Morning, ladies and gentlemen. Welcome to SIMPAR's conference call to discuss the results for the first quarter of 2025. The session is being recorded, and a replay will be available on the company's website, ri.simpar.com.br. The presentation is also available for download. Please note that all participants will be in listen-only mode during the presentation. We'll then begin the Q&A session, at which point further instructions will be provided. Before we proceed, I would like to remind everyone that forward-looking statements are based on the beliefs and assumptions of SIMPAR's management and on information currently available to the company. These statements are subject to risks and uncertainties, as they relate to future events and therefore depend on circumstances that may or may not occur.
Investors, analysts, and journalists should be aware that macroeconomic conditions, industry trends, and other factors may cause actual results to differ from those in the forward-looking statements. Joining us today in this conference call are Mr. Fernando Simões, Chief Executive Officer, and Denys Ferriz, Executive VP of Corporate Finance and IR Officer. Now I'll turn the call to Mr. Simões, who will begin the presentation. You may go ahead. Good morning, everyone. We are starting the results of SIMPAR for the first quarter 2025. On behalf of our more than 57,000 employees, I'd like to thank you all for your time and attention. Thank you so much.
Before we get into the main highlights and performance indicators for the quarter, I'd like to remind you that over the last three or four years, that is, from 2021 to 2024, in alignment and defined with the board of directors, a strategic plan with a cycle of major investments aimed at building scale, reach across companies and services, always thinking of resilient markets where our services are essential. At the end of 2024, after completing this investment cycle, also guided by our board, we started a new cycle of development that is focused on extracting value from everything that has been built. This is what we are now executing, and this is what you're going to see. It's still at early stages, still incipient, but already showing in the first quarter of 2025, benefiting from everything that was built.
It's important to stress that this is fully aligned with our strategic plan defined by the board of directors. Less CapEx doesn't mean that we are losing ground in business and operations. On the contrary, investments were made to expand our reach and market share in each sector where we operate, and that's exactly what we're doing. We don't need higher CapEx because that has already been built. The scale of reach of our companies is already a given. Execution, value extraction, this is what we have to do now. We're starting with slide three, with the main highlights for the first quarter 2025. We posted net revenue from services, a growth of more than 16%. Total net revenue, that also includes asset sales, more than 15% growth over the same period last year.
EBITDA reached BRL 2.9 billion, up 20% from the same period last year, which shows that our EBITDA margin is increasing. It increased by 1% and is now 27.5% EBITDA margin. That executed, that is, we had CapEx 75% lower in the same period, but with growth in revenue and EBITDA that was significant. If we think of the net CapEx for the first quarter, EBITDA was four times greater than our net CapEx. Again, we are enjoying everything that was invested in previous years. Our developments, our deliveries, together with our ability to manage finance wells, we raised BRL 3.3 billion in the first quarter 2025. The results of these actions, operational efficiency, improved performance, led to a reduction in our leverage ratio from 3.8 to 3.6 times. These are some of the main highlights on slide three.
Now on slide four, here I'm going to be very briefly with our listed subsidiaries that have already published their earnings recently. On page four, when you start with JSL, this is a company that has double-digit organic growth, around 12%, 13%, 14%, even 15% in recent quarters. It also improved its EBITDA margin, with EBITDA growing faster than revenue in most quarters, which clearly shows margin gains. JSL has a unique positioning because it offers the most comprehensive logistics service portfolio, the broadest industrial diversification, serving virtually every industry segment: raw material supply, interlogistics, or final delivery to consumers. This diversification supports strong cross-selling.
The company starts with a client through one service, then expands to others, and it has made very strategic complementary acquisitions, maintaining the structure and the independence of each unit, with dedicated focus, objectives, and resulted in strong performance with a unique management model. Even with all that, JSL still has less than 2.5% market share, which means enormous room for organic growth without creating expectations. The idea is to generate value with less CapEx and deliver services that have sometimes complex solutions in regions that are often underserved, but the company is recognized by its clients for high-quality delivery and operational efficiency. That is why opportunities keep growing, as you may have seen in the latest earnings release. Now, page five, let's talk about Movida. The company has been executing its strategic plan with excellence. We can see an increase in net revenue of more than 18%.
Used vehicle sales operation, thanks to your strong retail-oriented store network, that stands out when compared to competitors. Movida has grown sales volume with vehicles that carry lower average prices, aligned with customer purchasing power where the regions where it operates. Also, average daily rental rates supported by pricing intelligence. They are growing. Remember that we come from our warranty of asking for the right and fair price, but also providing value and a differentiated experience to customers. This experience is crucial for you to think about Movida's market share gains. I would say that Movida is probably having a very important growth in market share because of what it offers to customers in the experience. Proof of that is that it's being able to adjust prices in a way that's fair to both customer and company. This price intelligence is just starting.
