Good morning and welcome to the Vamos conference call to discuss the earnings of the Q2 2022. Today, we have Gustavo Couto, CEO of Vamos, and Gustavo Moscatelli, CFO and IR 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 you need any help 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, operation, and financial goals are based on the beliefs and assumptions of Vamos management and rely on information currently available for 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 Vamos future results and lead to results that dramatically differ from those in such forward-looking statements. We'll now turn the call to Mr. Gustavo Couto. Please, Mr. Couto, you may go on.
Good morning, everyone. Thanks for joining us once more for our earnings release. In the Q2 2022, we delivered new records with accelerated growth and a new level of profitability. We reach annualized PRAC of 15.8%. In the quarter, we increased the average yield of our new rental contracts by more than 10% when compared to the Q1 this year.
Before showing you the results, we would like to thank the work of our teams, our clients, OEMs, and service providers. Because of the commitment and hard work of our people, the trust of our clients, and the long-term relationship with our suppliers, we delivered new records in the main operating and financial indicators. We also thank our investors, shareholders, and financial institutions. With your support, we're able to continue accelerating growth. Long-term relationships cultivated enabled us to reach consistent results in all our businesses. They are the solid foundations for our sustainable growth. We are growing recurrently and surprisingly for some. Still, we believe that we're still small in view of everything that we can do in a market with great opportunities, services, and competitive differentials that we are collecting day by day.
What fills us with joy is not what we have done so far, but what is yet to come. Our gratitude to our people, family members, and all of those who trust our companies and Grupo Vamos. By means of a unique positioning to different sized companies, we work in integrated manner to offer rental services, used vehicle stores, dealerships, distributors to an increasing number of clients. Each day, our business model becomes more well-known as an innovative agile innovation for those that want to expand or renew their fleet. We further accelerated our pace of growth in the different business segments, growing net revenue, net income, and EBITDA. In rental, once again, we grew with more profitability, preparing for the H1 of 2022. We expanded our commercial rental teams with managers and executives in all regions.
In addition to new regional managements, we put together specialized teams in heavy equipment and forklifts. We expanded our rental service portfolio, and we are the largest rental company for forklifts in the country after the acquisition of HM, being able to consolidate services and offer services of quality for small and large clients. We can anticipate the needs of our clients with strategic movements that are going to be crucial for the remainder of this year and also for the results of 2023. Each day, in several sectors of the economy in all Brazilian regions, new and existing clients believe that we are a competitive, convenient alternative for them to renew and expand their fleets. Be it trucks, farm machines, forklifts, and heavy equipment.
Our dealerships stood out at new levels of profitability with expanded presence in sectors of the economy that grow each day, such as agribusiness, infrastructure, and transports. In Transrio, we diversified revenues, standing out as leaders in the main regions with a lean structure, healthy, and very good outlook. In Vamos Agro dealerships, we grew with our brands after sales and state-of-the-art technology in a region that is growing sustainably and driving the growth of the country every day. Likewise, in heavy equipment dealerships that we just started in 2020, we present consistent results and fantastic outlook. We also had the satisfaction of being recognized by Fitch Ratings with the upgrade of our credit rating to AAA, which will enable us to have additional improvements in the debt cost and profile.
also continue with discipline in managing our capital structure, keeping the company prepared for strong growth in 2022 and in the coming years. We continue to focus on continuous improvement of profitability with discipline to control and reduce costs. We also see a significant appreciation of our assets that today add up to more than BRL 7.5 billion in book value. We also have the annual readjustment for inflation indicators, IGPM or IPCA, in most of our rental contracts, and are able to price the new contracts according to the new reality of the yield curve and expanding company profitability as a whole. On slide four, we closed the Q2 of 2022 with net revenues of more than 80% up the Q2 of 2021. EBITDA also increased by more than 77% in the second.
In the H1 of 2022 over the same period last year. Net income was record, with an increase of more than 48% compared to the H1 of 2022 and the Q2, I'm sorry. We know that the Q2 of each year is stronger in terms of contracted CapEx. Once again, we repeated the same pace in the Q2 of 2022, with a volume of contracted CapEx of BRL 1.525 billion, 67% higher than the same period in 2021. The deployed CapEx was also a record in BRL 1.2 billion, representing growth of almost 100% compared to the Q2 of 2021. In the Q1, we already had the same volume of deployed CapEx than the whole year of 2021.
That shows that we expanded our capacity to execute and deliver assets to our clients. Our backlog grew significantly to BRL 11 billion in the end of the Q2, an increase of more than 110% compared to the same period last year, which already ensures a strong growth for the H1 of the year and also for the coming years. With regards to our fleet assets, once again, growth of 84.5% compared to the Q2 2021, reaching almost 34,000 assets, which shows that we are on the right path to reach the objective of 100,000 assets by the end of 2025. We continue to focus on growing our business with long-term vision and profitability. Our efforts aim at the deployment of new systems, digital platforms that can drive the scalability of our business.
