Centrais Eletricas Brasileiras SA - Eletrobras (EBR) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for waiting. Welcome to Eletrobras Q2 Earnings Call.

女士們先生們，謝謝你們的等待。歡迎參加 Eletrobras 第二季度財報電話會議。

Let me introduce the Eletrobras' team. Mr. Wilson Ferreira Junior, Eletrobras CEO; Ms. Elvira Presta, VP of Finance and Investor Relations; Mr. Elio Wolff, VP of Strategy and Business Development; Mr. Rodrigo Limp, VP of Regulation and Institutional Relations; Mr. Renato Costa Santos Carrera, VP of Procurement and Services; and Mr. Marcelo de Siqueira Freitas from the Executive Legal Vice Presidency, are here with us today.

讓我介紹一下 Eletrobras 的團隊。 Wilson Ferreira Junior 先生，Eletrobras 首席執行官； Elvira Presta 女士，財務和投資者關係副總裁； Elio Wolff 先生，戰略與業務發展副總裁； Rodrigo Limp 先生，監管和機構關係副總裁； Renato Costa Santos Carrera 先生，採購和服務副總裁；和執行法律副總裁的 Marcelo de Siqueira Freitas 先生今天也來到了我們這裡。

This earnings call is being recorded, and it will be made available at the company's IR website, where you can also find the presentation in both languages. (Operator Instructions).

本次財報電話會議正在錄製中，並將在公司的投資者關係網站上發布，您還可以在該網站上找到兩種語言的演示文稿。 （操作員說明）。

Before proceeding, we would like to clarify that any statements that may be made during the teleconference regarding the company's businesses, outlook, projections, operational and financial goals are based on beliefs and assumptions of the Eletrobras Management as well as information currently available to the company. These future considerations are not a guarantee of performance because they involve risks and uncertainties, and they depend on circumstances that may or may not occur. Investors should understand that general economic conditions and other operational factors can influence the results expressed in these remarks.

在繼續之前，我們想澄清一下，電話會議期間可能發表的有關公司業務、前景、預測、運營和財務目標的任何聲明均基於 Eletrobras 管理層的信念和假設以及公司當前掌握的信息。這些未來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，並且取決於可能發生或可能不發生的情況。投資者應該明白，總體經濟狀況和其他運營因素可能會影響這些言論中表達的結果。

I'd like to turn the floor over to Mr. Wilson Ferreira, Eletrobras CEO. You may proceed now, sir.

我想請 Eletrobras 首席執行官 Wilson Ferreira 先生髮言。您現在可以繼續了，先生。

Thank you. I would like to welcome all of you. Can you please show the slides. I would like to welcome analysts, investors, thank you for attending our earnings call for the second quarter. Let me start.

謝謝。我謹向大家表示歡迎。你能展示一下幻燈片嗎？我謹歡迎分析師、投資者，感謝你們參加我們第二季度的財報電話會議。讓我開始吧。

Please move on to the next slide, please. We'll have a summary of six segments. That's how we broke down the company's highlights, an overview of the #1 managerial indicator, which is PMSO, operational performance, generation, transmission, financial performance. Elvira will take over at this point in time. And then I'll come back for the investments and next steps segments.

請轉到下一張幻燈片。我們將總結六個部分。這就是我們如何分解公司的亮點，即第一大管理指標的概述，即 PMSO、運營績效、發電、輸電、財務績效。埃爾維拉將在此時接任。然後我會回來討論投資和後續步驟部分。

Let me start with the highlights for the quarter. Next slide, please. Next one, please. Another one. Yes. These are the highlights for Q2. First, collections and operations in the financial front have been concluded, given the exposure we had to the U.S. dollars. The hedging for the bonuses in yet another operation, that accounts for almost 96% have been covered, and we'll be completing that in the next quarter. There won't be any FX exposure from now on.

讓我從本季度的亮點開始。請下一張幻燈片。請下一位。另一個。是的。這些是第二季度的亮點。首先，考慮到我們對美元的敞口，財務方面的收款和操作已經完成。還有一項業務的獎金對沖，幾乎已經覆蓋了96%，我們將在下個季度完成。從現在起將不再有任何外匯風險。

Onto liability management operations. Let me start with the one that have already been approved and implemented at Electronorte, BRL 1.9 billion. The goal is the same, to lower costs and extend the profile. Costs are 2.2% above CDI, and we have been able to extend that debt profile. We'll be detailing that shortly. Elvira will be doing that. We paid BRL 1.2 billion in dividends, and the average cost is CDI plus 2.5%. Amongst those operations, I would like to highlight, though, that one on the right, BRL 680 million, the first credit note for exports.

進入責任管理操作。讓我從 Electronorte 已經批准並實施的一項開始，金額為 19 億雷亞爾。目標是相同的，即降低成本並擴大形象。成本比 CDI 高 2.2%，而且我們已經能夠擴大這一債務規模。我們很快就會詳細介紹這一點。埃爾維拉將會這麼做。我們支付了12億雷亞爾的股息，平均成本是CDI加2.5%。不過，在這些業務中，我想強調一下右邊的 6.8 億雷亞爾，這是第一張出口貸方票據。

One of the important covenants is the debt contract with the commitment to sustainability. Our #1 goal here is the clean energy percentage. We are at 97%. Our commitment is to bring that down. We are at 97%, and the original commitment was 96%. So that's a very important highlight because we are now introducing our second voluntary separation program. We had 1,473 that have applied. BRL 513 million will be saved. We'll be breaking that down for both the first VSP early last year. And the second VSP, we have already concluded the application phase now in the second quarter.

其中一項重要的契約是承諾可持續發展的債務合同。我們的第一目標是清潔能源百分比。我們已經完成了 97%。我們的承諾是降低這種情況。我們現在已經完成了 97%，而最初的承諾是 96%。這是一個非常重要的亮點，因為我們現在正在推出第二個自願離職計劃。我們有 1,473 人提出申請。將節省 5.13 億雷亞爾。我們將在去年初對第一個 VSP 進行詳細分析。第二個VSP，我們已經在第二季度結束了申請階段。

We believe it's important to share a couple of events for the second half of the year because they are really important to the company. First, liability management operations that are currently underway, and we were able to announce them through a market note. We had the fourth debentures issuing of BRL 7 billion and BRL 3.5 billion in Furnas and the fourth issuing of debentures BRL 250 million at CGT Eletrosul. All these operations aimed at addressing the liability management strategy, always aiming at lowering costs and extending the debt profile.

我們認為分享下半年的一些事件很重要，因為它們對公司來說非常重要。首先，目前正在進行的負債管理操作，我們能夠通過市場報告宣布這些操作。我們在 Furnas 發行了第四次債券，金額為 70 億雷亞爾和 35 億雷亞爾，在 CGT Eletrosul 發行了第四次債券 2.5 億雷亞爾。所有這些操作都旨在解決負債管理策略，始終以降低成本和擴大債務規模為目標。

The second important action was the annual readjustment of RAP for '23, '24. There is an ANEEL resolution that increased our RAP by 30%. It was BRL 17.5 billion for the '22, '23 cycle. We've also received the authorization to be the trade agent of electric energy at CCEE. This will be allowing us to use some of the tax credits we have for the trading activities. And we've also received the announcement of our restructuring for the unprecedented net-zero for any energy company by 2030. That's going to be a pioneering effort. That's why we have a sales structuring of our process of all our assets related to thermal, both using gas and non-gas. We use coal. We have gas, thermal plants and a combination of both. So these are the main highlights for the quarter -- the second quarter of 2023.

第二個重要行動是對“23、24”RAP 進行年度調整。 ANEEL 決議將我們的 RAP 提高了 30%。 '22、'23 週期為 175 億雷亞爾。我們還獲得了CCEE的電能貿易代理授權。這將使我們能夠使用我們為貿易活動提供的一些稅收抵免。我們還收到了重組公告，旨在到 2030 年實現能源公司史無前例的淨零排放。這將是一項開創性的努力。這就是為什麼我們對所有與熱能相關的資產（使用天然氣和非天然氣）的流程進行銷售結構。我們使用煤炭。我們有天然氣廠、熱電廠以及兩者的結合。這些是本季度（2023 年第二季度）的主要亮點。

On to the next slide, please. We have an overview of our PMSO, people, materials, services and third parties and other. Next slide, please. The first PDV1, the first voluntary termination or separation program, BRL 1.2 billion is the expected savings on an annual basis with an 11-month payback. The first thing we can see on the top chart is that we expect expenses reaching 2,494 people. People are leaving the company at a slower pace than expected for a couple of reasons. Number one, we were very careful earlier this year. Let me remind you, we had those uncomfortable events as to the crumbling of a couple of towers, and we decided to be extra careful so that we could better manage that situation at that point in time.

請轉到下一張幻燈片。我們對 PMSO、人員、材料、服務和第三方等有一個概覽。請下一張幻燈片。第一個 PDV1，即第一個自願終止或離職計劃，預計每年節省 12 億雷亞爾，並在 11 個月內收回投資。我們在頂部圖表中看到的第一件事是，我們預計支出將達到 2,494 人。由於幾個原因，人們離開公司的速度比預期要慢。第一，今年早些時候我們非常小心。讓我提醒您，我們發生了一些令人不安的事件，例如幾座塔樓的倒塌，我們決定格外小心，以便我們能夠更好地處理當時的情況。

But we expect to have new people coming in. They are, again, at a slower pace than expected. And for that reason, our curve is the green, is the best estimate we can get, not the blue one. That will entail less savings for the year. Our estimate was BRL 790 million. Originally, it would be BRL 890 million of savings. As of next year, as a result of this activity alone, we'll be bringing costs down by BRL 1.2 billion a year. The payback would be about 11 months. There was that delay, but we are focused on taking good care of the company, especially its operations. We believe that this BRL 100 million can, of course, be offset by far, by the credibility of our operations because now we can be sure that we'll be reaping that result next year as about to BRL 1.2 billion, as I said.

但我們預計會有新人加入。他們的速度再次比預期慢。因此，我們的曲線是綠色的，是我們可以獲得的最佳估計，而不是藍色的。這意味著今年的儲蓄會減少。我們的估計為 7.9 億雷亞爾。原本，這將節省 8.9 億雷亞爾。截至明年，僅通過這項活動，我們每年就能降低 12 億雷亞爾的成本。投資回收期約為 11 個月。雖然確實存在延遲，但我們專注於照顧好公司，尤其是其運營。我們相信，這 1 億雷亞爾當然可以通過我們運營的可信度來抵消，因為現在我們可以確定，正如我所說，明年我們將獲得約 12 億雷亞爾的成果。

The same assessment of the VSP #2, that we introduced last year. Given the collective bargaining we had, our estimate was of about 1,475. We had 1,000 -- or the expectation was 1,574. We had 1,475, a little less than expected. As most of it have been terminated by July, on August 31, over 500 employees will have left the company. So this program is somewhat quick because some employees could not join our VSP #1. So that's why the process is now faster. Again, according to our Board, we have been very conservative to maintain the company's operations and of course, its credibility to maintain that credibility intact despite these adjustments.

與我們去年推出的 VSP #2 的評估相同。鑑於我們進行的集體談判，我們的估計約為 1,475 人。我們有 1,000 個——或者預期是 1,574 個。我們有 1,475 名，略低於預期。由於大部分工作已於7月終止，8月31日，將有超過500名員工離開公司。所以這個計劃有點快，因為有些員工無法加入我們的 VSP #1。這就是為什麼現在這個過程更快了。同樣，根據我們的董事會的說法，我們一直非常保守地維持公司的運營，當然，儘管進行了這些調整，但仍保持其信譽完好無損。

This VSP has a cost of BRL 513 million, savings of BRL 688 million on an annualized basis, a better payback than that of first about 9 months. That, of course, is consistent with what we said before during the Eletrobras Day. We're reducing our personnel costs that was BRL 4.6 billion in 2022, and we expect to reach BRL 2.6 billion, a reduction of almost 42% by 2026.

