Energy of Minas Gerais Co (CIG) 2024 Q3 法說會逐字稿

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Good morning, everyone. I am Carolina Senna, Cemig's Investor Relations Superintendent. Welcome to Cemig's third-quarter 2024 earnings video conference call. We inform you that this video conference is being recorded and will be available on the company's IR website where you will also find the company's presentation.

大家早安。我是 Carolina Senna，Cemig 的投資人關係主管。歡迎參加 Cemig 2024 年第三季財報視訊電話會議。我們通知您，該視訊會議正在錄製中，並將在該公司的 IR 網站上發布，您也可以在該網站上找到該公司的簡報。

Should you need a simultaneous interpreting, the feature is available by clicking on the globe icon located on the bottom of the screen. Upon choosing interpretation, select the language of your choice, Portuguese or English. Should you choose to follow the call in English, you may also select mute original audio.

如果您需要同聲傳譯，可以透過點擊螢幕底部的地球圖示來使用該功能。選擇口譯服務後，請選擇您選擇的語言：葡萄牙語或英語。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。

We are now starting Cemig's video conference with Reynaldo Passanezi Filho, CEO; Dimas Costa, Chief Commercial Officer; Leonardo George de Magalhaes, CFO and IR Officer; and Marney Tadeu Antunes, the Chief Distribution Officer.

我們現在開始與執行長 Reynaldo Passanezi Filho 舉行 Cemig 視訊會議；迪馬斯·科斯塔，首席商務官； Leonardo George de Magalhaes，財務長兼投資者關係長；和首席分銷官 Marney Tadeu Antunes。

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

首先請我們的執行長 Reynaldo Passanezi Filho 發言。

Good morning. Good morning, everyone. Welcome to the earnings video conference call for the third quarter of 2024.

早安.大家早安。歡迎參加 2024 年第三季財報視訊電話會議。

Once again, very consistent results, results that prove the significant turnaround of the company as well as its financial softness. We do have some highlights that are very special. They have already been announced over this period of time, and they are very positive. We, right now, have the best rating in our history, AAA. We couldn't be better. This is the best rating in the company's history, and this is the best rating possible.

再次，非常一致的結果，結果證明了公司的重大轉變及其財務疲軟。我們確實有一些非常特別的亮點。這段時間他們已經宣布了，而且非常積極。我們現在擁有史上最好的評級：AAA。我們不能更好了。這是該公司歷史上的最佳評級，也是可能的最佳評級。

We have over six notches of growth in the period that is lower in five years. So this is really an acknowledgment by Fitch. Thanks to our consistent results, our cash generation, and also EBITDA over net debt, that is one of the best in history. Also in this quarter, we concluded the sale of Aliança Energia. This has been announced 45 days ago.

我們在五年來較低的時期內實現了六級以上的成長。所以這確實是惠譽的認可。由於我們始終如一的業績、現金產生以及除淨債務的 EBITDA，這是歷史上最好的之一。同樣在本季度，我們完成了 Aliança Energia 的出售。這是 45 天前宣布的。

We have received BRL2.7 billion. And now we are recording in this quarter, a capital gain of BRL1.6 billion. And also, we have very positive results of our transmission tariff revision with a gain of BRL1.5 billion in the IFRS and the adjustments of ARTT for transmission. Therefore, we're reaching the best EBITDA in our history, BRL5 billion in the third quarter. These are wonderful results. In addition to the consistency of the results effectively with these events, we are reaching, again, the best EBITDA in our history as well as AAA, which is the best rating possible.

我們已收到 27 億雷亞爾。現在我們在本季記錄了 16 億雷亞爾的資本利得。此外，我們的輸電資費修訂也取得了非常積極的成果，IFRS 和 ARTT 輸電調整帶來了 15 億雷亞爾的收益。因此，我們在第三季度實現了歷史上最好的 EBITDA，即 50 億雷亞爾。這些都是很棒的結果。除了這些事件的結果有效地保持一致之外，我們還再次達到了歷史上最好的 EBITDA 以及 AAA，這是可能的最佳評級。

I would like to highlight these results to all of you that are here with us. And this is reflecting the permanent commitment in certain results and that what I really like to focus on is the focus and growth and investments. Once again, a quarter with almost 20% of growth compared to the same quarter of 2023. And when we look at this whole picture, we see that we are at 5 times higher in terms of investments when compared to Cemig's in 2018.

我想向與我們在一起的所有人強調這些結果。這反映了對某些結果的永久承諾，而我真正喜歡關注的是焦點、成長和投資。與 2023 年同一季度相比，該季度再次成長近 20%。當我們縱觀整個情況時，我們發現與 2018 年 Cemig 相比，我們的投資額高出 5 倍。

And in these nine months, we have already invested over BRL4 billion. Just last year, was BRL4.8 billion. This year, we will go over that number. So that proves our commitment to be working in the company's future because a lot of these investments go to our base and also improve the company's future profitability. These were the main highlights I wanted to go over, and obviously, I want to talk about the material fact, and also, I have something to tell the market.

在這九個月裡，我們已經投資了超過 40 億雷亞爾。就在去年，這一數字為 48 億雷亞爾。今年，我們將回顧這個數字。這證明了我們致力於公司未來的承諾，因為許多投資都進入了我們的基地，也提高了公司未來的獲利能力。這些是我想要討論的主要亮點，顯然，我想談論重要事實，而且我有一些東西要告訴市場。

Well, the first what I would like to tell you has to do with our Investor Relations position and also our CFO position. Andrea Almeida is going to replace Leonardo. And Leonardo, really, I would like to acknowledge and to thank you for your work at Cemig and for the whole period where you worked as our CFO and IR Officer. You have over 30 years in the company. You're a leader, a great leader.

