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.

美好的一天，感謝您的支持。歡迎參加菲利普莫里斯國際 2024 年第一季業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想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 (James Bushnell)。請繼續。

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 2024 年第一季業績的詳細資訊。新聞稿可在我們的網站 pmi.com 上取得。公司表格 8 的附錄 99.2 提供了術語表，包括無菸產品的定義以及與本簡報中引用的非 GAAP 財務指標最直接可比較的美國 GAAP 指標的調整、其他計算和對帳。年4 月23 日，並在我們的投資者關係網站上發布。

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.

今天的言論包含前瞻性陳述和對未來結果的預測。我請您注意今天的簡報和新聞稿中揭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有重大差異的各種因素。今天，財務長 Emmanuel Babeau 也加入了我的行列。和首席永續發展長 Jennifer Motles。交給你了，伊曼紐。

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.

謝謝詹姆斯，歡迎大家。第一季度，我們的業績表現出色，超出了我們的預期，有機淨收入和營業收入以及貨幣中性調整後的稀釋每股收益實現了兩位數增長，所有這些都得到了強勁銷量增長的支持。由於 IQOS 營運槓桿和 ZYN 組合的積極貢獻，無菸業務繼續保持出色的勢頭，淨收入有機增長 25%，毛利潤增長 38%。 IQOS 持續快速發展，調整後的市場銷售成長了 13% 以上，出貨量成長了 21%。 IQOS ILUMA 是這項進步的關鍵驅動力，目前已在 64 個市場銷售，佔俄羅斯以外 IQOS 銷售的近 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 在第一季也持續大幅成長，美國銷量成長了 80% 以上。重要的是，這項營收業績轉化為強勁的營業收入成長和利潤率擴張，無論是有機成長還是美元計算。這主要是由於我們的 IQOS 和 ZYN 業務盈利能力的提高以及可燃性能的提高所推動的。本季我們面臨高於預期的貨幣阻力，主要是由於埃及鎊貶值。我們正在採取緩解措施，包括額外定價和加速成本計劃，這使我們能夠在面臨這些壓力的情況下實現第一季調整後稀釋後每股收益高於我們先前的預期。雖然與去年同期相比某些成長是有利的，但今年的特殊開局為我們在 2024 年實現顯著好於預期的貨幣中性增長和美元按現行匯率強勁增長奠定了基礎。

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.

轉向標題數字。出貨量成長 3.6% 的良好表現支持有機營收成長 11% 或 8.6%（包括貨幣在內）。這反映出 IQOS 和 ZYN 持續強勁的勢頭以及強勁的可燃定價。與去年同期相比，營業收入有機成長 22.2%，這主要是受到毛利率擴張和 SG&A 成長放緩的推動。

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.

結果，我們的有機 OI 利潤率擴大了 3.7 個百分點。以美元計算，調整後的 OI 成長了 11.3%，調整後的 OI 利潤率擴大了 90 個基點。我們的表現優於第一季調整後每股盈餘預期，原因有3 個主要因素：首先是ZYN 產業領先的業績、IQOS HTU 出貨量的強勁成長（包括一些高於預期的時間效益）帶來的銷量增加對淨收入和利潤的影響和彈性可燃輸送。其次是我們的定價行動對緩和貨幣不利因素的好處。第三是成本，包括一些時間效益以及對製造和後台效率的重視，以優先考慮成長投資。

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.

業績優異的主要原因是潛在的業務動態，這對今年剩餘時間來說是個好兆頭。事實上，我們的調整後攤薄每股收益為 1.50 美元，扣除 0.20 美元的不利匯率影響後，增長了 23.2%。其中包括埃及鎊貶值帶來的 0.09 美元，其中包括主要與資產負債表中應付外幣重新計量相關的 0.06 美元交易影響。隨著埃及鎊流動性的增加，我們現在正在減少資產負債表風險，這應該在未來幾週內完成。

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.

現在關注數量。我們第一季的 HTU 出貨量為 331 億台，超出了我們的預期，因為各個地區的潛在成長強勁，而且日本出貨量的時間影響高於預期。增量交易影響約 10 億單位，主要與紅海中斷有關。雖然不確定，但我們認為這種情況將在今年下半年恢復正常。如前所述，我們認為，潛在 HTU 成長的最佳指標是調整後的市場銷售量，作為最接近消費者購買量的指標。調整後的 IMS 銷售量成長了 12.5%，其中包括歐洲特色風味禁令的預期影響。我們繼續看到 IQOS 的強勁勢頭，日本的出色成長、歐洲強勁的基本面以及印尼等新興市場的不斷增長的貢獻。

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.

我們繼續目標是今年調整後 IMS 成長 14% 至 16% 左右，第二季成長約 10% 左右，下半年因商業專案時機、ILUMA 吸收、新市場和需求較低而加速成長比較。無菸產品總銷量成長了 22% 以上，其中包括由 ZYN 提供支援的口腔無菸產品組合的令人印象深刻的擴展，袋裝當量出貨量增加了 35.8% 以上。美國 ZYN 出貨量成長了 80% 以上，達到 1.32 億罐。第一季捲菸業績小幅下降 0.4%，其中土耳其的貢獻顯著，因為我們在強勁的整體市場中的份額增加。

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.

