Henrique Brustolin : Two questions on my side, both of them in Chile. The first one, I would like to hear a little bit more on what are your expectations for the size of the market of alcoholic beverages and nonalcoholic beverages into 2023 given the comparison basis and total volumes, which when we compare to pre-pandemic they remain quite strong. And also on volumes, if you could just comment on how this brand equity, which is the highest level on record that you mentioned, how does that compare to the market share — volume share that you have today in Chile? And the second one is regarding margins. If you could just comment on how the profitability in Chile evolved throughout Q4. The idea here is to sort of gorge on what is your run rate going into Q1, especially following the price hikes that you did? So those are the two points I would like to address.
Felipe Dubernet : Thank you, Henrique. A lot of questions, but I will try to do my best. As I mentioned, we are experiencing the deceleration of the industries compared to 2022, and of course, to 2021, no doubt of that. We are still — it’s difficult to see how much would be this deceleration of the industry because while maintaining market share during Q4, we experienced a decrease, not only in alcoholic products, but also in nonalcoholic. But in alcoholic was a little bit more the decrease in terms of the industry, I would say, was high single digit or practical double digit in alcoholic products. However, in nonalcoholic was mid-single digit decrease. However, still, we are talking about high single-digit growth against 2019.
So how much will decrease in the upcoming quarters, this is the big question, I would say. But we are experiencing this deceleration for sure because we reached very high volumes in ’21 and in a big portion of 2022. Regarding market share, this is the good news. We are with high level of not only brand equity, as I mentioned, but also growing market share, especially in Chile in both alcoholic and nonalcoholic products, which is good because at the end, we have been doing big efforts in revenue management. So increasing market share while doing efforts in revenue management is a good news. So that’s it. Regarding margin, as I mentioned, and I will try to explain again, Q2, Q3 were the bottom of the gain taking Chile the margin reduction in both quarters was up to 1,000 basis points in EBITDA margin.
In Q4,, you saw 500 was the reduction 500 basis points, more or less, the reduction on EBITDA margin, and with sequential improvement throughout the month of the quarter, October, November and December because we took in every month price actions. And also, we had improvement of costs, especially due to the exchange rate. So we are more positive on that this trend of sequential improvement should continue in the upcoming quarters. So the big risk at the end is the volume risk. That’s the big risk because of this deceleration of the industry, especially in alcoholic, as you pointed out.
Operator: We are going to be going through the text questions now. We have a couple of tax questions. The first one comes from Maria get from BDT Security. What is your vision of the HC rebond covenant if the covenant change is not achieved?
Felipe Dubernet : Hey Michael, could you repeat the question, please? There was a low volume for one second. Thank you.
