Companhia Paranaense de Energia (ELPC) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們，先生們。

Welcome to the video conference of Companhia Paranaense de Energia - COPEL to discuss the results for the first quarter of 2024.

歡迎參加 Companhia Paranaense de Energia - COPEL 視訊會議，討論 2024 年第一季的表現。

The video conference is being recorded and the replay can be accessed at the company's website ri.copel.com. The respective presentation is also available for download.

視訊會議正在錄製中，您可以在公司網站 ri.copel.com 上存取重播。對應的簡報也可供下載。

(Operator Instructions)

（操作員說明）

Before proceeding, we'll stress that forward-looking statements are based on beliefs and assumptions of Copel's management and on information currently available to the company.

在繼續之前，我們要強調，前瞻性陳述是基於 Copel 管理層的信念和假設以及公司目前可獲得的資訊。

Forward-looking statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur.

前瞻性陳述可能涉及與未來事件相關的風險和不確定性，因此取決於可能發生或可能不發生的情況。

Investors, analysts, and journalists, please consider that events related to the macroeconomic environment, industry conditions and other factors may cause results to differ materially from those expressed in such, forward looking statements.

投資者、分析師和記者請注意，與宏觀經濟環境、產業狀況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內容有重大差異。

With us today for this video conference.

今天和我們一起參加這次視訊會議。

Mr. Daniel Slaviero, CEO of Copel, Mr. Adriano Rudek de Moura, CFO of Copel, as well as officers of the subsidiaries will also be available for the Q&A session.

Copel 執行長 Daniel Slaviero 先生、Copel 財務長 Adriano Rudek de Moura 先生以及子公司的管理階層也將參加問答環節。

I now would like to turn the floor to Mr. Slaviero, will start the presentation.

現在請斯拉維羅先生開始演講。

Please, Mr. Slaviero, the floor's yours.

斯拉維羅先生，請發言。

Good morning, everyone.

大家，早安。

I would like to thank you very much for being here with us in this video conference.

我非常感謝您參加這次視訊會議。

I would like to start this call kind of solidarity to the people of Rio Grande do Sul for the unprecedented tragedy that is striking the state.

我想以此呼籲向南里奧格蘭德州人民表示聲援，以應對該州遭受的前所未有的悲劇。

We acknowledge their restless work of our colleagues from the industry and also the whole population in the area to overcome this very difficult situation.

我們感謝業界同仁以及該地區全體人民為克服這一非常困難的局面所做的不懈努力。

Now talking about our quarter results, we did have another period of sound achievements, especially the best quarter and the history of our distributing company with 34.4% of efficiency in the last 12 months.

現在談論我們的季度業績，我們確實又取得了良好的業績，尤其是最好的季度和我們的分銷公司在過去 12 個月內效率達到 34.4% 的歷史。

Congratulations to Max and the colleagues.

祝賀馬克斯和同事們。

This is an amazing result for this quarter and Copel distribution and Copel consolidated results adjusted EBITDA was BRL1.4 billion Net income, a little over BRL500 million.

這是本季的驚人結果，Copel 分配和 Copel 綜合業績調整後 EBITDA 為 14 億雷亞爾淨利潤，略高於 5 億雷亞爾。

Moura will go into the details on this results shortly.

莫拉將很快詳細介紹這一結果。

And I will be concentrating myself in the status of the changes that are happening in the company since we turned it into a corporation.

我將集中精力關注自從我們將公司轉變為公司以來公司所發生的變化。

You have seen and you are following that up with us that the pillars of this new stage of the company are people operating efficiency and capital allocation.

您已經看到並且您正在與我們一起跟進，公司新階段的支柱是人員營運效率和資本配置。

And this has been as stressed since our roadshow and in Investor Day, and I'm going to go into each one of these fronts and what we have been doing in each one of them.

自從我們的路演和投資者日以來，這一點一直受到壓力，我將深入探討這些領域的每個領域以及我們在每個領域所做的事情。

And now our shareholders' meeting of April 22, we have approved one of the most powerful tools to attract and retain talents.

現在，我們在 4 月 22 日舉行的股東大會上，批准了吸引和留住人才的最有力工具之一。

The long-term incentive plan, as the name itself says it, this is the best way of aligning the administration's interest.

長期激勵計劃，顧名思義，這是協調政府利益的最佳方式。

What the objects of value generation and the long term and especially to foster a meritocracy culture and a high performance culture that is we want to foster that ownership feeling among the employees of the company.

價值創造和長期的目標是什麼，特別是培養精英文化和高績效文化，我們希望培養公司員工的主人翁意識。

This will also allow us to attract new and needed competencies for the challenges in the industry.

這也將使我們能夠吸引新的和所需的能力來應對行業的挑戰。

I would like to say also that in this meeting, we brought in two new members to our Board of Directors, Pedro Sales, and Viviane Martins and also to new members for the fiscal committee.

我還想說，在這次會議上，我們為董事會引入了兩名新成員：Pedro Sales 和 Viviane Martins，以及財務委員會的新成員。

And what time this will flow to all the other levels of the organization?

什麼時候這會流向組織的所有其他層級？

For operating efficiency, we have seen significant gains for supply and we move on with our works on ZBB.

在營運效率方面，我們看到供應量顯著增加，我們繼續在 ZBB 上開展工作。

And the second stage of the ZBB will be disclosed in the full results also in our Copel Day in November of this year.

ZBB 第二階段的完整結果也將於今年 11 月的 Copel Day 公佈。

How about the energy trading strategy?

能源交易策略如何？

We were able to seize good prices with the market volatility that happened over the first quarter.

在第一季的市場波動中，我們能夠抓住好價格。

And we are very much focused and paying attention to new opportunities that might arise in the next few months.

我們非常專注並關注未來幾個月可能出現的新機會。

But we still have a positive expectation here with about the price recovery, especially starting in 2026 on what we saw in the first quarter is a clear a new reality that will be facing in this industry with a significant increase of price volatility.

但我們仍然對價格復甦抱持正面的預期，特別是從 2026 年開始，我們在第一季度看到的情況是，該行業將面臨一個明顯的新現實，即價格波動性顯著增加。

And it will be on the hands of companies to seize these moments to then execute their strategies.

公司需要抓住這些時機來執行他們的策略。

And we are going to be safe, faithful, and consistent.

我們將安全、忠誠、始終如一。

So this strategy and the long-term plans for the company for value generation, of course.

當然，這項策略以及公司價值創造的長期計劃。

Now going into digitization, in March, we closed the deal with Google and will be migrating our IT services to Google Cloud.

現在進入數位化階段，我們在 3 月與 Google 完成了交易，並將我們的 IT 服務遷移到 Google Cloud。

This is a strategic measure to scale gains by the means of data analysis tools, but AI machine learning, allowing us to have more competitiveness and agility in developing our businesses.

這是透過數據分析工具和AI機器學習來擴大收益的策略舉措，讓我們在發展業務時擁有更強的競爭力和敏捷性。

And now to conclude, with a pillar of capital allocation.

