Transmissora Alianca de Energia Eletrica SA
BOVESPA:TAEE3
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Transmissora Alianca de Energia Eletrica SA
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Thank you for waiting. You are very welcome to the video conference of the publicizing of the third quarter ‘22 and the year of ‘22 of Taesa. Those that need simultaneous translation we have this tool available on the platform. All you have to do is click on the button interpretation. There's a global icon and you can choose the language you prefer, Portuguese or English.
For those who listen in English, you can mute the original audio, just click and mute original order. This is being recorded, and it will be available on our website. When the whole material of the publication of our results is available. You can do the download of the presentation in English or from the chat icon. [Operator Instructions] You can send your questions during the presentation, and they will be read live by Cristiano Grangeiro and [indiscernible] responded by the directors during the Q&A session.
We highlight that the information in this presentation and declarations that might be made during the video conference about the business perspective, projections and targets of Taesa premises and beliefs of the management of the company and also information that is currently available.
Future considerations are not a guarantee of performance. They involve risks, uncertainties and premises and depend of circumstances that can or not happen. You should understand that general economic conditions and operational conditions can affect the future performance of Taesa and end up in results that are different than those expressed here.
Now I will give the floor to Cristiano Prado Grangeiro to start the presentation.
Good morning, everyone. Welcome to the presentation of the results of the fourth quarter of 2022. It's a pleasure to receive you all here. Remember that you can ask your questions during all the presentation of the company and through the platform using the Q&A button at the end of the presentation, we will then open some time for the question and answers and where your questions will be clarified by the directors who I hope you enjoy it. And so, let's begin.
We will now start the presentation, and we will go to Slide #3, where we present the mission, the vision, the values of the company. It's important to reinforce here our guidelines, remembering that this work is work that was built and designed together by all the collaborators in 2022. So this was a very important market defining the mission and the vision and values. This counter cover is used in all our internal presentations. We always start with this to reinforce who we are and what we want based on which pillars and values.
Looking here at our mission to connect Brazil with safe and trustful the energy vision to be the transmitter of power that has the most value for society. This is a wide scope with capital letter and our values to generate take care of people, act with integrity, build relationships of trust, excellency in everything that we do and Taesa is us.
Now let's move to Slide #4, where we introduced the advances of 2022 in the pillar of sustainability, which is a fundamental pillar of our strategic planning with several topics that we advanced last year. Some of them was highlighted here. And the topic people, we have the certifications, the certification a great place to work, which is a certification that for 4 years, we achieved and we were considered one of the best companies to work in Rio de Janeiro and also with a highlight to the energy sector.
The other certification is related to the FIA employee experience. It's a company that has been analyzing the work environment for over 30 years in Brazilian organizations, and it should be highlighted for a series of competencies that were discussed and where Taesa was well evaluated when compared to other reference companies in organizational aspect. We're talking about careers, internal communication, corporate education, ESG, innovation, economy leadership, life quality, recognition and compensation and interpersonal relationships.
In the safety front, we do have some interesting and important highlights. The first one is the inclusion of objective services of safety and the process of contracting our EP systems, our partners and the building of our business. It's an important evolution in safety, another important step here, and we discussed this last year. This is an advance where we would contract and purchase safety cameras for our team. This is an important advance to follow the teams and to really check that the safety norms are complied with by all the teams.
In the awareness front, and we talked a little bit about this in the last quarter, we carried out a series of 4 within the team of the topic of awareness of safety awareness about health. And this has been intensified in Taesa. And also as a result of all this work, we have seen a significant reduction of the rate of accidents in the company between '21 and '22. For you to have an idea, we have a reduction of almost 20% in the company and over 60% in the companies that we participate in.
