Energy of Minas Gerais Co (CIG) 2023 Q2 法說會逐字稿

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（技術難度）

We inform that this video conference is being recorded and will be available at the company's IR website, where you find the company's presentation. Should you need simultaneous interpreting, the feature is available by clicking on the globe icon located on the bottom of the screen using interpretation and then the language of your choice, Portuguese or English. Should you choose to follow the call in English, you can also select mute original audio.

我們通知您，該視頻會議正在錄製中，並將在公司的 IR 網站上提供，您可以在該網站上找到該公司的演示文稿。如果您需要同聲傳譯，可以通過單擊屏幕底部的地球圖標使用同聲傳譯，然後選擇您選擇的語言（葡萄牙語或英語）來使用該功能。如果您選擇用英語接聽電話，您還可以選擇將原始音頻靜音。

Now I would like to turn the floor over to Carolina Senna, Investor Relations Superintendent. Please, Ms. Senna, you may proceed.

現在我想請投資者關係主管 Carolina Senna 發言。塞納女士，請繼續。

Thank you. Good afternoon, everyone. I'm Carolina Senna. I'm Cemig's Investor Relations Superintendent. We now start Cemig's Second Quarter 2023 Earnings Call and webcast with the following executives: Reynaldo Passanezi Filho, CEO; Leonardo George de Magalhaes, CFO and IR Officer; Marco da Camino Ancona Lopez Soligo, Chief Participation Officer; Marney Tadeu Antunes, Chief Distribution Officer; and Thadeu Carneiro da Silva, Chief Generation and Transmission office.

謝謝。大家下午好。我是卡羅萊納塞納。我是 Cemig 的投資者關係主管。我們現在開始與以下高管一起召開 Cemig 2023 年第二季度收益電話會議和網絡廣播：首席執行官 Reynaldo Passanezi Filho； Leonardo George de Magalhaes，首席財務官兼投資者關係官； Marco da Camino Ancona Lopez Soligo，首席參與官； Marney Tadeu Antunes，首席分銷官；以及發電和輸電辦公室主任 Thadeu Carneiro da Silva。

For the initial remarks, I turn the floor over to our CEO, Reynaldo Passanezi Filho.

首先，我請我們的首席執行官 Reynaldo Passanezi Filho 發言。

Good afternoon, everyone. Once again, it is a pleasure to be here, bringing to you the results of another quarter. And these keep being sound and consistent results, as you can see in this first slide. I can say that this is our main message. The company is effectively in a sound and consistent growth route. This is thanks to a very clear strategy that we called to focus in Minas Gerais and to win.

大家下午好。很高興再次來到這裡，為您帶來另一個季度的結果。正如您在第一張幻燈片中看到的那樣，這些結果始終是健全且一致的。我可以說，這是我們的主要信息。該公司實際上處於穩健且持續的增長路線。這要歸功於我們制定的非常明確的戰略，即專注於米納斯吉拉斯州並取得勝利。

As you see in the last bullet, we have been very successful in executing the largest investment program in Cemig's history. And this program is focused on the businesses that we know and the territories and the areas and the clients that we know. You have BRL 42 billion investments for the next 5 years, focused in distribution, transmission and generation of energy in Minas Gerais, and also in the trading area all over the country.

正如您在最後一個項目符號中看到的，我們非常成功地執行了 Cemig 歷史上最大的投資計劃。該計劃的重點是我們所了解的業務以及我們所了解的地區和客戶。未來 5 年您將投資 420 億雷亞爾，重點關注米納斯吉拉斯州的能源分配、傳輸和發電，以及全國各地的貿易領域。

In addition to investments in distributor generation and natural gas, but these are territories that we know well and also in a situation which we fully control the decisions, that also means the divestment of the assets that are a minority shareholding in areas that are outside the state of Minas Gerais. This strategy has proven to be sound and consistent that is what allows us to be bringing to you once again a robust cash generation and also robust net profit.

除了對分銷商發電和天然氣的投資外，這些都是我們熟悉的領域，並且在我們完全控制決策的情況下，這也意味著剝離在這些領域之外的少數股權資產。米納斯吉拉斯州。事實證明，這一戰略是合理且一致的，這使我們能夠再次為您帶來強勁的現金生成和強勁的淨利潤。

We are talking about an adjusted EBITDA already recurring [one] of BRL 2 billion in the quarter, annualized almost BRL 8 billion. And net profit, once again, growth of almost 7% vis-a-vis the prior quarter, already adjusted. This is a net profit of BRL 1.2 billion. These are the consistent results -- the recurrent results that prove the soundness of this company.

我們談論的是本季度調整後的 EBITDA 已達到 20 億雷亞爾，年化值接近 80 億雷亞爾。淨利潤再次較上一季度增長近 7%（已進行調整）。這是12億雷亞爾的淨利潤。這些是一致的結果——證明這家公司穩健的反复結果。

And now I go to the first bullet, bringing to you also how sound our internal controls are. We did have the Sabanes-Oxley certification of a balance sheet with no problems in its internal controls, an unqualified approval after 6 years. So this -- we are very sound in terms of our internal controls and governance and that comes in a great moment because we are celebrating 10 years of the law Clean Company. Also sound results consistent cash generation, net profit consistent as well, BRL 1.2 billion, the cash generation also very robust.

現在我要講第一點，向大家介紹我們的內部控制有多健全。我們的資產負債表確實獲得了 Sabanes-Oxley 認證，內部控制沒有任何問題，6 年後獲得了無條件批准。因此，我們在內部控制和治理方面非常健全，這是一個偉大的時刻，因為我們正在慶祝清潔公司法成立 10 週年。現金生成能力也良好，淨利潤也一致，為 12 億雷亞爾，現金生成能力也非常強勁。

And also, we aim to continue generating value to society, to shareholders and stakeholders by the means of the largest investment program in history. And in order to complete this strategy, we have another topic, which is capital allocation, just like I mentioned, the BRL 42 million, the largest investment plan in the company's history.

此外，我們的目標是通過歷史上最大的投資計劃繼續為社會、股東和利益相關者創造價值。而為了完成這個戰略，我們還有一個話題，就是資本配置，就像我剛才提到的，4200萬雷亞爾，是公司歷史上最大的投資計劃。

And you will see in the presentation that in one semester, we have invested in distribution almost double of what we invested in 2018. Just to give you an idea, in the first half, we invested in the double amount that we invested in 2018. And this is the topic that we are talking about in terms of capital allocation. And another dear topic for the company and the company's strategy is our operating efficiency. So we move forward and these consistent results of cash generation are there because we are meeting all the regulatory OpEx, regulatory losses. So we are within the parameters there. This is our strategies for -- is to have a robust cash generation because we are efficient in this operation. And we are under the regulatory OpEx. We are lower than the regulatory losses allowed and we have a strategy to allocate capital, which is a record in the businesses that we know. And we are divesting from assets which -- in which we have a minority shareholding.

