Braskem SA (BAK) 2024 Q2 法說會逐字稿

Good morning, and thank you all for waiting.

早安，感謝大家的等待。

Welcome to Braskem's results conference call to discuss the second quarter of 2024.

歡迎參加 Braskem 的業績電話會議，討論 2024 年第二季的情況。

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

今天我們在這裡，Braskem 執行長 Roberto Bischoff 先生； Braskem 財務長 Pedro Freitas 先生；羅莎娜·阿沃里奧 (Rosana Avolio) 女士，投資者關係、策略規劃和企業市場情報主管。

We inform you that this event is being recorded.

我們通知您此事件正在被記錄。

The presentation will be held in Portuguese, with simultaneous translation into English.

演示將以葡萄牙語進行，並配有英語同聲傳譯。

All participants can choose which language to listen to and see the presentation, using the show captions and interpreting options at the bottom of your screen.

所有參與者都可以使用螢幕底部的節目字幕和口譯選項來選擇聆聽和觀看簡報的語言。

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

布拉斯科姆發言後，將進行問答環節。

At that time further instructions will be given.

屆時將給予進一步指示。

The audio of this event will be made available on the Investor Relations website after it ends.

本次活動的音訊將在活動結束後在投資者關係網站上發布。

We remind you that participants will be able to submit questions for Braskem, which will be answered after the end of the conference, by the IR department.

我們提醒您，與會者可以向 Braskem 提交問題，IR 部門將在會議結束後回答。

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 or 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 的業務前景、預測、營運和財務目標的任何聲明或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 and involve risks, uncertainties and assumptions, as they refer to future events, and therefore, depend on circumstances that may or may not occur.

未來考慮因素並不是業績的保證，並且涉及風險、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。

Investors and analysts should understand that general conditions, industry conditions and other operational factors may affect Braskem's future results, and may lead to results that differ materially from those expressed in such future conditions.

投資者和分析師應了解，整體狀況、產業狀況和其他營運因素可能會影響 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。

Now I'd like to turn the conference over to Mrs. Rosana Avolio, Investor Relations, Strategic Planning and Corporate Market Intelligence Director.

現在我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 女士。

Mrs. Avolio, you may begin your presentation.

阿沃里奧女士，您可以開始演講了。

Hello, ladies and gentlemen, thank you very much for participating in Braskem's earnings call.

大家好，女士們、先生們，非常感謝你們參加 Braskem 的財報電話會議。

Today we will present the results for the second quarter of 2024.

今天我們將公佈 2024 年第二季的業績。

According to the agenda on slide number 3, we will begin with the company's main financial highlights for the period, which can be found on slide number 4.

根據第 3 投影片的議程，我們將從公司本季的主要財務亮點開始，這些亮點可以在第 4 幻燈片中找到。

During the second quarter of 2024, the petrochemical spreads scenario in the international market has improved when compared to the first quarter, due to the better balance between global supply and demand, associated with the effects of conflicts in the Red Sea which still impact global logistics, resulting in higher maritime freight rates.

2024年第二季度，由於全球供需平衡較好，加上紅海衝突的影響仍影響全球物流，國際市場石化品價差較第一季有所改善，導致海運運費上漲。

In this scenario, added to the company’s continuous efforts to reduce costs and expenses, the recurring EBITDA was $320 million, 39% higher than the previous quarter and 128% higher when compared to the second quarter of last year.

在這種情況下，加上公司不斷努力降低成本和開支，經常性 EBITDA 為 3.2 億美元，比上一季成長 39%，比去年第二季成長 128%。

In this context, operating cash generation increased by 9% compared to the last quarter, recording $214 million in the period, while recurring cash generation was positive in $69 million.

在此背景下，本季營運現金產生量較上一季成長 9%，達到 2.14 億美元，而經常性現金產生量為正值，達 6,900 萬美元。

Braskem maintained its robust liquidity position, with $2.8 billion in cash at the end of the quarter, without considering the international revolving credit line available in the amount of $1 billion, a sufficient amount to cover debt maturities over the next 61 months.

Braskem 維持了強勁的流動性狀況，截至本季末現金為 28 億美元，這還不考慮 10 億美元的國際循環信貸額度，該額度足以償還未來 61 個月的債務到期。

In this context, Braskem's debt profile remains very long, with an average term of 12 years, with more than 64% of the debt maturing after 2030.

在此背景下，Braskem 的債務狀況仍然很長，平均期限為 12 年，其中超過 64% 的債務在 2030 年之後到期。

Therefore, the company ended the quarter with a leverage of 6.8 times, lower if compared with the last quarter, mainly due to the better results in the period.

因此，該公司本季末槓桿率為6.8倍，較上季下降，主要是由於期內業績較好。

It is important to highlight Braskem's constant commitment to resilience and financial health, which has played an important role in managing results during the current petrochemical cycle.

重要的是要強調 B​​raskem 對韌性和財務健康的持續承諾，這在當前石化週期的績效管理中發揮了重要作用。

Over the second half of 2024 the resilience and financial health initiatives accumulated a positive impact of about $135 million in EBITDA and around $209 million in cash generation.

2024 年下半年，彈性和財務健康措施累計產生了約 1.35 億美元的 EBITDA 和約 2.09 億美元的現金產生正面影響。

In the next slide, I will comment on the company's main operational and strategic highlights.

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。

The safety of its members and its operations is a non-negotiable commitment of the company, and at the end of the first half of 2024, the global accident frequency rate was 0.93 events per million hours worked, a result below the first half of 2023 and from the sector average.

會員及其營運的安全是公司不可協商的承諾，截至2024年上半年末，全球事故發生率為每百萬工作小時0.93起，這一結果低於2023年上半年以及行業平均水平。

With regard to operational performance, the geographic diversification of Braskem's petrochemical plants was fundamental to maintain customer service and mitigate the effects of the shutdowns during the quarter.

就營運績效而言，布拉斯科姆石化工廠的地域多元化對於維持客戶服務和減輕本季停工的影響至關重要。

In Brazil, production was impacted by the extreme weather event in Rio Grande do Sul which was partially compensated with an increase in the utilization rate of the Bahia and São Paulo plants.

在巴西，產量受到南里奧格蘭德州極端天氣事件的影響，但巴伊亞和聖保羅工廠的利用率提高部分彌補了這一影響。

In the United States and Europe segment, the lower production due to a maintenance shutdown at one of the polypropylene plants in the United States which was partially offset by the better level of production in Europe.

在美國和歐洲部分，由於美國聚丙烯工廠的維護停工，產量下降，但歐洲產量水準的提高部分抵消了這一影響。

In Mexico, the lower availability of domestic ethane, associated with a scheduled shutdown at a polyethylene plant, lasting around one month, impacted in a reduction of 5-percentage-points in the utilization rate in the quarter.

在墨西哥，由於聚乙烯工廠按計畫停工約一個月，國內乙烷供應量減少，導致本季利用率下降 5 個百分點。

In conclusion, the implementation of the company's corporate strategy to 2030 continued to advance in the quarter.

綜上所述，本季公司2030年企業策略的實施持續推進。

On the traditional avenue, the construction of the ethane import terminal in Mexico reached a progress of 75% and its conclusion remains expected by the end of 2024, with the start of operations for the first quarter of 2025.

傳統途徑方面，墨西哥乙烷進口碼頭建設進度達75%，預計2024年底完工，2025年第一季投入營運。

In June, Braskem, Solví and GRI signed a strategic partnership to create a national platform in the environmental solutions sector for industry.

6 月，Braskem、Solví 和 GRI 簽署戰略合作夥伴關係，共同創建工業環境解決方案領域的國家平台。

Through this investment agreement, Braskem transfers all of the common shares issued by Cetrel, which will result in a positive impact for Braskem of BRL284 million.

透過本投資協議，Braskem將轉讓Cetrel發行的全部普通股，將為Braskem帶來2.84億雷亞爾的正面影響。

Regarding the decarbonization agenda, the industrial decarbonization program has consistently advanced.

在脫碳議程方面，工業脫碳計畫持續進行。

The company expanded its partnership with Veolia, enabling a new investment in energy efficiency in Alagoas, and it has also developed the first project to use large batteries in industrial units in Rio Grande do Sul.

該公司擴大了與威立雅的合作關係，在阿拉戈斯州進行了新的能源效率投資，並且還在南里奧格蘭德州的工業裝置中開發了第一個使用大型電池的項目。

The two initiatives accelerate the decarbonization of the company's operations, together contributing to potential reduction of 100,000 tons.

這兩項措施加速了公司營運的脫碳進程，合計可實現減量10萬噸。

At the end of this presentation, we will share the highlights of this agenda over the years of implementation.

在本次演講的最後，我們將分享該議程多年來實施的亮點。

In recycling, the company made its first sale of circular PP, produced from chemical recycling, through a partnership with a Swiss company Georg Utz.

在回收方面，該公司透過與瑞士公司 Georg Utz 合作，首次銷售了透過化學回收生產的圓形 PP。

Lastly, industrial-scale tests for the development of light refinery hydrocarbons from renewable sources HLR were carried out through a partnership between Braskem and Petrobras, after positive results, preparing for commercial discussions of the new solution.

最後，Braskem 和 Petrobras 合作進行了利用再生能源 HLR 開發輕質煉油碳氫化合物的工業規模測試，取得積極成果後，為新解決方案的商業討論做好準備。

Moving to the next slide.

轉到下一張投影片。

On this topic, I will present the operational performance of the company's segments, starting with the Brazil segment, on slide number 7.

關於這個主題，我將在投影片 7 上介紹該公司各部門的營運績效，從巴西部門開始。

The utilization rate of Brazilian petrochemical plant impacted by extreme weather event in Rio Grande do Sul, was balanced by production in São Paulo and Bahia, which contributed to a drop of only 3 point -- 3-percentage-points in the usage rate for the quarter compared to the previous period.

巴西石化廠的利用率受到南里奧格蘭德州極端天氣事件的影響，與聖保羅和巴伊亞的產量相平衡，導致利用率僅下降了3個百分點——3個百分點本季與上一時期相比。

In relation to results, the EBITDA -- recurring EBITDA of the segment was $231 million for the quarter, an increase of 10% in relation to the previous quarter.

就業績而言，本季該部門的經常性 EBITDA 為 2.31 億美元，較上一季成長 10%。

The result was positively impacted by the better spreads in the international market, the reduction of costs and expenses, in addition to the positive impact of positive depreciation of dollar considering the they're connected to different variations of dollars and part of the cost is calculated in reals.

這一結果受到國際市場利差改善、成本和費用減少以及美元正貶值的正面影響，考慮到它們與美元的不同變化有關，並且計算了部分成本以實數表示。

Moving on to the next slide.

轉到下一張投影片。

In relation to green polyethylene, the extreme climate event in Rio Grande do Sul was the main point that influenced the decrease of 63-percentage-points, result in stoppage and impacting the logistics for railroad transport ethanol.

綠色聚乙烯方面，南里奧格蘭德州的極端氣候事件是影響乙醇運輸下降63個百分點、造成停運並影響鐵路運輸物流的主要原因。

However, the company offset the lower availability of the product for sales by means of using levels of inventories of polyethylene in the quarter, resulting in volume of sales 3% lower in comparison to the first quarter of 2024.

