Empresa Distribuidora y Comercializadora Norte SA (EDN) 2023 Q4 法說會逐字稿

Good morning, on behalf of Edenor, we would like to thank everybody for participating in this conference call to discuss the results of fiscal year 2023 and the fourth quarter ended December 21, 2023, that were release on Friday, March 8.

早安，我們謹代表 Edenor 感謝大家參加本次電話會議，討論 3 月 8 日星期五發布的 2023 財年和截至 2023 年 12 月 21 日的第四季度的業績。

We will also highlight important recent developments and advances in our efforts to strengthen our position as an energy leader. If you would like to receive our early release or presentation, you can download them easily from the Investor Relations section of our website located at www.edenor.com or call our Investor Relations Office to request a document. This event is being recorded. After the company's remarks are completed, there will be a question-and-answer session for which you may submit questions to the webcast chat.

我們還將重點介紹我們在鞏固能源領導者地位方面的最新進展和進展。如果您想收到我們的早期新聞稿或簡報，您可以從我們網站 www.edenor.com 的投資者關係部分輕鬆下載，或致電我們的投資者關係辦公室索取文件。該事件正在被記錄。公司發言結束後，將進行問答環節，您可以透過網路直播聊天提交問題。

Before proceeding, let me mention that forward-looking statements are based on the belief and assumption of Edenor's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events, and therefore, depend on circumstances that may or may not occur in the future.

在繼續之前，我要指出的是，前瞻性陳述是基於 Edenor 管理層的信念和假設以及公司目前掌握的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或不發生的情況。

Investors should understand that general economic conditions, industry conditions and other operational factors could also affect the future of Edenor and could cause results to differ materially from those expressed in such forward-looking statements.

投資者應了解，總體經濟狀況、行業狀況和其他營運因素也可能影響 Edenor 的未來，並可能導致結果與此類前瞻性聲明中表達的結果有重大差異。

Now, let me pass the floor to German Ranftl, our CFO, who will guide us through the presentation.

現在，請允許我們的財務長 German Ranftl 發言，他將指導我們完成演示。

Thank you, Solange. Good morning and welcome to everyone. Your presence here is very important to us and we hope to provide you with a good understanding of Edenor’s performance during the fiscal year 2023.

謝謝你，索蘭熱。早上好，歡迎大家。您的光臨對我們來說非常重要，我們希望能讓您更了解 Edenor 在 2023 財年的表現。

Relevant events, items -- before moving to the discussions of our financial performing -- performance during the fourth quarter and full year 2023, I would like to take a few minutes to highlight some very relevant and positive recent developments as shown in slide 5 that have occurred in 2024. These have substantially improved our financial outlook and enabled us to focus on further transformation of the company.

相關事件、項目——在討論我們的財務表現——2023 年第四季和全年的業績之前，我想花幾分鐘時間強調一些非常相關和積極的近期發展，如幻燈片 5 所示：發生在2024年。這些極大地改善了我們的財務前景，使我們能夠專注於公司的進一步轉型。

Following a public hearing on January 26, 2024, to present and analyze electricity distribution tariffs, new tariffs were announced by the regulator which included an increase for Edenor value-added distribution cost of 319.2% via Resolution 102 of 2024. The new tariffs are applicable from February 16, 2024, and very importantly, we will get an automatical month update mechanism applicable from March -- from May 2024.

在 2024 年 1 月 26 日舉行公開聽證會以介紹和分析配電電價後，監管機構宣布了新電價，其中包括根據 2024 年第 102 號決議將 Edenor 增值配電成本增加 319.2%。新關稅自 2024 年 2 月 16 日起適用，非常重要的是，我們將獲得從 3 月至 2024 年 5 月起適用的自動月份更新機制。

The rating agencies Fix and Moody’s raised our outlook in Edenor following improvements in the company’s risk profile, sorry, just last week, we completed the successful missions of an exchange of $100 million based local dollars, which has helped us to improve our debt profile and capital structure. These developments have restored the economic equilibrium of Edenor.

