Good morning, and welcome to the Conference Call of Grupo Vamos to discuss the earnings regarding the fourth quarter 2021 and the year 2021. Today with us are Gustavo Couto, Vamos CEO, and Gustavo Moscatelli, CFO and Investor Relations Officer of Vamos. Right now, all participants are in listen-only mode. Later on, we are going to start the Q&A session when further instructions will be provided. Should any of you need assistance during the conference call, please reach the operator by pressing star zero. We would like to inform you that this conference call is being recorded and simultaneously translated into English.
Before moving on, we would like to let you know that any statements made during this conference call relative to the company's business outlooks, projections, operating and financial goals are based on the beliefs and assumptions of Vamos management and rely on information currently available to the company. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties and assumptions since they refer to future events and therefore depend on circumstances that may or may not occur. General economic conditions, industry conditions, and other operating factors may affect the company's future results and lead to results that will materially differ from those in such forward-looking statements. We'll now turn the call to Mr. Gustavo Couto that will start the presentation. Please, Mr. Couto, you may go on.
Good morning, everyone, and thanks for joining us for yet another conference call to disclose the earnings of Vamos. We closed 2021 with another quarter of great results and deep transformations in all our business units. We found solid paths of sustainable growth with profitability in rentals, truck dealerships, farming equipment dealerships, linha amarela, Seminovos, and trucks. 2021 is in our history as a fantastic year of great operations but also of preparation for the coming years. Vamos grew. We will grow even further since we are just at the beginning of our journey in the country with an innovative, revolutionary business model, and we will continue to support our existing clients and new clients.
In only one year, we more than doubled the number of our clients and all our indicators, operating and financial. We had our IPO a year ago, the follow-on only nine months after. It enabled us to accelerate even more organic growth with a very solid balance sheet. We also had acquisitions in Intralogistics that were important to consolidate our strategy and product portfolio. We acquired farming dealerships in the Midwest sector, which is the fastest region in the agribusiness in Brazil, and are now the representatives of the best tractors in the world. In the first year, we already presented surprising results. The same happened with our Linha Amarela operation. In the second year of operation, again with great results.
Transrio grew, gained market share, improved margins, diversified revenues, and we have a lot to do. We have commitments at the social and environmental and government levels. We move forward with projects that have impacted positively society and environment. We continue investing in systems that bring us more productivity, efficiency, and better controls for our operations. In addition to new services for our clients with intensive use of technology and market intelligence.
Digital marketing tools mature every day, and our social media boosted with influence, which was important growth for 2021. We do not work for that, but it was very good to receive important awards as the Transparency Trophy of ANEFAC and the best and biggest of EXAME. We were one of the companies that was most valued at the stock exchange in 2021 with 84% appreciation with regard to our reference price in January 2021. Our team also grew. We generated employment. We conserved our way of being. We are training our team with a new area of human resources, a training and development department. Our people showed maturity and capacity of execution, overcoming all targets established for the year. It makes me proud and moved many times throughout the years. We are a team that cheers together, that are proud of working together.
Our people are with us because we have purposes in common, values, and a family that takes care of one another with lots of transparency. Our stores are more beautiful, full of life. If you want to see an example, go see one of our used asset stores. We work with simplicity and very hard to really enchant our clients. We implemented NPS, the Net Promoter Score, with already very positive results, and we are going to be agile and wake early to make each day a better day for our clients. We'll celebrate every accomplishment, but grounded on the floor and aware that the bar is increasingly high. We thank for the work performed by our people and for the trust of our suppliers in financial negotiations, investors, and especially with the partnership that we have with our clients.
Without you, we wouldn't be here, and our prospects for the future wouldn't be so promising and exciting. Thank you very much. Our people are increasingly committed and are showing capacity of execution, and we are going to continue working more and more to be receiving your trust. We are now going to go to our numbers. We increased our pace of growth in different business segments, expansion of the rented fleet, increase of rental customers, contracts, and transformation in the size of our dealerships, growing net revenue, net income, and EBITDA, reinforcing our unique positioning with a business model in all the ecosystems of trucks and machinery in our integrated dealership network, used car stores, and rental of trucks and machinery. This growth opened even more encouraging pathways for the next quarters and years. Let's go to slide number three.
As I said, we closed 2021 with a record in all companies operating and financial results. Net revenue of BRL 2.8 billion in 2021, growth of 87% compared to 2020. We went past the mark of BRL 1.22 billion in EBITDA. Contracted revenues went to BRL 6.9 billion, more than 122% growth over December 2020, which already shows robust growth for 2022 and for the coming years. In the dealership segment, we had excellent performance with growth in revenues of 146% and growth in EBITDA of 297%, both compared to 2020. We continue to diversify our customer portfolio and segments of operation by expanding our commercial teams that are much higher than the previous year with comprehension and popularity nationwide.
