聯合利華 (UL) 2024 Q4 法說會逐字稿

Good morning, and welcome to Unilever's full year results. Thank you for joining us. In a moment, Fernando Fernandez, our CFO, will give a breakdown of the results for 2024. After which, I will look at some of the key priorities for this year and beyond.

早安，歡迎關注聯合利華全年業績。感謝您加入我們。稍後，我們的財務長費爾南多·費爾南德斯 (Fernando Fernandez) 將對 2024 年的業績進行細分。之後，我將討論今年及以後的一些主要優先事項。

In total, we expect prepared remarks to last around 40 minutes, followed by 30 minutes Q&A. And all of today's webcast is available live transcribed on the screen.

總的來說，我們預計準備好的發言將持續約 40 分鐘，然後是 30 分鐘的問答時間。現今的所有網路直播均可在螢幕上即時轉錄。

Before I provide a few reflections of my own on the results, I want to touch on some of the broader shifts we have made in 2024 to set us up for a higher and more consistent performance. There are five in particular I want to highlight.

在我對結果發表一些自己的反思之前，我想談談我們在 2024 年做出的一些更廣泛的轉變，這些轉變旨在讓我們獲得更高、更穩定的業績。我特別想強調以下五點。

First, having been adopted and embedded across the business following its launch in October 2023, the Growth Action Plan, or GAP, was executed last year with speed and with discipline. And we see this reflected across the company. A few examples: in the plans, in our top 30 Power Brands, in our unmissable brand superiority framework, in the step-up in the size and scale of our innovations, or in the embedding of net productivity in the user supply chain.

首先，成長行動計畫（GAP）於 2023 年 10 月啟動後，已在整個業務範圍內採用和嵌入，並於去年迅速而有紀律地實施。我們看到這在整個公司都有所體現。舉幾個例子：在計畫中、在我們的 30 大強勢品牌中、在我們不可錯過的品牌優勢框架中、在我們創新規模的提升中、或在用戶供應鏈中嵌入淨生產力中。

In all these areas and more, the GAP is critical to our work across Unilever, working on the same themes, on the same imperatives and bundling our energy, passion and resources together on the things that really matter.

在所有這些領域以及其他領域中，GAP 對於我們整個聯合利華的工作至關重要，我們致力於相同的主題、相同的要務，並將我們的精力、熱情和資源集中在真正重要的事情上。

Second, the wide-ranging but necessary productivity program announced in March is being implemented at pace. Actually, we are ahead of plan in creating a leaner, more accountable organization. And by the end of 2024, the number of full-time roles had been reduced by 4,300, with an expected total reduction of 7,500 roles by the end of 2025.

其次，3月宣布的廣泛且必要的生產力計畫正在快速實施。事實上，我們在創建一個更精簡、更負責任的組織方面已經領先於計劃。到 2024 年底，全職職位數量將減少 4,300 個，預計到 2025 年底總共將減少 7,500 個職位。

Third, capital and resources are being deployed behind our keenest priorities and our biggest opportunities. And whether that's our top brands, our leading markets, our key capabilities or in meeting our biggest net productivity opportunities. On top of these investments, we returned EUR5.8 billion in capital to shareholders in 2024 in the form of dividends and buybacks.

第三，資本和資源正被部署在我們最迫切的優先事項和最大的機會上。無論是我們的頂級品牌、我們的主要市場、我們的關鍵能力，或是滿足我們最大的淨生產力機會。除了這些投資之外，我們還在 2024 年以股息和回購的形式向股東返還了 58 億歐元的資本。

Fourth, we are on track to complete a significant portfolio shift with the separation by the end of this year of our Ice Cream business. I'll talk more on that later.

第四，我們將在今年底前完成冰淇淋業務的分離，以實現重大的投資組合轉變。我稍後會進一步談論這個問題。

And fifth, we are giving increasingly tangible expression to our desire to dial up Unilever's performance edge and create that winning culture. For example, the productivity program is being used to delayer the organization, and people are finding their roles now come with a greater scope, but also more accountability.

第五，我們正越來越切實地表達出提升聯合利華業績優勢和創造成功文化的願望。例如，生產力計劃正被用於簡化組織，人們發現他們的角色現在具有更大的範圍，也具有更多的責任。

Measures are being put in place to help motivate and incentivize for performance, whether through more stretching targets or through greater differentiation in reward. And the new organization structure, with the business groups focusing on the top 24 markets and the 30 Power Brands, and that's bringing simplicity and much sharper category focus.

我們正在採取措施來激勵和鼓舞員工提高績效，無論是透過更具挑戰性的目標，還是透過更大的獎勵差異化。新的組織結構使業務集團專注於前 24 個市場和 30 個強勢品牌，從而帶來了簡單性和更清晰的類別重點。

These five shifts represent just some of the ways in which, operationally, organizationally and on a portfolio, we moved quickly and decisively last year to bring that much needed clarity and focus to the business. And while these changes are intended to set us up for consistent higher performance over the longer term, the benefits are already apparent in improved performance.

上述五個轉變只是我們去年在營運、組織和投資組合方面採取的一些迅速果斷的行動，為業務帶來了急需的清晰度和重點。雖然這些變化的目的是讓我們在長期內持續維持更高的績效，但其帶來的好處已經在績效提升中顯現出來。

And that brings me to our results for 2024. Now, first, a reminder. When we launched the GAP towards the end of 2023, we said that our priority was to improve both the quality and the consistency of Unilever's top line performance. In fact, the GAP was a direct response to that challenge.

這就是我們 2024 年的業績。現在，首先提醒一下。當我們在 2023 年底推出 GAP 時，我們表示我們的首要任務是提高聯合利華營收績效的品質和一致性。事實上，GAP 是對這項挑戰的直接回應。

And we also made clear that central to achieving this was restoring gross margin as a first step to pre-pandemic levels, thereby enabling us to step up investment behind our brands and in the rest of the business.

我們也明確表示，實現這一目標的關鍵是首先將毛利率恢復到疫情前的水平，從而使我們能夠加大對品牌和其他業務的投資。

The results we are announcing today reflect progress against each of these objectives. Growth was volume led. And importantly, within that, underlying volume growth of 2.9% was broad-based across all five business groups and across all four quarters. This was supported by a significant increase in gross margin, up by 280 basis points versus the prior year to 45%, exceeding the pre-COVID level in all business groups, except Ice Cream.

我們今天宣布的結果反映了每個目標的進展。成長以數量為主導。重要的是，其中，五大業務集團和四個季度的基礎銷量普遍增長 2.9%。這得益於毛利率的大幅提升，較上年同期上升了 280 個基點，達到 45%，除冰淇淋外，所有業務集團的毛利率均超過了疫情之前的水平。

The increase in gross margin allowed us to increase brand to marketing investment by EUR0.9 billion to 15.5% of group turnover. Gross margin expansion also contributed to profit growth. Underlying operating profit growth was 12.6% versus the prior year to EUR11.2 billion.

毛利率的增加使得我們將品牌行銷投資增加了9億歐元，達到集團營業額的15.5%。毛利率擴大也促進了利潤的成長。基本營業利潤較上年增長 12.6%，達到 112 億歐元。

These results confirm the progress that we are making against our most important and immediate priorities. They also enabled us to deliver top third total shareholder returns in 2024, and that is in line with our ambition.

這些結果證實了我們在實現最重要和最緊迫的優先事項方面所取得的進展。它們也幫助我們在 2024 年實現位居第三的股東總回報，這符合我們的目標。

However, consistency is not about one good year. We know there is still a lot to do, and so we have to travel in somewhat more turbulent waters. But as I have said, we laid some important foundations for the future in 2024 as well as delivering results in line with our objectives.

然而，堅持並不代表只有一年的好成績。我們知道還有很多事情要做，因此我們必須在更艱難的環境中前進。但正如我所說，我們在 2024 年為未來奠定了一些重要的基礎，並取得了符合我們目標的成果。

And Fernando will now take you through those results in more detail. Fernando?

現在費爾南多將向您更詳細地介紹這些結果。費爾南多？

Thank you, Hein. Underlying sales growth in the full year was 4.2%, led by volume of 2.9% and with price contributing 1.3%. We delivered four consecutive quarters of underlying volume growth of up 2%, with all business groups driving positive volume growth for the year.

謝謝你，海因。全年基本銷售額成長 4.2%，其中銷量貢獻 2.9%，價格貢獻 1.3%。我們連續四個季度實現了 2% 的基本銷售成長，所有業務部門的銷量全年均實現正成長。

Our 30 Power Brands, which represent more than 75% of our group turnover, performed well, with 5.3% underlying sales growth, driven by volume growth of 3.8%. While the Power Brands had the first call on incremental resources and led our growth, we didn't neglect the rest of the business. This paid off as these brands also delivered improved volume growth of 0.7% in the second half, up from minus 1.6% in the first half of 2024.

我們 30 個強勢品牌表現良好，佔集團營業額的 75% 以上，其中基礎銷售額成長 5.3%，受 3.8% 的銷售成長推動。雖然強勢品牌首先要求增加資源並引領我們的成長，但我們並沒有忽視其餘業務。這項舉措獲得了回報，因為這些品牌在下半年的銷售成長率也從 2024 年上半年的負 1.6% 上升至 0.7%。

As expected, given the favorable commodity cycle in the first half of 2024, underlying price growth slowed down to 1.3% for the year. However, with input cost inflation in our basket of commodities returning in the second half, we expect an acceleration of price growth through 2025.

正如預期的那樣，鑑於 2024 年上半年商品週期有利，全年基礎價格增長放緩至 1.3%。然而，隨著下半年一籃子商品的投入成本通膨回升，我們預計到 2025 年價格上漲將會加速。

Let's take a closer look now by business groups. Beauty and Wellbeing delivered a strong full year performance led by broad-based volume growth, particularly across its Power Brands. Underlying sales growth was 6.5%, with volume at 5.1% and price at 1.3%. In the fourth quarter, underlying sales growth was 5.2%, with 3.9% volume against a strong quarter four '23 comparator.

現在讓我們按商業群來仔細看看。美容與健康業務全年表現強勁，主要得益於廣泛的銷售成長，尤其是其強勢品牌。基本銷售額成長 6.5%，銷量成長 5.1%，價格成長 1.3%。第四季度，基礎銷售額成長 5.2%，銷售成長 3.9%，去年第四季表現強勁。

Beauty and Wellbeing's strong performance reflects the ongoing premiumization of our core Hair Care and Skin Care portfolio, and the continued strength of our Prestige Beauty and Wellbeing portfolio, which combined now accounts for approximately 30% of Beauty and Wellbeing's turnover.

美容與健康業務的強勁表現反映了我們核心護髮和護膚產品組合的持續高端化，以及我們高端美容與健康產品組合的持續強勁增長，這兩個產品組合目前合計佔美容與健康業務營業額的約 30%。

Hair Care grew mid-single digit with balanced volume and price growth. Dove Hair delivered high single-digit volume growth. And our largest hair brand, Sunsilk, continued its positive momentum following the 2023 relaunch. Nexus, our massive propositions in the US, grew double digit, while Clear's growth was muted due to its big exposure to a subdued Chinese market.

護髮產品實現中等個位數成長，銷售量和價格成長均衡。Dove Hair 的銷量實現了高個位數成長。我們最大的美髮品牌 Sunsilk 在 2023 年重新推出後繼續保持積極勢頭。我們在美國大規模的投資項目 Nexus 實現了兩位數的成長，而 Clear 則因為在中國市場表現不佳而導致成長放緩。

Our core skin business continued to grow well, with Vaseline achieving double-digit growth for the second consecutive year. This success driven by the expansion of the Gluta-Hya range into more markets and new variants. Dove also posted double-digit growth in Skin Care, supported by new successful launches of body serums and face treatments across Latin America.

我們的核心皮膚業務持續保持良好成長，凡士林連續第二年實現兩位數成長。這一成功得益於 Gluta-Hya 系列向更多市場和新品種的擴展。由於拉丁美洲地區身體精華和臉部護理產品的成功上市，多芬的皮膚護理業務也實現了兩位數的成長。

Welbeing delivered double-digit volumes led by Liquid I.V., Nutrafol, and OLLY. This performance reflects continued strength in the brands' core products and innovations as well as the early benefits of our selective international expansion. Liquid I.V. entered seven new marketys during the year, while OLLY made good inroads in China.

Welbeing 的銷售量達到兩位數，以 Liquid I.V.、Nutrafol 和 OLLY 為首。這項業績體現了品牌核心產品和創新的持續強勁表現，以及我們選擇性的國際擴張所帶來的早期效益。液體靜脈注射年內進入了七個新市場，而OLLY在中國也取得了良好的進展。

Prestige Beauty grew at a mid-single-digit rate due to the beauty market slowing in the US and China. Growth remained lower in the fourth quarter, but several brands still delivered good performances. Notably, our Hourglass and Tatcha both achieved double-digit growth in the year.