嗯，我想告訴您的第一件事與我們的投資者關係職位和財務長職位有關。安德里亞·阿爾梅達將接替萊昂納多。萊昂納多，我真的要感謝您在 Cemig 的工作以及您擔任我們的財務長和投資者關係長的整個時期。您在公司工作了 30 多年。你是一個領導者，一個偉大的領導者。

I already have known you before I brought you over to be a CFO. You have always been praised by everyone, and I can only stress what I have heard about you before. And really, I wanted to publicly acknowledge you and to thank you. I'm extremely thankful to you. And it's just couldn't be crowned with anything else different from a AAA rating.

在讓你擔任財務長之前我就已經認識你了。你一直受到大家的稱讚，我只能強調一下我以前聽過的關於你的事。真的，我想公開承認並感謝你。我非常感謝你。與 AAA 評級相比，它是無可比擬的。

You provided us a crucial contribution and also to help us reach the regulatory OpEx to the minimum leverage in our history in the adjustments of postretirement, as well as, as I already said, with the AAA rating that we have just received. And now we are appointing Leonardo, and this has been approved in the Executive Board also in the last week. He is going to be appointed for Luiz to be the CEO there. And now we have to wait for the controlling parties there. But this is what we would like to see that -- to have Leonardo taking over for Luiz as the CEO and also helping us in the challenges in the post-retirement at that entity.

你們為我們做出了至關重要的貢獻，也幫助我們在退休後的調整中將監管營運支出達到了我們歷史上的最低槓桿，正如我已經說過的，我們剛剛獲得了 AAA 評級。現在我們正在任命萊昂納多，這也在上週得到了執行委員會的批准。他將被任命為路易斯的首席執行官。現在我們必須等待那裡的控制方。但這正是我們希望看到的——讓萊昂納多接替路易斯擔任首席執行官，並幫助我們應對該實體退休後的挑戰。

And I would like to welcome Andrea Almeida. We are very happy to have you with us, Andrea. She has worked for Vale for 25 years. Also, she worked in Canada for Vale. She worked in the controlling area in the treasury department. She has been in the CFO of Petrobras, and she was the CFO of Santander.

我要歡迎安德里亞·阿爾梅達。我們很高興有你和我們在一起，安德里亞。她在淡水河谷工作了 25 年。此外，她還在加拿大淡水河谷工作。她在財務部門的控制領域工作。她曾擔任巴西國家石油公司的財務官，也曾擔任桑坦德銀行的財務長。

This is a CV that requires no further comments. Andrea, welcome to be in the company now and to be part of the transformation. You see that we have been posting great and consistent results. So once again, Leonardo, thank you very much.

這是一份不需要進一步評論的履歷。安德里亞（Andrea），歡迎現在加入公司並成為轉型的一部分。您會看到我們一直在發佈出色且一致的結果。萊昂納多，再次非常感謝你。

And also, I would talk about the material fact, which we posted last Friday. We have received a communication from the controlling shareholder announcing the submission of a bill. This is a bill for the legislative assembly so that they can no longer be a Cemig's controlling party, therefore, turning Cemig into a corporation. There is going to be the whole process in our legislative assembly. So this is a very important announcement from our controlling shareholder and about his desire to turn Cemig into a corporation.

另外，我想談談我們上週五發布的重要事實。我們已收到控股股東的來信，宣布提交法案。這是立法議會的一項法案，使他們不再是 Cemig 的控股方，從而將 Cemig 轉變為一家公司。整個過程將在我們的立法議會中進行。因此，這是我們控股股東發布的一項非常重要的公告，表明他希望將 Cemig 轉變為一家公司。

Carolina, these are my initial remarks, and we will be ready to take your questions after the company's presentation. And once again, I would like to stress that we did have consistent results. Our investment plan is in line with what was planned and all of these historic numbers AAA, the highest EBITDA ever, also higher investment, and this material fact, and the communication we had to the market, and the desire of the controlling shareholder and turning Cemig into a corporation.

卡羅萊納州，這是我的初步評論，我們將在公司介紹後準備回答您的問題。我想再次強調，我們確實取得了一致的結果。我們的投資計劃符合計劃，所有這些歷史數字 AAA、有史以來最高的 EBITDA、更高的投資、這一重要事實、我們與市場的溝通、控股股東的願望和轉向塞米格進入一家公司。

So we'll be available to take your questions later on. So now moving on, I would like to turn the floor to our CFO and IR Officer, Leonardo Magalahaes.

因此，我們稍後可以回答您的問題。現在，我想請我們的財務長兼投資者關係長 Leonardo Magalahaes 發言。

Good morning, everyone. Thank you very much for being here in this video conference. For these results, I would like to start by thanking you as well.

大家早安。非常感謝您參加本次視訊會議。對於這些結果，我首先也要感謝你們。

I'd like to thank Reynaldo for his trust in this period in which we worked together here in the Board and also thank him for his leadership in this transformation process in the company. The figures tell at all. But he created the base of the company in order to ensure and to -- that we would have the sustainable growth for this company in the next few years. Thank you very much, Reynaldo.

我要感謝雷納爾多對我們在董事會共事的這段時期的信任，也感謝他在公司轉型過程中的領導。數字說明了一切。但他創建了公司的基礎，以確保我們公司在未來幾年內實現永續成長。非常感謝你，雷納多。

I would like to welcome Andrea. Great professional, a renowned professional, and she's going to have a relevant role in providing continuity to our strategy and the continuous generation of value to our shareholders.