該VSP的成本為5.13億雷亞爾，按年計算可節省6.88億雷亞爾，比前約9個月的回報更好。當然，這與我們之前在 Eletrobras Day 期間所說的一致。我們將在 2022 年削減 46 億雷亞爾的人員成本，預計到 2026 年將達到 26 億雷亞爾，減少近 42%。

And just to give you more color. These 2 voluntary separation programs with firing another 800 people. Our staff started out with 10,500. In Q2, we are at 8,432 (sic) [8,438]. We'll be reaching 7,727 by year's end. We knew professionals coming in the company throughout the country, and we expect to reach in the second half of '24 7,250. So as to this main activity to bring costs down, these 2 voluntary separation programs have already been implemented, and we are bringing costs down gradually.

只是為了給你更多的色彩。這兩項自願離職計劃又解雇了 800 人。我們的員工人數最初為 10,500 人。在第二季度，我們的數字為 8,432（原文如此）[8,438]。到年底我們將達到 7,727 人。我們知道公司的專業人士來自全國各地，預計到 2024 年下半年將達到 7,250 名。對於這個降低成本的主要活動，這兩個自願離職計劃已經實施了，我們正在逐步降低成本。

On to the next slide, other activities related to MSO. Our expectation, we had about BRL 4.1 billion with costs in MSO in 2022. We expected BRL 200 million savings for the year. We're actually moving ahead. We're even moving that faster. We had additional savings of BRL 100 million, given the realization of the plan by June. We expected BRL 1.9 billion. So we exceeded our projections in BRL 100 million.

下一張幻燈片介紹了與 MSO 相關的其他活動。我們預計 2022 年 MSO 成本約為 41 億雷亞爾。我們預計今年可節省 2 億雷亞爾。我們實際上正在前進。我們甚至移動得更快。鑑於該計劃在 6 月份實現，我們額外節省了 1 億雷亞爾。我們預計 19 億雷亞爾。因此，我們超出了預期 1 億雷亞爾。

This is a whole set of activities. Number 1 is OBZ. But let me point out that the #1 activity and the #1 driver that brings cost down is to centralize our hiring process for all the companies, and then we can better estimate costs to have better services and materials synergies. We can better manage inventories through that centralized purchasing, which would give us more bargaining power and centralization of contracts for both insurance and facilities. We brought cost down over by -- over 40%. That's the first time we did that. So we're expecting additional results for 2024.

這是一整套活動。 1號是OBZ。但讓我指出，降低成本的第一大活動和第一驅動力是集中所有公司的招聘流程，然後我們可以更好地估計成本，以獲得更好的服務和材料協同效應。我們可以通過集中採購更好地管理庫存，這將為我們提供更大的議價能力以及保險和設施合同的集中化。我們將成本降低了 40% 以上。這是我們第一次這樣做。因此，我們預計 2024 年會有更多結果。

And let me remind you that now the second half, we're now starting the centralization of the 4 centralized or shared services in Recife. So throughout the second half, we'll be concluding that centralization effort. We'll be able to then expand cost reductions throughout the year 2024. As a result of this centralization effort I mentioned. Our estimates are on the left. We are, of course, working to bring that number by 42%, starting at BRL 41 billion, BRL 4.1 billion rather, bringing the number down to BRL 2.5 billion in 2026. So these are the 2 main actions, 2 managerial actions that will mobilize the entire management team, and we have been able to show very positive results up to now.

讓我提醒您，下半年，我們開始集中累西腓的 4 個集中或共享服務。因此，在整個下半年，我們將完成集中化工作。然後，我們將能夠在 2024 年全年擴大成本削減。這是我提到的集中化努力的結果。我們的估計在左邊。當然，我們正在努力將這一數字提高42%，從410 億雷亞爾開始，更確切地說是41 億雷亞爾，到2026 年將這一數字降至25 億雷亞爾。因此，這是2 項主要行動，即2 項管理行動，動員整個管理團隊，到目前為止我們已經取得了非常積極的成果。

Now moving on. So these are the financial highlights of Q2. So these are very promising results. Net profit was up by 4%, reaching BRL 9,246 million for the second quarter. Our EBITDA was reaching BRL 6.595 billion. Results shows net profit BRL 1.619 billion, a 16% increase when compared to last year. At the bottom, you have the adjusted numbers. Let me point out the following. In the reported number, we have a very relevant effect, which is the consolidation of Santo Antonio Energia. This operation occurred after the privatization in the third quarter. So we have effects bringing BRL 949 million, the additional BRL 449 million of revenue through that consolidation.

現在繼續。這些是第二季度的財務亮點。所以這些都是非常有希望的結果。第二季度淨利潤增長 4%，達到 92.46 億雷亞爾。我們的 EBITDA 達到 65.95 億雷亞爾。財報顯示，淨利潤16.19億雷亞爾，較去年增長16%。在底部，您可以看到調整後的數字。讓我指出以下幾點。在報告的數字中，我們有一個非常相關的影響，那就是聖安東尼奧能源公司的合併。該操作發生在第三季度私有化之後。因此，我們通過此次整合帶來了 9.49 億雷亞爾的收入，即 4.49 億雷亞爾的額外收入。

On top of that, we had a reduction of contractual results in [IFRs] for transmission systems. Let me remind you that this revenue is booked based on economic indicators. IPCA is the most important one. In the second half of last year with higher inflation rates, we had 3.18%. It's almost half now for the second quarter. So that brings a reduction of [BRL 1,134 million]. We had another BRL 674 million, or BRL 764 million for transmission revenue due to regulatory changes in the period. We had a reduction in recurring PMSO, excluding PMSO of SAESA. Despite that negative impact, we had more salary increases of 2.13%. And with [CT 73], we did that last year, another 4.18%, another [BRL 15] million. We still have as a relevant for the quarter.

最重要的是，我們減少了傳輸系統 [IFR] 的合同結果。我要提醒大家的是，這筆收入是根據經濟指標來記賬的。 IPCA 是最重要的一項。去年下半年通脹率較高，達到3.18%。現在第二季度已經快一半了。因此，減少了[11.34 億雷亞爾]。由於這一時期的監管變化，我們還有 6.74 億雷亞爾，即 7.64 億雷亞爾的輸電收入。我們減少了經常性 PMSO，不包括 SAESA 的 PMSO。儘管存在負面影響，我們的薪資漲幅仍高達 2.13%。我們去年就做到了 [CT 73]，又增加了 4.18%，又增加了 [15] 萬雷亞爾。我們仍然有與本季度相關的信息。

SAESA PMSO reduction of 6 -- rather an increase of BRL 76 million for PMSO in SAESA and BRL 332 million for costs and operational expenses. These 2 figures have been included to those numbers, and Elvira will be explaining that in further detail. The quarter was very positive as compulsory loans. We reduced our remainder of over BRL 2 billion and about BRL 1.477 billion because of settlements. So it was a very important quarter.

SAESA PMSO 減少了 6 個，而 SAESA 的 PMSO 增加了 7600 萬雷亞爾，成本和運營費用增加了 3.32 億雷亞爾。這兩個數字已包含在這些數字中，埃爾維拉將進一步詳細解釋這一點。作為強制貸款，本季度非常積極。由於和解，我們減少了剩餘的超過 20 億雷亞爾和約 14.77 億雷亞爾。所以這是一個非常重要的季度。

On the other hand, privatization took place in June last year. Since then, we incurred privatization costs. They amount to BRL 1.5 billion by quarter, and they are referring to amortization of CDEs and other funds, BRL 397 million of amortization. And an extra -- and an additional BRL 1.2 billion for those obligations I just mentioned. Of course, you have more revenue. It's almost the cost of that transaction. It goes up as we move away from that stake when we compare quarter-on-quarter.

另一方面，私有化於去年六月進行。從那時起，我們就承擔了私有化成本。按季度計算，其金額為 15 億雷亞爾，指的是 CDE 和其他基金的攤銷，即 3.97 億雷亞爾的攤銷。還有額外的 12 億雷亞爾用於我剛才提到的這些義務。當然，你的收入也會更多。這幾乎就是該交易的成本。當我們進行季度環比比較時，隨著我們放棄該股份，它就會上升。

Nonrecurring highlights. We provisioned the second voluntary separation program, the second one introduced in July. So it includes BRL 513 million for coverage of cost of 1,475 applications that will take place throughout time. Over 1/3 has already been completed in August alone. On the other hand, we had an increase of consulting services in the transformation office, so that all these transformation receive the necessary support, not only on the technology front, but also in the quality of consulting services so that they could be implemented smoothly. These are a one-off of BRL 54 million for the quarter.

不重複出現的亮點。我們提供了第二個自願離職計劃，第二個計劃於 7 月推出。因此，其中包括 5.13 億雷亞爾，用於支付整個期間 1,475 份申請的費用。僅8月份就已完成超過1/3。另一方面，我們在轉型辦公室增加了諮詢服務，讓所有這些轉型都得到必要的支持，不僅在技術方面，而且在諮詢服務質量上，使它們能夠順利實施。這些是本季度一次性的 5,400 萬雷亞爾。

Now we can talk about our operating performance. This entails generation and transmission. We ended this quarter with these numbers. So we went beyond 43,000 megawatts, representing 22% of generation in Brazil. This is 20% of our installed capacity in Brazil, but actually 25% of the generation in this quarter. So 38,827 gigawatts hour is what we generated, which is important if we think about our economy. What is also very relevant is that we were able to generate that with 97% of clean energy sources. To your right, we see our PLD in each one of the submarkets. We see increases compared to last year, and this happens because of our costs with the voluntary dismissal plan. It also includes Itaipu. Below, we see the GSF curve. We see numbers for 2021, 2022 and 2023. Our GSF is important because we need to hedge for it in our operations.

現在我們可以談談我們的經營業績。這需要生成和傳輸。我們在本季度結束時得到了這些數字。因此，我們的發電量超過了 43,000 兆瓦，佔巴西發電量的 22%。這是我們在巴西裝機容量的 20%，但實際上是本季度發電量的 25%。因此，我們發電量為 38,827 吉瓦時，如果我們考慮我們的經濟，這一點很重要。同樣重要的是，我們能夠使用 97% 的清潔能源來生產這種能源。在您的右側，我們可以在每個子市場中看到我們的 PLD。與去年相比，我們看到了增長，這是因為我們自願解僱計劃的成本。它還包括伊泰普。下面，我們看到 GSF 曲線。我們看到了 2021 年、2022 年和 2023 年的數字。我們的 GSF 很重要，因為我們需要在運營中對其進行對沖。

Next, we see information regarding costs and volumes for the trading of energy. This analysis is important. We basically have 4 products for sale in the free market. So first, we have our quotas. We had a reduction in the volume or in the stakes of our company, and this happens because we are reducing our stake. This is something we are doing as we work on fundraising, but this 29% production represents only 7% of reduction in revenue from these products. Of course, this is also connected to inflation. This is something that we see for this quarter. So we go from 67.3 megawatt hour to 78 megawatt hour.

接下來，我們看到有關能源交易成本和交易量的信息。這個分析很重要。我們基本上有 4 種產品在自由市場上出售。首先，我們有配額。我們減少了公司的數量或股份，這是因為我們正在減少股份。這是我們在籌款時正在做的事情，但這 29% 的產量僅佔這些產品收入減少的 7%。當然，這也與通貨膨脹有關。這是我們在本季度看到的情況。所以我們從 67.3 兆瓦時增加到 78 兆瓦時。

The second important product is the regulated market. So we see not only effects of its growth, but also the consolidation of SAESA. So our energy volume in the regulated market grew 78% because of this consolidation. And we saw 46% of growth in the average tariffs for this market. Usually for SAESA, we had lower tariffs compared to other plants in our Eletrobras Group. And we are still talking about a very relevant volume around, 3,800 gigawatts hour, BRL 23.78.

