聯合利華 (UL) 2020 Q4 法說會逐字稿

Good morning, ladies and gentlemen. I will shortly be handing over to Unilever to begin this conference call. (Operator Instructions)

早安，女士們，先生們。我很快就會把時間交給聯合利華來開始這場電話會議。 （操作員說明）

I'm now delighted to hand over to Richard Williams at Unilever. Please begin your presentation.

我現在很高興將工作交給聯合利華的理查德威廉斯 (Richard Williams)。請開始您的簡報。

Thank you. Good morning, and welcome to Unilever's full year results and strategic refresh. As in previous quarters, we're presenting to you from our prospective homes. So hopefully, technology will run smoothly again. We expect prepared remarks to be longer today at around 60 minutes, followed by around 30 minutes or so of Q&A.

謝謝。早安，歡迎來到聯合利華的全年業績和策略更新。與前幾季一樣，我們將在我們未來的家中向您展示。希望科技能夠再次順利運作。我們預計今天準備好的發言時間會更長，約 60 分鐘，隨後是約 30 分鐘左右的問答。

All of today's webcast is available live, transcribed on the screen as part of our accessibility program.

今天的所有網路廣播都是現場直播，並轉錄在螢幕上，作為我們無障礙計劃的一部分。

First, can I draw your attention to the disclaimer to forward-looking statements and non-GAAP measures.

首先，我能否提請您注意前瞻性陳述和非公認會計原則措施的免責聲明。

And with that, let me hand over to Alan.

接下來，讓我把任務交給艾倫。

Well, good morning, everybody, and welcome to our full year results update. As usual, Graeme and I will take you through the results. And as Richard said, this is going to be a slightly longer presentation than we customarily do because we'll also take the opportunity to share with you our strategy refresh. It's a good time to do so now that we've closed out 2020 and completed the unification of our legal structure.

好了，大家早安，歡迎收看我們的全年業績更新。像往常一樣，格雷姆和我將向您介紹結果。正如理查德所說，這將是一個比我們通常做的稍長的演示，因為我們也將藉此機會與您分享我們的策略更新。現在是這樣做的好時機，因為我們已經結束了 2020 年並完成了法律結構的統一。

But first, back to 2020. Well, I think it's stating the obvious to say it was far from business as usual. Typically, we would start this presentation by sharing our underlying sales growth, underlying operating margin earnings and cash. But in this year of incredible volatility and uncertainty, we prioritized 3 things: that was volume-led competitive growth, absolute profit and cash delivery.

但首先，回到 2020 年。嗯，我認為，說一切都與往常相去甚遠，我認為這是顯而易見的。通常，我們會透過分享我們的基本銷售成長、基本營業利潤率收益和現金來開始本次演示。但在今年充滿令人難以置信的波動和不確定性的情況下，我們優先考慮了三件事：以銷量為主導的競爭性成長、絕對利潤和現金交付。

First and foremost, we said we would deliver competitive growth. We wanted to ensure more than ever growth ahead of our markets. So no matter whether some of our categories were enjoying super growth or were in decline, we wanted more than our fair share. And I'm very pleased that we are now decisively back to more than 50% of our business winning value share on a moving annual total basis, and actually, over 60% of the business winning in the fourth quarter, with volume shares indicating over 70% gaining share.

首先也是最重要的，我們表示我們將實現有競爭力的成長。我們希望確保比以往任何時候都更領先於市場的成長。因此，無論我們的某些類別是正在享受超速增長還是正在下降，我們都想要比我們應得的份額更多的東西。我很高興的是，我們現在果斷地回到了超過 50% 的業務贏得價值份額（按年度總量計算），實際上，超過 60% 的業務在第四季度獲勝，銷量份額超過70%的份額增加。

And this is a clear step change in our competitiveness from only a year ago. It demonstrates how Unilever's focus on operational rigor and excellence is working.

與一年前相比，我們的競爭力發生了明顯的變化。它展示了聯合利華對營運嚴謹性和卓越性的關注是如何發揮作用的。

We also focused on absolute profit and cash delivery, so underlying operating profit was EUR 9.4 billion, up 0.7% at constant rates. And our free cash flow for the year was EUR 7.7 billion, which is a record cash delivery, up a full EUR 1.5 billion versus last year.

我們也關注絕對利潤和現金交付，因此基本營業利潤為 94 億歐元，以固定匯率計算成長 0.7%。我們今年的自由現金流為 77 億歐元，創紀錄的現金交付量，比去年足足增加了 15 億歐元。

Now as Unilever watchers, you'll know that when we talk about operational excellence, we mean is our focus on these 5 growth fundamentals [shifts] January. And we'll spend more time on these later, but we are pleased how this framework has delivered that change in competitiveness that we're now seeing.

現在，身為聯合利華的觀察者，您會知道，當我們談論卓越營運時，我們的意思是我們對這 5 個成長基本面的關注[轉變]一月。稍後我們將在這些方面花費更多時間，但我們很高興框架如何實現了我們現在看到的競爭力變化。

At the same time, we continued to drive forward our strategic agenda. We are the world's leader sustainable business and have progressed our sustainability agenda during 2020, with initiatives that are more tightly linked than ever to our category and brand growth agendas. So for example, our Clean Future agenda in Home Care or our Future Foods ambition.

同時，我們繼續推進我們的戰略議程。我們是全球領先的永續發展企業，並在 2020 年推進了我們的永續發展議程，各項措施比以往任何時候都與我們的品類和品牌成長議程更加緊密地聯繫在一起。例如，我們在家庭護理方面的清潔未來議程或我們的未來食品雄心。

As you know well, we simplified our legal structure, unifying under a single parent company, Unilever PLC. We're now a simpler business with better governance and greater strategic flexibility for portfolio change. And at the same time, we've continued to shape our portfolio towards high-growth spaces through acquisitions in 2020, in particular, in the functional nutrition space like Liquid I.V. and SmartyPants, and of course, the completion of Horlicks earlier in the year.

如您所知，我們簡化了法律結構，統一到單一母公司聯合利華 (Unilever PLC) 之下。我們現在的業務更簡單，治理更好，投資組合變更的策略彈性也更大。同時，我們透過 2020 年的收購，繼續將我們的投資組合打造為高成長領域，特別是在 Liquid I.V 等功能性營養領域。和 SmartyPants，當然還有今年早些時候完成的好力克 (Horlicks)。

And we continue to work intensively on separating out the majority of our tea portfolio from the rest of the business, and this is progressing well. We're working on various options for the business, including an IPO or a demerger, partnerships or a disposal.

我們繼續集中精力將我們的大部分茶葉產品組合與其他業務分開，並且進展順利。我們正在為該業務制定各種選擇，包括首次公開募股或分拆、合作或出售。

And as we said on our quarter 3 call, we are evaluating options for some of our smaller BPC brands as we continue to actively manage the portfolio. The brands in question are predominantly sold in Europe and/or North America. At the moment, they're being transitioned to the leadership of a new management team in the company, and that will give them dedicated focus to step up their growth and value creation.

正如我們在第三季電話會議上所說，隨著我們繼續積極管理產品組合，我們正在評估一些較小的 BPC 品牌的選擇。相關品牌主要在歐洲和/或北美銷售。目前，他們正在過渡到公司新管理團隊的領導層，這將使他們能夠專注於加速成長和價值創造。

You might have seen a bit of circulation on this in recent days in the media. And I want to be clear that no final decisions have been made about the long-term future of those brands.

最近幾天，您可能在媒體上看到了一些關於此事的報導。我想澄清的是，尚未就這些品牌的長期未來做出最終決定。

And with that, let me hand over to Graeme for more detailed take on our results. Graeme?

接下來，讓格雷姆來更詳細地了解我們的結果。格雷姆？

Thanks, Alan. Good morning, everybody. Volume-led competitive growth with over 60% of our business winning value share translated into underlying sales growth of 3.5% in the fourth quarter and that brings the full year USG to 1.9%.

謝謝，艾倫。大家早安。以銷售為主導的競爭性成長，我們超過 60% 的業務贏得了價值份額，這轉化為第四季度 3.5% 的基本銷售成長，使全年 USG 達到 1.9%。

Across our markets, the pandemic continued to cause volatility with restrictions, lockdowns and channel closures returning in many countries in the fourth quarter. While restrictions in other countries have been eased, we expect this volatility to continue into 2021 as governments balance opening economies to support livelihoods with public health protection. I'll touch on some specifics when we get to the regional updates.

在我們的整個市場中，疫情繼續造成波動，許多國家在第四季度重新實施了限制、封鎖和通路關閉。儘管其他國家的限制已經放鬆，但我們預計這種波動將持續到 2021 年，因為各國政府將平衡開放經濟以支持生計與公共衛生保護。當我們了解區域更新時，我將談到一些細節。

Now as in previous quarters, we've broken down our portfolio into groupings that reflect changing consumer behaviors and channels during the pandemic. Across the year, we've seen huge swings in demand, and many of those big trends have continued into the fourth quarter. While demand for hygiene products, that's skin cleansing and home and hygiene, remained well above pre-COVID levels, demand for hand sanitizer started to normalize in Q4 and versus the exponential growth that we saw in the second quarter.

現在，與前幾季一樣，我們已將我們的投資組合細分為幾組，以反映疫情期間消費者行為和管道的變化。在這一年中，我們看到了需求的巨大波動，其中許多大趨勢一直持續到第四季度。雖然對皮膚清潔、家居和衛生等衛生產品的需求仍遠高於新冠疫情前的水平，但對洗手液的需求在第四季度開始正常化，與第二季度的指數增長形成鮮明對比。

With many consumers experiencing restricted living and lockdowns, our in-home Foods & Refreshment business saw strong growth across the year and again grew double-digit in the fourth quarter. In contrast, our Food Solutions and out-of-home ice cream businesses declined significantly. And after a slight recovery following the easing of restrictions in Q3, many countries saw a resumption of channel closures during the fourth quarter.

由於許多消費者經歷了生活限制和封鎖，我們的家庭食品和茶點業務全年強勁增長，並在第四季度再次實現兩位數增長。相比之下，我們的食品解決方案和戶外冰淇淋業務大幅下降。在第三季放鬆限制後略有復甦後，許多國家在第四季度恢復了頻道關閉。

Turning to the divisions. Beauty & Personal Care grew 1.2% in the full year with double-digit growth in skin cleansing. We responded really quickly to changing consumer demands and launched hand sanitizers into over 60 markets. That helped to deliver strong and competitive growth.

轉向部門。美容及個人護理全年成長 1.2%，其中皮膚清潔業務達到兩位數成長。我們對不斷變化的消費者需求做出了快速反應，並向 60 多個市場推出了洗手液。這有助於實現強勁且有競爭力的成長。

Lifebuoy, which is our latest billion euro brand, grew over 50% in the full year and the back of COVID-19-focused communications, such as the #fightbacteriaandviruses, and the launch of our H is for Handwashing campaign to raise awareness of hand washing and hygiene with children.

Lifebuoy 是我們最新的 10 億歐元品牌，全年增長超過 50%，這得益於 #fightbacteriaandviruses 等以 COVID-19 為重點的傳播活動，以及推出 H 代表洗手活動以提高洗手意識與兒童一起清洗和保持衛生。

Dove, our biggest brand, grew mid-single digit, helped by innovations in the antibacterial segment, combining efficacy against germs with the unique care of Dove.

由於抗菌領域的創新，將抗菌功效與多芬獨特的護理相結合，我們最大的品牌多芬實現了中個位數的成長。

Our Prestige Beauty business was impacted by door closures in the health and beauty channel with countries going back into lockdown in the fourth quarter. Prestige e-commerce continued to perform really strongly, however, outperforming the market significantly. And over 50% of our Prestige beauty sales are now through e-commerce.

我們的 Prestige Beauty 業務受到健康和美容管道關閉的影響，各國在第四季度重新進入封鎖狀態。然而，知名電子商務仍表現強勁，明顯優於市場。現在，我們 50% 以上的 Prestige 美容產品銷售是透過電子商務實現的。

The rest of BPC declined as consumers stayed at home, meaning fewer usage occasions in categories such as hair care and deodorants. However, in markets where such restrictions have been eased, such as China, India and parts of Latin America, growth has returned.

由於消費者留在家裡，護髮和除臭劑等類別的使用次數減少，BPC 的其餘部分出現下降。然而，在中國、印度和拉丁美洲部分地區等放寬限制的市場，成長已恢復。

Our Food & Refreshment division grew 1.3% driven by price and had a strong finish to the year with underlying sales growth of 5.4%. Our retail foods business grew 12% as restricted living led to more in-home meeting occasions for consumers, with Knorr growing double-digit and dressings performing well. We've launched Hellmann's for the first time in Germany and in India.

我們的食品和茶點部門在價格的推動下成長了 1.3%，並以 5.4% 的基本銷售成長強勁結束了這一年。我們的零售食品業務成長了 12%，因為限制生活導致消費者有更多的家庭會議機會，家樂實現了兩位數成長，調味品表現良好。我們首次在德國和印度推出了好爾曼 (Hellmann's)。

In ice cream, we rapidly pivoted resources to more in-home consumption through innovations such as the Ben & Jerry's Netflix & Chilll'd variant, and we've again doubled the size of our e-commerce Ice Cream Now business. Strong in-home ice cream growth of 17% was offset by a decline of over 20% in the out-of-home business. Overall, ice cream sales were level year-on-year, which is a really great result in the face of such channel volatility.

在冰淇淋方面，我們透過 Ben & Jerry 的 Netflix & Chill'd 變體等創新，迅速將資源轉向更多的家庭消費，我們再次將電子商務 Ice Cream Now 業務的規模擴大了一倍。家庭冰淇淋 17% 的強勁成長被戶外業務超過 20% 的下降所抵消。總體而言，冰淇淋銷售與去年同期持平，在通路波動如此大的情況下，這確實是一個很好的結果。

Food Solutions declined by 30% as restaurants and hospitality businesses were closed for much of the year. During the fourth quarter, the market continued to recover in China, with dining resuming in many places. However, conditions in developed markets worsened in the fourth quarter as countries went back to lockdown, driving a 25% decline in Food Solutions sales. We expect to see similar conditions into the first quarter of 2021.

由於餐廳和酒店業務在今年大部分時間都處於關閉狀態，Food Solutions 的銷售額下降了 30%。第四季度，國內市場持續復甦，多恢復餐飲。然而，隨著各國重新封鎖，已開發市場的情況在第四季惡化，導致食品解決方案銷售額下降 25%。我們預計 2021 年第一季也會出現類似情況。

Home Care grew 4.5% in the full year driven by volume. Pricing was marginally negative as we passed on lower commodity costs in the second half, mainly in fabric solutions. Home and hygiene grew high teens with continued high demand for household cleaning products as both penetration and frequency of purchase increased significantly.

在銷量的推動下，家庭護理全年增長 4.5%。由於我們在下半年轉嫁了較低的商品成本（主要是布料解決方案），因此定價略有負值。隨著滲透率和購買頻率顯著增加，家庭清潔產品的需求持續高漲，家居和衛生用品的需求持續增加。

Domestos stores grew over 25% as we introduced bleach-based spray innovations and launched Domestos into new markets like China. Laundry grew 1%. Fabric solutions was flat as the pandemic continued to impact washing occasions. In India, frequency of washing workwear and school wear decreased by about 10% as schools and offices were closed. Fabric sensations recovered well in the second half, led by China.

隨著我們推出基於漂白劑的噴霧創新並將 Domestos 推向中國等新市場，Domestos 商店增長了 25% 以上。洗衣業成長 1%。由於大流行繼續影響洗滌場合，織物解決方案表現平平。在印度，由於學校和辦公室關閉，工作服和校服的洗滌頻率減少了約 10%。下半年，在中國的帶領下，布料的感覺恢復良好。

E-commerce grew by 61% in the full year as we responded quickly to the rapid shift of consumer spending online. E-commerce now makes up 9% of Unilever's business. E-com growth was strong across all of our regions.

電子商務全年成長61%，我們快速應對消費者在線上消費的快速轉移。電子商務目前佔聯合利華業務的 9%。我們所有地區的電子商務成長強勁。

In Brazil, we expanded our [e-B2B] Compra Agora business, and in the U.S., we more than doubled the size of our e-com turnover. In China, of course, the most advanced e-com market globally, we grew by over 50%, taking online to more than 1/3 of our turnover in China. We also saw strong growth across all e-com channels. Omnichannel e-com grew around 100%, while pure-play grew around 50%. e-B2B also performed strongly, up 65%.

在巴西，我們擴大了 [e-B2B] Compra Agora 業務，在美國，我們的電子商務營業額規模增加了一倍以上。當然，在全球最先進的電子商務市場中國，我們的成長率超過 50%，線上營業額占我們在中國營業額的 1/3 以上。我們也看到所有電子商務管道的強勁成長。全通路電子商務成長了 100% 左右，而純電商則成長了 50% 左右。 e-B2B 也表現強勁，成長了 65%。

Turning to the geographies. In ASIA/AMET and NAMETRUB, underlying sales grew 0.4% in the full year driven by price. USG in the fourth quarter was 2.6% as India continued its post lockdown recovery, with good growth in Beauty & Personal Care. However, Southeast Asia declined, mainly driven by the Philippines and Thailand, where tough restrictions on movement and tourism remain in place.

轉向地理。在 ASIA/AMET 和 NAMETRUB 中，受價格推動，全年基本銷售額增長了 0.4%。印度第四季的 USG 為 2.6%，印度繼續其封鎖後的復甦，美容和個人護理業務增長良好。然而，東南亞下降，主要是由於菲律賓和泰國仍然對人員流動和旅遊業實施嚴格限制。

China returned to high single-digit growth in the second half as the economy opened up and a more normal life returned for Chinese consumers. The recovery we've seen in China has been encouraging and is ahead of the market.

隨著經濟的開放以及中國消費者的生活恢復更加正常，中國下半年恢復了高個位數成長。我們在中國看到的復甦令人鼓舞，並且領先市場。

Turkey had a strong performance in a difficult environment with volume-led growth driven by Home Care and ice cream. While market conditions vary enormously between individual countries, we are winning competitively across our key markets of Asia/AMET/RUB.

