Braskem SA (BAK) 2023 Q2 法說會逐字稿

Good morning, and thank you for waiting. Welcome to this conference call to discuss Braskem's Second Quarter of 2023 Results.

早上好，感謝您的等待。歡迎參加本次電話會議，討論 Braskem 2023 年第二季度的業績。

We have with us today Mr. Roberto Bischoff, CEO of Braskem; Pedro Freitas, CFO of Braskem; and Rosana Avolio, Investor Relations, Strategic Planning and Corporate Market Intelligence Director.

今天我們有 Braskem 首席執行官 Roberto Bischoff 先生； Pedro Freitas，Braskem 首席財務官； Rosana Avolio，投資者關係、戰略規劃和企業市場情報總監。

This event is being recorded. (Operator Instructions)

該事件正在被記錄。 （操作員說明）

After Braskem's remarks, there will be a question-and-answer session.

布拉斯科姆發言後，將進行問答環節。

(Operator Instructions)

（操作員說明）

This event is also being broadcast live via webcast and may be accessed through Braskem's website at www.braskem-ri.com.br, where the presentation will also be available. The selection of slides will be controlled by yourselves. The audio will be available shortly after the event is complete.

該活動還通過網絡直播進行現場直播，並且可以通過 Braskem 的網站 www.braskem-ri.com.br 進行訪問，該網站也將提供演示文稿。幻燈片的選擇將由您自己控制。音頻將在活動結束後不久提供。

We'd like to remind you that those following the presentation via the webcast may post their questions to the Braskem website. They will be answered by the IR team after the conference is finished. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Braskem management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and, therefore, depend on circumstances that may or may not occur. Investors and analysts should understand that macroeconomic conditions, industry conditions and other factors could also cause results to differ materially from those expressed in such forward-looking statements.

我們想提醒您，通過網絡廣播觀看演示文稿的人可以將他們的問題發佈到 Braskem 網站。會議結束後，IR 團隊將予以答复。在繼續之前，我要指出的是，前瞻性陳述基於 Braskem 管理層的信念和假設以及公司目前掌握的信息。它們涉及風險和不確定性，因為它們與未來事件相關，因此取決於可能發生或可能不發生的情況。投資者和分析師應該明白，宏觀經濟狀況、行業狀況和其他因素也可能導致結果與此類前瞻性聲明中表達的結果存在重大差異。

Now I will turn the conference over to Mrs. Rosana Avolio, Investor Relations, Strategic Planning and Corporate Market Intelligence Director. Mrs. Avolio, please go ahead and begin your presentation.

現在我將會議交給投資者關係、戰略規劃和企業市場情報總監 Rosana Avolio 女士主持。阿沃里奧女士，請開始您的演講。

Good morning, ladies and gentlemen, and thank you for participating in Braskem's Earnings Conference Call for the second quarter of 2023.

早上好，女士們、先生們，感謝你們參加 Braskem 2023 年第二季度的收益電話會議。

Let's start the presentation on Slide 3 with the highlights of the period. Braskem delivered recurring EBITDA of $140 million in the second quarter of 2023. A noncash loss of $156 million and cash consumption of $5 million. Considering the payments regarding the geological event in Alagoas, the cash consumption accounts for $132 million. I would like to point out that Braskem maintained a robust liquidity position that is sufficient to cover all of its liabilities coming due over the next 6 years, as well as a very long debt maturity profile with an average term of 13 years.

讓我們從幻燈片 3 上的這一時期的亮點開始演示。 Braskem 2023 年第二季度的經常性 EBITDA 為 1.4 億美元。非現金損失為 1.56 億美元，現金消耗為 500 萬美元。考慮到阿拉戈斯地質事件的支付，現金消耗為1.32億美元。我想指出的是，Braskem 保持著強勁的流動性狀況，足以覆蓋未來 6 年內到期的所有負債，並且債務期限很長，平均期限為 13 年。

In terms of operational highlights, our global recordable and lost time injury frequency rate was stable in relation to the first quarter of this year. Another operational highlight was the capacity utilization rate of the Mexico segment increasing by 14 percentage points compared to the last quarter, reaching 86%, with the second quarter also recording the highest polyethylene production volume of the last 6 years. Regarding sales volume, Mexico and the United States and Europe segment registered an increase in the sales in the quarter. On the strategic front, we are pleased to announce that we concluded our green ethylene production expansion project by 30% and the Triunfo Petrochemical Complex in the state of Rio Grande do Sul. We will give more details on this project later on.

就運營亮點而言，我們的全球可記錄和誤工工傷頻率與今年第一季度相比保持穩定。另一經營亮點是墨西哥板塊產能利用率較上季度提升14個百分點，達到86%，第二季度聚乙烯產量也創近6年來最高。銷量方面，墨西哥及美國和歐洲業務本季度的銷量有所增長。在戰略方面，我們很高興地宣布，我們已經完成了綠色乙烯增產 30% 的項目以及位於南里奧格蘭德州的 Triunfo 石化聯合體項目。我們稍後將提供有關該項目的更多詳細信息。

Following here, we continue to advance on the construction of ethane import terminal in Mexico, which reached the completion of around 40% in end June 2023. And lastly, we exercised in the quarter the option to purchase shares of wind power farm from Casa dos Ventos and the SPE Santo Artur, which also will contribute with our strategy of utilizing competitive renewable energy in our portfolio.

接下來，我們繼續推進墨西哥乙烷進口碼頭的建設，到2023年6月末已完成約40%。最後，我們在本季度行使了購買Casa dos風電場股份的選擇權Ventos 和SPE Santo Artur 也將為我們在投資組合中利用有競爭力的可再生能源的戰略做出貢獻。

Now let's go to the next slide, please. The global petrochemical scenario in the second quarter of 2023 continue to be impacted mainly by the downturn in global consumption due to the high interest rates and persistent inflationary pressure by the destocking trend in the chain and by the below-expectation recovery in China's industrial activity. Note also that the lower demand, combined with the start-up of new polyethylene and polypropylene capacities continue to affect petrochemical spreads in the international market, which is a consequence, affected Braskem's and the industry's results. In the scenario, Braskem posted recurring EBITDA of $100 million (sic) [$140 million] in the second quarter of 2023. This result is explained mainly by lower sales volume for resins and main chemicals in Brazil, for polypropylene in Europe due to lower demand in the period by the reduction in spreads in the international market for PVC in Brazil and for PP in Europe and PE in Mexico. And lastly, by the appreciation of the Brazilian real against the U.S. dollars of 5% in the period.

現在請轉到下一張幻燈片。 2023年第二季度全球石化前景繼續主要受到高利率導致的全球消費低迷、連鎖去庫存趨勢帶來的持續通脹壓力以及中國工業活動復甦低於預期的影響。還請注意，需求下降，加上新的聚乙烯和聚丙烯產能的啟動，繼續影響國際市場上的石化產品價差，從而影響了 Braskem 和行業的業績。在這種情況下，Braskem 公佈的2023 年第二季度經常性EBITDA 為1 億美元（原文如此）[1.4 億美元]。這一結果主要是由於需求下降導致巴西樹脂和主要化學品銷量下降以及歐洲聚丙烯銷量下降在此期間，國際市場上巴西 PVC、歐洲 PP 和墨西哥 PE 的價差縮小。最後，巴西雷亞爾兌美元在此期間升值 5%。

Now let's go to the next slide. In the Brazil segment, in the second quarter of 2023, the petrochemical complexes operated at a capacity utilization rate of 72% down 5 percentage points compared to the prior quarter, mainly explained by the adaptation of product to the lower demand in the period, the short production shutdown during the quarter and the feedstock supply constraints and the better chemical complexes in Rio de Janeiro and Rio Grande do Sul.

現在讓我們轉到下一張幻燈片。在巴西板塊，2023年第二季度，石化聯合企業的產能利用率為72%，較上季度下降5個百分點，主要是由於產品適應了該時期較低的需求，本季度短暫的停產、原料供應限制以及里約熱內盧和南里約格蘭德的化工廠狀況較好。

The resin sales volume decreased by 11% from the first quarter of 2023, reflecting the lower demand for polyethylene, polypropylene and PVC in the Brazilian market, mainly from the packaging, home appliance and hospital material sectors. In this context, recurring EBITDA in Brazil in the second quarter of 2023 was $81 million, accounting for 56% of the company's consolidating recurring EBITDA. Following to the next slide, please.

樹脂銷量較2023年第一季度下降11%，反映出巴西市場對聚乙烯、聚丙烯和PVC的需求下降，主要來自包裝、家電和醫院材料領域。在此背景下，2023年第二季度巴西的經常性EBITDA為8100萬美元，佔該公司合併經常性EBITDA的56%。請觀看下一張幻燈片。

During the second quarter of 2023, Braskem concluded the project to expand green ethylene production capacity in Rio Grande do Sul, the capacity increased by 30%, the annual production capacity of our renewable bio-based ethylene plant. Also, I would like to highlight that we accounted a historical record for monthly production of green ethylene in June 2023. It's worth to highlight that besides enabling the plant to produce annually up to 260,000 tonnes of green ethylene a year and consequently the green polyethylene initiative will enable us to meet the growing demand for renewable product and help us reach our commitment to becoming carbon neutral by 2050.

