Naturgy Energy Group, S.A. (NTGY) Earnings Call Transcript & Summary

[Interpreted] Good morning, ladies and gentlemen, dear shareholders. -- If we -- before we formally start this AGM, I would like to share with you a brief video where we show the commitment of our company with all of you. Please, let's see the video. [Presentation]

[Interpreted] Dear ladies and gentlemen, shareholder, as a member of the Board of Directors and the Chairman, it's a pleasure to welcome you to the AGM and just like in the previous years, we will hold the AGM, both in person and remotely simultaneously. I would also like to thank the presence remotely of all the members of the Board of Directors of this company. We, therefore, open the session. This AGM was called on the 22nd of February this year, both on the website of our company, but also the CNMV, the National Securities Commission and in several newspapers. The agenda of today's session is included in those announcements and also in the attendance card that you have with you. So I can see the rate if you agree with me. Now the Secretary will provide you with quorum data for the AGM. The summary of the list of attendees in the AGM 2023 is present shareholders, 141 owners of 150,388,000 which account for the 67.7% of the share capital represented shareholders, a total of 163 that represent 40 million shares that account for 4.13%. In total, we have 604 shareholders, owners of [indiscernible] shares that account for 1.83% of the share capital. Those figures may change depending on the latest shareholders that have recorded in the remote platform, in the online platform and the final quorum will be published on the website of the company, together with the results of the Feds. According to the Articles 193 and 194 of the corporate law and Article 9 of the regulation of the AGM, we meet necessary legal requirements to declare properly -- duly established this AGM in the first call. Therefore, taking into account the attendance data, I consider that the AGM is duly constituted on the first call. The presiding panel is made up of myself and the Board members have connected remotely or that are personally in person here, as well as the Secretary, who is on my right. I would also like to inform you that according to Article 203 of the corporate law, and as it was duly included in the call, we have asked for the presence of public notary, Mr. Fernando de la Cámara to take minutes of the session, I'll give the floor now to the public notary.

[Interpreted] Thank you so much, dear Chairman. My name is Fernando de la Cámara. I'm a public notary of Madrid, as the Chairman has said, and I've been asked to take minutes of the session. In agreement with what appears on the commercial registry regulation, I would like to say that if anyone has any complaints or protests against what has been said regarding the amount of share capital and shareholders represented, please make sure that -- please let us know, and we will take note. Thank you very much.

