Centrais Eletricas Brasileiras SA - Eletrobras (EBR) 2022 Q4 法說會逐字稿

Presenting the team from Eletrobrás. We have here, Mr. Wilson Ferreira Junior, the new President of Eletrobrás; Ms. Elvira Presta, Investor Relations and Financial; Camila Gualdo Araújo, Risk and Compliance; Mr. Pedro de Oliveira Jatobá, Generation Director; and Mr. Rodrigo Limp, Institutional Relations; Elio, Business Strategy and Participations; and Jose Guimaraes Barros, our Legal Director.

介紹來自 Eletrobrás 的團隊。我們這裡有 Eletrobrás 的新總裁 Wilson Ferreira Junior 先生； Elvira Presta 女士，投資者關係和財務； Camila Gualdo Araújo，風險與合規；生成總監 Pedro de Oliveira Jatobá 先生；機構關係部的 Rodrigo Limp 先生； Elio，業務戰略和參與；和我們的法律總監 Jose Guimaraes Barros。

We inform that this video conference is being recorded and will be made available in the site of the Investor Relations of the company, where there will be this presentation in both languages.

我們通知您，此視頻會議正在錄製中，並將在公司的投資者關係網站上提供，該網站將以兩種語言進行演示。

So I will highlight that whoever needs simultaneous translation, we have these 2 available in the globe under the bar below of your screen, so you can choose your language of preference, Portuguese or English.

因此，我要強調，無論誰需要同聲傳譯，我們在屏幕下方欄下的地球儀中都提供了這兩種語言，因此您可以選擇自己喜歡的語言，葡萄牙語或英語。

For those who are listening in English, there will be an option to block the original audio in Portuguese. For the question-and-answer, Q&A, we tell you that you should send them by clicking on the bottom of your screen, your names will be mentioned and then you can ask your questions aloud. At this moment, you'll be requested to open your microphone, and then you can ask your question.

對於那些用英語收聽的人，可以選擇屏蔽葡萄牙語的原始音頻。對於問答，Q&A，我們告訴你，你應該通過點擊屏幕底部發送它們，你的名字會被提及，然後你可以大聲提問。此時，系統會要求您打開麥克風，然後您就可以提問了。

Some declarations during this teleconference related to the perspective -- the business perspective of the company, projections, operational metrics and financials constituting premises of (inaudible) Eletrobrás and will be made available for by the company. Future ones will be -- do not consider as performance because it will be considered risk.

本次電話會議期間的一些聲明與觀點有關——公司的業務觀點、預測、運營指標和財務構成（聽不清）Eletrobrás 的前提，並將由公司提供。未來的將是 - 不要將其視為績效，因為它將被視為風險。

The investors should understand that general economic conditions and other operational conditions could influence the result of such future conditions. Therefore, I'd like now give the floor to Mr. Wilson Ferreira, President of Eletrobrás that we can start the presentation. Mr. Wilson, you can move on.

投資者應了解，一般經濟狀況和其他經營狀況可能會影響此類未來狀況的結果。因此，現在我想請 Eletrobrás 總裁 Wilson Ferreira 先生髮言，我們可以開始介紹了。威爾遜先生，你可以繼續前進了。

Thank you. Thank you, ladies and gentlemen. It's a satisfaction to be here to share the results of this company in this fourth quarter, closing the year 2022. (inaudible) ahead of the company, I'm really, really happy to be here.

謝謝。謝謝你們，女士們，先生們。很高興來到這里分享這家公司在 2022 年結束的第四季度的業績。（聽不清）在公司之前，我真的非常高興來到這裡。

And especially to be together with my team that is here, and I thank them not only be able to make this presentation today but also to be one of the dates most brief where we have reported our results. We were talking about the 13th of March, but especially the content of these results, which I believe can be very well appreciated by each one of you.

特別是與我在這裡的團隊在一起，我感謝他們不僅能夠在今天做這個演示，而且成為我們報告結果的最簡短的日期之一。我們談論的是 3 月 13 日，但特別是這些結果的內容，我相信你們每個人都會非常感激。

So I'd like to start with these highlights, I'd like to move on to the next slide. We have here the main events in these 5 months. As I mentioned, there are 5 themes that are very relevant.

所以我想從這些亮點開始，我想轉到下一張幻燈片。我們這裡有這 5 個月的主要事件。正如我提到的，有 5 個主題非常相關。

I believe that the first one is something that is really important for the company -- for the perspective of the company. It's the fixation of the voluntary dismissal plan. It has an BRL 1.2 billion cost -- estimated cost. We have over 1,000 people, who have been dismissed up to February. We're going to make a reported more specific of this program. We have another 1,000 more until April 30.

我相信第一個對公司來說非常重要——從公司的角度來看。這是自願解僱計劃的固定。它的成本為 12 億雷亞爾——估計成本。截至 2 月，我們有 1,000 多人被解僱。我們將對該計劃進行更具體的報導。在 4 月 30 日之前，我們還有另外 1,000 個。

We haven't taken a lot of care. It's a recognition of all the professionals in the companies that built this company, but it's also something that established (inaudible), there is a perspective of bringing new people to the company, things -- something that doesn't happen since 2009.

我們沒有太在意。這是對建立這家公司的公司中所有專業人士的認可，但它也是建立的（聽不清），有一種將新人帶到公司的觀點，事情 - 自 2009 年以來就沒有發生過。

The second theme that is very relevant and then in this -- in the Eletrobrás private auto buyers and deciding the future of Brazil. First of all, the regional funds we have already made it and fund of almost BRL 900 million and over BRL 300 million to revitalize the San Francisco Basin, also for the capitalization of the Amazonas, especially in these times of climate change that we have been living, and the revitalization, the basin of Furnas.

第二個主題與此非常相關——Eletrobrás 私人汽車買家決定巴西的未來。首先，我們已經籌集了近 9 億巴西雷亞爾和超過 3 億巴西雷亞爾的區域基金，用於振興舊金山盆地，也用於亞馬遜流域的資本化，特別是在我們一直在努力的氣候變化時期富納斯盆地的生活和振興。

This has some that deposit already made last year into the revitalization of BRL 5 billion and other deposits that we make annually March and April of over BRL 600 million. So these contributions are important, be it for the development -- or the regional development or are also from the tariff review, but also for the events that may happen in the capitalization and privatization of the company.

這其中有一部分是去年存入的 50 億雷亞爾振興項目，以及我們每年 3 月和 4 月存入的超過 6 億雷亞爾的其他存款。因此，這些貢獻很重要，無論是對於發展——還是區域發展，還是來自關稅審查，對於公司資本化和私有化中可能發生的事件也很重要。

So 3 themes that is very important. And also, first of all, in this compulsory loan, we know who participated the company refers to these loans over BRL 26 billion. We had here the approval by the board advisory in the policy of agreement. We manifested this publicly in the markets that are working on it and the satisfaction of in this first trimester that we started this activity, we have a reduction of BRL 1.3 billion in the provision stock and also being with a positive reduction of BRL 563 million.

所以3個主題非常重要。而且，首先，在這項強制性貸款中，我們知道參與公司的人指的是這些超過 260 億雷亞爾的貸款。我們在這裡獲得了董事會顧問在協議政策中的批准。我們在正在開展這項工作的市場上公開展示了這一點，並在我們開始這項活動的頭三個月感到滿意，我們的供應存量減少了 13 億巴西雷亞爾，同時也減少了 5.63 億巴西雷亞爾。

It's a policy that shows that the advantage that the company has in order to bring forward resources so that we can reduce our provisions, our contingencies and also make -- put resources in the economy. And most of us we have industries on the other side that can benefit from this agreement and take on these actions to get the society.

這是一項政策，表明公司在提供資源方面的優勢，這樣我們就可以減少我們的準備金、我們的意外事件，也可以將資源投入經濟。我們中的大多數人在另一邊都有可以從該協議中受益的行業，並採取這些行動來造福社會。

We also had here in the beginning -- in January 5, the beginning of the year, the 185th EGM, where we made the payment, the incorporation of the minority stocks of our -- for our controlled companies. And they now become 100% belonging to Eletrobras.

我們一開始也在這裡 - 1 月 5 日，年初，第 185 屆臨時股東大會，我們為我們的控股公司支付了款項，合併了我們的少數股權。他們現在 100% 屬於 Eletrobras。

And finally, here, the very important moment within a very, very volatile market, but especially in our vision of value in the company is very diverse in which we find it today. We started buying back shares.

最後，這是一個非常非常動蕩的市場中非常重要的時刻，但尤其是在我們對公司價值的看法中，我們今天發現它非常多樣化。我們開始回購股票。

So we had here the authorization to the acquisition of 10% of total shares in the market, over 202 million ON shares and over 27 million PN shares in a time line of 18 months because it creates values because this brings this clarity that this company is creating, is adding.

因此，我們在這裡獲得了在 18 個月的時間內收購市場總股份 10%、超過 2.02 億股 ON 股和超過 2700 萬股 PN 股的授權，因為它創造了價值，因為這清楚地表明這家公司是創造，就是添加。

So it's a very important perspective that will be reinforced in (inaudible). As we share with you, how shares are moving forward.

因此，這是一個非常重要的觀點，將在（聽不清）中得到加強。正如我們與您分享的那樣，股票是如何向前發展的。

And going on to the next slide, where we talk about our transformation process that started in -- in our start here in September. And we have here the first -- the guidelines -- strategic guideline for the company to have a long-term view, creating value to maximize the generation of value for all the stakeholders in the company and shareholders collaborators, consumers and contribute to this so that we have an improvement in our business environment in Brazil and also in relative terms to the environmental process is a process that supports on the transformation of resilience -- business resilience.

轉到下一張幻燈片，我們在其中談論開始於 9 月開始的轉型過程。我們這裡有第一個——指導方針——公司的戰略指導方針，要有長遠的眼光，創造價值，最大限度地為公司所有利益相關者和股東合作者、消費者創造價值，並為此做出貢獻，所以我們在巴西的商業環境以及相對於環境過程的改善是一個支持彈性轉變的過程——商業彈性。

Here we have to lead this process of -- offers of quality service to clients and offer health and safety and development for our collaborators, our employees and also a sustainable growth.

在這裡，我們必須領導這一過程——為客戶提供優質服務，為我們的合作者、我們的員工提供健康、安全和發展，並實現可持續增長。

This capitalization create a perspective in economic and financial so that the company has a virtuous growth focus on the things related to renewable energy, to the transmission of electric energy, to the commercialization of new geographies and also something very important for the company to be able to have a rigorous process of growth.

這種資本化創造了經濟和金融的前景，使公司有一個良性增長的重點，關注與可再生能源、電能傳輸、新地區的商業化以及對公司來說非常重要的事情能夠要有嚴格的成長過程。

Of course, also taking care of being an excellence in the efficiency, which is in process as is the face of the company and also a great team, -- a great focus on governance, Board of Directors very focused on this vision and strategy and also a transformation that is very relevant, also seeking of innovation and technology.

當然，還要注意在效率方面做到卓越，這在流程中是公司的面貌，也是一個偉大的團隊——非常關注治理，董事會非常關注這一願景和戰略，也是一個非常相關的轉型，也在尋求創新和技術。

We have a real condition that we're going to show later on that we can develop even more in the solutions that ensure our competition in the market, in the process, in having more productive operational process and more reality in this technology.

我們有一個真實的條件，我們將在稍後展示我們可以在解決方案中開發更多，以確保我們在市場上的競爭，在這個過程中，在這項技術中擁有更高效的運營流程和更多的現實。

And this brings this vision, this green major. Looking at this global leadership, renewable solutions of infrastructure and low emissions. So this is -- this page summarizes in some way, the track record that we want to follow in Eletrobras and respond directly to the transformation and creating value and add value to all the -- everyone we have a relationship with.

這帶來了這個願景，這個綠色專業。看看這個全球領導地位，基礎設施和低排放的可再生解決方案。所以這就是——這個頁面以某種方式總結了我們想要在 Eletrobras 中遵循的跟踪記錄，並直接響應轉型和創造價值，並為所有與我們有關係的每個人增加價值。

Here, we have this evidence in which in just 5 months in my first participation here together with my colleagues in the reporting the November, the results, we already brought the slide. We already showed how the company has moved and has been driven.

在這裡，我們有這樣的證據，在短短 5 個月內，我第一次與我的同事一起參加 11 月份的報告，結果，我們已經帶來了幻燈片。我們已經展示了公司是如何發展和被推動的。

And what we seek the leadership in terms of renewable energy, we were second player in this globally and with the least level of intensity inhibitions. So we are second place in each one of these aspects, but we are moving very quickly in this quarter.

我們在可再生能源方面尋求領導地位，我們在全球範圍內排名第二，而且強度抑制水平最低。所以我們在每個方面都排在第二位，但我們在這個季度的進展非常快。

We saw growth -- the buying in the -- with the purchase of Santo Antônio Energia and the conclusion of the 3rd, our machine. And we're also considering here the operation of our assets together with Santo Santo Antônio Energia. And also we had last year with a better situation over -- with this view of a lot of rain. We had a lot of reduction in the intensity of transmission.

我們看到了增長——購買——購買了 Santo Antônio Energia 和我們的機器 3 號的結論。我們還在考慮與 Santo Santo Antônio Energia 一起運營我們的資產。而且我們去年的情況也比去年好——有很多雨的觀點。我們的傳播強度大大降低了。

So we are here confirming that the company continues growing towards the leadership of capacity -- of installed capacity. Looking at the leader, the first place, we had a strong movement here of over mega -- 1,000 megawatts, and we have another 1,000 megawatts in the second quarter.

因此，我們在這裡確認該公司繼續朝著產能領導地位——裝機容量的方向發展。看看領導者，首先，我們在這裡有超過兆瓦的強勁運動 - 1,000 兆瓦，第二季度我們還有 1,000 兆瓦。

We also had a reduction -- a relevant reduction of over 40% in our emissions, reaching to 52 tons of carbon per megawatt generated. So this track record is very confirmed in these 2 quarters that we had the opportunity to talk with you.

我們的排放量也減少了 40% 以上，達到每兆瓦產生 52 噸碳。因此，在這兩個季度中，我們有機會與您交談，這一記錄得到了很好的證實。

So this is what the company is now seeking and pursuing a leadership when the humanity needs companies that with renewable energy with focuses on ESG standards, so where we are involved.

因此，當人類需要專注於 ESG 標準的可再生能源公司時，這就是公司現在正在尋求和追求的領導地位，因此我們也參與其中。

So all of this in a way states what this (inaudible) this team of transformation. So privatized company since September, we started this transformation office. I'd like to say to thank you to Camila, who leads this effort, has brought this transformation process and remembering you that we had an elaboration work of conception together with initiatives -- with 40 initiatives in which with some 700 makers of important deliveries -- deliverables and over 40 initiatives, 17 of them have deliverables of impact on the short term.

因此，所有這些都在某種程度上說明了這個（聽不清）這個轉型團隊的內容。所以自 9 月以來公司私有化，我們開始了這個轉型辦公室。我想對領導這項工作的卡米拉表示感謝，她帶來了這個轉型過程，並記住你，我們有一個詳細的概念工作和倡議——有 40 個倡議，其中約 700 個重要交付者——可交付成果和 40 多項舉措，其中 17 項具有短期影響的可交付成果。

I will talk about some of them, like for example, converging the companies and which brings advantage in terms of governance, in terms of agility of this decision process, obviously, of simplifying, but also brings impacts in the short term, 23 of them are initiatives that provide a plan. So we had a plan, the strategy of commercialization from last year to this year.

我將談論其中的一些，例如，融合公司，這在治理方面帶來優勢，在決策過程的敏捷性方面，顯然，簡化，但也會在短期內帶來影響，其中 23 個是提供計劃的舉措。所以我們有一個計劃，從去年到今年的商業化戰略。

We are still, we're going to complement this work. But here, the revision -- the strategic revision is one of them. And it's very important to tell you that in this moment, 7 initiatives have been concluded up to February and 13 will be concluded up to March -- up to the end of March.

我們仍然，我們將補充這項工作。但在這裡，修訂——戰略修訂就是其中之一。非常重要的是要告訴你，此時此刻，截至 2 月，已經完成了 7 項舉措，到 3 月，將完成 13 項舉措——直至 3 月底。

So we are here 2 weeks from having half of all the initiatives concluded and as I mentioned, 17 with important impact. And even in this quarter, we'll have 23 of 40 will be concluded in this quarter.

因此，我們距離完成所有倡議的一半還有 2 週的時間，正如我提到的，有 17 項倡議具有重要影響。即使在本季度，我們也將在本季度完成 40 個中的 23 個。

And due to this concluded process, especially those 23 plans -- 23 strategies that we have established, we have initiatives that will be -- that will be detailed so that we can have -- also share with you in what way the value will be created.

由於這個結束的過程，特別是那些 23 個計劃 -- 我們已經制定的 23 個戰略，我們有一些舉措將是 -- 將是詳細的，以便我們能夠 -- 也以何種方式與您分享價值創建。

I just want to give an example on the following slide. About this journey that we are living. It starts here, as I mentioned, looking at the -- up to December, we had a conclusion of the commercialization strategy of short-term approved and implemented by the Board of Directors.

我只想在下面的幻燈片中舉一個例子。關於我們正在經歷的這段旅程。正如我提到的，它從這裡開始，直到 12 月，我們得出了董事會批准和實施的短期商業化戰略的結論。

We're looking this way to organize in a systematic way, methodical way, controlled all our companies from the holding and a strategy that we share weekly, mandates that are -- that would be originate any sales in conditions of products in each one of the subsidiaries.

我們正在尋找這種方式，以系統的方式、有條不紊的方式進行組織，通過我們每週分享的控股和戰略來控制我們所有的公司，這些任務是——這將在每個產品的條件下產生任何銷售附屬公司。

Remembering that in the month of December, that's when we concluded our -- the voluntary dismissal plan, it was a structure with over 2,500 people. We effectively we -- also we started the first group up to the -- the first group of people up to the end of 2022.

請記住，在 12 月份，那是我們結束我們的自願解僱計劃的時候，這是一個擁有 2,500 多人的結構。我們有效地——我們也開始了第一批人——到 2022 年底的第一批人。

And then we started also a new structure at the top of the company, and we started also the first wave of negotiations of loans already with an effect -- with the initial effect of reducing of BRL 1.3 billion in our provisions were [26.5%] in just a quarter.

