Olivier Nicolai: Just two questions, please. First, if go back to the U.S., ABI is losing share within beer, but beer as a category is actually losing share against spirits, and that’s been the trend for some time. Now, what do you think the beer industry is missing when it comes to innovation or marketing or pricing relative to spirits to stop this trend? And second question, just on — Fernando, you’ve given guidance for the increase in accretion expense this year. But regarding your other financial results, they have increased by 50% to $1 billion. What should we expect for 2023 there? Thank you.
Michel Doukeris: Olivier, Michel here. First question is a tough one to answer. I think that there is a lot happening there at the same time. If you look, I think that — the best part of my answer is going to be, if you look at the last few weeks and what’s happening in the U.S. is beer responding much better, the biggest loser is wine, spirits continue to do well, but the majority of the growth is in ready-to-drinks. And in ready-to-drinks, actually, we are leading the pack, and we are much better positioned to grow the ready-to-drinks based on the footprint that we have, the network that we have. And this is part of our portfolio renovation. So, that’s why it’s so important for us to get premium correct, to get Michelob ULTRA to continue to expand and having NÃœTRL Cutwater and the other ready-to-drinks propositions that we have to grow.
I think that when you think about the main causes for spirits to be performing well in the U.S., has a lot to do with availability. So, several propositions in states, things that increase the availability and for some people questioning how big this can be and all the availability that was created, this it is the correct thing. And the second point, we see throughout the years, more on the affordable cheap side when you compare the spirits prices in the U.S. versus any other market globally, which is something that is interesting, not to say anything different. It’s quite affordable. But it’s good to see that in the last weeks and when you look one through three years compounded, beer is performing better than was performing before, year-to-date is gaining share of value and gaining share of throat.
And I think that innovation, quality of the products and the right alignment with the consumer long trend are the answer, yet a lot of work to be done.
Fernando Tennenbaum: And Olivier, on your second question on other financial results. You mentioned accretion expenses. This is the one that is more predictable, so we can give the outlook and provide the range. On the rest of other financial results, the most relevant line is the carry cost of the hedges. And carry cost of the hedges are a function of interest rate differential between different countries. And this one can float. That’s why we don’t provide too much of an outlook. But if you look at our major exposures, which we have available on our financial statements, and if you understand the carry cost differential, then you can make an educated guess, but acknowledging that interest rates may flow throughout the year and the number may be somewhat different.
Operator: Our final question will come from the line of Laurence Whyatt with Barclays.
