Companhia Paranaense de Energia (ELP) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Companhia Paranaense de Energia COPEL video conference call to discuss the earnings for the second quarter of 2024. This video conference is being recorded and will be available on the company’s website, ri.copel.com. The presentation is also available for download.

早安，女士們先生們。歡迎參加 Companhia Paranaense de Energia COPEL 視訊電話會議，討論 2024 年第二季的收益。此次視訊會議正在錄製中，並將在公司網站 ri.copel.com 上發布。該簡報也可供下載。

Please be advised that all participants will be only watching the video during the presentation, and we will then begin the question-and-answer session when further instructions will be provided.

請注意，所有參與者只能在演示期間觀看視頻，然後我們將在提供進一步說明時開始問答環節。

Before proceeding, I would like to note that the forward-looking statements are based on beliefs and assumptions of Copel's management and on information currently available to the company. These statements may involve risks and uncertainties as they relates to future events and therefore, depend on circumstances that may or may not occur.

在繼續之前，我想指出，前瞻性陳述是基於 Copel 管理層的信念和假設以及公司目前掌握的資訊。這些陳述可能涉及風險和不確定性，因為它們與未來事件有關，因此取決於可能發生或可能不會發生的情況。

Investors, analysts, and journalists should consider that events related to the macroeconomic environment, industry and other factors could lead results to differ materially from those expressed in such forward-looking statements.

投資者、分析師和記者應考慮到，與宏觀經濟環境、產業和其他因素相關的事件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。

This video conference will be presented by Mr. Daniel Slaviero, CEO of Copel, Mr. Felipe Gutterres, CFO of Copel, as well as directors of the subsidiaries who will be available for the Q&A session.

本次視訊會議將由 Copel 執行長 Daniel Slaviero 先生、Copel 財務長 Felipe Gutterres 先生以及出席問答環節的子公司董事主持。

I would like to turn the floor to Copel's CEO, who will start the presentation. Please, Daniel, you may proceed.

我想請 Copel 的執行長開始演講。丹尼爾，請你繼續。

Good morning. Thank you, everyone, for attending our video conference. We are very pleased to present another quarter with solid growth especially at Copel Distribution, which reached 41.6% EBITDA efficiency. In Copel's consolidated results, we had an adjusted EBITDA of BRL1.3 billion and net income of almost BRL0.5 billion, a growth of 54% compared to the same period of last year. Felipe will detail these results later in the call.

早安.謝謝大家參加我們的視訊會議。我們非常高興地呈現另一個季度的穩健成長，特別是 Copel Distribution，其 EBITDA 效率達到 41.6%。在Copel的綜合業績中，我們調整後的EBITDA為13億雷亞爾，淨利近5億雷亞爾，比去年同期成長54%。費利佩稍後將在電話會議中詳細介紹這些結果。

We have also concluded the payment of the balance of dividends related to the 2023 results in the amount of BRL632 million. And in line with our practice in recent years, we will forward a discussion on dividends for the 2024 financial year at the September Board of Directors meeting, so next month.

我們也完成了與 2023 年業績相關的股息餘額支付，金額為 6.32 億雷亞爾。並且按照我們近年來的慣例，我們將在9月份的董事會會議上提出關於2024財年股息的討論，所以下個月。

I also highlight news that reinforce our robustness and resilience of our company. Fitch has maintained our credit rating as AAA. In a capital-intensive business such as the electricity sector, it is important to maintain the highest possible rating because it demonstrates the company's sound financial profile and contributes to having a low cost of capital. This is fundamental for our growth plan.

我還強調了增強我們公司穩健性和彈性的新聞。惠譽維持我們的信用評等為 AAA。在電力行業等資本密集型企業中，保持盡可能高的評級非常重要，因為它表明了公司良好的財務狀況並有助於降低資本成本。這是我們成長計劃的基礎。

This year, as we have been saying in the past months and quarters, the strategic pillars of this new phase of Copel; operational excellence, efficiency, cultural transformation and discipline in capital allocation. This is the basis of our future growth and the ability to generate value in a sustainable way. I will address the developments we had this quarter in each one of these pillars.

今年，正如我們在過去幾個月和幾季中所說的那樣，Copel 新階段的策略支柱是：卓越營運、效率、文化轉型和資本配置紀律。這是我們未來成長和以永續方式創造價值的能力的基礎。我將討論本季度我們在每個支柱方面取得的進展。

First, it is with great satisfaction that I registered here the addition of three new talents to our team. Felipe Gutterres, our new CFO, with extensive experience in management and capital markets; Andre Gomes, with deep knowledge of the electricity sector as Director of Regulation and Market and Rodolfo Lima, who worked in all links of the commercialization chain as General Director of Copel MercadoLivre.

首先，我非常滿意地在這裡註冊了三位新人才加入我們的團隊。Felipe Gutterres，我們的新任財務官，在管理和資本市場方面擁有豐富的經驗；安德烈·戈麥斯 (Andre Gomes) 擔任監管和市場總監，對電力行業有深入了解；魯道夫·利馬 (Rodolfo Lima) 擔任 Copel MercadoLivre 總經理，負責商業化鏈的所有環節。

In addition to a wide background in the respective areas of expertise, all of them bring a renewed vision and valuable experience to enjoy all of the other employees and collaborated at Copel in this cultural evolution process. We're very happy. And once again, welcome to all of you to this opening with our earnings conference call, especially you, Felipe and Rodolfo, André.

除了在各自專業領域的廣泛背景之外，他們所有人都帶來了新的願景和寶貴的經驗，以享受 Copel 的所有其他員工並在這一文化演變過程中合作。我們很高興。再次歡迎大家參加我們的財報電話會議，特別是您費利佩和魯道夫安德烈。

In the efficiency pillar, I take this opportunity to update you on the status of the voluntary severance program. Of the total of 1,437 professionals who joined this program, next week, more precisely. On Wednesday, August 14, 1,078 employees will leave the company. 180 people have already left early in the best month and 179 employees who hold critical positions had their departure date postponed divided in two transits, majority of them by December '24 and the remaining by the beginning of '25.

在效率支柱方面，我藉此機會向您介紹自願遣散計畫的最新情況。更準確地說，下週將有 1,437 名專業人士加入該計畫。8 月 14 日星期三，1,078 名員工將離開公司。最好的月份已有180人提前離職，179名擔任關鍵職位的員工的離職日期分兩次推遲，其中大部分在24年12月之前，其餘的在25年初之前。

It is important to note that we prepared a meticulous rightsizing study of the company that provided among other things, the mapping of critical position, a knowledge transfer plan and the adoption of new technologies to improve the efficiency of our operational activities.

