Hello, thank you for joining us. I am Debra Crew, CEO of Diageo. I am pleased to share that in fiscal 2023, we delivered strong performance, with organic top line and operating profit growth within our medium-term guidance. Lavanya, our CFO, and I will discuss these results in more detail. I will also share near-term opportunities to win in fiscal 2024 and beyond. First, as you might know, fiscal 2023 is the first time I have presented results as CEO of Diageo. I was appointed in early June, taking over from our much-loved and respected former CEO, Sir Ivan Menezes, who passed away. On behalf of the Diageo family, I would like to thank you and express our appreciation for your condolence messages during this challenging period as we mourn the loss of Ivan.
Ivan's exemplary leadership, entrepreneurial spirit, and most of all, his humanity, helped to build this company and continues to inspire us. I am proud of how our Diageo family has come together in recent weeks. Our commitment is to build on the success and enormous legacy he leaves behind. We celebrate his life every day by driving the business forward for the long term in the right way. Our performance ambition captures the many reasons I am excited to lead Diageo. As many of you know, I have been with the company for over four years, first as a non-exec board member, then as president of North America and as chief operating officer. I have had the opportunity to experience all aspects of our business.
I am as excited as ever about our brands, assets, capabilities, and opportunities, as well as the amazing people who bring these things to life at Diageo. In the last few months, I've been meeting with our teams across our regions, which has reinforced what I believe we need to do for us to achieve our performance ambition. Today, I will set out the near-term opportunities I'm focusing on to win in fiscal 2024, and I will share my longer-term roadmap at our next Capital Markets Day on November 16th. I am pleased to share a strong set of results for fiscal 2023. As a company, we are now 35% bigger on a net sales value basis compared to fiscal 2019. In fiscal 2023, we delivered organic net sales and operating growth squarely in our fiscal 2023-2025 medium-term guidance.
Our strong top-line growth, revenue growth management initiatives, and productivity savings have enabled continued operating margin delivery while reinvesting in our brands and strategic priorities. In fiscal 2023, we experienced a 1% organic decline in volume. While on the face of it, this may appear unfavorable, this is a choiceful and expected trade-off as we have implemented strategic price interventions over the past 2 years to ensure effective positioning for long-term growth, and I expect to return to volume growth over time. Our free cash flow delivery in fiscal 2023 primarily reflects prior year lapping impacts. Lavanya will add more color to this shortly. Our diversified footprint provides opportunities to grow where we see consumer preference. This deep and broad portfolio of brands across price points and categories is our competitive advantage.
Our biggest brands in our 3 largest categories delivered strong double-digit growth in fiscal 23, and I am delighted. I will now share some fiscal 23 highlights about Johnnie Walker, Don Julio, Casamigos, and Guinness. These brands have delivered outstanding results, and I am confident they will continue to be key drivers of future growth. In fiscal 23, Scotch net sales grew 12%, led by Johnnie Walker, which delivered impressive growth of 15%, with organic volume up 9%. Yes, 9%, and strong price mix of 6 percentage points. The brand gained share of Scotch globally, including in 8 of our largest markets by net sales value. Tequila organic net sales were up 19% in fiscal 23, reflecting strong performance of Don Julio and Casamigos, which grew 20% and 16% respectively, primarily driven by North America.
In Europe, the region's tequila net sales doubled, and the category accounted for nearly a 10th of its organic net sales growth. Our tequila business is now our 3rd-largest category in net sales value. We are the global number 1 tequila player by retail sales value, or RSV, with Don Julio in the top position and Casamigos close behind. Our global market share of the category rose by 131 basis points to over 23% retail sales value in 2022. We believe there is a long runway for growth opportunities to go after, and I'll come back to the global opportunity in a moment. In fiscal 2023, Guinness had the best year since we've been tracking it, with growth in all regions led by double-digit growth in Europe, LAC, Asia Pacific, and high single-digit growth in NAM and Africa.
We are focusing on driving premiumization with strong revenue growth management initiatives, and we're also focusing on increasing penetration supported by innovation and consistent marketing investment. Our strategy is working. Guinness has become the number 1 beer by volume in the island of Ireland off-trade over the past 12 months, and I'm pleased that as we continue to fully integrate our work to promote responsible drinking into our brand messages, Guinness 0.0 four-pack was recently the number 1 non-alcoholic item in the GB off-trade by value and volume. I believe the power of our diverse global business is sometimes underestimated. Our broad presence across regions and markets provides resilience and the ability to participate in global growth opportunities.