It's strengthening even more our operating and control bases, increasing our rental customer base, and creating new opportunities for sustainable growth in the Brazilian fleet, contributing to full, safe, and more efficient businesses. I also highlight the technical professionals training program, Vamos TEC, that in addition to giving opportunity of qualified work for the youngsters, help for us to provide better services to our clients and use our machines in the field. Acelera Líder is the program that prepares our managers for sustainable growth. Moving on with the presentation of our slides, I'm going to ask Gustavo Moscatelli to follow with the next slides.
Thanks, Gustavo Couto. Good morning, everyone. I'm going to start with slide six, with the main consolidated results of Vamos. In the Q2, we continued to deliver accelerated and consistent growth.
Net revenues, consolidated numbers, reached BRL 1,199 million, growth of 80.1% over the Q2 2021. Operating income, we also had a strong increase with BRL 380.5 million, growth of 118% over the Q2 2021. Due to the organic growth in rental, excellent performance of our dealerships, gains of scale, productivity, and gradual reduction of the depreciation rate of the trucks and machinery, given the significant appreciation of our assets in the market. It's important to highlight that the EBITDA of the Q2 2022 was higher than the whole of the H1 of 2021. EBITDA also showed evolution, reaching BRL 450.4 million in the quarter, an increase of 77.5% over the Q2 2021. Net income was also a highlight.
We reached, once again, a record number of BRL 142.5 million in the quarter, growth of 42.4% over the net income of the Q2 2021. Year to date, we have BRL 264.3 million, growth of 52.6% compared to the H1 2021. The result of changing levels of our indicators with gains in profitability is a result of the strong organic growth in the main businesses with focus and discipline and execution. Now I'm going to go to slide number seven to show the evolution of the company's return on invested capital and net income in the recent years. We are very much focused on accelerating growth and generating value.
We continue to improve the return on invested capital, even at an accelerated pace of growth, which does not show the ROIC of the company because our business is very much capital-intensive with long-term cycles. We are showing you an exercise, what would be the run-rate ROIC of the company with investments until the end of June. As you can see, we are already generating ROIC of 21.4%, which is a spread compared to the cost of debt of 9.8 percentage points. I'd like to say that this is not an exhaustive view because we are not considering the depreciation of invested capital or annual corrections of inflation for the contracts for the next 12 months, which would even improve this indicator. Also, we brought the evolution of the company's net income for the last seven years.
Here you can see growth year on year regardless of the economic cycle in the country. This is very important to reinforce that Vamos business model is extremely resilient, and we kept in company management discipline in the allocation of capital to generate value no matter what economic scenario we have in the country. Now, we are going to give you more color on the results of the different business segments. On slide nine, we have the rental business. In the Q2, we had strong evolution in the recognition of results with growth in net revenue from services of 70.3% compared to the Q2 2021, reaching BRL 383.5 million in the quarter and BRL 689.6 million year to date.
In addition, we kept focus on generating value to our clients, signing contracts with maintenance services, reaching net revenue with services of BRL 115.8 million, growth of 77.4% compared to the Q2 2021. EBITDA in rental reached 347.3 million, 108% higher than 2021. Organic growth and the signing of new contracts and acceleration of contracted CapEx and decrease in the depreciation rate of trucks and machines explain the results. It's important to say that the quarter of 2022 is higher than the H1 of 2021. EBITDA with strong expansion with 347.3 million, an increase of 72.9% compared to the previous year. On the next slide number 10, we have other results in rental.
In the Q2, we had strong acceleration in contracted CapEx with BRL 1.5 billion in new contracts, an increase of 67.2% compared to the previous year. We kept the pace in the Q1 of the year, even without the seasonality of the sugar ethanol business that is very representative in the Q1. The volume of contracted investment is more than two-thirds of the guidance we announced for 2022. Future revenues backlog went up to BRL 10.7 billion, 110% higher than the same period 2021, which already ensures a strong growth of revenue and profit for the coming years.
We also had an important evolution in the monthly rental amount over the new contracts, going from 2.23% a month in the Q2 2021 to 2.7% a month in the Q2 2022, which is more than enough to pass through the increase in interest rates that we had in the quarter. On slide 11, we have deployed CapEx and total fleet. As you can see in the first chart, we once again reach a record volume of deployed CapEx for the quarter, with BRL 1.2 billion deployed in the period, which represents an increase of 119.7% over the Q2 2021. This is higher than what we had in the H1 of 2021. That is, we deployed more in the Q2 than the first six months of 2021.
