Good afternoon, ladies and gentlemen. Welcome to our conference call of the earnings release of the Q4 of 2019 of Renaudiza. The audio for this conference is being broadcast simultaneously through the Internet in the website ir.energy.com.br, where you can also find the presentation available for download. We would like to inform that during the conference presentation, all participants will be only at listen mode. Then we are going to start the Q and A session and further instructions will be then given.
We'd also like to inform that the conference call will be held in Portuguese with the company's management and for the English conference will be simultaneously translated. I would also like to clarify that forward looking statements that are subject to known and unknown risks and uncertainties that could cause the company's actual results to differ materially from those in the forward looking statements. Such statements speak only as of the date they are made, and the company, Senegivica, is under no obligation to update them in light of new information or future developments, and this should be always taken into consideration. Investors should understand that general economic conditions, industry conditions and other operating factors may impact the future results of the company, leading to results that materially differ from those expressed in forward looking statements. I will now turn the conference to Mauricio Butela, who will start the presentation.
Mr. Butela, you are now on the floor. Good afternoon, everyone. Thank you very much. I would like to start by thanking your participation in our teleconference of the Q4 2019.
We have here Ricardo Belcalis Finance Corporation and finally, our Investor Relations team. I'm going to share with you some slides, and then we are going to open for questions and answers. Let me remind you that similarly to previous quarters, we are going to present the results of IRO and EAC considering 2018. But the financial part, where we have pro form a balance, we are not going to consider the acquisition of this company presenting our results. We only acquired the distributors that had already been part of the legacy.
Slide 3, let me remind you of the positive noncash effect that happened in Q4 'eighteen of BRL 1,200,000,000 referring to the results that have been accounted for in the combination of businesses related to acquisition of Energia de Randon and Energia de Acres, which ends up distorting some of the comparisons. Adjusted EBITDA totaled BRL 1,056,000,000 in the quarter and BRL 3.840 1,000,000 in 2019, showing a decrease of 44% in the quarter and 6% in the year according to accounting method. If we don't consider the recently acquired company, adjusted EBITDA has reached BRL1.078 million in the quarter and BRL3.968 million in the year, year to date 'nineteen, which means 58% increase in the quarter and 38% increase in the year. Profit reached BRL 466,000,000 in the Q4 'nineteen and BRL 1,177,000,000 in 2019, with an increase of 639% and 107%, respectively. But also why do you exercise some important events after the closure of the quarter?
First of all, the presentation of dividends, BRL 0.32 units, which means BRL 115,100,000, which are going to be paid as of April 3. Finally, in mid February, we presented our CapEx projections and forecast that we're going to share with you later. Slide 4 now. We can see the distributors market. Sales increased 4% in the quarter or 1.7 percentage point above national consumption level.
In 2019, the growth was 4.2% against 1.4% of growth in Brazil. Since 2,009, consumption progression in the concession areas have been at about 2.2 percentage points above the national average. The growth of the Q4 2019 is primarily due to the performance at household customers, which increased 6.7% in the quarter and commercial applications, which grew 4.2%, both influenced by high temperature levels and also calendar effect. I would also like to highlight in the Chitamato Grosso do Sul, which had growth of 8.4% in the quarter, and household customers grew 11.9% or 58 gigawatt hour. Another important highlight was energized in Surpass, reaching the 2nd best performance in the group, 6.9% increase, also influenced primarily by the household segment.
Now we can look to Slide 5. And here we can see once again our efforts to deal with low income population between 2018 2019. There was increase of 170,000 new customers registered as low income customers, primarily for Energiza Rondonia, Energiza Acoi, amounting to 27% of this growth. Now Slide 6. We can see on the left our total electrical losses.