2023年第二季度，Braskem完成了南里奧格蘭德州綠色乙烯產能擴大項目，產能增加了30%，使我們的可再生生物基乙烯工廠的年產能增加了30%。另外，我想強調的是，我們在 2023 年 6 月創下了綠色乙烯月產量的歷史記錄。值得強調的是，除了使工廠能夠每年生產高達 26 萬噸綠色乙烯外，還實現了綠色聚乙烯計劃將使我們能夠滿足對可再生產品不斷增長的需求，並幫助我們實現到2050 年實現碳中和的承諾。

Moving on to the next slide, we would like to show the progress on the excellence front related to the geological event in Alagoas. Braskem continued to make progress in the relocation and financial compensation of families from the risk areas in Maceió as of end June 2023. 99% of the financial compensation proposals to the family had already been presented and 90% of the estimated total has already been paid. The acceptance rate remained in high levels. In addition, the program to relocate residents was 99% concluded as of end June 2023.

轉到下一張幻燈片，我們想展示與阿拉戈斯地質事件相關的卓越方面的進展。截至 2023 年 6 月底，布拉斯科姆在馬塞奧風險地區家庭的搬遷和經濟補償方面繼續取得進展。已向家庭提出 99% 的經濟補償建議，並已支付估計總額的 90% 。錄取率保持在較高水平。此外，截至2023年6月，居民搬遷計劃已完成99%。

On the closing and monitoring of the salt mining wells as of the end of June 2023, out of the 35 wells, we had 9 wells in the Sand Backfilling Group, of which 3 have been concluded and 5 are in progress. In the Natural Filling Group, there are 5 wells, which were fully closed. And from the Tamponade Group, 14 of the 15 wells were fully tamponaded.

截至2023年6月末，鹽礦井關閉監測情況，35口井中，回填砂組井9口，其中已結束3口，正在進行中5口。自然充填組有5口井，已全封閉。 Tamponade Group 的 15 口井中有 14 口完全被填塞。

Let's move on to the next slide. Still addressing the geological event in Alagoas showing the advances on the social and urban development measures in addition to providing details on the provision related to the topic. I would like to highlight that key advances in the social, urban and environmental measures. All the 11 mobility actions are ongoing, 7 of which with executive project concluded 3 already in the construction phase and 1 planned for the start of the fourth quarter of 2023.

讓我們繼續看下一張幻燈片。仍然討論阿拉戈斯州的地質事件，除了提供與該主題相關的條款的詳細信息外，還顯示了社會和城市發展措施的進展。我想強調社會、城市和環境措施方面的重大進展。所有 11 項流動行動均正在進行中，其中 7 項已完成執行項目，3 項已進入施工階段，1 項計劃於 2023 年第四季度開始。

We're still making progress on the urban integration project and the development of the Flexais with 10 urban requalification actions implemented. We also started to execute the actions of the environmental plan. We highlight the celebration and approval of the term of global agreement with the municipality of Maceió held in July 2023. Therefore, the total amount of provisions made by the end of the second quarter of 2023 related to the geological event in Alagoas was BRL 14.3 billion, of which BRL 8.2 billion already being disbursed as of the end of June 2023. At third, the balance of provisions at the end of the second quarter of 2023 was approximately BRL 6.5 billion. Note that Braskem cannot eliminate the possibility of any future developments related to the matter or the associated expenses, and any costs to be actually incurred could differ from our estimates for cumulative amount.

我們的城市一體化項目和 Flexais 的開發仍在取得進展，並實施了 10 項城市重新資格行動。我們也開始執行環境計劃的行動。我們重點關注 2023 年 7 月與馬塞奧市政府簽署的全球協議期限的慶祝和批准。因此，截至 2023 年第二季度末，與阿拉戈斯地質事件相關的撥款總額為 143 億雷亞爾，其中截至2023 年6 月底已支付82 億雷亞爾。第三，截至2023 年第二季度末的準備金餘額約為65 億雷亞爾。請注意，Braskem 無法消除與該事項或相關費用相關的任何未來發展的可能性，並且實際發生的任何成本可能與我們對累計金額的估計不同。

Let's move on to the next slide. In the United States and Europe segment, the utilization rate ended the second quarter of 2023 was 80%, in line with the prior quarter and with the same quarter of last year. Sales volume in the segment grew by 3% in comparison to the first quarter of 2023, reflecting the higher demand after the destocking trend in the chain in the prior quarter. Compared to the second quarter of last year, sales volume grew by 2% due to the higher availability of product for sale in Europe given the region's higher utilization rate. The reduction in recurring EBITDA compared to the first quarter was due to the effect from the [polypropylene] stocks acquired in prior periods in the United States, as well as the 3% reduction in the polypropylene spread in Europe.

讓我們繼續看下一張幻燈片。在美國和歐洲市場，截至 2023 年第二季度的利用率為 80%，與上一季度和去年同期持平。與 2023 年第一季度相比，該細分市場的銷量增長了 3%，反映出上一季度連鎖店去庫存趨勢後需求增加。與去年第二季度相比，銷量增長了 2%，原因是歐洲的利用率較高，因此該地區待售產品的供應量增加。與第一季度相比，經常性 EBITDA 減少是由於前期在美國收購的[聚丙烯]庫存以及歐洲聚丙烯價差減少 3% 的影響。

The United States and Europe segment recurring EBITDA accounted for 16% of the company's consolidated recurring EBITDA.

美國和歐洲部門的經常性 EBITDA 占公司合併經常性 EBITDA 的 16%。

Let's go to the next slide, which covers the Mexico segment. In Mexico, the utilization rate in the second quarter of 2023 was 86% increasing 40 percentage points from the first quarter and up 19 percentage points on the same quarter of last year, representing the highest polyethlene production volume of the last 6 years. This increase is related to the higher ethane supply from PEMEX to around 36,000 barrels of ethane per day, and the higher supply of imported depends complementing the feedstock supply with around 21,000 barrels per day via the fast track solution.

讓我們看下一張幻燈片，其中涵蓋了墨西哥部分。墨西哥2023年第二季度產能利用率為86%，較第一季度提高40個百分點，較去年同季度提高19個百分點，為近6年來最高的聚乙烯產量。這一增長與 PEMEX 乙烷供應量增加至每天約 36,000 桶乙烷有關，而進口供應量的增加取決於通過快速通道解決方案補充原料供應，每天約 21,000 桶。

The higher production volume also had a positive impact on the polyethylene sales volume in the period growing by 8% in relation to the first quarter of 2023 and by 13% compared to the second quarter of 2022. In the scenario, the segment recurring EBITDA grew by 50% when compared to the first quarter of 2023, given the increase in sales volume, the reduction in production costs as a result of the higher utilization rate and the lower prices of ethane and natural gas in the international market.

產量增加也對同期聚乙烯銷量產生了積極影響，較 2023 年第一季度增長 8%，較 2022 年第二季度增長 13%。在這種情況下，該部門經常性 EBITDA 增長由於銷量增加、利用率提高以及國際市場乙烷和天然氣價格下降導致生產成本下降，較2023年第一季度增長50%。

The segment's recurring EBITDA accounted for 28% of the company's consolidated recurring EBITDA.

該部門的經常性 EBITDA 占公司綜合經常性 EBITDA 的 28%。

Let's move on to the next slide, please. Braskem's consolidated cash flow recorded a positive variation in working capital of BRL 962 million due to the improvement in the period. This positive effect was offset by operational and strategic investments carried out in the period interest payment and the payment of income tax and social contribution due in the quarter, which led to cash consumption of BRL 27 million.

請繼續看下一張幻燈片。由於期內的改善，Braskem 的合併現金流量與營運資本發生了 9.62 億雷亞爾的正變化。這一積極影響被當期利息支付以及本季度到期所得稅和社會繳款中進行的運營和戰略投資所抵消，導致現金消耗為 2700 萬雷亞爾。

Lastly, adding the payment related to the geological event in Alagoas, cash consumption in the second quarter came to BRL 655 million in the second quarter of 2023. Let's move on to the next slide. Braskem maintained a healthy debt profile with an average payment term of 13 years and an average weighted cost of exchange variation of plus 6%. I also highlight that more than half of the company's debt is concentrated in 2030 onwards. Braskem's cash position is sufficient to cover its obligation for the next 6 years, without considering the international and by credit facility of $1 billion, which is available for the company until 2026.

最後，加上與阿拉戈斯地質事件相關的付款，2023 年第二季度的現金消耗達到 6.55 億雷亞爾。讓我們繼續看下一張幻燈片。 Braskem 保持著健康的債務狀況，平均還款期限為 13 年，平均加權匯率變動成本為 +6%。我還強調，公司一半以上的債務集中在2030年以後。 Braskem 的現金狀況足以承擔未來 6 年的債務，不考慮公司可在 2026 年之前使用的 10 億美元國際信貸額度。

Moving on, the next slide shows the corporate credit and leverage metrics. The corporate leverage ratio ended the second quarter of 2023 at 7.9x due to the lower EBITDA since net debt remained stable in relation to the first quarter of the year. I would like to reinforce that Braskem continues to present solid credit metrics with a healthy and comfortable level of liquidity. Let's move on to the next slide, please. The company concluded its analysis of climate risks for 2030 and for 2050, which identified the physical and transitional risks that could impact Braskem's operations over the coming years, considering the different climate scenarios and align with the TCFD. In addition, the company exercised a purchase option for another wind power plant from Casa dos Ventos, the SPE Santo Artur. In relation to the sales volume recycled products in the second quarter of 2023, this is volume for resins with recycled content from the Wenew brand increased by 22% in relation to the first quarter of 2023.