然而，該公司透過使用本季聚乙烯庫存水準來抵銷產品銷售供應量的下降，導致銷售量比 2024 年第一季下降 3%。

Moving to the next slide.

轉到下一張投影片。

In the United States and Europe segment, the usage rate in the last quarter was higher to the first quarter of '24 by 2-percentage-points, mainly due to the greater production volume in Europe, due to the formation of stocks in anticipation of the scheduled shutdown, scheduled for the second half of 2024, and partially offset by the realization of scheduled maintenance shutdown at one of the PP plants between the months of April and May in the United States.

在美國和歐洲部分，上一季的使用率比 2024 年第一季高 2 個百分點，主要是由於歐洲的產量增加，由於預期的庫存形成原定於2024 年下半年實施的停工計劃被美國一家PP 工廠4 月至5 月期間實現的計畫維護停工所部分抵銷。

On the other hand, sales volume decreased by 2% due to the lower availability of the product in the United States and lower demand in Europe.

另一方面，由於該產品在美國的供應量下降以及歐洲的需求下降，銷售量下降了2%。

In this scenario, in the second quarter of the year, the recurring EBITDA was $46 million, 33% lower than that of the first quarter of 2024.

在這種情況下，今年第二季的經常性 EBITDA 為 4,600 萬美元，比 2024 年第一季下降 33%。

Moving to the next slide, we will discuss the segment Mexico.

轉到下一張投影片，我們將討論墨西哥部分。

The utilization rate was 78%, 5-percentage-points lower than the last quarter, and impacted by the lower supply of ethane in Brazil and the scheduled shutdown in a polyethylene plant in the second quarter of 2024.

利用率為 78%，比上季度下降 5 個百分點，受到巴西乙烷供應減少以及聚乙烯工廠計劃於 2024 年第二季停產的影響。

On the other hand, sales were higher by 12%, due to the higher demand and use of inventories, resulting in a higher sales volume in the quarter since the third quarter of '17.

另一方面，由於需求和庫存使用增加，銷售額增長了 12%，導致本季銷量自 17 年第三季以來更高。

In this scenario, the recurring EBITDA for the period was $56 million, 53% higher than the result for the first quarter of 2024, driven by the higher sales volume and the increase in spreads in the international market.

在這種情況下，由於銷量增加和國際市價差增加，該期間的經常性 EBITDA 為 5,600 萬美元，比 2024 年第一季的結果高出 53%。

Then as on slide 11 we are going to share with you the financial performance and consolidated terms.

然後，如投影片 11 所示，我們將與您分享財務績效和合併條款。

In the second quarter of 2024, Braskem’s recurring EBITDA was $320 million, an increase of 39% in relation to the previous quarter of 2024.

2024 年第二季度，Braskem 的經常性 EBITDA 為 3.2 億美元，較 2024 年上季成長 39%。

The sequential improvement in the resulted (technical difficulty) is resulted in an increase in an improved EBITDA of 59% when compared to the same period of 2023.

與 2023 年同期相比，結果（技術難度）的連續改進導致 EBITDA 提高了 59%。

This result was positively impacted by the increase in spreads in the global petrochemical industry, influenced by the greater balance between supply and demand in the period, and by conjunctural factors, such as logistical restrictions resulting from conflicts in the Red Sea, which have influenced the increase in sea freight rates and as a consequence, the price of resins and spreads the international market.

這項結果受到全球石化產業價差擴大的正面影響，受該時期供需更加平衡的影響，以及紅海衝突造成的物流限制等綜合因素的影響，這些因素影響了海運費上漲，導致樹脂價格上漲，國際市場價差擴大。

In addition, the increase in sales volume in the Mexico segment and that geographical -- the company also contributed to this increase in EBITDA.

此外，墨西哥業務和該地區銷售的成長也為 EBITDA 的成長做出了貢獻。

Moving on to the next slide, please.

請轉到下一張投影片。

Operational cash generation was BRL1.1 billion in the second quarter, represent an increase of 15% when compared to the first quarter of 2024.

第二季營運現金產生量為 11 億雷亞爾，較 2024 年第一季成長 15%。

The result is mainly driven by the increase in the EBITDA in the period and the management of the capital in the period.

業績主要由期內EBITDA增加以及期內資本管理所驅動。

The recurring cash generation was positive and BRL357 million, higher than the first quarter of 2024 by BRL856 million, mainly due to the higher EBITDA recurring in the quarter and the payment of interest, explained by the debt that were paid by the company that are concentrated in the first and third quarters of the year.

經常性現金產生為正，為 3.57 億雷亞爾，比 2024 年第一季度增加了 8.56 億雷亞爾，主要是由於本季度經常性 EBITDA 較高以及利息支付（由集中公司支付的債務解釋）今年第一季和第三季。

Lastly, considering disbursements regarding Alagoas, cash consumption totaled about BRL325 million in the second quarter of the year.

最後，考慮到阿拉戈斯的支出，今年第二季的現金消耗總額約為 3.25 億雷亞爾。

Moving on to the next slide.

轉到下一張投影片。

At the end of June, Braskem’s debt profile remained very quite long, with an average debt term of about 12 years, with 64% of the debt concentrated as of 2030.

截至 6 月底，布拉斯科姆的債務狀況仍然很長，平均債務期限約為 12 年，其中 64% 的債務集中在 2030 年。

The company's liquidity level is enough to cover its obligations for the next 64 years.

該公司的流動性水準足以承擔未來 64 年的債務。

At the end of the quarter, corporate leverage was 6.79 times, a reduction in relation to the previous quarter as a result of the better EBITDA in the period, considering a net debt of $5.36 billion.

截至本季末，考慮到淨債務為 53.6 億美元，企業槓桿率為 6.79 倍，較上一季下降，原因是該期間 EBITDA 有所改善。

The total rating of the company's in June, Fitch ratings maintained, rating Braskem’s at BB+ in line with S&P rating.

惠譽維持該公司 6 月的整體評級，維持 Braskem 的 BB+ 評級，與標準普爾評級一致。

Finally, the company reinforces its commitment to maintaining its liquidity position, cost discipline and continuing implementation of measures to reduce its corporate leverage and recover its investment grade.

最後，該公司重申對維持流動性狀況、成本紀律以及繼續實施降低公司槓桿和恢復投資評級措施的承諾。

Moving on to slide 15 now.

現在轉到投影片 15。

Regarding the Alagoas event, the company continues to make headway in work fronts, where the main updates of the period will be presented below.

關於阿拉戈斯事件，該公司在工作方面繼續取得進展，以下將介紹該期間的主要更新。

Starting on slide 16.

從投影片 16 開始。

In relation to the socio-ourbanistic actions, out of the 11 projects that were planned, two have been concluded, together five projects are in the phase of removal.

在社會城市化行動方面，計畫實施的 11 個項目中，有 2 個已經完成，另外 5 個項目正處於拆除階段。

And in relation to the areas, the product in Mutange reached 75% of execution.

就地區而言，Mutange 的產品執行率達到了 75%。

As for the action plan, socio-ourbanistic area, 48 actions have been completed in June by the authorities signatory of the agreement.

至於社會城市化領域行動計劃，協議簽署者已於 6 月完成了 48 項行動。

Up to the end of-June, together with the flexal, the financial support plan reached 99.3% of all the proposals that have been paid, while 14 of the 33 measures planed for the agreement have already been implemented.

截至6月底，連同彈性資金，財政支持計畫已達到所有已支付提案的99.3%，協議計畫的33項措施中的14項已實施。

On this front, BRL1.9 billion have already been provisioned so far, of which about BRL700 million have already been disbursed and BRL1.4 billion in balance remain at the end of the second quarter of 2024.

在這方面，迄今已撥備 19 億雷亞爾，其中約 7 億雷亞爾已支付，到 2024 年第二季末仍有 14 億雷亞爾餘額。

Let's move on to the next slide.

讓我們繼續看下一張投影片。

Until the end of 2024, the percentage of execution of the program of relocation of the people reached 99.7%, considering that total area risk -- risk area according to the civil authorities have been unoccupied.

到2024年底，考慮到總風險區－民政當局稱的風險區一直處於無人居住狀態，人口搬遷計畫的執行率達到99.7%。

In relation to the financial compensation program and relocation support, more than 99.9% of the estimated proposals have already been presented, with about 98.4% have already been accepted and about 96.9% have already been paid, with a general acceptance rate of 99.6%.

在經濟補償方案和搬遷支援方面，預估方案已提交99.9%以上，已接受約98.4%，已支付約96.9%，一般接受率為99.6%。

On this action front, total provision to date was BRL5.8 billion, which BRL4.7 billion has already been disbursed and BRL1.2 billion in balance at the end of the second quarter of 2024.

在這一行動方面，迄今為止的撥款總額為 58 億雷亞爾，其中 47 億雷亞爾已經支付，到 2024 年第二季末餘額為 12 億雷亞爾。

Now moving on to the next slide.

現在轉到下一張投影片。

We'll present next the current status of the closure plan.

接下來我們將介紹關閉計劃的當前狀態。

The sand filling group has a total of 13 mines, of which five are fully filled, two are underway and four mines are in the activity planning phase.

充砂組共有13個礦井，其中5個已完全充填，2個正在進行中，4個礦井處於活動規劃階段。

The natural fill group has a total of six mines, of which five are completely filled.

自然充填組共有6個礦山，其中5個已完全充填。

Cavity 18 is in the evaluation phase, with an indication that no sand filling measures will be necessary.

型腔 18 正處於評估階段，表示不需要採取填砂措施。

In conclusion, of the 16 mines moved to the buffering and pressurization group, seven have already been pressurized and are being monitored, while nine are under preservation, confirmation stage.

綜上所述，移入緩衝加壓組的16座礦場中，7座已完成加壓並正在監測中，9座正處於保存、確認階段。

And after this pressure check process, any additional measures may be necessary.

在這個壓力檢查過程之後，可能需要採取任何額外的措施。

On this front, BRL3.9 billion have already been provisioned until March, of which BRL2.7 million (sic – see slide 18, "BRL2.7 billion") have already been disbursed and BRL1.4 billion are in balance at the end of the quarter of 2024.

在這方面，截至3 月份，已撥備39 億雷亞爾，其中270 萬雷亞爾（原文如此— 參見幻燈片18，“27 億雷亞爾”）已支付，14 億雷亞爾處於平衡狀態。

The actions mentioned are estimated to be completed by 2026.

上述行動預計將於 2026 年完成。

Now let's move on to the next slide.

現在讓我們轉到下一張投影片。

By the end of June 2024, the total provisions related to the Alagoas event were around BRL15.9 billion, of which about BRL10.6 billion have already been disbursed, approximately BRL1 billion has been registered in other obligations to be paid line.

截至2024年6月末，與阿拉戈斯事件相關的準備金總額約為159億雷亞爾，其中約106億雷亞爾已支付，約10億雷亞爾已登記在其他待支付義務中。

Additionally, about BRL500 million in performance of the present value adjustment.

此外，也進行了約5億雷亞爾的現值調整。

At the end of the second quarter, the provisioned balance was BRL4.8 billion.