現在總結一下資本配置的支柱。

Just yesterday, we have communicated the market, the beginning of the stage of non-binding proposes to divest, before divestments of as small size generation assets.

就在昨天，我們已經向市場傳達，非約束性階段的開始建議剝離，之前剝離的是小規模發電資產。

We have 13 of them totaling a 118 megawatts, 119 megawatts.

我們有 13 個，總計 118 兆瓦、119 兆瓦。

The process is part of the value generation strategy of Copel, and it aims to improve operating efficiency of DET portfolio as well as the optimization of capital allocation.

此流程是Copel價值創造策略的一部分，旨在提高DET投資組合的營運效率以及優化資本配置。

And it will also allow us to reuse qualified professionals, trained professionals that will be then reallocated to different challenges, considering also the ones that will be leaving the company and the voluntary severance program.

它還將使我們能夠重複使用合格的專業人員、訓練有素的專業人員，然後將他們重新分配到不同的挑戰，同時考慮將要離開公司的人員和自願離職計劃。

And what is most important here and this initiative more than the money itself in terms of the disposal of these assets.

就這些資產的處置而言，這項舉措最重要的不僅僅是金錢本身。

That shows the consistency of Copel's execution according to its commitments and its plans and the commitment with investors.

這表明 Copel 根據其承諾和計劃以及對投資者的承諾執行的一致性。

And this is what we have said in our Investors' Day.

這就是我們在投資者日所說的。

And what we see that what's happening over the months prove that we have been very much consistent, focused and disciplined and the execution of value generation.

我們所看到的，幾個月來發生的事情證明，我們在價值創造的執行上一直非常一致、專注、自律。

And this initiative will allow Copel to dedicate itself to its major assets, major generating plans.

這項舉措將使 Copel 能夠專注於其主要資產和主要發電計劃。

I also want to provide you with an update about the divestment process for Compagas.

我還想向您提供有關 Compagas 撤資流程的最新資訊。

We have ended the deadline to receive proposals.

我們已經結束了接收提案的截止日期。

Now we are in the stage of analyzing and negotiation of these proposals.

現在我們正處於對這些建議進行分析和談判的階段。

And obviously for confidentiality issues, we cannot go into the details here.

顯然，出於保密問題，我們不能在這裡透露細節。

But we are really now in this stage of analyzing and negotiating these proposals.

但我們現在確實正處於分析和談判這些建議的階段。

It's important to stress what we have already said in our prior calls, the priority is not the deadline or the time, but rather the maximization of value of a premium asset.

重要的是要強調我們在先前的電話會議中已經說過的話，優先事項不是截止日期或時間，而是優質資產價值的最大化。

Our renewed concession up to 2054 and the fourth largest economy in the country, which is Paranaense.

我們續約的特許權有效期至 2054 年，是巴拉那州第四大經濟體。

So we want to have the right value for this asset.

因此，我們希望該資產具有正確的價值。

As far as innovation is concerned, our corporate venture capital fund, it has done its second investment now in those part of next trend energy, a marketplace with integration between distributed generation and consumers that simplifies the access to clean energy by using a digital platform and also connects consumers to the renewable energy projects by a subscription program.

就創新而言，我們的企業創投基金現已對下一個趨勢能源的部分進行了第二筆投資，這是一個將分散式發電和消費者整合在一起的市場，透過使用數位平台和技術簡化了獲得清潔能源的過程。

We are very excited about the synergies that we can have between the trading company of Copel and Nextron.

我們對 Copel 貿易公司和 Nextron 之間的協同效應感到非常興奮。

This is a partnership that Copel is really up dedicated to.

這是 Copel 真正致力於的合作關係。

And to conclude my presentation here, we are very excited about these first months of 2024.

最後，我們對 2024 年的頭幾個月感到非常興奮。

We know that we are in the right direction to deliver that promised results to all Copel's stakeholders.

我們知道，我們正朝著正確的方向向 Copel 的所有利害關係人交付承諾的結果。

Now Moura will give you more details on the numbers for the first quarter and then we will be back in the Q&A session.

現在莫拉將向您提供有關第一季度數據的更多詳細信息，然後我們將回到問答環節。

Thank you, Daniel.

謝謝你，丹尼爾。

Good morning, everyone.

大家，早安。

Thank you very much for participating here in this video conference.

非常感謝您參加本次視訊會議。

I also would like to show solidarity to the people of Rio Grande do Sul for the devastating impact of that tragedy that we are seeing there.

我還要向南里奧格蘭德州人民表示聲援，因為我們在那裡看到了這場悲劇所造成的毀滅性影響。

I'm talking about the quarterly results.

我說的是季度業績。

We are very happy to deliver another quarter with sound financial results, robust cash generation and consistent improvements in operating efficiency and all are challenges despite of the challenges that the industry is facing with a typical climatic event volatility in energy prices, restrictions, and the wind farms dispatches.

我們很高興在另一個季度實現良好的財務業績、強勁的現金生成和營運效率的持續改進，儘管該行業面臨能源價格、限制和風等典型氣候事件波動的挑戰，但所有這些都是挑戰農場派遣。

That is all challenges that are being mitigated here at Copel with an efficient execution in our value generation plan, as Daniel has already mentioned.

正如丹尼爾已經提到的，這就是 Copel 透過高效執行我們的價值生成計劃來緩解的所有挑戰。

Now the financial KPIs in a consolidated fashion, the adjusted EBITDA is in line with our expectations.

現在綜合財務KPI，調整後的EBITDA符合我們的預期。

Here, we had an exceptional result of Copel Dis, which hit a record of BRL636 million in the quarter, 25% higher than the first quarter '23 that and it up offsetting partially the reduction of GET's results, which was affected by lower energy prices and also the frustration of wind farms generation, including the dispatch restrictions by ONS.

在這裡，我們看到了 Copel Dis 的出色業績，該季度創下了 6.36 億雷亞爾的記錄，比 23 年第一季度高出 25%，部分抵消了 GET 業績因能源價格下跌而下降的影響還有風電場發電的挫折，包括國家統計局的調度限制。

And despite of the EBITDA reduction, the net income in comparison to the prior quarter was also benefited by the improvement in the net financial result of over six -- BRL6 million because of the maintenance of -- we maintain resources in the primary offer of BRL2 billion that are awaiting payment of concession, renewal concession of plans submitted for the second half of the year and also by reduction of interest and inflation.

儘管 EBITDA 減少，但與上一季相比，淨利潤也受益於淨財務業績的改善，超過 6 雷亞爾——600 萬雷亞爾，因為我們維持了 2 雷亞爾的主要報價中的資源十億美元正在等待支付優惠、延長下半年提交的計劃的優惠以及降低利息和通貨膨脹。

And there was also a robust operating cash generation of over BRL1.3 billion.

此外，營運現金流也強勁，超過 13 億雷亞爾。

Excluding nonrecurring payment, we would have been BRL336 million of the first part of the arbitration agreement negotiated in January of this year.

