Good morning, ladies and gentlemen. Welcome to Companhia Paranaense de Energia, Copel video conference to discuss the results of the first quarter of 2022. This video conference is being recorded, and the replay may be accessed at the company's website, ri.copel.com, and the presentation is also available for download. We would like to inform you that participants will be in listen-only mode during the video conference, and afterwards we will have a Q&A session when further instructions will be given. Before proceeding, I would like to reiterate that forward-looking statements are based on beliefs and assumptions of Copel's management and information currently available to the company. These forward-looking statements may involve risks and uncertainties as they refer to future events, and therefore depend on circumstances that may or may not occur.
Investors, analysts, and journalists should understand that events related to the macroeconomic environment, the segment, and other factors may lead to results that may be materially different from those expressed in such forward-looking statements. Today with us, we have Mr. Daniel Slaviero, CEO of Copel, Mr. Adriano Rudek de Moura, CFO of Copel, and directors of subsidiaries. I would like now to turn the floor over to Mr. Daniel Slaviero, who will start the presentation. You may proceed.
Good morning. Thank you all very much for participating on video conference. I would like to start the presentation with the pleasure of sharing the delivery of another quarter of consistent operating results, in which we reached the adjusted EBITDA of BRL 1.5 billion, representing a growth of over 9% in relation to the same quarter in 2021, followed by a very strong cash generation of BRL 1.4 billion.
I would like to highlight that on June 5, we paid BRL 1.6 billion in earnings regarding the year of 2021. With the total referring to the result of the previous year, with a dividend yield of approximately 16%. We continue very well in relation to our operating performance. At the end of June, Federal Law 14385 was enacted, which disciplined the destination of PIS/COFINS values, which were mandatorily collected by electricity distribution companies over the ICMS, and it was recognized as unjustified by judiciary. Although it lacks regulation, it was based on the revision of risk assessment by the management and the provisioning around BRL 1.2 billion with no immediate cash effect. This had a negative impact on the net result of the company in the second quarter of 2022.
This review and the position were supported by our legal advisors of Copel. I would like to reiterate that the company is evaluating the necessary measures, including judicial measures to be taken because of the protection needed for something that has already been judged. We will continue to look for this right and this assessment. A little bit of history. In 2020, based on a favorable decision made final in a lawsuit of 2009 by Copel, it was recognized the right to include the full value of ICMS from the PIS/COFINS calculation base. The immediate effect was an average reduction of 3.8% in the energy bills for Paraná consumers as of July 2020. Since then, Copel DIS has already transferred to consumers by means of reductions in tariff adjustments by ANEEL of BRL 2.3 billion.
Moura will be talking in more detail about the impact on the results of the quarter. On the next slide, I would like to reiterate the highlights of what happened in the last three months, starting with the best possible grade, AAA by Fitch that reaffirmed the robust profile and consistent operating performance of Copel, because of its integrated actions in the energy sector, which are characteristics that contribute to the mitigation of operating and regulatory risks. In line with the operating performance, I would like to highlight that in the second quarter we had a reduction of 13% in personnel expenses already adjusted by the INPC of the period because of reduction of 643 employees from our cadre by means of incentivized programs. Now getting into our results. Copel Geração was responsible mostly for the result in the quarter.
The improvement in the water scenario in 2022, together with our strategy of energy portfolio management and the result coming from transmission, this drove positively our EBITDA. I would like to congratulate Vital and all the team of Copel Geração e Transmissão. I would like to remind you that Jandaíra Wind Hub of 90 MW in the final stages of construction, we already have over 80% operating and test. This reiterate our commitment with execution of projects and on schedule delivery, over two years advanced delivery. In this case, our trading arm continues to be the highlight in the domestic market, continues to be the biggest energy trading company in the free market. In preparing to the opening of the market, our DIS continues to perform with two digits higher than the regulatory EBITDA.
Moura will be getting into details about the negative aspect such as the higher provisions and cost of materials. As we had the tariff review in July, the perspective is of a significant improvement in the consolidated result for the year. I would like to mention that we registered Copel DIS as a publicly traded company in category B, not to issue shares, and it received the ABRADEE award as the best in management. I would like to talk about Compagás. As we had very slight delays, we are at the final stages of renewal of concession on the part of the government, and it is being evaluated by the attorney general. Because of elections, we will not be selling Copel shares until the end of the year.