值得注意的是，我們對公司進行了細緻的規模調整研究，其中包括關鍵職位的規劃、知識轉移計劃和新技術的採用，以提高我們營運活動的效率。

But I can tell you that what makes us most proud in this process was the internal mobility and career transposition program among professionals that the company already has. It was an effort to make the most of our internal talent and provide opportunities for growth for these employees. So this materializes one of the main internal benefits of Copel becoming a corporation.

但我可以告訴你，在這個過程中最讓我們自豪的是公司已有的專業人員內部流動和職業轉換計畫。這是為了充分利用我們的內部人才並為這些員工提供成長機會。因此，這體現了 Copel 成為一家公司的主要內部利益之一。

It's important to note, but all of these initiatives have a single objective. We continue providing a very high-quality service to our customers. Notably, a process of this magnitude must go hand in hand with the digital transformation plan. We have several partners helping us on this journey.

值得注意的是，所有這些舉措都有一個目標。我們繼續為客戶提供非常高品質的服務。值得注意的是，如此規模的過程必須與數位轉型計畫並進。我們有幾個合作夥伴在這段旅程中為我們提供幫助。

But I'd also like to highlight our partnership with Google Cloud, which has brought benefits on separate front. So it has process automation, scalability and flexibility in data processing, artificial intelligence and maximization of intragroup synergies. I remind you that in the coming months, we'll be at the final phase of our ZBB project and as we've been saying, the results will be presented at our Copel day in November.

但我還想強調一下我們與 Google Cloud 的合作關係，它在不同方面帶來了好處。因此它具有流程自動化、資料處理、人工智慧和集團內協同效應最大化的可擴展性和靈活性。我提醒您，在接下來的幾個月中，我們將處於 ZBB 專案的最後階段，正如我們所說，結果將在 11 月的 Copel 日上公佈。

Moving towards the end of my opening remarks. In terms of operational excellence, I'd like to emphasize our energy trading strategy, which is allowing for a good balance between the contracting levels and the premix of the portfolio. We have observed an improvement in the energy price scenario in recent months with increasing volatility, this is a reality.

我的開場白即將結束。在卓越營運方面，我想強調我們的能源交易策略，該策略可以在合約水準和投資組合的預混合之間實現良好的平衡。我們觀察到近幾個月能源價格情況有所改善，波動性加大，這是現實。

And we've also seen the PLD taken off from the floor at various times. And this ends up, of course, providing change in the perception of medium and long-term prices. We can detail this more. Rodolfo can detail this more in his address in the Q&A.

我們也多次看到 PLD 從地板上起飛。當然，這最終會改變人們對中長期價格的看法。我們可以更詳細地說明這一點。魯道夫可以在問答中的演講中詳細介紹這一點。

We've been driving in this new trading environment to make the most of the best price movement to execute our energy sales strategy which, as I said, is being led by Rodolfo.

我們一直在這個新的貿易環境中努力，充分利用最佳的價格趨勢來執行我們的能源銷售策略，正如我所說，該策略由魯道夫領導。

Finally, I'll address one of the most dear topic for this administration, the efficient capital allocation. At the time, the priority has been the necessary divestments to focus on our core business of electricity and decarbonization of the generation matrix.

最後，我將討論本屆政府最關心的議題之一：高效率的資本配置。當時的首要任務是進行必要的撤資，以專注於我們的電力核心業務和發電矩陣的脫碳。

But we've had two good news over the last month, the conclusion of the sale of the Araucaria thermal power plant with the receipt of BRL320 million for our share in the business and the sale of 51% stake that Copel held in Compagas or BRL906 million with the base date of December 23. The completion of the sale of this asset is contingent on the approval from the relevant regulatory bodies, and we expect that to occur in the coming months.

但上個月我們有兩個好消息，一是出售 Araucaria 熱電廠，我們的業務份額獲得 3.2 億雷亞爾，二是出售 Copel 在 Compagas 持有的 51% 股份或雷亞爾 906 12 月23 日為基準日。該資產出售的完成取決於相關監管機構的批准，我們預計這將在未來幾個月內發生。

I would like to thank all of the team involved in these transactions, especially the leadership of our Director, Cassio Santana, leading the new business area, and he was decisive him and his team were decided for these events. And I would also like to thank all of our partner companies, financial institutions, lawyer firms and all of the companies who have assisted us in both transactions.

我要感謝參與這些交易的所有團隊，特別是我們的總監 Cassio Santana 的領導，他領導了新的業務領域，他果斷地決定了他和他的團隊參加這些活動。我還要感謝我們所有的合作夥伴公司、金融機構、律師事務所以及所有在這兩項交易中為我們提供幫助的公司。

We are now halfway through the sale process of small generation assets. One of the and we will probably have something to tell you in coming months. We are convinced that prudent capital management is a precondition for sustainable growth. We're focusing on allocating our resources in a way that maximizes returns and support projects that are aligned with our values and commitments to the environment and to society.

我們現在小型發電資產的出售過程已過半。其中之一，我們可能會在未來幾個月內告訴您一些事情。我們堅信，審慎的資本管理是永續成長的前提。我們專注於以最大回報的方式分配資源，並支持符合我們的價值觀以及對環境和社會的承諾的項目。

I invite Filipe to provide more details of the company's earnings in the second quarter, and we will then open for the Q&A. Thank you.

我邀請 Filipe 提供有關公司第二季度盈利的更多詳細信息，然後我們將開始問答。謝謝。

Good morning, everyone. I'm very excited to speak with you as Copel's CFO with an honor to lead our financial team and very motivated to contribute to the growth and continued success of our company.

大家早安。我很高興能夠作為 Copel 的財務長與您交談，我很榮幸能夠領導我們的財務團隊，並且非常有動力為我們公司的發展和持續成功做出貢獻。

And making with this introduction, I'd like to highlight a fundamental aspect of our business model, which is Copel's integrated performance and its diversified portfolio. We generate transmit, distribute, and trade energy, which provide us a number of strategic benefits while also making our portfolio more resilient.

透過本介紹，我想強調我們業務模式的一個基本面，即 Copel 的綜合業績及其多元化的產品組合。我們生產傳輸、分配和交易能源，這為我們提供了許多策略利益，同時也使我們的投資組合更具彈性。

Our asset base is not replicable, and it paves the potential growth platform in several products. Our integration generates multiple opportunities to maximize operational efficiency, process optimization, intragroup synergies increased profitability in this new moment for the company, which is what we're very focused on, as Daniel said. 44% of our EBITDA came from distribution, 16% from transmission, and 36% from generation. Our consumption profile is concentrated in industrial, residential and commercial mainly, but I draw attention to the importance of agri business as well.

