Good morning to everyone. Thank you so much for being connected today to this new delivery of outcomes. In this occasion, we are going to discuss about the outcome of the first quarter of 2024. The manager of finance, and José Sáez, Director of Strategies and Corporate Issues. I will like to give a profile about them. He started on 2011, then to take over in Barcelona and Paris. Since that year, as he has assumed for the group in Barcelona. This position, it was up to 2023, when he arrived to Aguas Andinas. Antonella has been performing in different scope in the financial industries on telecommunications field. José Sáez is a Director of Strategies and Corporate Issue. He become part of Aguas Andinas in 2008.
As an expert of sanitation, he has been manager of the following companies and Director of Customer Service of Aguas Andinas. We would like to share with you that this will have this available starting next week. Any question that you would like to pose in the Q&A with all your concern, and then we will discuss all your concern at the end of the presentation. I will offer the floor then to Miquel.
Good morning to everyone. Thank you very much for being here again with the outcomes of the first quarter. I would like to start with something that is important to enhance. In Santiago this year, we have had the most outstanding amount of rainfall compared to the previous year and 2023. Almost 80 liters has been rainfall.
80% of this has been due to the rainfall. It's not really rain, but also there's snow melting in the mountains, and this allows us to have a positive perception in relation to the previous year. The rainfall in Santiago has been much higher in volume and also in the operating cost. Following with the meteorology of the second quarter, the winter has become, and temperature has been below the low temperatures compared with last year, especially in May, June. We have been managing inflation compared to 2023 up to June, and Antonella will address this issue. This has been an increase that has reported a very steady inflation, even though this is a natural coverage.
In terms of cost, it can be analyzed in the first six months, this balance in which we have a IPC, Consumer Price Index, and in relation of 1.7%. This adjustment has been corrected and it has been impacted temporarily. Then you can review in the accounts of this semester. Within this context, inflation rate, as mentioned, Antonella, has been positive. The results that has been acquired in relation to the new, activities and measures that we have overcome this year. The tariff process has, following the normal process, and covering different milestone up to the months of October. On my part, I will leave, that part to Antonella to address this point.
Thank you so much. I'm sorry, I was mute. Thank you very much. Good morning to everyone.
Just continuing with the financial figures, I would like to enhance our incomes. Revenue has been increasing by 10%, with some millions that you can observe on the screen in relation to the previous year. We have Miquel advancing this news. We have the polynomial indexation to CLP 1.4 million. As he shared with us today, we will review its cost impact, and we have a positive figure related to incomes and revenues. In terms of volume in the second quarter, due to meteorological variation, we have detrimental consumption and there is an important factor of temperature, as we have seen. This has been impacting our consumption, consuming part of this growth that we were having in the first quarter of the year.
The impact is still positive, has been less, and it's about CLP 400 billion. In sanitation, we were discussing and sharing on the first quarter that we have a positive income due to the sale of assets. This has helped us to manage different negative inflation on the sanitation issues. On the side of cost, it's important to emphasize and point out here, this quarter we have had a reduction of 1.1% in the cost, and that is CLP 7.8 billion. This, I would like to address from most important to less important, and this has to do with less transfer. We have less transfer, CLP 1.4 billion, and this has had a positive effect.
In terms of effect on because of inflation or type of exchange rate, CLP 4,800 million. Obviously, this comes to counterbalance our plan of efficiency. This has been with our Avanza+ plan. We have managed efficiency of CLP 400 million. One of the extraordinary effects that we have already mentioned in the previous call, we have certain effect last year because of the climate changes that was impacting us in comparison, and this has been an ordinary improvement. We have closed the semester with 2.9% on 2.5% in comparison to the previous quarter. This is also impacting us positively.
All these effects are enabling us, the company, our company, to have an increase of 300% with a margin of 42%. Below the EBITDA increase, it's important to emphasize that the financial results and outcomes variation of our index UF figure has been accompanying us since the COVID pandemic. This opportunity has allowed us to have less revaluation, an increase of 1.2% in comparison with the last semester of 2023. This has been counterbalancing and counteracting the negative impact on the financial incomes, because basically we have a less impact of cash, and this has been due to reduction of tariff that, and this corresponds to reduction of tariff rate that was done by the Banco Central de Chile.
All this effect added to some other effects that were discussed within positive impact as a result of selling of real estate properties or lands. This is an earning that is impacting over 8%. This is the meteorological zone that we wanted to point out. I think all of us we have received at level of population in terms of rainfall this year has been quite rainy. This has affected mainly the cities, not the Andean mountains. We are trying to explain to you that the rainfall that we are facing in the cities this has impacted in the consumption and of course in the drinkable water demand. As Miquel has commented to us due to this figure and this has exceeded every parameter.