Our intention is to sign the renewal of the concession contract for an additional 30 years in the fourth quarter of 2022, so that we may sell the 51% that Copel has in Compagas. On the next slide, already going to the end of my part, a little bit of the stride that the transformation program has been bringing to Copel DIS. This program is a very broad investment plan with the objective of modernizing, automating, and renewing the distribution grid and private communication. Among the benefits expected are the reinforcement of the rural grid in order to reduce disconnections and guarantee support to the growth of agribusiness in the state of Paraná. Cost reduction with services of O&M and improvement in the control of the DEC and FEC indicators.
We closed the first half of the year with almost 9,000 km executed of 25,000 km that are one of the fronts of the transformation program, which is the Paraná Trifásico, which should be concluded by 2025. Nevertheless, I would like to highlight the smart grid program. In phase 1, up to June, we had already installed 375,000 smart meters in our concession area, representing a significant stride for our operation, reduction of man-hour and kilometers and non-technical losses and emissions of carbon gas. We expect a benefit of almost BRL 50 million, BRL 49 million to be precise. These investments, besides improving the quality of service to consumers, reinforce three commitments of our company. First, discipline in capital allocation. All investments will be the base for the remuneration, as has been our tradition.
Secondly, they reduce our operating costs, as you saw on the slide. Third, they reinforce our ESG agenda, contributing to optimize our resources and decreasing the greenhouse gas emissions. Now, already we have phase 2 over 28 municipalities and 500,000 consumer units. In mid 2024, we will have about 1 million, almost 30% of our base. We are this with the biggest smart grid program implemented in the whole of Brazil. Now Adriano Moura will take the floor and then we will open for questions.
Thank you, Daniel. Good morning, everybody. I thank you very much for participating in our teleconference. I think it's important to clarify with more details the impact of the fiscal fees provision that Daniel Slaviero has already referred to, with a net effect on the result of the Copel Distribuição of BRL 1.2 billion. As a consequence of the consolidated result of the Copel group EBITDA, the effect was BRL 810 million. There has been no impact, cash impact, only the extraordinary non-recurrent accounting recognition. This involves many distributors in the country and also many sectors, not only Copel. Many of you remember the lengthy discussion, the questioning of the inclusion of the ICMS in the calculation based on fiscal fees.
Making a long story short, Copel also won the lawsuit of 2009 with a favorable decision that was final, no appeal possible after almost 11 years in June 2020, with a retroactive right of over five years before. That is to say, Copel obtained the right to recognize over 16 years of credits paid or overpaid. This was recognized in the balance sheet of Copel DIS in 2020. Immediate effect in July 2020 was a reduction, average reduction of almost 4% in the energy bill of consumers. Since then, compensation or offsetting with the reduction of tariff adjustments of energy ratified by ANEEL, BRL 1.6 billion this year.
The new fact that provoked this supplementary provision was this law that was enacted in the last days of the quarter, and that generated the need for a review in the risk assessment of compensation of part of these credits, specifically those over 10 years from the date of the final decision, which Copel and the legal advisors understand our rights of the distribution company. With the book rule, specifically the CPC 25, with the probability of exit, that it is possible but not probable. This is the reason why we needed to make this additional provision. I would like to remind you that there is a public consultation of ANEEL 005/2021 about the criteria for the refund of these credits to consumers, but this has not been concluded yet.
In this context, Copel will continue to evaluate all the necessary measures to preserve our rights. This has already been final. Including the extraordinary impact, as you can see, the adjusted EBITDA of BRL 1.5 billion in 2Q shows the consistent evolution in the year, almost 11% year-to-date until June 30, +9.4% in the quarter. The result also reflected the robust operating cash generation exceeding BRL 1.5 billion in the quarter, reflecting a significant improvement in the national hydrologic scenario with a lower need to buy energy. Besides many other factors that also contributed to the improvement of the results, such as a higher revenue in the remuneration of transmission assets and the consistent agenda for cost reduction, as was said.
With that, we close another quarter with a sound financial position and cash balance of over BRL 3.6 billion, even after paying dividends at the end of June amounted to BRL 1.6 billion. Regarding net income, adjusted net income, it was BRL 667 million. There was a drop vis-à-vis 2021. Although the EBITDA went up, the increase in inflation and in interest rates negatively impacted the cost of debt. It grew from BRL 8 billion-BRL 9 billion. This reduced the financial results by almost BRL 260 million, with an impact on the financial revenue that we had. With the payment last year, it was eliminated. We are recognizing about BRL 67 million, the BRL 667 million with the amortization of the GSF.
