Good morning, everybody. We're here, Marcelo and myself, Marita, to present to you the earnings results for the first quarter 2024. At the end, of course, we will be making a prior comment on information about topic and how this has impacted our organization. We're going to begin by speaking about the highlights. We reached net revenue of BRL 3.1 million, a growth of 22% vis-à-vis the same quarter last year with 6% of organic growth. The organic growth partially impacted by a review of the 2022 harvest. We normally have that adjustment in contracts. This harvest happened strongly, and they continue to happen, reflecting the fourth quarter. And we make the adjustments, but as a counterpart, we guarantee the sustainability of the margins in the contract. Now, this corroborates the information below: adjusted EBITDA of BRL 352 million, a growth of 20% with 11.5% margin.
The philosophy is to have sustainable growth. At the moment that we're going through, we do have to have a margin increment. You can observe this in the growth of EBITDA, adjusted net profit of BRL 168 million, a growth of 22%, and margins highly aligned with the last quarter of 2023 of 5.5%. We have reached the figure of 4,448 customers without including the companies that have been integrated: Lyon, Control, Marfood, Invictus and Trademark, and a Net Promoter Score of 71%. In terms of our net revenue by line of solution, integrated facilities is the most representative with 40%, and maintenance and industrial services with 26%, as well as security with the same percentage. Now, the origin of the company is focused on maintenance and security. We have had good evolution in maintenance and industrial services, and of course, by growing our customer base.
Our revenues are fragmented. We have one client representing 4% where we have 12-15 contracts, and then a fragmentation of the rest of our clients, which shows that we don't have a specific dependence on any of them regarding revenue. We are 5% above the first quarter and a growth of 6% organic net revenue. Now, the pace is normally slower in the first half. The acceleration is normally in the second half of the year. This first quarter, as I mentioned, is impacted by the adjustment of contracts of 2022, but we're looking upon the year with the same logics that we have had before: a more timid growth in the first quarter, increasing in the second quarter, and of course, with a resumption in the second half of the year in organic net revenue.
We had five companies in 2023 and four companies coming in in 2024. Now, regarding the EBITDA, we do have a novelty here. We had an increase in the cost of lease, and it is important to begin to show the EBITDA in two different ways: adjusted EBITDA, as we have always done, with a margin of 11.5%, a growth of 20%. But as lease has become ever more important, we're presenting the adjusted EBITDA according to the IFRS 16, where we reached a margin of 10.8% lower than the first quarter of 2023 because that quarter had a very minor impact and was an atypical year in terms of margin. Whenever we have M&As, we do have an impact, of course, on our results. Going forward, we will begin to report these two indicators.
Now, regarding the adjusted net profit, a growth of 22% aligned with the first quarter of 2023. I would like to give the floor to Marcelo to speak about M&As. Well, here you see a summary for 2023-2024 regarding our acquisition program. We have 10 companies here. It's relevant to mention that Lyon, Invictus, Marfood, and Trademark are undergoing a process of integration. Lyon was recently integrated in April at a very complicated moment of integration of systems. Invictus will be integrated in June, so we're preparing the integration for Invictus and Marfood in June. And Control was integrated in May, so we're still in that rather delicate phase of stabilizing the integration. Another relevant point this quarter is that we have the consolidation of results of all of these companies, with the exception of the GRSA, still not approved by the Antitrust company.
So we still don't have the revenues recognized of Lyon, Control, Invictus, and Trademark, with an impact of BRL 80 million in our revenues, not accounted for revenues. Marita has mentioned we have grown a great deal in segments that are not related to the original activities of GPS. We have grown in Trademark, in food, and in this slide you can see we have TLSV and Control. These are new companies. We did not have these in the past. We did have the desire to enter that market in telephony maintenance and maintenance of the electrical network. We were able to do this recently. Here you see Trademark in the field marketing segment that joins the companies we have already acquired, like Campseg, integrated in June of last year, and areas that we bought some years ago, and a segment where we're growing a great deal through acquisitions.
