Braskem SA (BAK) 2024 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Braskem's conference call to disclose the results related to the first quarter of 2024. With us here today, we have Mr. Roberto Bischoff, Braskem's CEO; Mr. Pedro Freitas, Braskem's CFO; and Ms. Rosana Avolio, Investor Relations, Strategic Planning, and Corporate Market Intelligence Director.

早安，感謝您的支持。歡迎參加 Braskem 電話會議，揭露 2024 年第一季相關業績。今天來到這裡的有 Braskem 執行長 Roberto Bischoff 先生； Braskem 財務長 Pedro Freitas 先生； Rosana Avolio 女士，投資者關係、策略規劃和企業市場情報總監。

We would like to inform you that this event is being recorded. (Operator Instructions)

我們謹通知您，該事件正在被記錄。（操作員說明）

Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding Braskem's business prospects, projections, operational and financial goals, constitute beliefs and assumptions of the company's management, as well as information currently available to Braskem.

在繼續之前，我們想澄清一下，本次電話會議期間可能發表的有關 Braskem 業務前景、預測、營運和財務目標的任何聲明均構成公司管理層的信念和假設，以及 Braskem 目前掌握的資訊。

Future considerations are not a 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 occur. Investors and analysts should understand that general conditions, industry conditions, and other operating factors may affect Braskem's future results and may lead to results that differ materially from those expressed in such future conditions.

未來考慮因素並不是業績的保證，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，因此取決於可能發生或可能不會發生的情況。投資者和分析師應了解，整體狀況、產業狀況和其他經營因素可能會影響 Braskem 的未來業績，並可能導致結果與此類未來狀況中表達的結果有重大差異。

I would now like to turn the conference over to Rosana Avolio, Investor Relations, Strategic Planning, and Corporate Market Intelligence Director to start the presentation. Ms. Avolio, you may begin.

我現在想將會議交給投資者關係、策略規劃和企業市場情報總監 Rosana Avolio 開始演講。阿沃里奧女士，您可以開始了。

Hello, ladies and gentlemen, thank you for participating in Braskem's earnings call. Today, we will present results for the first quarter of 2024.

女士們、先生們，大家好，感謝您參加 Braskem 的財報電話會議。今天，我們將公佈 2024 年第一季的業績。

In slide number 3, you can check our agenda, which begins with the company's main highlights of the period, presented in slide number 4.

在第 3 投影片中，您可以查看我們的議程，該議程從公司這段時期的主要亮點開始，如第 4 張幻燈片所示。

In the first quarter of 2014, we observed an increase in the majority of the petrochemical spreads in the international market when compared to the fourth quarter of 2023. This increase is explained by the conjunctural effects such as the winter storm that affected the gulf coast of the United States, and the conflict in the red sea, impacting the international trade and positively impacting the resin prices. In this scenario of better spreads, added to the company's efforts to ensure the resilience and the financial health of the company.

2014 年第一季度，我們觀察到國際市場上大部分石化產品價差較 2023 年第四季增加。這一增長是由於影響美國墨西哥灣沿岸的冬季風暴和紅海衝突等影響國際貿易並對樹脂價格產生積極影響的綜合影響所致。在這種利差改善的情況下，公司加大了確保公司彈性和財務健康的努力。

Recurring EBITDA in the first quarter of 2024 was $230 million, 9% higher compared to the previous quarter. Additionally, in line with the depreciation of the Brazilian real against the dollar, the company recorded a loss of approximately $273 million, while the operating cash generation increased by 189%, registering $196 million during the period.

2024 年第一季的經常性 EBITDA 為 2.3 億美元，比上一季成長 9%。此外，隨著巴西雷亞爾兌美元貶值，該公司錄得約2.73億美元的虧損，而期內經營性現金產生量增加189%，達到1.96億美元。

Also during the period, Braskem maintained its robust liquidity position, with $3.3 billion in cash, a sufficient amount to cover debt maturities over the next six to nine months. Additionally, Braskem's debt profile remains very low, with an average term of 12 years, with more than 63% of the debt maturing after 2030. Therefore, the company ended the quarter with a leverage of 8.12 times in line with the fourth quarter of 2023.

同樣在此期間，Braskem 保持了強勁的流動性狀況，擁有 33 億美元現金，足以償還未來六到九個月的債務到期。此外，Braskem 的債務狀況仍然很低，平均期限為 12 年，其中超過 63% 的債務在 2030 年後到期。因此，該公司本季末的槓桿率為 8.12 倍，與 2023 年第四季一致。

It is important to highlight that these results were reinforced by Braskem's constant commitment to financial resilience and financial health. In the quarter, we observed a positive impact of about $38 million in EBITDA and about $166 million in cash generation.

需要強調的是，布拉斯科姆對財務彈性和財務健康的持續承諾強化了這些成果。在本季度，我們觀察到約 3,800 萬美元的 EBITDA 和約 1.66 億美元的現金產生產生了積極影響。

In the next slide, I will comment on the company's main operational and strategic highlights. Regarding to operational highlights, the global accident frequency rate decreased by 23% compared to the previous quarter, with a rate of 0.78 events per million hours worked, below the industry average, reflecting the company's non negotiable commitment to the safety of its operations.

在下一張投影片中，我將評論該公司的主要營運和策略亮點。從營運亮點來看，全球事故發生率較上季下降23%，每百萬工作小時發生0.78起事故，低於行業平均水平，體現了公司對營運安全的堅定承諾。

During the first quarter, the utilization rates of almost all of the company's petrochemical plants were higher than in the previous quarter, with emphasis on the green polyethylene segment, whose utilization rate increased by 36 percentage points, reaching 98% of the installed capacity after the normalization of ethanol supply, which was impacted in the previous quarter by weather conditions.

一季度，公司幾乎所有石化裝置的開工率都高於上季度，其中重點是綠色聚乙烯板塊，開工率提升了36個百分點，達到開工後裝機率的98%。受到天氣狀況的影響。

In the Brazil segment, the resumption of operations at the Bahia petrochemical complex after a scheduled maintenance shutdown in the fourth quarter of 2023 and better scenario conditions contributed to the increase of 8 percentage points in the ethylene utilization rate, totaling 74% in the quarter. In conclusion, throughout the first quarter of 2024, Braskem maintained its efforts in the implementation of its growth agenda. On the traditional avenue, the construction of the ethane import terminal in Mexico reached a progress of 62%.

巴西板塊，巴伊亞石化聯合體在2023年第四季按計畫檢修停產後恢復運營，加上較好的情境條件，導致乙烯利用率提高8個百分點，本季總計達到74%。總之，2024 年第一季度，Braskem 繼續努力實施其成長議程。傳統大道上，墨西哥乙烷進口碼頭建設進度達62%。

The project conclusion remains expected by the end of 2024, with the start of operations for the first quarter of 2025. Regarding decarbonization, Braskem and Veolia announced another agreement to work together on the research and implementation of high-impact solutions for decarbonization at the Triunfo petrochemical complex in Rio Grande do Sul. The solutions to be provided by the partnership have the potential for reducing the equivalent of 500,000 tons of CO2 per year.

預計該專案將於 2024 年底完成，並於 2025 年第一季開始營運。關於脫碳，布拉斯科姆和威立雅宣布達成另一項協議，共同研究並實施南里奧格蘭德州 Triunfo 石化聯合體的高影響力脫碳解決方案。該合作夥伴提供的解決方案預計每年減少相當於 50 萬噸的二氧化碳排放。

In recycling, we have advanced the feedstock diversification agenda with the start of bio-attributed and circular propyne supply in Europe and the United States, made possible through the partnership with Shell Chemicals. Lastly, a new partnership with Lummus Technology was signed to develop an electrification study of the company's cracking furnaces. The expanded use of electricity and renewable materials will allow Braskem to reduce its carbon footprint in the production of ethylene, propylene, and other chemical products. This initiative is part of Braskem's ambitions to combat climate change.

在回收方面，我們透過與殼牌化學公司的合作，在歐洲和美國開始生物屬性和循環丙炔供應，從而推進了原料多樣化議程。最後，與 Lummus Technology 簽署了新的合作夥伴關係，以開發該公司裂解爐的電氣化研究。擴大電力和可再生材料的使用將使 Braskem 減少乙烯、丙烯和其他化學產品生產中的碳足跡。這項舉措是 Braskem 應對氣候變遷雄心的一部分。

Moving to the next slide. Moving on to the next topic, where I will present the operational performance of the company's segments, starting with the Brazil segment, on slide number 7. The utilization rate of Brazilian petrochemical plants in the first quarter of 2024, was 74%, 8 percentage points higher than that of fourth quarter of 2023, mainly due to the resumption of operations in Bahia after a scheduled maintenance shutdown.

轉到下一張投影片。轉到下一個主題，我將在第 7 號投影片上介紹該公司各部門的營運績效，從巴西部門開始。2024年第一季巴西石化廠利用率為74%，較2023年第四季提高8個百分點，主要是由於巴伊亞州在計畫檢修停工後恢復營運。

In the Brazilian market, the volume of resins sales was higher than in the previous quarter by 7%, mainly explained by the higher demand for polyethylene and polypropylene due to the movement of inventory recompositon in the chain.

在巴西市場，樹脂銷售量較上季成長7%，主要是由於供應鏈中庫存重組的動向，對聚乙烯和聚丙烯的需求增加。

On the other hand, the prioritization of sales in the Brazilian market reduced exports by 8% in the quarter. As a result, the segment's recurring EBITDA in first quarter of 2024 was $210 million, an increase of 70% compared to the previous quarter and (technical difficulty) 66% of the company's consolidated EBITDA in the quarter.

另一方面，優先銷售巴西市場使本季出口減少了8%。因此，該部門在 2024 年第一季的經常性 EBITDA 為 2.1 億美元，比上一季成長了 70%，（技術難度）佔該季度公司合併 EBITDA 的 66%。

Moving on to the next slide. With regard to green polyethylene, the utilization rate of green ethylene was 36 percentage points higher compared to the previous quarter, reaching 98%. The normalization of ethanol supply after the impact of weather conditions in the south of the country in the last quarter was the main factor that contributed to this increase. During the period, green polyethylene sales decreased by 8%, mainly due to lower demand associated with the Chinese New Year. This event had impact on the segment, given that, historically, Asia represents about 40% of the sales volume of green polyethylene.

