De 2022. Ao meu lado, Alfredo Setúbal, CEO e Diretor de Relações com Investidores da Itaúsa. Muito bem-vindo, Alfredo. Bom dia a mais uma edição aqui do Resultados em Foco.
Bom dia, Priscila. Vamos lá. Temos muita coisa pra falar aí pra turma.
É isso aí, Alfredo. Queria convidar antes aí todos vocês que desejarem enviar suas perguntas ou comentários, que façam diretamente pelo box de mensagens aí da plataforma. É supersimples de usar, tá? Você também pode interagir com a gente com comentários, opiniões, perguntas, por meio do Twitter. Use a hashtag ResultadosItaúsa, que tá aparecendo aí pra vocês, que o seu tweet pode aparecer aqui na tela ao vivo durante a nossa transmissão. Além disso, essa transmissão conta com tradução simultânea pro inglês, tá, que pode ser acionada usando a bandeirinha dos Estados Unidos que tem aí na plataforma onde você nos assiste, tá? Não deixe também de responder à nossa pesquisa de satisfação ao final do evento. É só clicar no botão da tela de transmissão da plataforma ou então capturar esse QR code que tá aparecendo aqui na tela pra vocês.
A gente vai repetir esse QR code mais pra frente ao final do evento para você não deixar de participar e contribuir enviando seus comentários e sugestões para que a gente possa sempre evoluir aqui no nosso evento, tá? Vamos passar aqui pela agenda, que hoje, temos uma agenda bem com bastante assunto aqui relevante que a gente vai trabalhar com vocês ao longo do evento. Vamos começar falando um pouquinho do ambiente de negócios que permeou aqui todo o ano de 2022, passar pelos resultados da Itaúsa, falar das novidades aqui de alocação de capital e também gestão de liquidez. Vamos entrar no assunto preferido aqui de toda a nossa audiência, que são proventos. Estratégia e ESG, temos bastante novidades aqui pra compartilhar com vocês.
Depois vamos fazer considerações finais aqui com o Alfredo e entrar na sessão de perguntas e respostas, tá? Pra começar, queria chamar aqui o nosso primeiro bloco sobre ambiente de negócios. Alfredo, acho que não é novidade para ninguém que 2022 foi um ano bastante desafiador. Queria que você resumisse um pouco como é que você viu esse ambiente de negócios antes da gente entrar aqui nos nossos números, né, porque com certeza todo esse ambiente se refletiu nos nossos números, na performance aí também das nossas investidas, e trazer um pouco do seu olhar pra 2023 também.
Obrigado, Priscila. Sem dúvida, 2022 foi um ano.
We're reducing, verifying, including on the last quarter, we have less activity than what we've seen at the first semester. The international environment did not help as well. Well, we've seen, in foreign banks, foreign economies, we have a hike in the interest rates. There is deceleration, there is the war in Ukraine that affects the prices of commodities. These are very challenging. Well, high inflation in Brazil, loss of sales, loss of purchasing power from the population. We've gone through an environment that is very challenging. Fortunately, Itaúsa has in its portfolio very solid companies with very strong brands, and we weathered this storm very well. 2023, we started as 2022 ended. We have an economy that's still in deceleration. The interest rates are still high.
The foreign environment is complicated. We've seen all throughout the days a financial crisis in the banks, in United States, in Europe. Therefore, our expectation is to have an economy this year still with low growth, interest rates still high, regardless of the possibility of having a reduction maybe throughout the year, and a result of the companies that is lower. They are more affected because of the economy that is less warm and the loss of revenue from the public, and that is a trend that continues. How do we see this whole scenario that you've shown? Let's see our main numbers. I think that you talked about resiliency of portfolio, the strength of our portfolio, and this is certain reflected in our numbers.
We have the net revenue that was recurring, a record in the well, BRL 13.7 billion, a growth of 14% in regards to 2021. We had a return on net assets, actually, of 20%, 20 percentage points. Also net revenue this time grew 10%, and we reached in December of 2022, BRL 72.8 billion, and the value of our the assets that are part of our portfolio, BRL 102.2 billion, a growth of 31% in regards to the previous year. This shows that resiliency is key in our portfolio. I wanted you to tell us about your idea about the performance of our shares in the capital markets, which was also very volatile.
Well, I think that the results are very good. It was a record, as you said, Priscila. We continue to for this to continue all throughout the years. I believe that we have a net assets very solid, BRL 72 billion, very solid. The investors, they realize that. The quality of our companies, the solidity, the leverage that our companies have, and that has been reflected in the capital markets. We've had a great performance, much better than Bovespa, the index, if you look at the last year, and if you look at the 10 years, much better. We've seen the, in the market, a very consistent work of Itaúsa, the investments that we're done over the last years, and that diversification of the portfolio, and I think it's been very good.
Alfredo, regardless of us doing a great work with the capital efficiency, a good results, we see the discount threshold, we can see 19.2%, still a bit higher than what is fair. Why don't you get your own look on that?
Well, I didn't comment before, but this is. Well, we have an improvement in the diversification, the quality of our portfolio, and this discount that was already 25%-26% already reduced, and we still think it's a bit high. It should be lower. Of course, there is an inefficiency of the holding and the receiving of the proceeds.
We have to pay the taxes, the state and the federal taxes, well, the discount is still high, but still all throughout the years as the companies, non-financial companies, the companies of our portfolio, they start to pay more proceeds, which is our expectation over the next years, that should drop more the discount. We realize that Itaúsa, with a market value of BRL 82.6 billion in December, and our participation at Itaú Unibanco representing BRL 91.3 billion. Itaúsa has a discount just in the context of Itaú Unibanco. Without co-considering the other BRL 11 billion that we have in the market value of all of other assets, all the other investments. Yes, these are listed companies.
We have, you know, Aegea, we have the privately owned companies, that they have the value, you know, there is a valuation that is higher. The discount is higher than that. You have to consider listed and non-listed companies. Well, let's get into the details of the results of Itaúsa 2022. I wanna bring our next speaker. This is the next block. Let's see the net revenue recurring of Itaúsa. As we reported yesterday, a net revenue of BRL 13.722 billion represents 14% in regards to growth, in regards to the previous year. How do you compose that net revenue?
Well, the results itself of Itaúsa, we have our administrative expenses, tax expenses, also capital gains with this FY that was very good with all the tranches of sales that we've done in the fiscal year. The financial result with an important growth in regards to 2021, specifically because of our entire leverage strategy that was used to do the capital allocation. The investments in CCR, I mean, everything that you know in the period, very important growth in the period, due to the hike in the interest rate. Of course, you get the reflection on that. It increases our financial expenses. The main thing, the main result of Itaúsa comes from our investments. These are the results with the growth of 8%, and you can see here all of that.
