Cellnex Telecom, S.A. (CLNX) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, dear shareholders [indiscernible] in English and part in Spanish. Welcome to the General Shareholders' Meeting of Cellnex Telecom that we hold a second call, there has been a call for the approval of the annual accounts of fiscal year 2022 and the rest of the items in the agenda. I would like now to give the floor to Mr. Secretary so he can read the call of the meeting with all the figures of opportunity.

Well, the Board of Directors of Cellnex Telecom as a result convened the General Shareholders' Meeting through the issuance of that call in the website of the CNMV and the companies website and also in the newspaper, Expansion. Given that the call is long and known by everybody, unless someone is against it, will be considered read. Agreed? Yes. According to Article 12 and following of social bylaws, the participation of today's Shareholder Meeting can be done through telematic means. And in the call, we have the process to be able to use this procedure. It's also been published in the website where you can find all the instructions for -- to participate by whichever means. It's also mentioned the right of shareholders to have all the documents, and they have been delivered to those who have requested them. But in any case, all the information been published in the website of the company and has been available for the shareholders since this General Shareholders' Meeting was convened. And they have also -- those who have got -- persons have received a copy of the call. We have Mr. Notary Public, [indiscernible] that has been called to create the minutes or the development of the General Shareholders' Meeting in accordance Article 203 of the National Law. In accordance with the bylaws, the table of General Shareholders' Meeting of Cellnex SA made up by the President, Ms. Anne Bouverot, the CEO, Mr. Tobias Martinez; the Secretary, myself, Jaime Velasquez, as well as the Deputy Secretary, Ms. Virginia Navarro and Notary Public. As President and Secretary of the Board, we will have Ms. Anne Bouverot and myself. Provisional quorum at the start of the meeting is as follows: 395 shareholders represented owners of 591,074,000 shares that account for 84.66% of the equity of the company. Taking into account the data read by the Secretary, the General Shareholders' Meetings is now declared open in second call. And will include my presentation on the CEO's presentation and a Q&A session for those shareholders who wish to participate. To the shareholders who want to participate, I would like to ask from now till the end of our inventions, please provide your cards to the personnel. Those who are going to participate by electric means have been able to ask the questions through the electronic platform, and then we will be able to keep on doing so until 12 p.m. today as can be read in the call. As I -- as Mr. Secretary mentioned we the Notary Public, Mr. [indiscernible]. And he will be creating the minutes of the session. I will now give the floor to Mr. Notary Public.

Good morning, in accordance with the requirement of the Board of Directors. I will create the minutes in accordance with the pertinent 6 law. And I would like to ask all the participants if there are any reservations on the words expressed by the Secretary and President on the number of shareholders present and the present capital of the company. No reservations or claims, no? Let's take the opportunity to mention that in accordance with the present regulations. If you want any of the motivations to be included in the minutes, I would like to request you to be mentioned and express it. So I'm pleased to make a brief summary of the intervention. Thank you.

Thank you, Mr. Notary Public. I would like to start with my presentation. Dear shareholders and dear colleagues from the Board of Directors, dear Cellnex friends that are here with us today. It's a pleasure to be able to address all of you in this shareholders' meeting in which we will request to approve the accounts of 2022 as well as all the other items in the agenda that will be detailed by the Secretary of the Board. Please allow me as well to welcome all those who follow us via streaming. So we provide opportunity to participate to a wider range of shareholders and stakeholders of the company. This is my first intervention in the Board as a President of Cellnex. And that's why I would like to introduce myself briefly. My career has been developed mainly in the telecommunications sector with an international and operational profile, including 4 years as GSMA, an organization that, as you well know, organizes every year, the Mobile World Congress in Barcelona. I am a member of the Board of Directors of Cellnex since 2018. And in the past few years as well as my responsibilities as a Director, I've had a chance to participate actively in the Audit Committee and the Risk Management Committee. It is truly an honor to now be the President of the Board of the leading operator of infrastructure and telecommunication towers in Europe. And I do so with the commitment with the project that Tobias and his team have refunded in 2015. And I have the will to work jointly and aligned with the Board and the management of the company. In this meeting, we hope to receive your approval of the 2022 accounts. But first, I would like to present the highlights of the year. 2022 has been a very different year in Cellnex's short history. Since its IPO 8 years ago, the company has enjoyed a remarkable growth trajectory. Cellnex has grown from a Spain-based operator to become Europe's leading independent tower company thanks to the backing of capital from shareholders and the debt markets. And in that time frame, the company has multiplied its market value almost 10x. Yet 2022 came with many challenges, starting with a more uncertain economic environment. The Russia-Ukraine war, sent shock waves across economies still recovering from the pandemic. Rising inflation prompted the Federal Reserve to raise rates for the first time in March of last year, ushering in what many have called the sharpest tightening of monetary conditions since the 1980s and more risk aversion amongst investors. And of course, the European Central Bank followed suit. More recently, we have seen tensions reemerge in the financial sector that may affect the development of credit markets. And inflation looks to stay above Central Bank targets this year, which in turn means interest rates could remain at relatively high levels in Europe for a bit longer than expected. In line with the global sector, the substantial change in our outside environment affected our share price in 2022. Since the start of the year, however, our share price has risen 23%, outperforming both the IBEX and the wider sector. Now if I look at the evolution of the tower industry, 2022 also saw strong evolution of our industry. Both Deutsche Telekom and Vodafone divested a substantial stake of their tower subsidiaries following Telefonica the previous year. Now almost 70% of the total telco tower portfolio in Europe is managed by infrastructure companies like Cellnex, and that is up from 10% in 2015 when we first started. After years of M&A, we believe that the era of tower outsourcing is over for now, even if at some point, we also believe that further consolidation could happen. So given all these factors, it became clear that Cellnex needed to adapt to this new environment. In November, we made an important announcement to refocus our strategy from growth through acquisitions to focus on organic growth and the potential of the businesses that we acquired over the past years. As part of this next chapter, we have changed our capital allocation policy to prioritize cash flows. And we are doing that in order to reduce debt. And we aim to obtain our second