So the impact is going to be even lower, if we talk about two years from now. So again, optimistic about the solution we are working on that in different fronts. And let’s wait for the next quarters to see the outcome of that. I give it to the dividends to the David.
David Melcon: Hi, Feni. Just recording the first — the first question. If you look back the last two years, Telefonica Brasil we generate more than BRL7 billion free cash flow per year in 2021, 2022, however, the net income is a lower amount because some of the elements particularly investments have already been paid, but it’s still being depreciated now, particularly special location and so on. So the capital reduction, in case it’s approved, will allowed us to have a higher number of dividends pay higher than the net income. So that means that that the payout will be your right above 100% in the future.
Feni Kanamori: Thank you. That’s very clear.
David Melcon: Thank you.
Operator: Our next question comes from Sumit Datta from New Street Research. Your microphone is open.
Sumit Datta: Yes. Hi, there. Thanks very much. Couple of questions, please. One on the free cash flow there was a very favorable working capital movement in Q4, and again, in 2022. I just wondered, what was driving that and can you give any steer as to the future direction of working capitalism? It was kind of quite a big component of the BRL7.3 billion free cash flow. That would be helpful. Thank you. And then, secondly, on the cash return policy, you mentioned, you thought your shares were undervalued. There is a buyback of BRL500 million, but it’s relatively small compared to the presumed overall dividend and IOC payment. I wonder, how did you kind of think about forming the mix of buyback and dividend could there be a higher buyback component? And just finally, sorry, on that buyback, is Telefonica participating in the buyback Telefonica parent participating in that? Thank you.
David Melcon: Okay. So, let me take the question. So first of all, the positive working capital, I mean, you’re right the first quarter we have BRL268 million for the full year BRL3 billion, the previous year was also positive now. So the main drivers for having this positive working capital first is a positive tax asset recognition that we had in previous years. So, this is a positive effect that will not be reversed in the future. So will not be reversed in the future, because in three, four years ago, we have a positive in the net income that we didn’t bring cash. Now, we are seeing the cash coming from that effect. Also, another one is the effect of fishtail. So fishtail, we have eliminated we have a decision, decision not to pay fishtail over the last three years.
So this is BRL700 million per year. So this is also something that is benefiting not only Telefonica Brasil, but all the sector in Brazil, the working capital. Then, I mean, the second question regarding the share buyback, I mean, we have been having over the last particularly the last year BRL600 million. We believe, I mean, this is the right number that we put more liquidity to our share. So, looking for 2023, we believe that BRL500 will address the strategy that we had in the previous year. And regarding share Telefonica share, I mean, we know that we are not aware of anything. So we are just by on the — on the market by BRL100 million per year as we did last year.
Sumit Datta: Okay. Thank you.
