Ladies and gentlemen, thank you very much for waiting. Welcome to the teleconference of Eletrobras. Well, to talk about the results we head into Third Quarter of 2018. We inform you that everybody will be just listening to the teleconference throughout the presentation, thereafter, we will start the Q&A session and more instructions will be made available. We remind you that this presentation is available in PPT in the website at Investors Relations in our Eletrobras [Operator Instructions]. Before we continue, we would like to highlight that anything that might be said during the conference call regarding the perspective of business of the company's projections, operational goals, and financial goals are beliefs and premises of the Directorship of Eletrobras, as well as information available currently available or based on information currently available for the company, by the company. And there is risks and uncertainties and therefore we depend on circumstances that might or might not occur. Investors have to understand the economic general conditions and other factors, operational factors might influence end results for the future outcomes. Now, I'd like to give the word to Mr.Wilson Ferreira Junior, President of Eletrobras. The floor is yours?

Thank you very much, thank you everyone, investors, analysts that accompany us for the results of the third quarter of 2018. We will start the presentation by Page 4, where we have flew the disclaimers, where we show -- well, let's talk about the results of an important variation in regards. I want my team to point personally to our generation, transmission and distribution, Slide number 4. As you can see in the tables in front of you, there is a great variation in the value of the energy sold for the free markets. Well, a variation of 37.5% in the free market minus 34% in energy sold while the main market for us, the regulated market, there is a drop in 11%, and throughout the presentation you will realize that certainly in terms of transmission, we have variation as well with the same relevance. When we compare the assets, our confessions renewed for 2018. In 2013, there is a drop of 9% on average in some such as Chesf and Eletrosul. There is the failed safe switch established by the agency, well, you can see minus 26% in Furnas, and fess [ph] and distribution we have variation positive on variations, in revenues, specifically -- well, some highlights actually of Boa Vista and Amazon as you can see 13.9% and 15.5% respectively but there is the readjustment of the tariffs growing in a value of 38% in all. But this is just to give you an initial demonstration of the volatility of the market of generation, transmission and distribution; and you have to realize that generation, you have the main -- while the main impact is the free market where we have the tariff reviews in transmission, that's the biggest effect and in distribution we have the implication of tariffs,…

[Operator Instructions] First question is from Andre Sampaio from Santander.

I wanted to ask a question about the process of Amazonas Energia. We had the news about -- well, a presentational video of resolving this issue. And you might do the liquidation process. Should the bid might not be successful, could you talk about the -- what the government might do? And the second question about the issue, if Ceal would be approached by this provisional measures from the government.

Well, Andre, we know that we have -- we are the interested party in this provisional measure. However, we share with the government the impact of the provisional measure or the PL77. Understand that there is set. First you get to this point with the privatization of distributing companies. There is an important agreement that we will have Petrobras, a great deal, a part of the debt. We'll decrease once we have the privatization. So obviously, this is a very dear team to Eletrobas government as well and to consumers. Of the 6 states, the 4 states we already had privatized and the two that are remaining, they're going to benefit from the investment, the reduction of tariffs and the debts. This is positive and the government from -- with which -- with whom I have interacted, it's fundamental that we conclude this process with Amazonas and Ceal. I understand that there's an effort from the company with this provisional measure. I don't know how to say this in a correct way, but we need to restore some of things that were there. And I understand that this is being treated in an adequate way by the government. I imagine that this is an agreement that we are doing with the government and the public interest. So the expectation is that we -- once you have provisioning -- the provisional measures for the privatization. The Ceal, well -- and Cepisa as well, there was no element in these two companies that were in the senate being discussed.

So Ceal, do you have the ruling of the issue presented by Lewandowski, the minister, that it might be privatized? It has legal investments to be privatized.

The legal issue for it to be privatized, Ceal -- this is being hindered, such as discussion that is happening between the federal government and the State of Alagoas. The company has nothing to do with it. Actually, when it was federalized and when there was an authorization for privatized, there is a difference that is allocated. And in the decision, they requested the privatization of the company. The same issue we see in Cepisa and Ceal, and we see that there was in the concession and the company was privatized. The discussion between the state and the federal government continues. The privatization that we're doing in Ceal reduces the tariffs, the reduction of debt by RGR of the company, an investment of that was over R$700 million. Everything is good. And we expect that in the case of Ceal that the Superior Court of Justice will allow the privatization of the company. I'm very optimistic in regards to that perspective and in the conclusion of this issue.

My concern is not having this solved this year and the provisional measure might be to delay this for the next year but that is what I needed.

We are on November 13. The year still has 47 days. I think we will get this done.

Our next question comes from Mr. Vitor [ph] from Brasil Plural.

My question is for Wilson. If the question is personal, so feel free not to answer it. But I want to understand how are the talks of the president? With the new elected government, we have a better visibility in Petrobras and Banco do Brasil. But we still have not had any news from the media in regards to -- what are the plans in regards to Eletrobras? I want to understand if there is a dialogue, if Wilson will remain in the job? Well, I wanted to you to talk about this, but feel free to say that this is not the right moment to answer this, I understand. That's my question.

Well, it's a good question. At some point in time, we can try and answer it in an organized way. By our calculation, in Petrobras, we've done work that we are sharing with the representatives of the candidates, the situation of the electric sector and the impacts of the electric sector in Eletrobras. In the case of electric sector, the representatives of the government, Bolsonaro, it was two people that we've -- they've interacted with us. The main one is Luciano de Castro that is part of the team, the transition team. With Luciano de Castro, we've maintained a relationship. So he has followed up the material that was shared, our challenges to him and all the other candidates. But obviously, now he has a mission, he's analyzing this for the transition group, and he has interacted with us. He talks to me frequently, and I maintain him informed.

