菲利普莫里斯國際 (PM) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Philip Morris International 2024 First Quarter Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, James Bushnell, Vice President of Investor Relations. Please go ahead.

大家好，感謝您的耐心等待。歡迎參加菲利普莫里斯國際公司2024年第一季業績電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給今天的發言人，投資者關係副總裁詹姆斯布希內爾先生。請開始。

Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2024 first quarter results. The press release is available on our website at pmi.com. A glossary of terms, including the definition for smoke-free products as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation are available in Exhibit 99.2 to the company's Form 8-K dated April 23, 2024, and on our Investor Relations website.

歡迎。感謝您參加本次活動。今天早些時候，我們發布了一份新聞稿，其中包含有關我們2024年第一季業績的詳細資訊。新聞稿可在我們的網站pmi.com上查閱。本簡報中所引用的非GAAP財務指標的術語表（包括無菸產品的定義以及調整、其他計算和與最直接可比較的美國通用會計準則（GAAP）指標的調節表）可在公司2024年4月23日提交的8-K表格的附件99.2以及我們的投資者關係網站上查閱。

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. I'm joined today by Emmanuel Babeau, Chief Financial Officer; and Jennifer Motles, Chief Sustainability Officer. Over to you, Emmanuel.

今天的發言包含對未來業績的前瞻性陳述和預測。請各位注意今天簡報和新聞稿中的前瞻性陳述和警示性聲明揭露，以了解可能導致實際結果與預測或前瞻性陳述有重大差異的各種因素。今天與我一同出席的還有財務長伊曼紐爾·巴博和首席永續發展長珍妮佛·莫特爾斯。伊曼紐爾，請您發言。

Thank you, James, and welcome, everyone. In Q1, we delivered outstanding performance that exceeded our expectations with double-digit growth in organic net revenue and operating income as well as currency-neutral adjusted diluted earnings per share, all supported by robust volume growth. Excellent smoke-free business momentum continues with plus 25% organic growth in net revenues and plus 38% in gross profit as IQOS operating leverage and ZYN mix contribute positively. IQOS continues to advance rapidly, with growth of plus 13% in adjusted in-market sales volumes and plus 21% in shipment. IQOS ILUMA is a key driver of this progress now available in 64 markets, representing nearly 100% of IQOS volumes outside Russia.

謝謝James，也歡迎各位。第一季度，我們取得了超乎預期的出色業績，有機淨收入和營業利潤均實現了兩位數增長，經匯率中性調整後的稀釋每股收益也實現了增長，這都得益於強勁的銷量增長。無菸業務的良好動能持續，淨收入有機成長25%，毛利潤有機成長38%，這主要得益於IQOS的營運槓桿效應和ZYN產品組合的正面貢獻。 IQOS持續快速發展，經調整後的市場銷售成長13%，出貨量成長21%。 IQOS ILUMA是這項成長的關鍵驅動力，目前已在64個市場上市，幾乎佔俄羅斯以外IQOS總銷量的100%。

ZYN also continued its considerable growth in Q1 with U.S. volumes up plus 80%. Importantly, this top line performance translated into strong operating income growth and margin expansion both organically and in dollar terms. This was notably driven by accelerating profitability in both our IQOS and ZYN businesses in addition to improving combustible performance. We faced higher-than-expected currency headwinds in the quarter, primarily due to the devaluation of the Egyptian pound. We are taking mitigating actions including additional pricing and accelerated cost initiatives, which allowed us to deliver Q1 adjusted diluted EPS above our prior expectation despite these pressures. While the prior year quarter was favorable for certain growth comparison, this exceptional start to the year set the stage for us to deliver significantly better-than-expected 2024 currency-neutral growth and robust growth in U.S. dollar at prevailing rates.

ZYN在第一季持續保持強勁成長勢頭，美國銷售成長超過80%。更重要的是，營收成長轉化為強勁的營業收入成長和利潤率提升，無論以內生成長或以美元計價均實現顯著成長。這主要得益於IQOS和ZYN業務獲利能力的加速提升，以及可燃產品績效的改善。本季我們面臨高於預期的匯率不利因素，主要原因是埃及鎊貶值。我們正在採取應對措施，包括進一步的價格調整和加速成本控制，這些措施使我們能夠克服這些壓力，實現第一季調整後稀釋每股收益高於預期。雖然去年同期在某些成長比較方面表現良好，但今年開局的優異表現為我們奠定了基礎，有望實現遠超預期的2024年固定匯率增長，以及按當前匯率計算的強勁美元增長。

Turning to the headline numbers. Very good shipment volume growth of plus 3.6% supported organic top line growth of plus 11% or plus 8.6%, including currency. This reflects continued excellent IQOS and ZYN momentum as well as strong combustible pricing. Operating income grew by plus 22.2% organically versus a softer prior year quarter, notably driven by gross margin expansion and a deceleration in SG&A growth.

再來看主要數據。出貨量成長3.6%，表現非常出色，帶動了有機營收成長11%（若計入匯率則為8.6%）。這反映了IQOS和ZYN持續強勁的成長動能以及可燃菸草產品價格的堅挺。營業收入有機成長22.2%，較去年同期略顯疲軟的業績有所改善，主要得益於毛利率的提升以及銷售、管理及行政費用（SG&A）增速的放緩。

As a result, our organic OI margin expanded by plus 3.7 percentage points. In dollar terms, adjusted OI grew by plus 11.3% and adjusted OI margin expanded by 90 basis points. We outperformed our Q1 adjusted EPS outlook due to 3 main factors: the first is the net revenue and profit impact of better volumes following the industry-leading performance of ZYN, the strong shipment growth of IQOS HTUs including some higher-than-expected time benefit and a resilient combustible delivery. Second is the benefit of our pricing action to mitigate currency headwinds. And third is on costs, including some timing benefit and a step up focus on manufacturing and back-office efficiencies to prioritize growth investments.

因此，我們的有機營業收入利潤率提高了3.7個百分點。以美元計，調整後的營業收入成長了11.3%，調整後的營業收入利潤率提高了90個基點。我們在第一季度調整後每股收益超出預期，主要得益於以下三個因素：首先，ZYN的行業領先表現、IQOS HTU的強勁出貨量增長（包括部分高於預期的時間優勢）以及可燃產品的穩定交付，都對淨收入和利潤產生了積極影響。其次，我們採取的定價措施有效緩和了匯率波動帶來的不利影響。第三，成本控制方面也受益匪淺，包括部分時間優勢以及我們更加重視提升生產和後台營運效率，優先考慮成長投資。

The majority of the outperformance was driven by underlying business dynamic which bodes well for the remainder of the year. Indeed, we delivered adjusted diluted earnings per share of $1.50, representing plus 23.2% growth excluding an unfavorable currency impact of $0.20. This includes $0.09 from the devaluation of the Egyptian pound, including a transactional impact of $0.06 primarily related to the balance sheet remeasurement of foreign currency payable. With increased liquidity in the Egyptian pound, we are now reducing our balance sheet exposure and this should be complete in the coming weeks.

業績超預期主要得益於穩健的業務動態，對今年剩餘時間的發展前景十分有利。事實上，我們實現了經調整後的稀釋每股收益1.50美元，年增23.2%，其中已扣除0.20美元的不利匯率影響。這其中包括埃及鎊貶值造成的0.09美元，以及主要與資產負債表外幣應付帳款重新計量相關的0.06美元交易影響。隨著埃及鎊流動性的增強，我們正在降低資產負債表風險敞口，預計未來幾週內將完成這項工作。

Focusing now on volumes. Our Q1 HTU shipments of 33.1 billion units exceeded our outlook with robust underlying growth across geographies and higher-than-anticipated timing impact of shipments to Japan. The incremental trading impact was around 1 billion units and was primarily related to Red Sea disruption. While uncertain, we assume this will normalize in the second half of the year. As mentioned previously, we believe the best indicator of underlying HTU growth is adjusted in-market sales as the closest metric to consumer offtake. Adjusted IMS volume grew nicely by plus 12.5%, including the expected impact from the characterizing flavor ban in Europe. We continue to see strong IQOS momentum with excellent growth in Japan, robust underlying fundamentals in Europe and a growing contribution from newer markets, such as Indonesia.

現在我們來關注銷量。第一季我們的HTU（加熱式電子煙）出貨量達到331億支，超出預期，這得益於各地區強勁的潛在增長，以及對日本出貨量超出預期的時效性影響。新增貿易影響約10億支，主要與紅海海域的供應中斷有關。儘管情況尚不明朗，但我們預計下半年供應將恢復正常。如前所述，我們認為衡量HTU潛在成長的最佳指標是經調整後的市場銷售量，因為它最接近消費者的實際購買量。經調整後的IMS銷量成長了12.5%，其中已計入歐洲特色口味禁令的預期影響。我們持續看到IQOS的強勁成長勢頭，在日本市場表現出色，歐洲市場基本面穩健，印尼等新興市場的貢獻也不斷成長。

We continue to target plus 14% to plus 16% adjusted IMS growth for the year, with around plus 10% growth in Q2 followed by an H2 acceleration driven by the timing of commercial programs, ILUMA uptake, newer market and a less demanding prior year comparison. Total smoke-free volume growth of plus 22% includes the impressive expansion of our oral smoke-free portfolio, powered by ZYN, with pouch equivalent shipment volumes up by plus 35.8%. U.S. ZYN shipments grew by plus 80% to 132 million cans. Cigarette achievements declined by a modest 0.4% in the first quarter with a notable positive contribution from Turkey as we increased share in a strong overall market.

我們繼續設定全年經調整後的IMS成長目標為14%至16%，第二季預計成長約10%，下半年將加速成長，這主要得益於商業項目的推進、ILUMA的推廣、新市場的開拓以及去年同期基數較低。無菸產品總銷量成長22%，其中以ZYN為首的口腔無菸產品組合實現了顯著擴張，袋裝等效出貨量成長35.8%。 ZYN在美國的出貨量成長80%，達到1.32億罐。第一季捲菸銷售量小幅下降0.4%，其中土耳其市場貢獻顯著，我們在強勁的整體市場中擴大了份額。

Let me now walk through the drivers of our Q1 net revenues. As I mentioned, volume grew by a remarkable plus 3.6%, including oral. Pricing contributed plus 5.5 points of growth, primarily from combustible as well as pricing of around plus 3% on HTUs. Smoke-free category mix added plus 3.1 percentage points to the top line, reflecting the higher net revenue per unit of IQOS and to an even greater extent ZYN. Oral smoke-free product overall boosted our organic net revenue growth by plus 2.2 points, showcasing its role as a meaningful accelerator.