Another discussion that we presented here with you with the publication of the results last year, was precisely the approval of the action plan of the matrix materiality. We discuss with all our stakeholders, which would be the material topics. We reached 6 topics that would be worked on during the next years. And we did this direct link with some sustainable performance goals. We highlight 5 that were mapped within this action plan and the clean energy, accessible energy; and of decent economic growth work and 13 actions against the climate change. 15 of life, terrestrial life and 16 of fees justice and efficient institutions.
We also designed with the participation of all the company, the mission and values of Taesa, as you saw in the previous slide. And linked to this, we approved the integrated management of the company. This is an important step to guarantee our processes, our policies, our activities, all the value chain that is associated to these reference practices of ISO important. Remember that we have 4 ISOs that are part of this integrated management and which is totally connected to our mission, our vision, our values and long-term planning of the company.
Diversity-wise, we have been working on a series of actions to bring diversity and inclusion in the company, some interesting numbers where we highlight, first of all, women now are 20% of the leadership team of Taesa. This is a number important because the electric sectors and the education of electrician today is more masculine, and we've been doing work of including and preparing these women for the labor market also on the electrical side.
Connected to this, we have the training and the post training of women electricians where we had over 120 women participating and some of them have already been admitted to work in Taesa. Also here, we highlight the increase of black collaborators in our team and that represent about 45% of the company. I think this is also an important advance to highlight in this pillar.
And lastly, reinforce indexes, whether it be the CO2 related to the emission of gases, greenhouse gases and also the GPTW, which is an innovative related to a great place to work, and we maintained ourselves in both indexes. So we are in the second consecutive year on the exchange, which is a reference of sustainability and ESG.
Okay folks. So now let's move on to the effective results of the fourth quarter of '22, end of the year of '22, and we're now moving to Slide #5. The highlight of the year was the excellent performance of the net profit regulatory profit. If you observe the chart, looking 4 and 4, the profit went from BRL 105 million to almost BRL 400 million. So we had a performance of 267%. The results almost trebled if you compare -- and if we look at the whole year, '21 versus 22, we left a regulatory net profit of BRL 517 million to a profit of over BRL 1 billion and BRL 22 million. So it more than doubled in the comparison. This really is an excellent performance.
And why is this performance so important? We have to remember that we have 2 types of accounting, the regulatory and the IFRS, the regulatory accounting reflects the effective cash of Taesa. That means that the generation of cash increased significantly, reaching BRL 1 billion in 2022.
In the next slide, we're going to show in detail better what is behind this excellent performance. Let's go Well, now moving to Slide #6. And then looking a bit at this opening of this variation of the regulatory net profit, we observed an advance in almost all the lines of the accounts. Here, first, we see a growth of the EBITDA, about BRL 36 million. And here, I highlight the issue that we effectively talking about the operational cash of the company. So we had an advance of 3, 6, 6 operational million from 2020 to 2022. And also, we had an advance in the asset equivalents, about BRL 92 million.
So the main effects here are naturally, what we've been talking about in the last quarters with the entry in operation of our new businesses. I'm going to highlight what this is all about, but 2022 was an important year in terms of delivery of projects. We delivered about 5 projects to still partial, but they are in their final phase, and so we are able to contribute for this advance in the operational cash.
Here also, we have 2 lines, equivalents with EBITDA, and we have the effect of the new PR cycle with an equation and readjustment of about 10% to 11%. So these 2 lines were affected by this advance but naturally, they have an important impact here. And I'm going to show a bit further forward in terms of the EBITDA margin, how much this was relevant. So it's important for us to advance with the delivery of these businesses.
Another item of improvement was the financial results. Also, as it is a net financial expense, we had a reduction of this -- it was BRL 68 million also in the comparison ’21, ‘22. It's a macro economical issue. When we compare the IPCA '21 to '22, there was a decrease. And so even with the advance of our net debt, we had a positive effect in the line of the financial results.
And last, also, we have a positive effect in the income tax and social contribution on the net profit. On some effects, I could highlight the effect of the PCG, we disbursed more PCJ ‘21, ‘22. More payments in '22 than '21. And this had an important fiscal benefit when we compare the 2 years. And with this, we had a reduction in the lines of income tax. These are the main reasons that explain this advance of the regulatory net profit. And I think it's cool for us to show how this effectively impacts the margins.