土耳其在困難的環境中表現強勁，在家庭護理和冰淇淋的推動下，銷售帶動了成長。儘管各個國家/地區的市場狀況差異巨大，但我們在亞洲/AMET/RUB 等主要市場上取得了競爭優勢。

In Latin America, underlying sales grew 4.1% in the full year, driven by price. Once again, our performance has been competitive in a very choppy economic environment. Growth in Brazil was resilient, but slowed in the fourth quarter as government consumer subsidies reduced. Argentina impressively grew both volume and price despite the reintroduction of living restrictions. Volumes declined significantly in the year in Mexico, Colombia and Ecuador due to restricted living. But as these eased in the fourth quarter, we saw this trend slow.

在拉丁美洲，受價格推動，全年基本銷售額成長 4.1%。在非常動盪的經濟環境中，我們的業績再次具有競爭力。巴西的成長具有彈性，但由於政府消費者補貼減少，第四季成長放緩。儘管重新實施了生活限制，阿根廷的銷售和價格仍然出現了令人印象深刻的成長。由於生活限制，墨西哥、哥倫比亞和厄瓜多爾的銷售量今年大幅下降。但隨著第四季的緩解，我們看到這一趨勢放緩。

North America had a strong growth year with USG of 7.7% driven by volume. Strong consumer demand for in-home foods and ice cream continued into the fourth quarter, while demand for home and hygiene products, especially hand sanitizers, settled down from the peaks seen in the second quarter. Full year growth includes a negative impact of around 2.4% in North America from our Food Solutions and Prestige beauty businesses, which were impacted by channel closures. Excluding this, underlying sales for our U.S. retail business grew double digit.

北美地區在銷售的推動下實現了強勁的成長，USG 成長了 7.7%。消費者對家庭食品和冰淇淋的強勁需求持續到第四季度，而對家庭和衛生產品（尤其是洗手液）的需求則從第二季度的高峰迴落。全年成長包括我們的食品解決方案和 Prestige 美容業務在北美約 2.4% 的負面影響，這些業務受到通路關閉的影響。排除這一點，我們美國零售業務的基本銷售額成長了兩位數。

Our competitiveness in North America remains lower than the company average, and we are focused on addressing this. We were, therefore, pleased to see our competitiveness improve sequentially with a particularly strong step-up in Q4. And e-com, which is largely an untracked channel, grew by over 100% in the full year. So we enter 2021 with good momentum in North America.

我們在北美的競爭力仍然低於公司平均水平，我們正在致力於解決這個問題。因此，我們很高興看到我們的競爭力連續提高，尤其是第四季的強勁提升。而電子商務（很大程度上是一個未追蹤的管道）全年成長超過 100%。因此，我們在北美以良好的勢頭進入 2021 年。

In Europe, underlying sales were down 1% in the year, driven by a continued deflationary environment. The U.K. and Germany grew strongly through demand for in-home food, ice cream and hygiene products. Italy and Spain, however, declined due to our large out-of-home ice cream presence in those countries. We delivered strong and improved competitiveness across the Europe region.

在歐洲，受持續通貨緊縮環境的影響，今年基礎銷售額下降了 1%。英國和德國對家庭食品、冰淇淋和衛生用品的需求強勁成長。然而，義大利和西班牙的銷量有所下降，因為我們在這些國家有大量的戶外冰淇淋。我們在整個歐洲地區提供了強大且不斷提高的競爭力。

Turnover for the full year was EUR 50.7 billion, a decline of 2.4% driven by currency. Underlying sales growth was up by 1.9%. Acquisitions and disposals increased turnover by 1.2% as we completed the acquisition of the Horlicks and Boost Health Food Drinks brands from GSK.

全年營業額為 507 億歐元，受匯率影響下降 2.4%。基本銷售額成長 1.9%。由於我們完成了對葛蘭素史克 (GSK) 的好立克 (Horlicks) 和 Boost Health Food Drinks 品牌的收購，收購和出售使營業額增加了 1.2%。

Currency movements versus the euro reduced our turnover by 5.4%. Based on spot rates, we would expect a negative currency translation impact of around 4% on turnover for 2021 and a bit more on EPS.

相對於歐元的匯率變動使我們的營業額減少了 5.4%。根據即期匯率，我們預期貨幣換算對 2021 年營業額的負面影響約為 4%，對每股盈餘的負面影響更大。

Underlying operating margin was 18.5%, down 60 basis points. This was driven by gross margin, which declined by 50 basis points due to COVID on costs and adverse mix as we've flagged to you in our results updates during the year. COVID costs such as factory hygiene protocols and temporary labor reduced gross margin by 50 basis points, while our particular COVID-driven sales mix created a drag of a further 40 basis points on the gross margin.

基本營業利益率為 18.5%，下降 60 個基點。這是由毛利率推動的，正如我們在今年的業績更新中向您指出的那樣，由於成本和不利組合的影響，毛利率下降了 50 個基點。工廠衛生協議和臨時勞動力等新冠疫情成本使毛利率下降了 50 個基點，而我們特定的新冠疫情驅動的銷售組合又使毛利率進一步下降了 40 個基點。

Looking forward, gross margin will continue to be impacted by COVID on costs in 2021, and we will begin to lap the adverse sales mix only from the second quarter. The margin impact of country, category and pack mix will be substantially determined by the progress of the pandemic and the related lockdowns.

展望未來，2021 年毛利率將繼續受到新冠疫情對成本的影響，我們將只從第二季開始經歷不利的銷售組合。國家、類別和包裝組合對利潤的影響將在很大程度上取決於疫情的進展和相關的封鎖。

Brand and marketing investment increased by EUR 160 million in the full year at constant exchange rates. After a 100 basis point conservation in spend over the first half through the initial lockdowns, we stepped up investment in BMI strongly in the second half behind brand campaigns and product innovation that had been tailored to be specific to the new environment. That includes more hygiene-based communication and in-home consumption opportunities. Examples of this are the Hellmann's stay in (spired) campaign. As a result, BMI spend was up by 100 basis points in the half.

以固定匯率計算，全年品牌和行銷投資增加了 1.6 億歐元。透過最初的封鎖，上半年我們節省了 100 個基點的支出，下半年我們大力加大了對 BMI 的投資，支持針對新環境量身定制的品牌活動和產品創新。這包括更多基於衛生的溝通和家庭消費機會。這方面的例子有赫爾曼（Hellmann）的留任（spired in）活動。結果，上半年 BMI 支出增加了 100 個基點。

Underlying earnings per share decreased 2.4% due to negative currency impact of 6.5%. Constant underlying earnings per share were up 4.1%. Operational performance contributed 0.5% to earnings, while lower finance costs had a positive impact of 1.9%, reflecting a lower cost of debt. A lower underlying effective tax rate of 23% and compared with 25.5% in 2019 and contributed 3% to earnings growth. The decrease was primarily driven by tax settlements and the replacement of the Indian distribution tax with a dividend withholding tax. We expect our tax rate for 2021 to be around 25%.

由於 6.5% 的匯率負面影響，基本每股盈餘下降 2.4%。每股恆定基本收益成長 4.1%。營運績效對收益的貢獻為 0.5%，而較低的財務成本則產生了 1.9% 的正面影響，反映出債務成本較低。基本有效稅率為 23%，低於 2019 年的 25.5%，對獲利成長的貢獻為 3%。下降的主要原因是稅收結算以及用股息預扣稅取代印度分配稅。我們預計 2021 年的稅率約為 25%。

Minorities had a negative impact of 1.6% on EPS due to higher minority interest in India following the Horlicks acquisition, which was, of course, part settled using equity in Hindustan Unilever.

由於好立克收購後印度少數股權增加，少數股權對每股收益產生了 1.6% 的負面影響，當然，部分收購是透過印度斯坦聯合利華的股權來解決的。

Alan mentioned that we focused the business in 2020 on delivering cash in an uncertain year, and this certainly helped us deliver record free cash flow of EUR 7.7 billion, an increase of EUR 1.5 billion compared to 2019. This reflects favorable working capital movements as we significantly increased focus on receivables.

艾倫提到，我們2020 年的業務重點是在不確定的一年中交付現金，這無疑幫助我們實現了創紀錄的77 億歐元自由現金流，比2019 年增加了15 億歐元。這反映了有利的營運資金變動，因為我們顯著增加對收帳款的關注。

At the same time, we re-phased our CapEx investment in light of COVID-19 and there was a reduction in cash tax paid, partly driven by tax on the disposal spreads in the prior year.

同時，我們根據 COVID-19 重新調整了資本支出投資階段，支付的現金稅有所減少，部分原因是上一年處置利差稅。

Our cash conversion was strong at 129%, and our net debt is sitting at 1.8x underlying EBITDA. Return on invested capital was 18%. This reflects higher goodwill and intangible assets from the Horlicks acquisition and lower underlying operating profit after tax.

我們的現金轉換率高達 129%，淨債務為基本 EBITDA 的 1.8 倍。投資資本報酬率為18%。這反映了收購好力克帶來的商譽和無形資產的增加以及稅後基本營業利潤的降低。

And with that, let me hand you back to Alan.

接下來，讓我把你交還給艾倫。

Thank you, Graeme. Let me just summarize. In a year that saw unprecedented uncertainty and volatility, we're pleased with our performance, thanks to our resilient portfolio, and frankly, newfound levels of agility and responsiveness in Unilever. We've delivered a clear step-up in competitiveness, together with strong profit and cash delivery despite making the choice to continue to invest strongly in our brands. We also continued our strategic progress and entered 2021 in good shape.

謝謝你，格雷姆。我簡單總結一下。在經歷了前所未有的不確定性和波動性的一年中，我們對自己的業績感到滿意，這要歸功於我們富有彈性的投資組合，坦率地說，聯合利華的敏捷性和響應能力也達到了新的水平。儘管我們選擇繼續大力投資我們的品牌，但我們的競爭力明顯增強，利潤和現金交付強勁。我們也繼續戰略推進，以良好的狀態進入2021年。

While volatility and unpredictability will definitely continue through this year. We are confident in our ability to adapt to this rapidly changing environment.

儘管波動性和不可預測性肯定會持續到今年。我們對適應這個快速變化的環境的能力充滿信心。

Now let's move on to the second part of this morning's presentation. Our strategy refresh and financial framework. Over recent months, we've spent a good deal of time sharpening our strategy to ensure that the choices we make and the actions we take best position us for success. We're going to take you through that thinking now, starting with our vision and our differentiating strengths, moving to a scorecard of our delivery against the strategy that we set out in 2017 and sharing the strategic choices that we're making for future growth.

現在讓我們繼續今天上午演講的第二部分。我們的策略更新和財務框架。近幾個月來，我們花了大量時間來完善我們的策略，以確保我們所做的選擇和採取的行動最有利於我們取得成功。我們現在將帶您思考這一點，從我們的願景和差異化優勢開始，根據我們在 2017 年制定的策略制定交付記分卡，並分享我們為未來成長所做的策略選擇。

Graeme will then talk you through a bit more detail on our multiyear financial framework before we open to questions.

然後，在我們開始提問之前，格雷姆將向您詳細介紹我們的多年財務框架。

Let me start with Unilever's vision, which is simply to be the global leader in sustainable business and to demonstrate how our sustainable business model drives superior financial performance, consistently delivering results in the top 1/3 of our industry. It's a vision that's bold and ambitious. It differentiates us in a way that is increasingly being linked to superior performance and returns. And it energizes and engages our people who are excited to work at a company which puts winning at the heart of our sustainability agenda.

讓我從聯合利華的願景開始，即成為可持續業務的全球領導者，並展示我們的可持續業務模式如何推動卓越的財務業績，始終如一地實現行業前 1/3 的業績。這是一個大膽而雄心勃勃的願景。它使我們與眾不同，並且越來越與卓越的績效和回報聯繫在一起。它激勵並吸引了我們那些熱衷於在一家將勝利置於永續發展議程核心的公司工作的員工。

And what I want to do this morning is give you a sense of how we intend to pursue that vision, creating long-term value for all of our stakeholders.

今天早上我想做的是讓大家了解我們打算如何實現這個願景，為所有利害關係人創造長期價值。

For many decades, Unilever has been recognized as a company with great brands, a far-reaching global footprint and a determined belief in doing business the right way. And that's just true now as it was 50 or 100 years ago, but it's even more important today. We think Unilever has 3 differentiating strengths, which the data clearly tells us, create competitive advantage: the first is our powerful portfolio of leading brands and category positions. Secondly, our strong presence in the growth markets of the future; and thirdly, our position as the global leader in sustainable business.

幾十年來，聯合利華一直被認為是一家擁有偉大品牌、影響深遠的全球足跡以及以正確方式開展業務的堅定信念的公司。就像 50 或 100 年前一樣，現在也是如此，但在今天更加重要。我們認為聯合利華擁有 3 個差異化優勢，數據清楚地告訴我們，這些優勢可以創造競爭優勢：首先是我們強大的領導品牌和品類定位組合。其次，我們在未來成長市場的強大影響力；第三，我們作為永續發展業務的全球領導者的地位。

Let's start with the first of those strengths, our portfolio of leading category and brand positions, which is why around 2.5 billion people use a Unilever brand every day worldwide. We have clear global leadership in 6 categories and in a seventh, we're the volume leader, but not yet the value leader. And together, these 7 category represent 2/3 of our global revenues. And it's a similar picture in our brand footprint where more than 50% of our global turnover come from our 13 biggest brands, which generate more than EUR 1 billion of sales each in 2020. The biggest, like Dove or Knorr, generate EUR 4 billion to EUR 5 billion of turnover.

讓我們從第一個優勢開始，即我們領先的品類和品牌地位組合，這就是為什麼全世界每天約有 25 億人使用聯合利華品牌的原因。我們在 6 個類別中擁有明顯的全球領先地位，在第七個類別中，我們是數量領先者，但尚未成為價值領先者。這 7 個類別合計占我們全球收入的 2/3。我們的品牌足跡也有類似的情況，我們全球營業額的50% 以上來自13 個最大的品牌，這些品牌在2020 年的銷售額均超過10 億歐元。最大的品牌，如多芬(Dove) 或家樂(Knorr)，銷售額達40 億歐元營業額達 50 億歐元。

In addition, 81% of our brands sit in category country sales, where we are #1 or #2 in the market. Now that's a reflection not only of the quality of our product performance, but also the strength of our marketing, where we've been voted by the Effie index as no less than the world's most effective marketer for the last 4 consecutive years.

此外，我們 81% 的品牌在該類別的國家銷售額中排名第一或第二。這不僅反映了我們產品表現的質量，也反映了我們行銷的實力，我們在過去連續 4 年被艾菲指數評選為全球最有效的行銷人員。

To be honest, I take great pride in this portfolio of brands, mostly global, a few local jewels, purpose-led, future-fit. It's a portfolio that any marketer worth their salt would dream to have access to. 14 of these are in the top 50 consumer brands with the highest household penetration globally according to Kantar, and that places Unilever as the highest-ranked company in terms of these big, big worldwide consumer brands.

說實話，我對這個品牌組合感到非常自豪，其中大部分是全球品牌，還有一些本地珠寶，以目的為導向，面向未來。這是任何稱職的行銷人員都夢想獲得的產品組合。根據 Kantar 的數據，其中 14 個躋身全球家庭滲透率最高的 50 個消費品牌之列，這使得聯合利華成為這些全球大型消費品牌中排名最高的公司。

Now speaking of unparalleled reach, Unilever's second differentiating strength is our strong presence in the geographies that will be the engines of global growth in the years ahead. We have the largest consumer footprint of any FMCG manufacturer with more than 40 billion consumer reach points. This is the number of households that buy our brands, our penetration times the number of times that our brands are chosen by shoppers frequency weighted by population. It's a Kantar metric.

現在談到無與倫比的影響力，聯合利華的第二個差異化優勢是我們在未來幾年將成為全球成長引擎的地區的強大影響力。在所有快速消費品製造商中，我們擁有最大的消費者足跡，擁有超過 400 億消費者接觸點。這是購買我們品牌的家庭數量，我們的滲透率乘以按人口加權的購物者頻率選擇我們品牌的次數。這是凱度指標。

We have unmatched capability in driving market development, complemented by extremely strong distribution networks, long-standing customer relationships and very deep consumer insights. And in addition, our frontline businesses are completely managed by strong local leadership in China, for example, 98% of our managers are Chinese. We're a Chinese company, and that keeps us close to the market and close to changing consumer habits.

我們在推動市場發展方面擁有無與倫比的能力，並輔以極其強大的分銷網絡、長期的客戶關係和非常深入的消費者洞察。此外，我們的第一線業務完全由中國本土強大的領導層管理，例如，我們98%的管理階層都是中國人。我們是一家中國公司，這使我們能夠貼近市場並貼近不斷變化的消費者習慣。

So drilling into the growth markets of the future, I think you'll find this an interesting chart. These 10 countries are expected to contribute 2/3 of global GDP growth over the next decade. And that's shown in trillions of absolute growth in the blue bars. Any global future-fit FMCG business really has to have a strong presence in those countries to compete successfully in the future. And the purple bars show Unilever's revenues in billions in these critical growth markets. And at the top is our ranking amongst the 18 companies in our peer group that we use.

因此，深入研究未來的成長市場，我想您會發現這是一張有趣的圖表。未來十年，這10個國家預計將貢獻全球GDP成長的2/3。藍色條中數萬億的絕對增長表明了這一點。任何適合未來的全球快速消費品企業都必須在這些國家擁有強大的影響力，才能在未來的競爭中取得成功。紫色條顯示聯合利華在這些關鍵成長市場的收入（以數十億計）。最上面的是我們在我們使用的同行組中 18 家公司中的排名。

So we have a #1 position in 5 of the 10 markets: India, Indonesia, Turkey, Pakistan and the U.K. We have a strong #2 in Brazil and Vietnam. And where our competitive position is not #1 or 2 in the United States or Canada, for example, we do have scale and have set them as strategic priorities. So we think we're well positioned to capture future growth, and we think this footprint is a significant strategic advantage.

因此，我們在 10 個市場中的 5 個市場中排名第一：印度、印尼、土耳其、巴基斯坦和英國。我們在巴西和越南排名第二。例如，在我們的競爭地位在美國或加拿大不是第一或第二的地方，我們確實有規模，並將其作為戰略重點。因此，我們認為我們處於有利地位，可以抓住未來的成長，我們認為這種足跡是一個重要的策略優勢。

Our third differentiating strength is global leadership and sustainability. Being a genuinely sustainable business is not easy. It takes long-term commitment and deep expertise that only come with time and with effort. And so we see our leading position on this unique strength as we enter an era defined by the expectations of consumers that businesses must play a positive role in society as an important advantage.

