Hello. Good morning, everyone. Those of you who are here, please take your seats. Feel free. Some people are still arriving because of traffic. We are about to start the seventeenth edition of CCR Day. I am Rogério, journalist, the MC for today. We are going to have a wonderful morning here today with CCR Day. Good morning. Good morning, Rodolfo. Good morning, everyone. Thank you very much for your presence here today. Well, it's getting full. This is a good indication, lots of good things to share with you today. This is a special day for our company. This is our seventeenth CCR Day. This is an important time when the company is going through strategic events. Our special thanks to the participants who are with us online.
So there are people online, watching us here in Brazil and overseas, and you'll be able to see the presentation. As you know, the seventeenth edition of the CCR Day, we are presenting a major up-to-date overview of the company and lots of relevant information for you to see what the company is doing and will do. Rodolfo, before continuing our event, I would like to go through something that is in the company's DNA, security. So everything, it has been prepared. We have quality, safety. There are two fire exits to my right at the back of the room, another exit to my left. We have fire extinguishers strategically spread in the company, and we are really safe, that we are going to have a very good quality event following the company's standards.
We have prepared everything to perfection, in addition to the fact that the weather has contributed, in almost 30 degrees Celsius. Today is not too hot in São Paulo. It's cooler. There are hundreds and thousands of people here with us, but also online in Brazil, to follow us. Great, Rodolfo, we have major audience online, people who are watching us. Very shortly, we are going to go into our agenda. It's worth mentioning that our presentation is available both in Portuguese and in English in the company's website, and it is available for you to download if you so wish. Well, we have an agenda, very important agenda for the day. There is a sequence to be followed. If you could see the agenda, for those of you who are watching us, and so we are going to start.
We have the opening focus on creating sustainable value, and then the three business delivering results. We'll be talking about sustainable businesses. We are going to start with a presentation of Miguel, talking about the company's strategy to create value. Then we are going to give the floor to our vice presidents, Eduardo, Marcio, Fabio, who will be talking about relevant information about each one of the modes. Then we're going to have Pena to talk about our regulatory, which is unprecedented in CCR Day, talking about regulation. Then Valdo will focusing on talking about efficiency and financial strength. And we are going to close the event with Pedro's presentation, talking about our ESG. So let's start the presentation.
Whenever we talk about Brazil, we oftentimes kind of lose talents that go overseas. CCR keeps talent in Brazil, and we bring in wonderful brains from overseas. So we have our CEO, Miguel Setas, from Portugal. So if we have Brazil and Portugal in the World Cup, he will be supporting Brazil, I'm sure of that. He is a Portuguese lord, I'm sure of that. Okay, Miguel, come here. The floor is yours.
Good morning, everyone. First of all, I would like to thank Rodolfo and Flávia for the introduction. They're always so kind, and I would like to say that I'm very happy to be here today with you for our first CCR Day, the seventeenth of the company, coming back to Brazil.
As you know, I was in Brazil for 13 years, then I went to Lisbon for two years. I'm back now, and I'm very excited about our history, our mission, and I would like to share with you to have the best platform, the most competitive, the most relevant platform for mobility infrastructure in Brazil and Latin America, and as Flávia said, with a focus on the creation of sustainable value. I hope that over these two hours and a half, and then half an hour for Q&A, we'll be able to convey with enthusiasm and passion everything that we want to do looking into the future in the Eslou platform that is a leader in mobility in Brazil.
First, I would like to greet. I'm not going to say too many names, but I would like to greet the General Director of ARTESP here with us, and on his behalf, I would like to welcome all the authorities present here today for our CCR Day. I would also like to greet our board members here, very well represented with our Chairwoman Ana Penido, and I would like to greet all our board members present here today, who give us the honor of being here in this session, and our audit committee here that is also represented. Obviously, this session is a session to talk to you, to the market, to analysts, to investment managers, rating agencies, companies, creditors, and I hope that this is a very profitable morning conveying the vision that we have for the company in the future.
Finally, a word about the press here today. I would like to greet and thank you all for being here. So this session naturally has a wide team that prepared it, and I would like to thank everyone, everyone in CCR responsible for organizing it, and everyone represented to prepare this presentation. I'm going to give you an overview of our strategy, and as Rodolfo and Flávia explained, I would like to talk about each one of our VPs. They're all here, and I'll give you details. First, I'm going to set the scene talking about Brazil. This is going to be very short. You all, all know well what I'll be talking about. I would like to focus more on our strategy and the company's vision.
And of course, there is an awareness that has been growing, that investment in infrastructure and its relation with the GDP is at a suboptimal level, below what would be necessary, especially considering the size of our country. So assuming that this reference for infrastructure investment should be 4% of the GDP, we are at 2% of the GDP. So this provides a gap for investment of about $800 billion in a decade, $80 billion a year. And these are calculations done with the help of international consulting firms, multilateral agencies, with local experts here in Brazil. Therefore, this is a number that we should use as a reference, and the main message here is that we see in this reality, a context that is very favorable for our business in the future.
This context is helped by the macro scenario, the macroeconomic scenario. I'm not going to go into numbers, but this is the focus report up to—updated on September 23, the 25th of September of 2023. Inflation is under control, interest rates are going down, the GDP is consolidated about 2-3%, and obviously, this is a favorable scenario for infrastructure industry in Brazil. And our plan will lever this reality. Another fact that we are all aware of, that recently, the private sector is gaining share. Total investment in infrastructure, 80% was done by the private enterprise. This private investments are becoming more and more relevant and gaining share in the total investment in infrastructure.
And lastly, the CCR is today, as you all know, the biggest mobility platform in mobility infrastructure platform in Brazil. We are in Latin America. We have operations in three countries in Latin America, but we are very much focused on Brazil, and as you said, this is the most relevant. We have more than 40% of our revenue come from roads. We have about 70% of our private revenues in urban mobility, and a little bit less in airports. As you can see, we have 14% all market share in airports in terms of boarded passengers. So, this is a reality that demonstrates that the starting point of what we want to say today, this is all very robust. It's a starting point with a portfolio, with lots of potential, that will provide a significant value creation agenda.
This is what we are going to show you this morning. And as you know, we have about two-thirds of our EBITDA today, and this two-thirds of our EBITDA coming from roads, at least one-third, about 30% of urban mobility, and we have 14% in airports.
... So this is our business mix. We have 9% in airports when we see the different transportation modes. So how do we stand today from the geographical viewpoint? We have a large coverage across the country, airports in Maranhão, at the top of the map, as you can see, Rio, up to Rio Grande do Sul. We are majorly present in large cities, São Paulo, Rio de Janeiro, and Salvador. But our presence is distributed across the country. Nine companies, 37 concessions. One of the companies is in the process of divestment. As we can see, our global business service in TAS. So 37 concessions across the country. Three countries: Costa Rica, Ecuador, Curaçao. These are the three countries outside the Brazil. So our footprint that I would say that is very widespread.
So where are we today, considering this agenda of value creation? We would like to give you a perspective of last year. September 2022, we had our sixteenth CCR Day, and on that, in the same month, we had two new shareholders in the control block, Itaúsa and Votorantim, got together for CCR Group, and we have a new setup of our board. We made the organization more compact, and we reduced the number of members to seven. They are here attending this event. In the following day, as you are going to see in more details, we had values clarification with seven work fronts, and we are going to see this in a more global way. We are going to approach the main topics on which the company is working.
We have the 17th CCR Day, and we are going to communicate our vision of the plan for the medium and long term. We are also going to disclose our strategic plan of CCR 2035. We are going to unveil what are the main drivers. We are working with the board in this composition of our strategy for the medium and long term, and we are going to disclose it to the market in a complete way. Today, however, we are going to provide and inform what are the pillars of our strategic vision for the future. What is this plan for acceleration of value? We have 15 work fronts. What we can see today is the result of the strategy that I mentioned.
I would say that this is something that we consider to be the main vision of our strategic vision, and we also have other areas. As you can see here, operational planning, financial planning, leadership, ESG, organization design, digital IT, innovation, and marketing positioning. These boxes would represent 15 initiatives, and at this moment, we have a time... We are at a time where we are going to leverage to another level, and we are going to have 25 strategies that have the work plan, PMO. Everything is being addressed by our executive team. Today, we're going to provide you a macro vision of how we are doing the strategy. This is the statement that was approved yesterday by our board.
We had a session where we discussed the conditions for us to disclose this vision, so which is to lead the mobility industry with a focus on creating sustainable value. This is our mantra, our motto. Sustainable can be ensure the perpetuity of the country and sustainable to do everything with a leadership in ESG. Of course, we are going to sustain the company along the time, and also, we are going to sustain the value we generate. This is simple, and this is a vision of the company. It's a focus that is non-negotiable, unquestionable for sustainable value. We have six strategic pillars that provide support to this vision. So we are talking about profitable and selective growth. These were words that were carefully chosen, profitable and selective. You're going to see that our product line is very comprehensive.
We are going to choose what makes sense in our portfolio to ensure a profitable growth. We do not take part in bid in some lot 1 or lot 2 in Paraná, and because this has to do with this purpose, the way that we allocate capital, because we have a clear focus in creating value, and this is, this has been very stringent for us, and I'm going to provide more details lately. Another point is optimized portfolio, 37 concessions. So we have a way of doing business that will generate value to our operations, and we are going to explain how we are going to go about it. Superior efficiency, number 3. This is what CCR Group has been doing along the time.
We want to focus that we want to have a leadership in creating value, and we are going to explain how we are going to do it. 4, optimize capital structure and attractive return. This is our fourth priority. We are going to discuss this. Then 5 is the ESG leadership. In the infrastructure, we are the leader in ESG area, and this leadership has been consolidated, and we have this direction of creating value. Sustainable also has this way of interpreting, being interpreted. Finally, world-class competencies. CCR Group is a regional platform in Latin America. We have the competencies that are comparable to any other competitors, and we are going to reinforce our competencies. We are going to reinforce our advantages. These are the 6 strategies that we have included in our plan, which is under construction.
Today, we are going to unveil where we are going and what our strategic direction is. Profitable and selective growth. Three ideas in this topic. The first idea is to give a very rigorous performance of the BRL 33 billion that we have in our CapEx. This we consider to be our remaining balance of our contractual obligations. So we are going to execute the CapEx in a very rigorous way so that we can grow. This is the second idea that we can see in the letter A. The second idea, B, is to study the platforms according to the mode in order to generate value and, on the other hand, optimize capital, accelerate growth, and simplify governance and management at large. So it's a corporate simplifications that we can execute in this platform according to the model.
So we are studying each of the platforms that we have: urban mobility, airport, and roads. They have different natures, they can... may have different setups, but we want to have the capacity to optimize the resources and to have a structure that would leverage growth, and so that we can generate value, optimize capital, and growth consistently. This is one of the first ideas I would like to share with you. At this moment, they are being analyzed deeply. They may have different setups, maybe they can be platforms that can be limited to one or the other aspect, but they are channels that are going to create, to accelerate the creation of value. The third idea is that we are going to consolidate the port area as a lever to create value.
As Fabio is gonna show you later, the port sector in Brazil is very segregated. There is a trend to consolidate some position. We are going to be on the lookout for these changes. We are going to look at those changes with a vision to generate value. We are going to discuss this in detail. And finally, the fourth idea would be that some businesses are very natural, that occur naturally in our portfolio. Two examples. We are studying others, by the way. Energy, it was nearly inevitable to have it in our platform, in our ecosystem, and complementary resources, complementary revenues associated with our assets, both related to urban mobility and roads, and also airports. So revenues that are going to complement with low use of capital, we can increase the margins of our business in the three modes.
So these are the ideas in this first strategic pillar. I'm going to try to get into detail about some other topics, but I'm going to preserve the details so that our vice presidents can provide those details. In capital allocation, it's obvious, Brazil is highly urbanized. 85% of the Brazilian, Brazilian population live in large cities. As we can see on these green circles, we can see the density of population in across the country. So we see big populational agglomerates, and these are our focus. So we are going to invest in the future in large cities. Because of the high density of population, we are going to do a very comprehensive analysis. It's important to mention this. Any investment, it has always been like this, by the way, and we are going to focus even more on this, any investment made by the group-...
It will depend on observing the risks in the market, and the regulations, ESG operations. So this is a filter, like an some lens, which are non-negotiable when we allocate capital. And down here, when we put all the ideas together, of course, we have investments with minimal spreads as to capital investment. We are also going to apply metrics of risks, or we're also going to metrics for analyzing the impact. What I would like to convey is the message that we didn't participate in lots 1 and 2 of Paraná in the auction, is because of the strategy that we use, because of the way we allocate our investments and according to our governance, and this is fundamental to share this idea with you. Differentiated strategy according to the mode.