So looking a bit at the opening of the EBITDA, you will see that the EBITDA line had an evolution of 1.55% in 2021 to 1.9%. This means that the EBITDA increased 24%, a little more than 24%. And this, as I said, has the inflation effect, but especially the projects advance in 2022. If you look, this also has a very relevant effect in the margin in our margin that went up from 82.5% to [ 84.5% ]. So we're talking about 2% points of growth in the margin because the new projects have been concluded, delivered with EBITDA margin above the margin of the consolidated Taesa. So this is a point that's super important.
As we're talking and telling everyone participation in the auctions are always with the goal of aggregating value to our business and generating value to our shareholders. And here is the proof of this declaration. We've advanced a lot to bring Taesa and EBITDA that really adds value to our business. We should remember that we also have projects of participants in these projects, they show up in the asset equivalents.
Just to give you an idea, we consider EBITDA all the concession, all those that participate. We're talking EBITDA that closed 22 million BRL 2.5 billion. This is a historical mark in the company. If we look at all the history of the company, BRL 2.5 billion in terms of EBITDA is the largest EBITDA volume that we've ever reached in our history. So it is really -- is very important for our business. And this shows a success and the evolution of our strategic planning based on the pillars of sustainable growth, financial discipline, operational efficiency and value generation to our shareholders.
Now let's move to Slide #8. Here, we have all the businesses that were delivered recently and that directly impacted the results of 2022, starting by Janaúba, which is a relevant project for the company. In the states of Bahia and Minas Gerais, we delivered it in 2021 at the end of September. And when we compare '21 to '22, it also has an impact in the comparison. So we are talking of a project of BRL 258 million of PAR in the current cycle.
Another project that was delivered at the beginning of the year was ESG, which is a project within the TBE group that it's the states of Mina Gerais and Espírito Santo and it added a PAR of almost BRL 75 million from last February. Sant'Ana was a project that we delivered in 12 months before the time, the term, and we delivered this in April 22. So we're in the second phase of this project, and we've delivered up to 55%, and we added 43 million PAR for this project.
After this Sant'Ana, which was in April, then November and then IMO, project the IE Group in partnership with CTEEP. We delivered this in May, and we added for the company almost 53 DAR. In July, we delivered Paraguacu 2022. It's also a project between the states of Bahia and Minas Gerais almost 400 million kilometer of extension. And we also added Taesa, a project in partnership with CTEEP. We added almost 79 million PAR for Taesa as of July.
And lastly, we have the Ivai project, which is our largest project, almost BRL 2 billion of investment, and we delivered up to now about almost 90% of this project in 2 phases. The 2 phases took place in November, and we are at the final step of this delivery of this project, and it has been added to the company. And it has added to the company, about BRL 176 million of PAR. So what we're talking about is the delivery of a total PAR of over BRL 682 million. This is a very relevant contribution to our business over BRL 680 million of PAR and that explained this excellent performance and the results of 2022.
On Slide 9, we observe the performance of the company operational-wise, 2 important indexes that we always follow. One is the availability index. And in this index here, we can see how the company has been performing in a very solid manner. Availability numbers have always been close to 100% but when we look in comparison to '21, '22, we see an improvement. And when we get to 2022 with a performance of 99.95%, that means very close to 100%, and it shows excellent performance and dedication with hard work from all the technical team, the operational team, the maintenance team to guarantee that our lines maintain themselves very close to 100% availability for the inter-linked national system.
When we look at the variable installment, here, we have a discussion about events of other years. the provision reversion that are being discussed in management, legal processes. And when we look at '22, the VP over the PAR, which is a percentage was 2.9% above last year. But when we exclude these effects from the provision and reversion of other years, our VP closed the year in 1.23% a bit above the previous year.
