Michel Doukeris: Hi Pinar, thank you for the questions, Michel here. On the first one, you know that we don’t give guidance by line, and we showed during the webcast here that we continue to invest, it’s close to $7 billion across all years since 2019. And there is a growth when you get 2019 to 2022 of roughly $400 million in organic terms. And our plans are to continue to invest behind these brands. They are great brands. We achieved last year, all-time high power of our portfolio, it’s the measurement that we have for favorite preference, whatever different companies call, we call power. And both brands they deserve good investments because they drive the growth that we want to have for the Company today. And in this journey from inorganic to organic, growth will be achieved by the quality of the sustainable growth of our brands.
But I think that more important than that is increasing investments with effectiveness. And our creative quality is as good as never been, recognized by Cannes, recognized by Effie. We were — not only creative but also effectiveness. And as we expand our digital products, both this and the DTC, we have this unique opportunity to combine data to do all to all, to activate campaigns in large scale as we did, for example, during FIFA World Cup in a very effective way. So, we are not only growing the amount of dollars that we are investing in the brands, but we are sweating these dollars much better than before with higher ROIs. And on the second question, I think that this is easy from our side to answer. I think that the market that we are more excited for the moment is China.
And in a nutshell, China was incredibly disrupted last year by series of lockdowns, open, close and people really losing opportunities to be social and to use our products. And based on what I saw on this trip last week in the market, I visited several places. I could see like restaurants with two hours waiting list on GivingThursday. I saw nightlife parks full of people and consumption resuming very quickly. I think that the market that we are more excited for 2023 is getting China to its full potential and giving our premium presence, the relevance of our brands there and how sizable China is, that can be a nice add-on to build on the momentum that we have across the globe.
Operator: Our next question is coming from the line of Rob Ottenstein with Evercore ISI.
Rob Ottenstein: Great. Thank you very much. And congratulations on the tremendous progress deleveraging and the dividend increase. Can you — kind of going back to a prior question, can you give us maybe a little bit more granularity on the major price increases that you took in Q4 in the major markets? Any — as much detail as possible would be great. And your sense of how well those are sticking, are competitors following? I mean, in most cases, you tend to lead. So, that’s an important dynamic. And then, I have a follow-up question for Fernando.
Michel Doukeris: Hey Robert. Good morning. Thanks for the question. I think that you already know that we don’t disclose much of this price by market and with details. But I think that the best way to answer this question is thinking about our policy of moving prices with inflation. And inflation, as you know, was slightly different on a market-by-market, but growing everywhere. And we had beer — beer total, not only BI behind but lagging behind inflation throughout most of the year, but catching up towards the end of the year. So I think that perhaps more interesting is to think about the positive carryover that this price will have for 2023, while 8%, give or take, during 2022 was above 11% in the quarter four. And we know that inflation is pointing down across most of the markets, but it’s still on a high level.