隨著公司風險狀況的改善，評級機構 Fix 和 Moody’s 上調了我們對 Edenor 的展望，抱歉，就在上週，我們成功完成了 1 億美元本地美元的兌換任務，這對我們有幫助改善我們的債務狀況和資本結構。這些發展恢復了艾登諾的經濟平衡。

For the first time in many years, our auditors, PricewaterhouseCoopers, are not including a concern about the company’s continuing to operate as a growing concern. This has been since 2012 in the accounts of Edenor. We expect these changes to lead to a more dynamic company with substantially more favorable financial results going forward versus the last several years. This will enable us to continue our strong investment program and continue to improve our service level.

多年來，我們的審計師普華永道第一次沒有將公司繼續營運的擔憂列為日益嚴重的擔憂。這是自 2012 年以來 Edenor 的帳目中的記錄。我們預計這些變化將使公司變得更有活力，與過去幾年相比，未來的財務表現將大幅改善。這將使我們能夠繼續我們強有力的投資計劃並繼續提高我們的服務水準。

Now, let’s turn to our financial performance for the fourth quarter and full year 2023. Highlights, new strategy. At Edenor, we continue to work on our plan to transform the company and transition it from its current strong position as a leading electricity distribution company in Argentina in a broad energy leader with a bright future.

現在，讓我們來看看我們第四季和 2023 年全年的財務表現。亮點紛呈，新戰略。在 Edenor，我們繼續制定公司轉型計劃，將其從目前阿根廷領先的配電公司的強勢地位轉型為擁有光明未來的廣泛能源領導者。

To do this, we plan to build one of the strengths of its existing business, expand our services to supply clean energy as part of the energy transition, develop and expand our smart grid using technology and innovation, offer new services to allow users to buy electricity or self-generate and sell-provide solar energy, develop renewables energy generation projects and further expand our network to serve new customers such as electric vehicles, public or private.

為此，我們計劃建立現有業務的優勢之一，擴大我們的服務以供應清潔能源，作為能源轉型的一部分，利用技術和創新開發和擴大我們的智慧電網，提供新服務以允許用戶購買電力或自發電和銷售提供太陽能，開發再生能源發電項目，並進一步擴大我們的網路以服務公共或私人電動車等新客戶。

Financial results, revenues -- as you can see on slide 8, revenues reach ARS120.4 billion in the fourth quarter of 2023, a decrease of 17% in real terms versus the fourth quarter of 2022. For the full year 2023, sales rose 9%. The weak performance in the fourth quarter was due to softer demand and no tariff increases in the second half of the year despite continuing high inflation.

財務表現、收入—正如您在投影片 8 中看到的那樣，2023 年第四季營收達到 1,204 億澳元，與 2022 年第四季相比實際下降 17%。2023 年全年銷售額成長 9%。第四季表現疲軟的原因是需求疲軟以及下半年儘管通膨持續高企但關稅沒有上調。

Financial results, energy purchases -- energy purchases were ARS75.8 billion in the fourth quarter of 2023, a 32% decrease in real terms compared to the fourth quarter of 2022, which was driven by the weak demand that we just mentioned. In addition, the energy mix this year improved with more lower costs of hydroelectrical supply and reduces thermal energy costs due to lower fuel costs. For the full year, energy purchases rose 3%, which was helped by a record high temperature in the first quarter of the year.

財務表現、能源採購——2023 年第四季能源採購量為 758 億澳元，與 2022 年第四季相比實際下降 32%，這是由我們剛才提到的需求疲軟推動的。此外，今年的能源結構有所改善，水力發電供應成本進一步降低，而燃料成本降低則降低了熱能成本。全年能源採購量成長了 3%，這得益於今年第一季創紀錄的高溫。

Financial results, energy sales evolution -- in the fourth quarter of 2023, energy sales volumes totaled of 5,261 gigas down 3.6% year to year and was led by the decrease in consumption of 6.4% in residential customers. For the full year, volumes increased 4.6% for a product of the high temperatures in first quarter, as mentioned previously.

