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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.
Good morning, everyone, and welcome to the web conference of earnings results of the third quarter 2022 of ISA CTEEP.
We have in our web conference, Mr. Rui Chammas, CEO of ISA CTEEP along with Carisa Portela Cristal, CFO, ISA CTEEP and other directors of the company. We inform that this video conference is being recorded and will be made available in the IR website of the company, where you can find the presentation as well. [Operator Instructions] We highlight that the information contained in this presentation and possible statements that may be made during the conference regarding the business outlook, projection and operating and financial goals of ISA CTEEP, our release and assumptions of the management of the company as well as currently available information in the future. And forward, looking considerations are not assurance of performance. They involve risks, uncertainties and assumptions because they refer to future events and therefore, depend on circumstances that may or may not occur.
Investors must understand that general economic conditions, market conditions and other operating factors may affect the future performance of ISA CTEEP and conduct to results that materially differ from those expressed in such forward-looking considerations.
After the presentation conducted by the company, we're going to have the Q&A session. [Operator Instructions] We'd like to turn over to Mr. Rui Chammas, CEO of the company so that we can start our presentation. Mr. Chammas, you may proceed, please.
Good morning, everyone, and thank you for participating in ISA CTEEP's Q3 2022 Earnings Call. I'm Rui Chammas, I'm the CEO of the company. And joining me today are the Executive Directors of the company to present the earnings results we released yesterday and update you on the main subjects of ISA CTEEP.
So let's move to Slide 3. The company's third quarter was a time of many accomplishments and results that confirm our strategy focused on sustainable value. On Q3, we've energized 2 more projects. At the end of July, we've energized into [indiscernible] Paraguaçú, an enterprise that involved introducing a transmission line of 500 kilowatts with 338 kilometers long, connecting the south of the state of Bahia and the north of Minas Gerais. We have a 50% stake in the project in society with TAESA. The enterprise has a total RAP of BRL 143 million, and the result is accounted considering equity equivalents.
In early September, we also energized IE Biguaçu, an iconic and unprecedented project in the country because it is the only one to include transmission lines with air, underwater and underground stretches ensuring more security and reliability to the electrical power supply to the metropolitan area of Florianópolis. The project has an RAP of BRL 50 million and is 100% belonging to ISA CTEEP. And consisted in 57 kilometers of transmission lines and 1 substation in Ratones in addition to the extension of the Biguaçu substation.
Also, we have the highlights of our economic and financial results, which will be -- in which we will be diving more further with our CFO, Carisa Cristal. Our EBITDA has grown 31.5% versus Q3 '21 and recorded BRL 743.3 million in the same period, our net profit more than doubled coming to BRL 386.7 million. In addition to that, we've invested BRL 471 million this quarter. BRL 213 million of which were in retrofitting twice as much as we've invested in Q3 '21. This gives us good prospects for growth and future profitability.
Our management focused on generating sustainable value as well as our economic and financial results gave us 3 awards. The company once again was listed in the Valor 100 ranking list, promoted by Valor Econômico, a newspaper, which included now the ESG criteria. We ranked second in the overall list for the electrical power list and #1 in net revenue performance. We were also 1 of the 150 companies that most innovate in Brazil according to the Valor Inovação 2022 award -- organized by Strategy and Valor Econômico newspaper. For another year, we've also integrated the best and brightest ranking organized by EXAME Magazine.
In October, we were also acknowledged in the environmental and innovation fronts. We made the top 10 in the electric and renewable energy category in the top 100 open courts organized by 100 open start-ups. We're also one of the companies that most practice open innovation in Brazil for the fourth consecutive time. And for the third consecutive year, we were awarded the gold seal in our GEE emissions inventory, the highest level in the Brazilian program GHG protocol.
Let's move to the next slide, where I will talk about the company's growth performance. On the left-hand chart, we see the performance of our investments, and we can see that the pace of investments has increased. These will translate into increased revenue and margins for the company as our Greenfield projects are energized. In Q3 2022 growth was by 17.9%, in addition to investments in Greenfield projects, we also acquired other projects in auctions promoted by ANEEL. We've invested more and more in updating and expanding the capacity of our assets with retrofitting projects, which are designed to ensure the security of the electrical power service in the assets under our responsibility.
