Good afternoon and thank you for waiting. Welcome to the teleconference of Tegma Gestão Logística S.A. for the discussion of the results of the fourth quarter of 2022. We have with us today, Mr. Nivaldo Tuba, Director and President, and Ramón Pérez, Financial Director and Investor Relations. We inform that this event is being recorded, and that all the participants will only be listening to the teleconference during the presentation of the company. After that, we will start the question-and-answer session, when more instructions will be supplied. If any of you need anything in the conference, please ask for the help of an operator by dialing asterisk zero. This event will be available after its closing for a period of seven days. In that case, we would like to pass the word over to Nivaldo, Director, President of Tegma, who will start the presentation.
Sir Nivaldo, please go ahead. Good afternoon to everyone. I am Nivaldo Tuba, CEO of Tegma. In name of the company, I would like to thank you all for your participation in one more teleconference of results. Together with Ramón Pérez, our Financial Director and IR director, and Ian Nunes and Felipe Fogaça of the IR area. Starting our presentation with slide number two. As usual, we start a disclaimer regarding our declarations and perspectives. Going to slide number three with the highlights of the fourth quarter. The first highlight is with respect to the payment of additional dividends, complementary dividends, in reference to the results of 2022. The administration has proposed for the deliberation in the AGO to be done on 12th of April , the payment of BRL 39 million in returns, corresponding to BRL 0.60 per share.
In this way, Tegma will distribute 60% of its net profit, adjusted net profit in the period, and will have had a dividend yield of 8% for the year. The payment will be done on 24th of April , and the cutoff date will be on 12th of April. The following point is a non-recurring event in our results related to our controlled company Catlog. In this quarter, we recognized a tax credit referring to the exclusion of ICMS from the base of calculation of the PIS/COFINS tax, which impacted our EBITDA in BRL 5.5 million, and our financial result in BRL 6.2 million, and our net profit in BRL 8.2 million. In the third highlight, we show the important conquest.
We will be together with our joint venture, GDL, located in Vitória, in the Espírito Santo state, one of the logistics operators of BYD, the Chinese brand who is handling electrification of vehicles in Brazil and the world. The car company has an aggressive growth plan, and Tegma hopes to help with the growth of another brand of cars in Brazil. Finally, we like to mention a highlight from our IR area. We provided our valuation guide, and we did it this time in Excel to make the process of planning easier for our analysts. This initiative is together with several others in our historical series, which has always been quite praised by our analysts. It is a motive of praise and pride for one of us to being one of the most complete in the market.
Going to slide number four, we have achieved the analogy of our recent trajectory, symbolizing our continuous, gradual, and healthy growth, guaranteeing our perenniousness through the operations already established and the new business, which is growing and flowering. The logistics leaf of new vehicles is in a moment of recovery in its principal market, even though the economic uncertainties which reduce the visibility of the near future. Even so, the division presented resilience in margins and in growth in return together with their business structure. In the case of integrated logistics, we had a year with distinct results, depending on the markets in which we operate. Even so, overall, the results were positive for the fourth year consecutively. The third leaf refers to GDL, a joint venture in the logistics operations, which has presented a very positive behavior production.
In four years, it more than doubled its sales revenue with an annual growth of 20%, strong with growing margins and expressive returns and an important diversity of clients. In relation to the smaller leaves, we started talking about Fastline, our subsidiary responsible for logistics of used vehicles, which presented a performance which is also very solid for the second consecutive year, providing solutions for the growing market and extremely needy of quality services. On the fifth leaf, we look at our startup, tegUP. After several cycles of growth, we have managed to find innovative solutions which result in competitive advantages and the opening of new markets, new areas of business. We should mention that tegUP has been responsible for the last leaf, Rabbot.