財務表現、能源銷售演變－2023 年第四季度，能源銷售量總計 5,261 吉吉，年減 3.6%，其中住宅客戶消費量下降 6.4%。如前所述，由於第一季高溫，全年銷量成長了 4.6%。

Edenor’s customer base rose 1% versus a prior year of 3.3 million customers. This was mainly due to an increase in residential and industrial customers because of Market Disciplines measures, including the installation of increasing number of energy meters in the fourth quarter, which were mostly intended to convert clandestine connections into registered customers.

Edenor 的客戶群比前一年的 330 萬客戶成長了 1%。這主要是由於市場紀律措施導致住宅和工業客戶增加，包括第四季度安裝了越來越多的電錶，其主要目的是將秘密連接轉變為註冊客戶。

Financial results, distribution margin. For the fourth quarter, our distribution margin rose 34% year to year to ARS44.6 billion, mainly due to a lower energy purchase cost, and to a lesser extent, tariff increases implemented yearly in the year. For the full year, the distribution margin rose 24% to ARS242.2 billion, as shown in the slide, due to several factors. First, the positive effect of tariff increases contributed to higher revenues, even though these adjustments were still below what was needed to fully compensate inflation. A second factor that had the comparison for the year was a lower increase in energy cost -- purchase cost, as we have explained earlier.

財務業績、分配利潤。第四季度，我們的分銷利潤率年增 34%，達到 446 億澳元，這主要是由於能源採購成本降低，以及年內每年實施的電價上漲。如幻燈片所示，由於多種因素的影響，全年分配利潤增長了 24%，達到 2,422 億澳元。首先，關稅增加的正面影響導致收入增加，儘管這些調整仍低於完全補償通貨膨脹所需的水平。今年進行比較的第二個因素是能源成本（採購成本）增幅較低，正如我們先前所解釋的。

Financial results, EBITDA. Looking at EBITDA for the full year to 2023, EBITDA rose sharply in real terms to ARS163.5 billion versus ARS19 billion last year. The main factors driven the improvement were a substantially positive impact of ARS198 billion due to an agreement for a payment plan for a month due to CAMMESA for the past energy purchase cost.

財務業績，EBITDA。綜觀截至 2023 年全年的 EBITDA，EBITDA 實質大幅上升至 1,635 億澳元，而去年為 190 億澳元。推動這一改善的主要因素是由於 CAMMESA 就過去的能源購買成本達成了一個月的付款計劃，因此產生了 1,980 億阿根廷比索的實質積極影響。

The tariff adjustments put in place earlier in 2023 of 107.8% in April and 73.7% in June. And a further reduction in energy losses to 14.9% in the fourth quarter of 2023 versus 15.9% in the fourth quarter of 2022. EBITDA for the fourth quarter of 2023 was negative by ARS19 -- ARS29.2 billion, compared to the last year profit of ARS43.9 billion for the same reasons mentioned above.

2023 年初實施的關稅調整分別為 4 月 107.8% 和 6 月 73.7%。2023 年第四季能源損失進一步減少至 14.9%，而 2022 年第四季為 15.9%。基於上述相同的原因，2023 年第四季的 EBITDA 為負，為 292 億ARS，而去年的利潤為 439 億ARS。

Financial results. Net financial expenses. Net financial expenses of ARS88.1 billion in the fourth quarter of 2023 were in line with the prior year. For the year -- for the full year 2023, net financial expenses increased by ARS350 million, oh, sorry, ARS350.4 billion from ARS277.6 billion in 2022 due to a higher interest expense and FX effects -- and foreign exchange effects.

