Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) 2022 Q4 法說會逐字稿

Good morning, everyone, and welcome to SABESP's Earnings Call to discuss results relative to 2022. My name is Luiz Tiberio, from Investor Relations and I welcome you to SABESP results conference for 2022. Today we have with us, Mr. Andre Salcedo, the company's CEO, President; Catia Pereira, CFO and IRO; and Finance Director and Investor Relations Director; and Mr. Marcelo Miyagui, Accounting Manager.

大家早上好，歡迎參加 SABESP 的收益電話會議，討論與 2022 年相關的結果。我叫 Luiz Tiberio，來自投資者關係部，歡迎大家參加 SABESP 2022 年的結果會議。今天我們有安德烈薩爾塞多先生，公司CEO、總裁； Catia Pereira，首席財務官兼 IRO；財務總監和投資者關係總監；和會計經理 Marcelo Miyagui 先生。

And before I turn over to Andre Salcedo, I would like to share some information and instructions. This video conference is being recorded and has simultaneous translation into English. The presentation and recording will be available at the IR website of SABESP.

在我轉向 Andre Salcedo 之前，我想分享一些信息和說明。此視頻會議正在錄製中，並配有英語同聲傳譯。演示文稿和錄音將在 SABESP 的 IR 網站上提供。

I would also remind you that questions will only be taken in writing in the chat of this platform. Our conference shall last about 1 hour and 30 minutes, and we're going to save 45 minutes for Q&A of analysts and then journalists. To conclude, I would like to clarify that any statements made during this conference regarding the company's businesses and projections for the future are only projections based on the assumptions of the company as well as the information currently available to the company and do not constitute any results. And they involve risks, uncertainties and promises because they refer to future events, and therefore, these circumstances may happen or not.

我還要提醒您，問題只會在本平台的聊天中以書面形式進行。我們的會議將持續約 1 小時 30 分鐘，我們將節省 45 分鐘用於分析師和記者的問答。最後，我想澄清的是，在本次會議期間就公司業務所做的任何陳述和對未來的預測僅是基於公司假設以及公司目前可獲得的信息的預測，並不構成任何結果.它們涉及風險、不確定性和承諾，因為它們指的是未來事件，因此，這些情況可能會發生，也可能不會發生。

Investors should take into account general operational factors in the industry, taking into account that they may change the results, which will be materially different in future projections. And now I would like to turn over to Mr. Andre Salcedo, who will start the conference.

投資者應考慮行業的一般運營因素，考慮到他們可能會改變結果，這在未來的預測中將大不相同。現在我想請 Andre Salcedo 先生主持會議。

Good morning. Thank you very much. I thank everyone who has been with us in these early months of our new management. I thank investors, journalists and analysts for their presence as well as the general public. For those who do not know me personally, I am Andre Salcedo. I have been assigned as President-Director last year, and I officially took over on January 13. Since then, we have been learning about the company's performance, getting to know the team of managers of the company so that we can have a more extensive view of what is, in fact, the aspirations for SABESP.

早上好。非常感謝。我感謝在我們新管理層的最初幾個月裡與我們在一起的每一個人。我感謝投資者、記者和分析師以及廣大公眾的光臨。對於那些不認識我的人，我是安德烈·薩爾塞多。我去年被任命為總裁，1月13日正式接任。從那以後，我們一直在了解公司的業績，了解公司的管理團隊，以便我們能有更廣泛的了解。事實上，SABESP 的願望是什麼。

I was given free charge to take care of the company, to turn the company into a more modern one into an innovating and inclusive company. And this is the mission that we're going to implement throughout this management. And to give you an idea of the work we're going to perform, we have already defined the new composition of the Board so that we can align SABESP's management with this strategic view, a view of modernity, a better relationship with regulators, with our clients and also in terms of the end users with a more integrated view, a company that thinks together, that uses its resources, human resources, finance resources rationally; a management, which is closer to people internally and externally; and a management which will pursue a full opening, including all stakeholders, regulators, shareholders, investors to understand what can be improved and how we can improve. And whenever possible, we will be as transparent as possible.

我被免費管理公司，把公司變成一個更現代化的公司，成為一個創新和包容的公司。這就是我們將在整個管理過程中實施的使命。為了讓您了解我們將要開展的工作，我們已經確定了董事會的新組成，以便我們可以使 SABESP 的管理層與這一戰略觀點、現代觀點、與監管機構建立更好的關係以及我們的客戶以及最終用戶具有更綜合的觀點，一家共同思考、合理使用其資源、人力資源和財務資源的公司；管理，對內對外更貼近人；以及一個會追求全面開放的管理層，包括所有的利益相關者、監管者、股東、投資者，去了解哪些方面可以改進，我們可以如何改進。只要有可能，我們將盡可能透明。

I'm very happy to be here in the company right now. We are at a moment where we're turning a page. We will pursue new businesses. We want to grow, and we also want to provide better service to the population according to what we consider to be adequate in terms of investment. And in this process, we're going to start planning the next 4 years, focusing on an organizational transformation and working in clusters, very autonomous units, which could be more integrated in terms of processes. We're going to review our methods, both for the Board of Directors and the company so that it reflects what we understand to be more adequate for the company and also to guarantee more efficiency in the decision-making process.

我很高興現在來到公司。我們正處於翻頁的時刻。我們將追求新的業務。我們想要成長，我們也想根據我們認為足夠的投資為人們提供更好的服務。在這個過程中，我們將開始規劃未來 4 年，重點關注組織轉型和集群工作，非常自治的單位，這些單位可以在流程方面更加整合。我們將審查我們的方法，包括董事會和公司，以反映我們認為更適合公司的方法，並保證決策過程的效率更高。

And as I commented, we're going to focus on generating value to all stakeholders. We understand the importance of the environment and the ESG agenda. This is going to have a priority in our management. Also, we will separate clients into 2 tiers: first, the owner of the sanitation service that authorizes us to work; and a second tier, which is actually the end user. For this transformation and this new vision, we will look carefully at our employees by training and developing their knowledge based on the demands we have in terms of investments. We want to have a more competitive company that can grow, compete for new markets. We see opportunities in optimizing our employees and in special for the development of activities that we do not develop today. Later on, we will allocate activities -- to activities -- to different activities that can generate more value.

正如我所說，我們將專注於為所有利益相關者創造價值。我們了解環境和 ESG 議程的重要性。這將是我們管理的優先事項。此外，我們會將客戶分為兩層：第一，授權我們工作的衛生服務的所有者；第二層，實際上是最終用戶。對於這一轉變和這一新願景，我們將根據我們在投資方面的需求，通過培訓和發展他們的知識來仔細審視我們的員工。我們希望擁有一家更具競爭力的公司，可以發展壯大，爭奪新市場。我們看到了優化員工的機會，特別是我們今天沒有開展的活動的發展。稍後，我們將分配活動——到活動——到可以產生更多價值的不同活動。

Also, cost reduction is one of our targets and also demanding our managers to meet our targets. To do that, we are proposing new packages for the involvement of our employees so that we can reach our goals in the company. And before moving on to the next slide, I wanted to highlight that last year was very challenging. Despite the challenges, we were able to have a net profit that was record in the history of the company. We're going to continue pursuing more growth. And it's important to highlight that in the growth last year, it has not yet been acknowledged the tariff gap that we had in December. And so we hope that in the next cycles, this is incorporated in the annual review we're going to have and therefore turning our revenue a more adequate one in terms of operations.

此外，降低成本是我們的目標之一，也要求我們的管理人員實現我們的目標。為此，我們正在為員工的參與提出新的一攬子計劃，以便我們能夠在公司中實現我們的目標。在繼續下一張幻燈片之前，我想強調一下，去年非常具有挑戰性。儘管面臨挑戰，我們還是能夠獲得創公司歷史記錄的淨利潤。我們將繼續追求更多的增長。重要的是要強調，在去年的增長中，尚未承認我們在 12 月份的關稅差距。因此，我們希望在下一個週期中，將其納入我們將要進行的年度審查中，從而使我們的收入在運營方面更加充足。

And now talking more specifically about the new challenge of the company and then I move on to the next slide. What is SABESP going to be like in the next cycle? It is going to have a clear vision of what it has to pursue. And as you have noticed, our proposal for this year includes a change in our bylaws to make the company a more modern one. We have specific attributions but we want to be flexible in allocating roles as the company changes with a new view for each member of the Board of Directors. We are going to have a communication. We're going to focus on the legal department's strategic bidding.

