Embraer SA (ERJ) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the audio conference call from Embraer's Second Quarter of 2022 Financial Results. Thank you for standing by. We remind that Eve's results will be discussed on Eve's teleconference. (Operator Instructions) As a reminder, this conference is being recorded and webcasted at ri.embraer.com.br.

女士們，先生們，早上好，歡迎參加巴西航空工業公司 2022 年第二季度財務業績的電話會議。謝謝你的支持。我們提醒 Eve 的結果將在 Eve 的電話會議上討論。 （操作員說明）作為提醒，本次會議正在 ri.embraer.com.br 進行錄製和網絡直播。

This conference call includes forward-looking statements or statements about events or circumstances, which have not occurred. Embraer has based these forward-looking statements largely on its current expectations and projections about future events and financial trends affecting the business and its future financial performance.

本次電話會議包括前瞻性陳述或關於尚未發生的事件或情況的陳述。巴西航空工業公司的這些前瞻性陳述主要基於其當前對影響業務及其未來財務業績的未來事件和財務趨勢的預期和預測。

These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things, general economics, political and business conditions in Brazil and other markets where the company is present. The words believes, may, will, estimates, continues, anticipates, intends, expects and similar words are intended to identify forward-looking statements.

這些前瞻性陳述受風險、不確定性和假設的影響，其中包括巴西和公司所在的其他市場的一般經濟、政治和商業狀況。相信、可能、將要、估計、繼續、預期、打算、期望和類似的詞旨在識別前瞻性陳述。

Embraer undertakes no obligation to update publicly or revise any forward-looking statements because of new information, future events or other factors. In light of those risks and uncertainties, the forward-looking statements, events and circumstances discussed on this conference call might not occur. The company actual results could differ substantially from those anticipated in the forward-looking statements.

Embraer 不承擔因新信息、未來事件或其他因素而公開更新或修改任何前瞻性陳述的義務。鑑於這些風險和不確定性，本次電話會議上討論的前瞻性陳述、事件和情況可能不會發生。公司的實際結果可能與前瞻性陳述中的預期大相徑庭。

It's important to mention that all numbers are presented in U.S. dollars as it is our functional currency. Participants on today's conference call are Mr. Francisco Gomes Neto, President and CEO; Mr. Antonio Carlos Garcia, Chief Financial Officer and Procurement; and Mr. Leonardo Shinohara, Director of Investor Relations.

值得一提的是，所有數字均以美元表示，因為它是我們的功能貨幣。今天電話會議的與會者是總裁兼首席執行官弗朗西斯科·戈麥斯·內托先生； Antonio Carlos Garcia 先生，首席財務官和採購；和投資者關係總監 Leonardo Shinohara 先生。

I would like now to turn the conference over to Mr. Gomes Neto, who will proceed with the first remarks. Please go ahead, sir.

我現在想將會議轉交給 Gomes Neto 先生，他將繼續發表第一句話。請繼續，先生。

Good morning, and thank you all for joining our second quarter 2022 results call today. I hope that all of you are well and safe, and I thank you for your interest in our company. The second quarter results show a steady improvement in our financial results with our focus and discipline in the execution of our growth plan. Despite the challenging supply chain environment, which I will talk more about later, we were able to deliver solid results, and we have also maintained our focus on enterprise efficiency and innovation as key pillars of our growth strategy.

早上好，感謝大家今天參加我們的 2022 年第二季度業績電話會議。我希望你們所有人都平安無事，我感謝你們對我們公司的關注。第二季度業績顯示我們的財務業績穩步改善，我們在執行增長計劃時的重點和紀律。儘管供應鏈環境充滿挑戰（我稍後會詳細介紹），但我們還是取得了可觀的成果，並且我們也一直將企業效率和創新作為我們增長戰略的關鍵支柱。

We reached a few order backlog of $17.8 billion in the second quarter 2022, the highest level since the beginning of the pandemic. And this number does not consider Porter's new order announced during the Farnborough Airshow last month.

