Good afternoon, and thank you for waiting. Welcome to Equatorial Energia S.A. Q4 of 2021 results conference call. With us here today, we have Mr. Augusto Miranda, CEO, Leonardo Lucas, CFO, Tatiana Vasquez, Investor Relations Superintendent. This event is being recorded, and all participants will be in a listen-only mode during the company's presentation. After Equatorial Energia S.A. remarks, there will be a Q&A session. At that time, further instructions will be given. Should any participant need assistance during this call, please press star zero to reach the operator. This event is also being broadcast live via webcast and may be accessed through the website www.equatorialenergia.com.br, where the presentation is also available. Participants may view the slides in any order they wish. The replay will be available shortly after the event is concluded. Those following the presentation via webcast may post their questions on our website, and they will be answered by the IR team after the conference is finished. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Equatorial Energia S.A. management and on information currently available to the market. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that conditions related to macroeconomic conditions, industry, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the conference over to Mr. Augusto Miranda. Mr. Miranda, you may begin the presentation. Good afternoon, everyone, and thank you for attending our earnings call, where we present the performance of Equatorial Energia in the Q4 of 2021. This last quarter, as well as the year of 2021 in general, was a transformational period for the group, a period in which we advanced in opening new fronts and continued to progress in the turnaround processes in distribution. The earnings of the Q4 of 2021 reflect this reality, consolidating new fronts and assets in different stages of maturity, as we'll see going forward. In this sense, we're very confident with the performance presented and with prospects for 2022. After all these movements were made based on our strong characteristic of financial discipline in capital allocation and our commitment to generate value for shareholders. Now moving on to slide number 3. I start by presenting the highlights of the period. We start with the financial and economic highlights of the group. We ended the quarter with a consolidated recurring EBITDA for the company, reaching BRL 1.7 billion, 2.3% higher than the Q4 of 2020. We invested BRL 964 million in this quarter, 5% higher volume than the Q4 of 2020, led by the volume executed in the distribution sector, which grew by 37% and offsetting the lower CapEx in transmission, since all transmission assets are operational. We closed the quarter with a consolidated leverage of 2.5 times, measured by the net debt over EBITDA ratio. The leverage in this last quarter reflects recent fundraisings to invest in turnaround assets in the new areas of performance and is impacted by the EBITDA of these assets still maturing. We've continued with a robust cash position of BRL 10.5 billion, which gives us flexibility and safety in the current macroeconomic scenario. With regards to the performance of our own distribution companies, the consolidated volume of sales of energy has grown by 4.1%, much higher than the level of injection in the period of 1.7%, showing the success in fighting losses. The highlight is the growth in volume in the states of Piauí, 7.8% growth, and the positive result of distribution companies Maranhão, Rio Grande do Sul. In order for comparison purposes, this figure consolidates CEEE-D and CEA in the Q4 of 2020. Another highlight of the period is the consolidation of CEA of Amapá as of the end of November 2021. With CEA, we reached the level of 10 million customers, an important landmark in our strategy to consolidate the industry. We would like to highlight the tariff events of the period with the approval of tariff review of CEEE-D at the end of November, which recognized a net compensation basis of approximately BRL 3 billion. In addition to the annual adjustments of POE with an average effect increase of 9.59% and increase in parcel B of 11%. The losses performance of Equatorial Piauí with three years of operation has been operating for the second consecutive quarter below regulatory levels, where assets perform consistently better in losses, as we'll see throughout the presentation. Before continuing, I highlight the achievements on our value generation agenda. The landmarks achieved did not limit to the results of the quarter. Important achievements were obtained in last months. First, we signed the agreement and beginning of the assisted operation period at CSA sanitation company of Amapá. Such an important segment given the new avenue of growth it represents, as well as for the opportunity to operate with the asset, for distribution of energy and sanitation in the same state. The assisted operation will last six months, ending at the end of June 2022, when the 35-year concession