Welcome to the Earnings Conference Call of the fourth quarter 2023 of Energisa. We inform you that this video conference is being recorded and is gonna be available on the company's IR website, where the current presentation, the current presentation will be available. We highlight that for those that may need simultaneous translation, we have this tool available at the globe icon, Written Interpretation, located at the bottom area of your screen. By selecting it, choose your preferred language, Portuguese or English. For those listening to the video conference in English, there's the option of mute the original audio in Portuguese by clicking on Mute Original Audio. For Q&A, question and answer section, we guide you that those questions must be sent via the Q&A icon located at the bottom area of your screen. By dynamics, your names will then be announced so that you can ask your question live. At this moment, a request to activate your microphone will show up on your screen. Considering that some of the panelists are remote, instabilities may occur on the video conference, impacting on the answer time, especially during the Q&A. We are counting with your comprehension. We reinforce that information contained on this presentation and eventual statements that may be done during the video conference related to business perspectives, projections, and operational goals and financial goals of Energisa, they constitute on beliefs and premises of the administration of the company, such as information currently available. Future statements are not proof of performance. They involve risks, uncertainties, and premises, because they refer to future events and they depend on circumstances that may or not occur. Investors must comprehend that economic conditions, market conditions, and other operational factors may affect the future performance of Energisa and conduct results that materially differ with those expressed on such future considerations. Now, I would like to give the word to Ricardo Botelho, President Director of the company, to start the presentation. Ricardo, please go ahead. Thank you, operator. Good afternoon. First, I would like to appreciate the presence of everyone on this presentation of the fourth quarter of 2023. With me are the CFO and Investor Relations Director, Mauricio Botelho; Vice President of Regulatory Affairs and Institutional Relations, Fernando Maia; Vice President of Energy Solutions and Leader of Energisa, Roberta Godoi; President Director of ES Gás, Fábio Bertollo; and the team of investor relations. I kindly ask that you guys must pay attention to the information that we have here, warnings about, before any decision taken in the company. Before we start with the highlights, I would like to say that the results of 2023 were reached thanks to a strong governance culture, adapted to dynamic sector that is in intense transformation. We showed that our business is energy in all its forms available. And aware of this, we look at a big way, big perspective to help all the needs, energetic needs of our customers. Consistently with search, permanent search to be your loyal partner, ideal partner, bringing safety, trustful, and sustainability for you guys. With deep knowledge of the business, our company's gonna be reaching 120 years of working in 2025. On this journey, we reach here with a growth of the EBITDA on the last 10 years of 30% per year, and net income of 29% per year. Because we know how to anticipate movement, market movements, and evolve aligning experience and boldness at the right measure. During our transformation trajectory, energy distribution remains central in our business and give us the expertise to be highly efficient in new markets. In 2023, we invested BRL 4.4 billion on this segment, guaranteeing operational excellence to our customers and going beyond their regulatory obligations. We applied BRL 565 million in transmission, and we confirmed our capability of conduct relevant projects and start before, like, the deadline. 2024 is not gonna be different. We estimate BRL 6 billion of investments on the group companies, focusing on decarbonization and on the offer of a robust ecosystem and of energetic solutions. We have Energisa that closed the year with one of the biggest companies of photovoltaic energy in Brazil, with more than 360 MWp capacity, and reinforced the presence on commercialization. In this year, we also stepped our entrance on the gas market with the acquisition of ES Gás and Agrigás, diversify our portfolio. I highlight again, our compromise is to improve the quality of life of people and collaborate, make the country become like a, a main character, a main role on energy, fair and sustainable. Besides the highlights already told, we closed the year 2023 with an EBITDA, record EBITDA of BRL 7.6 billion and a net income of more than BRL 790 billion in the last quarter. Best performance of the year, reflected mainly because of a year with condition, climatic conditions that helped that impose the growth of the market and the level of sales of sales of energy. We're gonna be focusing on this further. Like this, now I give the word to Maurício Botelho, CFO and Director of Investor Relations of the group, to follow with the presentations on the fourth quarter of 2023. Thank you so much. Good afternoon. I thank you guys for being here on this earnings conference call of Energisa. In the first slide here, focusing on the financial results of the quarter of this 2023, I highlight the consistent growth of the EBITDA adjusted recurrent, evolved 26.3% on