Transportadora de Gas del Sur SA (TGS) 2024 Q1 法說會逐字稿

Good morning, everyone. I'm Carlos Almagro, Head of Investor Relations, we would like to welcome everyone to TGS First Quarter 2024 results video conference. TGS issued its earnings report yesterday. We would like to inform you that this event is being recorded (Operator Instructions).

大家，早安。我是投資者關係主管 Carlos Almagro，我們歡迎大家參加 TGS 2024 年第一季業績視訊會議。TGS 昨天發布了收益報告。我們想通知您此事件正在記錄中（操作員說明）。

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. These statements are subject to a number of risks and uncertainties. All figures included herein were prepared in accordance with International Financial Reporting Standards, IFRS, and are stated in constant Argentine pesos as of March 31, 2024, unless otherwise noted.

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。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 2024 年 3 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. Now I will turn the video conference over to Mr. Basso, Alejandro, please begin.

今天，來自布宜諾斯艾利斯 TGS 的財務長 Alejandro Basso 加入了我們的行列。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 2024 first 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. As per our natural gas transportation business, most of you know that we have a tariff transitory adjustment agreement with the ENARGAS, which established a 675% tariff increase effective as of April 3, 2024. Together with a monthly adjustment effective starting May which is tied to salary and inflation indexes evolution.

謝謝你，卡洛斯。大家早安，感謝您今天加入我們討論 TGS 2024 年第一季的收益和亮點。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。關於我們的天然氣運輸業務，你們大多數人都知道我們與 ENARGAS 簽訂了關稅臨時調整協議，該協議規定自 2024 年 4 月 3 日起關稅上漲 675%。加上從五月開始生效的每月調整，與工資和通膨指數的演變有關。

However, the ENARGAS has not authorized the tariff adjustment applicable to May yet. Under this agreement, TGS committed to implement the maintenance CapEx amounting to ARS 27.7 billion in 2024. In addition, the integral tariff revision will also start soon and should be completed before the end of 2024. This will allow the ENARGAS to define the new tariffs that will become effective in 2025.

然而，ENARGAS 尚未批准適用於 5 月的關稅調整。根據該協議，TGS 承諾到 2024 年實施金額為 277 億阿根廷比索的維護資本支出。此外，整體電價調整也即將啟動，預計2024年底前完成。這將使 ENARGAS 能夠確定將於 2025 年生效的新關稅。

In terms of our midstream business in Vaca Muerta, we continued working on the additional 2 conditioning capacity expansions, which will increase the total capacity to 28 million of cubic meters per day by the second semester of 2024, following a CapEx deployment of $320 million. It is worth mentioning that these expansions imply the installation of few 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 Tratayen.

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 2024 年下半年，總產能將增至每天 2800 萬立方米。值得一提的是，這些擴建意味著安裝一些可以轉換為提取液化石油氣的新型號。這與我們的專案非常吻合，該專案目前正在評估，以開始為特拉塔延的頁岩氣生產商提供天然氣加工服務。

Next, in terms of the natural gas pipeline expansions, which are needed to increase shale gas production in Vaca Muerta and therefore, supported the growth of our midstream business. It is expected this year to increase the transportation capacity of the first tranche of President Nestro Kirchner pipeline and 10 million cubic meters per day, almost doubling its current capacity to 21 million cubic meters per day through the commissioning of 2 compressor plants. Also by the end of 2024, it is expected the North pipeline reversal to be operative for the Argentine Northwest natural gas supply, considering the Bolivian natural gas supply decline.

接下來，就天然氣管道擴建而言，這是增加瓦卡穆爾塔頁岩氣產量所需的，因此支持了我們中游業務的成長。預計今年內斯特羅·基什內爾總統管道第一批的運輸能力將增加1000萬立方米/天，通過2個壓縮機廠的投產，將其現有能力幾乎翻倍至2100萬立方米/天。同樣，考慮到玻利維亞天然氣供應下降，預計到 2024 年底，北方管道反轉將適用於阿根廷西北天然氣供應。

Finally, transportation capacity is also expected to increase by 5 million cubic meters per day at the new Mercedes-Cardales pipeline as the compressor plant will be commissioned in the coming months that would increase its transportation capacity to 15 million of cubic meters per day. This 80-kilometer long pipeline owned by ENARSA and operated by us, connected our system with TCMs, mainly allowing for the natural gas supplied to power plants located in the north of Buenos Aires and South of the Santa Fe province. All of these pipeline expansions are being carried out by ENARSA, which is the energy state-owned company.