[Interpreted] I would like to thank the shareholders, I would like to take the floor after my report and the report of the Secretary to submit right now, the attendance got to the staff that's in the room so that they can -- you can receive the form to fill in. Also those who wish to participate remotely can send their questions and ask for the floor using the form that appears on platform. Once all the comments have been made the Secretary and myself will answer all the questions that have been made. If any shareholder wishes for the public notary to take literal note of their presentation, please submit to us your text or please include this in the form that you sent on the online platform. Once all the comments have been made, we will vote the resolutions proposals and the Secretary will now explain how this is going to be done. Just like in previous years, the basic rules are the following -- and they are also included on the AGM resolutions. So all the proposed resolutions that are related to the agenda will be term as it follows. All the shares present or represented shall be team in favor of the motions and we'll subtract all the votes against or abstentions as well as all the shareholders who wish to leave the room. If you leave the room, and you do not exercise your vote before disconnecting. As regard to the proposed resolutions that are not included in the agenda, we will use the following manner. All shares present or represented shall be deemed against the motion subtracting all the votes in favor and all the abstentions, as well as those who of the people who leave the room. All the same will happen to all of those who are attending remotely. If you disconnect before voting, you will be considered to be voting in favor. I would also like to inform the shareholders of the representatives that are in present that if they want to leave a record that they've left the room after the voting has started, they may say so by going to the room that's been prepared for that, which is the exit, is the exit registry. Well, we will take note of your quorum and of your vote. In the case of the shareholders or representatives that are attending remotely before they leave the room, they can vote -- because they can vote at any time during the session before disconnecting. First, we will vote the proposed resolutions by the Board. And then if there are any, we will vote the ones that are proposed by the others. If a resolution is approved, all the others are on the same topic and our noncompatible will be considered dismissed. Thank you very much, dear Secretary, and without further ado, I will now go to the next part of this AGM, which is a brief report by myself about how the activities in our sector have developed as well as those during -- all the activities that we've carried out in 2022. And for that, I will use the presentation. You can follow it in the room. And if you are connected remotely, you can also follow it on our website. We'll talk about four topics, and I'll try to summarize in the end. The fifth item, which is what is of importance to us today, which is the proposal of certain resolutions and decisions that will have to be made by the AGM today. Then we'll talk about -- we'll start talking about the scenario, the context where we have held our activities in the year 2022. Well, I'd like to start by saying that we have had in the year 2022, the main currencies in which the company operates as well as the euro, which is our -- the company's -- on currency, we can see that all the other currencies have been revalued upwards in mentioning the U.S. dollar, but also the Mexican peso and the Brazilian real. Two of the countries where our international operations have a greater weight as a whole. And it's also true that we have faced one of the most volatile financial years in history. The energy market had prices that increased as never before, and volatility has been present in all our activities. As you can see in the graph, the changes of the prices over the year meant that it was not very easy to predict what was going to happen in the following weeks. The most -- or the best non-topic has been the price hike in electricity prices. Until the Royal Decree 1022, in the mix of the year '22 didn't change, not until then. It was only after then that the electricity prices dropped in Spain and in the rest of Europe. As we can see on the graph on the right, until then, the prices had followed the trend of the gas prices and a similar trend to the other European countries with which we can compare ourselves in terms of size and industrial activity and population. The regulatory measures this year have been intense. Everyone working in the legal departments in our company or in relationships with institutions know that they have had to work a lot on new applications of the regulations has never seen before. Over 20 regulatory measures, both nationally and internationally in Europe. And the goals were clear to decouple the electricity prices from the gas prices to try and mitigate volatility and therefore, to try and limit the prices with the consequences, this had positively in our customers, both in industrial -- customers, but also households. I would like to mention in the Spanish and European legislation that this legislation will continue to increase, they are now some measures being discussed and worked on. Therefore, we cannot give any details on those new regulations since they are part of the daily political agenda. But all of those regulations were taken into consideration in the P&L that you will see in a minute with a clear impact on all the items. I will highlight four, 1st cap on electricity price, as you probably remember, Naturgy anticipated this cap with our commitment tariff. But over the last year, we also have a decree to reduce the price of electricity that fixes the inframarginal price at the maximum of EUR 66 per megawatt. So we have a clawback. And another important measure was a new tax on energy companies and on the financial sector due to that situation of exception. In Europe, we continue working in many measures. I will highlight two. First, the reform of the electricity market. There is today, in fact, a meeting of the EU energy ministers in order to move forward on that new legislative framework. And secondly, Australian reached an agreement on the joint purchases of gas. An EU-wide joint procurement method which hasn't been defined yet. In the year [ '22 ] as well as an important regulatory activity. And despite the changes in volatility in the market, the company has continued to be a benchmark in many important aspects in our industry. And I would like to highlight our key role as a gas supplier to Spain. The energy supply has been one of the most important concerns of our society. And that concern was due to plenty of information, some of it without any reasons to be on the concerns of whether there would be or not energy scarcity in Europe during the winter. We are now coming into the spring and the winter has gone by. And as you have seen, as a country, not as a company, we haven't had to cut the supply of gas to the markets basically because Spain is located in a very special position versus other countries regarding its countries where we obtain our gas, which means we are less dependent from natural gas that is important through imported through the pipelines. And Naturgy, in terms of pipeline provisioning or gas supply through -- as LNG has maintained important market shares. We are the first supplier by pipeline and by Tanker in Spain. And that means that we are in a better position in order to guarantee the country's supply. Another important aspect of Naturgy's present work this year has been to provide households and to customers to make sure that all our CCGTs have been operational. And in -- we've had them in operation, many of the weeks. And so we have been able to provide electricity supply when other sources have not provided energy such as hydropower or wind energy, especially in a situation where exports to France, electricity exports to France have increased significantly and the gap between the production with renewable energies and export of electricity to France, this gap meant that we needed to use all our gas turbines or our combined cycle gas turbines. This is not only proven with our presence in electricity generation through CCGT. We have gone from an important presence in 2021, and we've increased it by 50% in 2022, but also in the electricity system itself, 15% of the electricity generated in 2021 was done through our CCGTs and we've gone from that 15% to 25% in 2022. And we have worked not only in technical aspects, but also in commercial aspects. You've probably all seen that in the month of December, November, December of '21, but most specifically throughout 2022. Naturgy was pioneer in providing innovative solutions in the market, and those solutions have reached about 60% of our customer base that the company has. And how did we do that? Well, we've done that by doing a proper commercial design using what we call commitment or compromiso tariffs, both for gas and electricity creating tariffs that gave people visibility with a fixed price for most of our customer base. In electricity, with a 3-year visibility and in gas, both for condominiums and small companies with a 2-year visibility and for all the industrial, all other industrial customers with a 3-year visibility. At the end of '22, the company also decided to take a step forward. And bearing in mind the price reform for the last resort tariff, what the company did was to find easy digital solutions that could be urgently implemented in order to help people move from less favorable tariffs to other more appropriate tariffs publishing it in the media to show our commitment with customers in the long term. We wanted to make it easier for them to change tariffs when it helps them personally. And finally, we have continued to provide in the year '22 a greater amount of funds to the Naturgy fund, so that -- to the Naturgy foundation, sorry, so that they could continue supporting those people in a vulnerable situation, and I will show you the figures later. The company has invested significantly, has invested 30% more than the previous year, nearly EUR 2 billion. The actual figure is EUR 1.96 billion. And it has invested in all its businesses, with our renewable