如果不包括一次性付款，我們今年 1 月商定的仲裁協議第一部分的金額將達到 3.36 億雷亞爾。

And part of this improvement over BRL300 million comes from the positive variation of sectorial balances of Copel Dis.

超過 3 億雷亞爾的改善部分來自 Copel Dis 部門餘額的積極變化。

Thanks to the improvement in energy consumption in the fourth -- first quarter of 2024.

得益於2024年第四季－第一季能源消耗的改善。

Next page, nonrecurring items here, we do not have anything relevant about the first quarter.

下一頁，這裡是非經常性項目，我們沒有任何與第一季相關的內容。

Remember that the results we show do not include the discontinued operations of UEGA and Compagas both in the results as well as in the balance sheet because they are posted as assets for sale once they are already discontinued.

請記住，我們顯示的結果不包括結果和資產負債表中 UEGA 和 Compagas 的已終止運營，因為一旦它們已經終止，它們就會作為待售資產過帳。

So EBITDA -- adjusted EBITDA for business here, we see the contribution of each one of the businesses in the comparison to the first quarter of 2023.

因此，EBITDA——調整後的業務 EBITDA，我們在與 2023 年第一季的比較中看到了每項業務的貢獻。

This grew 25%, BRL120 million higher, reaching BRL636 million, GET going down to BRL129 million, 23% reduction, both in the first quarter with BRL770 million.

成長 25%，增加 1.2 億雷亞爾，達到 6.36 億雷亞爾，GET 下降至 1.29 億雷亞爾，減少 23%，第一季均為 7.7 億雷亞爾。

And the main highlights here of -- starting by the regulatory efficiency was of over 34%.

這裡的主要亮點是——首先監管效率超過 34%。

The grid market grew over 10%, not including MMGD, which gets close to 8%.

電網市場成長超過 10%，其中不包括接近 8% 的 MMGD。

Also, there was a tariff adjustment of June of last year with an average effect and the Parcel B revenue of approximately 4%.

另外，去年6月進行了關稅調整，效果平均，B地塊收入約為4%。

ADA went back to the normal levels of 0.6%, 0.7% over total revenue.

ADA 恢復到 0.6% 的正常水平，佔總收入的 0.7%。

Remember in the first quarter of last year, there was a reversal of BRL15 million in the total ADA, because of the disconnections resuming in the post pandemic period, which were restricted by state law and as was explained only at the end of 2022.

請記住，去年第一季度，ADA 總額出現了 1500 萬雷亞爾的逆轉，原因是大流行後時期恢復了斷電，這受到州法律的限制，直到 2022 年底才得到解釋。

And the electric system maintenance costs are -- is still there been impacted by atypical climatic events.

電力系統維護成本仍受到非典型氣候事件的影響。

RR level has increased more than 20% compared to 1Q '23.

與 23 年第一季相比，RR 水準增加了 20% 以上。

We have almost BRL15 million more, but we are able to maintain the right level of DEC and FEC.

我們還有近 1500 萬雷亞爾，但我們能夠保持適當的 DEC 和 FEC 水平。

And here we are following that up of and closely and checking how we can mitigate that impact.

在這裡，我們正在密切關注並檢查如何減輕這種影響。

At GET, as I said, we have a performance reduction that was already expected, especially because of the contracting level.

正如我所說，在 GET，我們的性能下降已經在預料之中，特別是由於合約水準的原因。

And also, these are the main highlights here, the average price reduction and energy sale of over 20% in the free market and the end of some regulated environment contracted, specifically over the energy.

此外，這些也是這裡的主要亮點，自由市場中的平均價格下降和能源銷售超過 20%，以及一些監管環境收縮的結束，特別是在能源方面。

And the comparison of the quarter is the remuneration on assets and the transmission contracts were negatively impacted by the IPCA reduction, which affects the comparison of assets that are in the GET and also assets that are in our equity, the wind farm of frustration BRL50 million, especially because of the provisioning I'm coming from greater operative restriction of transmission.

本季的比較是資產報酬和輸電合約受到 IPCA 削減的負面影響，這影響了 GET 中的資產以及我們股權中的資產（受挫的風電場 5000 萬雷亞爾）的比較，特別是因為我的配置受到了更大的傳輸操作限制。

And also we have fully integrated operations of acquisitions of wind farms Aventura and Santa Rosa and Novo Mundo.

我們也全面整合了收購 Aventura 和 Santa Rosa 風電場以及 Novo Mundo 風電場的業務。

For PMSO, I already mentioned some components of cost of electric system maintenance base, which increased 20% ADA with a reversal of BRL15 million in the first quarter.

對於 PMSO，我已經提到了電力系統維護基礎成本的一些組成部分，第一季 ADA 增加了 20%，逆轉了 1500 萬雷亞爾。

Here we see a variation quarter-on-quarter of BRL56 million, and part of this increase of BRL97 million is posted as a provision and reversal.

在這裡，我們看到季度環比變化為 5,600 萬雷亞爾，其中 9,700 萬雷亞爾的成長部分作為撥備和沖銷過帳。

In the comparison of PMSO that was reported, there was a slight reduction of 1.6%, including indemnity that was paid of BRL138 million.

與報告的 PMSO 相比，略有減少 1.6%，其中包括支付的賠償金 1.38 億雷亞爾。

That is nonrecurring because of the additional 1/3 for vacation paid in January of 2023.

這是非經常性的，因為 2023 年 1 月支付的假期額外增加了 1/3。

And therefore, this benefit has been excluded from the salary bases starting last year.

因此，從去年開始，這項福利已被排除在工資基數之外。

And we start to see a reduction during this year.

今年我們開始看到減少。

But if we did not consider these nonrecurring items and provisions and reversals, there was an increase in PMSO of approximately 4% and in line [P] excluding this indemnity impact, there was a salary adjustment in the ACT starting in October of 4.5%, which was partially offset by the reduction of 160 people that left us since the first quarter of '23.

但如果我們不考慮這些非經常性項目、準備金和沖銷，則 PMSO 增加了約 4%，並且根據 [P] 線排除了這種賠償影響，ACT 從 10 月開始進行了 4.5% 的薪資調整，自23 年第一季以來，我們減少了160 名員工，部分抵銷了這種影響。

Out of those 67 are already our voluntary severance program anticipated, which is counting on more than 1400 people leaving up to 14 -- August 14.

其中 67 人已經進入我們預期的自願遣散計劃，預計到 8 月 14 日，將有 1400 多人離開。

Now in terms of cost reduction plan, we are already at full speed at our ZBB second stage and we have a kick-off in February of this year that the company is fully engaged in this work.

現在在成本削減計畫方面，我們的ZBB第二階段已經在全速進行，今年2月就已經啟動，公司正在全力投入這項工作。

We estimate its conclusion in October of this year and eventual efficiency improvements might happen and they should be approved and integrated to 2025 budget and obviously informed to the market in the next Copel Day.