We signed 175 new contracts only in the last quarter of last year, and we got to the end of 2021 with almost 1,500 contracts signed, more than double we had 12 months ago. We also reached 690 clients in the rental segment at the most different industries in economy. That is, we continue to grow with new and existing clients. This diversification brought us even more strength, resilience, and new avenues of growth. On Slide four, we show important accomplishments of the company. In September 2021, we had our follow-on operation with primary funding of BRL 1.1 billion, is strengthening our capital structure to support our business plan for the coming years. We closed the year with a cash position in financial investments of BRL 3.8 billion, which is enough to cover our debt up to 2027.
In the rental segment, we signed new contracts in the fourth quarter with CapEx of BRL 600 million, 110% over 4Q 2020. Year to date, BRL 3.4 billion in CapEx, representing growth of 167% compared to 2020. Our fleet reached 26,481 assets, considering the fleet of 2,800 assets, which is regarding the acquisition of HM and Pilar Diniz, subject to CADE approval. We continue focus on developing our business with long-term views and profitability. Our efforts aim at implementing new systems, digital platforms that are able to drive the scalability of our business and strengthen our operating bases and control with higher clients, rentals, and creating more opportunities for the sustainable growth of Brazilian fleet with safe and efficient businesses. Going on with the presentation, I turn to Gustavo Moscatelli, our CFO.
Thanks, Gustavo Couto. I'm going to start on slide five with the main financial highlights, consolidated numbers for Vamos. In 2021, the company went through a transformation in scale and started to enjoy the benefits of scale. In 4Q, net revenues from services had a substantial increase of 104.9% when compared to the fourth quarter 2020. Net revenue consolidated, including the sale of assets, reached BRL 807.7 million, a growth of 97% compared to the fourth quarter 2020. Significant growth in all businesses. In EBIT, we also had a strong growth closing the quarter with BRL 236.3 million, a growth of 129.4% over 4Q 2020.
Due to the organic growth in all segments of operation with gains in scale and productivity and a gradual reduction of trucks depreciation rates, given the significant appreciation to the market. EBITDA also evolved to reaching BRL 300.5 million in Q4, growth of 69.4% over Q4 2020. We closed the year- to- date with BRL 1,049 million. Net income is the main highlight, with an all-time high of BRL 117.7 million in the fourth quarter, growth of 116.8% compared to the net income of the fourth quarter 2020. In 2021, the increase was 124.6% year- on- year, reaching BRL 402.4 million.
This result is a result of all the organic growth in all business segments with focus and discipline in execution. We'll now give you a breakdown on the different market segments. On the next slide, we have rental results. The rental segment went through transformation in scale with a change in level in terms of profitability and revenues. In 4Q 2021, we had growth in net revenue from services of 52.5% compared to the fourth quarter 2020, proving the trend of growth in our business model. In addition, we kept focus on generating value to our clients, signing contracts with maintenance services and reaching revenue from services with BRL 67 million in the quarter, 34.1% above the previous year.
EBITDA for rental reached BRL 197.6 million, representing a high of 125.6% compared to the fourth quarter 2020. Year- to- date, the amount was BRL 575.8 million, an increase of 78.5% compared to the previous year due to the organic growth with the signing of new long-term contracts and the gradual reduction of depreciation rates for trucks given the significant appreciation in the market. EBITDA totaled BRL 253.9 million in the quarter, an increase of 59.6% year-on-year. Year- to- date, the amount was BRL 854.6 million, up 47.4% over 2020. The acceleration of growth in 2021 will enable another transformation at the level of revenues and EBITDA for the company in the coming years.
Going to slide number seven, we have other highlights of rental. The Q4 2021 was another very strong quarter for the closing of business. We reached BRL 600 million in long-term contracts, representing 110% growth compared to the contracted CapEx of the fourth quarter 2020. It's important to note that the pace of growth accelerated in the last quarters. In the year, we closed with BRL 3.4 million in long-term contracts, with this growth of approximately 166.8% compared to the numbers of 2020. Contracted CapEx ensures the pace of growth for the future in the company. Along the same line, we closed the fourth quarter with BRL 6.9 million in backlog, an increase of 122.5% compared to the backlog of the same period last year.
As for the rented fleet, we closed December with 16,481 assets, a 30% rise compared to 2020. Of those, 20,177 are trucks and implements and 6,000+ machines and equipment. The CapEx today has so little impact in the results of 2021, but will have a positive impact on the results of the coming years. On Slide eight, we have the result of the sale of assets. In Q4, we sold 300+ trucks with a net revenues of BRL 34.6 million and net margin of 28.5%. The better margin reflects the increasing prices that we had in the seminovos market due to the appreciation of prices of brand new trucks and machinery.
The company has BRL 5 million in its balance sheet in fixed assets allocated to our clients, and that will have an extremely positive impact compared to book value as they are sold or during contracts with the reduction in depreciation rates since there was a new level of prices in the market for these assets. The inventory reached BRL 42 million in 4Q 2021, which is only 3.7 months of sales, one of the lowest inventories in the past years. Going to slide number nine, we are going to talk about the dealership segment. In 2021, the dealership business had a transformation of scale by means of organic growth and acquisition. We increased by 25% the number of stores in 2021. Now we have 40 stores with our dealership networks of brands and products of high quality.
