Marcos Lutz: Thank you for the questions. In terms of capital allocation, we’ve already told you, the experience that we have today because this is the year, that we just put an end to the level of investments to go into further leverage, an investments. The activity of M&A is constantly — really gaining more momentum and considering possibilities. We believe in smaller acquisitions as you’ve pointed out, as accelerators of strategies of our both companies. Ipiranga does it as well with its network of stations or let’s say, with terminals in other operations our strategy is just to do it, to speed up the portfolio, but always analyzing better opportunities with greater volume, but there is nothing mapped so far. We really tried to focus on enhancing our analysis, and been constantly exposed to what’s happening in the market.
But 2023, is the year where we strengthened our operations. We are constantly talking about the volatility of the market, but we’ve been really expanding our operations. We are much better company than we used to be two years ago. Really creating that critical mass, that allows us to do other things, but we are still more focused on creating muscles rather than taking any major leaps. Hope, I have answered your question. Well, I think you made two questions to Ultragaz. First, about the regulatory landscape. In our opinion, regulations here in Brazil, are very modern probably one of the most updated in the world. It’s been in place for over 20 years. It gives the freedom of choice for end consumers for specific cylinders and autos, and the resellers operation has a very competitive dynamic.
We can see space in reducing some users because LPG is not there, yet, because of regulatory limitations. Our expectation is to have that expanding further, bringing us some additional potential to LPG and we can get that with regulations that really makes us operate very safely. We have top-quality products. And by doing that companies can make investments, Ultragaz invests significantly every year in acquisition and re-qualification of tanks and cylinders. Very appropriate operation, but always with room for let’s say, improvement. When you talk about margins and sustainability, it takes us back to the previous question about the use of bulk in the bottled segment and as we’ve told you in previous meetings, Ultragaz it’s much closer to customers adding service levels to the product.
It’s not a company that sells only commodity, we brings innovation, new uses, operational efficiency, which is an important differential for us taking us to different markets. LPG in our operation has really evolved significantly because the end-to-end complete solution not only of the molecule has been highly considered, and it has helped us expand our relationship with the customers. It’s very important, in terms of, resellers, closer relationship really with our customers. We observe the succession rates, the NPS of our customers. So we are going more from a commodity company, to a service provision company and going into a diversification company also offering the products concerning energy. We’ve been building this platform of energy of the future, still have got a lot to do of course, but we’ve shown a very consistent progression in this area.
Operator: The next question by Georgina [indiscernible] from Citibank.
