Ecopetrol SA (EC) 2024 Q4 法說會逐字稿

Good morning. My name is Natalia, and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results in 2024. There will be a question-and-answer session at the end of the presentation.

早安.我叫娜塔莉亞 (Natalia)，今天我將擔任您的接線生。歡迎參加 Ecopetrol 的收益電話會議，我們將在會上討論 2024 年的主要財務和經營業績。演講結束時將有問答環節。

Before we begin, it is important to mention that the comments in this call by Ecopetrol's senior management include projections of the company's future performance. These projections do not constitute any commitment as to future results nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.

在我們開始之前，值得一提的是，Ecopetrol 高階主管在這次電話會議上的評論包括對公司未來表現的預測。這些預測並不構成對未來結果的任何承諾，也沒有考慮可能出現的風險或不確定性。因此，如果未來結果與本次電話會議上的預測不同，Ecopetrol 不承擔任何責任。

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Rafael Guzman, Executive Vice President of Hydrocarbons; Camilo Barco, CFO; and David Riaño, Executive Vice President of Transition Energies. Thank you for your attention. Mr. Roa, you may begin your conference.

這次電話會議將由 Ecopetrol 執行長 Ricardo Roa 先生主持；拉斐爾·古茲曼 (Rafael Guzman)，碳氫化合物執行副總裁；卡米洛·巴爾科 (Camilo Barco)，首席財務官；以及 Transition Energies 執行副總裁 David Riaño。感謝您的關注。羅亞先生，您可以開始您的會議了。

Welcome to the operational and financial results call of the Ecopetrol Group. We met our operational and financial targets, consolidating a growth path we set the foundation for a solid beginning for 2025 and enabled new possibilities to progress in the energy transition.

歡迎參加 Ecopetrol 集團的營運和財務業績電話會議。我們實現了營運和財務目標，鞏固了成長道路，為2025年的良好開端奠定了基礎，並為能源轉型的進展創造了新的可能性。

I want to highlight our reserves replacement results. The reserve replacement ratio was 104% with the addition of 260 million barrels of oil equivalent of proven reserves, maintaining an average reserve life of 7.6 years. This doubles the addition of proven reserves when compared to 2023, which reflects our commitment to the country's energy security. Our own 89% of these results response to organic management and was complemented by the acquisition of Repsol's 45% stake in the CPO-09 Block, which added 32 million barrels of oil equivalent to our results.

我想強調一下我們的儲備替代結果。儲量替代率為104%，新增探明儲量2.6億桶油當量，維持平均儲量壽命7.6年。與2023年相比，新增探明儲量翻了一番，體現了我們對國家能源安全的承諾。我們自己的 89% 的業績得益於有機管理，並且由於收購了 Repsol 在 CPO-09 區塊的 45% 股份而得到補充，這為我們的業績增加了 3200 萬桶石油當量。

We renewed the agreement with OXY to extend the development plan in the Permian Basin with an estimated investment of $885 million in 2025 including the drilling of 91 development wells. We achieved an average production of 746,000 barrels of oil equivalent per day, exceeding our annual goal and the highest level of the last nine years. In exploration, we surpassed our 15 well target by drilling 16 wells with a three years [productory] success rate of 43%, where the Sirius-2 were in the Colombian Caribbean offshore stands out as it is a key to span the country's gas potential.

我們與OXY續簽了協議，延長二疊紀盆地的開發計劃，預計2025年投資額為8.85億美元，包括鑽探91口開發井。我們實現了平均日產量74.6萬桶油當量，超額完成了年度目標，創下了九年來的最高水準。在勘探方面，我們已鑽探 16 口井，超額完成了 15 口井的目標，三年生產成功率為 43%，其中位於哥倫比亞加勒比海近海的 Sirius-2 井尤為突出，因為它是挖掘該國天然氣潛力的關鍵。

In midstream, we exceeded our annual goal by transporting an average of 1.119 million barrels per day. This achievement proves our resilience and operational flexibility, ensuring the supply of crude to the refineries and products to our customers. Regarding the downstreams, we faced electrical reliability challenges while successfully completing the annual plan of shutdowns and major maintenance achieving average operational availability of 94.5% and reaching an average throughput of 414,000 barrels per day. In the commercial front, our trading subsidiaries in Singapore and Houston continued their support in markets and customers diversification, improving the crude margins when compared to 2023.

中游方面，我們超額完成了年度目標，平均每天運輸 111.9 萬桶。這項成就證明了我們的韌性和營運靈活性，確保了向煉油廠供應原油並向客戶提供產品。在下游方面，我們面臨電力可靠性的挑戰，同時成功完成了年度停工和大修計劃，平均營運可用性達到 94.5%，平均吞吐量達到 414,000 桶/天。在商業方面，我們在新加坡和休士頓的貿易子公司繼續為市場和客戶多元化提供支持，與 2023 年相比提高了原油利潤率。

Let's move to the next slide, please. We accomplished a year of strong economic performance that generates value for our shareholders despite external factors as exchange rates and inflation, which affected us currently. In 2024, we recorded total revenues of COP133.3 trillion an EBITDA of COP54.1 trillion with an EBITDA margin of 41% and net income of COP14.9 trillion. Excluding external factors, net income would be COP21 trillion, an increase of nearly 10% compared to 2023.

請讓我們轉到下一張投影片。儘管匯率和通貨膨脹等外部因素目前對我們產生了影響，但我們仍然取得了強勁的經濟表現，為股東創造了價值。2024 年，我們的總收入為 133.3 兆哥倫比亞比索，EBITDA 為 54.1 兆哥倫比亞比索，EBITDA 利潤率為 41%，淨收入為 14.9 兆哥倫比亞比索。剔除外部因素，淨收入將達到21兆哥倫比亞比索，較2023年成長近10%。

We invested over $6 billion of CapEx, including the acquisition of CPO-09 in line with our annual plan. Additionally, we collected the entire account receivable from the fuel stabilization price fund of 2023 and celebrated a 63% reduction of the 2024 balance.

我們投資了超過 60 億美元的資本支出，包括根據年度計劃收購 CPO-09。此外，我們收回了2023年燃料穩定價格基金的全部應收帳款，並慶祝2024年餘額減少了63%。

Efficiencies, which have been important to mitigate cost increase, reached COP5.3 trillion, surprising in 43% the year's ambition. Meanwhile, consolidated payments to all our shareholders reached COP42 billion. In line with the above, we just announced the proposal for a dividend distribution of COP214 per share which will be subject for approval in the coming General Shareholders Meeting on March 28.