With that, we offer our clients the whole service portfolio in an integrated manner, such as rental and trade of trucks, machinery and equipment, new and used. We reached the mark of BRL 453 million, representing growth of 146.2% compared to the previous quarter. Year- to- date, the total amount reached BRL 1.7 billion, growth of 146.2% compared to 2020. EBITDA for dealerships reached BRL 41.2 million in the quarter, expressive growth of 107.1% compared to the fourth quarter 2020, given the significant increase in the volume sales in Transrio Truck Dealerships and Valtra and Fendt farm machinery dealerships in the period. EBITDA for dealership was BRL 46.1 million in the quarter, growth of 150.9%.
We are very optimistic with the development of dealerships by organic growth and acquisitions. Going on to Slide 10, I'm going to talk about BMB truck customization segment. In 2021, this customization segment reached BRL 82.1 million of net revenues, growth of 51.8% over 2020. In Q4, we had a reduction in revenues, which is a result of one-off situation of a non-recurring factor of the reduction of manufacturing of some trucks due to difficulties in the supply chain and seasonality and lower volume of sales in December. EBITDA reached BRL 15.5 million in the year, growth of 62.5%. Quarter-on-quarter, EBIT reached BRL 1.3 million, a reduction compared to the fourth quarter last year due to this one-off effect in revenues.
Going to Slide 11, we talk about the reduction in the company's net debt and leverage. In 4Q 2021, net debt closed at BRL 2.3 billion and leverage at 2.2x net debt/EBITDA ratio, keeping a solid balance sheet that is prepared for the new cycle of growth. In addition, leverage had a contracted CapEx in the year of BRL 3.4 billion, BRL 3.3 billion of which for expansion. Going to Slide 12, we are going to talk a bit about the company's indebtedness profile. We closed for Q 2021 with a solid cash position and investments in the amount of BRL 3.8 billion, which is enough to cover our debt up to 2027. We still have BRL 600 million in contracted, not drawn lines.
The average maturity went up to 8.3 years with an average cost of 8.33%. We continue with our policy. We hedge our debt to ensure the profitability of our projects. We currently have a cap of interest of 7.73% for the CDI in the cash flow exposure and in rental contracts. In addition, we have the annual readjustment based on the IGPM or IPCA for most of our contracts, which contributes to offset the impacts of a higher CDI. As well as the topic we are going to approach on the next slide. Here, I'm going to talk about the transformation in asset value. Today, our trucks and machinery add up to BRL 5 billion book value.
If we consider the margin for the fourth quarter 2021 in the sale of assets, about 28.5%, and we apply that on our fixed assets, we would have BRL 1.4 billion in the appreciation of assets, which would be more than enough to offset any increase in the country's basic interest rate. We also believe that we are going to have an additional appreciation of our assets considering the quality of our purchases in recent years and the change of price levels for brand-new assets. The appreciation will show at the time of sale or when, as we reduce depreciation rates during contracts. In addition to this effect, we are going to have the launch of Euro VI in the country as of 2023, bringing new embedded technology in trucks and thus generating a new cycle of price increases.
The additional appreciation of the companies represent almost 5.1x the net financial expenses of the last 12 months, ensuring the continuity of our current levels of profitability. On Slide 14, we have our indicators for profitability. We are very much focused on accelerating our growth and generating value, and we can see the significant advance in the company's profitability indicators. Annualized ROIC was 14.9%. In the year, we closed at 14.2% compared to 11.4% in 2020. We had strong expansion of profitability compared to previous years, even at an accelerated pace of growth with exponential CapEx volumes. It is clear that we're starting to enjoy the benefits of scale in company's profitability. I'll turn the call back to Gustavo Couto to close the presentation.
Thanks, Gustavo. To close, I would like to talk about some advances in ESG in 2021. As you know, we elected two priorities for projects that have objective indicators and targets in line with the principles and recognizing the challenges of environmental, governance, and social issues. In 2021, in addition to having the first integrated report, we announced different projects in the topic, always paying attention to the demands of our suppliers, clients, stakeholders, and partners. In this regard, the company is working to be certified as a B Corp, adopting the B Impact methodology to enhance our structure and contribute to the maturity of our ESG strategy. This project started in 2020 with our Caminho greener pathway. We also invested in solar energy and the structure of reused water systems.
We had financial and social investments that we are going to detail in the future that will bring really a transformation in society. We also had the Christmas solidarity campaign together with the Julio Simões Institute that raised more than five tons of food and benefited more than 1,000 families. Finally, we would like to thank the trust of everyone that has supported us on our journey. We are committed to an even greater cycle with profitability to all those involved. We are leaders and have a central role in the rental of trucks, machineries, and equipment in Brazil with a distinguished volume integrating dealerships, used sales stores, and with discipline and responsibility as we announced last year.
We want to invest between BRL 4.3 billion and BRL 4.8 billion in equipment and machinery that have already been or will be rented in 2022. We are much closer to our objective of 100,000 assets in 2025. This slide closes the presentation. We thank you very much for joining us, and we are open for your questions. Thank you very much.
Our first question comes from Gabriel Rezende from Itaú BBA.
