聯合利華 (UL) 2023 Q4 法說會逐字稿

Good morning, and welcome to Unilever's Full Year Results. I'm delighted to be here today with our new Chief Financial Officer, Fernando Fernandez, who, as you know, took over the role on the 1st of January.

早安，歡迎參加聯合利華全年業績發表會。我很高興今天能和我們新任財務長費爾南多·費爾南德斯先生一起出席，正如大家所知，他已於1月1日正式上任。

Fernando may be new to the role but not, of course, to Unilever, having previously served as President of our Beauty & Wellbeing business group, and before that, as head of Unilever's business in Latin America.

費爾南多或許是這個職位的新人，但當然，他對聯合利華並不陌生，他之前曾擔任我們美容與健康業務集團的總裁，在此之前，他還曾擔任聯合利華拉丁美洲業務的負責人。

We expect prepared remarks to be around 45 minutes, followed by Q&A of around 30 minutes. And all of today's webcast is available live, transcribed on the screen.

我們預計發言時間約45分鐘，接著是問答環節約30分鐘。今天的所有網路直播內容都將即時顯示在螢幕上，並配有文字稿。

This is how we will run today. In a moment, Fernando will take you through the details of the results and our outlook. I will then give an update of our progress against our Growth Action Plan before we take your questions.

今天會議流程如下。稍後，費爾南多將詳細介紹會議結果和展望。之後，我將報告我們在執行成長行動計畫的進展，然後再回答各位的問題。

First, though, let me try to frame today's announcement with a few overall reflections of my own. The results and our performance for last year give some cause for assurance, the strength and the resilience of the business are clear, but not enough cause for comfort. There are some real gaps that we need to close. Most of all, however, they reaffirm the importance and the relevance of the measures we are taking now at pace to accelerate Unilever's growth and to step up the quality and the consistency of our performance.

首先，我想先談談我個人的一些整體看法。去年的業績和表現確實令人鼓舞，公司的實力和韌性顯而易見，但這還不足以讓人完全放鬆。我們仍然面臨一些亟待解決的差距。但最重要的是，這些都再次印證了我們目前正加速推進各項措施的重要性和意義，這些措施旨在提升聯合利華的成長速度，並提高績效的品質和穩定性。

Those measures were set out in the Growth Action Plan I shared with you at the end of October. But given its importance, I want to devote most of my remarks today to the plan and how we are implementing it.

這些措施已在我10月底與大家分享的《成長行動計畫》中列明。但鑑於其重要性，我今天想把大部分發言時間用於闡述該計劃以及我們如何實施該計劃。

First, though, let me highlight five important shifts that we have already made, some of which are reflected in the results we are sharing with you today. First, we returned to positive volume growth of 1.8% in Q4 and gross margin expansion of 330 basis points in the second half. Second, we tightened grip on operations and working capital leading to strong free cash flow. Third, we stepped up brand and marketing investment focused on the 30 Power Brands. Fourth, we made significant changes in our Ice Cream business to address underperformance. And fifth, we accelerated portfolio change with the acquisition of the premium hair care brand, K18, and the disposal in the value segment of Elida Beauty.

首先，我想重點介紹我們已經做出的五項重要調整，其中一些調整已體現在我們今天與大家分享的績效中。第一，我們在第四季度恢復了1.8%的銷售成長，並在下半年實現了330個基點的毛利率成長。第二，我們加強了對營運和營運資本的控制，從而實現了強勁的自由現金流。第三，我們加大了對品牌和行銷的投入，並專注於30個核心品牌。第四，我們對冰淇淋業務進行了重大調整，以解決業績不佳的問題。第五，我們加快了產品組合的調整，收購了高端護髮品牌K18，並出售了Elida Beauty的平價業務。

I will come back to the Growth Action Plan in more detail later, but I wanted to flag these five shifts upfront partly because they are significant in their own right, but also because they're indicative of the changes that we are making, changes that we need to make, and we know that.

稍後我會更詳細地介紹成長行動計劃，但我想先強調這五項轉變，部分原因是它們本身意義重大，也因為它們顯示了我們正在做出的改變、我們需要做出的改變，而我們也知道這一點。

Our competitiveness bottomed out, but remains unacceptably low. So we are not waiting to take the action that is needed. And on that note, let me hand over to Fernando to take you through the results.

我們的競爭力已經跌至谷底，但仍然低得令人無法接受。因此，我們不會坐視不管，必須立即採取必要行動。接下來，我會把發言權交給費南多，讓他為大家介紹結果。

Fernando, over to you.

費爾南多，該你了。

Thank you, Hein. I am very happy to be here with you today for the first time as Unilever Chief Financial Officer.

謝謝你，海因。今天我非常高興能以聯合利華財務長的身份第一次來到這裡。

Let me introduce myself. I joined Unilever in Argentina as an economist in the finance function. For the last 16 years, I have led some of our key operations like the Philippines, Brazil and Latin America. More recently, I was the President of the Beauty & Wellbeing business group.

讓我自我介紹一下。我最初加入聯合利華阿根廷分公司，擔任財務部門的經濟學家。在過去的16年裡，我曾領導過一些重要的業務運營，例如菲律賓、巴西和拉丁美洲的業務。最近，我擔任美容與健康業務集團總裁。

My long experience high-growth businesses, particularly in volatile markets, has always been anchored in one fundamental belief: drive brand and product differentiation to grow volume, positive mix and to expand gross margin consistently. That recipe never fails in delivering long-term competitive success, and it is the one we will ruthlessly follow.

我多年來在高成長企業，尤其是在動盪市場中的經驗，始終秉持著一個基本信念：透過品牌和產品差異化來提升銷售量、優化產品組合併持續提高毛利率。這項策略屢試不爽，是實現長期競爭優勢的致勝法寶，我們將堅定不移地奉行這項原則。

I am excited to partner Hein in embedding the Growth Action Plan to improve our financial performance, our competitiveness and drive significant value creation. That said, let's get into our 2023 results.

我很高興能與海因合作，共同落實成長行動計劃，以提升我們的財務表現、增強競爭力並創造顯著價值。接下來，讓我們展望一下2023年的業績。

Full year 2023 underlying sales growth was 7% with all our business groups delivering growth. Price contributed strongly at 6.8% and volume returned to positive territory at 0.2%. The 30 Power Brands were growth accretive with 8.6% underlying sales growth and 1.6% volume growth. Along the year, we have seen a steady decline of price growth rates as cost inflation eased.

2023年全年，我們所有業務集團的基本銷售額成長了7%，並實現了成長。價格成長貢獻顯著，達6.8%，銷售成長也恢復至正成長區間，達0.2%。 30個主力品牌均實現了成長，基本銷售額成長8.6%，銷量成長1.6%。全年來看，隨著成本通膨放緩，價格成長率持續下降。

Fourth quarter growth was 4.7%, with a significant step-up in volume growth to 1.8% and with price at 2.8%. Three of our 5 business groups posted volume growth: Beauty & Wellbeing, Personal Care and Home Care. The 30 Power Brands grew 6.5% with 3.9% coming from volume.

第四季成長4.7%，其中銷量成長顯著提升至1.8%，價格成長2.8%。我們五大業務集團中有三個實現了銷售成長：美容與健康、個人護理和家居護理。 30大強勢品牌成長6.5%，其中3.9%來自銷售成長。

Going forward, we will be laser-focused on driving volume growth and mix as price growth returns to more normalized levels.

展望未來，隨著價格成長恢復到更正常的水平，我們將重點放在推動銷售成長和產品組合優化上。

Beauty & Wellbeing delivered a strong full year performance with good balance between volume and price growth. Underlying sales growth was 8.3%, 4.4% in volume, 3.8% in price.

美容及健康業務全年表現強勁，銷售成長與價格成長保持良好平衡。其中，銷售額成長8.3%，銷售成長4.4%，價格成長3.8%。

In the fourth quarter, we saw a strong acceleration in volume growth to 6.3%, underpinning sales growth of 7.9%.

第四季度，銷售成長強勁加速至 6.3%，支撐了銷售額成長 7.9%。

Our Health & Wellbeing and Prestige Beauty businesses, both with significant exposure to the U.S. market, continued to deliver double-digit volume-led growth. Liquid I.V., Nutrafol, Dermalogica and Hourglass all performed exceptionally well. Combined, Health & Wellbeing and Prestige Beauty now represent 27% of the business group turnover.

我們的健康與保健和高端美妝業務，均在美國市場佔有相當大的份額，持續保持兩位數的銷售成長。 Liquid I.V.、Nutrafol、Dermalogica 和 Hourglass 等品牌都表現出色。健康與保健及高端美妝業務合計目前佔集團總營業額的 27%。

Hair ended the year with good momentum and positive volume growth, reflecting strong performances from Sunsilk, TRESemmé and Nexxus, our masstige proposition in the U.S. premium segment.

頭髮護理業務以良好的勢頭和積極的銷售成長結束了這一年，這反映了 Sunsilk、TRESemmé 和 Nexxus（我們在美國高端市場的輕奢產品）的強勁表現。

The core skin businesses saw a strong performance for Vaseline, now EUR 1 billion brand, on the back of the Gluta-Hya innovation. Carver's performance was weak given a necessary reset of our Chinese route to market. Whilst we are disappointed with Carver's performance, we remain confident in the potential of the AHC brand across Asian markets.

在核心護膚業務方面，凡士林表現強勁，如今該品牌年銷售額已達10億歐元，這主要得益於穀胱甘肽-透明質酸（Gluta-Hya）創新技術的運用。由於需要調整中國市場管道，卡佛（Carver）的業績表現疲軟。儘管我們對卡佛的表現感到失望，但我們仍然對AHC品牌在亞洲市場的潛力充滿信心。

Personal Care also had a strong year, driven by mid-teens growth from the Deodorants. Underlying sales growth was 8.9% for the year with 3.2% in volume and 5.5% in price.

個人護理業務也表現強勁，其中除臭劑產品實現了兩位數以上的成長。全年銷售額成長8.9%，其中銷量成長3.2%，價格成長5.5%。

Fourth quarter growth was 6.4%, with 2.5% volume and 3.8% price.

第四季成長6.4%，其中銷量成長2.5%，價格成長3.8%。

The global rollout of our 72-hour nonstop protection technology across Dove, Rexona and Axe has given us significant product superiority and strong growth in all 3 brands. It will remain one of our major multi-year growth initiatives.

我們面向全球推廣的72小時不間斷防護技術，已成功應用於多芬、力士和凌仕三大品牌，顯著提升了產品優勢，並推動了這三大品牌的強勁成長。這將繼續是我們未來多年重要的成長策略之一。

Skin Cleansing grew well with positive volumes despite the slowdowns in India and Indonesia to which I will come back shortly. Dove benefited from the Dove Body Wash improved deep moisture innovation and Dove Men+Care enjoyed strong double-digit growth.

儘管印度和印尼市場成長放緩（稍後我會詳細說明），但潔膚產品銷售仍保持成長勢頭。多芬受益於多芬沐浴露深層滋潤配方的升級，而多芬男士護理系列也實現了兩位數的強勁增長。

Oral Care also grew well in the fourth quarter with solid performances in both Pepsodent and Closeup, particularly in our Asian strongholds.

口腔護理業務在第四季度也取得了良好成長，Pepsodent 和 Closep 兩大品牌都表現穩健，尤其是在我們的亞洲優勢市場。

Despite the strong financial performance of our Personal Care business, we are disappointed with the erosion of competitiveness in the U.S., where we have been too slow in responding to the consumer shift to an emerging super-premium segment. We are taking decisive action to address this issue, but it will not be a quick fix.

儘管我們的個人護理業務財務表現強勁，但我們對美國市場競爭力下降感到失望。在美國，我們未能及時應對消費者向新興的超高端市場轉變的需求。我們正在採取果斷措施解決這個問題，但這並非一朝一夕就能解決。

Home Care saw volumes turning positive in the second half alongside a sharp deceleration in price growth. Underlying sales growth was 5.9% for the year with 6.8% price and 0.9% reduction in volumes.

家庭護理業務下半年銷售轉正，同時價格成長大幅放緩。全年基礎銷售額成長5.9%，其中價格成長6.8%，銷量下降0.9%。

Fourth quarter growth was 1.7%, comprising positive 0.8% volume and 0.9% price.

第四季成長1.7%，其中銷量成長0.8%，價格成長0.9%。

Home Care has a significant exposure to emerging markets where volatile commodities play a disproportionate role in many Asian markets, including our largest, India, we benefited during the upward trend of commodities with several local players in the value segment struggling. Now with falling commodity prices, they are returning to the market, putting pressure on prices. We are and we will defend our position, and this explain the sharp deceleration of pricing we have seen as the year progressed.

家庭護理業務在新興市場佔有相當大的份額，而大宗商品價格波動在許多亞洲市場（包括我們最大的市場印度）都扮演著舉足輕重的角色。在大宗商品價格上漲的時期，我們受益匪淺，而一些本土企業在價值型產品領域舉步維艱。如今，隨著大宗商品價格下跌，這些企業重返市場，對產品價格帶來了下行壓力。我們始終並將繼續捍衛我們的市場地位，這也解釋了我們觀察到的價格增速在今年以來急劇放緩的原因。

Fabric enhancers and Home & Hygiene also grew with good performances in Latin America, Turkey and the successful introduction of the Domestos Power Foam in Europe. This is another example of premium innovation based on differentiated technology, which will drive both category growth and improvement in competitiveness. Hein will come back to this theme shortly.

織物柔軟精和家居衛生用品業務也實現了成長，這得益於拉丁美洲和土耳其市場的良好表現，以及多美仕強力泡沫清潔劑在歐洲的成功上市。這再次印證了基於差異化技術的優質創新，這種創新將推動品類成長並提升競爭力。海因稍後將再次探討這個主題。

Nutrition delivered price-led growth in 2023 as the business responded to higher input costs. Nutrition grew 7.7% in the year with price up 10.1% and volumes down 2.2%.

2023年，營養品業務因物價上漲而成長，主要受成本上漲驅動。該業務全年成長7.7%，其中價格上漲10.1%，銷量下降2.2%。

Fourth quarter growth was 4.7% with price up 5.9% and volume down 1.1%.

第四季成長4.7%，價格上漲5.9%，銷量下降1.1%。

The main drag on volume was in Europe where we have aggressively rationalized our assortment through the delisting of unprofitability items and where we continue to see the impact of consumer down-trading to private label.

銷售的主要拖累因素是歐洲，我們積極地透過下架無利可圖的商品來精簡產品種類，並且我們繼續看到消費者轉向自有品牌所帶來的影響。

The 2 largest brands, Knorr and Hellmann's, which together represent 60% of the business group, grew well in the fourth quarter with positive volume. Knorr surpassed the EUR 5 billion milestone for the full year. And Hellmann's benefited from the continued success of their vegan and flavor ranges across key markets.

集團旗下兩大品牌－家樂（Knorr）和好樂門（Hellmann's）－合計佔集團業務的60%，第四季銷售成長良好。家樂全年銷售額突破50億歐元大關。好樂門則受益於其純素系列和風味系列產品在主要市場的持續成功。

Our professional Food Solutions business delivered a strong double-digit growth throughout the year. The business has now returned to prepandemic volumes with value well ahead.

我們的專業食品解決方案業務全年實現了強勁的兩位數成長。目前，該業務的銷量已恢復到疫情前水平，且銷售額遠超疫情前水平。

Ice Cream grew 2.3% a year with 8.8% price growth and a 6% decline in volume.

冰淇淋年增率為 2.3%，價格成長率為 8.8%，銷量下降了 6%。

The fourth quarter saw underlying sales growth of minus 0.4% with price growth slowing to 0.4% and a volume decline of 0.8%.

第四季基本銷售額下降0.4%，價格成長放緩至0.4%，銷量下降0.8%。

It has been a very disappointing year for Ice Cream with price elasticity in the in-home channel much more negative than that seen in other categories and with a strong consumer down-trading to private label. We are taking actions to restore competitiveness in the category. And we start to see benefits of a sharpened pricing and promotional strategy in the United States that brought in-home volumes back to positive territory in the fourth quarter.

對冰淇淋而言，今年是令人非常失望的一年。家庭通路的價格彈性遠低於其他品類，消費者也紛紛轉向自有品牌。我們正在採取措施恢復該品類的競爭力。在美國，我們開始看到優化定價和促銷策略的成效，第四季家庭通路的銷售量已轉正。

A difficult year calls for reflection and then action. We have put in place a new leadership team led by Peter ter Kulve, who has great experience in the category. This team is reviewing the end-to-end economics of the business with the goal of improving operational grip and productivity.