In the first 9 months of 2022, we've already invested BRL 538 million in retrofitting, 46% more than in the entire year of 2021. It's important to remember that a confection contract that's renovated brings responsibility and the opportunity to both maintain and update our assets, which we do by investing in retrofitting in addition to the compensation by additional RAP which allow us to reduce our operating and maintenance costs.
Let's move on to Slide 5 to dive into our Greenfield project. As you know, in the last 6 years, we've acquired 14 new batches in transmission lines. Of those, we've energized 9, 4 of which Aimorés, Três Lagoas, Paraguaçú and Biguaçu were in 2022 with average efficiency of 26% in our CapEx and average of 7 months earlier delivery. Of those projects still under construction, 2 are at an advanced stage.
In addition to that, we have 2 projects that we've acquired in late 2021 in the Triangulo Mineiro region and Minuano, which have entered the more intensive investment stage resulting in increased investments in our Greenfield projects. The projects that matured in the June auction had their contracts signed in October and are now in licensing stage.
Let me now turn over to Carisa Portela Cristal, our CFO, who will give us more details about our financial results in Q3 2022. Carisa, you have the floor.
Thank you, Rui. Good morning, everyone.
I'll start my presentation on Slide 6. The company's net revenue grew 21.2% in Q3 '19 -- this event has led to operational affinity with positive update on PMSO on the ramp of '21, '22 cycle, the start-up of reinforcement and improvement in the Greenfield projects and the higher value of installments of adjustments. In additional, in July 2020, we had the partial recomposition of RBSE revenue after re-profiling of our financial component in 2021.
A topic that we have discussed since last year that impacts the tariff cycles of '21, '22 and 2023, continued search for efficiency and cost management allow the PMSO of Q3 '22 to decreased 0.4%. This result is explained by the lower personnel costs due to the great dedication of the technical staff to projects and extemporaneous credits social security contributions. In addition, there was a temporal mismatch in the signing of the collective beginning agreement, which is normally signed in Q3. And in 2022, was signed in October, therefore, should have greater impact on Q4 2022. As a result, EBITDA grew 31.5% in Q3 2022 and totaled BRL 743 million. Profitability also grew and advanced 6.3% points to 80.9%.
When analyzing the net income chart in the lower right corner of the screen, we see that in addition to the operating results, the financial results also had an important impact on the profit of the company with the increase of [ CLEC ] and deflation of BCA had higher positive impact in the expenses and reduce the impact more offset the combination with an impact of BRL 33.3 million. I also comment that the result of equity of the company that is a result of nonconsolidated subsidiaries grew BRL 53 million in the third quarter, impacted mainly by energization of Aimorés and Paraguaçú in addition to the readjustments of the RAP cycle. As a result, we ended the quarter with a net income of BRL 387 million.
We're going to move to Slide 7, please. On this slide, I have a picture of the company's indebtedness. We ended Q3 with a gross debt of BRL 8 billion and net debt of BRL 7.3 billion. The company continues guided by financial discipline where all its investments accumulated in the first 9 months of the year totaled BRL 1.4 billion, and we were funded by own cash generation and a slight increase in debt of about BRL 250 million. The increase in debt that I just mentioned also takes into account the progress in macroeconomic indicators, IPCA and CDI, which are the main indices of our debt contributing to the increase in the debt balance. As a result, the company's leverage ratio measured by the net debt EBITDA ratio was 3.11x at the end of the third quarter. The Q3 results reinforce the good perspective that we have in relation to our operating cash generation which should continue to evolve with the energization, both the Greenfield projects and reinforcement and improvements and also with the recomposition of the RBSE receipts. The company continues to constantly assess its capital structure and growth opportunities with the aim of maximizing shareholder value generation.
I end my presentation here, and I give the floor back to Rui.
Thank you, Carisa.
Before concluding our presentation, I would like to address and provide an update on our ESG agenda.
