Good morning everyone. Welcome to another CCR Day. This is our 14th CCR Day. It is a huge pleasure to have all of you with us today. Thank you very much for your presence and also for your interest in CCR. Today, we have almost 300 participants confirmed. The event started a little bit earlier than usual. People are still arriving and we have a very busy agenda today, a very productive one, we hope. We have people connected via webcast, both in Brazil and abroad, following our presentations. Thank you very much. This is a very special CCR Day, even more so than normally, because this is a year in which we celebrate 20 years of existence.
I believe that, as the title says, this is the beginning of a new cycle, such as we can see on the screen, new management, governance, and compliance. I, particularly in the last 10 years, have had the privilege to follow the growth and the transformation of this outstanding company, which is CCR, that started in 1999 with five highways, as we will be showing during the presentation, became the leader of the segment in which it operates and very successfully exported this expertise to the segment of urban mobility and airports. During the presentation, we will be showing you what changed from 1999 on in this scenario and how CCR contributed to the development of the regions in which we operate in this period.
Our perspective, our interest is to continue to grow and give our contribution and be players in the sustainable development of the social, economic environment in which we do our business. In order to achieve this, we must evolve, we must improve. This will be the focus of our presentation today, besides showing a little bit of what we see as growth opportunities. We will be showing you as well the changes that CCR is implementing and preparing itself for this new leap that we expect will happen. Our agenda today is rather busy and very good. We start with a guest, the Secretary for Development, Planning and Partnership, then the Governor of São Paulo, João Doria. After the break, we will have our Management VP explaining the changes in management and implementation that we will be doing in order to prepare ourselves to this phase.
Our Compliance and Governance VP also explaining the changes and implementations and how we are strengthening this area in the company. Of course, our CEO, who will be talking about growth opportunities. At the end, we will be closing with two renowned law firms, Sebastião Tojal and Marcelo Trindade, giving you a little bit of color about a subject that has been the focus of the market in the last few months, which are the agreements signed by the company. I would like to highlight that after all the presentations, as much as possible, because Natália and the governor, they must leave, we will have a Q&A session. Please don't be shy. My experience is that sometimes you don't ask questions. You should take the opportunity because the executive committee is here. You can ask them all the questions that you usually ask me. I hope you come back and so that this day may give you a contribution for a better understanding of the company's perspective and what the company is doing. In order to start, we would like to call a video that shows the development of CCR.
[Presentation] We develop regions, cities, states. We create bridges. We believe that the difference between the hurdles and the opportunities is rather small. We transform inspiration into action. We are the CCR Group. We make feasible solutions of investment in infrastructure. We operate in sectors of highway concession, urban mobility, airports, and services. In highway concession, we are present in 5 Brazilian states. Urban mobility, we operate in Rio de Janeiro, São Paulo, and Bahia. Airports, we are present in Minas Gerais, in Ecuador, in Costa Rica, and Curaçao. In spite of that, we work in many airports in the U.S. as well.
[Presentation] CCR, 20 years transforming people's mobility. Innovating. We believe in optimism, in creativity, and in the entrepreneurship of our over 20,000 people. We believe that each person's enthusiasm leads to the transformation that we need to carry out. CCR, 20 years. New perspectives. Our purpose is to transform people's mobility into true experiences, to value life, to value time. In art, in sciences, in technology, we look for the inspiration in order to carry out transformations. By means of the CCR Institute, we operate with different strategies in order to engage and to empower young people so that they may have a positive impact on their communities. The CCR Institute connects the participants of the program to the exercise of citizenship to new knowledge in order to disseminate values and knowledge, and generating value to the whole of society. CCR, through different paths, but always the same purpose.
[Presentation] We have many different accents, many opportunities, but always with the commitment of transforming the communities where we are present. We seek development. We connect development and knowledge. We multiply innovative strategies. We unify development and quality of life. We seek not only to do things different, but we seek to do things better always. CCR, innovation is what moves us forward.
Our first guest has a wide-ranging experience in project management, microeconomy, and mainly acting with the regulation of transports, technical changes, and monitoring of priority projects of the federal government. Graduated in economic sciences by the Federal University of Londrina, Master of Economics of Santa Catarina, and expert in ground transportation by the Polytechnic School of Rio de Janeiro. She worked for the ANTT, Executive Secretary of the Ministry of Transport, also with the Civil Household of the Presidency, and currently she is the Secretary of Planning, Development, and Partnerships of the Ministry of Infrastructure, Natália Marcassa.
Good morning, everybody. I know it's very early in the day. Good morning, everyone. It's a great honor for me to be here at the CCR Day. For those who know me and for those who do not know me, I'm a professional of the infrastructure sector. I have been that for about 15 years, and I have worked for ANTT for the long career there, and I had never addressed you. Thank you so much for inviting me. This is very important for me. All my background is in infrastructure and specifically in highway concession.
I have a wide-ranging experience, but it is very similar to the path that was followed by CCR, starting with highway concessions. In the last 15 years, I was part of the construction of regulatory framework, the legal framework in infrastructure, and mainly in the highway sector. I participated. I was part of the construction of some of the contracts that this company ultimately won during the auctions. I would like to thank Leonardo for inviting me, the minister, and unfortunately for you, the minister was not able to come, and I was lucky enough to replace him. For those who have not had the opportunity to listen to him, people who know him know that he's very enthusiastic, and he's very energetic, and he loves what he does, and he has a lot of technical knowledge.
The ministry reflects all this technical density, so to say, of Tarcísio. He set up his ministry with technicians, with technical people in the sector. He changed the command of the companies that are under the umbrella of this ministry, and he gave the guideline that the Ministry of Infrastructure and Transport needed in order to carry out the mission that we have to do, to carry out a whole portfolio in many assets, in many models, highway, airport, ports, and modal. In order to do that, we need a lot of competent people, and in even this way, it's very hard. So the minister did his homework. The first one was to put people that really know their job in the adequate places, in the adequate positions. I would like to show you a little bit of this portfolio today, I would like to give an overview.
Afterwards, I would like to answer your questions, because I think this is very enriching. I would like to know exactly what you're interested in terms of our portfolio. Everything I say today can only raise the price of the shares of CCR, this has to happen. We took office with a major challenge coming from something that our minister and the remainder of the team were already working in this project. It was a very intelligent move on the part of this administration, because they kept the right people at the right places. The thing that you need the most in this country is resilience, because if you give one step forward, then you give three steps back. In order to do infrastructure, you need to be very resilient.
We came to the government with the mission of having 23 auctions up to the end of April, we did all the 23 auctions. We were able to collect almost BRL 6 billion in grants, investments for the next 30 years, about BRL 7 billion in models that are airports, airport concessions. It was a big hit. We had new players, new entrants in the sector, such as Aena, the Spanish company, 100% goodwill of this amount, BRL 2.5 billion almost in grants for the auctions of the fifth round. After the airports, we had the auctions of port lease terminals, it was on the 20-something of March that we had the first four lease auctions. Last Friday, we had the remainder of these lease terminals. They were 10 lease terminals, mainly with a vocation to fuels, we were able to raise BRL 450 million in grants.
On the 28th, we had the Norte-Sul auction. It is the first in 10 years, so basically it is the first one ever since the railway mesh was done, and it was done by Vale before, not the agency. It is practically the first auction of railways since the federal network was privatized. It was a very big step ahead because we believe the sector has to change and we want to change, or we want to add to the transport matrix and the railway model. We wanted to go from 15% to 30% in the next five years. This is the reason why we have to give great stride in the construction of railways.
We had already tried to model this one way or another, and for the first time ever, it was a brownfield, in fact, but for the first time, we had an auction, a very successful one, and we had a premium of 100%. The airport was 1,000 and here it was 100 premium. Everything was ready, and you can believe me when I say that we spent the first three months working like crazy so that we could do this. I think it was more than 25 public civil lawsuits besides many other requests in the legal field. It's really very difficult to do infrastructure in the country. A little bit about the Ministry of Infrastructure here. Now the name is the Ministry of Infrastructure, but basically of what we knew about the last change in 2016, what was added was the transit part, which was not ours.
To the Ministry of Infrastructure, we have the DENATRAN coming on board with all the attributions and the CONTRAN as well. In fact, it was a very tough decision because today we have 2.5x more our. On the other hand, we understood that there was the whole synergy with transport and many decisions that are made in CONTRAN are reflected in the daily routine of transports. The decision was to bring on board the DENATRAN to the Ministry. Talking a little bit about our other companies, the decision was to have technical people at the head of these entities aligned with the new structure, the new message of the government.
These executives have to understand that the companies are important, but at the end of the day, our objective in four years is to denationalize most of them so that the assets may become interesting. Those who can be more attractive and also the ones that are not so attractive and that have to be liquidated, then that they may be well-prepared for this liquidation. Now talk about concession. The flow of the structure of concessions continues to be the same that you are familiar with coming from the last administration with the PPI maintained. Probably the next meeting of the PPI will happen still in April or early May the latest, and we will be able to qualify the new project. In the case of the Ministry of Infrastructure, it's already in our portfolio. I will show some assets. It's very important because sometimes questions about that.
Well, I'll go back to that later on. We were very much questioned at the beginning of our administration, not only the Ministry of Infrastructure, but I believe that when you go to Brasília, you also do this in other ministries as well. The question was about the overlapping between the PPI, Ministry of the Economy, and the parts of denationalization and the Ministry of Infrastructure. I think that the message that you could take is that we are working very much aligned, and our objective is to have good projects. Each one plays a role in this patchwork, which is to have an infrastructure project and then auction it, and then regulate it, and then supervise it. Our obligation is to define the policy and the guidelines of the project as the granting power, the PPI in articulation between the government and the market.
The EPL is our arm to structure these projects, the agencies are there to regulate and to oversee the contracts. As much as we can, we have as little overlapping as we can. This is the message that I want to convey to you. This is the flow that you are familiar with. What is new, and I think you should pay attention, is the IN 81 , which gives a new term for the analysis of the infrastructure project. In fact, basically, it is like a statement of the project and what are the main characteristics of the project, 150 days before the invitation to bid, and the technical area has 90 days to analyze it. We believe that this new norm of the Court of Accounts bring this better situation, and this is the most relevant change vis-à-vis what we had last year.
EPL, I wanted to bring this slide about the EPL because many people ask about the EPL and variations of. The position of the Ministry of Infrastructure is that we have the intention of denationalizing, liquidate whatever we don't need the presence of the state in, and where we don't need to operate this infrastructure. This company allows us to look at the long term and gives us the strength to structure the project. EPL is the only one in the Ministry of Infrastructure that is there being evaluated. Financing. What is new in terms of financing? I think we already had some idea. EPL has already changed this characteristic of financing subsidized interest rates, and I believe that we are all aligned, and we all believe that this is no longer acceptable for the concessions sector.
The first idea of what is about to come was given with the letter regarding the Norte-Sul , the financing support letter. The funding is already lower, 40%. It could get to up to 50% in the cases where the player cannot access the constitutional funds because in the project you still were able to access Centro-Oeste, FCO, et cetera, then the market. The direction of the public banks, and this is a very important work that we are doing in the Ministry of Infrastructure. Let's link this with the economy so that we have this as fast as possible, which is the review of the 12.431, the law that regulates the issue of the ventures.
We understand that we have a huge opportunity to advance so that we are able to structure more and more our market, so that we have longer terms and that there's a whole series of improvements that we want to implement, and we're already working on our proposal. It is very important to listen to the market. When we sign the proposal, we will be opening a one-on-one with the PPI to listen about the debentures issue. We have already had a first hearing with the law firms. It was more general. We are working on that. On the other hand, we already have now in April, on the 16th and the 17th of April, together with the PPI, we will be able to listen to you about the new round of airports.
The PMI has already been published for the modeling of the sixth round of airports. We want to listen to you about what can be improved vis-a-vis the last round. There was a doubt at the beginning because when we changed to the block option, our idea is to continue to do this in blocks. We want to listen to the market and learn how we can improve in the airport sector. Over the first half year, we will be doing this for the other models as well. A little bit of our planning activities. The Ministry of Infrastructure. We were able to link the models of the Ministry of Infrastructure in 2016 when we brought to the ministry civil aviation and ports.
Before that, it was the Ground Transportation Ministry. Aviation was another department of the Presidency of the Republic, and it was very difficult to explain to any foreigner, okay, we are the Ministry of Transports, but the ports are there and the aviation is here, and it was very difficult for people to understand. This link between airports and ports and highways and railways in 2016, putting them together was a very good thing. Our mission is to integrate this ministry. We want to deliver in four years a fully integrated ministry. This is the main thing that we have to do, and we have to do this by means of integrated planning. Today, although it has ports inside the ministry, and in the last two years, two years and a half, we still have no integrated logistics plan.
We have two separate plans, logistics and ports. It's very important for us to integrate these models, and the PAN, the aviation one, is separate. We have airports and we don't have the access. We have many different airport terminals advancing into some lease terminals with some vocations that we are not sure whether the cargo will get there or not. You really have to integrate everything in order to achieve all that. The one before last, our portfolio. I will come back to this slide afterwards, but what we have for the next four years is the following. We have BRL 140 billion initially in the portfolio because the last project we have not started to model yet, so we don't have the investments here. It is much bigger than BRL 140 billion. BRL 140 billion is what is already modeled.
In highways, our portfolio has almost 15,000 km and BRL 65 billion estimated projects. We are modeling 29 terminals as the first Companhia Docas. It has already been approved for qualification of the PPI, and very soon we will have the decree of denationalization of the CODESA, which is the company in Espírito Santo, the first one that we will be modeling, and the BNDES has already launched an invitation to bid for this contract. The Companhia Docas is the first one. It's not going to be the only one. Our idea in four years is to denationalize all of them. We are studying the models. In principle, the model chosen will be a concession of AGESPISA and the Companhia Docas is the model that we studied the least about denationalization. In the Companhia Docas companies, it will be very interesting to model this, besides many lease terminals.
These are the ones that we have already mapped, but certainly, we will have more on board. Railways. In the period, we will be carrying out studies as new concessions or renewal of the existing network of about BRL 67 billion in investments. I have not placed the grant here yet. The estimate for the construction and the brownfield adaptation of new concessions is of 2,100 km, this is very big because we're also dealing with the renovation of the existing ones for an additional 30 years. We have the sixth round of airports as well. We have already started to model with an estimate of BRL 5 billion in investments in the sixth round. We are talking about 22 airports divided into three blocks. I will go back to the previous slide because we can talk about this project in detail.
The sixth round. We still have 44 airports that are being managed by Infraero. The sixth round provides for the modeling of 22 airports, divided into three blocks. We have the North Block, which has Manaus as the anchor, the center, Goiânia is the anchor, and the south, Curitiba is the anchor. Our forecast for modeling is still within this year. We carry out studies in order for us to, by the end of the year, have this already concluded. Next year, starting the public hearing and the Court of Accounts so that we have the auction by the end of 2020. Airports for the four years, we want to end with a seventh round as well, which we intend to do by 2022. The seventh involves the last 22 airports. Santos Dumont and Congonhas will be included in the seventh round.
