Luca Zaramella: Chris, I think as you look at the quarterly gating in 2022, you saw the most pressure in terms of profit delivery in Europe in Q3. And in there, there was the fact that we were running out of hedges for the first part of the year and pricing was not fully implemented. As you saw in Q4, profit is up soundly. And in that context, we also increased investments. So as we close the year, the absolute inflation that you would expect annualized compared to the pricing annualized was a wash. The point here is, as we walk into 2023, there are a couple of events that came into play. One, it is the material energy pressure and the fact that in 2022, we had positive coverage in that area. And the second one is the fact, clearly that we have to price again.
So all considered the 2022 inflation that was embedded in the base and the pricing wasn’t at worse by the end of the year in terms of annual impact. Now going into 2023, there is more pressure coming and subsequent price required. You are going to see some subpar numbers in terms of profit for Europe, most likely in Q1 and Q2 as a result of pricing not fully implemented yet and customer negotiations. But then by Q3 and Q4, there will be a recovery of margins and profitability in Europe. And again, in this context, the last thing we want to do is to cut on investment, and we will continue to invest A&C regardless of pricing negotiations going on.
Christopher Growe: Okay. Thank you for all that color. That was a good answer there. Then the other question I have was just in relation to China. You had a strong performance there this quarter and through the year. Is that a tough comp for 2023? Or if we see some improvement in mobility and travel, should that help China grow at even faster rate in 2023?
Dirk Van de Put: I wouldn’t say that we are immediately planning for a faster rate in China. But certainly, if you look at the country coming out of the COVID situation and the restrictions starting to ease and the travel restrictions being lifted, on top of that, our plants are open and operational, which was not always the case during the past year. So I think that we will be having a good supply situation, we do have some increased costs, and we will have to deal with that through price increase. But overall, I would expect China to continue with a high single-digit to double-digit growth for next year. The gum business, we expect to come back and we would continue on momentum with the biscuit growth that we’ve seen. We continue to increase our market share.
I see no reason why that would not continue next year also. And so apart from the pricing, all the other indicators for China are pretty positive for us. Not quite sure if that really immediately translates in acceleration, but high-single digits to low double-digit is doable for China for next year.
Luca Zaramella: Maybe just one little add. There is a little bit of phasing as it relates to Chinese New Year. So in Q1, you’re not going to see double-digit revenue growth. But as Dirk said, the fundamentals of the business are very strong, and the team is executing extremely well in the country.
Operator: Thank you. Our next question will come from Jason English with Goldman Sachs. Your line is open.
Jason English: Hey, good morning folks. A couple of questions