由於美國和中國美容市場放緩，Prestige Beauty 的銷售額以中等個位數增長。第四季增幅仍然較低，但一些品牌仍然表現良好。值得注意的是，我們的Hourglass和Tatcha今年都實現了兩位數的成長。

Beauty and Wellbeing underlying operating margin improved by 70 basis points. Positive mix was a key driver of a strong 220 basis points gross margin expansion. This allowed further investment in BMI to support the continued strengthening of our brands in this business group.

美容與健康業務基礎營業利潤率提高了 70 個基點。積極的產品組合是毛利率強勁成長 220 個基點的關鍵驅動力。這使得 BMI 能夠進一步投資，以支持我們在該業務集團的品牌持續加強。

Personal Care also had a strong year driven by the deodorants, which delivered double-digit growth. And Dove, our largest brands, which accounted for close to 40% of Personal Care turnover. Underlying sales growth was 5.2% for the year, with 3.1% in volume and 2.1% in price. Volume growth accelerated in the fourth quarter to 3.6%, contributing to an underlying sales growth of 5.3%.

個人護理業務在除臭劑的推動下也取得了強勁的業績，實現了兩位數的成長。我們最大的品牌是多芬，佔個人護理業務營業額的近40%。全年基本銷售額成長 5.2%，其中銷量成長 3.1%，價格成長 2.1%。第四季銷量成長加速至 3.6%，帶動基礎銷售額成長 5.3%。

Dove's strong growth was supported by the launch of whole body deodorants, featuring our superior odor control technology. First introduced in the US in 2024, we will assume this innovation to new markets and to new brands in 2025. Dove also launched its new serum shower collection, bringing active face care ingredients to body wash formats.

多芬的強勁成長得益於其採用卓越氣味控制技術的全身除臭劑的推出。該創新將於 2024 年在美國首次推出，我們將在 2025 年將其推廣至新市場和新品牌。多芬也推出了全新精華沐浴露系列，將活性臉部護理成分引入沐浴露中。

The impressive growth in governance was led by Dove, but also with solid contributions from Rexona and Axe, both benefitting from disruptive technology introductions in the areas of odor control and fragrances, respectively.

治理方面令人矚目的成長由多芬 (Dove) 引領，但舒耐 (Rexona) 和 Axe 也做出了堅實的貢獻，這兩家公司分別受益於氣味控制和香料領域的顛覆性技術的引入。

Skin cleansing grew low single digit, with positive volume price despite declines in Indonesia, China and India. Lux and Lifebouy are two of our power brands, where performance has been poor and in which we are making significant interventions in 2025. Oral Care delivered mid-single-digit growth with solid results from Pepsodent and Close-Up, our Power Brands in the category.

皮膚清潔產品實現了低個位數成長，儘管印尼、中國和印度的銷售價格出現下滑，但銷售價格仍保持正成長。Lux 和 Lifebouy 是我們的兩個強勢品牌，但這兩個品牌的表現一直不佳，我們將在 2025 年對它們進行重大干預。口腔護理業務實現了中等個位數成長，其中，該品類的強勢品牌 Pepsodent 和 Close-Up 取得了穩健的業績。

Underlying operating margin improved by 190 basis points during the year. Significant gross margin expansion enabled us to continue reinvesting in our Personal Care brands, with a special focus on our US business as we elevate our portfolio to a more premium offering.

年內基礎營業利潤率提高了 190 個基點。毛利率的大幅提高使我們能夠繼續對個人護理品牌進行再投資，並特別關注美國業務，以將我們的產品組合提升到更優質的水平。

Home Care delivered underlying sales growth of 2.9%, driven by a 4% increase in volume. Commodity inflation was more significant in the powder format than in liquids, resulting in negative pricing in several emerging mines. Fourth quarter underlying sales growth was 3%, with 3.3% volume growth and price growth getting close to flat.

家庭護理業務的基本銷售額成長 2.9%，主要得益於銷量成長 4%。粉狀商品的通膨比液體商品更為顯著，導致一些新興礦山出現負價格。第四季基本銷售額成長 3%，銷量成長 3.3%，價格成長接近持平。

In the Cleaning, we introduced Persil's Wonder Wash, designed for the consumer trend towards short and cold wash cycles. Launched in eight markets, this product has shown excellent market share results, contributing to a significant turnaround in Europe during the year. We are continuing to roll it out to more markets and expect it to become a EUR100 million innovation platform.

在清潔方面，我們推出了 Persil 的 Wonder Wash，專為滿足消費者對短時間、冷水洗滌週期的趨勢而設計。該產品已在八個市場推出，並取得了優異的市場份額，為年內歐洲市場的大幅轉型做出了貢獻。我們將繼續將其推廣到更多市場，並期望它成為一個價值 1 億歐元的創新平台。

Comfort launched its new ranges utilizing our patented Crystal Fresh technology. This product line brings superior fragrances to the fabric booster market, helping Comfort achieve nearly 10% volume growth for the year. Domestos and SIF both grew double digit, supported by strong formats innovation in perfume, sprays and creams.

Comfort 採用我們專利的 Crystal Fresh 技術推出了新系列。該產品系列為織物增強劑市場帶來了卓越的香味，幫助 Comfort 實現了全年近 10% 的銷售成長。在香水、噴霧劑和乳霜等強勁形式創新的推動下，Domestos 和 SIF 均實現了兩位數的成長。

Underlying operating margin for Home Care improved by 220 basis points during the year, driven by a strong gross margin expansion. This resulted in a 19% improvement in underlying operating profit despite a step-up in brand and market investment behind our premium innovations.

受毛利率強勁增長的推動，家庭護理業務的基本營業利潤率在年內提高了 220 個基點。儘管我們在高端創新方面加大了品牌和市場投資，但基礎營業利潤仍提高了 19%。

Foods delivered growth of 2.6% in 2024, with 2.4% price and volume at 0.2%, amidst an overall deceleration in the market. In the fourth quarter, Foods grew 2.6%, with 2.1% from price and 0.5% from volume. Our two larger products, Knorr and Hellmann's, which account for around 60% of Foods turnover, outperformed the Foods average.

在市場整體減速的情況下，2024 年食品成長 2.6%，價格成長 2.4%，銷售成長 0.2%。第四季，食品成長2.6%，其中價格成長2.1%，銷售成長0.5%。我們的兩大產品——家樂牌和亨氏牌——佔食品營業額的 60% 左右，其表現優於食品業平均。

Knorr enhanced its global leadership in the bouillon and seasonings category. Hellmann's achieved volume-led growth through the continued effects of its Flavored Mayo ranges and premium formats.

家樂增強了其在肉湯和調味品領域的全球領導地位。透過其風味蛋黃醬系列和高端產品的持續推廣，Hellmann's 實現了以銷量為主導的成長。

Our Unilever Food Solutions business continued to deliver good results, outperforming markets, both in China and the US. In 2024, we expanded our digital selling program and drove unique product formats and sizes, specifically designed for professional kitchens. We continue to work on focusing and simplifying our Foods portfolio, anchoring it more and more in our Power Brands.

我們的聯合利華食品解決方案業務持續取得良好業績，表現優於中國和美國市場。2024 年，我們擴大了數位銷售計劃，並推出了專為專業廚房設計的獨特產品格式和尺寸。我們將繼續致力於集中和簡化我們的食品組合，並將其越來越多地融入我們的強勢品牌中。

In line with that goal, the disposals of Unox, Conimex, Zwan were announced in the fourth quarter and will be completed during 2025.

為了實現該目標，Unox、Conimex、Zwan 的出售交易已於第四季度宣布，並將於 2025 年完成。

In 2024 would significantly improve its underlying operating margin by 270 basis points, driven by strong gross margin expansion. The improved profitability reflects our strategic effort to streamline the business, focusing on our Power Brands, reducing the number of items and executing disciplined net revenue mark.

2024年，在毛利率強勁擴張的推動下，其基礎營業利潤率將大幅提高270個基點。獲利能力的提高反映了我們為精簡業務、專注於強勢品牌、減少產品數量和執行嚴格的淨收入目標所做的策略性努力。

Ice Cream delivered 3.7% underlying sales growth with a return to volume growth at 1.6% and 2.1% from price. The fourth quarter saw underlying sales growth of 4.3% with balanced volume and price. Ben & Jerry's and Wolt were our fastest-growing brands in the category.

冰淇淋基本銷售額成長 3.7%，銷售成長 1.6%，價格成長 2.1%。第四季基礎銷售額成長4.3%，量價平衡。Ben & Jerry's 和 Wolt 是我們這個類別中成長最快的品牌。

Ice Cream's performance in 2024 reflects operational improvement across much of our business, including an expansion of our supply chain, go-to-market strategy and promotional activities. These efforts have strengthened our vision laid a foundation for continued improvements in the years ahead as an independent company. Our results also reflect a step-up in innovation, including the launch of Magnum Bon Bons and Yasso Poppables, new bite-sized, premium formats that meet evolving snacking habits.

2024 年冰淇淋的表現反映了我們大部分業務的營運改善，包括供應鏈的擴展、市場進入策略和促銷活動。這些努力堅定了我們的願景，為未來作為獨立公司繼續進步奠定了基礎。我們的業績也反映了創新的進步，包括推出 Magnum Bon Bons 和 Yasso Poppables，這兩種新的一口大小的優質糖果形式可以滿足不斷變化的零食習慣。

Ice Cream underlying operating margin improved by 100 basis points in 2024. Gross margin expansion, led by positive mix, enabled further investment in brand and marketing. The action taken in 2024 have improved our results, and during 2025, we will remain focused on strengthening our operational model while navigating the challenges brought by significant inflation in key materials like cocoa and dairy.

2024年，冰淇淋基礎營業利益率提升100個基點。在積極的產品組合帶動下，毛利率擴大，推動了對品牌和行銷的進一步投資。2024 年採取的行動改善了我們的業績，2025 年，我們將繼續專注於加強我們的營運模式，同時應對可可和乳製品等主要材料大幅通膨帶來的挑戰。

We run the business entirely through the lens of our five business groups. However, we believe it is important to provide also some color on the performance we achieved across different geographies. In 2024, we delivered broad-based volume and price growth with positive contribution from all regions, from developed and from emerging markets, an imperative to deliver both volume growth and hard currency profit growth.

我們完全透過五大業務集團的視角來經營業務。然而，我們認為，提供一些我們在不同地區所取得的業績的詳細資訊也很重要。2024 年，我們實現了廣泛的銷售和價格成長，已開發市場和新興市場所有地區都做出了積極貢獻，這對於實現銷售成長和硬通貨利潤成長至關重要。

Developed markets, which account for 42% of group turnover, grew underlying sales by 4.4%, with volumes up 3.3%. This reflected a strong accelerating performance in North America, led by Beauty and Wellbeing; and a big improvement in Europe, driven mainly by Personal Care and Home Care. A stronger innovation pipeline and increased level of brand investment are evidence of our commitment to accelerate performance consistently in these important hard currency markets.

已開發市場佔集團營​​業額的 42%，其基礎銷售額成長了 4.4%，銷量成長了 3.3%。這反映了北美地區以美容和健康領域為主導的強勁成長表現；歐洲市場也取得了巨大進步，主要得益於個人護理和家庭護理業務的推動。更強大的創新管道和更高水準的品牌投資證明了我們致力於在這些重要的硬通貨市場持續加速業績。

Latin America, one of Unilever's strongholds grew 6%, with positive volume growth across Brazil, Mexico and Argentina. Growth slowed in the second half reflecting an increased currency volatility in the region that will require significant pricing corrections in the short term with potential impacts on volumes.

拉丁美洲是聯合利華的強項之一，其銷量增長了 6%，其中巴西、墨西哥和阿根廷的銷量均實現了正增長。下半年成長放緩反映出該地區貨幣波動加劇，這將需要在短期內進行大幅價格調整，並可能對銷售產生影響。

In Asia Pacific Africa, our biggest region, underlying sales growth of 3.1% was more subdued than in previous years. Our India business continued to increase market share during a period of modest market growth. We expect conditions to improve midterm following recent fiscal and monetary stimulus.

在我們最大的地區亞太非洲，潛在銷售額成長率為 3.1%，較前幾年放緩。在市場溫和成長期間，我們的印度業務的市場份額持續增加。我們預計，在最近的財政和貨幣刺激措施之後，中期情況將會改善。

India grew 1.8% with 2.4% underlying volume growth, with tonnage volume growing mid-single digit, but partially offset by negative mix due to the strong growth in Home Care versus other categories. Our performance in Africa and Turkey was strong with double-digit growth, driven by positive volume and price in each quarter.