We were able to address the growth and consolidation in the food sector. We brought LC some years ago. We have brought it into the market to learn about the market dynamic. There's a food component in that market, which is a strategic point that we never had interaction with. And we began to work with LC, made adaptations, and last year and this year we carried out a new movement to grow in that segment with the acquisition of Marfood last year. As I mentioned, it is under integration. It is focused in Macaé. And recently we continue with the acquisition of GRSA, where we consolidate our work in that segment. Now, GRSA is still awaiting approval of the Administrative Council for Economic Defense.
In the program last year and this year we carried out these 10 acquisitions, and these 10 companies have a gross revenue of BRL 5.3 billion per year. Next slide, please. Here is a summary of what we have done in terms of acquisitions since our IPO. It truly has been an intense work in the company. 23 acquisitions carried out since the IPO. The gross revenue is BRL 8.1 billion for the companies. I underscore what I said. We have been able to grow in new segments: temporary labor, food market, maintenance, and industrial services with 8 acquisitions. We grew considerably in that segment, and we have a share in the global revenue of GPS compatible with the activity of security. We have grown in the food market with the acquisition of Marfood.
Until the GRSA, we had been delivering our growth and acquisition of medium-sized companies. These are companies that I speak about at length here. They offer a more accelerated payback for acquisition. The companies come in with a lower EBITDA margin, and typically they offer a more accelerated payback. In GRSA, this is the first case of the acquisition of a large company. It's a large company offering a payback possibility compatible with medium-sized companies. I think that is all, Marita. We're going to address any doubts you have in the questions regarding M&As. Very well. Let's go on to the cash flow of BRL 215 million. The first quarter seasonally is impacted by a large account, the PLR, which also took place this year. But besides the operating cash representing 77% of adjusted EBITDA, was impacted by accounts receivable.
This is an effect that happens with significant intensity when some days fall on holidays, and the customer therefore will make the payment the following month. Now, this happened in March. We had a large volume. This did affect our accounts receivable. Of course, we have mechanisms to minimize the effects, but this is what you see in this first quarter impacting the cash generation: some delays from customers impacting the account. Now, interest and interest: BRL 140 million. And in financing activities, we paid out debentures and loans for a large part of the loans that we had in the acquired companies as of the acquisition. All of this will be settled through negotiations. It represented a relevant part of the disbursements we had with financing activities. Leases, you can see here with a slight increase once again.
On the other hand, the entry of BRL 40 million in our stock option program, which happens in the first quarter, and of course it's always very good: BRL 49 million. This amount is invested immediately, and the entry of these resources integralizes our work and the investment activity. We invested BRL 178 million in acquisitions of companies, BRL 42 million in fixed assets, and you also have the net result of BRL 100 million. The final cash and equivalents at March 2024 is BRL 1.73 million. Now, regarding the leverage, we're bringing you two references again: adjusted EBITDA and the adjusted EBITDA IFRS. Now, the leverage rate has increased because we have invested in the acquisition of companies. We had expenses to pay out the loans and the debts.
Even with this, we were able to have an increase of two percentage points in terms of net debt over EBITDA. When we look at Adjusted EBITDA IFRS beginning this quarter, it began to be more relevant. And so we will begin reporting this indicator in this fashion. At the end, during the questions and answers, I would like to position you in terms of a recurrent question. We're very attentive to what is happening in Rio Grande do Sul. We have an action plan, a crisis action plan, and the focus prioritarily is humanitarian for our associates and their families. What is possible, what is necessary to do at this point? We have 10,451 employees. Of this group, we have monitored 9,335, and you can see the distribution: 3,600 are in safe, non-affected areas, 4,800 are safe, but they are in affected areas, 891 are isolated.
We're monitoring their situation. They cannot be displaced, but we are monitoring their activity and helping them in terms of their basic needs. 52 are safe in shelters. Luckily, we have no reports of deaths, and day in and day out, we follow up on what's happening to them. We have a group devoted to updating this team. We created a well-being team. It was set up immediately to create donations, personal support, and this committee is working with contacting the personnel. We have mobilized emergency delivery of material through suppliers and other regional units. We have adopted collective early holidays for as long as necessary so that these associates can be with their families and communities. We have anticipated salaries and benefits to create liquidity, better conditions to deal with this situation of crisis, and of course, first need item donation campaign.