Adjusted EBITDA comparing 2021- 2022, the second quarter, considering the contribution by each business. As we said before, GeT gave the biggest contribution, about BRL 250 million. In spite of the negative impact of UEGA of approximately BRL 140 million due to the reduction in the level of dispatch, the consolidated result grew over BRL 100 million. Still in relation to GeT, the improvement in the water scenario, as we said, especially the GSF in June, which was 0.7, and this year it was 0.83, improving the result of the purchase and sale of energy by almost BRL 230 million. I highlight the tariff review of some transmission assets. They improved the results of our own assets of transmission.
They also helped in equity income and the consolidated results of the Vilas Wind Complex, which is already part of the GeT result since December 2021. Then the quarter was affected by the low growth of 0.5%, besides higher expenditures with third-party services because of some contract adjustments impacted by inflation, and also the process of outsourcing some activities. With materials, we had the effect of variation of fuel costs and increase in material cost of the electrical system. ADA was higher than we expected, but we already see a reversal of this trend with an action plan that is already being executed, and we expect an improvement for the next two quarters. In terms of regulatory efficiency, we are around 12%. One additional remark, although the ADA went up, the level of delinquency at this is decreasing and below 1.5.
On the next slide, I highlight the three main businesses. We have already touched upon all of them. GeT exceeding BRL 1 billion of EBITDA in the quarter, strong growth, like 12% growth year-on-year, already considering the consolidated results, including UEGA. A sound growth based on the execution of a consistent strategy for improvement of efficiency and cost reduction, conclusion of the project new acquisitions in Mauá and efficient management of energy trading. Dist., a reduction of 11% for the reasons that we have already mentioned, reaching EBITDA of BRL 337 million in the quarter. We trust the recovery of evolution of the regulatory efficiency with all the measures that we have been putting in place, and we will continue to be focused on execution of this agenda and improvement of efficiency on an ongoing basis. We are very successful there.
Copel Mercado Livre free market continues at the top of the biggest trading company in Brazil, with a relevant strategic importance in the energy trading of the group, with a strong potential for sustainable growth, capturing many opportunities because of the opening of the free market with a very positive outlook in terms of results. A growth of BRL 2 million in the adjusted EBITDA, and undoubtedly a challenging year considering the higher volatility of energy prices. Moving ahead, in PMSO, I highlight a reduction of costs with personnel and management. Currently our biggest manageable cost in the adjusted reduced, the consolidated over 2% vis-à-vis 2021. Basically due to the reduction, as Alipio said, 643 employees in the last year. This more than offset the increase of almost 11% in the collective agreement in October last year because of the increase in the INPC.
In the M line, we have already talked about this, but we are maintaining adequate levels if we consider the relevant inflation in the period, even lower than inflation. The provision line, besides the increase in PDD and some litigation and relevant impact in the comparison between the periods, was the recognition of UEGA, which was positive in the quarter 2021, and this year we had no impact. In this comparison, you see a reduction of BRL 139 million. Net of these provisions, we see an increase which is lower than inflation 3% in. Before we go ahead, I would like to highlight the improvement in efficiency and cost reduction, which are pillars of our strategy.
We continue to seek opportunities by means of investment in new technologies and process reviews, tools, prudent investment that we start to see positive results from these already, and this will continue. Moving ahead, talking about our investment program. We are following the physical and the financial plan, and we are bringing forward some projects such as the Jandaíra Wind Hub, very well advanced. We invested over BRL 1.2 billion up to June 2022. We are focused now on the conclusion of the Jandaíra Wind Hub and prudent investments at this. All by itself, was already invested BRL 1 billion of a total of BRL 1.6 billion, mainly in the transformation program, which includes the Paraná Trifásico and the smart grid programs.
I would like to remind you that the investment for 2022 does not contemplate opportunities for new businesses, be them brownfields or greenfields, but we have to consider these opportunities, and we are analyzing with the necessary discipline, many opportunities. Going ahead and already reaching the end of my presentation. Before the Q&A, we have the evolution of our leverage, which is 1.3. Already considering the impact of the PIS/COFINS provision, as we said at the beginning.