轉到下一張投影片。綠色聚乙烯方面，綠色乙烯利用率較上季提高36個百分點，達98%。上季該國南部天氣狀況影響後乙醇供應正常化是造成此成長的主要因素。期內，綠色聚乙烯銷售量下降8%，主要因為農曆新年相關需求下降。鑑於從歷史上看，亞洲約佔綠色聚乙烯銷量的 40%，這一事件對該領域產生了影響。

Moving on to the next slide. In the United States and Europe segment, the utilization rate in the last quarter was 76%, a reduction of 6 percentage points when compared to the fourth quarter of 2023. The decrease is mainly explained by an unscheduled shutdown at a plant in the United States, lasting about a month between January and February, with resumption of the operation in February.

轉到下一張投影片。美國及歐洲部分，上季利用率為76%，較2023年第四季下降6個百分點。下降的主要原因是美國一家工廠意外關閉，從一月到二月持續了大約一個月，並在二月恢復運作。

On the other hand, sales volume remained in line with the previous quarter. In this scenario, in the first quarter of the year, recurring EBITDA was $69 million, 22% lower than fourth of 2023, and representing 22% of the company's consolidated recurring EBITDA in dollars in the quarter.

另一方面，銷量與上一季持平。在這種情況下，今年第一季的經常性 EBITDA 為 6,900 萬美元，比 2023 年第四季下降 22%，佔該季度公司以美元計算的合併經常性 EBITDA 的 22%。

Moving on to the next slide, we'll talk about the Mexico segment. In Mexico, the utilization rate for the quarter was 83%, in line with the last quarter of 2023. With regard to sales, the volume was higher by 17% mainly due to the recomposition of polyethylene inventories in the market and the seasonality observed in the previous quarter. Recurring EBITDA in the period was $37 million, 39% higher than the result of the fourth quarter of 2023, representing 12% of the company's consolidated recurring EBITDA in dollar terms in the quarter.

轉到下一張投影片，我們將討論墨西哥部分。在墨西哥，該季度的利用率為 83%，與 2023 年最後一個季度持平。銷量方面，銷量成長17%，主要是由於市場上聚乙烯庫存的重組以及上季度觀察到的季節性因素。該期間的經常性 EBITDA 為 3,700 萬美元，比 2023 年第四季的業績高出 39%，佔該季度以美元計算的公司合併經常性 EBITDA 的 12%。

Next, starting from slide 11, we will talk about the company's consolidated financial performance. In the first quarter of 2024, Braskem's recurring EBITDA was $230 million, an increase of 9% compared to the previous quarter. This result was positively impacted by the increase in most spreads in the global petrochemical industry. In the polyethylene market, the spread with respect to naphtha was higher by 21%, while regarding polyethylene ethane based, was higher by 20%.

接下來，從投影片11開始，我們將討論公司的合併財務表現。2024年第一季度，Braskem的經常性EBITDA為2.3億美元，較上一季成長9%。這項結果受到全球石化產業大部分價差上漲的正面影響。在聚乙烯市場，石腦油價差高出 21%，而聚乙烯乙烷價差則高出 20%。

Conjunctural factors of the period, such as weather conditions in the gulf coast of the United States and logistical constraints in the Panama Canal and in the red sea, influenced the increase in the price of resins and spreads in the international market. The sales volume also contributed to the increase in EBITDA, with an increase in sales in the Brazil segment for main chemicals by 19% and for resins by 7%.

這段時期的綜合因素，例如美國墨西哥灣沿岸的天氣狀況以及巴拿馬運河和紅海的物流限制，影響了國際市場樹脂價格和價差的上漲。銷量也促進了 EBITDA 的成長，巴西業務的主要化學品銷售額增長了 19%，樹脂銷售額增長了 7%。

In Mexico, the 17% increase in PE sales volume also had a positive impact on the consolidated EBITDA. In addition, the reduction of 6% compared to the quarter's budget in disbursements with fixed expenses, as a result of corporate resilience and financial health initiatives, also contributed positively to the company's recurring EBITDA.

在墨西哥，PE 銷售成長 17% 也對綜合 EBITDA 產生了正面影響。此外，由於企業韌性和財務健康舉措，固定費用支出較本季預算減少 6%，也為公司的經常性 EBITDA 做出了積極貢獻。

Moving on to the next slide. The company presented an operating cash generation of BRL972 million in the first quarter of 2024. The result represents an increase of BRL636 million compared to fourth quarter of 2023 and 189%, which is mainly explained by the lower disbursement with operational and strategic CapEx by BRL363 million, by the positive variation of working capital higher by BRL181 million, and the increase of BRL91 million of the recurring EBITDA.

轉到下一張投影片。該公司 2024 年第一季的營運現金產生量為 9.72 億雷亞爾。與2023 年第四季相比，該結果增加了6.36 億雷亞爾，成長了189%，這主要是由於營運和戰略資本支出支出減少了3.63 億雷亞爾，營運資本的正變化增加了1.81億雷亞爾，以及成長9,100 萬雷亞爾的經常性 EBITDA。

Regarding recurring cash generation, Braskem presented a lower cash consumption by BRL22 million compared to fourth quarter of 2023, due to higher operating cash generation as mentioned before, and higher interest payments related to semiannual payments of debt securities issued in the international market by the company. Considering the disbursements related to Alagoas, cash consumption totaling approximately BRL939 million in the first quarter of the year.

關於經常性現金生成，Braskem 表示，與2023 年第四季相比，現金消耗減少了2,200 萬雷亞爾，原因是前面提到的營運現金生成量增加，以及與公司在國際市場上發行的債務證券半年支付相關的利息支付增加。考慮到與阿拉戈斯相關的支出，今年第一季的現金消耗總計約9.39億雷亞爾。

Next slide, please. Braskem ended the first quarter of 2024, maintaining a very long debt profile, with an average payment term of about 12 years, with 63% of the debts concentrated as of 2030. The company's robust liquidity level is sufficient to cover its obligations for the next 69 months. At the end of the quarter, corporate leverage was 8.12 times, in line with the last quarter of 2023 and net debt was approximately $5.3 billion.

請下一張投影片。截至 2024 年第一季度，Braskem 維持著非常長的債務狀況，平均還款期限約為 12 年，其中 63% 的債務集中在 2030 年。該公司強勁的流動性水準足以承擔未來 69 個月的債務。截至本季末，企業槓桿率為 8.12 倍，與 2023 年最後一季一致，淨債務約為 53 億美元。

Regarding to rating agencies, until March, Fitch Ratings and S&P rating maintained Braskem's rating at BB+. It is important to note that the company maintains its commitment to maintaining its liquidity position, cost discipline and continuing to implement measures to reduce its corporate leverage and to recover its investment grade.

在評級機構方面，截至3月份，惠譽評級和標準普爾評級維持Braskem的評級為BB+。值得注意的是，該公司仍然致力於維持其流動性狀況、成本紀律，並繼續採取措施降低公司槓桿並恢復投資評級。

During the quarter, we acted continuously on the work fronts in Maceió, focusing on the fulfillment of the established agreements. In this way, I will comment on the main updates of the period, starting with the relocation and compensation front, and socio-urban measures on the next slide.

本季度，我們在馬塞奧的工作方面持續開展工作，重點是履行既定協議。這樣，我將在下一張投影片上從搬遷和補償方面以及社會城市措施開始評論這段時期的主要更新。

By March 2024, the residents' relocation program reached an execution percentage of 99.7%. As for the proposals related to the financial compensation and relocation support program, more than 99.9% of the estimated proposals have already been submitted, of which about 98% have already been accepted and about 95.7% have already been paid, with an overall acceptance rate of 99.4%. The total provision within this front, so far, was BRL5.8 billion, of which BRL4.6 billion have already been disbursed and BRL1.3 billion in balance at the end of the first quarter of 2024.

截至2024年3月，居民搬遷計畫執行率達99.7%。經濟補償及搬遷扶持方案相關建議書已提交預估建議書99.9%以上，其中已受理約98%，已支付約95.7%，總體受理率99.4%。到目前為止，這一方面的撥款總額為 58 億雷亞爾，其中 46 億雷亞爾已支付，截至 2024 年第一季末餘額為 13 億雷亞爾。

Regarding the progress of urban social measures, urban mobility projects are in the physical execution phase, out of a total of 11 planned projects. Regarding the actions in the vacant areas, the project on the Mutange slope reached 72.7% of execution. On the social and urban action plan, 47 actions have already been validated by the signatory authorities of the agreement.

關於城市社會措施的進展情況，在總共 11 個規劃項目中，城市交通項目正處於實際執行階段。在空地行動方面，Mutange 斜坡工程已完成 72.7%。在社會和城市行動計劃方面，47項行動已獲得協議簽署當局的批准。

Until April, together with the flexal agreement, the financial support program reached about 98.6% of the proposals paid, while 14 of the 23 socioeconomic measures provided in the term of agreement have already been implemented. On this front, BRL1.7 billion have already been provisioned so far, of which about BRL600 million have already been disbursed and BRL1.3 billion in balance at the end of the first quarter of 2024.

截至4月，連同彈性協議，財政支持計畫已達到已支付提案的約98.6%，而協議期限內規定的23項社會經濟措施中的14項已實施。在這方面，迄今已撥備17億雷亞爾，其中約6億雷亞爾已支付，到2024年第一季末餘額為13億雷亞爾。

Moving on to the next slide. Regarding the closure and monitoring of mines, I will present below the current status of the closure plan. The sand filling group has a total of 13 mines, of which 5 are fully filled, and 2 are in progress. 6 mines were recently included after the conclusion of the monitoring actions and are in activity planning. The natural fill group has a total of 6 mines, of which 5 are in full fill confirmation, Cavity 18 is in the evaluation phase, with an indication that no sand filling measures will be necessary.

轉到下一張投影片。關於礦場的關閉和監測，我下面介紹一下目前關閉計畫的情況。充砂組共有13個礦山，其中5個已滿填，2個正在進行中。監測行動結束後，最近將 6 個地雷納入活動規劃。自然充填組共有6個礦井，其中5個礦井已完全充填確認，18號礦井正處於評估階段，顯示不需要採取充砂措施。

In conclusion, of the 16 wells directed to the buffering and pressurization group, 7 have been pressurized and are being monitored, while 9 are under the pressurization confirmation stage and, after the pressure check process, any additional measures may be necessary. On this front, BRL3.9 billion have already been provisioned until March, of which BRL2.5 billion have already been disbursed and BRL1.5 billion in balance at the end of the quarter. The actions mentioned are estimated to be completed by 2026.

