Companhia Paranaense de Energia - Copel

Transcription

1 November 2018

2 Disclaimer Any statements made during this event involving Copel s business outlook or financial and operating forecasts and targets constitute the beliefs and assumptions of the Company s Management, and the information currently available. Forward-looking statements are not guarantees of performance and involve risks, uncertainties and assumptions, given that they refer to future events, and thus are dependent on circumstances that may or may not occur. The general economic conditions, industry conditions and other operating factors could come to affect the future performance of Copel and lead to results that are materially different from those expressed in said forward-looking statements. 2

3 Companhia Paranaense de Energia - Copel > Head office: Curitiba/PR > 64 years in the industry > Integrated Company - Generation, Transmission, Distribution, Energy Trading and Telecommunication > Copel operates in ten Brazilian States (PR, RS, SC, SP, MG, GO, MT, BA, MA e RN) > Since 1994 on the B3 24 years of listing > 21 years of listing on the NYSE The first of the brazilian electric sector > Present in the European Union 16 years listed on Latibex > 4 th largest companie in the industry by revenue in On B3 S.A. 3

4 State of Paraná Geographic Information Area: 199,000 km 2 (2.3% of the country) Population: 11 million (5.5% of Brazil s population) Cities: 399 Economic Data GDP 2016: R$ 387 billion (6% of Brazilian GDP) GDP 2017: R$ 416 billion (+ 2.5% vs. 2016) Breakdown by Income Segment Services 49.2% Commerce 16.1% Construction 5.8% Utilities 3.4% Industries 15.8% Agricultural 9.7% 4

5 Copel has an Integrated Asset Base Generation Transmission Distribution Telecom 5,675 MW of installed capacity in operation 30 Power Plants¹ and 11 Corporate partnerships; 23 HPPs, 15 WPPs and 2 TPPs; Addition of 717 MW until ,647 km of lines² and 45 Subestation³ in operation Addition of 632 km of transmission lines until 2021; Concession renewed until 2042 (Contract 060/2001); Won Lot J Eletrobras Auction 01/2018 (75% of SPE Uirapuru 90 km of lines 4 ) More than 4.6 million customers 4th largest in number of costumers; 4th largest in electricity consumption (MWh) 33,495 km of optic fiber 401 cities with optic fiber; 85 cities with broadband for retail; 178 thousand customers 37% of Ebitda LTM 4 14% of Ebitda LTM 4 25% of Ebitda LTM 4 5% of Ebitda LTM 5 Notes: ¹ Considers the HPP GPS. ²Adjusted by Copel s stake. ³Participation in 9 Substations. 4 The result of the Auction can still be changed, as existing minority shareholders has the right of first refusal. Thus, the Fundação Eletrosul de Previdência e Assistência Social - ELOS may acquire the participation of Eletrosul in the same conditions offered by Copel in the auction or may sell its interest (25%) in the venture. 5 Other business (natural gas and energy commercialization) 18% of Ebitda LTM 5

6 Organization Chart COPEL COPEL Geração e Transmissão 100.0% COPEL Distribuição 100.0% COPEL Telecom 100.0% COPEL Renováveis 100.0% COPEL Comercialização 100.0% UEG Araucária 60.0% Costa Oeste 100.0% Integração Maranhense 49.0% São Bento Energia 100.0% Cruzeiro do Sul 51.0% Marumbi 100.0% Caiuá 49.0% CUTIA 100.0% São Miguel do Gostoso I 49.0% UEG Araucária 20.0% SERCOMTEL 45.0% Baixo Iguaçu 30.0% Mata de Santa Genebra 50.1% Cantareira 49.0% Brisa Potiguar 100.0% Elejor 70.0% COMPAGAS 51.0% Paraná Gás 30.0% Matrinchã 49.0% Paranaiba 24.5% Dona Francisca 23.0% CARBOCAMPEL 49.0% Guaraciaba 49.0% Foz do Chopim 35.8% Dois Saltos 30.0% Generation Transmission Other Notes: It does not include the companies Amec and Domino, which are inactive, in the process of closing. 6

7 Capital Structure and Shareholders Thousand shares Shareholders Common % Preferred "A" % Preferred "B" % TOTAL % State of Paraná 85, , BNDESPAR 38, , , Eletrobras 1, , Free Floating 19, , , B3 18, , , NYSE , , LATIBEX Other TOTAL 145, , , Common Preferred 0.2% 58.6% 0.2% 13.7% 1.1% 26.4% State of Paraná BNDESPAR Eletrobras Free Floating Other 78.6% 21.2% BNDESPAR Free Floating Other As of