財務業績。淨財務費用。2023 年第四季淨財務費用為 881 億澳元，與前一年持平。2023 年全年，淨財務費用從 2022 年的 2,776 億澳元增加了 3.5 億澳元，哦，抱歉，是 3,504 億澳元，原因是利息支出和匯率影響以及外匯影響增加。

Financial results. On the net results line, Edenor reported a net loss of ARS32.7 billion in the fourth quarter of 2023 versus last year earnings of ARS11.7 billion, mostly reflecting the lack of sufficient tariff adjustments to compensate inflation. For the full year, we reported a profit of ARS48.4 billion, including the effect of the payments planned with CAMMESA for the energy purchases. This was a sharp swing from last year’s loss of ARS40 -- of ARS54.4 million.

財務業績。在淨業績方面，Edenor 報告 2023 年第四季淨虧損 327 億澳元，而去年的獲利為 117 億澳元，主要反映了缺乏足夠的關稅調整來補償通貨膨脹。我們報告全年利潤為 484 億阿根廷比索，其中包括計劃與 CAMMESA 購買能源的付款的影響。這與去年損失 40 裡亞爾（5,440 萬ARS）相比發生了巨大的變化。

Reflects -- results reflect the two tariff increases mentioned earlier, and two, a higher inflation adjustment rate fund. Together, more than offset the rise in operating costs due to inflation and higher energy purchase costs.

反映－結果反映了前面提到的兩項關稅上調，以及兩項更高的通膨調整率基金。總之，這足以抵消通貨膨脹和能源購買成本上升所導致的營運成本上升。

CapEx, for the full year, we invested ARS123.6 billion, which was up to 17% versus 2022. For the fourth quarter, we invested ARS32.4 billion. These figures underline our unwavering commitment to improve service quality, which is evident in the strong improvement that we have been achieved in our service indicators. A key goal of our strong investment program was to enable the company to provide reliable service during periods of peak summer demand.

資本支出，全年我們投資了 1,236 億ARS，比 2022 年成長了 17%。第四季度，我們投資了 324 億阿根廷比索。這些數字凸顯了我們對提高服務品質的堅定承諾，這從我們服務指標的強勁改善中可見一斑。我們強大的投資計畫的關鍵目標是使公司能夠在夏季需求高峰期間提供可靠的服務。

Financial results, CapEx details. Our investment program spending allocation is made to fulfill our commitment to meet rising demand, further improve service quality and reduce non-technical losses. These investments are predominantly geared towards augmenting capacity, implementing remote controls, infrastructure in the medium voltage network, connecting new supplies and installing self-managing energy meters. Throughout this process we remain steadfast in our goal to prioritize environmental protection and public safety.

財務業績、資本支出詳細資料。我們的投資計劃支出分配是為了履行我們的承諾，滿足不斷增長的需求，進一步提高服務品質並減少非技術損失。這些投資主要用於增強容量、實施遠端控制、中壓網路基礎設施、連接新電源以及安裝自我管理電錶。在整個過程中，我們始終堅定不移地堅持優先考慮環境保護和公共安全的目標。

Over the past 11 years, we have invested more than $2 billion in infrastructure to strengthen our operations capacity and position in our company for the continuing operating success. To rebuild Edenor’s network today from scratch, we required an estimated investment of $8.5 billion.

在過去 11 年裡，我們在基礎設施方面投資了超過 20 億美元，以加強我們的營運能力和在公司中的地位，以實現持續的營運成功。如今，為了從頭開始重建 Edenor 網絡，我們預計需要 85 億美元的投資。

Starting in 2013, as you can see in the lower part of slide 16, we began the transformation of the network into a smart network by installing 3,347 remote control points, 2,724 tele-supervision points, as well as 345,000 smart meters. This allows us to solve problems that raise in the network remotely and quickly.

