Rentokil Initial PLC (RTO) 2022 Q4 法說會逐字稿

Good morning, everyone, and thank you all for joining us today for this extended results session. So in a few moments, Stuart is going to provide you with details of our excellent performance in 2022 and provide technical guidance for '23. I'll then come back to provide a brief update on each of our categories and on our bolt-on M&A program. After that, we want to spend some time taking you through our plans for Terminix. We'll cover the integration plan and cost synergies, the investments we're making into the business and a number of positive accounting adjustments. We'll also share with you our high-level growth plan for the combined business in North America, where I'll be joined by Brett Ponton, who, of course, heads up our organization in the states.

大家早上好，感謝大家今天加入我們，參加這次延長的結果會議。因此，稍後，Stuart 將為您詳細介紹我們在 2022 年的出色表現，並為 '23 提供技術指導。然後我會回來簡要介紹我們的每個類別和我們的補強併購計劃。之後，我們想花一些時間向您介紹我們對 Terminix 的計劃。我們將介紹整合計劃和成本協同效應、我們對業務的投資以及一些積極的會計調整。我們還將與您分享我們在北美合併後的業務的高水平增長計劃，布雷特·龐頓 (Brett Ponton) 也將加入，他當然是我們在各州的組織負責人。

Also with us today are Vanessa Evans, our Group HR Director; and Mark Purcell; our Group IT Director, who are both heavily involved in the North America integration program. So to set the scene, let me just say a few words by covering the highlights of last year. Our full year results are very strong, reflecting an excellent performance in revenue, profit and cash, all ahead of our medium-term targets as well as an excellent year for M&A, where our bolt-on program didn't miss a beat despite also delivering the landmark Terminix transaction.

今天和我們在一起的還有我們的集團人力資源總監 Vanessa Evans；和馬克·珀塞爾；我們的集團 IT 總監，他們都積極參與北美整合計劃。因此，為了鋪墊，讓我通過介紹去年的亮點來簡單說幾句。我們的全年業績非常強勁，反映出在收入、利潤和現金方面的出色表現，均超前於我們的中期目標，同時也是出色的併購年，儘管我們的補強計劃也沒有錯過任何一個節拍交付具有里程碑意義的 Terminix 交易。

Revenue increased by 19.1% to GBP 3.5 billion with organic growth of 6.6%. Adjusted operating profits grew by almost 23% to GBP 542 million, and we delivered a group margin of 15.4%, which is our highest for around 20 years. Now if we drop down to a level of our regions and our businesses, you can see that strong underlying revenue growth was delivered right across the board. Just to highlight 2 or 3 areas. Our North American business obviously grew significantly with the addition of Terminix, but also delivered a strong organic performance for the year, up by 5.7%.

收入增長 19.1% 至 35 億英鎊，有機增長 6.6%。調整後的營業利潤增長近 23%，達到 5.42 億英鎊，集團利潤率為 15.4%，這是我們近 20 年來的最高水平。現在，如果我們深入到我們的地區和業務層面，您會看到強勁的潛在收入增長是全面實現的。只是為了突出 2 或 3 個區域。我們的北美業務隨著 Terminix 的加入而顯著增長，但今年也實現了強勁的有機業績，增長了 5.7%。

The Europe and Latin America region had an excellent year with revenue growth of 13.2%, of which 9.1% was organic. And Asia and MENAT delivered revenue growth of 13.4% with 11% organic growth. Looking at the revenue performance through a category lens, as you can see there on the right-hand side of the chart, Pest Control grew by 29% and accounted for 71% of the group's revenue in 2022. Revenue in Hygiene and Wellbeing increased by 9.8%, 9.3% organically, while in France, Workwear the business had an excellent year, growing revenues organically by 16.6%.

歐洲和拉丁美洲地區今年表現出色，收入增長 13.2%，其中 9.1% 是有機增長。亞洲和 MENAT 實現了 13.4% 的收入增長和 11% 的有機增長。從品類角度來看收入表現，如圖表右側所示，害蟲防治增長了 29%，佔 2022 年集團收入的 71%。衛生和健康領域的收入增長了9.8%，有機增長 9.3%，而在法國，Workwear 業務表現出色，收入有機增長 16.6%。

Now completion of the Terminix transaction was, of course, the key highlight of the year adding valuable scale, capabilities and talent as well as the powerful Terminix brand. And we're now highly focused on delivering the deal's significant benefits. A new organization design has been finalized and a best-of-breed top team has been appointed. There's a strong level of colleague engagement across the organization, and we've now deployed a new shared mission, vision and values. We've also identified the best-of-breed systems and processes across the 2 organizations, which will be adopted over the course of the integration.

現在，Terminix 交易的完成當然是今年的主要亮點，增加了寶貴的規模、能力和人才以及強大的 Terminix 品牌。我們現在高度專注於提供交易的重大利益。新的組織設計已經完成，並任命了一流的高層團隊。整個組織的同事參與度很高，我們現在已經部署了新的共同使命、願景和價值觀。我們還確定了 2 個組織中最佳的系統和流程，這些系統和流程將在整合過程中採用。

Early synergies have started to come through. And obviously, I'll come back to that later. An optimal end-state branch network has now been designed and that will take us from over 600 branches to around 400 branches. We'll execute this in a planned and disciplined way using our vast integration experience. And despite this significant level of activity, trading in the fourth quarter was very good with the combined pest control business, delivering an organic growth rate of 5.6%.

早期的協同效應已經開始顯現。顯然，我稍後會再談這個。現在已經設計了一個最佳的最終狀態分支網絡，這將使我們從 600 多個分支機構增加到大約 400 個分支機構。我們將利用我們豐富的集成經驗，以有計劃和有紀律的方式執行此操作。儘管活動水平如此之高，但第四季度綜合害蟲防治業務的交易情況非常好，實現了 5.6% 的有機增長率。

Looking ahead, as the undisputed leader in pest control, we will be very strongly positioned to create further value for shareholders. We have an increased net cost synergy number to at least $200 million to be delivered by the end of 2025. We've increased our medium-term group organic growth target to greater than 5%. It was previously between 4% and 5%. And beyond that, once we are through the integration, our ambition for organic growth in our U.S. Pest Control business is to consistently achieve 1.5x the industry growth rate.

展望未來，作為害蟲防治領域無可爭議的領導者，我們將處於非常有利的地位，為股東創造更多價值。到 2025 年底，我們的淨成本協同增效數字將增加到至少 2 億美元。我們已將中期集團有機增長目標提高到 5% 以上。此前這一比例在 4% 至 5% 之間。除此之外，一旦我們完成整合，我們的美國害蟲防治業務有機增長的目標是持續實現 1.5 倍的行業增長率。

We're targeting a group adjusted operating profit margin in 2025 of greater than 19%. That's up from around 15% just before the deal, and our post-integration cash conversion will be above the 90% mark. So an excellent performance during the year, really good progress being made with Terminix and an exciting set of targets for the future.

我們的目標是 2025 年集團調整後的營業利潤率超過 19%。這高於交易前的 15% 左右，我們整合後的現金轉換率將超過 90%。因此，這一年的表現非常出色，Terminix 取得了非常好的進展，並且為未來製定了一系列令人興奮的目標。

So with that, let me now hand over to Stuart.

因此，現在讓我交給斯圖爾特。

Thank you, Andy, and good morning, everyone. I'll run through the financial highlights as what has been a strong year. I'll start with the group level numbers and then as usual, move through the regions and then look at the balance sheet. Unless I state to the contrary, all numbers are at constant rates of exchange. The business delivered a strong top line performance in the year.

謝謝安迪，大家早上好。我將回顧財務亮點，因為這是強勁的一年。我將從集團層面的數字開始，然後像往常一樣，遍歷各個地區，然後查看資產負債表。除非我另有說明，否則所有數字均按恆定匯率計算。該業務在這一年實現了強勁的收入表現。

Revenue was up 19.1% to GBP 3,522 million, benefiting from good underlying growth and, of course, the Terminix acquisition. Organic revenue, which excludes this infection was up 6.6%. This translates to adjusted operating profit of GBP 542 million, a year-on-year increase of 22.7%. The strong profit conversion from the higher revenues in addition to Terminix synergies and IFRS accounting adjustments, which I'll discuss shortly, has resulted in improved group margin of 15.4%, a year-on-year 45 basis point improvement.

收入增長 19.1% 至 35.22 億英鎊，這得益於良好的基礎增長，當然還有對 Terminix 的收購。不包括這種感染的有機收入增長了 6.6%。這相當於調整後的營業利潤為 5.42 億英鎊，同比增長 22.7%。除了 Terminix 協同效應和 IFRS 會計調整（我將在稍後討論）之外，更高收入帶來的強勁利潤轉換已導致集團利潤率提高 15.4%，同比提高 45 個基點。

This reflects margin improvement across most of our regions, including notably in our North American and European businesses. Free cash flow in the year results from strong profit performance and was GBP 374 million. This represents about 92% cash conversion, excluding the impact of one-off cash flows, mostly related to the Terminix transaction. These factors, combined with the continued success of our bolt-on M&A program and the dividend payment resulted in pro forma net debt to adjusted EBITDA ratio at year-end of less than 3.2x.

這反映了我們大部分地區的利潤率都有所提高，尤其是北美和歐洲業務。當年的自由現金流來自強勁的利潤表現，為 3.74 億英鎊。這代表約 92% 的現金轉換，不包括一次性現金流的影響，主要與 Terminix 交易有關。這些因素，再加上我們補強併購計劃的持續成功和股息支付，導致年末預計淨債務與調整後 EBITDA 的比率低於 3.2 倍。

Based on a strong full year performance, the Board has recommended a final dividend for the year of 5.15p per share to bring the total dividend for 2022 to 7.55p per share more than an 18% rise year-on-year. This is in line with our progressive dividend policy as well as our commitments at the time of the Terminix deal and demonstrates our confidence in the outlook for the business.

基於強勁的全年業績，董事會建議派發每股 5.15 便士的年度末期股息，使 2022 年的總股息達到每股 7.55 便士，同比增長超過 18%。這符合我們的漸進式股息政策以及我們在 Terminix 交易時的承諾，表明我們對業務前景充滿信心。

I want to briefly step back and look at some of our key financials over the longer term. On this slide, we show a number of P&L and cash flow metrics over the longer term. These charts illustrate the trends of the business, evidencing our strong and consistent progress over the longer term in compounding revenue, profit and cash performance through organic growth and M&A. To pull out just one of these trend lines, adjusted operating margin in the top right quadrant, we can see a 290 basis point improvement in the period from 12.5% to 15.4%, our highest net margin in 20 years.

我想簡要回顧一下我們的一些長期關鍵財務狀況。在這張幻燈片上，我們展示了一些長期的損益和現金流量指標。這些圖表說明了業務趨勢，證明了我們通過有機增長和併購在復合收入、利潤和現金績效方面的長期強勁和持續進展。僅拉出這些趨勢線中的一條，調整後右上象限的營業利潤率，我們可以看到在此期間從 12.5% 提高 290 個基點至 15.4%，這是我們 20 年來的最高淨利潤率。

This speaks to the success of our business model, which is focused on increasing route density, maximizing the efficiency of our support structure and driving advantage through the use of technology and innovation. I'd like to say a few words about our margin development in 2022. Here, we firstly look at the factors that drive our net 45 basis point year-on-year improvement. Underlying training -- trading delivered through the continued execution of our strategy, which has driven business growth and improved density, contributed to nearly 30 basis points to margin.

這說明我們的商業模式取得了成功，該模式專注於增加航線密度，最大限度地提高我們支持結構的效率，並通過使用技術和創新來推動優勢。我想談談我們 2022 年的利潤率發展。在這裡，我們首先看看推動我們同比淨增長 45 個基點的因素。基礎培訓——通過持續執行我們的戰略進行的交易推動了業務增長並提高了密度，為利潤率貢獻了近 30 個基點。

Terminix overall contributed a net benefit of 19 basis points. The underlying Terminix business dampened group margin by 45 basis points However, this was more than offset by realized synergies and IFRS accounting adjustments of 64 basis points, with about $18 million of the benefit coming from accounting versus our guidance of $14 million and $13 million from synergies, again, versus our guidance of $4 million.

Terminix 總體貢獻了 19 個基點的淨收益。基礎 Terminix 業務將集團利潤率降低了 45 個基點，但是，這被已實現的協同效應和 IFRS 會計調整 64 個基點所抵消，其中約 1800 萬美元的收益來自會計，而我們的指導為 1400 萬美元和 1300 萬美元來自會計協同效應，再次與我們 400 萬美元的指導相比。

Looking at inflation, we've worked hard this year to both recover cost and protect margin. As expected, margin showed less progress in the second half as inflationary wage increases largely dated from the first of July, but margins were still broadly in line with the prior year. Two of our most significant cost lines are employees and fuel. People-based costs are our single largest cost accounting for more than 50% of revenue, while fuel for vehicles is the most volatile line item.

看看通貨膨脹，我們今年一直在努力恢復成本和保護利潤率。正如預期的那樣，利潤率在下半年表現出較小的進展，因為通貨膨脹工資增長主要從 7 月 1 日開始，但利潤率仍與上一年大致持平。我們最重要的兩條成本線是員工和燃料。以人為本的成本是我們最大的單一成本，佔收入的 50% 以上，而車輛燃料是最不穩定的項目。

Cost inflation as a percentage of revenue has moved as expected. And as a consequence, at this point, we remain confident that we can continue to pass on input cost inflation to our customer base, whilst clearly keeping this under very close review. For you to review in your own time in the appendix, we've set out in more detail the impact of Terminix on group margins as well as an estimate of Terminix margins had they reported in the full year.

成本通脹佔收入的百分比已按預期移動。因此，在這一點上，我們仍然相信我們可以繼續將投入成本通脹轉嫁給我們的客戶群，同時明確地對此進行非常密切的審查。為了讓您在自己的時間在附錄中查看，我們更詳細地列出了 Terminix 對集團利潤率的影響，以及他們在全年報告時對 Terminix 利潤率的估計。

These lines -- these margins are in line with that anticipated in the acquisition case. Looking now at our performance by region, starting with North America. Our core North American business grew by 29.7% in the year, of which 5.7% was organic. If we break that organic number down, we estimate that the full year growth of Rentokil North America, that is stand-alone Rentokil, was similar to Terminix's annualized run rate from the date of its acquisition. In spite of a slightly weaker Q3 performance, we still delivered a good full year growth rate in North America Pest Control of 5.3%.

這些線——這些利潤率與收購案例中的預期一致。現在按地區看我們的表現，從北美開始。我們的核心北美業務在這一年增長了 29.7%，其中 5.7% 是有機增長。如果我們將該有機數字分解，我們估計 Rentokil North America（即獨立的 Rentokil）的全年增長與 Terminix 自收購之日起的年化運行率相似。儘管第三季度業績略有疲軟，但我們在北美害蟲防治方面的全年增長率仍然不錯，達到 5.3%。

The full year organic performance reflected an increase in contribution from price rises to offset the expected inflationary pressures, and we had good pricing across all channels in the region. The positive performance in the North America business continued into the year-end, driven by good underlying trading at both Rentokil North America and Terminix and also by strong delivery on synergies from the Terminix transaction.

全年的有機業績反映了價格上漲對抵消預期通脹壓力的貢獻增加，我們在該地區的所有渠道都有良好的定價。受能多潔北美和 Terminix 良好的基礎交易以及 Terminix 交易帶來的強大協同效應的推動，北美業務的積極表現一直持續到年底。

North America Pest Control delivered 5.6% growth for the final quarter. Again, we saw similar rates of growth at Rentokil North America and Terminix in Q4. Adjusted operating profit was up 32.7%. We've had a stated ambition to improve margin year-on-year in North America, and that's what we delivered once again. Adjusted operating margins in the region increased to 17.1% for the full year. That's a 40 basis point improvement year-on-year. Our target of 18% net operating margin at Rentokil North America by the end of 2022 has also been met with margins in Q4, whilst always a strong period well in excess of 18%.

北美害蟲防治在最後一個季度實現了 5.6% 的增長。同樣，我們在第四季度看到 Rentokil North America 和 Terminix 的增長率相似。調整後營業利潤增長 32.7%。我們已經明確表示要在北美逐年提高利潤率，而這正是我們再次實現的目標。該地區調整後的全年營業利潤率增至 17.1%。同比提高 40 個基點。我們的目標是到 2022 年底 Rentokil North America 的淨營業利潤率達到 18%，第四季度的利潤率也已實現，而且一直是遠高於 18% 的強勁時期。

That margin journey has been driven by growth, both organic and acquisitive, creating increased density and underpinned by the implementation of our Best of Breed operating platform, which we completed at the beginning of last year. Despite the attention given to the Terminix transaction, we've had another excellent year for bolt-on M&A in North America, acquiring 13 businesses with combined annualized revenues of around GBP 38 million in the year prior to purchase.

這一利潤之旅是由有機增長和收購增長推動的，它創造了更高的密度，並得到了我們去年年初完成的同類最佳運營平台的實施的支持。儘管對 Terminix 交易給予了關注，但我們在北美的補強併購方面又迎來了輝煌的一年，收購了 13 家企業，收購前一年的年收入合計約為 3800 萬英鎊。

Turning now to the European region. A really good performance across the board here, driven by both pricing and volume, revenue rose by 13.2%. Organic revenue growth was 9.1%. All three business categories in Europe posted strong numbers. Pest control revenue was up 21.5%. Hygiene and Wellbeing, on this metric, including disinfection, was up 2.4%, while France Workwear recorded growth of 16.6%. Hygiene and Wellbeing is back to providing full contractual service terms in most of its markets in the region.

現在轉向歐洲地區。在定價和銷量的推動下，這裡的整體表現非常好，收入增長了 13.2%。有機收入增長率為 9.1%。歐洲的所有三個業務類別都公佈了強勁的數字。害蟲防治收入增長了 21.5%。根據這一指標，包括消毒在內的衛生和健康增長了 2.4%，而法國工作服增長了 16.6%。 Hygiene and Wellbeing 重新在該地區的大部分市場提供完整的合同服務條款。

France Workwear, overall, is actually exceeding pre-COVID levels supported by robust pricing. Adjusted operating profit rose by 14.8%. We've been successful at protecting margins with pass-through pricing and that provides a stable basis for the delivery of a 30 basis point improvement in adjusted operating margins to 19.9% through business growth and improved density. Whilst labor markets throughout the region remain tight, we've been very effective at managing the pressures.

總體而言，法國工作服實際上已經超過了 COVID 之前的水平，這得益於穩健的定價。調整後營業利潤增長 14.8%。我們通過傳遞定價成功地保護了利潤率，這為通過業務增長和提高密度將調整後的營業利潤率提高 30 個基點至 19.9% 提供了穩定的基礎。儘管整個地區的勞動力市場仍然緊張，但我們在管理壓力方面一直非常有效。

Consistent with other regions, we've seen no material increase in bad debt or insolvencies in Europe. The region completed 18 business acquisitions in the year with annualized revenues of GBP 62 million in the year prior to purchase. Turning to the U.K. and Sub-Saharan Africa. The region delivered a resilient trading performance against strong COVID-related comparators in 2021, particularly in the U.K.'s medical waste business. Revenue for the region increased by 2.9%.

與其他地區一樣，我們沒有看到歐洲的壞賬或資不抵債顯著增加。該地區當年完成了 18 項企業收購，收購前一年的年收入為 6200 萬英鎊。轉向英國和撒哈拉以南非洲。該地區在 2021 年與 COVID 相關的強大比較對象相比表現出彈性的交易表現，尤其是在英國的醫療廢物業務方面。該地區的收入增長了 2.9%。

Pest Control was up 6.2%; Hygiene and Wellbeing was down slightly owed to the expected reduction in COVID disinfection business. Our Ambius business delivered an improved performance, reflecting a more supportive operating environment in the hospitality, office and travel sectors. Regional adjusted operating profit increased by 1.7% to GBP 96 million. Adjusted operating margins were 26%.