現在讓我來介紹一下我們第一季淨收入的驅動因素。正如我所提到的，交易量顯著增加了 3.6%，其中包括口頭交易量。定價貢獻了 5.5 個百分點的成長，主要來自可燃物以及 HTU 約 3% 的定價。無菸類別組合使營收增加了 3.1 個百分點，反映出 IQOS 單位淨收入更高，ZYN 的單位淨收入更高。口服無菸產品總體上將我們的有機淨收入成長提高了 2.2 個百分點，展示了其作為有意義的加速器的作用。

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.

報告顯示，我們的 VEEV 電子煙業務在集團範圍內仍然很小，但帶來了良好的收入成長。 2023年，我們的可燃業務、口腔利潤市場出現了負面的地理組合，無菸產品成長更快，而無菸產品則加速捲菸在其他地方的下降。無菸產品的正面組合影響和定價是我們轉型和成長的三個持久引擎。

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.

現在關注我們第一季利潤交付的關鍵動態。無菸毛利有機成長了 38% 以上，營收成長了 25% 以上。這反映了美國ZYN非常強勁的業績以及IQOS的成長和規模效應，包括製造生產力。由於 HTU 出貨階段，這種強勁的潛在加速僅放大了幾個百分點。加熱不燃燒口服尼古丁的毛利率大幅增長，無菸整體的毛利率有機地顯著增加 [600] 個基點，佔總毛利的近 39%，增加了 6 個百分點與前一年相比。

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.

可燃有機毛利成長顯著改善，超出我們的預期，成長 2.3%。毛利率也優於預期，導致全年前景改善。富有彈性的銷售、強勁的定價和製造生產力足以抵消該類別、地理組合和 IQOS 蠶食的影響方面持續的成本壓力。正如先前所指出的，菸葉、工資和某些其他投入的成本增加將延續到 2024 年，明年這種情況應該會有所緩解。

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.

我們也受到因實施歐盟一次性塑膠指令（主要針對捲菸）而產生的約 3,000 萬美元成本的影響。第一季的一個主要特點是營業收入利潤率強勁擴張。毛利率有機成長 150 個基點和 80 個基點（包括貨幣在內）。這反映出無菸產品的出色擴張、其在我們業務中的比重不斷增加、利潤率更高以及可燃產品的發展好於預期。這些因素加上生產力節省，大大抵消了印尼第三方製造的不利技術稀釋影響，相當於本季的 30 個基點。對於 SG&A 成本，貨幣中性成長僅+1.4，推動有機利潤率成長+220 個基點。這得益於我們的資源分配和優先計劃，包括在 COGS 和 SG&A 方面實現約 1.6 億美元的總成本效率，以實現 2024 年和 2026 年 20 億美元的目標。

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 SG&A 成本演變（包括貨幣）對第一季利潤率的影響很小，主要是由於埃及鎊交易貨幣的影響。我們繼續將今年的 SG&A 進展目標定為低於營收成長。我們預計在 2024 年剩餘時間裡，銷售、管理及行政費用 (SG&A) 有機成長將會更高，這主要反映了投資支出的分階段，這在第一季是有利的。這些因素結合，使我們的有機營業利潤率顯著增加了 370 個基點，包括貨幣在內，增加了 90 個基點。這超出了我們的預期，我們現在正在提高全年營業收入成長預期，我稍後會談到。

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.

從另一個角度檢視地理位置調整後的營業利潤率。我們看到基礎廣泛的全球勢頭，所有地區都取得了強勁的有機進展。以美元計算，除南亞和東南亞、獨聯體和中東非洲地區外，所有地區的利潤率均有所擴大，主要反映了埃及鎊的交易貨幣影響以及印尼的技術稀釋。事實上，排除這些因素，該地區的利潤率成長速度與該地區非常相似。

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.

轉向IQOS。隨著 ILUMA 的廣泛推出，PMI HTU 繼續鞏固其作為 IQOS 市場第二大尼古丁品牌的地位。 PMI HTU 目前已超過先前 10% 的市場份額里程碑，不包括印度尼西亞，隨著市場更廣泛的商業化，我們現在將其納入其中。我們的 HTU 是 11 個市場排名第一的尼古丁品牌，正如 CAGNY 所示，IQOS 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.

專注於歐洲的IQOS。第一季 HTU 份額增加了 0.9 個百分點。也首次突破 10% 的區域市佔率里程碑。雖然 ILUMA 在許多市場仍處於早期階段，但其不斷增長的可用性和使用率是一個關鍵驅動因素，我們看到許多歷史上成長較慢的市場出現強勁加速。調整後的 IMS 銷售量持續呈現強勁的環比成長，以 4 季行動平均值計算，達到 126 億台的歷史新高。這反映出第一季年增 9.4%，其中希臘、葡萄牙、德國、西班牙、英國和荷蘭的成長出色。波蘭和捷克共和國等某些中歐市場的成長速度較慢，這些市場的經濟壓力和價格敏感度明顯增加。我們在最近推出的 ILUMA 系統下繼續發展我們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.

不包括缺乏成長的烏克蘭，調整後的市場銷售成長了兩位數。正如預期的那樣，迄今為止受到歐盟風味限制影響的 11 個市場所受到的影響與我們今年約 20 億[單位]的地區總產量估計一致。與過去類似的情況一致，我們觀察到最初的消費者調整，隨後成長率恢復到先前的水準。我們還沒有看到向電子蒸汽或競爭對手的加熱不燃燒產品的有意義的轉變，我們預計 IQOS 的結構性增長將推動今年剩餘時間 HTU 的持續發展。

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.

