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

[Presentation] [Interpreted] Dear shareholders, welcome to this Ordinary General Shareholders' Meeting of Aena S.M.E., S.A. I will now give the floor to Elena Roldan, who is the Secretary of the Board of Directors and of today's General Shareholders' -- General Meeting, so that she may inform the shareholders about the development of this General Shareholders' Meeting and the way in which you are to exercise your rights to intervene if you wish to do so.

[Interpreted] Thank you, Mr. Chairman. Dear shareholders, good morning. The notice of this Ordinary Shareholders' Meeting of Aena have been published on the website of the commission of [indiscernible] on the company's website and in the newspaper's expansion on March 8, 2024. That notice contains the agenda of this meeting, which is considered as reproduced so that this meeting may be more agile. As stated in the notice of the meeting, this General Shareholders' Meeting is being held in mix notes, so some of the shareholders are in attendance in-person and others are connected online, as established in the provisions of the article of the bylaws and the regulations of the General Shareholders' Meeting of the company. This meeting is being recorded and broadcasted live through the company's website. The recording will be available to the public on the website. You have at your disposal information on the legal considerations that are applicable to such recording, as well as the terms and conditions for the exercise of the corresponding rights in the notice of the meeting. I also inform you that in order to guarantee the participation of the shareholders, the company has enabled all the -- means so that they may validly delegate their representation, so that they may vote in advance or attend telematically. Together with the possibility of intervening, making interventions and proposals and voting by telematic. Hence, I also would like to remind our shareholders attending in-person who wish to speak or request clarifications on any item of the agenda that they must have identified themselves and registered at the entrance. They will also have to deliver the written text of their intervention to the shareholders' office located next to the notary in case they wish to have it literally recorded in the material minutes. With regards to the interventions of the shareholders attending telematically, I would like to communicate that there have been no requests for intervention the shareholders who are connected online. As you know, since we published information on the meeting. Both are the company's headquarters, and on the website, all of the legally necessary information has been at your disposal as well as the proposals for agreement, the reports of the Board and all of the information regarding annual accounts. And as we already said during the notice of the meeting, the Board of Directors expectation was that the meeting would be held on the first call as is being the case. Next, I will give the floor to the Chairman.

[Interpreted] Thank you so much, Ms. Secretary. And I would like to inform you that in accordance with the provisions of the Capital Companies Act and the regulations of the merchandise registry, the Board of Directors has agreed to require the presence of a notary public to take the minutes of this ordinary general meeting. For this purpose, we have here today the Notary Public of Madrid, [indiscernible]. And I hereby give them the floor so that he may report on this procedure to the Board.

[Interpreted] Good morning. In the minutes of the notarized request dated March 20, 2024, under #688 of my protocol. There is a record of the request made by the Secretary of the Board, Elena Roldan Centeno and the exercise of the delegation of powers made by the Board of Directors. So that in accordance with the provisions of Article 203 of the Capital Companies Act, she may attend this General Shareholders' Meeting and take the minutes of the same. Likewise, in accordance with Article 101 of the American Tile Registry regulations. I hereby report that I have deemed the capacity of the requested to be sufficient and that I have verified that this meeting has been convened in accordance with the applicable legal and statutory requirements.

[Interpreted] Thank you very much. Mr. Notary Public. I will once again give the floor to the Secretary, who will inform you about the constitution of this board and the provisional quorum.

[Interpreted] Thank you very much, Mr. Chairman. In accordance with the provisions of the company's bylaws and the regulations of the General Shareholders' Meeting, the meeting is chaired by Maurici Lucena Betriu, Chairman of the Board of Directors and Chief Executive Officer; I, Elena Roldan Centeno, in my capacity as Secretary of the Board of Directors, will act the secretary of the meeting. The remaining members of the Board of Directors who are present at this moment are also part of the Board of Directors. In accordance with the foregoing. The officers of the General Shareholders meeting are hereby declared constituted. I hereby proceed to inform that the share capital is a total of EUR 500 million -- EUR 1.5 billion divided into 115 million shares, each with a par value of EUR 10 fully subscribed and paid off and belonging to single class and series. I will now proceed to report on the provisional form for attendance of the meeting. According to the telematic information, the quorum -- the assistant quorum is the following. We have present here today, 131 shareholders, who are the owners of 77,514,021 shares that are equivalent to 51.676% of the share capital. We have 301 shareholders who are the owners of 52,192,177 shares that are -- that represent 34.7949% of the share capital. Out of the present shareholders, EUR 122 million, own 77,513,642 shares have exercised their right to vote online. And the share capital that is present or represented with a vote to right is EUR 1.2 billion, representing 86.4709% of the shares of the share capital. So the quorum is above 50% of the share capital with right to vote that is what Article 22 of the bylaws establishes for the valid constitution of the first call of the General Shareholders' Meeting. I will now give the floor to President -- to Chairman.

[Interpreted] Thank you, Secretary. According to what has been presented by the Secretary and information that she has provided with. And since there is form for the constitution of this meeting according to the law and the bylaws, I declare that this has been validly constituted this Ordinary General Shareholders' Meeting for Aena A.M.E., S.A (sic) [ S.M.E., S.A. ] has been validly constituted in the first call because all of the requirements have been fulfilled. I will now give the floor to the secretary so that she may read the rules the development of this meeting according to the Board of Directors and in accordance with the bylaws.

I will now read the rules for the development of the General Shareholders Meeting. The shareholders physically present, who wish to intervene in the General Shareholders' Meeting and if applicable, request information or clarification in relation to any of the items on the agenda or others legally appropriate items or we make proposals may do so at this time. For this purpose, they must identify themselves at the shareholders' office located next to the notary public seat by stating their name and surname and if applicable, the corporate name or legal entity shareholder, they represent the number of shares they own or the shares they represent. If any shareholder wishes to have his or her intervention reported verbatim in the minutes of the meeting. They will have to deliver it in writing of the -- at this time to the office of the shareholders, so that it may be forwarded to the notary, so that it may be collated at the time of the intervention. In the event of interventions by shareholders, questions will be answered by the Chairman, the directors or any person of the company indicated by the Chairman provided that the information is available at this time. All other questions shall be answered in writing within a 7-day period following the date of this general meeting. I also inform you that the notary has had access to the means of reception for these interventions in order to report in the minutes the interventions of the shareholders who have requested it. I will now provide a brief summary of the proposed resolutions formulated by the Board of Directors, which will be submitted to a vote. First, the proposed resolutions included in the agenda, shown the submitted to vote, followed by if there were any of the proposals made during the course of the meeting. Once our proposed solution has been approved, all others relating to the same matter that are incompatible with the approved resolution shall automatically lapse. We also -- we would also like to remind you that shareholders who attend online who have registered in accordance to the procedures at within the notice of meeting and who have been -- who have connected virtually to the meeting through the General Shareholders' Meeting. Telematic attendance section of the website between 9 a.m. and 11:05 a.m. today may cast their vote through the telematic attendance platform in accordance with the corresponding voting form. From the time they started until the -- until 11 a.m. today until the General Shareholders' Meeting is held today, they may have their [Audio Gap] go through the telematic attendance platform in accordance with the corresponding voting form. And the shareholders who attend the general shareholders in the notice of the meeting shall be deemed to be present for the purposes of the constitution of the meeting. Consequently, and proxy or advanced vote passed prior to the shareholder meeting shall be deemed to revoke. We hope that this summary has been useful. And I will end my intervention by giving the floor to the Chairman, so that he may present his report to the Board.

