Transportadora de Gas del Sur SA (TGS) 2023 Q4 法說會逐字稿

Good morning, everyone. I'm Carlos Almagro, Head of Investor Relations. I would like to welcome everyone to TGS fourth-quarter 2023 results video conference. TGS issued its earnings report on March 4. We would like to inform you that this event is being recorded. (Event Instructions)

大家，早安。我是投資者關係主管卡洛斯·阿爾馬格羅。歡迎大家參加 TGS 2023 年第四季業績視訊會議。TGS於3月4日發布了財報。我們謹通知您，該事件正在被記錄。（活動須知）

Before we begin the call today, I would like to remind you that forward-looking statements made during today's video conference do not account for future economic circumstances, industry conditions, and company performance and financial results.

在我們今天開始電話會議之前，我想提醒大家，今天視訊會議中所做的前瞻性陳述並未考慮未來的經濟狀況、行業狀況以及公司業績和財務業績。

These statements are subject to a number of risks and uncertainties. All figures included herein were prepared in accordance with International Financial Reporting Standard, IFRS, and are stated in constant Argentine pesos as of December 31, 2023, unless otherwise noted.

這些陳述存在許多風險和不確定性。除非另有說明，本文中包含的所有數據均根據國際財務報告準則 IFRS 編制，並以截至 2023 年 12 月 31 日的不變阿根廷比索列示。

Joining us today from TGS, in Buenos Aires, is Alejandro Basso, Chief Financial Officer. And now I will turn video conference over to Mr. Basso. Alejandro, please begin.

今天，財務長 Alejandro Basso 從位於布宜諾斯艾利斯的 TGS 加入我們。現在我將視訊會議交給巴索先生。亞歷杭德羅，請開始。

Thank you, Carlos. Good morning, everyone, and thank you for joining us today to discuss the 2023's fourth-quarter earnings and highlights for TGS. To begin the call today, I would like to share with you the most recent news about the company.

謝謝你，卡洛斯。大家早安，感謝您今天加入我們討論 TGS 2023 年第四季的收益和亮點。在今天的電話會議開始之前，我想與大家分享有關公司的最新消息。

In terms of our natural gas transportation business as the new administration took office last December, the Executive Power issued the Decree No. 55, through which an Integral Tariff Revision will be conducted and completed by the end of December 2024. In addition, the Decree also established a transitional tariff adjustment. The percentages are in process of being defined by the government and are aimed to become effective in the coming days.

我國天然氣運輸業務方面，去年12月新政府上任後，行政機關發布了第55號命令，將在2024年12月底前完成運價整體修訂工作。此外，該法令也確立了過渡性關稅調整。政府正在確定這些百分比，並計劃在未來幾天內生效。

For such purpose, a public hearing was held on January 8, during which TGS requested a 567% tariff increase that considers what was defined in a 2017 ITR and the two transitional tariff increases in the past five years, one of 60% in March 2022 and the second one of 95% in April 2022.

為此，TGS 於1 月8 日舉行了一次公開聽證會，其中考慮了2017 年ITR 中的定義以及過去五年的兩次過渡性關稅上調（其中一次是2022 年3 月的60%），要求關稅提高567%第二次是 2022 年 4 月，達到 95%。

In terms of our midstream business in Vaca Muerta, we continued working on additional two conditioning capacity expansions which would increase the total capacity to 28 million cubic meters per day by next winter following a CapEx deployment of $320 million.

就瓦卡穆爾塔的中游業務而言，我們繼續進行另外兩次空調產能擴張，在部署 3.2 億美元的資本支出後，到明年冬季，總產能將增加至每天 2800 萬立方米。

It's worth mentioning that these expansions imply the installation of two new models, which can be converted to extract LPG. This is well aligned with our project, which is currently under evaluation to start providing natural gas processing services for the shale gas producers in (inaudible)

值得一提的是，這些擴建意味著安裝兩種新型號，可以改裝以提取液化石油氣。這與我們的專案非常吻合，該專案目前正在評估，以開始為頁岩氣生產商提供天然氣加工服務（聽不清楚）

Next, in terms of the natural gas pipeline expansions, which are needed to increase shale gas production in Vaca Muerta, and therefore, supports the growth of our midstream business, last December, TGS started the operation and maintenance of the Mercedes-Cardales pipeline, a 80 kilometers new pipeline in the north of Province of Buenos Aires owned by ENARSA.