主要城市承購份額的擴大凸顯了該地區基本面的強勁進展。里斯本、羅馬、雅典和布達佩斯等 IQOS 採用率已經很高的城市的成長非常強勁，這顯示了國家層面進一步成長的潛力。最近在倫敦、馬德里、慕尼黑和阿姆斯特丹的加速發展對於 IQOS 品牌在該市場以及整個歐洲來說也非常有前景。

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，我們的 HTU 品牌調整後的菸草總份額大幅成長 3.1 個百分點，達到 29.3%。調整後的 IMS 銷售量成長了 13% 以上，維持了最近幾季的快速成長。市場如此令人印象深刻的成長以及已經很高的品類滲透率清楚地證明了 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 強大的品牌資產和商業足跡，我們正在透過設備和消耗品的持續創新來促進成長。 3月份，我們透過直營通路推出了最新的IQOS設備ILUMA i，並正在進行全國擴張。我們仍然專注於創新。我們在耗材方面的創新包括對優質 TEREA 品牌的許多新變體和測試經驗。正如該圖表中的承購數據所示，這有助於 TEREA 與主流價格的 SENTIA 一樣，在日本市場份額繼續增長。這項成功的策略透過不同的價格層擴大消費者吸引力，同時加強和發展高端產品線，很好地說明了我們的 IQOS 業務如何隨著該類別的不斷增長而在整個市場上發展。

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.

CAGNY 在東京的表現清楚地證明了該類別的潛力，加熱不燃燒類別的銷量在 1 月份超過了可燃類別，此後一直持續增長。以日本和韓國為首，東亞和澳洲地區在第一季達到無菸淨收入的近2/3。雖然對發貨時間感到有些受寵若驚，但這清楚地表明了更廣泛的公司的前進道路，因為我們正在努力實現到 2030 年實現超過 2/3 的基本無菸率的目標。

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.

在日本和歐洲之外，我們繼續看到全球 IQOS 的成長非常有前景，包括中低收入市場，正如主要城市的承購份額所強調的那樣。值得注意的是印度尼西亞，我們已將商業化擴展到新城市的目標區域，並推出了迎合丁香口味偏好的 TEREA 丁香變種。我們見證了用戶成長的提升，目前該國的 IQOS 用戶估計超過 15 萬。我們在雅加達市區的城市承購份額就是這一指標之一，在不斷增長的整個行業中，其城市承購份額增長了 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.

我們也很高興地報告，繼 ILUMA 推出後，IQOS 在韓國的成長再次加速。根據全國便利商店銷量衡量，TEREA 最近成為排名第一的 HTU 品牌，在首爾，IQOS 市佔率成長了 1.8 個百分點，達到 12.8%。儘管最近定價，但埃及繼續脫穎而出，開羅承購份額增長了 1.3 個百分點，達到 9.1%，我們還看到馬來西亞、摩洛哥、黎巴嫩和巴爾幹地區的業績可喜。儘管這張投影片中沒有顯示，但沙烏地阿拉伯在 2023 年底恢復 IQOS 商業化後也實現了有希望的重啟，第一季全國承購份額為 1.3%。

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 月在加拿大推出，恰逢主要城市成長加速，如多倫多所示。雖然 ILUMA 仍處於早期階段並且處於非常嚴格的監管環境中，但這顯然是一個積極的發展。現在轉向 ZYN，第一季美國市場繼續取得出色進展，12 個月滾動出貨量連續成長 70%。令人印象深刻的是，儘管 3 月每噸價格上漲了 0.15 美元，但類別銷售份額連續第四個季度增長至 74.3%，同比增長 6.9 個百分點，環比增長 1.3 個百分點。

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.

零售價值份額也成長至 79.3%，凸顯了 ZYN 的高端定位和卓越的品牌資產。這種加速成長再次反映出全國商店速度的大幅提升以及隨著該類別對成年尼古丁使用者的強烈吸引力而逐步擴大的分銷範圍。正如 CAGNY 所概述的，我們仍然專注於負責任地行銷 ZYN，以防止意外使用。我們支持 FDA 努力確保只有 21 歲以上的消費者才能獲得尼古丁產品。 Dutch Match 遵循嚴格的美國行銷準則，禁止 21 歲以上使用社群媒體影響者和有年齡限制的數位平台，並與 WeCard 合作，幫助確保零售銷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%.

我現在想花點時間談談可燃物，我們的投資組合在第一季實現了 3.7% 以上的強勁有機淨收入成長。這主要反映了好於預期的 7.9% 的定價，其中德國的貢獻顯著，埃及的定價也有所提高。定價環境仍然有利，我們現在預測全年成長+6%至+7%，下半年年化效應減弱。我們的捲菸類別份額在第一季度增長了 0.3 個百分點，其中包括阿爾及利亞、波蘭和土耳其的積極貢獻，導致捲菸行業總體銷量僅小幅下降，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.

