Braskem SA (BAK) 2022 Q3 法說會逐字稿

Good morning, and thank you for standing by. Welcome, everyone, to Braskem's Third Quarter 2022 Results Conference Call. With us today, we have Mr. Roberto Simoes, Braskem's CEO; Mr. Pedro Freitas, the company's CFO; and Ms. Rosana Avolio, IRO, Strategic Planning and Corporate Market Intelligence Director. This event is being recorded, and all participants are connected in listen-only mode during the company's remarks. (Operator Instructions)

早安，感謝您的支持。歡迎大家參加 Braskem 2022 年第三季業績電話會議。今天與我們在一起的有 Braskem 執行長 Roberto Simoes 先生；公司財務長Pedro Freitas先生； Rosana Avolio 女士，IRO，策略規劃與企業市場情報總監。該活動正在錄製中，所有參與者在公司發言期間都以僅收聽模式進行連接。 （操作員說明）

This event is also being broadcast live via webcast and may be found at Braskem's website at www.braskem.com/ir, where the respective slide deck can also be found. Slide selection can be made by participants. The audio facility will be made available after the event is over. (Operator Instructions)

該活動還透過網路直播進行現場直播，並且可以在 Braskem 的網站 www.braskem.com/ir 上找到，也可以在其中找到相應的幻燈片。參與者可以選擇幻燈片。音頻設施將在活動結束後開放。 （操作員說明）

Before moving on, it's important to say that forward-looking statements made during this call concerning the company's business outlook as well as financial and operating targets and prospects are based on the company's assumptions and beliefs and also on information currently available to the company. Those forward-looking statements are no guarantee of performance as they involve risks, uncertainties and assumptions as they refer to future events and therefore, depend on circumstances that may or may not materialize. Investors and analysts should have in mind that macroeconomic conditions, industry conditions and other operating factors can also affect future results of the company and therefore, lead to results that will differ considerably from those expressed in these forward-looking statements.

在繼續之前，重要的是要說明，本次電話會議期間做出的有關公司業務前景以及財務和營運目標和前景的前瞻性陳述是基於公司的假設和信念以及公司目前可獲得的資訊。這些前瞻性陳述不能保證業績，因為它們涉及風險、不確定性和假設，因為它們涉及未來事件，因此取決於可能或可能不會實現的情況。投資者和分析師應記住，宏觀經濟狀況、產業狀況和其他經營因素也會影響公司的未來業績，因此導致結果與這些前瞻性陳述中表達的結果有很大不同。

I'll now turn the floor over to Ms. Rosana Avolio, Investor Relations, Strategic Planning and Corporate Market Intelligence Director, who will start the presentation. Please Ms. Avolio, you have the floor.

我現在請投資者關係、策略規劃和企業市場情報總監 Rosana Avolio 女士開始演講。阿沃里奧女士，請發言。

Good morning, ladies and gentlemen. Thank you for participating in Braskem's Conference Call. We will present today the results for the third quarter of 2022.

早安，女士們先生們。感謝您參加 Braskem 的電話會議。我們今天將公佈 2022 年第三季的業績。

Let's go to Slide #3. I will make some comments about the company's main highlights for the quarter. The global scenario in the third quarter of '22 remained impacted by global macroeconomic uncertainties, geopolitical tensions and perspective on the performance of the world's major economies. These uncertainties directly influenced the global demand and consequently, the dynamics of the petrochemical industry.

讓我們看投影片 #3。我將對公司本季的主要亮點發表一些評論。 22 年第三季的全球情勢仍然受到全球宏觀經濟不確定性、地緣政治緊張局勢以及對世界主要經濟體表現的看法的影響。這些不確定性直接影響全球需求，進而影響石化產業的動態。

Moving on to financial highlights. The company reported recurring EBITDA of $371 million. Additionally, cash generation in the quarter was BRL 889 million. Concerning return to shareholders, the return on cash flow was 31%.

接下來是財務亮點。該公司公佈的經常性 EBITDA 為 3.71 億美元。此外，本季產生的現金為 8.89 億雷亞爾。在股東回報方面，現金流回報率為31%。

Now going to our credit metrics. The corporate leverage remained low in the period, and we maintained strong liquidity position, enough to cover the debt maturities for the next 5 years. It's worth noting that the companies at profile continues to be very elongated, and the company continues to be -- to maintain its rated investment grade by S&P and Fitch ratings.

現在討論我們的信用指標。期內企業槓桿率維持在較低水平，流動性狀況良好，足以涵蓋未來5年的債務到期。值得注意的是，這些公司的概況仍然很長，該公司繼續維持標準普爾和惠譽評級的投資評級。

In the quarter, we have experienced significant advances in the ethane import Terminal Mexico. Braskem Idesa obtained its approval for the constitution of the joint venture with Advario from the Federal Economic Competition Commission of Mexico. The construction started in July '22, with physical progress of 22% by September '22. We would like to remind you that this terminal will have the capacity to import, on average, 80,000 barrels of ethane per year, providing conditions for Braskem Idesa to import all its raw material needs, besides allowing a study for expansion of about 20% of the polyethylene production capacity in Mexico.

本季度，我們在墨西哥乙烷進口碼頭取得了重大進展。 Braskem Idesa 與 Advario 組成合資企業獲得了墨西哥聯邦經濟競爭委員會的批准。施工於 2022 年 7 月開始，到 2022 年 9 月實際進度已達 22%。我們想提醒您，該接收站將平均每年進口 80,000 桶乙烷，為 Braskem Idesa 進口其所有原材料需求提供了條件，此外還允許研究擴大約 20% 的乙烷。

Now moving on to the highlights of ESG agenda. We launched doing an energy and natural gas trading company that will help recent clients in the energy transition. In addition, we launched [optica], a business and innovation hub that will foster the emergence of new technologies in that sustainability and digital transformation. Finally, Braskem in United States signed a contract to purchase renewable energy for the new plant in West Virginia, starting its supply by the end of 2024.

現在轉向 ESG 議程的重點。我們成立了一家能源和天然氣貿易公司，這將有助於最近的客戶進行能源轉型。此外，我們還推出了 [optica]，這是一個商業和創新中心，將促進永續發展和數位轉型中新技術的出現。最終，美國Braskem公司簽署了為西維吉尼亞州新工廠採購可再生能源的合同，將於2024年底開始供應。

Now moving on to social area. We advanced in the program of financial compensation and support to the reallocation in our lowest and ended the quarter with a proposal acceptance rate of 99.6%. In addition, the company implemented actions to support the needy population circular economy and environmental education and the communities surrounding its operations.

現在轉向社交領域。我們以最低水準推進了經濟補償和重新分配支持計劃，本季末提案接受率為 99.6%。此外，公司也採取行動支持貧困人口循環經濟和環境教育以及業務週邊社區。

Let's now go to Slide 4. In the third quarter of '22, the current EBITDA was $371 million, 54% lower than the previous quarter and explained primarily by lower international resin spreads by the lower export volume of resins in Brazil, lower sales volumes of polypropylene in the United States and polyethylene in Mexico. In addition, in the quarter, we had the accounting effect of inventory realization in the net amount of $75 million. Excluding this inventory realization effect, recurring EBITDA was $448 million for the quarter. Considering the 9 months of '22, the company's accumulated recurring EBITDA was $2.92 million.

現在讓我們看幻燈片 4。22 年第三季度，目前 EBITDA 為 3.71 億美元，比上一季下降 54%，這主要是由於巴西樹脂出口量下降、銷量下降導致國際樹脂價差下降。丙烯，墨西哥生產聚乙烯。此外，本季我們的庫存變現會計影響淨額為 7,500 萬美元。排除庫存變現效應，本季經常性 EBITDA 為 4.48 億美元。考慮到 2022 年的 9 個月，該公司累計經常性 EBITDA 為 292 萬美元。

Now moving on to the next slide, we are going to hear about the highlights of each of the segments. On this slide, we present the main highlights of our operations in Brazil. In the third quarter of '22, the utilization rate of petrochemical plants in Brazil was 79%, 5 percentage points higher than the previous quarter, mainly due to the resumption of operations after its scheduled maintenance shutdown at the Rio Grande do Sul petrochemical plant. In the Brazilian market, resin sales in the quarter increased 2% in relation to the previous quarter due to higher availability of products and the higher demand in the period because of seasonality.

現在轉到下一張投影片，我們將了解每個部分的亮點。在這張幻燈片上，我們展示了我們在巴西業務的主要亮點。 22年第三季度，巴西石化廠利用率為79%，比上季度提高5個百分點，主要是由於南里奧格蘭德州石化廠按計畫檢修停工後恢復營運。在巴西市場，由於產品供應量增加以及季節性需求增加，本季樹脂銷售額較上一季成長 2%。

As far as in exports, they decreased by 18% due to fewer opportunities in the international market given the high inventory levels in the global chain. In this context, Brazil's recurring EBITDA in the third quarter '22 was $312 million.

就出口而言，由於全球供應鏈庫存水準較高，國際市場機會減少，出口量下降了 18%。在此背景下，巴西 22 年第三季的經常性 EBITDA 為 3.12 億美元。

The next slide, I'm going to talk about the geological event of Alagoas. The chart on the left shows the total amount of provisions for the geological event of Alagoas, which is BRL 13 billion, of which BRL 6.1 billion has already been disbursed.

下一張投影片，我將討論阿拉戈斯的地質事件。左圖顯示了阿拉戈斯地質事件的撥款總額為 130 億雷亞爾，其中 61 億雷亞爾已經支付。

Moving on to the chart in the middle, we can see the balance of provisions. The balance registered at the end of the third quarter of '22 was approximately BRL 7.2 billion. The chart on the right, we can see the disbursement schedule of the resources of the current balance, about 67% was registered in short term and 33% in the long term. It's important to mention that the company cannot rule out future developments related to the issue or its associated expenses and the costs to be incurred by Braskem may differ significantly from its estimates or accrued and provision amount.

轉到中間的圖表，我們可以看到規定的平衡。 2020 年第三季末登記的餘額約為 72 億雷亞爾。右圖我們可以看到目前餘額資源的支付時間表，大約67%是短期的，33%是長期的。值得一提的是，該公司不能排除與該問題或其相關費用相關的未來發展，而 Braskem 產生的成本可能與其估計或應計和撥備金額有重大差異。

Now moving on to the next slide. We keep on speaking about the geological event in Alagoas, and I'll make some comments on our progresses. First, in relation to reallocation and compensation, Braskem maintained its process of reallocation and financial compensation of families located in the neighborhood areas of risk areas in Maceio. All the proposals for financial compensation reached [18,259,000] in the end of '22, just focusing on the high maintenance of acceptance of proposals, which amounted to 99.6%.

現在轉到下一張投影片。我們繼續談論阿拉戈斯的地質事件，我將對我們的進展發表一些評論。首先，在重新分配和補償方面，布拉斯科姆維持了馬塞約風險地區鄰近地區家庭的重新分配和經濟補償程序。截至22年底，經濟補償提案已達[18,259,000]件，僅重點關注提案受理率維持較高水平，達99.6%。

In terms of closure and monitoring of wells. By the end of October '22, out of 35 mining fronts, 9 belong to the San Filling Group, out of which 9, 4 have ongoing filling; three, at advanced stages of filling. Now in relation to the other 26 other fronts, the actions of closing and monitoring of South wells are following the schedule approved by ANM, the National Mining Agency.