綜上所述，緩衝加壓組16口井中，7口已加壓並正在監測，9口處於加壓確認階段，在壓力檢查過程後，可能需要採取任何額外措施。在這方面，截至 3 月已撥備 39 億雷亞爾，其中 25 億雷亞爾已支付，本季末餘額為 15 億雷亞爾。上述行動預計將於 2026 年完成。

Moving on to the next slide. Until March 2024, the total provisions related to the Alagoas event were around BRL15.5 billion, of which, about BRL10 billion have already been disbursed, and approximately BRL1.2 billion has been registered in other obligations to be paid. Additionally, about BRL500 million in performance of the present value adjustment. At the end of the first quarter, the provisioned balance was BRL4.9 billion.

轉到下一張投影片。截至2024年3月，與阿拉戈斯事件相關的準備金總額約為155億雷亞爾，其中約100億雷亞爾已支付，約12億雷亞爾已登記在其他待支付義務中。此外，也進行了約5億雷亞爾的現值調整。一季末撥備餘額為49億雷亞爾。

It is important to highlight that the actions of the environmental plan, according to the provisions made, are still in progress and are expected to be completed in 2028.

需要強調的是，根據規定，環境計畫的行動仍在進行中，預計2028年完成。

Next slide. Next, we will present the operational and spreads perspective for the next quarter, in addition to making some comments on the company's main advances in its resilience and financial health fronts and also the priorities for the year. For the second quarter of 2024, the expectation for the utilization rates in the Brazil segment and in green polyethylene remain in line with the prior quarter, as well as the sales volume, in accordance with the scheduled shutdown of the Triunfo petrochemical complex in consequence of the severe climate event that hit the Rio Grande do Sul state in the last few days. The impact from this event is being evaluated.

下一張投影片。接下來，我們將介紹下一季的營運和利差前景，此外還將對該公司在韌性和財務健康方面的主要進展以及今年的優先事項發表一些評論。2024 年第二季度，根據 Triunfo 石化聯合體因停產而預定的關閉，巴西業務和綠色聚乙烯的利用率以及銷量預期與上一季度保持一致。 。正在評估此事件的影響。

Regarding strategic trend, according to external consultants, is a maintenance for the next quarter. In the United States and Europe segment, the expectation is that utilization rates are also in line with the previous quarter, due to a shutdown in the United States, offset by the increase in the utilization rate in Europe.

對於策略趨勢，根據外部顧問的說法，是下一季的維護。在美國和歐洲部分，預計利用率也與上一季持平，原因是美國停產，但被歐洲利用率的增加所抵消。

In this way, the sales volume also remains stable compared to the previous quarter. Lastly, regarding spreads, the expectation is an increase in the next quarter is mainly explained by the reduction in the price of the raw material, propylene. Finally, in Mexico, the trend for the second quarter is for an increase in production, as the expectation of a stable supply of ethylene. As a result, increased product availability increased sales volume in the quarter. The spreads tend to fall slightly in the next quarter, due to the slight increase in commodity prices.

這樣一來，銷量與上季相比也保持穩定。最後，關於價差，預期下一季價差上漲主要是因為原物料丙烯價格下降。最後，在墨西哥，第二季的趨勢是產量增加，因為預期乙烯供應穩定。因此，產品供應量的增加增加了本季的銷售量。由於大宗商品價格小幅上漲，下一季利差往往會小幅下降。

Moving on to the next slide. During the first quarter of 2024, the company continued implementing the corporate initiatives with an impact on EBITDA and cash generation, totaling approximately $20 million in quarter in gains through the commercial strategy and $18 million with cost reduction, added to the company's EBITDA, and $109 million through the prioritization of CapEx initiatives and $37 million with the optimization of working capital added to cash generation.

轉到下一張投影片。2024 年第一季度，公司繼續實施對EBITDA 和現金產生影響的企業舉措，透過商業策略，本季收益總計約2,000 萬美元，成本削減帶來1,800 萬美元，增加到公司的EBITDA 中，以及109美元透過優先考慮資本支出計畫獲得 100 萬美元，並透過優化營運資本增加現金產生獲得 3,700 萬美元。

Additionally, we captured $109 million through the prioritization of CapEx initiatives and $37 million with the optimization of working capital added to the cash generation. Additionally, $20 million were raised with the tax regularization carried out through the paulista agreement program, which impacted other revenues by about $20 million during the quarter.

此外，我們透過資本支出計畫的優先順序獲得了 1.09 億美元，透過優化營運資本增加現金產生獲得了 3,700 萬美元。此外，透過保利斯塔協議計劃實施的稅收規範化籌集了 2000 萬美元，這對本季度其他收入產生了約 2000 萬美元的影響。

In 2024, Braskem made a commitment to six priorities for the year, and during the first quarter of 2024, we had the following events: In Maceió, all fronts of action showed progress in the quarter, with about BRL10 billion already disbursed by the close of the quarter, referring to the financial provision of BRL15.5 billion. Regarding the priority of resilience and financial health, sales and distribution expenses decreased by $13 million and the variation in working capital in the quarter was higher by BRL181 million compared to the previous quarter.

2024 年，布拉斯科姆承諾完成今年的六項優先事項，在2024 年第一季度，我們發生了以下事件： 在馬塞奧，本季度所有方面的行動都取得了進展，截至收盤時已支付約100 億雷亞爾該季度的財務撥備為 155 億雷亞爾。關於彈性和財務健康的優先事項，銷售和分銷費用減少了 1,300 萬美元，本季營運資金變化較上一季增加了 1.81 億雷亞爾。

In the asset operation strategy optimization, the company showed a quick response from the return of the maintenance shutdown in Bahia and from the impacts on ethanol supply in the south in the last quarter and increased its utilization rate in the Brazil segments by 8 percentage points and in green ethylene by 36 percentage points.

在資產營運策略優化方面，公司對上季巴伊亞停產檢修恢復以及南方乙醇供應影響表現出快速反應，巴西板塊利用率提升8個百分點，綠色乙烯增加了 36 個百分點。

In addition, Braskem continues to implement initiatives that aim to reduce the carbon footprint in its operations, and in partnership with Lummus Technology, as previously mentioned, will study the electrification of its cracking furnaces. In the quarter, we also had ANVISA's authorization for the use of products developed from chemical recycling for food contact applications. In investments, the company was able to optimize around BRL363 million in CapEx compared to the previous quarter, as a result of the company's global project prioritization strategy, while maintaining the same level of operations safety and reliability.

此外，Braskem 繼續實施旨在減少其營運中碳足跡的舉措，並與 Lummus Technology 合作，如前所述，將研究其裂解爐的電氣化。本季度，我們也獲得了 ANVISA 的授權，可以將化學回收開發的產品用於食品接觸應用。在投資方面，由於該公司的全球專案優先策略，該公司能夠比上一季優化約 3.63 億雷亞爾的資本支出，同時保持相同水準的營運安全性和可靠性。

In conclusion, in Mexico, we continued our efforts to complete the construction of the ethane terminal, achieving a physical progress of 62%, 10% higher than the stage from December 2023.

總而言之，在墨西哥，我們繼續努力完成乙烷接收站的建設，實現了62%的物理進度，比2023年12月的階段提高了10%。

Therefore, we conclude the presentation of Braskem's results for the first quarter of 2024. Thank you very much for your attention. We will now begin the Q&A session.

因此，我們結束了 Braskem 2024 年第一季業績的介紹。非常感謝您的關注。我們現在開始問答環節。

(Operator Instructions) Luiz Carvalho, UBS.

（操作員說明）Luiz Carvalho，UBS。

I'd like to start by asking Pedro. As you mentioned in your presentation, we see a spread scenario where, perhaps, the worst has already been behind us. The levels are used to be quite compressed. But now looking to the future, we are starting to see a scenario with slow recovery in the 18-month horizon.

我想先問問佩德羅。正如您在演講中提到的，我們看到了一種蔓延的情況，也許最糟糕的情況已經過去了。級別過去被相當壓縮。但現在展望未來，我們開始看到 18 個月內緩慢復甦的情況。

And next year, as you mentioned, we expect to see the entrance of the Mexican fast track program. This is -- it seems like it will, in some way, contribute to improve the company's outlook. Could you please give us a few words about the dynamics you're seeing in terms of the perspective of results, both in recovering the spreads and in the contribution of the Mexican facility? That would be great, please.

明年，正如您所提到的，我們預計將看到墨西哥快速通道計劃的進入。這似乎在某種程度上有助於改善公司的前景。您能否從結果的角度向我們介紹您所看到的動態，包括恢復價差和墨西哥工廠的貢獻？那太好了，拜託。

My second question, and of course, we must ask, it's inevitable. We need to ask about the shareholder situation. We had Adnoc participating in the process. They have left, and Lyondell also, in the past, also participated and also gave up. Petrobras made some public comments that it could potentially increase its participation on Braskem to then later on sell them.

我的第二個問題，當然，我們必須問，這是不可避免的。我們需要詢問一下股東的狀況。Adnoc 參與了這個過程。他們離開了，林德爾也曾經參與過，也放棄過。巴西國家石油公司發表了一些公開評論，稱其可能會增加對 Braskem 的參與，然後再出售。

Could you please help us to understand what the situation is like in terms of what the management has been doing to contribute to these discussions? And are they in discussions? Any due diligence processes underway? There was the Kuwait company as well.

您能否幫助我們了解管理階層為推動這些討論所做的努力？他們正在討論嗎？正在進行任何盡職調查流程嗎？還有科威特公司。

And also along those lines, if there is a question from Petrobras, with regard to that Novonor stake at 5%, would there be a tag along in that case?

同樣，如果巴西國家石油公司 (Petrobras) 對 Novonor 持有 5% 的股份提出疑問，在這種情況下是否會有標籤？

Good morning, everyone. Thank you, Luiz, for your questions. It's a pleasure to talk to everyone here. We recently presented our yearly results. It hasn't been very long since last time we met, but there have been some updates.

大家，早安。謝謝路易斯提出的問題。很高興在這裡與大家交談。我們最近公佈了我們的年度業績。距離上次見面並沒有多久，但還是有一些新的消息。

Rosana presented the main ones, but to explore some of these topics that you asked, Luiz, specifically with regard to the spreads, what you mentioned is what we see a slow recovery in the supply-and-demand scenario. This year, polyethylene is looking to have more demand than -- sorry, more supply than demand. And, I think, the scenario is going to reverse next year. So what we have seen is slow recovery in our results. April was a month in which spreads improved compared to March. So we have seen a very gradual, very slow recovery, as you mentioned.

