Energy of Minas Gerais Co (CIG) 2023 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to Cemig's fourth quarter 2023 earnings video conference call. We inform that this call is being recorded and will be available at the company's IR website where you'll find the company's presentation. Should you need simultaneous interpreting this feature is available by clicking on the globe icon located at the bottom of the screen choosing 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.

大家下午好。歡迎參加 Cemig 2023 年第四季財報視訊電話會議。我們通知您，本次電話會議正在錄音，並將在公司的 IR 網站上發布，您可以在該網站上找到該公司的簡報。如果您需要同聲傳譯，可以透過點擊螢幕底部的地球圖示選擇口譯，然後選擇您選擇的語言（葡萄牙語或英語）來使用此功能。如果您選擇用英語接聽電話，您也可以選擇將原始音訊靜音。

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

現在，我想請投資人關係主管 Carolina Senna 發言。塞納女士，請繼續。

Thank you. Good afternoon, everyone. My name is Carolina Senna. I'm Investor Relations Superintendent of Cemig. We now start Cemig's fourth quarter 2023 earnings call and webcast. We have the following executives, Reynaldo Passanezi Filho, CEO; Dimas Costa, Commercial VP; Leonardo George de Magalhães, Chief Financial Officer and IR Officer; Marco Soligo, Chief Participation Officer; Marney Tadeu Antunes, Chief Distribution Officer; and Thadeu Carneiro da Silva, Chief Generation and Transmission Officer. For the initial remarks, I turn the floor over to our CEO, Reynaldo Passanezi Filho.

謝謝。大家下午好。我的名字是卡羅萊納塞納。我是 Cemig 的投資者關係主管。我們現在開始 Cemig 的 2023 年第四季財報電話會議和網路廣播。我們有以下高階主管： Reynaldo Passanezi Filho，執行長； Dimas Costa，商務副總裁； Leonardo George de Magalháes，財務長兼投資者關係長； Marco Soligo，首席參與長； Marney Tadeu Antunes，首席分銷官；以及首席發電和輸電官 Thadeu Carneiro da Silva。首先，我請我們的執行長 Reynaldo Passanezi Filho 發言。

Good afternoon, everyone. Again, it is a pleasure. We'll be disclosing our earnings. These results, we believe are extraordinary. Okay. You can see my video now I'll repeat. I'll start again.

大家下午好。再次，這是一種樂趣。我們將披露我們的收入。我們相信這些結果是非凡的。好的。你現在可以看我的視頻，我會重複一遍。我會重新開始。

Good afternoon, everyone. It is a pleasure to be here to present our 2023 earnings. These results are extraordinary and they show the success of our strategy. I think it is very important to give you a summary of the 2023 results, but you have to understand that these are the results of our strategic planning. Results of the execution of a strategy that is focused on concentrating our activities on the businesses that Cemig knows.

大家下午好。很高興在這裡展示我們 2023 年的收益。這些結果是非凡的，它們顯示了我們策略的成功。我覺得跟大家總結2023年的結果是非常重要的，但你們要明白，這些都是我們策略規劃的結果。策略執行的結果，該策略的重點是將我們的活動集中在 Cemig 所了解的業務上。

The electricity sector in Minas trading all over Brazil with control, efficiency, and operating performance. So this is the strategy, and this is what justifies our record investment plan of BRL35.6 billion. How are we executing? Well, I think of that here. We have these bullet items, and we see the consequences of the strategy. The first was concentrating -- focusing on the assets that we know and dive vast from our minority equity stakes of assets, which are basically outside the state of Minas. So we divested from Light, we divest from Renova, and we ended up divesting this year from Santo Antônio, Retiro Baixo, and Baguari and the first lot of SHPPs.

米納斯電力產業的控制力、效率和營運績效遍布巴西各地。這就是我們的策略，也是我們創紀錄的 356 億雷亞爾投資計畫的理由。我們執行得怎麼樣？嗯，我想到這裡了。我們有這些項目符號，我們也看到了該策略的後果。第一個是集中精力——專注於我們所知的資產，並從我們的少數股權資產中大量投入，這些資產基本上不在米納斯州。因此，我們從 Light 中剝離，從 Renova 中剝離，今年我們最終從 Santo António、Retiro Baixo 和 Baguari 以及第一批小型水力發電項目中剝離。

And this was extremely positive, not just in terms of the cash inflow because of these divestments, but also because we didn't need to inject capital. We all know that Renova required a capital increase. Light also needed a capital increase center, Santo Antônio also required a capital increase. So Cemig, if we still have those shareholdings and if we wanted to keep those shareholdings, we would have to inject capital into these companies. So considering the BRL795 million in sale of assets in 2023. So you have to look at the general movement, i.e., divesting from non-strategic assets where Cemig held a minority stake and now the cash that we generate can be reinvested in the business that we know.

這是非常正面的，不僅因為這些撤資帶來的現金流入，而且因為我們不需要注入資本。我們都知道Renova需要增資。Light 也需要增資中心，Santo António 也需要增資。因此，Cemig，如果我們仍然擁有這些股權，並且如果我們想保留這些股權，我們就必須向這些公司注資。因此，考慮到 2023 年出售 7.95 億雷亞爾的資產。因此，你必須專注於整體動向，即剝離 Cemig 持有少數股權的非策略性資產，現在我們產生的現金可以重新投資於我們所知的業務。

You see before, we had to take part in these capital increases that were required. So the first phase is to focus and concentrate on the assets that we know and divest from minority shareholdings and this process is well advanced. So we exited Light, Renova, Santo Antônio, Retiro Baixo, Baguari, and the first lot of SHPPs. So we changed the company's capital allocation.

您之前看到，我們必須參與這些所需的增資。因此，第一階段是專注於我們已知的資產並剝離少數股權，這個過程進展順利。因此，我們退出了 Light、Renova、Santo António、Retiro Baixo、Baguari 和第一批 SHPP。所以我們改變了公司的資本配置。

The second part is trying to remain within regulatory thresholds and targets that is fundamental for us to achieve the EBITDA that we're delivering here. You will all remember that Cemig was outside the target of regulatory expenses for distribution and beyond the regulatory threshold for losses. And today, we are proud to say that we are within those regulatory targets or thresholds. We are compliant with the regulatory PMSO threshold, and the technical and non-technical regulatory losses authorized by the agency.

第二部分是努力保持在監管門檻和目標之內，這對於我們實現我們在這裡提供的 EBITDA 至關重要。你們都會記得，Cemig 超出了分銷監管費用目標，也超越了虧損監管門檻。今天，我們可以自豪地說，我們已達到這些監管目標或閾值。我們遵守 PMSO 監管門檻以及該機構授權的技術和非技術監管損失。

This is also the result of an effort to generate cash because before, the resources that we would use for investments were used to pay for expenses. So we divested from the non-strategic assets, and we increased efficiency. This is exactly what enabled the delivery of these results, a strong cash generation, a record adjusted EBITDA of BRL8.1 billion. This is the reflection of the fact that we are now within the regulatory target. In the past, we were beyond them. And today, this EBITDA no longer needs to be invested in minority shareholdings, they can be fully invested in the businesses controlled by Cemig. And we have a second record investment of BRL4.8 billion.