This is a very important indicator because based on the implementation, we start to recognize revenues and the results of our projects. It's important to highlight the company's operational capacity to really put together this amount without the complexity of our business. Our total fleet reached 33.9 thousand assets, an increase of 84.5% over the same period last year. Now we are going to go to slide 12, where we present our strategic positioning in the market with the inventory of new assets. We advanced ourselves and made purchases to support company's growth, even in a challenging scenario in the manufacturing industry. We closed June with BRL 1.8 billion in assets, new assets, of which 497 are already in process of being implemented.
The amount is 37.7% higher than the acquisition value, which gives us the possibility of improving the profitability of new contracts with this asset. Inventory has been a competitive advantage in the market because we are able to offer on-demand trucks for our customers to start operating. We have low capital invested since 88% of the inventory is in the payment schedule with OEMs. This position has brought improvement for us to reduce deployment times and accelerate the recognition of revenues. With that, we ensure backlog regardless of suppliers availability. On slide 14, we have asset sales. In the Q2, we sold BRL 63.4 in used trucks and machinery with the gross margin of 29%. We continue to have high margin due to the appreciation of our assets. On slide 16, we are talking about dealerships.
In the Q2, the dealership segment continued with accelerated growth and better margins. Net revenue grew 78.7% in the Q2 over the Q2 2021, reaching once again a record number of BRL 737 million. Both markets, trucks and farm machineries, have high demand in the country and show strong growth. The EBIT of dealerships reached 94.9 million, expressive growth of 91.3% over 2Q 2021. EBITDA was BRL 99.5 million, up 87.9% over 2Q 2021. The profitability indicators had amounts in the quarter above those of the H1 of 2021. On slide 18, we talk about our net debt structure. We closed the Q2 with net debt of BRL 4.5 billion and leverage of 2.5 times.
If we considered our annualized EBITDA, our leverage would be 2.54 times. In addition, the leverage is influenced by the advance of BRL 268 million that we made to suppliers that had an average schedule of 120-180 days with a financial gain of 120% of CDI. If we exclude this advance, leverage would be 3.07 times. Going to slide 19, we talk about our debt profile. I have to mention the upgrade of the credit rating by Fitch Ratings to AAA in the month of July. Undoubtedly, this upgrade will bring us additional improvements to our cost of debt.
In the Q2, we closed with a solid cash position on financial investments of BRL 2.8 billion, which is enough to cover our debt up to 2025. We still have BRL 645 million in available revolving credit. The average term of that is 7.4 years and the average cost after taxes 11.9% a year. We continue with our policy to ensure the profitability of our business. Today, we have BRL 1.6 billion of contracted hedge with an average cap of 11.9% of the CDI. We also have annual readjustments based on IGPM and IPCA in most contracts, which also contributes for us to reduce the impact of higher interest rates, in addition to the appreciation of our assets, as I mentioned before.
Now I'm going to turn back to Gustavo Couto for his final remarks.
Thanks, Gustavo. We are going to start with slide 20. We are very happy to open the new store of Vamos Agro with Fendt dealership in Primavera do Leste. This is the brand's largest store in the Americas. This shows a new cycle of organic expansion in Vamos in the Brazilian Midwest, an area with sustainable farming practices and now closer to farmers. We have the EDGE Sustainable Certification from the World Bank. With the construction structure, with natural ventilation, lighting, highly efficient equipment, reflective insulated roof, low consumption metals, the stores will offer 39% savings in energy, 32% reduction in water, and 22% in reductions, therefore reducing CO2 emissions comparing to same type stores.
In addition to Primavera do Leste, Sinop, Querência, Rondonópolis, Formosa will also have Vamos Agro's machines in 2022. In our last slide, I'd like to reinforce some positions. We want to have new digital platforms that are able to drive scalability of our business and further strengthen the operational and control bases, increasing our customer base and creating new opportunities for growth, contributing for safe, efficient businesses. With discipline and responsibility, we are going to invest close to BRL 5 billion in 2022 in equipment and trucks that have already been or will be rented in 2022. We are closer and closer to the objective of 100,000 assets rented in 2025. There was a transformation in our asset base, trucks, machines, and forklifts.
Our scale and strength of balance sheet enabled us to have the strategic purchases at the right time, positively contributing to our results in the coming years. The demand for new contracts continues strong. Our media plan, investment in personnel and digital tools have brought excellent results. Our feel is that we are just starting. Our positioning and scale in the rental business completely changed the levels and enabled us to generate competitive advantages that are truly substantial. Our dealership teams excelling in customer services with transformational work that is bringing us a fantastic outlook for our stores in business that are yet to evolve consistently and sustainably.
As Gustavo Moscatelli mentioned, we expanded our annualized return on invested capital to 15.8%, and we are operating with running rates above 21%, a consequence of the execution of our purchase strategy, capacity of pricing, and consolidation of our business model. Finally, I'd like to thank you all for your trust and for your support until here. We are leaders and pioneers in the rental of trucks, machinery, and equipment in Brazil. Our objective is to accelerate company growth in the market with discipline and responsibility in the allocation of capital. I close the presentation here. Thank you so much for joining, and we'll open for your questions.
