Good afternoon, ladies and gentlemen. Welcome to the conference call concerning the results of the first quarter of 2019 of Energisa. The audio recording of this conference is being broadcast through energisa.com.br, where you can find the presentations for further download. I would like to inform you that the listeners actually will be only able to listen to the presentation as opposed to participating at this point. There will be a Q&A in the end. Should you have any questions or any comments, you should ask for the support of the operator by dialing asterisk zero. This teleconference will be actually in Portuguese by the management of the company, and there will be simultaneous interpreting.
would like to point out that statements that actually may arise concerning business perspectives of the company, projections and operational goals as well as financial ones, are based upon planning and forecasts by the senior management and board of directors of Energisa, and information will be available. Future developments are based upon the uncertainty of the market and future events that are not foreseeable, depending upon circumstances that may or not occur. You should have clear at all points that economic conditions, the industry, as well as other operational factors may affect the future results of the company that may lead on to results that are different from those expressed here in this presentation. I'd like to pass on the floor to Mr. Maurício Botrel , who will start the presentation. Mr.Maurício Botrel , the floor is yours. Good afternoon, ladies and gentlemen.
I'd like to thank you for taking part of our conference call for the first Q of 2019. Mr. Ricardo Botelho is here, Mr. Gioreli, VP of Distribution, Alexandre Nogueira, VP of Regulations, Mr. Brendel, Director of Corporate Finances, Mr. Mota, Director of Generation Services and Transmission Utilities, and our team of IR investor relationships. I would like to invite Q&A upon the end. As well as in the fourth Q of 2018, numbers actually will be based upon recent information. We have the financial aspects. We have pro forma values that were shared back in 2018 that are confirmed now, and we have forecasts as well. Please, slide number three, operational highlights with good performance of the market, 4.6%. Another point that we have expressed here is rather stable with financial highlights BRL 905 million in that order and with profits in the order of BRL 958 million.
Liquid profits, EBITDA rate, 2.7x, it's important to mention, as mentioned in all meetings, the BRL 1.7 billion concerning the combination of business, Ceron and the assets were actually acquired in the end of 2018. If we were to consider a different scenario, we'd have different numbers. That's why I'm pointing out the factors here. Our debt level, once we have negotiations actually always very clear, and as per planning. 3rd of May, now we have the 11th emission of debentures in the order of BRL 500 million TSA plus 4.62% yearly with investments until April 2016. We have, as we can see in the presentation, debentures that were based upon Ceron collect with the combination of those two energy distributors. We have April 30th here. Petrobras has taken interest in acquiring Farsa Ceron, and we have June 6th as a very important date that's coming, please note here.
We have the signature of contract and the proposal of the acquisition of Castel. Mr. Botelho will mention that at the end of my presentation on that. Let's go to slide number four. We have here the energy provision market growing by 4.6%. Brazil grew 3.7%, 3.5%, actually. Highlights for the Center-East. Growth in the order of 7%. We have Energisa Mato Grosso do Sul actually with the greatest growth, 8.8%, due to climate. We know that the consumption actually in the food industry, minerals, and such, actually have had their own trend. We had 6.8% of growth in other areas as well due to variations of climate and such. We have furthermore high temperatures influencing the growth of 6.7% of Energisa in the Southeast of Brazil. Energisa Mato Grosso, 5.8%.
We have here the companies, Eletroacre, with -1.4% or 3.6 GW, influenced by the bank holidays and all relevant factors in 2018. Total losses of the group. We have the indicator here. Considering the 11 distributors of the group in the order of 13.54% of the energy injected in, or 0.4 percentage point beyond the regulatory framework. Not taken into consideration, Ceron and Eletroacre actually. Total losses represent 11.53% or 0.1% above the regulatory framework. Below, actually, I stand corrected. We point out Energisa Mato Grosso do Sul, EMS, with improvement in the order of 1.10% compared to March 2018, and with better performance in our history of concessions. Energisa Mato Grosso electrical losses dropped 0.39 percentage point. The drop was with regards to March 2018 concession. It is still diminishing its gap in relation to the regulatory framework, with 0.22 percentage point of our goals.