Recently this week, we launched a donation campaign for each real donated. GPS will match the same amount. We're disseminating this throughout the company, and everything is being managed by the well-being committee. Rio Grande do Sul today represents 7% of our headcount and also 7% of our revenue. We're looking upon this situation at this point in time simply to offer support to ensure that the families and our employees can continue on with their lives after the terrible disaster that is still underway. Marita, comment about the campaign. We have a high expectation of collecting donations. We have an app with 1.5 million users, which are active employees, our associates, and candidates. So we have an enormous base of users, and we're intensively disseminating this campaign through our apps to rai se resources.
Very well. With this, we would like to end the presentation, and we can go on to the question and answer session. We're going to unmute the microphone of Gabriel. Good morning, everybody. Thank you for taking my questions. We have two. The first refers to the margin. You spoke about this in the presentation. I would like to understand the margin was better despite the entry of new M&As that are undergoing integration in the system. So which is the impact in the first quarter, and what can we expect from margins for the rest of the year after the integration? To continue speaking about the integration and the entry into new markets, which are the original GPS segments that draw most attention, that represent your addressable market? And when are you going to resume your M&A agenda?
Gabriel, thank you. Good morning. Our margin is dynamic, of course, affected by variables. Whenever we have a concentration of integration of new companies at GPS, we have a lower weighted margin, and this happens frequently. Our margins surpassed our internal expectations. We have a program of cost review that we carry out periodically, and even in the context of GRSA, our leverage is going to increase, and we use this review to motivate our team to work with very low cost. This helped us in the margin. Now, the second point is what we're doing with the harvest of 2022. In 2022, we carried out opportunistic acquisitions with very low margins, and we had a portfolio of what you would call contaminated contracts. We ended up losing some revenue, but we have maintained the contracts that now have a healthy profitability.
So our margin is being affected by diverse variables, and it was somewhat above the expected. We have the program of reabsorption of costs. We work with direct costs. People become accommodated as time goes by, and we have to take people away out of their zone of comfort when it comes to costs. Now, there are several companies that were integrated. We have a highly complex schedule for integration. We have integrations every single month until July. So until the coming quarters, we hope that our GPS well, we know that our GPS margin will continue to be contaminated by these reasons and impact our margin. Now, in GRSA, we have an important company. We're waiting for that leverage. We should reach 1.8 times EBITDA in terms of leverage.
This is not a comfortable leverage level for us, and the focus now will be to integrate the company insofar as possible to capture synergies, to leverage cash, and go back to the leverage levels before the acquisition. Before the beginning of next year, we should return to 1.3, 1.4 times leverage, which is more comfortable. Once we resume this normal leverage level, we will resume acquisition. What is very good from the acquisition of GRSA is that we will have the tranquility to set up a highly qualified pipeline for the coming year. This never depends on a single element to deliver inorganic growth. I was negotiating the acquisition of GRSA and had several parallel negotiations, more than 10 at the closing stage. We halted that process.
We're managing the expectations of sellers and trying to postpone that process for the coming year, to begin the coming year with a highly qualified pipeline with the standards that we like: fragmented revenues, low EBITDA margins, and medium-sized companies. With the time that we will gain now, we hope to create a highly robust pipeline full of companies with that specific type of profile. And finally, we do have several areas that we would like to penetrate. Recently, we made an important movement in this direction. We have entered industrial maintenance, field marketing, temporary labor. With the acquisition of Control, we're working with maintenance of the electric network, something very novel. We're still getting to know the business. We also acquired TLSV, the segment of telephony control, and we're in the segment of mechanical labor for engineering.
