Ladies and gentlemen, thank you for standing by. Welcome to the CCR S.A.'s conference call to discuss the results regarding the Q2 of 2022. We would like to inform that the participants attending the conference will be in listen-only mode during the company's presentation. We will then start the Q&A session when further instructions will then be provided. Should you need any support during the conference call, please request assistance from an operator by typing star zero. Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, projections, and operational and financial goals constitute beliefs and premises of CCR's management, as well as information currently available to the company. Forward-looking statements are no guarantee of performance.
They involve risks, uncertainties, and assumptions, since they refer on future events and depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions, and other operating factors could affect the company's future results and could lead to results that differ materially from those expressed in such forward-looking statements. I would now like to turn the floor over to Mr. Waldo Perez, CFO and Investor Relations Officer. Mr. Perez, you may proceed.
Thank you, operator. Good morning, everyone. Thank you for participating in this conference to present the Q2 2022 results. I would like to inform that Flávia Godoy, who is our IR Superintendent, Douglas Ribeiro, Cauê Cunha, and Caique Moraes are also here with us, and they are from the investor relations team.
Before starting, I would like to thank all shareholders and market analysts for the confidence and trust of the votes we received in the Latin America Executive Team 2022 ranking, published by Institutional Investor. We feel honored by the prestige and recognition, and we will continue to strive to better serve you. In Q2 2022, we continued to generate value to our shareholders with the announcement of the sale of Total Airport Services, TAS, on May 9. On July 25, we concluded the sale of all our equity interest, corresponding to 70% of the capital stock of TAS to the company AGI-CFI Acquisition Corp, for the amount of $143.5 million, plus debt and other liabilities assumed. This transaction marks CCR's departure from the United States and demonstrates CCR's capital and strategic discipline.
Another important delivery was the signing of term number 21/2022 and the term of withdrawal, in which we extended the term of Renovias concession agreement until July 10, 2023. This execution reflects CCR Group's respect for its long-standing partnership with the state of São Paulo and its commitment to the development of infrastructure in the state. We communicated on July 7 that ARTESP's board of directors published in the Official Gazette of the State of São Paulo, the decision to fully comply with the determinations of the São Paulo State Department of Logistics and Transport, which recognizes the need to rebalance the contract's concession of state highway concessionaires, including those that are part of CCR Group, CCR AutoBAn, CCR SPVias, CCR ViaOeste, CCR RodoAnel, and Renovias due to the absence of a tariff readjustment as of July 1, 2022.
The decision also establishes that the tariff readjustment must be implemented by December 31, 2022, and that the respective concession contract will be rebalanced through financial compensation with bi-monthly payment until the readjustment takes place, with the first payment to occur on the last business day of August 2022. Also in the month of July, we announced on the 28th the celebration of term number 21/2022 SPVias, which establishes new investments related to the work to extend the duplication of the urban sector of the municipality of Itapeva and the implementation of viaducts on the Francisco Alves Negrão Highway, as well as the costs of routine maintenance and the special conservation for the stretch.
It also promotes the economic and financial rebalancing of the concession through an extension of 368 days, scheduled to end on September 21 to 2029. The new concessions are already in operation. As you know, in 2021, we won seven projects whose results were partially consolidated in the Q1 of 2022. However, in the Q2 of this year, we could already see the contribution of net revenue ex construction of BRL 650 million corresponding to the EBITDA of BRL 322 million. We're just at the beginning of the investments that will bring countless improvements that will increase evermore the potential to generate results from this project.
As a highlight, I would like to talk a little bit about the recovery, a trajectory that remains consistently and steadily as demonstrated in the most recent data. When comparing the data on the same basis, the highway segment grew by 8%. The airport modal and urban mobility showed growth in passenger numbers of 93% and 61% respectively in the Q2 of 2022 when compared to the same period of the previous year. On August 9, we reported our monthly performance for July 2022, which when compared to the same period of the previous year, showed growth on the same basis of 10.3% for light vehicles and 5% for commercial vehicles. Yet, in the consolidated numbers, the positive variation was 7.5%.
