Centrais Eletricas Brasileiras SA - Eletrobras (EBR) 2023 Q1 法說會逐字稿

Welcome. Presenting the team from Eletrobrás. We have here today, Wilson Ferreira Junior, the President of Eletrobrás; Elvira Presta, Financial Vice President and Investor Relations; Rodrigo Limp, Vice President of Regulation and Institutional Relations and the new Vice President of Commercialization, Vice President of People, Personal and Culture; and Élio Wolff, Vice President of Strategy, Business strategy and participations.

歡迎。介紹 Eletrobrás 團隊。今天我們有 Eletrobrás 總裁 Wilson Ferreira Junior； Elvira Presta，財務副總裁兼投資者關係；羅德里戈·林普 (Rodrigo Limp)，負責監管和機構關係的副總裁以及新任商業化副總裁、人力、個人和文化副總裁；埃利奧·沃爾夫 (Élio Wolff)，戰略、業務戰略和參與副總裁。

We inform that this video conference is being recorded and will be made available in the site of IR of the company, and will be available in both languages.

我們通知您，本次視頻會議正在錄製中，並將在公司 IR 網站上提供，並提供兩種語言版本。

If you need simultaneous translation, we have these 2 available in the icon called interpretation located in the bottom of this, if -- you can choose Portuguese or English. For you listening in English, the option to sign as the regional audio, clicking mute regional audio. For Q&A, we should be send by the Q&A button on the bottom of the screen. Your names will be announced so that you can be -- so that you can make the question. Should request your microphone whenever you make this, I request to activate your microphone will appear on the screen. The disclaimer, anything that you said during this presentation about the business perspective of the company projections, operational targets and financial ones, they are premises of the Board of Eletrobras as well as information that are currently available for the company.

如果您需要同聲翻譯，我們可以在底部的“同聲傳譯”圖標中找到這兩種翻譯，如果 - 您可以選擇葡萄牙語或英語。對於您用英語收聽的情況，可以選擇將區域音頻標記為區域音頻，然後單擊將區域音頻靜音。對於問答，我們應該通過屏幕底部的問答按鈕發送。你們的名字將會被公佈，以便你們能夠提出問題。每當您執行此操作時都應請求您的麥克風，屏幕上將顯示我請求激活您的麥克風。免責聲明，您在本次演示中所說的有關公司預測的業務前景、運營目標和財務目標的任何內容，它們都是 Eletrobras 董事會的前提以及公司當前可用的信息。

Future considerations are not guarantees of performance because they involve risks, uncertainties and therefore, they depend on circumstances that can may or may not occur. The investors should then understand that economical conditions in general and other operational activities can affect the operational results expressed in the future.

未來的考慮因素並不是業績的保證，因為它們涉及風險和不確定性，因此，它們取決於可能發生或可能不會發生的情況。投資者應了解總體經濟狀況和其他經營活動可能會影響未來的經營業績。

Now Mr. Wilson, President of Eletrobras that we can start the presentation.

現在 Eletrobras 總裁 Wilson 先生我們可以開始演講了。

Good afternoon, everyone. I'd like to greet the shareholders, the investors, analysts that work at Eletrobras that we can share the main results of our first trimester. The second that we complete here since we have arrived. We highlight here in the beginning, what are the main highlights of this quarter. Basically on the partnership, the advance that we have had in the process of acquisition of Santo Antônio Energia, the advance and acquisition of owners of 23% and 93% of the company, invested BRL 168 million. We're going to be able to detail here more, but it deals with one of the main companies in Brazil.

大家下午好。我想向在 Eletrobras 工作的股東、投資者和分析師致意，我們可以分享我們前三個月的主要成果。自從我們到達以來，我們在這裡完成了第二次。我們首先強調本季度的主要亮點是什麼。基本上在合作夥伴關係上，我們在收購 Santo Antônio Energia 的過程中獲得的預付款，以及該公司 23% 和 93% 所有者的預付款和收購，投資了 1.68 億雷亞爾。我們將能夠在這裡詳細說明，但它涉及巴西的主要公司之一。

So this is a very, very important data investment. The second one -- second highlight here this quarter is the receiving of BRL 950 million referring to the contract of transfer partnership participation in Itaipu. This is one of the preconditions of the privatization and capitalization where this asset was financed in 20 years. And now with the discount, I will speak further ahead, we'll have -- we had an influx of cash of BRL 9 million, which is really important for the liquidity.

所以這是一項非常非常重要的數據投資。第二個——本季度的第二個亮點是根據伊泰普轉讓合夥參與合同收到9.5億雷亞爾。這是該資產在20年內融資的私有化和資本化的前提之一。現在有了折扣，我會進一步說，我們將擁有 900 萬雷亞爾的現金流入，這對於流動性來說非常重要。

Another part that is really important, the transitions that we started to develop along the recent years. So we will follow here, not just the team of sales, but also the (inaudible) as a complement to that, we had participation from (inaudible). And with this, we now have -- we have a controllership of investment BRL 100 million, also of (inaudible) hydroelectric unit and also the hydroelectric unit of (inaudible) BRL 393 million, having 100% of these plants. These plants are totally contracted and regulated. So this is not an instrument of competition. It's basically relative participation that the company has and that they can start operating these plants with more efficiency.

另一部分非常重要，即我們近年來開始發展的轉型。因此，我們將在這里關注的不僅僅是銷售團隊，還有（聽不清）作為補充，我們有來自（聽不清）的參與。有了這個，我們現在擁有了 1 億雷亞爾的投資控制權，還有（聽不清）水力發電站以及 3.93 億雷亞爾（聽不清）的水力發電站，擁有這些工廠的 100%。這些工廠是完全承包和監管的。所以這不是競爭的工具。這基本上是公司的相對參與，他們可以開始以更高的效率運營這些工廠。

So these are highlights in this quarter, very (inaudible) loans highlighted by some analysts that I follow in the morning. For the second quarter in a row, we have here a reduction in the stocks of provisioning (inaudible) loans. We still want to lower our provisions of loans, add whatever is a benefit for the company as long as we have an agreement, then we can provide liquidity.

因此，這些是本季度的亮點，我早上關注的一些分析師強調了非常（聽不清）的貸款。我們的撥備（聽不清）貸款存量連續第二個季度減少。我們還是想降低貸款準備金，只要對公司有好處就增加什麼，只要達成協議，我們就可以提供流動性。

And as a counterpart, we have here a decrease in the values that were provisioned. So highlights also in this quarter, the continuity of process of [PTFE.] We had 2,500 registered. We had up to April 1,974 people that have been dismissed by this process of voluntary dismissal with important remuneration for this process. People that could become part of the program that were retired or should be retired. So there were senior people in the company and then we had this process of running here up to April 30. So we had -- we still have 520 remaining dismissals that we are -- with new Vice Presidents evaluating the schedule of the dismissal of these remaining people.

作為對應，我們在這裡提供的值有所減少。因此，本季度也突出了 [PTFE 流程的連續性。] 我們有 2,500 名註冊者。 4 月份，我們共有 1,974 名員工通過自願解僱程序被解僱，並為此過程獲得了重要報酬。可能成為該計劃一部分的人已經退休或應該退休。公司裡有高級管理人員，然後我們在這裡進行了一直持續到 4 月 30 日的流程。因此，我們還有 520 名剩餘解僱人員，新任副總裁正在評估解僱這些人員的時間表。剩下的人。

So we are launching here in the month of May, the second dismissal plan with the remaining group of people in the companies -- so it depends on the -- and this will depend on the moment of -- on the career which person and the demand that the company has, and this has been already cleared up in the presentations and then strengthening of the holding, the strategic aspects and -- of several dimensions in our restructuring process. So strengthening, we had 6 directors, and now we have 11 Vice Presidents that we will show a little bit further ahead.

因此，我們將在五月份在這裡對公司中的剩餘人員啟動第二個解僱計劃 - 所以這取決於 - 這將取決於 - 哪個人和該人的職業生涯公司的要求，這一點已經在演示中得到澄清，然後是在我們的重組過程中加強控股、戰略方面以及多個方面。如此加強，我們有 6 名董事，現在我們有 11 名副總裁，我們將在後面進一步展示。

But in these Vice Presidents, we -- the complementary of appoint the people and 3 directors in subsidiaries. So it's the beginning of a process of restructuring that we want to finish by June appointing everyone in a meritocratic way as the one who aspired of the current managers or people with high potential that could occupy these positions. So we can have with a lot of discipline and meritocracy, an important example of creating value starting the capitalization.

但在這些副總裁中，我們——子公司的任命人和3名董事是互補的。因此，這是重組過程的開始，我們希望在 6 月份之前完成，以精英方式任命每個人，作為那些渴望現任經理或具有高潛力的人可以擔任這些職位的人。因此，我們可以擁有大量的紀律和精英管理，這是從資本化開始創造價值的重要例子。

All the partnerships, we have renovated them, understanding the simplification that we need to do. The control now of 100% of each one of the -- of our controlled companies. We have also (inaudible) our city, the payment of BRL 621 million in this quarter already done here in April. We had other deposits in funds. So all the commitment of cash that the company had done in terms of capitalization has already been done.

我們對所有合作夥伴關係進行了更新，了解我們需要做的簡化。現在我們控制的每一家公司都擁有 100% 的控制權。我們也（聽不清）我們的城市，本季度 6.21 億雷亞爾的付款已於 4 月份在這裡完成。我們還有其他基金存款。因此，公司在資本方面所做的所有現金承諾均已完成。

The following slide, moving on to talk about our transformation, and I will now show you on the left side already here some observation about deliverables that already performed. So dismissal plan already, 80% of the registered are already dismissed. By April 2023, we have here in supply, we have a commitment in disagreement where we have 80% of the first stage captured. Here, we have 2 elements. One, CapEx, reduction of BRL 150 million, which would be equivalent to 90% of our expenses of BRL 1.8 billion. So this is very important for CapEx.

下面的幻燈片繼續討論我們的轉型，我現在將在左側向您展示一些關於已執行的可交付成果的觀察結果。所以解僱計劃已經出來了，80%的註冊人已經被解雇了。到 2023 年 4 月，我們的供應已經到位，我們有一個分歧的承諾，即我們已捕獲第一階段的 80%。在這裡，我們有 2 個元素。一是資本支出，減少1.5億雷亞爾，相當於我們18億雷亞爾支出的90%。所以這對於資本支出來說非常重要。

And on OpEx, economy 143%, mentioning the company insurance. So 280 million addressed where we had 120 million reduction. We appointed all the managers below presidents for the holdings under the control companies are already done. We already worked on -- we were through these levels, all this -- all the agreements already agreed. Most of the companies with the exception of some subsidiaries and managements.

在運營支出上，經濟性為 143%，其中還提到了公司保險。因此，2.8 億解決了我們減少 1.2 億的問題。我們對控股公司的控股已經任命了總裁以下的所有經理。我們已經在努力——我們已經通過了這些級別，所有這些——所有已經商定的協議。大多數公司（一些子公司和管理層除外）。

So we also continued the negotiation of our compulsory loans. We have paid around BRL 780 million, 43% of stakeholder shares. We have accumulated BRL 640 million (inaudible), and also almost BRL 692 million of loss balance reduction. So almost BRL 2.1 billion total. This is the first time it happened in many years in the company, at least the ones that we have -- the ones that are participating in.

因此我們還繼續進行強制貸款的談判。我們已支付約 7.8 億雷亞爾，佔股東股份的 43%。我們已累計減少了 6.4 億雷亞爾（聽不清），還減少了近 6.92 億雷亞爾的損失餘額。總計近 21 億雷亞爾。這是公司多年來第一次發生這種情況，至少是我們所參與的公司。

Another important instrument was 90% of currency exchange expectation with other bonds in the United States. They have 2 more operations happening with subsidiaries values that we concluded in this second quarter -- or semester -- second semester. We have here several deliverables that will be operated, I'd like to rank here. First of all, we will do by the end of June 2023 Eletrobras Day, where we will share with the investors and analysts, the essence of our strategic process with an important reference of our goals and strategic actions that the company plans to execute. Along this point, we go through the second phase of supplies. That is expected for next semester in 2023. So we're looking here at the CapEx of -- with an expected reduction of BRL 280 million.

