Transmissora Alianca de Energia Eletrica SA
BOVESPA:TAEE3
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Transmissora Alianca de Energia Eletrica SA
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Good morning, everyone. Thank you for waiting. You are very welcome to listen to the presentation of the results of the third quarter. If you need simultaneous translation, we have this available on the platform. All you have to do is click on the button interpretation. There is a globe icon at the bottom part of the screen, you can choose Portuguese or English. If you want to listen to the English you can remove the original audio. This is being recorded, and it will be available on the website. All the material will be available on our website. You can also download the presentation in English. [Operator Instructions]
The information that is in this presentation and any other declaration that can be made during the conference about the perspectives of business, projections and operational targets or financial targets, these are premises of the company and also information that is available now. Future considerations are not a guarantee because they involve risks and uncertainties because they have to do with future events, so they depend on circumstances that cannot happen. The investors should understand this. These are conditions of the market and other operational issues can affect the performance of the company. So this can impact future considerations.
Now I'm going to give the floor to Cristiano Grangeiro, and he will make his presentation.
Hello. Good morning to everyone. My name is Cristiano Grangeiro, I'm Executive Manager of Investor Relations of Taesa. I thank you all for the participation in one more video conference of results of Taesa. We're talking about a public meeting online with investors, and about the results of the third quarter of 2022 of the company. [Operator Instructions]
As soon as we finish the explanation, the presentation of the result, we will open our session of questions and answers, where your questions can be clarified by the directors who are present here. So I hope you have a good presentation. Let's move on. Well, let's start the presentation of our results.
It's always good to start by the Slide 3 that talks about our strategic targets. Our idea is to have trustworthy energy, and we want to be the best energy, we mean with a capital V, and we have a reason for this because it's for all our stakeholders. So V is an ample value. For all those interested in the company and our values, we have 4 important values that have -- are the pillars of our existence, which are we take care genuinely of people, we act with integrity, building trustworthy relationships, we search for excellence in everything we do. And Taesa is us.
Now I'm going to move to Slide #4. Aligned with our mission, vision and values and also part of our strategic planning, I share with you the evolution of the pillars of sustainability. Here, we're going to present the materiality matrix, the next steps related to this, because we presented this in the beginning of the year to you. You probably remember that we discussed the matrix and the material topics that the company defined to work during the next years. It's very important to redeem this history. And that's why I'm going to go into this report of sustainability 2021, which is in the IR site.
When you click in sustainability, this report, we will start the sustainability session, where we will present all the information about the topic and below you will find all our reports. The last one that we published in 2021. It's a very complete document about all our actions of the last year. And when you get to Page 39, we start in the topic of the materiality matrix. This has been mapped in the beginning of this year with a discussion with several stakeholders. And we have reached 6 topics, which are defined in this matrix, and this has also been discussed and presented to you.
Always remembering that there are 17 goals of sustainable development. We have chosen 5 priority ones, which we can work for the next -- work with the next years related to these topics. We started unfolding this to define a commitment proposal based on the action and target plan for each one of these topics. So we redeemed the questions that were asked by the interested parties in building the process. We went in deeply to understand the needs and the challenges that were imposed by the stakeholders.
Then we did a critical analysis of the (sic) [ GRI ] indicators, the global reporting indicators, which we use as a base for our report and our action plan to understand the demands and the good practices of the global reporting initiatives to define our action plan. Then we also identified a benchmark of the energy sector to identify the best management and the best practices of the companies in the electric sector. We also had meetings with the internal areas to discuss and prepare the action plan related to each one of these material themes.
Now we are at the end of defining and improving the actions, the goals, the commitments for each material topic for our company and materiality, our goal is to be able to share with [ you ], the evolution of these topics and the evolution of this action plan. Always looking at this pyramid, leading the strategic -- with associated to our strategic plan, the pillar of sustainability and going into tactics, where our topics -- material topics and where we can see mid-term and define our commitments. Until we get to the operational with the unfolding of these material topics, this action plan for us to move with this important topic of sustainability in our company.