其次，在天然氣管道擴建方面，需要增加瓦卡穆爾塔頁岩氣產量，從而支持我們中游業務的成長，去年12月，TGS開始運營和維護梅賽德斯-卡代萊斯管道， ENARSA 擁有的位於布宜諾斯艾利斯省北部的80 公里新管道。

This pipeline connects TGS's system with TGN's, mainly allowing for natural gas supply to power plants located in the north of Buenos Aires and South of the Santa Fe province. Current transportation capacity is 10 million cubic meters per day, which will increase to 15 million cubic meters per day this winter once the compressor plant that is currently under construction in Mercedes is commissioned.

該管道將 TGS 的系統與 TGN 的系統連接起來，主要向位於布宜諾斯艾利斯北部和聖達菲省南部的發電廠供應天然氣。目前的運輸能力為每天1000萬立方米，一旦梅賽德斯目前正在建造的壓縮機工廠投入使用，今年冬天運輸能力將增加至每天1500萬立方米。

Furthermore, it is of utmost importance, the probable commissioning of the two compressor plants this year, which both are in the process of being built. One at the beginning and the other one at the end of the first tranche of President Néstor Kirchner pipeline. These two compressor plants will allow for additional transportation capacity by 10 million cubic meters per day, almost doubling its current capacity to 21 million of cubic meters per day.

此外，最重要的是，兩個正在建設中的壓縮機廠今年可能會投產。一個位於總統內斯託基什內爾管道第一批的開始，另一個位於其結束。這兩家壓縮機廠將增加每天1,000萬立方公尺的運輸能力，幾乎是目前運輸能力的兩倍，達到每天2,100萬立方公尺。

The North pipeline reversal project has been delayed during the auction -- during the auction process. And as such, it is probable that it will be commissioned during the second semester of 2024. Needless to say how important this project is for natural gas supplies to the northwest of Argentina considering that the volume of natural gas supply is in decline.

北方管道逆轉項目在拍賣過程中被推遲。因此，它很可能會在 2024 年第二學期投入使用。考慮到天然氣供應量正在下降，該項目對於阿根廷西北部天然氣供應的重要性不言而喻。

As per the 10-year license extension request, which aims to extend our license from 2027 to 2037 and following the recent discussions with the new national authorities, we believe that we will get this extension granted this year.

根據旨在將我們的許可證從 2027 年延長至 2037 年的 10 年許可證延期請求，經過最近與新國家當局的討論，我們相信我們將在今年獲得這一延期。

Turning now to slide 4, I will briefly address some of the highlights for the fourth-quarter results of 2023. Please keep in mind that all figures presented in this quarter are comparisons mainly with the previous quarters are expressed in constant pesos as of December 31, 2023, following the provisions established by IFRS for financial reporting in hyperinflationary economies.

現在轉向投影片 4，我將簡要介紹 2023 年第四季業績的一些亮點。請記住，本季度提供的所有數據主要是與前幾季的比較，並按照 IFRS 為惡性通貨膨脹經濟體的財務報告製定的規定，以截至 2023 年 12 月 31 日的不變比索表示。

As seen in the slide, we reported a net loss totaling ARS23.5 billion during the fourth quarter of 2023, compared to a net income of ARS16.7 billion reported for the same quarter of 2022. Even one, as you can see in the slide, the total EBITDA fell by ARS6.6 billion, equivalent to a decline of 15%, the largest impact came from the negative financial results, which were partially offset by its income tax effect.

如投影片所示，我們報告 2023 年第四季的淨虧損總計 235 億ARS，而 2022 年同一季度報告的淨利潤為 167 億ARS。即使是其中之一，正如您在幻燈片中看到的那樣，EBITDA 總額下降了66 億阿根廷比索，相當於下降了15%，最大的影響來自於負面的財務業績，其部分被所得稅影響所抵消。

This significant financial loss was due to the Argentine peso devaluation where the US dollar exchange rate increased from ARS350 to ARS808 per US dollar, impacting negatively our US dollar-denominated net liability position.