the quarter, and 21% compared in 2022. The segment of distribution of energy contributed with almost BRL 6.7 billion per year, following transmission that added BRL 594 million in 2023. In terms of net income recurrent, we had a result of BRL 508 million in the quarter, 5.1% beneath the fourth quarter 2022, and by the sum of the year, the reduction was about 2.8%, totaling almost BRL 1.7 billion. On the quarter, the reduction of the net income was occurring, is explained because of the buy actions, the shares of the EPM, the impacts consolidating with no share. We gave us a revenue of BRL 76 billion points on the quarter 2023, and expenses of BRL 245.5 million on the fourth quarter of 2022. Talking about the PMSO, we presented an increment of 13% comparing between quarters, and I would like to highlight that this the segment of the energy distribution. Following this line of business in 2023, we started working with the Resolution 1,000 of ANEEL, and in this year we made some adjustments, and we reached a great level of PMSO in virtue of these new, like, demands, and we expanded some services available, and we got, like, shorter, closer deadlines. We'd like to highlight as well, the quality of the service always was our focus, and now it's more important by the measure that the customers, regulatory society, become more, like, demanding. To improve the resilience of the network and the climatic events, we work with trying to do the excellence, serving excellence to our customers. We ally our experience and technology to optimize the costs and minimize the effect of any penalties for not following everything. In this way, the PMSO on the distribution had a growth of 9.4% and was around, like, BRL 80 million on additional costs, and a total of 129 million, adding, adding consolidated. According to the growth verified on the quarter and, adding up, summing up, when we compare with the level of the PMSO in 2019, pre-pandemic, and updated up with the inflation, to December 2023, we had a reduction of 8% when compared to the level of the costs of 2023. On the next slide, we're gonna be talking about investments on the, on the previous 2 years, and what we expect for the year that's following by. All investments were 7.8% lower than investments in 2022 by Energisa. During 2022 and the first half of 2023, the group focused on investments on five distributors of energy that were, like, in a tariff review. It was Mato Grosso, Mato Grosso do Sul, Sergipe, Paraíba, and Acre/Rondônia. Just these companies presented in 2023, 60% of the EBITDA adjusted total. Adding on, talking about distributed generation, we accelerated investments in 2022 because of the regulatory change that happened in January 2023, and for the full year, we kept investing more than 2022. It was BRL 921 million against BRL 843 million. In the transmission segment, we practically kept the level of investments, because we have some projects that are still happening, and we had BRL 665 million in 2023. And as we said in the market in January, we expect to invest BRL 6.8 billion in 2024. I would like to highlight as well, we have a growth expected of BRL 516 million more on the distribution segment, and we're gonna be onboarding around almost BRL 5 billion. And on the gas segment, yes, gas, we're gonna be doubling the investments related to 2023, and we're gonna be investing BRL 100 million. Next slide, please. We're gonna be talking about the debt. We closed the quarter with the EBITDA adjusted level on 3.1 times. That's lower than we got, like, on the last quarter was 3.3, and shows, like, improvement of the position of the share position of the group. Well, so highlight on this slide, our pro forma vision. If we check the effects of the pro forma that just happened in January this year, where the same, like, indicator reduces to 2.8 times. It shows our discipline to keep the strong level investments and open like spaces reaches to future individual future investments in organic investments. We close here the highlights, with the consolidated highlights, and now we're gonna be talking about of each, like, business segments on the next slide. We're gonna be talking about, like, distribution. The fourth quarter, it was relevant. We're gonna be highlighting the evolution of the EBITDA, recurrent, adjusted, that had a growth of 25.3% comparing the quarters. For the recurring net income, that had a growth of 32.6% comparing between quarters. In annual basis, the distribution segment had a growth of BRL 704 million on the year. Talking about adjusted, recurring EBITDA, and we reached BRL 6.1 billion, representing 86% of the EBITDA consolidated, raw. The growth of the market and the regulatory tax reviews, they were fundamental factors for improvement of these financial indicators that we're gonna be seeing next year. Look that, in 2023, we had, like, some tax reviews that were good and a good evolution, and it was, like, really representative. In the ES Gás, for example, they had a growth plus, like, post-inflation and everything, 22%, and they did Mato Grosso had a growth of 44%, and Mato Grosso do Sul, 34%, and all these three processes were concluded in April last year. And the concessions of Rondônia and Acre, they're gonna be they passed for the tariff review in, in December last year, and they showed a growth at 52% and 42% respectively. I'd like to highlight them and that the group invested in more than BRL 10.6 billion in the last cycle of tariff revisions. That's reflection of the good allocation of capital, and that's the base of the