現在讓我來詳細分析一下我們第一季淨收入的驅動因素。正如我之前提到的，銷售量實現了顯著成長，增幅達3.6%，其中包括口吸產品。價格因素貢獻了5.5個百分點的成長，主要來自可燃產品以及加熱型電子煙產品約3%的價格上漲。無菸產品組合為營收貢獻了3.1個百分點的成長，這主要反映了IQOS和ZYN每單位淨收入的提高，而ZYN的貢獻則更為顯著。整體而言，口吸無菸產品推動我們的有機淨收入成長了2.2個百分點，充分展現了其作為重要成長加速器的作用。

To report a positive contribution from our VEEV e-vapor business, which was still small in the context of the group, delivered good revenue growth. In 2023, there was a negative geographic mix within our combustible business, oral margin market, smoke-free product grew faster and smoke-free product accelerated cigarette declined elsewhere. The positive mix impact of smoke-free product -- and pricing are the 3 enduring engines for our transformation and growth.

值得一提的是，儘管VEEV電子煙業務在集團整體規模中仍處於較小水平，但其營收成長表現良好。 2023年，我們的可燃菸草業務地域構成出現不利變化，口腔菸草利潤率較高，無菸產品成長速度更快，且在其他地區，無菸產品加速成長，而捲菸業務則出現下滑。無菸產品的正面組合影響以及定價策略是我們轉型和成長的三大持久動力。

Focusing now on the key dynamics of our Q1 profit delivery. Smoke-free gross profit grew by an impressive plus 38% organically and top line growth of plus 25%. This reflects the very strong performance of U.S. ZYN and the growth and scale effect of IQOS, including manufacturing productivity. This strong underlying acceleration was amplified by only a few percentage points due to HTU shipment phasing. Gross margin expanded substantially for both heat-not-burn the oral nicotine and by a striking plus [600] basis points organically for smoke-free overall, which made up close to 39% of total gross profit, an increase of plus 6 percentage points versus prior year.

現在我們專注於第一季利潤的關鍵動態。無菸業務毛利實現了令人矚目的38%的有機成長，營收也成長了25%。這主要得益於美國ZYN的強勁表現以及IQOS的成長和規模效應，包括生產效率的提升。由於加熱不燃燒型口服尼古丁產品的出貨階段，這一強勁的潛在成長僅略微放大了幾個百分點。加熱不燃燒型口服尼古丁產品的毛利率均大幅增長，而無菸業務整體的毛利率更是實現了驚人的有機增長[600個基點]，佔總毛利潤的近39%，較上年同期增長了6個百分點。

Combustible organic gross profit growth was notably improved and exceeded our expectation at plus 2.3%. Gross margins were also better than anticipated, leading to an improved full year outlook. Resilient volumes, strong pricing and manufacturing productivity more than offset the continued cost pressure in the category, geographic mix and the impact of IQOS cannibalization. As previously flagged, cost increases in leaf, wages and certain other inputs carried over into 2024 and this should ease next year.

可燃煙草有機毛利成長顯著改善，超出預期，達到2.3%。毛利率也優於預期，從而提升了全年業績展望。穩定的銷售量、強勁的價格和高效的生產能力足以抵消該品類持續的成本壓力、地理分佈以及IQOS蠶食帶來的影響。如同先前所述，菸葉、薪資和其他一些投入成本的上漲將延續至2024年，預計明年將有所緩解。

We were also impacted by around $30 million of cost from implementation of the EU single-use plastic directive, primarily on cigarettes. A key feature of Q1 was strong operating income margin expansion. Gross margin increased organically by 150 basis points and by 80 basis points, including currency. This reflects excellent expansion within smoke-free product, their growing weight within our business at higher margin and better-than-expected evolution of combustible. These factors, combined with productivity savings significantly outweighed the unfavorable technical dilutive impact of third-party manufacturing in Indonesia, which equated to 30 basis points in the quarter. For SG&A cost, currency-neutral growth of only plus 1.4 drove plus 220 basis points of organic margin expansion. This benefited from our resource allocation and prioritization programs, including the delivery of approximately $160 million in gross cost efficiency across COGS and SG&A towards our $2 billion target for 2024 and 2026.

歐盟一次性塑膠指令的實施也為我們帶來了約3,000萬美元的成本影響，主要體現在捲菸領域。第一季的一個關鍵特徵是營業利潤率的強勁成長。毛利率有機成長150個基點，計入匯率因素後成長80個基點。這反映了無菸產品的出色成長，其在我們業務中佔比不斷提高且利潤率更高，以及可燃捲菸業務優於預期的發展。這些因素，加上生產效率的提升，顯著抵消了印尼第三方生產帶來的不利技術性稀釋影響，該影響在本季度造成了30個基點的利潤稀釋。銷售、管理及行政費用方面，僅1.4%的匯率中性成長率推動了有機利潤率成長220個基點。這得益於我們的資源配置和優先事項規劃，包括在銷售成本和銷售、管理及行政費用方面實現了約1.6億美元的毛成本效率提升，朝著我們2024年和2026年20億美元的目標邁進。

Although the Q1 margin impact of SG&A cost evolution, including currency, was small due notably to Egyptian pound transactional currency. We continue to target SG&A progression below top line growth for the year. We expect higher organic SG&A increases in the remainder of 2024, notably reflecting investment spend phasing, which was favorable in Q1. The combination of these factors powered a remarkable plus 370 basis point expansion in our organic operating income margin and plus 90 basis points, including currency. This exceeded our expectation, and we are now raising our full year operating income growth outlook as I will come back to.

儘管第一季銷售、管理及行政費用（含匯率影響）的變動對利潤率的影響較小，這主要得益於埃及鎊的交易匯率。我們仍將全年銷售、管理及行政費用的成長目標設定在營收成長以下。我們預計2024年剩餘時間裡，銷售、管理及行政費用的有機成長將會更高，這主要反映了第一季有利的投資支出階段性安排。這些因素共同推動了我們有機營業利潤率顯著提升370個基點，計入匯率影響後提升90個基點。這項業績超出預期，因此我們上調了全年營業利潤成長預期，稍後我將對此進行詳細說明。

Taking another lens on adjusted operating income margin by geography. We see broad-based global momentum with all regions delivering strong organic progress. In dollar terms, margin expanded in every region, except South and Southeast Asia, CIS and Middle East Africa region, mainly reflecting the transactional currency impact of the Egyptian pound and the technical dilution in Indonesia. Indeed excluding these factors, this region grew margin at a very similar rate to the group.

從另一個角度分析按地域劃分的調整後營業利潤率。我們看到全球整體成長勢頭強勁，所有地區均實現了強勁的內生性成長。以美元計價，除南亞和東南亞、獨聯體以及中東和非洲地區外，所有地區的利潤率均有所增長。這主要反映了埃及鎊交易匯率的影響以及印尼的技術性稀釋。事實上，若剔除這些因素，該地區的利潤率成長速度與集團整體水準非常接近。

Moving to IQOS. With ILUMA now widely launched, PMI HTUs continue to strengthen their position as the second largest nicotine brand in markets where IQOS is present. PMI HTUs now exceed the 10% market share milestone on the prior basis, excluding Indonesia, which we now include following broader commercialization in the market. Our HTUs are the #1 nicotine brand in 11 markets and as shown at CAGNY, IQOS net revenues have surpassed those of Marlboro.

接下來是IQOS。隨著ILUMA的全面上市，菲莫國際加熱不燃燒菸草產品（PMI HTU）在IQOS覆蓋的市場中繼續鞏固其第二大尼古丁品牌的地位。 PMI HTU的市佔率已突破10%大關（不包括印尼，印尼市場已因更廣泛的商業化而納入統計）。我們的HTU在11個市場位居尼古丁品牌榜首，正如在紐約國際菸草展（CAGNY）上所展示的，IQOS的淨收入已超過萬寶路。

Focusing on IQOS in Europe. Q1 HTU share increased by plus 0.9 points. also crossing the 10% regional share milestone for the first time. While still early in many markets, the growing availability and uptake of ILUMA is a key driver, and we are seeing a strong acceleration in a number of historically slower growth markets. Adjusted IMS volumes continued to exhibit robust sequential growth and reached a record high of 12.6 billion units on a 4-quarter moving average. This reflects a year-on-year progression of plus 9.4% in Q1 with excellent growth in Greece, Portugal, Germany, Spain, U.K. and the Netherlands. Growth was slower in certain Central European markets such as Poland and Czech Republic, where increased economic pressure and price sensitivity are visible. We continue to evolve our portfolio in this market under the recently launched ILUMA systems to drive further growth.

重點關注歐洲市場的IQOS。第一季HTU市佔率成長0.9個百分點，並首次突破10%的區域市佔率大關。儘管在許多市場仍處於早期階段，但ILUMA的日益普及和用戶成長是關鍵驅動因素，我們看到一些以往成長較慢的市場也出現了強勁的加速成長。經調整的IMS銷售量持續保持強勁的環比成長，第四季移動平均達到創紀錄的126億台。這反映出第一季年增9.4%，其中希臘、葡萄牙、德國、西班牙、英國和荷蘭的成長尤為出色。在波蘭和捷克共和國等部分中歐市場，由於經濟壓力增加和價格敏感度上升，成長速度有所放緩。我們將繼續根據近期推出的ILUMA系統，持續優化在該市場的產品組合，以推動進一步成長。

Excluding Ukraine, where growth was absent adjusted in-market sales grew double digit. As anticipated, the 11 markets, so far affected by EU characterizing flavor restriction saw an impact in line with our total regional estimate of around 2 billion [units] for the year. Consistent with similar past situation, we observed an initial consumer adjustment followed by a reversion of growth rates to previous levels. We have not seen meaningful shift towards e-vapor or competitor heat-not-burn product, and we expect the structural growth of IQOS to fuel continued HTU progression over the rest of the year.