investment-grade debt rating from Standard & Poor's no later than 2024. With free cash flow set to break even by the end of this year, our expectation is to have more cash flow available for distribution, and we would consider an increase in dividends and/or share buybacks once we have achieved investment grade. A strengthened balance sheet will also ensure that we are prepared for future waves of growth in the sector. So all in all, we are excited about this new strategic cycle, and the Cellnex leadership will work to share more about this in the near future. Despite the challenging environment and volatility in our share price, we met our guidance for the year 2022 by focusing on organic growth and integrating our past acquisitions, including, of course, the purchase of Hutchison's assets in the United Kingdom. We also completed the acquisition of Hivory in France -- of the Hivory assets in France, and we continue to execute on the agreed asset disposals. Our Spanish team also succeeded with 2 major milestones: the extension of our service contract with Telefonica for another 30 years. And with the Spanish public national broadcaster, Radiotelevision Espanola for another 5 years. So all in all, we're very pleased with the strong growth achieved in all key financial indicators. Revenues, EBITDA, recurring levered free cash flow per share grew close to 40% in the year. These figures, of course, reflect the consolidation process within 2022 of the deals announced in 2021 and completed in 2022. But importantly, we also experienced significant organic growth between 5% and 6%, and that makes for a more balanced growth profile in line of our strategic evolution. Moreover, Cellnex continued to show resilience in the face of macroeconomic volatility. The company has very long-term contracts, most of which include consumer price index adjustments to pass on a significant part of any inflation costs to our customers. And while this has served us well, we also have had to manage our own costs carefully as those have been under inflationary pressure as well. But let me stress here that committed very long-term contracts with our customers amount to more than EUR 100 billion, a very clear testimony to the strength of the company. Now as I mentioned earlier, rising financial costs have also affected Cellnex, but the impact has been limited since we have locked in fixed interest rates for most of our borrowing for the foreseeable future. Cellnex has continued to grow in 2022, adding 10,000 new sites to our portfolio bringing us to a total of around 111,000 operational sites for the group and above 130,000 sites, if we include all the build-to-suit commitments to 2030. As in prior years, the company is maintaining its employee ownership program available to most of the group's employees. The company also paid out the dividend amount of over EUR 36 million for the year '22 in 2 tranches in line with our policy to increase the dividend annually by 10%. We're maintaining this policy for the coming year, with another 10% increase. And as we previously indicated, we will aim to review this policy once we reach investment grade status. We have also carefully set the executive remuneration to ensure it is fully aligned with the company's objectives, be they financial objectives or ESG objectives and of course, aligned with the new strategy and the capital allocation framework both for short-term and long-term incentives. Regarding management remuneration, it is worth highlighting that the company has delivered on all its annual bonus targets for 2022. We have also established a new long-term incentive plan for 2023, 2025, which aligns management incentives with objectives of the next chapter. But we're now nearly halfway through 2023, and our fundamentals remain very strong. Our customers continue to see -- are continuing to see exploding demand for data. And they need to upgrade and grow our fixed -- their fixed and mobile networks. And so we continue to see growth in our business, driven by the rollout of 5G networks and services. 5G rollout, indeed, in Europe continues to present significant both colocation and build opportunities for Europe's TowersCos and fiber-to-the-tower is also becoming increasingly important to deliver on the low latency of the technology. As you well know, 5G networks are denser, and they require more sites with increased demand for towers, rooftops for small cells and for other locations. As a result of that, mobile network operators will need to invest significantly to continue to invest significantly in their networks to manage this growth. And in this environment, a neutral and independent and strong operator like Cellnex will continue to play a key role. Our purpose reflects our dedication to our customers, but also to our employees, to our shareholders, to our partners, we provide infrastructure services, which, to our clients, serve more than 250 million people in Europe. With our next chapter, we seek to maximize the growth of the group's cash flows, and we aim to ensure that the group's fundamentals, both financial and nonfinancial can sustain and increase the value that the market assigns to our stock. We're confident that investors will recognize the value that Cellnex brings in as we continue to execute our new strategy. Please allow me to now comment briefly on our corporate governance. We currently have a shareholder base of close to 30,000 shareholders. Three of our largest shareholders, Edizione, GIC, TCI, who together hold almost 25% of our share capital are represented on the Board. We are grateful for the strong shareholder loyalty that we enjoy with some of the world's leading investors as our shareholders who wish to continue to contribute to the development of the company. At present, our Board has 11 directors who are well qualified to contribute to and maintain oversight over the management team. But in order to further reinforce and improve this oversight role in the context, as I explained, of a new strategic chapter for the company, we are submitting for approval at this AGM, the enlargement of the Board to 13 directors. This is already allowed by our bylaws, and this is in line with IBEX 35 benchmarks. Thus, we're making sure that we have the right size and the right skills embedded in the Board to properly attend to our supervisory tasks and role. If the AGM endorses this proposal, the 2 new seats on the Board would be filled by Dominique D' Hinnin and Oscar Fanjul as independent directors. So the final structure of the Board would result in 3 proprietary directors, 9 independent directors and 1 Executive Director. We are proud of the Board's composition because it stands out both for its independence and its diversity. During 2022, the Board and the management team have worked closely together to set and refine the strategy for Cellnex. This is a continuous process, which we have institutionalized in the form of an annual strategy retreat that we hold and where the Board and the executive team discuss and agree the company's road map. As you know, also, the Board delegates some of the more detailed work to 2 Board committees, the Audit and Risk Management Committee as well as the Nomination, Remuneration and Sustainability Committee which are both chaired by independent directors. I'd like to comment on some changes to the Board since our last shareholders' meeting. We're continuously striving to update and strengthen our governance, and we have appointed 3 new Board members since the last shareholders' meeting. Later in this meeting, we will have a vote to ratify 2 new independent directors; Ana Garcia Fau, who was appointed member of the Board in July 2022 and chairs our Audit and Risk Management Committee, and Maria Ballester, who has been appointed Board member this year on April 26. Furthermore, we will ask you to