So for years, we have broadened our scope of operation, working with different segments. As I mentioned, several of these movements are still under integration: TLSV, Control, and Lyon as an example. So of course, you can expect these movements to stabilize. We're going to get to know better the activities of Control, Lyon, and TLSV before we take new steps towards inorganic growth. We do want to enter more strongly in the maintenance market where GPS operates very little. The supply of paramedical labor, for example, where we have a minimal share. We want to work with SMO services and labor as well. But for the time being, all of this has come to a standstill because of the acquisition of GRSA. Anything pending in the answer? I believe not. That was wonderful. Thank you very much.
Thank you, Gabriel. Lucas Marquiori, your microphone is unmuted. Good morning. Thank you for the call. Well, before anything, congratulations on your disclosure and the interesting initiatives that you have taken for reporting. Now let's go to the results. We have two topics. First, Marita Marcelo, if you could give us an agreement of the agreement at the higher court in terms of the reversion of the AS system. I would like to hear some timing for you. When are you going to be able to revert these almost BRL 500 million of provision I read, if I recall correctly? Secondly, and I know that this is still pending at the antitrust agency, an update in the time curve of GRSA, your expectation for integration, and which will be your initial steps? 170 days of integration is what we have as part of your pipeline. Thank you very much.
Let me speak about the AS system. The agreement with the court was published on May 2nd, and as of that date, we're going to pay. In terms of the total payroll, we can no longer use that limit of 20 salaries. So beginning in May, we will have that expense. Economically, this will not have an impact. It has been provisioned, but there will be an impact on cash, and there will be the impact of GRSA on these expenses. Additionally to the expenses of the Sistema S, we can offset this tax and work with it to offset other federal taxes. This is our vision, and it's very clear for us. Once the agreement has been set forth, what is not clear in the agreement that could still suffer an embargo is a decision regarding the past.
Regarding the past, we have a provision of BRL 530 million between the principal and interest rates that have been allocated to our balance, and we have to await the analysis of eventual embargos that could take place. The decision will become effective once we see that the published agreement is corroborated by the Supreme Court. But somebody could still request for some reason or other the review of the clauses of the agreement. So it will follow the flow. The reversion will follow the flow of the judiciary process. It's the time that they need for analysis. Beginning in May, we will no longer hold the provisions. We will be making payments, and this remains in our balance: the principal and the monetary restatement or correction until we have an effective decision for our case. This is our vision with this system.
Now, in terms of the timeline, well, the judiciary has been quite speedy in this topic. This could still happen this year or in the last quarter, perhaps. The best way is to follow up what is happening in the court and see which are the embargos that may appear. Of course, we will keep you updated on this. We truly cannot tell you when this will happen. Lucas, to add to what Marita said about the Sistema S, we have to be very conservative. One thing is to revert BRL 330 million, benefit from the result, and then have to provision again for this. There is a final stage, which are embargos. It's not very probable that we will have them, but we have to wait the judgment of the embargos. I'm 100% that we can revert the provision.
Second point, there will be a negative impact on the cash flow, as we mentioned, going forward. The economic cost is zero, but we will once again have to pay the Sistema S as of May. We had a dynamic where we were accumulating fiscal credits. Our credit has very tight margins, and when we issue an invoice to the client, the client retains 8% of ISS, 8% of income tax, and 8% of social contribution. We have to obtain these credits to be able to pay the bill. It's difficult to close this gap. When we reduce this system, we had less room to work with retention. We had a credit accumulation. We have BRL 250 million of credit accumulated and BRL 160 million of credit accumulated for Social Security. We don't have a clear view so far, but we will have a minor cash effect going forward.
We're going to be increasing the payment of Social Security, but we have 100% of credits retained that are accumulating at present. This is what happens with the Sistema S. It's important to mention the following: the positioning that we have about the AS provisioning is based on a legal analysis. Of course, there's a lot of coming and going in this system. Perhaps you will see different behaviors, but in our analysis, we believe that we still have concrete procedural gaps that could lead to a reversion. This is what Marcelo said: to revert, to then go back to provisioning, would be absurd. Now, regarding the GRSA, we're waiting for the final approval of the Administrative Council for Economic Defense. We want to turn the key on December 31st to begin in January by running GRSA in our ERP system. We will probably maintain their operational system, TecFood.