Let's move on to Slide 8. the Jaguar Parade project is still in progress and the sculptures that were sponsored by ISA CTEEP are now being auctioned. 100% of the amount collected will be to the projects, the Jaguar and its EBITDA in several Latin American countries. We also invested approximately BRL 1.7 million in the acquisition of mobile equipment to recycle the oil use in our transformers, an essential item for keeping equipment cool and insulating electric parts and ensuring it's full operation and with the recycling of the equipment, we can avoid the disposal of approximately 600,000 liters of oil per month. A major reduction in the environmental impact of our operations.
In the social sphere, we continue to evolve and encouraging various initiatives to promote culture. Among the initiatives we have been supporting and I'd like to highlight are my [indiscernible] stationary projects that seek to approach people of all age brackets and social groups of the population. We also continue to seek to increase our representation and diversity in our workforce. As a result, in the third quarter, we became part of the Teva Women in Leadership Index, which is the first index in Brazil that selects companies with greater female representation in senior management positions.
We may move on to Slide 9, where I continue to talk about ESG. As we analyze our main indicators, we see that we continue to make process introduction of SF6, the gas with insulated properties, bought in for our operations, but also with high potential of global warming. In the third quarter alone, the losses decreased by 27.4% despite the higher water consumption observed in the Q3, accumulated results for the year also shows a reduction of 4% when compared to 2021.
We have identified the pace of training on anticorruption policies and procedures. And in September '22, we've reached practically all our employees much earlier than what we did in 2021 when we trade practically all our workforce or our team. We continue with the majority of executive Board made up by women, and we see greater balance in the total step which currently has a participation of 15% for women. At this quarter we started to disclose new quarterly indicators in our earnings release. They also follow the UN SEG guidelines and can be accessed by the QR code on the side of this slide.
Moving on to the next slide, please, to conclude the presentation. I bring on Slide 10, a summary of everything that has been presented out so far. Having as our strategy, sustainable value-creating, having ESG as core in our strategy. Our company continues with high profitability, strong cash generation using its resources for growth, with opportunity of projects and improvements analysis of opportunities of [indiscernible] payment of dividend, sharing value with shareholders and having the base of our operations, permanent search for operating excellence and financial management that is extremely disciplined, that is materialized in the investment grade. The company has in the Fitch list where we're still listed us AAA in Brazil.
Happy to be presenting the results of the third quarter. I thank you all for your interest. And now I turn the floor back to the operator so that we can start a Q&A session. Thank you very much.
[Operator Instructions] Our first question comes from [ Fabio Guido ], an individual investor.
Good morning, everyone. Congratulations on the solid results for this quarter. At this point, your leverage is 3.1 points. What's the target for the next quarter when it comes to leverage? And when will this leverage will be drastically reduced? That's Fabio's question.
Fabio. This is Carisa Cristal. So to your question, the company does have a 3.1 leverage this time. And you've noticed that it's been declining over time, but the company does not work with a leverage target. What we do is to look at the company's financial health. And we understand that at periods of intense investments, this is a comfortable leverage standard, and we believe that it would be healthy for the company to reach as high as 4.5% of EBITDA in terms of leverage. So we do not have a target even though the increase in our EBITDA in recent times may lead to a reduction in that sense, depending on what the environment looks like.
Our next question, also from Fabio, individual investor is, how will the vesting of shares will look like for the years 2022 and 2023?
Fabio, this is Carisa again. We expect to announce our compensation until the end of 2022, and we will continue to adhere to our practice of paying at least 25% of the regulatory net income.
Our next question comes from [ Aces Olivera ], another individual investor.
He has 2 questions. First question. What has been ISA CTEEP's RAP-to-investment ratio in its investments in reinforcements and improvements? Has it been above the average 17% for ANEEL?
The second question is, there's still a large number of white people among the company's collaborators with a high rate among leadership -- in leadership roles and with a little change from last year. What is the company doing or what it plans to do to improve this ratio, especially in leadership positions?
I will be taking your first question about the RAP to CapEx ratio and our investments. Our reinforcement and improvement investments include a range of characteristics. So the RAP to CapEx ratio ranges a lot from 15% to 20%, give or take of our ANEEL-based CapEx. Now when we compare that to auction projects, these show higher profitability. And as we've been using as benchmark, these batches have shown profitability of over 2 digits or -- of at least 2 digits. So that's the -- these are the benchmarks we're working with in the projects within our portfolio.