fleet, which is one of the key access for growth part of our strategic plan, but also strengthening our energy distribution networks, both for electricity and gas and also do what we call Energy Management, where the goal is to ensure the supply and finally, the trading and implementation of those commercial proposals or commitments with the customers that we mentioned before, and we can see this, we can consider whether this is growth or not. Clearly, the company's commitment is to grow. And that's why we have that [ EUR 1.9 billion ] of investment. And of those [ EUR 1.2 million ] were to fold to growth, the growth of our activities. A different way to see this investment must be done in order to make sure that we agree with the EU taxonomy and with our desire to move forward in all the ESG commitments and everything that has to do with the sustainability and environmental costs of the EUR 1.9 billion, EUR 1.3 billion are compatible with that EU taxonomy. This meant that we go in to the third chapter results. The company's results in the year 2022. Just to give you a summary, a very brief summary. You have all the information in detail, in the financial and sustainability report that you have available on the website -- on our website. But we could say that the figures were very robust in a year, with a very volatile energy market and a very complex market. Volatile because of what we saw before, there was a price evolution and in some extent, the cost evolution that was important, bearing in mind the situation of the international markets in terms of raw materials and also because the daily management, given this volatility was very difficult. Bear in mind how the energy markets are designed. Just to mention four figures, allow me to highlight, what we called EBITDA in the financial jargon, better known as gross profit from operations. We've had a growth respectively compared to the previous year, we have grown by 40% and reaching nearly EUR 5 million. In terms of net profit, a growth of 36% reaching 1.65%. Investments that have also increased by 29% versus the previous year, a total of 1.9% and a reduction of the company's net debt by 6%, nearly below EUR 12 billion. If we go into the financial statements, I would like to highlight that all the businesses, without exception, have helped generate these important result, and they have contributed with commitment with robustness and with intelligence. No business stands out more than others, and that shows the appropriate distribution of the results and also the commitment of all the company's employees. And I would like, in fact, to congratulate the employees because without them, without each and every single one of them, the results would not have been achievable. And obviously, given the nature of our business and of our operations, about 3/4 of our business are in euros. We will also have business that because of their location are being generated in other currencies. And I would like to highlight that we have continued to work to have a limitation in our cost constraints. Even though the situation meant that, in some cases, we had to increase the costs versus 2021. But what's most relevant is for the -- has the company done to carry out that cash generation during the year 2022. First and foremost, I would like to highlight the cautious allocation of capital. These are difficult times, trouble times, not just in our sector but in general, in the economy, and therefore, what we must demand from managers is the cautious management of the resources that they have. And what have we done with those resources as well, as you can see mostly, we have devoted or allocated the results or the resources to invest. Secondly, we wanted to give payout dividend and also to give back to the society. Our level of commitment with shareholders is we can see not higher than what we have with the rest of the society. So therefore, we have devoted the same amount of money to pay dividends and to pay taxes and fees. Obviously, the surplus has been used to pay the debt by reducing by 6% on the net debt versus the previous year. And the net evolution, as you can see on the right, means that we have 2.4x EBITDA is our net debt EBITDA ratio leverage, this is the normal formula used. And thanks to that cautious allocation, we can also say that we have maintained our BBB rating by the rating agencies. And this translates, obviously, into healthy financial status of our company has seen from outside. And let me also highlight that we are ready to be able to continue investing and not leaving any opportunity outside because the company has enough liquidity to face that investment were there to be projects in this sense, that will be worthwhile investing for the company. Let us now go to another part, I believe, is important and pertinent for this AGM, which is the remuneration of shareholders 2022 -- for 2022, we proposed a total remuneration of EUR 1.2 per share in line with what we established back in time in the strategic plan 2021, '25, out of which there has -- there have been already two payments that add up to EUR 0.70 per share, one was paid in the month of August 2022 and the other one in the month of November. As you can see to your right, and bearing in your mind that companies such as ours is a long-term investment company. But even thinking in the short-term, you see the total yield for a shareholder that had entered the company in the last four years. Yes. From 2017 to 2020, deciding to exit in the last 4 years is a positive result, calculating the yield and the depreciation of this year plus the dividend payouts that which proves the robustness of the company when proposing to its shareholders a reasonable yield in an economic scenario, which is the one we are living. And as our report says not only has the company is focusing on the industrial management and the financial management, but we're also focusing on all those aspects that are related to what is simplified in ASG and ESGs, which is sustainability -- environmental sustainability and decarbonization. We have advanced towards everything that has to do with decarbonization, both by reducing our CO2 emissions and also in greater environmental investment and spending in the generation emission factors but also in the free emissions installed capacity. You have all the date in the report, but let me highlight, out of all these ratios that you can see since 2018 when we define a clear track committed to all these aspects, we have advanced from the stand point of focusing on investment -- focusing on the management of all the equipment and business lines. And it represents that commitment we have towards a track -- a clear track to improve in everything that has to do with the carbonization of the company. Another important aspect of the ESG, the social contribution. And you know that, that social contribution can be seen from different approaches. One that is that the company's commitment towards more affordable tariffs, which is the compromiso tariff, 1.5 million clients benefited from these new tariffs. Also, everything has to do with facilitating the new regulated tariffs in the last resort tariff included for gas with the systems that we have implemented for the clients, we have facilitated the transfer of more than 350,000 contracts towards this last resort tariff and also the procurement decisions to have the adequate providers fabric revolving around our activities -- local activities, I mean, and we can say that 80% of the providers are local providers. We continue with our program of energy volunteering, and that has allowed for all these programs that have made a difference in terms of ESG, they have distributed among all our interest target public, more than EUR 34 billion, offset by international metrics of these measurement standards. Also inside our decision lines, we have included some issues that represent the social trend, for example, diversity. We can already say that we continue evolving in our commitments said a few years ago, and 30% of our staff in management positions are women. But let me highlight another ratio. New generations. We are 180 years old as a company, and we have to manage all our track record and history, and you have seen our citizens of this country the transformation that is taking place in general quality. Within this transformation, we are clearly committed as a company towards, for example, young youth, 77% of our employees are younger than 30 years, and they are women. And in terms of payment to the management, we have included 10% of the remuneration to our managers in our remunerations -- variable remunerations plan. So everything has to do with the metrics of ESGs and that little by little is something which is becoming one of the key indicators to be followed by the Board members of the group. The taxonomy, the reporting of the taxonomy has been implemented at 90% and let me highlight that more than 83% of our providers are already audited on our side in the -- using the same terms that we are audited -- we are ourselves being audited. So all our value chain is following the same ESG's objectives. Our foundation also participates and it's a fundamental part in our activity and our ESG commitments both in the vulnerability plans, but also in the training plans. For the vulnerability plans, let me highlight four figures. The first one is social programs, where we have more 200,000 families that benefit. We have our school for energy with 30,000 students that have benefited from those recommendations and information provided to improve their energy consumption and therefore, reduce their energy bill. And all that -- and let me please highlight and thank the task carried out, out of the more than 600 volunteers in our company that volunteer basis and allow for these programs to be carried out. We have every year more volunteers and that is a proof that our employees are also committed towards the policies the company implements another action arena of the foundation is training programs, education programs for more than 1 million families that have benefited, but also our own internal training so that we can provide a part of the company to be able to carry out any kind of technical activity in the energy sector, so professional training. If you will allow me, let me now start ending and talk about the future, we have lived a 2020 year where despite all