另一個重要的工具是與美國其他債券的90%的貨幣兌換預期。他們還有另外 2 項與我們在第二季度（或學期）第二學期得出的子公司價值相關的業務。我們這裡有幾個將要運營的可交付成果，我想在這裡排名。首先，我們將在 2023 年 6 月 Eletrobras Day 之前與投資者和分析師分享我們戰略流程的精髓，並作為公司計劃執行的目標和戰略行動的重要參考。沿著這一點，我們經歷了第二階段的供應。預計在 2023 年下學期實現這一目標。因此，我們在這里關注的是資本支出，預計減少 2.8 億雷亞爾。

10% of the expenses of the remainder of BRL 2.8 billion. And in OpEx, BRL 200 million or equivalent to 25%. So these 2 phases, when it talks about supplies, is really important either for OpEx or for more competitive in CapEx in the acquisitions done by the company. So we may -- we'll launch the dismissal plan for the remaining employees of the company. We are also within an ambition to the partnerships with around 74 agreements to be done, 31 by the end of the year, and there are several operations of incorporation sales of divesting, and we will also give liquidity to our partners and in our joint ventures.

28 億雷亞爾剩餘費用的 10%。在運營支出中，2 億雷亞爾或相當於 25%。因此，當談到供應時，這兩個階段對於運營支出或公司收購中的資本支出更具競爭力都非常重要。因此，我們可能會啟動針對公司剩餘員工的解僱計劃。我們還計劃與合作夥伴達成約 74 項協議，到今年年底將達成 31 項協議，並且有多項公司出售或剝離業務，我們還將向我們的合作夥伴和合資企業提供流動性。

This is important for the liquidity of the company and the results as they go through in a control exercise by Eletrobras. We have a renegotiation in the structure of capital of SAESA running and this will happen along the third quarter. And then not just to achieve 100% participation but also to -- together with the [NGS] so that we can restructure this debt process so that we have Eletrobras with a bigger share. So we believe that this is a relevant important that it adds a lot of value to the company.

這對於公司的流動性和 Eletrobras 控制活動的結果非常重要。我們對 SAESA 運行的資本結構進行了重新談判，這將在第三季度進行。然後，不僅要實現 100% 的參與，還要與 [NGS] 一起，以便我們能夠重組這一債務流程，以便我們擁有更大份額的 Eletrobras。因此，我們認為這是一個重要的相關事項，它可以為公司增加很多價值。

And finally, we also -- we plan to share here with you. This is a strategy of optimization of fiscal credits. We have fiscal credits relevant in holding and also in the subsidiaries. I'll gather with either capitalizations where we can -- where we have to provide capital -- allocate capital to companies, to partners, to joint ventures so that we can generate tax revenues in the holdings M&As in joint ventures as we have done with SAESA and receivables.

最後，我們也計劃在這裡與您分享。這是財政信貸優化的策略。我們擁有與控股和子公司相關的財政信貸。我將收集我們可以的任何一種資本——我們必須提供資本——將資本分配給公司、合作夥伴、合資企業，這樣我們就可以在合資企業的控股併購中產生稅收收入，就像我們所做的那樣SAESA 和應收賬款。

So this set of values create a lot of worth. This mix of viable -- the important creation of the value for the portfolio of the company. So these are the points that we -- in our transformational process led by Camila. And here, we have -- I show you here the new leaders in the company. So as I had mentioned, but we have Antonio Muniz, Director of Engineering. He's the CEO of the company (inaudible) Professional Engineer (inaudible) for more than 30 years. (inaudible) lead our area of commercialization, also professional very recognized in the area. Has gone through several companies such as (inaudible) one of the subsidiaries of that as well, and Wolff who was the Head of M&A outside Brazil and now he is with us, involved in a set of operations and the maintenance of 2 professions that are very valued to our company. (inaudible) the regulation and from one of the former ANEEL (inaudible) financials. He's been here since together -- since I joined in my first time in the company. Can be a lot risk and conformity and governance.

所以這套價值觀創造了很多價值。這種可行的組合——為公司的投資組合創造了重要的價值。這些是我們在卡米拉領導的轉型過程中提出的要點。在這裡，我向你們展示了公司的新領導者。正如我所提到的，我們有工程總監 Antonio Muniz。他擔任公司首席執行官（聽不清）、專業工程師（聽不清）超過 30 年。 （聽不清）引領我們的商業化領域，在該領域也非常專業。曾經歷過幾家公司，例如（聽不清）該公司的一家子公司，沃爾夫曾是巴西境外的併購主管，現在他在我們這裡，參與了一系列運營和維護 2 個職業，即我們公司非常重視。 （聽不清）監管和前 ANEEL（聽不清）財務數據之一。自從我第一次加入公司以來，他就一直在這裡。可能存在很多風險、整合和治理。

We have brought (inaudible) former Director of [Supplying Valley,] with a big experience (inaudible) big sized companies for this -- and we also brought here people, management and culture, 30 years of experience in this area of human resources with -- through many own consultancies, but also several companies.

我們為此帶來了（聽不清）[供應谷]的前總監，他在大型公司中擁有豐富的經驗（聽不清）——我們還帶來了人員、管理和文化，在人力資源領域擁有 30 年的經驗——通過許多自己的諮詢公司，也包括幾家公司。

(inaudible) we also made a litigation verbalizing the -- so that Marcella can come, a correct Board member. And also in May, I will -- and then here, I'll led my President of Research and Development, Digital and Information Technology and bring (inaudible) then I hope to conclude this. So we have the team basically completed here, working in a process of transformation that is led with me together with many of -- together with Camila and other of these vice presidents here. And in the next slide, I would like to show here and give the (inaudible) that he gives his first comments with you. But for great move is impact team, the Eletrobras field, we have the [PDV,] the reposition structure optimization. And will make a brief comment about these challenges.

（聽不清）我們還提起訴訟，口頭表達了這一點，以便 Marcella 能夠成為一名正確的董事會成員。同樣在五月，我將——然後在這裡，我將領導我的研發、數字和信息技術總裁，並帶來（聽不清），然後我希望結束這一點。因此，我們的團隊在這里基本完成，正在開展一個轉型過程，這個過程是由我和許多人以及卡米拉和這裡的其他副總裁一起領導的。在下一張幻燈片中，我想在這裡展示並給出（聽不清）他向您發表的第一個評論。但對於偉大的舉動是衝擊隊，Eletrobras領域，我們有[PDV]重新定位結構優化。並將對這些挑戰做一個簡短的評論。

Thank you, Wilson. Good afternoon, everyone. It's a great pleasure to be here and talk about these movements that are shown here related to us, to management and to the culture. So the figures of PDV that you see here for the voluntary dismissal that has already shown in some -- in the previous slides, but I want to highlight the impact and the expectation we have of this annual savings of BRL 1.1 billion, that has already come to BRL 150 million (inaudible) million. And then now in May, we have this dismissal plan that will be launched for the second one with 1,500 people already registered for making that the organization comes close to the size in terms of people fair with its performance and with what it needs in terms of people to operate and operate in an efficient way and annual savings of BRL 680 million, BRL 600 million to BRL 800 million.

謝謝你，威爾遜。大家下午好。很高興來到這裡談論這些與我們、管理和文化相關的運動。因此，您在這裡看到的 PDV 自願解僱數據已經在之前的幻燈片中顯示過，但我想強調我們對每年節省 11 億雷亞爾的影響和期望，這已經達到 1.5 億雷亞爾（聽不清）。然後現在到了 5 月份，我們將啟動第二個解僱計劃，已有 1,500 人註冊，以確保該組織在人員、績效和所需方面接近規模。人員高效運營和運營，每年可節省 6.8 億雷亞爾、6 億雷亞爾至 8 億雷亞爾。

So together, the total savings -- expected savings of almost BRL 2 billion in this process, not voluntary dismissal. And then here, we are replacing some of these professionals, especially in the maintenance area of 832 professionals. This starts next week. We have the first wave, 831 people arriving in the company and starting the operations by June, especially with the focus of operational continuity and renovating this field, which is replacing many of the people that have left, especially retired people in the first dismissal plan.

因此，在此過程中預計節省的總成本約為 20 億雷亞爾，而不是自願解僱。然後在這裡，我們正在更換其中一些專業人員，特別是在832名專業人員的維護領域。這將從下週開始。我們有第一波，831人到達公司並在6月份開始運營，特別是關注運營連續性和翻新這個領域，這正在取代許多離開的人，特別是第一個解僱計劃中的退休人員。

And then optimization of the structure starts, the centralization of the organization. Up to June, we will finish implementing this new structure with the strengthening of corporate functions. So reducing the number of management positions in 30% when we compare with the pre-capitalization. It's an important impact in terms of -- point of view in terms of cost and also of being an organization that is much leaner and lighter and more efficient, of course.

然後開始結構優化，組織集中化。到6月份，我們將完成這一新架構的實施，強化公司職能。因此，與資本化前相比，管理職位數量減少了30%。當然，從成本角度以及成為一個更精簡、更輕量、更高效的組織的角度來看，這是一個重要的影響。

And lastly, the process of strengthening of cultural transformation with our strategic objectives aligning of the organization with people and a new design of career track plans and onboarding of young people that we should start to be doing in the second semester. So with this, I finish this part, and I thank you very much, Wilson, and I give you back the word.

最後，加強文化轉型的過程，我們的戰略目標是使組織與人員保持一致，並重新設計職業軌跡計劃和年輕人入職，我們應該在第二學期開始這樣做。至此，我完成了這一部分，非常感謝你，威爾遜，我也向你回話。

Thank you (inaudible). I would just like to -- so we have around 8,000 people in the company. So -- but we started here with 10,000, so we see this reduction. So I'm trying to be concise here in the explanation first. I would like to talk about the sustainable growth of the company. In this quarter, we have added new megawatts to the company. We were finishing the cycle of Santa Cruz, our (inaudible) with more 450 megawatts buying hydroelectric unit of Santo Antônio. So 22% of the capacity in Brazil. So with control, we have 1,475 megawatts of added megawatts with SAESA (inaudible) and leaving (inaudible) which will add the 550 megawatts that we offer to be already constituted. We are hearing this to become the biggest components of renewable energy in the world.

謝謝（聽不清）。我只是想——我們公司大約有 8,000 名員工。所以 - 但我們從 10,000 開始，所以我們看到了這一減少。因此，我首先嘗試在解釋中簡明扼要。我想談談公司的可持續發展。在本季度，我們為公司增加了新的兆瓦容量。我們正在完成聖克魯斯的周期，我們（聽不清）購買了聖安東尼奧水力發電站的 450 兆瓦電力。巴西的產能佔 22%。因此，通過控制，我們在 SAESA（聽不清）和離開（聽不清）的情況下增加了 1,475 兆瓦，這將增加我們提供的已建成的 550 兆瓦。我們聽說這將成為世界上可再生能源的最大組成部分。

And with these movements, we are naturally meeting this. And we are here with our energy, which is renewable, which is cheaper also 20% of the energy generated in Brazil, 22% of the capacity installed. And 87% of it coming from clean sources. In transmission, we had the same behavior. I highlight here the increase of an investment. We doubled the investment in their cooperation in the same quarter compared to the previous year. And now we reached here 74,000 kilometers, 38% of Brazil, 282 substations.