In the right side parameter shows the temperature from March has been the month that it was more ample. In regarding to the previous year, it was almost 5 degrees less. We think this is going to mark 3 degrees of difference. This impact has been because of the volume. This is really obeying to less temperature and the difference between summer and winter. Continue with the following slide. Christian has advanced in the record of the first quarters. We have different effects that are related on collections. We didn't have no problem. We didn't face any issue, any negative situation on the behavior of payment. Really, we have only faced seasonal differences that has been dragged to the second quarter.
This has made that our operative range could be about CLP 700 million. In terms of tax, we have certain tax return that really manage the payment, and this allow us to have a positive evaluation. In terms of payment, the impact is coming not only because of the cost, but on the collection side, because we have less stock and cash. In terms of CapEx that is already paid, it's important gap, and this is becoming reduced along the time, and this is because of the seasonal investment project that we had. This has affected us during the first semester. This is driven to a close of CLP 40,000 million and with the selling of real estate properties.
Obviously, considering the dividend that have been paid this year, this is leaving us with some negative figure, as you may see in the screen. In terms of diversification of different products and the different context that we have, these are very similar. In the previous call that has to do with the refinancing program in the total view of the company. This was a bond in Switzerland. That was the first issuance with some CHF 10 million, the Swiss franc. I just want to emphasize that this issuance has required a banking loan and is contributing to the financial program of this year. In 2024, we do not need any additional transaction because this has been already assumed or paid.
This gives us about 30% as a social, and this reinforces the commitment that we have in terms of all what we have in terms of the indebtedness. We would like to continue in the same line. The different currencies that we have used as a company, we have a policy of covering any kind of exposure to different currency variables. So this has been covered. So exposure to a variable rate also, it was due to the previous quarter. Then if we see the graph on the right side, the terms of variation of this cash flow, as we were discussing and sharing with you, were in some cases negative, and the rest of the draws has with amortization of the debt.
This has to do with the income as a result of this financial program. The variation of the net debt is about 5%, so the revaluation of the debt also has an impact. This has been really managed and reduced. This is part of the balance of the debt and the impact of the debt. In terms of CapEx also, we have put a lot of effort in, and the commitment of the company in terms of different commitment of ensuring the commitment to work on this. Part of this investment has to do with this with all qualities related to renewal of a network, the chart plan that we have. We continue working, and we hope to continue working in the following months and all replacement of the counters and meters.
This is helping us to have a more exact and accurate measurement in terms of customer consumption. There are indicators then that are quite healthy on financial terms. In terms of leverage, we have closed the semester with 1.78% and the debt at 80.14%. Here we have also shared with you that along the previous week, it was important to mention that we can keep maintaining our rating at international level also. We go from plus to less. The last transaction that we did at the international field, we continue working with Semenuk, and we obtain the classification on this regard. Without any further comment, I would like to give you the floor to José Sáez because he will comment and share with us the new purpose or objective of our Aguas Andinas.
Good morning to everyone. Thank you so much for sharing this, revisiting our corporate purpose. In the last reports that we have, this need is the need of having and facing the new scenarios and to see this schematic and how can we certain actions that we are doing in the same line and to go deeper in this diagnosis. From this perspective, I would like to comment with you that this is arising from the impact of the result that we have, that it has to do with the new scenario. This is a reality that is impacting us in different areas of the company, and we have to report that.
Every line of work, we hope that we will be improving and to assume the commitment of having our corporate purpose objective and to ensure the sustainability of vital resources, hydric resources for the customer that we have. Here it arose a discussion because we could have addressed this reflection only from the point of view of our business. This was more related to the social approach that the country is taking. At level of having a clarity in different zones, such as the basic element that is obligating the company to perform, in which we change a little bit the field we were managing before. In this way, it arose as our hub of operation and as a business cycle of addressing the three main line with the clients, with alignment, with the purpose, the relevance.
Within this model, we have defined different territories. Within these territories, and among these, we have an environmental territory, and then each one of them have been identified and defined with the scope of certain actions that the company will commit in order to define and materialize the purpose, the objective, the aim that we are involved right now. We would like to see, because our environment is demanding us to develop in a higher intensity on the way we are delivering the services, on how do we approach to our main axis, the way on which, on how we generate sustainability. Also, the sustainability that is together hand by hand with the financial sustainability of the company.
We have generated very specific work that is aimed to identify each one of the services that will be delivered through this zone of work or this environment. This has been mapped and also has been evaluated in our business model, in our management model, and prioritized which are more relevant and generate more impact to these identified areas. In this screen, you will observe that each of the areas defined for each territory, how we are defining the obligation that we are committing and undertaking, and the purpose that we are committing ourselves in relation with the community in order to approach the specific objective, and which will be the networking, which we will control, controlling and ensuring that we are reaching the objectives that were defined in one of each one.
