But that’s the remuneration for shareholders the very attractive dividend yield considering declining interest rates. In considering our strategy and regulated sectors ability to execute our operation, we believe that these results are solid and healthy. They bring us optimism that CEMIG will continue to be a company that can ensure attractive remuneration for our shareholders in the future. We understand that the company in the electricity sector, more than that, in the environment of listed companies in Brazil is a company that is among the most attractive companies in terms of dividend payout. Moving on. As mentioned by our CEO, we divested in those equity stakes, where we did not have control that were not core to our business. We divested from these assets that led to about BRL800 million in 2023.
This boosts our cash. This is about capital allocation. This is investments to be made in regulated sectors and it also brings important gains for the company. In 2019, if we look at 2019, the divestments from light, Renova and other companies led to almost a BRL3 billion capital injection for the company and more than that. If we had maintained our shareholdings in these assets, we would have had to spend practically BRL5 billion. In other words, an increase in our net debt. If we hadn’t changed the strategy, we would have an impact of almost BRL8 billion a significant amount. But more than that, we were able to generate BRL1 billion in tax credits, reducing our cash expenditures. And we reduce the number of financial guarantees, which helped improve the credit rating of the company.
Moving on. The company is a benchmark in ESG. We have joined practically all the sustainability indicators either in Brazil or abroad. And here we have some important highlights on 2023. We joined the UN Global Compact 100% Transparency Movement, the energy [Indiscernible] program regularizing energy supply for more than 13,000 households in 16 low-income communities. This means our commitment with the communities in the societies where we operate, in addition to training to provide ESG education for all our suppliers. Talking about our investment program in 2023, we had an execution that was quite significant, almost BRL5 billion invested in 2023. We highlight our investments in distribution greater than BRL3 billion more than 3 times the regulatory depreciation.
We understand that this is very important, these investments will be included in the next tariff review these investments transformed society, these investments mean more power available to the state so the new industries can be connected to our grid. In addition to improving the quality of service to our customers and clients, which is very important to us. This is the focus of the company, we are customer centric. So we have almost BRL23 billion expected to be invested in distribution and more it to be invested in transmission generation and distributed generation. All of these investments will bring adequate return for the company and the other stakeholders. Planned investments for 2024 more than BRL6 billion. Again, the highlight greater than BRL4 billion to be invested in our distribution business.
In addition to representative investments in transmission generation, distributed generation and gas, BRL6 billion undoubtedly the highest level of investment in the history of the company. Now we’ll start speaking about the results for the fourth quarter ‘23 very positive results. I’ll turn the floor to Carolina, our Investor Relations Superintendent to discuss and present the results. Adjusted EBITDA in Q4 greater than BRL 2 billion. Interest on equity of BRL1.3 billion showing our ability to remunerate our investors in addition to maintaining our assertive actions, which ensure that OpEx EBITDA and energy losses will remain within the regulatory parameters. So all of our costs are included in the tariffs and we don’t want to charge more from customers.
Today, the company is very efficient, and we deliver value to our shareholders in a very clear and positive way, considering these indicators. And this is how the company sees and respects and complies with these regulatory parameters. So we see here the conclusion of the sale of Baguari and Retiro Baixo. This led to gain in in trading, the result of CEMIG GT in the quarter will be mentioned momentarily, but we see again, a significant result. That’s another strength of the company. The fact that we have a company that is relevant in its several businesses. This brings us consistent and solid results, which we believe are very important for our investors. Carolina over to you.
Carolina Senna: Thank you, Leonardo. So now talking about the consolidated results, we can see that we grow our EBITDA over 2022 recurring EBITDA of 16.6%. The highlight that led to this result is the trading activity which in 2023 gave us a surprising result, which we will show momentarily. Net income, as our CEO mentioned, was record of BRL5,359,000,000. That enables us to continue with our investment program executing our strategic planning. And we’ll continue to share part of these resources with our shareholders as we pay 50% of the accounting profit as dividends. In Q4 ‘23, results we see epitope growing 30.5% recurring are better, in other words, net of the Baguari and Retiro Baixo sale, which were events that happened in q4, which helped grow our accounting EBITDA and net income growing 39.8% in Q4 ‘23, over Q4 ‘22, partly impacted by the adjustment of the tariff review of the Disco [ph] in effect as of May ‘23.
So when I compare Q4 ‘23 with Q4 ‘22, the adjustment in tariff is already accounted for in Q4. In addition to higher temperatures, something I will come at in more detail later that brought a positive impact to the result of the disco. When I look at the evolution of operating costs and expenses. Consolidated we see a 0.9% increase in PMSO costs below inflation. Here we show the impact of them, profit sharing programs, we have a reversal in 2022. So when I compare 2023 with 2022, it feels like we had a significant increase in this expense. But in 2022, we also had a higher personnel costs given the voluntary retirement program, which costs BRL29 million. In 2023, we did not have this program at the company. So again, we improved our personnel expenses.
