Ladies and gentlemen, thank you for waiting. Welcome to the conference call to present the results of the third quarter of 2022 of Eletrobrás. Introducing the Eletrobrás team, we have the presence of Mr. Wilson Ferreira Jr., the new President of Eletrobrás; Ms. Elvira Presta, Chief Financial and Investor Relations Officer; Mr. Camila Gualdo Araújo, Governance, Risk and Compliance Director. Mr. Pedro de Oliveira Jatobá, Director of Generation; and Mr. Rodrigo Limp, Director of Regulation and Institutional Relations. We would like to inform you that this conference call is being recorded and will be available on the company's IR website, where the presentation will be published in Portuguese and English. For those who need simultaneous translation, we have this feature available as you click on the globe icon named interpretation located in the lowest center of the screen. Please select your language of preference, Portuguese or English. For those listening to the video conference in English, you can mute the original Portuguese audio by selecting the option mute original audio. For the Q&A session, the questions shall be sent via the Q&A icon on the bottom of your screen. During this session, your names will be announced so that you can ask your question live. At the moment, I request to activate your microphone, will appear on your screen. As a disclaimer, we would like to clarify that any statements made during this conference regarding the company's business prospects, projections operation and financial goals constitute the beliefs and expectations of the Eletrobrás management team as well as information which are currently available to the company. Forward-looking statements are not a guarantee of performance as they involve risks and uncertainties and therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions and other operating factors might influence the results of such forward-looking statements. Now I would like to give the floor to Mr. Wilson Ferreira, President of Eletrobrás to start the presentation. Mr. Ferreira, please.

Good afternoon, everyone, all the analysts and investors that are present here for this results presentation for the third quarter of 2022. I'd like to thank all the trust that you have. In my return, I'm very happy to return to Eletrobrás in the second office, concluding this work that we have started 6 years ago. So I'm very happy to return to this company, together with the Board of Directors, our fellow directors and all the staff of the company to establish a new journey to generate value to all the publics that we interact with. So we have a presentation here. I'd like to show you some highlights. So I'm going to present that, along with Elvira, the CFO. So let's talk about the main highlights of the company in this third quarter. We launched this voluntary dismissal plan that comprehend 2,312 employees that are retired and retirees and its estimated cost is about BRL 1 billion. So we have an 11.2 months payback. And we had since the launch of the program, more than 1,200 employees subscribed. So this plan is offered to all the retired and retirees, and it becomes a right to the employees. So we expect a big adherence for -- because all the staff, they can adhere to the program because it's their rights. So we are going to start the dismissal -- dismissals in December 2022 up to April 2023. And of course, we are considering retention of knowledge for us to be able to perform this transition and keep all the standards of productivity and the quality that our company is famous for. So as a relevant information we had the 183rd extraordinary meeting in which we approved our new bylaws that incorporated -- bylaws that are in line with the…

Thank you, Wilson. Good afternoon, everyone, who are attending this event. So let's talk about the financial highlights of this quarter. As we do in the conference calls, we will detail the main events in the area in the profit and losses statement. So I'd like to start talking that in this quarter, we had some new events that hadn't happened in the previous quarters that had a big impact. The economic -- without compromising the cash of the company. But among those new events, the first one is one that Wilson said that is the consolidation of Santo Antonio form the client that aggregated revenue, but aggregated some costs and expenses naturally and indebtedness and financial expenses. And another very important event that we had in this quarter was the deflation, we lived in Brazil in both IPCA and IGPM indexes that had an impact in our revenue in transmission. So we had a decrease of net revenue of 13%. It's due to this effect. This update brings this impact. Although as Wilson has showed, in the cash of the company, we don't have any impact. For the next cycle, we have an increase of 19%. Another event that was very important that happened this quarter is the impacts of the obligations that came with the capitalization. We know that the exit of the Cotas system will bring new revenue, but we have to register to account all the mandatory, obligations of CDE and the investments of -- the recovery of the bases and the [leo] Amazon. So those events made us have an EBITDA of -- a decrease of 54% and our net profit was practically 0. But among the highlights on the right, it's always good to emphasize that our cash flow is solid. We ended the…