在井的關閉和監測方面。截至2022年10月底，35個採礦前線中，9個屬於San Filling Group，其中9個、4個正在充填；三、後期充填。目前，其他26個前線的南井關閉和監測行動正在按照國家礦業局批准的時間表進行。

Finally, also make some comments about social and urban as well as environmental measures. The activities of these front are concentrated on urban mobility, social compensation and actions in unoccupied areas. For this specific area, I would like to highlight the following points. The hiring of a specialized consulting firm to evaluate and monitor the execution of the environmental plan and the integrated action plan in accordance with -- which was established in our social environmental agreement. We started 2 projects related to urban mobility out of a total of 11 actions. There was 64% progress in the [evolution] process at the Mutange Hillside area. And finally, we've signed and confirmed the term of agreement for the adoption of requalification and indemnification for the [region flex size.]

最後，也對社會和城市以及環境措施提出一些評論。這些陣線的活動集中在城市流動、社會補償和無人居住地區的行動。針對這個具體領域，我想強調以下幾點。聘請專業顧問公司來評估和監督環境計畫和綜合行動計畫的執行情況，以符合我們的社會環境協議中規定的要求。在總共 11 項行動中，我們啟動了 2 個與城市交通相關的計畫。 Mutange Hillside地區的[進化]​​過程已經取得了64%的進展。最後，我們簽署並確認了採用[區域靈活尺寸]的重新資格和賠償的協議條款。

Now let's move on to the next slide. This slide will present the main highlights of operations in the United States and Europe. In the third quarter of '22, the utilization rate of the polypropylene plants in the U.S.A. was 74%, 7 percentage points lower than in the second quarter of '22. This reduction is explained by lower demand in the region and shorter unscheduled stops.

現在讓我們轉到下一張投影片。這張幻燈片將展示美國和歐洲業務的主要亮點。 22年第三季度，美國聚丙烯裝置的利用率為74%，較22年第二季下降7個百分點。造成這種減少的原因是該地區需求下降和計劃外停靠時間縮短。

In Europe, the utilization rate decreased by 1 percentage point compared to the previous quarter, due to lower availability of raw material, which was caused by operational problems of local suppliers and also to the lower demand in the period.

在歐洲，利用率較上一季下降了1個百分點，原因是當地供應商的營運問題以及期內需求下降導致原物料供應量下降。

Now speaking of commercial performance in the United States, the sales volume for the quarter was 381,000 tons, which represents a reduction of 19% over the previous quarter. In Europe, sales volumes in the third quarter of '22 was 128,000 tons with an increase of 8% when compared to the previous quarter. In this segment, recurring EBITDA in the third quarter was $62 million.

現在談到美國的商業表現，該季度的銷量為38.1萬噸，比上季減少了19%。在歐洲，22年第三季銷售量為12.8萬噸，季增8%。在該細分市場中，第三季的經常性 EBITDA 為 6,200 萬美元。

Now going to the next slide, I will address the highlights of the operations in Mexico. In Mexico, the utilization rate in the third quarter of '22 was 76%, 9 percentage points higher than in the second quarter of '22 due to higher ethane supply by PEMEX and also ethane imported through fast track.

現在轉到下一張投影片，我將介紹墨西哥業務的亮點。在墨西哥，由於PEMEX乙烷供應增加以及透過快速通道進口乙烷，22年第三季的利用率為76%，比22年第二季高出9個百分點。

Concerning sales, there was a reduction of 5% over the second quarter '22 due to rebuilding of inventory levels at Braskem Idesa. Recurring EBITDA for the segment in the third quarter of '22 was $14 million.

就銷售額而言，由於 Braskem Idesa 重建庫存水平，22 年第二季銷售額下降了 5%。 2022 年第三季該部門的經常性 EBITDA 為 1,400 萬美元。

Now let's go to the next slide, where we'll address the ethane terminal in Mexico. The beginning of the construction of the ethane import terminal in Mexico was one of the major highlights of the quarter for the Mexico operation. The terminal team in Quimica Puerto Mexico is the joint venture between Braskem and Advario, with each partner holding 50% of the company's shares. Its raw material supply capacity for the terminal will be approximately 80,000 barrels of ethane per day, which represents 120% of Braskem Idesa current raw material needs.

現在讓我們轉到下一張投影片，我們將討論墨西哥的乙烷終端。墨西哥乙烷進口碼頭的開工是本季墨西哥業務的一大亮點。墨西哥Quimica Puerto碼頭團隊是Braskem和Advario的合資企業，雙方各持有該公司50%的股份。該碼頭的原料供應能力約為每天8萬桶乙烷，相當於Braskem Idesa目前原料需求的120%。

The CapEx of the project is estimated about $400 million. And the expectation is that the beginning of the terminal operations will be the second half of 2024. The physical progress of the project at the end of September '22 was 22%. Finally, it's worth pointing out that in the addendum signed with PEMEX in 2021, Braskem Idesa has the right of reference to purchase all the ethane that PEMEX has available and not used in its own production process until 2045.

該項目的資本支出估計約為 4 億美元。預計碼頭營運將於2024年下半年開始。最後，值得指出的是，在2021年與PEMEX簽署的附錄中，Braskem Idesa有權購買PEMEX擁有的所有乙烷，直到2045年才用於自己的生產過程。

Now going to the next slide, we are going to address the company's cash generation in the quarter. In the quarter, the company had cash generation amounting to BRL 889 million. Excluding the payments related to Alagoas geological event in the quarter, the company had a recurring cash generation of BRL 1.557 billion.

現在轉到下一張投影片，我們將討論該公司本季的現金產生情況。本季度，該公司產生的現金達 8.89 億雷亞爾。不包括本季與阿拉戈斯地質事件相關的付款，該公司的經常性現金產生為 15.57 億雷亞爾。

The main impacts were recurring EBITDA for the quarter and the positive variation in working capital due to reduction in accounts receivables caused by lower sales volume and lower price references in the international market and also by the reduction in inventory levels due to lower price references in the international market.

主要影響是本季度的經常性 EBITDA 和營運資金的積極變化，這是由於國際市場銷售下降和價格參考較低導致應收帳款減少以及由於國際市場價格參考較低導致庫存水準下降所致。市場。

Now let's go to the next slide. At the end of the third quarter '22, the company maintained a very long debt profile with a strong liquidity position and most of its debt maturing after 2030. The average debt term was around 13 years, and the company's current liquidity level guarantees the coverage of debt maturities in the next 63 months, without considering the available international removing credit line in the amount of $1 billion maturing until 2026.

現在讓我們轉到下一張投影片。截至2022年第三季末，該公司維持了非常長的債務狀況，流動性狀況強勁，大部分債務在2030年之後到期。能力未來 63 個月內到期的債務，不考慮 2026 年到期的 10 億美元可用國際信貸額度。

Let's move on to the next slide, where we'll talk about company's credit metrics. Aligned with the dynamics observed in the previous quarter, Braskem maintained its solid credit metrics and corporate leverage remained low in the third quarter and closed at 1.55x. It's worth pointing out that the aim is to maintain a robust cash position with a very long debt profile, and that we are committed to efficient capital allocation and the maintenance of our investment grade rating.

讓我們繼續看下一張投影片，我們將在其中討論公司的信用指標。與上一季觀察到的動態一致，Braskem 維持了穩健的信貸指標，第三季企業槓桿率保持在較低水平，收於 1.55 倍。值得指出的是，我們的目標是在長期債務狀況下保持強勁的現金狀況，並且我們致力於有效的資本配置和維持我們的投資等級評級。

Moving on to the next slide. Let's talk about our ESG agenda. Braskem held the second additional ESG day, a meeting with the financial market to share the advances of our commitment to sustainable development. During the event, we reinforced our commitment to strengthening Braskem's role in the carbon neutral on circular economy and shared Braskem's advances in the pillars of actions, which include eliminating plastic waste and fighting climate change. All the initiatives are part of the company's growth avenues for the future. The presentation on the video of the completed event can be accessed on Braskem Investor Relations website.

轉到下一張投影片。讓我們談談我們的 ESG 議程。 Braskem 額外舉行了第二個 ESG 日，這是一次與金融市場的會議，分享我們對永續發展承諾的進展。活動期間，我們重申了對加強布拉斯科姆在循環經濟碳中和方面的作用的承諾，並分享了布拉斯科姆在消除塑膠廢物和應對氣候變遷等行動支柱方面取得的進展。所有舉措都是公司未來成長途徑的一部分。已完成活動的影片示範可在 Braskem 投資者關係網站上觀看。

Moving on to the next slide now. During the quarter, Braskem [Alemanha], an electric energy and natural gas trading company, (inaudible) was owned with a portfolio of BRL 3 billion and whose aim is to leverage business opportunities through the collaborative creation of competitive solutions that can accelerate the sustainable energy transition of the company and the industry at large. The company has also launched Sustainea joint venture formed between Braskem and Sojitz for the development of biogas technology based through plans with the reduction of carbon footprint in its production process.

現在轉到下一張投影片。本季度，Braskem [Alemanha] 是一家電力能源和天然氣貿易公司（聽不清楚），擁有30 億雷亞爾的投資組合，其目標是透過協作創建有競爭力的解決方案來利用商機，從而加速可持續發展公司和整個產業的能源轉型。該公司還成立了 Braskem 和 Sojitz 成立的 Sustainea 合資企業，透過減少生產過程中的碳足跡的計劃來開發沼氣技術。

As a reference, in 2021 based on external consultancies, the global market of [bio, MNT] represented $26.3 billion. We have also launched [Okta], which is a business an innovation hub that will foster the emergence and development of new technologies focused on sustainability and digital transformation.

作為參考，根據外部諮詢，2021 年 [bio，MNT] 全球市場規模為 263 億美元。我們還推出了 [Okta]，這是一個企業創新中心，將促進專注於永續發展和數位轉型的新技術的出現和發展。

Now moving on to the next slide. Here, I would like to highlight some initiatives carried out by Braskem in order to contribute to the pillar of human rights and social responsibility. To support low-income population, Braskem, in partnership with [NGO Asanda Cidadania], has contributed with the nations of base (inaudible). In addition, Braskem and will donate another BRL 5 million to the same campaign.

現在轉到下一張投影片。在此，我想強調 Braskem 為促進人權和社會責任支柱所採取的一些措施。為了支持低收入人群，Braskem 與 [非政府組織 Asanda Cidadania] 合作，向基礎國家做出了貢獻（聽不清楚）。此外，Braskem 還將為同一活動另外捐贈 500 萬雷亞爾。

Regarding private total investments, during the quarter, there was (inaudible) Mexico encouraging recycling and promoting environmental education. 143 tons of classic waste were collected, benefiting 7,000 people. In Brazil, another addition of plastic tracking to place on environmental education in the community surrounding Braskem operations. More than 18.5 tons of plastic waste were correctly disposed, benefiting about 4,400 people.