I would like to remind you that this leverage still has the impact of the non-recurring results of 2021, such as the sale of Telecom, the renegotiation of GSF, the settlement of CRC last year, which occurred in the third quarter. We will continue to focus on the improvement of a more balanced capital structure with our dividend policy and our investment policy. We need to advance also in the capital, a more competitive capital structure. Lastly, we have no exchange rate exposure in our debt. Our debt is very well balanced regarding maturities in the next two quarters, totally within our financial capacity.
Thank you very much for participating in our call. Now we can open our Q&A. Now we will start the Q&A session for investors and analysts. If you have a question, please press here, the Q&A button. Mr. Raul Aldridge to the CFO.
Do you intend to reduce your debt because of the very high debt, because of the CDI increase?
Thank you, Raul, for the question. I think it's very timely, and we are monitoring this very closely. We have plans to regarding funding, regarding the minimum necessary to meet our demand for investment, not affecting our physical or financial objectives because they bring relevant returns. Which we are all expecting. We are evaluating the market very carefully, not to have any debt beyond what is strictly necessary, so that we do not have this impact on our finances.
In order to ask a question, please write your question in the Q&A with your name and the company. Felipe Da Silva Mano.
Are you going to announce dividends shortly?
Hi, Felipe. Our dividend policy provides for two annual events. We always deal with that in the third quarter, such as was the case last year. This will be analyzed by our board of directors. What I can tell you is that it provides for the possibility of extraordinary dividend as well, and they will be analyzed over the third quarter, as I said before. This is the line that we are following. Of course, we comply with all our dividend policies, and in fact, this is very simple. The results were extraordinary results as we said, or extraordinary factors. This will be analyzed in the third quarter, as I said, always complying with our dividend policy.
Marcelo Sá.
Will you be adjusting your net income because of the non-recurrent item of PIS/COFINS for the payment of dividend? You did not do that in the past, I would like to remind you. Should we expect less dividends being paid out this year?
Well, this is the big question mark, Marcelo. Both you and Felipe and many of our investors are assessing that. Our policy deals with official results. As I mentioned before, it already provides for the possibility of interim dividend being paid. As I said before, we will be dealing with that in the third quarter, such as was the case last year, considering all the bases, and mainly our commitment of at least two annual dividend distributions. Our board of directors will be dealing with this in the third quarter. I would like to remind you that last year we published this at the end of September. This is what we expect for the current year as well. Late September or early October.
Cesar Ramon.
Congratulations to the Copel team. Considering the studies in the energy area are long-term, what about the investment programs in energy generation in Paraná?
Cesar, we do have an investment policy, and it defines the main fronts and the areas and where we have synergies, be it wind or water or solar, and also the minimum sizes for transmission. All the parameters, all the guidelines are part of our policy. We also have a ranking or priorities for, be it any transmission options or other opportunities that come to us, and we are evaluating them very actively with focus on Paraná. I would like to remind you that we also have operations in 10 states. Our policy looks for synergies and minimum sizes for the opening of new clusters. All this is in synergy with what we imagine for the growth of the company. As Moura said, we have an active participation in the transmission options. We look for opportunities in Brownfield and also in Greenfield.
All this is within the scope of our investment policy.
Guilherme Xavier.
What is the company's strategy regarding the impact of the ICMS in this segment?
Guilherme, we're following the exponential growth of distributed generation, especially in 2022, because we have a deadline of the law, January 6. You can see very big moves there. We are studying this as a way to operate in this segment as well, because we see a defensive opportunity in terms of migration of clients who are in our base in Paraná, but also as an opportunity in other areas of the federation. Distributed generation for any integrated company in the electrical sector is part of that. We have to have this structured. We expect to be able to announce this very soon.
Not only the structuring, but also the first opportunities in distributed generation and all the growth opportunities that we have regarding the National Energy Plan. Would you like to add something, Michael?
Yes, we are paying keen attention to all these moves and always trying to adjust our contracted energy, but this is according to what we have in our plan.
Bruno Varella .
I would like to know if the accounting impact regarding the fiscal fees will be considered or excluded from your dividend base.
Bruno, we have already mentioned here that our policy does not consider any purge of extraordinary factors. It's the EBITDA and the net income as they are, no exclusion. The policy itself, besides the minimum two annual distributions, according to the cash generation and the level of leverage and investment capacity and the financial situation, it makes it possible for us to pay interim dividend or extraordinary dividend. This will be evaluated such as it was last year over the third quarter.