羅莎娜（Rosana）介紹了主要問題，但為了探討路易斯（Luiz）您提出的一些主題，特別是關於利差，您提到的是我們看到供需情況的緩慢復甦。今年，聚乙烯的需求量預計將超過——抱歉，供應量將超過需求量。而且，我認為，明年的情況將會逆轉。所以我們看到的是我們的結果恢復緩慢。4 月利差較 3 月有改善。因此，正如您所提到的，我們看到了非常漸進、非常緩慢的復甦。

But nevertheless, the spreads have been improving over this year, and we expect things to accelerate next year and also with the polypropylene scenario. And based on that, you asked a more focused question about the Mexico terminal, but I'll expand a little bit. Since the past year, we have been implementing a number of actions and initiatives to improve our results.

但儘管如此，今年的價差一直在改善，我們預計明年情況會加速，聚丙烯情況也是如此。基於此，您提出了一個有關墨西哥航站樓的更集中的問題，但我會稍微擴展一下。自去年以來，我們實施了一系列行動和措施來改善我們的表現。

Some came to maturity last year already, but even those that did have an impact last year, they do end up being reflected in the 12 months of '24. Many of them didn't have an impact on the 12 months of the year. And this year, we forecast that they will have an impact over the 12 months of the year.

有些已經在去年成熟，但即使是那些去年確實產生影響的，它們最終也會在 2024 年的 12 個月中得到反映。其中許多並沒有對一年中的 12 個月產生影響。今年，我們預測它們將在一年中的 12 個月內產生影響。

So part of the impact that we expect comes from those spreads, but also, some comes from having the full year of the measures in implementation. That's actually one of the slides in our presentation when we talk about the financial resiliency and rigidity plan. This year, we expect to see additional EBITDA above and beyond last year, approximately $200 million to $250 million, as a result, solely of these measures. And that adds to our strong cash generation as a result.

因此，我們預期的部分影響來自這些利差，但也有一些影響來自全年實施的措施。這實際上是我們在談論財務彈性和剛性計劃時演示中的一張幻燈片。僅憑這些措施，我們預計今年的 EBITDA 將比去年增加約 2 億至 2.5 億美元。因此，這增加了我們強勁的現金生成能力。

With regard specifically to the Mexican terminal, we expect that it will be completed by the end of this year in Q1 '25. So of course, we're not going to see an impact on our results for this year. That will come next year, and it will depend heavily on the volume of deliveries that PEMEX makes because logistics is always going to be less expensive when we buy from the local supplier. But we will have a drop in the cost of importing for Braskem Idesa and importing ethane and also an improvement to the operation rate.

具體到墨西哥航站樓，我們預計將於今年年底（25 年第一季）完工。因此，當然，我們今年的業績不會受到影響。這將在明年實現，並將在很大程度上取決於 PEMEX 的交貨量，因為當我們從當地供應商購買時，物流總是會更便宜。但我們的 Braskem Idesa 和乙烷進口成本將會下降，開工率也會提高。

This last quarter, we had something close to 85%. And this next quarter, we expect to be closer to 95% or 98% at least, if not 100%. With the terminal, we will have improvements to fixed cost and a significant improvement in Mexico.

上個季度，我們的目標接近 85%。下個季度，我們預計即使不是 100%，至少也會接近 95% 或 98%。有了這個航站樓，我們將改善固定成本，並顯著改善墨西哥業務。

So it's not just about spreads and volume. We also have the result recovery initiatives that we've been implementing. On the sale process efforts, you asked a question that I'll answer first, which is Braskem's contribution to discussion. Well, our contribution is in the due diligence processes. We do not take part in discussions. When we have obligations involved with shareholders, they do notify about critical landmarks and events that are occurring.

因此，這不僅僅是點差和交易量的問題。我們還有一直在實施的結果恢復計劃。關於銷售流程的工作，您提出了一個問題，我將首先回答，這是 Braskem 對討論的貢獻。嗯，我們的貢獻在於盡職調查過程。我們不參與討論。當我們有與股東相關的義務時，他們確實會通知重要的里程碑和正在發生的事件。

But what the law has forged is that if any development persist within a NDA process and there is no leak to the press, then the company is not required to disclose it, not least of which because any such disclosure could have a negative impact on the negotiation. So our shareholders are not required to notify us of everything that's happening.

但法律規定，如果 NDA 流程中存在任何進展，並且沒有向媒體洩露，那麼公司就不需要披露，尤其是因為任何此類披露都可能對公司產生負面影響。因此，我們的股東不需要通知我們所發生的一切。

Now if there is some leak or some press release, then they do need to notify us so that we can keep the whole market up to date. But what I can tell you is that we were notified on Sunday about the ADNOC decision. We received mails from Novonor, and we immediately reproduced it to the market, the ADNOC decision to not proceed with the process. Novonor also says it remains engaged in the sale process.

現在，如果有一些洩密或新聞發布，那麼他們確實需要通知我們，以便我們可以讓整個市場了解最新情況。但我可以告訴你的是，我們已在週日收到有關阿布達比國家石油公司決定的通知。我們收到了 Novonor 的郵件，並立即將其複製到市場上，ADNOC 決定不再繼續該流程。Novonor 也表示，該公司仍在參與出售過程。

And what I can tell you is that where Braskem is involved is there is an ongoing due diligence, so there's an ongoing process involving the exchange of information or actually the provision of information. It's not really an exchange. And Braskem is providing information. It's making it available for potential interested parties. And if any other interested parties arise, we will continue to support shareholders in their demand for this process.

我可以告訴你的是，布拉斯科姆參與的地方正在進行持續的盡職調查，因此存在一個涉及資訊交換或實際上提供資訊的持續過程。這並不是真正的交換。Braskem 正在提供資訊。它使其可供潛在感興趣的各方使用。如果出現任何其他利害關係人，我們將繼續支持股東對此流程的要求。

Now, with regard to the question of Petrobras, we don't know what their decision is. What we do know, what is public information is that they have a due diligence process which was, I would say, practically, materially, included a while ago, but there's always some kind of an update. It's a process we consider to still be open or pending. The second open process.

現在，關於巴西國家石油公司的問題，我們不知道他們的決定是什麼。我們所知道的，公開資訊是，他們有一個盡職調查程序，我想說，實際上，實質上，不久前就已經包括了，但總是有某種更新。我們認為該流程仍處於開放狀態或懸而未決。第二次打開過程。

And every now and then, sporadically, they ask us for some additional information. But Petrobras makes it very clear that their goal with this process, with the process they are evaluating, is with the goal in the defense of making a decision that they will need to make in the future about the rights that they have, both tagalong rights and the first -- the preference for purchase, the right of first refusal.

他們不時、零星地要求我們提供一些額外的資訊。但巴西國家石油公司明確表示，他們在這個過程中以及他們正在評估的過程中的目標是捍衛他們未來需要就他們所擁有的權利做出的決定，這兩種權利都是塔加隆的權利第一個－優先購買權，優先購買權。

So with regard to anything else, we don't have any additional information. Now with your other question, if Petrobras does make a purchase, I must say that our tagalong clause is defined by our articles of incorporation, which do not consider -- which exclude acquisition by Petrobras, as it would for Novonor. So these situations do not encompass the 100% tagalong.

因此，關於其他任何事情，我們沒有任何其他資訊。現在，關於你的另一個問題，如果巴西國家石油公司確實進行了收購，我必須說，我們的tagalong 條款是由我們的公司章程定義的，該條款沒有考慮排除巴西國家石油公司的收購，就像Novonor 那樣。所以這些情況並不包含 100% tagalong。

So Petrobras made a purchase. The SA law in Brazil spells that tagalong only exists for ordinary shareholders of the -- sorry, it's not the SA law, it's Level 1 in B3, the Brazilian B3 Exchange -- and that will occur only for the ON debenture holders. So there is no tagalong that as defined by the articles in the case of Petrobras buying. Then we do have tagalong from the exchange program, which for us, for our governance, is 80% of the price for ordinary shares.

因此巴西國家石油公司進行了購買。巴西的 SA 法律規定 tagalong 僅適用於普通股東 - 抱歉，這不是 SA 法律，它是 B3（巴西 B3 交易所）的 1 級 - 並且這只適用於 ON 債券持有人。因此，在巴西國家石油公司購買案例中，文章中所定義的標籤並不存在。然後，我們確實有來自交換計劃的 tagalong，對於我們和我們的治理來說，它是普通股價格的 80%。

And I'd also like to take the opportunity to say that if Petrobras makes a purchase, this does not encompass a change of control in the bonds and the capital market participations where we are.

我也想藉此機會指出，如果巴西國家石油公司進行收購，這並不代表我們對債券和資本市場參與的控制權會改變。

All right. Thank you, Pedro. That was very clear.

好的。謝謝你，佩德羅。這非常清楚。

I think Rosana has something else to add.

我認為羅莎娜還有其他要補充的。

Good morning, Luiz. Let me turn on my camera. Just a moment. It's one aspect in relation to the first question about spreads. We are talking about global petrochemicals and we have been observing this in the past 18 months with the spreads of low cycle when compared to the normal cycles and even lower levels. It's important to understand the cash cost curve fundamentals.

早安，路易斯。讓我打開相機。一會兒。這是與第一個問題有關的一個面向。我們談論的是全球石化產品，過去 18 個月我們一直在觀察這一點，與正常週期相比，低週期的利差甚至更低。了解現金成本曲線的基本原理非常重要。

So we expect a rationalization in the industry as we have seen this way after last year or maybe in the beginning of this year. And we saw major capacities, especially in Europe by major players. So we expect rationalization as we had seen in previous moments in the industry or in other moments of crisis when we see this rationalization of industry.

因此，我們預計該行業將出現合理化，正如我們在去年或今年年初所看到的那樣。我們看到了主要參與者的主要產能，尤其是在歐洲。因此，我們預計會出現合理化，就像我們在行業之前或在其他危機時刻看到的那樣，當我們看到行業的這種合理化時。

And when we see how consulting firms see this, they have a more conservative way of looking at it with less capacity. But when we look at the basic, the fundamentals about the spreads that we have been seeing, we do not see an important level of rationalization that the industry sees when we consider the marginal producers, the West which have higher cost of production, especially in Asia. So we are likely to see a stronger movement in this direction that would provide support to major spreads than what we see by the consultants in general.

當我們看到顧問公司如何看待這一點時，他們以更保守的方式看待這個問題，而能力卻較小。但是，當我們審視我們所看到的利差的基本面時，我們並沒有看到該行業在考慮邊際生產商（生產成本較高的西方國家）時所看到的重要程度的合理化，特別是在亞洲。因此，我們可能會看到朝這個方向出現更強勁的走勢，這將為主要利差提供比我們一般顧問所看到的支援。

That's very clear. Thank you Rosana, and thank you, Pedro.