你會在演示中看到，在一個學期裡，我們在分銷方面的投資幾乎是 2018 年投資的兩倍。只是給你一個想法，在上半年，我們投資的金額是 2018 年投資的兩倍。這就是我們在資本配置方面討論的話題。公司和公司戰略的另一個熱門話題是我們的運營效率。因此，我們繼續前進，這些現金產生的一致結果是存在的，因為我們正在滿足所有監管運營支出和監管損失。所以我們在參數範圍內。這是我們的戰略——擁有強勁的現金生成能力，因為我們的運營效率很高。我們受到運營支出監管。我們的損失低於監管允許的水平，並且我們有一個資本配置策略，這在我們所知道的企業中是創紀錄的。我們正在剝離我們擁有少數股權的資產。

And as you know, we have already divested in a large number of these assets. The presentation will also go over another great effort of this company in the digitization area, almost BRL 1 million in digitization, automation, modernization, new systems to operate and control our businesses record investments and modernization.

如您所知，我們已經剝離了大量此類資產。演講還將介紹該公司在數字化領域的另一項巨大努力，在數字化、自動化、現代化、操作和控制我們業務的新系統方面投入了近 100 萬雷亞爾，創下了投資和現代化的記錄。

And we also have future perspectives in this capital allocation in terms of investments and return, not only return on distribution investments but also the company's investments in generation after a number of years. We are now building almost 180 megawatts of photovoltaic plants. We have a plant distributor generation, whether solar photovoltaic generation whether it is flowing. We're talking about 540 megawatts already growing in land plants to ensure the market leadership in addition to our objective to renewal our generation concessions. So this is the broader overview.

我們還對這種資本配置的投資和回報方面的未來前景進行了展望，不僅是分銷投資的回報，還包括公司多年後的發電投資。我們現在正在建設近 180 兆瓦的光伏電站。我們有電站經銷商發電，太陽能光伏發電是否流動。我們正在談論的陸地發電廠已經增長了 540 兆瓦，以確保市場領先地位以及我們更新發電特許權的目標。這是更廣泛的概述。

And I also would like to talk about our leadership in energy trading. We have a very comfortable situation for the next 3 years. As far as the needs that we have are concerned because we have a situation where we can cease this opportunity of lower prices in the short term for electric energy. So I would say that here, once again, we are in a very consistent and sound position in terms of our results.

我還想談談我們在能源貿易方面的領導地位。未來三年我們的處境非常舒適。就我們的需求而言，因為我們面臨的情況是，我們可以停止短期內降低電能價格的機會。所以我想說，就我們的結果而言，我們再次處於非常一致和良好的位置。

All these are my initial remarks. Slide is up. I can comment also on that. We have BRL 1.7 billion in investments here. And here, we have capital allocation, right, that I was talking about. So it's BRL 1.7 billion in the first half of the year. If you all remember, how it was in 2018. For the whole year, it was BRL 950 million. So almost all that amount in a single semester. So in fact, now we have a large part of our investment program already contracted. So we have everything that we need to be able to execute our investment plan, especially in the regulated sectors, where we have greater perspective to generate value. We do have a challenge. The Brazilian electric sector has a challenge in centralized generation because of a large amount of supply, and you're still picking up in terms of demand for energy consumption.

這些都是我的初步發言。幻燈片已升起。我也可以對此發表評論。我們在這裡有 17 億雷亞爾的投資。在這裡，我們有資本配置，對吧，這就是我所說的。所以今年上半年的收入為 17 億雷亞爾。如果你們還記得2018年的情況的話。全年是9.5億雷亞爾。所以幾乎所有的金額都是在一個學期內完成的。所以事實上，現在我們的投資計劃的很大一部分已經簽訂了合同。因此，我們擁有執行投資計劃所需的一切，特別是在受監管的行業，我們有更大的視角來創造價值。我們確實面臨著挑戰。由於供應量大，巴西電力行業在集中發電方面面臨挑戰，而且能源消耗需求仍在增加。

And the country also consistent, result in gas and distributor generation, once again, record in terms of investments. We are building a pipeline here from the metro region of Belo Horizonte up to Justinopolis. And also in the distribution generation area, our objective is to maintain our leadership in the state of Minas Gerais.

該國也保持一致，導致天然氣和分銷商發電再次創下投資記錄。我們正在這裡修建一條從貝洛奧里藏特都會區到賈斯蒂諾波利斯的管道。在配電領域，我們的目標是保持我們在米納斯吉拉斯州的領先地位。

These were my initial remarks, and we are available to once again show you and hear your contributions -- about another quarter of sound results in this company.

這些是我最初的評論，我們可以再次向您展示並聽到您的貢獻 - 關於該公司的另一個季度的良好業績。

Thank you very much, Dr. Reynaldo Passanezi Filho. Now I will turn the floor to our CFO, Leonardo George de Magalhaes. Leonardo?

非常感謝 Reynaldo Passanezi Filho 博士。現在我請我們的首席財務官 Leonardo George de Magalhaes 發言。萊昂納多？

Thank you, Carol. As Reynaldo mentioned, we did have important investments already. This year, we have a bold investment program, a little bit over BRL 5 billion. We are very optimistic about our investments in distribution. We understand that we'll be able to complete these BRL 3.2 billion in the year and we believe that it has a number of positive consequences. We have some [cautious] numbers that will be considered in the next tariff review. And also these figures help the company to have more energy available in the market, which is important for society in order to ensure the society's growth, and the society that is carried by this company. Some investments in distributor generation -- and here, the performance, the execution in this first half of the year was shy considering the total that we have forecasted for the year because we believe that most of these investments will happen in the second half of the year.

謝謝你，卡羅爾。正如雷納爾多提到的，我們確實已經進行了重要的投資。今年，我們有一個大膽的投資計劃，略高於 50 億雷亞爾。我們對分銷方面的投資非常樂觀。我們知道我們將能夠在今年完成這 32 億雷亞爾，並且我們相信這會產生許多積極的影響。我們有一些[謹慎]的數字，將在下一次關稅審查中考慮。這些數字還幫助公司在市場上擁有更多的可用能量，這對於社會以及由該公司承載的社會的增長非常重要。考慮到我們今年預測的總額，對分銷商一代的一些投資 - 在這裡，今年上半年的業績和執行情況是有限的，因為我們相信大部分投資將發生在下半年年。

So in the second half of the year, we expect more investments in the other businesses in the company other than distribution as well. So we are very optimistic. We believe we are going to get close to this BRL 5.4 billion that we have forecasted for 2023.

因此，下半年我們預計公司除分銷以外的其他業務也會有更多投資。所以我們非常樂觀。我們相信，我們將接近 2023 年預測的 54 億雷亞爾。

And as Reynaldo mentioned in the next slide, we have some of the challenges of the trading area. And we understand this is a great opportunity for Cemig as it was when we had the free market becoming open few years ago and Cemig saw a new opportunity then, and now it generates a lot of results -- great results. And Cemig's EBITDA of our trading company in the first half of the year was higher than BRL 600 million, a very relevant result. And that is a material fact -- material proof that the trading area of Cemig is correctly reading the market. And this is a relationship that adds value, both for the clients as well as for the company in its operations.

