Aena S.M.E., S.A. (AENA) Earnings Call Transcript & Summary

[Presentation]

Dear shareholders, after this video that gives a very clear idea of what Aena is today. I welcome you to the ordinary general assembly of Aena. I give the work to Elena Roldan, Secretary of the Council and of this general assembly. So she can inform about the development of the shareholders meeting and the way of the right to exercise their vote.

Thank you, Mr. President. Dear shareholders, good morning. This call today has been published in the stock market commission in the website and the “"Expansión”" newspaper of 2023. This call informs the points of the day in order to provide more agility on today's agenda. The shareholders' meeting is celebrated hybrid method. That means, from physical presence of the people in the room and online from the shareholders that use all the regulations in order to be aligned. This meeting is being recorded and are on stream through our corporate website. This recording will be available in the website. There you have information about the legal applicable law of the recording as well as the terms and conditions of the rights in the meeting. In order to assure the participation of the shareholders, the company has enabled all necessary methods, so everyone can validate and assign a vote, assist online in their voting, great questions and vote online. On the other hand, I remember that the people that are here online and I wish any clarification about the points of the agenda must identify themselves and register themselves in the entrance by providing their ideas in paper in the entrance. In regards to interventions of the people that are online, there is no request for intervention. From the publishment of the date, the information has been available in the legal address and as well as the corporate website, all the legal documents for this general assembly. Including other documents such as the proposals, the report of the counsel and documents to the yearly accounts. The idea was that this assembly was celebrated in the first call as it is done today.

Thank you. In accordance with what established in the law and act at of capital, the council of administration has agreed the process -- the presence of a notary in the shareholders' meeting. As such we'll have a notary of Madrid [indiscernible] Javier Navarro-Rubio, who I give the word so he can inform about this procedure.

Thank you very much. In today, the act 390 of today, the requirement done by Elena Roldan Centeno in the exercise of the administration committee in compliance with the law assist in this general assembly of shareholders, I give by start the meeting. I have capable enough to see all the documents are in compliance. Therefore, this meeting may and shall begin.

Thank you very much, Notary. I provide a word to the secretary, who will inform you in regards to the constitution, the creation and the quorum of this meeting.

Thank you very much, Mr. President. In accordance with the legal status in the rules of this meeting, Maurici Lucena Betriu, President of this meeting; me, Elena Roldan Centeno, Secretary of the Council, also in the Board meeting, the rest of the Administration Council is being parked here. In accordance with what is happening, I hereby declare the start of the meeting. The social capital is EUR 1,500 million divided in 10, I think, shares of EUR 10 each that belong to 1 single entity. Now I'll call upon the brief forecast of the meeting. The provisional quorum is as follows. Here are present 182 shareholders, holders of 77,697,874 shares which equals 51.79, 86% of the shares. There are 284 people being represented in the meeting. Holders of 53,884,491 shares. Holders of 35.9, 23% of shares. These people have chosen online voting. 474 shares which is an equivalent of 87% of the shares, which equals -- therefore, the quorum of a system is over 50% of the social capital subscribed in compliance with the social status Article 22 of the social status for the first call of the meeting. I provide the word to the President.

Thank you, Secretary. In accordance with the information provided by the Secretary as we have a provisional quorum in compliance with law and the social status, I declare the validation of this shareholders general meeting in -- for call as we are all in compliance with the status of the meeting. I give the word to the Secretary in order to read the development of the rules established by the Council of Administration in accordance with the General Assembly.

Thank you, Mr. President. I proceed to read the development of the rules to which I have provided a copy to the notary. The people that wish to intervene in General Assembly and request further information or clarification in regards to any of the points of the day or other legally established or propose an answer can do so now. They must identify themselves in the shareholder's meeting that is next to the notary, after expressing their name and last name and indicate the corporate name that they represent, the number of shares that they hold or so and the shares they represent. If a shareholder wishes to register their name in this meeting, this must be submitted to the notary in order to see this. If there's an intervention with the shareholders, the questions will be answered by the President, the council or anyone from the society assigned by the President, as long as the information is available at that moment. The rest of the questions may be answered within the 7 continuous days of this following meeting. The notary has had access to the reception method to comply and have written in the act, all necessary information. I'll summarize the proposals from the administration committee that will be submitted for voting. And first of all, the proposals in the quarters included in the point of day and after if there were their proposals within the celebration of this meeting. Once agreed our proposal, they will be automatically approved all those related to them. The shareholders that are online and that are registered with this process and that have connected virtually to the meeting, through the corporate website within 9 and 11 of today can submit their vote through their platform with the form that is established online until the end of the reading of the points of the day through the name votation on the website. The people that are online and issue their vote online in the established terms of the call will be considered as present in regards to the constitution of the meeting. Therefore, the anticipated vote that they have done in the general assembly will be understood as they vote. We hope that the summary has been good enough, and I provide a word to the President in order for him to provide his personal report.

