Irma Sgarz: Good morning, thanks for taking my question. I have two questions, very fast. The first is, if you could give us an overview on the level of CapEx for 2023? And in line with this, could you also remind us about the agenda for payments that you still have for the Extra stores throughout ’23 especially in the beginning of ’24? I think it ends almost in the end of 2023. And the last question related to this is if you could help us understand a little more on the expectations for cash flow for ’23? Because we — I saw you’ve already reached a leverage of 2.2 versus the end of the year. And so, now you also highlighted the objective of reaching close to the 2 times and — at most 2 times till the end of the year. So, it seems maybe a little timid initially.
Obviously, I understand you maybe have some CapEx aspects for 2023 and payments that need to be done. You have higher interest. But I just wanted to understand a bit of your mindset when it comes to cash generation for this year. Thank you.
Belmiro de Gomes: All right. Danny will talk about the payments now from GPA, a bit of investment CapEx. We’re finishing the numbers and we should be highlighting this in our annual report. We have an elevation in the CapEx as well due to the organic stores — about 20 organic stores. And they have a higher level of CapEx. You also have some revitalization of the existing store network and the services and stores that were not implemented yet. And part of this since the openings in ’22 happened really close to the end of the year, 12 in November, 9 in October, 12 in December. So, it’s quite natural that you have a significant carryover in the CapEx from 2022 that’s going to be paying out in ’23. So that’s why you’ll see the leverage curve will follow a peak now compared to what we saw in the fourth quarter, because fourth quarter is also benefited by the seasonality of the products in the end of the year.
And naturally by with a term that’s little higher, so you’ll see in the first and second quarter that it goes up a bit and then in the third and fourth quarters, it drops. So, basically, we still have room to be in a lower debt level, but still having some carryover costs and uncertainties, may be possibilities and opportunities even have an additional expansion in the amount of stores. So that’s why we’re being a little more conservative to have this level of debt that we expect to land by the end of 2023 and, of course, having a cost of debt. There is a relevant part of the GPA that’s going to be paid now in 2023.
Daniela Sabbag: Yes. So, Irma, so the thing is about the payments, we have basically in the first semester BRL1.2 billion, which was a significant part in March and another in June, which adds up to BRL1.2 billion. And then in the second semester, as Belmiro mentioned, we have the carryover from last year with the payments of some delays in certain stores. And then we’re going to be paying this in the second semester. So, you can consider about BRL1.2 billion in the first semester and BRL1.2 billion in the second semester. So, this is pretty much the payments flow that we have up ahead, and this explains the leverage that Belmiro mentioned as well.
Irma Sgarz: So, would be the payments just to GPA, the BRL1.2 billion — well, the BRL1.2 billion in the first semester, BRL1.2 billion in the second semester and you still have a final payment in 2024?
Daniela Sabbag: Exactly. So, we have BRL700 million in 2024.
Irma Sgarz: And besides this, you still have the CapEx for organics stores, right?
Daniela Sabbag: Yes, exactly.