Highways, going into detail about the project. In our portfolio for this year, we intend to have BR-364, BR-365 already in the hands of the Court of Accounts and the BR-101 of Santa Catarina for the next year. We have a very busy agenda of highway concessions, bringing to the auctions NovaDutra, for instance. Remember, everything that I say here has to cause an increase in the price of the shares of CCR. The NovaDutra auction, the stretch that is considered as CONCER and CRT BR- 153, besides finishing the modeling of the highways that are integrated in Paraná, that we want to grant in 2021, when the contracts expire. They expire in November 2021 in Paraná, we are not going to delegate this again, they are going to be federal concessions, we intend to carry out the auction in 2021. We have already contracted the studies of an additional 5,700 km of highway so that we may have 2021 and 2022 portfolios in line.
Railways, we had the auction of Norte-Sul. This year, we will publish the call for FIOL, West and East integration. We are working for that. we are working in modeling Ferrogrão. I confess that modeling does face some challenges, especially the financing of this project. we have had a public hearing, but before sending it to the Court of Accounts, we are making the possible adjustments to ensure the financing of the project, because this is a greenfield one. It will take seven years, as we estimated, to have revenue. we're creating some innovations in the process, exactly to allow us to have the financing, because it relates to regulatory assets, and this is a good question for you in a few minutes. In addition to the concessions of railways that are new ones, another interesting topic here are the renewals and the Paulista network.
We did have the concession of Norte-Sul. Rumo took the auction. Also, the Paulista network is up for renewal. The Court of Accounts issued a report right after the auction of Norte-Sul, North and South. It's 170 pages, this report. Although there are several considerations there and recommendations, what was important is that they did not question anything regarding the regulations. They questioned amounts, but the regulatory part of 3448, the possibility of regulations, there were no questions about that, and this is great knowledge and great advancement for us to move forward in the highway concessions renewals. In terms of terminals, we are still modeling. There are several lease terminals, both for fuel as well as greenfield. We will also have two or three in greenfield still this year. We have already started studying other possibilities, and we want to put a port up to concession for next year.
We are studying seven terminals in Paranaguá so that we have a portfolio for 2020 and 2021. also the dockers companies, that will be a great challenge for us in the port area. I had talked already about airports. To conclude, there are a few challenges that we face. for highways, higher amounts of grants or lower tariffs. for some contracts, we will be turning that gate. This is already a decision made. We are also considering for highways the possibility of having a dynamic tariff, which is something that here in São Paulo's contracts we already have, which is when you duplicate that you have a gain in a tariff, so you have a tariff for a single lane and for a duplicated lane. We believe this is an interesting incentive for this industry.
There is an increase of the toll plaza in that duplication year. On the other hand, the users also understand that delivery, and that's why they're paying more. Also, we have liabilities and bottlenecks. We need to say that we do have problems with the rounds made of concessions, both for highways as well as airports into 2014. The Ministry of Infrastructure is addressing those issues, and it's very important for us to clean that out, take that out of our portfolio. Just as important it is for us, it is important for the concessionaires and also for the regulatory framework as well, both for highways as well as airports. These assets do lock investments because they're not moving on. We do have financing related to them. That's not good for the image of the concessionaires that are operating in those areas.
In order to address those topics, we need to work. We have federal funds for infrastructure. We have two of them, one from the Marine and the other one from FNAC. We believe that we will have to move forward with the debentures issuing, that discussion of guarantees. We're starting to study that. The capital market, because we do have a portfolio of BRL 140 billion in investments, and we understand that no one will have a corporate guarantee for BRL 140 billion. The capital market for us will be very important for us in this next four years of our project portfolio. This is what I had to bring to you, and I am available to take your questions. Thank you.
Now we will open the floor for Q&A. We have time for one or two questions. Natália, thank you very much for your presentation.
This is Ricardo Alves from Morgan Stanley. A quick question. You just mentioned the discussion, tariff in the new auctions for highways, or tariffs, or grants, or tolls in the discussions, and I would like to understand better why you have that discussion among yourselves. Is there a perception that maybe auctioned assets, auctioned for a long time, maybe Dutra is a good example? Do you already have mature assets that have performed, and do you have an idea about how these auctions will be made and maybe new auctions, BR-364, do you have a different idea for those? Are these more complex talks?
Actually, the discussion now is about to each assets, we have to fit the regulation. We understand for more mature assets that we already have traffic and we know them, NovaDutra, for instance, and less investments to be made. Although these are large investments, we also have a larger revenue. We understand that a higher grant value model applies for assets such as BR-364, BR-365. It's already in the Court of Accounts. It's a lower tariff. The model of the integration, south highway, we intend to maintain as it is. We do not want to re-discuss it from scratch. For us, it's a matter of which contract, which project applies each one of these types of concessions. From now on, several projects will have a higher grant value, but not all of them.
I am Nelson Labat. Looking at the pipeline you brought us, I realized that there are many projects, and I would say almost in all of the states and a little bit in São Paulo. I don't know if that's under my impression only, but I realize that is not much for São Paulo, and this is the state that has the largest contribution to the federal administration and ends up lending money at a low cost that is subsidizing the concessionaires to build in other states. My question is: Is this because São Paulo is a rich state and it doesn't need the money? Is that the reason? Or are there political reasons to invest in other states and less in São Paulo? I believe, that's my belief, that looking at your pipeline, São Paulo is on the backstage. It's like in the tier 2, I should say that I am not originally from São Paulo. I am from São Paulo, yes. Oh, thank you. That's my question.
Thank you for your question, Nelson. Well, actually, maybe you didn't see it much here because highways concessions in São Paulo have already been auctioned. We have NovaDutra, Fernão Dias and Régis Bittencourt that have been awarded to São Paulo already. We already have concessions. We have ongoing contracts for 15-20 years, but maybe it's not there on the details, but for other modes, for instance, we do have concessions and privatizations by the end of the government. We'll start studying that very carefully, and that's going to be a technical study. Yes, the Port of Santos and Congonhas Airport, they deserve our attention, and they will take longer because of the complexity and the valuation of these assets, because probably we'll leave them for last. Because usually the less attractive assets end up being at the end. That's why we want to keep them for the end as well. That's why we have Santos Dumont and Congonhas Airport for last, because we'll have also important assets at the end with the lower important assets. Yes, São Paulo is in our schedule.
Very well. Thank you very much, Natália, for being here with us. Thank you. Before we turn to our next guest, I would like to remind you that last year we got the auction of CCR ViaSul in Rio Grande do Sul, and I have a video to show a little bit more about this project.
[Presentation] Brazil. Here is São Paulo. We are.
[Presentation] February of 2019 marks the entry of the CCR Group in a new Brazilian state, Rio Grande do Sul, by the concessionaire CCR ViaSul. Over 473 km of highways will be managed. Four highways, BR-290, a freeway between Porto Alegre and Osório, BR-101 between Osório and Torres, BR-448 between Porto Alegre and Sapucaia do Sul, and BR-386 between Canoas and Carazinho. We will have over 30 cities in the south met by these highways. These highways have a crucial role in people transportation as well as the transportation of industrial and agricultural products in the state. It will connect the capital to the beach, fostering tourism, and also it will connect Porto Alegre to the northwest region of the state, therefore flowing more products and generating more wealth. We started operations in February of 2019, and in August, the concessionaire will start working in the other highways.
[Presentation] An operation of over nine operating bases and also with the support to our users. This is the CCR Group stressing its commitment to the development of the country's infrastructure, taking to Rio Grande do Sul its excellence in highway operations, a know-how built in over 20 years of managing the main highways in Brazil. During the concession, BRL 5 billion will be invested in improvement works, and these investments will bring more comfort, safety, and flow to traffic. Driving the regional economy to value the local labor. A new development cycle. We aim not only doing it differently, we aim doing it better, always. CCR ViaSul, innovation is what moves us forward.
Well, I'll now bring to the floor our CEO, Leonardo Vianna.
Good morning, everyone. Actually, the governor is almost here. He sent a message. He is on his way, so he should take a few minutes. I will start with my presentation, and when the governor arrives, we'll stop because he already has his tight schedule, and he will leave here to open the Campo Belo station on line 5. This was not planned, right? Very well. As Marco has said himself, this is our 14th CCR Day. Actually, it's moving back. Can anyone help me? There you are. Okay, the governor just arrived. I apologize for improvising, but since he is running on a tight schedule, let's have him now, and let's hear his presentation. While we wait, the governor, he has just arrived, and he's just coming to the room. I think this guest doesn't need any introduction, right?
In addition to being an entrepreneur, journalist, and having founded the Grupo Doria and Lide Group, which is a group of entrepreneurs that are greatly representative in Latin America, he also has been the mayor of the city, and he was elected governor in 2018. Our timing here today was not the best. Well, once again, I would like to take this opportunity to thank you all very much for being here. We are 250 here in this room. We have 80 other people with us via webcast. Part of this group is out of Brazil, is out of the country. It's very nice to see that so many people are interested in this company. I would like to ask you all for a round of applause to honor our Governor of the State of São Paulo, Mr. João Doria.
Good morning, everyone. In addition to welcoming you all, I would like to thank Mr. Leonardo Vianna, CEO of CCR, that has just received me here, and Natália Marcassa, Secretary of Planning in the Ministry of Infrastructure. Thank you for being here. Natália, Alexandre Baldy, Secretary of Metropolitan Transportation, Eduardo de Toledo, VP of the CCR Group, Pedro Sutter, VP and compliance officer of CCR Group, and all of you that represent the top management of CCR and guests here this morning in this hotel in São Paulo. I would like to start by showing you a four-minute video that summarizes the state of São Paulo government, which is a liberal administration focused on the free initiative that supports the private initiative and private activity and does acknowledge its value. Nothing will be more transformative than the private sector evolving, growing, developing itself, generating jobs, income, and helping São Paulo and Brazil to grow. This video does reflect what we feel both for national investors as well as international investors. I would like to invite you all to watch this four-minute video with me.
[Presentation] Brazil. Here is São Paulo. We are more than a Brazilian state. We are a nation-state. A state that works. The second largest economy of South America, with a BRL 647 billion gross domestic product. Covering an area of more than 200,000 sq km. We are global leaders in the production of sugar, ethanol, and orange juice. We have a market of more than 45 million people from every part of the world. São Paulo trains and exports the most qualified workforce in Brazil. São Paulo is the fourth largest consumer market in Latin America. São Paulo is Brazil's largest economy. Over half of São Paulo's BRL 58 billion in exports are concentrated in food, transport, and capital equipment. São Paulo's infrastructure is also impressive. Boasting two of Brazil's busiest airports, with more than 50 million passengers every year.
[Presentation] We have the largest port in Latin America, in Santos, transporting 130 million tons per year. Also 18 of the 20 best highways in Brazil. Science, technology, and innovation also have their place in São Paulo. We invest heavily in research. More than BRL 205 million. São Paulo also hosts a world-class science and technology institute, representing investments of over BRL 200 million. As a result of this initiative, incubators and tech parks have spread throughout the state, fostering economic and social development. We now have the best HDI of Brazil and the best public safety index in the country, comparable to international indexes. Opportunities are back with projects involving many of our landmarks and strategic locations in various sectors. São Paulo is already recognized by the media as the best place to invest in Latin America. The state's government is ready to welcome investors. The best moment to believe in São Paulo is here and now. Pleased to meet you. We are the state of São Paulo, we are ready for business.
Very well. This is a feeling that we have, Leonardo, about São Paulo, a clear and objective view of a liberal administration that does believe in the market. I personally understand as being the governor of São Paulo, that there is no other way to bring growth to Brazil other than by having free initiative. The state has to have a regulating function, a de-bureaucratizing purpose, making it easy for capital to come in, and also the private management of assets that should be in private hands as well. That's what we are doing in São Paulo. I would like to take this opportunity, since we're talking about CCR, Leonardo, you and all the management of CCR that are here. Our decision to move forward in partnerships is materialized, and this is a decision of the government.
The CCR Group has several highways under its management here in the state of São Paulo. As you have seen in the video, that 18 of the 20 best highways of Brazil are in São Paulo, and we expect that within three years, 20 out of these 20 best roads of the country are here in São Paulo, and that other administrations also can produce this model in highways, waterways, railways, ports, airports. We do not have an individualized view of Brazil that São Paulo is doing well, and maybe the rest of the country could go well. We want the other states in Brazil also have this, just as innovative initiatives valuing the private initiative. If São Paulo goes well, Brazil goes well, and if São Paulo goes well, it will be a role model for the country.
I would like to remind you all of the Sistema Anhanguera-Bandeirantes, Castello Branco, Raposo Tavares, and also some metro lines, the seven and Gold Lines and all of that in highways as well as in subways, they will move forward. In the future, we'll no longer have construction works at a halt in São Paulo. This is my instruction to Secretary Alexandre Baldy, who is here, Secretary of Metropolitan Transportation and former cities minister. Also João Octaviano, Secretary of Logistics and Transport, and Secretary Henrique Meirelles, former Ministry of Finance. São Paulo will no longer have construction works that are not moving forward. We'll resume all of the construction works with private funds, with model links established by our government. Buildings and constructions and PPPs and privatizations. About highways, I can say it again that all contracts that are due in 2022 will be renewed.
This is a government decision. The legislation establishes that possibility, we will take it. This makes all the process much easier, it brings the concessionaires' experiences that add up years of positive experiences. We can say that because we have 18 out of the 20 better highways in the country, that they keep on working in the right direction. The government of São Paulo does not want to make money with grants, it also wants to improve the quality of infrastructure in our state. This is the fastest and most objective way of serving the population, the productive sector, bringing down logistics costs, placing São Paulo in the 21st century. We have other ways of raising funds for the public treasury. The concessions, the fastest and most objective and pragmatic and right way is to renew all the concessions.
We are going to negotiate each one of them so that we have a balance and the advantages for both parties, they may be implemented very quickly and efficiently with the state-of-the-art technology from the infrastructure viewpoint. We will also make strides in other programs of privatization. As you saw in the video, the Tietê-Paraná Waterway in the stretch that is within the São Paulo state. We are talking with neighboring states so that they may adopt the same modeling of concession for the Tietê-Paraná Waterway, which is very healthy, very good, supplement this for cargo transportation and tourism, passenger transportation. The 23 regional airports of São Paulo state will be conceded to the private sector. No exception.