Thank you, Secretary. Now I will present a report that I hope is of great utility. Let's show the first slide. Very well. Ladies and gentlemen, in my behalf and the administration of Aena, I salute everyone. And I welcome everyone to the shareholders' general meeting as well as to the people that are here and to the people that are following us online. I want to provide a specific hello to the public entities that are here with us. In representation of the main shareholders' meeting, I want to say hello to the representative of the Ministry of Transportation and like I said before, I want to thank the assistance, the people that are online are here, which is, in fact, the first online meeting or the first meeting of Aena with the new normal after the pandemic. I'll begin my intervention talking about. This cannot be qualified in any other way the recovery of their traffic from 2022 with the FX. After, I will talk about something for the company of last year, the presentation of the strategic plan that covers the period 2022, 2026. After that, I will review the economic results from Aena in 2022. And I will finish with the agreements that this general assembly must consider before proceeding for voting. I begin with the activity -- with the air traffic activity 2022. After 2 years, which have been very hard, year '22 really surprised us, everyone. And this time, it was a positive in comparison with the other -- the prior 3 ones that they -- in terms of traffic did not meet the expectations. The recovery, as you all know, was especially quick after the second quarter, after the last punches of Omicron and even it temporarily collapsed with the war in Ukraine, they -- yes. After seeing the traffic of 2022 and adding it up to the volumes of the years of 2019, the pre-pandemic years, we can say that Aena is the infrastructure administrator in the world in regards to volume of people. I would say, we're one of the few Spanish companies in this enormous world that we live in, in which we are leaders. We are leaders in the activity we develop. In this case of aeronautical services. In comparison with others, European services with our competitors, the recovery has been excellent, it has been enormous. And it was also quicker than our competition. I think this will also be seen in several of the points I will talk about. In regards to services, everything has been extremely positive, more than half. I'm telling this because our growth has been quicker for doing things good and for doing things better, even with the volume of traffic in its return in regards to our competition. Just a few information in 2022 in comparison to 2019, Aena recover over 80% of their activity; AdP, the French group recover almost 81%; Fraport, 78%; Heathrow in London 76%; and [indiscernible] 71.6%. It is difficult to see specifically why Spanish, our company created an oasis within this problematic in Europe. We'll also like to stand out of things that we think happen. First of all, I think also some people think about this, that the previous preparation, this very difficult preparation caught us in a good time in order to arrange and organize the air traffic, that return is true. On the other hand, as second indicator that the network model was also effective when we deployed the company's management in the second part of 2022. We have to say it like this. The professionalism of our employees, of our directors also made a difference for the labor regulations, both specific and general, helped because it helped to retain several workers that in other countries, they changed industry and they never came back. And last but not least, the decisions taken by the Spanish government and labor incentives that extended furthermore than in other countries, help retain these workers in the air transportation industry. These positions were key in order to establish a good return of air traffic and this helped to establish the extremely good recovery. These decisions and these actions presented by Aena prove the know-how of the company and the view of the other people from our company, I think we perceive also -- that good perception from other people because other people have told us, when they travel in Europe, they really saw the difference. And the only thing they saw working was the Aena airports. This good practice, I think, is not subjective, I think it has been recognized by several analysis companies. For example, Aena was assigned the best air terminal. In regards to the terminal facilities from Skytrax and the International Council of Airports, ACI has awarded 7 airports of Aena. I think that these prices provide the good quality that Aena does for the experience of the passengers that are up to the challenge of a modern airport service from this century. In 2022, what we know about 2023, I only want to point out that we closed 2022 with over 200 million passengers. This only in Spain. This is a recovery of over 85%. And this has been the fourth best year for Aena. Our airports over to the volumes done in 2019. In regards to connectivity, 96% of the traffic calls were recovered. And the result of our airport -- our international airports had a mixed result in the U.K., the London-Luton Airport had a recovery of 73% and our airports from Brazil, we now have more airports in Brazil, but we still don't manage them completely. It will happen in the months to come. Those airports registered a recovery over 17.5% in regards to 2019. The first quarter of this year had a lot of movement. It was over the record of '19-'20. This means that the first quarter of this year is record in whichever way you see it and in the Spanish air transportation. And what does this mean in the short and medium term? I think, we have to see that there are not too many geopolitical uncertainties. However, the numbers are very optimistic. We have reviewed the forecast for days of next year for growth, but we're not the only ones. The National Society of airports, in which Javier Marin is our Vice President, has forecasted a return of air traffic. So this company thinks that in Europe, there will be so much traffic, such as it was in 2019. In Aena, this can happen this year. Another fact about optimism. Day before yesterday, I met with the President of Iberia, and he confirmed me that the thing continues to go smoothly. And well, not only the programming, but in the translation of these actions that are being done. The forecast of the summer season that began March 26, practically began that year are exceptional. We have programs over 221 seats, which represent 40.4% more seats does and want to be done in 2029. I think there will be -- maybe some corrections to be done there, but I think we can be over the record year we had in 2019 being the summer of 2019. Now I'm going to talk about the indicators of 2022. As you know, Aena is immersed in the second DORA period. DORA is the air traffic regulation document, is approved by the Ministry of Transport that guides our activity, and it's very demanding, in regards to the investment, quality, security and several other indicators. In regards to the investments, Aena comply with the stipulated investment with DORA II, that's the DORA from 2022-2023. In 2022, Aena also exceeded the reference indicators and improved 4.3 over 5. That means that that's a level shown by indicators beyond the expectation, and it's a bit above the average of distinct quality indicators in Europe in the rest of other air operators in Europe. I can also tell you that we have one right now of the year. That means the quality perception of our customers are well aligned with the commitment of Aena with the proportion of quality levels, the high quality level of our clients. Now I'm going to talk about what we know of 2023 of the commercial area that is led by Maria Jose Cuenda. In 2022 -- first, thanks for the outstanding recovery of traffic. Second, the increase of the investment in the passengers and the activities close. At the moment, our activity was catapulted. Also, this growth of big commercial activity was transversal. All businesses that Aena does, for example, the parking, VIP rooms as well as the things operated by third parties. The total sales of our business went over the numbers of 2019, but don't forget this number. They surpassed 2019, with an 8%, 11% less traffic than before. Therefore, that has more merit. And because of this good practice, the total income of Aena also surpassed the numbers of 2019. It's important to point out the good activities of the duty frees, the restoration restaurants, the car rental service, the VIP services, I think also the levels of minimum profits of the new contracts that the company acquired from November 2021. November 2021 was -- when we had Omicron and has even more merit. That talks about the confidence, already established all the commercial operators of future that they consider, of course, they consider marvelous of the commercial activity in the Aena airports. The contracts that we have assigned from November 2021 to -- up to date to 140 new contracts have projected some RMGAs higher than the ones of 2019. For example, the RMGAs of these new contracts are 22% higher in 2024 and 46% higher in 2025. But we trust that these are not the only good news. As you know, dear shareholders, we have in place a very important contract for Aena and for the Spanish airports. The contract of the new contract of duty free stores, that's the duty-free contract. I'm going to say this 2 times. The biggest one in the world, the biggest one, the asset projection in the future of EUR 18,000 million contemplating 86 points of free sales in taxes and incorporates new spaces for several categories of products, and it will represent -- sorry, 66,000 square meters. This means 40% more of surface than in the current points of sale of duty-free stores. The reception of this contract, we are doing right now, 13 operators of 10 international duty-free groups have passed the next phase of the -- of this project. They come from all parts of the world, including Asia, America that