第二個重要產品是受監管的市場。因此，我們不僅看到了其增長的影響，還看到了 SAESA 的整合。因此，由於這次整合，我們在受監管市場的能源量增長了 78%。我們看到這個市場的平均關稅增長了 46%。通常，與 Eletrobras 集團的其他工廠相比，SAESA 的關稅較低。我們仍在談論一個非常相關的容量，即 3,800 吉瓦時，23.78 雷亞爾。

Now for the third project, or product, which is very promising for the future of our company is the volume that we're trading in the free market. So this includes not only the reduction of stake, which we mentioned before, but the volume that we have for SAESA. We had a 14% reduction in volume and a 14% reduction in revenue from this market. So in this quarter, we had BRL 198 for this. As I was saying, it's around 14% of increase compared to the previous year. The volumes that are not treated here are settled at the CCEE. This is the lowest volume, as you can see in the chart. So the total energy that we sold this year, and this represents an increase of 8% year-over-year.

現在，第三個項目或產品對我們公司的未來非常有希望，那就是我們在自由市場上的交易量。因此，這不僅包括我們之前提到的股權減少，還包括我們為 SAESA 持有的數量。我們這個市場的銷量減少了 14%，收入也減少了 14%。因此，在本季度，我們為此支付了 198 雷亞爾。正如我所說，與上一年相比，增幅約為 14%。此處未處理的捲在 CCEE 中進行結算。正如您在圖表中看到的那樣，這是最低的成交量。今年我們銷售的能源總量同比增長了 8%。

When we see the total revenue for this company, we see a growth that is actually 23%, not 8%. You go from BRL 5.2 billion to BRL 6.4 billion. So if we look at the product electricity sold by Eletrobras, that leads us to BRL 211 per megawatt hour. This is relevant. This is good performance in this quarter. It takes into account the capitalization process, which allows for increase in volume, but also better pricing for the products that Eletrobras is offering both in the free and regulated markets.

當我們看到這家公司的總收入時，我們看到的增長實際上是 23%，而不是 8%。從 52 億雷亞爾增加到 64 億雷亞爾。因此，如果我們看看 Eletrobras 銷售的產品電力，就會發現每兆瓦時 211 雷亞爾。這是相關的。這是本季度的良好表現。它考慮了資本化流程，不僅可以增加數量，而且還可以為 Eletrobras 在自由市場和受監管市場提供的產品提供更好的定價。

Now we have something that we'd like to clarify for analysts. It's an important disclaimer. This is how our company works. We have our resources for the second quarter. And as you may recall, we have a few clients under the 13.182 Act. So it would be possible for some of these clients to be decommissioned. In the third row, we see the volumes of decommissioning. We have a minimum term for the decommissioning period. So we go from 160 to 270. This is added to our resources. And now this is going to be made available to the market, and they will be sold according to the prices that the company can achieve.

現在我們想向分析師澄清一些事情。這是一個重要的免責聲明。這就是我們公司的運作方式。我們有第二季度的資源。您可能還記得，我們有一些符合 13.182 法案規定的客戶。因此，其中一些客戶端可能會被退役。在第三行中，我們看到退役量。我們對退役期有一個最短期限。所以我們從 160 增加到 270。這被添加到我們的資源中。現在，這些產品將投放市場，並按照公司能夠達到的價格出售。

You can see the numbers here. We start with 9,571 and we get to 4,424 in 2027. So compared to the first quarter, we see growing numbers. This means that we're selling more quarter-by-quarter. We sold 8,875 gigawatts hour for 2023. And in this quarter, we sold another 9,571. So the variation or the fluctuation in sales is shown in green. Now in blue, at the bottom, we see information based not only on volume, which we see at the top, but also on hedging. This is why it is important for us to report on our GSF in our forecasts. We can't just be caught offguard with a higher GSF. This is why we have a very structured process.

您可以在此處查看數字。我們從 9,571 開始，到 2027 年達到 4,424。因此，與第一季度相比，我們看到數字不斷增長。這意味著我們每個季度的銷量都會增加。 2023 年，我們售出了 8,875 吉瓦時。本季度，我們又售出了 9,571 吉瓦時。因此，銷售額的變化或波動以綠色顯示。現在，在底部的藍色部分，我們不僅可以看到基於交易量（在頂部看到）的信息，還可以看到基於對沖的信息。這就是為什麼我們在預測中報告 GSF 非常重要。我們不能因為更高的 GSF 而措手不及。這就是為什麼我們有一個非常結構化的流程。

But in the first quarter, for 2023, we had 18% or actually 11% of decommissioning. And for this quarter, we have only 6%. So from 11% to 6%. For every quarter, we have these products for sale up until 2027. And the volumes that are not sold in the second quarter are not as high as the ones that we had in the first quarter, which shows that we are getting to effective sales for every year, for which products are available. We also have average contract prices of BRL 206. We even get to BRL 207 by 2027. So this is something we're monitoring weekly with my team so that we see the evolution of sales. We want to get positive results, of course. We're also taking into account delinquency fees or delinquency rates.

但在 2023 年第一季度，我們的退役率達到 18%，實際上是 11%。而本季度，我們只有 6%。所以從 11% 到 6%。每個季度，我們都會銷售這些產品，直到 2027 年。第二季度未售出的數量沒有第一季度那麼多，這表明我們正在實現有效銷售每年都有可用的產品。我們的平均合同價格為 206 雷亞爾。到 2027 年，我們甚至會達到 207 雷亞爾。因此，我們每週都會與團隊一起監控這一情況，以便了解銷售的變化。當然，我們希望得到積極的結果。我們還考慮了拖欠費或拖欠率。

There's something else that we could have added here. The company ends up having a good perspective on the clients that we have. We already have 162 customers. These are different industries, different companies. So we are working hard on acquiring new clients. We're working on sales contracts for our subsidiaries. We're making products available. We have submarkets for each of the subsidiaries. And we're working with the sales team so that we can better that. In the past, people would come to us, clients would come to us, but now we're going to customers, and we're making an energy offering based on our product portfolio. We even want to diversify our product portfolio. So I'm really happy with everything we're doing regarding energy trading.

我們還可以在這裡添加其他內容。該公司最終對我們擁有的客戶有良好的看法。我們已經有 162 名客戶。這些是不同的行業、不同的公司。因此，我們正在努力爭取新客戶。我們正在為我們的子公司製定銷售合同。我們正在提供產品。我們為每個子公司都設有子市場。我們正在與銷售團隊合作，以便我們能夠做得更好。過去，人們會來找我們，客戶會來找我們，但現在我們要面向客戶，我們正在根據我們的產品組合提供能源。我們甚至希望使我們的產品組合多樣化。因此，我對我們在能源交易方面所做的一切感到非常滿意。

Now we can talk about transmission. One of the highlights is the 30% growth in transmission. Of course, we can think about inflation. We can think about IPCA at BRL 479 million. We added more assets, BRL 173 million. We had reinforcements and improvements, BRL 123 million. We had minus BRL 76 million for other adjustments, and we had BRL 3,320 million with the new profile for RBSE. So for the '23, '24 cycle, we're going to see growth revenue of around 30% compared to 2023. Please remember that Eletrobras has 73,000 kilometers, that leads to a 38% stake in the Brazilian market. In the Eletrobras Day, we talked about a CapEx that has been approved of 174 big-scale endeavors, BRL 5.9 billion until 2027. So as of '27, this leads to BRL 846 million, but BRL 132 million will be realized in 2023.

現在我們可以談談傳輸。亮點之一是傳輸量增長 30%。當然，我們可以考慮通貨膨脹。我們可以考慮 IPCA 的金額為 4.79 億雷亞爾。我們增加了更多資產，達 1.73 億雷亞爾。我們進行了增援和改進，耗資 1.23 億雷亞爾。我們有負 7600 萬雷亞爾用於其他調整，我們有 33.2 億雷亞爾用於 RBSE 的新配置。因此，對於“23、24”週期，我們將看到與 2023 年相比收入增長約 30%。請記住，Eletrobras 擁有 73,000 公里，這意味著在巴西市場佔有 38% 的份額。在Eletrobras Day 中，我們談到了174 項大型項目已獲批准的資本支出，到2027 年將達到59 億雷亞爾。因此，截至27 年，這將導致8.46 億雷亞爾，但1.32 億雷亞爾將在2023 年實現。

Now next, we have the financial performance. Elvira we'll be talking about this. She'll go into details regarding revenue and how we manage expenditures, EBITDA and our net income.

接下來是財務業績。埃爾維拉，我們會討論這個。她將詳細介紹收入以及我們如何管理支出、EBITDA 和淨利潤。

Thank you, Wilson. Good afternoon. So now we're going to talk about our balance. We always talk about this every quarter. So to your left, you see the IFRS information. As you were saying, we had a 59% increase in our EBITDA, 16% increase in our net income. And to you're right, still in the same table, we see a recurring basis. So we see that the EBITDA was basically the same, but the net results were below our results year-over-year.

謝謝你，威爾遜。下午好。所以現在我們要談談我們的平衡。我們每個季度都會談論這個問題。在您的左側，您會看到 IFRS 信息。正如您所說，我們的 EBITDA 增長了 59%，淨利潤增長了 16%。你是對的，仍然在同一張表中，我們看到了一個重複的基礎。因此，我們看到 EBITDA 基本相同，但淨結果低於我們的同比結果。

Now let me tell you why this is happening. In previous quarters, we would always, always show the recurring results, but we would exclude our provisions, especially for compulsory loans. Because in prior periods, before we started this work, this would increase provisions, therefore, reducing results. If we use the same criteria, the reversals of these provisions, which are positive, are nonrecurring. This is why our EBITDA is capped at the same level, but we have a reduction in our net income.

現在讓我告訴你為什麼會發生這種情況。在前幾個季度，我們總是會顯示經常性結果，但我們會排除我們的準備金，特別是強制貸款。因為在前期，在我們開始這項工作之前，這會增加準備金，因此會減少結果。如果我們使用相同的標準，這些積極條款的逆轉是不會經常發生的。這就是為什麼我們的 EBITDA 上限保持在同一水平，但我們的淨利潤卻減少了。

We have a few highlights to your right. Wilson mentioned some of them. We had around 4% growth in revenue. This has to do with Santo Antonio Energia in its consolidation. This is the last quarter where we still have to explain the effects of Santo Antonio. As of the next quarter, Santo Antonio will have been at the same base as the previous year. So we will no longer need to explain these effects because in the second quarter of last year, San Antonio had not been consolidated yet. This is why we've been explaining this effect. It represented BRL 1.1 billion.

我們在您的右邊有一些亮點。威爾遜提到了其中一些。我們的收入增長了 4% 左右。這與 Santo Antonio Energia 的整合有關。這是最後一個季度，我們仍然需要解釋聖安東尼奧的影響。截至下個季度，聖安東尼奧將與上一年持平。所以我們不再需要解釋這些影響，因為去年第二季度，聖安東尼奧還沒有被合併。這就是我們一直在解釋這種效應的原因。它代表 11 億雷亞爾。

In the next slide, we're going to talk about IFRS compared to our regulatory perspective. For the PMSO, we had a very positive quarter with a reduction of BRL 144 million. We're also excluding Santo Antonio, which adds BRL 62 million. This is the fruit of our initiatives, not only with the voluntary dismissal program, but also other items in PMSO. This also has to do with collective bargaining agreements. For costs and operating expenses Santo Antonio Energia adds revenue, but it also adds costs. So we see this impact of BRL 332 million.

在下一張幻燈片中，我們將討論 IFRS 與監管視角的比較。對於 PMSO，我們度過了一個非常積極的季度，減少了 1.44 億雷亞爾。我們還排除了聖安東尼奧市，該市增加了 6200 萬雷亞爾。這是我們舉措的成果，不僅包括自願解僱計劃，還包括 PMSO 中的其他項目。這也與集體談判協議有關。對於成本和運營費用，聖安東尼奧能源公司增加了收入，但也增加了成本。因此，我們看到了 3.32 億雷亞爾的影響。

For construction, we are building transmission lines, so we have expenditures for that. For depreciation and repayments, once again, we see the consolidation of Santo Antonio with BRL 204 million, and we have the impact of concessions or grants, which were renewed when we went private, so BRL 193 million.

