Good afternoon, ladies and gentlemen. Welcome to the teleconference concerning the results of the fourth quarter of 2018 of Energisa. We inform that the participants will be listeners only during the presentation of the company. Support of an operator. Adding asterisk, we inform that this teleconference will be in Portuguese, and it will be by the management of the company, and the teleconference will be in English with simultaneous interpreting. This event will be transmitted simultaneously via internet, via webcast. Before we go on, I would like to clarify that declarations during this presentation that may include projections of operational goals and other information that are in that order are confidential. We have to make clear that these are projections which are based on premises and studies, and future results depend upon the variations and circumstances that may or may not occur. Investors may understand that general [audio distortion] We'll initiate the presentation.
Alexandre Nogueira, Vice President of Regulation, Claudio Brandão, Director of Corporate Finances, and the whole team of relationship with investors. I'd like to start with some opening considerations. We are very proud of the achievements of the Energisa group. We have overcome challenges, and we are incessantly looking for excellence and growth. We acquired two new distributors through auction realized in August, Ceron and Eletroacre, and after consistent work and very detailed work, we have achieved great results. We have 11 distributors in our portfolio over five regions of the country, and we are serving 24% of the national territory, 7.7 million clients. We are going to use our expertise to realize a turnaround of assets for distribution according to our well successful history with the group ready.
We are going to take energy further with quality to clients of these regions. We keep on growing with the acquisition of a lot in Pará in June, in Tocantins and Bahia in December last year. We have now four concessions with 1,343 kilometers of lines of transmission, capacity of transformation of 4.294 MVA, and the revenue of BRL 184 million. We continue focused on the client. As a result of our commitment with quality in the provision of energy, we have been awarded nine prizes over 2018, and four of our distributors are among the best in the country. The index of ANEEL and of the satisfaction of clients, we are in the leadership in the center, southeast, and in the north in the category. In the last Friday, we have seen the ranking of continuity assessing 47 concessionaires, looking at the best performance in the services provided.
Energisa, through Energisa Sul-Sudeste, is leading the ranking with seven distributors among the 10 best in companies of great and mid size. It makes major difference in the life of our clients. We want to provide more products, and we want to become better and better, and that's what we work for. In 2018, the Great Place to Work survey defined the distributor as the best in the development and performance and continuity of the services provided. As in other occasions, we are referenced in health and labor health. Last year, we revised and mapped our way of dealing with risk and labor health, and we improved even further. In order to advance and bring innovation to the business, we invested in a major project of innovation and contribution.
The new efforts will lessen bureaucracy, receivables loss will be improved, losses will be lessened, we'll deal with failures that will be diminished majorly. The client will count with new possibilities of the payments of their energy bills, we'll create more and more channels aiming for improving the experience. We want a company that is simpler and simpler, more digital, and more efficient. We have contended results that will start being presented now by our VP. Please, floor is yours.
Good afternoon, ladies and gentlemen. I'll start presenting results, in the sequence, we'll open a session of Q&A. Before starting, I would like to point out that this is the first trimester that we consolidate the companies acquired, Ceron and Eletroacre.
For the operational part, the numbers presented are based upon the data that these companies carry within from 2017, 2018, the financial part carries within pro forma values, therefore bear therein mind. Slide 4, financial result. EBITDA, BRL 1,892,000,000 in the trimester, BRL 4,082,000,000 in the year. Accountancy numbers, BRL 675,000,000 in the trimester and BRL 1,179,000,000 in the year. That has to do with the acquisition of Ceron and Eletroacre. BRL 140,000,000, that's what it represents. It's a business combination according SAS3. Investments have been made in the controller, as per other operational revenue, we have other results in the exercise. Further details of the accountancy, you can find out on the 17. EBITDA liquid debt, 2.7x. That's double fold and more. The 4th trimester, according to Eletroacre, we had discussions that were well discussed.
We discussed the provenance of the company, we currently have the realization of an assembly to be held in the near future. We have some events that are subsequent after the closing of the trimester. On February 28th, Cevafarm provided the option of sales with a participation of 3.29% in the participation of the grid of energy, we have realized the value of the Facut, BRL 14,000,000. Now we have 45.9% of the company. Degaspar has a contract that has been acquired has been successful, thanks to the relationship with other companies that have been acquired. In 2004, we acquired stocks with yield in the 95.4% in yields. We paid the reminiscent of the debts. Eletrobras includes BRL 1,360,000,000 respectively. The respective and remaining partnerships, RGE, BRL 621,000,000. BRL 5 million in Eletroacre, this contract is managed by CCEE.