這一重大財務損失是由於阿根廷比索貶值，美元匯率從每美元 350 阿根廷比索升至 808 阿根廷比索，對我們以美元計價的淨負債狀況產生了負面影響。

Moving on to slide 5. EBITDA for the natural gas transportation business was negative at ARS1.8 billion in the fourth quarter of 2023. This large EBITDA deterioration is mostly related with a limited 95% tariff increase, which came into effect by the end of April 2023, and compares unfavorably with an annual inflation rate of over 200%.

繼續看投影片 5。2023 年第四季度，天然氣運輸業務的 EBITDA 為負，為 18 億阿根廷比索。EBITDA 大幅惡化主要與 2023 年 4 月底生效的 95% 的有限關稅上漲有關，與超過 200% 的年通膨率相比，情況不利。

As seen in the slide, the inflation loss effect on revenues amounted to ARS15.1 billion compared to ARS7.6 billion registered given the positive effect of the 2023 tariff increase. In addition, operating expenses increased by ARS4.9 billion and PP&E maintenance also rose by almost ARS800 million.

如投影片所示，考慮到 2023 年關稅上調的正面影響，通貨膨脹損失對收入的影響達 151 億ARS，而實際收入為 76 億ARS。此外，營運費用增加了 49 億ARS，PP&E 維護也增加了近8 億ARS。

Finally, revenues grew by ARS917 million, led by additional transportation services provided during the fourth quarter of 2023, mostly interruptible transportation services.

最後，營收成長了 9.17 億阿根廷比索，主要得益於 2023 年第四季提供的額外運輸服務，其中大部分是可中斷的運輸服務。

On slide 6, you can see EBITDA from the liquids business decreased by 18% in the fourth quarter of 2023 to ARS21.9 billion compared to ARS26.8 billion reported in the same quarter of 2022. The following negative factors impacted this business segment EBITDA. First, low international propane price of about 15%, resulting in lower revenues of ARS4.7 billion. Second, a lower export LPG volume of 57,000 tons, representing a 50% decline when compared with the 57,000 tons to 114,000 tons that implied lower EBITDA for another ARS4.7 billion.

在投影片 6 上，您可以看到液體業務的 EBITDA 在 2023 年第四季下降了 18%，至 219 億ARS，而 2022 年同一季度報告的 268 億ARS。以下負面因素影響了該業務部門的 EBITDA。首先，國際丙烷價格低約15%，導致收入減少47億阿根廷比索。其次，液化石油氣出口量減少至 57,000 噸，與 57,000 噸至 114,000 噸相比下降了 50%，這意味著 EBITDA 也將減少 47 億阿根廷比索。

Supplies, a lower volume of ethane amounting to 21,000 tons, a 19% decrease from 110,000 tons to 89,000 tons resulting on lower revenues of ARS2.2 billion. And in the fourth place, a 15% lower price of ethane reducing revenues by ARS2.1 billion. The monetary effect together with the lower average cost of natural gas, which dropped from $3.1 per million BTU to $2.4 per million BTU partially compensated the negative impact by ARS4.5 billion and ARS3.7 billion, respectively.

供應方面，乙烷供應量減少至 21,000 噸，從 110,000 噸減少至 89,000 噸，減少 19%，導致收入減少 22 億阿根廷比索。第四，乙烷價格下降 15%，收入減少 21 億阿根廷比索。貨幣效應加上天然氣平均成本降低（從每百萬 BTU 3.1 美元降至每百萬 BTU 2.4 美元）分別抵消了 45 億ARS 和 37 億ARS 的負面影響。

Turning to slide 7. EBITDA from midstream and other services rose more than 130% to ARS19 billion compared to ARS8.1 billion. Higher revenues resulted from the incremental volume of natural gas transported and conditioned in Vaca Muerta amounted to ARS11.6 billion.

轉到投影片 7。中游和其他服務的 EBITDA 成長了 130% 以上，達到 190 億澳元，而先前為 81 億澳元。瓦卡穆爾塔 (Vaca Muerta) 運輸和調節的天然氣增量達到 116 億阿根廷比索，帶來了更高的收入。

Transported natural gas volume rose from an average of 14 million cubic meters per day in the fourth quarter of '22 to 23 million cubic meters per day in '23's quarter, while natural gas conditioning volume increased from an average of 8 million cubic meters per day to 15 million cubic meters per day.