效率對於緩解成本增加至關重要，今年的效率達到了 5.3 兆哥倫比亞比索，令人驚訝地達到了年度目標的 43%。同時，向全體股東支付的合併金額達到420億哥倫比亞比索。基於上述情況，我們剛剛宣布了每股 214 哥倫比亞比索的股息分配提案，該提案需在 3 月 28 日召開的股東大會上獲得批准。

Let's move to the next slide. (inaudible) TESG Ecopetrol plant, the second-best global rating on the oil and gas industry in the Dow Jones Sustainability Index. On the environmental front, I would like to highlight three achievements. First, the reduction of greenhouse gas emissions by more than 462,000 tonnes of CO2 equivalent since 2020, which represents the CO2 emitted by over 840,000 cars. Second, an 81% of water reuse in our operations, increasing 7% in terms of volume when compared to 2023. And third, in biodiversity, historic and avoided emission through natural climate solutions projects.

讓我們看下一張投影片。（聽不清楚）TESG Ecopetrol 工廠是道瓊永續發展指數中石油和天然氣產業全球第二好的評級。在環境方面，我想強調三項成就。首先，自2020年以來，溫室氣體排放量減少超過46.2萬噸二氧化碳當量，相當於超過84萬輛汽車排放的二氧化碳。其次，我們的營運中水的重複利用率達到 81%，與 2023 年相比，水的利用量增加了 7%。第三，在生物多樣性方面，透過自然氣候解決方案計畫實現歷史排放和避免排放。

On the social side, we invested over COP606 billion in the sustainable transformation of the territories, our leadership in the national allocation awards in lieu of taxes with a 45% share and the various projects we promote to the benefit of hundreds of Colombians. In innovation and technology, we became the first Latin American country to join the International Energy Agencies Greenhouse Gas Research and Development Program which we aim boost through the Colombian Petroleum and Energy transition Institute.

在社會方面，我們投資了超過 6060 億哥倫比亞比索用於領土的可持續轉型，在以 45% 的份額代替稅收的國家分配獎勵中發揮領導作用，並推動了各種項目，造福了數百名哥倫比亞人。在創新和技術方面，我們成為第一個加入國際能源機構溫室氣體研究與發展計畫的拉丁美洲國家，我們希望透過哥倫比亞石油和能源轉型研究所推動該計畫的發展。

In governance, we were recognized as the best company in Colombia for attracting and retain talent by MERCO. We also transformed our organizational structure to become more agile and efficient according to the needs of each of the business length. Finally, I would like to highlight Ecopetrol's contribution to the regional GDP within Colombia of over COP1.3 trillion proving that sustainability investment generates financial benefits and promoted economic development.

在治理方面，我們被 MERCO 評為哥倫比亞吸引和留住人才的最佳公司。我們也根據各個業務部門的需求，轉變了組織結構，使其變得更加靈活和高效。最後，我想強調的是，哥倫比亞國家石油公司對哥倫比亞地區GDP的貢獻超過1.3兆哥倫比亞比索，證明了永續性投資能夠產生經濟效益並促進經濟發展。

I now hand over to Rafael Guzman who will talk about the results in the Hydrocarbons business line.

現在我把時間交給拉斐爾·古茲曼，他將介紹碳氫化合物業務線的成果。

Thank you, Ricardo. In the Hydrocarbon business, we are focused on profitability and sustainable cash generation. This is demonstrated by the Ecopetrol Group's successful incorporation of proven reserves in 2024, achieving a reserve replacement ratio of 104% and maintaining an average reserve life of 7.6 years.

謝謝你，里卡多。在碳氫化合物業務中，我們專注於盈利能力和可持續的現金產生。哥倫比亞國家石油集團於 2024 年成功納入探明儲量，實現儲量替代率 104%，並維持平均儲量壽命 7.6 年，就證明了這一點。

We added 260 million barrels of oil equivalent in proved reserves, doubling the 2023 addition. In this regard, I would like to highlight the following: improved reserves revisions. The contributions of Rubiales and Caño Sur stands out, thanks to the outstanding results of the drilling campaign and the maturation of new projects.

我們增加了2.6億桶油當量的探明儲量，比2023年增加一倍。在這方面，我想強調以下幾點：改進儲備修訂。由於鑽探活動的出色成果和新計畫的成熟，Rubiales 和 Caño Sur 的貢獻尤為突出。

Management efforts were focused on economic factors, mitigating the impact of a lower price of Brent, which decreased by $3 per barrel compared to 2023. This was possible thanks to the implementation of initiatives such as cost optimization measures, the strengthening of the crude oil basket, and agreements reached with the ANH regarding their economic rights. These actions not only mitigated the impact but also resulted in the incorporation of over 6 million barrels of oil equivalent in reserves.

管理工作重點是經濟因素，以減輕布蘭特原油價格下跌的影響，與 2023 年相比，布蘭特原油價格每桶下跌了 3 美元。這是透過實施成本優化措施、加強原油籃子以及與 ANH 就其經濟權利達成的協議等措施來實現的。這些措施不僅減輕了影響，而且還帶來了超過 600 萬桶油當量的儲量。

Now the primary contribution derived from the expansion of improved recovery projects in Colombia, amounting to 97 million barrels of oil equivalent, representing 37% of the total incorporation. Extensions and discoveries include the commercialization of Arrecife, Saltador, and Toritos.

目前主要貢獻來自於哥倫比亞改進採收率項目的擴展，達到 9,700 萬桶油當量，佔合併總額的 37%。擴展和發現包括 Arrecife、Saltador 和 Toritos 的商業化。

On inorganic incorporation, the main contribution relates to the acquisition of Repsol's 45% stake in the CPO-09 block located in the department of Meta. This purchase added 32 million barrels of oil equivalent to 1P reserves and enable nearly 8 million barrels of oil equivalent of organic incorporation through synergies with the Chichimene field.

在無機併購方面，主要貢獻涉及收購 Repsol 在梅塔省 CPO-09 區塊的 45% 股份。此次收購使1P儲量增加了3,200萬桶油當量，並透過與Chichimene油田的協同作用實現了近800萬桶油當量的有機摻入。

Additionally, we executed divestments resulting in a net addition of 29 million barrels of oil equivalent. It is noteworthy that 89% of the total proven reserves are from fields in Colombia where we achieved a 109% reserve replacement ratio.