In fiscal 2023, LAC, Europe, and Asia Pacific all delivered strong growth on top of double-digit growth in the prior year. Africa delivered mid-single-digit growth against a challenging macro environment. In NAM, putting fiscal 2023's US Spirits industry normalization impacts aside, I believe we have much opportunity. I will discuss this in a moment. Winning quality market share remains a key focus. We invest consistently behind our brands to achieve this. We gained or held share in measured markets that totaled over 70% of our net sales value in fiscal 2023. In the CPG sector, I believe 70% is very impressive, yet I still think we can do more. With our advantaged portfolio, investments, and capabilities, I want and expect to see markets like the US not just holding, but gaining share consistently in TBA over time.
This will enable us to achieve our 6% global value share ambition. Let's go to the U.S. now. First, I want to reiterate my confidence that the U.S. Spirits market presents a very attractive opportunity for growth. In the U.S., TBA has grown at a 4% CAGR over the past 10 years, and Spirits is up 6%, gaining 8 percentage points of TBA share over that same period. Remember, at our Capital Markets Day, nearly 2 years ago, I mentioned 2 things. First, our expectation that U.S. Spirits consumption would normalize over time, and as expected, we are seeing it trend back towards historical mid-single-digit growth, and importantly, we also see consumer resilience and premiumization continuing. Since 2019 and throughout the past 12 months, premium-priced options have consistently increased their market share in the U.S. Spirits industry.
Second, I also said that we aim to outperform the U.S. TBA industry over time, and I believe with Diageo's advantaged portfolio, brand building, and commercial capabilities, we can achieve this ambition. I now want to address the shipment growth of Diageo's U.S. Spirits business in fiscal 2023. Industry-wide, the impacts of normalization coming out of the COVID super cycle are working their way through the supply chain. Remembering that the U.S. operates in a three-tier system, these impacts are experienced at different times and magnitudes across manufacturers, distributors, and retailers. As for Diageo, elevated demand during the pandemic drove in-inventory to severely low levels. Crown Royal, which I'll discuss in a moment, is a good example of this. We leveraged our supply chain capabilities through fiscal 2021 and fiscal 2022 to get product to distributors and back on retailers' shelves as quickly as possible.
At the same time, we saw distributors increase inventories of our imported products in response to the shipping and logistical challenges in fiscal 2022. As we said at the end of fiscal 2022, this resulted in our U.S. shipments growth being ahead of depletions by 3 percentage points, creating a large lap effect for fiscal 2023. As you can see from the chart, for the past year, distributor inventory levels have been aligning with pre-COVID historical levels. Therefore, in fiscal 2023, shipment growth lagged depletions growth by 2 percentage points. As of the end of fiscal 2023, I am comfortable with our overall U.S. distributors' inventory levels. I also want to discuss 2 areas regarding our U.S. TBA share. First, in fiscal 2023, Spirits RTDs contributed to a meaningful portion of TBA growth and more than a third of U.S. Spirits industry growth.
We lost share in this emerging category, and those losses offset category gains we had in tequila, Scotch, Canadian, and US whiskey. Most of the Spirits RTD growth is driven by consumers experimenting and trialing new, mostly undifferentiated entrants, flooding the market and promoting heavily. Let me be clear, I see opportunities for Diageo in this space. Consumers are mostly trading up from malt-based beverages and seltzers to spirit-based beverages, which offers us an opportunity. We aren't going to just chase share. We've consistently said we will be selective about how we play in the RTD space. We will always focus on differentiated, premium opportunities that complement our brands and portfolio and deliver sustainable growth, and we have a strong pipeline of innovation to help us do this. Second, Crown Royal, our largest US Spirits brand, while gaining category share of Canadian whiskey, lost share of overall TBA.
Severe liquid constraints driven by high consumer demand during COVID disrupted both our ability to innovate on the brand and the brand's physical presence in store. We are taking steps to increase AMP investments, innovate, optimize Crown's merchandising, and add production capacity. At this year's Super Bowl, Crown Royal was the first Spirit brand to air an ad on TV. The ad reached over 100 million consumers and ranked the 3rd highest in viewership. As liquid constraints for Crown Royal have subsided, we are developing a pipeline of innovation, and we are leveraging a new capability to optimize product displays and placement in retail stores to drive incremental volume uplift. Finally, to support the long-term growth ambition of this brand, we are increasing our production capacity up to 50,000 barrels per year through a $200 million investment in a new carbon-neutral distillery in Canada.