印度增長了 1.8%，基本銷量增長了 2.4%，其中噸位增長了中等個位數，但由於家庭護理產品相對於其他類別的銷量增長強勁，導致產品組合出現負面變化，部分抵消了這一增長。由於每季的積極銷售和價格，我們在非洲和土耳其的業績表現強勁，均實現了兩位數的成長。

China declined mid-single digit, with market weakness across all categories, apart from Foods. Southeast Asia declined low single digit, driven by an 8.7% decline in Indonesia.

中國市場下滑幅度達到中位數個位數，除食品外，所有類別的市場均表現疲軟。東南亞的降幅低於個位數，其中印尼的降幅為 8.7%。

Both China and Indonesia are a critical market for us with significant interim potential. We are taking decisive actions in both. In China, we are strengthening our business during a market slowdown. We are accelerating our portfolio premiumization to drive growth in the premium and super premium segments through innovation behind our superior Power Brands.

中國和印尼對我們來說都是重要的市場，具有巨大的中期潛力。我們正在對這兩方面採取果斷行動。在中國，我們正在市場低迷時期加強業務。我們正在加速產品組合的高端化，透過我們卓越的強勢品牌背後的創新來推動高端和超高端細分市場的成長。

We are serving channels better through social first demand creation models and direct consumer models. We are transforming our route to market to effectively address lower TRCs and smaller format stores. We have redesigned the sales organization with separate research team at category level, and have leveraged digital selling tools for sales force and distributors to improve our reach.

我們正在透過社交優先的需求創造模式和直接消費者模式來更好地服務管道。我們正在改變我們的市場路線，以有效解決較低的 TRC 和較小規模的商店的問題。我們重新設計了銷售組織，在類別層面設立了獨立的研究團隊，並利用數位銷售工具為銷售人員和分銷商提供技術支持，以擴大我們的覆蓋範圍。

The transition to a tailored customer development organization and to a digital route to market takes time and faces tough conditions in some channels and categories. However, we are encouraged by the execution of progress in line with our plans.

向客製化客戶開發組織和數位化市場路線的過渡需要時間，並且在某些管道和類別中會面臨嚴峻的條件。然而，我們對計劃的執行進展感到鼓舞。

In Indonesia, we have long-standing portfolio and brand proposition issues, which will take several quarters to fix. In the short term, we are correcting misaligned investments and price structure across channels and resetting stock levels in retail, responding our direct and indirect coverage with fewer and bigger distributors.

在印度尼西亞，我們長期存在產品組合和品牌主張問題，需要幾個季度才能解決。短期內，我們正在糾正跨通路不一致的投資和價格結構，並重新設定零售庫存水平，以更少但更大的分銷商來應對我們的直接和間接覆蓋。

We are paying particular attention to the health and beauty channel for which we are innovating in growing demand spaces. The result is underpinned by a far-reaching, cost-saving program that fuels brand investment. As we said previously, we expect to see results, the benefits of the changes in China and Indonesia from the second half of 2025 onwards.

我們特別關注健康和美容管道，並在不斷增長的需求空間中進行創新。這項成果得益於一項影響深遠的成本節約計劃，該計劃推動了品牌投資。正如我們之前所說，我們預計從 2025 年下半年開始就能看到中國和印尼的變化帶來的成果和好處。

Let me return now to performance at the group level. Turnover the full year was EUR6.8 billion, up 1.9% versus previous year. Excluding the effect of M&A actions to further sharpen our portfolio, turnover growth would be 3.5%, primarily driven by underlying sales growth of 4.2%, with an adverse currency impact of minus 0.7%, considerably lower than in 2023 when the euro strengthened against most currencies.

現在讓我回到集團層面的表現。全年營業額為68億歐元，較上年成長1.9%。不考慮併購行動對進一步完善我們投資組合的影響，營業額成長將達到 3.5%，主要得益於 4.2% 的基礎銷售額成長，不利的貨幣影響為負 0.7%，遠低於 2023 年歐元兌大多數貨幣走強時的情況。

A result of our portfolio actions, the net impact from acquisitions and disposals was minus 1.5%. Acquisitions added 0.4% driven by Yasso and K18, both performing well and in line with our acquisition business cases. This was more than offset by a disposal impact of minus 1.8% in driven by Zwan, Dollar Shave Club as well as Elida Beauty at Unilever Russia, which sales were completed in June and October 2024, respectively.

我們的投資組合行動的結果是，收購和處置的淨影響為負 1.5%。在 Yasso 和 K18 的推動下，收購增加了 0.4%，兩者表現良好且符合我們的收購業務案例。但受 Zwan、Dollar Shave Club 以及聯合利華俄羅斯的 Elida Beauty 出售影響（分別於 2024 年 6 月和 10 月完成出售）的負 1.8% 的處置影響抵消了這一影響。

During the year, we're expanding our gross margin by 280 basis points to 45%, building upon the improvement of 200 basis points achieved in 2023. Within 18 months, we have revealed gross margin beyond the pre-COVID level. In all business groups, apart from Ice Cream, gross margin is the backbone of our financial plan and our new base is 45%. Our ambition is to improve from here.

今年，我們將毛利率提高 280 個基點至 45%，而 2023 年我們將提高 200 個基點。在 18 個月內，我們的毛利率已超過疫情之前的水平。在所有業務集團中，除冰淇淋外，毛利率都是我們財務計畫的支柱，我們的新基數是 45%。我們的目標是從現在開始進步。

In 2024, we made progress in transforming Unilever into a structurally higher gross margin business by driving volume leverage, positive mix, and net productivity gains. This was enabled by procurement interventions in key materials and by allocating a significant higher fraction of our capital expenditure to margin expansion, which result in lower production and logistic costs.

2024 年，我們透過推動銷售槓桿、積極產品組合和淨生產力提升，在將聯合利華轉變為結構性更高毛利率企業方面取得了進展。這是透過對關鍵材料的採購幹預以及將我們的資本支出的很大一部分分配給利潤擴大而實現的，從而降低了生產和物流成本。

The very strong improvement of 420 basis points in the first half of 2024 was muted by headwinds, namely the strong benefits of deflation in some components of our commodity basket and the pricing carryover from 2023. This strong gross margin expansion gave us flexibility to both increase investment in our brands and expand underlying operating margin.

2024 年上半年 420 個基點的強勁改善因不利因素而受到抑制，即我們商品籃子中某些成分的通貨緊縮帶來的強勁好處以及 2023 年的定價結轉。強勁的毛利率擴張使我們能夠靈活地增加對品牌的投資並擴大基礎營業利潤率。

We increased brand and marketing investment by 120 basis points to 15.5% of turnover, an increase of EUR900 million. All additional investment was concentrated in our top 30 brands behind a much more focused innovation program. Our brand and marketing investment has been the highest percentage of turnover in over a decade, with a rise of 250 basis points or EUR1.6 billion over the last two years.

我們將品牌和行銷投資增加了 120 個基點，達到營業額的 15.5%，增加了 9 億歐元。所有額外投資都集中在我們前 30 個品牌上，並實施更集中的創新計劃。我們的品牌和行銷投資佔營業額的比例是十多年來最高的，在過去兩年中增加了 250 個基點，即 16 億歐元。

Overheads reduced by 10 basis points as a result of a tighter cost control and savings in the second half from the productivity program. The combination of strong gross margin expansion, lower overheads and substantial increased brand support results in underlying operating profit of EUR11.2 billion, up 12.6% versus the previous year. The underlying operating margin improved 170 basis points to 18.4%.

由於成本控制更加嚴格以及下半年生產力計畫帶來的節省，間接費用減少了 10 個基點。強勁的毛利率擴張、較低的管理費用以及大幅增加的品牌支持，使得基礎營業利潤達到 112 億歐元，較上年增長 12.6%。基礎營業利益率提高170個基點，達到18.4%。

Underlying earnings per share were EUR2.98, up 14.7%. Our operational performance, the combination of sales growth and strong margin expansion contributed 15.6% to underlying earnings per share growth. An increase in finance cost had an adverse effect of minus 1.4%. As expected, higher interest rates impacted the cost of debt, while interest income and interest credit from pensions were slightly lower than in the prior year.

每股基本收益為2.98歐元，成長14.7%。我們的營運業績、銷售成長和強勁的利潤率擴張共同為每股收益成長貢獻了 15.6%。財務成本增加產生了負1.4%的不利影響。正如預期的那樣，更高的利率影響了債務成本，而退休金的利息收入和利息貸記略低於去年。

Net finance cost as a percentage of average net debt were 2.5%. For 2025, we continue to expect net finance cost to be around 3% of average net debt. Tax was a drag of 0.6% on underlying EPS, as our underlying effective tax rate slightly increased to 25.8%. This was driven primarily by increases in nondeductible interest and in withholding tax, which were largely offset by benefits from tax settlements and other one-off items. We expect our underlying tax rate to be at around 26% for full year '25.

淨融資成本占平均淨債務的百分比為2.5%。到 2025 年，我們預計淨融資成本仍將占平均淨債務的 3% 左右。由於我們的基本有效稅率小幅上升至 25.8%，稅收對基本每股收益造成了 0.6% 的拖累。這主要是由於不可扣除利息和預扣稅的增加，但在很大程度上被稅收結算和其他一次性項目的收益所抵消。我們預計25年全年基本稅率將在26%左右。

The impact of our share buyback programs made a positive contribution of 1%. Net profit from joint ventures and associates as well as other increased versus the prior year, while minority interest decreased. Together, they contributed 0.8% to underlying earnings per share growth. Negative currency effect in underlying EPS was the same as the one experienced at the turnover level at 0.7%.

我們的股票回購計劃產生了 1% 的積極貢獻。合資、聯營及其他淨利較上年增加，少數股東損益減少。它們共同為每股基本收益成長貢獻了 0.8%。基本每股盈餘中的負面貨幣效應與營業額水準的負面貨幣效應相同，為 0.7%。

Our free cash flow in the full year was EUR6.9 million versus EUR7.1 billion in 2023. That included a tax refund, EUR400 million in India. Our average working capital remained strong at minus 9% of turnover in 2024. Cash conversion indicates our ability to convert profit into cash was strong at 106%, above our long-term ambition of around 10%.

我們全年的自由現金流為 690 萬歐元，而 2023 年為 71 億歐元。其中包括印度4億歐元的退稅。2024 年，我們的平均營運資本維持強勁，為營業額的-9%。現金轉換率表明，我們將利潤轉換為現金的能力強勁，達到 106%，高於我們約 10% 的長期目標。

Keeping a robust balance sheet is a key feature of our value creation. Closing net debt was EUR24.5 billion, up EUR900 million. At year-end, net debt to underlying EBITDA was 1.9 times versus 2.1 times in the previous year and in line with our guidance of around 2 times.

保持穩健的資產負債表是我們創造價值的關鍵特徵。期末淨債務為245億歐元，增加9億歐元。截至年底，淨債務與基礎 EBITDA 比率為 1.9 倍，而上年為 2.1 倍，與我們預期的 2 倍左右一致。

The step-up in underlying operating profit was a prime driver behind a 190 basis points increase in underlying return on invested capital to 18.1%. We maintain our medium-term expectation of high teens underlying ROIC, which is a key building block of our multiyear value creation model.

基礎營業利潤的提升是基礎投資資本報酬率上升 190 個基點至 18.1% 的主要動力。我們維持對中期高水準 ROIC 預期，這是我們多年價值創造模型的關鍵基石。

We have allocated capital during 2024 in line with our priorities: growth, productivity, portfolio reshaping and capital returns to shareholders. Investing for growth and productivity are critical to our sustainable long-term economics of our business. It is investing in our brands, investing in R&D and investing in capacity expansion and productivity.

我們根據我們的優先事項在 2024 年分配資本：成長、生產力、投資組合重塑和股東資本回報。為成長和生產力而進行的投資對於我們業務的長期永續經濟至關重要。它投資於我們的品牌、投資研發、投資產能擴張和生產力。

We stepped up brand support by EUR900 million in 2024, up 120 basis points as a percentage of turnover. Capital expenditure increased by 13.6% to EUR1.9 billion, resulting in 3.2% of turnover, up 30 basis points versus the previous year as we invested more CapEx for margin expansion.

2024年，我們將品牌支援金額增加9億歐元，佔營業額的百分比上升120個基點。資本支出增加 13.6% 至 19 億歐元，導致營業額佔比 3.2%，較上年上升 30 個基點，因為我們投入了更多資本支出來擴大利潤率。

Our three-year guidance of average 1.2% restructuring spend remains unchanged for the period 2024, 2026. Due to the acceleration of the productivity program, we increased restructuring costs to 1.4% of turnover in 2024 and we expect a similar ratio for 2025.

我們對 2024 年至 2026 年期間平均 1.2% 重組支出的三年指引保持不變。由於生產力計畫的加速，我們將重組成本在 2024 年提高到營業額的 1.4%，預計 2025 年的比例也將相似。

Over time, we plan to allocate around EUR1.5 billion a year to optimize our portfolio as we rotate into more premium segments. 2024 was a year in which we did more portfolio pruning through disposals than additions through bolt-on acquisitions.

