Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) 2023 Q2 法說會逐字稿

Good morning. Welcome to the SABESP Second Quarter Earnings Release Call, I am Tiberio, I am of Superintendent of Investor Relations. We have with us, Andreas Salcedo, the CEO of the company; Catia Pereira, CFO and Investor Relations Officer; and Marcelo Miyagui, Accounting Director. Before I give the floor to Andre Gustavo this call, I'd like to give you some information. This call has some simultaneous translation into English, and it's being recorded. The presentation and recording will be available for download in the Investor Relations portal. Questions will be asked only in writing in the chat box in this platform. Our call will last for around 1 hour and 30 minutes and we will have 45 minutes for questions asked by the analysts and 15 minutes questions for journalists.

早上好。歡迎參加 SABESP 第二季度收益發布電話會議，我是 Tiberio，我是投資者關係主管。我們有公司首席執行官安德烈亞斯·薩爾塞多 (Andreas Salcedo)； Catia Pereira，首席財務官兼投資者關係官； Marcelo Miyagui，會計總監。在請安德烈·古斯塔沃發言之前，我想向您提供一些信息。這次通話有一些同聲翻譯成英語，並且正在錄音。演示文稿和錄音可在投資者關係門戶網站下載。問題只能在本平台的聊天框中以書面形式提出。我們的電話會議將持續約 1 小時 30 分鐘，其中分析師提問 45 分鐘，記者提問 15 分鐘。

I would like to clarify that statements that may be made during this call related to business prospects of the company, financial goals, forecast based on premises of the Board of SABESP and information currently available to the company and they are not recommendations for investment. Forward-looking statements are not guaranteed because they involve risks, uncertainties and premises because they refer to future events and therefore, they depend on circumstances that may occur or not. Investors should understand that general economic conditions, industry conditions and other operating factors may affect future results of the company may lead to results that are materially different from those expressed in these forward-looking statements.

我想澄清的是，本次電話會議中可能發表的聲明涉及公司的業務前景、財務目標、基於 SABESP 董事會前提的預測以及公司目前掌握的信息，並非投資建議。前瞻性陳述不受保證，因為它們涉及風險、不確定性和前提，因為它們涉及未來事件，因此取決於可能發生或不發生的情況。投資者應了解，總體經濟狀況、行業狀況和其他經營因素可能會影響公司未來的業績，可能導致結果與這些前瞻性陳述中表達的結果存在重大差異。

Now I'd like to give the floor to Andre Salcedo who will open this call. Andre? The floor is yours.

現在我想請安德烈·薩爾塞多 (Andre Salcedo) 發言，他將主持本次電話會議。安德烈？地板是你的。

Good morning. I'd like to greet the team who is here. Thank you, Tiberio, Catia, Marcelo. Another quarter where we are really making a great effort to make all the changes and prepare the company for this new phase, a phase of a more agile, more competitive and more modern company. And I start with 2 main items here, conclusion of the PDI, which is the [sensify's] dismissal program, and the purpose is to encourage employees who have been working for the company for a long time who have contributed a lot to build the company that we have. Today, this company, we are so proud of having in the state of Sao Paulo -- making sure that they can have a smooth transition to their retirement. We've concluded the adherence to these voluntary resignation program and it was very much in line with what we thought originally regarding the potential of this program considering the restructuring in our company. The restructuring of the company aims at centralizing processes, rethinking the company as a whole with a more integrated vision and in this context, we identified a potential of reducing 2,000 jobs scattered throughout the whole company, considering this initial estimate the adherence was very close to what we thought it would be. It was successful. So over 1,800 employees registered and we finish this cycle of resizing the staff.

早上好。我想向在這裡的團隊致意。謝謝蒂貝里奧、卡蒂亞、馬塞洛。在另一個季度，我們確實做出了巨大的努力，進行所有的改變，讓公司為這個新階段做好準備，這個階段是一個更敏捷、更具競爭力和更現代化的公司。我在這裡先從兩個主要項目開始，PDI的結論，即[sensify的]解僱計劃，目的是鼓勵長期在公司工作、為公司建設做出貢獻的員工我們有。今天，我們為聖保羅州擁有這家公司感到非常自豪——確保他們能夠順利過渡到退休生活。我們已經得出了遵守這些自願辭職計劃的結論，這與我們最初對考慮到我們公司重組的該計劃的潛力的想法非常一致。公司重組的目的是集中流程，以更加綜合的願景重新思考整個公司，在此背景下，我們確定了減少分散在整個公司 2,000 個工作崗位的潛力，考慮到這一初步估計，遵守情況非常接近我們的想法是什麼。成功了。因此，超過 1,800 名員工註冊，我們完成了這一員工規模調整週期。

Now we have to look forward and build the foundations for this new chapter of the company with this new management, with this new vision, which is more focused on customers, the environment and with a focus on value creation, both for society, shareholders and our employees. Also a piece of information we have published in the release in-line with what we thought in the past, the payback of these incentivized dismissal program is very much in-line with the market. So no surprise in this context. Going back to the implementation of the new company structure with the support of shareholders in April, we approved the establishment of a new executive office focusing on customers and the rationale of this focus started in 2 big fronts: one, making sure ready and appropriate service with this basis of 228 million customers. Looking at our customers as an opportunity of a relationship that can be expanded, providing services and new businesses with an ability to innovate and also preserving the value of the company through more efficient management of accounts receivable. And this has been the focus of our management. And now we will have someone devoted to that. This will further be -- smoothly further enhanced in managing both flow and also with more sophisticated ideas in order to try to recover what we had in the past of credits. So we have a big expectation. And later, we will give more details, and we hope that you will be validating this because this is something really positive this person and the profile we are adding to all the directors we already have.

現在，我們必須以新的管理層和新的願景展望未來，為公司的新篇章奠定基礎，更加關注客戶、環境，並註重為社會、股東和客戶創造價值。我們的員工。另外，我們在新聞稿中發布的一條信息與我們過去的想法一致，這些激勵性解僱計劃的回報與市場非常一致。所以在這種情況下並不奇怪。回到4月份在股東支持下實施的新公司架構，我們批准成立了一個以客戶為中心的新執行辦公室，這一重點的理由是從兩大方面開始的：一是確保准備好和適當的服務擁有2.28 億客戶。將我們的客戶視為可以擴大關係的機會，提供具有創新能力的服務和新業務，並通過更有效的應收賬款管理來維護公司的價值。這一直是我們管理的重點。現在我們將有專人致力於此。這將進一步順利地進一步加強管理流量和更複雜的想法，以試圖恢復我們過去擁有的學分。所以我們有很大的期望。稍後，我們將提供更多細節，我們希望您能夠驗證這一點，因為這個人以及我們正在為我們現有的所有董事添加的個人資料確實是積極的。

Now with this office focusing on this new structure, in this new phase of our company, still in-line with the message we have been communicating, we are still very much focused on capital discipline, proper management and more efficient allocation of resources in the second quarter and by the end of July, early August, we have 2 very important information that really show the commitment we have with the company. First was. the first time in the history of sanitation in Brazil, a state company won a contract in the city of Olimpia is an iconic municipality. They have a lot of tourism there. Water -- so it reinforces our position in an area of the state where we already have a good position. So we dilute costs there. It helps us be more efficient. And we have very high expectations that this first case, which is a symbol of this new company. It may add further contracts to our base. And we also have the right to exercise in the context of the sales [Igua SA] did of their assets. And 2 of these assets or assets where we have a minority shares or minority interests and one of the rights we had was to have preference to acquire interests of Igua SA in the same conditions offered by the buyer, we deeply analyzed the assets. And our conclusion is that in this capital discipline, considering other opportunities we have, exercising this preference right wouldn't be the best choice. So we will remain in the position where we were.

現在，這個辦公室專注於這個新的結構，在我們公司的這個新階段，仍然符合我們一直傳達的信息，我們仍然非常注重資本紀律、適當的管理和更有效的資源配置。第二季度和7 月底、8 月初，我們有兩個非常重要的信息，真正體現了我們對公司的承諾。首先是。巴西衛生設施史上首次有一家國有公司贏得了奧林匹亞這座標誌性城市的合同。他們那裡有很多旅遊業。水——因此它加強了我們在該州已經擁有良好地位的地區的地位。所以我們稀釋了那裡的成本。它幫助我們提高效率。我們對這第一個案例抱有很高的期望，它是這家新公司的象徵。它可能會為我們的基地增加更多合同。我們也有權在 [Igua SA] 出售其資產的情況下行使權利。其中2項資產或我們擁有少數股權或少數股權的資產，並且我們擁有的權利之一是在買方提供的相同條件下優先收購Igua SA的權益，我們對這些資產進行了深入分析。我們的結論是，在這種資本紀律下，考慮到我們擁有的其他機會，行使這一優先權並不是最好的選擇。所以我們將保持原來的位置。

And then we will start the negotiations so that asset management is as efficient possible, both for SABESP and for this new partner. In the result, we will present today or Catia will present today is the result that is according to the commitment we have had with you over this journey starting in January, the -- so we established in March, and now we have a whole team and around 7, 6, 5 months of work, we managed to present the results we're looking for in the first quarter, the second quarter, we further advanced in terms of operational improvement efficiency and reviewing processes, mapping value leverage, both short and long term and a corporate vision, a vision of not only centralization, efficiency and change on decision-making focus, it will be more centralized, but also bring strategic topics so that they become central in corporate terms, we have created an area which will be dealing with a strategic points, giving a direction to the company, where we're going to go, what are the goals we want to achieve. And we're also working very hard, well in -- we have been doing it and we will continue in the third quarter of identifying opportunities and the situation the company is right now in terms of carbon footprint and the greenhouse gas balance so that we can really show society that the role played by SABESP in the environmental and social agenda. And this is very dear to us in a vision of circular economy, integration, people who are at the margins of society. So this social vision is something very strong in our company. And we have an amazing capacity of taking basic sanitation, water supply and basic infrastructure to low-income people.