Some events are being discussed in administrative and legal processes among them, there's one event that took place in the last day of last year, and at Novatrans concession, which is due to the sabotage of public goods and in the national system. And this is being dealt with something that has nothing to do with the company.
In Slide #10, we present the indebtedness of this are always considering the numbers with the proportional consolidation. That is with the values and the sums of our participations proportional to our participation. When we look at the closing of the year in '22, we closed with a net debt of BRL 9 billion and a leverage level around 3.65%. As we had been observing for a while, ever since last year, we went from a leverage of about to dropping until we got to 3.65%. So we had already commented this reduction trend due to the new products that started operation. When they start operating, we can add EBITDA operational cash to our business and naturally the deleveraging starts taking place.
Now if we look at the debt amortization of Taesa, we have a very adequate profile. If you observe here in the chart with -- also with payment short term for amortization of around BRL 600 million. Considering our cash position, we closed the end of last year, almost over BRL 1.4 billion. It's comfortable to pay all our short-term obligations. The average debt cost in reals at the end of '22 was 5.2% when we consider a pretax before payment of the taxes and about 4.1 million when we already consider the effective number of the company, that means after the payment of taxes, the average term considers about 5 years, which is very comfortable. And our index debt is concentrated the IPCA about 3/3 of the indexed debt and the rest linked to CDI.
The company does not have financial covenants of leveraging, and we are also very well evaluated whether risk credit classification agencies in Brazil and national scale. We're talking Moody’s, Fitch, classified Taesa the highest number of risk AAA, which is very important when we get financing for our business. And since we have a different position in the debt market, it puts the company in a competitive position, including when we participate auctions [indiscernible].
And finally, on Slide 11, we highlight -- there is a success in the last auctions, and we also presented a new reinforcement that was authorized recently by ANEEL. Ananai was the first and the largest lot that we got in the auction of December 2021. It's between Sao Paulo and Parana. The investment is BRL 1.75 billion and the PAR is BRL 160 million. It is a short-term project, and we should deliver in 6 months.
[indiscernible] Lot 10, which was -- we got in the auction of June 22. It's a smaller project, about BRL 250 million of CapEx and appear of almost BRL 20 million. The time frame of this project is 54 months and it is in the state of Santa Catarina. The Lots that we got more recently were 3 and 5 of the auction of last December. The first one, [indiscernible]. This is located in the state of Maranhão, a little piece of the State of Para. The investment is BRL 1.1 billion and appear a bit over BRL 100 million.
Lot 5, which is called [ Saira ] is in the state of [indiscernible] it also takes a little piece of Santa Catarina. The investment is BRL 1.2 billion, and the PAR is almost BRL 170 million. The specificity of Saira Lot 5 is that it is a lot -- there's a piece of the project that has already been built. We say it's almost a brownfield inside a greenfield because part of this project is an asset that has been returned to the union by Eni and that's where Taesa after the auction has to indemnify in BRL 900 million until the signature -- the contract is signed.
The forecast is 30th of March. Once we pay this indemnity and after the signature, after the 31st of March, we received about 70% of the PAR of this project is very interesting because it's a brownfield project and the other installment revitalizations that have to be done in this project and the time is about 60 months, both projects. The Lot 3 and the Lot 5 will have the concession contracts signed on the 30th of March that means at the end of this month.
We've also talked about the new reinforcement of Novatrans, which was authorized by [indiscernible]. These are 2 authorizations. One is 12,823, the other one is 12,850 that allow for the reinforcement of capacities in substations. Novatrans is one of our main lines that cut the north of the center of the country in the states of Mariana, [indiscernible]. This project is a large project, and it needs investment of over BRL 260 million, and it guarantees a PAR of BRL 45 million for Taesa after the delivery.