此外，我們還進行了資產剝離，淨增加了 2,900 萬桶油當量。值得注意的是，總探明儲量的89%來自哥倫比亞的油田，我們在那裡實現了109%的儲量替代率。

Lastly, on the gas front, in 2024, we incorporated 15 million barrels of oil equivalent following two years without adding proven reserves of this hydrocarbon. In addition, as part of our efforts to strengthen the gas portfolio we increased contingent resources by 1.3 trillion cubic feet, mainly from the Sirius discovery.

最後，在天然氣方面，在兩年沒有增加這種碳氫化合物的探明儲量之後，我們在 2024 年加入了 1,500 萬桶油當量。此外，作為加強天然氣組合的努力的一部分，我們增加了 1.3 兆立方英尺的緊急資源，主要來自 Sirius 的發現。

Let's move to the next slide, please. As part of our active and efficient portfolio management, we successfully completed important deals in 2024 to ensure the profitable sustainability of the Hydrocarbon business. Regarding acquisitions, and as previously mentioned, the purchase of Repsol's stake in the CPO-09 block, this transaction strengthens Ecopetrol's position in the Llanos Orientales basin providing benefits in reserves, production, and potential volumes to be developed of over 250 million barrels of oil.

請讓我們轉到下一張投影片。作為我們積極且有效率的投資組合管理的一部分，我們在 2024 年成功完成了重要交易，以確保碳氫化合物業務的獲利可持續性。關於收購，如前所述，購買 Repsol 在 CPO-09 區塊的股份，這筆交易加強了 Ecopetrol 在 Llanos Orientales 盆地的地位，在儲量、產量和潛在可開發量方面具有優勢，超過 2.5 億桶石油。

This also enhances decision-making agility and create synergies in the development and operational costs as Ecopetrol now holds 100% interest in the cluster that includes the Chichimene, Castilla, and CPO-09 assets.

這也提高了決策靈活性，並在開發和營運成本方面創造了協同效應，因為 Ecopetrol 現在擁有包括 Chichimene、Castilla 和 CPO-09 資產在內的集群 100% 的權益。

Furthermore, we extended the joint venture between Ecopetrol and OXY in the Midland area of the Permian Basin until June 2026, with the possibility of signing a new extension of the development plan in the future. The contract for the development of the Delaware sub basin will remain in force until 2027.

此外，我們將Ecopetrol和OXY在二疊紀盆地米德蘭地區的合資合約延長至2026年6月，並有可能在未來簽署新的開發計畫延期。特拉華次盆地的開發合約將持續有效至2027年。

Likewise, we implemented a dilution strategy resulting in the signing of 10 agreements with Parex, aimed at reactivating areas with high exploration and development potential. Under this agreement, Parex plans to carry out investment exploration activities in Piedemonte and Farallones. Likewise, in Putumayo, Parex will invest $350 million as carried in exploration and development with the expectation that both companies will incorporate resources in 2025 as projects mature.

同樣，我們實施了稀釋策略，與 Parex 簽署了 10 項協議，旨在重新激活具有高勘探和開發潛力的地區。根據該協議，Parex 計劃在皮埃蒙特大區和法拉隆大區進行投資勘探活動。同樣，在普圖馬約，Parex 將投資 3.5 億美元用於勘探和開發，預計隨著專案的成熟，兩家公司將在 2025 年整合資源。

Simultaneously, we continue to advance our agenda with the National Hydrocarbons Agency, ANH, and the Ministry of Mines and Energy to maximize activities within the areas of existing contracts and agreements. This effort has resulted in the extension of 15 exploration contracts across various regions of Colombia as illustrated on the map. All these milestones will serve as future sources for research in corporation.

同時，我們繼續推動與國家碳氫化合物管理局 (ANH) 以及礦業和能源部的合作議程，以最大限度地開展現有合約和協議領域內的活動。這項努力已導致哥倫比亞各個地區 15 份勘探合約延長，如地圖所示。所有這些里程碑都將成為未來公司研究的資源。

Let's move to the next slide, please. In exploration, we progressed with the drilling of 16 wells compared to the 15 initially planned with an investment of $454 million. As a result, seven wells were successful, including Caripeto-1, we confirm the presence of hydrocarbons during the initial test in January 2025. Two wells are currently under evaluation, and seven wells had no commercial hydrocarbon balance.

請讓我們轉到下一張投影片。在勘探方面，我們已鑽探了 16 口井，而最初計劃的是 15 口，投資額為 4.54 億美元。最終，包括 Caripeto-1 在內的七口井均獲得成功，我們在 2025 年 1 月的首次測試中確認了碳氫化合物的存在。目前有兩口井正在評估中，七口井沒有商業碳氫化合物平衡。

In addition, we highlight the progression of resources to proven reserves with the commerciality of Arrecife, which contributed to a total of 6.8 million barrels of oil equivalent. Lastly in 2024, Ecopetrol acquired interest for additional blocks in the Santos Sur project in Brazil with a 30% stake for a total of 11 blocks.

此外，我們強調了阿雷西費的商業性資源向探明儲量的進展，總共貢獻了 680 萬桶石油當量。最後在 2024 年，Ecopetrol 收購了巴西 Santos Sur 專案的額外區塊權益，擁有 30% 的股份，共 11 個區塊。

Let's move to the next slide, please. In 2024, the Ecopetrol Group achieved a production of 746,000 barrels of oil equivalent per day, exceeding the target for the year. These results were primarily supported by the performance of the Permian and Caño Sur fields. Additionally, the continuous contribution of assets in Colombia, such as Castilla, Rubiales, Chichimene, and Piedemonte which generated 42% of the Ecopetrol Group's production; fields with improved recovery technology contributed with nearly 41% of Ecopetrol Group's total production.

請讓我們轉到下一張投影片。2024年，哥倫比亞國家石油集團實現日產量74.6萬桶油當量，超額完成年度目標。這些結果主要得到了 Permian 和 Caño Sur 油田表現的支持。此外，哥倫比亞的資產持續貢獻，如卡斯提爾、魯維亞萊斯、奇奇梅內和皮埃蒙特，這些資產佔哥倫比亞國家石油集團產量的 42%；採油技術改進的油田貢獻了哥倫比亞國家石油集團總產量的近41%。

Regarding the production levels in the fourth quarter of 2024, it is important to note that the lower levels were anticipated within the projections and are mainly attributed to the anticipation of Permian activity in the first nine months of the year, environmental events due to the rainy season; causing electrical disruptions, mainly in Rubiales, Yarigui, Chichimene, and Castilla; hurricanes affecting Ecuador America; regular low oil gas sales during the end of the year.