Well, we can see all of the elements by our own results. It's an important growth. We can see BRL 1.876 billion, that is positive. Here, essentially, we had a higher result be with the sale of shares of XP. We did an expressive sale with 41 million shares of XP that we sold. That resulted in an impact, in a result of over BRL 1 billion, BRL 1.6 billion of growth in regards to what we presented in the previous year in 2021. We had a small increase in administrative expenses. This is personnel, structure, technology, and investment. Important investment in IT and also expenses, M&A, which is our core business at Itaúsa.
Tax expenses increased, specifically PIS and COFINS, where we received the investees, the results, and we paid over all the capital gains of XP sales, and then we got to the result that is very important that contributed to the increase of our net revenue. Let's talk about the financial result. As I commented, we have an increase in expense, financial expenses. That is very important. We reported the negative result, BRL 209. Now we reported BRL 618. A growth specifically comes from the interest rate expense that we had two emissions of debentures, one in the middle of 2021 to do the funding to the acquisition of AIG, which is the debentures. Here, the other one that happened in the middle of 2022 that we used part of the funding to acquire CCR.
Of course, all the increase of the Selic rate in the period that impacted our financial expenses. And partially mitigated, of course, with a higher profitability on the cash flow that we see now. In the interest rate hike. Talking about the investment results, the investees result. We have a growth of 8%. We are getting to BRL 12.714. This is a growth that is a great performance by Itaú Unibanco. Alfredo is going to go over the main drivers here. A growth that is robust of the credit portfolio and mainly the other lines of revenue. A very important performance here all throughout the year. Copa Energia, a growth in margins and capture of synergies of integration of the operations itself. NTS, we had a great receivables of dividends and that impacted our results.
XP, we had an equalization of the number of months that we did the equivalence of patrimony assets in 2020 just from May onwards. We have a normalization, I would like to say, of the capture of the results of that investee, that investment. Alpargatas and Dexco, reduction of results specifically because of the market conditions, the retraction of volume, and also the impact in the costs because of in flation.
Alfredo, could you give us your unlock on the performance of the investees? What would you highlight in terms of performance for 2022?
I think that in general, our situation is very solid. Our portfolio is very good, resilient as you can see. Our investees, investment companies, we have strategic and investment plans that are very good.
The results display that. A few drops in regards to the previous year because, for example, Dexco, we had a record year in 2021, so it was very difficult to keep that rising. In general, we had a great discipline in the capital allocation, not only of the holding, but all the other companies. We reduced debt. We brought a work that is very disciplined in what we do. We can do a deep dive maybe in the details of each of these, showing what are the main points that we've seen in our investees, investor companies. We can start by Itaú Unibanco, which is our biggest investment, is a company that is very large and it has a great performance. I think that we can highlight great growth in a credit portfolio.
Demand for credit was good, regardless of the economy having a deceleration in the second semester. The margins were better, the interest rates were better, higher. That collaborated with a better result. I think that discipline in the capital investment, a great control of costs in Brazil, Itaú Unibanco in Brazil has had an efficiency level below 40%, which is very good. We wanted to get to lower levels, reducing costs. We have an important cost reduction, so we have an important We managed more revenues, reduction of cost. We have an agenda of transformation, cultural transformation and digital transformation in our, in our bank. This is very important in terms of competitiveness in regards to the new digital banks, the fintechs and so on and so forth. We see all of this being reflected in a great result.
Taking into consideration the setting and a great control of payments. Of course, the cost of credit has growth, the control of failure to pay or defaulting didn't really affect the results of the bank. I think it was a great year in the bank. We are well-positioned, we will continue to look at the great fruits that the bank is generating. In regards to Alpargatas, well, here we start to face a few difficulties. The loss of revenue of our consumers, the Brazilian population as a whole, really affected the results of the companies. Smaller proceeds, smaller revenues, we have a strong brand, which is Havaianas. It has managed to overcome, as possible, these difficulties. We've had a few difficulties in the international area in sales, that was corrected.
We had a great performance, in the international scenario. Well, it was a good performance. I think that the great news of the year was the acquisition of 50% of Rothy's, which is a shoe and accessories company in the United States. It's a startup, and it has a growth that is accelerated. We've shown a great performance, and we managed to growth. This is a digital company, but we've managed to grow with the numbers. I think that in general, we were affected by the pandemic, and we also had a few issues with logistics all throughout the year, difficulties in manufacturing. Well, a few operational aspects that in general influenced negatively our results.
We are very confident. We believe this is a very good company with good penetration really in the market. We believe that right now the process is about rearranging everything and restarting with good capital generation and very good results, I'm sure. Well, another company that had good performance was Copa Energia. Very good results. It was a very difficult scenario. Also, there was a loss of income and a loss of consumption, but still it was a very positive year. I think that the company was able to capture all these synergies that they were planning to have in the integration with Copagaz and Liquigás, the company that was acquired from Petrobras. I think that was very important. They had a record cash generation, almost BRL 1 billion last year, BRL 900 and something million. That was great.
We were leveraging that when we had the acquisition, we had the acquisition with a debt of EBITDA that was around six-fold and now it is two-fold. It's been very good. We're leveraging that. We have good cash generation, and that allows us to think about other investments in the energy sector. I think the company did well in 2022. When it comes to infrastructure now, CCR, Aegea, et cetera, I think these are more resilient companies. We're talking about long-term concessions, concession contracts. I think, well, CCR is the main company in Brazil for infrastructure, for mobility. We're talking about roads, we're talking about subways, airports. It is a very good, very important company. Aegea is the main Brazilian private company for sanitation. We're talking about over 30 million people being serviced by Aegea.
Again, very important company with so many concessions all over Brazil. In December, Aegea got the Corsan contract from Rio Grande do Sul in the south of Brazil, another sanitation company. Anyway, I think we have very good balance when it comes to concessions. Well, NTS is very important in south of Brazil when it comes to gas. They have very good profitability, also very relevant CapEx and good cash generation. When it comes to infrastructure, again, I would say everything was very well done and we're extremely satisfied.
Excellent, Alfredo. We didn't really talk about Dexco so much. I think Dexco also had a challenging year since we're on it.
