Good morning to everyone. Welcome to one more presentation of CPFL Energia. Today we're gonna talk about the results of the second quarter of 2022. I'm Carlos Cyrino, Director of Investor Relations of the CPFL Group, and I will be conducting the dynamics of our event. We have Gustavo Estrella, Mr. Pan, our CFO, and other executives of the company. The whole presentation will be done in Portuguese with simultaneous translation to English. Click on the interpretation button that is in the bottom part of our screen. If you want to see the presentation in English, you will find this on the IR site of CPFL. I would also like to inform all the participants that at the end of the presenta tion, we will have a session of questions and answers. All the questions will be don e live.
To ask this, all you have to do is click on the button, Raise Hands. This button is on the bottom part of the screen. I remind you that this event is being recorded. I'm now gonna give the floor to Gustavo Estrella to start with the results.
Thank you very much, Cyrino. Good morning to everyone. We are now on slide three, where we have some highlights for our semester. They have an issue with the connection, and we'll be back in a few minutes. Can you hear me?
I can hear him perfectly.
Okay. Let's begin again. We're going to start here with slide number three. Some highlights. The first one is Hold on, folks. Is the growth of the EBITDA. We're having technical problems, but we will soon be back, guys. I apologize for our technical problems.
We have an EBITDA with a growth of 38.7%, reaching BRL 2.848 billion, a profit of BRL 1.263 billion. The CapEx once more, very robust. Following here our target of this year to reach almost BRL 5 billion of investment and BRL 21 billion in the next few years. We delivered BRL 1.346 billion, an increase of 32.1%. Our net debt has reached BRL 22.8 billion, a leverage which is stable, a bit higher than twice, two times or double. We also have an important movement with CPFL Transmissão with a debt prepayment of our debts in dollars, the IDB and the FD. These are debts that were re-agreed and exchanged for debts in the standards of CPFL real debt.
We had a readjustment from 10.14% in RAP, reaching BRL 939 in the cycle 2022, 2023. Now let's move to the next slide. We're now on slide four. We have some recognition prizes here. The CPFL Piratininga got the award for Best Distributor in the Southeast Region and Social Environmental Responsibility. CPFL Santa Cruz for the third time won the third ANEEL Quality Award for companies over 400,000 clients, the main category in the southeast, also in the southeast of Brazil. Also, the Eco Amcham Award 2021, 2022 with a corporate project in hospital. Now we're gonna go to slide five, talking about energy sales. We have a stable load with a small drop of 0.4% if we compare to 2021.
If we look at the bottom part of our slide, we can see the residential class with a flat performance in relation to last year. The highlight here is the impact of 2.3%, and we have been feeling a strong movement of distributed generation and the concession areas affecting the residential area. The industry has a sign of recovery with a growth of 2%. This is important growth. We see some segments which are important. Food growing more than 6%, rubber, textiles growing 4%. This is a sign of recovery of the industry in our markets and more positive expectations for the second semester. The commercial class continues maintaining signs of recovery. We have to remember the base of low consumers last year due to the pandemic, but a double-digit growth of almost 2%.
The other class, others, we have an impact of migration, but also impact of irrigation, especially due to hydrology, which has been more favorable in 2022. Now we're going to the next slide, which is slide six. Here we have our delinquency. We have a drop in relation to 2021. This is good news, a drop of 11.7%, but we close at 1.06% above our historical average. All the actions of controlling the delinquency of the company continues, the volume of cuts, et cetera. We understand that for a higher reduction, we depend on a recovery of the economy and an increase of revenue. Now we're on slide seven. Here we have the losses. We continue our track record of recurrent losses.
We close with 8.36% with total losses of the group coming from 9%. We have maintained a positive scenario with a drop in our volume of losses in the distributors. Now let's talk about generation. We have a drop of the PLD, 60-75%. It's a reflection of the hydrology. During 2022, an expressive decrease in GSF with a drop of 2.7%. In wind generation, a drop of 3.2, worse performance of the winds themselves. We've been performing below P17, different from 2021 when we were very near the curve. So this brings, this reflects on the wind generation about availability, instability in relation to 2021. Now let's go to results, and I'm gonna give the floor to Mr.