這非常清楚。謝謝羅莎娜，謝謝你，佩德羅。

Gabriel Barra, Citi.

加布里埃爾·巴拉，花旗銀行。

Hi, thanks. Thanks for taking my questions. I'd like to ask for two follow-ups, with regard to the first point and also based on what Rosana mentioned. I'd like to understand how quickly we can forecast to see the return of spreads. For the past year, we've been expecting the return to normal. We had a very difficult year last year and the start of this year seems to be improving. When we look at companies abroad, they're all returning, performing much better than what we saw last year.

你好謝謝。感謝您回答我的問題。我想就第一點以及羅莎娜提到的內容提出兩點後續行動。我想了解我們預測利差恢復的速度有多快。在過去的一年裡，我們一直期待著經濟恢復正常。去年我們度過了非常困難的一年，今年年初似乎有所改善。當我們觀察國外的公司時，它們都在回歸，表現比我們去年看到的要好得多。

So my question is, how quickly this could happen for us? And what are some potential triggers we should pay attention to in the short term to try to see this return coming back and improving the company's results?

所以我的問題是，這對我們來說多久會發生？短期內我們應該關注哪些潛在觸發因素​​，以試圖看到這種回報並改善公司績效？

Two quick follow-ups. One, could you please give us an update about the PI and what the potential impacts are for the company? And how the timeline is for the negotiation for the CPI inquest process? And lastly, a quick question. Could you just please talk about Triunfo and the Rio Grande do Sul and the whole catastrophe that's happening in Rio Grande do Sul and how that has impacted the company in that region where you have operations there in Rio Grande do Sul? Thank you.

兩次快速跟進。第一，您能否向我們介紹一下 PI 的最新情況以及對公司的潛在影響？CPI調查程序的談判時間表如何？最後，一個簡單的問題。您能否談談 Triunfo 和南里奧格蘭德州以及南里奧格蘭德州發生的整個災難以及這對您在南里奧格蘭德州開展業務的地區的公司有何影響？謝謝。

Thank you, Gabriel. I'm going to answer your question related to spreads, and then I'll turn it to Pedro for the other answers. Your question is very good. And this is a question that has been asked recurrently. This return of the cycle, considering that the spreads had important improvements as we have announced, we saw 20% spreads in a better situation for polyethylene or maybe one product or the other. We don't see a very important recovery.

謝謝你，加布里埃爾。我將回答您有關點差的問題，然後我會將其轉給佩德羅以獲得其他答案。你的問題問得很好。這是一個常被問到的問題。考慮到我們已經宣布的價差有了重大改善，這次週期的回歸，我們看到聚乙烯或其中一種產品的價差在更好的情況下為 20%。我們沒有看到非常重要的復甦。

I'm going to talk about supply and demand at the global level, and this is associated with the rationalization that I mentioned. First, talking about the global supply and demand. We consider a growing demand. The world continues growing at a slower pace, maybe, from what we saw in the past 18 months, but we see a growing demand. So when we see that we -- the PE and PP will grow by 3.5% a year. And then we look at the offer, which is more predictable, considering that those complexes have their own time for construction.

我將談論全球層面的供給和需求，這與我所提到的合理化有關。首先，談全球供需。我們認為需求不斷增長。從過去 18 個月的情況來看，世界的成長速度可能繼續放緩，但我們看到需求不斷增長。因此，當我們看到 PE 和 PP 每年將成長 3.5% 時。然後我們看看報價，考慮到這些綜合體有自己的建設時間，這是更可預測的。

When we look at the supply, we see less supply coming in. When we look at polyethylene when compared to last year, we see that in 2023, we saw some higher capacity, which was very competitive on ethane base, but when we look at this year, we see Asia coming in with more capacity and with a higher cost of production. So we see a better balance when we look at polyethylene.

當我們查看供應時，我們發現供應量減少了。當我們觀察聚乙烯時，與去年相比，我們發現到2023 年，我們看到了一些更高的產能，這在乙烷基礎上非常有競爭力，但當我們觀察今年時，我們看到亞洲的產能較大，生產成本較高。因此，當我們考慮聚乙烯時，我們看到了更好的平衡。

And as to polypropylene, we see that there is a higher sales efficiency estimates by China, but only propylene is more generalized since I'm talking about the impact on sales volume for the company.

至於聚丙烯，我們看到中國的銷售效率估計較高，但只有丙烯較為普遍，因為我談論的是對公司銷售的影響。

In terms of supply and demand, we see a very positive trend and a trend of balance. And then I'll talk about rationalization. If we look only at supply and demand, we see that spreads are improving gradually, as Pedro said, quarter-by-quarter. And for the future, we see a direction of normalization of spreads which is very positive. And then we talk about rationalization. We see external consulting firms talking more about this and quantifying the spreads.

從供給和需求來看，我們看到一個非常積極的趨勢和平衡的趨勢。然後我會談談合理化。如果我們只看供給和需求，我們會發現利差正在逐步改善，正如佩德羅所說，逐季度改善。對於未來，我們看到利差正常化的方向，這是非常正面的。然後我們談論合理化。我們看到外部諮詢公司更多地討論這一點並量化利差。

But today, we believe that we should see a rationalization that would be more accelerated, considering the assets of Braskem and their qualities, the cash cost quality and the position at the global level and the results we have been posting.

但今天，我們認為，考慮到 Braskem 的資產及其品質、現金成本品質、全球水準的地位以及我們發布的結果，我們應該會看到更快的合理化。

You said that you saw the recovery of petrochemicals, that is right. The EBITDA of the company has started recovering as well. But both Braskem and the global petrochemical industries show EBITDAs which are lower than the cycle average in the United States or in Europe, wherever. But we still see the spreads with more impact in the short, medium, and long terms.

你說看到了石化的復甦，是的。公司的 EBITDA 也開始復原。但布拉斯科姆和全球石化產業的 EBITDA 均低於美國或歐洲（無論在哪裡）的周期平均值。但我們仍然認為利差在短期、中期和長期方面具有更大的影響。

All right, Gabriel. And moving on with the other topics you asked. There was one about the CPI inquest in the timeline and the impact. Braskem has been collaborating with the CPI. We've been providing all information that is requested of us. And we remain available to the authorities, to the senator to answer with transparency about all our activities in Maceió.

好吧，加布里埃爾。繼續你問的其他話題。時間軸和影響中有一篇關於 CPI 調查的內容。Braskem 一直與 CPI 合作。我們一直在提供要求我們提供的所有資訊。我們仍然可以向當局和參議員透明地回答我們在馬塞奧的所有活動。

We do not control the CPI's timing. We are not aware of the content of the report they're going to produce. Our forecast is based on what was published by the voting process on the 22nd, but that is not a process where we have any control. We cannot define what will happen. This is public information. It was published by the Senate. And the expectation is that on May 22, they're going to vote on the report.

我們無法控制 CPI 的時間。我們不知道他們將要發布的報告的內容。我們的預測是基於 22 日投票過程公佈的結果，但這不是我們可以控制的過程。我們無法定義將會發生什麼。這是公開資訊。它由參議院發布。預計他們將在 5 月 22 日對該報告進行投票。

So typically, the report is going to be published a few days earlier for it to be read and then voted on May 22. But we should see some new development over the coming two to three weeks. But again, this is not a schedule that we have any control over or, really, any capacity to make any statements with any certainty.

因此，通常情況下，該報告會提前幾天發布，以便於 5 月 22 日閱讀並投票。但未來兩到三週我們應該會看到一些新的進展。但同樣，這不是我們可以控制的時間表，實際上也沒有能力做出任何確定的聲明。

With regard to Rio Grande do Sul, I'd like to emphasize a few points that are critical for us. Firstly, the safety of our operations. Over the weekend, we found that as a result of some logistics conditions, the continued operation would become inviable. Actually, it was not just logistics, also the supply of water and the treatment of wastewater at the site.

關於南里奧格蘭德州，我想強調對我們至關重要的幾點。首先，我們的營運安全。週末我們發現，由於一些物流條件的影響，繼續營運已經不可能了。事實上，不只是物流，還有現場的供水和廢水處理。

Broadly speaking, the conditions for the operation were all pointing to halting the operation. We performed a safe halt, which takes one to two days, but we did that over the weekend, so that was the first major focus.

整體來說，行動的條件都指向停止行動。我們進行了安全停止，這需要一到兩天的時間，但我們是在周末完成的，所以這是第一個主要焦點。

The second focus that we have now that's already been happening for a couple of days, is supporting our employees and staff who were impacted by the tragedy and also the third-party workers as well as all residents in the vicinity of our operations. So we've been working by donating hygiene kits, mattresses to all of these people and communities. We've also been trying, and we created an internal counter here at Braskem.

我們現在的第二個重點已經持續了幾天，那就是支持受這場悲劇影響的員工和員工，以及第三方工作人員以及我們業務附近的所有居民。因此，我們一直致力於向所有這些人和社區捐贈衛生用品包和床墊。我們也一直在嘗試，我們在布拉斯科姆創建了一個內部櫃檯。

We have a very strong tradition of volunteer work and our volunteers really want to support in whatever they can, the region in Rio Grande do Sul. So we have an internal donation program, where we donate funds to support people there and a number of other actions too. We can go into further detail if you're interested.

我們有著非常深厚的志工傳統，我們的志工非常希望盡其所能為南里奧格蘭德地區提供支援。因此，我們有一個內部捐贈計劃，我們捐贈資金來支持那裡的人們以及許多其他行動。如果您有興趣，我們可以進一步詳細介紹。

But I would say that the major focus at the current time is to bring stability to the lives of everyone there, to bring them safety, to bring them -- to allow them to at least protect their lives, first and foremost. And we want to make their safety very clear and support their safety.

但我想說，目前的主要焦點是為那裡每個人的生活帶來穩定，為他們帶來安全，讓他們至少能夠保護自己的生命，首先也是最重要的。我們希望讓他們的安全變得非常清楚並支持他們的安全。

Next, the next step will be cleaning. We're already working in that front with our partners and clients. To give you an example, we have a partner that manufactures plastic buckets. But we are donating resins for them to produce plastic buckets to be used in the cleaning efforts. So firstly, physical safety; second, cleaning; third, reconstruction; and then in the future, we'll see what is needed and how Braskem can support efforts in those fronts.