8 Power Generation Assets Installed Capacity 3% Copel 5,675 MW 7% 1% 6% Brazil 160,799 MW 27% 86% 61% HPP TPP SHP WPP 1% 8% Main Power Plants Installed Capacity (MW) Assured Power (average MW) Concession Expires Gov. Bento Munhoz da Rocha Netto (Foz do Areia) Gov. Ney Aminthas de B. Braga (Segredo) Gov. José Richa (Salto Caxias) 1, , , Mauá (1) Gov. Pedro V. Parigot de Souza (Capivari-Cachoeira) (2) (1) Relative by Copel's stake (51% of power plant capacity of 363 MW). (2) As of January 1, 2017, 70% of the physical guarantee is allocated in the quota system and and the other 30% are available for sale by Copel GeT. 8

9 Energy Sale Copel GeT Will be sold in the spot market (CCEE) 20.1% 18.6% 74.3% 68.9% R$ R$ % 48.8% R$ % 22.5% 78.5% 5.6% R$ % 12.4% 12.4% 12.4% R$ R$ R$ R$ R$ R$ Regulated Market Free Market Available 9.1% Assured Energy (MW average) ,958¹ 2, ,153³ 2,152 2,152 Updated until September Prices will be adjusted by inflation. Assured energy avaiable in the cargo center, included HPP Dona Francisca, net of losses. Includes 30% HPP GPS assured Energy. 1 Considers the delay of Colíder HPP (start-up in December/2018). Consider the new schedule of the Baixo Iguaçu HPP (start-up of the 1 st turbine in January/ ConsidConsider the end of the Figueira UTE concession in March/2019. ³ Consider the reduction in the volume of energy purchased from Dona Francisca HPP. 9

10 Energy Sale Copel GeT In Operation Wind Farm Auction ¹ Installed Capacity (MW) Assured Power (Average MW) Average Price ² Expiration of Authorization São Bento Energia, Invest. e Part. S.A. Copel Brisa Potiguar S.A. Copel Brisa Potiguar S.A. 2º LFA (26/08/2010) 2º LFA (26/08/2010) 4º LER (18/08/2011) April April April-46 4º LER Voltália - SMG I R$ April-47 (18/08/2011) R$ R$ Total R$ ¹ LFA - Auction of Alternative Sources/ LER - Auction Reserve Energy. ² Price updated to September R$ R$ Under Construction Cutia Wind Farm Auction ¹ Cutia Wind Complex Bento Miguel Wind Complex 6º LER (10/31/2014) 20ª LEN (11/28/2014) Installed Capacity (MW) 2, 3 Assured Power (Average MW) Price 4 Start up R$ 152,92 R$ 167,65 CAPEX (R$ million) Premium Value (R$ million) September-18 1, Expiration of Authorization 56% in January-42 44% in May January August-50 Total , ¹ Types of auctions: LER - Auction Reserve Energy / LEN - New Energy Auction. ² The installed capacity of the new projects can be optimized in relation to the registered at auctions. ³ The installed capacity of the wind farms was adjusted according to Aneel 's dispatches numbers: 1,248, 1,249, 1,250, 1,251, 1,252, 1,253, 1,254, 1,255, 1,256 and 1,257 from May 8, Price updated to September

11 Growth in Generation Power Plant Installed Capacity (MW) Assured Power¹ (Average MW) Under construction Copel GeT Capex Project (R$ million) Start-up Energy Sold² Stake HPP Colíder , average MW R$ % Copel GeT SHP Bela Vista average MW 100% Copel GeT R$ HPP Baixo Iguaçu 3, Wind Farm Cutia (LER 2014 and LEN 2014) Projects in the portfolio average MW R$ average MW R$ SHP HPP WPP ¹ For HPP Colíder and HPP Baixo Iguaçu, the values were adjusted according to Administrative Rule No. 258 of December 2016 and January 11, 2017 respectively. ² Price updated by IPCA until September Source: CCEE ,211 3 Sold 70% in the regulated market. Concession Contract No. 002/2012 of Considering waiver of 756 days (LER) 2019 (LEN) 30% Copel GeT 70% Neoenergia 100% Copel 4 Adjusted by Copel s stake in the project (considers own capital and third-party capital). Types of auctions: LFA Auction of Alternative Sources/ LER Auction Reserve Energy/ LEN New Energy Auction. Estimated values. 11