Ladies and gentlemen, we will now start the Q&A session. If you have a question, please press star one. To withdraw your question from the list, press star two.
Our first question comes from Gabriel Rezende from Itaú BBA.
Hi, Couto, Moscatelli. Thanks. Congratulations on your strong results once more. You already talked about the two topics I'd like to address. If I could just have a follow-up. First is about your yield. I would like to go back, Moscatelli, to your comment on 2.7% on new contracts. Could you give us a bit more color about what is expansion? Because in the previous quarter, you had the sugar ethanol contracts that brings the average down. I would like to understand the mix of contracts with and without maintenance services also impact the evolution of your yield. Basically, the mix of contracts. The second point is about leverage. We have several signs that demand was not accelerating, and, economically, this is still very interesting for most customers.
What are the possibilities that you see? You have this leverage of 3.3 times or 3.1 if we just exclude the advance to providers and the room that we have for leverage to continue improving in the coming quarters. Thank you very much.
Hi, Gabriel. Good morning. Thanks for your questions. Well, if I'm going to start with the yield. As we mentioned in the presentation, the Q2 we closed with an average contract yield of 2.73%. In the Q1 this year, it was 2.47%. If you take a look at that, we basically evolved because of the non-seasonality of the Q2 of the sugar ethanol business, as you mentioned, which typically has more long-term contracts.
If you take a look at the average time of contracts, it went down by 8% compared to the previous quarter. This is the reason. As for the mix of contracts with and without maintenance services, we have a better mix of contracts with maintenance services this quarter because sugar and ethanol have no maintenance services. That's the main reason. Undoubtedly, our capacity to price contracts and leave the competitive advantage of the price of trucks that we bought with last year prices within our margin. I think it is these three things. Again, first, the seasonality of the Q1. Second, the average term of contracts and the mix with and without maintenance services. Third, we are having part of the competitive advantage of the prices within the company. As for leverage, we released 3.6x.
Removing the advance to suppliers, it would be 3.07, which gives us a 0.70 times comfort compared to covenants. I believe we are at a very healthy level. It does not concern me. We have other alternatives, sell part of our receivables portfolio to keep our leverage at a healthy level. I think this is very much under control. I don't know if Couto would like to say anything about that.
Yes, I would. Gabriel, thanks for your questions. Just to add to Moscatelli's answer, it's important to think of the strategic inventory.
Because truck prices continue to go up, you're going to see a better yield because as Moscatelli mentioned, we have a better pricing strategy. We bought trucks at last year prices, and given the current prices, we are going to continue improving our yields. I think this is the major catch here that really enables us to take an outstanding position with very significant competitive advantages, and that will enable us to continue leading our efforts to improve contract profitability more and more.
Thank you very much for your answers. If I could just have a follow-up on an eventual sale in part of your receivable's portfolio. Are you thinking of at what cost you would have for that? Perhaps the cost of debt or something different?
Well, Gabriel, we are under negotiations. We don't have a number for you now, but it will be very close to the cost of debt. You know that we have just been upgraded to triple A by Fitch Ratings, which helps us with our debt profile. You saw that in the Q2, we already were able to raise funds at a much lower cost, and that will help us in an operation of the sort, but we still don't have anything to disclose. Okay, thank you very much.
Our next question comes from Renata Cabral.
Hello, everyone. Good morning. Thanks for the opportunity and for taking my question. I have two questions. One is about the competitive environment. Because you were able to deliver very strong results.
Ouro Verde, we had a merger of Unidas, so I would like to know how you see the competitive environment from now on. The second question is about the quarter's margin. Once again, you had very high margins, but I would like to understand from you how prices are evolving for the used vehicle sales.
Hi, Renata. This is Couto. Thanks for your questions. Competitive environment. Well, we respect companies that are announcing that are going to focus more and more in our industry. We believe this is natural. It is a sector with huge opportunities, and there is plenty of room for new entrants in this segment. We think this is natural.
What we have been doing and putting a lot of effort is to create efficiency to be remembered by our clients as the best option when they are thinking of expanding or renewing their fleets, be them trucks, farm machineries, heavy equipment or forklifts. It's natural. It's important to highlight that we are very capital-intensive segment, and companies that have been making announcements are respected companies and that will need to also to respond for their results if they are growing in the sector. This is a natural movement, but there is so much room in the market that I really do not see this as affecting or being too much of a price war. We have loads of opportunity. Less than 1% of the fleet is rented. This is a natural movement.