The regulatory term of these 2 resolutions. These reinforcements are 30 months of conclusion, as I said, it is a large project. With this, we're talking about 5 projects that are now in our pipeline, 5 new projects that were recently were got recently. And with this, we have total CapEx to Taesa, we're talking about BRL 4.5 billion to be invested in the next years. So we're talking about the regulatory frame after 2027. And this guarantees us a PAR addition once concluded each one of these projects, an addition of about BRL 500 million.
We're talking about BRL 493 million with the conclusion of these projects. So this is a huge advance for us and an important step in the advance of our strategic planning long term, which is based on sustainable growth and generation of value for our shareholders. With this, we end our presentation of results. We hope you enjoyed it. And now we're going to move on to the session of Q&A.
[Operator Instructions]
Good morning, everyone. Thank you very much for the participation of everyone. So let's start. We have here Andre Moreira, Director, President, Finance [indiscernible] technical. Director new businesses, Fabio Fernandes and Luis Alves implementation director who's remotely with us today.
Now let's start with some of the questions we've already received several of the questions. So let's start. But the first one comes from Luis Oliver.
Congratulations for the continuous improvement. How do you see the company in 10 years? And what do you do in relation to the competition.
We have almost 800 people here, but it's participating is very interesting. It's a wide scope. Well, Luis, thank you for your question. We have continuously annually in 2021, we launched our strategic planning. And one of the side -- one of the important parts of this within the strategic planning is growth. You've seen this in the results that Cristiano has just showed us the increment in the last years in the acquisition of lots we bought in the last 4 years, an important investment, BRL 4.5 billion and almost BRL 500 million. This is to maintain the sustainability of the country. And there are also other parts of sustainability. We talked about this in the beginning. Several topics of sustainability, efficiency of CapEx and OpEx. Just so you have an idea, last year, we had an improvement and efficiency of over BRL 10 million of OpEx. So this is already giving us an effect.
We also have regulatory we're participating in the renewals and the concessions. We have some concessions that at expiring in 2030. And we also have an important pillar with the governance, how to improve the governance of the country. So what I can say to you is that we -- and we're very well positioned with following our strategic plan. Of course, we revisit this every year. It's planning for 10 years and to continue delivering results and keeping the company healthy.
The next question [indiscernible]. It's a question about dividends that I believe is the question of a lot of people, and I'm going to direct this passion to our Financial Director, Leonardo. So how are these payments 2023?
Well, first of all, let's talk about the history of the dividends of the country and of the company. In the last 3 years, we paid over BRL 4 billion dividends. Just in the last 15 months, we've paid BRL 2 billion and in 2023, BRL 460 million. So the nature of the company is to be a payer of dividends. But we remember that the dividends are based on the statute of the company and the profit. So we have to pay at least 50% of the net profit. So the company will always look at these 3 things, opportunities, dividends, invest in new business and also the issue of leveraging. So this is the nature of the company.
I'm going to take the opportunity about -- talking about this and asking a question of [indiscernible] saying, why is the regulatory profit different to the net profit. Can you please elaborate on this because we have other questions about cash drop of profit.
Well, I'm going to try to explain this in an objective way. The net profit is account it's influenced by the IPC and specialty IGPM, the largest part of our assets. Now the net regulatory is the result. It's it is very related to the generation of cash. And this year, Cristiano presented the regulatory results, we had a significant increase due to the new projects where we invested in the last years and that were ready in 2022. So basically, this is the difference of the 2 types of profit.
I'm now going to give the floor to Luis Alves. He has a question.
Well, Congratulations. He has 2 questions. The second one, Leonardo has answered well, about the new acquisitions, what are the dates of delivery and the beginning of operations of PAR. If you could talk a little bit about this question, it would be very good.
So in this auction in December, we had the winners of Lot 3 and 5 and the 3 [indiscernible] The time frame is March and the PAR is BRL 10.7 million. Now the [indiscernible] also has a term of revitalization of the installations to March 2028 with a PAR of $167.7 1 difference of this lot 5 [indiscernible] with the signature of the concession contract. We have taken over the operation and the maintenance of the business, which is composed of 2 conversing substations with an interlinking to Argentina and also the operation and maintenance of BRL 370 million of lines, 500 KV.