我們在 2022 年第二季度達到了 178 億美元的幾個訂單積壓，這是自大流行開始以來的最高水平。而且這個數字還沒有考慮波特在上個月範堡羅航展上宣布的新訂單。

And we are pleased to announce a reported adjusted net income of $39.4 million in this quarter. Before we go into more financial details on the quarter, I'd like to give you some quick highlights on our 2 key pillars. First, on innovation. Eve's IPO brought $377 million of gross proceeds, which will be used to accelerate the development, certification and commercialization of our Urban Air Mobility solution.

我們很高興地宣布本季度調整後的淨收入為 3940 萬美元。在我們詳細介紹本季度的財務細節之前，我想簡要介紹一下我們的兩個關鍵支柱。一是關於創新。 Eve 的 IPO 帶來了 3.77 億美元的總收益，將用於加速我們的城市空中交通解決方案的開發、認證和商業化。

During the Farnborough Airshow, Eve announced Halo Aviation as a launch customer for each Urban Air traffic management solution. At the event, we also unveiled the Eve Cabin Mockup and updated the product design. Second, enterprise efficiency. We continue to work with great discipline to be more efficient at the entire company.

在範堡羅航展期間，Eve 宣布 Halo Aviation 作為每個城市空中交通管理解決方案的啟動客戶。在活動中，我們還發布了 Eve Cabin Mockup 並更新了產品設計。二是企業效益。我們繼續以嚴格的紀律工作，以提高整個公司的效率。

This quarter, we announced a partnership with Toyota to maximize efficiency in our production and accelerate the use of lean principles to reduce the production cycle lead time of our aircraft by 40% by the end of 2023.

本季度，我們宣布與豐田建立合作夥伴關係，以最大限度地提高我們的生產效率，並加速使用精益原則，到 2023 年底將我們飛機的生產週期提前期縮短 40%。

Mainly due to our efficient initiatives, the financial performance continues to improve. Free cash flow increased 10% versus the second quarter last year, and our gross margin presented a substantial increase compared to the same period last year.

主要由於我們的有效舉措，財務業績持續改善。自由現金流較去年第二季度增長 10%，我們的毛利率較去年同期大幅增長。

On the next slide, we will speak about our main ESG achievements announced in the second quarter. Embraer and Raizen signed a letter of intent with a commitment to develop sustainable aviation fuel production ecosystem. Embraer will become the first aircraft manufacturer to use soft debt will be distributed by Raizen, a global leader in bioenergy. We also announced a new purchase agreement to source 100% renewable energy in Brazil by 2024, a year ahead of our 2025 target. Embraer and Pratt Whitney had successfully tested a E195-E2 aircraft on 100% sustainable aviation fuel this quarter.

在下一張幻燈片中，我們將討論我們在第二季度宣布的主要 ESG 成就。 Embraer 和 Raizen 簽署了一份意向書，承諾發展可持續的航空燃料生產生態系統。巴西航空工業公司將成為首家使用軟債務的飛機製造商，將由全球生物能源領導者 Raizen 分配。我們還宣布了一項新的採購協議，到 2024 年在巴西採購 100% 的可再生能源，比我們 2025 年的目標提前一年。 Embraer 和 Pratt Whitney 本季度已成功測試了一架 E195-E2 飛機，該飛機使用 100% 可持續航空燃料。

Finally, our annual 2021 report was published report brings the main highlights of the year on innovation, financial performance and the complete overview of Embraer's ESG actions in 2021. Important to note that our report is already in SASB framework, friendly for investors in our company.

最後，我們發布了 2021 年年度報告 報告帶來了本年度創新、財務業績的主要亮點以及巴西航空工業公司 2021 年 ESG 行動的完整概述。需要注意的是，我們的報告已經在 SASB 框架內，對我們公司的投資者很友好.

On the next slide, we will talk about growth and see more details of business unit highlights in the quarter. In Commercial Aviation, during the Farnborough Airshow, we announced a firm order of 20 E195-E2 from Porter Airlines, now totaling 50 orders and 50 options, and an additional 8 E175-E1 firm order from Alaska Air.