最後，新的梅賽德斯-卡代爾斯管道的運輸能力預計將增加500 萬立方米/天，因為壓縮機廠將在未來幾個月內投入使用，將其運輸能力增加到每天1500 萬立方米。這條80公里長的管道由ENARSA擁有並由我們運營，將我們的系統與TCM連接起來，主要向位於布宜諾斯艾利斯北部和聖菲省南部的發電廠供應天然氣。所有這些管道擴建均由國有能源公司 ENARSA 進行。

Turning now to Slide 4. I will briefly address some of the highlights for the first quarter results of 2024. Please keep in mind that all figures presenting for this quarter and comparisons made with the previous quarter are expressed in constant pesos as of March 31, 2024, following the provisions established by IFRS for financial reporting and hyperinflationary economies.

現在轉到投影片 4。我將簡要介紹 2024 年第一季業績的一些亮點。請記住，本季度提供的所有數據以及與上一季的比較均按照 IFRS 針對財務報告和惡性通貨膨脹經濟體制定的規定，以截至 2024 年 3 月 31 日的不變比索表示。

As seen in the slide, we reported a net income totaling ARS 15.9 billion during the first quarter of 2024 compared to a net income of ARS 20 billion reported in the same quarter 2023. This increase in net income is derived partially from higher EBITDA of ARS 11.3 billion, where our nonregulated business EBITDA rose by ARS 31.2 billion, which was partially offset by a decline in natural gas transportation EBITDA of ARS 19.9 billion.

如幻燈片所示，我們報告 2024 年第一季的淨利潤總計為 159 億阿根廷比索，而 2023 年同一季度報告的淨利潤為 200 億阿根廷比索。淨利潤的成長部分源自 EBITDA 增加，達到 113 億ARS，其中我們的非監管業務 EBITDA 增加了 312 億ARS，但部分被天然氣運​​輸 EBITDA 下降 199 億ARS 所抵消。

However the main driver behind the net income this stems from the positive variations on the financial results at ARS 34.2 billion. which was mainly generated by a much lower foreign exchange loss due to a lower depreciation of the Argentine peso.

然而，淨利潤背後的主要驅動力來自於 342 億阿根廷比索的財務業績的積極變化。這主要是由於阿根廷比索貶值較低，外匯損失大幅減少。

Moving on to Slide 5. EBITDA for the natural gas transportation business was negative at ARS 7.1 billion in the first quarter of 2024. This large EBITDA deterioration is mostly related with the limited 95% tariff increase, which came into effect at the end of April 2023 and compares on favorably with a loan inflation rate of 288%.

轉到投影片 5。2024 年第一季度，天然氣運輸業務的 EBITDA 為負，為 71 億阿根廷比索。EBITDA 的大幅惡化主要與 2023 年 4 月底生效的 95% 關稅上調有限有關，與 288% 的貸款通膨率相比，關稅上調幅度相當大。

As seen in the slide, the inflation loss effect on revenues amounted to ARS 25 million compared to ARS 8 million registered given the positive effect of the 2023 tariff increase. In addition, operating expenses increased by ARS 4.5 million, while PP&E maintenance also rose by ARS 859 million. Finally, revenues grew by ARS 847 million, led by additional transportation services provided during the first quarter of 2024.