We can have room for even further adjustments. Again, having to do with occupancy rates and management. This is also happening in GTF. We see improvements in use. That is, in line with strategic plans, doing more with less through operational efficiency. We believe these improvements at Movida still have room for new growth cycles and will bring more efficiency gains and attract more customers to the rental business, increasing market share, not through pricing, but through service quality, customer focus, and deliveries that stand out. Our truly delighting customers. On slide six, we have Vamos. Vamos is already the market leader in scale, volume, and size, but we believe this market is still in its early stages and offers enormous growth opportunities. Vamos has a unique position for that. Revenue, significant growth, unique positioning.
Here at Vamos, I would invite you to think about the deployments and CapEx over recent quarters. Sale of usage, buildup of backlog. If we analyze this and project forward, you know we talk about that. Remember the possibility after the five-year contract is completed, the company can extend the contract for another two or three years. We are seeing this in numbers. If I'm not mistaken, more than 70% of maturity contracts have been renewed for one or two or three years with the same assets, and in some cases with price adjustments. Extremely important. The ability to sell used assets. Why? Because people have strong demand for five-year-old trucks, more than supply. There is significant potential for used asset sales. Vamos broke records here. More than 80% growth in used vehicle sales year over year. That's it.
We are very pleased with everything Vamos has accomplished, but there is still significant upside, lower inventory, less working capital, improved money utilization, asset deployment efficiency, sales of assets, and again, in a market that is very underpenetrated. Everybody talks about the lease of trucks, machines, but Vamos may be very well the largest forklift leasing company in Brazil, with contracts exceeding five years. So many avenues of growth with resilience, high-quality assets that clients really need. Now, page seven, we have Automob. This is the company where we have consolidated all our dealerships, car, trucks, machinery, and equipment all over the country. It is a nationwide presence, and we are very pleased with the consolidation. It is important to note that we are still starting executing the company's strategic plan for the consolidations.
Even though it's just the beginning, we are already seeing improvements in productivity, higher used vehicle sales per store, a strong ratio of used to new vehicle sales volumes. We are growing faster than the market of new and used vehicles, and performance indicators are improving, but synergies are being captured gradually. This is not going to be by layoffs or closing stores. Quite the opposite is selling more so that asset and costs will be lower and offering differentiated services. That is part of the strategic plan, offering differentiated services. Better F&I performance, higher margins on parts, after-sales service, just beginning with huge future potential. I believe that you can follow that together with us.
When I think of Automob in terms of maturity, and I'm talking about size, about what is already consolidated, I think we are going to have that in the end of 2026. Again, enjoying the base that we have today fully until the end of 2026. Huge opportunities. On slide eight, we talk about CS Infra, a company focused on infrastructure concessions with low CapEx required and a strong service-oriented DNA. That's a big differentiator for the coming years, I believe. Governments will be more focused on delivering services to the population, to industries, or public safety, social infrastructure, environmental, education. This is what we are focusing on. Projects with low CapEx and a high concentration of service, and that margins can contribute, services can contribute, and create value to use.
We have the ports, the highways, and we have lots of things, both in CS Infra, but also in the presentation of our results. This is a company that is also just beginning, but huge opportunities in social infrastructure service concessions. Page nine, Ciclus Ambiental, a company that holds and operates the largest waste treatment center in Brazil, one of the largest in the world, in the city of Rio de Janeiro. In addition, it won and implemented a concession to manage final waste disposal and collection in the city of Berlin, which is now fully operational, more than 80% revenue growth, sustainable development, and both in infrastructure and environmental concession. What really sets our company apart is that we are heavily focused on cost, not price.
That is, we are extremely competitive on price, but our results come from cost efficiency, execution, our people, and that gives us a strong competitive advantage in the sector because part of the sector comes from logistics in where we have huge experience and knowledge. So many opportunities to improve results and grow inorganically through new PPPs and concession contracts. Page 10, we have CS Brazil, a company that provides fleet outsourcing and mobility service with vehicles, drivers, and operational support. We have huge opportunity of growth, although on page 10, you can see that growth has been more modest than the other companies. Page 11, the bank, BBC, the credit portfolio has been increasing significantly, very cautiously in terms of management, in terms of renting credit. You see, we have very low delinquency rates, well within market standard and even better.
