Marcella Recchia: Well, thanks guys for taking my question, but we have two questions here. The first one is about capitalized interest. We know this has been a major factor for discussions throughout 2022 looking to the amount of stores that were added to the base. We also know that this represented most of the profits in the company. So, we can see that the total was almost a little more than 60% of the profit in 2022. So, as the company is completing the conversion process and opening up these last Extra stores, what should we expect throughout the first semester until you’re opening up the last conversions when it comes to capitalize interest that’s still impacting the profit line? That’s my first question. And the second question is about the conversions.
So, in our conference now in the beginning of the month, we had feedback that the conversions already have sales very close to the uplifts of 2 times, 2.5 times, and the profitability is above expected. So, this is especially due to the bigger mix of individuals within sales. And Belmiro, I want to know from you if this is something you’re looking at something occasional just due to the macroeconomic scenario or if this certainly represents an opportunity for the gross margins to be better in the long run when you consider a mix that could also be better? Thanks, guys.
Belmiro de Gomes: Thanks. I’ll answer about the conversions, and then Danny will talk about the capitalized interest, that’s been significant and that’s really — what we are working on. So, Danny will highlight this more. But when we look at the conversions, the pace is still kept. We’re looking at two curves, the sales curve and the margin curve. So, at this moment, we mentioned that there’s going to be some stability because we’re always going to be prepared for an increasing competitive advantages. But, of course, the stores, due to the level they have and the region they are in part of, we do have expectations that we will reach a better level of margin, working capital, not only due to the current scenario, but also due to the fact that we already had the expertise and the other organic stores that were opened in downtown regions for other conversions, and that we really have been searching for another stance expanding the improvement in the purchase expense for customers and the assortment to reach other social level.
So, we’ve been searching to do what has been already going on in other countries where you see all of the population buying in operations that are very similar to ours. So, we do expect this. And, of course, it depends on the company’s discipline to manage this. And so, we have a huge country, lot of diversity and lot of inequality, which places a bunch of different challenges when we look at different regions and there is an expectation for — to capture more margins. That’s why we’re very confident about this project, plus we’re very careful when we have other factors such as an increase in competition and more pressure from the market. And so — and that’s where being more careful. Since the stores have performance now, we look at January and February, that’s pretty much in line with what we plan.