Moving on to the near-term opportunities we're going after to win and drive value creation. The first area is innovation. Over the past couple of years, the availability of aged tequila was also constrained due to high consumer demand. This hampered our ability to innovate in tequila, similar to Crown Royal. As aged liquid becomes available, we are moving quickly to develop the sustainable and targeted innovation pipeline we had already planned. In April, we launched Don Julio Rosado Reposado. A new signature luxury tequila, which is aged at least 4 months in Ruby Port wine casks from the captivating Douro wine region of northern Portugal. With its light fruit finish and delicate pink hue, Don Julio Rosado targets the daytime occasion. It is helping to build the luxury price ladder for tequila in the US and gaining share in both the tequila category and spirits market.
In June, we launched Casamigos' first innovation since acquiring the brand, Casamigos Cristalino, a super premium offering. It positions us to expand the tequila category in the US and lead it as the brand of choice as consumers explore different flavors and serves. This builds on the momentum of the fast-growing Cristalino sub-segment within tequila. Diageo was the architect of the Cristalino sub-segment in 2012 through the launch of Don Julio 70, a variant which grew faster than the category and gained share in fiscal 2023. The next near-term opportunity is to expand our brands into the hands of new consumers in new places and spaces. Global or local, every one of our brands has a story to tell, and we will move with speed and agility so that our brands are there for people to enjoy as part of celebrations, big or small.
By having the right product in the right place at the right time and at the right price, we win with consumers. For example, every month, 93 million people who choose to drink alcoholic beverages choose Johnnie Walker. We have grown Johnnie Walker to be the world's biggest international spirits brand by RSV. Nearly a third of Johnnie Walker drinkers are now female. We will increase the absolute amount of AMP and maintain the reinvestment rate in our Scotch business. On tequila, my ambition is simple: I want to take tequila around the world. We are the people who have done that successfully with so many brands. From the 1800s, Johnnie Walker took Scotch to the four corners of the globe, and now we plan to do this with tequila, and there's no one else better placed to do it.
On Guinness, we will sustain our biggest innovation pipeline in 30 years with Guinness 0.0 for those occasions when people choose not to drink alcohol, Guinness NitroSurge, which recruits on-trade drinkers into the off-trade, and growing Guinness MicroDraught, which allows us to take Guinness into new spaces that would traditionally have required kegs. On to productivity, the fuel that powers our ability to consistently fund and increase investments in our brands and our culture of everyday efficiency. For Diageo, productivity and efficiencies aren't just a bolt-on or a nice-to-do. Everyday efficiency is core to who we are. Our people act like owners and are encouraged to do so. In fiscal 2023, we delivered GBP 450 million of productivity cost savings, another strong year. We reinvest these savings back into the business, into our brands I just discussed.
Our people are all in, and I'm pleased to share that our sustainability initiatives contribute to our productivity savings. There are two I'd like to highlight. First, at our packaging plant in Leven, we partnered with our energy provider to install one of the largest solar installations in the UK. It generates enough power from Scottish daylight to meet up to 100% of our plant's energy needs during the summer months. We are lowering our energy cost without the need for significant CapEx. This partnership is a win-win. The second is our use of drones on our agave farms in Jalisco, Mexico. As you'll know, agave plants are the key ingredient in making tequila. The drones are pretty neat. They're in action, scanning our agave plants to identify which ones need water and fertilizer.
Our farmers dispense both to nurture and nourish our agave plants, but only where needed. We expect this innovation to contribute to our 2030 target to deliver a 40% improvement in water use efficiency in water-stressed areas. We see significant opportunities like this to continue to deliver incremental productivity, which we will leverage to continue to reinvest in the business. I'll now hand over to Lavanya, who will take you through our financials in more detail.
Thank you, Debra. Good morning, everyone. As Debra mentioned, we have delivered another strong set of results in fiscal 2023. We grew organic net sales by 6.5% at the top end of guidance, with strong price mix performance mitigating a modest decline in volume. We leveraged our advantage portfolio, strong brands, diversified footprint, and the ability to adapt quickly to drive growth in a challenging environment. We expanded organic operating margin by 15 basis points, reflecting our disciplined business model despite headwinds from cost inflation. We generated free cash flow of GBP 1.8 billion, as growth in operating profit was more than offset by a shortfall in working capital. I'll talk more about free cash flow in a few minutes. Pre-exceptional earnings per share increased 8%.
