Richard Felton: Thank you. That’s very helpful. My follow-up is going to be on e-cigarettes in the U.S. So obviously, very impressive performance on views on a top line basis and on improving profitability, but my question is on the volume performance of U.S. paper. Looking at the numbers on the second half, it looks like volume growth did decelerate a little bit. So my question is, how to think about the growth drivers for Vuse in the U.S. moving forward? I mean, should we expect it to be continued to be pricing-led growth? Or are there more investments that you need to make to reaccelerate the volume performance of Vuse and, I suppose, the overall category? That’s the follow-up. Thank you.
Jack Bowles: Yes. I think what’s important to consider is first — there has been a new category that has emerged in the U.S., which is the disposable with synthetic nicotine, okay? And you saw that it grew very fast and especially in non-organized trade. So that has taken some consumers in terms of the cigarette business that have moved to these kind of categories. But in reality, it’s an additional pool of consumers that have been created, and the FDA now wants to regulate that environment and that will allow us to have even more oxygen, so just in the transition. But what’s very interesting to see is that the vapour — traditional vapour pods has continued to grow. It did not replace one another. The traditional is continuing to grow.
There will be more regulation in synthetic nicotine products. So then that will create an additional expansion bubble, if you want, for us for the next few years to come. So I think that not only we have the best brand in the market. We have, as I said before, a price index of 140 to the nearest competitor. And we’re continuing to grow. The market is continuing to grow at a smaller space. And we have that additional bubble of oxygen that is coming our way with regulation related to the FDA. So I think that we own for something very good in terms of e-cigarettes in the U.S. And at the same time, you saw the profitability. I mean, the numbers speak for themselves, if I may say so.
Richard Felton: Thanks very much.
Operator: Next up, we have Rey Wium from SBG Securities. Your line is open, please go ahead.
Rey Wium: Good morning, Jack and Tadeu. Also just two questions from my side. I just want to quickly focus on the combustible market share. You mentioned it was down 20 basis points. So it’s a bit of a reversal of what we’ve seen in prior years. And I know you mentioned it is the U.S., but in your report, you also state that the market share was lower in AMSA in Europe. So I was just curious about where you’ve seen market share declines and what you can do to reverse that in the combustible side?
Jack Bowles: Yes. I think that the first thing to consider is that 2022 has been a year where there were more tensions in terms of pricing across the globe. Let’s put it this way. Then also, you had the macroeconomics that we are hurting the consumers in the second half of the year. So I think that what we start to see in the last quarter is that resilience is transforming again into growth in terms of volume. And there is more benign pricing environment, i.e., the pricing is coming through. As I said earlier, always remember a lot of FMCG, CPG company, took a lot of pricing in Q4, then it’s different for us. We took reasonable pricing because consumers buy every day, and we can continue to take that pricing. So we see the volume and the pricing in a good environment for 2023.
