Energy of Minas Gerais Co (CIG) 2024 Q4 法說會逐字稿

Good afternoon, everyone. I'm Carolina Senna, CEMIG's, Investor Relations Superintendent. Welcome to CEMEG's fourth quarter 2024 earnings video conference call. We informed 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. We inform you that if you need simultaneous interpreting, the feature is available by clicking on the globe icon located on the bottom of the screen.

大家下午好。我是 Carolina Senna，CEMIG 的投資人關係主管。歡迎參加 CEMEG 2024 年第四季財報視訊電話會議。我們告知，此次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公司的簡介。我們通知您，如果您需要同聲傳譯，請點擊螢幕底部的地球圖示使用該功能。

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. We are now starting some CEMIS's video conference with Reynaldo Filho, CEO; Leonardo Magalhaes, CFO and IR officer; Cristiana Maria Fortini Pinto e Silva, Chief Legal and Regulatory Officer; Marco da Camino Ancona Lopez Soligo, Chief Participation Officer, and also Generation and Transmission Officer; Sergio Lopes Cabral, Chief Commercialization Officer.

選擇翻譯後，請選擇您想要的語言，葡萄牙語或英語。如果您選擇以英語跟進通話，您也可以選擇靜音原始音訊。我們現在開始與執行長 Reynaldo Filho 進行一些 CEMIS 視訊會議； Leonardo Magalhaes，財務長兼投資者關係長； Cristiana Maria Fortini Pinto e Silva，首席法律和監管官； Marco Camino Ancona Lopez Soligo，首席參與官兼發電與輸電官；塞爾吉奧·洛佩斯·

And for the initial remarks, we turn the floor to our CEO, Reynaldo Passanezi Filho. Thank you.

首先，我們請執行長 Reynaldo Passanezi Filho 發言。謝謝。

Good afternoon, everyone. It is a pleasure to be here in this video conference CEMIG's call to bring you the 2024 results. I would like to bring to you a message on our highlights. These are our main highlights for us. This is a historical, very important result. 2024, gave us the highest EBITDA, the highest in CEMIG's history, the highest net profit as well of our history, the higher annual CapEx of CEMIG's history. And also the best rating in history, which is AAA by [fixedatings].

大家下午好。很高興能參加 CEMIG 的本次視訊會議，為大家帶來 2024 年的成果。我想向你們傳達一下我們的亮點。這些是我們的主要亮點。這是一個歷史性的、非常重要的成果。 2024年，我們獲得了最高的EBITDA，這是CEMIG史上最高的EBITDA，也是我們史上最高的淨利潤，也是CEMIG史上最高的年度資本支出。也是史上最好的評級，AAA[固定約會]。

I would say that here you can see the strength of transformation of the company's change, our turnaround when we compare this company in 2018. And what we have been able to reach and all the figures you will see in our EBITDA, in our profit, CapEx. Here we are talking about 500% and 600% of increase in any of these indicators. So for us, it this just confirms absolute wonderful results. Not only a spectacular, but also historical results. Once again, I say that we have reached BRL11.3 billion in EBITDA. This is a significant growth.

我想說，在這裡你可以看到公司變革的力度，當我們與 2018 年的公司進行比較時，我們可以看到公司的轉變。我們已經達到的目標以及所有數字您都可以在我們的 EBITDA、利潤和資本支出中看到。這裡我們談論的是這些指標中的任何一個都成長了 500％ 和 600％。所以對我們來說，這只是證實了絕對美妙的結果。不僅創造了奇蹟，而且取得了歷史性的成果。我再次強調，我們的 EBITDA 已達到 113 億雷亞爾。這是一個顯著的增長。

When compared to the prior year, we reached BRL5.7 billion in investments, which also has a very positive effect. We know that investments that are concentrated and regulated sectors that that has a great effect and the company's profitability when we are becoming more mature and also working on divestments. We reached a AAA rating. Our issues have been made with interest rates that are in terms of the spread, very good, the lowest in all time, just this year in 2024, we concluded another step of our divestment program.

與前一年相比，我們的投資達到了57億雷亞爾，這也產生了非常正面的影響。我們知道，當我們變得更加成熟並且致力於撤資時，集中和受監管行業的投資將對公司的盈利能力產生巨大影響。我們獲得了 AAA 評級。我們提出的問題是，就利差而言，利率非常好，是歷史最低的，就在今年，也就是 2024 年，我們完成了撤資計畫的另一步。

We sold Alianca Energia, and also we had a very positive impact in the tariff review for transmission, which was a BRL1.5 billion and the mix at transmission results. This one for me is one of the charts that I like the most. Because I think all of this turnaround that we're able to do also allowed us to guarantee the company's sustainability and increased our investment capacity, as well as improving the quality of service to clients and to go back to being a driver in a development.

我們出售了 Alianca Energia，我們對輸電關稅審查產生了非常積極的影響，達到了 15 億巴西雷亞爾，並對輸電結果產生了影響。對我來說，這是我最喜歡的圖表之一。因為我認為，我們所能做的所有這些扭轉局面的努力也使我們能夠保證公司的可持續性，提高我們的投資能力，以及提高客戶服務質量，並重新成為發展的推動者。

Because when we talk about infrastructure, electric power, we are talking about an input base that is crucial for the development of the state and the country, and in our case is very much concentrated in manage here we invested in 2018, BRL954 million, last year, 2024, we invested BRL5.7 billion, once again, 34.8% of investment growth. That's the annual average growth, and this is our perspective. You see very high amount of investments in here today, it's very important to say that.