隨著時間的推移，我們計劃每年分配約15億歐元來優化我們的投資組合，並轉向更高端的領域。 2024 年，我們透過處置對投資組合進行精簡，而不是透過附加收購進行增加。

We remain very disciplined on value rational in our M&A activities. The bar is high for any addition to our portfolio, and transformational acquisitions remain off the table. I will cover the complete and announced transactions in more detail in a moment.

我們在併購活動中始終嚴格遵守價值理性原則。我們的投資組合中的任何新增內容的門檻都很高，而且轉型性收購仍然不在考慮範圍內。稍後我將更詳細地介紹完整和已宣布的交易。

We also delivered EUR5.8 billion of capital returns to our shareholders in 2024 through cash dividends of EUR4.3 billion and a share buyback program of EUR1.5 billion. Our quarter two interim dividend was increased by 3%. Reflecting the full year performance, the Board increased 2024 interim dividend by 6.1% versus the prior year.

2024 年，我們也透過 43 億歐元的現金股利和 15 億歐元的股票回購計畫向股東帶來了 58 億歐元的資本回報。我們第二季的中期股利增加了 3%。為反映全年業績，董事會將 2024 年中期股息較前一年增加 6.1%。

We continue to advance our portfolio, allocating capital to premium segments through bolt-on acquisitions and divesting lower growth businesses. In February 2024, we acquired K18, a premium biotech hair care brand. In January 2025, in Hindustan Unilever Limited signed an agreement to acquire a premium active beauty brand, Minimalist. This marks another step in the transformed journey of our Beauty and Wellbeing portfolio towards gross premium demand spaces in India.

我們將繼續推進我們的投資組合，透過附加收購將資本配置到高端市場，並剝離成長較低的業務。2024 年 2 月，我們收購了高端生物技術護髮品牌 K18。2025 年 1 月，聯合利華有限公司在印度斯坦簽署協議，收購高端活性美容品牌 Minimalist。這標誌著我們的美容與健康產品組合在向印度總保費需求空間轉型的旅程中又邁出了一步。

We completed several disposals during the year. This included EliABeauty and the water purification businesses, King One Group and Puri. In October, we completed the sale of our Russian subsidiary to the Ernest Group. In addition, we announced several disposals that we expect to complete during 2025, including the sale of the Foods brands, Unox, Conimex, and Zwan, as well as the disposal of our laundry business in Central America.

我們在這一年中完成了幾項處置。其中包括 EliABeauty 和水淨化企業 King One Group 和 Puri。十月份，我們完成了將俄羅斯子公司出售給 Ernest Group 的工作。此外，我們也宣布了幾項預計將於 2025 年完成的資產處置，包括出售食品品牌 Unox、Conimex 和 Zwan，以及處置我們在中美洲的洗衣業務。

Turning to the outlook for 2025. We expect underlying sales growth for full year 2025 to be within our multi-year range of 3% to 5%. Market growth has slowed throughout 2024, we anticipate a slower start to 2025 with subdued market growth in the near term. We expect the market and our growth to improve during the year as prices increase, reflecting higher commodity costs.

展望2025年。我們預計 2025 年全年基礎銷售額成長率將在 3% 至 5% 的多年範圍內。2024 年全年市場成長放緩，我們預計 2025 年開局也將放緩，短期內市場成長也將低迷。我們預計，隨著價格上漲（反映出商品成本上升），市場和我們的成長將在年內得到改善。

We expect for the full year a more balanced contribution between volume and price. We anticipate a modest improvement in underlying operating margin for the full year versus 18.4% in 2024. We expect this improvement to be realized in the second half given the very strong first half comparator of 19.6%, which benefited strongly from carryover pricing and input cost inflation.

我們預計全年銷售和價格的貢獻將更加均衡。我們預計全年基礎營業利潤率將略有改善，2024 年則為 18.4%。我們預計這項改善將在下半年實現，因為上半年的比較值非常強勁，達到 19.6%，這主要受益於結轉定價和投入成本通膨。

As we said at our investor event last year, our goal is very simple: deliver absolute profit growth in hard currency that is line with companies that consistently feature in the top third of the peer group when it comes to total return. We made a step-up in 2024, by increasing underlying operating profit by 12.6% to EUR11.2 billion and we are determined to grow profit from here in 2025 and beyond.

正如我們去年在投資者活動中所說的那樣，我們的目標非常簡單：實現以硬通貨計算的絕對利潤增長，與在總回報方面始終位居同行前三分之一的公司保持一致。2024 年，我們實現了進一步成長，基礎營業利潤成長 12.6%，達到 112 億歐元，我們決心在 2025 年及以後繼續增加利潤。

We will deliver capital returns in line with our capital allocation framework. This includes an attractive, sustainable dividend based on paying out around 60% of underlying EPS and returning surplus cash by share via buybacks. In that vein, we have announced a new share buyback of up to EUR1.5 billion, which will commence today and complete in the first half of 2025, well ahead of the separation of Ice Cream.

我們將根據我們的資本配置框架提供資本回報。這包括有吸引力的、可持續的股息，該股息基於支付約 60% 的基本每股收益並透過回購返還剩餘現金。為此，我們宣布了高達 15 億歐元的新股票回購計劃，該計劃將於今天開始，並於 2025 年上半年完成，遠早於冰淇淋業務的分離。

With that, over to you, Hein.

那麼，就交給你了，海因。

Thank you, Fernando. In turning now to the priorities for this year and beyond. It is important to note that the process of transforming Unilever continues. We are thinking about this under three broad headings.

謝謝你，費爾南多。現在來談談今年及以後的優先事項。值得注意的是，聯合利華的轉型進程仍在持續。我們從三個大方面來思考這個問題。

Number one, implementing our new strategy, the Growth Action Plan 2030. Number two, concluding the wide-ranging productivity program that we have embarked on, and, as part of that, delivering the savings that we promised. Number three, completing the separation of the ice cream business by the end of this year.

第一，實施我們的新策略—2030成長行動計畫。第二，完成我們已經啟動的廣泛的生產力計劃，並作為該計劃的一部分，兌現我們所承諾的節約。第三，今年底前完成冰淇淋業務的分離。

Now, let me take each of these briefly in turn, starting with Growth Action Plan 2030. As a reminder, this is a comprehensive five-year strategic plan, encompassing a refreshed purpose, anchored firmly back with the consumer to brighten everyday life for all. Ambitious goal to be best-in-class performer, founded on the twin objectives of ensuring our brands are unmissably superior and market making.

現在，讓我依序簡要介紹這些內容，從2030成長行動計畫開始。提醒一下，這是一項全面的五年策略計劃，包含著全新的目標，緊緊圍繞著消費者，旨在讓所有人的日常生活更加美好。我們雄心勃勃的目標是成為同類最佳企業，這建立在雙重目標之上：確保我們的品牌無可挑剔的卓越品質和市場競爭力。

At its core, the growth action plan 2030 rests on three key strategic pillars: where we intend to focus, where we want to excel and where we accelerate. And underpinning all of these are two critical and defining platforms, sustainability and culture. And even though this is a comprehensive strategic approach, its beauty, in many ways, is its simplicity. It draws on Unilever's inherent strength, while at the same time, building on the changes and the progress that we have made over the last 18 months.

2030成長行動計畫的核心在於三大策略支柱：我們打算重點關注的領域、我們想要擅長的領域以及我們要加速推進的領域。支撐所有這些的是兩個關鍵且具有決定性的平台：永續性和文化。儘管這是一種全面的策略方針，但從許多方面來看，它的美妙之處在於它的簡單性。它充分利用了聯合利華的固有優勢，同時也藉鑒了我們過去 18 個月所取得的變革和進步。

Since unveiling GAP2030 towards the end of last year, we've been focused on aligning the organization behind that new strategy. But already, we see the process of strategy into action taking effect.

自去年年底公佈GAP2030以來，我們一直致力於協調組織遵循這項新策略。但我們已經看到戰略付諸行動的過程正在產生效果。

Under the focus pillar, for example, we said we would double-down in India as one of our key markets, that we would look to accelerate our beauty and well-being business and that we would commit capital in support of these as well as a few other priorities. Well, these came together with the announcement last month that Hindustan Unilever had signed an agreement to acquire the premium beauty brand, Minimalist, which Fernando mentioned earlier.

例如，在重點支柱下，我們表示將加倍重視印度作為我們的重點市場之一，我們將尋求加速我們的美容和健康業務，並將投入資金支持這些以及其他一些優先事項。這些都與上個月印度斯坦聯合利華簽署協議收購高端美容品牌 Minimalist 的消息有關，正如費爾南多之前提到的。

This is an acquisition that strengthens our position in a high-growth premium brand space in a key market, and it's one that we're very excited about. As we go through the year, we will share progress with you on each of the different elements of the GAP2030. Today, I want to say specifically about our work on sustainability.

這次收購加強了我們在關鍵市場高成長高端品牌領域的地位，我們對此感到非常興奮。隨著時間的推移，我們將與您分享 GAP2030 各個不同要素的進展。今天我想具體談談我們在永續發展方面的工作。

As you know, since last year, we have focused our attention on four areas: climate, nature, plastics and livelihoods. And these are the areas that have the most direct impact on the business, but also the ones where we can use our scale and influence to have the greatest positive change.

眾所周知，自去年以來，我們將注意力集中在四個領域：氣候、自然、塑膠和生計。這些領域對業務有最直接的影響，也是我們可以利用我們的規模和影響力來帶來最大積極變化的領域。

The commitments that we've made under each pillar are stretching, ambitious time bound and, importantly, transparent. And while the figures that we're sharing today are subject to final assurance and will appear next month in our 2024 annual report, I wanted to give you an indication today of where we are on some of the anchor metrics supporting each pillar.

我們在每個支柱下所做的承諾都是艱鉅的、雄心勃勃的、有時限的，而且重要的是，是透明的。雖然我們今天分享的數據仍有待最終確認，並將於下個月在我們的 2024 年年度報告中公佈，但我今天想向大家介紹一下我們在支撐每個支柱的一些錨定指標方面的現狀。

On climate, for example, at 76%, we are on target when it comes to the reduction of Scope 1 and 2 emissions coming from our own operations, and that's up from 74% last year. On nature, we've exceeded our target for this year of 500,000 hectares of land benefiting from our regenerative agriculture and protect and restore practices, up from around 300,000 last year and well on our way to 2 million hectares by 2030.

以氣候為例，我們在減少自身營運產生的範圍 1 和 2 排放方面已達到 76% 的目標，高於去年的 74%。在自然保護方面，我們今年已超額完成了受益於再生農業和保護與恢復實踐的土地面積的目標，從去年的約30萬公頃增加到50萬公頃，並且預計在2030年達到200萬公頃。

On plastic, we are on track in the reduction of our virgin plastic used in our packaging at 23%. And again, good progress versus last year, where we were at 18%. And on livelihoods, and a new target of the proportion of procurement spend with suppliers committing to the living wage, we are ahead of the plan at 32%.

在塑膠方面，我們正在將包裝中使用的原生塑膠減少 23%。與去年的 18% 相比，我們取得了良好的進展。在生計方面，我們設定了新的目標，即供應商承諾提供生活工資的採購支出比例，我們已經提前完成了 32% 的計劃。

I hope you can see we are as committed to making progress in the area of sustainability as we are in any other part of the GAP2030. And we also know we cannot achieve these commitments alone, and that we can benefit from external views to make us better. And as such, we have refreshed our Sustainability Advisory Council to ensure that we have access to the very best people and to the most up-to-date relevant sources of advice and counsel.

我希望你們能看到，我們致力於在永續發展領域取得進展，就像我們在 GAP2030 的任何其他部分一樣。我們也知道，我們無法獨自實現這些承諾，我們可以從外部觀點，使我們變得更好。因此，我們更新了永續發展諮詢委員會，以確保我們能夠接觸到最優秀的人才和最新的相關建議和諮詢來源。

The second key priority in 2025 is the continuing implementation of our wide-ranging productivity program. The significance of this to the ongoing transformation of Unilever cannot be overstated. When we launched the program last March, we said we expected to deliver cost savings of EUR800 million over three years, more than enough to offset the operational dis-synergies from the separation of Ice Cream.

2025 年的第二個關鍵重點是繼續實施我們廣泛的生產力計劃。這對聯合利華正在進行的轉型具有重要意義。當我們去年三月啟動該計畫時，我們表示預計三年內可節省 8 億歐元的成本，足以抵消分離冰淇淋帶來的營運不協同效應。

In doing that, we identified 7,500 roles that would be impacted. But by the end the program had led to a reduction of 4,300 full-time roles and to in-year savings of close to EUR200 million. As I said earlier, this puts us ahead of the plan, so much so that we are now confident of completing the program of 7,500 role reductions by the end of 2025.