從2013年開始，正如您在幻燈片16的下半部分所看到的，我們開始將網絡轉變為智能網絡，安裝了3,347個遠端控制點、2,724個遠端監控點以及345,000個智慧電錶。這使我們能夠遠端快速地解決網路中出現的問題。

We have also transformed the way in which we related to our clients. We modernize the service in our commercial office with cutting-edge technology and developing Edenor digital, a cutting-edge service app, which is already used by more than 2.4 million clients. This allows customers to resolve procedures, make payments, generate electric electronic bills or receive from home or from a telephone, optimizing clients’ time and reducing the carbon footprint by not traveling to the commercial offices or by not printing invoices, for example, operating indicators, energy losses.

我們也改變了與客戶的聯繫方式。我們利用尖端技術實現商業辦公室的服務現代化，並開發了 Edenor digital，這是一款尖端服務應用程序，已被超過 240 萬客戶使用。這使客戶能夠解決手續、付款、產生電子電子帳單或在家中或透過電話接收帳單，從而優化客戶的時間並透過不前往商業辦公室或不列印發票（例如，營運）來減少碳足跡。 、能量損失。

We achieved a reduction in energy losses to 14.9% in the fourth quarter, down to 15.6% in the last year’s fourth quarter. This underscores our continuing efforts to find solutions to this difficult problem.

第四季度，我們將能源損失降低至 14.9%，低於去年第四季的 15.6%。這強調了我們為尋找解決這個難題的持續努力。

Our multidisciplinary teams are constantly focusing on finding innovations ways to combat energy losses. These efforts are complemented by our Market Discipline initiatives aim to -- aimed at curbing inefficiencies and irregularities. Analytical tools powered by artificial intelligence have augmented inspection efficiencies and our Market Discipline actions continue to detect and rectify irregular connections. It is important to remember that the 14.9% losses -- total losses, 9.7% are technical losses, which are recognized by the regulator in our target.

我們的多學科團隊不斷致力於尋找創新方法來應對能源損失。這些努力得到了我們的市場紀律措施的補充，旨在遏制效率低下和違規行為。由人工智慧支援的分析工具提高了檢查效率，我們的市場紀律行動繼續檢測和糾正不正常的連接。重要的是要記住，14.9% 的損失——總損失，9.7% 是技術損失，這是監管機構在我們的目標中認可的。

Operating indicators, quality of service. The investment plan executed in recent years continues to show results that are reflected in continuous improvements in our service quality by reducing the duration and frequency of outages since 2014 and thus exceeding the regulatory requirements set forth. Quality standards are measured based on the duration and frequency of service outages using service quality indicators.

營運指標、服務品質。近年來執行的投資計畫不斷取得成果，這體現在我們的服務品質不斷提高，自 2014 年以來減少了停機時間和頻率，從而超出了監管要求。品質標準是使用服務品質指標根據服務中斷的持續時間和頻率來衡量的。

For 2023, the SAIDI and SAIFI service quality indicators showed further improvements to 8.2 hours and 3.4 average outages per client in the year, reaching records low and down 75% and 64%, respectively, compared to 2014 levels. This recovery in services is mainly due to the strong level of investment that the company has been made since then. Investments have been focused on implementing improvements in operational process and adopting of technologies applied to the operations and management of the network.

2023年，SAIDI和SAIFI服務品質指標進一步改善，全年每位客戶平均中斷時間為8.2小時和3.4次，創歷史新低，與2014年水準相比分別下降75%和64%。服務業的復甦主要歸功於該公司自那時以來進行的強勁投資。投資重點是實施營運流程的改進以及採用應用於網路營運和管理的技術。

Financial debt. On March 7, 2024, Edenor completed two notes issues -- issuances in the local market for a total amount of $100 million with a 30-month maturity, which enables us to improve our debt profile and extend the average maturity of our debt. Total capital debt outstanding after these issuances is $182 million.

