Fundamental change in cost structure as increased cost in doing business in Malaysia will start to flow through over the next few years. In addition, excise duties structure will result in consumers opting for cheaper alternatives. Demand destruction can have big impact on sales/profitability and cost rationalisations will result in Heineken getting into “trading” method via lower cost producing countries like Vietnam etc. as implemented by BAT (revised medium/long term business plan). In the short term, shielded temporarily due to high freight charges and also will be supporting sales in Malaysia & Singapore unless Budget 2026 has significant further tax increases.