在這樣做的過程中，我們確定了7,500個將受到影響的角色。但到最後，該計畫導致全職職位減少 4,300 個，並在當年節省了近 2 億歐元。正如我之前所說，這使我們領先於計劃，因此我們現在有信心在 2025 年底前完成裁員 7,500 人的計劃。

As a result, from 2026, we expect levels of restructuring spend to be substantially lower. But the significance of the productivity program goes beyond the savings it will generate. A leaner, more accountable organization is also a key enabler in creating the kind of winning culture I spoke about earlier. And these are big, but necessary changes, and we will continue to implement them in 2025, with a combination of care, speed and discipline that characterized our approach in 2024.

因此，從 2026 年起，我們預期重組支出水準將大幅下降。但生產力計劃的意義不僅僅在於它所帶來的節約。一個更精簡、更負責任的組織也是創造我之前談到的成功文化的關鍵推動因素。這些都是重大但必要的變革，我們將在 2025 年繼續實施這些變革，同時秉承我們在 2024 年採取的謹慎、速度和紀律相結合的做法。

Now, let me turn to the third key priority for 2025, the separation of Ice Cream. Again, we are well on track. Today, we've set out the progress that we are making towards the demerger of the business by the end of 2025. And this includes the appointment of a highly experienced Chair Designate, Jean-Francois van Boxmeer.

現在，讓我談談 2025 年的第三個關鍵優先事項，即冰淇淋分離。我們再次重申，一切都很順利。今天，我們闡述了在 2025 年底前實現業務分割所取得的進展。其中包括任命經驗豐富的候任主席 Jean-Francois van Boxmeer。

Currently, chair of Vodafone and previously CEO of Heineken, Jean-Francois brings vast knowledge of the consumer goods industry as well as considerable experience as a nonexecutive. We are delighted that he has agreed to take on this important role.

Jean-Francois 現任沃達豐董事長，曾任喜力首席執行官，他對消費品行業有著深入的了解，並且擁有豐富的非執行董事經驗。我們很高興他同意承擔這項重要職責。

We are also announcing today the route to separation. Ice Cream will be separated by way of demerger through listing of the business in Amsterdam, London and New York, the same three exchanges on which Unilever plc shares are currently traded. Ice cream will be incorporated in the Netherlands and will continue to be headquartered there in Amsterdam.

我們今天也宣布了分開的路線。冰淇淋業務將以分拆的方式分離，在阿姆斯特丹、倫敦和紐約上市，目前聯合利華的股票在三家交易所交易。冰淇淋將在荷蘭成立，總部仍設在阿姆斯特丹。

This decision follows a full review by the Board of separation options, which were focused on maximizing returns for shareholders, setting the Ice Cream business up for success and ensuring execution certainty by the end of 2025. We will give further updates on progress at quarter one, but are confident that with the decisions we are announcing today we remain firmly on track to complete separation by the end of the year.

此項決定是在董事會對分離方案進行全面審查之後做出的，分離方案的重點是實現股東回報最大化、為冰淇淋業務的成功奠定基礎，並確保在 2025 年底前實現執行確定性。我們將在第一季進一步更新進展情況，但我們有信心，憑藉今天宣布的決定，我們仍有望在年底前完成分離。

Let me sum up before moving to questions. We have made clear that our aim is to deliver higher performance on a consistent basis. One is no good without the other, and we know that. And we are not there yet. There is a lot to do. But as our performance in 2024 suggests, we are on track.

在回答問題之前，讓我先做個總結。我們已經明確表示，我們的目標是持續提供更高的績效。我們知道，一個事物如果沒有另一個，就無法發揮作用。但我們還沒有到達那裡。還有很多事情要做。但正如我們在 2024 年的表現所表明的那樣，我們正在走在正軌上。

And as an operational invention, the GAP, the Growth Action Plan, is working for us. The quality of our execution is getting better and our grip on the organization is getting tighter. We are moving new levels of speed with clarity and precision to address areas of weakness and to open up areas of opportunity.

作為一項營運創新，GAP，即成長行動計劃，正在為我們發揮作用。我們的執行品質越來越好，我們對組織的控制也越來越緊。我們正以新的速度、清晰度和精確度來解決薄弱環節並開拓機會領域。

The priority now in 2025 is to give effect to the revised strategy, the GAP2030, and we look forward to sharing progress with you as we go through the year. And this is also a vital year in delivering the leaner, more accountable, more productive organization, to work with a stronger, better positioned portfolio on which our model depends.

2025 年的首要任務是實施修訂後的策略《GAP2030》，我們期待與您分享今年的進展。今年也是至關重要的一年，我們將打造一個更精簡、更負責、更有效率的組織，並與我們的模式所依賴的更強大、更定位的投資組合協同工作。

We are resolutely focused on delivering both of these in 2025. And with a highly motivated Unilever team now fully in place, we are confident that we will.

我們堅定不移地致力於在 2025 年實現這兩個目標。現在，聯合利華團隊已經完全到位，我們有信心實現這一目標。

On that note, thank you for listening. We look forward now to taking your questions.

非常感謝您的聆聽。我們期待著回答您的問題。

(Operator Instructions)

（操作員指令）

Thank you very much. I see our first question on the line is from Warren at Barclays.

非常感謝。我看到我們接到的第一個問題來自巴克萊銀行的華倫。

Yes, Warren Ackerman here at Barclays. A couple of questions. First one is can you just comment on the category growth, please, and market share trends and what you expect in 2025? It sounds like Q1 is a slower start. Can you maybe explain what's driving this a bit more subdued Q1? And just to check, are you comfortable with 2025 organic growth consensus? That's the first one.

是的，我是巴克萊銀行的華倫‧阿克曼。幾個問題。首先，您能否評論一下類別成長、市場佔有率趨勢以及您對 2025 年的預期？聽起來 Q1 的開始比較慢。您能否解釋一下是什麼原因導致第一季的業績表現略顯低迷？只是想檢查一下，您是否對 2025 年有機成長共識感到滿意？這是第一個。

The second one is, again, maybe moving to margins. Can you perhaps comment on the margin phasing of gross margin and the underlying trading operating profit margin? Do you confirm, for example, that gross margins will be up for the year? And perhaps give us some help on what you expect on COGS inflation cost savings and perhaps brand and marketing in 2025 from that slightly higher base, I think, 15.5%.

第二個可能再次轉向邊緣。您能否評論一下毛利率的分階段變化以及基礎交易營業利潤率？例如，您是否確認今年的毛利率將會上升？您是否能為我們提供一些幫助，了解一下您對 2025 年 COGS 通膨成本節約以及品牌和行銷的預期，從略高的基礎上看，我認為是 15.5%。

Thank you, Warren. Let me take the question sort of one by one, there were quite a few, and then I'll hand over to Fernando to fill in some missing parts. I think, first of all, on market growth. As we said, we pointed to slower growth. We did see slower growth in quarter four, and we sort of see that continuing overall in quarter one.

謝謝你，沃倫。讓我一個一個地回答這些問題，因為問題相當多，然後我會把時間交給費南多來填補一些缺失的部分。我認為，首先是市場成長。正如我們所說，我們指出成長放緩。我們確實看到第四季度的成長放緩，並且我們看到這種情況在第一季總體上會持續下去。

Now, there are differences, though, per category, as you say. So first of all, Beauty and Wellbeing and Personal Care continue to see market growth that is sort of close to mid-single digits, so slightly below, but decent growth in Europe as well as in US. And of course, these are important markets for us. And we showed, therefore, also good growth in these developed markets in Q4, and we have a plan to continue that streak going forward.

但正如您所說，每個類別都存在差異。首先，美容、健康和個人護理市場繼續保持接近中等個位數的成長，雖然略低於歐洲和美國的平均水平，但成長相當可觀。當然，這些對我們來說都是重要的市場。因此，我們在第四季度在這些已開發市場也表現出了良好的成長勢頭，並且我們計劃在未來繼續保持這種勢頭。

We do see softer growth in Home Care that was mainly on the back of lower pricing in Q4. And that's also something that we see continuing. Nutrition also somewhat subdued. Ice cream as well. That's mainly because of some sharp increases in commodity costs in Ice Cream, and that puts some pressure overall on volume. So that gives probably some color on the different categories.

我們確實看到家庭護理行業的成長放緩，這主要是由於第四季度價格較低。我們看到這種現象還在持續發生。營養也有些低迷。還有冰淇淋。這主要是因為冰淇淋商品成本的急劇上漲，對整體銷售帶來了一些壓力。這可能為不同的類別提供一些色彩。

We do see it back-weighted to as we said, in terms of our growth, and that's primarily because, as I said, some of the commodity costs are easing. And if we start to price, that usually comes with a bit of a time lag, so there will be room for pricing throughout the year. We're obviously taking the necessary actions there. And we will execute overall on our -- on the Growth Action plan.

正如我們所說，我們確實看到它對我們的成長產生了負面影響，這主要是因為，正如我所說，一些商品成本正在下降。如果我們開始定價，通常會伴隨一些時間滯後，因此全年都會有定價的空間。我們顯然正在那裡採取必要的行動。我們將全面執行我們的成長行動計劃。

Shares are certainly not dip. We remain very competitive. In fact, we see opportunity to ahead of the market, which you may recognize from the Q4 numbers, and that's, of course, our ambition going forward as well.

股價一定不會下跌。我們依然保持著極強的競爭力。事實上，我們看到了領先市場的機會，您可能從第四季度的數據中就認識到了這一點，當然，這也是我們未來的目標。

If you look at the margin and the phasing, look, as we said, our key goal was really to get to a gross margin above pre-COVID levels. And initially, we said that we're going to do that by 2020 -- end of 2025 and 2026 or so. We pulled that forward. We're there now at a margin of 45% overall. And that's what we consider the new base.

如果你看一下利潤率和分階段，你會發現正如我們所說，我們的主要目標實際上是使毛利率達到 COVID 之前的水平之上。最初，我們曾說過將在 2020 年、2025 年底或 2026 年左右實現這一目標。我們將其提前了。目前，我們的整體利潤率為 45%。這就是我們所認為的新基礎。

So I wouldn't guide specifically to a gross margin per quarter. But I would say that 45% level, that's a level that we feel comfortable with from where to grow.

所以我不會具體指出每季的毛利率。但我想說 45% 的水平是我們感到舒適的成長水平。

And there, I want to point to a few very clear parts of our Growth Action Plan. Number one, net productivity. Yes, we realized net productivity in terms of cost per tonne in 2024, and we're going to realize net productivity in 2025. There will be some COGS inflation. As I said, pricing will be important, but that will come in the course of the year.

在這裡我想指出我們的成長行動計劃中的幾個非常明確的部分。第一，淨生產力。是的，我們在 2024 年實現了以每噸成本計算的淨生產率，並且我們將在 2025 年實現淨生產率。會出現一些銷貨成本通膨。正如我所說，定價很重要，但這將在一年內實現。

And then, of course, there is the drive towards a more premiumized portfolio. So the volume and the mix effect should kick in as well, but these things are not going to come -- not going to come very, very fast. That is something that builds over time.

當然，還有朝更高端的投資組合邁進的動力。因此音量和混合效果也應該發揮作用，但這些事情不會很快發生。這是隨著時間的推移而逐漸形成的。

When it comes to BMI, we didn't guide on BMI. I've never done that as sort of the perfect percentage growth of 15.5%. We feel that's a lot more competitive than where we were. And with the overall growth of the top line and sort of staying around that number is probably right. It makes us very competitive.

說到BMI，我們沒有對BMI進行指導。我從來沒有實現過 15.5% 這樣的完美百分比成長。我們覺得現在的競爭比以前激烈多了。而且隨著營業額的整體成長，維持這個數字可能是正確的。這使得我們非常有競爭力。

But when we feel that we need to invest to accelerate growth, like, for example, we did in the fourth quarter behind our Personal Care products in the US, where we really increased competitiveness, we see good growth in hard currency, that's the kind of stuff that we like.

但是，當我們覺得需要投資來加速成長時，例如，我們在第四季度對美國個人護理產品進行了投資，我們確實提高了競爭力，我們看到硬通貨的良好增長，這就是我們喜歡的東西。

So hey, there is a bit of a market slowdown across the globe. We see that in most markets, but we are battling that through improved competitiveness, driving the growth action plan with determination around the things that we can control. Net productivity, very clear story, we will continue that next year. And the gross margin of 45% for us, happy with that accomplishment, but we now need to take it from there and continue to improve. Fernando?

因此，全球市場確實出現了一些放緩跡象。我們在大多數市場都看到了這種情況，但我們正在透過提高競爭力來應對這一問題，並堅定地圍繞我們能夠控制的事情推動成長行動計劃。淨生產力，故事非常清晰，明年我們將繼續這樣做。我們的毛利率達到了 45%，我們對這項成績感到滿意，但現在我們需要在此基礎上繼續改進。費爾南多？

I believe that -- what I would add is, basically, we have seen some return of inflation to our basket of commodities. It is not a general increase, it is really concentrated in a few family of materials. I'll say three of them, Palma and surfactants that affect soap bar and HPC liquids. Cocoa, a very significant impact in (inaudible). And tea, that affects our Indian business.