在建設方面，我們正在建設輸電線路，因此我們有這方面的支出。對於折舊和還款，我們再次看到聖安東尼奧合併為2.04 億雷亞爾，並且我們受到了特許權或補助金的影響，這些優惠或補助金在我們私有化時更新，因此為1.93 億雷亞爾。

For financial results, which we'll go into details later. If we have a comparison quarter-over-quarter, we have a BRL 1.8 million reduction. This is mainly due to 2 things. First, Santo Antonio. As we consolidated, we have a financial expense related to interest, so BRL 741 million. The biggest impact here is related to our obligations regarding the privatization of Eletrobras. We have to pay fees over our CTE. We also have our projects related to basins and to renewable sources for the decarbonization of the Amazon, the [legal] Amazon. And as we mentioned, before, we were working with foreign exchange, we swapped to CDI because we don't have revenue in dollar, and we invested our cash in CDI. So this brought us a noncash effect at BRL 458 million.

對於財務結果，我們稍後將詳細介紹。如果我們進行季度環比比較，我們會發現減少了 180 萬雷亞爾。這主要是由於兩件事。首先是聖安東尼奧。在合併時，我們有與利息相關的財務費用，即 7.41 億雷亞爾。這裡最大的影響與我們對 Eletrobras 私有化的義務有關。我們必須支付 CTE 費用。我們還有與流域和可再生能源相關的項目，以實現亞馬遜（合法的）亞馬遜的脫碳。正如我們之前提到的，我們之前一直在從事外匯業務，我們換成 CDI，因為我們沒有美元收入，我們將現金投資於 CDI。因此，這給我們帶來了 4.58 億雷亞爾的非現金效應。

Now when it comes to changes in foreign exchange, we had positive results. In the previous period from last year, we didn't have protections. The dollar went up and we had negative results last year. So since this didn't happen now when we compare it year-over-year, we get to these positive results related to foreign exchange rates.

現在在外匯變化方面，我們取得了積極的成果。去年前期，我們沒有任何保護措施。美元上漲，去年我們的業績不佳。因此，由於現在這種情況沒有發生，當我們進行逐年比較時，我們得到了與外匯匯率相關的積極結果。

Now we can talk about our gross revenue. We had a 4% growth, as previously said. I've already mentioned Santo Antonio, which is the green column related to generation. But with transmission to your right, it is important to say that with the IFRS, revenue gets updated. The balance of our assets gets updated according to the IPCA rate, meaning inflation. Since it changed and it used to be over 3 last year, but it's over 1 this year, we had a reduction here, BRL 1,134 million. This was mitigated by our changes in OEM -- O&M, adding BRL 408 million, and also our construction assets adding BRL 338 million. This is why we have minus BRL 388 million here, not BRL 1.1 million or BRL 1.1 billion, actually. Also, this year, we're no longer responsible for Procel, so we don't have the revenue that we had in the previous quarter, around BRL 40 million, but we had both costs and revenues related to this, and we're no longer responsible for Procel.

現在我們可以談談我們的總收入。正如之前所說，我們的增長率為 4%。我已經提到過 Santo Antonio，它是與生成相關的綠色欄。但隨著您右側的傳輸，重要的是要說，根據 IFRS，收入會得到更新。我們的資產餘額根據 IPCA 匯率（即通貨膨脹）進行更新。因為變化了，去年是3多，今年是1多了，所以我們這裡減少了11.34億雷亞爾。我們在 OEM 和 O&M 方面的變化緩解了這一問題，增加了 4.08 億雷亞爾，而且我們的建築資產也增加了 3.38 億雷亞爾。這就是為什麼我們這裡有負 3.88 億雷亞爾，而不是 110 萬雷亞爾或 11 億雷亞爾。此外，今年我們不再負責 Procel，因此我們沒有上一季度約 4000 萬雷亞爾的收入，但我們有與此相關的成本和收入，而且我們不再對 Procel 負責。

We'll now see the breakdown of PMSO. On the left, top left, that's IFRS. And at the bottom, the recurring view with the adjustments. Two major adjustments basically. Number one, the second VSP provision, BRL 500 million that we have already mentioned. And the Santo Antonio consolidation effect in the IFRS view is 1% increase. But when we [concede] we did not have Santo Antonio Energia last year and the VSP 2 provision is a one-off event. In comparable basis, we had a 7% reduction, as you can see on the bottom chart at BRL 144 million reduction. And on the right, these are the highlights.

現在我們將看到 PMSO 的細分。左邊，左上角，是 IFRS。底部是經過調整的循環視圖。基本上有兩個重大調整。第一，第二個 VSP 條款，我們已經提到過 5 億雷亞爾。根據 IFRS 來看，聖安東尼奧合併效應為 1% 的增長。但當我們[承認]去年我們沒有 Santo Antonio Energia 時，VSP 2 的供應是一次性的。在可比基礎上，我們減少了 7%，如底部圖表所示，減少了 1.44 億雷亞爾。右邊是亮點。

In staff, BRL 134 million, an 11% reduction, which is significant, especially when we consider that we do not have ASP increases of 12% last year and 4% for the year and new people that have been hired. As to services in blue, nonrecurring has to do with the transformation office, effort. And in others, we had legal cases as a result of the work conducted by the legal department. And there's another important activity Wilson has mentioned that in the [NSO] strategy, which is centralizing the insurance hiring. So we have managed to reduce costs by BRL 23 million. These are the highlights for PMSO.

在員工方面，減少了 1.34 億雷亞爾，減少了 11%，這一數字非常顯著，特別是考慮到我們的平均售價沒有去年增長 12%、今年增長 4% 以及已聘用的新員工。至於藍色的服務，非經常性服務與轉型辦公室的努力有關。在其他方面，我們因法律部門開展的工作而遇到了法律案件。威爾遜在 [NSO] 戰略中提到了另一項重要活動，即集中保險招聘。因此，我們成功降低了 2300 萬雷亞爾的成本。這些都是 PMSO 的亮點。

Now on to provisions. On the right you see a summarized table, some provisions for the same period last year when compared to this year. In '22, we had BRL 2.2 billion in provisions, a reversal of BRL 1.7 billion last year. Let me remind you that as far as compulsory loans was BRL 242 million this year, almost to BRL 1.5 billion. For cases that are not compulsory last year, we were at BRL 475 million, an increase. And this year, a reversal of BRL 184 million. This is one of the initiatives we mentioned during Eletrobras Day, just like we have been negotiating compulsory contracts. Our VP, Marcelo, is already heading that process for other cases to review risks, and we have been able to review that risk mitigation. That's why we had that positive impact on to investments.

現在來談談條款。右側您可以看到一個匯總表，其中列出了去年同期與今年的一些規定。 22 年，我們的準備金為 22 億雷亞爾，而去年為 17 億雷亞爾。讓我提醒您，今年的強制貸款為2.42億雷亞爾，幾乎達到15億雷亞爾。去年，對於非強制性案件，我們的金額為 4.75 億雷亞爾，有所增加。而今年，逆轉了 1.84 億雷亞爾。這是我們在 Eletrobras Day 期間提到的舉措之一，就像我們一直在談判強制合同一樣。我們的副總裁馬塞洛已經在領導其他案例的流程來審查風險，並且我們已經能夠審查風險緩解措施。這就是我們對投資產生積極影響的原因。

The second half of -- second quarter of last year, we had to account the losses for San Antonio Energia. Already, we have reversed that with the consolidation. And PCLD, Amazonas Energia last year. So these were the highlights. So in the quarter, we had BRL 1.7 billion, as positive effect, improving results by reversing our provisions.

去年下半年——第二季度，我們不得不計算聖安東尼奧能源公司的虧損。我們已經通過整合扭轉了這一局面。去年還有 PCLD、Amazonas Energia。這些是亮點。因此，在本季度，我們獲得了 17 億雷亞爾的積極影響，通過扭轉撥備改善了業績。

Let me break that down. As far as the compulsory loans are concerned, ever since we started that plan in Q3 of last year, on the right, you can see the table of provision inventory for compulsory was almost BRL 26 billion, BRL 25.8 billion to be exact. And we're now at BRL 22.1 billion. That reduction amount for BRL 3.7 billion for these quarters. In the current quarter, we had an inclusion of BRL 1.4 billion, just like I explained in the previous slide. When we take into account other agreements or other settlements that have been negotiated, we're just waiting for the final ratification of those settlements. They haven't been booked in the quarter. We had an additional BRL 1.7 billion. So we expect a reduction of -- from BRL 22 billion to about BRL 20 billion. So for the year, it will amount to a BRL 5.4 billion reduction, almost 20% reduction.

讓我來分解一下。就強制貸款而言，自從我們去年第三季度啟動該計劃以來，在右側，您可以看到強制貸款庫存表幾乎為260億雷亞爾，確切地說是258億雷亞爾。現在我們的資產為 221 億雷亞爾。這些季度的削減金額為 37 億雷亞爾。正如我在上一張幻燈片中所解釋的那樣，本季度我們納入了 14 億雷亞爾。當我們考慮到已經談判達成的其他協議或其他和解方案時，我們只是在等待這些和解方案的最終批准。他們本季度尚未被預訂。我們還有 17 億雷亞爾的額外資金。因此，我們預計將從 220 億雷亞爾減少到約 200 億雷亞爾。因此，今年將減少 54 億雷亞爾，幾乎減少 20%。

In red, let me point that out, the monetary adjustment given our interest rates. As our inventory provision comes down, we also reduced the monetary impact for the quarter. And the last 2 highlights on your right. Since our negotiation strategy involves all compulsory processes or cases they have against us, we reduced off-balance contingencies that is BRL 1.9 billion off balance and a release of BRL 1.3 billion of connected cases, those that were used as guarantees. So these are judicial deposits that amount to BRL 1.3 billion. On to the EBITDA variation. In IFRS, we had a 59% increase, but we feel these reversals as nonrecurring in adjusted basis. Our EBITDA was along the lines of the number we had last year.

讓我用紅色指出這一點，即考慮到我們的利率的貨幣調整。隨著我們的庫存準備金下降，我們也減少了本季度的貨幣影響。最後 2 個亮點位於您的右側。由於我們的談判策略涉及他們對我們提出的所有強製程序或案件，因此我們減少了19 億雷亞爾的表外意外事件，並釋放了13 億雷亞爾的關聯案件，即那些用作擔保的案件。這些司法存款總計達 13 億雷亞爾。關於 EBITDA 變化。在 IFRS 中，我們增長了 59%，但我們認為這些逆轉在調整後的基礎上是非經常性的。我們的 EBITDA 與去年的數字持平。

On to the next slide. This is a net profit assessment. Since we removed compulsory events as nonrecurring, that's why our net profit is reduced, therefore. But let me point out a couple of things. The financial results, the column in red, BRL 1.8 billion. This is impacted. It's on the right. So we have some important events. Number one, the privatization obligations, regional funds, CDE amounting to BRL 1.1 billion. And then we had the hedge issue. I tried to break that down.

轉到下一張幻燈片。這是淨利潤評估。由於我們將強制性事件刪除為非經常性事件，這就是我們淨利潤減少的原因。但讓我指出一些事情。財務業績，紅色欄，18億雷亞爾。這是受到影響的。這是在右邊。所以我們有一些重要的事件。第一，私有化義務、地區資金、CDE 金額達 11 億雷亞爾。然後我們遇到了對沖問題。我試圖打破它。

Let me remind you of what we did. We had 2 bonds, one is $500 million, maturing in 2025, and another USD 759 million for 2030. When we signed that operation late in May, FX was 5 54, and swap that to CDI. So the series is for 2025. It's now 97.4% of CDI. And for the 2030, it was CDI plus 1.7. So these are the relevant information we would like to convey to you.