From April on, we have the right of 72% of the PAR because that we won in the lot. So this is important for us, and we work and we have the time frame determined by ANEEL, 6 months and always looking for efficiency and the reduction of this time frame. So Paulo, thank you very much for your question.
The next question that we have is about growth, and I'm going to pass this on to Fabio. Okay, Fabio, the investor asks, what is the strategy of the company to continue acquiring Lots in auctions with good prices due to the competition in the sector and also the foreign competition that is coming along.
Thank you very much for the question. Yes, in Taesa, we think of growth, we think of M&A composition. We think this 365 days a year. It's in our planning in our DNA. And we have very intense work involving a lot of departments, a lot of people, a lot of collaborators of the company. It's work that starts -- we say when one auction finishes, we start thinking on the other one, and we work in a very integrated way with our engineering areas, supply area, the new business, all the -- everyone integrated to get the best synergy and the best opportunity in each auction in the year.
So this work of intense research of creative solutions in our engineering area, together with partnership and with the strategic partners, allows us to participate in the auctions in a very aware way, always observing our pillars as was mentioned of financial discipline, operational excellence. So always based on these pillars, we participate in a very aware way. And we're able to get gains in a significant way and with good profitability. So I think this is our secret. This is the way that we participate and imagine that we are 43 concessions spread in all Brazil this gives us capacity of getting synergy in the lots that are presented to announce. Thank you very much, and we are available for any further clarification.
The next question goes to Andre. It's about diversity and the topics, the results of diversity. These were reached organically or with targets.
Well, all thank you for your question. We always discuss this matter we incentivize through some targets, not only this, but all this project inclusion and diversity. We think that there's still space through observing the targets, the values of the company and the competencies that are necessary for this function. So all of this together, we've done an important increment in our publicity goals.
Thank you, Andre. I'm now going to give the question. We have a lot of questions. Some are repeated. We have one from-- this 1 minute. Here we are. Given the level today, it's from Julia of Santander. And the growth, how are we going to grow the dividends. I think if you can elaborate a bit more.
As we talked about it, so we recently got BRL 1 billion CDI plus BRL 1.5 billion to finance the asset that we got in the Lot 5 of December. So we noticed that even in the stress market this is always -- always has attractive rates? And how does this affect the company? It affects directly, but Taesa is always getting this balance. So also the [indiscernible]. Taesa has to grow. It's within our strategic planning, and we will have to go after this balance for the next years in the company.
The next question is about growth. We've talked about this, so I'm going to direct this question to you, Fabio. How do you evaluate the profitability to get a concession? Who was the investor [indiscernible].
As I said before, the study that Taesa does is a very detailed study for each one that we participated. And as Leonard said, our capacity of always getting funding, accessing the capital market, accessing banks. So you have a lot of -- you have a lot of things that can support these investments. and together with our technical expertise and our capacity of developing creative solutions. We put all this together, and we position ourselves always with getting enough return for our shareholders, and that gives us a good return.
So when we study -- this is all done in a very specific way. So Taesa participates and when we offer value, we know that this bid is something that we will have profitability that has to do with the market always looking long term and also with the rates that are practiced by the market. So we have this awareness and we are also always very careful so that we'll have the return that we want for our shareholders.
Now the question through Andre, which is are there any perspectives to invest in solar and wind energy or power.
We are not today. We don't have in our strategic plan, any perspective to invest in these 2 types of energy, wind and solar. What we evaluate what we would have some entry, some service of connection with transmission lines, substations, but not in generation, okay?
The next question is from the analyst of Itau. She asked, she would like to know the expectations for the next auctions, especially the one in June. And if we're looking at any specific block and if we are going to join a consortium, can you comment, please?