關於私人總投資，本季度，墨西哥（聽不清楚）鼓勵回收並促進環境教育。收集經典垃圾143噸，惠及7000人。在巴西，在 Braskem 業務周圍的社區中，又增加了塑膠追踪，以進行環境教育。超過18.5噸塑膠垃圾得到正確處置，約4400人受益。

In the project (inaudible) of (inaudible), Braskem is part of a joint initiative that developed an innovative technique to speed up the restoration of orals using plastic. In addition, training environmental agents in the region. This project also included a cleaning task force to raise awareness of the population about correct disposal of plastics.

在（聽不清楚）或（聽不清楚）專案中，Braskem 是一項聯合計劃的一部分，該計劃開發了一種創新技術，可利用塑膠加速口腔修復。此外，也培訓該地區的環保人員。該項目還包括一個清潔工作小組，以提高人們對正確處理塑膠的認識。

Now let's go into the next slide. On this slide, we talk about the petrochemical scenario of polyethylene and polypropylene in 2022. Lower global demand for resins coupled with higher inflation globally and high inventory levels in the global chain resulted in lower spreads during the third quarter of 2022. According to the latest external consultants projections, the expectations of that polyethylene and polypropylene spreads are to remain pressured throughout the fourth quarter '22 due to lower global demand associated with the inventory of good capacity of this product.

現在讓我們進入下一張投影片。在這張投影片上，我們討論了 2022 年聚乙烯和聚丙烯的石化情景。 全球樹脂需求下降，加上全球通膨上升和全球鏈條高庫存水平，導致 2022 年第三季利差下降。外部顧問預測，由於該產品的良好產能庫存導致全球需求下降，預計聚乙烯和聚丙烯價差將在22 年第四季繼續受到壓力。

Moving on to the next slide, I'll present the company's short-term outlook. So Brazil, there is a reduction in ethylene production. The commercial side, we expect to reduce sales volumes of resins and the main chemicals due to lower demand in the estimated period. Now concerning brands, external consulting companies expect a drop in special resins and basic chemicals due to lower global demand.

轉到下一張投影片，我將介紹公司的短期前景。因此，巴西的乙烯產量減少。商業方面，由於預估期間需求下降，我們預期樹脂和主要化學品的銷售將減少。現在就品牌而言，外部顧問公司預計，由於全球需求下降，特種樹脂和基本化學品的銷售將下降。

In the United States, both utilization rate and sales volumes are expected to remain at similar levels to those of the third quarter '22. The spreads of PP propane in the U.S. are expected to decrease. However, at levels above the recent historical average. Finally, in relation to Mexico, there is an expectation of increase in production volumes because there is an expected increase in total supply of raw material. In this situation, the expectations have an increase in sales volumes of fee due to greater product availability.

在美國，利用率和銷售量預計將保持與 22 年第三季相似的水平。美國PP丙烷的價差預計將縮小。然而，其水準高於近期歷史平均。最後，就墨西哥而言，預計產量會增加，因為原材料總供應量預計會增加。在這種情況下，由於產品供應量增加，預計銷售量將會增加。

Now going to the next slide, I would like to remind you our main goals for '22, a product and broken into our strategic pillars. Starting with productivity and competitiveness. Our focus will be on capturing value with the transformation initiatives, achieving a recurring earnings of $302 million per year for '22.

現在轉到下一張投影片，我想提醒您我們 '22 的主要目標，即產品和我們的策略支柱。從生產力和競爭力開始。我們的重點將是透過轉型計畫獲取價值，在 22 年實現每年 3.02 億美元的經常性收入。

Moving on to sustainability. Our focus is on intensifying actions in recycling, expansion of renewables and reduction of carbon emissions. As to diversification, there are 2 relevant projects in terms of diversification and also growth. The construction of the ethane import terminal in Mexico in addition to definition of a partner, both of them already concluded and also the progress with the feasibility studies to test jointly with SCG Chemicals and the construction of a new green ethane plant in Thailand.

轉向可持續發展。我們的重點是加強回收、擴大再生能源和減少碳排放的行動。至於多元化，有兩個與多元化和成長相關的項目。墨西哥乙烷進口碼頭的建設以及合作夥伴的確定均已完成，與SCG Chemicals聯合測試的可行性研究以及在泰國建設新的綠色乙烷工廠的可行性研究也取得了進展。

As to people, governance and reputation, we will continue to focus on evolving on all fronts related to the geological event in Alagoas. Finally, in our capital allocation pillar, will be focused on returning value to shareholders in addition to maintaining our investment-grade rating according to the rating agencies.

至於人員、治理和聲譽，我們將繼續專注於與阿拉戈斯地質事件相關的所有方面的發展。最後，在我們的資本配置支柱中，除了維持評級機構的投資等級外，還將重點放在為股東回報價值。

With that, we conclude the presentation of Braskem's third quarter earnings for the year 2022. Thank you very much for your attention. We are now going to move on for the Q&A session.

Braskem 2022 年第三季財報介紹到此結束。我們現在要進入問答環節。

(Operator Instructions) Our first question comes from Pedro Soares from BTG Pactual.

（操作員說明）我們的第一個問題來自 BTG Pactual 的 Pedro Soares。

I have 2 questions, actually. The first one about the spread issue. Rosana was quite clear in terms of the expectations of the company and also talking about the further deterioration. If you could perhaps expand your horizon through 2023, mainly? Do you expect this final stretch for 2022 would be getting closer to the valley as opposed to the peak? Or if next year, we would see further deterioration vis-à-vis what we've seen in the second half of this year? So if you could put those results into context.

實際上我有兩個問題。第一個是關於傳播問題。羅莎娜（Rosana）非常明確地表達了公司的期望，並談到了進一步惡化的情況。主要是想把視野擴大到 2023 年嗎？您是否預計 2022 年的最後一段時間會更接近谷底而不是峰值？或者，如果明年我們會看到與今年下半年相比進一步惡化？所以如果你能將這些結果放在上下文中。

And if we would be expecting an EBITDA below USD 2 billion. In other words, we would be phasing it down cycle going forward. If you could comment on that, I'd appreciate it. And also a second question about CapEx. The company has been going through a more controlled phase in terms of capital allocation. But with this deteriorating scenario, if you would foresee additional reduction in the short term or not, if you have got that all under control?

如果我們預期 EBITDA 低於 20 億美元。換句話說，我們將逐步減少它的週期。如果您能對此發表評論，我將不勝感激。還有關於資本支出的第二個問題。該公司在資本配置方面正經歷一個更受控的階段。但在這種不斷惡化的情況下，您是否預期短期內還會進一步減少，是否一切都在您的控制之下？

Pedro, this is Pedro Freitas speaking. It's nice talking to you. So as for the spread issue this year and next year, part of the reason that the spread in this year is dropping, and we've been talking about this since last year, we had an expectation of a down trend and spread levels.

佩德羅，我是佩德羅‧弗雷塔斯。很高興和你說話。那麼對於今年和明年的利差問題，今年利差下降的部分原因是，我們從去年開始就一直在談論這個問題，我們對下降趨勢和利差水準有預期。

But there are 3 main drivers, some nonrecurring events, which happened last year. And also from the point of view of demand this year, we had lower demand than expected because of the lockdowns in China. And on the offer side, my third driver, this year, we had new capacity coming in, which was expected. So this down cycle was somewhat expected as well. So this new capacity coming in is unfolding now, especially in China.

但有 3 個主要驅動因素，其中一些是去年發生的非重複事件。而且從今年的需求來看，由於中國的封鎖，我們的需求低於預期。在報價方面，我的第三個驅動力，今年我們有新的產能進來，這是預期的。因此，這種下行週期也在某種程度上是預料之中的。因此，這種新的產能正在不斷湧現，尤其是在中國。

For 2023, there is some more new capacity to kick in. On the demand side, we expect to see a growth in demand across the world below historical levels, of course, because of some events. But based on macroeconomic news, global-wise, when we look at polyethylene next year, we see a growth in supply more than the growth in demand, not the tune of this year, but higher.

2023 年，還會有更多新產能投入使用。但根據全球宏觀經濟消息，當我們展望明年的聚乙烯時，我們會看到供應成長超過需求成長，這不是今年的基調，而是更高。

But '24, we see a reverse in that trend because investments for 2025 are not being made now, things that should be under construction now are not. So looking at those numbers coming from an external consultancy firm. We have this outlook that 2023 will still see more capacity kicking in, but then we'll see a reverse spell for polyethylene, which suffered, if I may, more than other products.

但到了 24 年，我們看到了這一趨勢的逆轉，因為 2025 年的投資現在沒有進行，而應該在建設中的東西現在卻沒有進行。因此，請看看來自外部顧問公司的這些數字。我們預計，2023 年仍將有更多產能投入使用，但隨後我們將看到聚乙烯出現逆轉，如果可以的話，聚乙烯的損失比其他產品更嚴重。

But right now, we see a spread moving sideways I'm getting some feedback here from my voice. Hang on a second, please. So despite this perspective, pointing to Q4 -- for Q3, we saw, as I said, a sideway in the incomes expressed. So for the short run Q4 -- so new capacity coming in and a higher capacity for 2024.

但現在，我們看到價差正在橫向移動，我從我的聲音中得到了一些回饋。請稍等。因此，儘管有這種觀點，但就第四季度而言，正如我所說，對於第三季度，我們看到所表達的收入出現了橫向波動。因此，從短期來看，第四季－新產能將進入，2024 年產能將更高。

As for capital allocation, when we have clear results, that expanding our portfolio a bit more the also we are able to reduce investments very much in line with the cycle momentum. So that review is happening right now. We had announced early in the year, USD 1.2 billion in investments for the year. The expectation that we have now is about USD 1 billion. We have reduced that number within the portfolio by USD 200 million in terms of CapEx without major impacts on the operations because demand is lower, so we do not need to have plants working at full steam, right? We not need to have operational level to the max.

至於資本配置，當我們有明確的結果時，進一步擴大我們的投資組合，我們也能夠根據週期動力減少投資。所以現在正在進行審查。我們在年初就宣布，今年的投資額為 12 億美元。我們現在的預期約為10億美元。就資本支出而言，我們已將投資組合中的數字減少了 2 億美元，但並未對營運產生重大影響，因為需求較低，因此我們不需要讓工廠全速運轉，對吧？我們不需要將操作水平發揮到最大。

So we analyzing that on a case-by-case basis, of course. And we have these expectations that we will reduce CapEx for the year to the tune of USD 200 million, give or take. And for next year, CapEx level is expected to be lower as well.

當然，我們會根據具體情況進行分析。我們預計今年的資本支出將減少至 2 億美元，無論是多少。明年，資本支出水準預計也會降低。

Now on the same token, we will prioritize safety. So investments on safety will be preserved. And of course, this prioritization effort is very intense because we are focused also on our growth strategy, especially around recycling and renewables. So we're trying to strike that balance right now.