因為當我們談論基礎設施、電力時，我們談論的是對於國家和地區發展至關重要的投入基礎，而我們的案例主要集中在管理方面，我們在 2018 年投資了 9.54 億雷亞爾，去年，也就是 2024 年，我們投資了 57 億雷亞爾，再次實現了 34.8% 的投資增長。這是年平均成長率，這是我們的觀點。您今天看到這裡的投資額非常高，這一點非常重要。

If you look at this chart, you will be able to see that it took a while to really take off because we had to improve the company's efficiency. We had to bring the company into the regulatory standards, also the regulatory PMSO also technical and commercial regulatory losses. So we did have to go over all the divestments and that also takes time. And we had to prepare the strategic plan, the old growth program should be successful in our bidding.

如果你看一下這張圖表，你會發現，我們花了一段時間才真正起步，因為我們必須提高公司的效率。我們必須讓公司符合監管標準，同時也要符合監管PMSO以及技術和商業監管損失。所以我們確實必須仔細研究所有的資產剝離，這也需要時間。我們必須制定策略計劃，舊成長計劃應該在我們的競標中成功。

So if you look at 2018, 2019, 2020, 2021, we had not taken off then, and all of a sudden you see this growth, strong growth, of course, since 2021, showing the whole process of preparing, moving forward in the company's turnaround and allowing the company to be more sustainable financially because it is within the regulatory standards and because we no longer need to invest in non-strategic areas for CEMIG.

因此，如果您回顧 2018 年、2019 年、2020 年和 2021 年，那時我們還沒有起步，而突然間您會看到這種增長，當然是自 2021 年以來強勁的增長，展示了整個準備過程，公司扭轉局面的進展，並使公司在財務上更加可持續，因為它符合監管標準，而且我們需要對 CEMIG 的非戰略領域進行投資。

Here we are talking about all our minority stake holding that very well. And we divested from those and then we were able to reach that level, and we believe that the level will be moving forward in the future. Our investment program is a variable one. Actually, we add to that BRL59.1 billion from 2019. To 2028. And this figure for me is wonderful which is to invest four times QRR, the regulatory depreciation.

這裡我們談論的是我們所有的少數股權都持有得很好。我們剝離了這些資產然後我們就能夠達到那個水平，而且我們相信這個水平在未來還會繼續提高。我們的投資計劃是可變的。實際上，我們從 2019 年開始又增加了 591 億雷亞爾。到 2028 年。對我來說，這個數字非常棒，即投資四倍的 QRR，即監管折舊。

We had invested below the QRR, but last year we invested four times our QRR for this year, we will still have a number of transformations. We are working still on our growth program to build substations also will be growing and developing networks, especially three Phase 1. We have a special high light now, a special attention to the agribusiness, which is the ministry phase program.

我們的投資原本低於 QRR，但去年我們的投資是 QRR 的四倍，今年我們仍將進行一些轉型。我們仍在致力於建造變電站的成長計劃，也將發展和開發網絡，特別是第一階段的三個網絡。我們現在有一個特別的亮點，特別關注農業綜合企業，這是部級計劃。

And also it aims to improve the quality of the services for the agribusiness. We are back to investing in infrastructure and gas with, -- the gas pipeline to the Midwest of the state of [Minas Gerais]. We are also investing in [GD DG] and transmission. And I highlight some important transformations in in terms of terms of efficiency. And I believe they will have the same pattern. It will take a while to take off, but when it takes off, it's really a huge transformation.

同時也旨在提高農業綜合企業的服務品質。我們重新開始投資基礎設施和天然氣，包括通往中西部的天然氣管道。[米納斯吉拉斯州]。我們也投資了[GD DG]和傳輸。我強調了效率方面的一些重要轉變。我相信它們會有相同的模式。雖然需要一段時間才能實現，但一旦實現，這確實是一個巨大的轉變。

I see a very positive transformation in information technology. Next year, we should start with the new DNS. I think this is going to have a wonderful effect in terms of cost and in terms of Improving in the quality of services. We also have been able to move forward in terms of supply, logistics with new distribution centers all over the state and more recently we announced that the regionalization.

我看到資訊科技發生了非常積極的轉變。明年，我們應該從新的 DNS 開始。我認為這在成本和提高服務品質方面將產生極好的效果。我們在供應和物流方面也取得了進展，在全州建立了新的配送中心，最近我們宣布了區域化。

Which has the main objective here of decrease the distances, and that's to become more efficient. And also, to be closer to clients and to be able to improve the quality of the services we provide. Therefore, we are very pleased with this year's result that proves this transformation moment of the company, when I look at it, as a whole picture in the big picture, we see the transformation. These are my initial remarks and of course, we will be available to take your questions later on in the Q&A session. Thank you very much for being with us. So I will move forward .

其主要目的是減少距離，從而變得更有效率。而且，我們還能更貼近客戶，提升所提供的服務品質。因此，我們對今年的業績感到非常滿意，這證明了公司的轉型時刻，當我從整體上看待它時，我們看到了轉型。這些是我的初步發言，當然，我們稍後會在問答環節回答您的問題。非常感謝您與我們同在。所以我會繼續前進。

Thank you, Reynaldo. So as Reynaldo, well said it we delivered a lot to our clients, to our society. And a lot also to our investors with our AAA and also, we delivered to our stockholding investors. This is, -- this was the highest yield in the electric sector 15% of our shares increased to 43% of preferred shares in the year it was BRL7 billion of more. Value, increase and, -- if we have if approved the BRL1.8 billion in the next shareholders meeting, we will be distributing BRL 5 billion in dividends.

謝謝你，雷納爾多。正如雷納爾多所說，我們為客戶、社會做出了巨大貢獻。我們也向 AAA 投資者和持股投資者提供了許多幫助。這是電力業的最高收益率，我們的股份佔比為 15%，當年優先股的收益率上升至 43%，達到 70 億雷亞爾以上。價值增加，－如果我們在下次股東大會上批准 18 億雷亞爾，我們將派發 50 億雷亞爾的股息。

In fact, we are in line. We have had great results, and we are always in line with our peers in the electric sector. This is a trademark as well with our investors, and also our stock investors. In terms of sustainability, in addition to being a company with a 100% clean matrix, we have wonderful results. We have included for the 25th consecutive time in the DJSI now up six points, when compared to the previous year.