這也是努力創造現金的結果，因為以前我們用於投資的資源都是用來支付費用。因此，我們剝離了非戰略資產，並提高了效率。這正是實現這些成果的原因：強勁的現金產生能力和創紀錄的 81 億雷亞爾調整後 EBITDA。這反映出我們現在處於監管目標之內。過去，我們超越了他們。而如今，這筆EBITDA不再需要投資少數股權，它們可以完全投資於Cemig控制的業務。我們的投資金額達到 48 億雷亞爾，創下了第二個紀錄。

So like I said, this is a summary of the transformation movement of the company. We had a first wave of a turnaround, i.e., allocating capital on the businesses that we control and seeking efficiency and also increasing the operating performance of our assets. Our wind farms, for example, increased the performance a lot in the sectors where we improved our operating efficiency. We can generate more revenue. We are also trying to improve efficiency. It can come through less expenses or through higher operating efficiency of the asset, so we have more efficiency in terms of expenses in more efficiency in terms of revenue. And we have less need to spend money in those minority shareholdings. So this is what enabled this record EBITDA of BRL8.1 billion.

所以就像我說的，這是對公司轉型運動的總結。我們迎來了第一波轉型，即向我們控制的業務配置資本，尋求效率，同時提高資產的營運績效。例如，我們的風電場在我們提高營運效率的領域大幅提高了績效。我們可以創造更多收入。我們也在努力提高效率。它可以透過更少的費用或更高的資產營運效率來實現，因此我們在費用方面的效率更高，在收入方面的效率更高。我們也不太需要在這些少數股權上花錢。這就是 EBITDA 達到創紀錄的 81 億雷亞爾的原因。

This is what led to the current phase we are living, the highest investment program in our history. So wave one was the turnaround. Phase 2 is executing the investment plan, BRL4.8 billion to be invested in 2023 -- that were invested in 2023 and BRL6 billion to be invested in 2024. When we look at now our track record, it was under BRL1 billion in 2018. So we increased from BRL950 million in 2018, increasing to BRL4.8 billion in 2023. So in a five-year timeframe, we grew investments by five times from BRL954 million to BRL4.8 billion. And we continue to grow.

這就是我們所處的當前階段的原因，這是我們歷史上最高的投資計劃。所以第一波就是轉機。第二階段正在執行投資計劃，2023年投資48億雷亞爾，2024年投資60億雷亞爾。當我們現在查看我們的業績記錄時，2018 年的銷售額低於 10 億雷亞爾。因此，我們從 2018 年的 9.5 億雷亞爾增加到 2023 年的 48 億雷亞爾。因此，在五年時間內，我們的投資增加了五倍，從 9.54 億雷亞爾增加到 48 億雷亞爾。我們不斷成長。

Our forecast for 2024 is around BRL6 billion or BRL6.2 billion or BRL6.1 billion. So I guess that this is kind of the snapshot. We did the turnaround of the company. We turned it around and now we are at our maximum moment of investment, again, investing in the businesses that we know, regulated businesses. And when they are not regulated, this is business that we invested because there is a guarantee of profitability. So we have an associated PPA. Our generation business, for example, is linked to a PPA, thus, no exposure to power price risks.

我們對 2024 年的預測約為 60 億雷亞爾、62 億雷亞爾或 61 億雷亞爾。所以我想這就是快照。我們實現了公司的扭虧為盈。我們扭轉了局面，現在我們正處於投資的最大時刻，再次投資於我們所知道的企業、受監管的企業。當它們不受監管時，這就是我們投資的業務，因為盈利能力有保證。所以我們有一個相關的 PPA。例如，我們的發電業務與購電協議掛鉤，因此不存在電價風險。

At the same time, we are making an effort to preserve our leading position in the markets that we lead, in the trading sector, for example, and to be prepared for a movement of market opening. We are moving forward in being present in the free retail market, and we want to maintain our leadership in trading. So this is kind of the general strategy that led to these results that you see on the screen, a record EBITDA of BRL8 billion, record investments of BRL4.8 billion, and a record net income of BRL5.4 billion, which is also bringing to you shareholders a spectacular yield, dividend yield of 12.4%. In other words, we are remunerating more than BRL3 billion in investments and interest and equity. So this profitability is even greater because a part of this has been reinvested.

同時，我們正在努力保持我們在我們所領導的市場（例如在貿易領域）的領先地位，並為市場開放做好準備。我們正在進入自由零售市場，並且希望保持我們在交易領域的領先地位。因此，這就是導致您在螢幕上看到的這些結果的總體策略：創紀錄的EBITDA 為80 億雷亞爾，創紀錄的投資為48 億雷亞爾，創紀錄的淨利潤為54 億雷亞爾，這也帶來了為各位股東帶來了驚人的收益，股息殖利率為12.4%。換句話說，我們的投資、利息和股權報酬超過 30 億雷亞爾。所以這種獲利能力更大，因為其中一部分已經進行了再投資。

So my message, my initial message to you is look at these numbers and understand them as results. We're not thinking about a number, we're thinking about executing the strategy, executing a strategy that makes sense. In other words, focusing on the activities we know, seeking efficiency, reducing expenses, seeking efficiency, increasing revenue, having safe investments because we are doing this in the regulated market. When it's a competition environment, we have a PPA, and we are then prepared for the future. Being prepared for the future means having the ability to trade power in the free retail market.

所以我的訊息，我給你們的最初訊息是看看這些數字並將它們理解為結果。我們考慮的不是數字，而是執行策略，執行有意義的策略。換句話說，專注於我們已知的活動，尋求效率，減少開支，尋求效率，增加收入，進行安全投資，因為我們是在受監管的市場中這樣做的。當這是一個競爭環境時，我們有一份 PPA，然後我們為未來做好準備。為未來做好準備意味著有能力在自由零售市場上進行權力交易。

So I would like to congratulate the whole Cemig team, our own employees and third parties because we have delivered results, which are the reflection of the dedication of each and every one of you. And I would like to say that this is indeed our commitment to execute our strategy, a strategy, which is clear, easy to understand, and which is bringing all of these results because we are allocating capital to the sectors where Cemig has a competitive edge. And to me, that's the most important thing. We have to invest in what we do and be prepared for the future.

因此，我要祝賀整個 Cemig 團隊、我們自己的員工和第三方，因為我們已經取得了成果，這是你們每一個人奉獻精神的體現。我想說，這確實是我們執行策略的承諾，這項策略清晰、易於理解，並且帶來了所有這些成果，因為我們將資本配置到 Cemig 具有競爭優勢的領域。對我來說，這是最重要的事。我們必須對我們所做的事情進行投資，並為未來做好準備。

I truly believe that these results, given the execution of our strategy, allowed us to get this far and will allow us to continue to post even greater results in the future. I will turn the floor to Leo, but again, I'd like to congratulate the whole Cemig team for these results. And let's hear about the results for the quarter and the more general financial topics to be presented by Leo and Carol, and I'll be around for the Q&A session.