Hello, Couto, Moscatelli. Good morning and thanks for taking my question. Congratulations on your results. We have two questions. First is the evolution of your contracted CapEx. I would like to have a bit more color on this evolution, if it's seasonal, what really led to that, and also to understand growth year-on-year. The metric grew 100% year-on-year, which is not a bad number, but it was lower than 190% of the third quarter and 300% growth in the second quarter of the year.
Finally, I would like you to give us a landscape for this year, and the coming year, just for us to understand what growth is already given based on your backlog and how we could think a positive impact on the demand for your services, considering that, the increase in interest rates is a problem in, the financing of trucks, and also talking a bit about Euro VI that is possibly a positive factor for 2022 in your business model. That's it.
Hello, Gabriel. This is Gustavo Couto. Thanks for joining us and for your questions. Contracted CapEx, it's very important to highlight that the fourth quarter is always a bit weaker, the weakest in the year in terms of new contracts. It's important to say that 110% over the same quarter of last year, 2020, is an important growth. Generally, we start negotiations, especially when you're talking about sugar ethanol harvest, that will affect the first quarter of the coming year in the beginning of the previous year. So this will happen, and you will see that this behavior. We haven't seen any deceleration, quite the opposite. We continue with a very strong growth of new businesses and deal closes, and we believe this will continue.
To link to your second question, we believe this will continue along 2022. First, because of the structural conditions of our industry and our opportunity. Low penetration of the industry, fragmented market. What is important here is that growth will continue, accelerated, even driven by a higher interest rate. If you think that higher interest rates impair funding, but that also makes companies think when making decisions. Renting equipment is going to be cheaper, since buying, you know, trucks had a huge appreciation, as Gustavo mentioned in his presentation. We continue with a very positive outlook. The guidance that we gave you last year of investing BRL 4.3 billion-BRL 4.4 billion this year is what is estimated, and we already see demand in the beginning of the year.
We are quite excited with our numbers and plans, and the closing of the quarter will continue strong as we saw in previous years. I don't know if Moscatelli wants to add.
I will say something. Talking about given growth, we closed with BRL 100.9 billion of future contracted revenues. We have an explanatory note in our release that shows how much this backlog is going to be recognized in 2022, 2021, etc. That shows contracted growth of more than 50% compared to the revenue delivered in 2021. Our business, which is long-term contracts, you know, what happens is that we add up contracts, and as the cycle advances, we have an increasing contracted revenue as we continue to grow. For the year of 2022, based on December 2021, we already have contracted growth of 50%, let alone all the growth that we are going to have throughout the year. Euro VI, Gus...
Yes, Moscatelli, I'm sorry. I forgot to mention Euro VI. You know, what's important is that you are going to have a change with the legislation in diesel engines. You always have a pressure in previous years for more businesses to be contacted. That is also going to have an influx in the price of trucks. We probably will have a positive impact in the fixed assets that we have that Gustavo showed along his presentation. You would think that the Euro VI price should be about 20% higher for the coming year, generating a positive impact on the base of our rented assets that we are receiving this year, in addition to those that are already in our asset base.
That will naturally happen, and the demand will continue heated because of this, in addition to segments that are fostering growth. We are talking here about commodities, agribusiness, urban distribution that is growing substantially, infrastructure. We believe strongly that the demand for 2022 is going to be very much heated because of all these factors we talked about. Thank you, Gabriel, for your question.
Thank you, Gustavo, Moscatelli. If I could just have a follow-up in revenues. It would be very helpful in our models to try to understand the yield of new contracts for the fourth quarter, eventually a comparison with the previous quarter, just for us to see how Vamos is evolving in yield.
Okay, Gabriel, thanks for your question once again. The yield of contracts signed in the fourth quarter was the best of the year. We closed BRL 600 million of CapEx in new contracts, and these contracts have an average time of 65 months and generated additional backlog of BRL 1.063 billion. If you do the math, you get to an average yield of 2.37% a month, which is the best yield of the company if you consider the last 12 months or four quarters. For you to have an idea, the first quarter of the year, the company generated yield in closed contracts of 2.2%. A significant improvement along the year, and we closed Q4 with 2.73% for the signed contracts.
Great. Thank you very much.
Our next question comes from Lucas Marquiori from BTG Pactual.
Hello, everyone. Good morning. Can you hear me okay?
Yes, loud and clear.
Okay, great. I'm glad to know. Well, thanks for your call. I would like to go back, Moscatelli, to the yields, which is perhaps the most important point to understand the dynamics of the fourth quarter, because you have an increase in interest, you know, and the prices for clients and to yourselves, and we don't see that. We see operating revenue, which is a short-sighted view, perhaps, of how you are evolving revenue per assets. You've mentioned that you do have this yield for the fourth quarter, 2.73%, the best in the year, and this is what we would like to know. If you said that you have the pass on of interest rates, but do you have any other possibility? I understand that that changes the yield calculation.
I would like to know how you calculate the yield. And also, I would like you to talk about this longer contract durations. That's my first question. The second question is the concern with the higher cost of debt. I would like you to talk about that to keep your ROIC spread and to contain the increasing debt interests.