通過這些運動，我們自然會遇到這個問題。我們在這裡提供的是可再生能源，其價格也比巴西生產的能源的 20%、裝機容量的 22% 更便宜。其中 87% 來自清潔來源。在傳播過程中，我們也有同樣的行為。我在這裡強調投資的增加。同季度我們對他們合作的投資比去年增加了一倍。現在我們到達這裡74,000公里，巴西的38%，282個變電站。

Brazil has 194,000 kilometers of transmission. And we also have the perspective -- excellent perspective of great of -- implementation of great size investments with a CapEx of almost BRL 6 billion, and this 827 million 2027, BRL 186 million only in this year 2023, some already implemented in the first quarter. So a sustainable growth in the -- in the sustainable growth and also transmission, the decarbonization of our generating energy.

巴西的傳輸里程為194,000公里。我們也有這樣的觀點——偉大的觀點——實施大規模投資，資本支出近 60 億雷亞爾，2027 年為 8.27 億雷亞爾，今年 2023 年為 1.86 億雷亞爾，其中一些已經在第一年實施四分之一。因此，我們發電的可持續增長以及傳輸和脫碳。

In the next slide, we have an evaluation here. I'd like to highlight here, it's really important that our revenue in the first quarter reaching of BRL 11 billion revenue. 1% of it is revenue regulated indexed to the IPCA, most of it. So looking here BRL 4.2 million of the transmission, BRL 2.62 billion generation in market in the long term, 38% in the generation of (inaudible) decreasing along the time, but it means 9%. And all of this comes to 71%. So was here in the superior block of about BRL 3 billion or 27% of our revenue coming from market -- free markets.

在下一張幻燈片中，我們對此進行了評估。我想在這裡強調的是，我們第一季度的收入達到 110 億雷亞爾，這一點非常重要。其中 1% 是與 IPCA 掛鉤的收入監管，其中大部分。因此，從長遠來看，420 萬雷亞爾的輸電、26.2 億雷亞爾的發電量，其中 38% 的發電量（聽不清）隨著時間的推移而減少，但這意味著 9%。所有這一切都達到了71%。因此，我們的收入中大約有 30 億雷亞爾，即 27% 來自市場——自由市場。

And highlight here in the free markets, that 86% of it are in bilateral agreements, which is typical in the industry market, but also with an index to the inflation. Only 4% of this that is in a particular liquidities in the short-term market. So these revenues, brands of transmission lines for telecommunication of providing operational services that we have in Belo Monte. All of them are also indexed. So it would have been correct to say that 71 plus 2, 73 plus something else close to -- about 96% of the company is bilateral contracts indexed. So very good.

並強調在自由市場中，其中 86% 是雙邊協議，這在行業市場中是典型的，但也有通貨膨脹指數。其中只有 4% 是在短期市場中的特定流動性。因此，這些收入是我們在貝洛蒙特提供運營服務的電信傳輸線路品牌。所有這些也都被索引。因此，正確的說法是 71 加 2、73 加其他接近的數字——大約 96% 的公司是雙邊合同索引的。非常好。

With that said, characterize, it's a very robust company in terms of the revenue generation. And I go to the second slide where the following slide where I come here to show you (inaudible) together, who is joining us, telling us about what the market has been debating these bilateral contracts concerning this law from 2015, 13,182. So John, please you have the floor.

話雖如此，但就創收而言，它是一家非常強勁的公司。我轉到第二張幻燈片，下一張幻燈片是我來這裡向您展示（聽不清），誰正在加入我們，告訴我們市場從 2015 年起就有關該法律的雙邊合同進行了哪些辯論，13,182。約翰，請發言。

Good afternoon, everyone. These contracts, they have been agreed on this law from 2015, and they are electric intensive clients. This contract, they have 1,241 megas that have been contracted. They have a specific tariff in the 184-megawatt hour. So it's important to highlight that this price what effect stays in the Petrobras in terms of effect of revenue is equivalent to quotes, so BRL 90. So this difference between BRL 90 and BRL 190 goes to the investment funds in the Northeast and also in the Southeast in terms of generating energy as these prices are above from a point of view of the client to the prices of the market.

大家下午好。這些合同，他們是從2015年開始就這部法律達成的，他們都是電力密集型客戶。這份合同，他們已經簽訂了 1,241 兆。他們有184兆瓦時的具體電價。因此，重要的是要強調，這個價格對巴西國家石油公司的收入影響相當於報價，即 90 雷亞爾。因此，90 雷亞爾和 190 雷亞爾之間的差異將流向東北部和中東地區的投資基金。東南部在發電方面，因為從客戶的角度來看，這些價格高於市場價格。

Many of them have been options of reducing the contract -- the amount contracted. And this law, you see this in (inaudible) you have 6 months for this reduction and also breaking this contract. But in this case, in 18 months without having been fine. So here, we had the first quarter, we had a reduction of this number of process, and this should increase along the year, then along 2024 as well.

其中許多人都選擇減少合同——合同金額。根據這項法律，您可以在（聽不清）中看到這一點，您有 6 個月的時間進行減少並違反本合同。但在這種情況下，18個月內一直沒有好過。因此，我們在第一季度減少了流程數量，這一數量應該會在全年增加，然後在 2024 年也會增加。

So basically, this is it, Wilson, what I have to say for now.

基本上，這就是威爾遜，我現在要說的。

Thank you, John. I'd like to highlight here that in this (inaudible) that this rule is the request of breach with 18 months ahead. So once upon request, we have 18 months to execute the contract in the terms that it exists today. From there on, the following 18 months, we're talking about half of 2025. The consumer who took this decision has a risk in terms of contracted energy in the free market as prices are above or if we have the variation of -- as we have had already 2 years ago a nonfavorable situation when -- and then obviously related to economic perspective as well.

謝謝你，約翰。我想在此強調（聽不清）該規則是提前 18 個月違反的要求。因此，一旦收到請求，我們就有 18 個月的時間按照現行條款執行合同。從那時起，接下來的 18 個月，我們談論的是 2025 年的一半。做出這一決定的消費者在自由市場上的合同能源方面面臨風險，因為價格高於或如果我們有以下變化：兩年前，我們已經遇到了不利的情況——而且顯然也與經濟角度有關。

So we have these favorable conditions, the risk of this consumer increases a lot, which could impose this decision in the level of responsibility that is really big. So moving on, we have here the variation of our volumes of revenue generated. We see here that 90% growth in this quarter compared to the first -- the same quarter in the previous year, and we see a growth -- the lower quotes, which is the process of (inaudible).

所以我們有這些有利的條件，這個消費者的風險增加了很多，這可能會迫使這個決定承擔很大的責任。那麼接下來，我們看到了我們所產生的收入量的變化。我們在這裡看到，與第一季度（去年同期）相比，本季度增長了 90%，而且我們看到了增長——報價較低，這是（聽不清）的過程。

And also, we have a growth in the ACR with 86%. So rigorous growth. So we have the cooperation of SAESA in our portfolio. So the importance of this transition and the free market growing 29%, also with the (inaudible) comforted in the 2, 3 markets, 29% growth and 27% of the volumes that you have to put in the short-term market.

此外，我們的 ACR 增長了 86%。如此嚴格的成長。所以我們的產品組合中有SAESA的合作。因此，這一轉變和自由市場增長 29% 的重要性，以及 2、3 個市場（聽不清）的安慰，增長 29%，以及必須投入短期市場的交易量的 27%。

On the other side, we have the growth of the revenues of generation from 22% to BRL 1.2 billion, reaching BRL 6.5 billion. And then here, we have readjustments of the quotes that are -- but reaching basically despite the volume of quote, we had growth in the units values. So with a reduction of volume compensated by either growth of the price of goods of BRL 1 billion, and we have an increase also in the volume of markets or regulated markets. BRL 2.6 billion, reaching a revenue average of BRL 220 per megawatt hour and then in the free market. from -- we have a growth -- an important growth of volume of 26% and a growth of revenue of 26%, reaching a total revenue of BRL 2.6 billion or 200-megawatt hours and this volume liquidated in the short term, BRL 440 million.

另一方面，發電收入從 22% 增長到 12 億雷亞爾，達到 65 億雷亞爾。然後在這裡，我們對報價進行了重新調整，但基本上，儘管報價量很大，但單位價值有所增長。因此，隨著商品價格增長 10 億雷亞爾，補償了交易量的減少，並且市場或受監管市場的交易量也有所增加。 26 億雷亞爾，達到每兆瓦時 220 雷亞爾的平均收入，然後在自由市場上。我們的增長量顯著增長了 26%，收入增長了 26%，總收入達到 26 億雷亞爾或 200 兆瓦時，並且該數量在短期內變現，440 雷亞爾百萬。

So the performance in the generation is very strong besides the economic moment that we are living in Brazil. So here, we have this regulatory view of the transmission, so I'd like to highlight this because that is of revenue of transmission are different from the regulatory. I'd like to highlight first that we continue evolving a lot in terms of regulatory.

因此，除了我們生活在巴西的經濟形勢之外，這一代人的表現也非常強勁。所以在這裡，我們對輸電監管有這樣的看法，所以我想強調這一點，因為輸電收入與監管不同。我想首先強調的是，我們在監管方面不斷發展。

So the green ones on the left side shows that in our portfolio, our regulatory revenue of 3,234 [billion] to about BRL 600 million growth. So it doesn't reflect this trimester in the reported IFRS and almost 4 billion 216. This is due to the fact that you have the revenue of the transmission segment indexed here to the variations basically, especially on the curing inflation rate to 2% in this quarter against 2.3% in the same quarter last year.

因此，左側的綠色部分錶明，在我們的投資組合中，我們的監管收入從 32,340 億雷亞爾增長到約 6 億雷亞爾。因此，它沒有反映報告的國際財務報告準則中的這個三個月和近 40 億 216。這是因為您將傳輸部門的收入基本上索引到此處的變化，特別是在將通貨膨脹率固化為 2% 的情況下。本季度同比增長 2.3%，而去年同期為 2.3%。

(inaudible) the even bigger one. So you can only keep this revenue stable because we had a spot growth of the assets in the concession in terms of BRL 350 million. So this is an important part I'd like to highlight. And 15% increase liquid of inflation of -- and the reprofiling of also -- of the figures you see on the slide. And now I'll go over to speaking on the financial performance. I will have -- talk about the first slide, and then Elvira will take on.

（聽不清）更大的一個。因此，您只能保持這一收入穩定，因為我們特許權資產的現貨增長為 3.5 億雷亞爾。所以這是我想強調的一個重要部分。您在幻燈片上看到的數字的通脹流動性以及重新分析的數字增加了 15%。現在我將談談財務業績。我將討論第一張幻燈片，然後埃爾維拉將發言。

I'd like to highlight here a couple of things. In the second quarter, we reported the financial results, a growth of IFRS or the adjusted value of 13%, BRL 9.2 billion in the quarter, revenue growth of EBITDA reported of 44%, $5.8 billion and the adjusted EBITDA of 5.6, so above the inflation.

我想在此強調幾件事。在第二季度，我們報告了財務業績，IFRS或調整後值增長13%，本季度為92億雷亞爾，EBITDA收入增長44%，為58億美元，調整後EBITDA為5.6，以上通貨膨脹。

However, result in the last line that has a set of items that we considered nonoccurring that we have reported BRL 406 million in profit -- BRL 402 million in profit. That is adjusted in -- so these are highlights in this quarter. The growth of revenue to consolidation of SAESA and our regulatory recovery, our investments that I will talk more about, the reduction of provision for compulsory loans. So also continuing in this line and also savings related to employees that have left to have add preventive health plan and so on.