除烏克蘭外，經調整後的市場銷售額實現了兩位數成長。烏克蘭市場成長停滯。如預期，迄今受歐盟口味限制影響的11個市場受到的影響與我們全年約20億台的區域總銷量預估相符。與以往類似情況一致，我們觀察到消費者最初做出調整，隨後成長率回落至先前水準。我們尚未看到消費者轉向電子煙或競爭對手的加熱不燃燒產品，我們預計IQOS的結構性成長將在今年剩餘時間內持續推動加熱不燃燒產品的成長。

The strong fundamental progress in the region is highlighted by the expansion in key city offtake shares. Very strong gains in cities with already high IQOS adoptions such as Lisbon, Rome, Athens and Budapest demonstrate the potential for further growth at the national level. The recent acceleration in London, Madrid, Munich and Amsterdam is also very promising for the IQOS brand in this market and for Europe overall.

該地區強勁的基礎性進展體現在重點城市市場份額的成長。里斯本、羅馬、雅典和布達佩斯等IQOS普及率已很高的城市取得的顯著增長，顯示IQOS在全國各地仍有進一步增長的潛力。倫敦、馬德里、慕尼黑和阿姆斯特丹近期的加速成長也為IQOS品牌在該市場乃至整個歐洲的發展帶來了非常正面的訊號。

In Japan, the adjusted total tobacco share for our HTU brands increased by an excellent plus 3.1 points to 29.3%. Adjusted IMS volumes increased by plus 13%, maintaining the rapid progress of recent quarters. Such impressive growth in the market with already high category penetration is a clear testament to the sustainable growth potential of IQOS around the world.

在日本，我們HTU品牌的調整後菸草總份額顯著成長3.1個百分點，達到29.3%。調整後的IMS銷量成長13%，延續了近幾季的快速成長動能。在市場滲透率已相當高的情況下，如此令人矚目的成長充分證明了IQOS在全球的可持續成長潛力。

In connection with IQOS strong brand equity and commercial footprint, we are fostering growth through continued innovation on both devices and consumables. In March, we launched the latest IQOS device ILUMA i in direct channels with national expansion ongoing. We remain laser focused on innovation. Our innovation in consumables has included a number of new variants and test experiences on the premium TEREA brand. As shown by the offtake data on this chart, this has helped TEREA to continue growing Japan share at the same time as mainstream pricedSENTIA. This successful strategy of broadening consumer appeal with different price tiers while reinforcing and growing the premium lineup is a good illustration of how our IQOS business is evolving across market as the category continues to grow.

憑藉IQOS強大的品牌價值和商業佈局，我們正透過設備和耗材的持續創新來推動成長。 3月，我們透過直銷管道推出了最新的IQOS設備ILUMA i，並正在全國進行擴張。我們始終專注於創新。在耗材方面，我們推出了多款新品，並對高端品牌TEREA進行了測試。如圖表所示，這些創新幫助TEREA在日本市場持續成長，同時主流價位的SENTIA也取得了成功。這種透過不同價位的產品拓展消費者群體，同時強化和發展高端產品線的成功策略，很好地展現了隨著IQOS品類的持續成長，我們的IQOS業務如何在市場中不斷發展。

The potential of the category is clearly demonstrated by the performance in Tokyo as shared at CAGNY, heat-not-burn category volumes surpassed combustible in January and have continued to grow since then. Led by Japan and Korea, the East Asia and Australia region reached almost 2/3 smoke-free net revenue in Q1. While somewhat flattered by shipment timing, this clearly demonstrates the path forward for the broader company as we strive towards our ambition of becoming substantially smoke-free surpassing 2/3 by 2030.

在CAGNY展會上，東京市場的表現清楚展現了該品類的巨大潛力。加熱不燃燒產品的銷售量在1月就超過了可燃產品，並且此後持續成長。在日本和韓國的帶動下，東亞和澳洲地區在第一季實現了近三分之二的無菸淨收入。儘管出貨時間可能略有影響，但這清楚地表明了公司未來的發展方向，我們將朝著2030年實現超過三分之二的無菸目標邁進。

Outside of Japan and Europe, we continue to see very promising IQOS growth across the globe, including low and middle income market, as highlighted by key city offtake shares. A notable call-out is Indonesia, where we have expanded commercialization to targeted areas in new city and introduced TEREA clove variants catering to kretek taste preferences. We have witnessed an uplift in user growth, and now have over 150,000 estimated IQOS users in the country. Our city offtake share in Urban Jakarta is 1 indicator of this, with plus 1.6 percentage point growth to 3.4% in a growing total industry.

除日本和歐洲以外，我們持續看到IQOS在全球呈現非常強勁的成長勢頭，包括中低收入市場，關鍵城市的市場份額也印證了這一點。尤其值得一提的是印尼市場，我們將商業化拓展至新城市的特定區域，並推出了TEREA丁香口味系列，以滿足丁香菸愛好者的口味偏好。我們見證了用戶數量的顯著增長，目前印尼的IQOS用戶估計已超過15萬。我們在雅加達市區的市佔率是這一成長的有力佐證，在整體市場成長的背景下，我們的市佔率成長了1.6個百分點，達到3.4%。

We are also pleased to report the reacceleration of IQOS growth in South Korea, following the introduction of ILUMA. TEREA recently became the #1 HTU brand as measured by National c-store offtake and in Seoul, IQOS market share grew by 1.8 points to 12.8%. Egypt continued to stand out with Cairo offtake share up plus 1.3 points to 9.1% despite recent pricing, and we also see promising results in Malaysia, Morocco, Lebanon and the Balkans. While not shown on this slide, Saudi Arabia also had a promising restart with Q1 national offtake share of 1.3% following the resumption of IQOS commercialization in late 2023.

我們很高興地報告，隨著ILUMA的推出，IQOS在韓國的成長速度再次加快。 TEREA近期成為全國便利商店銷售排名第一的HTU品牌，在首爾，IQOS的市佔率成長了1.8個百分點，達到12.8%。儘管近期價格有所調整，埃及開羅的市佔率仍成長了1.3個百分點，達到9.1%，並持續保持領先地位。我們在馬來西亞、摩洛哥、黎巴嫩和巴爾幹地區也看到了令人鼓舞的成果。雖然本頁未顯示，但沙烏地阿拉伯在2023年底恢復IQOS商業化後，第一季全國市佔率也達到了1.3%，市場呈現復甦態勢。

In a similar vein to some of our European markets, the November launch of ILUMA in Canada has coincided with an acceleration in key city growth as shown here by Toronto. While still early days for ILUMA and in a very restrictive regulatory environment, this is clearly a positive development. Moving now to ZYN, where excellent U.S. progress continued in Q1 with plus 70% sequential growth in 12 months rolling shipments. Impressively, category volume share grew for the fourth consecutive quarter to 74.3%, an increase of plus 6.9 points year-on-year and plus 1.3 points sequentially despite a $0.15 per ton price increase in March.

與我們的一些歐洲市場類似，ILUMA 於 11 月在加拿大上市，恰逢其在多倫多等重點城市加速成長。儘管 ILUMA 目前仍處於早期階段，且監管環境非常嚴格，但這無疑是一個積極的進展。接下來是 ZYN，其在美國市場的出色表現延續了第一季的勢頭，過去 12 個月的滾動出貨量環比增長超過 70%。令人印象深刻的是，該品類的市佔率連續第四個季度成長，達到 74.3%，年增 6.9 個百分點，季增 1.3 個百分點，儘管 3 月價格上漲了 0.15 美元/噸。

Retail value share also grew to 79.3%, highlighting ZYN's premium positioning and superior brand equity. This accelerated growth again reflect a broad step-up in nationwide store velocities and gradual distribution expansion as the category gained strong traction with adult nicotine users. As outlined at CAGNY, we remain focused on marketing ZYN responsibly to prevent unintended use. We support the FDA's effort to ensure only consumer over 21 have access to nicotine product. Swedish Match follows a robust U.S. marketing code that prohibit using social media influencers, age-gated digital platform to 21-plus and includes partnering with WeCard to help ensure retail sales only to legal age adults.

零售額份額也成長至79.3%，凸顯了ZYN的高端定位和卓越的品牌價值。這一加速成長再次反映了全國門市拓展速度的全面提升和分銷管道的逐步擴張，因為該品類已在成年尼古丁使用者中獲得了強勁的市場認可。正如我們在CAGNY會議上所闡述的，我們將繼續致力於以負責任的方式推廣ZYN，以防止意外使用。我們支持FDA確保只有21歲以上的消費者才能購買尼古丁產品的努力。瑞典火柴公司遵循嚴格的美國行銷準則，禁止使用社群媒體影響者，並將數位平台限制在21歲以上用戶訪問，同時也與WeCard合作，以確保零售僅針對法定年齡的成年人。

I'd like to spend a moment now on combustibles, where our portfolio delivered a robust organic net revenue growth of plus 3.7% in Q1. This primarily reflect better-than-expected pricing of plus 7.9% with a notable contribution from Germany and stepped up pricing in Egypt. The pricing environment remains favorable, and we now forecast a full year increase of plus 6% to plus 7% with annualization effect lessening in H2. Our cigarette category share grew by plus 0.3 points in Q1, and this includes positive contribution from Algeria, Poland and Turkey resulting in only a modest volume decline in the total cigarette industry, which fell by 0.6%.

現在我想花點時間談談可燃物業務。第一季度，我們的產品組合實現了強勁的有機淨收入成長，增幅達3.7%。這主要得益於超出預期的定價策略，增幅達7.9%，其中德國市場貢獻顯著，埃及市場也提高了定價。目前的定價環境依然有利，我們預計全年增幅將達到6%至7%，但下半年年化效應將減弱。第一季度，我們的捲菸市佔率成長了0.3個百分點，這主要得益於阿爾及利亞、波蘭和土耳其市場的正面貢獻，使得整個菸品產業的銷量僅小幅下降了0.6%。

Our global brands gained category share during the quarter with Marlboro gaining plus 0.4 points. As previously flagged, our 2023 share of segment was flattered by a competitor supply constraints in Egypt, which may normalize this year. As I already mentioned, strong pricing in Q1, coupled with accelerated manufacturing productivity also resulted in a better-than-expected margin evolution. Now let me provide an update on our latest innovation and expansion plans as we further accelerate our Smoke-free transformation.