[Interpreted] Thank you, secretary. I will now present to you a report. As President of the Board, but also as President of Aena and CEO. And I hope that the report that I will be presenting here today will be found interesting by all of you. Dear, ladies and gentlemen, shareholders, once again, good morning. My name and that all of the Board of Directors, which is represented here today. I would like to welcome you to the General Shareholders' Meeting of Aena 2024. And I would like to extend the special greeting to the Secretary of State for Transport and Sustainable Mobility, the General Director of Aena because you represent with your presence, the majority shareholder of Aena. I would also like to thank the shareholders present in this room and those who are connected online for their assistance to this General Shareholders Meeting, which is the main governing body of this company. And also, I would like to welcome you to -- I would like to welcome those who are present here today and online connected today. So General Shareholders' Meetings are probably the most important day with regards to the relationship that the company has with its shareholders. It is an event that happens on a yearly basis. And as such, we take it very seriously. In this case, unfortunately, I would like to -- before I intervene before I dig deeper into the core of things to especially remember our financial economic Director, José Leo, who passed April 12 -- past April 12. This was a piece of news that has actually drop like a bomb because José Leo was a professional of the economic -- the -- of the field of financial and our economic sciences of the first level. The kind that is needed by a company of the magnitude of Aena. And I am a privileged witness of his diligence. The diligence of José Leo about professional was not just felt in the way he led the financial policy of the company, but his criteria, fruit of a long experience and a great professional common sense was ever present in many of the decisions made by the company since he joined it in 2016. With this word, would like to pay how much to an extraordinary professional who has left -- has left his footprints in the company, a footprint that will never be erased. Rest in Peace. And obviously, this is a person that all of us present here today will dearly missed and I will actually miss him dearly. And now I'll start my presentation. This General Shareholders' Meeting as is now custom [indiscernible] will be just to go through the main aspects of Aena's activity in 2023. A year that is very difficult not to consider excellent because it has represented for Aena, the full recovery of air transport. And at the same time, we have largely surpassed the strategic goals that we set for ourselves 1.5 years ago for the company. I will also start my intervention as is now custom by about the different aspects of the outstanding activity of Aena in 2023 in the aeronautical, commercial and real estate activities as well as in the international arena. I will now detail although they are known by all of you, the financial results for the year, as reflected in the annual accounts, that part of the financial statements that we require to approve today during this General Shareholders' Meeting. I will then take a look at the evolution of Aena's climate action plan. Following this tradition that cited 3 years ago, when the company started committing itself to account for on a yearly basis to this plan during this Genera Shareholders' meeting with everything that has to do with the environment. And finally, I would simply like to highlight some of the aspects of the agreements that are to be voted by this General Shareholders' Meeting because agreements, obviously, will be explained by the Secretary of this Board. She will do that better than I could. Elena Roldan will then inform you of these agreements. So I will now focus on the -- on 2023's activity, and I will start with the aeronautical activity. Spanish air transportation in 2023 was splendid, I'd say. And even more so, and I see that [ Andes ], General Director nodes, it was splendid. And even more so, if we consider the provisions of forecast that we have had the previous years. And testimony to that is that Aena approved the historic activity record, the one that we had before the pandemic in 2019, and that was the result of the increase of tourism and the boost in tourism, and we have to highlight the good preparation of our airports as well. The recovery, obviously, of air traffic in Spain, which was greater than that of the rest of Europe and also above the world average. And this is also the result of the good work that all stakeholders of Spanish air traffic made all of the handling companies, airlines and airport services suppliers. So thanks to their good work, thanks to the proficient way in which they carried out their activities, we were able to break the activity record that we had set before 2019. ACI WORLD has estimated that in Spain, the air traffic was 3% higher than that of 2019, since that in Europe was 6% lower and the air traffic worldwide was 5% lower. So as I was saying, air traffic in Spain has behaved in statistically better way than that of Europe and the world. And I repeat that all of us after all of the Spanish traffic, we're very well prepared to manage it with high quality levels. These high-quality levels with which we have been working in the airport have worked in 2023, were the same, that could be found in security service and also in our respect of sustainability objectives because quality, sustainability and compliance are the signs of identity of Aena's airports, and we are especially satisfied that with such an extraordinary air traffic level, airports in Spain have worked so well with no disruptions, with no operational disruptions because as most of you -- of the people present here today, these operational disruptions are the worst nightmare of any airport manager and they did not make an appearance in 2023, and neither did they have them in 2022, which was a more complicated year at least in Europe. This means that, once again, if we consider the volume of passengers. Aena is the world leader in airport services. And I want to say that we are a leader because in Spain, considering our relative size, we do not have so many companies that are leaders in such an important sector, such as is that of airport management. And sometimes I have a bittersweet feeling because I don't know if it is due to Aena's tradition, or it is because we belong to the scope of the public sector. We do not granted the importance that it merits because this leader position that Aena holds worldwide should actually be something that we highlight. The factors behind this Happy 2023 are varied, and I will highlight four. First of all, from a macroeconomic standpoint. On the one hand, the growth of economy was greater than that which we expected or the -- and experts expected enthusiast. And obviously, that had positive consequence as well in the consumption in this case, by families of leisure in the form of travel. But it's not just this direct impact of the economic growth and macroeconomic factors to family's consumptions. What really catches or is that in 2023, the preferred destinations for families were a specific place. And this specific destination in the consumption of families is still alive in 2024, a year where we are still on the road of breaking activity records of 2023. From this perspective, it's essential to note what is on the last tourism competitiveness of the World Economic Forum report, which has says that Spain is one of the most attractive tourist destinations of the world. The second underlying reason for this Happy 2023, in my opinion, the good visibility that the regulatory framework for the airport sector in Spain provides to airlines in terms of program in their activities. The third factor also has to do with our very good function, and that's to say these trends behind the network model of Aena. And the fourth factor, we need to underline it and underline it modestly is Aena strategy on the hard work of its professionals, which to put it modestly, as I said before, have not hindered the strong recovery of air traffic. Unfortunately, this is something that has happened in other European countries, particularly in previous years. Now about the evolution of air traffic over 2024 -- and 2024 and translating percentages to figures because they're remarkable. In Spain, this means that through our airports, through Spanish airports of Aena, we had more than 283.2 million passengers. This is a historical record. It's more than 32% done in the year 2019 from the consolidated perspective of Aena, therefore, include in Aena London, Latin and the airports of the Northeast of Brazil. I'm talking about the year 2023 not 2024. Air traffic was 2.3% above that of 2019. Now during the first quarter of 2024, as we would say in English, we were still booming and there is an increase of 13.2% compared to 2023, which was, as we said, a record-breaking year. And our forecast is that obviously 2024 will be quite good, but it would be reasonable to not see these increases remain over 2020 -- over the year, the increases -- the 2-digit increases that we had in 2023. But I'm optimistic nonetheless about the future because, indeed, we are very positive on the figures that we've seen in the first quarter of 2024. But you know that the airline companies are program in the summer season from March to the end of October 2024. They have programmed to see an 8% increase in scheduled seats compared the same period in 2023. Now in addition to talking about the figures, I think that honestly, the right doing on the reliability of Aena's airports have had a positive impact on the Aena brand as we could call it. And we have been recognized 1 more year, fortunately, with several recognitions that support and show the good function of Aena's airport. Now from the standpoint of investments and our service quality, I'm just going to share with you some figures. As you very well know, we are from the regulatory perspective, amidst the [indiscernible] too. We are involved in the airport regulation document for the period 2022, 2026. And in the year 2023, we met our obligations. We were above our investment obligations with 2.7% increase based on the minimum investment required. We are talking about such sizable investments that it's normal that there are going to be some leeway and that we might be slightly below some years of others. But what really matters is that at the end of the DORA period, we comply with the investment that we're legally bound to and that would mean -- and that no compliance would mean sanctions for the company. And we think that the service show, there is general satisfaction of our customers -- of our customers, they show high satisfaction with our servicing hours both translated into figures. This is an average of 4.13 over scale of 5, which is slightly above the European average of 4.07. And by category, in the case of Aena, we need to highlight security, check-in, passports and staff friendliness. And on those questions, we are above 4.15. And now let me dwell on a couple of aspects. Every year, I'm afraid that this result in an industry and political discussion, which is a bit heated. And in my opinion, it lacks focus. And I'm talking now about the setting and approval of Aena's tariffs and our network model. Now let me go back to the airport charges. It's important to go back to the foundations here. Due to some economic reasons that the President very well knows because he's a professor of economy, but also due to macroeconomic reasons, which could be recognized by Aena economic student. The economic activity of Aena is regulated over an economic basis. We are subject to financial and economic regulations. And in simple words, this tackles the nature and volume of Aena's investments, also the retribution for this investment, the volume of operating costs of the company, the quality of service and safety. Now the keystone of this economic regulation is airport charges and their definition every year. If airport charges are defined inadequately for 1-year or subsequent years, pushing them downwards in the long run, the result undoubtedly will be a bad functioning for airports, for airport performance and economic and sustainability of the airport system. This is that clear, and that's sound for all airports that are regulated in the world without exception. Now in the 5-year period that is stems from 2022 to 2026. I must invest EUR 2.25 billion in its import airports. And in addition, and must invest a significant demand in the nonregulated sector in commercial and real estate. And here, I'm talking about our Director General María José Cuenda. And in the next period, 2027, 2031, the Secretary of State for Transport is very much aware of the fact as the regulator of Aena's activity. They're very aware of the fact that there will be a big