consolidated income of the Energisa Group that sums BRL 21.6 billion in 2Q 2023. On this slide, we're gonna be talking about, like, about the factors that helped on the, in the quarter, helping the last quarter. It was a growth of 13% on the consumption of energy, lectures on the market, captive, the recurrent, and it was because of the weather, because it was hot and less, like, less rains on North and Northeast, and on the heat wave on the second semester, especially on the Center West area. As a reflection of this, we had a growth of 17.4%, and the distributors were the biggest variations for the fourth quarter. On to the next slide, we're gonna be talking more about the weather and the El Niño that happened, and we illustrate a correlation between the market growth and the need of cooling, by the cooling degree days, or CDD. This indicator gives us information about the degree days above the reference, being calculated, because we said, like, the difference between the most representative cities and, like, as a reference, like, a comfort temperature. We had an increase of 26% for a growth of market that was 13%. And we'll fall into the next topic, talk about, like, total loss of energy. We keep working consistently beneath the regulatory level. In the last 24 months, our loss index was 12.63%, 0.21 percentage points beneath the limit. Comparing to the previous quarter, the group increased the loss in 0.24 percentage points because of the consumption. That is important to highlight that the growth happened because of the losses, non-technical variation of 3.3% on the comparing of the last quarter, while the technical losses had a reduction, a variation of 0.6%. We believe that this phenomenon of the growth of the losses is not gonna be, like, reversed with the... We're working, like, to fix it up. We'll go into the next slide, talking about the quality level. The distributors of group initiatives, they had excellent performance, presenting indicators beneath the regulatory limits for DEC and FEC in all concessions. Some companies highlighted and reached the best results in our circle on DEC and FEC. Let's talk about Paraíba and Sul-Sudeste alliances, substantial improvement of 10.2% on the DEC and 12.5% FEC for the Acre region. As we said on the beginning of the presentation, the year of 2023 was, like, more rigid on the quality control presented by the distributors. On the next slide, we're gonna be talking about this, the official circular office, Tax 44 of ANEEL, that established that aiming to improve the conformity regulatory of the indicators and continuity distributions, they must reach a minimum percentage of 80% because of the regulatory limits of DEC and FEC until 2026. Some companies who doesn't follow these goals, you're gonna be subject to penalties. To reinforce that, we invested around, like, 2.5 times more with the regulatory depreciation. We investments in reinforcements of the structures and maintenance plans. They improve the operational margin for the regulatory levels and quality, and they help us on the recomposition, like the restoring position on the weather situations. Enel is on top, like, comparing to the other companies with the regulatory limits. For those that are not following it up, we're safe that with correct allocation and investments, we're gonna reach it within the deadline for each company. Next slide, please. Talking about, like, the debts. We have a reduction of this level of distributors. On the Desenrola program, we reverted BRL 30.8 million, the best performance on the electros collaborating, with a consolidated tax of 1% by the end of 2023, representing a reduction of BRL 77 million comparing to 2022. By default, it was good. And now we're gonna be talking with the natural gas. Here we, with the main indicators for the company in the quarter, I'm gonna be highlighting the improvement of the EBITDA of company on 3.3% when we analyze the sum of the year for the increase of investments of 50% on the year, and we more than doubled the investment when we compare the quarters. Since we acquired ES Gás, July 2023, we have some records. First one, 111% of growth on the level of investments, 33.3 km of network expansion post-acquisition, totaling 541 km of network. So June, before the privatization, just so you guys understand, we had a growth, the company had a growth of only 5.4 km of network on the portfolio. Highlight again, more than 1,000 calls of customers in last month. Now we have more than 18,000 clients. Now, the next segment, transmission. The fourth quarter, 2023, we highlight the increase of the margin of the regulatory EBITDA, basically because of the smaller PMSO 2023, because we have the incorporation of the Gemini group to the Energisa. Next slide. Now, we talk about total RAP for the cycle of 2023-2024, BRL 779 million, without considering around BRL 40 billion of optical fiber of the companies that came from Gemini group. We keep working intensely with the conclusion of the assets that are not 100% operational. We have four projects in construction, and the physical advancements are demonstrated on the slides. As usual, we always aim to anticipate the entrance on operating, now, and like this, improving the portfolio, the return of the portfolio. Now we're talking about (re)energisa, which is responsible for the non-regulatory results of the group. The EBITDA of (re)energisa that consider results of the distributed generation and of the services that aggregate value. We had a growth of 82% comparing the year of 2022, reaching a total of BRL 193 