現在更具體地談論公司的新挑戰，然後我轉到下一張幻燈片。 SABESP 在下一個週期會是什麼樣子？它將對必須追求的目標有一個清晰的願景。正如您所注意到的，我們今年的提案包括修改我們的章程，以使公司更現代化。我們有特定的歸屬，但我們希望隨著公司的變化靈活分配角色，並為每個董事會成員提供新的視角。我們將進行一次交流。我們將專注於法律部門的戰略招標。

Sabrina has a lot of experience in management. She has been in the company since February and has been doing wonderful work, and therefore, we are hoping to deliver a lot in this regard. As the CFO, we have Catia. She's been in the company for 2 months and she's already working with investors. And in addition to the typical activities of the financial and investor relations department, she is also working with shared service centers. In the company that she used to work, she had this experience, and we are counting on her expertise to work with corporate shared centers and, therefore, being able to work with water production, distribution and treatment of sewage and leaving all of this integrated view to the corporate management to guarantee that the company will have adequate resources in due time.

Sabrina 在管理方面有豐富的經驗。她自 2 月以來一直在公司工作，一直做得很好，因此，我們希望在這方面做出很多貢獻。作為首席財務官，我們有 Catia。她在公司工作了 2 個月，她已經在與投資者打交道了。除了財務和投資者關係部門的典型活動外，她還與共享服務中心合作。在她以前工作的公司裡，她有過這樣的經歷，我們依靠她的專業知識與企業共享中心合作，因此能夠從事水的生產、分配和污水處理，並將所有這些整合在一起向公司管理層保證公司將在適當的時候擁有充足的資源。

With this regulation and new businesses is no longer in the financial and investor relations, but this will be the responsibility of Bruno D'Abadia, who will lead the relationship with the regulating agencies, with the different municipalities and the combination of opportunities for new businesses, whether they are a concession or not to the company. And there is a regulatory demand. And it's important to have this integration to generate value.

有了這項法規，新業務不再涉及財務和投資者關係，但這將是 Bruno D'Abadia 的責任，他將領導與監管機構、不同城市的關係以及新業務機會的結合，無論它們是否是對公司的讓步。並且有監管需求。通過這種整合來產生價值非常重要。

The other Board of Director is typically engineering, which are separated in the regional area, will be divided into 2. We'll have 1 that will take care of CapEx and the long and midterm investment as well as environmental management, and this will be led by Paula Violante. The idea is that the whole CapEx of the company goes through Paula and will be prioritized according to the demands we're having, which are initially environmental investments that we have to meet, the guarantee of safety for our employees and also to meet our contract requirements.

另一個董事會通常是工程部門，在區域中是分開的，將分為 2 個。我們將有 1 個負責資本支出、長期和中期投資以及環境管理，這將是由 Paula Violante 領導。我們的想法是，公司的整個資本支出都通過 Paula，並將根據我們的需求進行優先排序，這些需求最初是我們必須滿足的環境投資、我們員工的安全保證以及我們的合同要求。

Also to complement this change, we will also adapt our metropolitan and regional department into a new one, which is already led by Roberval, who has a lot of experience with the company. He's been here for many years, and he's already integrating the 2 departments so that we have a single view of the management of the company so that the best practices are all taken to the company as a whole. And with that, we expect to have improvement in operational costs. And a novelty that is being proposed is the creation of a new department, a new Board of Director called Clients so that we can have a relationship close with the clients, guaranteeing that the cycle will receive all required attention so that we can adjust everything to SABESP's needs.

此外，為了補充這一變化，我們還將大都會和地區部門調整為一個新的部門，該部門已經由 Roberval 領導，他在公司擁有豐富的經驗。他在這裡已經很多年了，他已經整合了這兩個部門，這樣我們就可以對公司的管理有一個單一的看法，從而將最佳實踐全部應用於整個公司。因此，我們預計運營成本會有所改善。正在提議的一個新穎之處是創建一個新部門，一個名為客戶的新董事會，這樣我們就可以與客戶建立密切的關係，保證週期將得到所有必要的關注，以便我們可以調整一切以適應SABESP 的需求。

And in addition, in strategic terms, we have communication and they will report directly to me. I think this is very important for the exchange of information with the market, providing access to major regulating agencies directly on our website. We want to be totally transparent. Also digital transformation, all of the data collected from our operations and data on our client base. When combined, they can generate a lot of value for the company. We're going to create a digital transformation unit to guarantee that data management and decision-making based on data is a decision of the company. The strategic view remains a responsibility of the CEO, analyzing opportunities for improvement in the company, also providing adequate information and the ESG agenda now will be extremely important for the company so that we can define our goals and that everybody follows this corporate vision.

此外，在戰略方面，我們有溝通，他們將直接向我報告。我認為這對於與市場交換信息非常重要，可以直接在我們的網站上訪問主要監管機構。我們希望完全透明。還有數字化轉型，所有從我們的運營中收集的數據和我們客戶群的數據。結合起來，它們可以為公司創造很多價值。我們將創建一個數字化轉型單元，以確保數據管理和基於數據的決策是公司的決定。戰略觀點仍然是 CEO 的責任，分析公司的改進機會，同時提供足夠的信息和 ESG 議程現在對公司來說非常重要，這樣我們就可以定義我們的目標，並且每個人都遵循這一企業願景。

We hope that within a few months, we will be able to fulfill ESG targets and share it with the market. We're very happy and the whole Board of Directors are happy. We consider ourselves to be very lucky to have the right people to face the challenges we're going to have in the company. It's going to be a very good cycle with a transformation of the company improving in all of the operational goals, client perception and, above all, I'm going to conclude now. I count on your support. SABESP has opened doors for comments, criticism. Our objective is to turn the best company possible. And to do this, we count on you, and I thank you for your attention. Tiberio, I turn back to you.

我們希望在幾個月內，我們能夠完成 ESG 目標並與市場分享。我們非常高興，整個董事會都很高興。我們認為自己很幸運能夠擁有合適的人來應對我們將在公司面臨的挑戰。這將是一個非常好的周期，公司將在所有運營目標、客戶認知方面進行改進，最重要的是，我現在要結束。我指望你的支持。 SABESP 為評論和批評打開了大門。我們的目標是成為最好的公司。為此，我們指望您，感謝您的關注。 Tiberio，我轉向你。

Well, thank you, Andre. Now actually, I think it is Catia's turn to present the results.

好吧，謝謝你，安德烈。實際上，我認為現在輪到 Catia 展示結果了。

Good morning, everyone. Thank you, Andre, for the introduction and the very inspiring introduction. First of all, I am Catia Pereira. I started working in the company in early March. I am very new in the company, but it's a pleasure to be part of this team and help in this construction in the finance area, playing a role of turning the company into an efficient company with integrated processes so that the finance department permeates all of the other areas of the company, and as Andre mentioned, providing focus on the delivery of the operation, turning processes, more integrated, faster and more efficient. This is the objective and is aligned with the introduction, shared services, and this is going to be our journey for 2023.

大家，早安。謝謝安德烈的介紹和非常鼓舞人心的介紹。首先，我是 Catia Pereira。我是三月初開始在公司工作的。我是新來的，但很高興能成為這個團隊的一員，幫助這個財務領域的建設，發揮將公司變成一個流程一體化的高效公司的作用，使財務部門滲透到所有方面。公司的其他領域，正如 Andre 所提到的，提供專注於運營、轉向流程的交付，更集成、更快、更高效。這是目標，並與介紹、共享服務保持一致，這將是我們 2023 年的旅程。

So now moving on to the next slide, I will start talking a little bit about volume. In '22, we saw an increase of [0.2%] in terms of water volume. Basically, we see a decrease in residential area, but on the other hand, an increase in the commercial and industrial area. This only indicates life going back to normal after the pandemic. So we can understand that we are resuming our normal lives, moving from residential into life, into commercial and industrial.

現在轉到下一張幻燈片，我將開始談談音量。在 22 年，我們看到水量增加了 [0.2%]。基本上，我們看到住宅面積減少，但另一方面，商業和工業面積增加。這僅表明大流行過後生活恢復正常。所以我們可以理解為我們正在恢復正常的生活，從住宅走向生活，走向商業和工業。

We see the same trend in sewage. We had an increase of [1.7%], also an increase in the commercial and industrial area. And this was a little bit higher in sewage because all of the focus we've given on sewage, and with that, we can see the results. When we look at the whole, we're talking about a growth in the order of [0.9%] in terms of volume. And the good thing about this is that when I have this migration and this change in the mix from residential to other categories, I can have a differentiated mean tariff, which is better for the company, and this is a very important factor when we look at volume and the consequences of volume on our revenue.