Yes, I'd like to take the opportunity and add to the second part of the question. I'm really happy to hear a question in our investors call about the diversity issue within ISA CTEEP. Granted, we have been devoting significant effort to bring diversity into the company in such a way that we may reflect our society. Today, we have 25% of employees that self-declare as non-white against 48% in the entire population.
So we are not precisely mirroring society, but in September 2021, we hired 148 people. 28% were non-white. In 2022, of the 270 people we hired and because of our new projects, we are growing that employee base and also because of the generational transition with a large number of people retiring, we've already hired 38% of self-declared black and non-white people. So the fact that we have a more diverse pool of employees has showing its results. And we want our people to really feel included in our company. So thank you for your question.
Our next question comes from [ Gustavo Roberto ].
He asks, congratulations on the company's performance as well as the clarity that was given by the company's investor kit. With regard to reinforcements and improvements, I'd like to ask whether the existing licenses that -- which amount to BRL 5.5 billion already have a corresponding RAP?
I feel like this question was answered by Silvia previously. Silvia, if you could go back to this and maybe reinforce what you said.
Of course. So our reinforcements and improvements include a range of characteristics. So we have both large projects and small ones. Those of large-scale have a preset revenue. It's preset by ANEEL when it auctions the project and the smaller ones, the rate is decided afterwards. On average, we work with an RAP-to-CapEx ratio between 15% and 20% of the ANEEL benchmark. Now because we have a very scattered portfolio, we do not monitor that on a project-by-project basis, so we can't give you an overview in that sense.
Yes. I think that -- let everyone on the call know, we have our Greenfield projects that we've acquired in auctions and they have an RAP to CapEx ratio that's well known and which we have communicated as we said, they've come to 2-digit figures. And these have grown significantly as we've shown during the call and their profitability far exceeds green -- other Greenfield projects that we've acquired in auctions.
Our question comes from Andre Sampaio, a sell-side analyst.
Andre asks, could you update us on the removal of substation Centro from the 059 Contract? How does the company plan to counter on ANEEL's decision?
Andre. First of all, the -- the court has not decided whether that will be part of the auction in December. But I think it's also worth mentioning that we've been discussing with the court and ANEEL because we understand this is a very complex project, and it would make more sense for someone who already knows Centro station to operate it. Now should ANEEL and the court decide against us, we -- or actually decide for us, we would have to look at what the conditions they will have for that because there's a small share of our project that would have to be considered.
We are still analyzing that. We still do not have an answer, but should that project go up for auction, this is a very complex project. And the indemnization for this small decrease in the 059 Contract will be appropriate.
Next question comes from [ Amadeo Grandineto ], an individual investor.
Amadeo asks, is there any future risk in the electric power industry for companies that have the option of going for solar energy by themselves and for companies -- for self-owned companies and for residences? And is there a net zero carbon emission project for TRPL?
I see no risk in the adoption of solar energy transmission. Would we have seen is that the renewable energy grows. Non convention, solar, wind makes it more important and more vital to the system, the interconnection that ensures that when you have any kind of intermittent transmission or intermittent generation. We have access to the energy generated elsewhere. I'd say that the growth of renewable energies -- intermittent ones brings in fact, an opportunity for energy transmission. There won't be energy transition without very extremely robust transmission. This is what we see for the number of auctions that are expected for the forthcoming years. I see the connection of intermittent energy generation with consumer centers.
Our next question is from Ms. Eva [indiscernible], an individual investors.
And his question is, with the growth of solar energy in the near future, can it actually hinder the revenue of the company?
We don't realize at all this risk. Even we have very clear regulation that defines how the transmission infrastructure is compensated, and we understand that our business does not depend on the energy volume that we transmit and the type of energy that is the feature of the transmission business, but we do not see such risk.
Our next question comes from [ Antonio Marcos Ernida ].
And his question is, considering more challenging scenario in transmission with more aggressive competition. So is the company thinking about diversification and investing in others? If not, how do you intend to face more aggressive competition?
Thank you for the question. I'm Silvia, I'm going to answer your question. Regarding new businesses, we follow the evolution, the development of our industry. We understand that although there's still a great room for growth in transmission that we have planning of expansion that expect over BRL 50 billion investment only in the next 2 years. So it is an amount that is quite considerable. And we are attentive to the changes in the energy sector, which is also including energy transmission.