Pan, who's gonna speak about the results of the company.
Good morning. Hello, Gustavo Estrella. In this quarter, we have an EBITDA of BRL 2.8 billion, a hike of 38.7%. Following the good performance in the segment of distribution, which had an EBITDA of BRL 1.8 billion, an increase of 48%. The largest gain once more has come from the market and the tariffs, BRL 441 million, especially due to the high IGP-M. The finance assets of the concessions had a hike of BRL 217 million. We had a gain of BRL 30 million. This is due to the rental of posts that have adjusted contracts by the IGP-M. The PDD was lower this semester, BRL 12 million, as we have demonstrated by Gustavo Estrella in slide six.
In the PMSO, we had an increase of BRL 105 million, very much affected by the hike of the inflation. Other effects add BRL 4 million. In generation, the EBITDA reached 757 million, an increase of 6%. The main positive effect was the updating of the contract prices, BRL 110 million. The lowest expense with GSF due to the lower PLD contributed with BRL 7 million. On the other hand, we had a negative impact of BRL 85 million, referring to the lower wind generation during the quarter. Other effects added a loss of BRL 11 million. Now let's move forward to the next slide. The transmission segment also was a highlight in the quarter with an EBITDA of BRL 202 million.
A good part of this value is due to the consolidation of the numbers of CPFL Transmissão with BRL 181 million, confirming once more our expectations in relation to this acquisition. The other transmission projects had a positive impact of BRL 7 million. The segment of trading service and others was mainly impacted by an extraordinary event of last year, the recognition of these credits over ICMS in CPFL Brasil. The amount was BRL 45 million. Besides this, there was a variation of BRL 4 million, and services had a variation of BRL 12 million. Once more, we highlight CPFL Serviços. Now we show the performance of the net profit in the next slide, which was BRL 1,263 million in the period, a hike of 12.1% in relation to the same quarter last year.
Financial results, we had a decrease of BRL 640 million due to expenses with a net debt, an increase of BRL 653 million due to the increase of the CDI, which was 0.77 last year, 2.86 this quarter. Besides a higher balance, an extraordinary effect of the PIS/COFINS over the ICMS in CPFL Brasil, BRL 40 million, reduction in fines, BRL 17 million after the IFRS adoption, and no more the IGP-M in the delayed bills, compensated by a monetary update of the regulatory asset, BRL 95 million due to the higher Selic. Other effects added to 25 million negative, depreciation increase BRL 43 million, and taxes reduction of BRL 25 million due to its fiscal credits due to the currency variation which happens in the debt liquidation of CPFL Transmissão, BRL 95 million.
In slide 20, we show the performance, the accumulated performance of the first semester. We reached an EBITDA of BRL 5.5 billion, a hike of 36.6%. The result was due to the good performance of distribution, with an increase of the EBITDA of 46.8%, favored especially by the tariff readjustments between 2021 and 2022, and the update of the concession finance asset. In generation, the readjustments of the contracts were partially compensated by the lower generation of the wind farms. In the chart on the right side, we can see the performance of the net profit, which was BRL 2.4 billion during the period, an increase of 16.2% in relation to 2021.
The increase of the EBITDA was partially compensated by the worsening of BRL 950 million in the refinancing results, impacted by the higher costs of the debt and higher interest rates and fines. The depreciation increased BRL 90 million and the taxes BRL 94 million. The higher value of taxes is related to the improvement of the pre-operational performance of the company, especially compensated by tax credits of CPFL Transmissão. The next slide, we have the leveraging of the debt, and the net debt reached BRL 22.8 billion, and the EBITDA over the last twelve months is a total of BRL 11.2 billion. The leveraging, measured by the net debt versus EBITDA was 2.04.
We had debenture issued during the quarter, where the main ones at BRL 2.3 billion, with an average time of 6.65 years and an average cost more or less CDI +1.09. Sorry, plus 1.09, and a prepayment of the CPFL Transmissão debt totaling BRL 615 million. In slide 14, we have the profile of the gross debt. Our larger exposure is in CDIs with 69%, followed by 30% IPCA and 2% of TJLP. In the chart on the right side, we have the cost of the debt, which increased due to the CDI variation during the period. Finalizing the balance at the end of the semester was BRL 4.1 billion, with a coverage rate of 0.736x the short term amortizations.