Lucas, this is Moscatelli. Thanks for your questions. I think perhaps the information that you do not have that we disclose is the average duration of platforms for you to have the effective yield. The average duration for you to get to this calculation, and as I answered Gabriel in the fourth Q, it was 65 months and on average altogether about 60 months.
It's likely longer because we closed a large contract for eight years. In the third quarter, we had also a similar effect, a client that closed a 10-year contract. The evolution of yield is very clear to us. The main reason for us to increase yields along the quarters is the higher interest rates for us to keep the ROIC spread and the cost of debt, as you mentioned. We do not have a major concern with regards to prices to clients, given the interest curve has not changed much in 90 days. The prices are already updated in our sales structure since August when we had this turnaround in the interest rate levels. The market has been accepted well, accepting well the new prices.
We are going to have a first Q, as Gustavo mentioned, that is going to be spectacular, much higher what we had in 4 Q, also based on seasonality and with yields similar to what we mentioned because the interest rates continued the same. The issue of spread is very much addressed with the new yields that we have for our contract.
Lucas Marquiori, just to add to Moscatelli's answer, when we think of revenue by asset, here we have data considered, considering HM fleet, 2,800 assets approximately. That's still subject to the Brazilian Antitrust Agency. That should take place in the coming weeks, we expect. This is already included in the 26,000, almost 27,000 assets. We have no revenues from these assets. This is important when you analyze it, you know, your calculations is that HM fleet is in the 27,000, but we still have no revenues for the year of 2021 for these assets. This is an important detail.
Yes, Lucas, and just to reinforce, our business has a very heterogeneous asset base. You have trucks from BRL 200,000-BRL 700,000. Then we have farming machines that can cost from BRL 500,000-BRL 2 million . Now we have a relevant share of forklift trucks with also a wide range of prices. Yield is the most important thing. How much I generate of return based on each real we invested in the contract, more than the number of assets, due to this heterogeneity.
Yes. Thank you very much. Just a quick follow-up on CapEx. I understand seasonality, but this 3.4%, which is what you closed in the year, how do they compare to the number that we saw in the beginning of the year? It was closer to 4%. I understand there is seasonality. This 4.3%-4.8% that you saw for last year, does it comprehend this difference in CapEx for the end of the year? Just for us to understand the dynamics, if any contract took longer for you to negotiate, if it was difficult to pass through the prices. Just for me to understand that. That's my last question.
Hi, Lucas. The guidance of 3.3%-4.8% does consider seasonality in the fourth quarter. As we mentioned, historically the fourth quarter is weaker every year, both in the rental segment, but also for dealerships. OEMs already stop manufacturing by the third week of December. It is a weaker quarter. Our guidance already provides for that. We are quite confident we are going to get to our guidance numbers. As I mentioned, the first Q is going to be very strong. Volume January had a very high volume of businesses. Our pipeline is very strong.
Just to reinforce your last question, all the investments made during the year and in the fourth quarter and the yield for the fourth quarter has still not reflected in the company's results. The yield of 2.73% has an implementation period of 90 days, so it will start generating value and being recognizing results as of this year. That's why when I answered Gabriel, I said the contracted growth is already 50% almost due to the contract signed last year.
Okay. Very clear. Thank you very much.
Our next question comes from Victor Mizusaki from Bradesco BBI.
Good morning. Congratulations on your results. Moscatelli, just to go back to the yield discussion. As you mentioned, you did not talk about the average duration of your contracts, but in a calculation that we have been performing, and we would like to validate with you if it is correct. When you say the contracted CapEx on a quarterly basis, you talk about your revenue backlog, and we have what was accounted for in terms of rental releases revenues for the quarter. When you do the math, you see the additional revenues contracted.
When you think of the lease rate, you get to 177%-180% in 4Q. In the third quarter, it was about 145%. In the first half, about 130%. Very much in line with the data that you showed. The first question is, do you think the calculation makes sense? Can the market see the trend even not having the average duration? My second question is the following: with regards to the rental and leasing machines, we are seeing the news of the agribusiness saying that the harvest is ended. Do you see more demand for the leasing of machinery due to the scenario?
Hi, Victor. This is Moscatelli. Thanks for your question. Your math is perfect. Basically, what you did was to add the variation of the backlog of the quarter to the revenues recognized in the results. This is indeed the incremental amount that is generated by the BRL 600 million CapEx. Then you got to the 65% approximately, which is the 2.73% a month I mentioned before. The calculation is perfect. You're right, you and the market do not see the average duration of 65 months. Perhaps we should have a better disclosure of information. That's the right calculation, and it's exactly the same number that I mentioned, 2.73% a month, the best yield of the year. As for the rental of farming machines, Gustavo Couto will comment.
Victor, thanks for your question. We are very much excited about the year. We had a movement that was similar to what we did with trucks. We had planned purchases, not only for farming machineries, but also for forklifts and others. We did planned purchases, as we do with trucks, for us to meet a growing demand in 2022, due to the financing lines for agribusiness, and also because of other reasons. People were expecting a government package to make decisions on purchases, and things have changed. We do see an interest in the rental of farming machinery. We in the end of 2021 already started working with sectors that we did not operate before.