如幻燈片所示，考慮到 2023 年關稅增加的正面影響，通貨膨脹損失對收入的影響達 2,500 萬阿根廷比索，而實際收入為 800 萬阿根廷比索。此外，營運費用增加了450萬ARS，而PP&E維護費用也增加了8.59億ARS。最後，在 2024 年第一季提供的額外運輸服務的帶動下，營收成長了 8.47 億阿根廷比索。

On Slide 6, you can see EBITDA from the liquids business increased to ARS 66.3 billion in the first quarter of 2024 compared to ARS 48.8 million reported in the same quarter of 2023. This 36% EBITDA increase is mostly explained by the annual average foreign exchange rate increase of approximately 333% (sic) [334%], which was higher than the annual inflation rate of 288%. Considering that the EBITDA generation is mostly dollar-denominated, this effect generated a ARS 12.7 billion EBITDA increase.

在投影片 6 上，您可以看到 2024 年第一季液體業務的 EBITDA 增至 663 億ARS，而 2023 年同一季度報告的數字為 4880 萬ARS。EBITDA 成長 36%，主要是由於年平均外匯匯率成長約 333%（原文如此）[334%]，高於 288% 的年通膨率。考慮到 EBITDA 的產生主要以美元計價，這一效應使 EBITDA 增加了 127 億阿根廷比索。

In addition, the average cost of natural gas dropped from $3 per million BTU due to $2.2 per million BTU, which made development costs reduced by ARS 10.7 billion. These 2 positive effects were partially compensated by a reduction of the ethane volumes sold dropping for 102,000 tons to 71,000 tons as a result of some operating problems of our client PBB Polisur, which caused a decrease in EBITDA of ARS 7.5 billion.

此外，天然氣的平均成本從每百萬BTU 3美元降至每百萬BTU 2.2美元，這使得開發成本減少了107億阿根廷比索。由於我們的客戶 PBB Polisur 的一些營運問題，導致乙烷銷售量減少 102,000 噸至 71,000 噸，導致 EBITDA 減少 75 億阿根廷比索，這兩個正面影響得到了部分補償。

Liquids export volumes sales were 5,000 tons higher than in 2023 first quarter as well as domestic LPG volumes sales increased slightly by around 3,000 tons and both contributed to an increasing EBITDA of ARS 1.5 billion. Liquid sales prices varied slightly without generating significant variations in the liquids EBITDA.

液體出口銷量比 2023 年第一季增加 5,000 噸，國內液化石油氣銷量小幅增加約 3,000 噸，兩者都為 EBITDA 增加 15 億阿根廷比索做出了貢獻。液體銷售價格略有變化，但液體 EBITDA 並未產生顯著變化。

Turning to Slide 7. EBITDA for midstream and other services rose 91% to ARS 28.9 billion compared to ARS 15.1 billion. Higher revenues were explained by incremental volume of natural gas transportation and conditions in Vaca Muerta in the amount of ARS 11 billion. Transported natural volume rose from an average of 15 million cubic meters per day in the first quarter of 2023 to 22 million cubic meters per day in the 2024 first quarter, and the natural gas condition volume also increased from an average of 9 million cubic meters per day to 15 million cubic meters per day.

轉向幻燈片 7。中游和其他服務的 EBITDA 成長 91%，達到 289 億ARS，而同期為 151 億ARS。收入增加的原因是天然氣運輸量的增加以及瓦卡穆爾塔 (Vaca Muerta) 的條件，金額達 110 億阿根廷比索。天然氣輸送量由2023年第一季平均每天1,500萬立方米上升至2024年第一季每天2,200萬立方米，天然氣狀態量也由平均每天900萬立方米增加。

In addition, during the first quarter of 2024, ARS 1.6 billion revenues were generated by services provided to ENARSA related to the O&M of the Nestor Kirchner and the Mercedes-Cardales pipeline as well as the construction of the compressor plant placed in Mercedes.

此外，2024年第一季度，向ENARSA提供的與Nestor Kirchner和梅賽德斯-卡代爾斯管道的運營和維護以及位於梅賽德斯的壓縮機工廠的建設相關的服務產生了16億阿根廷比索的收入。

Furthermore, the monetary effect resulted in a gain of ARS 4.5 billion, given the high increase of the foreign exchange rate when compared to the annual inflation. These effects were partially compensated by a higher operating expense of ARS 3.8 million.