That is a very robust one. But all the rest, the financial logic, the payroll, fiscal accounting, and planning will be done through our systems. We could probably do this on December 1st, but it wouldn't make sense because of one month. We have several obligations that we have to generate, and in 2025, we will have to send this to the government, referring to 2024. This would complicate the production of these obligations. We don't want to integrate the company within this complexity. Now, the integration of GRSA will be somewhat atypical. The normal integration takes three months. It's a different business. It's a food business, a large company, very varied throughout Brazil. We want to present their strong points, their acknowledgment for their quality for food safety, which is fundamental. They're also acknowledged for their logistic management of food.
This is a fundamental strategic component for the food area. We're going to proceed with the integration calmly, so as not to compromise the strategic pillars that operate so well. We will integrate the system on January 1st. In March, we will have the physical integration of teams. Beginning in March, we will begin to capture synergies of indirect cost. This will mean a growth in March because we will have captured some synergies only in March of 2025. We want to proceed with a great deal of security. Now, we have a question in the chat here referring to GRSA, which will be the structure for the GRSA transaction. Now, now that we're speaking about this topic, well, which structure of transaction? It doesn't include the exchange of shares, cash, and we don't have. It's total. It's 100%.
I don't know if this responds to your question, but this is a cash operation, basically. There is an organizational structure. Beginning in March of the coming year, we will regionalize the GRSA operation. We have our own regional base. We have a very healthy back office system, which is very important to have human resources, ERP working closely to the customers to give them security in the service. We're going to regionalize services. Up to present, we haven't been able to capture the cross-selling potential with food. We're going to concentrate actions in São Paulo and Rio. We never had greater strength in our regional bases, which is something we will have now with GRSA. We will be able to capture cross-selling, selling our own services, and selling food services throughout Brazil to our customer base. I think that answers the question. Thank you. Thank you very much.
Thank you, Lucas Pregasparete. We have unmuted the audio. Good morning, and thank you for the call and for taking the question. We have two questions, but I would like to check the information. You said you would get to a leverage of 1.8, but you said 1.3, 1.4 for the coming year. Is that for 2024 or 2025? If you could confirm that, that is for 2025. We've never worked pro forma. We perhaps should review that concept. But if we consider the pro forma EBITDA of the company and 12 months of GRSA, we should reach a peak of leverage of 1.8 times after the acquisition of GRSA, after the company integration and the capture of synergy. At the end of 2025, we should go back to 1.5 or less net debt EBITDA level. That's very clear. Thank you, Marcelo, now for the two questions.
The first referring to the tax reform. If we have better clarity regarding the text, if you have a more updated vision, which will be the negative or positive impact for the company, generation of new revenues, impact on your results, and accounts receivable that Marita commented on, how that has this impacted you in the last quarter and which will be the behavior of accounts receivable in this period of stabilization? Let's speak about the tax reform. We haven't received different news from what we had previously. Another item that could be controversial. Essentially, we're speaking about the same reality. We're speaking about ISS, fiscal fees, to a new reality of NIVA with an increase and with credit for the customer.
So in that present-day publication, with the exception of one or another item that we're conversing in greater detail about, there is no fundamental change, anything that could have changed our perception or analysis of the tax reform. It will give us a great deal of work. We have to renegotiate price with the entire market. But the trend and the cost with the customer will be the following: Customer, we're going to increase the price 15%-20%. For you, the impact will be zero. You will have BRL 100,000 more in credit. And in terms of ISS, well, you didn't get credit last year. Of course, it will be ever more difficult, more complex. We're speaking of Brazil nationwide. It won't really be a price increase because they will have 100% credit on this price increase.