天然氣輸送量從22年第四季的平均每天1400萬立方米增加到23世紀第四季的平均每天2300萬立方米，而天然氣調節量從平均每天800萬立方米增加至每天1500萬立方米。

In addition, during the fourth quarter of 2023, ARS1.5 billion revenue was generated by services provided to ENARSA in relation to the operation and maintenance of the Néstor Kirchner and the Mercedes-Cardales pipelines, the commissioning of this pipeline as well as the construction of the compressor plant placed in Mercedes. These higher revenues were partially offset by the ARS2 billion monetary effect loss.

此外，在 2023 年第四季度，向 ENARSA 提供的服務產生了 15 億阿根廷比索的收入，這些服務涉及 Néstor Kirchner 和 Mercedes-Cardales 管道的運營和維護、該管道的調試以及位於梅賽德斯的壓縮機工廠的建設。這些增加的收入被 20 億阿根廷比索的貨幣影響損失部分抵消。

On slide 8, as seen, the financial results registered a negative valuation of ARS63.7 billion. This valuation was mainly explained by a higher foreign exchange rate loss of ARS89.1 billion. This huge loss is mostly attributable to the more than 50% Argentine peso devaluation following the new administration took office in December 2023.

如投影片 8 所示，財務表現的估值為 637 億澳元為負值。這項估值主要是由於匯率損失較高，達 891 億阿根廷比索。這項巨額損失主要歸因於2023年12月新政府上任後阿根廷比索貶值超過50%。

In addition, there was a negative inflation exposure result valuation of ARS43.6 billion. These effects were partially offset by a higher financial asset income totaling ARS72.5 billion, mostly resulting from higher nominal yields of our peso-denominated financial investment generated by Argentine peso devaluation and to a lesser extent, a higher financial investment denominated in pesos.

此外，通膨風險敞口結果為負，估值為 436 億澳元。這些影響被總計725 億阿根廷比索的金融資產收入增加所部分抵消，這主要是由於阿根廷比索貶值導致我們以比索計價的金融投資名義收益率上升，以及在較小程度上以比索計價的金融投資增加。

Finally, turning to the cash flow on slide 9. Our cash position in real terms rose in the fourth quarter of 2023 by ARS114 billion, to ARS437 billion, which is roughly the equivalent to $542 million. As seen in the chart, this 35% increase is mostly attributable to the significant revaluation in real terms of our financial investment generated mainly by the one short increase of the official foreign exchange rate of almost 120% in December, which was well above the 53% inflation rate registered in the quarter.

最後，轉向幻燈片 9 上的現金流。2023 年第四季度，我們的實際現金部位增加了 1,140 億澳元，達到 4,370 億澳元，約相當於 5.42 億美元。如圖所示，這一 35% 的成長主要歸因於我們的金融投資實質上的大幅重估，這主要是由於 12 月官方外匯匯率短暫上漲近 120%，遠高於 53%。膨脹率百分比。

EBITDA generation during the fourth quarter amounted to ARS39.1 billion, totally generated by the nonregulated business, natural gas transportation business EBITDA was negative by ARS1.8 billion. CapEx for the period amounting to ARS43.8 billion. And in the quarter, the bond coupon of ARS7.5 billion was paid.

第四季的 EBITDA 產生額為 391 億ARS，全部由非監管業務產生，天然氣運輸業務 EBITDA 為負 18 億ARS。該期間資本支出達 438 億澳元。本季支付了75億澳元的債券票面利率。

We obtained short-term loans amounted to ARS7.3 billion while the working capital increased by [ARS237 million]. Income tax advance payments totaled $2.7 billion. As you can see, we maintain a comfortable level of cash position, which give us to continue investing in our business investment plan, mostly focused on Vaca Muerta midstream business.

我們獲得了 73 億澳元的短期貸款，同時營運資金增加了[2.37 億阿根廷比索]。所得稅預繳總額為 27 億美元。正如您所看到的，我們保持著適度的現金狀況，這使我們能夠繼續投資於我們的業務投資計劃，主要集中在 Vaca Muerta 中游業務。

This concludes our presentation. I will now turn it over to Carlos who will open the floor for questions. Thank you.

我們的演講到此結束。現在我將把它交給卡洛斯，他將開始提問。謝謝。

Thank you, Alejandro. The floor is now open for questions. (Event Instructions).

謝謝你，亞歷杭德羅。現在可以提問。（活動說明）。

(inaudible - microphone inaccessible)

（聽不清楚 - 麥克風無法存取）

Well, the first question is from Carlos Morales from Morgan Stanley in Toledo. One question is regarding the tariff increase, the natural gas transportation. How we estimate when this could be decided? This is first question.