我們預計今年 10 月得出結論，最終可能會實現效率提升，它們應該獲得批准並納入 2025 年預算，並在下一個科佩爾日明確告知市場。

Now about the initiatives to cost reduction and also improvements in efficiency in the first stage of ZBB, which we disclosed at Copel Day last year, they're already part of the individual targets of ICP and they are being monitored.

現在，關於ZBB第一階段降低成本和提高效率的舉措，我們在去年的Copel Day上披露了這些舉措，它們已經成為ICP單獨目標的一部分，並且正在受到監控。

Now moving on the investments program, we have a total amount forecasted of BRL2.4 billion with total folks and revealing RAB for Copel Dis starting in June of 2026.

現在繼續進行投資計劃，我們預計總金額為 24 億雷亞爾，並從 2026 年 6 月開始公佈 Copel Dis 的 RAB。

Both the physical and the financial plans are moving forward.

物質和財務計劃都在向前推進。

And this projection for 2024, we are not including the concession bonus for the beginning of the second half, which is of approximately BRL3.7 billion, and this could be updated by Selic since January '24 up to payment date.

對於 2024 年的預測，我們不包括下半年開始的特許經營獎金，約為 37 億雷亞爾，Selic 可能會自 24 月 24 日起更新至付款日期。

Now turning to the end of my presentation, we maintain the leverage at the level of two times, especially the funds of BRL2 billion in the primary offering that are available and cash for the concession bonus payment, as we mentioned.

現在，我的演講即將結束，我們將槓桿維持在兩倍的水平，特別是我們提到的，首次發行中可用的 20 億雷亞爾資金以及用於優惠獎金支付的現金。

Naturally, the concession payment and the CapEx level that have been approved for 2024 as well as the investments expectations for 2025 with focus in reviewing our RAB at DIS at the level of leverage should increase to [2.5] and

當然，已批准的 2024 年優惠付款和資本支出水平以及 2025 年的投資預期（重點是在槓桿水平上審查 DIS 的 RAB）應增加至 [2.5] 和

[3].

[3]。

And now concluding, I would like to remind you that in the last shareholders' meeting, we have approved the dividend distribution in line with our policies and the payment of a remaining balance of BRL632 million, which will be paid off in June.

最後，我想提醒大家，在上次股東大會上，我們已經根據我們的政策批准了股息分配，並支付了剩餘的 6.32 億雷亞爾，將於 6 月支付。

Thank you very much for your participation, and we can now start the Q&A session.

非常感謝您的參與，現在我們可以開始問答環節了。

Thank you all very much.

非常感謝大家。

We will now start the Q&A session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Ms. Maria Carolina Carneiro from Banco Safra.

Banco Safra 的 Maria Carolina Carneiro 女士。

We cannot hear you, Carol.

我們聽不到你的聲音，卡羅爾。

I think we may turn to the next question, and we’ll come back to her later.

我想我們可以轉向下一個問題，稍後我們會再回答她。

Mr. Andre Sampaio, Banco Santander.

安德烈·桑帕約先生，桑坦德銀行。

Good morning, everyone.

大家，早安。

I have two questions.

我有兩個問題。

If you may start talking about DEC and FEC, we see that they are not as good.

如果您可以開始談論 DEC 和 FEC，我們發現它們並不那麼好。

And I would like to understand what is the plan for new climatic events, that more complex ones, so that this won’t happen again?

我想了解針對新的氣候事件（更複雜的氣候事件）的計劃是什麼，以便這種情況不會再次發生？

And really and also stress after the 5 years of the contract, how the new rules work after the fifth year in regards, the process and just to have that in mind.

確實，也強調在合約五年後，新規則在第五年後如何運作，過程，並牢記這一點。

And second, dividends, if you plan to switch to change anything in the policy?

其次，股息，您是否打算改變保單中的任何內容？

Thank you, Andre.

謝謝你，安德烈。

And I will start by the second question and then Mauricio, you can talk about DEC or ELC Well, dividends, Andre, we move on with the payout line following are policies with that payout of 50% under normal and regular conditions.

我將從第二個問題開始，然後毛里西奧，你可以談談 DEC 或 ELC 好吧，股息，安德烈，我們繼續討論支付線，以下是在正常和常規條件下支付 50% 的保單。

But if any extraordinary effects are, especially regarding divestments.

但如果有任何非凡的影響，特別是在撤資方面。

If that happens, we will obviously, we'll evaluate and extraordinary payments as our policies already allow it.

如果發生這種情況，我們顯然會按照我們的政策已經允許的方式評估額外的付款。

So we are following the original plan and over 2024 anything deeper regarding the policy or a different capital structure that is adequate to this new stage.

因此，我們正在遵循最初的計劃，並在 2024 年之前製定任何更深入的政策或足以適應這一新階段的不同資本結構。

We intend to have this discussion over the year of 2025.

我們打算在 2025 年進行這項討論。

So our policies are very well adjusted.

所以我們的政策調整得很好。

It's very simple, easy to understand.

這很簡單，很容易理解。

And that also allowed not only extraordinary payments up to 1.5% of leverage up to [2.7], 50% or 25% higher than that.

這不僅允許額外支付槓桿高達 [2.7] 的 1.5%，還可以比該水平高出 50% 或 25%。

And so extraordinary payments already allow us to have the flexibility in a way that the company does not have the inadequate.

因此，非凡的付款已經讓我們擁有了公司所不具備的靈活性。

The structures today with this leverage close to 2 is not really real one because we have BRL2 billion more in the follow-on and also the concession bonus payments, and we will have another funding closer to billing that we should be concluding in the beginning of the second half of the year.

今天的槓桿率接近2 的結構並不是真正的結構，因為我們後續還有20 億雷亞爾的資金以及優惠獎金支付，而且我們將有另一筆接近賬單的資金，我們應該在2019 年年初得出結論。

So I think this allows us to have flexibility according to the right levels to review and evaluate the possibility of extraordinary payments.

所以我認為這使我們能夠根據正確的水平靈活地審查和評估特別付款的可能性。

Now about DEC or ELC in the — since the end of last year, in the last quarter of 2023 and the first quarter of 2024, we have seen the effect of ANEEL, more intense storms and more frequent storms, heat waves.

現在關於DEC或ELC在去年年底以來，在2023年最後一個季度和2024年第一季度，我們看到了ANEEL的影響，更強烈的風暴和更頻繁的風暴、熱浪。

This has affected the ELS and the EFC of all distributing companies in Brazil.

這影響了巴西所有分銷公司的 ELS 和 EFC。

But Copel is really following all the rules very much fighting by the limits established by ANEEL.

但 Copel 確實遵守了所有規則，並嚴格遵守 ANEEL 制定的限制。

We are always looking for an excellent — excellence standard in these climatic events, catering to clients, and also to follow up the extraordinary growth that we see in Parana.

我們一直在這些氣候活動中尋求卓越的標準，以滿足客戶的需求，並跟進我們在巴拉那看到的非凡增長。

We grew 5.8% in consolidated data here on the GDP versus the double of the average.