We don't have a clear view of the complexity of the final user there. The conversation will be difficult because they will not have that credit. So the conversation will be more difficult at the B2C tip, as we hardly work with B2C. We know it will be complex, will entail a great deal of work because with the model at present, there is no model to increase costs for customers. Now, we have a structural issue. Industrial maintenance, for example, Marita showed you at the beginning, it represents 25%, 1/4 of GPS, 26%. So the working capital of this segment is much more complex. We knew that when we entered, we carried out the acquisition knowing this. We were not taken by surprise. We knew that the dynamic would be more complex, and the term to receive is not very different.
Once you issue your invoice, the term for the customer to pay you is very similar. Now, the dynamic for the approval of the measurement is very complex. There's a more intense use of material, more variables. You have to have a discussion with the customer to approve the measurement. If you rendered service in April, all of this will be approved at the end of May or June to then issue your invoice. So industrial maintenance, maintenance of highways, maintenance of electrical network, and telephony maintenance is a business with much greater complexity in terms of working capital. And this has impacted the GPS capital. You have the impact of consolidating the companies. So this is a structural issue that we were aware of. It's a side effect. But despite this, it is a good business. We generate robust EBITDA.
This negative impact does not take away the fact that this is a good business. There's a second point, which is circumstantial, perhaps this month. At the end of the day, our cash frustration was BRL 70 million. Our frustration in terms of generating cash amounted to that the last three days of the month, Friday, Saturday, and Sunday, the three last days of March were Easter weekend, and we received a great deal of money at the end of the month. What happened was customers paid at the beginning of April, and so none of this payment was included in the first quarter. We will recover this effect in the second quarter. A last relevant point refers to the increase of indebtedness in the first quarter. Besides those 70 million that impacted net debt EBITDA, we had already spoken about this.
We had a concentration of cash disbursement concentrated in the first quarter. If we could go back to that slide, these are three elements that are not very clear when you analyze our statement. Slide 13, what you see in our debt is the acquisition of controlled companies. This is our liability with the partial acquisitions. You have the buy and sell option, and you provision this in the balance. It increased our debt by BRL 4 million. Secondly, we have the disbursement that we carried out in the quarter, the investments to pay the acquisitions. We disbursed BRL 138 million, always impacting the net debt of the company. A third element that is not very clear. We absorbed companies that did have debt. We included the debt, but we absorbed the debt.
We absorbed BRL 136 million, I'm sorry, BRL 142 million in debt in the first quarter of the companies we acquired in the first quarter. We absorbed the debt. It was a high-cost debt. We paid off the debt through our own cash. By adding these three elements, we had a total effect of BRL 480 million of debt increase, and our net debt increased less than that. It increased BRL 366 million. And despite this, we were able to generate cash to offset part of this effect. That was very clear. Thank you, Marcelo. Thank you, Marita. Let's open the audio for Lucas Nagano. Good morning, and thank you for taking my question. We have two doubts. The first about the revenues of the 2023-24 harvest, as happened with the 2022 harvest. Your readjustment was down in your contracts.
The second question is about organic growth that was below the potential because of this restatement in the 2022 contract. Until when will this impact extend? I think it began stronger in the third quarter of last year. Perhaps in the third quarter of this year, we could have a more normal increase. I'll answer the second question first. We must still have some effect in the second quarter of this year. Lucas, as Marcelo mentioned, this is a work of cleaning out. We're rebalancing contracts from that harvest, and we will still have a residual impact in the second quarter. Now we bring in the company. We have 18-24 months for stabilization, and the 2022 harvest was more concentrated in the third quarter of last year in terms of the adjustments. Now, regarding the 2024 harvest, 2023-2024 harvest, our expectation is that we will carry out adjustments.
Our vision is that this happens through time. I can't give you a figure. We have had harvests that have posed some surprises, others where we had to make adjustments. Our thesis is that, yes, part of the contracts will have to be rebalanced, and we mitigate that risk. How do we do that? By concentrating this in a few customers with a good negotiation with the client. The client keeps working with us, but an adjustment will always be necessary. That's how we work. If the contract is not generating a positive margin, we simply don't keep it. This is not good for the company we acquired, and we don't want to bring that effect into GPS. So, of course, it is expected there will be an adjustment. Will it be of the same magnitude as the 2022 harvest? We hope not. Historically, this has never happened.
