Transmissora Alianca de Energia Eletrica SA
BOVESPA:TAEE3
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Transmissora Alianca de Energia Eletrica SA
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Good morning, ladies and gentlemen. Thank you for waiting -- welcome to the video conference and the announcement of results for second quarter 2023. [Operator Instructions] This video conference is being recorded and will be made available on the IR site, where you will also find the full material on the announcement of the results. [Operator Instructions] And the questions will be read live by Cristiano Grangeiro, Executive Manager, and also by IT specialists. The questions will be answered by the Board -- the Executive Board right after the presentation. Any comments that can be made during the conference on business perspectives, et cetera. These are the premises of the company's management and information is also -- current information is also available, future performance or future -- everything relates to future events and regardless of circumstances that may occur. Investors may understand that general economic conditions and market conditions can have an impact on Taesa's futures, which might materially differ from current results. And now I will grant the floor to Cristiano Grangeiro to start the video conference.
Good morning, everyone, and welcome to the presentation of results for second quarter 2023. It's a great pleasure to welcome you to show you our results. I would like to remind you that you're going to ask questions during the presentation. To this end, please use the Q&A functionality on our platform. After the presentations, we will clarify any doubts if they appear. And we hope that you enjoy this videoconference.
Well, very well. Let's begin by Slide #3. We also always like to highlight our mission, vision and values are part of our presentations, whether they are internal or external presentations. This is a way of keeping the mission, vision and values present in our mind as well as attract the interest of our stakeholders. Our mission is to connect Brazil with safe and reliable energy. Our vision is to be the electric power transmitter with the highest value for society. And we also have fundamental values, which will is to look after people, act with integrity, building up trusting relationships. We always search for excellence in everything we do. Taesa is made up of us, and therefore, we all have a leading role, which is responsible for the company's success.
Moving on to the next slide, Slide #4. We always show the progress of our sustainability program, which was 1 of the crucial pillars for the continuity [indiscernible] of our business. And the major project under the sustainability pillar is our -- Taesa's Integrated Management System, the acronym of which is SGIT in Portuguese. The SGIT system encompasses the certification of 4 ISO standards, which are 9001, 14001, 45001, and 55001. And all of this is aligned to our strategic planning. The objective is to improve our processes more and more to ensure management quality and to ensure the excellence of our activities. We have respect for the environment, the people and the company is engaged and committed to and aligned with the benefits of the ESG system. All these projects encompass everybody and is 1 of the major projects of Taesa. There are various benefits. Standardization and continuous improvement of processes of ISO standards. Demand -- standardization of processing companies and this is the main legacy that will remain.
Continuous improvement is always meets the ISO standards. The increase of productivity, efficiency and competitiveness is something also important under our SGIT system, and this is something important, which will allow us to continue our business and will allow us to find opportunities that will aggregate more value to the company. Another important issues, we focus on results through the reduction in mitigation of risks -- of operational risks. And this is -- system always establishes more better integration between areas and processes. And this entails the commitment of the leaders and complying with legal requirements.
And we also have a commitment, as I said, to the legal requirements. The company concentrates its processes and activities to get as much value from the company's assets, thus contributing to the results. Thanks to the compliance -- it's compliance with legal requirements. And SGIT, which is the Integrated Management System, reinforces the company's values, which are part of the company's policy. The policy is available on the site. In addition, this system strengthens our brand and strengthens its relationship with our interested parties. And all this is done to meet the needs and expectations of all the interested -- of all the stakeholders.
Now a quick overview of the advances. We'd like to highlight some actions. First of all, we revised all the processes of the company. And this includes our value chain and all the rules that govern this process, switching to -- spur all the activities that are carried out by all the areas in their daily work. We also consolidated and improved the indicators that are related to meeting the needs and requirements of stakeholders. This is exemplified by maps and follow-up. We also conducted internal audits focused on the 4 ISO standards that we mentioned previously.
And this allowed us to evaluate risks and possibilities. We also conducted a survey of opportunities to improve the processes. This included the risks and opportunities related to the company's key processes. And of course, this entailed controls and the efficacy of operations at present. We're working on the evaluation and implementation of the opportunities identified to improve the process.