我們的資產基礎是不可複製的，它為多種產品奠定了潛在的成長平台。正如丹尼爾所說，我們的整合產生了多種機會，可以最大限度地提高營運效率、流程優化、集團內部協同效應，從而提高公司在這個新時刻的盈利能力，這是我們非常關注的。我們 44% 的 EBITDA 來自配電，16% 來自輸電，36% 來自發電。我們的消費結構主要集中在工業、住宅和商業領域，但我也提請注意農業企業的重要性。

We operate in 10 states with GET, and we have 5 million consumers in Parana, which is the fourth-largest economy in Brazil, grows 2 times the growth of national GDP, with a per capita GDP higher than the national average, in addition to an unemployment rate significantly lower than the national average.

我們在GET 的10 個州開展業務，我們在巴拉那州有500 萬消費者，巴拉那州是巴西第四大經濟體，增長速度是全國GDP 增長的2 倍，人均GDP 高於全國平均水平，此外失業率明顯低於全國平均。

On the next slide, I address our EBITDA performance. Our adjusted EBITDA was BRL1.3 billion in the second quarter of this year, an increase of 5.7% compared to the same period of last year. This robust performance came strongly from the 32% growth in Copel distribution EBITDA, which stood out as one of the main drivers of the positive results in the period, representing 44% of the group's EBITDA.

在下一張投影片中，我將討論我們的 EBITDA 績效。今年第二季度，我們調整後的 EBITDA 為 13 億雷亞爾，比去年同期成長 5.7%。這種強勁的業績很大程度上得益於 Copel 分銷 EBITDA 32% 的成長，該成長是該期間積極業績的主要驅動力之一，佔集團 EBITDA 的 44%。

Copel TNT showed resilience in the face of a more challenging scenario for energy prices, average price of 175 in the second quarter of 20, 6% lower than last year, contributing with BRL676 million of EBITDA, corresponding to 53% of the group's EBITDA, combining generation and submission. I'll finish with our trading company that generated an EBITDA of BRL35 million in the period.

Copel TNT在面對能源價格更具挑戰性的情況下表現出了韌性，20年第二季平均價格為175，比去年下降6%，貢獻了6.76億雷亞爾的EBITDA，相當於該集團EBITDA的53%，將生成和提交結合。我將結束我們的貿易公司，該公司在此期間產生了 3500 萬雷亞爾的 EBITDA。

In the next slides, I'll zoom in on the business unit, starting with distribution. Copel distribution generated EBITDA of BRL556 million in the second quarter, 32% better than 2023, mainly due to the growth of the build-buyer market, an increase of 6.2% in the grid market in the state of Parana during this period.

在下一張投影片中，我將重點介紹業務部門，從分銷開始。Copel Distribution 第二季的 EBITDA 為 5.56 億雷亞爾，比 2023 年成長 32%，這主要得益於建築買家市場的成長，巴拉那州電網市場在此期間成長了 6.2%。

The control of management costs, which is also a relevant point. We had a reduction of 5.2% in costs with personnel and administrators, due to the reduction of 176 employees. If you consider INPC of 3.7%, between the second quarter of 2023 and the second quarter of 2024, the cost of personnel and administrators registered reduction in real terms of 7.2%.

管理成本的控制，這也是一個相關的點。由於減少了 176 名員工，我們的人員和管理成本減少了 5.2%。如果考慮 INPC 為 3.7%，則 2023 年第二季至 2024 年第二季度，人員和管理人員成本實際減少了 7.2%。

Looking at adjusted EBITDA of the last 12 months, we've reached BRL2.4 million, BRL700 million above the regulatory level, which is equivalent to 42% improvement. We maintained strict control over our manageable costs, which varied only 0.5% in the consolidated results compared to the second quarter of 2023, while inflation in the period was 3.7%.

從過去 12 個月的調整後 EBITDA 來看，我們已達到 240 萬雷亞爾，比監管水準高出 7 億雷亞爾，相當於提高了 42%。我們對可管理成本保持嚴格控制，與 2023 年第二季相比，合併業績僅變化 0.5%，而同期通膨率為 3.7%。

Moving to generation and transmission. We see a reduction in the average energy price of the portfolio. In the second quarter of 2024, it was 175.7, down 6% compared to the previous year. Among the factors that affected grid mix, it is worth mentioning that last year, we had a contract in the AECR of 778 average megawatts, with a sale price of around 250 per megawatt hour, which ended last September.

轉向發電和輸電。我們看到投資組合的平均能源價格下降。2024年第二季為175.7，較上年下降6%。在影響電網組合的因素中，值得一提的是，去年我們在AECR簽訂了一份平均778兆瓦的合同，銷售價格約為每兆瓦時250美元，截至去年9月。

So, this comparison has that impact, to be noted. We had a lower performance of wind complexes, impacted by a greater containment in the period, as we can see in the charts, and also with wind below the certification.

因此，值得注意的是，這種比較具有這種影響。正如我們在圖表中看到的那樣，我們的風能綜合體的性能較低，這是受到該時期更大的遏制的影響，而且風能也低於認證。

In addition to the need for some maintenance that caused unavailability, we also used this period of lower winds to advance some maintenance. And this all resulted in a revenue frustration of BRL27 million in the quarter. On the other hand, we increased the volume of energy sold and had a reduction in electricity purchased for resale by BRL38 million, due to the better hydrological conditions. Average GSF 99.3%, compared to 94.3% in the second quarter of last year.

除了需要進行一些維護導致無法使用外，我們還利用這段時間的低風期提前進行了一些維護。這一切導致本季營收減少 2,700 萬雷亞爾。另一方面，由於水文條件較好，我們增加了能源銷售量，並減少了轉售購電量3800萬雷亞爾。平均 GSF 為 99.3%，而去年第二季為 94.3%。

In transmission, we had an increase of BRL31 million in the revenue from the availability of the electric network test, as a result of the periodic tariff review applied to the transmission contract. With all these effects, Copel jet to the resilient and recorded an adjusted EBITDA of BRL676 million, 3% below the same period of last year.

在輸電方面，由於對輸電合約進行定期電價審查，電網測試的可用性使我們的收入增加了 3,100 萬雷亞爾。受所有這些影響，Copel 表現強勁，調整後 EBITDA 為 6.76 億雷亞爾，比去年同期下降 3%。

Moving on to trading. We had an adjusted EBITDA of BRL35 million 7.2% higher than quarter-on-quarter, a result of the reduction in the average price of energy purchased for retail and the increase of 4.2% in the volume of energy sold. We maintained strict control of our costs. Our manageable costs, which varied only 0.3% quarter-on-quarter, all inflation in the period was 3.7%.

繼續交易。由於零售能源採購平均價格下降以及能源銷售量增加 4.2%，調整後 EBITDA 為 3,500 萬雷亞爾，季增 7.2%。我們嚴格控製成本。我們的可管理成本較上季僅變動 0.3%，而同期的通貨膨脹率為 3.7%。

We had an increase in cost of third-party services of BRL25 million, which is within our plan to advance in prevention and maintenance activities in the distributors network, especially aimed at achieving adequate quality levels in our concession area. These activities include, for example, the intensification of streaming and mowing on the vicinity of distribution lines.