Today, we'll focus on ethics, transparency and integrity. We'll now go to Slide 5, where we opened this topic, remembering that it is associated to the ODS 16, peace and justice. Efficacious institutions, the front that was mapped for this ethical topic, transparency and integrity, was the adhesion for the transparency movement, 100% of the Global UN Pact. We believe that we have to go beyond the legal obligations, the strength and the transparency and integrity mechanisms. That's the goal.
And more specifically, the latter that we assigned defines 5 goals up to 2030. We define the following agenda to deliver these 5 goals, which is a demand of the transparency movement of 100%. For 2023, we have decided what to deliver about transparency, about the reporting channels. For 2025, the structure of transparency of compliance and governance. For 2027, we have 2 goals: the interaction transparency and the public administration, and the revenue of the high administration. For 2030, the last one to be delivered, will be to train the integrity topic and the value chain of the high risk of the company.
As part of the process of this transparency, 100% that we're part of, we are commit to deliver all these 5 topics at the correct time. The progress will be followed by the transparency movement. We will also periodically publish this evolution as we have been doing with you. So we hope that in the next years, we'll be able to show a bit more detail the evolution of this work related to the ethic material topic, transparency and corporate integrity.
Talking about sustainability and moving to Slide 6. Here, we talk about the diversity program. We have carried out a series of initiatives relating to diversity. We highlight those actions related to forum, training and workshops of awareness and training about the topic. About 3,000 collaborators have participated in the different forum of diversity, which is more or less 4x the amount of employees. That means we have had a huge participation. Since we started this program, we have had 3 courses of training women electricians given by engineers of Taesa, and we had more than 120 women selected in these courses. Some of them passed through the selective process and were contracted here in Taesa.
The different online trainings that the company did with collaborators about the diversity topic, one important was the EAD to fight against domestic violence against women. We had about 800 collaborators participating in this training. It's an important and current topic about the discussion of diversity. We also carried out a series of workshops in 3 chapters: the workshop of market capital, [ ISG ], which means environment, social and governance in English. It's a topic that's very much discussed and very current about sustainability. We had the participation of over 300 collaborators in these workshops. And we also have the participation of specialists on the topic. It was a very educational workshop with a lot of debate within the discussion of sustainability.
Well, now let's move on to the results of the third quarter of 2022. We're going to move on to Slide 7, where we see the RAP cycle of 2022-2023, which was authorized by ANEEL. Now in the beginning of July, the third quarter, we talked about this in the last quarter, but we're bringing it here again to reinforce the growth of the cycle that directly impacts the third quarter of 2022.
So we start the previous cycle, we had about BRL 3 billion of allowed annual revenue, operational, the famous RAP. And with the new cycle, we have BRL 3.5 billion, a bit more than BRL 3.5 billion of RAP, which shows a growth of a little over 18%. This growth is due to several factors. The first is the inflationary readjustment of RAP, which takes place at each new cycle. If we look here, the IGP-M readjustment, which was 10.7%, then the IPCA, which was about 11.7%. Remembering that we have IGP-M concession contracts. These are the Category II; and we have concession contracts readjusted by the IPCA, which the contracts Category III. Adding these 2 readjustments, we're talking about BRL 327 million based on the monetary correction of the revenue.
Another fact that justifies this growth of over 18% of the operational RAP are the new projects, many of them that came to be between the end of last year and the middle of this year. Some are still coming in. And we're going to talk about this at the end of the presentation. These projects have an impact in the cycle, about BRL 350 million. So even with the reduction of 50% in some contracts for Category II that suffered this decrease in the cycle '22-'23, we're talking about BRL 130 million. This was due to the inflationary readjustment, but also due to the new projects.
At the right side of the chart, we see other effects that affect the RAP cycle, and we're talking about the effects of the new projects. In the [ previous ] cycles, in the band of over BRL 300 million and a lower effect of the latest cuts of RAP in the contracts of Category II from BRL 73 million in -- more or less today, we're talking of a contracted RAP of about BRL 3.8 billion considering the other [ previous ] cycles and the current cycle 2022-'23. So if we observe all the impacts, the BRL 547 million plus BRL 232 million, we're talking about a total effect of BRL 780 million permitted annual revenue, showing the success of our strategy based on the sustainable growth, which is one of our pillars of planning.