have never become interested from the Spanish duty-free. And we expect that when this is resolved, this bid is resolved, the economic results will be very positive. I think that the attitude that is being received by this bid in the Madrid-Barajas airport help us have confidence because in Barajas, in 2023, the RMGAs are over 32% of the RMGAs of 2019. Let's hope that this continues to be positive. Let's see what happened in this bid that we're currently analyzing. Economical offers of the people from the duty free will be sent to the company next month on May. Now I'm going to talk about the strategic plan. I said at the beginning of my intervention, the important point for Aena was the preparation of the strategic plan. The strategic plan is a reflect of the Dorados, because I think this one has more sense. Therefore, it covers the period from 2022 -- from 2026. As you well know, the administration council that is now in this meeting, the result of the strategic plan of a long working period of creation, because it was very difficult to forecast when will be surpassed. In fact, the pandemia, truth be told, we began to create this process led by the Director of the -- Director of the Office of President, Ángel Luis Sanz, created a very hard contact with the pandemic, in the worst moment and we created it -- we finished it in a moment of extremely positive recovery. This context, this positive context is now binded by certain geopolitical uncertainties that the company cannot enure. Naturally, the strategic plan as I said previously, has been drawn in synchronization with the DORA II that show the north of our activity in Spain. We see now briefly, what the company wishes to do. We can call this the vision, they see the [indiscernible] we can see in the image we're projecting. So what does Aena want? Aena wants to have the safest most efficient, sustainable and welcoming airports in the world, catalyzers of economy and tourism, generators of value for our shareholders, our clients and society. This vision was well debated in the Administration Council and I'm going to summarize what this really means because it's very simple. We want to be the best. That's what we want to say with this vision. And we want to be the best offering foreign parallel, the profitability of any other competitor within our sector. The constitution of this objective that I will mention shortly, but to define in a strategic plan is that we want to have them throughout the -- have them throughout the knowledge of the commercial activity, and the diversification of activities either internationally or through the normal development of our activity. There's a transversal factor that talks about all the activities of the companies and is sustainability. Sustainability is here to stay in Aena and the decarbonization. In regards to the air traffic activity, it's one of our basal activities. The recovery has overwhelmed, just in a few months after the strategic plan that is produced in the month of October 2022, has exceeded the expectations and has drive us to the increasement in the strategic plan. We defined a recovery of 85%, and we review it again. In regards to the work that we've done, we've seen in Aena in the following month, we've reviewed this again, and we've created an interval from 94% to 104%. I'm talking about Spain in this case. Okay. This is a period -- the period of 2022 and 2026, which will be called for Aena simply because the pandemia has delayed several previous investments. When I say calm, it means that on average, Aena will invest every year, I'm talking about investment, regulated investment. There are also non-regulated investments less than EUR 500 million per year, but also to commit ourselves like we have done effectively. We also have the obligation to prepare the company, and this will be difficult for the change of DORA III. That means the period of 2027, 2031 that will have to allow us to this worse. The projects of investment in this period 2023-2027, we will remodel the airport Palma de Mallorca. We will prepare several actions in the airport of Tenerife. And they are for Suárez airport of Madrid-Barajas. Let me give you a reflection about the contribution of the air transportation in regard to social investment. I think sometimes we forget this frequently. I'm going to point out 2 phrases that -- about a book that I read recently about Brad DeLong, he is an economist professor, it's SLOUCHING TOWARDS UTOPIA. And one of the phrases they said there, in 2019 prior to COVID, the company, Apple, had reserved 50 business seats from San Francisco to China. Second phrase of Brad DeLong, to participate completely in the hyper globalization, one region needed connections, air connections and hotels required by companies that create chain values in the world. Well, that's it. So I think one person with such prestige says clearly in his last book, the importance that international connections, international air connections have therefore, airports, that receive them to a harmony system in society. With regards to the tariff, I also wanted to point out an important information for our shareholders, for our investors. In 2025, the transitory regulatory regime that is in force in legislation and therefore, will be extent the limitation that does not enable, they include the regulatory modifications and without these limitations, this will motivate the increase of our airport tariffs. In this point of intervention, I want to point out because I don't want anything to be left out in regards to this, that we will continue being the leader of airport manager in efficiency. It is true that the requirements in security continue to increase in quality. They also continue to increase. And this makes impossible, the previous status quo. That means the cost base of 2019. This is not only occurs to Aena, but also to all the air traffic transport companies. One of these components in OpEx, which evolution has been questionable in the months to come is energy. But as you know, we have tools of contention for energy cost at the medium term. First, the progressive entry in regards to the photovoltaic plans in action -- climate action plan; and second, electricity contracts in the long term that would gradually develop, and energy companies develop. In regards to the strategic plan, I want to point out that as long as the inflation goals, with the defined objectives with the central banks of the world, if this becomes in force, our commitment is that the commercial income in 2026 will surpass 23% the commercial income of 2019 and, therefore, in compliance with this forecast of the traffic, the passenger volume will increase at least 12% from the year 2019. Now to achieve these goals, we have several tools that are aligned with the use of the applications, with digitalization. And I would like to focus now on important contracts. I talked about the renewal of the Duty Free contract. I repeat their biggest state of Duty Free in the world, and we will also renew the restoration contracts in several airports. The contracts of 300 retail stores, the complete contract of rent-a-car and I think in regards to what we've seen in November 2021, I would say that the forecasts are positive and I think that will be continued. In regards to international activity, I would like to send a message. Right now, we want to maximize the value of the assets that we already have in our portfolio. The session of other airports in Brazil, 11 airports being the biggest one, the Congonhas Sao Paulo Airport. Aena has traded a milestone here in regards to grow international scale. That means if we don't incorporate more active already in 2026, the EBITDA, the international EBITDA would represent 10% of the total EBITDA. And I want to say in regards to Brazil, we have recently formally signed the contract of concession, and we are just waiting that the local air authority in Brazil gives us the green light. Aena will then for pass, I think that this is a big figure, almost 20% of the Brazilian air traffic. I think that you will agree with me that the potential of Brazil is undoubtable. So looking at the future of the strategic plan. Clearly, the states, that our ambition is, as long as we have the sufficient conditions that allow us to grow the over 20% of the EBITDA, but I want to stop here just when we have the conditions, the conditions that apply. This means that when we have the opportunities, we will be very selective in all this perspectives. And in other words, the company will only do an entrepreneurship internationally if they provide value to the shareholders. In regards to diversification, I want to tell you that -- as well as other competitors too, I tend as well aware in regards to the business that are in the traditional margins of the activity, I think key case is the development, which will become of the air traffic cities. There will be, of course, other opportunities in regards to alternative mobility, in regards to services supported in the big data. And in this case, we will do also an approximation at doc. In regards to air transportation cities, I just want to remind you that in 2023, we put in place partner for the first contract with our partner in the Madrid Airport. We received several proposals, which exceeded what we were expected. Well, unfortunately, the increasement of the interest rate has created a different scheme that we expected. But what I wanted to share with you also -- please have no doubt that we will continue with this line of activities. First, because it's positive for the air activity, air transportation activity and this generates value. Therefore, to develop Madrid as an airport city, the airport location, we will also extend this activity to other cities such as Barcelona, Malaga, Valencia and Seville. In regards to sustainability, that is also part of our strategic plan. I think it's very clear that we see and we value sustainability asset transversal activity over Aena. I think it's well understood and known by everyone, the climate action plan that now we will