我們的第三個差異化優勢是全球領導力和永續性。成為真正永續發展的企業並不容易。它需要長期的承諾和深厚的專業知識，而這些知識只有透過時間和努力才能實現。因此，當我們進入一個由消費者期望企業必須在社會中發揮積極作用作為重要優勢的時代時，我們看到了我們在這獨特優勢上的領先地位。

Our sustainability leadership is reflected in many rankings, whether it's being voted as the global leader in sustainable business in GlobeScan Survey of Experts for the tenth year in a row, may I say, or whether it's being named by Dow Jones as an industry sustainability leader since 2014 or by the Climate Disclosure Project for our climate actions. Our work to be a sustainable business leader is widely recognized.

我們在永續發展方面的領導地位反映在許多排名中，無論是連續第十年在 GlobeScan 專家調查中被評選為永續發展業務的全球領導者，還是被道瓊斯評為行業永續發展領導者自2014 年起或透過氣候資訊揭露計畫對我們的氣候行動進行評價。我們致力於成為永續發展的商業領袖，這項努力得到了廣泛認可。

Just take one example here. This is a chart that demonstrates the leadership position in GlobeScan. This is expert polling, which puts us ahead of many other companies and leading brands that we, frankly, greatly admire and are proud to sit alongside.

這裡僅舉一個例子。該圖表展示了 GlobeScan 的領導地位。這是專家投票，這使我們領先許多其他公司和領先品牌，坦白說，我們非常欽佩並自豪地與他們並肩作戰。

There is clear, growing and compelling evidence that sustainable business drives superior growth. Now the growth equation is quite straightforward. It's that measurable brand purpose grows measurable brand power. And brand power, in turn, drives market share and growth. And you can see the incredibly strong correlations here across thousands of data points, as showing that brands, which are playing a positive role in society that are more powerful, brands that carry more brand power deliver greater volume market share. And both these correlations have got an R square at over 0.7.

有越來越多的明確且令人信服的證據表明，永續業務可推動卓越成長。現在增長方程式非常簡單。正是可衡量的品牌目標增強了可衡量的品牌力量。品牌力量反過來又會推動市場佔有率和成長。您可以在數千個數據點中看到令人難以置信的強烈相關性，這表明在社會中發揮積極作用的品牌更強大，擁有更多品牌力量的品牌可以提供更大的市場份額。這兩個相關性的 R 方均超過 0.7。

And we see this in our own brands. We now have a robust empirical methodology to track the relationship between measured brand purpose and brand growth at a brand country sell level. And in aggregate, Unilever's brands, which are seen by the consumer as more purposeful, grew USG more than 2x faster than the rest of the portfolio. This trend is corroborated externally with Kantar data across multiple sectors, showing that brands that were stronger on purpose grew twice as fast as brands that were seen as average on purpose, and that's, by the way, over a 12- year period.

我們在自己的品牌中看到了這一點。我們現在擁有強大的實證方法來追蹤衡量的品牌目的與品牌國家/地區銷售水準的品牌成長之間的關係。總的來說，聯合利華的品牌被消費者視為更有目的性，其 USG 成長速度比其他品牌快 2 倍以上。這一趨勢在外部得到了Kantar 跨多個行業的數據的證實，該數據顯示，特意表現較強的品牌的增長速度是特意表現一般的品牌的兩倍，順便說一句，這是在12 年的時間裡。

On cost and on risks, the picture is equally clear. Throughout our operations and supply chain, sustainable practices save us money. Since 2008, we've avoided some EUR 1.2 billion of costs as a result of sustainable sourcing and eco-efficiencies in our factories.

在成本和風險方面，情況同樣清晰。在我們的營運和供應鏈中，永續實踐為我們節省了資金。自 2008 年以來，由於我們工廠的可持續採購和生態效率，我們已經避免了約 12 億歐元的成本。

And finally, we know that our leadership in sustainability acts as a magnet for talent. It's a driving force behind our status as the #1 employer of choice in 54 out of the 75 markets where we measure, including almost all the markets where we have a formal graduate recruitment program, and in our biggest countries, the U.S., India, China, Indonesia and Brazil.

最後，我們知道我們在永續發展方面的領導地位對人才具有吸引力。這是我們在我們衡量的 75 個市場中的 54 個市場中成為第一大首選雇主的推動力，其中包括幾乎所有我們有正式畢業生招聘計劃的市場，以及我們最大的國家，美國、印度、中國、印尼和巴西。

So in summary, we do have extraordinary category and brand positions, a tremendous geographical presence in the right growth markets for the future and clear and long-standing sustainability leadership. And these we believe are strong foundations for future growth.

總而言之，我們確實擁有非凡的品類和品牌地位，在未來合適的成長市場中擁有巨大的地理影響力，以及明確而長期的永續發展領導力。我們相信這些是未來成長的堅實基礎。

Let's focus just briefly on how we've performed against the last strategy, the one we set out in 2017, before moving on to execution and our future strategic direction. The 2017 scorecard represents a strong foundation, whether it's been creating a simpler, faster organization, unifying our legal structure or moving faster on portfolio evolution, we've done what we said.

在繼續執行和我們未來的策略方向之前，讓我們先簡單地關註一下我們在 2017 年制定的上一個策略的執行情況。 2017 年記分卡代表了一個堅實的基礎，無論是創建一個更簡單、更快速的組織、統一我們的法律結構還是更快地推動投資組合演變，我們都做到了我們所說的。

And on the financial metrics, we accelerated margin progression, delivering over EUR 6 billion in savings over the period, achieving over 100% cash conversion and maintaining a high ROIC, whilst continuing to reshape our portfolio through acquisitions and disposals.

在財務指標上，我們加快了利潤率成長，在此期間節省了超過60 億歐元，實現了超過100% 的現金轉換並保持了較高的投資回報率，同時繼續透過收購和處置重塑我們的投資組合。

Margins have improved by nearly 300 basis points, which puts us at an even stronger premium on future top line growth as a value creation lever. And while we're happy with our margin progression, the outcome on top line growth has not been as strong as we wanted. In 2017, we set out a multiyear range for underlying sales growth of 3% to 5%. And while we've come just within that range, as I've said before, it's not where we want to be. Our single-minded focus as a management team remains on accelerating top line growth.

利潤率提高了近 300 個基點，這使我們更加看好未來營收成長作為價值創造槓桿。雖然我們對利潤率的成長感到滿意，但營收成長的結果並沒有我們想要的那麼強勁。 2017 年，我們設定了 3% 至 5% 的基本銷售額成長的多年範圍。正如我之前所說，雖然我們只是進入這個範圍，但這不是我們想要的。作為管理團隊，我們一心一意的重點仍然是加速營收成長。

Let me touch on 2 steps that we've already taken: simplifying our organization and creating a blueprint for operational excellence. Until early 2019, we had a structure where all global functions, all the divisions and all the market clusters reported into the CEO.

讓我談談我們已經採取的兩個步驟：簡化我們的組織並創建卓越營運的藍圖。直到 2019 年初，我們的結構中所有全球職能、所有部門和所有市場集群都向執行長報告。

And I believe this is too broad a span, so we brought back the COO role, introduced a flatter organization and removed the regional layers. So the divisions still report to me, but we now have 15 market performance management units directly under our COO, Nitin. And this has become our mechanism for swift and disciplined translation of strategy into action as well as the rigorous vehicle for landing our 5 growth fundamentals into our markets.

我認為這個跨度太寬泛，因此我們恢復了首席營運長的角色，引入了更扁平的組織並取消了區域層級。所以這些部門仍然向我匯報，但我們現在有 15 個市場績效管理部門，直接由我們的營運長 Nitin 領導。這已成為我們將策略迅速、規範地轉化為行動的機制，以及將我們的 5 個成長基本面落地到市場的嚴格工具。

Speaking of which, the 5 growth fundamentals have brought real focus across the business on our empirically proven drivers of growth in consumer goods. And they're working. The percentage of our turnover, that's increasing household penetration, has grown to 60%. We know there's an absolute correlation between household penetration, volume market share and growth. We also know that brands that take volume share in an economic downturn typically grow 1.4x faster than the rest of the market over the next 5 years. And that's why we're so laser-focused on household penetration and volume-led share growth.

說到這裡，5 個成長基本面讓整個企業真正關注我們經經驗證明的消費品成長驅動因素。他們正在工作。我們的營業額百分比（即家庭滲透率）已增至 60%。我們知道家庭滲透率、銷售市場佔有率和成長之間存在絕對相關性。我們也知道，在經濟低迷時期佔據銷售份額的品牌在未來 5 年內的成長速度通常比市場其他品牌快 1.4 倍。這就是為什麼我們如此專注於家庭滲透率和銷售主導的份額成長。

Innovation has been another priority where we're stepping up. As the COVID pandemic rapidly changed consumer habits in 2020, we delivered innovation at speeds across many brands in our portfolio that we've not seen before. We know we can do even more in this space with an innovation program that is increasingly focused on fewer innovations that are more rigorously tested and with greater incrementality to our portfolio.

創新是我們正在加強的另一個優先事項。 2020 年，新冠疫情迅速改變了消費者的習慣，我們在產品組合中的許多品牌上以前所未有的速度進行創新。我們知道，透過創新計劃，我們可以在這個領域做得更多，該計劃越來越注重經過更嚴格測試的更少創新，並且對我們的產品組合具有更大的增量。

We've also increased our focus on execution in the channels of the future, designing products for those channels and organizing our business behind them, and e-commerce is a great example. As Graeme outlined, it was a strong growth space for us last year. It grew by over 60% in 2020. And I just want to repeat the point in case you missed it, that we sell over 50% of our Prestige beauty portfolio through those e-commerce channel. In addition, nearly 60% of our brands are now seen as more purposeful by consumers, and our brands with purpose are really starting to cut through.

我們也更加重視未來通路的執行，為這些通路設計產品並在背後組織我們的業務，電子商務就是一個很好的例子。正如格雷姆所概述的那樣，去年對我們來說這是一個強勁的成長空間。 2020 年，該數字增長了 60% 以上。我想重複一遍，以防您錯過了，我們 50% 以上的 Prestige 美容產品組合是透過這些電子商務管道銷售的。此外，我們近 60% 的品牌現在被消費者視為更有目的性，而我們有目的的品牌確實開始脫穎而出。

Finally, as well as delivering savings, cash, of course, has been a critical focus under our fuel for growth fundamentals. And this savings in cash delivery is another sign of Unilever's growing operational grip.

最後，除了提供儲蓄之外，現金當然也是我們推動成長基本面的關鍵焦點。現金交付的節省是聯合利華不斷增強的營運控制力的另一個跡象。

So this is the data that demonstrates both the issue we were trying to address and the progress that we've made. So look back at 2018 and into 2019, frankly, our competitiveness was not where it needed to be in order to drive market share and top line growth. If you fast forward to 2020, and in particular, the quarters that made up the second half, you see a completely different picture.

這些數據既展示了我們試圖解決的問題，也展示了我們所取得的進展。因此，回顧 2018 年和 2019 年，坦白說，我們的競爭力並未達到推動市場份額和營收成長所需的水平。如果你快轉到 2020 年，特別是下半年的幾個季度，你會看到完全不同的景象。

The chart on the left represents our competitiveness over 3 years to the end of 2020 on an MAT basis. And the chart on the right reflects the quarterly positions since late 2019. At the end of December, as Graeme mentioned, some 65% of our turnover is now winning market share by value. We think this reflects a more disciplined, a more execution-led organization, the company-wide focus on the 5 growth fundamentals and the sustained investment behind winning brand mixes.

左圖代表了我們截至 2020 年底的 3 年內以 MAT 為基礎的競爭力。右邊的圖表反映了自 2019 年底以來的季度頭寸。正如 Graeme 所提到的，截至 12 月底，我們約 65% 的營業額現在正在贏得按價值計算的市場份額。我們認為，這反映了一個更有紀律、更具執行力的組織、全公司對 5 個成長基本面的關注以及獲勝品牌組合背後的持續投資。

We've talked to you before about targeting a position where 60% of our turnover is winning market share by value, and that hasn't changed as a target. It's holding the position consistently for an extended period of time. That's important. And so while we're pleased with the progress we've made, the real key now is to sustain it.

我們之前曾與您討論過我們的目標定位是，我們營業額的 60% 是透過價值贏得市場份額，這一目標並沒有改變。它在很長一段時間內持續保持該位置。這很重要。因此，雖然我們對所取得的進展感到滿意，但現在真正的關鍵是維持它。

So having outlined Unilever's differentiated strengths, and shown, and I hope how our focus on execution has been increasing our competitiveness. Let's focus now on some of the future-facing strategic choices that we have made.

因此，概述了聯合利華的差異化優勢，並展示了我們對執行力的關注如何提高我們的競爭力。現在讓我們專注於我們已經做出的一些面向未來的策略選擇。

The first of these choices is to develop our portfolio into high-growth spaces, positioning the company for faster growth. And our strategy here is quite clear. We will continue to evolve our portfolio towards higher growth segments in Home Care, Beauty, Personal Care and Foods, both the choices we make for organic investment and in the acquisitions and disposals that we pursue.

第一個選擇是將我們的投資組合發展到高成長領域，使公司實現更快的成長。我們的策略非常明確。我們將繼續發展我們的投資組合，向家庭護理、美容、個人護理和食品等更高增長的領域發展，這既是我們對有機投資以及我們追求的收購和處置所做的選擇。

The places where we choose to deploy our capital will be guided by these clear investment criteria. Are the spaces we're focusing on a sufficient size? Are they intrinsically higher growth? Do they have strong potential in the growth markets of the future? Can we see a route to market leadership? And finally, are they in product categories that are sensitive to Unilever's marketing and technology know-how?

我們選擇部署資本的地方將遵循這些明確的投資標準。我們關注的空間是否夠大？它們本質上有更高的成長嗎？他們在未來的成長市場中是否具有強大的潛力？我們能找到一條通往市場領導地位的途徑嗎？最後，它們是否屬於對聯合利華的營銷和技術知識敏感的產品類別？

As we apply to these -- these criteria to our portfolio, some categories really start to emerge as where you should see us expect to focus the lion's share of our capital deployment in the years ahead both organically and via acquisitions. And those are hygiene, both hand hygiene and surface hygiene, across Home Care and BPC; a perennial priority, skincare; Prestige beauty; functional nutrition and plant-based foods.

當我們將這些標準應用於我們的投資組合時，有些類別確實開始出現，您應該看到我們期望在未來幾年內透過有機方式和收購來集中我們的大部分資本部署。這些是家庭護理和 BPC 中的衛生，包括手部衛生和表面衛生；長期優先考慮的事項是護膚；威望之美；功能性營養和植物性食品。

Now let me share how we think about our investment choices across Unilever because it's not a simple 3 division view. Whilst organizationally, Unilever has run as 3 divisions, from a strategy and investment view, it is a continuum. Some key opportunities, like hygiene on the left or functional nutrition, do straddle the borders of our different divisions.

現在讓我分享我們如何看待聯合利華的投資選擇，因為這不是簡單的三部門觀點。雖然在組織上，聯合利華分為三個部門，但從策略和投資的角度來看，它是一個連續體。一些關鍵機會，例如左側衛生或功能性營養，確實跨越了我們不同部門的邊界。

Our clear to play investment criteria have led to 2 categories, spreads and tea, falling out of our focus. They don't meet those criteria. And you will see us continue to reshape our portfolio where we think parts don't meet the specific criteria that was set out. On the other hand, hygiene, skincare, Prestige beauty, functional nutrition and plant-based food is where our investment focus will be in the years ahead. In hygiene, the opportunity is chiefly going to be via organic growth through our existing powerful product and brand portfolio. In health and well-being, it will be partly through organic growth, but also through the good use of our capital through acquisitions.

我們明確的投資標準導致了兩個類別，即點差和茶葉，不再是我們關注的焦點。他們不符合這些標準。您將看到我們繼續重塑我們的產品組合，其中我們認為零件不符合規定的具體標準。另一方面，衛生、護膚、高端美容、功能性營養和植物性食品是我們未來幾年的投資重點。在衛生領域，機會主要來自於我們現有強大的產品和品牌組合的有機成長。在健康和福祉方面，這部分是透過有機成長，但也透過收購充分利用我們的資本。

And as you can see here, this is very much a continuation of what we've been doing in recent years. Of the EUR 16 billion of capital that we've deployed in acquisitions over the last 5 years, over 70% of that has gone into the priority focus areas in skincare, Prestige beauty and functional nutrition, so quite concentrated. And let me just reiterate, as we will do at this point, [inorganic policy change] we'll be guided by strict criteria and rational economic choices, we know there is significant value at stake. And we'll continue to be disciplined in our approach looking at the portfolio in its entirety as we judge how best to create and enhance value.

正如您在這裡所看到的，這在很大程度上是我們近年來所做工作的延續。過去 5 年我們用於收購的 160 億歐元資金中，超過 70% 進入了護膚、高端美容和功能性營養等優先重點領域，因此相當集中。讓我重申一下，正如我們此時所做的那樣，[無機政策變化]我們將遵循嚴格的標準和理性的經濟選擇，我們知道這存在重大價值。當我們判斷如何最好地創造和提高價值時，我們將繼續嚴格審視整個投資組合的方法。

Actually, we're very proud of the progress we've been making on building our Prestige beauty and functional nutrition businesses. Our Prestige unit is now the best-performing luxury beauty business in the market with the rollout of acquired brands like Dermalogica and Tatcha, building our scale to what is now a EUR 700 million business. And the same is true of functional nutrition, which, through our vitamins, minerals and supplements brands like OLLY and Liquid I.V. and the acquisition of Horlicks, has put us on course. And this business will be well over EUR 1 billion in 2021.

事實上，我們對在建立 Prestige 美容和功能性營養業務方面所取得的進展感到非常自豪。隨著 Dermalogica 和 Tatcha 等收購品牌的推出，我們的 Prestige 部門現在已成為市場上表現最佳的奢華美容業務，將我們的業務規模擴大到目前的 7 億歐元。功能性營養也是如此，透過我們的維生素、礦物質和補充劑品牌（如 OLLY 和 Liquid I.V.）以及收購好力克 (Horlicks)，讓我們走上了正軌。到 2021 年，這項業務將遠遠超過 10 億歐元。

So although at around EUR 2 billion revenues on an annualized basis, these 2 businesses are only 4% of our turnover, we anticipate them to contribute disproportionately to our growth in the future.

