery in the future. I'm not able at that stage and we do that, of course, as we are gaining visibility to phase it in the coming quarter, but that's certainly what we are expecting. And then clearly, for H2, we are expecting an improvement on the margin. Certainly, that would be skewed to a large extent to Q4, but already the deterioration in Q3 on the gross margin would be lower, but there will be more investment as we [grow]. We are just following the growth, and we are putting the right level of investment to cope with the growth. Q4 we'll be clearly seeing a better improvement with the better mix.

所以我們預計在2023年的過程中似乎會逐漸好轉。所以通貨膨脹不是暫時的。我認為對於其餘部分，我們在上半年看到的許多不利因素都是暫時的，未來將會復蘇。我在那個階段無法做到這一點，當然，我們會這樣做，因為我們正在獲得在下一季度逐步實施的可見性，但這當然是我們所期待的。然後很明顯，對於 H2，我們預計利潤率會有所改善。當然，這將在很大程度上偏向第四季度，但第三季度毛利率的惡化已經降低，但隨著我們[成長]會有更多的投資。我們只是在跟踪增長，我們正在投入適當的投資水平來應對增長。第四季度，我們將清楚地看到更好的組合帶來了更好的改進。

Remember, we've been impacted also on the margin by the fact that the volume that we should have been shipping, that should have been the P&L to Japan, and that are having a very nice margin are not in the P&L. And so of course, it's another one-off that was impacting H1, but we will have the compensation in H2. So yes, difficult beginning of the year. It doesn't mean that everything will be back to normal in H2. That will be still with some headwind. But clearly, most of what we are facing is temporary, and they will be over time, a recovery on the margin.

請記住，我們的利潤也受到了影響，因為我們應該運送的數量，應該是到日本的損益表，並且利潤非常好，不在損益表中。因此，當然，這是影響 H1 的另一個一次性因素，但我們將在 H2 獲得補償。所以，是的，艱難的年初。這並不意味著一切都會在下半年恢復正常。這仍然會遇到一些逆風。但很明顯，我們面臨的大部分問題都是暫時的，隨著時間的推移，它們將是邊緣性的複蘇。

Okay. That all makes sense. And yes, definitely a lot of moving parts. So that was helpful. And then just my second question is on your proposed acquisition of Swedish Match, I guess, could you give us a little more color on where things are? And then maybe what you see as potential risks of this transaction not happening? I guess I'm asking, thinking about the activist involvement, in other words, I guess, I'd like to hear how committed are you to this transaction? And how much flexibility do you have in terms of your leverage? I don't think you have a target leverage ratio, but you've stated in the past you want to maintain your investment-grade ratings. So just maybe wanted to get a sense from you of what the rough, I guess, threshold for that leverage would be to maintain that.

好的。這一切都說得通。是的，肯定有很多活動部件。所以這很有幫助。然後我的第二個問題是關於你提議收購瑞典火柴的，我猜，你能給我們多一點關於事情在哪裡的顏色嗎？然後也許你認為這筆交易沒有發生的潛在風險？我想我是在問，考慮到激進分子的參與，換句話說，我想，我想听聽您對這筆交易的承諾程度如何？您在槓桿方面有多大的靈活性？我認為您沒有目標槓桿率，但您過去曾表示您希望維持您的投資級評級。因此，也許只是想從您那裡了解一下，我猜想，維持這種槓桿作用的粗略閾值是多少。

Thank you, Bonnie. What I can tell you on Swedish Match is, first of all, to repeat that we have cleared the U.S. requisite in terms of regulatory approval. So that is behind us. For the rest, the processes are still ongoing in several jurisdictions according to plan. And we are confirming the fact that we expect what we said in closing in Q4, of course, subject to Swedish Match shareholder acceptance. And here, I would like to reiterate the fact that we believe that this is a very compelling offer for Swedish Match shareholder. Can I remind everybody that we offered a 40% 4-0 premium at the time of the announcement in May. Since then, the markets have been quite volatile, most of them going down and that this offer has been approved by the Board of Swedish Match, which was confirming the fact that they thought it was compelling for their shareholders. So that's what I have to say on Swedish Match. And I have no other comment to make.