We are very happy with what we did, but we believe in the potential of the growth of BBC with return now with scale and size within our ecosystem, the financing of new used cars and trucks, and also relationship with truckers. Huge potential to grow in the bank as a whole within our ecosystem. Now I'm going to turn to Denys, who will walk you through the main financial highlights for the group. Denys. Thanks, Fernando. Good morning, everyone. I'm starting with slide 12, talking about consolidated financial results. In the first quarter 2025, the group posted net revenue of BRL 10.531 billion, a 15% increase over the same period last year. Of that total, BRL 8.4 billion came from net revenue from services, which also grew 16% year- over- year.
Looking at the right chart at the center of the page, we reported the EBITDA in 1Q25 of BRL 2.865 billion, margin of 27.5%. That EBITDA increases by 20% the same quarter last year, and the margin of 27.5% is one percentage point higher. As for the EBITDA margin of 27.5%, it basically talks about services, asset sales, and dealerships that have a different business model. See, the service margin in 1Q25 was 48.5%, as you can see on the right side. That is 1.4 percentage points better than last year. Even the dealership margin improved, reaching 4.5%, up from 4% in 1Q24. Remember, in our execution plan, we still have room for further improvements on both fronts. Now, talking about operating income in the bottom left part of the page, a bit, it totaled BRL 1.792 billion in the quarter, up 14% from the first quarter 2024.
As for net income, which was impacted by higher interest rates in the economy, we posted BRL 26 million in the quarter compared to BRL 122 million in first quarter 2024. All that said, I'm going to turn to the next slide where we bring our CapEx. In first quarter 2025, total CapEx was BRL 700 million, a significantly lower level than in previous periods, and fully in line with the planning we devised at the end of last year. As expected, the largest portion of CapEx came from Vamos, and then all other companies posted significantly lower volumes. Movida had a fleet dynamics vis-à-vis its seasonality with a negative net CapEx. With that, we are going to move on to slide 14, where we show the impact of this net investment. On the right-hand side, again, we bring back the historical comparison between EBITDA and net CapEx going back to 2020.
Most of the time as we were building our foundations, net CapEx exceeded EBITDA, sometimes by as much as two times. Now when we analyze 1Q2025 EBITDA and do the same for net CapEx, we get a completely different ratio. That is, EBITDA, although instead of lower, is larger than net CapEx, up to four times higher. This is completely in line with our plan to extract more value from the foundations built. These are the points that we bring to the left. Our focus is extracting value from these foundations by improving asset efficiency, keeping contract discipline, and obviously, we have a plan that was before the turn of the year, focusing not only on reducing expenses, but also improving revenue so that we can have our transition towards a macroeconomic environment of interest rates as we have today.
Very much similar to what happened in 2016. Next slide, page 15, we talk about the group consolidated numbers showing our debt payment schedule, net debt, and cash position. Average maturity, consolidated debt is 4.1 years, cash and cash availability is BRL 16.2 billion, and total net debt BRL 42.8 billion. Our cash and liquidity position is equivalent to 2.6 times the short-term debt, or in other words, we have coverage for amortizations through approximately early 2027. Also important to highlight is that as part of our ongoing liability management, the group raised in 1Q25 BRL 3.3 billion approximately at an average cost of CDI plus 0.8% a year, an average term of three years. Continuing on the same topic, but now focusing on SIMPAR as a holding, SIMPAR closed the quarter with net debt of BRL 2.8 billion, cash and other liquidity instruments of BRL 3.6 billion.
Average maturity of SIMPAR's debt is 6.1 years, and the cash position is equivalent to 19 times its short-term debt or amortizations until 2030. Specifically for SIMPAR, the company raised almost BRL 500,000,000 this quarter with a five-year term at an average cost of CDI plus 2.8% a year. Now I'm moving to the next slide where we show our leverage numbers. Our consolidated leverage based on what we had in terms of issuances abroad, we are reporting 3.6 times net debt to EBITDA in line with the fourth quarter 2024 and down 0.2 times compared to the same period last year. Using the criteria applicable to local debenture issuance, net debt to adjusted EBITDA ratio came to 2.3 times in line with year-end 2024 and the first quarter 2024.
Now, business leverage, which is the criterion we show on the left-hand side, was 2.4 times and changed from the end of last year. Remember, in this criterion, we include not only consolidated net debt, but also supplier payments related to vehicles, machinery, and equipment under floor plan, acquisitions payable, and receivables backed financing. From that total, we deduct the present value of expected residual asset sales at the end of their respective contracts. This is what we call business leverage ratio, which ended at 2.4 times. Now I'm going to slide 18, where we bring return on invested capital. Again, thinking of productive capital approach, that is, what actually contributed to returns, which was 14.2% or a 3.8 percentage points spread above the average after-tax cost of gross debt. Now I'm turning back to Fernando for his final remarks. Thank you, Denys.
