So, unfortunately, in Brazil, you have some tax changes and that’s what most happen. So anyways, when it comes to this effect, you’re not at the effective income tax rate. But when you look at this, although there are some variations, there could be some other monetization, some other creditor, which is not necessarily taxable. But for projection effects, you could use the average in the last three or four quarters and it’s going to be a pretty good average. So, if we don’t think it’s a good — well, this is the average we’ve been working on internally. But, of course, you’ve seen that there have been some changes and decisions, one big decision that was disclosed does not really affect us because we had no losses in this regard. But when it comes from a tax perspective, this is going to be a year with major changes.
There are many different changes from tax reform perspective, increase of the tax loads. And so, taxes and fiscal issues are always a challenge in Brazil.
Marcella Recchia: Okay, excellent, guys. Thanks so much for the answers.
Operator: Moving on the next question is from Vinicius Strano, the sell side analyst from UBS. Vinicius, we will open up your mic, so you may proceed. You may proceed please, Vinicius.
Vinicius Strano: Hi, good morning, everyone, and thank you for taking my question. Could you talk about how your performance was in the B2B channel and B2C channels when you think about volumes? And what you’re looking at and expecting when it comes to the mix for these two segments in 2023? And would you also be able to talk about the converted stores? So, are you looking at some change in the B2B mix or B2C mix? And do you imagine that may be — well, could you give us an idea on the profile of the public you’ve noticed in the converted stores? Are these consumers with higher income? And here is a little bit more of a specific question, could you talk about what you’ve seen when it comes to the evolution in occupation costs here? And even a bit more in line with the inflation, when it comes to the costs for construction, if you could have a quick discussion on the CapEx for openings and conversions and how this has evolved? Thanks.
Belmiro de Gomes: Thank you, Vinicius, for that question. There is a shift in the customer mix and that’s already expected. And so that’s not that related because it’s a lot more, of course, related to the regions that they are in. This already happens when you have the organic store openings. And initially even when it’s a curve where you have the necessary timing for new store openings which is — which varies, but generally what we should see in this channel is a little more share from the final consumers. If you look at how these are moving along, you can see that this rate has been increasing. And within the B2B customers, it’s pretty stable. While we see some changes — and even the distribution with the actual industry.
And so, we would notice with the increases in logistical costs of the categories that these B2B customers are buying with and they’ve tried to supply in a cash and carry store. But even when we look at the level of density in these stores, we do expect that there’ll be a bigger presence of end customers or B2C customers. Sometimes it’s difficult to measure this number because you have in some cases some B2Bs that also have a high level of non-formality or non-identification. But in these stores, you normally have about 70%, 75% consumers and about 25% the B2B customers are public. But you could have an error margin about 5 percentage points considering that it’s also very common for some small companies, which we sometimes call utilizers and sometimes they sell cloth, but they also come and buy like clean supplies or other items that they are use in their cloth store and they also buy for their own house.