12 Transmission Assets Consolidated financial Statement Copel GeT Subsidiary / SPC Contract Enterprise TL Substation Extension (km) Amount MVA APR¹ with PA reduction (R$ million) Concession Expiration Copel GeT 060/ Several 2, , Copel GeT 075/ TL Bateias - Jaguariaiva Copel GeT 006/2008 TL Bateias - Pilarzinho Copel GeT 027/2009 TL Foz - Cascavel Oeste Copel GeT 001/2010 LT Araraquara II Taubaté Copel GeT 015/2010 Cerquilho III Substation Copel GeT 022/2012 TL Foz do Chopim - Salto Osório LT Londrina - Figueira Copel GeT 002/2013 TL Assis Paraguaçu Paulista II Copel GeT 005/2014 TL Bateias - Curitiba Norte Copel GeT 021/2014 TL Foz do Chopim - Realeza Copel GeT 022/2014 TL Assis Londrina Costa Oeste Copel Get - 100% 001/2012 TL Cascavel Norte - Cascavel Oeste TL Cascavel Norte - Umuarama Sul Umuarama Sul Substation Marumbi Copel GeT - 100% 008/2012 TL Curitiba - Curitiba Leste Subtotal Copel GeT 4 3, , ¹ Updated according to Aneel Resolution No. 2408/2018 of June 26, 2018, with R$ million related to RBSE. ² Renewed pursuant Law No. 12,783/13 ³ From the APR will be reduced 50%. 4 Consolidated income. 5 Amount approved by Aneel. 12

13 Transmission Assets Equity in Earning of Subsidiaries Subsidiary / SPC Contract Enterprise TL Substation Extension (km) Amount MVA APR ¹ (R$ million) Concession Expiration Caiuá Transmissora Copel GeT - 49% Elecnor - 51% 007/2012 TL Guaíra - Umuarama Sul TL Cascavel Norte - Cascavel Oeste Santa Quitéria Substation / Cascavel Norte Substation Integração Maranhense Copel GeT - 49% Elecnor - 51% 011/2012 TL Açailandia - Miranda II Matrinchã Copel GeT - 49% State Grid - 51% Guaraciaba Copel GeT - 49% State Grid - 51% 012/2012 TL Paranaíta - Ribeirãozinho 1, /2012 LT Ribeirãozinho - Marimbondo Paranaíba Copel GeT - 24,5% Furnas - 24,5% State Grid - 51% Cantareira Copel GeT - 49% Elecnor - 51% 007/2013 TL Barreiras II - Pirapora II /2014 LT Estreito - Fernão Dias Subtotal SPEs 2 3, ¹ Proportion to the participation of Copel in the venture. Updated according to Aneel Aproval Resolution No. 2408/2017 of June 26, ² Equity in Earning of Subsidiaries. 13

14 Growth in Transmission Under Construction Subsidiary / SPC Auction Signing of Contract Enterprise State km Subst APR¹ (R$ million) CAPEX² (R$ million) Start up Next Review Concession Expiration TL Curitiba Leste - Blumenau Mar-21 Copel GeT 005/15 Apr-16 PR / SC TL Baixo Iguaçu - Realeza Sep-19 Subtotal Copel GeT Mata de Santa Genebra Copel GeT - 50,1% Furnas - 49,9% 007/13 May-14 TL Araraquara II - Bateias SP / PR Nov Subtotal SPC Total 1, ,384.0 ¹ Updated according to Aneel Aproval Resolution No. 2408/2017 of June 26, Adjusted for Copel s stake. ² Adjusted for Copel s stake (considers own capital and third-party capital). Aquisitions Subsidiary / SPC Enterprise State km APR¹ (R$ million) Concession Expiration Uirapuru* Copel GeT % Elos % TL Ivaiporã - Londrina PR Mar-35 * Won Lot J Eletrobras Auction 01/2018. The result of the Auction can still be changed, as existing minority shareholders has the right of first refusal. Thus, the Fundação Eletrosul de Previdência e Assistência Social - ELOS may acquire the participation of Eletrosul in the same conditions offered by Copel in the auction or may sell its interest (25%) in the venture. 14

