Lucas Ferreira : I was just wondering if — regarding prices, if you can get into more details, if there are new initiatives in places in the different markets. So is there something ongoing or any new price hike that you plan to implement in the next few months. If that’s still part of this normalization we’re going to see? And the second question is about the cost. So you mentioned that the effects being helpful there to offset part of the cost impacts. But if you can comment on the raw materials, how you’re seeing them? The numbers that we see in the fourth quarter, how much of the decline, for instance, in the aluminum prices we saw through the beginning of the second half of last year? How much of that is already in your COGS lines? Or if there’s something else to come in the first quarter or the second quarter?
Felipe Dubernet : Lucas, thank you for your question, regarding pricing, has been done, as we announced in previous calls in Q4,. as you saw, especially in Chile, where we were behind the prices; Because in the other big markets such as Argentina, we were all the time in line with inflation. But in Chile, we really catch up on the — on the last quarter of the year. As you saw, the Chile Operating segment price per increased 12.4%, so practically in line with inflation. As a strategy and one of the pillars of our HerCCUles plan is to continue with our revenue management efforts. And this is not only price list, but also rationalized promotions. So — and also working a lot on pack mix, price architecture in order to optimize our revenue periscope meter.
So we’ll continue this effort certainly. And regarding cost, it was very helpful the FX tailwinds that we have experienced. Because as I will recall you, 70% of the cost of goods sold are new debt to the U.S. dollar. So now if you compare Q4, was CLP 915 per U.S. dollar. And nowadays, today, spot prices are close to between CLP 800 to CLP 830 has been in the last two weeks. So this is very good in terms of, let’s say, easing the cost pressure. In terms of raw material commodity costs, aluminum prices are stabilized somewhat in $2,400 per or — USD 2,300 per ton aluminum. When you compare with the average of 2022, this is $400 less. So practically, between 10% to 15% of less — the combination of less aluminum price, a lower exchange rate would certainly help our costs and especially in packaging material, this is more automatic, because we don’t carry out too much inventory there.
Regarding grains, also the prices are decreasing in international markets. We and as a consequence, barley prices, we are finishing up the harvest this day in Chile and Argentina. However, we are carrying a little bit more inventory than usually. And this was a risk measure we took after the Ukraine war where we increase our supply, and we will be carrying out a little bit carry-on inventory that would be diluted or depleted along the year, also in PET, in resins. So there are also a new electric contract in place that certainly would help to reduce our energy cost. So all in, we saw a more favorable cost equation, let’s say. And along with the price increases, we already did, that would be But by saying that, our cost base per hectoliter is much higher than in 2019.
So, although the U.S. dollar is lower than 2022 average is much higher than 2019. Commodity costs are also much than 2019. So all the price actions that we took would be very welcome in order to compensate the trend on commodity prices and exchange rates we have experienced in the last years. So as I said, sequentially, as you are seeing in Q4,, we are in the improvement path.
Operator: Our next question comes from Mr. Sorabh Daga from HSBC. Please go ahead. Your line is open.