事實上，我們正​​在排隊。我們取得了巨大的成果，並且始終與電力產業的同行保持一致。對於我們的投資者以及股票投資者來說，這也是一個商標。在永續性方面，我們除了是一家擁有 100% 清潔矩陣的公司之外，還取得了出色的成果。我們已連續第 25 次被納入道瓊工業指數 (DJSI)，與前一年相比上升了 6 位。

This also we are included in the sustainability year about 2024 for S&P Global. And the A-list of CDP as well for climate 2024, which is an index that measures transparency, and they analyze transparency criteria. We had the top score in 10 of the 16 criteria analyzed. We also adhered to the utility for net zero alliance, another great achievement in our sustainability pillar. In addition to our [CEMIG], not only [CEMIG], but we also have [I racks].

這也被納入了標準普爾全球 2024 年左右的永續發展年。還有針對2024年氣候的CDP A名單，這是一個衡量透明度的指數，他們分析了透明度標準。在分析的 16 項標準中，我們在 10 項中獲得了最高分。我們也堅持淨零聯盟的效用，這是我們永續發展支柱的另一個偉大成就。除了我們的[CEMIG]，不只[CEMIG]，我們還有[我的架子]。

Our renewable energy certificates that we are issuing with our own generation or with the generation that we're buying in our contracts, we also which also generate value for the company and we generate value for society as well. So all of these are amazing achievements in our sustainability pillar. Now turning to the results, and Reynaldo basically gave you an overview, but I will go over some details to show what happened.

我們根據自己的發電量或根據合約購買的發電量頒發的可再生能源證書，也為公司創造了價值，也為社會創造了價值。所有這些都是我們永續發展支柱中令人驚嘆的成就。現在談談結果，雷納爾多基本上給了你一個概述，但我將介紹一些細節來展示發生了什麼。

So we ended the year really. With a record of BRL11.3 billion in EBITAD up 32% vis a vis the prior year, we did have non-recurring relevant effects that add BRL3.6 billion among them, some that have already been mentioned. BRL1.5 billion from the tariff review from the transmission company also BRL584 for reversal of INSS over the profit-sharing program and non-recurring events also the sale of Alliance. We had non-recurring events in 2023, the sale of [Bwadi and Richardo Bao].

這樣，我們才算真正結束了這一年。我們的息稅折舊攤銷前利潤 (EBITAD) 達到 113 億雷亞爾，較上年同期增長 32%，其中確實有非經常性相關影響，增加了 36 億雷亞爾，其中一些已經提到過。15 億雷亞爾來自輸電公司的電價審查，另外 5.84 億雷亞爾用於撤銷 INSS 的利潤分享計劃和非經常性事件以及出售 Alliance。2023 年，我們發生了非經常性事件，[Bwadi 和 Richardo Bao]。

Which corresponded to around BRL300 million. So all of these events have been non-recurrent and relevant from one year to another. Now, in terms of recurrence and also regarding negative postings for this year, we were already expecting a drop in the trading company margins. We already forecasted and they represented around BRL600 million in the drop of EBITDA when compared these years.

這相當於約3億巴西雷亞爾。因此，所有這些事件都是非重複性的，並且每年都具有相關性。現在，就復發情況以及今年的負面記錄而言，我們已經預期貿易公司的利潤率會下降。我們已經預測到，與這些年相比，EBITDA 將下降約 6 億雷亞爾。

Now turning to net profit, of course, the same effects can be applied and of course on the net profit and then we have effects of increase because we're investing more. Of course, we also had effects of payment of higher taxes because we have higher net profits, therefore, we pay more taxes and also, we have effects in terms of FX exchange because we had the euro bonds that were settled by the end of the year. This is also an important effect when we compare 2024 to 2023.

現在轉向淨利潤，當然，同樣的效果可以應用在淨利潤上，然後我們會有增加的效果，因為我們投資了更多。當然，我們也受到了更高稅收的影響，因為我們的淨利潤更高，因此，我們繳納了更多的稅，而且，我們在外匯方面也受到了影響，因為我們有在年底前結算的歐元債券。當我們將 2024 年與 2023 年進行比較時，這也是一個重要的影響。

The highlights for the fourth quarter, also for the holding company. We ended with an EBITA of BRL1.9 billion, very relevant in the fourth quarter of 2024. Important operating indicators, everything that we have been doing in the distributing company and believe that Reynaldo, has mentioned how important that is for delivering good service to our clients. This Has been in a way, -- we can see it in the operating indicators and one of them that's very relevant is the perceived DEC and we have been able to see a reduction of 2.5 hours in the DEC indicator, which is very important for us. It's a great achievement for our fourth quarter.

第四季的亮點，也是控股公司的亮點。我們的 EBITA 最終達到 19 億巴西雷亞爾，這對 2024 年第四季來說非常重要。重要的營運指標，我們在分銷公司所做的一切，相信雷納爾多已經提到過，這對於向我們的客戶提供良好的服務有多麼重要。在某種程度上，我們可以在營運指標中看到這一點，其中非常相關的一個指標就是感知到的 DEC，我們已經能夠看到 DEC 指標減少了 2.5 小時，這對我們來說非常重要。這對我們的第四季來說是一個巨大的成就。

Now for GT we also had relevant achievements, some of them are also related to the bidding process, there are a number of improvements that are regarding our bidding process, logistics, purchasing stock reduction in this case we have unlocked BRL808 million that will be flowing through the next months to improve investments and improvements in the transmission business. And also in our [CEMIG] wind park will. Had the installation of six new wind turbines and we should estimate recoverable revenue of BRL11.3 billion.