我們的全球品牌在本季度獲得了類別份額，其中萬寶路增加了 0.4 個百分點。正如先前所指出的，我們 2023 年的細分市場份額因埃及競爭對手的供應限製而感到榮幸，這種情況今年可能會正常化。正如我已經提到的，第一季的強勁定價加上製造生產力的加速也導致了利潤率的演變好於預期。現在，讓我介紹一下我們進一步加速無菸轉型的最新創新和擴張計劃。

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.

正如我之前介紹的，我們最近推出了 IQOS ILUMA i，這是我們迄今為止在日本最具創新性的產品。 ILUMA i 產品組合由 3 款設備組成，提供一系列適應性強的新功能。這包括設備訂單上的新觸控屏，它允許用戶快速輕鬆地查看經驗豐富的相關資訊以及暫停模式，以便用戶可以暫停並從中斷處恢復無菸時刻。最初的消費者回饋非常積極。日本是 2021 年下半年推出 ILUMA 的第一個市場，我們計劃隨著時間的推移逐步向更多地區推出 ILUMA i。正如我們在日本和印尼的業績所示，ILUMA 平台上的耗材創新對於我們擴大跨市場產品範圍也至關重要。

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 含有尼古丁，但不含菸葉，於第一季在捷克共和國和羅馬尼亞全國推出，並取得了可喜的初步成果。計劃於今年稍後進入更多市場。我們新的 HTU 主流價格品牌 DELIA 在瑞士、匈牙利和立陶宛推出。在美國，我們繼續為在選定城市進行 IQOS 3 系統的首次消費者試點做準備。如前所述，商業化最初將在範圍上受到限制，並將重點放在直接激活一些城市中選定的法定年齡尼古丁使用者，使我們能夠嘗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.

此次消費者活動的主要目的是調整我們的方法，以期在獲得 FDA 授權後大規模推出 IQOS ILUMA。尼古丁袋的國際擴張仍然是一個重點關注點，尤其是對於作為世界領先品牌的 ZYN 而言。到目前為止，我們已在 11 個市場推出或重新推出，並計劃在今年稍後推出更多產品。在電子蒸氣領域，我們針對 VEEV 的重點策略顯示出非常好的早期成果。積極的消費者回饋正在轉化為有希望的重複購買和轉換率，我們正在下半年實現盈利。

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.

這讓我想到了我們對 2024 年的展望。這種強勁的定價加上積極的無菸組合和有效的成本分配也有助於我們減輕貨幣阻力，並應使我們能夠以現行匯率實現以美元計算強勁增長的目標。

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 銷量的持續成長，我們將美國的出貨量預測提高至 5.6 億罐左右。我們進一步加快了產能擴張計劃，以支持這項額外措施。我們繼續以調整後的 IMS 和 IQOS HTU 出貨量實現強勁增長為目標，並以現行匯率計算，到 2024 年無菸淨收入達到接近 150 億美元。

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強勁的定價前景，我們將有機淨收入成長預測提高至 + 7% 至 + 8.5%。除了更高的收入成長外，我們預計有機利潤率也會加速擴張。這是由於 IQOS 規模效應、ZYN 組合和加速的製造生產力導致我們的無菸毛利率預期大幅提升所推動的。它還包括可燃物的有機毛利率擴張，我們先前假設該領域出現負成長。此外，我們致力於進一步提高銷售、管理和行政效率，同時繼續投資於無菸成長。因此，我們將有機營業收入成長預測提高至 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，我們將貨幣中性調整後稀釋每股盈餘成長預測上調至+9%至+11%。這意味著調整後的攤薄每股收益範圍為 6.19 美元至 6.31 美元，其中包括以現行匯率計算的 0.36 美元的不利貨幣影響。預測阻力增加的主要原因是埃及鎊貶值和日圓近期疲軟。正如我所提到的，我們正在採取積極行動來減輕增量影響。我們預計，以現行匯率計算，全年成長和營業利潤率將實現有機成長和美元成長。

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自然擴張。繼第一季表現出色後，我們預計上半年整體表現強勁，有機淨收入和持倉投資成長將接近全年範圍的高端。具體到第二季度，我們假設 HTU 出貨量為 3,400 萬至 350 億，ZYN 的出貨量持續強勁成長。我們預測貨幣中性調整後攤薄每股收益為 1.50 美元至 1.55 美元，其中包括以現行匯率計算的 0.14 美元的不利貨幣差異。就我們的資產負債表而言，去槓桿仍然是首要任務。在利潤成長和強勁現金流產生的推動下，我們繼續目標是到 2024 年將淨債務與調整後 EBITDA 比率提高 0.3 至 0.5 倍。

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.

我們也繼續目標是到 2026 年底達到 2 倍左右，一旦確認步入正軌，我們將考慮回購。切換齒輪。由於本季恰逢我們發布 2023 年綜合報告，我謹歡迎 PMI 首席永續發展長 Jennifer Motles 分享我們永續發展進展的最新資訊。詹妮弗，交給你了。

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.

謝謝你，伊曼紐。我很高興參加今天的財報電話會議。正如伊曼紐爾所說，我們的永續發展、轉型和業務策略是一回事。我們專注於創造長期價值，我們創造股東回報需要我們實現轉型，而實現轉型則需要我們實現永續性。正如我們最近的業績所示，我們的產品轉型促進了獲利成長和短期、中期和長期的價值創造。然而，我們的轉型也意味著重塑我們的價值鏈以及我們與社會的互動方式。當我們涉足新產品類別時，我們積極與不同利益相關者合作，並倡導可以加速行業變革和結束吸煙的監管框架。

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.