我們這裡的 GDP 綜合數據成長了 5.8%，是平均值的兩倍。

And Copel has executing all its investment in the past, and this is already bringing us positive results in the operation.

Copel 過去已經執行了所有投資，這已經為我們帶來了積極的營運成果。

So Max, if you can go into the details on what we have been doing in the ELC and EFC area and what do we have around that for concession contracts?

Max，您能否詳細介紹我們在 ELC 和 EFC 領域所做的工作以及我們在特許合約方面有哪些內容？

Good morning.

早安.

I think Daniel said it well, we are having a hard time with the climatic problems, not only here, but also, you've see in Rio Grande do Sul, what is happening there?

我認為丹尼爾說得很好，我們在氣候問題上遇到了困難，不僅在這裡，而且，你在南里奧格蘭德州也看到了，那裡正在發生什麼？

This is also This is also affecting us by the end of last year.

這也是去年年底也在影響我們的。

And in this first quarter, we are facing atypical number of storms and this has affected these indexes.

在第一季度，我們面臨著異常數量的風暴，這影響了這些指數。

To react to that, we have this main investment that we are doing and the grid.

為了對此做出反應，我們正在進行這項主要投資和電網。

We are reassessing all of these issues, analyzing all the areas that were hit by these storms in a way to have a more robust grid, we are looking for new options for supplies.

我們正在重新評估所有這些問題，分析所有遭受風暴襲擊的地區，以建立更強大的電網，我們正在尋找新的供應選擇。

So that the places that have been affected are not as damaged and also, we are working hard preventive maintenance.

為了使受影響的地方不那麼受損，我們正在努力進行預防性維護。

This is reflecting in our expenses in the first quarter and we are trying to significantly increase preventive maintenance to avoid problems.

這反映在我們第一季的支出中，我們正在努力大幅增加預防性維護以避免問題。

And a special highlight here has to do with plant suppression, cutting trees and trying to replace trees that are already too old and the trees that could fall over the grid and also in the rural area.

這裡的一個特別亮點與植物抑制、砍伐樹木以及嘗試更換太老的樹木以及可能倒塌的樹木以及農村地區的樹木有關。

We are removing plants under the transmission lines.

我們正在拆除輸電線路下的植物。

So we are focusing and preventing problems to happen.

因此，我們正在集中精力並防止問題發生。

And therefore, and also if they happen, we can quickly react.

因此，如果發生這種情況，我們可以迅速做出反應。

I can tell you that Copel is very much prepared to rebuild the networks if anything happens.

我可以告訴你，如果發生任何情況，科佩爾已經做好重建網路的準備。

Now in the past, we did have this automatic exploration, but now we no longer have that.

過去我們確實有這種自動探索，但現在我們不再有了。

And we are working with the regulating agency to see what are the penalties, but we do not, no longer have that with the first cycle.

我們正在與監管機構合作，看看有什麼處罰措施，但我們沒有，在第一個週期不再有處罰措施。

So from now on, we have to follow all the discussion process with the regulatory agency, but we do not have the exploration process anymore.

所以從現在開始，我們必須遵循與監管機構的所有討論過程，但我們不再有探索過程。

But to conclude, Copel has its renewed contracts.

但總而言之，科佩爾已經續簽了合約。

So all the rules are already stated.

所以所有的規則都已經說明了。

So we are far from this macro discussion, but quality is a priority.

所以我們離這個宏觀討論還很遠，但品質是優先考慮的。

So regardless, if the contract is another one or if it's a contracted for new distribution companies in a quality abiding by the rules in the company, not only in the global ELC or EFC., but also to look at the whole picture and to be within the rules and the limits, this is our main priority here.

所以無論是另外一份合約還是新的分銷公司簽訂的合同，其品質都符合該公司的規則，不僅在全球的ELC或EFC中，而且要縱觀全局並加以考慮。這是我們的首要任務。

Perfect.

完美的。

Thank you very much.

非常感謝。

It's [Carolina Carneiro], there.

那裡是[卡羅琳娜·卡內羅]。

Mr. Daniel Travitzky from Banco Safra

Banco Safra 的 Daniel Travitzky 先生

Hello, everyone.

大家好。

Good morning.

早安.

Thank you for this opportunity of taking my question.

感謝您給我這個機會回答我的問題。

I also have two questions.

我還有兩個問題。

Well, starting on energy trading, we saw that the company signed contracts at very interesting prices in the quarter.

好吧，從能源交易開始，我們看到該公司在本季以非常有趣的價格簽署了合約。

I would like to understand your forward perspective.

我想了解您的前瞻性觀點。

And if you can also describe the dynamics in this quarter that resulted in these interesting prices.

如果您也可以描述本季導致這些有趣價格的動態。

And my second question is about the divestments in the smaller plants.

我的第二個問題是關於小型工廠的撤資。

I would like to understand, well, first your timing, and I would like to know for the future, what is under the radar for the divestment in addition to Compagas that you already mentioned, but what else would be on the company’s focus.

我想了解，首先是您的時機，我想知道未來，除了您已經提到的 Compagas 之外，撤資還有哪些內容是在關注範圍內的，但公司的財務報表上還有哪些內容？

Okay.

好的。

And trading, what we have seen in this first quarter, what sector and the industry should have started seeing since 2021.

至於交易，我們在第一季看到了什麼，自 2021 年以來哪些部門和行業應該開始看到。

And now more recently because of the climatic conditions and also a strong presence of the intermittent sources and also wind and solar.

最近，由於氣候條件以及間歇性能源以及風能和太陽能的強烈存在。

Therefore, we have price volatility.

因此，我們存在價格波動。

We have had BRL160 million or BRL170 million for the subsequent years.

在隨後的幾年中，我們有 1.6 億雷亞爾或 1.7 億雷亞爾。

You have seen that we were able to have over 100 megawatts and so that we could sign some contracts in that range.

您已經看到，我們能夠擁有超過 100 兆瓦的電力，因此我們可以簽署該範圍內的一些合約。

But this is our understanding.

但這是我們的理解。

We want to have an allocation of portfolio and risk.

我們希望對投資組合和風險進行分配。

We do not want to have everything at a lower rate, which is not a low rate, but it's not a significant either.

我們不想讓一切都處於較低的利率，這不是一個低利率，但也不是一個重要的因素。

But we want to watch for the average price because it has a significant impact, of course, and this does have an impact Copel GET.

但我們想要關注平均價格，因為它當然會產生重大影響，而這確實會對 Copel GET 產生影響。

So this is our perspective in this dry period, but prices will be moving sideways.

這是我們對這個乾旱時期的看法，但價格將會橫盤整理。

We'll be executing our strategy for this period in a conservative fashion, but we'll be active in the market as well, especially when our clients portfolio allows it because it's important that we -- I think it's important to work proactively in serving our clients.

我們將以保守的方式執行這段時期的策略，但我們也會積極參與市場，特別是當我們的客戶投資組合允許的時候，因為我們——我認為積極主動地服務於客戶是很重要的。我們的客戶。

So we'll see now what's going to happen in the next well, what period and the La Nina intensity.