接下來，下一張幻燈片顯示了企業信用和槓桿指標。截至 2023 年第二季度，企業槓桿率為 7.9 倍，原因是 EBITDA 較低，因為淨債務與今年第一季度相比保持穩定。我想強調的是，Braskem 繼續提供可靠的信用指標以及健康舒適的流動性水平。請繼續看下一張幻燈片。該公司完成了 2030 年和 2050 年的氣候風險分析，考慮到不同的氣候情景並與 TCFD 保持一致，確定了未來幾年可能影響 Braskem 運營的實體和過渡風險。此外，該公司還行使了從 Casa dos Ventos 購買另一座風力發電廠 SPE Santo Artur 的購買選擇權。就 2023 年第二季度再生產品銷量而言，Wenew 品牌含有再生成分的樹脂銷量較 2023 年第一季度增長了 22%。

Regarding second quarter of 2022, resin sales increased 83%, reflecting the company's commercial strategy in the consolidation of sales volumes coming from Wise. In addition, the company created the Upsyde, a joint-venture with Terra Circular in the Netherlands, a company focused on solid residues in order to enhance circular economy. During the second quarter of 2023, Braskem's delivered the first lot of the nation of polypropylene to the Children with Disabilities Assistance Association, AACD. Out of the 14.3 tons, 6.9 have already been delivered and will be used to make around 17,000 prosthetics and orthotics for the organizational patients.

2022年第二季度，樹脂銷售額增長83%，反映了公司鞏固Wise銷量的商業戰略。此外，該公司還與荷蘭Terra Circular公司成立了合資企業Upsyde，該公司專注於固體殘留物，以加強循環經濟。 2023 年第二季度，Braskem 向殘​​疾兒童援助協會 (AACD) 交付了全國第一批聚丙烯。 14.3 噸中，6.9 噸已交付，將用於為組織患者製造約 17,000 個假肢和矯形器。

Let's go to the next slide, which will come in perspectives for the second half of 2023 in relation to the first half of the year. Reporting Brazil segment, we expect a reduction in the ethylene production levels in the second half due to the maintenance shutdown of the petrochemical complex in by year schedule to the second half of 2023. In the sales front, we expect the growth in the sales volume for resin due to higher demand and the reduction for the main chemicals in function of the lower utilization rate. Spreads will present -- show -- reduction explained by the global imbalance in supply and demand. For the United States and Europe, the utilization ratio remained stable. However, sales volume shall increase due to inventory contraction in the chain. Spreads shall also remain stable.

讓我們看下一張幻燈片，該幻燈片將介紹 2023 年下半年與上半年的關係。報告巴西部分，我們預計下半年乙烯產量將減少，原因是石化廠按年計劃到 2023 年下半年進行維護停產。在銷售方面，我們預計銷量將增長對於樹脂來說，由於需求增加以及主要化學品因利用率較低而減少。由於全球供需不平衡，利差將出現——顯示——減少。美國和歐洲的利用率保持穩定。但由於連鎖庫存收縮，銷量將會增加。點差也將保持穩定。

Lastly, in Mexico, we expect to raise in production due to the higher ethane availability, which affects positively the sales volume in the semester according to the main external consultants spread shall decrease due to the global imbalance between supply and demand of polyethylene. Moving on to the next slide, please. We will comment on the update of the initiatives to maximize the company's EBITDA and cash generation. Regarding initiatives with an impact on EBITDA, we made progress in our initiatives related to optimizing revenue reaching about 20% of the estimated results for the year. In relation to initiatives with an impact of fixed and variable costs, $64 million were delivered until the end of the first half of the year.

最後，在墨西哥，由於乙烷供應量增加，我們預計產量將增加，這將對本季度的銷量產生積極影響，根據主要外部顧問的說法，由於全球聚乙烯供需失衡，價差將減少。請轉到下一張幻燈片。我們將對最大化公司 EBITDA 和現金生成的舉措的更新發表評論。關於對 EBITDA 產生影響的舉措，我們在優化收入相關舉措方面取得了進展，達到了當年預計業績的 20% 左右。就影響固定成本和可變成本的舉措而言，截至今年上半年末已交付 6,400 萬美元。

I will also highlight that additional opportunities were identified, which would imply an additional $100 million to the estimated previously announced. Regarding the transform for value program, the program ended the first half of 2023 with an accumulated gain of approximately $78 million additional compared to this 2022.

我還要強調的是，我們還發現了更多機會，這意味著在之前宣布的估計基礎上再增加 1 億美元。關於價值轉型計劃，該計劃於 2023 年上半年結束，與 2022 年相比，累計收益增加了約 7800 萬美元。

Moving on to the initiatives with an impact on cash generation. We had made progress in all fronts, especially the optimization of working capital, which had an important contribution to the company's cash flow in the semester and nonrecurring monetization initiatives, which reached approximately 75% of its completion in the first half of 2023. It's worth to reinforce that the company remains committed to the implementation of all the initiatives mapped out and engaged in identifying potential new opportunities.

繼續實施對現金產生有影響的舉措。我們在各方面都取得了進展，特別是營運資金的優化，對公司本學期的現金流做出了重要貢獻，以及非經常性貨幣化舉措，在2023年上半年達到了完成率的約75% 。這是值得的強調公司仍然致力於實施已製定的所有舉措並致力於尋找潛在的新機會。

The next slide, please. On this slide, I would like to reinforce our main priorities for the year, considering our strategic pillars. The first priority is related to optimizing the operations of assets with a focus on cost discipline to capture synergies in all regions. The second priority is to continue implementing financial preservation actions, creating value for our shareholders. Next, regarding the growth strategy, the focus is on executing the investments related to the commitments to eliminating plastic waste and combating climate change, as well as continuing to implement initiatives related to social responsibility and human right.

請看下一張幻燈片。在這張幻燈片上，我想強調我們今年的主要優先事項，考慮到我們的戰略支柱。首要任務是優化資產運營，重點關注成本控制，以實現所有地區的協同效應。第二個重點是繼續實施財務保全行動，為股東創造價值。接下來，關於增長戰略，重點是執行與消除塑料廢物和應對氣候變化承諾相關的投資，以及繼續實施與社會責任和人權相關的舉措。

On the innovation front, the company continues to focus on expanding strategic innovation and its digital transformation. Finally, we will continue to make progress on all action fronts related to the geological events in Alagoas, meeting all the commitments established in the agreement. And lastly, I would like to reinforce that safe operations are, and will always be the focus of Braskem's operation as a permanent and nonnegotiable value.

在創新方面，公司繼續專注於擴大戰略創新和數字化轉型。最後，我們將繼續在與阿拉戈斯地質事件有關的所有行動方面取得進展，履行協議中規定的所有承諾。最後，我想強調的是，安全運營始終是 Braskem 運營的重點，是永久且不可協商的價值。

That concludes today's presentation of Braskem's results for the second quarter of 2023. Thanks, everyone, for your attention, and let's move on to the Q&A session.

今天 Braskem 2023 年第二季度業績的介紹到此結束。感謝大家的關注，讓我們進入問答環節。

Thank you, Rosana. Now I would like to pass the floor on to Mr. Pedro Freitas who will be guiding us through this question-and-answer session.

謝謝你，羅莎娜。現在我想請 Pedro Freitas 先生髮言，他將指導我們完成本次問答環節。

Thank you. Good morning, everyone. I just have a comment I'd like to make about the sale process. I think it would be best to get ahead of this topic because it's likely to come up. We don't have any major news. The information exchange process is still underway, with interested parties and all under NDAs and confidentiality agreements. However, without any major news to report on. So I wanted to mention that write-off. The offers that Braskem has become aware of have already been shared. But we are not active parts of the negotiation procedure nor do we have a schedule with the different stages involved in the sale process. So we continue to provide all sorts of information that we have access to.

謝謝。大家，早安。我只是想就銷售過程發表評論。我認為最好提前討論這個話題，因為它很可能會出現。我們沒有任何重大消息。信息交換過程仍在進行中，相關各方均根據保密協議和保密協議進行交流。然而，沒有任何重大消息可報導。所以我想提一下註銷。 Braskem 已獲悉的報價已被共享。但我們不是談判程序的積極參與者，也沒有銷售過程中涉及的不同階段的時間表。因此，我們繼續提供我們可以獲得的各種信息。

This is the extent of Braskem's involvement right now.

這就是 Braskem 目前參與的程度。

I think we can now open for other questions.

我想我們現在可以回答其他問題了。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session.

謝謝。女士們、先生們，我們現在開始問答環節。

(Operator Instructions) Our first question comes from Gabriel Barra from Citibank.

（操作員指令）我們的第一個問題來自花旗銀行的 Gabriel Barra。

I have two questions, actually. Near the end of the presentation, when you mentioned the initiatives to dilute the impact of a potentially more challenging petrochemical scenario in the company's numbers. In the last meeting, we were already looking at a more difficult scenario coming up ahead. Could you say a few words about that. Do we have the hope of improving for the second semester? And so my question is, I'd like to understand your forecast with regard to operating cash. So do you believe that those forecasts of a neutral scenario and the cash generation during this year is still viable? And can we do better than the 6 different points you mentioned? Three for cash generation, specifically with regard to CapEx, is there room for us to get more out of our investment this year?