So the next step is just for me to conclude what we have, things that we need to share with the market for the next 2 months. Of course, the conclusion of the voluntary dismissal plan, PDV, and we have up to November 18 to finish inscriptions, and we have the schedule of dismissal of people, and it will be pushed at the end of the year. So, we'll carry on with the review of the strategic plan of the company. So we will bring to the market, at the end of the first quarter, this migration to the new market, and we want to perform this meeting up to the end of this year. And obviously, since the volume of energy because we exited the Cotas system. So we have been acting on that. And we have to be state of art in commercialization of energy for all markets and this restructuring of the holding and subsidiaries, especially regarding our organizational structure and the idea here is to approve this new structure of holding as subsidiaries and all the [fluxograms] and the organograms for those entities. And we started an assessment to understand the qualification of the personnel under this new structure. And then from that on, we can attract new talents and new leaders for our businesses. And as I said before, something that you will see as a recurrent measure for this company because we have over BRL 30 billion in liabilities, and we are worth. So the subsidiaries are worth almost EUR 30 billion each. Our holding is almost a new company. So we need to reduce volatility. So it's -- we're being very pragmatic and objective to look for agreements that are favorable for our parts, both parts -- parties and to present the other party, some solution. And for us, reducing the debt. It's not only a transaction. We have to strengthen the processes to not incur a new liabilities and I hope we have finally a very active company regarding the reduction of its liabilities. I think it's a big set of activities. I tried to put the major 6 activities that we work. But we have 4 initiatives with names, surname, responsible and deadlines to address the issues and create, generate value for this company. So I appreciate your attention, and now we start with the Q&A.

Now we'll start the Q&A session. [Operator Instructions] We kindly ask you to formulate all the questions at once, waiting for the company's response. Please remember to send your questions through the Q&A icon at the bottom of your screen. During the session, your names will be announced, so you can ask your questions live. At this point, a prompt to activate your microphone will appear on your screen. Our first question is from Maria Carolina, Analyst of sell-side of Credit Suisse. We will send you the prompt for you to ask your question. Please, Maria.

I have two questions. First is about commercialization of energy, more precisely regarding the energy balance in this quarter. We could see that you updated the energy mix with a balance for unhired contracts for 2023, 2024 compared with the latest balance sheet, we had some commercialization in 2023, 2024. I just want to confirm if there was any negotiation and if you could enter into more details. If you can confirm regarding deadlines and prices of those contracts? And the second question is about Amazonas distribution. So we have a new provision referring the liability of that company with you guys. So I'd like to see if you can solve that in definitely involving the regulator with the current controller of the company, maybe find a solution that might involve a new shareholder to create like some robustness to honor the contract. Or from your side, do you have any format that makes sense to you for us to see a solution that is a little more definitely in long term. For us, to have more predictability regarding this payable.

Carlo, I think it would be interesting to start with Amazonas with Limp and Jatoba will answer the second -- the first question. Limp, if you can start, please.

Thank you, Wilson. Thank you, Carolina. Good afternoon. Thank you for your question. This topic regarding Amazonas is not simple. It has been recurrent. We have presented that same issue. The latest results, the default that generated provisions, but we have observed along 2022, some good improvements. As Elvira said, we had an evolution regarding regulation of the department that allowed Amazonas received the values of CCC, and it made it possible to Amazonas to honor the values. Since May, and it's important to highlight that all the current energy provisions -- energy contracts were paid by the distributor, but we have previous debt that are in the fall. So we have talked to the regulator constantly and the regulator has a shared view with the status of this distributor that we have an economic problem in the distributor. And you know it's a debt that is around BRL 8 billion. That's a very big indebtedness for the distributor. And [indiscernible] has supervised that along the distributor to require an action plan of the distributor to solve this question. Eletrobrás, since it's one of the most important creditors of this distributor is interested and will participate in the solution. We haven't defined what. But we believe that soon, we will have a definite solution for the distributing company. Now giving the floor to Jatoba. Pedro de Oliveira Jatobá: Thank you, Maria Carolina for your questions. Regarding the increase of sales in the horizon of 2023, 2024, you're correct in your observation. This is due to the effort that we have been done to optimize this strategy of the company, and we seek to increase the aggregated value of our product to the clients, and this is incited. Regarding deadlines and prices, this is part of our strategy to advance the sale. And prices and deadlines are connected to the prices of the products that the clients demand. So we are following this strategy to aggregate value to the clients and the prices will follow as we achieve this objective. So we can't share with the market with the -- the future prices with the market. In this Slide #15, present. You have the values that we practiced the last quarter. So we can state for the success of this strategy.

Our next question from Andre Sampaio sell-side analysts from Santander.

I'd like just to complement one of the questions of Carolina regarding Amazonas. I'd like to understand the rationale behind the provision or nonprovision of those amounts not yet provisioned. So Amazonas couldn't adjust the tariff last quarter. And what lead to the decession of not provisioning the whole amount? And if you could comment in some deadlines, it will be amazing for us.

Maybe Felipe?

So if I could start, Andre, thanks for your question. The decision of not doing the PCLD total, This quarter was related to what Limp explained. The improvements that we could have because of the regulator has been doing a good job, and we debated with our auditors that this assessment will be made next quarter when we finish the annual report.