Eduardo Grangeiro.
Do you expect to need more provision regarding fiscal fees or was the current amount enough to cover the BRL 1.2 billion?
Moura can give you more details, but it is fully recognized in our balance sheet already. We have no expectation of any additional provision for this end. As was said in our material fact, and also during this presentation, we reassessed our risks, and we understand that the law, in spite of the very correct spirit, the laudable spirit, it did not interfere or it did not affect the.
To make a long story short, no additional provision will be made for this purpose. This is an ongoing evaluation. This is something that we do all the time, and we may have some new facts in the future and the reversal of this amount even. We have no expectation right now, but this is a credit that can be invested in the future.
Gilmar Eberhardt.
Regarding the generation of your own energy, 33% in this quarter, what is the future plan for wind energy?
Today, a major part of the growth in our generation came from the acquisition of the Vilas Wind Farm, almost 20% of our generation capacity. With that, today we already have in our portfolio 13% of pure renewable energy. I don't like this term because we consider that hydro is also renewable.
If you look at wind and solar in the portfolio of the company, we already have 13%. Our perspective, Vitor, is that in the next few years, together with Copel GeT and the new businesses area of the company, we expect to be able to double this expectation so that we may have of our generation portfolio be made of wind and solar energy, because it supplements this diversification that is very healthy for cash generation, for GSF mitigation, and for the management of our portfolio.
Vitor.
Well, I thank you very much for your participation, such as the other investors in this video conference. What is our expectation to increase generation?
Already next month, all the Jandaíra Wind Hub will be operating, and we will be producing 90 MW of installed capacity, taking advantage of the second half of the year in the Northeast, which has better winds, which facilitate generation. We have other project that we are reaching a final phase in terms of acquisition, and that might contribute to the increase of wind energy generation for Copel. In hydro, the increase in GSF this year, we already have a forecast of an estimate of 83% of the GSF. Last year, it was 73%, so it's a big leap. For 2023, we project a capacity, a higher GSF, so a higher hydro generation and a higher availability of our wind turbines in the Northeast, increasing our overall generation capacity.
Bernardo Vieira.
Do you intend to keep your partnership with Engie for the second auction in December? How do you see competition from now on?
Bernardo, we had a very good experience with Engie. They are a global company. We had a very good learning curve for both companies, because we have the same size, we have the same credibility, we have the same technical engineering knowledge. For next two quarters or the next two auctions, it will depend on the size of the lot and the synergies with one or other company. We have nothing signed, and our preference is always to be working alone with Copel, with the financial expertise of Copel. We are open to partnerships, be it with Engie or with any other large company in the sector, with the same standard of governance and capital allocation discipline, which is the case with Engie.
Daniel Travitzky .
What is your expectation for an extraordinary tariff review coming from this law? Do you have additional credits of PIS/COFINS to deliver in the tariff review?
I will answer part of your question and my colleagues will answer the remainder. We see no perspective for LTE. ANEEL, with the enactment of this law, has already called the company that ANEEL understood that needed to revisit this question. As our adjustment was soon after the law, so we were not called to participate, and we do not believe this will be the radar screen of ANEEL up to the next tariff review. We have no indication coming from the agency in this sense, because we had BRL 1.6 billion of the PIS/COFINS credits already used for the amortization or mitigation of the tariff adjustment. Adriano Rudek de Moura, maybe you could talk about the remaining balance.
We still have BRL 1.8 billion approximately, not considering the additional provision that we made. With an additional BRL 2.3 billion, the BRL 1.6 billion that Daniel mentioned, that would be around BRL 4 billion, which is a significant amount. We still have a balance that we will probably not use next year, and we expect to use this amount in one or two years. There is no expectation regarding a new tariff adjustment whatsoever.
Marcelo Sá.
When you recognized the PIS/COFINS, you paid an income tax on that. With this provision, what about the fiscal credit, the tax credit? Will you be able to discount this from your income tax?
Marcelo, in June, we recognized this gain. We made a provision equivalent to the tax credit, and we compensated this with the credit from the tax itself. We had no disbursement whatsoever, and we will not have a disbursement now. No cash effect whatsoever.
Guilherme Kobayashi, Norsec.