我堅信，考慮到我們策略的執行，這些結果使我們能夠走到這一步，並將使我們能夠在未來繼續取得更大的成果。我將請 Leo 發言，但我要再次祝賀整個 Cemig 團隊的這些成果。讓我們聽聽本季的業績以及 Leo 和 Carol 將介紹的更一般的財務主題，我將參加問答環節。

Thank you, Reynaldo. As the CEO said, the results for the year were excellent. We understand we had an EBITDA greater than BRL8 billion, a net income of greater than BRL5 billion, a result that we believe are delivering -- we are delivering to the shareholders what we promised in our strategic planning. The CEO said, we are executing our strategy, and these results are the reflection of this adequate execution of the plan. As we communicated to the market, our dividends proposed for 2023 are very attractive.

謝謝你，雷納爾多。正如執行長所說，今年的業績非常出色。我們知道，我們的 EBITDA 超過 80 億雷亞爾，淨利潤超過 50 億雷亞爾，我們相信這一成果正在實現——我們正在向股東實現我們在戰略規劃中的承諾。執行長表示，我們正在執行我們的策略，這些結果反映了計劃的充分執行。正如我們向市場傳達的那樣，我們提議的 2023 年股息非常有吸引力。

We understand that Cemig today more in the electricity sector in Brazil has one of the highest and most attractive dividends. Considering the dividends for 2023 that represents a remuneration, a dividend yield of 12.4%. That's the remuneration for shareholders, a very attractive dividend yield, considering declining interest rates. In considering our strategy in regulated sectors, our ability to execute our operation, we believe that these results are solid and healthy.

據我們了解，Cemig 如今在巴西電力行業中擁有最高、最具吸引力的股息之一。考慮到代表薪資的2023年股息，股息殖利率為12.4%。考慮到利率下降，這就是股東的薪酬，這是非常有吸引力的股息殖利率。考慮到我們在受監管行業的策略以及我們執行業務的能力，我們相信這些結果是堅實和健康的。

They bring us optimism that Cemig will continue to be a company that can ensure attractive remuneration for our shareholders in the future. We understand that the company in the electricity sector, more than that, in the environment of listed companies in Brazil is a company that is among the most attractive companies in terms of dividend payout. Moving on.

他們讓我們樂觀地認為，Cemig 將繼續成為一家能夠確保未來為我們的股東提供有吸引力的薪酬的公司。據我們了解，不僅如此，在巴西上市公司的環境中，電力產業的公司在股息支付方面也是最具吸引力的公司之一。繼續。

As mentioned by our CEO, we divested in those equity stakes where we did not have control, that were not core to our business. We divested from these assets that led to about BRL800 million in 2023. This boost our cash. This is about capital allocation. This is investments to be made in regulated sectors, and it also brings important gains for the company. In 2019 -- if we look at 2019, the divestments from Light, Renova and other companies led to almost a BRL3 billion capital injection for the company.

正如我們的執行長所提到的，我們剝離了那些我們沒有控制權、不是我們業務核心的股權。我們剝離了這些資產，並於 2023 年剝離了約 8 億雷亞爾。這增加了我們的現金。這是關於資本配置。這是對受監管產業的投資，也為公司帶來了重要利益。2019 年—如果我們看看 2019 年，Light、Renova 和其他公司的撤資導致該公司獲得了近 30 億雷亞爾的注資。

And more than that, if we had maintained our shareholdings in these assets, we would have had to spend practically BRL5 billion, in other words, an increase in our net debt. If we hadn't changed the strategy, we would have an impact of almost BRL8 billion, a significant amount. But more than that, we were able to generate BRL1 billion in tax credits, reducing our cash expenditures. And we reduced the number of financial guarantees, which helped improve the credit rating of the company.

更重要的是，如果我們維持對這些資產的持股，我們將不得不花費近 50 億雷亞爾，換句話說，我們的淨債務將會增加。如果我們沒有改變策略，我們將產生近 80 億雷亞爾的影響，這是一個很大的數字。但更重要的是，我們能夠獲得 10 億雷亞爾的稅收抵免，減少了我們的現金支出。我們減少了財務擔保的數量，這有助於提高公司的信用評級。

Moving on. The company has a benchmark in ESG. We have joined practically all the sustainability indicators either in Brazil or abroad. And here, we have some important highlights in 2023. We joined the UN Global Compact, a 100% transparency movement. The Energy Legal Program, regularizing energy supply for more than 13,000 households in 16 low-income communities. This means our commitment with the communities and the societies where we operate in addition to training to provide ESG education for all our suppliers.

繼續。公司在ESG方面有標竿。我們幾乎加入了巴西或國外的所有永續發展指標。在這裡，我們有 2023 年的一些重要亮點。我們加入了聯合國全球契約，這是一項 100% 透明度的運動。能源法律計劃，規範 16 個低收入社區 13,000 多個家庭的能源供應。這意味著我們對我們營運所在社區和社會的承諾，以及為所有供應商提供 ESG 教育的培訓。

Talking about our investment program in 2023. We had an execution that was quite significant, almost BRL5 billion invested in 2023. We highlight our investments in distribution greater than BRL3 billion, more than three times the regulatory depreciation. We understand that this is very important. These investments and will be included in the next tariff review. These investments, transform society. These investments mean more power available to the state, so the new industries can be connected to our grid, in addition to improving the quality of service to our customers and clients, which is very important to us.

談論我們2023年的投資計劃。我們的執行力度非常大，到 2023 年投資了近 50 億雷亞爾。我們強調我們在分銷方面的投資超過 30 億雷亞爾，是監管折舊的三倍多。我們知道這非常重要。這些投資並將納入下次關稅審查。這些投資改變了社會。這些投資意味著國家可以獲得更多電力，因此新產業可以連接到我們的電網，此外還可以提高為我們的客戶和客戶提供的服務質量，這對我們來說非常重要。

This is the focus of the company. We are customer centric. So we have almost BRL23 billion expected to be invested in distribution and more to be invested in transmission, generation, and distributed generation. All of these investments will bring adequate return for the company and the other stakeholders. Planned investments for 2024, more than BRL6 billion. So again, the highlight, greater than BRL4 billion to be invested in our distribution business in addition to representative investments in transmission, generation, distributed generation, and gas, so BRL6 billion, undoubtedly the highest level of investment in the history of the company.

這是公司的重點。我們以客戶為中心。因此，我們預計將有近 230 億雷亞爾投資於配電，還有更多投資於輸電、發電和分散式發電。所有這些投資都將為公司和其他利害關係人帶來足夠的回報。2024年計劃投資超過60億雷亞爾。再次強調，除了對輸電、發電、分散式發電和天然氣的代表性投資外，我們的配電業務還將投資超過40億雷亞爾，因此60億雷亞爾無疑是公司歷史上的最高投資水平。

Now we'll start speaking about the results for the fourth quarter '23. Very positive results. I'll turn the floor to Carolina, our Investor Relations Superintendent to discuss and present our results. Adjusted EBITDA in Q4 greater than BRL2 billion. Interest on equity of BRL1.3 billion, showing our ability to remunerate our investors in addition to maintaining our assertive actions which ensure that OpEx, EBITDA, and energy losses will remain within the regulatory parameters. So all of our costs are included in the tariffs, and we don't want to charge more from customers. And today, the company is very efficient, and we deliver value to our shareholders in a very clear and positive way considering these indicators. And this is how the company sees and respects and complies with these regulatory parameters.