然而，最後一行包含一組我們認為不發生的項目，即我們報告了 4.06 億雷亞爾的利潤 - 4.02 億雷亞爾的利潤。這是經過調整的——所以這些是本季度的亮點。 SAESA 合併帶來的收入增長以及我們監管的恢復、我將更多談論的投資、強制貸款撥備的減少。因此，還要繼續從事這一行，以及與離職員工相關的儲蓄，以增加預防性健康計劃等。

We are already working as has said with an expectation of a savings of BRL 17 million monthly just with the people in the company. We have a growth of -- due to the consolidation of SAESA, an increase of also -- of our consolidation (inaudible) all of these conditions. We also had a growth of BRL 100 million now operational cost because we had here the consolidation SAESA 300 and we adjust 15% those add more than the balance that we are reporting here. And then we have here in the effect of what we understand that we have to be observed in nonoccurring the anticipation of the payment. We have a discount for anticipation of resources that are brought forward and about BRL 1.3 billion. And then also -- and reducing compulsory loans provisions.

正如我們所說，我們已經在與公司員工合作，預計每月可節省 1700 萬雷亞爾。由於 SAESA 的整合，我們的增長也得到了增長（聽不清）所有這些條件。我們現在的運營成本也增長​​了 1 億巴西雷亞爾，因為我們在這里合並了 SAESA 300，我們調整了 15%，這些增加超出了我們在這里報告的餘額。然後，根據我們的理解，我們必須觀察未發生的付款預期。我們對預結資源的預期有約 13 億雷亞爾的折扣。然後還有——減少強制貸款規定。

We have a reduction of BRL 335 million in terms of BRL 377 million in the monetary updated. So we have in this -- starting this quarter, a part of BRL 1.8 billion, which is amortization of capitalization and part of obligations related to regulatory funds, totaling (inaudible) you can see, BRL 1.8 billion. So this is something that becomes a priority in the company, in the evaluation of alternatives for additional financial expenditures.

更新後的貨幣金額為 3.77 億雷亞爾，我們減少了 3.35 億雷亞爾。因此，從本季度開始，我們有 18 億雷亞爾的一部分，這是資本攤銷和與監管基金相關的義務的一部分，您可以看到，總計（聽不清）為 18 億雷亞爾。因此，在評估額外財務支出的替代方案時，這成為公司的優先事項。

So moving on to (inaudible). So we have half an hour presentation. So I'd like to reach 45 minutes. So thank you, Wilson. So I'd like to talk about some details related to the demonstration of results. As Wilson has already mentioned, we had here a growth relevant of our gross revenue of 3% to BRL 11 billion. And I would also like to make some comments on our base in which we consider reoccurring, which is our adjusted base.

所以繼續（聽不清）。所以我們有半個小時的演講。所以我想達到 45 分鐘。所以謝謝你，威爾遜。所以我想談談一些與結果展示相關的細節。正如威爾遜已經提到的，我們的總收入增長了 3%，達到 110 億雷亞爾。我還想對我們考慮重複發生的基礎，即我們調整後的基礎，發表一些評論。

The more relevant of increase of revenue already is the consolidation of the SAESA energy company and that are -- and this is reflecting the regulatory environment. As also in the Santo Antônio also has price -- average prices of over 200. And this reflects in this increase of revenue. The slide that we will highlight more of ahead. I'm not going to mention now, but we will show more details later on. But in the block of costs, the operational costs that is in light blue, it's important to highlight the Santo Antônio with the same way that he hedge value, it also brings its costs in this period.

與收入增長更相關的是 SAESA 能源公司的合併——這反映了監管環境。聖安東尼奧也有價格——平均價格超過 200。這反映在收入的增加上。我們將在後面重點介紹這張幻燈片。我現在不打算提及，但稍後我們會展示更多細節。但在成本塊中，淺藍色的運營成本，重要的是要以對沖價值的方式突出聖安東尼奧，它也帶來了這一時期的成本。

So in the construction, we have especially has accelerated later, a lot of the investments in -- adding value to the transmission, which is very positive. And then we have an increase in the revenue of BRL 200 million. And in the case of our thermoelectric Santa Cruz in the first quarter, it did not only was dispatched but also it was performing some test to do a cycle. So there was no need, which -- so there was no need for field, which we save BRL 200 million in amortization. And I'd like to show you here about -- also consolidation, we have BRL 500 million. So we have an increase of 80% in expressing increases, and this is an effect on noncash, which is the amortization of these new contracts that we signed with the capitalization.

因此，在建設中，我們後來特別加速了很多投資——增加變速箱的價值，這是非常積極的。然後我們的收入增加了 2 億雷亞爾。就我們第一季度的聖克魯斯熱電項目而言，它不僅被派出，而且還進行了一些測試以進行循環。所以不需要，所以不需要場地，我們節省了 2 億雷亞爾的攤銷費用。我想在這裡向您展示——還有整合，我們有 5 億雷亞爾。因此，我們的表達增加了 80%，這是對非現金的影響，即我們用資本簽署的這些新合同的攤銷。

So this brings more or less BRL 350 million and also the depreciation that comes from Santo Antônio Energia. And the final financial results, the duties of the debt with Santo Antonio, which are consolidated that after renegotiation. So we see a reduction in these amounts. And the programs for relevant that is the PCI and also the duties and -- so special projects. They see here very important to highlight that, in this moment, we are having this impact on the financial results, which is also noncash in bank, but impact -- a cash impact, which is -- it's very important because this impact follows the flow of 20% a year. So we pay this BRL 900 million referring to the initial projects and recovering the basins and also (inaudible) region.

因此，這或多或少帶來了 3.5 億雷亞爾，同時也帶來了來自 Santo Antônio Energia 的折舊。最終的財務結果，與聖安東尼奧的債務義務，在重新談判後合併。因此，我們看到這些金額有所減少。相關的計劃是 PCI 以及職責和特殊項目。他們認為在這裡非常重要的是要強調，此時此刻，我們對財務業績產生了這種影響，這也是銀行中的非現金影響，但影響 - 現金影響 - 這是非常重要的，因為這種影響遵循年流量20%。因此，我們支付了 9 億雷亞爾，用於初始項目和恢復盆地以及（聽不清）地區。

And now in April, we have already paid. They also refer to this year, which is BRL 620 million. So from this -- in terms of cash, we have done everything, but the amount of that will go to the -- financial result is higher. So it's important to make this comment. And also in the currency exchange situation, we did not -- we have even better result -- positive result in the quarter last year.

現在四月份了，我們已經付款了。他們還提到今年，即 6.2 億雷亞爾。因此，就現金而言，我們已經做了一切，但其中的金額將用於財務業績更高。所以發表這個評論很重要。在貨幣兌換方面，我們去年季度也沒有取得積極的成果，甚至取得了更好的成果。

So we had -- that's why this negative result of years here. And then we show the hedge here for 90% of our expedition. So starting in May, this exchange -- currency exchange relation will stop existing. So now moving on to the second to the following slide. So we see here the detail of the graphic recomposition of our revenue -- of growth revenue, remembering always that the 2 extremes IFRS, and we are focusing here in the columns of darker blues, whereas the recurring results.

所以我們——這就是為什麼多年來這裡的負面結果。然後我們在這裡展示了 90% 探險活動的對沖。所以從5月份開始，這種交換——貨幣交換關係將不再存在。現在轉到下一張幻燈片的第二張。因此，我們在這裡看到了我們收入的圖形重組的細節——增長收入，始終記住兩個極端的國際財務報告準則，我們在這里關注的是深藍色的列，而經常性的結果。

As I already mentioned, the main effect was increase in the generation with the concentration Santo Antônio Energia. Besides that, we also had Eletronorte regulatory environment, and then this has added BRL 600 million in terms of revenue. And already explained, we did not have the -- we do not have the operation of Santa Cruz in the first effect.

正如我已經提到的，主要影響是 Santo Antônio Energia 濃度的發電量增加。除此之外，我們還有Eletronorte監管環境，這為我們增加了6億雷亞爾的收入。已經解釋過，我們沒有——我們沒有在聖克魯斯的第一個效果中進行操作。

So this brings this result. And also from a regulatory view, we had an increase of revenue from IFRS, we have a light reduction. As I already explained by Wilson and also due to inflation and I'm moving on to the next slide, the PMSO.

所以這就帶來了這個結果。而且從監管角度來看，我們的 IFRS 收入有所增加，但略有減少。正如我已經由威爾遜解釋的那樣，也由於通貨膨脹，我將繼續看下一張幻燈片，PMSO。

So on the left side, we have the graph. The superior part is IFRS and the lower one is the -- what we consider the reoccurring, so that we can make a comparison and effect of comparing a regular basis. We have deconsider (inaudible) because he has added 72 million of PMSO. So you're on the right side, so the main points that I would like to highlight. Our main expenses in these people and that has grown 44 million. As we highlight on the right reoccurring people only -- which has only increased 12%, which is much lower than we have adjusted the collective bargaining.

所以在左側，我們有圖表。上面的部分是IFRS，下面的部分是我們認為重複發生的，這樣我們就可以定期進行比較和比較的效果。我們已經取消考慮（聽不清），因為他添加了 7200 萬的 PMSO。所以你是正確的，所以我想強調的要點是。我們的主要開支在這些人身上，已經增長了4400萬。正如我們僅強調正確的重複出現的人 - 僅增加了 12％，這遠低於我們調整集體談判的水平。

And the main -- we have an economy with the dismissals that have already happened. The program with the collective agreement has already explained -- also health plan has been intensified as it usually happens when we have the dismissal plans added more 10 million. And also, we had the expenses event though we have kept the reoccurring.

最重要的是——我們的經濟已經發生了解僱事件。集體協議計劃已經解釋過——健康計劃也得到了加強，因為通常當我們將解僱計劃增加 1000 萬人時就會發生這種情況。而且，我們也發生了費用事件，儘管我們一直在重複發生。

In fact, it doesn't come back to happen. The other people that have been dismissed together with PDV, the dismissal plan. So these are the main points. And in the block of services and also the last comment, so the perspective is that from now, want to continue this reduction in the dismissal plans as they keep on going and that they will launch and that are still coming out in the next 6 months.

事實上，它不會再發生。與PDV一起被解僱的其他人，解僱計劃。這些是要點。在服務塊以及最後的評論中，所以觀點是，從現在開始，希望繼續減少解僱計劃，因為它們將繼續進行，並且它們將在未來 6 個月內推出。

In the blocks of services, I'd like to highlight here, we had an increase of BRL 59 million, but a great part of that are expenses that also will happen for a limited time, which are the consultancies that are helping us with all of this plan of transformation, we had here 280 million for the transformation office and other legal services and also the technical nature like maintenance of assets from our subsidiaries. So this has added to BRL 22 million. And others, we have a small increase of BRL 7 million, mainly from -- according to the retired from chefs, and we have several savings as we highlight to is the initiative of insurance. We had already implemented last year.

在服務方面，我想在這裡強調，我們增加了 5900 萬雷亞爾，但其中很大一部分是在有限時間內發生的費用，這些費用是幫助我們解決所有問題的諮詢公司。在這個轉型計劃中，我們有2.8億用於轉型辦公室和其他法律服務以及子公司資產維護等技術性服務。因此，這增加了 2200 萬雷亞爾。其他方面，我們小幅增加了 700 萬巴西雷亞爾，主要來自——根據退休廚師的說法，我們有一些節省，因為我們強調的是保險的舉措。我們去年就已經實施了。

And now in this first quarter, we had implemented more BRL 17 million in reduction with the insurance and also lets which is making some aviation of assets and rights, I have that another BRL 5 million. And now with operational provisions, this is one of the highlights in the quarter comparing to the same quarter last year, an expressive result. The compulsory loans, we do not have an increase of provisions. We have a reversion where we -- due to the work that has already been mentioned in our conferences in the line that highlights as green PCLD. Last year, we had a provision of Amazonas Energia, the distributor should Eletronorte and also the -- all the provisions and we do not have impacting basically in any of PCLD.