然後我們也在公司高層開始了一個新的結構，我們也開始了第一波貸款談判已經產生了影響——我們的撥備減少了 13 億雷亞爾的初步影響是 [26.5%]在短短一個季度內。

Now bringing these advantages that I will detail a little bit more up ahead also with our committee, and the Board of Directors that we have the serenity in the process and a conclusion in this process.

現在帶來這些優勢，我將在前面與我們的委員會和董事會一起詳細說明，我們在這個過程中平靜下來，並在這個過程中得出結論。

We also had here, due to this work, the utilization of one asset of the company that maybe is not so visible, that is the fiscal loss. We have a lot of credit there. And in this quarter due to this process, we could be able to use over BRL 700 million. So it's an intense work that continues to happen here in this journey.

由於這項工作，我們在這裡還利用了一項可能不太明顯的公司資產，即財務損失。我們在那裡有很多功勞。由於這個過程，本季度我們可以使用超過 7 億雷亞爾。因此，在這段旅程中，這是一項持續進行的緊張工作。

So when we see the first quarter of this year, that we are living, as I mentioned, we are -- due to that conversion of those controlled companies, subsidiaries company, integrated subsidiary companies that have already been concluded, we had already deferred the main gains in the supplies over BRL 200 million, BRL 120 million CapEx, 9% of efficiency with a baseline of BRL 1.4 billion.

因此，當我們看到今年第一季度時，正如我所提到的，我們是——由於那些已經完成的控股公司、子公司、綜合子公司的轉換，我們已經推遲了供應的主要收益超過 2 億巴西雷亞爾，資本支出 1.2 億巴西雷亞爾，效率提高 9%，基準為 14 億巴西雷亞爾。

And here, a reduction of BRL 80 million with an optimization of OpEx, 38% of efficiency versus the baseline of EUR 230 million. So work that is really important.

在這裡，通過優化 OpEx 減少了 8000 萬雷亞爾，與 2.3 億歐元的基準相比效率提高了 38%。所以工作真的很重要。

And here, you would imagine that -- and I have no doubt that you too that we imagine we have here a space of gain of efficiency. We are with consultancy. We are here with 3 waves of -- the first wave here of -- with great results already.

在這裡，你會想像 - 我相信你也會想像我們在這裡有一個提高效率的空間。我們正在諮詢。我們在這裡進行了 3 波——第一波——已經取得了很好的成果。

And we are here, together with the Board of Directors in the final stage of concluding our financial -- our strategic plan -- in our fiscal plan (inaudible) so that beginning here in the month of March and I hope that in this market that this new structure, organizational structure that will follow -- that I will show you can be appointed.

我們在這裡，與董事會一起在我們的財務計劃（聽不清）中完成我們的財務——我們的戰略計劃——的最後階段，以便從 3 月份開始，我希望在這個市場上這個新的結構，接下來的組織結構——我會向你展示的可以被任命。

And so that I hope that this happens. And I hope to release this up to the end of the month -- of this month. And one of the most important things for us is the incorporation of the -- in the culture of the company of the meritocracy of all the executives of the company.

所以我希望這會發生。我希望在本月月底前發布它。對我們來說最重要的事情之一就是在公司文化中融入公司所有高管的精英管理。

They have been assessed, then we started the recognition of this structure, you know [appointing], and based on the consideration of the results of this assessment. So this is still happening this month.

他們已經過評估，然後我們開始認可這個結構，你知道[任命]，並基於對這個評估結果的考慮。所以這個月仍然會發生這種情況。

And with all of these assessments will be made available in N-1, so that they can priority -- in a priority way and not having any options internally where we're going to go to the market that will have the system -- the systematic approach, and then we'll have the 2nd and 3rd teams of dismissals in the same period of March, over 500 people by the end of this month.

所有這些評估都將在 N-1 中提供，這樣他們就可以優先——以優先的方式，而不是在內部有任何選擇，我們將進入將擁有該系統的市場——系統的方法，然後我們將在三月份的同一時期進行第二和第三批解僱，到本月底將超過500人。

And then we'll have a view here of the second quarter starting in this April with a new organizational structure and governance of the holding and the subsidiaries implemented. So our how -- the work will happen in the second quarter, and we'll have the solution -- now the defined solution of San Antonio Energia, SAESA, in the process of the acquisition together with -- of assets that can add value to the company and renegotiating debts.

然後我們將在這裡看到從今年 4 月開始的第二季度，新的組織結構和控股公司的治理以及實施的子公司。所以我們如何 - 工作將在第二季度進行，我們將有解決方案 - 現在是 San Antonio Energia，SAESA 的定義解決方案，在收購過程中連同 - 可以增加價值的資產給公司並重新談判債務。

This has been the objective of the financial directors and of the business director. So along this trimester, we have the conclusion of over 85% of the voluntary dismissal plans over 2,100 people. And parallel to this, also seeing here, 832 replacements based on those O&M like based on new hiring on all Brazil.

這一直是財務總監和業務總監的目標。因此，在本季度，我們完成了超過 2,100 人的 85% 以上的自願解僱計劃。與此同時，也在這裡看到，832 名替代者基於這些 O&M，例如基於所有巴西的新招聘。

And again, in this trimester, we'll have an even bigger evidence in the conclusion, this first wave of -- in terms of actions and supplies in our procurement. We hope to have a reduction of CapEx of BRL 200 million, 6% of the efficiency with a baseline of BRL 3.6 billion and also an expected reduction of OpEx of over BRL 160 million, so around 23% with a baseline of BRL 0.7 billion where we are included.

再一次，在本季度，我們將在結論中獲得更大的證據，即第一波——就我們採購中的行動和供應而言。我們希望資本支出減少 2 億巴西雷亞爾，效率降低 6%，基線為 36 億巴西雷亞爾，預計運營支出減少超過 1.6 億巴西雷亞爾，因此約 23%，基線為 7 億巴西雷亞爾，其中我們包括在內。

So this is an important activity that we really have a lot of work, but we have a great clear perspective to share with you. And in the second semester, we have continued this action that we started with no judicial agreements, legal agreements with -- here we're looking at a target.

所以這是一項重要的活動，我們確實有很多工作要做，但我們有一個非常清晰的觀點可以與您分享。在第二個學期，我們繼續了我們在沒有司法協議、法律協議的情況下開始的行動——我們正在尋找一個目標。

We're looking -- we're working hard internally. We have a great potential. That is not focused exclusively on compulsory loans. We're looking here -- great focus on the committee. We started working on other alternatives, labor alternatives, civil tax so that we can advance these legal agreements.

我們正在尋找 - 我們正在內部努力工作。我們有很大的潛力。這不僅僅集中在強制性貸款上。我們正在尋找 - 非常關注委員會。我們開始研究其他替代方案、勞動力替代方案、民事稅，以便我們能夠推進這些法律協議。

But we have a long-term strategy for commercialization. Looking at the leadership of the market starting in 2024, starting the Group B and then -- and how the company positions in terms of each one of these alternatives -- these temporary alternatives, what is the best strategy so that we can capture and attract clients to the base.

但我們有一個商業化的長期戰略。看看從 2024 年開始的市場領導地位，開始 B 組，然後——以及公司如何在這些替代方案中的每一個方面定位——這些臨時替代方案，什麼是最好的戰略，以便我們能夠捕捉和吸引客戶到基地。

So the plan of 2023 optimization of SPEs, this is -- we made a consultancy. We still have 74 SPEs. And we're looking at a reduction to inhibition to the end of the year to have 31 of them. So it means that 27 of them will be objective of sales, 7 will be ceased. And then we have 5 acquisitions of incorporations or for incorporations.

所以 2023 年 SPE 優化計劃，這是——我們做了一個諮詢。我們還有 74 個 SPE。我們正在考慮減少到年底的抑制，以擁有 31 個。所以這意味著其中 27 個將成為銷售目標，7 個將停止。然後我們有 5 次公司收購或公司收購。

So these purchases, these acquisitions, this like what they are called crossing will be in the Neoenergia and also in the case of SAESA as well that we will be in a due moment, generating benefits -- tax benefits that are known to all of you.

所以這些購買，這些收購，就像他們所謂的交叉一樣，將在 Neoenergia 以及 SAESA 的情況下進行，我們將在適當的時候產生收益 - 大家都知道的稅收優惠.

So just for you to have an idea that these are some of the initiatives. If I click here, I will detail for them. Just for us to have an idea when I'm talking about the dismissal plan, the top structures, the conversion of subsidiaries and some loan negotiations. So let's move on to the next slide.

所以只是讓你知道這些是一些舉措。如果我點擊這裡，我會為他們詳細說明。只是讓我們在談論解僱計劃、高層結構、子公司轉換和一些貸款談判時有一個想法。讓我們轉到下一張幻燈片。

I will start already with this view of the dismissal -- voluntary dismissal plan. We have here 2,500 people that have signed up with a potential of what we thought would be 2,700, but it's very important to say that this is in fact the recognition of the contribution of our retirees. They have on average 62 years old and 33 years working.

我將從解僱的這種觀點開始——自願解僱計劃。我們這裡有 2,500 人註冊，我們認為有 2,700 人的潛力，但重要的是要說，這實際上是對我們退休人員所做貢獻的認可。他們的平均年齡為 62 歲，工作年限為 33 年。

So this process has started for everybody to adhere with a guarantee that in a moment in which the company decides to subsidize they have a guaranteed at any moment, a recognition in terms of salary bonus that has been offered to each one of them about 9 annual salaries. And also other benefits that complement in some way, this retirement, maybe that all the employees, they are covered by pension funds -- private pension funds that are for all of them have a plan -- a health plan that following the retirement can be used the same plan individually. And the resources that we are sharing that for this plan.

因此，這個過程已經開始，每個人都必須遵守保證，即在公司決定補貼的那一刻，他們隨時都有保證，即每年向他們每個人提供約 9 年的工資獎金方面的認可工資。還有其他以某種方式補充的福利，這種退休，也許所有的員工，他們都受到養老基金的保護——私人養老基金為他們所有人制定了一個計劃——退休後的健康計劃可以是單獨使用相同的計劃。以及我們為此計劃共享的資源。

So on the one side, we're making resources available in the economy, over BRL 1.2 billion inject into the economy to make this recognition to all of them. It's not an obligation of removing these 2,500 people looking at -- we're working to reach 2,100 of this total.

因此，一方面，我們正在為經濟提供資源，超過 12 億雷亞爾注入經濟，讓所有人都認識到這一點。移除這 2,500 名正在觀看的人不是義務——我們正在努力達到總數中的 2,100 人。

But we're guarantee, as I said, it's a recognition to all of them after the moment that they are still working in the company. So it's important to highlight that we are working on this replacement of employees.

但我們保證，正如我所說，這是對他們所有人的認可，因為他們仍在公司工作。因此，重要的是要強調我們正在努力更換員工。

So we have a process here of looking for hiring OEMs in all of Brazil, so that we have any type of continue process. As I mentioned, we have over 1,000 that have adhere. By the end of this month, 1,500. This process is undergoing. So in this quarter, over 500 people, that ends in March.

因此，我們在這裡有一個在整個巴西尋找 OEM 的過程，因此我們有任何類型的持續過程。正如我所提到的，我們有超過 1,000 個已經加入。到這個月底，1500。這個過程正在進行中。所以在這個季度，超過 500 人，到 3 月結束。

So then in this investment of BRL 1.2 billion an economy of -- in our payroll of BRL 95 million. And so the payback is around 13 months. So again, something very relevant that the company did never had this transformation or had not had this transformation in a long time.

因此，在這項 12 億巴西雷亞爾的投資中，我們的工資總額為 9500 萬巴西雷亞爾。因此，投資回收期約為 13 個月。因此，再次強調，公司從未進行過這種轉型或很長時間沒有進行過這種轉型，這一點非常相關。

And we're doing this recognizing the contribution of these employees, clearly compensating people for this contribution, obviously, and making a new phase where we can now resume in a vigorous way due to the capitalization of the company, a process of growth and modernization.

我們正在這樣做，承認這些員工的貢獻，明確地補償人們的這種貢獻，顯然，並進入一個新的階段，由於公司的資本化，增長和現代化的過程，我們現在可以以充滿活力的方式恢復.

So the next slide also talks about another important activity that will be the process of leadership. As you know that the company had an overall control the companies over 4 of them plus the holding a high level of redundancy.

因此，下一張幻燈片還討論了另一項重要活動，即領導流程。如您所知，該公司對其中 4 家公司進行全面控制，並持有高水平的裁員。

So -- also with the support of consultancy, we have created an organizational structure that has a concentration on the holding, of course, where we can develop strategically planning our actions that the company will develop. We haven't have a structure to a head start, so that we can have a development and in a depth into our strategy.

因此 - 在諮詢的支持下，我們還創建了一個專注於控股的組織結構，當然，我們可以在其中製定戰略規劃我們公司將發展的行動。我們沒有先發製人的結構，因此我們無法深入發展我們的戰略。

So we start here with the CEO, Vice President of Operation and organizational security, and this executive will be responsible for the management of the 4 controlled companies and (inaudible) with the structure, (inaudible) simplified related to what is their focus on O&M, focus on commercialization and administration and finance.

所以我們從 CEO、運營和組織安全副總裁開始，這位高管將負責 4 家受控公司的管理，並且（聽不清）結構，（聽不清）簡化與他們對 O&M 的關注點相關, 專注於商業化、行政和金融。

So these 4 companies will have modernized support and also base, especially from investors relation, commercialization, financial aspects, orchestrated so that we can have the best efficiency. We're creating here a Vice President of Engineering -- of Expansion Engineering so that we can use better CapEx and develop more and advance this great investment.

因此，這 4 家公司將擁有現代化的支持和基礎，特別是從投資者關係、商業化、財務方面，精心策劃，以便我們能夠獲得最佳效率。我們在這裡設立了工程副總裁——負責擴展工程，這樣我們就可以更好地利用資本支出，開發更多產品，推進這項偉大的投資。

So no commercialization -- the commercial activity, which is core to the company will answer to over half of our activities and have us already been created with the presence with Eletrobras and the strategy in the business development, where we're looking at this rationalization of SPS, the sales of the subsidiaries and the relation -- our Vice President of Regulation, Rodrigo Limp; our Vice President of -- Financial Vice President and Investor Relations, Elvira; Vice President of Governance and Risk and Compliance, which is already taken by Camila. So we're looking at Vice President of Supply and Service, focus on these activities.

所以沒有商業化——商業活動，這是公司的核心，將回答我們一半以上的活動，我們是否已經通過 Eletrobras 的存在和業務發展戰略創建，我們正在考慮這種合理化SPS、子公司的銷售和關係——我們的監管副總裁 Rodrigo Limp；我們的副總裁 - Elvira 財務副總裁兼投資者關係；治理、風險與合規副總裁，已由 Camila 接任。所以我們正在尋找供應和服務副總裁，專注於這些活動。

And this wave that I had mentioned already in the rationalization of our operational service through the complete acquisition of the union of -- join of our (inaudible) shared service and the Vice President of People Management and Culture able to establish a management model based on meritocracy and collaboration.

我已經在通過完全收購我們的（聽不清）共享服務的聯盟以及人事管理和文化副總裁能夠建立基於任人唯賢和協作。

And as we have a culture that is enthusiastic to people, motivational to people that we can attract people in the market so that in the construction that is being done here in Eletrobras, Vice President -- Legal Vice President because we have over BRL 35 billion in liabilities.

由於我們擁有一種對人們充滿熱情、激勵人們的文化，我們可以在市場上吸引人們，因此在 Eletrobras 進行的建設中，副總裁 - 法律副總裁，因為我們擁有超過 350 億雷亞爾在負債中。

And we have demonstrated already in this quarter that we can -- what we can do to make this liability an asset for the company and the counterparts and also Vice President of Innovation, Research and Development and IT what is the most modern -- what is the most -- what is the best way that the companies can grow in a most efficient way now making the job easier -- the people's job easier, employees or stakeholders of the company, shareholders, clients and so on.

我們已經在本季度證明了我們可以 - 我們可以做些什麼來使這種負債成為公司和同行的資產，以及創新、研發和 IT 副總裁什麼是最現代的 - 什麼是最多 - 現在公司可以以最有效的方式發展的最佳方式是什麼使工作更容易 - 人們的工作更容易，員工或公司的利益相關者，股東，客戶等。

And I also have the support of 2 departments, the department of a communication that we can -- so the activity of communication is always an activity that is really, I will say, it is less due to the lack of resources that the company has. It's less realized and seen by the market.

而且我還有兩個部門的支持，一個溝通部門，我們可以——所以溝通活動始終是一個真正的活動，我會說，由於公司缺乏資源而減少了.它很少被市場意識到和看到。

And here, we have an activity that is really important of communication in Eletrobras. After all -- besides of all that it can do in the teams where it's involved in its main activity, we believe that here, we will have an activity that is -- that can look for clients from B2B and from a medium to long-term capacity.

在這裡，我們開展了一項對 Eletrobras 的交流非常重要的活動。畢竟 - 除了它在參與其主要活動的團隊中可以做的所有事情之外，我們相信在這裡，我們將開展一項活動 - 可以從 B2B 和中長期尋找客戶 -任期能力。

If you look at the clients in the consumer environment, consumer -- energy customers environment, so the activity of communication to share the development with our stakeholders or to attract a new client will be an activity that is really important.

如果你看看消費者環境中的客戶，消費者 - 能源客戶環境，那麼與我們的利益相關者分享發展或吸引新客戶的溝通活動將是一項非常重要的活動。

And all of this supported with a view of sustainability in ESG agenda that is different. The mix is different from companies in this sector. So we have an ambition to be really a reference in this area and some steps that are already being taken, and we're going to put this in the answer.

所有這些都支持 ESG 議程中不同的可持續性觀點。這種組合不同於該行業的公司。因此，我們有志成為該領域真正的參考，並且已經採取了一些步驟，我們將把它放在答案中。

It's important to say that this structure has been formulated in a way that is really cautiousness -- with a lot of cautiousness by the -- all the directors so that we can go ahead in these values that are being here highlighted.