現在我們將開始談論 23 年第四季的結果。非常正面的結果。我將請我們的投資者關係主管卡羅萊納討論並介紹我們的結果。第四季調整後 EBITDA 超過 20 億雷亞爾。股本利息為 13 億雷亞爾，表明我們有能力為投資者提供回報，同時保持我們的果斷行動，確保營運支出、息稅折舊攤銷前利潤 (EBITDA) 和能源損失保持在監管參數範圍內。所以我們所有的成本都包含在關稅中，我們不想向客戶收取更多費用。如今，公司非常有效率，考慮到這些指標，我們以非常明確和積極的方式為股東創造價值。這就是公司如何看待、尊重和遵守這些監管參數的方式。

So we see here the conclusion of the sale of Baguari and Retiro Baixo, this led to gain in trading. The result of Cemig GT in the quarter will be mentioned momentarily, but we see again a significant result. So that's another strength of the company. The fact that we have a company that is relevant in its several businesses. This brings us consistent and solid results, which we believe are very important for our investors. Carolina, over to you.

所以我們在這裡看到Baguari和Retiro Baixo的出售的結論，這導致了交易的收益。Cemig GT 本季的結果將暫時被提及，但我們再次看到了一個重要的結果。這是該公司的另一個優勢。事實上，我們有一家與其多項業務相關的公司。這為我們帶來了一致和堅實的結果，我們相信這對我們的投資者來說非常重要。卡羅萊納，交給你了。

Thank you, Leonardo. So now talking about the consolidated results, we can see that we grew our EBITDA over 2022, recurring EBITDA up 16.6%. The highlight that led to this result is the trading activity, which in 2023 gave us a surprising result, which we will show momentarily. Net income, as our CEO mentioned, was record of BRL5.359 billion that enables us to continue with our investment program, executing our strategic planning. And we'll continue to share part of these resources with our shareholders as we pay 50% of the accounting profit as dividends. In Q4 '23 results, we see EBITDA growing 30.5%, recurring EBITDA, in other words. Net of the Baguari and Retiro Baixo sale, which were events that happened in Q4, which helped grow our accounting EBITDA and net income growing 39.8%.

謝謝你，李奧納多。現在談論綜合業績，我們可以看到 2022 年我們的 EBITDA 有所成長，經常性 EBITDA 成長了 16.6%。導致這一結果的亮點是交易活動，它在 2023 年為我們帶來了令人驚訝的結果，我們將立即展示。正如我們的執行長所提到的，淨利潤達到創紀錄的 53.59 億雷亞爾，這使我們能夠繼續我們的投資計劃，執行我們的策略規劃。我們將繼續與股東分享部分資源，我們將會計利潤的 50% 作為股利支付。在 23 年第 4 季的業績中，我們看到 EBITDA 成長了 30.5%，換句話說，就是經常性 EBITDA。扣除 Baguari 和 Retiro Baixo 出售後的淨額，這是第四季度發生的事件，這有助於我們的會計 EBITDA 增長，淨利潤增長 39.8%。

In Q4 '23 over Q4 '22, partly impacted by the adjustment of the tariff review of the Disco in effect as of May '23. So when I compare Q4 '23 with Q4 '22, the adjustment in tariffs is already accounted for in Q4, in addition to higher temperatures, something I will comment in more detail later that brought a positive impact to the result of the Disco. When I look at the evolution of operating costs and expenses, consolidated, we see a 0.9% increase in PMSO costs, below inflation.

與 22 年第 4 季相比，23 年第 4 季度，部分受到自 23 年 5 月起生效的迪斯可關稅審查調整的影響。因此，當我將23 年第4 季與22 年第4 季進行比較時，除了氣溫升高之外，第四季度已經考慮了關稅的調整，我稍後將對此進行更詳細的評論，這對迪斯可的結果帶來了正面的影響。當我查看綜合營運成本和費用的演變時，我們發現 PMSO 成本增加了 0.9%，低於通貨膨脹率。

Here, we show the impact of the profit sharing program, we had a reversal in 2022. So when I compare 2023 with 2022, it feels like we had a significant increase in those expense. But in 2022, we also had a higher personnel cost given the voluntary retirement program, which cost BRL29 million. In 2023, we did not have this program at the company. So again, we improved our personnel expenses. But I'd like to remind you of a commitment we made. We want to comply with the regulatory OpEx threshold, so we have tariff coverage for our expenses and costs.

在這裡，我們展示了利潤分享計畫的影響，我們在 2022 年發生了逆轉。因此，當我將 2023 年與 2022 年進行比較時，感覺這些費用顯著增加。但到 2022 年，由於自願退休計劃，我們的人員成本也更高，耗資 2,900 萬雷亞爾。2023年，我們公司沒有這個專案。因此，我們再次改善了人員費用。但我想提醒您我們所做的承諾。我們希望遵守監管營運支出門檻，因此我們的費用和成本有關稅保障。

As mentioned by our CEO, the company has a strong cash cow. We invest in assets -- we invested in companies, in assets where we had minority shareholders but now, we are focusing on assets and investments that we have full control of. So along 2023, we had an operating cash of BRL1.344 billion, very close to the accumulated EBITDA of the company in a cash outflow of about BRL5 billion of investment program execution. In 2023 alone, we ended with a cash and cash equivalent of BRL2.3 billion. By the end of the year, we had a buyback of the bonds of Cemig GT partial when I show you that in more detail in a moment.

正如我們的執行長所提到的，該公司擁有強大的搖錢樹。我們投資於資產——我們投資於我們擁有少數股東的公司、資產，但現在，我們專注於我們完全控制的資產和投資。因此，到 2023 年，我們的營運現金為 13.44 億雷亞爾，非常接近公司在執行投資計畫時約 50 億雷亞爾現金流出的累積 EBITDA。光是 2023 年，我們的現金及現金等價物就達到 23 億雷亞爾。到今年年底，我們回購了 Cemig GT 部分債券，稍後我會向您詳細介紹這一點。

Now I turn the floor to Leonardo because he's going to speak a little about that management, liability management, and then I'll speak about the results of Cemig GT and Cemig D.

現在我請 Leonardo 發言，因為他將談論一些有關管理、責任管理的內容，然後我將談論 Cemig GT 和 Cemig D 的結果。

Last week, the company completed its debenture issuance and this was a very successful move. It represents -- reflects investors' confidence in Cemig management. We had a demand of almost three times via issuance. It was an important issuance of debentures, BRL2 billion. The resources -- the proceeds will be used in our investment program that we said, BRL6 billion to be invested in 2024, BRL35 billion from 2023 to 2028. So the company will be frequently making issuances in the market because that's the need to access the capital market, but we understand that our leverage is low.