We increased our full-year dividend by 5%, reflecting our continued strong performance and our commitment to a progressive dividend policy. Return on invested capital was 16.3%, a decline of 50 basis points. Our orientation is to invest for the long term, which can impact ROIC in the short term, as it did in fiscal 2023. In fiscal 2023, we increased CapEx, invested in maturing stock, and continued to optimize our portfolio through acquisitions and disposals. Finally, we delivered total shareholder return for the 10-year period of 9%, which remains strong. The 12-month TSR of -2% for fiscal 2023 was driven by a lower year-on-year share price. Our profitable growth algorithm continues to deliver sustainable long-term growth. We continue to premiumize our portfolio, increase prices, and drive productivity, all of which enables us to invest smartly.
Price mix contributed 7.3 percentage points to top-line growth, reflecting price increases taken by all regions. Price contribution to NSV growth was in the mid to high single digits. Volume was impacted by declines of beer in Africa, where we took significant price increases in response to macroeconomic challenges. Spirits volume was flat. However, if you adjust for lapping of the fiscal 2022 inventory replenishment in North America, spirits volume would have grown approximately 1% in fiscal 2023. We unlocked a further GBP 450 million of productivity cost savings across COGS, marketing, and overheads during the year, up from our historic average of GBP 400 million annually. Strong top-line performance, combined with our culture of everyday efficiency, enabled us to continue to reinvest in our brands and core capabilities. We drove productivity in our A&P and increased marketing investment by nearly 6%.
In fiscal 23, our portfolio delivered organic net sales growth, led by our three largest categories: Scotch, tequila, and beer. Our Scotch business, on a reported basis, is bigger by over 30% in fiscal 23 when compared to fiscal 19 levels. For the full year, our Scotch business grew organic net sales by 12%, contributing nearly 50% of Diageo's net sales growth. Tequila grew 19%, contributing 30% of Diageo's organic net sales growth. Over the last 4 years, our tequila business quadrupled, and in fiscal 23 is almost 25% larger in net sales than vodka. Our beer business delivered 9% organic net sales growth, with Guinness growing at a remarkable 16%. Growth was broad-based and led by key markets, including Great Britain, Ireland, Nigeria, and the U.S.
In other whiskey, organic net sales of IMFL whiskey in India grew 15%, fueled by Royal Challenge, and the higher marques within IMFL grew significantly ahead of the overall average. This growth was more than offset by a decline in Crown Royal in North America. Organic net sales of Crown Royal declined by 10% as it lapped the replenishment of stock levels by distributors in fiscal 2022. Sales of Chinese white spirits were adversely impacted by continued COVID-related restrictions, as it is mostly consumed in the on-trade. In fiscal 2023, we continued to premiumize our portfolio. Premium-plus now accounts for 63% of Diageo's net sales, up 7 percentage points compared to fiscal 2019. We also drove strong performance in standard, fueled by consumers trading up in emerging markets such as India, Turkey, and Brazil.
In these 3 emerging markets, organic net sales growth of standard, premium, and Premium-plus price tiers was 3-4 times faster than the value tier. Our premium brand variants grew 5%, with continued momentum in Guinness and Johnnie Walker Black Label. This growth would have been even more impressive if not for Chinese white spirits, which was impacted by COVID, and Crown Royal, where we were lapping the restock in fiscal 2022. Our Super-premium-plus brand variants delivered over a fourth of our organic net sales growth and grew 7%. This strong performance was driven by Don Julio and Casamigos, the higher marques of Johnnie Walker, Lagavulin, and The Singleton. We grew organic net sales in 4 of the 5 regions in fiscal 2023, despite lapping strong double-digit growth at the group level.
Organic net sales in North America were flat for the year as US Spirits cycled strong double-digit shipment growth in fiscal 2022. In Europe, the market accelerated meaningfully through the course of fiscal 2023, driven by premiumization, targeted price increases, and strong growth in Guinness. Asia Pacific grew organic net sales by 13%, despite Greater China, which declined by 4%. In Greater China, we delivered double-digit growth in Scotch, primarily in Taiwan. This was more than offset by a decline in Chinese white spirits due to COVID-related restrictions. India, Southeast Asia, and travel retail all posted double-digit growth, mainly from Scotch. Latin America and Caribbean grew organic net sales by 9%. In Africa, we delivered growth across all markets except East Africa, supported by price increases. The power of our brands and our revenue growth management capabilities, RGM, fuel our profitable growth algorithm.