period starts. In February, we have successfully completed the follow-on transaction, raising BRL 2.8 billion. The first follow-on of the company since 2012, showing our growth capacity by disciplined capital allocation with our own funds for almost one decade. The transaction funds were fully used in the acquisition of Echoenergia. Finally, we communicate that on March third, we completed the acquisition of Echoenergia, one of the largest players in renewable energy in the country. The transactions were closed with follow-on funds and we issued BRL 4 billion in bonds. And based on that, we start an effective path of generation as an integrated energy player, operating with 1.2 GW in installed capacity, in addition to 1 GW additional in developing projects. Now on slide 4, as mentioned before, this quarter was very important to advance on the consolidation agenda of new distribution companies and opening new value generation fronts. I'll give you an update of new assets acquired in 2021. Started with CEEE-D, which we started to manage in July last year. We have completed six months of operation in December with important achievements in several fronts. It's worth highlighting that we have raised BRL 2.5 billion since the beginning of the operation, using funds to settle liabilities and pay for part of investments planned. As we mentioned in other opportunities, we had an excellent result in the voluntary dismissal program closed in October. 46% of people adopted and a positive tariff review, repositioning the company and the tariff in an important way. In addition, in the last quarter, we advanced in renegotiating contracts with suppliers, including anchor contracts. We adapted these to the contractual practices of the group, aligning targets and compensation per productivity. We also advanced in the sales front, improving collections in renegotiation with municipal governments. In the CEA, we started operation at the end of November when we increased the capital of the company by BRL 400 million. This amount was partially used to settle liabilities with suppliers and is added to around BRL 1 billion raised since the beginning of this operation, strengthening the capital structure of the distribution company and ensuring funds necessary for investments in the state. CapEx execution is one of the main fronts to generate value in CEA in this initial stage. The tariff adjustment in December had an average effect of 11.8% in tariff and a positive impact on parcel B. Still in Amapá state, at the end of December, we signed the contract with CSA, sanitation company of Amapá. The granting was paid 100% upon signature and was solved with the raising of a bridge loan of BRL 1 billion. Assisted operation started for six months, when we'll take this opportunity to learn more in-depth about the assets and the main fronts for value generation. It's worth highlighting that the company started the activities to select and train labor necessary for the operation and has hired executives that know a lot about the industry. As José Ailto, the CEO of CSA, that has 20 years of experience in sanitation, including turnaround processes. In order to solve the investments necessary for this cycle, we signed a financing with Basa for BRL 600 million with FNO funds in very competitive conditions. More recently, we can list the advancements regarding Echoenergia, the most recent chapter in our history. At the end of January, wind complexes 8, 9, and 10 started its operation, adding more than 200 GW to installed operational capacity. In February, we completed the acquisition financing started in December, issuing more than BRL 2 billion, that along with the volume raised in December, were used for closing the transaction in March of this year. As a result, the next quarter will consolidate the performance of this new front. Right now, we are focused on the execution of the business plan, integration and alignment of commercialization activities combined with the robust pipeline. Now Leo will present the operational highlights of the period. Thank you, Augusto. Good afternoon, everybody. Continuing with our presentation, I would like to talk about the development of the market on slide 6. For comparison purposes between quarters, we have an overview of the Q4 2020 adjusted with data of Amapá and Rio Grande do Sul. The injected volume energy continues to grow with a growth of 1.7% in the quarter, and an increase in most of our concessions, especially Amapá and Pará, benefited by the largest economic activity resulting from the end of restrictions and the climate component. It's worth reminding you that in the case of Amapá, the strong variation in the period under analysis is mainly due to the failures of supply that occurred in the state in the Q4 of 2020. The number of customers that were benefited by the social tariff continues to grow. That is due to the initiatives of listing of the company. We added more than 203,000 customers to our concessions, an improvement of 8%, including significant advances in