Juan Fonseca: Marcella, this is Juan. I think on the gross margin question, I would think about stable margins. I mean we have been — as we — this quarter was another instance where we are still booking very conservatively the rewards, the loyalty program. We are assuming that all of the points are going to get utilized. That is not really happening in practice, and we know that there’s going to be a breakage number that is going to put some relief on the gross margin. So we are already getting to the point where some of the users points are beginning to expire. And remember that this is all very new. So a lot of things are happening for the first time. But we’re already beginning to see patterns of certain percentages that the points just expire, and that’s obviously cash flow for us.
That we’re — right now, we’re assuming — from an accounting perspective, we are assuming that it’s not there. Eugenio also mentioned a few minutes ago on the financial services, I think the overall trend we are getting back some of the banks that have for one reason or another, stopped using OXXO as a correspondent. But the general trend is that profitability is a little bit lower for financial services. So you get more volume at a slightly lower margin. Those trends, I think, will continue. But on the other hand, you have commercial income which is coming back, right? Commercial income is an important driver of gross margin. I think COVID obviously disrupted commercial income in a big way, and we are seeing it come back. We now have for all practical purposes, both brewers participating in commercial income, along with many other of our big suppliers.
So I would say stable gross margins. In terms of modeling, I wouldn’t expect any change there. Now in terms of Valora, you know the — obviously Europe — yes, Pac is going to talk about that.
Francisco Camacho Beltrán: Yes. So Marcella, thank you. It’s good to hear from you. In Valora, what we can tell you is that for the total year, the sales grew double digits in the mid-teens. Gross profit also grew in the mid-teens. And in the EBIT line, it was about flat versus the previous year.
Juan Fonseca: And I think margin-wise, I mean, we’re showing an EBITDA margin of basically 12%, probably a little bit lower than the full year number that we had prior year. Obviously, they’re dealing like we are everywhere else with inflation and with just an overall macro environment in Europe that is clearly not as good as it has been or we all wish it is. So it’s a tough macro environment, but still, the numbers and the fact that they’re integrating a lot of the things they’ve recently bought food service, which is a higher-margin category. So yes, it’s many reasons to be optimistic about that.
Operator: The next question comes from the line of Ricardo Alves calling from Morgan Stanley.
Ricardo Alves: I’ll limit myself to one question as required. The OXXO — it’s kind of related to the past question. OXXO returns, if you could talk about returns, particularly in the context of the efficiency gains that you achieved apparently in Mexico at the SG&A level. How are you thinking about returns? I mean from our stance, it almost seems that OXXO might be running at all-time highs. So I just wanted to hear a little bit on that from the Mexico OXXO perspective. And when you think about that in the context of your strategic review and considering that you have reached out, right, to all of your divisions, all the other country operations. What is the upside for the other regions in terms of returns? Is there a way that you can compare or give us some numbers so that we can compare with the potential upside?