investment, Tsunami. Why is that so? Because in light of the strong growth of air traffic, airports most of the refurbishments and must increase their capacity if they want to be able hold the future air traffic demand. And we must recall in this discussion, something that is essential, that Aena's airport charges are, by far, currently the lowest in Europe and we cannot wrongly compare apples and pears. We need to compare European airport hubs and Spanish airport hubs and touristic European efforts with that of Spain, et cetera. On the calculation methodology for airport charges in Spain stems from a European directly, Spanish directive Spanish law and a subsequent regulatory developments, which form a regulatory framework rooted ISS in solid microeconomic principles. Consequently, contrary to what some people claim out of it ignorance or bad faith, airport charges do not rise or fall arbitrarily every year, but are actually the result of the application of a very granular regulatory process. In addition to the above, which is pure common sense, good economic sense indicates that it is unreasonable to simultaneously request one thing on the opposite. I mean it's not [Audio Gap] investment in the present, and most importantly, in the next DORA period and in parallel to request that Aena permanently lower with there any floor down spiraling continuously, but it lowers the airport charges that according to macroeconomic regulations are the ones that finance the enlargement of ferments. In other words, this would be an economic incongruity, which in the long run would harm the quality of Spanish airports and therefore, would have a negative impact on tourist activity. Some of the voices that are saying this, one thing on the contrary, they know that in the long run, it wouldn't be good for the country, resist the temptation of short-term gain. Therefore, when I think back to the approval of 2024 airport charges or tariffs from the many voices that criticize that the modest increase of EUR 0.40 per processor because this is what we're talking about. We're talking about EUR 0.40 per passenger. I'm still astonished by the imposter drama with apocalyptic overtones of some public statements by representatives of tourism and in air transport companies, especially as these statements took place in booming context for tourism and record profit for airlines, hotel companies and catering companies. This tourism boom quite a way continuous in 2024 after the increase EUR 0.40 in Aena fares. So when these statements are altered, in the psychological universe of those people who actually say it, I don't think that they are considering the quality, the quality of the shares that this company stands behind the shares owned by Aena shareholders. And I think that Aena or its shareholders cannot accept this. And once again, I must say that shareholders deserve the same consideration. The same consideration as shareholders of other companies. And is it a pity that the discussion about airport fares oftentimes hides the pure transfer of income from Aena shareholders to the shareholders of other companies. Let me put this in more conceptual terms. On the understanding that Aena always complies with airport regulations and investment, quality, safety. And the environment, the legal obligation of the Board of Directors, the management team and myself is to maximize the value of Aena's assets. And it is an obligation that we take too hard. And this objective of maximizing the value of Aena's assets is something that I take from our reflection that was made by the end of the '80s in the conference. It was made by one of the steel level economies in Spain [indiscernible] who back then was the President of the National Industry Institute, the powerful [indiscernible]. And he explained that -- in addition to companies being public or partially public, the obligation of the Aena was to maximize the asset value of these companies, be them public or not. Let me translate this into more practical terms because one must say -- must wonder, okay. This is all well, but how does this reflection translate into investments in the next DORA period in which there will be some trade-offs. And I think we will be able to strike a reasonable balance in virtue of which Aena will maintain the most competitive and lowest airport charges in Europe, we will continue to maintain it. And we know that this is an essential element for the well-functioning of tourism and that it's positive for the contribution of the good functioning of Spanish economy. And at the same time, I'm convinced that we will be able to face up to the strong wave of investments needed by Spanish airports. This is our commitment and our dear Secretary of State, I think that altogether, we will be able to meet it. Now I'd like to make a comment because we must stand for the corporate interest of the company. I'd like about the ruling of the High Court of Justice at Madrid, which partially upheld Aena's appeal against the administrative decision of 2022. Not to initiate the procedure for the economic rebalancing of the first DORA as a result of the ravages of the pandemic. The fact that Aena appealed before the court, it's a paradigmatic example of the commitment of Aena's administration -- administrators and management team to defend the company's interest and to take this opportunity to sincerely thank the Spanish government and the Ministry of Transport, who own 51% of Aena for the respect to the cleanliness and the greatness of spirit with which they have handled the process in which Aena has appealed before the courts against an administrative decision of the government. Thank you very much. Now I'd like to talk about the second qualitative element that I wanted to discuss, which is the strength of Aena models -- of Aena's model. I think empiric experience shows that this is one of the strengths in the company. We indeed are supporting the competitiveness, the tourism sector and its contribution to the Hispanic economy. I'm talking about this model. When I think about the way our network model works, the way our airline companies work, the handling companies, the service delivery companies, their airports, how well they work. And I always think of the same if something works, don't fix it. And I think that this is a guiding principle that is very practical and that should also guide our feature decisions in Spain. Another proof of this is that when you ask the international competitors of Aena. Well, they would like to become in future decades. They say it clearly. When I grow old, I want to be like Aena. They say it clearly. I would like to be a global manager, who through a very big network by using best practices, would be able to manage some of the best airports in the world. And when they speak of this, they also add that one of the advantages in the network model of Aena has come to light in the pandemic because when you ask, in this case, analysts -- I mean analysts and investors, which is the airport company that has better fared with the crisis, the unanimous answer is Aena. And I think we deserve the credit because we think we did well, but this is also due to our network model, and the -- hypothetical transfer to some of the airports in the network of Aena has never been something discussed in the management team. It's not something that is actually on the table. And I don't think this issue could be on the table in the future. I therefore trust that my explanations about this point have been sufficiently clear. Now let me talk about the commercial and real estate activity. The evolution has been quite positive of the year 2023. Our total sales exceeded 17.3% higher than in 2019, total sales per passenger were 14% higher than that very same year. And fixed and variable revenue bill that was almost 22% higher than in 2019. And per passenger revenue went for EUR 4.25 in 2019 to EUR 5.04 in 2023. And anticipating the doubt that we all had in the pandemic about commercial aspects because back down this -- we speculated about hypothetical change in the behavioral patterns of tourism. The perspectives in commercial activity were excellent and tenders and the results since 2022 has been significantly positive. And the increase in revenue has been notable. And in the year 2023, for instance, we need to highlight Duty Free shops and catering. The strong increase in commercial income all -- so go to show two elements. Firstly, and most importantly, the retail sector is a great trust in our infrastructure activity. And secondly, the power behind Aena's strongly [indiscernible] guaranteed minimum income model. At the same time, the performance of the real estate business in 2023 worked very well. The revenues were 34% higher than those of 2019. In the real estate arena, I would like to just stop for a few seconds to talk about the airport City of Madrid. I'm sure you know that in 2022, Aena launched process to select a partner for Area 1 of the airport City of Madrid, the office received were very attractive, much more attractive than expected, but the tender failed. And we did not select any candidate due to different reasons, but mainly because there was a spike in interest rates that somehow change the business plans of the different tenders. And I would like to say that we have attributed disproportionate space in the media to this whole event, because we think that in the long-term, it will be a grain of sand in the whole perimeter of the financial and economic activity of Aena. But we do think that the real estate activity is nonetheless an activity that will add value to the company. We have gone through our strategy. We have talked to the main agents in the sector, and we will relaunch the tender by introducing some improvements. As I said, this is a long-term process. And the delay obviously does not have an impact in the value of the company. And we have to do it well. It's better to do it well than to rush things and we'd rather be -- we'd rather have the peace of mind to know that we are not doing it if the price is not right and if we do not sacrifice economic profitability. So we're also making progress with regards to the works in the Airport City of the City of Barcelona. But as you know, the Director of the Airport City of Barcelona, Ms. [ Valenzuela ] unfortunately, as many things in Catalonia, is having problems with urban planning licenses in Catalonia because it is becoming much more difficult, much more complicated than in Madrid. At the same time, we have been working in the airport cities of Valencia, Malaga, Costa Del Sol and Seville. I will now switch to international activity and the main milestones in 2023. I'm sure you know that Aena manages directly and indirectly, 33 airports outside of Spain, 17 in Brazil, 12 in Mexico, 2 in Jamaica, 1 in Colombia and 1 in the U.K. This panoply of international assets as the result of a careful selection process that is producing or that has produced in the past and that is producing in the present and an important economic profitability. If we exclude the accounting reversal of the impairment of Brazil, the international activity contributed to Aena Group's consolidated EBITDA, 6.7%, a percentage that will significantly increase in 2024 because in 2024, in the consolidated perimeter, we will now include during those 12 months. The group of 11 new airports in Brazil led by Congonhas. In 2023, Aena's international assets saw a spike in their value due to different reasons, and I'm going to only mention 4. We had an increase in Luton's technical capacity, one more million passengers, up to 19 million passengers. We had the successful completion in Brazil, the territory where we have not been up till then. We, as I was saying, have a successful completion on time, on budget. And well, the investments in all 6 airports in the Northeast of Brazil. Now the third element I wanted to share with you is that we have now taken over the control without any incidence of the 11 new airports in Brazil. In Brazil, we are currently managing 20% of air traffic in the country. And fourthly, we filed with Brazilian regulators, the mandatory investments for these 11 new airports. Among these 11 new airports, I wanted to highlight the extraordinary difficult project of expanding and modernizing the Congonhas airport, which is the second largest airport in Brazil. It is the most important airport for Brazilians. We are going to invest BRL 2 billion in that airport during the next few years. We are going to build a new passenger terminal that will double the current size of the airport terminals, there will be 20,000 additional square meters for commercial space. And the airport capacity is going to increase to up to -- almost 30 million passengers per year. It is doubtlessly the -- an Aena's international project -- and the most important international project that Aena has. It is the most important renovation. And I do think that this is the work that only a few airport managers could undertake