在下一張幻燈片中，我們將討論增長並查看本季度業務部門亮點的更多細節。在商業航空方面，在範堡羅航展期間，我們宣布了來自波特航空公司的 20 架 E195-E2 的確定訂單，現在總共有 50 架訂單和 50 架選項，另外還有 8 架來自阿拉斯加航空的 E175-E1 確定訂單。

On the P2F, passenger to freighter project, we signed a firm order for up to 10 aircraft for an undisclosed customer and an LOI with NAC for 10 freighters. Gross margin of 13.2% in Q2 '22 versus 4.5% in the previous year.

在 P2F（客運到貨運）項目中，我們為一位未公開的客戶簽署了一份多達 10 架飛機的確定訂單，並與 NAC 簽署了一份 10 架貨機的意向書。 22 年第二季度的毛利率為 13.2%，而上一年為 4.5%。

Executive aviation keeps up with momentum strong sales. We delivered 21 jets, being 12 light and 9 large. Backlog increased about 16% compared to the previous quarter and gross margin of 22% compared to 17.5% in the previous year.

公務航空跟上強勁的銷售勢頭。我們交付了 21 架噴氣式飛機，其中 12 架輕型和 9 架大型。與上一季度相比，積壓訂單增加了約 16%，毛利率為 22%，而去年同期為 17.5%。

On Defense, we are very pleased to have received in June the Netherland's Ministry of Defense's decision to sell us the C390 Millennium as a source to replace its cargo fleet. It is a clear demonstration of the increased interest in our aircraft from several companies recently. Gross margin of 28% in Q2 '22 versus 34.6% in the previous year.

在國防方面，我們很高興在 6 月收到荷蘭國防部決定向我們出售 C390 Millennium 作為替換其貨運機隊的來源。這清楚地表明最近幾家公司對我們的飛機越來越感興趣。 22 年第二季度的毛利率為 28%，而上一年為 34.6%。

Services and support continues to improve its results with a stable backlog and positive gross margin, which reached almost 32% in Q2 2022 versus 28% in the same period of 2021. We also signed a new contract with LOT Polish expanding the pool program to cover 44 aircraft.

服務和支持繼續改善其業績，積壓穩定，毛利率為正，2022 年第二季度達到近 32%，而 2021 年同期為 28%。我們還與 LOT Polish 簽訂了一份新合同，擴大池計劃以涵蓋44架飛機。

I will now hand it over to Antonio to give further details on the financial results and I will return in the ending. Thank you.

我現在將把它交給安東尼奧，以提供有關財務結果的更多細節，我將在結尾處返回。謝謝你。

Thanks, Francisco, and good morning, everyone. Let's talk about financial results. We delivered stronger results in the second quarter, reinforcing our confidence in our financial performance for the year. We continue highly focused in our pillars of deleveraging the company, driving profitability and efficiency.

謝謝，弗朗西斯科，大家早上好。讓我們談談財務結果。我們在第二季度取得了更強勁的業績，增強了我們對今年財務業績的信心。我們繼續高度關注我們的公司去槓桿化、提高盈利能力和效率的支柱。

Embraer delivered 32 jets in the second quarter, of which 11 commercial aircrafts and 21 executive jets. 12 large jets and 9 midsized jets according to our schedule. We reaffirmed all aspects of our 2022 financial and deliveries guidance with no material variation. Delivery is in a good pace and seasonally concentrated the second half of the year.

巴西航空工業公司第二季度交付了 32 架噴氣式飛機，其中商用飛機 11 架，公務機 21 架。根據我們的日程安排，有 12 架大型噴氣式飛機和 9 架中型噴氣式飛機。我們重申了 2022 年財務和交付指南的所有方面，沒有重大變化。交付速度良好，且季節性集中在下半年。

We have noticed some concern from the sell side reports about deliveries for the year. But just as a reminder, we are today just for the aircraft some commercial aviation behind our style. Despite the very challenging supply scenario, our plans have not changed, and we remain confident in the delivery of the aircrafts.