因此，我們現在將了解下一口井會發生什麼、什麼時期以及拉尼娜強度。

This will be important so that the prices levels should be consolidated.

這對於鞏固物價水準非常重要。

But considering what we have already seen in the period and how the models will work the volatility for 2025 and 2026, I will -- I am sure that this will be more present, especially because we have seen less rain in the past few months and also a high probability that the rainfall might not be at the needed levels for the reservoirs.

但考慮到我們在此期間已經看到的情況以及模型將如何處理 2025 年和 2026 年的波動性，我相信這種情況會更加明顯，特別是因為過去幾個月降雨量減少了，而且降雨量也很有可能達不到水庫所需的水平。

And so this is something that we are mindful of.

所以這是我們要注意的事情。

So I will talk a little bit about the divestments, but if anyone has anything else to comment, feel free to do so.

因此，我將談論一些有關撤資的問題，但如果有人有其他意見，請隨時發表評論。

Well, the divestments are more of an economic rationale, but they are also inefficiency rationale.

嗯，撤資更多的是經濟原因，但也是低效率的原因。

So we have the small size assets.

所以我們擁有小規模的資產。

We packed to them in clusters, and we are going to the market to execute our strategy to be more efficient and also to better allocate our financial and human resources.

我們把他們集中起來，然後去市場執行我們的策略，以提高效率，更好地分配我們的財務和人力資源。

So this is a simplification strategy.

所以這是一個簡化策略。

In another stage, as we said in the Investor Day, and we can evaluate that possibility or possible on crossings of assets or other opportunities that might arise, whether consolidated for us when we already have a major position or even divesting when we have minority conditions here.

在另一個階段，正如我們在投資者日所說，我們可以評估資產交叉的可能性或可​​能出現的其他機會，無論是在我們已經擁有主要部位時為我們進行整合，還是在我們擁有少數股權條件時剝離這裡。

That will depend on the market’s dynamics and the opportunities that will arise.

這將取決於市場的動態和將出現的機會。

It's about the simplification and optimization of our operating structure because a part of these employees are going to be reallocated to large plants.

這是關於我們營運結構的簡化和優化，因為其中一部分員工將被重新分配到大型工廠。

They already know plants they have training, so they have the needed competence.

他們已經了解接受過培訓的工廠，因此擁有所需的能力。

And we also have an investment plan.

我們還有一個投資計劃。

And the priority is the capacity auction.

而當務之急是容量拍賣。

The public hearing period ended.

公開聽證會結束。

And Osorio, is very well positioned for a possible second project and Bertol and the whole team of new businesses is in the front line, so that we are ready with all the environmental licenses, pre-project and negotiations with partners and suppliers. [Bertol] and [Patterson], would you like to add anything about that strategy?

Osorio 為可能的第二個項目做好了充分準備，而 Bertol 和整個新業務團隊都處於第一線，因此我們已準備好所有環境許可、預項目以及與合作夥伴和供應商的談判。 [Bertol] 和 [Patterson]，您想補充有關該策略的任何內容嗎？

No, I should say that we are more optimistic than what we were with the price improvement.

不，我應該說，我們對價格上漲比以前更樂觀。

So we believe that the perspective is a little bit better than what it was in the end of last year.

所以我們認為，前景比去年年底好一些。

About investments, these are 13 plants.

關於投資，有13家工廠。

When SHPPs, UHP and also Figueira TPP.

當 SHPP、UHP 和 Figueira TPP 時。

And for some of them, we have -- will be able to increase efficiency by summing these assets.

對於其中一些，我們將能夠透過匯總這些資產來提高效率。

And a final comment here Daniel, is that the this price perspective?

丹尼爾最後的評論是，這是價格角度嗎？

It is obviously we work with that with balance, not with euphoria.

顯然，我們是帶著平衡而不是欣快感來處理這個問題的。

You see all the projections, the -- an excess of supply, but you have to remember that a year ago, everyone thought that we're going to have the floor price and that for renowned competent companies that would have the floor price up to half of this period.

你看到所有的預測，供應過剩，但你必須記住，一年前，每個人都認為我們將有底價，而對於知名的有能力的公司來說，底價將高達這個時期的一半。

So no one is talking about that anymore.

所以沒有人再說這個了。

Now you're talking about how much it's going to be and what was the level of prices will be and when they will stabilize.

現在你正在談論它將是多少、價格水平將是多少以及何時穩定。

So we had something that was minimally attractive.

所以我們有一些吸引力最低的東西。

But with this perspective that we mentioned, it will depend on the load and -- or the natural energy inflow and everything else that affected.

但從我們提到的這個角度來看，這將取決於負載和——或自然能量流入以及其他受影響的因素。

Thank you very much.

非常感謝。

Ms. Maria Carolina Carneiro, Banco Safra.

瑪麗亞·卡羅萊納·卡內羅 (Maria Carolina Carneiro) 女士，薩夫拉銀行 (Banco Safra)。

I would like to know your opinion about the discussion of provisional measure that is moving on in the industry about the possible tariff reduction and how to reach it?

我想了解您對業界正在討論的關於關稅可能降低的臨時措施的看法以及如何實現？

Hello, Carol.

你好，卡羅爾。

Well, what we know are the information that we have is from public data.

嗯，我們所知道的是我們所掌握的資訊來自公共資料。

Our evaluation and the best scenario is that this provisional measure will not be approved.

我們的評估和最好的情況是，這項臨時措施不會獲得批准。

It will expire.

它會過期。

That's our evaluation. but the Congress has its own dynamics and its own characteristics.

這就是我們的評價。但國會有自己的動力和自己的特質。

I would say that the main objectives that this provisional measure has about everything, it tackles, they will be partially or fully concluded during the working period of this provisional measure.

我想說的是，這項臨時措施所涉及的一切主要目標，它所解決的問題，都將在這項臨時措施的工作期間部分或全部完成。

Therefore, we believe this will expire.

因此，我們相信這將會到期。

But all data that we have is the public data, and what we have is a very critical understanding about postponing subsidies.

但我們擁有的所有數據都是公共數據，我們擁有的是對延遲補貼的非常批判性的理解。

There — it’s not needed for the current moment unnecessary for sources that are already mature.

目前不需要它，對於已經成熟的資源來說也不需要。

So we cannot pressure tariffs anymore because of subsidies that are not right.

因此，我們不能再因為不正確的補貼而對關稅施加壓力。

And Brazil has shown that this learning whether by wind farms and renewables in

巴西已經表明，這種學習無論是通過風電場還是可再生能源

[GND].

[接地]。

Brazil has to be very careful when providing subsidies to sources, batteries and so on that we will see in the future, because once you provide a subsidy, once you grant a subsidies, it’s very difficult to take it out.

巴西在對我們未來將會看到的電源、電池等提供補貼的時候必須要非常小心，因為一旦你提供了補貼，一旦你給予了補貼，就很難拿出來了。

And also we are very careful about what we consider about excessive interference by the National Congress on now and things that should be -- on things that should be decided by the regulating agency.