Our RGM strategy is focused on driving balanced growth through volume and price mix. In fiscal 23, price increases were a bigger contributor to our organic net sales growth than historically in the mid to high single digits range, more than offsetting the COGS increase we had in the year. We feel very good about our balanced approach to RGM, given our share performance. Let me bring to life some examples of revenue growth management. Within Malts, we used headline price increase alongside innovations like Talisker Surge and Singleton Golden Treasure to premiumize the Malts category. Across APAC, Scotch volumes grew 14%, while value grew 26%, with Johnnie Walker Black, Gold, and Blue Label variants all growing faster than Red Label. In Europe, Johnnie Walker grew volume 18%, while value grew 29%. Importantly, in all of these examples, we drove RGM while also gaining share.
Our culture of everyday efficiency and a strong pipeline of productivity initiatives play a critical role in our growth algorithm. In our last Capital Markets Day, I laid out a commitment to deliver GBP 1.2 billion of productivity between fiscal 2022 and fiscal 2024. We have delivered approximately GBP 830 million of our commitment in the first two years. This underscores our commitment to driving productivity. We launched our supply chain agility program in fiscal 2023, starting in North America and India, which delivered nominal savings in this fiscal as expected. The value from this program will build in future years, as we've previously discussed, and will be incremental to our current three-year, $1.5 billion productivity target.
We delivered organic operating margin expansion despite increased cost inflationary pressures in fiscal 2023. The primary pressure was due to higher energy prices. We faced significant cost pressure during the year, particularly in glass, paper, metal, and transportation costs. Gross margin was impacted by the decline of beer volumes in Africa. Pricing more than offset COGS inflation in absolute terms and partially offset the negative impact on gross margin. Productivity also helped mitigate inflation. Finally, we increased our marketing investment by 6% in fiscal 2023 as we continued to invest behind future growth. Free cash flow declined year-over-year, despite strong growth in operating profit and favorable foreign exchange impacts. These favorable impacts were more than offset by higher year-on-year working capital outflows, investment in maturing stock, and tax and interest payment.
Strong working capital management resulted in an improvement in debtors and inventory, with day sales outstanding and days inventory both reducing year-on-year. Creditors had a negative impact on working capital as organic net sales growth, and hence purchases, moderated in fiscal 2023 versus fiscal 2022. Going forward, we expect creditors to grow in line with our business. In fiscal 2024, I expect CapEx to remain unchanged in the range of $1.3 billion-$1.5 billion, including investments in production capacity to support future growth, our digital capabilities, ambitious sustainability agenda, and our supply chain agility programme. I expect these levels of spend to continue in the coming years, but then decline again to historic levels as a percentage of NSV starting in fiscal 2027. Moving on to foreign exchange.
Favourable foreign exchange movements positively impacted both net sales and operating profit in fiscal 2023. As a large portion of our income and profit is generated in US dollars, the positive translation impact in the year was mainly driven by the sterling weakening against the US dollar. Transactional foreign exchange had a negative impact on operating profit for fiscal 2023. The exchange loss is predominantly driven by the weakening of the Nigerian naira. We hedge our transactional foreign exchange on a rolling basis for our major currency exposures. This strategy results in foreign exchange rates that reflect the average of our hedging positions built over time. Despite market foreign exchange volatility during the year, our average transactional exchange rates on our hedged currency exposures were closely aligned to the same period in the prior year.
Today, we announced that starting July 1, 2023, Diageo plc's new functional currency is the US dollar. This is because the group's share of net sales and expenses in the U.S. and other countries whose currencies correlate closely with the US dollar has been increasing over the years. This trend is expected to continue in line with the group's strategic focus. We are changing the presentation currency in line with the functional currency, with effect from July 1, 2023. The change will provide better alignment of the reporting of performance with our business exposures. The announcement does not change our U.K. listing. Three years of represented historic financials will be available on our website prior to announcing our fiscal 2024 interim results. Moving on to updates on finance charges and debt. Our net finance charges increased by GBP 172 million.