金融債務。2024年3月7日，Edenor完成了兩筆票據發行－在當地市場發行總額為1億美元、期限為30個月的票據，這使我們能夠改善我們的債務狀況並延長我們債務的平均期限。這些發行後的未償資本債務總額為 1.82 億美元。

On slide 22, you can see the maturity scale of the debt as of December 2023 and a pro forma after recent transactions in which we issued $100 million in Class 3 and Class 4 of the notes. Our debt profile and capital structure has improved notably past the exchange and issuance of these new notes.

在投影片 22 上，您可以看到截至 2023 年 12 月的債務到期規模，以及我們在最近的交易中發行了 1 億美元的 3 級和 4 級票據後的預估數據。在交換和發行這些新票據後，我們的債務狀況和資本結構已顯著改善。

Financial debt rating agencies. With the improvement in our risk profile due to important changes in the regulatory front, two of our rating agencies, Fix and Moody’s, made positive moves related to our debt. Fix raised its rating and Moody’s improved the outlook, which will be reviewed to a positive signal -- that are a positive signal.

金融債務評級機構。由於監管方面的重大變化，我們的風險狀況有所改善，我們的兩家評級機構 Fix 和 Moody’s 對我們的債務採取了積極的行動。Fix 提高了評級，穆迪提高了前景，這將被視為積極信號——這是一個積極信號。

Sustainability, technology and innovation. We want to lead the transformation of the electricity grid to a smart grid with technology and innovation. Under the new relay administration, new rules proposed regarding energy and the regulation of the economy present a unique opportunity for Edenor to accompany the country’s challenge to become a protagonist in the world economic again.

永續性、技術和創新。我們要以科技和創新引領電網轉型為智慧電網。在新的中繼政府領導下，有關能源和經濟監管的新規則為艾德諾提供了一個獨特的機會，以應對該國再次成為世界經濟主角的挑戰。

Argentina’s commitments in the Paris Agreement, the requirements of the capital markets, the energy transition and the situation of the electricity infrastructure requires the collaboration of all actors to face the challenges that arise.

阿根廷在《巴黎協定》中的承諾、資本市場的要求、能源轉型和電力基礎設施的狀況需要所有參與者合作應對出現的挑戰。

Our country has a balanced energy matrix that presents numerous challenges in the area of transportation and distribution. Edenor is a distributor, has demonstrated its resiliency and ability to adapt, which has allowed it to significantly improve its service quality indicators.

我國擁有一個平衡的能源矩陣，這在運輸和分配領域提出了許多挑戰。Edenor是一家經銷商，已經展示了其彈性和適應能力，這使其能夠顯著提高其服務品質指標。

As our next challenge, we want to lead the transformation of the electricity grid into a smart grid with technology and innovation, implementing solutions already available in other places in the world, which will allow us to gain even greater efficiency for the benefit of our clients.

作為我們的下一個挑戰，我們希望透過技術和創新引領電網向智慧電網轉型，實施世界其他地方已有的解決方案，這將使我們獲得更高的效率，造福客戶。

Our new strategy includes moving to transform and network from one to a current one, sorry, our new strategy includes moving to transform our network from one that currently only distributes electricity into a network in which customers can generate and sell their electricity, where electric vehicles for public or private transportation can be charged batteries or electric vehicles. Where in our buildings and substations can generate renewable electricity through solar panels, where companies can develop their own renewable energy projects and where the community can measure its consumption in real terms and adopt these technologies by sharing information and knowledge.

我們的新策略包括將網路從一個網路轉變為當前的網絡，抱歉，我們的新策略包括將我們的網路從目前僅分配電力的網路轉變為客戶可以發電和銷售電力的網絡，其中電動車對於公共或私人交通工具，可使用電池或電動車充電。我們的建築物和變電站可以透過太陽能板產生可再生電力，公司可以開發自己的可再生能源項目，社區可以實際測量其消耗並透過共享資訊和知識來採用這些技術。

Sustainability Report 2023. On March 8, 2024, the Board of Directors approved the 10th Sustainability Report 2023 together with its Limited Security Report issued by PricewaterhouseCoopers Argentina. This is the first sustainability report issued together with our financial report.