業務轉型是公司特定的旅程，永續發展報告標準和框架往往無法充分體現。為了幫助說明我們在實現無菸目標方面取得的進展，我們定期報告我們的業務轉型指標，即一組客製化的財務和非財務 KPI。其中一些已由伊曼紐爾在我們的財務表現中提出。其他的，你可以看這裡。例如，無菸產品的商業和研發支出所佔比例不斷增加，這表明資源從我們的傳統業務中轉移出來，轉向用更好的替代品來替代捲菸。

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.

另一個例子是，隨著我們地理擴張的持續進行，增加世界各地成年吸菸者獲得無菸產品的機會是實現這一替代的兩個關鍵支柱，低收入和中等收入市場目前占我們市場份額的47 %。這些指標以及我們 2023 年的整體業績可以成為上個月發布的最新綜合報告，並可在我們的網站上取得。這是一份全面的文件，涵蓋了我們最重要的永續發展主題，從我們的產品開始。該報告強調了我們在跨類別和地理上持續擴展無菸替代品方面的進展。以及社會和環境進步，與這些產品並行支持永續價值創造。

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的努力。此外，它還突顯了我們在改善供應鏈中人們的生活品質、使我們的營運和價值鏈脫碳以及保護自然方面取得的進展。我們也對我們的永續發展績效和穩健的報告得到持續認可感到非常高興。值得強調的是，2023 年 PMI 首次被納入道瓊永續發展世界指數，這也是 DGSI 北美公司第四年被納入其中。

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，PMI是唯一獲得CDP AAA評級的美國公司，全球有超過20,000家公司參與了這項評級，只有10家公司獲得了這項享有盛譽的認可。尤其是對於歐洲部分地區的投資者以及美國的 ESG 或永續發展團隊基金來說，我們受到產業排除政策的約束，因為我們是一家菸草公司。顯然，將公司或部門排除在考慮範圍之外並不能解決排除的根本原因，在我們的案例中，這將是與可燃煙草使用相關的危害。許多基金可能會因為 ESG 考慮而排除菸草，但我們仍將持有其他消費領域的股票。

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.

儘管其中許多公司並沒有製定類似的減害策略來解決其產品的影響。當我們將公司遠離可燃物並努力在社會層面上杜絕吸煙時，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。現在我將把它轉回伊曼紐爾。

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.

謝謝你，詹妮弗。我將用一些關鍵訊息來結束今天的演講。我們出色的 IQOS 和 ZYN 銷售勢頭、一流的定價、積極的品類組合和不斷提升的成本效益使我們預計在 2024 年實現強勁增長，實現營收加速成長和利潤率擴張。繼今年開局異常好於預期之後，我們上調了全年貨幣中性成長預測。至關重要的是，我們也專注於提供以美元為單位的績效。我們正在採取措施，透過定價、提高製造業生產力和明智的資源配置來優先考慮成長投資，以減輕貨幣逆風。

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.

2024 年的展望使我們堅定地走上實現 2024-2026 年複合年增長率目標的軌道。 2026 年之後，隨著我們朝著2030 年基本無菸的目標邁進，我們還有進一步發展無菸業務的令人興奮的機會。業務支撐了我們去槓桿化的能力，同時保持對漸進式股利政策的堅定承諾。隨著我們的轉型帶來永續成長，我們期待進一步回報股東。謝謝您，我們現在很高興回答您的問題。

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

（操作員說明）我們的第一個問題來自 Stifel 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?

如果我們從第一季開始，那將是今年的一個強勁開局。您注意到更好的收入和利潤率表現支持您提高有機收入和固定匯率每股收益前景的能力。從較高水準來看，以固定匯率計算，第一季每股收益比第一季指引高出約 0.20 美元。您將全年展望上調至略低於該水準。您能否談談第一季的獨特好處，這些好處可能改變了全年的時間表？或者您認為今年剩餘時間的基本環境或投資水準有何不同？

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。很高興解釋其中的一些原因，但當然只是其中的一部分，因為正如我在準備好的發言中所解釋的那樣，我們以一種非常強烈的方式和潛在的方式開始了這一年。但除了我們正在經歷的非常強勁的勢頭之外，事實上，由於紅海，還有大約 10 億個 HTU 棒。因此，這在第一季是一個優勢，我們預計這種情況將在今年稍後暫時逆轉。所以這是一個重要的元素。

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.

一些關於可燃物的書籍可能對我們有幫助，但這可能是微不足道的。以可燃物業務的規模來看，它可能更小。當然，另一個因素是 SG&A 的演變，有機地僅成長 1.4%。我們希望有機收入的成長速度快於銷售、管理費用 (SG&A)。但當然，我們將與第一季相比有 10 分的差距。因此，這種情況也將在今年剩餘時間內部分逆轉，因為我們將在今年稍後並從第二季開始分階段進行商業行動和行銷、廣告，屆時我們將有更多的銷售、管理和行政費用。因此，我認為有了這一點，正如我所說，第一季的勢頭一直非常強勁。

Our next question comes from Bonnie Herzog with Goldman Sachs.

