Embraer SA (ERJ) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們，先生們。

My name is Agip Paiva, and I'm the Head of Investor Relations for Embraer.

我叫阿吉普‧派瓦 (Agip Paiva)，是巴西航空工業公司投資人關係主管。

I want to welcome you to the fourth quarter of 2023 and full-year earnings conference call.

歡迎大家參加 2023 年第四季和全年財報電話會議。

Thank you for standing by.

謝謝你的支持。

The numbers in this presentation contain non-GAAP financial information to facilitate investors to reconcile EVE's financial information in GAAP standards to Embraer's IFRS.

本簡報中的數字包含非 GAAP 財務信息，以方便投資者將 GAAP 標準中的 EVE 財務資訊與巴西航空工業公司的 IFRS 進行核對。

We remind you that EVE's results were previously discussed at EVE's conference call.

我們提醒您，EVE 的結果之前已在 EVE 的電話會議上討論過。

It is important to mention that all numbers are presented in US dollars as it is our functional currency.

值得一提的是，所有數字都以美元表示，因為美元是我們的功能貨幣。

This conference call may include statements about future events based on Embraer's expectations and financial market trends.

本次電話會議可能包括基於巴西航空工業公司的預期和金融市場趨勢的有關未來事件的聲明。

Such statements are subject to uncertainties that may cause actual results to differ from those expressed or implied in this conference call.

此類陳述存在不確定性，可能導致實際結果與本次電話會議中明示或暗示的結果有所不同。

Except in accordance with applicable rules, the company assumes no obligation to publicly update any forward-looking statements.

除根據適用規則外，本公司不承擔公開更新任何前瞻性聲明的義務。

For detailed financial information, the company encourages reviewing publications filed by the company with the Brazilian Comissao de Valores Mobiliarios or CVM.

如需詳細的財務信息，該公司鼓勵查看公司向巴西 Comissao de Valores Mobiliarios 或 CVM 提交的出版物。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

We'll give later on instructions for the participation in the Q&A session.

我們稍後將提供參與問答環節的說明。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

Participants on today's conference call are Francisco Gomes Neto, President and CEO of Embraer; and Antonio Carlos Garcia, our CFO.

今天電話會議的參與者包括巴西航空工業公司總裁兼執行長 Francisco Gomes Neto；和我們的財務長安東尼奧·卡洛斯·加西亞。

It is my pleasure to now turn the conference call to our CEO, Francisco Gomes.

我很高興現在將電話會議交給我們的執行長弗朗西斯科·戈麥斯。

Please go ahead, Francisco.

請繼續，弗朗西斯科。

Good morning, and good afternoon to all.

各位早安，下午好。

Thank you, and welcome to Embraer's Q4 2023 results conference call.

謝謝，歡迎參加巴西航空工業公司 2023 年第四季業績電話會議。

In 2023, our commercial activity intensified in all business units with solid demand in the company's main markets.

2023 年，我們所有業務部門的商業活動均有所加強，公司主要市場的需求強勁。

We also had a great start in 2024 with an important order from American Airlines, that has driven our commercial aviation book-to-bill ratio above 1:1 for the year already in Q1.

我們在 2024 年也取得了良好的開端，獲得了美國航空 (American Airlines) 的一份重要訂單，這使得我們的商業航空訂單出貨比在第一季度就超過了 1:1。

Last year, supply chain delays negatively impacted our business.

去年，供應鏈延誤對我們的業務產生了負面影響。

However, we posted double-digit growth in aircraft deliveries, services and revenues.

然而，我們的飛機交付量、服務和收入實現了兩位數成長。

The strong increase in sales helped the company's backlog to surpass pre-pandemic levels as it reached $18.7 billion, the highest number recorded in the last six years.

銷售額的強勁成長幫助該公司的積壓訂單超過了疫情前的水平，達到 187 億美元，這是過去六年來的最高數字。

And I am confident to say there is still much more upside to be captured in the near future for all business units.

我有信心地說，在不久的將來，所有業務部門仍將獲得更多的優勢。

In the financial side, we also experienced great results.

在財務方面，我們也取得了不錯的成績。

We registered a 30% increase in adjusted EBIT year over year, and we generated more than $300 million in free cash flow in 2023, above our guidance.

我們的調整後息稅前利潤年增 30%，2023 年我們產生了超過 3 億美元的自由現金流，高於我們的指導。

I'm pleased and proud to share that Embraer is back to investment grade rating.

我很高興並自豪地告訴大家，巴西航空工業公司已恢復投資級評級。

All these results are a consequence of the execution discipline the company is focused on.

所有這些結果都是公司注重執行紀律的結果。

On EVE, we reached important milestones in 2023, like the first prototype assembly.

在《EVE》中，我們在 2023 年實現了重要的里程碑，例如第一個原型組裝。

The progress made so far makes us even more confident that EVE is on track to develop the foundations for the global Urban Air Mobility market.

迄今為止的進展讓我們更有信心 EVE 正在為全球城市空中交通市場奠定基礎。

Last but not least, safety and quality are priorities in our strategy and are ever present in our culture.

最後但並非最不重要的一點是，安全和品質是我們策略的優先事項，並且始終存在於我們的文化中。

I will present now the operational results of our business units in the next slides.

我現在將在下一張投影片中介紹我們業務部門的營運表現。

In Commercial Aviation, revenues increased an impressive 20% year-over-year to $1.85 billion because of higher deliveries and product mix.

在商業航空領域，由於交付量和產品組合的增加，營收年增了 20%，達到 18.5 億美元。

The business unit registered a book to bill in excess of 1:1.1. The highlight was the E2 family whose deliveries more than doubled from 19 aircraft in 2022 to 39 in 2023.

此業務單位登記簿記帳比超過1：1.1。其中最引人注目的是 E2 系列，其交付量增加了一倍多，從 2022 年的 19 架飛機增加到 2023 年的 39 架。

In addition, in Q4, Porter Airlines added a firm order of 25 Embraer E195-E2.

此外，第四季度，波特航空新增了25架巴西航空工業公司E195-E2的確認訂單。

Commercial Aviation delivered 64 aircraft in 2023, but registered a positive 1.1% adjusted EBIT margin without services or basically the same margin as in 2022.

商業航空在 2023 年交付了 64 架飛機，但在不考慮服務的情況下調整後息稅前利潤率為 1.1%，或與 2022 年基本持平。

The adjusted margin in Q4 reached 4.6% compared to 4.1% quarter over quarter.

第四季調整後利潤率達到 4.6%，而上一季調整後利潤率為 4.1%。

Executive Aviation registered a book to bill in excess of 1:1.3, with a strong profitable backlog of $4.3 billion or 11% growth year over year.

Executive Aviation 的帳面比超過 1:1.3，積壓利潤高達 43 億美元，較去年同期成長 11%。

On deliveries, the business unit posted the largest volume in seven years at 115 jets or 13% more than in 2022.