2023 年永續發展報告。2024年3月8日，董事會批准了普華永道阿根廷公司發布的2023年第十份永續發展報告及其有限安全報告。這是與我們的財務報告一起發布的第一份永續發展報告。

Sustainability, technology and innovation. Main metrics. We recommend focus on these issues. Here you can see the main metrics that reflect our commitments to SDG, Sustainability Development Goals. We invite you to visit the full report on sustainability on our website edenor.com, sorry.

永續性、技術和創新。主要指標。我們建議重點關注這些問題。在這裡您可以看到反映我們對 SDG（永續發展目標）承諾的主要指標。抱歉，我們邀請您造訪我們網站 edenor.com 上有關永續發展的完整報告。

Closing remarks. To close, I would like to reiterate that we remain focused on future transformational growth opportunities. We are an industry leader in Argentina with a leading 20% market share in electricity distribution. We recently announced tariff changes with 319% value-added distribution cost increased plus the applicable of automatical monthly adjustments starting in May 2024 are transformational for us.

結束語。最後，我想重申，我們仍然關注未來的轉型成長機會。我們是阿根廷的行業領導者，在配電領域擁有領先的 20% 市場份額。我們最近宣布了關稅變更，增值分銷成本增加了 319%，加上從 2024 年 5 月開始適用的每月自動調整，這對我們來說是一場變革。

We expect this will lead to material improvements in our area and net income and position us for an improved financial performance. This will enable the company to continue to make the necessary investments to improve the quality of services, transforming the grid into a smart network with technology and innovation. These improvements have restored the economical equilibrium of Edenor.

我們預計這將帶來我們領域和淨利潤的實質改善，並使我們能夠改善財務表現。這將使公司能夠繼續進行必要的投資，以提高服務質量，將電網轉變為具有技術和創新的智慧網路。這些改進恢復了艾登諾的經濟平衡。

For the first time in many years, the auditors do not include a concern about the company continuing as a growing concern. The controlling shareholder Edelcos is focused on building and improvements achieved over the last few years and continues both work to maximize value for the existing business and take advantage of business opportunities in line with a sustainable future by transforming our electricity grid into a smart grid with technology and innovation. We remain focused on continuing our strong investment program to continue to improve our services to our clients.

多年來，審計師第一次沒有將公司持續成長的擔憂納入其中。控股股東 Edelcos 專注於過去幾年所取得的建設和改進，並繼續努力實現現有業務的價值最大化，並透過將我們的電網轉變為具有技術的智慧電網，利用符合永續未來的商機和創新。我們仍然專注於繼續我們強大的投資計劃，以繼續改善我們為客戶提供的服務。

With this, now we would like to open the call for your questions. (Event Instructions) We thank you again for all your support and your engagement as shareholder and bondholder of Edenor.

至此，我們現在開始電話詢問您的問題。（活動說明）我們再次感謝您作為Edenor股東和債券持有人的支持和參與。

German, we have two questions. We have one from Cristian Fera from Balanz. We have noticed some stretching in the CAMMESA tables. Could you provide us some details on the total amount of the loan payments? Looking forward, what's your base of sales that (inaudible) for the long term?

德國人，我們有兩個問題。我們有一份來自 Balanz 的克里斯蒂安費拉 (Cristian Fera) 的作品。我們注意到 CAMMESA 桌子出現了一些拉伸。您能否向我們提供有關貸款付款總額的一些詳細資訊？展望未來，您的長期（聽不清楚）銷售基礎是什麼？

Okay. The total debt that we have with CAMMESA today, that is not included in the CAMMESA plans that we have signed last year, is ARS105 billion and we do not have the payable fees still because we have implemented the new tariff as of February 16.

