Good afternoon, ladies and gentlemen. Welcome to the teleconference of Alupar for the discussion of results related to the first quarter of 2024. The slides and the recording are being streamed in English, and in case you want the interpretation, you can click at the bottom and choose the channel you would like to listen to. The presentation is also available, and all the speakers will just be listening to the presentation, and afterward there will be the Q&A session. We have uncertainties that cannot meet the expectations or be different from what people desire, and the company doesn't need to update that. So we have here José Luiz de Godoy Pereira, the CFO of Alupar, and Mr. Luiz Coimbra, the investment superintendent of Alupar. Now I'll give the floor to Mr. Luiz Coimbra, so please you can continue.
Good afternoon, everyone.
Thank you for the participation here on this call for the first quarter of 2024. I will start with the highlights for Q1 for this first quarter: the status of projects, the financial results for the first quarter, profit allocation, and for the last one, the capital markets. I will start with Slide three. We had the first event we had on April 19th, we had our EGM, and then we had the value of BRL 347.4 million, which is BRL 1.14 per unit. And out of this value, BRL 36.6 million, which is 0.12 unit, has been already paid for the second and third quarters of 2023. And the next value, which is 0.78 per unit, will be paid until July, and the shareholders are the ones who were registered in the base of the company on the EGM, which was held on April 19th.
Continuing with the results, which was approved on April 19th, a stock bonus, which is BRL 362.8 million, and the value was of BRL 9.92 per share or BRL 29.76 per unit, and the bonus was 40%, and the shareholders on this EGM received this amount on April 24th. Going to the 5th slide, we have some actions, which was the Lot 15 of a new auction, which was on March 28th. We had a line of 509 km in Minas Gerais, and then we have a capex of BRL 1.3 billion, which will give a return to the company of BRL 64 million, and then it was the ratio was 11.7, and this new asset is for 2029. Now we have the status of projects, which are all the projects here for last year that haven't been started yet. We will start them this year or next year.
We have three projects that are a little bit more ahead. The first is in Colombia, so 96% of physical advance. Then we have the license of some towers. The second one is TNE, that you know very well. We started this in the end of last year. It's on the schedule. We have 28% of physical advance, which is T NE. We are working inside the indigenous and outside the indigenous reserve. The other one is the ELTE, which we have 48% of this. Then going to the next one, we have the Manoel da Nóbrega Substation, with like BRL 13.3 million is a reinforcement for this, and then the physical advance is 48% of this revenue. Now going to the eighth slide, we go to the financial highlights. Our net revenue for this quarter is BRL 96.5 million.
We had the two main impacts here on this revenue for transmission. The first was the increase of 26% of structure because of the implementation of ELTE, which we had more investment in this period. Then the second was the reduction of 32%, basically because of the money of the currency correction. Then comparing to the first quarter of 2023, the IGP-M was the total of 0.29% in the view of the 0.60, and the IPCA was 1.83% compared to the 2% that we had last year. When we look at the EBITDA, it was aligned to the first numbers of 2023, which was around BRL 900 million. I will highlight two accounts here.
This reduction that we had here on the net revenue, we had also an increase for the asset, which was around BRL 15 million, because of the TNE, which was impacted on this number of BRL 301 million because of the scenario that we have today. When we look at the net revenue, it was BRL 254 million. There was an increase of 10.5% compared to the quarter of 2023. Going to the next one, we have the regulatory results, which was BRL 795 million for the transmission. The revenue had an increase of BRL 2.0 million. We had the homologation in July of 2023, and the IPCA was positive, but on the other hand, we had the other the IGP-M, a decrease for them, and we had a reduction of BRL 5.2 million because of the reduction of the other revenues.
In the first quarter of last year, we had the whole revenue for the whole year, which was the revenue that is available for the transmission line, and this quarter we had only for this period. When we look at the EBITDA, it was the total of BRL 609.2 million, which is a very good number comparing to what we had last year. The main impacts here on this account is the reduction of BRL 4.2 million that I have mentioned. We had an increase of BRL 2.7 million of personnel costs. Basically, we had the operation of three new assets, the wind energy park in São João, Santa Régia, that we started last year, and the solar one that we had in the beginning of this year.
Besides this impact, we also had an increase of our result, another interesting account that is very important to highlight, which is the equity pickup, which was a BRL 2.7 million increase because of the improvement of TNE increase. So in 2023, we had the recognition of this balance of Boa Vista, which also impacts some other parks. Here on the right, we have the growth, and there was an increase of 6.8 comparing to the same period last year. And the main accounts here I will detail too. One is the deduction that had an increase of 7% because of new projects such as the wind and the solar ones, and also the reduction of BRL 30.5 million on the financial result, which was positively impacted on the main index that we have, which is the IPCA that is responsible for 48% of our debt, and the CDI as well.