We also conducted the certification audits and then we obtained 4 ISO standards, which are very important point among the benefits that we pointed out in the previous slide. Our intention here is to have a full certification of these 4 standards until next year. And this has entailed the hard work, but we understand the benefits will be transforming elements and we'll be very good for -- going back to Slide 6 and prior to going into the actual presentation on the quarterly results, we'd like to highlight the new cycle of the allowed annual income, which -- the acronym of which is RAP. This was published -- thanks to resolution of ANEEL and this is published in July, a new cycle was established for this allowed annual income. This cycle will affect the company starting in the next quarter.
What is important to highlight here is the growth of this RAP, of the operating RAP of the company between the '22 and '23 cycles. And for the cycle 2024, the RAP is 4%, which means an increase of BRL 144 million of allowed annual income in the comparison of the cycles, keeping in mind that each cycle begins on July 1 and ends on June 30 of the following year. We all had a loss of income for the 21 concessions of Category II, which accumulated in the last 12 months, and this resulted in a deflation of 4.5%. And there was also an increase in income for the concessionaires due to this adjusted IPCA of the extended consumer price index.
We had of a reduction of 50% of the Category II RAP and this was in the range of BRL 70 million in spite of the deflation of the consumer price index and reductions of the RAP for Category II. We still enjoyed growth which was motivated by the ventures that have been concluded and others that are being concluded, for example, such as Ivai, Sant'Ana. We're talking about BRL 258 million of operating income in comparison -- comparing the 2 cycles, important data that this has provided positive results. And we have another BRL 380 million of operating RAP because if projects that will be started up in the future cycles. So adding everything together, we're talking about more than BRL 4 billion of contract RAP. So total RAP in current values. So this is a very important highlight for the company in terms of annual income.
Another important factor is we went to the last effect of a reduction of 50% of the RAP in the Category II. So there were no more future reductions in the current concessions. No more future RAP reductions in the current concessions.
Now Slide #7, where we will go specifically into the results for the second quarter of 2023 and year. We see the main highlights of the quarter. The first highlight is a solid regulatory result with annual growth of 74% of net profit. So in comparing the 2 quarters, this is a very robust result in terms of net profit. We also had a positive impact on the annual growth of EBITDA in this comparison between 2 quarters 2022 and 2023. So the growth of EBITDA is 15%, and we had an EBITDA margin of 1.5 percentage points.
The next highlight was the increase of cash flow. The drop in the average debt cost and reduction of the leverage ratio in the quarter. And this had a positive effect on the cash as well as on the operations. The next highlight was operating efficiency, entailed with the maintenance of high available indexes and the reversion of a variable portion, which was motivated by acts of God. Another very important highlight of the quarter was the startup of the -- start of the operation of the Saira concession, which -- our allowable income corresponded BRL 121 million. And this early onboarding was a great success, and we will go into more detail during this presentation about the startup of Saira.
And the last highlight is the announcement that entailed the distribution of payments, which is approved by the Board of Directors and the value of which was BRL 313.4 million, which is approximately BRL 0.91 per share, where the base date of this payment was August 7, and the payment itself will be settled at the end of the month, more specifically on August 29. So these were the highlights on this slide, and then we're going to go to the next slide to go into more details about each of these highlights.
So moving on of the allowable -- allowed annual income. We are -- this quarter was also robust. The company's consolidated net profit, closed the period at BRL 633.1 million which is 13% higher than the previous period. This growth is explained basically by the startup of the first phase of Saira, which is now managed Taesa. And this started from the execution of the concession contract. This result was also due to the partial startup of other ventures. And these effects were set off partly by the 50% downturn of our -- we also -- the company also had a solid performance in annual growth. It was equivalent to 15% as well as in the year-to-date and we came to the end of the 6 years -- months with an EBITDA of more than BRL 1 billion, an important highlight that new projects that will provide us with robust operating results.
The EBITDA margins grew up and these projects resulted in efficiencies and compared synergies. A good example is Saira. I will talk a bit more about Saira, which is the case of success. The second quarter the margin was at 84.5% higher than 83% of the same period in the year before. And the year-to-date margin came to 85.8%, also higher than the margin of the year before. Our operating performance is still very high at a high level. This small drop, which is here in this index is due to sabotage, which you mentioned in the last quarter, and this was -- had an impact on the variable portion of the last -- in the previous quarter.
