Good afternoon, ladies and gentlemen. You're welcome to Alupar's teleconference to discuss the Financial Results of the First Quarter of 2023. The audio and slides of this conference are being simultaneously transmitted over the Internet on the company's IR website, ri.alupar.com.br. The presentation is also available for download. We inform you that all participants will be on listen-in mode only during the presentation, then we will start the Q&A session when more instructions will be provided. If any of you need assistance during the conference, please dial star zero and an operator will assist you. Before proceeding, let me mention that forward statements are based on the beliefs and assumptions of the company's management and on information currently available to it. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur.
Investors and analysts should understand the conditions related to macroeconomic conditions and other factors also could cause results to differ materially from those expressed in such forward-looking statements. In this teleconference we have José Luiz de Gudoy, our CFO, our IR, Luiz Coimbra. Please, Mr. José Luiz, you may proceed.
Well, good afternoon, everyone. Thank you for being here at our meeting for the presentation of the results of the first quarter of 2023. I'm going to open the session by discussing the most relevant topics we've had throughout this period. Then after that, I turn over to Luiz Coimbra, our IR superintendent, who will make comments, and then we'll open for the Q&A. We can clarify any aspect you wish about the company or the market.
I'm going to start with the most relevant factors we've had in the first quarter, starting on page 3. The first one was the signature of the TNE shareholder agreement. It is a company with a specific purpose responsible for the transmission line, which will connect to Boa Vista, it is being signed by Alupar and Eletronorte. This agreement determines how the management of the company is going to be during this period. In Bahia, this is a partnership between Alupar and APAETE. This was the last project we had together with APAETE, and we still had the option to buy. As you know, we had an option to buy 30% of the APAETE shares, and this was done now. In the past month, we purchased 14% of the social capital.
The project is 466 km long and an RAP of BRL 66 million per year. The third subsequent event was the extraction license for the Alt project with Rongoni and other substations on the coast of São Paulo state. We also have Manoel da Nóbrega and an additional segment with Rongoni and another segment. With what we obtained recently was the license for the Manoel da Nóbrega segment. After that, we will only have to issue the license for the transmission line of Domenico Rangoni, which is in the northern shore of the state. It is, it has an RAP of BRL 67.8 million per year and an estimated reinforcement of additional BRL 13.2 million. The fourth relevant event in the period was the dividend payment.
They were approved, actually they haven't been paid for yet, they were approved on April 17 during our assembly. Payment should be made on May 16, 2023. I would also like to highlight that this dividend was equivalent to BRL 1.44 per unit. I will show you what we've paid in the last 4 years, this was the largest amount, the largest payout of dividend made by the company throughout this period, BRL 1.44 per unit. Finally, the fifth relevant event in the same meeting on April 17, we paid our shareholders in the order of 4 shares for every 100 shares owned, therefore we issued 35.2 million shares, which will be distributed among the shareholders who were at the shareholder basis on April 17, 2023.
Every shareholder will receive 4 shares for each 100 shares they own. I now turn over to Luiz Coimbra. He's going to talk about our numbers. At the end, we'll open for Q&A. Thank you very much.
Good afternoon, everyone. I thank you for the participation in our teleconference for the first quarter of 2023. I'm going to start the presentation on slide number 9. I will move on with the regulatory numbers. I start on slide 9 talking about net revenues. It was BRL 1.004 billion. We had a reduction when compared to the first quarter of last year, resulting from the monetary adjustment because of the macroeconomic factors.
In this first quarter, we had 0.4% when compared to the first quarter last year. IPCA was compared to 3.20% in the same quarter last year. When we evaluate our EBITDA, it totaled BRL 811.6 million when compared to BRL 1.131 billion last year. This reduction in revenue I've just explained. We had BRL 18 million in other expenses. In the first quarter of last year, we had an extraordinary revenue of BRL 16.9 million because we received a reimbursement by the project insurance company. When we evaluate profits, it totaled BRL 270 million. We had an impact of our EBITDA and an increase in BRL 69 million in the financial results. Now we're going to show you our regulatory results.