On slide 19, I talk about the beginning of value creation and some clear signs that show this new cycle we are taking shape. With lower levels of investments, we are generating more cash and extracting the full value of the foundations built. Operational efficiency has been improving. We are continuing to reduce costs. There is more to do, less operational administrative expenses, and renegotiating our contracts. That is, we have the expertise to price correctly and, just as importantly, to monitor and manage contracts effectively. It's not a matter of passing on costs. It is responsibility. It's long-term sustainability, whether in Movida, Vamos, JSL. This is part of what we do. Contract management is very strong. That makes our group remain strong for nearly 70 years. It's about operational efficiency, ownership, mindset, maximizing asset utilization. This is our focus.
You will see in the coming quarters better numbers. Capital management is evolving as well, getting more efficient seeing how we use capital, extract more value, favoring organic growth over inorganic growth. This is part of our strategy, our plan, as it was part of the last cycle. This is the new cycle, focusing on decreasing leverage. You're going to see that, you know, some individual quarters may vary, but at the end of the year, you're going to see the deleveraging, and we believe it's a continuous process. As I always say, regardless of our beliefs, we have got, we have our clients, and then what makes the difference in our life, which is our people. Again, thank you for all your hard work, execution.
This is what really motivates us more and more to build commercial alliances with our clients in retail, in industry, in execution areas as well. This is our greatest asset, our people, because regardless of systems, technology, it is our people who connect our businesses to our clients, driving loyalty and enabling us to have sustainable development. We remain committed to executing our strategic plan, always focusing on sectors with high resilience and where our services can really improve the lives of our customers and the operations of our clients. Once again, thank you very much for attending, and we are going to open your questions, whatever questions you have through the presentation. Thank you very much. Thank you. We will now start the Q&A session for investors and analysts. If you have a question, just press on reactions and then select raise hand.
Once your question is answered, you may lower your hand. If you prefer to submit a question in writing, please type in your question in the Q&A box along with your name and company. Our first question comes from André Ferreira from Bradesco BBI. Mr. Ferreira,
good morning. Thanks for taking my question. Congratulations on your results. I have two questions. One about net CapEx that dropped substantially, 80% quarter on quarter, 75% year over year, and about the ratio EBITDA on next net CapEx that was four times. Given the drop in Vamos net CapEx, possible drop in JSL, and other expectations that you may have, what level should we expect for 2025? The second question is about the net debt at the holding level. My question is, where do you think the reduction is coming from?
Is it the assets of CS Infra and Ciclus that are growing, maturing, and very good expectations for CS Portos? How do you see a possible divestment or a sale of shares to deleverage? Thank you. Hi, this is Fernando. Good morning, everyone. Thanks for attending. Hi, André. Thanks for your questions. I'm sorry, within your question of CapEx, I'm going just, you know, to deviate a bit, just, you know, to talk about something. In the last four years, in line with the strategic plans of our board, we invested CapEx, we built coverage, have investment, more than BRL 65 billion, net more than BRL 30 billion in the last three years. In the end of 2024, we announced to the market that we would start a new cycle, a new cycle to maximize value of everything that had been built with efficiency.
This first quarter is the first demonstration of that, of this beginning of a new cycle. That is, indeed, much lower CapEx, 65% lower, and now already answering you. A EBITDA growing 20% quarter year over year and net revenue growing 16%. It is not that we are not investing and losing share. No, we are gaining share, enjoying everything that was built. This is the new cycle of extracting value of what was built. This is significant when you see the growth of organic revenue and what we have been doing. This is in line with our plan, developing based on our foundations, gaining market share. Now our CapEx is more for renewal, and this is going to be a trend, I think, for the coming quarters, very much similar to what you saw in the first quarter.
I'd like to enjoy this moment to welcome Victor. He had joined us about a month and some. What's the objective here? We are very grateful to everything that we built, but part of our strategy is to oxygenate the company, to have a senior person like Victor to further improve our communication with the market so that people can understand our business better, each of our companies, their vocation within the ecosystem, and how we are going to extract more value of that. The coming of Victor will help us to relate to the market, to investors, as we relate to our clients. Very transparent, high level of governance contributing to our communication. Victor starts in the cycle again with CapEx much more oriented to renew than transformation in size. This is a trend.
I am going to turn to Denys to add to the question and talk about the holding debt. Again, trying to give you some reference, André, since we cannot give you guidance. When you see the breakdown in the quarter of investments, you have Vamos, BRL 700 million, and then in the market, you have a guidance. CS Infra is going to have deceleration because the investments made are being complex, and Movida had a movement aligned with the seasonality of its market. All that to say that it may not necessarily be four times higher, but it is going to be very strong, I think close to this number, not precisely this number, considering that JSL has always had opportunities to grow with a lighter asset profile.