After the second semester, because of the interest rate change, there was a decrease in that sector. That affected Deca, Ceusa, Portinari, a few companies working with ceramics in Brazil. We are very confident. It was still a very good year. It was the second-best year in the history of the company in terms of results. We continued with the investment plan. We're going to also launch the first line of the first ceramics factory in Botucatu, in the state of São Paulo. It's going to be the most modern plant in Brazil and maybe in the world. Lots of technology there. They're going to really improve efficiency when it comes to ceramic factories.
I think the great news for 2023 is that we're going to start with LD Celulose, the joint venture of Dexco and Lenzing, which is from Austria, and they produce soluble cellulose and also some other by-products from cellulose, and we're going to be operating fully. Everything has been sold. That is surely going to leverage a lot in terms of equity. It's going to help a lot. Dexco is looking at a very good scenario, of course, but it's difficult because of the interest rate. LD is also going to contribute, right, with the currency and all that. Of course. We know that the cellulose price is good. We're talking about soluble cellulose, which is what we work with in Minas Gerais, and they have very good prices, better than regular cellulose. Again, it is about diversifying income.
We're going to have that income in dollars. That's going to be significant. It's a company that has everything that we need really to have good results for Dexco over the next few years.
Very good, Alfredo. Let me just remind everyone, all the audience here today, that you can send us your questions. On Twitter, you can use the #resultadositaúsa . We have a couple questions already about XP, about the timeline for sales, about the resources of all these sales that have been so relevant ever since 2021. I think that's going to be an interesting topic, actually, to start talking about capital allocation and liquidity management.
Well, Alfredo, as I was saying, we already have a couple questions here from the audience about XP. People wanna know the timeline for the remaining stocks.
I mean, what was done with all the resources coming from those sales. William Moura sent us a question on that. He is asking when we're going to sell off the stock. I think it' s interesting, right, Alfredo, to talk a little bit about that. What was the destination really of these resources?
Well, Priscila, we received those from XP after this fusion that we had, this participation really that we had with the capital at XP, and that was distributed to the shareholders. It was 15.4% approximately of the capital of XP that was received by us. At the end of 2021, we said that this was not a strategic position for Itaúsa, and we said that the allocation and the portfolio was mostly connected to services, industrial services and not so much financial services.
At the time, we said that, you know, throughout the years we were going to get rid of those. We sold a little bit in 2021, and throughout 2022 it was more significant, and the market allowed us to do so. We sold around BRL 6 billion approximately in stock, in XP stock. That was around BRL 122. That was the average price. If we look at what it is worth nowadays, it is around BRL 60, so we believe it was good pricing. Essentially, we had four different destinations for those resources throughout the year. We paid JCPs for our investors. We used a little bit of that for Alpargatas as well because of the acquisition of Rothy's, which I mentioned before.
Half the participation that we had in CCR, which was BRL 3 billion, so BRL 1.5 billion in this case, was used for the sale of XP stock. A very important decision that we made, we reduced the amount of debt that we had. We were concerned about that. It was a difficult scenario, both in Brazil, both in other countries. We were worried about the interest rates going up, we tried to use those resources in that way. The idea right now is for us to continue working with these stocks right now. We'll continue with this policy so that whenever there is a change in the capital in the scenario, we have the right balance.
We are looking at a low level for Bovespa, some other stock exchange markets in the world, that is certainly going to be very useful. We'll see what kind of opportunities we have for capital allocation, we'll see what variables we have to work with.
Right, Alfredo. These are important factors for this fiscal year.
Again, about what William was asking, we don't really have a fixed timeline. It's going to depend on the market, on what we need or urgent needs for Itaúsa. Again, it's going to depend on the results that we have, this is what we have done with the stocks that we had.
Well, Alfredo, let me talk about debentures now. You were saying that one of the things that we've done was reduce the amount of debt. It was BRL 1.8 billion in December. That allowed for 40% reduction over the next few years. We really were able to zero what we had in 2023 and 2024. We reduced BRL 1 billion over here in 2025. We're looking at CDI + 1.6%. That is very competitive. We're looking at a timeline of around 4.6 years. The debt is going to be BRL 6.5. The net one is going to be BRL 3.8 billion . If we consider, if we see that the main levers here are quite healthy, here this is 5% for indebtedness. As for the assets, the equity that we're receiving, actually the proceeds that we're receiving, this level is BRL 3.4.
That is enough for what we have right now at the company.
I agree. Actually going back to what William was asking, you see, Priscila, the amount that we had over here, the amortization that we had in 2023 and 2024. That really allows us to have a lower pressure for the next few years. We're looking at a better scenario. There is no pressure. We don't have to sell everything at once. We were concerned that that could happen, so we sold quite a lot last year, and we were able to have this amortization level last year. Also, over here in 2025, we were able to reduce that amount. Again, no pressure to sell those stocks at the moment.
Great. Well, Alfredo, I think it's time now to discuss one of the favorite topics for everyone. We wanna talk about dividends, we wanna talk about proceeds.
Alfre do, in our previous session, we discussed dividends quite a lot, and there were so many questions about it. Let's take this opportunity to talk about this scenario a little bit more, about the practice that we have for paying dividends. We usually pay them 100%, and due to the policy, it is also 25% over the net income that we have. After we have our reserves. We have a compensation policy that will have a compensation of BRL 0.03 per stock every quarter, and that is also complemented by additional bonuses in August and March. Additional distribution, actually. Besides that, Alfredo, could you maybe tell us more about the drop in payout? Could you explain why that happened recently?
Looking at this graph, I think it's easy to see that, Itaú usually distributes around 35%-40% of the proceeds. Up to 2019, there was an excess of capital at the time, and that capital was not being used in other investments or in credit. The bank was very generous, let's just say, over these years in the graph. That's what caused the change in the curve, and now the bank is distributing 25%-27% in JCP. This brought Itaú back to this level, around 31%, as you can see over here. Last year, two years ago, 2020, well, we had the pandemic, so it was a little bit below, around 25%, 26%.
This is the valley, and I believe this curve is going to go up again over the next few years as we have more dividends, as we have more proceeds. I think this is a possible scenario, and also we're going to receive more proceeds from other new investments. Over the next few years, we believe that we're going to have a better distribution for our shareholders. Again, this is a valley in the curve. I believe that this is going to go back up. We're probably going to go back to this level of 35%-40% over the next few years, which is a very good result, of course. Very good for shareholders.