重要的是要說這種結構是以一種非常謹慎的方式製定的——所有董事都非常謹慎，這樣我們就可以在這些價值觀上取得進展，這些價值觀在這裡得到了強調。

But also keeping our brand, our company, our efficiency continue, especially our reliability in terms of our systems so that we can, again, make this modernization of the company. We're adding value keeping our traditions.

但也要保持我們的品牌、我們的公司、我們的效率，特別是我們在系統方面的可靠性，這樣我們就可以再次實現公司的現代化。我們正在增加價值，保持我們的傳統。

So it's worth highlighting that the 4 companies in the group, they have a regional presence -- relevant regional presence, continue to exist. There's always a question about that, but these companies have regional presence. They have characteristics especially in terms of taxes in the state incentives, regional incentives.

因此，值得強調的是，該集團中的 4 家公司在區域存在——相關的區域存在，繼續存在。關於這一點總是有一個問題，但這些公司有區域存在。它們在國家激勵、區域激勵方面尤其在稅收方面具有特點。

They have all the resources. They are allocated in these companies. So in fact, we are recognizing the importance of them and establishing a governance model that -- the management model that will be a greater synergy among them.

他們擁有所有資源。他們分配在這些公司。因此，事實上，我們正在認識到它們的重要性，並建立一個治理模型，該管理模型將在它們之間產生更大的協同作用。

So now going on to the third example that I mentioned, which is the loan -- the compulsory loans and we have an evolution. So we started from a stock of BRL 25.8 billion. This is a stock that is updated by the Selic rate has over BRL 284 million. We had a reduction of operational provision of BRL 41 million, and we had a payment of liability legal payments of BRL 482 million.

現在繼續我提到的第三個例子，即貸款——強制性貸款，我們有一個演變。所以我們從 258 億雷亞爾的股票開始。這是按 Selic 匯率更新的股票，價值超過 2.84 億雷亞爾。我們減少了 4100 萬巴西雷亞爾的運營準備金，並支付了 4.82 億巴西雷亞爾的法律責任付款。

It's worth highlighting -- it's worth saying we have here the first package of payments of legal agreements BRL 770 million (sic) [BRL 737 million]. And so it's important to highlight that this doesn't sum BRL 1.3 billion.

值得強調的是——值得一提的是，我們在這裡收到了 7.7 億巴西雷亞爾（原文如此）[7.37 億巴西雷亞爾] 的第一批法律協議付款。因此，重要的是要強調這不是 13 億雷亞爾的總和。

These agreements, they are done -- some of them can be paid in the quarter and some of them are paid in the following quarter. But the registration of these agreements and the benefit of this agreement, that is done -- in this here -- when it's -- the agreement is said, it's worth saying that we had this movement.

這些協議已經完成——其中一些可以在本季度支付，一些可以在下一季度支付。但是這些協議的註冊和協議的好處，就是在這個地方完成的——當它——協議說的時候，值得一提的是我們有這個運動。

Some of them have already been paid, BRL 770 million, and all of these agreements, they have already been registered in -- it's also highlighting that our base, you know BRL 26 billion, BRL 1.3 billion have already been reduced in this last quarter.

其中一些已經支付，7.7 億巴西雷亞爾，所有這些協議，它們都已經登記——這也強調了我們的基礎，你知道，260 億巴西雷亞爾，13 億巴西雷亞爾在上個季度已經減少.

And this is just the approved. We also have around BRL 770 million that is called off balance of those possible provisions and remote ones. That is also object of this agreement. So almost BRL 2 billion that we had to judge here, and they have been eliminated due to this agreement.

這只是批准的。我們還有大約 7.7 億雷亞爾被取消，這些可能的準備金和遙遠的準備金不平衡。這也是本協議的目標。因此，我們必須在這裡判斷將近 20 億雷亞爾，由於該協議，它們已被淘汰。

So we're going to continue looking at this important gain that will allow us to choose our losses in the end. This will bring -- we had smaller exposition -- monetary exposition due to the Selic rates and these agreements are done to eliminate totally the demands, not just that are proper, but those that are in remote -- the counterparts, something that is -- that we are happy to mention.

所以我們將繼續關注這一重要的收益，這將使我們最終能夠選擇我們的損失。這將帶來——我們有較小的闡述——由於 Selic 利率而產生的貨幣闡述，並且這些協議的完成是為了完全消除需求，不僅是適當的，而且是那些遙遠的——對應的東西，那是—— - 我們很高興提及。

We are seeing here disposition of making these agreements that is favorable to both parts and now following here the second page. Now we're looking here the conversion of these subsidiaries. So bringing more efficiency to Eletrobras.

我們在這裡看到達成這些對雙方都有利的協議的安排，現在是第二頁。現在我們正在看這些子公司的轉換。因此，為 Eletrobras 帶來了更高的效率。

So we make these companies to have assemblies to release some teams, meetings with the Board of Directors, with OTC. So this -- they had basically had the independent level, which will also make a different sharing the synergy and so on. So the operation was approved January 5. The shareholders have the option of withdrawing or incorporating shares.

因此，我們讓這些公司舉行集會來釋放一些團隊，與董事會開會，通過場外交易。所以這——他們基本上已經有了獨立的水平，這也會產生不同的共享協同作用等等。因此，該操作於 1 月 5 日獲得批准。股東可以選擇撤回或合併股份。

So we can see here in the right block where we have BRL 286 million in investments, in which -- means over 5,872,000 ON shares will be divided holding. So the investment to these minority stakes were done in BRL 212 million. We had here some PNA shares that 202,000 over 4,361 shares. And on the ONs, BRL 226 million, 3,451,000 shares to our treasury.

所以我們可以在右邊的區塊中看到我們有 2.86 億雷亞爾的投資，這意味著超過 5,872,000 股 ON 股票將被分割持有。因此，對這些少數股權的投資為 2.12 億雷亞爾。我們這裡有一些 PNA 股票，超過 4,361 股 202,000 股。在 ONs 上，2.26 億雷亞爾，3,451,000 股進入我們的國庫。

So this process makes Eletrobras 100% owner of these subsidiaries, and this has generated 31 new shareholders that in exchange with one of these shares -- Eletrobras shares increasing our free flow and the number of shareholders that are investing in the company.

因此，這個過程使 Eletrobras 成為這些子公司的 100% 所有者，這產生了 31 個新股東，以換取其中的股份——Eletrobras 股份增加了我們的自由流動和投資於公司的股東數量。

So this is a structure that allows our governance a more effective account, better coordination among the companies, agility in the decisive process, of having 100% and also making it possible the new structure that we will simplify and we will make this decision processes faster and more agile.

因此，這種結構可以讓我們的治理成為一個更有效的賬戶，公司之間更好的協調，決策過程中的敏捷性，100% 並使我們將簡化的新結構成為可能，我們將使決策過程更快並且更加敏捷。

So now moving on to one more slide. I'd just like to highlight and conclude here in the space of the -- talking about transformation. So we are here with 40 initiatives ongoing that we will conclude the first [20] of them in this month of March.

現在轉到另一張幻燈片。我只想在談論轉型的空間中強調和總結。因此，我們在這裡有 40 項正在進行的舉措，我們將在 3 月的本月完成其中的前 [20] 項。

And we'll have here over 20 undergoing, so over 36 at the end of the semester. We have here a lot of ambition to 23 of them that established strategic plans so that we can deploy with plans that can guarantee new shares, impact and results.

我們將有超過 20 人在接受治療，所以在學期結束時超過 36 人。我們對其中 23 家製定了戰略計劃的雄心勃勃，這樣我們就可以部署能夠保證新份額、影響和結果的計劃。

We have here a new investment so that we can get this impact, and we also released this strategic plan that is now concluded in this month -- up to the end of this month, so we can release this new strategic plan. So we have talked a lot about it. We have shared a lot of guidelines, but still -- we still need to integrate this document that will be the base of our strategy publicly.

我們在這裡進行了一項新的投資，以便我們能夠產生這種影響，我們還發布了這個本月結束的戰略計劃——直到本月底，所以我們可以發布這個新的戰略計劃。所以我們已經談了很多。我們已經分享了很多指導方針，但仍然——我們仍然需要整合這份將成為我們戰略公開基礎的文件。

So following only talking about the operational challenges and the operational performance of the company, speaking very briefly about generation last year. So the company has 23% of the generation -- installed generation capacity in Brazil, 97% clean energy sources.

因此，接下來只談論公司的運營挑戰和運營績效，非常簡要地談談去年的發電量。因此，該公司擁有巴西 23% 的發電裝機容量，97% 是清潔能源。

So we have -- so by privatization or other segregation of our assets of Eletronuclear over -- we know Brazil has overall by Itaipu over 41,500 and now reaching here 42,500 in this quarter in Santo Antonio and also Curua-Una in the second.

所以我們 - 所以通過私有化或我們的 Eletronuclear 資產的其他隔離 - 我們知道巴西在伊泰普總體上有超過 41,500 個，現在在本季度的聖安東尼奧和 Curua-Una 達到 42,500 個。

And in this quarter, we also had the operation related to our -- the breakdown of the assets of this (inaudible) and Eletrobras, and over 29% of (inaudible) in Brazil was done by Eletrobras of the total installed capacity of hydroelectric have done an even better due to the hydraulic fluids. We have 18.5% gigawatts average now of 20% of Brazil so and -- of physical guarantee.

在本季度，我們還進行了與我們相關的業務——這個（聽不清）和 Eletrobras 的資產細分，巴西超過 29%（聽不清）的水電總裝機容量由 Eletrobras 完成由於液壓油，做得更好。我們現在擁有巴西 20% 的平均 18.5% 千兆瓦 - 有形保障。

So here, we have the performance of our sales. Just to make clear to the market that our operation here, as you can see are 16 -- 17,000 on the year. We have [17% out of 18.5%] .

所以在這裡，我們有我們的銷售業績。只是為了向市場表明我們在這裡的業務，正如你所看到的那樣，今年有 16 - 17,000 家。我們有 [18.5% 中的 17%]。

Basically, we have 2 types of assets, assets that were quote, assets that were renewed as Tucurui and in the condition of independent production and also where we see 2023, the first movement of the (inaudible) which is (inaudible) which 5.7% and moving forward and this -- all of this that we want to bring to you is this.

基本上，我們有兩種類型的資產，一種是被引用的資產，一種是更新為 Tucurui 的資產，處於獨立生產的狀態，而且我們看到 2023 年，（聽不清）的第一個變動是（聽不清）5.7%並向前邁進——我們想帶給你的就是這個。

How can you compose the drafting of the structure of Eletrobras? It's all resources of the installed capacity that is highlighted there on the left. And also buying energy because we have here a set of assets that in general where we buy a part of the energy directly from. And this composes the resources of the company so that it can make sales of energy.

您如何起草 Eletrobras 的結構？左側突出顯示的是裝機容量的所有資源。還要購買能源，因為我們這裡有一組資產，通常我們直接從中購買一部分能源。這構成了公司的資源，因此可以進行能源銷售。

So it's composed of own resources and also buy energy. I'm mentioning some examples where we have this type of thing. The sales of the company is also here highlighted following this. And the sales, as you can see, less value, [BRL 26 million, BRL 24 million, BRL 25 million] because it hasn't sold the whole energy.

所以它是由自己的資源和購買能源組成的。我提到了一些我們有這類事情的例子。在此之後，公司的銷售額也在此突出顯示。正如你所看到的，銷售價值較低，[2600 萬巴西雷亞爾，2400 萬巴西雷亞爾，2500 萬巴西雷亞爾]，因為它沒有售出全部能源。

And I just remember that these sales together are some contracts -- bilateral contract with ACL and (inaudible), I would go to part of -- removing from the state. And here, we have the composition of ACL and ACR and the average values of sales (inaudible) and also average of purchase that mentioned looking at the average megawatts mentioned here in this line.

我只記得這些銷售一起是一些合同——與 ACL 的雙邊合同和（聽不清），我會去一部分——從狀態中刪除。在這裡，我們有 ACL 和 ACR 的組成以及銷售額的平均值（聽不清）以及購買的平均值，其中提到查看此行中提到的平均兆瓦。

So this process generates a balance here of capacity that we are not able to sell and also making a relationship directly to the relevant part that our plants are hydroelectric (inaudible). So we're looking at -- we're still in the month of March and only 12% of the volume is not sold considering the head that we're going to use for 2024, 34% and this way forward, and we're making -- we're doing this together with these clients who are mentioned below, 48% of our commercializers, 43% are free consumers and 8.7%, generators.

因此，這個過程在這裡產生了我們無法出售的容量平衡，並且還直接與我們的工廠是水力發電的相關部分建立了關係（聽不清）。所以我們正在看 - 我們仍然在 3 月份，考慮到我們將在 2024 年使用的頭部，只有 12% 的銷量沒有售出，34% 和未來，我們'正在製作——我們正在與下面提到的這些客戶一起做這件事，我們的商業化者中有 48%，43% 是免費消費者，8.7% 是生成者。

So due to this energy balance here, we're having the following page, a detail of our GSF, as you can see, it was better last year from the year before. Clearly, the 2021 was very dry. And we reached the year 85% and due to this elevated volume of water, we had a better period, but what weighs all of this scenario, you can see in the left side on the bottom, the variation of our revenues of generation in the -- in the semesters, in the years and in the last -- just going to look at the right side, our revenue has gone up to BRL 24.2 [billion] and this has increased to 6.8%, as you can see into the the composition, we have reduced our liquidity in ACR.

因此，由於這裡的這種能量平衡，我們有下一頁，我們的 GSF 的詳細信息，如您所見，去年比前一年更好。顯然，2021 年非常乾燥。我們今年達到了 85%，由於水量增加，我們有一個更好的時期，但是衡量所有這些情況的是什麼，你可以在底部的左側看到，我們的發電收入在-- 在這幾個學期裡，在過去的幾年裡 -- 看看右邊，我們的收入已經上升到 242 [十億] 巴西雷亞爾，而且已經增加到 6.8%，正如你可以看到的組成，我們減少了 ACR 的流動性。

And therefore, we had an important growth in the sales of 16% in the market sales ACL and also the decrease of price of to -- prices up to BRL 190 billion in the annual basis. Looking at yellow, we have there, the regulated contracts from the company, going up to BRL 288 billion , 22% increase. And also the Cotas (inaudible) by inflation, growth of 11% from BRL 4.22 billion to BRL 4.7 billion .

因此，我們在市場銷售 ACL 中實現了 16% 的重要增長，同時價格下降至 - 年度價格高達 1900 億巴西雷亞爾。看黃色，我們在那裡，公司的受監管合同增加了 2880 億雷亞爾，增長了 22%。還有通貨膨脹的 Cotas（聽不清），從 42.2 億巴西雷亞爾增長 11% 到 47 億巴西雷亞爾。

So this year, you know confirm there's a strategy of the company that I'm very happy to say that we have already produced effect. So we have here 12% of our capacity to be sold this year, 2023. Also, in the next slide, we have here just an important picture related to transmission. The company invested very little due to its low financial capacity. So it was in the transmission of over BRL 1 billion -- less than BRL 1 billion.

所以今年，你知道確認公司有一個戰略，我很高興地說我們已經產生了效果。所以我們有 12% 的容量將在今年 2023 年出售。此外，在下一張幻燈片中，我們這裡只有一張與傳輸相關的重要圖片。由於財務能力低，公司投資很少。因此它傳輸了超過 10 億巴西雷亞爾——不到 10 億巴西雷亞爾。

And now in 2022, we had this increase both privatization, we had already a growth of 95%, the double in 2 years to 50% related to 2021, which has already been a good year and also highlighting that we have 31.1% of our Brazilian system transmission, 280 stations -- substations and 74 kilometers of transmission line.

現在在 2022 年，我們的私有化增長了 95%，與 2021 年相比，兩年內翻了一番，達到 50%，這已經是一個好年頭，同時也強調我們有 31.1% 的巴西系統輸電，280個站——變電站和74公里的輸電線路。

These are -- 42 ventures of great sizes. And we include more transmission lines and more MVAs with an RAP of increase of BRL 150 million. So we also have done a lot of work here with SPEs of 353 kilometers related to the previous year.

這些是——42 家規模龐大的企業。我們包括更多的輸電線路和更多的 MVA，RAP 增加了 1.5 億雷亞爾。所以我們在這裡也做了很多工作，與上一年相關的353公里的SPE。

So this year that already is very positive for the transmission that we'll have auctions. Some of them already mentioned over BRL 15 billion that we have participation of Eletrobras. So the next thing, just to show that where this advance is producing results and the many of them, as you know, variable parcel.

所以今年這對我們將進行拍賣的傳輸來說已經非常積極了。其中一些已經提到超過 150 億雷亞爾，我們有 Eletrobras 的參與。所以接下來，只是為了展示這種進步在哪裡產生結果，以及其中的許多，正如你所知，可變包裹。

And the [stock] should be charged when it was extinct. And this is the result -- global result of Eletrobras. A great work that has been done led by (inaudible) we will be able to reduce greater reduction in our best level 1.56%. It's a drop of 26% related to the year before and the reduction of BRL 65 million. This is a positive result for the group of the best quality of our assets. So again, with this, I end my highlights. I'll move on to Limp where we have regulatory highlights.

而[股票]應該在滅絕的時候收費。這就是結果——Eletrobras 的全球結果。由（聽不清）領導的一項偉大工作將能夠減少我們最佳水平 1.56% 的更大減少量。與去年同期相比下降了 26%，減少了 6500 萬雷亞爾。對於我們資產質量最好的集團來說，這是一個積極的結果。所以，再一次，我結束了我的亮點。我將繼續討論 Limp，我們有監管亮點。

I'd like to thank everyone, who participate, of my team here, Jatobá in Generation and Commercialization, and Marcio in the transmission who has helped share this data and achieve with your team, this great results. So Limp, you can move on.

我要感謝我團隊中的每一位參與者，Jatobá 負責生成和商業化，以及負責傳輸的 Marcio，他們幫助分享了這些數據並與您的團隊取得瞭如此出色的成績。所以 Limp，你可以繼續前進。

Thank you, Wilson. So it's a great pleasure to be here, talking to you, having the (inaudible) to show you very briefly some themes that are regulatory related to the last quarter of -- and also the discussion here in Eletrobras starting with RBSE, which is some of the themes that is not only related to the last quarter, but has been discussed for a long time.

