“Today, we have no reason to believe that suddenly Russia is going to become a growth market, because nothing has changed fundamentally.”

In context

“Russia. So, IQOS volumes in Russia grew, which is surprising, given that you do not invest in IQOS there anymore. So how should we -- so first of all, can you just remind us the contribution of Russia on your EPS? And how should we think of Russia IQOS shipments for this year? Emmanuel Babeau: Look, on Russia, you have to be a bit cautious on the shipment that you see. And that does not necessarily fully reflect the consumer offtake. You can have some movement from the surrounding countries. So I think we have to be cautious. So Russia is a market that has not been -- if I look at the past, I'm not sure that one quarter is enabling us to conclude anything. Since the beginning of the war in Ukraine, Russia has been a market that has not shown, unfortunately, any kind of meaningful growth. Today, we have no reason to believe that suddenly Russia is going to become a growth market, because nothing has changed fundamentally. And that's a country that has been impacted, of course, by currency depreciation that has been impacting the weight in the EPS. So I think that we were referring to 7% to 8%. I think we'll have to revise. And I don't have the number top of mind for 24 on the outlook, but that was the kind -- it was around 9, 10. And I think with the currency, it has been losing a bit of weight in the overall performance of the company. Operator: Thank you. Our final question comes from Callum Elliott with Barclays (sic) [Bernstein]. Your line is now open. Callum Elliott: So my question is actually following up on Bonnie's question on dollar growth. In 2013, I think your dollar EPS, Emmanuel, was $5.40 per share. So you've compounded dollar EPS growth at about 1.5% percent over the subsequent 10, 11 years.”