我們的第三方服務成本增加了 2,500 萬雷亞爾，這符合我們推進經銷商網路預防和維護活動的計劃，特別是為了在我們的特許經營區域實現足夠的品質水準。例如，這些活動包括在配電線路附近加強流水和割草。

But we reduced other operating costs and expenses by BRL17 million, basically due to lower losses related to the activation and major assets, lower insurance expenses. Personnel costs also decreased by BRL5 million, minus 1.7%, mainly due to the reduction of 258 employees, partially offset by the salary adjust.

但我們減少了其他營運成本和費用 1700 萬雷亞爾，主要是由於與激活和主要資產相關的損失減少以及保險費用減少。人員成本也減少了 500 萬雷亞爾，負 1.7%，主要是因為減少了 258 名員工，部分被薪資調整所抵銷。

(spoken in foreign language)

（用外語說）

We had a growth of 54% quarter-on-quarter with an increase in EBITDA. And Vega, partly offset by the monetary variation on the balance of the plant payments. In the quarter, in the half year, we had a income of BRL1 million.

隨著 EBITDA 的增加，我們的季度環比成長了 54%。而 Vega 則部分被工廠付款餘額的貨幣變動所抵銷。在本季、半年中，我們的營收為 100 萬雷亞爾。

So now I'd like to talk to you about CapEx. We performed historic CapEx strongly led by the investment plan in distribution with focus on the remuneration base, efficiency and quality. We've realized 86% of the expected and the investments are moving along in line with our expectations.

現在我想和您談談資本支出。我們在分配投資計畫的大力主導下實現了歷史性的資本支出，重點在於薪酬基礎、效率和品質。我們已經實現了 86% 的預期，並且投資進展符合我們的預期。

To finalize, I bring the overview of our indebtedness, given the robustness of our cash cost, our cash due to the BRL2 billion raised in the last year's primary offering for the payment of the.

最後，考慮到我們現金成本的穩健性，我概述了我們的債務，我們的現金來自去年首次發行中籌集的 20 億雷亞爾，用於支付。

We maintained a leverage of around 1.9 times in the net debt over EBITDA ratio. This scenario will change as soon as we make the payment of the bank bonus that should occur in the fourth quarter as well as the payment of indemnities related to the VTV or the Voluntary Severance Program. Our average I remind you that our covenant limited to this 3.5 times net debt over EBITDA.

我們的淨債務與 EBITDA 比率維持在 1.9 倍左右的槓桿水平。一旦我們支付了第四季度應有的銀行獎金以及支付了與 VTV 或自願遣散計劃相關的賠償金，這種情況就會改變。我們的平均值 我提醒您，我們的契約僅限於 EBITDA 淨債務的 3.5 倍。

Our average amortization period is around four years, but I'd like to point out that we have the BRL6 billion that mature after 2029. I'd like to highlight that one of my priority is to deepen the study on the company’s optimal capital structure and promote debate internally with the Board to define the most efficient level for the company.

我們的平均攤銷期約為四年，但我想指出的是，我們有 60 億雷亞爾將在 2029 年之後到期。我想強調的是，我的首要任務之一是深化對公司最優資本結構的研究，並推動與董事會的內部辯論，以確定公司最有效的水平。

We now get into the Q&A session. Thank you, Felipe, for your presentation.

我們現在進入問答環節。謝謝費利佩的介紹。

And I'd like to say that when you have the priorities in a study, the optimal analysis of a new capital structure considering our private legal nature this will take some time, but we intend to address this in the coming months with this in-depth study that is debated internally. (technical difficulty).

我想說，當你在研究中確定優先事項時，考慮到我們的私人法律性質，對新的資本結構進行優化分析，這將需要一些時間，但我們打算在未來幾個月內解決這個問題，並在-內部爭論的深度研究。（技術難度）。

(Operator Instructions).

（操作員說明）。

First question, Daniel?

第一個問題，丹尼爾？

Good morning, everyone. Thank you for this opportunity. I have two questions here. The first is about capital allocation and the capital structure. I just want to understand a little bit more of your strategy, especially here considering the divestment you had at Compagas. If you can talk a little bit more about the destination of these funds?

大家早安。感謝您給我這個機會。我在這裡有兩個問題。首先是關於資本配置和資本結構。我只是想多了解你們的策略，特別是考慮到你們在 Compagas 的撤資。您能否多談談這些資金的去向？

A lot of people ask us about dividends, whether you're considering something along those lines from now on? That's the first question. And my second question is more in terms of costs. We saw the cost of the distribution company growing year-on-year below the inflation.

很多人問我們關於股利的問題，您是否正在考慮從現在開始進行類似的事情？這是第一個問題。我的第二個問題更多的是成本方面的。我們看到分銷公司的成本年增率低於通貨膨脹率。

So I'd like to understand how you do you see this moving forward? If it's still something that we can see going down significantly in these cost lines at a distribution company or if we've already reached a more recurring level going forward. So how do you see this evolving? Thank you.

所以我想了解一下您如何看待這項進展？如果我們仍然可以看到分銷公司的這些成本線顯著下降，或者我們已經達到了未來更經常性的水平。那麼您如何看待這種演變？謝謝。

Excellent. Daniel, my name tag. So first, on cost allocation then I'll turn to Felipe to add. But our line here is really a study for an optimal capital structure that was mentioned. So this is a discussion that was closely linked to our migration to Novo Mundo, that's part of our strategy.

出色的。丹尼爾，我的名牌。首先，關於成本分配，我將請費利佩補充。但我們這裡的路線其實是對前面提到的最佳資本結構的研究。因此，這是一個與我們遷移到 Novo Mundo 密切相關的討論，這是我們策略的一部分。

But since that's also linked to factors that are not under the company's full control and scope, we have a limit for a more concrete indication towards the end of this year, beginning of next year.

但由於這也與公司完全控制和範圍之外的因素有關，因此我們在今年年底、明年年初給出更具體的指示是有限的。

In any case, we will be doing this work on the study of the capital structure that can move along. Regardless of when the migration is going to occur in the new market, but that's part of our strategic view.

無論如何，我們將進行這項工作來研究可以向前發展的資本結構。無論遷移何時發生在新市場，但這都是我們策略觀點的一部分。

As for the dividend, we will maintain the policy of payment of 50% and the extraordinary events may and will be part of our studies for the payment of ordinary and extraordinary dividend.