Well, Alfredo, we also have to think about the flow coming from the non-financial sector, which has also grown a lot. After 2017, when we started diversifying the portfolio, what you can see here is a growth in these proceeds. Nowadays, it is close to BRL 500 million-BRL 600 million per year. It is very significant. I think it is clear that historically we have a certain consistency in this payout. In this practice, the, in the orange bars, this is very visible. This is the amount that is sent, that is paid. This is what shareholders are receiving. There was a difference in 2021, 2022. It was a little bit more that was paid than what was received because of the, the flow coming from the stocks, the XP stocks. It was a little bit above. Again, we believe it's very robust growth.
Usually what we have year after year- on- year, it would be 16%. The non-financial sector, as you can see as well. Grew around 900%. This is really above the benchmark, the references that we have, CDI, et cetera. Nowadays, Alfredo, if we work with the non-financial sector the right way, we're also going to consider that different flow, right?
Yes, of course. We expect that interest rates are also going to go down. We're not going to have so many expenses over the next few years, I'm sure.
Very well, Alfredo. Now let's see a few figures. We had 12% growth, which is BRL 0.43 per stock. BRL 2.6 billion have been paid. We still have BRL 1.4 billion pending. That is going to be. We have to define the date. That's going to be paid soon, but in 2023. Another form of compensation is also the bonuses of these stocks. We had a bonus at the end of the year of 10%.
We delivered 1 new action for every 10, one new stock for every 10 that they had, that the shareholders had. An important thing here is we had a great fiscal benefit for these shareholders because the cost assigned to the stocks was much higher than BRL 8,000. When you update the average value of the stocks, this is what happens. You have to update the average cost, especially now for the income tax, because you're going to capture this fiscal benefit now.
Well, the dividend yield, Alfredo, that is growing. As you can see, the proceeds, threshold that is growing for 2022. It's important just to highlight what you've mentioned. When we do the pay out of bonuses, well, we're not simply giving shares. We are giving more cost, more capital for the shareholder. It is a way to distribute the results. As Priscilla has said in this month and the next one, in the, when you deliver your income tax, you will get less income tax, costs. As you said in, this is what we have to submit to the tax authority, in the next couple of weeks here in Brazil, and you have to take that into consideration. Well, Alfredo, we have great news for our investors.
Yesterday, the board of directors approved the JCP declaration anticipated BRL 637 million with BRL 0.06 per share. This is going until August 31st. This is what should be defined up ahead. We're going to receive these dividends, this JCP. Those that have shares of Itaúsa in 2023, March 23. If you're not positioned at Itaúsa, acquiring shares, you're still going to receive the JCP that was declared yesterday, if you buy shares by the 23rd. Now the next block, the ESG agenda.
I think that everyone knows that our proximity with our shareholders and transparency are things that are very important, central here at Itaúsa. We've done a great effort and have dedicated ourselves in getting closer and increasing the transparency, increasing the content of quality for you guys. Last year, we had a lot of things in that sense. We've used social networks, and we have 911,000 shareholders, natural persons that are part of our base of shareholders. This is a very young public that submits a lot of questions via the social network. We've really published a lot of content. We've had thousands of followers following up here, and we really talked about contents on YouTube with a easy language, accessible language, with content that is, today we have over 14 million views. A great impact.
We've recorded ItaúsaCast with Alfredo every quarter to talk about the results. Besides ItaúsaCast, we try to use the Ask Itaúsa to answer the questions of our shareholders. We've done an institutional campaign of last year to better talk about who Itaúsa is, what are the brands that compose our portfolio, and we have our newsletter. I invite you all to register in the mailing. This is a monthly content, very direct, very objective, where we have the main highlights of Itaúsa and the companies of our portfolio. Alfredo, I wanted you to give us your unlock on the governance. We continue to implement improvements. What can you share with us?
Certainly, Priscilla. Besides everything that you've mentioned as part of the governance, transparency and, you know, data, videos, all of that is part of our governance with our shareholders. We've tried to reinforce governance at Itaúsa, Grupo Itaúsa, and all the companies that we take part. We have a strong tradition of governance. We are promoting improvements, statutory improvements in our holding. We've brought Well, it's been two years, independent councilmen and women. We've created four independent boards. We have the statutory committees at the holding and the board of directors. Those committees are coordinated by the independent members of administration, so they have a lot of freedom, a lot of access to all the directors, and that has built up steam, new dynamics for governance and our day-to-day work.
It's important that we created the audit committee last year, in the second semester of last year. It is already working, and in the next meeting at the end of April, one of the proposals is that it starts to become a statutory committee. That will reinforce our governance, and we will improve the report of corporate governance from CVM, the Brazilian SEC. It's much higher than the average of the market, 76%. Right here, 77, you can see the average of the market is 58%, 59%. We have a level of governance that is very high, and this is everything that we want. We have 911,000 shareholders.
We need to really provide all the information, make everybody comfortable that the company is very well managed, the capital allocation is correct, and I believe that we are always evolving internally as well. This is a point of the holding itself, that for the second year, we are classified as one of the best companies to work. It's a very informal environment, very good environment, very open to work. We have a very motivated team, and that's important, so we can work with the day-to-day of the company.
Thank you very much. The things that you are mentioning are reflected in the main ESG indexes. We are taking part in the national and foreign indices.
We are one of the first holdings to get into the first first in GPTW decades. Now we have all the other indexes. We are part of IGPTW B3. This is a portfolio of several indices. We are one of the few that have the certification by GPTW. This is a recognition, this is important for us. We are always trying to improve. Well, now I wanted to share with you. We've discussed in the Panorama Itaúsa event. Now we're going to bring to your attention the evolution that we've had all throughout 2022. All the ESG strategy, we have subcontracted a consulting company that really supported us with the Board of Directors, the leadership, bringing discussions in how can we leverage more the ESG agenda in the holding.
We defined our three pillars of impact, ESG impact, the pillar of impact of ESG per holding, impact ESG per portfolio, where we have a great potential for causing a positive impact, the social and environmental agenda, and governance, which is the base of everything. We are always bringing, working, implementing the best practices for our investees. Can you bring us the news of the ESG holding and the news of Instituto? The ESG theme is very important in the listed companies, not only in Brazil, but in foreign markets. We have a lot of demands of foreign investors, national investors as well, the institutional, the funds, pension funds about this issue. This is very recurring issue, and we have tried to meet the requirements of those demands and the requirements of society as a whole in this issue.