Our net revenues totaled BRL 795, a growth of 11.5% when compared to the same quarter last year. This results from the ECTE transmission line in February last year and also readjustments of 11.63% for contracts that were indexed based on IPCA and also the contracts that were indexed according to the IGP-M. When we analyze our EBITDA, it totaled BRL 674 million this quarter. We had a growth of 8.1% when compared to the first quarter of 2022. The main impacts here were the increase of BRL 88.3 million in the revenue that I just explained. We also had an increase of BRL 17.7 million in other With the same impact we had with profits, and this was included in other revenues.
We had a revenue of BRL 16 million that were received because of reimbursement made by the insurance company. When we analyzed the net profit, it totaled BRL 144 million this quarter. We had an increase of BRL 59.3 million in the financial result. There was an impact of our expenses due to two reasons. First, we had an increase in CDI, which was 12.3% accrued in the first quarter this year when compared to the 39% in the amount accrued for the first quarter of 2022. You also suffer the impact of our exchange rate. In the first quarter last year, we had a valuation of Novo Sol, which is Peru's currency in place of the dollar of 0.2% with a positive impact.
This account of BRL 59.4 million. This quarter, the Novo Sol had a much lower currency exchange rates. Moving on to the next slide, we can see the indebtedness. The controller included a gross debt of BRL 68 million. The cash was BRL 1.011 billion with a negative debt of BRL 308 million. Also we have a seventh issuance of debentures. It will be due in 2024 and 2025. In the next slide, we can see our consolidated debt. The gross debt was BRL 11.7 billion. We closed with a total debt of BRL 8.705 billion. In terms of our consolidated debt, most of our debt, 48% is indexed to the IPCA, followed by CDI with 33%.
For the Colombia and Peru projects, they closed this quarter with 6% of our total debt. In the next slide, we can see our dividend policy, which was approved in 2022. The board of the company recommended BRL 33.6 million for dividends corresponding to BRL 0.12 per unit. Payments will be made to shareholders within 60 days of approval date and will receive these dividends, those who have been enrolled on May 15. In the next slide, we can see the company performance in the capital market. Alupar shares had an increase, as you can see here on the graph. IBOV had a depreciation of 0.8%. I also like to highlight the financial volume.
We had an average accrued of BRL 28.8 million negotiated per day when compared to BRL 25.6 million negotiated daily in the same period of 2022, representing a growth of 12.4%. With this, I end my presentation, and we can start our Q&A session.
We will now begin the Q&A session for investors and analysts. If you wish to ask any questions, please type star one. If your question is answered, you can exit the queue by typing star two. Our first question comes from Rafael Nagano, Credit Suisse.
Good afternoon, everyone. I have two questions. One is regarding TME. And I apologize if you have already commented about this, but I had problems connecting today. I want to know about the reductions of TME so that we can have more investments.
The second question was regarding lot C in the second auction. I would like to know if you've had any progress with that.
Regarding ATME, the agreement was signed. This reduction happened naturally. We still do not know what our final position is going to be. It depends on the total capital amount, and we'll have to see whether we'll have to leverage it within APME. The main issue is that...
We have a discussion to define the final amount, and it needs to be carried out throughout this year, and therefore we intend, among other things, but more specifically about what you're talking in terms of classification reduction, we wanted to pay this off so that we do not have any amount that would affect our ability to move on with our projects. There are other aspects as well. We have eventual agreements with Eletrobras in the futures. There are different issues that have been discussed, and they are part of the shareholder agreement. Also, the company's management, how it is done, both during the construction period and then later during the operation period. You also asked about lot 6, right? Well, this is in the PCU.
They are discussing it and will make a decision. We still don't know exactly when this is going to be determined. I don't know whether we're going to have any changes or not, or whether it's going to be reviewed, and whether we would capture the resource or not in this case.
Thank you. Our next question is from André Sampaio, Santander.
Good afternoon, everyone. I'm going to make a quick question regarding dividends so that I can better understand what your expectation is after the auction or after the next auctions this year. If they are not successful, do you have a clear planning regarding extraordinary payments based on this new policy? Thank you.