現在對於 GT 來說，我們也取得了相關成就，其中一些也與投標過程有關，有很多改進涉及我們的投標流程、物流、採購庫存減少，在這種情況下，我們已解鎖 8.08 億雷亞爾，這筆資金將在接下來的幾個月內流入，以改善對傳輸業務的投資和改進。我們的 [CEMIG] 風力發電場也將如此。安裝了六台新的風力渦輪機後我們預計可收回收入為 113 億巴西雷亞爾。

So when we compare the EBITA from the fourth quarter of this year to the fourth quarter of the prior year, we did have a drop in the margin of the trading company here BRL225 million drop in terms of margin. We did have the same non-recurring effect last year because of the sale of [Bwati androba], which affected positively the EBITDA last year because it didn't have this year. And also there was an increase in PMS.

因此，當我們將今年第四季的 EBITA 與去年同期的 EBITA 進行比較時，我們發現貿易公司的利潤率確實下降了，下降了 2.25 億巴西雷亞爾。去年，由於出售 [Bwati androba]，我們確實產生了同樣的非經常性影響，這對去年的 EBITDA 產生了積極影響，因為今年沒有。且經前症候群也有所增加。

So once again, I usually say that this is a positive PMS so because we had an increase in the pathway cleaning and because that improves our DEC we spend more, but this is something that we need to do to improve our operating indicators, but, and that was offset by our post-employment for around BRL40 million. So this is more or less, these are the effects on the EBITDA on that profit, we did have an impact of $300 million of financial expenses because of the Eurobonds that we settled that we paid for at the end of the year.

因此，我再次強調，我通常會說這是一個積極的 PMS，因為我們增加了道路清潔工作，並且這提高了我們的 DEC，所以我們花費了更多，但這是我們需要做的事情，以改善我們的運營指標，但是，這被我們約 4000 萬巴西雷亞爾的離職後收入所抵消。所以這或多或少是對 EBITDA 利潤的影響，由於我們在年底支付的歐洲債券，我們確實產生了 3 億美元的財務費用的影響。

So we ended with a net profit of almost BRL1 billion. Now looking at our expenses, I mentioned some of them. We did have an increase, but it was below inflation and as I mentioned, we did have expenses has outsource the services, which had to do with tree pruning and cleaning of pathways and that improves the some of our indicators and some also related to IT but nothing that is of major concern.

因此我們最終實現了近10億巴西雷亞爾的淨利。現在看看我們的開支，我提到了其中的一些。我們的支出確實有所增加，但低於通貨膨脹率，而且正如我提到的那樣，我們確實有一些外包服務的開支，這些開支與樹木修剪和道路清潔有關，這改善了我們的一些指標，一些指標也與 IT 有關，但沒有什麼值得關注的。

This is the debt profile we end the year with BRL9.9 billion. Now, this is a real denomination that we no longer have FX exposure and also, we have a landmark here in terms of sustainability. The ventures from last year and the ones that we just issued, they are sustainable the benchers. This is another relevant landmark and despite of the slight increase in the leverage, you see that it is a very good, we know that over the investment program this will Increase, but it always increases in a safe fashion over our that up to 2028 when we had the, -- have the rebuilding of distribution evidence in our debt cost is also very much within the standards around 12% and these are according to the market's percentage.

這是我們今年年底的債務狀況，為 99 億巴西雷亞爾。現在，這是一個真正的標誌，我們不再有外匯風險，而且，我們在永續性方面也有一個里程碑。去年的投資以及我們剛發布的投資都是可持續的。這是另一個相關的里程碑，儘管槓桿率略有增加，但您會發現這非常好，我們知道在投資計劃中這個數字會增加，但它總是以安全的方式增加，直到 2028 年，當我們重建分配證據時，我們的債務成本也在 12% 左右的標準範圍內，這些都是根據市場的百分比計算的。

So it is okay in terms of our profile. So our cash flow, operating cash flow and really cash here. We ended 2023 with BRL2.3 billion in cash. We did have cash from operations and that were very relevant BRL5.9 billion BRL4.5 billion in loans and the ventures also we had the Alianca divestment, a very significant amount that we received BRL2.7 billion and then we had Proceeds that were paid, also dividends paid, and also investment activity and payments of loans and CVA. All of that has been very relevant over time and we ended the year with BRL2.4 billion in our cash.

所以從我們的概況來看這是沒問題的。所以我們的現金流、經營現金流和真正的現金都在這裡。截至 2023 年，我們的現金餘額為 23 億巴西雷亞爾。我們確實有來自經營的現金，這些現金非常相關，包括 59 億雷亞爾的貸款和 45 億雷亞爾的合資企業，我們還進行了 Alianca 的撤資，這是一筆非常可觀的金額，我們收到了 27 億雷亞爾，然後我們有支付的收益，也支付了股息，還有投資活動和貸款支付以及 CVA。隨著時間的推移，所有這些都非常重要，到年底，我們的現金餘額為 24 億巴西雷亞爾。

So now turn the floor to Carolina. She's going to go into the details on each company of the group. Thank you.

現在請卡羅萊納發言。她將詳細介紹該集團下屬的每個公司。謝謝。

Thank you very much, Andrea. So now moving on to make the results when we compare the third quarter of 2023 of the fourth quarter of 2023 and fourth quarter of 2024, we had an increase in our EBITDA of 19.2%. Remember that in 2024 in the second quarter, we detached the loss indicator and we committed ourselves to end the year within the regulatory, and this happened in the fourth quarter, bringing better results.

非常感謝，安德里亞。因此，現在我們繼續查看結果，當我們比較 2023 年第三季、2023 年第四季和 2024 年第四季時，我們的 EBITDA 成長了 19.2%。請記住，在 2024 年第二季度，我們剝離了虧損指標，並承諾在監管範圍內結束這一年，而這在第四季度發生了，帶來了更好的結果。

And when we compare the fourth quarter of '23 and '24, we also had an improvement in our ADA. And when you look at the market, the fourth quarter and hydrology was favorable in November and December with more rainfall. And so we did have a reduction in the energy demand in the rural area, which neutralized those effects, but anyway, we were able to have significant results for net profit, not as a large growth, but that was affected by a higher, income.