Energisa Paraíba, as per 2018, we have had losses compared to the regulatory framework, reminding you that both companies went through regulatory reviews concerning the drops that we have with efforts for us to regain our purpose. We have Eletroacre that is still doing well compared to the regulatory framework. Let's go to slide number six. Let's talk about quality indicator. The concession actually of Ceron with all distributors of the group below of the quality regulatory framework. Many of these concessions continue to take down their own historic records, making new milestones with indicators of quality, such as in the case of EMC, ECO, Energisa Tocantins, Nova Friburgo, Energisa Paraíba, Energisa Mato Grosso do Sul, Energisa Mato Grosso, and among others such as Energisa Tocantins. Among the companies recently acquired, we have Eletroacre that remains below the flexibilized indicators, the CNCC.
Ceron now, with the increase of back in comparison to 2018 due to the conditions of the market in terms of maintenance and such, and the higher levels of rainfall in that region during that period. After the acquisition of these two companies, we are preparing a turnaround plan so that we can turn around these indicators with implementation actually allowing for the turning around and getting back to our objectives. We have our two concessions, actually. One that is currently undergoing auditing for the adaptation and taking it up to the standard of the market as per the standards of last year's. Our PMSO performance without Ceron and Eletroacre. We'll go into the financial aspects. This regarding results that are to concern Ceron and Eletroacre. 4.2% in the quarter, aligned with the inflation rates of the period, which were around 4.6%.
Good share of increases in expenses have to do with the hiring of new talents, readjustment of wages, new activities taken on, such as the shared services center, up-billing, internalization of activities of development of IT systems. On the other hand, our balance or HR front, we have made improvements in labor-related action against us, or even indemnifications, mainly in Energisa Mato Grosso do Sul. The reduction has to do mainly with investment in consultancy, especially for Energisa Holding, Energisa Mato Grosso. The line of material was influenced majorly by the consumption of equipment of EPI, personal protective equipment, the collective and the fleet of Energisa Tocantins, Energisa Paraíba. We have had in Energisa Mato Grosso civil actions decreasing numbers, actually. Now, slide eight, our trimester, last trimester, EBITDA rates, 22.4% increase without considering Eletroacre, with BRL 968 million of profit.
I would like to point out that we didn't consider the effects, actually not recurring details in the annex of this presentation with the EBITDA rates growing by 4% to 7.6%. With the addition of BRL 190.2 million in the installment fee of the distributor cash flow, such as IFRS 15, that has to do with the accounting for new energy transmission structures, mainly in the line of combination of businesses. Besides the margins for the energy transmitters, among the effect non-cash flow, there was a clear understanding of the market, actually. Next, we are comparing EBITDA rates to the regulatory framework according to the 12 months without Eletroacre here. The consolidation of the group were above EBITDA framework and regulatory framework in the order of 33%.
We point out the acquisition of companies such as Grupo Rede or Rede Network Group, in free translation, with 31% above the regulatory framework, prior to 20% in March 2018. In September 2016, below our IPO, the acquisition of Grupo Rede that were above. I said for ranked here. The Grupo Rede indicating the recovery, a successful one of the group. Slide 10. Still with the EBITDA pro forma, 120.1%. You'll see why in the attached files to this presentation, actually. There is no annex in this presentation, but there are files attached. We are taking into consideration credits from the state of Tocantins in the order of BRL 26.4 million liquid from taxes. Our debt levels, we have to take into account the acquisition of Eletroacre, BRL 11.2 billion.
I would like to point out that in that number, we have the adding up of the number BRL 541.1 million, referring to the milestone market-to-market bonus of subscription to the venture of Energisa and the debt of the balance of the debt, actually, including that bonus in the order of BRL 600 million. Instead of the debt, we have an effect that will be the reduction of BRL 1.2 billion in the liquid debt. The graph to your left, we see the decreasing of our debt with based upon CDI rates, and we are actually working based on base interest rates. We go to slide 12. Investments group with the quarter in the order of BRL 546 million. Besides that, I point out the results disclosing the last quarter of last year. We have a guidance for investment for 2019 in the order of BRL 2.75 billion.