the turbulences, we've flown through. We have kept the storm in a reasonable way. with many achievements in many elements, not only financially speaking, but as you have seen, we have also devoted a certain time to other achievements that are equally important that make the company to be where we want it to be, a social reference and not only figures reference. But we have to look to the future. So let me highlight how we see the most immediate future for 2023 and how we approach this general situation in the world with regards to the world of energy, which is so much in the mouth of everyone. If we talk about 2023, we expect again and not an easy year, not a calm year. A month ago, we presented the results of 2022, and we told the financial community, which was focusing on knowing our perspective for the yields for 2023. And we told them that we were taking into account the circumstances and the energy scenario we had a month ago that we were having ideas of having the same results as in 2022. We still have that viewpoint with that scenario, which I stress is going to be difficult scenario, but where the conditions of the scenario to remain, we could say that 2023 will not go backwards versus 2022. And more specifically, the actions that the company aims at doing to be able to achieve these objectives are the following: and will make a difference between the markets businesses and the grid in Spain, we see a moderate growth and the network also where we will insist on investing and digitalizing both processes and the operations that can increase their digitalization level. And in LatAm, apart from a major action towards the inflation of the countries where we operate in the tariff system, LatAm, unfortunately speaking, is suffering huge levels of inflation in some of the countries where we're present. But we also see a growth of the demand that is coming with certain delay versus the European demand, because they entered later in the impact of the pandemic. For the market environment, let me highlight four aspects. First, we have an uncertainty scenario above us. With certainty is ahead -- coming ahead because let's say that many of the variables that were stable before all the last years and events, we've lived, while they are no longer stable. So let me highlight some fundamental aspects now. For example, the gas provisioning, we want to intensely work on stabilizing these supply conditions and adapt that to the market, and you may imagine that it's not easy, and it's not an easy task because the situation of the market is constantly changing. And you've seen that in 2022, our agreement with Algeria for price gases for 2022 was not closed until somewhat already in the year. Another aspect that we're working on is to providing the company with flexibility and diversification and everything that has to do to the supply to guarantee our supply. These wouldn't be possible without a diversified portfolio, which is one of our competitive advantages. For renewable energies and electricity, renewable energies, we have an ambition -- sorry, an ambitious investment plan that you are aware of. And for 2023, we will carry out -- we will finish many investment projects in Spain, Australia and in the U.S.A. And another aspect of renewables, but regarding the side of renewable gas, Naturgy is better positioned than any other competitor to be able to make vision of a gas and biomethane becoming one of the strategic access for growth for the short and midterm. Finally, we're going to be working on the trading and commercialization highlighting the fact that all the actions that may consolidate the yield achieved with a constant improvement in the offer design and the customer satisfaction rating on the experience of -- the customer experience, we want to prove -- we want them to be more appreciated by our customers. So in general, it's going to be a year for investment, major investments in 2023. The main destination of our cash generation will be to make the company grow and invest. We will continue to work to have financial caution. So we can have a solid balance sheet, and it's going to be a year where we commit ourselves with few, dear shareholders, to pay out a dividend of at least let's say, similar to the one of 2022. Let me go further and we talk about the energy sector and its challenges. But let me summarize this in a very simple way. Three challenges. Try to be the engine towards bringing solutions that will not put at risk any of the three access that are to be the positioning of the countries and the companies before the challenges that this sector faces. First, to work in all the initiatives to improve and not put at risk this supplies security for gas and electricity supplies. So the security of supply cannot be questioned, cannot be put at risk whenever other initiatives may come to the company, and that's for the coming years. Sustainability will be the second axis. Energy Solutions must advance in terms of sustainability, and as you have been able to see, previously, Naturgy has proven that it evolves in advances in this direction. Any company that will be created tomorrow we'll have an advantage versus the companies that are older such as us, that we are almost 180 years because we've got a legacy and the society has changed greatly, and the society is requesting for commitments that were not envisaged 180 years ago. So we must have those agents, those actors that yesterday, today and tomorrow will want to continue to be part -- a relevant part of the energy sector. So we are fully committed towards sustainability firmly, but also for the truth. You can see it in our figures and you will see the year-on-year in these shareholders' meetings. And we must do all this with a third axis, which is the axis of providing to our clients, individual clients, households but also industrial agents, providing them with energy at affordable prices. No solution will have a meaning if it doesn't take into account these [indiscernible] we're working as we have proven, we have worked through the commitments towards the tariffs. The tariff compromiso as a voluntary effort coming from the company to contribute to the energy [ trilema ] with feasible solutions and real solutions. Naturgy not only lease that will be part, but wants to proactively find solutions, solving these three problems and trying to solve these problems by not reducing advances in the other two. So we're facing not only Naturgy, but the sector is facing the energy -- the world energy sector is facing -- facing these dilemma and these challenges, the major challenges that each company will face the best way possible. And this success to the company finding opportunities, opportunities stemming from different access. And furthermore, I'd like to highlight once again that this company is positioned and positioning itself to be able to take an active role in this energy transition. First, with everything that has to do with the infrastructures. Infrastructures will continue to have a major role in the energy sector of the future. Gas infrastructures, electricity -- infrastructures allow to take energy to your homes, to your companies, to your offices. And we have to continue -- thinking about infrastructures and see them as a competitive advantage because these infrastructures have to be able to be supported by investments in renewable gases as we're doing to be supported by a bigger presence of electricity generation of renewable sources, a greater efficient electrification in those specific industrial activities, allowing it. And also committed towards those complementary services for final consumers that will allow us to little by little adapt. The products and services we can offer and provide to our clients, being the client the core of our objectives always. We're convinced that the combination of gas and electricity is the most efficient weight towards energy transition. Gas is not part of the problem. It's part of the solution. And as a solution, we will advance in taking decisions with renewable gases, hydrogen, for example, that will allow to substitute efficiently and safely all those parts of the value chain that cannot be substituted and replaced today. We will grow our renewable generation part because -- and fleet because the existence of gas and electricity are compatible in these energy transition vectors. So electrification is something that will increase and that Naturgy cannot be left side. And as I said before, safety and security, the secretive supply must be part of all this transition, and traditional gas has its place there. And gas is necessary because it has an essential role which still has and will have, but also to continue to provide diversification of sources of supply so that we can have a peace of mind. So we have enough storage so that the situations that we may have to face will make us be wary, us and the society as a whole. So that's why I wanted to say at the end of my intervention before summarizing the proposals to four resolutions. Let me say that the company is doing all its -- following all its plans focusing on achieving the best possibilities in the energy sectors, that is because we want to be -- because it's crucial for the households, the companies, but also the development of the society. Let me now very briefly explain the -- and summarize the fundamental part of today's session, which is the proposals and approvals the resolutions that we ask for shareholders to vote. The proposals for resolutions, I will explain later on -- will be classified into four blocks. One to four, everything that has to do with the financial statements of the annual financial segments of 2022. Chapters or proposals 5 and 6 are for the management of the Board of the administration, Board of Administration, Proposal 7, it's a mandatory by law. We will do that one by one. The proposal to reelect and appoint [ 4 ] members of the Board of Directors and then 8 to 10 for the resolutions necessary legally speaking. So we hope that with my presentation and with the Q&A session that is now for you to take the floor. We will better understand what Naturgy is, and I thank you for having listened. And I hope I wasn't too long, and that I was clear enough so that you shareholders see that you own a company with a brilliant future ahead. Thank you very much. Let me now give the floor to you. So we now open the Q&A session.