我要歡迎安德里亞。她是一位出色的專業人士，一位著名的專業人士，她將在為我們的策略提供連續性並為我們的股東持續創造價值方面發揮重要作用。

And also, I would like to thank our investors for the relationship, all of these years. This is -- the foundation is one of the important topics of the company. They have an important role with all their participants, and we will try to do the best work possible for Luiz. So thank you very much for that appointment. And of course, now, we will just depend on the regulating agents.

此外，我還要感謝我們的投資者這些年來的合作關係。這就是──基金會是公司的重要議題之一。他們在所有參與者中發揮著重要作用，我們將盡力為路易斯做最好的工作。非常感謝您的這次任命。當然，現在我們將只依賴監管機構。

So we had a number of positive results. One of them was the sale of our terms of our company in Aliança, and also, we had the tariff review and we did have the effects of the tariff review now. So it's important to mention that we almost doubled our remuneration base, and we forecast BRL3.5 billion investments for the next years for transmission lines in the state of Minas Gerais. Important investments that we understand that they are important for the country, and also, for the company. And they would generate value to shareholders when we compare to returns and transmission auctions.

所以我們取得了一些正面的成果。其中之一是出售我們在阿利安薩公司的條款，而且我們進行了關稅審查，現在我們確實受到了關稅審查的影響。因此，值得一提的是，我們的薪資基數幾乎翻了一番，並且我們預計未來幾年將在米納斯吉拉斯州的輸電線路上投資 35 億雷亞爾。我們了解重要的投資對國家和公司都很重要。與回報和傳輸拍賣相比，它們將為股東創造價值。

And these are investments that the company is doing right now according to its transmission concession. Now, moving on, Reynaldo talked about investments. We had a bold investment planned for this year, BRL6.2 billion. And we are confident that we will be able to invest over 90% of what was forecasted for this year. We have already been able to realize over 65% up to the third quarter. Of course, in the fourth quarter, we will accelerate that. But here we have the distribution of that, the breakdown.

這些是該公司目前根據其輸電特許權正在進行的投資。現在，雷納爾多談到了投資。今年我們計劃進行一項大膽的投資，金額為 62 億雷亞爾。我們有信心今年的投資金額將達到預期的 90% 以上。截至第三季度，我們已經實現了 65% 以上。當然，在第四季度，我們會加快這一速度。但這裡我們有它的分佈，細分。

We have BRL4.4 billion of realized investments. We are in line what was forecasted. The company was investing close to BRL800 million, BRL900 million a few years ago in distribution. And now we are investing almost 4 times the QRR. We believe these are profitable investments and they prove the correct capital allocation for the company in the last few years.

我們已實現投資 44 億雷亞爾。我們符合預測。該公司在分銷方面投資了近 8 億雷亞爾，幾年前為 9 億雷亞爾。現在我們的投資幾乎是 QRR 的 4 倍。我們相信這些都是有利可圖的投資，它們證明了公司在過去幾年中正確的資本配置。

Now, moving on, some highlights in the results. I'll turn the floor to Carolina. But before that, I would like to mention a few topics here. First, we were awarded transparency, one of the most transparent companies in Brazil because of the quality of our -- and the transparency of our financial statements. So we provide quality and quick information to our investors so that they can correctly assess our results and operations.

現在，繼續看結果中的一些亮點。我現在請卡羅萊納發言。但在此之前，我想先提幾個話題。首先，我們被評為透明度最高的公司之一，因為我們的品質和財務報表的透明度。因此，我們為投資者提供優質、快速的信息，以便他們能夠正確評估我們的業績和營運。

And in this result -- in the consolidated result, we have a cash generation, once again that is robust for businesses that generate a lot of results in the company. BRL1.8 billion in EBITDA in the third quarter and the trading results have been negatively impacted because of the load restrictions between northeast and southeast that had effects in the grocery stores. Comparing the prices of energy that we buy in the northeast and use it in the southeast. It was difficult. October was a difficult month but because of rain, in November and December, we have more favorable months for our trading business.

在這個結果中——在綜合結果中，我們產生了現金，這對於在公司中產生大量成果的業務來說再次是強勁的。第三季 EBITDA 為 18 億雷亞爾，由於東北部和東南部之間的負荷限制對雜貨店產生了影響，交易結果受到了負面影響。比較我們在東北購買和在東南使用的能源價格。這很困難。十月是一個困難的月份，但由於下雨，十一月和十二月對我們的貿易業務來說是更有利的月份。

And Cemig D, we still have very good quality indicators within the regulatory limits and the average tariff adjustments of this quarter of 7.32%, market growth of 4.5%, and we understand that the yearend result for Cemig distribution is to be very favorable as a company that has discipline costs, and also, is still focused on the clients to improve the service quality that we are providing to Minas Gerais society.

而 Cemig D，我們在監管限制內仍然擁有非常好的品質指標，本季的平均關稅調整為 7.32%，市場成長率為 4.5%，我們知道 Cemig 分銷的年終結果將非常有利，因為公司有紀律成本，並且仍然以客戶為中心，以提高我們為米納斯吉拉斯社會提供的服務品質。

Here in this third quarter, we posted BRL1.6 billion in capital gain because of the sale of Aliança Energia. And also, we had for Cemig GT positive results stemming from the tariff review.

今年第三季度，由於出售 Aliança Energia，我們實現了 16 億雷亞爾的資本利得。此外，我們還從關稅審查中獲得了 Cemig GT 的積極成果。

Now I'll turn the floor to Carolina, and she's going to go into the details of the results for this third quarter.