because of its great difficulty. And all in all, those 11 new airports that Aena have in Brazil, we will be investing in the next few years BRL 4.5 billion. Now I will switch to economic results and our performance. You know that these economic results, financial results for 2023 have been set out in the financial statements that we submit to this general meeting for approval. We hope that we will get your approval. In 2023, I wanted to remind you that Aena broke records in net profit, EBITDA and debt reduction. And these results that were fantastic, where came hand in hand with a new management of airports, and it is something that is not usually highlighted as it should. And this allows us to be one of the best companies of IBEX 35, thanks to our benefits of share capitalization. And also you should know that in 2024, Aena will pay out the greatest dividend of its history. And during the first quarter of 2024, I cannot really give you any specific financial data because the results will be published on April 30, but I'm sure you can imagine that the economic results, financial results will be in line with the excellent behavior that air traffic has had during this first 3 months of 2024. Let me now summarize 2023's financial results. The total revenue -- total consolidated revenue was above EUR 5.1 billion. Despite greater traffic, despite going back to activity, our airport infrastructure, the OpEx only went up EUR 127.6 million compared to 2022. And this control of our OpEx is a consequence, first of the strict control that was carried out by Aena's management and employees. We control the evolution of the OpEx. And secondly, because we really took advantage of the large purchasing power that the company has. And thirdly, because Aena decided to reduce its exposure to certain costs beyond our control, such as specifically energy. Energy reduced -- well, we reduced our energy expenses in 2023 with a EUR 121 million reduction EBITDA was over EUR 3 billion, and the consolidated EBITDA margin was around 58.8%, and the free cash flow rose to EUR 2.2 billion and our net financial debt-to-EBITDA ratio was where we wanted it to be in the long-term, which is around 2x EBITDA. In this case, it is a bit over 2.1x EBITDA. And this allowed for a record in our consolidated net profit of EUR 1.6 billion, as I was telling you, we hope to break that record in 2024. Now with regards to the stock evolution, the evolution of the shares, we clearly saw that there was a tipping point in 2023. The shares of Aena, I believe where as other shares was being sanctioned by the pandemic. But in 2023, the company has actually been capable of getting rid of some of the dead weight. And the reasons that caused -- the reasons why we were able to get rid of some of dead weight were the following: first, we return to health, social, economic calmness in general in the world, but in Spain, most particularly after being able to overcome the pandemic. And secondly, and this is very important to highlight the high intrinsic quality of Aena's airport assets and its professionals. This intrinsic quality was covered by [indiscernible]. I mean investors did not seem to see that during the worst months of the pandemic. Thirdly, thanks to the deferred results of management that was carried out during the long COVID period that involved the top decision-making processes on settling an unpleasant decisions have to be made are very much present in the memories of the managers and members of the Board of Directors and employees -- and as employees who are present here today. And with time -- we have seen that those decisions were actually the right ones. And fourthly, the positive reception by investors and analysts of our strategic plan. All of this cost for 2023 to revalue up to almost 40% our shares. It was well above that of the IBEX 35 average, which saw a 22.8% increase and also above the evolution of our European competitors [ Shutters ], Airport de Paris that fell almost 7%, Vienna that went up a bit over 18% or Zurich, that went up a bit over 22%. The company's share capital in December 31, 2023, represented 24,615,000 and during the first quarter of 2024, our shares have risen 11.2%, an additional 11.2%. And the closing of the market yesterday Aena's shares were around EUR 174 and our share capital was around EUR 26.13 billion. This sets us as the sixth company of the IBEX 35 with regards to share capital. So we're the sixth company in the IBEX 35. And we are above thus some of the companies that are usually in the top of mind of any normal citizen who was born in the '70s. The increase in the valuation of the company is taking place in a very specific chapter of our story. A few weeks ago, the North American Bank -- Bank of New York Mellon decided of its own accord, I mean, without the participation of Aena to market Aena shares in the United States through an ADR program. ADR means that -- well, this means that Aena is part of the select club of Spanish companies, but can be acquired in the U.S. that can be -- it shares can be traded in the U.S. by American investors that can only invest in the U.S. due to legal restrictions, and they can only trade in U.S. dollars. And this club is made up of Iberdrola, Banco Santander, Inditex or Telefónica. With regards to the dividend payout policy, you know it very well. This has been a trend in our strategic plan. We will have an 80% payout that we will fulfill. And this is the proposal of the Board of Directors to this General Shareholders' Meeting. We want to pay out a dividend of EUR 7.66 per share. If this shareholders' meeting approves it, the dividend will be paid out in cash on May 7. Yes, exactly on May 7. But for that to happen, we require this meeting's approval. And let's talk about the action plan, the Climate Action Plan. For a few years now, Environmental sustainability has been a cross-cutting factor that goes through all of our INS activity. After committing to this plan 3 years ago, we want to -- so our accountability with regards to this climate plan for 2023 before this forum. And I want to say that in 2023, in this area, we reduced our own emissions by 70% compared to 2019. For 4 years in a row, we have been purchasing 100% energy coming from 100% renewable sources. We have right now awarded handling licenses in Spain in a public tender. And we have established a series of stringent environmental requirements. And at the end of the day, these will allow for this activity to be developed with very few -- low emissions in our airports. I also wanted to say that in record time, we have installed over 1,000 charging points in the Spanish airports. I'm talking about charging stations for e-vehicles. And I also wanted to talk about the expansion of the electrification of Aena's fleet. Finally, although -- this is a bit more [ bit of ] sweet slowly due to cumbersome administrative procedures and due to the existence of bottlenecks in the transmission and distribution grid in Spain, we see a slow advance of our photovoltaic plant. I mean it is making progress but slowlier than expected. What's important is that currently, we have 10 airports in Spain that have access and connection rights, which in 2029, will provide most certainly 51% of Aena's consumption if we consider as a reference point that of 2019. And I will now leave the 2023 aside, and I will look towards the present and the future. And we'll talk about the update of the strategic plan that we presented to the market a few weeks ago. Actually, in '22 Aena presented its strategic plan for the period covering the years 2022 till 2026. We did have some doubt when we thought of whether it was a good idea to present that strategic plan in November 2022 because at that time we were filled with uncertainty, but we still thought that the best path to follow for the company, for its shareholders, for its stakeholders and more specifically for airlines, we needed to try and during that time of darkness have some sort of road map that would guide some elements for the future of the company. And I think that was the right decision, and I also think that for good reasons, the year 2023 forced us to review that strategic plan because 2023 has overcome our expectations with regards to strategic targets, and it has actually allowed us to get rid of some of the uncertainties that we had had in 2022 -- in November 2022 when we published our strategic plan. After having reviewed the strategic plan, I'd like to summarize what we have presented. We will reach 300 million passengers in Spain in 2025 and in 2026, we will be around 310 million passengers. If we take into account the international subsidiaries consolidated in our financial statements. If we include, [ therefore ], Luton and the 17 airports in Brazil in 2026, and it will handle more than 1 million passengers per day worldwide, and this is actually a good motto. Aena will handle more than 1 million passengers per day worldwide. And something that is also important is to mention that we are very much preparing for the increase in investments that we will see in the period 2027, 2031. And I'd like to take this moment to share later recommendation in Aena. We're very passionately discussing book these days. One of the books that are having considered the top economy books of the year by the Financial Times and the Economist, which is how big things get by an economy professor from Denmark, whose last name I will not pronounce right. I'm afraid, [ Ben Flixburg ]. And I think that this book intend to share a series of recommendations, which are based on empirical evidence, a broad base of it. And I think that partly they very well described the way in which we do things at Aena. But in addition, it also share some tips on how we can phase up to the different actions to extend in a larger airports in the investment period, 2027 to 2031. On this point once again, the Secretary of State for Transport. I'd like to thank Spain -- the government of Spain and the Ministry of Transport for their support to the projects to increase the capacity of Spanish airports, which I think will extend air connectivity, bringing us into an increasingly interconnected 21st century. And also strengthened tourism as well as boost our country's economic growth and that of the countries where the international export -- airports where Aena is present or located, too. And among the remodeling and the station projects, we have the following: the remodeling of Madrid-Barajas, Tenerife Sur Tenerife norte and Lanzarote, the remodeling of Terminal 1 of airport, Josep Tarradellas, Barcelona-El Prat and Palma de Mallorca airport and the future expansion projects of the airports of Malaga, Alicante-Elche, Valencia, Ibiza, Menorca, Bilbao, Santander and Melilla. And in order to make it clear, I'd like to underline that in the regional -- in the region of Valencia, we will expand the airports of Alicante-Elche and Valencia. This is something that was mentioned by the Ministry of Transport, a few weeks ago, and we will share further details in upcoming weeks and months. Now obviously, for the rest of airports that I haven't mentioned, DORA III will also include the investments needed by this airports for the adequate performance of its activity. We have also started working on the major expansion of the largest airport in the hands of Aena, the Airport Adolfo Suárez Madrid-Barajas. And this is a very important enlargement project and I think the importance of this project is reflected on the announcement of the President of Spain, Pedro Sanchez and the last trade fair of FITUR. And this will go to reinforce the formidable hub that the Madrid Airport already is an airport that links Europe and Latin America. And I'd like to, for a moment, speak on the project of enlargement of Josep Tarradellas, Barcelona-El Prat which won't come to fruition, but this is different to the project for the Terminal 1 of that airport. I still think that the refurbishment of this project is an essential project for Barcelona and also for Catalonia and a fundamental project also for Spain for the competitive -- for the competitiveness of the economy and well being of the citizens of Barcelona, Catalonia and Spain. In the year 2024, we will clearly see that the airport is reaching the technical limits for capacity. And without the support of the regional government of Catalonia due to environmental reasons, we cannot expand this airport. And for Catalonia citizen like I am. It's unfortunately to see the -- unfortunate [indiscernible], the contract of the [indiscernible] of Madrid hub export expanded to 90 million passengers and the dull stagnation of the Barcelona Airport. It is well known that in 2021, unexpectedly, the government of the Generalitat of Catalonia blew up the agreement with the Spanish government to expand this airport. It goes to show the importance of that this issue has in Brazilian and Catalonia that this discussion has been kept alive. And I'd like to thank the worthy contributions