謝謝你，威爾遜。因此，很高興來到這裡，與您交談，讓（聽不清）非常簡短地向您展示一些與上個季度相關的監管主題 - 以及 Eletrobras 從 RBSE 開始的討論，這是一些這些主題不僅與上一季度有關，而且已經討論了很長時間。

And here, I will bring some updated status since June last year, we had some manifestation from the technical team of ANEEL and also from the Attorney's office from 2022. With our SGT, we also -- we have a little improvement in the memorandum from the same technical team.

在這裡，我將帶來一些自去年 6 月以來的最新狀態，我們從 ANEEL 的技術團隊以及 2022 年的檢察官辦公室得到了一些體現。有了我們的 SGT，我們也 - 我們在備忘錄中有了一些改進同一個技術團隊。

And then we had a legal aspect of the team. And with the discussion with the Board of Directors, we decided a monocratic, decided from the director, which is partially agreed by all the members and then determined to the new simulations and new calculations that had been sent to the transmitters from August.

然後我們有團隊的法律方面。通過與董事會的討論，我們決定了一個獨裁者，由董事決定，這得到了所有成員的部分同意，然後確定了從 8 月開始發送給發射機的新模擬和新計算。

And in this, the official document the technical areas executed, the comment of the company, even though we did not do any evaluation of merit. So since August, we have not had annual official position from the agency. We are in the process with the (inaudible) directors, Eletrobras together with other transmitters. They have participated in the discussions directly also due to our association with transmitters.

在這方面，執行的技術領域的官方文件，公司的評論，即使我們沒有做任何價值評估。因此，自 8 月以來，我們沒有從該機構獲得年度官方職位。我們正在與（聽不清）董事、Eletrobras 以及其他發射器一起處理。由於我們與發射機的聯繫，他們也直接參與了討論。

And also, we also talk to only one director to make a meeting which is set for now the month of March. And they will be keep on defending our point of view since the beginning that legal security, regulatory stability based on ANEEL's decision, another team that with a magnitude that is less, but also it's something new since the contract -- transmission contracts that we signed due to the 579.

而且，我們還只與一位董事進行了會談，會議定於 3 月份舉行。從一開始他們就會繼續捍衛我們的觀點，即基於 ANEEL 的決定的法律安全、監管穩定性，另一個團隊的規模較小，但也是自合同以來的新事物——我們簽署的傳輸合同由於579。

We had recently in the approval from ANEEL for the incorporation of assets that were utilized for importing, exporting energy to Venezuela and Uruguay in these concession contracts of Eletronorte and CGT Eletrosul and these before being incorporated in the base, they headed to remuneration when the export and export was done, export to Venezuela since in 2019.

我們最近獲得了 ANEEL 的批准，將用於在 Eletronorte 和 CGT Eletrosul 的這些特許合同中向委內瑞拉和烏拉圭進出口能源的資產併入，這些在被併入基地之前，他們在出口時獲得報酬出口已經完成，從2019年開始出口到委內瑞拉。

So these assets were not being remunerated. So now we start having remunerated (inaudible). With the RAP approved by ANEEL, this brings greater increase in our -- in the revenue of these assets. Moving on to the next Slide, 2 themes related to generation and commercialization. One of them is the minimum PLD, which has been discussed annually and now defines the regulation agency.

所以這些資產沒有得到報酬。所以現在我們開始獲得報酬（聽不清）。隨著 ANEEL 批准的 RAP，這為我們帶來了更大的增長——這些資產的收入。轉到下一張幻燈片，2 個與生成和商業化相關的主題。其中之一是最低 PLD，它每年都在討論，現在定義了監管機構。

The least and the maximum PLD also based on hour. So in this discussion, that was performed by ANEEL in end of the year. There was some discussions under the criteria -- the criteria adopted by ANEEL, which was a criteria that has already been adopted by them by many years, which is the greatest value between now in the TEO of Itaipu, this was BRL 69 was established based on January 1, 2023.

最小和最大 PLD 也基於小時。所以在這次討論中，這是由 ANEEL 在年底進行的。在標準下進行了一些討論——ANEEL 採用的標準，這是他們已經採用多年的標準，這是伊泰普 TEO 迄今為止最大的價值，這是 BRL 69 建立的基礎2023 年 1 月 1 日。

Some commercializers went to justice and some of them were not defined. And then some of them were considered in a process, which they know they have not been affiliated to Itaipu anymore. These decisions have not had effect. They had not the legal possibility to implement the decision because it was not defined what would be the value to be considered for minimal PLD. So this was not implemented.

一些商業化者被繩之以法，其中一些沒有定義。然後他們中的一些人在一個過程中被考慮，他們知道他們不再隸屬於伊泰普。這些決定沒有生效。他們沒有執行該決定的法律可能性，因為沒有定義最小 PLD 的價值是多少。所以這個沒有實施。

And also, there's an occasional discussion where this would only happen to the whole market or not. And what we are clear about this change of rule of PLD along the year without a due process of discussion. Regulatory process would also affect the financial condition of the sector.

而且，偶爾會討論這種情況是否只會發生在整個市場上。在沒有經過正當討論程序的情況下，我們很清楚這一年 PLD 規則的變化。監管程序也會影響該行業的財務狀況。

We also had last year for the 709 approval, which talks about the physical guarantee of revision of the -- as we had plants from Eletrobras. They had new contracts that they started with a process of physical guarantee. So they had a reduction of physical guarantee over 7% of physical guarantees.

去年我們還獲得了 709 批准，它談到了修訂的物理保證——因為我們有來自 Eletrobras 的工廠。他們有新的合同，他們從實物擔保的過程開始。因此，他們減少了超過 7% 的實物擔保。

So these plans do not go through the process of revision last year. they -- since 5 years and the other plants -- which would 36 -- 1.2 megawatts average with a reduction of 2.2%.

所以這些計劃沒有經過去年的修訂過程。他們 - 自 5 年以來和其他工廠 - 這將是 36 - 1.2 兆瓦，平均減少 2.2%。

So better values of -- it is also related to the plant from Eletrobras, already had been -- had already gone through a process of physical guarantee, the other plants, not under this process. We had a reduction of 35 megawatts average, which is negative 0.3% inside the Eletrobras portfolio.

所以更好的價值 - 它也與來自 Eletrobras 的工廠有關，已經 - 已經經歷了物理保證的過程，其他工廠，而不是在這個過程中。我們平均減少了 35 兆瓦，在 Eletrobras 投資組合中減少了 0.3%。

So this team -- this all has judicial process included. So generators, they started -- they filed a lawsuit at the end of the year, defending the alteration of the critical period adopted by the Ministry to define the value of physical guarantee and the suspension of this law 709.

所以這個團隊——這一切都包括司法程序。所以發電機，他們開始了——他們在年底提起訴訟，捍衛該部通過的關鍵時期的改變來定義實物擔保的價值和該法律 709 的暫停。

And this request had an urgency request and it was denied yesterday by the judge. So the discussion now has ended. And possibly, there will be -- we saw some appeals.

而且這個請求有緊急請求，昨天被法官否決了。所以現在討論結束了。並且可能會有 - 我們看到了一些吸引力。

But in the first moment, the judge has denied that this urgency requested by the authors. So this law 709 continues to be in effect and also as a legal security to the sector and also that another discussion has gone through the no audience discussion and the physical guarantee of the process.

但在第一時間，法官否認了提交人要求的這種緊急情況。因此，該法律 709 繼續有效，並且作為該部門的法律保障，並且另一項討論已經通過了無聽眾討論和流程的物理保證。

So moving on to the next slide. This theme is, in fact, relatively new, where there's a direct relationship with recognition by the service provided by the hydroelectric. So with this part of the energy, there could be for (inaudible), so this cannot be exported that -- that was developed by law (inaudible) by the Ministry of Energy and Mines.

轉到下一張幻燈片。事實上，這個主題相對較新，它與水電提供的服務的認可度有直接關係。因此，對於這部分能源，可能會有（聽不清），所以不能出口 - 這是能源和礦業部根據法律（聽不清）制定的。

So it was possible the exportation of this energy, but it was a modality. That was a swap where you generated credit or debt in the neighboring countries and then compensated. It was not done on modality that is commercial, like the one that is this, that is one that held open audience participation. And also, there was another law that generates to energy coming from hydroelectric plants.

所以這種能量的輸出是可能的，但它是一種形式。那是一種互換，你在鄰國產生信貸或債務，然後進行補償。它不是以商業方式完成的，就像這樣，這是一種讓觀眾公開參與的方式。而且，還有另一條法律規定來自水力發電廠的能源。

So we have identified that -- but the exportation of this -- the exportation of thermoelectric energy, and in blue, the energy of turbo energy, and this -- it can offer values and -- to buy these energies. So CCEE, which is responsible to define this -- the value of this process at the beginning of the year was BRL 75 million, which was the POD plus 10% CCEE, identifies that the competition among the segments of thermal electric and hydroelectric and the potential of acquisition from the importer part to improve the process of defining the legal -- the least value.

所以我們已經確定 - 但這種出口 - 熱電能的出口，以及藍色的渦輪能源的能量，以及 - 它可以提供價值和 - 購買這些能源。因此，負責定義這一點的 CCEE -- 這一過程在年初的價值為 7500 萬巴西雷亞爾，即 POD 加上 10% CCEE，確定熱電和水電領域之間的競爭以及從進口商那裡收購的潛力，以改進定義合法 -- -- 最低價值的過程。

So it goes on to the -- in our graph in this black line, the increase over these values, in exporting level, we have BRL 241 million and we have observed great increases in terms of production especially since the end of February, and this has generated the -- they generate exportations so much in the prices.

所以它繼續 - 在我們的黑線圖表中，這些值的增加，在出口水平上，我們有 2.41 億雷亞爾，我們觀察到生產方面的大幅增長，特別是自 2 月底以來，這已經產生了 - 他們在價格中產生瞭如此多的出口。

And -- but the amount that exported is automatically, we had a greater energy located to MRE, which reduces the GSF, and this also benefits the generators and the consumers of energy, especially those that have the hydrologic risk impact.

而且 - 但出口量是自動的，我們有更多的能源位於 MRE，這減少了 GSF，這也有利於發電機和能源消費者，特別是那些具有水文風險影響的能源。

So this benefits the consumers and also the generators looking at the total amount and then the increase of the minimum price also adds benefits to the consumer and that part of energy that goes besides the GSF, also the part of energy that is also [quote] and also as it generates an increase of revenue there for the generators.

因此，這有利於消費者和發電商，從總量上看，然後最低價格的增加也為消費者和除了 GSF 之外的那部分能源增加了好處，這部分能源也是 [quote]並且還因為它為發電機帶來了更多的收入。

And this generates the greater proportion of energy by the unit states and cities by the CFURH, which has strengthened the roles of the hydroelectric. So I think this is a new process that no doubt adds significantly to the relevant results to the hydroelectric plants.

這通過 CFURH 產生了單位州和城市的更大比例的能源，從而加強了水電的作用。所以我認為這是一個新過程，無疑會顯著增加水力發電廠的相關結果。

So moving on to the next slide that we will talk about Amazonas Energy, where we had a moment and the provision would be the better detailed by our Director of Elvira.

因此，轉到下一張幻燈片，我們將討論 Amazonas Energy，在那裡我們有時間，我們的 Elvira 主管會更詳細地說明規定。

And here today, we have -- considering all the credits that we have together with Amazonas with BRL 7.7 million, we have a provision over BRL 7 million, which over 90% of the debt. So when we look at the holding, these non-provision credits. It's important to clarify that this amount has 344 refers only to the ICD, which is the assets then that happens due to the privatization of the distributors.

今天在這裡，我們有 - 考慮到我們與 Amazonas 一起擁有的 770 萬巴西雷亞爾的所有信貸，我們有超過 700 萬巴西雷亞爾的準備金，佔債務的 90% 以上。因此，當我們查看持有量時，這些非撥備貸方。重要的是要澄清，這個數額有 344 僅指 ICD，這是由於分銷商私有化而發生的資產。

So it's a credit that has guaranteed, has been paid in a way that without any default, and also had a little value of GSF, which there is no default for Eletrobras -- Eletronorte in the same way we had provision values, and this value debt that is shown as non-provision value is in the flow of the Eletronorte and Amazonas.

所以這是一種有保證的信用，已經以沒有任何違約的方式支付，並且也有一點 GSF 的價值，這對 Eletrobras 沒有違約 -- Eletronorte 就像我們有準備金的方式一樣，這個價值顯示為非撥備價值的債務在 Eletronorte 和 Amazonas 的流動中。

So here, I would like to highlight the -- looking in a prospective way our sales with Amazonas, what would the expenses where they had with the independent and especially those who depend on the default that they had with Eletronorte have already in terms of BRL 270 million made by the distributor. We have -- we received directly from CCE, which is a part of the CCC (inaudible) decision of ANEEL from 2020.

所以在這裡，我想強調——從前瞻性的角度來看我們與 Amazonas 的銷售，他們與獨立公司的費用，尤其是那些依賴於他們與 Eletronorte 的違約的公司已經有多少巴西雷亞爾的費用經銷商製造了2.7億。我們有——我們直接從 CCE 收到，這是 ANEEL 從 2020 年開始做出的 CCC（聽不清）決定的一部分。

And we have here -- we have a new action now to receive the rest of this amount from CCE, which would reduce our exposition to the risk of default coming from Amazonas. We had a statement from ANEEL last year, suspending some of these actions and the new director -- if they approve the process by the technical areas, our current exposition with Amazonas will be restricted to values of average ACRS so looking at BRL 20 million.

我們在這裡 - 我們現在有一個新的行動來從 CCE 收到剩餘的這筆款項，這將減少我們對亞馬遜違約風險的暴露。去年我們收到了 ANEEL 的一份聲明，暫停了其中的一些行動和新主管——如果他們批准技術領域的流程，我們目前與 Amazonas 的展示將僅限於平均 ACRS 的價值，即 2000 萬雷亞爾。

So it's also important to highlight since May 2022. Amazonas is 100% insolvent with the -- due to the law that was made by Ministry, it has a monthly payment of CCE due to the expedition and volatile position and also some actions that we have done with the distributors.

因此，同樣重要的是要強調自 2022 年 5 月以來。Amazonas 100% 資不抵債——由於該部製定的法律，由於遠征和動蕩的局勢以及我們採取的一些行動，它每月支付 CCE與分銷商完成。

So in the side scenario of insolvency, it's much better than those that those seen in the beginning of 2022 where we had (inaudible) between January and April. So I think this is the last slide of the highlights of regulatory. So very quickly, but the main themes, our hydroelectric, (inaudible) PLD, the Amazonas situation and things that have been less discussed, but we are following up.

因此，在破產的附帶情況下，它比 2022 年初我們在 1 月至 4 月期間（聽不清）看到的情況要好得多。所以我認為這是監管亮點的最後一張幻燈片。所以很快，但主要主題，我們的水力發電，（聽不清）PLD，亞馬遜的情況和討論較少的事情，但我們正在跟進。

So I end up -- end my part here. So then we can go on to financial performance. I would also like to thank you and say -- just one slide to give the floor to Elvira.

所以我最後—— 在這裡結束我的部分。那麼我們可以繼續討論財務業績。我還要感謝你並說 -- 只用一張幻燈片讓 Elvira 發言。

And also -- so we are reporting this result that is due to a series of events, many of them nonrecurring. So for the good understanding of the performance of this quarter, so changing the slide, I would like to report here our net income of BRL 90 million, but we have a variation that is great. We're reporting BRL 1,420 million, and if we eliminate some factors that are non-recurring, we will be talking about an EBITDA of BRL 1,420 million, but we'll be -- the last line would be very different.

而且 - 所以我們報告這個結果是由於一系列事件，其中許多事件是非經常性的。因此，為了更好地了解本季度的表現，所以改變幻燈片，我想在這里報告我們 9000 萬雷亞爾的淨收入，但我們有一個很大的變化。我們報告 14.2 億雷亞爾，如果我們消除一些非經常性因素，我們將談論 EBITDA 為 14.2 億雷亞爾，但我們會 - 最後一行會非常不同。

And here, we will be talking about BRL 2.5 billion in profit, but we're talking about BRL 500 million loss, especially because these things happen, especially because the caring -- having these provisions, the PCLD of Amazonas. This event that Limp already mentioned of BRL 2.5 million that eliminates completely our risks related to this team.

在這裡，我們將談論 25 億巴西雷亞爾的利潤，但我們談論的是 5 億巴西雷亞爾的損失，特別是因為這些事情發生了，特別是因為有這些規定的亞馬遜 PCLD。 Limp 已經提到的 250 萬巴西雷亞爾的事件完全消除了我們與該團隊相關的風險。

So it's a pity, but we're going to keep on going fighting for this and negotiating. We're working on contributing with ANEEL -- interacting with ANEEL that we can have a good solution for Amazonas, but we have done all the things necessary and the provision of BRL 2.5 million.

所以很遺憾，但我們將繼續為此而戰並進行談判。我們正在努力為 ANEEL 做出貢獻——與 ANEEL 互動，我們可以為 Amazonas 提供一個好的解決方案，但我們已經做了所有必要的事情，並提供了 250 萬雷亞爾。

So we generate a great value, which is the -- so the PDV -- so the dismissal -- voluntary dismissal plan. So we have here we are -- we have provision of BRL 1.2 billion. We also have -- here, we have done this transition with Neoenergia. And it's the first moment. We had the provision for Teles Pires of BRL 469 million.

所以我們產生了很大的價值，這就是 - 所以 PDV - 所以解僱 - 自願解僱計劃。所以我們在這裡 - 我們提供了 12 億雷亞爾。我們也有 - 在這裡，我們已經完成了與 Neoenergia 的過渡。這是第一刻。我們為 Teles Pires 準備了 4.69 億雷亞爾。

We are sure that the conclusion of this operation will have the Dardanelos adjustment that will happen in the operational sales, that should be positive. But in this moment, with the Teles Pires, which also max BRL 469 million.

我們確信，此操作的結束將在操作銷售中進行 Dardanelos 調整，這應該是積極的。但在這一刻，與 Teles Pires 一起，也達到了 4.69 億雷亞爾。

So we're talking about BRL [4.4] billion. It's more than the EBITDA that we would report. But to effect our data, there's 2 additions. The first one is the one that is reoccurring -- that happens when the process -- the process of privatization, the amortization of new assets, the new generators that will be renewed and the obligations of CDE that would happen along the period of 30 years.