因此，儘管這兩項業務的年收入約為 20 億歐元，僅占我們營業額的 4%，但我們預計它們將為我們未來的成長做出不成比例的貢獻。

The second strategic choice that we're making, and I'll cover it more briefly is to win with our brands as a force for good, powered by purpose and innovation. I've already shared how brand purpose drives brand power and growth. And we're only seeing that trend accelerating. Faced with the huge social and environmental crisis in the world, we know that sustainability matters more to young people than ever before, and that young people, in particular, feel strongly that it's time for businesses and brands to show more responsibility.

我們正在做出的第二個策略選擇，我將更簡要地介紹它，是透過我們的品牌作為正義的力量，以目標和創新為動力，贏得勝利。我已經分享過品牌宗旨如何推動品牌力量和成長。我們只看到這種趨勢正在加速。面對全球巨大的社會和環境危機，我們知道永續發展對年輕人來說比以往任何時候都更加重要，尤其是年輕人強烈感覺到企業和品牌是時候表現出更多的責任了。

Actually, Gen Z and Millennials are already the majority of the adult population globally, and they simply care more about the positive impact of the brand choices that they're making. As we continue to grow our brands with purpose, you're going to see more of them take a leadership position, driving meaningful, tangible action on issues that our company.

事實上，Z 世代和千禧世代已經是全球成年人口的大多數，他們只是更關心他們所做的品牌選擇的正面影響。隨著我們繼續有目的地發展我們的品牌，您將看到更多的品牌佔據領導地位，推動針對我們公司的問題採取有意義、切實的行動。

Our consumers care deeply about: improving the health of the planet through our Clean Futures pledge to move to fossil-free chemistries in our Home Care brands; or to ensure 100% of our plastic packaging is reusable, recyclable or compostable; by improving people's health confidence and well-being, such as through the actions that Dove's taken to reach 65 million young people with our Self-Esteem campaign and an aim to reach 250 million young people by 2030; or by contributing to a fair or more socially inclusive world, whether that's through Ben & Jerry's campaigning for racial justice and refugees' rights, or indeed, our broader #UNSTEREOTYPE campaign to brake gender stereotypes and advertising.

我們的消費者深切關心： 透過我們的清潔未來承諾改善地球的健康，在我們的家庭護理品牌中轉向無化石化學物質；或確保我們的塑膠包裝 100% 可重複使用、可回收或可堆肥；提高人們的健康信心和福祉，例如透過多芬採取的行動，透過我們的自尊運動惠及 6500 萬年輕人，併計劃到 2030 年惠及 2.5 億年輕人；或者透過為公平或更具有社會包容性的世界做出貢獻，無論是透過 Ben & Jerry 爭取種族正義和難民權利的運動，還是透過我們更廣泛的 #UNSTEREOTYPE 運動來打破性別陳規定型觀念和廣告。

All these actions are differentiated through the science and technology that we deploy in our brands, brands that are winning not only through their purpose, but also through their superior quality and efficacy. And that's where they're fighting in the COVID virus or delivering on other points of superiority.

所有這些行動都透過我們在品牌中部署的科學和技術而脫穎而出，這些品牌不僅透過其目標，還透過其卓越的品質和功效取勝。這就是他們對抗新冠病毒或發揮其他優勢的地方。

Supporting this, you will see a sequential step-up in our investment in R&D over the next 3 years with our recently opened foods innovation center at Wageningen in the Netherlands as a good example of that commitment to stepping up our R&D spend. So this is how we'll win with brands as a force for good, powered by purpose and innovation.

為了支持這一點，您將看到我們在未來 3 年內持續增加研發投資，我們最近在荷蘭瓦赫寧根開設的食品創新中心就是我們致力於增加研發支出的一個很好的例子。因此，這就是我們如何利用品牌作為一種以目標和創新為動力的善良力量來獲勝。

The third strategic choice we're making is to accelerate in the U.S., India, China and the other key growth markets of the future that I mentioned earlier. We really have strong brand and category positions in the U.S. and China. And you know our leadership position in India. Together, these 3 countries alone represent nearly 35% of our turnover today. They're forecast to account for 60% of global economic growth by 2030, and so this is certainly a strategic imperative for us.

我們所做的第三個策略選擇是加速在美國、印度、中國和我之前提到的未來其他主要成長市場的發展。我們在美國和中國確實擁有強大的品牌和品類地位。您也知道我們在印度的領導地位。光是這三個國家就占我們今天營業額的近 35%。預計到 2030 年，它們將佔全球經濟成長的 60%，因此這對我們來說無疑是一項策略任務。

In the U.S., we have strong market positions across many categories from deodorants, skin cleansing, hair care to ice cream, dressings and tea. And we're improving our competitiveness in these positions. We've already made strides in areas such as hair care and dressings, and 2/3 of our business in the U.S. is now winning market share online. Much of the future-fit business that we're building in Prestige beauty and in functional nutrition,is in the U.S.

在美國，我們在除臭劑、皮膚清潔、護髮、冰淇淋、敷料和茶等多個類別中都擁有強大的市場地位。我們正在提高這些職位的競爭力。我們已經在護髮和敷料等領域取得了長足的進步，目前我們在美國 2/3 的業務正在線上贏得市場份額。我們在高端美容和功能性營養領域建立的大部分適合未來的業務都在美國。

I don't think I need to say too much about India. We're the -- by far, the #1 player. Hindustan Unilever is a phenomenal business that reflects our long history our unique network and strong consumer relationships in the country. Some incredible 84% of our business in India is winning volume share, with the most recent addition to our portfolio, Horlicks, doing very well since we took it over. And we see a significant opportunity to develop that market further.

關於印度，我想我不需要說太多。到目前為止，我們是排名第一的玩家。印度斯坦聯合利華是一家非凡的企業，反映了我們悠久的歷史、獨特的網絡和在該國強大的消費者關係。我們在印度的業務中有 84% 令人難以置信地贏得了銷量份額，最近加入我們投資組合的好立克 (Horlicks) 自從我們接手以來表現得非常好。我們看到了進一步開發該市場的重大機會。

Our momentum in China has been steady and strong. We've created a EUR 3 billion and profitable business, and we have great opportunity to accelerate through partnerships with the likes of Alibaba and JD and a distribution model that's increasingly taking us deeper into the smaller cities of China.

我們在中國的發展勢頭穩定而強勁。我們已經創造了價值 30 億歐元的盈利業務，而且我們有很好的機會透過與阿里巴巴和京東等公司的合作以及越來越深入中國小城市的分銷模式來加速發展。

Beyond these 3 key markets lies much more opportunity with business propositions that we have in Brazil, in Indonesia, in the Philippines, in Turkey and Thailand and in Mexico, each delivering more than EUR 1 billion of sales a year. And I think you know about our strong presence in many other important emerging markets for the future. These are Unilever powerhouses, where we will continue to build on our unrivaled route to market strength.

除了這 3 個關鍵市場之外，我們在巴西、印尼、菲律賓、土耳其、泰國和墨西哥都有更多的業務機會，每個市場每年的銷售額都超過 10 億歐元。我想您也了解我們未來在許多其他重要新興市場的強大影響力。這些是聯合利華的強大力量，我們將繼續在我們無與倫比的市場實力之路上發展。

The fourth strategic choice that we're making is to lead growth in channels of the future. As you know, COVID-19 has only accelerated the adoption of e-commerce. But increasingly, we're having to manage e-commerce by subchannel as we see the different needs of pure-play and omnichannel as well as the fragmentation of digital models, the rise of social commerce, fast delivery, live streaming e-commerce.

我們所做的第四個策略選擇是引領未來通路的成長。如您所知，COVID-19 只會加速電子商務的採用。但隨著我們看到純通路和全通路的不同需求，以及數位模式的碎片化、社交商務的興起、快速交付、直播電子商務的興起，我們越來越需要按子管道管理電子商務。

And it's not only transforming our B2C relationships. It's also transforming the decades-old distributor trade to open new opportunities in e-B2B. There are over 14 million small stores in Asia and LatAm alone. We directly cover 5 million of these stores today, and we reach the balance through wholesale or other indirect routes. By the end of 2020, our eB2B program has already reached 1.5 million stores, and that number is growing by the month.

它不僅改變了我們的 B2C 關係。它也正在改變已有數十年歷史的經銷商產業，為 e-B2B 開闢新的機會。光是在亞洲和拉丁美洲就有超過 1,400 萬家小商店。如今，我們直接涵蓋了 500 萬家此類商店，並透過批發或其他間接途徑達到平衡。到 2020 年底，我們的 eB2B 計畫已經達到 150 萬家商店，而且這個數字還在逐月增加。

So to continue to drive that growth, we are ensuring that our innovation and merchandising strategies are very deeply rooted in shopper insights, shopper insights that bring category value growth through category development and through channel-relevant assortments.

因此，為了繼續推動這一成長，我們確保我們的創新和銷售策略深深植根於購物者洞察，購物者洞察透過品類開發和通路相關分類帶來品類價值成長。

Our fifth and final strategic choice is to build a purpose-led, future-fit organization and growth culture. Agile ways of working are allowing us to redeploy both temporary and permanent resource to support our strategic priorities. By leveraging automation and by driving digital transformation, we can release capacity in areas of the business that focus on repeatable transactions.

我們的第五個也是最後一個策略選擇是建立一個以目標為導向、面向未來的組織和成長文化。敏捷的工作方式使我們能夠重新部署臨時和永久資源來支援我們的策略重點。透過利用自動化和推動數位轉型，我們可以釋放專注於可重複交易的業務領域的能力。

Our FLEX platform, for example, has helped us just in the last year to reprioritize 500,000 worker hours towards more than 3,000 business-critical projects and has enabled many employees to choose flexible employment models that suit their personal life choices.

例如，我們的 FLEX 平台僅在去年就幫助我們重新安排了 500,000 個工作時間，用於 3,000 多個關鍵業務項目，並使許多員工能夠選擇適合其個人生活選擇的靈活就業模式。

At the same time, we want to ensure we continue to foster a truly inclusive and diverse culture. We're working to eliminate the institutional and unconscious biases that limit some employees' ability to achieve their full potential. We've really been recognized for our progress on gender, and we're extending that focus to race disability and the LGBTQI+ community.

同時，我們希望確保繼續培養真正包容和多元化的文化。我們正在努力消除限制某些員工充分發揮潛力的製度性和無意識的偏見。我們在性別議題上取得的進步確實得到了認可，我們正在將這一重點擴展到種族殘疾和 LGBTQI+ 社群。

Alongside this, we recognize that changes to the world of work requires to equip our employees with new skills. The WEF's 2020 Future of Job Reports show that 40% of core skills will change in the next 5 years, and fully 50% of all employees will need reskilling. So we continue to build capability, raising the ceiling on the strategic skills that we need to grow the business.

除此之外，我們認識到工作世界的變化需要為我們的員工配備新技能。世界經濟論壇《2020 年就業未來報告》顯示，未來 5 年內，40% 的核心技能將發生變化，50% 的員工將需要重新訓練技能。因此，我們繼續建立能力，提高業務發展所需的策略技能的上限。

We saw a 60% uplift last year in use of our online learning platform called Degreed, 4 million hours of learning. That's an average of more than 30 hours for every single Unilever employee. We are already a learning organization at scale. And I won't labor the point, but an ongoing mindset of organizational efficiency as well as effectiveness has become just part of how we do business.

去年，我們名為 Degreed 的線上學習平台的使用量增加了 60%，學習時間達到 400 萬小時。聯合利華每位員工的平均工作時間超過 30 小時。我們已經是一個大規模的學習型組織。我不想強調這一點，但是組織效率和有效性的持續思維已經成為我們開展業務的一部分。

So here they are, the 5 strategic choices in summary, actions on our portfolio, markets, brands, channels and people. They are underpinned, of course, by our rediscovered passion and provide clarity for you on the distinct choices that we are making to accelerate growth. You'll be hearing a lot more about them in the weeks, months and years to come.

這就是總結的 5 個策略選擇，以及對我們的投資組合、市場、品牌、通路和人員採取的行動。當然，它們的基礎是我們重新發現的熱情，並讓您清楚地了解我們為加速成長所做的獨特選擇。在接下來的幾週、幾個月和幾年裡，您將聽到更多關於它們的資訊。

And I think I need to take a break now and hand over to Graeme, who will cover our multiyear financial framework. Graeme, back to you.

我想我現在需要休息一下，把工作交給格雷姆，他將負責我們的多年財務框架。格雷姆，回到你身邊。

Yes. Thanks, Alan. Take a break after that long shift. Before I go into our multiyear financial framework, let me start by breaking down the 3 big levers that we'll use to step up our top line growth.

是的。謝謝，艾倫。長時間輪班後休息一下。在介紹我們的多年財務框架之前，讓我先分解我們將用來促進收入成長的三大槓桿。

Firstly, there is tremendous opportunity to grow our markets through market development. Now we do this by introducing consumers to a product that they didn't previously use, fabric conditioners, hand dishwash, or surface cleaners are good examples. We'd also do it by increasing usage frequency or by encouraging them to trade up into newer, more premium formats, such as moving from a dishwash bar soap into dishwash liquid or packaged tea rather than loose tea. This type of market development can result in significant incremental growth in our categories.

首先，透過市場開發來擴大我們的市場有巨大的機會。現在，我們透過向消費者介紹他們以前沒有使用過的產品來做到這一點，織物調理劑、手洗餐具或表面清潔劑都是很好的例子。我們還可以透過增加使用頻率或鼓勵他們升級到更新、更優質的形式來實現這一目標，例如從洗碗皂轉向洗碗液或包裝茶而不是散裝茶。這種類型的市場開發可以導致我們類別的顯著增量成長。

Secondly, competitive growth. As Alan showed, we've delivered a step change in driving operational excellence through our continuing focus on the 5 fundamentals of growth. And as a result, we're winning market share in over 60% of our business in the last quarter.

其次，競爭性成長。正如艾倫所展示的，透過持續關注成長的 5 個基本要素，我們在推動卓越營運方面實現了重大變革。因此，我們在上個季度贏得了超過 60% 的業務市佔率。

And finally, we'll step up our top line growth by continuing to evolve our portfolio towards higher-growth segments in hygiene, in skincare, Prestige beauty, functional nutrition and plant-based foods.

最後，我們將繼續將我們的產品組合發展到衛生、護膚、高端美容、功能性營養和植物性食品等高成長領域，從而加速我們的營收成長。

So looking forward on a multiyear basis, we expect our underlying sales growth to be ahead of our markets, delivering in the range of 3% to 5%. We will deliver profit growth ahead of that underlying sales growth on a comparable basis and a sustained strong cash flow over the long term.

因此，展望多年，我們預計我們的基本銷售成長將領先於我們的市場，實現 3% 至 5% 的範圍。我們將在可比較基礎上實現利潤成長，領先基本銷售成長，並長期維持持續強勁的現金流。

We are very disciplined on cash, and that won't change. 2020 was an exceptional cash year with delivery of EUR 7.7 billion, but the progress made on working capital too, for example, from an already strong position, can be sustained through focus. We will continue to deliver long-term value creation by driving earnings growth, together with a growing dividend.

我們對現金非常嚴格，這一點不會改變。 2020 年是一個非凡的現金年，實現了 77 億歐元的交付，但營運資本方面也取得了進展，例如，在本已強勁的基礎上，可以透過重點關注來維持。我們將繼續透過推動獲利成長和不斷增長的股息來創造長期價值。

Moving to other long-term financial metrics. We have a healthy pipeline of savings programs that provide fuel for growth, and we expect to continue to deliver savings of EUR 2 billion per annum from our well-established initiatives, such as 5S, ZBB and our technology-enabled restructuring programs.

轉向其他長期財務指標。我們擁有一系列健康的儲蓄計劃，為成長提供動力，我們預計將繼續透過我們完善的舉措（例如 5S、ZBB 和技術支援的重組計劃）每年節省 20 億歐元。

We will invest EUR 1 billion per annum in our assets, capabilities and organization over the next 2 years to strengthen our foundations for the future and ensure that we remain future-fit. I'll come back to this.

未來 2 年，我們將每年在我們的資產、能力和組織方面投資 10 億歐元，以鞏固我們未來的基礎，並確保我們保持適應未來的能力。我會回來討論這一點。

ROIC is one of the targeted metrics in our long-term incentive plans. And as you saw from our 2017 scorecard, we have a good track record. We expect to deliver ROIC in the mid- to high-teens over the medium term as we will balance the capital cost of shifting our portfolio towards higher-growth segments with the discipline to maintain a high ROIC.

ROIC 是我們長期激勵計畫中的目標指標之一。正如您從 2017 年記分卡中看到的，我們擁有良好的記錄。我們預計在中期實現 ROIC 在中高位，因為我們將平衡將投資組合轉向高成長細分市場的資本成本與維持高 ROIC 的紀律。

For leverage, we expect to keep our leverage at around 2x EBITDA over the long term.

對於槓桿率，我們預計長期將槓桿率保持在 EBITDA 的 2 倍左右。

Over the last 3 years, we have reshaped our organization by investing behind modernizing and optimizing our supply chain, that includes 24 site closures; major overhead transformation programs, for example, addressing the stranded costs from the sale of our spreads business; and organization redesign to bring our marketers closer to our markets and our consumers and accelerating the transition to digital ways of working across Unilever. Together, this investment delivered incremental savings of EUR 1.5 billion with an average cash payback of 3 years.

在過去 3 年裡，我們透過投資現代化和優化供應鏈來重塑我們的組織，其中包括關閉 24 個工廠；主要管理費用轉型計劃，例如，解決因出售價差業務而產生的滯留成本；和組織重新設計，使我們的行銷人員更貼近我們的市場和消費者，並加速整個聯合利華向數位化工作方式的過渡。這項投資總共節省了 15 億歐元，平均現金回收期為 3 年。

Over the next 2 years, we will invest to ensure that our organization remains future-fit and becomes increasingly digitized, driving process harmonization, new data structures and building analytics capability to enable faster, better decision-making, and importantly, free up the burden of frontline teams working on back-office processes. This will increase the focus on consumers, customers and growing the business while continuing to drive efficiency savings. We expect to deliver incremental savings of EUR 1.3 billion from this investment with an average cash payback of 3 years.