15 Distribution Concession Area Distribution Lines Customers Substations Average Consumption 194,854 km² 197, 816 km 4,612, kwh/month Energy Market Brasil Sul Copel Grid Market 9M18 1.1% 1.6% 1.9% 3Q18 0.8% 0.9% 1.7% Breakdown by Segment Source: EPE Monthly Market Review Default and PECLD Rates Copel Distribuição 1.37% 1.24% Tariff adjustment Copel Distribuição Average effect of 15.99% Net RAB Default Coverage R$ 4,950.4 million Parcel B R$ 60.0 million Parcel A set/17 set/18 Overdue Debts (15 to 360 days) - R$ million Delinquency Rate (PECLD) Default Rate R$ 2,411.3 million 1 It began to integrate Parcel A from the 2018/19 cycle R$ 7,808.9 million 15

16 Distribution Extension of Distribution Concessions Year Quality (Limit Established) 1 Quality Performed DEC i ² ² FEC i DEC i ² ² FEC i EBITDA EBITDA 4 (-) QRR³ {Net Debt / [EBITDA 4 (-) QRR³]} 1 / (0.8 * SELIC 5 ) {Net Debt / [EBITDA 4 (-) QRR³]} 1 / (1.11 * SELIC 5 ) Selic: limited to 12.87% p.y. Economic and Financial Management 1 According to Aneel s Technical Note No. 0335/2015 ² DECi Equivalent Time of Interruption Caused by Internal Source per Consumer Unit; and FECi Equivalent Frequency of Interruption Caused by Internal Source per ³ QRR: Regulatory Reintegration Quota or Regulatory Depreciation Expense. It will be the value set in the last Periodic Tariff Review - RTP, plus the IGP-M between the month prior to the RTP and the month prior to the period of twelve (12) months of the determination of economic and financial sustainability. In June/2016 set value was R$333.8 million. 4 EBITDA adjusted for the effects of post-employment benefits, provisions and PDV. Quality of Supply Copel Distribuição EBITDA Carried x Regulatory 9M16 9M17 9M % 19.6% % 462 Measured DEC 9M17 Measured FEC 9M EBITDA Regulatory EBITDA Carried 16

17 Adjusted EBITDA Breakdown Adjusted EBITDA¹ Adjusted EBITDA 3Q18 3Q17 Var.% 9M18 9M17 Var.% EBITDA , , (-)/+ Remeasurement of financial assets RBSE (183.0) - (-)/+ IRT 2018 result (18.0) - - (54.7) - - (-)/+ Impairment (38.4) (158.1) (75.7) (53.5) (97.1) (44.9) (-)/+ Provision for PDI (1.5) 11.8 (112.7) (-)/+ Provisions for litigation¹ (-)/+ Tax Credit - Pasep (25.1) - - (-) Reimbursement Suppliers Brisa (72.1) - - Adjusted EBITDA , , (-)/+Equity (61.2) (125.0) (54.8) Adjusted EBITDA without equity method , , ¹ Dispute referring to collective labor actions, being R$21,5 million in 3Q18, R$45.1 in 2Q18 and R$24.2 million in 1Q18. Adjusted EBITDA by Subsidiary¹ Subsidiary 3Q18 3Q17 Var.% 9M18 9M17 Var.% Copel GeT , , Copel Dis Copel Telecom Other/Elimination Consolidated ,362 2, EBITDA Margin 17.4% 13.5% % 20.8% - R$ million ¹ Consolidated EBITDA adjusted for the non-recurring events 17

18 Cash Flow R$ million Cash Flow 3Q18 3Q17 9M18 9M17 EBIT ,832 1,802 D/A Change in operating assets and liabilities CASH GENERATED FROM OPERATING ACTIVITIES (163) (75) 207 (108) ,661 2,243 Investments flow¹ (538) (412) (1,471) (1,375) Cash flow after investments , ¹ It does not consider the transmission assets according to ICPC 01 IFRIC 12. R$ 2,661 million of generation of operational cash flow in 9M18 R$ 622 million of generation of operational cash flow in 3Q18 Expectation of start-up of new power plants Growth of 13% in installed capacity 18

