Humberto Nadal Del Carpio: Yes, the answer will be yes.
Operator: Perfect. Thank you. Our next question comes from Bianca Venegas from Credicorp Capital.
Bianca Venegas: Can you give guidance on dividends and CapEx for 2023? And what are you expecting in terms of market dynamics for the following months in terms of self-construction and public investment?
Humberto Nadal Del Carpio: Yes, like I mentioned before, I think dividends, even though it’s our board decision and I also have to make that disclaimer, we should keep in line with the policy of the previous years. And CapEx, like I mentioned before, I mean, it should be around PEN100 million per year, which is sustaining CapEx. In terms of market dynamics, we are seeing, and we anticipated this in our last call, that the second semester will be much stronger. That’s why the volumes in the third Q has been around 15% higher than the second Q. We think we should close the year on the levels of the third quarter and that gives us a very promising start for the next year. I think self-construction will remain strong as long as agriculture and fishing recovers in the north and public investment will rally behind the prevention jobs…
Operator: Perfect. Thank you. [Indiscernible] Can you give us more detail about what’s included in other operating expenses in this quarter?
Manuel Ferreyros Peña: Yes, thank you for the question. Basically, [indiscernible] because as Humberto mentioned, we’re donating the construction of the bridge. So basically, it’s expenses of [indiscernible]. We will have expenses this quarter and next quarter.
Operator: Okay, thank you. Gamze Alpar from Impera Capital asks, could you please elaborate on how you see demand for 2024?
Humberto Nadal Del Carpio: That’s a very good question and I try to – it’s very hard to predict when we have an economic and political environment that is so complicated in Peru. But we may not be optimistic. I mean, we’re going to probably close this year a little bit under 3 million tons for these purchase. And hopefully, next year we’ll be able to jump back on the – over the 3 million ton level. But like I said, I mean, it’s all going to depend on how the country goes so far. I mean, the indicators of GDP growth and everything are not too optimistic, but I think we’ll be fine.
Operator: Okay, thank you. We have one more question from Marco Antonio Mejía Peñalva from Kallpa. He asks, thank you for the presentation. My question is about what are the other operating expenses of PEN10.3 million in the income statement, please? Thanks.
Humberto Nadal Del Carpio: Yes, like Manuel mentioned, I mean, we’re all about preventing risks. And since [indiscernible] will be coming, even though it’s going to be a medium-strength phenomenon, we have donated the [indiscernible] bridges and roads and everything and that’s extraordinary – extraordinary operating expenses.
Operator: Perfect, thank you. I’m not seeing any more questions. So I will now hand back to Humberto for closing remarks.
Humberto Nadal Del Carpio: Thank you. We stand at a point in time when social, environmental and geopolitical issues at the global level are becoming stronger and more recurrent. Although we may be tempted to feel as if these things are either happening far away from us or seem completely beyond our realm of action, the reality is that discontent and inequality are at the core of this conflict and that doesn’t happen anywhere. The private sector is capable, extremely capable of deep transformational change that can help bridge those gaps. As the Peruvian cement company that operates locally but recognizes its place in global economy, we will continue to focus on evolving our business model so that it is capable of achieving the transformational change that we need to contribute towards the future that is fair, tolerant, resilient, and most of all, sustainable.
I want to thank you all for your renewed interest in our company and as always, we remain sure to have any further questions. Thank you very much for your time today.
Operator: That concludes the call for today. Thank you and have a nice day.