現在出於同樣的原因，我們將優先考慮安全。因此，安全投資將得以保留。當然，這種優先順序的努力非常強烈，因為我們也專注於我們的成長策略，特別是在回收和再生能源方面。所以我們現在正在努力達到這種平衡。

Our next question comes from Bruno Montanari from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布魯諾·蒙塔納裡。

A follow-up to Pedro's question about the spread. It's part of the cyclic nature of the industry, but perhaps the size of the drop was higher than expected. So in addition to CapEx, what other measures can the company take or is taken right now on the side of expenses and costs to be able to offset those negative numbers in the company's operating margins? And whether if you could perhaps manage more working capital going forward after several quarters last year where we were consuming that we saw a better cash generation flow?

佩德羅關於傳播問題的後續行動。這是該行業週期性的一部分，但下降的幅度可能高於預期。那麼，除了資本支出之外，公司在費用和成本方面還可以採取或現在正在採取哪些其他措施來抵消公司營運利潤率中的負數？在去年我們消耗了幾個季度之後，我們是否可以管理更多的營運資金，從而看到更好的現金流？

And also, how can that evolution of the spreads of the cash generation effect the dividend payout discussions? Apparently, there is less room to higher payouts. And then last question, if I may? If you could please comment on the material fact released on Novonor Corporation or partnership, so perhaps the potential sale of their stake in the company? Has anything happened on that front? Have you been meeting with them? So any news on that front would be very welcome.

此外，現金產生利差的演變如何影響股利支付討論？顯然，較高支出的空間較小。最後一個問題，我可以嗎？如果您可以對 Novonor Corporation 或合夥企業發布的重要事實發表評論，那麼也許有可能出售他們在該公司的股份？這方面發生了什麼事嗎？你和他們見過面嗎？因此，任何有關這方面的消息都會受到歡迎。

As you said, the magnitude, the speed of the drop in spreads was slightly higher than expected or above what we expected. Basically, I would say for 2 reasons. The lockdowns in China were one of the reasons early in the year, nobody would imagine that things would play out that way. And even last year, when we were working on our projections, nobody thought about that scenario to have that level of lockdowns in China, so widespread and for so long. And of course, that has an impact on demand that led to that drop in spreads. That's one of the main reasons.

正如你所說，利差下降的幅度、速度略高於預期或高於我們的預期。基本上，我想說有兩個原因。中國的封鎖是今年年初的原因之一，沒有人會想到事情會這樣發展。甚至去年，當我們進行預測時，也沒有人想到中國會出現如此程度的封鎖，範圍如此廣泛，持續時間如此之長。當然，這對需求產生了影響，導致利差下降。這是主要原因之一。

A secondary driver was the war in Ukraine and the subsequent increase in the cost of energy in Europe. Of course, that also led to a drop in spread because of the cost of gas, an impact on feedstock once again. So that's a fact.

第二個驅動因素是烏克蘭戰爭以及隨後歐洲能源成本的上漲。當然，由於天然氣成本的原因，這也導致價差下降，再次對原料產生影響。所以這是事實。

When we look at the working capital, which was a comment that you made just now, when we have a drop in prices, it is only normal to see that happening. When spreads go up, you have an increase in prices, then we increase the value of what we have in terms of accounts receivable or in other words, credit that we provide our clients, our inventory levels also go up. So you have more working capital being consumed when feedstock prices go down, we have the opposite effect. We have more working capital freed up were so this offset or even a hedge, if I may, it's something we see happening quite often in our industry.

當我們查看營運資金時，這是您剛才發表的評論，當我們價格下跌時，看到這種情況發生是很正常的。當利差上升時，價格就會上漲，那麼我們的應收帳款價值就會增加，換句話說，我們為客戶提供的信用就會增加，我們的庫存水準也會上升。因此，當原料價格下跌時，您會消耗更多的營運資金，我們會產生相反的效果。我們釋放了更多的營運資金，因此這種抵消甚至是對沖，如果可以的話，這是我們行業中經常發生的事情。

As to what else we're doing. To your point, I mentioned CapEx, we are reviewing our fixed cost line the hiring of new personnel is going now through a much more rigid approval process than in the past. We have been looking at all fixed expenses and also variable expenses from S&A to try and identify where we can have savings. We are revisiting contracts with suppliers as well we are looking at how we can reduce output. We are also trying to optimize or looking at our asset portfolio and assess our assets to see if it would make sense for us to simply shut down one of our lines, right, and see what would happen or anticipate or pull back dates on some scheduled maintenance stops, anything we can do to fine-tune our costs.

至於我們還在做什麼。就你的觀點而言，我提到了資本支出，我們正在審查我們的固定成本線，新員工的招募現在正在經歷比過去更加嚴格的審批流程。我們一直在研究 S&A 的所有固定費用和可變費用，以嘗試找出可以節省的地方。我們也在重新審視與供應商的合同，並研究如何減少產量。我們也試圖優化或查看我們的資產組合併評估我們的資產，看看我們是否可以簡單地關閉我們的一條線路，對吧，看看會發生什麼，或者預測或推遲某些預定的日期維護停止，我們可以採取任何措施來調整我們的成本。

When we see the effect of that and other costs, that may be favorable, right? And part of that repercussion will be seen in the inventory safety levels, right, and producing less my inventory security level might also drop. So we are revisiting all of that, including the purchase of inputs for our production. So that's a deep dive done by assets, by purchase by procurement, taking into account a lower level production scenario.

當我們看到該成本和其他成本的影響時，這可能是有利的，對嗎？這種影響的部分影響將體現在庫存安全水準上，對吧，生產減少，我的庫存安全水準也可能會下降。因此，我們正在重新審視所有這些，包括購買生產投入。因此，這是透過資產、透過採購進行的深入研究，同時考慮到較低水準的生產場景。

And as for fixed costs and SG&A, also a very strict discipline in terms of hiring, approving and so on. We have become extra strict in that regard. As for the working capital front, there's also a concentrated action in place to review payment terms maybe trying to extend payment terms with suppliers.

至於固定成本和SG&A，在招募、審核等方面也有非常嚴格的紀律。我們在這方面變得格外嚴格。至於營運資金方面，也採取了集中行動來審查付款條件，可能試圖延長與供應商的付款條件。

If you look at our payment terms, you'll see that as a rule, it is quite good, but we're always going back trying to find other opportunities in that respect, working with clients as well. And as I said, once again, our safety inventory levels also being looked into. So we are working across the board, to your point.

如果您查看我們的付款條件，您會發現，通常情況下，這是相當不錯的，但我們總是會回去嘗試尋找這方面的其他機會，並與客戶合作。正如我所說，我們的安全庫存水準也再次受到調查。因此，按照您的觀點，我們正在進行全面工作。

As for the dividend payout question, we have consolidated our results at BRL 1.4 billion in the year. You know our dividend payout policy. We're going to pay the regulatory minimum level, 25%. We have to wait for the final quarter results. I cannot predict what's going to happen given that foreign exchange variation has an important effect on our results. In this quarter, that variation was negative to the tune of BRL 1 billion. So depending on the foreign exchange variation, it may have either a positive or a negative effect in the bottom line. So we'll be paying at least a minimum 25%.

至於股息支付問題，我們今年的業績已合併為 14 億雷亞爾。您知道我們的股利支付政策。我們將支付監管最低水準 25%。我們必須等待最後一個季度的結果。鑑於外匯波動對我們的結果有重要影響，我無法預測會發生什麼。本季度，這項變動為負值，達 10 億雷亞爾。因此，根據外匯變化，它可能會對利潤產生積極或消極的影響。所以我們至少要付 25% 的費用。

And then as every year, we see what we can do in addition to that, always with an eye to our dividend payout policy. It is a forward-looking policy. As you know, if something changes in the market, if the economy picks up faster than expected or if we have an external event that would improve the overall scenario, all of that will be factored in as we work on our dividend payout moves.

然後，與每年一樣，我們會看到除此之外我們還能做些什麼，並始終關注我們的股息支付政策。這是一項具有前瞻性的政策。如您所知，如果市場發生變化，如果經濟復甦速度快於預期，或者如果我們發生了可以改善整體情況的外部事件，那麼在我們制定股息支付措施時，所有這些都將被考慮在內。

I think it's worth mentioning that our dividend payout policy always looks at our leverage level and looks ahead to be able to strike a balance especially when we have different cycles beginning or starting, but our policy has proven to be very robust to face market volatilities.

我認為值得一提的是，我們的股息支付政策始終關注我們的槓桿水平，並期待能夠取得平衡，特別是當我們有不同的周期開始或開始時，但我們的政策已被證明非常穩健，可以應對市場波動。

And lastly, as to your question about the material fact, which we published last week, we received this letter from Novonor. And as everyone knows, the divestment process has been going on for some time now. And the interaction they're having with potential buyers seems to have moved forward. That's what we can assume from that letter that they sent when they informed us that in the coming weeks, they might coming direct contact with us or other potential interested parties.

最後，關於您關於我們上週發布的重要事實的問題，我們收到了諾沃諾的這封信。眾所周知，撤資過程已經進行了一段時間。他們與潛在買家的互動似乎有所進展。這就是我們可以從他們發送的信函中得出的結論，他們通知我們在未來幾週內，他們可能會與我們或其他潛在感興趣的各方直接聯繫。

If that happens, well, Braskem has not taken part in that process directly, so we have not been negotiating that specific point. So if that happens at Braskem, we will be -- have direct interaction as the due diligence process starts. So that's what we have in this letter. So what this means is brace yourselves, be ready because we're going to need your support very, very soon.

如果發生這種情況，那麼，布拉斯科姆並沒有直接參與該過程，因此我們沒有就這一具體問題進行談判​​。因此，如果 Braskem 發生這種情況，我們將在盡職調查過程開始時進行直接互動。這就是我們在這封信中的內容。所以這意味著你們要做好準備，因為我們很快就會需要你們的支持。

So what are we doing now? We are updating and reviewing the information around due diligence processes so that we can be ready. We are, of course, very much concerned with the confidentiality level of that kind of information because we'll be talking about more detailed information if we reach that stage. For now, we haven't started the due diligence process, but we do believe this is going to happen very soon. That's what we have so far.

那我們現在在做什麼呢？我們正在更新和審查有關盡職調查流程的信息，以便我們做好準備。當然，我們非常關心此類資訊的機密級別，因為如果我們達到該階段，我們將討論更詳細的資訊。目前，我們尚未開始盡職調查過程，但我們相信這很快就會發生。這就是我們目前所擁有的。

The next question comes from Leonardo Marcondes of Bank of America.

下一個問題來自美國銀行的李奧納多·馬孔德斯。

Trying to quantify spreads for 2023. I would like to understand if you were seeing something along the lines of what we observed for the second part of this year? Or do you expect to have narrow spreads for next year?

試著量化 2023 年的利差。還是您預計明年的價差會縮小？

Now trying to understand when are we going to see the bottom of the cycle because spreads would probably pick up again by 2024? So I would like to know what are the main drivers in your perspective? Will it be increase of demand, reduce capacity, where would you really expect to see that coming from?

現在試著了解我們何時會看到週期的底部，因為到 2024 年利差可能會再次回升？所以我想知道您認為主要的驅動因素是什麼？需求會增加，產能會減少嗎？

Thank you very much for the question. Concerning spreads for 2023, we are still running internal discussions because of all the uncertainties in the macro perspective. But relying on our external consulting companies, it seems to -- we are expecting greater demand. So PVC, PP, PE is estimated based on the history to have an increase. So there is an impact of global demand, not developing so much and the demand for petrochemical products really growing slowly, It was 1.3% or 1.5% kind of ratio here.

