“It will go down over the course of '24 as we have a clear playbook and by the way, we incent Argentina, not like all the other business units, but we incent Argentina on net monetary position and free cash flow generation.”

In context

“ny effect on local operations? What's incorporated into the guidance, and also, maybe if you can just touch on, is that what's driving the FX guidance to be so moderate? Because we fielded that question a bunch over the last few minutes. Thanks. Luca Zaramella: So, Argentina for us, is round about a $600 million business. We are very happy the way the business has been managed over the years. We have a clear playbook. What matters in Argentina for us is not necessarily top line growth. It's not share. It is about protecting the cash that we have there. And Argentina has been consistently generating cash for us, and we have been able also to take some cash out of the country. Some of the companies have talked about exposure on net monetary position. Our net monetary position is in control. It will go down over the course of '24 as we have a clear playbook and by the way, we incent Argentina, not like all the other business units, but we incent Argentina on net monetary position and free cash flow generation. There was a little bit of a spike in net monetary exposure in Q4, and that was, as the old government put in place some price control mechanism. But as those have been released, the net monetary position in Q4 is going to be very manageable and I don't expect any major impact due to that. It's also fair to say that we have full control of the operation. We are free to price at this point in time, and the team is fully committed to protecting as much as they can the size and the scale of Argentina. So I [Technical Difficulty] any issues or whatsoever in terms of impairment. Clearly, there has been material devaluation. The parallel market runs at rates that are even higher than the official one reported, that are obviously already much higher than last year. And so we will have to cap most”