現在在第一季度，我們通過保險減少了 1700 萬雷亞爾，還讓其製作了一些航空資產和權利，我還有另外 500 萬雷亞爾。現在有了運營條款，與去年同期相比，這是本季度的亮點之一，這是一個富有表現力的結果。對於強制貸款，我們沒有增加撥備。由於我們的會議中已經提到了綠色 PCLD 的工作，因此我們進行了回歸。去年，我們對 Amazonas Energia、經銷商 Eletronorte 以及所有這些條款都做出了規定，但我們基本上對任何 PCLD 都沒有影響。

And now going to the last line about to know legal provisions. We had an increase of BRL 350 million, BRL 370 million, which is highlighting. A great part of this are the updates in the old process that are already existing and some situations of process that there was a reclassification of risking function due to some unfavorable decisions and in the summary that we have the initiative according to the loans, and there's another initiatives led by the -- by our legal Vice President to address these other process, they are non-compulsory and I will retain some reductions and agreements in the future.

現在進入最後一行了解法律條款。我們增加了 3.5 億雷亞爾、3.7 億雷亞爾，這一點很突出。其中很大一部分是對現有舊流程的更新，以及由於一些不利的決定而對風險功能進行了重新分類的流程的某些情況，總而言之，我們根據貸款採取了主動行動，並且有由我們的法律副總裁領導的另一項舉措旨在解決這些其他進程，它們是非強制性的，我將來將保留一些削減和協議。

So to the next slide, we have a variation of the EBITDA with an increase of 10%, which has already been explained by the previous events. And then the partnership, we do have Itaipu less BRL 116 million. And now Itaipu is not uncontrolled by us and the other effects of expenses I have already explained so -- in the next slide, so that we can reach the conclusion, variation of our net profit, which is the most relevant one, the financial result which has this [fall of] BRL 3 billion and is variation of [BRL 3.2 billion] negative, what we have today with reoccurring values that are being addressed or highlighted on the bottom.

因此，在下一張幻燈片中，我們看到 EBITDA 增長了 10%，這已經由之前的事件解釋過。然後，通過合作，我們確實為伊泰普少了 1.16 億雷亞爾。現在伊泰普並非不受我們控制，我已經在下一張幻燈片中解釋了費用的其他影響，以便我們得出結論，淨利潤的變化，這是最相關的，財務結果其中 [下降] 30 億雷亞爾，變化為 [32 億雷亞爾] 負值，我們今天所擁有的重複出現的值正在底部得到解決或突出顯示。

So it refers to -- this BRL 1.3 billion refers to these insurance expenses BRL 709 million, the Santo Antônio, which we will renegotiate and this variable and our currency liquidity BRL 886 million and also in the part of highlights that we have the discount of BRL 335 million in order to receive [BRL 950 million] which will take 20 years we have already received. And this is a single event. So -- and after the compulsory loans each trimester, it tends to decrease in the volume of contingencies, and this has been over 5 -- this value has already been over BRL 500 million and now you see it's lower. And also leverage, we see the company continues this in the value of net debt and EBITDA. We have the composition, the gross debt we had to [BRL 159 billion] last year, and now we're going to [BRL 158 billion].

因此，這 13 億雷亞爾指的是這些保險費用 7.09 億雷亞爾，我們將重新談判的聖安東尼奧，這個變量和我們的貨幣流動性 8.86 億雷亞爾，以及我們有折扣的部分亮點3.35 億雷亞爾才能收到 [9.5 億雷亞爾]，我們需要 20 年才能收到。這是一個單一事件。因此，在每個三個月的強制貸款之後，意外事件的數量往往會減少，並且已經超過 5，這個值已經超過 5 億雷亞爾，現在你看到它更低了。還有槓桿作用，我們看到該公司在淨債務和 EBITDA 價值方面繼續保持這一趨勢。我們已經了解了去年的債務總額[1,590 億雷亞爾]，現在我們將要[1,580 億雷亞爾]。

And we also had a small decrease in the cash due to the payments that have already been done, but we kept the growth of EBITDA and also the net debt into times and some and also the payment of [CDE] which we paid already in April, BRL 126 million dividends that we will pay in the end of the -- in the end of May up to June. And also, we reached [BRL 900 million] from ENBPar and also the last slide of the investments that have been a significant growth of 191%, consolidating the tendency that started last quarter.

由於已經付款，我們的現金也略有減少，但我們保持了 EBITDA 和淨債務的增長，部分以及我們在 4 月份已經支付的 [CDE] 的付款我們將在 5 月底至 6 月底期間支付 1.26 億雷亞爾的股息。此外，我們從 ENBPar 獲得了 [9 億雷亞爾]，最後一次投資顯著增長了 191%，鞏固了上季度開始的趨勢。

So over BRL 1.5 billion in investment is -- adds to the operation that is already mentioned, adding the company's debt also the Cemig of the plants of HPP Retiro Baixo and Baguari Energia, also continuing the buying of Santo Antônio and also inside the investments, the wind park, which -- that we are building. So we end here the financial highlights and then we can go on to (inaudible) . Thank you, regulatory because we had important decision here related to -- so I will give the word to (inaudible) so that he can explain here.

因此，超過 15 億雷亞爾的投資是——增加了已經提到的業務，增加了公司的債務以及 HPP Retiro Baixo 和 Baguari Energia 工廠的 Cemig，還繼續購買 Santo Antônio 以及投資，我們正在建設的風電場。我們在此結束財務摘要，然後我們可以繼續（聽不清）。謝謝監管部門，因為我們在這裡做出了與相關的重要決定，所以我將向（聽不清）發言，以便他可以在這裡進行解釋。

So thank you. Thank you, (inaudible). Good afternoon, everyone. So we'll go here to the slide we brought here the highlights the full main focus in the RBSE, which is a team that has already highlighted, we had a new technical norm of SGT which had a difference of nomenclature inside ANEEL, but it was issued inside the SGT U.S. filing, which consolidated the analyses of the contributions of transmissions, of generators, of consumers in relation to what sit in the technical norm of the same number of last year.

所以謝謝。謝謝你，（聽不清）。大家下午好。因此，我們將轉到幻燈片，我們在這裡帶來了 RBSE 的全部主要焦點的亮點，這是一個團隊已經強調的，我們有一個新的 SGT 技術規範，它在 ANEEL 內部的命名法有所不同，但它是在 SGT 美國文件中發布的，該文件綜合了對傳輸、發電機和消費者的貢獻與去年相同數量的技術標準相關的分析。

It brought -- it did not bring a lot of innovation in terms of understanding to the new note, but it brought an understanding that is very similar, and sharing in this meeting in 3 topics. The first topic is amortization which is anticipated and even though it didn't bring a change in of understanding the technical terms of 86 -- 85/2022 but it gave us 2 ways the same way of payment up to which is post anticipated, which was widely discussed in our public audience meeting in 2017 and also was in our understanding the position of the promoter's office and not to changing this item and keep it until the flow of payment to waive this post anticipated manner and also brought some of the possibilities.

它帶來了——它在對新筆記的理解方面並沒有帶來很多創新，但它帶來了非常相似的理解，並在本次會議上分享了 3 個主題。第一個主題是預期的攤銷，儘管它沒有帶來對 86 -- 85/2022 技術術語的理解的改變，但它為我們提供了兩種與預期後相同的付款方式，其中在我們2017年的公眾觀眾會議上被廣泛討論，也是我們理解發起人辦公室的立場，不改變這個項目並保留它直到支付流放棄這個職位的預期方式，也帶來了一些可能性。

And also as shown in the 2022 Technical Note, the possibility of change of amortization to anticipate as June 2020, which was the understanding the technical term that was concluded in these 2 ways related to the separation of flows of application of [ke] in the installment that is different from that of the methodology that was already run.

並且如 2022 年技術說明中所示，預計 2020 年 6 月攤銷發生變化的可能性，這是對以這兩種方式得出的與 [ke] 應用流量分離相關的技術術語的理解與已運行的方法不同的分期付款。

It changed the -- bringing in this technical term last year and also about reaffirming the understanding that the agency should be no change so that -- I'm sorry, the (inaudible) should be changed so that it would be -- can be -- have the calculated the debt that is still due payments and also some difference in calculation. We are still looking at the numbers that were made available, and we had (inaudible) included in the -- this process inside the meeting now on Friday, we are here with Eletrobrás and also (inaudible) discussing with ANEEL several times with the legal team -- the technical team, the legal team.

它改變了——去年引入了這個技術術語，並重申了這樣的理解，即該機構不應該改變，以便——我很抱歉，（聽不清）應該改變，以便它可以——可以-- 計算了仍到期付款的債務，並且計算上也存在一些差異。我們仍在查看可用的數字，並且我們已（聽不清）納入了周五會議中的這一流程，我們與 Eletrobrás 一起在這裡，還（聽不清）與 ANEEL 與法律部門進行了多次討論團隊——技術團隊、法律團隊。

In the next week, we will be there in the public audience referring the legal reference and the predictability of the rules that define in several decisions that were taken in the sector, highlighting that we don't have any merit decision related to the team, but possibly it will be taken on Tuesday.

下週，我們將在公眾面前提及該行業做出的幾項決定中定義的規則的法律參考和可預測性，強調我們沒有任何與團隊相關的優點決定，但可能會在周二進行。

We -- I'm not sure in which way we will forward, which way the Board will forward because these votes have not been made available yet, but they -- hopefully, they keep the same terms with the consolidation process and the final discussion. And also this update of our RBSE. So now we wait for the decision in the next Tuesday.

我們——我不確定我們將採取何種方式推進，董事會將採取何種方式推進，因為這些投票尚未公佈，但他們——希望他們在合併過程和最終討論中保持相同的條款。還有我們的 RBSE 的更新。所以現在我們等待下週二的決定。

So we have 2 more slides. I want to highlight that we made available our annual report that I recommend reading, we have it complete in summarized in English and Portuguese with -- where we talk about the future of the company, any sequence, some recognition. First of all, I would like to advise leading the initiative that was launched in February by the Global Pact of United Nations and Human Rights in the electric sector and also some recognition done by several organs and agencies and they put Eletobras as one of the best companies in electric energies in Brazil. And IFR awards in the category of Latin America of equity by capitalization and the permanent -- and our stay in many other awards placed here. So I just wanted to say that this is a permanent commitment that we have.

所以我們還有兩張幻燈片。我想強調的是，我們提供了我推薦閱讀的年度報告，我們用英語和葡萄牙語對其進行了完整的總結，其中我們討論了公司的未來、任何順序和一些認可。首先，我想建議領導一項由聯合國和人權全球公約在電力行業於二月份發起的倡議，以及一些機構和機構的認可，他們將 Eletobras 視為最好的倡議之一巴西的電力公司。 IFR 在拉丁美洲按資本化和永久股本類別授予獎項 - 以及我們在此設立的許多其他獎項。所以我只想說這是我們的永久承諾。

And obviously, as closing this -- our first intervention here with us. I'd like to thank you. This is the work that has been done in a very cohesive way with the Board of Directors of Eletrobrás and the new executive management. And I'd also like to highlight and share that the Board has met in a very intense manner and we are advancing. And I clearly have the impression that we are advancing very much so in the strategic -- in our strategic agenda, creating value for the company. And this -- and this is due to the dedication of everyone to the -- to a greater cause, which is adding value throughout all the treasured ones who -- which Eletrobrás interact. So now we're free for questions that you may have.

顯然，作為結束語，我們在這裡進行了第一次干預。我想謝謝你。這項工作是 Eletrobrás 董事會和新的執行管理層以非常有凝聚力的方式完成的。我還想強調並分享的是，董事會以非常緊張的方式召開了會議，我們正在取得進展。我清楚地感覺到，我們在戰略方面取得了很大進展——在我們的戰略議程中，為公司創造了價值。這要歸功於每個人對一項更偉大事業的奉獻，這一事業為所有與 Eletrobrás 互動的珍貴人士增加了價值。現在我們可以免費回答您可能有的問題。

(Operator Instructions) And then now we will go to the first question, which comes from Andre Sampaio sell-side analysts from Santander Bank.