害蟲防治增長了 6.2%；由於 COVID 消毒業務的預期減少，衛生和健康略有下降。我們的 Ambius 業務取得了更好的業績，反映了酒店、辦公和旅遊部門更具支持性的運營環境。區域調整後營業利潤增長 1.7% 至 9600 萬英鎊。調整後的營業利潤率為 26%。

It's worth, again, noting that regional cash performance has been good with debtor days ahead of pre-COVID levels. Inflationary pressures have been significant in the U.K., but our pricing systems have delivered a price performance that has mitigated cost inflation. Despite price increases, customer retention is up over 1 percentage point year-on-year at 86.6%.

值得再次指出的是，區域現金表現良好，債務天數領先於 COVID 之前的水平。英國的通貨膨脹壓力一直很大，但我們的定價系統提供的價格表現減輕了成本通貨膨脹。儘管價格上漲，但客戶保留率同比增長超過 1 個百分點，達到 86.6%。

Looking now at Asia and MENAT. The year saw a strong performance as we benefited from post-COVID market reopening in most countries. Sector's hardest hit from the pandemic, such as hospitality, retail and offices resumed operations. This led to a quick recovery in demand for core service provision in both pest control and hygiene, with recovery led by two of the region's largest markets: Indonesia and Malaysia.

現在看看亞洲和 MENAT。由於我們受益於大多數國家 COVID 後市場的重新開放，這一年表現強勁。酒店、零售和寫字樓等受疫情影響最嚴重的行業已恢復運營。這導致對害蟲防治和衛生方面核心服務供應的需求迅速恢復，其中復蘇由該地區兩個最大的市場：印度尼西亞和馬來西亞帶動。

Regional revenue rose by 13.4%, of which 11% was organic. We've made good progress on price increases in a region where we have been historically less successful. Demand recovery and pricing have helped deliver 17.5% growth in adjusted operating profit. Adjusted operating margin for the Asia and MENAT region was up 50 basis points to 13.9%. And finally, returning to the Pacific region, another very strong trading performance here.

地區收入增長了 13.4%，其中 11% 是有機收入。我們在歷史上不太成功的地區的價格上漲方面取得了良好進展。需求復蘇和定價幫助調整後的營業利潤增長了 17.5%。亞洲和 MENAT 地區的調整後營業利潤率上升 50 個基點至 13.9%。最後，回到太平洋地區，這是另一個非常強勁的交易表現。

Regional revenue increased by 12.8%, of which 7.9% was organic. Pest Control was up 12.9%, with notable strength in commercial. Hygiene and Wellbeing was up 12.7%. We've had good demand in the region for Ambius services and new air hygiene solutions. Regional adjusted operating profit was up 19.7%, with an increase in adjusted operating margin of 120 basis points to 20.9%. In the region, we acquired 7 pest control businesses and 1 Hygiene and Wellbeing business.

區域收入增長了 12.8%，其中 7.9% 是有機收入。 Pest Control 增長 12.9%，在商業領域表現突出。衛生和福利增長了 12.7%。我們在該地區對 Ambius 服務和新的空氣衛生解決方案有很好的需求。區域調整後營業利潤增長 19.7%，調整後營業利潤率增長 120 個基點至 20.9%。在該地區，我們收購了 7 家害蟲防治企業和 1 家衛生與福利企業。

So that's a rundown of our regions, which, as you can see, have performed very well overall in the year. Across our geographies, with the persistence of inflationary cost pressures most notably wage inflation but also in fuel, but we continue to be very successful in mitigating increases through pricing.

所以這是我們地區的概要，正如你所看到的，這些地區在這一年的整體表現非常好。在我們的地區，由於通貨膨脹成本壓力的持續存在，最顯著的是工資上漲，還有燃料，但我們繼續非常成功地通過定價來緩解增長。

Let me say a few words now on cash flow and debt. Adjusted cash flow of GBP 490 million, was GBP 31 million higher than in 2021. It was driven by an increase in adjusted operating profit, offset by one-off items, much of which was related to deal and integration costs of return acquisition. The group had a GBP 9 million working capital inflow in the year due to tight management of payables and receivables. There was a partial offset from higher levels of inventory to protect against potential supply chain challenges.

現在讓我就現金流和債務說幾句話。調整後現金流為 4.9 億英鎊，比 2021 年增加 0.31 億英鎊。這是由於調整後營業利潤增加，被一次性項目抵消，其中大部分與退貨收購的交易和整合成本有關。由於對應付賬款和應收賬款的嚴格管理，該集團當年有 900 萬英鎊的營運資金流入。部分抵消了較高水平的庫存，以防止潛在的供應鏈挑戰。

Capital expenditure of GBP 185 million reflects a more normal pattern of spend post-pandemic. It also includes Terminix CapEx in the final quarter of the year. On the second cash flow slide, we see that free cash flow was GBP 374 million. Cash interest payments of GBP 39 million were only GBP 2 million higher than the prior year, reflecting the timing of interest charge payments relating to the financing of the Terminix transaction.

1.85 億英鎊的資本支出反映了大流行後更正常的支出模式。它還包括今年最後一個季度的 Terminix 資本支出。在第二張現金流量幻燈片中，我們看到自由現金流量為 3.74 億英鎊。 3900 萬英鎊的現金利息支付僅比上一年高出 200 萬英鎊，反映了與 Terminix 交易融資相關的利息費用支付的時間安排。

Cash tax payments of GBP 77 million reflect higher group profit. Cash spend on current and prior acquisitions, dividend payments, proceeds from new debt and the cash impact of one-off and adjusting items largely due to deal integration costs, contributed to an increase in cash and cash equivalents of GBP 726 million.

7700 萬英鎊的現金稅款反映了更高的集團利潤。當前和先前收購的現金支出、股息支付、新債務收益以及主要由於交易整合成本導致的一次性和調整項目的現金影響，導致現金和現金等價物增加 7.26 億英鎊。

So let's have a look at debt. As a reminder, we are active in the debt market in the first half to finance the Terminix acquisition. We issued 3 bonds converting our short-term bridge facility into longer-term debt. These bonds, alongside the $700 million term loan, covered transaction costs and Terminix debt. Terminix's term loan and facility and bonds were repaid in October and November 2022.

那麼讓我們來看看債務。提醒一下，我們在上半年活躍於債務市場，為收購 Terminix 提供資金。我們發行了 3 種債券，將我們的短期過橋貸款轉換為長期債務。這些債券連同 7 億美元的定期貸款用於支付交易成本和 Terminix 債務。 Terminix 的定期貸款、融資和債券已於 2022 年 10 月和 2022 年 11 月償還。

The other material item seen on the slide is for FX translation of GBP 131 million. This is primarily due to the strengthening of the dollar against sterling. We closed the period with net debt of GBP 3.3 billion, in line with our guidance. That's a proforma net debt to adjusted EBITDA of less than 3.2x. The group remains committed to an investment-grade rating of BBB.

幻燈片上看到的另一個重要項目是 1.31 億英鎊的外匯換算。這主要是由於美元兌英鎊走強。根據我們的指導，我們以 33 億英鎊的淨債務結束了這一時期。這是調整後 EBITDA 的預計淨債務不到 3.2 倍。該集團仍然致力於 BBB 的投資級評級。

And as you'll see in our medium-term outlook, we're targeting a net debt to unadjusted EBITDA ratio of less than 3x by the end of 2024. On this slide, we update some technical guidance to help you with your models in relation to the full year 2023. I'll let you read this in your own time, but I will draw your eye to a couple of items. For the avoidance of doubt, the accounting benefit is an additional $32 million versus 2022.

正如您將在我們的中期展望中看到的那樣，我們的目標是到 2024 年底，淨債務與未調整的 EBITDA 之比低於 3 倍。在這張幻燈片上，我們更新了一些技術指南，以幫助您在與 2023 年全年的關係。我會讓你在自己的時間閱讀這篇文章，但我會提請你注意幾個項目。為免生疑問，與 2022 年相比，會計收益增加了 3200 萬美元。

Interest is in the range of GBP 125 million to GBP 135 million after the expected noncash hyperinflation credit of GBP 20 million to GBP 25 million. Note that about 75% of our interest costs are fixed, and therefore, not subject to rate volatility. An effective tax rate of 25% to 26% reflects the expected U.K. increase in April and the fact that a high proportion of group profits are in the United States.

在預期的 2000 萬英鎊至 2500 萬英鎊的非現金惡性通貨膨脹信貸之後，利息在 1.25 億英鎊至 1.35 億英鎊之間。請注意，我們大約 75% 的利息成本是固定的，因此不受利率波動的影響。 25% 至 26% 的有效稅率反映了英國 4 月份的預期增長以及集團利潤的很大一部分在美國這一事實。

At this point, I'll hand back to Andy, who will take us through the business category performance.

在這一點上，我將交還給安迪，他將帶領我們了解業務類別的表現。

Thank you, Stuart. Right, over the next few minutes, and I'm going to update you on the performance of our operating model and our three businesses before turning to the exciting opportunities with Terminix. I'm sure you all recognize our operating model starting, of course, at the top with our colleagues and our Employer of Choice agenda. That rolls into excellent customer service, into innovation, into digital, on to the delivery of profitable growth and then on to our capital allocation model and ESG at the top.

謝謝你，斯圖爾特。好的，在接下來的幾分鐘內，我將向您介紹我們的運營模式和我們三項業務的績效，然後再轉向 Terminix 帶來的激動人心的機會。我相信你們都認可我們的運營模式，當然，首先是我們的同事和我們的首選雇主議程。這涉及到卓越的客戶服務、創新、數字化、實現盈利增長，然後是我們的資本配置模型和最高層的 ESG。

So let me focus though today just on our colleagues. Despite the continued labor market pressures in some areas, our recruitment systems and our processes performed really well in 2022. Our Careers+ app, which allows colleagues to apply and to refer or share career opportunities across their own social networks, now has 16,000 registered users from within the Rentokil Initial family. And that's delivered an impressive 27,000 job applications into the Rentokil Initial Group from this network.

因此，讓我今天只關注我們的同事。儘管某些地區的勞動力市場壓力持續存在，但我們的招聘系統和流程在 2022 年表現非常出色。我們的 Careers+ 應用程序允許同事在他們自己的社交網絡上申請和推薦或分享職業機會，現在有 16,000 名註冊用戶來自在 Rentokil Initial 家族中。通過該網絡向 Rentokil Initial Group 提交了令人印象深刻的 27,000 份工作申請。

And this was one of the first pieces of best practice that we were able to share with Terminix to enhance their recruitment. And in the first 6 weeks has already generated the first 330 job applications directly into Terminix as a result of the vacancy shared online by colleagues. Colleague retention in Rentokil Initial has remained strong overall at 82.6%, the standout performance coming from our Europe region at 91% and our largest business, North America, delivering a retention rate of 81%.

這是我們能夠與 Terminix 分享以加強他們的招聘的第一批最佳實踐之一。在前 6 週內，由於同事在線共享的職位空缺，已經將前 330 份工作申請直接發送到 Terminix。 Rentokil Initial 的同事保留率總體保持強勁，為 82.6%，歐洲地區的傑出表現為 91%，而我們最大的業務北美地區的保留率為 81%。

Colleague retention in Terminix now stands at 64%, which despite a year of obvious uncertainty improved by 1% year-on-year and year-to-date has improved a further 1% to 65%. Clearly, the opportunity to materially improve colleague retention in Terminix is as significant as it is exciting.

Terminix 的同事保留率目前為 64%，儘管一年中存在明顯的不確定性，但仍同比提高了 1%，年初至今進一步提高了 1% 至 65%。顯然，在 Terminix 中大幅提高同事保留率的機會既重要又令人興奮。

So turning now to pest control. Rentokil, which operates in 90 countries and 97 of the world's largest cities by GDP, had a very strong year with revenue growth of 29%, organic growth of 5.6% and with profits growing also by around 29% and with an adjusted operating margin of 18.6%.

所以現在轉向害蟲防治。 Rentokil 在 90 個國家和 97 個世界上 GDP 最大的城市開展業務，今年業績非常強勁，收入增長 29%，有機增長 5.6%，利潤增長約 29%，調整後的營業利潤率為18.6%。

In addition to the Terminix deal, we completed 46 bolt-on acquisitions in the year with annualized revenues of GBP 121 million. As you can see on the right-hand side, the growth in our pest control business has been very consistent. And since 2015, we've delivered CAGRs of over 15% for both revenue and for profit. As well as our unmatched position in growth in emerging markets, Rentokil also leads the industry in technology.

除了 Terminix 交易外，我們在這一年還完成了 46 項補強收購，年收入為 1.21 億英鎊。正如您在右側所見，我們害蟲防治業務的增長非常穩定。自 2015 年以來，我們的收入和利潤複合年增長率均超過 15%。除了我們在新興市場的增長方面無與倫比的地位外，能多潔還在技術領域處於行業領先地位。

And as this slide demonstrates, we continue to scale that competitive advantage. We've got around 290,000 pest connection devices now in customers' premises. That's up 24% year-on-year. And PestConnect is typically sold on a 3-year contract basis and underlining the quality of the service, our U.K. business, and that's been the flagship for PestConnect is now seeing higher-than-average customer retention rates in its connected base.

正如這張幻燈片所展示的，我們繼續擴大競爭優勢。我們現在在客戶場所擁有大約 290,000 個害蟲連接設備。同比增長 24%。 PestConnect 通常以 3 年期合同的形式出售，並強調服務質量，我們的英國業務一直是 PestConnect 的旗艦，現在其連接基礎中的客戶保留率高於平均水平。

Our PestConnect units sent over 300 million messages last year. These are real-time status reports, including whether a unit has been triggered by rodent activity. And this gives us and our customers highly transparent data on the pest control status of their facilities. In addition, we now have 1.2 million customer sites, which have their service data available 24/7 through the myRentokil digital customer portal. And this combination of connected technologies, of customer insight tools and big data analysis will be available to Terminix commercial customers over the course of the integration program.

我們的 PestConnect 部門去年發送了超過 3 億條消息。這些是實時狀態報告，包括一個單元是否被囓齒動物活動觸發。這為我們和我們的客戶提供了關於其設施害蟲控制狀態的高度透明數據。此外，我們現在擁有 120 萬個客戶站點，它們的服務數據可通過 myRentokil 數字客戶門戶全天候 24/7 訪問。在集成計劃的過程中，Terminix 商業客戶將可以使用這種連接技術、客戶洞察工具和大數據分析的組合。

Now as you know, one of the drivers of organic growth is digital innovation. And last year, we've continued to push the boundaries with new technology trials using many digital cameras and artificial intelligence to recognize pests and also to provide an early warning of potential infestation. To date, those trials have been focused on rodent control with technicians and field biologists in the U.K. testing this new technology.

如您所知，數字創新是有機增長的驅動力之一。去年，我們繼續通過新技術試驗突破界限，使用許多數碼相機和人工智能來識別害蟲，並提供潛在侵擾的早期預警。迄今為止，這些試驗的重點是囓齒動物控制，英國的技術人員和野外生物學家正在測試這項新技術。

However, last year, we acquired Eitan Amichai, the largest pest control company in Israel, which is also the leader in the use of artificial intelligence in pest control. They've moved beyond trials. They have this technology working in around 170 customers, including some major international key accounts. And they've now expanded the systems capabilities to use artificial intelligence also to recognize 7 different types of insects.

然而，去年我們收購了以色列最大的害蟲防治公司 Eitan Amichai，這家公司也是人工智能在害蟲防治方面的領先者。他們已經超越了考驗。他們在大約 170 個客戶中使用了這項技術，其中包括一些主要的國際大客戶。他們現在已經擴展了系統功能，可以使用人工智能來識別 7 種不同類型的昆蟲。

This is just one example from our innovation pipeline of around 50 projects, and these are designed to support organic growth and customer retention to enhance our productivity and to introduce more sustainable solutions to our customers, making us the global leader in the use of cutting-edge technology in pest control.

這只是我們大約 50 個項目的創新管道中的一個例子，這些項目旨在支持有機增長和客戶保留，以提高我們的生產力並為我們的客戶引入更可持續的解決方案，使我們成為使用切割的全球領導者-害蟲防治的前沿技術。

Let me turn now to Hygiene and Wellbeing where we also continue to make very good progress last year. Revenues increased by 9.3% organically, excluding the emergency COVID disinfection services, which, as expected, were only around GBP 20 million in the year. Profits increased by around 20% year-on-year, with an adjusted operating margin of 19.1% and this accounted for around 1/4 of the group's adjusted operating profit.

現在讓我談談衛生和福利，去年我們在這方面也繼續取得了很好的進展。收入有機增長 9.3%，不包括緊急 COVID 消毒服務，正如預期的那樣，該年度僅為 2000 萬英鎊左右。利潤同比增長約20%，調整後營業利潤率為19.1%，佔集團調整後營業利潤的1/4左右。

Revenues in core hygiene services, that's inside the washrooms, grew by 10.4%, with enhanced environments, that's outside of the washroom, up by 8.8%. There were good performances in air care and air purification and also in Ambius, which grew revenues by 15%. Supporting this performance, we've continued to deliver a range of product enhancements, and we've maintained a very high level of customer satisfaction.

洗手間內的核心衛生服務收入增長了 10.4%，洗手間外的環境得到改善，增長了 8.8%。空氣護理和空氣淨化以及 Ambius 均表現良好，收入增長了 15%。為了支持這種性能，我們繼續提供一系列產品增強功能，並且我們一直保持著非常高的客戶滿意度。

Our new signature hand-print range is designed to attract younger children's attention and encourage regular handwashing in schools. The new Luna hand driers have hospital-grade HEPA filters and low energy motors. And our myInitial customer portal, which was upgraded in 2022 with an enhanced customer experience is now live in around 20 countries with over 100,000 registered users.

我們全新的標誌性手印系列旨在吸引年幼兒童的注意力，並鼓勵他們在學校定期洗手。新型 Luna 乾手器配備醫院級 HEPA 過濾器和低能耗電機。我們的 myInitial 客戶門戶網站於 2022 年進行了升級，客戶體驗得到了增強，現已在約 20 個國家/地區上線，擁有超過 100,000 名註冊用戶。

And as you can see on the right there, in the year, we exceeded our target for 90% of our hygiene paper to hold appropriate sustainable forestry certification. On Trustpilot, potential new customers can now read over 10,000 customer reviews with an outstanding overall score of 4.9 out of 5 and by our own measure of customer satisfaction, the robust Net Promoter Score. This improved by 3.7 points last year to a high overall score of 47.7. So all in all, a very strong year for Hygiene and Wellbeing.

正如您在右邊看到的那樣，在這一年中，我們超過了我們 90% 的衛生紙獲得適當的可持續林業認證的目標。在 Trustpilot 上，潛在的新客戶現在可以閱讀 10,000 多條客戶評論，總分 4.9 分（滿分 5 分），根據我們自己的客戶滿意度衡量標準，強大的淨推薦值。這比去年提高了 3.7 分，達到 47.7 的高總分。總而言之，對於衛生和福祉而言，這是非常強勁的一年。

Now turning very briefly to France Workwear. I'm pleased to say this also had an extremely good year benefiting from a strong post-pandemic recovery. Revenues increased by 16.6% year-on-year, all of which was organic, while profits enjoyed a post-COVID recovery and increased by 81.6%. As you can see on the right, both revenue and profit have now exceeded their 2019 pre-pandemic levels.

現在非常簡單地轉向法國工作服。我很高興地說，由於大流行病後強勁的複蘇，今年也是非常好的一年。收入同比增長 16.6%，均為有機增長，而利潤在 COVID 後復蘇，增長 81.6%。正如您在右側看到的那樣，收入和利潤現在都超過了 2019 年大流行前的水平。

During the year, we've continued to deliver more efficient and sustainable operations. Water consumption in the laundries has been halved over the last 20 years or so due to the installation of modern tunnel washes. And last year, we completed that deployment with our last remaining laundries having these new and highly efficient washing machines installed.

在這一年中，我們繼續提供更高效和可持續的運營。由於安裝了現代隧道式洗衣機，洗衣房的用水量在過去 20 年左右減少了一半。去年，我們完成了部署，最後剩下的洗衣店安裝了這些新型高效洗衣機。

So turning now to bolt-on acquisitions, which are, of course, are a core part of our strategy, enabling us to build route density and also to target those higher-growth cities of the future. In 2022, we delivered 52 bolt-on acquisitions with annualized revenues of GBP 125 million, one deal a week for the second year running, demonstrating the strength of our pipeline, and 38 of these deals were completed in our target cities of the future, including in Santiago, in the Klang Valley, in Delhi and Lahore.