在交付量方面，該業務部門公佈了七年來最大的交付量，達到 115 架飛機，比 2022 年增加了 13%。

The Phenom 300 was again the world's best-selling light jet now for 12 consecutive years and the most delivered twin-engine jet for the fourth consecutive year.

飛鴻 300 連續 12 年再次成為全球最暢銷的輕型噴射機，並連續第四年成為交付最多的雙引擎噴射機。

Executive Aviation presented a 9% adjusted EBIT margin in 2023 versus 12.2% in 2022, a consequence of product mix and onetime tax benefits.

由於產品組合和一次性稅收優惠，公務航​​空 2023 年調整後息稅前利潤率為 9%，而 2022 年為 12.2%。

The Q4 adjusted margin ended at 15.7% compared to 19.3% year over year.

第四季調整後利潤率為 15.7%，去年同期為 19.3%。

In Defense & Security, revenues reached a significant increase to $515 million or 25% higher year over year, driven by higher C-390 volumes.

在國防與安全領域，由於 C-390 銷量增加，營收大幅成長至 5.15 億美元，年增 25%。

In 2023, South Korea was in the spotlight with the victory of the C-390 in the public tender, becoming the first customer in Asia.

2023年，韓國因C-390公開招標中獲勝而成為人們關注的焦點，成為亞洲首個客戶。

Embraer also formed two important MoU contracts, one with Mahindra in India and one with SAMI in Saudi Arabia to become partners in the C-390 sales campaigns.

巴西航空工業公司還簽署了兩份重要的諒解備忘錄合同，一份與印度的 Mahindra 簽訂，另一份與沙烏地阿拉伯的 SAMI 簽訂，成為 C-390 銷售活動的合作夥伴。

The business unit presented a 5.5% adjusted EBIT margin in 2023 versus 2.4% in 2022.

該業務部門 2023 年調整後息稅前利潤率為 5.5%，而 2022 年為 2.4%。

In Q4 2023, the adjusted margin ended at 2.8% compared to 5.2% quarter over quarter due to product mix and baseline contract adjustments.

2023 年第四季度，由於產品組合和基準合約調整，調整後利潤率為 2.8%，而上一季為 5.2%。

If we move to Services & Support, in 2023, the business unit experienced solid growth momentum.

如果我們轉向服務與支持，到 2023 年，該業務部門將經歷穩健的成長動能。

We announced three new MROs dedicated to executive jets in the US.

我們宣佈在美國設立三項專門用於公務機的新 MRO。

The expansion doubled our maintenance capacity in the country, and it should continue to support the growth of our customer base.

這次擴張使我們在該國的維護能力增加了一倍，並且應該繼續支持我們客戶群的成長。

The business unit backlog ended 2023 with $3.1 billion, the $400 million growth year over year, the highest level on record, reinforcing services' role as one of the main drivers of growth over the next years.

截至 2023 年，業務部門積壓訂單達到 31 億美元，同比增長 4 億美元，創有記錄以來的最高水平，鞏固了服務作為未來幾年增長主要驅動力之一的作用。

We recorded a consistent double-digit adjusted EBIT margin throughout the year, finishing at 15.2% in 2023 versus 12% in 2022.

我們全年調整後息稅前利潤率始終維持兩位數，2023 年為 15.2%，而 2022 年為 12%。

In Q4, we had a 16.7% adjusted margin compared to 5.7% in the same period of the previous year, mainly because of sales, bad debt provisions.

第四季度，我們的調整後利潤率為 16.7%，而去年同期為 5.7%，主要是因為銷售、壞帳撥備。

On EVE, the company had several significant achievements, like the selection of important suppliers and the start of assembling of its first full-scale prototype.

在EVE上，該公司取得了幾項重大成就，例如選擇了重要的供應商以及開始組裝第一個全尺寸原型。

We also conducted the successful test of its Urban Air traffic management software in the UK.

我們也在英國成功測試了其城市空中交通管理軟體。

On the financial side, the company consumed less cash than expected in 2023.

財務方面，公司2023年消耗的現金少於預期。

The next 12 months will be important for EVE.

接下來的 12 個月對於 EVE 來說非常重要。

The company expects to perform the first test flight of its full scale prototype, and plans to start preparing its manufacturing facility for production.

該公司預計將對其全尺寸原型機進行首次試飛，並計劃開始準備其製造工廠的生產。

I will now hand it over to Antonio, our CFO, to give you further details on the financial results, and I will be back with closing remarks.

我現在將把它交給我們的財務長安東尼奧，向您提供有關財務業績的更多詳細信息，然後我將發表結束語。

Thank you, Francisco, and good morning and good afternoon to everyone.

謝謝你，弗朗西斯科，祝大家早安，下午好。

I'm glad and proud to share with you our 2023 achievements, driven by the continuous focus on business efficiency and innovation.

我很高興也很自豪與您分享我們在持續關注業務效率和創新的推動下在 2023 年取得的成就。

We also reached our 2023 guidance for all financial indicators, net revenue, adjusted EBIT and EBITDA and free cash flow, despite a miss in commercial and the executive aviation aircraft deliveries, because of supply chain constraints.

儘管由於供應鏈限制，商用和公務航空飛機的交付量有所下降，但我們還達到了所有財務指標、淨收入、調整後息稅前利潤和息稅折舊攤銷前利潤以及自由現金流的2023年指導。

Moving to slide number nine.

轉到第九張投影片。

On deliveries, Executive Aviation delivered 49 business jets in Q4, and a total of 115 aircraft in 2023.

在交貨量方面，Executive Aviation 在第四季度交付了 49 架公務機，2023 年總共交付了 115 架飛機。

The light jet segment was 12% higher year over year and reached the largest volume for the company in the past seven years.

輕型噴射機業務年增 12%，達到該公司過去七年來的最高銷量。

Additionally, medium jets registered a 14% annual growth.

此外，中型噴射機的年增長率為 14%。

Meanwhile, Commercial Aviation delivered 25 aircrafts in Q4 and a total of 64 jets in 2023 for 12% year-over-year growth.

同時，商業航空在第四季度交付了 25 架飛機，2023 年總共交付了 64 架飛機，年增 12%。

In 2023, Embraer supplied 181 aircraft, including two military C-390 jets.

2023年，巴西航空工業公司供應了181架飛機，其中包括兩架軍用C-390噴射機。

The total represents an increase of 13% when compared to the 160 jets in 2022.

與 2022 年的 160 架噴射機相比，總數增加了 13%。

This shows an improvement in the supply chain situation year-over-year, but we continued to face some delays, which have negatively impacted our operational results and delivery guidance.

這表明供應鏈狀況同比有所改善，但我們仍然面臨一些延誤，這對我們的營運績效和交付指導產生了負面影響。

The company continues working to mitigate the seasonality in production and deliveries over the coming quarters.

該公司將繼續努力減輕未來幾季生產和交付的季節性影響。

Moving to slide 10.