我們的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，我想就您在腳本結尾提出的有關貨幣逆風以及您希望如何減輕這些逆風的觀點提供更多的資訊。您強調了定價和生產力節省等問題。因此，也許只是為這些槓桿提供更多的色彩，我想，如果你能拉動它們，也許你會更加樂觀地前進，因為永無止境的貨幣逆風，因為它繼續影響你的業務，我認為這會樂於助人。

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。很高興分享我們的觀點以及我們正在做的事情。所以我們在年初就說過了，然後我們在 CAGNY，我們希望以美元計算業績。因此，這意味著即使我們遇到另一個重大的外匯逆風，我的意思是，我們在第一季實際上有 0.06 美元來自埃及鎊，而明年不會出現這種情況。所以這不會留在我們身邊。因此，這是一種一次性的負面影響，但從長遠來看，我們希望實現強勁成長。

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.

因此，我想說，為了實現這個目標，我們有兩個重要的槓桿。一是看價格。需要明確的是，當我們談論價格時，當然在我們可以看到貨幣貶值的國家，但不僅如此。確實是一刀切，如何才能突破界限，把價格上漲的極限推到最大？好吧，我們認為我們的做法不一定會在市場份額上冒很大的風險，但我們顯然在這裡，特別是在推動價格上漲方面。因此，我們可以考慮到特定的經濟環境。

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，我們正在做我們認為最優化的事情，並盡我們所能。當然，如果有更多的貶值，更多的貶值，我們會考慮是否可以採取更多行動。然後在生產力和成本效率方面，這意味著真正加快我們在生產力方面所能做的一切，我們正在全面努力。當然，這與採購有關，與優化製造青少年有關。這是關於物流的。我的意思是，一切都可以產生額外的儲蓄，並在強勢美元的環境下發揮作用。

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.

然後是成本分配。當然，我的意思是，作為 20 億美元儲蓄計劃的一部分，我們正在永久努力，以實現更簡單、提高效率、以更有效率的方式工作的計劃。所以我們就這麼做了，我們試著再次加速這一進程，我們試著更快地做事。我們還確保在投資分配方面，我們真正優先考慮擁有最大和最強的投資，我想說的是，最明確的回報，這使我們能夠實現一些盈利能力的提高，以部分抵消外匯的負面影響。

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.

這就是我們正在採取的所有行動。我們並不是說我們可以抵銷任何類型的外匯環境過程。但我認為我們第一季的數據和今年的前景表明我們有一定的能力在很大程度上減輕外匯的影響。

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。然後我就 ZYN 提出了一個簡短的問題，如果可以的話。實際上，我們從我們的行業貿易聯繫人處聽說美國出現了一些缺貨的情況。因此，也許希望對此有更多的了解，以及它可能對本季的銷量產生多大影響。另外，我想知道這些問題是否與特定的生產問題有關，或與強勁的需求有關，以及最終您期望這些問題何時得到解決。

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，這很大程度上是後者。我的意思是，你可以想像當業務成長 80% 時，我們也成長 80%。毫無疑問，這確實給了供應鏈一些緊張。我不確定「缺貨」這個詞是否仍然適合我們今天的處境。我認為也許有時無法提供參考。在某個時間點，並非所有產品都會在該範圍內完全可用，但看看尼爾森在第一季告訴我們的內容以及我們的銷量，我的意思是，我們似乎正在快速增長，很難看到任何類型的產品來自可用性限制的影響。

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，我們正在非常努力地工作，以在 ZYN 快速增長的環境中最大限度地提高我們的能力。當然，我們對交付約 5.6 億罐的能力感到滿意。當然，這並不是我們對產能的限制。但我們正處於適應這種強勁成長和快速成長需求的階段。我認為到目前為止，可能存在一些緊張，但對銷售的影響有限。

Our next question comes from Owen Bennett with Jefferies.

我們的下一個問題來自傑弗里斯的歐文·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。第一個問題關於加熱。能否多談談新市場的貢獻？這個趨勢符合預期嗎？或者您是否認為這裡有上漲的潛力，因為您指出的一些趨勢聽起來非常令人鼓舞，也喜歡債券的更新以及最新的債券（如果可能的話）。

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，很高興，歐文。所以我認為我們看到 - 正如你所說，我一直在詳細闡述一些市場，在這些市場中，我們看到了非常有趣的新市場軌跡。我們一直在談論印度尼西亞，除了市場報導之外，我們還可以談論墨西哥，在那裡我們也有很好的加速，而且我們現在剛剛推出 ILUMA。因此，好的事情是，我們不依賴一兩個名字，而是開始擁有一支不斷壯大的新市場團隊，我們清楚地看到，IQOS 一如既往地在大城市中受到關注並首先增加其股份。其中許多國家中，我們擁有最大的潛力。

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.

但我想說，這符合預期。正如我所說，我們預計今年下半年將進一步加速。我們相信，然後台灣，我們也開始增加這個新市場的流量，因此它符合預期，並且顯然具有巨大的潛力，IQOS 在許多大城市迅速被視為一種理想的產品，這對於未來以及我們將能夠在那裡建立的品牌特許經營權。除此之外，還有新市場以及 IQOS 在這個新市場中的發展軌跡。我們確實有計劃在未來發展的債券。

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。我們正在研究結果。我們正在做出一些調整，並將在未來幾季提出詳細的計劃。我們希望確保我們推出的產品具備巨大成功所需的所有成分和功能，我們正在努力實現這一目標。因此，這對整個市場來說非常重要，因為我們知道這裡的承受能力與細分的投資組合不同，IQOS 將在其中發揮作用，但我們還需要投資組合的其餘部分債券以涵蓋這個市場。

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?