正如雷納爾多在下一張幻燈片中提到的，我們面臨著貿易領域的一些挑戰。我們知道這對 Cemig 來說是一個很好的機會，因為幾年前我們開放了自由市場，Cemig 當時看到了一個新的機會，現在它產生了很多結果——偉大的結果。而我們貿易公司Cemig上半年的EBITDA高於6億雷亞爾，這是一個非常相關的結果。這是一個重要的事實——Cemig 交易區正在正確解讀市場的重要證據。這種關係可以為客戶以及公司的運營增加價值。

And now with the opening of the retail market in new markets, Cemig is already prepared to cater to this client by our website, energialivre.cemig, and this is constantly being developed so that every day, we can have a friendlier platform so that we can read consumers, not only in the state of Minas Gerais because we understand that -- thanks to the company's reputation, the top of mind of our brand here in Minas Gerais. This allows us some competitive advantage, and we have to see this competitive advantage to have a large share of this market, but also for -- to allow us cater to this retail consumer and client out of Minas Gerais. So we understand that we can have -- and we do have that ambition in terms of a stake in this retailers marketplace.

現在，隨著新市場零售市場的開放，Cemig 已經準備好通過我們的網站 energialivre.cemig 來滿足該客戶的需求，並且該網站正在不斷開發，以便每天我們都可以擁有一個更友好的平台，以便我們不僅在米納斯吉拉斯州，我們能夠讀懂消費者的心聲，因為我們了解這一點——這要歸功於公司的聲譽，這是我們品牌在米納斯吉拉斯州的首要考慮因素。這給我們帶來了一些競爭優勢，我們必須看到這種競爭優勢才能在這個市場上佔有很大份額，而且還要讓我們能夠滿足米納斯吉拉斯州以外的零售消費者和客戶的需求。所以我們知道我們可以擁有——而且我們確實有這樣的雄心壯志，在這個零售商市場上佔有一席之地。

This is a new market or the company adds value, considering especially this moment where energy has low prices in the free market. And that's an important market for us. We want to cater to this market in a way that we can create value to the company and our shareholders.

這是一個新市場或公司增加了價值，特別是考慮到能源在自由市場上價格低廉的時刻。這對我們來說是一個重要的市場。我們希望以一種能夠為公司和股東創造價值的方式來迎合這個市場。

Moving on, Reynaldo talked about these important investments that we'll be doing in the next few years. It's within our strategic plan and there are some special topics here.

接下來，雷納爾多談到了我們將在未來幾年進行的這些重要投資。它在我們的戰略計劃之內，並且這裡有一些特殊主題。

So investment in security and safety. We see cyberattacks happening frequently. Cemig has resilience in it's security information. We are prepared to face threats in this environment. And also platform development in terms of quality of service to clients and that reflects in a better productivity in our teams, avoiding frustrated teams being displaced because they do not have the best algorithm or the best optimized intelligence to be used in their daily operations. So we understand that this platform modernization allows us to have greater security and sustainability in our operations, digital channels and also operating efficiency. These are important investments and we understand that the company cannot let go updating itself in this digital environment. These are important investments we'll be making in the next few years, and I think this is going to generate value.

因此，要投資於安保和安全。我們看到網絡攻擊頻繁發生。 Cemig 的安全信息具有彈性。我們準備好在這種環境下面對威脅。還有為客戶提供服務質量方面的平台開發，這反映了我們團隊更高的生產力，避免沮喪的團隊因為沒有在日常運營中使用的最佳算法或最佳優化智能而被取代。因此我們知道，這種平台現代化使我們的運營、數字渠道和運營效率具有更高的安全性和可持續性。這些都是重要的投資，我們知道公司不能放棄在這個數字環境中自我更新。這些是我們在未來幾年將進行的重要投資，我認為這將產生價值。

Moving on our ESG actions. This is a very dear topic to us. This is in our DNA. Cemig has always been within the sustainability indexes, the national ones and international ones. Cemig is part of these indexes. And we play a significant role there. And in this quarter, we launched our program about -- diversity program for our employees, so we have also training in diversity. This is important for us.

繼續我們的 ESG 行動。這對我們來說是一個非常親切的話題。這是我們的基因。 Cemig 始終處於國家和國際可持續發展指數之內。 Cemig 是這些索引的一部分。我們在那裡發揮著重要作用。在本季度，我們推出了關於員工多元化的計劃，因此我們也進行了多元化培訓。這對我們來說很重要。

In the second quarter, we had the largest issuance of sustainable bonds in Brazil BRL 2 billion in emissions, our bonds were placed in the market and that shows how much the market trusts on us, and they are attached to important investments that we are making in social areas, 3-Phase Minas, Mais Energia and Efficiency Programs that bring more energy and have energy available to clients.

第二季度，我們發行了巴西最大規模的可持續債券，排放量為20億雷亞爾，我們的債券被投放到市場上，這表明了市場對我們的信任程度，它們與我們正在進行的重要投資掛鉤在社會領域，三相米納斯、邁斯能源和效率計劃為客戶帶來更多能源並提供可用能源。

So we change lives of people that are serviced by us. And we also generate value to our shareholders because these investments are also recognized in the remuneration base. And also we have disclosures in our TCFD report. And these are events related to climate change. And here, we were able to remove a large amount of CO2, 10,156 tons of CO2. This is a relevant figure. It is equivalent to 100,000 fuel tanks. And also, we have a certification of renewable energy certificates. This is the energy that we deliver to our clients, and it has the seal of proving that the energy comes from renewable sources, that's another value that we create for our clients when we have this special seal.

因此，我們改變了我們所服務的人們的生活。我們還為股東創造價值，因為這些投資也在薪酬基礎中得到認可。我們的 TCFD 報告中也進行了披露。這些都是與氣候變化有關的事件。在這裡，我們能夠去除大量的二氧化碳，10,156噸二氧化碳。這是一個相關的數字。相當於10萬個油箱。此外，我們還擁有可再生能源證書的認證。這就是我們提供給客戶的能源，它帶有證明該能源來自可再生能源的印章，這是當我們擁有這個特殊印章時我們為客戶創造的另一個價值。

Now we are going to dive into the results analysis. I will comment on overview and then Carol will continue the presentation. As Reynaldo mentioned, another result -- another quarter of consistent results and EBITDA close to BRL 1.9 billion and the half of the year close to BRL 4 billion and net profit close to BRL 1.2 billion and in the half of the year took almost BRL 2.5 billion. So we can get very optimistic in terms of our results for the end of the year.

現在我們將深入研究結果分析。我將評論概述，然後卡羅爾將繼續演示。正如Reynaldo 提到的，另一個結果是，又一個季度業績保持一致，EBITDA 接近19 億雷亞爾，上半年接近40 億雷亞爾，淨利潤接近12 億雷亞爾，上半年幾乎增長了2.5雷亞爾。十億。因此，我們對年底的業績非常樂觀。

Our bylaws defines a payout of 50% of dividend payment. So it is a very attractive payout. And I would say one of the best dividend paying companies, I would say that Cemig is. And the results that we bring to it every quarter allows investors to few -- secure in terms and confident regarding their trust that they have on us. So as I mentioned, over 40% growth vis-a-vis the prior year in the 6 months, over BRL 600 million in EBITDA. And dividends, we have had interest on equity already almost BRL 900 million of interest on equity, showing that the company is really interested to work with investors as well. We did have a positive tariff review. We understand that the results of this review will be better seen in the second half of the year. And this was on May 28, this tariff review. So just 1 month after this tariff review that has affected the company's results for the second quarter of 2023 for the -- now by the end of the year, we will have the whole semester with the results of the tariff review, which were positive.