然後我們將開始談判，以便 SABESP 和這個新合作夥伴的資產管理盡可能高效。在結果中，我們今天將展示的結果，或者Catia 今天將展示的結果，是根據我們在1 月份開始的這段旅程中與您所做的承諾所得出的結果，所以我們在3 月份建立了，現在我們擁有一個完整的團隊經過大約7、6、5 個月的工作，我們成功地在第一季度、第二季度呈現了我們想要的結果，我們在運營改進效率和審查流程、映射價值槓桿方面進一步取得了進步，兩者都簡短從長遠來看，一個企業願景，一個願景不僅是集中化、效率化，而且改變決策的重點，它會更加集中，而且會帶來戰略主題，使它們成為企業的核心，我們創建了一個區域將處理戰略要點，為公司指明方向，我們要去哪裡，我們想要實現的目標是什麼。我們也非常努力地工作——我們一直在這樣做，我們將在第三季度繼續尋找機會以及公司目前在碳足跡和溫室氣體平衡方面的情況，以便我們可以真正向社會展示SABESP 在環境和社會議程中所發揮的作用。在循環經濟、一體化、社會邊緣人群的願景中，這對我們來說非常珍貴。因此，這種社會願景在我們公司是非常強大的。我們擁有為低收入人群提供基本衛生設施、供水和基礎設施的驚人能力。

Additionally, and connected to the customer strategy, we have a digital transformation area and data science area -- the rationale here, these are 2 different areas: one, looking into the company, looking for opportunities involving data monitoring, automation, prediction of failures, leaks that may happen. We have a lot of data available in our company. And the idea is to organize the data so that it generates intelligence for our company. And on the other hand, the rationale is to look at our customer base.

此外，與客戶戰略相關，我們有一個數字化轉型領域和數據科學領域——這裡的基本原理是，這是兩個不同的領域：一是深入公司，尋找涉及數據監控、自動化、故障預測的機會，可能發生的洩漏。我們公司有大量可用數據。我們的想法是組織數據，以便為我們公司生成情報。另一方面，其基本原理是考察我們的客戶群。

Looking outside the company, the amount of data we have and how we can use this data for the benefit of the company so that we can provide better services to our customers. So we have a big potential here looking for opportunities for better recovery of credit, predicting a bad debts and also looking for new services, new products to be provided to our customers. On the left side of the slide, and I think all this information partially materializes. In the progression of the EBITDA margin of our company in the first quarter, this was very different from the previous quarters. In the second quarter, confirmed this progress we have had in our company with a focus on operational improvement, improving management with a focus on efficiency and a focus on generating value. The contract of our company are medium to long term, 6 months to many years. So most of the efficiency we have been generating in new contracts will be captured over time because it's part of our nature to have long-term contracts.

看看公司外部，我們擁有的數據量以及我們如何利用這些數據為公司謀取利益，以便為客戶提供更好的服務。因此，我們在尋找更好地回收信用的機會、預測壞賬以及尋找向客戶提供新服務、新產品方面擁有巨大潛力。在幻燈片的左側，我認為所有這些信息都部分實現了。從我們公司第一季度 EBITDA 利潤率的進展來看，這與前幾個季度有很大不同。第二季度，我們確認了公司取得的進展，重點是運營改進、改進管理、注重效率和創造價值。我們公司的合同是中長期的，6個月到多年。因此，我們在新合同中產生的大部分效率將隨著時間的推移而獲得，因為長期合同是我們本性的一部分。

That's it. Once again, I'd like to thank the whole team acknowledge the role of all directors and our coworkers really embraced this agenda of modernity, innovation, competitiveness and efficiency. We had a very nice challenge, which is to transform this company and really be at the vanguard of sanitation in our country and all directors, Catia, Sabrina, management, Bruno, regulation new business (inaudible) integrating the whole operational team with the decision of 1 single SABESP, Paula Violante with a long term -- medium and long-term vision, bringing together innovation with the CapEx we have to deliver. So I would like to congratulate all directors. I cannot name everyone here, but again, congratulations. This is only the beginning. We are really happy and excited with the ability we see in the company to do more and better for shareholders, employees and our customer base. Thank you very much.

就是這樣。我要再次感謝整個團隊，感謝所有董事和我們的同事真正接受這一現代化、創新、競爭力和效率的議程。我們面臨著一個非常好的挑戰，那就是改造這家公司，真正成為我國衛生領域的先鋒，所有董事、卡蒂亞、薩布麗娜、管理層、布魯諾、監管新業務（聽不清）將整個運營團隊與決策結合起來1 個單一的 SABESP，Paula Violante 具有長期 - 中長期願景，將創新與我們必須提供的資本支出結合在一起。所以我要祝賀所有董事。我無法說出這裡每個人的名字，但再次恭喜。這僅僅是個開始。我們對公司能夠為股東、員工和客戶群做得更多更好的能力感到非常高興和興奮。非常感謝。

Good morning, everyone. I'm Catia Pereira. This is the third time I'm here talking to you. I'd like to thank Andre. Thank you, Andre, for this opportunity and for this challenge, that has been presented to all directors and my financial team represented here by Tiberio Investor Relations Officer; and Miyagui, Accounting Director. Thank you all for the great job. Let's take a look at the numbers. I have to show you the figures, starting with operational performance. In this quarter, we had an increase in water build volume 2.2% sewage, 3.1%, showing our focus and the investments more for sewage both collection and treatment, trying to reach the universalization goal so more sewage. If we put them together, we have an increase in volume of 4.3%. Looking at the graph, the main growth came from residential in ranges above the minimum, which is up to 10 cubic meters. And this brings to us a positive effect as we're going to see later when we talk about revenue, it brings a more positive effect because these are higher tariffs.

大家，早安。我是卡蒂亞·佩雷拉。這是我第三次來這里和你說話了。我要感謝安德烈。謝謝安德烈，給我這個機會和挑戰，這是向所有董事和我的財務團隊（由 Tiberio 投資者關係官代表）提出的；宮貴先生，會計總監。感謝大家所做的出色工作。讓我們看一下數字。我必須向你們展示數據，首先是運營績效。本季度，我們的水建設量增加了2.2%，污水增加了3.1%，這表明我們對污水收集和處理的關注和投資更多，試圖實現更多污水的普及目標。如果我們把它們放在一起，我們的銷量增加了 4.3%。從圖表來看，主要增長來自於最低範圍以上的住宅，最高可達 10 立方米。這給我們帶來了積極的影響，正如我們稍後在談論收入時會看到的那樣，它帶來了更積極的影響，因為關稅更高。

After 10 cubic meter. In addition to that, to this build volume, we had a growth in new connections. Water, 44,000 new connections in this quarter and 48,000 new connections of sewage volume growth, growth by consumption and also growth through new connections. It was a very good quarter when we look at the growth compared to the previous year. And compared to the previous quarter, the first quarter 2023, showing that we are capturing -- improving volume through the investments that are being made by the company. Financial highlights. The main highlights, revenue for sanitation and water supply. We had a growth of 19%. Basically, what we have here, 2.6% increase in volume, we had impact of the tariffs we had a tariff raise on May 10 this year, 9.656% raise, and we have the capture of the tariff fully after June, we still have the impact of last year's tariff 12.56%. When we look comparing quarters, we see a positive impact in terms of tariff, 11.88%.

10立方米後。除此之外，對於這個構建量，我們的新連接也有所增長。水，本季度新增連接 44,000 個，污水量增長、消費增長和新連接增長 48,000 個新連接。與去年相比，我們看到了一個非常好的季度增長。與上一季度（即 2023 年第一季度）相比，我們正在通過公司的投資來提高銷量。財經摘要。主要亮點是衛生和供水收入。我們的增長率為 19%。基本上，我們這裡的數量增加了 2.6%，我們受到了關稅的影響，我們在今年 5 月 10 日提高了關稅，提高了 9.656%，我們在 6 月之後完全捕獲了關稅，我們仍然有影響去年關稅12.56%。當我們比較季度時，我們看到關稅方面產生了積極影響，為 11.88%。

Additionally, as I said, we had the mix that contributed to the ranges where our build volume grew. With that, our revenue goes up because the average tariff is higher. When we look at EBITDA, which is -- reflects of increased revenue, we don't consider here the IPD, and we reached an EBITDA of BRL 2.2 billion, a growth of 47.1%, a very significant growth comparing '22 to '23, the same quarter and also margin -- EBITDA margin without construction, from the second quarter 2022 was 37% and now 45%. So increase in value. And looking at the margin, we also had an increase. When you look at net income, we see the same increase. Net income here has the impact of this program of incentivized resignation. So without considering this voluntary resignation program, we had an increase of 76.1%. We went from [422] to [744,000]. So we will be talking here of an income of almost BRL 1.3 billion, an increase of 200%.

此外，正如我所說，我們的組合有助於我們的構建量增長。這樣，我們的收入就會增加，因為平均關稅更高。當我們看EBITDA 時，它反映了收入的增加，我們在這裡不考慮IPD，我們的EBITDA 達到了22 億雷亞爾，增長了47.1%，與22 年到23 年相比，這是一個非常顯著的增長，同一季度還有利潤率——沒有建設的 EBITDA 利潤率，從 2022 年第二季度的 37% 到現在的 45%。所以增值。從利潤率來看，我們也有所增加。當您查看淨利潤時，我們會看到同樣的增長。這裡的淨利潤受到了激勵辭職計劃的影響。所以如果不考慮這個自願辭職計劃，我們增加了 76.1%。我們從 [422] 變為 [744,000]。因此，我們在這裡談論的是近 13 億雷亞爾的收入，增長了 200%。

So again, when we look at each indicator will impact the next one, but the message is very positive, both growth in revenue, capturing volume with the position of the mix, tariffs, considering our base of assets and also EBITDA and the care, we have been taking with cost management, trying to achieve efficiency and integration of processes so that we are able to see the whole thus being able to make strategic decisions and net income go in the same direction. Well -- so comparing the income, second quarter '22 comparing with this quarter. Results of construction in our statement, we still have that information. So we are putting it together here to neutralize the effect. The effect is almost new and bringing here costs and expenses for the voluntary resignation program. When we look at the impact, the negative impact in this quarter when compared to last year, we see an increase in costs, BRL 150 million and [BRL 530 Million], which is this voluntary resignation program, which is not a recurring event is highlighted here because it's not a recurring effect. So this will not happen later when we really close this process in this period, when these employees will leave the company as has been scheduled for 1 year.