此外，鑑於外匯匯率相對於年度通膨的大幅增長，貨幣效應帶來了 45 億阿根廷比索的收益。這些影響被 380 萬阿根廷比索更高的營運費用部分補償。

On Slide 8, as seen, the financial results registered a positive variation of ARS 34.2 billion. This variation was mainly explained by lower foreign exchange rate loss of ARS 26.9 million due to the fact that during the first quarter of 2024, the Argentine Central Bank decided to increase the U.S. dollar exchange rate by 2% per month, 6% in the quarter compared to an 18% in the 2023 quarter.

如投影片 8 所示，財務業績出現 342 億阿根廷比索的正變動。這一差異的主要原因是，2024 年第一季阿根廷央行決定將美元匯率每月提高 2%，本季提高 6%，導致外匯匯率損失減少 2,690 萬阿根廷比索。一數字為18%。

In addition, we had a higher financial asset income totaling ARS 15.7 billion, mostly resulting from a higher financial investment denominated in pesos. These effects were partially offset by the higher inflation exposure loss of ARS 3.7 billion and higher interest expense of ARS 3.6 billion.

此外，我們的金融資產收入較高，總計 157 億阿根廷比索，這主要是由於以比索計價的金融投資增加。這些影響被 37 億阿根廷比索較高的通貨膨脹風險損失和 36 億阿根廷比索較高的利息支出部分抵銷。

Finally, turning to the cash flow on Slide 9. Our cash position in real terms decreased in the first quarter of 2024, by ARS 194 billion to ARS 478 billion. The main reason is reflected in financial results and others, power, which are explained by a 52% quarterly inflation adjustment in our initial cash position as of December 31, 2023, compared to a 6% quarterly increase of the foreign exchange rate considering that most of our cash position is dollar-denominated.

最後，轉向幻燈片 9 上的現金流。2024 年第一季度，我們的實際現金部位減少了 1,940 億澳元，至 4,780 億澳元。主要原因反映在財務表現和其他方面，截至 2023 年 12 月 31 日，我們初始現金頭寸的季度通膨調整為 52%，而考慮到大多數國家，外匯匯率季度上漲 6%。美元計價的。

In terms of dollars, the cash position rose for $541 million to $559 million. EBITDA generation during the first quarter amounted to ARS 88 billion and was totally generated by the nonregulated business. Asset transportation business EBITDA was negative by ARS 7 billion as seen before.

以美元計算，現金部位增加 5.41 億美元至 5.59 億美元。第一季的 EBITDA 產生金額為 880 億阿根廷比索，完全由非監管業務產生。如前所述，資產運輸業務 EBITDA 為負 70 億阿根廷比索。

The CapEx for the period amounted to ARS 59 billion. In the quarter, we paid loan interest of ARS 1.3 billion, and we reduced our short-term loans balance by ARS 4.9 billion, while the working capital increased by ARS 43 billion. The income tax advance payments totaled ARS 2 billion.

該期間的資本支出達 590 億阿根廷比索。本季度，我們支付了13億澳元的貸款利息，短期貸款餘額減少了49億澳元，而營運資金增加了430億澳元。所得稅預繳總額為 20 億阿根廷比索。

As you can see, we maintain a comfortable level of cash position, which gives us enough liquidity to continue investing in our business investments and mostly focused on Vaca Muerta midstream business.

正如您所看到的，我們保持著適度的現金狀況，這為我們提供了足夠的流動性來繼續投資於我們的業務投資，並且主要專注於 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. (Operator Instructions). Well, the first question is from Florencia Mayorga -- first question is, can you provide details on your exposure to CAMMESA?

謝謝你，亞歷杭德羅。（操作員說明）。嗯，第一個問題來自 Florencia Mayorga——第一個問題是，您能提供有關您接觸 CAMMESA 的詳細資訊嗎？

Well, we -- our revenues from CAMMESA are ARS 700 million monthly, with the tariff increase this month, it should increase to 8x, mostly 7.75x. They are owing us right now 3 months. Well, we have -- they have not any -- they have not made any proposal to us. So I think that maybe when we reach an agreement with the gas producers and the gas power generators, they will start paying us.