On the other hand, we've recorded the assets, after what was mentioned in the auction, we have BRL 673,000,000 combining the two companies. Dividends. We have an addition of BRL 0.15 of Brazilian real, 65% of gain. Let's go to Slide 5. We have the growth rate. It has to do with classification per distributor, 2.57% in growth. Brazil as a whole grew 1%. Energisa Mato Grosso had 5.6%, 123 MVA, with a great number of gigawatt-hours, with the segment industrial in Mato Grosso +29%. The food industry has brought major gain. Energisa Paraíba 2.7%, 49.6 gigawatt-hours plus, Energisa 39.5% in terms of this growth. Yearly, we have the consumption of the following distributors. Energisa Mato Grosso, more than 39 gigawatt-hours. Energisa Sul-Sudeste with 123 gigawatt-hours. 1.1% was the growth of Brazil. Once again, Energisa is growing ahead of that number.
In slide number six, the graph to your left-hand side, we have losses of the group in the electrical area. 13.7%, as you can see here. 0.27 percentile points. According to the new concession contracts, Ceron and Eletroacre had their losses flexibilized and to be regained over the period of the next five years. Certainly they will be an object of focus of planning and efforts towards stabilizing. Among the companies acquired, Eletroacre had total losses lower than regulatory numbers without Ceron and Eletroacre in the accounting. 11.6% was the level of energy injected, almost constant compared to September last year, and below the regulatory. Energisa Mato Grosso, with a drop of 0.7 percentile points considering December 2017 and 0.38 compared to 2018. This concession is slightly above the goals of overseas.
We are taking measures. Due to the recurrence and the change in teams, we have the Department of State that also has had an influence on that. In Mato Grosso from 2017 to 2018, we have had results. Tocantins is still below the regulatory goal. Slide seven, defaults concerning PDD and the revenue, 0.5%, aside Ceron and Eletroacre, 0.66%. You see here in the graph. To diminish and to lessen defaults, we used algorithms of artificial intelligence considering each and every client, customization of the measures applied that are more and more efficient in terms of debt collection. We have SMS messages. We have blacklisting of names in terms of the market at large, among other activities. All our companies will use the same tools. We'll unify that. Slide number eight, we are going to use the indicators of quality.
We see that except for Ceron and the indicator DEC, all distributors are with a good level of quality. We have gone beyond our past record numbers, namely Mato Grosso do Sul, with an exceptional performance for Energisa Tocantins. FEC and non-FEC. As mentioned initially by Ricardo here, we classified seven of our distributors. Energisa Sul-Sudeste had great results with relationship to the acquisitions. We regained investments and we regained strength in terms of the deployments of the plans that had been in the drawer. Slide number nine highlights, financially speaking, considering this year. We have the legacy distributor this year, Ceron, and one month is black. We had the reduction of 5.2% in the trimester and a gain of 3.8% in the year, in line with the inflation rates of the period.
A good share of that has to do with personnel participation of the results of the group. Given the improvement of performance of the group, it's only understandable. Internationalization of the teams. The reduction of services was impacted by the anticipation during the drought in Mato Grosso do Sul. We had impacts of that. We have regulatory adaptations that have affect numbers as well. Slide number 10, we have the evolution of the EBITDA-consolidated pro forma without Ceron and Eletroacre, BRL 683 million in the fourth quarter and BRL 2.884 million in the year. A retraction of 15.3% and 21.5% added, respectively. Aside moratory increases of the adjusted EBITDA, we have a drop of 5.8% in the trimester, and an increase of 27.7% in the year. I point out the EBITDA of the year that was affected by effects non-recurrent. In the end of 2017, we had VNR.
We had Mato Grosso, Sergipe, and Tocantins. If we discard those and other effects that are mentioned here, the EBITDA would have grown around 25.6% respectively. The trimester, we point out an improvement of BRL 94.4 million, I beg your pardon, and installment B at the distributors, we had BRL 666 million. In the trimester, again, we have Tocantins influenced by the reversion in the happening of fourth quarter, BRL 200 million for Tocantins and BRL 13 million for Energisa Sul-Sudeste. The year as a whole, you can see that there is no compromising of the whole. Slide 11, we have here the consolidation of the results of the group. We see the numbers here, an incremental 66% compared to 2017. Pro forma revenue and profits, the results have 72.9% decrease and 0.8% in the year. There are many effects that are non-recurring.