And talking about variable portion. It's important to highlight that the technical issues that happened in the first quarter, also an impact on reversions. The PV of the current tier was practically in line with the PV of the previous year. The difference is due to the events that have in other periods and we reverted a provision for this semester, the sabotage that happened in the previous year. This event is -- there's a trial on the merit, which was the fall of the towers, and this is treated as an Act of God active. The PV last year has a provision of 80, which is much higher than the technical PV of that period.
And now we see the opposite with the reversion of this event. And this PV also improved the results of the net profits in the year-to-date. The net profit also performed exceptionally well. We recorded more than BRL 246 million in the quarter, nearly 73.9% higher than in the second quarter of 2022. And year-to-date, we achieved BRL 461 million, also a significant growth of more than 60% in comparing to the year -- in the past year before.
In the next slide, we will see -- we'll go into more details about this net income. Slide 9. We show the significant difference with the projects brought to the net income, the consolidated projects in the company as well as the projects that had this impact due to our shareholding interest had a positive impact and started to generate cash for the company. To exemplify, we have Saira and Sant'Ana in the consolidated EBITDA and the projects Aimores, Paraguacu and Ivai in terms of equity. And of course, to fund this growth, we had an increase in the net expenses, act of which was felt due to the decline in the IPC, the extended consumer price index. So we grew by 60.4% in comparison to the second semester of the year before.
Now moving on to Slide #10. We're going to talk about the -- this is now the net income under IFRS. This net income came to BRL 607 million in the semester. I would like to highlight you that we're talking about a net taxable income, so it's not directly related to our cash flow. The discussion here is on the contractual assets which uses the present value concept and all future revenues are insured by the concession contracts. So -- however, it does not reflect the cash flow of Taesa. The main effect that explains the drop in this net profit is related to monetary adjustment of the contractual asset, which is a corporate income. We had to like to remind you here that the extended price index dropped and the IGP-M had an even more -- a sharper drop went to cumulative deflation of 22% in the year-to-date. So we're talking about 6 months in comparison to the last 6 months. This is not great effect but a direct impact on the monetary adjustment of the contractual assets in 2 the semesters in the net income, which has an impact -- is present here, and there was an impact on the equity, which is the effect here.
So it happens as a result of our -- anticipated expenses had an impact on the company's results. And it's also important to highlight that the new projects also had an impact -- positive impact under IFRS, not only in terms of regulatory issues, but also under the IFRS, it offsets a negative impact of the monetary adjustment of the contractual assets. In Slide 11. We would like to highlight the debt profile of Taesa. We have the historical net debt of the company as well as the leverage ratio, which is calculated as the net debt over the regulatory EBITDA for 12 months. So considering all our shareholding interests. We have a [ net ] debt of BRL 10.2 million (sic) [ BRL 10.2 billion ], slightly better than in the previous quarter.
Now the leverage ratio is -- it dropped from 3.9% to 3.7%, motivated by the cash flow. So in spite of total net debt moving sideways, the 12-month EBITDA improved significantly due to start-up of some other projects, especially Saira and Ivai. It's good to keep in mind that this high in the fourth period of last year refers to indigenization that we paid for lot #5. And therefore, this asset is now beginning to contribute to the improving the cash flow. And as it operates, this will be incorporated in the 12-month calculation of this indicator. The cost of the debt is quite adequate with an average term of 4.7 years and an average cost of the debt of 4.3% post taxes.
This is better than the cost that was presented in the previous quarter. And the short-term debt is less than BRL 600 million. Our cash position came to BRL 1.5 billion, improved liquidity of 13%. And taking a look at the index of our debt, 60% of our debts are pegged to the IPCA and 34% is CDI, the corporate rating on a national scale, which is followed by Moody's and Fitch, is the highest level, which is AAA, both with negative perspectives.