So we have the road transport mode, and Márcio will deep dive into this. BRL 28 billion relate to committed CapEx and our obligations according to our contracts. The CapEx is being executed, and this is the first growth priority. The second is selectiveness for the future growth, and Eduardo will also talk about it. So we are talking about BRL 125 billion of possible bids, bidding processes, which the group can participate, and we are being very selective when we make our choices. In the urban mobility mode, we also have investments, BRL 3 billion CapEx, which is already committed in a smaller pipeline for the next 3-5 years, so with a medium-term horizon.
Obviously, the main priorities, as we are going to see in Márcio's presentation, the main priorities are focused on São Paulo, Federal District, Bahia, Rio de Janeiro. These are the main places, locations, that can be of interest to CCR Group. As to airport transport, I understand that this is something that is highly discussed in this room. In the airport area, I have a very important message to convey. The first priority, the risk of the investment. We have BRL 2 billion of CapEx for this area, and we are going to use this in the sixth round of airports. We are going to make the investment in a very assertive and a rigorous way. The second priority is to be very attentive to the movements that happen in Latin America. Of course, as I mentioned before, we have to have a lever that can create value.
The third idea, which is also expressed here in a very clear manner, we want all the messages to be very clear so that you can understand what our strategy is, what are the limits, the exposure, and the modes. We are going to limit the exposure in other ways. We are going to be very selective in allocating our capital, and we are going to observe the risk-return ratio of all those modes. And today, CCR Group have more risk and return ratio, more constructive, as we see here. I would like to share with you this idea. I would also like to say that we have one agenda for creation and stabilization of value when we address those modes.
You may have an expectation of more dramatic disclosures, but what I would like to say is the clear direction of what the group wants to do in order to meet the contractual obligations that have been assumed, and make all the necessary, the risking of the assets. Considering the value dimension of all the other assets and other businesses, the complementary businesses are always going to be marginal in the expression of value of the group. One is the energy, the management of energy, and the area of complementary revenues. As for energy, we are doing analysis of how we are going to use the energy, and of course, we have already found the minimal potential of the digits, the potential. We are the fortieth highest consumer of energy in Brazil, and we also have the relevant potential to optimize this area.
So we are going to discuss this in depth when we talk about efficiency. As to complementary revenues, we refer to all the revenues associated to our assets. At present, in 2023, we have projected an amount of BRL 50 million, and this is related to a potential. We do not have a deadline. We are still working on this plan to develop this potential, and this potential is going to be captured along the next years. This is just for you to have an idea of what we are doing.
... The idea down here is that these are potentials for creating value that has already been identified. For example, we have 3 megawatts of installed capacity of distributed solar energy, and we may expand this position. So we want to reach 6 megawatts in the future. Everything is under analysis, no decision has been made, and we're only going to invest in the area of energy, if that makes sense, from the viewpoint of generating value. It's just something at, in addition to our assets. I would like to mention the optimized portfolio now, and I would like to discuss the three ideas that we have. One is the strategic pillar that involves an active management of our portfolio, and I'm going to tell you how we see this active management.
The second idea is to have a recycling of capital, and this is going, we want this to happen in a recurrent manner. This has to be part of the company strategy, something organized for the vision of medium term, so that we can make adjustments of risk and return ratio in our portfolio. Finally, the third idea is that the risking of our assets, as I mentioned, in CapEx, operational, financial, and regulatory. Then I will discuss our regulatory agenda that we have been implementing along the years since 2021, and we are going to see this in more depth. We are going to look at the risk in different dimensions. I will briefly tell you how we see the active management of the portfolio. What are the assets that we see here? So first of all, anchor assets.
They are structuring assets. We all know AutoBAn, for example, is a core pillar in the portfolio of CCR Group. So these assets have a value creation and optimization, operational financial optimization agenda. We have assets under development. They have executed CapEx, they have major CapEx plans for future years. So the agenda here is for de-risking and operational and financial optimization, and therefore, the focus is different than the anchor assets that are already consolidated, and they have fewer requirements in terms of capital allocation as compared to assets under development. We have challenging mature assets. They are the assets that, in a way or another, are not really adding much value to the portfolio. There is some higher risk associated, and here our focus is in a turnaround and risk control for those assets.
So we want to minimize value loss with those assets. Not too many, but there are some assets with this profile. Then we have non-anchor mature assets. So they have a well-balanced risk profile, they are good cash generators, and they are at the point where they don't have much opportunity for value creation in CCR Group. These assets might be available for value crystallization and potential capital recyclings. These are the four categories of assets we work with, and for the 37 concessions, we have different strategies for each one of those assets. So there's a potential for value creation and de-risking of our portfolio. Now, very briefly, I'm going to go through superior efficiency, and I'm going to explain to you what I mean when I say superior in terms of the strategic pillar.
There are three main ideas here in the strategic pillar. We want our annual efficiency program to reach first international benchmark quartile. So we have more than 200 national, international concessions, and we seek efficiency goals that will put us in the first quartile of these national, international benchmarks. So this is the first idea, and this is going to be done through an annual efficiency program. So, efficiency, it's not a case by case, it is structured, it has recurrence with annual goals, so that we can reach the first quartile of efficiency. The second idea is your organizational redesign for efficiency and clarity regarding responsibilities. So we have our shared services platform. The third item here is CapEx assertiveness.
We really believe that we want to get to international standards, and I'm going to show you what we are going to do. About the first point, what we have as the main messages since 2020, and Waldo Perez is going to show us more details. We have already raised BRL 330 billion in efficiency gains that the company has already captured. Looking to the future, our intention and our goal, and we don't have a timeline here, because this work that is still going on in analysis with the board of directors, we want to get to a level of efficiency that will be three percentage points below the current number in the OpEx cash ratio over net revenue. So today we are at 41%, and we want to get to 38%.
This is 3 percentage points more in efficiency in future years. Of course, the company's objective is to do this as fast as possible. International consulting firms say that it might take 3-5 years, and we are going to work to make it happen as fast as possible. So here we have technology involved, systems. All of this has a deployment time, and this is the deadline. We need to plan ourselves to capture this efficiency. Therefore, 38% versus 41% is an efficiency target for us to be in the first quartile. We're not too far from there, though, and this is good news. CCR Group is very, very close to our target efficiency as compared to 800 concessions that we are studying in more details in the three business modes.
And then we have organizational redesign, a more strategic holding company. We want cost optimization per transaction in shared services and the resizing of the organization's blocks. So all of this contributing for us to have a simpler, more agile and efficient company. So a company that is simple, predictable, focusing on value creation, or value generation, we have a mandate from the board of directors to manage the company. In terms of CapEx, I'm not going to go into details. All I'm going to say is that we are working with international standards to improve competitiveness and assertiveness of CapEx generation, and naturally, a critical competence of our group. And you're going to see the images in Eduardo Camargo's presentation.
You're going to see pictures of the construction, especially in the state of São Paulo and in other regions of the country, showing that CCR Group has a unique competence, which is the management of complexity. I like this picture here. São Paulo is an example. It's the biggest city in the population in Brazil, it's the fifth largest city in population in the world, after Tokyo, Dhaka, Delhi, Delhi. So if there's anyone who knows how to manage highly complex cities and, and situations, CCR is one of these groups. Some people ask us to look into other cities that require these types of competence, so we want to improve it more and more, and this is one of the pillars of our strategy, this superior efficiency.
I would like to talk about optimized capital structure and attractive return. I have five minutes. These are simple and objective messages to tell you where we are at. We have four work lines, so reducing leverage at the holding company. So this is one part of something much bigger. We know, we are aware that we have a capital structure, and we admit that we need to optimize. We are going to work in a very directed way in order to allow a deleverage of the holding company, and we want to reduce leveraging by 50%, BRL 6.8 billion. We want to get to BRL 3.1-3.4 billion in terms of leverage, and we are going to see this in the presentation of our CFO.
Lengthening the debt profile, this is directly related to cash generation, efficiency, cost allocation. This is not independent from the first dimension. And a clear and predictable dividend policy that makes it possible for us to have attractive return to shareholders. It's clear and predictable, with attractive return for shareholders. Now, something about the four dimensions. Number 1, I talked 50% reduction of deleveraging at the level of the holding company as compared to Q4 2023, and then this is already optimizing our capital structure. And number 2, an essential message, controlled leverage, the net debt over EBITDA at 3.5 times. This is our limit level.
We don't want to go beyond this number, and if we do, we are going to have a period to solve it, short and fast to go back to the company's limit numbers. So we want to have a solid credit rating. Our objective is to be triple A. We are triple A in two of the agencies. We are still... There is another one. We want to have the best credit rating in Brazil. And then, in terms of return, we have a TSR higher than the capital cost, obviously. And to do that, we have a clear dividend payout policy.
We know that we have a target of 50% of payout of dividends in terms of our adjusted net profit, and this is going to contribute to the TSR above the capital cost that will provide an appropriate performance for our investors. So leadership in ESG, so you're going to hear more about that, but what we believe here, we have five main ideas. Number 1, we want to be carbon neutral. In today's world, with global warming, carbon neutrality is non-negotiable. This goes without saying. We don't know when we get there. We know that the world works today with net zero scenario, and we want to get to 2050 net zero.
Note that we do not use net zero, and net zero has a scope three, carbon neutrality, scope two and one, and we are working. These are emissions that can be controlled by the company, and therefore, next year, we have the commitment of carbon neutrality, and after 2033, and you are going to understand that. ESG roadmap through our institute, safety as a priority value, increased social impact by the CCR Institute, and we want to have governance with international standard. I got to CCR, I found international level, or international class, governance, great safety, all the practices that are the defense lines that the group has to manage risk. And therefore, I think that our work here is to preserve the standard that the group has already reached, and of course, improve our governance model.
Carbon neutrality, I think that we are sharing with you news that I am very proud of, and everyone in CCR is proud of that. Just last week, we were approved by the SBTi. They approved our commitment to reduce emissions in scopes one and two, 60% reduction in scope one and two by the Science Based Targets initiative. We have 16 workfronts or initiatives to make sure that this reduction is effective, and CCR Group is not going to go through any greenwashing strategy. We have a very robust program for reduction in scope one and two, business initiative to get to 60% reduction by 2033. Carbon neutrality will be after that. We are working with the board to define our ambitions in terms of carbon neutrality.
Some other good news, by 2025, we want to use 100% use of biofuels in our light fleet vehicles, 100% renewable energy in all assets by 2025. Today, we have 78%. We're going to have to get to 100% by 2025, and we also want 100% of our assets with a climate resilience plan by 2025. And our commitment is to have plans for all assets, and obviously, those assets have investments associated once they are designed. So this is the macro charter, and then we are going to hear more details from Pedro. In terms of the social pillar, CCR Institute, as you know, it's going to be 10 years old. It has a long history.
We have incentivized funds and direct allocation, funds, and by the end of 2030, we want to accumulate, to build up, investments around 500 million BRL. We have 50/50 of tax exemption and direct allocation. Just for you to understand, what is the effort that the company is investing in this objective? We want. In terms of safety, we want to have a zero accident culture. I'm not going to go into details because it would be too much information. We already have a reduction strategy in terms of frequency and severity rates, and we want to have it to improve it further and further, but our goal is zero accident.
And then we have a plan for diversity and inclusion, and obviously, we have here some room for objectives of underrepresented groups in society. And you're going to see CCR Group already has today a very differentiated feature. Because of our national footprint, we have a very diverse composition in terms of the workforce. And then Pedro is going to give you more details about our leadership. We have 11 members in the board of directors, 3 independent members. We are chaired by Ana Perillo, a woman, and then we have an independent board member, Ana Lustosa. So the board of directors and our institute board of directors, one of them is independent board member.
We have an audit committee that is led by Jorge Manuel, our board member and external board member, only independent members in the audit committee. So this needs to be very clear that CCR Group has been very rigorous and very assertive in building its governance structure. So then we have an ESG committee. The chairman is Eduardo Gentil, independent member board member. And he is here investing his time to help us look at people and management. He's an independent board member. The vice president of governance, risk, and compliance reports directly to the board of directors, and this is another demonstration of how the board of directors has a unfiltered vision of what happens in the company, which is very good. And here below we have a compact structure, experienced executive team.
All my colleagues, they, have been working for a long time in infrastructure, except for me. And then, everyone in line with the value creation mandate. So this is a robust structure, and we're very confident about it, and also very fulfilled. I'm very pleased to work with this board of directors to be part of this structure. We learn every day. We have a challenge that feeds a value creation strategy that is effective. Finally, we have world-class competencies. My time is up, so we have strengthening skills in key areas of success. I'm not going to go into details. We have a long list of competencies. Just one, CapEx, management, as we saw in the beginning, this is a critical competence for the group. The group wants to improve its performance, and just like that, we have other competencies.