submit to consideration, afterwards talk about the points to the results obtained -- results of 2022. But now if you will allow me, let me talk about a bit about the climate change. First, in my opinion, they fight for climate change and the carbonization. They were obligated by the carbonization from the human activity who represent the challenges, extremely big challenges for our civilization. Second, this is important, in my opinion, and I think in the opinion of most experts in economy, the growth in economy is necessary of the carbonization. And why do we need this? Why do we need this economical growth to decarbonize? Because we need to create huge investments that enable the production and the creation of new clean energies and new technologies that are only at a newborn rate. We know we need economical growth to unchain the process that will allow us the creation of structures of technology points that enable clean energies that still don't exist. In other words, beware with the thesis of economical growth. Because this type of growth can also create negative impacts to social results that can become negative. There may be things that will not be able to decarbonize human activity. So we need to be conscious. We need to just see the story of our time line of the world to see this conclusion. In regards to decarbonization, the most important things are still to come. And we need to do them -- these things quicker than before. I will. I think there are the people that have shown theirselves typically very shy. For example, in a general framework, most of the countries or developed countries have been able to have growth by polluting less. And this has never happened before. Two examples I wanted to show you because they were an impact for me. U.K., as of today, issues the same emissions, polluting emissions that at the end of the 19th century, in Spain, the activity of vehicle does the same from the decade of the '80s. That means there are things that are happening, but this needs to be done faster. Air transport needs to achieve zero emissions in 2050. I said this previously, but Aena will do this sooner. I think in 2040, we will be able to do this. In regard to the financial objectives, we have recovered the cash flow of the company, and that's one of the historical indicators of Aena. We will recover the EBITDA pre-pandemic levels in 2024, 2025 on our economical -- economic responsible things. This will happen even before, the EBITDA margin will reach at least 55% in 2025. And all added up will mean that the good financial profile will enable us to reduce our debt toll by 2. And it will show positive financial solvency. And now I will talk about the economic results that are to be considered by the shareholders meeting. And I think that the good news is that the results, the economical results that are presented imply the return to the profit. And a very interesting profit that our shareholders deserve. In regards to the economical results of 2022 and the first quarter of 2023, unfortunately, I cannot talk about this. I cannot talk about the first quarter of 2023 as they will present it on April 26. But I can assure you that the result we will present next week are extremely positive as a result of the activities of our airports in this first 3 months of 2023. Prior to speaking about these figures, I think it is necessary to explain briefly, although we've done this before, a change -- an accounting change we've done that modifies significantly the accounts of the year 2021 and the ones of 2022. On October 2022, the NID interpretation committee issued a decision. This pray by Aena an obligation to adapt the accountability system of our reductions of minimum profit established to the referred decision of the committee of NID interpretation. I think I also speak on behalf of the Council of Administration, I welcome the extreme interpretation. It enables the accounts of the company to be more natural from our common sense and therefore, more understandable. The reduction of profit with this new criteria are registered in the moment that they happen. This is because of the financial proposals or via legal resolution, where we have been done up to now. We'll disseminate this impact along the life cycle of the contract and in my opinion, created some confusion. Therefore, applying this criteria, this new accounting criteria has led a return active expression in regards to the technique of the 2021 accounts that are presented at a comparative effect of the account in 2022. And of course, the accounts of 2022 that we now submit to your consideration reflect, this new effect, this new modification. To summarize. As a consequence of the modification, there has been an increase of the loss in 2021 of EUR 415.4 million in '20, and this poses a negative impact of EUR 451 million of the net states as of December 31, 2021. Now that this has been clarified, in common sense, speaking of 2022, the accounts improved in regards to collection in the EBITDA in EUR 293 million and the net result in almost EUR 219 million. In 2022, the most important results were the income, total consolidated income of EUR 4,237.5 million. This is due to the increase of traffic of the fixed cost, the energy cost, the OpEx costs increase in regards to 2021 in almost EUR 600 million. But don't be afraid. In this year, our installations worked at 50% because, at the moment, we're experimenting the moments of the pandemia. I think the important finish to compare this with 2019. It's also important to point out on one side that 2022, the company had expenses of EUR 60 million for topics related to the control of the pandemia. This cost will be recovered by the company through the airport tariffs in regards to what is established in the air transport regulation of DORA. The EBITDA in 2022 increased almost to EUR 2078.9 million. We've referred to an EBITDA of 49.1%. The free cash flow of the company scaled up to EUR 1,863.2 million, and the ratio of financial debt, net financial debt, decreased 3.05x in regards to 2022. With all of this, the net consolidated profit of the company was EUR 901.5 -- EUR 901.5 million, which provided a significant profit for the shareholders. After the decision of suspending the distribution of profit to the shareholders, I would like to give the good news to these shareholders that are part of the General Assembly that we will pay right now. We will distribute. We will do the payout of 80% of the payout. And this means that we continue to be the air managing services company with most stimulant dividends. And I think we need to continue to do this. The Administration Council of Aena has agreed the distribution of a dividend of EUR 4.75 gross. And if this meeting approve this, this will be paid on May 4 of this year. Now in regards to the shares of the company. In my opinion, the price of the share was not very positive and contra-intuitive because in 2023 was the takeoff, a strong takeoff. Our shares decreased considerably. Why did this happen? Well, the markets tend to change constantly. But in what we can see, the war in Russia and Ukraine affected us; the uncertainty of the evolution of the macro economy; and particularly, the monetary policies that affected all the world, for the exception of specific offshore countries and to particular countries, but this affects the normal -- the rest of the countries. So the shares decreased a bit over 15%. This gave a bitter-sweet flavor, with a value of the share of EUR 117.30. But we can see what happened as of January 1, 2023, and today, first and foremost, because of the positive traffic evolution and the welcoming of the investors and analysts of our strategic plan and because of the evolution of energy prices, there has been a substantial change of improvement in our share. Our shares closed in EUR 154. Yesterday was the highest day during the year. We didn't plan this, but I think it's good that to say, it is today that yesterday, our shares reached the maximum since the year began. This means that the company was worth in its equity. And this means that our company is part of the IBEX 35 that has received the revaluing, the highest revalue of the IBEX, 32.1%. In regards to the rendering of accounts of the Climate Action Plan, like I said, sustainability is transversal, and it's a structure. It's here to stay. There are companies that -- such as us that with the Climate Action Plan today, we provide information on our accounts in regards to this subject. And the most important things to point out in regards to sustainability in [ guideline ] 2022 are as follows: We surpassed in 7% the goal of emission reduction. The 3 main airports of Aena: Madrid, Barcelona and Palma de Mallorca, obtained the level 3 of the airport carbon accreditation of ACI. For third in the row, we contracted electricity that's 100% renewable. We continued the working plans of the photovoltaic plant, and we have access rights, received 43 gigabytes hour, which represents 59% of the production of the photovoltaic plant that we had previewed. It is worth mentioning as well that this has not been easy. The photovoltaic plant has not been easy because of the complexity of the bureaucratic procedures and for the need of amplifying the electric network, something that our [indiscernible], our independent consultant, knows very well. And I think, honestly, that it's probable that, in 2026, we won't manage to do the 100% of the deployment of the photovoltaic plant. This, in no case, means that we are at risk of not doing this and that the Climate Action Plans is at risk. No, it is not. Just because of administration reasons and of capacity of the electric network, the deployment will not be more gradual. As you know, when the qualities assess, in this case, environmentally, is not also measure what the company does, but also what the company does to third parties. And in regards to this, I want to point out that in 2022, Aena incentivated that 23% of the handling activities operated in the Aena Airports was electric. And in 2030, our commitment is the