Now let's move to Slide 8 about the regulatory results. We can see a good performance of this result. In the net revenue, we have a performance of almost 18% in the comparison to 3Q '21 versus 3Q '22, and almost 30% in the accumulated of the year with a revenue of BRL 1.7 billion. This is a reflex of what we've just talked about, about the new cycle of RAP, which was explained due to the inflationary adjustment of the IGP-M and IPCA, and also the beginning of some projects going into operation.
We also have the EBITDA effect, and we register almost BRL 500 million. And in the accumulated of the year, BRL 1.4 billion. This is a growth of a little bit over 18% in the comparison and a solid 32%, over 32% in the comparison of the accumulated of the year. The EBITDA reaches BRL 85.3 million and almost 85% in the accumulated of the year, also explained due to the same effects that I just talked about before. When we talk about operational performance, we maintained our operational consistency.
Looking at the rate of the line availability, we have a rate of 99.95%, a little bit higher to the last year's rate, which was already very good. And in the variable installment, we also had a positive result, where the (sic) [ PV ] dropped 0.18 points percentage, reaching an accumulated of 9 months, 1.62% in relation to our RAP. If we look at the (sic) [ PV ] registered in the current year, it also dropped reaching 0.67%, with a drop of 0.59% in the same period of last year. This shows that we are solid, and we have operational consistency.
Finally, we presented the profit, which reached BRL 373 million, and the accumulated with BRL 6 million. With this, we registered a growth of 94.6% in comparison -- and over 60% in the comparison of the accumulated of the year. This good performance is the result not only of what we've just talked about of EBITDA and revenue, but also due to the entry in operations of our new participation. We have 3 projects that were recently delivered, where we participated. Besides this effect we also had an improvement of the result -- financial results of last year to this one, especially due to the contraction of the IPCA in the last quarter, where we registered a deflation from July to September.
Now let's move on to Slide 9, where we show the performance of the net profit in IFRS. The accumulated profit ended at BRL 1.4 billion, a negative variation of 20% in the comparison to the same period of the previous year, explained basically due to the specific effects of IFRS. One was the impact of inflation in the monetary correction revenue of the contractual asset. [ Drawing ] to this contraction of the IPCA and the IGP-M in the last months, and the IPCA registering deflation, we had a negative effect in the accumulated of 9 months of BRL 384 million. Besides this, we also had a negative impact and the implementation margin of infrastructure.
We have taken into account the CapEx and the IFRS and the investments with -- that have an effect on the results. Since our projects at the end of the conclusion and some have been delivered, we had a negative impact in this margin. As you can see here, the accumulated impact was BRL 300 million. These 2 accounting effects reflect directly in the asset equivalence. Since our participation suffer under the same effect, the monetary correction and the effect of the projects that have been concluded in our participation, some of these have already been delivered. Therefore, we have a reduction of the equivalence line of almost BRL 79 million.
It's interesting to highlight here some positive effects that are related to the execution and the conclusion of our building projects. The revenue of OEM and the revenue of the contractual assets have suffered. Positive impacts, one of BRL 160 million and the other of BRL 250 million, consequence of the entry in operation of our projects. We're talking about Janaúba and Sant’Ana. And these effects were also positive when we talk about the entry of operation of our projects where we have participation.
And our bottom line and the financial results, we had a slight improvement of BRL 12 million, also a consequence of the drop of the IPCA. Since we had a period of deflation between July and September, this had a relevant impact in our debt, and consequently, having an impact in the reduction of the financial expenses comparing the 9 months of this year with the 9 months of last year.
In Slide 10, we talk a bit about our debt profile. If you observe here in the slide, we closed the first -- third semester with BRL 8.9 million. It's important to say that our leverage reached BRL 3.7 million, always looking at the consolidation, showing a trend of leveraging when you compare one with the other. Reaching this level of BRL 3.7 million, we ended September with EBITDA of BRL 1.8 million. And the debt profile of the company continues doing good.
If we look at the cost of the debt, we have an average cost of 5.27% and an average of 5.1 years. It's concentrated and indexed by the IPCA. And it's always important to remember that we don't have any financial covenant of leveraging, and we're also very well evaluated by the markets. We have the best risk classification of the rating agencies, Moody's and Fitch nationally, known as AAA, which puts us in a very favorable condition and competitive to get funds to add more value to our business. This is a huge differential for us considering that our leveraging will continue generating cash as the projects go into operation in a sustainable way. And therefore, we can fund our growth with cheaper capital, always maintaining this balance in the capital allocation and our financial management discipline.
