Callum Elliott: Hi, good morning. I wanted to build upon Chris’s question, please, and ask you about the A&M buckets and the spending behind your brands. I think the case shows advertising up around 10% year-on-year, and that’s around a 20 basis points increase as a percentage of sales. But we’re still quite a long way below pre-pandemic levels as a percentage of sales and comfortably below the average of the last several years. So I guess the question is, are your brands getting enough support and do we need to see upwards pressure on advertising spend as a percentage of sales over the coming years? Thank you.
Ramon Laguarta: That’s great, good point. Obviously in absolute terms, we have much more A&M. So I think we have increased, last year was $500 million. And if you think about a longer timeframe, a meaningful over $1 billion increase in absolute A&M. So that’s absolute dollars that go against our business. We’re thinking about continuing that trend, continuing to support both our large brands across multiple markets and then smaller brands where we take the portfolio into the future. So that should be a composition of our A&M. Now, when you look at the last few years, you should bear in mind we stopped advertising in Russia, which was a meaningful market for us. So that is reflected in our absolute numbers or relative numbers.
So that you should contemplate that. But as a, you know, if you think about where and how we’re going to create demand in the future, you should be thinking about A&M continue to increase. Obviously, we’ll look at ways to optimize A&M, and we have very strong measures on ROI and best ways to invest in our brands, but you should be thinking about as a company that continues to build brands, continues to innovate, continues to create value through investment in consumer. And obviously we also create a lot of demand through our push model to some of the questions that were asked before. You should be thinking about our selling and distribution costs not only as a cost, but also as a way for us to execute very granularly across millions and millions of point of sale around the world where we reach the final point of sale and we create, I would say visibility for our brands and impulse for our brands, which are relevant if you think about the categories where we compete.
Operator: [Operator Instructions] Our last question comes from Steve Powers of Deutsche Bank. Your line is open.
Steve Powers: Oh, great. Good morning. Thanks, everybody. Jamie, add me to the list of people excited to work with you again. Hey, actually, this question may be for you. It probably is for you. On these calls for the last several years, we’ve been talking about on and off, just sort of the cashflow profile of the business and the capital investments that have been made in the business in the past, eventually back towards a higher level of pre-cashflow conversion. I guess acknowledging that you’ve been there in the room the whole time. Now as you assume the role of CFO, do you see any opportunities to speed that process of cash flow generation and a return to higher levels of pre-cash flow conversion from where we’ve been trending or is it more steady state? And if you could just give us a little perspective on how you’re seeing those, that cashflow profile of the business evolving from here, that’d be great. Thank you.
Jamie Caulfield: Yes, so clearly cashflow continues to be a priority. I focus on CapEx and we’ve been very intentional about the levels of capital we’ve invested in the business. Part of that was to catch up on capacity. We’re currently in the midst of big investments in IT and digitalization. But over time, I think you’ll see the level of CapEx as a percent of sales begin to trend down and that will help with the cash flow conversion.
Ramon Laguarta: Great. So thank you, everybody. I’m glad everybody’s happy that Jamie is back and I see a lot of bonding. Great, but obviously thank you for the confidence that you’ve placed in our investment and we look forward to seeing many of you at Cagny in a couple of weeks and having a longer conversation there. Thank you very much.
Operator: Ladies and gentlemen, this concludes today’s presentation. You may now disconnect and have a wonderful day.