關於2024年第四季的產量水平，值得注意的是，預測中的產量較低，主要原因是預計今年前九個月將出現二疊紀活動，以及雨季造成的環境事件；造成電力中斷，主要發生在魯維亞萊斯、亞里吉、奇奇梅內和卡斯蒂利亞；影響厄瓜多爾美洲的颶風；年底定期低價銷售石油石油。

In 2025, we estimate production between 740,000 and 750,000 barrels of oil equivalent per day which incorporates production from the acquisition of 45% of CPO-09 but also consider social unrest risks.

到 2025 年，我們估計日產量將在 74 萬至 75 萬桶油當量之間，其中包括收購 45% CPO-09 的產量，但也考慮了社會動盪風險。

Let's move to the next slide, please. In 2024, transported volumes increased by more than 5,800 barrels per day compared to the previous year, primarily driven by greater deliveries of Castilla Norte crude oil from the Barrancabermeja refinery and the implementation of commercial strategies that facilitated the additional barrels outside the transportation network.

請讓我們轉到下一張投影片。2024 年，運輸量與前一年相比增加了 5,800 多桶/天，主要原因是巴蘭卡韋梅哈煉油廠的卡斯蒂利亞北原油運輸量增加，以及實施了促進運輸網絡外額外原油運輸的商業戰略。

Thanks to mitigation strategies, enhanced operational control and coordination with government entities, more than 7 million barrels were evacuated from the Caño-Limón field through the Bicentenario pipeline following the suspension of the Banadía-Ayacucho section of the Caño Limón Coveñas pipeline.

由於採取了緩解策略、加強了營運控制以及與政府實體的協調，在 Caño Limón Coveñas 管道的 Banadía-Ayacucho 段暫停之後，透過 Bicentenario 管道從 Caño-Limón 油田輸送了超過 700 萬桶石油。

In 2024, this segment achieved the highest net income amounting to COP5.2 trillion and recorded the second highest EBITDA reaching COP11 trillion and contributing to 20% of the total EBITDA of the Ecopetrol Group.

2024年，該部門實現了最高的淨收入，達5.2兆哥倫比亞比索，並錄得第二高的EBITDA，達11兆哥倫比亞比索，佔哥倫比亞國家石油集團EBITDA總額的20%。

Let's move to the next slide. In 2024, the refineries achieved a throughput of 414,000 barrels per day with an average annual operational availability of 94.5% despite a challenging market and operational environment. The gross refining margin decreased by $7.7 per barrel compared to 2023. In 2024, it stands at $9.9 per barrel. 78% of this impact is due to the decline in international fuel prices mainly affecting diesel, gasoline, and jet fuel, 11% primarily due to the effect of the lower availability of segregated light crude oil at the Barrancabermeja refinery as a result of the attacks on the Caño Limón Coveñas pipeline.

讓我們看下一張投影片。2024年，儘管市場和營運環境充滿挑戰，煉油廠的產量仍達到每天414,000桶，年平均營運利用率達94.5％。與 2023 年相比，毛煉油利潤每桶下降了 7.7 美元。2024年，油價將達到每桶9.9美元。其中 78% 的影響是由於國際燃料價格下跌，主要影響柴油、汽油和航空燃料，11% 的影響主要是由於 Caño Limón Coveñas 管道遭到襲擊，導致 Barrancabermeja 煉油廠分離輕質原油供應減少。

And the remaining 11% was the result of operational events such as the limitation of the compressor and the power shutdown at the Cartagena refinery. Regarding the latter, we continue advancing in the comprehensive plan to restore refinery's electrical reliability, having completed 4 of the 16 planned milestones. By 2025, we aim to advance 10 milestones.

其餘 11% 是由於卡塔赫納煉油廠壓縮機限制和斷電等營運事件造成的。關於後者，我們繼續推進恢復煉油廠電力可靠性的綜合計劃，已經完成了計劃的16個里程碑中的4個。到 2025 年，我們的目標是實現 10 個里程碑。

As a result of the after-engine factors, the segment's EBITDA stood at COP2.2 trillion in 2024, 69% less than previous year. When normalizing for exogenous factors, the EBITDA would have been COP6.9 trillion with an EBITDA margin of 9.9%. In 2025, the segment's efforts are concentrated on levers to enhance business profitability and mitigate exceptional effects such as cost and expenses optimization, focus on operational and logistical efficiency.

由於後發動機因素，該部門 2024 年的 EBITDA 為 2.2 兆哥倫比亞比索，比前一年下降 69%。當對外部因素進行標準化後，EBITDA 將達到 6.9 兆哥倫比亞比索，EBITDA 利潤率為 9.9%。2025年，該部門的努力將集中在提高業務盈利能力和減輕成本和費用優化等特殊影響的槓桿上，重點關注營運和物流效率。

Initiatives to maximize business profitability to the production of higher-value products, including petrochemical, asphalt, and chemical recycling and the execution of energy transition projects aim at sustainability and diversification of refining products into new markets, such as renewable jet and diesel production, automatic petrochemistry, low emissions hydrogen production, and improvements in air quality.

旨在最大限度提高企業盈利能力的舉措包括生產高價值產品，包括石化產品、瀝青和化學品回收，以及實施能源轉型項目，旨在實現煉油產品的可持續性和多樣化，進入新​​市場，如可再生噴氣燃料和柴油生產、自動化石化、低排放氫氣生產和空氣品質改善。

Let's go to the next slide. In 2024, the Ecopetrol Group continue materializing its efficiency strategy with a contribution of COP5.3 trillion, exceeding the target proposed for the year. As shown in the lower-left figure, the efficiencies were able to offset the increase in total unit cost by $0.97 per barrel, resulting in a total unit cost of $47.71 per barrel in 2024. Lifting, transportation, and refining costs were impacted by exogenous factors such as exchange rate, inflation, and gas prices.

我們來看下一張投影片。2024年，哥倫比亞國家石油集團將持續實施其效率策略，貢獻5.3兆哥倫比亞比索，超過當年提出的目標。如左下圖所示，效率的提高能夠抵消每桶總單位成本增加 0.97 美元，導致 2024 年的總單位成本為每桶 47.71 美元。開採、運輸和煉製成本受到匯率、通貨膨脹和天然氣價格等外部因素的影響。

This year, we will continue to execute our efficiencies program with new initiatives aimed at increasing the profitability of our operations and investments, maximizing asset value, enhancing synergies within the integrated hydrocarbon chain, and identifying optimizations in our supply chain. The program aims to achieve efficiencies by COP4.6 trillion.