在接下來的兩年裡，我們將進行投資，以確保我們的組織保持面向未來的能力，並日益數位化，推動流程協調、新資料結構和建立分析能力，以實現更快、更好的決策，更重要的是，減輕負擔從事後台流程的第一線團隊。這將增加對消費者、客戶和業務成長的關注，同時繼續提高效率。我們預計這項投資將帶來 13 億歐元的增量節省，平均現金回收期為 3 年。

Moving to our capital allocation framework. Because of our high ROIC, our first priority will continue to be operational investment, investing back in our business, creating the platform and the momentum for future growth.

轉向我們的資本配置架構。由於我們的投資報酬率很高，我們的首要任務將繼續是營運投資，投資回我們的業務，為未來的成長創造平台和動力。

The second set of choices for capital allocation are about reshaping our portfolio through acquisitions, disposals or partnerships as we continue to evolve towards the higher-growth spaces that Alan described in Home Care, Beauty, Personal Care and Foods. And the third allocation is about returning value to our shareholders, whether through dividends or share buybacks, which continue to be one of a suite of tools within our capital allocation framework, which aims to keep our leverage at about 2x EBITDA.

資本配置的第二組選擇是透過收購、處置或合作夥伴關係重塑我們的投資組合，因為我們繼續向艾倫在家庭護理、美容、個人護理和食品中描述的更高成長領域發展。第三個分配是關於向股東回報價值，無論是透過股利或股票回購，這仍然是我們資本分配框架內的一套工具之一，旨在將我們的槓桿率保持在 2 倍 EBITDA 左右。

I'll now hand you back to Alan to wrap up.

現在我將把你交還給艾倫結束。

Coming off mute there. Thanks, Graeme. Well, 2020 was certainly a volatile and unpredictable year in which Unilever demonstrated its resilience and found a new type of agility through the COVID-19 pandemic. We've delivered a step change in operational excellence through the focus on the fundamentals of growth. We've progressed our strategic agenda through building our existing sustainability commitments and completing the unification of our legal structure.

在那裡靜音。謝謝，格雷姆。嗯，2020 年無疑是動盪且不可預測的一年，聯合利華在這一年中展示了自己的韌性，並透過 COVID-19 大流行找到了一種新型的敏捷性。透過專注於成長的基本面，我們在卓越營運方面實現了重大變革。我們透過建立現有的永續發展承諾並完成法律結構的統一來推進我們的策略議程。

Our purpose is to make sustainable living commonplace, and our vision is to be the global leader in sustainable business. And that differentiates us from our peers. We will demonstrate how sustainable business drives superior performance. We'll do it by leveraging our 3 differentiating strengths that position us well for the consumer and demographic trends of the future. And we've set out plans to drive long-term growth through the 5 strategic choices that we've made. By doing so, we will deliver long-term value for all our stakeholders.

我們的目標是讓永續生活變得普遍，我們的願景是成為永續商業的全球領導者。這使我們有別於同行。我們將展示永續業務如何推動卓越績效。我們將利用我們的 3 個差異化優勢來實現這一目標，這些優勢使我們能夠很好地適應未來的消費者和人口趨勢。我們制定了計劃，透過我們所做的 5 項策略選擇來推動長期成長。透過這樣做，我們將為所有利害關係人提供長期價值。

Thanks for your attention during this longer than usual presentation. That's the end of our prepared remarks, finally. And we'll now take questions. Richard, back to you.

感謝您在這個比平常更長的演示中的關注。我們準備好的發言終於結束了。現在我們將接受提問。理查德，回到你身邊。

Thank you, Alan. Thank you, Graeme. So we're now running over to Q&A. (Operator Instructions)

謝謝你，艾倫。謝謝你，格雷姆。我們現在進入問答環節。 （操作員說明）

So our first person we have in the queue is Warren Ackerman from Barclays. Do you want to go ahead with your question, Warren?

隊列中的第一個人是來自巴克萊銀行的沃倫·阿克曼。華倫，你想繼續提問嗎？

Yes, Richard. Hopefully, you can hear me okay. The audio is a bit crackly. So my -- firstly, on competitiveness. I was struck by the value share picking up from 51% to 65% in December. Can you outline where those gains are coming from by geography and category? And does it include e-commerce? The reason for the question is, when I look at Colgate and P&G growing 8% over the last quarter, and you doing sort of 3.5%, obviously, you have different portfolios, but there is quite a gap.

是的，理查德。希望你能聽到我的聲音。音頻有點斷斷續續。首先，關於競爭力。 12 月價值份額從 51% 上升至 65%，令我震驚。您能否按地理位置和類別概述這些收益來自何處？它包括電子商務嗎？提出這個問題的原因是，當我看到高露潔和寶潔在上個季度增長了 8%，而你們的增長約為 3.5% 時，顯然，你們有不同的投資組合，但存在相當大的差距。

And then when I look at Beauty & Personal Care growing 1.2% for the year, 1.5% in the quarter, is that competitive growth in that division in your view?

然後，當我看到美容和個人護理今年成長 1.2%，本季成長 1.5% 時，您認為該部門的成長是否具有競爭力？

And then secondly, just around margin. Lots of moving parts. Just wondering whether, Graeme, you can touch on some of those for 2021. Specifically, I think in input costs, R&D step-up you talked about, gross margin advertising. You're saying margins will be up medium, so can you confirm that you expect margins to be up in 2021 against 18.5% base?

其次，就在保證金附近。很多活動部件。 Graeme，我想知道您是否可以談談 2021 年的一些內容。具體來說，我認為在投入成本、您談到的研發升級、毛利率廣告方面。您說利潤率將中等增長，那麼您能否確認您預計 2021 年的利潤率將比 18.5% 的基數有所增長？

Graeme, [you take margin question], so on competitiveness, Warren, let me just say that it's very broad-based. Most of our markets or an increasing number of our markets are starting to fold e-commerce into market share reporting, it's not universal. And I think it's fair to remind what Graeme pointed out, which is the one place where competitiveness is not yet above 50% is in the United States.

格雷姆（Graeme），[你提出利潤率問題]，關於競爭力，沃倫（Warren），我只想說，它的基礎非常廣泛。我們的大多數市場或越來越多的市場開始將電子商務納入市場佔有率報告中，但這並不普遍。我認為值得提醒一下格雷姆所指出的，那就是美國是競爭力尚未超過 50% 的地方。

And some of the comparisons with the competitors that you mentioned are largely due to differences in geographic footprint. So we're 18% in the U.S., which has enjoyed very good growth over the last 12 months. Some of our peers, it's up to close to 50% of their businesses in the U.S. So I think, at the moment, we can explain all of the difference in headline growth through different category country portfolio differences.

您提到的與競爭對手的一些比較很大程度上是由於地理足跡的差異。美國佔 18%，過去 12 個月成長非常好。我們的一些同行，其近 50% 的業務在美國。所以我認為，目前我們可以透過不同類別國家投資組合的差異來解釋整體成長的所有差異。

Our step-up in business winning share is very broad-based across divisions and across geographies with work still to do in the U.S. itself. Although in the U.S., the very rapid growth that we are seeing in things like vitamins, minerals and supplements, that's not captured in the market share that we're reporting.

我們在贏得業務份額方面的進步是跨部門、跨地區的，在美國本土仍有工作要做。儘管在美國，我們看到維生素、礦物質和補充劑等產品的成長非常迅速，但這並沒有反映在我們報告的市場份額中。

And similarly, our Prestige business, is more or less flat for the year, down 2%. And to be honest, that compares with a peer set that is typically down somewhere between 10% and 30%. So our Prestige business has done rather better. But the majority of the difference in headline number is due to footprint. And as I've said now, competitiveness is broad-based with work still to do in the U.S.

同樣，我們的 Prestige 業務今年基本上持平，下降了 2%。老實說，與同行相比，這一數字通常下降 10% 到 30% 之間。所以我們的聲望業務做得更好。但標題數字的大部分差異是由於足跡造成的。正如我現在所說，競爭力是基礎廣泛的，在美國仍有工作要做。

Warren, picking up your question on the margin average going forward. Let me just spend a little bit of time on the drivers in 2020 for a second. As we said, within gross margin, which was down by 50 basis points, there was a 90 basis point impact from COVID it. That was the 2 buckets, 50 basis points is direct on costs, so things like PPE, distancing and safety protocols on our sites, alternative sourcing, temporary labor to cover absenteeism, et cetera. That was almost EUR 0.25 billion all in.

沃倫，回答你關於未來平均利潤率的問題。讓我花一點時間談談 2020 年的車手。正如我們所說，毛利率下降了 50 個基點，但新冠疫情對其造成了 90 個基點的影響。那是 2 個桶，50 個基點直接影響成本，例如個人防護裝備、我們網站上的距離和安全協議、替代採購、彌補缺勤的臨時工等等。總金額接近 2.5 億歐元。

And we also had 40 basis points of adverse mix from the [categories], and those which are constrained through channel closure. A couple of examples of that. Our skin cleansing business has a gross margin which is about 10% lower than the rest of Beauty & Personal Care. So as skin cleansing surges relative to the rest of BPC, that gives us negative mix.

我們也從[類別]中獲得了 40 個基點的不利組合，以及那些透過管道關閉受到限制的組合。舉幾個例子。我們的皮膚清潔業務的毛利率比其他美容及個人護理業務低約10%。因此，隨著皮膚清潔相對於其他 BPC 的激增，這給我們帶來了負面影響。

And similarly, our in-home ice cream business has a gross margin is about 10 percentage points lower than out-of-home ice cream. And therefore, as we saw a switch from out-of-home to in-home that gives us negative mix. And all in, that's been negative 40 basis points of mix. And we also -- I should remind everybody, we made EUR 100 million of donations of product in 2020 and had about a 10 basis point impact on margin.

同樣，我們的家庭冰淇淋業務的毛利率比戶外冰淇淋低約 10 個百分點。因此，當我們看到從戶外到家裡的轉變給我們帶來了負面的影響。總而言之，混合數據下降了 40 個基點。我還應該提醒大家，我們在 2020 年捐贈了 1 億歐元的產品，對利潤率產生了約 10 個基點的影響。

But looking forward, what would we expect to see? Well, we would expect the COVID-related impact on cost and the adverse mix to continue into 2021, and particularly, the mix will be impacted by the category demand patterns. So as the pandemic progresses, in particular, as lockdown and restricted living changes, we may see some shifts in that, but we're expecting we'll see that continue into 2021. We'll also be lapping a softer base, of course, in the first half.

但展望未來，我們期望看到什麼？嗯，我們預期新冠疫情對成本和不利組合的影響將持續到 2021 年，特別是，該組合將受到品類需求模式的影響。因此，隨著疫情的發展，特別是隨著封鎖和限制生活的變化，我們可能會看到一些變化，但我們預計這種情況會持續到 2021 年。當然，我們也會有一個更軟的基礎，在上半場。

At the BMI level, I should say, we conserved a lot of BMI during lockdowns because there weren't places to advertise. And then when we innovated and created the mixes, which were specific to COVID, we really strongly stepped up investment behind our brands in the second half. So although absolute BMI spend was up EUR 160 million versus 2019, it was down 100 basis points in the first half but up 100 basis points in the second half. We're really investing very strongly behind the brands now in the second half and Q4 in particular.

在 BMI 水準上，我應該說，我們在封鎖期間保留了大量 BMI，因為沒有地方可以做廣告。然後，當我們創新並創建針對新冠病毒的組合時，我們在下半年大力加大了對品牌的投資。因此，儘管 BMI 支出絕對值比 2019 年增加了 1.6 億歐元，但上半年下降了 100 個基點，但下半年上升了 100 個基點。現在下半年，特別是第四季度，我們確實對品牌進行了非常大力的投資。

Now in terms of what all that adds up to for -- well, sorry, let me just comment a little bit on commodity outlook as well because I think that's relevant for you. We are seeing quite a bit of commodity inflation and a larger foreign exchange impact as we go into 2021, particularly in Latin America, in Turkey, in India and in South Africa. And we've got some commodity inflation coming through, in particular, tea in India, in palm oil, in liquid oils and in food ingredients.

現在，就所有這些加起來而言——好吧，抱歉，讓我也對商品前景發表一些評論，因為我認為這與您有關。進入 2021 年，我們將看到相當程度的大宗商品通膨和更大的外匯影響，特別是在拉丁美洲、土耳其、印度和南非。我們也面臨一些大宗商品的通膨，特別是印度的茶葉、棕櫚油、液體油和食品原料。

So we've got some inflationary pressures coming forward. And we do expect mid- to high single-digit commodity inflation in the first half. So we have to be at the top of our game in pricing going forward. So now what all that adds up to, I'm not going to give an outlook on margin specifically for 2021 other than to say that in accordance with the multiyear framework, we would expect that our profit grows faster than our top line growth.

因此，我們未來將面臨一些通膨壓力。我們確實預期上半年大宗商品通膨率將達到中高個位數。因此，我們必須在未來的定價方面處於領先地位。因此，現在所有這些加起來，我不會專門給出 2021 年利潤率的展望，只是說，根據多年框架，我們預計我們的利潤增長速度將快於我們的營收成長速度。

Thanks, Graeme. I just want to follow-up on 2 data points that I should have given Warren. The first is our coverage on market share is 70%. So there are parts of the business like Food Solutions, out-of-home ice cream, some part of the luxury portfolio where it's hard to get data in some of the tail countries. But we got about 70% coverage.

謝謝，格雷姆。我只想跟進我應該給沃倫的兩個數據點。首先是我們的市佔率覆蓋率是70%。因此，食品解決方案、戶外冰淇淋、奢侈品組合的某些部分等業務的某些部分很難在一些尾隨國家/地區獲得數據。但我們的覆蓋率約為 70%。

And the second is just to confirm, in the latest 12 weeks, we're over 60% winning value share in all 3 divisions, in BPC, in Home Care and in F&R. Just a couple of data points there.

第二個是為了確認，在最近 12 週內，我們在 BPC、家庭護理和 F&R 的所有 3 個部門中贏得了超過 60% 的價值份額。這裡只有幾個數據點。

Richard, back to you.

理查德，回到你身邊。

Okay. Thank you. Thanks, Warren. So next question is from Alan Erskine at Crédit Suisse.

好的。謝謝。謝謝，沃倫。下一個問題來自瑞士信貸銀行的艾倫·厄斯金。

Hope you can hear me. Can I just sort of follow-up on Warren's question? I mean, you talk about improving competitiveness. But at the end of the day, you reported 1.9% USG for the year. And if I've done my math correct, Argentina pricing was 30, 40 basis points of that, which is clearly below the 3% to 5% run rate you think the group is capable of and below most of your peers.

希望你能聽到我的聲音。我可以跟進沃倫的問題嗎？我的意思是，你談到提高競爭力。但最終，您報告的當年 USG 為 1.9%。如果我的計算正確的話，阿根廷的定價是 30 到 40 個基點，這明顯低於你認為該集團有能力的 3% 到 5% 的運行率，也低於大多數同行。

I think the obvious conclusion to draw here is that the net impact of COVID and the lockdowns has been a negative for you. So given that we do expect some sort of return to normalization in FY '21, I just want to confirm that your multiyear 3% to 5% goal applies to '21.

我認為這裡得出的明顯結論是，新冠疫情和封鎖的淨影響對你來說是負面的。因此，考慮到我們確實預期 21 財年會出現某種程度的正常化，我只想確認您的多年 3% 至 5% 目標適用於 21 財年。

My second question is with regards to functional nutrition. I mean, I would make a distinction between Horlicks, which is essentially a malted beverage, and some of the more functional VMS acquisitions that you've made. And my question is given -- you have a bit of a mixed record where you've gone outside your core areas. I think things like Blueair and Dollar Shave Club. What gives you the right to win in the VMS space?

我的第二個問題是關於功能性營養。我的意思是，我會區分好力克（本質上是一種麥芽飲料）和你們收購的一些更強大的 VMS。我的問題是——你的記錄有點好壞參半，你已經超越了你的核心領域。我認為像 Blueair 和 Dollar Shave Club 這樣的公司。是什麼讓您有資格在 VMS 領域獲勝？

Graeme, do you want to talk about the top line outlook in the closer end period? And I'll come back on VMS.

Graeme，您想談談近期的收入前景嗎？我會回到 VMS。

Yes. Alan, well, obviously, the -- I mean, the principal driver of headline growth at the moment, obviously, is a particular geographic and category makeup of each of the companies in our peer group. And Alan, that's absolutely why back in the first quarter, we withdrew our guidance and reset. And we're very clear on how we measure the performance of the company.

是的。艾倫，嗯，顯然，我的意思是，目前整體成長的主要驅動力顯然是我們同行中每家公司的特定地理和類別構成。艾倫，這絕對就是為什麼在第一季度，我們撤回了指導並進行了重置。我們非常清楚如何衡量公司的表現。

We measure that performance through competitive growth, and that's delivered for us. We've stepped up our competitiveness significantly during the course of the year, as Alan's presentation described, and we exit 2020 in a much improved position competitively than we did before. And I don't really know what else to say about that other than we've done what we said we would do.

我們透過競爭性成長來衡量績效，而這是為我們提供的。正如艾倫在演講中所描述的那樣，我們在這一年中顯著增強了我們的競爭力，並且我們在 2020 年結束時的競爭地位比以前有了很大提高。除了我們已經做了我們說過要做的事情之外，我真的不知道還能說些什麼。

Clearly, the best way to determine the performance of a company in this volatile situation is through the competitiveness of your business. We measure it scrupulously. That's what we told our business to focus on, and that's what our business has delivered. And the particular top line outcome that happens as a consequence of that in any single year is -- has everything to do with the particular categories and geographic footprint that you have and nothing to do with the underlying performance of the business, provided you're comfortable that your growth has been competitive and ours has.

顯然，在這種動盪的情況下確定公司業績的最佳方法是透過企業的競爭力。我們仔細地測量它。這就是我們告訴我們的企業要關注的事情，這也是我們的企業所實現的。任何一年中由此產生的特定頂線結果是——與您擁有的特定類別和地理足跡有關，與業務的基本績效無關，前提是您很高興您的成長具有競爭力，而我們的成長也具有競爭力。

Thanks, Graeme. Alan, on the functional nutrition, we absolutely do not see Horlicks as a malted beverage. I think that was one of the problems the business had. Since we've taken it over, it's growing double digits. And one of the reasons is that we're doing exactly what I said we would do in the criteria for the businesses that we're going into, which is we are applying marketing and technology know-how.