There was a decrease in total loss, reaching 13.48 percent, I will just add energy, 0.12 percentage points below September 'nineteen and 0.09 percentage points below December 'eighteen. The situation shows our consistence in our activities against fraud and tax of energy. If we exclude Energiza Rondonia and Energiza Acoi, total electrical losses represent 11.52 percent of our amount of energy or 0.27 percentage points below the regulatory average. In the triple macro growth, we maintained its improvement journey, presenting a reduction of 0.06 percentage points over September 'nineteen and 0.50 percentage points compared to December 'eighteen, once again closing the year within the regulation or the regulatory limit. There are still a number of challenges to be dealt with, and we are going to keep on working to maintain this indicated below the regulatory goal.
Another highlight was Energica to continue with a reduction of 0.45 and 0.64 percentage points over September 'nineteen and December 'eighteen, respectively, or 1.37 percentage points below the regulatory limit. Energica Paraiba, which is currently above the regulatory goal. This is to increase in some kind of sign connections and type of energy. We've applied a number of actions to fight against that in 2019, which meant an increase of 37% over what we had in 2018. Regardless, it was not enough to compensate what had been lost throughout the year.
But in 2020, we are going to reinforce our actions to be correct the deviation. Slide 7, we're going to talk about core earnings, highlighting here Energiz de Ramdona. So except for Medici de Ramdona, all distributors were below the quality regulatory limits. In relation to FEC or SAIFEX, in the Cizaminas Gerais, and Sociedes, which is at historical levels. Excluding the recently acquired distributors, Chikatokan Tiz presented the 2nd best evolution in the group in the Ices Haiti with a reduction of 1.5 4 hours compared over December 2018, reaching 21.55 hours.
Another highlight for Indusito Surjeeti with the 2nd best performance in Saipem, SCC, with a reduction of 1.52x. For Acre Pao Doria, beginning of 2019, we've been training our own teams and third quality teams focusing on quality. And we've made major investments in these 2 concessions, and this is going to help us recover quality and provision of energy and services. Now let's move on to Slide 8, better frame. Here we're going to go into financial highlights.
The explanations of distributors here are excluding the results of Eneljet del Ambo and Enelita Aker. In the MSO pro form a, we had an increase of 6.8% in the quarter. In the year, the total amount was 12.1%, above 18% or half of the inflation rate in the period. Part of the increase in the quarter may be explained, as it's like others, as a result of cost provided by ARSOL, which is a turnkey project for customers. It amounted to BRL 48,300,000 in 2018.
In the Q4, there was no correspondence to these services. There is a counterpart in revenue with a positive effect over EBITDA. If we didn't consider this effect, the MSO in the quarter would be aligned with the Q4 'eighteen and also the year 2019. Slide 9. Now we can see brief analysis of the MSO of Longoria and Acre in the quarter and in the year.
We can see some nonrecurring effects. These exclusions have really made the whole performance be more aligned with the activity of the companies, adopting very important actions that are going to be repeated during 2020. For these companies, these nonrecurring events refer to disconnections and also termination of some employment, for example, some retirement plans, some voluntary recessions and we had to play some labor costs as well, especially with headcount. There were also some additional services, consulting services and some related to extraordinary tax and legal consulting. Based on the chart, we can see relevant impact of these events, BRL 136,000,000 spent in monitoring events in the year, whereas for Aker, it was BRL 33,000,000.
Now we can see, in Slide 10, on the left, we can see the whole provision of pro form a consolidated EBITDA of the 4th quarter. On the right, we have accounting consolidated EBITDA. The adjusted EBITDA, if we don't or if we exclude non Bernanke, it was BRL 1 point 1,000,000,000 in the Q4 'nineteen and about BRL 4,000,000,000 over 'nineteen, amounting to 58% in the quarter, 1 38% increase over the year. I also highlight nonrecurring effects. If properly excluded, the EBITDA of the quarter would have increased by 20% as a result of the increase of BRL138 1,000,000 in parcel deals distributed.
In 2019, that improvement would have been 32%, with an increase of parcel B of BRL759 1,000,000. If I may ask you to hold, please. We seem to have a technical issue here. If you can please hold, I would appreciate that. Thank you.