艱難的一年需要我們反思並採取行動。我們組建了一支新的領導團隊，由在該領域擁有豐富經驗的彼得·特·庫爾夫 (Peter ter Kulve) 領導。該團隊正在全面審查業務的經濟效益，旨在提升營運效率和生產力。

This completes the review of the business group performance. Let me now reflect briefly on the fourth quarter performance through a regional lens.

至此，業務集團業績回顧完畢。現在，我想從區域角度簡要回顧一下第四季的業績。

Our largest region, Asia Pacific Africa grew 1.9% in the quarter with 0.7% volume and 1.1% price. It is a testament to our strength in depth in emerging markets. Now we have been able to deliver positive growth in Asia Pacific Africa region despite some headwinds in important markets like India and Indonesia.

我們最大的區域—亞太非洲區—本季成長1.9%，其中銷量成長0.7%，價格成長1.1%。這充分體現了我們在新興市場的深厚實力。儘管在印度和印尼等重要市場面臨一些不利因素，我們依然在亞太非洲區實現了正成長。

In India, Hindustan Unilever remains a powerhouse with strong brands and rival distribution and exceptional talent. As has happened many times in the past, the business is navigating a commodity cycle aiming to strengthen our long-term competitive position. We have decisively adjusted prices in categories more sensitive to commodity cost deflation such as fabric cleaning and skin cleansing bars. The outcome was a flat top line in quarter 4, but with volumes coming back to the long-term growth trajectory and improving gross margin. We will continue investing behind our brands and capabilities even if price is expected to remain negative in the near future.

在印度，印度聯合利華仍是業界巨頭，擁有強大的品牌、可匹敵的通路和卓越的人才。正如以往多次經歷的那樣，公司正努力應對大宗商品週期，力求鞏固長期競爭優勢。我們已果斷調整了對大宗商品成本通貨緊縮更為敏感的品類（例如織物清潔劑和潔膚皂）的價格。第四季營收基本持平，但銷量已恢復至長期成長軌道，毛利率也有所提升。即使預期短期內價格仍將處於負成長狀態，我們仍將繼續加大對品牌和能力的投入。

In Indonesia, we saw a double-digit sales decline in the fourth quarter as sales of several multinational companies were impacted by geopolitically focused consumer-facing campaigns. The impact was significant in December, but we are managing the situation well and began to see an improvement in our January sales.

在印尼，由於多家跨國公司受到地緣政治因素影響，其面向消費者的行銷活動衝擊，導致第四季銷售額出現兩位數下滑。 12月份的影響尤其顯著，但我們已有效應對，並開始看到1月銷售額有所回升。

Europe grew 2.5% in the quarter with price up 9.4% and volume down 6.3%. With a large exposure to Nutrition and Ice Cream, we suffer from the consumer down-trading to value. We have also consciously removed a significant number of unprofitable SKUs making us leaner and sharper. This impacted volumes and market share, but with a positive mix contribution to gross margin.

歐洲市場本季成長2.5%，但價格上漲9.4%，銷售量下降6.3%。由於我們在營養品和冰淇淋領域投入較大，因此受到消費者轉向高性價比產品的影響。此外，我們也主動剔除了大量無利可圖的SKU，讓業務更加精簡有效率。雖然這影響了銷售量和市場份額，但產品組合的最佳化提升了毛利率。

North America grew 7% in the quarter with volume up strongly at 6.3%. This was a great performance driven by positive volumes in all business groups, and in particular, the strong performance of the brands acquired over recent years in our Health & Wellbeing and Prestige Beauty businesses.

北美地區本季成長7%，銷量強勁成長6.3%。所有業務集團的銷售量均實現成長，尤其是近年來在健康與保健和高端美妝業務領域收購的品牌表現出色，推動了這一優異業績的實現。

I don't want to sound biased, however, let me say that Latin America remains a real Unilever stronghold. The region grew 13.4% in the quarter, successfully navigating the commodity cycle with a pivot from price-led growth to a strong volume growth of 9.1%. This reflects a well-positioned portfolio and the strength of both our brands and our in-market execution across the region.

我不想顯得偏袒，但我想說，拉丁美洲仍然是聯合利華的真正堡壘。該地區本季成長了13.4%，成功應對了商品週期波動，實現了從價格驅動型成長到9.1%的強勁銷售成長。這反映了我們完善的產品組合，以及我們品牌和市場執行力在該地區的優勢。

A key feature of the financial statements in 2023 is the negative impact of currency, both at top and bottom line. This was driven by the weakness of most currencies against the euro. Not only were the emerging market currencies down, led by Argentina, India and Turkey, but the U.S. dollar also saw a negative impact.

2023年財務報表的關鍵特徵是匯率波動對公司營收和利潤的負面影響。這主要是因為大多數貨幣兌歐元走弱所致。不僅阿根廷、印度和土耳其等新興市場貨幣貶值，美元也受到負面影響。

Turnover for the year was EUR 59.6 billion, down 0.8% versus 2022. Underlying sales growth contributed 7%. And we saw a negative impact from acquisitions and disposals of 1.7% with the disposals of tea and Suave, partially offset by the inclusion of Nutrafol and Yasso.

全年營業額為596億歐元，較2022年下降0.8%。基礎銷售額成長貢獻了7%。收購和出售業務對營業額造成了1.7%的負面影響，其中出售茶葉和Suave業務的影響被Nutrafol和Yasso的併入部分抵消。

Currency had a negative impact of 5.7% on turnover. And if currencies remain they were at the end of January, the currency impact on full year 2024 turnover would be around minus 2% and around minus 5% on underlying earnings per share. This will no doubt change, and we will update you as the year unfolds.

匯率波動對營業額造成了5.7%的負面影響。如果匯率維持在1月底的水平，那麼匯率波動對2024年全年營業額的影響約為-2%，對每股盈餘的影響約為-5%。這種情況無疑會發生變化，我們將隨著時間的推移及時向您報告最新進展。

Underlying operating margin for the year was 16.7%, up 60 basis points versus 2022. The gross margin expansion of 200 basis points allowed us to significantly increase our brand and marketing investment by 130 basis points to 14.3% of turnover. That investment in our brands focused behind strong superior innovations is a fundamental reason behind the acceleration of volume growth in the second half. The 10 basis points increase in overheads reflect continued investment in R&D and key capabilities.

本年度基本營業利益率為16.7%，較2022年成長60個基點。毛利率提升200個基點，讓我們大幅提升品牌和行銷投入，增幅達130個基點，佔營業額的14.3%。這項專注於打造卓越創新品牌的投資，是下半年銷售加速成長的根本原因。管理費用增加10個基點，反映了我們對研發和關鍵能力建構的持續投入。

Three business groups increased underlying operating margin, personal Care, Home Care and Nutrition, whilst Beauty & Wellbeing was flat as we keep investing behind our fast-growing Prestige and Health & Wellbeing businesses. Ice Cream was down 90 points, reflecting the gross margin impact from continued cost inflation and volume deleverage.

個人護理、家居護理和營養品三大業務板塊的基礎營業利潤率有所提升，而美容及健康業務板塊則持平，因為我們持續加大對快速增長的高端和健康業務的投資。冰淇淋業務利潤率下降90個百分點，反映出持續的成本上漲和銷量下滑對毛利率的影響。

In absolute euros, underlying operating profit was up 12% in constant exchange rate and 2.6% in current, reflecting the higher-than-normal drag from currency on the 2023 result.

以歐元計價，以固定匯率計算，基本營業利潤增長了 12%，以當前匯率計算增長了 2.6%，這反映出匯率對 2023 年業績的拖累比正常情況要大。

Absolute profit is a metric I follow closely and something that you will hear us talk more about in the future. Both Hein and I believe deeply that continued gross margin improvement must be the backbone of our plans going forward. The return of gross margin to prepandemic levels is an absolute priority. We are already making good progress with gross margin up 200 basis points in the full year to 42.2% and a strong acceleration of 330 basis points in the second half of 2023.

絕對利潤是我密切關注的指標，未來我們也會談到它更多。我和海因都深信，持續提升毛利率必須是我們未來計畫的核心。將毛利率恢復到疫情前水準是我們的首要任務。目前我們已經取得了顯著進展，全年毛利率提升了200個基點，達到42.2%，預計2023年下半年將強勁成長330個基點。

Net material inflation moderated in the second half, but we did not see deflation. Our price coverage improved as the year progressed, but we have not yet fully recovered the impact of cost inflation since 2020.

下半年淨材料通膨有所緩和，但並未出現通貨緊縮。隨著時間的推移，我們的價格覆蓋率有所提高，但尚未完全消除2020年以來成本通膨的影響。

We continue seeing the benefits of mix coming from portfolio optimization in several areas, such as acquisitions and disposals, premiumization and removal of unprofitable SKUs. Improvement in conversion costs will be a key priority going forward and one of the key areas where our new net productivity program will be focused.

我們持續看到產品組合優化在多個領域帶來的益處，例如收購和處置、高端化以及剔除無利可圖的SKU。降低轉換成本將是未來的關鍵優先事項，也是我們新的淨生產力提升計畫的重點領域之一。

Underlying earnings per share were EUR 2.60, up 11% in constant currency and 1.4% in current exchange rates. We saw a strong positive contribution of 10.3% from operational performance as a result of combined top line growth and margin expansion.

每股基本收益為2.60歐元，以固定匯率計算成長11%，以目前匯率計算成長1.4%。營運績效的強勁成長貢獻了10.3%，這主要得益於營收成長和利潤率提升。

Finance costs made a positive contribution to underlying EPS of 2% at constant currency. Whilst we did see the impact of high interest rates on our debt, this was more than offset by higher interest income and a higher interest credit from pensions.

以固定匯率計算，財務成本對每股盈餘 (EPS) 貢獻了 2% 的正向影響。儘管高利率對我們的債務產生了一定影響，但更高的利息收入和退休金利息收入足以抵消這種影響。

Tax was a drag of 1.6% on underlying EPS. As we saw our underlying effective tax rate increase to 25.6%. This was primarily due to an increase in nondeductible interest payments and lower benefits from tax settlements and other one-off items. Our guidance for the underlying effective tax rate remains around 25%.

稅收因素拖累了基礎每股收益1.6%。我們的基礎實際稅率上升至25.6%。這主要是由於不可抵扣利息支出增加，以及稅務和解及其他一次性項目帶來的收益減少。我們對基礎實際稅率的預期仍維持在25%左右。

The impact of our share buyback program made a positive contribution, which was mainly offset by higher minority interest.

我們的股票回購計畫產生了正面影響，但主要被少數股東權益增加所抵消。

The combination of the above resulted in underlying earnings per share increasing by 11% in constant currency. This strong operational performance was mostly offset by a negative currency impact of 9.6% to leave underlying EPS up 1.4%.

上述因素綜合作用，使得以固定匯率計算的基本每股盈餘成長了11%。然而，強勁的營運績效基本上被9.6%的匯率負面影響所抵消，最終基本每股盈餘僅成長了1.4%。

Free cash flow for 2023 was strong at EUR 7.1 billion, up EUR 1.9 billion versus 2022, resulting in a cash conversion ratio of 111%. The main drivers behind this strong delivery, were the operational profit and improved working capital, although we also benefited from a one-off EUR 400 million tax refund in India.

2023年自由現金流強勁，達71億歐元，較2022年成長19億歐元，現金轉換率達111%。這一強勁業績的主要驅動因素是營運利潤和營運資本的改善，此外，我們也受惠於在印度獲得的一筆4億歐元的一次性退稅。

We increased capital expenditure to 2.9% of turnover. And going forward, we expect it around 3% as we continue to upgrade our technology and accelerate savings.

我們將資本支出提高至營業額的2.9%。展望未來，隨著我們不斷升級技術並加快成本節約，我們預計這一比例將維持在3%左右。

Return on invested capital improved to 16.2%, slightly up against 2022 at 16%. This reflects the favorable working capital improvement, which reduced total invested capital.

投資資本報酬率提高至16.2%，略高於2022年的16%。這反映了營運資本的良好改善，從而減少了總投資資本。

Finally, closing net debt was EUR 23.7 billion, in line with December '22. Closing net debt-to-underlying EBITDA was 2.1x, in line with our guidance of around 2x.

最後，期末淨債務為 237 億歐元，與 2022 年 12 月的數據一致。期末淨債務與基礎 EBITDA 的比率為 2.1 倍，與我們先前約 2 倍的預期相符。

Proper capital allocation for maximization of value creation is an absolute priority for me. As laid out by Hein in October, we will allocate capital behind 4 key streams. First, to drive organic growth, investment in superior R&D technologies to support multiyear innovation programs for our top 30 brands will be a key priority. R&D increased from 1.5% to 1.6% of turnover last year, and we are committed to increase spend again in 2024.

對我而言，合理配置資本以實現價值最大化是重中之重。正如海因在十月所闡述的，我們將把資本分配到四個關鍵領域。首先，為了推動內生成長，我們將專注於卓越的研發技術，以支持旗下前30大品牌的多年創新項目。去年，研發投入佔營業額的比例從1.5%成長到1.6%，我們承諾在2024年持續增加研發支出。

Secondly, we will prioritize investment to drive net productivity. Whilst part of our capital expenditure is dedicated to align production and distribution capacity with our growth plans, we will significantly increase the proportion of our CapEx allocated to optimize our supply chain and unlock efficiencies.

其次，我們將優先投資以提升淨生產力。雖然部分資本支出將用於調整生產和分銷能力以適應我們的成長計劃，但我們將大幅提高用於優化供應鏈和提升效率的資本支出比例。

Thirdly, we focus on shareholder returns through an ongoing attractive dividend with payout ratios in the mid-60s. We will supplement dividends with share buybacks when we have surplus cash available. In 2023, we returned EUR 4.4 billion through dividends and EUR 1.5 billion through share buybacks.

第三，我們專注於透過持續派發具有吸引力的股利來提升股東回報，派息率維持在60%左右。當現金充裕時，我們將透過股票回購來補充股利。 2023年，我們透過股利返還了44億歐元，並透過股票回購返還了15億歐元。

Finally, we will continue allocating capital to bolt-on acquisitions to further strengthen our portfolio in premium segments and faster-growing channels, particularly in the United States.

最後，我們將繼續投入資金進行補充收購，以進一步加強我們在高端市場和成長較快管道（尤其是在美國）的業務組合。

During 2023, we have been active with 5 important transactions: the disposals of Suave, Dollar Shave Club and the recently announced agreement to dispose Elida Beauty, which we expect to be completed sometime mid-'24. We also acquired two exciting premium brands, Yasso in Ice Cream and K18 in Prestige Hair Care.

2023年，我們積極完成了5項重要交易：出售了Suave和Dollar Shave Club，以及最近宣布的出售Elida Beauty的協議，我們預計將於2024年中期完成該交易。此外，我們也收購了兩個令人矚目的高端品牌，分別是冰淇淋品牌Yasso和高端護髮品牌K18。

Before moving to 2024 outlook, let me tell you how we will measure competitiveness going forward. Our current level of competitiveness is unacceptable, and we are investing and improving execution to turn it around. The current metric, percentage of business winning, has fundamental flaws. It is a binary metric that does not take into account the size of share gains and losses and it does not provide any color about our performance versus market growth.

在展望2024年之前，我想先說明我們未來將如何衡量競爭力。我們目前的競爭力水平令人無法接受，我們正在加強投入並改善執行力以扭轉局面。目前的衡量指標——業務成功率——存在根本缺陷。它是一個二元指標，沒有考慮市場佔有率的增減幅度，也無法反映我們相對於市場成長的績效表現。

From now onwards, we will measure and inform competitiveness through turnover-weighted market share with a coverage of around 70% of our revenue. It is important to note that fast-growing parts of our portfolio, such as Food Solutions, Prestige Beauty, all accretive to growth will not be covered.

從現在起，我們將透過營業額加權市場份額來衡量和評估競爭力，該指標涵蓋我們約70%的收入。需要注意的是，我們產品組合中快速成長的部分，例如食品解決方案和高端美妝，由於這些部分對公司成長具有顯著的促進作用，因此將不納入考慮範圍。

As you can see, during the last 2 years, we have been growing above global market growth, which reflects our favorable geographical footprint. However, we will not lie to ourselves. Turnover-weighted market share is the true measure of our competitive performance within the footprint in which we operate, and we are disappointed with a 75 basis point share decline. Of this, 60% is explained by Europe and 20% by the shift to super-premium segments in the United States personal care market.