第二季末，撥備餘額為48億雷亞爾。

Now let's move on to slide 20.

現在讓我們繼續看投影片 20。

We will present the perspective for the next quarter, in addition to making some comments on the main advances in the priorities for the year in the company.

除了對公司今年優先事項的主要進展發表一些評論之外，我們還將介紹下一季的前景。

The expectation for the third quarter of 2024 is that the company's usage rates will show an improvement in Brazil, in green polyethylene segment to the resumption of production after the weather event in Rio Grande do Sul.

預計2024年第三季度，隨著南里奧格蘭德州天氣事件後恢復生產，該公司在巴西綠色聚乙烯領域的使用率將有所改善。

Regarding sales, an increase in volume is expected for the quarter, due to the greater availability of products and also the improved demand mainly first by the consumer goods sector and also basic sanitation.

就銷售而言，由於產品供應量增加以及主要來自消費品行業和基本衛生設施的需求改善，預計本季銷售量將會增加。

In the United States and Europe segment, the expectation is that the usage rates will be in line with the previous quarter, due to the scheduled shutdown in Europe, offset by the increase in the utilization rate in the United States with the resumption of production after the planned stoppage that happened in second quarter of 2024.

在美國和歐洲部分，由於歐洲按計劃停產，預計使用率將與上一季度持平，但被美國恢復生產後使用率的增加所抵消。

On the other hand, the greater availability of products in United States, combined with better sales expectation for our exports, may positively influence an increased number volume of sales.

另一方面，美國產品的供應量增加，加上我們出口銷售預期的改善，可能會對銷售的增加產生正面影響。

Finally, in Mexico, the trend for the second quarter is for an increase in production, as the expectation of stabilize supply of ethane.

最後，在墨西哥，由於乙烷供應穩定的預期，第二季的趨勢是產量增加。

In relation to sales, the demand in the region is very healthy, however the recomposition of inventories may impact sales.

就銷售而言，該地區的需求非常健康，但庫存重組可能會影響銷售。

As to spreads in the international market, the expectation is that there will be a gradual balance in the global scenario influenced by the logistics restrictions that continue positively impacting the spreads in the international market.

至於國際市場的價差，預計在物流限制的影響下，全球情勢將逐漸平衡，這將繼續對國際市場的價差產生正面影響。

Moving on to the next slide.

轉到下一張投影片。

In this slide, I will like to share the advances we have been making in the decarbonization front, which is a fundamental aspect of the long term strategy of the company.

在這張投影片中，我想分享我們在脫碳方面的進展，這是公司長期策略的基本面向。

Considering the initiatives implemented in 2024, the company added more than $240 million tons of potential to reduce CO2 equivalent for the year.

考慮到 2024 年實施的舉措，該公司今年增加了超過 2.4 億噸的二氧化碳當量減排潛力。

Taking into considering all the initiatives that we have already implemented since 2021, more than [10 -- 100] projects and also we count on varied portfolio, related to efficiency of the energy matrix, and improvement and reached a reduction that was higher than 900,000 CO2 equivalent per year in a horizon of (technical difficulty) the teams continue focus on planning and on the implementation of solutions together with our partners, in order to make viable and also to boost initiatives such as electrification of equipment, the purchase of renewable energy, in addition to other structural actions that can accelerate this journey.

考慮到我們自 2021 年以來已經實施的所有舉措，超過 [10 - 100] 個項目，而且我們還依賴於與能源矩陣效率相關的各種投資組合，以及改進並實現了超過 900,000 的減少在（技術難度）範圍內每年二氧化碳當量團隊繼續與我們的合作夥伴一起專注於解決方案的規劃和實施，以便使設備電氣化、購買可再生能源等舉措可行並推動舉措，以及其他可以加速這一進程的結構性行動。

Moving on to the next slide.

轉到下一張投影片。

We are going to share the resilience of the company.

我們將分享公司的韌性。

Among the priorities defined for the year of 2024, the commitment with the resilience and advances approximately $51 million of positive impact on EBITDA from the commercial strategy and $53 million by means of actions of cost reduction and also reduction expenses up to the end of the first quarter of 2024.

在 2024 年確定的優先事項中，承諾透過商業策略對 EBITDA 產生約 5,100 萬美元的正面影響，並透過截至第一季末的成本削減和開支削減行動，推進約 5,100 萬美元的正面影響。年第四季。

And we captured about $119 million by means of prioritizing CapEx initiatives and $59 million with the use of working capital for and cash generation.

我們透過優先考慮資本支出計畫獲得了約 1.19 億美元，透過使用營運資金和現金產生獲得了 5,900 萬美元。

Lastly, $31 million were obtained by means of monetization actions.

最後，透過貨幣化行動獲得了3,100萬美元。

Moving on to the next slide.

轉到下一張投影片。

To end, we are going to provide an update on the main advances in the fronts and the priorities for the year.

最後，我們將提供有關今年主要進展和優先事項的最新資訊。

In Maceió, we made headway in all fronts during the quarter, with a total balance disbursed of more than BRL11 billion up to the end of second quarter of 2024.

在馬塞奧，我們本季在各方面都取得了進展，截至 2024 年第二季末，總餘額支付超過 110 億雷亞爾。

As mentioned earlier, financial resilience actions totaled a positive impact of about $129 million in EBITDA and about $181 million in cash generation.

如前所述，財務彈性行動總共對 EBITDA 產生了約 1.29 億美元的正面影響，對現金產生了約 1.81 億美元的正面影響。

On the front of optimizations in the asset operation strategy, the company has obtained significant progress in the decarbonization agenda, and in the quarter alone two new initiatives contributed to an additional reduction of 100,000 tons per year in emissions.

在資產營運策略優化方面，公司脫碳議程取得重大進展，光是本季兩項新措施就實現每年額外減排10萬噸。

In addition, the company has evolved in the competitiveness of its logistics process becoming a Brazilian shipping company, this was granted so that we can operate with our own fleet, increasing competitiveness and reducing costs.

此外，該公司還提高了物流流程的競爭力，成為一家巴西航運公司，這樣我們就可以擁有自己的船隊，提高競爭力並降低成本。

In the quarter, there was also an advance in the competiveness of the Brazilian industry and this has been one of the main focus for the company, as a result of the challenges the company has been facing.

本季度，巴西工業的競爭力也有所提高，由於該公司面臨挑戰，這一直是該公司的主要關注點之一。

In this scenario, we would like to show that -- talk about the opening by the foreign trade secretariat of investigation to review the United States PVC antidumping law.

在這種情況下，我們想表明——談談外貿秘書處啟動調查以審查美國聚氯乙烯反傾銷法。

In line with the company's strategy, the strategic company with Solví and GRI was signed in June, with the transfer of Cetrel's common shares.

根據公司策略，6 月與 Solví 和 GRI 簽署了戰略公司協議，並轉讓了 Cetrel 的普通股。

The partnership designed for the efficient management of environmental solutions for the industry, will result in a return -- positive impact for Braskem of BRL284 million.

此次合作旨在高效管理產業環境解決方案，將為 Braskem 帶來 2.84 億雷亞爾的正面影響。

Finally, in Mexico, we maintained efforts in completing the construction of the ethane terminal, achieving a physical progress of 77%, 13% higher than the stage of March 2024.

最後，在墨西哥，我們繼續努力完成乙烷接收站的建設，實現了77%的實物進度，比2024年3月的階段提高了13%。

We conclude the results presentation of the second quarter of 2024 for Braskem.

我們結束了 Braskem 2024 年第二季的業績展示。

Thank you very much for your attention.

非常感謝您的關注。

And we will continue proceed with the Q&A session.

我們將繼續進行問答環節。

(Operator Instructions)

（操作員說明）

Rodrigo Almeida, Santander.

羅德里戈·阿爾梅達，桑坦德銀行。

(interpreted) Hello, good morning, Rosana, Roberto, Pedro, and everyone from Braskem.

（翻譯）哈嘍，早安，羅莎娜、羅伯托、佩德羅以及來自布拉斯科的大家。

I have two things I want to ask about.

我有兩件事想請教一下。

First, I want to talk about Brazil.

首先，我想談談巴西。

You mentioned a little bit about some of that, but I'd like to hear a little bit about your opinion on when it comes to demand.

您提到了其中的一些內容，但我想聽聽您對需求的看法。

Now, usually this is a stronger quarter -- third quarter, so we'd like to hear about what you believe is going to occur for July, August.

現在，通常這是一個強勁的季度——第三季度，所以我們想聽聽您認為七月、八月會發生什麼。

I'm interested in that.

我對此很感興趣。

And when it comes to Brazil, could you please share with us a little bit about any updates when it comes to the import tariffs for CAMEX?

說到巴西，您能否與我們分享一下 CAMEX 進口關稅的最新情況？

Do you have anything you could say about the technical aspects?

關於技術方面您有什麼想說的嗎？

Are your forecasts aligned with Abiquim?

您的預測與 Abiquim 一致嗎？

And also, could you mention something about ABP, I'd like to get your take on that topic as well.

另外，您能提一下有關 ABP 的事情嗎？

Now the second thing I want to ask about is the United States.

現在我想問的第二件事是美國。

You mentioned in your outlook some very interesting points about the flat spreads.

您在展望中提到了有關平價差的一些非常有趣的觀點。

And I'd like to hear what that means specifically for Braskem.

我想聽聽這對 Braskem 來說意味著什麼。

I think last week one of your competitors mentioned in their results call the higher prices for July.

我想上週你們的一位競爭對手在他們的結果中提到了 7 月份的價格較高。

So I'd like to get your opinion on whether you've seen some price changes in there and how have inputs been priced differently for you in your case?

因此，我想了解一下您是否看到了一些價格變化以及您的情況下投入的定價有何不同？

Thank you.

謝謝。

(interpreted) Hello, Rodrigo.

（翻譯）你好，羅德里戈。

How are you doing?

你好嗎？

Thank you for your questions.

謝謝您的提問。

Well, first I'll start with demand.

好吧，首先我將從需求開始。

We don't measure demand specifically.

我們不專門衡量需求。

What we do measure is apparent consumption, apparent usage.

我們衡量的是表觀消費、表觀使用。

So that's consumption plus imports minus exports.

這就是消費加上進口減去出口。

So it's a less reliable metric than demand, but for this year our forecast for growth in polymer demand is in the order of 13% in Brazil, so it's very expressive growth.

因此，這是一個不如需求可靠的指標，但今年我們對巴西聚合物需求成長的預測約為 13%，因此這是一個非常具有表現力的成長。

Part of that comes from higher imports under that formula, but when we look at our own sales, we have been seeing sales recovering more slowly for the year in the order of 2% to 3%.

部分原因是該公式下的進口量增加，但當我們查看自己的銷售額時，我們發現今年的銷售額恢復速度較慢，約 2% 至 3%。

So we see that the competitiveness of imports are higher, are stronger.

所以我們看到進口的競爭力更高、更強。

And that links with your other question about import tariffs and anti-dumping and commercial protection.

這與你關於進口關稅、反傾銷和商業保護的其他問題有關。

Now Abiquim argument, it was built along with the Associates, so our request, our argument is exactly the same in the PP, PVC imports up to and so on, up to the 20% level.