我們的章程規定支付股息的 50%。所以這是一個非常有吸引力的支出。我想說，Cemig 是最好的股息支付公司之一。我們每個季度帶來的結果讓投資者對我們的信任感到放心和充滿信心。正如我所提到的，這 6 個月內，EBITDA 與上一年相比增長了 40% 以上，EBITDA 超過 6 億雷亞爾。至於股息，我們已經有近 9 億雷亞爾的股權利息，這表明該公司也確實有興趣與投資者合作。我們確實進行了積極的關稅審查。我們了解，這次審核的結果將在下半年得到更好的體現。這是 5 月 28 日的關稅審查。因此，就在影響該公司 2023 年第二季度業績的關稅審查之後 1 個月，到今年年底，我們將在整個學期看到關稅審查的結果，這些結果是積極的。

It was fair regarding our operations. And also regulatory loss at PMSO, within the regulatory limits. And Cemig GT with financial discipline, consistent results. We bid at annual transmission auction in January of 2023. You understand that we were competitive because we are -- in Minas Gerais we understand that our proposals were competitive. We were not awarded the auction, but we also understand that we have a commitment with our shareholders investing on assets that will generate positive present value. So we were not awarded this bid but we have a number of other investments for the next few years that will generate value for our shareholders.

對於我們的運營來說這是公平的。還有 PMSO 在監管範圍內的監管損失。而且Cemig GT 遵守財務紀律，結果一致。我們在 2023 年 1 月的年度變速箱拍賣中進行投標。您知道我們具有競爭力，因為我們在米納斯吉拉斯州知道我們的提案具有競爭力。我們沒有獲得拍賣權，但我們也明白，我們對股東做出了投資於將產生正現值的資產的承諾。因此，我們沒有獲得這次投標，但我們在未來幾年還有許多其他投資，將為我們的股東創造價值。

So that's fine. It's part of the game. We bid. We were not aware of the concession, but we -- that -- shows also that we have a financial discipline in our capital allocation. And also here, we have the sale of Baguari and Retiro Baixo, HPPs -- these are almost concluded. We are just waiting for the final approvals to conclude the operations and then to have the funds coming into our cash.

所以沒關係。這是遊戲的一部分。我們出價。我們不知道這種讓步，但我們——這——也表明我們在資本配置方面有財務紀律。同樣在這裡，我們還出售了Baguari 和Retiro Baixo、HPP——這些幾乎已經完成。我們只是在等待最終批准來完成運營，然後資金就會轉入我們的現金。

So now I will turn the floor to Carolina, and she's going to go into the details on the results.

現在我將請卡羅萊納州發言，她將詳細介紹結果。

Thank you, Leonardo. Now moving on. On this slide, we have Cemig's consolidated 2Q '23 results. Here, we have had no nonrecurring effects. In 2022, we had a number of effects that affected the results. I will go over them very briefly. We sold Renova. As we said, that is within our plan of sale of assets -- of nonperforming assets, and we also had the write-off of financial assets. These are assets that we have, but we had other assets that we need to be reimbursed. So those were written off. We also have the provision for credits -- for tax credits and that was provisioned in 2022. Also, the use of the distribution infrastructure. This was a non-occurring revenue also in 2022. Reversal of Santo Antônio provision and the FX exposure and this affects the quarter.

謝謝你，萊昂納多。現在繼續。在這張幻燈片上，我們展示了 Cemig '23 年第二季度的綜合業績。在這裡，我們沒有產生任何一次性影響。 2022 年，我們遇到了許多影響結果的因素。我將非常簡短地回顧一下它們。我們賣掉了Renova。正如我們所說，這屬於我們的資產出售計劃——不良資產，而且我們還註銷了金融資產。這些是我們擁有的資產，但我們還有其他需要償還的資產。所以這些都被註銷了。我們還有稅收抵免的規定，這是在 2022 年規定的。此外，還有分銷基礎設施的使用。這也是 2022 年的非發生收入。聖安東尼奧撥備和外匯敞口的逆轉，這會影響該季度。

And remember that we still have an Eurobond share or part of that is due in 2024. When we remove all these effects, we report another quarter with sound results, we grew 3.8% in our EBITDA, 6.6% in our net profit, showing our commitment and the company's commitments in adding value to its shareholders.

請記住，我們仍然擁有歐洲債券份額或其中一部分將於2024 年到期。當我們消除所有這些影響時，我們報告了另一個季度的良好業績，我們的EBITDA 增長了3.8%，淨利潤增長了6.6%，這表明我們的承諾以及公司為股東增加價值的承諾。

About operating costs and expenses. There was an increase of 9% in the PMSO affected by outsourced services. That increase is because of a company's management change by -- because of preventive maintenance. Since the 4Q '22, we mentioned that we were going to change that in our management because this is going to bring a better services provided to our clients. Also Aneel Resolution 1,000, here, we have financial compensations for consumers.

關於運營成本和費用。受外包服務影響的 PMSO 增加了 9%。這一增長是由於公司管理層因預防性維護而發生變化。自 22 年第四季度以來，我們提到我們將改變我們的管理方式，因為這將為我們的客戶提供更好的服務。還有 Aneel 決議 1,000，在這裡，我們為消費者提供經濟補償。

On the other hand, on the positive note, we did have our -- a voluntary redundancy program, and that was the cost of 9%, but the highest increase here is the outsourced services. This is an expense that is going to bring us in the long-term reduction in future costs and better services provided to our consumers.

另一方面，從積極的方面來看，我們確實有自願裁員計劃，成本為 9%，但增幅最高的是外包服務。從長遠來看，這筆費用將為我們帶來未來成本的降低以及為消費者提供更好的服務。

On the next slide, we see the company's cash flow, the strong generation of operating cash in 6 months, we generated BRL 4 billion. So the cash in December was BRL 3.3 billion. We are returning the tax credits and the tariffs. We paid dividends. We raised BRL 2 million in Cemig D, as we mentioned with sustainable bonds. We paid debt with a net effect here of BRL 1,388 million. We paid Santo Antônio. We are investing in the largest investment program, as Reynaldo said, and we ended with a cash of BRL 3.8 billion in 6 months, and it tends to be used over the second half of the year because of our robust investment program, which we already discussed.

在下一張幻燈片中，我們看到了公司的現金流，6 個月內強勁的運營現金生成，我們產生了 40 億雷亞爾。因此 12 月份的現金為 33 億雷亞爾。我們正在退還稅收抵免和關稅。我們支付了股息。正如我們在可持續債券方面提到的，我們在 Cemig D 中籌集了 200 萬雷亞爾。我們支付的債務淨效應為 13.88 億雷亞爾。我們付錢給聖安東尼奧。正如雷納爾多所說，我們正在投資最大的投資計劃，我們在 6 個月內獲得了 38 億雷亞爾的現金，由於我們已經制定了穩健的投資計劃，這些現金往往會在下半年使用。討論過。

About the debt profile and the consolidated, the debt profile. I already talked about the Eurobond. We already bought back parcels of this Eurobond, and it is due in 2024. And 2023, we'll do another buyback. So -- for December, we do not have a premium anymore for the buyback. So we are going to improve our structure. But the cost of that is down because of the IPCA and the dollar and our leverage. Although we had the funding for Cemig D of BRL 2 billion is still low. But like I said, naturally, because of the robust investment program, this leverage is going to increase and it should reach '27, 2x in the consolidated results. So despite of being a low leverage, it will naturally increase because of the investment program.