Well, if I may, you've seen the formation of the government of President Bolsonaro, the nominated ministers. And from then on, you confirm or not the structures of subordination to that ministry. So the people that are confirmed, ministers, are getting invitations through their internal teams or the companies related with the ministry. So formally, you know the minister of area will be.

No, I do not know. I do understand that the minister will have the prerogative of having access to the information that we are sharing and to finalize or not the invitation. So precisely, there isn't a formalization of the invitation. And in regards to what was done with the team of President Bolsonaro, it was positive by maintaining him informed of our challenges and our problems, our concerns, and we've been supported with everything that we've told him. And now taking a look at it from a personal standpoint, you know that we are here to restructure the company. I think that we are advancing in this process. In the next two months, it will be very important. And if there is an interest in continuing with this work, even with the capitalization process of Eletrobras, of course, I'm interested in continuing my work.

Next question is for -- from Marcelo Sá from UBS. Marcelo Sá: Two questions. About Amazonas, first. Well, it was an immediate, the provisional measure that will address the issue. Here, we are talking about that Eletrobras would assume more debt from Amazonas to make privatization more viable. To assume more debt from Amazonas is a possibility because I understand that this might change the crisis at the PNDF. So is that a possible scenario? That's the first question.

So actually, all these companies they were evaluated in June of 2017, updated the evaluation until December of '17. So these are the numbers that we have. The companies had variations. In the specific case of Amazonas, there are two things that impact Amazonas. Amazonas, there is a need of a specific treatment in terms of cutoff factors that impact the company. And here is the specificity. It had, throughout this period, the process of deverticalization of Amazonas distribution, creating Amazonas distribution and generation. And it has actions that predicted what we have done with Eletrobras. So that these are processes that we can conclude. What we have here, we're concluding this process. We have debt that has been allocated in Amazonas. And the correspond, they're not owned by Amazonas GT, this is the work that we are concluding. And we've received questions about this in the data room, and it's important that we take a look at the company. It would be very difficult to sell, but there are things that are not from there, from that company and there are things that are a product of our agreement done with Eletrobras that are now being materialized and determine movements. We don't have the authorization. There is no implementation of the debt, whether if it's around the assembly that determine the process or whether CPPI 20 and 28, we have to reflect the limits that were established. And now considering the agreements that we've done with Petrobras and the process -- and the company, these debts will be dealt with. So that's a possibility that we can lead Amazonas with a debt position that is better than what it is right now. And the other actions are the product of what Petrobras has done predicted with the CPPI. We will have this clear until next Monday. Marcelo Sá: And the second question is, understanding a little bit about the issue of Eletrobras buying the distributors. Well, you've done the evaluation report, and it was a higher value than the report that was published in the case of Cepisa. And so it was close to R$600 million. So given this evaluation, Eletrobras should have decreased the debt to a stake of 50% in this company. Cepisa, we estimated R$600 million and R$700 million to R$30 billion so you can have 3% stake in the company. Have you done an evaluation, if Eletrobras wants to be a part of these companies? Or is it too early to say?

Marcelo, I know Cepisa -- we have a deadline of until 180 days. Cepisa, we had a talk -- last talk -- last week. So now these -- they're being analyzed, these reports and these working papers. Well, briefly, we have to work with a board. We have a commission with a management board that is connected with strategy, investment and -- the investment and privatization. We will do this evaluation quickly. Now we can only work with Cepisa. In Ceron, we haven't received because we want to transfer the company on these areas. But until then, it will be an object of our analysis and reminding you that there was an important initiative that we had in the past with Cemar, and we have to see this business plan of the company to evaluate if it's worth maintaining the capitalization perspective or maintaining the debt and not really having the rear perspective of receiving. But now we have a deadline, and we are working with these new deadlines.

[Operator Instructions] We close the Q&A session. We return the floor to Mr. President, Wilson Ferreira Junior, for the final consideration. Mr. Wilson?

Well, I would like to thank you, all of you, that participated in this conference. And I was -- it's difficult to work with a company that had results that I consider bad. But the important side is the reinforcement that we have in the activities of compliance, they are very tempestuous -- which seems to be very tempestuous with the negative -- and I have -- the unions, I think that this demonstrates the care that the company has given the issues that we've gone through, and we want to provide information for all the markets, especially with the investor, capital investors, this is positive. Second thing is the perspective. We went through a bad quarter, but we are starting to reap what we sow, a great deal of the work that we've done thus far. We have the perspective of restarting the works in Angra. And actually, as an engineer, the impact potential of this restart of the work that we are going to have an Eletrobras that something that is making us very optimistic. In the same way, looking at the glass half full, we look here the transfer for the first time of 25th SPE. As I told you, we are in processes of incorporating some. We have some positive privatizations. To consolidate this result with Chesf and Eletro -- Furnas, Eletronorte and we became the controller, and we are going to create a fit company, and we are going to incorporate that directly for some of these companies. And we have here a positive effect in the next quarter. And it's important -- well, it's R$1 billion that we have a perspective more. Then, of course, looking at the distributors of CELG D, we sold 5, and we are optimistic that we are going to…

At this moment, the teleconference of Eletrobras is closed. Thank you very much, and we thank you for your participation. Have a good afternoon.