As for your second question, I'm going to start answering, and then I'm going to turn to Moscatelli. We see that we are selling right now assets that were purchased five, six years ago, and there was a strong evolution of prices for new assets and therefore of used assets. Also, we're able to make very positive purchases in the last two, three years with amounts that were very much appreciated. It's just natural that we are going to see a continuity of this margin for the coming years in terms of used assets. Gradually, as we are doing, we can reduce depreciation, not to leave you know the enjoyment of these benefits to the end of the five-year contract.
We see an opportunity to continue with margins at this level, and there will be a natural migration of those margins to as likely lower depreciation rates within the contract, but always being conservative. We'll always be conservative with regard to all these movements related to used asset margins and depreciation rates. Moscatelli, would you like to add?
Renata, thanks for your question. Just to add to what Couto said, I think we're able to keep, with regards to the Q1, a very high margin. The highlight is the increased volume in sales. We increased revenues in the sale of used assets by 37%. The secondary truck and machinery market particularly is accepting these new prices, which just evidences the valuation, the appreciation of our asset base that is entered in our accounting.
We have increased volumes and consistent margins.
Thank you very much, and congratulations on your results.
Our next question comes from Lucas Barbosa from Santander.
Good morning, Couto, Moscatelli. Thanks for taking my question. Congratulations on your results. I have two questions. I'm going to start with the first, and then I'm going to ask the next. Could you tell me how deployed CapEx should evolve in the next quarters? Should it be 1.5, 1.6, which is more or less what you delivered in the Q2. I'll ask my second question later on. Thank you.
Hi, Lucas. This is Gustavo Couto. Thanks for your question. We have been evolving a lot, as you could see, in deployed CapEx. It has been a major effort of the company and the operations team, and we are very proud of their work.
We had BRL 2 billion in the H1, which was the deployed amount of the whole of the year last year. It is the certainty that we are evolving in the capacity to provide services to our customers in the speed of deployment and in the implementation of some processes. Because, you know, sometimes we have customization involved, the purchase of equipment, because you know how complex our assets are. Looking into the future and given the high demand of the market today for customization and some restrictions in the purchase of new equipment, today we are operating with 90 days from the acceptance of the client, from the signing of the contract until delivery of equipment to them.
Because we are at a pace of BRL 1.5 billion CapEx in the last two quarters, in first and Q2, it's just natural that we are going to have an even stronger pace of deployment than what we had in the H1 of the year. Remember, BRL 800 million in the Q1, approximately BRL 1.2 billion in the Q2, so we are evolving quarter-on-quarter, and that's what we wish for the coming quarters.
Very clear, Couto. Thanks for your answer. Second question is on the slide that you talk about the burning rate of your return on invested capital. The rental revenue in the next 12 months is just the assets that are in the invested capital of June 2022.
That is the twelve months of these trucks that were already in your book for in June 2022, or you're talking about also future growth?
Hi, Lucas. This is Moscatelli. The revenue only includes what we have in the allocated rented invested capital. What is not rented is not projected. That's why you have to make the adjustment to remove the inventory that we have in the balance sheet. So, BRL 192 million were excluded. So we only have rented assets undersigned contracts. That is part of the backlog. BRL 2.5 billion is what we are having for the next twelve months. So only what is already rented and impacting the invested capital.
Okay. Very clear. Thank you very much.
Thank you.
Our next question comes from Lucas Marchiori from BTG Pactual.
Hello, everyone. Good morning.
I have also two topics, some of them already addressed, but just to reinforce some data. Couto, you talked about an increase in prices this year. I remember in recent calls that you had negotiated an increase of prices of about 16% in these new purchases. The list price of OEMs, is it below or above the 16%? So if you could give us a bit more color in terms of your net pricing negotiations, just for us to calibrate with inflation rates. In used assets, are you seeing a mismatch in the price of new and used machinery, just for me to have an idea of depreciation? Second thing, the dealerships business. Another very strong quarter, very good margins. This is an industry that historically we thought was very seasonal with much lower margins.
What do you expect from that in the coming years? Another strong year in dealerships, good margins with the adding of services, just for us to have an idea of the seasonality of the business. Thank you.
Very good questions, Lucas Marchiori. Let's go. Okay. New asset prices. This week, another OEM announced a new price increase of 10% in trucks. I talked to all OEMs this week just to know what they were projecting for the end of the year, and they are all talking about up 30% increase in 2022. To date, one of the leading manufacturers already increased 18%, but they are all talking about between 25%-30% in the year.
Once again, reinforcing our strategy to be able, because of our scale and strong balance sheet, to make the right purchases at the right time. Today we have a very fast capacity to implement. Remember that we bought these assets well, and we have them on demand or practically on demand to meet the needs of our clients in movements that are going to continue in the Q2, H1 of the year in terms of price increases. As for the price of used assets, Marchiori, we see this as a natural movement. Today, if you take a look at the production volume, I was looking last week, production and licensing of trucks compared to last year. This is likely below last year's due to some difficulty of OEMs increasing their production.