嗯，第一個問題來自托萊多摩根士丹利的卡洛斯·莫拉萊斯（Carlos Morales）。一個問題是關於關稅上漲和天然氣運輸。我們如何估計何時可以做出決定？這是第一個問題。

Okay. Hi, Carlos, sorry for the delay. Well, regarding the tariff increase natural gas transportation, currently, the ENARGAS and the Secretary of Energy authorities are making the calculations of the new scheme for natural gas and for the transportation and distribution services.

好的。嗨，卡洛斯，抱歉耽擱了。那麼關於天然氣運輸加價的問題,目前ENARGAS和能源部長當局正在對天然氣以及運輸和分銷服務的新計劃進行計算。

We expect that -- I'm pleased it's going to be a good increase for us, but we cannot anticipate any decision right now. The decision is -- we were told that the decision is going to be taken in the next days. So we are expecting it with very anxiously.

我們預計——我很高興這對我們來說將是一個很好的成長，但我們現在無法預期任何決定。我們被告知該決定將在未來幾天內做出。所以我們非常焦急地期待著。

This is second question. In regard (technical difficulty), if we expect for this first quarter in 2024, the volumes exported, it will be lower than the first quarter of 2023?

這是第二個問題。在（技術難度）方面，如果我們預計2024年第一季的出口量會低於2023年第一季？

Okay. Regarding export volumes, we are expecting similar levels that of previous year. Nevertheless, it always depends on the cargoes and the timing for the cargoes, okay? But volumes for LPG are quite similar to previous year. We do -- what we -- we do have the -- we did have this quarter is lower volumes in ethane with some operational problems that we had. Nevertheless, we have a take-or-pay contract. So we should be compensated for these lower volumes taken by Dow, maybe in June this year.

好的。關於出口量，我們預計與去年持平。不過，這總是取決於貨物和貨物的時間，好嗎？但液化石油氣的銷售量與去年非常相似。我們所做的——我們——我們確實有——我們本季度確實有乙烷產量下降，並且我們遇到了一些營運問題。儘管如此，我們還是簽訂了照付不議合約。因此，我們應該因陶氏化學公司的銷量下降而得到補償，也許是在今年六月。

Here, we have a question from [Florencia Mayorga]. How do you do, Florencia? The first question is regarding the -- our strategy with our bond expiring in 2025 and that given that the 60-40 rule is no longer in place, what will be our strategy?

在這裡，我們有一個問題來自[弗洛倫西亞·馬約爾加]。你好嗎，弗洛倫西亞？第一個問題是關於我們的策略，我們的債券將於 2025 年到期，鑑於 60-40 規則不再適用，我們的策略是什麼？

Hi, Florencia. How are you doing? Well, regarding the bond, we are working on the strategy. Our idea is to go ahead with a new issue and tender offer and refinance our bond that is due May 2025, okay? It will depend on the market and the market condition, obviously, the moment when we go to take that decision.

嗨，弗洛倫西亞。你好嗎？嗯，關於債券，我們正在製定策略。我們的想法是繼續發行新債券和要約收購，並對 2025 年 5 月到期的債券進行再融資，好嗎？顯然，這將取決於市場和市場狀況，我們何時做出決定。

Next question from [Christian Feda]. We have some question that we are asked a lot regarding the same, the export of LPG decline? Any news regarding the energy project, would it be a terminal?

下一個問題來自[克里斯蒂安·費達]。我們有一個問題，我們被問了很多同樣的問題，液化石油氣出口下降？有關能源項目的任何消息嗎？

Sorry, I was mute. (technical difficulty) We have just finalized the analysis that we ran with the engineering companies. And we are -- right now, we are analyzing the next steps.

抱歉，我沉默了。（技術難度）我們剛完成了與工程公司進行的分析。現在，我們正在分析接下來的步驟。

Okay. Next question from [Christian Feda]. Regarding the delay of ENARSA pipe reversal if we expect some kind of shortage in the gas supplies and tariff complete during winter?