當我們比較 23 年和 24 年第四季時，我們的 ADA 也有所改善。從市場來看，第四季的 11 月和 12 月水文條件良好，降雨較多。因此，我們確實減少了農村地區的能源需求，從而抵消了這些影響，但無論如何，我們能夠獲得顯著的淨利潤，雖然不是大幅增長，但受到更高收入的影響。

And we also, have already talked about this, it also increases because of the caps the depreciation. But so we have a higher depreciation over the as I mentioned, when I look at the captive market and the free market, we see that the free market is still growing, and that shows that part of the captive clients have migrated to the category of free clients recently.

而且我們也已經討論過這個問題，由於折舊上限，它也會增加。但正如我所提到的那樣，我們的折舊率更高，當我觀察俘虜市場和自由市場時，我們發現自由市場仍在成長，這表明部分俘虜客戶最近已遷移到自由客戶類別。

The retail traders, we are leaders in Brazil, not only in number of clients but also in the amount of, transacted energy showing that this investment also allows the growth of the industry. And on the other hand, the captive, as I mentioned, because of migration, it had a reduction of some categories and also because of hydrology, temperatures in 2024 compared to '23 were lower. Therefore, we see that in the third quarter of 2024, we had a strong residential growth because of high temperatures in here, the opposite is happening.

作為零售商，我們在巴西處於領先地位，不僅在客戶數量方面，而且在交易能源的數量方面也處於領先地位，這表明這項投資也促進了行業的發展。另一方面，正如我所提到的，由於遷徙，圈養動物的一些類別有所減少，而且由於水文原因，2024 年的氣溫與 23 年相比較低。因此，我們看到，在 2024 年第三季度，由於這裡的高溫，我們的住宅成長強勁，而情況卻相反。

We had a slight reduction of 0.6% and our estate, our concession area is an area that has solar projects of micro mining many generation distributed one. If we did not have that effect of the Micro and Mini of the [GT] we would have grown a higher amount . As I mentioned in the beginning and that affects the financial results of the distributing company in 2021, the company was within the limit of for losses.

我們的產量略有減少，為 0.6%，我們的特許經營區是一個擁有微型採礦和多發電分散式太陽能專案的地區。如果我們沒有受到[GT] Micro 和 Mini 的影響，我們的產量會更高。正如我在開頭提到的那樣，這會影響分銷公司 2021 年的財務業績，該公司處於虧損範圍內。

This is very important for the company, and this is a commitment that we have year after year and in 2024 we not only were within the regulatory limits, but also we had a good result showing a good work of the company. This is a very important indicator and there are a number of actions that allow us to be within these limits. And I would like to draw your attention to the 384,000 customer inspections and now here and fighting delinquency and collection we see over time how the company has changed.

這對公司來說非常重要，這是我們年復一年的承諾，到 2024 年，我們不僅在監管範圍內，而且取得了良好的成績，展示了公司的良好工作。這是一個非常重要的指標，我們可以採取一系列措施來保持在這個限度之內。我想提請大家注意 384,000 次客戶檢查，現在在這裡，在打擊拖欠和催收的過程中，我們看到公司隨著時間的推移發生了怎樣的變化。

The proportion of digital channels in collection, and this is very important because it has a lower cost in 2020 for 67.02% came through these new channels with a highlighted two peaks and therefore we have 50% reduction in tariff costs and another indicator that we have, it's what we call ARFA, the receivables collection index. So how much we are being able to collect in the last three years, we are '24, '23, very close to 100%.

數位管道在收款中所佔的比例非常重要，因為 2020 年透過這些新管道收款的成本較低，為 67.02%，其中突出了兩個峰值，因此我們的關稅成本降低了 50%，另一個指標是我們所說的 ARFA，即應收帳款收款指數。那麼，我們過去三年能夠收回的金額是 24、23，非常接近 100%。

And that shows how important it is to have the collection of those on the side of OpEx and the regulatory Abi, this is another achievement. In the past, the company was operating with the OpEx that was above the tariff limit. So we were able to reach that with a lot of work, dedication, operating efficiency, and over the years we are meeting that limit, that compliance, and we ended the year with BRL156 million lower than the regulatory ops.

這顯示了收集 OpEx 和監管 Abi 方面的資訊是多麼重要，這是另一項成就。過去，該公司的營運支出是超出資費限額的。因此，我們透過大量的工作、奉獻精神和營運效率實現了這一目標，多年來，我們一直達到這一限制，遵守規定，今年年底我們的營運利潤比監管營運利潤低 1.56 億巴西雷亞爾。

Removing the non-recurring events that we had in 2024 and the distributing company was the program that we had for dismissal and also the profit sharing and distribution for EBITA is also improved a lot, but we are still a little bit off, but we're working to bring that back to the regulatory EBITDA. For CEMIG GT we already mentioned and I here bring to you when I compare the fourth quarter of 2024 to the '23 one we already know in the market when we shared that with you on semi day.

消除 2024 年的非經常性事件和分配公司是我們為解僱而製定的計劃，同時 EBITA 的利潤分享和分配也得到了很大改善，但我們仍然有點偏離，但我們正在努力將其恢復到監管 EBITDA。對於我們已經提到的 CEMIG GT，當我將 2024 年第四季度與我們在半日期間與您分享時市場上已經了解的 23 年第四季度進行比較時，我在這裡為您帶來。

That the margins of the trading company in '24 would be lower when compared to 2023. Remember that we started a movement of bringing the trading activity to the holding company, but it still 40% of the contracts are still under CEMIG GT. So in 2024, we end up having lower margins and a lower result in addition to 2023 as Andrea mentioned, we had a non-recurring event which was the sale of [Bawati and Reidioroba] according to our strategic planning and that improved our results in 2023.