因此，當我們考慮每一項指標都會影響下一項指標時，但傳達的信息是非常積極的，無論是收入增長、通過組合地位捕獲銷量、關稅、考慮到我們的資產基礎以及 EBITDA 和護理，我們一直在進行成本管理，努力實現流程的效率和整合，讓我們能夠看到整體，從而能夠做出戰略決策和淨利潤朝著同一個方向發展。那麼，比較 22 年第二季度的收入與本季度的收入。在我們聲明的建設結果中，我們仍然擁有該信息。所以我們把它放在一起來抵消這種影響。這種影響幾乎是新的，給自願辭職計劃帶來了成本和開支。當我們查看影響時，與去年相比，本季度的負面影響，我們看到成本增加了 1.5 億雷亞爾和 [5.3 億雷亞爾]，這是自願辭職計劃，這不是一個經常性的事件此處突出顯示，因為它不是重複出現的效果。因此，當我們在此期間真正關閉此流程時，這些員工將按計劃離開公司 1 年，這種情況就不會發生。

Other revenues and expenses. Here, we have penalties to suppliers. This is basically what we have in this item. When we look at net financial results here, we had a very positive contribution in the formation of our net income, which was [373] coming from exchange rate variation, which we had in this quarter, we had a devaluation of the U.S. dollar, around 5% and Yen to above 12%. That contributed so that the share of our debt that is around 3% generates this positive exchange rate variation. So out of the [310], 373 , come from exchange rate variation. Some of our contracts also had monetary variations. So we have that impact. From the point of view of financial expenses, and revenue, we also had impact because we had new loans, 2 entries of new loans starting in the second quarter '22, did invest one, July '22 and the other one, May '23. So both totaling BRL 140 million.

其他收入和支出。在這裡，我們對供應商進行了處罰。這基本上就是我們在這個項目中所擁有的內容。當我們在這裡查看淨財務結果時，我們對淨收入的形成做出了非常積極的貢獻，這[373]來自於本季度我們的匯率變化，我們的美元貶值了， 5%左右，日元升至12%以上。這使得我們大約 3% 的債務份額產生了這種正的匯率變化。因此，在[310]中，373來自匯率變化。我們的一些合同還存在貨幣差異。所以我們有這樣的影響力。從財務費用和收入的角度來看，我們也產生了影響，因為我們有新貸款，從22 年第二季度開始有2 筆新貸款，確實投資了一筆，22 年7 月，另一筆， 23 年5 月。兩者總計 1.4 億雷亞爾。

So we had an increase in the basis, and we have this increase in financial expenses. And when comparing interest rates, we also have an effect from the interest rate. Second quarter '22 compared to second quarter '23, went from 12.88% to 13.5%. So we had a significant variation in interest rate and also considering our contracts in U.S. dollar from a level of rate of 1.5% to 5.1%. So on the 1 hand, this net financial items, we had this effect of BRL 372 million of monetary and exchange rate variation and BRL 73 million of financial expenses. When we look at social security community contribution and income tax, well, as a result, we have increased income leading to more taxation and most social security payment neutralized by this program of voluntary or incentivized resignation program, leading to the BRL 744 million which I showed you before. This was one of the highlights in this quarter.

因此，我們的基差有所增加，財務費用也有所增加。當比較利率時，我們也會受到利率的影響。 22 年第二季度與 23 年第二季度相比，從 12.88% 升至 13.5%。因此，我們的利率有很大的變化，並且考慮到我們的美元合同利率水平從 1.5% 到 5.1%。因此，一方面，對於淨財務項目，我們受到了 3.72 億雷亞爾的貨幣和匯率變化以及 7300 萬雷亞爾的財務費用的影響。當我們考慮社會保障社區繳款和所得稅時，結果是，我們增加了收入，導致更多的稅收和大部分社會保障付款被自願或激勵性辭職計劃所抵消，從而導致了7.44 億雷亞爾，我之前給你展示過。這是本季度的亮點之一。

Now talking more about expenses. Expenses with staff personnel. In the third quarter, '22, it was BRL 776 million and now a total expense of [1.347]. But if we remove the voluntary resignation program, looking at the recurring expenses with staff, we had an increase of 5.4%. So from [776] to [818] and this is explained by the salary raise and 1% of raise in salaries and jobs would happen every year in February. So when we compare second quarter '22 to '23, we have that. So the annual salary raise and also raise in salary plans that happened in February, leading to higher expenses with personnel. We had a reduction of 1.5% in the number of employees, 220 employees less comparing June '22 to June '23. No impact of this voluntary resignation program.

現在更多地談論費用。人員費用。 2022 年第三季度，支出為 7.76 億雷亞爾，現在總支出為 [1.347]。但如果我們取消自願辭職計劃，看看員工的經常性開支，我們就會增加 5.4%。因此，從 [776] 到 [818]，這是通過加薪來解釋的，每年 2 月份工資和工作崗位都會增加 1%。因此，當我們比較 22 年第二季度和 23 年第二季度時，我們得到了這一點。因此，年度加薪以及二月份發生的加薪計劃，導致人員費用增加。與22年6月至23年6月相比，我們的員工人數減少了1.5%，減少了220名員工。此自願辭職計劃沒有影響。

So the employees that joined this resignation program they start so it will happen from July '23 to July '24. General material expenses. We had a reduction of 17.4%. Basically, less expenses with maintenance or maintenance materials, maintenance and conservation of buildings and fuel and lubricants. Here, we had a reduction because we had a reduction in our fleet. So we start capturing the benefit in terms of consumption. Treatment materials. I think this is the first time after some quarters that it went down. So basically, we had this drop, 2.8%. This is related to reduction in consumption. We had a reduction in consumption and this reduction in consumption of treatment materials has to do with the level of the quality of the water. With that, we have less consumption of materials used for water treatment and also some impact related to price. We start to see a reduction in prices when compared to the same quarter in 2022.

因此，加入該辭職計劃的員工將從 23 月 23 日至 24 日 7 月期間開始實施。一般材料費。我們減少了 17.4%。基本上，減少了維護或維護材料、建築物的維護和保護以及燃料和潤滑油的費用。在這裡，我們的規模有所減少，因為我們的機隊減少了。因此，我們開始捕捉消費方面的好處。治療材料。我認為這是幾個季度後首次出現下降。所以基本上，我們下降了 2.8%。這與消費減少有關。我們減少了消耗，處理材料消耗的減少與水的質量水平有關。這樣，我們用於水處理的材料消耗就會減少，並且價格也會受到一些影響。與 2022 年同一季度相比，我們開始看到價格下降。

Services. We had an increase of 7.3%. Basically, these are professional services, part of services are related to technology. We are talking here about improvements in the communication channel digital channels to communicate with our customers also improvement in our billing system that enables us to have information help in the collections -- actions trying to stop or improve unpaid bills and also data security and also including maintenance and installation costs related to connections. This is all part of the 7.3% increase in services. Power, 2.8% increase explained basically by an event, a single event which is payment of BRL 11 million of natural gas, which is in contract we signed in 2021.

服務。我們的增幅為 7.3%。基本上這些都是專業服務，部分服務與技術相關。我們在這裡談論的是與客戶溝通的通信渠道數字渠道的改進，以及我們計費系統的改進，使我們能夠在收款過程中獲得信息幫助——試圖阻止或改善未付賬單的行動以及數據安全，還包括與連接相關的維護和安裝成本。這都是服務業增長 7.3% 的一部分。電力，增長 2.8% 基本上是由一個事件解釋的，一個事件是我們在 2021 年簽署的合同中支付了 1100 萬雷亞爾的天然氣。

That expired in the second quarter '23 which is related to a gas for pumping from reservoirs. With the level of water we have in our reservoirs, we didn't use this contract fully. This was signed in a take-or-pay conditions. So at the end of the contract, we measured and assessed what it would be. And when we closed, we closed the contract then we have to pay this BRL 11 million, which is the variation of the energy bill. We see movements of migrating from the regulator to the free power market. When we talk about values, 54% in the free energy market and 46% in the regulated energy market. When you talk about power kilowatts hour 65% vis-a-vis 35%.

該協議於 23 年第二季度到期，與從儲層抽水的天然氣有關。鑑於我們水庫的水位，我們沒有充分利用這份合同。這是在照付不議條件下簽署的。因此，在合同結束時，我們衡量並評估了合同的內容。當我們結束時，我們結束了合同，然後我們必須支付 1100 萬雷亞爾，這是能源賬單的變化。我們看到從監管機構向自由電力市場遷移的趨勢。當我們談論價值時，自由能源市場佔 54%，受監管能源市場佔 46%。當您談論功率千瓦時 65% 與 35% 時。

We are also advancing this agenda to increase our share of free market for energy, but the event that happened this quarter was the closing of this contract with the water level we have today, around 73%. This is very recent information from August. So 73% of water level with Cantaeira systems, 77%. When you compare with the same period last year in August '22, the level of Cantaeira was 33%. So this is when we had a major drought. So if you compare both years, we see this helps also with treatment materials, and it helps us not having the need of using different energy or power sources.

我們也在推進這一議程，以增加我們在能源自由市場中的份額，但本季度發生的事件是在我們今天的水位（約 73%）下完成了這份合同。這是八月份的最新信息。因此 Cantaeira 系統的水位為 73%，77%。與22年8月的去年同期相比，坎塔埃拉的水平為33%。這就是我們遭遇大干旱的時候。因此，如果比較這兩年，我們會發現這也有助於處理材料，並且有助於我們無需使用不同的能源或動力源。

Overhead expenses. We have here something that -- Well, many of our investors or shareholders ask us to open that general expenses or overhead. So we broke it down. So if you look here, the first bit of this column is the so-called city or municipal fund of the BRL 357 million in the second quarter, '22, BRL 172 million refers to transfer of municipal funds and BRL 184 million our overhead expenses. In the second quarter, '23, we have BRL 207 million transfer for the municipal funds and general expenses, BRL 189 million. So basically, virtually no change looking at general expenses or overhead. The big variation is related to the municipal funds. And this variation follows the increase in revenue. It's paid depending on the revenue. So this increase is around 20%, where basically 17% is municipal funds for the city, for the municipality of Sao Paulo.