我們在污水中看到了同樣的趨勢。我們增加了 [1.7%]，商業和工業領域也有所增加。這在污水中略高一些，因為我們所有的注意力都集中在污水上，因此，我們可以看到結果。當我們看整體時，我們談論的是數量 [0.9%] 數量級的增長。這樣做的好處是，當我進行這種遷移以及從住宅到其他類別的混合變化時，我可以有一個差異化的平均關稅，這對公司來說更好，這是一個非常重要的因素，當我們看數量以及數量對我們收入的影響。

Next slide, please. Now looking at the financial highlights, we can see a growth in the order of [13.7%] as Andre mentioned, part of it results from the tariff readjustment we had in '22 in the order of 12.9%. And we also have a result of this volume mix. We also see the tariff mix in the changes of this consumption profile. This leads to a revenue of [17.2%]. I would like to remind you that this is related to sanitation and it's separate from construction.

請換下一張幻燈片。現在看看財務亮點，正如安德烈提到的那樣，我們可以看到 [13.7%] 的增長，部分原因是我們在 22 年進行的大約 12.9% 的關稅調整。我們也有這種體積組合的結果。我們還看到了這種消費狀況變化中的關稅組合。這導致了 [17.2%] 的收入。我想提醒您，這是與衛生有關的，與建築無關。

When we look at (inaudible) we see an increase of 11.2%, so we went from BRL 6.6 billion to almost BRL 7 billion and the net income increased 35.4%. We went from BRL 2.3 billion to BRL 3.1 billion in '22. And later, I will talk a little bit more about our performance. And now in the next page, when we look at our financial performance, we started with a net profit of BRL 2.3 billion. We had an increment revenue of BRL 2 billion. And we combined this to make the effect of the revenue with construction with a differential of 2.3%, following all of the metrics. And we really had an impact of cost and expenses in the order of BRL 1.6 billion.

當我們看（聽不清）時，我們看到增長了 11.2%，因此我們從 66 億巴西雷亞爾增加到近 70 億巴西雷亞爾，淨收入增長了 35.4%。我們在 22 年從 23 億巴西雷亞爾增加到 31 億巴西雷亞爾。稍後，我會多談談我們的表現。現在在下一頁，當我們查看我們的財務業績時，我們的淨利潤為 23 億雷亞爾。我們的收入增加了 20 億雷亞爾。根據所有指標，我們將其結合起來，使收入與建築的影響相差 2.3%。我們確實對成本和費用產生了 16 億雷亞爾的影響。

Other revenues, we have about BRL 33 million. Nothing really expressive. In terms of net revenue, we can see the result of a monetary adjustment resulting from the (inaudible) agreement, and this was entered in the third quarter and is seen here within this BRL 555 million as well as other positive effect of the exchange rate variations and a percentage of our debt, which is linked to foreign currency, and therefore, we had a valuation of the BRL when compared to the yen, and that generated a positive variation, which contributed with our net financial results. And later on, I will get into the details of each one of these items. Also tax -- income tax and social contribution increased because of the results obtained throughout '22.

其他收入，我們大約有 3300 萬雷亞爾。沒有什麼真正的表現力。在淨收入方面，我們可以看到（聽不清）協議導致的貨幣調整結果，這是在第三季度輸入的，在這裡可以看到 5.55 億雷亞爾以及匯率的其他積極影響變化和我們債務的百分比與外幣掛鉤，因此，與日元相比，我們對 BRL 進行了估值，這產生了積極的變化，這對我們的淨財務業績做出了貢獻。稍後，我將詳細介紹這些項目中的每一項。由於整個 22 年取得的成果，稅收——所得稅和社會貢獻也有所增加。

And then next slide, please. Finally, here in terms of costs and expenses, this is something that should be highlighted. We can see a growth in these accounts. We see a growth of [12.8%] with personnel, and this results from inflation in the order of [12.9%]. We also see an increase of 1% in -- with salaries and different positions, also the mean number of employees in the order of 12.8%, so we ended '22 with 2,300 employees, and therefore, the result with personnel has to do with inflationary replacement. Also in terms of materials and materials in general, we had an important increase of 20%.

請切換到下一張幻燈片。最後，就成本和費用而言，這是應該強調的。我們可以看到這些帳戶的增長。我們看到人員增長 [12.8%]，這是由 [12.9%] 數量級的通貨膨脹造成的。我們還看到工資和不同職位增加了 1%，平均員工人數也增加了 12.8%，所以我們在 22 年結束時有 2,300 名員工，因此，人員的結果與通脹替代。同樣在材料和一般材料方面，我們有 20% 的重要增長。

Basically, we talk about materials for the maintenance of the system treatment and also the area of fuels and lubricants now that we're resuming our activities after the pandemic. So we can see a change when compared to 2021, which has some effect related to behaviors and all of the limitations of the pandemic. Materials, this is our main impact. Basically, we had a volume increase, but what had a major impact was price in the external market. A lot of the materials we work with are raw materials that are related to commodities and are [priced] in the external market as well as the war in Ukraine had a direct impact on these amounts.

基本上，我們談論的是用於維護系統處理的材料，以及燃料和潤滑油領域，因為我們在大流行病後正在恢復我們的活動。因此，與 2021 年相比，我們可以看到一個變化，這對行為和大流行的所有局限性都有一些影響。材料，這是我們的主要影響。基本上，我們的銷量有所增加，但主要影響是外部市場的價格。我們使用的很多材料都是與商品相關的原材料，在外部市場[定價]以及烏克蘭戰爭對這些數量產生了直接影響。

In terms of services, we had an increase of 13.3%. This increase in services, we would like to highlight, expenses with IT, focusing on the improvements of our invoicing system. And I would like to remind you that it was implemented in October '21. So throughout '22 we had to bring in improvements to the system to help us with stabilization, focusing on our [SLD]. Also, we had services that were associated to the maintenance of treatment services or [EPs]. And so we also had these services allocated here and they are associated to materials that were used.

在服務方面，我們增長了13.3%。我們想強調的是，服務的增加是 IT 支出，重點是改進我們的發票系統。我想提醒您，它是在 21 年 10 月實施的。因此，在整個 22 年期間，我們必須對系統進行改進，以幫助我們實現穩定，重點放在我們的 [SLD] 上。此外，我們還提供與維持治療服務或 [EP] 相關的服務。所以我們也在這里分配了這些服務，它們與使用的材料相關聯。

These are the main aspects in services. We can also see investments made by the company in communication channels with clients to try to recover and go back to the levels we had before the pandemic, our allowance for doubtful accounts. Anyway, we are now focusing on guaranteeing our revenue.

這些是服務的主要方面。我們還可以看到公司在與客戶的溝通渠道上進行的投資，以試圖恢復並回到大流行之前的水平，即我們對可疑賬戶的準備金。無論如何，我們現在的重點是保證我們的收入。

In terms of electricity, we had an increase of 2.4%. Basically, we have a relationship between the regulated market and the free market, so we had 8.7% in the regulated market and 6.3% in the free contracting. And when we compare to '21, basically, our level of reserves and supply or reservoirs, we can see a reduction in the consumption of energy, lower cost to pump water. So we can see this positive effect, and at the same time, we can see an effect in the flat cost that caused the cost of tariffs to rise enormously.

在電力方面，我們增長了 2.4%。基本上，我們在受監管市場和自由市場之間存在關係，因此我們在受監管市場中有 8.7%，在自由合同中有 6.3%。當我們與 21 世紀相比，基本上，我們的儲備和供應水平或水庫，我們可以看到能源消耗減少，抽水成本降低。所以我們可以看到這種積極的影響，同時，我們可以看到導致關稅成本大幅上升的固定成本的影響。

We also benefited by the price of energy because of the higher level of reservoirs in the generator. So in December, we had the end of the red flag. All of this contributed positively for us to have an increase in the order of [2.4%]. In general expenses, we had an increase of 22%. We're talking about [BRL 270 billion] in overall expenses. We have 2 major events, which was a provision for a lawsuit which is part of our monitoring of all of the contingencies by the legal department, and we acknowledge an amount of BRL 190 million in the end of December. In addition to that, we had an increase of what we pay to the different municipalities and that is associated to higher revenue.