In the segment of transmission, we have invested around BRL 50.5 million. Slide 13. Concerning the permission investments, we have projects that were acquired in April 2017. We have Energisa Goiás and Energisa Pará one, work initiated in September and October 2018, with two projects already obtaining licensing for installation. We have started negotiations with all related areas, with most of the payment actually accomplished, less than 2% for the final clearance. The physical advancement of the construction work is according to the numbers here, 51% and 43% for Energisa Goiás and Energisa Pará one. With regards to Energisa Pará two, we have the lot that was actually acquired in the auction of June 2018 for the bidding. The contract for concession was signed in September 2018. After six months, the license for installation for implementation was got on May 6, 2019.
We have started the development of topographic studies as well as the regularization of the areas that are public within the environment, the AMD area. The basic project that was approved, along with ANEEL, A-N-E-E-L, which is the regulating body along with ONS, are evolving quite well in our lands and landowners negotiation. We have agreements undergoing with good advancement, and 80% of the areas actually have got clearance. Energisa Tocantins, ETO actually, had a lot purchased in September 2018, and we have started the basic project studies for the development and environmental licensing with a concession signed on March 25, 2019. Those four lots actually add to an RAP of nearly BRL 187 million, with CapEx estimated in the order of BRL 1.5 billion.
Now we have Mr. Maurício with the next pieces of data. Thank you, Maurício. Good afternoon, ladies and gentlemen. I would like to invite you to look at slide number 14 about Alsol. We assess the supply chain of the sector, and we signed a contract for the acquisition of the control of Alsol and renewable energy. It's a Brazilian company with a closed capital and private capital in Uberlândia, Minas Gerais state, and it is for the production of solar energy with other renewable energies such as biogas, biomass, wind energy, and hydroelectric energy. Furthermore, the operation has conditions that precede our acquisition with approval of CADE. By the time the article of association under the new model is finalized, we have 87% of Energisa, 10% to Algar Group , 3% to Gustavo Buiatti, with the founder of Alsol, who will remain as Chief Technology Officer in the company.
Mr. Buiatti is electrical engineer with PhD on semiconductors from the Politecnico di Torino, Italy, with post PhD in electronics and the electronic patents from Alstom Transport France. He is requesting actually, has submitted for 13 patents. The distributed energy, DE in Portuguese, has made major advancements with photovoltaic panels, batteries, intelligent devices, allowing for growth independent on public policies, on subsidies and such. In Brazil, motivated mainly by incentives towards the compensation tariffs, fiscal exemption, and major differentiation for conventional tariffs has caused the growth capacity or DG, the development and growth between January 2014 and May 2019 to be in the order of 29.4%, with 85% of the installed capacity in DG, or DG in English, which is from photovoltaic sources. The market is still very green. It is to be ripened. We aim for a market that has 6,000 small-sized companies with providers of installation kits.
It's not a market that has a major player that allows us to be very competitive in terms of global companies. Alsol has around 90,000 photovoltaic plates installed throughout Brazil, which results in the order of 25 MWp, 531 facilities implemented mainly in Minas Gerais state, but we are present in 12 states. We have the growth rates above that of the country. We foresee the growth for the upcoming years, along with ANEEL's forecast, with a foreseeable market growing by 53% annually between 2018 and 2023. We cannot ignore those segments, and we believe that will allow us to make advancements that are proper with proper internal training to provide proper offer of new services and products in these segments. Slide 16. We have a few more numbers concerning Alsol besides 25 MWp concerning solar distributed generation. We have biogas, biodiesel storage, consumer units.
We have our own distribution system. We have mini generation distributed based upon biogas, biodiesel, and storage on lithium batteries. Among the main projects, I would like to point out the main system of generation distributed based upon photovoltaic energy with mini generation that is distributed from biogas. As I point that out again, I would like to point out that the net revenue of the company was BRL 51 million, and the company had BRL 1.5 million in profit. Slide 17. We see here renewable energies as per Alsol. We have B2B, B2C, public bidding for sales and installation, and we have the rental model as well, or the concession models for our consortium members. As our clients actually demand more, Energisa has to be a company focused on our main purposes without a kind of proper analysis of the market. We should not move on.