間接費用。我們這裡有一些東西——嗯，我們的許多投資者或股東要求我們公開一般費用或管理費用。所以我們把它分解了。因此，如果你看這裡，本欄的第一位是所謂的城市或市政基金，即第二季度的3.57 億雷亞爾，22 年，其中1.72 億雷亞爾指的是市政資金的轉移，1.84億雷亞爾指的是我們的間接費用。 2023 年第二季度，我們為市政資金和一般開支轉移了 2.07 億雷亞爾，其中 1.89 億雷亞爾。所以基本上，一般費用或管理費用幾乎沒有變化。巨大的變化與市政資金有關。這種變化是隨著收入的增加而變化的。是根據收入來支付的。因此，這一增幅約為 20%，其中基本上 17% 是聖保羅市的市政資金。

Looking at depreciation and amortization, we had an increase of 12.2%, which basically reflects our volume of investments. in the past year from July '23 to now -- from July -- sorry, from July '22 to July '23, we had addition of immobilization, BRL 5.9 billion, representing an increase of 12.2% in depreciation expenses. Looking at bad allowance for bad debt, we had a drop comparing '22, 14% drop in allowance for bad debts. And if you look on the graph -- on top, in the first quarter of this year, we had 3.3%, a significant drop in the first quarter and allowance for bad debt we didn't do anything in a strict fashion to have a reduction in this allowance for bad debts and now 4.2%. And it got worse. And what does that mean? This was in the second quarter '23. We have really looked at bad debts of our company and delinquency rates and what we could possibly do so that went back to the delinquency levels we had before the pandemic. And we did that system, having the billing system and the billing system entered during the pandemic, we had the full go live in October '21.

從折舊和攤銷來看，我們增長了12.2%，這基本上反映了我們的投資額。在過去的一年裡，從23年7月到現在——從7月——抱歉，從22年7月到23年7月，我們增加了固定資產，59億雷亞爾，折舊費用增加了12.2%。從壞賬準備金來看，與 22 年相比，壞賬準備金下降了 14%。如果你看一下圖表——在上面，今年第一季度，我們的增長率為 3.3%，第一季度大幅下降，考慮到壞賬準備金，我們沒有採取任何嚴格的措施來保持壞賬準備金減少至4.2 %。情況變得更糟。這意味著什麼？這是 23 年第二季度的情況。我們確實研究了我們公司的壞賬和拖欠率，以及我們可以採取哪些措施，以便回到大流行之前的拖欠水平。我們做了這個系統，在大流行期間進入了計費系統和計費系統，我們在 21 年 10 月全面上線。

We stopped to look at everything. The system could provide us in terms of information and continuity in the collection process, we made some improvements. We identified the opportunity to reconnect previous contracts that we broke, but do something so that our collection options followed what was designed. So between May and June, we had this process of -- have -- we looked at the results of this action looking at broken contracts. But on the other hand, we had compensation of that with new agreements that were broke. So agreements made in the first quarter were broken in the second quarter. And those who were broke from previous years, we recovered some of them but the net effect was really an increase in the delinquency rates in this quarter, second quarter '23. What we also did and something we started doing in June, everything that was in our road map of bills that were due and that were. So we try to have them paid.

我們停下來觀察一切。該系統可以為我們提供信息收集過程的連續性方面，我們做了一些改進。我們找到了重新連接之前違反的合同的機會，但採取了一些措施，使我們的收集選項遵循設計的內容。因此，在 5 月到 6 月之間，我們進行了這樣一個過程——我們——我們研究了這一行動的結果，看看破裂的合同。但另一方面，我們通過打破的新協議得到了補償。因此，第一季度達成的協議在第二季度就被打破了。對於那些前幾年破產的人，我們收回了其中一些，但淨效應實際上是本季度（23 年第二季度）的拖欠率上升。我們還做了什麼，以及我們從六月份開始做的事情，以及我們到期的賬單路線圖中的所有內容。所以我們試著讓他們付錢。

So now in July, we had a significant number of unpaid bills paid. And in addition to that, we bought that together, try getting this paid bills, we also had a special action for payment of unpaid bills, and this will take place until September to try to capture this the paid bills we had now in July, but also actions of disconnection, which we're having for the agreements that were broken. So we are extending this so that we have time for these bills to be paid so that disconnection actions -- we are coordinating with the operation team is also a lever to bring our customers to this negotiation program, this negotiation program. We have a very attractive condition for cash payment so that we no longer have this endless cycle of agreement because when we have an agreement, they will not be disconnected, but sometimes they don't -- and in the end, they have no money and they break the agreement. So we gave a 100% discount in interest rates for cash payments so that we can collect as much as possible, trying to remove the risk of having agreements that in the end, they were not fulfilled.

所以現在七月份，我們有大量未付賬單。除此之外，我們一起購買了它，嘗試獲得已付賬單，我們還採取了一項特別行動來支付未付賬單，這將持續到 9 月，以嘗試捕獲我們 7 月份的已付賬單，還有斷開連接的行動，這是我們為打破協議而採取的行動。因此，我們正在延長這一時間，以便我們有時間支付這些賬單，這樣我們正在與運營團隊協調的斷線行動也是讓我們的客戶參與這個談判計劃的一個槓桿。我們對現金支付有一個非常有吸引力的條件，這樣我們就不再有這種無休止的協議循環，因為當我們達成協議時，他們就不會斷開連接，但有時他們不會——最後，他們沒有錢他們違反了協議。因此，我們對現金支付的利率給予了 100% 的折扣，以便我們能夠盡可能多地收取費用，試圖消除最終無法履行協議的風險。

And they can also pay in installments with a smaller number of installments and with a higher cash payment. So what we learned in the second quarter was how do customers behave? We look at the customers' behavior so that we could build this payment negotiation program. So structuring actions will provide results or bring results in the second half of this year because we are building this road. And now with this new customers director, the focus will be on that, and we will effectively see these results being delivered in the second half of the year.

而且他們還可以分期付款，分期次數較少，現金支付較高。那麼我們在第二季度了解到的是客戶的行為如何？我們觀察客戶的行為，以便我們可以構建此付款談判程序。因此，結構化行動將在今年下半年產生結果或帶來結果，因為我們正在修建這條路。現在有了這位新的客戶總監，重點將集中在這一點上，我們將有效地看到這些結果在今年下半年交付。

Looking at tax expenses it's virtually neutral, the increase. Looking at all the costs and expenses of our company, except this nonrecurring event, which is an voluntary resignation, we had an increase of 2.7%. Next one. Talking now a little bit about investments. we're still at a fast pace to deliver what we have in our investment plan in the second quarter. We had BRL 1.3 billion invested in a cash effect, BRL [945 million]. Out of those investments we made, 57% were in sewage, 56% or 57%. Again, the commitment of balancing really reaching a balance regarding sewage treatment. We are -- we have 92% of sewage system.

從稅收支出來看，增長幾乎是中性的。看看我們公司的所有成本和費用，除了這個非經常性事件（自願辭職）外，我們增加了2.7%。下一個。現在談談投資。我們仍在快速實現第二季度的投資計劃。我們投資了 13 億雷亞爾，產生現金效應，即 9.45 億雷亞爾。在我們所做的投資中，57% 用於污水處理，56% 或 57%。再次，平衡的承諾真正達到了污水處理的平衡。我們——我們擁有 92% 的污水處理系統。

Looking at all municipalities and average and regarding sewage, we have 90% sewage collection, but sewage treatment, 84%. And we look at the time line, our investment plan from 2022 to 2027, we see that amount which we have been talking about that has been approved. And again, a focus on sewage treatment increase in sewage treatment and also sewage collection so that we can reach our sewage services universalization, which is our target.

縱觀所有城市的平均污水排放情況，我們的污水收集率為 90%，但污水處理率為 84%。我們看看時間線，我們從 2022 年到 2027 年的投資計劃，我們看到我們一直在談論的金額已經獲得批准。再次，重點關注污水處理，增加污水處理和污水收集，以便我們能夠實現污水服務的普及，這是我們的目標。

Talking a little bit about our debt. When we look at net debt net debt versus adjusted EBITDA. Our covenant [BRL 350 million] when we look from the second quarter '22 to now, we basically have a very comfortable indicator, [2.2]. Our net debt in the second quarter of '22 was [BRL 115 million to BRL 1649 million] Basically, this is the entry of the 2 (inaudible) loan in July 22, and now May '23 -- increases the net debt and additionally, the positive effect of the exchange rate variation. When you look at adjusted EBITDA versus financial expenses, we have the covenant [280] and [4.1], that's the level, also very comfortable considering all the covenants we have. That's it regarding the debt composition. Basically 87% debt in national currency, foreign currency debt around 13%. So no new entry regarding what we have been reporting in terms of foreign debt -- foreign currency debt. This is due to exchange rate variation and also amortization of the debt over the past year. When we talk about costs, just to highlight that look at average of our debt in national currency [12.85], when we look at foreign currency, 3.56%, total our debt [11.53] meaning that today, we have over 50% of our debt in local currency is related to DI. So basically, this effect of a greater debt in local currency is pulled by an increase in DI. I think this is it for the numbers.