And now to conclude the presentation. This is Slide 12 to talk about the progress of the projects that we acquired recently. The main highlight was the conclusion of the first phase of Saira, which was concluded in the mere 3 months after the auction. The bid provided for 12 months of operation by the former concessionaire after the execution of the concession contract and it was possible to include the full transition to our operation. And Taesa undertake the operation when the contract is executed. So we were able to integrate Taesa and Saira in a mere 3 months. As a result, we had savings of more than BRL 50 million with this early onboarding, which generated competitive advantage and significant efficiency. This is coordinated effort. We involved all the areas of the company. There's 26 contracts were executed. In addition, we hired 21 collaborators, ready to start working to work on these new projects. And this entailed a total receipt of 72% of the RAP. And this is one of the biggest operating assets of the company recently. We are very proud that we are able to deliver this early onboarding with success because Taesa is made of all of us, of all those collaborators.
And the status of the other projects, Ananai and Pitiguari are moving forward in terms of land use and physical aspects. We are moving forward in getting the environmental licenses for Ananai and the projects are progressing as planned. So this is my presentation. And now let's move on to the question-and-answer session. Thank you very much.
Thank you, Cristiano. Now we will open up the Q&A session, which will be live and with the participation of the company's executives. [Operator Instructions].
Very well. Good morning, ladies and gentlemen. Back to my initial introduction. Now let's start the Q&A session. We have Juliana from RI; CEO, Andre Moreira, Rinaldo Pecchio; [indiscernible] and the technical Director. So all the entire Executive Board is present. So we already got some questions. I will start with one, which were sent by investor market on the dividends that we announced on May 3. After the general shareholders' meeting, and there is an amount which will amount to approximately BRL 26 million. The announcement of the payments of the dividends was made yesterday and both dividends will be paid on August 29. So this payment was announced. Thank you.
I will start by answering the first question that will we got from [indiscernible]. And I will ask our Financial Director to answer. The question is, what will be the impact of the IGP-M in relation to the concessions? Could you comment on this, please?
Thank you for your question. Thank you for your participation, the IGP-M extended the general price index. We have to see some aspects. First of all, the level of the [indiscernible] income was favorably impacted by the IGP-M that was announced in the last few months. This is an important point because the indexes that we achieved in the last few months has been maintained when the RAP for the next cycle is presented. It is something interesting to note about this. And the new projects in this cycle are already offsetting the effects of the drop in the IGP-M. So we had a BRL 280 million worth of new projects and a negative impact of BRL 100 million for another important factor in relation to the IGP-M issue is that we are observing a tendency that the IGP-M will drop in terms of its impact in RAP. And with the new projects, we will -- the RAP will go -- the participation will go -- will be less than 60%. In other words, for the time being, meaning there is an impact of the IGP-M and this will be reflected in the financial statements and will be reflected in the company's cash flow, but the strategy and the participation that we have had in our projects has allowed us to have a favorable offsetting. But with this offsetting, keeping in mind that lower index of IGP-M also have a certain beneficial impact when we look at some of our costs, which are not necessarily pegged to the IGP-M but are pegged to other indexes and this drop in inflation also benefits us in one way or another.
Next question. There are 2 questions. I will break these questions into 2 parts. The first question, is there a plan to bring the leverage to another level? And the second question is -- the first question will be answered by our 2 executives.
Thank you for your comments. The leverage reflects a set of strategies and definitions that the company has put into place in relation to projects and dividends and in relation to the debt. We understand that the current level of the leverage reflects the sales of the company. So our company has very solid basis in terms of cash flow, but we're expanding at the moment. And as a result, we need to implement new elements together with the dividends policy that has been applied. Having said this, what we have to do is to manage the assets of the company to allow the company to maintain its growth plans and maintain our shares as being attractive in the market and this management will lead to debt value, which, in our opinion, will remain very close to what has been the debt level at the moment.
And so there's no plan in this respect, and we would not change the company's plans because the plans are very solid. There's a whole strategic planning that is behind this -- so we will -- due to the needs that came up.
I'm going to ask Andre to answer the next question.
Good morning. Thank you, [indiscernible], for your question. It's, I think everything we have done for the company is based on our strategic planning which is long term and the term of which is 10 years, and we are focused to ensure a good balance of our financial discipline. We seek this balance -- so this means investment levels, payment of dividends and debt. And we want to leverage this properly. We have been very careful to maintain this balance at a level, which is compatible with our business. So we have done this through cash flow, and this allows for a consistent and robust payment of dividends, and we have made many investments recently. And we balance all of this together with the leverage ratio. This is very important, answering specifically to your question. We are very well positioned.