more mature companies and starting the process in recently acquired companies, such as in Amapá, of which it took over in November and has expanded by 24.5% until December. In the next slide, we'll detail the behavior of sales. The volume of energy continues to grow in our concessions, and it's important to notice that the distributed energy has grown above injected energy in consolidated terms in almost all our distribution companies. In the consolidated view, considering the performance of all the companies, our level of losses was reduced by 98 BPS in the comparison of the pro forma view, which boosted the growth of distributed energy when compared to the Q4 of 2020. On the pro forma view, energy consumption grew by 4.1%, especially in Pará, +7.8%. In addition to the dynamic already explained for injected energy in that state, there was a reduction of 180 BPS of losses between the periods in Pará. In the evolution by classes, the highlight goes to the growth of the commercial class due to the end of restrictions imposed due to the pandemic. Now moving on to slide 8. Here we show the performance with regards to collection and delinquency of our distribution companies, including the performance of our most recent asset. In comparison terms, it's worth reminding that the Q4 of 2020 was strongly impacted by the recovery of the indicator after a strong decrease resulting from the pandemic in the Q2 of that year. Several actions were taken to encourage and facilitate payment of invoices by our consumers, especially campaigns, offering awards and facilitation tools such as negotiations online and a virtual assistant, among many other initiatives. Looking at the accumulated scenario, where there is a significant improvement in all distribution companies. CEEE-D was the highlight with a rate of 100.5% in the fourth Q 2021 against 98.7% in the previous quarter. This development is a result of the initiatives that the company tried to operate in the very beginning, and that's one of the main drivers of opportunities in the operation. In a consolidated way, the collection index ended the quarter at 99.7%. We also improved in the PECLD with negotiation of trade receivables delinquent with city administrations, an increase in the number of cutting teams, and improvement in the processes of management and collection of new assets. In the case of Piauí and Alagoas, there was a reversal of provisions from the previous management that had not been adjusted by the aging matrix of the group's assets. In addition, we updated the matrix for Piauí and Alagoas, reflecting improvement in the collection performance in these three years of group management, in which each of these companies collected more than 100% in the last three years. This way, we closed the quarter with a consolidated PECLD from a PDD of -2.3%, with a liquid reversal of provisions. On slide nine, when compared to the Q4 or Q3 2021. In this quarter, all our concessions had a reduction in their level of losses in 12 months, except for Piauí and Alagoas, which reduced losses in the annual comparison. The highlight of this quarter is on CEA distribution, that in less than 6 months since starting of its operations by the group, had a reduction of 0.6 percentage points. We also highlight Pará, that has a strong reduction when compared to the Q3 of 2021 in the amount of 0.8 percentage points, which is a reflection of the implementations implemented in the period, and to strengthen the network topology in growing the centralized measurement system, SMC, that starts to show the results of implementation. In consolidated terms, Equatorial Energia reduced its losses level by 98 basis points when compared to Q4 2020, showing the success of the group in its strategy to fight losses. Now, slide number 10. As you may notice, despite the challenges faced in the period, most of our distribution companies continue to present FEC below regulatory levels, except for Rio Grande do Sul, that although being above regulatory levels, had improved FEC when compared to the previous quarter. As for DEC, SAIDI and SAIFI, in the case of Maranhão, in addition to the difficulties mentioned in previous quarter, the expansion of radio lines with no redundancy for the interior of the states with a PLPT program to meet customer needs in rural areas, whose reestablishing processes is more complex and lengthy, impacting the SAIDI. In addition, the increase of SAIDI results essentially from the difficulty of execution of cutting and trimming in these regions during pandemic, with an excess of vegetation that was not regularized. Company expects to regularize this performance during 2022, which will recover this indicator focused on Maranhão and in the turnaround companies. As for SAIDI, in Alagoas, another distribution company that had a significant increase was impacted due to atypical weather conditions in the period, such as higher rainfall and electrical discharges due to the more intense La Niña effect during the H1 of the year. Now, the next slide, we see the