我們還受益於能源價格，因為發電機中的水庫水平更高。所以在 12 月，我們的紅旗結束了。所有這些都為我們增加了 [2.4%] 的數量級做出了積極貢獻。在一般費用方面，我們增長了 22%。我們談論的是 [2700 億巴西雷亞爾] 的總支出。我們有 2 件重大事件，其中一項是訴訟準備金，這是我們法律部門對所有意外事件的監控的一部分，我們在 12 月底確認了 1.9 億雷亞爾的金額。除此之外，我們增加了向不同市政當局支付的費用，這與更高的收入有關。

With that, I have more expenses because there is a direct relationship. So basically, the general expenses had these main motivators, main drivers. In terms of the increase of our assets, we have been mobilized and this is going to generate depreciation. We are going to deliver the plan and activate the plan. And so we do have to take into account the effects of depreciation and amortization. Now when we compare to how much it represents of our net revenue, we went from [4.3% to 4.5%] in allowance for doubtful accounts, and we can see that everything we're doing is for us to go back to lower levels. This is really associated to what our CEO said when he mentioned the focus on the client, being closer to the client so that we can understand the client and guarantee that we will resume the same levels of default we had in the past. And this is something that started in the past management with the implementation of the invoicing system.

有了那個，我有更多的開支，因為有直接的關係。所以基本上，一般開支有這些主要動機，主要驅動因素。就我們資產的增加而言，我們已經動員起來，這將產生折舊。我們將交付計劃並啟動計劃。因此，我們確實必須考慮折舊和攤銷的影響。現在，當我們比較它占我們淨收入的多少時，我們的可疑賬戶準備金從 [4.3% 增加到 4.5%]，我們可以看到我們所做的一切都是為了讓我們回到較低的水平。這確實與我們的首席執行官在提到關注客戶時所說的有關，更接近客戶，以便我們能夠了解客戶並保證我們將恢復與過去相同的違約水平。這是在過去的管理中隨著發票系統的實施而開始的事情。

Looking at the value chain invoices, charging and how we look at this and how we have effective actions for defaults and then recoveries and also guarantee that we will have a higher level of payments made in due time. This was my first mission here when I took over the financial department. Because of the criticality of the topic, because of how important it is for our company in terms of revenue. Regarding taxes, we are aligned to what we had in '21. There were no major changes.

查看價值鏈發票、收費以及我們如何看待這一點，以及我們如何對違約採取有效行動，然後恢復，並保證我們將在適當的時候支付更高水平的款項。這是我接手財務部後的第一個任務。因為這個話題的重要性，因為它對我們公司的收入有多麼重要。關於稅收，我們與 21 年的稅收保持一致。沒有重大變化。

Now in the next slide, please, looking at the financial results. As I had commented, we had an improvement from '21 to '22. In '22, we had an impact, an effect of the exchange rate variations and also the (inaudible) agreement, and we acknowledge the correction of this asset. And it is a recurring effect. We also had some gains with the valuation of the BRL when compared to the dollar and the yen. And I'd like to remind you that 1/3 of our net, we have 2/3 in yen and the rest in dollars.

請在下一張幻燈片中查看財務結果。正如我所評論的，我們從 21 年到 22 年有了進步。在 22 年，我們產生了影響，匯率變化的影響以及（聽不清）協議，我們承認該資產的更正。而且是反復出現的效果。與美元和日元相比，巴西雷亞爾的估值也讓我們有所收穫。我想提醒您，我們淨值的 1/3，2/3 是日元，其餘是美元。

When we look at our net expenses, we had new captures throughout '22. We issued debentures and also had an impact of DI when we went from [5% to 12.5%], and this is seen in our -- and the cost of our debt. Part of it was mitigated, was offset by the revenue, but taking into account the size of our debt, it can be seen here and we had an increase in financial expenses. Somehow, this was offset by the exchange rate and monetary adjustment of this nonrecurrent event. When we look at our debt composition, we go from a position in '21 in the order of 19% and we ended 22 with 15%. So basically, we're talking about low loan. We were able to capture resources from BID Invest and BRL. And with that, we also decreased our exposure to exchange rates from 19% to 15%.

當我們查看我們的淨支出時，我們在整個 22 年都有新的捕獲。當我們從 [5% 到 12.5%] 時，我們發行了債券並且也受到了 DI 的影響，這在我們的債務成本中可以看出。一部分被減輕了，被收入抵消了，但考慮到我們的債務規模，可以在這裡看到，我們的財務費用有所增加。不知何故，這被這一非經常性事件的匯率和貨幣調整所抵消。當我們查看我們的債務構成時，我們從 21 年的 19% 的位置開始，到 22 年以 15% 結束。所以基本上，我們談論的是低貸款。我們能夠從 BID Invest 和 BRL 獲取資源。與此同時，我們還將匯率敞口從 19% 降至 15%。

On the lower left side, we can see the increase of our debt. We went from [BRL 17.7 billion] going to almost [BRL 19 billion]. They are associated to investment plans. So this is here to fund universally -- universalization processes. And then on the side, we can see the distribution of this debt, where we have 16% in IPCA, 8% in TJLP, 9% in TR and 10% in foreign pre-fixed. The major part of our debt is somehow related to the DI, 50% of our debt. And that's why we have an effect when we look at financial expenses. This is a direct impact. And even in the cases that we transform a debt in dollars to BRLs, the reference is always going to be associated to DI.

在左下方，我們可以看到債務的增加。我們從 [177 億巴西雷亞爾] 增長到近 [190 億巴西雷亞爾]。它們與投資計劃相關聯。所以這是為了普遍資助——普遍化進程。然後在側面，我們可以看到這筆債務的分佈情況，我們在 IPCA 中有 16%，在 TJLP 中有 8%，在 TR 中有 9%，在外國預先固定中有 10%。我們債務的主要部分在某種程度上與 DI 有關，占我們債務的 50%。這就是為什麼我們在查看財務費用時會產生影響。這是直接的影響。即使在我們將美元債務轉換為巴西雷亞爾的情況下，參考也總是與 DI 相關聯。

Next one, please. I have concluded the finance presentation, and I turn over to Tiberio so that we can have our Q&A session.

下一個，請。我已經結束了財務演示，我將轉向 Tiberio，以便我們可以進行問答環節。

Thank you, Catia. We're now going to start the Q&A session. Before that, I would like to inform that the first part of the session is going to be for investors and then later, we will open to answer the questions of journalists. Right now, we already have 5 questions already that have been placed in the Q&A box of our platform.

謝謝你，卡蒂亞。我們現在開始問答環節。在此之前，我想通知大家，第一部分是為投資者準備的，之後，我們將開放回答記者的問題。現在，我們已經有 5 個問題被放置在我們平台的問答框中。

And I'm going to ask the first question by Carolina Carneiro. Our question is about costs. Another quarter where the company had a relevant increase in manageable costs, which was below -- above expectations, especially in PDD. So number 1, with the new management, do you have a mapped plan to reduce these inefficiencies? Number 2, when do you plan to announce this detailed plan? Question number 3, how long do you think it will take to reach more adequate cost levels? Andre, who is going to answer.

我要問 Carolina Carneiro 的第一個問題。我們的問題是關於成本的。另一個季度，公司的可管理成本出現了相關增長，低於預期，尤其是在拼多多方面。因此，第一，對於新的管理層，您是否有減少這些低效率的計劃？第二，你打算什麼時候公佈這個詳細的方案？第 3 個問題，您認為需要多長時間才能達到更合適的成本水平？安德烈，誰來回答。

Well, I can answer this question. This question by Carolina was asked before Catia's presentation. I don't know whether it is possible to go back to Catia's presentation in the [barcode] when she talked about individual costs. With that, we can help answer what she mentioned. So Carolina and those who are watching this presentation, we have done a lot in 2.5 months. We have a new strategy for the company, a new Board of Directors with the new proposals, with strategies that are already ongoing. We hope to have our assembly to implement everything.

好吧，我可以回答這個問題。 Carolina 的這個問題是在 Catia 的介紹之前提出的。我不知道是否可以回到卡蒂亞在[條形碼]中談到個人成本時的介紹。這樣，我們就可以幫助回答她提到的問題。所以 Carolina 和那些正在觀看此演示文稿的人，我們在 2.5 個月內做了很多事情。我們為公司製定了新戰略，新董事會提出了新建議，戰略已經在進行中。我們希望讓我們的大會來實施一切。

But based on what you can see here on the screen, the change in the management, review of processes, review of the strategic plan will have an impact in the allocation of people and the activities we have today. We have submitted a plan which is being analyzed, and this is something that we will share with you. We expect to have relevant reductions throughout the process. We will share with you once everything is concluded.