至於股息，我們將維持50%的支付政策，非常事件可能並將成為我們支付普通股和特別股利研究的一部分。

So as they materialized, especially the Compagas side because of its relevance and value, we will certainly consider that in our movements here for the payment of dividend reminding you that we have a robust investment plan for 2024 and 2025.

因此，當它們實現時，尤其是 Compagas 方面，因為其相關性和價值，我們肯定會在我們的股息支付行動中考慮這一點，提醒您我們在 2024 年和 2025 年有一個穩健的投資計劃。

We're also preparing for the capacity auction. The ordinance will probably be published in coming weeks, and the auction probably will occur in December of this year. So it is an opportunity for allocation, but considering the company's cash and raising capacity and the extraordinary events that are developing, this will enable a very detailed analysis of our payment of a minimum of 50% that is in our policy. But as things develop, there may be room for extraordinary dividends.

我們還在為容量拍賣做準備。該法令可能會在未來幾週內發布，拍賣可能會在今年 12 月進行。因此，這是一個分配的機會，但考慮到公司的現金和融資能力以及正在發生的特殊事件，這將使我們能夠對我們政策中規定的至少 50% 的付款進行非常詳細的分析。但隨著事態的發展，可能會有額外紅利的空間。

In terms of the cost structure at the distribution company, what we saw here this quarter were some investments, some costs of BRL20 million as reinforcement for the climate event. So we cannot say that the cost structure that we have today is what we need.

就分銷公司的成本結構而言，我們本季看到的是一些投資，其中一些成本為 2000 萬雷亞爾，用於加強氣候事件。所以我們不能說我們現在的成本結構就是我們所需要的。

We're still moving along the way in our commitment of 17% of general COPEL and the PMSO reference of 2023. So we have here a target between BRL460 and BRL480 million of a reduction in three years. And that's what we're going to update you about on COPEL Day and whatever the ZBB work finds in opportunity. So the distribution company still has room for reduction opportunity.

我們仍在繼續履行 COPEL 17% 的承諾以及 2023 年 PMSO 參考值。因此，我們的目標是在三年內減少 460 至 480 百萬巴西雷亞爾。這就是我們將在 COPEL 日向您通報的最新情況以及 ZBB 工作中發現的任何機會。因此分銷公司仍有減持機會。

For the people who are leaving the company, it's a large contingent for the distribution company of those 1,437. It's around 830, 840 people. But also in the efficiency of centralizing contracts, renegotiating supplies and procurement. So there are some drivers that we see as opportunities to stabilize at a slightly lower level than what we have, at least in MSO. And in P, reasonably lower than what we saw this past quarter. Emerson, anything to add?

對於離開公司的人來說，這 1,437 人對於分銷公司來說是一個龐大的團隊。大約有830、840人。而且也體現在集中合約、重新談判供應和採購的效率。因此，我們認為有一些驅動因素可以穩定在比我們現有水準略低的水平上，至少在 MSO 中是如此。P 值比我們上個季度看到的要低得多。艾默生，有什麼要補充的嗎？

Yes, thank you, Daniel, for your question. The distribution company does have a plan, as Daniel said, and with the migration to a corporation, we've already been able to eliminate some inefficiencies from the mixed economy period,

是的，謝謝丹尼爾的提問。正如丹尼爾所說，分銷公司確實有一個計劃，隨著向公司的遷移，我們已經能夠消除混合經濟時期的一些低效率問題，

But there are still some opportunities, especially coming from investments in the automation of the network and digitalization processes at the distribution company, as well as changes to processes, as Daniel already mentioned. So it is to be expected movements in the lines of cost reduction.

但仍存在一些機會，特別是來自分銷公司網路自動化和數位化流程的投資，以及流程的變化，正如丹尼爾已經提到的那樣。因此，成本削減方面的變化是可以預期的。

And I think that to conclude and open to the next questions, I think we will see all of these efficiency improvements at COPEL throughout the 2025 budget, because we'll have an impact in the last quarter of the reduction in fee that's significant, quite significant, and we are within the estimates to rehire between PMS from BRL100 million to BRL120 million. You remember our commitment at last COPEL Day, quickly within those numbers. So we are executing and performing very much in line with our strategic plan. And during 2025, when we're going to see a new level of PMSO for COPEL as a whole.

我認為，作為結論並回答下一個問題，我認為我們將在整個 2025 年預算中看到 COPEL 的所有這些效率改進，因為我們將在最後一個季度的費用削減方面產生重大、相當大的影響。重大，我們預計PMS 的重新聘用人數將在1 億雷亞爾至1.2 億雷亞爾之間。您還記得我們在上屆 COPEL Day 上所做的承諾，很快就在這些數字之內。因此，我們的執行和表現非常符合我們的策略計劃。到 2025 年，我們將看到整個 COPEL 的 PMSO 達到新水準。

Excellent. Thank you very much for your answers.

出色的。非常感謝您的回答。

Bruno Amorim, Goldman Sachs.

布魯諾·阿莫林，高盛。

Good morning. Thank you for this opportunity. I have a follow-up in the capital allocation discussion and two questions related to that. First, if you can talk a little bit about I know, you're still revisiting the discussion on capital structure. But if you can tell us about the leverage levels that you believe are healthy for the company. The company is running close to time that seems quite comfortable.

早安.感謝您給我這個機會。我對資本配置討論進行了跟進，並提出了兩個與之相關的問題。首先，如果你能談談我知道，你仍在重新檢視關於資本結構的討論。但如果您能告訴我們您認為對公司有利的槓桿水平。公司的運作時間已經接近看起來相當舒服的時間了。

And the second question for capital allocation is about the segments or areas that you understand may offer opportunities for capital allocation outside of its current portfolio, either in terms of geography or sectors that you may be interested in?

資本配置的第二個問題是關於您所了解的細分市場或領域可能會在當前投資組合之外提供資本配置機會，無論是在您可能感興趣的地理位置還是行業方面？

Excellent Bruno. Actually demand sense that 1.9 times, two times is a little bit in Rio, because we have BRL2 billion of cash so the primary there's going to be the grant bonus of the BRL3.7 billion adjusted by the Selic rate by the fourth quarter, that's going to be close to BRL4 billion, and there's around BRL600 million of that voluntary severance program. So with that, you get a little bit higher than 2.5, 2.8 times. We get close to that level.

優秀的布魯諾。實際上，需求感覺1.9 倍，在裡約，兩倍是一點點，因為我們有20 億雷亞爾的現金，所以首先將是根據Selic 利率調整到第四季度的37 億雷亞爾的補助金，那就是預計將接近 40 億雷亞爾，其中自願遣散計劃的金額約為 6 億雷亞爾。這樣一來，您的收益就會比 2.5 倍、2.8 倍高一點。我們已經接近這個水平了。

So note to point that still for a private company, this seems to be a comfortable level. How much we're going to target for the future is something that still being analyzed and discussed what Felipe and his team, who will run a deep dive on that, as I said, in the coming months. So it's expected that this will be fully concluded by the beginning of the first quarter 2025.