financial economic performance. It's important to recall that last year, the OpEx level was partially benefited by restrictions that were in force at the time, imposed by the pandemic. Some services were performed at lower volumes, generating an effect for this year. In addition, the advancement in the implementation of organizational new design, strengthening regional structure, has also put pressure on the general OpEx levels. As we may notice, if we do not consider the effect of new assets, the adjusted OpEx for Q4 2021 was raised by 18%. We may highlight overall the intensification of collection activities, fighting losses, number of services rendered to distribution companies, in addition to impact on regional distribution companies or structure, regional structures, as mentioned before, as the 8th hour worked in Pará. It's also worth highlighting that the increase in expenses had important effects in reducing losses and maintaining collection at high levels, which is still below regulatory level. Considering the consolidation effect of new assets, the adjusted OpEx totaled BRL 708 million in the quarter, especially impacted by the performance of CEEE distribution, that recorded BRL 154 million OpEx in the period. It's worth highlighting that this level of expenses capture partially the advancement in the turnaround process, with a 20% reduction when compared to the OpEx of CEEE-D in the same period of last year. The performance of CEA shows only in the consolidated period starting on November 24, and CSA, our sanitation company, reflects overall the reimbursement of expenses related to the auction. Finally, the information of OpEx per consumer illustrates the huge potential that exists in Rio Grande do Sul, that although being complex, operate at a level that is higher than the other companies of the group. Now moving on to slide 13. The adjusted EBITDA reached BRL 1.7 billion in the Q4 of 2021, an increase of 2.3% when compared to the figure presented in 4Q 2020. If we do not take into account the non-cash effect from the adjustment of financial assets of IFRS 15 in transmission, the growth in this quarter is 16.3% or BRL 206 million, going from BRL 1.3 billion to approximately BRL 1.5 billion in this quarter. Growth is a consequence mainly from the performance of the distribution segment, which benefited from the higher Fio B tariff in most of the distribution companies, growth of the market, reduction of losses, and growth of the EBITDA in transmission. Next slide. Let's see the composition of the EBITDA broken down by company. On slide 14, we can see the contribution by asset in the adjusted EBITDA by non-recurring effects. In the chart below, net of effects of updating for financial assets and IFRS 15. Excluding new assets consolidated as of this year, the adjusted EBITDA ex VNR and IFRS has grown by 17.3%, which is an even bigger advance without the exclusion of new assets. The highlight goes to the growth in Pará, mainly driven by the Fio B tariff, post-tariff adjustments in the Q3 by market effects and losses reduction already mentioned, and the improvement in PECLD. Also, the bad debt. The performance of POEs were to be highlighted. In addition, there has been an advancement in transmission EBITDA due to the assets that started to be operational. The variation we see in services segment results mainly from the positive effect recorded in the Q4 and the non-cash effect of mark-to-market of energy sales in the amount of BRL 124 million. In this quarter, we consolidated CEA, which had a negative adjusted EBITDA of BRL 49 million, reflecting the early stages of the turnaround process. I call the attention to the performance of Rio Grande do Sul. In only six months of management, we recorded the first positive adjusted EBITDA in this company, proving the good advancement of the turnaround process started in July. Considering the new assets, the adjusted EBITDA ex VNR and IFRS of the company reached BRL 1.47 billion, which is an increase of 16.3% when compared to the same quarter of last year. Slide 15. As you may see in this slide, we have invested BRL 964 million in this quarter, 5% higher than the previous quarter when higher restrictions were still in force due to the pandemic, and consequently, had an impact on the executed investment volume. The highlight is due to the increase in investments in distribution, especially in the state of Pará, focused to strengthen and grow our network, and the consolidation of CEEE-D distribution that contributed with an additional BRL 65 million. The total investments in this segment have totaled BRL 882 million, a 37% increase when you compare quarter-over-quarter. It's important to recall that in 2022, we'll have the beginning of the investment cycle in sanitation after the concession in Amapá starts in the end of June. Slide 16, which shows the debt profile of the company and the leverage measured by the net debt over EBITDA ratio. The leverage on the Q4 reached 2.5x when compared to 2.1 times recorded in the previous quarter. This