現在Abiquim的說法，它是和聯營公司一起建造的，所以我們的要求，我們的說法是完全一樣的，在PP，PVC進口最多等等，達到20%的水平。

So we do have the forecast that CAMEX will issue a position soon.

所以我們確實有預測 CAMEX 很快就會發倉。

This is not under our control or Abiquim’s, but we expect that in the third quarter we will see some kind of a definition from CAMEX on that topic.

這不在我們或 Abiquim 的控制範圍內，但我們預計在第三季我們將看到 CAMEX 關於該主題的某種定義。

The arguments have been made, the rationale, all the explanations, and now it's up to the government to make their decision.

爭論、理由、所有解釋都已經提出，現在該由政府做出決定了。

With regard to anti-dumping, what we have concretely is PVC anti-dumping, which we requested a review for now in May and June for PVC anti-dumping.

關於反傾銷，具體是PVC反傾銷，我們在5月和6月要求對PVC反傾銷進行複審。

There was a remedy, an 8.2% tariff there, and we requested that to be increased.

有一個補救措施，即徵收 8.2% 的關稅，我們要求提高關稅。

Historically, that level is 16%.

從歷史上看，這個水準是16%。

And in association with Unipar, we submitted a request to increase the current level because the 8% remedy is not being successful given the level of dumping that we see.

我們與 Unipar 聯合提交了提高當前水平的請求，因為考慮到我們所看到的傾銷水平，8% 的補救措施並未成功。

Today, it's at 49% of PVC, that’s what we measure.

如今，我們測量的值是 PVC 的 49%。

So there is room there.

所以那裡還有空間。

We believe that there is technical room for that anti-dumping remedy, and it is a legitimate defense mechanism that is being applied by many countries around the world.

我們認為，反傾銷救濟措施是有技術空間的，也是世界上許多國家正在運用的正當防衛機制。

So we do think it can be reviewed in the case of PVC.

因此，我們確實認為可以就 PVC 進行審查。

And lastly, when it comes to the spreads in the United States, there is a spread between PP and propane and then there is the purchase of propane.

最後，當談到美國的價差時，PP 和丙烷之間存在價差，然後是丙烷的購買。

Our mean propane purchase price is lower than the value that you see on screen in your document.

我們的平均丙烷購買價格低於您在文件螢幕上看到的值。

And there are many different contracts that we have with vendors and suppliers, but we do have the flexibility to consume a greater portion of the contracts.

我們與供應商簽訂了許多不同的合同，但我們確實可以靈活地使用大部分合約。

We have flexibility within the contract minimums and maximums, so we do have the flexibility to find a mix that is more profitable for the company.

我們在合約最低限度和最高限度內具有靈活性，因此我們確實可以靈活地找到對公司更有利可圖的組合。

Specifically, when we look at the short-term scenario, in the PP scenario in the United States, we see a little bit more demand growth than what we expected.

具體來說，當我們觀察短期情境時，在美國的 PP 情境中，我們看到需求成長略高於我們的預期。

So it is possible that the spread may turn out to be better than what we posted here, but nothing revolutionary, it's not really going to be a game changer.

因此，傳播結果可能會比我們在這裡發布的更好，但沒有什麼革命性的，它不會真正改變遊戲規則。

But it is possible that as a result in the improvement to demand that we've been seeing that the spreads can improve a little bit more.

但由於需求改善，我們看到利差可能會進一步改善一些。

And talking about the company overall, when we look at the July results, we haven't yet closed the July numbers, but we have indications when we look at how the business has been doing, and it is a rather good month, July I mean, compared to the year-to-date history.

就公司整體而言，當我們查看 7 月份的業績時，我們尚未關閉 7 月份的數據，但當我們查看業務表現時，我們有跡象表明，這是一個相當不錯的月份，7 月份我與今年迄今為止的歷史記錄相比的平均值。

It should be a higher month.

這應該是一個更高的月份。

So the seasonality in the third quarter typically is the best quarter in the year and it seems that this year that is holding true as well when we look at our expected seasonality.

因此，第三季的季節性通常是一年中最好的季度，當我們考慮預期的季節性時，今年似乎也是如此。

(interpreted) Perfect, thank you Pedro.

（翻譯）完美，謝謝佩德羅。

Vicente Falanga, Bradesco BBI.

文森法蘭加 (Vicente Falanga)，布拉德斯科 BBI。

(interpreted) Good morning, everyone.

（翻譯）大家早安。

Good morning, Pedro, Rosana.

早安，佩德羅，羅莎娜。

Thanks for taking my questions.

感謝您回答我的問題。

I'd like to ask you to comment about the spike in container prices.

我想請您對貨櫃價格上漲發表評論。

How have you been dealing with that in your internal market pricing?

您在內部市場定價中是如何處理這個問題的？

Have you already started equalizing the prices, balancing them out?

您是否已經開始均衡價格並平衡它們？

My second question is, could you talk a little bit about the spike in the price of butadiene and to what extent should that is likely to be recurring?

我的第二個問題是，您能否談談丁二烯價格的飆升，以及這種情況可能會在多大程度上再次出現？

Hello Vicente, how are you?

你好，維森特，你好嗎？

Thank you very much for the question.

非常感謝你的提問。

So first in relation to the freight rate, this is what we saw.

首先，關於運費，這就是我們所看到的。

In fact, as a result of the conflicts in the Red Sea, we saw an increase in sea freights and this has an impact in the resin and also impact in the freights, for example, from Asia to Latin America.

事實上，由於紅海衝突，我們看到海上運費增加，這對樹脂產生了影響，也對運費產生了影響，例如從亞洲到拉丁美洲的運費。

So it's a double effect, so as to say, this higher effect of the resins, as you have monitored along the second quarter.

因此，這是雙重效應，可以說，樹脂的這種更高的效應，正如您在第二季度監測到的那樣。

And we see that this is also reflected in the next months of the third quarter.

我們看到這也反映在第三季接下來的幾個月。

And there's a second effect, which is the import disparity.

還有第二個影響，那就是進口差異。

This is a market dynamic at the global level of the local producer of any country.

這是任何國家當地生產商在全球範圍內的市場動態。

They define the pricing in the regional and domestic markets using the import parity.

他們使用進口平價來定義區域和國內市場的定價。

So whenever this freight rate is higher, the domestic price, the local price, naturally, since it's a variable, the price goes up.

所以每當這個運價更高的時候，國內的價格，當地的價格，自然，既然是一個變量，那麼價格就上漲。

So we saw freight rate, as I mentioned, and we follow the reference for PP, and PVC we follow the Asia reference.

正如我所提到的，我們看到了運費，我們遵循 PP 的參考值，而 PVC 則遵循亞洲的參考值。

So we saw this increase not only in the international references, but also in the domestic prices as a result of the import parity.

因此，我們不僅看到國際參考價格上漲，而且由於進口平價而導致國內價格上漲。

In August, however, we saw a lower price.

然而，在八月份，我們看到了較低的價格。

If we compare year-on-year, we saw that the freight increased to 100 per ton.

如果對比去年同期，我們發現運費上漲到了100元/噸。

And in August, we saw this normalizing but still at a higher level.

八月份，我們看到了這種正常化，但仍處於較高水平。

So those effects that have been providing support to those international spreads, we see that this is going to be carried over to the next periods.

因此，那些一直為國際利差提供支持的影響，我們看到這將延續到下一個時期。

In relation to butadiene, we saw that the prices increased almost by 50%, and as an effect we saw some shutdowns in Asia, a lower offer in the global market, the prices impact in the important way, those central areas in Asia started the operation in the past few weeks and we expect that for the next weeks, but we see this price at high levels.

就丁二烯而言，我們看到價格上漲了近 50%，因此我們看到亞洲有一些工廠停產，全球市場報價較低，價格受到重要影響，亞洲的這些中心地區開始了過去幾週的運營情況，我們預計未來幾週也會如此，但我們認為這個價格處於高位。

And based on the external consulting, we understand that those levels are going to be kept at high levels up to the end of this month or beginning of next year.

根據外部諮詢，我們了解到這些水平將保持在高水平，直到本月底或明年初。

(interpreted) Thank you, Rosana.

（翻譯）謝謝你，羅莎娜。

Now let's, if you'll allow me, can we go back to the topic of shipping?

現在，如果您允許的話，我們可以回到運輸的話題嗎？

If we look at container prices in June, they were $3,000 for 40 feet up to $6,000.

如果我們看看 6 月的貨櫃價格，40 英尺至 6,000 美元的貨櫃價格為 3,000 美元。

So it seems that the delta there can still be captured, especially when we talk about import parity from Q2 to Q3.

因此，似乎仍然可以捕捉到那裡的增量，特別是當我們談論從第二季到第三季的進口平價時。

Is that correct?

這是正確的嗎？

Yeah, that's exactly that.

是的，就是這樣。

We saw lower prices in August, but still higher than the average level.

八月份的價格較低，但仍高於平均水準。

And I base myself from the prices of last year.

我以去年的價格為基礎。

So we still see this effect, positive effect in the third quarter.

所以我們在第三季仍然看到了這種效果，正面的效果。

Thank you, Vicente.

謝謝你，維森特。

[Henrique Drumond, BTG Pactual].

[恩里克·德拉蒙德，BTG Pactual]。

(interpreted) Hey everyone, how are you doing?

（翻譯）大家好，你們好嗎？

Good morning.

早安.

Thanks for the chance to ask my question.

感謝您有機會提出我的問題。

I’d like to ask what you think about working capital and CapEx dynamics for the rest of the year, working cash, apology.

我想問您對今年剩餘時間的營運資金和資本支出動態的看法，營運現金，道歉。

What do you think that will mean for the results?

您認為這對結果意味著什麼？

And do you think we can capture that over the year 2024 still?

您認為我們還能在 2024 年實現這一目標嗎？

And my second question is, I understand that you were not so strongly affected by the catastrophe in Rio Grande do Sul, but you mentioned the fabric infrastructure, so do you think we still have some impact to be seen in the rest of the year?

我的第二個問題是，據我所知，您並沒有受到南里奧格蘭德州災難的嚴重影響，但您提到了結構基礎設施，所以您認為我們在今年剩餘時間裡仍然會產生一些影響嗎？

(interpreted) Hi, Henrique.

（翻譯）嗨，恩里克。

Thanks for your questions.

感謝您的提問。

So first, CapEx, we did post a CapEx for the year except for Mexico at

首先，資本支出，我們確實發布了今年除墨西哥以外的資本支出：

[$340 million].

[3.4億美元]。

We are still in line with that trend there may be a 5% difference, that's what I think, for the year.

我們仍然符合這一趨勢，我認為今年可能會有 5% 的差異。

The foreign exchange variation is also likely to have an impact there because of course there is dollar to BRL exchange, part of the CapEx is in BRL, part is in USD.

外匯變動也可能產生影響，因為當然存在美元與雷亞爾的兌換，部分資本支出以雷亞爾為單位，部分以美元為單位。

The USD portion does not change equipment, but the other portions such as labor is going to have some variations.