因此，現在轉向補強收購，這當然是我們戰略的核心部分，使我們能夠建立航線密度，並瞄準未來的高增長城市。 2022 年，我們完成了 52 筆補強收購，年收入達到 1.25 億英鎊，連續第二年每週完成一筆交易，展示了我們的管道實力，其中 38 筆交易在我們未來的目標城市完成，包括聖地亞哥、巴生谷、德里和拉合爾。

And based on our most recent annual review, the M&A program continues to deliver revenue and profit ahead of our expectations and with aggregate returns above our acquired IRR hurdle rates. The M&A pipeline remains strong, and our target spend for 2023 is around GBP 250 million, in line with last year's bolt-on program. So we continue to focus on the execution of our strategy, concentrating on people, on safety, on customer service and customer retention, on innovation, on digital, on sales and on sustainability and also on infill M&A.

根據我們最近的年度審查，併購計劃繼續提供超出我們預期的收入和利潤，總回報率高於我們收購的 IRR 門檻率。併購渠道依然強勁，我們 2023 年的目標支出約為 2.5 億英鎊，與去年的補強計劃一致。因此，我們繼續專注於我們戰略的執行，專注於人員、安全、客戶服務和客戶保留、創新、數字化、銷售和可持續性以及填充併購。

So let's now move on and talk about delivering the pest control powerhouse. You've all heard me talk at length about this incredibly exciting deal. You've heard me talk about the highly complementary fit of the two businesses with Rentokil's core strengths in commercial pest control and Terminix's strong heritage in residential and termite control.

因此，現在讓我們繼續討論交付害蟲防治強國。你們都聽過我詳盡地談論這個令人難以置信的激動人心的交易。您已經聽過我談到這兩家公司與能多潔在商業害蟲防治方面的核心優勢以及 Terminix 在住宅和白蟻防治方面的強大傳統之間的高度互補性。

You've also heard me talk about the excellent cost synergies and more on that shortly. But today, we're also going to talk about delivering the pest control powerhouse in the context of the significant growth opportunity that being the market leader in the massive North American market and indeed, the global leader will present to us over the coming years.

你也聽說過我談到了出色的成本協同效應，很快就會更多。但今天，我們還將討論在巨大的增長機會背景下交付害蟲控制強國，這是巨大的北美市場的市場領導者，事實上，全球領導者將在未來幾年向我們展示。

As I'm sure you'll recall, I set out to appoint a senior team in North America comprised of the top talent from both Rentokil and Terminix, and we've achieved that, as you can see on the screen. We were also pleased to have appointed two of Terminix' senior leaders to Rentokil Initial group-wide roles as Group Director for Safety, Health and Environment and as Group Director for Information Security.

我相信你會記得，我開始在北美任命一支由 Rentokil 和 Terminix 的頂尖人才組成的高級團隊，我們已經實現了這一點，正如你在屏幕上看到的那樣。我們還很高興地任命了 Terminix 的兩位高級領導擔任 Rentokil Initial 集團範圍內的安全、健康和環境集團總監以及信息安全集團總監。

With the top team in place, we've been able to make great progress on the combined structure of our U.S. pest control operations. We've divided the U.S. into 7 regions each comprising commercial, residential and termite operations, and we've appointed highly experienced operators to head up those regions with each region accounting for between $400 million and $500 million of revenue.

隨著高層團隊的到位，我們在美國害蟲防治業務的綜合結構方面取得了長足進步。我們將美國劃分為 7 個區域，每個區域包括商業、住宅和白蟻業務，並且我們任命了經驗豐富的運營商來領導這些區域，每個區域的收入在 4 億至 5 億美元之間。

Over the next 3 years, we'll be moving from over 600 branches with the average branch delivering annual revenues of about $5 million to around 400 larger branches, each delivering between $8 million and $10 million, enabling us to deliver both density network benefits as well as span of control operational productivity and savings.

在接下來的 3 年裡，我們將從 600 多家分支機構（平均分支機構年收入約為 500 萬美元）發展到約 400 家較大的分支機構，每個分支機構的收入在 800 萬到 1000 萬美元之間，使我們能夠提供密度網絡優勢作為以及控制運營效率和節省的跨度。

Our program of this scale obviously requires exceptional governance, and we've put in place a robust structure of program management with key operational leaders from both organizations alongside dedicated functional experts and external experts, all supporting the program from design to implementation.

我們這種規模的計劃顯然需要特殊的治理，我們已經建立了一個強大的計劃管理結構，來自兩個組織的關鍵運營領導以及專門的職能專家和外部專家，從設計到實施都支持計劃。

So let me now cover one of the most important charts in the presentation. As I mentioned earlier, we are uplifting our expected annualized net cost synergies from at least $150 million to more than $200 million. As you can see from the chart, most of these synergies come from two broad areas. We'll achieve around $150 million of savings in SG&A and a further $125 million of savings from field operations and from the branch network.

現在讓我介紹演示文稿中最重要的圖表之一。正如我之前提到的，我們正在將預期的年度淨成本協同效應從至少 1.5 億美元提高到超過 2 億美元。從圖表中可以看出，這些協同作用大部分來自兩大領域。我們將在 SG&A 方面節省約 1.5 億美元，並在現場運營和分支網絡方面進一步節省 1.25 億美元。

So that's a total gross synergies of around $275 million. Offsetting these synergies will be cost investments or negative synergies, if you like, which will go back into the business over the next 3 years. And these are important investments to underpin the synergy delivery, but also to ensure the quality of the enhanced operations going forward.

因此，總協同效應約為 2.75 億美元。抵消這些協同效應將是成本投資或負面協同效應，如果你願意的話，這將在未來 3 年內重新回到業務中。這些是支持協同效應交付的重要投資，也是確保未來增強運營質量的重要投資。

In addition to delivering the net cost synergies of more than $200 million over 2022 to 2023, we also have around $50 million of positive accounting adjustments coming from the move from U.S. GAAP to IFRS. Now if you look down the chart from top to bottom, you'll see that in the period since completion, we've delivered $15 million of SG&A synergies, no synergies yet from the field operations.

除了在 2022 年至 2023 年實現超過 2 億美元的淨成本協同效應外，我們還因從美國公認會計原則轉向國際財務報告準則而進行了約 5000 萬美元的積極會計調整。現在，如果您從上到下查看圖表，您會發現在完成後的這段時間裡，我們已經交付了 1500 萬美元的 SG&A 協同效應，而現場運營還沒有協同效應。

We've made $2 million of investments into the business, giving us an overall net synergy benefit of $13 million in 2022. Adding to that, we had an $18 million benefit flowing from the accounting adjustments I mentioned earlier. Therefore, in 2022, cost synergies, less investments plus accounting adjustments delivered $31 million to profits in the year.

我們已經對該業務進行了 200 萬美元的投資，使我們在 2022 年獲得了 1300 萬美元的總體淨協同效益。除此之外，我之前提到的會計調整使我們獲得了 1800 萬美元的收益。因此，在 2022 年，成本協同效應、減去投資和會計調整為當年帶來了 3100 萬美元的利潤。

If you look down the 2023 column, you'll see the equivalent contributions we expect to deliver this year with a further $80 million of SG&A savings, the first $10 million of savings from field operations. This year, we expect to make around $30 million of investment into the business, and that gives us a net saving of $60 million in the year ahead, a further $32 million of accounting adjustments over and above the $18 million in 2022, gives us an expected $92 million overall positive impact to our profits in 2023.

如果你向下看 2023 年的專欄，你會看到我們預計今年將提供的同等貢獻，另外還有 8000 萬美元的 SG&A 節省，這是現場運營節省的前 1000 萬美元。今年，我們預計將對該業務進行約 3000 萬美元的投資，這將使我們在來年淨節省 6000 萬美元，在 2022 年的 1800 萬美元基礎上再進行 3200 萬美元的會計調整，使我們能夠預計 2023 年對我們的利潤產生 9200 萬美元的總體積極影響。

In the third column there, you can see the benefits of synergy delivery and investments coming through over the 2024 and 2025 period. You'll also note that the one-off cost to achieve the original $150 million of synergies was also $150 million. And this one-off cost to achieve will now increase to around $200 million, in line with our new annualized cost synergy expectations of more than $200 million.

在第三列中，您可以看到 2024 年和 2025 年期間協同效應交付和投資帶來的好處。您還會注意到，實現最初的 1.5 億美元協同效應的一次性成本也是 1.5 億美元。而這一一次性成本現在將增加到約 2 億美元，符合我們超過 2 億美元的新年度成本協同預期。

Now I'm going to put a little bit more meat on these synergy bones, but I also want to draw your attention to the box on the right-hand side of the chart there. This is a deal that is not just about synergies. This is a deal that is about becoming the powerhouse in pest control, where we also expect to see significant revenue growth opportunities in the post integration phase with our ambition to achieve pest control organic revenue growth in North America at 1.5x the industry growth rate.

現在我要在這些協同骨骼上放更多的肉，但我也想提請你注意圖表右側的方框。這不僅僅是關於協同效應的交易。這是一項旨在成為害蟲防治領域的強者的交易，我們還希望在整合後階段看到顯著的收入增長機會，我們的目標是在北美實現害蟲防治有機收入增長，達到行業增長率的 1.5 倍。

So looking first SG&A, we've broken that into three main parts: Sales, procurement and support functions, which together will account for around $150 million of gross synergies. In sales, our focus will be driving up sales productivity; improving lead flow to the frontline teams; and sharing best practices across the two organizations.

因此，首先看 SG&A，我們將其分為三個主要部分：銷售、採購和支持職能，它們加在一起將產生約 1.5 億美元的總協同效應。在銷售方面，我們的重點將是提高銷售效率；改善前線團隊的潛在客戶流；並在兩個組織之間共享最佳實踐。

We've already made a very good start in procurement, for example, in aligning fleet policies and appointing a single supplier for North America, whilst also signing a number of product supply deals using our enhanced buyer power. And in the support functions, we're on track to right size the combined organization across our functions and in particular, in HR, IT, finance and marketing to create a structure that will best support our frontline teams.

我們已經在採購方面取得了良好的開端，例如，調整車隊政策並為北美指定單一供應商，同時還利用我們增強的買方力量簽署了一些產品供應協議。在支持職能方面，我們正按計劃調整合併後組織的規模，特別是在人力資源、IT、財務和營銷方面，以創建一個最能支持我們一線團隊的結構。

Moving on to the combined field operations, where we plan to create a network of fewer but larger branches with tighter, more dense routes and with good operational leverage across our branch management and support functions. This process will take time as it requires the implementation of a single IT stack; the move to a smaller number of strong brands; the harmonization of frontline paying benefits; and the alignment of customer offerings.

繼續進行聯合現場運營，我們計劃創建一個由更少但更大的分支機構組成的網絡，該網絡具有更緊密、更密集的路線，並在我們的分支機構管理和支持功能中具有良好的運營槓桿。此過程需要時間，因為它需要實施單個 IT 堆棧；轉向少數強勢品牌；前線支付福利的統一；以及客戶產品的一致性。

We've given ourselves 3 years to complete this part of the project with a disciplined approach that will fully utilize our shared acquisition integration experience in North America and with $125 million of cost synergies being delivered by the end of 2025. So I mentioned a moment ago to enable the success of the integration, we plan to make investments of around $75 million over the next 3 years into the future of our business in North America. These investments include management pay harmonization where we're making good progress with the appointment of the wider management team, frontline pay and benefit alignment, an exciting new innovation center, which will focus on residential termite and vector control, which we plan to open in Dallas later this year with an additional termite facility to be based in Mobile, Alabama.

我們給了自己 3 年的時間來完成項目的這一部分，採用嚴格的方法，充分利用我們在北美共享的收購整合經驗，到 2025 年底將實現 1.25 億美元的成本協同效應。所以我提到了一個時刻為了使整合取得成功，我們計劃在未來 3 年內投資約 7500 萬美元，以發展我們在北美的未來業務。這些投資包括管理薪酬協調，我們在任命更廣泛的管理團隊方面取得了良好進展，一線薪酬和福利調整，一個令人興奮的新創新中心，它將專注於住宅白蟻和病媒控制，我們計劃在達拉斯今年晚些時候將在阿拉巴馬州的莫比爾建立一個額外的白蟻設施。

We'll be investing in branding, including down at the branch level, covering vehicles, uniforms and signage. And of course, we're aligning on safety policies with additional personal protection equipment for the combined team, ensuring that all of our employees have the very best and the very safest equipment.

我們將投資於品牌建設，包括在分支機構層面，涵蓋車輛、制服和標牌。當然，我們正在調整安全政策，為合併後的團隊配備額外的個人防護設備，確保我們所有的員工都擁有最好和最安全的設備。

So hopefully, that gives you a good understanding of where the synergies are going to come from over what period they're going to be delivered, what investments we need to make into the business. Now as Brett will highlight shortly, termite control. We're going to go back to school for a minute now. You're going to enjoy this. You're going to be talking about this over dinner.

因此，希望這能讓您很好地了解協同效應將在什麼時候交付，我們需要對業務進行哪些投資。正如 Brett 稍後將強調的那樣，白蟻控制。我們現在要回學校一分鐘。你會喜歡的。你會在晚餐時談論這個。

Termite control is an outstanding business. When Terminix has long been the market leader in termite. But to appreciate the market, which is going to be new to many of you, but also to understand the accounting for the historical termite claims, I first need to give you a quick primer on this business. So I sit back and relax. In many parts of the world, including in the U.S., of course, termites can have a significant impact on businesses and in particular, on residential properties. To keep things simple, there's three main types of termite: Subterranean, this is the most common type of termite widespread across many states in the U.S., drywood termites.

白蟻防治是一項傑出的業務。當 Terminix 長期以來一直是白蟻市場的領導者。但要了解市場，這對你們中的許多人來說都是新的，而且要了解歷史上白蟻索賠的原因，我首先需要讓你們快速了解一下這項業務。所以我高枕無憂。當然，在世界許多地方，包括在美國，白蟻會對企業產生重大影響，尤其是住宅物業。為簡單起見，白蟻分為三種主要類型： 地下白蟻，這是美國許多州最常見的白蟻類型，即乾木白蟻。

These are common in the states, which are near the Coast, California and Florida, in particular. And thirdly, Formosan. Formosan termites are a particularly aggressive termite and they're found primarily in Alabama, Louisiana, Mississippi and along the Gulf Coast. Now termite control accounts for roughly 1/5 of the U.S. pest control market, and we estimate that it was worth about $2.2 billion last year. So it's a really important market. The reason that termites is such a significant pest is that they consume the cellulose in wood, and they work their way through a building.

這些在靠近海岸的州很常見，尤其是加利福尼亞州和佛羅里達州。第三，台灣。台灣白蟻是一種特別具有攻擊性的白蟻，主要分佈在阿拉巴馬州、路易斯安那州、密西西比州和墨西哥灣沿岸地區。現在白蟻防治約占美國害蟲防治市場的 1/5，我們估計它去年的價值約為 22 億美元。所以這是一個非常重要的市場。白蟻之所以成為如此重要的害蟲，是因為它們會消耗木材中的纖維素，並在建築物中穿行。

As you can see there on the chart on the right, in 2021, over 90% of all new homes in the United States were built with wooden frames. If you're unlucky enough to have a termite problem in your building, if it's left untreated, the damage can be very substantial. Again, you can see examples on the screen. So Terminix essentially provides two core services. First one is a basic treatment and a retreatment warranty only service, where a treatment is applied in and around the structures and if termites go on to infest the structure, our only obligation is to come back and to retreat that property in an attempt to eliminate the termites.

正如您在右側圖表中看到的那樣，到 2021 年，美國超過 90% 的新房屋都是用木框架建造的。如果您不幸在您的建築物中遇到白蟻問題，如果不加以處理，損失可能會非常嚴重。同樣，您可以在屏幕上看到示例。所以Terminix本質上提供了兩個核心服務。第一個是基本處理和僅修復保修服務，在結構內部和周圍進行處理，如果白蟻繼續侵擾結構，我們唯一的義務是返回並撤回該財產以試圖消除白蟻。

The second offer is an advanced treatment and retreatment and repair warranty service, where the treatment is applied in and around the structures, but if termites go on to infest those structures, not only will we retreat, but we will also repair the damage that is being caused by the termite under the terms of the warranty. Now to prevent a potential termite problem in the first place, the industry typically offers liquid treatment and a baiting system.

第二個報價是高級處理和再處理和維修保修服務，在結構內部和周圍進行處理，但如果白蟻繼續侵擾這些結構，我們不僅會撤退，而且還會修復損壞的部分根據保修條款由白蟻引起。現在，為了首先防止潛在的白蟻問題，該行業通常提供液體處理和誘餌系統。

And if you have a termite problem, typical solutions range from liquid spot treatments there all the way through to full fumigation of the property and property repair. So if a customer under the advanced repair warranty has a termite problem, they notify that to Terminix. Terminix will open a formal claim. Importantly, this occurred for less than 1% of Terminix's customers last year. Subject matter experts will then talk to the customer about the process to repair the damage and license contractors will carry out the repairs and check that the customer is satisfied with the repairs.

如果您有白蟻問題，典型的解決方案包括從現場液體處理一直到對財產進行全面熏蒸和財產維修。因此，如果享受高級維修保修的客戶遇到白蟻問題，他們會通知 Terminix。 Terminix 將提出正式索賠。重要的是，去年只有不到 1% 的 Terminix 客戶出現這種情況。然後主題專家將與客戶討論修復損壞的過程，許可承包商將進行維修並檢查客戶是否對維修滿意。

In some rare instances, if a dispute arises, the customer may seek legal representation and may potentially file a lawsuit. Now to its credit, Terminix has already put in place several improvements to its termite systems and processes. It's given its technicians enhanced tools and technology. It's completed its transition from a third-party claims management team to an in-house team of experts, and it's proactively offered to provide supplemental treatments to areas with heavy pressure of those Formosan termites, particularly in Mobile, Alabama.

在極少數情況下，如果出現爭議，客戶可能會尋求法律代表並可能提起訴訟。現在值得讚揚的是，Terminix 已經對其白蟻系統和流程進行了多項改進。它為其技術人員提供了增強的工具和技術。它已經完成了從第三方理賠管理團隊到內部專家團隊的轉變，並積極主動地向那些白蟻嚴重的地區提供補充治療，特別是在阿拉巴馬州的莫比爾。

In addition, in January of this year, we have introduced a new warranty cap of $250,000 in relation to all new termite residential sales instead of the old uncapped liability commitment. And as I mentioned a moment ago, we'll also shortly be introducing a new termite innovation team to be based in Mobile, Alabama. Now as you can see on the screen there, over the last few years, Terminix has in fact, seen a number of improved trends in the termite claims space. The total number of warranty claims filed by customers has reduced by 35% since 2019 to just over 2,000 claims last year.

此外，今年 1 月，我們對所有新的白蟻住宅銷售引入了 250,000 美元的新保修上限，而不是舊的無上限責任承諾。正如我剛才提到的，我們還將很快推出一個新的白蟻創新團隊，該團隊將設在阿拉巴馬州莫比爾。正如您在屏幕上看到的那樣，在過去的幾年中，Terminix 實際上已經看到了白蟻索賠領域的一些改進趨勢。自 2019 年以來，客戶提出的保修索賠總數減少了 35%，去年僅超過 2,000 起索賠。

The number of open claims at the end of last year has reduced to 608 claims. That's a reduction of about 50% since 2019. And looking at the total of filed warranty claims in the critical Mobile Bay area, these have reduced by 59% since 2019 and to 285 last year. Over the same period, the number of complex litigated termite damage claims filed, have remained around the 40 to 55 mark each year.