The São Paulo DAESP, which is the aviation department, we invited the former CEO, we, having been the president of Infraero, invited him for the privatization program of all the airports, prepared the opportunity for the use of the airports, Minister, because it would be useless to have airports just to have birds landing. This is not valuable for the private sector because you need regular lines, now we will have. You saw two weeks ago, Azul was the first airline to announce the use of six airports of the 23 regional ones. This week we will have Gol. Next week, we will have TAM, the other week, Passaredo. Over the next four weeks, the definition of Avianca coming from whatever may be possible in terms of the market decision. That will also spur the regional line.
This is part of an agreement that we signed with the Brazilian Association of Airlines with the reduction. I would like to say the courageous decision to reduce the amount of the ICMS over fuel from 25% to 12%. This is not a fiscal war. I'm totally against a fiscal war. We are just bringing to the same level the tax because the biggest state had the highest fuel cost in the country, this meant a reduction of lines, the airlines did not fill in their tanks in São Paulo. They did that in Rio, in Belo Horizonte, or in other destinations. We evaluated this by means of the planning secretariat, we made this decision, we announced it as a counterpart negotiated with the airlines. We established that as of June 1st, we will have 490 new flights per week
In São Paulo. Flights getting to São Paulo, landing in São Paulo, and the hinterland of São Paulo, bringing about a very strong incentive to tourism and to cargo transport or more added value cargo. As a consequence, the use of airport that will be granted to the private sector. This is planning. This is the correct view in the medium and the long term, it's very structured. These are not isolated actions. Our administration has the good practice of doing everything jointly, this is why the meetings of our secretariats are done together. Everybody knows what the government is doing, everybody can cooperate around the good ideas in education, in housing, in transport, infrastructure, logistics, culture, sports, leisure, public safety.
All sectors converge within a dynamic that I learned in the private sector and that we have put in practice in the public sector, such as we did in the city of São Paulo during 15 months. In a short while, when we leave here, we will be inaugurating the Campo Belo subway station, increasing the line 5. That is a very important line that will be serving over 300,000 people potentially, with the potential of growing further in this view of a growth model, which is based on the market, more liberal, less state, more private. This is how I was elected mayor of São Paulo. This is how I was elected governor of São Paulo, it is not easy to be elected in two years' time. I'm not a politician. I did not have a political career.
I came from the private sector, I built my career with work, a lot of work. I didn't get any inheritance from my parents. I received just a good example of honesty. In fact, I received some debt, I was able to pay back the debt. My parents gave me this example of decency and of honesty, I started working at 13, at 61, I'm governor of São Paulo state. With a very good team, I was able to have a very big success in private initiative and as well as in the government. I have the possibility, I have the time, I have my own assets, I do not receive any salary. That is to say, whatever I receive, I donate. I do this as I did as mayor.
I donate this to charities, this encourages other people to make donations. I do not use a government car. I do not use government funds for traveling, I do this with my personal funds. As my life allows me to give this kind of contribution, I do this. More than that, I am able to bring very skilled people around me and even our adversaries in a democratic regime, of course, you have people who are in power and those who are against you. Adversaries also agree that we have set up a very good team, there are some people that say that our team is like a ministry. João Octaviano, one of our Secretary of Transports and Logistics, is just arriving here in this auditorium. We have 220 privatizing project.
That is to say, denationalizing projects along the same lines that we did in the city of São Paulo. Now under the responsibility of Bruno Covas. São Paulo are the first city in São Paulo to have a denationalization program. No other Brazilian city has ever had a strong denationalization program, and we did that in São Paulo. Bruno is taking this ahead, privatizing the Pacaembu Stadium and the parks, starting with Ibirapuera Park and an additional five parks. We are talking about two projects that are being conceded already and will be implemented in the next two months. Still within this year, privatization of the Anhembi hub and the funerary system, cemeteries and funerary services, burial services, and other related areas, and bus stations of São Paulo City will all be privatized considering their value and the construction potential.
Alexandre Baldy is doing this with the subway stations and the CPTM stations and other initiatives in denationalization. We brought this policy to the state under Henrique Meirelles and Rodrigo Maia. This is where we are making our strides, consistent strides, and complying with the laws, but accelerating such as we like to do. Finally, I would like to say or leave a message to you, a message of optimism and of attention regarding the federal government and the Social Security reform. As you know, I'm a member of the PSDB. I have been so since 2001. As an entrepreneur, I understood that as a citizen, I should have political participation in the debate about Brazil. I have not joined or come on board just to be elected.
No, I have been a member for so many years, and I only became a candidate 15 years after I joined the PSDB. I am the son of Northeastern people. I am Brazilian above all, and I have in my mind that the government that is elected has to work and we have to help. You don't need any ideologies or parties to be aligned because you have to be aligned with Brazil. All the measures, all the initiatives of the Bolsonaro administration that are good for Brazil, São Paulo will be supporting, and the government will be supporting him. There is nothing that could go against that. There is no need for anything in exchange.
It is up to São Paulo to ask for whatever's necessary for education, for public safety, for health, and mainly in the social arena, but not establish this as a currency in order to support the good initiatives of Bolsonaro, starting with the Social Security reform. This is fundamental for Brazil. All of you in the production sector and the financial sector, all of you investors who have consolidated heavy investments in infrastructure, I say support the Social Security reform. Don't be silent about it. Just don't support it. You have to manifest, be vocal about it. Do this for your children. Do this for the country that you have adopted, not because you were born here, or maybe because you chose to live here. The silence of Brazil brings about a vacuum, a void. You saw how the opposition parties treated Minister Paulo Guedes.
That is not a democratic debate. I believe in democracy. I believe in diversity. I believe in contradictions because this makes democracy rich. Screaming and being intimidated? No, I'm against it. The lack of manifestation of the private sector in initiatives, in debates, in meetings, in phone calls, establishes a void, and this void is filled by these people who do not want the good of Brazil and who can only ask for "Free Lula, free Lula." I don't want a free Lula. I want Brazil free from bad politicians. I want Brazil free from totalitarian rulers. We have to make our joint efforts because if it passes, the social security reform, Brazil will change and change after the second half of this year. Not only because of a fiscal policy that will give us savings of BRL 800 million to BRL 1 trillion.
It will fiscally solve the problem of the states. It will solve the problem of municipalities, above all, the problem of Brazilians who want a job. Almost 13 million Brazilians are unemployed. They are in the streets, many of them are hungry because they do not have an income opportunity. We have about 7 million people who are unemployed or underemployed with less than BRL 500, and they have to barely survive. Over 20 million Brazilians who live today in suffering, in need, the reform of the social security will be catering to those people mainly. We must be aware of the fact that this needs a collective effort. It's not an effort on the part of senators and deputies of Minister Paulo Guedes or the government of Jair Bolsonaro. We, Brazilians, we are responsible. We are accountable.
Call your friend, call the member of the parliament you voted for, call your deputy, call your senator. Send a WhatsApp, send your message, put it on your Instagram. Ask and demand that as Brazilians, they give the necessary support to the social security reform. Silence will be to blame due to those who are against Brazil, we do not have one single good memory of the 13 years in which we had populist and totalitarian government that had all this corruption in Brazil, BRL billions were involved in starting with Petrobras. At the head of the presidency, we had the beginning of all that. Do you want liars? Do you want these false people offering false hopes to those who are needy? Those who only have unemployment as a chance, those who have hunger as a chance.
Put in action your individual capacity, your collective capacities for Brazil. This is what will bring about hope and will bring about solutions. As of the second half, after the reform of the social security approves, we will tackle the tax system in Brazil, the gate will be open for new investments in Brazil, mainly in the sector that you all represent. These are the words I want to leave with you.
We apologize, the governor has to leave, that he will be inaugurating the station that is, by the way, operated by CCR. Okay. Let's have the official opening of our event. CCR, we will have Leonardo Vianna.
Good morning once again. I know how to operate the slide device here. Okay. Once again, thank you very much for being here, and it is a great pleasure to be in the 14th CCR Day. As Marco said at the beginning of the presentation, this is a very special CCR Day because we are celebrating today or this year, 20 years since the inception of the CCR company or the CCR Group. This is a very important date for all of us. I think the short course that I took during the intermission, the coffee break, it is not really working as far as the slide changing device is concerned. It is always very good to remember the definition of our business premise is to make feasible solutions of investments and services and infrastructure, contributing to the social, economic, and environmental development of the regions where we operate. This is our definition and what we seek.
As we are talking about 20 years of this group, I think we should go back to 1999 and make a few comparisons here to our current reality. The paved road network in 2021 was 170,000. We do not have any concrete data dating back to 2019. In these 18 years, only 213,000, a very small difference vis-à-vis 2021. The vehicle fleet in Brazil practically doubled during the same period. Highway concessions in 1999, we had 29 concession contracts for highways, almost 6,000 km, and in 2018, 61 concessionaires, 20,000 km of highways. Airports, during the same period, we had a growth from 12 million to 20 million passengers per year. The subway in 1999, we had 49 km of subways with 2.5 million passengers per day. In 2017, we have almost 100 km of subway rails with 4.3 million passengers.
These figures show us that we still have a long way to go. The infrastructure needs in Brazil are huge, and if we compare to other countries, we lag behind totally. CCR in 1999, when it was created, we had five different businesses and the revenues were BRL 1.9 billion. These were the first five contracts that we signed and that helped create CCR: Ponte, NovaDutra, RodoNorte, AutoBAn and Via Lagos. This was the beginning of our company. In 2019, this is our reality. We are talking about 26 businesses, 11 highway concessions, six urban mobility contracts, six urban mobility projects, six airports, five concessions and one service company, and four service companies in the group, including Samm, which is our company that has to do with fiber optics and our revenues went up to practically BRL 11 billion in 2018.
The timeline shows that as of 2002, when CCR had its IPO and created, I believe some of you remember that in 2002, the company created the Crescer project. Aiming at this growth cycle that we were foreseeing, and every single year we had growth event in the company by means of auctions or bidding processes or acquisitions or maybe addendums to contracts, already existing contracts. This is a very relevant history, and that evidences the success of this decision of seeking growth in an organized fashion. In these 20 years, what was our contribution to society? Undoubtedly, the most relevant item is the number of lives that we saved in our highways. The chart that you can see shows the evolution of that. As of 1996, with Dutra had a number of fatal casualties of over 600 casualties or fatal casualties per year.
When we took over 520 and in 2018, we have a figure that is still too high. We are not satisfied and we are not comfortable with this number, but it shows the drastic reduction because of all the measures that were put in place in the operation in safety. We got to 122 fatal casualties per year. The same retro, so to say, we see in all our concessions. The next chart shows this more clearly. In each one of the highways, the reduction between the first year of concession and 2018, Dutra 76%, Via Lagos, it was totally different from the previous practice. That is to say, no death whatsoever, no fatal casualties in 2018. There were serious problems in this highway because it didn't have the division between the lanes. When we created it, there were no fatal casualties.
AutoBAn, ViaOeste 69%, AutoBAn 50%, you can see that the reduction is very significant. In my view, this is one of the biggest legacies of the concession program. We did the math of the reduction between the first year of concession and 2018, 711 lives saved per year, multiplied by the number of years. If we expand this to all the other concessions in Brazil, this figure means thousands and thousands of lives that were saved during this period. This is one of the most important legacies that CCR is leaving to our society. Still talking about our contribution to society, I think we should highlight the amount of our investment. We are saying that in 1999 up to 2018, CCR invested BRL 45 billion. In the last five years, the average was higher than BRL 4 billion per year.
This is a very significant figure. Just comparing 2018, BRL 2.9 billion in investments, CCR alone invested over 10% of all that the union invested in infrastructure, just for comparison purposes. These are very relevant figures. Still talking about contribution to society, I talked about the BRL 44 million in taxes collected, BRL 21 billion restated. Everything here is restated for 2018. Only in taxes, BRL 21 billion. In grants, BRL 12 billion. What we are saying is something around BRL 33 billion in cash money that was paid to federal, state, and municipal administrations. I think this should be highlighted. Besides, we also had BRL 43 billion in administrative expenses and operating expenses, and the bulk of that is labor, salaries, our associates, our people.
We have a headcount of over 15,000 direct employees and something around 45,000 who are indirect. What you have there, BRL 43 billion, means payment of social benefit and guarantee fund, INSS, and also the suppliers or the service people who work for CCR, and that in their turn, they pay taxes and they generate jobs. We consider these figures as quite relevant. Very often people don't even look at these figures, but we have to see what we are generating in terms of benefits to society. Here's some other relevant data about our operation. CCR has over 3,700 km of highways under management. Over 1.8 million passengers in our 112 km of rails. CCR today is undoubtedly the biggest operator of subways in Brazil, bigger than the subway of São Paulo itself, operates subway lines. I'm not talking about the metropolitan trains.
It operates 57, 58 km, and we already have 112 km of rails operated by us. Our airport, per year, we have over 22 million passengers, over 2.2 million vehicles per day in our highways. The service opportunities are over BRL 1 billion. Our company, SEN, looks after almost 5,000 fiber optics kilometers. These are very relevant data, and they show our capacity and the size of CCR. As of now, in the presentation, well, we are looking back and we are telling you what was our contribution so far, what has been our role in society and the size of the company. From now on, what we want to show is how we are structuring ourselves and preparing ourselves in order to cope with the new challenges. We are going to break for coffee now, Eduardo Toledo and Pedro Sutter will be making presentations. I will come back, and we will talk about what we see in terms of our growth actions from now on. Thank you very much.
We'll now break for 20 minutes, and we'll be back for the second part of our event, and we'll talk more about our future in terms of opportunities as well as new measures by CCR to face the future challenges. Thank you. Let's start the second part of our event. I would like to bring to the floor our Corporate Management VP, Mr. Eduardo Toledo.
Good morning, everyone. It is a pleasure to be here. This is my first CCR Day. I had a trajectory that was marked basically by domestic companies. All my professional life was in domestic companies, very much driven by capital market. I think the two more important or the longest parts of my career were 20 years in Grupo Ultra from 1987 to 2008. This was a moment in which a private company had its first issuance of bonds at the time in 1997. We had our IPO at the time in 1999, and all the company's transformation over the years 2000, combining to the. It ended up in the operation of acquiring the Ipiranga company. In all that trajectory in the Grupo Ultra, the partnership with the capital market was crucial.
Always looking at the combination of the stakeholders' interests with that view that the capital market would have a growing importance in the company's lives. The same type of situation I also went through when I was at OdontoPrev. For 20 years, I was a member of the board there. I was also the chairman of the board of directors of that company right in its IPO in 2006. I went through all these recent years of the deal with Bradesco Dental, and I have just ended my cycle now on April 2nd. For very few days, I have ended this 20-year cycle. Since the beginnings in the private equity, we already had that understanding
That we would take the company into the capital market, and after that partnership with the capital market, we would be creating value that would be beneficial to the capital market for the founders, for the shareholders. This was our motto, to benefit all audiences, and the capital market does allow that to happen. I strongly believe that the capital market is a crucial element so that we can have a winning society and a prosperous society. I think that's a little bit about my professional life. Now, I will start the presentation itself. Starting by the organizational structure of the company. CCR, two years ago, has created this structure divided in four. We have Infra São Paulo, LAM Vias, Urban Mobility, and Airports. These divisions had two main objectives. The first one, we would be able to be closer to the concessions to the business units.