that the different entities have made to this discussion by the [ Fomento Travel ], Barcelona Global and the Cercle d'Economia. And I'd also like to refer to the statements made by the European Commissioner for Transport, Adina-Ioana Valean in the Mobile World Congress for the statements in which he openly supported the enlargement of this airport. And one final comment, which I think is also important. Aena's aeronautical engineers are unanimously considered the most reputable in the world. I'd like to repeat this once again. Aena's aeronautical engineers are amongst the most prestigious in the world, consequently, the only thing that comes to mind when I review some of the colorful and cheerful proposals on Barcelona's airport enlargement project that having publicly presented in Catalonia in recent years, outside of the scope of Aena's engineers. By the way, the latest was last week by the government of Catalonia. I repeat, the only thing that comes to mind is all ammunition by [ Emmanuel-Athena ], which is the following: If every Spaniard spoke only of what he knows, there would be a great national silence that we could use to study. Allow me to continue speaking on the real estate activity and the commercial activity. our forecasts are by good compared to 2019, we expect to increase commercial and property revenue by 48% compared to 2019. This would be in 2026. And commercial revenue per passenger would be increased by 32%. International activity is a priority and our priorities and need to consolidate assets that are already owned by Aena, and I'm talking about international concessions. And our objective, our soft objective is to increase the contribution of international EBITDA to 15% of Aena's total. And once again, this is a soft target. It's a contingent target because it is subject to the stringent analysis filter performed by Aena, which assess the intrinsic quality of the airports, economic and financial aspects and the regulatory quality, including country risk. If the international projects analyzed by Aena do not generate value for our shareholders we will discard them, and we are indeed doing it. without hesitation. How about sustainability. You know that all stakeholders in Air Transport have concluded that the greatest challenge that we must face up to in future decades is decarbonizing our activity. In Aena, we have a Climate Action Plan, a sustainability strategy, and we have the 2050 horizon and the Air Transport industry goal of Net Zero. And we -- a few years ago, Aena brought this objective forward to 2040. And with this strategic plan, we have [indiscernible] year of 10 additional years. So our Net Zero is to be met by 2030. And I am convinced that on the one hand side, with the advances that have already taken place in air transport in the field, the emission reductions followed by the renewal of airlines fleets with -- the aeroplanes are increasingly less pollutant. Secondly, with the improvement of efficiency, Enrico Mauro knows this very well, the improvement of efficiency of air navigation services. And finally, the raising of the EUs as environmental bar. This will enable then [ steppable ] increases in global traffic and the gradual decarbonation far transferred to Net Zero by 2050 to be managed. The upgrade of the strategic plan from the economic and financial perspective boils down to 3 big targets: from the standpoint of consolidated EBITDA, the target would be to increase it by more than 20% compared to 2023 by 2026; and we will sustain the EBITDA margin of the group's brand company at around 59%, which has already been reached, thanks to the control of OpEx and despite the inflationary pressures that persist; and finally, we'll maintain a net debt-to-EBITDA ratio of around 2x, a level that we have already reached. Now let me move on to the last part of my presentation. Now in this last section, I'd like to begin by speaking about corporate governance. And according to the recommendations of the CNMV's good governance code, more than 50% of the members of the Board of Directors were women in 2023. And in the year close, we 10 more -- 10% more -- in addition, 50% of our Directors were independent. And I'm talking -- and I'm looking at Begoña Gosálvez here, I think that our commitment to generate quality was are recognized by several awards that were granted to us. And I would like to also mention that in 2023, the company complied with most the recommendations for of the good governance code for listed companies with the exception of directors' remuneration, which are subject to public sector regulations. Now during 2023, the company reviewed and adopted this corporate governance system to the various legislative changes. For instance, we modified the articles of [ Hesitation ] and Regulations of the Board of Directors in compliance with the resolution subdued at the General Shareholders' Meeting held in 2023. More than a dozen corporate governance policies were also modified and the regulatory compliance system was adopted to law to 2023. Also, I'd like to share a brief reflection on the new management structure for Aena, which came into effect in February 2023. And I did explain that generally in the very general shareholders' meeting a year ago. Under -- I'm very happy with the new management structure, started by my right. in the Board of direction, we have the first Vice Chairman, Jaime Terceiro, who is also the coordinating director who exercises frequently, I can attest this, a healthy counterbalance function in a very unique ownership structure because there's clearly dominant shareholder that owns 51% of the shares, which is the government. And in the executive arena, we have the role of Executive Vice President with in addition to providing different advantages, it's proven to be also a way of making better use of the fertile, professional, wealth of what, in my opinion, is one of the best in the world airport sector, Javier Marin. And as a side note, and I'd like to mention this that we can smile about this. I -- in the first draft that are requested from the Executive Vice Chairman, I spoken singular, and I talked about the best manager, but rightly so, possibly, Javier Marin recommended me to expand this reference due to practical reasons because it's not -- it's impossible for you to know all the managers in the world, and I followed his recommendation, but I did not change my opinion. Precisely one of the people who have been historically working together with Javier Marin, the General Director of Airports, Elena Mayoral, has recently been recognized as the engineer of the year 2024, the best engineer of the year 2024 by the official college of our Aeronautical Engineers of Spain. And this goes to show the quality of our directors and our workers. Now I'd like to talk of a compliance now and talk about the alert criminal behavior of a former adviser to the Ministry of Transport, which has been widely reported in the media in recent weeks and months. I want to make it clear that none of the alleged illegal actions affect Aena and I'd also like to take a moment to underline that Aena has a robust regulatory compliance system that firstly, greatly mitigates the risk of noncompliance with the law. And secondly, guarantees before third parties and before judicial and administrative bodies, for instance, the court of auditors, that do preventive control this exercise over the company's employees, executives and management bodies, especially in the area of procurement, our strict procedures often criticized by rightly -- so perhaps by some bidders for the rigidity. Mean that awards are after made on an objectivity basis. We have a great rigidity, but the system is nonetheless very robust. I could have avoided reflecting on this alleged corruption case. But Aena preferred to allude to our regulatory compliance system, the company's good governance and the integrity of our employees and management team. In terms of social sustainability, it is clear that environmental, social and governance aspects are increasingly important and they're part -- a structural part of the agenda of the Board of Directors of Aena. Over the course of 2023, Aena maintained its commitment to the social sustainability of the communities, the [ host ] airports, supporting vulnerable groups promoting, amongst others, education and research. I'd like to underline 2 milestones in terms of ESG in 2023 that define our right to win. Firstly, that Aena has been included for the first time ever in the Dow Jones Sustainability World Index. And secondly, our continuity in the prestigious British Index, FTSE4Good. With regards to the agreements that are to be voted by this general shareholders meeting, the Secretary General will subsequently go through all of these topics. And it is my time to simply state recognition and my thanks to the directors Pilar Arranz; Angela Paloma and Maria Isabel Badia, who decided to resign at the end of 2023, beginning of '24. They did very well. But I would like to sincerely thank the dean of the Directors of Aena, Pilar Arranz, who was a great support the whole process of decision-making of the Board of Directors for a very long time for many years. To fill these vacancies, we proposed this meeting the that we ratify the appointment of Beatriz Alcocer, Ainhoa Morondo and Angel Faus have been appointed following the co-optation procedure and who have a long experience in the public sector, in the transport sector and communications as well. And I think that they will be a very valuable piece in the structure of Aena. And we finally, as we have explained today, we are submitting to vote of this meeting the Climate Action Plan update that has a consultative character to it. So I will start concluding now. 2023, a year we leave behind has been an outstanding year. And the year 2024, we are convinced will be even better. With that objective, we have updated our strategic plan for 2022-2026. I've said it previously, and I would like to repeat it here today. I think that we deserved it. But to be quite honest. It's true that the company is going during this stage through a suite stage with record figures with a very good functioning of the airports with an important presence in Brazil and with a growing prestige of the Aena brand. I do hope that this sweet moment that we do deserve will be long lasting. And not only are we aware of the importance of air traffic but also the double responsibility that Aena has in the territories where our airports are based. We know that we have a responsibility with the societies of those territories. And this twofold responsibility is fighting against climate change, on the one hand, and on the other hand, generating jobs and wealth. And mid- to long term, we have to manage to fly more by polluting less and try to completely decarbonize our activity, the activity of air transportation in 2050. Although sometimes we might forget that this is the case. In 2024, we have technically come through the first quarter of the 21st century and nobody reasonable could think that in a prosperous country, we have -- we cannot -- no one who's reasonable would think that we can work without good air traffic infrastructures because airports put in contact employees, workers, technologists, researchers. Spain is fortunate to have, thanks to a long period, many years of having a vibrant and highly competitive air transport system based on high-quality and efficient airports. So let us take advantage of those airports we have. We are coveted by many other countries. As a professional economist, I still do not understand how there can be people who really seriously think that human activity can be decarbonized without vigorous economic growth, let alone economic degrowth. Personally, I've said it previously, being the first Executive of Aena represents to me the highest professional honor. I joined the company in 2018. And since then, the employees, the managers, the members of the Board of Directors, we all have gone through very tough times with gritted teeth, until this current sweet period, which, as I said, I hope will be long lasting. From the point of view of my relationship with you, the shareholders, if you maintain your trust in me, thanks to the experience we've had together that the maximization of the company's assets value will continue to be at the forefront of Aena's priorities. And this priority is shared by the whole management team and the Board of Directors. And finally, I would not want to end without thanking all of the company's employees daily work without whom such good results in 2023 would not have been possible. It simply would not have been the case. And obviously, it would not have been possible. We would not have had this 2023 without the shareholders who continue to place their trust in the company. But I do think that in exchange, we are proving and we will keep on proving that Aena will not let you down. Thank you very much, ladies and gentlemen, for your attention.