去年底未結索賠數量已減少至 608 件。這比 2019 年減少了約 50%。看看在關鍵的 Mobile Bay 地區提交的保修索賠總數，這些索賠自 2019 年以來減少了 59%，去年減少到 285 起。同一時期，複雜的訴訟白蟻損害索賠的數量每年都保持在 40 到 55 件左右。

Now obviously, we can't guarantee these positive trends into the future, but we are generally encouraged by these data points, and we're delighted with the termite expertise that we have in the business. Right. So you are now all experts in termite control. You will be talking about it later. I have to briefly mention some accounting. And as you know, I'm not an accountant but here we go. On the U.S. GAAP, the cost to remediate customer claims and to respond to those claims and litigation were effectively expensed by Terminix on a pay-as-you-go through the P&L. Under IFRS accounting, the future liability from existing customers has been modeled, and we've done that in consultation with expert external advisers.

現在顯然，我們不能保證未來會出現這些積極的趨勢，但我們通常對這些數據點感到鼓舞，並且我們對我們在業務中擁有的白蟻專業知識感到高興。正確的。所以你們現在都是白蟻防治專家。你稍後會談到它。我不得不簡單地提一下會計。如你所知，我不是會計師，但我們開始吧。根據美國公認會計原則，Terminix 通過損益表以現收現付的方式有效地支出了補救客戶索賠和回應這些索賠和訴訟的成本。根據國際財務報告準則，現有客戶的未來負債已經建模，我們在諮詢外部專家顧問後完成了這一工作。

And that liability has been put on the balance sheet as is required by IFRS. So there is a chart in the appendix for those particularly interested in the accounting that explains that in excruciating detail for you, but it will explain what that accounting change and why we've made it. So that's it for me on integration synergies, on investments, on the exciting topic of termites and its accounting.

該負債已按照 IFRS 的要求計入資產負債表。因此，附錄中為那些對會計特別感興趣的人提供了一張圖表，為您詳細解釋了這一點，但它會解釋會計變更的內容以及我們進行變更的原因。這就是我對整合協同效應、投資、白蟻及其會計這一令人興奮的話題的看法。

And with that, I'm going to hand over to Brett, who's going to talk through growth plan for the North America business. I'll then come back very briefly to round off, and we move into questions. Over to you, Brett.

有了這個，我將交給布雷特，他將討論北美業務的增長計劃。然後我會非常簡短地回來結束，然後我們進入問題。交給你了，布雷特。

Thank you, Andy, and good morning, everyone. Over the last year, I've had the pleasure of meeting hundreds of Rentokil colleagues in our North America business and globally have met Rentokil initial leaders and colleagues from around the world. What's really clear to me is that the shared culture of both companies will be an important driver of our success over the next 3 years, similar people doing similar things in similar ways and with a willingness to learn from one another.

謝謝安迪，大家早上好。在過去的一年裡，我有幸會見了北美業務的數百名 Rentokil 同事，並在全球範圍內會見了來自世界各地的 Rentokil 初始領導人和同事。我真正清楚的是，兩家公司的共同文化將成為我們未來 3 年成功的重要驅動力，相似的人以相似的方式做相似的事情，並且願意相互學習。

Globally, pest control is a resilient growth industry, which we expect to deliver a CAGR of around 5% to 6% through to 2027, with the more mature U.S. markets growing at around 5% and the rest of the world at around 6%. This is an attractive market where pest control is a license to operate for many industries. There are 3 segments of the pest control market, commercial, residential and termite control and globally, as you can see on the left-hand side of the chart, each is forecast to grow at around 5.5% to 6% through to 2027.

在全球範圍內，害蟲防治是一個有彈性的增長行業，我們預計到 2027 年，該行業的複合年增長率將達到 5% 至 6% 左右，其中更成熟的美國市場將以 5% 左右的速度增長，世界其他地區將以 6% 左右的速度增長。這是一個有吸引力的市場，害蟲防治是許多行業的經營許可證。害蟲防治市場分為 3 個部分，商業、住宅和白蟻防治，正如您在圖表左側所見，全球範圍內，到 2027 年，每個部分預計將增長 5.5% 至 6% 左右。

The U.S. accounts for over 50% of the global residential and termite markets and 65% of the U.S. market is in the strong residential and termite markets where, of course, Terminix has core strengths, brand and know-how. Turning to the growth drivers. And here, you can see that the market is being fueled by a number of attractive drivers. Let me draw your attention to 1 or 2 of the drivers.

美國占全球住宅和白蟻市場的 50% 以上，美國 65% 的市場位於強勁的住宅和白蟻市場，當然，Terminix 擁有核心優勢、品牌和專業知識。轉向增長動力。在這裡，您可以看到市場受到許多有吸引力的驅動因素的推動。讓我提請您注意其中的一兩個驅動程序。

Firstly, in the case of residential in the U.S. and despite the size of the market, there is still relatively low penetration among homeowners with less than 15% of consumers who have professional pest care done for them. Secondly, in the U.S., there is a population migration to the southern states where hot and humid temperatures are also, of course, conducive environments to test.

首先，就美國的住宅而言，儘管市場規模龐大，但在房主中的普及率仍然相對較低，只有不到 15% 的消費者為他們做過專業的害蟲護理。其次，在美國，人口正在向南部各州遷移，那裡炎熱潮濕的溫度當然也是有利於測試的環境。

On the commercial side, and as I mentioned earlier, pest control is a nondiscretionary expense for many of our commercial customers as well, there is an increasing regulatory pressure in the case of specialized businesses. There is also increasing awareness of sustainability by our commercial customers and more interest in sustainable solutions. These things, coupled with climate change, population growth and a rising middle class, create a blend of social, economic and regulatory trends that are tailwinds for our business.

在商業方面，正如我之前提到的，害蟲防治對於我們的許多商業客戶來說也是一項不可隨意支配的費用，對於專業企業而言，監管壓力越來越大。我們的商業客戶對可持續性的意識也越來越強，對可持續解決方案的興趣也越來越大。這些事情，再加上氣候變化、人口增長和中產階級的崛起，創造了社會、經濟和監管趨勢的融合，對我們的業務有利。

Today, we estimate that there are around 75,000 pest control companies in the world. Both Terminix and Rentokil have a long history of strong acquisitions and reputations for being good acquirers. So clearly, the pipeline for acquisitions continues to be robust in what remains a highly fragmented market, and there are attractive opportunities for continued growth through tuck-in M&A in the U.S. and beyond. In the U.S., the top 100 pest control companies are also getting larger.

今天，我們估計世界上大約有 75,000 家害蟲防治公司。 Terminix 和能多潔 (Rentokil) 都有悠久的收購歷史，並以優秀的收購者而著稱。很明顯，在仍然高度分散的市場中，收購管道繼續保持強勁勢頭，並且通過在美國及其他地區的併購實現持續增長的誘人機會。在美國，前 100 家害蟲防治公司的規模也越來越大。

With the entry point on the PCT top 100 companies increasing from around $5.6 million in 2016 to around $7.5 million in 2022. So pest control is a thriving, growing market. And of course, following the deal in October, we are now the #1 pest control business in the world. for commercial, residential and termite control. Clearly, one of the reasons why this transaction has a strong financial case are the benefits of scale. In America, we are now 1.5x our nearest rival, and that scale means that we can drive greater purchasing power and build additional local branch density, as Andy has already demonstrated.

隨著 PCT 前 100 家公司的進入點從 2016 年的約 560 萬美元增加到 2022 年的約 750 萬美元。因此害蟲防治是一個蓬勃發展的市場。當然，在 10 月份達成交易後，我們現在是全球排名第一的害蟲防治企業。用於商業、住宅和白蟻防治。顯然，此交易具有強大財務案例的原因之一是規模效益。在美國，我們現在是最接近的競爭對手的 1.5 倍，這個規模意味著我們可以推動更大的購買力並建立更多的本地分支機構密度，正如安迪已經證明的那樣。

We can drive more powerful digital marketing with a smaller, more impactful set of brands and of course, to invest in technology in a way that other pest control companies simply can't. So Andy has laid out the integration benefits, but clearly, there is an outstanding organic growth opportunity, too, as we bring together the two companies. Here, you can see our growth plan and the building blocks for organic growth over the next several years.

我們可以通過規模更小、影響力更大的品牌來推動更強大的數字營銷，當然，我們還可以以其他害蟲防治公司無法做到的方式投資技術。所以安迪已經列出了整合的好處，但很明顯，當我們將兩家公司合併時，也有一個很好的有機增長機會。在這裡，您可以看到我們的增長計劃和未來幾年有機增長的基石。

These initiatives and the key enablers that underpin our strategy allow us to build organizational capability to deliver our ambition of organic growth of 1.5x the North America industry rate post integration. I'll briefly touch on each one. You will hear me talk about the Rentokil Terminix way over the next several slides. And it's all about scaling the best of the best our 2 companies offer in a uniform way across the organization.

這些舉措和支撐我們戰略的關鍵推動因素使我們能夠建立組織能力，以實現我們在整合後實現北美行業增長率 1.5 倍有機增長的雄心。我將簡要介紹每一個。在接下來的幾張幻燈片中，您將聽到我談論 Rentokil Terminix 方式。這一切都是為了在整個組織中以統一的方式擴展我們兩家公司提供的最好的產品。

We're looking at core business processes, training, technology enablers and rewards recognition programs to encourage adoption along the way. For colleagues, it means we're training the best practices for both organizations. They are using systems that are seamless, and we have compensation and recognition plans that incentivize our people to execute the process at a very high level. Engaged, motivated and well-trained colleagues will deliver happy customers who will stay with us.

我們正在研究核心業務流程、培訓、技術推動因素和獎勵表彰計劃，以鼓勵一路採用。對於同事來說，這意味著我們正在為兩個組織培訓最佳實踐。他們使用的系統是無縫的，我們有薪酬和認可計劃來激勵我們的員工在非常高的水平上執行該流程。敬業、積極和訓練有素的同事將為我們帶來滿意的客戶。

For customers, it means their technicians are advising them and offering them superior solutions. It means they have a frictionless customer experience, and they would prefer us to any other pest control company in North America. Currently, our customer retention rate is around the mid-70s. So clearly, we have a material opportunity to drive this up as part of our program.

對於客戶而言，這意味著他們的技術人員正在為他們提供建議並為他們提供卓越的解決方案。這意味著他們擁有順暢的客戶體驗，並且他們更喜歡我們而不是北美的任何其他害蟲防治公司。目前，我們的客戶保留率大約在 70 年代中期。很明顯，作為我們計劃的一部分，我們有一個重要的機會來推動這一點。

An area of strength and focus of Terminix and residential pest has been the Trusted Advisor Process to drive higher levels of customer penetration, and we plan to scale this program across the combined organization. The Trusted Advisor Process is all about leveraging our technicians to not only perform the service, but also equip them to do a simple inspection around the home and make it easy for them to recommend additional services that we offer to protect the customers' home.

Terminix 和住宅害蟲的優勢和重點領域一直是 Trusted Advisor Process 以推動更高水平的客戶滲透，我們計劃在合併後的組織中擴展該計劃。 Trusted Advisor Process 旨在利用我們的技術人員不僅執行服務，而且讓他們能夠在家中進行簡單的檢查，並使他們能夠輕鬆推薦我們提供的其他服務來保護客戶的家。

Trusted Advisor has been a game changer for our field colleagues. The program makes them better service professionals better at understanding and communicating with our customers, better at demonstrating the expertise and knowledge our technicians have and better at advising our customers. Since launching early last year, Trusted Advisor continues to result in a significant improvement in organic growth and more and more technicians are now seeing how executing this process can also benefit their paychecks.

Trusted Advisor 改變了我們現場同事的遊戲規則。該計劃使他們成為更好的服務專業人員，更好地理解我們的客戶並與他們溝通，更好地展示我們的技術人員擁有的專業知識和知識，並更好地為我們的客戶提供建議。自去年初推出以來，Trusted Advisor 繼續顯著改善有機增長，越來越多的技術人員現在看到執行此流程如何也有利於他們的薪水。

As an example of how significant that opportunity is at scale, in residential pest, we have 4 core services we offer consumers, general pest, termite, mosquito and wildlife control. Currently today, our customers buy, on average, 1.3 of those 4 core services. And we know that every 10 basis points of penetration is equal to about $50 million of revenue. So the more services the customer has, the more connected to us they are and the less likely they are to leave us.

舉例說明這種機會在規模上有多麼重要，在住宅害蟲方面，我們為消費者提供 4 項核心服務，即一般害蟲、白蟻、蚊子和野生動物控制。目前，我們的客戶平均購買這 4 項核心服務中的 1.3 項。我們知道每 10 個基點的滲透率相當於大約 5000 萬美元的收入。因此，客戶擁有的服務越多，他們與我們的聯繫就越緊密，他們離開我們的可能性就越小。

Ultimately, customer penetration tightly correlates with customer retention and clearly improve performance. So this will be a big focus for us going forward. The next building block we are focused on is pricing. With the current inflationary environment, we recognize the -- how important robust pricing strategies are in driving growth and protecting our margins.

最終，客戶滲透率與客戶保留率密切相關，並明顯提高績效。所以這將是我們前進的一大重點。我們關注的下一個組成部分是定價。在當前的通貨膨脹環境下，我們認識到——穩健的定價策略在推動增長和保護我們的利潤方面有多麼重要。

But importantly, we have a very strong portfolio brands and should be proud to charge a premium price because we're delivering the very best service levels through the very best technicians in the industry. We have already begun harmonizing our go-to-market strategy, core consumer offerings and our standard service protocols.

但重要的是，我們擁有非常強大的品牌組合，並且應該為收取高價而感到自豪，因為我們通過業內最優秀的技術人員提供最好的服務水平。我們已經開始協調我們的上市戰略、核心消費者產品和我們的標準服務協議。

So naturally, it's a good time to also harmonize pricing for both new customers and renewals. We are also leveraging Terminix's capability to take a segmentation approach to develop more localized pricing strategies. Turning now to innovation. This is a very exciting opportunity for the Terminix team, we've seen Rentokil's technology and innovations and now have the opportunity to commercialize them in North America.

因此，自然而然，現在也是協調新客戶和續訂客戶定價的好時機。我們還利用 Terminix 的能力採用細分方法來開發更本地化的定價策略。現在轉向創新。這對 Terminix 團隊來說是一個非常令人興奮的機會，我們已經看到了 Rentokil 的技術和創新，現在有機會在北美將它們商業化。

The digital remote monitoring services that Andy mentioned earlier will be an exciting opportunity to drive across the commercial market. We have some groundwork to do first in IT and systems but PestConnect, myRentokil and the data benefits of the Command Center will be heading to North America. As Andy mentioned earlier, we'll be launching later this year in Dallas, North America's dedicated Pest Control Innovation Center with a strong focus on termite, residential pest and vector control.

Andy 前面提到的數字遠程監控服務將是一個推動整個商業市場的激動人心的機會。我們首先要在 IT 和系統方面做一些基礎工作，但 PestConnect、myRentokil 和指揮中心的數據優勢將前往北美。正如 Andy 之前提到的，我們將於今年晚些時候在北美專門的害蟲控制創新中心達拉斯啟動，重點關注白蟻、住宅害蟲和病媒控制。

The final organic growth building block is acquiring new customers, both in residential and our commercial markets. On the residential side, we have a great opportunity to harmonize our brands. We currently have more than 80 branded pest control businesses, and we're executing a very thoughtful brand transition strategy. Our 3-year vision is to migrate to Terminix as the primary brand for residential and small to medium-sized enterprises and Rentokil as the brand for our large commercial offerings.

最後一個有機增長的基石是在住宅和我們的商業市場上獲得新客戶。在住宅方面，我們有很好的機會來協調我們的品牌。我們目前擁有 80 多家品牌害蟲防治企業，我們正在執行一項非常周到的品牌轉型戰略。我們的 3 年願景是遷移到 Terminix 作為住宅和中小型企業的主要品牌，並將 Rentokil 作為我們大型商業產品的品牌。

We also have the opportunity to become smarter and more sophisticated in digital marketing. This includes finding more effective digital marketing tactics, while strengthening our organic marketing, reducing our cost to acquire a customer and increasing our customer lifetime value.

我們也有機會在數字營銷方面變得更聰明、更成熟。這包括尋找更有效的數字營銷策略，同時加強我們的有機營銷，降低我們獲取客戶的成本並提高我們的客戶生命週期價值。

On the commercial side, Rentokil has a great reputation in North America with strong commercial brands and offerings. As I've mentioned before, Rentokil is much more mature in this space, and the quick win for us is to leverage these strong capabilities in commercial and apply them to Terminix.

在商業方面，能多潔憑藉強大的商業品牌和產品在北美享有盛譽。正如我之前提到的，Rentokil 在這個領域要成熟得多，我們的快速勝利是利用這些強大的商業能力並將它們應用於 Terminix。

We have the opportunity to be thoughtful about customer segmentation and our go-to-market approach by segment or vertical. We have a clear understanding of the attractive segments and value propositions to win in each. In terms of selling, we have already identified our common technology and processes and are off to the races in harmonizing our approach to local selling.

我們有機會考慮客戶細分和我們按細分市場或垂直市場進入市場的方法。我們清楚地了解有吸引力的細分市場和在每個細分市場中獲勝的價值主張。在銷售方面，我們已經確定了我們的通用技術和流程，並開始著手協調我們的本地銷售方法。

Turning now to the key enablers of growth. As I mentioned earlier, it starts with our colleagues. We have an experienced HR team in place, and they've made a strong start in 2022 against a detailed plan with key aspects, as you can see on the right, set to be completed by the end of 2023.

現在轉向增長的關鍵推動因素。正如我之前提到的，它始於我們的同事。我們擁有一支經驗豐富的人力資源團隊，他們在 2022 年有了一個良好的開端，制定了包含關鍵方面的詳細計劃，如您在右側所見，該計劃將於 2023 年底完成。

While a longer-term objective is to become the Employer of Choice in North America, we have 3 big pieces of work ahead of us, starting with an early focus on our HR information systems and the onboarding process for new colleagues.

雖然長期目標是成為北美的首選雇主，但我們還有 3 大工作要做，首先是儘早關注我們的 HR 信息系統和新同事的入職流程。

Next, we'll be addressing the need to build well-defined career paths for our colleagues in North America.

接下來，我們將解決為北美同事建立明確職業道路的需求。

The second enabler of our strategy is technology. I spoke earlier about the Rentokil Terminix Way, while it starts with establishing clear standards and processes and then training to those standards, you must also have the technology in place that will enable this work to be performed in a consistent and efficient manner.

我們戰略的第二個推動因素是技術。我之前談到 Rentokil Terminix Way，雖然它從建立明確的標準和流程開始，然後根據這些標准進行培訓，但您還必須擁有能夠以一致和高效的方式執行這項工作的技術。

The pre-work has now all been completed, and we have really assembled a very impressive team across the organization. They've done tremendous work mapping out the technology road map to deliver best-in-class systems and architecture. We have a clear view on where we're headed from a systems point of view and how to get there.

前期工作現已全部完成，我們真正在整個組織中組建了一支令人印象深刻的團隊。他們在製定技術路線圖以提供一流的系統和架構方面做了大量工作。從系統的角度來看，我們對我們的前進方向以及如何實現目標有著清晰的認識。

In 2023, we're focusing on migrating existing acquisitions and building out towards a full systems and IT pilot with the first Terminix branch moving to the end-state later this year, of course, ahead of the full-blown migration scheduled for 2024.

在 2023 年，我們將專注於遷移現有的收購併構建一個完整的系統和 IT 試點，第一個 Terminix 分支機構將在今年晚些時候進入最終狀態，當然，在計劃於 2024 年進行的全面遷移之前。

Turning to the next slide and the final enabler of our strategy, I want to talk about what it means to be the leaders in North America. It means that we have a responsibility of taking on leadership positions. The industry is following this merger very closely. And as the industry leader, there are opportunities for Rentokil Terminix to establish the standards for safety, service, technology and sustainability.

轉到下一張幻燈片和我們戰略的最終推動者，我想談談成為北美領導者意味著什麼。這意味著我們有責任擔任領導職務。業界正密切關注此次合併。作為行業領導者，Rentokil Terminix 有機會建立安全、服務、技術和可持續性的標準。

For instance, we have committed to developing a plan to achieve net zero with an early focus on fumigation. There is increasingly higher demand for delivering sustainable pest control in North America, and we want to establish Rentokil Terminix as the clear leader. This level of influence and leadership in such a fragmented market creates an incredible competitive advantage for us.