如您所見，過去兩年我們的成長速度一直高於全球市場成長速度，這反映了我們有利的地域佈局。然而，我們不會自欺欺人。營業額加權市佔率才是衡量我們在營運區域內競爭表現的真正指標，而我們對市佔率下降75個基點感到失望。其中，60%的下降源自於歐洲市場，20%則源自於美國個人護理市場向超高端細分市場的轉型。

Fixing competitiveness will take time. We don't expect to see an improvement in the first half of 2024, but we are committed to turn around our competitiveness.

提升競爭力需要時間。我們預計2024年上半年不會有所改善，但我們致力於扭轉競爭力頹勢。

Let me close with the 2024 full year outlook. Our priority remains to drive organic top line growth. We expect underlying sales growth to be within our multiyear range of 3% to 5%. Underpinning this, we expect an improved contribution from underlying volume growth. The impact of the Growth Action Plan will start to be seen in the second half.

最後，我想談談2024年全年展望。我們的首要任務仍是推動內生性營收成長。我們預期基礎銷售額成長將維持在3%至5%的多年預期範圍內。在此基礎上，我們預期基礎銷售成長將有所提升。成長行動計畫的影響將在下半年開始顯現。

We expect to deliver a modest improvement in underlying operating margin for the full year. This will be driven by gross margin expansion through a step-up in productivity, while net material inflation returns to historic normalized level.

我們預計全年基本營業利潤率將小幅提升。這主要得益於生產力提高帶來的毛利率成長，同時原物料淨通膨也將恢復至歷史正常水準。

In terms of capital returns, we remain committed to an attractive, sustainable dividend that will be supplemented by a EUR 1.5 billion share buyback program starting in quarter 2, time to coincide with the expected receipt of the proceeds of Elida Beauty disposal.

在資本回報方面，我們仍然致力於提供有吸引力、可持續的股息，並將從第二季度開始實施 15 億歐元的股票回購計劃，屆時預計也將收到 Elida Beauty 出售所得。

With that, let me hand back to Hein.

那麼，現在讓我把鏡頭交還給海因。

Thank you, Fernando. Let me turn now, as I said I would, to the Growth Action Plan. To recap, this was the plan I set out at the end of October following an intensive piece of work by a handpicked group of senior leaders across the business and it produced a growth action plan, which with the benefit of more than 7 months now in business, I'm even clearer is the right plan at the right time for Unilever.

謝謝你，費爾南多。現在，正如我之前所說，讓我來談談成長行動計畫。簡而言之，這是我在十月底制定的計劃，此前，我精心挑選了一群公司高層領導，經過深入研究，最終形成了這份成長行動計劃。經過七個多月的實踐，我更加確信，對於聯合利華而言，這無疑是在正確的時間推出的正確計劃。

Since October, we've been implementing the plan at speed: priorities have been set, targets have been cascaded, metrics have been revamped, resources have been allocated, new leadership has been put in place. So in short, we've been reorienting the organization behind the plan.

自十月以來，我們一直在快速實施該計劃：確定了優先事項，分解了目標，重新調整了衡量標準，分配了資源，並任命了新的領導層。簡而言之，我們一直在根據該計劃調整組織方向。

What I want to do today is to share with you in a little bit more detail what we are doing, but more especially where we are seeing signs of progress recognizing, of course, that we are at very early stage and that the benefits will build steadily as we will go through the year and beyond.

今天我想更詳細地和大家分享我們正在做的事情，尤其是一些我們看到進展跡象的地方。當然，我們也意識到我們正處於非常早期的階段，隨著時間的推移，這些益處將會穩定成長。

The plan has 10 action areas under 3 broad headings, underpinned by one simple premise, the need to do fewer things better with a greater impact, leading to a single overarching objective, the consistent of high-quality top line growth ahead of our markets. And I would love to say that we are within touching distance of that objective, but we are not. We know that we have work to do.

該計劃包含三大類下的十個行動領域，其核心理念很簡單：少而精，多做，最終實現一個總體目標：持續保持高品質的營收成長，領先於市場平均水平。我很想說我們離這個目標已經近在咫尺，但事實並非如此。我們深知，我們還有很多工作要做。

But I'm confident we can get there. Everything is being directed to that effort. The plan starts with the need to deliver faster growth. And we believe that we have the brands to do exactly that, specifically, 30 of them on which we'll focus first, our Power Brands. These are already proven drivers of growth. Last year, they were up 8.6% representing 90% of our total growth and 75% of group turnover, growing strongly and gross margin-accretive. When we talk about the core, this is it. And by any standards, it's a pretty strong core. So we will focus on these brands first.

但我相信我們能夠實現目標。我們正全力以赴，朝著這個目標努力。計劃的首要目標是實現更快的成長。我們相信我們擁有能夠做到這一點的品牌，特別是其中30個我們將優先關注的「強勢品牌」。這些品牌已被證明是成長的驅動力。去年，它們的成長率為8.6%，占我們總成長的90%和集團營業額的75%，成長強勁，並提升了毛利率。當我們談到核心業務時，指的就是這些品牌。無論從哪個角度來看，這都是一個非常強大的核心。因此，我們將首先專注於這些品牌。

Now what does that mean in practice? Well, the vast majority of brand and marketing investment is going behind these 30 Power Brands and that will continue. Very importantly, this includes investment in digital to continue the strong momentum behind our dCommerce business, which grew 16% last year. Primarily, however, it is about stepping up execution and leveraging scale better.

那麼，這在實踐中意味著什麼？實際上，絕大部分品牌和行銷投資都集中在這30個強勢品牌上，而且這種情況還會持續下去。非常重要的是，這包括對數位化領域的投資，以保持我們dCommerce業務的強勁成長勢頭，該業務去年增長了16%。但最重要的是，要加強執行力，更好地利用規模優勢。

Hence, our brands, and especially the Power Brands, will benefit from two very important shifts we are making in the way that we develop, position and grow our brands in the future. First, we are using a highly rigorous and quantifiable process to completely change the way we think about and measure brand superiority. Going forward, we will make our brands unmissably superior that is able to win not just on product superiority, but across multiple dimensions, all of them proven drivers of consumer preference.

因此，我們的品牌，尤其是強勢品牌，將受益於我們未來在品牌發展、定位和成長方式上所做的兩項重要轉變。首先，我們正在採用一套高度嚴謹且可量化的流程，徹底改變我們對品牌卓越性的思考與衡量方式。展望未來，我們將打造無可比擬的卓越品牌，使其不僅在產品優勢上勝出，更能在多個維度上脫穎而出，而這些維度均已被證實是影響消費者偏好的關鍵因素。

The evidence for this is compelling. It is something that we have validated in 29 strategic cells where, in each case, the correlation between improvements against our 6P methodology and stronger brand performance was clear.

證據確鑿。我們在29個策略單元中驗證了這一點，在每個案例中，根據我們的6P方法論進行的改進與更強勁的品牌表現之間的相關性都十分明顯。

And this has given us the confidence to move rapidly to the next stage, setting baselines for ambitious goals and developing gap closing plans. For the 30 Power Brands, these will be in place by the end of the first half in 2024. The new unmissable superior framework will then be embedded in the second half and progress tracked against these goals.

這讓我們更有信心迅速邁入下一階段，為雄心勃勃的目標設定基準，並制定差距彌補計畫。對於30個實力品牌而言，這些計畫將於2024年上半年末到位。隨後，全新的卓越框架將在下半年全面實施，並根據這些目標追蹤進度。

Second, our Power Brands will also benefit from an equally new and distinctive approach that we are taking to the way that we think about and systematize innovation. The priority now is a multiyear scalable programs that will drive category growth and premiumization and expansion into new segments and geographies. Again, the process being put in place to drive, track and measure this is rigorous.

其次，我們的強勢品牌也將受益於我們正在採取的全新且獨特的創新思維和系統化方法。目前的首要任務是製定多年期可擴展計劃，以推動品類成長和高端化，並拓展至新的細分市場和地理。同樣，我們正在建立一套嚴謹的流程來推動、追蹤和衡量這些成果。

Scale and multiyear benefits will come from a focus on big platforms, not small projects. So platforms that leverage differentiating R&D strengths, whether, for example, in biotechnology, on microbiome and which generates significant increases and incremental turnover. This will be supported by a step-up in R&D investment, which as you heard from Fernando, now sits at 1.6% of turnover.

規模經濟和多年效益將來自於對大型平台的關注，而非小型專案。因此，應專注於發展能夠充分利用差異化研發優勢的平台，例如在生物技術、微生物組等領域，這些平台能夠帶來顯著的成長和增量營業額。這將得益於研發投入的加大，正如費南多所說，目前研發投入佔營業額的1.6%。

And let me illustrate the approach we are taking by reference to one example of how I see it working in practice. Vaseline Gluta-Hya, a great product for one of our Power Brands. It's flying and why? Because it combines strong brand equity, breakthrough technology called GlutaGlow, which is a patented technology and it's clinically proven to be 10x more powerful than vitamin C for boosting skin's brightness. It is delivered in a consumer-preferred light sensory format with competitive levels of investment. And it is built on a multiyear global platform that is carrying it to new markets and to new more premium segments such as serum sun protection and a Pro-Age range. It is already in 12 markets, and this month, it launches in China.

讓我以一個例子來說明我們採取的方法，看看它在實踐中是如何運作的。凡士林穀胱甘肽精華液（Vaseline Gluta-Hya）是我們旗下強勢品牌的優秀產品。它銷量火爆，原因何在？因為它結合了強大的品牌資產、名為GlutaGlow的突破性專利技術（經臨床驗證，其提亮膚色的功效是維生素C的10倍）。它採用消費者喜愛的輕盈觸感包裝，並投入了極具競爭力的資金。此外，它還依賴於一個多年全球平台，該平台正將其推向新的市場和更高端的細分領域，例如精華防曬系列和抗衰老系列。目前，它已進入12個市場，並將於本月在中國上市。

And this is just a kind of scalable multiyear, multi-platform examples we want to replicate more extensively. And there are, of course, other examples like our patented and superior technology in Deodorants, which is driving premiumization through the 72-hour nonstop protection platform. And this has now been rolled out across 3 Power Brands, Rexona, Dove and Axe, in 40 markets driving double-digit growth we now see in Deodorants.

這只是我們希望更廣泛複製的可擴展的多年期、多平台案例之一。當然，還有其他案例，例如我們在除臭劑領域擁有專利的卓越技術，它透過72小時不間斷防護平台推動了高端化。這項技術目前已推廣至Rexona、Dove和Axe三大強勢品牌，涵蓋40個市場，並推動了除臭劑業務兩位數的成長。

Similarly, Hellmann's is also benefiting from multiyear innovation platforms like Hellmann's Vegan supported by deep R&D expertise to deliver great taste in a plant-based product. Over 6 years, it has reached 34 markets and is on track to hit EUR 100 million in turnover next year. Hellmann's, by the way, has been growing double digits for 4 consecutive years now adding EUR 1 billion turnover since 2019.

同樣，Hellmann's 也受益於其多年創新平台，例如 Hellmann's Vegan，該平台依托深厚的研發實力，致力於打造美味的植物性產品。六年來，Hellmann's Vegan 已進入 34 個市場，並預計在明年實現 1 億歐元的營業額。順便一提，Hellmann's 已連續四年保持兩位數成長，自 2019 年以來累計營業額已達 10 億歐元。

So we have some great examples of scaling innovations through multiyear technology-backed platforms. We just need more of them, and that is what this plan is designed to achieve. In fact, we are confident that, taken together, the increased rigor and prioritization we're applying both to brand superiority and innovation will help to drive the performance of our Power Brands, and with it, the overall growth prospects for the business.

因此，我們已經有一些透過多年技術支援平台實現創新規模化的絕佳案例。我們需要更多這樣的案例，而這正是該計劃旨在實現的目標。事實上，我們相信，我們目前在品牌卓越性和創新方面所採取的更嚴格的措施和更高的優先級，將有助於提升我們核心品牌的業績，並最終提升公司的整體成長前景。

I want to turn now to the second element of the growth action plan, productivity and simplicity. Let me go straight to gross margin. I make no apology for that. Anyone who has heard me speak over recent months will know how much store I place on gross margin recovery and on getting it back to at least prepandemic levels. And I can assure you that, that message has landed loud and clear inside the business.

現在我想談談成長行動計畫的第二個要素：生產力和簡化流程。讓我直接談談毛利率。對此我毫不諱言。任何在過去幾個月聽過我講話的人都知道，我多麼重視毛利率的恢復，以及至少要將其恢復到疫情前的水平。我可以向你們保證，公司內部已經充分理解並傳達了這個訊息。

And the fact is we have been too slow in recovering the gross margin that we lost during the pandemic, which has constrained volume growth and depressed our bottom line. But the good news is the position has started to reverse in 2023 and accelerated in the second half of the year by 330 basis points, as you heard from Fernando.

事實上，我們在恢復疫情期間損失的毛利率方面進展緩慢，這限制了銷量成長，並壓低了我們的淨利潤。但好消息是，正如費南多所說，這種情況在2023年開始好轉，並在下半年加速成長了330個基點。

And we are now building on this forward momentum, first, by continuing to work price and mix, but also by shifting focus to the important cost side. And we've seen some progress here already. The organization is fully focused on net productivity programs, replacing the previous focus on gross savings.

我們現在正乘勢而上，首先繼續優化價格和產品組合，同時也將重點轉向重要的成本控制方面。我們已經在這方面取得了一些進展。公司目前全力投入淨生產力提升項目，取代了以往關注毛利潤節約的做法。

Business group implementation plans are in place. We are striving for lower complexity with over 20% reductions in SKUs, raw and packed materials and number of suppliers. We have arrested the increases in cost per tonne of recent years. And our integrated operations delivered significant working capital improvements.

各業務集團的實施計畫已到位。我們正努力降低業務複雜性，並將庫存單位、原料和包裝材料以及供應商數量減少了20%以上。我們已遏制了近年來每噸成本的成長。此外，我們的一體化營運也顯著改善了營運資本狀況。

So we will build on this momentum throughout 2024 and beyond with a relentless focus on a few big ideas. And these include network optimization of the kind that we've undertaken recently in Beauty & Wellbeing in the U.S.; vertical integration of some of our key materials; further cost per tonne improvements through operating discipline, such as tight waste management; and investing a higher proportion of CapEx behind net productivity savings; and importantly, pursuing further improvements in working capital.

因此，我們將在此勢頭的基礎上，在2024年及以後繼續保持發展勢頭，並始終專注於幾個重要理念。這些理念包括：優化網絡（類似於我們近期在美國美容與健康領域開展的優化）；對部分關鍵原材料進行垂直整合；透過嚴格的營運規範（例如嚴格的廢棄物管理）進一步降低每噸成本；將更高比例的資本支出用於提高淨生產力；以及至關重要的是，進一步改善營運資本狀況。

When I spoke to you in October, I also signaled a significant shift in the way we intended to approach our sustainability commitments. And we deliberately included this under the productivity and simplicity section of the Growth Action plan. The fact is by limiting our corporate focus to 4 key platforms, climate, plastics, regenerative nature and livelihoods, we believe we can have a greater impact over a shorter time frame.

當我在十月與您交談時，也曾指出我們將在永續發展承諾的執行方式上做出重大調整。我們特意將此納入成長行動計畫的「生產力和簡化流程」部分。事實上，我們相信，透過將企業關注點限定在氣候、塑膠、自然再生和生計這四個關鍵領域，我們能夠在更短的時間內產生更大的影響。

However, we'll only achieve that greater impact if we apply, as we are, exactly the same rigor, discipline and stretch to our sustainability targets as we are to other areas of the plan, and importantly, that we hold ourselves accountable to very transparent and measurable goals. You will get a sense very soon on how we intend to do that when we publish our second climate transition action plan for shareholder consideration. And for the moment, I hope the direction of travel is clear, namely, and again, fewer priorities done better with greater impact.

然而，只有當我們像對待計畫其他領域一樣，對永續發展目標採取同樣的嚴謹、自律和努力，並且對透明且可衡量的目標負責時，我們才能取得更大的成效。很快，當我們發布第二份氣候轉型行動計畫供股東審議時，您就會了解我們將如何做到這一點。目前，我希望大家已經明白我們的方向，那就是：減少優先事項，提高效率，從而產生更大的影響。

So now let me turn to the third element of the plan, dialing up performance culture. And specifically, we said that we would refresh the team and find ways to drive and reward outperformance.