This company, which does the management of fleets through algorithms, had another year of business expansion, which has been reflected in its revenue, which doubled for one more year. With these new functions, offered a great deal of growth in our base of users. On slide number five, we've been at our principal initiatives in the environmental, social, and governance realized in 2022. Talking about the environmental area, in October 2022, we published together with GHG Protocol of an inventory of greenhouse gases in 2021. With this publication, we have a history of three years publishing this report. In 2022, we also structured the area of ESG with the hiring of a specialist who would dedicate to this theme and pave the way for us to be able to make our first integrated report still this year in 2023.
Also, in the social aspect, we received the seals of Great Place to Work and FIA FEEx with a base in the evaluation of our working environment. Still in the social aspect, we realized our population census, part of a process which wants to make the company more representative in relation to our society. Finally, in what touches the initiatives of governance, in May of 2022, Tegma signed, together with the ETHOS Institute of Responsible Companies, the business pact for integrity and against corruption. Slide six, we see the principal data from the vehicle market in Brazil. As you can see, domestic sales in 2022 were practically stable in comparison with 2021.
This performance is the fruit of a series of factors which cover the difficulty of production due to the lack of components in the first half of the year, as well as the adverse situation of national retailing, which felt the tightening of the monetary tightening in the second half of the year. In spite of that, we grew 11% in the third quarter compared to the year, with a comparison of the better dynamics of national production and the performance of direct sales, which expanded greatly in the second half of the year. In 2022, the sale of domestic sales, basically due to the strong expansion of exports, as we saw. The exports in 2022, due to the commercial agreement signed by Brazil, the exchange rate advantages, and the commercial strategy of the car companies.
On slide seven, we see the principal operational indicators of the automotive logistics division. The number of vehicles transported in 2022 was 11% higher when compared to the year, and a market share started to grow at a normalized rate close to 25%. The recovery of our market share reflects the fact that in the second semester of 2022, we did not suffer any production stops, which impacted more intensely the important clients of Tegma since 2021. In the fourth quarter of 2022, the growth in the volume and recovery of our market share also reflected the good performance of our principal clients of the company. The average distance of our trips was lower in comparison to the annual numbers due to the participation of exports in our trips and the mix of trips closer to the south, southeast.
After these highlights, I would like to pass it over to Ramón Pérez, so he can talk about our results, our cash flow, and the other indicators. After that, we will open up for questions and answers. Ramón.
Thank you. Good afternoon to everyone. Going to slide eight, we mention the results and the division of automotive logistics. We can see on the graph above that there was growth of 39% in net revenue in this division in 2022. Growth, which is explained principally due to the increase in the quantity of vehicles transported in the period. With the improvement of the market share of Tegma, as well as the price readjustments and the transportation due to the rate increase in the price of diesel in 2022.
Additionally, we have to highlight that the good performance of the vehicles, logistics of used cars, and logistics services, which were benefited by the recovery of the stocks of the car companies and with the increase of sales to rent-a-car companies. The same tendency this year is repeated in the revenue of the quarter, which grew by 37% on an annual comparison. Below, we see an increase both in the EBIT as well as EBITDA, as well as their respective margins. This performance is due to the reasons already mentioned previously, which positively affected our revenue. Beyond the efficient control of expenses, helping us to have a better dilution of fixed costs and expenses. On slide nine, we show the results of the integrated logistics. We saw a growth in net revenue in the division in 2022, both in the annual comparison as well as in the quarterly comparison.
What occurs due to the increase in the volume of chemical products transported and stored. This growth has given us, in spite of the facts that the operation in electro domestic and electronic products has inflected due to the difficulties of retailing in Brazil and the lack of availability of parts and components. On the graph below, we can see that for the third year, the division has presented an EBIT margin of approximately 22%. When we observe the EBITDA margins of the division, we can see, take into consideration that 2020 was an atypical year, very positive for integrated logistics. The increase of the margin in 2022 compared to 2021, reflects the growth of the operation in chemicals and the better dilution of fixed costs, in spite of the worst performance of logistics aimed at the sector of electro electronics.