So as Rui mentioned, the increase of renewable energy in remote places and the very feature that is decentralized, that is changing the profile of our network brings new opportunities for growth and not necessarily generation.
When we talk about new technologies, we already have a [indiscernible] project that even though this -- that we're doing in [indiscernible] actually being fit into a legal framework as a reinforcement of transition, it is a great learning for us in terms of technology, operations of this asset that we intend to expand as well for our other users according to the development of regulations.
A great candidate for the use of batteries is the very capacity reserve auction, which now has pointed that it will seek greater technological neutrality, considering that last year, this kind of auction was reciprocal and we have studies that [indiscernible] batteries, depending on the system's needs and as this need for some hours, up to 4 hours batteries are quite interesting option. So we have studies towards that. We're getting prepared for this and following and contributing to the development of regulations in the sense.
As to competition, we have, yes, faced an environment with great competition but we start seeing a change in the scenario that we've observed actually in the June auction. Although we've had a certain price mismatches that have been quite high when we compare to previous auctions, you see a change in the profile of competitors. So we are talking about competition between large companies, traditional ones in the industry. In addition, we have a major change in the macroeconomic scenario with the increase in interest rates. So this competition scenario is also something that tends to change over the next few years.
Our next question comes from [ Bruno Ferreira ], Individual Investor.
Congratulations on your results. Could you give me an update on the projects that involve the use of batteries? Would it be possible to explain to what extent this is a pathway of value generation? What is the time horizon this beneficial effect will be felt?
Thank you, Bruno, for your question. As Silvia mentioned, the company is currently carrying out the largest battery project that will be connected to the basic network in Registro and the total -- all the batteries are there at the plant. They are being installed. And currently, what we're doing is connecting everything -- or the batteries and we started the test phase and everything is happening according to the plan of the project. The project will be ready to serve next summer in the south coast of Sao Paulo state. For the second part of your question, Silvia has already answered part of it. The company is already -- has already had the experience in the battery project. So it has been a very good learning experience that makes us have very good capacity for the future, as Silvia mentioned, for the future, and we have also possibility of participating in auctions, and we have capacity reserve.
Our next question is from [ Bruno Ricardo ], Individual Investor.
2023 will be important for auctions. What will be ISA CTEEP priority, actually having new batches or trying to invest more in reinforcement and improvements?
I think it is -- well, thank you, Bruno, for your question. Bruno, I guess, I think it is first important to understand the rationale of investments, a reinforcement and improvements. We have assets at hand and the responsibility of keeping them at the best way possible. Since part of our assets, especially in the state of Sao Paulo already at the end of their shelf life, we have to manage the assets, update them which ends up transforming into responsibility/opportunity. So reinforcements and improvements that are made according to a matrix of criticality where we have change of equipment happening according to the real need.
It's not because we just want to make investments. They are necessary to ensure a good service out our network of 128,000 kilometers and the 16 station plants that we have. So this investment comes naturally planned over time. We are assuming that we're going to have BRL 1 billion investment in reinforcement improvements the next 5 years when we analyze this asset management and criticality matrix.
So as we've mentioned previously, they are investment considering their complexity and granularity, they have a return that is even better than Greenfield projects that have another feature. Greenfield projects have the feature of expanding or extending our midterm of concessions -- average term of -- so if you get one for 2023, so we have the RAP by 2053, extending the average term of our concessions in our portfolio. In addition to allowing to put into [ practice ] operating synergies that are interesting that we have in our operating network.
So these are 2 types of investments that do not actually compete each one with their own features and their own features, keeping the focus of our company in different ways. So we have different teams that make the 2 types of investment, which is very important is that regardless of the type of investment, all of them are analyzed in a very disciplined way from the operating and financial standpoint to ensure value generation that will materialize in our results. Thank you for your question.
Our next question from Pedro, buy side analyst of SPX.
Thank you for the call. Carisa, If I heard correctly, you've mentioned that the leverage of the company could reach 4.5x -- having a limitation of a covenant of 3.5x, correct?