本季度，我們的全球品牌市佔率有所成長，其中萬寶路成長了0.4個百分點。如同先前所提到的，由於埃及競爭對手的供應受限，我們2023年的市佔率預期有所上升，但這種情況有望在今年恢復正常。正如我之前提到的，第一季強勁的定價策略，加上生產效率的提升，也帶來了超乎預期的利潤率成長。現在，我將介紹我們最新的創新和擴張計劃，以進一步加速我們的無菸轉型。

As I covered earlier, we recently launched IQOS ILUMA i, our most innovative offering to date in Japan. The ILUMA i portfolio consists of 3 devices, offering a range of adaptable new features. This includes the new touchscreen on the device order, which allows users to see experienced relevant information quickly and easily as well as the pause mode, so user can pause and resume their smoke-free moment where they left off. Initial consumer feedback has been very positive. Japan was the first market to launch ILUMA in H2 2021, and we plan to gradually roll out ILUMA i to more geographies over time. As shown in our Japan and Indonesia performance, consumable innovation on the ILUMA platform is also critical as we broaden offering across markets.

正如我之前提到的，我們最近在日本推出了IQOS ILUMA i，這是我們迄今為止最具創新性的產品。 ILUMA i系列包含三款設備，提供一系列可自訂的新功能。其中包括設備面板上的全新觸控屏，用戶可以快速便捷地查看相關資訊；以及暫停模式，用戶可以隨時暫停和繼續之前的無菸體驗。目前消費者反饋非常正面。日本是2021年下半年首個推出ILUMA的市場，我們計劃逐步將ILUMA i推廣到更多地區。正如我們在日本和印尼的業績所顯示的那樣，隨著我們拓展產品線，ILUMA平台耗材的創新也至關重要。

LEVIA HTUs, which contain nicotine, but no tobacco leaf, were launched nationwide in the Czech Republic and Romania in Q1 with promising initial results. More markets are planned later this year. DELIA, our new mainstream price brand for HTUs was rolled out in Switzerland, Hungary and Lithuania. In the U.S., we continue to prepare for the first consumer pilot in select cities with the IQOS 3 system. As mentioned previously, the commercialization will be initially limited in scope and will be focused on direct activation of select legal age nicotine user in a few cities allowing us to experiment with different elements of the commercial model.

LEVIA HTU（含尼古丁但不含菸葉）於第一季在捷克和羅馬尼亞全國各地上市，並取得了令人鼓舞的初步成果。我們計劃今年稍後將產品推廣到更多市場。 DELIA是我們面向主流市場的全新HTU品牌，已在瑞士、匈牙利和立陶宛推出。在美國，我們正持續籌備在部分城市開展IQOS 3系統的首次消費者試點計畫。如前所述，商業化初期規模有限，將重點放在少數城市直接活化特定年齡層的尼古丁使用者，以便我們測試商業模式的不同要素。

The main purpose of this consumer activation is to fine-tune our approach in anticipation of the at-scale launch of IQOS ILUMA, following authorization from the FDA. The international expansion of nicotine pouches remain a key focus, notably for ZYN, as the world's leading brand. We have launched or relaunched in 11 markets so far with more planned later this year. In e-vapor, our focused strategy for VEEV is showing very good early results. Positive consumer feedback is translating into promising repeat purchase and conversion rate, and we are on a path to profitability in H2.

這次消費者活化活動的主要目的是在獲得FDA批准後，為IQOS ILUMA的大規模上市做好充分準備，並在此基礎上優化我們的策略。尼古丁袋的國際擴張仍然是我們的重點工作，尤其是對於全球領導品牌ZYN。目前，我們已在11個市場推出或重新推出產品，並計劃在今年稍後拓展更多市場。在電子煙領域，我們針對VEEV的重點策略已初見成效。正面的消費者回饋轉化為可觀的複購率和轉換率，我們預計在下半年將獲利。

This brings me to our outlook for 2024. With unparalleled smoke-free volume momentum, best-in-class pricing and expanding margin we are raising our full year currency-neutral growth forecast. This strong pricing combined with positive smoke-free mix and efficient cost allocation also helps us to mitigate currency headwinds and should allow us at prevailing rates to deliver on our objective of robust growth in dollar terms.

這讓我想到我們對2024年的展望。憑藉無菸產品銷售空前強勁的成長動能、一流的定價策略和不斷擴大的利潤率，我們上調了全年以固定匯率計算的成長預期。強勁的定價策略，加上積極的無菸產品組合和高效的成本分配，也有助於我們減輕匯率波動帶來的不利影響，並使我們能夠在當前匯率水平下實現以美元計價的強勁增長目標。

Given continued ZYN volume progress, we are increasing our U.S. shipment forecast to around 560 million cans. We have further accelerated our capacity expansion plans to support this additional step up. We continue to target strong growth in both adjusted IMS and shipments of IQOS HTUs and to reach close to $15 billion in 2024 smoke-free net revenue at prevailing exchange rate.

鑑於 ZYN 銷量持續成長，我們將美國出貨量預測上調至約 5.6 億罐。為支持此成長，我們已進一步加快產能擴張計畫。我們將繼續致力於實現經調整後的 IMS 和 IQOS HTU 出貨量的強勁增長，並力爭在 2024 年按現行匯率計算實現接近 150 億美元的無菸產品淨收入。

Factoring the increase ZYN shipment forecast and a strong pricing outlook on both combustible and smoke-free product we are increasing our organic net revenue growth forecast to plus 7% to plus 8.5%. In addition to higher revenue growth, we expect accelerated organic margin expansion. This is strongly driven by a significant expected uplift in our smoke-free gross margin due to IQOS scale effect, ZYN mix and accelerated manufacturing productivities. It also includes organic gross margin expansion in combustible, where we had previously assumed a negative development. In addition, we are focused on delivering further SG&A efficiency while continuing to invest in smoke-free growth. As a result, we are raising our organic operating income growth forecast to plus 10% to plus 12%.

考慮到ZYN出貨量預測的增加以及可燃和無菸產品價格前景強勁，我們將有機淨收入成長預測上調至7%至8.5%。除了更高的收入成長外，我們預計有機利潤率也將加速擴張。這主要得益於IQOS規模效應、ZYN產品組合優化以及生產效率提升，預計無菸產品毛利率將大幅提高。此外，可燃產品的有機毛利率也將成長，此前我們曾預期其成長為負。同時，我們致力於進一步提高銷售、管理及行政費用效率，並持續投資於無菸產品業務成長。因此，我們將有機營業收入成長預測上調至10%至12%。

Accordingly, we are raising our forecast currency-neutral adjusted diluted EPS growth to plus 9% to plus 11%. This translates into an adjusted diluted EPS range of $6.19 to $6.31 including an unfavorable currency impact of $0.36 at prevailing rate. The increased forecast headwind is primarily explained by the devaluation of the Egyptian pound and recent weakness in the Japanese yen. As I mentioned, we are taking proactive actions to mitigate the incremental impact. We expect full year growth and operating income margin expansion in both organic and dollar terms at prevailing exchange rates.

因此，我們將經匯率中性調整後的稀釋每股盈餘成長預期上調至9%至11%。這意味著經調整後的攤薄每股收益預期區間為6.19美元至6.31美元，其中包括以當前匯率計算的0.36美元不利匯率影響。預期不利因素增加的主要原因是埃及鎊貶值和近期日圓走弱。正如我之前提到的，我們正在採取積極措施來減輕這些不利影響。我們預計全年有機成長和營業利潤率都將提升，無論以當前匯率計算以美元計價或以其他貨幣計價。

This includes organic expansion in both H1 and H2. After the excellent Q1 performance, we expect a strong H1 overall with organic net revenue and OI growth around the high end of our full year ranges. For Q2 specifically, we assume HTU shipment volume of 34 million to 35 billion and continued strong volume growth for ZYN. We forecast currency-neutral adjusted diluted EPS of $1.50 to $1.55, including an unfavorable currency variances of $0.14 at prevailing rates. With regard to our balance sheet, deleveraging remains a key priority. We continue to target a 0.3 to 0.5x improvement in our net debt to adjusted EBITDA ratio in 2024 driven by profit growth and strong cash flow generation.

這包括上半年和下半年的內生性成長。在第一季表現出色之後，我們預計上半年整體表現強勁，內生性淨收入和營業利潤成長將接近全年預期的高端。具體到第二季度，我們預計HTU出貨量為3,400萬至350億，ZYN的出貨量將持續保持強勁成長。我們預測，以當前匯率計算，調整後攤薄每股收益為1.50美元至1.55美元，其中包括0.14美元的不利匯率波動。關於資產負債表，去槓桿化仍然是我們的首要任務。我們持續致力於在2024年將淨負債與調整後EBITDA的比率降低0.3至0.5倍，主要得益於獲利成長和強勁的現金流。

We also continue to target reaching around 2x by the end of 2026 and will consider buybacks once confirmed we are on track. Switching gears. As this quarter coincides with the publication of our 2023 integrated report, I would like to welcome Jennifer Motles, PMI Chief Sustainability Officer to share an update on our sustainability progress. Jennifer, over to you.

我們也將繼續努力，爭取在2026年底前達到約2倍的成長率，一旦確認進展順利，我們將考慮股票回購。接下來，我們換個話題。由於本季適逢我們發布2023年綜合報告，我謹邀請菲莫國際首席永續發展長珍妮佛‧莫特爾斯女士分享我們永續發展的最新進展。詹妮弗，請您發言。

Thank you, Emmanuel. I'm very pleased to be joining today's earnings call. As Emmanuel mentioned, our sustainability, transformation and business strategies are one and the same. We are focused on creating value for the long term, we're generating shareholder returns requires us to deliver on transformation and delivering on transformation requires us to deliver on sustainability. As shown in our recent results, our product transformation fosters profitable growth and short, medium and long-term value creation. However, our transformation also means reshaping both our value chain and how we engage with society. As we venture into new product categories, we actively collaborate with different stakeholders and advocate for regulatory frameworks that can accelerate industry change and end smoking.