謝謝，格雷姆。 Alan，就功能性營養而言，我們絕對不認為好力克是麥芽飲料。我認為這是企業面臨的問題之一。自從我們接管它以來，它正在以兩位數的速度增長。原因之一是，我們正在做的正是我所說的我們將在我們即將進入的業務標準中所做的事情，即我們正在應用行銷和技術知識。

So we were able to fortify Horlicks with zinc and offer it on an immunity platform, which, of course, is highly relevant in the current circumstances with excellent science behind it and even better marketing, if I may say. And we see huge runway for Horlicks as a carrier for the micro nutrition needs of emerging markets in India and beyond.

因此，我們能夠用鋅來強化好力克，並在免疫平台上提供它，這當然在當前情況下高度相關，其背後有出色的科學依據，甚至更好的營銷，如果我可以說的話。我們認為好力克作為滿足印度及其他新興市場微量營養需求的載體有著廣闊的前景。

And then if you just think about the VMS business, so Equilibra, OLLY Liquid I.V., SmartyPants, those businesses, since we've taken them over. I mean, we're several years into Equilibra now, it beat the odds in Europe. It grew mid-single digits in Europe last year. All the others are growing -- I'm embarrassed to say, very high double digits, in fact, it's -- we're seeing super growth.

然後，如果你只考慮 VMS 業務，那麼 Equilibra、OLLY Liquid I.V.、SmartyPants 等業務，因為我們已經接管了它們。我的意思是，我們已經進入 Equilibra 好幾年了，它在歐洲克服了困難。去年歐洲的成長率為中個位數。所有其他的都在增長——我很尷尬地說，非常高的兩位數，事實上，我們看到了超級成長。

And the founders are still with us, and they see Unilever's nutrition [knowledge] and Unilever's ability to bring operating efficiencies as an absolute gold mine to continue the growth and step up the profitability of these VMS businesses.

創辦人仍然和我們在一起，他們將聯合利華的營養[知識]和聯合利華提高營運效率的能力視為絕對的金礦，以繼續增長並提高這些 VMS 業務的盈利能力。

So the criteria that we laid out on the areas that we would prioritize, where we bring knowhow certainly apply on both Horlicks and VMS. And they share very common characteristics, just different delivery mechanisms for different markets. And if you had to pick one part of the business, I'm optimistic about delivery of super growth, it would be that one.

因此，我們在優先領域以及我們提供專業知識的領域制定的標準當然適用於好力克和 VMS。它們具有非常共同的特徵，只是針對不同市場的交付機制不同。如果你必須選擇業務的一個部分，我對實現超級成長持樂觀態度，那就是那個部分。

Alan, could I just add on the points that Alan gave around where we've stepped out beyond our categories? Alan, you could say exactly the same about our Prestige beauty business, and we think we've created what is currently a very successful Prestige beauty business. It's performing better as far as we can tell than any other Prestige beauty business in the world right now. And so yes, I'd just point that out.

艾倫，我可以補充艾倫提出的關於我們已經超越我們類別的觀點嗎？艾倫，您可以對我們的 Prestige 美容業務說同樣的話，我們認為我們已經創建了目前非常成功的 Prestige 美容業務。據我們所知，它的表現比目前世界上任何其他知名美容企業都要好。是的，我只想指出這一點。

Okay. Thank you. Thanks, Alan. The next question is from Bruno Monteyne at Bernstein.

好的。謝謝。謝謝，艾倫。下一個問題來自伯恩斯坦的布魯諾·蒙泰尼。

My first question is on India. Clearly, there's new alliances between technology companies and the retailers, and they're all giving access to the final mile of the informal trade in India through e-commerce, similar to add up in China. Do you see that as a potential risk that sort of giving those new platforms that will allow other international brands to catch up with your deep penetration in India? Or do you not see that as a problem?

我的第一個問題是關於印度的。顯然，科技公司和零售商之間建立了新的聯盟，他們都透過電子商務進入印度非正規貿易的最後一英里，類似於中國的加總。您是否認為提供新平台讓其他國際品牌趕上您在印度的深度滲透是一種潛在風險？或者您不認為這是一個問題嗎？

And the second one is you talk about the purposeful brand, and I recognize a lot of what you say there. But then -- so other counter data also suggest that if you ask any consumer in this 3-brand average panel, can you list us any brand that are more responsible to the environment others? Only about 20% of consumers were able to name a brand. And so to the top brand only have 5%, 6%. So while they care and they say they care, they seem to have very little unaided collection of the brands that deliver for them. Do you recognize that data? Do you see that changing? And does it give you any concern?

第二個是你談到的有目的的品牌，我認同你在那裡所說的很多內容。但是，其他櫃檯數據也表明，如果你問這個 3 個品牌平均面板中的任何消費者，你能列出對環境更負責的品牌嗎？只有大約 20% 的消費者能夠說出一個品牌的名稱。所以對於頂級品牌來說只有5%、6%。因此，雖然他們關心並且他們說他們關心，但他們似乎很少獨立收集為他們提供服務的品牌。你認識這些數據嗎？你看到這種情況改變了嗎？這會讓你擔心嗎？

Graeme, do you have any preference? Do you want to take the first one and I'll take the second one?

格雷姆，你有什麼偏好嗎？你想拿第一個，我拿第二個嗎？

I'll take the first one. Yes. Bruno, the -- I mean, you know the strength of our route-to-market distributive trade not just in India, but in many parts of our sort of growth market footprint. We've talked about it many, many times. As Alan said in the presentation, we -- there are about 14 million outlets within that universe globally. We reach 5 million of them directly. We have salesmen calling, having a conversation, having a relationship with those stores.

我就拿第一個。是的。布魯諾，我的意思是，您知道我們的市場分銷貿易路線的實力不僅在印度，而且在我們成長市場足蹟的許多地方。我們已經談論過很多很多次了。正如艾倫在演講中所說，全球範圍內大約有 1400 萬家網點。我們直接接觸了其中的 500 萬人。我們有銷售人員打電話給這些商店，進行交談，與這些商店建立關係。

But we see both risk, yes, but also tremendous opportunity in the application of digital and digitizing that part of our business. And we've been very, very active with that. So when we talk about our e-commerce growth at 61%, 1/3 of that business is what we call eB2B. And that, Bruno, is exactly the digitization of that distributive relationship that you're talking about.

但我們既看到了風險，是的，也看到了數位應用和這部分業務數位化的巨大機會。我們對此非常非常積極。因此，當我們談論 61% 的電子商務成長時，其中 1/3 的業務就是我們所說的 eB2B。布魯諾，這正是你所說的分配關係的數位化。

Now it grew at over 65% in 2020, that aspect of our business. A lot of that was in Latin America with our Compra Agora platform that we've rolled out now to 10 or so countries. But in aggregate, of the 5 million stores that we directly call on today, we have digitized 1.5 million of those stores already. And as Alan said in his presentation, we're adding to that very, very quickly. So we see it, I think, more through the lens of opportunity than we do as risk.

現在，我們業務的這方面在 2020 年成長了 65% 以上。其中許多是透過我們的 Compra Agora 平台在拉丁美洲實現的，我們現在已經將其推廣到了大約 10 個國家。但總的來說，在我們今天直接拜訪的 500 萬家商店中，我們已經對其中 150 萬家商店進行了數位化。正如艾倫在他的演講中所說，我們正在非常非常快地增加這一點。因此，我認為，我們更多地從機會的角度來看待它，而不是從風險的角度來看待它。

And of course, you wouldn't expect us to be sitting back passively, not seizing all of the opportunity that digital and the power of data represents as we apply that to what is a tremendous asset of Unilever.

當然，您不會期望我們會被動地袖手旁觀，在我們將數字和數據的力量應用於聯合利華的巨大資產時，不抓住數字和數據的力量所代表的所有機會。

Bruno, on purposeful brands and consumer awareness, I'm just going to take a second to share why we're so confident on our assertion that purpose drives growth. So 2, 3, 4 years ago, we used qualitative criteria in the company to identify what we called our sustainable living brands. So we checked across what the brand was doing, what it was seeing, how it was perceived by consumers. And we would conclude for example, Dove and Ben & Jerry's, yes, they qualify as sustainable living brands. Then we took that those brands, and we quite simply added up how they were growing versus the rest of the portfolio.

布魯諾，關於有目的的品牌和消費者意識，我想花一點時間來分享為什麼我們對目的驅動成長的主張如此有信心。因此，二、三、四年前，我們在公司中使用定性標準來確定我們所謂的永續生活品牌。因此，我們檢查了該品牌在做什麼、看到了什麼以及消費者如何看待它。例如，我們可以得出結論，Dove 和 Ben & Jerry's，是的，它們有資格成為永續生活品牌。然後我們選擇了這些品牌，然後簡單地將它們與產品組合中其他品牌的成長相加。

But we felt slightly uncomfortable that, that was insufficiently consumer-led. And we wanted to hold ourselves to a higher standard. So for the last couple of years, we've had in place tracking in 571 category countries sells around the world, where one of the questions that we ask for all brands that the consumer is aware of, us and the competitors, we ask a question about whether that brand makes a meaningful contribution to planetary or societal well-being.

但我們感到有點不舒服，因為消費者主導不夠。我們希望以更高的標準來要求自己。因此，在過去幾年中，我們對全球 571 個品類國家/地區的銷售情況進行了跟踪，其中我們對消費者了解的所有品牌（包括我們和競爭對手）提出的問題之一是關於該品牌是否對地球或社會福祉做出有意義的貢獻的問題。

And that methodology gives us a consumer-led view at a market level, so not general aggregates, on amongst brands that they're aware of how purposeful or sustainable are they seem. And the data is so compelling, in truth, we've underplayed it slightly in this presentation. The difference between -- and growth between the brands that the consumers see as being sustainable versus not is dramatic.

這種方法為我們提供了市場層面上以消費者為主導的觀點，而不是一般的總體觀點，即他們意識到自己看起來有多麼有目的性或可持續性。事實上，這些數據是如此引人注目，我們在本次演示中稍微低估了它。消費者認為可持續的品牌與不可持續的品牌之間的差異和成長之間的差異是巨大的。

And then you layer on top of that, the 12-year longitudinal study of tens of thousands of brands that Kantar have looked at across multiple sectors. And they've concluded that those brands are growing at double rate of the brands that are not purposeful. And as far as our consumers aware of it, there was a chart I flicked over quite quickly that shows lower intrinsic interest amongst older age groups, Baby Boomers and Gen X, but huge levels of interest amongst the majority adult population in the world, which is Millennials and Genzennials.

然後，你可以在此基礎上進行 12 年的縱向研究，Kantar 對多個行業的數萬個品牌進行了研究。他們得出的結論是，這些品牌的成長速度是無目的品牌的兩倍。據我們的消費者所知，我很快就瀏覽了一張圖表，顯示老年人、嬰兒潮世代和 X 世代的內在興趣較低，但世界上大多數成年人口的興趣很高，這是千禧一代和一代。

So we think not only is this driving performance. Not only is it already highly relevant, but it's going to increase in relevance over time. So we see no evidence whatsoever of consumers unable to distinguish brands based on purpose.

所以我們認為這不僅僅是駕駛性能。它不僅已經高度相關，而且隨著時間的推移，相關性還會增加。因此，我們沒有看到任何證據表明消費者無法根據用途來區分品牌。

Alan, can I just come back to the first question quickly for Bruno, because I realized I didn't answer his final point about risk of increased competition as the distributive trade digitizes.

艾倫，我可以快速回到布魯諾的第一個問題嗎，因為我意識到我沒有回答他關於隨著分銷貿易數位化而加劇競爭風險的最後一個觀點。

I think, Bruno, the key thing to remember is that it's the consumer who decides and our brands are incredibly strong in these markets. We have incredibly strong businesses and incredibly strong brands. Across Unilever, the brand power of Unilever's brands is holding or growing in more than 80% of the company.

布魯諾，我認為最重要的是要記住，決定權是消費者，而我們的品牌在這些市場上非常強大。我們擁有非常強大的業務和非常強大的品牌。在聯合利華內部，聯合利華品牌的品牌力在公司 80% 以上的股份中佔有或不斷增長。

It's also important to note that the way we do this is by focusing on the ultimate customer who's the small holder. And we have strong existing relationships there. And we can help that small holder to grow their business through assortment, through promotions, through recommendations and what the consumer wants in terms of basket and correlation between brands. So I think that's a very significant advantage.

同樣重要的是要注意，我們這樣做的方式是關注最終客戶，即小農戶。我們在那裡擁有牢固的現有關係。我們可以幫助小農戶透過分類、促銷、推薦以及消費者在購物籃和品牌之間的相關性方面的需求來發展業務。所以我認為這是一個非常重要的優勢。

Thanks, Graeme. The next question is from Celine Pannuti at JPMorgan. Go ahead, Celine.

謝謝，格雷姆。下一個問題來自摩根大通的席琳潘努蒂 (Celine Pannuti)。來吧，席琳。

Yes. I -- so my first question is on midterm. And maybe if I reflect on some of the comments before in terms of you not being able to go to the 3% -- deliver on the 3% to 5% despite being more competitive, as you believe. Is it in the end an issue about your category growth exposure? So could you talk about the growth that you see in those, I think, 5 subcategories you are mentioning versus the remainder of -- and the core of the Unilever business. And given that you've done some portfolio changes over the past couple of years, and that has not helped, does it mean that we should expect an accelerated portfolio shift maybe through M&A. So that's my first question.

是的。我——所以我的第一個問題是關於期中考的。也許如果我反思一下之前的一些評論，你無法達到 3%——儘管正如你所認為的那樣更具競爭力，但仍能實現 3% 到 5% 的目標。到底是品類成長暴露的問題嗎？那麼，您能否談談您所提到的 5 個子類別與聯合利華業務的其餘部分以及核心業務的成長。鑑於您在過去幾年中進行了一些投資組合變更，但這並沒有幫助，這是否意味著我們應該期望透過併購加速投資組合轉變。這是我的第一個問題。

And my second question, more on the [short end] side. I was surprised about pricing, that came below my expectation, in fact, across many geographies. So can you talk about the pricing environment, especially in the light of what you said, higher raw material cost, how confident are you that you will be able to reverse that weakening pricing momentum?

我的第二個問題，更多的是在[短端]方面。我對定價感到驚訝，事實上，在許多地區，定價都低於我的預期。那麼您能否談談定價環境，特別是考慮到您所說的原物料成本上升，您對扭轉定價疲軟勢頭有多大信心？

Great. Let me take the first one, Graeme, and you can comment on pricing. Celine, let me try to answer your question in the following way, which is over the 3 years leading up to 2020, our best estimate is that the market was growing somewhere 2.5% to 3%.

偉大的。讓我來談談第一個，格雷姆，你可以評論一下定價。 Celine，讓我試著用以下方式回答你的問題，在 2020 年之前的 3 年裡，我們最好的估計是市場成長了 2.5% 到 3%。

We also know algorithmically that every 10 basis points -- sorry, 10 percentage points step-up in competitiveness. is worth about 100 basis points of growth. So our history has been that, growing 3% in markets -- growing at 2.5% to 3%. All else being equal, the step-up in competitiveness, we would have added at least 100 basis points of growth.

我們也透過演算法知道，每 10 個基點——抱歉，競爭力就會提升 10 個百分點。值得約100個基點的成長。所以我們的歷史是這樣的，市場成長 3%——成長 2.5% 到 3%。在其他條件相同的情況下，如果競爭力得到提升，我們將增加至少 100 個基點的成長。

Now the environment in 2020, of course, was completely turned on its head. We saw collapses in certain categories and super growth in others. Similarly, geography, so if you've landed from Mars, and look at our growth last year, you would say, "Oh, it's great that U.S., U.K. and Australia, your high-growth markets." Actually, for the long term, the U.S. will be an important contributor, but places like India and China, of course, become more important.

當然，2020 年的環境完全顛覆了。我們看到某些類別的崩潰和其他類別的超級成長。同樣，地理位置，如果你從火星登陸，看看我們去年的增長，你會說，“哦，美國、英國和澳大利亞這些高增長市場真是太棒了。”事實上，從長遠來看，美國將是一個重要的貢獻者，但印度和中國等國家當然會變得更加重要。

So what you see -- I would be very careful of drawing conclusions from aggregated chaos which is what 2020 is, but rather look at our performance -- competitive performance when markets resume a more normal growth pattern, where we are very confident that we would, all else being equal, with the current levels of competitiveness, be well into the range that we're guiding. That's why we're confident to bring back that range guidance.

所以你所看到的——我會非常小心地從2020 年的整體混亂中得出結論，而是看看我們的表現——當市場恢復更正常的成長模式時的競爭表現，我們非常有信心我們會在其他條件相同的情況下，以目前的競爭力水平，很好地進入我們指導的範圍。這就是為什麼我們有信心恢復這個範圍指導。

As far as the 5 subcategories that we called out, we're not going to go into a decomposition of their growth levels. But they are at least twice the average of the rest of Unilever. So let me just pause there. Graeme?

至於我們提出的 5 個子類別，我們不會對其成長水準進行分解。但它們至少是聯合利華其他公司平均的兩倍。讓我暫停一下。格雷姆？

Celine, let me first of all pick up what happened in pricing in 2020 and give you some of the dynamics there. So the first thing to note is that pricing was relatively low in Home Care, principally because the commodity environment in 2020 for fabric solutions, for the laundry business, was relatively benign. And of course, it's a very dynamic and quite a high commodity-driven category. And therefore, we didn't price because we didn't see the cost inflation.

Celine，首先讓我回顧一下 2020 年定價方面發生的情況，並向您介紹一些動態。因此，首先要注意的是，家庭護理領域的定價相對較低，主要是因為 2020 年織物解決方案、洗衣業務的商品環境相對良好。當然，這是一個非常有活力且高度商品驅動的類別。因此，我們沒有定價，因為我們沒有看到成本上漲。

And then if I go a little bit by geography, in Europe, the -- pricing in Europe has been difficult for everybody for a long time, given the retail environment, et cetera. But in H2, promotional intensity did step back up after promotions were pulled at the height of the pandemic.

然後，如果我從地理角度來看，在歐洲，考慮到零售環境等，長期以來，歐洲的定價對每個人來說都很困難。但下半年，在疫情最嚴重時取消促銷活動後，促銷力道確實有所回升。

We also had a little bit of a channel impact as we shifted from -- it's the same product, but we shift from out-of-home ice cream to in home ice cream. That price dynamic doesn't sit actually in -- it sits in pricing rather than in volume. Because, of course, we put volume and mix together as one metric.