我相信——我想補充的是，基本上，我們已經看到通膨在我們的一籃子商品中有所回升。這並不是普遍的成長，而是確實集中在少數幾種材料上。我會說出其中三種，帕爾馬和影響肥皂和 HPC 液體的表面活性劑。可可，對（聽不清楚）。而茶葉則影響了我們的印度業務。

It's very difficult with the start, stop, start of tariffs and the significant volatility in currencies to predict the material inflation. With the current information we have now, we see an annual material inflation of around EUR0.78 million, of which half is currency related. This material inflation, of course, will have some acceleration of pricing, and hence, our guidance of more balance between volume and pricing. And we expect that pricing to be materialized from quarter two onwards.

由於關稅的開始、停止和貨幣的大幅波動，很難預測實質通膨。根據我們目前掌握的信息，我們發現每年的材料通膨約為 78 萬歐元，其中一半與貨幣有關。當然，這種實質的通貨膨脹會在一定程度上加速定價，因此，我們的指導方針是在產量和價格之間實現更多的平衡。我們預計定價將從第二季開始實現。

Thank you. Our next question comes from Celine at JPMorgan. Go ahead, Celine.

謝謝。我們的下一個問題來自摩根大通的 Celine。繼續吧，席琳。

So my first question is on what you said you can control in the market that is slowing. You are talking about the balance of volume and pricing. So I understand the pricing accelerate through the year. I would like to understand, on volume, what visibility you have of achieving, I don't know, a number which I presume will be around the 2% mark? If you could talk about innovation, launches, market share. What is it that makes you confident that you can stay at this level despite potentially pricing as well hitting on elasticity?

所以我的第一個問題是，您說在市場放緩的情況下你能控制什麼。您談論的是數量和價格的平衡。因此，我知道價格會在今年加速上漲。我想了解，就數量而言，您能達到什麼預期，我估計這個數字將在 2% 左右？如果您可以談談創新、發布和市場份額。是什麼讓您有信心儘管價格可能會出現彈性，但您仍能保持在這個水平？

And my second question is on Europe. Last year, you said that 70% of your market share gap was due to Europe. Can you talk about your performance in that region and how you see 2025 unfolding?

我的第二個問題是關於歐洲的。去年你們說70%的市佔率差距是由於歐洲造成的。您能談談您在該地區的表現以及您對 2025 年發展的看法嗎？

Thanks, Celine. Very clear. Let me first talk about volume and pricing. I mean, look -- I mean, first of all, in the first -- in the second half of 2024, we actually stepped up on volume-led growth. So we realized 3.2% volume of UVG and 1.1% UPG.

謝謝，席琳。非常清楚。我先來談談數量和定價。我的意思是，首先，在 2024 年下半年，我們實際上加強了以數量為主導的成長。因此我們實現了3.2％的UVG體積和1.1％的UPG體積。

And in the fourth quarter, we continue to be volume led. That was very broad across all of the business groups. And this was so important when we laid out the growth action plan that we wanted to become that company where we would restore a healthy balance in volume and mix and price. And I think we're sort of demonstrating that. But of course, going forward, we believe that -- you're indicating around 2%, we believe that 2025, with the spikes on commodity that Fernando talked about, we'll be a bit more balanced between volume and price, but we remain laser-focused on continuing that volume -- that volume and mix growth.

在第四季度，我們繼續以銷量為主導。這在所有業務集團中都非常廣泛。當我們制定成長行動計畫時，這一點非常重要，我們希望成為一家能夠在產量、產品組合和價格上恢復健康平衡的公司。我想我們正在證明這一點。但當然，展望未來，我們相信 - - 您所說是 2% 左右，我們相信到 2025 年，隨著 Fernando 所說的大宗商品價格飆升，我們的銷量和價格之間會更加平衡，但我們仍然專注於繼續保持銷量 - - 銷量和組合增長。

So Look, I mean, if you look at the trend, quarter three, quarter four and then going forward, what do we do? Innovations, fewer, bigger, better. We saw already a big progress in 2024 on that. But in 2025, we have again identified around 12 big bets that we're going after. These ones should all become EUR100 million platforms for us.

所以，我的意思是，如果你看一下趨勢，第三季、第四季以及未來，我們該怎麼做？創新，更少，更大，更好。我們已經看到 2024 年在這方面取得了巨大進展。但在 2025 年，我們再次確定了我們將要追求的 12 個大賭注。這些都應該成為我們價值1億歐元的平台。

And I think we indicated a few in the video. Think of Wonder Wash, for example, one of them. Think of Gluta-Hya, which is continuing and so forth. So we're going to continue to invest behind those.

我認為我們在視頻中指出了一些。例如，Wonder Wash 就是其中之一。想想谷氨酸，它還在繼續，等等。因此我們將繼續對此進行投資。

Now, if you then think of Europe, look, we have indeed improved market shares in Europe quite considerably, mainly behind Home Care. That was a true trend change. We also improved and increased market share and leadership in Personal Care. We're very positive about the developments in the deodorants in Europe. The Dove brand has shown very solid growth. Europe is around 18% of our turnover.

現在，如果你想想歐洲，你看，我們在歐洲的市場份額確實大幅提高，主要是在家庭護理方面。這是一個真正的趨勢變化。我們也提高並增加了個人護理領域的市場份額和領導地位。我們對歐洲除臭劑的發展持非常樂觀的態度。多芬品牌表現出非常穩健的成長。歐洲約占我們營業額的18%。

And we've said from the very beginning, because it's important, we want to that were also competitive in Europe. And we are determined, again, on the back of innovation, and the European consumer is actually responding to that, to continue to grow our volumes there. So Europe is certainly not a part of the world in which we're actually negative about. We will continue to invest behind it and improve on margins.

我們從一開始就說過，因為這很重要，所以我們希望在歐洲也能具有​​競爭力。我們再次下定決心，依靠創新，歐洲消費者實際上也對此做出了反應，繼續擴大我們的銷售量。因此，歐洲肯定不是我們真正看淡的世界的一部分。我們將繼續對其進行投資並提高利潤率。

Last word. On -- yes, I think on volumes. As I said, price will probably amount -- volume versus price. Price, we do see price developing in 2025, but more back weighted. Pricing takes a bit of time.

最後一句。是的，我認為是數量。正如我所說的，價格可能會是數量與價格的對立。價格，我們確實看到價格在 2025 年的發展，但更多的是後置權重。定價需要一點時間。

We're implementing that. We're, of course, also talking at this moment in time. At the beginning of the year, you talk to retailers, you're doing all the actions. We expect that to follow from Q2 onwards. And that will, of course, contribute to overall top line growth.

我們正在實施這項措施。當然，我們現在也正在談論這個話題。在年初，你與零售商交談，你正在採取所有行動。我們預計這將從第二季開始實現。這當然會促進整體營收成長。

Next question comes from Jeff at BNP. Go ahead, Jeff.

下一個問題來自法國巴黎銀行的傑夫。繼續吧，傑夫。

Two questions, if I may. The first question is, excluding Ice Cream, would you expect the business to achieve 4% to 6% growth this year, i.e., in line with the midterm guidance?

請問我有兩個問題。第一個問題是，不包括冰淇淋業務，您是否預計今年該業務將實現 4% 至 6% 的成長，即與中期指引一致？

And secondly, with respect to the three exchanges where the Ice Cream business will be listed, will one of these be sort of the primary listing, i.e., most of the trading will happen on one venue? And if that's right, where will that be?

其次，關於冰淇淋業務將在哪三家交易所上市，其中一個是否會成為主要上市地點，即大多數交易是否會在一個場所進行？如果這是正確的，那麼它會在哪裡？

Thank you, Jeff. When it comes to the guidance, look, what we've said is that after the demerger of Ice cream, we have guided towards a 4% to 6% growth. That's still what we're shooting for.

謝謝你，傑夫。說到指導，你看，我們說過，在冰淇淋業務拆分後，我們預計將成長 4% 至 6%。這仍然是我們的奮鬥目標。

We said, look, there is a bit of impact on Ice Cream, but we also said that by then, the Growth Action Plan would be in place for a considerable amount of time. We have been able to get our investments behind the core brands really right and innovations and the platforms that I talked about should mature before that time and leading to that growth. So I'd rather sort of stick to the guidance of the 3% to 5% that we are looking for this year and then -- and we looked at that after the demerger of Ice Cream.

我們說，看，這對冰淇淋有一點影響，但我們也說，到那時，成長行動計畫將會實施相當長一段時間。我們已經能夠對核心品牌進行正確的投資，我談到的創新和平台應該在那之前成熟並帶來成長。因此，我寧願堅持我們今年所期望的 3% 到 5% 的指導目標，然後 — — 我們在 Ice Cream 拆分之後研究了這個問題。

When it comes to the three exchanges, look, the country of incorporation is the Netherlands. And that means that, in your words, Amsterdam or Euronext, BetaCat would be a primary listing location with other listings in London and New York. And that is, of course, to mitigate any technical flowback.

說到這三家交易所，看看吧，其註冊國家就是荷蘭。這意味著，用你的話來說，阿姆斯特丹或泛歐交易所，BetaCat 將成為主要上市地點，其他上市地點在倫敦和紐約。這當然是為了減輕任何技術回流。

Thank you very much. The next question comes from Olivier at Goldman Sachs. Go ahead, Olivier.

非常感謝。下一個問題來自高盛的奧利維爾。繼續吧，奧利維爾。

Two questions, please. Could you give us a bit more detail on cost inflation? You mentioned cocoa and dairy inflation, but obviously, that relates to the Ice Cream business only. What's the outlook for the rest of your commodity baskets, which would be for the four divisions left?

請問兩個問題。您能否向我們詳細介紹一下成本通膨的情況？您提到了可可和乳製品的通貨膨脹，但顯然，這僅與冰淇淋業務有關。其餘四個大宗商品類別的前景如何？

And then on Liquid I.V., I mean growth has been phenomenal. You boosted production in the US due to strong demand. Did you have some capacity constraints, which was preventing you from growing as much as you wanted? And how much white space do you see for the brand globally?

然後對於 Liquid I.V. 來說，我的意思是成長是驚人的。由於需求強勁，你們增加了在美國的產量。您是否面臨一些能力限制，阻礙了您實現所需的成長？您認為該品牌在全球範圍內還有多少空白？

Thanks, Olivier. I'll pass on the question on inflation and COGS to Fernando. Just a few words on Liquid I.V. Look, I mean, Liquid I.V. is, we believe, the number one powdered hydration brand in the US.

謝謝，奧利維爾。我會將有關通貨膨脹和銷貨成本的問題轉交給費爾南多。關於 Liquid I.V. 只想說幾句話。你看，我的意思是，Liquid I.V.我們相信，是美國排名第一的粉末補水品牌。

It has gone through a very steep growth. It's about 7 times larger than when we acquired it. And we have expanded it into seven other markets than the US alone.

它經歷了非常快速的成長。它比我們獲得它時大約大 7 倍。而且我們已經將其擴展到美國以外的其他七個市場。

Throughout the year, 2024, we started with some product -- I mean, obviously, we need to expand on capacity, which we've done in-house. We're also working with others. And there may have been a few weeks or whatsoever, you know that we may have had some disruptions or not being able to fully meet demand. But I would say, overall, that's resolved, and we are very confident that we can service our customers to the appropriate levels.

到 2024 年，我們將從一些產品開始 - 我的意思是，顯然我們需要擴大產能，這是我們內部完成的。我們也正在與其他人合作。並且可能有幾週或其他時間，我們可能會遇到一些中斷或無法完全滿足需求。但我想說，總的來說，這個問題已經解決了，我們非常有信心為客戶提供適當水準的服務。

We're obviously very positive about Liquid I.V. The expansion in other markets is not at the extent that it's in the US because it's a habit change for consumers, but we see absolutely -- we see a lot of opportunity for growth still even in the US in itself. So we remain very bullish behind Liquid I.V., and we will continue to invest levels on or above the company average of BMI of 15.5%.

我們顯然對 Liquid I.V. 非常看好。其他市場的擴張不如美國那麼大，因為這是消費者習慣的改變，但我們絕對看到——即使在美國本身，我們仍然看到很大的成長機會。因此，我們仍然對 Liquid I.V. 非常看好，並且我們將繼續在公司 BMI 平均值 15.5% 以上水平上進行投資。

Fernando, on the --

費爾南多--

Phenomenal growth in Liquid I.V. And I would highlight also our sugar free launch has been probably more successful launch in the year for Unilever. In COGS, I mentioned that the inflation, the impact of net material inflation, is around EUR0.8 billion with the information we have today, and it's very concentrated. As I mentioned, palm oil and surfactants, they are part of soap bars and liquids in Beauty and Personal Care and Home Care. This is around 55% of inflation.