（操作員說明）現在我們進入第一個問題，該問題來自桑坦德銀行賣方分析師安德烈·桑帕約（Andre Sampaio）。

I have 2 questions. The first question is referring to the contracts of (inaudible) to be added like to know more about what you already understand is a contract, what has been already been requested in terms of canceling and also any -- and if this is already known by the company, this is reflected in the energetic balance. So if we -- some adjustment it should be done or not. So depending on the discussion of (inaudible).

我有 2 個問題。第一個問題是指要添加的（聽不清）合同，想更多地了解您已經了解的合同、在取消方面已經要求的內容以及任何內容 - 如果這已經由對公司來說，這體現在能量的平衡上。因此，如果我們——是否應該進行一些調整。所以取決於（聽不清）的討論。

And the next question, Angra, if you can talk about the expectation of Angra, in fact, in -- and still speaking about Angra if we decide to build Angra, how would this division of cost of mobilization and of suppliers? Would it be shared by the stake -- economic stake or original owners.

下一個問題，安格拉，如果你能談論安格拉的期望，事實上，如果我們決定建造安格拉，仍然談論安格拉，那麼動員成本和供應商成本的劃分將如何？是由股權（經濟股權還是原始所有者）分享。

So I'd like to -- I'll ask in the specific case of (inaudible) Carlos talk so that just going to leave -- related to Angra III, we had this week, I recommend that you have access to the material that has been shared by Alexandre Silveira who was there in the National Congress. Je reaffirmed that the commitment that we have of this construction of Angra, which I said is really important for the electric system, especially in the Southeast region, the metropolitan area of Sao Paulo and (inaudible) which this process in the clear manifestation from the minister, it's a priority of the government. So now I will give the word to Limp -- so to talk about the expectation and this risk that you have mentioned, and National Congress will talk about indiscernible . So [Limp] please.

所以我想 - 我會在（聽不清）卡洛斯談話的具體情況下詢問，以便離開 - 與我們本週舉行的安格拉三世有關，我建議您可以訪問以下材料出席國民大會的亞歷山大·西爾維拉 (Alexandre Silveira) 也分享了這一觀點。 Je 重申了我們對安格拉建設的承諾，我說過這對於電力系統非常重要，特別是在東南地區、聖保羅大都市區，並且（聽不清）這一過程清楚地體現在部長，這是政府的優先事項。所以現在我要向林普說——所以要談談你提到的期望和這種風險，而國民議會將談論難以辨別的問題。所以請[跛行]。

So thank you. So I think your approach a very important point that the scenario that we work with is to complete execution of the project. So the project already has -- most of it is already concluded. It's a significant part that is already advanced. So there is still some important parts. But most of that has been done, we have discussed here together with the ministry that has done this interference also with some of our courts that -- so that we can approve the tariff.

所以謝謝。所以我認為你的方法非常重要，我們使用的場景是完成項目的執行。所以該項目已經——大部分已經完成。這是已經先進的重要部分。所以還有一些重要的部分。但大部分工作已經完成，我們在這裡與進行這種干預的部門以及我們的一些法院進行了討論，以便我們能夠批准關稅。

And all the contracts that we have had with public sector and where we had some audience, there was a specific presentation about nuclear energy, Angra -- Angra I, Angra II and also mining associated to the nuclear energy and also the project of Angra III. So our scenario is executing the project. Our role as shareholders is to contribute and finish the modeling and within the execution of the project.

我們與公共部門簽訂的所有合同以及我們有一些觀眾的地方，都有關於核能、安格拉-安格拉一號、安格拉二號以及與核能相關的採礦以及安格拉三號項目的具體介紹。所以我們的場景是執行該項目。作為股東，我們的角色是在項目執行過程中貢獻並完成建模。

So we are in, in fact, structuring (inaudible) areas that are -- that's into following this project due to the importance of the project to Eletrobrás and also something, like, as is we don't work in this area nonexecution, but from electrical nuclear it's -- we talk about -- we have to talk about the shareholders. There is no rule of how it will be treated.

因此，事實上，我們正​​在構建（聽不清）領域——由於該項目對 Eletrobrás 的重要性，因此我們正在關注該項目，而且我們不從事該領域的非執行工作，但是從電力核能的角度來看，我們必須談論股東。沒有規定如何對待它。

So it's not the basic scenario that we worked with. I'd like to highlight that this is a project that the risk of 70% of the construction is already concluded, what -- basically what's missing from the moment that we follow up with this critical process, which is compliant with the CFO work. This is a project similar Angra II, same size, same machine. And we have here in terms of investment besides commissioning, which is the main activity that needs to be developed. We have here the instrumentation, which is a very modern is the greatest change related to instrumentation. So I think this is the fundamental factors so we have the development of this construction.

所以這不是我們處理的基本場景。我想強調的是，這個項目 70% 的施工風險已經結束，從我們跟進這個符合 CFO 工作的關鍵流程那一刻起，基本上就缺少了哪些內容。這是一個類似Angra II的項目，相同的尺寸，相同的機器。除了調試之外，我們還進行了投資，這是需要開發的主要活動。我們這裡有儀器儀表，這是與儀器儀表相關的最大變化，這是非常現代的。所以我認為這是我們有這個建設發展的根本因素。

So Joao Carlos, please.

請若昂·卡洛斯發言。

So good afternoon Andre, what happens with this impact. Basically, it's given to as I mentioned already. So this volume is unlocked. We consider it as not contracted energy (inaudible). So the price BRL [109 million, BRL 185 million], great part of it is for the investment funds in Northeast and Southeast. What the company retains basically is the very similar to the court. So with this we with the breach -- we incorporated this volume is already informed, and this means value that we can put in new operations of -- new operations.

下午好，安德烈，這種影響會發生什麼。基本上，正如我已經提到的那樣。所以這個卷就被解鎖了。我們認為它不是合同能量（聽不清）。所以價格[1.09億雷亞爾，1.85億雷亞爾]，很大一部分是給東北和東南部的投資基金的。公司保留的基本上就是和法院很相似的。因此，我們有了突破口——我們已將本卷納入其中，這意味著我們可以在新業務中投入價值——新業務。

Our next question comes from Marcelo Sa from Itau.

我們的下一個問題來自 Itau 的 Marcelo Sa。

I have some questions. The first is trying to understand with your head, the terms of capacity, what will happen by the end of the year. If you have a relevant potential with the capacity you could offer and also about another question, that makes sense or not is to have this discussion with the government is a transfer of participation that Eletrobrás has in the assets -- in the nuclear assets, the government so that to the -- if it will make sense to have any type of negotiations with the government to take this risk, this uncertainty that you have in these parameters of Angra III.

我有一些問題。首先是嘗試用你的頭腦來理解容量條款，以及到年底會發生什麼。如果你有相關的潛力和你可以提供的能力，還有另一個問題，那就是與政府進行討論是否有意義，這是 Eletrobrás 在資產中的參與權的轉移——在核資產、政府因此——如果與政府進行任何類型的談判來承擔這種風險、安格拉三號的這些參數中存在的不確定性是有意義的的話。

And the third question, it's about (inaudible) in the canceling of (inaudible) this appears 0 for Eletrobrás due to the new resources that we will go to the fund that will not go to the company. So these are the 3 questions, basically.

第三個問題是關於（聽不清）取消（聽不清）Eletrobrás 的數字為 0，因為我們將向基金提供新資源，而不會向公司提供資源。基本上就是這三個問題。

So I'd just like to complement, it's not that it's not the state of the company, the resources to the transfer cost to the cash flow to the company. And -- but it's a restricted fund, the company can only use these resources for and establishing law, so contracting this energy, which is another way of (inaudible) would be free to sell the way you want. So in hydrological conditions, pay better price, better market price data. So you cannot use these resources to pay dividends. There are -- there is a specific destination established by law related to -- this is like the difference of hike and the difference in revenue.

所以我想補充一下，並不是說這不是公司的狀態，資源到轉移成本到公司的現金流。而且——但這是一個受限制的基金，公司只能將這些資源用於製定法律，因此承包這種能源，這是另一種（聽不清）方式，可以按照你想要的方式自由出售。所以在水文條件下，付出更好的價格，更好的市場價格數據。所以你不能用這些資源來支付股息。有 - 有一個由相關法律規定的特定目的地 - 這就像加息的差異和收入的差異。

And so about the comments, go ahead please. This participation that today there is nothing today that in discussion in this way. So the main focus of, I believe, of the government and Eletrobrás is to define the conditions of the verbalization of the venture, the tariff, it's very important the contract who will supply the equipment, the completion of the construction. These are the main focus related to Angra III.

關於評論，請繼續。這種參與，今天沒有什麼，今天在這樣的討論中。因此，我認為，政府和 Eletrobrás 的主要關注點是確定合資企業的口頭條件、關稅、由誰提供設備、完成施工的合同非常重要。這些是與Angra III 相關的主要焦點。

Then about the auction of capacity at the end of the year, you have the potential to much of capacity that you have today if it's an option to generate that for the company and what will be the amount that could go to auction and some idea about what do you think will be the contract in terms of capacity in this auction. So I can speak about that. So I think we have to wait first to define what will be the guidelines, the final objective of contracting and as far as that would be able to participate.

然後，關於年底的產能拍賣，如果可以選擇為公司生成產能，那麼您就有可能獲得今天擁有的大部分產能，以及可以拍賣的金額是多少，以及一些想法您認為本次拍賣中的合同容量是多少？所以我可以談談這個。因此，我認為我們必須首先等待確定指導方針、簽約的最終目標以及能夠參與的程度。

If it's just the thermal ones and then we have -- we don't have any -- we don't have anything to evaluate where we have to evaluate the opportunities. But we have the work also here really associated to regulatory agenda, where we have the valuing of the attributes provided by the thermal electric plants, which could be in the process of contracting due to the necessity of even more system that of the service provided by the hydroelectrics.

如果只是熱方面的，那麼我們就沒有任何東西可以評估，我們必須評估機會。但我們這裡的工作也確實與監管議程相關，我們對熱電廠提供的屬性進行了評估，由於需要更多的系統來提供服務，這些屬性可能正在簽訂合同的過程中。水力發電。

I don't know if it's in this line, if you were specifically talking about the thermal electric ones.

我不知道它是否在這一行中，如果你是專門談論熱電的。

No, in fact, is an auction in general. So there's a discussion. There will be different products in the auction. Mainly in the thermal we will ship products that will be computing. So this is the question. So what has been raised in terms of hydroelectric is related to the amplification and not the current capacity, but will be the guidelines defined by the Ministry.

不，實際上是一般的拍賣。於是就有了討論。拍賣會上會有不同的產品。我們將主要在熱學領域推出計算產品。所以這就是問題所在。因此，水力發電方面提出的問題與放大率有關，而不是與當前容量有關，而是由該部確定的指導方針。

Rafael Nagano is the next question, analyst sell side from Credit Suisse.

下一個問題是瑞信賣方分析師 Rafael Nagano。

Just one question from my side. It will be related to all the employees that are leaving, I don't know if you -- I would like to know if you have any relation of the average cost of the people who are coming in the company compared to those who are leaving by this dismissal plan.

我這邊只有一個問題。這將與所有即將離開的員工有關，我不知道你是否——我想知道你是否知道公司新員工的平均成本與離職員工的平均成本之間是否有任何關係通過這個解僱計劃。

The ones that are coming, they have an average remuneration, 50% of those that we have today in the company in the same categories. Thank you, Rafael, for your question.

那些即將到來的人，他們的薪酬是平均水平，是我們今天公司同類員工薪酬的 50%。謝謝拉斐爾的提問。

Our next question now comes from Antonio Junqueira, sell-side analyst from Citi.