與 2023 年相比，貿易公司 24 年的利潤率將會更低。請記住，我們已開始將交易活動帶入控股公司，但仍有 40% 的合約屬於 CEMIG GT。因此，在 2024 年，我們的利潤率和業績都會下降，此外，正如 Andrea 所提到的，2023 年，我們有一個非經常性事件，即根據我們的策略規劃出售 [Bawati 和 Reidioroba]，這提高了我們 2023 年的業績。

So in CEMIG GT we had a reduction because of these two main effects that I just mentioned. This is a very important slide because we have part of the trading activity. And that activity that's in CEMIG GT and the holding and here we break it down by business here when you compare the quarters per business, we can see that there was an improvement in the distribution EBITDA as I mentioned.

因此，在 CEMIG GT 中，我們由於我剛才提到的這兩個主要影響而得到了減少。這是一張非常重要的投影片，因為我們有部分交易活動。該活動發生在 CEMIG GT 和控股公司中，我們在這裡按業務進行細分，當您比較每個業務的季度時，我們可以看到，正如我所提到的，分銷 EBITDA 有所改善。

And generation when we compare '23 to '24, we had adjustments here trading was down, but we also had [aguroba] a transmission and Reynaldo, already talked about that we were very successful in the tariff reviewer for the transmission company. There was an increase of RAP and gas and also had a reduction compared to prior year and there was a reduction in the cubic meter of the industrial category which had negative impact.

當我們將 23 年與 24 年進行比較時，我們在這裡進行了調整，交易下降了，但我們也有 [aguroba] 變速器，而雷納爾多已經談到我們在變速器公司的關稅審查中非常成功。RAP和氣體的量與前一年相比有所增加，也有所減少，工業類別的立方米也減少了，這產生了負面影響。

But this is a very important differential. The diverse portfolio of the company is what allows us to have this consistent result. And that's, when what we really should take into consideration when we compare our semi to other seconds now going [overgami], which already talked about, it had a reduction of cubic meters for industrial clients. And as we had lower EBITA at profit, but it's important to mention that [Gami] is now back to making significant investments and it's developing a pipeline or different. Monopoly is the Midwest of [Mina], which also will allow us to cater to new clients, with this new project.

但這是一個非常重要的區別。公司多元化的產品組合使得我們能夠取得如此一致的績效。而當我們將我們的半拖車與現在正在運行的其他二手車 [overgami] 進行比較時，我們真正應該考慮的是，正如我們已經討論過的，它為工業客戶減少了立方米。儘管我們的 EBITA 利潤較低，但值得一提的是，[Gami] 現在又開始進行重大投資，並且正在開發產品線或其他產品。Monopoly 位於 [Mina] 的中西部地區，這也使我們能夠透過這個新專案滿足新客戶的需求。

And now I'll turn the floor back to Andrea and she's going to go about, she's going to talk about the results of our strategic plan.

現在我將把發言權交還給安德里亞，她將討論我們的戰略計劃的結果。

I think it's important here to say that in addition to the financial results, we have the results in all the pillars right now that gave us a very good overview. So I will be brief everything that we have been doing and distribution. And we talked about a number of indicators here at the regionalization of distribution to understand the reality of clients that, -- so that we are closer to them and so that we can deliver to each client in an individualized fashion.

我認為這裡需要說的是，除了財務表現之外，我們目前所有支柱的表現都為我們提供了非常好的概覽。因此我將簡要介紹我們所做的一切及其分佈。我們在這裡討論了分銷區域化的一系列指標，以了解客戶的現實情況，這樣我們才能更貼近客戶，才能以個性化的方式為每位客戶提供服務。

Also semi agro and improvement indicators that we are, -- going for and also the DEC when we had an improvement of the rural DEC of eight hours. So these are improvements not only numbers in numbers as well, but some of them are greater improvements that follow our strategic pillars in terms of innovation and technology, ADMS as mentioned.

此外，我們也正在尋求半農業和改進指標，以及當我們將農村 DEC 改善為 8 小時時 DEC。因此，這些改進不僅僅是數位上的改進，而且其中一些是遵循我們在創新和技術方面的策略支柱的更大改進，正如所提到的 ADMS。

Also, as for HANA, we are still implementing it and the platform. That is available for our clients of the retail trading companies a digital platform. We don't see it here, but we have a program called [Seigi Novalabi]. This is an open innovation program. I would say this is the largest one that we have today in the energy market. We are very proud of it.

此外，至於 HANA，我們仍在實施它和該平台。這為我們的零售貿易公司客戶提供一個數位平台。我們在這裡看不到，但我們有一個名為[正義諾瓦拉比]。這是一個開放式創新計劃。我想說這是目前我們能源市場上最大的一個。我們對此感到非常自豪。

The modernization, the maturity, we know that our transformation, digital transformation program is not stopping here. We did they have very relevant deliveries this year and that sustained the company, and we look for new technologies and we need to really be connected to them. Also, sustainability but this year we have planted 1 million trees. So we met the number. We are going to go beyond it, but we did meet the number and we also launched a program that is called [Ecociation] and Environment awareness program for value creation of inventory management is something very important and all the logistics work and how to, cater to inventory reduction, reducing logistics and inventory we're able to bring that down BRL40 million and inventory logistics is a huge work and we are working on it.

現代化、成熟度，我們知道我們的轉型、數位轉型計畫不會就此止步。我們確實在今年實現了非常重要的交付，這為公司提供了支撐，我們也在尋找新技術，我們需要與它們真正地聯繫起來。此外，還具有永續性，今年我們已經種植了 100 萬棵樹。這樣我們就滿足了這個號碼。我們會超越這個目標，但我們確實達到了目標，我們還啟動了一項名為「生態化」的計劃，環境意識計劃對於庫存管理的價值創造非常重要，所有的物流工作以及如何減少庫存，減少物流和庫存，我們能夠將其降低 4000 萬巴西雷亞爾，庫存物流是一項艱鉅的工作，我們正在努力。

But we are aiming to be closer to suppliers and closer to clients as well. So all that work is very significant in the company, our liability management work. We talked about tax provisions reverse of the INSS one. But also, we had the Superior Labor Court decision that was very important that it was in favor of semi, and this is work that is being done by our legal team. They're all here with us also significant work in health and safety. We had a red. And the total frequency rate of occupational accidents.