We have objective criteria to talk about provisioning, as you said, Enel approved the readjustment of the tariff. But it is connected to the payment certificate and Eletronorte. Put Amazonas distributor in the fall because of the preliminary injection that prevented Eletronorte to put them in the fall, but they won another administrative proceeding with Enel. So Enel, we try to give them a good payer certificate that will allow them to receive resources and since the judicial sentences did not comprehend all the resources. So this readjustment was in dispute and we think that the distributor has worked for the judicial ruling to contemplate this readjustment. Because for us, Eletrobrás, it's interesting for us that the readjustment is supplied because otherwise, it's going to worsen.

If I could only add to my question to see if I understood that correctly. I had understood that Amazon didn't paid the overhead?

When the distributor is in the fall, they can't have the good payer certificate issued by Enel. But in this case, even being in the fall, they could have a luminar decision that made Enel to issue them the certificate for them to be able to have the readjustment. So it was not that comprehensive before, not consider all the resources, but the distributor has sought to have an injunction to have the right to this readjustment. And we believe that it will be applied soon.

Our next question comes from Antonio Francisco, sell-side analyst of [indiscernible].

I have two questions. One, regarding ESG. We talked about some goals and purposes, in short term and including the commissioning of thermal units. And my question is regarding the emission of carbon dioxide. If you have anything connected to the [Paris] agreement. And my second question is regarding the voluntary dismissal program. What's the expectation of impact in the payroll for the next three years?

Thank you, Antonio. First, regarding ESG, yes. Part of our strategic plan. We have the commitment to -- at zero -- Scope 1, 2 and 3. Certainly, the 3 is for 2050, 1 and 2, maybe we can implement in shorter term. It's important to highlight, and I should describe to you because we have been talking at Eletrobrás in an international scale to be the second better company in benchmarking and in best practices for emissions and renewable sources of energy, but there are still improvements to be done regarding the emission of some like coal plants or natural gas plants. So we see a potential for optimization. And in our vehicle -- vehicles that are used in company since we -- if you look at the scope #3, you have like lost energy in transmission lines, and we are assessing that. The next enterprise we are getting involved with the Trans North Energy that connects Manaus to Boa Vista. This unit will -- when made available, we'll eliminate over major amount of emissions from thermal units in this kilometers. So the company will commit itself with the [Paris Agreement] in scopes, number 1, 2 and our actions will be followed by the market. Regarding the dismissal plan, we have the inscription up to November 18. So we believe that we will have a massive adherence. So up to the end of December, we will have this reference board because maybe it's important to share with you, we haven't done any kind of admission exam. So the newest employee has over 36 years old. So we will have new opportunities to bring new talent, young people from the market to be part of this staff, the staff of the company that is a little more seasoned and we will…

Our next question made by Henrique Peretti, sell-side analyst of JPMorgan. Please, Henrique, you can move on.

If I could humbly add something. I'd like to -- could you publish the regulatory report and IFRS is not cash generated. So we have this volatility compared to the inflation. So it's not good for us to understand the EBITDA of the company. So if you could publish that, it would help us in sell-side very much. I have two questions. The first one is about Furnas. Company had purchased about BRL 200 million, BRL 300 million. And now in the third quarter, it came to BRL 850 million in energy purchasing. And according to some comments, Santo Antonio would be BRL 230. So we have a gap of BRL 500 million as a gap in Furnas. Where did it come from? This recurrent, it's -- so I'd like to understand that better. What can we expect regarding energy purchasing for the next quarters. And my second question is about Angra-3 and Electronuclear, and we know that you have a shareholders' agreement with ENBPar for building the Angra-3. So what will you invest in that? What would be the cash flow when Angra-3 is concluded? Sorry about the long question.

Don't worry. So we thank your request for the regulatory results statement report and we will be very transparent about that, and we will consider the suggestion. Thank you very much. So we'll make that available. And regarding Angra 3, maybe Camila Gualdo, can answer that question since she's the Governance Director. But some comments of Elvira and then we can give the word to Jatoba to talk about Furnas.

Wilson, just a second. We do not publish the regulatory statement, but we have an adjustment if we have adjusted the EBITDA with the regulatory revenue. So in Page #24, you can get this readjustment of the transmission revenue by the regulatory. Now regarding Andra, Camila. Camila Gualdo Araújo: I ask you kindly to repeat the question of Andra 3.