This closer proximity would allow us to have the exchange of best practices, so that we would have best practices exchanged by these companies. We would be looking for synergies, wherever possible in the operations. There is a second objective, maybe even more important than the first one, which is the origination of new businesses. When we have very defined focus in a certain industry, the different areas will be able then to develop new businesses, and therefore, to aim competitiveness and new businesses. New business is something crucial and special for CCR. The way that we've worked with public services concessions, these concessions do have a period of time, and therefore, we want to maintain business, we want to grow, but maintaining the business depending on acquiring new businesses, and that focus is very important for the company.
The structure that was created with these different units was completed just by the end of last year, basically with the creation of the compliance department, and Pedro Sutter has taken that area. Also we created a corporate governance area. I have been invited, and I started working there in November 1st. The corporate management area basically has four main pillars. The first one is the finance pillar. The nature of the activity that CCR forms is of a high capital demand. The capital demand happens to face the grants, the investments that are part of these concessions. Obviously, the financial engineering behind each one of these projects is an essential element in the company's competitiveness. This is an area that CCR has always been a pioneer at in that type of view. It was one of the first companies to go to the Novo Mercado.
It has a strong footprint in the capital market in that issuance is already using the capital market for that. This is an area in which CCR is recognized for its excellence, and I will be able to help with my own experience to continue moving it forward and in order for it to be a key factor that turns this company very special. The second topic, the second pillar is the legal one. Industrial companies have in their physical assets, their main assets. CCR, our assets are concession contracts. Obviously, the legal understanding of these contracts and the negotiation and the hearing stages, the way the concessions happen, that is crucial in terms of the business sustainability. Obviously, in the past few years in Brazil, we have been seeing a judicialization of relations, and that is no different in the concessions case.
Obviously, this demands much more from the legal area. Once again, I understand this is an area in which the company has great excellence, and I intend to continue this work in the coming years. Our third pillar is our administrative engineering and technology area, our service providing services, Actua, Engelog and EngelogTec. These companies provide us an unparalleled scale. Because we work with these shared services, we can have a huge scale, which allows us much greater competitiveness, greater than any other player in the industry. If we add to scale and competitiveness, also excellence in providing these services, the scale requires us to bring in very qualified professionals. If each one of the areas would need to have the different areas, they would not be able to bring such good professionals as we are able to bring into these shared services companies.
This has been one of our competitive advantages for the past years and more than ever, we now have the challenge of innovation. An innovation, which has been a motto in the company for the past few years, clearly we will find in these actions in our tech area, engineering area, also a very important echo, which will allow the company to develop new businesses around the concessions, obviously better solutions of engineering that will allow us to face investments in a less expensive fashion, also with quicker and faster responses to our users. Finally, our fourth pillar is people. It is the fourth, but it is the most important of all. Because once again, of the service-providing nature. Because of that, people are essential for the company that will provide us that competitiveness.
Also having new businesses will depend on people, engaged, motivated people that are able to generate those new businesses. Then I have my own testimony here that I am just recently being in the company. It is really amazing to see people's commitment to CCR. This is something that really draws our attention. I have been in different companies, I am always amazed to see this. That is very difficult to get that kind of commitment. Many companies try to get engagement to have their associates very engaged in the company, that is very present in this company, I am sure that it is one of the things that needs to be maintained in CCR's culture for the future, because in fact, that is what turned this into a special company so far. Obviously, we are now in new times. The world is changing.
Brazil has changed in the past few years, we will have to adjust our culture to these new times. We'll have to take into consideration these foundations that are very strong and that have caused CCR to be very successful so far. Why CCR is a good investment for all market investors. What makes this an attractive company? Basically, I would say that we have two main elements here. First, the industry. This is an area in which Brazil has important needs. Leonardo has shown us that we have few roads considering the size of the country, so we do have a lack of infrastructure, which is significant. That, for us, is a major opportunity. That need for the companies that are in this industry are a huge opportunity, I would say almost even infinite.
We can even see a final horizon when this industry will be totally well-served. We have years and years and maybe decades to fill in this gap of infrastructure in the country. The moment by which the country is going through is very important. You have heard Natália and Mr. Doria, and they have clearly shown that. That's not only a matter of what they said or of this current administration. You see the continuity we had regarding the PPI or Investment Partnership Program in the federal administration, in the Ministry of Infrastructure. We see São Paulo over the years. My understanding is that society has understood and now acknowledges that this is the way to go, so that public services are rendered in an efficient manner.
The private sector, if it is rightly contracted, can bring efficiency and efficacy in a degree that is unprecedented when compared to the public sector. Obviously, we are in a country with great needs, and we have to use this model so that we can boost the country's development. I think that's very clear to our politicians as well as to society in general. Considering this context, as I have mentioned, does have a footprint and an expertise, capacity, and scale, and that's unique in this entrepreneurial environment in the country. Adding to that, we have that vision of capital market, which started in the company many years ago. It's already very mature. Once again, CCR, in my point of view, can be the main vehicle of market investors to invest in infrastructure.
To our advantage, we have competitive advantages that are unique that allows us to provide profitability higher than other players. Added to that, to special actions in the market that allows investors to have that mobility in the market, and therefore the combination is a single one, and it will allow CCR to take a very important place in the capital market in terms of infrastructure. The company has always been conservative in the way it deals with its debts. We have a policy of not going over 3.5x net debt EBITDA ratio, which is very healthy, very conservative considering the stable nature of our businesses. Some of you could even say that we could have a higher limit, but we work at that level of 3.5 as our indebtedness level.
Obviously even being at a ramp-up cycle of some of our businesses such as urban mobility and airports. Even if you consider that, you see that we have BRL 5 billion in debts of the company. If we use this limit of 2.7 against 3.5, we still have room there, and the company can seize other opportunities that are placed as Natália and João Doria have already talked about. Another important element is the company's dividend policy. It's an important element for the capital market. The company has distributed over 80% of its profits as dividends. This is a policy of dividends distribution and also growing using that room of leverage that we have. We can distribute dividends in a significant fashion. This is a very important history over the years.
If we look at what happened to the company in the past years, this drop in the price share we had, it happened especially after 2017. That has created a single opportunity for those that want to purchase the company's shares because we have the best dividend yield of the 10 years. This is a great opportunity to invest in the company right now. Basically, that's what I had to bring to you today. After Pedro Sutter and Leonardo's presentations, we will have some time for a question and answer session, and then I'll be able to address any questions you might have. Now I'll bring to the floor Pedro Sutter. Thank you very much.
I'm sure this is going to work now, right? Good morning, everyone. I am Pedro, and it is a great pleasure to be here. I have always been a user of many of the assets that we're talking about here today, since before CCR was created, and I am a witness to the value that the company has generated over the years. I came from Rio de Janeiro. I was raised in Petrópolis. My parents would drive me up to Paraná, so I drove all around these roads. I have been a shareholder of this company and I feel privileged to be here today. I know that I speak on behalf of all the 15,000 employees of the company when I bring to you what we are doing and everything that we are doing to reinforce our governance and compliance programs. We are all united around these objectives. I speak on behalf of all of them. Well, I joined the team in November of last year.
I've been in the company for a little over four months. I am a lawyer, graduated in Rio, and I went to Georgetown to study governance. Right after that, I went to a company called United Technologies. Maybe you do not know them. This is an American company, is an American corporation, that makes around $70 billion a year. They manufacture Otis elevators, Carrier for air conditioning, the Pratt & Whitney turbines, which are in the planes we fly here and abroad, and helicopters. This is an American company, a typically American corporation, and they are part of the Dow Jones index since they started. They pay dividends such as CCR very much on time, and they pay since 1932 every quarter. They pay dividends.
This is a company that is the largest supplier, is the top 5 suppliers of the U.S. government and also North Atlantic Treaty Organization governments. As you can imagine, as a company that is the focus of the country and is very much supervised by DOJ, SEC, that was the environment that I have worked in for 16 years. After United Technologies Corporation, I spent a little less than two years at Petrobras. I started at the end of 2016 after Pedro Parente went in. I was part of Pedro Parente, Ivan, and Alex team and the board. There, the idea was to have the company less vulnerable to the problems they had had before. I would say that over these past few years, this was the work that was done in the company, and there is still a lot to be done, as you know.
That was a very enriching time for me. Right after that, I was invited to be part of the governance and compliance team of CCR. This is a company that was already a new team created in 2015, very much motivated, and here I am. I report, and it's important to say that, it's important to comment this idea. I report to the board of directors of CCR. I have an independent structure and a very fit structure. I have received from the board all support needed, so that together with the top management team of the company, we can take this project forward. Here I would like to talk a little bit about the obvious. I want to put things into context and tell you where we are now.
We are a company, a Brazilian company, a listed company, a concessions company. We make over BRL 10 billion a year. We are over 15,000 employees in this company, over several states in Brazil, Costa Rica, Ecuador, Curaçao. We are a complex and very large company. We are a company that deals every day at every second, at every minute with the granting authorities, with the public power, federal executive power, state executive power, different legislative powers that all the time we are talking to city halls, to city administrators, all the stakeholders and the cities with which we relate. That relationship is very intense, and it is also permanent. It will continues being intense as well as permanent. That is part of our business and our business model. We need to be better prepared to this reality.
Once again, we will always be looking for this relationship for the better interest of our users, our stakeholders, and also the granting authorities as well. Well, since the 1970s and the scandals with the Lockheed Martin selling planes to the West Germany, and also other scandals that have contributed to the development or to the approval of the FCPA, the anti-corruption law in the United States, and after the scandals of Enron , Tyco WorldCom in 2001, that somehow also have contributed to the approval of the Sarbanes-Oxley, it is a fact that the entrepreneur environment has deeply changed. Just out of curiosity, I have checked in the last decade, the amount of fines just for FCPA in the United States has increased in 300%. Naturally, this is in the United States. I'm not talking about Europe and here in Brazil.
I do not have the data, but exponentially it's much higher than that. Following cases such as Siemens in Argentina, the kickbacks payments to be able to get contracts for personal identification of the Argentinians or the $900 million that GM had to pay to sign the leniency agreement with the American government because they have hidden a failure in their cars that have caused at least 13 fatal accidents and many others that are still being investigated, or the cartel scheme of Otis and other elevator companies. I was working in this company when this happened in Europe. Kickbacks for Legwaison for the Libyan government, defeat devices of Volkswagen cars, all of these, I could go on and on.
They said that I have some time, I could spend the whole day talking about these cases that happened in the last three or four years around the globe. I think that really explains a certain activism of the authorities and investigation and punishing attitudes that are not the right ones, are not the ones that you would expect to see in such companies. Here, naturally, this is no different. The environment was already changing. There was approval of 2,486 here in Brazil has also contributed to this increased activism. Here we are. I would like just to say the obvious. We are a listed company, a large one, very complex, of concessions that we will keep dealing with the granting authorities. Therefore, we need to be better prepared to face that challenge. That's what we are doing, all of us, I'm sure that in the last four months, I am a witness to the support of the board of directors and all of my colleagues, we understand that this transformation process will turn us much stronger. Also, this will be a competitive advantage for CCR.
Now going to the gist of the matter. Well, CCR has been facing this challenge in a very transparent fashion over the last four months. We changed our risk matrix, not only the operating and financial risks, because these are very well measured and are very well controlled by the company. Now I'm referring to the corporate and compliance risks. We redid our matrix, we must know this in-depth in order to know the risks and to mitigate them. This project of revision of our risk matrix is going to be the guiding star of all our actions, the objective is to look at all the governance of CCR in order to improve the decision-making process that has to do with the middle part.
This is the description of the company's governance. You see the president of the divisions reorganization that we carried out, that Leonardo referred to. We have a collegiate, which is made up by the executive board and Leonardo and myself and Eduardo. The executive committee makes decisions, and I report to the board. We have independent auditors for governance, and you have the board and the shareholders. The objective here is to improve the decision-making process in order to make it more efficient, more transparent, and more traceable. With the board, we have agreed to deliver the project in up to 18 months. Some changes we have already implemented, and over these 18 months, we will be delivering the whole reformulation of our governance. CCR was the first company ever to come on board of the Novo Mercado. I bought shares at the time.
I remember this quite well. We intend to continue to challenge ourselves on an ongoing basis and continuously improve our governance. The objective is to have a sufficiently structured governance in order to tackle all the challenges that we will be facing, that Leonardo mentioned, and that he will go in depth in a few minutes. Here I summarize some of the 12 fronts. Gentlemen, I have been working in this area for so many years, and the history in Brazil is the IBGC doesn't let me tell lies, is that governance and compliance are a check-the-box process. This is the reality for most Brazilian companies.
When I came to Brazil by United Technologies, when we implemented governance and compliance in a Brazilian company, in a different culture, in a Mexican company, because I worked for a Mexican company as well, and in an Argentinian or Chilean company, all this involves very important cultural changes. Here the objective is to deliver or to put some muscle on the skeleton that we already had. First, we reviewed our governance and control instrument, and the review process is underway. The objective here is to define very clearly the attributions of our CEO, the chairman of the board, our committee coordinators, and give more time to the board to deal with strategic themes, because our board is a little bit too operational today. Improve the communication flow in the board and in the committees and the executive committee.
This flow should be more symmetrical or more traceable. More especially, having an independent evaluation of all board members, all committee members and the board and committees and the executive committee. We already do this today, but we want to have a more in-depth evaluation in order to improve this governance instrument. Today, we are already having our matrix for authorization levels, and this is very much based on figures. The objective here is based on the new risk and compliance matrix, identify some transactions that deserve more attention, a more dedicated, more careful attention on the part of the executives, not only based on figures, but we are going to review the whole matrix.
This review, of course, will help us to remove some of the themes that go to the hands of the board, only because of the value involved, and leave to the board more important subjects, such as sponsorships and donations and relationship with politically exposed people, our participation in trade associations. With that, we will naturally strengthen the attributions and the operation of the executive committee of the company, which is made up by the statutory executives, and they will be able to make decisions in a more formal fashion and removing from the agenda of the board some themes that have more to do with operations. The objective is to give more accountability to each and every one of us, all of us who participate in the executive committee. I imagine that the board will have more time left to deal with strategic themes.
Also, the policy regarding transactions with related parties policy. The policy, of course, does exist. We are just reinforcing it. We understand that with the creation of a committee made up by the independent members that will revise the transactions, and by that I refer not to very small ones, but revising these transactions and help them make their decisions, especially now in this growth cycle. Another policy that we are revising, we are adding to many items here, is the succession of our management. Giving more clear, more specific parameters and conditioning this policy to compliance metrics and integrity metrics as well. The risk review process that I referred to is not separate from everything. Many people contract a review and then it takes them two, three years in order to start tackling it.