所以我們談論的是 [44] 億雷亞爾。這不僅僅是我們要報告的 EBITDA。但是為了影響我們的數據，還有 2 個添加項。第一個是重複發生的——發生在這個過程中——私有化過程、新資產的攤銷、將被更新的新發電機以及 CDE 的義務將在 30 年內發生.

So here in the trimester part of the year we're looking at BRL 1.5 billion. But what is this as a negative effect because in the last year, we didn't have this positive side that corresponds to the sales of energy of all volumes. So it started from the ongoing year.

因此，在今年的第三季度，我們正在尋找 15 億雷亞爾。但這是什麼負面影響，因為在去年，我們沒有與所有數量的能源銷售相對應的積極方面。所以它從正在進行的一年開始。

So here, we have sales for 2022, we had only the payments without the kind of part of our income revenue. So we don't -- so this has to be explained by the (inaudible), but the way in which we reported the transmission revenue, we have made a great effort as I mentioned.

所以在這裡，我們有 2022 年的銷售額，我們只有付款，沒有收入的那一部分。所以我們沒有 - 所以這必須由（聽不清）來解釋，但是我們報告傳輸收入的方式，正如我提到的那樣，我們已經做出了很大的努力。

When we look at the -- our regulatory, we've seen a growth of our revenue, even though the way to report this transmission revenue as a remuneration on the ongoing assets, considering that we have a variation -- in part of variation of IPCA 3.4% in 2021 to 0.7%. We have here a cut of BRL 1.4 billion.

當我們查看 - 我們的監管時，我們已經看到我們的收入增長，即使將這種傳輸收入報告為持續資產報酬的方式，考慮到我們有變化 - 部分變化IPCA 2021 年 3.4% 至 0.7%。我們在這裡削減了 14 億雷亞爾。

So this -- adding these other effects, we're talking about BRL 4.2 billion plus BRL 2.6 billion, where talking about BRL 7 billion, we had here a positive highlight. We have, as we already mentioned, the agreements of compulsory loan and also consolidation of revenue of SAESA, even though it has a relevant EBITDA that we're going to look on its efficiency.

所以這 - 加上這些其他影響，我們談論的是 42 億巴西雷亞爾加上 26 億巴西雷亞爾，在談論 70 億巴西雷亞爾時，我們在這裡有一個積極的亮點。正如我們已經提到的，我們有強制貸款協議和 SAESA 的收入合併，儘管它有一個相關的 EBITDA，我們將關注它的效率。

But it's important that we're talking about a quarter that had this data as a conclusion of a petition process without covering the revenues. So especially related to all the management decisions we have made, especially in the voluntary dismissal plan, which I believe are important, but they affect our reoccurring EBITDA. So we talking about BRL 4.4 billion without these effects and now the result in the last line of BRL 2.5 billion in the quarter. So this is evident that the way that the company will take in the following quarters.

但重要的是，我們談論的是一個季度，該季度將這些數據作為請願程序的結論，而不包括收入。因此，特別是與我們做出的所有管理決策相關，尤其是在自願解僱計劃中，我認為這很重要，但它們會影響我們經常發生的 EBITDA。因此，我們談論的是沒有這些影響的 44 億巴西雷亞爾，現在是本季度最後一行 25 億巴西雷亞爾的結果。因此，很明顯公司將在接下來的幾個季度採取的方式。

So Elvira, it's on you now.

Elvira，現在就靠你了。

So thank you, Wilson. Good afternoon. Let's move on to the next slide. So here, I will detail some of the main effect. We also have already highlighted some events that are very relevant. So starting with, as you know, this model, the chart here on the left shows our results, the fourth quarter of this year compared to the third quarter last year. And here in the column on the right, we talk about the adjustments of what we consider events not recurring. And so here, we can mentioning here in the revenue, as in the first line, our gross revenue that had this fall of 9%. It has as a main reason of this reduction, this effect on IPRS in the transmission that has impacted BRL 1.4 billion in reductions. So we're going to show [ahead], although from a regulatory point of view, the impact may be different. So it's a question of context.

謝謝你，威爾遜。下午好。讓我們轉到下一張幻燈片。所以在這裡，我將詳細介紹一些主要作用。我們還強調了一些非常相關的事件。因此，如您所知，從這個模型開始，左邊的圖表顯示了我們的結果，今年第四季度與去年第三季度相比。在右側的列中，我們討論了我們認為不會重複發生的事件的調整。所以在這裡，我們可以在收入中提到，就像第一行一樣，我們的總收入今年下降了 9%。作為這種減少的主要原因，這種對傳輸中 IPRS 的影響已經影響了 14 億雷亞爾的減少。所以我們將[提前]展示，儘管從監管的角度來看，影響可能會有所不同。所以這是上下文的問題。

So next year generation can highlight we'll have a greater increase in revenue for the consolidation of Santo Antonio Energia, BRL 1.3 billion. And also, we had a less import of Uruguay of because Uruguay also has the cost of buying energy. So in the revenue part, these are the main highlights. In the PMSO, which we will show later a graph that is more detailed, it is important in the PMSO that we had an impact from the impact of PDV from the dismissal voluntary plan, mainly by this impact. We also had our collective agreement last year that was agreed and also had here, in the services area, some expenses from the transformation plan that has been detailed by Wilson.

因此，明年一代人可以強調，我們將在合併 Santo Antonio Energia 時實現更大的收入增長，達到 13 億雷亞爾。而且，我們對烏拉圭的進口較少，因為烏拉圭也有購買能源的成本。所以在收入部分，這些是主要亮點。在 PMSO 中，我們稍後將顯示更詳細的圖表，重要的是在 PMSO 中，我們受到了來自解僱自願計劃的 PDV 的影響，主要是這種影響。去年，我們還達成了集體協議，在服務領域，威爾遜詳細說明了轉型計劃中的一些費用。

So in this first moment, we'll see increases in the expenses of consultancies, but will be compensated by the gains that we are already showing. So in cost and operational costs that we have highlighted here related to the less importing from Uruguay. So we don't have the revenue, we also don't buy the energy. So this didn't happen due to the less necessity, the activity in 2022, where we had a full reservoir. So a different situation of what had happened in 2021 when the country had to import energy. So here, we have the consolidation Santo Antonio Energia will bring revenues and also bring the acquisition of energy. So no points in these parts of cost.

因此，在第一時間，我們會看到諮詢費用的增加，但會被我們已經展示的收益所補償。因此，我們在此強調的成本和運營成本與從烏拉圭的進口減少有關。所以我們沒有收入，我們也不購買能源。所以這並沒有發生，因為 2022 年的活動不太必要，我們的水庫已經滿了。因此，與 2021 年該國不得不進口能源時發生的情況不同。所以在這裡，我們有合併 Santo Antonio Energia 將帶來收入，也帶來能源的收購。所以在這部分成本上沒有分。

And in the depreciation and amortization, Wilson has already mentioned, we had amortization of new contract with the privatization some activation of BRL 75 billion for the next 30 years. So this is already being -- having the amortization. In the Electronorte we have a positive effect related to Tucurui. In 2021, we had the GSF law that allowed -- we had registered as a cost reduction in that time the contract at Tucurui was going to be -- is going to expire for around 3 years, so 2026, as there was a renovation of this contract that allows prolong the period of this amortization. So this is an impact that is also positive.

在折舊和攤銷方面，Wilson 已經提到，我們在未來 30 年對新合同進行了攤銷，其中私有化部分激活了 750 億雷亞爾。所以這已經是 - 攤銷。在 Electronorte 中，我們對 Tucurui 產生了積極影響。在 2021 年，我們的 GSF 法律允許——我們在 Tucurui 的合同將在那個時候註冊為成本降低——將到期大約 3 年，所以 2026 年，因為有一個翻新本合同允許延長攤銷期限。所以這也是一種積極的影響。

And also the financial result, the most important points to highlight is the consolidation of Santo Antônio Energia. We are also bringing our financial expenses of BRL 430 million. We also have an increase of Selic, the rate that impacts the expenses. Also mentioned by Wilson in the [few previous slide] the impact of the capitalization that in this moment of 2022 are still not followed up by the revenue that will come in 2023 with the exports and also this correction of duties and also special projects added BRL 900 million. And from a positive side, we had the revenue of financial application with a positive currency exchange as the main impact.

還有財務結果，最重要的亮點是 Santo Antônio Energia 的整合。我們還帶來了 4.3 億雷亞爾的財務費用。我們還增加了 Selic，這是影響費用的比率。威爾遜在 [之前的幾張幻燈片] 中也提到了資本化的影響，在 2022 年的這個時刻仍然沒有跟進 2023 年出口帶來的收入，以及關稅的更正和特殊項目增加的巴西雷亞爾9億。從積極的方面來看，我們以積極的貨幣兌換為主要影響的金融應用收入。

So moving on to the next slide. We're going to see that in the detail of the composition of the gross income, so year after year, so as we can see in the previous slide, great impact that shows here in red are 400 are the results of the effect of less information in of IPCA was 0.7%, in the same period was 3.4%. So this reflects as I can, as I mentioned, in -- the next slide, please? So we here try to bring in a more didactic way these effects. So we have the table on the superior parts of the slide, talks about the fourth quarter 2021.

轉到下一張幻燈片。我們將在總收入構成的細節中看到，所以年復一年，正如我們在上一張幻燈片中看到的那樣，這里以紅色顯示的巨大影響是 400 是較少影響的結果IPCA中的信息為0.7%，同期為3.4%。因此，正如我所提到的，這將盡我所能反映在下一張幻燈片中，好嗎？所以我們在這裡嘗試以更具教學性的方式引入這些效果。所以我們在幻燈片的上部有表格，討論了 2021 年第四季度。

And then the other one, the fourth quarter 2022. This is what we call regulatory is the new norm and also we have to follow a CRS. We have to follow the laws. So there's no difference in the way of accounting this. So we had BRL 5 billion, and it's equal in this, the same industry concept and below in 2022 in the same way BRL 6 billion in each side. The problem helps in the transmission due to new accounting rules that are driven from the regulatory rules.

然後是另一個，2022 年第四季度。這就是我們所說的監管是新規範，我們也必須遵循 CRS。我們必須遵守法律。所以在核算這一點的方式上沒有區別。所以我們有 50 億巴西雷亞爾，在這方面是相等的，相同的行業概念和 2022 年以下相同的方式，雙方各有 60 億巴西雷亞爾。由於監管規則驅動的新會計規則，該問題有助於傳輸。

So as you can see last year, the regulatory revenue was BRL 3 billion and then BRL 3.9 billion which is highlighted in green, which increases BRL 816 million in the regulatory revenue, as Wilson mentioned. But in the gray area, the accounting is the contractual asset, which has increased. So where we had '22 in the first line, it was 59, it has gone up to 61. So we increased our contractual assets, which is the reason of investments. We have gone up BRL 1.53 billion. But as [CREA] says that when you judge this by the indexes of PCA that have gone down to 0.7%. So this revenue also falls in the view of IFRS. So this explains this variation in our revenue.

正如你所看到的那樣，去年監管收入為 30 億巴西雷亞爾，然後是 39 億巴西雷亞爾，以綠色突出顯示，這增加了 8.16 億巴西雷亞爾的監管收入，正如威爾遜提到的那樣。但在灰色地帶，會計是合同資產，增加了。所以我們在第一行有'22，它是59，它已經上升到61。所以我們增加了我們的合同資產，這就是投資的原因。我們已經上漲了 15.3 億雷亞爾。但正如 [CREA] 所說，當你通過 PCA 指數下降到 0.7% 來判斷這一點時。所以這個收入也屬於IFRS的觀點。所以這解釋了我們收入的這種變化。

So the following slide, we detail as we do every quarter, how the negotiations in several segments have happened in the regulated and in the free, and also what is the spot contract and also short-term one. Also, shows here the revenue, the average cost, the first of darker blue, we have regulated contract. We [have an] expressed value to Santo Antônio Energia. So we highlight BRL 700 million in the increase of geologists Santo Antonio Energia, which has increased the average price to [see] into the first line to BRL 292 million this has increased the revenue. So the cost, as we have already highlighted, we only start I did quote 2022, we had 7 gigawatts. So the price is the contractual adjustments which has been 15% increase in the revenue.

因此，在下面的幻燈片中，我們每個季度都會詳細說明幾個部分的談判是如何在受監管和免費的情況下發生的，以及什麼是現貨合同和短期合同。此外，此處顯示收入、平均成本，深藍色的第一個，我們有規範的合同。我們向 Santo Antônio Energia [表達了] 的價值。因此，我們強調地質學家 Santo Antonio Energia 增加了 7 億巴西雷亞爾，這將平均價格 [see] 提高到第一行，達到 2.92 億巴西雷亞爾，這增加了收入。所以成本，正如我們已經強調的那樣，我們只是從 2022 年開始，我們有 7 吉瓦。所以價格是合同調整，收入增加了 15%。

In the bilateral contract, we had a positive impact on the volume of Santo Antônio Energia. As we can see, there was an increase of almost 20% increase in volume and an average price of -- it has a small fall, BRL 186 million, which reflects the prices falling due to the PLD that -- the right side has a highlight the PLD in the first quarter was BRL 135. And now in this quarter, we had due to BRL 55. And also CCEE, the most important to highlight is that the greatest reduction was not properly by what would be the spot sale, but the reduction of importing energy of Uruguay due to the hydrologic situations in this moment. This is due to the smaller PLD.

在雙邊合同中，我們對 Santo Antônio Energia 的交易量產生了積極影響。正如我們所見，成交量增加了近 20%，平均價格略有下降，為 1.86 億巴西雷亞爾，這反映了由於 PLD 導致的價格下跌——右側有強調第一季度的 PLD 是 135 巴西雷亞爾。現在在這個季度，我們有 55 巴西雷亞爾。還有 CCEE，最重要的是要強調的是，最大的減少不是通過現貨銷售，而是由於此時的水文情況，烏拉圭進口能源減少。這是由於較小的 PLD。

So moving on to the next slide, talking about revenue. So here we highlight the PMSO. The first graph, as we can see the superior was done IFRS. IFRS and is recurring. So as we can see in the superior table, so we have an increase, but this is -- this has to do an event -- has to do with the dismissal plan with this -- which has accounted to BRL 1.2 billion. So when we look at the recurring, we have explained, we have some events that were extraordinary, mainly expenses with the consultancies because of this transition and of the consolidation of Santo Antônio Energia, which we start bringing the expenses from Santo Antônio Energia in this quarter, I would like to highlight that all is BRL 18 million, but a number of a trimester from Santo Antônio BRL 100 million but we had a positive impact now reoccurring, which is the end of this arbitraries, and then you could be able to capitalize part of its revenues in the past that was due to the performance of the plant. And he has done that, the expenses of the quarter have been less than usual.

所以轉到下一張幻燈片，談論收入。因此，我們在這裡重點介紹 PMSO。第一張圖，正如我們所看到的，上級是根據 IFRS 完成的。 IFRS 並且是經常性的。正如我們在高級表中看到的那樣，我們有增加，但這是 - 這必須做一個事件 - 與解僱計劃有關 - 已佔 12 億雷亞爾。因此，當我們查看經常性事件時，我們已經解釋過，我們有一些非同尋常的事件，主要是由於這種過渡和 Santo Antônio Energia 的整合而產生的諮詢費用，我們開始將 Santo Antônio Energia 的費用帶到這個季度，我想強調的是，所有都是 1800 萬巴西雷亞爾，但是來自 Santo Antônio 的一個季度 1 億雷亞爾，但我們現在再次產生了積極影響，這是這種任意性的結束，然後你可以將其過去因工廠業績而產生的部分收入資本化。而他也做到了，本季度的開支比往常少。

The most important to highlight is that the, so the positive impact on the "P" because people, the reoccurring people, we exclude the [PMSO SAESA] plan has gone up 4%, even though we had a -- we have an agreement of 12% in collective agreement. So it shows that we are being more efficient in the expenses related to people.

最重要的是要強調的是，對“P”的積極影響是因為人們，反復出現的人，我們排除了 [PMSO SAESA] 計劃已經上升了 4%，儘管我們有一個 - 我們有一個協議集體協議中的 12%。因此，這表明我們在與人相關的開支方面效率更高。

Moving on to the next slide, we're going to detail the main impacts on the provisions. So starting with the left side, this table shows what were -- what constituted this fourth quarter in 2021 , fourth quarter 2022. In the previous -- in 2021, we had done a -- had the provision of -- as you can see in the last slide, BRL 3.5 billion, they have reduced to 1.100. It's very great. So it's BRL 2 billion less, so that we have done a constitution of 2 million of PCLD Amazon that has already commented, which is highlighted in this green on the left side. So even having BRL 2 billion in Amazon, we still have a fall in the volume of provisions. So this explains in great part by the composare, also highlighted by Wilson, due to the negotiations that to be started with allowing us to reduce BRL 500 million in the provision compared to the constitution of 7 million the previous year.

轉到下一張幻燈片，我們將詳細說明對規定的主要影響。因此，從左側開始，這張表顯示了 2021 年第四季度、2022 年第四季度的構成。在之前的——2021 年，我們做了——提供了——如你所見在上一張幻燈片中，35 億雷亞爾已降至 1.100。這是非常棒的。所以它少了 20 億雷亞爾，所以我們已經完成了 200 萬的 PCLD Amazon 憲法，該憲法已經發表評論，在左側以綠色突出顯示。因此，即使亞馬遜有 20 億巴西雷亞爾，我們的供應量仍然有所下降。因此，這在很大程度上是由 composare 解釋的，威爾遜也強調了這一點，因為開始的談判允許我們減少 5 億雷亞爾的規定，而前一年的憲法為 700 萬雷亞爾。

So this -- and also we had important highlights that it's here in yellow, the repairment (sic) [impairment] provisions, even though we had a constitution of Teles Pires already explained by Wilson. This happened because the statement of [deparation] is a trigger to make the provision of the operation that we are buying. But even though the one that is being bought, another one that is being sold. And the conclusion of this operation is what allows us to account the gain with the plant that is being sold. So as this operation still depends on the authorization, the [farthest representation]. And now we had to register the part that we have already the information of the losses. So this is -- these are the BRL 468 million, and this had reversions related to what is being provisioned in the previous quarters. So I think there were the main points that show a reduction of our level of provisions.