現在我將請卡羅萊納州發言，她將詳細介紹第三季的結果。

Thank you very much, Leonardo. So now moving on, and this is the slide that we always show you with the results of the IFRS result and the recurring results here. As Reynaldo mentioned, we had the best EBITDA in our history. Thanks to the tariff review and Aliança sale and this shows the success as of our divestment plan.

非常感謝你，萊昂納多。現在繼續，這是我們始終向您展示 IFRS 結果和重複結果的幻燈片。正如雷納爾多所提到的，我們擁有歷史上最好的 EBITDA。感謝關稅審查和 Aliança 出售，這表明我們的撤資計劃取得了成功。

Net of the recurring effects, which are the tariff review in, I'll say we had a drop of 10% but most of that was affected by what Leonardo already told us. That has to do with commercialization or training activity that it had the difference because of the submarket price. And now with the rain effect, we will no longer have this price difference.

扣除關稅審查等經常性影響，我想說我們下降了 10%，但其中大部分受到萊昂納多已經告訴我們的影響。這與商業化或培訓活動有關，因為子市場價格而存在差異。而現在有了下雨的影響，我們就不會再有這個價差了。

Now, analyzing P MSO, we see that we have grown 2.9% in highlight for outsourced services. Also, right-of-way clearing and tree pruning, when I -- we come quarters to quarters. Just to give you an idea of the right-of-way clearing, we cleaned the 40,000 kilometers of right-of-way clearing. That is to mitigate interruptions of energy that is provoked by climatic events. We already see rains here. And sometimes, we are affected by these events and that also so that we can keep on providing services at the best quality possible for clients avoiding hours of interruption of energy because of some type of event.

現在，透過分析 P MSO，我們發現外包服務成長了 2.9%。此外，當我——我們逐季進行時，還要清理路權和修剪樹木。為了讓您對路權清理有個了解，我們清理了 40,000 公里的路權清理。這是為了減輕氣候事件引起的能源中斷。我們已經看到這裡下雨了。有時，我們會受到這些事件的影響，這也使我們能夠繼續為客戶提供盡可能優質的服務，避免因某種類型的事件而造成數小時的能源中斷。

And also, under other expenses when we compare the same quarters '23 and '24 because of the asset deactivation. And we have the largest program of divestments in the company in the distribution sector. So it is natural that we have a higher deactivation of assets over this program -- over these years where we are executing the program.

此外，當我們比較 23 和 24 年的同一季度時，由於資產停用，在其他費用下。我們在分銷領域擁有公司最大的撤資計劃。因此，在我們執行該計劃的這些年裡，我們對這個計劃的資產停用率更高，這是很自然的。

In our cash flow. as Leonardo mentioned, the company has a robust cash generation. When we look at the year to date in these nine months, just for operating cash, we have BRL5 billion. We had two fundings for Cemig D that were very successful so that we could foster our investment program. Just this year, Cemig D will be investing over BRL4 billion in its concession of distribution. Also, we had interest on equities or dividends paid the payment of these dividends. That is done in two installments at the end of the year and in June, so we had investment activity which also meant a cash outflow and we had Aliança divestments. And we ended the quarter with 6.7 billion that will be used.

在我們的現金流中。正如萊昂納多所說，該公司擁有強勁的現金生成能力。當我們回顧今年迄今為止的九個月時，僅就營運現金而言，我們就有 50 億雷亞爾。我們為 Cemig D 提供了兩次非常成功的資金，因此我們可以促進我們的投資計劃。就在今年，Cemig D 將投資超過 40 億雷亞爾用於特許經銷。此外，我們還有股票利息或支付這些股利的股利。這是在年底和六月分兩期完成的，因此我們進行了投資活動，這也意味著現金流出，並且我們進行了 Aliança 撤資。本季結束時，我們將使用 67 億美元。

In the next quarters also, by dividends payment, by -- because of investments, and also, let's remember that we have our last share of the EUR bonds of $380 million, which will also be paid, now in December. Now, I'll turn the floor to Leonardo to talk about our successful 11th issuance of the debentures.

在接下來的幾個季度中，還會透過股息支付，透過——因為投資，而且，讓我們記住，我們還有最後一份 3.8 億美元的歐元債券，也將在 12 月支付。現在，我將邀請李奧納多談談我們成功發行第十一次債券的情況。

Yes, once again, a successful issuance of debentures. This is already a AAA company. But in the last issuance, we know clearly that we already being considered a AAA company. These issuances, when compared to our basis to the market, the market really trusted the company. Thanks to our low leverage, our good financial structure.

是的，再一次成功發行債券。這已經是AAA級公司了。但在上一次發行中，我們清楚知道我們已經被評為 AAA 公司。這些發行，與我們對市場的基礎相比，市場確實信任該公司。由於我們的槓桿率較低，財務結構良好。

So we had issuance of BRL2.5 billion, all of them placed in the market banks. It had a huge demand. It was higher than our offer. We issued a CDI of BRL1 billion and a second series of BRL1.5 billion. With IPCA, we have a natural hedge. And our revenue from distribution also is attached to IPCA. And we have good terms here, 7 years and 12 years.

因此，我們發行了 25 億雷亞爾，全部存放在市場銀行。它有巨大的需求。它比我們的報價要高。我們發行了 10 億雷亞爾的 CDI 和第二批 15 億雷亞爾的 CDI。有了IPCA，我們就有了天然的對沖。我們的發行收入也歸屬IPCA。我們在這裡有很好的條件，7年和12年。

Cemig has an average maturity up to last quarter of 2.7 years. And so after December next year, so it's going to be 5.4 years our debt profile. So we adjusted our debt profile. We extended the debt profile. And right now, we have very high rates. But considering our market situation, we have been able to pay off our investments and to finance that in the market so that they can be feasible using third-party or capital.