As Priscilla has stated, we created this last year, we are implementing this year, the Itaúsa Institute. We have, as a principle, working in the environment, productivity and innovation areas. These are very relevant issues. Productivity is very high. While Brazil is a country that is not so productive, we are trying to get partnerships with universities, with other NGOs in a way that we can, through shares, help the companies to improve productivity, which is something very relevant. Brazil needs to invest in this. Productivity stems from innovation. Innovation comes from, productivity, we need to help this innovation, specifically industry. I mean, agriculture has a great result, a great technological innovation, in industry, we still feel we're lacking. We're lagging behind.
Environment, we are positioning ourselves for preserving the environment for this, always with partnerships. The idea of this institute is still being formed. We have the investment. We have to form a team, all the legal expenses to get this on working. The idea is on the next years, we are going to do a high couple of the investments that are, it's about $50 million all throughout the years. It's a value.
Good. We believe that in partnership with other projects, we can maximize this. This is an important step of Itaúsa for our ESG agenda.
Alfredo, still within the first pillar of the impact by the holding, we have our environmental commitment, trying to find the carbon neutrality as a holding and the modifications and the action plan that was implemented.
We are trying to find the carbon neutrality and all these social aspects that is connected to our employees, all the initiatives that are ongoing for the healthcare, well-being, diversity and inclusion, and for the development and education of our employees. ESG impact by portfolio, great other pillar. We are we're going to incorporate more ESG aspects in the analysis of new businesses and moving forward our agendas in the investees. We have representatives in all the sustainability committees of these companies, we're gonna look at three main agendas: reduction of carbon emissions, diversity and inclusion, and strengthening, continuous strengthening of governance, implementing the best practices of the market in our investees. Governance. We've instituted already a sustainability committee. We had that issue at the board of directors. It starts to gain strength.
These are boards that are going to follow up on the ESG strategy. We've tried to do the work to bring more disclosure, ESG disclosure, mainly in our main integrated report publication. We have news. We have ESG goals in the goals of part of the leadership. We have here news, Alfredo, that I wanted to share with you. Culture. We are bringing forth elements, ESG elements, in the new culture of Itaúsa. We're in the middle of this process. What can you anticipate?
It's an internal process. I think that this is going to be reflected in the day-to-day of the company. Better management, better governance. We are working with a new culture in the company with all the aspects that we have of ESG, diversity, opening, hearing more collaborators, providing more space for the leadership to work with more delegation.
I think this is a new environment. The holding is more complex. We need to adapt. A holding that is in the investments in Dexco and in bank, today we have a very strong portfolio. We had hundreds of meetings and meetings of the holding itself, taking part on committees, in the investees. We need to change our culture, internal culture, so we can effectively have the agility, have the commitment with all of our pr ojects.
Alfredo, there's some news in the new area of intelligence and sustainability. We closed the cycle, very long, five, six years of new investments, now we're getting to a cycle of less investments. We're going to take a look at the whole scenario, how things are going to unfold in Brazil and in the foreign markets all throughout the next years.
We are reinforcing our team and the company's valuation of these companies. We want to have a better control and a better management of our portfolio. That's why we're creating the sustainability and intelligence area with the with Marcelo, that is a market executive that has a lot of experience in social-environmental issues, and he's going to support Itaúsa.
Yes, he's somebody very experienced, and he's going to work with all of our projects of sustainability, the relationship with our investees in these issues, and he will manage our institute, Itaúsa. Let's present Marcelo to our audience.
Hello, I'm Marcelo Furtado, Head of Sustainability at Itaúsa. I have over 30 years of experience in HR and innovation. I am very happy to be here.
I'm here to contribute with the ESG strategy of Itaúsa, specifically in the social-environmental area, and also contributing with the investees that already have an implemented strategy, and we're going to work together to improve. I am here to contribute with the new Itaúsa Institute, whether we're working with the social-environmental projects or the productivity agenda. We are imagining an investment of BRL 50 million per year, and with that, we can make a difference. I believe that building a Brazil that is sustainable and fair is urgent, and that requires dialogue, engagement, responsibility and purpose. I'm very happy to be here and I would like to do this alongside you. Thank you.
Very nice. Welcome, Marcelo. We are very happy with your arrival.
Certainly, you have a lot of challenges for this ESG agenda to help us develop and seeking this aspiration, let's just say, of ESG and the review of the process that we define as an aspiration investment with responsibility, working as an agent of change for the building of businesses that create value and have an impact in the sustainable development of Brazil. I think it's a great aspirational theme. We're going to seek this. It's very beautiful. Marcelo is going to help us, everybody is going to help us. We are ready and in tune with these themes. They're very relevant themes for the future of Brazil. Things that affect the youth and our base of shareholders. As you said, it's a youthful base of shareholders around 30 years of age.
We have that responsibility because of the size of the group, all the companies that we've taken part and the holding itself. We can provide a return and helping in the building of Brazil of the future. I think that we're getting to the time that we're going to go to the Q&A session. Beforehand, I wanted to bring our last block of final ideas.
Alfredo, before we get into the Q&A session, could you summarize the main issues that we've had and the perspectives for 2023?
I think that we had a great work with. Well, we had a lot of difficulties in the Brazilian economy, international economy, the political scenario, elections recently. I think that we've weathered the storm. The economy is still challenging, nonetheless. It's in deceleration, cooling down, all throughout the world. This is a difficult scenario. We prepared Itaúsa very well. We reduced the indebtedness on the short term. Towards 2025, we are still doing an active management of the portfolio of XP and the new companies that are in the portfolio, such as CCR, all throughout this last year. We continue to have a prudent management. We are evaluating the scenarios, and we are comfortable in the sense that in companies, our investments, they're investing, they have recognized brands in the market, our infrastructure brands.
Companies have a long-term portfolio that is very sustainable and very resilient to the national scenario in this case. We are very optimistic in regards to our portfolio. I think that we've built all throughout the five, six years a very solid portfolio, diversified in regional terms. You know, cities and our companies are doing very well. The bank is doing well. We've surpassed. This is a bank that is very competitive with the fintechs, with a risk reduction that is very good. The credit portfolio growing. The companies are investing, and this is translated into an investment in our companies. The year of 2023 is a challenging year. We are still with a decelerated economy, interest rates high, inflation above what is expected, international settings is difficult, challenging.
Deceleration of the main company, the main countries, more interest rates that are high. In a general sense, I apologize. We are well-positioned to represent these adversities.
Well, Alfredo, I think that this is the time that we can answer the questions that are coming from the audience. We have a lot of questions. This is the last block.