當我們從戶外冰淇淋轉向家用冰淇淋時，我們也產生了一些管道影響——它是相同的產品，但我們從戶外冰淇淋轉向家庭冰淇淋。這種價格動態實際上並不存在——它存在於定價而不是數量上。當然，因為我們將數量和混合作為一個指標。

Then in the AAR region, Turkey and India actually had positive pricing. Southeast Asia, though, had negative pricing. Quite a few dynamics there. But again, there's quite a big fabric solutions business, there pricing turned negative in the second half because we passed on the reduced commodity costs to invest in competitiveness. That was one dynamic.

然後在 AAR 地區，土耳其和印度實際上有積極的定價。不過，東南亞的定價為負。那裡有相當多的動態。但同樣，布料解決方案業務相當大，下半年定價轉為負數，因為我們將降低的商品成本轉嫁給了競爭力投資。這是一種動態。

And then there's one I'd say in particular, which is promotional intensity in Thailand. Thailand is a very challenged market from a market growth perspective. There is no real value portfolio in Thailand. And therefore, as you're making products affordable, it does show up in terms of promotional intensity.

然後我要特別說一點，那就是泰國的促銷力道。從市場成長的角度來看，泰國是一個充滿挑戰的市場。泰國沒有真正有價值的投資組合。因此，當你讓產品變得價格實惠時，它確實會反映在促銷強度上。

And then in North America, there weren't many promotions through much of the year, but they have been coming back into the -- at the end of the year. And we did invest a little bit in competitiveness through promotions in the fourth quarter. And yes, I mean, pricing in Argentina, of course. But I'd highlight that our volumes were positive in Argentina.

然後在北美，一年中大部分時間都沒有太多促銷活動，但到了年底，促銷活動又回來了。我們確實透過第四季度的促銷活動在競爭力方面進行了一些投資。是的，我的意思是，當然，阿根廷的定價。但我要強調的是，我們在阿根廷的銷售是正面的。

And if I add all that up and look forward, and I'll not repeat the comments I made earlier about the outlook for currency depreciation and rising commodity prices in a few areas, it does mean that we're going to have to be at the top of our game on pricing. And our markets are absolutely on top of that as we look into 2020. And I think we've got a great track record. I mean, we grew pricing by 1.6%, I think, in '19, 1.2% in '18 and by 2% in '17.

如果我把所有這些加起來並展望未來，我不會重複我之前對貨幣貶值和某些領域大宗商品價格上漲的前景所做的評論，這確實意味著我們將不得不處於我們在定價方面處於領先地位。展望 2020 年，我們的市場絕對處於領先地位。我認為我們擁有出色的業績記錄。我的意思是，我認為，我們在 19 年將定價提高了 1.6%，在 18 年提高了 1.2%，在 17 年提高了 2%。

The key, as you know, to landing pricing is brand power, is strong brands. And as I said, in response to Bruno's question, 80% of our brands have got stable or increasing brand power. So that's a great platform if you need to price.

如你所知，定價的關鍵是品牌力，是強大的品牌。正如我在回答布魯諾的問題時所說，我們80%的品牌已經獲得了穩定或不斷增強的品牌力量。因此，如果您需要定價，那麼這是一個很棒的平台。

Okay. Thank you, Celine. The next question is from David Hayes at SocGen.

好的。謝謝你，席琳。下一個問題來自法國興業銀行的大衛·海耶斯。

So my 2 questions, firstly on portfolio management and then another question on ESG. So on portfolio management, just to kind of follow-up some of the discussion we've heard post-unification and so forth. Obviously more ambition for change.

我的兩個問題，首先是關於投資組合管理，然後是關於 ESG 的問題。關於投資組合管理，只是為了跟進我們在統一後聽到的一些討論等等。顯然，變革的野心更大。

But 3 questions. One, can you kind of quantify that a little bit as you look at the vision for the group? Some of your peers historically have talked about up to 10% of sales being bought and sold. Is there any kind of indication you can give on kind of the ambition of change over the next 2 or 3 years?

但有3個問題。第一，當你檢視團隊的願景時，你能稍微量化一下嗎？您的一些同行曾經說過，高達 10% 的銷售額是透過買賣來實現的。對於未來 2 到 3 年的變革雄心，您是否可以給予任何指示？

And I guess related to that, the metrics you've outlined for the medium term. You talked about return on invested capital being mid- to high single-digit -- sorry, mid- to high teens, but it's already high teens. So is that [mostly] including M&A? Or do you see other reasons why that ROIC might come down into mid-teens?

我想與此相關的是，您概述的中期指標。你談到投資資本回報率為中高個位數——抱歉，中高個位數，但它已經是高個位數了。那麼這[主要]包括併購嗎？或者您認為投資回報率可能下降到十幾歲左右的其他原因？

And the second question on ESG. I think you're doing this presentation in the first quarter on more detail on your plans around ESG. You talked about R&D spend going up. But can you give us a little preview in terms of what incremental spend you might incur as you push forward on ESG? And whether that impacts the margin in the next couple of years or so.

第二個問題是關於ESG。我認為你們將在第一季做這個演講，詳細介紹你們圍繞 ESG 的計劃。您談到了研發支出的增加。但您能否向我們介紹一下，在推進 ESG 的過程中您可能會產生哪些增量支出？以及這是否會影響未來幾年左右的利潤率。

Graeme, do you want to have a crack at the portfolio point and ROIC, in particular? And I'll come back on the bundle of questions that were folded together under the headline of ESG there?

Graeme，你想嘗試投資組合點和投資報酬率嗎？我會回到 ESG 標題下的一系列問題嗎？

Sure. David, so I think we've been really clear -- much clearer than we've ever been before now on the areas we will deploy capital for portfolio change. And the critical role that portfolio change has in accelerating the growth momentum of the company, and for the long term, making our value creation algorithm, which requires a step-up in growth from 3% into that 3% to 5% range. But once that's achieved, there's a virtuous circle that takes place and the business becomes very value creating.

當然。大衛，所以我認為我們已經非常明確了——比以往任何時候都更加明確，我們將在哪些領域部署資金以進行投資組合變更。投資組合的變化在加速公司的成長勢頭方面發揮關鍵作用，從長遠來看，制定我們的價值創造演算法，需要將成長從 3% 提高到 3% 到 5% 的範圍。但一旦實現了這一點，就會出現良性循環，業務就會變得非常能創造價值。

And Alan touched on it in his remarks, but growing the business now off a higher margin base is much more strongly value-creating going forward. So we feel good about that. And obviously, we've got strong cash flow. And as we said, our priority is to invest in the business because of the high ROIC, and thereafter, change the portfolio with discipline and with focus, using the areas that we've called out, not just focusing on acquisitions but potentially disposals as well using both levers.

艾倫在演講中談到了這一點，但現在以更高的利潤為基礎發展業務，未來的價值創造能力要強得多。所以我們對此感覺良好。顯然，我們擁有強勁的現金流。正如我們所說，我們的首要任務是投資於該業務，因為投資回報率很高，然後，利用我們已經指出的領域，有紀律、有重點地改變投資組合，不僅關注收購，還關注潛在的處置。很好地使用兩個槓桿。

And all of that, historically, just to pick up on a point that Celine made earlier, it's not true to say that our M&A capital hasn't given a growth result. There's about 70 basis points. Of growth from the acquisition and disposal activity that's taking place over the course of the last 5 years. So you see that working.

所有這些，從歷史上看，只是為了重申 Celine 早些時候提出的觀點，說我們的併購資本沒有帶來成長結果是不正確的。大約有70個基點。過去 5 年發生的收購和處置活動的成長。所以你看到了這一點。

On your point on ROIC in particular, we're not signaling anything really with mid- to high teens. It's simply the current 18% that we're at doesn't have the full year of the impact on the invested capital base of the Horlicks acquisition. The full impact of that comes in, in 2021 and will be about a 1% negative. And technically, we were told that high-teens cutoff is about 17%, and therefore, mid- to high teens is still an excellent ROIC and pretty much, at least top half, maybe even top quartile of the table in terms of ROIC across the peer group.

特別是關於您關於 ROIC 的觀點，我們並沒有向中高中青少年發出任何真正的信號。只是我們目前的 18% 並沒有對好力克收購的投資資本基礎產生全年的影響。其全部影響將於 2021 年顯現，負面影響約 1%。從技術上講，我們被告知高青少年的截止率約為17%，因此，中高青少年仍然是一個出色的ROIC，並且就整個ROIC 而言，至少是上半部分，甚至可能是表的前四分之一同儕群體。

So yes, we're not -- we just think on a multiyear framework, mid- to high teens is the appropriate expression.

所以，是的，我們不是——我們只是認為在多年的框架中，中高青少年是合適的表達方式。

Let me take the points that you [bundled under] the banner of ESG. The first, I think there's a dangerous supposition around in some places that somehow or other -- our sustainable business model is a cost to the business. We don't see that at all. We see doing business sustainably as a very strong business case. I won't labor the point on growth, already went into that in a bit of depth with Bruno. But we are unequivocally clear that purposeful brands are growing faster.

讓我來談談您在 ESG 旗幟下[捆綁]的觀點。首先，我認為在某些地方存在著一種危險的假設，即我們的永續商業模式是企業的成本。我們根本看不到這一點。我們認為可持續開展業務是一個非常強大的商業案例。我不會再討論成長問題，布魯諾已經對此進行了深入探討。但我們非常清楚，有目的的品牌正在以更快的速度成長。

Secondly, on cost, we think we've taken out EUR 1.2 billion of cost by sustainable sourcing, for example -- and there's an interesting pattern here, which is very often, there is a short-term premium which results in a long-term discount.

其次，在成本方面，我們認為我們已經透過永續採購節省了 12 億歐元的成本，這裡有一個有趣的模式，通常是短期溢價導致長期溢價。期限折扣。

Let me give you a couple of examples. We made a commitment to move to renewable electricity in our operations. We achieved it a year early. There was initially an on cost. But as the market has swung, we found tremendous savings from the procurement contracts that we have around green electricity.

讓我舉幾個例子。我們承諾在我們的營運中轉向再生電力。我們提前一年實現了這個目標。最初有一個成本。但隨著市場的波動，我們發現圍繞綠色電力的採購合約節省了大量成本。

Same on sustainable agriculture. Initially, there's often an on cost. But because yields go up with sustainable practices, typically, over time, it's a cost advantage. So there is sometimes an early hump that we need to get over. We're in that mode right now with renewable plastics.

永續農業也是如此。最初，通常會產生成本。但由於產量隨著永續實踐的增加而上升，通常隨著時間的推移，這是一種成本優勢。因此，有時我們需要克服早期的困難。我們現在就處於可再生塑膠的模式中。

So post consumer-use plastic carries at that 1% to 5% to 10% premium. It varies around the world. Over time, as the collection and recycling systems get put in place that will drop below virgin plastic costs. So there's a growth benefit. There's a cost benefit. There's definitely a risk-benefit diversifying and making sure that we've got sustainable supplies, has been very important for us over the last year.

因此，消費後的塑膠會產生 1% 至 5% 至 10% 的溢價。世界各地的情況各不相同。隨著時間的推移，隨著收集和回收系統的到位，成本將降至低於原始塑膠的成本。所以有一個成長的好處。有成本效益。肯定存在風險收益多元化，並確保我們擁有可持續的供應，這對我們在過去的一年中非常重要。

And then the final point I won't labor, which is our sustainability agenda is a magnet for the best talent in the world. So I find it hard to answer the question, what's the cost of sustainability because we see it as a benefit where sometimes there are initial cost premia that we need to work our way through.

最後一點我不想贅述，那就是我們的永續發展議程吸引了世界上最優秀的人才。因此，我發現很難回答這個問題：永續發展的成本是多少，因為我們將其視為一種好處，但有時我們需要解決初始成本溢價。

As far as your question about investing in R&D, we have called out a number of areas, I'm obviously not going to be too explicit here, where we're doing (inaudible) best advantage of corporate level technology. They do all relate to the biotech and [innovative] revolutions. And each of the next 3 years, we will step up our investment in R&D to take advantage of that. And when we go through later this year, we'll decide whether or not we're going to put numbers against that R&D step up. At the moment, we're just indicating the direction, not the magnitude.

至於你關於投資研發的問題，我們已經提出了許多領域，我顯然不會在這裡太明確，我們正在（聽不清楚）企業級技術的最佳優勢。它們確實都與生物技術和[創新]革命有關。未來三年，我們將加大研發投資以利用這一點。當我們今年稍後審議時，我們將決定是否要針對研發的進展提供數字。目前，我們只是指示方向，而不是幅度。

Thanks, Alan. Thanks, David. So we've got a lot of people wanting to ask questions. We'll try and squeeze in 1 or 2 more. So next question, Martin Deboo at Jefferies. Go ahead, Martin.

謝謝，艾倫。謝謝，大衛。所以我們有很多人想問問題。我們將嘗試再擠入 1 或 2 個。下一個問題是傑富瑞 (Jefferies) 的馬丁·德布 (Martin Deboo)。繼續吧，馬丁。

Two quick ones from me. I just want to go into what you're seeing in FY '21 again. It's come up a few times. Let me offer you -- are you saying that FY '21 is year 1 of the new multiyear guidance framework? Or are you effectively extending your FY '20 guidance position because it's just simply too difficult to say and too difficult to call? That's the first question.

我的兩個快的。我只想再次討論您在 21 財年所看到的情況。已經出現好幾次了讓我向您提出—您是說 21 財年是新的多年指導框架的第一年嗎？還是你有效地延長了 20 財年的指導地位，因為它實在太難說，也太難打電話？這是第一個問題。

Secondly, just to come back on David Hayes' question on portfolio and what strategic choices made. And you said at Englewood Cliffs that you expected the rate of disposals to accelerate and the rate of acquisitions to slow, which could be interpreted as a shift from a net acquirer to a net disposer posture. I feel I'm hearing something different today. Am I -- can you just clarify what you're saying about the portfolio? Those are the 2 questions.

其次，回到大衛·海耶斯關於投資組合以及做出的策略選擇的問題。您在 Englewood Cliffs 表示，您預計處置速度會加快，收購速度會放緩，這可以解釋為從淨收購方向淨處置方的轉變。我感覺我今天聽到了一些不一樣的東西。您能澄清一下您對投資組合的看法嗎？這是兩個問題。

Let me answer the second question, and then I'll carry on and answer the second one -- the first one, unless Graeme wants to jump in on 2021. So I think the first thing I would say is we are very clear, Martin, on the criteria that we're using for acquisitions and disposals. I think we've laid those out more transparently today than we ever have.

讓我回答第二個問題，然後我將繼續回答第二個問題——第一個問題，除非格雷姆想在 2021 年介入。所以我認為我要說的第一件事是我們非常清楚，馬丁，根據我們用於收購和處置的標準。我認為我們今天比以往任何時候都更加透明地列出了這些內容。

Secondly, we're not guided by targets for how much we're going to acquire, how much we're going to dispose. We will be extremely economically rational on those decisions. In Englewood Cliffs, we called out that disposals could play an important part of -- a more important part shifting the portfolio. And you saw shortly after that quite a decisive move on most of our tea business, where that work is going on. We continue to look in the portfolio at opportunities for disposal.

其次，我們沒有以我們要收購多少、要處置多少的目標為指導。我們對這些決定將在經濟上極為理性。在恩格爾伍德懸崖上，我們指出，處置可能在改變投資組合中發揮重要作用——更重要的部分。不久之後，您就看到了我們正在進行的大部分茶葉業務的決定性舉措。我們繼續在投資組合中尋找處置機會。

Last year was definitely a slowdown on the number of acquisitions. But don't forget, the scale was impacted by Horlicks, and then we were very focused on functional nutrition for the others. I'm not afraid to say that we were pipped at the post on some Prestige beauty targets that we were going after. But frankly, the valuations just run beyond what we thought was financially responsible.

去年收購數量明顯放緩。但不要忘記，規模受到了好力克的影響，然後我們非常關注其他人的功能性營養。我不怕說，我們在我們追求的一些聲望美容目標上被擊敗了。但坦白說，估值剛剛超出了我們認為的財務責任範圍。

So the focus remains crystal clear. What the message we were trying to land was we're open to disposals where we see it as value creating, and we will be -- continue to be very choiceful on acquisitions. I think if you take a long period of time, we'll probably be a net acquirer, not a net disposer. But we're not -- we don't have in-year targets for how much we will acquire or dispose.

所以焦點仍然清晰可見。我們試圖傳達的訊息是，我們對處置持開放態度，我們認為這可以創造價值，而且我們將繼續在收購方面非常有選擇性。我想如果你花很長一段時間，我們可能會成為一個淨收購者，而不是一個淨處置者。但我們沒有——我們沒有關於收購或處置數量的年內目標。

On '21 guidance, I think we've issued now multiyear. We've issued multiyear guidance. I see 2021 as the first year of that. And that was notwithstanding, of course, it remains highly volatile. But yes, 2021 is the first year of that multiyear framework that we laid out.

關於 21 年指導，我認為我們現在已經發布了多年期指導。我們已經發布了多年指南。我認為 2021 年是這一年的第一年。當然，儘管如此，它仍然高度不穩定。但是，是的，2021 年是我們制定的多年框架的第一年。

Okay. Thanks, Martin. So the next question to Jeremy Fialko, HSBC. Go ahead, Jeremy.

好的。謝謝，馬丁。下一個問題是向匯豐銀行的 Jeremy Fialko 提出的。繼續吧，傑瑞米。

Just a couple of questions. First of all, on e-commerce. I think historically, you've talked about slightly under-indexing relative to your kind of offline market shares. Could you just give us an update on that, where you're over and underindexing? And if there are any big differences between sort of geographies and category?

只是幾個問題。首先，關於電子商務。我認為從歷史上看，您談到了相對於您的線下市場份額的指數略微偏低。您能否向我們介紹一下您索引過度和索引不足的最新情況？不同地區和類別之間是否有較大差異？

And then secondly, one of the things you haven't mentioned in your framework is the return of surplus capital, but obviously, you do have a net debt-to-EBITDA target, which you are slightly below. So maybe you could just talk a little bit about the kind of return on capital and when that would start to come on the agenda.

其次，你在框架中沒有提到的一件事是剩餘資本的回報，但顯然，你確實有一個淨債務與 EBITDA 的目標，但你略低於這個目標。所以也許你可以簡單談談資本報酬率的類型以及何時開始提上議程。

I think those fall quite naturally, Graeme, maybe you can take the second one on capital allocation. Let me address e-commerce.