million. Highlight here, the distributed generation that aggregated 99 million BRL of EBITDA on that period, and the commercializer that closed the year with 71.6 million BRL, historical record for the segment. The investments, they keep, like, working tense, they kept intense during 2023, a total of BRL 936 million in the year, which represented a growth of 7.6% comparing the quarter of 2022. Talking about distributed generation, we conclude the year with 351 MWp of capacity and 90 parklands. The most updated number is 363 MWp and 93 parklands. Our sales team keeps work, offering our products by solar signings, and had a growth of more than 30% on our base of clients, and we have more than 12,000 customers. Talk about the commercializer of the group, despite being a challenging year, we're gonna talk about the perspective of the price of energy. We managed to have a growth in the number of new contracts in a relevant way. 2024 already started with some changes on this segment just because of the opening of the market on high tension, and we are ready to have, like, a main role, main role and relevance to conquer a huge number of customers for the free market. And here I close my highlights with the quarter, and now I open the place for some Q&A session. Thank you. Now we're gonna be starting the Q&A session. We kindly ask that ask all at once waiting for answer the company. Remembering you guys that to make questions, we guide you guys, then must be made through the Q&A icon on the bottom area of your screen. By dynamics, your names will then be announced so that you can ask your question live. At this moment, I request to activate your microphone, which will open your screen. Please wait while we collect the questions. Now, first question comes from Marcelo Sá, sell-side analyst from Itaú. Marcelo, we're gonna be opening the audio so that you can ask your question live. Marcelo, please go ahead. Hello? Hello, can you guys hear me? Well, yeah. So I have a question. Talk about the renewal of the concession distribution process. We're talking about the ministry or all the ideas about the form over the last week that it didn't, like, go out to now. In parallel of this, and we're talking about the PL of the Deputy Bacelar, and when this voting is gonna be happening. How do you guys think about the conversations with the politics about this question? Or if this can, like, move forward on the Congress or still stays with the government. Now with you guys, thank you so much. Now I'm gonna be giving this passing word from Fernando Maia. By Marcelo, all right. We are all following this up, the inquiries that are happening. We just understand that the process is being well conducted by the Ministry of the Congress. And we've already got a green light from the TCU to start. As I said recently, we talk about like three years to, with the publication, with the releasing of the decree. That's the 30 days that didn't like. The deadline didn't happen yet, so we should be waiting a couple more days. It already allows this to move like forward with the form, so it's natural that they want to participate in this and influence about this. And talk about, like, interlocution, like communication between the Congress, the politics. And this should be made by, like, by the government, but it's not directly with the distributors. But I believe that giving the relevance, the importance of this with the economy and everything, the project, the original project with the Bacelar, it expects like the prorogation, like, we keep working with this, so we keep firmly believing that, by the end of all of this discussion, and it's natural, the concessions will be like, they're gonna be happening in a way that they will guarantee the first to be working, and the productivity and everything. We're discussing, like, the improvements of the quality by this kind of service, the energy service. If I can complement, comment on this. Talk about quality, do you think that these goals, they must be followed? Maybe they could be compared, talking with the past, talking about renew. We should be having like such, such results better than the, the press, talking about the history, comparing 10 years. And if they did or not, if they can help with the renew or not, or we give some goals and then we can adjust this maybe with the time being. So we don't expect any surprises with this, because of the safety of everything, so we expect that something that's gonna be... We're gonna be something, some like goals to be checked up, and the companies that, like, have a good performance, the customers that are happy with the services, they're gonna be approved, like, without any kind of problem. The ones that are, that are in a conflictual situation, as we say, they may, like happened in 2023, adjustment time, because they had like more like strict goals and challenges, so that they can adjust with this in the next five years, maybe. By penalty of have to transfer the control if they don't reach those goals. And it happened 2010 to 2015, but no surprises. Thank you. Thank you so much. Remind you guys that make questions, we ask you that you send them via the Q&A icon located at the bottom area of your screen. And by dynamics, your names will then be announced so that you can ask your question live. Wait a little bit while we collect some questions. So by, so by there. Operator, there's a question here, so Olivia— We have a question here, that Olivia is gonna be sending the, the question. Good afternoon. Okay, good afternoon. The question was Arlindo Souza. Good