Alfredo, we have a couple questions here. If you're watching this session and if you want to send a question, you can click on the Q&A button, or you can tweet #resultadositaúsa. Please answer the survey, the satisfaction survey that we have on the platform. You can also use the QR code. All you have to do is scan the QR code and tell us how we can improve the content for our next session. Besides the questions that we're receiving from the audience, we're also going to have some market analysts here live. We're going to have Arnon Shirazi from Santander participating live with us. Hello, Arnon. You have the floor.
Hello. Hello, everyone. Can you hear me okay?
Yes.
It's a pleasure to be here with you. My first question has to do with what Alfredo was saying on payout distribution. He was talking about 35% up to 40% for 2023. We wanted to know how this is aligned with the investments of XP?
Hello, Arnon. Thank you for your question. Our goal is, you know, to go back to 35%-40%. Of course, the sales. Of the stocks is going to help, but I think this year it's going to depend. We don't have that pressure, as I mentioned, but it's going to depend on the market conditions. There might be an increase in dividends, such as what happened in 2021, also in 2022. We do expect this to happen this year. We believe this is going to go beyond the level that we had for distribution last year. I think it is a possibility because we're going to have dividends from other companies as well.
Excellent.
Thank you, Arnon, for that question. We have a few questions here from the audience. Tiago Ramos says the following: "Good morning. Thank you for this call. Alfredo, could you tell us more about diversifying investments? Could you tell us what the percentage for each sector is going to be? And also, Evandro Rafael is saying, "Does Itaúsa planning on having more acquisitions this year?"
Thank you. Thank you for those questions. I think we had an investment cycle that was quite important ever since NTS Alpargatas in 2016. I think we have concluded that with the stocks of CCR last year. We also have that process going on with XP that allowed us to revisit our resources. We don't think it's the right time for new investments, especially considering the international scenario, also what's happening in Brazil in terms of politics, geopolitics also in other countries. Because of the interest rate, we believe that this is going to have an important reduction over the next few years.
We are not planning new investments because of all those factors right now. As for the bank in our portfolio, we believe that it is going to be around 85%, which is what we have right now. It is a very important bank. Our participation is almost 38%, which is also very relevant for the total capital of the bank. It is very difficult to diversify and try and compensate this large participation in a bank such as Itaú Unibanco. Our goal is to have a portfolio of non-financial sector companies, as we were discussing before, and that portfolio is going to have a very relevant role in this. We have to manage it the right way so that we can take advantage of the opportunities whenever we see them.
Whenever we see that a certain cycle is over or we need a new process, we have to be more proactive. We need to stop one investment and start a different one whenever we see the right opportunity. We have to look at the portfolio as a whole, and we believe it is very relevant with very important companies, and we're extremely happy with the portfolio that we have currently.
Okay, let me turn it over to Gustavo Schroden from Bradesco BBI. Hello, Gustavo. You have the floor.
Hi, Priscila. Hi, Alfredo. Thank you for the opportunity. I wanted to talk about taxes. I think we're talking about a tax reform. That is probably one of the main things that we're going to have with this new government. PIS/COFINS, I wanted to know if that's important for you.
JCP dividends, which is what we had in the first proposition for the tax reform around two years ago. What scenarios are you looking at right now? How are you managing that? What kind of alternatives are you looking at, and what's the main impact or possible impact that you're looking at, especially when it comes to JCP and dividends? I wanted to know more about t hat. Thank you.
Thank you, Gustavo. That is indeed a very important subject that we've been discussing and following up on. We don't really have clear visibility on what is coming up ahead. We've been trying to monitor what's happening.
If we consider what was discussed in the past, in the most recent tax reform proposition, if we think about Itaúsa receiving dividends and then those taxes over those dividends, since we are looking at a equity equivalence, what I'm saying is that dividend would not be taxed. I mean, we're receiving proceeds from the investees. The impact is probably for the shareholders. Whenever we pay dividends, there could be taxes there. As for JCP, nowadays, that's a very important benefit for most companies. JCP is the bank really using that. We have to see how that's going to happen, if JCP is going to continue or not, and how that's going to be compensated with the lower tax on RCS. It's not clear right now.
Of course, if we no longer have JCP, if we have a reduction in income, especially for the companies using that fiscal benefit, there might be an impact. Again, for Itaúsa, we wouldn't have PIS/COFINS, which is really a lack of efficiency, and that would justify the discount that we have for shares in Itaúsa. There is this perspective as well because of that lack of efficiency that would no longer be an issue, a concern. That's what we've seen. Just to add to that, Priscila, I think it is around BRL 500 million for PIS/COFINS per year. Evidently, if we think about the short term... Let me rephrase that. If we don't have JCP, we no longer have those BRL 500 million, which is very good for the holding.
Thinking about long term, it is better to maintain JCP from a results standpoint for the investees. We'll have to see what happens. Nowadays, we're talking about reduction of dividends, reduction of taxes, but we have to keep in mind that JCP pays taxes. It is taxed around 15%. We don't see that discussion as being very important right now. In the long run, for Itaúsa, it is better to maintain JCP because we will have better income for our companies.
Great. Thank you.
Let me turn it over to Matheus Amaral now from Inter. Hello, Matheus. You have the floor.
Hello, Priscila. Hello, Alfredo. Thank you for the opportunity. Congrats on the ESG program. Very nice to see the Itaúsa Institute. I think it's going to be very, very important for the holding, for the strategy that you have.
My question has to do with what Alfredo mentioned before on the discounts. How do you think the market is working with Itaúsa on the discounts for the holding? Is that? If we think about the current prices, is that below the average value? Do you think the market is not working with the right pricing? Do you think it is a matter of cost and opportunity? Do you think it is connected with taxes? I wanted you to tell us a little bit more about that. Maybe the market is not so well aligned with Itaúsa right now. Thank you.
Thank you for that question, Mateus. I think the market is learning to see Itaúsa in a different way right now. I think Itaúsa has been managing its portfolio in a better way with new investments. I think this has led to different discounts, right?
We have to show the market what the cash is or what the results are for Itaúsa. We are working with companies that have very good CapEx right now. We don't really see a reflection of those higher dividends of those companies in our portfolio so far. As that happens, you know, as time goes by, with all the processes that we have in place, with the ending of some investments that are going to happen as well, we're going to have a dividend level that is going to be higher, and that's going to be good for the holding. As time goes by, we're probably going to have a better dividend distribution, a better payout.