因此請注意，對於一家私人公司來說，這似乎是一個舒適的水平。我們未來的目標是多少，費利佩和他的團隊仍在分析和討論，正如我所說，他們將在未來幾個月內深入研究這個問題。因此預計這將在 2025 年第一季初完全完成。

As for growth opportunities, I believe we've been saying recently that no company generates long-term value simply by cutting costs and selling assets. I think this is a phase that the company is going through, but still working in some remaining inefficiencies that are inherited inherent to a state-held company that has to bid for everything and can't simply contract. So I think there's a beginning, a middle and an end to that.

至於成長機會，我相信我們最近一直在說，沒有一家公司能夠僅僅透過削減成本和出售資產來產生長期價值。我認為這是該公司正在經歷的一個階段，但仍然存在一些剩餘的低效率問題，這些問題是國有企業固有的，必須競標一切，不能簡單地簽訂合約。所以我認為這有一個開始、中間和結束。

I think the next main stage for the company is to make good capital allocation and good capital allocation is not necessarily only linked to investments. There maybe share buyback that could be good capital allocation, or maybe you can pay more dividend, which could also be good capital allocation. So that's our job, and that's the part of the company.

我認為公司下一個主要階段是做好資本配置，而良好的資本配置不一定只與投資掛鉤。也許股票回購可能是良好的資本配置，也許您可以支付更多股息，這也可能是良好的資本配置。這就是我們的工作，也是公司的一部分。

But in terms of investment, I believe the priority here for us is in the short-term to extract more from our current assets. So the capacity auction is a major avenue. There's a transmission auction that we are studying because there's a lot of synergies, but we have not yet made any decision, no final decision because I think, of course, of the four substations three belong to Copel.

但就投資而言，我認為短期內我們的首要任務是從現有資產中獲得更多收益。因此容量拍賣是一個主要途徑。我們正在研究輸電拍賣，因為有許多協同效應，但我們還沒有做出任何決定，沒有最終決定，因為我認為，當然，四個變電站中的三個屬於科佩爾。

So maybe it makes sense, but we're still looking into it in more detail because of the return of the segment that's also tighter, always tighter. But there is reinforcement and improvement, and we've just been through a review of the transmission companies that was very interesting.

所以也許這是有道理的，但我們仍在更詳細地研究它，因為該細分市場的回歸也更緊，總是更緊。但還是有加強和改進的，我們剛剛對傳輸公司進行了一次非常有趣的審查。

So, I would say that we are looking at opportunities that transcend any geographic aspect of Parana. COPEL has already has companies in 10 states. We have no limitations to act outside of those and space where we are already present, this is something that still depends on the opportunities that will come up.

因此，我想說，我們正在尋找超越巴拉那州任何地理方面的機會。COPEL 已在 10 個州設有公司。我們在我們已經存在的那些和空間之外採取行動沒有任何限制，這仍然取決於即將出現的機會。

At this time, we're not seeing anything to concrete other than these improvements or expecting more value of the company's current assets.

目前，除了這些改進或期望公司現有資產獲得更多價值之外，我們沒有看到任何具體的內容。

Ms. Luiza, Itau BBA.

Luiza 女士，Itau BBA。

Good morning. Thank you for the presentation. I have a few questions. If you can give us an update in the process of selling lots and SHPs, if you can talk a little bit there. And if you can talk about the CapEx estimation for PMSO and the capacity auctions, whether you can give us this number or not? Thank you.

早安.謝謝您的介紹。我有幾個問題。如果您能給我們介紹一下出售土地和小水力發電的過程中的最新情況，如果您可以在那裡談談。如果您能談談 PMSO 的資本支出估算和容量拍賣，您是否可以給我們這個數字？謝謝。

Good morning. Marcello, if you can give us an update in the real estate sale process, what stage we're at, how this is moving along, and then I'll talk a little bit about the SHPs. And the CapEx estimate since its topic has very, very low infrastructure investments. There's no environment issue. We have not been sharing this estimate because they're strategic, very strategic. And basically, you have very little costs that are not costs inherent to the turbine itself in PMSO, which is mature. But Marcelo, please.

早安.Marcello，如果您能為我們介紹房地產銷售流程的最新情況，我們處於什麼階段，進展如何，然後我會談談小水力發電。由於其主題的基礎設施投資非常非常低，因此資本支出估計。不存在環境問題。我們沒有分享這個估計，因為它們具有戰略意義，而且非常具有戰略意義。基本上，除了成熟的 PMSO 中渦輪機本身固有的成本之外，您的成本非常低。但是馬塞洛，請。

Good morning, everyone. At Copel, we call this sale of real estate as the Parana project. It's a very bold sale project. And I start with Padre Bossino where the old operations center for generation submitted was located and all of the resident villages at the hydropower plant. The residential Village in Casillas was already sold. And now we're doing this process with Poddar, arsenal dose, GPS and Segredo.

大家早安。在 Copel，我們將這種房地產銷售稱為巴拉那專案。這是一個非常大膽的銷售項目。我從舊的發電營運中心所在的 Padre Bossino 以及水力發電廠的所有居民村開始。卡西利亞斯的住宅村已經出售。現在我們正在使用 Poddar、arsenal manner、GPS 和 Segredo 來完成這個過程。

And we are at the final stages of signing the purchase and sale agreement of those pieces of real estate. We have a binding proposal from a fund that is interested and made an offer that Copel considered very good, positive, considering the return on these assets, and we are at the final stages of signing this agreement. And from this moment, we will already receive installment from the sale of those pieces of real estate.

我們正處於簽署這些房地產買賣協議的最後階段。我們收到了一個有興趣的基金提出的具有約束力的提案，考慮到這些資產的回報，科佩爾認為該提案非常好、積極，而且我們正處於簽署該協議的最後階段。從這一刻起，我們將收到出售這些房地產的分期付款。

So I consider this sale especially of the residential villages that are very difficult with high cost and we'll reduce our maintenance costs of those villages and also surveillance and management of those villages. That's very positive moving towards the conclusion that we would be able to confirm with the signature of this contract at the beginning of August.

所以我認為這次出售特別是那些難度很高、成本很高的居民村，我們會減少這些村莊的維護成本以及對這些村莊的監視和管理。這是非常積極的一步，我們將能夠在八月初簽署這份合約來確認這一結論。

As for the SHPs and those assets, Marcelo and everyone. We've concluded the nonbinding proposal stage we move to the other three lots there, the small centrals, the midsize and the Figueira thermal power plant, we refer the best we moved the best proposals to the second phase. So they are undergoing the due diligence process. This is something that we could have in our planning. The signing process should occur in the fourth quarter of this year.