So competency management, we want to become more competitive. Talent management, we need to be prepared to enable growth and value creation. Cultural transformation, that is centered on three pillars, once again, as we approved yes, the charter for the new culture for CCR Group. It's not a rupture, it's a continuation, but it has these three dimensions, focused on: integrity, non-negotiable integrity in four dimension, safety, ethics, respect, and transparency. Integration, we want to have an increasingly more integrated company, one CCR, and each one of the businesses has its own identity with its own strategy, but a cohesive group. And we also create impact, which is equals value creation for shareholders, for society, for customers, and it's also value creation for everyone inside CCR Group. And finally, investment, innovation, digitalization.
So innovation, digitalization, they are vehicles for value creation to pursue efficiency, to have a simpler organization. And here we have three guiding words: develop business, add value in talking about energy, digitalize to capture efficiency, and also decarbonizing so that we can migrate to a low carbon strategy or economy. So the three words, develop, digitalize, and decarbonize. And the culture has three Is: integrity, integration, and impact. So it's a way for you to remember that how we are designing our culture. So a quick message related to diversity. We have 17,000 employees across the country. We may be one of the few companies that have employees from all the states of the country. 21 nationalities, I'm one of them. We have 21 nationalities in CCR Group that comprise of very diversified groups of competencies, profiles, and capacities.
We are very proud of it. 38% of women are employees. We're close to 50% as Black people working at our company, so we want to reach the same level of Brazil, and 70% are Generation Z and Y in our staff. So it's a young company that can live with experienced employees. As to talent and strategy, I'm not going to go into detail, but basically, I would like to say that our talent is managed in a way that allows the group to grow, allows the group to create value. So we have a base of talents prepared for the challenges for the future ahead, and these are the main focus of our activities. Innovation and digitization, Valdo will also talk about it. In some areas, we want to have more investment. We want to be more assertive.
Smart mobility, Eduardo is gonna show some project, Free Flow, for example, connectivity-
... between here and São Paulo, the partnerships we have and the telecommunication resources. Here in São Paulo, we are also going to hear in Eduardo's presentation. We have technology focused on infrastructure, IoT technologies in presence. They are all important to bring efficiency in our infrastructure segment. Artificial intelligence is the fundamental channel. This technology is essential for us to optimize processes, simplify the organization, and capture synergies. Customer experience. Our focus, of course, is to provide a service with the highest quality. Creating value, sustainability, innovation, and quality. Creating value, controlled risk, sustainability, innovation, and quality. These are the four areas where we want to focus on. Cybersecurity, this is very important. There are assets which are critical to our operation, critical to the country, not only to our company, but to Brazil as a whole.
Risk has to be managed by the companies nowadays. So we have to make the necessary investments to ensure the maturity, cybersecurity, when we develop our work activities at the level we provide. So I'm not going to repeat the six priorities. I think this final chart can simplify my message. These are summarized into four dimensions related to value creation: growth, efficiency, return, and ESG. Growth, efficiency, return, and ESG. Growth: BRL 33 billion to be executed as CapEx, strict capital allocation, creating value in adjacencies, and capital recycling, recycling program. Efficiency: annual efficiency program, considering the national benchmark in the medium term. We want it to be as soon as possible anyway, but of course, we are looking in the medium term, and we are also always going towards the best price, best term.
The capital structure has to be optimized. We are looking at the capital structure in a global way and optimize it. Excellent synergy across the modes. CCR, our group, is positioned in a differentiated manner when compared to the rest of Brazil. Safety, zero accident is our aim. So this is for the medium term. Controlled leverage, 30.5x net debt over EBITDA. Controlled risk, credit rating AAA in the local market, payout of 50% in terms of dividends, and TSR, which has to be higher than the capital cost. ESG, carbon neutrality. We have our commitment of reducing emissions up to 2025. Green energy, more than BRL 500 million in social impact, led by our institute up to 2030. Diversity and inclusion benchmark program. So these are the pillars for our strategy.
People that account for distinctive competencies, technology, and all this being part of a cultural transformation that should be focused on people, but also using technology. Digitization is an important vector to capture synergy and efficiencies. I ran a little bit of my time, right? I try to speak fast, and, you know, I have this Portuguese accent, so I try to make my accent as well as possible so that you could understand. Then I'll come back later for our Q&A session. Okay, have a good day, everyone. Very complete presentation delivered by Miguel. It's important to mention the robustness of the group that is present in the state, and we are reducing the leverage, as we are going to talk to Waldo later on. We are going to provide more details about all this along the presentation.
We have the leadership in sustainable mobility, and groups are coming to Brazil, installing plant, attracted by this. Miguel presented our strategic pillars, six strategic pillars. It was very interesting to see the options that the portfolio can offer when it comes to value creation. In other words, we have a pipeline, lots of opportunities that up to BRL 190 million, but without talking about anything new. We are talking about a portfolio that offers different opportunities of creating value, going after new revenues, commercial revenues across all our businesses, and also creating opportunities, de-risking our portfolio. We continue to have a very important aspect to talk when we discuss our portfolio. Now, I would like to invite Eduardo Camargo to talk about roads, our business VP for roads. Welcome, Eduardo. Good morning, everyone. Thank you very much for attending this event.
I would like to make a reference to my clients, ARTESP's director, and the team, who are also here with us in person. So I would like to give more details about our strategy, how we stand, and you're going to see that my presentation will be focused basically on some aspect, the first of one being safety. Safety, as mentioned by Flávia, since this is a non-negotiable value for the company, we have made a lot of effort in the CCR Road to bring to zero accidents. We understand we are in a very complex environment. It's not a controlled area where we can see in plants, for example, and there are drivers who may be distracted when they are at the wheel, behind the wheel.
But even so, all things considered, we have had very important reduction in our LTI rates from 45%, which is quite important. The severity of the accidents that occur are not as complex, and they do not require the LTIs. They do not co-configure to be LTIs. They dropped by 44%, but the company is not happy with that. We have this obsession to reach zero accidents. Some years ago, we launched a program to change the culture of the driver, the ones who use the road. It's a program called Afaste-se or Move Away. It was inspired by a legislation that was enacted in the United States, when a driver sees an event or a mechanic incident or maybe a military police event, so the driver would reduce the speed or would go to another lane.
We brought this culture, and with this movement, we brought in some other economic groups on board, and our objective is that this would become a law. We are working on this topic. Another topic that I would like to address, and Miguel has already touched upon this, is the execution and de-risking of our CapEx. We are going to have a CapEx which is on time, on budget, de-risk the agreement, especially the ones that have been executed recently. We are also going to talk about operating efficiency. As Miguel mentioned, we want CCR to be an international benchmark. We have been working with consulting firms. We are well-positioned already, but there's room for improvement. Last year, in the CCR Day, I said that we implemented a matrix model in the CCR Road, and this is already being consolidated, and it's been running very well.
In the past 12 months, we made a lot of standardizations in our operations, a number of optimizations. We also captured synergies in our portfolio, and this is a model which is prepared for growth. It's a plug-and-play moment. When we gain a new business, we can already implement all the procedures that we already have, and we are going to be very efficient when we include a new business. We are also going to discuss the growth opportunities. We would like to reinforce Miguel's message, so saying that we are going to focus on selectiveness and a sustainable return to society, and all our actions are focusing on carbon neutrality. We have had some initiatives with a lot of pragmatism, with a lot of caution.
We've been trying different vehicles, electrical cars, and we are working on this so that we can have a carbon-neutral company in the next few years. I would like to mention what portfolio is, a reminder. So 41% of all the revenues of the toll roads in Brazil. It's a very diversified portfolio, qualified portfolio. We are present in very selective regions of Brazil, and we can reap the results since we have different traffics. We have traffic of commuters, we have business traffic, agribusiness traffic, whose performance has been very positive this year, growing by more than 11% when compared to last year. Tourism traffic, business traffic, short, medium, and long-distance traffic that brings a balance to our portfolio, and this is something that we can see in the way our business perform.
Our business today, major numbers, we are reaching nearly two million vehicles per day. When you know that we have toll services in the areas, and we have axes that are equivalent, with an average area of BRL 25 million. This is the size of CCR Road. We are present in 92 cities with about 7,000 employees. I don't think I've ever shared this data with you, but it's very impactful. We want to add value. We want to create value in our toll stations. One-third of all individual vehicles pass through. So 50% of all commercial fleet pass through our stations. There is a big potential for us to create and monetize this customer base by means of digitization, and this is something that we are going to go after in the next years.
We are now disclosing the performance of our traffic on a monthly basis. You are already familiar with all those figures, but I would like to say that we have reached our all-time high in our performance of roads. So every month, we have been growing, showing the resilience of our portfolio. In some cases, we are 22% above the pre-pandemic levels. In most cases, 10% above the pre-pandemic numbers.
A big value lever in the revenue line is the possibility that we had as of this year, which was related to an agreement with the Secretary of Finance, to identify the trucks with a manifest of open cargo, and they should have their axis be low, and that was a fraud that now we have observing this in Via Costeira, here in São Paulo, and we are beginning to make this charge as of October the 1st, generating an enormous potential of collection, 3.5%, and we can reach a higher percentage. So this is the first value lever that we are capturing this year, which is going to have a very important performance in 2024.
Talking about operational efficiency, and at this time, I would like to mention our operating team related to the matrix structure that I mentioned the last event. We do believe that we are working not to have collection with the cash in 2026. So since last year, we have been using in our toll stations the means of automations, which are semi-automatic, debit and credit cards. Why just now, you may ask? Because in the past, we did not have the technology to accept this means of payment and generating good service to our clients, considering the speed and also observing the SLA level that we had under contract. When we started accepting those cards, we saw a big growth in the acceptance level of the cards, so nearly 2% additional every month.
What used to be manual now has nearly reached 30%, is likely to continue growing so that we can migrate to a station which, which is completely automated, which is the model that we have implemented in Rio-Santos. I'm going to render some accounts to you. It's the first road, 100% free flow in Brazil, and this has been an effort that was devised in August last year. We set this challenge, and, and ANTT bought our idea, and we worked on the regulation, the necessary technology, and in 5 months, from the moment we dreamed about this idea, we put this into practice. I would like to thank ANTT for the courage and all that they did in order to put it in practice. This has been a big laboratory.
It's under an umbrella laboratory in the form of an umbrella that will show us how we are going to relate with the customer. How are we going to regulate? How are we going to inspect this? How are we going to pose some fines? And the performance has been very positive. More than 5 million transactions have already been done with Free Flow, and 13% of default rates below what we expected. Still high, but below what we expected. In the three first months, we had no type of inspection of any kind, and now we are doing some educational initiatives, and of course, we need to do the inspection, and we are going to reduce those default rates.
In 2025, in the metropolitan region of São Paulo and road highway, we are going to have the Free Flow, and for those who want to use the express lanes, they will have a dynamic way of collection. So this is very important when we move to another area, such as the metropolitan region of Guarulhos. And again, this is a video of Free Flow for those of you who haven't experienced it yet.
Trailblazing, technology, innovation. This is CCR. Free flow technology has completely changed mobility on Brazil's toll roads. The Rio-Santos Toll Road, overseen by CCR Rio SP, is the first Brazilian toll road operated using the free flow toll system. Drivers are monitored using porticos equipped with cameras, sensors, and antennas that record images even when visibility is low. Free flow toll lanes have been installed in three locations along the Rio-Santos Toll Road in the state of Rio de Janeiro, in Itaguaí, Mangaratiba, and Paraty. Cars that pass through the free flow toll system are identified by their tag or license plate. Toll rates are then calculated through sensors that identify height, width, length, and the number of lift and deployed truck axles. CCR, transforming automatic toll payment in Brazil. CCR, toward an increasingly sustainable future.
Now, going on with operational efficiency. From the design of this platform in of roads, we've been doing, as I said, many initiatives. We have renegotiated almost all contracts that we had. We changed the way we sign those contracts, in addition to have efficiency and meet the contract SLAs, in a way that is much more appropriate, and this will be on the financials of 2024. Likewise, pre-hospital care, we're seeing what makes it makes more sense for us to work, what kind of structure, whether it should be outsourced or insourced. In interaction, we are working with new, more efficient types of vehicles. So, in order to save fuel efficiency and sustainability, we're working on everything in terms of operational efficiency.