In Slide 11, we present the -- what was concluded in the last 12 months. This slide comes from the presentation of the results of the last quarter, where we bring here to show that all these projects had impact in the result of the third quarter when we compare to the third quarter of last year. Some of these projects had impact in the consolidated of the company. For example, Janaúba and Sant’Ana, and other site impact. In the patrimonial equivalent, for example, the ESTE, Aimorés and Paraguaçu, the assets equivalent, sorry. Adding to the annual revenue of all these proportional projects to our participation, we're talking here about an RAP total of BRL 482 million for Taesa. So we're talking of almost BRL 500 million, considering the 5 projects that began operating in the last 12 months.
Now we're moving to the last slide of our presentation, and I'm going to talk about the dividends that were announced yesterday. The Board, the council of the Board, they had a meeting yesterday, and they approved the distribution of BRL 365.4 million. Of this value, BRL 206.8 million interest rates on capital and BRL 158.6 million in dividends. This is equivalent to BRL 1.06 per unit by the TAEE11. Date base of payment is 14th of 11, and the effective payment will take place on the 5th of December of 2005 -- 2022. Adding these values to what was paid in May and August this year, we're talking about a total paid of almost BRL 1.7 billion. That means we are talking about a value of BRL 4.85 per unit announced up to now.
That is what we had to say. We are now ending our presentation, and I would like to thank you very much. Now we're going to open the Q&A session. This is going to be live, and it's going to have the participation of the company's directors. [Operator Instructions]. Thank you. We're going to start now the Q&A. We've already received some questions. As we mentioned, you can ask the questions during our explanation.
Before this, I would like to make a comment. This morning, we made -- let out a notification about Bahia. That's a wonderful news because a larger part of the project has been delivered. I'm going to share with you also who is present. We have Andre Moreira, President; Erik, who's a Financial Director of Investor Relations; Fabio Fernandes, management participation with [ office ] implementation; and Marco Faria, Technical Director; and Juliana, who is the IR team.
I'm going to start here with one of the questions to Andre. The question is as following, considering the current scenario in transition, what do you see in opportunities for growth?
Well, first of all, Christiano -- first of all, good morning, everyone. Thank you for your participation -- for this massive participation in the presentation of our results of the third quarter of 2022. It's a robust and consistent result. And following our vocation, Cristiano, our strategic planning, which is clearly growing. We have seen several opportunities in greenfield, the auctions and in brownfield, and these are the 3 avenues of growth.
And these growth opportunities, the next auction that's closed in December, Taesa is going to participate. And we also have the auctions of next year that have already been announced by ANEEL. And we're talking about values of about BRL 50 million. So in terms of growth, this is very positive, and we continue reinforcing our relevance position in the transmission sector of energy in Brazil. That's it. Thank you very much.
Thank you, Andre. Good morning, everyone. We have a question for our Financial Director, Erik Breyer. [ Everdro Santosi ], an investor asks if there's a possibility of any announcement of more dividends this year.
Thank you, [ Eva ], for the question, for the participation. I hope you like our new format, as Cristiano said. Now we've just [ freed ] BRL 65 million, [ BRL 101.6 million ] in 2021 with this one, it will be [ BRL 1.7 billion ] in 2022. We take the decision case to case as the value of the company maximizes, so I don't think there will be anything up to the end of the year. We are going to pay up to the end of the year according to the agenda that was communicated. And what is going to happen is going to be the auction, that's the new thing, in the 16th of December. So from the 16th to the 31st, I think that would be very challenging.
But we always take our actions depending on the maximizing the shares. So the decision to pay yesterday, I don't think there'll be any more news up to the end of the year. But we don't give guidance of payment of dividends. We take the decision case by case to maximize the value of the shares.
Well, I'm going to take the topic of dividends, as [indiscernible] [ Olivera ] asked about the special reserve. Does the company -- is it going to use more resources to pay the dividends? Is there any rationale that has to do with the resources?