轉到投影片 10。

The company's backlog rose by $1.2 billion in 2023, a 7% increase year over year and reached a total of $18.7 billion, the highest number recorded since first-quarter 2018.

2023年，該公司的積壓訂單增加了12億美元，年增7%，總計達到187億美元，這是自2018年第一季以來的最高數字。

Executive Aviation ended 2023 with a resilient $4.3 billion backlog or $400 million or 10% growth year over year.

截至 2023 年，Executive Aviation 的積壓訂單量為 43 億美元，較去年同期成長 4 億美元，即 10%。

The backlog for Defense & Security increased $100 million or 4% year over year with the victory of the C-390 millennium in South Korea standard.

隨著韓國標準 C-390 千禧年的勝利，國防與安全領域的積壓訂單年增 1 億美元，即 4%。

It is also important to highlight the aircraft was selected by the three NATO countries.

同樣重要的是要強調這架飛機是由三個北約國家選擇的。

And this negotiation for 11 aircraft have not yet been incorporating into our backlog, which represents a significant upside potential for the upcoming quarters.

這次 11 架飛機的談判尚未納入我們的積壓訂單中，這代表著未來幾季的巨大上升潛力。

In Commercial Aviation, the business unit backlog reached 298 aircrafts in Q4 for $8.8 billion total or $200 million or 2% growth year over year, and it does not consider yet the 9175 U1 units sold to American Airlines in the first quarter of 2024.

在商業航空領域，第四季業務部門積壓飛機達到 298 架，總價值 88 億美元，年增 2 億美元，即 2%，尚未考慮 2024 年第一季度向美國航空出售的 9,175 架 U1 飛機。

The Service & Support backlog reached another historical record at $3.1 billion with a $500 million or 19% growth year over year.

服務與支援積壓訂單再創新高，達到 31 億美元，年增 5 億美元，成長 19%。

Our top line reached almost $2 billion in Q4 and raised the yearly total to $5.3 billion for a 16% growth rate year over year.

第四季我們的營收達到近 20 億美元，全年總營收達到 53 億美元，年增 16%。

Therefore, I'm happy to share that we met the low end of our $5.2 billion to $5.7 billion guidance range for revenues.

因此，我很高興地告訴大家，我們已經達到了 52 億至 57 億美元收入指導範圍的下限。

Looking at the right chart, in 2023, Commercial Aviation represented more than 35% of the revenue.

看右圖，2023 年，商業航空佔收入的 35% 以上。

Executive and Services & Support close to 27% each and defense around 10%.

執行和服務與支援各佔近 27%，防禦佔 10% 左右。

Slide 11.

幻燈片 11。

The fourth quarter have an excellent performance in terms of adjusted EBITDA, with $254 million and margins of 12.8%.

第四季調整後 EBITDA 表現出色，達 2.54 億美元，利潤率為 12.8%。

Meanwhile, in 2023, we ended with $562 million total and 10.7% margin, meeting guidance for the year, driven by volumes, enterprise and tax efficiencies.

同時，在銷售、企業和稅收效率的推動下，2023 年我們的總收入為 5.62 億美元，利潤率為 10.7%，達到了當年的指導目標。

Slide 12.

幻燈片 12。

In Q4 '23, adjusted EBIT was $182 million, and adjusted EBIT margin was 9.2%.

23 年第 4 季度，調整後息稅前利潤為 1.82 億美元，調整後息稅前利潤率為 9.2%。

Therefore, for 2023, adjusted EBIT reached $350 million and adjusted EBITDA margin was 6.6%, in line with guidance.

因此，2023 年調整後 EBIT 達到 3.5 億美元，調整後 EBITDA 利潤率為 6.6%，與指引一致。

This represented an $80 million increase year over year because of higher volumes across all business units and other operational income.

由於所有業務部門的銷售和其他營運收入增加，這意味著年比增加了 8,000 萬美元。

Consequently, reported EBIT for the year, which includes M&A results totaled $340 million for a 6% mark.

因此，包括併購結果在內的本年度報告的息稅前利潤總計 3.4 億美元，成長 6%。

Looking at the right chart, Executive Aviation and Service & Support were responsible for almost 90% of EBIT generated during the year, driven by higher volumes and double-digit margins.

從右圖來看，在更高的銷售和兩位數的利潤率的推動下，公務航空和服務與支援貢獻了本年度產生的息稅前利潤的近 90%。

Meanwhile, Defense & Security represented 7% and Commercial Aviation, 5%.

同時，國防與安全佔 7%，商業航空佔 5%。

Slide 13.

幻燈片 13。

In Q4, if we exclude EVE, we had an adjusted free cash flow generation of $684 million, or $100 million higher year over year.

第四季度，如果我們排除 EVE，我們的調整後自由現金流量為 6.84 億美元，比去年同期增加 1 億美元。

For 2023, we achieved $318 million compared to $540 million year over year because of investment and non-recurring items.

2023 年，由於投資和非經常性項目，我們實現了 3.18 億美元的收入，而去年同期為 5.4 億美元。

We surpassed the guidance of $150 million or more because of the improvement in working capital.

由於營運資金的改善，我們超出了 1.5 億美元或更多的指導。

If we move to investments in Q4, $54 million were allocated to research and development and $60 million to CapEx for a $140 million total invested compared to $94 million in Q4 '22, if we exclude EVE.

如果我們轉向第四季度的投資，則5,400 萬美元分配給研發，6,000 萬美元分配給資本支出，總投資額為1.4 億美元，而如果我們排除EVE，22 年第四季的投資總額為9,400 萬美元。

Meanwhile, in 2023, the company invested a total of $326 million, of which $194 million were invested in research and development and $132 million in CapEx if we exclude EVE or $82 million higher year over year.

同時，2023年，該公司總共投資了3.26億美元，其中1.94億美元用於研發，1.32億美元用於資本支出（如果排除EVE），比去年同期增加8,200萬美元。

We should highlight capital allocation continues to be focused on segments with higher returns, with projects such as expansion of our production capacity, in Executive Aviation and Service & Support.

我們應該強調，資本配置繼續專注於回報率較高的領域，包括擴大我們的生產能力、公務航空以及服務與支援等項目。

About EVE, I would like to remind you that the company reached necessary milestones to begin the capitalization of product development costs based on IFRS growth in Q3.

關於EVE，我想提醒您，該公司達到了必要的里程碑，並開始根據第三季的國際財務報告準則成長對產品開發成本進行資本化。

I would like to finish this slide talking about this important metric for the company, return on invested capital, ROIC.

我想在這張投影片結束時討論公司的這個重要指標：投資資本報酬率（ROIC）。

The momentum of in our V-shape recoveries continue, our ROIC reached 8.8% in 2023, more than 200 basis points higher than 2022 and similar to our cost of capital.