我們注意到賣方報告對今年的交付情況有些擔憂。但作為提醒，我們今天只是為飛機設計了一些商業航空風格。儘管供應情況非常具有挑戰性，但我們的計劃沒有改變，我們對飛機的交付仍然充滿信心。

Firm order backlog ended second quarter 2022 at $17.8 billion, $0.5 billion more versus first quarter 2022. This is the highest quarter backlog since the beginning of the pandemic, 12% higher, driven by solid sales activities mainly in executive aviation. Revenues reached $1.019 billion in the quarter, down 10% compared to the second quarter '21 due to lower deliveries in Commercial and Defense segment, partially offset by our services and support business unit.

截止到 2022 年第二季度，公司積壓訂單為 178 億美元，比 2022 年第一季度增加 5 億美元。這是自大流行開始以來的最高季度積壓訂單，增長 12%，主要是在公務航空的穩健銷售活動的推動下。本季度收入達到 10.19 億美元，與 21 年第二季度相比下降 10%，原因是商業和國防領域的交付量減少，部分被我們的服務和支持業務部門抵消。

Before starting with EBIT and EBITDA, I want to mention that we reported consolidated gross margin of 21.9% in the quarter, was higher than the 18.2% reported in the second quarter of previous year '21 with a year-over-year improvement in most segments due to the product and service mix, pricing and overall operational performance, including tax efficiencies.

在開始討論 EBIT 和 EBITDA 之前，我想提一下，我們報告的本季度綜合毛利率為 21.9%，高於去年 21 年第二季度報告的 18.2%，大多數同比增長由於產品和服務組合、定價和整體運營績效（包括稅收效率）而導致的細分市場。

Adjusted EBIT and EBITDA were $81 million and $125 million, respectively, yielding adjusted EBIT margin of 8% and adjusted EBITDA margin of 12.2%. It's important to mention that our adjusted EBIT in second quarter '22 also includes commercial aviation, the integration and arbitration expenses of around $16.5 million. If we exclude all these extraordinary effects, adjusted EBIT margin would have been around 10% or $100 million in the second quarter '22. And EBITDA margin of around 14% excluded these effects. And please take into account we booked $21 million provision for bad debt in the second quarter, around $21 million in the quarter, cost impact the results here.

調整後 EBIT 和 EBITDA 分別為 8100 萬美元和 1.25 億美元，調整後 EBIT 利潤率為 8%，調整後 EBITDA 利潤率為 12.2%。值得一提的是，我們在 22 年第二季度調整後的息稅前利潤還包括大約 1650 萬美元的商業航空、整合和仲裁費用。如果我們排除所有這些非同尋常的影響，調整後的息稅前利潤率在 22 年第二季度將約為 10% 或 1 億美元。約 14% 的 EBITDA 利潤率排除了這些影響。請考慮到我們在第二季度為壞賬計提了 2100 萬美元，本季度約為 2100 萬美元，成本影響這裡的結果。

Quarterly G&A reached $42 million or an increase of $1 million compared to the second quarter '21 figures. Due to inflation, wage adjustment, but no increase in headcount. Selling expenses reached $66 million or an increase of $60 million compared to the second quarter '21 figures due to more active sales campaign in trade and events. It's important to mention the selling expense does not include $21 million of bad debt provision that we exclude in this graphic.

季度 G&A 達到 4200 萬美元，與 21 年第二季度的數字相比增加了 100 萬美元。由於通貨膨脹，工資調整，但人數沒有增加。由於貿易和活動中更積極的銷售活動，銷售費用達到 6600 萬美元，與 21 年第二季度的數字相比增加了 6000 萬美元。值得一提的是，銷售費用不包括我們在此圖中排除的 2100 萬美元壞賬準備金。

Talk about investments in the second quarter '22, Embraer invested a total of $42 million in product development and research, mailing product development, for example, 2 family freighter, effective aviation anti (inaudible).

談及 22 年第二季度的投資，巴西航空工業公司共投資 4200 萬美元用於產品開發和研究、郵寄產品開發，例如 2 家庭貨機、有效航空反（聽不清）。

We invested also $30 million CapEx mainly for service and support expansion business. We continue to invest in our future. Another good news moving to free cash flow and net results. In regards to free cash flow, we continue highly focused and cash flow discipline for positive trends. Free cash flow in the second quarter '22 was a surplus of $91 million, represent a significant results, supported by the divestment of Evora's facility and optimization of working capital, driven by positive free cash flow year-to-date, even considering a production ramp-up and deliveries in the second semester.