很有幫助。我再增加 1 個。我想多談談電子煙，以及你認為今年你可以在這裡做多少銷量。如果我沒聽錯的話，您說您將在下半年獲利，這是否表示銷售量已經非常健康？以及迄今為止您認為哪些市場最具吸引力的評論？

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。因此，就群體層面的影響而言，與 IQOS 和 ZYN 相比，它當然保持適度。我們堅持我們的策略，那就是如果要賠錢的話，我們不想在電子煙領域做大。我們希望在能夠產生適當商業影響、VEEV 能夠發揮作用並以盈利方式產生影響的市場中真正與 VEEV 合作。事實上，今年的銷售開局良好。我們預計 VEEV 在今年下半年將積極獲利，這將是一個非常好的消息。

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.

我們正在優先考慮擁有足夠數量的市場，我想說的是，電子煙市場的性質很有趣。我想說，我們今天在義大利、捷克共和國、法國、英國和加拿大等市場的發展非常好。如果您願意的話，我們可以觸及這些市場的規模、品質以及我們能夠發揮影響力的市場，使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.

我們的下一個問題來自瑞銀集團的 Faham Baig。

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。我也有一對，都吸加熱煙草。首先，我能否了解您對歐盟法院最近就德國徵收補充消費稅對任何其他歐洲國家的影響有何看法？您預計杜塞爾多夫金融法院什麼時候會做出裁決？第二個問題又是關於加熱菸草的。顯然，過去幾季定價有所上漲。您如何考慮價格和銷售成長之間的平衡，定價是否可以高於最初的低個位數指引。

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.

感謝你的提問。首先，關於德國的情況，我的意思是，是的，他們一直在徵求歐洲法院的意見，但這純粹是德國的問題，他們的做法是否可行？因此，這不會對其他國家造成任何後果。這確實是德國的問題，因為他們如何實施增稅。就是這樣。至於最終決定，因為最終將由德國法院做出決定。我必須說，我不知道什麼時候我們會知道更多，我想，顯然是在未來幾個月。

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杜塞爾多夫法院做出決定的時間。在他們到達那裡之前，還需要採取許多步驟。這將是未來幾個月的情況。我認為考慮到我們今天的處境，我無法告訴你他們何時會做出決定。關於你關於價格與數量的第二個問題。所以我們說，我會堅持下去。是的，我們相信我們可以將價格提高到更低的個位數，這樣就不會達到加熱不燃燒的可燃水平。同樣，我認為我們非常清楚我們的加熱不燃燒業務的銷售成長所帶來的非常積極的影響。他們的每支收入要高得多，他們現在的毛利率也更高，即使只是消耗品的水平，也明顯高於該集團平均可燃物的水平。

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.

因此，這意味著銷量的真正成長才是我們的遊戲名稱。這就是它的道理。最重要的是，我的意思是，鑑於 IQOS 非常強大的特許經營權和品牌的吸引力，我們能夠在不影響銷售的情況下提高價格。但這確實是你應該看待它的方式。對於今天的我們來說，這很大程度上是為了最大化銷量。

Our next question comes from Gaurav Jain with Barclays.

我們的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。所以 1 只是概念性的，所以讓我們以東京這樣的城市為例，那裡的加熱菸草類別份額現在超過 50%。因此，有人可以說，透過提高優質捲菸的價格（現在已經兩年沒有上漲），可以加速 IQOS 的降價交易，這將加速 IQOS 銷售的成長。這也將加速您在日本以外地區的美元每股收益成長。那麼，為什麼不在加熱菸草和 IQOS 成為主要外形因素的城市和國家做這樣的事情呢？

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，高拉夫。看，我總是非常謹慎，當然，正如你可以想像的那樣，我正在評論任何一種價格策略。所以不要指望我會透露任何細節。但從概念上講，很明顯，隨著尼古丁使用者越來越多地使用加熱不燃燒產品，我們在該類別中建立了領導地位，毫無疑問，有能力實現持續的高端化和更多的價格上漲。但正如我所說的以及我在上一個問題中所解釋的那樣，我們相信今天仍然非常注重最大化數量。

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，這對我們來說很重要，每根棍子的毛利潤都很高，貢獻也很大。因此，我當然不會關閉未來提高價格的大門，但我認為我已經明確了我們的優先事項。話雖如此，眾所周知，在日本，我們需要得到當局的同意才能提高價格。所以我認為這有時也是受到監管的。因此，這並不意味著我們在該主題上擁有我們想要享受的所有自由。因此，從長遠來看，很明顯，今天——我們已經討論過這一點，IQOS 消費品的定位甚至比萬寶路有一定折扣。

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.

這讓我們了解了我們未來能夠實現的成長，我想說的是，隨著時間的推移，不會出現太多問題，這不會一蹴可幾。但正如我所解釋的，目前，銷量最大化是遊戲的名稱，我認為第一季以非常明亮的方式說明了這一點，這對我們的財務表現產生了非常非常強大的綜合影響。

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。因此，俄羅斯的 IQOS 銷量有所增長，考慮到您不再在那裡投資 iQOS，這令人驚訝。那麼我們應該如何——首先，您能提醒我們俄羅斯對您的每股盈餘的貢獻嗎？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.