美元部分不會改變設備，但其他部分（例如勞動力）將會有一些變化。

So there may be a slight increase there.

所以那裡可能會有輕微的增加。

But when at -- we dollarize these numbers, there may be a higher increase, but we don't know yet.

但是當我們將這些數字美元化時，可能會出現更高的成長，但我們還不知道。

But we think the year's CapEx is going to be around $400 million.

但我們認為今年的資本支出將在 4 億美元左右。

Now with regard to working cash, I think our perspective for the rest of the year when we look at the first half of the year overall, we did see a recovery in working cash.

現在就流動現金而言，我認為，當我們整體審視今年上半年時，我們對今年剩餘時間的看法是，我們確實看到了流動現金的復甦。

With a rise in prices it is possible for there to be some usage of that, but we're also working on inventory and that is likely to counterpose that.

隨著價格上漲，可能會有一些使用，但我們也在處理庫存，這可能會抵消這種情況。

So my expectation is that there's not going to be a material change to the working cash, but again, all of that variation in foreign exchange may have an impact.

因此，我的預期是，營運現金不會發生重大變化，但同樣，外匯的所有變化都可能會產生影響。

So it's not likely that working capital is going to have a material impact, but for CapEx, it's likely to be around $400 million.

因此，營運資金不太可能產生實質影響，但對於資本支出而言，可能會達到 4 億美元左右。

As far as deliveries in working capital, it's in the order of $100 million, and that's part of our package of measures to tackle the low cycle and we already delivered $59 million, and that’s found in one of the slides in our presentation.

至於營運資金的交付，約為 1 億美元，這是我們應對低週期一攬子措施的一部分，我們已經交付了 5,900 萬美元，這可以在我們簡報的一張幻燈片中找到。

So there is a positive effect there on that front.

所以在這方面有正面的影響。

As for Rio Grande do Sul, the units are already working at 100% again.

至於南里奧格蘭德州，機組已恢復 100% 運轉。

We did have approximately one month of downtime.

我們確實有大約一個月的停機時間。

And that, in accounting terms, has approximately $30 million in cost, fixed cost that we incurred without any production.

從會計角度來看，這大約有 3000 萬美元的成本，這是我們在沒有任何生產的情況下產生的固定成本。

We maintained that fixed cost in spite of having no production.

儘管沒有生產，我們仍維持固定成本。

And we have resumed the operation already.

我們已經恢復營業了。

So now what did we lose?

那麼現在我們失去了什麼？

We lost very little polymer sales because we were able to supply from other plants in the country, and as far as chemical sales, we did lose out the entire center, our region stopped.

我們損失的聚合物銷售非常少，因為我們能夠從該國的其他工廠供應，就化學品銷售而言，我們確實損失了整個中心，我們的地區停止了。

And fuel also, there was a regional stoppage there as well.

還有燃料，那裡也出現了區域性停駛。

Now our clients are making up for lost time right now.

現在我們的客戶正在彌補失去的時間。

So they're rebuilding their inventory.

所以他們正在重建庫存。

So part of the impact that we saw in recently has been made up in July.

因此，我們最近看到的部分影響已在 7 月得到彌補。

So it's being made up for to some extent.

所以某程度上是可以彌補的。

As for infrastructure, what's still pending is, I would say that the port has gone back -- come back into operation, so the flow of sea transport has been almost fully resumed.

至於基礎設施，仍然懸而未決的是，我想說，港口已經恢復運行，因此海上運輸幾乎完全恢復。

As far as roads there's some corrections there, some of that reconstruction is going to take a little bit longer.

就道路而言，有一些修正，其中一些重建將需要更長的時間。

As far as ethanol and green ethane, we did have a rail operation that was pending and it was affected.

就乙醇和綠色乙烷而言，我們確實有一項懸而未決的鐵路運營，並且受到了影響。

We believe it should be normalized within the next two to three months, the real situation.

我們認為，實際情況應該會在未來兩到三個月內正常化。

But for the time being, we're seeing some impact in the ethanol supply for the South which has been generating some additional costs, as well as some reduction in volumes.

但目前，我們看到南方的乙醇供應受到了一些影響，這產生了一些額外的成本，產量減少。

So today overall the main impact that still remains is ethanol for the production of green polyethylene.

因此，今天總體而言，仍然存在的主要影響是用於生產綠色聚乙烯的乙醇。

We have a resumed production, but we would like to produce at a bigger volume.

我們已恢復生產，但我們希望生產更大的產量。

(interpreted) All right.

（解釋）好吧。

Thank you, Pedro.

謝謝你，佩德羅。

Anne Milne, Bank of America.

安妮·米爾恩，美國銀行。

Okay.

好的。

Good morning.

早安.

I had to unmute myself.

我不得不把自己取消靜音。

Good morning, Pedro, Rosana, and Roberto.

早安，佩德羅、羅莎娜和羅伯托。

Thank you very much for the call.

非常感謝您的來電。

I was just hoping you could provide an update on the global supply and demand dynamics of capacity and what you might be seeing from China in particular and any other regions, Middle East perhaps.

我只是希望您能提供有關全球產能供需動態的最新信息，以及您可能從中國（特別是中國）和任何其他地區（也許是中東）看到的情況。

Are you seeing any capacity being shut down in any of the divisions or new plants coming online?

您是否看到任何部門的產能被關閉或新工廠上線？

And maybe what indicators you are monitoring so that we could see that.

也許您正在監控哪些指標，以便我們可以看到。

And the second question is really just if you could just give us an update.

第二個問題其實只是您是否可以向我們提供最新情況。

Is Kuwait Investment Authority still continuing to do due diligence on the company and is there any indication of other players who might be interested?

科威特投資局是否仍在繼續對該公司進行盡職調查？

Thank you very much.

非常感謝。

(interpreted) All right, I will first translate the question for everyone and then I will answer in Portuguese.

（翻譯）好的，我先給大家翻譯一下問題，然後用葡萄牙文回答。

So the question is, in our opinion, what is the global dynamic for supply and demand for products, especially when we look at China and the Middle East and any other regions where we see relevant changes in that sense.

因此，我們認為，問題是全球產品供需動態如何，特別是當我們觀察中國、中東以及任何其他我們看到相關變化的地區時。

And also, what do we see for closing out capacity for new plants and as well as other indicators that we are monitoring as far as supply and demand.

此外，我們對新工廠產能的關閉有何看法，以及我們正在監測的供需指標。

And her second question has to do with sales.

她的第二個問題與銷售有關。

Do we still have that due diligence for the company from Kuwait and any other topics?

我們是否仍對科威特公司進行盡職調查以及其他主題？

I'll answer the second question first because it's shorter.

我先回答第二個問題，因為它比較短。

We do not have another company.

我們沒有其他公司。

That Kuwaiti company is still in due diligence process.

該科威特公司仍在盡職調查過程中。

Anyway, today it's the only company we are conducting that process with.

不管怎樣，今天它是我們唯一一家與之合作的公司。

And it is still ongoing, it has not ended.

而且它還在繼續，還沒結束。

Now back to the first question about supply and demand.

現在回到第一個問題，關於供給和需求。

In polyethylene, we see new capacity coming in that's more relevant than what happened up to last year.

在聚乙烯方面，我們看到新產能的增加比去年更具相關性。

This year, I would say that we have a bit more balance in polyethylene between supply and demand.

今年，我想說我們的聚乙烯供需更加平衡。

And in polypropylene, we see more capacity coming in, especially in China, up until next year.

在聚丙烯方面，我們預計到明年，產能將會增加，尤其是在中國。

So there is a reduction in new capacity, and as demand for polyethylene grows, we are already looking at balance.

因此，新增產能減少，而隨著聚乙烯需求的成長，我們已經在尋求平衡。

At a global level, it's still pretty low.

從全球水準來看，這一比例仍然相當低。

But in polypropylene, we do think there are new capacities that are going to come in up before next year.

但在聚丙烯方面，我們確實認為明年之前將會出現新的產能。

Now when we look at how the industry is responding to that scenario, we see a lot of discussion between the players talking about competitiveness and also reviewing their industrial assets.

現在，當我們觀察行業如何應對這種情況時，我們看到參與者之間進行了大量討論，討論競爭並審查其工業資產。

Many players are doing that.

很多玩家都在這樣做。

Earlier in the year, I was in Asia, so lots of discussion in Japan about assets.

今年早些時候，我在亞洲，因此日本有很多關於資產的討論。

In Korea, we see the early stages of a discussion, it's still slower but it does exist and another line that has been closed and perhaps with no forecast for coming back into operation.

在韓國，我們看到討論的早期階段，它仍然較慢，但它確實存在，並且另一條線路已關閉，也許沒有預測會重新投入運行。

In Singapore, Shell sold their refinery that is linked to the cracker to another player.

在新加坡，殼牌將與裂解裝置相關的煉油廠出售給了另一家公司。

We don't yet know how that will behave looking forward, but we see low operation rates.

我們還不知道未來會如何表現，但我們看到開工率很低。

The information we have for China is that the mean operation rate is lower than 70%.

我們掌握的有關中國的資訊是，平均開工率低於70%。

So we see strong actions by the players to reduce offers.

因此我們看到玩家們採取了強烈的降低報價的行動。

On the market, and more recently, in Europe we saw Sabic, Exxon, now Basell as well reduced their asset, in -- their asset production in Europe, so we see reduction in the players in that sense.

在市場上，最近在歐洲，我們看到沙烏地阿拉伯基礎工業公司（Sabic）、埃克森美孚（Exxon）和現在的巴塞爾（Basell）也減少了他們在歐洲的資產生產的資產，所以我們看到從這個意義上說，參與者的減少。

So the indicators that we look at, of course, the supply and demand for the product, and the announcements made by the players, what they've been saying, what they've been publishing, and we also look at the expectation for capacity around the world.

因此，我們關注的指標當然包括產品的供需，以及參與者發布的公告，他們一直在說什麼，他們一直在發布什麼，我們也關注對產能的期望世界各地。

We do still see global rates around 80% in PE and PP for some time to come.

我們確實認為未來一段時間內 PE 和 PP 的全球比率仍將維持在 80% 左右。

It's a slow recovery starting, going up until next year.

復甦開始緩慢，一直持續到明年。

In PE, a little bit more, PP as well, but a little bit slower.

在PE中，多一點，PP也一樣，但慢一點。

So currently, we are not seeing faster recovery because we don't yet have all the effects, all the factors in increased production yet, in our production rationalization, we should say.

因此，目前我們還沒有看到更快的復甦，因為我們應該說，在我們的生產合理化中，我們還沒有看到增加產量的所有影響、所有因素。

But we don't yet know where it's going to come from or from whom.

但我們還不知道它將來自哪裡或來自誰。

We think it's going to come from Asia, but we can't say who exactly is going to do that.

我們認為它將來自亞洲，但我們不能說到底是誰會這樣做。

The spreads have stopped dropping.

利差已經停止下降。

They are recovering at positive levels, so that's another positive indicator.

他們正在以積極的水平恢復，所以這是另一個積極的指標。

Again, it's a slow recovery, but it is a positive indicator.

同樣，這是一個緩慢的復甦，但它是一個積極的指標。

And when we look at Braskem itself, we put one of our PP lines into hibernation, one of the lines we have in [microscope] it was due to the lack of inputs.