increase reflects the payment of a concession by CSA and payment of dividends in December 2021. The net debt totaled BRL 13.6 billion, with a very robust cash position, closing the period with BRL 10.5 billion, of which BRL 2 billion are result from the preparation of the acquisition of Echoenergia concluded in March. This amount is sufficient to pay more than two and a half years of debts maturing the next years, whose average maturity profile in the Q2 was 5.4 years. The balance of cash and banks added to the lengthening of our debt profile results in a debt coverage in the short term higher than 2.9 times. We also obtained with Basa the financing of a portion of the funds necessary for the first cycle of investments of concession in sanitation in the first five years. The total amount of finance will be BRL 600 million, with funds coming from the FNO, which is an important step to generate value in sanitation given its competitive conditions. The total maturity is 26 years, with a grace period of 5 years for the principal and an average IPCA co-cost of IPCA plus 1.9% per year. Let's now move to slide 17. Let me show you the follow-on result held on February this year. One of the main points that we raised BRL 2.8 billion with the issue with an extremely positive result considering the challenging scenario at the time of the issue. The funds from the offering were fully used to acquire Echoenergia. We had a very strong demand, more than 7 times the offering and the exercise of hot issue of 35% additional. It's worth mentioning the high level of adoption of the priority offering, absorbing 64% of the base offering. I would like to take this opportunity to thank the confidence and the trust of our current shareholders. The market was very responsive, and here I highlight the important role played during the offering period. The company share increase appreciated by 7% in soft launch to pricing, and until yesterday, 22.18%. Only for comparison purposes, the sector indicator, IEE, was appreciated by 11.05% in the same period. The book quality may also be highlighted with 80% of investors having a long-term profile of investment. Now, Augusto, I turn it over to you for the final comments. Thank you, Leo. I would like to close reinforcing our recent achievements and prospects. In the highlights of the period, the first, especially the most recent ones, are follow-on, in which we raised BRL 2.8 billion in a transaction that was very successful and the completion of the acquisition of Echoenergia in March, a platform that's already consolidated in the renewable energy sector. Among the tariff events, I would like to highlight the RTP of CEA, a very important event in terms of recognition of compensation basis way above the market expectations, will allow the company to accelerate the turnaround process and generate even more value. I highlight the contracting of Basa financing credit line in the sanitation front. That's enough to solve part of the investment in the first five years of operation, and the next cycle with very competitive conditions. I would like to announce the dividends per share proposed in the distribution of results and our financial statements that were disclosed. We propose 64 cents per share, which amount to BRL 700 million to be paid in dividends to our shareholders. Our prospects for the year in distribution, we are focused on advancing the turnaround processes in Rio Grande do Sul and Amapá, resuming the improvement of quality in distribution in companies, and beginning of operations of CSA, as well as the integration of Echoenergia to the business of the group. We continue committed to generating value for our shareholders, and we continue to evaluate any opportunities to strengthen our portfolio, especially in the new fronts that we started to operate in. Now I turn the floor over to the operator to complete the Q&A session. Thank you. We'll now start the Q&A session. If you do have a question please press star one. If anytime you would like to remove your question because it has been answered please press star two. The questions will be answered in the order they are received. Please remove your headset to provide optimum sound quality. Please hold while we post the question. First question comes from Flavia Sounis from Goldman Sachs. Good afternoon. Thank you for the call. I have two questions. They're not related. First, the OpEx, we saw an increase when we compare distribution companies, and you said that most of it was used to fighting fraud and losses. I would like to understand what is the dynamic of this from now on, and what would be the trade-off between the increase in costs and the decrease in losses? How can we understand this relationship in terms of funds? The pipeline of Echo, there were some assets expected to start now. Do you see any pressure of CapEx that could damage or hinder these plans in any way? Thank you, Flavia, for your questions. As for the personnel, material services and other expenses, PMSO, it has had a continental