I'm an investor. I would like to know the company planning to deal with the maturity of the Fortaleza plant as it is coming closer.
Hi, Guilherme. This is one of the major strategic themes for Copel for 2023. We already have all the bureaucratic process, the registration and everything regarding our intention. We will do what the decree of 2019 establishes, which allows us to renew, provided we sell control. In the fourth quarter of 2023, there will be an auction to sell 51% or 50.1% of the ESPS Fortaleza. With that, we will be paying for the renewal for an additional 30 years.
We are right now discussing, and the ministry has already calculated the bonus for the concession. We imagine that the references that were used for the calculation of the Eletrobras grant bonus will not mean new. It is very strategic for us. We are dealing with that, Carlos, with the new businesses area. In the fourth quarter of 2023, we'll be holding an option to sell these 50.1 and maintaining 49 in the hands of Copel.
Guilherme, the schedule for the sale of FDA is already. Just a moment, please, because Alberto Goldman's cellular phone was ringing here. We apologize for the interruption. The schedule for the sale of UHE Foz do Areia, we have already submitted this to the Ministry of Mines and Energy, and they have already forwarded this to the Court of Accounts of the Union.
We hold regular meetings with the Ministry of Mines and Energy to work in all these fronts and to have a definition regarding the price of this grant that may preserve the interest of Copel, as well as the interests of the Brazilian electricity sector, with the capacity to renew for an additional 30 years the concession of this plant. As Daniel says, it's the crown jewel of our generation projects. We have up to December 21st, the possibility to conclude the process 12 months before the maturity of the concession, December 21st, 2025. This is all in this decree, so that you may have the right to extend this for an additional 30 years. We are very pleased with the situation, and Copel will certainly do a very good business in this renewal.
We expect a very high competition for this asset. All four plants were refurbished and increasing 75 MW in each one of the plants. It is a precious asset for the Brazilian energy sector. In the modeling, the organization of the schedule, everything is on stream so that we may have the highest possible number of bidders for this plant.
César.
What about the P&D studies in renewal investment in human resources, your biggest asset?
César, in relation to this area, Copel GeT have their policy established by ANEEL. ANEEL significantly reduced the levels for research and development, R&D. As a company, we want to use these levers because we have a lot of expertise, and they have already borne lots of fruits for the company. In the past, we launched the Copel Volt program, aiming at the interaction with the startups.
We have already selected five companies in electromobility, improvement of performance of wind turbines, et cetera, so that we may be very open to this program of open innovation, not only by the traditional R&Ds, but also Copel Volt. In the next few weeks or months, Carlos and the team will launch phase number two in relation to people. You said it very well, it is the most important asset that we have, more than anything, any of our assets. Our people are our most important asset. We have been doing the reduction in the number of our personnel in a very well-planned fashion, so that people who stay in the company, not only by means of their own development, may stay with us, but that we may bring artificial intelligence and technology experts, so that we may continue to compete in the electricity sector.
We see the discount in the auction, the competitive processes, and we see that our sector is very dynamic, very fascinating, and with a huge growth potential.
Rodrigo Neves.
What about the current strategy for the share buyback program? Anything you could say about this theme for the future?
No, this is not being evaluated right now. We understand that this is not the right moment to do this. We are not considering this right now.
Our Q&A session has come to an end. I would like to give the floor back to Mr. Daniel Slaviero for the closing remarks.
Thank you very much once again for your participation. I think that all of the questions about the dividends and this will be addressed with the evaluation of the whole situation and this recognition of the PIS/COFINS taxes has been broadly discussed. This is part of a provision.
I would like to stress the sound results, our sound operating results, the significant improvement of GeT, the moment of transition of this, and even keeping two digits of regulatory efficiency, something unthinkable years ago. This will be further improved when we have the reflection of the tariff review that occurred in June. We continue to be committed to our discipline and capital allocation efficiency gain and delivery of consolidated results, which are more and more consistent quarter-over-quarter. We are very happy, and we recognize the work being done by all the members of Copel who make this possible. We pay a lot of attention to opportunities. We have growth as one of our priorities with the correct dividend policy and also generating the growth potential EBITDA and the appreciation of our shares and the payment of future dividends.
Once again, thank you very much. I thank my friends and my companions here in the board, the executive board for delivering another quarter of consistent results. Copel's video conference has come to an end. Thank you very much for participating, and have a very good day. Thank you.