afternoon, guys. Thanks for the numbers. If you guys could like explore, talk about the PMSO in the quarter. Talking about how now the company understands that this level of PMSO is sufficient or no, by the earlier in the next divisions. Talking about, like, revenue. That was the question. ... I'm gonna split this because we have two questions in the same item. First one, as we explained during the presentation, we have new patterns of PMSO, new levels. And with these new quality levels, if you compare this with the, we had some highs during the year of 2023 that, the year 2023, it's not still full, talking about costs of PMSO, to adequate the, to the, the new patterns. We have a little bit of a, this curve happening right now, but the most, most of it already happened on 2023. And talking about, how can I say? Talk about regulatory, now I'm gonna talk... give this information to Fernando Maia. Actually, talking about operational costs and the model and the regulatory, comparing with the, comparing the companies. The information that we got from the regulator about these new demands, they followed up an increment of the payment of co-financial compensations to the consumer, the customers, if those levels weren't reached. In Grupo Energisa, in a prudent way, we analyze this, and it's way better than... It was better for us to increase the levels of PMSO to reach the indicators than to keep paying compensation and losing this money for customers, for, like, unhappy customers, and customers in the first place. So, so if the companies like, like Hole and other companies, they were like this, they work like this, and they elevated their costs to reach those demands, it naturally reaches a, a pattern, like comparison pattern, that is gonna be a knowledge in a tax way on the, on the next cycle of revisions, of reviews. And those that were not prudent, they're gonna be—they're not gonna be total covered, and they're still gonna be paying, like, those compensations for the consumers, for the customers. Thank you for the answer. Another reminder that to make questions, we advise that you send them via the Q&A. I can look at it at the bottom area of your screen, and by design, your names will then be announced, so that you can ask your question live. Let's go to the next question. It's from Victor Poli, investor. We're gonna be opening your audio so that you can ask your question. Victor, please go ahead. Operator, I think we already have the question in the chat. I ask Olivia to that she can like say the question. Good afternoon. What are the possibilities for the resources on the follow-up, on follow on? As we explained on the, on the follow on, the resources, they aim to keep a, a comfort of, like, leveling up of the company. We have some, like, strong investments to be made, as, as we talked about on this presentation, almost like BRL 6 billion in 2024, and, and with this, for the first years, it's just gonna be for the leveling up, and this gives us margin to work with projects, growth projects, inorganics as well. Thank you so much. And just a reminder that for you guys to make some questions, we let you guys know that you should send them via the Q&A icon located at the bottom area of your screen, and then by dynamics, your names will then be announced, so that you can ask your question live. Wait a little bit while we collect the questions. Now we're gonna... Now we're going to the next question from Gustavo Faria, sell-side analyst from Bank of America. So we're gonna be opening your audio, so you can ask your question live. Gustavo, please go ahead. Hi, guys. All good. My ask is about the Ofício 44, 2022 from ANEEL. We talked about DEC and FEC, and we look at some bases like- ... We see that in Mato Grosso, Mato Grosso do Sul and Sergipe are still beneath, like, 80% of the leveling up. We can still, like, expect some growths into 2026. We'd like to expect any, any real growth of PMSO on this, those assets, or they're not, they're not, like, rounded up. And on the other ones that are already rounded up, if we can expect any, like, cost reductions on the next quarters. Well, well, I'm gonna be sending for Gioreli. Good afternoon. Actually, as you said, the trajectory to 2026, so we have an investment plan that's actually gonna be working. We have the expenses to be reaching those goals to the time with, with what we planned, and what we expect, and, like, you know, the expenses with what we practice. So we don't see any, like, any, elevation, any raises, or we just, like, do some checks to, to be, like, rounded up without any further variations. And there's a follow-up about the actives that are already rounded up. What do you think about, like, the PMSO recurrent ones, since we realized that, an increase in the last few years? But if we are gonna be like... We should be having any, like, fall, false. As we explained, this growth happened because of the, on, on the, on, like, some demands that they gave us, and we did the adequate additions on the level, the PMSO levels during the year of 2023, and it didn't start full. And we did, like, an additional one in 2024. Now, it's gonna be rounding up, and we talk about the quality of the service from those companies that, those that already have the, the quality. We just do the maintenance expenses, so they're not two different questions to, to talk about this. And on the main aspect, 2023 was the diff-- the change of the regulation in the aspects on 2023, and on the regulatory, like, goals we have on the quality of service on those companies. But when you