謝謝Emmanuel。我非常高興能參加今天的財報電話會議。正如Emmanuel所說，我們的永續發展、轉型和業務策略密不可分。我們致力於創造長期價值，而實現股東回報需要我們推動轉型，轉型又需要我們實現永續發展。正如我們近期的業績所示，產品轉型促進了獲利成長，並創造了短期、中期和長期價值。然而，轉型也意味著重塑我們的價值鏈以及我們與社會互動的方式。隨著我們進入新的產品類別，我們積極與各利益相關者合作，並倡導能夠加速產業變革和終結吸菸的監管框架。

Business transformation is a company-specific journey with sustainability reporting standards and frameworks often fail to adequately capture. To help illustrate our progress towards achieving our smoke-free purpose, we regularly report our business transformation metric, a bespoke set of financial and nonfinancial KPIs. Some of them were already presented by Emmanuel in our financial results. Others, you can see here. For example, the growing proportion of commercial and R&D spend on smoke-free products demonstrates the allocation of resources away from our legacy business and towards replacing cigarettes with better alternatives.

業務轉型是一個因公司而異的過程，而現有的永續發展報告標準和框架往往無法充分反映這個過程。為了更能展現我們在實現無菸目標方面的進展，我們會定期發布業務轉型指標，這是一套客製化的財務和非財務關鍵績效指標 (KPI)。其中一些指標已由 Emmanuel 在我們的財務報告中公佈，其餘指標您可以在這裡查看。例如，無菸產品商業和研發支出比例的不斷增長，表明我們正在將資源從傳統業務轉向以更優質的替代品取代捲菸。

As another example, increasing the availability and access of adult smokers around the world to smoke-free products are 2 key pillars of achieving this replacement as our geographic expansion continues, low and middle income market now make up 47% of our market presence. These metrics, together with our overall performance for 2023, can be latest integrated report published last month and available on our website. It is a comprehensive document covering our most important sustainability topics, starting with our products. The report highlights progress on our continued expansion of smoke-free alternatives across categories and geographies. as well as social and environmental progress, which and in parallel to these products in support of sustainable value creation.

例如，隨著我們業務的不斷拓展，提高全球成年吸菸者獲取無菸產品的便利性和可及性是實現這一目標的兩大關鍵支柱。目前，中低收入市場已占我們市場佔有率的47%。這些指標以及我們2023年的整體業績，均可在我們上月發布的最新綜合報告中查閱，該報告可在我們的網站上取得。這份綜合性文件涵蓋了我們最重要的永續發展議題，首先從我們的產品著手。報告重點介紹了我們在各個品類和地區持續拓展無菸替代品方面取得的進展，以及我們在社會和環境方面取得的進步，這些進步與我們的永續價值創造相輔相成。

This includes responsible marketing and sales practices, use -- and efforts to reduce post-consumer. Further, it highlights our progress on improving the quality of life of people in our supply chain, decarbonizing our operations and value chains and preserving nature. We're also very pleased with the continued recognition of our sustainability performance and our robust reporting. To highlight just a few from 2023 PMI was included in the Dow Jones Sustainability World Index for the first time and for the fourth year in the DGSI North America.

這包括負責任的行銷和銷售實踐、使用以及減少消費後廢棄物的努力。此外，報告還重點介紹了我們在改善供應鏈中人們的生活品質、實現營運和價值鏈脫碳以及保護自然環境方面取得的進展。我們也非常高興看到我們的永續發展績效和完善的報告持續獲得認可。僅舉幾例，PMI在2023年首次被納入道瓊永續發展世界指數，並連續第四年入選道瓊永續發展全球指數北美分會。

In addition, PMI was the only U.S. company to obtain a AAA rating from CDP, more than 20,000 companies worldwide participated in this rating and only 10 obtained this prestigious recognition. Notably for investors in parts of Europe, but also in ESG or sustainability team funds in the U.S., we are subject to sector exclusion policies because we're a tobacco company. It is clear that excluding companies or sectors from the consideration set, does nothing to address the underlying reasons for the exclusion, which, in our case, would be the harm linked to combustible tobacco use. Many funds that may be excluding tobacco on ESG considerations, we'll still own stocks in other consumer sectors.

此外，菲莫國際是唯一獲得CDP AAA評級的美國公司。全球超過2萬家公司參與了這項評級，最終只有10家公司獲此殊榮。值得注意的是，對於歐洲部分地區的投資者，以及美國ESG或永續發展團隊基金的投資者而言，由於我們是一家菸草公司，因此需要遵守產業排除政策。顯然，將公司或行業排除在考慮範圍之外，並不能解決排除的根本原因，就我們而言，根本原因在於可燃煙草的使用所帶來的危害。許多出於ESG考量而排除菸草產業的基金，仍會持有其他消費產業的股票。

Despite many of these companies not having comparable harm reduction strategies in place to address the impacts of their product. As we transform our company away from combustible and work to end smoking at a societal level, we welcome the engagement and challenge of investors to help us accelerate this critical shift. Thank you. I'll now turn it back to Emmanuel.

儘管許多此類公司並未制定類似的減害策略來應對其產品的影響。隨著我們公司逐步擺脫可燃產品，並致力於在社會層面終結吸煙，我們歡迎投資者的參與和挑戰，以幫助我們加速這一關鍵轉變。謝謝。現在我把發言權交還給伊曼紐。

Thank you, Jennifer. I will conclude today's presentation with some key messages. Our excellent IQOS and ZYN volume momentum, best-in-class pricing, positive category mix and step-up cost efficacy puts us on track for a strong 2024 with accelerated top line growth and margin expansion. Following an exceptional and better-than-expected start to the year, we have raised our full year currency-neutral growth forecast. Critically, we are also focused on delivering performance in dollars. We are taking measures to mitigate currency headwind through pricing, accelerated manufacturing productivity and judicious resource allocation to prioritize growth investment.

謝謝Jennifer。今天演講的最後，我想強調幾個關鍵訊息。 IQOS和ZYN的強勁銷售成長動能、一流的定價策略、積極的產品組合以及不斷提升的成本效益，使我們有望在2024年實現強勁增長，營收加速成長，利潤率也隨之提升。今年開局表現優異，遠超預期，因此我們提高了全年以固定匯率計算的成長預期。至關重要的是，我們也致力於實現以美元計價的業績。我們正在採取措施，透過價格策略、提高生產效率以及合理配置資源，優先投資於成長，來緩解匯率波動帶來的不利影響。

Our 2024 outlook places us firmly on track to deliver our 2024-2026 CAGR targets. Beyond 2026, we have further exciting opportunity to grow our smoke-free business as we progress towards our ambition of being substantially smoke-free by 2030. Finally and importantly, our strong growth outlook and highly cash-generative business underpins our ability to deleverage while maintaining a steadfast commitment to our progressive dividend policy. We look forward to further rewarding our shareholders as our transformation delivers sustainable growth. Thank you, and we are now very happy to answer your questions.

我們對2024年的展望使我們穩步朝著實現2024-2026年複合年增長率目標邁進。展望2026年之後，隨著我們朝著2030年實現基本無菸的目標邁進，我們將迎來更多令人振奮的無菸業務成長機會。最後，也是非常重要的一點，我們強勁的成長前景和高現金流業務為我們在降低槓桿率的同時，堅定不移地執行漸進式股息政策奠定了基礎。我們期待隨著轉型帶來永續成長，為股東帶來更多回報。謝謝，我們現在非常樂意回答各位的問題。

(Operator Instructions) Our first question comes from Matt Smith with Stifel.

（操作說明）我們的第一個問題來自 Stifel 公司的 Matt Smith。

If we start the first quarter, it was a strong start to the year. You noted a better revenue and margin performance supporting your ability to raise the outlook for both organic revenue and constant currency EPS. From a high level, on a constant currency basis, the first quarter EPS was about $0.20 ahead of your 1Q guidance. And you raised the full year outlook somewhat below that. Can you talk about unique benefits in the first quarter that may have changed the timing through the year? Or how are you viewing the rest of the year different now in terms of the fundamental environment or investment level?

如果從第一季來看，這是一個強勁的開局。您提到營收和利潤率的改善，這支撐了您上調有機營收和固定匯率每股收益預期。總體而言，以固定匯率計算，第一季每股收益比您先前的預期高出約0.20美元。而您將全年預期上調得略低於此。您能否談談第一季有哪些獨特的優勢可能影響了全年業績的預期？或者，從基本面或投資水準來看，您現在對今年剩餘時間的看法有何不同？

Sure, Matt. Happy to explain why some of the bits, but only part of it, of course, because we started as I explained in my prepared remarks, the year in a very strong manner in an underlying manner. But in addition to the very strong momentum that we are experiencing, indeed, there was around an additional 1 billion HTU stick because of Red Sea. So that has been a plus in Q1, and we expect that to reverse later in the year for the time being. So that's 1 element that is important.

當然，馬特。我很樂意解釋其中的一些原因，但當然只是一部分，因為正如我在準備好的發言稿中所述，我們今年的開局非常強勁，基礎也很穩固。除了我們目前所經歷的強勁勢頭之外，紅海油田也帶來了約10億HTU的額外產量。這在第一季是一個利好因素，但我們預計這種情況會在今年稍後有所逆轉。這是其中一個重要的因素。

We may have been helped a bit by some volumes on combustible, but it's probably more marginal. And at the scale of the combustible business, it's probably smaller. And then the other element, of course, is the SG&A evolution, organically, 1.4% increase only. We want to grow organically revenue faster than SG&A. But of course, we will have the 10 points of difference that we've been experiencing in Q1. So that will also reverse partially in the rest of the year as we are coming with some phasing on commercial actions and marketing, advertising later in the year and starting in Q2, where we will have more SG&A. So I think that with that, you have the key element that have been adding to what was, as I said, a very strong momentum anyway in Q1.

可燃物銷售的成長或許對我們有幫助，但影響可能微乎其微。而且，就可燃物業務的規模而言，這種影響可能更小。當然，另一個因素是銷售、管理及行政費用（SG&A）的自然成長，僅成長了1.4%。我們希望有機收入的成長速度超過SG&A的成長速度。但當然，我們仍會面臨第一季出現的10個百分點的差距。隨著我們在今年稍後逐步開展商業活動和行銷、廣告宣傳，這種情況將在今年剩餘時間裡有所逆轉，尤其是在第二季度，屆時我們將承擔更多的SG&A費用。因此，我認為，這些因素共同構成了推動我們第一季強勁成長動能的關鍵因素。

Our next question comes from Bonnie Herzog with Goldman Sachs.