至於小水電和那些資產，馬塞洛和大家。我們已經結束了非約束性提案階段，我們將轉移到那裡的其他三個地塊，即小型中央電廠、中型電廠和菲蓋拉熱電廠，我們將最好的提案移至第二階段。因此，他們正在進行盡職調查過程。這是我們可以在計劃中考慮的事情。簽署過程應該在今年第四季進行。

If I may add about the capacity auction, I'd like to add something if you allow me, Copel is prepared for the auction that shall be held in December. That's what the government, the Ministry of Mines and Energy and the National Electricity Agency, have been disclosing.

如果我可以補充一下容量拍賣的情況，如果您允許的話，我想補充一些內容，Copel 已為 12 月舉行的拍賣做好了準備。這就是政府、礦業和能源部以及國家電力局所揭露的內容。

They will hold the auction in December. So Copel is prepared with the suppliers and three contracts already in place to be able to participate in this auction in December. We're waiting for the publication of the ordinance that establishes the time line for this auction. It's a very important investment where we have the discipline of capital allocation and the policy defined pipe

他們將於十二月舉行拍賣。因此，Copel 已與供應商做好準備，並已簽訂三份合同，以便能夠參加 12 月份的拍賣。我們正在等待確定本次拍賣時間表的法令的發布。這是一項非常重要的投資，我們有資本配置的紀律和政策定義的管道

Thank you. If I may, just a doubt about the auction on the methodology, especially for the hydro power plant, I think there's a lot of doubt in terms of penalties? And I mean, do you already have in mind how this is going to work? Because when we talk with some companies, they say, Oh, we're going to look into it.

謝謝。可以的話，我只是對拍賣的方法有疑問，特別是水力發電廠的拍賣，我認為在處罰方面有很多疑問？我的意思是，您是否已經想到這是如何運作的？因為當我們與一些公司交談時，他們說，哦，我們要調查一下。

But it's important to understand the details, we are not able to conclude yet whether or not it makes sense. But at this point, the conversations you've had with the ministry, are these detailed clearer to the companies? Or do you still need to wait for the publishing of the invitation.

但了解細節很重要，我們還無法斷定它是否有意義。但目前，您與商務部的對話對公司來說是否更清楚這些細節？或是還需要等待邀請函的發布嗎？

It's not clear yet, Marcelo, and Vital has been working on that. But we are all on the same page, all the companies are on the same page. We've been getting a lot of intersections with them, but it's not clear. What we see very intensively is a concern from the ministry for this to occur in reasonable terms so that we can guarantee the competitiveness in this hydro product.

目前還不清楚，馬塞洛，維塔爾一直在努力解決這個問題。但我們都在同一立場上，所有公司都在同一立場。我們與他們有很多交集，但還不清楚。我們非常強烈地看到，該部對這種情況以合理的方式發生表示擔憂，以便我們能夠保證該水電產品的競爭力。

And since it's the first time where the hydro power plants will be in a capacity auction to have very adequate conditions in terms of the criteria of how the operation is going to develop in coming years. But really, we are also waiting for the final details, but it seems to us as with other examples that the ministry provided, that there will be they will be reasonable in the final conditions of the ordinance

由於這是水力發電廠首次參加容量拍賣，因此在未來幾年的營運發展標準方面具有非常充分的條件。但實際上，我們也在等待最終的細節，但在我們看來，就像該部提供的其他例子一樣，該法令的最終條件將是合理的

Yes. And we expect to have that defined with the publication of these guidelines ordinance. And then with the invitation to bid and the contract that will be issued for the public hearing, but we have a lot of interactions with them and Copel's technical teams have been looking at these interactions and the information provided, and we are already being able to evaluate in a best way for this auction to bring the results expected by the company. Thank you.

是的。我們希望透過這些指導條例的發布來定義這一點。然後是招標邀請和將為公開聽證會發布的合同，但我們與他們進行了很多互動，Copel 的技術團隊一直在關注這些互動和提供的信息，我們已經能夠以最佳方式評估本次拍賣能否帶來公司預期的結果。謝謝。

Guilherme, Santander Guilherme Lima

吉列爾梅, 桑坦德銀行 吉列爾梅利馬

Good morning. Just a question about the company's commercialization strategy if you can update us on your expectations revolve on the contracting level, we've seen this quarter contracting level compared to other generators still a little bit lower. So, how do you intend to evolve this? And you can give us a price perspective if the CD price makes sense for the second half of the year? That's it. Thank you.

早安.只是關於公司商業化策略的問題，如果您能向我們介紹您對合約水準的期望，我們發現本季的合約水準與其他發電機組相比仍然略低。那麼，您打算如何發展這一點？如果下半年 CD 價格合理的話，您能給我們一個價格前景嗎？就是這樣。謝謝。

So, Rodolfo, if you may

那麼，魯道夫，如果可以的話

Yes, of course, Guilherme. So, the beginning of the quarter, especially due to the rains, started with very low prices in the long-term. So, what we did was monitor those prices. They recovered in the period. So, for June, we understood it was already at an interesting price and we started to contract on those terms. And that's the strategy. We know that the current system will become increasingly more volatile, considering the matrix and the expansion and there will be good windows for contracting.

是的，當然，吉列爾梅。因此，本季初，特別是由於降雨，長期價格開始非常低。因此，我們所做的就是監控這些價格。他們在此期間康復了。因此，對於 6 月份，我們知道它已經處於一個有趣的價格，並且我們開始按照這些條款簽訂合約。這就是策略。我們知道，考慮到矩陣和擴張，目前的系統將變得越來越不穩定，並且會有良好的收縮視窗。

So it's the change in pace according to the price that we've been working on. So April and May, we understood was not the moment to run after contracts. But after the hike in tune July that we see now until the end of the year, we will start to find good windows to buy it better for 2026 on.

因此，這是根據我們一直在研究的價格而變化的節奏。因此，我們知道四月和五月不是追逐合約的時機。但是，在我們現在看到的 7 月升息之後，直到今年年底，我們將開始尋找合適的窗口，以便在 2026 年更好地購買它。

Noting that for 2024 and 2025, we sold all the energy that we had, its minor adjustments, but nothing relevant. So we're talking more on the long-term.

值得注意的是，在 2024 年和 2025 年，我們出售了我們擁有的所有能源，並進行了微小的調整，但沒有任何相關的內容。所以我們多談的是長期的。

Talking about the . It is compliant, but of course, the further away it is from the supply period, the less liquidity you have and the higher average size to have around it. So ,we have a lot of time in commercial intelligence to try and capture these it's not on unanimous. So, we see a lot of room for variation.