dimension. We operate in all regions of Brazil. Echo, for now, that intensifies our transactions in Northeast, Pernambuco, Ceará, Bahia. We are reinforcing the structure. We brought a lot of people, new personnel to our structures to help us because the eye of the owner is not so close anymore. The capital is an important area, but in Marabá and Floriano in Piauí, these places that are far away, we also have important people because we need to have the owner close nearby super-supervising everything. Losses increased during the pandemic when we reduced 3.4 percentage points from new entrants. This is a process that you have to watch all the time for it not to increase in terms of costs. Leo will talk more in detail about PMSO, but we made some adjustments to the structure to generate. In the beginning of the pandemic, we could not operate, so now we're back on track, and fighting losses is an issue. I mean, imagine fighting losses in a state so vast, so large as Pará. We are reinforcing our structure. About Echo, the pipeline, we're intensifying the contracts. It was signed on March 3, and now we are looking at Echo structure. There are a lot of good structures there. It's very similar to the structure of Equatorial. We're looking at the volatility of the rates or bonds in the market at the prices. We don't want to lose the incentive of the Fio B. This is what we're focusing on now to optimize CapEx and taking all the opportunities possible from the incentives. Leo, would you like to make any comments? Thank you, Augusto. Just to complement, OpEx, we're very efficient. Despite the dynamics of increase, we remain efficient. We are looking with a total efficiency look. There's still efficiency to be attained in losses, and this happens as losses are dropping. Likewise, we know that the level of recoverable revenue included in the tariff is challenging. In this environment, we had a collection of 99.7% in the Q4. As Augusto said, we're reinforcing, strengthening the regional structures in the areas we'd had an increase in the number of events, and we're focusing on reducing losses in collection. We obtain additional efficiencies when we combined the commitment in terms of ensured revenues, losses and collection. I'm just giving some more color to what Augusto already mentioned. Leo, also giving you some more information, Flavia, we look at costs very carefully. Structure, for example, in 2016 on, we started to focusing on the PECLD, the bad debt provision, and we noticed that sometimes there was a single ledger in the base, and this ledger has a skill more targeted towards collection and not so much on transactions, on operations and maintenance. We're making a few adjustments. You may spend a bit more here, but this will be adjusted in other lines. This is something that happens quite frequently. I don't know if I have answered your questions. Yes, you have. Thank you very much. The next question comes from Daniel Travitsky from Banco Safra. Good afternoon. Thank you for this opportunity. I have two questions. The first is more of an open-ended question. I would like to understand what do you envisage for 2022 and 2023. Thinking about transmission auction, there is a major one in the this year, and there will important M&A opportunities. What is your mindset towards that topic? Do you continue with your growth plan, or will you spend time to digest those assets? The second question is more, I'm curious to know in sanitation, how do you see opportunities for assets that are regulated by asset base? Thank you. Thank you for your question, Daniel. In terms of transmission, all our assets are in operation. We have a significant network in the industry. The EBITDA is very significant for the earnings of Equatorial, and we are in an industry that we are willing to look around, but we won't look at those auctions that bring very low return rates. That doesn't make sense. At Equatorial, we can look. For example, if you look at our current transmission structure, we delivered some assets, so it's okay. We'll see if the return is compatible with that, if the board agrees with that, we'll look into new opportunities, but it must be a very attractive industry. Leo, would you like to speak? Well, about sanitation, regulated assets regulated by asset base, yes. I would like to understand how do you assess an opportunity for any asset that would come with that type of regulation. We understand that the regulation of sanitation and distribution of energy are done at different levels. The energy regulation is more mature. At this stage, the regulation is at, although all the efforts are very positive to improve the industry, we prefer, in sanitation, given the stage of the regulation, we have a preference for assets, similar to that, to those in the auction of Amapá. In order for us to look at sanitation assets that have a more modern regulation, we should take into account a particular regulator, not to have an opinion. Overall, given the different stages of the regulation in states, we have a