我們的 V 型復甦勢頭仍在繼續，2023 年我們的投資回報率達到 8.8%，比 2022 年高出 200 多個基點，與我們的資本成本相似。

Looking forward, our expectation is to increase ROIC to deliver

展望未來，我們的期望是增加 ROIC 以實現

(inaudible)

（聽不清楚）

Slide 14, Embraer posted $78 million in adjusted net income in Q4 for a 3.9% adjusted margin or an 80% plus sequential increase.

第 14 張投影片顯示，巴西航空工業公司第四季調整後淨利為 7,800 萬美元，調整後利潤率為 3.9%，季增 80% 以上。

Meanwhile, we ended the year with $79 million in the adjusted net income for an adjusted 1.5% margin.

同時，我們年底的調整後淨利潤為 7,900 萬美元，調整後利潤率為 1.5%。

Consequently, reported net income for the year, which includes deferred tax income, totaled $164 million for a 3.1% margin.

因此，包括遞延稅收入在內的本年度報告淨利潤總計 1.64 億美元，利潤率為 3.1%。

Slide 15, we move now to our liability management plan.

投影片 15，我們現在轉向責任管理計畫。

In 2023, we reduced our gross debt without EVE by $317 million year over year.

2023 年，沒有 EVE 的情況下，我們的總債務年減了 3.17 億美元。

Thus net debt declined to some $781 million in 2023 for $1 billion in 2022.

因此，淨債務到 2022 年將減少至 10 億美元，而到 2023 年將降至 7.81 億美元左右。

Consequently, we are happy to report a significant reduction in our leverage ratio.

因此，我們很高興地報告我們的槓桿率大幅下降。

In the top-right corner, you can see we ended 2023 with a 1.4 times net debt without EVE to adjusted EBITDA ratio or 0.9 times below the 2.3 times observed in 2022.

在右上角，您可以看到，截至 2023 年，我們的淨債務（不含 EVE）與調整後 EBITDA 比率為 1.4 倍，比 2022 年觀察到的 2.3 倍低 0.9 倍。

Furthermore, we increased the average debt maturity to 4.6 years compared to 3.4 years year over year, which has left Embraer to a very comfortable position or cash of almost $2.4 billion with EVE allowed us to cover all obligations beyond 2030.

此外，我們將平均債務期限從去年同期的 3.4 年增加到 4.6 年，這使巴西航空工業公司擁有近 24 億美元的現金，使我們能夠承擔 2030 年以後的所有債務。

Last quarter, we mentioned we were taking all necessary steps to recover our investment grade status.

上個季度，我們提到我們正在採取一切必要措施來恢復我們的投資等級狀態。

Today, I'm very pleased and proud to share that Standard & Poor's raised Embraer to investment grade rating and Moody's to only one notch below investment grade.

今天，我非常高興和自豪地與大家分享，標準普爾將巴西航空工業公司的評級提升至投資級，穆迪將其提升至僅比投資級低一級。

At least Fitch revised the company's outlook to positive.

至少惠譽將該公司的前景修正為正面。

In slide 16, I almost forgot to make one important thing, it's our 2024 guidance.

在投影片 16 中，我幾乎忘記了一件重要的事情，那就是我們的 2024 年指導。

We forecast Commercial Aviation should deliver between 72 to 80 aircraft, for an increase of 18% year-over-year using the midpoint of the range if we consider ongoing supply chain constraints.

如果我們考慮到持續的供應鏈限制，我們預測商業航空將交付 72 至 80 架飛機，按該範圍的中點計算，年增 18%。

For Executive Aviation, we forecast 125 to 135 jets, an increase of 13% year over year based on the midpoint of the range.

對於公務航空，我們預計擁有 125 至 135 架噴射機，基於範圍中位數，年增 13%。

If we move to financials, we estimate top line to settle between $6 billion to $6.4 billion, with the midpoint of the range 18% higher than what we generated in 2023.

如果我們轉向金融領域，我們預計收入將在 60 億至 64 億美元之間，該範圍的中位數比 2023 年的收入高出 18%。

In addition, in order to simplify the process, we are just giving guidance for the adjusted EBIT margin.

此外，為了簡化流程，我們僅對調整後的息稅前利潤率給予指引。

We forecast this indicator between 6.5% and 7.5% for the year, which would imply $434 million at the midpoint of the range.

我們預測今年該指標將在 6.5% 至 7.5% 之間，這意味著該範圍的中點為 4.34 億美元。

Finally, if you move to free cash flow, we estimate $220 million or better for the year.

最後，如果轉向自由現金流，我們預計今年將達到 2.2 億美元或更高。

We will update or iterate our guidance quarterly as the years goes by.

隨著時間的推移，我們將每季更新或迭代我們的指導。

With that, I conclude my presentation and hand it back to Francisco for his final remarks.

至此，我結束了我的演講，並將其交還給弗朗西斯科，讓他做最後的演講。

Thank you very much.

非常感謝。

Thank you, Antonio.

謝謝你，安東尼奧。

I'm proud to say 2023 was a remarkable year for Embraer.

我很自豪地說 2023 年對巴西航空工業公司來說是非凡的一年。

It represented the start of a new cycle for the company.

它代表著公司新周期的開始。

We faced, focused on sustainable growth to capture our full potential.

我們面臨並專注於永續成長，以充分發揮我們的潛力。

The continuous focus on business efficiency and innovation as well as stronger sales efforts were and will be fundamental to achieve the expressive results in 2023, 2024 and years ahead.

持續專注於業務效率和創新以及加強銷售力度過去和將來都是在 2023 年、2024 年及未來幾年取得顯著成果的基礎。

In 2024, we will celebrate Embraer's 55th anniversary in a very good shape.

2024年，我們將以非常好的狀態慶祝巴西航空工業公司成立55週年。

We remain very positive about our strategy to grow and generate value for our customers, shareholders and society through strategic partnerships, business efficiency, innovation and ESG.

我們對透過策略合作夥伴關係、業務效率、創新和 ESG 為客戶、股東和社會成長和創造價值的策略仍然非常樂觀。

With all that said, I am extremely confident about our 2024 guidance and the brilliant future Embraer has.

話雖如此，我對我們的 2024 年指引和巴西航空工業公司的輝煌未來充滿信心。

I would like to thank you all again for your interest and confidence in our company and with our company motto, safety first and quality always in everything we do.

我再次感謝大家對我們公司的興趣和信心，並感謝我們公司的座右銘：安全第一，品質始終是我們所做的一切。

(Operator Instructions)

（操作員說明）

Marcelo Motta, JPMorgan.

馬塞洛·莫塔，摩根大通。

Hi, everyone.

大家好。

Good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

It is regarding capital structure.

這是關於資本結構的。

When we look at the guidance for 2024, the expected or, let's say, the implied EBITDA and the free cash flow generation, we are talking about a net debt to EBITDA that will potentially be below one times, right?