Well, it seems that it's we are back. I apologize for the inconvenience, And I hope nobody has lost anything important from Slide 10. Should you need any additional clarifications, we can go over that during the Q and A session. Slide 11. On the left, we can see significant progression of pro form a consolidated net profit with an increase of 639%.
Within non recurring fast in this quarter, and we mentioned that in the end of the presentation, there was a bonus of subscription related with the severance emission of the Banco DOBENIS in Yoshinto amounting to BRL 144,000,000 without cash, if ever, as opposed to BRL 165,000,000 in Q4 2018. Pro form a net profit amounted to BRL 385,000,000 or 23% over the Q4 'eighteen. If we exclude the effect of the market and the amount of the subscription bonus, we're going to total BRL 1,200,000,000 or 95% over what had been observed in 2018, amounting to BRL 1,400,000,000. Now we have Slide 12 to cover, where we talk about indebtedness. Total consolidated amounted to BRL 13,700,000,000, including BRL 1,100,000,000 referring to the issue of debentures and that associated with the Fed bonus amounting to BRL628,000,000.
Once executed upon it, we are going to have the effect of a reduction of approximately BRL 1,700,000,000 in net debt, amounting to 0.5 times the net debt indicated by EBITDA. The coconut indicator reached BRL 3.6 in the end of the year. It's also affected by the combination of the businesses from 2018, which would amount to BRL 1,300,000,000. But we are operating within the limits and all the factors that have been negotiated. And it ranges between 4.5x and 5x during 2019.
Let's talk about investments in Slide 13. It rose to BRL 3,200,000,000 at the end of the year or a 60% increase over 'eighteen and BRL 2,700,000,000 related to the segment of distribution, meaning an increase of 52% period over period. In the area of transmission, we invested approximately BRL 366,000,000 in 2019. The multi funds projects were for 1 and 2 and Goyas 1, in which we invested 3 50,000,000 in 2019 and BRL 172,000,000 in 2018. Slide 14, we can see investments planned for 2020, as we presented in February in our reference form.
The estimates of investments amount to BRL 3,000,000,000, 85 percent of which will be concentrated in our group distributors, 10% for energy transmission and 4% at all sold. BRL BRL 832 million during the year. And Rombonia will be the distributor that will receive most of the investment considering all the categories we presented. In terms of electric assets, we are going to still make relevant investments, just second to Marfogrosso. Slide 15, we are going to talk about transmission.
The projects that were purchased during the auction in April 2017, Energita Goyas 1, Energita Para 1. They were started in September October 2018, respectively, and they have advanced Goias, who have reached 99% and Barra, 183%. So based on this figures, we can anticipate that it will be higher than initially expected. Neurchizacoyao is coming close to its commissioning phase. And soon, we're going to have operations to start the commercial operation of the facility.
We have been negotiating with many land owners. Woodlands have been impacted. We are coming to the end of it, concession of Block 4 in Tocantins, whose contract is being signed by 2024. In the Chitapara II, which was a lot obtained in June 2018 through an auction, the construction operation started in June 2019, and we've already covered 30% interest lot. In Yoshitatoka's team, which was obtained in December 'eighteen, we had a basic project confirmed in July 2019, and part of the initial design for requesting a previous permit have also been provided to the environmental agency in July 2019.
In this project, we've already started negotiation with landowners that are impacted by the operation. Bringing together these four projects, it means RFP of approximately BRL 192,000,000 and a CapEx of BRL 1,500,000,000. Well, it closes my presentation. And I would like to open for our questions. And once again, I apologize for having lost part of the audio conference for a few minutes.
Thank you. Well, thank you very much. We are now going to start our Q and A session. First question comes from Carolina Canelo from Credit Suisse. Please proceed.