現在，讓我談談計畫的第三個要素：提升績效文化。具體來說，我們說過要重組團隊，並找到激勵和獎勵卓越績效的方法。

And we've made good progress on both. You will have seen this morning's announcement of a further change to the Unilever executive, Nitin Paranjpe, our Chief People and Transformation Officer, indicated to me some months back that he wanted to retire from Unilever in June. And I'm grateful to Nitin for all he has done over a long and distinguished career. And I'm very pleased to bring in a worthy successor in Mairéad Nayager, currently Chief Human Resource Officer at Haleon, and prior to that, at Diageo. And I'm confident that Mairéad will play a key role in delivering this plan and helping to drive Unilever forward.

我們在這兩方面都取得了良好進展。今天早上，大家應該已經看到了聯合利華高層人事變動的公告。我們的首席人力資源與轉型官尼廷·帕蘭傑（Nitin Paranjpe）幾個月前就向我表示，他希望在六月從聯合利華退休。我非常感謝尼廷在其漫長而卓越的職業生涯中所做出的貢獻。我很高興地宣布，瑪麗亞德·納亞格（Mairéad Nayager）將接任我們的首席人力資源長一職。瑪麗亞德目前是海利昂（Haleon）的首席人力資源官，此前曾在帝亞吉歐（Diageo）任職。我相信，瑪麗亞德將在落實這項計畫和推動聯合利華發展方面發揮關鍵作用。

And with just one position to fill in Nutrition, which we anticipate to announce shortly, it means that last summer over half of our executive leadership team will have changed, either people or roles. The new team is already working to put in place the means necessary to sharpen the company's performance edge. And on driving stronger performance, we have, for example, put in place a new, more stringent goal-setting process. We've introduced greater transparency in the way that performance is measured and assessed. And we've streamlined leadership behavior standards. These are now focused on those areas most likely lead to a step-up in performance.

營養部門目前僅剩一個職缺（預計不久後公佈），這意味著去年夏天我們超過一半的高階主管團隊都發生了變動，包括人員或職位調整。新團隊已著手落實各項必要措施，以提升公司的績效優勢。例如，為了推動績效成長，我們制定了一套全新的、更為嚴格的目標設定流程。我們提高了績效衡量和評估的透明度，並精簡了領導行為準則。這些準則現在更加專注於那些最有可能提升業績的領域。

And then on reward for performance. Our approach is being guided by 3 principles: one, a better line of sight, two, greater differentiation; and three, more focus on in-year performance. And these principles have already been brought together in a remodeled reward structure for approximately 15,000 of our managers. And of course, the full impact of these changes will take time, but I'm confident that we are moving with the right level of urgency in making the changes that are necessary and in putting in place the framework needed to hasten a step-up in performance culture at Unilever.

接下來談談績效獎勵。我們的方法遵循三大原則：一是更清楚的績效考核路徑；二是更細緻的差異化管理；三是更重視年度績效。這些原則已融入我們為約15,000名經理人重新設計的獎勵體系中。當然，這些變革的全面影響需要時間才能顯現，但我相信，我們正以恰當的緊迫感推進必要的變革，並建立必要的框架，從而加速聯合利華績效文化的提升。

So let me bring this to life a little further. We identified a performance issue in Ice Cream and we've moved quickly to change the leader, but that was only the beginning because since then we have refreshed the entire leadership team, replacing 80% of country and regional leaders in Ice Cream. We've reduced the overall size of the leadership team. We've externally benchmarked our overheads with a target to bring them to industry-leading standards. And we significantly rationalized our SKUs, taking out more than 1/3 in 2023. And finally, we're doubling down on meaningful, scalable big bet innovations.

讓我進一步闡述。我們發現冰淇淋業務存在業績問題，並迅速更換了負責人，但這只是個開始。此後，我們對整個領導團隊進行了重組，並更換了冰淇淋業務80%的國家和地區負責人。我們縮減了領導團隊的整體規模。我們透過外部標竿分析，將營運成本控制在產​​業領先水準。此外，我們也大幅精簡了產品種類，計畫在2023年減少超過三分之一。最後，我們將加大力度，推動具有意義且可擴展的創新項目。

Now I mentioned this just to demonstrate that we won't hesitate to move decisively and surgically whenever we feel it is necessary to address underperformance or root out inefficiencies. We will not wait.

我提到這一點只是為了說明，一旦我們認為有必要解決業績不佳或消除效率低下的問題，我們就會毫不猶豫地採取果斷而精準的行動。我們不會等待。

So that is our Growth Action Plan, and as you can see, it's all stepping up execution in order to improve the quality, the speed and the competitiveness of our growth.

這就是我們的成長行動計劃，正如你所看到的，這一切都是為了提高我們成長的品質、速度和競爭力，從而加強執行力度。

Let me try to sum up briefly before we go to questions. The results for last year confirmed that we have pockets of real strength, which yield some great returns. But they also highlight that there are important gaps to close and opportunities to be better scaled and exploited. And our Growth Action Plan addresses those very gaps and opportunities. But with a scalpel, not a bludgeon.

在進入問答環節之前，我先簡單總結一下。去年的業績證實，我們確實擁有一些優勢領域，這些領域帶來了豐厚的回報。但業績也凸顯出，我們仍存在一些亟待彌補的重要差距，以及一些可以更好地擴大規模和加以利用的機會。而我們的成長行動計畫正是為了解決這些差距和機會。但我們採取的是精準的策略，而非粗暴的手段。

This is a very operational plan. It is based on a simple premise: the need to do fewer things better and with greater impact underpinned by real rigor and discipline in the way we go about everything. Inevitably, the full benefits will take time to work through, but I am confident that they will.

這是一個非常務實的計畫。它基於一個簡單的理念：少而精地做事，提高效率，產生更大的影響，並以嚴謹自律的態度對待每一件事。不可避免地，全部益處需要時間才能顯現，但我相信它們終將發揮作用。

The plan has given rise to a huge amount of activity in the company, but the principles and the objectives underpinning it on which I am totally focused are very clear: a switch to net activity to drive gross margin and thereby boost our volume performance, a greater operational grip to drive our competitiveness and this all leading ultimately to a more consistent delivery.

該計劃在公司內部引發了大量的活動，但我完全關注的其背後的原則和目標非常明確：轉向淨活動以推動毛利率，從而提高我們的銷量表現；加強運營控制以提升我們的競爭力；而這一切最終都將帶來更穩定的交付。

Thank you for listening. We look forward to updating you further throughout the year on progress against the plan. And in the meantime, I hope this has provided a little bit more color on how we are implementing the plan and where we are seeing the early signs of progress. And now I look forward to taking your questions.

感謝各位的聆聽。我們將在今年持續向大家報告計畫的進展。同時，我希望以上內容能讓大家對計畫的實施方式以及目前的初步進展有更清楚的了解。現在，我期待回答大家的問題。

Good morning. Many thanks for joining the call. (Operator Instructions) So I see our first question is from Tom Sykes at Deutsche Bank.

早安.非常感謝您參加電話會議。 （操作員指示）我看到我們的第一個問題來自德意志銀行的湯姆·賽克斯。

Just on the guidance of the 3% to 5%, I suppose the mix of price and volume growth and the cadence of that in the year. You've obviously got some quite strong volume growth in categories that might be a little bit more seasonal, things like Beauty, possibly Wellbeing. Is it -- would you be able to replicate that volume growth in those slightly more seasonal areas again in H1? Or should we think of some of the volume mix improvement may be difficult to replicate the Q4 number in H1, but a little bit more H2 weighted?

僅就3%到5%的預期而言，我認為價格和銷量成長的組合以及全年的成長節奏至關重要。顯然，在一些季節性較強的品類，例如美容和健康產品，銷量成長相當強勁。您能否在上半年再次複製這些略帶季節性的品類的銷售成長？或者我們應該認為，銷售組合的改善可能難以在上半年複製第四季度的水平，但下半年可能會有所改善？

And then, sorry, just on the sort of culturally changing the business and you've obviously mentioned the different aspects to that. Do you think you have a more difficult cultural problem in changing competitiveness in DMs versus EMs at all across your business? And what has been the response internally to some of the remuneration changes you've put through, please?

然後，不好意思，我想問關於企業文化變革的問題，您剛才也提到了這方面的不同面向。您認為在整個企業範圍內，如何因應直接行銷（DM）和外部行銷（EM）之間競爭格局變化所帶來的文化挑戰？另外，您實施的一些薪資改革措施在公司內部反應如何？

Thanks for your question. Let me first come back on the -- it's Hein speaking, by the way, Tom. So let me first come back on your -- on the question on growth and then I'll talk a little bit about the cultural change.

謝謝你的提問。首先讓我回答一下──順便說一下，我是海因，湯姆。那麼，我先回答你關於成長的問題，然後再談談文化變革。

Look, I mean, if you think about it, in Q4, we realized a 1.8% volume growth, 3 out of 5 business groups are now in positive volume territory, so that's a good thing. And we saw some sequential movement throughout the year in Q3 -- somewhat minor Q3; Q4, more convincingly. And I think if we step into the year, I wouldn't say there is a massive first half or second half development. We're looking for a healthy composition of our guidance between mix, price and volume. And obviously, with easing inflation, clearly, volumes have to play a part in our overall growth story.

你看，我的意思是，如果你仔細想想，第四季度我們實現了1.8%的銷量增長，五大業務集團中有三個現在銷量正增長，這是個好消息。我們在第三季也看到了一些環比成長——雖然第三季成長幅度不大；但第四季成長更為顯著。我認為展望今年，我不會說上半年或下半年會大幅成長。我們希望在產品組合、價格和銷售之間保持健康的平衡。顯然，隨著通膨放緩，銷售成長必然會在我們的整體成長計劃中發揮作用。

If you look at the guidance in itself, the 3% to 5%, I think we've been quite consistent about that. Our internal ambition is obviously higher. We're always seeking at the upper end of the range, but it's still a bit early in the year. Clearly, we're balancing it all out with our gross margin improvement. So you've probably picked up on the 330 basis point improvement in the second half of the year, and that's an important metric for us going forward. So -- and yes, now let me leave it there on the growth side.

如果只看業績指引，3%到5%這個數字，我認為我們一直保持著相當穩定的成長預期。當然，我們內部的目標更高。我們始終追求實現目標區間的上限，但現在距離年底還有一段時間。顯然，我們正在透過提高毛利率來平衡成長預期。您可能已經注意到，下半年毛利率提高了330個基點，這對我們未來的發展至關重要。所以——好了，關於成長方面，我就說到這裡。

If you think of the cultural piece or the performance culture and the improvements and what it means to our people, I mean, we've implemented the remuneration changes that we talked about at the end of Q3. We did it at pace. And I would say, yes, I'm seeing a really improved momentum in the company. People are getting increasingly familiar with the Growth Action Plan. We've obviously talked about it a lot. I see a renewed momentum, a renewed level of energy in the company.

如果你考慮到企業文化或績效文化，以及這些改進對我們員工的意義，我的意思是，我們已經落實了第三季末討論過的薪酬改革，而且進展迅速。是的，我看到公司的發展動能確實顯著增強。大家對成長行動計畫越來越熟悉。我們顯然已經對此進行了很多討論。我看到公司煥發出新的活力，充滿了新的能量。

And I wouldn't say that our employees in the emerging markets will be less inclined to drive the priorities that we've set out in the developed markets. Obviously, it's a sizable company and we have many people, so therefore, it may change -- It may take a little bit before everything takes effect. But I'm very positive on the momentum that we have, but of course, much more to do and that's what we're working on every day.

我並不認為我們在新興市場的員工會不願意像在已開發市場一樣，優先推動我們所製定的各項工作。當然，我們公司規模龐大，員工眾多，所以情況可能會有所變化——一切生效可能需要一些時間。但我對我們目前的發展勢頭非常樂觀，當然，還有很多工作要做，而這正是我們每天努力的方向。

Our next question comes from Guillaume at UBS.

我們的下一個問題來自瑞銀集團的 Guillaume。

Two questions for me, please. Firstly, on your pricing outlook, if you could shed some light on your expectations for 2024 because we've seen already some negative development in India, Indonesia. There seems to be some quite tense negotiations in Europe, particularly with French retailers. You mentioned some trading down in the U.S.

請容許我問兩個問題。首先，關於您的定價展望，您能否談談對2024年的預期？因為我們已經看到印度和印尼市場出現了一些負面情況。歐洲市場似乎也存在一些相當緊張的談判，尤其是與法國零售商的談判。您提到美國市場出現了一些降價交易。

So how should we think about it at this stage? I mean, more pressure on price growth this year meaning that we could actually see some pockets of negative pricing development here and there. And which categories do you think would be the most vulnerable to some price cuts or heightened level of promotional activities?

那麼，現階段我們該如何看待這個問題呢？我的意思是，今年價格成長面臨更大壓力，這意味著我們可能會看到一些產品出現價格下跌的情況。您認為哪些品類最容易受到降價或促銷力道加大的影響？

And then my second question is on your underlying operating margin for 2024. I mean, could you maybe touch on the key moving parts and assumptions, which lead to your modest underlying operating margin development guidance? Because given the strong gross margin recovery you should get this year, I mean, it seems you are signaling another year of triple-digit basis points increase in BMI.

我的第二個問題是關於您2024年的基本營業利潤率。您能否談談促成您做出這較保守的基本營業利潤率預期的關鍵因素和假設？因為考慮到您今年的毛利率有望強勁復甦，您似乎暗示BMI將連續第二年實現三位數基點的成長。

And very lastly, on this also, what do you mean when you talk about net material inflation back to more normal levels for 2024? Do you mean you're still going to get some inflation? Or could we actually have some deflation on NMI?

最後，關於這一點，您說的2024年淨物質通膨恢復到更正常的水平是什麼意思？是指仍然會出現一些通膨嗎？還是說淨物質通膨實際上可能會出現一些通貨緊縮？

Thank you, Guillaume, and a good mix of questions here. So let me start and then I'll hand over to Fernando on some of the details, particularly on pricing.

謝謝Guillaume，你們的問題種類很豐富。那我就先說說，之後我會把一些細節問題，特別是價格方面的問題，交給Fernando來解答。

As I mentioned to you before, we're looking within that guidance of 3% to 5%. We're looking at a healthy composition. And clearly, when inflation eases, and that's what we're currently seeing across the globe, we tend to increase promotional activity. I mean that's what usually consumer companies do. So that will have a bit of pressure on our pricing -- on growth from pricing.

正如我之前提到的，我們預期成長率在3%到5%的範圍內。我們追求的是健康的結構。顯然，當通膨放緩時（目前全球通膨都在放緩），我們往往會加強促銷。我的意思是，這通常是消費品公司的做法。因此，這將對我們的定價——也就是價格成長——帶來一定的壓力。

But look, I don't think at this point that I want to signal a real reduction. We're seeing some deflationary tendencies in South Asia -- in Southeast Asia in our nonfood business. And obviously, we are responding to that because we want to make sure that we remain competitive. Competitiveness is a very important objective for us as well. And we've seen an increased level of promotional activity in Ice Cream in North America, also here to drive competitiveness. But these are more targeted pricing actions that we take.

但是，我認為目前還不宜發出真正降價的信號。我們在南亞和東南亞的非食品業務中看到了一些通貨緊縮趨勢。顯然，我們正在應對這種情況，因為我們希望保持競爭力。競爭力對我們來說也是一個非常重要的目標。我們也看到，在北美，我們加大了冰淇淋的促銷力度，這也是為了提升競爭力。但這些是我們採取的更有針對性的定價策略。

But if you look overall for 2024, I still -- we still expect some level of inflation. And when we talk about inflation more to normal levels, think of in the range of somewhere between 2.5% and 3% or so. That's at least what the expectation is, but that means that there is ongoing inflation, but it differs by category and it differs a little bit by geography. And where there will be ongoing inflation is somewhat in food and less so probably in the nonfood side of the business.

但從整體來看2024年，我們仍預期會出現一定程度的通貨膨脹。當我們談到恢復到正常水準的通貨膨脹時，大概在2.5%到3%左右。這至少是目前的預期，這意味著通貨膨脹會持續存在，但不同類別和不同地區的通貨膨脹程度會有所不同。食品價格的持續上漲幅度會比較大，非食品業的上漲幅度可能較小。

When it comes to the operating margin, yes, we are guiding towards a modest improvement and we're laser-focused on improving on gross margin, as you said. I mean, we've had some good improvements on gross margin in the second half. This is a super-important agenda item for us going forward. I think I've talked about it since October, we're seeing opportunities for productivity enhancement. And then, of course, there's the whole mix on the top line.