今年，我們將繼續執行我們的效率計劃，採取新舉措，旨在提高我們的營運和投資的盈利能力，最大化資產價值，增強綜合碳氫化合物鏈內的協同效應，並確定我們供應鏈中的優化。該計劃旨在實現 4.6 兆哥倫比亞比索的效率。

Now I'll turn it over to David who will discuss the main milestones of the Energies for the Transition business line.

現在我將把時間交給 David，他將討論過渡能源業務線的主要里程碑。

Thank you, Rafael. In Ecopetrol, we acknowledge the importance of natural gas as the transition mechanism to cleaner energies. For this reason, we remain committed to the incorporation of our portfolio of options that allow us to contribute to the reliable supply of national demand in the coming years. To achieve this, we are implementing all actions and investments necessary to support the country's energy security.

謝謝你，拉斐爾。在哥倫比亞國家石油公司，我們認識到天然氣作為向清潔能源過渡的機制的重要性。因此，我們將繼續致力於整合我們的選擇組合，以便我們能夠在未來幾年為國家需求的可靠供應做出貢獻。為了實現這一目標，我們正在實施一切必要的行動和投資，以支持國家的能源安全。

In 2024, we successfully delivered the gas committed on their contracts with third parties with an average of 506 giga BTU per day of natural gas and 15,000 barrels of oil equivalent per day of LPG. This led to a production of 170,200 barrels of oil equivalent per day of natural gas and LPG with an EBITDA generation of nearly COP2.9 trillion.

2024年，我們成功交付了與第三方簽訂的合約中承諾的天然氣，平均每天506千兆英熱單位的天然氣和每天15,000桶油當量的液化石油氣。這導致天然氣和液化石油氣日產量達到 170,200 桶油當量，EBITDA 達到近 2.9 兆哥倫比亞比索。

This EBITDA is 70% lower than in 2023, mainly due to a lower availability of domestic natural gas and LPG and exchange rate variations. However, we continue our efforts to ensure that this business line makes a significant contribution to the achievement of our long-term goals. Throughout most of 2024, we assessed various alternatives for import to natural gas through marketing opportunities and internal analysis. These evaluations, both technical and financial, explored options that could spur gas demand until offshore projects come to life.

該 EBITDA 比 2023 年低 70%，主要原因是國內天然氣和液化石油氣供應減少以及匯率變動。然而，我們將繼續努力確保這條業務線為實現我們的長期目標做出重大貢獻。在 2024 年的大部分時間裡，我們透過行銷機會和內部分析評估了進口天然氣的各種替代方案。這些技術和財務評估探索了在海上專案投入使用之前可能刺激天然氣需求的方案。

In this context, we highlight progress in two important areas: the start of the Ballena LNG project, which allow to identify its benefits from the technical and commercial point of view for medium-term natural gas demand and the approval to continue the studies during 2025; the binding process for regasification services, the first of its kind that sets private companies to offer regasification service to Ecopetrol.

在此背景下，我們強調兩個重要領域的進展：Ballena LNG 專案的啟動，這使得人們能夠從技術和商業角度確定其對中期天然氣需求的益處，並批准在 2025 年繼續進行研究；再氣化服務的約束性流程，這是首個規定私人公司向 Ecopetrol 提供再氣化服務的流程。

In regulatory matters, we highlight the company's efforts to promote the updating of gas marketing rules in key areas such as commercialization mechanism for the volumes coming for new gas projects, endorsement to develop the transportation infrastructure, and the need for regulatory certainty related to the development of new gas projects and the possibility of developing natural gas imports.

在監管問題上，我們強調該公司在推動天然氣行銷規則更新方面所做的努力，這些規則涉及的關鍵領域包括新天然氣項目的商業化機制、發展運輸基礎設施的批准、以及與新天然氣項目開發和開發天然氣進口的可能性相關的監管確定性的必要性。

In this line, relevant advances have materialized for the market, such as the CREG resolutions that structurally modify and make more flexible periods for natural gas commercialization and promote the use of all the volumes available in the market; the Act 1467 of 2024 that makes imports an offshore natural sources buyer; and finally, the supply plan that includes a strategic transportation infrastructures for the development of new supply.

在這方面，市場已經取得了相關進展，例如 CREG 決議，從結構上修改了天然氣商業化的期限並使其更加靈活，並促進了市場上所有可用數量的使用； 2024 年第 1467 號法案規定進口商成為境外自然資源買家；最後，供應計劃包括開發新供應的戰略交通基礎設施。

Let's move on to the next slide. In terms of energy efficiency between 2018 and 2024, we reached a cumulative energy optimization of 19.9 petajoules equivalent to the annual gas and power consumption of more than 1 million tonnes, contributing to carbonates close to 1.2 million tonnes of CO2 equivalent and generating savings of COP389 billion. These results have a measuring on the growth of Colombia's (inaudible) and efficient energy program, which promotes an efficient use of energy in different sectors and activities of the economy, representing 72% of the national goal for the oil and gas sector.

讓我們繼續看下一張投影片。在能源效率方面，2018年至2024年期間，我們累計實現了19.9千兆焦耳的能源優化，相當於每年減少100多萬億的天然氣和電力消耗，為碳酸鹽貢獻近120萬噸二氧化碳當量，節省3890億哥倫比亞比索。這些結果對哥倫比亞（聽不清楚）高效能源計畫的成長進行了衡量，該計畫促進了不同經濟部門和活動的能源高效利用，佔石油和天然氣部門國家目標的 72%。

Regarding the integration of renewable energies of 2024, the Ecopetrol Group accumulated 611 megawatts of capacity from nonconventional renewable energy sources in operation, execution, and construction, with a potential contribution of 1.6-terawatt hour per year, which corresponds to a 19% share in the group's energy metrics and 52% lower tariff when compared to nonregulated energy purchases.

就2024年再生能源整合而言，Ecopetrol集團在營運、執行和建設中的非傳統再生能源發電能力已累計達到611兆瓦，每年的潛在貢獻為1.6太瓦時，相當於該集團能源指標的19%份額，與非管制能源採購相比，電價低52%。

The combined effect of these efforts in transition energies included the final investment decision and the start of construction of the Coral project at the Cartagena refinery, our plan for green hydrogen product using [PEN] technology with an electrolysis capacity of 5-megawatt realized our position to achieve our goals.

這些轉型能源努力的綜合效果包括最終的投資決策和在卡塔赫納煉油廠開始建造珊瑚項目，我們計劃使用電解能力為 5 兆瓦的 [PEN] 技術生產綠色氫產品，從而實現我們的目標。

In summary, 2024 ends with 68% progress towards our all incorporated 900 megawatts of nonconventional renewable energy sources by 2025, 80% progress towards our target efficiency by 2030, and a clear path in 2025 to escalate our green hydrogen production at an industrial level.