讓我提醒您我們做了什麼。我們有兩支債券，一支為5 億美元，將於2025 年到期，另一支為7.59 億美元，於2030 年到期。當我們在5 月底簽署該操作時，FX 為5 54，並將其交換為CDI。所以該系列是 2025 年的。現在是 CDI 的 97.4%。 2030 年，CDI 增加 1.7。這些是我們想向您傳達的相關信息。

So these are cheap debts when we compare to prices today. We wouldn't be able to leverage that loan at this cost. We're moving away from that foreign exchange risk because we're protected by CDI, and that effect of BRL 467 million, which is a noncash effect, is the result of the differences of these flows because once we concluded the operation, FX came down and our CDI was high. And for depreciation and amortization, another column in red, BRL 400 million. And the #1 reason behind it is due to the new concession contracts. We have been depreciating ever since the privatization and again, the consolidation of Santo Antonio Energia.

因此，與今天的價格相比，這些債務都是廉價的。我們將無法以此成本利用該貸款。我們正在遠離外匯風險，因為我們受到 CDI 的保護，而 4.67 億雷亞爾的影響（這是一種非現金效應）是這些流量差異的結果，因為一旦我們結束操作，外匯就來了下降，我們的CDI 很高。對於折舊和攤銷，另一欄為紅色，4 億雷亞爾。其背後的第一大原因是新的特許權合同。自從聖安東尼奧能源公司私有化和合併以來，我們一直在貶值。

Moving on to the end of my presentation, on to the next slide. This is the net debt adjusted EBITDA ratio. According to our financial discipline, we have been able to maintain our 2x indebtedness level, as you can see on the left. And on the right, you can see detailed information of our debt profile, BRL 57 billion. Consolidated cash was BRL 18.6 billion. Net debt is about BRL 38 billion.

轉到演示文稿的結尾，轉到下一張幻燈片。這是淨債務調整後的 EBITDA 比率。根據我們的財務紀律，我們能夠維持 2 倍的債務水平，如左圖所示。在右側，您可以看到我們債務狀況的詳細信息，570 億雷亞爾。合併現金為 186 億雷亞爾。淨債務約為 380 億雷亞爾。

Let me point out what I wrote at the bottom, on your right. According to our explain -- explanation notes, in late June, we converted BRL 4.1 billion through AFAC and intercompany debentures. As of July, we'll be able to see the results of the fiscal savings of that operation. We expect BRL 180 million savings for the year. Since this year, we only have half of the year, we'll be achieving half of that amount.

讓我指出我在你右邊底部寫的內容。根據我們的解釋說明，6 月下旬，我們通過 AFAC 和公司間債券轉換了 41 億雷亞爾。截至 7 月，我們將能夠看到該操作的財政節省結果。我們預計今年可節省 1.8 億雷亞爾。今年以來，我們只有一半的時間，但我們將實現一半的目標。

I have my final slide of investments, and then I'll turn over the presentation to Wilson. So as we show every quarter, we show you the investment curve. In blue, investments by June, amounting to BRL 2.5 billion. And in green, the same period of last year, not including San Antonio allocations for the CapEx was BRL 1 billion. So we have this major increase. And on the right, two highlights. We have that impact of construction in Coxilha Negra, investments amounted to BRL 279 million. And also here, the SPEs, we resumed Transnorte Energia, a very important project, to connect Roraima, the state of Roraima. We had another or an extra BRL 29 million of allocations there.

我有最後一張投資幻燈片，然後我會將演示文稿交給威爾遜。因此，正如我們每個季度展示的那樣，我們向您展示投資曲線。藍色部分為截至 6 月份的投資額，總計 25 億雷亞爾。綠色表示去年同期（不包括聖安東尼奧資本支出分配）為 10 億雷亞爾。所以我們有這次大幅增長。右邊有兩個亮點。我們在 Coxilha Negra 的建設具有影響力，投資額達 2.79 億雷亞爾。同樣在這裡，SPE，我們恢復了 Transnorte Energia，這是一個非常重要的項目，用於連接羅賴馬州的羅賴馬。我們在那裡還有另外或額外的 2900 萬雷亞爾撥款。

So these are the highlights for the quarter. I'll turn it over back to Wilson.

這些是本季度的亮點。我會把它轉回威爾遜。

Thank you, Elvira. Let's move on to the next slide, please. Let me point out a couple of investments we made. And we announced that right after Eletrobras Day, BRL 17 billion in contracted investments for the period '23, '27, BRL 6.7 billion in transmission assets. We were talking about that these are assets for improvements that have been approved by ANEEL, which have guaranteed revenue. We also have for improvements set of mills or plants operating in the quota system, with an additional BRL 4.6 billion there. BRL 2.9 billion for infrastructure and environment. The first BRL 1 billion is related to environmental investments. A little over BRL 500 million for the social environment programs that have already been commissioned for Santo Antonio and BRL 1.9 billion for infrastructure.

謝謝你，埃爾維拉。請繼續看下一張幻燈片。讓我指出我們所做的幾項投資。我們在 Eletrobras Day 後宣布，2023 年、27 年期間合同投資額為 170 億雷亞爾，輸電資產投資額為 67 億雷亞爾。我們談到這些是ANEEL批准的改進資產，有保證收入。我們還需要額外撥款 46 億雷亞爾，以改善在配額制度下運營的工廠或工廠。 29 億雷亞爾用於基礎設施和環境。第一個 10 億雷亞爾用於環境投資。聖安東尼奧已投入 5 億多雷亞爾用於社會環境項目，19 億雷亞爾用於基礎設施。

These are optimization efforts of our costs that can be ranked as operational investments, but they are actually necessary investments through automation, robotization of a couple of processes with intelligent networks, AI, BRL 2.4 billion for generation assets with new sources of revenue that have been commissioned Elvira mentioned. That's the wind process in Coxilha Negra and BRL 0.7 billion in contracted M&As: Teles Pires Baguari, Retiro Baixo, SAESA and Baguari Energia. These are assets will incur in cash outflow of BRL 0.9 million.

這些是我們的成本優化工作，可以列為運營投資，但它們實際上是通過智能網絡、人工智能對幾個流程進行自動化、機器人化的必要投資，為具有新收入來源的發電資產投資了24 億雷亞爾。委託埃爾維拉提到。這就是 Coxilha Negra 的風電流程以及 7 億雷亞爾的合同併購：Teles Pires Baguari、Retiro Baixo、SAESA 和 Baguari Energia。這些資產將產生 90 萬雷亞爾的現金流出。

That's not all. We have the outlook for growth. We have additional firepower. These are alternative sources of growth. Number one is the transmission auctions, several auctions that are scheduled for this year and next year, BRL 35 billion in total. The company was very competitive. The only company that was present for every lot. This is an important growth avenue that is interesting for the company.

那不是全部。我們有增長的前景。我們有額外的火力。這些是替代的增長來源。第一個是變速箱拍賣，計劃於今年和明年進行幾場拍賣，總金額為 350 億雷亞爾。該公司競爭非常激烈。唯一一家參加所有批次的公司。這是公司感興趣的重要增長途徑。

We do have M&A operations, not only for that the reversal of cross-ownership. We had that goal, and that has to go through that reversal, just like ANEEL Energia, but also M&A operations. We are considering renewable sources, transmission assets, with the analysis of (inaudible) team and another BRL 10 billion addition of investments to improve transmission system.

我們確實有併購業務，不僅僅是為了扭轉交叉所有權。我們有這個目標，但必須經歷這種逆轉，就像 ANEEL Energia 一樣，而且還有併購業務。我們正在考慮可再生能源、輸電資產，通過（聽不清）團隊的分析以及另外 100 億雷亞爾的投資來改善輸電系統。

We had BRL 6 billion that have been approved in the previous slide, and we have that potential, given the age of assets, an additional BRL 10 billion, that would bring in an additional BRL 1.2 billion of revenue. And Ito will be leading the effort analyzing the quality of the asset. In partnership with (inaudible), we are, of course, focusing our efforts to submit that for ANEEL's approval. Every single investment will have to be subjected to that risk return assessment submitted by our committees and our Board and everyone, of course, using the services of a rating company so that we can generate value from that asset because the rate of return has to be above that cost of capital.

我們在上一張幻燈片中已經批准了 60 億雷亞爾，考慮到資產的年齡，我們有潛力再追加 100 億雷亞爾，這將帶來額外 12 億雷亞爾的收入。伊藤將領導資產質量分析工作。當然，我們與（聽不清）合作，集中精力將其提交給 ANEEL 批准。每一項投資都必須接受我們的委員會、董事會和每個人提交的風險回報評估，當然，使用評級公司的服務，以便我們可以從該資產中產生價值，因為回報率必須是高於該資本成本。

On to the next steps. This is our final message to you. We're going through a transformation phase. This is the third quarter I'm reporting. My Team has been working for almost a quarter together, but we're making a difference already.

繼續下一步。這是我們給您的最後一條信息。我們正在經歷一個轉型階段。這是我報告的第三季度。我的團隊已經一起工作了近四分之一，但我們已經有所作為。

First one is the reversal of cross-ownership strategy. Our goal is to reach 31 SPEs. We had 74 earlier this year. We are at 68 now. And we're working towards that goal as early as the beginning of next year.

第一個是交叉持股策略的逆轉。我們的目標是達到 31 個 SPE。今年早些時候我們有 74 個。我們現在68歲了。我們最早將於明年初努力實現這一目標。

A second effort, we are advancing compulsory loans, negotiations. We have BRL 400 million under negotiation. BRL 1.7 billion have been commissioned. We had BRL 22 billion of provisions. Early last year, we were at BRL 26 billion. By this effort alone, we'll be able to bring those numbers down by BRL 20 billion. We'll be reducing or completing the -- or eliminating the FX exposure. We do -- we are speeding up our tax strategy. We do have credits above BRL 13 billion.

第二個努力，我們正在推進強制貸款談判。我們正在談判 4 億雷亞爾。已投入使用 17 億雷亞爾。我們有 220 億雷亞爾的儲備金。去年年初，我們的資產為 260 億雷亞爾。僅通過這一努力，我們就能將這些數字減少 200 億雷亞爾。我們將減少或完成——或消除外匯風險。我們確實這樣做——我們正在加快我們的稅收策略。我們確實擁有超過 130 億雷亞爾的信貸。

So there are several activities that have been shared since Eletrobras Day, almost about BRL 1 billion in 4 years. It can be even more. We had a trading strategy once we have that trading company. We better structuring our sales teams. We also have a trading desk. We do have all the elements in place so that we can become a very good company in trading effort too.

因此，自 Eletrobras Day 以來，我們已經分享了多項活動，四年內籌集了近 10 億雷亞爾。還可以更多。一旦我們有了那家貿易公司，我們就有了交易策略。我們更好地構建我們的銷售團隊。我們還有一個交易櫃檯。我們確實具備了所有要素，因此我們也可以成為一家在交易方面非常出色的公司。

We are boosting the number of customers and people are coming to look for our products. And we're also developing new products so that we can become even more competitive in this new market. Of course, our focus is on PMSO savings. That's the #1 asset that can be managed, that can deliver results on a short-term basis, a BRL 990 million savings for this year alone. 39% has been realized already.

我們正在增加客戶數量，人們會來尋找我們的產品。我們還在開發新產品，以便我們在這個新市場中更具競爭力。當然，我們的重點是 PMSO 節省。這是可管理的第一大資產，可以在短期內取得成果，僅今年就節省了 9.9 億雷亞爾。 39%已經實現。

Second half, this is even more heated, if I can put it that way. And Renato Carreira is leading this next activity. We have a whole set of real estate assets. They cost money, operational and maintenance tax-related costs. So we have a team looking at this issue so that we can bring an additional BRL 450 million by next year.

下半場，如果我可以這麼說的話，情況會更加激烈。雷納托·卡雷拉 (Renato Carreira) 正在領導下一項活動。我們擁有一整套房地產資產。它們需要花錢、運營和維護與稅收相關的成本。因此，我們有一個團隊正在研究這個問題，以便我們能夠在明年之前額外籌集 4.5 億雷亞爾。

So these are some of the activities that have already beginning to -- that are already beginning to show some results: compulsory loans, among others. And I remain optimistic about these initiatives, and we'll be able to deliver very good results in the next quarters.