當我們查看 2024 年的指導、預期或隱含 EBITDA 和自由現金流生成時，我們談論的是 EBITDA 的淨債務可能會低於一倍，對嗎？

So what is, let's say, the level of leverage that the company feels comfortable in operate?

那麼，讓公司感到舒適的槓桿是多少呢？

Does it mean that you're targeting for a zero leverage, or could we see dividend buybacks or some type of distribution or investment.

這是否意味著您的目標是零槓桿，或者我們可以看到股息回購或某種類型的分配或投資。

So that is the question.

這就是問題所在。

Thank you very much.

非常感謝。

Good morning, Marcelo, thanks for the question.

早安，馬塞洛，謝謝你的提問。

To be honest, everything below two times, we are comfortable.

說實話，凡事低於兩次，我們就舒服了。

The way we are doing it right now is going to be below one, which implies that assuming that we're going to exhaust or accumulate that profit, we should be able to resume dividend payouts in 2025 onwards.

我們現在的做法將低於 1，這意味著假設我們將耗盡或累積該利潤，我們應該能夠在 2025 年以後恢復派息。

That's the first part.

這是第一部分。

And the other part we are going to evaluate additional demand for the business units who have a better grow like Executive and Service & Support if you have additional needs for investments.

另一方面，如果您有額外的投資需求，我們將評估對具有更好成長的業務部門（例如執行部門和服務與支援部門）的額外需求。

At least, that's more or less where we are today, but if everything below two times, we are comfortable to work with, and we need to think how we are going to move forward for the years to come, how to use this money.

至少，這或多或少是我們今天的處境，但如果一切都低於兩倍，我們可以放心合作，我們需要思考未來幾年我們將如何前進，如何使用這筆錢。

Perfect.

完美的。

Thank you very much, Antonio.

非常感謝你，安東尼奧。

Marcelo.

馬塞洛.

Victor Mizusaki, Bradesco BBI.

維克多·水崎，布拉德斯科 BBI。

Hi.

你好。

Congrats for the results.

祝賀結果。

I have just a quick question here.

我在這裡有一個簡單的問題。

Think about 2024 and what happened in the fourth quarter.

想想 2024 年以及第四季發生的事情。

When we take a look on cash flow, Embraer received a lot of PDPs.

當我們看一下現金流時，巴西航空工業公司收到了大量的 PDP。

And I feel that in this case, you do not have any impact from these new order from American Airlines.

我覺得在這種情況下，美國航空的這些新訂單不會對你造成任何影響。

So my question is if it would make sense to assume pre-delivered payments or Embraer viewers to PDPs in the first quarter or in the second quarter of this year?

所以我的問題是，假設今年第一季或第二季向 PDP 預付款或巴西航空工業公司觀眾是否有意義？

Thank you.

謝謝。

Thank you, Victor, for your questions.

謝謝你，維克多，提出問題。

Antonio speaking here.

安東尼奧在這裡發言。

Victor, you know more or less the dynamic of our cash flow.

維克多，你或多或少了解我們現金流的動態。

We've become positive last year just in Q4.

去年第四季我們變得樂觀。

There's a lot of moving parts throughout the year.

全年都有很多活動部件。

I would say it's too early to say that we are going to be better.

我想說，現在說我們會變得更好還太早。

Traditionally when you -- in our free cash flow guidance, we always -- we were able in the last two years to do better, but for us, it's too early to say because we do have also other topics ongoing right now.

傳統上，在我們的自由現金流指導中，我們總是在過去兩年中做得更好，但對我們來說，現在說還為時過早，因為我們現在確實還有其他主題正在進行。

We continue to grow in 2025 and in some of our companies, our factories are producing parts already for 2025 delivers.

我們將在 2025 年繼續成長，我們的一些公司和工廠已經在生產 2025 年交付的零件。

And assuming that the volatility to have the advanced payments, we may see a different behavior.

假設預付款的波動性很大，我們可能會看到不同的行為。

And you all know Q1 is going to be better, but not in the way we should see.

你們都知道第一季會更好，但不是我們應該看到的。

That's why, I would say, what we agree internally here, as soon as we have more visibility in regards to the free cash flow, we are going to adapt the guidance and do not wait for the Q4 closing.

這就是為什麼，我想說，我們內部一致認為，一旦我們對自由現金流有了更多的了解，我們就會調整指導方針，而不是等到第四季結束。

Summary, what I can tell you right now, I would say the free cash flow at least can be higher, can be seen as, I would say, conservative.

總結，我現在可以告訴你的是，我認為自由現金流至少可以更高，可以被視為保守。

Thank you.

謝謝。

Thank you.

謝謝。

Gabriel Rezende, Itau BBA.

Gabriel Rezende，Itau BBA。

Thanks and good morning, Francisco, Antonio and Guilherme.

謝謝，早安，弗朗西斯科、安東尼奧和吉列爾姆。

Just a quick one regarding the supply chain risks.

只是簡單介紹一下供應鏈風險。

We saw your comments on Brazil Journal's interview, Francisco's interview on Brazil Journal, mentioning that supply chain issues somewhat improved in 2023 versus 2022.

我們看到您對《巴西日報》採訪的評論，Francisco 在《巴西日報》採訪中提到，2023 年供應鏈問題較 2022 年有所改善。

I was just wondering how much of these potential issues regarding the supply chain capped your delivery guidance for 2024?

我只是想知道這些有關供應鏈的潛在問題在多大程度上限制了你們 2024 年的交付指導？

So these 80 aircraft in the Commercial division, could it be higher if we're not for the supply chain issues?

那麼，如果我們沒有供應鏈問題，商業部門的這 80 架飛機是否會更高？

And what is the risk that you're seeing for our guidance right now regarding this particular variable?

您認為我們現在針對這個特定變數的指導有哪些風險？

Thank you, Gabriel, Francisco speaking.

謝謝你，加布里埃爾，弗朗西斯科。

Thank you for your questions.

謝謝您的提問。

Well, starting for the last part, yes, both deliveries in the Executive and Commercial could be higher if we had more parts from the market.

好吧，從最後一部分開始，是的，如果我們從市場上獲得更多零件，行政級和商業級的交付量都可能會更高。

But on the other hand, we saw improvements in 2023 in the supply chain in general.

但另一方面，我們看到 2023 年供應鏈整體有所改善。

And we believe we will see further improvements in 2024.

我們相信 2024 年我們會看到進一步的改進。

But we still have some bottlenecks, I mean, important components that are limiting our production.

但我們仍然存在一些瓶頸，我的意思是，限制我們生產的重要組件。

We actually -- we made our plan based on the conservative commitments from our suppliers.

實際上，我們是根據供應商的保守承諾制定了計劃。

But even then, we are seeing already some delays in the beginning of the year that you know bring some challenges in our production flow.

但即便如此，我們在年初已經看到了一些延誤，這給我們的生產流程帶來了一些挑戰。

But anyway, we are optimistic that the numbers we put in our guidance will be achieved this year in terms of production.