19 Operating Income Increase by 17.8% in Recurring Operating Revenue in the Quarter R$ million % +5.1% +20.0% +15.0% -1.6% +17.8% +53.4% Adjustment of electric power tariff (TE); Growth of 6.1% in electricity sales to final customers; Sale of 1,153 GWh by Copel Com to free costumers; Growth of 1.7% in grid market; Expansion of Telecom's customers base; Growth of 40.1% in piped gas distribution revenues. * Amounts subject to rounding. ¹ Adjusted for the positive effect of R$ 18.0 million related to IRT ² It considers the construction revenue, the fair value of the concession's assets, the distribution of piped gas, and other operating revenues. 19

20 Operating Costs and Expenses Increase by 14.7% in the Recurring Operating Costs and Expenses +17.9% +24.2% +25.1% -7.6% +27.7% +14.7% R$ million GSF of 59.4% in 3Q18 compared to 61.8% in 3Q17 Average PLD of R$ /MWh in 3Q18 versus R$ /MWh in 3Q17 Dollar price (R$ 3.90 in 3Q18 versus R$ 3.17 in 3Q17) * Amounts subject to rounding. ¹ Recurring cost adjusted by the positive impact of R$158.1 million referring to the provision for impairment and R$11.2 million related to the PDI. ² Adjusted by the negative impact of R$21.5 million referring to collective labor actions and by the positive impacts of R$ 38.4 million and R$ million related to the provision for impairment in 3Q18 and 3Q17, respectively. ³ Adjusted for the positive impact of R$ 1.5 million due to the reversal of provision for the PDI, in addition to 11.8 million provisioned to the PDI in 3Q17. 4 It considers the cost of raw materials and inputs for the production of energy, natural gas and inputs for gas operation, depreciation and amortization and construction costs. Purchase of 1,611 GWh by Copel Com in 3Q18 (versus 1,103 GWh in 3Q17) R$ 41.5 million in labor provisions Increase of 65.9% with natural gas, mainly due to exchange variation and higher consumption of natural gas 20

21 Manageable Costs Decrease by 7.6% in Recurring Manageable Costs in the quarter -7.6% R$ million +2.2% % % -41.6% P M S O Total 3Q17 3Q18 Salary adjustment of 1.6% in October/17 Real reduction of 2.0% in manageable costs Reduction of 354 employees in the last 12 month Policy of not filling job vacancies Inflation of the last 12 months of 4.53% Invoice recovery at Copel Distribuição Reduction in financial compensation for the use of water resources * Values subject to rounding. ¹ Considers staff and administrators and social security and welfare plan. Amount adjusted by the provision for indemnities related to the PDI, with positive effect of R$1.5 million in 3Q8 and negative of R$11.8 million in 3Q17 21

22 Debt Profile R$'000 Short Term Long Term Oct/18 - Sep/19 Oct/19 - Dec/ From 2024 Total Domestic Currency 3,196, ,831 1,507,173 1,714,505 1,354, ,988 1,228,304 9,838,202 Foreign Currency 2, , ,892 TOTAL 3,198, ,831 1,507,173 1,714,505 1,354, ,988 1,335,863 9,948,094,000,000,000,000, , ,652 Net Debt/EBITDA¹ (R$ million) 2.3 5, , ,469 8, M18 Net Debt Net Debt/EBITDA Debt Composition by Index Index Amount (R$ milhões) Part. % CDI 7, TJLP 1, IPCA Dollar Other Total 9, D/E (%) 60.2% Duration (years) 4.1 Average Cost (weighted) 8.4% ¹ EBITDA 12 months does not consider equity accounting result ² The General Meeting of Debenture Holders of the Company's 5th Issue, held on December 20, 2017, approved the exclusion of guarantees and endorsements in the definition of "Consolidated Net Financial Debt". As of

23 Net Income Breakdown Net Income R$ million Subsidiary 3Q18 3Q17 Var.% 9M18 9M17 Var.% Copel GeT (1) Copel Dis (38) (12) Copel Telecom (22) (19) Other/Elimination (1) - Consolidated (13) 1, Net Margin 8% 11% (27) 9% 10% (4) Net Margin by Subsidiary (%) 3Q18 GeT Distribuição Telecom ¹ Dividend approved at the 63rd. EGM of June 15,

24 Dividends Year Annual Dividend Yield¹ % % 35% 35% Dividend and IOC Historical 50% 50% 50% 27% 25% % % % % % Gross Value (R$ mm) Payout ¹ Source:. Economática. Initial Div.Yield in year. ² Dividend approved at the 63 rd. EGM of June 15, Amount related to Preferred B. 24