Very well. I think that it is for me to keep on speaking although now I don't have much breadth left. But before we start with the round of interventions, I would like to inform you that at this moment, we are closing the time for shareholders to ask for the floor. And I will now give the floor to the secretary so that he may share with us the final attendance results and participation to the Board.

Thank you, Mr. Chairman. Having created a list of assistance with IT tools, the final attendance quorum is as follows: present in this room, there are 137 shareholders of 77,514,472 shares that represent 51.67, 63% of the share capital. We have represented here, 303 shareholders who own 52,192,353 shares that represent 34.79, 49% of the share capital. Out of the shareholders present here today, 121 own 1,013,064 shares and have voted online. The share capital present or represented with voting rights is EUR 129,706,827 represented by 86.47% of the share capital. Therefore, the attendance quorum exceeds 50% of the subscribed shares that have the right to vote as established by Article 22 of the company's bylaws for the valid constitution of the shareholders' meeting on the first call. I give now the floor to the Chairman.

Thank you very much. So in accordance with the information provided by the Secretary, since there is sufficient quorum in accordance with the provisions of the law and the bylaws, I ratify the value constitution of the Ordinary General Shareholders' Meeting of Aena, the first [ goal ] since the legal and statutory requirements for this purpose have been met. Likewise, I confirm the existence of existing quorum to deliberate and adopt the resolutions on all the matters included in the agenda of this meeting. pursuant to the provisions of the regulations of the [indiscernible], I hereby give the floor to the Notary so that he may address the meeting for the purpose of verifying the possible existence of reservations or protests by any shareholders regarding the above made by either me or the secretary regarding the number of shareholders attending the meeting, the capital present and represented and the value constitution of the General Meeting.