我們還投資了 3000 萬美元資本支出，主要用於服務和支持擴展業務。我們將繼續投資於我們的未來。另一個好消息是自由現金流和淨業績。關於自由現金流，我們將繼續高度關注和現金流紀律，以應對積極趨勢。 22 年第二季度的自由現金流盈餘 9100 萬美元，這是一個顯著的結果，這得益於 Evora 的設施剝離和營運資本優化，由年初至今的正自由現金流推動，即使考慮生產第二學期的加速和交付。

Moving to adjusted net result was a profit of $39 million due to the better EBIT performance and interest reduction of $28 million in the second quarter '22 year-on-year basis.

調整後的淨利潤為 3900 萬美元，這是由於第二季度 22 年第二季度的息稅前利潤表現更好，利息減少了 2800 萬美元。

The company finished the quarter with a total of $3.2 billion or $864 million leverage, in line with our liability management structure.

與我們的負債管理結構一致，該公司在本季度末的總槓桿率為 32 億美元或 8.64 億美元。

Embraer continues to deleverage the balance sheet. Reducing system net and gross debt and improve credit metrics. Moreover, reducing interest expenses. It's important to highlight that our net debt EBITDA last 12-month ratio is around 4x in the second quarter 2022. But in the next quarter, we will show a significant improvement because deliveries are concentrated in the second half, and we remain committed to improve our financial metrics.

巴西航空工業公司繼續對資產負債表進行去槓桿化。減少系統淨債務和總債務並改善信用指標。此外，減少利息支出。重要的是要強調，我們過去 12 個月的淨債務 EBITDA 比率在 2022 年第二季度約為 4 倍。但在下一季度，我們將出現顯著改善，因為交付集中在下半年，我們將繼續致力於改善我們的財務指標。

With that, I finish my presentation and hand it back to Francisco for his final remarks. Thank you very much

至此，我完成了我的演講，並把它交還給弗朗西斯科，讓他作最後的發言。非常感謝

Thanks, Antonio. To close, I would like to make some comments on the supply chain issues. This is a major short-term issue for the whole industry globally, and we can't undermine this challenging environment. To minimize the impact, we are working very close to our supply chain, having people on site and the main suppliers, developing other logistical groups and working on improvements in internal processes and cycles to absorb part of the challenges.

謝謝，安東尼奧。最後，我想就供應鏈問題發表一些評論。這是全球整個行業的重大短期問題，我們不能破壞這個充滿挑戰的環境。為了將影響降到最低，我們與供應鏈密切合作，在現場安排人員和主要供應商，發展其他物流團隊，並致力於改進內部流程和周期，以應對部分挑戰。

Having said that, we are cautiously optimistic about year-end results and very confident about the midterm future. The combination of innovation, enterprise efficiency and our fantastic people is very powerful and will make us grow sustainably. Thank you for your interest and confidence in our company.

話雖如此，我們對年終業績持謹慎樂觀態度，對中期前景充滿信心。創新、企業效率和我們優秀的員工的結合非常強大，將使我們可持續發展。感謝您對我們公司的關注和信任。

(Operator Instructions) Our first question comes from Josh Milberg.

（操作員說明）我們的第一個問題來自 Josh Milberg。

I had a couple of questions on the turbo prop project. And the first one is if you could just update us on the financial -- on its financial impact for this year? And if I'm not mistaken, you had talked about a potential $50 million effect this year that would be expense recognized in the P&L for the year as a whole. So I just wanted to kind of clarify if, in fact, that's how it's been treated? And if that's roughly still the magnitude of the impact to expect?