And we have the total support of our Board of Directors to ensure a robust results in the short, medium and long term.
Thank you for your question. And I will turn the mic to Juliana.
Thank you, Andre. And the next question comes from -- this is [indiscernible]. Question is, could you comment on the expectations of the dividends for this year with the reduction of the IFRS results due to the impact of the IGP-M? What do you expect in terms of payout? Should we expect an impact on the dividend?
This question will be answered by Financial Director. Could you comment on this, please? Thank you.
Thank you for your questions. The issue related to the dividends is obviously related to the company's results and the capacity -- the company has to generate cash flow and these macroeconomic issues are part of the context under which the company is inserted. And obviously, we have to manage the company's cash flow together with the projects that we have to get the funding for. But what I can tell you is the company has very solid fundamentals in terms with robust cash flow. And at this moment, we have just stated the dividends for the first quarter, and we will observe what will happen in the next quarters to then make the decisions accordingly.
However, I don't believe we will have great expectations, the great variations in relation to the company has done in terms of being a good payer of dividends based on these fundamentals that are very strong -- which the company is based on.
Thank you. I will ask a question, which is related to the -- some people asked us about the tenders and the auctions. And I will say a few words about the auction that we just held in June.
We have upcoming -- some upcoming tenders as well up to the end of the year. And what are the perspectives moving forward in our participation in these tenders and bids. I will ask Fabio to say words about this.
Thank you, Cristiano. Good morning. Thank you for your participation. It's a great pleasure to have you here with us. Very well in relation to the growth, participation in auctions, our strategic position is very clear and objective as regards maintaining our relevance in our anticipation. So we want to be very active in the transmission sector. So this, as has already been said in other results announcements, there will always analyze and always dedicate its attention to analyze on an individual way -- we'll analyze each lot and each auction that is run by ANEEL. So we will participate in the future auctions that will take place in December 2023. And in March 2024. These are actions that have already been given some visibility about its characteristics and the lots. We'll always participate observing how to allocate capital in respect. It is always good to keep in mind that Taesa participates in auctions to reward our shareholders and to get this profitability that is in line with our risk perception.
And of course, we'll also pay close attention to the market conditions at the time of each auction. And therefore, in relation to the auction in December. This year, the invitation to bid was approved. But we will -- we have approximately BRL 22 billion in terms of investments. This should be 3 lots. The major concentration of this investment is in lot #1 which is a -- and we have been analyzing everything in 2022 Taesa as presented by Cristiano, when he made the presentation of the slides. We were the winning bidders of a lot that has a technology that is very similar to what is being offered in December.
So this provides us with the condition of being -- we will be totally familiar -- and -- and we'll be -- we've been knowledgeable about this new technology, this technology that will offered at the [indiscernible] I'm referring to, which will go for bidding in December. As for -- we do not comment on the bids of our competitors, but we participate and we analyze very carefully each lot and the financial discipline is adhered very closely in this respect. So we will participate in the bids. We will analyze everything. And if there is something attractive for our shareholders, then we will announce a bid which will be in line with expected attitude. I think I have answered your question.
Yes, I think you mentioned everything. Thank you, Fabio. The next question from [indiscernible]. His question is with robust cash flow. Does the company still consider raising funds by -- going to the stock market?
[indiscernible], thank you for your question. This is Andre answering. Actually, when you talk about cash -- when we're talking about cash, it's an art. Because we talk about cash every day because we have to take into consideration all the possibilities, cash growth, capital investments and so. But for the time being, this mechanism is not being seen as a priority for the company. So this does not mean that we will not use this mechanism if there is some interesting opportunity, some interesting investment opportunity, for example. So -- but possibly, we will use this mechanism to invest in an opportunity that will generate value for the company.
Okay. Many questions on the auctions that are already answered by Fabio. We have a question here -- is there any actions of the Taesa to mitigate actions?
We did not have this plan for the time being. But we have a very good governance plan in place, and we do everything to ensure transparency from the point of view of ESG especially.