下一個問題來自高盛的邦妮·赫爾佐格。

All right. Emmanuel, I wanted to maybe ask for a little bit of more color on a point you made about or at the end of your script regarding currency headwinds and how you're hoping to mitigate these headwinds. You highlighted pricing and productivity savings, et cetera. So maybe just provide a little bit more color on those, I guess, levers if you can pull them in maybe why you're more optimistic going forward given the never-ending currency headwinds since it continues to impact your business, I think that would be helpful.

好的。伊曼紐爾，我想請你更詳細地談談你在演講結尾提到的關於匯率不利因素以及你希望如何應對這些不利因素的觀點。你重點提到了價格和生產力方面的提升等等。所以，如果你能再詳細解釋一下這些措施，例如你如何看待在匯率持續不利因素不斷影響著你的業務的情況下，你為何仍然對未來持樂觀態度，我認為這會很有幫助。

Sure, Bonnie. Happy to share our view and what we're doing on that one. So we said it at the beginning of the year, and then we're at CAGNY, we want to deliver performance in dollar terms. And therefore, that means that even when we have another significant ForEx headwind and some of that, I mean, we have in Q1, actually $0.06 coming from the Egyptian pound that won't be there next year. So that's not something that's going to stay with us. So it's a kind of one-off negative impact, but we want to deliver robust growth in the large term.

當然，邦妮。很樂意分享我們的觀點以及我們正在採取的措施。我們在年初就說過，現在我們CAGNY也是一樣，我們希望以美元計價來實現業績成長。因此，這意味著即使我們面臨另一次重大的外匯逆風，例如第一季埃及鎊匯率下跌了0.06美元，但明年這部分影響就會消失。所以這不會持續影響我們。這只是一次性的負面影響，但我們希望在長期內實現強勁成長。

So in order to deliver that we have 2 big levers, I would say. The one is on price. And to be clear, when we talk about price It's, of course, in the countries where we can see some devaluation, but not only. It's really across the board how can we push the boundaries and push to the maximum of the limit the price increase? Well, we think that we're doing in a way that is not necessarily taking a big risk on market share, but we are clearly here and notably on combustible pushing on price increase. So that's something that we can do that is taking into account a certain economic environment.

所以為了實現這個目標，我認為我們有兩個主要槓桿。一個是價格。需要明確的是，我們談論價格時，當然是指在那些出現貨幣貶值的國家，但並非僅限於此。實際上，我們正​​在全面地探索如何突破價格上漲的界限，並將其推向極限。我們認為，我們正在採取的方式不會對市場份額造成太大風險，但我們顯然正在推動價格上漲，尤其是在易燃易爆產品領域。因此，這是我們在考慮特定經濟環境的情況下可以採取的措施。

And in the current environment, we are doing what we think is optimized and the best we can. Of course, if there was some more depreciation, more devaluation, we would -- we consider whether more action can be done. And then on productivity and on cost efficiency, that means really accelerating everything we can do on productivity, and we are working across the board. It's, of course, on procurement, it's on optimizing the manufacturing teens. It's on logistics. I mean it's on everything where we can generate extra savings and playing with this environment of a strong dollar.

在當前環境下，我們正在盡我們所能，採取我們認為最優化、最好的措施。當然，如果貶值幅度更大，我們會考慮是否可以採取更多行動。在提高生產力和成本效益方面，這意味著我們要真正加快所有能夠提高生產力的措施，我們正在各個方面努力工作。這當然包括採購、優化生產環節、物流等等。我的意思是，我們要在所有能夠節省成本的環節上都下功夫，並充分利用美元走強的有利環境。

And then on cost allocation. I mean, of course, we are working permanently as part of our $2 billion saving program on plans to be simpler, to generate efficiency, to work in a more efficient manner. So we do that, we try to accelerate that here again, we're trying to do things faster. And we are also making sure that when it comes to investment allocation, we really prioritize on what is having the biggest and strongest and I would say, clearest return, which is allowing us to also generate some profitability improvement to partially offset the negative ForEx.

接下來是成本分配方面。我的意思是，當然，作為我們20億美元節約計畫的一部分，我們一直在努力簡化流程、提高效率、改善工作方式。所以我們正在這樣做，並且試圖加快推進速度。同時，我們也確保在投資分配方面，優先考慮那些回報最大、最強勁、最清晰的項目，這樣才能提高獲利能力，部分抵銷外匯帶來的負面影響。

So that's really everything that -- all the action that we are doing. We're not saying we can offset any kind of course of ForEx environment. But I think our Q1 numbers and the outlook for the year is showing that we have some good capacity to mitigate to a very significant extent, the ForEx impact.

以上就是我們正在採取的所有行動。我們並非聲稱能夠完全抵銷外匯市場的任何波動。但我認為，我們第一季的業績以及全年的展望表明，我們有能力在很大程度上減輕外匯市場波動的影響。

Okay. That is helpful. And then I just had a quick question, if I may, on ZYN. We're actually hearing about some out of stocks in the U.S. from our industry trade contacts. So maybe hoping for a little more color on this and how much it might have impacted volumes in the quarter. Also, curious if these issues are related to maybe specific production issues or more related to the strong demand and ultimately, when you expect them to be resolved.

好的，這很有幫助。我還有一個關於ZYN的問題，可以嗎？我們從業內人士那裡了解到，美國部分地區出現了缺貨情況。所以，我想了解一下具體情況，以及這會對本季的銷售量造成多大影響。另外，也想知道這些問題是源自於具體的生產問題，還是更與強勁的需求有關，以及您預計這些問題何時能夠解決。

Thank you, Ben, this is very much the latter. I mean you can imagine when the business is growing 80%, and we are growing 80%. That is indeed creating some tensions on the supply chain without any doubt. I'm not sure that out of stock is still the proper word given where we are today. I think that maybe some time a reference is not going to be available. Not everything is going to be fully available in the range at a certain point in time, but look at what the Nielsen are telling us on Q1 and our volume, I mean, we seem to be growing fast, and it's difficult to see any kind of impact coming from restriction on availability.

謝謝你，本，這確實是後一種情況。我的意思是，你可以想像，當業務成長80%的時候，而我們確實也成長了80%，這無疑會給供應鏈帶來一些壓力。鑑於我們目前的狀況，我不確定「缺貨」這個詞是否仍然恰當。我認為某些產品可能在某個時候無法供貨。在某個特定時間點，不可能所有產品都能完全供應，但看看尼爾森第一季的數據以及我們的銷量，我的意思是，我們似乎增長很快，很難想像供貨限制會造成任何影響。

As we said, we are working very hard to maximize our capacity in this fast-growing environment for ZYN. We are comfortable, of course, with our capacity to deliver around our 560 million can. That is not the limit that we are putting, of course, in terms of production capacity. But we are in this phase of adaptation to this strong growth and fast raising demand. I think so far, maybe with some tension but with limited impact on volumes.

正如我們所說，我們正竭盡全力在ZYN快速成長的市場環境中最大限度地提高產能。當然，我們對目前的產能很有信心，能夠滿足每年約5.6億罐的供應需求。當然，這並非我們產能的極限。但我們目前正處於適應這種強勁成長和快速提升的需求的階段。我認為到目前為止，雖然可能存在一些壓力，但對銷售的影響有限。

Our next question comes from Owen Bennett with Jefferies.

下一個問題來自傑富瑞集團的歐文貝內特。

Okay. First question on heated. Can you maybe talk a bit more about the contribution from newer market? Is this trending in line with expectations? Or do you see potential for upside here because some of the trends you called out sound very encouraging, also love an update on bonds and the latest with this, if possible.

好的。關於市場升溫，我的第一個問題是：您能否詳細談談新興市場的貢獻？它的走勢是否符合預期？或者您認為它還有一個上漲空間？因為您提到的一些趨勢聽起來非常令人鼓舞。另外，如果可以的話，也想了解債券市場的最新狀況。

Yes, with pleasure, Owen. So I think we see -- and you said it, I've been elaborating on a number of markets where we see very interesting trajectory for new market. We've been speaking about Indonesia, we could have been speaking in addition to what the market has been covering speaking about Mexico, where we have also a nice acceleration, and we are just launching ILUMA now. So the good thing is that we're not relying on 1 or 2 names but we start to have a growing team of new markets where we see clearly, IQOS is getting traction and increasing its stake first, as always, in the big cities that's where in many of these countries, we have the biggest potential.

是的，樂意之至，歐文。正如你所說，我一直在詳細闡述一些市場，我們看到這些市場的發展軌跡非常有趣。我們一直在談論印尼，除了市場方面的內容，我們還可以談談墨西哥，我們在那裡也取得了不錯的成長，而且我們現在正在推出ILUMA。所以好消息是我們並不依賴一兩個品牌，而是在不斷壯大的新市場團隊，我們清楚地看到，IQOS正在獲得市場認可，並像往常一樣，首先在​​大城市擴大市場份額，因為在許多國家，我們在大城市擁有最大的潛力。

But that's, I would say, happening in line with expectation. And as I said, we expect even a further acceleration in the second part of the year. We believe that then Taiwan, we also start adding to the flow of this newer market so it's in line with expectation and clearly coming with a great potential with IQOS being perceived as in many big cities rapidly as an aspirational product, which is extremely positive for the future and the brand franchise that we're going to be able to build there. Then on top of this, new market and the IQOS trajectory in this new market. We have indeed bonds that we plan to develop in the future.

但我認為，這一切都在預期中。正如我所說，我們預計下半年增速還會進一步加快。我們相信，隨著台灣市場的擴張，我們也會開始為這個新興市場注入新的活力，這也符合預期。 IQOS 在許多大城市迅速成為一種令人嚮往的產品，這無疑蘊藏著巨大的潛力，對我們未來在台灣建立品牌形象和品牌影響力來說，都是極其積極的信號。此外，我們在這個新興市場也看到了 IQOS 的發展軌跡。我們確實與台灣建立了合作關係，並計劃在未來進一步深化合作。

We've been making the test, as we explained in the Philippines and Colombia. We are working on the results. We are making a number of adjustments and will come with a detailed plan in the coming quarters. We want to make sure that we come with a product that has all the ingredients, all the features to be a great success, and we're working on it. So that's going to be really important in all this market because we know that the affordability here is different to come with a portfolio that is segmented and where IQOS will have a role to play, but we need to also come with the rest of the portfolio bonds in order to cover this market.