deployment of the new handling bid. Already, 67% of the handling fleet will be electrical. And we hope of the source of energy of this will enable zero emissions. I think that in our airports, we have over 1,000 points of recharge, and we will continue to grow this point of recharge. In regards to sustainability, you know very well that all the airports, think airports today that the future of sustainability and the carbonization of our transportation will proceed from green hydrogen and biofuels of South. And Aena is actively implied with the team of Amparo Brea, with all stakeholders to promote the production of these new technologies of green hydrogen and OSA. Our corporate governance of the company. In 2022, the company reviewed the governing system. There are new status approved and some were modified to adapt to the legislative changes in regards to the advancements. For example, in things of gender equality, there are good news. We reached the percentage of 40% of women in the Council Administration. And also, I think this is also a good practice from a corporate governance, 46.7% of the directors are independent. I also say at the end of 2022, we comply with most of the recommendations -- sorry, from the code of good governance of companies that are on the stock market that talks about the salaries related to all the laws that we are binded by. Also the change of the organization structure was reviewed, me as myself, President of Aena and Head of the Council, we thought how could we adapt the organization, the executive organization to the expansion of the company, not only because of the increase of traffic, not only because of Brazil, but also because of the regulations, the environment, security. And at the beginning of this year, what the administration councils decided is that there should be named 2 Vice Presidents in regards to the Council of Administration. The first, Jaime Tercero Lomba, Independent Coordinator. He's now Vice President as well, First Vice President of the Administration Council. And we also take very seriously the importance of the protection of the interest of the minority shareholders. And the prestige of Jaime is undoubtable, and therefore, this was very natural. The second Vice President name was Javier Marin San Andres, that also is Executive Vice President of the company because he has created an external view and in figure of the Executive Vice President. Javier Marin is responsible for the direction of airports and the general direction of buildings and commercial activities. And in international, in any case, the Executive Director depends from the figure, from the CEO and Director, that maintains this figure and has all functions in force. I think also this has been said publicly, I think that for Aena, we have a chance, we have luck to have somebody from the scale of Javier Marin. In my opinion, probably he's the best Director in the air industry in the sector. And I want to be modest with you because, yes, Elena Majoral is a professional, as always, stand out. She's the new Director General of Air Force and with the incorporation of Elena Majoral, the Executive Direction Committee accounts with 60% of women, which is also something to celebrate. In regards to environmental policy, governance and social governance, we take it very seriously. Some things we needed to observe. Last year, for example, the Aena subscribed the declaration of Tuluth, that reaffirms the commitment of zero emissions in 2050. I think all the air industry or traffic industry is complying with this. And Aena received the highest qualification received by Carbon Disclosure Project and was recognized for sustained analytics as the best company from IBEX for its environmental behavior, social behavior and governance. In regards to the agreements of the shareholders, we submit to consideration to this General Assembly, several election rectifications. But before I want to acknowledge the work done by the Administration Council. So Christopher Anthony Hall, Chris Hall, a well-known investor in the last month. And Joseph Antony [ Duranjera ] that presented their -- the mission in 2021. I want to thank them personally their dedication, their rapport and their activities. The company thanks you. For in this General Assembly, we will vote for the reelection of del Coriseo Gonzalez-Izquierdo Revilla And Tomas Varela Muina. They were named independent consultants in 2022. The experience of Coriseo and Tomas in the international scale in digital transformation and their financial knowledge clearly showed the know-how that is valuable to the company. And if I may, in my opinion, they are top professionals. Morias abandons then to working Puerto [indiscernible]. I want to thank him for his indication as well. And as a substitute for [ Eva Balleste ], Will incorporate, I hope this is approved because today, we propose her incorporation of Maria Del Carmen, which I hope she will share her knowledge of transportation, especially in Spain. Angelica Martinez Ortega; Pilar Arranz, Notary; and Leticia Iglesias Herraiz, I think they are directors. And I say this humbly, but they have done very good work. I am not the one proposing the name or the -- or revoke or call any people. I would like to do so even if I can't. But some of this may come from the main shareholder. But in any case, I think that it's a good choice to renew all of these people that I have named. Last but not least, I present for voting the updated report, the Climate Action Plan of 2022. Okay. I'm soon to finish. In my case, there are 5 years of presidency to come. I think it's only natural to do a balance of this stage, this phase which has been agitated. When I look at the past, for me, it's hard not to conclude that it's almost impossible to concentrate in one thing as so many has happened of different natures in our activity. Just to point out a few. The pandemia, the war in Ukraine, because of the innovation of China; the situation in La Palma, Filomena; the saturation of the Barcelona Airport on October 2019, because of the arrival of thousands of concentrations and riots. The Director of the airport of Barcelona knows this, and she knows by heart how this happens. The approval of the reduction of Aena rentals; the expansion of the Barcelona Airport, but I can go on, but I won't. Nevertheless, I think that the content and the actions that we have done, I think it's clear that Aena is back and stronger. We have a good health as a company. I think we are in a explendid moment. We are in the zone, and let's hope to this lasts. From what I see is that in these times that are difficult, what Aena has shown is formidable operational solvency, corporate solvency and financial solvency. It hasn't been easy, but I think we have done this properly. Simultaneously, we have endeavored away with no return of decarbonization, digitalization, internationalization; and as always as a north of our decisions are executives. Also from the administration council, it has always been the maximization of the value of Aena. Therefore, the protection of the interest of our shareholders. I wanted to point out briefly the changes of paradigm that is being the advance of internationalization of Aena with Brazil at the top. That means a lot of changes. And there are several aspects that we have been seeing now in the company. The first, the increase, the significant increase of the perimeter of our company. Brazil, 20% of air traffic. This is easy to say, but this is important for Aena. Second, the presence in different countries; and something that is very important, interplay, the expansion of possibilities, professional activities of our workers. In other words, I think the internationalization, the incorporation of Brazil particularly expand the horizons of the company, the horizons of Aena. And this will be good for the company in the future. But I want to talk about something else. Let's talk to what's main, what's basic. We left the pandemia -- and let's be clear, we left the pandemia with scars, but at the same time, with proudness and the conviction of having managed with a good grade and have approved. Nevertheless, we suffered a lot of stress with this. And the prestige of Aena is as today in some qualitative effects better, prior to the pandemia. And this is seen by analysts, investors and in society that saw, like I said at the beginning, Aena Spain represents a corner store in the summer of 2022. The spots insert our general context from the main function of airports -- Spanish airport in the development of airports in the territories that we see for infrastructures in accordance with the priorities defined by the Ministry of Transportation Mobility and Agenda and of course, the government of Spain. Because let's imagine at the moment the next situation. What would happen if 1 day, the airports in Spain would disappear. Some people will feel happy, others won't. This proposal that we see in this new campaign of publicity that I think has called the attention of some people Maria Gomez has led, which video we will see. But at the end, what we pretend is to remind everyone the importance of the airports in our lives. Also, the people that, to paraphrase Kings, I think that there are exempt of any influence, in this case, air transportation influence. And I think sometimes, maybe everyone will underestimate the air transportation value in the world. To sum it up, I have tried to drop in my exposition, the past, the present and the future of Aena, a company that's imposing. This future, I think, is luminous, is radiant. And if we continue to do what we're doing, it promises profitable growth and sustainable. In other words, it's a future that promises, the harmonizations of excellent professionals of Aena, our shareholders, our clients and society in general. Thank you for your confidence put in Aena. Ladies and gentlemen, thank you for your attention. Before beginning with the interventions, at this moment, the turnover request of questions for shareholders is closed. So I give the word to the Secretary.