談談我們的債務。當我們查看淨債務時，淨債務與調整後 EBITDA 的比較。我們的契約[3.5億巴西雷亞爾]從22年第二季度到現在，我們基本上有一個非常舒適的指標，[2.2]。我們22 年第二季度的淨債務為[1.15 億雷亞爾至16.49 億雷亞爾]基本上，這是7 月22 日和現在23 年5 月的第二筆（聽不清）貸款的條目——增加了淨債務，另外，匯率變化的積極影響。當您查看調整後的 EBITDA 與財務費用時，我們有契約 [280] 和 [4.1]，這就是這個水平，考慮到我們擁有的所有契約，這也非常舒適。關於債務構成就是這樣。基本上87%是本國貨幣債務，外幣債務佔13%左右。因此，關於我們一直報告的外債——外幣債務，沒有新的條目。這是由於匯率變化以及過去一年的債務攤銷造成的。當我們談論成本時，只是為了強調一下，以本國貨幣計算的平均債務 [12.85]，當我們以外幣計算時，債務總額為 3.56% [11.53]，這意味著今天我們的債務總額超過 50%。本幣債務與DI 相關。因此，基本上，本幣債務增加的影響是由直接投資的增加所拉動的。我認為這就是數字。

And now I give the floor to Tiberio to open the floor to questions to be asked by our investors. Thank you all.

現在我請蒂貝里奧發言，讓我們的投資者提出問題。謝謝你們。

Thank you, Katia. Thank you, Andre. We already have a few questions here. We start answering the questions by the investors, and then we will answer the questions asked by journalists. The first question we have comes from [Carolina Crunero]. I have 2 questions. In addition to PDI, which is the voluntary resignation program, what else have you done in terms of personnel costs to reduce the regulatory gap. Is our SABESP being involved in the discussion so that you don't lose this efficiency in the next revision cycle. Second question, with the privatization process launched, we know that the company did not make decisions, but should be listened regarding relevant points. But the topics that in our opinion should be the focus to improve contracts or what are the agendas or topics that should be addressed. Andre?

謝謝你，卡蒂亞。謝謝你，安德烈。我們已經有幾個問題了。我們先回答投資者的提問，然後回答記者的提問。我們的第一個問題來自[Carolina Crunero]。我有 2 個問題。除了PDI，也就是自願辭職計劃之外，你們在人員成本方面還做了什麼來縮小監管差距。我們的 SABESP 是否參與了討論，以便您在下一個修訂週期中不會失去這種效率。第二個問題，隨著私有化進程的啟動，我們知道公司並沒有做出決定，但應該聽取相關觀點。但我們認為應該重點改進合同的主題或者應該解決的議程或主題是什麼。安德烈？

Thank you, Tiberio, [Carol]. Thank you for your questions. Regarding the regulatory gap. There are many initiatives underway particularly regarding personnel expenses, we were already better than what regulations enable us to have. So the relationship between personnel expenses contractor expenses. If you reduce one, we will need more contractor services, even if we improve the contracts of a service, there is a trend or room of migrating everything that was done by our own employees. Part of it will be done by contractors. We have been talking to the agency and our -- and the new regulatory executive office led by Bruno has been discussing with the agency, and they have this agenda, and they are talking to the agency telling them about our concerns regarding the sustainability of our company and the focus we all have, not only the company, but the state and the agency to have better quality services to as many people as possible.

謝謝你，蒂貝里奧，[卡羅爾]。謝謝您的提問。關於監管差距。目前正在採取許多舉措，特別是在人員費用方面，我們已經比法規允許的水平更好了。所以人員費用與承包商費用的關係。如果減少一項，我們將需要更多的承包商服務，即使我們改進服務的合同，也存在遷移我們自己員工所做的一切的趨勢或空間。部分工作將由承包商完成。我們一直在與該機構和我們的——由布魯諾領導的新監管執行辦公室一直在與該機構進行討論，他們有這個議程，他們正在與該機構交談，告訴他們我們對我們的可持續性的擔憂公司和我們所有人的關注點，不僅是公司，還有國家和機構，為盡可能多的人提供更優質的服務。

So this is the agenda we have been discussing with the agency, and they have been very receptive. And we understand that this tariff cycle will be very positive on the company side. We're doing our homework, trying to be more efficient, reducing this regulatory gap. And on the side of the agency really understanding our points, telling them how we operate and how regulations can help us provide better services -- regarding the privatization process, as I have been talking to you, this is led by the government. It's a decision by the state government and the governor is the main leader here and this is being negotiated with the team led by Rafael and Natalia and the Department of Environment with the state.

這就是我們一直在與該機構討論的議程，他們非常樂於接受。我們知道，這個關稅週期對公司來說將是非常積極的。我們正在做功課，努力提高效率，縮小監管差距。該機構方面真正理解我們的觀點，告訴他們我們如何運作以及法規如何幫助我們提供更好的服務 - 關於私有化進程，正如我一直在與你們交談的那樣，這是由政府領導的。這是州政府的決定，州長是這裡的主要領導者，正在與拉斐爾和納塔莉亞領導的團隊以及環境部與州政府進行談判。

And they contact AFC that as legal, consulting, strategic consulting to support the whole project. We have been participating at all levels, providing this group with information from our company, information regarding our vision in terms of what is more efficient and what can create more value, not only for investors but also more value for society so that we can provide better services and turning the services universal so these are very technical discussions. And we have been working with this group and specifically, Carolina, regarding your question in regulations, and you have been making that very clear, both investors and analysts, and we do think this is the way to go. So if we can really reduce uncertainties in this tariff process. Well, in other words, the more predictable this process is so much of the better. So the governor has been mentioning this in events related to privatization.

他們聯繫亞足聯作為法律、諮詢、戰略諮詢來支持整個項目。我們一直在各個層面參與，向這個群體提供來自我們公司的信息，有關我們願景的信息，即什麼更高效，什麼可以創造更多價值，不僅為投資者，而且為社會創造更多價值，以便我們能夠提供更好的服務並使服務變得普遍，所以這些都是非常技術性的討論。我們一直在與這個小組，特別是卡羅萊納州，就您在監管方面的問題進行合作，投資者和分析師都已經說得很清楚了，我們確實認為這是正確的出路。所以如果我們真的能夠減少這個關稅過程中的不確定性。嗯，換句話說，這個過程越可預測越好。所以州長在有關私有化的事件中一直提到這一點。

He to understand that improving predictability is something that they are aiming at. So this is a positive agenda. We have been working on this agenda so that this really happens so that we can really reduce the subjectivity in tariff cycles. Again, Natalia, Rafael, and the governor and the agency. They have been working on this agenda. So it's a matter of time we cannot anticipate decisions that haven't been made yet, but this agenda is being taken care of by all participants and stakeholders in this process.

他明白提高可預測性是他們的目標。所以這是一個積極的議程。我們一直在致力於這一議程，以便這確實發生，以便我們能夠真正減少關稅週期的主觀性。再次是娜塔莉亞、拉斐爾、州長和該機構。他們一直在致力於這一議程。因此，我們無法預測尚未做出的決定只是時間問題，但這一議程正在由這一過程中的所有參與者和利益相關者進行處理。

Thank you, Andre. (Operator Instructions) (inaudible) asks the following question. What revenue mix with water and sewage in the ex construction revenue, I can answer that. The mix, 53% is water in our revenue and 47% sewage. This is the revenue mix we had in the second quarter '23. Thank you for the question. Question by [Gillami Lima], Santander. Even though the quarter PDD increased to 4.2% in this quarter, looking to a longer period, past 12 months, we see an improvement that is indicated. We went from 4% the first quarter '23 to 3.7% in the second quarter '23. Do you think that we can expect a further improvement for the second half? Or we may have problem? What level of PDD you think is feasible to reach. And the other question is, could you please talk about the interest of the company to go on growing in assets in the state of Sao Paulo, like in the city of Olimpia, do you have any project in the pipeline today?

謝謝你，安德烈。 （操作員說明）（聽不清）提出以下問題。建築工程前收入中水費和污水費的收入是多少，我可以回答。我們的收入中，53% 是水，47% 是污水。這是我們 23 年第二季度的收入組合。感謝你的提問。桑坦德銀行 [Gillami Lima] 提出的問題。儘管本季度的季度 PDD 增加至 4.2%，但從更長的時期（過去 12 個月）來看，我們看到了明顯的改善。我們從 23 年第一季度的 4% 上升到 23 年第二季度的 3.7%。您認為下半年我們可以期待進一步的改善嗎？或者我們可能有問題？您認為可以達到什麼級別的 PDD。另一個問題是，您能否談談公司對繼續在聖保羅州（如奧林匹亞市）增加資產的興趣，您今天有任何正在籌備中的項目嗎？

I can start answering and then I'll give the floor to Andre. Regarding PDD, we really expect to have an improvement in the second half. So PDD is allowance for bad debts. So right now, we have a structured action paving the way so that we can start collecting the fruits. I cannot still tell you what will be the reduction we will have in the third and fourth quarter in terms of bad debts but this trend of decrease will happen, and we hope that it will continue so that we don't really generate any volatility in the results as we had good results of the first quarter and was resolved in the second quarter. But on average, look, we have [3.8] first quarter compared to the end of last year, where we had [4.2] allowance for bad debts. We have had an improvement. We identify points that will lead to volatility. We are looking at it, so agreements and these debt negotiation program we have and the actions we are taking in terms of disconnections considering that some customers are not really fulfilling the agreements, but the trend is a downward trend so that we won't have many impacts in terms of allowance for bad debts.

我可以開始回答，然後請安德烈發言。關於PDD，我們確實希望下半年會有改善。所以PDD就是壞賬準備。所以現在，我們有一個結構化的行動，為我們可以開始收集果實鋪平道路。我仍然無法告訴你我們在第三和第四季度壞賬方面將減少多少，但這種減少趨勢將會發生，我們希望這種情況能夠持續下去，這樣我們就不會真正產生任何波動。結果是我們第一季度取得了良好的成果，並在第二季度得到了解決。但平均而言，與去年年底相比，我們第一季度的壞賬準備金為 [4.2]，為 [3.8]。我們已經有了進步。我們確定會導致波動的點。我們正在研究它，因此考慮到一些客戶沒有真正履行協議，我們所擁有的協議和這些債務談判計劃以及我們在斷網方面正在採取的行動，但趨勢是下降的，因此我們不會壞賬準備方面的許多影響。

Thank you for your question. I don't know if I could add anything to that.

謝謝你的問題。我不知道我是否可以添加任何內容。

Other projects similar to the one you have in Olimpia is there anything else in the pipeline?