截至上季度，Cemig 的平均期限為 2.7 年。明年 12 月之後，我們的債務狀況將是 5.4 年。因此我們調整了債務狀況。我們擴大了債務規模。現在，我們的利率非常高。但考慮到我們的市場情況，我們已經能夠償還我們的投資並在市場上融資，以便使用第三方或資本來使它們可行。

Now turning the floor to Carol. She will go back to the profile and additional information.

現在請卡羅爾發言。她將返回個人資料和其他資訊。

Now, moving on, as Leonardo mentioned, we had recent issues for Cemig D of BRL2.5 billion with an extension of our debt profile. We still have a low leverage, especially thanks to Aliança's funds incoming. But this leverage is going to be used because of our investment program, which is the best in history as well as in December. As I mentioned, we will be paying Eurobonds. We will no longer have debt in dollar after 2025, and also, we will be paying dividends. So this leverage will naturally increase because of the events that I just mentioned.

現在，正如 Leonardo 所提到的，我們最近為 Cemig D 發行了 25 億雷亞爾的債券，並擴大了我們的債務規模。我們的槓桿率仍然較低，特別是由於 Alianña 的資金流入。但我們之所以會使用這種槓桿，是因為我們的投資計畫是史上最好的，也是 12 月最好的。正如我所提到的，我們將支付歐洲債券。2025 年之後我們將不再有美元債務，而且我們將支付股息。所以這個槓桿自然會因為我剛才提到的事件而增加。

Moving on Cemig D, we had no nonrecurring event in this quarter. We have significant results over each quarter. In EBITDA, there was a drop when compared to '23 and that was because of a higher increase in outsourced services expenses. As I mentioned, over 40,000 kilometers that we had to clear the right of way to mitigate possible adverse events stemming from climate events, and also, we were affected by market losses in -- from captive market to DG.

繼續 Cemig D，本季我們沒有發生非經常性事件。我們每季都有顯著的成果。與 23 年相比，EBITDA 有所下降，這是因為外包服務費用增加較多。正如我所提到的，我們必須清理超過 40,000 公里的路權，以減輕氣候事件可能造成的不利事件，而且，我們也受到從專屬市場到 DG 的市場損失的影響。

Now, talking about the market, we had a significant increase of 4.5%, mainly affected by transported energy showing how the Minas Gerais state is growing in terms of energy demand, new clients that are coming to the state, and also a demand the Cemig D's concession services. And the captive market is kind of sideways. We had a significant improvement in the residential clients because of high temperatures. But distributed generation is still affecting our captive client, which is migrating from that segment. And if we were not to have the adverse event of distributed generation, we would have grown 6.6%.

現在，談到市場，我們的成長率顯著增加了4.5%，主要受到運輸能源的影響，這表明米納斯吉拉斯州在能源需求、來到該州的新客戶以及Cemig 的需求方面如何成長。專屬市場有點橫盤整理。由於高溫，我們的住宅客戶數量有了顯著改善。但分散式發電仍影響著我們的專屬客戶，該客戶正在從該細分市場遷移。如果沒有分散式發電的不利事件，我們將會成長 6.6%。

Now for regulatory losses, we always say that, in 2021, we committed ourselves to be within the regulatory limits. So we had a slight mismatch here because those three days in May and Cemig's distribution anniversary is May 28. So there were differences in just three days that affected that a significant indicator of regulatory losses. We have already had a reduction, and we are optimistic about our commitment to end the year within the regulatory losses.

現在對於監管損失，我們總是說，2021年，我們承諾在監管範圍內。所以我們這裡有一點不匹配，因為 5 月的這三天和 Cemig 的發行週年紀念日是 5 月 28 日。因此，短短三天內的差異就影響了監管損失的重要指標。我們已經進行了削減，並且我們對年底在監管虧損範圍內的承諾持樂觀態度。

We need to keep on investing in the inspection of consuming units to continue our program to replace the conventional meters by smart ones, to increase the shielding, the protection for the meters and also to convert illegal connections into legal ones so that we can provide the best service to our consumers and also to maintain to keep ourselves within the regulatory limits. For operating efficiency, when I compare the realized OpEx and regulatory OpEx, the ones that I have the coverage in the tariff, and remember, in the second quarter, we had a non-recurring positive effect which was the reversal of tax provisions of INSS on the voluntary dismissal program.

我們需要繼續投資於用電單位的檢查，繼續實施智慧錶替代計劃，加強對錶的屏蔽和保護，並將非法連接轉變為合法連接，以便我們能夠提供為我們的消費者提供最好的服務，並保持在監管範圍內。就營運效率而言，當我比較已實現的營運支出和監管營運支出（我在關稅中涵蓋的營運支出）時，請記住，在第二季度，我們產生了非經常性的正面影響，即INSS 稅收規定的逆轉關於自願解僱計劃。

And even with that, we are within OpEx with a performance of 6.8%. Within EBITDA, we are at 5.6% lower than the regulatory EBITDA. But we are very optimistic. We are still working so that we can -- and over the year, within the regulatory EBITDA, just like the OpEx.

即便如此，我們的營運支出表現仍為 6.8%。在 EBITDA 中，我們比監管 EBITDA 低 5.6%。但我們非常樂觀。我們仍在努力，以便我們能夠在一年內，在監管 EBITDA 之內，就像營運支出一樣。

For Cemig GT, the sale of Aliança and the periodic tariff review are under Cemig GT, we had an EBITDA for IFRS higher and 380%. Removing those effects, we are down 19% that is affected by the trading activity. And we are starting to bring all the trading contracts to Cemig Holding. But this process is not 100% concluded yet. Therefore, part of that activity is under Cemig GT, therefore, affecting the recurring results.