液體 I.V. 的驚人成長我還要強調的是，我們推出的無糖產品可能是聯合利華今年最成功的產品。在 COGS 中，我提到通貨膨脹，即淨材料通貨膨脹的影響，根據我們今天掌握的信息，約為 8 億歐元，而且非常集中。正如我所提到的，棕櫚油和表面活性劑是美容、個人護理和家庭護理中的肥皂和液體的一部分。這約佔通貨膨脹率的55%。

And 25% of the total inflation is around cocoa. Cocoa and chocolate that, of course, is just fundamentally using Ice Cream. So these are the caters that are more affected. Of course in percental term, the impact in Ice Cream is significantly higher than in the other categories due to the cocoa, chocolate effect.

總通膨量的25%與可可有關。當然，可可和巧克力從根本上來說就是冰淇淋的用途。因此，這些餐飲業受到的影響最大。當然，從百分比來看，由於可可和巧克力的影響，冰淇淋的影響明顯高於其他類別。

Thank you. Next question comes from Guillaume at UBS.

謝謝。下一個問題來自瑞銀的 Guillaume。

I've got one point of clarification and one question. In terms of the point of clarification, Hein, when you talk about a slower start to the year, just to be clear, are you effectively guiding for a sequential slowdown in Q1 relative to the 4% achieved in Q4? Or not necessarily? And likewise, on margins, does your guidance of modest margin expansion with the improvement realized in the second half effectively mean your margin should be expected to be down in the first half of the year? And also on the margin front, does your guidance bake in a benefit -- potential benefit from having Ice Cream as discontinued operations from Q4?

我要澄清一點並提出一個問題。關於澄清點，海因，當您談到今年開局放緩時，需要明確的是，您是否實際上預計第一季度的增長將相對於第四季度實現的 4% 出現連續放緩？或不一定？同樣，就利潤率而言，您預期利潤率將在下半年實現適度增長，這是否意味著您的利潤率在上半年應該會下降？另外在利潤率方面，您的指導是否包含了從第四季度開始停止冰淇淋業務所帶來的潛在利益？

And then my question is on North America, because that's the second consecutive quarter, the region grew by 7% with volumes in excess of 6%. Could you maybe shed some light on this very strong volume performance, both in terms of categories, but also where you're seeing the biggest share gains? And I guess, looking ahead, how sustainable is that strong mid-single digits underlying sales growth performance?

我的問題是關於北美的，因為這是該地區連續第二個季度增長 7%，銷量超過 6%。您能否從類別角度解釋一下這種非常強勁的銷售表現，以及您看到份額增長最大的領域？我想，展望未來，強勁的中位數銷售成長績效能持續多久？

Thank you, Guillaume. Look, on the guidance that we've given, I mean first of all, we're looking for the full year to remain within the guidance, and we're confident about that. We have indicated an overall slower start of the year. Let me just elaborate a little bit on that.

謝謝你，紀堯姆。我們給予的指導意見是這樣的，首先，我們希望全年業績能夠保持在指導範圍內，我們對此充滿信心。我們已指出今年開局整體較為緩慢。讓我稍微詳細說明一下這一點。

Market growth, as I said, slowed down a bit in Q4, and we see that also subdued in Q1. I talked about pricing that will take a bit of time before that fully takes effect. And it will be as a result of commodity spikes and so forth, there will be some volume instability overall.

正如我所說，市場成長在第四季度有所放緩，而且我們發現第一季的市場成長也出現下滑。我談到了定價，但它需要一段時間才能完全生效。而且由於商品價格飆升等原因，整體上會出現一些交易量的不穩定。

Now, with all that said, we are continuing very strongly behind our Growth Action Plan and the actions we take. We're not going to deviate from that trajectory. But we do guide sequential slowdown. So yes, 4% in Q4, and that means a slowdown in Q1, and then we expect it to ramp up during the year.

現在，綜上所述，我們將繼續堅定地執行我們的成長行動計劃和採取的行動。我們不會偏離這個軌跡。但我們確實預期經濟將連續放緩。所以是的，第四季成長 4%，這意味著第一季成長放緩，然後我們預計年內成長將會加快。

When it comes to the margin, we're not guiding margins for the quarter or for the first half year as such. But we do say 45% gross margin is a good base. That's where we wanted to be. It came earlier than what we said. The second thing that we said was we are ahead in our overall restructuring -- or the product exercise, with already 4,300 full-time roles less in the company. We expect that full productivity program to end by the end of 2025, which is well ahead of expectations almost a year.

說到利潤率，我們並沒有為本季或上半年提供利潤率指引。但我們確實認為 45% 的毛利率是一個很好的基礎。這正是我們想要的。它比我們說的來得早。我們說的第二件事是，我們在整體重組或產品重組方面處於領先地位，公司已經減少了 4,300 個全職職位。我們預計，全面的生產力計畫將於 2025 年底結束，比預期提早了近一年。

When it comes to restructuring spend, for example, we have spent 1.4% of turnover in 2025. We expect a similar percentage in 2020 -- sorry, '24. We expect a similar percentage in 2025. But we still aim for 1.2% over a course, average, on three years, and that means significantly reduced spend in 2026.

例如，在重組支出方面，我們在 2025 年的支出佔營業額的 1.4%。我們預計 2020 年——抱歉，是 24 年——的比例也差不多。我們預期 2025 年的比例也會相似。但我們仍將目標定為三年內平均 1.2%，這意味著 2026 年的支出將大幅減少。

So I think that gives some color on where we are. We are here to make sure that we fulfill commitments on the medium-term basis, and of course, on a full year basis. But there will be some sequential slowdown from Q4 to Q1 as I -- as we mentioned in the very beginning.

所以我認為這可以說明我們所處的狀況。我們在這裡是為了確保我們能夠履行中期承諾，當然還有全年承諾。但正如我們一開始提到的那樣，從第四季度到第一季度，會出現一些連續的放緩。

Yes. On North America, two quarters about 7%, with volume up 6%. We believe that this reflects the fundamental formation of our portfolio in the region, with an important role for businesses like Wellbeing that is growing double digit or (inaudible), that also has grown in mid-single digit in the region.

是的。北美地區，兩季成長約 7%，銷量成長 6%。我們認為，這反映了我們在該地區投資組合的基本形成，其中 Wellbeing 等企業發揮著重要作用，其在該地區的增長速度達到兩位數或（聽不清），也達到了中等個位數。

I feel good news also the development of Personal Care along 2024. We have been increasing performance, and it has been a key contributor to growth in quarter four. So fundamentally, we believe that our business in North America is a very different business to the one we had a few years ago, with much more underlying growth potential. So good performance in a business that is of much better quality than we used to have.

我也感覺到 2024 年個人護理產業的發展是個好消息。我們一直在提高業績，這是第四季度成長的關鍵因素。因此從根本上來說，我們認為我們在北美的業務與幾年前的業務截然不同，具有更大的潛在成長潛力。我們目前的業務品質比以前好得多，因此表現非常出色。

I agree with that. Before we go to the next question, there was one other question on Ice Cream, which I noted, I just wanted to mention. So in the guidance that we have given, Ice Cream is fully part of the group for 2025. What we've said before is once ice cream is demerged, it will have a technical effect on margins overall of around 90 basis points. But that is not included in our guidance remarks that we're making today. So guidance remarks simply include Ice Cream for the year.

我同意這一點。在我們進入下一個問題之前，還有一個關於冰淇淋的問題，我注意到了，我只是想提一下。因此，根據我們給予的指導，冰淇淋將在 2025 年完全成為該集團的一部分。我們之前說過，一旦冰淇淋業務拆分，它將對整體利潤率產生約 90 個基點的技術影響。但這並未包含在我們今天的指導意見中。因此指導意見僅包括今年的冰淇淋。

Thank you. Next question comes from Jeremy, HSBC. Go ahead.

謝謝。下一個問題來自匯豐銀行的 Jeremy。前進。

A couple of questions from me. First one is just on some of these competitive metrics that I know we've had in kind of previous quarters. Can you just give us a bit more detail on where you think Unilever grew versus its markets in kind of '24 and perhaps in the more recent period? And then also some color on what your sort of market share, sales gaining or losing market shares?

我有幾個問題。首先是關於一些競爭指標，我知道我們在前幾個季度已經有了這些指標。您能否向我們詳細介紹一下您認為聯合利華在 2024 年以及最近一段時間內在其市場上取得了哪些成長？然後，您還想了解您的市場佔有率、銷售額是增加還是減少？

And then the second question is on your China business. Obviously, you put the slide up about some of the changes that you're making there. Perhaps you could talk more about your portfolio in China and the competition in market? So are there areas which you've seen become dramatically more competitive where you think you might have to withdraw or sort of deprioritize, or even divest certain parts of your business in that market?

第二個問題是關於你們在中國的業務。顯然，您在幻燈片中展示了您正在進行的一些更改。或許您可以多談談您在中國的投資組合以及市場競爭狀況？那麼，您是否發現在哪些領域的競爭變得更加激烈，您認為您可能必須退出或降低優先級，甚至剝離該市場中的某些業務部分？

Thanks a lot, Jeremy. A few points on competitiveness. Look, what we've said -- I'm taking you back to the beginning of 2024 because I think it's important to talk about what did we say and what did we do. And we said at the time that we expected turnover weighted market shares to improve in the second half of 2024. And that's exactly what we have seen.

非常感謝，傑瑞米。關於競爭力的幾點。看看我們所說的——我帶你回到 2024 年初，因為我認為談論我們說了什麼和做了什麼很重要。我們當時表示，預計營業額加權市場佔有率將在 2024 年下半年有所改善。這正是我們所看到的。

We've seen improved shares, particularly over the last six months. And we believe that in the last quarter, we're certainly back at a fairly neutral market share situation.

我們看到股價有所上漲，特別是過去六個月。我們相信，在上個季度，我們的市佔率肯定回到了相當中性的狀況。

That means no gain, no loss on the universe that we're in. But that's only about two-thirds of the total business. A third of our business is not measured in that sense. So think about our Well-being business, think about our Prestige business, think about our out-of-home Ice Cream business or our Food Solutions business. And we believe that these businesses, with some alternative calculations that we have made, we are in market share gain position.

這意味著我們身處的宇宙沒有得也沒有失。但這僅佔總業務的三分之二。我們的三分之一的業務不是從這個意義上來衡量的。所以想想我們的健康業務，想想我們的尊貴業務，想想我們的戶外冰淇淋業務或我們的食品解決方案業務。我們相信，透過這些業務，我們能夠獲得市場份額。

And I think if you look at our reported numbers,versus peers and versus market, I think that is a good evidence of that. And we expect that for 2025 to continue on the back of, once again, clear plans in the Growth Action Plan, a significant step-up on BMI to the 15.5% level.

我認為，如果你看看我們報告的數字，與同行和市場相比，我認為這就是一個很好的證據。我們預計，到 2025 年，在成長行動計畫的明確規劃的支持下，BMI 將繼續大幅上升至 15.5% 的水平。

Maybe just to highlight, if you take that 15.5% level that means an increase in 2024 of EUR900 million, then that comes on the back of a EUR600 million increase that we did in the second half of 2023. So around EUR1.5 billion step-up in support to our brands, fewer and bigger and better innovations, and that is a trajectory that we will continue to work on.

也許只是為了強調一下，如果採用 15.5% 的水平，這意味著 2024 年將增加 9 億歐元，這是在 2023 年下半年增加 6 億歐元的基礎上實現的。因此，我們將增加約 15 億歐元來支持我們的品牌，實現更少、更大、更好的創新，這是我們將繼續努力的軌跡。

So where is competitiveness better? Where is it -- where are we under pressure? I can give you some geographical color here. As I said before on the question, I think on Janine, on -- we believe Europe was actually stronger for us. Good and positive developments, Home Care, particularly, but also Personal Care.

那麼哪裡的競爭力比較好​​呢？它在哪裡——我們面臨什麼壓力？我可以在這裡給你一些地理背景。正如我之前在回答這個問題時所說的那樣，我認為對於 Janine 來說，我們相信歐洲實際上對我們來說更強大。良好而積極的發展，特別是家庭護理，也包括個人護理。

US imbued in Personal Care, positive development and positive market share developments. I mean that means gaining in our Foods business in condiments as well as in cooking aids. And I would talk similarly about Latin America.

美國在個人護理領域發展勢頭良好，市場份額也呈現積極勢頭。我的意思是，這意味著我們的食品業務在調味品和烹飪輔助品方面都會獲得收益。我也會就拉丁美洲談論類似的事情。

Where do we see softness? We see softness in China because of the reset that we're doing, but also the consumer shift to channels in which we don't have fair share, and that includes, for example, the Douyin channel. We also see softness in Indonesia, where we are making a significant reset. Overall, India, I would quantify as relatively neutral. So I'd sort of like to leave it there, but that probably gives you a feel.