The main of them is the bonus of subscription, the debenture of Energisa that has a relation to that. It's non-cash flow, BRL 107 million in the first quarter and BRL 165 million in the fourth quarter. There has been adjustments for that effect non-recurrent, and the net profit pro forma would be 49% superior to prior. Debt-wise, we include Ceron and Eletroacre, BRL 10.8 billion total in 2018. The adjustment had a drop of threefold in December 2017, 2.7 times in December 2018. 2.7 has to do with the recognition of BRL 1.1 billion, BRL 100 million business combination with Acre and Amadora. Without that whole scenario, it would be a whole different number. Your left-hand side, we see the cost of the debt, 65% of our debt is indexed to the CDI, and we are benefiting from the interest rates for Brazil. Our credit bills have been reassured. That's important.
I would like to point out some issuances, BRL 4.7 million. We had some important aspects here. We had the issuance of Ceron debentures, BRL 1.8 million, with maturity for the next three years, in three years. That had to do with paying a debt for Ceron with another company. We have BRL 250 million, average cost 4.6 million in CDI, and with maturity in 2025 and 2028. Investment-wise, we wrapped up the year with BRL 1.981 million, including BRL 53.6 million invested during the management of Energisa. Transmission-wise, we had BRL 173 million in the year. I would like to point out the acquisition of the two, Energisa Pará and the other in September and October 2018. Two projects that are being installed. We are obtaining a license for 24 months, and we obtained 13 months. In the fund area front, negotiations with the proprietaries affected, and the lines of transmission are majorly concluded.
We have less than 5% to deal with. Energisa Pará 2, a lot that was acquired in an auction in June 2018. The contract was executed in September last year. We have topographic work and regularization according to standards are being dealt with. The common entryway is being also dealt with. We have agreements in the fund area front. 50% of the affected areas are already undergoing clearance for liberation. We point out the fiscal benefit of REIDI, of the project obtained in January 2019. Energisa Tocantins from December 2018, the acquisition. We have the studies, we have the base project. The concession contract is to be executed next week, on the 25th of March. These four lots add up to BRL 184 million, with a CapEx of estimated in the order of BRL 1.5 billion. CapEx and guidance-wise, we are estimating investment in the order of 2.8%.
87% of that value is focused on the distribution group. Ceron and Eletroacre will receive together BRL 699 million in investment this year. Ceron will be the second distributor in the ranking of the group, but they will have investments. The distributors acquire, they requested, along with ANEEL, the processing of the revision of the tariffs, the extraordinary ones, to be realized in December 2019, in substitution of the process of the tariff annual adjustments, as foreseen in official documents. EBITDA consolidated, we are at 29.2%, as you can see per the graph here. BRL 400 million in growth in this period. Here by I end my presentation numbers-wise. I would like to open for Q&A. Operator, the floor is yours.
Thank you. We start now the Q&A session. There should be a question, please press asterisk one. If your question is responded, you can leave the queue pressing the number zero. We will be dealing with the questions according to the order. Please take the phone off the hook when you ask a question to improve the quality of the sound. Please hold on while we collect the questions. Thank you. Mr. Marcelo Sá from UBS Bank would like to ask a question.
Good afternoon. I have a few questions starting with the regulatory documentation, ANEEL, for transmission and generation. We had a positive outcome, even above the forecast. I would like to understand what was your perspective if you see room for the distribution to have a different EBITDA cost. We are not clear whether ANEEL is open for that kind of change or others, and whether they consider distributing companies. I would like to know whether you see as possible differences in terms of the orders of distribution.
Alexandre Nogueira has been disconnected. On March 12th, Marcelo, we had a discussion aiming to prepare the discussion in the block of generation. It is well seen and with a positive outlook. We are still in the phase of contribution. It is to start on March 22nd and is to end in June. We are keeping up. We are analyzing the development of that, and we will see the differentiation that is to take place between distribution and the other segments. The segments are similar, Energisa, nevertheless, not the same. They will be dealt with differently. Distribution, we understand that will have the elements. The distribution orders will be reopening the second semester of this year, and around 2020, that should happen. The module investors and analysts that are here with us are to share and confirm what I share here with you.
Thank you, Ricardo. Another question that I would like to ask is, whether you have the assessment of the assets of the bank. We have started, and I would like to understand the basis of work of yourselves, of the company. I would like to understand if the report on the assets may be greater than expected.