Just to give you a bit of color within each one of the business for you to think about the future, because we cannot give you guidance, but we believe this is going to be a very strong number. As for that, and you're talking about any divestment to consider, I'd like to use your question to say the following. Assets are clearly getting better each day in all aspects. If you have a reference to the assets you did mention, we have, for instance, our waste business that is much more matured. Now it's not one asset, it's two. In 2022, if I'm not mistaken, it went through a huge time of discussions, price adjustments that has been completed, and it was quite good for us.
Now we are extracting the operational benefits, and there were many things that we were conservative, and we can even improve that, and the results are expanding. Return on invested capital of this waste business now is one of the highest in the group today, and we believe there's still more to deliver because we know we had a balance of receivables at a level that was out of the normal because of the time that adjustments took, but now the asset is already converging to the level of leverage. Very different. What was 6.3 times in 2023, and now it is 2.8, and that shows the capacity of cash creation in this business. Undoubtedly, it's a business with extended contracts adjusted with fair formulas to the costs of the business. That brings an improvement to the business and for future perception.
The other business is infrastructure, as you mentioned, maturity. In the past, we had a good project in hand, but it was a project. CapEx was undefined, work to do. Now CapEx has been completed within budget. Port 12 already operating, 18 as of the end of this half year. We have a lot more in our portfolio. We have a portfolio today that has huge options. The strategy, I'm going to leave it to Fernando to comment. André, when we talk about the holding debt, what do I say again? We do not need to increase net CapEx to grow and transform the company in size. That's at the, again, our mission, our focus is reducing debt through the efficiency of our operations, contract management.
We have lots of opportunities in the efficiency of managing our assets, of having low inventories levels in all companies, which improves liquidity, improves leverage ratios. Now, you say, but can you reduce that by some corporate movement? We are not working with this possibility, but whatever possibility that can create value to shareholders and develop our business is and should be considered. This is our obligation in this new cycle we are going, but we do not have the need and we do not work with this option. This is a consequence of our development. People say, oh, are you going to go public? Are you going to divest? Always as a consequence of sustainable development of our business. It may happen if it creates value, it is good for the company, it is good for everyone.
Our focus is to extract efficiency and improve returns and indicators. Thanks, André. Sorry for a long question, but I think it was a very important question and it deserved a good answer. I thank you and congratulations, Victor. Our next question comes from Matheus Sant'anna from XP Investimentos. Good morning, Fernando, Denys. I also have two questions on my side. First, about CS Infra. We now saw that you have the ports, basically construction completed. Eighteen is going to finish now. You have the highways that are going to develop fast during this year. How do you see these assets bringing more results, creating more cash? What is your appetite in balance sheets to invest in new assets? The second question is that today we have a scenario with several Chinese OEMs coming to Brazil, BYD, GWM, some new entrants.
What do you see in terms of opportunities, especially for Movida, JSL, and Automob to enjoy the scenario? Thank you. Hi, Matheus. This is Fernando. Thanks for your question. Okay, as Denys mentioned, indeed, at CS Infra, we have assets that are maturing, not only Ciclus that, you know, we had the renegotiation that took a long time. Now you can see the transformation of its results, one of the largest waste centers in the world, the largest in Brazil by far. The ports, I think that we caught it right, but the demand for cargo is incredible. There is huge demand. It saves 600 km of highways for our clients using our ports. The clients that are in the region, you know, can save 600 km in driving. A fantastic opportunity. You are going to see this year, but also next year.
The high, it's not mature, but the CapEx has been made. Now we had an amendment to the contract, a huge extension. These are assets that are fantastic. When they are mature and they are starting to show some maturity, you're going to see fantastic returns. The companies that are under SIMPAR, sometimes under CS Infra, sometimes we don't see that. All that said, we don't have any focus on assets that require high CapEx, but we're always looking to opportunities. We just won two concessions this month. One, the terminals of the east side of São Paulo, bus terminals. We're going to manage the terminal services. Another concession in Lote 5 in Mato Grosso. Again, in line with our plans, low CapEx, focus on services, contributing to the life of people and with guaranteed payment. That is clear take or pay contract.
This is what we are looking into. Zero risk and we have no difficulties in continuing doing this kind of things. Again, movements that generate value to our shareholders. This is what we look into. Here talking about CS Infra. Now, in terms of Chinese OEMs, you know, there are so many people that want to come to Brazil. Automob has been very selective, but it has been having opportunities to be appointed. We have Great Wall, BYD. Now it was GAC that just appointed Automob. We have the objective of selling. These brands do bring opportunities for Movida, for JSL. JSL has had large alliances in the provision of services with these companies in logistics. Automob has been receiving appointments.