Last year was a good year with approximately 140,000 trucks sold and licensed in Brazil. This year is likely below this, but they all believe the H1 of the year is going to be better in terms of production capacity. That naturally shows that there is a demand in the market. Used truck assets also follow this higher demand for new assets that is a bit repressed. We see prices of used assets still at very high levels, and it is hard in this environment to think that things are going to change dramatically. If you think, you know, about the last 15 years, truck prices do not go down. Now, even with new technologies, the Euro 6 that is to come.
I think the trend is that prices are going to go up a bit more until they are stable. In my point of view, there is no possibility of a real shift in prices or lower prices. As for dealerships, Marchiori, we are very happy. As you know, in the group we have the DNA of the dealership business. There is low capital deployed, a strong contact with clients, and we always say that all businesses in fleet expense of renewals start at the dealership. The client goes to the dealership for maintenance services to check out, you know, what assets they want to buy or rent from us. We always liked the dealership business. Now we are living a very positive time, and we haven't reached maturity yet.
We are going to continue seeing improved results in dealerships. Transrio, for instance, our network of trucks is diversifying its revenues, improving results, unit margins, inventory turnover. Transrio, that is our largest dealership in the heavy trucks, is doing excellent work. In the farm line, we started the business just a while ago. We started the business in 2017, buying a company, then we restructured ourselves. As of 2020, you see a very focused work with even more acquisitions made. For you to have an idea, last year with the Fendt brands that we are opening. Fendt, we are opening new stores. In the first year, H1 year alone, we had a higher number than the whole of last year.
Fendt is a leader in technology, and we are going to continue growing with the support of AGCO, that is the manufacturer. We haven't even reached the average market share in the country because we joined an area that was poorly managed. We were just joined in 2020. We haven't gotten there yet. These are sectors that are demanding a lot. We are very happy with the dealership business. Good margins, well positioned, diversification of revenues, and a portfolio with leading brands. We're probably going to see even better results for the coming quarters and years for our dealerships.
Excellent, Couto. Very clear. Thank you very much for your insights, and have a good day.
Our next question comes from Rodrigo Farias from SulAmérica Investimentos.
Good morning, Couto, Moscatelli.
Before I start, congratulations on your strong results once again. For the triple A, I know it's going to make a huge difference for the future and for your segment. If I may, I would like to ask you four questions. If there are too many people in line, I will stop at the second. The first is the following. Today, your cost of debt is going down to 125 of the CDI, and you just got the triple A. It will certainly bring a reduction on spread. What do you think your spread could be for the future? How long would you get to the spread because you are triple A? And with the reduction in the cost of debt, you said that you are still having some result in company.
Do you think of passing this on to clients and you're going to see a huge, not perhaps being a bit better for you to accelerate growth? If I can, I'm going to ask the two other ones after your answer.
Hi, Rodrigo. This is Moscatelli. Thanks for your question. We have an average cost of debt today of 125% of the CDI. We already see a significant reduction because of the upgrade and because of a stronger cash position. If you take a look at the debt that we've raised in the Q2, that was at 114% of the CDI.
I think this is certainly going to be a new level for the raising of credit within the company, certainly helped by this new credit rating of triple A. The idea is not to pass on to you. It's to improve company profitability and the power of negotiation with major clients. That is perhaps another leverage for the generation of value to be captured from now on with a lower cost of debt. You can ask your other questions, no problems.
Okay, great. My question is a follow-up about the possibility of selling your receivables portfolio for you to have some relief and continue growing.
Would it make sense for you before using this lever to reduce the inventory of trucks, or do you think that it is a must to keep this inventory so that you can have a capacity to deploy contracts faster? And finally, if the lock-up of individuals to buy your stock, when do you think that individuals will resume buying Vamos's stock? Thank you.
Okay, Rodrigo, this is Moscatelli once again. We believe that we are at a very healthy leverage level. If you consider our moves, we are running at 3.07, and our covenant is at 3.75. Leverage is not a concern. We think that we can grow with our balance sheet.
The sale of the receivable's portfolio is one of the levers that we have to give more flexibility for the company and another funding channel to develop. Funding channels are healthy for the growth of our company. Inventory is a decision that we made in terms of strategic planning, and it generates value. You saw in the presentation the appreciation of our inventory is almost 40%, 37.7%. There's much value generated by this decision, and we don't want to change that now. Once again, we are very comfortable at our leverage level, and the receivables portfolio is one more option for us to grow the company following our strategy and without putting pressure on our balance sheet.
Finally, before I turn to Gustavo Couto, we had the IPO of the company at the end of January last year, and it is an 18-month period. As of August 1st, and this is on B3 site, the company stock will be open to individuals. It is just the same dynamics of all companies that had their IPO.