Dear President, we have three requests to take the floor in the room and five in written. So let us now go to the people present in the room, please. So first shareholder, Daniel Lopez Perez, delegating in [ Maria Campos Sano Gera ].

Good morning, my name is [ Maria Campos Sano ], I take the floor in the AGM as a spokesperson of the alliance against energy poverty, a social movement of -- with more than 10 years fighting against energy poverty and the use of major energy companies. This is our fourth participation in the annual AGM of Naturgy. The last 2 ones were done in written. This year, we have decided to come in person before the context of uncertainty where millions of people in Spain leave with anguish their relationship with power companies. 3 years ago, there is a moratorium of supply shortages. The government has extended these. And thanks to these measures many homes guarantee their electricity and gas supply, though they cannot pay their invoices. But reality tells us that many families are accumulating huge debt that won't be assumed. That's why we wanted to ask, first of all, have you quantified the number of households that your company has not cut electricity? Have you quantified the debt generated by these families that cannot pay? And the alliance against energy poverty understands that out of your direct responsibility in this sense and taking into account the profits of 2.6 billion profits, your company should assume those nonpayments of those vulnerable households. So we want to ask you, if you are ready, apart from your with your agreements with regional governments. Can you sit with the government in order to condone the debt of these vulnerable families. Because despite the good words and initiatives that you have been able to share with the shareholders, regarding energy vulnerabity, there's no better measure that allowing for millions of households that are vulnerable to live without that burden of that debt and physical, psychological and emotional impacts generated. And some of you may know that the alliance against energy poverty is in Catalonia, apart from having a national presence. But in that region, on the 29th of March 2021, we generally at signed an agreement with Endesa after many years of pressures of citizen historical agreement to condone the debt of 35,000 families. Allowing this families to start from scratch and with their anguish. The company assumed EUR 28 million, which was 73% of the total of the debt between 2015 and 2021 -- 2020, sorry. And a few months ago, they condoned the debt of 2021 to 41,000 families, and this assumed EUR 9 million. So thanks to the citizens pressure, more than EUR 37 million were paid between 2015 and 2021. So we know that generally, Generalitat wants to sign similar agreements with other companies. And we were asking ourselves if finally, Naturgy will be proactive in the sense to solve this situation because if Naturgy is really committed against energy poverty. Are you ready to negotiate with Generalitat? Do you commit to do that this same year?