所以這個 - 我們還有重要的亮點，它在這里以黃色顯示，修復（原文如此）[損害]條款，即使我們有威爾遜已經解釋過的 Teles Pires 憲法。發生這種情況是因為 [deparation] 的聲明是提供我們正在購買的操作的觸發器。但是，即使正在購買的一個，也正在出售另一個。並且此操作的結論使我們能夠計算正在出售的工廠的收益。所以這個操作還是要靠授權，【最遠的表示】。現在我們必須登記我們已經擁有損失信息的部分。所以這是 - 這些是 4.68 億雷亞爾，這與前幾個季度的撥備相關。所以我認為有一些要點表明我們的規定水平有所下降。

So moving on to the next slide, we have the EBITDA graph, showing the variation among these quarters, and we can see these columns in blue and the other are in the adjusted basis. We're moving the events that are nonrecurring that basically are related to these compulsory provisions and PCLD Amazon. And we think that the revenue falls in the first column 1,100 and is following in the revenue is due to transmission and less index of PCA. So in the expenses part, the positive effect is related to less import of -- less importation. And also in the provisions, we also have some reversions that already of operationals that have been recovered and less provision constituted as shown in the slide before.

轉到下一張幻燈片，我們有 EBITDA 圖，顯示了這些季度之間的變化，我們可以看到這些列為藍色，其他列在調整後的基礎上。我們正在移動基本上與這些強制性規定和 PCLD 亞馬遜相關的非經常性事件。我們認為收入在第一列 1,100 中下降，緊隨其後的是由於傳輸和 PCA 指數較少。因此，在支出部分，積極影響與減少進口有關——減少進口。而且在規定中，我們也有一些已經恢復的操作的恢復，並且如前一張幻燈片所示構成較少的規定。

And for the next slide, to conclude the view of the net profit base, there was a reduction of 27%. And we explained that due to -- the previous slide is the variation of EBITDA. It explains BRL 400 million. They have BRL 110 million debt, that is the most relevant to highlight below on the left side is that this expense is related to the capitalization, the expenses of this retailization process, and any investments in Amazon. This is about BRL 900 million, as we have already mentioned. And the consolidation of Santo Antonio that brings financial expenses and also a positive impact on cash and also exchange rate.

對於下一張幻燈片，總結淨利潤基礎的觀點，減少了 27%。我們解釋說，由於 - 上一張幻燈片是 EBITDA 的變化。它解釋了 4 億雷亞爾。他們有 1.1 億巴西雷亞爾的債務，下面左側最需要強調的是這筆費用與資本化、零售過程的費用以及在亞馬遜的任何投資有關。正如我們已經提到的，這大約是 9 億雷亞爾。聖安東尼奧的合併帶來了財務費用，並對現金和匯率產生了積極影響。

Another point I'd like to highlight is that in the income tax, a positive impact of BRL 995 million. And also the JCP that has been agreed with our control that brings tax growth. We had some agreements that have been celebrated that already mentioned, the payment being made. And most important, the revision of the income tax rate from Tucurui because with the extension of this, we have taken the incentive of from [Sudam] based on this as the contract from the plant of Tucurui before acquiring this. We were not able to use the full benefit, so now it only translates into a tax benefit. So depreciation and amortization we have already mentioned, and we have impact from a short-term initiative, and also an impact on the BRL 75 billion that we had to achieve due to the capitalization, and this will be depreciated along the time.

我要強調的另一點是，在所得稅方面，產生了 9.95 億雷亞爾的積極影響。還有 JCP 已經與我們的控制達成一致，帶來了稅收增長。我們有一些已經提到的已經慶祝的協議，正在付款。最重要的是，修改了 Tucurui 的所得稅率，因為隨著它的擴展，我們已經根據此作為來自 Tucurui 工廠的合同，在收購之前從 [Sudam] 獲得了激勵。我們無法使用全部福利，所以現在它只能轉化為稅收優惠。因此，我們已經提到了折舊和攤銷，我們受到短期舉措的影響，也對我們必須實現的 750 億雷亞爾的資本化產生影響，這將隨著時間的推移而折舊。

So moving on to the slide of debt. So it's a slide that we show every quarter. So on the left side on the superior side, we see the net debt and EBITDA and the yellow line represents the indicator of net debt and EBITDA over 12 years. We have shown since the third quarter, the net debt has gone up due to the consolidation of Santo Antônio Energia, which brings BRL 20 billion in debt. So we all see the EBITDA below along the months. So it's also important to highlight even though we had 100% of the debt Santo Antônio Energia already consolidated. We only have 6 months of EBITDA in this consolidated because we only started on the Santo Antônio consolidation in the third quarter.

因此，繼續進行債務下滑。所以這是我們每個季度展示的一張幻燈片。所以在上側的左側，我們看到淨債務和 EBITDA，黃線代表 12 年的淨債務和 EBITDA 指標。我們已經表明，自第三季度以來，淨債務因 Santo Antônio Energia 的整合而增加，帶來了 200 億雷亞爾的債務。所以我們都看到了幾個月來的 EBITDA 下面。因此，即使我們已經合併了 100% 的 Santo Antônio Energia 債務，也要強調這一點。我們在這個合併中只有 6 個月的 EBITDA，因為我們在第三季度才開始對 Santo Antônio 進行合併。

And the following semester we will have this reflection of from Santo Antônio, and also, we had a debt of BRL 59 billion with great solid cash condition, which brings net debt, BRL 35 billion. And it's important to highlight that we were able to make -- December, we had an acquirer in commercial in an operation that went very well. And we had an obligation in the short term this year, the dividends that we will pay of almost BRL 900 million to be paid over the 2 months. And also, we have the work of a legal compulsory loans. And the first installment of CDE, which last year, we put BRL 5 billion, and now we have -- and now in April, we'll have this hole of BRL 575 million that will still be corrected, and there will be BRL 590 million that we will pay in April.

下個學期，我們將從 Santo Antônio 那裡得到這樣的反映，而且，我們有 590 億巴西雷亞爾的債務，現金狀況良好，這帶來了 350 億巴西雷亞爾的淨債務。重要的是要強調我們能夠做到 - 12 月，我們在一項非常順利的業務中有一個商業收購方。今年我們在短期內有義務，我們將在 2 個月內支付近 9 億雷亞爾的股息。而且，我們有合法強制貸款的工作。 CDE 的第一期，去年，我們投入了 50 億巴西雷亞爾，現在我們有了——現在在 4 月份，我們將有 5.75 億巴西雷亞爾的這個漏洞，它仍然會得到糾正，並且會有 590 巴西雷亞爾萬，我們將在四月份支付。

The last slide before we come back to the President. And then the last slide, which is a very important slide that highlights the evolution of our investments, the acceleration that we have already been showing after privatization. So the blue line reflects the CapEx 2022, then the green one the CapEx of the previous year. So the accumulated in the year, we have been able to do 20% above related to the value in the previous year, over 1 million more, and this acceleration is clearly seen in the second quarter where we start to show agility of the company operating as a private company.

在我們回到總統之前的最後一張幻燈片。然後是最後一張幻燈片，這是一張非常重要的幻燈片，它突出了我們投資的演變，以及私有化後我們已經展示的加速。所以藍線反映了 2022 年的資本支出，然後是上一年的資本支出。所以在這一年的積累中，我們已經能夠做到比上一年價值高出 20%，超過 100 萬，這種加速在第二季度就可以清楚地看到，我們開始展示公司運營的敏捷性作為一家私人公司。

And then on the right, we see -- so we highlight some investments. In the generation, we had the wind park in Eletrosul, in the state of Rio Grande do Sul, BRL 230 million invested there. In Chesf, it's important to highlight the plan that we are doing of modernizing the assets of these old plants. So Sobradinho and Paulo Afonso IV we have the transmission. Wilson has already shown how much we have advanced in transmission that has increased 100% related to last year has doubled really in 2 years. We have almost BRL 2 billion investment improvements and that bring revenue and the SPES the main highlight is the fund done with the Furnas. This support with 72% of the capital as we have.

然後在右邊，我們看到 - 所以我們突出了一些投資。在這一代，我們在南里奧格蘭德州的 Eletrosul 擁有風電場，在那裡投資了 2.3 億雷亞爾。在 Chesf 中，重要的是要強調我們正在進行的對這些舊工廠資產進行現代化改造的計劃。所以 Sobradinho 和 Paulo Afonso IV 我們有傳輸。威爾遜已經展示了我們在傳輸方面取得的進步，與去年相比增長了 100%，實際上在 2 年內翻了一番。我們有近 20 億雷亞爾的投資改進，帶來收入和 SPES 的主要亮點是與 Furnas 完成的基金。這與我們擁有的 72% 的資本支持。

So I end my presentation of the financial detail, and I come back to Wilson.

所以我結束了對財務細節的介紹，然後我回到威爾遜。

Thank you, Elvira. I think it's now show the last slide, which is exactly this one: the recognitions and the demonstration of our link to this ESG agenda, especially the set of recognitions that we have had in this quarter. The transparency trophy, which is very well-known in the business environment, that we have here and that we are here in the second consecutive year in the satisfaction to have recognition by Elvira, by our Financial Director, as the CFO of the Year 2022 in the 39th edition of the Equilibrista Ibef Prize in Sao Paulo. We also had the Capitalization of the Year. We have in New York and London in the end of this month. The Follow-on of the Deal of the Year, which is another important process for Brazil, globally speaking.

謝謝你，埃爾韋拉。我認為現在顯示的是最後一張幻燈片，也就是這張幻燈片：對我們與 ESG 議程的聯繫的認可和展示，尤其是我們在本季度獲得的一系列認可。透明度獎杯在商業環境中非常有名，我們已經連續第二年來到這裡，很高興被我們的財務總監 Elvira 認可為 2022 年度首席財務官在聖保羅的第 39 屆 Equilibrista Ibef 獎中。我們還獲得了年度資本化獎。我們將於本月底在紐約和倫敦舉行。年度交易的後續行動，這是巴西在全球範圍內的另一個重要進程。

And for the third consecutive year, we are the first place by Merco, the ranking of Brazilian energy in the electric sector, the best reputation in Brazil in the Sustainability Yearbook from S&P Global, one of the most sustainable companies of the world of 82 out of 100. So the companies in the group have been recognized again by the Bloomberg CEO of Gender Equality are very, very high, something very, very important. So being seen here in the agenda of a portfolio of B3 ISE, also with the increase of scores and participation.

連續第三年，我們在巴西電力行業能源排名 Merco 中名列第一，在標普全球可持續發展年鑑中巴西聲譽最佳，是全球 82 家最可持續發展的公司之一100。因此，該集團中的公司再次被彭博性別平等首席執行官認可，非常非常高，非常非常重要。因此，在 B3 ISE 投資組合的議程中可以看到，分數和參與度也有所提高。

It's the greater liquidity that we have been offering and the commitment that we had with biodiversity here, we have adhered to the Platform of Action for Nature with a Positive Impact by the CEBDS for the implementation of guidelines on the task force of nature-related financial disclosures.

這是我們一直提供的更大的流動性以及我們在這裡對生物多樣性的承諾，我們遵守了 CEBDS 的《對自然產生積極影響的行動綱要》，以實施與自然相關的金融工作組的指導方針披露。

And in the United Nations, we are the only company by the United Nations to participate in the opening the Forum of companies, Human Rights in Geneva in Switzerland. So our presentation today even to give a better clarity to you here of this 6 months, specifically in the last quarter, that has been very challenging and very fulfilling. So I close here the presentation, we'll be open here to questions from my colleagues. So we are at your disposal.

在聯合國，我們是聯合國唯一一家參加瑞士日內瓦公司人權論壇開幕式的公司。因此，我們今天的演講甚至是為了讓你們更清楚地了解這 6 個月，特別是在最後一個季度，這是非常具有挑戰性和非常充實的。所以我在這裡結束演示，我們將在這裡接受同事們的提問。所以我們隨時為您服務。

(Operator Instructions)

（操作員說明）

Our first question is from Marcelo Sá, sell side from Itau.

我們的第一個問題來自 Itau 的賣方 Marcelo Sá。

I have 2 questions. The first one is, you talk a little bit about the balance of the energy. So you sold a lot of volume with energy and the average price has gone down as we expected. And we're trying to make an accounting here reconciliation to see we have some difficulty due to the contracting in this period. So I'd like to comment a little bit what would be this rate that you have closed on contracts?

我有兩個問題。第一個是，你談到了能量的平衡。所以你賣出了大量的能量，平均價格如我們預期的那樣下降了。我們正在嘗試在這裡進行會計對賬，以了解由於這段時間的合同，我們遇到了一些困難。所以我想稍微評論一下你們關閉合同的利率是多少？

And the other question is related to the use of fiscal credits. So if you plan to use [one as a show] to optimize the payment of taxes, as you have a fiscal credit, we have some companies that are not able to use while one pays a very high rate of taxes. So if you -- when you're planning to implement this plan.

另一個問題與財政信貸的使用有關。因此，如果您打算使用 [one as show] 來優化納稅，因為您有財政信貸，我們有一些公司無法使用，而其中一個公司繳納的稅率很高。所以如果你 - 當你計劃實施這個計劃時。

Thank you, Marcela. I would just like to start with -- by the last one -- we're doing a great work here and no doubt about it. There is the optimization of fiscal incentives and had a lot of credits, but the volume of credits is so big that I would say that this transition is not just the first one that we will be evaluating. In the first moment, we are certainly looking at keeping the 4 companies. We have this in this process, a lot of credit to be incorporated. And obviously, as -- but to spend 3 years in this transformation process, where we participate 2 years, observe, evaluate other alternatives now. So in this first moment, we have conditions and we have enough credit to be optimized by the company, in a way that this bonus is not something that we would consider to start our transitions. There's a lot to do before that.

謝謝你，瑪塞拉。我只想從最後一個開始——我們在這裡做得很好，這是毫無疑問的。有財政激勵措施的優化，並且有很多信貸，但信貸量如此之大，我想說這種轉變不僅僅是我們將要評估的第一個轉變。首先，我們當然會考慮保留這 4 家公司。我們在這個過程中有這個，有很多功勞要納入。顯然，作為 - 但在這個轉型過程中花費 3 年，我們現在參與 2 年，觀察，評估其他備選方案。所以在這第一時刻，我們有條件，我們有足夠的信用可以被公司優化，在某種程度上，這筆獎金不是我們開始過渡時會考慮的東西。在那之前還有很多事情要做。

Related to the energy balance, I will ask Jatoba and the team that you can talk a little about that. But looking at the last quarter of the third and the fourth quarter, the variation is not so relevant because the numbers that we were sharing with you, we have 15% of the volumes of 2023 not contracted, we fall to 12%, so there is some for sale naturally, but not so big that it would change the perspective. Jatoba, if you can then complement, please?

關於能量平衡，我會問 Jatoba 和團隊，你們可以談一談。但是看看第三季度和第四季度的最後一個季度，變化並不那麼重要，因為我們與您分享的數字，我們有 2023 年 15% 的交易量沒有簽約，我們下降到 12%，所以有自然會有一些待售，但不會大到會改變視角。 Jatoba，如果你可以補充，好嗎？

So perfectly present. We, Marcelo, we have living in a moment of reduction in the [prime] market prices. But this is the conjunction of now over offer due to the accumulation of projects in the portfolio and also the favorable positions of technology. So what we are seeing, now looking for effectively capturing bigger values and also in the long term. And something that we could see in a mix where we have regulatory and also new contracts that will come in. And then that will be a difference that you will see.

如此完美呈現。我們，馬塞洛，我們生活在 [主要] 市場價格下降的時刻。但由於投資組合中項目的積累以及技術的有利地位，這是現在超賣的結合。因此，我們所看到的是，現在正在尋求有效地獲取更大的價值以及長期的價值。我們可以在我們有監管和新合同的混合中看到一些東西。然後你會看到不同之處。

And also as the President mentioned, we have a new policy of commercialization that integrates all the companies into one, is a policy of the management of risk that is very sophisticated that allows effectively this [index] criteria, the sales of this -- the sales in a vary criteria taking in consideration the risk.

而且正如總統所提到的，我們有一項新的商業化政策，將所有公司整合為一個，是一項非常複雜的風險管理政策，可以有效地允許這個 [index] 標準，這個 - 的銷售考慮到風險，以不同的標准進行銷售。

You cannot give me an idea of prices of '23, '24, '25 that you're looking at, so that we have an idea, given that we have a lot of contracted energy?

你不能告訴我你正在看的 23 年、24 年、25 年的價格，所以我們有一個想法，因為我們有很多合同能源？

The price we evaluate within the market situation, especially in the hydroelectric system, where we are creating affluence of reservoir but also related to demand. So we evaluate this. And what we look at are those niches in the market where the prices are more attractive, we remember that we have a strategy in the free market for 2024, 2025. And certainly, these are layers who are layers that where you have a capacity of basically to practice better prices than those constituted the consumers from the free market.

我們在市場情況下評估的價格，特別是在水力發電系統中，我們正在創造豐富的水庫，但也與需求有關。所以我們對此進行評估。我們關注的是市場中那些價格更具吸引力的利基市場，我們記得我們在 2024 年、2025 年的自由市場上有一個戰略。當然，這些層是您有能力的層基本上是為了實行比自由市場消費者更好的價格。

Also, I'll complement Marcelo, that we show you here the configuration of the PLD. So we are operating here with our PRD in our base. So the only way for you to have to sell at a better price is for it to sell volumes of energy in greater terms. So recently, we in a water subsidiary or in our car company, we participate in auctions in terms of 4 or 5 years where we are able to operate with prices 130, BRL 140 per megawatt water -- megawatt hour. So this is what Jatoba mentioned, the way in which we have great volumes of contracted by a greater term, so long term. So this type of solution is not even one [who des], and this may be the main advantage of Eletrobrás: we are operating in a moment in which the price -- the base price, the average price of energy is based, and we are avoiding is to make sales movement of short-term projects that we would have made available that seek in some way that viabilize the volumes of energy at greater price, greater terms and greater deadlines, which should be greater price. Just to complement that, in fact, the medium term, naturally, the prices go to the marginal cost of expansion, which is above the value that is reflected in the market in the short term now. And that is the reason why we expand this product in a contrast related to the short term.