因此，這些是一些已經開始的活動，已經開始顯示出一些成果：強制貸款等。我對這些舉措仍然持樂觀態度，我們將能夠在接下來的幾個季度取得非常好的成果。

I just would like to conclude by thank -- for all the awards we have, and I speak on behalf of the Board. The best CEO, the best CFO team, the best IR professionals, Paula, thank you very much for your effort. So this is yet another incentive to help us keep working harder and harder under Elvira's and myself leadership.

最後，我謹代表董事會感謝我們獲得的所有獎項。最好的CEO、最好的CFO團隊、最好的IR專業人士，Paula，非常感謝你的努力。因此，這是幫助我們在埃爾維拉和我自己的領導下繼續更加努力地工作的另一個激勵因素。

Let's get started with the Q&A session.

讓我們開始問答環節。

(Operator Instructions) Our first question is from Andre Sampaio from Santander.

（操作員說明）我們的第一個問題來自桑坦德銀行的 Andre Sampaio。

I have two questions. Let's start with Angra. We saw a number of articles this week regarding whether or not the government is moving ahead with this project. Could you please comment on your expectations regarding including this in the growth acceleration program? Now let's say this project is not built, what would be the impact for Eletrobras?

我有兩個問題。讓我們從安格拉開始。本週我們看到了許多關於政府是否正在推進該項目的文章。您能否評論一下您對將其納入增長加速計劃的期望？現在假設這個項目不建成，會對 Eletrobras 產生什麼影響？

Thank you for your questions, Andre. Let me start answering regarding Angra. Of course, this is a part of our fundraising process. So we're always working on the assumption that since this project is important for Brazil, they will move ahead with it. This is what we expect to see.

謝謝你的提問，安德烈。讓我開始回答有關安格拉的問題。當然，這是我們籌款過程的一部分。因此，我們始終假設，由於該項目對巴西很重要，因此他們將繼續推進該項目。這是我們期望看到的。

We've seen speculation. But just a while ago, I was seeing the opposite. I was seeing that, yes, this project will most likely be included in the growth acceleration program. So we have to wait and see, of course. But we need to remember that moving ahead with this project does not really depend on the growth acceleration program.

我們已經看到了猜測。但就在不久前，我看到了相反的情況。我發現，是的，這個項目很可能會被納入增長加速計劃。所以我們當然必須拭目以待。但我們需要記住，該項目的推進並不真正取決於增長加速計劃。

Of course, we were waiting for the BNDES, the Brazilian Development Bank, to finish its studies, its research. And after they're done with their research, then they'll think about the continuity of this project.

當然，我們正在等待 BNDES（巴西開發銀行）完成其研究。當他們完成研究後，他們會考慮這個項目的連續性。

We are working on the assumption that they are going to move ahead with this project. This is our hypothesis because this is the subject matter of this act. And we don't necessarily think that it needs to be a part of the growth acceleration program for them to move ahead with it.

我們正在假設他們將繼續推進這個項目。這是我們的假設，因為這是本法案的主題。我們不一定認為它需要成為增長加速計劃的一部分才能繼續推進。

Now regarding the option you mentioned, let me hand it over to Limp and to Helio because they may have comments. Let's talk about your option, which is not ours.

現在關於你提到的選項，讓我把它交給 Limp 和 Helio，因為他們可能有意見。讓我們談談您的選擇，這不是我們的。

Thank you, Wilson. Well said. Indeed, the articles that we saw in the last couple of weeks were not even regarding whether or not Angra shares will continue or not. They were talking about the growth acceleration program, and these things are not linked.

謝謝你，威爾遜。說得好。事實上，我們在過去幾週看到的文章甚至沒有討論 Angra 股票是否會繼續下去。他們談論的是增長加速計劃，而這些事情是沒有聯繫的。

So this is a part of this act. It is a part of the PPI, the CNPE, the privatization program, the separation program for electricity and nuclear. So right now, we are doing everything and we are seeing everything be done as intended. For example, they are finishing their research and they are working on the CNPE.

這是該法案的一部分。它是 PPI、CNPE、私有化計劃、電力和核電分離計劃的一部分。所以現在，我們正在做一切，我們看到一切都按預期完成。例如，他們正在完成他們的研究，他們正在為 CNPE 工作。

Now should they stop working on Angra, Eletrobras as a shareholder, in the case of financing, we are the guarantors of this debt, around BRL 6 billion. But we are not the main debtor. This responsibility goes to Electronuclear, and it goes up to shareholders depending on the circumstances. In the case of their debt, we are providing the collateral for that.

現在，如果他們停止在 Angra 上工作，Eletrobras 作為股東，在融資的情況下，我們是這筆債務的擔保人，大約 60 億雷亞爾。但我們不是主要債務人。這項責任由 Electronuclear 承擔，並根據具體情況由股東承擔。就他們的債務而言，我們為其提供抵押品。

So it's possible that we'd have to reimburse it. We do not believe that they're not going to move ahead with Angra 3. But should that happen, we definitely make an assessment of all potential impacts for Eletrobras. But we do believe they are going to move ahead with it.

所以我們有可能需要退款。我們不相信他們不會繼續推進 Angra 3。但如果發生這種情況，我們肯定會對 Eletrobras 的所有潛在影響進行評估。但我們確實相信他們會繼續推進。

All right. By the way, let me stress something. We've been working according to the privatization rules. According to these rules, not only do they talk about moving ahead with Angra 3, but they also talk about governance rules for Electronuclear.

好的。順便說一句，讓我強調一下。我們一直按照私有化規則開展工作。根據這些規則，他們不僅談論了 Angra 3 的進展，而且還談論了 Electronuclear 的治理規則。

Their CFO, two Board members, members from the Auditing Committee, members from co-Angra, which is the committee responsible for overseeing Angra 3 works, all of them are aware of it. So we're close to them. And this has to do with the management of Electronuclear. Of course, they are taking into account everything that is in their best interest, both for the company and the shareholders. Yes. And here we have Mr. Elio Wolff and Ms. Camila Araujo, who are representing us. And Eletrobras really values this topic. We have two VPs working on it.

他們的首席財務官、兩名董事會成員、審計委員會成員、共同安格拉委員會（負責監督安格拉 3 工程的委員會）的成員，他們都知道這一點。所以我們離他們很近。這與電核的管理有關。當然，他們會考慮一切符合他們最大利益的事情，無論是對公司還是股東來說。是的。代表我們的是 Elio Wolff 先生和 Camila Araujo 女士。 Eletrobras 非常重視這個話題。我們有兩名副總裁正在處理這個問題。

Our next question is from Mr. Daniel Almeida from (inaudible).

我們的下一個問題來自（聽不清）的 Daniel Almeida 先生。

Regarding your next issuances, what would the rate be? Do you expect to reduce your capital cost?

關於您的下一次發行，利率是多少？您希望降低資金成本嗎？

This is our goal. Not only do we want to make it longer, but also to reduce costs. What happened with Eletronorte is something that teaches us even though we need to think about the debt scenario that we have right now. Somebody else may have a comment like Elvira. And I think it is important to talk about what we're doing.

這是我們的目標。我們不僅要延長時間，還要降低成本。 Eletronorte 發生的事情給了我們一些教訓，儘管我們需要考慮目前的債務情況。其他人可能會像埃爾維拉一樣發表評論。我認為談論我們正在做的事情很重要。

Yes, unfortunately, Daniel, we can't convey any information about this because we cannot legally speaking. We issued a material fact, but this is regulated by the Brazilian Securities Committee. And this is only the beginning of their proceedings, so we're unable to share any preliminary information. We need to wait for the Securities Commission to do their work, to do their job and then we'll be able to talk about it, but this is regarding Eletronorte as reported in June.

是的，不幸的是，丹尼爾，我們無法傳達任何有關此事的信息，因為我們無法合法地說話。我們發布了重要事實，但這是由巴西證券委員會監管的。這只是他們訴訟程序的開始，因此我們無法分享任何初步信息。我們需要等待證券委員會完成他們的工作，完成他們的工作，然後我們才能討論這個問題，但這是關於 Eletronorte 的，正如 6 月份報導的那樣。

Our next question is from Mr. Daniel Travitzky from Safra.

我們的下一個問題來自 Safra 的 Daniel Travitzky 先生。

I actually have two questions. First, I have a question regarding energy trading. We saw implicit prices for trading in 2023, and they were very high, BRL 179, which is very -- which is above the spot price. And it's even above the price curves that you showed us.

我其實有兩個問題。首先，我有一個關於能源交易的問題。我們看到 2023 年的隱含交易價格非常高，為 179 巴西雷亞爾，非常高於現貨價格。它甚至高於您向我們展示的價格曲線。

How did you get to these results? Could you please talk about the rationale behind your strategy? My second question is related to capital allocation. Wilson, you mentioned transmission auctions to be held soon. Now if we think about direct current, and we have an auction for that in December, what kind of opportunity do we see there? What do you think about the competition? What would be your technology challenges to put this project together?

您是如何得到這些結果的？您能談談您的策略背後的理由嗎？我的第二個問題是關於資本配置的。威爾遜，您提到即將舉行的變速箱拍賣。現在，如果我們考慮直流電，我們將在 12 月進行拍賣，我們會在那裡看到什麼樣的機會？您對比賽有何看法？整合這個項目會面臨哪些技術挑戰？

Thank you, Daniel. So let's talk about trading first. When it comes to these implicit numbers, these are the result of a strategy that we actually deployed last year. Trading is something that requires planning. It requires a specific view. We have a strategic committee to work on that.

謝謝你，丹尼爾。那麼我們先來談談交易。當談到這些隱含數字時，這些是我們去年實際部署的策略的結果。交易是需要計劃的事情。它需要特定的視圖。我們有一個戰略委員會來致力於此。

They think about the evolution of demand and the potential scenarios that we may see in the system. Additionally, they also think about deliverables from assets with more or less flexibility vis-a-vis the electricity system. All these three factors have an impact on pricing.

他們思考需求的演變以及我們可能在系統中看到的潛在場景。此外，他們還考慮相對於電力系統具有或多或少靈活性的資產的可交付成果。這三個因素都會對定價產生影響。

So if you look at these prices 1 year ago, you have a more favorable scenario, but the economy is not as dynamic. So you sell forward. This is what happened with Eletrobras. So the first answer is to get to these prices, we actually designed this strategy last year, and we sold forward. But as I was saying, we were successful.

因此，如果你看看一年前的這些價格，你會發現更有利的情況，但經濟不那麼有活力。所以你遠期賣出。這就是 Eletrobras 發生的事情。所以第一個答案是得到這些價格，我們去年實際上設計了這個策略，並且我們遠期銷售。但正如我所說，我們成功了。

It's important to highlight that this is not the only strategy to get to higher prices, in the case of Eletrobras, Eletrobras is one of the few companies with energy volumes that could be traded not only in the short term, but also in the long term. We retain our rights over these volumes over 30 years. So we are one of the few companies who are able to do that, to offer different offerings to customers in the long term with different propositions regarding curves or flexibility.

需要強調的是，這並不是獲得更高價格的唯一策略，就 Eletrobras 而言，Eletrobras 是少數幾家能源量不僅可以短期交易而且可以長期交易的公司之一。我們在 30 年內保留對這些卷的權利。因此，我們是少數能夠做到這一點的公司之一，能夠長期為客戶提供不同的產品，並在曲線或靈活性方面提出不同的主張。

So with our volumes, we definitely have more flexibility to customize our supply to specific customers, which we believe is important. Number three, we changed our strategy compared to last year. We were basically operating based on generators and traders, but the open market right now is 10,000 to 12,000 customers. They are what we call the A group, the high-voltage group, 32% of volumes.

因此，憑藉我們的產量，我們肯定可以更加靈活地為特定客戶定制供應，我們認為這一點很重要。第三，與去年相比，我們改變了策略。我們基本上是基於發電機和貿易商來運營的，但現在的公開市場有 10,000 到 12,000 個客戶。它們就是我們所說的A組，高電壓組，佔體積的32%。

But this market will be expanded as of January of 2024, with over 100,000 customers becoming a part of it. So we are customizing this B2B market with all of its specificities. We have advisory services behind us. We are working with very smart people who are trying to prepare us so that we have the right tools in our trading table in order to create more value and offer offerings that stand out and add value to customers.