我認為這些是很自然的，格雷姆，也許你可以選擇關於資本配置的第二個。讓我談談電子商務。

Jeremy, we had a really very strong year on e-commerce last year with 61% growth overall. Half our Prestige beauty business is now in e-commerce. Omnichannel doubled in size. We grew 100%. We grew 100% in North America in e-commerce. We're gaining shares in e-commerce. And we're inventing a new type of B2B e-commerce that Graeme touched on.

Jeremy，去年我們的電子商務發展非常強勁，整體成長了 61%。現在，我們的 Prestige 美容業務有一半來自電子商務。全通路規模擴大了一倍。我們成長了 100%。我們在北美的電子商務成長了 100%。我們正在獲得電子商務領域的份額。我們正在發明 Graeme 提到的一種新型 B2B 電子商務。

The headline answer, though, is that in omnichannel, our market shares online and off-line are very similar, so bricks and mortar/.com, very similar. In pure play, so Ali, Amazon, JD, our overall market shares, and I'm really aggregating here in a way that I maybe shouldn't, are slightly behind our off-line market shares. And so we've got the whole organization deployed against designing for channel.

不過，最重要的答案是，在全通路中，我們在線上和線下的市佔率非常相似，因此實體/.com 也非常相似。純粹來說，阿里、亞馬遜、京東，我們的整體市場份額，我真的以一種我可能不應該的方式在這裡匯總，稍微落後於我們的線下市場份額。因此，我們已經部署了整個組織來進行通路設計。

And that really boils down to value density. And parts of the reason why functional nutrition, why are concentrated eco products and why Prestige beauty do so well in e-commerce is precisely because they bring that value density that works for pure-play as well as the omnichannel mechanisms.

這實際上可以歸結為價值密度。功能性營養、濃縮生態產品以及 Prestige Beauty 在電子商務中表現如此出色的部分原因正是因為它們帶來了適用於純業務以及全通路機制的價值密度。

So yes, we're quite -- we're making very good progress on e-commerce with a sheer gap to fill in pure play. Graeme, capital?

所以，是的，我們在電子商務方面取得了非常好的進展，並且在純粹的遊戲方面存在著巨大的空白需要填補。格雷姆，資本？

Yes. Jeremy, so obviously, we had a very strong cash performance this year. We've got very high cash conversion in the business. We're converting profit into cash in a healthy way. We ended, as we said, at 1.8x EBITDA of leverage. We're pretty comfortable with that, to be honest. And we do aim for around 2x, that's over the long term, but we're happy to swing above and below that to a reasonable degree.

是的。傑里米，很明顯，我們今年的現金表現非常強勁。我們的業務現金轉換率非常高。我們正在以健康的方式將利潤轉化為現金。正如我們所說，我們的槓桿率為 1.8 倍 EBITDA。老實說，我們對此很滿意。從長遠來看，我們的目標確實是 2 倍左右，但我們很樂意在合理的程度上上下波動。

As we said on the section of capital allocation earlier, given the high ROIC of the business, really, our first priority is to invest back into the business. And in 2021, for example, we'll have -- we've got some rephased CapEx from 2020 that will go back into 2021. And I've already flagged the restructuring investment for 2021 and 2022. That's examples of that.

正如我們之前在資本配置部分所說，考慮到該業務的投資回報率很高，我們的首要任務實際上是重新投資該業務。例如，在 2021 年，我們將從 2020 年開始重新調整資本支出，這些資本支出將回到 2021 年。我已經標記了 2021 年和 2022 年的重組投資。這就是例子。

Now things like buybacks, they remain a really critical part of our capital allocation toolkit, and it sits alongside that first call, which is after investing in the business, which is to pay an attractive and growing dividend. That's all part of an approach of returning [the dough] to shareholders. We don't have anything to say around -- currently in relation to share buybacks, and we'll just wait and continue to see how the cash position develops as we go forward.

現在，像回購這樣的事情，它們仍然是我們資本配置工具包中非常重要的一部分，它與投資業務之後的第一次呼籲同時進行，即支付有吸引力且不斷增長的股息。這都是將[資金]返還給股東的方法的一部分。目前，關於股票回購，我們沒有什麼可說的，我們將等待並繼續觀察現金狀況如何發展。

Richard, I know that we're a bit over time. But I really want to send a signal of being available for a discussion of our business to our investor and analyst community. So let's squeeze in 1 or maybe 2 more questions.

理查德，我知道我們有點超時了。但我真的想向我們的投資者和分析師群體發出一個信號，表明我們可以參與討論我們的業務。那麼讓我們再問 1 或 2 個問題。

Yes. Sure. Okay. So next question then is from Jeff Stent at Exane.

是的。當然。好的。下一個問題來自 Exane 的 Jeff Stent。

Two questions, if I may. The first one is you're targeting profit growth ahead of sales growth on a comparable basis. If you could just confirm that does mean underlying EBIT. So that's the first question.

如果可以的話，有兩個問題。第一個是您的目標是在可比較基礎上將利潤成長置於銷售成長之前。如果你能確認這確實意味著潛在的息稅前利潤。這是第一個問題。

And the second question is, will, going forward, you'd be reporting like-for-like EBIT growth given that I'm assuming it's now one of your kind of key focus, is -- are you going to start reporting it to the market?

第二個問題是，展望未來，你會報告息稅前利潤的同比增長，因為我假設它現在是你的重點關注點之一，你是否會開始向市場？

Graeme, I'll let you take on Jeff's questions there. Pretty straight forward answers, I think.

格雷姆，我會讓你回答傑夫的問題。我認為答案非常簡單。

Jeff, on the profit growth ahead of sales growth comparable, what we mean there is our underlying operating profit, pretty much underlying EBIT, on a comparable basis, means on the same basis, as the sales growth still [constantized] and excluding the impact of acquisitions and disposals. And yes, we will report that and we'll report the growth on that measure.

傑夫，關於可比銷售成長之前的利潤成長，我們的意思是我們的基本營業利潤，幾乎是基本的息稅前利潤，在可比基礎上，意味著在相同的基礎上，因為銷售增長仍然[穩定]並排除影響收購和處置。是的，我們將報告這一點，我們將報告該指標的成長情況。

Let me just double-check that. I mean, so the short answer is yes, Jeff. Does that answer your question properly?

讓我仔細檢查一下。我的意思是，所以簡短的回答是肯定的，傑夫。這能正確回答你的問題嗎？

I'll take that as a yes, it does. Okay.

我認為這是肯定的。好的。

Okay. Next question from James Targett at Berenberg, Go ahead, James?

好的。 Berenberg 的 James Targett 提出的下一個問題是：繼續吧，詹姆斯？

Just one quick one for me left, actually. Just on pet care, obviously noticed you'll move into the market. Where does it fit into -- this category fit into your kind of first initiative on portfolio evolution. Just it's going to be a niche play here? Or is there something you could scale up organically or through M&A?

實際上，我只剩下一個快速的了。就寵物護理而言，顯然注意到您將進入市場。它適合什麼地方——這個類別適合你關於投資組合演變的第一個倡議。只是這會是小眾遊戲嗎？或者有什麼可以透過有機方式或透過併購擴大規模嗎？

James, let me take that one. I don't think we could be clearer than we've been this morning on where our strategic priority areas are. Alongside that, we're constantly experimenting in the business and trying of things here and there. I would put the pet care extension down to a fun experiment to see how it goes. It is definitely not a particularly strategic move. We've called out the strategic moves.

詹姆斯，要我拿那個。我認為我們對於我們的策略優先領域的定位沒有比今天早上更清楚的了。除此之外，我們不斷在業務中進行試驗，並到處嘗試。我會把寵物護理擴展歸結為一個有趣的實驗，看看它進展如何。這絕對不是一個特別具有戰略意義的舉動。我們已經提出了策略性措施。

Thanks, Alan. Thanks, James. Trying to quickly get through some Tom Sykes at DB. You can go ahead with the question.

謝謝，艾倫。謝謝，詹姆斯。試圖快速與 DB 的湯姆·賽克斯 (Tom Sykes) 打交道。你可以繼續提問。

So just to a bit more detail if possible on the COVID-related costs and how quickly these may come down, whether it's possible to sort of say what EM and DM within that? And is this going to be vaccine-related or was there a relationship between some of the surge categories that you had and some of the on costs there, which perhaps as some of those slowed down, some of the COVID-related costs may actually -- may come down as well.

那麼，如果可能的話，請更詳細地了解與新冠病毒相關的成本以及這些成本下降的速度，是否可以說明其中的新興市場和已開發市場是什麼？這是否與疫苗有關，或者您擁有的一些激增類別與那裡的一些成本之間是否存在關係，也許隨著其中一些成本的放緩，一些與新冠病毒相關的成本實際上可能 - - 也可能會下降。

And sorry, just on your comments on BMI. Obviously, there was the catch-up in the second half, but I'm not 100% sure of clarity on whether that is a higher run rate of BMI going forward now, which you're then expecting the benefits from more? Or are we not -- should we not consider the second half as the run rate, please?

抱歉，只是關於您對 BMI 的評論。顯然，下半年出現了追趕，但我不能 100% 確定現在 BMI 的運行率是否會更高，那麼您是否期望從更多中受益？或者我們不應該將下半場視為運行率嗎？

Graeme, why didn't you take Tom's question on COVID costs? And I'd encourage to be quite transparent on the sort of the nature and the timing of those COVID costs? And I'll come back on BMI.

格雷姆，你為什麼不回答湯姆關於新冠肺炎費用的問題？我鼓勵大家對這些新冠病毒成本的性質和時間安排保持透明？我會回到BMI。

Sure. Tom, yes, I'll [bounce] a bit of detail later, if I may. So overall, it had a minus 50 basis points impact on our gross margin in 2020. I couldn't give you a DM and EM split, but pretty much all of our markets because we manufacture mostly locally across our huge factory footprint, I think you can assume that it's been equivalent across all markets and not necessarily EM or DM-focused. The particular timing of it was particularly determined by the particular strength of lockdown and the progress of the virus in various places.

當然。湯姆，是的，如果可以的話，我稍後會[彈跳]一些細節。因此，總體而言，它對我們2020 年的毛利率產生了負50 個基點的影響。我無法給您區分DM 和EM 的情況，但我認為幾乎是我們所有的市場，因為我們主要在我們龐大的工廠足跡中進行本地製造。您可以假設它在所有市場上都是相同的，不一定是針對新興市場或已開發市場。具體時間是根據各地封鎖的強度和病毒的進展來確定的。

But I'll give you the components. The big-ticket items are things like hygiene and safety on-site, cost somewhere between EUR 60 million and EUR 70 million last year. Premium rate transportation was about EUR 60 million. Over-time and contract label for employees was also a $50 million, $60 million item. We spent around about EUR 20 million on masks and PPE. So it all adds up, and that's how you get to the 50 basis points.

但我會給你組件。其中最重要的項目是現場衛生和安全等，去年的成本在 6,000 萬歐元到 7,000 萬歐元之間。保費運輸費用約 6000 萬歐元。員工的加班費和合約標籤也是 5,000 萬美元、6,000 萬美元的項目。我們在口罩和個人防護裝備上花費了約 2000 萬歐元。所有這些加起來，就得到了 50 個基點。

That will continue for us long as we are having to operate our manufacturing in a safe way and so long as the virus is there. The critical [data,] I think of the mix of our business in 2021 will simply be the progress of the virus and the need to operate safely. But there is an on cost of operating safely. And as I said in the prepared remarks, I think we also had a 10 basis point impact as the cost to Unilever of the donation, the EUR 100 million of product value donations that we made during the course of 2020.

只要我們必須以安全的方式運作我們的製造業，只要病毒存在，這種情況就會持續下去。我認為 2021 年我們業務組合的關鍵[數據]將是病毒的進展和安全運營的需要。但安全運行是有成本的。正如我在準備好的演講中所說，我認為我們也對聯合利華的捐贈成本產生了 10 個基點的影響，我們在 2020 年期間捐贈了 1 億歐元的產品價值捐贈。

On your question about vaccine, we are -- in all of our sites, we provide testing, very, very active testing. But we wouldn't propose to have any form of mandatory vaccine as a business, we wouldn't do that. But we would encourage all of our employees to get vaccinated just as soon as they can within the particular geographies and countries in which they're operating.

關於你關於疫苗的問題，我們在所有站點都提供測試，非常非常積極的測試。但我們不會提議將任何形式的強制性疫苗作為一項業務，我們不會這樣做。但我們鼓勵所有員工在營運所在的特定地區和國家盡快接種疫苗。

It's a perfect bridge from COVID costs into BMI actually because with 50 bps of COVID cost and 100 bps when you factor a negative mix as well, obviously, it would have been both tempting and very easy for us to peer back on second half brand investment. But we decided not to. We decided to take all the money that we'd stored up in the first half through the lockdown -- the severe lockdowns and really reinvest it back to secure the health of our brands.

實際上，這是從新冠病毒成本到BMI 的完美橋樑，因為新冠病毒成本為50 個基點，當您考慮負面組合時為100 個基點，顯然，這對我們來說既誘人又很容易回顧下半年的品牌投資。但我們決定不這麼做。我們決定將上半年在封鎖期間儲存的所有資金——嚴格的封鎖——真正重新投資回來，以確保我們品牌的健康發展。

And I want to just be sure to clarify that, that benefit accrues over time. It's not as simple as you spend a lot of money in the second half, you get growth in the second half. So that's sustained long-term investment in our brands. And we will continue to do that. So we are absolutely committed to investing competitively in our brands in the coming years.

我想澄清的是，這種好處會隨著時間的推移而增加。這不是下半年花很多錢那麼簡單，下半年你就會得到成長。這就是對我們品牌的持續長期投資。我們將繼續這樣做。因此，我們絕對致力於在未來幾年對我們的品牌進行有競爭力的投資。

What competitively means does change, though. So it changes as a consequence of market rates. It changes as a consequence of competitive activity. And it changes as we shift our media mix into more and sometimes less efficient but more effective channels. So you can take it to the bank that we will spend competitively. Frankly, I see it unlikely that, that will be in a downward direction. And our intent is to relentlessly continue to step up the investment in our brands, whilst delivering the top line, bottom line and cash guidance that we've given.

不過，競爭的含義確實發生了變化。因此它會隨著市場利率的變化而改變。它會因競爭活動而改變。當我們將媒體組合轉變為效率更高、有時效率更低但更有效的管道時，情況就會改變。因此，您可以將其帶到銀行，我們將有競爭力地支出。坦白說，我認為不太可能出現下降的情況。我們的目的是繼續不懈地增加對我們品牌的投資，同時提供我們給予的營收、利潤和現金指導。

Okay. Maybe we can just squeeze in one more, Alan, which is from John Ennis at Goldman. Go ahead, John.

好的。也許我們可以再加一位艾倫，他來自高盛的約翰恩尼斯。繼續吧，約翰。

I've just got one follow-up on pricing. Do you guys think that you priced in line with the market in the second half? Or has there been any element of deliberately delaying some pricing to help support volume share? That's the one for me, please.

我剛剛收到一份有關定價的後續資訊。你們覺得下半年的定價符合市場嗎？或者是否存在故意延遲某些定價以幫助支持銷售份額的因素？這就是適合我的，拜託。

Yes. Short answer on that. Absolutely not. We have not sought to be more competitive through the delaying pricing at all. If anything, as Graeme hinted, there has been growing impetus [for the business] to make sure that we and the steadily rising agricultural commodity prices that we get on the front foot on recovering that.

是的。對此的簡短回答。絕對不。我們根本沒有試圖透過延遲定價來提高競爭力。正如格雷姆所暗示的那樣，如果有什麼不同的話，那就是[企業]的動力越來越大，以確保我們和不斷上漲的農產品價格在復甦方面處於領先地位。

So if anything, the [Clarion Cole] and the company has been more in line with, let's recover FX and cost than let's go slow in pricing to try and gain volume share. We gain volume share through all the other actions on physical availability and prioritizing some of the Tier 3 brands in our portfolio when the economies are slow in big markets like in Latin America.

因此，如果有什麼不同的話，[Clarion Cole] 和該公司更一致的是，讓我們恢復外匯和成本，而不是讓我們放慢定價以嘗試獲得銷售份額。當拉丁美洲等大市場經濟成長緩慢時，我們透過所有其他有關實體可用性的行動來獲得銷售份額，並優先考慮我們投資組合中的一些三級品牌。

Right. Richard, I think we've reached the end of our remarks and Q&A. Let me just say one sentence of wrap up, and then I'll hand back to you, Richard, just to formally close, which is we've laid out today a set of results for 2020 that we are proud of.

正確的。理查德，我想我們的演講和問答已經結束了。讓我先說一句總結，然後我會交給你，理查德，正式結束，這是我們今天列出的一組令我們感到自豪的 2020 年結果。

In particular, our step-up on competitiveness and the strong profit and cash delivery is exactly what we asked our organization to do. It is underpinned by a strong operational grip on the business that's coming through from our growth fundamentals. And we've taken time today to lay out our strategic priorities for the future around categories, around geographies, around channels and a little bit of a lifting of the lid on what we're doing on a fully digital and agile culture. It is all underpinned by a belief that sustainable business is a path to superior financial performance.

特別是，我們提高競爭力以及強勁的利潤和現金交付正是我們要求我們的組織所做的。它的基礎是對業務的強大營運控制，這是我們的成長基本面所帶來的。今天，我們花了一些時間圍繞品類、地理、管道以及稍微揭開我們在全數位化和敏捷文化方面所做的工作來製定未來的策略重點。這一切都基於這樣一種信念：永續發展的業務是實現卓越財務表現的途徑。

Thank you for your attention, and we look forward to the individual engagement in the coming days and weeks. Richard?

感謝您的關注，我們期待在未來幾天和幾週內進行個人參與。理查德？

Okay. Thanks, Alan, and thank you, everybody. We're bringing the call to a close. We've got through a lot of questions, not quite everybody. So if you've got further questions, please e-mail the IR team, and we'll arrange a time for a call today and get back to you. So thank you, everybody. Enjoy the rest of the day. Stay safe and say well. Thank you.

好的。謝謝艾倫，也謝謝大家。我們即將結束通話。我們已經回答了很多問題，但不是每個人都回答了。因此，如果您還有其他問題，請向 IR 團隊發送電子郵件，我們將安排今天的電話時間並回覆您。所以謝謝大家。享受這一天剩下的時間。保持安全並說好。謝謝。

This now concludes today's call. Thank you all very much for joining. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝大家的加入。現在您可以斷開線路。