上週，該公司完成了債券發行，這是一個非常成功的舉措。它代表——反映了投資者對 Cemig 管理層的信心。透過發行，我們的需求幾乎是三倍。這是一次重要的債券發行，價值 20 億雷亞爾。這些資源－所得將用於我們所謂的投資計劃，2024 年投資 60 億雷亞爾，2023 年至 2028 年投資 350 億雷亞爾。所以公司會經常在市場上發行，因為這是進入資本市場的需要，但我們知道我們的槓桿率很低。

We have a very positive credit rating and that ensures that the company will have a demand of almost three times, almost BRL6 billion considering our issuance of BRL2 billion. And the rates were very attractive. They were reduced compared to our offer. So we were very happy with this issuance, and we also reduced our exposure to foreign exchange. I'd like to remind you, in 2017, '18, the company had practically $1.5 billion bonds in the international market. During this period from 2019 to date, we started buying back these bonds, so as to reduce our foreign exchange exposure and now have practically 25% of this amount, close to $381 million. In other words, we reduced our foreign exchange exposure quite substantially in this timeframe, thus reducing the risk level of the company.

我們擁有非常積極的信用評級，這確保了公司的需求幾乎是三倍，考慮到我們發行的 20 億雷亞爾，幾乎達到 60 億雷亞爾。而且價格非常有魅力。與我們的報價相比，它們有所減少。所以我們對這次發行非常滿意，我們也減少了外匯敞口。我想提醒大家，2017年，18年，該公司在國際市場上擁有近15億美元的債券。從 2019 年至今，我們開始回購這些債券，以減少我們的外匯敞口，現在幾乎擁有該金額的 25%，接近 3.81 億美元。換句話說，我們在這段時間內大幅減少了外匯敞口，從而降低了公司的風險水平。

Here, we see our net debt over EBITDA close to one time in the end of 2023. We believe that this ratio was low. And as we said before, this will allow the company to frequently access the capital market without impacting our credit rating and credit quality and will continue to be a company that pays good dividends. We believe that this is a sustainable strategy. Invest in the regulated sector where we have the highest guarantee of return to our shareholders, maintaining our credit quality, even going -- resorting more frequently to the capital market, maintaining an adequate net debt over EBITDA, and at the same time, ensuring a dividend yield that is very attractive to our shareholders. And we'll continue to be one of the companies that pays the best dividends among listed companies in Brazil.

在這裡，我們看到 2023 年底我們的淨債務超過 EBITDA 接近一倍。我們認為這個比率很低。正如我們之前所說，這將使公司能夠頻繁進入資本市場，而不會影響我們的信用評級和信用質量，並將繼續成為一家支付良好股息的公司。我們相信這是一個可持續的策略。投資於受監管的行業，我們對股東的回報有最高的保證，保持我們的信用質量，甚至更頻繁地訴諸資本市場，保持超過 EBITDA 的充足淨債務，同時確保股息收益率對我們的股東非常有吸引力。我們將繼續成為巴西上市公司中股利支付最好的公司之一。

Okay. So now let's speak about Cemig Distribution in Q4 '23. We can see that EBITDA grew almost 35%. We did not have any non-recurring effect in Q4 of the Disco, and this result was partly impacted by the tariff review, which, as I mentioned before, in May 2023 -- is accounted for in the 2023 results compared to 2022. And later on, I'll show you a slide showing that because of increased temperatures, we had an increased demand in both the captive and the free markets because of transmission.

好的。現在讓我們來談談 23 年第 4 季的 Cemig Distribution。我們可以看到 EBITDA 成長了近 35%。我們在迪斯可第四季沒有產生任何非經常性影響，這一結果部分受到關稅審查的影響，正如我之前提到的，2023 年5 月的關稅審查已計入2023 年與2022 年相比的結果中。稍後，我將向您展示一張投影片，顯示由於溫度升高，我們在圈養市場和自由市場上的需求都因傳播而增加。

So this is a significant result for the distribution despite an increase in expenses with third party maintenance services. I follow the review of some reports, and this is information that we have disclosed to you in 2023. In addition to increasing investment and my asset base, we are changing our corrective maintenance, so we are now focusing on preventive maintenance. In the Q4, like I said, had higher temperatures, so we had increased not only in transported energy but energy to end users. And I'd like to remind you that our concession was very much impacted and continues to be impacted by the migration of clients to distributed generation.

因此，儘管第三方維護服務的費用增加，但這對分銷來說是一個重要的結果。我關注了一些報道，這是我們在2023年向大家披露的資訊。除了增加投資和我的資產基礎之外，我們正在改變我們的糾正性維護，因此我們現在專注於預防性維護。正如我所說，第四季度的氣溫較高，因此我們不僅增加了運輸的能源，還增加了向最終用戶提供的能源。我想提醒您，我們的特許權受到了很大影響，並將繼續受到客戶遷移到分散式發電的影響。

Today, 18.4% of the total captive market has migrated to distributed generation. And this investment program ends up helping us with market growth because I allow the existence of new industries. I enabled the development of agri-business, which is an important segment for the state of Minas Gerais, and I also enable better levels of service to my end customers.

如今，自有市場總量的 18.4% 已轉向分散式發電。這個投資計畫最終幫助我們實現了市場成長，因為我允許新產業的存在。我促進了農業企業的發展，這是米納斯吉拉斯州的重要組成部分，我還為我的最終客戶提供了更高水準的服務。

So when I look at the market of Cemig D, with Cemig D in the area of concession of the Disco, we had an accumulated growth of 2.4% in Cemig D market. And in looking at DG, we can see how distributed generation grew significantly in our concession area. We ended 2023 comparing with 2022 with 55% increase in energy injected law, 14,300, which was a law to address these subsidies that [DG1] does not pay to the Disco, is the law that got into effect in January 2023.

所以當我看Cemig D的市場時，Cemig D在迪斯科特許經營領域，我們在Cemig D市場累計成長了2.4%。透過觀察 DG，我們可以看到分散式發電在我們的特許經營區域中如何顯著成長。與2022 年相比，我們到2023 年結束時的能源注入法增加了55%，即14,300，這是一項解決[DG1] 不向迪斯科支付的補貼的法律，是於2023 年1 月生效的法律。

And we can see that connection cost estimates issued posted a reduction when I look at 2023 compared to 2022. When I look at this for micro, almost 40%, for mini, 56%. As mentioned before, now, the company complies with all regulatory limits and thresholds for losses, OpEx, and EBITDA. This is a commitment that we take on and that we pursue. And we continue to show quarter after quarter, how we remain compliant within the regulatory limits. So regarding losses in 2023, well, we achieved that in 2021. And every year, we show that we are compliant.

我們可以看到，與 2022 年相比，2023 年發布的連接成本估算有所減少。當我查看微型時，幾乎為 40%，而迷你則為 56%。如前所述，現在該公司遵守所有監管限制和損失、營運支出和 EBITDA 閾值。這是我們承擔並追求的承諾。我們將繼續一個又一個季度地展示我們如何在監管限制內保持合規性。因此，關於 2023 年的損失，我們在 2021 年實現了這一目標。每年，我們都會證明我們是合規的。

We need to continue to invest in inspections and replacing obsolete meters and replacing conventional meters by smart meters. So in addition to the Energy Legal Program -- Legal Energy Program, which brings great benefit not only for the company reducing losses but also bringing dignity and security for low-income communities. Regarding default delinquency, it is important to say that digital channels have helped collection. We reached -- they reached 65%.