我對渦輪螺旋槳項目有幾個問題。第一個問題是，您能否向我們介紹一下財務狀況——今年的財務影響？如果我沒記錯的話，您曾談到今年可能產生 5000 萬美元的影響，這將成為全年損益表中確認的費用。所以我只是想澄清一下，事實上，這就是它的處理方式嗎？如果這大致仍然是預期的影響程度？

And then I was also just hoping you could give us a little bit of your updated thinking on the project. And maybe just touch base on what steps remain for it to be greenlighted? What kind of buy-in you're looking for -- buy in you're looking for from customers? And whether having a JV partner would be critical?

然後我也只是希望你能給我們一些關於這個項目的最新想法。也許只是觸摸它要獲得綠燈的步驟？您正在尋找什麼樣的支持——您正在尋找客戶的支持？擁有合資夥伴是否至關重要？

Hello, Josh. Antonio speaking. Thanks for your questions. I just want to answer a part of it. Firstly, what we are seeing regards to impact on our financial profit and loss this year for the TP is around $25 million. We are working hard in order to minimize because we are still not capitalizing those R&D costs. But for the profit and loss this year, it's $25 million and is already part of our forecast and also our guidance.

你好，喬什。安東尼奧說話。感謝您的提問。我只想回答一部分。首先，我們看到今年目標價對我們財務損益的影響約為 2500 萬美元。我們正在努力工作以盡量減少，因為我們仍然沒有將這些研發成本資本化。但就今年的損益而言，這是 2500 萬美元，已經是我們預測的一部分，也是我們的指導。

Josh, Francisco speaking. About the project, I'd like to say that we are very excited with this project. We are progressing well on tests, wind tests and other engineering activities. We expect to decide about the engine selection in the second half of the year, and we expect to approve the business case beginning of next year. And also even not having the business case approved, we announced last time in May -- last month in Farnborough show, that we have already 250 letter of intent -- 250-plus letter of intent of customers in our TP models.

喬什，弗朗西斯科發言。關於這個項目，我想說我們對這個項目感到非常興奮。我們在測試、風力測試和其他工程活動方面進展順利。我們預計將在下半年決定發動機的選擇，我們預計將在明年年初批准商業案例。即使商業案例沒有獲得批准，我們上次在 5 月 - 上個月在範堡羅展會上宣布，我們已經有 250 份意向書 - 在我們的 TP 模型中擁有 250 多份客戶意向書。

Okay. So it sounds like everything is progressing as planned and that there are very good prospects for the project may be moving forward as of next year. Could you touch, Francisco, a little bit on the financing aspect of it?

好的。因此，聽起來一切都在按計劃進行，並且該項目的前景非常好，可能會在明年向前推進。弗朗西斯科，你能談談它的融資方面嗎？

We are working also in parallel with the engineering activities. We are working internally in alternatives to fund the project. So at the time that we expect to approve the business case next year, we will have the funding solution defined.

我們也在與工程活動並行工作。我們正在內部尋找替代方案來為該項目提供資金。因此，在我們預計明年批准商業案例時，我們將定義資金解決方案。

Josh, is not just to compromise there any financial metrics of the running business. We are evaluating for sure, with support from customers, from suppliers and also how we are going to, I would say, overcome the first 2 years with this development, but the idea is not to compromise our current business.

喬希，不僅僅是為了妥協經營業務的任何財務指標。在客戶和供應商的支持下，我們肯定會評估，我想說的是，我們將如何克服前兩年的發展，但我們的想法是不損害我們目前的業務。

Our next question comes from Mr. Marcelo Motta.

我們的下一個問題來自 Marcelo Motta 先生。

It's a question regarding the deliveries during the presentation Embraer comment that around 4 aircraft on the commercial aviation were not delivered due to supply chain issues. So I just want to know if the company could provide additional color regarding if it was like part? The engine? The reasons behind this delay? And if those are already delivered now at the beginning of August? And if there is any other aircraft that is delayed as of now?

這是一個關於演示期間交付的問題巴西航空工業公司評論說，由於供應鏈問題，大約有 4 架商用航空飛機沒有交付。所以我只是想知道公司是否可以提供額外的顏色來判斷它是否像零件？引擎？這種延遲背後的原因是什麼？如果這些已經在八月初交付？到目前為止，是否還有其他飛機延誤？

So thanks for your question. And it's appropriate, and I would use the opportunity to say more than U.S. me and U.S. gov here. For sure, the -- what you are missed at most is normally is engines, avionics and other small parts but they are concentrating 4 or 5 suppliers. And that was since beginning of the year, maybe you will recall this when we set the guidance.