對於 Cemig GT，Aliança 的銷售和定期關稅審查均在 Cemig GT 的管轄下，我們的 IFRS EBITDA 更高，為 380%。除去這些影響，受交易活動影響，我們的業績下降了 19%。我們開始將所有交易合約交給 Cemig Holding。但這個過程還沒100%結束。因此，該活動的一部分是在 Cemig GT 下進行的，因此會影響重複結果。

Now, to show you the breakdown per business, per area of the company, we have the slides for distribution. We are ready now. We have increase in expenses with outsourced services and that is to bring best quality of service for people. So generation is more or less in line, so trading.

現在，為了向您展示公司每個業務、每個領域的細分情況，我們準備了可供分發的幻燈片。我們現在準備好了。我們增加了外包服務的費用，那就是為人們帶來最好的服務品質。所以世代或多或少都是一致的，所以交易也是。

We already mentioned that the margin for 2024 would be lower than 2023. But also, we had the effect of the submarket difference, the reduction in the gas consumption. And I will show you ahead. And we already talked about this. The industrial activity had a reduction in cubic meters for gas. In addition to 2023, there was a compensatory parcel that was improving the results for 2023.

我們已經提到，2024 年的利潤率將低於 2023 年。而且，我們也受到了子市場差異的影響，也就是天然氣消耗量的減少。我將向您展示前方。我們已經討論過這一點。工業活動導致天然氣立方米減少。除了 2023 年之外，還有一個補償性地塊正在改善 2023 年的表現。

So when I compared to '24, there is a difference in the results. And the transmission improved in 11% showing that one of the strengths of the company is to have a footprint in different segments in a way that as a whole, we are able to deliver a recurring robust result.

所以當我與 '24 進行比較時，結果有差異。傳輸率提高了 11%，這表明該公司的優勢之一是在不同的細分市場中都有足跡，作為一個整體，我們能夠提供持續的強勁結果。

For Gasmig, then as I mentioned, there was this cubic meter reduction in gas volume from industrial clients of 6.6% affecting our EBITDA in 1.7%. Remember that Gasmig has an investment program, they are building five pipe gas pipelines up to the Midwest. So after seven years without investing in the state, we are now investing again. So this is the largest investment program in the group as we are saying.

對於 Gasmig，正如我所提到的，工業客戶的天然氣量減少了 6.6%，影響了我們的 EBITDA 1.7%。請記住，Gasmig 有一個投資計劃，他們正在建造五條通往中西部的天然氣管道。因此，在七年沒有對國家進行投資之後，我們現在再次進行投資。所以正如我們所說，這是該集團最大的投資計劃。

And now I'll turn the floor to our CFO and IR officer, Leonardo, so that he can talk about our commitment.

現在我將邀請我們的財務長兼投資者關係長 Leonardo 談談我們的承諾。

Well, this is a slide that we always like to bring you every quarter because this is the commitment from the company to be transparent. And these commitments are in line with our strategy.

嗯，這是我們每個季度都喜歡為您帶來的幻燈片，因為這是公司對透明度的承諾。這些承諾符合我們的策略。

And we usually -- we say that if we go back and what we said that we were going to do in 2021, 2020, during the pandemic, and look at what we had talked about, our strategic planning, and what we had for the future. We can clearly see that the company is delivering exactly its strategic plan. Here we have some of the objectives that have already been met, such as the bonds and the Cemig's in the regulatory OpEx, quality index also in the regulatory limits. Also, we divested from more complex holdings, also Cemig's distribution investment program. So it's BRL23 million from '23 up to '28.

我們通常會說，如果我們回顧一下我們所說的 2021 年、2020 年大流行期間我們要做什麼，看看我們談論了什麼、我們的策略規劃以及我們為未來。我們可以清楚地看到該公司正在準確地執行其戰略計劃。這裡我們有一些已經實現的目標，例如債券和 Cemig 的監管 OpEx，品質指數也在監管限制內。此外，我們還剝離了更複雜的持股，以及 Cemig 的分銷投資計劃。因此，從 23 年到 28 年，這一數字為 2,300 萬雷亞爾。

So the ongoing projects that in progress, a number of them are at full speed and we are already market leaders in energy here in Brazil. We are meeting already that commitment of this leadership that we already have in the pre-market and now also in retail trading showing Cemig's competence and Cemig's team competence in generating value.

因此，正在進行的項目中有一些正在全速進行，我們已經是巴西能源市場的領導者。我們已經履行了領導層的承諾，我們在上市前和現在的零售交易中都已經擁有這項承諾，這表明了 Cemig 的能力和 Cemig 團隊在創造價值方面的能力。

Also digital transformation. We are investing a lot in technology to prepare Cemig for the future. And also, we are implementing initiatives to comply with non-technical losses within regulatory levels. So here we are talking about assets where we would like to reallocate capital and thinking about the future, other projects. Also we have renewals of generation concessions. We are just paying attention to the topic and also technologies for energy transition. That's something else that the company is very much aware of so that we can have a relevant position in the future so that we can have a good position on how to deal with energy transition topics.

還有數位轉型。我們在技術方面投入了大量資金，為 Cemig 的未來做好準備。此外，我們正在實施舉措，以在監管水平內遵守非技術損失。因此，我們在這裡討論的是我們想要重新分配資本的資產，並考慮未來和其他項目。我們也更新了發電優惠。我們只是關注能源轉型的議題和技術。這是公司非常清楚的另一件事，以便我們能夠在未來擁有相關的地位，以便我們能夠在如何處理能源轉型主題方面擁有良好的地位。

Now, I'll turn the floor to Carolina. We will have a Q&A session, and I would like to thank you all very much.