實際上我有兩個問題。在演示接近尾聲時，您提到了旨在淡化潛在更具挑戰性的石化場景對公司數據影響的舉措。在上次會議中，我們已經預見到未來會出現更困難的情況。您能就此說幾句話嗎？第二學期我們還有希望進步嗎？所以我的問題是，我想了解您對運營現金的預測。那麼，您認為對今年中性情景和現金產生的預測仍然可行嗎？我們能比你提到的6點做得更好嗎？三是現金生成，特別是資本支出，我們今年是否有空間從投資中獲得更多收益？

And the second point about Alagoas, there was recently a BRL 5.7 million agreement, but there are still some open discussions there. Could you speak a little bit about that? How are things looking with regard to the state? Could you give us a bit more information about the other processes, the other cases that are still ongoing? Can we foresee the end of this process? And do we have information about the numbers, the financial numbers. And there is another relevant point that if there's any other relevant points that I didn't mention, please.

關於阿拉戈斯的第二點，最近達成了一項 570 萬雷亞爾的協議，但仍有一些公開討論。您能談談這一點嗎？國家的情況怎麼樣？您能否向我們提供有關其他流程以及仍在進行中的其他案件的更多信息？我們能預見這個過程的結束嗎？我們有關於數字、財務數字的信息嗎？還有一個相關的要點，如果還有其他我沒有提到的相關要點，請指出。

Gabriel, good morning. Thanks for your questions. With regard to generating cash I'd say that it's true. The scenario is a little bit more challenging than we envisioned a quarter ago. In April, we did -- we saw better results than we expected. But starting in May, there was a lack of recovery within the market that we hadn't foreseen. When we look at how this is going to move forward and then going back to your question about generating cash, I have a comment I'd like to make. If we look at the first semester as a whole, cash flow generation was essentially due to Alagoas and the rest of the operation was neutral. It is not generating cash, but neither is it consuming cash. So what is consuming cash has been the payments and disbursements that we've made in Alagoas. What we do have looking ahead is a recovery, a slow recovery, that's probably only going to be realized in the fourth quarter. And we've signed agreements with the City Hall for additional funds, we are adopting additional measures for -- to contain the situation, as Rosana mentioned. And again, as Rosana also mentioned, the financial situation and the cash status is quite comfortable for the company's management.

加布里埃爾，早上好。感謝您的提問。關於產生現金，我想說這是真的。這種情況比我們一個季度前的設想更具挑戰性。四月份，我們做到了——我們看到了比我們預期更好的結果。但從五月份開始，市場出現了我們沒有預見到的複蘇。當我們看看這將如何向前發展，然後回到你關於產生現金的問題時，我想發表評論。如果我們從整個第一學期來看，現金流的產生主要歸功於阿拉戈斯，其餘的運營是中性的。它不產生現金，但也不消耗現金。因此，消耗現金的是我們在阿拉戈斯進行的付款和支出。我們所期待的是複蘇，緩慢的複蘇，這可能只能在第四季度才能實現。我們已經與市政廳簽署了額外資金協議，我們正在採取額外措施來控制局勢，正如羅莎娜提到的那樣。正如羅莎娜還提到的那樣，財務狀況和現金狀況對公司管理層來說相當舒適。

So the fact is that our operations are, broadly speaking, giving us a neutral cash situation. Alagoas is consuming cash, okay. So if you ask, what can we do to save more cash, in fact, well, we are working on every line we can. For CapEx, which was your question specifically, I would say that we have a very firm, very strong actions, measures to restrict new investments. Our major focus is on secure investments. And everything else is we are being very selective about everything else about what we approve. The CapEx forecast for next year should be lower than this year. But there are some things we can do around the edges that we can work on to hold back the tide. But the major values, the major sums have already been -- they've already been done, they've already been invested in.

因此，事實是，從廣義上講，我們的業務為我們提供了中性的現金狀況。阿拉戈斯正在消耗現金，好吧。因此，如果您問，我們能做些什麼來節省更多現金，事實上，我們正在盡一切努力。對於資本支出，這是你具體提出的問題，我想說，我們有非常堅定、非常強有力的行動和措施來限制新投資。我們的主要重點是安全投資。其他一切都是我們對我們批准的其他一切都非常挑剔。明年的資本支出預測應低於今年。但我們可以在邊緣做一些事情來阻止潮流。但主要的價值、主要的金額已經——它們已經完成了，它們已經被投資了。

We have a scheduled maintenance in Bahia for the third quarter that needs to occur, and it will occur. So there is this reduction should show its results later on next year. And perhaps 20% of compared to last year. This is still being discussed. And as I mentioned, we are being very selective about what we do, what we invest in. With regard to other points in Alagoas, CBTU and the state government, those discussions are ongoing. The CBTU is a very technical discussion about what should be done, what shouldn't be done, what are the alternatives. And this is something that we have -- we've had long discussions about. We've been having -- because it's a very complex topic and this is something we've been discussing at length about how to work on this technically with specialists, geologists, and the railway specialists as well. Because a secure operation is our ultimate value. This is the line we are heading towards. And in fact, the operation was delayed. It was actually frozen. There is a legal case that has been frozen up until January, so that we have time to move forward technically. So that's CBTU. That's where we're at right now, there in operating that line.

我們計劃在第三季度在巴伊亞進行維護，並且將會進行。因此，這種減少應該會在明年晚些時候顯示其結果。與去年相比，可能增加了 20%。這仍在討論中。正如我所提到的，我們對我們的工作和投資非常有選擇性。至於阿拉戈斯、CBTU 和州政府的其他問題，這些討論仍在進行中。 CBTU 是關於應該做什麼、不應該做什麼、有哪些替代方案的非常技術性的討論。這是我們已經進行了長時間討論的事情。我們一直在討論——因為這是一個非常複雜的話題，我們一直在詳細討論如何與專家、地質學家和鐵路專家在技術上開展工作。因為安全運營是我們的最終價值。這就是我們正在走向的路線。事實上，手術被推遲了。原來是被凍住了。有一個法律案件被凍結到一月份，這樣我們就有時間在技術上取得進展。這就是 CBTU。這就是我們現在所處的位置，正在運營該生產線。

With regard to the state government, we have a portion of the state that's linked to state public entities and we agree that this should be the target of an agreement. This is -- it's a given that Braskem will assume. But the state decided to bring to the courts another claim, and it's a claim that we do not agree about. We are not in agreement with the state government in that sense in this new initiative. So this other case is -- we'll see what the courts say. But that's what we have in the scope of the state of Alagoas.

關於州政府，我們州的一部分與州公共實體有聯繫，我們同意這應該成為協議的目標。這是布拉斯科姆假設的一個假設。但州政府決定向法院提出另一項索賠，我們不同意這一索賠。在這個新舉措中，我們不同意州政府的觀點。那麼，另一個案件是——我們將看看法院會怎麼說。但這就是我們在阿拉戈斯州範圍內所擁有的。

Pedro, could you give me a follow-up with a time line as for paying this agreement with the municipal government. What's your time line look like for that?

佩德羅，您能否給我一個關於支付與市政府協議的時間表的後續情況。你的時間表是怎樣的？

Well, there is a portion that's going to be paid -- 40% is going to be paid, still in 2023 and the other 60% next year.

嗯，有一部分將被支付——40% 將在 2023 年支付，另外 60% 將在明年支付。

Our next question is from Pedro Soares from BTG Pactual.

我們的下一個問題來自 BTG Pactual 的 Pedro Soares。

Good morning, everyone. Roberto, Pedro, Rosana. I'd like to follow-up on the CapEx discussion. Just to be clear, Pedro, I think you mentioned the expectation, the forecast of additional CapEx and that next year should be less than this year. Could you comment a little bit about your forecasts for operating CapEx? Or is this going to be purely strategic? There's projects focused more on growth. I'm trying to understand if there really is more space for growth for next year's CapEx because the numbers we saw are rather low.

大家，早安。羅伯托、佩德羅、羅莎娜。我想跟進資本支出的討論。需要明確的是，佩德羅，我認為您提到了額外資本支出的預期和預測，並且明年的支出應該少於今年。您能否評論一下您對運營資本支出的預測？或者這純粹是戰略性的？有些項目更注重增長。我試圖了解明年的資本支出是否真的有更多的增長空間，因為我們看到的數字相當低。

And for my next question, as for your leverage, could you explain what is your forecast for those higher levels? And with regard to the ratings agencies, what impact does that have? There was -- last time there was an analysis that doesn't cover fully the company's present scenario. Could you comment a little bit about that, please?

對於我的下一個問題，關於你的槓桿率，你能否解釋一下你對這些更高水平的預測是什麼？對於評級機構來說，這會產生什麼影響？上次有一項分析沒有完全涵蓋該公司目前的情況。您能對此發表一下評論嗎？

Well, Pedro, thanks for your questions. With regard to CapEx, the review is likely to be balanced strategically. It's -- things are probably a little bit higher than operational. But for next year, we don't foresee any petrochemical influence in our operating CapEx. And just as a reminder, for strategic, we do have an investment in that we're thinking about for next year, there's a whole set of concerns there that we are working on to install all the different stops, especially in the major centers wherever they are needed.