接下來，下一步就是清潔。我們已經與我們的合作夥伴和客戶在這方面進行了合作。舉個例子，我們有一個生產塑膠桶的合作夥伴。但我們正在為他們捐贈樹脂來生產用於清潔工作的塑膠桶。因此，首先是人身安全；第二、清潔；第三，重建；然後在未來，我們將看到需要什麼以及 Braskem 如何支持這些方面的努力。

But Braskem has been supporting everyone, as we always do in these types of situations, as we always support the population in Rio Grande do Sul, especially those in the cities that are located in the vicinity of our operations. I could go on. There are a number of other initiatives we've been working on to support the population. But let me go back to the crux of your question, which is the impact on our operations.

但布拉斯科姆一直在支持每個人，就像我們在這種情況下一貫所做的那樣，因為我們始終支持南里奧格蘭德州的人民，特別是那些位於我們業務附近的城市的人民。我還可以繼續說下去。我們一直致力於採取許多其他措施來支持民眾。但讓我回到你問題的核心，也就是對我們營運的影響。

So when we halt our operations, we have approximately 30% of our production capacity, the Brazilian production capacity. Not the global, but the Brazilian. 30% of that is in Rio Grande do Sul, so of course, that 30% has been halted. The situation has been developing favorably. I think the first point I can make here is that our assets are 100% protected. Our assets were not directly hit, the industrial plant, our site, they were not hit. So they're in good condition there.

因此，當我們停止營運時，我們的產能大約只有 30%，即巴西的產能。不是全球的，而是巴西的。其中 30% 位於南里奧格蘭德州，所以當然，這 30% 已被叫停。形勢一直朝著好的方向發展。我認為我可以在這裡指出的第一點是我們的資產受到 100% 的保護。我們的資產沒有受到直接打擊，工業廠房、我們的工地，他們都沒有受到打擊。所以他們在那裡狀況良好。

The operations for the supply of water, our local water supplier has resumed operations. The site does have access to the power grid, so that's not a concern either. The question that still remains today, and that question that needs to resume is logistics. So in the field of logistics, I would say we have 3 topics. One is the logistics of people, the access of buses to bring people to the site.

供水業務，我們當地的供水公司已恢復營運。該網站確實可以訪問電網，因此這也不是問題。今天仍然存在的問題，以及需要恢復的問題是物流。所以在物流領域，我想說我們有3個主題。一是人員的物流，即透過巴士將人員帶到現場。

In the halt process, there were shift changes that needed to be done. And so we use some helicopter operations, but that is not sustainable to keep our operations ongoing for a long period of time. So we must have highway and roadway access cleared for access to the pipe.

在停機過程中，需要進行換班。因此，我們使用了一些直升機行動，但這無法長期維持我們的行動。因此，我們必須清理高速公路和公路通道，以便進入管道。

And that also means the logistics of trucks. So broadly speaking, the highways and roadways, so when the level of water drops and the roadway access is minimally resumed, then we can start thinking about operations. And first, we need for the water level to drop.

這也意味著卡車的物流。從廣義上講，是高速公路和道路，因此當水位下降且道路通道基本恢復時，我們就可以開始考慮營運。首先，我們需要降低水位。

And there's another aspect of the logistics, which is the Santa Clara terminal. Part of our production is exported through Lagoa dos Patos. And today, the Santa Clara shipping terminal is currently flooded. So again, we need for the flood to subside, so that we can see if the terminal is still operational. But today, I would say that all of that falls under logistics. So we need to wait for the water level to drop and see if there have been any material impacts or is it just a matter of cleaning everything and going back to operations.

還有物流的另一個方面，那就是聖克拉拉碼頭。我們的部分產品透過 Lagoa dos Patos 出口。今天，聖克拉拉航運碼頭目前已被洪水淹沒。同樣，我們需要洪水消退，以便我們可以查看航站樓是否仍在運行。但今天，我想說這一切都屬於物流。因此，我們需要等待水位下降，看看是否有任何實質影響，或者只是清理所有東西並恢復運作。

As everyone knows, it's difficult to foresee when that will happen. If we look at historical data, it could take a few days or even longer, as we know, it's now raining again in the South, but we don't have any way of forecasting when that will improve. So those are the primary impacts versus in that.

眾所周知，很難預見什麼時候會發生。如果我們查看歷史數據，可能需要幾天甚至更長的時間，正如我們所知，現在南方又下雨了，但我們沒有任何方法預測情況何時會有所改善。這些是主要影響。

There is something else that I think is important, too. We treat Brazil as an integrated platform, so when Rio Grande do Sul stops producing, part of that production is assigned to our other sites. So we do have some optimization, some recoveries of our sales and production. And this is slightly improving our operation rate, both in Sao Paulo and in Rio and in Bahia. So it's not a full compensation, but it is a partial compensation of this, let's say, this drop in production in the South.

我認為還有其他事情也很重要。我們將巴西視為一個綜合平台，因此當南里奧格蘭德州停止生產時，部分生產將分配給我們的其他工廠。所以我們的銷售和生產確實有一些優化和恢復。這略微提高了我們在聖保羅、裡約和巴伊亞的營運率。所以這不是完全補償，而是對南方產量下降的部分補償。

And a reminder, also, that we have a client base on the South, so some of our clients are requesting products, and they're asking for us to deliver products and we are studying the best logistics to do that. And some of our clients are offline too. We don't yet know the specific numbers quantitatively. We don't know what the balance is of demand in Rio Grande do Sul, we haven't produced that data yet.

也要提醒大家的是，我們在南方有客戶群，所以我們的一些客戶需要產品，他們要求我們交付產品，我們正在研究最好的物流來做到這一點。我們的一些客戶也處於離線狀態。我們尚不知道具體的數量。我們不知道南里奧格蘭德州的需求平衡是多少，我們還沒有提供這些數據。

But certainly, our countrywide optimization, which we do have implemented, is a point of value that we have been able to successfully mitigate part of the loss of volume, thanks to our countrywide integration.

但可以肯定的是，我們已經實施的全國範圍優化是一個價值點，由於我們全國範圍的整合，我們能夠成功地減輕部分銷售損失。

Thank you, Pedro. That was very very clear.

謝謝你，佩德羅。這非常非常清楚。

Rodrigo Reis Almeida, Santander.

羅德里戈·雷斯·阿爾梅達，桑坦德銀行。

Good morning, everyone. I have a few questions here on my side. Mostly trying to understand what we can see in terms of results, not spreads, but results for Braskem moving forward. I think let's start with Brazil. And we had this whole effect of importing resin over the past few quarters. And now we've got some discussions moving forward. Imports are back up now for several products.

大家，早安。我這邊有幾個問題。主要是試著了解我們可以在結果方面看到什麼，而不是利差，而是布拉斯科姆前進的結果。我想我們先從巴西開始吧。在過去的幾個季度裡，我們受到了進口樹脂的整體影響。現在我們正在進行一些討論。多種產品的進口現已恢復。

So I'd like to understand how we can start thinking. I know that there's nothing really defined in terms of ABIQUIM, but what about the health of Braskem? How can we work with our prices and market share, especially given the lower optimization of the industry? I'd like to understand that.

所以我想了解我們如何開始思考。我知道 ABIQUIM 沒有任何真正的定義，但是 Braskem 的健康狀況如何呢？我們如何處理我們的價格和市場份額，特別是考慮到行業優化程度較低？我想了解這一點。

And also, how the rise in share can be materialized for the price balance and market share to the rise in rate? Also, looking at Mexico, I'd like to -- I'd also like to get some idea on the volume we have there, combining volume and spread. I think a great deal of the spreads that we track and that you also publish on the release, they are only going to be captured in the second quarter. Maybe a little bit further into the future given the level.

另外，如何實現價格平衡和市佔率上升帶來的份額上升？另外，看看墨西哥，我還想了解我們那裡的交易量，包括交易量和價差。我認為我們追蹤的大量價差以及您也在發布中發布的價差，只有在第二季才會被捕獲。考慮到水平，也許未來會更遠一些。

So I'd like to understand how we can have this effect where we combine stronger effect with high utilization, and how we can interpret that given that this effect can be a little difficult to calculate for our budget.

因此，我想了解如何將更強的效果與高利用率相結合來產生這種效果，以及我們如何解釋這一效果，因為這種效果對於我們的預算來說可能有點難以計算。

And lastly, talking about the United States, I'd like to get your take on what you think about the raw material market in the US. Do you have any competitive advantage in the face of other PP producers? I think those are my main questions, really to understand Braskem's results in this context much more so than spreads.

最後，談到美國，我想聽聽您對美國原料市場的看法。面對其他PP生產商，你們有什麼競爭優勢嗎？我認為這些是我的主要問題，真正要理解 Braskem 在這種情況下的結果，而不是利差。

All right. Rodrigo, thank you for your questions. I'll begin in the order that you asked. So I'll start with Brazil. In fact, we do see a global dynamic in terms of foreign trade that is strongly impacted by the drop in domestic youth in China. So China has been targeting its sales to export, its production to export. And in our analysis, they are selling under cost, at a loss to some countries. And so some of the vendors who sell to those countries in Asia are now aiming their sales toward Brazil or Latin America as a new market, which are traditionally not traditional market for those producers.

好的。羅德里戈，謝謝你的提問。我將按照您要求的順序開始。我將從巴西開始。事實上，我們確實看到全球外貿動態受到中國國內年輕人數量下降的強烈影響。因此，中國一直將銷售目標轉向出口，生產目標轉向出口。根據我們的分析，他們以低於成本的價格向某些國家出售，並且處於虧損狀態。因此，一些向亞洲這些國家銷售產品的供應商現在將其銷售目標瞄準巴西或拉丁美洲作為新市場，而這些市場傳統上不是這些生產商的傳統市場。

And, I think, when ABIQUIM analyzes this scenario, they brought that question. That's not happening just to our products. This is happening broadly to many products in the chemical industry. And by studying the scenario, we found that we do have a scenario where it's not exactly an illegal or unfair competition, but it is being caused by market dynamics. So since this product that's coming into Brazil is not necessarily being sold below cost, so antidumping does apply in some cases.

而且，我認為，當 ABIQUIM 分析這種情況時，他們提出了這個問題。這種情況不僅發生在我們的產品上。這種情況在化學工業的許多產品中廣泛發生。透過研究這個場景，我們發現確實有一個場景，這並不完全是非法或不公平競爭，而是由市場動態引起的。因此，由於進入巴西的這種產品不一定以低於成本的價格出售，因此反傾銷在某些情況下確實適用。

We do have some cases where it is happening, but it's a technical discussion that has gone into with the government. But the effect that is occurring is an indirect effect. And the way we can deal with that situation, at the end of the day, it's through the import rates. So we do have that discussion, that request made with the federal government, but it's a decision that is up to the federal government.