It's going to go back to probably 35%-40%, and those discounts are going to be reduced as the portfolio helps with the distribution and the payout, and also the dividend yield of our investors. Again, it's a valley, as I showed you. I think the market is still concerned about that and valuing Itaú Unibanco mostly and looking at Itaúsa as a cheap way, so to say, to purchase the stocks, the shares. But I think we're very optimistic that as our processes mature, as our proceeds are more solid, we're going to have a better yield and lower discounts. Thank you.
Thank you, Mateus. Let me turn it over to Murilo Breder from Nubank now. Murilo, good morning. You have the floor.
Hello. Thank you for the opportunity. Well, the investment cycle finished last year. When we think about the market value of the asset within the holding, there has been a change over the past few quarters. We see that within the portfolio of the holding, there is a lower exposure to XP as was highlighted before, is not a strategic asset. Thinking about Itaú, it's still going to be, you know, significant within the portfolio as Alfredo was saying. My question is: That new balance that you'll have with the new companies and the holding, is that going to be the new policy or is Itaú going to focus on something else, something specific? Are there any assets that are going to have a more important role within the portfolio of the holding? That's basically it. Thank you.
Thank you, Murilo, for the question. I think we're still trying to have a more diverse portfolio. We're not trying to have a higher concentration on any sector. We don't want to have a higher share for those we work with already. We really want to diversify. What we have to do now is manage our resources correctly. In 2023 and over the next three years. Again, as I was saying, it is active management. We will end up selling a few shares or positions and acquiring some others depending on the opportunities that we have, depending on what our shareholders want. We're not trying to focus on one type of company specifically.
Well, Alfredo, now I have a few questions coming from the audience watching us on the other platform. I think Miguel and Carlos Alberto and a couple more people. Iago Vinicius , Leo, Daniel Silva, Rafael. They're all asking about repurchase programs. Do we have any buyback, any repurchase programs right now?
Not right now. I think what we want to do right now is focus on the holding. We want to use all the resources that we have, the additional resources that we have to deleverage. I think repurchasing would be an interesting alternative right now, we don't really have any program to reopen that share program. Even though, yes, I agree that it could be the best investment that the holding would have. I mean, repurchasing their own shares with a, an important discount, with a good price, that is not in our plans for capital allocation.
Well, Alfredo, there is another question here about the following. About global recession. With all the problems going on in the United States, Credit Suisse, the other banks in America and Brazil, many people are talking about an important recession coming up. I see the results at Itaú have been very resilient. I wanted to know if effectively, if there is a recession as happened in 2008, for instance, is Itaú ready for it?
That's a great question. It's hard to explain. It's hard to answer. What we've seen so far is that central banks are increasing their interest rates to go against inflation, to deal with inflation, which is very high right now, 6% in some places, up to 9% or 10% in some places in Europe. There is still this perspective for interest rates.
Of course, the financial crisis over the last few weeks has reduced the trend, let's say. I think that it's probably going to go up even for a little bit more. There could be deceleration in America and Europe, possibly in Asia. I think overall we'll have a lower level of growth or expansion because of that deceleration and also those inflation rates going up after the pandemic.
We still have to consider the geopolitical issues of war of China, United States and several aspects, and we see an international scenario that is very challenging as well. In Brazil, as I commented, we've gotten into the last quarter of last year in an industry and commerce with a slowing down the economy that is more prominent. We're going to understand that this is going to be a first semester that is still going to be difficult. Let's see how the economy is performing. I think that we're going to have a low growth this year, possibly lower than last year, and still much sustained by the agribusiness, agricultural business that is growing. I believe that we are going to have a GDP that is not so positive for this year and the next one.
The industry is suffering. The loss of revenue has stopped, but the revenue has dropped a lot, and that affects sales of popular products. I think that these are challenging scenarios, but we can see the companies that are well-positioned. I do not see the bank having big, like, big delinquency issues. We've worked with the models for conceding credit. The management of the bank is doing very well. We're doing very well, and we've foreseen that scenario that is a bit difficult. We de-leverage the holding, over the next years, we are ready to face. The companies are not so much leveraged. The industry companies, Alpargatas, Copa Energia, they reduce their indebtedness. We are well-positioned. This is not something that is going to affect this significantly or affect our results significantly. We are very optimistic with our portfolio, and the results of the portfolio will be presented throughout this year.
Alfredo, a lot of questions from our audience. If we have an interest in having an exposure in the energy sector, have we looked at the transmission companies? Kawan is asking. Lucas Emmanuel, and also Leonidas Silva and Lucas Goulart with this issue on the energy sector.
We've analyzed a lot of alternatives, in a sector that has a reasonable offer of businesses for sale, but we haven't found anything that made sense for Itaúsa in terms of investments in energy, specifically transmission.
I think that the interest rate that is very high, regardless of it being high on the short term, brings a lot of difficulties for you to find high returns on investment that are compatible with to generate value for the shareholders in these sectors. We've evaluated several alternatives, but we did not see any that really made sense for Itaúsa to have in its portfolio. We are not closed. This sector of infrastructure, with an interest rate that is very high, they suffer a lot in terms of valuation. We need to be very cautious here because we want to generate value for our shareholders with investments that have a return that is high, compatible with the value generation that we would like to have. We were cautious. We did not. We analyzed a lot of things in the energy sector.
We are open. If there is an increase, we might be more active in the purchasing of other participations, M&As in the energy sector. At this moment, we do not have anything in the pipeline.
Alfredo, a lot of questions on the utilities and sanitation. Rómulo, Rafael Kanude. The profile, Are we going to increase our participation in Aegea, taking into consideration the deficit of the great deal of population that doesn't have utilities and basic sanitation?
This is a very interesting investment. This is one of the reasons why we invested in the basic utility sanitation was the social benefit in and on itself, connected to the environment, to the social environment, and to meet the requirements, the demands of millions of people that do not have sanitation utilities.
This is important for the decision-making process. We chose, we did investments in Aegea. These are small investments, in my opinion. If it was possible, we would like to increase the investment. This is a sector with great expansion, a lot of investments to be done yet. This is a sector that generates a cash flow that is very interesting and that can face a great deal of the investments that we've seen that are necessary. Aegea is the biggest company, private company, over 30 million people being serviced. We have an investment at Corsan in December. Corsan, which is a state company, which is completely privatized. We have a great deal of opportunities. Also these opportunities, they bring a lot of investments. You need to have a relevant cash generation to do the investment.
However, this is a sector that we that we appreciate, that we enjoy because of the return with the management is very efficient, with one of the highest level of productivity amongst the private company and also amongst the state-owned company. This is a sector that we like. We see it very well, but we have a lot of investment, and this is not a sector that will bring a cash flow for Itaúsa that is very relevant due to the high level of investment that is necessary to meet the requirements of the legislation of the regulatory framework.