It's the first time that we use this instrument. It's simply just accounting and it has very little material effect. With the implementation of IFRS, we have the society profit, which is the building margins. So when we carry out an investment, I have expenses and revenue and the margin I put as the profit. It's difficult to distribute it because it's not cash. It will turn into cash at the end of the concession. So what we don't pay during the year, we have a reserve there. And this reserve is based on an investment plan, and it has to be paid up to 5 years.
And the investment over 5 years, these investments -- investment plans, way back, already forecast this time frame to use this reserve. That started in 2017, and 2022 is the date to pay. We could alter the path. But I think it's easier this way. I was going to pay it's complementary dividends, but I pay this based on the reserve and I remove it from the balance. It's just something to do with accounting. But everything that we paid in dividends, it's based on the reserve we reduced from the comp from the additional reserve. It's just to have a balance sheet with less lines, not so heavy. It has no material significant effect.
Thank you, Erik. We have a question -- we have some questions to do with the auction. I'm going to try to summarize what we expect in terms of the auction. The next auction, if how many lots are we going to bid for. So I'm going to talk to Director here.
Thank you, Cristiano. Well, as has been mentioned here, Taesa pursues growth as one of our pillars of strategic planning, and we will be working as we always have in all the auctions. And we have some measures, so these are observed in each opportunity of growth we find. So this auction has 6 slots. We're talking about investments about BRL 3.5 billion and a total RAP of BRL 600 million. So we have 2 lots, with an investment of about BRL 1 billion, BRL 1.2 billion; and the other 4 with lower investments, BRL 200 million, BRL 400 million.
So we will look, as we always have, always based on pillars of sustainable growth and financial discipline. And operational, we're also distributed in 14 states in Brazil, so we are going to participate. We have synergy, we have CapEx solutions and we have very creative engineering solutions, which makes us feel very comfortable to participate in the auction. Always a big capital allocation that guarantees us the return that has to do with the risk of each lot. So we will be looking at this, and we're always looking at all opportunities. Thank you very much.
Thank you, Fabio. The next question is for Andre. What is the impact of the new government from 2023 on?
This is a recurring question to Taesa, and we work daily. The governance come and go, and we continue consolidating our position in energy transmission. This sector is very solid in Brazil. It's very consolidated. It has a robust rules. Very organized, you can see by the recent options. So we believe the regular marks, contracts, legal safety. I think that will be very positive for our business. Thank you very much Juliana.
We have a question about projects. You explained Ivaí, the delivery -- what are the next challenges of the company in terms of projects?
Well, thank you, Cristiano, good morning to everyone. Yes, it is a very important project for us with our partner. Ivaí is a project in the state of Paraná. It is around 590 kilometers of transmission lines. And today, we publicized the partial delivery of this, which is 511 kilometers of transmission, 500 kV this...
The plant of Iguassu, up to Londrina, links this area, export of energy with a capacity transmission of 2,600 MVA. It's a large project with double circuits, 13,000 kilometers of cables, 41 municipalities, 3,000 direct jobs, 1,230 transmission towers and 3 new substations. So strategy, everything is with digital technology. This project has a total RAP of BRL 398 million. We energized about 80% of this project, and we will be finalizing the whole sector of 230 kV concluding 100% of this project.
Thank you, Luis. The next question comes from [ Jean Roger Avatan ], an investor. The question is about the drop of the IGP-M and how is this being seen in the future. Is it a trend? Or is it just something that happened now?
I think this discussion of IGP-M is important because 2/3 of our revenue is indexed at the IGP-M. So it's an opportunity. I think a very defensive investment. For example, you don't have any threat in relation to the technology development on our cash to the country. We benefit of the evolution to take better care of the assets. And they're not a threat to any change of how to do things, as other industries, but were also defensive due to the inflation. And all our revenue being 100% indexed, IGP-M, IPCA. The IGP-M was 17%. IPCA was 10%.
This quarter, the 2 dropped, IPCA [ 1 3 2 ], IGP-M also. I was talking when we had a hike of 40% in a tariff era, it was natural to have a convergence to. In our investor day, we talked -- we invited an economist specialist in inflation to talk about this topic, because IGP-M is more based in iron, commodities; and IPCA more linked to the local market. So this what we observed in the last year impacted this. As you can see, the drop of both is very similar. It's very difficult to say what's going to happen. If the dollar goes up, but if the convergence, I think, is going to be low, we have this strong characteristics of defense against inflation.