我們確實有一些發生這種情況的案例，但這是與政府進行的技術討論。但正在發生的影響是間接影響。歸根結底，我們可以透過進口率來應對這種情況。因此，我們確實與聯邦政府進行了討論和提出請求，但這是由聯邦政府決定的決定。

ABIQUIM is working hard. They're trying to show the government the scope of that impact, and the fact that, that is bringing a drop in production rates of Brazilian producers. And it's not based solely on the competitivity that we have here in Brazil. It's actually owed largely to actions from producers located in other countries that do not follow market rules located elsewhere.

ABIQUIM 正在努力工作。他們試圖向政府展示這種影響的範圍，以及這導致巴西生產商生產力下降的事實。這不僅基於我們在巴西的競爭力。實際上，這主要歸因於其他國家的生產商不遵守其他國家的市場規則的行為。

So the question is what impact does this have on us. Well, we have seen that we have lost some market share as a result. If you see our market share, it did drop. And that also brings down the utilization rate. So part of the positive impact that Brazil might have seen through the increase in imports is also owed to the increase in local production, because you establish a more balanced competition and competitive rate in the market.

所以問題是這對我們有什麼影響。好吧，我們已經看到我們因此失去了一些市場份額。如果你看看我們的市場份額，它確實下降了。這也降低了利用率。因此，巴西透過進口增加可能看到的正面影響部分也歸功於當地產量的增加，因為你在市場上建立了更平衡的競爭和競爭率。

So that's one aspect. I can't really give you any forecast about whether or not the government is going to adopt any of these measures. And I also can't really say what impact this might have on volume. We believe the impact would be a growth in sales in the domestic market, but today, we can't do that math. It really, really depends on the effective actions that the government will make.

這是一方面。對於政府是否會採取這些措施，我真的無法給你任何預測。我也無法真正說出這可能會對銷售產生什麼影響。我們相信，影響將是國內市場銷量的成長，但今天，我們無法進行計算。這真的非常取決於政府將採取的有效行動。

We know that they will have, if they do, a positive impact, not I guess, on Braskem, but all over Brazil, given the scope of the impact that has been occurring as a result of this attack that we've been suffering. The Brazilian competition has been suffering this effect.

我們知道，如果他們這樣做的話，將會產生積極的影響，我猜不是對布拉斯科姆，而是對整個巴西，因為我們遭受的這次襲擊所產生的影響範圍很大。巴西的比賽一直受到這種影響。

With regard to Mexico, we do have spreads recovering, as you mentioned, in Q2. We have the implementation of the terminal now. Starting this year, but more so in early '25, we do expect to see operation rates improving. Today, they're at 85%. This will be closer to 100%, 95%, or 98% or maybe even 100%.

至於墨西哥，正如您所提到的，我們在第二季的利差確實有所恢復。我們現在已經實現了終端。從今年開始，尤其是 25 年初，我們確實預期開工率會有所改善。今天，他們的比例為 85%。這將接近 100%、95% 或 98%，甚至可能是 100%。

So if we have an increase in volume, approximately 130,000, 150,000 tons of additional product that we will have in Mexico with a fixed cost that has already been paid without any CapEx. In other words, only additional contribution margin, and with a drop in the import cost of raw material in the order of $100 per tonne.

因此，如果我們的產量增加，我們將在墨西哥增加約 130,000、150,000 噸的額外產品，並且固定成本已經在沒有任何資本支出的情況下支付。換句話說，僅增加邊際貢獻，且原料進口成本下降約每噸 100 美元。

So in Mexico, our forecast is to reduce import costs and increase the operation rate, so this can bring us more favorable results in Mexico. And, I think, on the other hand, we also see Mexico with a very challenging capital scenario. They also have a significant short-term challenge. But with the perspective of that terminal, it should help to change that game, that status of situation a little bit.

所以在墨西哥，我們的預測是降低進口成本，提高開工率，這樣可以為我們在墨西哥帶來更有利的結果。而且，我認為，另一方面，我們也看到墨西哥面臨著非常具有挑戰性的資本狀況。他們也面臨著重大的短期挑戰。但從那個終端的角度來看，它應該有助於稍微改變那個遊戲，那個情況的狀態。

And finally, thinking about the United States, I think, we've mentioned in past calls already, but we have raw materials in the US and you can consider two major hubs, one in Texas and one in the American Northwest. In the Northwest, we buy propene from many different refineries. And over there, pricing is done at the local level. And since that propene, it is refinery-grade, so it's still -- it has a substantial participation of other products, that propene or propylene.

最後，想想美國，我想，我們在過去的電話中已經提到過，但我們在美國有原料，你可以考慮兩個主要中心，一個在德克薩斯州，一個在美國西北部。在西北地區，我們從許多不同的煉油廠購買丙烯。在那裡，定價是在當地完成的。由於丙烯是煉油廠級的，所以它仍然有其他產品的大量參與，即丙烯或丙烯。

So we purchase that material, and we bring it from refinery-grade to polymer-grade. It's a very pure propylene that we need in order to use. And we do that in the Northwest United States. And that makes our propylene purchase price more competitive. And this remains if market still exists.

因此，我們購買該材料，並將其從煉油廠級轉變為聚合物級。這是我們需要使用的非常純的丙烯。我們在美國西北部這樣做。這使得我們的丙烯採購價格更具競爭力。如果市場仍然存在，這一點仍然存在。

Now as for the Texas hub, we have over 15 suppliers of propylene. And over there, our dynamics are different. We don't set prices, but we have many suppliers with many contracts, many pricing methods across these contracts. So within that portfolio, we can strive for optimization. It's important to mention that today, the first quarter saw a number of unscheduled stops in the production sites on the propylene on purpose, the PDHs in the Gulf in Texas. But those sites have resumed operations.

現在，就德克薩斯州中心而言，我們擁有超過 15 家丙烯供應商。在那裡，我們的動力是不同的。我們不設定價格，但我們有很多供應商，有很多合同，這些合同有很多定價方法。因此，在該產品組合中，我們可以努力優化。值得一提的是，今年第一季度，位於德州海灣的丙烯生產基地出現了許多計劃外的停工。但這些網站已經恢復運作。

So now the propylene price has dropped by approximately 15%. It had gone up by 18% and now dropped by 15%. So it more or less pretty much at the level that it was at before. And so this also brings us more interesting competitivity in US PP. So that's the summary for each region.

所以現在丙烯價格已經下跌了約15%。此前上漲了 18%，現在又下跌了 15%。所以它或多或少都處於以前的水平。所以這也為我們帶來了美國PP更有趣的競爭。這就是每個地區的摘要。

Pedro, thank you for your explanations. Could you please go back to Mexico a little bit and give us a medium- to long-term outlook. As you are now moving into a more interesting operations level with the upper -- with the seaport and the terminal?

佩德羅，謝謝你的解釋。您能否回到墨西哥，並為我們介紹中長期前景。當你現在進入一個更有趣的上層操作等級時——海港和碼頭？

And what about the spreads? Do you have any opinion with what's happening in Mexico with regard to volume? I know you have a market share, but how can we start thinking about the fact that the growing Mexican market will have an impact and looking into a 10-year window perhaps? Do you have any ideas already about that?

那麼點差呢？您對墨西哥的銷售有何看法？我知道你們擁有市場份額，但我們如何開始考慮不斷增長的墨西哥市場將產生影響並展望 10 年窗口？您對此有什麼想法嗎？

Well, Rodrigo, we do see near-shoring occurring. For the time being, we don't yet have any very material impact. Of course, we stand again because the market will grow more. But right now, thinking about polyethylene, which we have there, we don't yet have a very significantly material impact right now. We sell roughly half of the volume we buy in Mexico. We sell it on the domestic market. So the situation can change a little bit, but I would not say that there's an impact right now.

羅德里戈，我們確實看到近岸外包正在發生。目前，我們還沒有產生任何實質影響。當然，我們再次站起來，因為市場將會成長更多。但現在，考慮到我們擁有的聚乙烯，我們目前還沒有產生非常顯著的實質影響。我們的銷量大約是在墨西哥購買量的一半。我們在國內市場上銷售。所以情況可能會發生一些變化，但我不會說現在有影響。

If I look at the longer scenario, longer horizon, as you say, 10 years, then we are going to have a material impact. We start seeing more space on the market, and so we do have that scenario in that long-term. What else we can say about Mexico in the long-term scenario is the perspective for expanding the site. Today, we have -- the site is prepared to be expanded.

如果我著眼於更長遠的場景，更長的視野，就像你說的，10年，那麼我們將會產生實質的影響。我們開始看到市場上有更多的空間，所以從長遠來看，我們確實有這種情況。從長遠來看，我們對墨西哥還能說的是擴大網站的前景。今天，我們已經準備好擴大網站。

It is extremely low CapEx because the site was built with a project that was already prepared for expansion right from the design phase, so we can improve capacity by 15% to 20% with a very low CapEx. And as soon as the terminal starts operation, we will have raw material. That's going to be the bottleneck, raw material.

資本支出極低，因為該站點是由從設計階段就準備擴展的項目建造的，因此我們可以以非常低的資本支出將容量提高 15% 至 20%。一旦碼頭開始運營，我們就有原料了。這將是瓶頸，原料。

So we will have the raw material for expansion, so we have the perspective for a high-value investment and an investment with high return with low CapEx with the shipping logistics already defined. I would say that it's a very obvious investment for us to make in the long term.

因此，我們將擁有擴張的原材料，因此我們有機會進行高價值投資和高回報、低資本支出的投資，並且已經定義了運輸物流。我想說，從長遠來看，這對我們來說是一項非常明顯的投資。

Perfect. Thank you, Pedro.

完美的。謝謝你，佩德羅。

(Operator Instructions) We will start reading the questions that came from the Q&A. You may proceed.

（操作員說明）我們將開始閱讀問答中的問題。您可以繼續。

I'm going to read the question and I would like to thank all the questions asked via chat. And I'm going to mix some of the questions. And this is from an individual. The person asks us to make comments about the plant maintenance seen during the cash consumption. And the person also asks about the future demand.