正如我們在菲律賓和哥倫比亞所解釋的那樣，我們一直在進行測試。我們正在分析測試結果，並做出一些調整，將在未來幾季公佈詳細計畫。我們希望確保推出的產品具備所有必要的成分和功能，從而取得巨大成功，而我們正在為此努力。這在整個市場中都至關重要，因為我們知道這裡的消費水平與其他地區不同，我們需要推出細分市場的產品組合，IQOS 將在其中發揮作用，但我們也需要推出其他產品組合，以覆蓋整個市場。

Very helpful. And I'll just add 1 more. I wanted to talk a bit more about vape, and what sort of volumes do you think you can do here for the year. And if I heard you right, you said you'll be profitable already in H2, which would suggest volumes have been really healthy already? And just any kind of commentary on which markets you're seeing the strongest traction so far?

非常有用。我再補充一點。我想再聊聊電子煙，以及您預計今年的銷售量會是多少。如果我沒理解錯的話，您說下半年就能獲利，這是否代表銷售量已經非常可觀了？另外，您能否談談目前哪些市場成長最強勁？

Sure. So on the -- it of course, stays modest versus IQOS and ZYN in terms of impact at the group level. And we stick to our strategy, which is we don't want to be big in vaping if it's to lose money. We want to be really going with VEEV in markets where we are having the right commercial impact, where VEEV can make a difference and in a profitable manner. Indeed, the year started well in terms of volumes. We have this outlook of moving into positive bottom line for VEEV in the second part of the year, which would be very good news.

當然。所以，就集團層面而言，VEEV 的影響力當然比不上 IQOS 和 ZYN。我們堅持既定策略，那就是如果電子煙業務規模過大會虧損，我們就不做大。我們希望在那些能夠產生實際商業影響、VEEV 能夠帶來顯著改變並實現盈利的市場中，全力發展 VEEV。事實上，今年年初銷量表現良好。我們預計 VEEV 將在下半年實現盈利，這將是個好消息。

And we are prioritizing markets where we have the critical mass, where the -- I would say, the nature of the vaping market is interesting. And we are developing today very nicely, I would say, in markets such as Italy, Czech Republic, France, U.K., developing in Canada. These are markets where we can reach, if you want, the size, the mass and where we have the impact to make our vaping business successful and profitable.

我們優先發展那些我們已經擁有足夠規模的市場，這些市場的電子煙市場特性也頗具吸引力。目前，我們在義大利、捷克、法國、英國以及正在開發的加拿大等市場發展勢頭良好。在這些市場，我們能夠觸及到足夠的規模和用戶群體，並擁有足夠的影響力，從而確保我們的電子煙業務取得成功並實現盈利。

Our next question comes from Faham Baig with UBS.

下一個問題來自瑞銀集團的法哈姆·拜格。

Emmanuel, thank you for questions. I have a couple as well, both on heated tobacco. Firstly, could I get your view on any implications that you see from the recent EU court ruling on the supplementary excise tax in Germany to any other of the European countries? And when are you expecting a decision from the finance court in Düsseldorf. And the second question, please, is again on heated tobacco. Clearly, pricing has stepped up over the last couple of quarters. How are you thinking about balance between price and volume growth and could pricing be higher than the original guidance of low single digits.

伊曼紐爾，謝謝你的提問。我也有幾個問題，都跟加熱煙草有關。首先，你認為歐盟法院最近關於德國附加消費稅的裁決會對其他歐洲國家產生什麼影響？你預計多塞爾多夫財政法院何時會做出裁決？第二個問題也是關於加熱菸草的。顯然，過去幾季價格有所上漲。你如何看待價格和銷售成長之間的平衡？價格是否會高於原先預期的個位數漲幅？

Thank you for the question. So first of all, on the German situation, it's -- I mean, yes, they've been asking for the view on the -- from the European Court of Justice, but it's a purely German question whether the way they've been implementing their extra tax was according to EU law or no. So there is no consequences for other countries. It's really a German question due to how they implemented this increase in the tax. So that's what it is. On the final decision because at the end of the day, that will be the decision from the German court. I have to say, I don't know when we will know more, I guess, in the coming months, obviously.

謝謝你的提問。首先，關於德國的情況，我的意思是，是的，他們一直在向歐洲法院尋求意見，但這純粹是德國的問題，即他們實施額外稅收的方式是否符合歐盟法律。因此，這對其他國家沒有影響。這確實是德國的問題，因為他們實施這項增稅的方式不同。就是這樣。至於最終決定，因為歸根結底，這將是德國法院的裁決。我必須說，我不知道我們何時才能知道更多，我猜，顯然，在未來幾個月內會有結果。

But I'm not going to be able to be more specific on the timing of the Düsseldorf court to make their decision. There are a number of steps still needed to be taken before they get there. So that will be for the coming months. I think given where we are today, I'm not able to tell you when they will make their decision. Regarding your second question on price versus volume. So we said, and I'm going to stick to that. Yes, we believe that we can increase price more low single digits, so not at the level of combustible on heat-not-burn. Again, I think we are very clear on the very positive impact coming from the growth in volume from our heat-not-burn business. They're coming with much higher per stick revenue, they're coming now with a higher gross margin rate, even at the level of just the consumable, it's significantly higher than for combustible as an average for the group.

但我無法更具體地說明多塞爾多夫法院何時會做出裁決。在他們做出裁決之前，還需要完成一些步驟。所以，這還需要幾個月的時間。鑑於我們目前的狀況，我認為我無法告訴您他們何時會做出裁決。關於您第二個關於價格與銷售的問題，我們之前說過，而且我也會堅持這個觀點。是的，我們相信我們可以將價格提高到個位數，但不會達到可燃產品和加熱即燃產品的水平。再次強調，我認為我們非常清楚加熱即燃產品銷售成長帶來的正面影響。它們的單支收入更高，毛利率也更高，即使僅就消耗品而言，其毛利率也遠高於集團可燃產品的平均水平。

So that means that's really growing volumes is the name of the game for us. That's where it makes sense. Now on top of it, I mean given the very strong franchise of IQOS and the attractiveness of the brand, we are able to increase price without putting in danger the volume. But that's really the way you should be looking at it. For us, today, it's very much a play on maximizing the volumes.

所以，對我們來說，真正重要的是提升銷售量。這才是關鍵所在。此外，鑑於IQOS強大的品牌影響力和吸引力，我們可以在不影響銷售的情況下提高價格。這才是你該關注的重點。對我們而言，目前最重要的是最大化銷量。

Our next question comes from Gaurav Jain with Barclays.

下一個問題來自巴克萊銀行的 Gaurav Jain。

Two questions from me. So 1 is just conceptually so let's take a city like Tokyo, where the heated tobacco category share is now 50% plus. So one can argue that by increasing the premium cigarette prices, which haven't increased now in 2 years, you can accelerate the down trading to IQOS, this will accelerate IQOS volume growth. This will also accelerate your dollar EPS growth out of Japan. So why wouldn't you do something like this in cities and countries where heated tobacco and IQOS becomes the dominant form factor?

我有兩個問題。第一個問題只是概念上的。以東京為例，加熱菸草的市佔率目前已超過50%。有人可能會認為，提高高價捲菸的價格（高價捲菸的價格已經兩年沒有上漲了），可以加速消費者轉向IQOS，進而促進IQOS的銷售成長。這也會加速日本以外地區的美元每股盈餘成長。那麼，為什麼不在加熱菸草和IQOS已成為主流產品的城市和國家採取類似的策略呢？

Thank you for your question, Gaurav. Look, I'm always very cautious, of course, as you can imagine, I'm commenting any kind of price strategy. So don't expect me to enter into any kind of detail. But conceptually, it is clear that as we build leadership in the category as there is a growing addition from the nicotine user to heat-not-burn, there is a capacity for ongoing premiumization and more price increase without any doubt. But as I said and as I explained with the previous question, we believe that today, still, it's very much about maximizing the volumes.

謝謝你的提問，Gaurav。當然，正如你所想，我一向非常謹慎，不會輕易評論任何價格策略。所以，別指望我會深入探討細節。但從概念上講，隨著我們在該品類中建立領先地位，以及越來越多的尼古丁使用者轉向加熱不燃燒型產品，毫無疑問，我們有能力持續提升產品高端化水平，並進一步提價。但正如我之前所說，也正如我在回答上一個問題時所解釋的那樣，我們認為，目前最重要的是盡可能提高銷量。

And that's what for us is important, of course, coming with great gross profit per stick and great contribution. So I'm certainly not closing the door to more price in the future, but I think I've been clear on what our priorities are. Having said that, as you know, in Japan, we need to have an agreement from the authority to increase the price. So I think it's something that is also sometimes regulated. So it doesn't mean that we have all the latitude that we would like to enjoy on the topic. So that's on the long term, it is clear that today -- and we've been discussing that already, you have the IQOS consumables that are positioned even at some discount versus Marlboro.

當然，對我們來說，最重要的是每支煙彈能帶來豐厚的毛利和可觀的利潤貢獻。所以我當然不會完全排除未來漲價的可能性，但我認為我已經明確闡述了我們的優先事項。話雖如此，如您所知，在日本，我們需要獲得相關部門的批准才能提高價格。所以我認為這方面有時也會受到監管。因此，這並不意味著我們在這個主題上擁有完全的自主權。從長遠來看，很明顯，目前——我們之前也討論過——IQOS 的煙彈價格甚至比萬寶路還要低一些。

That gives an idea of the kind of increase that we'll be able to reach in the future probably without too much, I would say, issues over time, once again, it doesn't happen in 1 go. But as I explained, for the time being, maximizing volume is the name of the game and is coming with I think what the Q1 is illustrating in a very bright manner, a very, very powerful mix impact on our financial performance.

這讓我對未來可能達到的成長幅度有了大致的了解，而且隨著時間的推移，我認為不會有太多問題。當然，這並非一蹴可幾。但正如我之前解釋的，就目前而言，最大化銷量是重中之重，而我認為第一季的數據也清楚地表明，這將對我們的財務表現產生非常強勁的影響。

Sure. And my second question is on Russia. So IQOS volumes in Russia grew, which is surprising given that you do not invest in iQOS there anymore. So how should we -- so first of all, can you just remind us the contribution of Russia on your EPS? And how should we think of Russia IQOS shipments for this year?