當我們觀察 Braskem 本身時，我們將其中一條 PP 生產線置於休眠狀態，這是我們在[顯微鏡]中看到的生產線之一，這是由於缺乏輸入造成的。

It's actually a very competitive plant when it comes to cost, but it lacked the efficient inputs to run both lines at 100%, so we decided to keep one line at 100% and pause the other one instead of let's say, running both lines at 70% or 80%.

就成本而言，它實際上是一家非常有競爭力的工廠，但它缺乏有效的投入來以100% 運行兩條生產線，因此我們決定將一條生產線保持在100% 並暫停另一條生產線，而不是讓兩條生產線以100% 的速度運轉70%或80%。

Of course, looking at the NAFTA bases of ours, we do have discussions about the competitiveness of the industry and operations in Brazil.

當然，看看我們的北美自由貿易區基地，我們確實就巴西的產業和營運競爭力進行了討論。

We see some players announcing the closure of some capacity in Brazil, and we do look at, that it's not something that we currently have in the short term have any perspective for doing as a result of cost, again in the short term.

我們看到一些參與者宣布關閉巴西的部分產能，我們確實看到，由於成本問題，我們目前短期內不會採取任何行動，同樣在短期內。

But this is an analysis of the type that we do perform in order to see whether it will lead to that decision at any given point.

但這是對我們所做的類型的分析，目的是看看它是否會在任何給定點導致該決定。

This type of a decision is going to strongly depend on demand growth.

此類決策將在很大程度上取決於需求成長。

Brazil has seen interesting demand growth, as well as the rationalization of some other players within the global scope.

巴西的需求成長令人關注，全球其他一些參與者也出現了合理化。

Thank you very much.

非常感謝。

Gabriel Barra, Citi.

加布里埃爾·巴拉，花旗銀行。

(interpreted) Hi, everyone.

（譯）大家好。

Good afternoon.

午安.

I have two questions I want to mention.

我有兩個問題想提一下。

On the topic of capacity, I was thinking about what Roberto said about the rationalization of capacity here in Brazil, and especially his interview talking about competition here, especially in terms of import costs and competition with imports.

關於產能這個主題，我想到了羅伯托關於巴西產能合理化的言論，特別是他在採訪中談到這裡的競爭，特別是在進口成本和與進口產品的競爭方面。

So, could you please comment or add to your answer in that sense, or put it into context compared to what was mentioned in the beginning when you talked about import prices.

那麼，您能否從這個意義上發表評論或添加您的答案，或將其與您在開頭談到進口價格時提到的內容進行比較。

Is that likely to have an impact?

這可能會產生影響嗎？

And if so, how on the company's capacity and what is the timeline likely to be for that discussion?

如果是這樣，公司的能力如何以及討論的時間表可能是什麼？

And also what about values?

那麼價值觀呢？

How would that influence the company moving forward?

這將如何影響公司的發展？

Second question, I remember in our last conference call there was a lot of discussion about cash generation for this year.

第二個問題，我記得在我們上次電話會議中，有很多關於今年現金產生的討論。

And unless I'm mistaken, I think this year we should think about a neutral cash flow, and for next year we should think about positive cash generation, looking at the improved spreads and perspective.

除非我弄錯了，否則我認為今年我們應該考慮中性現金流，而明年我們應該考慮積極的現金生成，著眼於利差和前景的改善。

So I'd like to get your opinion about whether we can still see those thoughts in mind.

因此，我想聽聽您的意見，看看我們是否還能牢記這些想法。

And putting into perspective the drop in foreign exchange prices, the depreciation in ForEx, is there likely to be an improvement in that perspective when it comes to cash generation?

考慮到外匯價格的下跌和外匯的貶值，在現金產生方面是否可能會有所改善？

(interpreted) Well, Gabriel, looking at the rationalization all around the world and what that means for imports here in Brazil, I'd say that what we have today, first there is a recurring analysis and the decision to choose the rates, they do come from a contribution margin.

（解釋）好吧，加布里埃爾，看看世界各地的合理化以及這對巴西的進口意味著什麼，我想說的是，我們今天所擁有的，首先是反覆分析和選擇費率的決定，他們確實來自邊際貢獻。

So we don't have a contribution margin in production then we do not produce.

因此，我們在生產上沒有貢獻邊際，那麼我們就不生產。

We only produce when we have a positive contribution margin.

我們只有在邊際貢獻為正時才會生產。

A variable one I mean.

我的意思是一個可變的。

And there is a second level of analysis that involves fixed costs for CapEx and cash flow per asset.

第二層分析涉及資本支出的固定成本和每項資產的現金流量。

That analysis is a lot more complex.

這種分析要複雜得多。

It is not a recurring analysis that looks at every month, but to date that analysis has been indicating that the assets we have generate positive cash.

這不是每月進行的定期分析，但迄今為止，該分析已表明我們所擁有的資產產生了正現金。

Some more, others less, but it is the type of analysis that we perform when we think about that type of a discussion.

有的多，有的少，但這就是我們在思考這類討論時所執行的分析類型。

What that indicates as far as tightening the spreads is that possibly some specific assets may be generating negative cash, but that's a very segregated analysis.

就利差收緊而言，這表明某些特定資產可能會產生負現金，但這是一個非常孤立的分析。

When we look at the São Paulo site, the Rio Grande do Sul site, or the Bahia site, they all have positive results, but within a specific site, some may have, some lines may have negative production.

當我們查看聖保羅站點、南里奧格蘭德站點或巴伊亞站點時，它們都有積極的結果，但在特定站點內，有些可能有，有些生產線可能有負產量。

So we do look at that.

所以我們確實關注這一點。

But any discussion about rationalization is a long-term analysis.

但任何關於合理化的討論都是長期分析。

So in the scope of our discussion with the government, and that also involves looking at imports and defense mechanisms.

因此，在我們與政府討論的範圍內，也涉及進口和防禦機制。

Our analysis of the imports is that it's fleeting, the low, the lack of competitiveness in Brazil does not only apply to us.

我們對進口的分析是，它是短暫的、低水準的、缺乏競爭力的巴西不僅適用於我們。

So it's a more -- it's a specific thing that requires an acute intervention in industrial protection policies in the short term, whether that's in commercial defense or in incentives for the petrochemical industry.

因此，這是一個更具體的事情，需要在短期內對工業保護政策進行急劇幹預，無論是商業防禦還是石化行業的激勵措施。

And these are topics that Abiquim has been frequently and strongly bringing to the federal government, as well as the development of a long-term program.

這些都是 Abiquim 經常強烈向聯邦政府提出的話題，也是長期計畫的發展。

And that's something we do already see in many countries around the world, both those things, both the increase in commercial defense barriers and also the country moving toward an energy transition decarbonization and improving their product portfolio.

這是我們在世界許多國家已經看到的事情，既包括商業防禦壁壘的增加，也包括該國朝著能源轉型、脫碳和改善其產品組合的方向發展。

So, we have been bringing those two pillars to the government in discussion.

因此，我們一直在將這兩個支柱提交給政府進行討論。

In the shorter term, strengthening the discussion of defense mechanisms in the short term as well, and looking at the medium and long term, a restructuring program to restructure the petrochemical industry, and that's more structural and long-term strategy.

短期來看，短期內也要加強防禦機制的討論，中長期來看，要製定石化產業結構調整方案，這是更結構性、長期性的戰略。

So in the first, the former, there is the anti-dumping dynamic I mentioned, import taxes that we are discussing with the federal government, there is the REIC as well and strengthening the REIC to levels that it has already been at in the past.

因此，在第一個方面，前者，有我提到的反傾銷動態，我們正在與聯邦政府討論進口稅，還有 REIC 並將 REIC 加強到過去已經達到的水平。

And more structurally in the long term, that means investments in new renewable plants, and Brazil does have that strategy, and it makes total sense to convert part of our fossil base into renewables.

從長遠來看，這意味著對新的再生能源工廠的投資，而巴西確實有這項策略，將我們的部分化石基地轉化為再生能源是完全有意義的。

We also have investments in energy efficiency, and also new capacities when we look at the pre-salt and ethane.

我們也對能源效率進行了投資，並且在鹽下和乙烷方面也進行了新產能投資。

For instance, in pre-salt we can double or even expand the Duque de Caxias unit.

例如，在鹽下，我們可以將 Duque de Caxias 裝置加倍甚至擴大。

So there are structural discussions as well that involves inputs from the pre-salt as well as converting part of the production into renewables.

因此，還存在結構性討論，涉及鹽下投入以及將部分生產轉化為可再生能源。

That requires investment.

這需要投資。

The current state we're at in cash and leverage in the point we are at in the cycle, if we don't have support from the government to promote that transformation, it's going to take a lot longer.

目前我們在周期中所處的現金和槓桿狀態，如果我們沒有政府的支持來推動這項轉型，那麼將需要更長的時間。

So we are focusing strongly on those two pillars for the short term, looking at investments in production, and in the long-term restructuring structuring the production of the country, it makes total sense for it to happen.

因此，我們短期內重點關注這兩個支柱，著眼於生產投資，並在國家生產結構的長期重組中，這是完全合理的。

What we really need is the political will for that to occur.

我們真正需要的是實現這一目標的政治意願。

And we do see other countries doing that.

我們確實看到其他國家也在這樣做。

We see it in the US, Europe, Japan, and I could actually mention many other countries that are all coming on board into that plan.

我們在美國、歐洲、日本看到了這一點，我實際上可以提到許多其他國家都在加入該計劃。

But right now we're looking at the specific vocation that Brazil has in renewables, it is very strong.

但現在我們正在關注巴西在再生能源領域的具體使命，它非常強大。

So it's almost a sure thing I should say.

所以我應該說這幾乎是肯定的事情。

Now as for 2024, our forecast was to have neutral cash generation except for the state of Alagoas.

至於 2024 年，我們的預測是除阿拉戈斯州外，現金產生量為中性。

Alagoas consumes cash this year.

阿拉戈斯今年消耗現金。

The obligations we have in Alagoas, it's important to highlight that and there's also an investment in cash it's Braskem Idesa, not Braskem.

我們在阿拉戈斯的義務，重要的是要強調這一點，還有現金投資，是 Braskem Idesa，而不是 Braskem。

But the Mexico terminal it also has contributions from Braskem Idesa to build that terminal.

但墨西哥航站樓也得到了 Braskem Idesa 的資助來建造該航站樓。

And that's going to come from the funding that was built up there.

這將來自在那裡建立的資金。

I should highlight that without Alagoas, if we exclude Alagoas, this quarter did have positive cash generation in our operations.

我應該強調的是，如果沒有阿拉戈斯，如果我們排除阿拉戈斯，本季度我們的營運確實產生了積極的現金產生。

For 2025, of course, it does depend on the recovery of our spreads, but our outlook is that it should be a little bit better than 2024 in that sense.

當然，對於 2025 年，這確實取決於我們利差的恢復，但我們的前景是，從這個意義上來說，它應該比 2024 年好一點。

But there's still a lot of uncertainty when it comes to '25.

但到了25年，仍存在著許多不確定性。

There's been lots of internal discussions here at the company.