謝謝你，邦妮。我可以在瑞典火柴上告訴你的是，首先，重申我們已經通過了美國監管部門的批准。所以這在我們身後。對於其餘部分，這些過程仍在按計劃在幾個司法管轄區進行。我們正在確認我們期望我們在第四季度結束時所說的話，當然，這取決於瑞典火柴股東的接受。在這裡，我想重申一個事實，我們相信這對瑞典火柴股東來說是一個非常有吸引力的報價。我能否提醒大家，我們在 5 月份宣佈時提供了 40% 的 4-0 溢價。從那時起，市場一直非常不穩定，其中大部分都在下跌，而這一提議已得到瑞典火柴董事會的批准，這證實了他們認為這對他們的股東來說具有吸引力的事實。這就是我在瑞典比賽中要說的。我沒有其他評論要發表。

We will 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 had a question for you first on the timing of shipments across the second half. You've talked about the -- just over 2 billion sticks that shifted to the second half of the year. Does that shift mostly to the fourth quarter as we're thinking about your guidance for IQOS shipments in 3Q versus what's implied for the fourth quarter?

我剛問你一個關於下半年發貨時間的問題。你已經談到了——剛剛超過 20 億支轉移到今年下半年。這是否主要轉移到第四季度，因為我們正在考慮您對第三季度 IQOS 出貨量的指導與第四季度的暗示？

Yes, Chris, if I can try to help you, what we expect in Q3 is shipment to be much more in line with the underlying growth that we have seen on the IMS in H1, which was around 20%. So that's what we expect in shipment, but we don't expect the recovery of the shipments that have been missing in H1. We expect this recovery in Q4, where we continue to expect very strong dynamism of IQOS consumables. But then the shipment will be in Q4 above IMS to broadly align for the year, shipment and IMS. So that is the phasing that we expect for the year.

是的，克里斯，如果我能幫助你，我們預計第三季度的出貨量將更符合我們在上半年看到的 IMS 的基本增長，約為 20%。所以這就是我們對出貨量的預期，但我們預計上半年丟失的出貨量不會恢復。我們預計第四季度會出現這種複蘇，我們繼續預計 IQOS 消耗品的強勁動力。但隨後出貨量將在第四季度高於 IMS，以大致與年度、出貨量和 IMS 保持一致。這就是我們預計今年的分階段。

Okay. And just one other question on relation to device sales. They've been a little elevated here as you had more availability. Does that remain elevated even in, say, the first half of '23 as you continue to build your availability of devices? And is that the right time line to think about the point where you'll have, let's call it, full availability of devices is in the first half of '23 based on the chip shortage?

好的。還有一個關於設備銷售的問題。由於您有更多的可用性，因此它們在這裡有所提升。即使在 23 年上半年，隨著您繼續構建設備可用性，這種情況是否仍然存在？那是不是考慮到你將擁有的正確時間線，讓我們稱之為，基於芯片短缺，設備的完全可用性是在 23 年上半年？

I think you have 2 elements, Chris, here. The first one, remember, we had some constraint on device availability that started in Q2, some impact in Q3 and H2 last year. So of course, there is an increase in the device level this year based on low comps. So that's the first element. And I think it's really important to realize how important it is to make sure that smokers can have access to IQOS device to get converted. So I think it's important that we make commercial effort here. And I think we're doing that well. And we see that our device versus maybe some device from the competition is clearly getting to a better conversion. On top of it and then the second element, it is clear that with ILUMA, there is a wave of replacement. So we see in the markets where we launched ILUMA, a rapid replacement of existing IQOS blade device by IQOS ILUMA. And that -- this wave of replacement is creating a very strong one-off acceleration in the level of device. When people will be equipped -- when the core consumer will be equipped that will be behind us, but we have to go through that. And that is having, again, on a temporary basis, a negative impact on the margin.