好吧，佩德羅，謝謝你的提問。關於資本支出，審查可能會在戰略上保持平衡。事情可能比可操作的要高一些。但對於明年，我們預計石化不會對我們的運營資本支出產生任何影響。提醒一下，就戰略而言，我們確實有一項投資，我們正在考慮明年的投資，我們正在努力安裝所有不同的站點，特別是在主要中心，這引起了一系列的擔憂。他們是需要的。

And so there are new technologies, new forms of operation that we have -- we've delayed some of those stops or adjust the scheduled stops, for a more positive scenario. And on the other hand, we are also keeping our focus on growth. We're still being very selective and we have projects that we are balancing for next year. With regard to the covenants rating, Braskem does not have financial covenants. So that's a fact. And with regard to the ratings, I will let Rosana comment because she is more involved.

因此，我們採用了新技術、新的運營方式——我們推遲了其中一些停靠點或調整了預定的停靠點，以實現更積極的情況。另一方面，我們也將重點放在增長上。我們仍然非常有選擇性，我們正在平衡明年的項目。關於契約評級，Braskem 沒有財務契約。所以這是事實。至於收視率，我會讓羅莎娜評論，因為她參與得更多。

Thank you, Pedro. Here's a consideration, I would like to make before I talk about the rating agencies. My answer would be considering Braskem since we have aggregated ratings. So my comment will be related to Braskem and the way the rating agencies look at the company. First, we believe and we trust in the way. We have made our financial preservation when we look at the cash position. We see that the spread started to deteriorate as of May but our cash position is very robust and the debt is very extended. And this is an exercise that we did beforehand. So we anticipated so that we could have this financial security.

謝謝你，佩德羅。在談論評級機構之前，我想先考慮一下。我的答案是考慮 Braskem，因為我們有匯總評級。因此，我的評論將與 Braskem 以及評級機構看待該公司的方式有關。首先，我們相信並信賴這條路。當我們查看現金狀況時，我們已經實現了財務保值。我們看到利差從五月份開始惡化，但我們的現金狀況非常強勁，而且債務期限也很長。這是我們事先做過的練習。所以我們期望這樣我們就能擁有這種財務保障。

The decision of the rating of the company and you know how is from the decision makers of those rating companies. We are in a sector with cycles. There is a cyclic impact on our business, but we trust that -- we believe that this cycle will go back to the normal level in the medium term. Anyhow this is the decision by the Board of the rating agencies.

公司評級的決定是由這些評級公司的決策者決定的。我們處於一個有周期的行業。我們的業務存在周期性影響，但我們相信——我們相信這個週期將在中期內恢復到正常水平。無論如何，這是評級機構董事會的決定。

Our next question comes from Rodrigo Almeida from Santander.

我們的下一個問題來自桑坦德銀行的羅德里戈·阿爾梅達。

I'd like to explore a few topics and go back to basics and talk about the Brazilian operations to understand how you currently see the Mexico market with regard to the changes we've had with regard to import fees, I think there wasn't a major impact and since it's a large import process. But I'd like to understand what things look like, in that sense and what is likely to change in the next few months. And how has this impacted you here for Mexico in the second quarter and also looking forward for the second half of the year.

我想探討幾個話題，回到基礎知識，談談巴西的業務，以了解您目前如何看待墨西哥市場，以及我們在進口費用方面的變化，我認為沒有產生重大影響，因為這是一個大型進口過程。但我想了解從這個意義上來說事情是什麼樣的，以及未來幾個月可能會發生什麼變化。這對墨西哥第二季度以及下半年的展望有何影響。

And could you talk a little bit about the other potential impacts? And could you also share your forecast for Europe and the U.S. because I'd like to understand what -- when you mentioned the improved volume, where is that coming from specifically? From Europe or -- because there is a cost of imported products, too. So what is your outlook in that sense? What do you foresee for the second semester in the U.S. and Europe? And finally, again, back to Mexico, I'd like to understand how you are -- how do you foresee the second semester in terms of the raw inputs. But let's keep question based on the basics, please.

您能談談其他潛在影響嗎？您能否也分享一下您對歐洲和美國的預測，因為我想了解一下，當您提到銷量增加時，具體來自哪裡？來自歐洲或——因為進口產品也有成本。那麼從這個意義上來說，您的看法是什麼呢？您對美國和歐洲的第二學期有何預期？最後，再次回到墨西哥，我想了解一下您的情況——您如何預測第二學期的原始投入。但請讓我們以基礎知識為基礎提出問題。

Sure. Yes. Thank you, Rodrigo. Well, for Brazil, we have -- we've been forecasting growing demand over the year. The chain is not very focused at the moment. So we've been deprioritizing and trying to focus on what Braskem does best, so that we can choose products with bigger margins and vendors who really recognize Braskem's abilities, that's our commercial focus. Now as for -- when we look at the rating reviews that the agencies have made for Brazil. This is a positive impact on the Brazilian market. Nevertheless, we do still have -- the chain is still very unfocused and this has an impact on demand.

當然。是的。謝謝你，羅德里戈。嗯，對於巴西來說，我們一直預測今年的需求會不斷增長。目前鏈條還不是很集中。所以我們一直在降低優先級，並試圖專注於Braskem最擅長的事情，這樣我們就可以選擇利潤更大的產品和真正認可Braskem能力的供應商，這就是我們的商業重點。現在，當我們查看各機構對巴西的評級評論時。這對巴西市場來說是一個積極的影響。儘管如此，我們仍然看到——供應鏈仍然非常不集中，這對需求產生了影響。

Now with regard to the import fees, it is still lower than the historical average. I'd say that it's more in line with the rest of the economy. And I think given this the scenario, a more international scenario with tighter spreads, it's really not something that should have an impact on the results. And when we look at the fee changes, they usually have to do with market share. But this time, with the surplus of offers around the world and the impact to productivity in the chains in the U.S. and the Middle East, in particular, we really are not capturing this change in fee as we normally would in terms of market share.

現在就進口費用而言，仍然低於歷史平均水平。我想說這更符合經濟的其他部分。我認為考慮到這種情況，一種更國際化的情況，利差更小，這確實不會對結果產生影響。當我們查看費用變化時，它們通常與市場份額有關。但這一次，由於全球各地的報價過剩，以及對美國和中東連鎖店生產力的影響，我們確實沒有像通常在市場份額方面那樣捕捉到費用的變化。

So really, it brings us back towards the balance in tandem with other materials, other chains. But in terms of results, we're squarely within the bounds, but it's not what we usually would do. REIQ is something that we've continued to discuss with ABIQUIM and the federal government. We've been doing lots of work there in contact speaking with state governments and a very strong focus on presenting data about our competitiveness in Brazil. This is having an impact in Brazil. Rate is something that's already been approved by Congress here. Now we just need the treasury department to give its go ahead, and it's likely to be published very soon. Now we just need to see what the government is actually going to do. But this discussion has been ongoing and very productive too. This is something that is going to -- we need to see in order for the industry to remain competitive here in Brazil.

所以說真的，它讓我們回到了與其他材料、其他鏈條的平衡。但就結果而言，我們完全在範圍內，但這不是我們通常會做的。我們一直在與 ABIQUIM 和聯邦政府討論 REIQ。我們在那裡做了很多工作，與州政府進行聯繫，並非常注重提供有關我們在巴西的競爭力的數據。這對巴西產生了影響。利率是國會已經批准的。現在我們只需要財政部批准，它可能很快就會公佈。現在我們只需要看看政府實際上會做什麼。但這種討論一直在持續，而且也非常富有成效。為了使該行業在巴西保持競爭力，我們需要看到這一點。

Now as for Europe, there is a seasonality. And the inventory levels there are a little bit lower. So every time we talk about improvements in the U.S. and Europe, they mean seasonality and the restocking of the whole chain. And in Mexico, we do have a forecast for the provision of ethane at a better level in the next quarter. We've had good operations in the fast track process. And at the same time, PEMEX has been providing supplies as well. So I think that's why we did 86%. It was an improvement, and we foresee that this scenario will continue on into the second semester. So for the second semester, it's not really an improvement compared to the second quarter. It's not really a jump ahead, but it should -- this level should remain and perhaps some kind of a marginal improvement definitely less variance with the Fast Track underway. And actually because PEMEX improved its production over the past few years.

至於歐洲，有一個季節性。而且那裡的庫存水平要低一些。因此，每次我們談論美國和歐洲的改進時，它們都意味著季節性和整個鏈條的補貨。在墨西哥，我們確實預測下一季度乙烷供應量會達到更好的水平。我們在快速通道過程中運營良好。與此同時，PEMEX也一直在提供物資。所以我認為這就是我們做到了 86% 的原因。這是一個進步，我們預計這種情況將持續到第二學期。所以對於第二學期來說，與第二季度相比並沒有真正的進步。這並不是真正的飛躍，但它應該——這個水平應該保持不變，也許某種邊際改進肯定會減少與正在進行的快速通道的差異。實際上是因為 PEMEX 在過去幾年中提高了產量。

Excellent. And just to take the opportunity for a follow-up for about the initiatives, I'd like to really understand when we look at the updated estimates $1.2 billion for fixed and variable costs. One of the situations that impacted the EBITDA. So what's the reason for that delta? Is it variable or fixed cost? What are you looking at? I'd really like to understand a little better.