At CCR, we will be doing this on an annual basis, and this will be part of our annual target review process and the review of our risks. Although the company is very stable in its revenues, this is a company that lives in a, I wouldn't say unstable environment, but changing environment. We have to review our risks all the time. Another policy that we are reviewing is the compensation and incentives and long-term goals for all of us. I would like to make a caveat here, because the program does exist, and it has been working for many years, but we are adapting it to align it to these strategic objectives of adherence to our governance and to our compliance program.
Recognizing the special circumstances that we find ourselves in, I tell you that we will have a very strong compliance program and matching the operating excellence of CCR, and this is what we are all making our best endeavors to achieve. The program is centered on these five pillars, and people use this expression in English, which is tone at the top, which is the major pillar. Then the culture of CCR. The third is an ongoing risk management, compliance risks, corporate risks, the structure of compliance itself, and also the control environment. Now I would like to say a few words about each one of them. Just one moment. I'm trying to get to the right slide. Okay. Tone at the top.
This is a very often used expression, which means that you must have the visible, vocal sponsorship by our leaderships vis-à-vis the commitment of doing the right thing, whatever it may cost. CCR understands that it is to the best interest of CCR to have a very clean, transparent, and fair game. I would say that we are the best infrastructure company in this region, and we are very well prepared to tackle all the opportunities and all the challenges, provided we have a level playing field. This is what we want our leaders to communicate to all the people who work for CCR, also to all the stakeholders, everybody in this room as well, that this is a firm commitment that is part of our culture and of our daily commitment. This tone at the top, this is where things come from.
We must recognize that the behavior of people is very much impacted by the behavior of our leaders. All of us expect our leaders to have above board behavior, not only in their daily lives, but also in terms of communicating these values to all our stakeholders. This is what I mean by tone at the top. We will do this together. We will be communicating a lot, this is not a process that starts overnight. It is already being done in the company gradually, and we are going to further reinforce it and deepen it. The second pillar is our culture. We must recognize that people behave very much based on the incentives that they receive. It is important to understand that CCR culture is a culture of very daring objectives.
A company that inaugurated this cycle of concessions in the country, a company that is very enterprising, these objectives are fully conditioned to our culture of integrity of the business itself. This reinforcement of the culture is one of the pillars of our compliance program. I have already talked about risks extensively. We have a risk area, a group totally dedicated to this process within the company, operating risk, financial risks, compliance risks, corporate risks in general. We are devoting quite a lot of time to this is part, or this is one of the pillars of our compliance program, because when we identify a risk and when we measure whether we are really mitigating this risk efficiently, we know if we are going in the right direction or not. ERM is a very important process for us.
The compliance framework, having a compliance framework is vital. I know that this must sound quite obvious, this function is or has gained a certain status. The objective of a compliance area, a strong one, is to cease to exist. When we cease to exist within CCR, when we no longer have a compliance area, it will be because I really have delivered on my mission. I do not believe this will happen in the foreseeable future. We will be working in this direction because the compliance culture, if it permeates the whole company and it has to do with the adherence to our policies, to our culture, and having somebody to explain to you what you should do.
Sometimes there are doubts regarding the enforcement of a policy, but the more mature it becomes and the more mature the company becomes, the less necessary I am. This is my utmost objective. Finally, we must measure and control and certify to see if we are really doing what must be done. Are we doing everything that should be done? Will the control environment challenge us to identify weaknesses in our compliance program and measure if we are on the right track? Here I talk about the muscle on the skeleton. The way we are reinforcing a program that already exists, that is to say, the skeleton is already in existence for quite some time. We already have a communication channel of our people, our headcount with the executive committees, and also a review of compliance of our suppliers.
In order to give you some figures of a list of suppliers, about 20,000 suppliers, we have already analyzed 100% of the suppliers which have high risk signs, and we have already blocked 30% of them. They are no longer part of our supplier list. An additional 25% we didn't remove, but we blocked them while the remediation is not implemented that we told them they should do. We are working with another number in terms of disseminating this compliance culture with our suppliers. This is a process that had already been occurring in the company, and we just have to fill some gaps and reinforce the program. The objective here is to give more clarity and more security to all our associates in their daily work.
The first major front is the review of our code of ethics and conduct, which is very manual, I would say. It's very dense. This is where we have all the problems. This is classical. I don't think it's very different from many others. In my experience, our associates need to have tools that may be useful in their decision-making process. We are here to help them, adding value to the company. The manual very often hinders the process. We have to simplify this very important policy and break it down into many different documents that will serve as tools for our associates. Here we are talking about individual policies, more clear, more objective themes such as relationship with politically exposed people and sponsorships and donations, our participation in class associations, and many others that represent risks to our business.
One policy that we are implementing this year is the consequences policy. A consequences policy, a clear, transparent one, a straightforward one, and universal. It's important to understand what are the consequences of non-compliance. We need to feel that the compliance system is used for everybody in the company. In this breakdown, we talk about the policy of consequences, and we also create a group of monitoring and investigation tools. The company, as Eduardo said, is very privileged because it has three shared services company that operate in an SAP, a very rich database and information, and we intend to use this database with tools of monitoring and artificial intelligence in order to give more agility to the investigation process that the company must undertake in order to mitigate the risks that it is exposed to. Finally, it's important to certify the compliance program.
It's important for us to know that we already have the solution, I'm sure that over time, we will be improving on the sketch that I'm sharing with you today. We are going to improve it with some dialogue with some external consultants that might be able to certify our compliance program. Finally, just to close my presentation, I would like to share with you a belief. A belief that has been very strong in these last four months in which I have been working for CCR. I feel this every single day, I'm very happy and very bullish that we will be able to give this final step.
As I said before, I believe that all of us at CCR understand that it is a major competitive advantage for us, our operating model and our management model, and even more so, our governance program and our compliance program. All these instruments are competitive advantages. The reinforcement and the sponsorship of these instruments will allow us to conquer more businesses and to guarantee once and for all our sustainable growth. I'm very happy with this mission that was given to me and for us, because we are all together, and I count on your support. This is a very important support. Reminding us of the need to go ahead with this agenda. I already have a very open dialogue with many of you. We will continue to do so. The company intends to continue to have a very transparent dialogue showing everything that the company has been doing. I thank you very much for your time, I will be calling Leonardo to come to the stage. Thank you.
Now continuing our presentation, I would like to talk about the future once again. How we foresee CCR's future from now on. First, I would like to bring back and to stress once again our pillars, which are the base of our growth and of our assumptions for investments here in the company. First, capital discipline. CCR has always favored and valued, and it's part of our DNA, that capital discipline, which is directly related to the second pillar, which is a qualified growth. We really value investing in things that we do believe in and that we know about the results. We run detailed studies. What can be worse than losing a bidding process is to be awarded a project in an inadequate fashion. We are very careful when assessing, along with our shareholders, the investments that we intend to make.
The third main pillar has already been discussed by Eduardo Toledo, and it is people management. This is our greatest asset in the company. We are in a continuous process of training of our associates, and this is one of the pillars that is always being developed. We always aim the right training of our people. About sustainability, this is one of our main pillars as well. All companies have to address it and have to be very focused on it. The company is developing specific projects in this area. We are looking for different alternatives, especially aiming environmental preservation, clean energy, and this is one of our main pillars, and it is one of the bases for our growth. Finally, as Pedro Sutter has talked about, our corporate governance. We are always improving that governance. CCR has always been a significant company, governance-wise.
This is part of our DNA, and we are always aiming for this continuous improvement. So these are the main pillars for our growth. Eduardo Toledo also talked about this slide. I just would like to stress it and show our capacity to face the new investments that will come in the future. CCR today has an indebtedness level that is very comfortable. We are our net debt adjusted operating EBITDA ratio at 2.7. It is a very comfortable figure because we may reach up to 3.5x . We can have with this leverage over BRL 5 billion if we reach 3.5x our net debt over EBITDA ratio. So we are ready to face all the investments that will come ahead. This chart shows a little bit of that. Actually, to our left year-on-year, we have the sources. That is our EBITDA generation and our debt.
We see that as investments increase, for instance, in 2014, BRL 2.7 billion of investments, 2015, BRL 3.9 billion, 2016, BRL 4.2 billion, we also increase the indebtedness level because within our assumptions, our investments are made by debt leverages. Now in 2018, we can see that our EBITDA is already enough to basically pay everything else. You can see here, pay dividends, interests, investments, and taxes. So it is already time to look for new investments. The company is improving that prior slide. We are proving to have a very comfortable indebtedness level with a lot of room to be able to look for new funding sources for investments. As Eduardo has already shown, in this slide, in this growth policy, we intend to maintain our practice of dividends payment. The company values that. This is a company that is considered a sound one in terms of dividends payment.
We will continue having this practice. What draws our attention here is that CCR has always paid dividends to its shareholders using dividends generated by its own projects, showing that CCR never used debt to pay dividends. So there was only one exception, 2010, where we had to pay BRL 80 million, and that shows our policy. It shows, once again, one of the assumptions that are the basis of the company. Also, as far as investments from now on, we wanted to maintain our investments in social programs. The company for many, many years is working on it. We believe this is very important. Our focus is always health, quality of life, environment and road safety, culture and sports, education, and citizenship. These will be our focuses to invest in social programs. We already have a track record of almost BRL 300 million invested in this area.
In the past five years, the average is over BRL 30 million a year of investments. Our policy, once again, is to keep moving on with these investments. What about opportunities? How do we see this pipeline? First at LAM Vias and at LAM Vias division, which we have the highways except for São Paulo, we do have several opportunities, and they have already been brought to us by Natália earlier this morning. Being studied, we have a few projects for PPIs, 11 projects over 8,600 km of highways, and some of them are already rebidding processes. This block here on the bottom, Concessão Dutra CRT, as Natália said herself, these are re-biddings, a second stage of the federal program. We also have here 2,500 km of roads in Paraná that are in the final stage of this original contract.
Still in the federal government, BNDES is studying, this is not under the Investment Partnership Program, but under BNDES, there are 10 projects that were identified over 5,700 km of highways that should be out to the market starting in 2022. Therefore, we have a large number of projects in the federal area already being prepared to be brought to the market. Still within LAM Vias, there are some states preparing concession programs. Among them, we can mention Goiás, which already had a bid out, and because of the end of the final management, they decided to suspend, to cancel it, but the current administration is already considering bringing it back to the market. It's almost 900 km of highways. We have already considered this package. These are interesting highways, and they do meet our investments policy in Rio Grande do Sul.
The governor was just here at an event in São Paulo, and he did say in this event that there is a program they wish to implement in Rio Grande do Sul, which are over 500 km into lots of highways. They will have a special condition for us, because since ViaSul that we won recently, we also won a lot of competitiveness, thanks to using the synergy and improving competitiveness in the region. In addition to that, there are other projects in other states. Minas Gerais is already considering a new concession program in Mato Grosso do Sul, in Mato Grosso, there are several other movements in different states in the country going on.
For São Paulo's infrastructure, addressing the highways in São Paulo, the governor has just stressed here that, maybe in the short-term, this is the major opportunity we will have, which is to develop businesses within our current contracts. We have already identified in four of our projects, AutoBAn, SPVias, ViaOeste, and Renovias, amounts of additional investments of over BRL 3.6 billion. These are projects that are already very much advanced, and some of them already have ready executive projects. Now, this new state administration is giving these projects a special treatment. As the governor said, we expect all of that to be addressed very soon. Once again, this is one of the main potential investments in our contracts here in São Paulo. In addition to that, we have the expiration of contracts that will start now in 2019 with Centrovias.
The government has already announced the launching of this project. It is being changed. Just to give you an example, the original Centrovias had 290 km, now there's no modeling done by the state government. It's going to be over 1,200 km. Probably this will be a new idea of the state administration of rethinking the prior model. It will add new highways, and it will increase the network that is going to be granted to the private sector. We are talking about special roads here in São Paulo. The government of the state has opened a process for PMI. Once again, we will be participating in that. We'll be contributing and presenting a special solution to address these marginal roads, these river lane roads here in São Paulo. There is another project of BRL 1 billion in the coast of São Paulo.
CCR Mobillity. This is for urban mobility. We have here lines 8 and 9 of CPTM. This is a project that CCR has participated in the PMI at the end of 2017. We sent the state government a study, now the government wishes to start a bidding process, this will be in the public consultation. We are talking about over 1 million passengers a day. This is a very important line for São Paulo, an investment of BRL 3 billion. This would be a PPP for 30 years. This project is already under our radar. We are studying that for a while. We consider to be an important project for CCR. In this package of the state government for the state, it's been announced a boutique, which is the inter-city train. It's called TIC, T-I-C.
It will leave São Paulo, it go to Americana, also it will include line 7 from CPTM. This project demands over 500,000 passengers with a potential of 750,000 passengers a day, sorry. We are talking about investments of BRL 7 billion. It will have an extension of 136 km and will demand a lot of efforts. On CPTM here in São Paulo, we have lines 11, 12, and 13. CPTM is the train here in São Paulo. Lines 11 and 12 connect the east area to downtown São Paulo, and line 13 goes to the airport of São Paulo. The idea is to have a single system with these lines because one competes with another. It doesn't make any sense to have a bidding process for just one of them.
What we have suggested to the state government was to have a manifestation of interest plan that would include these three projects. Moving on with TIC. It has that line that goes from São Paulo to Americana, it will have another stretch going up to Santos, connecting São Paulo and Santos. This is very much in the beginning, that's the initial study. The idea of the government administration is to move on, we are talking about over 110 km of rails here. Abroad, in terms of mobility, we are following up the subway in Bogotá. Bogotá has a project of implementing a subway. They have no subways there yet, we are following up the project for the past two years. We also have participated in meetings with their granting authorities.
We are using our expertise here in São Paulo to work with them, and the project is now out to be approved. Five groups. CCR is the sixth group that has been enabled to participate in the bidding process, which is still under development. They have a different process there. They first choose to like the companies. Then they decide which will be the bidding conditions. In order to define the conditions of the bidding process, they do talk to these companies that are preselected. This is part of our investment policy as well. Here we would have investments of BRL 3 billion, BRL 3.3 billion. Most of that comes from the government itself. Airports. Considering our current contracts in Costa Rica, we have AERIS.
We have already started a negotiation with the granting authority to integrate new investments to the current contract, which will demand some type of rebalancing and term extension. Also, in Curaçao, we are already talking to the local government and the granting authority an extension of the contract. Thanks to new investments. In the airport of Belo Horizonte, what we are trying to develop to add more traffic and demand and revenue is to have there the logistics hub of the industry and the airport. There is already some indication coming from the federal revenue of Brazil. We are talking to some companies that are considering going into this industry airport concept there at BH Airport. Still talking about airports, Natália has shown that now we will have the sixth airport round.