reach 80%, some reach sooner, some not, and we have the CapEx and OpEx for, like, the maintenance of them. Thank you, guys. Okay. Thank you. Now we're going to the next question. It comes from Guilherme Lima, sell-side analyst from Santander. Guilherme, you're gonna be opening your audio so that you can ask your question live. Guilherme, please go ahead. Thank you, guys. Thanks for the question. I'd like to talk about the volume on the markets. We had a stronger, like, volume on the fourth quarter because of the growth of the weather and everything, and I will talk about El Niño and everything, and now we're now paying attention. We're talking about, like, La Niña for the second semester, and what do you guys have a perspective on volume on market for the group on the course of 2024? And talking about our expectation about the CP 62, about the regulatory system, what do you guys expect about timing, potential changes of what they proposed first to the public? Because remember that the companies, they made some live statements about some, some numbers and everything. Okay. Guilherme, answer a part of it, and if you know my answer is, in fact, you're right. We expect La Niña on the second semester, yes. On the first quarter, so we're like, we're strongly. We're gonna be, like, working it both with a strong year, strong semester, and a second semester, a little bit slower. It'll be like a, an average year without, like, any bigger surprise. I'm talking about CP, CP 62, if you don't mind. And we're talking about this, like, for quite some time with the government, with some changes and everything by now. But what we're following up with, about this, we have to close the analysis on the, on the next few weeks or month maybe. Then with this, we're gonna be checking about the, with the directors to approving it, talking about El Niño and everything. He's gonna be closing it, like, government in May, and he'd like to finish it up, not leaving anything behind. Okay? Okay. Always up to the month of May, not years. Okay. Thank you so much. Reminder that to make some questions, we advise that you send them via the Q&A icon located at the bottom area of your screen... and by their names. Your names will then be announced so that you can ask your question live. Now we're going to the next question. It comes from Bruno Freitas, buy-side analyst from Bahia Asset, Bahia. Bruno, we're gonna be opening your audio so that you can ask your question live. Bruno, please go ahead. Good afternoon, everyone. Can you hear me? Yes, please go ahead. Thank you. Mauricio- Mauricio, can you please talk about the some any effects, non-recurring effects on the quarter, especially about Acre and Rondônia, and explain a little bit more like what, what happened, and about the mark-to-market on the commercialization? Okay, Bruno. Good afternoon. Look, the company, we do it like regularly, some adjustment, adjustments on assets and everything. We're gonna be adding, we're gonna be checking the taxes and everything, we do it like regularly. And we have a tax review process, and we have to double-check this. And then you start doing the cleanup on some items that were not considered. When talking about Acre and Rondônia, we had like some massive increments, like 50% on Acre and everything. And talking about the numbers, we had some like losses in that. We talk about like active losses and everything. We were marketing, networking corporations. They were investments that made by like third parties, and we have to absorb this. So they have to update this, they have to buy those assets. And depending on the deadline, it was really common on those companies that were like... They had the privatization process. They're still, like, way behind with the group age and everything. Some delays that happened with the consumer, the customer, with those investments. So we have to correct this, adjust this, financially speaking, to the customer. And we don't have like the number of this in the regulatory, so we have to do like this cleanup to adequate everything up. In some of those cases, in Rondônia, and like in Acre, we had to... We had some discussions on taxes, state taxes on Acre, but we had some opportunities with like a good discount, good opportunities, so we got it. Talking about this, those are the most like relevant items that they are part of like our day... On our day-to-day basis on tax reviews. But they had like a big impact on this. And talk about like the markings on our, the mark-to-market commercialization. I'm gonna be calling Leandro. He's gonna be answering you. Hello, Bruno. Thanks for the question. Leandro Sá, Commercialization Director of Energisa. And I talk about commercialization and of Energisa. Talking about MTM, mark-to-market. I'll talk about like the commercialization and everything about prices. There's a comment about this. The year of 2023, we have, we had a anticipated number from 2022 as well, so... And they gave us like a positive results on the, on the history of the company. On the last quarter, we had a huge impact because of the... There's gonna be that impact a little bit on the market and everything, but we worked with a lot of the due diligence to check this out with our exposures and everything. And talking about the context of the mark-to-market, we had a great, a very important results. Talk about the reasons of the market and strategies, and entering and closing like some positions. Thank you so much. Thank you so much. Just one follow-up. Talking a bit, the BRL 1.8 billion, it's not considering those