It is important to say, when you are appointed, you have lower CapEx and you are not only selling new cars, but also used cars and other services for clients. A new concept of dealership under the Automob brand. That brings us new opportunities in cost management. It is not only the Chinese. Automob has just been appointed to represent Lexus, which is Toyota's premium brand. We all know the level of demand of a brand like Toyota. This is great recognition for Automob, its management being chosen to represent Lexus in the region of Alphaville. It is not only new entrants. Management and efficiency also contribute to organic growth in this segment. Automob has been delivering excellent work and it is just starting enjoying its synergies. That is the color I wanted to share with you, Matheus. Very clear. Thank you very much.
Our next question comes from Gabriel Rezende from Itaú BBA. Hi, Fernando, Denys. Good morning. Congratulations to Victor on your new mission. I have two questions on my side as well. First, I'd like to explore a point perhaps related to net CapEx of what we are seeing in Vamos. The company for some quarters has been more vocal about used vehicles. That is a second life for trucks already used in some contracts. I would like to understand, in the group as a whole, you could have other opportunities in this line given the inflation of cars, trucks that was really high. So affordability for customers is well impacted. Would it make sense to see what Vamos is doing in JSL or Movida with clients, accepting a second life of cars or assets, giving the company a better IRR? That's the first point.
Second is, what do you feel in terms of opportunities? I believe that several of your competitors are facing difficulties because of high interest rates in JSL, at Movida, at Vamos, or even in disputes of new concession contracts. Do not you think you could have a window opportunity given the macroeconomic scenario? Of course, continuing to be cautious because the context of high interests also affects SIMPAR. What is the competitive environment today? Thank you. Hi, Gabriel. This is Fernando speaking. Okay, Vamos first. Vamos has an opportunity of working with a much lower CapEx. You have the used vehicles. These are trucks either that, you know, were repossessed or, you know, the contract closed. These are trucks that are two and a half years, three years old, and they are putting back into operation.
I would like to draw your attention because this is something that we've always said since the beginning of Vamos. The market does not believe that much. Extension of current contracts. I'm not wanting to create expectations, but we have at Vamos in the last 12 months contracts that matured in five years and more than 70% were renewed with the same assets. That means that you have less CapEx and you still adjust prices. This is not because of inflation. You know, truck prices increase normally 5%-6% a year. After five years, you have good trucks, even in first world countries. The age of the fleet is eight to nine years. You can go with a truck for seven, eight, nine years. This is something that Vamos is starting to enjoy now.
Extending contracts that are maturing, that completed the five years. This is one thing. Now, used trucks, we started with trucks of two, three years. I truly believe that the trucks that are being extended to seven years can be further extended for another two years. These trucks that have low mileage, they can go to a million kilometers that is being extended until 10 years. This is happening in Vamos. This is a trend. This is, you know, a company that five years ago had a much lower asset volume and it is extending now, but we have huge potential. Now, when you talk about bringing this to other companies in the group, this is what we do and we do it all the time.
If you consider, we have the cars in Movida that are very young at the rental car, DTF contracts of two, three, four years, some with severe use as in CS Frotas. Inside Movida, you have cars that are used with Uber, for instance. They are doing that and that has improved their yield. Managing assets based on the operation and JSL, the logistics arm, that just, I'm sorry, Movida, you also have customer experience. You have to consider the cost of maintenance vis-à-vis the cost of buying a new asset. In JSL Logistics, a truck that drives 10,000 km a month is going to be replaced at one point. In forestry, it is very severe use. You probably have to replace it faster. This is what we have to take into consideration. This is our expertise.
What is important to say is that we have high liquid assets because our average fleet is low. Fortunately, in Brazil, the average fleet is 20-21 years old. We have a lot more demand, people that want to purchase our assets than supply. Very liquid assets that enable us to find the right time to sell. I think this is our management expertise. This is our DNA of really concentrating on the right time to sell. Now, when you talk about the group as a whole, interest rates and et cetera, indeed, this is a time that all of us suffer and those that are less prepared suffer more. We have a team that works with our financial management. Denys heads this team. Fantastic work. You saw the funds raised this quarter. That shows a fantastic capacity to raise funds.
Unfortunately, especially in the logistics market, many people do not manage contracts where they do not follow prices. If you do that, you go bankrupt. We managed our business to price businesses right and to monitor contracts. Competition does not do that. At Movida, that is interesting. You have smaller rental car companies and even large companies that do not do the math. They do not adjust prices. That is incredible. We really took the right measures to charge customers the fair price. Vamos as well has had many opportunities. Again, interest rates, tighter credit, need for assets, need for new assets always bring opportunities for our businesses overall. Concessions, the same. It is what I told you, Gabriel. We are not here to take part in any concession that demands a high CapEx. You know, our capacity to provide services is our focus.