As to CapEx, as Miguel said, we have a very significant amount of CapEx, BRL 28 billion CapEx already committed, for the future. In 2023, we have advanced a lot in the maturity, of our team. I would like to thank Angelo and Thais. They are the two, our engineering and implementation directors, who are here working. We have a very experienced team with very well-defined processes, and then we, see the maturity of our processes and our team. Every year, we measure that, and we identify the gaps to always see what Miguel says, and that we are positioned in the first quartile. We cannot not be positioned in the first quartile with responsibility, with this kind of CapEx.
In terms of de-risking, we have a quite significant percentage of this work already contracted, and we are really confident that we are going to have the CapEx within time and prices that were planned. Now, rendering accounts. In last year's CCR Day, I mentioned our strategy for Rio-São Paulo. So we have partnership contracts with players who are our anchor partners with top prices assured for those construction works. There we had a little bit more than BRL 4 billion initially construction works. This number has gone up. In Rio-São Paulo, we have BRL 4.62 billion, and we have already used some of that, which demonstrates the assertiveness of what we did pre-bid. We already have 35% of the total CapEx contracted.
These are some pictures, much more to show you execution. These are works that change a lot the landscape in São Paulo, the marginal roads in region of Bandeirantes, in the road of Castelo Branco. This is going to transform completely the west region of São Paulo and the exit, a duplication of Raposo Tavares that has a single lane, duplication in Itapeva and SPVias i s the metropolitan region of São Paulo. As Miguel said, we know how to do construction in complex regions. Complexity is with us. Both this work in Osasco and Bandeirantes, these are very, very complex areas with significant traffic, detours, metropolitan regions in São José dos Campos, the widening of the marginal roadway.
So all of this means that we have a commitment, and in the planned CapEx already contracted, we are at 1.5% lower than the budget that we had planned or forecast at the beginning of the year. As to contract management and de-risking, I would like to have our Guilherme Mota, our Contract Management Director. He's been working with Roberto Pena in terms of legal management. So we've been quite successful in optimizing the concession contracts. I would like to highlight the improvement of the regulatory environment, both at federal and state level.
I think that the concession program that is now for more than 25 years, we have no more room for gloating or contracts without tariff adjustments to renegotiate things that were agreed on in the past, and we've seen a lot of this. They're being more pragmatic. So the main highlight here is MSVia, one of the contracts that Miguel said that they are stressed. We know that, and we decided to rebid MSVia. Since the beginning of the year, we've been negotiating. There's a work group that was built by the Ministry of Transportation and MTT to get to a new agreement for this contract.
The group has come to a consensus in terms of the design of the contract, and now we are going to have a joint agenda with the accounts court, so that we can approve all the clauses in terms of this contract between the ministry, the concessionaire, and MTT. So the main benefit is that we are going to have a contract that will create value for CCR. And now, in closing, my presentation will talk a little bit about growth, but along the lines of what Miguel said. In the innovation front, in the Rio-São Paulo contract, we had an obligation of generating connectivity for the customers, with the road still has some shadow areas.
We signed a partnership with TIM, a big company, and we are going to have 4G connectivity or service throughout Rio-São Paulo, offering cell services for those who want to use the app of the road to call all of this without consuming data. And something that is very innovative, that was not in the Rio-São Paulo plan, we dreamt to mirror a public-private partnership as part of a private contract, a private-private contract, so in order to enable the implementation of lighting in Dutra, in the urban regions of Rio Centers. The maintenance of the lighting SLA, and you still have the benefits of a possible gain in energy prices.
So we are finalizing a partnership, trying to imitate a public-private partnership with a 29-year tenure contract, something additional that was not contemplated in the original contract for Dutra. Now talking a little bit about growth, we have a very experienced team analyzing the pipeline very carefully. We have a team looking into and interacting with the granting powers, trying to indicate improvement in the risk matrices of those contracts. This group has been very assertive in analyzing new businesses with a risk matrix that is very consistent. The new Dutra, Rio-São Paulo, is absolutely in line with the business line that was initially designed. The merit is for the business management team, led by Josiane. When we have a huge pipeline of opportunities. For the next 3-5 years, we're talking about more than BRL 125 billion.
We are intentionally not listing preferential assets on this list, because we want to have the option of identifying the assets that will make sense in our portfolio in terms of value generation that is sustainable for shareholders with an appropriate risk matrix. The opportunities are here, and the message is that we are going to be very selective in choosing how we are going to increase our portfolio. Thank you so much, and the floor is back to Rodolfo. Thank you. Thank you, Eduardo, for your presentation. I would just like to highlight a few things. It's a huge responsibility, BRL 28 billion CapEx within the deadlines that have been... And that, traffic in roads now is higher than it was before the pandemic. And you are leaders in sustainable initiatives, but also in innovation.
Looking into the future, that cash will no longer be used in toll booths, and then having free flow in Rio-Santos. In short, shortly, this is going to be the reality all over Brazil, and CCR has been the leader in this beautiful road along the coast from São Paulo to Rio de Janeiro, and having 4G all along Dutra road in the Rio-São Paulo, and lighting in the road. And we joke, and those of you who are online on the internet will be able to see the 18th, 19th CCR Day. You will be able to see a night satellite picture, that you will see Via Dutra all illuminated from high above with a satellite image, so that you are happy, and you can see our pioneering spirit.
Now, I'd like to give the floor to our business VP in terms of mobility, Marcio Hannas, the floor is yours. Good morning, everyone. Thank you very much for being here. We'll talk about urban mobility. Just recapping, our assets. We have 6 units for urban mobility. So Via Quatro in São Paulo is the yellow line, a fully automated line. We have ViaMobilidade Line 5 and 17 in São Paulo subway, and Line 17 is not yet operational. The government of São Paulo is still implementing this project that we call Monotrilho. And then we have Lines 8 and 9, the metropolitan train in São Paulo. And we started building January last year. We have 2 subway lines in Bahia, in Salvador to Lauro de Freitas.
We have three VLT lines in downtown Rio de Janeiro and CCR Barcas, which is our operation of boats in the bay in Rio de Janeiro, and also on the Green Coast, connecting Ilha Grande to Angra dos Reis and Mangaratiba. Now, talking a little bit about our numbers, we are the largest private operator of tracks or in railways in Brazil. We are present in three states in Brazil. We have transported 3.7 million passengers every day. This is 10% below the pre-pandemic, that used to be 3 million, and as Miguel always says, "It's as if we transported the entire population of the city of Brasília every day." It's a quite significant number of passengers.
We have 189 kilometers of rails with 128 stations, and 7,500 employees working. Talking about our indicators, even though we are 10% below the number of passengers that we had before the pandemic, when compared the first quarter last year to this year, we've had a growth of almost 20% in terms of demand, if we compare 2022 to 2023. As to our EBITDA, we have almost BRL 300 million above executed, comparing 2023 to 2022 in terms of net revenue, almost BRL 530 million above the first half of last year. In terms of investment, we have already executed 1.5 billion of the 3.5 billion that are forecast to be executed this year.
In terms of cost benchmarking, and when we compare our operation to other private operators or public operators in Brazil, we showed that we have quite significant competitiveness, which positions us very well for new opportunities in Brazil. And this advantage, in terms of cost, is very much related to scale that we have already attained. 70% of the revenues from the railway private industry in Brazil belongs to CCR. So we can not only dilute fixed costs, but we can also have a team that has expertise, that always seeks to optimize our operations. Moreover, in addition to people cost, the main cost in our operation is electric power, and even in electric power, we're very efficient, as demonstrated when we are compared to our competitors. So something else that Miguel said, we're not happy with this positioning.
Even though we are very competitive in Brazil, we want to be in the first quartile, when compared to other international operations. So we will try to improve this performance even further in future years. Miguel talked about electric power with a 10%, potential for reduction, but we have with a reduction potential in other lines of our operation. Now, looking to the work that we've done in the last year and a half, I would like to draw your attention to this. In the last year and a half, we worked intensely to reduce our business risk. So the green dots are the ones that we have already completed, and so we have already reported to the market. And the blue dots, we're still discussing, but we hope that we'll be able to disclose shortly.
As to the VLT in Rio de Janeiro, the city administration of Rio had a debt with us, with more than BRL 400 million. They were not paying us and all the amounts that were in our contract since 2018. In March last year, we signed an agreement with the city administration, and today the situation is regular payments. No debts from the city administration for us. We have a public guarantee established for this contract that is operational. The mitigation curve to calculate the demand mitigation has already been defined in the last amendment that we signed with the city administration, and we are also discussing the COVID-19 rebalancing that is going on, and we hope to be able to deliver. CCR Barcas is another operation.
We had a debt from the government, and since 2012, no payment from the government was made. In February, we made an agreement with the government of the State of São Paulo, and BRL 712 million has been recognized as a compensation.
... in the second and third year, and the fifth year is still being analyzed. As soon as this process is completed, we will be able to disclose the result. We have some regularity of payment by the government, and today we have no debt based on the agreement that was executed in relation to the operations in São Paulo. Because of the pandemic period, and considering all the restrictions that we had during the pandemic, at that time, we had a drop in demand, which was very significant. Our major operation is in São Paulo in terms of number of passengers and clients.
So we still have a discussion going on, how we are going to rebalance during as of this period of, the period of COVID, and there's BRL 201 million that has already been settled. And we haven't come to a conclusion of the administrative process of other lawsuits, and we are still about to disclose this balance after COVID. In CCR Metrô Bahia, we had two other stations that were being discussed. We signed a new amendment. And lastly, in ViaMobilidade Lines 8 and 9, there was a case that was settled two months ago, and in that we, we agreed on a compensation of BRL 150 million, and where we are going to make investments in our operation, and BRL 50 million will be invested in the lines around the city.
We had a reduction in the risk of all the agreement, and this risk reduction was very significant in this period. In addition to that, we had de-risking in the operations of Lines 8 and 9. As I said, the most recent operation that we had was 8 and 9, and this is something that we absorbed after the pandemic, and we had a scarcity of resources. There was a lack of materials, equipment, inputs at the time, but nowadays, we've made a lot of advances in the recovery of this structure. We replaced more than 7,000 rails that have already been replaced.
The tracks have been replaced, and 4 new trains have been received, and 2 are already in operation, and we have implemented a new CCO, and we have a plan for the preparation for the summer season, which is an operation in open air, subject to all the problems that may happen during the summer. In terms of our performance, our performance coefficient, I wanted to show the evolution of the last 12 months. In August 2022, we moved from 25%, and now we have reached nearly 81%, and the total of operational failures, which is also in agreement. So we recorded 14 failures in August 2022, last year, and we reached this year with 0 failures. So we can see this operational improvement that we managed to perform in the past year of operation.
Now, talking about the future, when we compare the number of kilometers per inhabitant of tracks of metro in the main capitals, not only of developed countries or underdeveloped countries and Latin American countries, when we make the comparisons, we can see that Brazil is below some other cities in the world. So it shows that we have a potential to grow in terms of urban mobility on tracks in Brazil. It's important to have a pipeline of opportunities, which is robust for the next 3-5 years. Here we can see some of those opportunities that have already been communicated somehow to the market by the managers and the government. So in São Paulo, we have the extension of Line 5 and 6. We have a TIC for North Axis, whose material fact will be published tomorrow. And we have West Sorocaba.
In Bahia, we have the south extension for Line 1. We also have an extension for Lauro de Freitas, that is Line 2. In Rio de Janeiro, we have Line 3 that connects São Gonçalo to Niterói neighboring neighborhoods. In the Federal District, we have the metro and the VLT. So that amounts to BRL 62 billion. As I said, we are well-positioned to analyze and define, in a very cautious way, all the opportunities that would make sense to be included in our portfolio. Now, talking about creation of value in our portfolio, and Miguel has already mentioned the creation of value with commercial revenues. And we have creation of value, reducing costs, and we also can create value by extending our operations in ViaQuatro.
São Paulo government has already formalized, and they asked us to conduct an engineering study of this line, which is already underway, and we are about to finish the study in the next 12 or 14 months. So that will include two more stations, 3.4 kilometers long, an additional number of 80,000 passengers a day, and with an underground section. So for Line Five, the government of São Paulo has also asked us to conduct an engineering study, and that will include two other stations, 4.6 kilometers of expansion, an addition of 110,000 passengers a day, which would comprise underground and elevated sections.
And lastly, in Bahia, even though the government has not yet formalized the contract, but they declared an intention to expand Line 1 southwards, reaching Campo Grande, so that would include one more station, 1.2 kilometers long, 18,000 passengers a day, with an underground section. In Line 2, there will be an extension to Lauro de Freitas neighborhood, one more station, 3.4 kilometers long, an addition of 37,000 passengers a day, with some surface and elevated sections. And we know that there is a study of maintenance to implement a VLT that would be integrated in our operations in Bahia, bringing in more passengers into our system. And lastly, to wrap up my presentation, these are some topics that are being addressed. And as we get to any conclusion related to those topics, we will disclose the conclusions to the market.