As I mentioned, for 2022, with the machinery acquired, and that is going to be received in the coming months, we already have contracts and clients waiting for the machines to be put into operation. We are very excited, and we believe this is going to be a sector we are going to invest strongly, even, because now we have our dealerships who are present in the region, and we are going to see opportunities for the dealerships and for the rental business.
Okay, thank you very much.
Our next question comes from Pedro Bruno from XP Investimentos.
Good morning, everyone. Thanks for your presentation. I think most of my questions have already been answered. I just would like to... Well, I'm not going to talk about contracted CapEx, but you talked looking forward for the beginning of the year about the contracted CapEx and the yields. You talked a lot about that, and I think the more color you can give us for the beginning of the year, the better. Thinking about your guidance, thinking of BRL 4.5 billion right in the middle of your range, that would be BRL 1.2 billion per quarter. We know this is not going to happen because of seasonality, but I would like you to comment on the first quarter.
I know that it's still ongoing, but do you think the market should have this perception of delivery in terms of a number close to or higher than BRL 1.2 billion, given the seasonality of the fourth quarter? This is one point. The second point is regarding the cost of debt. If you could please explain again, I think to the benefit of everyone, a bit on your hedge. We saw the cost of debt above the percentage where you have a cap in interest rates. If you could give us a bit more color, I think it will give a bit more comfort to shareholders. A hedged debt and a bit more granularity of CapEx and yield for the first quarter.
Pedro, this is Gustavo Couto. I'm going to answer the first question, and the second about the debt spread, I'm going to turn to Moscatelli. Well, CapEx, I'm not going to give you a guidance for the quarter now, but what I can tell you is the following. We have already started the year strongly, even stronger than the beginning of last year. I think this quarter we are going to execute about one third of the guidance of the year, given what has already happened so far in the quarter. The quarter is going to be very strong and undoubtedly is going to be the best quarter in history of Vamos, with regards to the closing of contracts and way above 4Q 2021.
This is a reference, a bit more granularity as you mentioned, but I cannot give you a guidance for the quarter. It's been very, very strong. Moscatelli.
Hi, Pedro. With regards to interest rates and the cost of debt, we continue with our policy to hedge contract profitability. This is how we manage our debt. The way that we do that is by having an interest cap. We buy the DI calls for the whole of exposure of cash flow of our contracts. Looking today, if you consider a new contract of five years, you have, I don't know, you see the cash exposure. We have the interest cap. As CDI goes beyond the contracted amount, we get the amount at the maturity of the option. If it's below that, all expenses related to the purchases have been already included in company results.
Whenever there is a maturity, we either get paid or the expenses have already been recognized in the results. That's what we are going to continue to do. Most of the contracts, however, do have IGPM or IPCA adjustments agreed, and other debts also are under the IPCA. We have a natural hedge, and we are going to see how we can disclose that to give you more comfort, given that we do already have those indexes in place. Okay?
Thank you very much. You answered my question thoroughly.
Our next question comes from Rogério Araújo from UBS.
Hello, good morning, Couto, Moscatelli. Thanks for the opportunity. I have three follow-ups. The first with regards to average yield. When you get the revenue of rental contracts and you divide it by your average fleet, excluding acquisition assets, we see a drop quarter-on-quarter with growth of 1% year-on-year. You did show that new contracts are at higher levels, so we would like to understand why the average is lower. Because inflation is high, you pass on inflation in contracts. I ask that for us to try to have a metric and try to measure the variation of prices in existing contracts, because this reduction of revenues by asset has been showing an evolution of spread, right, considering the depreciation of vehicles and used assets and a drop in the rates for the last quarters.
Our concern is, you know, ideally to have the average yield, which is difficult. We take a look at the average price. Could you give us a column, apples- to- apples existing contracts, what is your variation? This is the first point, and I'm going to talk about the two others in the next questions.
Rogério Araújo, this is Gustavo Couto. I'm going to ask Moscatelli to answer your question. I am here, and the IR team as well is available to talk to you about these topics. We can perhaps clarify several points that perhaps are not clear, and we can do that later on. I'm going to ask Moscatelli to answer your question.
Hi, Rogério. Thanks for your question. Well, first, as I mentioned, we do not look here at yield per number of assets. This is a metric that for us in our business segment does not make sense because the asset base, as I mentioned, is quite heterogeneous. There are quarters that you close contracts with lighter vehicles, therefore with lower tickets. Others you have seasonality and you close contracts of you know high number of forklifts. We look at yields based on CapEx based on our fixed assets altogether. Every BRL 100 we invest have to generate a monthly amount that will pay off the project in the long term. This is how we manage our business internally, not based on the number of assets.
The average yield, and again, comparing apples- to- apples, as you mentioned, in the first quarter of 2021 was close to 2.20%. More precisely, 2.14%.