我將閱讀該問題，並感謝透過聊天提出的所有問題。我將混合一些問題。這是來自個人的。該人要求我們對現金消耗過程中看到的工廠維護發表評論。此人也詢問未來的需求。

Well, with regard to plant maintenance, this year, as a result of the low cycle, we engaged in a very in-depth exercise in prioritizing investment. So we do have a drop in CapEx now for 2024. And this occurs as a result of two factors: the first one, which is relevant is a program Braskem began many years ago, almost 10 years ago, which is a program to extend the downtime cycle. If you look at petrochemical sites and installations in Brazil, we had a dynamic where we had downtime every six years.

那麼關於裝置維護方面,今年由於低週期的原因,我們在優先投資上進行了非常深入的練習。因此，2024 年的資本支出確實有所下降。造成這種情況的原因有兩個：第一個因素是 Braskem 多年前（大約 10 年前）開始的一項計劃，該計劃旨在延長停機週期。如果你看看巴西的石化工廠和裝置，你會發現我們每六年就會停工一次。

And roughly 10 years ago, we started changing the planning for the maintenance and how Braskem handles maintenance down time. And we were able to extend that up to seven, eight, or in some cases, nine years between downtime for the different centers.

大約 10 年前，我們開始改變維護計劃以及 Braskem 處理維護停機時間的方式。我們能夠將不同中心的停機時間間隔延長至七年、八年，有時甚至九年。

So if we see what's happening in 2024 is that we do not have any centers being downtime-ed this year. And those can be valued at $60 million to even $90 million. So this year, we do not have that CapEx for a significant downtime in a petrochemical center. This is a factor that led us to reduce CapEx.

因此，如果我們看看 2024 年發生的情況，今年我們沒有任何中心處於停機狀態。這些資產的價值可達 6,000 萬美元甚至 9,000 萬美元。因此，今年，我們沒有用於石化中心重大停機的資本支出。這是導致我們減少資本支出的因素。

Another factor that reduced our CapEx is that in this prioritization of our investments that I mentioned, we ended up significantly limiting our investment on strategic and growth projects. This year, we are devoted to studying engineering projects. For instance, the Thailand project and perhaps some polypropylene projects in the US or Green MEG, we've also got ongoing engineering projects, but we don't have CapEx for building a new plant. So that's another reduction process.

減少資本支出的另一個因素是，在我提到的投資優先順序中，我們最終大大限制了對策略和成長項目的投資。今年，我們致力於研究工程項目。例如，泰國項目，也許還有美國的一些聚丙烯項目或綠色MEG，我們也有正在進行的工程項目，但我們沒有用於建造新工廠的資本支出。這是另一個減少過程。

And again, in this process of being more selective about our investments, we kept those investments that pertain to the safety of our operations. And we also capped investments that pertain to plant reliability. So your question is whether that's impacting the plant, well, we maintain those investments.

再次強調，在對投資更加挑剔的過程中，我們保留了與營運安全相關的投資。我們也限制了與工廠可靠性相關的投資。所以你的問題是這是否會影響工廠，好吧，我們維持這些投資。

What can potentially happen is the following: We have some investments we make, which are investments into plant availability. Now in a high cycle, you want your plant to be running 100% of time all of the time. And so you employ additional CapEx to keep that ongoing. This investment to make assets available is part of our priorities.

可能發生的情況如下：我們進行了一些投資，這些投資是對工廠可用性的投資。現在處於高週期，您希望您的工廠始終 100% 運行。因此，您需要使用額外的資本支出來保持這種情況持續下去。這項使資產可用的投資是我們優先事項的一部分。

We don't need the plant to be available 100% of the time right now, so we have kept part of the prioritization involved reducing plants because we don't need them at 100% operations all the time. We're not in that market. So part of our CapEx optimization come from that thought.

我們現在不需要工廠 100% 可用，因此我們保留了減少工廠的部分優先級，因為我們不需要它們始終 100% 運行。我們不在那個市場。因此，我們的資本支出優化的一部分來自於這個想法。

With regard to your other question, which is about how demand can have an impact. I would say that -- and also the outlook, whether the demand and prices will improv, we've talked a little bit about prices and spreads and the slow recovery. Demand really depends on the Brazilian GDP. For this year, our projection is that demand will grow, demand for polymers will grow by 8% in the Brazilian market. So it is significant growth. PP is a little bit lower at 5%, approximately; PE at 10%; PVC, 8%.

關於你的另一個問題，即需求如何產生影響。我想說的是，還有前景，需求和價格是否會改善，我們已經討論了一些關於價格和利差以及緩慢復甦的問題。需求實際上取決於巴西的國內生產毛額。今年，我們的預測是需求將會成長，巴西市場對聚合物的需求將增加 8%。所以這是顯著的成長。PP 稍低一些，約 5%； PE為10%；聚氯乙烯，8%。

So if I were to highlight any of these segments, and say which one had greater demand, I would say the public health has taken those tubes, connections, both polyethylene and PVC. So in those fields, we do see growth in demand of these segments. That would be measured at approximately 8% in Brazil this year. So it's a quite interesting growth.

因此，如果我要強調其中任何一個細分市場，並說哪一個細分市場的需求更大，我會說公共衛生部門已經採取了這些管道、連接件，包括聚乙烯和 PVC。因此，在這些領域，我們確實看到了這些細分市場的需求成長。今年巴西的比例約為 8%。所以這是一個非常有趣的成長。

We end the Q&A session now. I would like to turn the floor over to the company to Mr. Roberto Bischoff for his final remarks.

我們現在結束問答環節。我想請公司的 Roberto Bischoff 先生發表最後的演講。

Hello. Good morning, everyone. I'd like to thank everyone for taking part in our earnings call this time. And I'd like to make some final remarks before I once again talk about Rio Grande do Sul, which is very important.

你好。大家，早安。我要感謝大家這次參加我們的財報電話會議。在再次談論南里奧格蘭德州之前，我想最後說幾句話，這非常重要。

As we presented today, we had a quarter with improved results considering improved spreads in the petrochemical scenario. But also, as Pedro mentioned, also considering efforts already implemented by the company in the search for and implementation of initiatives seeking financial resiliency and preservation, some of these were already begun in 2023 and whose results are now been materializing over the course of 2024.

正如我們今天介紹的那樣，考慮到石化情景中利差的改善，我們有一個季度的業績有所改善。而且，正如佩德羅所提到的，考慮到公司在尋找和實施尋求財務彈性和保護的舉措方面已經採取的努力，其中一些舉措已於 2023 年開始，其結果現已在 2024 年實現。

I think it's important to highlight that this will always be our commitment to all of you. Our discipline in allocating capital and never forgetting and also continuing to advance in implementations very selectively, very selective implementation of our growth strategy. So this is something we've been balancing at the current time. I'd also like to take this time to talk about the situation in the South. This was mentioned quite often, but I'd like to mention once again, the situation in the Brazilian south, which everyone knows, has been suffering heavily due to climate events.

我認為重要的是要強調，這將永遠是我們對你們所有人的承諾。我們在分配資本方面的紀律，永遠不會忘記，並且繼續非常有選擇性地推進我們的成長策略的實施。所以這是我們目前一直在平衡的事情。我還想藉此機會談談南方的情況。這一點經常被提及，但我想再次提及，眾所周知，巴西南部地區的局勢因氣候事件而受到嚴重影響。

Firstly, due to our operation, as Pedro mentioned, we completed our safe halt. This began on Friday, we made the decision to halt. It has occurred over the course of the weekend. So we concluded the halt process safely. It was a scheduled halt of all plants located in the state of Rio Grande do Sul. That includes the cracker, the second generation plants. This represents roughly 30% of our production capacity for ethane in Brazil.

首先，正如佩德羅所提到的，由於我們的行動，我們完成了安全停止。從週五開始，我們決定停止。它發生在周末。這樣我們就安全地結束了停止過程。位於南里奧格蘭德州的所有工廠都按計畫停產。其中包括第二代工廠餅乾。這約占我們巴西乙烷產能的 30%。

As was mentioned, part of that can be reassigned to other centers that are currently operating at lower capacity, and others for, specific characteristics, cannot be replaced immediately. From the perspective of assets, our assets, we don't have a major concern because they were halted in a planned manner, and they were not significantly impacted directly by the rain.

如前所述，其中一部分可以重新分配給目前運力較低的其他中心，而其他中心則因具體特點而無法立即更換。從資產的角度來看，我們的資產，我們沒有什麼大的擔心，因為它們是有計劃的停止的，並且沒有受到降雨的直接影響。

So our forecast for resuming operations more clearly depends on, as Pedro mentioned, the more general infrastructure context and logistics context throughout the state. But we have not yet had the chance to perform a more complete assessment, so we are monitoring our -- the impact there, and we will keep everyone up to date particularly if there are any relevant developments in that sense.

因此，正如佩德羅所提到的，我們對恢復營運的預測更明確地取決於全州更普遍的基礎設施環境和物流環境。但我們還沒有機會進行更完整的評估，所以我們正在監測我們的影響，我們會讓每個人了解最新情況，特別是如果有任何相關的進展。

Secondly, and without a doubt, even more importantly, I'd like to share with all of you that we all feel for and care for all the victims of this terrible situation. And we'd like to highlight that everyone is important in making a difference here.

其次，毫無疑問，更重要的是，我想與大家分享，我們都對這可怕局勢的所有受害者感到同情和關心。我們想強調的是，每個人在做出改變方面都很重要。

And so I would like to highlight our engagement in, firstly, the safety and also the implementation of initiatives to support them, support not just our employees and friends, but also the residents of all the nearby communities and the Brazilian South as a whole, particularly on Rio Grande do Sul. Braskem, as a company is engaged in supporting, and will remain engaged in supporting not just to face this present emergency, but also the reconstruction process, which will follow.

因此，我想強調，我們首先致力於安全，並實施支持他們的舉措，不僅支持我們的員工和朋友，還支持所有附近社區和整個巴西南部的居民，特別是在南里奧格蘭德州。Braskem 作為一家致力於提供支援的公司，並將繼續提供支持，不僅應對當前的緊急情況，而且還將應對隨後的重建過程。

To conclude, I would like to thank all of you once again for the trust you invest in us and for taking part in this call. And I hope to see you all in August when we publish our results for the second quarter. Have a great day, everyone.

最後，我要再次感謝大家對我們的信任並參加這場電話會議。我希望在八月我們發布第二季業績時見到大家。祝大家有個美好的一天。

That concludes Braskem's earnings conference for today. We would like to thank you for your participation, and have a nice day.

Braskem 今天的收益會議到此結束。我們衷心感謝您的參與，祝福您有個愉快的一天。