The year-on-year increase in finance charges was primarily driven by the higher interest rate environment, which also contributed to higher losses on our foreign exchange swap portfolio and changes in foreign exchange rates. Therefore, our effective interest rate was 3.9%, an increase of 1.2 percentage points compared to fiscal 2022, and slightly below our guidance of around 4% for fiscal 2023. Looking ahead, I expect our effective interest rate for fiscal 2024 to be just above 4%, subject to the movements in interest rates. Our leverage ratio of 2.6x remains at the lower end of our target range. Given the ongoing economic uncertainty, we continue to expect to be at the lower end of our range in the near term. Our consistent and disciplined approach to capital allocation is unchanged.
Our priority is to invest in sustainable organic growth and to acquire strategic brands that strengthen our exposure to fast-growing categories. Today, we announced a recommended final dividend of 49.17 pence per share, a 5% increase on our final dividend in fiscal 2022. This would bring our full-year dividend for fiscal 2023 to 80 pence per share, a growth rate of 5%, in line with the growth rate in fiscal 2022. Our dividend cover remains around the midpoint of our target range of 1.8 times-2.2 times. When we have excess cash, we expect to return it to shareholders. In fiscal 2023, we returned GBP 1.4 billion of capital to shareholders through our share buyback programs.
This included GBP 0.9 billion to complete our GBP 4.5 billion multi-year return of capital program and an additional GBP 0.5 billion program in the second half of fiscal 2023. We remain committed to returning excess capital to shareholders, given our confidence in Diageo's future performance. Today, we announced that we expect to undertake a new share buyback program during fiscal 2024 of up to $1 billion. Basic earnings per share before exceptional items increased 7.6% from 151.9 pence to 163.5 pence. The increase was driven by organic operating profit and a positive impact from foreign exchange movements. Our tax rate before exceptional items was 23%, an increase of 0.5 percentage points over fiscal 2022, with profit mix being the primary driver of that movement.
This was within our guidance range of 22%-24%. In fiscal 24, we expect the tax rate before exceptional items to be in the region of 24%. I am pleased with our performance in fiscal 23. We delivered a strong set of results despite ongoing global economic volatility and continued inflationary pressures. Our diversified portfolio and profitable growth algorithm continue to deliver sustainable top-line growth, and consistent productivity savings enable us to smartly reinvest in our brands. As Debra highlighted, the environment will continue to be challenging going forward. However, we have industry-leading brands, a diversified global footprint, and we are confident that we are executing the right strategy to deliver sustainable growth well into the future. Globally, we expect consumer demand to remain resilient, with Spirits continuing to gain share of total beverage alcohol, and we expect the long-term trend of premiumisation to continue.
Given that backdrop, we continue to expect organic net sales growth to be between 5% and 7%, and we also expect organic operating profit growth to be between 6% and 9% from fiscal 2023 to fiscal 2025. In fiscal 2023, the strong net sales growth delivered in the first half was followed by moderation in the second half. Looking at fiscal 2024, for the first half, despite a tougher comparator, we expect improvement from the second half of fiscal 2023. This will accelerate in the second half of fiscal 2024 due to the softer comparator. In line with organic net sales growth, we expect organic operating profit growth in fiscal 2024 to improve from the second half of fiscal 2023 and accelerate gradually through the year. Now, back to you, Debra.
Thank you, Lavanya. We have had a strong year, and we are well-positioned despite the challenging backdrop. Today, even as the leading company in international Spirits, we hold only a 4.7% share of the TBA market. This is up from 4% two years ago when we set our ambition to deliver a 50% increase by 2030, and the opportunity is significant. We are a relatively small player with a diversified geographic footprint and advantaged portfolio in a very large and attractive industry. Our business is set up for consistent, sustainable long-term growth, and I will ensure that our team will deliver. In summary, TBA remains an attractive, growing, and resilient market. Spirits continue to gain share, premiumization is continuing, and we are seeing resilience in the consumer. We have a diversified footprint.
Our advantaged portfolio, which we continue to actively shape, is driving quality market share gains. We believe our core capabilities across brand building, digital, supply chain, and our culture of everyday efficiency are a competitive advantage. We are investing for the long term to support delivery of sustainable long-term growth. I see clear opportunities to go after market share. Before I close, I would like to thank our 30,000-plus employees for our strong performance through fiscal 2023. I've spoken about the advantaged position that Diageo holds, but it is our people who bring this together and execute Diageo's strategy. I am excited to partner with them to deliver a strong fiscal 2024 while enabling delivery of long-term sustainable growth for decades to come. Thank you.