但我們的目標是更貼近供應商，更貼近客戶。所以所有這些工作對公司來說都非常重要，我們的責任管理工作。我們討論了與 INSS 相反的稅收規定。但同時，我們還有高等勞工法庭的一項非常重要的裁決，即支持半自動翻譯，而這正是我們的法律團隊正在做的工作。他們都和我們一起在健康和安全方面做出了重要的工作。我們有一個紅色的。以及職業事故總頻率。

So the work that we are doing in some at all strategic pillars, that's very relevant and we can bring it all together and it's difficult to put them all in a single page, but we are very proud of everything that we have done so far. And of course we still have commitments for the future. We still have divestments to be made, digital transformation, which is still being developed, we will be renewing concessions. There are auctions in terms of capacity reserve and obviously bringing in new technology, a new technology is also for electric transition. We are looking at those and we are connected to the future.

因此，我們在所有策略支柱中所做的工作都非常相關，我們可以將它們整合在一起，雖然很難將它們全部放在一頁紙上，但我們對迄今為止所做的一切感到非常自豪。當然，我們仍然對未來抱持承諾。我們仍有一些資產剝離工作要做，數位轉型仍在發展中，我們將更新優惠政策。在容量儲備方面有拍賣，顯然引入了新技術，新技術也用於電力轉換。我們正在關注這些並且我們與未來緊密相連。

We thank you all very much for your attention. We are available to take your questions. Thank you and good afternoon.

非常感謝大家的關注。我們隨時可以回答您的問題。謝謝您，下午好。

So now, we are going to start our Q&A session. (Event Instructions) Our first question is from Carolina from [Bunk group].

現在，我們將開始問答環節。（活動說明）我們的第一個問題來自 Carolina[雙層床組]。

Well, thank you very much for this opportunity. I have two questions. First one, so talking about efficiency over the last year and also over 2023, you have taken a series of measures that really improved the margin. And we were able to see in the lines of PMSO, all the evolution and recently we have seen in some newspapers also that you are negotiating a possible migration of healthcare plans. Can you comment on that, please?

好吧，非常感謝你給我這個機會。我有兩個問題。首先，談到去年以及 2023 年的效率，您已經採取了一系列措施來真正提高了利潤率。我們從 PMSO 的流程中看到了所有的發展，最近我們還在一些報紙上看到，你們正在就醫療保健計劃的可能遷移進行談判。您能對此發表評論嗎？

Well, how are the negotiations with the union? And if you can also give us an update on other possible divestments of assets. And I then turn to my second question. We have seen that another listed company that is under the control of the administration has received a notice from the Secretary of Development to start discussing the possible privatization of the company.

那麼與工會的談判怎麼了？您是否也可以向我們提供其他可能的資產剝離的最新情況？然後我轉向第二個問題。我們看到，另一家受政府控制的上市公司已經收到了發展部長的通知，開始討論該公司可能的私有化。

So did you also have, did you also receive that kind of notice And I would like to understand if for CEMIG this is also ongoing in there.

那麼您是否也收到過這樣的通知呢？我想了解一下 CEMIG 是否也在進行這樣的通知。

Thank you. Well, Catalina, our first question is going to be addressed by Christina Fortini about the healthcare plan. Then I'll turn the floor to the other officers.

謝謝。好吧，卡塔利娜，我們的第一個問題將由克里斯蒂娜·福蒂尼 (Christina Fortini) 來解答，有關醫療保健計劃。然後我將把發言權交給其他官員。

Good afternoon, everyone. About the post-employment, specifically regarding the healthcare plan. We had a significant achievement in the last year and the labor court was in favor to CEMIG . Thanks to we had two collective agreements and according to those, the benefit of post-employment for a healthcare plan would be in indefinite in terms of time. That is the company would have the onus for the healthcare plans with no limit of time.

大家下午好。關於離職後，特別是醫療保健計劃。去年我們取得了重大成就，勞動法庭也對 CEMIG 有利。感謝我們有兩項集體協議，根據這些協議，離職後醫療保健計劃的福利在時間上是無限的。也就是說，公司將對醫療保健計劃承擔無時間限制的責任。

So we have a discussion ongoing, very specific ones. We have a discussion that is still in a court, and it should be judged by next week. And obviously, we are open to negotiation, and we're very much interested in negotiating with the unions. And towards something that will not repeat what we had in terms of success in the labor court, but also something that allows us to get closer to negotiate with the union.

因此我們正在進行非常具體的討論。我們的討論仍在法庭上進行，應該在下週之前做出判決。顯然，我們願意進行談判，我們非常有興趣與工會進行談判。我們的目標不僅是不再重複我們在勞工法庭上的成功，而且還能讓我們與工會進行更密切的談判。

So about the healthcare plan, what we can tell you is that we had a positive ruling favoring CEMIG. And 2024 [awesome], there is an opportunity for our active employees to migrate their healthcare plan. We had an important adherence here and today we have most of our employees already migrated to a healthcare plan that has a greater sustainability, it's still protecting our employees. It is still guaranteeing the health of our employees, but in terms of its financial sustainability is much healthier for the company. The migration process happened in the beginning of 2025. Anything else?