例如，我們已承諾制定一項計劃以實現淨零，並儘早關注熏蒸。北美對提供可持續害蟲防治的需求越來越高，我們希望 Rentokil Terminix 成為明確的領導者。在如此分散的市場中，這種影響力和領導力水平為我們創造了難以置信的競爭優勢。

So just to pull it all together, there is a strong market growth in the world's largest pest control market with favorable underlying drivers and we have a clear growth plan based on 5 key areas and 3 core enablers. We're excited about the potential for this business. And together, we believe we can achieve our goal of growing 1.5x the industry average post integration.

因此，綜合來看，世界上最大的害蟲防治市場有著強勁的市場增長，具有有利的潛在驅動因素，我們有一個基於 5 個關鍵領域和 3 個核心推動因素的明確增長計劃。我們對這項業務的潛力感到興奮。並且，我們相信我們可以實現將行業平均後期集成增長 1.5 倍的目標。

We have a big agenda ahead of us, but I'm very confident that we have the team assembled to deliver it. And with that, I'll hand it back over to Andy to wrap up.

我們面前有一個宏偉的議程，但我非常有信心我們已經召集了團隊來實現它。有了這個，我會把它交還給安迪來總結。

Thank you, Brett. We've taken you through in some detail already 2022, and we delivered an excellent financial and operational performance. You can see that summarized on the chart.

謝謝你，布雷特。我們已經詳細介紹了 2022 年，我們提供了出色的財務和運營業績。您可以在圖表上看到總結。

And whilst I'm really delighted with that 2022 performance, what I'm really excited about is the opportunity that we've got with the Terminix deal to lead the pest industry and to deliver the growth and the margin expansion opportunities that are summarized on the chart there. We are delivering the powerhouse in pest control.

雖然我對 2022 年的表現感到非常高興，但我真正感到興奮的是我們有機會通過 Terminix 交易來引領害蟲行業並實現增長和利潤率擴張機會，這些機會總結在那裡的圖表。我們正在提供害蟲防治方面的強大功能。

And I look forward to updating you all on our progress on that journey over the next 3 years.

我期待著向大家介紹我們在未來 3 年的旅程中取得的最新進展。

So with that, thank you very much indeed. We'll take questions, and we'll start in the room, and then we'll take any additional questions from the online audience.

因此，非常感謝您。我們會回答問題，我們將從會議室開始，然後我們會回答來自在線觀眾的任何其他問題。

Great. Thanks, Andy. It's Paul Sullivan from Barclays. Three for me. Firstly, could you talk about the range of outcomes that you envisage for organic revenue growth this year? And how we should be thinking about that? And how should we be thinking of growth as we progress through the year?

偉大的。謝謝，安迪。我是巴克萊銀行的保羅沙利文。三個給我。首先，您能否談談您對今年收入有機增長的預期成果範圍？我們應該如何考慮？隨著這一年的進展，我們應該如何看待增長？

Secondly, love you to share your thoughts on underlying margin improvement ex synergies for 2023. And then maybe one for Brett. Could you talk about where you are in the sort of underlying turnaround at Terminix and how that's either hindered or enhanced by the integration process?

其次，希望您能分享您對 2023 年潛在利潤率提高（除協同效應之外）的看法。然後也許是布雷特。您能否談談您在 Terminix 的潛在轉變中所處的位置，以及集成過程如何阻礙或增強這種轉變？

Paul. Yes. I mean, as you know, we've never commented before, I'm probably not going to start now, on giving an in-year target for organic growth in a particular year, more than -- obviously, we're already in the year and we started just fine.

保羅。是的。我的意思是，正如你所知，我們之前從未評論過，我現在可能不會開始，在特定年份給出有機增長的年內目標，超過 - 顯然，我們已經在那一年，我們開始得很好。

I will make the point sort of linked in a bit on it. The medium-term growth aspiration that we have, I use the words quite carefully, post integration, the only point I would make is any of you who have ever been involved in the integration of a large project, organic growth will not be linear over the next 3 years.

我會把這一點聯繫起來。我們的中期增長願望，我非常謹慎地使用整合後的詞，我唯一要說的是你們中任何曾經參與過大型項目整合的人，有機增長不會是線性的未來 3 年。

It will be a little bit up, little bit down, lilttle bit up, little bit down. And I apologize, you're just going to have to get used to that. And it doesn't mean the wheels will fall off the wagon if it goes down a little bit, and it doesn't mean we're off to the sunny uplands if it goes up a little bit because you're bringing together these operations.

它會一點點上升，一點點下降，一點點上升，一點點下降。我很抱歉，你將不得不習慣這一點。這並不意味著如果它下降一點車輪就會從馬車上掉下來，這並不意味著如果它上升一點我們就會去陽光明媚的高地，因為你將這些操作結合在一起.

And when you do that, you're changing a lot of things. So you're giving customers an excuse to have a thing.

當你這樣做時，你正在改變很多事情。所以你是在給顧客藉口買東西。

So I'm really clear -- the industry growth rates, Brett shared that, I'm really clear what we will deliver overall from pest control in the category, we've shared that. Really clear what the opportunity is, once we've done all the plumbing and put the businesses together, we really will drive that industry leadership and above industry growth.

所以我真的很清楚 - 行業增長率，布雷特分享說，我真的很清楚我們將從該類別的害蟲控制中整體交付什麼，我們已經分享了這一點。真正清楚機會是什麼，一旦我們完成所有管道並將業務整合在一起，我們將真正推動行業領導地位和高於行業的增長。

What are we going to do quarter-over-quarter through the course of '23 is, look, if you have strong weather, if you have an early spring, that's great. If you have a late spring, that's not so good. If you have fires, you have storms, it's really difficult to get you that.

在 23 年的整個過程中，我們將逐個季度做的是，看，如果你有強天氣，如果你有一個早春，那就太好了。如果你有一個晚春，那就不太好了。如果你有火災，你有風暴，你真的很難做到這一點。

But all I'd say is that the underlying health of the business is good. But don't -- I say these words, but you won't write them down, will you? Don't worry, if over the course of the next 36 months, you've got a little bit of that. It's nothing to be concerned about.

但我要說的是，企業的基本健康狀況良好。但是不要——我說了這些話，但你不會把它們寫下來，是嗎？別擔心，如果在接下來的 36 個月裡，你已經得到了一點點。沒什麼好擔心的。

So -- but generally speaking, the business is in a good place. And generally speaking, the growth -- the underlying growth drivers in pest control are really good, really strong.

所以 - 但總的來說，業務處於良好狀態。一般來說，增長 - 害蟲控制的潛在增長動力非常好，非常強勁。

Yes, there's been more price in the last few months than we've seen in historical periods. That probably stays for a little bit until inflation comes off. But underlying growth in the business in the industry is good, underlying growth will be good for us. But whether -- I doubt it will be linear, but don't panic if it's not, but first couple of months started well. Second question for you, Stu?

是的，過去幾個月的價格比我們在歷史時期看到的要高。在通貨膨脹結束之前，這可能會持續一段時間。但該行業業務的潛在增長良好，潛在增長將對我們有利。但是否——我懷疑它會是線性的，但如果不是，也不要驚慌，但前幾個月開局不錯。第二個問題，斯圖？

Yes. So I think that's quite a hard question to answer in the sense that (inaudible) of the question was what's happening in underlying margins in 2023. Because we've given a margin target for Rentokil Terminix North America of 19%, and that clearly includes the synergies but also includes an exit rate of 18% in 2023 versus a delivered 17.1% in 2022.

是的。所以我認為這是一個很難回答的問題，因為這個問題（聽不清）是 2023 年基礎利潤率的變化。因為我們已經為 Rentokil Terminix North America 設定了 19% 的利潤率目標，這顯然包括協同效應，但還包括 2023 年 18% 的退出率，而 2022 年交付率為 17.1%。

So there's an implicit margin progress within that 19% in 2023. The sort of 1/3 of the business that's not Rentokil North America, we've got no reason to believe today now why we won't continue to make good progress on margins. I think at the Capital Markets Day back in 2021, I said I could see how we would make a couple of hundred basis points of improvement over the next few years.

因此，到 2023 年，這 19% 的利潤率會出現隱性增長。1/3 的業務不屬於 Rentokil North America，我們今天沒有理由相信為什麼我們不會繼續在利潤率方面取得良好進展.我想在 2021 年的資本市場日，我說過我可以看到我們將如何在未來幾年內實現幾百個基點的改善。

Well, we delivered 90 basis points in 2022. So I'm pretty comfortable that we're making the progress we said. But given that 2/3 of it is wrapped up in that broader North American target, I think that's where I'd stay.

嗯，我們在 2022 年交付了 90 個基點。所以我很高興我們正在取得我們所說的進展。但鑑於其中 2/3 包含在更廣泛的北美目標中，我認為那是我會留下的地方。

Yes. As Paul's third question, I will flip it to Brett and have his view on it. The only point I'd say is, as you get -- when you -- when we were 5 months in, and in 5 months, we've already put a lot of things together.

是的。作為 Paul 的第三個問題，我將把它交給 Brett，聽聽他的看法。我要說的唯一一點是，當你得到 - 當你 - 當我們在 5 個月內，在 5 個月內，我們已經把很多東西放在一起了。

So it becomes increasingly difficult, and we will resist the temptation. We'll have a go today, but we'll resist the temptation going forward, when the question is, oh, that's interesting, but can you tell me what was Terminix versus what was Rentokil, it's just difficult. We've got one management team. We've got one set of branches.

所以它變得越來越困難，我們會抵制誘惑。我們今天會試一試，但我們會抵制未來的誘惑，當問題是，哦，這很有趣，但你能告訴我什麼是 Terminix 與什麼是 Rentokil，這很難。我們有一個管理團隊。我們有一組分支。

And to give you a sort of real world example. Before, we were competing against each other. So we could have a branch there that's Terminix and a branch there that's Rentokil, and we'll be kicking 7 shades of whatever out of each other at branch level.

並給你一個真實世界的例子。以前，我們互相競爭。所以我們可以在那裡有一個分支是 Terminix 和一個分支是 Rentokil，我們將在分支級別相互踢出 7 種色調。

Now we're 2 parts of the same family. So leads can get handed over from this branch to this product. If these guys are busy, they'll hand leads over here if these aren't busy. Where's the organic growth? I don't know. It doesn't matter. It's one business.

現在我們是同一個家庭的兩個部分。所以線索可以從這個分支移交給這個產品。如果這些人很忙，如果他們不忙的話，他們會把線索交到這裡來。有機增長在哪裡？我不知道。沒關係。這是一門生意。

So Brett, I'm sure, will give you some color on how you are feeling in terms of where that journey has got to. But obviously, some of that is also -- some of the things that Terminix were doing has parked because we've pivoted now into -- we're not quite going in the same direction, but -- Brett?

所以布雷特，我敢肯定，會告訴你一些關於你對這段旅程的感受的顏色。但顯然，其中一些也是——Terminix 正在做的一些事情已經停止，因為我們現在已經轉向——我們並沒有完全朝著同一個方向前進，但是——布雷特？

First of all, great question. Let me go back a second. One of the reason why I was really supportive of this deal was I felt like there was a high congruency here between Andy and I on culture, and really the operating playbook. So the journey that I was put in Terminix on was really executing a playbook that Andy developed and implemented with Rentokil.

首先，很好的問題。讓我回去一秒鐘。我真正支持這筆交易的原因之一是，我覺得安迪和我在文化方面非常一致，實際上是在操作手冊上。因此，我進入 Terminix 的旅程實際上是在執行 Andy 使用 Rentokil 開發和實施的劇本。

So I think there's a high degree of alignment between the 2 organizations there. But a couple of areas that I look at, that I feel really good about the progress that's been made. One is around colleague retention. Andy touched on this, the improvements that we've seen there already.

所以我認為那裡的兩個組織之間高度一致。但是我看到的幾個領域，我對已經取得的進展感覺非常好。一個是圍繞同事保留。安迪談到了這一點，我們已經在那裡看到了改進。

There were 2 areas that were creating a drag for Terminix and colleague retention. One was pretty poor onboarding experience for new people to join the company due to lack of training and investments in training. And the second one is our compensation plans were more variable than we would like to see. And so the combination of those 2 things led to higher exit rates with colleagues.

有 2 個方面拖累了 Terminix 和同事的保留。由於缺乏培訓和培訓投資，新人加入公司的入職體驗非常糟糕。第二個是我們的薪酬計劃比我們希望看到的更加多變。因此，這兩件事的結合導致了與同事的更高退出率。

So -- over the last year, we went to school and talking with Rentokil about their compensation plans, and made some of those changes already. And you're starting to see the benefits of those changes flowing through on colleague retention.

所以——在過去的一年裡，我們去學校和 Rentokil 討論了他們的薪酬計劃，並且已經做出了一些改變。您開始看到這些變化對留住同事的好處。

So that's one area I'd point to. Second area around organic growth. As we commented earlier, the performance of the underlying Terminix business was in line with Rentokil in North America, which is an acceleration off of the historical performance of Terminix.

所以這是我要指出的一個領域。第二個領域圍繞有機增長。正如我們之前評論的那樣，基礎 Terminix 業務的表現與北美的 Rentokil 一致，這是 Terminix 歷史表現的加速。

Two big drivers there. One is -- we talked about the trusted adviser process, feeling really good about how well that's driving customer penetration. That's leading to improved organic growth rates. And the opportunity for us now is to spread that across both organizations and capitalize on that. So that's one area.

那裡有兩個大司機。一是——我們談到了值得信賴的顧問流程，對這在推動客戶滲透方面的表現感到非常滿意。這導致有機增長率提高。我們現在的機會是將其傳播到兩個組織並加以利用。所以這是一個領域。

And the second area is around commercial. The drag on Terminix organic growth rates historically has been our commercial performance, and that was led by really a lack of investments and capability expertise that we had in that space. So we're already capitalizing on some of the benefits that came from the expertise that we're picking up with Rentokil in the commercial space.

第二個領域是圍繞商業。從歷史上看，Terminix 有機增長率的拖累一直是我們的商業表現，而這是由於我們在該領域缺乏投資和能力專業知識而導致的。因此，我們已經在利用我們在商業領域從 Rentokil 獲得的專業知識所帶來的一些好處。

So feel really good about where we're at this point in our journey. More broadly speaking, we feel great about the team that we've assembled. The transformation, integration office is really doing some great things. and really excited about the progress that's been made. But more importantly, I think the plan that we have in front of us.

因此，對我們在旅途中所處的位置感覺非常好。更廣泛地說，我們對我們組建的團隊感覺很好。轉型整合辦公室確實在做一些偉大的事情。並對已經取得的進展感到非常興奮。但更重要的是，我認為我們面前的計劃。

Thanks, Brett.

謝謝，布雷特。

This is Anvesh Agrawal from Morgan Stanley. Three questions as well. First, can I ask on capital allocation in the future. Now obviously, you plan to spend GBP 250 million on M&A every year. But should we naturally expect the weighting of that to shift to -- shift outside the U.S. with the big deal? And if that is the case, can you comment on sort of multiple and ROIC opportunity related to North America and Asian market, for example?

我是摩根士丹利的 Anvesh Agrawal。三問也。第一，我可以問一下未來的資金配置嗎？現在很明顯，你計劃每年在併購上花費 2.5 億英鎊。但我們是否應該自然而然地期望它的權重轉移到——隨著大筆交易轉移到美國以外？如果是這樣的話，您能否評論一下與北美和亞洲市場相關的多重和 ROIC 機會？

The second question, just following from Paul's question around underlying margin, given GBP 92 million of incremental benefit from Terminix that you're expecting, that would imply -- a 16.5% margin target would imply you're assuming sort of slight decline in underlying margin for FY '23? So maybe some comment there, please.

第二個問題，緊接 Paul 關於基礎保證金的問題，鑑於你預期 Terminix 帶來 9200 萬英鎊的增量收益，這意味著 - 16.5% 的保證金目標意味著你假設基礎利潤略有下降23 財年的保證金？所以也許有一些意見，請。

And finally, around the residential business and the inflation in the environment, have you seen any change in the churn rate in that part of the business? Rollins had a bit of a soft Q4 and then they said like January was fine. So wondering what you're seeing there?

最後，圍繞住宅業務和環境中的通貨膨脹，您是否看到這部分業務的流失率有任何變化？羅林斯的第四季度有點疲軟，然後他們說一月份還不錯。所以想知道你在那裡看到了什麼？

Yes, thanks. I'll take the first one and the third one. Stu can talk to margins. Yes, just a minor correction on what you said there. We haven't said we're going to spend GBP 250 million each year. We've said we're going to spend GBP 250 million in '23. Our spend target -- each year when we sit at this meeting, we do the same thing. We tell you what we think we're going to spend in the year that we're in, and that's based on what we can see before us.

對了謝謝。我要第一個和第三個。 Stu 可以與邊緣對話。是的，只是對您在那裡所說的內容進行了較小的更正。我們並沒有說我們每年要花費 2.5 億英鎊。我們說過我們將在 23 年花費 2.5 億英鎊。我們的開支目標——每年當我們坐在這次會議上時，我們都會做同樣的事情。我們告訴你我們認為我們將在我們所在的一年中花費甚麼，這是基於我們可以看到的。

It's based on what's in the pipeline. It's based on deals we've already signed. It's based on LOIs we've already signed. It's based on reasonable educated guesses as to what's out there. It's not driven by how much can we afford to spend, it's driven by what quality targets are out there that meet our return criteria.

它基於管道中的內容。它基於我們已經簽署的交易。它基於我們已經簽署的意向書。它基於對那裡有什麼的合理有根據的猜測。它不是由我們能負擔得起多少支出驅動的，而是由滿足我們退貨標準的質量目標驅動的。

I think -- and therefore, next year, maybe it will be GBP 200 million or maybe it will be GBP 400 million, I don't know. I'll tell you next year. But for this year, it's GBP 250 million. I think it's a fair comment that we will be -- we're always selective, but we'll be super selective over the next little while in terms of deals we do in the United States because we're busy.

我認為——因此，明年可能是 2 億英鎊，也可能是 4 億英鎊，我不知道。明年我會告訴你。但今年是 2.5 億英鎊。我認為這是一個公平的評論——我們總是有選擇性的，但在接下來的一段時間裡，我們在美國進行的交易方面會非常有選擇性，因為我們很忙。

We've got a lot of things to do here and there are a lot of moving pieces. But what we're not going to do is we're not going to miss out on a must-have North American acquisition and let one of our competitors take it because we'll never have that chance again. If it goes to private equity, you can say, well, maybe you'll get another chance if it comes back in the future. But if it goes to one of our competitors, and it's a real top quality asset, we'll buy that. We will take that if we can.

我們在這裡有很多事情要做，也有很多動人的事情。但我們不會做的是，我們不會錯過一次必不可少的北美收購併讓我們的競爭對手接受它，因為我們再也不會有這樣的機會了。如果涉及到私募股權，你可以說，好吧，如果它在未來回歸，也許你會有另一次機會。但如果它流向了我們的一個競爭對手，而且它是真正的頂級資產，我們就會購買它。如果可以的話，我們會接受的。

And we'll just run it separately. We won't mangle it into the integration flow. We'll just keep that separately. So I think it's a fair comment to say we probably do a little bit less in the States perhaps than we have. But we haven't set a separate internal target that represents that.

我們將單獨運行它。我們不會將其混入集成流程中。我們會把它分開。所以我認為說我們在美國做的可能比現在少一點是一個公平的評論。但我們還沒有設置一個單獨的內部目標來代表這一點。

And we've already done a very nice deal this year in the United States. But certainly, the other colleagues around the group have been given a pretty clear direction. Now as you moment, guys, because if we're going to spend potentially a little bit less in the states, there's more for you guys to go after.

今年我們已經在美國做了一筆非常好的交易。但可以肯定的是，團隊中的其他同事已經得到了非常明確的指導。現在，伙計們，因為如果我們要在各州少花一點錢，你們就會有更多的追求。

And so -- you saw an uptick in European M&A because we've had an M&A in Europe for a long time. I saw a really good year in Asia, and a great pipeline in Asia and Latin America. And finally, we're beginning to see some deals coming through in Hygiene and Wellbeing as well, which is something we haven't really seen so much of.