This is Gustavo Couto, and I would like to just mention one point. If you think that this inventory, as you mentioned, is an alternative for us to deploy faster and generate income faster, if you think that in the next weeks and coming months, the inventory is going to be deployed. As soon as we sign contracts, you know, the inventory of the BRL 185 million is already under deployment.
The 1.8 generates revenues of BRL 50 million per month. As a consequence, it increases our EBITDA base and et cetera, just for us to continue growing. Gustavo mentioned we are very comfortable at our position, and we believe that we are going to continue growing and continue keeping our pace of growth in the coming months.
Okay, thank you very much.
Our next question comes from Victor Mizusaki from Bradesco BBI.
Hello, everyone. Congratulations on your results. I have two questions. The first is a follow-up of Lucas' questions on the dealerships. Gustavo Couto, in the beginning, you talked about Vamos Agro and the plan that you have to open new stores. Could you just confirm the amount of dealership stores that you're going to open in the H1 of 2022?
Also, do you have any kind of talks to represent other brands and OEMs in the country? Second question. In your release, you showed that 15% of your CapEx was contracted on the digital channel. Could you give us a bit more color about what you've been doing on digital platforms and also on different channels? We had the Vamos Amigo program and others, so this initiative for the development of new sales channels and how they are performing. Thank you very much.
Hi, Victor. Good morning. Thanks for your questions. Okay. Vamos Agro, we are going to open five new stores this year. At the end of the year, we are going to have 10 stores of Vamos Fendt with AGCO and Vamos Valtra that we already have 16 other stores.
In the end of the year, Vamos Agro will have all together with the two brands, approximately 26 stores. That's the number we are working with. We have a network plan in agribusiness. We cover an important part of Mato Grosso, two-thirds of the state, an area with a giant potential to grow, and it is growing. Every time I go there, last week I was there, it's really exciting to see the results. Goiás, the whole of the state, a part of Mato Grosso do Sul. We are talking about a very competitive region that will continue to bring even further results, thinking of the infrastructure investments that are being made in the region.
That's the plan, and you're going to see even further expansion in the coming years, which is our commitment with the brand, especially Fendt, that came to Brazil in 2019 and is probably going to be a market leader very soon. As for the digital channel, we are very happy with it. You very well remember that 1.5 years ago, we started two programs. One, encouraging the use of digital tools to reach more clients that are not aware of this alternative of renting trucks and machines and the Vamos business, Meu Negócio Vamos. These two programs are very much advanced. Digital channels are initiatives that are developed by our digital team in the company, and they were able to generate an incredible number of new businesses. We have been impressed month after month.
We hit 15% of the sold CapEx this year, of the BRL 3.1 billion. The origination of 15% of those contracts came from digital tools. Now, what is important to say is that we do not want to have an experience that is 100% digital. We'll always have the in-person experience. This is a B2B business. We have 1,000 contracts, 2,000 clients. We have sales teams all over Brazil, so we have and should provide services in person. We have good leads. The digital tools originate businesses, but then we also have in-person services with our employees, closing negotiations, having the due diligence and process before we sign contracts and deliver equipment to clients. We have learned a lot with the digital tools in the Vamos business.
There are some companies that inspired us to put together our programs. It takes time to have this maturity in this channel. Sometimes we are too anxious, but we are very happy with what we achieved so far. The tool works if you want to go to the portal to see the Vamos business to start generate clients to us. This is all working. We have a standard contract. We have commissions paid. We have more than 60 people already registered that are already leading business to us. The results are still as significant as the digital channel that already accounts for 15% of the CapEx of the quarter.
Okay, thank you. Just for a follow-up now.
In the case of digital, does it make sense for us to consider that this is a more standard product and therefore you can reduce the time of deployment of our assets?
I wouldn't say so, no. The lead that is generated on digital is generally of smaller deals, perhaps with a lower level of customization. I think what makes the most difference in deployment times is inventory of high turnover items. For instance, basket trucks, we are having lots of rental contracts because of the investments in infrastructure in agribusiness. We are advancing this movement, and we have on-demand assets. Therefore, because of this, we have faster deployment times. I think this is what we have been doing right in recent months.
We've doubled the volumes of implementation and deployment of last year, this year. I think that we are implementing faster because we have better processes and because we have higher inventory levels.
Okay, thank you very much.
Our next question comes from Pedro Pimenta from Eleven Financial.
Good morning, everyone. Congratulations on your results. I have two points. You already mentioned some, but I would like to go back to leverage. Given this level of leverage above three times, if we consider the growth of the Q2 over the Q1, we would get to a very close number to your covenant. Shouldn't we see a deceleration in the amount of contracted CapEx because of that?
Second, could you give us a bit more color on your CapEx with maintenance services just for us to have an idea of an increasing yield?