But yes, we do expect adjustments. Lucas, we have been repeating this for some time, that logic of integrating the system with a contract-by-contract vision. Some contracts will be good, some will be terrible, and we have to carry out the adjustment to obtain the EBITDA margin that we desire. The faster the acquisition payback, the more opportunistic the acquisition for companies that are degraded, the higher the risk with the contract. At the last call, we had an atypical concentration of companies with that profile, highly opportunistic contract with a very rapid payback. Now, Sulclean and other companies, they were excellent acquisitions, but with that feature, there were contracts with deficit. In Comau, we lost BRL 18 million in revenue comparing half of the year with half of the year. In Força, we paid BRL 5 million in the acquisition, for example, a very good acquisition for us.
Contracts with banks, Caixa Econômica, Banco do Brasil, these are customers that have very efficient procurement areas. Well, this tends to happen. In 2022, we had an atypical concentration of companies with this profile. We have had 52 acquisitions, and all of them, up to a certain measure, this did happen, and we did obtain a growth of inorganic growth of 2%. We don't expect that this will occur with this magnitude in the 2023-2024 harvest. What really impacted us in the 2022 harvest was Global for temporary labor. We priced the company immediately after the company. After the pandemic, we had a boom of temporary labor. There was a huge increase in the market. This is how we priced the company with higher revenues. And then we had that return to normalcy in terms of revenue.
This hampered the payback somewhat, and Global did have an impact on our organic growth that semester. It always happens, but the concentration in 2022, once again, was atypical. I think my questions have been answered. Thank you, Marcelo. Marita, for Felipe Mensa. We have unmuted the audio. Good morning, Marita. Marcelo, we have two questions. The first, a refinancing of some companies, and I think this will begin as of February of 2022. If you could give us more color on that dynamic. And then the second question regarding M&As, what are you expecting in terms of gains, in terms of GRSA? And GRSA has a very good labor logistic. So what are you expecting from this indicator once you fully integrate GRSA? Thank you very much. Regarding Lyon, Marfood, and Invictus that we have already acquired, we should have consolidated them in January.
They have combined revenues of BRL 18 million a month. The total revenues for the quarter were BRL 80 million lower because we only consolidated them as of February. Well, these companies will begin the system integration. That's a natural process. We deliver systems. We stabilize system integration, which takes 3 months, and then we capture synergies. This should happen in the coming months. There are 2 different moments. When you're capturing synergy, generating economy, you lose some margin because there's always a cost related to the reduction of teams. After this, the margins improve. Now, this happened in the 2022 margin because of the margin stabilization. In the coming months, regarding Invictus, Lyon, Control, and others, we should begin to capture synergies of these 4 acquisitions. They were announced in 2023. The Antitrust Agency had a pause that delayed their approval.
That is why they were only integrated in February. There was that movement that did not have the approval of the antitrust agency. Now, our expectation of synergy is to increase the margin of the companies to 10-11%, which is a feasible margin for the long run. Well, they could operate with higher margins, but we don't do that. We qualify the regional back office. We have a technical team that renders services at regional level. Now, if we only focus on profitability, we tend to lose out on quality. We're gauging our margin to always have a qualified regional back office. The more qualified our team and back office working close to the customer, the greater safety we have that we're offering quality. Of course, we hope to enhance the level of margin of these companies. In some companies, we have 3, 4, or 5%.
We have the expectation of increasing this to 11%. Regarding GRSA, we will be more cautious in the integration. After the acquisition of GRSA, the revenues will be BRL 13 billion-BRL 14 billion of GRSA with a margin between 10%-11%. So our margin in the second half of the year will be the result of this weighted average: BRL 13 billion-BRL 14 billion with 11% margin, BRL 3.5 billion with a considerably lower margin. Well, a bit more, perhaps. We announced BRL 1.4 billion. That would still have an impact. So it will be a weighted average. And as of the integration of GRSA of March of the coming year, we have a recurrent revenue at present of BRL 18 billion gross revenue.