Thank you, President. Having created the list, the online list, the quorum is as follows: it is present as of today, 183 shareholders, holders of 77 million shares, equivalent to [ 7 ]. Here from present in the assembly, 296 shareholders. Present are 35% of the social capital. Of the shareholders present, 172 are holders of 77,695,632 shares, and they have exercised their right to vote through online voting. The social capital present or represented their right to vote is of EUR 1,315,823,650 presented by 476 shareholders, holders of 131,582,365, which is an equivalent of 87% of shares. Therefore, the quorum of a [ system ] exceeds 50% of the social capital subscribed with right to vote demanded by Article 22 of the Social Status to valid the assembly in the first call. I provide a word to the President.

Perfect. Thank you, Secretary. According to information proposed by the Secretary and having a necessary quorum occurring by the status by law, I rectify formally the constitution of the General Assembly of Aena as everything is in compliance. I also see a sufficient quorum to deliberate and adapt the new agreements of the points of the day of the agenda. As per the Mercantile Registry, I provide the word to the notary to verify the eventual existence of resource or protest for any shareholders from my behalf or others in regards to the number of shareholders in the meeting and the valid constitution of the General Assembly.

According to what is said in the articles of the Mercantile Registry as a notary of the summary, I say that if there's any process, protest or question in regards to the shareholders or the social capital as well as the constitution of the shareholders' meeting, can do so now through the button that says objection that is shown in the left part of the screen on the case of the online assistant. And for the people being here, therefore, I can register this on the minute and the act. Thank you very much. If there are no objections or protest from anybody and no shareholder wishes to express this, I provide the word to the President.

