Oscar Von Hauske: Phani, I would just like to clarify something because it just has come to our attention. In the case of the Austrian tower company, as I mentioned before, we have a commitment not to sell the stake in five years. I understand that the question may have been about the stake that we have in Verizon. And in that particular case, there is no limitations. So we don’t really have any kind of limitations in terms of when we can sell. We do not have at present any plans to sell the stake.
Operator: Great. Thank you. The next question goes to Carlos de Legarreta of ITAU. Carlos, please go ahead. Your line is open.
Carlos de Legarreta: Hi. Thank you. Good morning. I have two quick questions here. The first one on CapEx. I know you mentioned that you are still planning to the slightly larger allocation this year, but looking at the data year-to-date your CapEx was actually down 2%. Just wondering if that’s just the base or seasonality this year. And secondly going back to the tower company in Europe. So you [Technical Difficulty]
Daniel Hajj: Hello?
Carlos de Legarreta: Going to be the entire. Hi. Can you hear me?
Daniel Hajj: Yeah, on the tower, the tower, can you please repeat the tower question?
Carlos de Legarreta: Sure, sure. Just you’ve raised MXN1 billion in debt. I just want to know if that’s going to be the entire amount of this company. And I read in the European press that it has around 200 million in EBITDA — EUR200 million or so. Are these numbers more or less correct? Thank you.
Carlos Garcia Moreno: Okay. On the debt of the tower company. Yeah, the amount that has been raised was MXN1billion and this amount will basically be new debt at the tower company and less debt in the Telekom Austria. Telekom Austria will have a leverage of approximately 0.5 times net debt to EBITDA, so it will be free to go a bit faster. The numbers you mentioned on EBITDA, I think they are probably more or less right, around EUR200 million so that we can confirm to you and we can send you some information, okay?
Daniel Hajj: And on the CapEx, it’s only seasonality. We do the CapEx and we are, I think, on target on plan on this all the CapEx that we’re going to put. Always remember that we always have like 5% more or less depending in country, places and —
Carlos Garcia Moreno: And Carlos, one thing that is important to take into account is that the currencies have appreciated vis-a-vis the dollar in many of the places and CapEx as a lower dollar component.
Daniel Hajj: That changed a little bit.
Carlos de Legarreta: No, that’s a good point. Thank you, Carlos. And thank you both Carlos and Daniel. Just broadly — more broadly, I guess. I guess the strong appreciation of the Mexican peso against basically all currencies. I just wanted to understand how are you managing that. Is that a net positive for AMX or not necessarily?
Carlos Garcia Moreno: It’s a net positive to the extent that we are seeing a lot of FX gains, obviously, on the one hand, we had a lot of debt that was non-pesos and this debt is — this exposure is now less. I was looking, for instance, at interest cost — net interest cost. America Movil have come down in peso terms year-on-year and that is partly reflective of this appreciation of the pesos. So that is a net positive, no doubt, on the financial part. I would say on the operations part, there is a number of OpEx that are linked to dollars, most of maintenance expenses for networks are dollar based. Most of the IT-related expenses or dollar based. So in all of those accounts, we are getting some relief from the appreciation of the — certainly of the peso but not only the peso. We are seeing the dollar declining vis-a-vis almost all of the currencies in Latin America this year.