關於債務概況和合併債務概況。我已經談到了歐洲債券。我們已經回購了部分歐洲債券，將於 2024 年到期。2023 年，我們將進行另一次回購。因此，對於 12 月份，我們不再有回購溢價。所以我們要改進我們的結構。但由於 IPCA、美元和我們的槓桿作用，其成本下降了。儘管我們為 Cemig D 提供了 20 億雷亞爾的資金，但仍然很低。但正如我所說，自然地，由於穩健的投資計劃，這種槓桿將會增加，並且應該達到“27”，綜合業績的 2 倍。因此，儘管槓桿率較低，但由於投資計劃，槓桿率自然會增加。

Now going into Cemig D results, we have the nonrecurring here. The provision for the PIS, Cofins credits and also the use of distribution infrastructure. If we remove those, we have an EBITDA of 14.3% and net profit of 10.9%. And again, we have just concluded the 5th -- the tariff review for the company and we have now a net average increase of 13.3%. So here in this quarter, we had just 1 month of effect of this adjustment for this tariff review. And our regulatory remuneration base here increased from BRL 8.9 billion to BRL 15.2 billion.

現在進入 Cemig D 結果，我們這裡有非重複性結果。提供 PIS、Cofins 積分以及分銷基礎設施的使用。如果剔除這些，我們的 EBITDA 為 14.3%，淨利潤為 10.9%。再說一次，我們剛剛結束了第 5 次公司關稅審查，現在平均淨增長率為 13.3%。因此，在本季度，我們對此次關稅審查的調整僅生效了 1 個月。我們的監管薪酬基礎從 89 億雷亞爾增加到 152 億雷亞爾。

And the electricity market for Cemig D here, if we add consumer and transported energy, we have a 0.7% growth. It might seem small, but if we look at the whole market, the DG market is affecting the whole company compared to -- quarter-to-quarter, we had a 56% increase. And this energy when it migrates to DG, it is growing. The state of Minas Gerais is bringing in opportunities for growth and development. And we see this in transported energy because you see that it grew 3.3% and the cap despite of the drop of 1.7%.

這裡的 Cemig D 電力市場，如果我們加上消費者和運輸能源，我們將增長 0.7%。它可能看起來很小，但如果我們看看整個市場，DG 市場正在影響整個公司，與季度相比，我們增長了 56%。而當這種能量遷移到DG時，它就會不斷增長。米納斯吉拉斯州正在帶來增長和發展的機會。我們在運輸能源中看到了這一點，因為儘管下降了 1.7%，但它仍增長了 3.3% 且達到了上限。

We draw your attention to the residential growth here, 6.4%. The number for residential consumers increased and the average consumption also increased. And this is important information showing that the strategy of investing and distribution -- strategy that does bring return to the company in addition to better services provided to clients in our concession.

我們提請您注意這裡的住宅增長率，6.4%。居民消費者數量增加，人均消費也有所增加。這是重要的信息，表明投資和分銷策略除了為我們特許經營的客戶提供更好的服務之外，還確實為公司帶來了回報。

About regulatory limits, we are committed to meet the regulatory limits. The losses are important. We were able to be under the regulatory limits in 2021, and we ended the quarter at 10.78% and the limit is 11.6%. So we are very well positioned. So our limits for the end of the year is going to be 10.8%, and we will be within the regulatory limits. Thanks to the initiatives that have already carried out in the past 6 months, and we'll continue working on them. We have already made 210,000 inspections. We replaced 312,000 obsolete meters. Also, we replaced meters by smart meters and the Energialivre program is already working with low-income families to have their legal energy actions.

關於監管限制，我們致力於滿足監管限制。損失很重要。 2021 年我們能夠低於監管限制，本季度末我們的利率為 10.78%，限制為 11.6%。所以我們處於非常有利的位置。所以我們今年年底的限制是 10.8%，我們將在監管限制之內。感謝過去 6 個月中已經實施的舉措，我們將繼續努力。我們已經進行了21萬次檢查。我們更換了 312,000 個廢棄電錶。此外，我們用智能電錶取代了電錶，Energialivre 計劃已經與低收入家庭合作，採取合法的能源行動。

Now in Cemig D, this proves how our digital channels are improving our collection. It's very important to have the new system, the PIX, which is the instant payment system that already represents 14.03% of all collections. And ARFA, which measures the receivables collection index. In 2022, we are very close to 100%. And in this half of the year, we went over 100%. That is because we were able to collect a debt of city hall in Minas Gerais and we brought BRL 12 million to the company in that action.

現在在 Cemig D，這證明了我們的數字渠道如何改進我們的收藏。擁有新系統 PIX 非常重要，它是即時支付系統，已佔所有收款的 14.03%。還有ARFA，衡量應收賬款催收指數。到 2022 年，我們非常接近 100%。而這半年，我們就超過了100%。這是因為我們能夠收回米納斯吉拉斯州市政廳的債務，並通過該行動為公司帶來了 1200 萬雷亞爾。

Another important metric here is that we are committed, and we are still delivering and we'll continue to deliver our regulatory OpEx that we have no tariffs. So the OpEx for 6 months, we have BRL 2 billion as the regulatory OpEx. And our performance or realized was BRL 1.9 billion. And the regulatory EBITDA, we are above that. So we are committed to meeting the regulatory limits and with efficiency, and that's what we are doing. And we see greater opportunities to improve even more with the post retirement as we have shared with you.

這裡的另一個重要指標是我們的承諾，我們仍在交付並將繼續交付我們沒有關稅的監管運營支出。因此，對於 6 個月的運營支出，我們有 20 億雷亞爾作為監管運營支出。我們的業績或實現額為 19 億雷亞爾。而監管 EBITDA 則高於此。因此，我們致力於高效地滿足監管限制，這就是我們正在做的事情。正如我們與您分享的那樣，我們看到了退休後有更大的改進機會。

And now turning to Cemig's GT results. This slide is a little bit different. We also had nonrecurring effects, and I talked about them, which was the disposal of assets. Also the write-off of financial assets, the reversal of Santo Antônio provision and the FX exposure affecting our profits. But when I remove these effects. And also important information here, we are transferring the trading activity from Cemig's GT to the holding company, this process has not been concluded. And when I go back to the EBITDA that has already been migrated that is under Cemig H. If I bring it back to the effect, we had a small drop of 2.2%, affected by inflation, which also affects the transfer of rights bonus. But if I bring back the effect of the profit regarding trading activity, I had an increase of 14.3%, influenced by the dollar. This is the FX effect on Cemig's GT financial results.