好的。下一個問題來自[克里斯蒂安·費達]。關於 ENARSA 管道逆轉的延遲，如果我們預期冬季天然氣供應和關稅會出現某種短缺？

Well, in fact, these volumes will not be provided by the gas producers to the northern part of Argentina should be replaced by LNG, additional LNG or additional liquids fuel, okay? So if the government is able to replace these volumes with liquids and LNG. In that case, we will not have been some cuts in serving. It will depend on that. Right now, the cargoes that are being contracted by LNG are fewer than expected. So we may have some problems regarding the gas supply for serving.

嗯，事實上，這些量不會由天然氣生產商提供給阿根廷北部，應該用LNG替代，額外的LNG或額外的液體燃料，好嗎？因此，如果政府能夠用液體和液化天然氣取代這些體積。那樣的話，我們的服務就不會被削減。這取決於此。目前，液化天然氣簽約的貨物少於預期。所以我們在服務用氣供應上可能會遇到一些問題。

Good morning, [Lorena Rache]. How are you? In fact, she's asking about the tariff increase. The tariff increase -- transitional tariff increase will be in the coming days, what will be defined before December of 2024 is the integral tariff revision, okay? But the integral -- the transitional tariff increases will come in coming days.

早安,[洛雷娜·雷奇]。你好嗎？事實上，她是在詢問關稅增加的問題。關稅上調－過渡性關稅上調將在未來幾天內進行，2024年12月之前定義的是整體關稅修訂，好嗎？但最重要的——過渡性關稅上調將在未來幾天內出現。

There are no more question regarding the tariff adjustment. Well, here, from [Pedro Mahar] from Latin Securities, his question is regarding the LNG plant project.

關於關稅調整的問題已經沒有了。好吧，來自拉丁證券的 [Pedro Mahar]，他的問題是關於液化天然氣工廠項目的。

I'm muted again. Hi, Pedro. How are you doing? Regarding the LPG plant project at (inaudible), we will start sooner with the study of the engineering cost and other costs to be able to take a decision to go ahead with it maybe in the second half of this year, the end of this year, okay? So the timeline for this project should be starting the project at the beginning of next year or the end of this -- of 2024.

我又靜音了嗨，佩德羅。你好嗎？關於（聽不清楚）的液化石油氣工廠項目，我們將盡快開始研究工程成本和其他成本，以便能夠在今年下半年、今年年底做出是否繼續進行的決定。因此，該計畫的時間表應該是在明年年初或 2024 年底啟動該計畫。

The LNG plant is the same, it's such -- the same decision, the same works that we have to do.

液化天然氣工廠是一樣的，我們必須做同樣的決定，做同樣的工作。

And here is a question from [Chelsea Colon]. Her question is regarding -- if we will receive after the first transitionary adjustment, will we receive monthly tariff increases (technical difficulty) thereafter?

這是一個問題[切爾西科隆]。她的問題是，如果我們在第一次過渡調整後會收到，那麼此後我們會收到每月的關稅上漲（技術難度）嗎？

Okay. Hi, Chelsea, the answer is yes. The ENARGAS is establishing a new methodology to adjust the tariff monthly after the one short initial tariff. So we are expecting to receive monthly inflation adjustment maybe since May, okay? In fact, regarding the electricity companies, they have already decided that with the forward.

好的。嗨，切爾西，答案是肯定的。ENARGAS 正在建立一種新的方法，在短暫的初始關稅後每月調整關稅。因此，我們預計可能會從 5 月開始收到每月通膨調整，好嗎？事實上，對於電力公司來說，他們已經做出了這樣的決定。

And the other question from [Jorge Mauro] from Fundamental Capital. How are you, Jorge? His question is regarding the volume on ENARSA. He want to know about the -- how much is expected for 2024 regarding revenues and if the contract is in pesos or dollars?

還有來自 Fundamental Capital 的 [Jorge Mauro] 的另一個問題。你好嗎，豪爾赫？他的問題是關於 ENARSA 的捲。他想知道 2024 年預計收入是多少，合約是用比索還是美元計算？

Hi, Jorge. How are you doing? Revenues coming from that contract are around $3 million and EBITDA $1 million. The contract is mostly in pesos.

嗨，豪爾赫。你好嗎？該合約的收入約為 300 萬美元，EBITDA 為 100 萬美元。合約主要以比索為單位。

(technical difficulty) regarding the export volume of (technical difficulty) were also very much lower (technical difficulty) in one year, in the fourth quarter.