For other modalities, the data continued to indicate a strong recovery when compared to 2021, with a growth of 41.1% and 46.2% for urban mobility and airports, respectively. This corroborates the trajectory of operational recovery and the resilience of our portfolio. Another highlight for the quarter is our strong and robust financial position, which allows us to continue implementing our growth and value creation strategy. We ended another quarter with comfortable cash position and preserved leverage, which is the net debt over EBITDA of 1.8 times. It's worth noting that in 2021, we started anticipating several refinancings for 2022, and we have been able to complete with great success with the aim of optimizing the debt management, increasing the debt extension.
We would like to emphasize that the company remains optimistic about the expansive pipeline, and we continue to act diligently with capital discipline in the opportunities that we see ahead of us. In highways alone, bidding and re-bidding processes are underway for 12 federal highways by 2023. In addition to BNDES package, which has more than 6,000 kilometers in length, including the six highways that make up Paraná package and the BR-381. Within the scope of São Paulo state highways, we have Lote Noroeste Paulista, with an auction scheduled for September 15, and the expectation of publication of the public notice of the Rodovia Norte. In relation to the state projects in Minas Gerais, we have Rodovia Belo Horizonte and two lots, Triângulo Mineiro and Sul de Minas, and the highway concession program.
In the state highways of Rio Grande do Sul, which are in the bidding process, we have 850 kilometers of highways divided into two lots. In the airport sector, next week, on August 18, we have the auction of the seventh round of concession of federal airports. In addition, ANAC intends to auction this year the airports of São Gonçalo do Amarante and Viracopos. For 2023, we have the eighth round of the concession of federal airports composed by Santos Dumont and Galeão. In urban mobility in São Paulo, the bidding documents for the concession of line 7 of CPTM, together with the intercity chain of Campinas, which is called the TIC, T-I-C. The concession of CBTU/MG, Metro Bahia, and other projects are under analysis, as well as Metro from the Federal District and the VLT W3, both in Brasília.
I would like to point out that ESG is one of the five pillars of our strategic ambition for 2025. We remain committed and motivated on this journey. We were recognized by Exame magazine as a benchmark in sustainable development in Brazil. We also started the second cycle of supply assessment through Programa Supera, which is a supplier performance award which seeks to consolidate and strengthen the company's supply chain based on clear criteria and relevant thematic axis. In diversity, we continued our diversity and inclusion agenda. We have structured priority actions in the construction of a more diverse and inclusive culture in a transversal way, such as the implementation of the Diversity and Inclusion Commission. Finally, it's worth emphasizing that we continue to work in a structured way to define well-founded midterm goals for those KPIs, as well concrete action plans to achieve them.
We hope to have news on this topic during the CCR Day that will be held on September the ninth this year. I will now give the floor to Flávia Godoy, who will present the results of the Q2 of 2022 in more detail.
Thank you, Waldo. Good morning, everyone. Good afternoon, everyone. I would like to highlight that the main of our IFRS for 2022 are as follows. Bearing in mind that for the same base numbers, we exclude new project and non-recurring effects, as we provided in detail in the earnings release. Starting with the highlights for the quarter, we would like to point out that vehicle traffic grew by 4% when compared to the Q2 2021. If we exclude the traffic from ViaCosteira, RodoNorte, Nova Dutra, and RioSP, the growth was 8%.
This performance of traffic on the same basis was a result of the growth of 15% in the months, and 3% in the traffic of heavy vehicles in relation to Q2 2021. With this, the net income same basis reached BRL 2.4 billion in the second half of 2022, accounting for an increase of 24.3% in relation to the same period of the previous year. Adjusted EBITDA same basis increased 21.5% and reached BRL 1.4 billion. Providing more details, total costs had a reduction of 5.7% in the second half of 2022 in relation to the previous year, reaching BRL 2.1 billion. In the same comparison, cash flow on the same basis amounted to BRL 987 million, an increase of 28.5%.
The EBITDA margin adjusted same base reached 69.5%, a reduction of 1.3 percentage points in relation to the previous year. In relation to the slight drop that we observed in our margin, EBITDA margin, I would like to mention that this variation was driven especially by the reversal of variable provision of BRL 29.3 million in the Q2 of 2021, and also to the receivable of BRL 59 million in the Q2 of 2021 related to the benefit of CARES Act bypass, which did not happen in the Q2 of 2022. Excluding those effects, which are non-recurring, that impacted, in a positive way, the results of the Q2 of 2021, the EBITDA margin same base for the Q2 of 2022 increased by 3.2 percentage points.