ratify Jonathan Amouyal as new proprietary director in representation of TCI. As the Secretary of the Board will explain in the final part of this AGM, today, we also submit to your vote the proposal for reelection of 2 other directors. Marieta del Rivero, Independent Director, who chairs our Nomination, Remunerations and Sustainability Committee; and Christian Coco as Proprietary Director in representation of Edizione. I cannot close this chapter without a special comment on the proposed nomination of Marco Patuano as the new CEO of Cellnex with effect as from June 4. Marco will assume this role after the approval of this AGM and once Tobias Martinez has stepped down from his current CEO role effective on June 3. On behalf of the entire Board, I would like to endorse Marco's nomination as the new CEO of Cellnex. His appointment is the result of a thorough and comprehensive recruitment process that we launched in January, right after the announcement of Tobias' decision to step down as CEO. Marco is an experienced and respected leader with a deep understanding of the dynamics of the telecommunications sector and an in-depth knowledge of the tower ecosystem in Europe. He has more than 25 years of experience in telecoms with roles such as CEO of Telecom Argentina; then at Telecom Italia as Chief Financial Officer; then Chief Commercial Officer; then Chief Operating Officer and then CEO for 5 years. So his career has spanned a number of markets in both Europe and Latin America. During this time, he also became a Board member of GSMA where I personally had the opportunity of working with him. Marco also has first-hand experience of Cellnex's development so far as Cellnex's Non-Executive Chair between 2018 and 2019. So he knows the Cellnex executive team well, which will be decisive in the rapid adoption of the road map announced by the company in November 2022 as part of the new chapter with a focus on organic growth, relationships with our key customers and strengthening the balance sheet to underpin an investment-grade rating. So we are looking forward to supporting him once he takes on responsibility for delivering the next chapter of Cellnex. Marco and Tobias have committed to working together in the coming weeks to ensure a seamless transition after the general meeting. Thank you, Tobias, for your support and Marco, I would like to wish you a very warm welcome. Let me now move to the ESG chapter of my presentation. Cellnex continues with the execution of its environment, social and governance policies. And we are pleased that ESG factors are becoming an integral part of the corporate strategy and the day-to-day management of all of our business units. Management's variable compensation depends on its performance in its regard with 20% of the annual variable compensation in 2022. We also continue to pursue ESG training for the Board and for top management to raise awareness and provide up-to-date knowledge and insight in these important subjects. Our 2021-2025 ESG master plan identifies specific objectives in 6 areas that linked to environment and climate change to social impact and good governance. And of course, that correlate with the United Nations' Sustainable Development Goals. In 2022, we made good progress, and I would like to particularly note the progress to reduce emissions related to our business because we are on track to reach carbon neutrality by 2035 and net zero by 2050. As part of the midterm review of our ongoing ESG master plan, we performed a double materiality analysis during the second half of the year, and this enabled us to assess the company's impact on our surroundings and review how certain factors, some of them financial, some of them climate change related impact our activity in order to come up with the next version of this plan. This analysis, of course, involved all our key stakeholders in order to understand the value chain factors and that have the greatest material impact. Our activity is evaluated and rated by main sustainability ratings such as the Corporate Sustainability Assessment from Standard & Poor's Global in which Cellnex has continued to improve and consolidate its leading position among telecommunication operators for yet another year being able to get into the 2023 Sustainability Yearbook as company member. We're also evaluated by CDP, which at the end of the year confirmed our inclusion in the exclusive Climate Change A List. And by Sustainlaytics, FTSE4Good, MSCI and Bloomberg Gender-Equality indices in which we have also continued to strengthen our rating. We're very pleased with this, and we are committed to continuing our work in this area. Let me now say a few words about the Cellnex Foundation. This is a key element of our social strategy. In addition to reinforcing our commitment to connectivity as an element of cohesion, it allows us to go 1 step further and contribute to a better connected and socially inclusive environment. As an example, in 2022, we launched the second edition of Cellnex Bridge, our start-up accelerator, which aims to reduce the digital divide through connectivity. We have both broadened the scope and duration of the support for companies. And similarly, we have expanded the Youth Challenge. We have expanded this volunteer program to 5 sic [ 6 ] countries to help reduce school dropout rates and improve employability among young people at risk of exclusion. And we have reinforced the corporate volunteer programs which already involved the participation of over 240 Cellnex professionals. I would like to take this opportunity to thank Lluis Deulofeu, who was instrumental in the creation and development of Cellnex over the years alongside Tobias and is now the President of the Cellnex Foundation. Let me now share a short video with a snapshot of the same Cellnex Foundation activities. [Presentation]

I would like to finish -- to wrap up my intervention in this general Board of Directors by appreciating the [indiscernible] job done by Tobias Martinez over the past 5 -- 8 years and the transformation of Cellnex since inception into the market in May 2015. Thank you, Tobias for having able to capturing and anticipating the opportunity that this European market gave to the towers and infrastructure operators in this telecom sector. Your anticipation has been able to offer us to have created the very first European operator within our sector. 8 years after our trading in the stock market was an initial challenge into new industry in Europe has been developed, consolidated and sustained effective -- successfully. Thank you, Tobias for having able to create this marvelous team with determination, energy around [indiscernible] also his close Europe union's impact and sensitivity [indiscernible]. Under your direction, this company has been able to be built upon the financial, industrial cooperation is strong proximity with our clients and customers, operators in the telecom sector. By knowing that it's through them, we are able to pay a service to all the society by managing connectivity infrastructures, generating opportunities to get people close to each other. Thank you, Tobias, for your continuing commitment to the Board directors in Cellnex the past years have been marked by a corporate government support it and directed within management team with this -- within -- through this transformation travel. Thank you, Tobias to for being able to be the leader that we needed for this great project since its inception and for your impressive development over the past 8 years. We are very aware that we take on a great responsibility by giving continuity to this project that is yours with professionality and with great excitement. We miss you that Cellnex projects will continue with your project effort and collaboration. Thank you, Tobias. Thank you for your attention. Now to hand over to Tobias.