現在轉向 Cemig 的 GT 結果。這張幻燈片有點不同。我們也有非經常性影響，我談到了它們，那就是資產的處置。此外，金融資產的沖銷、聖安東尼奧撥備的沖銷以及影響我們利潤的外匯風險。但當我去掉這些影響後。這裡還有重要的信息，我們正在將交易活動從 Cemig 的 GT 轉移到控股公司，此過程尚未結束。當我回到 Cemig H 下已經遷移的 EBITDA 時。如果我把它帶回來，我們會受到通貨膨脹的影響，小幅下降 2.2%，這也影響了權利獎金的轉讓。但如果我考慮到交易活動利潤的影響，受美元影響，我的增幅為 14.3%。這是匯率對 Cemig GT 財務業績的影響。

Important highlights for Cemig's GT that we have already shared. And it's important to stress our permitted transmission revenue did not affect the results in this quarter, but we did have an increase of 23.5% for the next cycle, affected by the inflation in the period, also strengthening and improvement of the network with the addition of permitted transmission revenue. And also the reprofile of Cemig's GT National Grid contribution and the amount that will be receiving is higher than the prior years.

我們已經分享了 Cemig GT 的重要亮點。重要的是要強調，我們允許的傳輸收入並沒有影響本季度的業績，但我們在下一個週期確實增長了 23.5％，受到該時期通貨膨脹的影響，同時網絡的加強和改善也增加了允許的傳輸收入。 Cemig 的 GT 國家電網貢獻和將收到的金額也重新調整，高於前幾年。

And I would like also to highlight something else. We have already shared that, but this is just hint on the development of these projects. Here, the Boa Esperanca and Jusante projects, we have already invested here BRL 360 million. The works are ongoing. All the suppliers are contracted. And as Dr. Reynaldo mentioned, we have already requested the renewal concessions for Sa Carvalho, Emborcacao, and Nova Ponte.

我還想強調一下其他事情。我們已經分享過這一點，但這只是這些項目開發的暗示。這裡，Boa Esperanca和Jusante項目，我們已經在這裡投資了3.6億雷亞爾。相關工作正在進行中。所有供應商均已簽訂合同。正如 Reynaldo 博士提到的，我們已經請求為 Sa Carvalho、Emborcacao 和 Nova Ponte 提供續約優惠。

For Gasmig, we also consolidated these results. Gasmig is important for our consolidated results. So every quarter, we bring Gasmig's results. We can see that we had an EBITDA growth of 55.4% affected by the repositioning of the tariff review and higher consumption, especially -- the consumption from industrial and thermal clients increasing 36.5%. Gasmig has -- showing growth opportunities. And because of that, it launched a centralized project that will bring the gas pipeline up to Divinopolis. Gasmig CapEx of BRL 780 million up to June. We have already invested BRL 73 million. And by the end of the year, we will have invested BRL 367 million. We are concluding the bidding process and environmental licensing. And in the second half of the year, we will be accelerating the works.

對於 Gasmig，我們還整合了這些結果。 Gasmig 對於我們的綜合業績非常重要。所以每個季度我們都會帶來 Gasmig 的結果。我們可以看到，受關稅審查重新定位和消費增加的影響，我們的 EBITDA 增長了 55.4%，特別是工業和熱力客戶的消費增長了 36.5%。加斯米格已經展現出增長機會。因此，它啟動了一個集中項目，將天然氣管道連接到迪維諾波利斯。截至 6 月，Gasmig 資本支出為 7.8 億雷亞爾。我們已經投資了 7300 萬雷亞爾。到今年年底，我們將投資 3.67 億雷亞爾。我們正在完成招標過程和環境許可。下半年，我們將加快推進工作。

We are also investing in distributed generation part of that by Cemig's SIM. And another part by the floating ones, which will be in Cemig's GT. So now we have in operation 19 plants, in Construction 51 plants and being developed, the 3 floating plants, the solar plants. Installed capacity is growing. So we have 52 megawatts P in operation; in construction, 168; and being developed 274. A significant growth in distributed generation. And that is going to be going into our EBITDA in the next few years. And recently, we have concluded the bidding process to build 23 solar plants that will gradually be in operation by 2024.

我們還投資了 Cemig 的 SIM 的分佈式發電部分。另一部分是漂浮的，將在 Cemig 的 GT 中。現在我們有 19 個正在運營的發電廠，51 個正在建設中的發電廠以及正在開發中的 3 個浮動發電廠和太陽能發電廠。裝機容量不斷增長。所以我們有 52 兆瓦 P 正在運行；建築業，168；和正在開發 274. 分佈式發電顯著增長。這將在未來幾年計入我們的 EBITDA。最近，我們已經結束了建設23個太陽能發電廠的招標過程，這些發電廠將在2024年之前逐步投入運營。

Now to conclude, I will turn the floor to Leonardo. He is going to into the details and talk about our commitments and challenges and opportunities.

最後，我將請萊昂納多發言。他將詳細介紹我們的承諾、挑戰和機遇。

Thank you, Carol. We like to finish with this slide because this is our commitment with the investors. And these commitments come from our strategic planning. And most of these commitments are being met by the company. Some of them have already achieved such as the OpEx below regulatory limits. Our EBITDA is over the regulatory limit. The losses also are within the regulatory limits. And also the strengthening of Cemig's D investments program, and that's a great advancement from what we had in the past. So you used to invest BRL 800 million -- BRL 900 million in the past. And now we have a bold investment program for this year to [BRL 3.2 billion]. And we understand that -- and we feel confident and the company has -- the company has already contracted these materials, these services, and we are ready to invest.

謝謝你，卡羅爾。我們希望以這張幻燈片結束，因為這是我們對投資者的承諾。而這些承諾來自我們的戰略規劃。公司正在履行大部分承諾。其中一些已經實現了運營支出低於監管限制等目標。我們的 EBITDA 超過了監管限額。損失也在監管範圍之內。 Cemig 的 D 投資計劃也得到了加強，這比我們過去的計劃有了很大的進步。所以你過去投資了8億雷亞爾——9億雷亞爾。現在，我們今年有一項大膽的投資計劃，金額為 [32 億雷亞爾]。我們知道——我們對此充滿信心，公司也有信心——公司已經簽訂了這些材料、這些服務的合同，我們準備投資。

Now what is in progress, the divestment of nonstrategic assets. We understand that a large part of these assets have already been sold, such as Light, Renova, Axxiom and other assets in Santo Antônio also was divested, and we continue with the divestment process.

現在正在進行的工作是非戰略資產的剝離。據我們了解，這些資產的很大一部分已經出售，例如 Light、Renova、Axxiom 和 Santo António 的其他資產也被剝離，我們將繼續剝離流程。

Digital transformation, we invest -- we intend to invest BRL 1 billion up to 2027. Renewables investments that are going on at full power, as Carol mentioned. Also growth in retail, electricity sales and the bonds, liability management because little by little, we are reducing our FX exposure. For the future, we will continue investing in renewable holding generation sources and renewals of concessions and the company is already preparing itself.

數字化轉型，我們投資——我們打算到 2027 年投資 10 億雷亞爾。正如卡羅爾提到的，可再生能源投資正在全力進行。零售、電力銷售和債券、負債管理也有所增長，因為我們正在一點一點地減少外匯敞口。未來，我們將繼續投資於可再生能源控股發電資源和特許權更新，公司已經做好了準備。

But to be ready to renew the important concessions in our portfolio for energy generation. That's it.

但要準備好更新我們能源生產投資組合中的重要讓步。就是這樣。

Thank you very much. I'll turn the floor back to Carol. And now we can start our Q&A session.

非常感謝。我將把發言權轉回給卡羅爾。現在我們可以開始問答環節了。

Thank you all very much. We'll now start the Q&A session.