非常感謝你的提問。關於2023年的利差，由於宏觀前景存在許多不確定性，我們仍在進行內部討論。但依靠我們的外部顧問公司，我們似乎預計會有更大的需求。所以PVC、PP、PE根據歷史估計會有上漲。因此，全球需求受到影響，沒有發展那麼多，對石化產品的需求確實增長緩慢，這裡的比率是 1.3% 或 1.5%。

So considering all that situation, we expect to have spreads similar to what would be the low cycle spreads. So this is a general comment, of course, and I'll go back again into diversification. Why have we invested on diversification? It brings positive effect. That's why we invested for the past 10 years. So basic petrochemical products have some resilient spreads. In the U.S. spreads, the average has been higher than the average of the industry. So diversification shows that spread, yes, the lowest of cycles, but some of the spreads are still sustained and above the average of the industry. And this result from our process of resilience.

因此，考慮到所有這些情況，我們預計利差將類似於低週期利差。當然，這是一般性評論，我將再次回到多元化方面。我們為什麼要進行多元化投資？它帶來了積極的效果。這就是我們過去10年進行投資的原因。因此基礎石化產品的價差具有一定的彈性。在美國，利差平均值一直高於行業平均。因此，多元化表明利差是周期中最低的，但一些利差仍然持續並高於行業平均。這是我們的韌性過程的結果。

Now speaking of upsides, when we analyze the foundations of petrochemical industry, everything has changed in terms of offering. There has been a substantial change, as Pedro pointed out in previous question, there has been a change in the perspective of growth of global demand. So the upside results from the scenario in Europe, political tensions, but also the policy of restrictions in China. And China, of course, makes a very important role in the plastic consumption in the world. So if China opens the market again, go back to that narrative that we consider to be more appropriate for upcoming years, which is a spread above the industry levels.

現在說到好處，當我們分析石化產業的基礎時，在產品方面一切都改變了。正如佩德羅在上一個問題中指出的那樣，發生了實質性的變化，全球需求成長的觀點發生了變化。因此，上行是歐洲局勢、政治緊張局勢以及中國限制政策的結果。當然，中國在世界塑膠消費中扮演著非常重要的角色。因此，如果中國再次開放市場，請回到我們認為更適合未來幾年的敘述，該敘述高於行業水平。

The next question comes from Vicente Falanga from Bradesco BBI.

下一個問題來自 Bradesco BBI 的 Vicente Falanga。

I have 3 quick questions. First, the prices of ethane, they have changed since the end of September, like 30% over till now. Can you capture the benefit of it on the fourth quarter, especially in Mexico? Do you have any estimate of impact? Secondly, concerning the export of resins and considering Brazil and Mexico, last time I checked, Mexico exported to Europe as well. So how badly are being affected by the slowdown in China and in Europe? And when do you expect the international global chain to [RLAM] that level again? And finally, as we have seen a price adjustment to freight costs, do you expect to keep running on U.S. pricing? Or do you plan to change -- do you expect to change the indexation?

我有 3 個簡單的問題。首先是乙烷的價格，自9月底以來已經發生了變化，到目前為止已經上漲了30%左右。您能在第四季度（尤其是在墨西哥）抓住它的好處嗎？您對影響有任何估計嗎？其次，關於樹脂的出口，考慮到巴西和墨西哥，我上次查了一下，墨西哥也出口到歐洲。那麼，中國和歐洲經濟放緩對他們的影響有多嚴重呢？您預計國際全球連鎖店何時會再次達到[RLAM]那個水準？最後，由於我們已經看到運費價格調整，您是否預計繼續採用美國定價？或者你打算改變──你期望改變指數化嗎？

Okay. As for ethane, it dropped at normal levels. Our cycle from when we buy the feedstock because we calculate the cost based on the average. At the end of the day, we have -- we're talking about a moving average for costs. So in Mexico, that effect is felt in 2 months. So we expect to see that benefit of the drop in ethane cost in the last quarter of the year.

好的。至於乙烷，則降至正常。我們的週期從我們購買原料時開始，因為我們根據平均值計算成本。歸根結底，我們正在討論成本的移動平均線。因此，在墨西哥，這種影響會在兩個月內顯現出來。因此，我們預計今年最後一個季度將看到乙烷成本下降的好處。

Now we need also to assess the spread. We also had a difference in the polyethylene price, as you mentioned, because of the lower availability of the product across the world. And of course, we have this -- all those effects on global demand. So basically, when we look at those specific effects coming from ethane, the answer is, the effects will be seen in the final quarter of the year.

現在我們還需要評估傳播情況。正如您所提到的，我們的聚乙烯價格也存在差異，因為該產品在全球的供應量較低。當然，我們還有所有這些對全球需求的影響。因此，基本上，當我們研究乙烷帶來的具體影響時，答案是，這些影響將在今年最後一個季度顯現出來。

As for exports in Mexico, we continue to export to Europe. We sell to the U.S., too, but Mexico is very competitive. So they are able to allocate products across any region. For right now, they have excess offerings in the U.S. given all the investments that were made. So right now, to sell in the U.S. is not a priority because it's not very attractive. It's better for us to sell elsewhere in Europe, for example, or in the Central America and South America regions. That continues to be our focus. And the main one, of course, across the Americas, minus the U.S. Then to your question about the indexing metrics. We see no change in that because those indexes are given by the region that exports the most.

至於墨西哥的出口，我們繼續向歐洲出口。我們也向美國銷售，但墨西哥非常有競爭力。因此他們能夠在任何地區分配產品。目前，考慮到所做的所有投資，他們在美國的發行量已經過剩。因此，目前在美國銷售並不是首要任務，因為它沒有太大吸引力。對我們來說，最好是在歐洲其他地方銷售，例如在中美洲和南美洲地區。這仍然是我們的重點。當然，最主要的是整個美洲，不包括美國。我們認為這沒有變化，因為這些指數是由出口最多的地區給出的。

So the ones who export the most resins polyethylene and PVC come from the U.S. So the American prices are the index and polypropylene coming from Asia as a different indicator. So those indicators will not change because within our commercial policy in terms of pricing, that's what basis our numbers. That's what we see happening in real-life commercial flows. And that's what we continue to use going forward.

因此，出口最多的樹脂聚乙烯和聚氯乙烯來自美國。因此，這些指標不會改變，因為在我們定價方面的商業政策內，這就是我們數字的基礎。這就是我們在現實商業流程中看到的情況。這就是我們今後繼續使用的方法。

Our next question comes from Luiz Carvalho of UBS.

我們的下一個問題來自瑞銀集團的路易斯卡瓦略。

I'd like to go back to some points that you've discussed, but maybe take a different side of them. You have broken down results by region, which is great, so Brazil, Mexico, U.S. and Europe. And in this level of spread, what attracted my attention is that the only region that has really maintained cash generation was Brazil. Could you please tell us about competitiveness levels in all the 3 regions where we are represented? Mexico, it involved $40 million, something like that.

我想回顧一下你們討論過的一些觀點，但也許持不同的觀點。您按地區細分了結果，這很棒，包括巴西、墨西哥、美國和歐洲。而在這種程度的傳播中，引起我注意的是，唯一真正保持現金產生的地區是巴西。您能否告訴我們我們所代表的所有 3 個地區的競爭力水平？墨西哥，涉及 4000 萬美元，類似的東西。

There was a second question about dividends. We can see some of the companies changing somewhat the policies. Petrobras has done that has gained more visibility of basing dividend distribution based on cash generation. So my question is, would it make sense to come up with any changes along these lines, considering that you now have control, leverage, very long-term debt profile, many projects? So would it make sense to base your dividend distribution on cash generation?

第二個問題是關於股息的。我們可以看到一些公司在政策上有所改變。巴西國家石油公司已經做到了這一點，提高了基於現金產生的股息分配的知名度。所以我的問題是，考慮到你現在擁有控制權、槓桿率、非常長期的債務狀況和許多項目，沿著這些想法提出任何改變是否有意義？那麼，將股利分配建立在現金產生的基礎上有意義嗎？

And thirdly, concerning sales, you were talking about that in the upcoming weeks. I would like to know based on the contact you have with Novonor, because there was an attempt of follow on at the beginning of the year. And apparently, there was a demand for one specific price close to BRL 40, BRL 42. And now the numbers seem to be very far from that. So how does it all indirect going into a well structured, let's say, conversation, trying to get to appropriate share prices earning, of course, consider that the Novonor creditors would also have a say in the process?

第三，關於銷售，您正在談論未來幾週的情況。我想根據您與 Novonor 的聯繫了解情況，因為年初曾嘗試跟進。顯然，人們對接近 40 雷亞爾、42 雷亞爾的具體價格有需求。那麼，這一切如何間接進入一個結構良好的對話，試圖獲得適當的股價收益，當然，考慮到Novonor債權人在過程中也有發言權？

Well, as to cash generation, you did mention that -- well, there was also came out above average for the cycle. When we look into the details of why that happened in the U.S. and in Brazil, in Brazil, we have the basic chemical products. So the effect on basic chemicals bring to Brazil is unique to this country. That's one of the positive effects that we saw for Brazil.

嗯，至於現金生成，你確實提到過——嗯，這個週期的表現也高於平均水平。當我們詳細研究為什麼在美國和巴西會發生這種情況時，在巴西，我們有基本的化學產品。因此，基礎化學品對巴西帶來的影響是該國獨有的。這是我們看到的對巴西的積極影響之一。

Also, as Brazil is larger in terms of volume, so most of the working capital that we used was allocated in Brazil, of course. When we look at those 2 components, they can explain that point that you have raised. So that's the reason why, in summary.

另外，由於巴西的體量較大，所以我們使用的大部分營運資金當然都分配在巴西。當我們查看這兩個組成部分時，它們可以解釋您提出的觀點。總而言之，這就是原因。

Once again, looking ahead, looking forward, we do believe that, that ratio, EBITDA, cash generation should not present such a mismatch across different regions. But we'll have to wait and see.

再次，展望未來，展望未來，我們確實相信，該比率、EBITDA、現金生成不應在不同地區出現如此不匹配的情況。但我們必須拭目以待。

When we talk about the dividend payout and what we see other companies doing using cash flow levels, that's a topic that Braskem is considering adopting in our dividend payout policy. But what we're living through now is a good explanation of why we haven't done it yet. Ours is a cyclical industry with significant speed, historically speaking. So when we look at those factors, we are also concerned about preserving our investment grade, we do not want to push it and commit to a dividend policy that will lead to a mandatory payout at a relevant level when we are in a down cycle. So to strike that balance within our policy is something we are trying to do. And the acid test right now will help us find that balancing point.