總而言之，到 2024 年，我們將朝著 2025 年實現 900 兆瓦非傳統再生能源目標的進度取得 68% 的進展，到 2030 年實現 80% 的進展，並在 2025 年明確路徑，在工業層面上提升我們的綠色氫氣生產。

As part of our commitment to promote a fair energy transition and contribute to sustainable territorial transformation, by the end of 2024 the Ecopetrol Group impacted more than 13,000 people with renewable energy solutions, supporting the consolidation of the largest energy community in the country located in Manaure, La Guajira and connected communities with renewable energy solution for biodiversity and peace.

作為我們促進公平能源轉型和促進永續領土轉型的承諾的一部分，到 2024 年底，Ecopetrol 集團將透過再生能源解決方案影響超過 13,000 人，支持鞏固位於馬瑙雷、瓜希拉省的全國最大能源社區，並透過再生能源解決方案將各個社區連接起來，以促進生物多樣性和和平。

Additionally, we're connecting more than 25,000 families to natural gas service for a total amount of 69,000 since 2019. In 2025, we aim to execute 16 additional projects connecting 30,000 new families in more than 10 departments around the country.

此外，自 2019 年以來，我們已為超過 25,000 個家庭接入天然氣服務，總數達到 69,000 個。2025年，我們計畫實施16個新增項目，涵蓋全國10多個省份的3萬個新家庭。

I will now pass the floor to Camilo, who will present our Transmission and Roads business line.

現在我將把發言權交給卡米洛，他將介紹我們的傳動和道路業務線。

Thank you, David. In 2024, ISA achieved the highest net profit of its history driven by the entry into operation of new projects and by the recognition of the periodic tariff review for transmission companies in Brazil during the third quarter of the year. The 12% increase in revenues, 8% rise in EBITDA, and 43% growth in net income compared to 2023 highlight our strong performance. Net income results were partly due to impairment figures of the year compared to 2023.

謝謝你，大衛。2024年，由於新專案的投入運作以及當年第三季對巴西輸電公司定期關稅審查的認可，ISA實現了歷史最高淨利潤。與 2023 年相比，營收成長 12%，EBITDA 成長 8%，淨收入成長 43%，凸顯了我們強勁的表現。淨收入結果部分歸因於與 2023 年相比的年度減損數字。

In line with our strategic diversification goals by the year-end, ISA's individual results enhance its contribution to Ecopetrol Group, revenues, 18% of EBITDA, and 6% of net income. Consequently, the average return on equity measured reached 16.9% in 2024, up from 14.4% in 2023.

根據我們年底前的策略多元化目標，ISA 的個人業績提高了其對 Ecopetrol Group 的貢獻，包括收入、18% 的 EBITDA 和 6% 的淨收入。因此，衡量的平均股本回報率從 2023 年的 14.4% 上升到 2024 年的 16.9%。

ISA accelerated its investment execution in 2024, reaching COP4.8 trillion, with a robust investment plan committed to achieve 2030 target of COP26.1 trillion. The year's execution included the launch of 15 projects across various regions, such as the Minuano project in Brazil, connection service to the substation at Copey in Colombia, and Ruta Loa project in Chile.

ISA 在 2024 年加快了投資執行速度，投資額達到 4.8 萬億哥倫比亞比索，並製定了強有力的投資計劃，致力於實現 2030 年 26.1 萬億哥倫比亞比索的目標。今年的執行包括在各個地區啟動 15 個項目，例如巴西的米努阿諾項目、哥倫比亞的科佩變電站連接服務和智利的魯塔洛阿項目。

By 2030, 5,600 kilometers of circuit to the grid and 296 kilometers of toll roads will be added through the development of 38 projects that are currently under construction. With investments of COP3.8 trillion, ISA secured 10 tenders in power transmission, including notable projects such as the Ruta Loa, Orbital Sur in Chile and the East Pan-American Road in Panama. Finally, we will launch our ISA 2040 investment strategy on March 12, which will continue to strengthen our original growth.

到2030年，透過38個目前正在興建的項目，將新增5,600公里的併網電路和296公里的收費公路。ISA 投資 3.8 兆哥倫比亞比索，在電力傳輸領域中贏得了 10 個招標項目，其中包括智利的 Ruta Loa 鐵路、Orbital Sur 鐵路和巴拿馬的東泛美公路等著名項目。最後，我們將於3月12日推出ISA 2040投資策略，這將持續加強我們原有的成長。

Let's go to the next slide to detail the financial performance of the group. The strong financial results for 2024 were driven by our sustained efforts to achieve structural efficiencies, maintain profitability, uphold a strong cash position, exercise continued capital discipline, and mitigate external impacts. Key financial achievements for 2024 include: ROACE of 10.2% and EBITDA margin of 41% above annual targets with a significant contribution coming from the Transmission and Toll Road segment; optimization of our debt structure through strategic financing, pursuing an early refinancing plan and lowering interest expenses.

讓我們看下一張投影片來詳細介紹該集團的財務表現。2024 年強勁的財務表現得益於我們持續努力實現結構效率、維持獲利能力、維持強勁的現金狀況、持續實施資本紀律以及減輕外部影響。2024 年的主要財務成就包括：ROACE 為 10.2%，EBITDA 利潤率比年度目標高出 41%，其中輸電和收費公路部門做出了重大貢獻；透過策略性融資、推行早期再融資計劃和降低利息支出來優化我們的債務結構。

In addition, the company kept its gross debt to EBITDA ratio under control in 2.2 times and extended the average life of debt from 8.5 years in 2023 to 9.3 years in 2024, the highest free cash flow of our history, underpinned by a strong operational performance and the collection of the accounts receivable from the fuel price stabilization fund, FEPC, accrue in 2023.

此外，公司將總債務與 EBITDA 比率控制在 2.2 倍，並將平均債務期限從 2023 年的 8.5 年延長至 2024 年的 9.3 年，創歷史新高，這得益於強勁的營運業績和 2023 年燃油價格穩定基金 FEPC 應收帳款的收回。

Given these positive results, we proposed an attractive dividend payout of 58.9% with a dividend per share of COP214. This proposal is aligned to our dividend policy and will be coordinated with our majority shareholder to achieve a parallel payment of the FEPC balance accumulated in 2024.