The robust result shows the effort that we have made to control costs and maintain the operational efficiency in a business with mostly fixed costs. Net income reached BRL 291.3 million, compared to a loss of BRL 44 million in the Q2 of 2021. On the same basis, income was BRL 171.8 million in the Q2 of 2022, which represented a decrease of 61.8% when compared to the previous period. The decrease in the same base net income was mainly due to the increase in interest on loans, financing, and debentures, driven by the higher average annual CDI, which had an increase of 91 percentage points between the compared periods, and also to the higher net indebtedness of the company, driven especially by the addition of new projects.
In the Q2 of 2022, we reached BRL 21 billion in net debt, accounting for increases of 0.4% and 47.4% in the comparison with the Q1 of 2022 and the Q2 of 2021 respectively. In the Q2 of 2022, we invested BRL 452.8 million. The concessionaires that invested the most in the quarter were ViaSul, Lines 8 and 9, and ViaOeste. At ViaSul, there were disbursements mainly with the duplication of stretches of BR-386, pavement recovery, and implementation of safety devices. At ViaMobilidade, Lines 8 and 9, investments were mainly made in the revitalization of the permanent way. ViaOeste's investments were focused on the duplication of several sections of Raposo Tavares Highway.
I would like to conclude by highlighting that the company has been able to deliver solid results, as we can see from the complete analysis in the earnings release. We would now like to open the Q&A session. Operator, you may proceed.
Thank you. We are now going to start the Q&A session. To ask a question, please press star one. If your question is answered, you can remove yourself from the list by pressing star two. Please wait while we collect the questions. Our first question comes from Lucas Esteves with Santander .
Good afternoon. Good afternoon, everyone. Congratulations on the results. I have two questions. First, could you make some comment on the dynamics of the review of investment for the future? You know the commitment line. We understand that this is reviewed by inflation every quarter.
Is there any re-periodic review based on other basis, and what would be how often would that be? I'll ask my second question later.
Hello, Lucas. Good afternoon. This is Flávia speaking. Thank you for the question. This remaining balance of investment is a compulsory investment that we have to make as an obligation, so it follows the rate of adjustment of the fees, the tariffs. It's not something that is performed every quarter, but it depends on the anniversary of each concession. The other one is related to the pipeline commented on by Waldo. What would be your expectations for the second round? If you could make some comments about the other projects that are being prioritized by the company.
Thank you for the question, Lucas.
In relation to the seventh round, we are focused on the analysis of different concessions that are included in this round of bidding process, and we are analyzing different risks. Considering each portfolio, we are looking at the margin of risk and return in order to define how to go about it. It's a strategic project, however, there are many points that needs to be studied. In relation to the competition, it's difficult to say who or to tell who can participate. We understand that there are some operators, international operators who are strategic, and they are also considering the opportunity. Next week we are going to check on that on the date of the auction.
Perfect. Waldo, what about the other projects that are in your pipeline that would become a priority for you?
Yes, perfect.
As we have already mentioned in the past, our focus is clearly in on Brazil. We are always analyzing all the opportunities, considering all the models where we operate. We are looking at opportunities in urban mobility and highways. What we have planned for the short and medium terms in the next 12 months, we have line seven with TIC, and we have been concerned about this or looking at this for some time, considering that this concession has synergy with our operations in São Paulo. Clearly, it's a project that we are observing, considering, and Northwest Highway is also very interesting for us. We are evaluating how we are going to take part in the auction in September. We're also considering the future. We also have highways in Paraná.
Six highways which are going to be part of a bid by the federal government. In the best case scenario, there is one for the end of this year, and most of them are for the first half of 2023, and all of them are being considered, and maybe two of them are more interesting for us. This would be the medium term scenario that we are evaluating now.
Perfect, Waldo.
Thank you, Flávia.
Thanks so much. Our next question comes from Victor Mizusaki with Bradesco BBI.
Hello, good afternoon. I have one question in relation to funding, strategic funding for new project. Waldo, you mentioned that with the sale of TAS has been completed, so I would love to know if it would make sense to divest any asset.