Good morning, everybody. Dear shareholders, dear colleagues and the Board of Directors, executive team, Friends, because I cannot call them advisers. I mean they are friends. All those of you who are here today and through the streaming, welcome. Welcome to the General Shareholders' Meeting of 2022 (sic) [ 2023 ]. Thank you very much for being here with us. We are very happy to see a full room today. knowing that there's a lot of people who are following us via streaming. So as you can imagine, today is an important shareholders meeting, even more so for me. So we are going to go ahead and start the presentation. My intervention is going to be based on 3 different parts. One, of course, as to with figures and general shareholder meetings indicators -- key indicators and magnitude of 2022. Of course, I will be talking about the results of the first quarter 2023. Given that we are holding this meeting in June. I'm going to take the opportunity to provide express the results of the first quarter 2023. And then I will be talking about a long-term view where to look forward and into the future. If I may, let's start with the key indicators of the activities in 2022. The link to the figures you saw in the President's presentation, while income reached almost -- who was going to say that we're going to close this year with almost EUR 3.5 billion in revenues with an increase that's close to 40% and compared to the previous year, gross margin, that's a bit above EUR 2.6 billion and free cash flow recurring -- free cash flow of EUR 1.3 billion. All those magnitudes around 37%, 38%, 39% growth compared to the previous year. If we talk about activities and not just indicators or financial indicators, we can see the evolution of our points of presence in our infrastructures. They went from 100 -- almost 135,000 points of presence to over 147,000. We should remember that out of those 110,000 the President mentioned in her presentation, we started with not over 4,000 in Spain. And we'd also like to highlight organic growth that shows a growth of 6%, but now we're almost reaching 143,000 points of presence. If we take a look at -- now the P&L, we'll be able to see that this EUR 3.5 million can be divided in 3 main blinds. Of course, Telecommunication Infrastructure and Services are the ones that show the highest growth. We are talking about almost EUR 1 billion just in telecommunication services. Radio infrastructure, a mature business line that still been resilient, and it's contributed with EUR 224 million to income. And network and connectivity services, as many of you know, they are very closely linked with security and emergency services that provide over around EUR 112 million. That's how we get to this almost EUR 3.5 billion operational costs. It shows an EBITDA of EUR 2.6 billion, nonrecurring impact adjusted impact amortization, as you can see, grew by 38%, also aligned with the growth of our income, EBITDA and the recurring levered cash flow or amortization here also have a strong growth of 38% and financial costs that went from EUR 605 million to EUR 729 million, that shows a growth of 20%. All of those figures gave us a negative net result but lower than the previous year, we were at EUR 363 million of losses in our books, and we are at EUR 297 million. It's also true that you will see that this part of negative results will be reduced as amortizations grow, but they will be lower than what we have seen in the past few years, in which we've grown through acquisitions. We should also take a swift look at the company we had back in 2021. Well, we were basically a company which -- I mean 90% of our income came from telecommunication services, audiovisual broadcast infrastructure is 9%. Please allow me to briefly mention that in 2015, when we started that 9% was 90%. So the transformation carried out by the company in the past 8 years can be clearly senior and connectivity services and emergency services are between 3% and 4% this year. Of course, it's not the same to have 90% of telecommunication services on EUR 3.5 billion of -- that comes from EUR 2.5 billion. That's a figure we had last year or the previous year. But Cellnex is not just revenues, EBITDA and free cash flow. It's also European -- international European structure, consolidated platform in 12 countries. If we go back in time, as I mentioned, only 45 days prior to our IPO, we did our first international deal in Italy. Today, we are present in 12 countries. Today, Italy and France are at the vanguard of contribution to our EBITDA by country, also Spain. But of course, if you take a look at it, Italy is still 20% after growing EUR 700 million in EBITDA and France went clearly from 20% to 26% on an important figure. The rest of the countries are also growing, but of course, these 3 countries are the ones that are leading the contribution to our EBITDA by country. Now we're going to take a look at the investments since -- that we must do it, not just given the context. We all talk about inflation and interest rates and the cost of energy, inflation and war. And at the end of the day, what does that mean? In many cases, it means that you have to be -- well, pick our investments more carefully. But we must not think that there are no investments. We just have to be more careful in picking those investments. And well, the company invested EUR 7.5 billion in a year in which inflation in many countries was 2 figure inflation and Cellnex kept on compliant on meeting its commitments, developing infrastructures all around Europe. Just in some of the deals we were closing, M&A and growth deals. We have EUR 4.8 billion (sic) [ 4.9 billion ]. I mean, that's easy to say. And the most relevant deal was the integration of the infrastructures in the U.K. with the Hutchison Group, just to remember, they outsourced 100% of their infrastructure with Cellnex, 28,500 infrastructures development of the -- I agree for the next 7 years. And we still have to close the deal in the U.K., those 3,561 million. You can see here were partly paid with Cellnex shares as agreed with the client, but it was also approved by the general shareholders' meeting that approved it as well. We also closed a deal with Iliad, almost EUR 1 billion and with other clients as well. As I mentioned, it's very -- I mean, all these -- all our M&A deals are quite appealing and can bring about some headlines in the media, but we had in -- 2022, we have this investment figure with the construction of new infrastructures. New infrastructures that aimed at improving the capillarity and the coverage of infrastructures to be able to develop the 4G grid, but also to develop the deployment of the 5G network with our clients. So Cellnex has been investing in infrastructures for years to be able to develop 5G networks. But you can see here in this figure that we are always talking about billions of euros of investment in organic growth with our clients. EUR 350 million besides this EUR 2,133 million that we consider expansion CapEx. This expansion CapEx is -- well, all the CapEx that's linked to growth projects that also provide additional income and additional contribution to the EBITDA, but are not specifically colocation deals. And it's not -- there are no -- not linked to M&A contracts, but we could be talking about bringing optic fiber to the towers or projects to develop small data processing centers to get ready for the 5G network. And well, 120,000 or 130,000 towers as we've planned in the following years, require around EUR 100 million for maintenance. Of course, it's not just to dust the towers and paint them. When we talk about maintenance, we're talking about batteries, we talk about equipment, we talked about access, power and many, many devices that allow us not just to cater for the needs of telecommunication services, but also to provide emergency systems that require a very high availability, as you can imagine. And I think it's important to talk about debt and liquidity. And if I make to -- make a brief summary, we mentioned earlier that the company has invested around EUR 40 billion in these 8 years. I must say that out of this EUR 40 billion, almost most of them have been invested in the first 5, 6 years. The first 2 years didn't have that level of investment in acquisitions. And out of those EUR 40 billion, we have financed -- I don't always remember that, but [ EUR 15,000 million ] with new equity and the company for the -- for capital increases. We have grown fast, and we have done many difficult things because we did know that were impossible. Well, the financial director here or the CFO did the least -- well, the last amazing period and we were able to continue because not just executing them, but you have to convince all your investors to go with you in this investment, and we were able to get those [ EUR 15 billion ]. As I mentioned, [ EUR 15 billion ] were funded by -- through new equity because sometimes we get the filing or we oversimplify the debt level of the company, which is all the level that we've got. But we must not forget that we have had an important part of that net debt that has been done through equity. And -- so then almost [ 50 ] each, it's [ 50 ] debt and [ 50 ] equity and the difference to those EUR 40 billion came from our -- the cash flow we generated by the business in the past 