（技術難度）關於（技術難度）的出口量也是一年來（技術難度）低得多，在第四季。

Okay. Well, in fact, we have some -- a cargo that was expected for the end of December that was deferred to January. And also, we have some lack of gas supply necessarily in this quarter due to different maintenance that the gas producers have to -- had to do in their systems, in their fields.

好的。嗯，事實上，我們有一些貨物——原定於 12 月底發貨，但被推遲到 1 月。此外，由於天然氣生產商必須在他們的系統、他們的油田進行不同的維護，本季我們必然會出現一些天然氣供應短缺。

Next question is from [David Pardo]. We expect to fund the capital program with operating cash flow or it's [exploratory issue]?

下一個問題來自[大衛·帕爾多]。我們期望以營運現金流為資本計畫提供資金，或者【探索性問題】？

Hi, David. How are you doing? For 2024, we expect to fully fund our CapEx with our own generation of operating cash flow. That's here, we will see, okay, because if we -- while this LPG projects go ahead, we are going to need to issue new net (inaudible) for loans.

嗨，大衛。你好嗎？到 2024 年，我們預計將用我們自己產生的營運現金流為我們的資本支出提供充足的資金。就在這裡，我們會看到，好吧，因為如果我們——當這個液化石油氣項目繼續進行時，我們將需要發行新的貸款淨額（聽不清楚）。

Another question from Chelsea Colon. When was the same price lower, thinking that it was safe to the contract with (inaudible)?

切爾西科隆的另一個問題。同樣的價格甚麼時候會低一些，以為和他們簽訂合約是安全的（聽不清楚）？

Okay, Chelsea. No. The reason for that is that the ethane price has passed through of the natural gas that we purchased. So as natural gas prices went down this last month, the price of ethane is lower also. It's not a fixed price, okay? It's variable depending on the natural gas price.

好吧，切爾西。不。原因是乙烷價格已經影響了我們購買的天然氣。因此，隨著上個月天然氣價格下降，乙烷的價格也下降了。這不是一個固定的價格，好嗎？它根據天然氣價格而變化。

One question from [Ivan Cabasa from Compacuro]. How are you? Regarding how much additional revenue would imply the commissioning of Mercedes and Cardales pipe for TGS?

一個問題來自[來自 Compacuro 的 Ivan Cabasa]。你好嗎？關於為 TGS 調試梅賽德斯和卡代爾斯管道意味著多少額外收入？

It's not a significant one. I don't have the figures right now, but it's not a very significant amount. Maybe $1 million per year or something like that.

這不是什麼重要的事。我現在沒有這些數字，但這不是一個很大的數字。也許每年 100 萬美元或類似的東西。

And the other question is the reversal of TGN pipeline (technical difficulty) revenue for TGS?

另一個問題是TGN管道（技術難度）收入對TGS的逆轉？

Not in a direct way, but we will have additional revenues in our Vaca Muerta transport and conditioning services, okay, because it's traditional gas. It's flowing through the systems, TGN (inaudible) TGS's. In that case, part of the gas. So most of that gas should be treated and transported at our gathering and conditioning facilities in Vaca Muerta.

不是直接的方式，但我們將在瓦卡穆爾塔運輸和空調服務中獲得額外收入，好吧，因為它是傳統天然氣。它流經系統，TGN（聽不清楚）TGS。在這種情況下，部分氣體。因此，大部分氣體應在我們位於瓦卡穆爾塔的收集和調節設施中進行處理和運輸。

(technical difficulty) is when ethane volumes will be normalized?

（技術難點）乙烷量什麼時候才能正常化？

In fact, the ethane volumes had -- has been normalized since February 20, something like that.

事實上，乙烷量自 2 月 20 日以來已經正常化，類似的情況。

This concludes the question-and-answer session. Now we will turn to Alejandro for final remarks.

問答環節到此結束。現在我們請亞歷杭德羅做最後的演講。

Okay. Thank you for participating TGS's fourth-quarter 2023 conference call. We look forward to speaking with you again when we release our first-quarter 2024 results. If you have any follow-up questions in the meantime, please do not hesitate to contact our Investor Relations department. Have a good day.

好的。感謝您參加 TGS 2023 年第四季電話會議。我們期待在發布 2024 年第一季業績時再次與您交談。如果您在此期間有任何後續問題，請隨時聯繫我們的投資者關係部門。祝你有美好的一天。