關於營業利潤率，是的，我們預計會小幅提升，而且正如您所說，我們正全力以赴提高毛利率。我的意思是，下半年我們的毛利率已經取得了一些不錯的進步。這對我們未來的發展來說至關重要。我想我從十月就開始談到這一點了，我們看到了提高生產效率的機會。當然，還有營收的整體情況。

We still believe that there is room for increased investment behind our core brands, but at the same time we don't want to waste it. So plans need to come together for our brands around market development, around category development, around lending multiyear and scalable innovations. That's an important part of the Growth Action Plan. And I'm seeing increasingly an opportunity to do so, but we will only start really spending it when we feel that the plans are coming together.

我們仍然相信，我們的核心品牌還有加大投資的空間，但同時我們也不想浪費這筆資金。因此，我們需要圍繞市場拓展、品類開發以及多年期可擴展的創新項目，為旗下品牌制定完善的計畫。這是成長行動計劃的重要組成部分。我越來越看到這樣的機會，但只有當我們認為各項計畫都已落實到位時，我們才會真正開始投入資金。

So at this point, I feel good about the guidance on our overall margin development. But clearly, if there's opportunity to do more, hey, then we will go for that.

所以目前我對我們整體利潤率的發展預期感到滿意。但顯然，如果還有機會做得更多，我們當然會抓住這個機會。

Fernando, anything on pricing you wanted to add?

費爾南多，關於定價方面你還有什麼要補充的嗎？

Yes. Well, first of all, Guillaume, shall I say that it's a pleasure to be with you all now. I'm sure that we will have a lot of opportunities to interact frequently.

是的。首先，吉約姆，我很高興能和大家在一起。我相信我們以後會有很多機會經常交流。

A bit of color on pricing, particularly in D&E markets like India or like Brazil. It's true that we have seen a significant deceleration of pricing along the 2023. But we have seen this before. Take the example of India, for example, we have seen this in 2008 and 2009. We have seen this in 2012, 2013.

關於定價，特別是像印度或巴西這樣的國防和工程市場，我們想補充一些資訊。的確，我們看到2023年價格成長率顯著放緩。但這並非首次出現。以印度為例，我們在2008年和2009年就看到了這種情況，2012年和2013年也出現過。

The reason behind that is significant -- substantial part of the market trade at fixed price points. And during a commodity inflationary cycle in categories where commodities play a key role in their cost structures, like laundry or like skin cleansing bars, we see many, many competitors abandoning or reducing their presence in the market. When the commodity cycle reverses, we see these players returning given the expansion in gross margin. This puts some pressure on pricing.

背後的原因非常重要——市場中相當一部分產品以固定價格交易。在商品通膨週期中，尤其是在洗滌用品或潔膚皂等商品成本結構中佔比很高的品類，我們會看到許多競爭對手退出市場或縮減業務。而當商品通膨週期逆轉時，由於毛利率的提升，這些企業又會重返市場。這給價格帶來了一定的壓力。

We are navigating this commodity cycle in places like India or like Brazil like we have done many times in the past, always preserving long-term competitiveness. It will take a bit of time for our pricing to stabilize, so probably 1 quarter or 2 more. But at this stage, our priority to really defend competitiveness in these markets and we will price in line with this objective of preserving our market share.

我們正在像過去多次一樣，應對印度和巴西等地的大宗商品週期波動，並始終保持長期競爭力。我們的定價需要一些時間才能穩定下來，可能還需要一到兩個季度。但現階段，我們的首要任務是捍衛這些市場的競爭力，我們將根據此目標制定定價策略，以維持我們的市場份額。

In terms of outlook, I would like to highlight a couple of things, I feel Hein has touched based on that. At this stage of the year, we need to -- we prefer to remain cautious for a few reasons. The first one is the price growth, volume growth dynamic will take some time to normalize. The second is that we want to confirm the positive trajectory of our gross margin. And the third one is that we need to assess what is the cost of restoring competitiveness, particularly in Europe, particularly in Personal Care U.S. and we are really assessing what kind of resources that we need to make that happen.

展望未來，我想重點強調幾點，我認為海因先生已經提到過。在今年這個階段，我們需要──或者說我們傾向於保持謹慎，原因有幾點。首先，價格成長和銷售成長的動態需要一段時間才能恢復正常。其次，我們希望確認毛利率的正面成長動能。第三，我們需要評估恢復競爭力所需的成本，尤其是在歐洲，尤其是在美國個人護理市場。我們正在認真評估實現這一目標所需的資源。

Our next question comes from Warren at Barclays.

下一個問題來自巴克萊銀行的沃倫。

Warren at Barclays. I've got 2 questions and one observation. The questions are, firstly, can you dive a little bit more into Prestige Beauty and wellness? So you say 6% volume growth in the quarter, but that's for the whole division. What was the volume growth for the new Prestige Beauty, wellness units, specifically? I'm interested in some of the bigger brands, Dermalogica, Paula's Choice, Nutrafol, Liquid I.V. and maybe if you could talk a bit about the K18 acquisition and you're ambition for before that. If you can just dive into that whole topic would be super.

我是巴克萊銀行的沃倫。我有兩個問題和一個想法。首先，您能否更詳細地談談高端美妝和健康領域？您提到本季銷量成長了6%，但這指的是整個部門。那麼，新成立的高端美妝和健康部門的銷售成長具體是多少呢？我對一些知名品牌很感興趣，像是德美樂嘉 (Dermalogica)、寶拉珍選 (Paula's Choice)、紐特拉福 (Nutrafol) 和 Liquid I.V.。另外，您能否談談收購 K18 以及收購前的發展規劃？如果您能深入探討一下這個主題，那就太好了。

And secondly, Indonesia and India, can you maybe tell us what's going on the ground? Hein, you mentioned the consumer boycott in Indonesia already and you talked about an improvement in January. Can you put some numbers around that in Indonesia?

其次，關於印尼和印度，您能否介紹一下當地的具體情況？海因，您之前提到印尼的消費者抵制活動，也說過一月情況有改善。您能否提供一些印尼的具體數據？

And also in India, I mean, it seems to be Indonesia and India in 2023, pretty disappointing for both geographies. What is your outlook for Indonesia and India in terms of top line and margin for 2024 and maybe in terms of competitiveness as well?

而且在印度也是如此，我的意思是，2023年印尼和印度的情況似乎都相當令人失望，對這兩個地區都是如此。您對印尼和印度2024年的營收和利潤率以及競爭力有何看法？

And then the observation quickly. This new market share metric, I get turnover-weighted makes sense. But why does it still only include 70% of the portfolio? I get it's different channels, but seems to me all the parts of the portfolio, like Prestige Beauty, are not included in this new metric. And so my question is why are you not able to measure market share in the other 30% of your portfolio?

然後是簡短的觀察。這個新的市佔率指標，我理解以營業額加權計算的合理性。但為什麼它仍然只包含70%的投資組合？我知道通路不同，但在我看來，作品集中的某些部分，例如高端美妝，並沒有被納入這個新指標。所以我的問題是，為什麼你們無法衡量剩餘30%投資組合的市佔率？

Thanks, Warren. Very clear questions. Look, I'll start off, but -- and then again, what we just did, Fernando will add.

謝謝沃倫。問題問得很清楚。你看，我先來，但是──還有，我們剛才做的，費爾南多會補充。

I mean, first of all, on Prestige, and obviously, Fernando, having led the division until the end of last year, will probably add a bit more color. But I would say, if I look at the brands and the brands that you called out in Prestige Beauty, all of them have been growing double digit and particularly the ones that we acquired at a later stage, not just in Prestige Beauty, but also in the Health & Wellbeing space. All good -- off to a very good start -- well, not start because we acquired them a while ago, but ongoing strong performance, I would say.

首先，關於高端產品線，費爾南多（Fernando）在去年年底之前一直領導著這個部門，他肯定會帶來更多見解。但我想說的是，如果我看一下你提到的那些高端美妝品牌，它們都實現了兩位數的成長，尤其是我們後期收購的那些品牌，不僅在高端美妝領域，在健康與保健領域也是如此。一切都很好——開局非常順利——嗯，與其說是“開局”，不如說是“持續強勁的業績”，因為我們收購它們已經有一段時間了。

And I think we're -- in the small verticals in which we're operating, I think we'll outgrow -- I feel we are outgrowing competition. So that's really a good thing. And we're very pleased with that, but also very optimistic on the future, obviously fueled with significant investments.

我認為，在我們目前營運的這些小眾垂直領域，我們將會超越——或者說，我們感覺我們正在超越競爭對手。這的確是一件好事。我們對此感到非常滿意，同時也對未來充滿信心，而這顯然離不開大量的投資。

If you -- so it's pretty broad. I would say. I would not call out one brand specifically, but it's truly across the board with particularly strong performance on Hourglass and on Dermalogica. I mean, probably I would call out those, but hey, all in the double-digit space.

如果你——所以範圍很廣。我會說，我不會特別指出某個品牌，但確實所有品牌都表現出色，尤其是 Hourglass 和 Dermalogica。我的意思是，我可能確實會提到這兩個品牌，但總的來說，它們都達到了兩位數的水平。

On Indonesia, we've seen a 15% decline there and you've probably seen the Indonesia numbers that were reported separately. There is indeed improvement. I mean, in the month of January, I'm pleased to see actually quite strong improvement, but here we are cautious.

印尼的情況是下降了15%，您可能也看到了單獨公佈的印尼數據。確實有所改善。我的意思是，我很高興看到一月份的情況有了相當顯著的改善，但我們仍保持謹慎。

So we're guiding for the first and the second -- for the first quarter somewhere mid-single-digit declines, potentially. Obviously, the team is working on it very hard and we're seeing some upside. But once again, we're taking a fairly cautious approach and that is included in our overall guidance.

因此，我們對第一季和第二季的業績預期是－第一季可能會出現個位數中段的下滑。當然，團隊正在全力以赴，我們也看到了一些積極的跡象。但我們再次強調，我們採取了相當謹慎的態度，這也反映在我們的整體業績預期中。

If you look at India, as you say, the good thing about quarter 4 is, yes, with the price pressure that is there in India and Fernando just alluded to that, what one of the impacts of deflationary pressure in some categories could be with increased competition and so forth, we have seen a volume growth. So the minus 2% on pricing was balanced by a 2% volume growth. I think that's a positive for India.

正如你所說，第四季度印度市場的利多消息是，儘管印度市場存在價格壓力（費爾南多剛才也提到了這一點），某些品類可能面臨通縮壓力，競爭加劇等等，但我們仍然看到了銷量增長。因此，2%的價格下調被2%的銷售成長所抵銷。我認為這對印度市場來說是個好消息。

We do see that situation continuing for Q1 and Q2 and we do see improvement opportunities in Q3 and Q4. So we believe that in the balance of the year, India should see a slowly changing trajectory. But in the short term, it will probably be around the levels that we mentioned.

我們預計這種情況將持續到第一季和第二季度，並預計第三季和第四季將出現改善機會。因此，我們認為今年剩餘時間裡，印度的經濟走勢將會緩慢轉變。但短期內，經濟水平可能仍將維持在我們之前提到的水平附近。

I think that answers most of the questions. Fernando, maybe a few words on the Prestige Beauty side that you...

我想這已經回答了大部分問題。費南多，或許你可以就高端美妝方面簡單說幾句…

Yes, of course. Pleasure. First of all, I would like to say Prestige Beauty and Health & Wellbeing now, they will represent -- they represent already 27% of our turnover in the Beauty & Wellbeing business groups. Both pillars, both Health & Wellbeing and Prestige Beauty have been growing at mid-teens. And if you look at our top 5 brands, Liquid I.V., Nutrafol, (inaudible) Dermalogica, Paula's Choice, Hourglass, all of them grew double-digit both in the year and in the fourth quarter. So really, really strong performance.

當然可以。很高興。首先，我想說的是，高端美妝健康養生業務目前占我們美妝養生業務集團營業額的27%。這兩大支柱業務——健康養生和高端美妝——都維持了兩大的成長。如果您看我們排名前五的品牌，Liquid I.V.、Nutrafol、（聽不清楚）Dermalogica、Paula's Choice 和 Hourglass，它們全年和第四季度都實現了兩位數的成長。所以，業績真的非常強勁。

I would say that behind the success of these brands -- I would say some of the pillars behind the success of these brands are exactly the same that Hein has laid out for the Growth Action Plan. We are shifting resources to the most profitable brands and we are increasing exposure to premium segment, to fast-growing channels, to the United States and we are optimizing through portfolio bolt-on acquisitions like this one that really give us a very good exposure.

我認為這些品牌成功的背後——我認為這些品牌成功的幾個支柱與海因在成長行動計畫中提出的原則完全一致。我們正在將資源轉移到最賺錢的品牌，並加大對高端市場、快速成長通路和美國市場的投入，同時透過像這樣的投資組合補充收購來優化我們的業務，從而獲得非常好的市場拓展。

K18, we have just completed the acquisition on the 1st of February. Very, very exciting brand, just anchoring the intersection between biomimetic science are a very strong social engagement program, a very, very strong presence in TikTok. And we are very, very excited about the growth prospects that this brand bring into the company with an excellent founder that has put together a very, very solid company and a very solid management team.

K18，我們已於2月1日完成收購。這是一個非常令人興奮的品牌，它完美融合了仿生科學、強大的社交互動項目以及在TikTok上的強大影響力。我們對這個品牌為公司帶來的成長前景感到非常興奮，其創辦人非常優秀，打造了一家非常穩健的公司和一支非常優秀的管理團隊。

We are sure that we can add, as we have done in all the Prestige Beauty and Health & Wellbeing, a lot of science into these brands to really boost our innovation program.

我們相信，就像我們在所有高端美容和健康保健領域所做的那樣，我們可以為這些品牌注入大量科學知識，從而真正推動我們的創新計劃。

In terms of competitiveness, I would like just to highlight a couple of things. Our intention today was fundamentally to tell you 3 things: we measure share in about 70% of our turnover. What is not included there, it is not included because there is no reliable measurement because the metrics in the -- are not reliable in terms of coverage.

關於競爭力方面，我想重點介紹幾點。我們今天的主要目的是告訴大家三件事：我們衡量約70%營業額的市佔率。未包含在其中的部分，是因為缺乏可靠的衡量方法，因為相關指標在涵蓋範圍方面不夠可靠。

Businesses that are not included there include some of our fastest-growing businesses like Prestige Beauty, Health & Wellbeing and Food Solutions. And you can see that basically in the difference of underlying sales growth between the business we measure and the business we don't measure.

未包含在內的業務包括我們一些成長最快的業務，例如高端美容、健康與保健以及食品解決方案。您基本上可以從我們衡量的業務和我們未衡量的業務之間實際銷售成長的差異中看出這一點。

The second thing to say is that our organic sales growth compared favorably with the global market growth, what highlights the attractiveness of our category and our geographical footprint.

其次要說的是，我們的有機銷售成長與全球市場成長相比表現良好，這凸顯了我們所在品類的吸引力以及我們的地域覆蓋範圍。

And the third thing and probably the most important is that we are disappointed with our competitive performance in the footprint in which we operate.

第三點，也是最重要的一點，是我們對自己在所經營區域的競爭表現感到失望。

We will use turnover-weighted share to measure our performance going forward fundamentally for 2 reasons: it gives a clear indication of the gap between organic sales growth and turnover-weighted market growth; and it takes into account differently to what's happening with business winning metric, the depth of the share gains and the share losses.

我們將從根本上說使用營業額加權市場份額來衡量我們未來的業績，原因有二：它能清楚地顯示有機銷售增長與營業額加權市場增長之間的差距；而且它與贏得業務的指標不同，它考慮的是市場份額增長的深度和市場份額下降的深度。

So just to reaffirm that we are not happy with our performance in terms of competitiveness. It's a burning platform for both Hein and myself, and we will really attack decisively on that.

所以再次重申，我們對自身的競爭力表現並不滿意。這對我和海因來說都是亟待解決的問題，我們將全力以赴，努力扭轉局面。

Our next question comes from Celine at JPM.