But in Line 5, we're discussing the replacement of the communication system. In Lines 8 and 9, we are discussing about the delayed delivery of trains. As I mentioned, the industry is undergoing some problems related to the lack of component, so there's a shortage of some of those components. And we're also negotiating to implement a signage in Operations 8 and 9 that would allow us to have an interoperability in the metropolitan lines in São Paulo. That would allow one train of, for example, Line 7, could circulate in Lines 8 and 9, and the cargo trains would also be able to use those tracks if the system is implemented. In the VLT in Rio de Janeiro, we are discussing rebalancing in order to include the TIG operation.
It's a terminal that we are building in the region of the road station that will integrate the Transbrasil BRT, so that there will be an integration of those modes. We are implementing this terminal, and we are discussing how we are going to operate the terminal. As soon as we come to a decision, the result will be communicated. CCR Barcas, up to November this year, the government has this deadline to communicate whether we would like to extend the operation for another 12 months. This is the period that we have in agreement with the government of the state, until maybe another operator may assume it. For CCR Bahia, we have three points being discussed. One is related to the implementation of Lines 1 and 2, and there's another discussion, which an arbitration of the shared demand risk.
There's a difference of interpretation of us and the government, how to calculate the mitigation. And there's also another one related to the migration to the free energy market that brings economic benefit, but it, which is also aligned with our ESG strategy. And I end my presentation here. I thank you for your attention, and I turn the call back to Rodolfo. Thank you, Marcio. I'm not going to say too much because we are short of time, but I would like to invite our Business VP for airports. So Fabio Russo, please come to the floor. Hello, good morning. Good morning, everyone. Thank you very much for attending this event. I'm gonna tell you about our journey associated with our newest business, our most recent business in the airport segment.
This is so recent that when Miguel was talking about diversity and the Generation Z and Y, I felt included in that universe. The story of CCR with airports may be 10 years long. We started back in 2011, when we purchased the share of 3 airports: Quito in Ecuador, Costa Rica, and Curaçao. And soon after, after we bought, we also took part in the bidding of Belo Horizonte Airport, and then we started investing in the airport sector. And this changed just some years ago when we gained the bidding of blocks South and Central, and then Pampulha Airport. Since then, we started to be airport operator, and then we also started operating and making acquisitions in major shares in Costa Rica, Curaçao, and Quito.
So in addition to operating our airports in Brazil, we also operate 100% of the airport of Costa Rica. We also have a very active share in the operation of Curaçao, and we, in fact, we have, I mean, a share as an investor in Quito, Ecuador, and also in Belo Horizonte. But we are very close to what we used to have in the past when we were just investors. For those who are knowledgeable of the port segment, from the viewpoint of Latin America, Central America, CCR's portfolio may be a stronger portfolio when it comes to airports. When I say that, I refer to converting EBITDA and cash, generation of EBITDA, and not many things could be comparable to our portfolio.
We have the airport of Quito, and the second most important of Costa Rica, and we are in the phase of implementing our airports, where we also hold very important expectations in relation to those airports. The other players have shares in one airport here or there, and we are going to see all this later on. Now, talking about the numbers, when we put all those shares together, we operate 43 million passengers. It's a very significant number, and we have been operating at pre-pandemic levels. Maybe we may be a little bit lower, but a bit higher in some of airports. But all in all, we are in line with what we expected. And here, you can see 20 airports.
We are very active in 17 of them, and we are very close in terms of operation of the other 3 airports abroad. Here, we can see a little bit of each of those airports. We can see the international and the domestic aeronautical revenues and non-aeronautical revenues. It's important to look at the aeronautical and non-aeronautical revenues. This relates to Bloco Sul, Bloco Norte and Pampulha. There was very limited investment when we acquired the airports, so very limited offer in the retail market, so we are increasing the offer of services. For example, in Brazil, we have about 27% of our revenue non-aeronautical in relation to the total revenues, and we can reach higher levels. This is natural.
This is very common in the sector, but we are lagging behind because we're still in the phase of implementing it. And at the end of next year, we'll have the complete portfolio, and we are going to have more retail initiatives to put into practice. And, and there are some retailers that still are not able to operate in our airports. So we have this challenge of going back to the pre-pandemic levels. Value generation. This is a little bit of what I mentioned before. We're making a lot of effort, but it's a coordinated effort. Our executive officer is the commercial director of all our airports, and in 2 weeks, we are going to have the most important event in Istanbul, in of this area, and we are gonna be there talking about all those airports.
We perceive that there are some capacities that can also be acquired by us. So we are including 20 destinations and 48,000 foreign. We have many more passengers than we used to have in the past. And now it's a very, very dear topic for us, very important for us. Our platform was created by design to be an efficient platform. All our command team is located in São Paulo, and the edges or the ends of our port are very lean. Therefore, we have stability, and the operating cost is much lower than any competitors comparable to our operations. We can show on the slide the two sizes, and because the size of the airports are very relevant.
On the right, we have airports from 5 million to 10 million passengers a year, and then on the other side, we have the group of 2 million up to 5 million passengers a year. So we are comparing three airports, which are not ours, which are the Belo Horizonte and Curitiba, they don't belong to us, and then Goiânia and Navegantes, which are not ours, and Porto Alegre. We can see the size of the airport, the number of passengers, millions of passengers per year, per year, and who the airports are. So we can see that our cost-
... is a lower cost. In addition to that, since we made two important restructurings, one in CCR Airport and one specifically for Belo Horizonte. Next year, we are going to see this relationship in a much better way. A better performance will be shown. So we can see that in smaller airports, we are much more efficient than Foz do Iguaçu. And this result came after the restructuring. So we'll be able to see all these results in the future. Nobody has what we offer here. Other groups that operate in Brazil, they have a relevant number of airports. They are here in this comparison, but they don't have what we have. Our value generation was something that has been planned so that we could have this sort of competitive advantage.
The best airport in Latin America belong to us, Quito. Aeris, which is our airport in Costa Rica, is the best airport in the Caribbean and so, Central America. We also have Belo Horizonte here. All this with controlled investment, controlled cost, providing an incredible service level to our client. Everything is measured by LCA, an international entity. Our airports in Brazil are also accredited by this entity, and we are going to bring all these recognitions to the airport in Brazil as well. It's a matter of time, so that this can materialize, and also for the construction works to be completed, and then we will be able to measure this in a clear way. Investment. I think that our main challenge is related to investments. It's a very short time for us to do the amount, the BRL 2 billion.
We have projects going all the way from the north to the south of Brazil. This is very complex in terms of investment. The management, or, of these investments is not simple, but we said this before, and we are confirming this today. They are clearly on time, on budget. We are going to deliver it, and in one year time, we will be back to report all these results. With contractors already contracted, and this is our challenge. We have some more specific and smaller challenges in terms of expanding the terminal in Puer- Costa Rica and also in Quito, both Quiport and Aeris. And this is just to give you an idea of what we are doing. Once again, we take the airports. This is Infraero investment.
Infraero, the Brazilian company managing airports, when they decided, they stopped it or they rather slowed down it, and so we are working with them. There are some investments that we make that no one sees, to make airports safer, weather lanes, distance from, take-off lanes and everything. Our industry is very mature in terms of regulation. So here we are talking about lower amounts for the rebalancing or adaptations, because this happens every year. The National Aviation Agency issues new regulations every year. We are going to have the rebalancing we had before. We are going to have for the COVID, as we had before. So here in green, previous years, and this year we are having these discussions for the rebalancing. In Costa Rica, we already had the rebalancing.
They extended the contract for another 10 years, and now we are discussing with the government the necessary additional investments for the airport to be able to survive for another 10 years. This is part of the process, and this will lead to additional rebalancing. We have already had a rebalancing in Curaçao, and we are discussing the rebalancing in Quito. It's been acknowledged, and it's going to be granted in the form of a time extension. And this is the history of value creation that we are going to have from now on. Airports in Brazil is an industry where almost everything has been granted in form of concessions. We're still missing Santos Dumont Airport in Rio de Janeiro, and this is with...
You can see our share is 14%, our share in Belo Horizonte, plus the share we have in other airports. There is one player of a major airport here and other airports, and all others, they are groups that have one, two, three airports, and that, they are in a situation that they don't really have much of a growth prospect. So there is a consolidation in the Brazilian market, and then we, we'll be able to take part in this process, creating value... especially, with the optimized and efficient platform that we have. This is an update that we have to give to you in terms of airports. Now I will give the floor back to Flávia. Thank you so much, Fabio, for giving us an overview. Now we are going to continue CCR day.
But it's amazing, the capacity and competence that the company has to mobilize people. 16 airports were consolidated last year. Another important piece of information here for the airport mode with the recovery. We are talking about assets that have already gone back to pre-pandemic levels. So now continuing our agenda, I would like to give the floor to Roberto Pena, who will talk about, our, regulatory affairs. Pena? Good morning, everyone. I promise to be very objective and fast so that we have some time for questions. So you've seen in the presentations that everyone has talked about contract rebalancing, and seeking other contract rebalancing that we are negotiating. This is actually the proactive regulatory agenda, which is the tireless pursuit for regularity in concession contracts.
As you know, concession contracts, except for the people in the group, they are the main assets of the company, except for people. The company expects those contracts to be met from beginning to end. But these contracts, they are 20-25-year long, and along these long times, there are economic and social changes that will interfere in the terms of those contracts, and as a consequence, affecting the economic, financial balancing of the contracts. So CCR has structured contract management teams to monitor contracts, and they are the safe keepers of those contracts. They are highly trained and skilled people that are always monitoring the contracts down to the smallest detail, and they actively interact in a technical way with regulation agencies in order to assure the delivery of the agreed results.
Moreover, CCR has very strong governance to monitor concession contracts, and there are monitoring instruments for contracts. We have monitoring dynamics of the contracts, very clear for executive officers. The result of this work... But not just by contract management teams, the results are here. You can see. Since 2020 until today, we have signed some contract rebalancing, providing business protection and value creation. I should get your attention for AutoBAn final rider in March 2022, which ended more than 10 years of disputes with the state of São Paulo, and then terminated many legal lawsuits, and had added 10 years to the concession contract for AutoBAn. So here we have the riders or amendments for SCPVias and Renovias...
In March 2022 and July 2022, and then new investments were added, that had not been in the initial concession contract, adding more value for the company. We also mentioned the end of a more than 10-year-old dispute with the State of Rio de Janeiro in March 2023. We had an agreement with the State of Rio de Janeiro, adding more than BRL 700 million for the company, and ended the dispute that we had in Rio de Janeiro. All of this, in addition to the management done for the company, none of this would have happened if it weren't for the improvement in the regulation in the industries where the company operates.
So all regulation agencies at state and federal level in recent years have exercised an essential activity for the good operation of a public-private partnerships, with a technical dialogue to have an impact in concession contracts. And so we have ANTT here, ARTESP. So with a conversation with all concession companies. And so not only to lift all contract impediments. And all of this has made it possible for these amendments to come through. So this agenda that this agenda for the company has delivered results and will continue to deliver results. So thank you, Pena. So now we are eager to find more. How can you make a company with 70,000 people or employees, many models, BRL 3 billion in terms of contracted works?
This is what Waldo Perez is going to explain to us, our CFO and IRO. Very good news as regarding leverage. Valdo, the floor is yours. You're welcome. Please come over here. Good morning, everyone. Thank you for your kind words, Rodolfo. We'll talk about efficiency and our ambition towards continuous higher efficiency. When we talk about efficiency, which is a point that Miguel highlighted, CCR is already a reference in terms of efficiency in Brazil, but we want much more. We want to become a global efficiency reference. So, how are we going to manage supplies to get better and better? We have centralized supplies in 2020.
We are already capturing many benefits through that, and we are going to continue in a rising curve, optimizing more and more and making this area increasingly more critical for our success and efficiency. We have the shared service center. This is a department whose leader changed about a year ago, and we are right now mapping all processes of the company. We have finished this mapping, and now we are focusing on redesigning in order to optimize them, so that our operations are increasingly more efficient, faster, and always in a way that we can have higher and higher savings. We want shared services to be the competitive differential, not just for cost reduction, but also for CCR's positioning in new stations to drive our growth even further.
So we are focusing on reducing costs per transaction, and in addition to that, we are going to challenge ourselves and to look where we are, in fact, excellent, and to try to find more opportunities through outsourcing. In terms of budgeting, our budgeting, we are challenging ourselves for quite some time with many benchmarking practices that were internal until recently, and we are always... We want to bring the best of each concession with KPIs and drivers, and we've had good results, and now we are finishing a global benchmarking process. In this manner, we're going to have another new level of challenge, as Miguel said to you, and our ambition is to evolve even further. Finally, we want to optimize the allocation of costs and expenses.