但無論如何，我們樂觀地認為今年的產量將實現我們在指導中提出的數字。

That's very clear.

這非常清楚。

Thanks, Francisco.

謝謝，弗朗西斯科。

You are welcome.

不客氣。

Myles Walton, Wolfe.

邁爾斯·沃爾頓，沃爾夫。

Apologies.

道歉。

Thanks so much.

非常感謝。

Antonio, you mentioned CapEx potential investments as a source, an area in Executive and in Services.

安東尼奧，您提到資本支出潛在投資是一個來源，是執行和服務領域的一個領域。

In the Services piece, I think I can understand what the expansion of the fleet and capture there.

在服務部分，我想我可以理解機隊的擴張和在那裡的捕獲。

Can you talk about the areas of expansion in Executive from a CapEx perspective?

您能否從資本支出的角度談談執行部門的擴展領域？

Is it purely capacity on the larger aircraft?

純粹是大型飛機的載客量嗎？

Is it anticipation of something else to come and maybe put a quantification around it?

是對即將發生的其他事情的預期，並可能對其進行量化嗎？

Thanks.

謝謝。

Good morning, Myles.

早安，邁爾斯。

Thanks for your question.

謝謝你的提問。

In regards to CapEx for Executive Aviation, we are since 1.5 years doing some adaptation in our production capacity in order to be more efficient and also to support the growth.

關於公務航空的資本支出，自 1.5 年以來，我們對我們的產能進行了一些調整，以提高效率並支持成長。

And we are continuing to grow with the book to be 1.3:1, what we did already in 2023.

我們正在繼續擴大規模，將書本比例提高到 1.3:1，這也是我們在 2023 年已經做到的。

Therefore, it's just painting both completion and safety in order to be leaner and avoid too many travel work for the executive and also to adjust for the capacity.

因此，只是在完成度和安全性上進行了塗漆，以達到精簡的目的，避免管理人員過多的出差工作，同時也可以根據容量進行調整。

On the MRO side or in the services side is more expansion in our MRO.

在MRO方面或服務方面，我們的MRO有更多的擴展。

I would say, organic growth that we are fostering right now.

我想說的是，我們現在正在促進有機成長。

And on top of it, for our new products, is not there yet, any type of decision.

最重要的是，對於我們的新產品，還沒有任何類型的決定。

Decision to be made if 2025.

2025 年做出決定。

Maybe Francisco could comment on the last one.

也許弗朗西斯科可以對最後一個發表評論。

Thank you very much, Antonio.

非常感謝你，安東尼奧。

Just to complement Antonio's answer, in terms of new products, we are investing on innovation.

為了補充安東尼奧的答案，在新產品方面，我們正在投資創新。

We are investing on seven innovation verticals in order to close the technology gaps to be ready to go for a new program in the next future.

我們正在投資七個垂直創新領域，以縮小技術差距，為未來的新計畫做好準備。

We also made you know as we do all the time in marketing studies and product studies in order to be prepared for our next steps for Embraer.

我們也像在行銷研究和產品研究中一直所做的那樣讓您了解，以便為巴西航空工業公司的下一步做好準備。

For now, we have a very young and competitive portfolio of products developed in the -- less than 10 years. And we are in a good moment. We want to sell those products and improve our financial performance. So that's what we're doing.

目前，我們擁有一個非常年輕且具競爭力的產品組合，開發時間不到 10 年。我們正處於一個美好的時刻。我們希望銷售這些產品並改善我們的財務表現。這就是我們正在做的事情。

But again, we are investing, we have a good investment in new technologies and innovation verticals.

但我們再次強調，我們正在投資，我們對新技術和創新垂直領域進行了良好的投資。

40 brands, we're not we have a fairly young and competitive portfolio of products developed in in the less than 10 years.

40 個品牌，我們不是，我們擁有在不到 10 年的時間內開發的相當年輕且有競爭力的產品組合。

And really we are in a good moment and we want to sell those products stand up and improve our financial performance.

事實上，我們正​​處於一個美好的時刻，我們希望銷售這些產品並改善我們的財務表現。

So that's what we're doing.

這就是我們正在做的事情。

But again, we are investing and we have a put investments in new new technologies called visual verticals.

但同樣，我們正在投資，並且我們對稱為視覺垂直領域的新技術進行了投資。

Okay.

好的。

Thank you.

謝謝。

I'll stick to one.

我會堅持一個。

Thank you.

謝謝。

The next question is coming from a telephone number with the end of 1339.

下一個問題來自一個以1339結尾的電話號碼。

We ask for you to introduce yourself before asking the question.

我們要求您在提問之前先自我介紹一下。

Please go ahead.

請繼續。

Yes, thanks so much, Cai Von Rumohr.

是的，非常感謝，蔡馮魯莫爾。

So in your guide, what is the relative mix within commercial between E1s and E2s and deliveries for '24 and also, in biz jets between lights and mediums.

因此，在您的指南中，E1 和 E2 之間的商業以及 24 年交付以及輕型和中型公務機之間的相對組合是什麼。

And also, if you think about most biz jets makers make more money on the larger jet and it looks like yours is reversed.

而且，如果你考慮到大多數公務機製造商在大型飛機上賺更多的錢，那麼你的情況似乎正好相反。

Is there any opportunity for the profitability of the medium biz jets to improve?

中型公務機的獲利能力是否有改善的機會？

Thank you.

謝謝。

Hello, Cai, Antonio speaking.

你好，蔡，我是安東尼奧。

Thanks for your question.

謝謝你的提問。

It's always very nice.

它總是非常好。

For the commercial jets for 2024, we are targeting 60% in E2 and 40% in E1 and the mix, okay?

對於 2024 年的商用飛機，我們的目標是 E2 佔 60%，E1 佔 40%，等等，好嗎？

And for the Executive Aviation, it's more or less light jets around 55 and 45 to mid-sized jets.

對於公務機來說，它或多或少是 55 和 45 左右的輕型噴氣機到中型噴氣機。

I would say, we are seeing a margin expansion for Executive Aviation, but percentage wise, our margin is much better than light jets, the mid-sized jets.

我想說，我們看到公務航空的利潤率在擴大，但從百分比來看，我們的利潤率比輕型噴射機、中型噴射機好得多。

However, where we are going much more is in the mid-sized jets, that's why I would say, we should be able to get some margin improvement, but not as the same we have in the light jet.

然而，我們更多的是在中型噴射機方面，這就是為什麼我想說，我們應該能夠獲得一些利潤率的提高，但不會像我們在輕型噴射機方面那樣。

For the mid-sized jet, we do have more competition, that's why, I would say, in order to keep our guidance to the market, we are being a little bit conservative.

對於中型噴射機，我們確實有更多的競爭，這就是為什麼，我想說，為了保持我們對市場的指導，我們有點保守。

I would say, same margin, but with much more dollars to come with the expansion production for the mid-sized jets.