當然。我的第二個問題是關於俄羅斯的。 IQOS在俄羅斯的銷售成長了，考慮到你們已經停止在俄羅斯投資IQOS，這確實令人驚訝。那麼，我們該如何看待——首先，您能否簡要說明一下俄羅斯市場對你們每股收益的貢獻？以及我們該如何看待今年俄羅斯IQOS的出貨量？

Look, on Russia, you have to be a bit cautious on the shipment that you see. And that does not necessarily fully reflect the consumer offtake, you can have some movement from the surrounding countries. So I think we have to be cautious. So Russia is a market that has not been -- if I look at the past, I mentioned that 1 quarter is enabling us to conclude anything. Since the beginning of the war in Ukraine, Russia has been a market that has not shown unfortunately any kind of meaningful growth.

你看，關於俄羅斯市場，你得對出貨量保持謹慎。這不一定能完全反映消費者的實際需求，週邊國家的出貨量也可能有所波動。所以我認為我們必須謹慎。俄羅斯市場一直以來——如果我回顧過去，正如我之前提到的，一個季度的數據不足以讓我們得出任何結論。自烏克蘭戰爭爆發以來，俄羅斯市場一直未能出現任何實質的成長。

Today, we have no reason to believe that suddenly Russia aiming to become a growth market because nothing has changed fundamentally. And that's a country that has been impacted, of course, by currency depreciation that has been impacting the weight in the EPS. So I think that we were referring to 7% to 8%. I think we'll have to revise. And I don't have the number top of mind for '24 on the outlook. But that was the kind -- it was around 9%, 10%, and I think with the currency, it has been losing a bit of weight in the overall performance of the company.

今天，我們沒有理由相信俄羅斯會突然轉型成為成長型市場，因為根本情況並沒有改變。當然，俄羅斯也受到了貨幣貶值的影響，這影響了其每股收益的權重。所以，我們之前提到的7%到8%的成長率，我認為需要修正。至於2024年的展望，我一時想不起來具體數字。但大概是9%到10%左右，我認為由於匯率波動，其在公司整體業績中的權重有所下降。

Our final question comes from Callum Elliott with Barclays.

最後一個問題來自巴克萊銀行的卡勒姆·艾略特。

So my question is a following up on Bonnie's question on dollar growth. And in 2013, I think your dollar EPS, Emmanuel was $5.40 per share. So you've compounded dollar EPS growth of about 1.5% over the subsequent 10, 11 years. So best-in-class organic growth and probably worst-in-class dollar EPS growth over that 10-year period, which is really striking given that, that 10 years captures the whole of the creation of this IQOS business that has been quite remarkable.

我的問題是對邦妮關於美元成長問題的後續。 2013年，我記得你的每股盈餘（EPS）是5.40美元，伊曼紐爾。那麼在接下來的10到11年裡，你的每股盈餘複合成長率約為1.5%。因此，這十年間你的內生成長堪稱一流，但每股盈餘成長率可能卻是同類公司中最差的，考慮到這十年涵蓋了IQOS業務的整個發展歷程，這樣的結果確實令人矚目。

So my question is, you obviously outlined a number of initiatives in answer to Bonnie's question of how you hope to drive dollar growth. But maybe you could sort of double back on those explanations, which of those are actually new and that haven't been present over that sort of past 10-year period that could have been helping over the past 10 years because it struck me in those explanations. It sounded like things like pricing, et cetera. Those have all been around for the past 10 years and haven't helped you offset the FX and so is there anything you can tell us that's new that should give investors confidence that if FX headwinds persist, you are able to drive dollar growth for your business?

所以我的問題是，您顯然在回答邦妮關於您希望如何推動美元成長的問題時，概述了一系列舉措。但您能否回顧一下這些解釋，哪些是真正新的舉措，哪些是過去十年中一直存在但可能有所幫助的舉措？因為這些解釋讓我感到疑惑。聽起來像是定價等等。這些措施在過去十年一直存在，但並沒有幫助您抵消匯率波動的影響。那麼，您能否告訴我們一些新的舉措，以增強投資者對貴公司在匯率不利因素持續的情況下推動美元成長的信心？

Thank you for your question. Well, first of all, I guess you are assuming that the ForEx headwind will persist in the coming years, which I think nobody can really say, we know that currency can be facing cycle, and that is true that the last 10 years have been about strengthening of the dollar. We've been knowing other cycle where the dollar was more weakening versus at least other hard currency. So nobody knows what's going to happen.

感謝您的提問。首先，我猜您是假設外匯市場的逆風會在未來幾年持續下去，但我認為這誰也無法斷言。我們知道貨幣匯率是有周期性的波動，過去十年美元走強的確如此。我們也經歷過美元相對於其他硬通貨走弱的週期。所以，未來會發生什麼，誰也無法預料。

I think what we are saying, and thank you for giving me a reason to maybe repeat and clarify that we are today in a position to put together very strong growth before ForEx. And I think you are seeing with the guidance for '24 that we are obviously coming still with a very dynamic top line, very much accelerating operating income growth. We are targeting a double-digit before currency impact now in 2024. And on top of that, we are going to price and in an environment that today we see positive for pricing.

我認為我們所說的，感謝您讓我有機會再次重申並澄清，我們目前有能力在不考慮匯率影響的情況下實現非常強勁的成長。而我認為，從我們對2024年的業績指引中可以看出，我們顯然仍將維持強勁的營收成長勢頭，營業收入成長也將大幅加速。我們的目標是在2024年實現兩位數的營業收入成長（不計匯率影響）。此外，我們將在當前有利於定價的環境下進行定價。

Certainly, with the fact that pricing on combustible is something that we can use now very tactically. We know that CCs not our future. So we can certainly use pricing very tactically in order to boost performance. We also are coming with some price increase at the level of HTU. We have some price increase on ZYN as well. So we have globally a pricing environment that looks attractive to us in the future. And then when it comes to our cost, it is true that we've been investing a lot in the past years, and we've been reporting on all the action that we were having on investments across the board in terms of innovation, in terms of science, in terms of R&D, in terms of manufacturing.

當然，我們現在可以非常靈活地運用燃料定價策略。我們知道，CC（可能是指某種燃料或產品）並非我們的未來發展方向。因此，我們完全可以靈活運用定價策略來提升業績。此外，我們即將提高HTU（可能是指某種燃料或產品）的價格，ZYN（可能是指某種燃料或產品）的價格也會上漲。因此，我們目前在全球範圍內的定價環境對我們而言在未來具有吸引力。至於成本方面，我們過去幾年確實投入了大量資金，並且我們一直在報告我們在創新、科學、研發和生產製造等各個領域的投資情況。

Now is a time where, of course, we are reaching critical mass on smoke-free product, there are a number of things that we are doing that we can do more efficiently. A number of things that we've been learning and that we're going to implement in the continuation of our journey so all that, we believe, is also giving us some very good ammunition and capacity to generate efficiency at a very high level in the future.

現在，我們無菸產品正達到臨界規模，當然，我們還有很多工作可以做得更有效率。我們一直在學習，並將在未來的發展歷程中加以應用，我們相信，所有這些都為我們未來大幅提升效率提供了強有力的保障和能力。

So that's all the -- and they are quite important, quite numerous, all the levers that we own to deliver performance in dollar terms in the future.

所以，這就是我們未來在金錢方面取得業績所擁有的所有手段——而且這些手段都非常重要，數量也很多。

That's helpful. And maybe I can just ask a follow-up. So we have a number of U.S. consumer staples companies reporting this morning, and many of them faced similar FX headwinds, sort of incremental FX headwinds over the past 2, 3 months as PMI does. It's striking to me that amongst some of those companies, even a commoditized U.S. toilet paper company has done a better job this quarter of offsetting these incremental emerging market FX headwinds with sort of rapidly responding with incremental price increases to offset those headwinds. So I guess my question here is, is there something structurally business that's making it less agile in responding to these changes in FX relative to some of your other consumer staples peers outside of the tobacco space.

這很有幫助。或許我可以再問一個後續問題。今天早上有不少美國必需消費品公司發布了財報，其中許多公司都面臨著類似的匯率不利因素，就像PMI指數一樣，過去兩三個月裡匯率波動帶來的不利影響不斷加劇。令我驚訝的是，在這些公司中，甚至包括一家美國大宗商品衛生紙公司，本季在應對這些新興市場匯率波動方面做得更好，他們透過快速提價來抵銷這些不利因素。所以我想問的是，是否存在一些結構性因素，導致這家公司在應對匯率波動方面不如其他非菸草產業的必需消費品公司靈活？

Well, can I answer you that your question is highly speculative because you ask me to compare with other businesses that are obviously very different in, I guess, the way they invest, their outlook, what they have to do. We are building here a business that has a tremendous growth potential. So we're not going to, of course, limit all the initiatives, all the investment that we must do in order to keep growing the business and extract the full potential that we have with our smoke-free portfolio. Maybe that's different versus the paper business you were mentioning. I frankly have no clue because I don't know what you are referring to and the specific situation. But I think it's difficult to probably compare businesses that are facing different -- potential different trajectories. That would be my answer.

嗯，我可以回答你這個問題嗎？你的問題帶有很強的推測性，因為你讓我拿我們和其他企業做比較，而這些企業顯然在投資方式、發展前景以及業務模式等方面都與我們截然不同。我們正在打造的是一家擁有巨大成長潛力的企業。所以，我們當然不會限制所有必要的舉措和投資，我們會持續推動業務成長，並充分挖掘我們無菸產品組合的潛力。也許這和你提到的造紙生意有所不同。坦白說，我不太清楚，因為我不知道你指的是什麼，也不知道具體情況。但我認為，比較面臨不同發展軌跡的企業確實很難。這就是我的答案。

This concludes the question-and-answer session. I would now like to turn it back to management for closing remarks.

問答環節到此結束。現在我想把時間交還給管理階層，請他們作總結發言。

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

感謝各位參加。今天的電話會議到此結束。如有任何後續問題，請聯絡投資者關係團隊。再次感謝，祝您愉快。

Bye-bye. Speak to you soon.

再見。回頭見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。