It's important for the group that costs and expenses are where we have cash generation. This is what provides efficiency, and this will make them understand well each business performance, so that we can operate to reduce costs in a consolidated way, not just within certain pockets. And as Miguel said, digitalization. Digitalization is an additional driver that is very relevant for us so that we can capture, all the benefits of the process. So digitalization, is something that we are going to invest more and more on with robots, automation, AI, together with process improvements. This will be able to provide gains to our, to our indicators and levels, and competitiveness as a whole. As I said, in 2020, we insourced supplies.
This is a benefit that is being captured along years, and it takes a while because we need to wait for the contracts of the past to terminate, and then we capture these benefits in new contracts. So these benefits are: once we centralize supplies, we can define parameters for excellence in terms of contracts, KPIs, and SLAs. Number 2, scale gains. Once we can centralize procurement, scale gains provide us good bargaining leverage. And number 3, compliance. That is the core of our strategy. This is something that we can control... in a much more beneficial way. And lastly, in terms of ESG, we are working more and more with our supply chain so that they come together with us on the journey.
Safety is an example, because we have a quite significant CapEx plan, and we are bringing our suppliers down or to our levels and giving them training so that together we can evolve on this journey, because at the end of the day, they are present with us in our implementations. Now, when we look at 2023 and beyond, our ambition is to reach a new level. We have a new leader for the supplies. This new leader has a much more strategic vision, meaning when I look at our contracts, about 2% of our contracts represent 80% of the value, and this is directly related to the CapEx that we need to execute. So we are developing win-win partnerships.
And we are helping our partners more and more to have more predictability and to plan themselves better in terms of their delivery, so that the delivery is better in terms of quality, but that also will provide the benefit in terms of cost. And this is where we gain. This is one of our focus, and the rest is optimization of internal process, continuing improvement for performance management. We have more and more SLAs with performance clauses, and this will differentiate the new contracts too. Now, looking at cost efficiency gains. So we want to have BRL 330 million in capture along four years. There is a rising curve. And then we have this benchmark that I mentioned, seeking new levels.
If you look at 2022, we ended with cash OpEx over net revenue of 41%. This is quite interesting, but we are not happy with that yet. So our aim is to get to 38% at least. The ambition is higher, but at least that. And as Miguel said, we're still putting plans into action to see how far we can that get, but obviously it is as soon as possible, and this will lead us to be in the first quartile of global efficiency. So we are at the level that we are comparing ourselves to related competitors in infrastructure in the world, not just in Brazil and Latin America. In terms of cost allocation, we are increasing the percentage of cost allocation where we have cash generation, so we have judicious allocations of costs.
So this improves management efficiency as a whole and, makes it easier for us to work on cost reduction as a whole. So this is a very important element, and we know that this is in the radar of investors, but it's also core to our management as a whole. Now, speaking of financial strategy, our financial strategy is based on some pillars. First, extension of the debt profile. We always want to have a profile whose leverage is appropriate to our cash flow position, not only in the consolidated results, but, in each unit that we operate, and also have a robust balance sheet. You're gonna see that we have had...
Even considering all the concessions that we gained, acquired, and the CapEx disbursement, we have a leverage cash flow, which is very, very fine and balanced, and provides the potential and the space to continue growing, always in a sustainable way. Optimization of capital structure. I would say that this is the most, central point of all our strategy. The optimization of capital structure is where we can have the highest value generation, considering the financial aspect of the company, and this is something that we look at every concession individually, individually, the debt profile, the cash position, at what costs, and we see what's the leverage of the holding, which is ever smaller.
We have a target to get a net, net, net debt of zero at the holding, and at the end of the day, the debt will be positioned at the right place, generating results and net income, which will favor us. This is our focus, and all this to have a robustness that is important. Why is this important? Because at the end of the day, we are going to capture funds or debts in the market, and it's important for the market to notice that our credit risk is very low, and this comes from the rating agencies. We want to be triple A in all rating agencies. We received some very important news. Recently, Fitch put us in triple A stable, so it shows that we are on the right track.
We are going to continue working to get there with Moody's as well. But this is a result of all the work we've been doing. Now-
... as we ended the second quarter of 2023. As to cash, the position was robust, of BRL 10.2 billion, more than enough for the maturity debts and important extension of our debt. Our net debt is very constant. Net debt over EBITDA is in a very comfortable position, about 3x. Again, reiterating what I said, we have had a very big focus on this. If you remember CCR Day of 2022, back then, we already showed the amortization profile, which was very relevant for 2023 and 2024, and this came from the new 5 concessions that we got and also the bridge loans that we acquired. In 2022, we started working in refinancing and extending the debt, so the fourth quarter was a bit more of BRL 7 billion in amortization for the following year.
As you can see, during the first half of this year, we had a reduction. In the fourth quarter last year, we had already refinanced lines 8 and 9, and this has already settled part of this amortization effort. We also changed the indexers from a lower level. So we can see that we have November, some amounts being matured. And during this second, third quarter, we have already paid BRL 2 billion in the holding, and what was left as a balance is BRL 1.3 billion for the half of the second part of the year, half of the year, and this is in different concessions. And those maturities are going to be financed with the cash that is generated with by means of the concession. So 2023 has already been solved. 2024, we are still looking at that.
We have maturity of BRL 6.2 billion, and 67% are related to bridge loans for the block, southern and central. We are about to end an agreement with the Development Bank, BNDES, for the long term, and the RioS P, which amounts to BRL 1 billion, is something that we've been working on when we are analyzing some of the alternatives. I'm saying this because I would like to let you know that by mid-2024, all this debt level will be equated. So at the end of 2024, the amortization profile will be very linear. In the long term, we'll have a debt very optimized with our cash. What about the holding company? This is a point of attention for us.
We had to have some loans when we won and acquired the bids, and we knew that we needed to address this, so we are decreasing the leverage at the holding company because this brings a level of inefficiency to the group. We have the cash that comes from the dividends of the, the concessionaires, and we have already started working, and we have already focused on what you see in gray. These are items that have already been addressed. For the future, we have the debts that are going to mature in a reduced manner, and we are very confident that we are going to reach a net zero debt level, and the expectation is to end net, net debt over EBITDA of 3.5.
So as to financing, I can say that the financial structure is at the heart of our business, and this makes a lot of difference when we generate value to the company in together with the efficiency that I previously mentioned. And finally, but also very important, dividends and payout. Now, I would like to give a very clear message. Our dividend policy is clear and shows that we have a target of paying 50% of the net distributable income. Historically, we have paid more than this covenant, and even during the pandemic, if you put the two years together, we paid above the 100%. 2022 was a year where we gained a number of bids. Our leverage was relevant. Our selling interest rate was 3.5, and we were prudent, so we paid less than historical levels.
But the commitment that we assume is to pay 50% in dividends to the shareholders. We understand the importance that this has in the infrastructure sector and the profile of the shareholders that buy our shares. So lastly, our target is not the dividend, but the total shareholder return is our main focus, and the dividend is just part of it, an important part, and always double-digit return. I end my part here, and I turn the floor to Flávia. Thank you all. Thank you, Valdo. Valdo discussed important points, amortizations, which are being equated, focus on efficiency, capital structure. Everything that we saw, everything that has been shown so far reinforces CCR as an investment vehicle, CCR as the main platform for investment in vehicles in Brazil. Now, continuing this agenda, I'm going to invite Pedro, our VP, who is going to discuss our ESG journey. Welcome, Pedro.
Good morning, everyone. Thank you very much for attending our event. Thank you, Flávia, for your introduction. I'm very happy to be here. I'm going to wrap up this part of the presentation, and then we are going to move on to the Q&A session. For those who attend our CCR day, understand that I'm going- I'm here to talk more about sustainability than other topics. It's a good sign, considering the good environment that we are nowadays at CCR, of which I'm very proud. Now, I'm going to talk about the commitments that the company assumed to lead the ESG agenda in our sector, in our country. Many of the topics that I'm going to discuss have already been addressed by the previous panelists, so I'll try not to repeat myself.
But there are some messages which are so important, and I would like to share with you. We organize our leadership in five main topics. The first one is the corporate responsibility, when we talk about transparency, integrity, and the solid governance that we have been implementing in the past few years. People, positive impact to our employees, the employees of the companies, of our suppliers, and society at large. Our partners, sustainability apply to the whole value chain. Climate, especially the how, how are we going to transition to an economy, to an economy of low carbon? And the respect that we have to have for the biodiversity, to the environment. We are a business, an infrastructure that causes significant impact on biodiversity and the environment. I'm going to start talking about this topic, which is so dear to all of us at the company.
It's the first of our commitments. The ESG journey of the company started through governance. Especially in the past 5 years, the company has been consolidating a governance model which is founded in transparency, in agility, simplicity. And another quality that I would like to mention is the traceability of the decision-making process. All the governance that is consolidated now at the company, not only here at the board of the company, but across all units of the company, and this was a big achievement for us, an achievement that we would like to preserve with all our efforts. I would like to share with you some items related to simplification and agility of those governance processes. That includes the reduction of the number of board members from 13 to 11, and the reduction of advisory committees from 5 to 3.
This process would generate more focus and more agility to the decision-making process. I would say that all the work that we did in the past 18 months focused on mapping out the decision process in our business unit resulted in a redefinition of levels of decision. We are decentralizing the decision that used to be centralized at one point in time, and then we expect to have more agile, more simplified processes, which we understand to be necessary at the moment, since the company has an investment agenda which is so intense. Miguel has already mentioned, but I'm going to repeat, that we created a statutory committee of audit, compliance, and risk that comprises 100% of independent members, and it has been coordinated by Jorge, whose presence I would like to thank for. He's an external member to the board.
Of course, this provide us all with a certain level of comfort because all the weight and measures are at the right place at the company. It's a gain that we have acquired. Finally, we are going to continue working in the certification of the company in the ISO 37001 and 37301, and this is part of our contracts. But we are going to implement in all our units, even those who do not have this legal obligation. Continuing with this topic of governance, since this is where we started, I would like to point out that we have been working in the past two years on redefining and restructuring the management of risks at the company.
So in the past 24 months, we have restructured the area, and on top of that, we removed the management of the risks. Because in some places, this management would be inside of holding companies, and we brought this management to our business unit, and we have some numbers here. All our business units are within our site risk management. Our model, brought from other companies, and these are the companies do exactly what we're doing. And from the definition of the 42 risks that are mapped in our matrix, we qualified, we trained, and we also monitored 170 risk owners.
Risk owners are people who are also some of them are present in this room, and these are people who are responsible for managing risks, and they're also responsible for reporting to us, to my team, and to the company, all evaluation process of all those risks. This will provide us with a lot of safety in the second line of defense that was reinforced in the past two years at the company. We monitor about 90 indicators of risk. As to our integrated system, we train. We have already trained, this year, 94% of our employees in GRC, and about. That would include about 1,000 employees, and this is an in-person training. We do not only talk about governance and risk, but we do everything it takes to reinforce the second line of defense.
What we do is to get to know our counterpart. We have more than 2,000 analyses of the counterparts. So in this risk evaluation, they look at the legal risks, financial risks, environment, compliance risks, labor risks. All risks are studied when we are hiring our counterparts. So our story started from governance, and we have some commitments that we made with you in the past few years, and we are here reporting and reinforcing that those commitments are in practice in order to follow our objectives involving the board and also our 17,000 employees. We have new commitments, by the way, and we would like to reinforce this agenda, and we would like to stress the positive impact that are caused to our employees and also to the community in general.
Miguel said that we are going to make investments in the amount of BRL 500 million, up to 2030, and those investments are going to be organized, and managed, and invested by means of our CCR Institute. The purpose of this institute is to focus on mobility and sustainable cities, in addition to education, culture, safety, and health. So these are basically the focus of this CCR Institute. In addition to that, as to diversity, as we have already mentioned, although we have a company which is very diversified, where underrepresented groups already have some representation in our company, but we know there is still a long way to go. But one target that we defined is that for all the new openings, job openings, at the medium and the senior management levels, they must be completed.