Bruno Benedetti Teixeira de Freitas has brought a question about a payout bonification and also other people asking about the payout. They think that it's a wonderful work.
You're very didactic for the young investors. I want you to try and make me understand what it is, you know, how can you explain better the rebates or allowances, the bonuses. I'm going to try and be as didactic as I can. What is this bonus subsidy premium, rebate? You look at the assets, you look at the balance of Itaú. You have the social capital, you have the reserves, you have, you know, all the math that you do in the net assets. When you do the bonus, we incorporate reserves to the capital of the company. For example, last year we incorporated BRL 12 billion of reserves of previous revenues to the capital of the company. When we do that, we are passing on to the shareholder a part of this value of these reserves.
It is as if you're increasing your assets in shares in Itaú. That's why there is a cost attributed to the bonafide or subsidized shares. Each share, it receives a cost. It is published when you do the announcement of the delivery of the shares to the shareholders. This cost is usually higher than the quota at the stock exchange. You have to incorporate that cost to your cost. When you have 100 shares, you start having 110 shares, and those 100 shares, they cost, if the cost of the shares attributed was BRL 200, you have 100 shares, you now have 110 in the cost that you acquired, and you're gonna have to add those BRL 200 of the attributed cost for each bonafide share to your cost.
Your cost hike up, hikes up. When you adjust your interest, your taxes, your costs are higher. When you sell, you pay less taxes. I don't know if it makes sense. I don't know if I could be as didactic as possible, but this is as quickly as I could give you. This is an increase in assets and better money in the participation of the shareholder in the capital of the company. Yeah, it's that, we published, we have a content in our YouTube specifically about bonification. Very didactic. I really highly recommend our audience if you want to understand more about bonification about that. If you, if you still have any doubts, then you can seek our team and they will help you, the investor relations team.
Now we have also new shares with Itaúsa. Do you have enough, a plan for a second tranche, let's just say? We can this year. We'll see. In the framework of the previous law that it was at the Congress, that incorporation of the reserves, if approved, it will be taxed. That's why we've done those payouts, those bonifications, that increase of the capital to our reserves. If we realize that all throughout the year that might happen, that you're gonna have to tax that, then we're going to incorporate more reserves, it's possible that we do that this year. It's possible that we will eventually have a payout bonification at the end of the year if the decision of the board of director is such to incorporate capital reserves. There is no project for this.
Well, this is nominally at a lower price that allows for small investors to share, to buy higher, more lots of shares. There is no expectation, no studies in that sense.
Alfredo, we've gone over the time for the Q&A, unfortunately. I wanted to show you, I wanna ask you a last question from Fabio.
Fabio, how do we know how much Itaúsa is investing? How do we get the information from Itaúsa?
Well, if you can comment on the first, on the main channels of Itaúsa, I recommend for those of you that get into our website of Itaúsa, you have all the contact with the investor relations. All the contents, all the news on new investments that we've done, also in our social networks, we always publish relevant contents.
There is channels on YouTube that we bring relevant information, explaining each strategic. Yet we have studies, didactic, very with an accessible language. Well, we don't try to sound too much like a teacher, but we want to provide information for the investors that are not used to the language of the capital markets.
The last question from Guilherme. The profile, I also gave seven. Do you have any expectation at the board of directors at the board of CCR?
Yes, we are positioned. We have two chairs at the board at CCR. Two representatives of Itaúsa were nominated at the board of directors of CCR. There was a refoundation of the board of directors.
There was a council, men and women, that represented the sale, the company that sold under the voters, now we have two representatives at CCR and in committees of CCR. One is Roberto Setubal. He's the Co-President of the Board of Directors of Itaú Unibanco, the other one is Pedro Moreira Salles , that is also a shareholder of Itaú, member of the Board of Management of Itaú. We have two representatives at the board of CCR. Also representatives at the committees of Roberto. We have people from Itaú as well. They take part, not only CCR, but all other companies. All the seats that we can contribute, like you say, are occupied by representatives of Itaúsa, whether if it's on the board of directors or the committees of the administration, councils or committees.
With that answer, we got to the end of the event. Should your questions not be answered, please get in contact with the investor relations team, with the social networks or the email. You can follow up on us. You can follow us and we wanna hear your opinion on this critical event. Your suggestions are very much welcomed so we can improve our event. There is a QR code. Please answer our questionnaire, submit your questions, submit your suggestions. We want to hear you so we can improve day to day. Once again, thank you, Alfredo. Pleasure to share the stage with you. Thank you for your participation, which is also a highlight for our event.
Thank you, Priscila. Thank you everyone that took part in our event. I knew it was a bit long, but we want to provide a lot of information and be as didactic as possible. We have complex cases, but we try to use an accessible language and having the participation of the thousands of people that follow up on us, it's a pleasure to be here. We close this event with a message that is very positive in regards to Itaúsa. We are very confident in our portfolio, regardless of the difficulties, internal and external, in politics, in geopolitics. We understand that we are very well-positioned and we're gonna go through this crisis. Some companies are doing better than others, so that's why there is a diversification of the portfolio. We are confident, nonetheless, that we are leveraged, we have strong brands, and we are well-positioned with important relevant participation with our portfolio.
We service millions of Brazilians that are impacted day to day by Itaúsa or by the products of the bank, by Dexco and Alpargatas. We have a great pride and joy in everything that we do with governance as well. We will provide more emphasis with ESG all throughout. Well, getting Marcelo to work with us, with his experience, and let's work with this agenda with our invested companies. We are in tune with everything that is happening, respecting our 910,000, 920,000 in shareholders. We want to be very transparent with governance, trustworthiness, and in that the resources are very well allocated by those in its investments and the distribution of proceeds and the deleveraging.
We always try to have a management that is prudent, solid, and having this based on a governance by Itaúsa and the investor companies that is very solid, very strong. An optimistic message for Itaúsa, regardless of a very challenging moment that we're living at the time.
Thank you, Alfredo. Thank you everyone for the team, for communication, all the technical team that is part of the program and has made this content get to you with all the care. Thank you for your participation, everyone that stood until the end. We have the new Results in Focus . I want to invite you all to follow up on our news and all throughout the social networks and all the published content. To let you know that this live is saved, recorded on YouTube.
You can watch it again and invite more people to get updates on Itaúsa. Thank you very much for your participation and see you the next time on Results in Focus . Thank you.