8 years. This is a summary beyond what we can see in this slide. And it shows what I'd like to call a healthy growth with a combination of equity, debt when the interest rates were close to 0 or negative rates. So -- it didn't seem to be a bad decision. And obviously, reinvesting part of those -- that cash flow in an activity that kept on growing, and that's still growing. So where are we now? Well, now we are at this EUR 18 billion of debt that I mentioned, plus EUR 1.1 billion in treasury. So that's about EUR 17 billion of net debt. These -- so it's EUR 18 billion minus EUR 1 billion and our liquidity, which is also important. We have this EUR 1 billion in treasury, plus EUR 3.3 billion in credit lines that haven't been used. So liquidity capacity by December 31, 2022, was almost EUR 4.5 billion. And that's very clearing with the payments and the needs and the requirements that the company had and has. I believe that after looking at these figures, we couldn't say that it's been the year of growth or at least that's what I understand with growth of 37%, 38% and 36%. Obviously, a big part of that growth was -- well came through M&A, came through acquisitions and all the mergers we have carried out. But I believe it's also important to mention that there is a very important part that comes from pure organic growth in Italy and Portugal. And it came through the appearance of new operators in these 2 countries, we've talked about Iliad, a partner, not a client. They're important partners for the company now. In many countries, in France, in Italy, in Switzerland, Poland, well, we are mutual strategic partners. And now they have entered Italy, and they have pushed further the use of our infrastructure. We're the main partners in the network development in Italy. And likewise in Portugal with Digi, very well known in Spain as well where they are one of the operators that are growing most in market share in broadband. And they have chosen Cellnex as the trusted partner to develop their infrastructure in Portugal. And we feel extremely proud about that. I won -- will repeat the expansion of contracts with important claims for the company, not just given, well, the business figure we've got with them, but also for the long history we have with Telefonica and with the national Spanish broadcaster. It's not just renewing the contracts, but actually expanding them. I mean that's not done unless there's a great relationship and mutual satisfaction and trust. While integrations are another very important item because we don't buy infrastructures, I must say, this is not about integrating infrastructures but integrating people and integrating talent and integrating people with different cultures, different backgrounds. And in a part of the world that's called Europe, and it's not a single market in which we have to combine and respect the local culture, we have to combine it with the culture of the company in the group as Cellnex. So we have devoted a great deal of time, not just to integrate assets, not just integrating towers, which is important. We haven't just implemented systems to digitalize the operation of the business, where we have managed people to be able to transform an acquisition into a company and the country. So it's rooted in the land and in the long-term view. Cellnex does not go into a country to sell the company in a few years and get some benefit from it. We go over to be in a country to be present in a country and develop a company that can generate value for our shareholders, of course. And -- but by building a company and a long-term industrial model. So these integrations are not just integrating asset portfolios, we have had to divest in some asset portfolios in the U.K. and France, our competition authorities thought that there could be some issues for example, in France, with our market share in infrastructures, and we are developing those operations as expected. Of course, all these deals take a long time with the competition authorities until they make a decision and then takes time to execute as well. And I must say that our sustained improvement in ESG metrics, isn't just due to our annual report in which we do well in all the international rankings. But what we have done and what we are still doing is to embedded in the culture of every Cellnex collaborator. They -- I mean, they need to understand that ESG is up to everybody. It's not just something that's in hands of the management or the person who is in charge of ESG things. Those are topics that we are starting to understand that are part of our individual and collective behavior or otherwise, we will not be able to transform in the positive sense for the world. The situation and the trend we have had in this area. But I'm actually happy and everything that has to do with our social purpose and governance as well. I would like now to briefly mention just one slide because those are figures -- non figures, that we saw in the result presentation of the first quarter. In the first quarter, we haven't had M&A. So we've grown 19% in income, 15% EBITDA and 12% in our recurrent cash flow. Not bad, almost EUR 1 billion in revenues in 1 quarter. And while the points of presence have grown by around 10%, it is true that there's an important part of consolidation, the effects of the consolidation of the previous years from M&A operations, but organic growth has been close to 7% and we include pure organic growth and build-to-suit. So sorry for this words. The only country that's got as many acronyms in English is the financial sector. So we've got telecommunication and financial sectors, and we have developed a language that nobody is able to understand. But well, what we want to convey is and it's still pushing organic growth in the company. And in many cases, this comes through technology waves. And of course, as the development of 5G networks in Europe, it's been -- I mean, if these waves were slower, what we've seen years in which we haven't been able to see the demand we expect in the market, but we are increasingly seeing a combination of demand of what we call colocation services and in macro cells, but we are also seeing that in urban areas and urban infrastructures and also in the signal in the -- there is also in the industry when we're talking about private telecommunication networks. So companies and the manufacturing sector and big corporations are trusting our technological skills and infrastructure skills to be able to cover heavy industries in mining or the oil sector and also technologies or commercial networks that I won't mention any brands, with whom we are developing that coverage in all at the most. So the brands in the retail world want their clients to have indoor coverage as well. So far so good. My friends, let's move on to the feature, let's look into the future. When you look forward, you always need to look back in time to see where you're coming from, sticking into account with humility and with pride as well. I do think this company is really characterized by the humility and humbleness as a trait and tries to get closer to the market and the client with a great proud of being able to say that after 8 years of almost [ 40 ] buying agreements, not to mention other projects projected by itself but not done. When you project the projects, you did the same thing until the night before you present the linking the law abiding offer by executing a transaction every 40 days back in times that are real crazy for them. So blessed crazy by taking the benefit from the moments with [indiscernible] on my life. Like I said before, this is down for 3 -- for 40,000 million investments. I expect you how this amount is broken down for you. You can see the print, the footprint. Let's say, the physical asset, which we are collaborating in digitizing not only our clients per se, but also the society, I said, we are collaborating in digitizing with governments in each country, France is close to 28,000 infrastructures; Italy, close to 27,000 infrastructures; 28,000 in the coming years being constructed in Italy, Poland, this country over 20,000 infrastructure. I want to enumerate all these infrastructures often are important, evidently, the contribution from each one is important. But infrastructure is relevant to us because some of the infrastructure have their own maturity time to acquire this dimension and having to anchor clients per country, rates being relevant importance and countries more use -- countries with less presence in years for us, but we have identified opportunities -- growth opportunities in the new countries. We teamed and equipment is ready to rollout and to consolidate our presence in these respective countries. I want to tell the figures that you may know very well. Like I said, before, sometimes we need to remember and bear in mind that it can be that over the past years has multiplied by 8x revenues, EBITDA multiplied by 11x at FCL by 9x, great investments on the right-hand side, you can see 11 countries, geographically speaking, great coverage and geography biggest European [ caprice ] operator. But in Europe, all across Europe, we have a European role towards Brussels with our clients to tackle digitization in the coming years. When it comes to future, one may say, why are you based upon to check yourself in the future