出色的。為了藉此機會對這些舉措進行後續跟進，當我們查看更新後的 12 億美元固定成本和可變成本估算時，我想真正了解情況。影響 EBITDA 的情況之一。那麼這個三角洲的原因是什麼？是可變成本還是固定成本？你在看什麼？我真的很想更好地理解一點。

Well, Rodrigo, it's on both. And we've been improving our purchase of raw materials. But proportionally, I think it's a little bit more on the fixed side than the variable side. I'd say it really is more fixed than variable.

嗯，羅德里戈，兩者都有。我們一直在改進原材料的採購。但按比例來說，我認為固定側比可變側多一點。我想說它確實比可變的更固定。

Excellent. Thanks, Pedro. Thanks, everyone.

出色的。謝謝，佩德羅。感謝大家。

Our next question comes from Luiz Carvalho from UBS Bank.

我們的下一個問題來自瑞銀銀行的路易斯·卡瓦略。

Good morning, everyone. Thanks for the Q&A. I have three questions. First, Pedro, could you go back to the topic of Mexico? And Rosana mentioned a little bit. Actually, she discarded the question of Idesa. So could you explain a little bit about the Investor Relations, what things are like for with discussion with the partner about leverage and there are different guarantees, right? Could you give us a little bit more texture about how that is impacting or if it can impact your project?

大家，早安。感謝您的問答。我有三個問題。首先，佩德羅，您能回到墨西哥這個話題嗎？羅莎娜提到了一點。事實上，她拋棄了艾德薩的問題。那麼您能否解釋一下投資者關係，與合作夥伴討論槓桿情況以及有不同的保證是怎樣的，對嗎？您能否給我們更多關於這將如何影響或者是否會影響您的項目的信息？

And my second question, I know you've already mentioned the Novonor process. But could you say a few words about what your forecast is in terms of that improvement? And how you see a go or no go for that process? It's been a few years now that [Petrobras] has not -- Petrobras may be the last crown jewel. So I think banks and creditors are really the ones who will decide to use that guarantee. Now for Braskem, I think the process is a little bit more complicated. So do you have any visibility about that, and the timing for a final decision about whether it will be go or no go. And to what extent does that get in the way of the company's day-to-day?

我的第二個問題，我知道你已經提到了諾沃諾流程。但您能談談您對這種改進的預測嗎？您如何看待該過程的進行或不進行？幾年過去了，[Petrobras] 卻沒有——Petrobras 可能是最後一顆皇冠上的寶石。所以我認為銀行和債權人才是真正決定使用這種擔保的人。現在對於 Braskem 來說，我認為這個過程有點複雜。那麼您是否了解這一點，以及最終決定是否進行的時間。這在多大程度上妨礙了公司的日常運作？

And my third question, I guess, is a little bit more structural or long term. We have the impression that Brazil is going to have more offers of gas near the end of the decade without any specific projects, but how do you envision that scenario and perhaps more competitive access to raw materials? Or given this volatility, let's say, in practice and using Petrobras refineries, gasoline. Could you speak a little bit about the gas scenario in the mid- to long term?

我想我的第三個問題是更具結構性或長期性的。我們的印像是，在沒有任何具體項目的情況下，巴西將在本十年末提供更多天然氣，但您如何看待這種情況以及可能更具競爭力的原材料獲取機會？或者考慮到這種波動性，比如說，在實踐中並使用巴西國家石油公司煉油廠的汽油。您能談談中長期的天然氣前景嗎？

Sure, Luiz, thanks for your questions. About Mexico, things are looking pretty good. I think everyone knows that Idesa changed its controllers, and their main shareholder is now (inaudible) from [Carlos Lim]. He is the Idesa shareholder now, but they suffer the same challenges in the cycle that we also do and the people who are in charge of Idesa are the same people, so that relationship remains pretty good. People who know the process who know Idesa and the asset. So we don't -- we haven't been feeling any impact as a result of that change to the Idesa shareholder control and the change there. So the scenario remains. The environment remains.

當然，路易斯，謝謝你的提問。關於墨西哥，情況看起來相當不錯。我想每個人都知道 Idesa 更換了其控制人，他們的主要股東現在（聽不清）來自 [Carlos Lim]。他現在是Idesa的股東，但他們在這個週期中也遇到了同樣的挑戰，而且負責Idesa的人也是同一個人，所以關係仍然很好。了解流程的人了解 Idesa 和資產。所以我們沒有——我們沒有感受到 Idesa 股東控制權的變化以及那裡的變化帶來的任何影響。所以場景依然存在。環境依然存在。

Today, there's no need for Idesa to really make any changes. So I would say that everything remains within a normal balance just as we've seen over the past few years. With regard to Novonor, I have two comments. One is about the Novonor engagement. We continue to engage with Novonor. There was a sale to LyondellBasell a few years ago that was discussed and unfortunately, it didn't move forward. Then a new sale process was initiated, sale of participation. And we don't know what offers they may or may not have received. We've seen their engagement, the due diligence that was prepared as part of that process. It didn't move forward yet again. They tried to say part of their participation in the stock market. It was rather effective. Many banks did get in on that and so did our team look into that. It was -- that was between 2021 to 2022. And then went back to the M&A process. And the process is ongoing. It's difficult and complex, it's not simple.

如今，Idesa 無需真正做出任何改變。所以我想說，正如我們過去幾年所看到的那樣，一切都保持在正常平衡範圍內。關於Novonor，我有兩點評論。其中之一是關於諾沃諾的訂婚。我們將繼續與 Novonor 合作。幾年前曾討論過出售給利安德巴塞爾 (LyondellBasell) 的交易，但遺憾的是，該交易並未取得進展。然後啟動了一個新的銷售流程，即參與銷售。我們不知道他們可能收到或沒有收到什麼報價。我們看到了他們的參與，以及作為該過程一部分準備的盡職調查。卻又沒有再向前推進。他們試圖說出自己參與股市的部分內容。這是相當有效的。許多銀行確實參與其中，我們的團隊也對此進行了調查。那是在 2021 年至 2022 年之間。然後回到併購流程。這個過程正在進行中。這既困難又復雜，並不簡單。

The petrochemical industry is cyclical and so this also brings volatility into the process. And the shareholder structure has Novonor, has Petrobras and if we look at the proposals that are on the table now, some of them have expectations that Petrobras will stay, others that it will leave. So there are many stakeholders. There are 5 banks involved. They all have decision-making power within the process. So there are many stakeholders involved and it's a company that is also not very simple. So assessing it isn't simple and transacting it is also not simple. So this is the situation, but we see engagement with Novonor are likely to move forward.

石化行業具有周期性，因此也帶來了波動性。股東結構中有 Novonor，有 Petrobras，如果我們看看現在擺在桌面上的提案，其中一些人預計 Petrobras 將留下來，另一些人則期望 Petrobras 將離開。所以有很多利益相關者。涉及銀行有5家。他們在這個過程中都有決策權。所以涉及的利益相關者很多，這家公司也不是很簡單。所以評估它並不簡單，交易它也並不簡單。情況就是這樣，但我們看到與 Novonor 的合作可能會向前推進。

With regard to day-to-day impact, today, it's limited to a very small team that handles the due diligence details in providing them. Now there are some people in legal who feel the extent of that impact and who provide information. At some point, in the due diligence, more people will be involved. We haven't reached that stage yet. But I would say that everyone's already prepared. They've done this before. So it's really not that concerning and otherwise, decisions and strategic decisions for the company, they still remain with no impact on that potential reorganization among the shareholders.

就日常影響而言，如今，僅限於一個非常小的團隊來處理提供這些信息的盡職調查細節。現在，一些法律界人士感受到了這種影響的程度並提供了信息。到了某個時候，更多的人將會參與到盡職調查中。我們還沒有達到那個階段。但我想說的是，大家都已經做好了準備。他們以前就這麼做過。因此，對於公司的決策和戰略決策來說，這實際上並不是那麼令人擔憂，它們仍然對股東之間的潛在重組沒有影響。

And lastly, your strategic question about the offer of gas up until 2030. We are excited to see gas reach the shores we would love to have competitive raw material, competitive energy in Brazil. We have a competitiveness challenge that didn't put before us now. This has been very clear. But structurally, moving into the future, the U.S. and Middle East remain, they have an important competitive advantage there. Now as I mentioned, this is cyclical. So we are always searching for structurally competitive ventures. So one option is to reduce the cost of energy. Another is to bring competitive raw materials for petrochemical purposes. And the most obvious thing which happened here in Brazil, is the expansion of the Rio de Janeiro Center. It was built with a potential expansion in mind. And what happens is that the CapEx for that expansion is significantly reduced. This is the center that we have and it started in 2006 but due to a lack of raw materials, it was not -- it didn't go ahead. But this will only make sense if there is raw material.

最後，關於 2030 年之前天然氣供應的戰略問題。我們很高興看到天然氣到達海岸，我們希望在巴西擁有有競爭力的原材料和有競爭力的能源。我們面臨著現在尚未擺在我們面前的競爭力挑戰。這已經非常清楚了。但從結構上看，展望未來，美國和中東依然存在，它們在那裡擁有重要的競爭優勢。正如我提到的，這是周期性的。因此，我們一直在尋找具有結構競爭力的企業。因此，一種選擇是降低能源成本。另一個是為石化目的帶來有競爭力的原材料。巴西發生的最明顯的事情是里約熱內盧中心的擴建。它的建造考慮到了潛在的擴張。結果是，擴張的資本支出顯著減少。這是我們的中心，它於 2006 年啟動，但由於缺乏原材料，它沒有——沒有繼續進行。但這只有在有原材料的情況下才有意義。

So with the arrival of gas by 2030 we could certainly see a feasible project to be implemented, and there should be a relevant increase in capacity in Rio.