此外，我將補充 Marcelo，我們在這裡向您展示了 PLD 的配置。因此，我們在這裡與我們的基地中的 PRD 合作。因此，您必須以更好的價格出售的唯一方法就是以更高的價格出售大量能源。所以最近，我們在一家水務子公司或我們的汽車公司參加了 4 或 5 年的拍賣，我們能夠以每兆瓦水 130、140 巴西雷亞爾的價格運營——兆瓦時。所以這就是 Jatoba 提到的，我們通過更長期、更長期的方式簽訂大量合同。所以這種類型的解決方案甚至不是一個 [who des]，這可能是 Eletrobrás 的主要優勢：我們在一個價格——基本價格，能源的平均價格是基礎的時刻運營，我們正在避免的是使我們本可以提供的短期項目的銷售活動以某種方式尋求以更高的價格、更優惠的條款和更晚的期限（應該是更高的價格）使能源量可行。只是為了補充一點，事實上，從中期來看，價格自然會達到擴張的邊際成本，這高於現在短期內反映在市場上的價值。這就是我們在與短期相關的對比中擴展該產品的原因。

Our next question is from Maria Carolina Carneiro, analyst sell-side, Credit Suisse.

我們的下一個問題來自瑞士信貸分析師 Maria Carolina Carneiro。

So for questions, she asks 2 questions first. So we've seen an evolution of the loans in the first semester. So can you give us more details on how many of the number of processes that have been settled or in negotiation -- these negotiations are within the expectations. Can we wait for similar volumes or negotiations for this period?

所以對於問題，她先問2個問題。所以我們看到了第一學期貸款的演變。那麼，您能否向我們提供更多有關已經解決或正在談判的流程數量的更多詳細信息——這些談判在預期之內。我們可以等待這一時期的類似交易量或談判嗎？

Paula, would you like to mention? Paula is our queen of Compulsory Loans. So I'd like to highlight something of a concept here, [Carolina]. Obviously, we have here a segmentation of this process. So we are here in this first moment in a segmentation that look at the grid process, where we believe that on the counterparty, which are companies and we can generate a benefit of this resource in a [moment time] when the financial market has a restriction. So -- but we should not -- part of our advantage is a volume of capital that is finite and that we are renewing. This is an allocation of resources that we're doing to -- that has to generate an advantage for the company. So it's a resource that the Board of Directors approves in terms of absolute value, that we're not going to say which one it is. That provides us this possibility to make negotiations that bring almost a minimal value of debt -- so that this allocation of resources is profitable to the company.

保拉，你想提一下嗎？ Paula 是我們的強制貸款女王。所以我想在這裡強調一個概念，[Carolina]。顯然，我們在這裡對這個過程進行了細分。因此，我們在第一時間來到這裡進行細分，著眼於網格流程，我們相信在交易對手方，即公司，我們可以在金融市場有限制。所以——但我們不應該——我們的部分優勢是數量有限且我們正在更新的資本。這是我們正在做的資源分配——必須為公司帶來優勢。因此，這是董事會在絕對價值方面批准的一種資源，我們不會說它是哪一種。這為我們提供了進行幾乎帶來最低債務價值的談判的可能性——因此這種資源分配對公司有利可圖。

So we have the trade-off that we're using here, looking at what we know that the financial market is also -- needs the resources and this option to make an agreement with the advantage to the company when the interest rate is very high, becomes a benefit for those who offer like in our case. But then the company that can make an agreement and recognizing that the cost of taking these resources in the market would be much bigger. So we're, in the first moment, we're looking at the top of the pyramid in a process that has the conditions to make us this to give us this offer. But if you like to complement, Paula.

所以我們有我們在這裡使用的權衡，看看我們所知道的金融市場也 - 需要資源和這個選項來在利率非常高時與公司的優勢達成協議，對於那些像我們這樣提供服務的人來說是一種好處。但是，能夠達成協議並認識到在市場上獲取這些資源的成本會大得多的公司。因此，在第一時刻，我們正在尋找金字塔的頂端，這個過程有條件讓我們成為這個給我們這個提議。但如果你想補充，Paula。

So you mentioned Wilson, just like to add Eletrobrás also wants to use the resources in its own process. So we have deployed the judicial process. We have guarantees. We have -- we also make a -- we try to make enjoy better these agreements. [Seize] these agreements is very strategic, but we're not going to mention the details. But along the year, you start to see behavior in the reduction of liabilities.

所以你提到Wilson，就像補充說Eletrobrás 也想在自己的流程中使用這些資源。所以我們部署了司法程序。我們有保證。我們已經——我們也做出了——我們努力讓人們更好地享受這些協議。 [抓住]這些協議非常具有戰略意義，但我們不會提及細節。但隨著時間的推移，你開始看到負債減少的行為。

So it's a great allocation of resources, we can tell you, recognized by -- and remembering that we take these liabilities so it's less than half of our provisions of comps are lows we evaluated by the Selic rate. We have an effect of every quarter in the financial expenses that is high due to the high Selic rate, but it needs to have an appropriate location to have these payments in a quarter [lease].

所以這是一個很好的資源分配，我們可以告訴你，被認可——並記住我們承擔了這些責任，所以我們提供的補償中只有不到一半是我們根據 Selic 率評估的低點。由於高 Selic 利率，我們每個季度的財務費用都會受到影響，但它需要有一個適當的位置才能在一個季度 [lease] 中支付這些款項。

The second question from Maria Carolina is the following.

Maria Carolina 的第二個問題如下。

So the energy balance and the new sales of 140 megawatts near the (technical difficulty) I would like to more detail on the term of these contracts and the level of prices. So in the past, we had 140 megawatt energy prices, and that's for the contract and medium or long term to short term, 100 megawatt hours. Can you mention something about this?

因此，能源平衡和 140 兆瓦的新銷售接近（技術難度）我想更詳細地了解這些合同的條款和價格水平。所以在過去，我們有 140 兆瓦的能源價格，這是合同和中長期到短期的 100 兆瓦時。你能談談這個嗎？

I believe it's a little bit about what I've just mentioned. The market is operating as a base of below 100 megawatt hour, for sure, both to operate [which will have] 140, 150 with a long term such 4 or 5 years to capture the curve going up in expansion. The -- I'll give 2 examples, in the car manufacturing and also in the sanitation companies, they have this demand that are using this demand of greater periods of. And this is an advantage, a competitive advantage of Eletrobrás because we have this volume, we were bought in this volume.

我相信這與我剛才提到的有關。市場運行的基礎是低於 100 兆瓦時，當然，兩者都將運行 [which will have] 140, 150 與長期這樣的 4 或 5 年來捕捉曲線上升的擴張。 -- 我將舉兩個例子，在汽車製造和衛生公司中，他們有這種需求，正在使用這種需求的更長時間。這是 Eletrobrás 的一個優勢，一個競爭優勢，因為我們有這個數量，我們被購買了這個數量。

So it's a way that you can mitigate the risk that if you were going to sell products in the short term, the more -- as much as the company could do, it will not be distant from the base of the market. So we're looking here at a strategy that looks at the consumers that have a demand for energy in the long term and that we can recapture. So these are the numbers for contracts for around 4 or 5 years now over BRL 140 megawatt hour. So we have 2 contracts in basically closed in this direction. Jatobá, if you want to complement.

因此，這是一種可以降低風險的方法，如果你打算在短期內銷售產品，那麼公司可以做的越多，它就不會遠離市場基礎。因此，我們正在研究一種戰略，該戰略著眼於長期對能源有需求並且我們可以重新獲得的消費者。因此，這些是現在超過 140 兆瓦時雷亞爾的大約 4 或 5 年的合同數量。所以我們有 2 份合約在這個方向上基本關閉。 Jatobá，如果你想補充。

I just want to reinforce that in the long term the projection of price is always near how much this expansion will cost. And we're seeing here an expansion due to the heating up of the demand of renewable energy by the war in Ukraine, so the expectation of prices will be greater. Remembering then, then we will be very competitive, as we have a quantity of energy to be contracting in this horizon.

我只想強調，從長遠來看，價格預測總是接近這種擴張的成本。由於烏克蘭戰爭對可再生能源的需求升溫，我們在這裡看到了擴張，因此價格預期會更高。記住那時，我們將非常有競爭力，因為我們有大量的能量可以在這個地平線上收縮。

Question from Gilmar Lima, analyst sell-side from Santander.

桑坦德銀行分析師賣方 Gilmar Lima 提出的問題。

I have 2 questions. The first, Wilson mentioned many initiatives to the deficiency, if you like, to comment a little bit more how the company expects the behavior of your tax in the 2023 implementation of some measures and when the company wants to achieve in reoccurring levels that would be this level of recurring events and to give us an idea of the current level in this quarter and what you can achieve by the end of 2023, 2024?

我有兩個問題。首先，Wilson 提到了許多針對缺陷的舉措，如果你願意的話，可以多評論一下公司在 2023 年實施某些措施時如何預期你的稅收行為，以及公司何時希望達到重複出現的水平這種重複性事件的水平，讓我們了解本季度的當前水平，以及到 2023 年、2024 年底可以實現什麼？

And another question that I had, a question that has already been answered in a way. So I'd like to now ask about now transmission auction interest, how do you evaluate this competitive market? What -- which blocks could be more interesting? And how do you evaluate the attractiveness of this auction has an important CapEx versus the accelerated repurchase as it has been following a loss of this value, how attractive it is to make this auction.

我的另一個問題，這個問題已經以某種方式得到了回答。所以我現在想問一下現在傳輸拍賣的興趣，你如何評價這個競爭激烈的市場？什麼——哪些塊可能更有趣？你如何評估這次拍賣的吸引力有一個重要的資本支出與加速回購，因為它一直在失去這個價值，進行這次拍賣的吸引力有多大。

Let me start with the end. Yes, the transmission auction is a priority in the company. So the demonstration that we have put here is that in terms of applying resources into transmission is a show of this. We have seen -- we have been even more efficient. We have to prepare that in the future, we have a reduction in our EBITDA so that because he has a defined peer. So we invest in assets that bring the Eletrobrás profile that has a volatility due to the market price, but also that can have an important incur related to the profitability on the assets on the long term, such as transmission with the generation that we are positioned in a market -- a regulated market like Santo Antonio is a great demonstration showing this, and we have interest in terms of transmission.

讓我從結尾開始。是的，傳輸拍賣是公司的優先事項。所以我們在這裡展示的是將資源應用到傳輸中的展示。我們已經看到——我們的效率更高了。我們必須做好準備，在未來，我們的 EBITDA 會有所減少，因為他有一個明確的同行。因此，我們投資的資產會帶來因市場價格而波動的 Eletrobrás 概況，但也可能對資產的長期盈利能力產生重要影響，例如與我們所定位的一代的傳輸在市場中——像聖安東尼奧這樣受監管的市場就是一個很好的證明，我們對傳輸方面很感興趣。

We understand that these are projects that we're not in the condition (sic) [position] to say which, but we have a team here and [Ado] and our transmission team are focused on this, and we're taking evaluations in terms of priorities. But evidently, we have assets here that are greater value that and being a greater competitiveness. There are not many people interest in this financial capacity, with financial capacity at this moment. So obviously, we're looking at this, and we are talking with potential partners in a way that we can be in the auctions in competitive conditions. And as we do to the repurchase and we reported to you the process of repurchasing we have 18 months to do the value of the share, its attractiveness is a great allocation of our capital.

我們知道這些項目我們沒有條件（原文如此）[位置]來說明是哪個，但我們這裡有一個團隊，[Ado] 和我們的傳輸團隊專注於此，我們正在評估優先事項。但顯然，我們這裡的資產價值更高，競爭力更強。沒有多少人對這個財力感興趣，此刻有財力。很明顯，我們正在研究這個問題，我們正在與潛在合作夥伴進行討論，以便我們可以在競爭條件下參與拍賣。正如我們對回購所做的那樣，我們向你們報告了回購的過程，我們有 18 個月的時間來計算股票的價值，它的吸引力在於我們資本的巨大配置。

Our only event here is to respect what periods and also annual is a relevant event in which we can identify in the period that the things are happening. But looking at our transmissions as an event or as an asset that as a long term, but the shares of Eletrobrás is a great allocation of capital, so related to the OpEx, and we are in the process of -- an [MSI] and maybe looking at a great application, if we look at the material that we have a new process to the purchase of synergic data that bring our volume to the advantage of the company. In this way, we are looking at a program that go to 1 or 2 years. So the values that we imagine are -- have a reincurring potential of 13%, 20% will happen starting in 2 years.

我們這裡唯一的事件是尊重什麼時期和年度是一個相關事件，我們可以在其中確定事情正在發生的時期。但是從長遠來看，將我們的傳輸視為一個事件或一項資產，但 Eletrobrás 的股票是一個很好的資本配置，因此與 OpEx 相關，我們正在 - [MSI] 和也許看著一個很棒的應用程序，如果我們看一下材料，我們有一個新的流程來購買協同數據，使我們的數量為公司帶來優勢。通過這種方式，我們正在尋找一個持續 1 年或 2 年的計劃。所以我們想像的價值是 - 有 13% 的重複潛力，20% 將在 2 年內發生。

So there is a curve as we already shared, some advantage in this quarter, we showed you in my presentation. Obviously, we're going to keep on working on this direction. Maybe you cannot see so much in CapEx because this is going up. But speaking about the price that we are acquiring, the advantage that have been pointed out by the first wave that we shared today is something that you can look for. So looking at the team of people, we have here 2 agreements related to the union, they represent the employees of the company.

所以我們已經分享了一條曲線，本季度的一些優勢，我們在我的演示中向您展示了。顯然，我們將繼續朝著這個方向努力。也許您在資本支出中看不到太多，因為它正在上升。但談到我們獲得的價格，我們今天分享的第一波所指出的優勢是您可以尋找的。所以看看這個團隊，我們這裡有 2 個與工會相關的協議，他們代表公司的員工。

In the first movement, the one that is ongoing, which is the recognition to the retirees. Our evaluation is that [uptraper] will have something around 2,000, 2,100, 2,000 people, which is not the total, which is exactly our objective. There are people here that need to have a mix of diversity. It's not just new. It's not just younger. We have to keep here the white haired, the experienced together with us. So it's a process of looking at this balance related to our employee chart. This program had to happen before the second which will be launched in April. For that, they can offer to the employees starting in May, other employees, so the same plan, so the movement of related to the retirees that has already been offered. The people have already adhered, and we will have here 2,500 adherents and we will have up to month of April 2,100 people being dismissed.

在第一個運動中，正在進行的運動是對退休人員的認可。我們的評估是[uptraper]會有2000、2100、2000人左右的東西，這不是總數，這正是我們的目標。這裡有些人需要混合多樣性。這不僅僅是新的。不僅僅是年輕。我們必須把白髮蒼蒼、經驗豐富的人留在這裡。所以這是一個查看與我們的員工圖表相關的餘額的過程。該計劃必須在將於 4 月啟動的第二個計劃之前進行。為此，他們可以從 5 月開始向員工、其他員工提供相同的計劃，因此與已經提供的退休人員相關的流動。人們已經堅持了，我們這裡將有 2,500 名追隨者，到 4 月為止，我們將有 2,100 人被解散。

The second is a movement that looks at, in the beginning of the month of May, what is the reference of the company of the -- so related to last year, last people who have left or more -- or these 900 people, that we are putting and bringing to the company. So then you have -- we can make an offer to no more than 20% of this number of people for the next year from May to April to the following year. And I'll say that this -- we will make a dismissal, a voluntary dismissal plan, and we will offer that, and we'll have this the main distribution of efficiency of the company. So this will be really important for this adjustment.

第二個是一項運動，在 5 月初，該公司的參考資料是什麼——與去年相關，最後離開的人或更多——或這 900 人，那我們正在把並帶到公司。那麼你有 - 我們可以為明年 5 月到 4 月到下一年的不超過這個人數的 20% 提供報價。我要說的是——我們將製定一個解僱計劃，一個自願解僱計劃，我們將提供這個計劃，我們將把它作為公司效率的主要分配。因此，這對於此次調整非常重要。

And I would say that this should be the point of view or reoccurring point of view of the OpEx of the company, so it becomes something recurring as we move along. So starting April of next year. So as you will see in the economy of a greater economy per month. And then later, you have an impact of additional investment on this plan, up to 20% of the number of people with values that will be less than that, remembering that the retirees are those people who have the main remunerations of the company due to the advanced age and also the experience, average experience experienced in the company of 33 years. So these are people that are in positions on top and then here, we have a payback bigger in this group. So would you like to say something else, Elvira, about this?

我想說的是，這應該是公司 OpEx 的觀點或反復出現的觀點，因此它會隨著我們的前進而反復出現。所以從明年四月開始。因此，正如您將在每個月的更大經濟體中看到的那樣。然後，你會對這個計劃產生額外投資的影響，最多 20% 的人的價值會低於這個數字，記住退休人員是那些因為以下原因而獲得公司主要報酬的人年事已高，經驗豐富，平均在公司工作33年。所以這些人處於最高位置，然後在這裡，我們在這個群體中有更大的回報。 Elvira，關於這個，你還想說點別的嗎？

I believe that you have explained the processes in construction. We will have this reduction in expenses in a gradual manner. In the first moment, we start with a bigger expenses due to the dismissal plan. The second one that will come up. So we only see the full effect of this on the payroll next year. And then the other expenses is very similar because we are starting to change the process of purchasing. We have some examples of contracting of insurance that we have centralized that have shown expressed gains of 30%, 40%. And this we intensify as long as we renegotiated this contract, but it doesn't start from the [date shin line] . So it's a greater volume of contracts and this -- all of this has to be renegotiated. So this takes time.

我相信你已經解釋了施工過程。我們將逐步減少開支。首先，由於解僱計劃，我們從更大的開支開始。第二個會出現。因此，我們只會在明年看到這對工資單的全部影響。然後其他費用非常相似，因為我們開始改變採購流程。我們有一些集中的保險合同示例，這些示例顯示了 30%、40% 的收益。只要我們重新談判這份合同，我們就會加強這一點，但它不是從 [date shin line] 開始的。因此，這是更多的合同，而且所有這些都必須重新談判。所以這需要時間。

So we can have 100% of the contracts renegotiated. So anyway -- so renegotiating these contracts, it doesn't require this investment. So how much we need to make this plan of supply and long term and short term. And these are some of the examples of insurance. So the first moment the company has dealt with this before of the insurance of operational assets, life insurance. We have had, in fact, as a fruit of the synergy. Another, related to volume, especially CapEx, we have -- what are the volumes that have to be done, what to [bring currents], how long this should take place? Is it better to have stock, not have a stock -- and so this cost of SML will fall along the time.