Energisa has to go where clients want us to be. The company has evolved technologically, which has to do with the technologic and regulatory transitions with new business models, with technologies that are emerging and are possible. The partnership with Abraaj Group, actually a company, and a company with mining of telecommunications, Telecoms, and technology also is also a sign that the group is thinking of the energy transition. I would like to wrap up the presentation. I would like to pass on to Q&A. Thank you, presenters, talkers. We will now start now Q&A. Should you have any questions, please press asterisk one. If you have your question answered prior to asking, you can press actually the square button. Questions will be dealt with in the order that will be received.
Please take your phone off the hook as you ask your questions for a better quality in the audio. Please hold on while we welcome questions. I'd like to remind you that for asking questions, you have to press asterisk one. Ms. Maria Mendes from Credit Suisse would like to ask a question.
Good afternoon. It's Maria Carolina. I have a question concerning the process of tariff revision extraordinary from Rondônia and Acre states. First, to be updated concerning the process of judgment of what the basis will be. If we were to consider May, for instance, we were to expect that we had the year process actually wrapped up for us to analyze the assets portfolio and start working with SRF with proper indicators. If you could actually comment on that with a more precise process concerning information, especially when it comes to the request for revision.
You focused on the cost analysis of the companies and the legacy that they brought along. Now, concerning new distributors, I would like to have further information because we see that we have contract ceasing that actually cost a little bit to the company. With these new companies, actually, you have to review your best practices and your general practices with Energisa in these two companies. The first question, I would like to pass on to Alexandre, who's more prepared to deal with the regulatory framework.
Good afternoon, Maria. Concerning compensation and tariff framework. We'll have in December the revision of tariffs of Acre and Rondônia. The administrative process is ongoing. We have a part of it to be wrapped up by May, early June. Probably will have early July or early August, within that period, the actually updated portfolio of assets.
I think that next one is to Mr. Maurício. Concerning the programs for Acre and Rondônia, in January, we started a process that was for encouraged retirement, concerning your question, and we had a PDV program developed for the companies, concerning the last company to be totally changed, especially. We have internally named TIE, which is encouraged retirement, and PDVs will have diminishing of the burden of work observed, cut down by 25% with less 25% in our labor force in the company. Thank you. I'd like to remind you that in order to ask questions, you must press asterisk one. Mr. Kaique Vasconcelos from Safra Bank would like to ask a question. Good afternoon, all. Thank you for the presentation. I'd like to understand your EBITDA. I understand that you still have a few negative areas.
What can we expect through this unfolding, the upcoming months of this year? What are your expectations, if you could share with us? The negative effect that we had in the early stages of the acquisition with these new companies. In Bracom, we have helped us review our procedures, and you have to present a clear portfolio of products and services, and we have a marking compared to the general market, a difference in the order of BRL 28 million. This is a portfolio of products and services that is long-running and long-term. That's why we have these expectations and have had these losses. I'd like to remind you that for asking questions, you should press asterisk one. I'd like to pass on the floor to Mr. Ricardo for his final remarks. Mr. Ricardo, the floor is yours.
My final remarks. We are making major advancements in the planning that we had for this first quarter. We have achieved quite a few results, as we have seen. As mentioned by Alexandre, we have reviewed the compensation program and planning, and we have revision in December this year. 81% of our planning has been accomplished, and we are certain that when we are to look at ourselves in the light of the competition, we are more than prepared to deal with that. We are rather happy with the advancements of the energy transmission lines, as shared with you here. We benefit from the acquisition of these groups, actually what we have gained within the deadlines that we expect. We have maintained a rhythm within our growth up to what we can afford in terms of scalability.
I'd like to thank you all, our shareholders, and ladies and gentlemen. The first quarter of 2019 conference call is adjourned here. Please disconnect your lines now. Thank you.