The average amortization time is 3.4 years. Now let's move to slide 15. The CapEx of the second quarter was BRL 1.3 billion, an increase of 32.1% in relation to last year. In the division per segment, we have in distribution a total invested of BRL 1.1 billion, destined mainly to works to attend clients, sector expansion together with improvements and modernization. In the generation segment, we invested BRL 43 million with maintenance of the ongoing projects and also the building of Serra do Bim. We invested BRL 154 million in reinforcements, improvements, and the building of our CPFL Transmission projects. Finally, for the commercialization and service, we destined BRL 12 million.
With this, in the first semester of 2022, the total investment was BRL 2.6 billion, which represents an increase of 49.2% in relation to the same period last year, highlighting the investments carried out in the segments of distribution and transmission. I thank you for your attention, and I give the word back to Mr. Estrella. Thank you.
Thank you, Mr. Pan. Well, following here, we had the conclusion of our energies, the P&D project with BRL 54 million invested. We finished this now in June. I think it was a good experience, testing in real life a storage program looking at energy and transmission in our final consumers. So we put on a generator on the substation of ours and also for a client group.
We were able to simulate a microgrid isolating the system and supporting the clients and their normal conditions of use. These are residences in a gated community in Campinas, and we were in fact able to evaluate as isolating these clients in a microgrid, the configuration and supporting the consumption of energy with our batteries. We tested all the operational parts. There's still a challenge in relation to the financial feasibility, but it was an excellent experience for our team, imagining that at a certain point we might have competitively cost batteries to apply this in real life. Well, now we're ending our presentation, and we are available for the questions that you might have. Thank you.
Thank you, Gustavo. Thank you, Pan, for the presentation. We're now going to open our session for questions and answers, and this will be done in the order that they're made.
The questions are asked live, and to do this, you should use the button, Raise your Hands, which you can find at the bottom part of your screen. We already have here a first question. The question comes from Julia. Hi, Julia. How are you? Good morning. You can ask your question. Thank you.
Thank you for the call. Our question is about the reinforcement CapEx. We see the assets are more or less double, and we want to know if this dynamic is fair for transmission, if they should really have a more depreciated base or if they should converge to a base which is similar to distribution, allowing you to have an additional CapEx in the transmis sion. What do you think?
Good morning, Julia. Thank you for your question.
Really, the depreciated base of a transmitter is very different from a distributor. These are different segments, and the dynamic is different. The transmitter has authorized revenues for period, year period is different to a distributor. You have a dynamic and a base of management and everything for executing this investment park, and the transmitter receives authorizations to be able to manage the assets park. In fact, the dynamic is very different. The trend of a transmitter is taking into consideration the safety of the system. The trend is to have less active assets in the base of remuneration. Given the proportion, you have authorized revenue different from the distribution. A lot of these depend on systemic reinforcements authorized by ANEE L or ONS. The dynamic is different from the distributor. That's why you see more depreciation.
That does not mean that they don't do their service well. The assets, seen by ANEEL and they're only authorized as we communicate the need. The ATA had a more appreciated park, and we are planning to do a more active, massive attack in these assets of CPFL Transmissão. Not sure if I was clear in my response. Yes, you were very clear. Thank you so much.
Thank you, André.
Thank you, Julia. Remember, to ask questions, you just have to click on Raise Hands. It's a little button that you see there at the bottom of the platform. Well, if there's no more questions, we are g onna stop. If you have any questions, anything you'd like to ask, we are available to bring all clarification.
Before we finish, I'd like to remind you that we will, on the twentieth of October, we will have our investor day. It'll be in the city of São Paulo. It'll be a hybrid model. We've already sent it, and in the next days, we will be updating you and bringing you all the news. I'm now gonna give the floor to Gustavo Estrella for the final considerations and for the closure of this event.
Thank you, Carlos Cyrino. I would like to thank everyone for your participation in the call of results. I think this shows one more quarter that shows the resilience of our results with an expectation, I would say a more positive expectation of the recovery of the economy, and we'll also have reflection of the results. We see this trend to recover the next month.
Once more, I thank you all, and have a good day.