我們的下一個問題來自摩根大通的Celine。

So my first question would be to understand what happened in the volume growth in Lat Am, which was quite strong, 9%, and as well in the U.S. So if you could shed some light because those are -- for those 2 markets, it's well above, I think, the market growth. So could you explain that, and trying to understand whether there were some one-off factor or what kind of sustainability of volume we should be looking for these regions.

所以我的第一個問題是想了解拉丁美洲和美國銷售成長的原因，這兩個地區的銷售成長相當強勁，達到了9%。如果您能解釋一下，那就太好了，因為這兩個市場的成長率都遠高於市場平均。您能否解釋一下，這其中是否存在一次性因素，或者我們應該關注這些地區的銷售成長是否具有可持續性？

And then my second question is a bit to come back to some of the questions, frankly. First, on cost, you said that cost is still positive 2% to 3%. Could you kind of help me understand that because if I look at your -- many of your raw material, I see them being down quite a lot. Yes, food are up, but a lot of the oil derivatives, edible oil and so on and so forth are down a lot and that's why you were mentioning that price slowing down in some emerging markets. So yes, I find it a bit difficult to understand how it's not flat or even negative for the year.

我的第二個問題其實是想回到之前的一些問題。首先，關於成本，您說成本仍然增加了2%到3%。您能幫我解釋一下嗎？因為我看了很多原料的價格，發現它們都大幅下降了。沒錯，食品價格上漲了，但是很多石油衍生品，例如食用油等等，價格都大幅下降了，這也是您之前提到一些新興市場價格增速放緩的原因。所以，我有點難以理解為什麼成本沒有持平，甚至沒有出現負成長。

And then maybe as well a follow-up on that price-versus-volume equation. Are you signaling that pricing will continue to decelerate fast, and I think we are facing peak pricing in H1 of '23. And I was wondering whether that means that -- what it means in terms of elasticity of volume if I see some regions like Asia, where price comes down, volume is up 2% in India, but it's hardly up a lot. So just want to understand a bit that equilibrium of price versus volume. I know you had been asked, but it's a bit unclear to me.

然後，或許還可以進一步探討價格與銷售量之間的關係。您是否暗示價格成長將持續快速放緩？我認為2023年上半年價格將達到高峰。我想知道，如果我看到一些地區，例如亞洲，價格下降，而銷量增長了2%（在印度），但增幅並不大，那麼從銷量彈性的角度來看，這意味著什麼？所以我想更深入地了解價格與銷售之間的平衡。我知道之前有人問過您這個問題，但我還是不太明白。

Thank you, Celine. I mean very clear 3 questions. So first of all, on the volume growth in the U.S. and in Latin America, so a couple of words on those. Of course, we are implementing the action plan with enormous speed and decisiveness. And I first want to point out that a number of the trends that we're seeing in the U.S. and Lat Am are, in that sense, a good inspiration for what should happen across the globe.

謝謝Celine。我的意思是，這三個問題非常清晰。首先，關於美國和拉丁美洲的銷售成長，我想簡單談談。當然，我們正在以極快的速度和果斷的行動計劃來實施。首先我想指出的是，我們在美國和拉丁美洲看到的一些趨勢，從這個意義上講，對全球其他地區的發展具有很好的借鏡意義。

I mean, first of all, we're seeing strong expansion of the Prestige Beauty and the Health & Wellbeing space. And Fernando just talked about that, Warren asked the question about it, that is about 1/4 of the U.S. business. And that's all been double digit. And of course, that helps on the total U.S. side.

首先，我們看到高端美妝和健康養生領域正在強勁擴張。費爾南多剛才也談到了這一點，沃倫也問到了相關問題，這大約占美國業務的四分之一。而且這些領域的成長率都達到了兩位數。當然，這也有助於提升美國整體業務的成長。

Secondly, we have been implementing strong innovation in both North America as well as in Latin America and particularly around Deodorants, which has been growing double digit for us actually globally, but very much spurred by the development in the Americas. And that is all behind the protection -- 72-hour protection behind some of our core brands. And once again, we're using that technology but we're applying it to Dove, we're applying it to Rexona, to Sure, et cetera, et cetera. So strong performance in Deos.

其次，我們在北美和拉丁美洲都大力推動創新，尤其是在除臭劑領域。事實上，除臭劑業務在全球範圍內實現了兩位數的成長，而美洲市場的發展更是推動了這一成長。這一切都源自於我們核心品牌提供的72小時長效防護。我們不僅運用了這項技術，也將其應用於多芬、舒耐、舒耐等品牌。因此，我們在除臭劑領域取得了顯著的成績。

But also premiumization. We're landing at this point premiumized portfolios in Dove, but also in our Nutrition portfolio. I was very pleased when visiting Latin America recently on Brazil, very good performance on Hellmann's where we introduced a premium mayonnaise products, but also line extensions in other mayo-based sauces.

但高端化也同樣重要。目前，我們正在多芬以及營養品系列中推出高端產品組合。我最近訪問拉丁美洲，特別是巴西市場，欣喜地看到Hellmann's品牌表現出色，我們在那裡推出了高端蛋黃醬產品，同時也拓展了其他蛋黃醬類醬料的產品線。

So I think all of these things come together, premiumization, good innovation and then, of course, the growth in our Prestige and Health & Wellbeing businesses. Those are the most important reasons behind it.

所以我認為所有這些因素共同作用，包括高端化、良好的創新，當然還有我們高端和健康養生業務的成長。這些都是背後最重要的原因。

Is it structural? Look, these type of growth rates, volume growth rates, are hard to maintain forever, of course, but we're seeing a good momentum in the Americas and we're pleased with that, and we're keen to benefit from that globally.

這是結構性因素嗎？當然，這種成長率，這種銷售成長率，很難永遠維持下去，但我們在美洲看到了良好的發展勢頭，我們對此感到滿意，並渴望在全球範圍內從中受益。

If you look at it from a cost perspective, the 2.5% and 3% or sort of that I pointed at, you are right. In the short term, there are some -- it's probably for the company a bit more flattish. So the prediction for the year that I gave is -- might be a bit more towards the balance of the year we see inflation picking up. I already talked about India, where we believe there will be some happening going forward.

如果從成本角度來看，我之前提到的2.5%到3%左右的漲幅，你說得對。短期內，公司的情況可能會比較平穩。所以我之前對全年的預測是，到下半年通膨可能會上升。我已經提到印度，我們認為未來印度市場也會有一些變化。

But at the same time, there are, of course, also ForEx impacts here from transactional ForEx, for example, that is also not always playing to -- well, you simply buy in the emerging markets a bit more expensive and that has some headwind that needs to be offset and that will lead to some cost-in.

但同時，外匯交易也會產生影響，例如，外匯交易並不總是那麼有利——嗯，你只是在新興市場購買商品時價格會稍微貴一些，這會帶來一些不利因素需要抵消，這將導致一些成本增加。

Look, I mean, if you look at pricing, is there a fast deceleration? I mean, I don't think we're saying that. I mean, as I said, in some areas in the world, we are adapting our pricing. We're seeing additional promotional activity. I already talked about the examples. India, we talked about minus 2% and then plus 2% on volume. Southeast Asia, to some extent, we've significantly increased our efforts to get -- to become more competitiveness on, for example, Ice Cream in North America. So those are the tactical things we're doing but I wouldn't point yet to a fast deceleration on pricing.

你看，我的意思是，如果你看看價格，是否有快速放緩的趨勢？我的意思是，我認為我們並沒有這麼說。我的意思是，正如我所說，在世界某些地區，我們正在調整價格。我們看到，促銷活動也在增加。我已經舉了一些例子。在印度，我們討論過銷量先下降2%，然後上升2%。在東南亞，我們在一定程度上顯著加大了力度，以提高競爭力，例如在北美冰淇淋市場。所以，這些都是我們正在採取的策略，但我現在還不會斷言價格成長已經快速放緩。

Yes, I would add only that, of course, the price deceleration has been higher in categories of low -- of high elasticity like in-home Ice Cream or laundry or skin cleansing bars. So that's one important point.

是的，我還要補充一點，當然，價格增速放緩的趨勢在那些需求彈性較低（例如家用冰淇淋、洗衣皂或潔面皂等）的品類中更為明顯。所以這是很重要的一點。

The other point that I feel is important is we don't see -- we don't expect negative pricing for the whole group. It can happen in some of our categories.

我覺得另一點也很重要，那就是我們預期整個集團不會出現負定價。但這種情況可能會在某些品類中發生。

Our next question comes from Fulvio at Berenberg.

我們的下一個問題來自貝倫貝格銀行的富爾維奧。

My first one is on the Power Brands growth of 6.5%, as you stated, in Q4, which implies that the rest declined slightly. I was wondering if you are seeing any cannibalization effects benefiting the Power Brands as you redirect investments there? Or is there limited market overlap between the top 30 brands and the rest?

我的第一個問題是關於您提到的第四季度強勢品牌6.5%的成長，這意味著其他品牌略有下滑。我想知道，當您將投資轉向強勢品牌時，您是否觀察到任何蠶食效應？或者說，前30大品牌與其他品牌之間的市場重疊度有限？

And then my second question is on CapEx. I'm just trying to understand how you can spend only 3% of sales, which you previously guided to anyway, of which half will go towards productivity and you also expect to generate higher volume growth. Is there capacity -- is capacity utilization in Unilever low? Or do you expect it to reduce SKUs and simplify operations? I mean, could that explain the low CapEx spend relative to your peers?

我的第二個問題是關於資本支出。我只是想了解一下，你們是如何做到只將銷售額的3%用於資本支出的（這之前你們也曾提到過），其中一半將用於提高生產效率，而且你們還預期銷量會增長得更快。聯合利華的產能利用率低嗎？還是說你們預期會減少SKU並簡化營運？我的意思是，這是否可以解釋為什麼你們的資本支出相對於同業來說較低？

Thanks, Fulvio for your 2 questions. I mean, first of all, on Power Brands and we laid it out in the speech, so I mean it's very important to reemphasize we are not neglecting brands outside of the top 30. And it's not that the -- with the 6.5% that the other ones are in decline. What we've said with the top 30 proposition was we are directing our funds, first and foremost, behind those Power Brands to place bigger bets behind multiyear and scalable innovations.

謝謝Fulvio提出的兩個問題。首先，關於“強勢品牌”，我們在演講中已經闡述過了，所以我想再次強調，我們並沒有忽視排名前30之外的品牌。這並不是說排名前30之外的6.5%的品牌都在衰退。我們之前提到過，我們會優先將資金投入這些強勢品牌，加大對多年期、可擴展創新項目的投入。

We also want to make sure that the superiority framework that we talked about and the brilliant execution around that is -- that we measure that consistently and very well for the top 30 Power Brands because that will ensure brilliant execution in the company. It will just make it better than when we declare that -- all of that for all of our brands. We just want to make sure that we face and pace that well, and we feel that we're well underway with our Power Brands, now 75% of the total company and with accelerated growth. And I'm sure some of the other strong brands beyond the top 30 they will [cling] on pretty fast through the themes that we talked about.

我們還希望確保我們之前討論過的卓越框架及其出色執行——對排名前30的強勢品牌進行持續且精準的衡量——因為這將確保公司整體的卓越執行。這將使我們宣布的所有品牌在達到這一目標時更加完善。我們希望確保我們能夠妥善應對並穩步推進，我們認為目前在強勢品牌方面進展順利，這些品牌占公司總品牌數的75%，並且正在加速成長。我相信，排名前30之外的其他一些強勢品牌，也會憑藉我們討論過的主題迅速保持領先地位。

Actually, I mean, if you think about the capital expenditure and the productivity agenda, we have guided towards an increase in capital expenditure from 2.7% that we had last year to somewhere between 3% and 3.5% for 2024. So we are stepping up capital expenditure, that's number one.

實際上，我的意思是，如果你考慮一下資本支出和生產力提升計劃，我們已經指導將資本支出從去年的 2.7% 提高到 2024 年的 3% 到 3.5% 之間。所以，我們正在加大資本支出，這是第一點。

Secondly, within the capital expenditure bucket, we're looking for a greater spend on productivity. Productivity was a very important part of the Growth Action Plan and historically we've just spent less on that, so we're going to spend more and a greater percentage of the total CapEx amount on productivity. We're seeing good opportunities there to reduce controllable costs.

其次，在資本支出方面，我們計劃增加對提高生產效率的投入。生產效率是成長行動計畫的重要組成部分，而過去我們在這方面的投入相對較少，因此我們將增加投入，並提高生產效率在資本支出總額中的佔比。我們看到了降低可控成本的良好機會。

Yes. I would add only you know that, of course, we will invest for aligning production and distribution capacity with our demand. But we will put constraints to ensure that we focus ourselves in increasing asset utilization and operational effectiveness where we see opportunities.

是的。我還要補充一點，只有您知道，我們當然會投資調整生產和分銷能力，使其與市場需求相符。但我們也會設定一些限制，確保我們專注於提升資產利用率和營運效率，尤其是在我們認為有機會的領域。

Our next question comes from Bruno at Bernstein.

我們的下一個問題來自伯恩斯坦公司的布魯諾。

Now Hein, when I'm listening to the presentation and your numbers, there seems to be a material disconnect between the language of the results update and what consumers are saying or doing, right? I mean, just quoting from your words, it's about unmissable superiority, science-backed innovations, holistically superior products and unmissable marketing campaigns.

海因，我聽了你的報告和數據後，感覺報告的措辭和消費者的實際感受或行為之間存在明顯的脫節，對吧？我的意思是，就你剛才所說的，報告裡強調的是「不容錯過的卓越品質」、「以科學為依據的創新」、「整體上更勝一籌的產品」和「不容錯過的營銷活動」。

But obviously, that's a big clash with your competitiveness. It's not [as bad or sort] of worse than before, down to 37%. Even on your new measures of sales-weighted market share, it's still awful or worse. And I sort of see like a big language disconnect. On the one hand, this amazing business, on the other one, consumers not buying it. So one of those things sort of can't be totally right.

但顯然，這與你們的競爭力有巨大衝突。雖然下降到37%，情況沒有以前那麼糟糕，甚至更糟。即使以你們新的銷售加權市場佔有率衡量標準，情況仍然糟糕，甚至更糟。我覺得這其中有很大的邏輯矛盾。一方面，你們的業務非常出色；另一方面，消費者卻不買單。所以，這兩件事肯定有一方是完全正確的。

And I do know and I listen that you say you're disappointed in that. But you're not really providing [in any way] an analysis of why is this for underperforming your competitors. You're just saying you're disappointed, but keep saying the business is amazing.

我知道你對此感到失望，我也聽進去了。但你並沒有真正分析為什麼業績不如競爭對手。你只是說你失望，卻一直強調公司業績非常出色。

And then when I look at what Peter is doing in Ice Cream, he's clearly taking the [act of] pricing and trying to change the direction of volumes. That obviously suggests that profitability was still too high and pricing needs to be adjust. And it makes me wonder, given that disconnect that's so obvious in the results, is your margin is simply just too high? And you keep talking about gross margin targets. Gross margin target, is that going to stop you from doing the right thing on pricing if you're suddenly so focused on gross margin? So that's the first question.

然後，當我觀察彼得在冰淇淋業務上的舉措時，他顯然是在透過定價來扭轉銷售頹勢。這顯然表明利潤率仍然過高，需要調整定價。鑑於業績中如此明顯的脫節，我不禁懷疑，你們的毛利率是不是真的太高了？你們一直在談論毛利率目標。如果你們突然如此關注毛利率，這是否會妨礙你們在定價方面做出正確的決策？所以，這是我的第一個問題。

And the second one is sustainability, you talked about it at priorities and it's been an ongoing theme, but also see a lot of kind of new European Union laws coming in moving the bar higher and higher. There's more news about far more supposedly sustainable, but not being that sustainable. Should we start expecting material inflation in terms of really paying for truly sustainable commodities in the next coming years? Should that be part of our margin modeling going forward?

第二個問題是永續性，您在先前的優先事項討論中提到過，它一直是一個持續的主題。同時，我們也看到許多新的歐盟法律出台，不斷提高標準。現在有很多新聞報導說，很多所謂的「永續」產品其實沒那麼永續。我們是否應該預料到，未來幾年，真正永續的商品價格會大幅上漲？這是否應該納入我們未來的利潤模型？

Thanks, Bruno, for your provoking questions. Look, I mean, let me be quite clear: I don't think there's a disconnect at all. We are obviously with the business winning percentage that we talked about in Q3, which is about the same level now. And even though that is not a perfect metric, I mean, we've talked about that, but we wanted to be very consistent in laying it out.