We will have three main groups of airports: the north, the south, and the center one. We have over 16 million passengers a year in these airports. Our idea is to continue working on them, studying them, and participating in these bids. Still in airports, we have here the rebidding for the Viracopos Airport. Everything points out that it should go back to the market. It looks like negotiations there are not moving forward. One of the ideas of the federal administration is to bring this contract back to a rebidding process. In addition to that, we have NASP. We still believe more and more in this project. Just remember, in the end of 2018, the federal administration in its National Air Plan, they talked about the obvious need of having a new airport for São Paulo City. CCR is already developing this project for a few years.
We have already acquired an area in Caieiras and Cajamar, 13 million sq m. This is a very appropriate area. We have previous studies of aerial navigability. Everything points out to a possible area for building a new airport to meet the needs of the city of São Paulo. In addition to that, we will have the seventh round, also mentioned by Natália, with 15 airports separated in 3 groups with a larger number of passengers because here we will have Congonhas and Santos Dumont. Here we are talking about 40 million passengers a year. In airports, we always have alternatives of investments here in Brazil. This is a global business. We are always paying attention and checking different movements out of Brazil.
In Latin America, we see the secondary market movements, CCR is following up that closely and checking the interest of participating in this market. In addition to that, abroad in the U.S., we have a company that provides services in most of the largest airports in the U.S. We want to develop, we are already developing. We started talks to some of these large airports to develop cargo projects, cargo terminals. This is a new business, an interesting niche that we are finding in the U.S. We believe this is a business where CCR really can have an important footprint in the airport market in the U.S. Now we have a summary of all these opportunities. We are talking about 11 new federal highway concessions by 2021, 10 new concessions from 2022, four state highway concessions by 2022.
In addition to this last item, which are the opportunities to invest in these new contracts of CCR, the investments of BRL 10 billion in new state of concessions out of São Paulo. Five new bids in the area of urban mobility with total investments of BRL 22 billion and bidding for two lots with 37 airports by 2022 here in Brazil. With all that, we do believe that these are great opportunities. CCR, as we already have shown, is very much prepared and ready to face this new growth challenge. We're very excited. We do believe that Brazil now will react and Brazil's economy will respond. Once again, we will have great opportunities to continue our growth process. Thank you very much. Now we'll show a video for line 15 so that we can put together a panel and all the top management of CCR will be here available for your questions. After that, we'll have a panel, we'll have a session with our lawyers to talk about the agreements and about the bids. Thank you.
[Presentation] To transport dreams, to bring more quality of life and to bring more intelligence and safety to people's mobility. CCR Mobility. CCR Mobility is responsible for concessionaires ViaQuatro, the yellow line of the subway in São Paulo. CCR Barcas, the waterway transportation in Rio, the VLT from Rio de Janeiro, the light rail vehicle there. CCR Metrô Bahia, and also ViaMobilidade, which operates the lines 5 of subway and that will operate line 17 of the monorail in São Paulo as soon as it is ready.
[Presentation] In an auction in March 11, 2019 in the Stock Exchange of São Paulo, the consortium ViaMobilidade was awarded. As next steps, we will have the validation of the documents of the consortium, if they are approved, the ViaMobilidade line 15 will be declared the winner of the bidding process. They will pay the grant to the government, we will sign the concession contract. We will have two transition periods. The first one, ViaMobilidade will be an observer, just checking the line that is on the hands of the subway. In the second period, ViaMobilidade will operate the line, the subway will just follow it up. After that, we'll do the maintenance, conservation, and improvements of line 15 for 20 years. Today, we have 7.8 km of extension with six stations that are already operating.
[Presentation] By the end of 2019, over four stations will be operating. The idea is to serve 3,000 people a day. Today, CCR Group transports over 1.8 million passengers every day. Up to the end of 2019, we estimate that we'll have had 2.1 million passengers per day. Also we estimate that within two years, we might reach 2.9 million passengers every day. With the concession of Line 15 Silver, CCR Group extends its participation in urban mobility projects in the largest capital of the country and will count with 50% of the transportation network over rails in the city of São Paulo. We will have 60 km when Line 15 Silver, 17 Gold, and Line 4 Yellow will have their construction works concluded. Another important step in the strategic planning of CCR that aims a qualified growth, adding value to shareholders and also contributing to the socioeconomic development as well as the environmental one of Brazil. CCR Mobilidade, more comfort to users, more mobility. More mobility in the cities.
I would like to invite the executive committee of CCR to come to the stage. I would like to invite Mr. Sebastião Tojal to talk about the legal aspects of the self-mediation terms and the leniency agreement that were signed by CCR.
Good morning. It's a great pleasure for me to accept this invitation by CCR to participate in this event today and talk to you about the measures that were agreed, both with the São Paulo Prosecutor's Office and the Federal Prosecutor's Office in Curitiba in Paraná, due to a series of events that were reviewed, especially as of February last year. For a brief timeline, I would like to mention that in February 2018, the terms of a cooperation of a plea deal were published. In which certain events were attributed to the company, I was hired as administrative counsel. Together with the criminal colleague, we started an evaluation of what effectively had been done or announced by the press, really had some basis.
The company formed an independent investigation committee, chaired by Minister Carlos Velloso from the federal court, and hiring TozziniFreire and other law firms, especially Control Risks, to check independently the facts that were being attributed to the company and published by the press. Both the investigative committee promote, by means of the office's contract, a deep investigation, and we, as lawyers, in a complementarity relationship, we decided to seek information, especially regarding many executives that were still with the company.
As of this moment, we took the initiative of going to São Paulo, to the Prosecutor's Office of São Paulo, which had the competence to investigate certain episodes that were being tackled. Also we went to Curitiba to establish a dialogue initially with, in terms of offering the Federal Prosecutor's Office, everything that we could in terms of cooperation and to seek to clarify the facts and to dissipate any doubts. Over the year, the independent committee produced a whole series of initiatives with a huge amount of information, a huge amount of documents.
We lawyers were able, little by little, by means of dialogue with many different people, we were able to put together a whole set of information that showed us at a certain point in time that it was imperative to seek a consensus solution, first with the São Paulo Prosecutor's Office and then with the Federal Prosecutor's Office. This is a theme about which who will talk later, will be talking later, but I would like to say that it seems crucial to me. I bring some news and then I can clarify more in detail, some news about this agreement. The leniency agreement is a document by means of which the company contract with the Federal Prosecutor's Office in indemnification or to repair or to remediate damages coming from illicit practices.
At the same time, the company commits itself to implement a program of compliance and integrity program and governance program that are submitted to the Prosecutor's Office for them to check and accept. Another relevant aspect is the cooperation on the part of the company with the investigations that might be carried out by the Prosecutor's Office. In this specific case, the leniency agreement, by definition, exception made to the agreement signed with CADE, but even if we have a very short experience, a very short life in this question, for instance, in fact, it started in 2014, but what can we see very clearly already today is that the leniency agreement signed by the companies, they do not progress if they are not based on testimonials together with the evidences that the Committee for Independent Investigation has collected.
Undoubtedly, the testimonials of the people who were involved in the fact, and they are crucial for us to define what will happen with this agreement and in the evaluation of lawyers. It was totally essential, mainly considering the circumstances of CCR being a group of concessions in public services. Therefore, the risks went much beyond because public service concessionaires previously had been involved in some illicit acts. It was mandatory to have the cooperation of the critical people involved, the executives and et cetera, at that point in time. Here, I would like to add one circumstance, a very special circumstance, which is the fact that many of the illicit deeds already had the penalties in the statute of limitations from the penal viewpoint, from the criminal viewpoint, for many of those accountable. It no longer existed because it was already under the statute of limitations.
Because these people would be willing to submit themselves to individual agreements. This was our major challenge, this company and the controlled companies. In any point in time this happened, in terms of expressing a structured service and expression that got into all these matters with the car wash operation coverage, et cetera. The company didn't have a structured department, and that had the control of a bank, for instance, that operated wrongdoings on corruption acts or issues involving electoral problems, quite to the opposite. The amounts were not relevant if compared to other episodes that became famous. They were not structured professionally, so to say, in terms of having a structure totally set up for this purpose.
The work by the investigative committee had a more limited scope, so to say, in spite of the huge contribution that they could bring us because the wrongdoings didn't bring more evidence. The participation of the people, the individuals, was very important. It was a huge trouble for us in terms of persuading their lawyers. With these individual agreements that the individuals have signed, it was possible for us to put together an agenda. Starting from there, in São Paulo, in November 2018, this agreement was signed with the São Paulo Prosecutor's Office, and this year it was possible to conclude negotiations with Curitiba and thus signing a leniency agreement. This name, neither the São Paulo Prosecutor's Office, neither the Federal Prosecutor's Office report to specific laws that regulate the matter.
Lot of this legal construction comes from an exercise coming from the investigations that started way back in 2014 within the scope of the Lava Jato, the Car Wash operation, and then spread out throughout the state. The company signed this agreement. By signing this agreement first, the compliance commitment is materialized in an already existing program. It ends up being approved and even praised by the Public Prosecutor's Office. It's a lot of the program that was presented to all of you today.
Within the scope of the remediation, the amounts are public and what has to do with the agreement with the Federal Prosecutor's Office, the currency for the remediation amount, which is the second big objective of the agreement, was defined based on a basket in which there was a definition of a certain amount to be paid in cash within a certain time frame. A second part of this remediation payment would be paid by means of reduction in the tariff charged by the consumers that use the highways. The company subsidizes the discount that is given to the users of the system that is managed by the company. The third part was established due to projects in the system that is managed in RodoNorte, managed by CCR.
This mix of currency, so to say, was adjusted after many efforts and a lot of negotiation. Today it will be the object of a ratification that should occur next Thursday by the Federal Prosecutor's Office of the 5th Chamber that has the competence to ratify these agreements and then bring it to a judicial ratification. In São Paulo, things are a little bit different, as the agreement or the currency, so to say, is the Brazilian currency in 24 months, at the time frame. This agreement was submitted directly to the court, and I was with this judge, and I dialogued with him, and he determined that the parties involved should manifest themselves, and they have already manifested themselves. He said that it would be necessary for the. In terms of receiving the amounts that are already deposited in an escrow account.
Under the second aspect, the reparation or the remediation, the agreement evolved so that the company may obtain a total settlement regarding the amount that caused the collective moral damages as they are described, and there are no damages to the treasury. Which has to do with the fact that the company is a concession area of a public service. The third aspect comes from the commitments in the leniency agreement, which have to do with the cooperation by the company, and that will be given in terms of the investigations and the way that goes beyond the facts that are directly related to the company. The company's commitment, and once again, this has to do with the individuals that signed the individual agreement.
By means of these individuals, well, these individuals are no longer with the company, and the company will be able to comply with the objective of giving the Federal Prosecutor's Office and the São Paulo Prosecutor's Office the necessary information for the full clarification of the facts that ultimately determined the need to sign the two contract. This is what I could bring to you. I would like to conclude by saying two things. First, I don't know whether you are familiar with that. Due to legal requirements, they happen in total confidentiality. Of course, I know that there were leaks more than once, but they did not cause damage to the company or to the professionals that work for the company.
This confidentiality agreement, one way or another, removed part of the need that the company understood it had in terms of accountability and vis-a-vis the people who were involved and the people who work for the company. In spite of all the ratifications, and the agreement will become public with the ratifications, but the testimonials of the former associates of the company, they will continue to be confidential for some time, so that there is no problem or no hindrance to the investigations that are still underway. The second aspect that I would like to mention is the following, I bring my own personal testimonial than one information coming from a legal text or anything like that. The practice of agreements started in 2014, 2015.
I participated in three negotiations of three large agreements. My expectation at the time, 2014, 2015, and 2016, was that it could produce positive effects, not only for the prosecutor's office and for the treasury, but fundamentally for the companies that were the signees of these agreements. This was an expectation that I had about four years ago. Today, what I can tell you is that I am 100% sure that these agreements comply with a vital role. They fulfill a vital role for the companies that for different reasons, and it doesn't matter now, but companies that got themselves involved, be it more or less, or in these misdemeanors. I have this certainty because I have this close relationship with the companies and that were involved in these cases and that were able to rebuild themselves.
This has one additional element of emphasis, which is the fact that CCR is ultimately a concessionaire of public services. It was totally essential to sign these agreements and have the guarantee that not only the different companies in the group would continue to have their concessions and maintaining their concessions, and with the amendments that are usually necessary, but to have this guaranteed, the participation in new projects and new opportunities. This is equally guaranteed with these agreements. My conclusion is that I'm very optimistic today, and this is evidenced by the fact, the recent facts that show that the leniency agreement, and from the competition viewpoint, can bring us the certainty. Okay. These were my words to you, and of course, I will be available to answer any question that you might have. Thank you very much.
Dr. Tojal is here. We will leave the Q&A to the end of the event. Now, I would like to invite Mr. Marcelo Trindade to talk about the PIC.
Good afternoon, everyone. Thank you for inviting me. I would like to talk to you about the PIC, which is a rather new theme, not only to you but to all of us on the other side of the table. These experiences have been appearing recently, and in the case of CCR, as Dr. Tojal mentioned, with this huge challenge, a challenge for the survival of the company's business, as we are here vis-a-vis a situation in which the business itself of the company depends on this kind of adjustment that Dr. Tojal mentioned. The survival of the company would be at risk without that.
This is why the cooperation is so much needed. The company has to show that these problems no longer exist and that they have turned the page on the problems. Without that, the company would not be able to continue its activities. With everything that Dr. Tojal explained, we needed to convince people, or the former executives of the company, to cooperate and to offer their cooperation with the prosecutor's office and the different prosecutor's offices, federal and the state of São Paulo and any other that might be required in the future. This was necessary. Of course, here we also had negotiations going on. On one hand, negotiations with the authorities. On the other hand, negotiation with the people that had the information. Of course, these people were the ones that knew the purpose of the act that had happened.
As Dr. Tojal said, there was no accessible internal record in the company capable of giving this information. It was impossible for the current management of the company to obtain this information by means of documents. Without this document, the prosecutor's office was not willing to come to an agreement with the company. This is the reason why the company had to negotiate the PIC with a group of 15 executives that were considered as the people that should be in this PIC, and the total amount to be spent, and it's BRL 75 million. This amount itself, if you consider it isolatedly, is a relevant amount, but when you compare to the potential damage that it helps to avoid to the company, it is quite reasonable and necessary for the company to go ahead.