所以謝謝你的問題。這是適當的，我會利用這個機會在這裡說比美國我和美國政府更多的東西。當然，你最想念的通常是發動機、航空電子設備和其他小部件，但它們集中了 4 或 5 個供應商。那是從年初開始，也許你會在我們制定指導方針時記得這一點。

And they might react quite negative, to be honest, or overreact. When they said 60 to 70 aircrafts or 100 to 110 executive jets, because at the time, we foresee already this tight situation that we are living. And that's why people are getting sicker with supply chain, but for Embraer, we saw this some months ago, is not a surprise, but finalizing the question through different aircrafts, they are going to be delivered right now in the month of August.

老實說，他們的反應可能很消極，或者反應過度。當他們說 60 到 70 架飛機或 100 到 110 架公務機時，因為當時，我們已經預見到我們生活的這種緊張局勢。這就是為什麼人們對供應鏈的問題越來越嚴重，但對於巴西航空工業公司來說，我們幾個月前就看到了這一點，這並不奇怪，但通過不同的飛機最終確定問題，它們將在 8 月份立即交付。

(Operator Instructions) Our next question comes from telephone. (Operator Instructions)

（操作員說明）我們的下一個問題來自電話。 （操作員說明）

I'm curious, when we think about supply chain issues, do you see any scope for Embraer to maybe undertake some small acquisitions if you need it to secure critical supply? I did ask the same question of your Canadian competitor earlier this morning.

我很好奇，當我們考慮供應鏈問題時，如果您需要確保關鍵供應，您認為巴西航空工業公司有可能進行一些小型收購嗎？今天早上早些時候，我確實向您的加拿大競爭對手提出了同樣的問題。

Francisco speaking. At this moment, we are working very close to our supply chain, very close. We have a small arm of people. I mean inside of the operations of our suppliers, of our service suppliers, of our sub suppliers, but we don't have any plans to acquire in any supply as a strategy to resolve this problem. We do believe we can resolve with this with a close collaboration with our supplier partners.

弗朗西斯科發言。目前，我們的工作非常接近我們的供應鏈，非常接近。我們有一小部分人。我的意思是在我們的供應商、我們的服務供應商、我們的子供應商的運營內部，但我們沒有任何計劃收購任何供應商作為解決這個問題的策略。我們相信，通過與供應商合作夥伴的密切合作，我們可以解決這個問題。

Okay. Great. And I apologize for all the background noise, just 1 very quick follow-up, if I may. Can you remind me whether you have any supply at this juncture coming from the Russian Federation? And that's it for me.

好的。偉大的。我為所有的背景噪音道歉，如果可以的話，我只是快速跟進一下。您能否提醒我，此時此刻您是否有來自俄羅斯聯邦的供應？對我來說就是這樣。

Antonio speaking here. We only have or we only had 1 supplier from Russia is titanium that we are partially already replacing by U.S. and European suppliers. Some months ago, we were at 85% buying demand in Russia for titanium. Now we are already below 60%, and our plan is really to try to eliminate this source of raw material. Apart of it, we buy nothing in Russia.

安東尼奧在這裡講話。我們只有或只有 1 個來自俄羅斯的鈦供應商，我們已經部分地被美國和歐洲供應商取代。幾個月前，我們在俄羅斯的鈦購買需求達到 85%。現在我們已經低於 60%，我們的計劃是真正嘗試消除這種原材料來源。除此之外，我們在俄羅斯什麼也不買。

(Operator Instructions) Since there are no further questions, this concludes today's question-and-answer session. That does conclude Embraer's to conference for today. Thank you very much for your participation, and have a good day.

（操作說明）由於沒有其他問題，今天的問答環節到此結束。這確實結束了巴西航空工業公司今天的會議。非常感謝您的參與，祝您有美好的一天。