Thank you, Mrs. [ Camputano ]. We will now give the floor to Mrs. Monica [Indiscernible] , delegating into Mr. Juan Carlos Lopez.

Good morning, everyone. My name is Juan Carlos [Indiscernible]. I come representing the platform, Lucia in Canada Real, with more than 50 social organizations of neighbors committed to establish light in La Canada Real. The ombudsman has 3x expressed through resolutions explained the need and feasibility of establishing the electricity pride at Canada [Real] in its large communication. He highlights the shortage of light. It goes against human decency that other social piece in the terms expressed in Article 10 of the constitution. The damages to the population are irreplaceable especially for the more than 1,800 boys and girls and teenagers that have to face a third winter without gas and electricity. How come since October 2020 light has not come back to the affected sectors in La Canada real? Having had statements from the Ombudsman requesting even by the Council of Europe for the population. Some say that all these is due to real estate interest that want to force these people to leave their homes. But we will like to know what Naturgy thinks about this situation.

Now we give the floor to Milaros-Guarero Arroyo, who is allocated on Maria Carmen Gomez-Perez.

Good morning. I addressed the AGM and the Chairman, Mr. Francisco Reynes as a former customer affected by the bad operation of your company towards me. In 2016, your company, Mr. Reynes, with whom I had gas and electricity deprived me of -- for rights, such as energy, they cut my supply -- my electricity supply because of an unpaid bill. At the time, my economics financial situation was very precarious. I only received EUR 400 per month from a disability allowance. With EUR 400, as you can imagine, it was impossible to pay my bills, as well as eating, et cetera. I survived rather than lived. When the electricity cut took place, I call the company to explain my situation. And in good faith, I wanted to let them know that I couldn't pay because at the moment I had no money, not because I didn't want to pay. Naturgy treated me very badly. And at no point did they inform me of the Law '24, 2015, that protects vulnerable families in Catalonia of supply cuts. It was only when I went to talk to some associations where I discovered my rights. In 2022, I terminated my contract with the company and now I have a debt of about EUR 3,000 for gas and electricity. [ At debt ] that Naturgy, Mr. Reynes, I hope you're listening to me right.

Yes, I am.

I've had May 10 -- well, I received 10 calls per day and letters, threatening me to take me to court. Many times, I've spoken to the company to explain to me my situation. I couldn't pay those bills. They have to meet really badly even though they knew I had been identified as vulnerable in a very terrible manner as if I was a criminal, taking profit of the company, quite different from the reality of being cruel and inhuman, both Naturgy and the collection companies that you hired. I know that there are many families that are suffering this harassment and that have had to choose between feeding themselves or paying the bills. And we know that thanks to the association of [Allianz Capital Partners]. Families that are in a terrible situation, Naturgy says and appraises itself for supporting the families in risk well, maybe you should condone our debt. You can afford that, and it would be a great relief for us. I would like to ask you 2 questions. Have you ever thought about signing agreement with the regional government of Catalonia to condone the debt of vulnerable customers? And what's going to happen with the debt that is applied or that is growing due to the energy moratorium? I think we should underserve starting without debt a burden that we have carried for a long time. Do you think we deserve a second opportunity?

So now we move on to the questions in writing. First of all, [Francisco Javier dean Carnaval] holder of 100 shares and that asks for the publication of certain documents that have been put at the disposal. In the year 2020, you presented the Lean project, you said that there's going to be a cost saving of EUR 500 million. Since then, you have never explained to us how the plan is evolved and the savings achieved, if any. I would like the Chairman to detail and quantify in the result of 2022, how much is due to the Lean project. In line with that, in the documents presented, we cannot see the value given to the 15% of the share capital that Naturgy has on lean organizations in Spain. I would like to know if in 2022, we maintained 15% of share capital and a breakdown for each line cooperation. We know that these misses and layoffs have taken place in '22 and the code of ethics and corporate social responsibility has been breached, such as [antidata] in the company average to Lean companies. Any companies. Any comments you can make about those 2 companies and their layoffs? Briefly, [Foreign Language] ask the following question. In the last few months, we start to hear biomethane as an energy that could help in energy transition. Bear in mind that through a, Naturgy has the main distribution network in Spain. What is the company doing to invest in biomethane? And what do you expect for the following years? And how many gigawatts hour you could inject over the next few years? Shareholder [Morales]. Regarding energy prices. What can we expect? What's the environment will have over the next few months globally? [Indiscernible] In the year 2022, we've seen how sometimes either the politicians or some companies, industrial companies referred to energy supply security. However, the sector has been able to respond, and we haven't had any cuts. I would like to know how Naturgy has contributed to the supply security and in which percentage. Shareholder Miguel [Indiscernible]. What are the advancements made by the company in terms of renewables? What are the estimates that you have for growth in Spain and globally? And there are no further questions.