我認為你有兩個元素，克里斯，在這裡。第一個，請記住，我們對從第二季度開始的設備可用性有一些限制，對去年第三季度和下半年產生了一些影響。因此，當然，今年的設備級別基於低壓縮率有所提高。所以這是第一個元素。而且我認為意識到確保吸煙者可以使用 IQOS 設備進行轉換的重要性非常重要。所以我認為我們在這裡做出商業努力很重要。我認為我們做得很好。我們看到我們的設備與競爭對手的某些設備相比，顯然正在獲得更好的轉換。在它之上，然後是第二個元素，很明顯，有了 ILUMA，就會出現一波替代浪潮。因此，我們在推出 ILUMA 的市場中看到，IQOS ILUMA 快速替代了現有的 IQOS 刀片設備。而且——這波更換浪潮正在設備層面產生非常強大的一次性加速。什麼時候裝備人們——什麼時候裝備核心消費者，這將在我們身後，但我們必須經歷那個。這再次對利潤率產生了暫時的負面影響。

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 my first question has to do with the proposed elimination of menthol variants in the EU for heat-not-burn products. Could you please offer some color on your menthol mix in that geography? And then secondly, an outlook on the timing of that proposal.

所以我的第一個問題與提議在歐盟消除加熱不燃燒產品的薄荷醇變體有關。你能在那個地區為你的薄荷醇混合物提供一些顏色嗎？其次，對該提案的時間安排進行展望。

Look, I'm not sure we disclosed the component of menthol. Of course, that's a minority of our business. What I can say about that is that we have to understand that this is a move in application from the TPD in Europe. So it's not a decision. It's an application based on the TPD of 2014, which in certain circumstances was planning for a kind of automatic ban to be implemented. Now this still needs to be approved by the parliament and by the European Council that will be in front of this 2 bodies later on in 2022, and we'll see what is the final decision.

聽著，我不確定我們是否披露了薄荷醇的成分。當然，這只是我們業務的一小部分。我可以說的是，我們必須了解這是歐洲 TPD 的應用程序。所以這不是一個決定。這是一個基於 2014 年 TPD 的應用程序，在某些情況下計劃實施一種自動禁令。現在這仍然需要得到議會和歐洲理事會的批准，歐洲理事會將在 2022 年晚些時候在這兩個機構面前，我們將看到最終決定是什麼。

To be very clear, it already has happened on a combustible business with almost no impact or very limited impact. So the consumer reorganize their taste and they switch to other products, but very limited impact. And therefore, it isn't clear that this will have a meaningful impact if it happens on our heat-not-burn business.

需要非常清楚的是，它已經發生在一個幾乎沒有影響或影響非常有限的易燃業務上。所以消費者重新組織了他們的口味並轉向其他產品，但影響非常有限。因此，目前尚不清楚這是否會對我們的加熱不燃燒業務產生有意義的影響。

In addition to that, we believe that we have superiority in our tobacco taste versus competition, and that's the superiority of our technology with IQOS versus the technology of the competition. So that will mean if we are left with tobacco taste that our product will look great versus competition for people who may decide to go for new product if they have to abandon on flavor. So we are, of course, waiting to see what are the development. But as you can hear, I guess, from my comments, we have limited concern on that matter.

除此之外，我們相信我們的煙草口味相對於競爭對手具有優勢，這就是我們的 IQOS 技術相對於競爭對手的技術的優勢。因此，這將意味著，如果我們只剩下煙草味道，那麼我們的產品會看起來很棒，而對於那些可能決定購買新產品的人來說，如果他們不得不放棄味道的話。所以我們當然在等著看有什麼發展。但正如你所聽到的，我想，從我的評論中，我們對這個問題的關注有限。

Certainly. And my follow-up question is on IQOS in the U.S. If we can just revisit the timing of reintroducing that product into the marketplace, please?

當然。我的後續問題是關於美國的 IQOS。如果我們可以重新審視將該產品重新引入市場的時機，好嗎？

Yes. We expect to be in a position to introduce IQOS in H1 of 2023. I cannot be more precise at this stage. We continue to work on the plan to be able to do that. And of course, we'll keep you posted when we have more clarity and more precise reintroduction date.

是的。我們預計能夠在 2023 年上半年推出 IQOS。在這個階段我不能更準確。我們將繼續制定能夠做到這一點的計劃。當然，當我們有更清晰和更準確的重新引入日期時，我們會及時通知您。

And we will take our last question from Gaurav Jain with Barclays.

我們將向巴克萊銀行的 Gaurav Jain 提出最後一個問題。

So a couple of questions from me. One is on Russia. So the way you're now guiding, you are including Russia for the full year and earlier, you had included Russia just for Q1. So can you still export devices into Russia, IQOS devices because you still have IQOS shipments there? And also, can you take cash out of Russia to pay the dividends, which you are paying in USD?