嗯，我們從 CAMMESA 獲得的收入每月為 7 億阿根廷比索，隨著本月關稅的增加，它應該增加到 8 倍，大部分是 7.75 倍。他們現在欠我們三個月的錢。嗯，我們——他們沒有——他們沒有向我們提出任何建議。所以我認為，也許當我們與天然氣生產商和天然氣發電商達成協議時，他們將開始向我們付款。

The second question is regarding the license renewal, if there is any update on this?

第二個問題是關於牌照續簽的問題，請問這方面有什麼更新嗎？

Well, we're working with the ENARGAS very closely, they have started working on the tariff renewal process. I can answer the future -- the next question regarding the timing. We think that maybe in the next 2 months, we are going to have some news with the first report of ENARGAS, providing, their -- a favorable opinion on the renewal on license.

嗯，我們正在與 ENARGAS 密切合作，他們已經開始著手關稅更新流程。我可以回答未來——下一個關於時間的問題。我們認為，也許在接下來的兩個月裡，我們將透過 ENARGAS 的第一份報告獲得一些消息，提供他們對許可證續約的有利意見。

Carlos Moraes from Stanley. His question regarding is -- can you comment a little bit about the funding strategy of the company in the short term?

來自史丹利的卡洛斯·莫賴斯。他的問題是──您能否評論一下公司的短期融資策略？

Carlos, regarding funding in the short term. We don't need any funds in the short term as we -- currently, we have a positive cash position, and we are going to have the increase in transportation revenues from this month. So in the short term, there is no point for funding.

卡洛斯，關於短期融資。我們短期內不需要任何資金，因為目前我們擁有積極的現金狀況，並且從本月開始我們的運輸收入將會增加。所以短期來看，融資是沒有意義的。

His second question is, when do we expect to make the final investment decision about the energy project?

他的第二個問題是，我們預期什麼時候會對能源項目做出最終投資決定？

Regarding our energy project, this project is currently in standby. We finalized all the studies last year. We put it in a standby because there is a new approach for the APF and so we are -- we put our project in standby.

關於我們的能源項目，這個項目目前處於待命狀態。我們去年完成了所有研究。我們將其置於待命狀態，因為 APF 有一種新方法，所以我們將我們的專案置於待命狀態。

Next question is from Marina from Latin security. The recent tariff highly inclusive marginal adjustment starting in May and the government have not implementing the main adjustment. Her question is if it was postponed or suspended?

下一個問題來自拉丁安全部門的瑪麗娜。近期的電價高普惠性邊際調整從5月開始，政府並未實施主要調整。她的問題是是否推遲或暫停？

Marina. Regarding the tariff adjustment, we have not had any formal communication from the ENARGAS. Regarding this, we know that they have, I think, postponed the increase. Right now, we are waiting for their proposals, how they are going to implement this monthly adjustment in the future. But we don't have any formal communication right now.

碼頭。關於關稅調整，我們尚未得到ENARGAS的任何正式溝通。對此，我認為他們已經推遲了加息。現在我們正在等待他們的建議，他們以後如何實施這個月度調整。但我們目前還沒有任何正式的溝通。

The second question is a compliment -- is expectation regarding tariff adjustment scheduled for the rest of the year.

第二個問題是一個恭維——是對今年剩餘時間關稅調整的預期。

The time being is -- we don't have an information, in fact, we will receive -- what we expected is to have the monthly adjustments.

目前 - 我們沒有訊息，事實上，我們將收到 - 我們期望的是每月進行調整。

Next question is from (inaudible). His question is regarding the -- our potential liability management of our 2025 bond.

下一個問題來自（聽不清楚）。他的問題是關於我們 2025 年債券的潛在責任管理。

We are preparing ourselves to go to the market for potential liability management. We are waiting for the right time to do it. The license renewal is an important issue for us regarding that. So we are waiting maybe in the next month, you may have some news.

我們正在準備進入市場進行潛在的責任管理。我們正在等待合適的時機去做這件事。許可證更新對我們來說是一個重要議題。所以我們也許在下個月等待，你可能會得到一些消息。

Another question from Carlos Moraes of Morgan. When do we expect to make the final investment decision about the NGL project?