但根據您在屏幕上看到的內容，管理的變化、流程的審查、戰略計劃的審查將對人員分配和我們今天的活動產生影響。我們已經提交了一份正在分析的計劃，這是我們將與您分享的內容。我們希望在整個過程中進行相關的削減。一旦一切結束，我們將與您分享。

So the general supplies, treatment supplies and services in general are being treated within the context of process review. We have created 2 centers. One is the (inaudible) which will take care of contracts, hiring and the things that are used on a continuous basis. Also the bidding model for large processes. So the demanding area will submit the investment demand, maintenance operation of specific system. And that's going to go through CapEx modeling and then it will go to the bidding process and hiring process.

因此，一般用品、治療用品和一般服務都在流程審查的範圍內進行處理。我們創建了 2 個中心。一個是（聽不清），它將處理合同、招聘和持續使用的東西。也是大型流程的投標模型。所以有需求的地區會提出投資需求，具體系統的維護運行。這將通過資本支出建模，然後進入投標流程和招聘流程。

With that, we guarantee a standardization of hiring processes, also unified contract pursuant so that we can negotiate with a scale and reduce costs with hiring. So we expect to have a reduction in these 4 items. For electricity, we already have a very daring process ongoing for distributed generation. We also hope to see it in electricity. And the self-production modeling will be ready in the next quarter, and then we will hire in the market this year.

這樣，我們保證了招聘流程的標準化，以及統一的合同，以便我們可以進行規模談判並降低招聘成本。所以我們預計這 4 項會有所減少。對於電力，我們已經有一個非常大膽的分佈式發電過程。我們也希望在電力方面看到它。而自產模型會在下個季度準備好，然後我們今年會在市場上招聘。

Also allowance for doubtful accounts is something that we are concerned about and we will have dedicated attention to this. We do not know what an adequate level is today. But since we have somebody taking care specifically in this area, and once we have an approval by the Board of Directors, we will move on with the plan. At the same time, we have hired external support to analyze all of the opportunities in terms of efficiencies and the use of revenue in the company. We have different consultancies, and in 2 or 3 months, we'll be able to share with you our vision for value capture in all of these areas. Today, we don't have it yet.

此外，呆賬準備金也是我們關心的問題，我們將對此給予特別關注。我們不知道今天的適當水平是多少。但由於我們有人專門負責這方面的工作，一旦我們得到董事會的批准，我們就會繼續執行該計劃。同時，我們聘請了外部支持來分析公司效率和收入使用方面的所有機會。我們有不同的諮詢機構，在 2 或 3 個月內，我們將能夠與您分享我們在所有這些領域獲取價值的願景。今天，我們還沒有。

Now we move on to the next question. Marcelo Goncalves, he asks, what is the review process of the tariff? Will the resulting in fees of this review be given along with the annual adjustments? Does SABESP have an estimate of the total increase of the tariff for '23?

現在我們繼續下一個問題。 Marcelo Goncalves，他問，關稅的審查過程是怎樣的？此次審查產生的費用是否會隨著年度調整一起給出？ SABESP 是否有 23 年關稅總增長的估計值？

Tiberio, can you answer this one?

Tiberio，你能回答這個問題嗎？

Yes, I can. In the practice, the regulator for public consultation has already answered about the situation, and we haven't defined the percentage value yet, but it will be published by April 8, along with the extraordinary adjustment because of the inflation. And these new tariffs will probably be in force after May 10. Of course, we expect to have something at around 10% or 12%, more or less.

我可以。在實踐中，徵求意見的監管部門已經對情況作出了答复，我們還沒有確定具體的百分比值，但是會在4月8日之前發布，隨著通脹的異常調整。這些新關稅可能會在 5 月 10 日之後生效。當然，我們預計會有大約 10% 或 12% 左右的稅率。

Next question. Going back to another question by Carolina Carneiro. Could you also comment about the regulatory model? What is the expectation for the extraordinary review? Do you have any discussions to change the base model and cost some to a fixed tariff using a possible privatization negotiation?

下一個問題。回到 Carolina Carneiro 提出的另一個問題。您能否也評論一下監管模式？對特別審查有何期待？您是否討論過使用可能的私有化談判來改變基本模型並花費一些固定關稅？

I think we have already answered part of this question, but Andre can comment about it.

我認為我們已經回答了這個問題的一部分，但 Andre 可以對此發表評論。

Yes, Carolina. Because this is public and the governor and secretary have already commented about it, what happened was that we are -- the IMC is evaluating the modeling of the privatization. As far as I know, the review of the regulatory model and what things are going to be like is being evaluated in this study and let's see what the results are. Today, we do not have any information regarding the desire or what will be followed. I know that it's a technical regulatory fact there. It's feasible but I don't know whether this is the model that the state is going to pursue.

是的，卡羅萊納。因為這是公開的，州長和秘書已經對此發表了評論，所以發生的事情是——IMC 正在評估私有化的模型。據我所知，這項研究正在評估對監管模型的審查以及事情將會是什麼樣子，讓我們看看結果是什麼。今天，我們沒有關於願望或將要遵循的內容的任何信息。我知道這是一個技術監管事實。是可行的，但我不知道這是不是國家要推行的模式。

We now have a question by (inaudible). He says the following. I have 2 questions. Could you give us some guidance on the default projections? Do you believe that PDD has reached its peak? Could you explain why there was a significant increase of expenses with the legal deposits? And would it be possible to estimate the normalized provision level?

我們現在有一個問題（聽不清）。他說了以下內容。我有兩個問題。你能給我們一些關於默認預測的指導嗎？你認為拼多多已經達到頂峰了嗎？你能解釋一下為什麼法定存款的費用會大幅增加嗎？是否有可能估計正常化的撥備水平？

Well, I can answer this question. When we talk about the legal implications, I think that we had something that ended up having a different impact when we compare it to the other years. We don't see it as a recurring effect. Of course, we have the contingencies which are monitored proactively, looking at all of the possibilities to making it a concrete fact. We expect that this is not a recurring fact and it happened because of a lawsuit.

好吧，我可以回答這個問題。當我們談論法律影響時，我認為與其他年份相比，我們最終產生了不同的影響。我們不認為這是一種反復出現的效果。當然，我們有主動監控的突發事件，研究所有可能使其成為具體事實的可能性。我們希望這不是一個反復出現的事實，而是因為訴訟而發生的。

When we look at PCLD, it's difficult for us to know if we've reached the peak, but we can imagine that theoretically that we have reached the peak. When we look at these 2 variables, first of all, we had the pandemic, which in fact, reduces the power of consumption and also a change in the invoicing system. We can see some signs in '22 of improvement in unemployment rate in the state. And we see with good eyes the possibility of recovery throughout '23, but it's too early to say we're going to get. This is also associated to having somebody focusing on client relationship. So this is the comment I have about your question.

當我們看 PCLD 的時候，我們很難知道我們是否已經達到了頂峰，但我們可以想像，理論上我們已經達到了頂峰。當我們看這兩個變量時，首先，我們有大流行病，這實際上降低了消費能力，也改變了發票系統。我們可以在 22 年看到該州失業率改善的一些跡象。我們以良好的眼光看到了整個 23 年恢復的可能性，但現在說我們會恢復還為時過早。這也與有人專注於客戶關係有關。這就是我對你的問題的評論。

Thank you, Catia. Now we have a question by Gustavo Fabricio. He asked the following. The results show us that there is a cost pressure when compared to other companies in the sector as well as a PDD which is higher than the average. Furthermore, in the fourth quarter of '22, we saw that the main tariff was below what was expected in the volume mix. Thinking about this new management, what can we expect in terms of operational costs, better management of the tariff mix and a better profitability of the capital used? Do you intend to present a strategic plan to investors?