現在我請卡羅萊納發言。我們將有一個問答環節，非常感謝大家。

Thank you, Leonardo. (Event Instructions) Our first question is for Marcelo Sá side analyst from Banco Itaú.

謝謝你，李奧納多。（活動說明）我們的第一個問題是向義大利銀行的副分析師 Marcelo Sá 提出的。

Hello, everyone. Thank you very much for your call. I have two questions. The first one is that I would like to understand this bill of law authorizing Cemig to become a corporation. But I believe it would have to have the approval of another bill that was sent a while ago. So why sending this bill now before that prior project approval? And I would like to know if there is anything new in terms of Taesa's stakeholder?

大家好。非常感謝您的來電。我有兩個問題。第一個是我想了解授權 Cemig 成為公司的這項法律法案。但我相信它必須得到不久前發送的另一項法案的批准。那麼為什麼要在事先項目批准之前發送此法案呢？我想知道Taesa的利害關係人方面是否有什麼新的變化？

Good morning, Marcelo. I will ask Mr. Reynaldo to answer your question.

早上好，馬塞洛。我請雷納爾多先生回答你的問題。

Good morning, Marcelo. Response is that the best entity to answer this question would be Minas Gerais administration, the controlling shareholder. It is a strategy that is coming from the controlling shareholder. Yeah, we know that there are two things there. We have this bill of law now and now we have the constitution amendment proposal.

早上好，馬塞洛。答案是，回答這個問題的最佳實體是控股股東米納斯吉拉斯州政府。這是來自控股股東的策略。是的，我們知道那裡有兩件事。我們現在有了這個法案，現在我們有了憲法修正案提案。

If just the bill of law is approved, our understanding, and it's just an initial understanding, is that we will need a referendum. So if this bill of law is approved regardless this constitution amendment proposal, according to the constitution, we would have to have a referendum.

如果該法案獲得批准，我們的理解（這只是初步理解）是，我們將需要舉行全民公投。因此，如果無論這個修憲提案如何，這項法案都獲得通過，根據憲法，我們就必須進行全民公投。

About Taesa, we do not have anything new about it. And if anything comes up, we will then publish a notice. and you will know about it.

關於泰莎，我們沒有什麼新鮮事。如果有任何情況發生，我們將發布通知。你會知道的。

Thank you, Reynaldo. Next question from Daniel Travitzky, sell side analyst from Safra Bank. Please, Daniel?

謝謝你，雷納爾多。下一個問題來自 Safra 銀行賣方分析師 Daniel Travitzky。請問，丹尼爾？

Hello, everyone. Thank you for this opportunity. I have two questions. They are related to the results.

大家好。感謝您給我這個機會。我有兩個問題。它們與結果相關。

I would like to better understand the purchase and sale of energy in this quarter. There was an increase in that line. I would like to understand how was the border on that topic.

我想更了解本季能源的採購和銷售情況。該行有所增加。我想了解該主題的邊界如何。

And second question has to do with leverage. You mentioned that you were expecting leverage to increase after payments of dividends and the Eurobonds. So where do you project this leverage at? And what is your mindset for additional dividends distribution up to the end of the year? Thank you.

第二個問題與槓桿有關。您提到您預計在支付股息和歐洲債券後槓桿率會增加。那麼你將這個槓桿投射到哪裡呢？您對於年底前的額外股利分配有何想法？謝謝。

For the first question about energy trading. I will ask the support of Dimas Costa. And about leverage, I'll turn the floor to Leonardo.

關於能源交易的第一個問題。我會請求迪馬斯·科斯塔的支持。關於槓桿作用，我將請萊昂納多發言。

Good morning, everyone. Thank you for your question, Daniel. Let me understand it. You were asking us about the quarter -- the quarter's purchase of energy. So maybe this year, sometimes we have an open position. We were not in that situation. So we did not need to purchase energy, but we did have a price difference.

大家早安。謝謝你的問題，丹尼爾。讓我明白一下。你問我們這個季度的情況——這個季度的能源購買情況。所以也許今年，有時我們有一個空缺職位。我們沒有處於那種情況。所以我們不需要購買能源，但是我們確實有價差。

Today, we have an energy that we purchased. We have one-fourth of that energy coming from the northeast. And usually, that energy in September, October is stressed because there is a restriction and transmission. And there is a price difference in the market.

今天，我們擁有了購買的能量。我們四分之一的能源來自東北部。通常，九月、十月的能量會受到壓力，因為有限制和傳輸。且市場上存在價格差異。

And because of the lower prices, it's around BRL200, BRL300, BRL600, that is more -- usually more or less the amount. But this year, the price detached. It went to BRL300 and BRL400 in September and October. So out of the 1,100 megawatts that we acquired from the Northeast, we were able to hedge around 300 and the other 800 is at a risk and we have to manage that risk.

而且由於價格較低，大約是200雷亞爾、300雷亞爾、600雷亞爾，也就是更多——通常是或多或少的金額。但今年，價格卻出現了脫離。9 月和 10 月分別達到 300 雷亞爾和 400 雷亞爾。因此，在我們從東北部購買的 1,100 兆瓦電力中，我們能夠對沖約 300 兆瓦電力，而另外 800 兆瓦電力則面臨風險，我們必須管理該風險。

But in addition to the impact, therefore, we were not open. But we did have that difference. We had to buy energy in the Southeast and settle in the Northeast. And this is the regular dynamics of those that have -- that have energy in the submarket and have to sell it in another. And also, we had some trading companies that -- and some large trading companies did not deliver what they had promised in September and October. So we had to cancel contracts with no losses for Cemig and for other -- two other small ones, just for 2025.