My question is if Eletrobrás will need to -- as a major shareholder of Electronuclear, if you would need to invest proportionally for the conclusion of Andra 3, since Andra 3 was excluded. So the CapEx is not there anymore. But after the conclusion of this critical way and to resume -- the resumption of the building of the plant, if Eletrobrás will invest prepay and how would it affect the cash flow of the company. Camila Gualdo Araújo: In reality, our investment proportion are limited to the results of the studies of BNDES that are being concluded as we speak. So it depends on the conclusion. The tariff studies that will be approved by CNPE. Once this is concluded, we have the CapEx defined, and how can I say a financing strategy and participation by Electronuclear by capturing this financing and funding to conclude the building that they works, the building of Andra 3. What we needed to invest, we had invested before. And now we just monitor as a shareholder of the company, all the movements of Electronuclear seeking for financing and funding. So we are waiting for BNDES to deliver these studies, to check how it's going to be structured for the next years.

Thank you, Henrique. What Camila has just said, what was agreed is that our responsibility is defined by the participation of the voting -- of the voting capital, not the total capital stock. But the tariff as defined by law. It must be sufficient to pay this CapEx and to pay for the investments that you reminded us that was the critical way. All the investments that we have made from 2020 on, they must be paid. So we are waiting for the BNDES studies for the CNPE to approve the tariffs, that will cover the CapEx, that will be defined. And our responsibility from now on is limited to our participation in the voting capital.

Just to be clear, Elvira, it's not predicted at first that we need to invest more capital beyond the critical way investments, right? The second is the tariff that will be approved by CNPE after the studies of BNDES. There will be a guarantee for the investments for the conclusion of those commissioning or this commissioning. [PNBR], ENBPar, we offer collateral for those financing proportional to the voting capital. So Eletrobrás is limited in 35% of the voting capital. So after this explanation, I give the floor to Jatoba to talk a little about Furnas. Pedro de Oliveira Jatobá: Thank you Henrique for the question. This is the seasonality strategy of the company. It's important to remember that Furnas organized an auction for incentive energy that will be in force from 2024 on, and it will accommodate their clients' portfolio. And obviously, now that the commercialization process will be unified. We will review that strategy to limit the purchases under what's predicted. It was what was scheduled.

Just a final comment, if I may. Theoretically, Furnas would not need to purchase energy anymore because it's going to reduce investments due to the exit of the Cotas system. The purchase of -- what Furnas had, it was incentive energy. So it was the PPA in which sales to the consumer. So they went after that to make the projects viable to issue the PPAs. So we have a longer contract for the purchase of incentive energy that will meet the sale to the final consumer of incentive energy or subside energy.

Our next question comes from Marcelo Sa, sell-side analyst of Itau. Marcelo Sá: I have a question regarding commercialization. Jatoba commented that you couldn't give some guidance of prices. But when you get the balance sheet of the second or the third quarter, you have this average price about BRL 200 million. It flattened the curve, but it might, if I'm right, indicate that the price of sale is next to BRL 200 million. But as we look, the market before in July, this price looks a little too high, and I'd like to understand that better. So if you look at the balance sheet, you had sales happening from '23 to '25, and in '26, you had decommissioning. So my question is, did you have any kind of swap and maybe that's why the price was better in the short term? And why you have this investment? And my second question regarding commercialization is to -- are you planning to buy a commercializing company or just hire new personnel? Camila Gualdo Araújo: So I'll answer your last question. We consider this possibility to buy commercializer, but we have to understand that we have 4 areas of commercialization. And we have qualified personnel. We have always been big, and now we're just getting bigger. So that was thinking about opportunities because that kind of business became expensive. We will consider that. But the natural strategy would be to establish an effective process of coordination at the holding to establish a strategy of product and markets and clients and bring in people from the market to strengthen this area, attracting talent alongside qualified personnel that are already working in our group coming from the 4 companies that we have worked with. So we do not eliminate the possibility to have a…

So we end at this moment the Q&A session. And we return the floor to the CEO, Mr. Wilson Ferreira for his final comments. Mr. Ferreira, please.

I'd like to thank you, all the analysts and investors once again. We're glad to be back to the company and lead this excellent team and to thank your trust, the shareholders, the investors and the directors here because the most important role here is to formulate this strategy. And we will try to be more transparent because we have this commitment. And we have the commitment to share the strategy that generates value with the market, with investors. We're very optimistic. We have a big journey full of activities, but I believe that for the next months, we will be able to share and feed you guys with -- you all with new -- and we have moved forward and I think we have room to grow even more. And that's what we have been discussing with the Board of Directors for us to be able to implement those initiatives and deliver very quickly those values. And I think we will be able to surprise you with the perspectives in course. And I thank my whole team, and I invite them to keep fighting this big battle, but we are going to prevail. Thank you very much. Have a good day.

At this moment, I declare this conference call closed. We thank you all for your participation and wish you a good day.