我們對國會現在和應該由監管機構決定的事情進行過度幹預的看法也非常謹慎。

Mr. Henrique Peretti, JPMorgan.

恩里克‧佩雷蒂先生，摩根大通。

Thank you, and good morning.

謝謝你，早安。

You mentioned that the distributing company closed the first quarter, 34% higher than the regulatory EBITDA.

您提到分銷公司第一季的收盤價比監管 EBITDA 高出 34%。

I think this is your historical record and this is in the 12 months of yield.

我認為這是你們的歷史記錄，這是12個月的收益率。

So this should be inflated by have a few quarters.

因此，這應該會在幾個季度內被誇大。

But what would be the recurring level that you see of quite performance when we remove the extraordinary volumes?

但是，當我們刪除異常數量時，您看到的相當性能的重複水平是多少？

Thank you.

謝謝。

Hello, Henrique, very good question, and you said it well.

你好，恩里克，非常好的問題，你說得很好。

This performance is very much related to a growth of 8%, 10% without GND, but 7.9%, basically 8% in consumption.

這個表現跟8%的成長有很大關係，沒有GND的話是10%，但是7.9%，基本上是消耗的8%。

We are working up to the end of the cycle that is 2025 in 12 months, right, with over 20%.

我們正在努力在 12 個月後的 2025 年這個週期結束，對吧，超過 20%。

At the level that Copel is and with the level of strategy, efficiency, and technology, I think this is a figure that is around 20%.

以Copel的水平，以策略、效率、技術的水平，我認為這個數字在20%左右。

This is the level that we consider to be adequate.

這是我們認為足夠的水平。

Well, you know it well, it happened this year after this tariff cycle ends.

嗯，你很清楚，今年關稅週期結束後就發生了這種情況。

Probably there is a reduction, then we will have a new cycle, a new investment strategy.

可能會減少，然後我們就會有一個新的週期、新的投資策略。

It will have especially dynamics that is still being analyzed and starting here, but we will have -- it's a special characteristic based on a company that had invested -- a robust investment.

它將具有特別的動態，仍在分析中並從這裡開始，但我們將擁有——這是基於已投資公司的特殊特徵——穩健的投資。

So it has an initial drop, but it goes back to increasing and thanks to the efficiency and competence of our team.

因此，它最初有所下降，但由於我們團隊的效率和能力，它又恢復成長。

Thank you very much.

非常感謝。

Ms. Luiza Candiota, Itau BBA.

Luiza Candiota 女士，Itau BBA。

Good morning, everyone, and thank you for taking my question.

大家早安，感謝您提出我的問題。

I missed part of the Q&A session, and I don't know if you have already talked about the next capacity auction, but I would like to have an update on the process to know if you believe that it's possible to have this auction in the third quarter at the end of August as forecasted, and which are of the main topics, is still to be developed and for fast at [AO] which would be the additional estimated CapEx to expand the capacity?

我錯過了部分問答環節，我不知道您是否已經談論過下一次容量拍賣，但我想了解一下流程的最新情況，以了解您是否認為有可能在預計8 月底第三季度的業績以及哪些主要主題仍有待開發，並且[AO] 預計用於擴大產能的額外資本支出將是多少？

And my second question about energy trading, we see that you sold an amount -- a significant amount for '24 and '25 seizing this window of opportunity in the first quarter.

我關於能源交易的第二個問題，我們看到你們賣出了一筆金額——對於 24 和 25 年第一季度抓住這個機會窗口來說，這是一筆很大的金額。

And I don't know if you already mentioned, but I would like to have more color on the average price of the contracts, if that was in line with the -- said that we have seen in this period.

我不知道你是否已經提到過，但我希望對合約的平均價格有更多的了解，如果這與我們在這段時期所看到的一致的話。

Hello, Luiza.

你好，路易莎。

I think we have already talked about the trading.

我想我們已經討論過交易了。

So the highlights of these opportunities are within our strategy.

因此，這些機會的亮點都在我們的策略範圍內。

This was a strategy that took advantage of this volatility and price increase, but also aiming at risk mitigation and portfolio.

這是一種利用波動性和價格上漲的策略，但也旨在緩解風險和投資組合。

So we still have some vision for ’26 on -- then we have a moderately optimistic view here.

因此，我們對 26 月仍然有一些願景——那麼我們對此持適度樂觀的看法。

And we had annual sales and also strategies in the beginning of the year and the end of the year.

我們在年初和年底都有年度銷售和策略。

And we can conclude that this was in line with the

我們可以得出結論，這符合

[D set].

[D組]。

And maybe in the afternoon or tomorrow, we can talk to you so that we do not need to go over the strategy all over again.

也許在下午或明天，我們可以和你談談，這樣我們就不需要重新審視這個策略了。

Now about the capacity, we believe that the capacity auction, it should happen in the second half of the year.

現在關於產能，我們認為產能拍賣應該會在今年下半年進行。

There is a good chance that it could be postponed in 30 days to 60 days, but we do understand that, but it should happen over the second half of the year.

很有可能會推遲 30 天到 60 天，但我們確實理解這一點，但應該會在今年下半年發生。

We are well positioned.

我們處於有利位置。

The CapEx, we do not have any civil construction works and the environmental area is ready is prepared.

資本支出方面，我們沒有任何土木工程，環境方面也已準備就緒。

We've just made minor adjustments.

我們剛剛做了一些小的調整。

So the CapEx perspective, we are not disclosing that for strategy -- strategic reasons, and it has to do with our competitiveness and our strategy.

因此，從資本支出的角度來看，我們不會出於策略性原因而揭露這一點，這與我們的競爭力和策略有關。

Numbers two, about preparations and you can go -- can you go into the details to Luiza and everyone.

第二，關於準備工作，可以向路易莎和大家詳細介紹嗎？

Well, on April 26, we had the conclusion of the documentation for the public hearing.

4 月 26 日，我們得出了公開聽證會文件的結論。

And so the auction should happen in the second half of the year, maybe September, but it’s going to be the second half of 2024.

因此，拍賣應該在今年下半年進行，也許是 9 月，但實際上會是 2024 年下半年。

For -- the conditions for Copel to participate in this auction are very good.

因為——科佩爾參加這次拍賣的條件非常好。

We already have the environmental license, so that we can move forward with the construction works.

我們已經獲得了環境許可證，因此可以繼續進行建設工程。

So we have the basic project, the ordinance has been already published.

所以我們有了基本項目，該條例已經發布。

So we have everything ready, all the technical and legal conditions to be part of the auction.

所以我們已經準備好了一切，包括拍賣的所有技術和法律條件。

The commercial deals are being done with the suppliers of turbines for that type of power of 400 megawatts.

商業交易正在與 400 兆瓦功率的渦輪機供應商進行。

So we are in very favourable conditions waiting for the auction to be set.

因此，我們處於非常有利的條件等待拍賣的確定。

And as far as we know, we only have two products, wind and thermal, I'm sorry, and also hydro and thermal two products.