謝謝你，卡蒂亞。現在我們有 Gustavo Fabricio 的問題。他問了以下問題。結果表明，與該行業的其他公司相比，存在成本壓力以及高於平均水平的 PDD。此外，在 22 年第四季度，我們看到主要關稅低於銷量組合的預期。考慮到這種新的管理方式，我們在運營成本、更好的關稅組合管理以及更好的所用資本盈利能力方面可以期待什麼？您打算向投資者提出戰略計劃嗎？

Well, I think this question was asked before an explanation we gave after the question was asked. We do have a new strategic view. This will have an impact on costs. It will be quantified once the consultancies and the internal work of the company can change this impact, both in terms of personnel, also expenses with electricity, services, materials and so on and so forth. So our expectation is to have a relevant cost, but we still do not have any numbers to share with you.

好吧，我認為這個問題是在我們提出問題後給出解釋之前提出的。我們確實有一個新的戰略觀點。這將對成本產生影響。一旦諮詢和公司內部工作能夠改變這種影響，無論是在人員方面，還是在電力、服務、材料等方面的費用方面，都會對其進行量化。所以我們的期望是有相關成本，但我們仍然沒有任何數字可以與您分享。

Andre, perhaps we could comment about the mix and the tariff. In fact, all of the other questions you had already answered.

安德烈，也許我們可以對組合和關稅發表評論。事實上，您已經回答了所有其他問題。

Well, the management of the tariff mix has a nonrelevant component. We've worked with the regulation of some activities that have an impact on losses, people who are consuming water in an unusual manner. But we do have a program with large clients. And I think that the creation of this new department, aiming at clients, allows us to have better opportunities. There is a debate with the regulator about the tariff changes. We've also started discussing with the regulator so that we can understand what the impacts will be on the company once we follow this path.

好吧，關稅組合的管理有一個不相關的組成部分。我們已經對一些影響損失的活動進行了監管，這些人以不尋常的方式用水。但我們確實有一個針對大客戶的項目。而且我認為這個以客戶為目標的新部門的創建讓我們有更好的機會。與監管機構就關稅變化進行了辯論。我們還開始與監管機構進行討論，以便我們了解一旦我們走這條路會對公司產生什麼影響。

Thank you, Andre. I think that part of what you mentioned is also being questioned by Gabriel Caruso. He asked the following. Andre and team, I wish you success in the new management. I would like to know if SABESP is considering reviewing the company's pricing. As an investor, it's good to know that the company needs to -- or is considering investing in new returns.

謝謝你，安德烈。我認為你提到的部分內容也受到加布里埃爾卡魯索的質疑。他問了以下問題。安德烈和團隊，祝你們在新管理層取得成功。我想知道 SABESP 是否正在考慮審查公司的定價。作為投資者，很高興知道公司需要——或正在考慮投資新的回報。

As an end client of SABESP, do you think of reducing -- or do you consider reducing consumption cost price, aiming at expanding SABESP's performance and the mean consumption?

作為SABESP的終端客戶，您是否考慮降低——或者您是否考慮降低消費成本價格，旨在擴大SABESP的績效和平均消費？

Well, thank you very much. We're really excited about the challenges and the opportunities we've identified thus far. Our objective is to turn SABESP into as efficient of a company as possible. We will try everything that is possible to make the cost and human resources management more efficient. We have also started reprioritizing the company's CapEx, aiming at also compliance, environmental compliance since we operate based on the rules and all of the demands, also complying with the program contracts and concessions that we have and also generating value.

好的，謝謝。我們對迄今為止發現的挑戰和機遇感到非常興奮。我們的目標是將 SABESP 變成盡可能高效的公司。我們將盡一切可能使成本和人力資源管理更加高效。我們還開始重新確定公司資本支出的優先順序，旨在實現合規性、環境合規性，因為我們根據規則和所有要求運營，同時遵守我們擁有的項目合同和特許權，並創造價值。

So this is our goal, combined with this management shock that we intend to put into place so that we can have more efficient hiring processes and reduce inefficiencies. The issue of tariff costs reflects the company's structure. If we maintain the current structure, we have an annual review and adjustment every 4 years. The next 1 will be in '25. Of course, what we do will be analyzed by the regulator. We will implement the new tariff base, which will develop for the next 4 years. So this is related to a capture by the regulator and can also be turned into investments. I understand your question. I don't know whether I missed anything, but this is our vision.

所以這是我們的目標，再加上我們打算實施的這種管理衝擊，以便我們可以擁有更高效的招聘流程並減少效率低下的情況。關稅成本問題反映了公司的結構。如果我們保持目前的結構，我們每 4 年進行一次年度審查和調整。下一個將在 25 年。當然，我們的做法會被監管機構分析。我們將實施新的關稅基礎，該基礎將在未來 4 年內發展。所以這與監管機構的捕獲有關，也可以轉化為投資。我明白你的問題。我不知道我是否遺漏了什麼，但這是我們的願景。

Well, I think that you have answered all of his questions, yes. We have a question by Antonio Rezo here. It says the following. An important aspect in the case of privatization and the agreement of the model with the municipalities. Could you approach this aspect a little bit?

嗯，我認為你已經回答了他所有的問題，是的。我們在這裡有 Antonio Rezo 提出的問題。它說了以下內容。私有化的一個重要方面以及與市政當局達成模型協議。你能稍微接近這個方面嗎？

Antonio, thank you for your question. I think we can only answer this once the IFC ends its analysis. The regulatory framework does include something on contract changes. We already have pre-established deadlines, a notification to the municipalities. They have 60 days to get back. This is an important debate. I understand everybody's interest because of the effect it will have on the value of the company.

安東尼奧，謝謝你的問題。我認為我們只能在國際金融公司結束分析後才能回答這個問題。監管框架確實包括一些關於合同變更的內容。我們已經預先設定了截止日期，並通知了市政當局。他們有 60 天的時間回來。這是一場重要的辯論。我理解每個人的興趣，因為它會對公司的價值產生影響。

But unfortunately, before the studies are concluded by the state government, which are performed by (inaudible) you'll see it is very difficult to know what the result is going to be. We are interested in contributing and guaranteeing that the process will follow all of the rules as transparent as possible, which is good for the company, the shareholders and in special for the society and government. It is a journey where we're trying to align all interests.

但不幸的是，在由（聽不清）執行的州政府完成研究之前，您會發現很難知道結果會是什麼。我們有興趣做出貢獻並保證流程將盡可能透明地遵循所有規則，這對公司、股東，特別是對社會和政府都有好處。這是一個我們試圖協調所有利益的旅程。

The governor has already said, and this was repeated by the secretary in terms of investment, environment and logistics, that privatization only makes sense if it generates benefits for the society. So we have to wait, see what model the stage is going to choose so that we can generate more value. And then once this is established, the company will collaborate to carry this out the best way possible.

州長已經說過，而且秘書在投資、環境和物流方面也重複了這一點，私有化只有在為社會帶來利益的情況下才有意義。所以我們要等等，看這個階段要選擇什麼樣的模式，這樣我們才能產生更多的價值。然後一旦確定，公司將合作以盡可能最好的方式執行此操作。

Well, thank you, Andre. Antonio has another question. He asks if the company can talk a little bit about the investment plan for the next years. Will there be any major change?

好吧，謝謝你，安德烈。安東尼奧有另一個問題。他問公司是否可以談談未來幾年的投資計劃。會有什麼大的變化嗎？

Antonio, we will probably have changes. Today, we have already published a plan. It was published last year totaling BRL 27 billion in 5 years. And according to the logic I commented, environmental compliance, regulatory compliance, this is something that we are already doing. We have not concluded the reprioritization of investments planned but we will do that.

安東尼奧，我們可能會有變化。今天，我們已經公佈了一個計劃。它於去年發布，5 年內總計 270 億雷亞爾。根據我評論的邏輯，環境合規性、法規合規性，這是我們已經在做的事情。我們尚未完成計劃投資的重新優先排序，但我們會這樣做。

Thank you, Andre. Well, right now, all of the questions we received have been answered. I will wait a little bit. And if nobody has another question, we will stop with the investors and start the interview with the journalists.

謝謝你，安德烈。那麼，現在，我們收到的所有問題都已得到解答。我稍等一下。如果沒有人有其他問題，我們將停止對投資者的採訪，然後開始對記者進行採訪。

Very well. We do not have any new questions, Andre. And then I will ask journalists to ask their questions using the Q&A button that can be seen on the platform. (inaudible) has asked a question. Hello, (inaudible) from Valor Economico. I have 2 questions. The first 1 is about the investment plan. According to the report, the plan for '23 is investing BRL 5 billion -- BRL 5.18 billion. And in '22, this amount was BRL 5.39 billion. What explains this deacceleration? Is this going to be reviewed by the new management? What will be the focus on investments for this year? And the second question is about the ongoing discussion on the new federal decree for sanitation. How does SABESP see the changes that are being discussed? What are the possible effects for the sector for the company?