因此，隨著 2030 年天然氣的到來，我們肯定會看到一個可行的項目得到實施，里約的產能應該會相應增加。

Excellent. Could you just go back on the -- about the follow-on, you mentioned that possibility, and I think the vast majority of banks were involved, but as for Petrobras and the creditor banks, there was that feeling that at the price that the market was trading at on the book, there was no interest, not enough interest at least. And the proposals that banks made were quite low. They were actually far below what we were -- you were looking at, at the time. So could you say a little bit about the interest among the creditors or Petrobras in understanding the level that was proposed just now?

出色的。您能否回頭談談後續行動，您提到了這種可能性，我認為絕大多數銀行都參與其中，但對於巴西國家石油公司和債權人銀行來說，有一種感覺，市場按賬面交易，沒有興趣，至少沒有足夠的興趣。銀行提出的建議相當低。他們實際上遠遠低於我們當時的水平——你當時看到的。那麼您能否談談債權人或巴西國家石油公司對理解剛才提出的水平的興趣？

Well, Luiz, I don't -- I'm not in the habit of conversing with creditors or with others involved in the decision-making process. Things are really much more operational. How -- what is going to be done. And so -- in that sense, we have discussions. But we don't really have any ideas, any input about the decision-making process per se. What I can shed some light on perhaps is that, I mean, the CDI rate is 13%. So for the banks and for Novonor, I don't know what the interest is set to for that debt, but it's certainly something that has an impact. So I mean, the dynamic involving the CDI and interest for different banks that doesn't help anyone, including Novonor. So this is certainly an element that could have an impact on decisions. But this is just me as an outsider, I'm not part of the discussions. Thank you.

好吧，路易斯，我沒有——我不習慣與債權人或參與決策過程的其他人交談。事情確實更具可操作性。如何——將要做什麼。因此，從這個意義上說，我們進行了討論。但我們實際上對決策過程本身沒有任何想法或任何意見。我能透露的也許是，我的意思是，CDI 率為 13%。因此，對於銀行和 Novonor 來說，我不知道該債務的利息是多少，但這肯定會產生影響。所以我的意思是，涉及 CDI 和不同銀行利息的動態對任何人都沒有幫助，包括 Novonor。因此，這肯定是一個可能對決策產生影響的因素。但這只是我作為一個局外人，我不參與討論。謝謝。

Our next question will be in English by Anne from Bank of America.

我們的下一個問題將由美國銀行的 Anne 用英語提出。

Good morning to Pedro, Rosana. Thanks very much for the call today. I have two questions of those several other ones have been answered. But the first one I know is a little bit more theoretical. Part of the weaker demand and lower prices and spreads is because of weaker demand from China, part is because of excess capacity in the market. I wonder if you could give some indication of which is more important now and maybe in the next couple of years?

佩德羅早上好，羅莎娜。非常感謝您今天的來電。我有兩個問題，其他幾個問題已經得到解答。但我知道的第一個有點理論化。需求疲軟以及價格和價差下降的部分原因是中國需求疲軟，部分原因是市場產能過剩。我想知道您能否指出現在以及未來幾年哪個更重要？

The second one is about liability management. You have strong cash balances and credit lines. You have a good amortization schedule. Does that mean that there would be no liability management in the near term on the debt profile? And I think the third one was asked, but indirectly, I guess, Rosana, are you aware of any change in the way the rating agencies will look at Braskem's credit ratings?

第二個是責任管理。您擁有充裕的現金餘額和信用額度。您有一個良好的攤銷計劃。這是否意味著短期內不會對債務狀況進行負債管理？我想第三個問題被問到了，但我想，羅莎娜，你是否意識到評級機構看待布拉斯科信用評級的方式有任何變化？

And first question, is a bit of a more theoretical question. And she says we have a drop in spreads. It's due to a drop in demand and an increase in capacity, specifically involving China and the expanded capacity in the U.S. So what's more important? Well, I would respond that over the past 2 years, the expanded capacity is the most responsible influence. So if we look at polyethylene as an example, the market grows by about 3.5% a year. This year, it's likely to grow by 2.7% or 2.5%. So that's 1 percentage point in variance that we have compared to the baseline whereas offers are growing by 6% or 7%. So in terms of percentages, offers have had a much stronger impact.

第一個問題是一個更具理論性的問題。她說我們的價差有所下降。這是由於需求下降和產能增加造成的，特別是中國和美國產能的擴大。那麼更重要的是什麼呢？那麼我就回應一下，過去兩年，產能擴張是最負責任的影響。因此，如果我們以聚乙烯為例，市場每年增長約 3.5%。今年可能增長2.7%或2.5%。因此，與基線相比，我們的差異為 1 個百分點，而報價增長了 6% 或 7%。因此，就百分比而言，優惠的影響要大得多。

For next year, we don't see many more offers coming in. And so the -- what we do see is recovered demand. So it certainly feels like it's more about how demand will behave moving forward into the future because the offers of new capacity should go online this year. And then in 2024, the growing demand is definitely an expectation of growth. So at this time, the demand is going to be more important.

明年，我們不會看到更多的報價。因此，我們確實看到的是需求的複蘇。因此，感覺更多的是未來需求的表現，因為新產能的供應應該在今年上線。然後到2024年，不斷增長的需求絕對是增長的預期。那麼這個時候，需求就會變得更加重要。

With regard to your second question, our cash situation is pretty comfortable. Our debt is very long ahead. So what are we going to do with cash and management. Well, what we've been discussing internally is that, yes, the situation is rather comfortable, but the scenario moving forward has lots of uncertainties, especially if we look at the data for China. So we do have a concern that we have uncertainties the scenario into the future and as far as the spreads go. So what we've been discussing here is that we are not going to run liability management in the short term. We are not going to, for instance, run a tender offer in the short term. We are going to wait and see what the scenario holds and when the scenario becomes clearer, then we will decide how to move forward.

關於第二個問題，我們的現金狀況非常寬鬆。我們的債務還很遙遠。那麼我們要用現金和管理做什麼呢？嗯，我們內部一直在討論的是，是的，情況相當舒適，但未來的情況有很多不確定性，特別是如果我們看一下中國的數據。因此，我們確實擔心未來的情況和利差存在不確定性。所以我們在這裡討論的是我們短期內不會進行負債管理。例如，我們不會在短期內進行要約收購。我們將拭目以待，看看情況如何，當情況變得更加清晰時，我們將決定如何前進。

It's a rather conservative position that the company has had for quite a while now. And this scenario with uncertainties about the low cycle that's how we stand, specifically with regard to China. Just as a reminder, that China announced an incentive package. So there is a possibility, a perspective for still this year for things to improve but we want to see things improve first before we actually act on them. And also because in Alagoas, we still have BRL 6 billion which means USD 1.2 billion to disperse over the next 12 months? So we also need to keep that in our sites.

該公司長期以來一直採取相當保守的立場。這種情況伴隨著低週期的不確定性，這就是我們的立場，特別是對於中國而言。提醒一下，中國宣布了一項激勵計劃。因此，今年情況仍有可能有所改善，但我們希望先看到情況有所改善，然後再採取實際行動。還因為在阿拉戈斯州，我們還有 60 億雷亞爾，這意味著未來 12 個月需要分散 12 億美元？因此，我們還需要將其保留在我們的網站中。

And last question was about whether in this scenario, there is any change to the ratings agencies and Braskem.

最後一個問題是，在這種情況下，評級機構和 Braskem 是否會發生任何變化。

We don't see any change to the methodology. They understand that during a low in spreads, the leveraging indicators are likely to go up. But they do look at other indicators to the debt repayment time, for instance. The net debt level as well, that's something they look at. Ours has been stable even with lower spreads. So there are other elements that are looked at, and we don't foresee any -- we don't see actually any change in the methodology.

我們沒有看到方法有任何變化。他們明白，在利差較低的情況下，槓桿指標可能會上升。但他們確實會考慮其他指標，例如債務償還時間。他們也關注淨債務水平。即使利差較低，我們的交易也保持穩定。因此，我們還考慮了其​​他因素，但我們沒有預見到任何因素——我們實際上沒有看到方法論有任何變化。

(Operator Instructions)

（操作員說明）

We will now move on to questions submitted through the web.

我們現在將繼續討論通過網絡提交的問題。

Well, I have a question who came from an individual investor, retail investor. What do you expect to see in terms of normalization of petrochemical spreads? This was from Andre.

嗯，我有一個來自個人投資者、散戶投資者的問題。您對石化產品價差正常化有何預期？這是安德烈發來的。

Well, we do have a forecast for -- the spread should normalize in our opinion, it looks like it's going to normalize by 2025. Today, for the second semester of '23, we believe that there should be some timid but excellent recovery in China's demand especially considering their incentive package. So there's likely to be some additional demand from China. And next year, the new entrants should have a lower impact at new capacity that is. The market is very tight because there are -- there's a surplus of demand, but likely in the second semester of next year, we will see an improvement, but as far as improving spreads and improving the cycle that's likely to be seen in '25, '26, '27, until there is a new cycle of investments in the industry, but that's further into the future.