摩根的卡洛斯·莫賴斯提出了另一個問題。我們預計什麼時候會對 NGL 項目做出最終投資決定？

Our expectation is to have this final decision maybe in 9 months, 1 year time from now.

我們預計可能會在 9 個月或 1 年後做出最終決定。

Next question from (inaudible). His first question regarding the weak ethane volumes. What happened with the Dow stake? Should we expect a pickup in the second quarter?

下一個問題來自（聽不清楚）。他的第一個問題是關於乙烷量較弱的問題。道瓊股票發生了什麼事？我們應該期待第二季的回升嗎？

Well, as we said in the call, Dow have some operational problems, while at the end of last year due to the big storm that we have in Bahia Blanca, and the other one in their polyethylene production a couple of months ago. Right now, they have started to full offtake there -- fully offtake the ethane. So you can expect better production with the revenues from us in this regard the next quarter. During April, they have still problems and mainly something at full capacity.

嗯，正如我們在電話中所說，陶氏化學在去年底由於布蘭卡港遭遇的大風暴以及幾個月前其聚乙烯生產中的另一場風暴而出現了一些運營問題。現在，他們已經開始在那裡全面卸載——完全卸載乙烷。因此，您可以期待下個季度我們在這方面的收入會帶來更好的生產。4月份，他們仍然遇到問題，而且主要是滿載運轉。

Your next question from him is, we saw much better local share in liquid prices. What were the main driver behind this? What is the government thinking about the Butane pricing regulation?

他問你的下一個問題是，我們看到當地在流動價格中所佔的份額要大得多。這背後的主要驅動力是什麼？政府對丁烷定價監管有何看法？

Well, regarding the propane and we have some increases in the -- but it's such (inaudible). So it's not a -- change in the price is just due to the international prices. And regarding butane pricing regulation, they have increased the regulated price and had told us they are going to change the regime in the near future, but nothing has happened in this regard up till now.

嗯，關於丙烷，我們有一些增加——但事實是這樣的（聽不清楚）。因此，價格的變動並不是僅僅因為國際價格而變動。至於丁烷定價監管，他們提高了監管價格，並告訴我們他們將在不久的將來改變制度，但到目前為止這方面還沒有任何進展。

The next question [Phill] is that you saw account receivable [jumping] significantly quarter-over-quarter, what were the main drivers of the increase?

下一個問題[Phill]是，您看到應收帳款較上季顯著[跳躍]，成長的主要驅動因素是什麼？

In fact, what the increase in the trade receivables as were the liquids mainly PBB Polisur export in trading companies -- clients that we export liquids among others. Also the receivable with CAMMESA. There are several factors, but nothing important. It's not a problem of delay, just on the CAMMESA will have problem of delay, okay?

事實上，貿易應收帳款的增加主要是PBB Polisur出口的貿易公司－我們出口液體的客戶。還有 CAMMESA 的應收帳款。有幾個因素，但都不重要。不是延遲的問題，只是在CAMMESA上會有延遲的問題好嗎？

And the next question, apart from the expansion agreement in capacity (inaudible) that you already mentioned, other (inaudible) that would be (inaudible) higher in 2024?

下一個問題，除了您已經提到的產能擴張協議（聽不清楚）之外，其他（聽不清楚）在 2024 年會（聽不清楚）更高嗎？

No, I didn't think so once we finish Tratayen capacity expansions, we don't have any projects decided right now -- big projects. As I said a couple of minutes ago, the decision on NGL project is going to be for the end of the year. So not for 2024 CapEx.

不，我不認為一旦我們完成 Tratayen 產能擴張，我們現在就沒有決定任何專案——大型專案。正如我幾分鐘前所說，NGL 計畫的決定將在今年年底做出。所以不適用於 2024 年資本支出。

Regarding the account receivables, you can also have some impact in the dollar effect as the dollar increase higher than the inflation. So with regard to the nonregulated business, you have an effect there also.

關於應收帳款，美元效應也會產生一些影響，因為美元升值高於通貨膨脹。因此，對於非監管業務，您也會產生影響。

Next question is from (inaudible) -- yes sorry, I didn't(inaudible), the first question, on the -- regarding tariff postponement.