很好。安德烈，我們沒有任何新問題。然後我會請記者使用平台上可以看到的問答按鈕提問。 （聽不清）問了一個問題。你好，（聽不清）來自 Valor Economico。我有兩個問題。第一個是關於投資計劃。據報導，'23計劃投資50億雷亞爾——51.8億雷亞爾。而在 22 年，這個數額是 53.9 億雷亞爾。什麼解釋了這種減速？這將由新管理層審查嗎？今年的投資重點是什麼？第二個問題是關於正在進行的關於新的聯邦衛生法令的討論。 SABESP 如何看待正在討論的變化？該行業對公司可能產生哪些影響？

Thank you for the questions. Regarding the investment plan, we have not reviewed it yet. It's ongoing, also the investment capacity volume, and once again, we expect to have this soon. We would like to make decisions based on this plan. This number was defined by the prior management, and we are reviewing it to determine whether it is aligned to our priorities.

謝謝你的問題。關於投資計劃，我們還沒有審查。它正在進行中，投資容量也在進行中，我們希望很快就會有這個。我們想根據這個計劃做出決定。這個數字是由之前的管理層定義的，我們正在審查它以確定它是否符合我們的優先事項。

Regarding your second question, I have not read the minutes of the decree. I read a report about it today and what they're saying. I have already commented here that the regulatory framework [always] has an opportunity to improve and governments try to have a different view, trying to improve something. Along these lines, I think that the decree has some gaps. We are monitoring. We are very interested in this vision. And if it is good for the society to reduce some gaps, existing gaps in municipalities whose contracts are not good enough, if we can do something via a new contract, this can be reviewed by the sector. And I think that this transition of the system in the regulatory context will help better organize the new context.

關於你的第二個問題，我沒有看過法令的紀要。我今天讀了一篇關於它的報導以及他們在說什麼。我已經在這裡評論過，監管框架 [always] 有機會改進，政府試圖有不同的觀點，試圖改進某些東西。沿著這些思路，我認為該法令存在一些漏洞。我們正在監控。我們對這個願景非常感興趣。如果減少一些差距對社會有益，即合同不夠好的市政當局的現有差距，如果我們可以通過新合同做些什麼，那麼該部門可以對此進行審查。而且我認為，在監管環境下系統的這種轉變將有助於更好地組織新環境。

And the debate we're having, the change of the regulatory framework has been accepted as something that is already established. The adjustment of the decree comes along the lines of trying to fill in these gaps which were left by the previous management. And in this regard, this tends to be very positive.

在我們正在進行的辯論中，監管框架的變化已被接受為已經確定的事情。法令的調整是為了填補前任管理層留下的這些空白。在這方面，這往往是非常積極的。

Okay, Andre. Thank you very much. (Operator Instructions) We have a new question by Alberto Alerigi, Jr. He asks the following: Does SABESP intend to reopen any plan of voluntary resignation in this context of cost reduction?

好的，安德烈。非常感謝。 （操作員說明）我們有小阿爾貝托·阿萊里吉提出的一個新問題。他提出以下問題：SABESP 是否打算在降低成本的情況下重新啟動任何自願辭職計劃？

Well, if after the structuring we're submitting to the state, do we have an opportunity to reduce costs? Yes, I think that this is an option that the company can consider to encourage those who can resign and if it makes sense for them to adhere to a voluntary resignation plan. This is something I have received from the unions and the different associations with a new plan for voluntary resignation. This is being evaluated, and we are -- actually, we have not decided anything yet, but there are ongoing conversations about this.

那麼，如果在我們提交給國家的結構之後，我們是否有機會降低成本？是的，我認為這是公司可以考慮的一種選擇，以鼓勵那些可以辭職的人，如果他們堅持自願辭職計劃是有意義的。這是我從工會和不同協會那裡收到的關於自願辭職的新計劃。這正在評估中，我們 - 實際上，我們還沒有做出任何決定，但正在就此進行持續的對話。

Okay. Gabriel Caruso asks if there is anything you'd like to share with us that worry you in the new management.

好的。加布里埃爾·卡魯索 (Gabriel Caruso) 詢問您是否有任何讓您擔心新管理層的事情想與我們分享。

Gabriel, actually no. The transition process from the prior management to this one was very harmonious. We did not identify anything that should be highlighted. The company's controls as far as we could question and talk to the external and internal monitors, the auditing committee, accounting and also the management of the main systems of the company, there was really nothing that was raised by any of them.

加布里埃爾，實際上沒有。從以前的管理層到現在的管理層的過渡過程非常和諧。我們沒有發現任何應該強調的內容。就我們可以向外部和內部監督員、審計委員會、會計以及公司主要係統的管理人員提出質疑和交談而言，公司的控制措施實際上沒有被任何人提出。

The company was managed very responsibly regardless of the current or the prior administration. So we do not have any concerns. But we do have a concern and we are worried about delivering results. I think there is an urgency in implementing the value triggers as soon as possible. But we work at a company whose decision-making process goes beyond the company itself. So we have to go through different decision-making levels in the state government.

無論是現任還是前任，公司的管理都非常負責任。所以我們沒有任何顧慮。但我們確實有一個擔憂，我們擔心交付結果。我認為盡快實施價值觸發器是當務之急。但我們在一家公司工作，其決策過程超出了公司本身。所以我們必須經過州政府的不同決策層級。

It's not a concern, it's a willingness, a legitimate willingness to deliver results as soon as possible. Otherwise, I think that Catia has already mentioned this, that the company is well managed. We do have relevant opportunities that we will pursue.

這不是擔心，而是一種意願，一種盡快交付結果的正當意願。否則，我認為 Catia 已經提到了這一點，公司管理得很好。我們確實有我們將追求的相關機會。

Very well, Andre. Next question is by Thiago Patricio. He asked the following. Thiago Patricio from (inaudible) Company. In the ESG context directly applied to the operations, I think that SABESP could improve the losses in the networks, reuse of recycled water, composting, production of biomethane and so on and so forth. Based on these technologies and techniques for optimization, which ones will have a priority for SABESP in the upcoming years?

很好，安德烈。下一個問題由 Thiago Patricio 提出。他問了以下問題。來自（聽不清）公司的 Thiago Patricio。在直接應用於運營的 ESG 背景下，我認為 SABESP 可以改善網絡中的損失、循環水的再利用、堆肥、生物甲烷的生產等等。基於這些用於優化的技術和技術，哪些將在未來幾年成為 SABESP 的優先事項？

Thank you, Thiago, for your question. I understand that sanitation companies, not only SABESP but the companies that work with sanitation, are perhaps the highest ESG trigger that a company can have. Today, we already have a clear view of circular economy in our treatment stations. We have pilot projects that are being trained for the production of biogas, biofertilizers and also producing ceramic products for civil construction using mud.

蒂亞戈，謝謝你的問題。據我所知，衛生公司，不僅是 SABESP，還有與衛生相關的公司，可能是一家公司可以擁有的最高 ESG 觸發器。今天，我們的處理站已經對循環經濟有了清晰的認識。我們的試點項目正在接受培訓，用於生產沼氣、生物肥料以及使用泥漿生產用於民用建築的陶瓷產品。

We are not the largest -- actually, we are one of the largest recycled water providers in South America. Also, we want to leverage value. Our commitment with the environment is very important for us so that we have renewable sources to supply our units efficiently, also manage the watersheds. We could have a specific day for ESG because today, we don't have a lot of time for that. But I would like to talk a little bit about the value leverage that we want to use. And Thiago, I thank you for your question.

我們不是最大的——實際上，我們是南美洲最大的再生水供應商之一。此外，我們希望利用價值。我們對環境的承諾對我們來說非常重要，這樣我們就有可再生資源來有效地為我們的設備供電，同時管理流域。我們可以為 ESG 安排一個特定的日子，因為今天我們沒有太多時間。但我想談談我們想要使用的價值槓桿。蒂亞戈，謝謝你的提問。

Okay, Andre. We have a question by Juliana Rocha from Red. When will the strategic plan be concluded and introduced? Her other question is about the funding for investments this year. Does SABESP intend to go to the market, issue debt using debentures or bilaterals?