The EBITDA margin for the fourth quarter of 2022 was within the expectation of the division. Going to slide 10, we talk about the consolidated results. We see that the net revenue of BRL 1.4 billion in 2022 and BRL 409 million in the fourth quarter of 2022, growth of 36% and 34% in the annual comparison, year-on-year, respectively. As we mentioned previously, when we spoke about the operational divisions. Below, we see that both the EBIT as well as adjusted EBITDA, presented a considerable expansion on a year-on-year comparison. Once again, the better dilution of costs allied with the growth in revenue gave us these results. Finally, the net profit in 2022 was BRL 160 million, 48% higher on the annual comparison. This positive result is anchored in the solid operational performance of both divisions and the joint venture with GDL.
Beyond the reduction of net financial expenses of the company, fruit of its generation of cash and its deleveraged capital structure. In spite of this, we should mention that when we observe the net profit of the fourth quarter of 2022, which was BRL 57 million, this was positively affected by the tax credit of the controlled company Catlog this quarter in the amount of BRL 8.2 million. Even if we exclude that effect of the non-recurring effects of the fourth quarter of 2022 and fourth quarter 2021, we have a net margin of 11.9% for 2022, 1 percentage point higher than that of 2021. Looking forward on the next slide, on slide 11, we see that the CapEx of the company increased for the third consecutive year, reaching BRL 45 million in 2022.
This is the result of initiatives such as the renewal, both of our fleet of truck tractors, as well as the part of packaging for electro electronics. An important part of the CapEx in the fourth quarter of 2022 of BRL 20 million is result of a purchase of 20 tractor-trailers, part of which of the same plan mentioned previously. The cash cycle in December 2022 was 42 days, stable when compared to the quarter, and significantly lower than that of December of 2021 due to the regularization of commercial questions that impacted negatively in that period. As far as the cash flow on the side, the regularization of these commercial issues contributed positively to cash generation in 2022, together with the good performance of the results and taking advantage of the tax credit already constituted in the previous years in the amount of BRL 29 million.
In the fourth quarter of 2022, in turn, beyond the good operational performance, we had BRL 14 million of the same tax credits. In slide 12, we see the details of our capital structure. In the first graph, we see that the current cash on hand of BRL 190 million is greatly superior to the payment of our short-term debts in the next few years, the gross debt in the next few years. In the graph on the side, the cost of debt has been reduced in comparison to September of 2022, being CDI + 1.97% in December of 2022. This reduction comes from the contracting of BRL 32.5 million of financing through the BNDES in a FINAME operation for the acquisition of these truck tractors at a rate of CDI + 1.5 with due in December of 2032.
In the table below, we can see that our position of net cash in December of 2022 was BRL 89 million as a result of the generation of cash by the company. Finally, on the right, our rating was attributed by Fitch in April of 2022, is A Local with perspective Stable. Going to slide 13. We see, first of all, the evolution of our returns, both return on capital invested as well as on net equity. We point out a ROIC of 25.3% in ROIC in the fourth quarter of 2022 in gray, and 3.5% superior to that of the third quarter of 2022, due to the positive evolution of the results of our operations. The same happens with the ROE on the orange line.
In this case, looking at the positive impact of the good results of the joint venture with GDL and of the improvements in the results of our financial results. Below, we show a new format for the presentation of the aggregated economic value or EVA. The graph presents the range of EVA, considering the interval with the cost of capital attributed by the sell-side analysts for Tegma in recent years, the detailing of the calculation of this indicator is available in our file, historic series on the tab indicators and can be accessed in our site of IR. We can see the evolution of the EVA in the fourth quarter of 2022, maintaining the tendency of recovery since the middle of 2022, reaching levels close to those at the end of 2019.