我想說的是，利潤率相同，但隨著中型噴射機的擴大生產，將帶來更多的美元。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

Excuse me, sir.

對不起，先生。

We cannot hear you.

我們聽不到你的聲音。

If you could please unmute your phone.

如果可以的話，請取消手機靜音。

So sorry about that.

對此感到非常抱歉。

Can you hear me now?

你聽得到我嗎？

Yes, thank you.

是的，謝謝。

Okay.

好的。

Thank you.

謝謝。

Sorry.

對不起。

Could you talk a little bit more about the read-through on the United and the American orders to the 175.

您能多談談對美聯航和美國對 175 號訂單的解讀嗎？

Should we look at this as a new replacement opportunity for RJs?

我們是否應該將此視為 RJ 的新替代機會？

Yes, sure.

是的，當然。

So I mean, this new order shows to us that market of regional jets in the US is recovering.

所以我的意思是，這個新訂單向我們表明美國支線飛機市場正在復甦。

I mean, although the pilot shortage situation is not resolved, the market is recovering.

我的意思是，雖然試點短缺的情況沒有解決，但市場正在復甦。

And this was the first important movements.

這是第一個重要的動作。

And this will be very important for us to make a health -- to have a health mix of aircraft between E1s and E2s in the following years.

這對我們的健康發展非常重要，在接下來的幾年裡建立介於 E1 和 E2 之間的健康飛機組合。

So as E1s continue to be the workforce in the regional aviation in the US.

因此，E1 繼續成為美國支線航空的勞動力。

Francisco, just to complement the united issue, it was just a repositioning 20 units to Mesa, which just does not mean a new backlog.

Francisco，只是為了補充聯合問題，只是將 20 個單位重新部署到梅薩，這並不意味著新的積壓。

But for sure, we do have interest from the other players in positions for the E1.

但可以肯定的是，我們確實對 E1 位置的其他玩家感興趣。

Even that our big competitors who are saying that the regional market is dead, but as you can see, it's not as dead as more in live that we all believe and the order they are just confirming what we were saying in the last years.

即使我們的主要競爭對手說區域市場已經死了，但正如你所看到的，它並不像我們都相信的那樣死了，而且他們的秩序只是證實了我們過去幾年所說的話。

Great.

偉大的。

Thank you.

謝謝。

Jay Singh, Citi.

傑·辛格，花旗銀行。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

It's Jay from Stephen Trent's team.

我是史蒂芬特倫特團隊的傑伊。

My first question is, do you guys have any updates on the E2 sales campaign in and out of the US?

我的第一個問題是，你們有關於 E2 在美國國內外銷售活動的最新消息嗎？

Well, we cannot disclosure about sales campaigns.

嗯，我們不能透露有關銷售活動的資訊。

But what I can tell you that, yes, we are working.

但我可以告訴你的是，是的，我們正在努力。

We are in conversations with potential customers of E2s in the US.

我們正在與美國 E2 的潛在客戶進行對話。

All right.

好的。

Awesome.

驚人的。

Thanks.

謝謝。

And my second question is regarding EVE, what are your thoughts on the certification process, really considering that the FAA is probably under a little bit of pressure right now regarding recent commercial airlines incidents?

我的第二個問題是關於 EVE，您對認證過程有何看法？考慮到 FAA 目前可能因最近發生的商業航空公司事件而面臨一些壓力？

Just any color on that would be great.

只要有任何顏色就會很棒。

Thanks.

謝謝。

You asked about the EVE certification.

您詢問了EVE認證的問題。

Is that right?

是對的嗎？

That's right.

這是正確的。

Okay.

好的。

We are having an important progress on EVE development.

我們在 EVE 開發方面取得了重要進展。

I mean, the key suppliers are -- already did finance for the product.

我的意思是，主要供應商已經為該產品提供了融資。

We are progressing well in the assembling of the first prototype, the PAF 2, scale 1:1 that we expect to fly end of this year, beginning of next year.

我們第一架原型機 PAF 2（比例為 1:1）的組裝進展順利，預計今年年底明年初飛行。

So we are committed for the entry into service of the -- our eVTOLs to the end of 2026.

因此，我們致力於在 2026 年底之前讓我們的 eVTOL 投入使用。

Awesone.

奧威松。

Thanks so much.

非常感謝。

[Fernanda Hakian].

[費爾南達·哈基安]。

Hello.

你好。

Good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

A quick one from my side.

我這邊的一個快速的。

Could you please provide us an update on the arbitrage process with Boeing?

您能否向我們提供有關波音套利流程的最新資訊？

Thank you.

謝謝。

Well, we expect a resolution in the first half of this year.

嗯，我們預計今年上半年會有解決方案。

Perfect.

完美的。

And just a follow-up, looking at your statement, we can reach close to $300 million that you already reported in expenses for carve-in and carve-out.

作為後續行動，請看看您的報表，我們可以得出您已經在剝離和剝離費用中報告的近 3 億美元。

Should the discussion be close to this number?

討論應該接近這個數字嗎？

I know you could not give any guidance on this, but at least if we look at your financial statement, we can see close to $300 million.

我知道您無法對此提供任何指導，但至少如果我們查看您的財務報表，我們可以看到接近 3 億美元。

Fernanda, this is Antonio speaking.

費爾南達，我是安東尼奧。

It would be great if they paid the sum cost we have, but it's not in our hands to take the decision.

如果他們支付我們的全部費用，那就太好了，但決定權不在我們手中。

And if you ask me personally, I would be seeing more than that, but it's not -- the decision is not in our hands, and we don't know if we're going to win or lose.

如果你問我個人，我會看到更多，但事實並非如此——決定權不在我們手中，我們不知道我們會贏還是輸。

That's why it's difficult to give you any type of forecast.

這就是為什麼很難給你任何類型的預測。

Exactly.

確切地。

And just to complement, and we are not counting on that money in any of our projections, Fernanda.

只是為了補充，費爾南達，我們在任何預測中都不指望這筆錢。

Perfect.

完美的。

Thank you very much.

非常感謝。

The next question is from Lucas Barbosa.

下一個問題來自盧卡斯·巴博薩。

Hi, Antonio, Francisco and Guilherme.

嗨，安東尼奧、弗朗西斯科和吉列爾梅。

Thanks for taking my question and congratulations for the results.

感謝您提出我的問題並祝賀結果。

My question is regarding business jets.

我的問題是關於公務機的。

How are you seeing the entrance of new orders today?

您如何看待今天新訂單的進入？

For new orders, is there any niche market that the company is focusing more on such as corporate flight departments and fractionals?

對於新訂單，公司是否更關注任何利基市場，例如公司飛行部門和分數？

And any visibility of how full the backlog of the competition is looking like.

以及競賽積壓情況的可見度。

Thank you.

謝謝。

Thank you for the question, Lucas.

謝謝你的提問，盧卡斯。

I mean we are very happy with the performance of our sales, performance of our business jet.