非常感謝大家。我們現在開始問答環節。

(Operator Instructions) The first question is from Andre Sampaio, sell-side analyst from Santander.

（操作員說明）第一個問題來自桑坦德銀行賣方分析師安德烈·桑帕約（Andre Sampaio）。

I have a question about Gasmig. Can you comment on the results? Why was the results so much higher than the regulatory limit. Is there anything there that this is noncash? Or is that nonrecurring effect, and it makes sense to imagine that huge gap, vis-a-vis the regulatory limit?

我有一個關於加斯米格的問題。你能對結果發表評論嗎？為什麼結果比監管限值高出這麼多？有什麼東西是非現金的嗎？或者這是一種非經常性的影響，並且想像相對於監管限制的巨大差距是有道理的？

I will turn the floor to Leonardo.

我請萊昂納多發言。

Andre, thank you for your question. Yes, Gasmig is a company in the group that has very relevant and important results. Since last year, it is bringing consistent results in EBITDA and profit. The company has low leverage. I just went through the tariff review and it has some special aspects, differently from the electric sector. All the regulatory payments for the electric sectors are posted in the balance sheet.

安德烈，謝謝你的問題。是的，Gasmig 是該集團中一家擁有非常相關且重要成果的公司。自去年以來，它在 EBITDA 和利潤方面取得了一致的結果。公司槓桿率較低。我剛剛經歷了關稅審查，它有一些特殊的方面，與電力部門不同。電力行業的所有監管付款均計入資產負債表中。

For Gasmig, they are off balance. And when you have a tariff review, that's when they are integrated into tariff review in the tariff and all these offsets that are off balance. And Gasmig has had a very important tariff review this year, 15%, and that's a way of bringing into this balance, the offset of these regulatory balances. That explains the results.

對於加斯米格來說，他們失去了平衡。當你進行關稅審查時，他們就被納入關稅審查中，所有這些抵消措施都失去了平衡。 Gasmig 今年進行了非常重要的關稅審查，即 15%，這是實現這種平衡的一種方式，抵消了這些監管平衡。這解釋了結果。

Last year already, we had good results, but this year, it is even more significant. And maybe this is one of the explanations because it is over the regulatory limit. So this is a company that has low delinquency levels, and we understand that these are consistent results. Of course, that, as I mentioned, because the regulatory assets are off balance and you have adjustments. This ends up affecting the results. And we might have a period when the results are much higher than the regulatory. But in the long term, these are consistent results. The company is fully within the regulatory limits. And so we are very optimistic about Gasmig's results in the future. It was another good quarter in terms of results, it already was good in the first quarter. But in this quarter, the adjustment of 15% and the rates improved the results for Gasmig in this quarter and the semester of 2023.

去年我們已經取得了很好的成績，但今年，成績更加顯著。也許這是解釋之一，因為它超出了監管限制。因此，這是一家拖欠率較低的公司，我們知道這些結果是一致的。當然，正如我提到的，因為監管資產失衡，需要進行調整。這最終會影響結果。我們可能會經歷一段時期，結果遠高於監管水平。但從長遠來看，這些結果是一致的。該公司完全在監管範圍內。因此我們對 Gasmig 未來的業績非常樂觀。就業績而言，這又是一個不錯的季度，第一季度就已經很好了。但在本季度，15% 的調整和費率改善了 Gasmig 在本季度和 2023 年學期的業績。

Thank you, Leonardo. Our next question is from Marcelo Sa, sell-side analyst from Itau. Our officer for Generation and Transmission will answer that. I will open the microphone.

謝謝你，萊昂納多。我們的下一個問題來自 Itau 的賣方分析師 Marcelo Sa。我們的發電和輸電官員將回答這個問題。我會打開麥克風。

I have 2 questions. The first one is to try to understand what is the company's position as far as Argentina exports are concerned. The current role is to be able to export. But my question is, can you also export this extra investment in the future? So maybe you need to convince the government that makes sense to be done. So I would like to understand your position about that.

我有 2 個問題。第一個是嘗試了解該公司在阿根廷出口方面的立場。目前的作用是能夠導出。但我的問題是，未來這筆額外的投資還能出口嗎？所以也許你需要說服政府這樣做是有意義的。所以我想了解你對此的立場。

Second question about the plants. So you will request to the renewal for the quota system. It's not going to be a renewal with control sale that would have to go through the government or the state government's administration, right?

第二個問題是關於植物的。因此，您將請求更新配額制度。這不會是控制權出售的續約，必須經過政府或州政府的管理，對嗎？

The first question, yes, the trading makes sense for that energy, whether when it's being turned or transformed or in the future, we know that the reservoirs have high levels right now. And with -- they tend to end the dry period also at a high level. So it is possible that we see new transformations in the near future. So we believe that this makes sense, and we are part of the group that is trying to work on that possibility.

第一個問題，是的，交易對於這種能源來說是有意義的，無論是在轉變或轉變時還是在未來，我們知道水庫現在的水位很高。而且，它們往往也會以較高的水平結束乾旱期。因此，我們有可能在不久的將來看到新的轉變。所以我們相信這是有道理的，我們是努力研究這種可能性的團隊的一部分。

Now about concessions, Cemig is working with all possibilities of renewal, and they include the request to renew per quotas, also the renewal by selling the plants or transferring the control of the mother company. So what we are working on today are all opportunities. And obviously, that depends on the granting power and for us to see which one will happen. So we're not leaving anything on the table, but we are not choosing one for the other. No. We are looking at all the alternatives right now.

現在關於特許權，Cemig 正在研究所有續約的可能性，其中包括按配額續約的要求，以及通過出售工廠或轉讓母公司控制權來續約的要求。所以我們今天所做的一切都是機會。顯然，這取決於授予權力以及我們將看到哪一種會發生。因此，我們不會留下任何東西，但我們不會選擇其中之一來替代另一個。不。我們現在正在考慮所有替代方案。

About exports, I understand that -- but how is the negotiation going with the government? Do you have already a method on how this is going to happen? In a thermal dispatch in order to compensate for it, is this something that is going to be defined in the next few months? Or is this something that is going to take a long.

關於出口，我了解——但是與政府的談判進展如何？您是否已經有了關於如何發生這種情況的方法？在熱調度中為了補償它，這是否會在未來幾個月內定義？或者這是需要很長時間的事情。

I don't have the answer for you right now. We are still discussing the methodology. If that involves the study of hydrology, study of the sector, the energy surplus. So I cannot give you a straight answer right now. But the discussions are having via the associations ABRAGE for the HPPs, for the hydroelectric power generating plants, whether the big plants or the SHPPs. These are the groups that are ahead of this movement, but we don't know how long this will take. We understand -- we would like it to happen as soon as possible so that we can be successful in the next water season -- next wet period.

我現在沒有答案給你。我們仍在討論方法論。如果這涉及水文研究、部門研究、能源剩餘。所以我現在無法給你一個直接的答案。但討論是通過 ABRAGE 協會針對 HPP、水力發電廠（無論是大型電廠還是小規模電廠）進行的。這些是這場運動的領先者，但我們不知道這需要多長時間。我們理解 - 我們希望它盡快發生，以便我們能夠在下一個水季 - 下一個雨季取得成功。

Thank you, Thadeu and Marcelo. The next question is for Leonardo George. The question is from Daniel Travitzky, sell-side analyst from Safra Bank. Daniel?