This evolution demonstrates a generation of value by the company superior to the cost of capital, fruits of the operational performance of both of our divisions, the resilience of our margins in automotive logistics, and the positive results of Fastline. On the right-hand side, we show the history of dividends and interest on capital paid by the company. On the gray line, we indicate the payout for the distributions, which in 2022 was 60% of net profit and adjusted net profit. On the orange line, the dividend yield, which corresponds 8.2% for the year. Finally, on the last slide, we see the performance of the company of our stock in comparison to the Ibovespa index.
We believe that due to the macroeconomic scenario, which has been hit by the high interest rates, late payments, and consequent impact on the automotive market, Tegma stocks have been negatively affected in 2023 too. Consequently, the multiples below have been reduced to a level more discounted compared to the historic level. I want to thank you all for your attention and open up for the section on questions and answers.
Ladies and gentlemen, we will now start the question-and-answer sessions. If you would like a question, please digit asterisk one, and to remove your question from the line, type asterisk two. Sir Nivaldo will read the questions made via webcast. Thank you, and please wait while we retrieve more questions. Again, to make a question, type asterisk one. If you have a question, please type asterisk one.
Good afternoon to everyone. This is Ian, IR manager from Tegma. I am going to read the questions from the webcast. We have several questions so far from Guilherme about the results. The market share of the automotive division will be maintained at an almost normalized level. What is the perspective going forward?
Guilherme, good afternoon. Thank you for the question. We can say that the perspectives are positive for the rest of the year. We can point out that our three biggest clients closed 2022 in the top four in the ranking. Among them, I can mention GM, which presented a good portfolio of models, and among them, three models which are recurringly among the top five in sales. We also have a new launch from GM, the Montana pickup, which will occupy a market share, which it is a strong bet in the success and the sale of this product.
Other companies which were mentioned, Volkswagen, due to its reorganization, substituting the Gol for the Polo, and Toyota, which has been performing very positively. On the other hand, not everything is flowers. GM stopped for a month now in February, and the possibility of another 20 days of holidays between the end of March and beginning of April. This might bring problems for us beyond the fact that there is a possibility of a firing of employees, according to mentions that have already been published, and according to the cutting of worldwide of employees by this company.
Nivaldo, anything else? The second question is from Victor. Good afternoon, Nivaldo and Ramón and Ian and Felipe. Congratulations for your results. I would like to understand how do you evaluate the automotive industry in this first two months of 2023, and if you could also give us a comment on the needs of automotive logistics, and still, if you could share with us your expectations of volume. Thank you very much.
Victor, thank you for the question. I am going to tell you a little bit about what happened in this first two months. When the new company of automotive logistics is making an idea, can talk a little bit about it, because it is now public knowledge, and I will give you a little bit of what we expect in the way of volume. In the question of the first two months, it was better in 2023 than in 2022 in terms of sales. However, we are still noting a crisis in semiconductors. For example, Volkswagen stopped in February.
General Motors in Gravataí was stopped for a long time in the month of February as well due to the lack of semiconductors. An evaluation, a temporary evaluation, even though the month of January has been a good month, February was hit by being a short month due to Carnival and the factory closings. This evaluation is not very accurate. It's two months in terms of adjustments of the factory's production lines. We have new products coming into the market, which will give us a better picture, a better, more faithful picture of what we expect for the year. But as much as the macro scenario is challenging, the companies, they've been investing and developing. In this first semester, we had several attitudes in terms of financial marketing, such as discounts, bonuses, offerings, and vehicle offerings. This is all to try and improve our sales.
In the case of the BYD today, it's a great client of Tegma in the automotive area. We do part of their transportation through an agreement, a public agreement that was launched. We were some of the—although our controlled company in Espírito Santo, where the vehicles come in, and where the front-end loaders, pharmaceutical products. We have in our portfolio of BYD, not only the automotive industry, but also a series of other products. We could mention BYD, which in general is the biggest vehicle manufacturer in China, and it's coming to Brazil, bringing electric vehicles with a great deal, very strong way. In the item of cars, the definition of investment of BRL 3 billion of BYD in Salvador, in a factory, which will possibly take advantage of the infrastructure of the Ford factory, which was located there.