Okay. So given that there are no further questions, if it's okay with shareholders that have asked the questions as well as the answers that the sector myself may give to some of the questions that you have raised. We ask you -- we urge you so that if they respond, doesn't meet your requirements. We can respond after the AGM and provide you more information over the next 5 days. So we don't -- in order for us not to go into too much detail, we can go in depth over the next 5 days. Due to the nature of the countries that have been used by Mr. [ Camputano ], I'm going to ask the Secretary to help me, with regard to the legal explanation. But I would like to say Ms. [Camputano], 3 key things. As you've probably seen in our presentation, and as I have reiterated in terms of our foundations approach and activities, energy poverty is something we are working on. Fortunately or unfortunately, our approach to the problem in individual cases may not be the same. Or may not be what you would do, but it's something that is part of our commitment and our goals. But you also need to understand, and I would like all the shareholders to understand that a company above anything else is -- has to fulfill and comply with the law. And the law regulates energy poverty as a secretary will tell us in detail and due to his legal knowledge. All the agreements that have been signed, and we have signed many agreements with autonomous regions and city councils. I don't want to focus just on Catalonia, but in the rest of Spain, all the agreements that we have signed are being fulfilled to the detail. So the question is, yes, we are committed to find energy poverty, but we will do that in accordance with the law. And I would like for the secretary to give us a greater clarification on this, I'm sure, it will be good for everyone that's connected and that is in the brain.

Ms. [ Camputano ], I think that you also participated in the last AGM in person that we held in EFMA. From then until now, some new things have happened, but not as many as we wished. I remember the evening before that AGM, it was a public consultation, the National Vulnerability Plan, and we thought that the plan would help clarify how we needed to treat vulnerable people. One of the problems that we still have, and we have it because the national plan hasn't been able to achieve the goal that we wanted was to homoginize the different -- the treatments in the different autonomous regions. At the time, there were 400,000 customers that had the right to the social bond, as we call it. Total cost of EUR 30 million. Now we only have 170,000 with a total cost of EUR 59 million. Those 170,000 compared to the 130,000 that are real vulnerable people at the time because we have 100,000 because the plan included some second times, some holiday homes. If you had a second homes under 3,000 watts, then you can have access to the social bond. That has been improved and corrected, and that's why the figure has changed from 400,000 to 170,000 have. The company -- the actual families that have needed real help have gone from 130,000 to 170,000 and the cost has also increased. So we complied with the legislation at the time. And since the legislation has been developed, as you said, with Royal Decree-6/2022 that it has been extended, that limits the possibilities of cutting supply. With regards to the regional government of Catalonia the Law 24/2015, where we're still waiting for it to be fully implemented. You probably remember that the regional government in Catalonia published a document on the website. However, no -- our request by the request of another company, it was considered not applicable because it hadn't been approved in the official gusset of the regional government. You have been great if we could have that legislation in detail. Because sometimes interpretations are difficult, and the old regulation that disappeared at least took a position. However the way interpretation problems. However, it's being replaced with the national plans and the national decrease. It's true that when those national decrease expire because they are temporary it will be good to have an appropriate regulation in Catalonia. The main difficulty just like back then is the heterogeneity. As I've said, of the 170,000 people sometimes we make mistakes. That is the truth. There are different situations that we need to analyze. And therefore, we apologize. It would be really helpful if the local authorities also complied with the law. One of the main problems that we have is that not all of them but many local authorities in Catalonia do not fulfill the Law 24/2015. And we ask them and they do not respond to us. We've taken them to court,, -- we've asked them to stop in passive and it has reached the Supreme Court. But it's taking so long that in the meantime, the councils have decided to ask the local courts to act. But they haven't been diligent enough in the operations. And how do we come that with the agreements with the local authorities, and this is something that we work. We had 300 at the time, now we have nearly 400 local agreements and through our foundation, our foundation devotes most of its funds to help the society. And the funds have increased for the foundation. Nearly 30,000 people have received employability training in the sector of energy and the home renovations that we do with Caritas, Red Cross and 12 other charities. In the sector meant that we have renovated a total of 1,100 homes. At the time, we had the last AGM in EFMA was only 400. So we fulfill and comply with the legislation that exists -- it will be great if all the local authorities also fulfill law, not just some of them, and make sure that everyone that this served is protected, and we overcome this with agreements with local authorities.

[ Ms. Campuzano ], you probably have -- you probably require more information over the next few days. If you wish, we can go more in detail about this topic. I give the floor to [ Juan Carlos Lopez ]. Well, rather I respond to [ Juan Carlos Lopez ] about Cañada Real. I'm going to give you my opinion. But first, I'm going to tell you what the company, and this is the company's opinion. What we did during the famous winter of the cold snap that we had and the actions that we carried out in Cañada Real prove what we wanted to do there. We took 3 initiatives during that cold snap. First to put at everyone's disposal thermal and electricity energy at a time when -- because of technical problems there was no supply in any of the sectors of Cañada Real. There was an old factory that was abandoned that was provided for them to go to. And however, not many of them went. And we wanted to overcome the cold problems at the time. Despite that, the company has a university in [ El Tiemblo ] in Avila that we put at the disposal of all families, and we provided them with transport to get there so that they could stay there during the cold snap. Despite the buses were there at Cañada Real, no one went on them. And then the company also provided heaters at our cost to be used if there were supply cuts at the time, electricity cuts. Those heaters were another demonstration. But for us, energy cost was not important what mattered to us were the people. Unfortunately, most of the heaters were resold are not used by the people in Cañada Real. This is the company's opinion. The company is head by people with a heart and a soul, and we always wish best for everyone. And we'll do whatever we can so that everyone gets what they deserve. And in Cañada Real, there are sectors, 4 of them have electricity supply. There is a fifth one that sometimes has some technical cuts and a sixth section where electricity doesn't get to and it doesn't get to because of protection, protection that has been regulated by the National Grid, the Spanish National Grid. And our electricity distribution in Cañada must comply with all the technical legislation in force. And it's the protections that safeguard the supply that trip. Just like in our homes, if we are consuming more than what we have, it trips, or if we have something connected that has a defect, it will trip. Well, it happens the same there. We want trips not to happen, but we have to comply with the current legislation in terms of electricity lines protections because not only would we put us at risk that sector but the whole of Cañada Real, which is not just a single sector. I agree with you. For the people who live in Cañada Real, some of them, those who are in sector 6 do not have electricity is true. But I would like you to know why. This is not the will of companies. It's not a company's wish for them not to have electricity, these are technical restrictions that do not allow electricity to get there in order to protect the other inhabitants.