Now the IGP-M and IPCA scenarios are very difficult. We're migrating at each new operation that comes in, it comes in IPCA. So we increased the part of IPCA and decrease in the IGP-M. But let's see how it will be in the next years. But it is a good investment to defend against inflation. But it's very difficult to make a scenario. If people were sure with what is going to happen to the dollar or inflation in the future, we would have a different situation. One makes many more mistakes than one gets things right. But we do continue a good investment for you to defend yourselves against inflation. This is the inflation. We can't forecast anything and it's very difficult to get things right.
Thank you, Erik. We have another question here about projects. Could you tell us about Sant’Ana and Ananaí?
Thank you, Camilla. Sant’Ana, we've already delivered part of this project in the first semester. We're close, between November and December, to include one part, which is another transmission line and the end of the project within the right time frame, which will be up to March next year.
In relation to Ananaí, this is a recent project. It was recently acquired at the auction of last December. For you to have idea. It's a project of 60 months, but we've already had significant advances that allow us to have a considerable advance of the project. We are now in the public hearing phase for environmental licensing. This is very important because it demonstrates the acceptance of all the impact studies that were carried out. And that's the big point to have the license and then have the installing license. So this is -- this was very positive this year, which was the public hearing which has been publicized to all the media as of the 21st of November. Thank you, Cristiano.
Thank you, Luis. We have a question here, [ Alexandre Thomas ], investor. I'm going to -- the question is to Andre. What can cause cuts in the RAP?
Thank you, Julian. That's a very good question. We still have several concessions Category II, which have the forecast of a reduction of 50% after the 16th year. This has already happened in the largest part, but we -- the forecast in 2022, 2023, the total is BRL 134 million reduction. And in '23-'24, a reduction of BRL 73 million. So BRL 200 million reduction RAP between 2022 and '24.
On the other hand, we also have an incremental RAP today, forecasts with these projects, BRL 740 million of RAP, not counting Ananaí and [ Paraguaçu ]. We're talking about BRL 180 million RAP in the next year. So we feel very comfortable with this recomposition and also with the increase of our revenue in terms of RAP. Thank you very much.
Thank you, Andre. We have another question here. The question is for Erik. Could you talk about our long-term initiatives financial, for example, cost of life -- cost of living? How do you see this question long-term?
Well, Taesa is energy transmission. So we have our strategic development. And our idea is just to invest in transmission and in Brazil. So we're not going to diversify risks. And we reinvest to increase the size and reach to the quality that we can distribute. Transmission doesn't have any exposure to the climate, for example, it's not going to make any difference at all. We don't have the exposure to demand. So this is a reduction of demand. For us, it makes no difference. Our revenue is according to the availability, which is what we are specialized in.
So we maintain the transmission lines available for the electrical system in Brazil. Maintaining these lines, we have stable revenue. So we are a business in any inflationary scenario, in any -- for example, a year of crisis, we are stable, independent of any alteration. And our revenue is also based on long-term contracts with electrical availability, so we're not exposed to significant alterations in technology. While we do use a lot of technology, we work with transmission. We are big to take care of our assets and have more availability for society.
So we use it in expenses to -- reduce expenses and work better, but not in the contract. This makes us be a defensive investment for any scenario in the future. In relation to alterations of inflation, our margin, the difference of what we receive from what we generate, is very high, 85%. The new have even more, that means we spend very little to maintain this. So the inflationary impact, cost of life, is on a very small parcel of our revenue. It goes directly to the EBITDA to -- for our own capital, which is the money of the shareholders and distributing the dividends that we always do, and we worry a lot about it to maximize the value for the shareholders. This is our structure.
The interest rates affect us, but this normally is linked to inflation, which alters our revenue. So we're also defensive in this. So you saw yesterday the CDI comes due to the inflation, and this is always passed over to our revenue. So we are a defensive investment. That's why we continue offering services to society. Thank you very much.
The next question is from Credit Suisse, Carolina Carneiro. She would like to comment about the non-renovation of concessions of the old transmissions and the position of the company about this. I'm going to direct this question to Andre.