謝謝你們，薩杜和馬塞洛。下一個問題是問萊昂納多·喬治的。這個問題來自 Safra 銀行賣方分析師 Daniel Travitzky。丹尼爾？

I actually have 2 questions. The first that investment of BRL 1 billion in automation and technology. Is that going to go into the remuneration base of the distributing company or just part of that? And how much?

我實際上有兩個問題。第一個是在自動化和技術方面投資 10 億雷亞爾。這筆錢會納入分銷公司的薪酬基礎還是只是其中的一部分？多少錢？

The second question about the strategy for the Eurobond rollover -- Eurobond debt rollover. How do you intend to deal with it? Are you going to maintain that as a dollar-denominated debt because of the high interest rates that we have now? I would like to better understand that.

關於歐洲債券展期策略的第二個問題——歐洲債券債務展期。你打算如何處理？由於我們現在的利率很高，您是否打算將其維持為以美元計價的債務？我想更好地理解這一點。

Thank you, Daniel, and thank you for your questions. About our Eurobond debt, in 2021, we published our strategic planning for the first half of the year. We said that we are going to do the liability management in different stages. We have already reduced that debt. We reduced it in 50% our FX exposure, and we intend to take another step by the end of the year. And by December of 2023, Cemig can rebuy the bonds without paying premiums. So we intended to buy around [BRL 350 million, BRL 370 million] of buyback by the end of the year. We understand that this is part of the process. So that little by little -- by the end of the year and in 2024, we can eliminate our FX exposure via Eurobond.

謝謝你，丹尼爾，也謝謝你的提問。關於我們的歐洲債券，2021年我們發布了上半年的戰略規劃。我們說我們要做分階段的責任管理。我們已經減少了債務。我們減少了 50% 的外匯敞口，並打算在年底前採取進一步措施。到 2023 年 12 月，Cemig 可以在不支付溢價的情況下重新購買這些債券。因此，我們打算在年底前回購約[3.5億雷亞爾，3.7億雷亞爾]的回購資金。我們知道這是該流程的一部分。因此，到今年年底和 2024 年，我們可以通過歐洲債券一點一點地消除我們的外匯敞口。

And we're always comparing the cost of international emission and now including 100% of a hedge with the local emission, we understand that it's more attractive for the company right now, it's cheaper to have a local emission. So our strategy right now is to switch this Eurobond by a local debt. This is the strategy that we are choosing to follow right now, and we intend to do this for the next franchise. And the Eurobond buyback. We have around $750 million. Remember that we have a protection of up to BRL 5 in principle, and we will continue buying back.

我們總是比較國際排放的成本，現在包括 100% 的對沖與本地排放，我們知道現在對公司更具吸引力，本地排放更便宜。因此，我們現在的策略是用地方債務來轉換歐洲債券。這是我們現在選擇遵循的策略，我們打算在下一個特許經營中這樣做。還有歐洲債券回購。我們有大約 7.5 億美元。請記住，我們原則上有高達 5 巴西雷亞爾的保護，我們將繼續回購。

Right now, local emission is more affordable for us. We are a company that has all the revenues that -- in real-denominated revenues. So this local emission is more interesting because this is our expectation for our Eurobond.

目前，本地排放對我們來說更便宜。我們是一家擁有所有收入的公司——以實際計價的收入。因此，這種本地排放更有趣，因為這是我們對歐洲債券的期望。

And the first question, Daniel, it's about our IT investment, right? So we are investing there. And most of that investment is OpEx. But it goes under Aneel's coverage of tariff review. This is the investment. This is already forecasted in the rate. I remember that even considering robust investments that we'll be making in IT, we are committed because even having those investments, all our OpEx will be within the regulatory limits established and tariff review. We are not going to go over BRL 0.01 in the -- of the regulatory limit. So we do have an internal challenge of being -- to cover these costs in a way that we have 100% of the costs, including this investment and technology being covered by the tariff -- by the rates.

第一個問題，丹尼爾，是關於我們的 IT 投資，對吧？所以我們在那裡投資。其中大部分投資是運營支出。但這屬於阿尼爾的關稅審查範圍。這就是投資。這已經在利率中進行了預測。我記得，即使考慮到我們將在 IT 領域進行穩健的投資，我們仍會做出承諾，因為即使進行這些投資，我們所有的運營支出也將在既定的監管限制和資費審查範圍內。我們不會超過監管限額的 0.01 雷亞爾。因此，我們確實面臨一個內部挑戰，即以我們 100% 的成本（包括關稅所涵蓋的投資和技術）來支付這些成本。

Next question, I will read, it is for Marco Soligo. Please, as an update on Gasmig, if you're going to list the company and about the divestment in Taesa?

我將閱讀下一個問題，是針對 Marco Soligo 的。請問，作為 Gasmig 的最新情況，您是否打算列出該公司以及有關 Taesa 的撤資？

Great. So first, let's talk about Taesa. So the studies -- internal studies and the banks also that help us they're aiming a possible divestment, all of those continue to happen. And we are -- we want to be prepared for when the opportunity arises, that can be applied for Taesa and also for [Allianz] and for the other ones. So there are several studies running and being developed.

偉大的。首先，我們來談談泰莎。因此，內部研究和銀行也幫助我們，他們的目標是可能的撤資，所有這些都在繼續發生。我們希望在機會出現時做好準備，這可以適用於 Taesa、[安聯] 和其他公司。因此，有幾項研究正在進行和正在開發中。

About Gasmig, all the preparation work -- internal preparation work of the company or a possible IPO have been concluded, that IPO is not -- has not been decided yet. So we might not move forward with it because that has to do with the process of privatization of Cemig. So maybe Cemig can become a corporation in itself in the future. So that is up to be decided.

關於Gasmig，所有的準備工作——公司的內部準備工作或可能的IPO已經完成，IPO還沒有——還沒有決定。所以我們可能不會繼續推進，因為這與 Cemig 的私有化進程有關。因此，也許 Cemig 未來可以成為一家獨立的公司。所以這有待決定。

So now Dr. Reynaldo, our CEO, will conclude our earnings call. Once again, I would like to thank you all for your participation.

現在，我們的首席執行官雷納爾多博士將結束我們的財報電話會議。再次感謝大家的參與。

Thank you very much for your participation. Thank you for the questions. We hope to be here in the next quarter, right, Carol, bringing to you once again sound and consistent results. A company that is happy, helping to develop and to faster development in Minas Gerais. And at the same time, generating value to stakeholders and to investors and shareholders of the company. Thank you very much.

非常感謝您的參與。謝謝你的提問。我們希望在下個季度在這裡，對卡羅爾，再次為您帶來健全和一致的結果。一家快樂的公司，幫助米納斯吉拉斯州發展並加快發展。同時，為利益相關者、公司投資者和股東創造價值。非常感謝。

Cemig's second quarter 2023 video conference call has ended. IR superintendents are available to take further questions. Thank you very much, and have a nice afternoon.

Cemig 2023 年第二季度視頻電話會議已經結束。 IR 主管可以回答進一步的問題。非常感謝，祝您有個愉快的下午。

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

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]