公司內部進行了很多討論。

When we look at PE and incoming capacity for PP, what does that mean for the '25 scenario?

當我們查看 PE 和 PP 的傳入產能時，這對 25 年情境意味著什麼？

Right now, we are beginning our discussions about the 5-year long-term scenario that's going to occur in the coming months.

現在，我們正在開始討論未來幾個月將發生的五年長期情景。

So we will soon have a clearer outlook for 2025.

因此，我們很快就會對 2025 年有了更清晰的展望。

And with regard to ForEx and oil, it's hard to say still.

至於外匯和石油，還很難說。

There may be an impact.

可能會有影響。

On the one hand, the drop in oil removes working capital from the operation and the opposite is also true.

一方面，油價下跌導致營運資金減少，反之亦然。

Our target is still to reach $100 million in working capital recovery.

我們的目標仍然是達到 1 億美元的營運資金回收。

We've currently hit $59 million, but as far as that balance goes, we still need to understand how that's going to occur.

我們目前已達到 5900 萬美元，但就這一餘額而言，我們仍然需要了解這將如何發生。

Remember that devalued, lower ForEx improves our EBITDA in dollars, but it increases our financial expenditures in BRL, so there is a two pronged effect.

請記住，匯率貶值、匯率下跌會提高我們以美元計算的 EBITDA，但會增加我們以雷亞爾計算的財務支出，因此會產生兩方面的影響。

There's an impact both in dollars and in BRL in different indicators on both sides of the equation.

等式兩邊的不同指標都會對美元和雷亞爾產生影響。

(interpreted) All right, Pedro.

（翻譯）好吧，佩德羅。

Thank you.

謝謝。

Luiz Carvalho, UBS.

路易斯卡瓦略，瑞銀集團。

(interpreted) Hello, Bischoff, Pedro, Rosana.

（翻譯）你好，比肖夫，佩德羅，羅莎娜。

Thanks for taking my question.

感謝您提出我的問題。

And kudos for your work during this very challenging past few months in the industry.

感謝您在過去幾個月行業充滿挑戰的時期所做的工作。

My question is for Pedro, I'd like to get a bit more depth on this topic, because when we look at '25, as you mentioned, we have the elections in the US coming up, over the past week, we've had, let's say, some fears in the market about a potential recession, economic recession globally, and I'd like to understand a little bit about what your thoughts are as far as the company goes, thinking about a scenario that is, let's consider, a more challenging scenario for the industry.

我的問題是問佩德羅的，我想更深入地討論這個話題，因為當我們回顧 25 年時，正如你提到的，美國即將舉行選舉，在過去的一周裡，我們已經比如說，市場對潛在的衰退、全球經濟衰退感到擔憂，我想了解您對公司的想法，考慮一個場景，讓我們考慮一下，該行業面臨更具挑戰性的情況。

Let's say we don't see spreads recovering in '25.

假設 25 年利差不會恢復。

In that case, how would you prepare for a scenario that is even longer involving spreads that are at more compressed, more strongly compressed levels, whether it's liability management or closing capacity?

在這種情況下，您將如何為更長的情況做好準備，涉及更壓縮、更強烈壓縮水平的利差，無論是負債管理還是平倉能力？

What kinds of exercises are you running?

您正在進行哪些類型的運動？

What simulations are you running?

您正在運行什麼模擬？

And the second question.

第二個問題。

Maybe you can combine both things, what do you see in terms of feedstock and capacity being rationalized abroad with regard to feedstock?

或許你可以將這兩件事結合起來，你對原料和國外原料產能合理化有何看法？

So talking about NAFTA, ethane.

所以談論北美自由貿易協定，乙烷。

And if you could follow up on your last comment about the availability of gas here in Brazil.

如果您能跟進您上次關於巴西天然氣供應的評論。

And of course, we invariably discuss that with Abiquim, let's say, various different parts of the industry are clamoring for cheaper gas prices.

當然，我們總是與 Abiquim 討論，比如說，行業的各個不同部分都在呼籲更便宜的天然氣價格。

But we see appetite from major consumers in assuming long-term contracts even at prices that are linked to international references.

但我們看到主要消費者有興趣簽訂長期合同，即使價格與國際參考價格掛鉤。

And we see a gap, let's say, in the oil and gas producers and the risk of building infrastructure without having guaranteed demand.

比如說，我們看到了石油和天然氣生產商之間的差距，以及在沒有保證需求的情況下建造基礎設施的風險。

So what do you think about the petrochemical industry's behavior?

那麼您如何看待石化產業的行為呢？

And also about sidestepping, perhaps, to complement the gas market?

也許還有關於迴避以補充天然氣市場？

(interpreted) Hello, Luiz.

（翻譯）你好，路易斯。

All right.

好的。

The international scenario touches on what I mentioned earlier about the scenario for next year and the discussion we've been having now about what our budget outlook is for next year and the start of the cycle.

國際情景涉及我之前提到的有關明年情景的內容，以及我們現在就明年預算前景和周期開始進行的討論。

We are looking at alternative scenarios that are exactly in that line.

我們正在尋找與此完全一致的替代方案。

US, for instance, that may result in more protectionism or less.

以美國為例，這可能會導致更多或更少的保護主義。

If it's more protectionism, there will be a bigger impact on our US operation.

如果保護主義加強的話，對我們美國的經營影響就會更大。

And this holds true around the world.

這在世界各地都是如此。

If the world becomes more protectionist, then our local operations, we do have flows between countries, but most of our sales are local sales in the different markets where we operate.

如果世界變得更加保護主義，那麼我們的本地業務，我們確實在國家之間進行流動，但我們的大部分銷售都是我們經營的不同市場的本地銷售。

So that reinforces competitiveness and capacity for the operations that we have locally at different countries.

因此，這增強了我們在不同國家當地運作的競爭力和能力。

Conversely, a recession will reduce demand, or it will at least reduce the growth of demand, and that equation, the supply and demand equation I mentioned may be worse than a baseline scenario.

相反，經濟衰退會減少需求，或至少減少需求的成長，而我提到的供需方程式可能比基準情境更糟。

In our scenarios, we are already considering lower growth worldwide.

在我們的設想中，我們已經在考慮全球範圍內的較低成長。

We've been doing that since last year.

從去年開始我們就一直這樣做。

It would need to be a very strong recession in order to have a negative impact on our forecast.

經濟衰退必須非常嚴重，才會對我們的預測產生負面影響。

Everything we've been doing, all the forecasts and scenarios we've been working on since last year already consider, they do already consider a lower scenario, a lower level around the world.

我們所做的一切，自去年以來我們一直在研究的所有預測和情景都已經考慮過，他們確實已經考慮了世界各地較低的情景、較低的水平。

So everything Rosana mentioned with the reduction in fixed costs, reduction in CapEx and working capital, other asset monetization strategies, all of that ends up being wrapped into our process, our preparation process, which started over a year ago, well over a year ago.

因此，Rosana 提到的一切，包括固定成本的減少、資本支出和營運資本的減少、其他資產貨幣化策略，所有這些最終都被納入我們的流程、我們的準備流程中，該流程是一年多前開始的。

So I would say it is already ongoing.

所以我想說它已經在進行中。

Sometimes, of course, a new idea will arise, we could do this or that, and then we implement that.

當然，有時會出現一個新想法，我們可以這樣做或那樣做，然後我們實施它。

We are changing some operating parameters, some business assumptions that we have, we are reassessing, and sometimes we have new cost opportunities, we have been striving to talk to our vendors and suppliers much more closely, whether that means reviewing and revising contracts, which will improve our costs, but also working on different technologies and new ways for them to provide services for us, which again, will be interesting for our side of the contract.

我們正在改變一些營運參數，我們正在重新評估一些業務假設，有時我們有新的成本機會，我​​們一直在努力與我們的供應商和供應商進行更密切的交談，無論這是否意味著審查和修改合約，將提高我們的成本，而且還會致力於研究不同的技術和新的方式，讓他們為我們提供服務，這對我們的合約方來說也是很有趣的。

So we don't have specific actions in mind, we have hundreds of tiny different actions, as Rosana mentioned a few, and every new idea that comes in gets put into the treadmill for us to put it into work.

所以我們心裡沒有具體的行動，我們有數百個微小的不同行動，正如羅莎娜提到的一些，每一個新的想法都會被放入跑步機中，供我們付諸實踐。

As for NAFTA, as you mentioned, there's also coal in China, but I would say that is primarily NAFTA.

至於北美自由貿易協定，如你所提到的，中國也有煤炭，但我想說這主要是北美自由貿易協定。

As for natural gas in Brazil, we always talk about natural gas, but it is important to separate natural gas from ethane.

至於巴西的天然氣，我們總是談論天然氣，但將天然氣與乙烷分開很重要。

Ethane is a fraction of natural gas.

乙烷是天然氣的一小部分。

Sometimes people say, actually say gas, broadly.

有時人們說，實際上是廣義的氣體。

There are some industries that consume methane gas, that's the standard cooking gas we have here in Brazil as inputs, but what we consume is ethane.

有些產業消耗甲烷氣體，這是我們在巴西作為輸入的標準烹飪氣體，但我們消耗的是乙烷。

That is not cooking gas.

那不是煮飯用的瓦斯。

That is a fraction of what we consume.

這只是我們消費的一小部分。

So for us, natural gas means energy.

所以對我們來說，天然氣就意味著能源。

We burn it to produce energy and steam.

我們燃燒它來產生能量和蒸氣。

So that is an important distinction, because when you talk to Abiquim, they talk about everything at the same time, and they use the word gas broadly.

所以這是一個重要的區別，因為當你與 Abiquim 交談時，他們會同時談論所有事情，並且廣泛使用「氣體」這個詞。

However, in the case of Braskem, we constantly assess gas for energy, methane.

然而，就布拉斯科姆而言，我們不斷評估天然氣作為能源，即甲烷。

That is something we always assess for opportunities.

這是我們總是評估機會的事情。

We do have shorter-term and longer-term contracts.

我們確實有短期和長期合約。

We're always discussing with different producers in attempts to make that gas more competitive and more available for the industry.

我們一直在與不同的生產商討論，試圖使這種天然氣更具競爭力，更容易為產業所利用。

We do believe there are regulatory developments that are important for the country that are yet to occur that will mean reductions in those costs.

我們確實相信，對該國來說重要的監管發展尚未發生，這將意味著這些成本的降低。

Just to give you an idea, in the US, gas delivered to the address physically, it's $2 per BTU.

僅供參考，在美國，天然氣以實體方式運送到該地址，價格為每 BTU 2 美元。

Here in Brazil, that value is $14.

在巴西，這個價值是 14 美元。

So Brazilian costs are seven-fold the US.

因此，巴西的成本是美國的七倍。

So there's definitely, without a doubt, opportunities to improve competitiveness here.

因此，毫無疑問，這裡肯定有提高競爭力的機會。

And for other players, that's going to mean drops in inputs.

對於其他玩家來說，這將意味著投入的減少。

That's part and parcel of having a strong petrochemical industry in the country.

這是該國擁有強大石化工業的重要組成部分。

Now for us, in addition to all of that, we also have ethane.