因此 - 你看到歐洲併購活動有所增加，因為我們在歐洲進行了很長時間的併購活動。我在亞洲看到了非常好的一年，在亞洲和拉丁美洲也看到了巨大的管道。最後，我們開始看到衛生和健康方面也有一些交易，這是我們還沒有真正看到的。

So slight general hand at the teller, I'd say, rather than a radical turn left or turn right but really confident based on what we've already done and based on what we can see in front of us, we'll spend GBP 250 million, give or take, on really good assets. There will be a decent number in the States, but possibly a little bit fewer than normal margins, and then I'll come back to resi.

所以我會說，對出納員的一般手，而不是激進的左轉或右轉，但基於我們已經做過的事情和我們眼前看到的事情，我們真的很有信心，我們將花費英鎊2.5 億，給予或接受，真正好的資產。在美國會有一個不錯的數字，但可能比正常利潤率少一點，然後我會回來複習。

Yes. So I don't recognize a decline in underlying margins. I think -- if you look at the appendix, you can see that the Terminix margins, we estimate for 2022 on a pro forma basis, we're around 15.5%. Clearly, that is quite significant, and that includes accounting adjustments, by the way.

是的。所以我不承認基礎利潤率下降。我認為——如果你看一下附錄，你會發現 Terminix 的利潤率，我們估計 2022 年的預估利潤率約為 15.5%。顯然，這非常重要，順便說一句，其中包括會計調整。

So that has quite a dilutive impact on the full year North American business. So I think once you work that in and do your maths back, then I think you'll see the underlying margins don't decline.

因此，這對全年的北美業務產生了相當大的稀釋影響。所以我認為，一旦你投入其中並進行數學計算，那麼我認為你會看到潛在的利潤率不會下降。

Yes. On resi, I mean, we've got another question that we can see on the screen, which I may as well get it off my chest now because you're all going to ask for it, and I'm not going to give it to you, not because I'm being unreasonable, it's just this, can you give us a split of termite versus residential versus SME and commercial versus commercial versus national -- no, no, can't do that, could but can't.

是的。在 resi 上，我的意思是，我們有另一個問題可以在屏幕上看到，我現在不妨把它從胸前說出來，因為你們都會提出這個問題，而我不會給出對你來說，不是因為我不講道理，只是這樣，你能不能給我們一個白蟻與住宅與中小企業和商業與商業與國家的分裂 - 不，不，不能那樣做，可以但不能'噸。

We don't run the business that way. We run the business on a branch-based and we have 600-odd going to 400, and each branch does resi. Each branch does termite. Each branch does commercial SMA. Each branch handles their national accounting. That's how we run our business, and that's how we report on our business.

我們不以這種方式經營業務。我們以分支機構為基礎開展業務，我們有 600 多家到 400 家，每個分支機構都有 resi。每個分支做白蟻。每個分支機構都做商業 SMA。每個分支機構處理他們的國民會計。這就是我們經營業務的方式，也是我們報告業務的方式。

Other competitors run their businesses how they choose to run it and report on their business, how they choose to run on it. And I know it infuriates you because you'd love to make the direct read across. But I've just been giving you data just so you can do your job. I don't use that data for how I do my job.

其他競爭對手以他們選擇的方式經營他們的業務，並報告他們的業務，他們選擇如何經營。我知道這會激怒您，因為您喜歡直接閱讀。但我一直在給你數據，這樣你就可以完成你的工作了。我不會將這些數據用於我的工作方式。

So we're not going to give those breakdowns. Occasionally, of course, we're going to give color. Of course, we will. If one part of the market is behaving completely differently or we're doing particularly well or less well.

所以我們不會給出這些故障。偶爾，當然，我們要給顏色。當然，我們會的。如果市場的一部分錶現完全不同，或者我們做得特別好或不太好。

You saw in the medium-term growth stats that Brett shared really quite an interesting stat that all 3 parts, residential, termite and commercial, are all growing about the same sort of level.

你在中期增長統計數據中看到，Brett 分享了一個非常有趣的統計數據，即所有 3 個部分，住宅、白蟻和商業，都在同一水平上增長。

So broadly speaking, our business is performing like that. We're still getting to know the business as well. Brett's Terminix business is in the family now, has been a big leader in termite. Rentokil have -- we've been the big guys in commercial, Terminix haven't. So I think we've seen a respectable start to the year.

所以從廣義上講，我們的業務表現就是這樣。我們還在了解業務。 Brett 的 Terminix 業務現在在家族中，一直是白蟻領域的一大龍頭。 Rentokil 已經——我們一直是商業領域的大人物，而 Terminix 還沒有。所以我認為我們已經看到了今年的可觀開端。

Our products business, our distribution business, is a bit slow. The core business is doing fine after 2 months. I haven't really seen -- Rollins had, what was it, 6 point-something-percent growth in the fourth quarter and the commentary was deceleration of organic growth. I looked at that and said it's a pretty good number.

我們的產品業務，我們的分銷業務，有點慢。核心業務在 2 個月後表現良好。我還沒有真正看到——羅林斯在第四季度有 6 個百分點的增長率，評論是有機增長減速。我看了看，說這是一個很好的數字。

So -- I don't -- I'm not as sensitive to these intra-month intra-group -- intra-quarter movement, so I think the underlying residential business in decent pace. I don't think we've seen a significant negative response to price movement causing customers to react customer retention data is pretty solid.

所以 - 我不 - 我對這些月內組內 - 季度內變動不那麼敏感，所以我認為潛在的住宅業務步伐不錯。我認為我們沒有看到對價格變動的重大負面反應導致客戶做出反應，客戶保留數據非常可靠。

So I think the business, interestingly enough, it is to me anyway -- I had to call out Rentokil to my house yesterday morning. I got a squirrel up in the loft, and so it was a customer yesterday. Admittedly, I got the guy around within half an hour, which may be, okay, preferential treatment, but the bill I got wasn't preferential I tell you that. Where was I going with that?

所以我認為這件事，有趣的是，無論如何對我來說都是——昨天早上我不得不把 Rentokil 叫到我家。我在閣樓上養了一隻松鼠，所以它昨天是一位顧客。不可否認，我在半小時內就找到了那個人，這可能是，好的，優惠待遇，但我告訴你，我收到的賬單並不是優惠待遇。我要去哪裡？

Anyway, but the point is, if you're a residential customer, and you've got a problem, you call around the experts in pest control, and you want it sorted. And it's not -- okay, it's not nothing, but it's not the biggest expenditure you're going to have. So typically, that's why it's such a defensive industry.

無論如何，但重點是，如果你是住宅客戶，並且遇到問題，你會打電話給害蟲防治專家，並希望解決問題。而且它不是 - 好吧，它不是什麼都沒有，但這不是你將要擁有的最大支出。通常，這就是為什麼它是一個防禦性行業。

People need pest control when they need pest control. So I think the industry is in very good health and across the board the wonderful thing about this deal is we've got this complementary fit now between resi and termite meets commercial. But give us 2 or 3 years to bed the whole thing in and then ask me about how the different parts are performing. I would probably give you a more informed answer. Hopefully, that gives you some decent color.

人們需要害蟲防治時就需要害蟲防治。所以我認為這個行業的健康狀況非常好，而且這筆交易的美妙之處在於我們現在在 resi 和白蟻與商業之間有了這種互補性。但是給我們 2 或 3 年的時間來解決整個問題，然後問我不同部分的表現如何。我可能會給你一個更明智的答案。希望這能給你一些不錯的顏色。

Right. Next one? I think -- you decide, I don't want to choose amongst my children here.

正確的。下一個？我想——你來決定，我不想在這裡選擇我的孩子。

It's Oscar from JPMorgan on behalf of Sylvia Barker. Three questions. So the first one on the upgraded -- so GBP 75 million of increased investments. Could you give us a sense of which buckets those fall into? Is it increasing wages? Is it the more physical investments?

這是來自摩根大通的奧斯卡代表西爾維亞巴克。三個問題。所以第一個升級 - 因此增加了 7500 萬英鎊的投資。你能告訴我們這些人屬於哪個桶嗎？是不是漲工資了？是不是實物投資越多？

The second question, maybe for Stuart, is just around the guidance for mid-teens EPS growth next year. Just to be clear, is that on a gross basis? And should we be seeing upgrades to consensus EPS? And then the third question, maybe for Brett, is around digital.

第二個問題，也許對斯圖爾特來說，是關於明年 15% 左右 EPS 增長的指導。需要明確的是，這是按毛額計算的嗎？我們應該看到共識 EPS 的升級嗎？然後第三個問題，也許是布雷特，是關於數字的。

So in our view, Rentokil is ahead of the competitors, Rollins and Terminix, in terms of rolling out digital in Europe. Is there a reason why the U.S. market hasn't developed as quickly? Is it technology? Or do you see what you've done in the U.K. being replicable in the U.S.

因此，在我們看來，在歐洲推出數字化方面，Rentokil 領先於競爭對手 Rollins 和 Terminix。美國市場沒有發展得那麼快，有什麼原因嗎？是技術嗎？或者您是否看到您在英國所做的事情可以在美國複製？

Thanks, Oscar. You just referred to Terminix as a competitor, but I'm sure -- I'm hoping that's not the case, right? Yes. And best wishes to Sylvia with her maternity leave, by the way. We haven't got it -- given -- the GBP 75 million, by the way, is not an increase of GBP 75 million. We simply didn't give a number when we announced the deal.

謝謝，奧斯卡。您剛剛將 Terminix 稱為競爭對手，但我敢肯定——我希望情況並非如此，對嗎？是的。順便說一下，祝西爾維亞休完產假。我們還沒有得到它——順便說一下，7500 萬英鎊並不是增加 7500 萬英鎊。我們在宣布交易時根本沒有給出具體數字。

And it's sort of in line with what we assumed at the time. We didn't give a number. So some of you assumed there would be a number and some of you didn't, but -- and it really is a mix across the board. I mean the one that I'm most excited about is the technology center we're putting into Dallas.

這有點符合我們當時的假設。我們沒有給出數字。所以你們中的一些人假設會有一個數字，而另一些人則沒有，但是 - 它確實是全面的混合。我的意思是讓我最興奮的是我們在達拉斯建立的技術中心。

We found the building. We now need to kit out the building. We now need to populate the building with equipment and scientists. None of that comes for nothing. And we've got the same story, to a lesser extent, down in Mobile, Alabama. We -- Brett has already sort of partially answered the point about colleague retention, and I've talked about why that's so incredibly important.

我們找到了大樓。我們現在需要裝脩大樓。我們現在需要用設備和科學家來填充建築物。這些都不是白來的。我們在亞拉巴馬州的莫比爾也有同樣的故事，只是程度較輕。我們——布雷特已經部分回答了關於留住同事的問題，我也談到了為什麼這如此重要。

We have already adjusted the benefit side in America, benefits, you have medical, dental, all of that is incredibly important. Salary is important, but benefits programs very important. So we've already broadly aligned the benefit story between Rentokil and Terminix.

我們已經調整了美國的福利方面，福利，你有醫療，牙科，所有這些都非常重要。薪水很重要，但福利計劃非常重要。因此，我們已經大致調整了 Rentokil 和 Terminix 之間的收益故事。

Again, doesn't come for free. But we do need to move on to the pay side of it. And we're doing the work on that. And there's been a number of misfires in the industry in the past where you've adjusted a pay plan of technicians and you've made a mess of it. And we're not going to do that so we've got to take our time, pilot it, make sure we get it right.

同樣，不是免費的。但我們確實需要轉向支付方面。我們正在做這方面的工作。過去這個行業有很多失誤，你調整了技術人員的薪酬計劃，結果把它搞得一團糟。我們不會那樣做，所以我們必須慢慢來，進行試點，確保我們做對了。

That will also cost a reasonable chunk of that GBP 75 million, but there's a payback for that. If we get it right, colleague retention goes up. And as Brett has already said, if colleague retention goes up, that typically leads to customer retention going up.

這也將花費 7500 萬英鎊中的相當一部分，但這是有回報的。如果我們做對了，同事的保留率就會提高。正如布雷特已經說過的那樣，如果同事保留率上升，通常會導致客戶保留率上升。

Management pay is another one that you have to invest in because of the differential. If we've got 7 regional leaders, we have to broadly look at how those regions -- are they the same size of the individuals comparable in terms of what they're going to get paid, et cetera, bonuses and shares and all the rest of it. So those are the key building blocks.

由於差異，管理薪酬是您必須投資的另一種薪酬。如果我們有 7 個地區領導者，我們必須廣泛地審視這些地區——他們是否與個人規模相同，在他們將獲得的報酬、獎金和股份以及所有其他方面具有可比性？其餘的。所以這些是關鍵的組成部分。

And what I will tell you is we won't spend GBP 0.01 of that money poorly and without a really good discipline in terms of return on investment. We're not going to do it just for the sake of it. We're going to do it because we're investing in the fabric of the business. I do think Terminix is a wonderful business with great strengths.

我要告訴你的是，我們不會花掉其中的 0.01 英鎊，而且在投資回報方面沒有很好的紀律。我們不會僅僅為了它而這樣做。我們將這樣做，因為我們正在投資於業務結構。我確實認為 Terminix 是一家具有強大優勢的出色企業。

But in a few areas, you saw it in colleague retention, you saw it in customer retention, we have to invest to support those if we're going to deliver on the ambition to lead the industry in the way we've shared today. So I don't see it as a bad thing. I actually see it as a really good thing that we're making these investments. So...

但在一些領域，你看到了同事保留，你看到了客戶保留，如果我們要實現以我們今天分享的方式引領行業的雄心，我們就必須投資支持這些。所以我不認為這是一件壞事。實際上，我認為我們正在進行這些投資是一件非常好的事情。所以...

I'm sorrt, EPS to Oscar. Look, I think there's -- I haven't got sight of Bloomberg, by the way, so I don't know what Bloomberg says. Might be a little bit stale. We've got FX. When we last gave guidance in November, FX was at $1.10, it's now $1.20-ish. Clearly, interest costs have gone up over that period. So that might not be in people's models. And the technical accounting, the GBP 32 million, probably slightly lower than people have got in their models, I suspect.

我很抱歉，EPS 到 Oscar。聽著，我想有——順便說一句，我沒有看到彭博社，所以我不知道彭博社說了什麼。可能有點陳舊。我們有外匯。我們上次在 11 月給出指引時，外匯價格為 1.10 美元，現在為 1.20 美元左右。顯然，利息成本在此期間有所上升。所以這可能不在人們的模型中。而技術會計，3200 萬英鎊，可能略低於人們在他們的模型中獲得的金額，我懷疑。

So in the round, there's -- I think there's some adjustments to be made. But of course, we've got a slightly higher launch pad from 2022 as well. So there's a number of things going on there. I think the key point about EPS is, Andy has laid out the health of the deal, things are going really well. We're very confident about the medium-term value creation, and we think that will be reflected in EPS in both the short and the medium term.

所以總的來說，我認為需要做出一些調整。但當然，從 2022 年開始，我們也有一個稍高的發射台。所以那裡發生了很多事情。我認為關於 EPS 的關鍵是，安迪已經闡述了交易的健康狀況，事情進展得非常順利。我們對中期價值創造非常有信心，我們認為這將反映在短期和中期的每股收益中。

A quick one, Brett, on tech North America.

布雷特，關於北美科技的快速介紹。

Sure. Just to go back to the original piece, it's one of the things that got me really excited about this deal again was the investments Andy and Rentokil has made in digital technology. I always felt like in North America, there's clearly a market for that.

當然。回到最初的話題，讓我再次對這筆交易感到非常興奮的事情之一是 Andy 和 Rentokil 在數字技術方面的投資。我一直覺得在北美，顯然有一個市場。

The value proposition is really compelling. We just didn't -- couldn't afford to make the investments therein given our strength lied in residential and Terminix. But to answer your question directly, I think there's 2 dynamics there.

價值主張真的很有說服力。鑑於我們的實力在於住宅和 Terminix，我們只是沒有 - 無法負擔其中的投資。但要直接回答你的問題，我認為那裡有 2 個動態。

One is, no doubt, I think the customers in North America may be less mature in their thinking around sustainability and the benefits that come from digital than you would find in the European market. Although having said that, they're quickly catching up. It's certainly becoming more of a discussion, I think, every day between our sales colleagues and I would say, larger national accounts, where that value proposition is much more compelling.

一是，毫無疑問，我認為北美客戶在可持續性和數字化帶來的好處方面的思考可能不如歐洲市場成熟。雖然話雖這麼說，但他們很快就趕上了。我認為，這肯定會成為我們銷售同事之間每天的討論，我會說，更大的國民賬戶，在這些賬戶中，價值主張更具吸引力。

So we'll start there. As I mentioned earlier in the prepared remarks, we got some infrastructure work we got to do on IT systems and the plumbing to make certain we can adequately support that in scale. But no doubt, I think there's clear compelling value to that proposition here. How that fits into the broader agenda, we'll have to see because we got a large agenda with the integration work.

所以我們將從那裡開始。正如我之前在準備好的評論中提到的，我們在 IT 系統和管道方面做了一些基礎設施工作，以確保我們能夠在規模上充分支持它。但毫無疑問，我認為這裡的提議具有明顯的令人信服的價值。這如何適應更廣泛的議程，我們必須看看，因為我們有一個關於整合工作的大議程。

But the technology is going to come to North America. We're excited about it. And there's clear compelling value to do that. So...

但這項技術將來到北美。我們對此感到興奮。這樣做具有明顯的引人注目的價值。所以...

This is Suhasini from Goldman Sachs. I also have 3, please. One is on the listing actually. That's -- in the recent months, we've probably seen a number of U.K. companies. trying to pursue a primary listing in the U.S. And given how your profit mix has changed post the deal, is that something that you would considering medium term?

我是高盛的 Suhasini。我也有3個，謝謝。一個實際上在清單上。那就是 - 在最近幾個月裡，我們可能已經看到了許多英國公司。試圖在美國進行主要上市考慮到交易後您的利潤組合發生了怎樣的變化，您是否會考慮中期？

Second one is actually on one of the slides where you talked about the advanced treatment. Is it possible to maybe give some color on what percentage of the revenues for Terminix was exposed to that? And has that increased over time, just to assess the risk around that?

第二個實際上是在您談到高級治療的其中一張幻燈片上。是否有可能對 Terminix 的收入中有多少百分比暴露於此給出一些顏色？隨著時間的推移，這種情況是否有所增加，只是為了評估這方面的風險？

And the last one, just a couple of housekeeping questions. The GBP 40 million to GBP 45 million of 2022 exceptional items that remained with the creditors, can you give some color on what that is? And is it getting paid in the first half of this year? And on the CapEx guidance, I think you've given it ex leases of GBP 235 million to GBP 245 million. How should we think about the lease payments, please, the principal element?

最後一個，只是幾個內務問題。 2022 年留給債權人的 4000 萬英鎊到 4500 萬英鎊的特殊項目，你能說明一下這是什麼嗎？是今年上半年發工資嗎？在資本支出指南中，我認為你已經給了它 2.35 億英鎊至 2.45 億英鎊的租賃。請問，我們應該如何考慮租賃付款的主要因素？

Yes. Thank you. No, we're not looking at U.S. listing. It's very topical right at the moment. We are happy with our -- not an additional or primary listing. We've got our ADS that we put in place at the time of the transaction, we have that. We've been on in London for decades. We're in our 99th year. We're a proud British company based here and we're not looking to do anything, simple as that.

是的。謝謝。不，我們不考慮在美國上市。目前非常熱門。我們對我們的 - 而不是額外或主要列表感到滿意。我們有我們在交易時放置的 ADS，我們有。我們已經在倫敦生活了幾十年。我們迎來了第 99 個年頭。我們是一家自豪的英國公司，總部設在這裡，我們不想做任何事情，就這麼簡單。

In terms of the percentage, well, probably a difficult one for me to answer. And it really is a super detailed question. So I could ask you -- a quick quiz. Can you name the 3 types of termite? But I won't do that. But -- you're all looking at your shoes now.

就百分比而言，我可能很難回答。這確實是一個非常詳細的問題。所以我可以問你 - 一個快速測驗。你能說出這 3 種白蟻的名字嗎？但我不會那樣做。但是——你們現在都在看自己的鞋子。

If I did that, I'd say if you looked at the vast majority of our business and across Rentokil, which of course, has done termite, but not on a grand scan, of course, Terminix as well.