As I mentioned in previous question, it had a growth that was significant. If you do the math, as Gustavo Moscatelli and Victor Mizusaki mentioned, that you are going to get to 4.5 if you use a duration of 60 months. You see a strong evolution along quarters in the year of 2021. This is what we did to keep the spread right given the increase in interest rates. We think that this is preserved with this new yields that we implemented as of the third quarter 2021, and even more so in the fourth quarter. We are not concerned about spreads if given the new level of prices that we are charging for the new contract.
Okay, thank you very much. Okay, let's talk later on offline for us to understand the best metrics to analyze the yield. How about inflation in existing contracts? What is the increased average price?
Rogério, we have been able to pass through inflation rates. Remember that we have a competitive advantage that is huge with regards to the average asset price. We are buying trucks and machinery almost a year before. Our cost base is much lower than the actual cost base for clients that are negotiating trucks at zero hour. We have a competitive advantage. This is a difference in order to close contracts with clients. We have had no problems with the inflation in our asset base.
Just to add to Moscatelli, Gustavo here, remember that our contracts have inflation readjustment triggers based on IGPM or IPCA. This is not a tough negotiation with clients. They recognize the evolution of costs. They are used to that in their own industry. We don't have much negotiation with regards to that. What has happened is that IGPM is the main index in most of our contracts, and it really skyrocketed in the last months. The costs have not really followed IGPM. We negotiated with our clients, and many even offered commercial counterparts because we were a bit more flexible. What I can tell you is that we covered all increasing costs based on inflation because of very solid clauses in our contracts. This is very well covered and addressed in our contracts and in our relationship with clients.
Right. My second point, just to make sure with regards to the accounting for hedges. We are going to have the financial results at the maturity of contracts, and then we are going to see the gains. This is going to be a bit volatile depending on the maturity of each contract. Is that what you're saying?
Yes. Just to give you a bit more color and a bit more predictability, for you to have a DI call for the coming years, generally the greater liquidity is in January. You're going to see most of our calls to mature in the first quarter when we have the release of the first quarter.
That will happen as the interest rate in the average time of the call goes up the contracted rate. Whenever there is that, you're going to see gains in the results of the first quarter due to the receiving with a cash effect and an effect in result. Every year, the first quarter, you're going to see that. If it happens, it will happen whenever the interest rate is higher than that established contract. For ITR, you'll have a DI call and you have about more than BRL 1 billion, and you'll have a balance of swap versus CDI with about BRL 2 billion.
What do I look at to know the hedged amount compared to your total debt?
Okay. You are at the right explanatory note. Just consider the swap. This is a debt that was contracted in the past. Our contract is not prefixed, so this is something that we contracted a ceiling and the DI call as we did with the other debts.
Okay. Do you have the amount what you're going to have in total of hedged contract? Is it BRL 2 billion then?
In December, if I'm not mistaken, the number was BRL 1.2 billion because we contracted BRL 2 billion in December as well, and we hadn't contracted the hedge then because we did that in the first quarter.
It's about a third of your debt at the end of the year that was hedged against interests.
No. Because you have to take a look at net debt. At BRL 2.23 billion, you have BRL 1.2 billion of hedge plus what we are contracting for the first quarter. The target then is 100% of the net debt. The target is 100% of the cash exposure of contract, which is close to net debt. In firms we have also net debt in dealerships. If you need additional disclosure, we can help you out, and I'm going to send you all the information needed.
Okay. Final point, quite quick one. When you are considering the pricing of new contract, are you expecting the positive impact for Euro VI? Are you considering that in your prices?
No. Because we believe this is an opportunity for us to further reduce depreciation rates of the assets that are within the company today, but we are not considering that in the pricing.
Okay. Thank you very much for your answers. You helped a lot.
Thank you for your questions.
Our next question comes from Lucas Barbosa from Santander.
Hi, Couto, Moscatelli. Thanks for taking my questions. I think that most of it has been answered, but I have a follow-up on the first questions that was basically the following. I would like to discuss the competitiveness of financing versus renting a truck and how that evolved in the last 12 months. If you take a look at the yield of new contracts of the first quarter compared to the fourth quarter, you do see a growth of installments for the same truck, about 28% higher. Probably in the trucks that you are going to receive this year, you have an increase of price, 2022 against 2021, about 10%-20%.
It would have an increase in rental prices for a truck that was rented last year to a contract this year of about 40%-50%. Is that what you think the rental installment is going to increase from last year to this year? In terms of financing, what are you considering? Perhaps your competitiveness is even higher. Could you talk about those dynamics, buying and renting? Banks in terms of credit, do you think that it has been limited for trucks, which could also help your competitiveness? Could you talk about credit lines granted by banks? I'm talking here about the major Brazilian commercial banks. Thank you very much.
This is Gustavo Couto, Lucas, and thanks for your question. I say that when it is hard to buy, and this is what's going on in the current scenario, because interest rates are high and the price of asset is higher, as you mentioned. It's just natural that people stop and do the math. I always joke around and say that if you do the math, you come and work with us. Because, you know, 2021 was an example of that. We more than doubled the base of new clients that we had and more than doubled the volume of contracts that we have. We have more than two contracts by clients on average, which is always as a highlight, and we doubled the base of clients. That is new sectors, new clients coming to work with us.