我們的下一個問題來自花旗的賣方分析師安東尼奧·朱奎拉（Antonio Junqueira）。

It's not about operational questions. My question is sometimes the company, they have to defend legally. So now other companies, they have so a lot of contingency money removed. So because short questions are presented, they have to be debated recently. The government has given demonstration that it wants to a legal question, the number of what it has in these assemblies, which is breaching contract, but the company maybe has to defend. So I would like to know what is the legal strategy that -- about the team and what's the official position of the company. The press only talks about one side. Nobody's defend publicly the fact that they're going to have to sort it it's right and then to vote, and I want to come back with that. So this date, you only hear one side of it, so I'd like to ask the company.

這不是操作問題。我的問題有時是公司，他們必須進行法律辯護。所以現在其他公司，他們已經取消了很多應急資金。因為提出的問題很短，所以最近必須進行辯論。政府已表示希望對這些集會中的人員數量提出法律問題，這違反了合同，但該公司可能必須進行辯護。所以我想知道關於團隊的法律策略是什麼以及公司的官方立場是什麼。媒體只談論一方面。沒有人公開捍衛這樣一個事實，即他們必須對其進行排序，然後進行投票，我想帶著這一點回來。所以這次約會，你只聽到了一面，所以我想問問公司。

So first, Junqueira, we have to -- and I speak very comfortably about this. And so this process was an object of ample debate of the society through its representatives in the National Congress. So besides that, it's also a process like a call, we have conducted by an evaluation of the accounting court of the union. So this has been an important approval. So remembering that this -- the public audience about is a process from a legal point of view, I'm not a lawyer, but it's a perfect process.

所以首先，Junqueira，我們必須——我對此感到非常輕鬆。因此，這一過程成為社會通過國民代表大會代表進行充分辯論的對象。除此之外，這也是一個像電話一樣的過程，我們是通過工會會計法庭的評估來進行的。所以這是一個重要的批准。因此請記住，從法律角度來看，公眾關注的是一個過程，我不是律師，但這是一個完美的過程。

And so if you look at the process considering improbable. So less likely. So what Eletrobrás can do is to the public audience. So we can clarify any questions. So this has manifested many very clearly and continues to which the company relates to. So with the minister, which is Mr. Alexandre Silveira we had several interventions -- interactions with the minister. And all other times, we have a position this way. We have to see that the robustness of the project, the process over 300,000 workers from the reserve.

因此，如果你看一下這個過程，就會認為這是不可能的。所以可能性較小。因此，Eletrobrás 能做的就是面向公眾觀眾。這樣我們就可以澄清任何問題。因此，這已經非常清楚地體現了公司所涉及的許多內容並繼續存在。因此，對於部長，即亞歷山大·西爾維拉先生，我們進行了多次干預——與部長的互動。在所有其他時候，我們都是這樣的立場。我們必須看到該項目的穩健性，該過程中儲備了超過30萬名工人。

So it's not a classic process of privatization. Into privatization, you sold all the shares and then for the third -- for any third-party or process, there was -- we didn't sell any shares directly. So in fact, it was diluted by the size of capital, in which the use of this capital is exactly allowing that the Brazilian people could have a reduction of its fees due to the quotes that generated those tariff leg.

所以這不是一個典型的私有化過程。在私有化中，你出售了所有股份，然後對於第三方 - 對於任何第三方或流程 - 我們沒有直接出售任何股份。因此，事實上，它被資本規模稀釋了，其中資本的使用正是允許巴西人民由於產生這些關稅腿的報價而減少其費用。

These were the main elements that determine the -- and also -- and under the worth of this contract from -- as the government received an insight and also in terms of society reducing the amount of -- and also the formation of funds that are in the interest of the union. So this processing in general has a set of advantage. So the advantage that one of the main points is that the corporation that is the model is a partnership model, preferred by all the companies in the world should make this growth process viable.

這些是決定合同價值的主要因素，因為政府獲得了洞察力，並且就社會而言，減少了資金的數量以及資金的形成為了工會的利益。因此，這種處理通常具有一系列優點。因此，要點之一的優點是，該模型的公司是一種合作夥伴模型，受到世界上所有公司的青睞，應該使這一增長過程可行。

Our case, we have the advantage that we also have the Brazilian corporation (inaudible). So it's a Brazilian corporation, all the members here are Brazilians, all the board members are Brazilians, decision process is in Brazil. So this is the first defend in the process is a little bit this It's up to us as a company made available to provide information. I'm talking from a legal there are 4 actions of constitutionality, what are the speculations that have there could be a fifth one.

我們的案例，我們的優勢是我們還擁有巴西公司（聽不清）。這是一家巴西公司，所有成員都是巴西人，所有董事會成員都是巴西人，決策過程在巴西。因此，這是該過程中的第一個防禦，這取決於我們作為一家公司是否可以提供信息。我說的是，從法律上講，有 4 種合憲性行為，有什麼猜測可能存在第五種行為。

So sure the question is given to anyone, is given to the government, and it will exist this right. So we have -- we are direct part, so we don't have a participation. It has to be evaluated in the sequence that they come. So it can be -- it can -- somebody who can contribute to the process as we since we have done this since the first part, now we have 4, and now none of them have given any specific harm or hazard. So it's a process that can be matured and it will be sent to court and judged. So they are given this right.

因此，可以肯定的是，這個問題交給了任何人，交給了政府，並且這項權利將會存在。所以我們——我們是直接參與者，所以我們沒有參與。必須按照它們出現的順序對其進行評估。所以它可以——它可以——像我們一樣能為這個過程做出貢獻的人，因為我們從第一部分開始就這樣做了，現在我們有 4 個，現在他們都沒有造成任何具體的傷害或危險。因此，這是一個可以成熟的過程，並將被送往法庭進行審判。所以他們被賦予了這個權利。

So I understand that we have -- maybe we'll have more in the company provide information or share information of everything that is demanded. It is totally open to this and anything above this, it has to be evaluated in another legal sphere. So the company is making available all the information. And I think in this is my second quarter here, but the big advantage of the capitalization process exactly is to have the company be -- the investor be in Brazil.

所以我知道我們已經——也許我們公司會有更多人提供信息或分享所需的一切信息。它對此完全開放，任何高於此的事情都必須在另一個法律領域進行評估。因此，該公司正在公開所有信息。我認為這是我在這裡的第二季度，但資本化過程的一大優勢正是讓公司——投資者在巴西。

So I think we have this here. We have to triple the transmission value, which is highly important that the minister mentioned the importance of the growth in this area. And now we have no capital to this investment that in the second quarter, we are explicitly negotiating this. And besides, it's also having we are nationalizing putting this in brackets. So crossing participation in some hydroelectrics of renewable energies to also bring this is a greater participation to the Brazilian company, Eletrobras.

所以我想我們這裡有這個。我們必須將傳輸價值增加兩倍，這一點非常重要，部長提到了該領域增長的重要性。現在我們沒有資金進行這項投資，在第二季度，我們正在明確談判這一點。此外，我們還正在將其國有化，並將其放在括號中。因此，跨界參與一些可再生能源水力發電也給巴西公司Eletrobras帶來了更大的參與。

So this is what we can talk about. Besides this, we don't have any way of sensing the legality to question. And from the company side is totally available to share any type of information of all of the communities and also to make it clear that we already are complying with the objective of the process of capitalization, which is to increase the capacity of investment of the company in the interconnection of Brazil and the development of renewable energy in Brazil. And this is what's happening in and the numbers don't lie.

這就是我們可以討論的。除此之外，我們沒有任何方法來判斷質疑的合法性。從公司方面來說，完全可以分享所有社區的任何類型的信息，並明確我們已經遵守資本化過程的目標，即增加公司的投資能力巴西的互聯互通和巴西可再生能源的發展。這就是正在發生的事情，數字不會說謊。

(Operator Instructions) Our next question is from Henrique analyst sell side from JPMorgan.

（操作員指令）我們的下一個問題來自摩根大通賣方分析師 Henrique。

I have some questions. The first is about we've seen an increase or -- a great increase in the financial results. Just BRL 1 billion in 1 quarter. My question is if this value is possible for the following quarters.

我有一些問題。第一個是我們看到財務業績的增長或大幅增長。 1 季度僅 10 億雷亞爾。我的問題是這個值在接下來的幾個季度是否可能實現。

My second question would be about Amazonas Energia. We didn't see any relevant provisions related to Amazon in the first quarter, which is a good news. I would like to know to understand if this -- if you plan to keep this and...

我的第二個問題是關於亞馬遜能源公司的。第一季度我們沒有看到任何與亞馬遜相關的規定，這是一個好消息。我想知道了解這是否——如果你打算保留這個並且……

So thank you Henrique. So first of all, let me start clarifying about the financial results. In fact, BRL 1 billion that appears there, part of it referring to Santo Antônio is 70% debt, BRL 600 million are the other debts of ours. And these duties will decrease after negotiating this debt, which is the next step that is in our work plan. So we're restructuring. So -- and here we're not trading this with the creditors to renegotiate this debt in a way that this value is reduced. It will not disappear.

謝謝恩里克。首先，讓我開始澄清財務業績。事實上，那裡出現的10億雷亞爾，其中涉及聖安東尼奧的部分是70%的債務，6億雷亞爾是我們的其他債務。在談判這筆債務後，這些職責將會減少，這是我們工作計劃中的下一步。所以我們正在重組。因此，我們不會與債權人進行交易，以降低該價值的方式重新談判該債務。它不會消失。

But the intention is that naturally to decrease this another point that is important in the financial results is that we had an impact of the discount that was given to [ENBPar]. This is a single time event. It doesn't repeat, which is a discount of [BRL 350 million]. And the event that happens every 3 quarters is the correction, the adjustment of the applications of CDE and obligations of the reservoir flows and Amazon (inaudible) which are obligations from the capitalization.

但我們的目的是自然地減少財務業績中另一重要的一點，那就是我們受到了 [ENBPar] 折扣的影響。這是單次事件。不重複了，就是折扣【3.5億雷亞爾】。每三個季度發生的事件是修正、調整 CDE 的應用以及水庫流量和亞馬遜（聽不清）的義務，這些義務是資本化的義務。

So I think [Link] can talk about Amazonas.

所以我認為[Link]可以談論亞馬遜。

Just to make observation about the financial result. There has been greater impact we have with IPCA. We have an effect very elevated IPCA. We had a counterpart in the revenue. So 70% of revenue is indexed by IPCA. So just to -- so well mentioned.

只是為了觀察財務結果。我們對 IPCA 的影響更大。我們的 IPCA 效果非常高。我們有相應的收入。因此 70% 的收入由 IPCA 編制索引。所以只是——提到得很好。

Thank you, Paolo, for the complement. So in fact, our -- in the last quarter, we had a relevant provision of Amazonas which really is 90% of that debt from Eletrobrás with Amazon provision. And then this difference of 100%. In fact, there are values that are current ongoing expenses and also debt and other debts that are being paid and we're not observing any default and also growing expenses that many times is question since May last year. We don't observe any default in Amazon distribution, and we have the contract -- bilateral contracting around BRL 350 million a year -- a month.

謝謝保羅的補充。事實上，我們在上個季度為 Amazonas 提供了相關條款，其中 Eletrobrás 債務的 90% 都由亞馬遜提供。然後這個差異是100%。事實上，有些價值是當前持續支出以及正在支付的債務和其他債務，我們沒有觀察到任何違約以及自去年 5 月以來多次出現問題的支出增長。我們沒有觀察到亞馬遜分銷存在任何違約情況，而且我們有合同——每月雙邊合同每年約 3.5 億雷亞爾。

So most of it comes directly from CCE, which is part of the (inaudible) natural gas. And the remainder we received from Amazonas. So we are receiving in a way without default. So we have -- so we would decrease -- we will receive this instrument from ANEEL related to energy of BRL 150 million a month that they had a technical note favorable ANEEL with the Director (inaudible). We have a meeting with him in the following weeks to deal with the topic. So today, we don't have an expectation of under provisions because the values have been paid as I said since May last year. So we still have the value of a less amount but paid to the ongoing expenses. So the provision has already done and we have a debt that is provision significantly above BRL 7 billion, which we have to treating in a global solution, which involves deregulation, the Ministry of Mines and Energy, so that we have a recovery of these provision values.

