“But we have done our homework, and we believe there is not going to be a material volume repercussion on consumption in our case.”

In context

“and attracting consumers. And that's what really we are about to not to touch. We will protect those price points. We mentioned to you that there are specific pack sizes that are very relevant to consumers like the multipacks. We are keeping those price points. There are brands that are not our top brands necessarily where we're going to go with higher prices. And that over time has proven to us that elasticity is not material. And then there is a whole host of ideas as to what we have to do to boost consumption in the second half, particularly as it boils down to RGM and promotions. I think the team has a slate of actions that hopefully will lead to much better revenue results. So you're right in saying how do you reconcile the fact that consumers are price sensitive to a price increase. But we have done our homework, and we believe there is not going to be a material volume repercussion on consumption in our case. Operator: We'll go next to Alexia Howard with Bernstein. Alexia Howard: Can I start with a question on uses of cash? It seems as though you are taking on a bit more debt in order to repurchase shares. I think you put a $9 billion share repurchase approval over the next 3 years out at the end of last year. Should we expect that dynamic to continue? How are you thinking about the trade-off between taking on debt and continuing to repurchase shares at this point? Luca Zaramella: Look, the #1 ticket item between the balance of cash flow and share repurchase and dividend is actually the forex impact on our debt. Our debt composition is made up of obviously, a dollarized base, but importantly, of a euro, of a GBP, of -- you call it. We have diversified the currency nature of our debt over time,”