As Vamos, you know, gets more and more known, this happens because that's it. The economics is that they can have in their cash flow in five years can get to 30%, not mentioning operational gains such as more availability that leads to a lower number of assets overhead. There are several benefits as we have always mentioned. That's why we are growing fast, and that's why naturally... Hello, Lucas. Can you hear us? Yes, we are back. I'm sorry. It seems that we had our line dropped. Lucas, what have you heard so far?
You were talking about cash savings that you can have when you rent.
Yes, I'm sorry if I repeat myself, but I was saying that, you know, we can advance our purchases and that helps our clients and OEMs to have a better plan of production, and also we can have good purchase terms. When we price our assets, we price at market value, not at our cost of acquisition. This is another reality. What we can see, and this is happening, is that the price of a truck that two years ago was BRL 150,000 , is today BRL 220,000 BRL 210,000 . A substantial increase, and I'm talking about retail prices. Naturally, this is applied to, in addition to the increase of interest rates in rental installments. Two years ago, the rental was BRL 8,000 -BRL 10 ,000.
The same truck is BRL 14 ,000-BRL 15 ,000, which is a reasonable number to consider. I don't know if when the call was cut off, you missed part of my answer, but I hope I have answered your question. I'm going to ask Gustavo Moscatelli to answer the second question, but if you have any further questions, please let us know.
Okay. Thank you.
We haven't seen credit really impairing our business. In fact, a more restricted credit, you know, kind of encourages clients to find an alternative in rental. In the used assets, we still have a low volume, so we haven't had any problems in approving financing for our clients to buy our used trucks. So far it hasn't been a problem. Quite the opposite.
In closing businesses, it has been an opportunity, just an additional argument together with clients to show that it's even easier to buy from us compared to the large banks. One more thing that I would like to say is that we continue, you know, paying close attention to credit assessment when we think of granting credit, the capacity of clients to make their payments, because this is an industry that we know well. It is in our DNA. We conduct very deep and diligent analysis in terms of granting credit, which is an important point in our business model, almost the foundation of our business. You can rest assured that in this environment where inflation, diesel prices may pressure the operational basis of our clients, we pay even more attention to the granting of client credit to our clients, and naturally keeping good control of our business. Okay?
Thank you very much, Couto and Moscatelli, for your answers, and I wish you a good day.
We do have some questions on the webcast platform. The first is from Eduardo from Claritas. Good morning and congratulations on your results. I have three questions. The first is that I noticed a deceleration in the CapEx hired this quarter. Any specific explanation, or is it the normal business seasonality? What are new contracts like for the first quarter? I saw a strong acceleration in the implementation of new contracts, with fixed assets growing more than 20% in the quarter.
In this context, I was expecting an increase in yield, given that the new contracts have higher yields than the average. However, we see a drop in yield. How do you explain that? The new revenue has not been captured in the quarter. The average time of contracts can influence that. The third question, what is the reason for the strong drop in the EBITDA of BMB?
Eduardo, thanks for your questions. Is my mic open? Thanks for your questions. I think that as we mentioned, we have the growth of the fourth quarter being quite substantial when you compare to the same quarter last year. As we mentioned, there is a seasonality effect that is part of the business.
We are very encouraged with the volume of businesses closed in the fourth quarter, and even more so with what we are doing in the first quarter 2022. As I mentioned in the last quarter of the year, we are ready to start negotiations for the new harvest, and you are going to see a very high volume in the first quarter when we announce our results next. In our point of view, there was no deceleration. The volume continues high. The commercial teams are bringing lots of new businesses, so we see no deceleration. This is just seasonality.
The second question.
Oh, the yields. Yes. Well, yields. Thanks for your question. We have already mentioned yields in the fourth quarter was the highest in the year, 2.73% with contracts with an average duration of 65 months.
As you mentioned, well, the duration of the contracts do influence in the yields. The longer the contract, the more availability you have of closing with lower yields. In this specific quarter, we had 65 months, BRL 600 million, BRL 1.6 billion of backlog, and therefore 2.73% yield. Finally, BMB. BMB is a company that you know that is focused on the customization of trucks and Volkswagen truck. In the last quarter, Volkswagen changed its manufacturing mix and reduced the products that are customized by BMB. Added to that, we have the seasonality of December, which is a weak month for the industry. That reduced our revenues and consequently our profitability indicators, as you mentioned, EBITDA. Again, this is back to normal in the first and second quarters. This is a non-recurring one-off event.
We are now closing the Q&A session. We are going to turn the call back to Gustavo Couto for his final considerations.
I'm sorry. It seems that we are having problems. I was just saying that we thank you very much for following the performance of our company. We are very happy with the results of 2021, another transformational year, but even more excited about what's to come in 2022. There is nothing today that prevents us from meeting the commitments that we are making of growing at an accelerated pace, improving profitability consistently as we have been doing along our history. We are certain that 2022 is going to be a very important year with growth and profitability. Now I'm closing this conference call. Thank you very much for joining us and thanking our team that have been delivering targets with consistency. Thank you very much, and have a good weekend.