其他與奧林匹亞項目類似的項目還有其他項目正在籌備中嗎？

Okay. [Guillarmi] we are looking at all projects underway in the state of Sao Paulo. We have around 5 projects, Igarapava and Arinos not all of them have the same level of traction and robustness in the construction of the bidding as was the case in Olímpia, but well-structured projects with vision aligned leading to economic attractiveness in the state of Sao Paulo. We will closely look at them. We understand that we have financial technical capacity to that in our state. This is the commitment of SABESP with the people of the state of Sao Paulo. These are 5 projects, Igarapava, Arinos are still open and Bauru, Marilia and Brodowski, they are suspended today. And we are tracking and looking at all of them. And obviously, our participating will depend on our analysis to see if it's really feasible and if they will generate value. So we are checking that.

好的。 [Guillarmi] 我們正在關注聖保羅州正在進行的所有項目。我們有大約5 個項目，包括伊加拉帕瓦(Igarapava) 和阿里諾斯(Arinos)，並非所有項目都具有與奧林匹亞(Olympia) 相同的招標建設水平，但結構良好、願景一致的項目在該州具有經濟吸引力。聖保羅。我們將仔細研究它們。我們知道我們擁有本州的財務技術能力。這是 SABESP 對聖保羅州人民的承諾。這是 5 個項目，Igarapava、Arinos 仍然開放，Bauru、Marilia 和 Brodowski 今天暫停。我們正在跟踪和研究所有這些。顯然，我們的參與將取決於我們的分析，看看它是否真的可行以及它們是否會產生價值。所以我們正在檢查這一點。

Thank you, Andre. Next question is by Luiza Candiota, Itau BBA. The first part has to do with allowance for bad debts. I'll read a question. Good morning. My question is related to delinquency. Considering the initiatives you have right now focused on reducing delinquency rates, and I like to know what is the expected level for the next quarters and when we will have a normalization in terms of allowance for bad debts. My second question is related to a deduction in gross revenue and a drop compared to other quarters. Could you give us any further details, any one-off effect?

謝謝你，安德烈。下一個問題是由 Itau BBA 的 Luiza Candiota 提出的。第一部分與壞賬準備有關。我來讀一個問題。早上好。我的問題與違法行為有關。考慮到你們目前重點關注降低拖欠率的舉措，我想知道未來幾個季度的預期水平是多少，以及我們何時在壞賬準備金方面實現正常化。我的第二個問題與總收入的扣除以及與其他季度相比的下降有關。您能給我們提供更多細節嗎？是否有一次性效果？

Thank you for your question, Luis. I think the question related to allowance for bad debt. I think I answered already in the previous question, we will go on working all that we have further -- and consistent reductions in bad debt. We cannot really say how we will be in the third or fourth quarter, but the actions are underway. And this area was structured and was structured basically now in August, this new area, an executive office for billing. So we will have teams that will be devoted to that and doing this topic in a centralized fashion and taking all actions necessary regarding the reduction. Looking at the net, we had a reduction of we had an increase of 19% in net revenue, we really had a one-off effect. We had a credit recovery from PIS/COFINS BRL 81 million. This BRL 81 million contributed. When we look at the growth in net revenue, it grew 19% when gross sanitation grew around 16%. So it was a one-off event, BRL 81 million recovering craft credits from PIS/COFIN tax.

謝謝你的提問，路易斯。我認為這個問題與壞賬準備有關。我想我已經在上一個問題中回答了，我們將繼續盡一切努力，持續減少壞賬。我們無法確切地說第三季度或第四季度的情況如何，但行動正在進行中。這個區域是在八月份基本構建起來的，這個新區域是一個用於計費的執行辦公室。因此，我們將擁有專門致力於此的團隊，以集中的方式處理此主題，並採取有關減少的所有必要行動。從淨收入來看，我們的淨收入減少了 19%，確實產生了一次性效應。我們從 PIS/COFINS 收回了 8100 萬巴西雷亞爾的信用。這筆捐款為 8100 萬雷亞爾。當我們觀察淨收入的增長時，它增長了 19%，而衛生設施總量增長了 16% 左右。因此，這是一次性事件，從 PIS/COFIN 稅中收回 8100 萬雷亞爾的工藝抵免額。

Thank you, Catia. Next question by Hugo Gomes from Safra. Could you please tell us something about the investment schedule payment per year, considering the expectation of accelerating CapEx if we have privatization.

謝謝你，卡蒂亞。下一個問題是來自 Safra 的 Hugo Gomes。考慮到如果我們進行私有化，資本支出會加速，您能否告訴我們有關每年投資計劃付款的信息。

For your question, these details and these analysis, they have been produced by our company. What we have today is our investment plan until '23, this plan in current values totaled BRL 56 billion and its programmed to happen until 2033 simulations by the consultants showed that if we have privatization, maybe the schedule is anticipated to 2029. So and there is an addition of investments that was standardized by the government of BRL 10 billion. So this level of details of the schedule for this investment, how it will take place. This will be better clarify to the company doing Phase 1 of the project when we will start designing while that is this privatization all about. This phase, that started in August and will go into January next year. we have audits and details about investments, what has to be done. So we don't have the answer right now.

對於你的問題，這些細節和這些分析，都是我們公司製作的。我們今天的投資計劃是到 23 年為止，該計劃當前價值總計 560 億雷亞爾，計劃到 2033 年進行。顧問的模擬顯示，如果我們進行私有化，也許時間表預計到 2029 年。是政府標準化投資的100 億雷亞爾追加投資。這項投資的時間表的細節，以及它將如何進行。當我們開始設計時，這將更好地向正在進行項目第一階段的公司澄清，而這就是私有化的全部內容。這個階段從八月開始，並將持續到明年一月。我們有關於投資和必須做什麼的審計和詳細信息。所以我們現在還沒有答案。

Next question by [Matthaios Amori] Navi Capital. Congratulations for the results. Could you give more details regarding the regulatory initiatives to bridge the gap between net revenue reported by the company and the regulatory ban. What are the initiatives to reduce contractors' costs mainly and also cost with materials? So the is it being implemented? Could you please talk more about this initiative to reduce costs and gain efficiency.

[Matthaios Amori] Navi Capital 提出下一個問題。祝賀結果。您能否提供有關縮小公司報告的淨收入與監管禁令之間差距的監管舉措的更多詳細信息。主要降低承包商成本以及材料成本的舉措有哪些？那麼它正在實施嗎？請您詳細談談這項降本增效的舉措。

I can start and we can complement later. Look at regulatory gap what we have is that the regulation area, which we created. We have a new structure. Now we have an area for regulation. So they're very close to the agency when we have the tariff -- so when the tariff raise of [956] was approved, there were some points that were addressed with ARSESP related basically to PIS/COFINS taxes, this was an action that the regulation area did after approval of the tariff raise approved for this year regarding commercial programs. the area today. Well, some work is being done between the regulation area and the commercial area sales area where we are revisiting all our commercial customers' level of price and level of discount we have what is part of a profile, which we think makes sense for the company. We are organizing this information. And the idea is that we submit this to ARSESP. So this work is being done already by the customer team and by the regulation team, the financial area is also participating where we are building this rationale to submit to ARSESP.

我可以開始，我們可以稍後補充。看看監管差距，我們所擁有的是我們創建的監管區域。我們有一個新的結構。現在我們有一個監管領域。因此，當我們徵收關稅時，他們與該機構非常接近——因此，當 [956] 的關稅提高獲得批准時，ARSESP 解決了一些基本上與 PIS/COFINS 稅相關的問題，這是一項行動該監管領域是在批准今年批准的有關商業項目的關稅上調後進行的。今天該地區。嗯，監管區域和商業區域銷售區域之間正在開展一些工作，我們正在重新審視所有商業客戶的價格水平和折扣水平，我們擁有資料的一部分，我們認為這對公司有意義。我們正在整理這些信息。我們的想法是將此提交給 ARSESP。因此，這項工作已經由客戶團隊和監管團隊完成，金融領域也參與其中，我們正在構建提交給 ARSESP 的理由。

I think with that, we can address 1 important point, which is one of the discussions that always shows of this regulatory revenue gap recognition of the discounts given by the company in the commercial programs. When we talk about reducing costs, let's start with the implementation of CSC, the shared services center. The design is ready. We are working on the migration phases. It was totally Well, migration will officially start next week with some activities, some processes will start being migrated. And we already had a structure in place to serve some business units of the metropolitan. So we are capitalizing and speeding up what is more at hand. We are already doing that movement. And this is a process that will take -- well, think about a full transition until the end of the year, we will have the transition of our activities but the maturity will happen within 9 months. And we also have technology actions that will help speed up this process of migration and integration and centralization of processes. As Andrea mentioned, our contracts, we have different maturity contracts. And since we have contracts that go from 6 months to 1 year, 3 years and even beyond, we will have to respect the maturity of the expiration date of these contracts.

我認為，這樣，我們就可以解決一個重要的問題，這是始終表明監管收入差距對公司在商業計劃中提供的折扣的認可的討論之一。說到降低成本，首先要從共享服務中心CSC的實施開始。設計已準備就緒。我們正在致力於遷移階段。完全好，遷移將於下周正式開始，其中包括一些活動，一些流程將開始遷移。我們已經建立了一個為大都市的一些業務單位提供服務的結構。因此，我們正在利用並加快手頭的工作。我們已經在做這個運動了。這個過程需要——好吧，考慮到今年年底之前的全面過渡，我們將進行活動的過渡，但成熟度將在 9 個月內發生。我們還採取了技術行動，將有助於加快流程的遷移、集成和集中化進程。正如安德里亞提到的，我們的合同，我們有不同期限的合同。由於我們的合同期限從 6 個月到 1 年、3 年甚至更長，我們必須尊重這些合同的到期日。

And when they expire, we have to bring this to 1 single model or a centralized contract. So the capture of this gain will come over time. It will not come right after this is implemented. It will come as these contracts expire. I don't know if I really answered your question. Andre would like to add something.