所以我有幾個問題。一個是關於俄羅斯的。因此，按照您現在的指導方式，您將全年包括俄羅斯，而在更早的時候，您僅在第一季度將俄羅斯包括在內。那麼您是否仍然可以將設備出口到俄羅斯，IQOS 設備，因為您仍然有 IQOS 出貨量？此外，您可以從俄羅斯取出現金來支付您以美元支付的股息嗎？

Thank you, Gaurav. So yes, I confirm that we can still export our device, not covered by sanction. And therefore, you have many parts of the business that are disrupted on the supply chain, but that one for the time being because, of course, you never know how this can evolve is not impacted. On the payment of the dividend, I'm not able to tell you because we did not try to pay a dividend. So I'm not able to answer. What I can tell you is that for the time being, we've been making the usual payment between our subsidiary and in terms of procurement, in terms of any kind of royalties or intercompany normally. So that's what I can tell you at that stage.

謝謝你，高拉夫。所以是的，我確認我們仍然可以出口我們的設備，不受制裁。因此，您有許多業務在供應鏈上被打亂，但暫時是因為您永遠不知道這會如何發展不會受到影響。關於股息的支付，我無法告訴你，因為我們沒有嘗試支付股息。所以我無法回答。我可以告訴你的是，目前，我們一直在我們的子公司之間以及在採購方面進行通常的支付，在任何類型的特許權使用費或公司間的正常情況下。這就是我在那個階段可以告訴你的。

Okay. And my second question is on the Canadian market. So clearly, you do not consolidate Canada, but you give the volume numbers. So the market is down 16% in 1H '22 and 19% in Q2. And the retail pricing, I think, is 6% to 7%, which is not out of ordinary. And then you have been mentioning this e-cigarette cannibalization and you have launched Viva, the disposable device in Canada. So what's exactly happening in Canada? Is it that e-cigarettes are now growing very fast and cannibalizing the market? Could you just help us understand that?

好的。我的第二個問題是關於加拿大市場的。很明顯，你沒有合併加拿大，但你給出了數量。因此，市場在 22 年 1H 和第二季度下跌了 16% 和 19%。我認為零售價在 6% 到 7% 之間，這並不少見。然後你一直在提到這種電子煙自相殘殺，你在加拿大推出了一次性設備 Viva。那麼加拿大到底發生了什麼？是電子煙現在增長非常快，蠶食了市場嗎？你能幫我們理解一下嗎？

Yes. I think that is a market where you may have some basis of comparison and some one-off element, but the trend is clearly don't take the minus 60% as a reference for the market. But clearly, the trend is for combustible business to go down and for smoke-free product, including vaping, but our ambition is also to grow fast heat-not-burn to develop nicely as a substitute to combustible. That's a market on which things are moving rapidly.

是的。我認為這是一個你可能有一些比較基礎和一些一次性元素的市場，但趨勢顯然是不要以負60%作為市場參考。但很明顯，可燃品行業的趨勢是走下坡路，包括電子煙在內的無菸產品是趨勢，但我們的目標也是快速發展加熱不燃燒，以作為可燃物的替代品很好地發展。這是一個發展迅速的市場。

I would now like to turn the program back over to management for any additional or closing remarks.

我現在想將該計劃交還給管理層，以獲取任何額外的或結束的評論。

Well, thank you very much for participating to this call today. We were delighted to share the very good progress that we are making on IQOS and on becoming a smoke-free company despite of fact, of course, the challenges that you all know. And we look forward to talk to you soon. Thank you very much.

好的，非常感謝您參加今天的電話會議。我們很高興分享我們在 IQOS 和成為無菸公司方面取得的非常好的進展，儘管事實上，當然，你們都知道這些挑戰。我們期待很快與您交談。非常感謝。

That concludes our call today. Thank you again for joining us. If you have any follow-up questions, please contact the Investor Relations team. Thank you again, and have a nice day.

我們今天的電話到此結束。再次感謝您加入我們。如果您有任何後續問題，請聯繫投資者關係團隊。再次感謝您，祝您有美好的一天。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful day.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，度過美好的一天。