You do not have many competition there. I am sure that will give and has given opportunities for CS Infra to grow with loads of responsibility, acting judicially, considering our leverage indicators because we want guarantees, we want returns, and we want sustainable development. This is our commitment before you all. Just to add, Fernando, what we always say is to do that in partnerships, for instance. We know that when we take a new undertaking, sometimes these are projects with specific credit lines that, you know, sometimes support themselves, but we follow the beginning to end of these projects. This is what we were discussing here today. We have had many conversations and we always consider doing this kind of concessions in a partnership with someone. Very clear. Thank you very much, Denys, Fernando. Thank you, Gabriel.
As a reminder, if you want to ask a question, just press the raise hand button or type in your question on the Q&A. We'll now start reading the questions in writing. Operator, I think there is another question live. Yes, we are going to turn to Lucas Barbosa. Mr. Barbosa? Good morning. Good morning, Fernando. Denys, this is Lucas. Hi, Lucas. I'm sorry, I was muted. My question is about asset prices in the secondary market. What's your expectation in terms of heavy and light vehicles along the year? If you could just share your expectation, given that interest rates are going to be higher until year-end, perhaps at year-end going down. Just to understand the dynamics of the secondary market. Thank you very much. Hi, Lucas. This is Fernando. Thanks for your question. High interest rates and volatility. I would say that everybody is doing the math.
We do that, with individuals, with corporations. Individuals are doing their math as well. I do not see an impact in volume. The volumes in Brazil are low considering the number of inhabitants, per capita income, et cetera. I do not see any difficulty or volatility in the price of assets. I think they are going to continue as they are. The thing is, people are doing the math and sometimes they delay their decision a bit more. What happens in our business is that people who are going to buy new assets compare to used assets prices. A truck that is five years old is considered almost new. It is considered like a car that is one year old. With that, I think that we can improve sales. I do not think they are going to be impaired by interest rates whatsoever.
If it does happen, perhaps we are going to have even more opportunities. We respect alliances with OEMs, but when people are, you know, giving a second thought in buying a new vehicle, it can be an opportunity for us to sell a used asset. We are very quick. We have good governance, and sometimes we have an opportunity to consolidate even our relationship with OEMs when they are having difficulties to sell new vehicles. Undoubtedly, people are doing their math. Remember, Movida has the lowest average ticket in the market, talking about retail marketing. It is BRL 70,000, I think, in its stores, and the others have BRL 90,000, which helps us selling Movida's cars. The other day, there was an article saying that affordable cars are no longer new cars.
They are those cars that have been used for a year, two years, and it is the rental car companies that have these assets to sell. The affordable car is a used car now. Lucas, we are very confident with the quality of our assets, and unless something happens, you know, abruptly in the market, but we've lived moments like that, and we believe there are always an opportunity for us. Thank you very much. Thank you, Fernando. Have a good day. Now we are going to start reading the questions in writing. Oh, this is Denys. I'm going to read the first questions, and then I'm going to, we starting to answer them. I'm trying to organize the questions because some kind of are on the same level. A question of Eduardo about CS Infra and Ciclus and expanding portfolio.
Stefano also asking for CS Infra and concessions. We did mention that when Matheus and Gabriel asked that, so I'm not going to talk about that. Stefano, you asked about divestments, and I think Fernando already mentioned that. We are going to move on. I'm just reporting that we did get your questions. We have a question from Till Mose from Schraders. He said there was, we didn't see a quarter-on-quarter reduction in net leverage despite the CapEx drop. Can you walk through the different factors that were responsible for keeping net leverage just flat? That's a good question, because it will help us answer the other questions. See, one thing is to refer to CapEx when you're talking about accounting CapEx. The other is cash and how, when it impacts our cash. We did say that in the case of Movida.
Because we advanced purchases in the fourth quarter, we are now selling the assets. One thing that I would like to draw your attention to in terms of net debt is this flow of selling contracted CapEx. What I'm saying to people is that this year, when we consider what we want to do until the end of the year and considering the EBITDA net CapEx ratio already described, this is something that you're going to see more towards the end of the year or the second half of the year. Just for you, not, you know, to have surprises because see, you have contracted CapEx that is going to be for the future, and we are selling what was invested in the past. This has to do with Till's questions, but also Danielle Chavez's question. He wanted to know more about working capital in the cash flow.