I am Alexandre. I am here. We see that our planning on the inventory is going well, and the preparation of the basis that we had, and we proposed at the moment of our discussion, is going according to plan. Thank you.
In order to ask questions, please press asterisk one. Mr. Andre Sampaio, Santander.
Good afternoon. I would like to ask a question with regards to Eletrobras and the participation. How do you see this possibility? If you have had any sort of studies or look into that and funding-wise, how do you see that?
Andre, I find hard at this point to comment on third parties. The payment on a first moment didn't happen because it wasn't up to speed in terms of the regulation. They are requiring public information, and we are gathering that. We have some planning for that. In other costs-wise, Ceron Eletroacre, is there anything we should watch for and be more careful? Ceron Eletroacre is rather busy or polluted, if you will. It's very diverse. Right after the privatization, even before we had Sevilla, as if there weren't an actual knowledge of what was to come. The auction happened right after that. If we look individually to the current state of that, we'll find situations like that, the analysis of our result here. You can see in the report, I have mentioned that we are going to focus on the companies that we have listed here. It's difficult to have a comparison at this point, honestly.
I thank you for your response. I would like to thank Brandão for opening this information. Cycle-wise, you have expectations in terms of discussions that have to do with the regulators or things that you may add in that sense.
Can you please repeat your question? You're really low. I can barely hear you.
The fifth cycle of revision, the expectations that you have on that? On the fourth cycle, have you discussed anything that concerns that, and what you have in terms of expectations towards that? The fifth cycle, we expect the evolution, with regards to the previous cycle in the points that with incentive will improve and be open for public bid.
This concept has been clearly stated, these times are being accomplished. We are expecting a clear discussion. We are working based upon the fourth cycle, certainly, we are aiming for major improvements.
Camila Cavalcanti from Citibank.
Good afternoon. I would like to understand a little bit more RGE in the senses to whether it would be of immediate impact, or whether we have to consider a longer time frame. The tariffs concerning RGE, how are they going to occur over the next years, concerning Ceron and Eletroacre?
RGE designated. It's under the intervention of the state management once it's been privatized. We have to consider that public funding is no longer an option here. What happened in the notice that was open to the public, we have 30 years of maturity. It will have amortization within 25 years on average. In the tariff, we'll have the tariff minus the amount from the auction, Ceron, and the tariff amount will be 25% lower than the outstanding balance of the loan. That will be reviewed yearly. RGE that has been, of course, dealt with according to the period of the concession, is going to be dealt with CVA. Well, you see it's already on CVA. There is an outstanding balance. It updates the loan, and you are saying that the outstanding balance covers all that RGE has needed so far. Whatever Ceron needs will suffer amortization. The differential here concerning the tariff depends upon what the loan is and what we are charging.
Thank you. I think that clarifies my question.
Gustavo Nieli, Itaú BBA, would like to ask a question.
Good afternoon. Thank you for the presentation. Operational-wise, one of the variations that drew our attention is the non-build net profit, even excluding Eletroacre and Ceron, it affects the future. This variation has to do with the volume that you have acquired. I understand all that you have brought to the table, including Mato Grosso and so on. BRL 140 million will be recurring in the next trimesters. Can I take that as a consideration?
No. That shouldn't be used as a proxy or a basis for the forecast of the next trimesters. Trimesters are bigger bargains or quarters. We depend on the variations of one year to the other and the different variations. We have to take into consideration that already in the last quarter, we had some variations that were affected by the temperature that we had forecast as such and didn't achieve that level. We have a growth or an increase that has to do with temperature. Mato Grosso, Mato Grosso do Sul, those states have results that come from that.
For questions, press asterisk one. Thank you. I'd like to pass the floor to Mr. Ricardo for his last remarks. Mr. Ricardo, please, the floor is yours for your last remarks.
Over the next year, we aim to integrate the companies. This is what we all want. That's why we want a major portfolio of diversification, and we want to elevate all companies to the same level of excellence of all the other companies of the group, and our clients are taken into consideration. We'll assess opportunities in the segment transmission and generation of energy. CapEx will be considered.
We'll leverage a number of internal competencies in order to change and continue to be relevant and grow further because demands are more and more strict. We have confidence that with what we have planned and entrepreneurship, good planning will carry on with the successful legacy of our founders. We thank our shareholders, clients, and service providers and providers in general, and thank you, and a good afternoon.
Thank you. The teleconference of the results of Energisa fourth quarter is over. Please disconnect your lines now.