Good afternoon, everyone. I'd like to thank you all for being here today with us, where we'll discuss results for the year 2022 and Q4 2022. We'll start the presentation, talking about the most, the highlights of the quarter, fourth quarter, and then Mr. Coimbra will dive into the numbers and the financial results. At the end, we'll come back for a Q&A session, should you have comments or clarifications you may have concerning the year and also Q4. We have a small agenda on page three of the highlights of the company in the year, which happened and which were relevant in the first, second, and third quarter of 2022. This has been announced before and disclosed in previous presentations, so it's just for your information and to have everybody on the same page.
In the case you haven't had the chance to see that, I'm not gonna go over each one of them, but this is for your information. Moving on to page four, where we have the highlights of Q4 specifically. We have the definition of the priority SDGs in line with our ESG policies. You know that the company has worked hard to improve its ESG pillars. Several policies have been put in place. We had in Q2, as announced, a significant improvement in our rating from AA to A, the MSCI rating. We moved from BB to A, a significant improvement. That's a reflection of the hard work we've put in the ESG agenda.
Our SDGs are, as you can see, quality education, clean energy, decent work, responsible consumption and production, actions to fight global climate change and life on earth. Those are the main objectives, our sustainable development goals, our SDGs, the ones we are going for and going after in the company. Moving on to page number five, we have other highlights. Still talking about Q4, we have the installation license being issued for Domênico Rangoni substation. That is a project located on the coast of the state of São Paulo, made up of 2 substations and 2 transmission lines. One line in the southern coast of the state and another line and another substation up north.
We already had the licensing for Manoel da Nóbrega substation, which is the license to install or permit to install in the south of the coast. Now we've acquired the licensing for the northern shore of the state, Domênico Rangoni substation. We're still lacking a license for the transmission lines. We have for the substations, but not for the transmission lines. We expect that to happen still within Q1 of 2023. Moving on to page number six of our presentation. We, within the quarter, we paid the third tranche of the dividend payout for 2022. In 2022, we declared BRL 1.23 per unit in terms of dividends to be paid out, and we paid on May 31st, BRL 0.45 per unit. On August 31st, we paid out another BRL 0.45.
At the end of the period, on November 30th, we paid out BRL 0.33, totaling BRL 1.23 per unit. The total paid by the company added up to BRL 360 million, which were declared still within the fiscal year of 2022. Also noteworthy, on November 11th, we had the approval of our new dividend policy. The idea is to align our dividend policy with best practices in the market. We have established the main points around this new policy. Namely, to be able to have a minimum payout level and to have capital discipline. Those are the main pillars around this new policy for dividend payout. With that, we will have a minimum payout of 50% of the regulatory net income and a minimum level of dividend to be paid out, as I said.
It will be paid out quarterly, so every three months. Also, as you can see on the slide, starting then, payment will happen within 60 days from each approval date. Those are the main terms of this new policy. We have announced the policy. If you're interested, you can feel free to go to our websites, and we have that broken down if you need to see it in more detail. Lastly, on page seven, we have another highlight, a relevant event. The transmission auction, which was held in December last year, 2022, we came out as winners of lot number six. Because of a decision from the accounting court, the TCU, they removed the lot from the auction after the auction. This happened post-facto. The court decided or ruled in favor of removing the lot from the auction.
Lot number six, the one we had come out as winners. This was under litigation for some time. ANEEL suspended the process until the closing of the process, and also requested the process to be reconsidered or revisited. That was done on February 13th. That's when ANEEL made the request for TCU to revisit that decision to exclude the lot. ANEEL wanted the lot back in the auction. Alupar, on the same day, December 13-- no, February 13th, of course, presented also a request. We had won the auction, so the idea was to make our voice heard as an interested party. We joined efforts with ANEEL. The last relevant event for Q4 was the fact that we confirmed our rating by Fitch, the rating agency. Our rating has been confirmed.
It was triple A, and it, corporate triple A nationwide, double B, internationally in foreign currency, and triple B minus in local currency. That was our rating. At the end of the day, there was no change, the outlook is to remain stable. I will now turn the floor over to Luiz Coimbra, and he will go into more details about our financials. Then we'll be back at the end for questions, or comments that you may have. Thank you for now, and I remain available. Over to you, Luiz.
Good afternoon, everyone. Thank you for participating in our earnings call for Q4 2022 for Alupar. I'll start on slide number 10, where we'll see the financial highlights in IFRS, then I'll go into the regulatory numbers.
On slide number 10, on net revenue, which totaled BRL 732.3 million on the left-hand side of the slide, a drop when compared to Q4 2021, driven mainly by the lifting of the monetary correction and also due to macroeconomic indicators in the quarter. IGPM saw in this quarter a deflation of 0.9% as opposed to an inflation of 1.54% in Q4 2021. IPCA saw a level of 1.63% when compared to 2.96% posted in Q4 2021. When we look on the bottom part, EBITDA, BRL 523.7 million on the right-hand side of the slide, when compared to BRL 778.7 million posted in Q4 2021.
