Good afternoon to everyone. Thank you for participating in our Earnings Results regarding Q3 of 2022. I will talk about the most relevant events during the period, and Luiz Coimbra, our CFO, will show you the different figures. At the end, we will entertain a Q&A session should you have additional questions. Therefore, the first relevant event was the readjustments of our RAP. This readjustments takes place every year in the month of July, and part of the readjustments are IGP-M. The other part is IPCA. IGP-M was adjusted by 10.72 for the cycle 2022 to 2023 now, and the IPCA readjustment of 11.73%. With this, the RAP of the cycle of 2020 to 2023 July to July went through 2,876- 3,125.
Now, the second relevant event of the period was the payment of the second tranche of the dividends that were declared in the meeting of April of 2022. The second tranche was paid out on August 31, 2022, and the amount paid was BRL 0.45 per unit and BRL 0.15 per share. We also had. We restructured one of our units. There was a first moment. There was the option of sale by the FI-FGTS of the total amount of preferential shares of the company. There was a second action where it was the acquisition by Foz do Rio Claro, that is another generating company that we have here, of 51% of the capital of Ijuí Energia. After the share restructuring, Alupar has 49% of shares and Foz do Rio Claro has 51% of the shares.
During the same period, there was an agreement of the TNE. This is a line that connects Manaus to Boa Vista. This project had been blocked because of three public civil lawsuits. Now during the month of September, finally, we reached an agreement together with all the parties engaged in the licensing agreement. This agreement was signed, therefore, the three lawsuits came to an end. Who participated was TNE, the concessionaire that has the project, and also the Federal Union, FUNAI, IBAMA, the Public Prosecutor's Office, also the indigenous Waimiri- Atroari. The line crosses part of this reserve. With this, as of September 2022, it became valid.
Within this agreement, the Federal Union participated, characterizing one part of the indigenous counterpart that will be paid out through the privatization fund that was created by the privatization of Eletrobras. Therefore, with this, the Federal Union will be able to take over the settlement of the parcel or the portion that is not connected to the environmental impact of the transmission line. This is why there is an agreement with the indigenous community, Waimiri- Atroari. Finally, we sold in the auction A-5 10 MW average of ACM for 15 years. This starts in January 1st, 2027. Now, EATE, this is the wind complex of São João and we sold 10 MW average for an amount of 172 per MWh. Thank you very much.
Now I will give the floor to Luiz , so he can talk about the financial highlights. At the end, we will be at your disposal.
Good afternoon to everyone, and thank you for participating in our call for 3Q. I am going to show the IFRS numbers, and I will explain the regulatory figures. I will start on slide nine, starting with the net revenue, BRL 657 million. We presented a drop because of two reasons. One was the drop of BRL 270 million in infrastructure because of the operation of the TSM in December of 2021 and in this year. Also, there was a register of a drop of BRL 333 million in the monetary correction, that is deflation, registered during this quarter. When we see the EBITDA, it was BRL 487 million.
The main impact was a drop in the revenue that I just mentioned. There was a drop of BRL 126 million in infrastructure as a result of lower investments because of the operation of the new power transmission companies. There was a drop of BRL 36.6 million with energy purchase, basically because of the allocation strategy and for the lower spot price that was around BRL 135, other BRL 297 that we had registered during Q3 of 2021. Another thing to highlight would be other revenues and expenses. There is an increase of BRL 43 million, which is a result of the tariff review that some power transmission went through during the second quarter last year and the second quarter this year, and the impact is reflected throughout the third quarter.
Now when we see our profit, it was BRL 115.7 million. There was a BRL 415 million drop in EBITDA. There was an improvement of BRL 105 million, and taxes also BRL 124 million. Now going to the next slide, we have the regulatory figures. We start by revenue at total BRL 757 million. There is a growth of 5.9% vis-à-vis the same period last year. Basically here we had the operation of the TME-TSM operation and the readjustment of RAP of 11.73% due to the contracts indexed in IPCA and 10.71%, the contracts indexed in IGP-M. When we see the EBITDA, that was BRL 628.8 million during this quarter.
There is a growth of 10.3% when compared to Q3 of 2021. Now, the two main variations. Number one would be an increase of BRL 50.7 million in the income, and there was a drop of 36.6% in energy purchases, the same result that we had. This, the leasing allocation and lower value of energy in the spot market. When we see BRL 146.4 net income, the main impacts here, number one, an increase of 58.7% in EBITDA. Afterwards, I believe that there was a drop of BRL 105.5 in the financial result. That is basically a result of the reduction of IPCA that presented a deflation of 1.32% year to
In the accumulated of this quarter, an inflation of 0.02% registered during the same period last year. Now our next slide, we have the holding's indebtedness. There is a gross debt of BRL 689.5 million, a cash position of BRL 661.8 million, with a net debt of BRL 27.7 million. The indebtedness is only one debt. That is the seventh debenture issuance, 100% indexed with CDI, which matures in 2024 and 2025. Now our next slide, we have the consolidated indebtedness. Our gross debt was BRL 11.015 billion, a cash position of BRL 2.56 billion. This is a net debt of BRL 8.455 billion.