In accordance with provisions in Articles 101 and 102 of Mercantile Registry Regulations as a notary of the General Shareholders' Meeting I hereby advise that if any shareholder wishes to express reservations or protests regarding the statements relating to the number of shareholders in attendance or the capital present as well as in relation to the valid constitution of the General Shareholders' Meeting, they may do from this moment on through the Button under the heading register objection that appears to the left-hand side of the screen, and in the case of shareholders connected online or at this time, at this table, so that we may reflect it in the minutes. Thank you very much. Since no shareholders want to express their reservations or protest, I will now give the floor to the Chairman.

Very well. Next, we are going to give way to the turn of interventions of the shareholders physically present here today. I do know that only one shareholder has asked for the floor. I will state his name in a few seconds. And I ask the shareholder who asked for the floor to state his name or her name at the beginning of their intervention. The shareholders that they represent and the number of shares, either belonging to them or belonging to the people they represent before they start their intervention. Please take the floor at the stand when you are given the floor. I would appreciate if your interventions could be as concise and brief as possible, you have a time of 5 minutes allotted to you. You have been given 5 minutes, and I ask you to please refer to the points in the agenda or other points that are legally allowed related to the information that the company has made public and that is to be found in the repository of the CNMV. And finally, I would also like to inform you that I am going to answer the question in principle, I intend to answer to the question. But if I need to complement the answer, I could maybe ask some Directors of the company, some members of management or if needed, because of the specificity of the question, we might give ourselves time to respond within a period of 7 days after this meeting in writing. And I give the floor to the only shareholder who has asked for the floor. His name is Jose Antonio Del Barrio Colmenarejo. And I ask him to please stand next to the microphone and take the floor.

Good morning, Mr. Chairman, directors, members of management and to all the employees working for Aena S.M.E., S.A. I cannot let this moment go by during this general shareholders' meeting without congratulating you for the amazing work carried out not just during 2023, which has been a record-breaking year. But during the previous years as well, ever since you were first listed in the Spanish stock exchange. So I ask for a big round of applause for all of you. Mr. Maurici Lucena. 2023 has been a record-breaking year. All of Aena's records have been broken. We have achieved a benefit of EUR 1.6 million, 81% greater than what was obtained in 2022 and 13% greater than what we obtained in 2019 before the pandemic. Secondly, you have broken the historic year of passengers with 283 million passengers. And thirdly, which is also a very important record. We are close to our historical maximums that were met in 2017 in the stock exchange, EUR 26 million is our current value. We are the first company in the ranking within our sector. I'm going to ask you with this information with this data to please take the floor and tell us something about 2024 because we are having better results, better trends than 2023 of the year. I know that you do not have a crystal ball, but I have to ask you. Where do you think that the share price will end up at the end of 2024? Mr. Maurici Lucena I have another question for you. Will Aena keep on paying out the dividend of 80% of the benefits in the next few years? Mr. Maurici Lucena, I'm going to ask you the development of the airport city, 320 hectares in Madrid and the new tenders where we are going to compete to get the management of new international airports. How is it going to be done with goodwill or by emitting debt in the market -- issuing debt in the market? Mr. President, Mr. Chairman, Mr. Dear Directors, I am glad to see that you're courageous, you're courageous to -- in 2023 go before the courts to fight against the tariff deficit that is -- has been denied to us. And that cost us great losses due to the extraordinary services that were to be paid due to COVID-19. I'm sure that this easy will take a long time to be resolved. But I am sure that there will be a reward at the end of the past because where there lies truth, those that fight for it will get it. Thank you very much.

Very well. I will refer to the intervention. And what I would like to do now is, now that the round of interventions is closed and confirming with the secretary that there are no other shareholders who may have asked for the floor, either online or in the room. We are going to proceed before we answer your question to show a video, a video that focuses on environmental aspects. [Presentation]