Thank you for the question. Yes, of course, we say that the next day after the auction that we participate, we already start looking at the next one. It's always the most important. The next auction is always the most important. So June is very important. We're talking about a total investment of BRL 16 million divided in 9 lots and all these lots, we don't have a clear definition of participation, and we're also evaluating possible partnerships due to the size of the loss. But we still haven't closed this, but you can count with the participation of Taesa for sure.
Now taking the que, I'm also going to pass on to you [indiscernible]. He talks about the expiry of concessions, and this is a drop of the [indiscernible] how do you see this and this will take place as we move forward.
I was able to clarify this. And the first question that was asked on our strategic planning. We already have this very well mapped. This proximity of 2030, we started having a drop in the wrap. But on the other hand, in the last auctions, I think we've already mentioned a lot. We have all this recomposition, which is already ongoing. So within this plan of growth of Taesa, we have forecast this recomposition given our perspective of maintaining ourselves as relevant actors of transmission in Brazil.
I'm now looking at the questions. Some of the questions are repeated. Some have been replied, answered. And when we talk about dividends and leveraging, so the question is the following: Safra analyst thinking in 2023, how do you see the perspective of supply of materials. I'm going to give this to our implementation director to answer.
This is always a point that we discuss -- and especially this year, where we have an estimate of BRL 130 million. Within this value, we have an investment of the -- which is a very specific equipment. So this can reach about BRL 30 million. So when we talk about the material, we have done several deals with several partners in Brazil, and we've also gone after other suppliers in other countries, especially in Europe and the United States, where we see that due to the time frame of these execution, we have lots of 48 months, 60, 66, so you are able in these lots to include the supply of these materials, but it's very important the prior work where we come into the bid with all this math so that we don't have any future risk in these businesses. All this is discussed in the pre-auction phase. But thank you very much for the pertinent question.
We're still going talking about the questions, talking about the good result, the excellence result. We're trying to see if there's any other questions that we can respond. So I'm going to give -- I'm going to now answer [indiscernible]. How is the company seeing the free market of energy and how does it interfere with the businesses of the company?
There's no interference directly in our business in the free consumer as we've been following this topic for quite a while. But one way or another, a lot of clients-- a lot of companies are wanting to improve the energy matrix buying renewable energy from wind and solar energy and also offshore wind, we are starting to discuss this. So this opens future prospects also for transmission with the interlinking of these parts through transmission. So not directly, but indirectly, yes, it's going to affect an increase the possibility of new investments in the country. Thank you very much for the question.
Well, we're reaching the end of our presentation. Some other questions-- repeated questions. Some people arrived late, but we also are at your disposal to answer individual questions later. There is a topic here that is always good to talk about, which is some people ask about -- if there's any new fact about Taesa [indiscernible] Andre, I'm going to-- Well, first of all, thank you for the question.
Our positioning is always the same. We've done the management of Taesa looking internally, improving the company in all aspects, and we have not talked about the movements of our shareholders. So what we have to say, we don't have a lot to say, but we can state that the management of the company works independently to the movement of the shareholders. Thank you very much.
Well, once more, I'm going to -- I have some repeated questions, but we are available to answer your questions, if you wish. Some people that didn't participate. It will also be recorded, so feel free. And the questions have ended here, and I'd like to give the floor to Andre for his final considerations. And so that we can close.
Well, once more, I would like to thank you for your participation. We'd like to affirm our commitment of delivering better and better results. capacity of transmission. We have this capacity reinforce this in a very responsible and disciplined way and taking care of people. we have this commitment to generally take care of people, guarantee safety in all the aspects related to the life quality of our collaborators, though that surround us the community, so take care of all the stakeholders and deliver differentiated value to our shareholders.
We will continue being a company that pays good dividends, invest in auctions and M&A processes and go after better opportunities. Congratulations to everyone. Congratulations to believing in us, and you continue believing we have a lot of good things coming in 2020.
Thank you to everyone. Have a great day.