Regarding the debt structure, most of our debt, 50% is indexed to the IPCA, with CDI 30%. The debt regarding the Colombian and Peruvian projects accounted for 14% of the total indebtedness of the company. On the next slide here, you can see the amortization schedule. The profile of the debt is extended. We have 34% of our maturities concentrated after 2027. The holding matures the seventh issuance distributed throughout 2024 and 2025, and the transmission and generation assets have their maturity throughout the years according to the cash generation of each one of them. Here you can see the performance of our shares in the capital market. Here we can see the valuation and liquidity.
The valuation of our shares throughout this year is 18.83% vis-à-vis an IEE appreciation of 8.27 and EBITDA 8.36. When we see the financial volume year to date, we have BRL 26.8 million, and this is an increase of 22% vis-à-vis the BRL 21.9 million that we had during the same period last year. With this, I end my presentation. I believe that we can continue with the Q&A session. Good afternoon. Ladies and gentlemen, we will initiate now our Q&A session for investors and analysts.
Should you wish to pose a question, please press star one. If your question is answered, you can leave the queue by pressing star two. Our first question from Julia Zaniolo from Santander. Please, you may ask your question.
Good afternoon, and thank you for the call. I have two questions. Number one, to understand what you think about the end of the year and how. What is the project because you already have expectations of deadlines with ICME.
Therefore, regarding TME, TNE, we are structuring. We had already bought material, and they have been stocked for over 10 years. We have most of the aluminum cables purchased for the project, and everything has been stored for over 10 years. We're assuming this action. There's a first stage that is the first six months that is the interaction with the indigenous community. Yes, we are focusing on our projects in order to proceed. Now regarding the auction, it is very difficult to say something because we don't know if the competitiveness level will increase or drop.
I believe that the trend is to have more realistic returns because there were a number of impacts in the interest rates, et cetera. This should be taken into account by the enterprises as cost variation of a number of inputs. Difficulties to execute. With the EPC employees, most of the companies face problems with COVID, and they still have not recovered from the impact that they had. This should be taken into account during the next quarter. Now let's see. It is very difficult to predict anything in advance.
Thank you very much.
Our next question from Rafael Nagano, Credit Suisse. You may proceed.
Good afternoon. Two questions. This is a follow-up of Julia's question regarding the TNE, if there is an update regarding the arbitration process together with ANEEL. And I would also like to know about your view. I would like your view regarding about the future auctions, especially because of the problems that the EPC employees faced, which is something that affected the CapEx.
Regarding the TNE arbitrage, it is underway. What we expect is to conclude this in 48 months. This is what we expect throughout the entire process, because the process can last up till 48 months. It can be before, but this is underway. This process has already initiated. Now, regarding next year's auction. It will be difficult to execute it because of the number of projects that exist. As I mentioned, unfortunately, a number of companies that performed this had to face many COVID problems, and they still are not recovered from the impact of COVID. I believe that there will be difficulties. I believe that this will be taken into account in the bids.
Our next question from Victor Burke from J.P. Morgan. You may proceed.
Good afternoon, and thank you for your call. Could you give us an idea of cost? We saw an increase of cost of the IFRS. What would be the optimum increase of cost? There are concessions that may die. There are concessions that may end. Do you think that this can hinder your transmission plans, or is this something that we should expect in the long run?
The cost increase, I imagine that it's connected to because of we have a smaller deployment. Perhaps there is a reflection of this, but IFRS is more complex to analyze, specifically this point. I think what we use most is the regulatory balance. Now, regarding what was your other question?
The request, when you request an ANEEL concession in solar complex, there's no guarantee. That is creating distortions in the sector. There are complexes that have their connection on, and that are in default. They're trying to sell. It's a real confusion. I believe that this situation isn't adequate, isn't ideal. I think that ANEEL should increase guarantees. ANEEL said that they would carry out a connection auction, and perhaps this would be an option, and you need a connection auction, and for this you need guarantee so that the peers connect themselves. Because this is like a gold rush. Everybody wants the discount that is coming to an end. Everybody's asking for connections now.
Thank you. Now, to pose a question, press star one. Our next question from our webcast from Peterson Silva. Good afternoon. With the end of the investment cycle, can we expect a dividend payout similar to that of your peers of the industry?
We are focusing on paying out dividends, and we will see this throughout time. It is difficult to say. What limits the payout of dividends is the leverage position of each company. We have to see the leverage level of each one to see the capacity of payout that they have. Many competitors are reaching the covenant limit. On the other side, as we grew more, proportionally speaking, more proportionally to our size, we grew more than other companies. We had a lower dividend payout. The trend now is to increase this, and there are a number of companies that will stop dropping the amount that they pay out. This is something.
What limits is the covenant that is established by the debenture holders.
Thank you. The next question from our webcast from Gilson. I would like to know if the company thinks about distributing dividends on a quarterly basis or every six months. If yes, when will this be implemented?
We are precisely discussing this here. It is something that can happen, but we are focusing working on this. I can't predict when, but we are discussing this issue internally in the company, and perhaps it will make sense.
Thank you. To pose a question, please press star one. The Q&A session has come to an end. We would like to give the floor to Mr. José Luiz for the final remarks of the company.
Well, I would like to thank all of you for your participation and tell you that our company is at your disposal. Our IR team is at your disposal to clarify any further questions. The Alupar conference call has come to an end. We thank you all for your participation, and have an excellent afternoon.