We think this sector in which we are involved today, it generates a special condition that is driven us to look continuously and to pave our national social environment in order to sustain the level and the different lines of work that we have defined, and to turn the potable water, the drinkable water, as a social benefit. Thank you. Thank you so much to every panelist. Now we open the space on Q&A. As we indicated previously, within the panel of participants, there is a chat or a site where it's called Q&A. We have some questions that are already being posed. The first is related to the tariff process and it's saying and refers to the calendar or timing. Is that possible to see the final outcomes or to the announcement of this tariff modification before the end of this year?
Who can respond to this question?
Thank you so much. Effectively, it could be the case in which we have the evolution of tariff, if there is an accordance with the regulator. In case of not reaching an agreement, the figures that are mandatory related to tariff, they will be applied on 2025. This will depend on the negotiation with the regulatory authority.
Thank you very much, Miquel. Within the same subject or topic, whether we have to wait during this regulatory cycle, are we going to include more material asset, for instance, to increase the resilience within the service?
Yes. At the end of last year, we present and we submit resilience and also another sources of water. Of course, during the tariff process, we have to define which are the regulatory modifications are approved.
In short response, yes, it should be an increase on those projects that were submitted and which of those projects will be finished and how we are going to complete the tariff on the following months. That is the complete response to that question.
Thank you so much. We have another question. How do you foresee in the balance in terms of CapEx need in the next or following two years? Antonella, maybe you could answer or Miguel could answer.
Yeah, I already started, so I will answer. In the part of works, these are also related to resilience and new sources. I think for the following two years, there should be a very relevant impact because they are going to be approved by the part of regulator, a series of permit.
For the next two years, this is the part that is going to be a continuum process and the response to the population will be there are a specific or a special project. If we complete some agreement with the regulator, well, we should see that.
We have here another question in relation to the income statement. What is happening with the non-operational statement? How do you explain that the income due to the cash interest? Antonela, please, may you answer?
The financial income, as I mentioned, we have a positive effect because of the less revaluation of the index unit, which is UF. This leaves a flat 0.2% that has to do with less income.
As it was exposed, we have less payment of taxes, and we have a positive impact because of selling of real estate properties, land properties. These are the two effects that we have. We have this flat result and these the two other effect.
Thank you so much, Antonella. This is a question I would like to direct to José Sáez, and this is related to the CapEx, which is a higher threat in climate change. How do you relate it with the public policies within Superintendencia de Servicios Sanitarios, and whether the company will increase its operational services?
We have to reach and contribute that the company will become ready to respond to the demand, in our cases, to respond to our customers.
As I was mentioning, we have a response that we did at the end of 2023. We put at the disposition of the authorities the model that the company was suggesting to ensure that the distribution of drinkable water will have no problem. This is a key issue within the process that we are living.
Sometimes, we are discussing some of the initiatives and to provide the stability in terms of having a good sustainability so that the company will continue to develop its projects and increasing its reputation as Aguas Andinas and as a promoter looking for initiatives, and considering the different factors of the climate change will not only impact our performance, but also foreseeing the consequence that the different climate changes that we are facing are a phenomenon that are obligating us to put an emphasis on resilience and to improve our infrastructure on that regard.
Thank you very much, José. Within this line, and specifically, there is a question in which status are the main projects. In general, the investment projects such as the bio alternative, the use of drinking water, et cetera.
Thank you very much, Denise. The alternative process of capturing water, it's based on the environmental assessment impact and see the different process, have a view regarding the basin, and we are giving the initial steps in order to develop that project. Thank you very much, Miquel. Another question in terms of financial issues, the level of endowment that they just has said, the indebtedness
Yeah. Clearly it is a reflection on that, and we know that the recent inflation impact during the last year, and we understand whether this is an effect that is due to extraordinary factors of inflation that could be given again.
As a management, as a member of management of the company, we must be keen on that and work to manage that limit. Within the work and the initiative that we are evaluating is to diversify the different initiatives of funding that has Aguas Andinas, and to decrease this weight of debt and the restriction we have. This is one of the points. Of course, we have some other points under analysis, but the CapEx that the company would like to invest will be along with the soundness, financial soundness and the control of these certain indicators.
I would like to add another point as well. A major part of this CapEx has to do with an additional tariff that we have to respond to the CapEx, and this will contribute to maintain the equilibrium, the balance that Antonella was mentioning right now.
Thank you so much. It seems to be that there are no further questions from the audience. We appreciate then for having connected yourselves to this event. We remind you that we will have on the 25th of November, we will have the yearly or annual call. If for any reason you have not received the invitation, we would like to reiterate that this event has been recorded and will be online starting from the next week. Thank you so much, and let's see in another or next opportunity. Thank you. Goodbye. Thank you so much.