effects, right? No. No, it is. Thank you. Thanks so much. Let's go to our next question. It goes from Fernando Fachini, sell-side analyst. We're gonna be opening your audio, so you can ask your question. Fernando, please go ahead. Good afternoon, everyone. How are you guys? I will just, but I can like speak it here, no problem. Of course. You know, the time like working by... This is excellent question. ... You had some, you try to simplify the group, subsidiary group, and this had a communication, like a communication of distributors, minority buyings, da, da, da. What do you think that the company has to do? We have a lot of, like, companies in it, inside it, and by which foot we are in this, and what are the next steps? And the next question is about, like the next five, ten years, if we can talk about, like, the-- a company, less exposed to distributions. I'm talking about gas transmission distribution. So how do you guys see the company? How I see directing this, and you know, set up item, because you guys do all these follow-ups. We're talking about, like, new acquisitions and everything, but, independently about the short term, where do you guys aim to reach? Thank you. Okay. So keep following the order of the question. So about simplifying the subsidiary groups, in the last two years, we did two important ones. We had the fusion of, incorporation of the Energisa Nova Friburgo and Minas Gerais. And last year, we did Energisa Borborema and Energisa Paraíba. They're part of the process. We still have some some positions in some companies that we need to... It's a little bit complicated to really check to do this right now, but acquisitions and changes and everything, and depending of the investors, if they understand it or not, and about more complex situations, they demand, like, a lot of effort for just a little bit of benefits, so small benefits. So it's just a small benefit that becomes expensive to do this. But we are, like, paying attention on the possibilities of trying to simplify some still some stuff on these questions, on minority positions and everything, and on other companies. On the second question about the... that was about. So in 5, 10 years... So in 5, 10 years, what do you think? That's a subject to project here, that it will be really complicated for us to talk about this. But that's a wish that we have in here to to make it smaller, the, the percentage of on the distributions, on portfolio, total, total portfolio. We hope, expect to have a more diversified portfolio, and that's a hard work because we're, like, really exposed to doing this with everything and, and any growth. That's really, like, strong work for us to do. But we are here, like, to work. We have, like, 85% today, and we keep insisting that to find some alternatives and the global organic and inorganic growth, they might be the way to reach this in a way a little bit faster. Okay. Okay. Just one point. Then I've talked about the first part of the question, but I know that's so in the case of the minorities, they're, like, really small, but it's... But if it keeps, like, reflecting on, there are some things here that were best like this than make the inorganic acquisition and everything, or, or it would be better maybe to buy on some of the distributors, the relevant ones. On this case, maybe it's gonna be more complex. So eventually, it's gonna be like a great capital allocation because you already know how it works and everything. What do you guys see of it? But, like, we need the sales may help. That's an example of Tocantins. We have a relevant position, percentually speaking, and we can't control what the state wants. We're not, we're more like alienation, everything about this, even with the big, big percent from it, but the others are, like, really small. So South, Southwest, 0.something%, yeah. Mato Grosso is 2, 2 point... 2%, something like this, yeah. So talk about, like, expressive, like what? Only Tocantins. Cool, cool. Thank you. Okay, just a reminder to make some questions. We tell that they should be sent via the Q&A icon in the bottom area of your screen. And by dynamics, your names will then be announced so that you can ask your question live. One more moment while we collect the questions. Let's go to our next question. It comes from Birajara Nas. We're gonna be opening your audio so that you can ask your question live. Birajara, please go ahead. ... I'm gonna be reading the question. If it wasn't asked by anyone, I would like to know about, like, about the default dividends. If it's gonna be the policy of this, we'll be following up without any alterations. Dividends, yes. On 2024, still talking about this, on the information that we have on that administration office, we still expect the maintenance of 35%. That's the minimum statutory, and 50%, so should be keeping on this level. Lately, we're being more closer to the 35% than the 50%. Thank you for the answer, and then reminding that to make some questions in the guide, that they should be sent via the Q&A icon located at the bottom of your screen. And then by Dynamics, your names will then be announced, so then you can ask your question live. Operator, we're like reaching our limit on time. I request the closing on the Q&A. Okay, thank you. Without further questions, we close the Q&A session. We close the video conference. We're talking about the earnings conference call, the fourth quarter of 2023 of Energisa. The investor relations department is available to answer further questions and doubts. Thank you so much, and have a good afternoon.