鑑於這些積極的結果，我們提議以 58.9% 的誘人股息支付，每股股息為 214 哥倫比亞比索。該提案與我們的股利政策一致，並將與我們的多數股東協調，以實現 2024 年累積的 FEPC 餘額的平行支付。

Let's now look at our cash position and results. In 2024, the significant decline in the FEPC receivable favor our cash position, which was adversely affected in 2023 in terms of working capital. The FEPC balance closed at COP7.6 trillion, the lowest level since 2021, thanks to the collection of COP20.5 trillion during 2024, in addition to the increased gasoline prices and a slight rise in diesel prices.

現在讓我們看看我們的現金狀況和結果。2024 年，FEPC 應收帳款的大幅下降有利於我們的現金狀況，而 2023 年的營運資金狀況則受到不利影響。FEPC 餘額收於 7.6 兆哥倫比亞比索，為 2021 年以來的最低水平，這得益於 2024 年徵收的 20.5 兆哥倫比亞比索，以及汽油價格上漲和柴油價格小幅上漲。

For 2025, we anticipate the FEPC balance to range between COP4 trillion and COP6 trillion assuming current price scenario remains unchanged. Thereabouts COP18.2 trillion cash position for the year-end on a consolidated basis will be primarily allocated to the 2025 investment plan as well as to operational and financial obligations.

到 2025 年，假設當前價格保持不變，我們預計 FEPC 餘額將在 4 兆至 6 兆 COP 之間。年底合併現金部位約為 18.2 兆哥倫比亞比索，將主要用於 2025 年投資計畫以及營運和財務義務。

Our EBITDA reached COP54.1 trillion in 2024 with an EBITDA margin of 41%, setting out one of the highest profitability levels of our history. It's important to mention that our EBITDA decreasing approximately COP6.6 trillion compared to the previous year mainly due to the external factors impacting COP7.8 trillion including a 45% impact from price decreases, consolidating the brand reference price and product and crude oil differentials, a 37% impact from the lower average FX rate of the year, and an 18% of effect from inflation. Excluding these externalities, the adjusted EBITDA would have been approximately COP62 trillion, representing 43% EBITDA margin.

2024 年，我們的 EBITDA 達到 54.1 兆哥倫比亞比索，EBITDA 利潤率為 41%，創下歷史最高獲利水準之一。值得一提的是，我們的 EBITDA 與上年相比減少了約 6.6 兆哥倫比亞比索，主要是由於外部因素影響了 7.8 兆哥倫比亞比索，其中包括價格下降 45% 的影響、合併品牌參考價格和產品與原油差價、今年平均匯率較低 37% 的影響以及通貨膨脹 18% 的影響。排除這些外部因素，調整後的 EBITDA 約為 62 兆哥倫比亞比索，相當於 43% 的 EBITDA 利潤率。

Please go to the next slide. In 2024, we executed an ambitious and challenging investment plan, achieving USD6.1 billion in both organic and inorganic investments. Investments were primarily allocated in Colombia, 65% and internationally, 35%, mainly in the US, Permian Basin, and Brazil.

請翻到下一張投影片。2024年，我們執行了一項雄心勃勃且富有挑戰性的投資計劃，實現了61億美元的有機和無機投資。投資主要分佈在哥倫比亞（65%）和國際（35%），主要分佈在美國、二疊紀盆地和巴西。

Organic investments in the Hydrocarbon segment accounted for 68% of the group's total investments with significant projects in Caño Sur, Chichimene, Akacias, and the Permian drilling campaign. 20% of investments were allocated to ISA, its enhanced progress made in 38 projects under construction by itself and its subsidiaries.

碳氫化合物領域的有機投資佔集團總投資的 68%，其中包括 Caño Sur、Chichimene、Akacias 和二疊紀鑽探活動等重要項目。 20%的投資分配給了愛沙尼亞國家電力公司，該公司及其子公司正在建造的38個項目取得了加快進展。

Additionally, commercial operations commenced in 15 power transmission products. Improvements were made to the ISA energy grid in Brazil and the Ruta Loa in Chile was initiated.

此外，15種電力傳輸產品已開始商業營運。巴西的 ISA 電網得到了改進，智利的 Ruta Loa 電網也已啟動。

The Energy Transition business segment executed 13% of the group's total investments, focusing on the gas supply chain in basins such as Permian, offshore [Tinamú] block, and Piedemonte as well as renewable energy projects like the Huila solar eco park and the [Quifa] solar farm.

能源轉型業務部門佔集團總投資的 13%，重點關註二疊紀盆地、近海 [Tinamú] 區塊和皮埃蒙特等盆地的天然氣供應鏈以及威拉太陽能生態園區和 [Quifa] 太陽能發電場等再生能源專案。

Finally, $239 million were allocated to inorganic investments to acquire 45% of the Repsol's stake in the CPO-09 block and for the acquisition of (inaudible) Colombian's non-controlling interest [bioscience].

最後，2.39 億美元被分配給無機投資，用於收購 Repsol 在 CPO-09 區塊 45% 的股份，以及收購（聽不清楚）哥倫比亞的非控制權益[生物科學]。

Now let's comment our 2025 investment plan. For 2025, the investment plan aims at sustained growth control costs and ensure profitability for our shareholders while strengthening our traditional business. We plan to invest between COP24 trillion and COP28 trillion with 60% allocated to energy security. This includes enhancing our crude oil production, securing refining throughput, and meeting domestic fuel demand with our own products. The remainder, 40% of our investments will be allocated towards the energy transition, including sustainability, innovation, and electricity transmission and toll roads.

現在我們來評論一下我們的2025年投資計畫。2025年的投資計畫旨在實現持續成長、控製成本、確保股東獲利，同時加強我們的傳統業務。我們計劃投資24兆至28兆哥倫比亞比索，其中60%用於能源安全。這包括提高我們的原油產量，確保煉油產量，並用我們自己的產品滿足國內燃料需求。剩餘的 40% 投資將用於能源轉型，包括永續性、創新以及電力傳輸和收費公路。

The investment plan is based on an average Brent price scenario of USD73 per barrel. It aims to preserve competitive returns with 39% EBITDA margin and achieve efficiencies exceeding COP4 trillion. Such plan does not account for the export taxes and a stand tax insured by Colombia's internal promotion degree in February 2025. Nevertheless, we do not anticipate significant impacts on its execution.

該投資計畫基於每桶 73 美元的布蘭特原油平均價格情境。該公司的目標是保持 39% EBITDA 利潤率的競爭性回報，並實現超過 4 兆哥倫比亞比索的效率。該計畫並未考慮2025年2月哥倫比亞內部促銷措施所保障的出口稅和標準稅。儘管如此，我們預計其執行不會受到重大影響。

Finally, I would like to discuss the main challenges we identified for this year and outline how our finance team plans to address them, like our peers, we will remain focused on reversing the trend at cost. With this, we set a lifting cost target ranging from $12 to $13 per barrel for the whole year, aiming to reach the lower end of the range.