Very well. Okay. There is a shareholder that has something to say. So we're going to give the word. It's a physical intervention. It's going to be online. Therefore, I ask please the person that a shareholder that has to speak, please to advise the name or, in other case, the shareholder, he or she represents. I also ask the person that has asked for the work that which is the area enabled. And I will ask for the shortest time possible to speak. This person will only have 5 minutes to speak. And I ask this person to kindly talk about the points of the day or legally binding options. I also ask that, in this case, I will answer this. After the proposition, I will answer the question. Therefore, the work. But I also want to point out that if there is a question that shareholder asked, I consider is better to be answered, one of the directors and not me or a person from the direction of the company, I reserve that right. But I repeat, in order to give a more accurate response. And if the information that we need, to answer that, we will then ask to answer this by written within 7 days. Therefore, I guess there were the word is yours, Jose Antonio, Del Barrio Colmenarejo.

Mr. President, directors and personnel of Aena, I have to take this time to congratulate you for the hard work you've done in 2022, in which the profits have come back of over EUR 900 million. This didn't happen since 2019 with those profits that were stuck. I encourage you to continue the same path on 2023 that, speaking of, looks pretty well because the expectations have been exceeded in air traffic. Aena is recovering capitalization in the stock market, and this is a positive news for all shareholders but you have the duty to distribute in 1 year or several years. Those dividends canceled on 2019. I think this is our [indiscernible], which is logic for all shareholders, including the Kingdom of Spain. The dividend of EUR 4.7 per share, it's okay. But would you analyze the fact that since this year, we will break all records to increase that up to 5% for the year 2024? That's the question I had in particular. And then to finish, to wrap it up, congratulate the Aena employees and a personal petition to Mr. Maurici Lucena for the shareholders' meeting of next year. I think you've read it that is providing at least something to eat when the shareholders' meeting is finished. And [indiscernible] because in a negative case, we're going to think that we're going to think you're a bit cheap. Nothing else.

Thank you for the question. I will answer this question, and thank you for your nice tone. Well, just to reassure myself of the Secretary, that's the only question we have. We will show a video, the main video of our campaign and the return of the campaign. We will return with the question of the shareholder. [Presentation]