據我們所知，我們只有兩種產品，風能和熱能，抱歉，還有水能和熱能兩種產品。

So and a good perspective here, and we also have evaluations for future capacity auctions and also expansion for capacity and power.

因此，這是一個很好的視角，我們也對未來的產能拍賣以及產能和電力的擴張進行了評估。

Mr. Gustavo Marcus, investor.

古斯塔沃·馬庫斯先生，投資者。

Will Copel increase the generation portfolio for solar and wind energy, reducing the hydro generation?

Copel 會增加太陽能和風能的發電組合，減少水力發電嗎？

Gustavo, in the short term, not this year and neither the next one.

古斯塔沃，短期來看，今年不會，明年也不會。

We do not plan to invest in the expansion in these sources because of energy prices.

由於能源價格的原因，我們不打算投資這些能源的擴張。

We are analyzing it but we have no projects, not in the greenfield neither in the ones that we have in the market, none of them meet the returns expected by the company at least in the short and medium term.

我們正在分析它，但我們沒有項目，沒有綠地項目，也沒有市場上的項目，沒有一個項目至少在短期和中期達到公司預期的回報。

And medium term, I’m saying here, it’s 24 months.

我在這裡說的中期是 24 個月。

On the other hand, we see more and more that the water source is needed as strategic and important for the industry.

另一方面，我們越來越多地看到水源對產業的策略性和重要性。

So we have an agenda for the mid and long-term so that the water source attributes and this capacity auction is a first and initial movement here, but, and they are crucial to the energy security of the country, both hydro and thermal for our -- and also energy, sustainability, and security.

因此，我們制定了中長期議程，因此水源屬性和容量拍賣是這裡的第一個和最初的動作，但是，它們對於國家的能源安全至關重要，無論是水電還是熱電。永續性和安全性。

So the company, as always paying attention to that.

所以公司一如既往地關注這一點。

Our business is always analyzing it following up the market’s movements, checking new opportunities.

我們的業務始終在分析市場動向，尋找新機會。

But I would say that these sources and despite of being important it is strategic or not in our priority.

但我想說的是，這些來源儘管很重要，但它是否具有戰略意義並不屬於我們的優先事項。

First, we have the capacity auction.

首先，我們進行容量拍賣。

Also in the second half of the year, we have -- we'll have a transmission auction that might make sense.

同樣在今年下半年，我們將舉行一次可能有意義的變速箱拍賣會。

So Copel’s strategy, considering it will be closed to Parana and south region, but these are opportunities that are still being analyzed here in our internal flow.

因此，科佩爾的策略是考慮到它將關閉巴拉那和南部地區，但這些機會仍在我們的內部流程中進行分析。

So our priority now is the execution of value-generation strategy to conclude the renewal to deliver the efficiency milestones to work on the divestments to conclude, Compagas and now these small generation assets.

因此，我們現在的首要任務是執行價值創造策略，以完成更新，實現效率里程碑，並致力於剝離 Compagas 以及現在的這些小型發電資產。

This is our strategic vision.

這是我們的策略願景。

And then with the company, then 100% in line in this first stage, it will be able to analyze the allocation, any company that generates value and a perennial fashion also has to have a very well-balanced and safest strategy, and it has to be very much disciplined in its capital allocation.

然後對於公司來說，那麼在第一階段100%一致，它將能夠分析分配，任何產生價值和常年時尚的公司也必須有一個非常平衡和最安全的策略，並且它在資本配置方面非常嚴格。

Mr. Leonardo Gonzaga, BNDES.

Leonardo Gonzaga 先生，BNDES。

I would like to know if you already have a forecast for concession payments.

我想知道您是否已經有優惠付款的預測。

There are discussions about the possibility of tax paying on possible capital gains regarding the renewal of those or this is a topic that is no longer being discussed?

正在討論關於更新這些資本利得的納稅可能性，或者這是一個不再討論的話題？

Thank you.

謝謝。

Okay.

好的。

Let's divide here the answer for this question, okay.

這個問題的答案就分到這裡吧，好吧。

We'll talk about taxes as well.

我們也會討論稅收。

Well, with the auction capacity, that should happen and the beginning of the second half of the year, it's very clear that we will have other renewal contracts signed.

嗯，憑藉拍賣能力，這應該會發生，並且在今年下半年年初，很明顯我們將簽署其他續約合約。

So around the same date, we are discussing that in the beginning of the second half of the year, we might have the signing of the contract and then the payment and then, Moura, if you can go into the details on the accounting of that.

因此，大約在同一天，我們正在討論，在下半年年初，我們可能會簽署合同，然後付款，然後，Moura，您是否可以詳細了解該會計的詳細信息。

Well, we are moving forward on this study of the tax impacts and this concession.

好吧，我們正在推進這項稅收影響和這項優惠的研究。

We should conclude this work in the next quarter.

我們應該在下個季度完成這項工作。

We are working on a number of possibilities.

我們正在研究多種可能性。

We have a strong opinion on what would be the best option.

我們對於什麼是最好的選擇有強烈的意見。

We will be tracking this in order to conclude the process and present the results to the market in the next quarter.

我們將對此進行跟踪，以便完成該過程並在下個季度向市場展示結果。

Thank you very much.

非常感謝。

The Q&A session has ended.

問答環節結束了。

Now we would like to turn the floor to Mr. Daniel Slaviero for his final remarks.

現在請丹尼爾·斯拉維羅先生作最後發言。

I think we tackled all relevant topics in the company, a quarter that is in line with market expectations.

我認為我們解決了公司的所有相關主題，這個季度符合市場預期。

Once again, bringing sound results for Copel Distribution and on the other hand, it's within our perspectives.

再次為 Copel Distribution 帶來良好的結果，另一方面，這也在我們的考慮之內。

Now to conclude, I would like to say that we are dedicated to our execution capacity and we are very much focused in value leverages, all our internal stakeholders and external stakeholders as well.

現在總結一下，我想說，我們致力於我們的執行能力，我們非常關注價值槓桿，我們所有的內部利害關係人和外部利害關係人也是如此。

We are very much excited about this process and the change that the company is going through the internal opportunities, it's -- are also great for employees that remain with us.

我們對這個過程以及公司正在經歷的內部機會的變化感到非常興奮，這對於留在我們這裡的員工來說也很棒。

We are having growth and recycling in the company.

我們公司正在不斷成長和循環利用。

So I thank you all very much, and we will be moving forward with this perfect execution and our commitment in delivering results and improving Copel's governance.

因此，我非常感謝你們所有人，我們將繼續以完美的執行和承諾來交付成果並改善 Copel 的治理。

Thank you all very much.

非常感謝大家。

Companhia Paranaense de Energia Copel video conference has ended.

Companhia Paranaense de Energia Copel 視訊會議已結束。

Thank you all very much for your participation and have a nice day.

非常感謝大家的參與，祝您有美好的一天。

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

本筆錄中的英語陳述是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。