當我們談論股息支付以及我們看到其他公司使用現金流水平所做的事情時，這是 Braskem 正在考慮在我們的股息支付政策中採用的主題。但我們現在所經歷的事情很好地解釋了為什麼我們還沒有做到這一點。從歷史上看，我們的行業是一個快速發展的週期性行業。因此，當我們考慮這些因素時，我們也擔心維持我們的投資評級，我們不想推動它並承諾實行股息政策，當我們處於下行週期時，該政策將導致相關水平的強制派息。因此，我們正在努力在我們的政策範圍內實現這種平衡。現在的嚴峻考驗將幫助我們找到平衡點。

In our case, it is more difficult than for other companies, which are dependent on a single product, if you have an iron or oil, then you depend on a single variable. In our case, we have multiple products, several different feedstocks it's different for us to identify all the parameters to put together a whole policy. That's why it takes a bit more time for us to do that than others.

就我們而言，這比其他公司更困難，因為其他公司依賴單一產品，如果你有鐵或石油，那麼你就依賴單一變數。就我們而言，我們有多種產品、幾種不同的原料，這對我們來說確定所有參數以形成整個政策是不同的。這就是為什麼我們比其他人需要更多的時間來做到這一點。

As for sales, as I mentioned, we do not take part in the decision-making process or in the sales and price discussions. We know about price a little while because during the follow-on in January, we had access to the book. So we knew the prices which were offered in the book. So we had a reference, right? Nothing came out of that, but we had access to that. So we knew that price played a major role. But that price sensitivity still holds as far as we know, conditions are in terms are the same. And Petrobras' outlook is still the same. So we have no reason to believe that the price sensitivity has dropped. We believe it has been the same.

至於銷售，正如我所提到的，我們不參與決策過程或銷售和價格討論。我們對價格了解了一段時間，因為在一月份的後續活動中，我們可以訪問這本書。所以我們知道書中提供的價格。所以我們有一個參考，對嗎？雖然沒有任何結果，但我們可以訪問它。所以我們知道價格扮演著重要角色。但據我們所知，價格敏感度仍然存在，條件是相同的。巴西國家石油公司的前景仍然相同。所以我們沒有理由相信價格敏感度已經下降。我們相信情況也是如此。

If you look at the newspaper headlines, we do not know what the basis are for those headlines. But there is an expectation that prices will be at a level, which is pre-January, but we do not know whether or not that is true. In a nutshell, we have no reason to believe that, that sensitivity to pricing has decreased. But again, we have no access to that information. What's being negotiated, what's being discussed, what's on the table?

如果你看一下報紙的頭條新聞，我們不知道這些頭條新聞的基礎是什麼。但人們預計價格將處於一月前的某個水平，但我們不知道這是否屬實。簡而言之，我們沒有理由相信，對定價的敏感度已經下降。但同樣，我們無法存取該資訊。正在談判什麼，正在討論什麼，桌面上有什麼？

The next question comes from Gabriel Barra, Citibank.

下一個問題來自花旗銀行的加布里埃爾·巴拉 (Gabriel Barra)。

Can you hear me all right?

你聽得到我說話嗎？

Yes.

是的。

Most of the discussions have already been made, but I would like to make some follow-ups and maybe some new side of it. If we can talk about the change in the President in Brazil and all the differences that we have observed in terms of input rates and everything, can you tell us your perspective on it for the upcoming year? Will there be any potential changes or impacts for the company?

大多數討論已經進行，但我想進行一些後續討論，也許還有一些新的面向。如果我們可以談談巴西總統的變化以及我們在投入率和其他方面觀察到的所有差異，您能告訴我們您對來年的看法嗎？對公司是否會有任何潛在的變化或影響？

Secondly, if you could tell us more about Alagoas? In this quarter, there was a small amount in your provisions according to the balance. Now there is still a potential point for discussion and increases. What are, let's say, the sensitive points of this discussion, so that we can understand really what it means for the company in the future?

其次，您能否告訴我們更多關於阿拉戈斯的資訊？本季度，根據餘額，你們撥備中有少量金額。現在還有一個可以討論和增加的潛力點。比如說，這次討論的敏感點是什麼，以便我們能夠真正了解這對公司未來意味著什麼？

And something with Novo Mercado, we started this discussion and then no longer it was addressed. So what is the current status? Do you still expect changes into Novo Mercado? And what kind of discussions are you having with Petrobras? Is this still an open discussion to migrate? So these were my points.

和 Novo Mercado 一起，我們開始了這個討論，然後就不再討論了。那麼目前的狀況如何呢？您還期待 Novo Mercado 的改變嗎？您與巴西國家石油公司進行了哪些討論？這仍然是一個關於遷移的公開討論嗎？這就是我的觀點。

Well, Gabriel, thank you for your questions. As to the change in administration government, we can -- but it all under the same umbrella of industrial policy. We do not know what the new administration will be doing in terms of industrial policies. We're still waiting to see what's going to happen. Of course, actions which were taken this year in terms of import fees and taxes, we believe that the should be linked to a reduction in the so-called Brazil cost, but we need to wait and see what the next government will do.

好吧，加布里埃爾，謝謝你的提問。至於行政政府的變革，我們可以──但這一切都在產業政策的同一框架下進行。我們不知道新政府在產業政策上會採取什麼措施。我們仍在等待，看看會發生什麼。當然，今年在進口費用和稅收方面採取的行動，我們認為這應該與所謂的巴西成本的降低有關，但我們需要拭目以待下一屆政府會做什麼。

But our focus will remain on the fact that any change on industrial policy or any change on this long-standing framework should be linked to a reduction in the so-called Brazil cost. And that's where our focus will be. But it's still early to know. We do not know what the new government will do in terms of concrete measures.

但我們的重點仍然是這樣一個事實：產業政策的任何變化或這個長期框架的任何變化都應與所謂的巴西成本的降低聯繫起來。這就是我們的重點。但現在知道還太早。我們不知道新政府將採取什麼具體措施。

As for Alagoas, within our provision for Q3, slightly over BRL 7 billion. When we split that, we have the reallocation compensation. We are looking to complete the proposal submission process until the end of the year. That's our goal. We'll try to reach that goal to the end of the year to avoid extending that to next year, but we are well advanced in that process.

至於阿拉戈斯州，我們為第三季準備的資金略高於 70 億雷亞爾。當我們分割它時，我們得到了重新分配補償。我們希望在年底前完成提案提交流程。這就是我們的目標。我們將努力在今年年底實現這一目標，以避免將其延長到明年，但我們在這一過程中已經取得了巨大進展。

As for payments, we make the proposal. The proposal is analyzed and then we get a feedback. There is an acceptance of that, a formalization process, and then we make the payment. So the process takes about 2 to 3 months, on average. So that this imbursement today at BRL 2.4 billion, 1/3 of the provision, give or take, this should go on until early next year for most of that to be really disbursed.

至於付款，我們提出建議。對提案進行分析，然後我們得到回饋。有一個接受，一個正式化過程，然後我們付款。所以這個過程平均要2到3個月左右。因此，今天的撥款為 24 億雷亞爾，佔撥款的 1/3，無論給予還是接受，這應該持續到明年初，以便真正支付其中的大部分。

As for the salt hubs, at BRL 1.5 billion, we are moving forward quickly. 2 of the 9 cavities, which we intend on feeling with sand are well advanced. We are discussing with the regulating agencies about shutting down those units. A fourth unit is already being studied and the remaining ones are in the pipeline. It's a multi-annual program. It's not going to be solved next year, just so you know.

至於鹽中心，我們正在快速推進，耗資 15 億雷亞爾。我們打算用沙子摸索的 9 個空腔中，有 2 個已經非常先進。我們正在與監管機構討論關閉這些單位的問題。第四個裝置已經在研究中，其餘裝置正在籌備中。這是一個多年期計劃。明年這個問題不會解決，你知道的。

As we move into social environmental measures, there is a series of actions being implemented, as I said, is a multiyear program. It's not focused on the short run. So other additional measures are ongoing, such as demolition, 64% of that work of those houses and areas, properties being addressed. So today or in the short run, rather, I mean, for the next 12 months, we should be working over BRL 5 billion of those BRL 7.2 billion.

當我們採取社會環境措施時，正在實施一系列行動，正如我所說，這是一個多年期計劃。它不關注短期。因此，其他額外措施正在進行中，例如拆除，這些房屋和區域的 64% 工程正在處理中。因此，今天或短期內，我的意思是，在接下來的 12 個月裡，我們應該在這 72 億雷亞爾中工作超過 50 億雷亞爾。

What do we have in terms of topics that might lead to future liabilities? We have ongoing negotiations with some public agencies with other demand relative to the same case. We have advanced in terms of negotiations. We cannot, today, quantify the final number. We have been making provisions for that as discussions move forward. We had an adjustment just now in provisions in the second quarter, which was slightly higher than expected, exactly because we had advanced in those discussions.

我們有哪些可能導致未來負債的主題？我們正在與一些公共機構就同一案件提出其他要求進行談判。我們在談判方面取得了進展。今天我們無法量化最終數字。隨著討論的進展，我們一直在為此做出規定。我們剛剛對第二季度的準備金進行了調整，略高於預期，正是因為我們在這些討論中取得了進展。

So that's -- it has been a productive process at the end of the day, this discussion with the public agencies. We have been making partial provisions as we move forward. Like I just said, but it's difficult for us to state firmly or quantify an amount at the end of the day. But I'd say there is nothing today that would point to something very material or very relevant in terms of amount, nothing pointing to that, that level of impact. When we look at the total of BRL 13 billion, which is a total amount for the provision, right? We're talking about much less significant amounts when compared to the BRL 13 billion.

所以，與公共機構的討論歸根究底是一個有成效的過程。隨著我們的前進，我們一直在製定部分規定。就像我剛才說的，但最終我們很難確定或量化一個金額。但我想說，今天沒有任何東西可以表明在數量上非常重要或非常相關的東西，沒有任何東西可以表明這種影響程度。當我們看到總額為 130 億雷亞爾時，這是準備金的總額，對嗎？與 130 億雷亞爾相比，我們談論的金額要小得多。

And lastly, as the question about the Novo Mercado, the migration to the Novo Mercado, as per our strategy, Petrobras and Novonor, the strategy was to sell preferred shares and then the sale of common shares as the sale of preferred shares did not happen because of market conditions. That process came to a halt. Today, we actually made a proposal to have a Braskem in the Novo Mercado, but we know that there were discussions between Petrobras and Novonor about that potential new shareholders agreement, but the process did not move forward that process for selling preferred chest. The dialogue was interrupted.

最後，關於 Novo Mercado 的問題，根據我們的策略，Petrobras 和 Novonor 向 Novo Mercado 的遷移，策略是出售優先股，然後出售普通股，因為優先股的出售沒有發生由於市場條件。這個過程停止了。今天，我們實際上提出了在 Novo Mercado 設立 Braskem 的提議，但我們知道 Petrobras 和 Novonor 之間就潛在的新股東協議進行了討論，但該過程並沒有推進出售優先箱的過程。對話被打斷。

So maybe something is happening between Petrobras and Novonor, but we are not privy to that, right? So we believe things have come to a standstill. And with this new advancement from Novonor, their move to divest apparently. Petrobras has a tag along, right, and also a right of preference. So if Novonor moves forward, Petrobras will need to assess their rights to decide what to do going forward.