need and supporting plan to move the world around you given physical physics lesson, but can be translated into Spanish excellent risk profile from rating agencies, talking about the business, rate profile, business risk profile. What is it for these agencies? They give us the excellent business risk profile, which means that is the biggest level, the level of risk our peers are doing in the states, developing this activity since the very early 90s. This company has achieved the business risk profile excellent, in very few years, making the difference with this business thing. When it makes the friends, we may comparing to our states is that our market has the signature of long-term contracts, what it's called, the backlog, this is one of contracting agreed upon and signed activity and visibility of cash flows for the next coming years, routine EUR 110 billion . We had invoice EUR 4 billion, and let's see how long our activity will be in the coming future. The question is that all of this is not achieved without the confidence from investors and customers. Some clients have not sell their infrastructures. These customers have outsourced these infrastructures and the new certainty is very important for us. They have monetized, but they have also externalized the management of key assets for them. Key assets for the -- for complement in 4G networks and to digitize and transform their respective countries and key to the development of new services of 5G that are not only related to connectivity per se but also with the social inclusion. And I'm saying I made it clear, social inclusion from the viewpoint of opportunities, we're seeing more and more frequently -- internal migration from all countries from the rural world from the countryside, depopulated areas into big cities, Madrid, Paris Milano, London, all these cities are growing more and more because people are looking for opportunities, better employment, the other options to their everyday lives and education. Surely, 5G, besides the augmented reality, beside the robotic applications beyond the famous artificial intelligence, this cohesion element for our societies and to give us more opportunities in our everyday lives. The fact that in low-density population in rural areas, we can count on a good broadband establishing short and medium-sized companies and self employees and online workers seeking to work on areas where they can have, whether it leaving the fact of population fixation in the country [indiscernible]. So what you talking about the foundation, let's allow me to make this comment on the foundation. We are talking about also [indiscernible] but also social action, I mean it, social action, which is to cut down on these gaps [indiscernible] and services allowing us to provide opportunities for everybody for people that are not living in a great city that cannot be lay behind of this digital world. I suppose it's clear for all the digital world, the digitization can [indiscernible] behind and split it into 2 parts. I'm going back to my original script, if you like me to do so. We talk about financing coverages. I want to point out the fact that 80% of our debt is fixed debt there and bonds emissions that will start to renew next year. So all the importance for us to this investment grade as soon as possible. And I myself, I think that for a company to be able to challenge to give some guidance for the year 2025 when we were back in 2021, not anticipating quite positively what changes, time frame and meteorological weather changes in time, we're now confirming and manifesting our guidance for the year 2025, which is not a little thin. We have spoken about the new chapter, the present, make it very clear. I don't want to extend myself again then. But very simply, I want to make it clear that this is not the aim of one single person or a group of people now. This is the objective of the whole company as a whole. The objective from the Board of Directors. Of course, this is the great objective from all the management team in each and every of the countries and from the CEO. Therefore, it's very important to know or get the message across to all of you that the alignment is very important between teens, companies, countries whatsoever across each and every human organization. I want to say that it's very important to mark to single out and to underline that, that Cellnex, in Cellnex, there is total alignment, which does not mean that we don't -- we also have diverse opinions. But as every good company, we know how to find the alignment in order to reach to the objectives we have put on the table for all of us. So far, so good. One of the keys of this success for Cellnex it's not only talent, talented people or the alignment people are being able to be first movers to be able to anticipate in the market and to execute our decisions well in this market, but the near fact of anticipating does not guarantee that you're going to obtain the right result. Firstly, there is a model -- there this industrial model. Industrial model, which is live, and it's live because models have to be live, they have to be reinvented in -- especially within the sector. I put an example -- I set an example with my beloved colleagues and [indiscernible] higher ways, we ran the technological rigs in highways. They told me that no, no risk whatsoever, I told that this is not true. The [indiscernible] that cars can fly someday, and they laughed at me. With drones, I don't know, perhaps with drones -- is there anybody able to make sure that this won't ever happen? The telco impact takes a lot of years to be deliberate and to be adopted by the society perhaps in the automation well, this is taken around 50 years within the telecom infrastructures, we are not impacted by infrastructure in very short-term cycles of live where society, Citizens adopted -- adopt this technological changes are very quickly, when we put the mobile -- who is not going back to take back this model in line with [indiscernible]. The successful step in technology when you cross this line, is unstoppable. So let's see what happens with artificial intelligence, and I close my records here. Who is going to put doors to the country side, a neutral platform is independent, we want that roll off infrastructure operator now managing active equipment in Poland, and they think [indiscernible] another wave of growth. This person cannot do it if it's not from neutrality and independence. Customers and clients are the real ways and support on which we are creating value for our shareholders. since the creation value for our clients, we are able to generate value for our shareholders. A few clients. This is a B2B business where the partnership in the long term, it's very important for us. I don't think my friends that as all companies, we are very focused on cutting down on costs and increasing efficiency. We're running so long that we are sure that we have some opportunities left behind the path and we can do it better with the opportunity at a better efficient cost. We have a very good active assets, is a goodwill, good way of acquisitions. The goodwill and truth is that we are sitting in front of a client, trusting EU and this client gives you another [indiscernible] because this person trusts in your operational technological capacities especially in the financial area. So of course, we are going to support us on our relationship because relationship with our clients. Like I said before, nothing of these will work, will occur with somebody making t happen, occur and in the [indiscernible], which is the Cellnex team. So far, so good. I would say my friends, we have clear organization aligned with a very, very, very clear proposal. And we have the real commitment and participation of or the management team, not only from Spain, but from across the other countries. We are sufficiently intelligence to be able to know that we need to adapt, to adapt with intelligence means to transform and keep ongoing all the strong clients to transform what has to be changed in order to be company -- a better company for the future and adapt it to the context we are currently living in. Within this point, I have any more slides to share. This is my very last speech, I will take up 5 more minutes, my friends because I didn't prepare any slide because this isn't about the slides. And secondly, because everybody will allow me not to mention people with names uncertainties because otherwise, instead of taking me 5 minutes, it will take me long, a never ending list mentioned. When it comes to giving things to my friends, you need to remember everybody not to forget. But if we start giving names, you always let somebody behind us. I will avoid the great mistake of forgetting some value. So I want to thank specially to so many people trusting me from [ Vertis, ] we started a project we couldn't imagine how long this would be if somebody gives you [indiscernible], they gave me this opportunity to me. So Cellnex is not being born of the day by spontaneous innovation or by [indiscernible] project in the year 2000, is the seed upon which new competence, teams and equipment were developed, knowledge were developed, especially ambition, the healthy ambition when it comes to getting out of the environment, the known environment, what is called the comfort area, may