Sure. Thank you, Carolina. This is important for us. In our strategic planning, we have a very clear pillar, which is regulatory management. It's one of the important topics. How we're going to actively participate in the renewal of the concessions given the fact that the renewal of concessions for us is not a short-term issue, the concessions -- the 4 of them, the time frame is 2030. But we participate in the public consultation that are now put in the market to influence and to have the best concession renewal, and that we can also guarantee operational safety in the interlinked national system, contributing for the reduction of the energy tariff.
We know there's dilemma. It's relatively cheap, but expensive tariff. So we are contributing individually and also through the ABRATE, which is our class association. So we see the next steps with positive eyes, so that we can be successful and that Brazil is -- has a supply, a reduction of tariffs for the operational safety of all the systems.
Thank you, Carolina. Thank you, Juliana. Thank you, Andre. We are looking to see if there are more questions. Some people are congratulating the company. Congratulating this new format that we're doing, always evolving to be very clear with you how the company has been doing business. Let me see. [ Nelson ] also say excellent. Congratulations. Let's see if we have any more. I'm looking to see if there are any more questions.
There's one here that we received. I think it's one of the first. I'm going to give Erik. [ Luis Felipe ], there's more and more competition. I -- will you repurchase shares?
Thank you, Cristiano. No, there's no deliberation related to this. No study that the company has done for this offering. This is a disclaimer process, which is very regulated. So there's no relevant fact about this topic. There's nothing pending to publicize about this topic. So I see -- Taesa is a company, the mission is to take energy with quality and safety and generate value long-term. And the infrastructure sector in Brazil is going to offer a lot of opportunities.
I say that we -- we have an investment cap in 2031, but we're going to have a lot of opportunities to grow. And Taesa positioned as it is, transmission sector, we'll be able to generate value, reinvesting in new lines of transmission and generating good public service to society and being paid for this. So the competition in the auctions, in truth, is the proof of the attractiveness of the sector. So we -- the sector is attractive because it has results that you can forecast and it's very defensive.
So -- because Brazil can have inflation crisis, but it shows how much this sector continues to be attractive, and Taesa generates value in this scenario. We -- in the one before -- in the last auction, we got large lot. So we have to benefit from all the growth opportunities that we see. But any information related to an acquisition of shares, it will be reported and we have no pending information about this.
Thank you, Erik. We have an interesting question from Roger about lot acquisition. Normally, the RAP that results in 10% paid in the purchase with concessions of over 15 years. How is this -- what is the math in obtaining the lot? You start receiving 10% and then you amortize for the years implementing with IPCA, IGP-M corrections. Can you please elaborate on this topic?
Roger, thank you for the question. Well, before anything, every lot that Taesa participates, a very detailed study is made CapEx-wise, operational-wise, synergies that can be applied to that lot and also the engineering point of view and financial point of view. So all these pillars, all these visions are analyzed. We have a model financial intelligence that works to be able to capture all this information of the different areas that compose the team of new business. And from this study, we do this modeling.
And we also have the financial issue, which is the point that you mentioned specifically. We put -- in the beginning here, we have the capacity and we -- in the capital market. So we can capture long-term with customized amortizations. And we study the adherence of the amortization, this flow of third-party payment to pay for these resources in the market so that we can have the adherence to the project. So all of this in a very well structured way and a very well -- in a detailed way we reached the auction with competitive bids.
So this is how we work in a very individual way per lot. So for each bid that we offer, we can have the guarantee of satisfactory return and the expect of allocating the capital in efficient manager.
Thank you for allocating -- thank you for the question. We're reaching the end of our results. I'm now going to give the floor to Andre for our final consideration.
Well, thank you very much. I'd like to thank you all for your participation. I would like to give you the message that we continue being attractive. I believe, in the company, we're going to continue delivering excellent and consistent results. I have the pleasure of being ahead of this company. We have 750 partners and collaborators that contributed to this result. That we focus on -- focusing on people, people having a balanced life. And for us, this makes all the difference.
So thank you for all the teams, Juliana, Cristiano, all the directors that are here. Thank you all of you, and we will see you again at the beginning of next year. Thank you very much.