It also participated in two other, in investments in the process of building a metro, a surface metro, a surface transport in Salvador. It's also part of that consortium, an electric metro, of course. They're going to bring all the technology. All the wagons will come in through BYD. In terms of volume, answering your question, Tegma works with good indicators of the market and existing markets, whether it be in the factory or if they be inputs that we receive from the car companies themselves, the symptoms of the market. We don't believe in a relevant growth of the industry, automobile industry in 2023 in relation to 2022. We're working with a lot of adherence to the volumes which were already practiced last year in 2022. I'm not sure. You always wanted the volume of BYD is starting.
They have a planning, internal planning with the opening of dealerships, which theoretically they have a dozen dealers already very audacious in the country. Several of the models which they plan to transport. What we can say is that in the next two or three years, there will be very accentuated growth with them.
We received a lot of questions about the question of Leonardo from BTG. He asks us if we can, t he expectation of margin.
Okay, thank you for the question. It's a recurring question, but it's difficult for us to give any type of expectation in relation to that. What I propose, what I suggest is that take into consideration, first of all, due to our low level of operational leverage, we have a resilience and a strong correlation in relation to these volumes.
We always suggest that the analysts pay attention to this in their projections in relation to the growth of revenue. Nivaldo made several comments in relation to that expectation. We observe the recent history. There are very few points which are points outside of the curve in relation to this relationship, which I mentioned. I would take advantage to mention that we have this strong resilience, this good image, and we're always working in the reduction of costs and expenses, especially in the part of administrative expenses. When we look at the last quarter, we see at the year as overall for 2022 and 2021, and excluding several extraordinary events. We also look at the maintenance of these costs, which show a reduction in real terms, improving our margins.
This is my recommendation is that you. We can't foresee exactly what the evolution of that market will be.
Another question which is from Luiza from Safra. Good afternoon. Can you comment on the perspectives of what we think for 2023?
Hi, Luiza. Thank you for the question. Luiza, Tegma has been studying some alternatives. What I can say is in the year of 2022, we evaluated a series of possibilities, some of them being we're continuing an analysis within a business adherence of success which we already have. When I say business, I'm referring to profitability, cash generation, the commercial adherence. These studies are ongoing.
Thank you, Nivaldo. The last question is from Leonardo, also from BTG. I think that part of the answer for Leonardo was already answered by Nivaldo, but I'll ask Ramón to complement as far as the perspectives for the allocation of capital, the company's allocation of capital.
The perspective is that we will utilize our capacity of cash generation in this plan for the plan of growth, of organic growth, which we're working on. We have, as all know, a low level of leverage, of financial leverage today. We have net cash on hand. We understand that this is an advantage that we have and competitive advantage in this process. We can quickly raise resources to make any acquisitions that we may have in our inorganic growth plan. Our plan, our strategy, is to maintain the level of payout that we currently have. Of course, always with a margin that our plans are to maintain this level of payout, even with our process of acquisitions, which we hope to be able to initiate at some point going forward.
Again, to make a question, please digit asterisk zero. Again, to make any question, please type asterisk one. To remove a question, asterisk one. We now close at this point the session of questions and answers, and we'd like to pass the microphone to Nivaldo for his final comments. Please, Nivaldo, please go ahead.
Okay, we hope that we have given to you clearly and objectively our results for the fourth quarter of 2022 and accumulated for the whole year. These results have ratified our positive adherence in relation to the budget which we had presented, pointing out principally that was the fruit of a commercial construction, seeing good revenue and with a great deal of effort and controlling our operational cost and administrative costs. These measures. We are certain will be ratified in 2023 in a way that is even more efficient. For a Friday afternoon, a rainy Friday afternoon, thank you all for your attention, for joining us, and I wish you all a very good weekend. Thank you all very much.
The audio conference of Tegma is now closed. We thank you for the participation of everyone and have a good afternoon and thank you for using Chorus Call.