但到 2024 年 1 月，這個市場將會擴大，屆時將有超過 10 萬客戶成為其中的一部分。因此，我們正在定制這個 B2B 市場的所有特殊性。我們背後有諮詢服務。我們正在與非常聰明的人合作，他們正在努力幫助我們做好準備，以便我們在交易桌上擁有正確的工具，從而創造更多價值並提供脫穎而出的產品並為客戶增加價值。

So for the numbers we have for this year, they are definitely the result of a strategy that we started deploying last year, which was really successful. As I was saying, we made a few improvements this year as well, especially when it comes to our sales team. They've been looking for customers instead of waiting to be approached.

因此，就我們今年的數字而言，它們絕對是我們去年開始部署的戰略的結果，該戰略非常成功。正如我所說，我們今年也做出了一些改進，特別是在我們的銷售團隊方面。他們一直在尋找客戶，而不是等待上門。

Regarding capital allocation, Elio Wolff is going to add something to this, but I'd like to say something about transmissions. We clearly see advantages because we are scattered all over the country. We have a structure in every state in the country, and that's a perk.

關於資本配置，Elio Wolff 將補充一些內容，但我想談談傳輸方面的內容。我們清楚地看到了優勢，因為我們分散在全國各地。我們在全國每個州都有一個機構，這是一項福利。

We were a very large company in the past. There was too much. But now oftentimes, we're able to purchase equipment at a bigger scale. We also see how important it is to look at our operations structure from up close. So if we have an asset in the Northeast, of course, people from Chesf is going to be on top of it because this is going to be a better utilization of this asset. It will be easier for us to hire third parties at a better scale for this kind of operation through this kind of approach.

過去我們是一家非常大的公司。太多了。但現在，我們通常能夠購買更大規模的設備。我們還看到，近距離觀察我們的運營結構是多麼重要。因此，如果我們在東北部擁有資產，那麼 Chesf 的人員當然會控制它，因為這將更好地利用該資產。通過這種方式，我們會更容易聘請更大規模的第三方來進行此類操作。

So if you look at results from the previous auction, we were very competitive. And at the time, the team had been on it for under 3 months. I'm really hopeful that we'll keep on making progress here. I believe we'll be even more competitive in the next auction.

因此，如果你看看之前拍賣的結果，我們的競爭非常激烈。當時，團隊已經投入了不到 3 個月的時間。我真的希望我們能在這裡繼續取得進展。我相信我們在下一次拍賣中會更具競爭力。

Now regarding direct currents. We could talk about a technology upgrade, and we'll need it in Brazil, and we're ready for it. We have partnerships with the state grid for Belo Monte with (inaudible) for the Madeira River. We are the operators of the direct current coming from Itaipu. So we need to increase the reliability of our system and to reduce losses, and this is the technology that will be used.

現在關於直流電。我們可以討論技術升級，我們在巴西需要它，我們已經準備好了。我們與貝洛蒙特國家電網以及馬德拉河國家電網建立了合作夥伴關係（聽不清）。我們是伊泰普直流電的運營商。所以我們需要提高系統的可靠性並減少損失，這就是將要使用的技術。

Elio may have something to add to it. So our team is looking for this kind of partnership so that we're very competitive.

Elio 可能還有一些要補充的內容。因此，我們的團隊正在尋找這種合作夥伴關係，以便我們非常有競爭力。

I agree. Let me add something. I think the last auction was just the beginning. We're working on it, and we're studying. We're doing our research for December. In December, they're going to focus on a batch of around 18 billion to 19 billion. And there was a change recently. You may have seen it.

我同意。讓我補充一下。我認為上次拍賣只是一個開始。我們正在努力，我們正在研究。我們正在做 12 月份的研究。 12月份，他們將重點關註一批約180億至190億的資金。而且最近發生了變化。你可能已經看到了。

Looking for better competitiveness, the regulator decided to have bids split into four sub batches. We have the converter with the main batch and four sub batches. Well, this bid is going to happen in December. As Wilson said, we've been talking to partnerships and suppliers. We have an ongoing conversation with them. We also have preliminary research trying to identify routes and the best paths.

為了獲得更好的競爭力，監管機構決定將投標分為四個子批次。我們的轉換器具有主批次和四個子批次。嗯，這次出價將於 12 月進行。正如威爾遜所說，我們一直在與合作夥伴和供應商進行交談。我們正在與他們進行對話。我們還進行了初步研究，試圖確定路線和最佳路徑。

We're also trying to figure out the best structure as far as cabling goes. So we're getting ready for this auction, not only for the big batch split into four, but the other batches as well, batches 2 and 3. So for December, we are proactively preparing ourselves to send our bids.

我們還試圖找出佈線方面的最佳結構。因此，我們正在為這次拍賣做好準備，不僅為分成四批的大批次，還為其他批次（第2 批和第3 批）做好準備。因此，對於12 月，我們正在積極準備發送投標。

Our next question is from Mr. Henrique Peretti from JPMorgan.

我們的下一個問題來自摩根大通的 Henrique Peretti 先生。

Mr. Junqueira asks the next question.

Junqueira 先生提出下一個問題。

Let me talk about Angra 3. Part of the reason why this discussion comes up and it's a recurring topic, the market is very fearful of this topic. If it is decommissioned, the company would be losing BRL 10 billion, BRL 12 billion, BRL 14 billion. You hear the kind of comment left and right. I may be completely wrong, but I have the impression that is due to communication problem.

讓我談談Angra 3。這個討論之所以出現並且是一個反復出現的話題，部分原因是市場對這個話題非常恐懼。如果退役，該公司將損失 100 億雷亞爾、120 億雷亞爾、140 億雷亞爾。你左右都會聽到這樣的評論。我可能完全錯了，但我的印像是由於溝通問題。

So once again, I would like to take this opportunity to ask your opinion, if there is a decommissioning happening, what is your take on those debt? Electronuclear would default two debts, BRL 6 billion. That seems to be a very radical or extreme result. But could you explain how these costs would be broken down, how they were calculated if it happens?

所以我想再次藉此機會詢問您的意見，如果發生退役，您對這些債務有何看法？ Electronuclear 將拖欠兩筆債務，共計 60 億雷亞爾。這似乎是一個非常激進或極端的結果。但您能否解釋一下這些成本將如何細分，如果發生的話如何計算？

Along the same lines, can the company provide any kind of guarantee? Or would Eletrobras would have to collect or increase its capital? Would the company have to do that, too?

同樣，公司能否提供任何形式的擔保？或者 Eletrobras 是否必須籌集或增加資本？公司也必須這樣做嗎？

We know it is mandatory in the case of the construction portion of the project. So I think it would be interesting so that we could all share the same opinion because that volatility is not helpful to anyone. I'm positive. You are right.

我們知道，對於項目的施工部分來說，這是強制性的。所以我認為這會很有趣，這樣我們都可以分享相同的觀點，因為波動對任何人都沒有幫助。我很樂觀。你是對的。

I would like to take this opportunity to clarify this issue. Despite the importance of this asset, so the basic scenario is that of continuity. And I'll remind you of two things: the controller of the company is the Brazilian stent, (inaudible). They have an almost 70% of common stock. Eletrobras has more -- a bigger stake of the capital. It has less than 40% of the common stock.

我想藉此機會澄清一下這個問題。儘管該資產很重要，但基本場景是連續性。我要提醒您兩件事：該公司的控制人是巴西支架（聽不清）。他們擁有近 70% 的普通股。 Eletrobras 擁有更多——更大的資本股份。它擁有不到40%的普通股。

Well, this company, when we operated it, it was a company that ran at a loss. It's no longer the case with Angra 1 and 2. The EBITDA is robust and positive. So it can cover for any adverse effects. It won't be able to clearly withstand all of those negative effects. And Limpy and Elvira, you can also provide more detail about the financing. And according to the law and based on the agreement that we signed.

那麼這個公司,我們經營的時候,它是一個虧損的公司。 Angra 1 和 2 不再是這種情況。 EBITDA 強勁且積極。因此它可以彌補任何不利影響。它顯然無法承受所有這些負面影響。 Limpy 和 Elvira，您還可以提供有關融資的更多詳細信息。並根據法律和我們簽署的協議。

I was trying to unmute myself. Well, on to the debt, BRL 6 billion. Eletrobras is the guarantor of the debt. So if they cannot cover, Eletrobras can become sued. But legally speaking, we are entitled to look for compensation from Electronuclear, if we are executed.

我試圖讓自己取消靜音。好吧，說到債務，60 億雷亞爾。 Eletrobras 是債務的擔保人。因此，如果他們無法承保，Eletrobras 可能會被起訴。但從法律上講，如果我們被處決，我們有權向Electronuclear尋求賠償。

As to the demobilization costs, there's no direct guarantee from Eletrobras. It's up to Electronuclear. If Electronuclear is not able to cover for that cost that can reach shareholders, but not Eletrobras alone, that is also valid for the controller. If you increase the capital, we would have to make an assessment, but that would involve the entire legislation of Eletrobras. As a shareholder, I wouldn't be able to tell you whether Eletrobras would be forced to allocate resources there. If it's not related to the construction part, but we have to take a deeper dive to better understand this topic.

至於復員費用，Eletrobras 沒有直接保證。這取決於電子核。如果 Electronuclear 無法承擔股東（而非 Eletrobras）本身的成本，那麼這對控制者來說也是有效的。如果你增加資本，我們就必須進行評估，但這將涉及 Eletrobras 的整個立法。作為股東，我無法告訴你 Eletrobras 是否會被迫在那里分配資源。如果它與構造部分無關，但我們必須更深入地研究才能更好地理解這個主題。

And there are no exact answers. You cannot quantify the impact in numbers. It's not a recipe. Given the current situation, we are the guarantors, but we can find compensation. All the other costs as Electronuclear, but there's a direct guarantee as we said. But if Electronuclear is not able to do that, that can impact shareholders, not only Eletrobras.

並且沒有確切的答案。您無法用數字來量化影響。這不是食譜。從目前的情況來看，我們是擔保人，但我們可以找到賠償。所有其他費用都與電核有關，但正如我們所說，有直接保證。但如果 Electronuclear 無法做到這一點，就會影響股東，而不僅僅是 Eletrobras。

But when you say impacting shareholders, would that mean the equity? So your equity at Electronuclear would be worth less. If you increase capital to decommission, would you have to follow the 36% rule? Or that's not the case?

但當你說影響股東時，是指股權嗎？因此，您在 Electronuclear 的股權價值將會降低。如果增資退役，是不是要遵循36%的規則？或者事實並非如此？

Well, we do not have that answer. We have to analyze the scenario because that's not the scenario we're working with. But we have to take a deeper analysis if that's the case. You cannot guarantee anything. You'll not be purchasing equipment, the commissioning costs ex debt.

好吧，我們沒有這個答案。我們必須分析該場景，因為那不是我們正在處理的場景。但如果是這樣的話，我們就必須進行更深入的分析。你不能保證任何事情。您無需購買設備，調試費用已扣除債務。

The company is not -- we're not creditors, no. And that decision of decommissioning is not taken by Eletrobras, that would be the burden of those that make the decision. In such a case, this is going to be assessed by the controller. As a controller itself, we'll be answering according to our participation. Electronuclear has debt net to EBITDA about 3-odd. But the entire debt is from Angra 3. Yes, the rest is net cash. It's a very solid company, generating EBITDA.

公司不是——我們不是債權人，不是。退役決定不是由 Eletrobras 做出的，這將是做出決定的人的負擔。在這種情況下，控制器將對此進行評估。作為控制者本身，我們會根據我們的參與情況來回答。 Electronuclear 的債務淨額約為 EBITDA 的三倍多。但全部債務都來自 Angra 3。是的，其餘的是淨現金。這是一家非常穩健的公司，產生 EBITDA。

It's a 3x budget. It's a company owned by the state, but you're talking about the state defaulting of debt. A state that would be BRL 1 trillion worth of debt. It would default that debt, I think the stress is due to lack of information.