god blessed the day we wanted to leave our family and to fly. We fly with the same emotional links with the family. If it wasn't necessary, we went for [indiscernible] that we needed to found this -- our own company project, and I here need to keep my special thanks to so many people. I'm not going to name it all. They help us having -- they didn't have it clear, me, myself. I do really nderstand. Otherwise, I would not be here talking to you if I knew everything want to be here. So therefore, so many people in [ Vertis ] from whom I learned so much is good. This was a marvelous school for me, in which I had the great opportunity to work with so many people in telecom area and also at Vertis Corporation, which allowed me to be able to deliver it this product. I never thought a bit as being so quick in the development. One of their virtues was the fact of understanding the moment when the wave is moving forward, you need to benefit from this opportunity. So here my deepest thanks. Also my deepest thanks to all the members of the Board of Directors, now present here, I do really get my welcome to Oscar and Dominique and Jonathan and Mike as well, I do think we have marvelous Board of Directors to tackle the future. The finances, it is very important for me to have a good Board of Directors, my friends, in line with management, CEO in order to be more efficient and to be able to reach and deliver on our objectives. And I do really want to give my deepest thanks to everybody here. Some of them are missing but some others went [indiscernible] they gave us also their collaboration and thanks to them, missing here, Cellnex is what is here, great project. Especially my deepest thanks to all collaborator employees, workers with whom I can create my own rock and roll group with you after so many years working with you, especially with some people you don't know what else you can share, you're sharing more we did that with my own wife, you are my family. In the very end, my employees are more famous in my own family members, my family members know you much rather than me and [indiscernible] I learned so much from you, my friends. I met [indiscernible] from -- I like the [indiscernible] these players have made maybe better person. I do really say with satisfaction this still has made me be a better person. So many thanks to all of you having been with me with -- throughout this of [indiscernible] because I don't think we have created something we are very proud of. And it's moving forward, it's one more and more into the future. Is -- you deserve a great acknowledge to all the investors. All investors need to be gratefully managing EUR 50 billion of new equity, EUR 7 billion asset amplification without the banking world, with or without. But I would like to add up on that, that it's not only about -- it's not only equity enlargement with 50% of this off almost 17 billion equity enlargement with great demand, thanks to our investors. Our investors have accompanying us along through this travel versus our support [indiscernible] more and more evidently, the [indiscernible] circumstances are different. The company is going to adapt to this more and more strengthening, more strong after these changes and adaptations. Therefore, I'm grateful to all investors without a doubt openly since and especially to all the institutional support we have received across all the countries in Spain being -- company based in Spain, traded in Spain, where we have the support from all the public administrations at all levels but also across all the countries, we are present in a priority Spanish company. Sometimes we are -- we go there with a kind of identity complex [indiscernible] me some kind of complexes, psychological complexes perhaps because it was the very first time. Poland has been the latest one and [indiscernible] been also another committee to sum up on that, extraordinary support, tension project in Poland. The great degree of importance of this company for the digital transformation in our society and you realize that we have a role and responsibility beyond generating revenues, EBITDA and recurring free flow of cash is our protect -- our objective is beyond that. Let's wrap it up by giving my deepest thanks to my friends, advisers , I don't want to mention all. Many of you know that after all this year so much we are profound friends, we have went through bad moments, tough moments that -- this moment, bad moments make us be stronger and united. In the bad times, you really know the good -- who are with you but when -- good things are excellent, you don't find [indiscernible] you get behind friends when everything is going well with you. But in regular and bad times, you already know who are your friends. So thank you. Thank you for being there. Because the real friends are with you in bad times, let's remember those who are with you always in the bad times. Fortunately, your friends are the family you really choose to be as somebody, a friend of mine told me, you have a family [indiscernible] by the family friends. Your real friends are those who choose. So you are my chosen family, thanks to my wife and my daughter as well. But thanks to those who thanks to friendship, we have shared much more than jobs work like full of stimuli with way, I consider myself being a privilege person because I have done in this life something that is what I really like, which is working within the sector, industry discounting and with this people. Life goes on and on, life continuous, the project continues and look forward, but I only have to tell you, thank you, everybody and forever. Thank you. I will be here with you forever.

Thank you, Tobias. We will now continue with the procedure of the meeting. I will now give the floor to the Secretary, so he can read the figures for the [indiscernible].

Thank you madam President. Final comment taking to account the number of votes both in person and -- we had 116 shareholders present owning 135,000,408 shares that account for 18% of the capital, 116 shareholders by proxy, that account for 70 -- around 70% of the net capital. We have 1,094,000 accounts for 0.9% of the equity of the company and according to [indiscernible] they have some voting rights. So 409 shareholders, [indiscernible] shares that account for 83.66% of the capital of the company. In accordance with Article 148 of the Spanish legislation, I must say that we have, including treasury stock for the constitution and approval of proposals in this general telematics. So the General Shareholders Meeting is officially [indiscernible] in second call before we start with the President, final remarks. I would like to inform on the reasons why the company is not following some of the recommendations, the group governance. Well, the company has a high degree of compliance given that it complies with 62 out of 64 of the good covenants protocol. The ones that don't follow is recommendation number 16 that's the proportion of treasury directors compared to [indiscernible] directors under the weight of the guidance. So what the Board has made of 11 members and one was a executive, two treasury directors and those were independent. And this treasury directors, so chosen by 2 of the companies that were in the capital. So we consider that we comply with the latest ratio of this recommendation given that the number of independent directors make the influence of these independent directors to be enough. And besides that, we should remember that after the shareholders meeting and if this proposal is approved, this board will be made up by 13 members which we have one executive director, 11 independent directors. So in that case, the proportion between the number of independent directors and all the nonexecutive directors will be very close to the proportion between the shareholders that have appointed these directors, which is 25%. The second regulation doesn't follow is recommendation 48 for high capitalization, high cap companies, and that we consider ones included in IBEX 35, recommends the separation between the appointment and retribution committees. And these -- well, traditionally speaking, we've considered that as necessary to have different committees. However, one of the reasons why we request the rise to 13 directors is to make sure that the Board is able to separate these 2 committees, the appointment committee and the retribution committee. On the other hand, since the previous general shareholder meetings, we have changed our bylaws in the following way. In November 2022. We changed article linked to the capital. Given the increase of the -- well Hutchinson capital through which Cellnex acquired around 6,000 towers or financial and economic rights on these locations, the Hutchison and in the U.K. since the latest shareholders' meeting, the company kept on working on the developing an update of its internal regulations like remuneration to shareholders, [indiscernible] code, the conflict of interest policy, the purchase policy, the code-of-conduct for suppliers and the processes to prevent corruption. We'll now open the Q&A session for participants. And I have a card. I just want -- so I would like to ask the shareholder to please clarify if he's acting on his behalf or in representation of other shareholders. Mr. [indiscernible], you've got the floor.