但除了影響之外，我們還沒有開放。但我們確實有這種差異。我們必須在東南部購買能源並在東北部定居。這是那些在子市場擁有活力卻必須在另一個市場出售的人的常規動態。而且，我們有一些貿易公司以及一些大型貿易公司沒有兌現他們在 9 月和 10 月做出的​​承諾。因此，我們不得不在不造成損失的情況下取消 Cemig 和其他合約（另外兩個小型合約）的 2025 年合約。

They will be reused and a large one, which was the largest impact. Then we were able to negotiate with it. It did not post energy to us and that amount of million or millions of reais was converted in a price reduction in the contract for 2025. So actually, there was a deferral. When you check the results, a lot of the impact in addition to the price. Difference was this deferral that we had to a trading company, not only to help the trading company but also to help ourselves, because no one wants judicialization, especially when you have a large amount of money involved and that was then transferred to 2025.

它們將被重複使用並且成為一個大的，這是最大的影響。然後我們就可以跟它談判了。它沒有向我們發布能源，並且 2025 年合約中的降價金額轉換為數百萬或數百萬雷亞爾。所以實際上，存在延遲。當你檢查結果時，除了價格之外還有很多影響。不同的是，我們不得不推遲到一家貿易公司，不僅是為了幫助貿易公司，也是為了幫助我們自己，因為沒有人想要司法化，特別是當你涉及大量資金，然後轉移到2025年。

Thank you, Dimas. Now moving on the question, leverage, I'll turn the floor to Leonardo.

謝謝你，迪馬斯。現在討論槓桿問題，我將請萊昂納多發言。

Hello, Daniel. Thank you for your question. Well, this topic regarding dividends and leverage reflect it's a mix situation. This is a company with a very low leverage, with a large investment program, with access to the capital market to be able to finance future investments. And what we are usually telling the market is that because of this large investment program, we also have large investments for next year, just that our leverage is going to grow considering dividends of a 50% of the IFRS results, we would reach 2027 with a leverage of between 2 and 2.5, considering the level of investments that we have now. And this leverage will go down in 2028 with Cemig's distribution tariff review.

你好，丹尼爾。謝謝你的提問。嗯，這個關於股息和槓桿的話題反映了一種混合情況。這是一家槓桿率非常低的公司，擁有龐大的投資計劃，可以進入資本市場為未來的投資提供資金。我們通常告訴市場的是，由於這項大型投資計劃，我們明年也有大量投資，只是考慮到 IFRS 業績的 50% 的股息，我們的槓桿率將會增長，我們將在 2027 年達到考慮到我們現在的投資水平，槓桿在2 到2.5 之間。隨著 Cemig 的分銷關稅審查，這一槓桿將在 2028 年下降。

But we understand that even without talking about extraordinary dividends, higher than the payout today that we have today, which is the 50% of the IFRS. We believe that these are very attractive dividends. The company just, you know, the last year and the prior years, we have already paid higher -- the highest dividends in the elec sector. Also in this year, for the results that we already have, we can say that these will be very good dividends.

但我們知道，即使不談論特別股息，也比我們今天的派息要高，即 IFRS 的 50%。我們相信這些都是非常有吸引力的股息。你知道，公司去年和前幾年已經支付了更高的股息——是電氣行業最高的股息。同樣在今年，就我們已經取得的成果來說，我們可以說這將是非常好的紅利。

And then I believe that this is a sustainable strategy because we can pay great dividends considering the company's profit. And we are also investing -- we are increasing leverage slowly without hindering, the credit quality of the company. So this is a strategy that we see in the market that's very successful, very few companies have it and that's going to generate value for shareholders in the next few years. And in 2028, we will have a greater cash generation with a tariff review for the distribution company and also transmission. Thanks to all the investments that are forecasted, and we are executing these years.

然後我相信這是一個可持續的策略，因為考慮到公司的利潤，我們可以支付豐厚的股息。我們也在投資——我們在不損害公司信用品質的情況下緩慢增加槓桿。因此，這是我們在市場上看到的非常成功的策略，很少有公司擁有它，並將在未來幾年為股東創造價值。到 2028 年，我們將透過對配電公司和輸電公司的關稅審查來創造更多的現金。感謝所有預測的投資，我們這些年正在執行。

Thank you, Leonardo. If there are no further questions, we now end the Q&A session. Now, I would like to turn the floor to Reynaldo Passanezi, our CEO, for his final remarks. Please, Mr. Reynaldo.

謝謝你，李奧納多。如果沒有其他問題，我們現在結束問答環節。現在，我想請我們的執行長 Reynaldo Passanezi 發表最後的演講。請，雷納爾多先生。

I would like to thank you all very much for being with us in this video conference. Have a great week and we will continue working on consistent results on our investment program and meeting our targets. Have a nice day and a great week.

我非常感謝大家參加這次視訊會議。祝您有個愉快的一周，我們將繼續努力使我們的投資計畫取得一致的成果並實現我們的目標。祝你有美好的一天和美好的一周。

Thank you. Our video conference for the earnings call of the third quarter of 2024 has ended. IR Superintendents are available to take any further questions you might have. Thank you very much to all of you and have a great day.

謝謝。我們的 2024 年第三季財報電話會議視訊會議已經結束。IR 主管可以回答您可能有的任何進一步問題。非常感謝大家，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。