看，在俄羅斯，你必須對你看到的貨物有點謹慎。這不一定能完全反映消費者的購買量，週邊國家可能會有些改變。所以我認為我們必須謹慎。因此，俄羅斯是一個從未有過的市場——如果我回顧過去，我提到第一季使我們能夠得出任何結論。不幸的是，自烏克蘭戰爭爆發以來，俄羅斯市場一直沒有表現出任何有意義的成長。

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立志成為一個成長市場，因為一切都沒有根本性的改變。當然，這個國家受到貨幣貶值的影響，貨幣貶值影響了每股盈餘的權重。所以我認為我們指的是 7% 到 8%。我想我們必須修改一下。我對 24 年的前景沒有最重要的數字。但就是這樣——大約是 9%、10%，我認為隨著貨幣的增加，它在公司整體業績中的權重有所下降。

Our final question comes from Callum Elliott with Barclays.

我們的最後一個問題來自巴克萊銀行的卡勒姆·埃利奧特。

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.

所以我的問題是邦妮關於美元成長問題的後續問題。 2013 年，我認為 Emmanuel 的每股盈餘為 5.40 美元。因此，在接下來的 10、11 年裡，以美元計算的每股盈餘複合成長率約為 1.5%。因此，在這10 年期間，實現了同類最佳的有機成長，但可能是同類中最差的每股盈餘成長，這確實令人震驚，因為這10 年記錄了IQOS 業務的整個創建過程，這一點非常了不起。

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，您顯然概述了一些舉措來回答邦妮關於您希望如何推動美元成長的問題。但也許你可以重新審視這些解釋，其中哪些實際上是新的，哪些在過去10 年期間沒有出現過，而這些解釋在過去10 年中可能會有所幫助，因為它在這些方面給我留下了深刻的印象。聽起來像是定價之類的事情。這些措施在過去 10 年裡一直存在，但並沒有幫助您抵消匯率波動，因此您可以告訴我們什麼是新的，可以讓投資者相信，如果外匯逆風持續存在，您就能夠推動美元成長商業？

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.

謝謝你的問題。好吧，首先，我猜您假設外匯逆風將在未來幾年持續存在，我認為沒有人能真正這麼說，我們知道貨幣可能面臨週期，而且過去 10 年確實如此關於美元走強。我們已經知道在其他週期中，美元至少相對於其他硬通貨更加疲軟。所以沒有人知道會發生什麼事。

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.

我想我們正在說的，並且感謝您給了我一個可能重複和澄清的理由，我們今天能夠在外匯交易之前實現非常強勁的增長。我認為，根據 24 年的指導，我們顯然仍然保持著非常動態的營收，大大加速了營業收入的成長。我們的目標是在 2024 年貨幣影響之前實現兩位數。

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，事實上，我們現在可以非常有策略地使用可燃物定價。我們知道 CC 不是我們的未來。因此，我們當然可以非常有策略地使用定價來提高績效。我們還將在 HTU 水平上進行一些價格上漲。我們對 ZYN 也進行了一些漲價。因此，我們在全球範圍內擁有一個未來對我們有吸引力的定價環境。然後說到我們的成本，確實，我們在過去幾年中投入了大量資金，並且我們一直在報告我們在創新方面全面投資的所有行動，就科學而言，就研發而言，就製造而言。

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.

當然，現在我們正在達到無菸產品的臨界質量，我們正在做的許多事情我們可以更有效地完成。我們一直在學習並將在繼續我們的旅程中實施的許多事情，因此我們相信，所有這些也為我們提供了一些非常好的彈藥和能力，以在非常高的水平上產生效率未來。

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.

這就是我們擁有的所有槓桿，它們非常重要，數量相當多，未來可以以美元計算業績。

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。也許我可以問後續情況。因此，今天早上我們有許多美國必需消費品公司發布報告，其中許多公司面臨類似的外匯逆風，就像 PMI 一樣，在過去 2、3 個月裡，外匯逆風不斷增加。令我驚訝的是，在其中一些公司中，即使是一家商品化的美國衛生紙公司，本季度在抵消這些增量新興市場外匯逆風方面也做得更好，透過快速反應，透過增量價格上漲來抵消這些逆風。因此，我想我的問題是，與菸草領域之外的其他一些消費必需品同行相比，是否存在某種結構性業務使其在應對外匯變化方面變得不那麼敏捷。

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.

好吧，我可以回答你，你的問題是高度推測性的，因為你讓我與其他企業進行比較，我猜這些企業在投資方式、前景和必須做的事情上明顯非常不同。我們正在這裡建立一個具有巨大成長潛力的企業。因此，我們當然不會限制我們必須進行的所有舉措和所有投資，以保持業務成長並充分發揮我們無菸產品組合的全部潛力。也許這與你提到的造紙業務不同。坦白說我不知道，因為我不知道你指的是什麼以及具體情況。但我認為很難比較面臨不同——潛在的不同軌蹟的企業。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。我現在想將其轉回給管理層以供結束語。

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.

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

Bye-bye. Speak to you soon.

再見。盡快回覆你。

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。您現在可以斷開連線。