Hi, Pedro, this is Moscatelli speaking. Thanks for your questions. Leverage. Even with the expected growth until the end of the year, we are not going to get to the top of the CapEx because the contracted EBITDA of the already deployed CapEx also has significant growth. You saw the adjusted leverage with the EBITDA of the quarter at 2.4 times. We are growing, but EBITDA is also growing at the same ratio. We do not see leverage close to covenants in the end of the year. Quite the opposite. We see it stable at the level that we have now.
As for the mix of contracts with and without maintenance services, this is not what is going to increase company yield. Each contract has its own yield, and we have to have better yield with contracts with and without maintenance services. The mix has not changed much. We are with about 70% of the contract without maintenance services and 30% with, and the idea is to extract the most yield of each contract.
This is Gustavo Couto. Just to add to what Moscatelli mentioned. In the past, we said we would very much focus on contracts with maintenance, and we did that. We believe it was the right strategy. Also, we had to, you know, a lesson learned in the last two years.
I myself was a person that gave different incentives to contracts with maintenance services, higher commissions and etcetera, given a higher potential of return in these contracts. On the other hand, a contract without maintenance services has a fast conversion. We are no longer obsessed, if I can use the word obsession, of having contracts with maintenance always because contracts without maintenance services also have very good results, very good returns. We are very close to the average tier between contracts with and without maintenance services given the company's evolution in recent years. They are much faster to be closed, to be deployed when we have no maintenance services. This is a lesson learned on the day-to-day of our clients. It has even to do with the customers themselves decision process.
We are no longer obsessed with contracts with maintenance services. It do depend on the demands of our clients, and we are going to respect that.
Yes, it makes sense. Thank you very much.
Our next question comes from Guilherme Mendes from JP Morgan.
Hi, Couto, Moscatelli, thanks for your question. Two very quick follow-ups. One, is there negotiation for 2023 with OEMs and if you're expecting better purchase terms due to prices and demand. The second question in terms of new contracts, you already talked about contracts with and without maintenance services, but customer profile, are they larger companies, smaller companies? What has been your mix in the closing of contracts?
Hi, Guilherme. I'm sorry, your question was a bit chopped. Can you say that again? Guilherme? I'm sorry. We could not hear you.
Can you hear me all right? If you can repeat your question, please.
Certainly. The first is about the purchase of assets, if you have anything contracted for 2023, and in what payment terms, thinking the impact of demand in Euro 6 for next year. Also, the profile of buyers, if they are smaller or larger companies.
Okay. In terms of our future purchases, I think there is something strategic and very sensitive about our discussion with OEMs. I'm not going to mention about opportunities in this regard. Remember, for the purchases of 2021, we had purchases in the H1 of 2020, so huge advance. In 2021, in the Q1, we had the purchases for 2022. It is a very sensitive information, the right time and the right discussion with each OEM.
I'm not going to say much about that, and I hope you understand that. The fact is that product prices will continue to grow. The purchases that we had for products in 2022, Euro 5, will make us for next year to have a very interesting stock level, and we are going to have a competitive price with high demand. This is a commitment of the company. We already said that to you. We are going to carry on this inventory along the year and for the beginning of next year, and that will give us a very interesting competitive advantage because we're able to make the purchases at an interesting price compared to Euro 6. As for maintenance, Guilherme, and customer profiles, it varies.
You have large clients that sometimes understand that the best for them is not to have any kind of maintenance, so they ask us to provide the maintenance. They think it's not their core activity. They don't want to work with body shops, parts, tires, and et cetera, and we do that for them. There are others that believe they have scale enough to have their own negotiations. They have teams in place and some maturity in the area. You have both. You have all kinds of profiles. Some companies are more mature in managing their own fleets, others not. Smaller customers generally want more maintenance because they don't have scale or structure. Generally, smaller companies go more towards maintenance services. There is not a rule or a direct relationship that should be established.
We have both for larger and smaller customers. Thanks for your question.
Very clear. Thank you very much, Couto, and have a good day.
There are no more questions, and we'll now turn to Gustavo Couto for his final remarks. Please, Mr. Couto.
Once again, I would like to thank our team. You have performed excellent work, and we are very happy. I always joke around that this is a team that is always hitting records, bringing us the greatest joy. Our greatest joy is what is still to come. This is a market that is just starting. In all our businesses, we are just starting and very excited about the outlook of our business for the future. The solution buys, sell, exchange, and rent is more and more known, and that is bringing us huge opportunities for growth.
I'd like to draw your attention to our increased return on invested capital, because of our capacity to plan purchases, the maturity of some of the channels that we launched 1.5, two years ago, creating platforms that would be scalable and that would bring us competitive advantages and the capacity to reach even further frontiers. That has been generating value to shareholders, clients, and delivering results that are increasingly better. We are very happy, satisfied, but we are even more excited with what is still to come. Thanks for your support, for joining us today, and I wish you an excellent weekend and all the best. Best regards.
Vamos' conference call is now closed. We thank you very much for joining and wish you a good day.