60% of those openings have to be filled by women. So this is just to give you an example of all the targets that we have defined. We are going to discuss in a more organized with our board and define a plan of diversity and inclusion, and soon we are going to communicate which are our commitment, our formal commitment, in this dimension. We are going to continue complying with the public commitments related to diversity, and we have already some which have been established. And finally, the condition of our existence is to provide safety to our employees and our customers, so we are going to focus permanently on zero accident. To that end, relevant investment has been made in order to decrease our-
... LTI levels to acceptable levels. There's still a lot of work to be done. We are going to continue with this focus in direction of zero accidents at the company. As Eduardo mentioned, we are going to invest more in programs such as Afaste-se, that he mentioned, to reduce the death rate in our roads. ESG leadership goes through commitments that we need to affirm in our entire value chain. We mentioned many a times the investments that we are already committed to, so we have a huge responsibility to be role models and bring in the entire supply chain positively influencing them, not just creating and aligning the interests, so that not just CCR, but our entire chain will meet our targets for reduction of emissions, recycling, and all the sustainable development goals that we have.
By 2025, we want to have and to create matrices and protocols for our entire supply chain. So we are going to have matrices and protocols that our entire supply chain will need to comply with, and after that, we are going to have indicators and goals for the supply chain, and this will create an incentive that I have just mentioned. One initiative that we've been investing in over the last few years is qualifying small and middle-sized businesses that are our suppliers in governance and compliance. So we subsidize the certification. They can do it or not, voluntarily, and there is a workload, and they are qualified in risk management. There is a governance system, an integrity system.
They get training, and then we think that we have the goal of training more than 100 suppliers, and in this manner, having 100% of the company's strategic suppliers qualified. Finally, I'm going to talk about our goals. Number 3, this is related to our supply chain. We have just approved with SBTi our goals, and our commitment to the goals is to reduce emissions by 27% by 2023-2033. This means that all initiatives that I have mentioned so far, they need to happen so that we get to the reduction that we are promising to society and certified by SBTi. Finally, in the last two slides, to wrap up... We are going to lead the ESG agenda in the transition to a low-carbon economy in our country and in our industry.
This is a statement that is part of the company's strategy. It is a goal that we are going to pursue, and we are going to invest a lot in innovation, so that by 2023, we may get to a 60% reduction in our emissions of Scope 1 and 2 of greenhouse effect gases. These goals mean that we are the first company in this industry, in the country, to have the goals approved by the SBTi. This is our statement that we make. We could certify our targets with SBTi. The thing about becoming carbon neutral, we're internally discussing with the board when this will happen. This will call for more investments, and shortly, we'll come back here to announce that to you. We are going to expand the share of renewable energy in our grid.
We are going to double photovoltaic power generation. It's not yet very big, but we are going to increase it, and this is a virtuous cycle, and this will also contribute to meet our reduction goals. 70% of green energy consumption by the end of 2023, and 100% by 2025. Our mobility model is a greater consumer of energy, and we have the commitment that by 2025, 100% of the energy that we consume at CCR will come from green sources. Another commitment is to use 100% of biofuels in our light fleet by 2025. We have already started doing that. We are investing in electric vehicles.
We are testing different alternatives, Eduardo has mentioned, and we are going to continue with a plan along the next years, and we are possibly going to have clearly clearer and more specific goals for that, too. We want to implement a climate resilience plan in all our units. This is one of our goal. We are going to finalize the diagnosis of those impacts by 2024, and the cost of extreme climate events and other impacts of global warming will have been mapped, and their impacts in our businesses. Of course, we are already feeling the impact. Some construction works might be late because of rainfall. We need to mitigate and to understand how these risks are manifested in our company, to take action and mitigate the risks, and generating the value that we are promising to you.
Finally, environmental protection to the environment and biodiversity. We know, we are aware of the impact that we cause with our activity, and therefore, today, we are committed to develop tools with well-defined protocols by TNFD that will qualify all investments that we are going to make to mitigate, reduce, and neutralize the impact that we cause to the environment and to biodiversity in the places where we operate. This is a no net loss commitment in terms of also related to the adoption of nature based solutions, NBS. And all this set of tools and initiatives will provide to CCR, placing it in the group of companies that seeks to minimize or neutralize all the impacts that we cause to the environment and biodiversity. Then there are some initiatives already going on.
We have the RAP. This is a subproduct that we generate with the maintenance of our roads and airports. Today, it has very little use in Brazil, and in some places, 100% of this product is reused. And innovation, we make it possible for us to use asphalt milling, and this is an initiative that will certainly reduce considerably our emissions, as we'll buy less CBUQ, which is an oil byproduct. We also are planning to increase our recycling rates this year. We are below our goal of 25%, but we want to have much bolder recycling targets in the future. This whole journey that I have mentioned... And, I am late already, and I should have been faster. Our efforts are recognized. Recently, in May 2023, MSCI requalified CCR in their ESG rating.
We are the first company to get this rating here in Brazil, and we'll seek the triple A in 2 years' time. We have this goal. We are going to get there, and, and moreover, as I said recently, our emission reductions of Scope 1 and 2 were approved by SBTi, thereby demonstrating the company's leadership in ESG. We are part of ISE, the sustainability index of the São Paulo Stock Exchange, and we want to become leaders and to stand out in the sustainability index. And we are aware of our responsibility, and we are going to get there.
Because of that, we have created a task force in CCR to occupy our space that we need to occupy, to address the themes related to our business, already preparing for COP 30, that will be in Brazil, in Belém, in November. We have the intention of aligning all the efforts of the company to demonstrate the themes that we find that are material and should be discussed in this very important forum, and ultimately, leading CCR to occupy the space that we must. This is it. I now end. Thank you so much for your attention, and I give the floor back to Flávia. That's right, Pedro. Thank you so much. Thank you very much for your presentation. Now, we are going to start our questions and answer session. Mm, so now, the executive officers are coming.
I would like to thank all of you who are online. We have a significant number of you online, more than 600 people, and the questions and answers will be made here. Flávia will be available with our team. We are going to take the microphone. You raise your hand, you say your name and your company. If you are online, you're going to hear many questions here, but you can also send us any questions afterwards. Our team will be able to answer afterwards and get in contact with you. … Well, we are going to organize questions in a way. Miguel Setas, our CEO, is going to answer the questions, and sometimes he's going to either answer together with another officer or help me in managing the questions and answers. Anyone here?
We have a few questions, so, using the microphone, people are going to hand out the microphones. Thank you all so much. Thank you for taking my question. Congratulations on the event. I am Felipe from Citibank, and I have a question about the CapEx implementation challenges. You have a lot of CapEx to be executed, so most of these challenges have already been contracted. I would like to understand, looking into the future, what you haven't yet contracted in terms of airports and mobility, and which are the challenges in terms of hiring labor? And Brazil has lots of infrastructure to be implemented, and I would also like to understand how you see the contracting environment. Is there any risk, both for your CapEx and also for the CapEx of new products that you are possibly considering? Thank you so much.
Miguel, thank you so much, Felipe, for your question. So, I'm going to make a brief company, and maybe Edu, who has the highest share of our CapEx, could comment. Also Marcio and Fabio. As I said in the beginning, we are fully aware that CapEx management is one of the of our main risks and competencies. We are paying close attention to that in my office. We want to reinforce CapEx assertiveness, and we want to improve it more and more. Today, we have a management system reporting contract models, risk management of our CapEx. In any case, we are working for the company to have a better and better CapEx execution. There are two important points for us to mention in terms of relevance. Number 1 is the contracting model that we've been following.
We see suppliers not as suppliers, but as partners, and we have a risk matrix so that these partners are really interested to work with us. This has led to correctness in our contracts. We have strategic partners who are anchor partners, and as Pedro said, we are developing local, smaller suppliers that can help us. We know that with the pipeline that we have, considering what we are is already contracted, in the future, we are going to compete with other groups. This has been our strategy. Additionally, what we've been doing internally, our engineering team is anticipating project development. This is where I see the most possibility of adding value to our contracts, because we'll be working on value engineering, giving time. This is our strategy for roads.
In mobility, the main CapEx is for lines 8 and 9, almost BRL 4 billion investment. 800 million is only civil works of renovation of stations, basically. Most of our CapEx, about 2.5 billion BRL, is for the purchase of trains, and then we are suffering from scarcity of parts in the railway industry, and also renovations of substations, where we also depend from importing equipment, and we've had some difficulties. But in terms of civil works, everything has been contracted for lines 8 and 9, so we are not worried about the execution of CapEx in civil works. But yes, we are worried in terms of train supply. In line 5, we are building a bridge, a walking bridge. And in TIC, in the...
In Rio de Janeiro, in the light vehicle, it is going to start in January next year, and we are going to complete the work in March next year. So we're not worried about that. In airports, it's BRL 2 billion investment, most in construction work, something in equipment, but 90% is contracted, and the main challenge is to do the works in many different parts of Brazil at the same time. But there is no problem of that kind in terms of not enough suppliers or contracts. Just complementing for Felipe. Felipe, we are working so that our budget is fully executed and very close to what we promised to the market.
... well below everything. This is our main objective. Thank you, Miguel and Felipe also. Next question, please. G
Good morning. My name is Alberto Valerio of, from UBS. Thank you for the presentation and for the opportunity to ask a question. On my side, I would like to know about the new measures by the federal government. If you requested a review of the concession, we may be wrong when we calculate it, but we had calculated the measures of the government. What can we expect from the incentivized debentures, and also the offer of that and the funding? I would like to make a follow-up on Felipe's question. You mentioned the CapEx of Dutra Road. There was a reduction from the BRL 6 billion. Is it nominal value or actual value? Thank you. Thank you, Roberto.
I would ask Waldo to ask about the debentures, and I didn't quite hear clearly your last question. The savings from Rio and São Paulo. And then? Okay, you can answer the first and the last question. I'm going to answer the last question. It's an actual saving, so we are presenting actual saving. In relation to MS Via, this is what we wanted to present. I'm going to be very objective. We have some restrictions. The process is in secrecy, and what we expect is a construction of a new business, considering the criteria mentioned by Miguel's. We are transforming this Via in a new business, with a return on the basis, with adequate risks, and it's an agreement that we are familiar with already.
All the investments that are going to be made in this new contract, in this new agreement, has come to a very deep level of details. The assertiveness of the CapEx is higher than what we would normally have. In addition to that, we refer to an agreement whose basis are the bids or the ability studies that the government had already disclosed. The government divided into two parts, so we use that study as a basis. What can the market expect? It's a contract that will start generating value to the group. What about the discount? Yes, I've already answered. Yes, this has already been adjusted. In relation to the question, in relation to the change of incentivized debentures, this is a very relevant point. This is something we've been after for a long time.
So this change will bring, relevant improvement, which is the capture of the fiscal benefit, so the company will be favored by that. Why is it important? Because it's going to open a market that did not exist when we had to raise funds from the market. And this is the access to the pension funds, which is very relevant in Brazil, and this is a resource that was not being used in Brazil. And we expect to expand our access to the capital market, and it will also drive the infrastructure in Brazil as a whole. So it's an additional source of funds, of resources, so it's very favorable to CCR and its growth plan. Shall we move on? Yes. Next question. Yes, please. Good morning. Thank you for the possibility of asking question. Pedro Bruno from XP.
In relation to new businesses and competitiveness, especially on the roads where the pipeline is broader, I would like to understand what are the conditions you expect to implement the selectiveness you mentioned, micro project, investment phase, and how would that be compared to the competitiveness expected, the high returns that you were expecting? I'm going to ask the second question, and this is related to the airport strategy. Only to connect the two messages, I think it was very clear, the message gave in relation to the limitation of exposure. So, if the return is not as favorable when compared to the other modes, but you also mentioned the potential of consolidation in the sector. So naturally, there is a conflict in the two messages, so I would like to understand a bit more clearly. Thank you, Pedro.
I'm going to start answering the question, and then Fabio will complement. In relation to the competitive environment in the road segment, it's clear that we are at a moment where the margins are very limited. You saw that the pipeline of the next three or five years is BRL 125 billion. But we recognize at this moment that the competitiveness is very assertive nowadays. High competitiveness or high competition, and the group they will take part in those opportunities as the risk-return ratio that the company considers to be adequate. So there are windows of opportunities with different results, and when the profitability is limited, we will have a dynamic reading of all the timing, and we have to look at this moment of investment along the time.
This is what we are going to do when it comes to the BRL 125 billion for the road. As the pipelines, we try to be clear what our vision is. First, do the de-risking, BRL 2 billion, right? To execute in terms of investment and the CapEx for the round of airports. We are going to execute the BRL 2 billion and ensure that we're going to remove the risks from our portfolio, and at the same time, we are going to be on the lookout, we are going to be alert, we are going to be analyzing the possibilities of combinations so that we can take part in this process, which is related to the construction in the sector. And as I had mentioned during my presentation, we have a objective of limiting the exposure of this mode, of this mode.