preference that I mentioned. Adding to that, you said, Leo, there was a recent asset that had this feature and we declined, because if you consider how long it took for the energy sector to regulate it, this is a very sensitive topic, and it brings uncertainty. Back then, we believed that it would not bring an incentive to the company along the lines of what Leo said. Okay. Thank you very much for the answers. The next question comes from Carolina Carneiro from Credit Suisse. Good afternoon. Thank you for the call. The first question is regarding the dynamics of LPD. You mentioned in the CEEE, in Rio Grande do Sul, you're taking special actions to improve collection. If you could give some more color on that. We saw that in the Q4 at the end, or rather the spot price was better. Could there be any difference? The second is about the regulatory scenario. We see a lot of concern in the market due to possible changes in the scenario of renewal of distribution concessions. We know that you are a company that's very engaged in these discussions of the regulatory authorities. Has this been a source of concern for you? I know that you don't have any concession that will expire soon, but since you are experienced in the area, could you give us an overview? Thank you. Carolina, I will speak, but Tasha and Leo could also help me. When you talked about the reduction of the PECLD in January and it started growing, we have balanced everything with losses of trade receivables. Sometimes you fight the gains in the CME advances. We have learned a lot. We've balanced things like that. We used intelligence. Since then, we created a task force. That's why you see these values of PECLD that Leo mentioned. We're talking about payment ratio. It's a process that you have to work every day on to fight. We're using intelligence. Sometimes there is an opportunity when you see regulators considering current losses. It has doubled. When you intensify that tends to be affected. You have to use intelligence. When you talk about the tariff adjustment, you have to be present. There must be quality. This is a reality in the north and northeast concessions. Sometimes the customer may pay a BRL 100 bill, and you say BRL 110, and he won't pay. You have to make adjustment to allow for payment in installments. We've been dealing with this for a while. We're thinking about what we need to do. There is a deferment, and we must make customers comfortable to pay it and won't affect us. These are things we're improving to do. The other topic was the regulatory scenario of concessions. Well, as for concessions, this is a very important industry for the country. There are BRL 65 billion that would end in terms of concessions. Imagine that there's a regulatory framework that's very well-established. The distribution segment is the cash generator of the industry. Companies that have been doing that for four or five years, they will say, "Listen, I won't invest. There are so many uncertainties. Imagine the side effect of all this. Each segment has unique features, and this burden, it's incompatible with the economic regulation regime. I believe that's a very sensitive industry, Carolina, for the government to mess up with it. I don't know if Leo and Tati would like to add anything to my answer. Augusto, I think you've touched the most significant points. This issue of collection is something that the company is highly concerned about and involves all the CEOs. We invite the leaders to look at the company, think about how to plan those actions, and what are the actions that will be taken. We are advancing a lot in recording the low-income customers. When you speak of turnaround, such as CEA, we increase the number of collection and cutting teams because consumers are very responsive to this type of action. We already have good results in collection in Rio Grande do Sul. The prospects are to continue in this journey to enlist and to enroll new consumers and new low-income consumers, because this year, which is more challenging, we'll be able to deliver good figures both in collection and reduction of losses. Thank you very much. Ladies and gentlemen, I would like to remind you that to ask a question, please press star one. Please hold while we collect the questions. Excuse me. This concludes today's Q&A session. I would like to invite Mr. Augusto Miranda to proceed with his closing remarks. Go ahead, Mr. Augusto. Okay. Thank you all very much for your time and attention in this earnings release call. I would like to reinforce our commitment to generate value for our investors with a disciplined financial management focused on efficiency of capital allocation. I would like to remind you that our investor relations team is available to support you with any questions you may have after this call. I thank you again for your interest in the company and for attending our earnings call. Thank you, and have a good afternoon. The earnings release call for Equatorial Energia has now ended. We thank you all for attending, and have a good day.