我的意思是，我們對我們的銷售業績和公務機的表現非常滿意。

I mean as we mentioned in the opening, I mean our backlog today is at $4.3 billion.

我的意思是，正如我們在開場白中提到的，我的意思是我們今天的積壓金額為 43 億美元。

The book to bill, we ended the year at 1.3:1, even with high deliveries in the Q4.

即使第四季的交貨量很高，我們的帳本比仍為 1.3:1。

And I think we have a healthy mix in our sales, I mean, one-third, one-third, one-third, more or less.

我認為我們的銷售額有一個健康的組合，我的意思是，三分之一，三分之一，三分之一，或多或少。

I mean, one-third for corporate flight departments, one-third for professionals, one-third for individuals in this.

我的意思是，三分之一用於公司飛行部門，三分之一用於專業人員，三分之一用於個人。

And we have a great portfolio of products.

我們擁有豐富的產品組合。

I mean, just launched the Phenom 100 EX and the Praetors that are gaining more and more the preference of the customers.

我的意思是，剛推出的 Phenom 100 EX 和 Praetors 獲得了越來越多客戶的青睞。

So we are really happy and comfortable with the sales of our businesses jets, and we are confident that we have another -- we will have another great year of sales in that business unit.

因此，我們對公務機的銷售感到非常滿意和滿意，我們相信我們將在該業務部門再創輝煌的一年。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hi.

你好。

This is Gaby on for Kristine.

這是克里斯汀的蓋比。

Good morning.

早安.

So I was just wondering if you could provide some color on how the GTF MRO at OGMA is progressing?

所以我想知道您是否可以提供一些關於 OGMA 的 GTF MRO 進展的資訊？

And if you can just give an idea of how much revenue and margin will be in 2024?

能否透露一下 2024 年的營收和利潤是多少？

Thank you.

謝謝。

Can you please repeat the questions -- the question?

你能重複一下這些問題嗎？

Yes.

是的。

So I was wondering if you can provide some color on how the GTF MRO at OGMA is progressing.

所以我想知道您是否可以提供一些關於 OGMA 的 GTF MRO 進展的資訊。

And if you can also provide color on how much revenue, the GTF MRO at OGMA will provide in 2024 as well as any color on margins would be great.

如果您還可以提供關於收入多少的說明，OGMA 的 GTF MRO 將在 2024 年提供，以及關於利潤的任何說明都很棒。

I will start then Antonio can help me to complement.

我先開始，然後安東尼奧可以幫我補充。

Now it's clear.

現在很清楚了。

Well, GTF program is moving very well.

嗯，GTF 計劃進展順利。

I mean, the first delivery is planned for April according to following the program.

我的意思是，根據以下計劃，第一次交付計劃在四月進行。

That program will be very important for the OGMA's and Embraer 's growth.

該計劃對於 OGMA 和巴西航空工業公司的發展非常重要。

The OGMA will help us to more than double OGMA's revenue in the next two years.

OGMA 將幫助我們在未來兩年內將 OGMA 的收入增加一倍以上。

I would say.

我會說。

And this will be a very, very important factor of growth for OGMA and for Embraer.

這對 OGMA 和巴西航空工業公司來說將是一個非常非常重要的成長因素。

Antonio, would you like to add something about the margin as well?

安東尼奧，您還想補充一些關於利潤的內容嗎？

Yes.

是的。

Just in regards to the revenue side, we are more or less forecasting around $40 million additional revenue for this year on the GTF.

僅就收入而言，我們或多或少預測今年 GTF 的額外收入約為 4000 萬美元。

But assuming that we are in the ramp-up, we are not foreseeing any type of positive margin this year.

但假設我們正處於成長階段，我們預計今年不會出現任何類型的正利潤率。

It's even like a negative impact because we are starting right now.

這甚至像是一種負面影響，因為我們現在才開始。

But I would say in the long term, we do see a higher single-digit margin for this business.

但我想說，從長遠來看，我們確實看到這項業務的個位數利潤率更高。

Great.

偉大的。

Thank you.

謝謝。

Myles Walton, Wolfe.

邁爾斯·沃爾頓，沃爾夫。

Thanks.

謝謝。

Antonio, just another quick one, if I could.

安東尼奧，如果可以的話，再快一點。

From a free cash flow conversion of EBITDA I think 50% has been sort of your target level.

從 EBITDA 的自由現金流轉換來看，我認為 50% 已經是您的目標水準。

And obviously, you're guiding below that in 2024.

顯然，到 2024 年，您的指導將低於這一水平。

I realize you said it was conservative to start but is 50% still the right level to think about over the medium term?

我知道您說過一開始比較保守，但從中期來看 50% 仍然是合適的水平嗎？

Thanks.

謝謝。

Yeah, Myles, thank you for the question.

是的，邁爾斯，謝謝你的提問。

You are totally right.

你是完全正確的。

That is more or less what we are targeting internally, minimum 50% of the EBITDA.

這或多或少是我們內部的目標，即 EBITDA 的至少 50%。

What we are facing in the backlog is not a surprise maybe for you, is the volatility that we are facing throughout the year.

我們面臨的積壓可能對您來說並不意外，而是我們全年面臨的波動。

That's why we are guiding doing 220 plus.

這就是我們指導 220+ 的原因。

Because it's really hard, for example, last year, we got big amount of money in the last week of the year.

因為真的很難，例如去年，我們在最後一週就賺了一大筆錢。

That's why we prefer to be conservative.

這就是為什麼我們更喜歡保守。

But internally, we are targeting 50% of EBITDA even in our long-term planning.

但在內部，即使在我們的長期規劃中，我們的目標也是 EBITDA 的 50%。

That's the minimum basis that we are looking for.

這是我們正在尋找的最低基礎。

Okay.

好的。

One quick one, if I could.

如果可以的話，快一點。

Francisco, the E2 ETOPS certification, was that preventing you from competing in any competition?

Francisco，E2 ETOPS 認證，是否會妨礙您參加任何比賽？

And does that open up new competitions that you see in the near term?

這是否會帶來您近期看到的新競爭？

You mean the E2 certification?

你說的是E2認證嗎？

The ETOPS certification for Europe for the E2.

E2 的歐洲 ETOPS 認證。

No, no.

不，不。

I think we are moving well with the ETOPS certification.

我認為我們在 ETOPS 認證方面進展順利。

And this will help us actually to improve the competitiveness of our E2s.

這將真正幫助我們提高E2的競爭力。

And to be more successful in the sales campaign, we are working on, not only on Europe, but as well as in other regions.

為了在銷售活動中取得更大成功，我們不僅在歐洲，也在其他地區努力。

Okay, got it.

好，知道了。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you all very much.

非常感謝大家。

This concludes today's question-and-answer session.

今天的問答環節到此結束。

That does conclude Embraer's conference for today.

巴西航空工業公司今天的會議到此結束。

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

非常感謝您的參與，祝您有美好的一天。