So on behalf of [indiscernible], that's the shareholder. So the questions -- there are 2 questions. [indiscernible] actually be joining just one question. First of all, on the remuneration policy or the shareholder remuneration policy. Through the dividend payout. I must say that -- it's not very [indiscernible] has been -- hasn't been very appealing since the company was called except given the growth in the price of the share. That has been the win which we have remunerated or the company [indiscernible] the shareholders. So the question is, what can we expect in the following years in that sense. So is there going to be an improvement in the remuneration to shareholders through the payout of dividend? And the second question linked to what's been mentioned in this meeting and the presentation of both the President and the CEO. The company was listed in 2015. Since 2015, the company has grown a lot in Europe, and it's remarkable, and we should value it. But what is going to happen in the future, is there still potential in Europe? Other growth possibilities beyond acquisitions? In 2015, operators as Cellnex mean 10% of the tower market was in the hands of Cellnex and others. Now that 10%, it's 70%. Is there still potential for growth in Europe beyond M&A in Europe, out of Europe. Well, those are the questions. Thank you.

Yes. Thank you very much for your question. I will answer in English. I think in terms of the shareholder remuneration policy, this is a good question. We have made clear and we have said, including in this shareholders' meeting that once we reach investment grade status, and there is a commitment to do this by the end of 2024. We will review the shareholder remuneration policy. And this will include looking at potentially increasing the dividend and/or establishing share buyback programs. So yes, once we reach investment grade status, you can expect some changes. In terms of the growth of Cellnex since 2015, it is true that it has been impressive and thank you for noting this. There is still a lot to do ahead of us. There is organic growth. There is integration of the acquisitions that we have done, and that represents still a significant development through colocations and through the agreed build-to-suit programs that we already have contractualized. And again, once we have strengthened our balance sheet or through partnerships, we will find ways if our customers have requirements that we think are important and valuable. In partnership, we will find ways to continue to grow. However, as has been said very clearly, our road map is in Europe, and we're not planning at this stage any development outside of Europe. Thank you.

Well, we have not received any other questions through the platform. So if there are no more requests we will now start voting the items in the agenda. Any other requests? In that case on the results of the voting, we have processed all the votes received [indiscernible] those votes issued remotely as well as the votes received through all the channels that were available to our shareholders. We'll now -- like to make some previous comments. We will consider all the votes coming from shareholders. I'd like to ask if any shareholder wishes to vote against or vote against any of these proposed solutions. If that's the case I would like them to please come to the table, so the [indiscernible] can write them down. On those shareholders who are voting remotely, we will take into account the votes received through the platform until this moment. And now we will close on this voting process. In the following days, you will be able to check in the website the final results of this voting process. And last, I would like to mention the items included in the call, and we will show on screen the votes we have received up to now. Item one on the agenda, to approve the individual annual accounts and consolidated annual accounts and the management report for the year ended December 31, 2022. Item 2 on the agenda. In accordance with the nonfinancial information -- the approval of nonfinancial information, including the consolidated management report for the year ended December 31, 2022. Sorry. Let's continue with the voting. Thank you. That is right according to the process. Yes, Item 3 on the agenda relating the approval of the proposed allocation of the profit for the year ended December 31, 2022. Item 4 on the agenda relating to the improvement of the management and activity carried out by the Board of Directors in the year ended December 31, 2022. Fifth, relating the approval of the payment charge the share premium reserve of even of up to EUR 85 million to be paid in one or several payments during the years, 2023, 2024 and 2025, additionally to the [indiscernible] powers on the Board of Directors. Sixth, relating the legal obligation to have the company's annual accounts audited by Deloitte SL for the financial year 2024. Seventh -- 7.1, on relating to said the maximum global amount of the remuneration in their capacity as such in EUR 2.7 million. 7.2, the agenda on the approval of changing the remuneration of directors approved in the General Shareholders Meeting of April 28, 2022. 8.1, in accordance with the -- or certain -- or maximum of 13 members in the Board of Directors. 8.2, to reelect as Independent Director for the 3-year term [ Ms. Concepcion del Rivero Bermejo. ] 8.3, on the reelection of Mr. Christian Coco [indiscernible] Director for a 3-year term. Item 8.4, to ratify the appointment by cooptation of Ms. Ana Garcia Fau and her reelection as Independent Director of the company for the 3-year term specified in the corporate bank laws. 8.5, to ratify the appointment by cooptation Mr. Jonathan Amouyal to reelect him as [indiscernible] Director of the company for the 3-year terms specified in the corporate bylaws. 8.6, to ratify the appointment by cooptation of Ms. Maria Teresa Ballester Fornis and to reelect as Independent Director of the company for the 3-year terms specified in the corporate bylaws. 8.7, to appoint Mr. Oscar Fanjul Martin as Independent Director for the 3-year terms specified in the corporate bylaws. 8.8, to appoint Mr. Dominique D' Hinnin, Independent Director of the company for the 3-year terms specified in the corporate bylaws. 8.9, to appoint Mr. Marco Patuano, an Executive Director with factors from [indiscernible] for the 3-year terms specified in the corporate laws -- the corporate bylaws. Ninth, to authorize the Board of Directors of the company to -- for the derivative acquisition of own shares. Tenth, to delegate [indiscernible] company Board of Directors in accordance with Article 297.1B of the Spanish company's law the power to increase the share capital without prior consultation of the [indiscernible] meeting within the [indiscernible] specifying the purpose to the maximum amount [indiscernible] the Spanish [indiscernible]. 11, to delegate the Board of Directors to the power to issue securities convertible into shares. 12, on the improvement of powers to delegate on the chair of Directors, all the powers to -- ensure the resolutions of the [indiscernible] meeting. On 13th, yes. to approve the annual report on the relation of Directors for the year ended December 31, 2022. Given the results, I would like to mention that irrespective of the votes I haven't been counted on those shareholders at present through a streaming, there are now votes to approve all the items in the agenda in terms of -- I would like to ask if you accept the appointment Ms. Del Rivero. Do you accept to be appointed as a director? Ms. Coco, do you accept to be appointed as a director? Ms. Garcia Fau, do you accept to be appointed as Independent Director? Mr. Amouyal, do you accept to be appointed as a Director? Ms. Ballester, do you accept the appointment as Director? Ms. [indiscernible] do you accept to be appointed director? Ms. Patuano, do you accept to be appointed as Chief Executive Office? Thank you all for your answers on Item 8.8, [indiscernible] will be accepting his appointment. And in accordance with all these resolutions will be included in the minutes in accordance with Article 125 of the Spanish companies slow in the next 5 days. We will include in the website of the company, the results of the voting and all the proposals accepted in the Generation shareholders meeting with the approval of all the items at the agenda, we can now close the General Shareholders' Meeting.

I would like to once again thank you all for participating in this meeting. Meeting is adjourned. Thank you.