我們需要繼續投資檢查和更換陳舊電錶，用智慧電錶取代傳統電錶。所以除了能源合法計劃之外——合法能源計劃，不僅為公司帶來了巨大的好處，減少了損失，也為低收入社區帶來了尊嚴和安全。關於違約拖欠，重要的是要說數位管道有助於催收。我們達到了——他們達到了 65%。

Every quarter, we show the PIX, although this was deployed only two years ago and already accounts for 21.8% of our collection. In addition, ARFA is an indicator that shows how much of the revenue we actually can collect. It is very important -- the receivables collection index. It is important to show how we are collecting. We are delivering every year, an indicator close to 100%, showing the effectiveness of our initiatives to improve collection.

每個季度，我們都會展示 PIX，儘管它僅在兩年前部署，並且已占我們集合的 21.8%。另外，ARFA是一個指標，顯示我們實際上可以收取多少收入。這是非常重要的－應收帳款催收指數。展示我們如何收集非常重要。我們每年的交付率都接近 100%，這表明我們改善收集的措施是有效的。

As mentioned before, on OpEx and EBITDA have two regulatory limits that we now comply with. Regarding OpEx, which is my coverage in my tariff compared to what was realized. We are below the coverage in 0.7%, and EBITDA 3.8%, showing our commitment, our investment, and our capital allocation, so we won't have any capital outlay due to non-compliance to regulatory thresholds.

如前所述，我們現在遵守營運支出和 EBITDA 兩個監管限制。關於營運支出，這是我的資費覆蓋範圍與實際情況的比較。我們的覆蓋率低於 0.7%，EBITDA 低於 3.8%，這顯示了我們的承諾、我們的投資和我們的資本配置，因此我們不會因不遵守監管門檻而產生任何資本支出。

Now speaking about Cemig GT results. We have to remember that part of the trading activity of Cemig GT is part of Cemig Holding, but there is a part of the trading activity, which is under Cemig GT. In 2023, as we communicated to you, was surprising for the trading activity, given our strategy to sell power, which started in 2021. When I compare Q4 '23 with Q4 '22 recurring EBITDA, net of the sale of Retiro Baixo and Baguari, EBITDA grew 37.7% and net income grew 58.9% at Cemig GT.

現在談談 Cemig GT 的成績。我們必須記住，Cemig GT 的部分交易活動是 Cemig Holding 的一部分，但也有一部分交易活動是在 Cemig GT 旗下。正如我們向您傳達的那樣，鑑於我們於 2021 年開始實施的電力銷售策略，2023 年的交易活動令人驚訝。當我將 23 年第 4 季與 22 年第 4 季的經常性 EBITDA 進行比較時（扣除 Retiro Baixo 和 Baguari 的銷售），Cemig GT 的 EBITDA 成長了 37.7%，淨利潤成長了 58.9%。

Gasmig. Gasmig as a company that we consolidated. It is a natural gas distributing company in the state of Minas Gerais. When I look at 2023 over 2022, we posted an EBITDA growth of 21.9%. Part of this EBITDA increase is explained by the tariff review and partly by the offsetting portion, which was added in the quarters of 2023. But in Q4, there was no balance of this offsetting portion, and that's why we see an EBITDA reduction of 25.3%. It is important to remember that we are investing not only in distribution, transmission, generation in the state of Minas Gerais, but also Gasmig is building a pipeline in the mid-west region, an investment estimated at BRL800 million after spending many years without investing in its concession area.

加斯米格。Gasmig 作為我們合併的公司。它是米納斯吉拉斯州的一家天然氣分銷公司。當我比較 2023 年和 2022 年時，我們的 EBITDA 成長了 21.9%。EBITDA 成長的部分原因是關稅審查，部分原因是 2023 年季度增加的抵銷部分。但在第四季度，這一抵消部分沒有平衡，這就是為什麼我們看到 EBITDA 減少了 25.3%。重要的是要記住，我們不僅投資米納斯吉拉斯州的配電、輸電、發電，而且Gasmig 還在中西部地區建設一條管道，在多年沒有投資的情況下，投資估計為8 億雷亞爾在其特許經營區內。

To end, we like to show this slide. It reinforces what we have been promising to the market and what we have been delivering. What we have achieved, what is in progress, and the challenges and opportunities. I'd like to draw your attention to challenges and opportunities, investments in floating distributed generation. We've shared this with you and the renewal of a generation concession [Secca Valley] to say, in '26. In another one in 2027, we have shown interest in renewing those concessions, and these two commitments remain in our agenda.

最後，我們想展示這張投影片。它強化了我們對市場的承諾和我們一直在交付的成果。我們已經取得了什麼，正在進展什麼，挑戰與機會並存。我想提請您注意浮動分散式發電的挑戰和機會以及投資。我們已經與您分享了這一點，以及在 26 年更新一代特許權 [Secca Valley]。在 2027 年的另一次承諾中，我們表現出了更新這些讓步的興趣，這兩項承諾仍然保留在我們的議程上。

Now we will begin the Q&A session. Thank you very much.

現在我們將開始問答環節。非常感謝。

We will now begin the Q&A session. Please ask all of your questions at once and hold for the company's answers. (Operator Instructions)

我們現在開始問答環節。請立即提出您的所有問題並等待公司的答案。（操作員說明）

I was looking at the questions here in the chat and I see that there are many questions around three areas, divestment, federalization, and dividends. So I'll make a general comment, and then Leo and the other officers can add to my comments. Regarding divestments, I think that Leo has already spoken about this during the presentation. We have divested from the assets with more complexity. Those divestments that would have entailed expenses to us. They would have required a lot of capital injection and that has a big effect. If we add the resources that we received, the avoided cost from having to participate in capital injections plus tax credits, we are talking about BRL9 billion coming from these divestments, of these assets, as we mentioned.

我在聊天中查看了這裡的問題，發現圍繞三個領域有很多問題：撤資、聯邦化和股息。因此，我將發表一般性評論，然後 Leo 和其他官員可以添加我的評論。關於撤資，我認為Leo在演講中已經談到了這一點。我們剝離了更複雜的資產。這些撤資會為我們帶來費用。他們需要大量注資，這會產生很大的影響。如果我們加上我們收到的資源、因參與資本注入而避免的成本加上稅收抵免，我們正在談論的 90 億雷亞爾來自這些資產的剝離，正如我們所提到的。

Now, obviously, the main divestment portion has been carried out. We still have some divestments to make and this is public information. And the rationale is always very simple. We divest where we believe there's a third-party that can operate better than us given our characteristics. So we had a lot of SHPPs, but there are still some small hydropower plants, and we sold them at a very good premium, which shows that a third-party can use these assets better than we can.

