Belmiro de Gomes: Well, we can’t mention that it’s clear sign because, of course, there is indicators for the important on the return on invested capital. So, one of the point is that, Assai is really acknowledged for its growth track record, but also because of the delivery of major returns. So, these 20 projects were already underway even before the acquisition of the Extra stores, where we really focused on the conversions of the hypermarkets. So, these are projects that we valued more with the best projects from an organic perspective, balancing out the licenses, maturity in the stores and margins. But there was a significant increase in the cost of construction, especially when it comes to cement, concrete, and steel, which is something that in the organic stores where you built all the infrastructure and the foundation, there could be a bigger impact, and this could lead to a revision in the project portfolio.
So, at least 15 openings in the next years could be expected. So, there is a focus also on deleveraging, and 2022 and ’23 were pretty strong. We’re expecting the curve to take place in the fourth quarter this year, and in 2024 especially, we plan to deleverage the company a lot, because then we’ve already gone over the big investment period. So, this is not only with the cost of conversion of new stores, but also the payments made to GPA which end in 2024, the smallest instalments in 2024. So, that’s when we already have a net debt to EBITDA ratio that’s smaller than 1.5x.
Danniela Eiger: Perfect, thank you.
Operator: So, now our next question is from Maria Clara, the sell-side analysts from Itau. Maria, we will open up your audio, so you may proceed.
Maria Clara: Hi, guys, thanks for taking our question. Here on our side, we would like to explain a bit more of the issue with the improvement in the dynamics with your relationship with suppliers. So, as we think about more of a gross margin perspective, is it reasonable to consider that these more favorable terms could positively impact the profitability dynamics when we look ahead? And this is from a working capital perspective, does it make sense to think that we have a new working capital level in the operation? Thanks.
Belmiro de Gomes: Wlamir, do you want to answer this one?
Wlamir dos Anjos: Yes, sure, I’ll answer. But thanks for this question, Maria Clara. Of course, we — when we consider the negotiation with suppliers, this is something constant. And what we are estimating is that with this trend towards expansion, we sat down with the suppliers and we have this movement to increase the terms. Of course, as I mentioned, this is something that we’re going to be working on extending now in 2023-2024. And we were able to achieve, not only this and the negotiation of terms, but also pricing. So, when we look at the stability and balance between the gross margins, but also in the levels of stock, this demonstrates the precision of our commercial policy and what we can deploy. So, yes, we continue to negotiate termings to not have — to be able to continue to expand and also negotiate our prices to be able to be competitive.
So, when you add up the gross margin, working capital, expense control, makes us have this share gain. And if you looked at the other weeks, we had some share gains almost (ph). And so, this shows that this relationship with suppliers has contributed to the maintenance of those indicators and the expectations that we’ll keep these games that we kept in 2022.
Maria Clara: So, thank you. Perfect.
Operator: So, the next question is from Marcella Recchia, the sell-side analysts from Credit Suisse. Marcella, we will open up your audio, so that you may proceed. Now, you may proceed, Marcella.