Now we have the indebtedness of our holding, which has a number of BRL 680.4 million, which is a negative debt of BRL 397.6 million, and the debt that we have consists of only one debt, and it's 100% debenture issuance. Now in the fourth quarter, we'll have 50% of this debt will be done. Now we have this consolidated debt, which closed in the first quarter with a balance of around BRL 11 million, and a cash of BRL 299 million, with a net debt of BRL 8,734 million. When we look at this consolidated debt, most of our debt, which is 48%, that is for the IPCA, following the CDI with 34%, and the currency closed with 12% of the company related to the projects that we have in Peru and Colombia. Now going to the next one, we have the profit allocation for this first quarter.
According to our policy that was approved in the end of 2024, the board of the company recommended to distribute the dividends, which is BRL 66.6 million, which is BRL 0.21 per unit, and the payment will be done in 60 days from approval. Then these stakeholders that were on the base of the company, which will be on May 16th, so then they will receive this amount. This graph on the left, we show the evolution of the dividends. Remember that last year was a transition for our policy. When we look at the first quarter, we paid BRL 36 million, and now we are paying BRL 66 million, which is an increase of 82% comparing to the first quarter of last year. The payout was much higher, which was 26%, always based on the regulatory number, and in this first quarter is around 45% the payout.
And now the last one, we show the evolution of the company for the capital markets. The ALUP11 has a devaluation of 0.78%, the IEE, which is the energy index. There is another devaluation of 6.89%. Ibovespa has an accumulated devaluation of 47%, and some 4.47%. Our financial volume is BRL 25.9 million, and I close my presentation, and then we can go to the Q&A session, okay? Thank you. Now we'll start the Q&A session for investors and analysts. So in case you wanted to ask a question, raise your hand. And then in case your question has been answered, you can lower your hand. And our first question comes from Victor. Your mic is on.
Good afternoon. Thank you. I have two very simple questions.
I would like to know that for 2024, we can expect that the payout will be in the same level as it was last year, or if the payout would increase, how does the company want to leverage this? And the second is for the auction that we have in September. I wonder if the company has been studying something, and if they will be together with another company as they did last year.
Thank you. Good afternoon. Related to the first point, yes, we will continue working on our policy for dividends, and our expectation is to keep this policy to give more visibility to the investors. Related to the second point, it's still early because the auction will be only in September. We study the possibility of participating in it, so we still don't have a clear view of it.
We don't know if we will work as partnership. It's very early to say something about it, if we will work on it and how we will do it, so.
Thank you.
Our next question comes from Mr. Daniel Travitzky from Banco Safra, so your mic is on. Hello, good afternoon. Thank you. I'd like to understand a little bit more. When we look ahead at this auction business, we had a sequence of large auctions for transmission. Now we'll have the next one, which will be smaller. How do you see the future for those investments? We see that there is a. Maybe we can wait like some. I just wonder how this will be. How you see that for the country? If you can talk a little bit about the opportunities that you have seen abroad, it would help me. Thank you.
I think that we've had a period of several auctions for the last two years. The two last ones were stronger. I believe that for the next two following years, as we hear, there will be the same. Actually, the speed will be lower, and then it will depend on the characteristics of the market, the economy. I know there are some plans for other projects, even another continuous line project, which is something very important. So we will be following this. And abroad is the same thing. The markets are smaller than the Brazilian market, and we've been looking at those opportunities, projects, and then we are trying to see how we can have the best performance, to be more competitive and have better conditions to deal with this return. Thank you. The next question comes from Mr. André Sampaio, and he says, "Good afternoon.
Could you say something about the interest of Alupar for new markets? The idea is to keep only Peru, Colombia. Colombia, does it make sense to look at the USA? We already have an international presence. The first project that we had abroad was in 2006, so it's been more than 20 years, actually almost 20 years. So we've been working on the Latin market. I think there are other opportunities in this market, as well as in other countries, but we've been focusing on those three markets because they represent 40% of the GDP of our country. So we have a relevant presence there. The American market is something that is more complex. Everybody knows that there is a very big demand for the grid reinforcement, especially because of the artificial intelligence, as well as the migration from the fossil fuels.
But then there is something that has to be analyzed. A gente, no passado, já olhou, chegamos até a participar. We have already been in a bid, which was in Canada. I think that it can be something interesting, but of course that it has to be studied well. The next question comes from Peterson Silva from L4 Capital, and he says, "The transmission sector has historically been known for distributing dividends to its investors. What dividend yield does Alupar consider to be a reasonable return for its shareholders?" We have disclosed a policy for the payment of dividends last year, and then we work related to the growth that we have. So it will depend on the growth, actually on the profit that we have. And according as it grows, we try to increase that. And then we've been able to provide the growth of our revenue, of our results.
So if we have a very high dividend now, and then we'll have to decrease this dividend ahead. So that's why we prefer to work with stability in order to make the company grow even more and pay the dividend to the shareholders as it grows. Remember that in case you want to ask questions, raise your hand. In case you want to write it, use the Q&A button here. The Q&A session is closed. Now I'll give the floor to Mr. José Luiz to do the final remarks. I would like to thank you, the participation of everyone here in the disclosure of the results. And I would like to invite you, if you want to learn more about it, our IR team is available to talk to everyone, even though you're not a shareholder. But in case you want to become one, we can help you with that.
Thank you. Good afternoon, and see you in our next presentation. The Alupar conference is finished, and I thank you for being here, and good afternoon.