Even considering the auction of Congonhas, CEI, as you said, as priority, would it make sense to be involved in consortiums for those assets?
Thank you for the question, Vitor. It's a very interesting point because in fact, the pipeline that we have ahead of us is one which is relatively big and the capital is limited, of course. We made a decision to sell assets in very interesting conditions. We are going to bring in those proceeds, those resources. We are still analyzing which would be the best way to earmark those proceeds so as to generate the best value to CCR and its shareholders. As I mentioned before, we are analyzing in a very active manner the portfolio as a whole, as a way to see where it would make sense to recycle capital and when it doesn't.
Some is an asset which is not so core, but maybe, at some time we might decide to have a strategic, decision in relation to this asset. In relation to future auctions and partnerships, CCR is always open. Possible partners look for us in different auctions. In the past, we established some partnerships for some auctions in the past, and this is not something that we are going to rule out. On the contrary, whenever it makes sense for us, wherever we see some synergy, whenever there is a strategic alignment where the partner would add value to our business, we ask, why not? It's something that we are going to consider, but we are going to take into consideration on a case-by-case basis. The partner has to add value and not only capital. Okay. Thank you. Great.
Our next question comes from Henrique Simoes with Credit Suisse.
Hello. Good afternoon, everyone. Congratulations on the results. Thanks for taking my question. The first one is related to the seventh round. Let's suppose that there's a minimum bid, and what would be the return that you were expecting, if you could make those comments? And if the news that we heard, why do you imagine that the other players would not be able to enter it? The second question is in relation to CapEx. So what are the measures you can make in order to cope with those increases, and how will the CapEx play out in those situations?
Henrique, thank you for the questions.
I'm going to start answering your first question, and then I'm going to ask you to repeat the other question because it was not very clear to me when you mentioned or when you asked the questions. Okay, in relation to the seventh round, I believe that each participant is analyzing the situation and will make their own projections. They will do their own risk evaluations. Based on this, each player will analyze what would be the return of the project and would compare with their internal expectations of return. CCR has its own expectations in terms of return, and they are all very well defined.
Any proposal that we are going to put forward will follow the internal processes of our governance as well as the approval by the board in such a way that we are always going to present according to the expected rate of return that we have already established. This is what I can say about the comments. If you could repeat your second question? There was something related to news in the market, but it was not very clear to me what they were. Can you hear me better now?
Yes.
Okay. The second question.
I think you have already answered my question. According to the news, you would be the only player interested, and I think this has already been answered in your. The other question was related to CapEx.
What are the measures that you have been taking in order to mitigate any risks related to CapEx, to close agreements in advance? We understand that the CapEx can vary because of other factors.
Okay, perfect. Oh, now it was clear. As we have mentioned in some of the talks, some calls that we had in the past, CCR already has since 2020, it has made a lot of initiatives so that it can focus evermore in mitigation of cost or CapEx increases. That includes centralization in the area of purchase, procurement, optimization of our economies of scale, considering that we have 25 concessionaires, as well as insourcing some costs that we use to outsource. I'll turn the call to Flávia, and she can provide more details about this topic.
Hi. Hello, Henrique. Good afternoon. As Waldo mentioned. The company has been taking initiatives since 2020.
We have been establishing partnerships with longer terms and with more risk sharing with our suppliers. That are direct input purchase from the manufacturer, and we also insourced some services such as asphalt milling and all those preparation of raw materials that we are looking at gains in scale. This would include the procurement and also include the new concessions. For some agreements, the company has been having partial hedging against price increases because our revenues are indexed to inflation. These are measures that have been taken by the company since 2020, and we haven't identified any material change in our figures.
Okay. Thank you, Flávia. We'd like to remind you that if you wish to ask a question, press star one. Please wait while we collect new questions.
To ask a question, please press star one. We close the Q&A session now. Now I turn the floor over to Mr. Waldo Perez for his final and closing remarks.
Thank you. We would like to wrap up. Thank you all for attending this conference call and for your interest in the company, and reiterate that our investor relations team is always available to serve you. See you soon. Have a nice day. CCR's conference call has come to an end. Thank you for attending, and have a good afternoon.