The main impact here, that reduction in revenue I have just mentioned, and we also saw a significant drop in our infrastructure cost account, BRL 204.4 million, mainly due to fewer investments that we made in the quarter, which comes from the startup of the PSEM and ASTI generating units. When you look at the structure net income, it came out at BRL 191.8 million in the quarter, impacted mainly by the reduction of BRL 255 million in EBITDA and BRL 208 million in terms of income tax and social contribution. Moving on to the next slide, if you will. We have the financial highlights in terms of regulatory numbers.
Net revenues totaled BRL 759.8 million, up 11.8% when compared to the same period of last year, Q4. That variation was driven mainly by the startup of those two transmission companies, PSEM in December 2021 and ASTI in February 2022, and the RAP readjustments at 11.33% for contracts pegged to the IPCA and 10.72% for contracts pegged to the IGPM. Looking at the bottom part of this slide, the EBITDA bridge, it totals BRL 617.3 million, a growth of 4% when compared to the same period of last year. The main variations, number one, the increase of BRL 101.8 million in revenue, I just explained.
We also saw a drop of BRL 25.9 million in energy purchases, basically because of our allocation strategy for the quarter and of the lower level of the spot price, which was BRL 55 this quarter. Q4 2021, that amount was BRL 135, spot price. Another important variation was an increase of BRL 84.5 million in operating costs. Basically in Q4 2021, we filed a positive non-recurring amount of BRL 62.8 million relative to the recognition of the rights to extend concessions for the plants that were part of the MRE system. That amount was positive in Q4, dropping the costs, operating costs for that quarter. Moving on to the net income chart on the right-hand side. Profit, net income came out at BRL 159.5 million, up 11% when compared to 2021.
The main drivers were the following. Well, number 1, an increase of BRL 23.6 million in EBITDA, I have just explained. We also saw an increase of BRL 12.5 million in depreciation and amortization, basically due to the start of the 2 transmission lines, ACME and SD. We also saw an increase of BRL 35 million in our minority shares due to the improvement in the results of our transmission companies coming from the RAP readjustments. For those companies that have debts linked to IPCA, also because of a reduction in IPCA. The financial number was lower as well, and as a consequence, net income came out at better levels. Moving on to the next slide, where we see our debt level for the holding.
The holding saw gross debt of BRL 666.8 million, a cash position of BRL 976 million, totaling a negative net debt of BRL 309.9 million. The holding's indebtedness consists of one single debt, the seventh debenture issuance, 100% indexed for CDI, maturing by 2024 and 2025. Moving on to the next slide, we see information about the consolidated debt level. Gross debt totaled BRL 11,636 million, a cash position of BRL 2.825 million, a total of BRL 8.810 billion. When we look at the structure of the consolidated debt, we haven't seen many variations when compared to the previous quarter. Most of our debt, 48% of it, is indexed in IPCA, followed by CDI with 33%.
We have a portion of debt, 14%, which is in foreign currency, related to projects in Peru and Colombia. Now the next slide, we'll be talking about our profit allocation. First talking about dividend payout. The company's board of directors recommended a dividend payout to the tune of BRL 402.2 million, accounting to BRL 1.44 per unit or BRL 0.48 per share. That represents a payout of 85% based on the regulatory profit. That payout is 35 percentage points higher than the minimum of 50%, which we have established in our dividend payout policy, which was launched and announced last year. That amount represents the largest payout of the company, a significant growth in payout, a growth of 17% when compared to the dividend payout level of last year.
That reflects the current moment we're going through, a more robust cash generation driven by new projects and also driven by smaller investments, concentrated for 2023. Moving on to the next slide, it's still talking about profit allocation, but now in terms of stock bonus. The board of directors also recommended an increase in the company's capital to the tune of BRL 328.8 million, raising part of this reserve for investments. We wish you 35,164,450 new shares, which will receive a bonus. A bonus to shareholders to the tune of 4 new shares for each 100 shares owned. The value attributed will be BRL 9.35 per share, irrespective of the type of share, which is equivalent of BRL 28.05 per unit.
On the last slide, the company's performance in the capital markets. Our share saw an appreciation of 22.78% in 2022. IE saw an increase of 3.11%, and Ibovespa 4.69%. Year to date 2023, Alupar saw a devaluation of 0.5%. EIA in the same period, saw a devaluation of 6.72%. Ibovespa saw a drop of 5.84%. Another important highlight is the financial volume. We saw an average of BRL 25.9 million throughout 2022, a growth of 16.9%, quite significant when compared to 2021. With that, I close my presentation and we can move on to the Q&A session. Thank you.