下一個問題來自（聽不清楚）──是的，抱歉，我沒有（聽不清楚），第一個問題是──關於關稅延遲。

His second question is about the Gas Transportation segment, what is the impact that the tariff increase will have the operating income line? What can expect in term of EBITDA with the guidance? In fact, the impact and the operating income is the increase of the revenue. Does this have a small impact on the operating income because of the turnover tax.

他的第二個問題是關於天然氣運輸板塊，關稅上調會對營業收入線產生什麼影響？根據該指引， EBITDA 有何預期？事實上，影響和營業收入就是收入的增加。這是否因為流轉稅對營業收入影響較小？

The last question is about future investment. Some pressure depends on the final approval of the regime. Will you give us, if possible, some color about the projects?

最後一個問題是關於未來的投資。一些壓力取決於政權的最終批准。如果可能的話，您能給我們一些關於這些項目的資訊嗎？

Well, Alejandro commented on all these -- all the projects that we have in the evaluation. But of course, the (inaudible) to make the (inaudible) more attractive.

亞歷杭德羅對所有這些——我們評估中的所有項目進行了評論。但當然，（聽不清楚）使（聽不清楚）更有吸引力。

Another question from (inaudible). Regarding that we've seen with the last April adjustment EBITDA that related segment will become positive on a going forward for more years with respect to the -- we see that with this increase the EBITDA will turn to be positive.

另一個問題來自（聽不清楚）。關於這一點，我們從去年 4 月的調整 EBITDA 中看到，相關部門在未來幾年內將變得積極，我們認為隨著這一增長，EBITDA 將變得積極。

Yes. Obviously, the EBITDA from the transportation business is going to be positive with 675% increase. Our -- we are expecting EBITDA of more than -- of around [$270 million] for this year in transportation, but it will depend on the application of the monthly adjustment, obviously. But the EBITDA is going to be positive for it.

是的。顯然，運輸業務的 EBITDA 將為正數，成長 675%。我們預計今年運輸業的 EBITDA 將超過約 [2.7 億美元]，但這顯然取決於月度調整的應用。但 EBITDA 將會帶來正面影響。

And next question is from (inaudible) [from Fundamental]. His question is regarding the update of the (inaudible) plant, Tratayen, and if we need to roll over the 20 to 25 months to the project to go ahead or can we do it with existing cash position?

下一個問題來自（聽不清楚）[來自基礎]。他的問題是關於 Tratayen（聽不清楚）工廠的更新，以及我們是否需要將 20 到 25 個月的時間延期到該專案才能繼續進行，還是可以用現有的現金狀況來完成？

An update on the project, I already said that we are going to have our -- we are targeting our final investment decision in the -- by the end of the year or at the beginning of the next one. It will be better for this project to have the lower 20 to 25 months obviously.

關於該專案的最新情況，我已經說過，我們將在今年年底或明年年初做出最終投資決定。顯然，這個計畫的20至25個月時間越短越好。

Well, the next question is from (inaudible). Thank you for your remarks. (inaudible) asset management, we don't -- talking about EBITDA for 2024. We don't give a guidance for future results.

那麼，下一個問題來自（聽不清楚）。謝謝您的評論。 （聽不清楚）資產管理，我們不談 2024 年的 EBITDA。我們不為未來結果提供指導。

And well, there is no more questions. This concludes the questions-and-answer section. Now we will turn to Alejandro for final remarks.

好吧，沒有更多問題了。問答部分到此結束。現在我們請亞歷杭德羅做最後的演講。

Thank you. For participate in TGS first quarter 2024 conference call. We look forward to speaking with you again when we release our second quarter 2024 results.

謝謝。參加 TGS 2024 年第一季電話會議。我們期待在發布 2024 年第二季業績時再次與您交談。

If you have any questions in the meantime, please do not hesitate to contact our Investor Relations department. Have a good day.

如果您在此期間有任何疑問，請隨時聯繫我們的投資者關係部門。祝你有美好的一天。