現在對我們來說，除了所有這些之外，我們還有乙烷。

And that also comes into the topic of regulating the ethane market.

這也牽涉到乙烷市場監管的議題。

We have countries where players are required to remove ethane from gas, or where -- countries where conditions actually mean that that happens.

我們有些國家要求參與者從天然氣中去除乙烷，或者有些國家的條件實際上意味著這種情況會發生。

In the US, that's very clear, but in the Middle East, they could burn ethane or energy, but they remove ethane from the street gas, and they sometimes even apply a discount to the price of the gas that they sell.

在美國，這一點非常明確，但在中東，他們可以燃燒乙烷或能源，但他們從街道天然氣中去除乙烷，有時甚至對他們銷售的天然氣價格進行折扣。

Here in Brazil we had a change in the ANP national regulator regulations.

在巴西，ANP 國家監管法規發生了變化。

That means that volume was limited to 12%.

這意味著交易量被限制在 12%。

We think it should be lower.

我們認為它應該更低。

We think ethane should be removed from gas more strongly, but the ANP defined 12% ethane as their level.

我們認為應該更強烈地從氣體中去除乙烷，但 ANP 將 12% 乙烷定義為其水平。

But there's more ethane yet to be removed from that overall gas volume, and that's likely to mean more inputs, but that will require investments into ethane extraction plants.

但有更多的乙烷尚未從天然氣總量中去除，這可能意味著更多的投入，但這將需要對乙烷提取廠進行投資。

And as more locations are made available on the -- along the shore, I think we're going to have improvements.

隨著沿海地區出現更多的地點，我認為我們將會有所改進。

The expansion in Rio de Janeiro that we've been discussing for very, very long and that we believe is going to be very positive for the country and that will add value to the inputs is something we believe has a potential to occur and it becomes easier with that regulation.

我們已經討論了很長一段時間的里約熱內盧擴建計劃，我們相信這對該國將非常積極，這將增加投入的價值，我們相信這是有潛力發生的事情，而且它會成為有了這個規定就更容易了。

But it's not yet a given because that volume now needs to be extracted from the overall gas volume and made available for the industry.

但這還不是一個給定的情況，因為現在需要從天然氣總量中提取該量並供行業使用。

(interpreted) All right.

（解釋）好吧。

That's very clear, Pedro.

這很清楚，佩德羅。

Thank you.

謝謝。

[Till Moez], Schroeders.

[蒂爾·莫茲]，施羅德。

Hello, thanks for taking my question.

您好，感謝您提出我的問題。

I'd like to dive in on the topic of ethane a little bit more.

我想更深入地討論乙烷這個主題。

I'm looking at the [Montreal] benchmark price here and it seems to be plunging quarter to date to $30.5 per gallon.

我在這裡查看[蒙特利爾]基準價格，本季迄今似乎已暴跌至每加侖 30.5 美元。

Besides the escalation in the Middle East that limits the competitiveness of exports, are there any other deflationary factors that you're looking at that impact the price of ethane?

除了中東局勢升級限制了出口競爭力之外，您認為還有其他通貨緊縮因素會影響乙烷價格嗎？

And what do you assume for ethane prices in the third quarter and fourth quarter of this year?

您對今年第三季和第四季的乙烷價格有何看法？

(interpreted) All right.

（解釋）好吧。

So Till's question is with regard to ethane.

蒂爾的問題是關於乙烷的。

He sees the price of ethane drop very strongly in the US market, and that is true, it's at $88 per ton or $0.30 per gallon.

他預計美國市場乙烷價格將大幅下跌，這是事實，價格為每噸 88 美元或每加侖 0.30 美元。

So in fact it is an expressive drop in the price of ethane, and this represents competitiveness.

所以實際上這是乙烷價格的明顯下降，代表了競爭力。

And so his question is how do we see that scenario for the future, especially considering the recession scenario?

所以他的問題是我們如何看待未來的情況，特別是考慮到經濟衰退的情況？

So what do we think about Q3 and Q4 for those prices?

那麼我們對第三季和第四季的這些價格有何看法？

So, first, the price of ethane in the US is strongly linked to the price of natural gas.

因此，首先，美國乙烷的價格與天然氣的價格密切相關。

And there's a lot of natural gas production in the US, so that ends up creating a very strong offer, a very strong supply of ethane because natural gas supply grows, the US is exporting more and more natural gas and that means more ethane is available.

美國有大量的天然氣生產，因此最終會產生非常強勁的報價，非常強勁的乙烷供應，因為天然氣供應增長，美國出口越來越多的天然氣，這意味著有更多的乙烷可用。

That does exist in the US, but there are logistical bottlenecks.

美國確實存在這種情況，但存在物流瓶頸。

There are new terminals that are being built, but until they are ready, we think the price of ethane is still going to be strongly linked to the price of natural gas in the United States.

目前正在建造新的終端，但在它們準備就緒之前，我們認為乙烷的價格仍將與美國的天然氣價格密切相關。

Looking now at Q3 and Q4, on average, it's $130 per ton, which is approximately a 50 fold increase compared to what we have today.

現在看第三季和第四季，平均每噸130美元，比我們現在的價格上漲了約50倍。

But it's still a very low level.

但這仍然是一個非常低的水平。

If we look at NAFTA, it's $600.

如果我們看看 NAFTA，那就是 600 美元。

So we're looking at a competitiveness difference in $500 per ton in inputs.

因此，我們正在考慮每噸投入 500 美元的競爭力差異。

With the second half of the year, we think $130 per ton, which is roughly 50% higher than the level it is currently at today.

下半年，我們認為每噸 130 美元，比目前的水平高出約 50%。

And we think it's going to remain at this lower level until our new export capacities increase.

我們認為，在我們新的出口能力增加之前，它將保持在這個較低的水平。

And there's also an effect from the Panama Channel, I think you've all been following the Panama Channel levels, the very low water levels there limits the passage of ships.

還有巴拿馬海峽的影響，我想你們都一直在關注巴拿馬海峽的水位，那裡的水位非常低，限制了船隻的通過。

So ethane exports from the US to Asia are now more strongly limited.

因此，從美國向亞洲的乙烷出口現在受到更嚴格的限制。

So that means more accumulation of ethane in the Gulf of Mexico and consequently lower prices.

因此，這意味著墨西哥灣的乙烷累積更多，從而導致價格下降。

All right, thank you very much.

好的，非常感謝。

We now conclude the question and answers.

我們現在總結問題和答案。

I'd like to pass the floor to Mr. Roberto Bischoff, for his final remarks.

我想請羅伯托·比肖夫先生做最後發言。

Please, sir, you may proceed.

先生，請您繼續。

(interpreted) Hello, good afternoon, everyone.

（翻譯）哈嘍，大家下午好。

I'd like to thank everyone for being here at our earnings call and I'd like to conclude with a few remarks.

我要感謝大家參加我們的財報電話會議，最後我想發表幾句話。

As far as our results, as Pedro mentioned, we had a quarter that had better results when compared with the last few quarterly results here at the company, especially when we look at EBITDA.

就我們的業績而言，正如佩德羅所提到的，與公司過去幾個季度的業績相比，我們有一個季度的業績更好，特別是當我們考慮 EBITDA 時。

I see these improved results as a combination of three main factors, none of them are very strongly structural.

我認為這些改進的結果是三個主要因素的結合，但沒有一個因素具有強烈的結構性。

The first one is linked to the foreign scenario, where we see better spreads abroad, internationally, but still clearly lower than expected.

第一個與國外情況有關，我們看到國外的利差有所改善，但仍明顯低於預期。

And that's due to the lack of rationalization at relevant levels by the industry.

這是由於該行業在相關層面缺乏合理化。

So there's still an imbalance between supply and demand that is very clearly present.

因此，供需之間仍然存在非常明顯的不平衡。

The second one, which for the past few quarters has been mentioned in our reports, is linked to the financial preservation initiatives, which in the year to date have already added up to something in the order of $300 million, and that includes the impacts both of EBITDA and cash flow.

第二個是我們在過去幾季的報告中提到的，它與財務保全舉措相關，今年迄今為止，該舉措已累計金額約為 3 億美元，其中包括以下方面的影響： EBITDA 和現金流。

And we have regularly shared those results with you.

我們定期與您分享這些結果。

The third and last one, this one is related to the profile of our production capacity, especially in Brazil, which despite the weather event in southern Brazil, in Rio Grande do Sul, we were able to leverage one of our strategic competitive advantages, which is the geographical diversity of our petrochemical centers, which has allowed us to respond to an emergency, which did lead to a very significant drop in production.

第三個也是最後一個，這與我們的產能狀況有關，特別是在巴西，儘管巴西南部南里奧格蘭德州發生了天氣事件，但我們仍然能夠利用我們的戰略競爭優勢之一，即是我們石化中心的地理多樣性，這使我們能夠應對緊急情況，這確實導致了產量的大幅下降。

And the results were felt at different other centers, and this allowed us to become a better player, especially in the resin market.

其他不同的中心也感受到了結果，這使我們能夠成為更好的參與者，尤其是在樹脂市場。

In any case, I'd like to conclude by making a comment about the Brazilian chemical industry overall, which still suffers from issues linked to input competitiveness.

無論如何，我想最後對整個巴西化學工業發表評論，該行業仍然面臨與投入競爭力相關的問題。

And that's something we discussed at length today.

這就是我們今天詳細討論的內容。

Infrastructure and also productivity.

基礎設施和生產力。

And this, as a result, has been reflected in usage rates of the installed capacity that the Brazilian industry has.

因此，這已反映在巴西工業裝置容量的使用率上。

So usage of installed capacity.

所以裝機容量的使用情況。

In the first quarter of this year, usage of installed capacity by the Brazilian chemical industry was at 63% -- as low as 63%, which is the worst level seen in the past 18 months, according to a report prepared by Abiquim.

Abiquim的一份報告顯示，今年第一季度，巴西化學工業裝機利用率為63%，低至63%，這是過去18個月來的最差水平。

If we look specifically at the month of May, that number was even lower.

如果我們具體看五月份，這個數字甚至更低。

It dropped as low as 59%.

跌幅低至 59%。

In this scenario, it is important to highlight the need to have a broader industrial policy and one that seeks to strengthen the chemical and petrochemical and also the plastics chains as a way of mitigating the effects of increased competitiveness from abroad if we look at the current scenario where we have significant overcapacity.

在這種情況下，重要的是要強調需要製定更廣泛的產業政策，並尋求加強化學和石化以及塑膠鏈，以此作為減輕國外競爭力增強的影響的一種方式。 。

Lastly, I'd like to thank all of you once again for the trust you have in us, for taking part in our call.

最後，我想再次感謝大家對我們的信任以及參與我們的電話會議。

And we look forward to seeing you all in November when we publish the results for our third quarter.

我們期待在 11 月發布第三季業績時與大家見面。

Have a great afternoon, everyone, and see you in a few months.

祝大家下午愉快，幾個月後再見。

Braskem's video conference is now complete.

Braskem 的視訊會議現已結束。

We'd like to thank everyone for being with us and have a great afternoon.

我們要感謝大家與我們在一起並度過了一個愉快的下午。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。