談論。它是合規的，但當然，距離供應期越遠，流動性就越少，周圍的平均規模就越大。因此，我們在商業情報方面有很多時間來嘗試捕捉這些不一致的內容。因此，我們看到了很大的變化空間。

And just to add here, Guilherme, around 76 megawatts that we've sold for 2025, for example, but pretty much exhaust what we have and the availability, always considering a natural hedging of CSF. CSF this year, is around 13%, 87, 88, so we always consider that with avoid any expense with energy purchasing.

Guilherme，在此補充一下，例如，我們已在 2025 年售出約 76 兆瓦，但幾乎耗盡了我們擁有的資源和可用性，始終考慮 CSF 的自然對沖。今年的 CSF 約為 13%、87、88，因此我們始終考慮避免購買能源的任何費用。

But when we look at the longer-term perspective, this volatility that Rodolfo mentioned, that everybody knows, this update and the methodology and the price verification, you already see an acceleration in the long-term energy price above EUR170 million, EUR175 million.

但當我們從更長期的角度來看，魯道夫提到的波動性，大家都知道，這次更新、方法論和價格驗證時，你已經看到長期能源價格加速突破 1.7 億歐元、1.75 億歐元。

So there's already an improvement. And we really believe in the capacity that the hydropower plants have of providing power, energy, especially in peak moments, and we'll start to work strongly for that to be valued and materialize in prices due to the stability that hydropower plants provide to the system.

所以已經有改進了。我們確實相信水力發電廠提供電力、能源的能力，特別是在高峰時刻，並且由於水力發電廠為電力和能源提供的穩定性，我們將開始大力努力對其進行估值並在價格中實現。 。

Great. Thank you.

偉大的。謝謝。

Next question, a written question from Matteos Lirin.

下一個問題是 Matteos Lirin 的書面問題。

Congratulations on the results. Felipe and Rodolfo welcome. My question is, will we participate in the transmit auction to grow in the sector?

祝賀結果。費利佩和魯道夫表示歡迎。我的問題是，我們會參與傳輸拍賣以在該領域發展嗎？

Matteos, I think we talked a little bit about that. You see that on Felipe's slide, we already have in terms of network of almost 75% of our EBITDA be it for transmission SP&T or distribution. So in the segment's portfolio, it is a good investment that brings a lot of stability to the company's revenue.

Matteos，我想我們對此進行了一些討論。您可以看到，在 Felipe 的幻燈片上，我們已經擁有近 75% 的 EBITDA 網絡，無論是用於傳輸 SP&T 還是配電。所以在該部門的投資組合中，這是一項很好的投資，為公司的收入帶來了巨大的穩定性。

Now specifically on transmission auction and the auction now in September, it's inherent to have a lower rate. So considering the level of discount and the company shares, we are thinking very carefully to see what the strategy is, whether or not we're going to join.

現在特別是在傳輸拍賣和九月的拍賣中，利率較低是必然的。因此，考慮到折扣水準和公司股票，我們正在非常仔細地考慮策略是什麼，是否要加入。

And if we enter the auction, we need to have a return expectation that is more suitable and proportional to what we see today in the price of the share. So speak down and as I said, we have a fiduciary responsibility in terms of capital allocation and where the best capital allocation is.

如果我們參加拍賣，我們需要有一個與我們今天看到的股票價格更合適且成比例的回報預期。所以說下來，正如我所說，我們在資本配置和最佳資本配置方面負有信託責任。

If it's investment in what segment, what investment profile or as I said, their buyback programs possibly or payment of dividends extraordinary dividends, as our policy allows for. With all of that said, the transmission segment is something that we like due to stability and our expertise and our capacity being a private company for and anticipation of the deadline. But this will all be weighted and considered for us to. If we decide to participate to have a good strategy. And if we succeed, great and if we don't, well, it's how it is. It's part of the game.

如果是投資哪個領域，什麼投資組合，或者正如我所說，他們的回購計劃可能或支付股息特別股息，正如我們的政策允許的那樣。話雖如此，由於穩定性、我們的專業知識以及我們作為私人公司的能力和對截止日期的預期，傳輸領域是我們所喜歡的。但這一切都將由我們來權衡和考慮。如果我們決定參加要有一個好的策略。如果我們成功了，那就太好了，如果我們沒有成功，那就是這樣了。這是遊戲的一部分。

What makes it look specifically at that lot, as I said in the beginning, is that it does bring a lot of synergies to our current operations. There is very little incremental costs in this process. So that makes it's our diligent and everyone to be engaged in study. What the biggest bet of this auction of September will bring?

正如我一開始所說，它之所以特別針對該批次，是因為它確實為我們目前的營運帶來了許多協同效應。這個過程中的增量成本非常小。所以這就要求我們勤奮、人人去努力學習。這次九月拍賣會最大的賭注是什麼？

As there are no further questions, we now conclude the question-and-answer session and turn the floor to Daniel for his closing remarks.

由於沒有其他問題，我們現在結束問答環節，請丹尼爾作總結發言。

I would like to thank you all for your participation once again and thank all of the Copel people for their work and their commitment and dedication this quarter. So once again, Copel's execution capacity, I think this is like a trademark for us, and we are relentless in the perfect execution of our strategic plan, either with asset divestment or our process of focusing on the core business, in the simplification of our structure and participation, that's something we're also looking at and cost control and a very important moment, which is the reduction of almost one-fourth of the company guaranteeing in the same levels of quality and service provider.

我要再次感謝大家的參與，並感謝所有 Copel 員工本季的工作以及承諾和奉獻。所以再一次，科佩爾的執行能力，我認為這就像我們的一個商標，我們堅持不懈地完美執行我們的戰略計劃，無論是資產剝離還是我們專注於核心業務的過程，在簡化我們的業務過程中。

So the results of this quarter reinforced the consistency of the company's work. And as I've mentioned, now being able to have this plan, this mix between professionals who have already been here who know the company, adding new talent who come with new prospective, new angles, new experiences that can give us momentum and greater agility to the cultural transformation process that the company is going through.

因此，本季的業績增強了公司工作的一致性。正如我所提到的，現在能夠制定這個計劃，將已經在這裡了解公司的專業人士進行混合，加入具有新前景、新角度、新經驗的新人才，這可以給我們帶來動力和更大的動力。

So I think that this vision of a consistent company that is focused on delivering all of the commitments made with our employees, our shareholders and society as a whole is a very typical brand of Copel. Thank you all very much. Have a great day and will remain available to you.

因此，我認為這種一致的公司願景，專注於兌現與我們的員工、股東和整個社會所做的所有承諾，是 Copel 的一個非常典型的品牌。非常感謝大家。祝您有個愉快的一天，我們將竭誠為您服務。

Copel's conference call has now concluded. We thank you all for your participation. Have a great day.

科佩爾的電話會議現已結束。我們感謝大家的參與。祝你有美好的一天。