關於醫療保健計劃，我們可以告訴你的是，我們做出了有利於 CEMIG 的積極裁決。到 2024 年 [太棒了]，我們的現任員工將有機會遷移他們的醫療保健計劃。我們在這裡有一個重要的堅持，今天我們的大多數員工已經轉向了具有更高永續性的醫療保健計劃，它仍然在保護我們的員工。它仍然能保證我們員工的健康，但就財務可持續性而言，對公司來說更健康。遷移過程發生在 2025 年初。還要別的嗎？

Now, the next question related to divestments. I will talk, the, I will turn the floor to Marcos Soligo.

現在，下一個問題與撤資有關。我會發言，然後，我會把發言權交給馬科斯·索利戈。

Carolina , good afternoon. Thank you very much for your question. We are and we are still working divestment that have not been concluded of [Taiza Belamonchi] and also in the consolidation of some minor state holding or such as sale or acquisition [Ocacare] and others. It will be informed in due time as you always have been. That's it.

卡羅萊納，下午好。非常感謝您的提問。我們正在並且仍在努力完成 [Taiza Belamonchi] 的資產剝離工作，同時也在整合一些小型國有控股公司，或出售或收購 [Ocacare] 等公司。我們會像往常一樣及時通知您。就是這樣。

Thank you, Marco, and now I will turn the floor to our CEO, Leonardo Magalhaes.

謝謝你，馬可，現在我將把發言權交給我們的執行長萊昂納多·馬加萊斯。

Good afternoon, Carol. If I well understood. As a question about privatization, right? Yes, we have been receiving notices, and we are talking to the controlling shareholder, the Economic Development Secretariat, they are asking questions in terms of the rules that apply in a possible process of control transfer. And we are supporting. All the questions that we receive from the Economic Development Secretariat and as a representative of Meera's administration.

下午好，卡蘿。如果我理解得好的話。這是一個關於私有化的問題，對嗎？是的，我們一直在收到通知，我們正在與控股股東、經濟發展秘書處進行溝通，他們正在就可能的控制權轉移過程中適用的規則詢問問題。我們正提供支援。我們從經濟發展秘書處和米拉政府的代表那裡收到了所有問題。

Thank you, Reynaldo.

謝謝你，雷納爾多。

Next question is from Guillerme Lima from Santander.

下一個問題來自桑坦德銀行的吉列爾姆·利馬 (Guillerme Lima)。

Good afternoon, everyone. Thank you for taking my question. I would like to make a quick follow up in the post-retire or post-employment, I believe. You will have a discussion, and I found a ruling next week. You are already talking to the union for a possible negotiation and agreement, or you wait until you go to court.

大家下午好。感謝您回答我的問題。我想在退休或離職後做一個快速的跟進。你們將會進行討論，我將在下週做出裁決。您已經在與工會進行可能的談判和協議，或者您等到上法庭。

And how are, how is the union behaving in this negotiation? And another question is in regarding the volume of exposure in terms of different of the market. You mentioned in the release 8,120 megawatts with a negative effect of BRL20 million. I would like to understand that volume in the first quarter of 2025. And how do you expect that this will affect the prices?

工會在這次談判中表現如何？另一個問題是關於不同市場的風險敞口量。您在新聞稿中提到了 8,120 兆瓦，其負面影響為 2,000 萬巴西雷亞爾。我想了解 2025 年第一季的交易量。您預計這會對價格產生什麼影響？

About a post-employment question, the company not only is open to negotiations as it has always been during the lawsuit that ended with the ruling. Of the labor court and now after the victory that we had in the superior labor law. We are not waiting the ruling next week to negotiate. We are already contacting the union, and we are available to receive giving the proposals that the union may want to send our way.

關於離職後的問題，該公司不僅像在以裁決結束的訴訟期間一樣，願意進行談判。關於勞動法庭，現在我們在上級勞動法中取得了勝利。我們不會等到下週的裁決才進行談判。我們已經與工會取得了聯繫，並且願意接受工會可能希望發送給我們的建議。

And our next question regarding energy trading is going to be answered by Marcus Vinicius. He is the superintendent of planning. For the trading company, please, Marcus. Good afternoon, Guillerme. Thank you for your question. Yes, we do have that exposure to price differences. You follow the portfolio that we have with the resources of renewable energy in the southeast and northeast, but the Higher amount in the northeast.

我們關於能源交易的下一個問題將由 Marcus Vinicius 來回答。他是規劃主管。請介紹一下貿易公司的情況，馬庫斯。下午好，吉列爾姆。感謝您的提問。是的，我們確實面臨價格差異。我們可以按照投資組合來看，東南部和東北部的再生能源資源豐富，但東北部的再生能源資源豐富。

And we do have an exposure annually of around 800-megawatts and that is seasonalized in the first quarter, we have something close to 700=megawatts that is under that exposure, yes.

我們每年的暴露量確實有大約 800 兆瓦，並且在第一季按季節劃分，我們的暴露量接近 700 兆瓦，是的。

Thanks, Marcos. Now we are going to move towards the end of our video conference of the fourth quarter of 2024. I will turn the floor to our CFO and IR officer, Andrea Marques de Almeida, don't need the marks for her final remarks, please, Andrea?

謝謝，馬科斯。現在我們即將結束 2024 年第四季的視訊會議。我現在將發言權交給我們的財務長兼投資者關係官 Andrea Marques de Almeida，安德里亞，拜託，她最後的發言不需要分數，可以嗎？

I would like to thank you all very much for being with us, for your questions. We are here all year around and with the whole IR team to share our results and everything that is happening. In the company or challenges and opportunities to share all that with you, please feel free to make contact and to talk to us. And we are open to talk to you at any time, whether by the team or the conference calls that we will be at. So have a nice afternoon and thank you very much.

我非常感謝大家接受我們的訪問並回答你們的問題。我們全年都在這裡與整個 IR 團隊分享我們的成果和正在發生的一切。在公司或挑戰和機會方面與您分享這一切，請隨時與我們聯繫並交談。我們隨時願意與您交談，無論是透過團隊還是電話會議。祝大家下午愉快，非常感謝。