Yes, I would like to comment in relation to competitiveness and the level of profitability of the project. What we do often, on a weekly basis, we interact with those that are responsible for structuring the projects, the development bank, the government, at the different levels. So we make that project that comes off the paper become a project which is viable. I can even go back and remind you how the Nova Dutra bid took place. Originally, the project had to go back to its development because it, it offered nothing. So we send this feedback to the government and to designers so that the project can be of quality. And there's also an effort by CCR so that we can correct, improving all those risk matrices.
We see what the government expects, and we have a very good feedback from the federal government, and we have seen an improvement in the risk matrix of those agreements, and this helps us to have more profitability in the future projects. Was it clear to Pedro? Yes, thank you. Rodolfo, next. Next question. Yes, please. Good morning. Hi, good morning. Thank you so much for the event. Lucas with BTG Pactual. I have two questions. One is addressing the point of reducing OpEx of revenues from 41%-38%. Have you brought this home? I mean, when you mentioned the restructuring at the holding company, and you said that somehow it has already been delivered, or is it something that you're still to deliver along the year and also with the results coming from other operating units?
So I would like to understand more clearly how you're going to reach that goal. And the second question, Miguel, maybe it was related to your part of the presentation when you explained about the new initiatives. Whenever we hear CCR speaking of energy, and this has happened in the past, we receive lots of questions when you mention energy in your structure. When you say energy, I understand this is just for self-production, not, we're not talking about concession, not generation, transmission, and distribution. I want to have a clarification on those points. Thank you, Lucas. Excellent questions. I will start answering, and then Valdo will complement. In relation to efficiency, I believe we have two messages, clear and separate messages. One has to do with the leverage of the holding company.
For the end of the year, we expect a reduction of 50% in the level of leverage from 6.4 to 3.4, maybe a bit less, 3.1. From 3.1 to 3.4, and this has to do with our capital structure. The other idea that we present that has to do with our PMSO, our OpEx of the group as a whole. What we are communicating is our intention to converge the OpEx cash into 38% at the most, so that would be our maximum limit. There is a very broad number of initiatives for optimizations from the count one, two, oh, and we are providing details, so we have a very complete benchmark.
As I said, we had analysis with 800 companies, national, international, concession, and we saw line by line what are the potential of optimizations like, for each of the modes, the operation in our shared service, activities, and we see what are the potential of optimization, so we can reach the 38% that I mentioned. So complementary agendas. Just for you to understand the answer at this time.... We do not have all the plans established, so we are talking about new gains in efficiency that were not very clear, in our previous projection, as we- in our long-term trend. So it's an additional delta from what we had identified previously.
If I could add, as I said in my part of the presentation, we have been going through a capture of efficiency along the time, so we are moving the bar to another level. We believe our plan is attainable since we did those global benchmarks. So we have many drivers when we compare Latin America with the rest of the world, and we want to be in the first global quartile. Now we are going to define the details. How are we going to go about it? Then this is when the annual operational plan came into play, as mentioned by Miguel. All those improvements, because people say, "No, this is related to people." No, we are talking about improvement in processes. We are talking about improvement in efficiencies, the whole optimization.
So we are going to buy better, we are going to improve our shared services, we are going to automate, we are going to digitize in order to improve the processes. Then, as a consequence, we are going to have fewer FTEs and many initiatives that are going to be deployed, and we are going to be implement them along the time, and we are also going to monitor them every quarter so as to ensure that we are going to have this capture. My ambition is to be more than that. So this is a metric that we defined, but this is the minimum we want to reach. In relation to energy, energy can have three roles in our strategy: optimize costs, as I said today, we have a reduction of potential of 10%, or maybe more than 10%.
10% would be the minimum reduction. The other is to make our energy portfolio more green, so decrease emissions, low carbon strategies. We want to reach 2025 with 100% of renewable energies in our assets. We want to make our carbon footprint more green, and we want to... We want energy to be a business in itself. Energy will always be an adjacent, but it will never be a core of investments to our group. We are one of the largest consumers of energy in the country. We rank 40th, so we have this potential of optimization. We may consider business as an energy in a very clear way, and you went straight to the point. It's totally full out of our scope. Generation, distribution, no, that's not our focus.
So if there's a business opportunity in high production, in generation of renewable energy, solar energy, which is the most competitive one. We have two more questions. Good morning, Guilherme Mendes, JP Morgan. It's a follow-up and related to growth. What's the balance between growth and leverage? You mentioned the target of have a leverage of 3.5x, and maybe a bit more, depending on the growth scenario. I think the first part of my question is, what do you mean when you say it's gonna be more than that? And in the past, we mentioned about, mentioned 24 months, and what would be the period then?
If we have the growth opportunity, as we saw in the presentation, would it make sense to have a partnership that for you to be included in your project and not to have such a high leverage? Okay, I'm going to start answering your question. There is a balanced triangle: leverage, growth, and return to shareholders. This triangle has to be well-balanced. We define the limits of this equation, of this balance. We want to have a leverage, which is controlled. We have a growth that can be profitable and selective, and we want to have attractive returns. The art of running a company with a portfolio such as ours is to balance the three components: leverage, growth, and return. We have a financial policy, which is very clear.
I'm going to turn to Valdo so that he can discuss that. But the idea is that we have to find ways of growing. Ways of growing that can optimize the capital, which is available, maybe by recycling assets, or as you mentioned, to bring in the partners to share risks and also to share allocation of capital. And when cash generation is not so leveraged, we can use the cash for growth. So we are looking into the future in this way, and we understand that the group is in a very favorable position to have a growth agenda which is sustainable for the next five or 10 years. Guilherme, if I may, in relation to our financial policy, it remains the same without any changes. We have a level of net debt over EBITDA, which is very high.
We understand that there are some companies that operate at higher levels than this. We can exceed this level of leverage based on the board's approval, but we will only do this if we find an opportunity whose return is significant. We also have to have a clear plan of how to reduce this leverage, so that we can be at lower than 5.5x in a period of less than 24 months. We want to have the space, so that when the right opportunity comes up, we can go ahead and go after more growth. We have the comfort and the flexibility necessary. I wouldn't go after 4x or 4.5x, but in fact, we do not have established rule of what would be the maximum rate.
Everything that I showed here makes us reposition in a situation in which we can generate more space in our balance sheet. Putting the debt at the right place, with a reduced leverage, with a leverage profile, which is adequate. Even if there are fluctuations in the ratio, that doesn't mean that we don't have more opportunities. Okay, this is it. Luiz Claudio Campos: "I would like to ask a question about pipeline. Clearly, there is a very positive perspective about the pipeline, considering the demands of the country. Without any doubt, we have to make partnerships with the private sector. But the country is concentrated on concessions. But we hear that the federal government use PPPs, and there's an additional component because we have to consider contributions and also the rendering of accounts.
How are you considering PPPs for you to build your pipeline in the future?
Gustavo, I didn't hear you well. Luiz Claudio. Thank you, Luiz. Obviously, some of these investments, due to their feature, and specifically in the area of urban mobility, where we need to have models similar to PPP. This is a model we need to deal with. So the main message that needs to be clear is that the group is always to make these investment decisions with a risk/return rationale that agrees with this, its capital allocation matrix. We do not reject these roles, so we see this as possible. We are always going to submit our investment decisions, and it is in this risk-return relationship or ratio. So anything else about urban mobility that you would like to say? I think that in mobility, PPPs are very common.
We just need to work appropriately, just, especially in terms of risk, because this certainly involves the payment of the government. So we need to assess very well how solid the PPP is, the kinds of assurances that are offered in a project, so that we can make a decision that is judicious and conscious before we board in any project. Just as a soccer game, and where they have some additional minutes, we have two other questions here to be asked. Good morning. This is Victor from Bradesco BBI. I have two questions. The first, you mentioned many times, creating or generating value to shareholders. To calculate that, it depends on return from the projects and the capital cost of CCR, the difference between these two things.
My question is, thinking of CCR capital cost, and the important changes, new shareholders joining the control group, the strategic plan has been reviewed. So my question is: What changed in CCR's capital cost? And the second question, related to that is: How do you think the market will explain this value creation and the total shareholder return? Thank you so much for the question. Would you like to... Okay. Well, the first is clear; the second is not so clear. We are going to answer the first one, and then you repeat the second. Thank you so much for your question. As the financial market knows, market conditions change, and this is all very dynamic. In CCR, we always consider the return that we expect in terms of our cost of capital.
As our cost of capital changes, in the end, we have a spread that we are considering that is quite relevant to make sure that our return is above the cost of capital, so that we can create value. So all of this is part of the culture of the group. At the end of each year, we review the market as a whole. We see where we have implicit return. We try to see where it should be. We analyze where our analysts see the discount, and based on that, we define the CA that the company should have, and the return required for new projects. All of this is being done, and then we are going to bid on a project.
It's not just about return, but it's also related to the risks that we see that each project, whether we are okay with them, whether this has an impact in the required return. Sometimes it's slightly smaller, sometimes I need to expand the required return. So if we take the right decisions in terms of capital allocation on these spreads over a capital cost, this should be reflected in my TSR and in the pricing of bonds, if this is your second question. That's right, Waldo. Thinking of total return to shareholders. In addition to execution, and I think Miguel mentioned, it makes sense in terms of airports, you should grow. Maybe thinking about return and how to show this to the market, whether it makes any sense, whether you can sell a participation and maybe have an IPO.
Just to manage well the message about airports, now we need to focus on this, investment de-risking that we are going to do in the next few months, and this study, of platforms per model. Obviously, one of the possible platforms, is the airport business. And, in building this platform, the possible configurations, obviously, they admit the possibility of having a partner of the platform. And this is a decision that the company has not yet made. This is an analysis that the group is still deciding on, but no decision has been made yet. So it's an open space, building a platform in the airport industry to have configurations that would make sense, both, with partnerships and with the participation of the market in building the platform. And in closing, the question from a woman. Good morning. Good morning.
I am Mariana Feldman from Kapsch. We are very proud to be with you in the first Free Flow between Itaguaí and Paraty, and Eduardo is well aware of that. A lot has been said today about ESG, but I haven't heard a connection that you would make between Free Flow and the impact of not having a stop-and-go, of thinking in metropolitan centers. For example, the Rodovia Anel in São Paulo, the impact of Free Flow will also reduce emissions. Are you going to relate ESG with the Free Flow technology, thinking that last week in the ANTT event, they're going to make a resolution about the revolution of lower emission of concessionaires, where Free Flow technology will have an impact, and it would be good to be certified? What do you think about that? Thank you.
Thank you so much for your question. Well, then it makes absolute sense. As we said, our innovation strategy, so the three Ds: develop, digitalize, and decarbonize. Free Flow is obviously one of the strategies that will make it possible for us to contribute to increasingly more efficient carbon profile. I would like to emphasize, we didn't really have time to explain, but one of the projects that we have identified, that we presented, is precisely Free Flow in Brazil. And we have already priced the reduction of Scope 1 and 2, because we are not going to build new toll booths. Just reinforcing, when I started my presentation, I talked about the five focal points were carbon neutrality, and so we have the obligation of becoming carbon neutral. So all of this is aiming at carbon neutrality.
Free Flow is one of the pillars, and we're doing it very, very carefully. We do not believe it's a direct jump to Free Flow because there are other things involved, and we know that today, there is a delinquency rate of 0.5-0.8 for toll rates. We need to work on these contracts. We need to be very careful, but certainly, free flow is part of the strategy of decarbonizing roads, especially in Scope 3. I would like to thank you so much for all your questions. Now, if you could give the microphone back to Flávia for me to wrap up our seventeenth CCR day. So for those of you who are online, we are going to answer all the questions from our online viewers. That's right, Rodolfo.
The investor relations team is available for any questions you may have. We are going to answer all the questions that the company received from online participants, and I would like to thank you all for your presence here today, and also those who are with you remotely. Together with Flávia, I would like to thank and congratulate CCR team, not just for today, but for the organization of the event, production, that have made it possible for us to have such a successful event again. It's an honor to be here, and we have had such a productive day with strategic goals. In closing, I would like to give the floor to Miguel for his final message to wrap up such a productive day. Once again, I would like you to applaud Rodolfo and Flávia.
And with this applause, I would like to greet everyone who participated and helped us prepare this session. We are at least 30 minutes late as compared to our plan. I'm not going to say much, just that we are very excited about what we showed to you today. This executive team is fully committed with a path that we showed to you, leading mobility to create sustainable value. This is something that we... not just as executives, but also as citizens, we are very excited about it. And I would like to say that we are fully committed to this strategy. Thank you very much for your attention, for your attendance, for being with us for many years, following CCR, and we are going to come back again regularly, and we'll tell you what is going on with our company.
Thank you all very much. Have a very good day, and see you soon.