Okay. I'll take the floor once again. And I will answer the only intervention by Jose Antonio Del Barrio Colmenarejo. First of all, dear shareholder, I want to thank you for your recognition to the work carried out by the Board of Directors, by the Directors and the employees of in. We always thank you. We always thank that sort of recognition and even more so when it comes from a shareholder. And we should add that we have to thank you even more because of where we come from. If we remember, the dark moments that we went through during the years 2020, 2021 and part of 2022. So I really thank you for your comments. And I'm going to try and organize my answers following your questions. I will try to follow the same order. First of all, you asked me about the share price for Aena at the end of 2024. Well, I'll answer with humor because MarÃa Gómez, my Communication Director, always helps me not to do it because it can be misinterpreted. But I will do it because I think you'll understand me. If I were capable of knowing the share price will be at the end of the year. I think that instead of being called Lucena, I would be called -- I would have the name of one of those important financial sagas, Medici, Rothschild, Buffett, [ Bjorn ], I don't know, I do not know what to tell you. The only thing that I do think is relevant here is that when we analyze every morning, the summary of what the investors write about Aena. If we do an average of what they say, currently, Analysts and Investors think that a reasonable price for the share would be of around EUR 200, and we're currently around EUR 175. But we also know -- we also know that financial markets not just evolve according to the intrinsic value of a company, but also -- there are other aspects to be considered. Some of them macroeconomic or the geopolitical, the evolution of the economy, the unemployment rate, the interest rate, inflation rate. So I don't know. But the EUR 200 is the average of what others say. So I think that, that could maybe be an amount that we could consider. Secondly, with regards to the payout, well, the payout, I think that -- it's a very attractive payout that we know of it's the most attractive payout if we compare ourselves with our peers, the other big airport managers worldwide. So we will continue offering that payout. And we think that months or years have to go by before we update that objective where we revisit that decision. But beyond the fact that payout is included in our strategic priorities. You know that the Board of Directors and the General Shareholders meeting on a yearly basis, if things are not going well or not as expected as it happened during the pandemic. We could review our objective, and there could be other elements that I do not see coming, and I do not see in the horizon that could push us to review that payout percentage. Now as for the third question that you were asking me regarding the Airport City of Madrid, I will refer to what I said previously. I think that we have we have been analyzing for a very long time, the way in which we should make these assets profitable because we know that these are precious assets, they are scarce in the area of Madrid. They're very well connected and there is not much discontinuity. So these are -- extents lots of land without any natural barrier or without any problem with regards to the transport combination. But what we have to do is, on the one hand, I understand that these plots of land should worked on hand-in-hand with the aeronautic evolution of the airport. It should not be done independently. We see that in France, in Paris, in London and Frankfurt. We know that airport cities linked to the biggest airports in the world have usually been evolving at the same pace or following the same line of the main activity, and that is what should happen in Madrid as well. It was announced in the media, and I confirm it, that part of the airport city of Madrid that was to be dedicated to logistics has been reconfigured and will be dedicated to loading activities. Why? Well, because we know that the loading activities in the airport of Madrid require that, and it is profitable from a financial standpoint for us. So I think we will have good news in the field of the airport cities in the next few years or maybe in the next 5 years or in the next decades. But we mustn't expect from this business activity from this business of Aena as they usually say, colloquially, and the investors well, that it will really change the path of the company. So this is not something that can be compared to the aeronautic activities or the commercial activity if we consider it globally. Now about the new international concessions. We are only going to go into projects that have a positive economic financial analysis result from the [ some what ] of the asset quality, intrinsic value, et cetera, will only go into projects that add value to the shareholders of Aena with a net positive balance above the value that we consider to be the minimum value that they should provide for Aena. This is their requirement. And every single week, we are seeing that in the world of airports, they are [indiscernible], of course, we have analyzed at Aena and that means that we're very stringent and straight in our analysis. When we go into an asset, we seek an optimal combination of using and [ as a ] capital and subordinate with that perhaps. And of course, in international projects, there's normally debt involved. In general, in economic -- in normal economic terms, that is worth less than capital. And more so, if you have a reference, I'd like that one in Aena, which is a clear cost of capital established by the regulation. But having said so in the -- in each structure for our international project. What we do is to try and optimize at the very moment in time. And I think that the late Jose Leo was very much authorized voice to ascertain what was the right combination between equity and debt. And in the Board of Directors, we have a very individuals in this arena like the first Vice President, Jaime Terceiro, the President of the Audit Committee, Tomas Varela, Leticia Iglesias amongst other directors whose background and economy make us -- make a very stable choices. But right now, I could not tell you what would be the optimum -- the optimal capital or equity debt mix. And now about the charge deficit. The company, of course, without overacting, we have done what we had to do. And this is why I'm thankful to the government, which owns 51% of the shares of the company. I am thankful to them for having accepted, for having accepted this because without their approval, we couldn't have done it. And I think it's something that speaks highly of how the government understands the way in which sophisticated instruments must be managed, unique instruments in the public sector, like those of Aena. And it also speaks highly of the legal certainty behind the Spanish economy because at the end of the day, this is something that is very specific and that is part of an analysis of the legal synergy that is present in Spain. And we are all very satisfied and we will see how things hold in coming months. And that's all for me. That's the answers that I wanted to give you, and that I hope have met information that you seek in answering -- in asking your question. Now we'll move on to the next point. because having concluded the round of iterations -- of interventions that after manager, we now begin with voting process and the proposed resolutions that have been formulated by the Board of Directors, which are submitted to the approval of the General Shareholders' Meeting of Aena. For the organization of the vote, I'll give the floor once again to the Secretary.

Thank you, Mr. Chairman. We shall now proceed to the virtue of the items on the agenda. The meeting is hereby informed that in accordance with the provisions of the meeting regulations, the proposed resolutions formulated by the Board of Directors are deemed to have been read for all purposes since they have been available on the company's website from the time the meeting will still convene, notwithstanding the foregoing and for the purpose of clarity, I shall now briefly summarize them. I hereby inform you that the document has been delivered to the notary public, containing all the proposed solutions formulated by the Board to be recorded in the minutes. I also inform you that in accordance with the provisions of the meeting regulations, votes in favor shall be considered by default to those who are responding to all shares present and represented after deducting the votes corresponding to shares whose holders have voted against in blank or have expressly stated their abstention through the means provided for such purpose. Shareholders who intend to vote against blank or abstain and who have not done so up to this moment are requested to please indicate it now through the application enabled for such purpose in case of them attending the line or through the notary's table for shareholders attending in person. By delivering the cards that have been provided to them at the entrance control in which they must expressively indicate their vote against blank or abstention in relation to each of the proposed resolutions. The notary public shall record such votes in a minute. I will now summarize briefly the proposed resolutions to be voted on following the successive items on the agenda. First, examination and approval as the case may be of the individual annual accounts, balance sheet, profit and loss account, statements of changes in equity, cash flow statement and annual report and individual management report of the company for the year ended December 31, 2023. Second, examination approval, if applicable, of the consolidated financials statements, balance sheet, income statement, statement of changes in equity, cash flow statements and notes to the financial statements and the consolidated management report of the company and its subsidiaries for the year ended on December 31, 2023. Third, examination and approval as the case may be of the proposal for the application of the company's profit for the year ended in December 31, 2023. Fourth, reclassification of capitalization reserves to voluntary reserves. Fifth, examination and approval, if applicable, of the statement of nonfinancial information, NFI, for the year ended December 31, 2023. Six, examination of approval, if applicable, of the corporate management of the fiscal year ended December 31, 2023. Seventh, compensation of the Board of Directors, ratification of appointment by co-optation and reelection of directors. 7.1, ratification of the appointment by co-optation and reelection of Ms. Beatriz Alcocer Pinilla as Proprietary Director. 7.2, ratification of the appointment by co-optation and re-election of Mr Ãngel Faus Alcaraz with a category of Proprietary Director. 7.3, ratification of the appointment by co-optation and re-election of Ms. Ainhoa Morondo Quintano as Proprietary Director. 8, voting on a consultative basis of the annual report on directors' remuneration corresponding to the fiscal year 2023. 9, voting on a consultative basis of the updated report on the Climate Action Plan for the year 2023. 10, delegation of powers to the Board of Directors for the formalization and execution of all resolutions adopted by the Ordinary General Shareholder Meeting as well as to substitute the powers received from this GSM and for the elevation to public instrument interpretation, correction, supplementation, development and registration. I hereby inform you that as of this moment, the voting on the resolutions of this meeting is concluded. Likewise, and in accordance with the provisions of Article 528 of the Capital Companies Act, we inform you that the Board of Directors agreed at its meeting held on April 20, 2023 to amend the Board of Directors' regulations. The new tax has been made available to the shareholders prior to this General Shareholders' Meeting. I remind you that it's not necessary to vote on this item. I give the floor once again to the Chairman.

Thank you very much, the Secretary. Dear shareholders, having concluded the voting period, I informed that all the proposed resolutions where approved by more than the number of shares required by law or by the bylaws for the valid approval of resolutions. Consequently, all the proposed resolutions formulated and the agenda have been approved. I once again give the floor to the Secretary.

Thank you, Chairman. The resolutions approved and the results of the vote will be made public in the General Shareholders' Meeting website 5 days after. And I'd like to also mention that the minutes -- we inform you that the minutes of the meeting are not necessarily -- are approved in accordance with the Capital Companies Act and the Regulations of the Mercantile Registry. Thank you very much for your attendance. And I finally give the floor to the Chairman.

Before declaring the General Shareholders Meeting closed. I would like to thank you on behalf of the Board of Directors, on Aena and on my on behalf for attending the General Shareholder Meeting. And I would like to thank all, especially the shareholders for the trust that you have placed in this great company. Thank you all very much. And without further ado, this meeting is adjourned. [Statements in English on this transcript were spoken by an interpreter present on the live call.]