所以我們可以重新談判 100% 的合同。所以無論如何 - 所以重新談判這些合同，它不需要這項投資。那麼我們需要多少來製定這個供應計劃以及長期和短期計劃。這些是保險的一些例子。因此，公司在運營資產保險、人壽保險之前的第一時間就處理了這個問題。事實上，我們已經取得了協同效應的成果。另一個與數量有關，尤其是資本支出，我們有 - 必須完成的數量是多少，[帶來電流]，這應該發生多長時間？有存貨好還是沒有存貨好——所以 SML 的成本會隨著時間的推移而下降。

So we have an important investment to make this mobilization, but we also get advantages of [back end] payback of 13, 15 months that will allow to verify the reduction of this cost along time. Our objective people is to, in fact, be the company of the less OEM costs in the generation and transmission. So this is the commitment of the company. We're looking for this. And I think this has become [so could be along to] the year 2024, '25. But these measures for us to reach this in this condition are taken in 2023 and ending this '24. Thank you.

因此，我們有一項重要的投資來進行這種動員，但我們也獲得了 13、15 個月的 [後端] 投資回收期的優勢，這將允許隨著時間的推移驗證此成本的減少。事實上，我們的目標是成為發電和傳輸中 OEM 成本較低的公司。所以這是公司的承諾。我們正在尋找這個。我認為這已經成為 [so could be along to] 2024 年，'25。但是我們在這種情況下實現這一目標的這些措施是在 2023 年採取的，並在 24 年結束時採取的。謝謝。

Our next question now. [Isonde Nedealmeida], sell-side analyst from .

我們現在的下一個問題。 [Isonde Nedealmeida]，賣方分析師。

So we will read the question.

所以我們將閱讀這個問題。

I would like to confirm what will be the hedge that will be used for the energy balance that 15% that is generated or if it operates another value that in the graph you didn't mention?

我想確認什麼將用於生成的 15% 的能量平衡的對沖，或者它是否運行圖表中您未提及的另一個值？

Around 15%.

大約 15%。

The next question is from [Giuliana].

下一個問題來自 [Giuliana]。

So it's very interesting to see that the generation of value comes from -- so the compulsory loan, it's a little part of the OpEx, what comes from the optimization of taxes. And I think the main ones that the company is exactly those in the generation of sales of energy. I congratulate you this presentation, which is very well focused on the generation of value. But something that draws my attention, would also now would like to just know, have a better understanding is, when I compare the energy balance of the third quarter with the fourth quarter, I can see that there is a contracting of energy 170 mega, 320, 158 million in 225. So making a quick math, we can estimate that the price of contracting on these prices.

所以看到價值的產生是非常有趣的——所以強制性貸款，它是 OpEx 的一小部分，來自稅收的優化。我認為公司最主要的正是那些從事能源銷售的公司。我祝賀你的演講，它非常關注價值的產生。但引起我注意的是，現在我也想知道，有一個更好的理解是，當我比較第三季度和第四季度的能量平衡時，我可以看到有 170 兆的能量收縮， 320，1.58億在225。所以快速計算一下，我們可以估算出這些價格的承包價格。

And then maybe what comes to my surprise, I would like to hear from you is the explanation, is that the price contracting in the fourth quarter 2023 would be BRL 80 megawatt water to 2024, 70 megawatt water. In 2025, it falls even more to BRL 64 megawatt water [hands]. So I'd like to understand more if there is something else related to the negotiation that -- that closed as a disagreement with the sale of energy or something else. But this contracting with the average price below becomes a surprise for us.

然後可能讓我感到驚訝的是，我想听聽您的解釋，即 2023 年第四季度的價格收縮將是巴西雷亞爾 80 兆瓦水到 2024 年，70 兆瓦水。到 2025 年，它甚至會下降到 BRL 64 兆瓦水 [手]。所以我想了解更多，如果還有其他與談判相關的事情——因為對能源銷售或其他事情的分歧而結束。但這種低於平均價格的收縮對我們來說是一個驚喜。

Thank you for the question of valuation. I will send your question to Jatoba, but to make this discussion duration is related to prices.

謝謝你的估值問題。我會將您的問題發送給 Jatoba，但討論的持續時間與價格有關。

So [Giuliano], thank you for the question. I received by writing, I couldn't analyze it. So the calculation that you did is the net difference in which we have the total volume contracted in the third quarter, in the fourth quarter between the average prices. So this is the sum of all the changes that we have had. We had some of these contracts, the long term, some of them contracted that were not done in this average value that you mentioned. There are some contracts that come in due to the -- to be a regulatory mandatory 80 megawatt obligated to sell for the transposition of San Francisco at a value below the projected value by the market, all of this sums and provides this effect, but this is not in any way that the value that we have been -- we have -- we are practicing and which we reach this price exclusively should the differences that have been affected exclusively in the fourth -- in the fourth quarter, where we have a series of different nontypical situations.

[Giuliano]，謝謝你提出這個問題。我是寫信收到的，沒法分析。因此，您所做的計算是我們在第三季度與第四季度平均價格之間收縮的總銷量的淨差。所以這是我們所做的所有更改的總和。我們有一些這樣的合同，長期的，其中一些合同沒有按照你提到的這個平均價值完成。有一些合同是由於 - 作為監管強制性的 80 兆瓦，有義務以低於市場預期價值的價值出售舊金山的換位，所有這些總和並提供了這種效果，但這無論如何，我們已經——我們擁有——我們正在實踐的價值，如果差異只在第四季度受到影響——在第四季度，我們有一個一系列不同的非典型情況。

Thank you, Jatoba, thank you so much. Just I would like to ask tomorrow, the first week, they should be the -- should the numbers of now should publish the numbers referring to the first auction of industry transmission, something here, BRL 20 billion. And as I understand your head here, do you plan to participate of this auction? It's a great auction that needs to have partners I'd like to understand your expectation?

謝謝你，孿葉蘇木，非常感謝。只是我想問明天，第一周，他們應該是——現在的數字是否應該公佈第一次拍賣行業傳輸的數字，這裡是 200 億雷亞爾。據我了解您的負責人，您打算參加這次拍賣嗎？這是一場偉大的拍賣，需要有合作夥伴 我想了解您的期望？

The idea, yes, is we are evaluating the participation. We believe that the business transmission gives a stability to our prior results. We understand the difficult position of this is the stability and also have the possibility to create value with a great -- much more dynamic is what will happen to the free market. Some people see some concerns with lower prices. But in 2021, a day like today, we would be so happy to be selling energy at a greater value. So obviously, the strategy of the company considers [different] things. Besides this, I'd also like to say that the strategy of the company, the only thing that we will not have is to be a minority as we were in the past in terms of 49%.

是的，我們的想法是評估參與情況。我們認為，業務傳輸使我們之前的結果穩定。我們知道這的困難處境是穩定性，也有可能創造價值——自由市場將發生的事情更具活力。有些人看到了一些對較低價格的擔憂。但在 2021 年，也就是今天這樣的一天，我們會很高興能夠以更高的價值出售能源。很明顯，公司的戰略考慮了[不同]的事情。除此之外，我還想說公司的戰略，我們唯一不會擁有的是像過去那樣佔49%的少數。

So obviously, we see the possibility to be together with our competitor that has advantage -- competitive advantages, technical knowledge that we can in a pair control the venture and create more fares and become more competitive, but we have no problems in doing this with our competitors. And some of them, in fact, we are partners, even though in the -- if you're a condition of the 90%, but the share control to create value, to be more competitive is part of the strategy of any business, any private business that is serious in this.

很明顯，我們看到了與具有優勢的競爭對手合作的可能性——競爭優勢，技術知識，我們可以一起控制風險投資，創造更多票價並變得更具競爭力，但我們在這樣做時沒有問題我們的競爭對手。其中一些，事實上，我們是合作夥伴，即使在 - 如果你是 90% 的條件，但創造價值的股份控制，更具競爭力是任何企業戰略的一部分，任何對此認真的私營企業。

So surely, we will consider this, we will consider the financial capacity that differential in the market. In the moment, the market is not so has so much liquidity, so together with the Board of Directors, we will work on the fixation of the rates that recognizes this moment of financial [model]. But I would say that no doubt, this is one of the alternatives of [involve] investments and sustainable growth of the company is transmission, and we are working seriously to be competitive in this auction in that there are no other alternatives. I would also like to say, I forgot to say a comment that no doubt should pay compulsory loans, and should make agreement to compulsory loans. Using electricity is one of the alternatives that we are considering together with these counterparts.

因此，我們肯定會考慮這一點，我們會考慮市場上存在差異的財務能力。目前，市場沒有那麼多的流動性，因此我們將與董事會一起致力於確定當前金融 [模型] 時刻的利率。但我要說的是，毫無疑問，這是 [involve] 投資的替代方案之一，公司的可持續增長是傳輸，我們正在認真工作以在這次拍賣中具有競爭力，因為沒有其他選擇。我還想說，我忘了說一個意見，肯定是要還強制貸款，而且應該同意強制貸款。使用電力是我們正在與這些同行一起考慮的替代方案之一。

So stimulate in revenue and also -- but we still have not done any of them, just to be clear that those values that you saw, that Jatoba explained to you don't have these alternatives, and I hope we were able to evaluate some of them and to be the competitive for -- and this generates value for both parts, especially in this moment.

所以刺激收入 - 但我們仍然沒有做任何事情，只是為了清楚你看到的那些價值觀，Jatoba 向你解釋的那些價值觀沒有這些替代方案，我希望我們能夠評估一些他們並成為競爭者——這為雙方都創造了價值，尤其是在這一刻。

And then I'd like to just seize the moment and ask one more. We have 3 events today that are a little bit out of your control, which have caused a little bit of stress, which is the [Hebethe] that I think [Amin] has mentioned. But another one is the [Andra trace]. So understand a little bit with you what is the expectation for Andra trace . Then until when there's -- so there is cash for construction and expectation on the tariff.

然後我想抓緊時間再問一個。我們今天有 3 件事有點超出你的控制，造成了一點壓力，這就是我認為 [Amin] 提到的 [Hebethe]。但另一個是【安德拉踪跡】。所以跟大家稍微了解一下對於安卓踪蹟的期待是什麼。然後直到有 - 所以有現金用於建設和對關稅的期望。

Let me -- the company has cash up to the end of the year. So these are the values that have been located by before the prioritization, they are following the, what we call investment in the critical path, which is those under expectation of a definition related to tariff. And here, an important point here is we are in this moment waiting for the [regenary] process to review these numbers from the development bank. And also the [senate biasi] can get together up to June to approve this tariff. But once the tariff is approved, we will be able to have, let's say, a process, a tender process to get this financing. So this company has -- the continuity of the investment will be based on -- starting from the financial position once the equity has already been based. This company will be here, 70% of the construction is done and in 4.5 years to 2027, 2028 to be concluded this important venture. So we're waiting for this evaluation from TCU to have this, to go on with this work. The tariff, that has to cover the capacity to take the finances in the market and also recover the equity of that have already been allocated to the company.

讓我——公司到年底都有現金。因此，這些是在確定優先級之前確定的價值，它們遵循我們所說的關鍵路徑投資，即那些與關稅相關的定義所期望的價值。在這裡，重要的一點是，我們此刻正在等待 [再生] 流程來審查來自開發銀行的這些數字。而且 [參議院 biasi] 可以在 6 月之前聚在一起批准這項關稅。但是一旦關稅獲得批准，我們將能夠有一個過程，比方說，一個招標過程來獲得這筆融資。因此，一旦股權已經基於，這家公司 - 投資的連續性將基於 - 從財務狀況開始。該公司將在這裡完成 70% 的建設，並在 4.5 年到 2027 年、2028 年完成這一重要項目。所以我們正在等待 TCU 的評估，以繼續這項工作。關稅必須涵蓋在市場上融資的能力，並收回已分配給公司的股權。

So we end now the session of questions and answers. We will have -- we will give the final word to Wilson Ferreira to the final remarks. Please, Wilson, go on.

那麼我們現在結束問答環節。我們將 - 我們將讓 Wilson Ferreira 對最後的發言做出最終決定。拜託，威爾遜，繼續。

So thank you so much to everyone who could follow our conference results. So I'm sorry, it should be a little bit long, but it was important to characterize this process of change. I have mentioned to my team that we are a company that does generation and transmission, we should have a certain stability with the investors. But with the profitability on the results that have already been seen, the operations we have seen, we have seen this already.

非常感謝所有關注我們會議結果的人。所以很抱歉，它應該有點長，但是描述這個變化過程的特徵很重要。我和我的團隊提到過，我們是一家做發電和輸電的公司，我們應該和投資者有一定的穩定性。但是隨著已經看到的結果的盈利能力，我們已經看到的操作，我們已經看到了這一點。

So on one side, we try to have more of a final cleaning of the balance and on the other side, our initiatives that we have the possibility to [erect our fence] to direct our people the OpEx and the CapEx related to acquisition services. I think we have the second block, which is to potentialize the value in our liability, contagious here in the company. So we are taking the first steps that are very important. There are assets that are very important, which is the fiscal credits that we're trying to be selling energy, to generate operation of advantage or can post our loss to use these fiscal credits.

因此，一方面，我們試圖對平衡進行更多的最終清理，另一方面，我們的舉措是我們有可能 [豎起圍欄] 指導我們的員工與收購服務相關的運營支出和資本支出。我認為我們有第二個障礙，那就是在我們的責任中發揮潛在價值，在公司這里傳染。因此，我們正在邁出非常重要的第一步。有一些非常重要的資產，即我們試圖出售能源、產生優勢運營或可以公佈我們使用這些財政信貸的損失的財政信貸。

And clearly, the other side is that the growth of the company. So the strategy of the company is to in the final phase, together with the Board of Directors, is come to reinforce this growth line in the renewable energy, especially in the transmission, the area of transmission, which these are ventures that are happening. So the fact is I would like just to highlight that the company is 6 months as private. We have seen [increase] expressive investment, over 50%, and those are greater investment of initiative of the company. We have taken control of [compte] like Santo Antonio from a minority way.

顯然，另一面是公司的成長。因此，公司的戰略是在最後階段與董事會一起加強可再生能源的增長線，特別是在傳輸領域，傳輸領域，這些都是正在發生的風險投資。所以事實是，我想強調的是，該公司已經私有化 6 個月了。我們已經看到 [增加] 表達性投資，超過 50%，這些是公司主動性的更大投資。我們已經從少數人的角度控制了像聖安東尼奧這樣的 [compte]。

We have already planned important plans to the presence of available data is showing that we have a capacity to make the less movement related to SPS and the rationalization of SPs, which are not just to know the transition that have been here. We have done a benchmark, identified all the potential value creations that we have here, we have 74, we say well, who's operating better, who's operating worse and what recommendations can we do. And we have seen the potential and the value creation we have for the first time conditions to guide board of advisers to really meet this expectation of an increase of generated value in these ventures. So it's the second point that we're looking.

我們已經制定了重要計劃，現有數據表明我們有能力減少與 SPS 相關的運動和 SP 的合理化，這不僅僅是為了了解已經發生的過渡。我們做了一個基準，確定了我們在這裡擁有的所有潛在價值創造，我們有 74 個，我們說得好，誰經營得更好，誰經營得更差，我們可以提出什麼建議。我們已經看到了我們第一次擁有的潛力和價值創造條件，可以指導顧問委員會真正滿足對這些企業所產生價值增加的期望。所以這是我們正在尋找的第二點。

So at the moment is demonstration of a strong grit of a private company contributing to the growth, and this is also very important, 600,000 investors in the company, 370,000 of them have got together by the compulsory loan. So we have a commitment with all of these investors of the company in this creation of value sustainably, so strategy of the company will show this. This is the first quarter in which we showed you that where we are heading. So we also like to say in the moment that we are building this new team in the company, bringing people, people who have a great experience in our group. We will move on in this journey of generating sustainable value with all this balance in the growth process, which is a global corporation with the same pride of a company like Vale, like Embraer, that are companies that are Brazilian companies that are represented, that are managed by Brazilians, that are advised by Brazilians in this process.

因此，目前展示了一家私營公司為增長做出貢獻的強大勇氣，這也非常重要，該公司有 60 萬投資者，其中 37 萬是通過強制貸款聚集在一起的。因此，我們與公司的所有這些投資者都承諾可持續地創造價值，因此公司的戰略將表明這一點。這是我們向您展示我們前進方向的第一季度。所以我們現在也想說，我們正在公司中建立這個新團隊，帶來在我們團隊中擁有豐富經驗的人。我們將繼續這一創造可持續價值的旅程，在增長過程中實現所有這些平衡，這是一家全球性公司，與淡水河谷、巴西航空工業公司等公司一樣引以為豪，這些公司都是代表巴西的公司，由巴西人管理，在此過程中由巴西人提供建議。

So we have a great virtual way to follow, and the first spring has already been done in the first semester with a great examples in each one of the areas that we have spoken about. This is the commitment of the team that is here represented together with the managers and employees of the company. So our commitment with the Brazilian society of generating value sustainably in an area that will be especially important globally. Not just for Brazil, Brazil will be the main point of this area, no doubt. Eletrobrás will be the main [example] in this new economy that is showing up in the economy, the sustainable economy, the decarbonization economy. So we will be this great example.

所以我們有一個很好的虛擬方式可以遵循，第一個春天已經在第一學期完成，在我們談到的每個領域都有很好的例子。這是與會的團隊以及公司的經理和員工的承諾。因此，我們與巴西社會的承諾是，在一個對全球尤為重要的領域可持續地創造價值。不僅僅是巴西，毫無疑問，巴西將是這方面的重點。 Eletrobrás 將成為這種新經濟中的主要[例子]，它正在經濟、可持續經濟、脫碳經濟中出現。所以我們將成為這個偉大的榜樣。

So thank you so much for everyone, and see you in the next meeting in May.

非常感謝大家，並在 5 月的下一次會議上見。

Bye-bye.

再見。