最後，我想討論我們今年面臨的主要挑戰，並概述我們的財務團隊計劃如何應對這些挑戰，就像我們的同行一樣，我們將繼續專注於扭轉成本趨勢。據此，我們設定了全年每桶12至13美元的開採成本目標，力求達到該範圍的下限。

Additionally, our debt management strategy will focus on addressing cash needs that may arise from inorganic opportunities and continuing to reduce financial costs. To optimize our return on capital employee and profitability, we will focus on managing our assets and the turnover of our portfolio.

此外，我們的債務管理策略將專注於解決無機機會可能產生的現金需求並繼續降低財務成本。為了優化我們的資本回報率和獲利能力，我們將專注於管理我們的資產和投資組合的周轉率。

Finally, we continue taking action to support the dynamism of our stock and create value for our shareholders. Recently, we announced two key initiatives: a temporary decrease in ADR conversion costs and the appointment of a market maker for our local stock.

最後，我們繼續採取行動來支持我們股票的活力並為我們的股東創造價值。最近，我們宣布了兩項重要措施：暫時降低 ADR 轉換成本並任命本地股票做市商。

I now turn the floor over to the President for his closing remarks.

現在我請主席致閉幕詞。

Thank you, Camilo. The satisfactory results of 2024 allow us to continue generating value and profitability in 2025 based on a strict capital discipline and cash [rotation] criteria. For this year, the operational and financial goals we had set respond to the need to keep enhancing the organic pollution of hydrocarbons, reserved in (inaudible), availability, and reliability across our infrastructure; increase our efforts related to efficiencies and decarbonization while consolidating the Energy Transition business line; maintain our leadership in energy transmission in the region.

謝謝你，卡米洛。2024 年令人滿意的業績使我們能夠在 2025 年繼續在嚴格的資本紀律和現金[輪換]標準的基礎上創造價值和盈利能力。今年，我們設定的營運和財務目標是滿足不斷加強碳氫化合物有機污染（保留在（聽不清楚）中）、可用性和整個基礎設施的可靠性的需求；在鞏固能源轉型業務線的同時，加大與效率和脫碳相關的力度；保持我們在該地區能源傳輸領域的領先地位。

We recognize the challenges ahead, so our efforts will focus mainly on enhancing flexible operations to our risk contingencies and preserved continuity. Enabling cost efficiency alternatives that allow us to maintain our competitiveness.

我們認識到未來的挑戰，因此我們的努力將主要集中在增強營運的靈活性以應對風險突發事件並保持連續性。提供成本效益替代方案，讓我們保持競爭力。

I thank all the employees of the Ecopetrol Group for their hard work in 2024 and encourage them to keep moving forward in 2025. Thank you all for participating in this conference call. I now open the floor to the question-and-answer session.

我感謝哥倫比亞國家石油集團全體員工在2024年的辛勤工作，並鼓勵他們在2025年繼續前進。感謝大家參加本次電話會議。我現在開始問答環節。

(Operator Instructions) (inaudible) has a question. (inaudible), you can ask.

（操作員指示）（聽不清楚）有一個問題。 （聽不清楚），你可以問。

(interpreted) Good morning, everybody. Can you hear me? Good morning. Thank you for the opportunity. Very quickly 3 questions.

（翻譯）大家早安。你聽得到我嗎？早安.感謝您提供的機會。很快有 3 個問題。

The first is, I'd like to understand a little bit about the impairment terms of the refining segment because one of the reasons to that reversion is that the difference between prices and margins were adjusted to the appetite. So I'd like to understate that those assumptions as you're using, so that you could have that value of these operations. The first question is that.

首先，我想了解煉油部門的減損條款，因為回歸的原因之一是價格和利潤之間的差異根據需求進行了調整。因此，我想低估您所使用的那些假設，以便您可以獲得這些操作的價值。第一個問題是。

The second has to do with the profitability estimating an EBITDA margin for 2025, 39%. That just mean that you're expecting a reduction in EBITDA margin because this year, we had a -- 2024 be increasing. So I'd like to understand a little bit why? Do you see that reduction in the profits? And that should be a margin that we should hope to be stable in the medium term and I'm surprised because this year, we have a lower because we have lower prices in terms of the price of oil and rate of exchange.

第二個與獲利能力有關，預計 2025 年 EBITDA 利潤率為 39%。這只是意味著您預計 EBITDA 利潤率會下降，因為今年我們的 EBITDA 利潤率預計在 2024 年會增加。所以我想稍微了解為什麼？您覺得利潤減少了嗎？我們希望在中期內保持穩定的利潤率，但我感到驚訝，因為今年我們的利潤率較低，因為石油價格和匯率都較低。

So I'd like to understand why they are still impacting a period in this margin? And lastly, the third question has to do with the -- recently at the end of the (inaudible) the sales per [remote] generation through a regulation. I'd like to know whether that is really how likely the payment of the balance we made using the assets from (inaudible). And in addition, whether it is true that they made an offer for the project where the CapEx that you are mentioning are also including these -- the purchasers in (inaudible). Those are my 3 questions there.

所以我想了解為什麼它們仍然會影響這個邊緣時期？最後，第三個問題與－最近在（聽不清楚）透過法規對每代[遠程]銷售進行監管時。我想知道，我們用資產償還餘額的可能性是否真的如此。（聽不清楚）。此外，他們是否確實對該項目提出了報價，其中你提到的資本支出也包括這些——購買者（聽不清楚）。這就是我的三個問題。

(interpreted) Good morning, Katherine. This is Camilo Barco. Thank you for questions. My microphone was also -- you couldn't hear us. So I'd like to start by the question about the impairment, which shown in the last quarter of 2024. And this is something that we do according to generally accepted by technology, which is [Fermacell], which is based on the valuation through this accounted cash flows for the short, medium and long terms.

（翻譯）早安，凱瑟琳。這是卡米洛·巴爾科。謝謝您的提問。我的麥克風也是──你聽不到我們說話。因此，我想先問一下有關減損的問題，該問題在 2024 年最後一個季度顯現出來。這是我們根據普遍接受的技術 [Fermacell] 所做的事情，它是基於透過短期、中期和長期的會計現金流進行的估值。

Captured audio of the event was truncated. The missing text will be supplied once a replay of the complete audio becomes available.

捕獲的事件音訊被截斷。一旦可以重播完整的音頻，就會提供缺少的文字。