Basically, the board of the company was submitted to this decision after a long and tough negotiation with these executives that said, "Well, I will no longer be able to get a job with these agreements that I'm going to sign. It will be impossible for me to generate income, and I'm going to suffer freedom restrictive measures. Why would I do this? Why shouldn't I negotiate in better conditions for me individually and not among a group of executives?" This is what we see in the newspapers in relation to the other cases. We see this competition between the executives to see which one will be able to tell first. This takes a long time, and the company would not be able to sign its agreements quickly and turn the page. What would happen if and when the company was able to do that?
The company would end up spending much more than it spent for these two agreements, because ultimately, the contribution that the company would give to the prosecutor's office would become null, useless. The company, by signing the PIC and the contracts with the former executives, the company was able to give the prosecutor's office something in exchange. That is to say, information that these people were obliged to give. Should the company not do this, let's say the company signed an agreement in one or two years' time, in case this happened, the company would have a major problem and would end up paying much more, and maybe the prosecutor's office wouldn't even accept a leniency agreement any longer. This was the scenario ahead of us, and the board made a decision of approving the PIC.
As you well know, the approval of the PIC was conditioned to the ratification by the shareholders. Because one of the things that is being adjusted in the PIC is that the company will not file a suit against the former executives in terms of indemnification regarding the cost that the company will have and is having due to the leniency agreement. From the company's viewpoint, you can well imagine that the recovery of these amounts, the chance of recovering these potential credits, given the situation of the executives, be it in terms of their personal assets or the real situation involved that they are in the investigations.
This waiver from the credit viewpoint is no longer so intense because the chance to recover these amounts that the company would be spending would be very small, especially if we consider the amount that the company would be obliged to spend should the company not sign an agreement. It would be important to give this to the former executive because, of course, we would get into a vicious circle and the former executives would never accept to cooperate. We should consider this debt settled for the former executive.
The board decided that they would consider this credit as already settled, and this will happen in the next extraordinary shareholders meeting. It will be during the same day as the normal shareholders meeting to ratify the PIC. Besides the amount paid to these executives, they will be paid in five years time because as Dr. Tojal said, in order to comply with our agreement, they have to continue to cooperate and therefore we defer this payment over time. Should they interrupt their cooperation and they do not comply with the contract, the company automatically suspend the payment. Besides asking for the money back, that is to say, whatever had already been paid. We maintain them encouraged to cooperate.
Beside this amount, besides the waiver of their lawyers will be paid by the company and any expenses that they might have, and these amounts are much lower than the total amount of the PIC. I think the final summary of this decision that the shareholders meeting will have to make is the same one as the board of directors has faced to make the decision. We have a scenario with the PIC and a scenario without the PIC. With the PIC, there was a leniency agreement, fast, that allowed the company to move forward, ready for its new challenges. A scenario without the PIC program, this would not happen and the company's survival would be at a risk. A risk for past concessions and risk for future concessions.
Damage reduction, because when you have leniency agreement and a PIC, the integrity and conduct program, you have the combination of the amounts and the company knows that the subject, and it will have to spend that amount because of this subject. In a scenario without the PIC, it was of a financial uncertainty. Can you only imagine how we would communicate to you and communicate the market what was the risk for this company economically and also financial-wise because of the uncertainty coming from the not signing of a leniency agreement? What impact would that have in the company's revenues? The ones already contracted and the potential new revenues and in a PIC scenario, we are sure how much this will cost versus an uncertain scenario, which would be the one without the integrity and conduct program.
These are harsh words, but we are exchanging the risk for the company to go bankrupt by a sure path to move forward. I'm sure this will be the best decision for the shareholders meeting. Of course, all of this is very new. We are frequently facing the question, "No one has done that before." Yes, of course. In fact, this is a situation of a listed company that needs to sign a leniency agreement because of events that were directly connected to the company's businesses. This is an unprecedented situation. In the past, we had third parties that came out as the ones to name and being investigated by the Public Prosecutor's Office. Here, the Public Prosecutor's Office came into the conclusion that the company's acts have brought about these wrongdoings and therefore, we do need to tackle the subject as a listed company.
The company has asked us for support so that shareholders' information and information to the market would be as complete as possible. In that scenario that Dr. Tojal mentioned, where you have to limit the publicity of facts, amounts, names, a lot of times things that we were not able to mention and still are not able to mention because of the confidentiality around the subject. In this confidentiality environment, I believe that the company was able to provide the market and as well as shareholders, a deep amount of information in order to make this decision. I can say it very confidently, the same amount of information and same quality of information that has been provided to the board of directors so that decision was made. In a way, the shareholders have on their hands everything that they can have to make the decision and that seems to me as enough so that this decision is ratified. Now will be by Dr. Tojal here on this table to answer any questions you might have. Thank you.
Very well. Thank you, Marcelo Trindade, and we'll now open the Q&A session. Once again, we would like to thank you all for your participation, especially those that are with us via webcast. With people that we have here in this room and also our audience in the webcast, we have over 400 people. We already received a few questions from the audience. Any questions here, whether for Dr. Sebastião, Dr. Marcelo, or for the officers of the company? There's a question there.
Good afternoon, everyone. This is Pedro Bruno. Good afternoon. I'm Pedro Bruno from Santander. My first question is about the PIC, this integrity and conduct program. Probably that's not only a question that I have, but what is really the incentive that five years of wages would give to a top management person that probably has already lapsed the time of the facts that are being investigated. Why five years for that executive? How can you consolidate interests of 15 different executives within this process? That's my first question. If I can add to that, if you could go back. Explained it, but I want to better understand it. On what you still need for this rectification, a little bit of the step-by-step of the process, both in the different Prosecutor's Offices. Thank you.
I will start by your question on the incentive, on the encouragement, and then I will turn to Dr. Tojal to talk about the step-by-step. Well, Pedro, you can imagine that this was a difficult negotiation, as all negotiations are. In this case, we did face a lot of resistance to this negotiation. Coming to this negotiation, there was a cooperation obligation. First, an obligation with ourselves and from them to the public prosecutor's office. Now, if they do not comply what they have agreed to do, two main consequences will happen. One with, and another one because they did not comply to their commitment with the public prosecutor's office, because that's something totally different from what they had done in the past. Yes, I do believe they are very much encouraged, whether because this PAC program has relevant values or also because they would not be complying with the public prosecutor's office. They would not have signed this agreement with the prosecutor's office without the PAC program.
Now they have two obligations. One obligation is to ourselves and another obligation is to the prosecutor's office. Well, I would add an observation that is really important. With the Integrity and Conduct Program, because of the PAC, these executives signed plea bargain agreements with the public prosecutor's office. Because of that, they will have to inform all wrongdoings that they have knowledge about, and they have to inform everyone that was involved in those wrongdoings. The sanction for not fulfilling these obligations with the public or federal prosecutor's office is, on one hand, they will become accused, and the other side, they will lose any benefits, anything that they have gotten with the signing of this agreement.
I am sure that the PAC allows the company to have the better attitude with the inspection agencies because it takes from the testimonies of individuals, as I said, the objective, the agreement. Not only it is certain that will be fulfilled because there's an agreement with these individuals, and also because of signing these agreements, they also signed other agreements with the prosecutor's office with a matter that is of life and death, because if it is proven that these people have lied or have omitted facts, they will be punished just as the same. I do believe that this is the best practice that you could have for a perfect disclosure, both for the company as well as for the involved players, as well as inspection agencies.
Second, the step-by-step you mentioned. In the state of São Paulo, what happens is this, a single file court judgment, a rectification that has been required, and it's in the conclusion process. I talked to the judge, and I am well informed about that. In Curitiba, the procedure is different. There, with the federal prosecutor's office, there is an initial internal rectification, which is done by an agency that is a chamber that gathers some prosecutors, and they work with leniency agreements and other competences. By the way, I feel very comfortable about the meeting that we will have next Thursday when this agreement should be signed because this Fifth Chamber was previously consulted about the menace, the agreement that would be signed between the public prosecutor's office and the company.
This was a concern that we had with the prosecutors, we have to consider something that Dr. Marcelo talks about, it is crucial for us to understand the real dimension of these agreements, which is actually the cost of the opportunity. These agreements are good because of the contribution they add to investigations. If we come in too late, if we come in at a moment where investigations are already concluded with other players already contracted, this commodity will lose value, they might not even be signed, it already happened in different cases. Our concern was with the suggestion that you just heard, an initial consultation, so that we know that once the contract is signed, it's rectified. After having this Agreement approved in the prosecutor's office, this has an effect of the remediation area.
There is going to be a rectification or a file court judgment, which is applied for penal effects. That is, once this is ratified judicially, it will have a clause that will then generate effects. What does this clause state? It says that any person that has had knowledge, any person related to the company, to Norte in this case, or to the group of which it is part. Any person that has any knowledge or has had any knowledge of any elements that might be added to the ones already provided by the company, consequently that might better drive investigations, they might ask penal immunity so that they can provide that contribution. The prosecutor's office will analyze the case, if it is worthwhile, it will provide immunity to that individual so that they can have additional information. This is possible because the agreement was signed for penal ends or purposes in the federal justice system in Paraná. This is the step-by-step process.
Just adding to what you said, Dr. Tojal. The better demonstration of this agreement for me is what we have there in Paraná, where the other concessionaires that are involved, they are having very significant penalties. They have assets being blocked, also assets blocked from the executives. This is a very clear sign of the advantages of this agreement. I would add that companies that will have a hard time in participating in the rebidding process of concessions when the time comes, I think in 2021 or 2022.
The companies that still have a situation far from a final judicial decision will have a very difficult time, legally-wise and technically-wise, to participate in this rebidding process and the process that today they own the concessions. Adding that, Pedro, something that I forgot to mention, these executives also will be able to maintain their prior assets because they will not be sued, not by us and not by the prosecutor's office. They will not be sued for damages. Not only what they will receive, but also they will maintain that, even that if these amounts that we are paying were not enough to reimburse the company and the public prosecutor's office, they would lose everything they have if they were not signing the agreement. Any other questions?
Vladimir Pinto from Kiron Capital. I have two questions. One is about the PIC. If in the investigations it is clear that if anyone else out of the company benefited from the process, we know that the executives will be exempted in the case the company approves that. If you have had any investigations for other contracts out of Paraná and São Paulo, are there any risks of another leniency agreement being negotiated by the company?
Very well. I'll start by your second question, then I will ask you to ask again the first one. If there are risks, information that we have today is that the existing wrongdoings have all been identified. Remediation corresponds, we're limiting ourselves to these two signed agreements. This is the information we have today. What about the first question? Still on the second question, Dr. Tojal, I think, and remember, all these executives everything that they knew.
There is no geographic limitation or any other nature. The agreements they signed will be at a risk if something else comes up. This is all up, they will be at a risk. It's very little likely. About the controlling shareholders, I can give you the same answer. The investigations of the company shown that there were no benefits out of the company. Even the benefits for the company, it's questionable. There were wrongdoings, but they were of doubtful benefits for the company. They were enough for the authorities to apply sanctions regardless any benefits obtained.
I would stress that we as a company do not have the whole picture. The public prosecutor's office has that picture, they might know about the benefit of a company, and the company might not even able to identify that because they were the ones who had done this agreement with these executives. The public prosecutor's office would not have agreed to sign a contract or an agreement company itself if they had found benefits for people out of the company. It would not make any sense, right? Once again, everything makes us believe that the company has no problems there, but it really shows that there are no external benefits to the company. To make it clear that what is being submitted now to the shareholders' meeting is that the PIC is ratified. That is only for those executives. There are no other rights or anything else being here at stake for our shareholder.
Felipe Vinagre from Credit Suisse. Follow-up on this question. Can we say that in the committee and all plea bargains we have seen so far, there were no material facts that would have you looking for a leniency or an agreement with possible wrongdoing regarding other contracts such as Dutra, Bahia, Rio de Janeiro, these assets that as the market's understanding are not included in the agreement. These agreements are for Paraná, State of São Paulo, and you have other assets that are not included. Can we conclude that the committee have not found any illicit acts or wrongdoings there? Just stressing the question because I really want to make this topic very clear. That's what everyone wants to know.
What I can state is this: the company, whether coming from investigations or whether because of agreement signed by its former executives, the company has no elements that will allow it today to talk about the need of signing agreements, whatever else, for beyond the limits of São Paulo and what was the terms some mediation and also Paraná. The company has no other indication that similar problems will demand solutions like that.
A second question, if you allow me. This is a question for Eduardo. In his presentation, he taught the organizational structure. I understood there was a major change in the company. What caused this change? What was the pre-change diagnosis that allowed you to change the system? What is your function in this new structure? I understand that you have finance, legal, shared service center people.
What do you foresee of improvements coming from this change? Because from what I understood, you did not have this structure before. How do you compare that to other companies? That is, this structure came from a benchmark, so it created this need. Well, before Eduardo answers your question, I have a similar question here, and it came via webcast. It is from Mr. Alexandre Falcão from HSBC. He is asking us what has motivated the reorganization, how this will bring operating benefits, and what are the plans. If you may comment on that, about changes regarding processes and decision-making with this new structure. Thank you for your questions.
Basically, the creation of this corporate management VP will try and support and drive the growth opportunities that originate in business. I think that the creation of these divisions has fulfilled an important role in terms of proving the origination. To make that real, we need to have a corporate center, I would say, an area of corporate management that can work towards these opportunities. Obviously, there is another role where to try to find the different opportunities that you see in those areas. When these divisions were created, and this was something with the support of McKinsey three years ago. We clearly identified that of those 26 concessions directly connected to a corporate center, to a holding, that is not functional, and it would not allow a close follow-up. That is why we created these divisions. Once again, we need to have an articulation of this corporate center in order to drive growth and to make decisions about portfolio, about investments in different businesses possible, sales of businesses. This corporate center has this role, which is to manage the business portfolio.
In addition to that, we have the culture. As I said, the company is 20 years old now. Obviously, it is going through a new cycle, and this is going to happen also for the next few years. The country has changed, the companies have changed, the business environment also has changed, and we need to prepare the company for this new cycle. Once again, this area has this role of preparing the company for a new cycle.
I would like to add comments. This restructuring process was already forecasted starting since 2016 when we developed this study with a consulting company. In 2017, our CCR day, we had already shown that position. The decision of not implementing it right away was because we then decided that first we wanted to implement the four divisions. After having the four divisions consolidated, we would be looking for the position.
That's exactly what happened. We implemented the division after a year and a half. We decided to add to this reorganization in the way it had been initially imagined. The only new thing was the creation of the compliance vice presidency, which we didn't have in the past. It was already a compliance area working, but it did not have the status of a VP, and it was not related to the board either. These are recent changes. There's a question there.
Victor from Bradesco BBI. I have two questions. First one about a follow-up on the PIC and the leniency agreement. Looking from the outside, I would like to understand, because here we are talking about a five-year agreement in the PIC. Is there a legal motivation because of these five years? Going back to risk, what have you considered materiality to define that in the other concessions you do not have this risk of a leniency agreement? Second question about airports. It's clear the opportunities that we see for Brazil and U.S. and about other opportunities?