Yes, Pedro, you heard it quite well. We understand the company currently at the time of growth is with great leverage of up to 4.x net debt EBITDA. And actually, we have contribution of [ debentures ] covenant that is most restrictive that we have of 3.x net debt EBITDA. But very much in line with our growth strategy. Recently, we -- we called [indiscernible] of this debenture, and we restructured the covenants, quite innovative one. And in it, we renegotiated a trigger that is very much geared to our growth strategy, which in a current normal situation, 3.5x.
And if the company identifies a growth opportunity that makes sense of an acquisition of a new company, this leverage increases, the covenant increases and then we have a step of gradual reduction. That's why we say that up to 4.5x, we understand it makes great sense at the time of growth of the company, right? And obviously, we're always looking very strictly at the profitability of projects and value generation for the company.
Our next question comes from [ Gustavo Roberto ], Individual Investor.
Does the company see any regulatory risk with respect to the compensation of retrofitting and improvement projects?
Thank you for your question, Gustavo. The regulation on improvements in reinforcements in renewable energy or in companies that have renewable aspects such as ours does or even in concession contracts that are renewed, we see no willingness from the operator in changing the existing regulation.
Our next question comes from [ Marcus Mottos], Individual Investor.
In the presentation, you showed that there are 2 works which are delayed compared to the deadline provided by ANEEL, what's being done to accelerate its conclusion? And when do you plan to finish it?
Thank you for your question, Marcus. Yes, you are correct. As you said, these are the projects in Ivai and Itaúnas. The Ivai project is currently at its energization phase for the largest stretch, which will account for 80% of the project. So it's just a matter of days and the rest should take another year. So the Itaúnas project is also -- has also been completed. And right now, we are at the testing stage before energization. So the Itaúnas project is also expected to be ready by the -- in the next few weeks.
So about the measures you asked and whether we've taken any -- with many of the third-party companies that work with us that were so impacted by the pandemic, we had to reinforce the teams working in these substations with additional outsourced vendors. So with all of that, we will be able to have those projects ready in the next few weeks.
Our next question comes from [ Axis Oliveira ], an individual investor.
He asks, is there any update from the company about the situation of the revision of the RBSE calculation that's being discussed by ANEEL?
Thank you for your question, Axis. The RBSE issue was defined by ANEEL in the process that took place in 2020 creating a new way to pay the contribution, which at the time was considered as being shielded by the agency. By mid this year, the topic came to the table for discussion again, and there were special discussions around it in July and August. And after the more intense discussions, [ Ibrahim ], Director of [indiscernible] departed. So now I see these discussions taking place any more serene way with the company being very much present and also all of our colleagues in the sector, that work with RBSE.
So the topic is still being discussed. It's been a constructive discussion where all of our points have been listened. So we believe that this was an issue that was solved during the readdressing stage. So they are still pondering our arguments. There's no other point to make other than that.
Our next question comes from [ Alberto Zendavali ], an individual investor.
He asks, I've read that ANEEL plans to reduce or to shorten the concession times. Why would that be?
Thank you, Alberto. I will answer your question with -- the next question from [ Emerson ], which is the average time for delivery for the company's concession. That's in our earnings release for all the concession projects that we operate.
Today, concession projects in Brazil have a 30-year limit. And I know of no plan to reduce that. However, that shortening of concession periods would not be a work of ANEEL. It's not the regulating agency, but rather the controlling power that defines that. In our proposition to reform the sector, we have the proposal to actually extend that concession deadline to 35 years. So this is precisely what we expect in terms of the average lifetime value for those equipment -- pieces of equipment that you use.
So I would say that 27 years would be ideal, but more than 35 years, you would need more intense management of your equipment. When you change from 30 to 35, you have an advantage for society in that you have less investment throughout the entire concession period so you can operate those assets in a better way.
With no further questions, we will now conclude our Q&A session. I will now turn the conference back to Rui Chammas, who will make the company's final remarks. Rui, please, you may proceed.
Thank you. I'd like to thank everyone for your interest in our call and for the interactions that you've had with our IR team, and our team is available to continue to provide all the information about our strategy and how we operate and our plan to generate sustainable value for all our stakeholders.
So thank you. Have a great day, and let us know if you have any questions. [Statements in English on this transcript were spoken by an interpreter present on the live call.]