我們在哪裡看到柔軟？我們看到中國市場表現疲軟，這不僅因為我們正在進行的調整，還因為消費者轉向了我們沒有公平份額的管道，例如抖音管道。我們也看到印尼的經濟疲軟，我們正在對其進行重大調整。總體而言，我認為印度是相對中性的。所以我想把它留在那裡，但這可能會給你一種感覺。

Zooming in on China a bit. I talked about Douyin. Our portfolio is quite concentrated in China. We have a -- in Beauty, in Hair Care, important brands around Clear. And then, of course, Home Care with the OMO fabric cleaning proposition and Food Solutions.

稍微放大一下中國。我講的是抖音。我們的投資組合相當集中在中國。我們在美容、護髮領域擁有圍繞 Clear 的重要品牌。然後，當然還有家庭護理領域推出的OMO織物清潔方案和食品解決方案。

I think it's a concentrated portfolio. We feel good about those. Those are strong brands. We have good innovation plans behind them. We are making the necessary but also profitable inroads in the channels that I talked about, such as Douyin, and you will see a positive effect of that in the second half of 2025 on a comparable basis.

我認為這是一個集中的投資組合。我們對此感到滿意。這些都是強大的品牌。我們背後有著很好的創新計劃。我們正在我談到的抖音等管道上取得必要且有利可圖的進展，您將在 2025 年下半年在可比較基礎上看到這些進展的正面影響。

The next question comes from [Victor] at TD Securities. Go ahead, Victor.

下一個問題來自道明證券的 [Victor]。繼續吧，維克多。

This is Victor on for Rob Moskow. Two for me, please. So I wanted to ask about US Personal Care, specifically deodorants. It seems that trends are improving.

這是 Victor 代替 Rob Moskow 上場。請給我兩份。所以我想問一下有關美國個人護理的問題，特別是除臭劑。看起來趨勢正在好轉。

They didn't talk about challenges here last year and being late to the emerging superpremium segment in the US. Can you talk about how that's improved? Maybe what you did specifically behind brands like Dove to address this? And the consumer traction behind the new entity?

他們沒有談論去年在這裡面臨的挑戰以及進入美國新興超高端市場遲到的問題。您能談談它是如何改進的嗎？也許您在 Dove 等品牌背後採取了什麼特別的措施來解決這個問題？新實體背後還有什麼消費者吸引力呢？

And also, given my second question is that given that exits are more than 70% higher in the US year-over-year, how much of the $0.8 billion commodity inflation outlook is this? How do you see the effects of higher cost impact in the P&L, specifically like in (inaudible)?

另外，我的第二個問題是，鑑於美國的出口額年增了 70% 以上，8 億美元大宗商品通膨前景中有多少是這個？您如何看待成本上升對損益表的影響，具體來說（聽不清楚）？

Thanks, Victor. Just a few remarks on the US on the PC business, and then Fernando will take some remarks on inflation. So on the other ones as well as on skin cleansing, by the way, so it's on both, we've seen positive developments. I mean on the innovations that are playing a role a whole body deodorants, it's only early introduction, but we believe we have a very exciting portfolio going forward as well as strong market activation on that one.

謝謝，維克多。我先簡單談談美國個人電腦業務，然後費南多再談一下通貨膨脹的問題。順便說一下，在其他方面以及皮膚清潔方面，我們都看到了積極的進展。我的意思是，對於在整個身體除臭劑中發揮作用的創新，這只是早期的介紹，但我們相信我們擁有非常令人興奮的產品組合以及強大的市場激活能力。

On skin cleansing, it's the serum friction of body washes behind Dove. It's really -- it's a much more premium product, really off to a great start. So we're very, very excited about that. And it really hits at home. It's a banked behind the big power brands, more premium product, great product superiority, but also I think the execution that we did entirely through social and digital we're very, very positive about that.

在皮膚清潔方面，多芬沐浴露的精華摩擦力僅次於精華摩擦劑。這確實是一款更優質的產品，開局非常好。因此我們對此感到非常非常興奮。這確實讓人深受震撼。這是強大品牌背後的支撐，更優質的產品，卓越的產品優勢，我認為，我們完全透過社交和數位方式進行的執行，我們對此非常非常樂觀。

So we're seeing improved momentum in the US business and PC, and we expect that to continue I think when it comes to inflation and particularly in the US. Fernando?

因此，我們看到美國商業和個人電腦的勢頭正在改善，而且我們預計，就通膨而言，尤其是在美國，這種勢頭將會持續下去。費爾南多？

Yes. Our responsibility is to really protect the integrity of the P&L shape, and we are very committed to continue investing behind our brands and the required pricing to offset commodity inflation. We will do that. Of course, there is always a lag between the hit of the net material inflation at the time at which you really learn the pricing in the market. But we will -- we are committed to really protect the integrity of the P&L shape.

是的。我們的責任是真正保護損益表的完整性，並且我們非常致力於繼續投資我們的品牌和所需的定價以抵消商品通膨。我們會這樣做。當然，淨物質通膨的衝擊和你真正了解市場定價之間總是存在一個滯後。但我們會——我們致力於真正保護損益表的完整性。

Thank you. Our final question comes from Tom Sykes at Deutsche Bank. Go ahead, Tom.

謝謝。我們的最後一個問題來自德意志銀行的湯姆‧賽克斯。繼續吧，湯姆。

Yes. Just trying to square the guidance a little bit more on the shape of the year in that you're seeing a slowdown before you're putting pricing through? And then you're saying that growth will improve as you put pricing in? I mean when you think about the volume mix, are you also assuming or budgeting for volume mix to improve in the second half of the year, even though you're pushing pricing through? And I suppose, therefore, what are the sort of particular drags on volume mix that you expect to annualize out?

是的。您只是想讓預期更符合今年的情況，因為在定價之前您就看到了經濟放緩的跡象？那你是說，隨著定價的提高，成長將會改善嗎？我的意思是，當您考慮銷售組合時，您是否也假設或預算下半年銷售組合會有所改善，即使您正在推動定價？因此，我想，您預期年化後會有哪些特定的銷售組合拖累因素？

And then just following up on the US growth, and I suppose slightly more widely, but you've got this project guy you piloted with Walmart Mexico, and I believe that may be going into Walmart US this year. Where you are putting that system in? Is there a sell-in that's slightly greater before you go live with that?

然後只是跟進美國的增長，我想稍微廣泛一點，但是你有這個項目，你在沃爾瑪墨西哥試行，我相信今年可能會進入沃爾瑪美國。您將把該系統放在哪裡？在正式推出之前，是否有更大一點的銷售量？

And is that at all contributing to the strong performance in North America and will improve on rolling out that system, do you think you'll get in '25, please?

這是否有助於北美的強勁表現，並且會在推出系統時有所改善，您認為您會在 25 年實現這一目標嗎？

Thanks, Tom. I mean on the guidance, let me just make a few overall remarks on volume. And on pricing, I may be a bit repetitive here and then Fernando can give some more color, and I'll come back to you then on the customer question. So first of all, as we said, yes, you are right. So I'm really a bit repetitive here.

謝謝，湯姆。我的意思是，根據指導，我只想就數量做一些總體評論。關於定價，我可能在這裡有點重複，然後費爾南多可以提供更多細節，然後我會回到你關於客戶的問題。首先，正如我們所說，是的，你是對的。所以我在這裡確實有點重複。

But what we're seeing is that pricing indeed will come, but it will come with some lag in the second quarter and beyond. We will see some volume mix volatility in the first quarter probably as well. But overall, don't forget, we have a few areas that we have already hinted to that we are repairing and resetting.

但我們看到的是定價確實會到來，但在第二季及以後會有一些延遲。我們可能也會在第一季看到一些交易量組合波動。但總的來說，不要忘記，我們已經暗示過一些區域正在修復和重置。

So think of China and Indonesia, where we expect overall positive results year-on-year in the back half of 2025. That will contribute to a better UVG at that moment. And that yes, in those quarters. We will continue with the strategy that we talked about in the US and in Europe, also in the first quarter. So there will be no change to that, but pricing will very likely evolve.

以中國和印尼為例，我們預期 2025 年下半年這兩個國家的整體表現將較去年同期呈現正向態勢。這將有助於當時更好的實現 UVG。是的，在那些地方。我們將在第一季繼續執行我們在美國和歐洲討論的策略。因此，這一點不會改變，但定價很可能會改變。

Then when it comes to timing issues such as it's a whole myriad of things, whether it's timing of Chinese New Year, timing of Easter trading days, we're seeing a very high interest environment in Latin America. Leading retailers to deplete their stocks to a certain extent. There's a lot going on in the world. And I would say it all has some effect on the volatility on volumes in the first quarter. But again, we are navigating to that, putting the necessary actions in place and pricing that will evolve over -- in the course of the year. But we want to be realistic on the slope of the business, how it will develop.

然後，當談到時間問題時，例如有很多種情況，無論是中國新年的時間，還是復活節交易日的時間，我們都看到拉丁美洲的利率環境非常高。導致零售商一定程度上消耗庫存。世界上發生了很多事。我想說這一切都對第一季的銷售波動產生了一定影響。但同樣，我們正在朝著這個方向努力，採取必要的行動，並在今年內確定未來的定價。但我們希望對業務的發展趨勢保持現實態度。

Your question on the Sky program. Yes, we are very positive about that. And I think this is really part of digitizing the company more -- I mean, using AI. It's one of our bigger bets with AI to significantly improve planning and forecasting overall. We've talked about that.

您關於 Sky 節目的問題。是的，我們對此非常積極。我認為這實際上是公司數位化的一部分——我的意思是使用人工智慧。這是我們利用人工智慧進行的更大賭注之一，旨在顯著改善整體規劃和預測。我們已經討論過這個了。

We have -- we are rolling this out with many customers around the world. I can't give you a precise a precise number, but it's basically in Europe as well as in the US. And we're getting very enthusiastic responses, and we're seeing a clear uptick in service as well as in forecasting precisely. So yes, we're very positive about that, and we will continue to roll forward.

我們正在與世界各地的許多客戶合作推行這項計畫。我無法給你一個精確的數字，但基本上它在歐洲和美國都存在。我們得到了非常熱烈的回應，我們看到服務和預測準確度都有了明顯的上升。所以是的，我們對此非常積極，並且我們將繼續向前邁進。

I would add to that, Hein, that the scores in our advantage service, the way that key retailers measure the different players in the industry. We have seen a significant improvement in the course of Unilever and the relative position of the company.

海因，我想補充一點，我們優勢服務中的分數是主要零售商衡量行業中不同參與者的方式。我們看到聯合利華的進程和公司相對地位都有了明顯改善。

Yes. Yes. I mean, I think one of the best ones we've seen at least in more than a decade, and we're very positive about that. And execution is at the heart of our Growth Action Plan.

是的。是的。我的意思是，我認為這是至少十多年來我們所見過的最好的產品之一，我們對此非常樂觀。執行是我們成長行動計畫的核心。

So if I wrap it up, in summary, 2024 has been a year of improved performance, as we said it in the video, and it reflects, therefore, a year of a lot of activity. But we are -- we want to make sure that whatever we say we do. And I think you got that sense in 2024, and that is also our mantra going forward.

因此，如果我總結一下，總而言之，正如我們在影片中所說的那樣，2024 年是績效提升的一年，因此，它反映出這是活動豐富的一年。但我們——我們要確保我們說到做到。我認為你在 2024 年就意識到了這一點，這也是我們未來的口號。

For us, it's all about delivering higher performance on a consistent basis having sort of a multiyear program in mind. We believe that the Growth Action Plan is working for us. We see it in competitiveness. We see it in cost control. We see it in driving innovation and mix.

對我們來說，最重要的是持續提供更高的績效，並牢記多年的計畫。我們相信增長行動計劃正在對我們發揮作用。我們在競爭力中看到了這一點。我們在成本控制中看到了這一點。我們看到它正在推動創新和混合。

The quality of execution is getting better, and we believe that on the company is getting tighter. And therefore, we are determined to move with new levels of speed and clarity and precision to address the weaknesses that are there, but also to open up great opportunities.

執行品質越來越好，我們相信公司的發展會越來越緊密。因此，我們決心以新的速度、清晰度和精確度採取行動，解決現有的弱點，同時也開闢巨大的機會。

So we believe we are better positioned today than where we were a year ago, and we're confident of delivering ambitions in '25 and the years ahead.

因此，我們相信，我們今天所處的位置比一年前更加有利，並且我們有信心在2025年及未來的幾年裡實現目標。

Thank you very much for joining on this call. And obviously, we're very much looking forward to speak to you in person in the next couple of days or in the next couple of weeks. Thank you.

非常感謝您參加本次電話會議。顯然，我們非常期待在接下來的幾天或幾週內與您親自交談。謝謝。