Let me talk about the materiality. When we say materiality, this is the same term that we use in our financial statements, what we can consider to be material in terms of financial statements. This statement is very much in line with our financial statements already published. When we talk about materiality of additional values vis-a-vis the PIC, maybe PIC is not even a material value in itself. I will be comparing that with the total amount of the PIC, right? Because other costs are less relevant.
About the five years, as I said, the idea of these five years was to maintain the commitment of these executives over the period of the investigations that the prosecutor's office be doing so that they will continue cooperating. Also, if anything else comes up, they will have to cooperate. If any other issue that comes up and we don't know about it, they will have to cooperate just as the same. If we were to pay everything ahead, if PIC ahead of time and they would have to cooperate for five years, which is basically the period of time that you have for different purposes. After that everything else, no, there's lapses. Not that we didn't ask, the company resisted to that, to paying ahead because this will then maintain all executives aligned and the company doesn't have to make a full disbursement and discovers that tomorrow one of the executives for a reason or another might not have told all the truth. This is the main reason. If Dr. Tojal wants to add anything to it.
Before turning the floor to Leo to answer for airports, I have another question from Mr. Roberto. Though I've got several opportunities have been presented in the airports segment. Are there priorities in this block, specifically Santos Dumont or Congonhas?
First addressing Victor's questions about NASP. This is a project that was already being studied by CCR since 2012. We came into the conclusion, it's the same conclusion government has and has been published recently that São Paulo in a short period of time will need a no alternative for airports here in the metro region. Viracopos is not an ideal solution for Guarulhos will reach its natural top capacity and the possibility of expanding, increasing the size of Guarulhos is very complicated. You would need to take people away from the region to have a large to expand the airport. The problem in Guarulhos, the main restriction in Guarulhos, it has to do with access.
With that, CCR has developed a project of the new airport of São Paulo, which we are calling NASP, trying to find solutions also for access. In addition to the needed physical piece of land, we do need to improve the way passengers reach the airport. We are talking about AutoBAn. I'm sorry, Bandeirantes and Anhanguera. That really would make the access to the airport much easier. That's what we are considering. About NASP. This is a project that we deeply believe in. Of course, it developed. We have to work on legal and regulatory matters to turn it into a possibility, but it's within our plans. What was the other question about airports.
About airports. Okay. The priorities regarding airports. Of course, that CCR is greatly interested in participating in all bidding process. The sixth and the seventh rounds, for sure we'll be participating on those studies, and we'll bring forward proposals. Of course, if those investments fit into our investment policy, if they are right to our policy, obviously, that will be part of the auctions. Just adding to that, this last auction. If we analyze what happened, it showed some important signs. The main international players participating prior round, in the fifth round. This time now, they lowered the bar. It was caused of Fraport. Also, Zurich was not like that. Zurich was very aggressive in this auction.
That already shows us, at least that's our understanding, is that these international players came into the Brazilian market, now they already see the Brazilian market in a different way, and they see that things are not as easy as probably they have imagined. It was very clear to us during auction because Fraport had bids lower than CCR's. It is an entrant, it has a different strategy right now, and it was very aggressive. We will continue to pay attention and to participate in all these bidding processes in Brazil. Any other questions?
Good afternoon. My name is Gustir, I'm an investor. Could you please explain the history, or did you get to the amount to be spent? I would like to know additionally how you explain that other projects are still open in terms of possibilities. Because as I see it, there are new risks on the horizon, or they might happen. The contribution by the company could happen. It could be replicated. Thank you.
Two points. What I have just said is that today, the company and its council that work in the negotiation process, both in São Paulo and in Curitiba, have no evidence whatsoever, no suggestion whatsoever, that there could be any problem besides the ones that were reported. The São Paulo Prosecutor's Office and the Federal Prosecutor's Office. This cooperation, well, these are very long-term because they all oblige themselves to report all the information. On the other hand, you must keep in mind that anything that they say that is not true or anything that they do not reveal, that will be penalized very seriously by the Prosecutor's Office.
The reason why we reached the conclusion that all these people, when they report the fact, they are reporting, in fact, all the fact, because otherwise it would be irrational to believe that with such a big risk, people would choose to only make available the information piece by piece or gradually. This is why we are comfortable when we say that today there is nothing that may suggest that any problem will happen on the boundaries of Paraná and São Paulo. You never have a total guarantee. What we have is concrete evidence that things should stay within the that they are. On the other hand, the negotiation of amounts, which was your other question, this was a long battle, and I cannot fully disclose everything about it because of confidentiality with the prosecutor's office, and they are pending ratification.
What I can say is that both in São Paulo and in Paraná, the long process, not only of definition of the scope. Therefore, the remediation amounts and how this was going to be paid and what kind of currency would be used. In Paraná, because of the basket of currencies that I mentioned, the process was more sophisticated, I would say. These were negotiations that happened 8 months in São Paulo, in Paraná. In São Paulo, it was a little bit shorter, but it was complex all the same because it involved many variables, and this was the amount both here and there, the minimum amount for an agreement.
We have a question from the webcast to Leonardo Vianna. With the business pipeline piling up and the success of CCR in the auctions, what would be the limit to the appetite of your What is the maximum leverage that the company can reach? Management, would it imagine raising equity in order to participate in other auctions?
Thank you, Alexandre Falcão, for your question. In fact, we had the opportunity during our presentation that to date, the company finds itself at a very comfortable indebtedness level. Our net debt to EBITDA ratio is 2.7. What is acceptable and what we have already defined with our shareholders is that we could reach 3.5x net debt to EBITDA. From 2.7 to 3.5, this would give us an additional capacity of BRL 5 billion, and it would be more than enough to participate in most of the projects that are being announced.
As Eduardo said, if I'm not wrong, some of them very important, they are still in the ramp-up phase, mainly mobility, air force, and airport. Our EBITDA goes up and up. Also, with that, our capacity improves. In a much more comfortable position than any other player or most of the other players. Regarding equity, we have a history. After the IPO, we have already had 3 follow-ons, and it depends on the situation, the moment, the timing. We will continue to pay attention to that, and we might go to the market and for an equity issue.
Lucas Marchiori, Banco Safra. Two questions. Still regarding Doria's side. When we do the assessment of CCR, you always have the 2006 addendums we mentioned, and this morning we saw the Governor of São Paulo, very favorable to investment. If we compare the São Paulo State to sign leniency agreement, it seemed to me that São Paulo was more friendly in terms of achieving an agreement. Don't you think there is a window there for the company to have a more favorable situation for the 2016 addendums in the Doria administration? Because it's still a relevant risk to the company. The second question has to do with the rebalancing of the suspended axes.
Okay? Lucas, I'm going to answer the first one, and then Paulo Rangel will talk about the suspended axes. You're totally right, the environment today is different. Just to give an idea, after João Doria took office, we, CCR, we met with him three times, once per month almost. The subject that we are tackling with the governor have to do with these things that have been dragging for a few years, and they are showing a lot of interest in terms of making strides in these negotiations because none of the parties is interested in continuing all these legal disputes. I think they are very favorable to this kind of negotiation, and we are starting to deal with that already.
Just adding to what Leonardo said regarding the suspended axles. We are negotiating with SP and the government of São Paulo State, and the negotiations are happening. This theme is more difficult, mainly when you talk about tariff adjustment and realigning tariffs, but the negotiation is being conducted and an amendment regarding the duration of the contract.
At any point in time, we might reach a conclusion about the suspended axes that were not collected for or charged for last year. Another question, and then last one. First question regarding the PIC. I would like to know if the prosecutor's office or the authorities are aware of this agreement and what is their view regarding this. Another point is more qualitative. How do the other executives and the world in CCR see this agreement and say, well, I stayed here and I didn't do anything wrong, and how does it have to do with the tone at the top that was mentioned here?
About the authorities? No. They acknowledge because it wasn't about them. This is something that is very clear for lawyers. This is an internal problem of the company. It was a way that it took a window of opportunity that was opened. As stated and was said to the authorities and prosecutors, yes, is that individual sentences, the amount that these employees had to pay, these payments would be made by the company, and these are figures part of the program that encourages the plea bargain. No, I'm sorry. The question was not asked on the microphone. On the contrary, because it shows the company's commitment of effectively taking to prosecutor's office all information available. Once again, I apologize because I'm insisting on this topic, but it's crucial to understand the rationale.
I have people that were thinking seriously why they would have to confess things, because they were already protected because of the lapsed time. Why going to the court? Once they went to the court, what would be the next would be of being completely correct and honest because they were getting benefits from the public prosecutor's office. These are things that take time, and that's why this payment of the PIC would not be done in a single installment and ahead. The prosecutor's office being very nice, they have plea bargain agreements. They can apply strong sanctions, they are sure that the agreements will be followed by these. I told them that the company would be responsible for paying those amounts. I think it would be interesting to explain the dynamics.
The prosecutor's office would not sign the agreement without having new information. The only way of having this new information would be with a plea bargaining agreement because the company would not be able to address the questions and who benefited from this, who was involved, who received it, and so on, and who is behind it and who requested it, and only those that participate know about it. This previous negotiation of the company with the plea bargain players is implicit to the dynamics, because if the company did not have this collective cooperation, this would not have happened. Prior cases where we had this collective cooperation and not a disorganized cooperation as we had seen in the past. Here, for us, this was all an organized process. All the stakeholders are involved.
The public prosecutor's office know about it, and there is no surprise. Actually, a prosecutor's office that something similar to this PIC would happen so that the plea bargaining agreement would have happened as it did. When these former executives provide their testimonies, obviously, they have all the onus Dr. Sergio has explained of not revealing the totality of facts, and the company has no control and doesn't even follow up these testimonies. People make their testimonies, and they have their personal consequences. For the company, this is way of contributing to clarify the issues. Obviously, this was a way of encouraging them to start contributing and helping the prosecutor's office. After it starts, it has its own life with strong personal consequences of initiating the process for each one of these players facing the authorities. Once again, this was very important and that has been always what the company is working on, which is to find anything, any wrongdoing have happened. I believe that this attitude will be moved forward.
I don't speak on behalf of my colleagues, neither today nor ever. I would like to refer to your question about tone at the top. What the company did last 10, 12 months, and where the investigation committee and the assistants had been working on that and have been, it was facing these circumstances in a very clear and transparent fashion, which, in my opinion, are very specific to CCR Verve. We have just one side on vector of this result, which is the PIC that reinforces this tone over. The company doesn't have a lot of attrition. It has quite a small attrition. In the last few months, 80 people left the company. It's a very tough, visible process for everybody who works for the company.
This reinforces the tone that the company is committed, totally committed and no turning back and doing things right and cut. It seems to me quite the opposite. It seems to me that this reinforces the tone and the tone that the company can give to all the stakeholders involved. The amount involved, I'm going back, compared to the amounts that these executives received as long-term salaries and bonuses, this is a way to try to negotiate and creating a way for them to be able to cooperate in this negotiation. Of the people who remain in the company, there is no such, "Well, it was worth it." No, not at all, because it has to do with people's reputation, that it has to do with all the penalties that they are suffering. The tone of the top would never be this one, that this one way or another, has some degree of tolerance on the part of the company.
Quite. Let's go to the last question. Felipe from Credit Suisse.
Pedro, about compliance and governance. You talked about the review of the instruments of governance and control. I would like to understand in the daily routine, could you give us hands-on examples? What changed in the daily routine of the executives in terms of sponsorships and donations, relationship with politically exposed people and trade associations? Could you give us some practical examples of this change in the tone for the question?
All the policies that you have referred to, they are being reviewed. We do not have, in any of these policies, an approval.
We do not have the final approval, there are some practices that the company has been adopting already to this movement that we are carrying on. There is, on the part of all the executives and the people who work for the company, all the associates, we always go to meetings with somebody else, with another person, and very precise log of the meetings, the agendas, the themes that are discussed with the politically exposed people. The process will be facilitated by the company with instruments to facilitate the operations in this regard, and also process, if you allow me, in order to find a non-compliance in the process. Although the policies do not have the final approval yet because we are still revising them and in order to have the best instrument, we are already working on that.
We're analyzing all our suppliers, our supplier file. We have been reinforcing. We have concluded about 70% of our suppliers, they have already been reviewed. They have been reviewed in terms of risk analysis, compliance analysis. As I said, many of these suppliers were blocked and some we are trying to remediate. The objective here is to create the necessary tools, intelligent tools. We are not going to have a step in 18 months. We have to create the instrument so that we may be able to control and to monitor using the CCR database. Another point that I would like to add is communication.
We were three board in April, we are eight now, we will be 11. This group of people has more visibility and these people will have their tasks regarding communication. We will be filling in the blanks that must be filled in the way we expect the process to be conducted. This is an ongoing, it is still underway. There is no policy approved to show you into. We are working at full steam. Thank you very much.
I would like to call Helena for the closing remarks.
I know that everybody's hungry. I only have one single slide here before I release you. These are the investment possibilities. We have already talked extensively about this. I would like to focus on this last slide. Why to invest in CCR? First of all, our history shows that we have a strong capacity to operate in the capital markets. This was very well emphasized by Eduardo. We want to use this potential that we have in order to seek new businesses and seek new investments. We also have a shareholder base which has a long-term view, very well aligned investment policy and with our premises. This gives us a very big strength in terms of seeking additional growth. We want to emphasize more and more Our associates, they are more and more skilled and qualified. We invest a lot in our people. Today we are differentiated operators in our highways. This is recognized by our users and the subway lines that we operate. We seek excellence in our operation. You can only achieve with our associates, our sound financial structure.
Undoubtedly, this has already been shown. Our capacity to really make these investments and our predictability, another relevant factor for investors, our capacity to dividends, a very consistent one. This is very attractive to investors. Our clear strategy, it is well-defined, it is public. We have very sound fundamentals. Our decisions, our investment decisions, a policy that is extensively discussed and re-evaluated from time to time with our shareholders. A robust dividend payout, as I said. Undoubtedly, the market where we operate has a very big update in the business itself or the market itself by means of project development, developing different differentiated project with adequate profitability. This is why we want to invite you all to continue to invest in CCR.
Regarding the point that was raised, compliance and the tone at the top, of course, CCR is totally dedicated to the best compliance practices, and this is the reason why we decided together with our shareholders to reinforce this area and inviting Pedro to join structuring this activity. We want to put in the minds of all our associates that we have to seek the best practices always. This is very clear to us. It goes from the CEO and down to the base of the pyramid, and this is a constant reminder. All the problems that we had happened before 2014, so this has been put in practice for many years. The events that were brought by the media, they precede 2014. Our recent practice is already along these lines.
I would like to thank you very much for your presence and thank those who are participating on the web and thank the participation of our controlling shareholders and our board members, our governor, Natália and Marcelo Trindade, Sebastião Tojal, join us for lunch. Thank you.