So our expectation is that once the company is integrated and we have captured synergies, we will operate with 10%-11% margin of net revenues, which is our historical average. There is no indicator that would be different here. Well, in some years, there's more pressure on the margin. In other years, we have few M&As, and our margin returns to normal levels. Now, this is a typical year. We're consolidating BRL 5 billion. Our margins, of course, will be hampered, but this is temporary. We're going to go back to the level of 10%-11% margins. Thank you. Thank you very much. Very well. We will unmute the audio for Marcelo. Are you still there? Good morning, Marita and Marcelo. Can you hear me? Yes. We have two questions. First, regarding GRSA, you mentioned you expect a payback almost as good as the smaller traditional acquisitions.
That's a positive surprise, of course. I thought the payback would be lower because this company has less management. What is the catch here? Was it the negotiation of payment in cash that allowed you to have a better price, or is there still room for significant increase in efficiency and increase in the contracts? What lies behind such a large and well-structured company to offer you such a good payback? The second question, if we leave aside the GRSA, if we look at the rest this year, which are the main risk factors that you foresee for the year and potential upside as risk factors, we see that companies outside of the listed companies, in general, are facing a more challenging condition vis-à-vis the ones we follow up on the market, which is the risk that the market environment will be exacerbated.
Is there something different in terms of upside, cross-selling, organic drive, or any other driver that you would like to highlight? Thank you. Thank you, Marcelo. What we expect in terms of payback, the last payment after the synergy, when we look at the company EBITDA, after capturing synergy, we're going to pay three times the average in that range. And in the case of GR, we should reach that level proportionally. Any account that we carry out from the multiple paid, we will reduce 40-45% the multiple that we paid 12 months after system integration, which means 40-45% less. And it's not different from what we imagine here for GRSA. Now, to give you some color of how to reach that level, what we paid was somewhat higher. It's a large, highly qualified company in terms of governance.
Now, at GRSA, we have a margin level compatible with what we're looking for. We paid a bit more than we normally pay, but with a pre-synergy margin compatible with the average you see on the screen. That is the attraction of this GRSA acquisition. We have 2 different poles in the acquisition. We're going to have to rationalize the structure after systems integration and team integration in March and reduction of costs with suppliers. GR has a very high cost because the governance of the company is in holding. They pay the systems part for the holding. There's an enormous room for cost reduction. Incremental costs with the system will basically be zero vis-à-vis what they have at present. The cost of placement of furniture will be reduced after the capture of synergy and the cost of suppliers where they work with very high levels.
We will get to 3x EBITDA after the synergy. A part will come from the rationalization of the structure and a relevant part, perhaps 50%, from the optimization of supplier costs. Regarding the risk factors, Marcelo, our vision for the entire year is always focused on what we are able to do in our own business environment. If we look at the macro environment, we might get lost. We don't see any relevant issue when we look towards the future. We have been monitoring the tax reform, legal, and tax provisions, but that's our work day after day. We have GPS since 2008 undergoing sustainable growth. Our vision for 2024 is that the year will be like 2023, 2024. We don't have any unique opportunities.
We're focusing on clear goals for this year: integration of GRSA, which is very relevant, a milestone in our history, organic growth, and seeking opportunity for cross-selling with customers, and continue on with sustained margin and a financial management compatible with our risk appetite, compatible with our leverage. I'm adding an important element. You have to be somewhat paranoid and always be concerned. We're concerned in losing the contracts of acquisition, for example. That's a risk that is always there, present in our minds. That phase between the signing and closing is a very touchy phase. The faster it proceeds, the better. The greatest risk of an acquisition is to lose the contract. That is why the acquisition has to be well made, the signing, so we don't impact the client. The problems generated by integration should never reach the client.
The solution that we have drawn up is to gradually reduce the taxes. The worst thing in the world is for everything to end suddenly. Maintenance companies, for example, are more vulnerable. We truly have to negotiate hard with the client in terms of price. You have to have time to.