謝謝布魯諾提出的這些發人深省的問題。聽著，我的意思是，讓我把話說清楚：我完全不認為有任何脫節。我們顯然保持著第三季討論的業務成功率，目前也大致處於同一水平。雖然這不是一個完美的指標，我們也討論過這一點，但我們希望在闡述方式上保持一致。

That competitiveness number is bottoming out. We are not happy with that. I've been -- we have been very, very clear on that. However, we are not sitting on our laurels. We have given -- we've presented a clear action plan by the end of October and exactly around the themes that you talked about, which is about unmissable brand superiority, making sure we develop the market and the categories, making sure that we drive up our margin and so forth. That is what we're doing. That is what we're executing against. And that is not something that you turn in 1 quarter, but we have also signaled that we're going to -- that you should see improvement on this in the balance of 2024.

競爭力指標正在觸底反彈，我們對此並不滿意。這一點我們已經非常明確地表達過了。但是，我們並沒有因此而沾沾自喜。我們已經制定了一份清晰的行動計劃，將在10月底前完成，計劃的核心正是您剛才提到的那些主題：打造無可比擬的品牌優勢，確保我們拓展市場和品類，提高利潤率等等。這就是我們正在做的，也是我們正在努力執行的目標。這並非一個季度就能完成的，但我們也已經表明，在2024年剩餘的時間裡，您應該會看到這方面的改善。

So I think we've given a very clear guidance towards that. And hey, it's never one size fits all. So whilst we're not super excited about the competitiveness number, if you look at our overall reported growth numbers of the company, which are helped by roughly 30% of our business that is doing actually very well, that's the higher growth part of the business, we should also highlight that. This is not a story that we're all disappointed.

所以我覺得我們已經就此給了非常明確的指導。而且，凡事都不是一成不變的。雖然我們對競爭力數據並不十分滿意，但如果你看一下公司整體的成長數據，就會發現其中約30%的業務表現非常出色，這部分業務的成長速度很快，這一點我們也應該強調。總而言之，我們並非對這個結果感到失望。

No, there are some real pockets of strength in the company that serve as wonderful and strong examples and that will help us going forward. But we are focused on improving those things that don't, that we feel that can be improved and that is truly what all our actions are about. And again, when we do that well, we do see some early signs of success and we will continue to report to you about that in the next quarters.

不，公司內部確實存在一些優勢顯著的領域，它們堪稱典範，對我們未來的發展大有裨益。但我們目前專注於改善那些尚未達到預期、我們認為可以改進的方面，這才是我們所有行動的真正目的。而且，當我們在這方面做得好時，確實會看到一些初步的成功跡象，我們將在接下來的幾個季度繼續向您報告。

I mean, your question on Ice Cream. What was important that we talked about at the end of Q3, Peter approaches the Ice Cream group very much as a system, and that's super needed. You have to connect to your supply chain, your buying, your distribution, obviously investments in cabinets and freezers and then the whole price/mix and top line strategy. You need to tie that -- even more than in any other business group, you need to tie that very strongly together. That's what we're doing. And that means you want to get leverage from volume.

我是說，關於你提到的冰淇淋問題。我們在第三季末討論過一個很重要的方面，Peter 將冰淇淋業務視為一個系統來管理，這一點至關重要。你必須將供應鏈、採購、分銷、冷藏櫃和冷凍櫃的投資，以及整個價格/產品組合和營收策略連結起來。你需要將這些環節緊密結合——比其他任何業務部門都更需要。這就是我們正在做的。這意味著你需要利用銷售量來獲得槓桿效應。

So there was a clear and a conscious decision to drive extra promotional activity in North America, but that was a surgical way of going about it. And already volumes are -- on a comparable basis were picked up in the fourth quarter were better. North America actually posted positive volumes for Ice Cream and our out-of-home Ice Cream business in the fourth quarter posted positive volume growth numbers.

因此，我們明確且有意識地決定在北美地區加大促銷力度，但採取了精準的策略。而且，第四季的銷量——以可比口徑計算——已經有所回升。北美地區的冰淇淋銷售實際上實現了正增長，我們的戶外冰淇淋業務在第四季度也實現了正增長。

Now we need to see that improving going forward in 2024. And we are -- we believe that there will be a better 2024 for Ice Cream than what 2023 looked like, both on the top line as well as on margin.

現在我們需要看到這種情況在 2024 年有所改善。而且我們相信——2024 年冰淇淋產業的表現將比 2023 年更好，無論從營收或利潤率來看都是如此。

On sustainability, you're absolutely right. The bar gets higher, but hey, I've got, on that sense, good news. I mean, all the efforts that the company has made over the last few years, that really helps us now. And when we laid out our sustainability framework and we'll talk more about that in our new Climate Transition Action Plan in the AGM in May, it's all about transparency. It's all about realizing impact in the short term. And it's all about making sure that we -- again, we report behind a more transparent framework on a regular basis about our progress and we are very well prepared for that.

關於永續發展，您說得完全正確。標準確實越來越高，但在這方面，我也有好消息。我的意思是，公司過去幾年所做的所有努力，現在對我們大有裨益。我們制定了永續發展框架，並將在五月的年度股東大會上詳細討論新的氣候轉型行動計畫。這個框架的核心是透明度，是短期內實現實際影響，也是確保我們定期在更透明的框架下報告進展，並且我們為此做好了充分準備。

On deforestation-free and palm oil, I think we're leading in the world and this is something that we continue to do, so I wouldn't expect a major downside from that.

在不毀林生產和棕櫚油方面，我認為我們處於世界領先地位，而且我們會繼續這樣做，所以我預計不會有什麼大的負面影響。

Our next question comes from Olivier at Goldman Sachs.

下一個問題來自高盛的奧利維爾。

Two questions, please. Going back to Slide 16 on gross margin. Should we expect gross margin in 2024 to actually recover even above the 2019 level considering that you have a much better product mix and you have implemented some portfolio changes as well over the last 4, 5 years? And then perhaps could you break up the 200 bps gross margin improvement between price, mix and portfolio changes?

請問兩個問題。回到關於毛利率的第16張幻燈片。考慮到你們的產品組合更加優化，在過去四五年也進行了一些產品組合調整，我們是否應該預期2024年的毛利率能夠恢復到甚至超過2019年的水平？另外，能否請您具體分析這200個基點的毛利率提升分別來自價格、產品組合和產品組合調整三個面向？

And then just a follow-up on Ice Cream, if I may. You flagged down-trading in Europe. Could you give us a bit more detail as well if you see the same down-trading in the U.S.? And do you expect any impact in the midterm from GLP-1 drugs?

如果可以的話，我想就冰淇淋問題再補充一點。您提到歐洲出現了消費降級現象。如果您也觀察到美國存在著同樣的消費降級現象，能否詳細說明一下？您預期GLP-1類藥物在中期會產生什麼影響？

Thanks, Olivier, for your -- for the question. I mean, on gross margin, I'll make some general comments first and we'll hand over to Fernando, and then I'll come back on Ice Cream.

謝謝奧利維爾的提問。關於毛利率，我先做一些概括性的評論，然後交給費爾南多，之後我再來談談冰淇淋。

Look, you're right. I mean, our gross margin is improving behind not just mix and premiumization, but also from increased productivity. This was a major priority for us in the Growth Action Plan and we're moving forward with that with an enormous dedication in 2024.

你說得對。我的意思是，我們的毛利率提升不僅得益於產品組合最佳化和高端化，也得益於生產效率的提升。這是我們成長行動計畫中的一項重要優先事項，我們將在2024年全力推動。

When we talked earlier about the Growth Action Plan that we would like to see gross margin return to prepandemic levels in the plan period and that was sort of in the range of 2025, 2026, with the plans currently on the table we are seeing indeed an acceleration of gross margin growth and we aim to get back to prepandemic levels earlier. Clearly, some things need to play out in the year, but I'm positive about the progress that we're making there.

我們之前談到成長行動計畫時，希望毛利率能在計畫期間內恢復到疫情前的水平，當時預計在2025年或2026年左右。但根據目前的計劃，我們確實看到毛利率成長正在加速，我們的目標是提前恢復到疫情前的水平。當然，今年還有一些事情需要落實，但我對我們目前的進展充滿信心。

Fernando, anything you want to add?

費爾南多，你還有什麼要補充的嗎？

No. Just the only point is we see our price coverage going up, our mix improving and the impact of portfolio change all contributing to the gross margin improvement. So there are different levels all working in the right direction. And as I have said, this is the backbone of our financial plan going forward and we will put a lot of focus on that, particularly in investing to increase our net productivity.

不。關鍵在於，我們看到價格覆蓋率上升，產品組合最佳化，以及投資組合調整的影響，所有這些都有助於毛利率的提升。因此，各個層面的因素都在朝著正確的方向發展。正如我所說，這是我們未來財務計畫的基石，我們將重點放在這一點，尤其是在投資方面，以提高我們的淨生產力。

Wanted to make some comments on Ice Cream, and I'm afraid some of them may sound repetitive because we made them before. Is there down-trading in the U.S. like we've seen in Europe, for example, the migration to private label and this is something that I talked about at the end of Q3? No, I wouldn't say so. I wouldn't -- I mean, I think it's a different dynamic in the U.S.

我想就冰淇淋市場說幾句，恐怕有些內容會顯得重複，因為我們之前也說過。例如，美國是否有像歐洲那樣的消費降級現象，例如消費者轉向自有品牌？我在第三季末也提到這一點。不，我不這麼認為。我的意思是，我認為美國的情況有所不同。

We stepped up promotional intensity to address competitiveness. And I feel, with the numbers we're getting in that, that's working and volumes, as I said, turned to positive in North America in Q4.

為了因應競爭，我們加大了促銷。從目前的數據來看，我認為這種策略是有效的，而且正如我之前所說，第四季度北美地區的銷售已經轉正。

Clearly, we will price competitively in Ice Cream. We're very determined on that. But some key ingredients in ice cream remain inflationary. So think of sugars, think of cocoa. And I already talked about the ForEx effect, transactional currency effect that we see in some of our important ice cream markets, for example, in Turkey.

顯然，我們會在冰淇淋定價方面保持競爭力。我們對此非常堅定。但冰淇淋的一些關鍵原料價格仍受通貨膨脹影響。例如糖和可可。我之前也提到過外匯效應，也就是我們在一些重要的冰淇淋市場（例如土耳其）看到的交易貨幣效應。

So the actions in Ice Cream really should come from a much stronger execution, a new look at the total supply chain and transforming our distribution and our network into a very competitive set. We believe that there's opportunity to do so. Peter has taken some very drastic action when it comes to leadership change, around 80% in the business group has -- of his key leading positions has changed. So we're not sitting still. We're addressing the issues with enormous speed and decisiveness. And I expect a better Ice Cream in 2024 along with the key metrics.

因此，冰淇淋業務的真正變革應該源於更強有力的執行，重新審視整個供應鏈，並將我們的分銷和網絡轉型為極具競爭力的系統。我們相信我們有機會做到這一點。彼得在領導層更迭方面採取了非常果斷的措施，業務集團中約80%的關鍵領導職位都發生了變動。所以我們並沒有停滯不前。我們正在以驚人的速度和果斷的行動解決這些問題。我預計到2024年，冰淇淋業務及其關鍵指標都將取得更好的成績。

Our next question comes from Jeff at BNP.

我們的下一個問題來自法國巴黎銀行的傑夫。

Firstly, just a word of thanks really to Nitin who, I think, has been an incredible servant to Unilever over, frankly, longer than I think any of us can really remember. So I hope he has a very -- enjoys his downtime, if I can say that.

首先，我要真誠地感謝尼丁，我認為他為聯合利華做出了卓越的貢獻，坦白說，他為聯合利華服務的時間之長，恐怕我們誰都記不清了。所以我希望他能好好享受他的休息時光。

So 2 questions. The first one is, somewhat curiously, you put on one of the slides that vertical integration on key materials is going to be a priority. Could you just explain what that actually means?

所以，我有兩個問題。第一個問題是，有點奇怪的是，您在其中一張投影片上提到，關鍵材料的垂直整合將是優先事項。您能解釋一下這究竟意味著什麼嗎？

And the second thing is you also commented that focusing more on absolute profit would be a priority. Now if I take consensus and I apply your minus 5% currency guide on earnings, it would sort of imply that EPS won't really grow this year. So I just want to get your comments on that. Is that what you're guiding to that there shouldn't be sort of meaningful currency EPS growth this year?

第二點是，您也提到過，更專注於絕對利潤將是首要任務。如果我採納大家的普遍預期，並應用您先前給出的-5%的匯率預期，那就意味著今年的每股盈餘（EPS）不會有太大成長。所以我想聽聽您的看法。您是否也認為今年的每股盈餘（EPS）不會有顯著成長？

Thanks, Jeff. Three points, let me just respond to and just echo your words about Nitin. Thank you, by the way, for making note illustrious career. Really great to work with. I'm very grateful to Nitin for everything he's done in the company. By the way, he will continue as the Chair of Hindustan Unilever for the foreseeable future, and I'm very grateful that he will and we'll use all his expertise and experience in that key role.

謝謝傑夫。有三點我想回應一下你對尼廷的評價，也想附和一下。順便說一句，感謝你成就瞭如此輝煌的職業生涯。和你共事真的非常愉快。我非常感謝尼廷為公司所做的一切。另外，在可預見的未來，他將繼續擔任印度聯合利華董事長，我非常感激他能繼續擔任這一職務，我們也將充分利用他在這一關鍵職位上的所有專業知識和經驗。

Now handing it over to Fernando on the 2 questions. One is on key materials and the other one was on absolute profit and the relationship to EPS guidance. Fernando?

現在把這兩個問題交給費南多來回答。一個是關於關鍵材料，另一個是關於絕對利潤以及與每股收益預期之間的關係。費爾南多？

Yes. Vertical integration is -- let me give you a couple of examples. For example, if you look at our surfactants cost in North America, we have a significant disadvantage. We are one of the few players that are not vertically integrated in the sulfonation and production of SLES. That has a significant cost to our business and we believe that this is an opportunity that we can really materialize in the future.

是的。垂直整合—讓我舉幾個例子。例如，如果您看一下我們在北美的界面活性劑成本，您會發現我們處於明顯的劣勢。我們是少數幾家在磺化和SLES生產方面沒有實現垂直整合的企業之一。這為我們的業務帶來了巨大的成本，但我們相信，未來我們可以抓住這個機會。

There are other materials in which I will not go deeper at this stage, this is for confidentiality reasons. But we believe that there is a role to really improve our leverage in our procurement strategy and have a significant impact in our gross margin going forward.

還有一些其他資料，出於保密原因，現階段我不會深入討論。但我們相信，這確實有助於提升我們在採購策略中的影響力，並對未來的毛利率產生顯著影響。

Let me go now into the absolute profit growth. Every time I get into a new role, I try to look at the long-term trends. There are 2 things, looking at the last 10 years' performance of Unilever that I'm sure that it's not a surprise for you, but really, I would like to highlight. The first one is that our volume growth has been below what our footprint in terms of geographies and categories alone. And the second is that in the last 5 years, our profit in hard currency -- in current currency have stagnated, and we know that we need to fix these 2 things.

現在讓我來談談絕對利潤成長。每次我擔任新職務時，我都會著眼於長期趨勢。回顧聯合利華過去十年的業績，有兩點值得關注，我相信這對您來說並不意外，但我還是想強調一下。第一點是，僅就地理和品類而言，我們的銷售成長低於我們的市佔率成長。第二點是，過去五年，我們以硬通貨（現價）計價的利潤停滯不前，我們知道必須解決這兩個問題。

So I will not get into details now about the outlook and the guidance. But I want you to be very, very clear that we are very conscious about really compensating some of the negative effect that currency headwinds have and we are working hard on that.

所以我現在不會詳細討論前景和指引。但我希望你們非常清楚地認識到，我們非常清楚如何實際抵消匯率不利因素帶來的負面影響，並且我們正在為此努力。

Our next question comes from David Hayes at Jefferies.

下一個問題來自傑富瑞集團的戴維·海耶斯。

Two for me, one on the divisional heads planning process; and the second one on SKU rationalization. So can you just talk us through the timing and the process of these new divisional heads in terms of their presentations to ExCo in terms of that 2024 and midterm plans? And during that process, what were the biggest surprises and the identified challenges that came out of that? And is there a plan for them to come back again given they are new in those roles to elaborate and be more detailed in what they see as the ambition on what they need for the next few years to deliver?