所以也許 Petrobras 和 Novonor 之間正在發生一些事情，但我們對此並不知情，對嗎？所以我們相信事情已經陷入停滯。隨著 Novonor 的這項新進展，他們顯然要撤資。巴西國家石油公司有追隨權，也有優先權。因此，如果 Novonor 繼續前進，巴西國家石油公司將需要評估自己的權利，以決定下一步該做什麼。

Okay. One follow-up, if I may? You talked about Petrobras, any offer made for Novonor? Petrobras has a right to receive the same terms, correct?

好的。如果可以的話，可以跟進一下嗎？您談到了 Petrobras，對 Novonor 有什麼報價嗎？巴西國家石油公司有權獲得相同的條款，對嗎？

Yes, this would be the tag-along, right, not only Petrobras, but all Braskem's shareholders when a change in control happens. So that's a given. And the right of preference, which is the following: Petrobras may offer the same value, the same terms same conditions of the contract to Novonor. And so Novonor could buy it or Petrobras could buy Novonor, right, if it was in their best interest.

是的，當控制權發生變化時，這將是尾隨者，對吧，不僅是巴西國家石油公司，還有所有 Braskem 的股東。所以這是給定的。優先權如下：Petrobras 可以向 Novonor 提供相同價值、相同條款和條件的合約。因此，Novonor 可以購買它，或者 Petrobras 可以購買 Novonor，對吧，如果這符合他們的最佳利益的話。

The next question, in English, comes from Matias Vammalle of BlueBay Asset Management.

下一個問題是來自 BlueBay 資產管理公司的 Matias Vammalle 的英文問題。

Hopefully, you can hear me all right. Just a few questions from my side. The first one is, I see that both at Braskem, but also at the Braskem Idesa, the Mexican operation level, there has been a positive release of working capital and Braskem, it seems to be related to inventories in the Mexican operations, it seems to be related to accounts receivables. And given the positive and sizable impact that these had on the overall cash flows, on the free cash flow of both entities, if you could comment a little bit what was the driver behind that? And whether you think this would be reversed in the coming quarter?

希望你能聽到我的聲音。我這邊只是提出幾個問題。第一個是，我看到無論是在Braskem，還是在Braskem Idesa，墨西哥營運層面，營運資金和Braskem都有正面的釋放，這似乎與墨西哥營運的庫存有關，似乎與應收帳款相關。考慮到這些對整體現金流、兩個實體的自由現金流產生的積極且巨大的影響，您能否評論一下背後的驅動因素是什麼？您是否認為這種情況會在下個季度發生逆轉？

And then also wondering if you had any contact with the rating agencies to keep them informed and discuss whether the current environment would have any implications on the ratings of either Braskem or Braskem Idesa?

然後還想知道您是否與評級機構有任何联系，以便讓他們了解情況並討論當前環境是否會對 Braskem 或 Braskem Idesa 的評級產生任何影響？

Matias, I'll take the question. It's nice talking to you. Matias asked about the working capital. Just to be sure, I'm going to translate his questions. The working capital in Brazil happened based on inventory. And in Mexico, it was based on accounts receivable. And the question is, what were the drivers for that to happen? And if we see in the coming quarter, you could see a reversal of that?

馬蒂亞斯，我來回答這個問題。很高興和你說話。馬蒂亞斯詢問了營運資金的情況。為了確定起見，我將翻譯他的問題。巴西的營運資金是基於庫存。在墨西哥，它是基於應收帳款。問題是，發生這種情況的驅動因素是什麼？如果我們看到下個季度，你會看到這種情況的逆轉嗎？

The main driver, Matias was a drop in prices. In the case of Brazil, the drop in naphtha and oil prices led to a lower inventory value. We also had some effect coming from a reduction in product prices, so that also affected accounts receivable in Brazil. We also saw a drop there in Brazil accounts receivable. And in Mexico, the same, a drop in polyethylene, when you talk about Mexico, led to a reduction in accounts receivable. So basically, the main reason was this drop in price.

馬蒂亞斯的主要動力是價格下跌。就巴西而言，石腦油和石油價格下跌導致庫存價值下降。我們也受到產品價格下降的影響，也影響了巴西的應收帳款。我們也看到巴西的應收帳款有所下降。在墨西哥，同樣，當你談論墨西哥時，聚乙烯的下降導致應收帳款減少。所以基本上，主要原因是價格下降。

We also had a slow reduction in the sales volume in some points, especially in exports leaving Brazil, which also led to a reduction in accounts receivable. Looking at the price trend, what we see happen in October, November and as we look to the next quarter, we do not see a reversal of that trend in that short term. But again, it will depend on oil prices and also on prices of products.

我們在某些​​方面的銷售也出現了緩慢的減少，特別是離開巴西的出口，這也導致了應收帳款的減少。從價格趨勢來看，我們看到 10 月、11 月發生的情況以及展望下個季度的情況，我們認為短期內該趨勢不會逆轉。但同樣，這將取決於石油價格和產品價格。

As I mentioned earlier, we are closely monitoring our assets, our inventory levels, not only of finished products, feedstocks but other inputs as well. So this optimization process will help us maintain our position in working capital. That's what we believe.

正如我之前提到的，我們正在密切監控我們的資產和庫存水平，不僅包括成品、原料，還包括其他投入品。因此，這個優化過程將幫助我們維持營運資金的地位。這就是我們所相信的。

There is a point which is in our release we did not really highlight during the presentation, but I'll take the opportunity does not have a direct link with working capital, but there's an accounting adjustment, which has no cash effect, but it is pricing in EBITDA of negative BRL 75 billion. The EBITDA that we reported is there, but it would have been USD 77 billion (sic) [USD 77 million] higher, if we had not made the inventory adjustment, the value of the inventory. So we did a test on September 30, the finished products inventory, what was the market price for that? And then we made a provision, which has already been reverted in October vis-à-vis the market value of our inventory. So that USD 77 million, which negatively impacted our EBITDA in September, reverses in October, right, just to be sure. That's a noncash amount that affects the results the results of the third quarter negatively, and then it is reverted in the fourth quarter.

在我們的新聞稿中，有一點我們在演示期間沒有真正強調，但我會藉此機會與營運資金沒有直接聯繫，但有一個會計調整，沒有現金影響，但它是EBITDA 定價為負750 億雷亞爾。我們報告的 EBITDA 是存在的，但如果我們沒有進行庫存調整，庫存價值將會增加 770 億美元（原文如此）[7700 萬美元]。那我們在9月30日做了一個測試，成品庫存，市場價格是多少？然後我們制定了一項準備金，該準備金已於 10 月根據我們庫存的市場價值恢復。因此，9 月對我們的 EBITDA 產生負面影響的 7,700 萬美元在 10 月出現了逆轉，沒錯，只是為了確定這一點。這是一筆非現金金額，將對第三季的業績產生負面影響，然後在第四季度恢復。

As for the rating or credit rating, we talk with credit agencies on a constant basis. In the past few days, we were in contact with them. We did not sense any concern on their side. We have a very transparent relationship with them. So they know our cash situation, our financial position, our long debt profile is something they look at from a very positive light.

至於評級或信用評級，我們會持續與信用機構溝通。這幾天，我們一直在和他們接觸。我們沒有感覺到他們有任何擔憂。我們與他們有著非常透明的關係。所以他們知道我們的現金狀況、我們的財務狀況、我們的長期債務狀況，他們從非常正面的角度看待這些事情。

And if you look at our cash position, as we close the quarter, it is a cash position which is higher than usual for the company, USD 2.2 billion in cash, plus USD 1 billion that we have available. So it is a cash situation or a position, which is quite comfortable in terms of net availability of over USD 3 billion to face potential uncertainties. So all of that combined impacts our credit rating, of course, rating until recently we had a negative bias and now we have a stable bias across the 3 rating agencies.

如果你看一下我們的現金頭寸，在本季結束時，公司的現金頭寸高於平常，即 22 億美元現金，加上我們可用的 10 億美元。因此，這是一種現金狀況或頭寸，在面對潛在的不確定性時，超過 30 億美元的淨可用資金是相當舒適的。因此，所有這些綜合起來都會影響我們的信用評級，當然，直到最近我們的評級仍有負面偏差，現在我們在 3 個評級機構中都有穩定的偏差。

So we want to maintain our investment grade, and they do understand our intention of maintaining that investment grade, and that's key for our financial management and our business strategy as well as we move forward.

因此，我們希望維持我們的投資評級，他們確實理解我們維持投資評級的意圖，這對於我們的財務管理和業務策略以及我們的前進至關重要。

I was wondering -- I don't know if I can squeeze one more question. You did mention at some point that the CapEx for this year was being revised by about $200 million at the Braskem level, and that you were also thinking of lower CapEx next year. I was wondering if you can give us a bit more -- if you have a bit more visibility into next year, but also if you could comment (technical difficulty) of CapEx plans, given that they have a big project currently undergoing?

我想知道——我不知道是否可以再問一個問題。您確實在某個時候提到，今年的資本支出在 Braskem 級別上修改了約 2 億美元，並且您還考慮明年降低資本支出。我想知道您是否可以給我們更多資訊 - 如果您對明年有更多了解，而且考慮到他們目前正在進行一個大型項目，您是否可以對資本支出計劃（技術難度）發表評論？

The part of your question was cut, if you could repeat the last bit, please.

你的問題部分被刪掉了，請你重複最後一點。

Yes. Sorry. Basically, with regards to capital expenditures, I think on the Braskem side, you mentioned that this year's, fiscal '22, was expected to be $200 million lower and also a bit lower for next year, but if you have a bit of visibility or if you can give us some sort of a frame as to how much lower will be next year? And also thinking about your Mexican operations given that there's a big project in Mexico, do you have any flexibility on delaying or postponing some of the CapEx?

是的。對不起。基本上，關於資本支出，我認為在 Braskem 方面，您提到今年的 22 財年預計會減少 2 億美元，明年也會減少一些，但如果您有一點能見度或您能否給我們一個框架，說明明年會降低多少？另外，考慮到您在墨西哥的業務，考慮到墨西哥有一個大項目，您在推遲或推遲部分資本支出方面是否有彈性？

Thank. Okay. I'll take that, Matias. Matias has asked about CapEx, the review of $200 million approximately, that's clear. The question is if for year, what do we expect? We are now still defining, we do not have a number to announce for next year, but it is a definition process, a revision process to have a smaller portfolio. So we're talking about a reduction relative to what we will complete this year actually.

感謝。好的。我會接受的，馬蒂亞斯。馬蒂亞斯詢問了資本支出，大約 2 億美元的審查，這是明確的。問題是，如果今年，我們的預期是什麼？我們現在仍在定義，我們沒有明年公佈的數字，但這是一個定義過程，一個修訂過程，以擁有更小的投資組合。因此，我們正在討論相對於今年實際完成的工作量的減少。

This is part of what we have always done looking at the cycle, cash generation, leverage level and CapEx. Our CapEx is also more cyclic-driven, right? When we have shorter cycles, and that's what we do. If we look at historical levels, a CapEx of 60% of EBITDA or something like that.