好的。今天我們與 CAMMESA 的債務總額（不包括在我們去年簽署的 CAMMESA 計劃中）為 1050 億阿根廷比索，而且我們仍然沒有應付費用，因為我們已於 2 月 16 日實施了新關稅。

Another question, considering the 320% debt increase, what is your estimated CapEx for 2024? Are you planning on distributing any debt dividends in the near-term?

另一個問題，考慮到債務增加 320%，您預計 2024 年的資本支出是多少？您是否計劃在短期內分配任何債務股利？

The CapEx that we have estimated for 2024 is ARS170 billion and it’s approximately 25% of the debt that we have projected for 2024 and we don’t have any policy yet discussed in terms of dividend payments.

我們預計 2024 年的資本支出為 1700 億裡亞爾，約占我們預計 2024 年債務的 25%，而且我們尚未討論任何股息支付方面的政策。

Cristina, thanks for taking my question. I have two questions. First, which is your estimated EBITDA for 2024? Second, which is your estimated CapEx for 2024 and which is the rate of CapEx market revenue that you are expecting to maintain? Thanks for answering that.

克里斯蒂娜，謝謝你提出我的問題。我有兩個問題。首先，您預期 2024 年的 EBITDA 是多少？其次，您預期 2024 年的資本支出是多少？感謝您的回答。

The CapEx answer, we already did that. That’s ARS170 billion and it’s 25% of the value-added distribution cost. I will give you the number in terms of how much is in revenues, but we share that information with you later. And in terms of giving a forecast of EBITDA, we cannot give forecast of EBITDA, but you can follow the research that are done for the company or the rating agencies. They do projections and they can show you what are their expectations for 2024.

資本支出的答案，我們做到了。這相當於 1,700 億阿根廷比索，佔增值分銷成本的 25%。我將向您提供收入的數字，但我們稍後會與您分享該資訊。在給予 EBITDA 預測方面，我們無法給予 EBITDA 預測，但您可以專注於為公司或評級機構所做的研究。他們會進行預測，並可以向您展示他們對 2024 年的期望。

But I would say something additionally is that we have been released of the ongoing concern because Price did a very important review on the numbers in order to show that there are no big restrictions in terms of financial position of the company and that improves a lot the company’s performance. So that’s another very important signal that we have received this year with the signing of this agreement -- of this financial statement.

但我還要說的是，我們已經擺脫了持續的擔憂，因為普萊斯對數據進行了非常重要的審查，以表明公司的財務狀況沒有重大限制，這大大改善了公司的業績。因此，這是我們今年透過簽署該協議（即這份財務報表）收到的另一個非常重要的訊號。

We have a final question regarding the automatic monthly adjustment. Is there anything else that needs to be defined in order to deploy -- implement it as scheduled in May?

我們還有一個關於每月自動調整的最後一個問題。為了部署－如五月計畫實施，還有什麼需要定義的嗎？

No. There is not. The process is already done and it’s going to be done automatically. The adjustment is going to be 55% of the adjustment will be subject to salaries, wages or increases, 20% will be consumer prices and 25% will be wholesale prices. And we don’t need any other resolution or any other approval from the regulatory entity to implement it. Already transmission has this from the last year. They have a quarterly adjustment and they are implementing it without any problems.

不。那沒有。該過程已經完成，並且將自動完成。在此次調整中，55%是薪資、薪資或加薪，20%是消費價格，25%是批發價格。我們不需要任何其他決議或監管實體的任何其他批准來實施它。去年的傳輸已經有這個了。他們每季進行一次調整，並且執行起來沒有任何問題。

Okay, thank you very much for participating in our quarterly conference call. Please do not hesitate to contact our Investor Relations Department for any further inquiries you may have. Good morning and have a nice day.

好的，非常感謝您參加我們的季度電話會議。如果您有任何疑問，請隨時聯絡我們的投資者關係部門。早上好，祝你有美好的一天。