當它們到期時，我們必須將其轉變為單一模型或集中式合約。因此，隨著時間的推移，這種收益將會實現。實施後不會立即出現。當這些合同到期時，它就會到來。我不知道我是否真正回答了你的問題。安德烈想補充一些東西。

Well, generally speaking, this is a big company with a well-established contract structure. As we became aware of the demands and renewal of contracts, we have tried to rationalize contracts or maybe alternative modes of contracting to become more efficient, but this happens over time. so that we avoid risk of discontinuity. We see that these gains will be consistent over time. We have some restructuring initiatives we have been taking in order to review the way we contract these different services. We have services today that are being -- that maybe it makes (inaudible) being done together, that should be done separately. And the other way around. So this is -- that are separated that maybe should be centralized. I guess -- I have examples for all of them and another opportunity, I can give you further details, but like collection, disconnection is with the collection company, but the collection company has a greater affinity to perform remote activities. Field activities are very expensive so effective is -- effectiveness of disconnection, we send a message, SMS and e-mail, these are all administrative processes. They are not physical processes, adding this contrary to a physical process going to the household of the customer. This leads to more costs. So bringing this to a field activity would be more efficient. This will improve our ability to really implement a better collection. We hope that in the next quarters, this gain in efficiency will materialize in materials. And the gap on the side of revenue is okay.

嗯，總的來說，這是一家大公司，有著完善的合同結構。當我們意識到合同的需求和續籤時，我們試圖使合同合理化或採用替代的合同模式以提高效率，但這種情況隨著時間的推移而發生。以便我們避免中斷的風險。我們看到這些收益將隨著時間的推移而保持一致。我們一直在採取一些重組舉措，以審查我們承包這些不同服務的方式。我們今天正在提供的服務——也許它使得（聽不清）一起完成，而應該單獨完成。反之亦然。所以，這些是分開的，也許應該集中起來。我想——我有所有這些例子，還有另一個機會，我可以給你更多的細節，但就像收款一樣，與收款公司斷開連接，但收款公司更願意執行遠程活動。現場活動非常昂貴，所以有效的是——斷開連接的有效性，我們發送消息、短信和電子郵件，這些都是管理流程。它們不是物理過程，這與進入客戶家庭的物理過程相反。這導致更多的成本。因此，將其帶入現場活動會更有效。這將提高我們真正實現更好的集合的能力。我們希望在接下來的幾個季度中，這種效率提升將在材料方面實現。而且收入方面的差距還可以。

On the side of expenses, a number of things are being done. Some of the things are about to show how we operate and for our SABESP understanding to what extent it's what they want can be adjusted to our reality because we had some price shocks over time that were not captured. I think this is something we have been doing our homework so that our company is more efficient and also talking with the regulatory agencies showing that we are doing whatever we can to be as efficient as possible. so that these visions are as close as possible for the next tariff cycle.

在開支方面，我們正在做一些事情。其中一些內容將展示我們的運作方式以及我們的 SABESP 理解，他們想要的東西在多大程度上可以根據我們的現實進行調整，因為隨著時間的推移，我們遇到了一些未捕獲的價格衝擊。我認為這是我們一直在做的功課，以便我們的公司更加高效，同時也與監管機構進行溝通，表明我們正在盡一切努力提高效率。以便這些願景在下一個關稅週期中盡可能接近。

Thank you, Andre. Thank you, Catia. Next question Jane Yang from HSBC. Could you give us an update of your discussions with ARSESP, what passed by SABESP are still being assessed by the regulatory agency. Is there a discussion underway to adjust or change the tariff model and regulatory model. And if yes, could you give us more details?

謝謝你，安德烈。謝謝你，卡蒂亞。下一個問題是來自匯豐銀行的 Jane Yang。您能否向我們介紹一下您與 ARSESP 討論的最新情況，SABESP 通過的內容仍在接受監管機構的評估。是否正在討論調整或改變關稅模式和監管模式。如果是的話，您能給我們更多細節嗎？

Thank you, Lily, for joining us, and thank you for your question. Most of your question, I think I answered in the previous question asked by [Matthaious] details of what we have been discussing with the agency, I think that would expose our team and the agencies team. But generally speaking, we have been tackled the revenue gap through this alignment of accounting regarding commercial agreements and telling the agency that the other value levers have to do with the consumption, with mix. These are things that are out of our control, understanding how they can see that.

莉莉，謝謝你加入我們，也謝謝你提出的問題。你的大部分問題，我想我在[Matthaious]提出的上一個問題中回答了我們與該機構討論的細節，我認為這將暴露我們的團隊和機構團隊。但總的來說，我們已經通過商業協議會計的協調解決了收入差距，並告訴該機構其他價值槓桿與消費和混合有關。這些都是我們無法控制的事情，我們無法理解他們如何看待這一點。

On the side of expenses, I think there are a number of activities that we are doing here and part should be done by the agency expenses we have that are not taken into account today. So we won't finish this agenda in 1 month. So we are trying to get our bees closer and closer, and we have a contact once a month by Bruno from the regulatory team and directors from other teams that will show the agency and we want to be as clear as possible with the agency showing what reality is and what is our capacity to invest vis-a-vis the reality, what they see in our company. I hope I have answered your question. This is a very broad agenda, but we are trying to tackle it since the first day we are here.

在費用方面，我認為我們在這裡正在進行許多活動，其中一部分應該由我們今天沒有考慮到的代理費用來完成。所以我們不會在 1 個月內完成這個議程。因此，我們正在努力讓我們的蜜蜂越來越近，我們與監管團隊的布魯諾和其他團隊的董事每月進行一次聯繫，他們將向該機構展示，我們希望盡可能清楚地向該機構展示什麼現實是什麼，我們相對於現實的投資能力是什麼，他們在我們公司看到了什麼。我希望我已經回答了你的問題。這是一個非常廣泛的議程，但從我們來到這裡的第一天起，我們就在努力解決這個問題。

So we are reaching the last 15 minutes. Journalists have started asking their questions. So we still have some questions, some investor Miguel Rodrigues from Morgan Stanley asks Well, the decision of not exercising the preference right, [Androgina Castello], Were it exclusively related to the level of return? Or is there any other factor involved? Could you please comment how has the company looked at the demands of return for different projects and maybe factors that may lead to the requirement of bigger returns or smaller returns.

現在我們已經到了最後 15 分鐘了。記者們已經開始提問。所以我們還有一些問題，摩根士丹利的一些投資者米格爾·羅德里格斯（Miguel Rodrigues）問，那麼，不行使優先權的決定，[Androgina Castello]，是否完全與回報水平有關？還是有其他因素參與？請您評論一下公司如何看待不同項目的回報要求，以及可能導致回報要求較高或較小的因素。

Well, Miguel. Good question. This is a very complex topic, but basically trying to simplify this complex analysis. Any capital allocation by the company takes into account risks and returns coming from that opportunity. So what is risk in a concession regulatory environment. We have a lot of CapEx looking forward. And obviously, looking at the risk taking appetite of the company. And this is shown at the decision-making levels with the regulation office, and we also have the other office taking this decision and depending on the investment, this is submitted to the Board of Directors. What we have been doing is that over this whole journey to standardize the risk -- the level of risk and return we are willing to take, depending on the project.

好吧，米格爾。好問題。這是一個非常複雜的話題，但基本上是試圖簡化這個複雜的分析。公司的任何資本分配都會考慮該機會帶來的風險和回報。那麼特許權監管環境中的風險是什麼？我們有很多資本支出值得期待。顯然，要考慮公司的風險承受能力。這在監管辦公室的決策層得到體現，我們還有其他辦公室做出這一決定，並根據投資情況將其提交給董事會。我們一直在做的是，在整個過程中標準化風險——我們願意承擔的風險和回報水平，具體取決於項目。

In the case of [Androgina Castell], the risk is relatively low. These are mature concessions and the regulation in that area is a regulation that we don't see as extraordinary risks. Having said that, it was much more a matter of return, we thought that we would get the best return for our investments. So we don't have any other rights. And thank you for your question.

就【安德羅吉娜·卡斯特】而言，風險相對較低。這些都是成熟的讓步，該領域的監管是我們不認為存在巨大風險的監管。話雖如此，這更多的是回報問題，我們認為我們的投資可以獲得最好的回報。所以我們沒有任何其他權利。謝謝你的提問。

Next question on by [Aaron Ram] from [Robeco]. He was kind enough to send the question translated into Portuguese. So I read -- apologize if the translation is not okay, but I think it's good enough. Total receivables have continued to grow. Total overdue receivables in those more than 360 days over due, also remain elevated. Then he asks, is there a plan to reduce these receivables by recovery -- or should we expect them to be written down via the P&L? What is the expected time line to meaningfully reduce the overdue receivables.

下一個問題由 [Robeco] 的 [Aaron Ram] 提出。他很友善地將問題翻譯成葡萄牙語。所以我讀到——如果翻譯不好，請道歉，但我認為它已經足夠好了。應收賬款總額持續增長。逾期超過 360 天的逾期應收賬款總額也仍然很高。然後他問道，是否有計劃通過回收來減少這些應收賬款——或者我們應該期望它們通過損益表減記？有效減少逾期應收賬款的預期時間是多長？

I can answer that. Thank you for your question, and thank you for being so kind to provide a translation increase in receivables follows the revenue. If you have a greater revenue. We have also more accounts receivable. An important piece of information is that today, in our accounts receivable or in our balance sheet, we don't have anything above 360 days. We follow that because we are still trying to recover that, but everything that is above 360 days has been duly written down, being treated accordingly in our P&L. So our receivables is clean of any that cannot be collected. We are trying to recover this overdue. We're going down to 5 years, even longer terms, but that would have a positive. It wouldn't have a negative effect. So looking at my receivables, 360 is already okay. We do allowance for losses after 180 days, we increased the volume we allow for, but accounting here does allowances by edge.