所以大部分直接來自 CCE，它是（聽不清）天然氣的一部分。其餘的我們從亞馬遜收到。所以我們以一種沒有默認的方式接收。所以我們——所以我們會減少——我們將從 ANEEL 收到與每月 1.5 億雷亞爾能源相關的工具，他們向主任提供了有利於 ANEEL 的技術說明（聽不清）。我們將在接下來的幾週內與他會面來討論這個話題。所以今天，我們預計不會出現撥備不足的情況，因為正如我從去年五月以來所說的那樣，這些價值已經支付了。因此，我們仍然有較少金額的價值，但可以支付持續的費用。因此，該撥備已經完成，我們的債務遠遠超過 70 億雷亞爾，我們必須通過全球解決方案來處理這些債務，其中包括放鬆管制、礦業和能源部，以便我們收回這些撥備價值觀。

Our next question now is from Daniel Travitzky, analyst sell side from Safra Bank.

我們的下一個問題來自 Safra 銀行賣方分析師 Daniel Travitzky。

I'd like to know a little bit more about the strategy of the company related to the (inaudible) of the energy that is in the scenario of fall in the prices of electricity and energy. How do you think about the strategy -- commercial strategy, and this will help a lot.

我想更多地了解該公司在電力和能源價格下跌的情況下與能源（聽不清）相關的戰略。你如何看待戰略——商業戰略，這會有很大幫助。

So I will go to (inaudible). So first of all, I refer to electricity the discussion about the scenario because we forget that 2 years ago, the same economy we have today, we are operating with the biggest drought in our history, 91 years and operating in the highest price. So now we are with one of the best indexes of rain and we are operating, we have an excess of -- overflow of -- we have the first steps of -- we see the economy growing and we have an acquisition here of volumes of energy of 30 years.

所以我會去（聽不清）。因此，首先，我在有關該情景的討論中提到了電力，因為我們忘記了，兩年前，我們今天擁有的經濟體，我們正經歷著歷史上最嚴重的干旱，長達 91 年，並且以最高的價格運行。所以現在我們的降雨指數是最好的之一，我們正在運營，我們有過剩的——溢出的——我們已經邁出了第一步——我們看到經濟增長，我們在這裡收購了大量的30年的能量。

So this -- and our own results into 2023, results of the strategy implemented last year they are robust and the prices they speak for themselves. So I believe that we need to complement. And with that, we have a Vice President of Commercialization. We have the integration of this Vice President with 4 -- we kept 4 directors of commercialization, commercial ones in our subsidiaries.

因此，我們自己到 2023 年的結果、去年實施的戰略的結果都很強勁，而且價格不言而喻。所以我認為我們需要補充。因此，我們有一位商業化副總裁。我們將這位副總裁與 4 名副總裁進行了整合——我們保留了 4 名商業化總監，我們子公司的商業總監。

And we have here a strategy done from the holding with the support of not only by the people in the house, but also -- but we are adding of consultants, things that we didn't have in the past and now instrumentation systems. So an important measurement of risk in terms of risk of the market, risk of credit and operations done weekly with the mandate to our -- by our controlled companies, and we have to come close to the consumer. So we brought (inaudible) here, then he will complement with our answer. So he can talk about this commercial transfer, which is in his hand.

我們在這裡制定了一項戰略，不僅得到了公司內部人員的支持，而且還增加了顧問、我們過去沒有的東西以及現在的儀表系統。因此，從市場風險、信貸風險和每週由我們控制的公司授權的運營方面進行重要的風險衡量，我們必須貼近消費者。所以我們把（聽不清）帶到這裡，然後他會補充我們的答案。所以他才可以談這筆商業轉會，這件事就在他的手裡。

Daniel, I think we also have already answered most of the work that we have done, but have 30 years of electric sector. And this is a cycle question about the price. Sometimes its high, sometimes its low, sometimes it is to have a management of our portfolio that is very efficient and this is what we are implementing now. We are working with revisiting all the process of developing new process.

丹尼爾，我想我們也已經回答了我們所做的大部分工作，但是電力行業已經有30年了。這是一個關於價格的循環問題。有時它很高，有時它很低，有時是對我們的投資組合進行非常有效的管理，這就是我們現在正在實施的。我們正在重新審視開發新流程的所有過程。

And we are going to strengthen our base of clients so that we have reocurring revenues and also allocate and we reduce the contraction of -- contract of energy so that we can allocate it in a more efficient and adding more value and also reducing the risk of exposition to -- on the short term, so this is a job that we are studying and we are strengthening our front of retail. As Wilson has already mentioned, we have created these commercialization directors, departments, and we are structuring them and putting teams there visiting clients and looking for contracts. And we hope that the cycle, as I mentioned, that we are going through a low cycle, but -- low price cycle, but it is a question of time.

我們將加強我們的客戶基礎，以便我們擁有經常性收入並進行分配，並減少能源合同的收縮，以便我們能夠更有效地分配它，增加更多價值，並降低能源合同的風險從短期來看，這是我們正在研究的一項工作，我們正在加強我們的零售業務。正如威爾遜已經提到的，我們已經創建了這些商業化總監和部門，我們正在構建它們，並讓團隊在那裡拜訪客戶並尋找合同。我們希望這個週期，正如我提到的，我們正在經歷一個低週期，但是——低價格週期，但這是一個時間問題。

This price reacts again, and it's important ones reacting, we have to be positioned in our portfolio, we have to have good kings.

這個價格再次做出反應，重要的是做出反應，我們必須在我們的投資組合中定位，我們必須有好的國王。

If you could just a second question, just to -- if you could comment about the investments in the improvements in transmission and to enjoy the volume -- seize the volume in this segment. So we highlighted in our presentation set of -- we had several, I would say, initiatives or demands from ANEEL, from ONS of a set of constructions to improve -- of improvements and this was addressed and [Link] can complement each one of these institutions talked about.

如果您可以問第二個問題，只是 - 如果您可以評論一下在傳輸改進方面的投資並享受銷量 - 抓住這一領域的銷量。因此，我們在演示文稿中強調了一系列改進措施，我想說，ANEEL、ONS 提出了一系列改進措施或要求，這一問題已得到解決，並且 [鏈接] 可以對以下各項進行補充：這些機構都談到了。

So it has been prioritized by our in our budget a set of ventures, (inaudible) that will bring a reoccurring revenue BRL 850 million. So this would be done along the 3 to 4 years. So the interest to do this as quick as possible, of course. But of course, dealing with the regulatory section as well. So I'd just like to complement that part of this investment, they have revenue previously agreed that they have defined by the tariff situation and so we have a base of assets together with the operation, specifically in our engineering with the Vice President (inaudible) financial area so that everything happens in the most efficient way possible, and then we will retain the maximum value in reinforcing and improvements.

因此，我們在預算中優先考慮了一系列企業（聽不清），這將帶來 8.5 億雷亞爾的經常性收入。所以這將在三到四年內完成。所以當然有興趣盡快做到這一點。當然，還要處理監管部分。因此，我只想補充這部分投資，他們之前同意根據關稅情況確定收入，因此我們擁有資產基礎和運營，特別是在我們與副總裁的工程方面（聽不清） ）財務領域，以便一切以盡可能最有效的方式發生，然後我們將在強化和改進中保留最大的價值。

So now we end our Q&A session, and we will give the final words to Wilson so that he can do the closing.

現在我們結束了問答環節，我們將把最後的發言權交給威爾遜，以便他可以做結束語。

So I'd like to thank for the participation to everyone here. I received here in an advice from our Board to try to make this presentation a little bit shorter. So we made an effort because there is a lot to talk about, but we -- at least in this quarter, which we spoke for 52 minutes. My idea here is that we reached 35 minutes. So this is our plan so that we have 1 hour to speak with you. So we extend a little bit, but we had 45 minutes of debate. We have good questions. I'd like to reinforce with you that my optimism related to the company.

所以我要感謝大家的參與。我在這裡收到了董事會的建議，要求我盡量縮短本次演示的時間。所以我們做出了努力，因為有很多東西要談，但我們——至少在本季度，我們談了 52 分鐘。我的想法是我們達到了 35 分鐘。這就是我們的計劃，以便我們有 1 小時的時間與您交談。所以我們延長了一點時間，但我們進行了 45 分鐘的辯論。我們有很好的問題。我想向您強調我的樂觀態度與公司有關。

So it takes months that I'm back and then I find a vigorous company with a Board of focus on strategy, focus on creating the instruments that are suitable for us to advance in our strategy to incentive and encourage the management of the company doing their best responsible sociable in all ways. So we have a permanent concern from the group. I'm really happy to have here to be with 11 main executives and in the companies without the management constituted in a way that we start gaining some air to breathe in the end of June. So we can share with more detail our strategy. What are our priorities, and what we see in the short, medium and long term, the way that we see creating value to the company.

因此，我花了幾個月的時間回來，然後我找到了一家充滿活力的公司，董事會專注於戰略，專注於創建適合我們推進戰略的工具，以激勵和鼓勵公司管理層做他們的事情在各方面都最負責任的社交。所以我們一直受到團隊的關注。我真的很高興能在這裡與 11 位主要管理人員在一起，並且在沒有管理層的公司中，我們在 6 月底開始獲得一些喘息的機會。這樣我們就可以更詳細地分享我們的策略。我們的優先事項是什麼，我們在短期、中期和長期的看法是什麼，我們如何看待為公司創造價值的方式。

And again, and looking in our report, you have this clarity, concern that the company has to do this in a sustainable manner, respecting the social and the environment all the parts of what we relate to all the stakeholders. It's very important. It's a quarter that brings some elements of what we pursued for a long time. I highlight the reduction of provisions, the reduction of provisions. So you put many people, you should say that the provisions are not reoccurring. If every quarter is reoccurring. So we are inverting this curve and the cost of people of MSO with the work that has been done in the procurement area. We have had the possibility which show our capacity should be efficient together with the workers and also the new group of people to the company focusing on areas that we didn't have a focus so important, what I call people, management and culture.

再說一次，看看我們的報告，你會清楚地看到，公司必須以可持續的方式做到這一點，尊重社會和環境，以及我們與所有利益相關者相關的所有部分。這很重要。這個季度帶來了我們長期以來追求的一些元素。我強調減少規定，減少規定。所以你放了很多人，你應該說規定不是重複出現的。如果每個季度都重複發生。因此，我們正在通過採購領域所做的工作來扭轉這條曲線和 MSO 的人員成本。我們有機會表明我們的能力應該與工人以及公司的新團隊一起高效地工作，重點關注我們沒有那麼重要的領域，我所說的人員、管理和文化。

So commercialization, the team of innovation, digital, several instruments that we need to have here so that the company modernizes, automates, and becomes more efficient and looking -- permanent look in the sustainable communication. I will say that is a quarter that is -- starts in shows the first evidence of what we think is the permanent objective of the managers of the company, Directors, Board of Directors. And I hope that will be to be here in June, and be here to the beginning of August to talk about the second quarter, which I suppose would be even better. So these are my final -- my closing, and I hope everyone has a good afternoon.

因此，商業化、創新團隊、數字化以及我們需要擁有的多種工具，以便公司實現現代化、自動化，並變得更加高效、更具可持續性的溝通方式。我想說的是，從 開始的一個季度顯示了我們認為公司經理、董事、董事會的永久目標的第一個證據。我希望能夠在六月和八月初在這裡談論第二季度，我認為這會更好。這是我的最後一幕——我的閉幕式，我希望每個人都有一個美好的下午。

Now the conference Eletrobrás is closed. Thank you for the participation, and have a good afternoon.

現在，Eletrobrás 會議已結束。感謝您的參與，祝您下午愉快。

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

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]