如果我這樣做了，我會說，如果你看看我們的絕大多數業務和整個 Rentokil，當然，它已經解決了白蟻問題，但不是大掃除，當然，Terminix 也是如此。

The vast majority of claims get resolved very, very cheaply, very modest, but not very much money at all. And I think there's industry standard data out, the 1% to 2%, if you're doing the top across the board. Certainly, the Terminix experience because of the history, because of Mobile, Alabama, because of Formosan and the [Gulf] states has been materially higher than that. I don't have the number, but it eb probably around 10 but I would guess, give or take, but don't plummet in your models.

絕大多數索賠都以非常、非常便宜、非常適度的方式得到解決，但根本花不了多少錢。而且我認為，如果你全面做到最好，就會有行業標準數據，即 1% 到 2%。當然，由於歷史、阿拉巴馬州的莫比爾、福爾摩沙和 [海灣] 州，Terminix 的體驗要好得多。我沒有數字，但它可能在 10 左右，但我會猜測，給予或接受，但不要在你的模型中直線下降。

But it gives you a sense. It is more expensive. The Formosan does more damage and there's more history here that has been resolved. But the point of -- me putting those charts that show lines that start on the top left and move to the bottom right is showing that the overall exposure to these issues has been declining over recent years.

但它給你一種感覺。它更貴。台灣人造成的傷害更大，這裡有更多的歷史已經解決。但是，我把那些顯示從左上角開始並移動到右下角的線條的圖表表明，近年來這些問題的總體風險一直在下降。

So it's very much part of our plan is to reduce even in the hotspots where we've got Formosan is to reduce the cost of handling those. We've now got benefits of scale across the organization, we're putting R&D and technology into it to come up with better solutions. We've got better buyer power with suppliers.

因此，我們計劃的很大一部分是減少甚至在我們擁有 Formosan 的熱點地區，以降低處理這些問題的成本。我們現在已經在整個組織中獲得了規模優勢，我們正在將研發和技術投入其中，以提出更好的解決方案。我們在供應商方面擁有更好的買家力量。

The biggest driver of cost in this piece, I think, is lumber, wood. And of course, the cost of wood has gone up through inflation. That's coming down again now, so you got a whole bunch of moving pieces. But it's much higher at the Formosan end, much, much lower at the regular end. And over time, our plan is to reduce that cost. And I think we've got a good handle on it. Last question was...

我認為，這件作品的最大成本驅動因素是木材。當然，木材成本因通貨膨脹而上漲。現在又下降了，所以你得到了一大堆動人的作品。但它在 Formosan 端要高得多，在常規端要低得多。隨著時間的推移，我們的計劃是降低成本。我認為我們已經很好地處理了它。最後一個問題是...

Yes. So I'll take the 2 questions. One was about the unwind of the exceptional creditors. Yes, that will be, I think, almost completely in H1 -- I mean, it's easy to forget, we only completed this deal on the 12th of October. So we've got quite a lot of hangover of deal costs and that sort of thing. So that's exclusively H1.

是的。所以我會回答這兩個問題。一個是關於特殊債權人的解除。是的，我認為，這幾乎完全在上半年——我的意思是，很容易忘記，我們在 10 月 12 日才完成這筆交易。所以我們有很多交易成本和類似的東西。所以這完全是 H1。

Lease CapEx, it's broadly in line with revenue actually because, frankly, it mostly is in technician vans, so maybe an additional GBP 40 million to GBP 50 million on top of the 2022 number.

租賃資本支出實際上與收入大致相符，因為坦率地說，它主要用於技術人員貨車，因此在 2022 年的數字之上可能還要增加 4000 萬至 5000 萬英鎊。

It's Dominic Edridge from Deutsche. Just a couple of questions for myself. Firstly, in terms of the IT and the integration, what will the output be for the technicians?

我是來自 Deutsche 的 Dominic Edridge。只問我自己幾個問題。首先，在 IT 和集成方面，技術人員的產出是什麼？

What are they going to be -- is it fundamentally different to what's going on at Terminix at the moment? And what are they seeing -- I was thinking in the past, I think (inaudible) in particular, was an issue at Terminix.

他們將會是什麼——這與 Terminix 目前正在發生的事情有根本的不同嗎？他們看到了什麼——我過去一直在想，我認為（聽不清）尤其是 Terminix 的一個問題。

Secondly, a question on branding. Obviously, Terminix is a very large brand, that's going to be your principal brand. But obviously, there's about 2.5 states where you have an issue and that you have franchise holders for those territories or maybe on a nonexclusive basis. You've also got some very strong brands in Florida and the Northeast.

其次，關於品牌的問題。顯然，Terminix 是一個非常大的品牌，它將成為您的主要品牌。但顯然，大約有 2.5 個州存在問題，並且您擁有這些地區的特許經營權持有人，或者可能是非獨家特許經營權持有人。您在佛羅里達州和東北部也有一些非常強大的品牌。

Can you just discuss how you sort of think about that, particularly with the branch network from going from 600 to 400, that's obviously going to be losing 200 branch managers effectively, although people will be going -- and also, that seems fairly aggressive if you do sort of the -- if you do the geospatial, you can see that's fairly aggressive in terms of taking the numbers down.

你能不能談談你是如何看待這個問題的，特別是分支網絡從 600 增加到 400，這顯然會有效地失去 200 名分支經理，儘管人們會去——而且，如果你做的有點——如果你做地理空間，你會發現這在減少數字方面相當激進。

So could you give us an idea of why you've gone that route rather than maybe looking at what Rollins does with Orkin versus its ancillary brands because that may be a better way of gaining share because not everyone loves Terminix, I think it's fair to say, as a brand in the U.S.

那麼你能不能告訴我們你為什麼走那條路，而不是看看羅林斯對 Orkin 和它的輔助品牌做了什麼，因為這可能是獲得份額的更好方式，因為不是每個人都喜歡 Terminix，我認為這是公平的比如說，作為美國的一個品牌

And then lastly, just on the termite accounting, and apologies for asking on this, from what I understand, it's based on the historical accrual ratio based on your claims rates. Over what period of time would your claims ratio have to improve for the -- you to start changing your accrual rates on your current revenues?

最後，就白蟻會計而言，很抱歉提出這個問題，據我了解，它基於基於您的索賠率的歷史應計比率。您的索賠率必須在多長時間內提高才能開始更改當前收入的應計利率？

Very well, Stuart, you can take the third of those 3 questions. And I'll start with branding. Yes. In terms of our approach, Terminix is a power brand. It has got phenomenal brand recognition in the United States for pest control, both in terms of prompted and unprompted.

很好，斯圖爾特，你可以回答這 3 個問題中的第三個問題。我將從品牌開始。是的。就我們的方法而言，Terminix 是一個強大的品牌。它在美國的害蟲防治方面獲得了非凡的品牌認可，無論是在提示還是自發方面。

I mean, it is a genuine power brand. And I don't recognize the comment that Terminix is not popular with some customers (inaudible). I don't recognize that at all. So our belief is that now is the time for us to invest in the brand, and it was -- again, back to the GBP 75 million, and to put real muscle and oomph behind that.

我的意思是，它是一個真正的實力品牌。我不認可 Terminix 不受某些客戶歡迎的評論（聽不清）。我根本不認識那個。所以我們的信念是，現在是我們投資品牌的時候了，它再次回到了 7500 萬英鎊，並在其背後投入了真正的力量和魅力。

And we haven't said we end up with one single brand or 2 brands. We've said we end up with a small number of brands. And therefore, you're quite right. Things like Florida Pest Control, Western Exterminator and even Ehrlich up in the Northeast, are probably brands that are going to be around for some considerable time and maybe forever.

我們並沒有說我們最終會擁有一個品牌或兩個品牌。我們說過我們最終會擁有少數品牌。因此，你是對的。 Florida Pest Control、Western Exterminator 甚至東北部的 Ehrlich 之類的品牌可能會存在相當長的一段時間，甚至可能永遠存在。

But there's a lot of small brands that are very local, and they do need to be -- well, they do need to be harmonized because they soak up a lot of resource. If you're going to support that many brands, you've got to support them on the web, you've got to support them through uniforms and trucks and all the rest of it.

但是有很多非常本地化的小品牌，它們確實需要——好吧，它們確實需要協調，因為它們吸收了大量資源。如果你要支持那麼多品牌，你必須在網絡上支持它們，你必須通過制服和卡車以及所有其他方式來支持它們。

So I'm really excited about the branding piece and the opportunity it brings. In terms of how did we get to 400 and have we looked at it this way, I can tell you, we've looked at it every which way. I mean, we've done -- spent an enormous amount of time and effort and some money trying to work out, not just a fit-for-purpose structure that works for the first 12 months, we've designed a structure that will work for the next good few years because we need to grow on to these structures as well.

所以我對品牌宣傳及其帶來的機會感到非常興奮。就我們如何達到 400 以及我們是否以這種方式看待它而言，我可以告訴你，我們已經以各種方式看待它。我的意思是，我們已經完成了——花費了大量的時間、精力和一些金錢來嘗試解決問題，而不僅僅是在頭 12 個月內工作的適合目的的結構，我們設計的結構將為接下來的好幾年工作，因為我們也需要在這些結構上發展。

The philosophical bit in there, well, how big should a branch be, and we've got branches in many, many parts of the world and in America, which are battleship branches, very significant. And they work perfectly well, and we've got tiny branches.

那裡的哲學部分，好吧，分支機構應該有多大，我們在世界許多地方和美國都有分支機構，這些分支機構是戰艦分支機構，非常重要。他們工作得很好，我們有小分支。

Our conclusion is to use a span of control methodology that we have the right number of techs, the right number of tech managers, the right number of supervisors, the right support from field biologists, et cetera.

我們的結論是使用一系列控制方法，我們擁有合適數量的技術人員、合適數量的技術經理、合適數量的主管、來自實地生物學家的合適支持等等。

So we've created not a perfect structure, but an optimum structure. And we'll move to that over 3 years and change the brand, change the employee terms and conditions, change the customer offering. That's a lot of change that we have to put through over that 3 years.

所以我們創造的不是一個完美的結構，而是一個最佳的結構。我們將在 3 年內轉向這一點，改變品牌，改變員工條款和條件，改變客戶服務。在這 3 年裡，我們必須經歷很多變化。

But I think kind of around 400s is the right number. What other competitors choose to do is entirely up to them, and they have different strategies and they have different execution, including different approach to branding.

但我認為大約 400 是正確的數字。其他競爭對手選擇做什麼完全取決於他們，他們有不同的戰略和不同的執行方式，包括不同的品牌推廣方法。

So that was -- and IT, a big part of what we're trying to do, I always talk about this. We make a lot of investment in IT. And we're either -- we're trying to do one of 2 things generally with our IT budget, we're either trying to give the customer the same service, but delivered in a way which is more efficient for us the provider, which basically means productivity, efficiency and making it easier for the technician to do their job, giving them the materials, when they open their phone, it's all there. They know which customer to go. They know what they need to do when they get there. The history of the customer record is all there.

所以那是——IT，我們正在努力做的事情的很大一部分，我總是談論這個。我們在 IT 方面進行了大量投資。我們要么 - 我們正在嘗試用我們的 IT 預算做兩件事之一，我們要么試圖為客戶提供相同的服務，但以對我們提供商更有效的方式提供，這基本上意味著生產力、效率並使技術人員更容易完成工作，為他們提供材料，當他們打開手機時，一切都在那裡。他們知道該去哪個客戶。他們知道到達那里後需要做什麼。客戶記錄的歷史就在那裡。

So we talk a lot about what's in it for me, what's in it for me and the technician, because if all we've got is technology, that just represents change. Nobody is interested in that. We're giving them technology which will make them more efficient.

所以我們談了很多關於它對我有什麼好處，對我和技術人員有什麼好處，因為如果我們所擁有的只是技術，那就代表著變化。沒有人對此感興趣。我們正在為他們提供技術，使他們更有效率。

With that efficiency, you get 1 of 2 benefits if you're a tech, you either get to go home a little bit earlier or you get paid a little bit more because you're doing more work, which is bonus-able. So -- that's the main part of that bit of tech.

有了這種效率，如果你是一名技術人員，你將獲得 2 個好處中的 1 個，你要么可以早點回家，要么因為你做了更多的工作而得到更多的報酬，這是有獎金的。所以 - 這是技術的主要部分。

The other part of the technology is really investing in customer offerings to give the customer a better service. But in terms of the support we're giving technicians, we're broadly going to use the technology base, the platform that we've just spent in Rentokil over the last 3 years putting in across the businesses, the pest control industry standard backbone.

該技術的另一部分實際上是投資於客戶產品，以便為客戶提供更好的服務。但就我們為技術人員提供的支持而言，我們將廣泛使用技術基礎，我們在過去 3 年中剛剛在 Rentokil 投入的平台，害蟲防治行業標準骨幹.

And then on that, we're taking apps, if you like -- APIs from Terminix and from Rentokil, cool stuff that helps the salespeople sell more effectively, helps the upsell story that Brett shared in terms of you're a customer for a pest, would you like us to give you a quote for mosquito, et cetera? So that's the approach to take.

然後，如果你喜歡的話，我們正在採用應用程序——來自 Terminix 和 Rentokil 的 API，這些很酷的東西可以幫助銷售人員更有效地銷售，有助於 Brett 分享的追加銷售故事，即你是某公司的客戶害蟲，您希望我們為您提供有關蚊子等的報價嗎？這就是要採取的方法。

And the third question, I think, Stu, was for you.

我想，斯圖，第三個問題是給你的。

Yes. Back to termite accounting. Let me do this. And I've got another question online actually around why don't we get any accounting benefit after 2024.

是的。回到白蟻會計。讓我做這個。我在網上還有另一個問題，實際上是關於為什麼我們在 2024 年之後沒有獲得任何會計收益。

So let me sort of step -- at the 12th of October, we took on a book of termite customers with Terminix who had an existing contract. Under IFRS, we would have provided for claims on those customers at the point of inception of that contract, okay? So what that means is that we've created a provision reflecting what it would have been under IFRS at the 12th of October.

因此，讓我採取一些措施——在 10 月 12 日，我們與 Terminix 簽訂了一份白蟻客戶手冊，他們已經簽訂了一份現有合同。根據 IFRS，我們會在合同開始時為這些客戶提供索賠，好嗎？所以這意味著我們已經創建了一個條款，反映了 10 月 12 日在 IFRS 下的情況。

We then have a cash outflow against that provision. That element of the provision at those existing customers only ever gets smaller. And it's based on 2 things. It's based on claims rate and it's claim based on customer retention. So it drops quite quickly and then it's a very long curve because it can go out up to 20 years actually, but it's a very long tail and quite a steep decline.

然後我們有針對該準備金的現金流出。這些現有客戶的供應要素只會越來越小。它基於兩件事。它基於索賠率，它的索賠基於客戶保留率。所以它下降得非常快，然後它是一條很長的曲線，因為它實際上可以長達 20 年，但它的尾巴很長而且下降幅度很大。

At the same time, from the 12th of October for new customers, we are making a provision at that point for those new customers. And that bit of element, the provision builds. So there's a point at which our new customer provision is above the old customer provision, they cross over and it's P&L neutral at that point.

同時，從 10 月 12 日開始，對於新客戶，我們將在那時為這些新客戶做出準備。那個元素，規定建立。因此，在某個點上，我們的新客戶條款高於舊客戶條款，他們交叉了，此時損益是中性的。

But that -- so the $50 million benefit cumulative in 2023 is the high watermark of accounting benefit that we get and thereafter, cash comes more in line with P&L as that provision declines. So that's the sort of matter of how it works.

但是那 - 因此 2023 年累計的 5000 萬美元收益是我們獲得的會計收益的高水位線，此後，隨著準備金的下降，現金與損益表更加一致。這就是它如何運作的問題。

Clearly, because it's on a reducing balance, we've got to make some judgments around what the claims rates are on those customers and how -- what the propensity of those customers is to renew. We've got a very high level of confidence around that. We've done lots of economic modeling and the statistical modeling, and we've got about a 90% confidence.

顯然，因為它處於遞減平衡狀態，我們必須圍繞這些客戶的索賠率以及這些客戶的續約傾向做出一些判斷。我們對此非常有信心。我們做了很多經濟建模和統計建模，我們有大約 90% 的信心。

Now 90% confidence as you can be plus or minus 10% in either direction. So we've made a judgment. We think it's the right broad judgment, but that is subject to a little bit of movement as we move through the subsequent year. So hopefully, that's sort of a reasonably clear explanation of how that dynamic works. And because of that cash headwind, that's the major impact on our reduction of our target cash conversion rate from 90% to 80% for the next couple of years.

現在 90% 的置信度，因為您可以在任一方向上正負 10%。所以我們做出了判斷。我們認為這是正確的廣泛判斷，但隨著我們在接下來的一年中前進，這會受到一些變動的影響。所以希望這是對這種動態如何運作的一種合理清晰的解釋。由於現金逆風，這對我們將未來幾年的目標現金轉換率從 90% 降低到 80% 產生了重大影響。

Thereafter, because it comes more in alignment, we'll -- that will be close enough that we think we can sustain a 90% market -- cash conversion rate, but that's the major dynamic around termites.

此後，因為它更加一致，我們將 - 這將足夠接近，我們認為我們可以維持 90% 的市場 - 現金轉換率，但這是白蟻周圍的主要動態。

Here we go. I'll take this one in the room, and then we'll try and hoover up a few of these on the...

開始了。我會把這個帶到房間裡，然後我們會試著把其中的一些放在......

Oliver Davies from Redburn. Just a couple of questions. Can you talk about the current gap between the pricing strategies of sort of Rentokil and Terminix in the U.S., and I guess the potential revenue benefit you could drive there? And then secondly, on pricing, how you think about it this year?

來自雷德本的奧利弗·戴維斯。只是幾個問題。你能談談目前美國 Rentokil 和 Terminix 的定價策略之間的差距嗎？我想你可以在那裡帶來潛在的收入收益？其次，關於定價，您今年如何看待它？

Should we expect similar levels to what you sort of put through in the U.S. last year? And how is that split between Rentokil and Terminix? And then I guess following on from that, in terms of improving employee retention, what are you seeing on kind of the wage pressure front and labor availability from technicians?

我們是否應該期望與您去年在美國所經歷的水平相似？ Rentokil 和 Terminix 之間的差距如何？然後我想接下來，在提高員工保留率方面，您對技術人員的工資壓力和勞動力可用性有何看法？

I'll take the third, and you can...

我要第三個，你可以...

Yes. So should I go. So I think the gap in pricing is one of methodology more than it is principle. So neither business seeks to increase margin through pricing action, we seek to recover cost inflation. So we don't particularly see a gap there. And I think it's fair to say that our brands in the U.S. broadly our mid-market brands, whereas in much of the world, Rentokil is a premium provider, it's -- that's less true in the U.S. than it is the rest of the world.

是的。我也該走了。所以我認為定價上的差距是一種方法而不是原則。因此，兩家公司都沒有尋求通過定價行動來增加利潤，我們尋求恢復成本通脹。所以我們並沒有特別看到那裡的差距。而且我認為可以公平地說，我們在美國的品牌廣泛地是我們的中端市場品牌，而在世界大部分地區，Rentokil 是一家優質供應商，它 - 在美國不像世界其他地方那樣真實.

So what that means is that we've got -- we don't really have a premium difference between the two. So the methodology is really because of history. The Terminix business large homogenous customer base of very similar customers, both in resi, commercial and termite, meaning that they can take quite a centralized approach to pricing and pull levers and manage some of the capability around where pricing is stronger than ours is -- than Rentokil's is.

所以這意味著我們已經 - 我們兩者之間並沒有真正的溢價差異。所以方法論真的是因為歷史。 Terminix 業務擁有非常相似的客戶的龐大同質客戶群，包括住宅、商業和白蟻，這意味著他們可以採取相當集中的方法來定價和拉動槓桿，並在定價比我們強的地方管理一些能力——比 Rentokil 的要好。

Whereas Rentokil has very strong local ownership. So a lot of our pricing strategies are bottom-up because of our commercial (inaudible). It's about local ownership of a P&L in a branch. So you can see there are actually -- Terminix is really strong in residential pricing, Rentokil really strong in commercial pricing, and we think we can bring those 2 methodologies together and really get some value out of those complementary skills.