I will go to the question from [ Marcos Gomez ]. His question is, we talked about the auctions and we talked about the leverage, but he wants to know about this balance. How does the company balance out all these issues of leverage and IGP-M and so on. So let's answer the question.
Thank you, [ Marcos ], for your question. Well, we already talked about some issues related to the company's growth philosophy. We want to grow. This is part of our strategic planning, of course, and the profile of the company, which is a good pay of dividends. This is as fundamental and this mindset has to remain, but this balance between growth. And growth has to have an unsustainable conditions through remuneration of our shareholders. All of this has to be reflected as well. But within the company, what we do is we seek to maximize the distribution of results to the greatest extent possible, and we want to ensure our participation in auctions. This will ensure growth keeping in mind that cash flows are a bit different when you have a change in dividends, you do not expect such a huge impact in the short term.
Not participation in auctions the cash flow is a bit more extended because the company has to prepare for these auctions. In our opinion, we will continue to analyze everything to ensure good return on investments.
We are looking at some of the questions. Some of them have already been answered. We have another question to be asked to the executives. Give me a minute, please. All right. There's another general question, which I'll ask Andre to answer.
So what do we -- how do we deal with sustainability if you want -- and if you want to give you more details about our integrated management system project?
Thank you for your question. ESG; Taesa always seeks to be naturally in tune with the ESG-related issues. We don't we think about the greenwashing markets. And so we have various initiatives in this respect. Our Integrated Management System is an example of this. We have all these ISO certifications related to asset management, occupational health and safety. So all this is connected to our initiatives in this respect. In addition, we have various other initiatives, ensuring our governance which is based on our management system. We have various social projects that we're engaged in. Some of them are very interesting. This is social elements of the ESG and also many initiatives related to our environmental compensations especially when we implement new transmission lines. We also have this evaluation of the environmental issues, and we have commitments as well that we honor. And we intend to act with the surrounding communities, always seeking to anticipate any situation that may cause some kind of assumption in the surrounding communities where we implement the transmission lines. Everything is mapped, and we have worked very hard to make sure these projects -- under ESG criteria.
And this is part of our strategic planning. In addition, we have collected many activities related to safety because safety is a nonnegotiable value at our company. We have a hotline to -- for -- any sort of complaints. So all our systems are very important for our management. So we could spend the entire morning talking about our sustainability pillar because there are many, many actions that we engage in, in relation in this respect.
But we have a diversity program as well, which is -- and this entails many initiatives and all this under the UN Global Act. Our companies fully support 100% transparency. We have internal goals to achieve this. We want to make sure that our actions are totally transparent. So we are very proud of what we have been doing in this respect because we really are totally in tune with all elements and issues related to ESG.
Thank you, Andre. I will -- there's another question to our [indiscernible] Director, Luis. The question comes from [indiscernible]. What is the company's evaluation on the implementation of energy transmission in direct current? Is there anything innovative in this sector? Does the company has anything to add in this respect? What is the evaluation of the expertise on this transition model?
Thank you for your question. Actually, transmission is nothing new in Brazil. We already have systems -- transition systems that use this technology. Actually, this kind of transmission is used for long distances where you have less losses when you use this transition model. And the big difference, all this kind of is the converting substation, which transforms the AC into DC. And this is directly related to the substation of Saira, we acquired -- recently, we acquired the substation. Taesa entered this direct current field. And this began with our substation Saira, which is the differential of this model.
We have a transmission line that transports direct current in this transmission model together with the converting substation, which is a big differential. And we have this -- so the Saira substation works under the direct current system, and we have this knowledge and we're always already working on the operation of the kind of installation.
I think we have answered all the questions. So most of the questions have been answered. But we are always at your disposal. We have already received some words of thanks. I would like to thank all of you for taking part in this call. And I will hand over the mic so that we can hear the final comments, and thank you for all your participation.
Thank you, everyone, for your participation. Again, we had so many shareholders participating in this call today. And this pleases -- it is very good for us, and we're very proud of what we're doing. And I would like to tell you to keep supporting us and we promise to deliver returns consistently. Thank you very much. See you next quarter, at any moment. So please feel free to contact us whenever you feel it is necessary. Thanks, everyone, and have -- enjoy your afternoon.
[Statements in English on this transcript were spoken by an interpreter present on the live call.]