現在，顯然，主要的撤資部分已經進行。我們仍有一些撤資要做，這是公開資訊。理由總是很簡單。鑑於我們的特點，我們認為有第三方可以比我們運作得更好，我們就會剝離。所以我們有很多小水力發電廠，但還有一些小水力發電廠，我們以非常好的溢價出售它們，這表明第三方可以比我們更好地使用這些資產。

And we have some divestments such as Aliança, Taesa, Belo Monte, but of course, these are complex, slow processes, but they're part of our plan. I should say that this is all I have to say about divestments. What else? About federalization. Well, I'll say that this is a theme for our shareholders. We have very little to say about this except what is public knowledge, what's in the media and press. And we are waiting for a reply from the Ministry of Finance regarding the proposal that is being negotiated.

我們也進行了一些撤資，例如 Alianá、Taesa、Belo Monte，當然，這些都是複雜、緩慢的過程，但它們是我們計劃的一部分。我應該說，這就是我要說的關於撤資的全部內容。還有什麼？關於聯邦化。好吧，我想說這是我們股東的主題。除了公眾知識、媒體和報紙上的報導外，我們對此沒什麼好說的。我們正在等待財政部對正在談判的提案的答覆。

We don't have anything to comment on that. We are working business as usual, seeking the best earnings and results for the company because this is our role regardless of who's the controlling shareholder.

我們對此沒有什麼可評論的。我們照常工作，為公司尋求最好的獲利和業績，因為無論誰是控股股東，這都是我們的職責。

Regarding dividends, there are many questions about dividend payout terms and my comment is -- so divestment program will lead to capital gain and this capital gain will be distributed 50% of our result. Actually, it's more than 50% because it's 50% of the result plus the interest on equity benefits. So in practice, we have a dividend payout greater than 50%. It's 50% of the result plus the tax cost of interest on equity. So we understand that this is quite a reasonable number.

關於股息，關於股息支付條款存在許多問題，我的評論是——因此撤資計劃將帶來資本收益，而該資本收益將分配我們業績的 50%。實際上，它超過了50%，因為它是結果的50%加上股權收益利息。因此，實際上，我們的股息支付率超過 50%。它是結果的 50% 加上股權利息的稅收成本。所以我們知道這是一個相當合理的數字。

Way higher than the law. The law requires a minimum dividend payout of 25%. So actually, it's a lot more than 50%. Again, its 50% plus interest on equity. And I believe that you need to know that we are now reviewing the capital structure of the company and we are investing a lot. So again, we are exiting some sectors, but we are entering new sectors. We saw record investment plan for -- that we had in 2023, in 80%. We're invested in regulated business, distribution, natural gas, transmission. So our expectations are then yes, we are creating profitability for the company in two ways. When we remunerate shareholders with a cash outlay and also when we invest and create value for the company.

遠高於法律。法律要求最低股利支付率為 25%。事實上，這個比例遠遠超過 50%。同樣，其股本利息加 50%。我相信你需要知道我們現在正在審查公司的資本結構並且我們正在進行大量投資。同樣，我們正在退出某些領域，但我們正在進入新的領域。我們看到 2023 年的投資計畫創歷史新高，佔 80%。我們投資於受監管的業務、分銷、天然氣、傳輸。所以我們的期望是，我們正在透過兩種方式為公司創造獲利能力。當我們以現金支出回報股東時，以及當我們為公司投資並創造價值時。

So dividends that were not distributed, that's because they are being reinvested in regulated sectors, creating value to our shareholders. So we create value either through the cash that we distribute or the resources we keep in the company to invest and appreciate the company. So of course, these topics are always discussed. Dividend payout, when the dividend payout will happen. But we do have a large investment program. We understand it is critical to better serve our clients and at the same time, remunerating our shareholders.

因此，未分配的股利是因為它們被再投資於受監管的部門，為我們的股東創造價值。因此，我們透過分配的現金或保留在公司的資源來投資和增值公司來創造價值。當然，這些話題總是會被討論。股息支付，何時支付股息。但我們確實有一個龐大的投資計劃。我們深知，更好地服務客戶並同時為股東提供回報至關重要。

So we believe that the current practice, 50% of net income plus the financial effect of interest on equity allows us to adequately remunerate our shareholders. It enables the remuneration based on the capital gain. Also, when we sell an asset at the same time, resources kept in the company being reinvested creating even more value to shareholders and more results in terms of improved services to clients. I don't know, Leo whether you want to add to that, but I think that these are the three main topics that were asked in the chat.

因此，我們認為，按照目前的做法，淨利潤的 50% 加上股權利息的財務影響，使我們能夠向股東提供充分的報酬。它使得薪酬能夠基於資本利得。此外，當我們同時出售資產時，公司保留的資源會被重新投資，為股東創造更多價值，並在改善客戶服務方面取得更多成果。Leo，我不知道您是否想補充這一點，但我認為這些是聊天中提出的三個主要主題。

So they asked about divestments, federalization, again, we have very little to comment on that, and dividends. I just want to make clear that everything we do aims to create value to our shareholder base, either when we have a dividend payout or when we make investments. All investment aim to create value to the company and to our shareholders.

因此，他們詢問了撤資、聯邦化以及股息問題，我們對此幾乎沒有什麼可評論的。我只是想明確表示，我們所做的一切都是為了為我們的股東創造價值，無論是在我們派發股息還是在進行投資時。所有投資的目的都是為公司和股東創造價值。

I agree, Reynaldo. I think you spoke very well about dividends. When we look at dividends, in 2023, we had capital gains with the sale of some generation assets. They were part of the dividend calculation base, so BRL3.1 billion divided by the recurring operating profit, we are talking about almost 60% payout. So if we have future additional capital gains with future sale of assets, this will mean an additional payout which will continue to make the company, as Reynaldo said, one of the best companies in Brazil in terms of dividend payout.

我同意，雷納多。我認為您關於股息的討論非常好。當我們看股息時，2023 年，我們透過出售一些發電資產獲得了資本利得。它們是股息計算基礎的一部分，因此 31 億雷亞爾除以經常性營業利潤，我們談論的是近 60% 的派息。因此，如果我們透過未來出售資產來獲得額外的資本收益，這將意味著額外的支出，正如雷納爾多所說，這將繼續使該公司成為巴西股息支付最好的公司之一。

A company with consistent results, concessions, which are very profitable. Our distribution concession was renewed from 2015 to 2045, so we have predictability of results and cash generation for the company. So we understand that we are already one of the most attractive companies in terms of investor and shareholder remuneration.

業績穩定、優惠、利潤豐厚的公司。我們的分銷特許權從 2015 年續簽至 2045 年，因此我們對公司的業績和現金產生具有可預測性。因此我們知道，就投資者和股東薪酬而言，我們已經是最具吸引力的公司之一。

I have a question to our Distribution VP, Marney. It is about DEC in 2023. The question is could you comment on the growth, on the increase of DEC in 2023. Do you see any OpEx expectation at the Disco to maintain that level with the regulating agency now asking for more quality.