I'll proceed now to answer the only question that has been placed Jose Antonio, Del Barrio Colmenarejo. Also, like I said, for his friendly tone, I also want to acknowledge your -- for your sincere declaration and statement to our employees because it's been difficult. As you know, we have had very difficult years in which we have probably seen the light at the end of the tunnel. And now when we are reaching the end, you don't see where you're getting at, at the end. But, well, we ended up good, and we're standing up. I'm happy about this because personally, this is a satisfaction present in the shareholders' meeting as President of the company, a proposal of dividends because this is something that was not comfortable for me because I know it's a company that has always had, as a key entity, the distribution of dividends. And it was perceived prior to COVID of one of the companies is safe, not maybe in a precise level of benefits and dividends but yet on a stable company. I hope I don't alarm the Financial Director. But when 2022, when we began the year, instead of finishing with a net profit of EUR 900 million in the budget, the internal budget with Omicron, with some issues and negative people that said that the traffic will never recover. Well, these didn't reflect in account -- the account completely, we had an estimation of EUR 2 million to understand we had a breakeven. And luckily, our expectations were exceeded, and we could create benefits. And in regards to the answer, you resorted to the question, you mentioned there's a commitment of 80% of payout. That means that to best in the net benefit of Aena, if you compare with what other companies in the industry show, that we're best-in-class. We're the best, it's the best that you can find in the air industry. And this is an analysis of debate that we've had in several occasions with investors in Council of Ministers, with our Director. I think this is a good way to answer the shareholders. That's the cornerstone. That's the financial solvency. And I think that this 80% really, it manages this balance. When you ask if next year in regards to this year, we can increase to 5% per share, I would say, yes, in the case that the result of the profit of 2023 projects as 80%, those 5 years. If not, we will have to do what the Council of Administration says as is done or at least I hope it does. And in regards to the non-distribution of the dividends in 2019 that which we are not to distribute in the 2020 when the pandemia exploded, I would ask for a reflection. I'm not going to be too precise because I feel I am being audited here by my colleagues because these people, they know more than me in this case. But I'll say yes, it's true. What we try to do is maximize the state value of the company. Theoretically, it is a different practice because in regards to the commitment and the value of the state of the company, we can see dividends or we can even stop the dividends from coming out. But we're going to do respectively. And what we did, it was a good decision. It was a good call because the situation did not call for it. We were in a desperate situation. And as managers, we have to keep us safe, to keep the company safe. And this was a key decision was this speed -- it was recovered at cruise speed, if you want. All the things that we had previously are still in balance. And when the activity continues to develop as well as it's doing right now in 2023, and the years to come, we will continue to provide that 80%. But I think that now this balance provides equitable if you want a situation of balance that enables us to be calm, if there's something unpredicted accounts, we can face it. If there's another opportunity that right now comes out in the horizon in international scale and the like, et cetera, et cetera. I think we're in a good spot right now. I finish with good news. I recon myself, that after this meeting because it is true, I think we can add some apparel or something to eat after the meeting, especially for the shareholders that are here that are kind enough to come here. Perfect. Thank you. Unless you want to say something, I think now we can conclude the intervention rounds. We can pass the voting procedure that were created by the Council of Administration. And for the voting, I give the word to the secretary.

Thank you very much, President. Let's pass to the voting of each of the points of the day. The assembly is as per protocol, all the proposals were read, formulated by the Council of Administration as being available on the website from the moment of the call. Therefore, I will continue a summary of these. The notary has received a document in which all the proposals were taken in order to be registered in the act. In compliance with the rules and regulations of the meeting, votings both in favor will be corresponding to those representations, once deducted their votes to the actions which holders have voted against, blank or have abstained from voting. The shareholders that wish to vote against or abstain or that have not done so, please advise now this through the app to such effects if you are online or through the notary table to the shareholders that are currently here by providing the cards you have received in the entry control and the ones that you have expressed or your abstention. The notary will register in the act such vote. [Voting]

Now I will summarize the proposals in accordance, following the points of order. First, assess an evaluation of the individual annual accounts, balance, profit and loss accounts, change of the state, cash flow and management report from the fiscal year 2022. Second, accounts, consolidated accounts, balance, profit and loss accounts, cash flow and memory and societies from the closed exercise of fiscal year 2022. Third, this is the exercise of fiscal year 2022. Fourth, compensation of the negative results of the exercise prior to voluntary reserves. Fifth, assessment and evaluation of the nonfinancial information of the fiscal year 2022. Sixth, management of the exercise of -- as of December 31, 2022. Seventh, external audit for the fiscal year 2024, 2025, 2026, ratify -- ratification and reelection of the directors as accordance to, which has a separate voting. Voting on reelection of Maria del Coriseo Gonzalez-Izquierdo Revilla with the category of Independent Director. Reelection of Don Tomas Varela Muina with the category of Independent Director; 8.3, naming of Carmen Corral Escribano as the Dominical Director; Reelection of Angelica Martinez Ortega as the Dominical Councilor; 8.5, reelection of Juan Ignacio Diaz Bidart, with the category of the Dominical Director; 8.6, reelection of Pilar Arranz Notario, with the category of the Dominical Director; 8.7, the reelection of Leticia Iglesias Herraiz as Independent Director. Ninth, study modification; 9.1, modification of Article 31, Competencies of the Council of Administration; 9.2, modification of Article 36, reunions of the Administration Council. Voting of the consolidative character of the directors for the year 2022. Voting with consultative character of the Climate Action Plan of year 2022. The legation of faculties in the Council of Administration for the formalization and execution of all the agreements adopted by the General Assembly of shareholders as well as to substitute the faculties received by the assembly and their escalation and public interpretation, complement, development and description. From now on, the voting is now closed. And in compliance with what is disposed in Article 1528 in Social Capital at the Council of Administration agreed in its past meeting, February 27, 2023, modify the regulations of the Administration Council. The administration and the modification of the new tech is at the disposal of the shareholders prior to the meeting. I remember that it is not necessary to vote in this point. I give the word to the President.

Dear shareholders, once concluded the period for voting. I have been informed that all the proposals in accordance have reached the vote of favor of vote, an amount of votes legally established in order to be agreed on. And as a consequence, all the proposals have been approved on every single point of the day. I provide the word to the Secretary once again.

The agreements approved and the results of that will be published on the company website in the 5 following days. I inform you that, last but not least, the Notary Act will have the consideration of the shareholders' meeting assembly. Therefore, it is not needed to be approved as is established by the law of social capital companies and the Mercantile Registry. Thank you very much for -- everyone for their assistance. And I provide the to the President.

Thank you, Secretary. Before closing this General Shareholders' Meeting, I'd like to thank the Aena shareholders' meeting, the shareholders of this company for being here. I want to thank everyone that are part of this group and especially, you, the shareholders, the confidence you have given us, you have given this great company. Thank you very much. And without further ado, I hereby close this session. See you soon. [Statements in English on this transcript were spoken by an interpreter present on the live call.]