Good afternoon, everyone. We'll now start the Q&A session for Investors Analysts. If you wish to pose a question, please press star one. If your question has been answered, you may remove your question from the queue by pressing star two. Please stand by while we poll for questions. Thank you. Our first question comes from Rafael Nagano from Credit Suisse. Please, you may carry answer.
Good afternoon. Two questions. One, about the lot number six of the auction. You have requested a re-examination of the ruling. Is there any timeline for the court to respond to that? What would be your next steps? Also, looking forward now, how do you expect to balance dividend payout on the one hand and growth on the other? You have increased your payout in the past year, now we have, going forward, another three transmission auctions, which will be quite relevant.
How to strike a balance between payout and the growth avenue for the company. Of course, I know that if interesting opportunities come up, it would be interesting. If you could give us some color on what you're thinking going forward in terms of investment. Thank you.
As for lot six, it is now at the hands of the court. It's difficult for us to have an answer for that in terms of deadline, of timeline or window. I have no idea how long that'll take to come to a final ruling. We'll have to wait and see. As for dividend payout, we have announced our policy, and our policy will be to pay 50% of the regulatory income minimum, and then, of course, keep an eye on the investment opportunities.
Our main concern or preoccupation is to generate value for shareholders. Of course, if there are opportunities to invest, attractive opportunities, of course, we may study those opportunities on a case-by-case basis. There are several auctions coming up. We will be part of those auctions, as we have always done. We are always looking for better ways to improve the company's results.
Thank you.
Our next question comes from the webcast, from Yuri Goulart, from Trellus Investments . Could you comment on how the generation segment is behaving, given a more stressed out CapEx in the industry, also uncertainties around long-term energy prices? Also, if you could update the CMA. Thank you. As for generation, we have a few projects coming in this year, and we have other projects which are now under development. They are on hold now.
We'll have to be able to negotiate energy sale at a price level that is fitting with the project, which today is quite a challenge because prices have dropped significantly and CapEx has increased. That's a cyclical phenomenon, right? The market will find a balance at a reasonable level, both for energy buyers and for those investing in generation. That's a matter of time. As for CME, we're now starting to work there. Our idea is that as of July to start concrete works. We're now surveying the project. We're now at a pre-start period of the works because of indigenous people's issues that we had. We believe that in July, we'll have our teams out in the field to start working.
Please stand by as we poll for questions. Thank you. Next question also comes from the webcast, from Gabriel Agostini, who's a shareholder. If I got it right, the 1.44 will be paid out uniformly, evenly throughout the quarter in 2023, correct?
No, no. The 1.44 will be paid out now as per our policy, up to 60 days after the approval.
Please stand by as we poll for questions. Next question comes from Julia Zaniolo from Santander. Please, you may carry on.
Good afternoon. Thank you for taking my question. We saw in the past auctions some lots being negotiated in a more stressed manner. I'd like to understand your vision about those lines which have already been contracted by auction as they come to market, and if you would be interested in looking at those opportunities more closely.
Well, as to the past auctions, what I can tell you is that CapEx and deadlines were very, very aggressive. In terms of future going forward and the next auctions or next opportunities, it's difficult for us to define anything now. We have to wait and see and then study and survey. If we realize return levels might be interesting, we will decide to participate in those coming opportunities and auctions. We have to wait and see.
Thank you.
Please wait. Next question comes from the webcast from Peterson Silva. Concerning bonus, I'd like to understand what happens to the shares which are not units. What's the proportion in that case, shares and units?
The proportion is exactly the same. 4 shares for 100 common shares. 4 to 100. That's exactly the same proportion. Whether it's unit or shares and preferred or common, it makes no difference. The proportion remains the same, 4 to 100.
Please stand by. Our next question from the webcast, from Marcus. Good afternoon. What's the CapEx do you consider to commit for the auction to be held in June?
I have no idea, to be frank. That's a tough question. We don't know. We have been studying the project. It's difficult to answer that now. What kind of CapEx? It's impossible to say that now. A few months to go until July. That's a long time. We are trying to see what we can do in terms of opportunities. That's the main thing, to find the right opportunities.
The Q&A session is now over. I'd like to turn the conference to Mr. José Luiz for his final remarks. Mr. José Luiz, you may carry on, please.
I think he got disconnected. This is Coimbra. Are you there, Luiz?
I'm back, I'm back. Yes, I'm back. Please wait. I think José Luiz is having some kind of technical glitch. I'll wrap up by saying thank you to all of you who took part in our earnings call. Our RI team, IR team remains available, of course, as usual. Have a nice day, everyone. See you next time.
Alupar's earnings call is now over. Thank you all for participating. Have a nice day, everyone.