25 Carried Capex Historical Capex 3, ,672 2,469 2,365 2,508 1, , R$ million GeT DIS Telecom Others (Schedule) Carried Capex +7.5% 1,767 1,900 1 Considers the transfer of Wind Farms to Copel GeT. 2 Capital budget originally approved by the Board of Directors and revised by Board of Directors, the last update at the 184th Ordinary Meeting of the Board of Directors, with a reduction of R$ million in the total amount originally estimated. These values do not consider appropriation due to own labor, interest and others. 25 9M17 9M18

26 Capex Investment Program R$ million Carried Carried Scheduled Scheduled Subsidiary / SPC 9M18 3Q Copel Geração e Transmissão HPP Colíder HPP Baixo Iguaçu TL Curitiba Leste-Blumenau LT Araraquara-Taubaté Substation Bateias Mata da Santa Genebra Transmissão SHP Bela Vista SPC Uirapuru Others Copel Distribuição Copel Telecomunicações Copel Comercialização Holding Cutia Empreendimentos Eólicos Other 3, Total 1, , , Capital budget originally approved by the Board of Directors and revised by Board of Directors, the last update at the 184th Ordinary Meeting of the Board of Directors, with a reduction of R$ million in the total amount originally estimated, distributed in less R$130.0 million to Copel DIS, less R$51.7 million to Copel GeT, less R$50.0 million for Copel Telecom and less R$25.0 million for Copel Brisa Potiguar. These values do not consider appropriation due to own labor, interest and others. 2 Capital budget originally approved by the Board of Directors at the 184th Ordinary Meeting of the Board of Directors. These values do not consider appropriation due to own labor, interest and others. 3 Regarding the participation of Copel in Enterprise. 4 Includes SPC Parana Gas, SPC Dois Saltos and Wind Farms. 26

27 Governance and Integraty Pratices Governance and Sustainability Practices COPEL uses the Code of Best Practices of Corporate Governance of the Brazilian Institute of Corporate Governance (IBGC). This Code is based on the principles of transparency, equity, accountability and corporate responsibility, following best market practices and seeking the best results for shareholders and other stakeholders. Our corporate governance practices comply with the requirements established for companies listed in Level 1 of Corporate Governance of B3. In addition, we have developed actions to comply with Law 13,303 / 2016, CVM Instruction 586/2017 and other applicable laws. In a recent survey conducted by Transparency International (TRAC Brasil), which aimed to assess the level of transparency in the activities of 110 Brazilian companies (the 100 largest, in addition to the 10 largest banks, according to the Valor1000 ranking of the newspaper Valor Econômico). Copel was the best placed among public companies, ranking 8th overall. The research was carried out based on the analysis of public data information on anticorruption practices, organizational structure and financial data related to the performance in other countries. 27

28 Governance and Integraty Pratices Governance and Sustainability Practices The challenges related to corporate sustainability and corporate governance are part of Copel's strategic benchmark, through its mission, vision, values and strategic guidelines, aligned with strategic planning and linked to the strategic objective "Improve performance in governance and sustainability." For this purpose, the Company adopts the following market practices, focusing on: > Evaluate and drive performance, and compare practices with world and national benchmarks: RobecoSAM Corporate Sustainability Assessment (Dow Jones Sustainability Index - DJSI), Ethos Indicators for Sustainable and Responsible Business Models, and the Corporate Sustainability Index - ISE B3. > Reporting Copel's performance and stakeholder engagement : Global Reporting Initiative - GRI (12th year reporting), Integrated Report - IIRC (3rd year reporting), Carbon Disclosure Project - CDP and Global Greenhouse Gas Protocol - GHG. Results: > Present in the 13th B3 Corporate Sustainability Index - ISE 2018 Portfolio. > Presentt in the Morgan Stanley Capital International Environmental, Social and Governance Rating - MSCI ESG Ratings, in the year > Present in the FTSE4Good Emerging Index, in the year Voluntary Commitments: > United Nations Global Compact. > ODS Movement We Can. > Principle for Sustainability Executive Education PRME. > Others: %2Fpagcopel2.nsf%2Fdocs%2F286361C4B355AAED03257F B 28

29 Investor Relations