對我來說有兩個問題，一個是關於部門主管的規劃流程；另一個是關於SKU合理化。能否詳細介紹這些新任部門主管向執行委員會報告2024年及中期計畫的時間表和流程？在這個過程中，最大的意外和挑戰是什麼？考慮到他們是新上任的，是否有計劃讓他們再次匯報，更詳細地闡述他們對未來幾年目標的想像？

And then just on SKU rationalization. Is that done now? I know you've done a lot of that over the last couple of years, but the 30% -- or 25% of sales in the Power Brands, is there are a lot more to do in terms of both SKU and brand rationalization to kind of streamline that tail, so it doesn't become a drag on the overall group performance?

然後是關於SKU精簡的問題。現在完成了嗎？我知道過去幾年你們做了很多這方面的工作，但是對於佔銷售額30%或25%的強勢品牌來說，在SKU和品牌精簡方面是否還有很多工作要做，以簡化這部分業務，避免其拖累集團整體業績？

Thanks, David. On the -- your first question on the divisional -- what you call, divisional heads, I'm not sure that I fully got the question, but let me just elaborate a bit, but please come back if you feel that I'm not answering it.

謝謝，大衛。關於你的第一個問題，也就是你所說的部門主管，我不太確定我是否完全理解了你的問題，但我可以再詳細解釋一下，如果你覺得我沒有回答好，請隨時提出。

Last year, in October, we refreshed the leadership team of the company and we made a number of internal appointments. So Priya Nair heading up Beauty & Wellbeing; Eduardo, heading up the Home Care division; Peter ter Kulve changing from Home Care into Ice Cream. And I believe we appointed there people with a proven track record and very hungry, of course, to take on the challenges that we have.

去年十月，我們對公司領導團隊進行了重組，並任命了多位內部人士。 Priya Nair 負責美容與健康業務；Eduardo 負責家居護理部門；Peter ter Kulve 從家居護理部門調任至冰淇淋部門。我相信，我們任命的這些人才都擁有卓越的業績記錄，並且渴望迎接我們面臨的挑戰。

The targets and the goals for them for 2024 are completely aligned with the Growth Action Plan. We've cascaded that rigorously, I would say, and in a much more rigorous fashion than probably was the case prior.

2024年的目標和指標與成長行動計畫完全一致。我認為，我們已經嚴格地逐級落實了這些目標，而且比以往任何時期都更加嚴格。

We have just made the appointment of Mairéad. There is one outstanding position on the ULE and that is the President for Nutrition. We are in finalizing stages of that, and I expect to be able to announce in the next couple of weeks. There were some technicalities why we couldn't do it today. It is what it is, but we are moving forward on that quite fast.

我們剛剛任命了市長。 ULE還有一個空缺職位，那就是營養主席。我們正在進行最後的敲定工作，預計未來幾週內就能宣布。今天因為一些技術性問題沒能公佈結果。事情就是這樣，但我們正在迅速推進這項工作。

Ultimately, I aim for a good mix, obviously, between internal and external views. That's why we made the appointment of Mairéad today. And hey, I would say everyone is really -- is on to it, started on the 1st of January formally the new roles. But yes, I'm happy with the progress made so far.

最終，我的目標是兼顧內部和外部意見，這一點毋庸置疑。這就是我們今天任命市長的原因。而且，我想說的是，大家都非常投入，從1月1日起正式開始履行新職責。是的，我對目前的進展感到滿意。

On SKU rat, we've done some significant SKU rationalization to simplify operations, help our procurement teams in particular. And of course, the global category teams that are now the primary access to which we manage the company, they have taken a very hard look at, hey, how can we simplify our business going forward and make our propositions more scalable.

在 SKU 方面，我們進行了一些重要的 SKU 精簡，以簡化操作，特別能幫助我們的採購團隊。當然，作為公司主要管理管道的全球品類團隊也認真審視如何簡化未來的業務，並使我們的產品和服務更具可擴展性。

Mid-20% or so in terms of SKU rat, significantly, of course, that has harmed some competitiveness and some volume, but we're happy with the action taken.

SKU 比率下降了大約 20%，這當然影響很大，也損害了一些競爭力和銷量，但我們對採取的措施感到滿意。

Going forward, I would not expect similar reductions, of course. I think we have sort of bottomed out and we need to grow from here.

展望未來，我當然不認為會出現類似的降幅。我認為我們已經觸底反彈，現在需要以此為基礎實現成長。

Yes. Let me add only that I would see -- I would look at this as one of the key benefits of a business group-led organization. It was very difficult in the past when we were organized on a geographical basis to take decisions in simplifying our assortment. We have done it. It has a cost in terms of volume. It has a cost in terms of competitiveness, but make us leaner, faster, sharper and we have been decisive on doing that.

是的。我只想補充一點，我認為這是業務集團主導型組織的關鍵優勢之一。過去我們以地域劃分組織架構時，要簡化產品組合的決策非常困難。但我們已經做到了。這在銷售方面會帶來一些損失，在競爭力方面也會有所下降，但它能讓我們更精簡、更有效率、更敏銳，而我們也一直在果斷地朝著這個方向努力。

Our next question comes from Karel at Kepler.

我們的下一個問題來自開普勒公司的 Karel。

I have 2 questions. One on the Beauty & Health Wellbeing business and one on Hair Care. Starting with Beauty & Health Wellbeing, that's been elevating growth in the North American market field for a while. At the same time, I don't necessarily see all these brands traveling very quickly across the globe. Is that part of the plan of these brands? Or are they so far called to be predominantly leveraging on the growth opportunity in the North American home market?

我有兩個問題。一個是關於美容健康領域的，另一個是關於護髮領域的。先說美容健康領域，這個領域在北美市場已經成長了一段時間。但同時，我並沒有看到所有這些品牌迅速拓展到全球市場。這是這些品牌的計畫嗎？還是說，它們目前主要專注於利用北美本土市場的成長機會？

And the other question is in relation to Hair Care, that's been a difficult category for you for a bit longer. At the same time, we've seen quite some action on the portfolio last year. How should we think about your Hair Care performance in '24?

另一個問題是關於護髮業務的，這個領域對您來說一直比較難做。同時，我們看到去年貴公司在產品組合方面做了不少調整。我們該如何看待貴公司2024年在護髮業務上的表現？

Thank you, Karel. I'll take part of the first question, and again, given Fernando's role in that business, both responsible for Hair Care as well as on Health & Wellbeing and the Prestige Beauty side, he will add.

謝謝你，卡雷爾。我會回答第一個問題的一部分，另外，鑑於費爾南多在該業務中的角色——既負責護髮業務，也負責健康與保健以及高端美容業務——他會補充一些內容。

Clearly, these Prestige brands, roughly 1/4 of the business group, Beauty & Wellbeing, of course, we want to scale. This is an important theme of our Growth Action Plan, scalable propositions, multiyear bets and so forth and these brands fit that extraordinarily well. However, we want to make sure that we put them on a very solid footing and the United States is -- or North America is a very significant market. So we were really keen to drive growth there initially, and we're looking for expansion.

顯然，這些高端品牌（約占我們業務集團——美容與健康領域——的四分之一）是我們當然希望擴大規模的。這是我們成長行動計畫的重要組成部分，包括可擴展的方案、多年投資等等，而這些品牌與此非常契合。然而，我們希望確保它們擁有非常穩固的基礎，而美國——或者說北美——是一個非常重要的市場。因此，我們最初非常渴望推動這些市場的成長，我們正在尋求擴張。

But let me tell you, in fact, we have expanded on Liquid I.V. We've introduced it in a number of countries, amongst them are Canada, but we're also looking for more internationalization. More on that to come, so stay tuned.

但讓我告訴你們的是，事實上，我們已經拓展了Liquid I.V.的業務範圍。我們已將其引入多個國家，包括加拿大，但我們也正在尋求進一步的國際化。更多詳情敬請期待。

Dermalogica, in fact, available in multiple countries, actually now available in the U.K. as well.

事實上，Dermalogica 在多個國家都有販售，現在在英國也有販售。

Paula's Choice, I hear from your accent you're from the Netherlands. In fact, our European operations for Paula's Choice are based out of the Netherlands. I was there recently. All digital, very strong growth, similar growth rates that we're seeing in North America. So we're actually very excited about that.

Paula's Choice，聽你的口音，我猜你是荷蘭人。事實上，Paula's Choice 的歐洲業務總部就設在荷蘭。我最近去過那裡。所有業務都已數位化，成長非常強勁，成長速度與我們在北美看到的差不多。所以我們對此感到非常興奮。

But we will do it very targeted and where we feel that the moment is right and that we have sufficient and -- sufficient presence and base in the United States, and then we will look for internationalization.

但我們會採取非常有針對性的方式，在我們認為時機成熟、在美國擁有足夠的實力和基礎之後，才會尋求國際化。

Fernando, maybe a few words to that and as well as Hair Care.

費爾南多，也許可以就此說幾句，還有護髮的內容。

Yes. I feel one of the powerful features of the portfolio that we have been building Health & Wellbeing and in Prestige is the fact that North American brands travel. These kind of strong brands in the U.S. give us the possibility of building a more harmonized portfolio across the globe in the future. So definitely, global rollout of this brand is something that we will pursue with decisiveness in the next future.

是的。我認為我們打造的健康與福祉以及高端產品組合的一大優勢在於，北美品牌具有全球影響力。這些在美國擁有強大影響力的品牌，讓我們未來有機會在全球範圍內建立更協調統一的產品組合。因此，我們一定會果斷推進該品牌的全球推廣。

There are some differences when you look at Prestige this year. In the case of Health & Wellbeing, there are regulatory constraints that have to be overcome but overall, just the decision is to really go global with most of these brands.

今年高端市場的情況有所不同。就健康與福祉領域而言，雖然存在一些監管限制需要克服，但總體而言，大多數品牌都決定真正走向全球。

I feel one point that Hein touched base -- touched on that and I feel it's important, we wanted to solidify our position in the U.S. first. You can see that our growth here is really very, very, very competitive, particularly at the moment in which many companies, particularly in the beauty space, are shifting back focus from China into the U.S. We thought that was important to focus in solidifying the position there.

我覺得海因提到的一點非常重要，那就是我們希望先鞏固在美國的地位。正如你所看到的，我們在美國的成長競爭非常激烈，尤其是在目前許多公司，特別是美容行業的公司，正將重心從中國重新轉移到美國的情況下。我們認為，鞏固在美國的地位至關重要。

Regarding Hair Care, good performance, positive volume, Latin America and South Asia with double-digit growth. We have a bit of a difficult time in North Asia despite the fact that Clear, in particular, is doing very, very well there and is reducing the gap with the anti-dandruff leader in the market.

在護髮領域，整體表現良好，銷售成長強勁，拉丁美洲和南亞地區實現了兩位數成長。儘管Clear在北亞市場表現尤為出色，並正在縮小與市場領先去屑品牌之間的差距，但我們在北亞市場仍面臨一些挑戰。

But overall, the performance of Hair Care has improved significantly in the last couple of years, and we believe that this strength will continue going forward.

但總體而言，護髮業務在過去幾年中取得了顯著進步，我們相信這種強勁勢頭將持續下去。

And our final question comes from Sarah at Morgan Stanley.

最後一個問題來自摩根士丹利的莎拉。

Sarah, are you there? I think we may have lost you there, Sarah, I'm afraid.

莎拉，你在嗎？恐怕我們跟你失去聯絡了，莎拉。

So with that, we have...

所以，至此，我們有了…

Can you hear me now?

現在能聽到我說話嗎？

Oh, yes, you're back.

哦，是的，你回來了。

Okay. Sorry, didn't know what happened there. It was 2 questions. One was on restructuring. You've obviously had fairly significant restructuring costs for quite some time. Can you just take us through how much of those are going to be cash in '24 and how long you would anticipate continuing to charge restructuring?

好的。抱歉，我不知道剛才發生了什麼事。其實是兩個問題。一個是關於重組的。顯然，你們的重組成本已經相當高了，而且這種情況持續了相當長一段時間。能否請您簡單說明一下，到2024年，這些成本中有多少會以現金形式收回，以及你們預計重組費用還會持續多久？

And then second one was just on the gross margin question. In terms of price coverage of NMI since things started to -- or since we started to see significant (inaudible), where do you think you've got to in terms of price coverage, maybe as a percentage or something like that?

第二個問題是關於毛利率的。自從NMI的價格覆蓋率開始——或者說自從我們開始看到顯著的（聽不清楚）——以來，您認為目前的價格覆蓋率達到了什麼水平，以百分比或其他指標來衡量？

Thanks, Sarah. I mean, on restructuring, we have -- we're guiding towards roughly 1% of turnover on restructuring for 2024. Fernando and I, we're seeing some real opportunity for productivity improvement. So I already talked a bit about Ice Cream. We're looking at some other pockets that we will come back to you on. We're doing it, as mentioned in the video, surgically and I think that's right. But at this point, we would guide towards that sort of 1%.

謝謝，莎拉。關於重組，我們預計2024年重組相關的員工流動率將佔員工流動率的約1%。我和費爾南多都看到了提升生產力的實際機會。我之前已經簡單提了一下冰淇淋生意。我們還在關注其他一些領域，稍後會再跟你詳細說明。正如影片裡提到的，我們正在進行精準的調整，我認為這很貼切。但就目前而言，我們預期重組相關的員工流動率將占到員工流動率的約1%。

On gross margin, if you look back in the last couple of years, since the inflation started, I would say we're at roughly 80% coverage, give or take, and with -- obviously, with some momentum behind gross margin and the productivity plan there. And I already mentioned earlier in the call that we're leaning in a bit more on gross margin in terms of faster recovery to prepandemic levels than earlier communicated.

就毛利率而言，回顧過去幾年，自通膨開始以來，我認為我們的毛利率覆蓋率大約在80%左右，上下浮動。顯然，這得益於毛利率和生產力提升計畫的推動。我在之前的電話會議中也提到過，我們更加看好毛利率，認為其恢復到疫情前水準的速度將比之前預期的更快。

Yes. Price coverage now for the first time in 4 years is above 100%.

是的。價格覆蓋率4年來首次超過100%。

Thank you, Fernando. Look...

謝謝你，費爾南多。你看…

You're at over 100%?

你的進度超過100%了嗎？

Now. For the first time in 4 years, our price coverage has gone beyond 100%.

現在，4年來我們的價格覆蓋率首次超過100%。

Thanks, everyone, for joining the call. That was, indeed, the last question. So as you have all heard, we have reorientated the company now behind the Growth Action Plan and this is resulting in some important shifts. First of all, a laser focus on growing volumes and gross margin expansion.

感謝各位參加本次電話會議。這確實是最後一個問題。正如大家所聽到的，我們已根據成長行動計畫重新調整了公司策略，這帶來了一些重要的轉變。首先，我們將重點放在提升銷量和擴大毛利率上。

I mean, 2 themes that we have discussed during this call. A tight grip on operations and -- resulting in 2023 particularly strong working capital performance and thereby strong cash generation, and we're pleased with that; an increased investment behind our growth, and of course, behind our Power Brands. We stepped up investment in 2023 and we aim to do more in 2024, but obviously based on the strong plans.

我的意思是，我們在這次電話會議中討論了兩個主題。一是嚴格控制運營，這使得2023年的營運資本表現尤為強勁，從而實現了強勁的現金流，我們對此感到滿意；二是加大對增長以及我們核心品牌的投資。我們在2023年增加了投資，並計劃在2024年進一步加大投入，但這顯然要基於我們穩健的計劃。

The right level of urgency that we have now in the organization to address that competitiveness and underperformance in the pockets where that's valid.

目前，公司內部對解決某些領域存在的競爭力不足和業績不佳問題，已經展現出了恰當的迫切感。

We also continue to look at the portfolio. We've done some important changes in 2023, and we will continue to look at the right portfolio going forward.

我們也會持續關注投資組合。 2023年我們進行了一些重要的調整，未來將繼續尋找合適的投資組合。

So all in all, clearly, we are all focused on value creation and increasing shareholder returns. It's super important that we do that. We're very clear, and as Fernando said, we know what to do.

總而言之，很顯然，我們都專注於創造價值和提高股東回報。這一點至關重要。我們目標非常明確，正如費南多所說，我們知道該怎麼做。

We look forward to update you on the progress through the course of the year. And for now, have a very, very good day. Thank you.

我們期待今年內向您報告進度。祝您今天過得非常愉快。謝謝。