好吧，我們確實有一個預測——我們認為利差應該會正常化，看起來到 2025 年就會正常化。今天，對於 23 年第二學期，我們認為應該會有一些膽怯但出色的複蘇中國的需求尤其是考慮到他們的激勵方案。因此，中國可能會有一些額外的需求。明年，新進入者對新產能的影響應該會較小。市場非常緊張，因為需求過剩，但很可能在明年下半年，我們會看到改善，但就改善利差和改善週期而言，可能會在 25 年看到改善，'26，'27，直到該行業出現新的投資週期，但那是更遙遠的未來。

There's another question here from [Teresina] also from the webcast.

[Teresina] 在網絡廣播中還提出了另一個問題。

When is the scheduled outage and scheduled maintenance at what site?

計劃停電和計劃維護的地點是什麼時候？

Well, the scheduled maintenance that I mentioned that one of our units in Bahia, it should occur for a period of 2 to 3 months. Usually, these scheduled maintenance stops are 30 to 40 days long. Sorry, it's I was mistaken. It's scheduled for a period of 50 days and it should occur during the fourth quarter of this year. Usually, they last 30 to 40 days. So as part of our initiative to reduce costs, we've actually extended that scheduled outage a little bit because, since there's no demand, not enough demand that is, we have extended that scheduled stop slightly. We don't need it to be running for so long.

嗯，我提到我們在巴伊亞的一個單位的定期維護應該持續 2 到 3 個月。通常，這些計劃的維護停機時間為 30 至 40 天。抱歉，是我搞錯了。計劃為期 50 天，應該在今年第四季度進行。通常，它們會持續 30 到 40 天。因此，作為我們降低成本計劃的一部分，我們實際上稍微延長了預定的停運時間，因為由於沒有需求，也就是說需求不足，我們稍微延長了預定的停運時間。我們不需要它運行這麼長時間。

So we are running that scheduled outage a little bit longer. That also means that we'll have fewer employees, fewer weekends, so we should see a drop in cost there. Usually, if you do have demand and the market is normal, one day of lost production is more than enough to recuperate expenses for those added payments. But since the market demand is at a low point, we decided to keep that scheduled outage a little bit longer.

因此，我們將計劃的停電時間延長了一些。這也意味著我們的員工會減少，週末也會減少，因此我們應該會看到成本下降。通常，如果確實有需求並且市場正常，一天的生產損失足以彌補這些額外付款的費用。但由於市場需求處於低位，我們決定將計劃停電時間延長一些。

We now complete the question-and-answer session. I'd like to pass the floor on to Mr. Roberto for his final comments.

我們現在完成問答環節。我想請羅伯托先生髮表最後的意見。

Good morning, everyone. First, I'd like to thank everyone for taking part in our earnings call. And I'd like to conclude with a few remarks. The first is more focused on the scenario, which really was a topic of Rosana's presentation. And the second is more focused on what Braskem has been doing vis-a-vis that scenario.

大家，早安。首先，我要感謝大家參加我們的財報電話會議。最後我想講幾句話。第一個更關注場景，這確實是羅莎娜演講的主題。第二個更關注布拉斯科姆針對這種情況所做的事情。

Well, so first, the scenario. It's important for us to be very clear about how atypical this scenario is. Cyclical scenarios are common in this industry, but this scenario specifically includes a few aspects that really aggravate the scenario. We are seeing deep down, we're seeing China and its industry, having a hard time recovering growth, and this has an impact on the global product trade. We also see that the U.S. is having some challenge in facing the deteriorating demand and Europe, which in spite of some positive signs recently also fuels an impact due to inflation and other pressures from the past few semesters, even as a result of the war from between Russia and Ukraine.

嗯，首先是場景。對我們來說，重要的是要非常清楚這種情況有多麼不典型。週期性場景在這個行業很常見，但這種場景具體包括幾個真正加劇場景的方面。我們看到，從內心深處，我們看到中國及其工業很難恢復增長，這對全球產品貿易產生了影響。我們還看到，美國在面對不斷惡化的需求方面面臨著一些挑戰，而歐洲儘管最近出現了一些積極的跡象，但過去幾個學期的通脹和其他壓力也加劇了影響，甚至是由於戰爭造成的影響。俄羅斯和烏克蘭之間。

So in a sense, we are talking about half of the worldwide demand that has been impacted in one way or another, a very relevant impact. So that's why I would say that it is atypical. There is a relevant impact on what we do. We are also seeing the convergence of less global growth and the inclusion of new products, not just this year but actually starting last year. And in a sense, the more concentrated entrance of demand during the period as a result of some delays that were produced by the pandemic itself that, in a way, concentrated the influx of new demand after the pandemic.

因此，從某種意義上說，我們談論的是全球一半的需求受到了這樣或那樣的影響，這是一種非常相關的影響。所以這就是為什麼我會說它是非典型的。這對我們的工作有相關的影響。我們還看到，全球增長放緩和新產品的加入融合在一起，不僅是今年，實際上從去年就開始了。從某種意義上說，這一時期的需求進入更加集中，是由於疫情本身造成的一些延遲，在某種程度上集中了疫情后新需求的湧入。

These influences combined have clearly impacted the petrochemical spreads. And they've also made it so that products from other regions, specifically North America, Asia and the Middle East. The are exporting their products to developing country. In that sense, Braskem's agenda in conjunction with the chemical and petrochemical sectors in Brazil, is certainly going to strengthen the Brazilian industry trying to reduce gaps and competitive abilities compared to other regions around the world. This is an agenda that is under development with different levels of government, the federal government, the Ministry of the Treasury and energy and also with some state governance that feel the impact of lack of earnings as a result.

這些影響加在一起明顯影響了石化產品的價差。他們還生產來自其他地區的產品，特別是北美、亞洲和中東。他們正在將產品出口到發展中國家。從這個意義上說，布拉斯科姆的議程與巴西的化學和石化行業相結合，肯定會加強巴西工業，努力縮小與世界其他地區相比的差距和競爭能力。這是一個正在與各級政府、聯邦政府、財政部和能源部以及一些感受到收入缺乏影響的州政府共同製定的議程。

Well, the second point that I'd like to comment on, essentially, we want to highlight Braskem's efforts. As I mentioned, the industry is cyclical. And there are moments that we refer to as lows as we see right now, and as we have seen in the past. So during these times, we need to strive for the best operating efficiency while optimizing fixed and variable costs in general and prioritizing the cash allocation take it as logical as possible while striving to optimize things as much as possible.

嗯，我想評論的第二點，本質上，我們想強調 Braskem 的努力。正如我所提到的，這個行業是周期性的。有些時刻我們稱之為低點，就像我們現在和過去所看到的那樣。因此，在這些時期，我們需要努力實現最佳運營效率，同時總體優化固定成本和可變成本，並優先考慮現金分配，盡可能合乎邏輯，同時努力盡可能優化事物。

Therefore, in the first quarter of this year, we announced a program with initiatives, corporate initiatives that sought to create a EBITDA impact in the order of $450 million and $500 million in cash. And after the first quarter, we've completed over 50% -- 54% of that program has been impacted already. But as I mentioned in our previous earnings call, our commitment is to continue to seek new initiatives, new synergies, and new opportunities. And in this second quarter, we have already identified new initiatives for reducing fixed and variable costs that exceed $100 million, and we continue to strive for more. And if on the one hand, the lack of acceleration of the global economy in the perspective of markets produces less demand for products. On the other hand, in terms of costs, we also see important opportunities in reducing logistics costs, improving the international commerce. And in some way, create opportunities to reduce costs for our operation. So clearly, we're going to continue to seek more initiatives and more initiatives will be seen.

因此，在今年第一季度，我們宣布了一項包含舉措、企業舉措的計劃，旨在創造 4.5 億美元和 5 億美元現金的 EBITDA 影響。第一季度之後，我們已經完成了超過 50%——該計劃的 54% 已經受到影響。但正如我在之前的財報電話會議中提到的，我們的承諾是繼續尋求新的舉措、新的協同效應和新的機會。在第二季度，我們已經確定了減少超過 1 億美元固定和可變成本的新舉措，並且我們將繼續努力爭取更多。一方面，從市場角度來看，全球經濟缺乏加速，導致對產品的需求減少。另一方面，在成本方面，我們也看到了降低物流成本、改善國際商務的重要機會。並以某種方式創造機會降低我們的運營成本。很明顯，我們將繼續尋求更多舉措，並且將會看到更多舉措。

So I hope that at each earnings call, I will be able to bring you news about more initiatives that we see and with the goal of mitigating the effects of the current scenario.

因此，我希望在每次財報電話會議上，我都能向您帶來有關我們看到的更多舉措的消息，這些舉措的目標是減輕當前情況的影響。

Lastly, to wrap, I'd like to thank all of you once again for your confidence and for joining us in this earnings call, and we'll see you in November when we will announce the results of the third quarter of 2023. Thank you very much, and have a great day. Take care.

最後，我想再次感謝大家的信任並參加本次財報電話會議，我們將在 11 月見到您，屆時我們將宣布 2023 年第三季度的業績。謝謝非常感謝，祝您有美好的一天。小心。

Braskem's video conference is now complete. Thank you all for your participation. Have a great day, and thank you for using Chorus Call.

Braskem 的視頻會議現已結束。感謝大家的參與。祝您有美好的一天，感謝您使用 Chorus Call。