好的，安德烈。 Red 的 Juliana Rocha 提出了一個問題。戰略計劃何時完成並出台？她的另一個問題是關於今年的投資資金。 SABESP 是否打算進入市場，使用債券或雙邊債券發行債務？

The strategic view of the company has already been defined in the structure that we have assembled. We are going to be more efficient. We are going to align everything with the regulator, prioritize clients at a residential level and the end consumer, also having an integrated ESG view to guarantee that our activities will promote environmental improvements with more sustainable activities, helping cities to better interact with the environment with a lower impact. So our strategic view reflects the new composition and attribution of this new Board of Directors.

公司的戰略觀點已經在我們組裝的結構中定義。我們會更有效率。我們將與監管機構保持一致，優先考慮住宅層面的客戶和最終消費者，同時擁有綜合的 ESG 觀點，以確保我們的活動將通過更可持續的活動促進環境改善，幫助城市更好地與環境互動較低的影響。因此，我們的戰略觀點反映了新董事會的新組成和歸屬。

Regarding the funding of investments, SABESP is very competent. We've seen the market capital with a lot of intensity in the last few years because it was favorable. But at the same time, we have a very close relationship with multilateral funding institutions. There is a Japanese institution that promotes investments. We have the IDB, the World Bank. We also have a public line with the and the Development Bank. And therefore, the company has always worked in different fronts to guaranteeing that the funding of its investment plans will be well provisioned. For this year, we have a very good opportunity that we'll be able to access efficiently to guarantee the resources we need to have for the investments this year and next year.

在投資融資方面，SABESP 非常稱職。在過去的幾年裡，我們看到市場資本非常活躍，因為它是有利的。但與此同時，我們與多邊資助機構有著非常密切的關係。日本有一個促進投資的機構。我們有美洲開發銀行，世界銀行。我們還與開發銀行建立了公共線路。因此，該公司一直在不同方面開展工作，以確保其投資計劃的資金得到充分供應。今年，我們有一個很好的機會，我們將能夠有效地訪問以保證我們今年和明年的投資所需的資源。

Okay. Thank you, Andre. Let me see if we have any more questions. There is a new question by Alberto Alerigi, Jr. Could you update the situation of the de-pollution of the Pinheiros River program in terms of investments that have already been made and that will be made? The prior management said that the activities were ahead, but we've read recent news on the high level of pollution. When will the river be returned to the population?

好的。謝謝你，安德烈。讓我看看我們是否還有其他問題。 Alberto Alerigi, Jr. 提出了一個新問題。您能否根據已經進行的和將要進行的投資來更新 Pinheiros 河污染治理計劃的情況？之前的管理人員說活動提前了，但我們最近看到了關於污染嚴重的新聞。河水什麼時候還給老百姓？

Well, regarding the volume of investments and everything that has been made, I do not have the updated numbers here. But the most part of what has been done in terms of water recovery has already been made. There was a huge impact on the quality of the water of the river. But this process is -- does not end on its own.

好吧，關於投資量和所做的一切，我這裡沒有最新的數字。但是在水回收方面已經完成的大部分工作已經完成。對河流的水質產生了巨大的影響。但這個過程是——不會自行結束。

There is a combination of factors that involves the participation of SABESP but not only SABESP. It involves the municipality, the agent, the DAE that manage all of the different rivers and the Pinheiros River has a decreased water flow from its origin. Part of it has to do with the billings reservoir, which has been harmed and that reduces the flow of water of the Pinheiros River when compared to the past.

SABESP 的參與涉及多種因素，而不僅僅是 SABESP。它涉及管理所有不同河流的市政當局、代理人和 DAE，而 Pinheiros 河的水流從源頭開始減少。部分原因與比林斯水庫有關，該水庫已受到破壞，與過去相比減少了皮涅羅斯河的水流量。

We continue investing. There are different fronts of activities and we've been doing everything that we can, but it's an effort made by the society so that we can move on with this agenda. And we have used the example of the Pinheiros River, but we also have the Tietê River using the same models and the learning experiences we had in the Pinheiros River to the Tietê River. We are coordinating it with the different municipalities that will be involved in the process and this will be done by means of the environment, secretariat of this administration.

我們繼續投資。活動有不同的方面，我們一直在盡我們所能，但這是社會做出的努力，以便我們能夠繼續推進這一議程。我們使用了 Pinheiros 河的例子，但我們也有 Tietê 河使用相同的模型和我們在 Pinheiros 河到 Tietê 河的學習經驗。我們正在與將參與該過程的不同市政當局進行協調，這將通過本行政當局的環境秘書處來完成。

Okay, Andre. There is another question by [Thais Erat]. She asks if you could detail what this activity in the Tietê River is going to be like.

好的，安德烈。 [Thais Erat] 還有一個問題。她問你是否可以詳細說明 Tietê 河的這項活動將會是什麼樣子。

Well, Thais, if you give me a couple of days, I will. We are planning something along with the environment secretariat to launch it on Friday. So today is Tuesday, so we will disseminate it around Friday in an integrated and structured way. We will inform what we're going to do in this first cycle of this government aiming at the Tietê River.

好吧，泰國人，如果你給我幾天時間，我會的。我們正與環境秘書處一起計劃在周五啟動它。所以今天是星期二，所以我們會在星期五前後綜合、結構化地進行傳播。我們將告知在本屆政府針對 Tietê 河的第一個週期中我們將要做什麼。

Very well. Thank you. So I think this was the last question. We are reaching our last 15 minutes, Andre, so perhaps you'd like to make a final comment.

很好。謝謝。所以我認為這是最後一個問題。 Andre，我們已經到了最後 15 分鐘，所以也許你想做最後的評論。

Yes, I will, Tiberio. Thank you very much. I wanted to thank all of you for being present here today and also for trusting us. We are really dedicated to transforming the company into a reference of efficiency, management and modernity. I would like to reinforce the message that we have an open door to receive criticisms, suggestions, a focus on communication and the cooperation so that we can evolve as a society and as a company.

是的，我會的，Tiberio。非常感謝。我要感謝你們所有人今天來到這裡，也感謝你們對我們的信任。我們真正致力於將公司轉變為效率、管理和現代化的典範。我想強調的是，我們敞開大門接受批評和建議，注重溝通和合作，這樣我們才能作為一個社會和一家公司不斷發展。

I would like to reinforce the request for investors to participate in our assembly. We -- it would be very important to count on your presence so that we can implement this change in the bylaws in the very first assembly, so that we're all in agreement with this vision on modernity and therefore, I wholeheartedly thank you for your presence to enable us to make this change in the assembly.

我想再次呼籲投資者參加我們的大會。我們 - 非常重要的是指望你的存在，這樣我們就可以在第一次大會上實施章程中的這一變化，以便我們都同意這種現代性願景，因此，我衷心感謝你您的出席使我們能夠在大會上做出這一改變。

Finally, I have a message that the whole company is very enthusiastic with the new management, with the perspective of having a modern management at all levels. We are inaugurating a new phase in the company. It's a promising phase, a relationship with the society and the whole Board of Directors, myself, Catia, Bruno, Paula and Sabrina and Roberval are dedicated to delivering a new company to the society and to the state.

最後，我要傳達的信息是，整個公司對新管理層非常熱情，希望在各個層面都擁有現代化的管理。我們正在為公司開創一個新階段。這是一個充滿希望的階段，與社會和整個董事會的關係，我本人、Catia、Bruno、Paula、Sabrina 和 Roberval 致力於為社會和國家提供一家新公司。

I also wanted to mention that for the first time in the history of SABESP, we have 3 women at the Board of Directors. They are extremely well-trained for the positions they occupy, and we wanted to more and more reinforce our commitment with inclusion in our company so that we can have a more robust decision-making process. Once again, thank you all for your attention. Tiberio, I think that from our side, we can end. We're actually very happy to be here right now, and we are very enthusiastic.

我還想提一下，在 SABESP 的歷史上，我們的董事會中第一次有 3 名女性。他們在所擔任的職位上接受過非常良好的培訓，我們希望越來越多地通過融入公司來加強我們的承諾，以便我們能夠擁有更穩健的決策過程。再次感謝大家的關注。 Tiberio，我認為從我們這邊來說，我們可以結束。我們現在真的很高興來到這裡，我們非常熱情。

Perfect, Andre. So we see you all again in the next result conference call.

完美，安德烈。因此，我們將在下一次結果電話會議上再次見到你們。

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

[現場通話中的口譯員用英語對這份成績單進行了陳述。]