而 Rentokil 擁有非常強大的本地所有權。因此，由於我們的商業（聽不清），我們的很多定價策略都是自下而上的。它是關於分支機構中 P&L 的本地所有權。所以你可以看到實際上 - Terminix 在住宅定價方面非常強大，Rentokil 在商業定價方面非常強大，我們認為我們可以將這兩種方法結合在一起，並真正從這些互補技能中獲得一些價值。

What do we think we'll get -- and again, we've got a couple of questions around inflation expectations and pricing in 2023. Look, again, I'll come back to methodology. We price on a daily, weekly, monthly basis. So we look at the inflation we're seeing today, and we'll make a judgment about what price increases we have put through to reflect that.

我們認為我們會得到什麼——再一次，我們有幾個關於 2023 年通脹預期和定價的問題。再一次，我會回到方法論上。我們按每日、每週、每月定價。所以我們看看我們今天看到的通貨膨脹，我們將判斷我們已經通過什麼樣的價格上漲來反映這一點。

So I'm not going to sit here and say, you guys are all out there have a much better view of what the latest view of inflation is in the U.S. or indeed anywhere else in the world. I don't -- I'm not going to make a judgment on that. I don't need to make a judgment on that because whatever we're seeing in front of us at the time and also what we're seeing around wage price pressures, wage cost pressures, we've said most of our wage inflation comes through at the half year, then we'll adjust accordingly through the year.

所以我不會坐在這裡說，你們都對美國或世界其他任何地方的最新通脹觀點有了更好的了解。我不——我不會對此做出判斷。我不需要對此做出判斷，因為無論我們當時在我們面前看到什麼，以及我們在工資價格壓力、工資成本壓力方面看到什麼，我們都說過我們的大部分工資通脹來自通過半年，然後我們將相應地調整到全年。

So we'll respond. We'll protect margins as we've demonstrated over the last 2 years, but I'm not going to make a judgment today because I don't need to. And I'm just confident that we'll manage it. And of course, it feels like it's going to come off what we saw in 2022. But at what rate is, I think, frankly, anybody's guess.

所以我們會回應。正如我們在過去兩年中所展示的那樣，我們將保護利潤率，但我今天不打算做出判斷，因為我不需要這樣做。我只是相信我們會處理好它。當然，感覺它會像我們在 2022 年看到的那樣消失。但坦率地說，我認為以什麼速度，任何人都在猜測。

Yes. On the employee piece, I mean, it is the biggest chunk of our costs, but we made a move in the middle of the pandemic to move our typical pay increase date from the first of January to the first of July. And that lucky decision has actually proven to be quite helpful because it means it gives us a few months in a year to see what everyone else is doing and how the markets are going.

是的。在員工方面，我的意思是，這是我們成本中最大的一部分，但我們在大流行期間採取了行動，將我們通常的加薪日期從 1 月 1 日推遲到 7 月 1 日。這個幸運的決定實際上被證明是非常有幫助的，因為它意味著它每年給我們幾個月的時間來了解其他人在做什麼以及市場的發展情況。

What I will say is we haven't seen very significant pay rises going through in our industry or in our peer industry. We've seen reasonable pay rises going through. So we'll take a decision on exactly what we're going to do for most people in a few months' time. And therefore, we've got time. Based on that, wherever we end up, we'll set the objective for what we need to do in terms of price in the second half of the year to recover it.

我要說的是，在我們的行業或同行行業中，我們還沒有看到非常顯著的加薪。我們已經看到合理的加薪。因此，我們將在幾個月後決定為大多數人做些什麼。因此，我們有時間。在此基礎上，無論我們最終在哪裡，我們都會設定下半年我們需要在價格方面做些什麼來恢復它的目標。

So -- but at this stage, I'd say, not just in America, but it is something we have to do right across the group, we're pretty experienced at doing that. And I think we do a pretty respectable job. Come back to colleague retention, at the end of 2021 colleague retention in Terminix was 61-point something. And at the end of February, 65. And 4 percentage points of colleague retention is meaningful. That is not irrelevant. That's a significant move.

所以 - 但在這個階段，我會說，不僅在美國，而且這是我們必須在整個集團內做的事情，我們在這方面非常有經驗。而且我認為我們做得非常體面。回到同事保留率，到 2021 年底，Terminix 的同事保留率為 61 點左右。而在 2 月底，65。4 個百分點的同事保留是有意義的。這並非無關緊要。這是一個重要的舉措。

And if we can drive -- if we can have done that between us over the last months during incredibly hot labor markets in part of the states and inflationary environments, yet we've still been able to move up 4 percentage points. That I think is quite an encouraging fact. So that's probably all we've got on that one. Thanks.

如果我們能開車——如果我們能在過去幾個月裡在部分州勞動力市場異常火爆和通貨膨脹環境下做到這一點，但我們仍然能夠提高 4 個百分點。我認為這是一個令人鼓舞的事實。所以這可能就是我們所擁有的一切。謝謝。

Stuart, do you want to take a couple or more?

斯圖爾特，你想要一對還是更多？

Yes. So I think -- yes, sure. So I'll start at the bottom in the order they were -- it's not even the bottom actually. Have there been any developments in the litigation issues around Terminix business and not honoring their warranties on pest control contracts? What percentage of revenue do these litigation costs represent of the Terminix business that's through SAM from even low?

是的。所以我認為 - 是的，當然。所以我將按照它們的順序從底部開始——實際上它甚至不是底部。圍繞 Terminix 業務的訴訟問題是否有任何進展，並且不履行他們對害蟲控制合同的保證？這些訴訟成本佔通過 SAM 的 Terminix 業務收入的百分比是多少？

I think I've dealt with the second half of that question. The first part -- the thing to understand with cases is many customers have had contracts for 5, 10, 15, 20, 30, 40 years. And so when a claim comes in, it could be in relation to a property where the contract was taken out a couple of decades ago. And then you get into -- well, have we got the paperwork, have we got the original inspections, have we got the appropriate contractual documentation?

我想我已經解決了這個問題的後半部分。第一部分——通過案例了解的一點是，許多客戶已經簽訂了 5 年、10 年、15 年、20 年、30 年、40 年的合同。因此，當提出索賠時，它可能與幾十年前合同被取消的財產有關。然後你進入——嗯，我們有文書工作嗎，我們有原始檢查嗎，我們有適當的合同文件嗎？

So like with most warranty covers -- you all have a warranty cover on, I don't know, your washing machine, or whatever. Customers' view of what's covered versus the suppliers' view of what's covered will differ from time to time. And then the facts to support the claim and will be up for discussion.

所以就像大多數保修蓋一樣——你們都有保修蓋，我不知道，你的洗衣機，或者其他什麼的。客戶對所涵蓋內容的看法與供應商對所涵蓋內容的看法有時會有所不同。然後是支持該主張的事實，將供討論。

So I don't think there's any new news. And I've shared all the new news that I have on the subject of termite litigation, termite trends. But for sure, when customers get unhappy that they've got termite problems and they want to bring a claim under warranty. From time to time, the company will have a different view that it's not covered or it's only partially covered.

所以我認為沒有任何新消息。我已經分享了所有關於白蟻訴訟、白蟻趨勢的新消息。但可以肯定的是，當客戶對他們遇到的白蟻問題感到不滿並希望在保修期內提出索賠時。有時，公司會有不同的看法，認為它沒有被覆蓋或只被部分覆蓋。

And that's when you get into some of these disputes. And that's when you get into some litigation as to who's at fault and why the situations occurred. So -- but I don't think there's any new news or new trends which I think was the gist of the question.

那就是你陷入其中一些爭議的時候。那就是當您就誰有過錯以及為什麼會發生這種情況進行訴訟時。所以 - 但我認為沒有任何新消息或新趨勢，我認為這是問題的要點。

Yes. So from Max at North Rock, with the site rationalization, what are the moving parts between the cost savings per site closed, please? SG&A synergies, what were the specific areas where you saw scope to raise this part of the synergies? Pricing a major contributor next year and reps don't read the FT. So what's holding organic below 5% next year?

是的。那麼，從 North Rock 的 Max 那裡，隨著站點合理化，關閉每個站點所節省的成本之間的移動部分是什麼？ SG&A 協同作用，您認為可以提高這部分協同作用的具體領域是什麼？定價明年的主要貢獻者和代表不讀英國《金融時報》。那麼，是什麼讓明年的有機率低於 5%？

I'm glad you read that out. I thought you were going to answer it.

我很高興你讀出來了。我以為你會回答它。

Well, I can do that, if you like. So we'll -- let us start with the site rationalization. What are the moving parts behind the cost savings per site close, please.

好吧，如果你願意，我可以做到。所以我們將 - 讓我們從站點合理化開始。請問每個站點關閉所節省的成本背後的活動部分是什麼？

So I think there's 3 levels, as Andy described, to the branch consolidation. One is colocation, bringing sites together, branches together, organizational branches, and putting in the same physical site. And in that way, we save property costs. The second is bringing the management of that branch together, so putting effectively 2 teams under a single operational leadership.

所以我認為，正如 Andy 所描述的那樣，分支合併有 3 個級別。一種是託管，將站點集中在一起，將分支機構集中在一起，組織分支機構，並將其放在同一個物理站點中。通過這種方式，我們節省了物業成本。第二個是將該分支機構的管理集中在一起，從而有效地將 2 個團隊置於單一的運營領導之下。

So thereby, we save operational leadership and management costs, if you like. And then the third element, as again Andy has described at some length, is around the route density under a single brand and a single operating system such that we can deliver one truly integrated business.

因此，如果您願意，我們可以節省運營領導和管理成本。然後是第三個要素，正如安迪再次詳細描述的那樣，圍繞單一品牌和單一操作系統下的路線密度，這樣我們就可以提供一個真正集成的業務。

And those 3 sort of come through over time. And actually, it's the third element that gives us the biggest opportunity, frankly, and that's why the operational synergy benefits are backloaded for the operations piece.

隨著時間的推移，這三種方式都會出現。事實上，坦率地說，這是給我們最大機會的第三個要素，這就是為什麼運營協同效益被後載到運營部分的原因。

SG&A, I don't think -- one of the specific areas. I think we broadly just upgraded it across the board, honestly.

SG&A，我不認為是特定領域之一。老實說，我認為我們只是全面升級了它。

There isn't a single area where we've had a eureka moment that we thought, gosh, we didn't realize that was going to come through. I think it's fair to say, obviously, we delivered more synergies earlier than we were guiding to. But they are the synergies around, I don't know, marketing, around procurement, around vehicle management, that underpin a whole bunch of 2023, but they're not really additional. They're just early delivery of the synergies that we were expecting.

沒有一個領域讓我們想到了靈光一現的時刻，天哪，我們沒有意識到這會發生。我認為可以公平地說，顯然，我們比我們指導的更早提供了更多的協同效應。但我不知道，它們是圍繞營銷、採購、車輛管理的協同作用，支撐了 2023 年的一大堆，但它們並不是真正的額外。它們只是我們預期的協同效應的早期交付。

So just really, it's just nudging it up across the board, just being more comfortable with the targets we've set across the various central functions.

所以真的，它只是全面推動它，只是對我們在各種中央職能部門設定的目標更加滿意。

No reps don't read the FT pricing should be a contributor and what's holding organic growth below 5% next year. Well, we -- as Andy said, we haven't given any guidance on organic growth for 2023. So I don't feel the need to respond to that again.

沒有代表不讀英國《金融時報》的定價應該是一個貢獻者，並且是什麼使明年的有機增長低於 5%。好吧，正如安迪所說，我們沒有就 2023 年的有機增長給出任何指導。所以我覺得沒有必要再次對此做出回應。

Can you talk about the price tailwinds into 2023 by -- this is from Andy Grobler, Exane. Can you talk about price tailwinds into 2023 by end market? I've sort of answered around price. We'll respond as we think fit.

你能談談 2023 年的價格順風嗎？來自 Exane 的 Andy Grobler。你能談談終端市場到 2023 年的價格順風嗎？我已經圍繞價格回答了。我們會按照我們認為合適的方式做出回應。

And clearly, we get some tailwind from our contract pricing in 2022. But also, we have to respond to jobs pricing. Especially in pest control, jobs can be 20% to 40% of our revenue in any given markets, that can have quite a significant impact on our organic growth and our pricing growth in any particular period.

很明顯，我們從 2022 年的合同定價中獲得了一些順風。但同時，我們必須對就業定價做出回應。尤其是在害蟲防治方面，在任何給定市場中，工作崗位可能占我們收入的 20% 至 40%，這會對我們在任何特定時期的有機增長和定價增長產生相當大的影響。

What has been the competitive response to the deal in the U.S.?

美國對該交易的競爭性反應是什麼？

Yes. Okay. In a market that's got 18,000 to 20,000 competitors, most of them very, very local. And of course, the big change in the deal is in the residential and termite space. Incredibly difficult to see there's been any competitive response.

是的。好的。在一個擁有 18,000 到 20,000 名競爭對手的市場中，他們中的大多數都非常非常本地化。當然，交易的重大變化是在住宅和白蟻領域。很難看到有任何競爭性反應。

I mean, what would you do as a competitor? What would you do differently? I mean, these are -- always been very competitive local markets. You pick a town in the United States and Google pest control near me, and see how many come up? Is it 1 or 2? Or is it 15? Well, it's 15, there's always a ton of local competitors.

我的意思是，作為競爭對手，你會怎麼做？你將做點什麼不同的？我的意思是，這些 - 一直是競爭非常激烈的本地市場。你選擇美國的一個小鎮，然後在我附近用 Google Pest Control 搜索一下，看看有多少人出現？是1還是2？還是15？好吧，現在是 15 歲，總是有很多本地競爭對手。

It always has been, always will be. And so if you want to target us differently, what are you going to do? Or what is your strategy? So I don't -- I've heard this question from Andy and others before. I don't really understand what it is that the competitors would do. You could drop your price, but I doubt that.

它一直是，永遠是。所以如果你想以不同的方式瞄准我們，你會怎麼做？或者你的策略是什麼？所以我不知道——我之前從安迪和其他人那裡聽過這個問題。我真的不明白競爭對手會做什麼。你可以降價，但我對此表示懷疑。

So -- no, I haven't seen any competitive response nor could I honestly, hand on heart, tell you if I were able to see it because you're talking about transaction values of $1,000 down in a branch in Nebraska.

所以 - 不，我沒有看到任何有競爭力的反應，我也不能誠實地告訴你我是否能夠看到它，因為你正在談論內布拉斯加州一家分支機構的交易價值低於 1,000 美元。

So -- no, if we see it, we'll tell you we see it, but we haven't seen it.

所以——不，如果我們看到了，我們會告訴你我們看到了，但我們還沒有看到。

And on the commercial side -- again, we haven't seen it. A very competitive marketplace, always has been, I suspect always will be. So we try and differentiate on quality. We try and differentiate on service. We try and differentiate on important things, which we think are important, like the planet and sustainability. And other competitors are entitled to their strategies and their tactics. But I haven't noticed that we've been targeted. And so no, we've not seen it.

在商業方面——同樣，我們還沒有看到。一個競爭非常激烈的市場，一直都是，我想永遠都是。因此，我們嘗試在質量上進行區分。我們嘗試區分服務。我們嘗試區分我們認為重要的重要事物，例如地球和可持續性。其他競爭者有權使用他們的戰略和戰術。但是我沒有註意到我們已經被盯上了。所以不，我們還沒有看到它。

And then Andy's final question is on cash conversion. Apart from exceptional working capital, what are the moving parts on CapEx depreciation and cash P&L tax to get due to your target?

然後安迪的最後一個問題是現金轉換。除了出色的營運資金外，資本支出折舊和現金損益稅的變動部分還有哪些可以實現您的目標？

So our target is 90% in the medium term. It maintains that. So the only question for us really is in the short term, why wouldn't we get to that target.

因此，我們的中期目標是 90%。它堅持認為。所以我們唯一的問題是在短期內，為什麼我們不能達到那個目標。

Terminix is pest control company, Rentokil North America is a pest control company that has good cash generation characteristics. So really, the only 2 things that dilute that in the short term, the much discussed accounting adjustments for termite warranties where we've got a bit of a headwind and a little bit higher CapEx, as you can imagine, is we're bolting these 2 businesses together, both in IT, vehicles, signage, all those sorts of things.

Terminix 是一家害蟲防治公司，Rentokil North America 是一家具有良好現金產生特性的害蟲防治公司。所以說真的，只有兩件事在短期內會稀釋它，即討論得最多的白蟻保修會計調整，我們有一點逆風和一點點高資本支出，正如你可以想像的那樣，我們正在螺栓這兩個業務結合在一起，都在 IT、車輛、標牌等領域。

We'll have a little bit of CapEx there, but that's really reflected already in the guidance we've given. So we're very confident about the cash generation in the medium term, it's just going to be slightly softer in the short term.

我們會有一些資本支出，但這確實已經反映在我們給出的指導中。因此，我們對中期的現金產生非常有信心，只是在短期內會略有疲軟。

Stu, I'm going to suggest just to take one more from here, reading the room. And any that's really critical here we'll try and get back to those who have asked them or they can give us a call, give you a call, but I think we've had a good session today. We've provided a ton of information, answered a lot of questions and there's a train strike. So with that in mind, we'll take one more, and take your pick -- make it one for you would be my...

Stu，我建議從這裡再拿一個，閱讀房間。任何真正重要的問題，我們都會嘗試回复那些詢問過他們的人，或者他們可以給我們打個電話，給你打個電話，但我認為我們今天的會議很順利。我們提供了大量信息，回答了很多問題，現在火車罷工了。因此，考慮到這一點，我們將再選一個，然後由您挑選——為您製作一個，我的……

I'll do that. So this is a sensitive one, but -- so I think it's worth doing it. From James Beard at Numis. Can you confirm that your updated free cash flow conversion targets or pre cash exceptionals? You appear to have changed your free cash flow definition from last year to exclude cash exceptionals. Does your current free cash flow definition includes cash payments for termite damage remediation?

我會去做。所以這是一個敏感的問題，但是——所以我認為這樣做是值得的。來自 Numis 的 James Beard。您能否確認您更新後的自由現金流量轉換目標或現金前例外情況？您似乎已經更改了去年的自由現金流量定義，以排除現金例外情況。您當前的自由現金流定義是否包括用於白蟻損害修復的現金支付？

So I think -- and then some questions around termite accounting, which I think I've covered. So -- yes, our free cash flow does include the cash payments from termite damage. I think that's been clear. We have moved our free cash flow definition to exclude the exceptionals, but that's really because of the cost to achieve. And we don't think -- historically, we've been at about GBP 20 million or so run rate on one-off type costs.

所以我認為 - 然後是關於白蟻會計的一些問題，我想我已經討論過了。所以 - 是的，我們的自由現金流確實包括白蟻損害的現金支付。我想這已經很清楚了。我們已經移動了我們的自由現金流定義以排除例外情況，但這實際上是因為實現成本。而且我們不認為 - 從歷史上看，我們的一次性成本約為 2000 萬英鎊左右。

So we've been very comfortable it doesn't distort the year-on-year number. But clearly, we're going through a period of a couple of years where that's quite -- so disclosing the free cash flow generation, including those exceptional costs, doesn't feel like the right thing to do.

所以我們一直很舒服它不會扭曲同比數字。但很明顯，我們正在經歷幾年的時間——所以披露自由現金流的產生，包括那些特殊的成本，感覺不是正確的做法。

So I think we've been fairly clear in the documentation, and that's the decision we made. So I think, therefore, that is it, Andy.

所以我認為我們在文檔中已經相當清楚，這就是我們做出的決定。所以我認為，就是這樣，安迪。

And breathe. All right. Thank you very much for your interest in the company, your excellent questions. We'll be hanging around here for a little bit. So happy to chat further. And look forward to seeing you again in 6 months' time. Thank you all very much.

呼吸。好的。非常感謝您對公司的興趣，以及您提出的很好的問題。我們會在這裡閒逛一會兒。很高興進一步聊天。並期待在 6 個月後再次見到您。非常感謝大家。