這是我們一直在關注週期、現金產生、槓桿水平和資本支出方面所做的工作的一部分。我們的資本支出也更具週期性驅動，對嗎？當我們的周期較短時，這就是我們所做的。如果我們看一下歷史水平，資本支出為 EBITDA 的 60% 或類似的水平。

As for Mexico, the construction of the terminal is a priority because at the end of the day, this will provide us with a stable operating capacity for the future. So delaying the terminal is not something we are considering right now. What we're doing is the following: we have brought in a partner Advario a Dutch company, part of a German group, a global leader in midstream logistics industry for liquids and gas. And we brought them in Advario will -- the total investment is $400 million, 400, and 1/2 of that will be -- no, just -- let me take a step back.

對墨西哥來說，碼頭的建設是當務之急，因為這最終將為我們提供未來穩定的營運能力。所以延遲終端不是我們現在考慮的事情。我們正在做的事情如下：我們引入了合作夥伴Advario，這是一家荷蘭公司，隸屬於德國集團，是液體和天然氣中游物流行業的全球領導者。我們把他們引入 Advario 意願——總投資是 4 億美元，400，其中 1/2 將——不，只是——讓我退後一步。

Out of the $400 million, we are now trying to find external funding in the -- for at least 60% of that amount to be a long-term financing for 60% at the very least, 60% of $400 million. And the balance would come from a joint venture, 50-50. So the equity coming in from Braskem would be to the tune of USD 80 million, part of it this year within our portfolio, but with complements throughout another 2 years.

在這 4 億美元中，我們現在正在努力尋找外部資金，其中至少 60% 是長期融資，至少 60% 是 4 億美元中的 60%。其餘部分將來自合資企業，50-50。因此，從 Braskem 獲得的股權將達到 8,000 萬美元，其中一部分將在今年納入我們的投資組合中，但在接下來的兩年內將進行補充。

So if you look at the annual effort, it's not very material. It is restrict to Braskem Idesa. Braskem Corporate is not part of that in terms of investments for that project. So that's how we have designed it. So it's a nonrecourse ideally, right? So coming from the 2 partners. But again, we do not see an interesting alternative to delay that investment right now.

所以如果你看看每年的努力，它並不是很重要。僅限 Braskem Idesa。就該計畫的投資而言，布拉斯科公司並未參與其中。這就是我們的設計方式。所以理想情況下這是一種無追索權，對嗎？所以來自兩個合作夥伴。但同樣，我們目前沒有看到一個有趣的替代方案來推遲這項投資。

(Operator Instructions) There is one question coming from Barbara Halberstadt of JPMorgan.

（操作員指示） 摩根大通的 Barbara Halberstadt 有一個問題。

I think we've already discussed most of the questions that are had in mind, but I would like to have a follow-up concerning the funding of the Mexico CapEx. It is to have a project financing. So do you already have discussions going on with potential banks to carry on this transaction? Is everything already in progress? So please, if you could please give us some more color on the topic, I would appreciate that? Secondly, concerning cash generation, have you monetized any tax credits? Do you still have them available to monetize in the last quarter or the future quarter of '23? Or have you already geared down?

我認為我們已經討論了大部分想到的問題，但我想對墨西哥資本支出的融資進行後續討論。就是要有專案融資。那麼您是否已經與潛在銀行進行討論以進行此項交易？一切都已經在進行中了嗎？那麼，如果您能為我們提供有關該主題的更多信息，我將不勝感激？其次，關於現金生成，您是否已將任何稅收抵免貨幣化？您是否仍然可以在 23 年最後一個季度或未來一個季度將它們貨幣化？或者你已經做好準備了嗎？

So the Mexico financing line is moving forward. We are trying to find that funding. We are already in negotiations with counterparts, banks and other institutions and we hope to finalize that in the coming months. So there is a very high level of interest. And we are now in the process of choosing right, of bidding to define how that funding will unfold.

所以墨西哥的融資線正在向前推進。我們正在努力尋找資金。我們已經在與同業、銀行和其他機構進行談判，我們希望在未來幾個月內完成談判。所以人們的興趣非常高。我們現在正在選擇正確的方向，競標來確定資金將如何展開。

As we have a utility quality to it, we meet the terminal to work full steam. We have a very interesting level of return, very stable, and that generates a very large interest in terms of financing that investment. That's a very solid investment and higher because of the critical role it plays for the operation of the complex as a whole.

由於我們具有實用性，因此我們可以讓終端全速工作。我們的回報水準非常有趣，非常穩定，這在投資融資方面產生了非常大的興趣。這是一項非常可靠的投資，而且金額更高，因為它對整個綜合體的運作發揮關鍵作用。

As for monetizing credits, we didn't have anything above normal that PIS/COFINS that we had is now over. It has all been monetized. And what we have now in terms of variation in terms of taxes and tax credits is the normal variation that we usually see. Nothing atypical on that front, and we do not expect to have anything like that going forward.

至於貨幣化積分，我們沒有任何超出正常水平的東西，我們擁有的 PIS/COFINS 現在已經結束了。這一切都已經貨幣化了。我們現在在稅收和稅收抵免方面的變化是我們通常看到的正常變化。在這方面沒有什麼不尋常的，我們也不期望未來會出現類似的情況。

You have allocated capital and liquidity, and you said about maintaining liquidity and robust better. But with the price of bonds in the market, is there any intention, idea? Have you been analyzing, making an additional purchase and using this cash to rebuy anything?

您已經分配了資本和流動性，並談到如何更好地保持流動性和穩健性。但市場上的債券價格，有沒有什麼意圖、想法呢？您是否一直在分析、追加購買並使用這些現金重新購買任何東西？

Barbara, we are always looking at those opportunities. As I mentioned before, we'll increase our cash level because of that uncertainty linked to the nature of the cycle. If the overall scenario improves to a higher level than we had anticipated, then we will look alternatives of repurchasing as we did before, and we did something like that this year. But it will depend on the scenario, the overall scenario, as is, we are waiting to see what's happening and then we'll make a decision. Right now, the focus has been on preserving our liquidity before we make a final decision.

芭芭拉，我們一直在尋找這些機會。正如我之前提到的，由於與週期性質相關的不確定性，我們將增加現金水準。如果整體情況改善到比我們預期更高的水平，那麼我們將像以前一樣尋找回購的替代方案，今年我們也做了類似的事情。但這將取決於具體情況，總體情況，我們正在等待看看發生了什麼，然後我們會做出決定。目前，我們的重點是在做出最終決定之前保持流動性。

With that, we close the Q&A session. I would like now like to hand it over to Roberto Simoes, CEO of Braskem, for his closing remarks.

至此，我們結束了問答環節。現在我想請 Braskem 執行長 Roberto Simoes 致閉幕詞。

Good afternoon, everyone. Thank you so much for being with us. Pedro and Rosana have covered your main observations and comments and questions. We are aware of the challenges and uncertainties at the macroeconomic level, especially as we go through very important geopolitical events in China, Ukraine. And of course, those have impacts on what we do in our operations.

大家下午好。非常感謝您與我們同在。佩德羅和羅莎娜已經涵蓋了您的主要觀察、評論和問題。我們意識到宏觀經濟層面的挑戰和不確定性，特別是在我們經歷中國和烏克蘭發生的非常重要的地緣政治事件時。當然，這些會對我們的營運產生影響。

It's important for us to remind ourselves of our strengths, our strategies which have adopted for the past decades to face challenges such as those we have ahead of us now. From the point of view of competitiveness and productivity, it's always nice to remember as we are a global company leader in Americas and with strong assets all of them well positioned and within the global cost curve, when compared with other players.

對我們來說，重要的是要提醒自己我們的優勢，以及過去幾十年來我們為應對當前面臨的挑戰所採取的策略。從競爭力和生產力的角度來看，值得記住的是，我們是美洲的全球公司領導者，擁有強大的資產，與其他參與者相比，所有這些資產都處於有利位置並處於全球成本曲線之內。

And from the point of view of finance, you know this, you monitor this situation very closely. Our credit profile is quite robust, and we apply a very strong discipline in capital allocation. And we in a very strong liquidity position and with long-term debt only. When we think about investments and looking ahead, in the short run for 2023, we have just completed an analysis for the past 6 months of how we see the petrochemical industry, especially in the main markets by 2030 and where we would like Braskem to be in 2030, not only where we should be investing, but also where we should perhaps reduce investments. As Pedro mentioned, perhaps reduce production or even shut down some of our industrial operations.

從財務的角度來看，你知道這一點，你會非常密切地監控這種情況。我們的信用狀況相當穩健，而且我們在資本配置方面實行非常嚴格的紀律。我們的流動性狀況非常強勁，並且只有長期債務。當我們考慮投資並展望 2023 年的短期前景時，我們剛剛完成了過去 6 個月的分析，了解我們如何看待石化行業，特別是到 2030 年的主要市場，以及我們希望 Braskem 的發展方向到2030 年，我們不僅應該在哪些方面進行投資，而且還應該在哪些方面減少投資。正如佩德羅所提到的，也許會減少產量，甚至關閉我們的一些工業運作。

That exercise, which was shared with you and the main shareholders, we are now looking, trying to defined across what we feel we want and desire and demand on plastic consumers of the projects that we have in our pipeline both in renewables and in recyclables and biopolymers. The discipline we will have, as we define early next year, our strategic plan for the next 3 years, which of those projects, the ones which are public and the ones which are not yet public, which should we encourage, which should we keep on hold and which we should perhaps discontinue, especially being very pragmatic because of the moment we're going through now in 2022 and as we look for trends for 2023. We have engaged many people inside the company to do that exercise and also involve the Board and will be made that public in January and February next year.

這項工作已與您和主要股東分享，我們現在正在尋找，試圖定義我們在可再生能源和可回收項目中的項目對塑膠消費者的感覺、願望和需求。正如我們明年初定義的那樣，我們將製定未來三年的戰略計劃，哪些項目是公開的，哪些尚未公開，我們應該鼓勵哪些項目，我們應該保留哪些項目擱置，我們也許應該停止，特別是要非常務實，因為我們現在正在經歷2022 年的時刻，並且在我們尋找2023 年的趨勢時。 。

So lastly, it's important to say that within this strategic guideline, diversification and a broad portfolio of products and the use of different feedstocks and working with several suppliers and working with different countries where we have assets, all of that speak to our strong ability to mitigate risks, overcome adversities and, of course, capture new value generation opportunities as we optimize our assets.

最後，重要的是要說，在這一戰略指導方針內，多元化和廣泛的產品組合、不同原料的使用、與多家供應商的合作以及與我們擁有資產的不同國家的合作，所有這些都說明了我們強大的能力降低風險、克服逆境，當然，在我們優化資產的同時，也能抓住新的價值創造機會。

Having said that, thank you very much for your participation, and this completes our conference call. And I'll see you next year -- early next year when we meet again to announce our results for the year 2022. Thank you, and have a nice day, everyone.

話雖如此，非常感謝您的參與，我們的電話會議到此結束。明年，明年初我們會再見面，宣布 2022 年的業績。

The conference call is closed now. Thank you all very much for your participation. Have a great day. Thank you. Thank you for using Chorus Call.

電話會議現已結束。非常感謝大家的參與。祝你有美好的一天。謝謝。感謝您使用合唱通話。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。