Good afternoon, everyone. Thank you very much for this call. I have two questions. The first one concerns regulatory issues. Some time ago, Nel provided a final opinion by the authorities, Taking some questions from Enel's own area and one specific area.
And there, it's in it changed the initial interpretation where there would be no possibility of having recession in 2019. But later, EMEA had a different kind of interpretation. And the companies are trying to change and reverse the decision. I would like to hear your take on the specific document and what kind of implications it may have over your extraordinary reconsideration requests that you've made and also the retrospective analysis that it would have in the quarter. Once again, Itau showed a growth within its segment, gaining relevance.
We know it's a small business concerning your group portfolio, but what can we expect for 2020 in that segment? Do you really believe that the increasing trend quite relevant in 2019 will remain so? The first question, I'm going to ask Alessio Chandri to have you grasped and then Ricardo is going to answer the second one. Thank you. Good afternoon, everyone.
Concerning what are now presented in its position, we are in contact with them A number of reported presented, reported of the committee presented that when reviewing the taxes, and they have analyzed some of the arguments that we presented in our appeal. An opinion of the legal public authorities is nonbinding. Therefore, we believe that the whole process of analysis of the appeal is ongoing, including all the specific consideration that should be made. Let me now turn it to Ricardo to make his comments. Good afternoon, Carolina.
Concerning ASOL and our activities in the business, in our OSOL business throughout 2019, it was based on increase of revenue from turnkey projects. These are projects that are sold as a solar planned operation. This is a model that we discontinued last year because it was just one single revenue you build it and then you get paid over the construction by third parties. And you end up having just a small amount of OEM revenue for the future, which is not very relevant. So we changed the business model for 2020, and we changed it last year to run a model in which you explore shared generation and remote consumption, high remote consumption.
In this new model, you generate revenue from sales of projects to a number of consumers. Since that is a model that has gained more momentum, We've managed to have 3 projects in full operations, selling them to customers, to clients, and it has a recurring revenue flow. So what we are going to do from now on is to invest further in this model of distributed remote shares, distributed generation, adding additional services such as battery, energy efficiency and some added value services. Our perspective is still quite good even though there has been a difference in regulatory affairs. Because of the potential technology that our company has in its portfolio of clients, it's still quite capable of experiencing significant growth in the future.
Thank you very much for your answers, very clear. Our next question comes from Matosha from Banco Itau. Please proceed. Hi. Thank you for this call.
I would like to hear about some strategic points of the company because you were more focused on buying distribution assets, but now the assets available, maybe they have a different nature and it wouldn't be that the company wouldn't be as competitive as other place. Now thinking about the scenario today, would it make sense to go stronger into generation? We've recently seen a movement of in of combining assets with AT and T and diversifying portfolio. Would it make sense in your company to acquire company and go somewhat stronger in the segment? Thank you.
In the short term, we don't see that movement into generation except for GT, which we've been working with also. We do have some projects in our pipeline, a project in Bahia, from Santawa in Paraiba as well. But the prices in auctions are not very attractive. So probably you'll have to bring together free market and auction. And the free market still has very short reference terms, very short deadlines.
So we have to have a mismatch for projects and contracts, which end up in April. But we don't think we are not that away from the competition in distribution really. If I can ask the second question concerning the discussion of pitprofiles tax rate. Can you please update the discussions that you've been having with Enel, the regulatory agency? Do you think you're going to come to any conclusion soon?
This is Alessandra speaking. Marcelo. We tested something that has brought to the attention of the regulatory agency. We've been monitoring it closely and will believe that the regulatory agency will have a reasonable position. This is something we've been monitoring very closely, but there is no update yet.
The next question comes from Paulo Pizarro with Cumba. Please proceed. Hi, good afternoon. Great presentation. Thank you.
I'm going to ask about financial leverage because your net debt and EBITDA and the relation have been increased over the years. Do you really feel comfortable with that figure? How far would it go? And do you have any plan to reduce that debt in relation to your EBITDA? Well, with the decrease of the interest rate in Brazil, energy distribution companies and companies in general have been operating at higher covenant levels.