我有一個問題想問我們的分銷副總裁 Marney。時間大約是 2023 年 12 月。問題是您能否對 2023 年 DEC 的成長發表評論。您是否認為迪斯科舞廳有任何營運支出期望保持這一水平，而監管機構現在要求更高的品質。

Well, Guilherme thank you. Indeed, DEC did increase last year more specifically in Q4 where we had a considerable increase of extreme weather events. You all followed what happened in the southeast of Brazil and of course, it impacted Minas Gerais state. To give an idea, in the previous year, we had about 800,000 lightnings in the state of Minas. Last year, 2.4 million lightnings that contributed a lot to the increase in DEC.

好吧，吉列爾梅，謝謝你。事實上，去年 DEC 確實有所增加，特別是在第四季度，極端天氣事件大幅增加。你們都關注巴西東南部發生的事情，當然，它影響了米納斯吉拉斯州。舉個例子，去年，米納斯州發生了大約 80 萬次閃電。去年240萬次閃電對DEC的成長貢獻很大。

And also, the scheduled DEC, we had a lot of disconnections done for civil works to better serve the market. So that contributed to DEC a little outside the thresholds intended. But I can assure you that in the month of February already, DEC is back within the regulatory threshold. In March, again, an expectation to remain below regulatory threshold and of course, within -- with our regulatory OpEx within thresholds.

此外，在預定的 12 月份，我們為土木工程進行了許多斷電，以便更好地服務市場。因此，這導致 DEC 稍微超出了預期的閾值。但我可以向您保證，在 2 月份，DEC 已經回到了監管閾值之內。3月份，我們再次期望保持在監管閾值以下，當然，我們的營運支出在監管閾值之內。

Now Leonardo will answer two questions regarding share subscription that we will approve in the Shareholders' Meeting of April 2024.

現在萊昂納多將回答有關股票認購的兩個問題，我們將在 2024 年 4 月的股東大會上批准這些問題。

Yes. Given the profit reserve exceeding the capital stock, the company will increase the capital using profit reserves, capital reserves through the share subscription. We've done that in previous years. And we will suggest 30% new share subscription for our shareholders in the meeting to be held by the end of April. That's the expectation of the company considering compliance with the SA law of Brazil. So we use the profit reserves to increase the capital stock of the company.

是的。由於利潤公積超過股本，公司將以利潤公積、資本公積金透過認購股份的方式增加資本。前幾年我們就這麼做過。我們將在4月底召開的股東會建議認購30%的新股。這是該公司考慮遵守巴西南澳法律的期望。所以我們用利潤儲備來增加公司的股本。

Next question regarding the company's participation in the next transmission auction. I'll turn the floor to the Transmission VP, Thadeu.

下一個問題是關於該公司參與下一次變速箱拍賣的問題。我將請傳輸副總裁 Thadeu 發言。

Hello. As we had informed before to the market in the last earnings conference call, we will not be participating in the next auction to be held next week at B3 Sao Paulo.

你好。正如我們之前在上次財報電話會議中向市場告知的那樣，我們將不會參加下週在聖保羅 B3 舉行的下一次拍賣。

Thank you, Thadeu. Next question regarding distributed generation. DG. I'll turn the floor to Reynaldo, CEO.

謝謝你，薩杜。下一個問題是關於分散式發電的。總幹事。我現在請執行長雷納爾多 (Reynaldo) 發言。

There are two questions here, Carol, about DG and another one about actuarial liabilities. So for the DG, there was a recent decision by the Federal Court of Accounts in a model of Power BI subscription. We understand that will comply with absolutely all requirements for Cemig to participate in the distributed generation market. I have a lot of peace of mind regarding all the shining walls we have here. There were some comments here. Had some comments about my Portuguese. I apologize. I'll take Portuguese lessons, but we have Chinese walls. The distribution and Cemig's activities are totally shared. There's no relationship between one area and the other. Of course, they are all part of the same economic group, but the activities are totally independent, including Cemig SIM.

卡羅爾，這裡有兩個問題，一個是關於 DG 的，另一個是關於精算負債的。因此，對於 DG 來說，聯邦審計法院最近對 Power BI 訂閱模型做出了裁決。我們知道這絕對符合 Cemig 參與分散式發電市場的所有要求。對於我們這裡所有閃亮的牆壁，我感到非常安心。這裡有一些評論。對我的葡萄牙語有一些評論。我道歉。我會上葡萄牙語課，但我們有中國牆。分發和 Cemig 的活動是完全共享的。一個區域與另一個區域之間沒有任何關係。當然，它們都是同一經濟集團的一部分，但活動完全獨立，包括 Cemig SIM。

And of course, the TCU decision includes subsidies for distributed generation, which I believe will be analyzed by TCU, the Federal Court of Accounts and other control agencies of the country, but specifically regarding Cemig SIM, we have a lot of peace of mind that we fulfill all the requirements. If there is any debate regarding charges and subsidies of DG, if there is any decision, it will not be specific for Cemig SIM, it will be for the whole sector.

當然，TCU 的決定包括對分散式發電的補貼，我相信 TCU、聯邦審計法院和該國其他控制機構將對此進行分析，但特別是關於 Cemig SIM，我們非常放心我們滿足所有要求。如果 DG 的收費和補貼有任何爭議，如果有任何決定，也不會專門針對 Cemig SIM，而是針對整個產業。

Regarding actuarial liabilities, it is public knowledge that we aim to look for structural solutions for the company's actuarial liabilities. Apart of these issues are at the court, we have to wait for the court decisions.

關於精算負債，眾所周知，我們的目標是為公司的精算負債尋找結構性解決方案。這些問題除了法庭之外，我們還得等待法庭的判決。

Thank you. And now we are closing the Q&A session. For the conclusion of the call, I will turn the floor to our CEO, Reynaldo Passanezi Filho.

謝謝。現在我們的問答環節即將結束。最後，我將請我們的執行長 Reynaldo Passanezi Filho 發言。

Well, again, thank you very much for attending our earnings video conference call, for your questions. Please continue to trust Cemig and we will continue to deliver more and more results to our shareholders. Always seeking to deliver a level of excellent self service to our consumers. That's our purpose, to continue transforming the lives of the people of Minas with our energy. We want to drive the development, the sustainable development of Minas because all our energy is clean energy. And at the same time, creating value to the company shareholders. Thank you very much and enjoy your weekend.

再次，非常感謝您參加我們的財報視訊電話會議並回答您的問題。請繼續信任 Cemig，我們將繼續為股東帶來越來越多的成果。始終致力於為我們的消費者提供卓越的自助服務水準。這就是我們的目的，繼續用我們的能量改變米納斯人民的生活。我們希望推動米納斯的發展，永續發展，因為我們所有的能源都是清潔能源。同時，為公司股東創造價值。非常感謝您，祝您週末愉快。

This concludes Cemig's fourth quarter 2021 (sic - 2023) earnings conference call. Thank you for your participation. The IR department of the company is available to answer any further questions you might have. Thank you very much for your participation and have a good day.

Cemig 的 2021 年第四季（原文如此 - 2023 年）收益電話會議到此結束。感謝您的參與。公司的 IR 部門可以回答您可能有的任何進一步問題。非常感謝您的參與，祝您有美好的一天。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。