我可以回答這個問題。感謝您提出問題，也感謝您慷慨地提供應收賬款隨收入增加的翻譯。如果你有更大的收入。我們還有更多的應收賬款。一條重要的信息是，今天，在我們的應收賬款或資產負債表中，我們沒有任何超過 360 天的內容。我們之所以遵循這一點，是因為我們仍在努力恢復這一點，但 360 天以上的所有內容均已適當記下，並在我們的損益表中進行相應處理。因此，我們的應收賬款中沒有任何無法收回的款項。我們正在努力恢復這個逾期的情況。我們將把期限縮短到 5 年，甚至更長，但這會有積極的一面。它不會產生負面影響。所以看我的應收賬款，360已經可以了。我們在 180 天后進行損失準備，我們增加了允許的數量，但這裡的會計是按邊緣進行準備。

Looking at the delinquency history, we are very conservative. We look at what we have in the overdue and to be due, and we apply them according to the history of the company, then we provide the allowance required to prevent an impact on results. Answer your questions. Receivables you see in our balance sheet is clean of any loss everything has already been generated and has already been taken into account in our P&L. And the growth we see is basically related to the growth in our revenue.

縱觀犯罪歷史，我們非常保守。我們查看逾期和到期的情況，並根據公司的歷史應用它們，然後提供所需的津貼，以防止對結果產生影響。回答你的問題。您在我們的資產負債表中看到的應收賬款沒有任何損失，一切都已經生成，並且已經計入我們的損益表中。我們看到的增長基本上與我們收入的增長有關。

Thank you, Catia. He goes on with another question around [EBIT]. Since the third quarter 2022, a collection action against the city government of Sao Paulo has been reported in the receivables for the quarters, the receivable correlated now is BRL 2.8 billion. I'd like to understand a little bit more about that, the probability of monetize this debt papers, what is necessary for this BRL 2.8 billion to be recognized and the time during which they could be realized if there is a time or schedule for anticipated payment? And what are the uncertainties and thirdly, how would they be considered in the balance sheet if recognized, meaning assets would be a commercial receivable or an investment paper.

謝謝你，卡蒂亞。他繼續提出另一個關於[息稅前利潤]的問題。自 2022 年第三季度以來，該季度的應收賬款中報告了針對聖保羅市政府的催收行動，目前相關應收賬款為 28 億雷亞爾。我想更多地了解這一點，將這些債務票據貨幣化的可能性，確認這 28 億巴西雷亞爾需要什麼條件，以及如果有預期的時間或時間表，它們可以實現的時間支付？不確定性是什麼？第三，如果確認的話，它們將如何在資產負債表中考慮，這意味著資產將是商業應收款或投資票據。

Well, of this BRL 2.8 billion, we make them visible. We haven't recognized them in our results because this is the right we have. But the time depends on the availability of the city administration to pay in '23, we see the city paying debt from 2006, looking at the realization of these payments, there are 2 ways to go, wait to enter into the flow of payment by the municipality of work with -- we have other possibilities. It has to do with an agreement and maybe we can provide further details. We are looking at other possibilities as well. But actually, these other ways we have to recover this BRL 2 point billion (sic) [BRL 2.8 billion] looking at the value, this is -- we have the principal and interest part of it is commercial, but part of it will affect the financial line we are talking here about updating this value, this figure over time. Would you like to complement, Andre?

那麼，在這 28 億雷亞爾中，我們讓它們可見。我們沒有在我們的結果中承認它們，因為這是我們擁有的權利。但是時間取決於城市管理部門在'23年支付的可用性，我們看到城市從2006年開始支付債務，看看這些支付的實現，有兩種方法可以走，等待進入支付流程與我們合作的市政府——我們還有其他的可能性。這與協議有關，也許我們可以提供更多細節。我們也在尋找其他可能性。但實際上，我們必須通過其他方式收回這2 億巴西雷亞爾（原文如此）[28 億巴西雷亞爾]，從價值來看，這是——我們的本金和利息部分是商業性的，但其中一部分會影響我們在這裡討論的財務線是隨著時間的推移更新這個值、這個數字。安德烈，你想補充一下嗎？

I think that said, we have a stock of unpaid receivables. This is the most representative one, BRL 2.8 billion. And we have been looking at the best way to monetize that. The city administration launches bidding processes. And latest one was in April. We don't think the conditions were attractive. And -- we are looking at other ways of monetizing that. Obviously, taking into account conversations with the city administration. So we have been working to try to get other alternatives to get this paid. Nothing has been decided. But Aaron, we are paying close attention to that credit and we are really addressing this issue with the city administration of Sao Paulo.

我認為也就是說，我們有一些未付的應收賬款。這是最具代表性的，28億雷亞爾。我們一直在尋找貨幣化的最佳方式。市政府啟動招標程序。最近一次是在四月份。我們認為條件不具吸引力。而且 - 我們正在尋找其他貨幣化方式。顯然，考慮到與市政府的對話。因此，我們一直在努力尋找其他替代方案來支付這筆費用。一切還沒有決定。但是亞倫，我們正在密切關注這一信用，我們正在與聖保羅市政府一起解決這個問題。

Thank you, Andre. This was the last question. (Operator Instructions) And including journalists, if not, I'll give the floor to Andre and Catia for final remarks. No further questions. So Andre, Catia. If you want to make any final remarks.

謝謝你，安德烈。這是最後一個問題。 （操作員指示）包括記者在內，如果沒有，我將請安德烈和卡蒂亞發言進行最後發言。沒有進一步的問題。所以安德烈，卡蒂亞。如果您想發表任何最後的話。

I'd also like to thank the whole team and my peers, Andre. This has really been challenged. We have a very important agenda ahead and -- we have a full focus so that we really deliver 1 single SABESP with the efficiencies we have been capturing all the levels that have been identified. This is the commitment we have.

我還要感謝整個團隊和我的同事安德烈。這確實受到了挑戰。我們前面有一個非常重要的議程，並且我們有一個全面的重點，以便我們真正交付 1 個 SABESP，其效率我們已經達到了已確定的所有級別。這是我們的承諾。

Thank you, Tiberio. Thank you, Catia. Again, we have this commitment to be transparent with a focus on results, have a company that uses its full potential to be more competitive, more modern, more flexible, a company adapted to this new reality and the opportunities that come together with the new regulations. We have a set of opportunities we have been looking at to generate new businesses in our company with our customers, with our water and sewage treatment processes. We have been looking at all that. And over time, we will be communicating all this to you. I would like to thank our employees who really embraced this agenda who have been working very hard transforming the company into a company that is much closer to consumers with a clear goal of being the best sanitation and water supply provider, not only in the state of Sao Paulo but in Brazil.

謝謝你，蒂貝里奧。謝謝你，卡蒂亞。再次強調，我們承諾保持透明，注重結果，讓公司充分發揮潛力，變得更具競爭力、更現代化、更靈活，適應新的現實以及新形勢帶來的機遇。法規。我們一直在尋找一系列機會，通過我們的水和污水處理工藝與我們的客戶一起在我們公司創造新業務。我們一直在關注這一切。隨著時間的推移，我們將向您傳達所有這些信息。我要感謝我們的員工，他們真正接受了這一議程，他們一直在努力將公司轉變為一家更貼近消費者的公司，其明確的目標是成為最好的衛生和供水提供商，而不僅僅是在州內。聖保羅但在巴西。

And finally, this is not done just by me by Catia, Tiberio. We were already thinking about an event to introduce all the directors and the offices, people who really work to deliver results, we -- by -- until the end of this month, we will have a meeting, which we are calling SABESP Day where we will be bringing the other directors, and they will all be talking and they will talk about everything we did in the past 6 months, our challenges and the foundation that is being built for this future. Also talking about the vision, what we want to deliver in the next 6 and 12 months to you, to society, and to our investors. Further details, the IR team will provide you, but investors and the press society. You will get to know our agenda and the people who are leading these agendas. So this is an invitation suggestion of topics and items for the agenda are welcome. You can submit them to us and again, thank you very much for your feedback. Thank you for all the constructive criticism. We have been getting during our journey. And we have a possible we implement them. This construction of the new SABESP is a joint construction. Part of it is done by us because we are in charge of leading it, but it the company with suggestions made by our employees so that we have a better operation and also comes from our investors from society so that we also look at external visions in terms of what we can improve, it is a thank you message to the state government for having giving me and all the rest of the possibility to run this company and prepare it for the second phase, we are very happy to be here. It's an honor to be in this position at a challenging time when we can really make a difference for this industry, not only in the state of Sao Paulo, but for Brazil. Thank you all very much. Thank you, Tiberio, Miyagui, Catia, the whole team and those who have been working with us. Thank you very much.

最後，這不僅僅是我一個人完成的，還有 Catia、Tiberio。我們已經在考慮舉辦一個活動來介紹所有董事和辦公室，以及真正致力於交付成果的人員，我們 - 到 - 直到本月底，我們將舉行一次會議，我們稱之為 SABESP 日，其中我們將帶來其他董事，他們都會講話，他們將談論我們在過去6 個月中所做的一切、我們的挑戰以及為未來奠定的基礎。還談論了願景，即我們希望在未來 6 個月和 12 個月內向您、社會和我們的投資者交付什麼。進一步的細節，投資者關係團隊將為您提供，但投資者和新聞界也將提供。您將了解我們的議程以及領導這些議程的人員。因此，這是一份關於議程主題和項目的邀請建議，歡迎大家參與。您可以將它們提交給我們，再次非常感謝您的反饋。感謝您的所有建設性批評。我們在旅途中一直在得到。我們有可能實施它們。新SABESP的建設是聯合建設。一部分是我們自己做的，因為我們負責主導，但也是公司有我們員工提出的建議，讓我們有更好的經營，也有來自我們社會的投資人，讓我們也看外部的願景。就我們可以改進的方面而言，這是對州政府的感謝，感謝州政府給了我和所有其他人經營這家公司並為第二階段做好準備的可能性，我們很高興來到這裡。在這個充滿挑戰的時刻，我們能夠真正為這個行業帶來改變，不僅是在聖保羅州，而且是在巴西，我很榮幸能夠擔任這個職位。非常感謝大家。謝謝 Tiberio、Miyagui、Catia、整個團隊以及那些一直與我們一起工作的人。非常感謝。

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

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]