We've reviewed the covenant of all contracts to 4.5 times, then it went down to 4,200,004 times. I think we can operate close to 4 at lower levels. But should there be any change in the scenario in the interest rate, we would have to adjust that. There is another important point here, as I pointed out in my presentation, which is the potential conversion of the share of BNDES. It's by August 22 that we have a deadline of the bonus and that would mean 0.5 in leverage.
If we are close to 3.6 on December 31, we have to deduct 0.5. Great. Thank you. Let me remind you to ask a question. If there are no further questions, I would like now to turn it over to Ricardo Borterio for his closing remarks.
Well, thank you. It's been a pleasure to have you here in our earnings conference call for 2019, where we presented important achievements as a group. I would like to share with you how glad we are to have celebrated 115 years of anniversary in February this year, our 115th anniversary. And so at the time, we've had a team of excellence to help in our journey of growth, not only in the business of distribution, but also as a broader business of electrical energy services, also working towards sustainable sources of energy and managing all our companies. Our main focus will always be presenting the best services to our clients.
In 2019, we amounted to 7,800,000 consumers, and they are the sort of inspiration to our company for continuously developing our work in 11 Brazilian states. And we are very proud to share with all markets our achievements in 2019. We've presented a significant growth in our market in volumes of distributed energy, as Mauricio pointed out. We also had increasing profitability in our company, always working within an ethical, social and environmental perspective in our role in the productive chain. We've renewed the conception of Energita to Constance in absolute issues that we could provide services of excellence to our customers.
For the past 3 years, this company has gained a specific highlight in the region and the company of center west and north of Brazil. We strongly invested in our concessions. We've added BRL 11,000,000,000 in investments in modernizing our electrical infrastructure for the past 5 years, always focusing on innovative solutions centered in our customers in all regions where we work. And on top of that, we've been working very hard throughout 2019 in restructuring and integrating distributors, Vollonia and Acre, acquired in the end of 'eighteen. Investments in the 1st 2 years of equation of Energizer in the steel companies will be higher than anything that we've invested in 6 that has been invested in 6 years of state owned control.
We've used an optimal capital allocation methodology, and we've been directing investments to improve the quality of the provided services, which will bring benefits for the economy of the space and for consumers. I'd like to conclude our meeting this afternoon by telling you a little bit about our moment of really concern in global economy because of the dissemination of COVID-nineteen. We are paying close attention to its dissemination, and we have a work group to preserve as much as possible the quality of our staff and maintaining the quality of operation within the quality standards, continuation of the operations. We've maintained, now we have new hygiene routines for our service providers and team. We also have a protocol for quarantine, if required.
And we've canceled national and international, except in situations that are going to be analyzed individually. We've also decided to postpone larger meetings and events and conferences that require traveling. We are going to rely on the technology that we currently have in house, using videoconference meetings whenever possible. Finally, we are also expanding that kind of guidance to our clients, encouraging them to prioritize the new digital channels to interact so that we have fewer people coming to our branches. We've also been paying close attention to the virus and market because of the expectations of decreasing global economy and the unpredictability of the impact it will have on people's lives.
Despite the very uncertain outlook, our activity as a company has not been in there and we haven't identified, as we've seen in our earnings release from 2019, any significant impact that would modify our business forecast and assumptions and measurements of assets and liabilities. We are really confident that the authorities are doing everything they can to prevent the expansion of the virus all over the world. And we are here really also to fight against the dissemination of the disease. We are going to carry on with all projects in 20 20 with investment amount in EUR 3,000,000,000 as provided before. And we have over 15,000 direct employees to help us execute this project focused on sustainable growth and generational value to all our stakeholders.
Thank you once again for being here with us this afternoon, and we wish you a great afternoon. Thank you. Thank you very much. The conference call is now concluded. Please disconnect now.