Well, this year, we've already closed our budget for the year, and we will announce what we're going to distribute. We have met what was determined by our dividend policies.
We pay every half of the year, this has been already established, this year, with or without an auction, even if we win something in the auction, that's hard to know because it will depend on how aggressive the bids are. Payments will be made later on. If you win any project this year, you have at least a couple of years to obtain the licenses if everything goes well according to the current schedules for installation. Within this period, payments are smaller. They start heavy after the installation license.
Perfect. Thank you.
Our next question will be via web. Peterson Silva from Alpha Company. Regarding the next transmission auction, will Alupar participate alone or in a consortium? Hello?
We are negotiating alternatives. We don't know yet. Projects vary, we have a lot of possibilities.
We can participate alone or in a consortium. We still haven't defined that. Everything is being analyzed here internally.
Thank you very much. Please wait while we collect new questions. I'd like to remind you that to ask questions, please dial star 1. To remove your question from the line, press star 2. Our next question is via web. João Santos. Good afternoon, gentlemen. I am an investor and entrepreneur. As an entrepreneur, I live off dividends I receive from different companies. I do not have a salary. Having said that, will Alupar be able to grow and distribute dividends at the same time from now on? In 2016, the company chose to grow and did not pay for dividends.
Well, it's not that we left the dividends aside. We paid less as dividends, that's usually when we implemented something new and we had a difference between our balance, that's why we created this dividend payment policy. This policy anticipates that we will pay 50% of the regulatory profits, we will keep a 50% so that we can invest in new projects. With that, we will continue managing it like that, analyzing opportunities and the payment of dividends, which is also relevant for shareholders.
Thank you. Please wait while we connect new questions. Once again, to ask a question, dial star one. To remove a question from the line, dial star two. Our next question is via web. Júlio Araujo de Morais. Good afternoon. I have 2 questions. Is the company comfortable with the commitment made in face of the debt in 2024 and 2025? Question number 2, what does the company think about the % for the next exercise?
Excuse me. My microphone was muted. Regarding the level of debt, yes, we are comfortable. I think we have an adequate debt level, but that is not an absolute issue. It depends on whether the interest rates are low or it increases our ability to leverage. If the interest rates are higher, you should have a little bit less debt. We have about a 3 to 3.5 times our EBITDA, and we have been keeping a rating, and therefore, we're very comfortable. Regarding the payment of dividends, we will comply with our policy. This is why we wanted to disseminate this dividend payment policy so that it's clear to our shareholders what our policy is.
This is something that the market was demanding from us so that shareholders could plan and better understand. We will comply with our policy. In a scenario where we will keep an opportunity to invest, we can even increase the amounts determined by our policy.
Thank you. Please wait while we collect, I'm sorry, new questions. Our next question by Roberto, Agência iNFRA. Will we have enough capital, labor, and EPC to face projects in June and the next ones?
Well, I think it is going to be a significant challenge. In terms of capital, we have less capital available. Also, we have a series of limitations that they're not only restricted to Brazil. We have a very complex global scenario with the increase of inflation and interest rates in the U.S.
I would say that obtaining capital is going to be a larger challenge than it has been in the last auctions and cycles of the project. In terms of labor and our employees, I think that this is an even greater challenge than obtaining capital.
Most of our employees have had difficulties in this last cycle, especially because of the COVID. COVID had a direct impact. They started having a series of restrictions. They couldn't work. They had to demobilize, fire employees because they couldn't work. Therefore, many companies and many construction companies were-- and some of them have not survived. Those who have survived have a very delicate financial condition, and they've been carrying these liabilities since COVID.
Thank you. The Q&A session is now over. We would like to turn over to Mr. Luis for the company's final considerations.
Well, we tried to answer your questions, we wanted to make ourselves available to answer eventual questions. Please feel free to talk to our IR team via email or by phone. We are available to answer eventual questions. Thank you very much for participating in our presentation, I will see you next time. Have you all a great afternoon. Alupar's teleconference is now over. We thank you all for your participation and wish you a good afternoon.