There was another question, and also Josée Bandeira that talks about working capital. Working capital, it is what I mentioned. First, we have the side of liabilities. That is the seasonal movements, and then you have a reduction in supplier stable. We said BRL 1.822 billion. Then we have what we call transient because we are already in May, but it is the increase in accounts receivable. Again, every beginning of quarter, customers, suppliers, have a dispute whether they want to pay later or get paid earlier. This is, you know, business as usual. I think the main message is that we do not expect any hiccups for the second half of the year talking about accounts receivable. I think what is important to tell you is that in May, we are already seeing a very normalized situation. Another question.
Again, Till Moles, he wanted to know about dividends, subsidiary by subsidiary. I'm going to say what the companies announced, about BRL 500 million, BRL 120 million to JSL, the almost BRL 300 million at Vamos. At the total, the amount is about BRL 226 million. Just for you to have some color. If you have any questions, more specific, just contact us. Either you, Till, but also everyone that wants to contact investor relations. I think that's it. Oh, we have one more coming from Rafael. Rafael has three questions. Can we expect a SIMPAR day in 2025? Yes. You're asking in the first or second half of the year? Victor is going to help us out. Now he is leading the IR and communication team, and he's going to structure that. Right now, second question, wouldn't the best investment be buyback shares from the holding and subsidiaries?
I think that the amount, the value, or the price of the share is not aligned. We have been very vocal in deleveraging. The two things compete against one another. Sometimes, you know, you want to just remove some distortions, but not in the big picture. Third question, Fernando, do you see at any point an increase in dividend payout? What's the ideal payout for the compensation of shareholders once you reach maturity? Can I make a comment? Of course. This is still Denys speaking. I would say something, as Fernando did mention, a relevant phase of investments from 2024. Now it's a new phase without giving you any projections, but once we conduct our strategic plan, I think the income available in the group to reinvest or paying out dividend is going to increase.
What I mean is that we are at a phase of our plans that will certainly lead us for the future to have a higher available volume, even if we're talking about the minimum dividend. Yeah, we had so many questions. I'm going to try and be as objective as possible. First, working capital. There is the working capital you see, the working capital that we see our people executing. What's that? I don't want to be repetitive, but you know, we went through an adjustment of inventory at Vamos, at Automob. Our processes, administrative process of Automob, will bring better inventory turnover, more sales per store. We are going to deliver cars faster to clients. We have the inventory of JSL. Inventory adjustments will certainly contribute to working capital and therefore our leverage indicators.
Victor, now as the IR Director of SIMPAR, is going to contribute to subsidiaries in communication, not only on SIMPAR, SIMPAR day, but also field visits to try and understand. Sometimes we do not do that because, you know, in a way, it can disturb the operations, but he will try to do that to have recurrent visits. We want to be very close to you so that you understand our ecosystem and our businesses better. Now, when we talk about leverage, you may be sure that the effects of the work of our team, some that we share with the market, others that are strategic and we do not, is really towards deleveraging. Deleveraging is going to be gradual, step by step. It is not something a firefighter just puts out in a second. It is a consequence of hard work, step by step.
When you talk about dividends, what I would like to draw your attention to is the following. See the transformation in value that our companies had in recent years. There are many ways of creating value. You have dividends in mature companies, and you have a transformation in value for companies that are growing. All the companies are still not mature operationally, financially speaking. You're going to see that in the future. Try and design a model based on what happened in recent quarters, this quarter, and see the transformation of value. Dividends are a consequence due to the extraction and maximization of value. I think this is what I would like you to consider to understand the size of the business.
Vamos, if it does deploy quarter after quarter, what it is deploying, extending its contractors, reducing inventory levels, Movida with better indicators, with higher average rentals, capacity of sales for used assets, JSL, a unique positioning, growth of BRL 1.5 billion revenues, organic growth. I think that, in my opinion, with time, will reflect on, dividends and will happen the transformation of companies. Step by step, gradually. Thanks, Fernando. There are no more questions. Fernando, if you want to just give your final remarks. On behalf of our team, more than 57,000 direct employees, our people, people that prepare our call, we are just the bearer of their news. I thank you very much for attending. Just to close, once again, I would like to reinforce that we are just starting a new cycle.
We are starting extracting values and efficiencies of everything that was built before: operational efficiency, pass-through of prices, adjustments of costs. We always have opportunities and also new opportunities for new businesses. I started saying that, and I want to say it again. Our people is our greatest level, greatest asset to execute, to do things. We are reducing costs. We are improving our management. I consider it almost a war operation in a good sense to really enjoy this moment in full and really become a different group for the future. This is part of our history. We have been through high interest. We have been through crisis, COVID. With you, our people, and you and us, this is not going to be different. I think that this can be a real new cycle that we are starting. Once again, thank you very much for attending.
I wish you a wonderful weekend. Happy Mother's Day. Thanks for attending, and I wish all the best. SIMPAR's conference call is now closed. We thank you very much for attending and wish you a very good day.