這是 3 倍的預算。這是一家國有公司，但你談論的是國家拖欠債務。一個債務價值達 1 萬億雷亞爾的國家。它會拖欠債務，我認為壓力是由於缺乏信息造成的。

That's not your base scenario, but I think it's worth further explaining it on a step-by-step basis so that everyone would speak the same language. You're right. You're right. We're working in that direction with (inaudible). The Board will be addressing that issue.

這不是你的基本場景，但我認為值得一步一步地進一步解釋它，以便每個人都會說同一種語言。你說得對。你說得對。我們正在朝這個方向努力（聽不清）。董事會將解決該問題。

Mr. Marcelo Sa, Itau BBA, asks the next question.

Itau BBA Marcelo Sa 先生提出了下一個問題。

Could you please elaborate on the CapEx? You break that down by segment. But out of this commission CapEx, what part of it does not generate revenue?

您能詳細說明一下資本支出嗎？你將其按部分細分。但在這筆佣金資本支出中，哪一部分不會產生收入？

It's 1.5% worth of revenue generation, but there was an additional CapEx that is nonrecurring. But should we consider that BRL 1.5 billion. For maintenance purposes, that wouldn't be generating revenue necessarily. And could you please elaborate on the capacity auction that is scheduled to be held in Q1 of next year? And competitors are not looking for a hydro-only solution.

這相當於 1.5% 的收入產生，但還有額外的非經常性資本支出。但我們是否應該考慮 15 億雷亞爾。出於維護目的，這不一定會產生收入。您能否詳細介紹一下計劃於明年第一季度舉行的產能拍賣？競爭對手並不是在尋找純水力解決方案。

So what's your take on this next auction? Are there any projects willing to take part? What would be the amount available? And what is your estimate as far as capacity hiring is concerned?

那麼您對下一次拍賣有何看法？有項目願意參與嗎？可用金額是多少？就產能招聘而言，您的估計是多少？

I'll turn it over to Elio Wolff, and then Limp can jump in to talk about CapEx and the capacity auction. Over to you, Elio.

我會將其交給 Elio Wolff，然後 Limp 可以介入討論資本支出和容量拍賣。交給你了，埃利奧。

Hello, Marcelo. The first block is related to revenue, and I mean transmission. The second block, the maintenance CapEx. And this should be regarded as recurring CapEx that is nonrevenue-generating. It's BRL 1.5 billion or BRL 0.75 billion in 3 years. So that's the maintenance recurring CapEx that will -- this is the nonrevenue generating, right?

你好，馬塞洛。第一個塊與收入有關，我的意思是傳輸。第二塊，維護資本支出。這應該被視為不產生收入的經常性資本支出。 15 億雷亞爾或 3 年內達到 7.5 億雷亞爾。這就是維護經常性資本支出——這是非收入產生，對嗎？

Yes, exactly. The BRL 3 billion is a mix. Part of it should generate revenue from improvements and there's a part from modernizing equipment. And I think it's important to speed up that process of MSO. But this is a one-off event.

對，就是這樣。 30 億雷亞爾是一個混合體。其中一部分應該通過改進產生收入，還有一部分來自設備現代化。我認為加快 MSO 的進程非常重要。但這是一次性事件。

As far as the environment, most of it coming from size, these obligations would be dwindling. As years go by, these are nonrevenue generating, but there's a progressive phasing out of that process. And the (inaudible) is a new asset, and then there's M&A.

就環境而言，大部分來自規模，這些義務將會減少。隨著時間的推移，這些都不再產生收入，但這一過程正在逐步淘汰。 （聽不清）是一項新資產，然後是併購。

So in essence, as far as modeling is concerned, BRL 1.5 billion is nonrecurring -- rather is recurring, non-revenue generating. This is the best answer I can give you for your model and for the auction.

因此，從本質上講，就建模而言，15 億雷亞爾是非經常性的，而是經常性的、不產生收入的。這是我能為您的模型和拍賣提供的最佳答案。

Well, let me clarify one thing about CapEx. As you're showing, you said that nonrecurring for generation, there's a little bit of improvement. But in 30 years, would there be any leaps for modernization efforts that would be outside those BRL 1.5 billion? Are there any surprises looking ahead?

好吧，讓我澄清一件事有關資本支出的事情。正如您所展示的，您說過一代人不會重複出現，但有一點改進。但 30 年後，除了 15 億雷亞爾之外，現代化建設還會有任何飛躍嗎？未來有什麼驚喜嗎？

No, there are no relevant surprises further down the road. Well, if we detect any opportunities to modernize or maybe repower our units that could generate important revenue, of course, we'll take that into consideration, but we don't envision any of those surprises as we speak.

不，未來不會有任何相關的驚喜。好吧，如果我們發現任何現代化的機會，或者可能為我們的單位重新供電，從而產生重要的收入，我們當然會考慮到這一點，但在我們發言時，我們並沒有預見到任何這些驚喜。

On to the auctions. We have projects of renewable sources. As far as thermal plants, we are divesting or divesting from those operations. It's currently underway. There's a teaser in the marketplace about it. So we are divesting in those areas.

繼續參加拍賣會。我們有可再生能源項目。就熱電廠而言，我們正在剝離或剝離這些業務。目前正在進行中。市場上有一個關於它的預告片。因此，我們正在撤資這些領域。

But of course, we'll be addressing the capacity depending on how EPE designs it. We'll be looking for opportunities not only to sell energy, but also to come up with new projects to make that opportunity possible for the group to grow even further.

當然，我們將根據 EPE 的設計方式來解決容量問題。我們不僅會尋找銷售能源的機會，還將尋找新項目，使該集團有機會進一步發展。

But we have no volumes set aside, specifically for the auction. We have to learn how the government will be defining that auction, the types of modalities, direct participation, whether it's a possibility, hybrid services. So these are possibilities we have to take into consideration so that we can define how we are going to be part of that auction.

但我們沒有專門為拍賣預留數量。我們必須了解政府將如何定義拍賣、模式類型、直接參與、是否可能、混合服務。因此，我們必須考慮這些可能性，以便我們可以定義如何參與拍賣。

[Yuri Gullard] from Trulia investments is asking the next question.

Trulia Investments 的 [Yuri Gullard] 提出了下一個問題。

Can you elaborate on your interest in the capacity auction for next year?

您能否詳細說明一下您對明年產能拍賣的興趣？

That's the question we have just answered. I think he read Marcelo's mind. Would you like to say anything else, Limp?

這就是我們剛才回答的問題。我認為他讀懂了馬塞洛的心思。你還想說什麼嗎，林普？

No, that's it. We have to better learn about the premises and how the rules will be detailed just like the previous auction. Only for thermal plants, that would be completely the opposite of our directions today.

不，就是這樣。我們必須更好地了解場地以及規則將如何詳細，就像之前的拍賣一樣。僅對於熱電廠來說，這與我們今天的方向完全相反。

We turn over the floor to Mr. Wilson Ferreira for his final remarks.

現在請威爾遜·費雷拉先生髮表最後講話。

Well, thank you for attending our Q2 earnings call. I'm very pleased, as well as the team is, as to the start of the realization of the results after the privatization process. Some benefits are evident. We're talking about more revenue from the free market. This is the result of that decommissioning.

好的，感謝您參加我們的第二季度財報電話會議。我和團隊都對私有化過程後開始實現成果感到非常高興。一些好處是顯而易見的。我們正在談論來自自由市場的更多收入。這就是退役的結果。

And we have better benefits to extract once we have the trading company set in place. Last year, the company was reduced through to a series of voluntary termination program. We have had two of these programs. We are hiring new people, some people are leaving the company and we do have to have a mix in place that can provide more productivity and cost reductions and being more productive in the marketplace.

一旦我們建立了貿易公司，我們就能獲得更好的利益。去年，該公司通過一系列自願終止計劃進行了裁員。我們有兩個這樣的計劃。我們正在招聘新員工，有些人正在離開公司，我們確實必須進行適當的組合，以提高生產力，降低成本，並在市場上提高生產力。

We have a very experienced team as far as MSO head -- or led by Renato Carreira. He has a lot of experience, even abroad, but we brought in several people from or to Renato's team to be able to better negotiate materials, third-party services inventory. We have 95 warehouses. We have 7 data centers, 4 shared services centers. So we have been working hard to optimize these assets. These are currently underway.

就 MSO 負責人而言，我們擁有一支經驗豐富的團隊 - 或者由 Renato Carreira 領導。他擁有豐富的經驗，甚至在國外也是如此，但我們從雷納託的團隊中引進了一些人，以便能夠更好地協商材料、第三方服務庫存。我們有 95 個倉庫。我們有7個數據中心，4個共享服務中心。所以我們一直在努力優化這些資產。這些目前正在進行中。

And once again, we have advanced significantly our liability management strategies. We'll be able to show those results in the near future. We've done that at Electronorte. So this is just the beginning of that effort. We still have a lot of homework to do as far as tax and fiscal optimization. That's our focus. This is our priority.

我們再次顯著推進了我們的責任管理戰略。我們將能夠在不久的將來展示這些結果。我們在 Electronorte 已經做到了這一點。所以這只是這項努力的開始。在稅收和財政優化方面，我們還有很多功課要做。這是我們的重點。這是我們的首要任務。

And absolutely, we not only have to operate efficiently and with safety, but also remaining competitive and focusing our opportunities on transmission. I'd say it's a need for the country. That's exactly where we can contribute substantially and also generating value and being competitive.

當然，我們不僅必須高效、安全地運營，還要保持競爭力並將我們的機會集中在傳輸上。我想說這是國家的需要。這正是我們可以做出重大貢獻、創造價值並保持競爭力的地方。

And our reversal of cross-ownership, especially taking opportunity of M&A opportunities in the marketplace. So I'm certain we are heading in the right direction. We've been here only for 3 quarters. But for the first time, we have a clear vision of the entire team. I would like to thank the entire team. I failed to mention the nonrecurring of compulsory loans. And we have managed to evolve dramatically after 6, 7 months, an effort led by Paula and Marcelo Siqueira.

我們逆轉交叉所有權，特別是利用市場上的併購機會。所以我確信我們正朝著正確的方向前進。我們只在這裡待了三個季度。但這是我們第一次對整個團隊有了清晰的願景。我要感謝整個團隊。我沒有提到強制貸款的非經常性。經過 6、7 個月的時間，在 Paula 和 Marcelo Siqueira 的努力下，我們取得了巨大的進步。

I think there's important road ahead of us, but over 20% of provisions have been brought down in record times. We're gaining -- or we're gaining traction. Processes are better structured.

我認為我們前面還有很重要的路要走，但超過 20% 的供應量已經在創紀錄的時間內減少了。我們正在取得進展——或者說我們正在獲得牽引力。流程結構更加完善。

There is no other company in the energy industry with our size with our possibility to reduce costs and generate value, reducing financial costs and at the same time, creating value to optimize our tax expenses and also have the possibility to grow.

能源行業中沒有其他公司具有我們的規模，能夠降低成本並創造價值，降低財務成本，同時創造價值以優化我們的稅收支出，並有可能實現增長。

No other company can do that. It's a unique asset at a time in which our target price is much bigger, the upside is very relevant. It's important to mention that. The team is committed to realize those possibilities, and we'll be seeing those results coming in, in the near future.

沒有其他公司可以做到這一點。在我們的目標價格更高、上漲空間非常重要的時期，這是一種獨特的資產。值得一提的是。該團隊致力於實現這些可能性，我們將在不久的將來看到這些結果。

Once again, thank you for attending our earnings call. I wish everyone a great day.

再次感謝您參加我們的財報電話會議。祝大家都有美好的一天。

This concludes Eletrobras earnings call. Thank you for attending. Have a good afternoon.

Eletrobras 財報電話會議到此結束。感謝您的出席。祝你下午好。

[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。]