But I’d like to remind you of a commitment we made. We want to comply with the regulatory OpEx thresholds. So we have tariff coverage for our expenses and costs. As mentioned by our CEO, the company is a strong cash count. We invest in assets, when we invested in companies in assets where we had minority shareholders, but now we are focusing on assets and investments that we have full control of. So along 2023, we had an operating cash of BRL1,344,000,000, very close to the accumulated EBITDA of the company and a cash outflow of about BRL5 billion of the investment program. Execution in 2023 alone. We ended with a cash and cash equivalent of BRL2.3 billion. By the end of the year, we had a buyback of the bonds of CEMIG partial. We’re going to show you that in more detail in a moment.
Now I turn the floor over to Leonardo because he’s going to speak a little about that management, liability management and then I’ll speak about the results of CEMIG GT and CEMIG D.
Leonardo George de Magalhaes : Last week. The company completed it debenture issuance. And this was a very successful move. It represents and reflects investors’ confidence in CEMIG management. We had a demand of almost 3 times by issuance. It wasn’t an important issuance of debentures, BRL2 billion barrels. The resources the proceeds will be used in our investment program, that was BRL6 billion to be invested in 2024. BRL35 billion from 2023 to 2028. So the company will be frequently making issuances in the market, because that’s then the need to access the capital market. But we understand that our leverage is low, we have a very positive credit rating. And that ensures that the company will have a demand of almost 3 times almost BRL6 billion considering our issuance of BRL2 billion.
And the rates were very attractive. They were reduced compared to our offer. So we were very happy with this issuance and we also reduced our exposure to foreign exchange. Let me remind you in 2017-18, the company had practically BRL1.5 billion bonds issued in dollars and the international market. During this period from 2019 to date, we started buying bank of these bonds to reduce our foreign exchange exposure. Now we have practically 25% Of this amount, close to $381 million. In other words, we reduced our foreign exchange exposure quite substantially in this timeframe, thus reducing the risk level of the company. Here we see our net debt over EBITDA close to 1 time in the end of 2023. We believe that this ratio is low. And as we said before, this will allow the company to frequently access the capital market without impacting our credit rating and credit quality.
And will continue to be a company that pays good dividends. We believe that this is a sustainable strategy, investing in the regulated sector where we have the highest guarantee of a return to our shareholders maintaining our credit quality even going resorting more frequently to the capital market, maintaining an adequate net debt over EBITDA and at the same time ensuring a dividend yield that is very attractive to our shareholders. And we’ll continue to be one of the companies that pays the best dividends among listed companies in Brazil. Okay, so now let’s speak about CEMIG Distribution and Q4 ‘23. We can see that EBITDA grew almost 35%. We do not have any non-recurring effect in Q4 of the disco. And this result was partly impacted by the tariff review, which, as I mentioned before, in May 2023, is accounted for the 2023 results compared to 2022.
And later on, I’ll show you a slide showing that because of increased temperatures, we had an increased demand in both the captive and the free markets because of transmission. So this is a significant result for the distribution, despite an increase in expenses with third party maintenance services. I follow the review of some reports and this is information that we have disclosed to you in 2023. In addition to increasing investment, and my asset base, we are changing our corrective maintenance. We are now focusing on preventive maintenance. And in Q4, like I said had higher temperatures. So we had increased not only in transported energy but energy to end users. And I’d like to remind you that our concession was very much impacted and continues to be impacted by the migration of clients to distributed generation.
Today 18.4% of the total captive market has migrated to distributed generation. And this investment program ends up helping us with market growth. Because I allow the existence of new industries, I enabled the development of agri-business, which was an important segment for the state of Minas. And are also enable better levels of service to my end customers. So when I look at the market of CEMIG D with CEMIG D in the area of consumption of the disco, we had an accumulated growth of 2.4% in CEMIG D market. And in looking at DG, we can see how distributed generation grew significantly in our concession area. We ended 2023 comparing with 2022 with 55% increase in energy injected, while 14,300, which was a law to address the subsidies that DG one does not pay to the disco is a law that they’ve gone into effect in January 2023.
And we can see that connection cost estimates issued posted a reduction when I look at 2023 compared to 2022. When I say — when I look at this for micro almost 40% for mini 56%. As mentioned before, now that company complies with all regulatory limited thresholds for losses OpEx and EBITDA. This is a commitment that we take on and that we pursue, and we continue to show quarter after quarter. How we remain compliant within the regulatory limits? So regarding losses in 2023, well, we achieved that in 2021 And every year, we show that we are complaint. We need to continue to invest in inspections and replacing obsolete meters and replacing conventional meters by smart meters. So, in addition to the energy, legal energy program, which brings a great benefit not only for the company reducing losses, but also bringing technology and security for low income communities.