If you allow me, Mr. Chairman, in March 7th of March 22, finally, court #10 of Madrid, the senior charge there accepted something that we have been asking for ages and it asked the City Council of [indiscernible] Madrid to identify the people that are responsible for caring for those vulnerable people. And I have to highlight the work of the Mayor of [indiscernible] Madrid. We went during the cold snap to try and help those people because sector 6, there are only 2 customers, but they are 2 customers with a contract there. And those 2 customers are not being able to receive electricity because the protections keep tripping. So with the legal support and with the help of the police, we disconnected all the connections that were putting at risk the network. And we did this fulfilling the duty of the Mayor of [indiscernible] Madrid, but a few days later, after the cold snap all the legal connections were made again.

The first thing I would like to say to you and honestly is to, I apologize on behalf of the company who mistreated you. You laugh but you need to understand that people can make mistakes. And whoever responded to your call shouldn't have harassed you. So I apologize on behalf of the company because no customer of the company, whether they're vulnerable or not in household industrial in Catalonia or in Galicia, no customer should be mistreated by any of the staff that we have in customer support. The next thing I'd like to say to you is that is true, we have analyzed your dossier is very specific because he wasn't considered vulnerable when the cuts took place as it's included in our files. And secretary can give you more details about that. But we are aware -- also because you were kind enough to say that we were going -- you were going to take the floor, and we've been able to analyze your case in advance. In Catalonia, like in the other autonomous regions, we have agreements, agreements that we fulfill. No autonomous region or city council has been able to complain to us or just state that we haven't fulfilled our commitments and agreements. So we have fulfilled those agreements. And if there are more to come, we will do so. What the company wants is to have bilateral agreements with the local authorities. And it has to be done that way because we have to do it according to the low income agreement with the autonomous regions and town councils and city councils, right?

Yes, it has to be done through agreements. That's what the regional government of Catalonia actually proposed.

Unfortunately, [ Ms. Gomez Perez ], what we cannot do is to do specific solutions for specific cases because we have 11 million customers, each of them with their specificities not because of vulnerability, but because of other issues. We would have a management problem and we will be bad managers if we do not have standards or a standardized way of treating customers.

We'd like to apologize because 170,000 customers and also at the time it was something new, and I am sure it didn't work properly. However, the details that we have are that you had a supply cut because of nonpayment of a bill. I was informed that the milestones are -- the regulation milestones were fulfilled, the deadlines and the notices but as soon as you presented the documents, I think it was a month after, the electricity supply was resumed in agreement with Law 24/2015. So since March 2016, a few weeks later, a month later, supply was reassumed as soon as you provided us with all the documents. And it was activated until recently, and I understand you've changed operator or the contract as a new holder. So we apologize. I am sure that we were not diligent enough in February, March 2016. But I have to say it was -- all of this was very new at the time. We ask for -- I apologize, but hopefully, well, it was solved in just a few weeks.

[ Ms. Gomez Perez ], he explained in detail. If you wanted more -- detailed information about the Lean project. I would like to start with initial statement that you made. We never said that we're going to save EUR 500 million with the Lean project, we said in 2018 that we had a plan to save EUR 500 million in company's expenses in a 5-year period through many actions, one of which was the outsourcing of our services. And we did that. Dear shareholders, you probably remember it. We wanted to do so because we wanted to be more competitive to face what was coming our way. And we didn't know at the time what was coming our way as it happened in 2020 if you remember. The value of the Lean societies in OpEx is intangible because the assets were transferred to other companies. However, Lean has continued to provide services to the company in the year 2022 with a total of EUR 140 million. So the Lean -- well, the company has still requested the services of the Lean companies and we continue to do so based on the contracts that were signed in the year 2019. Obviously, since the split, the company has -- we have our own life, and we cannot be held responsible for the daily management of that company. With regard to what you were saying, and some of the contract terminations in Lean, we haven't received any complaint about our code of ethics. So we have no further details to give you. There haven't been any investigations into any bridge of compliance note.

I am in charge of the Code of ethics. And if there were any complaints we would look into it, obviously, but we haven't received any complaints.

With regard to the question of [ Ms. Sonia Prieto ] about what we can expect from biomethane, and what can we expect from Naturgy's evolution in the gas business as a consequence of our desires and objectives for biomethane. I would like to say 2 things. Biomethane is clearly part of the solution and is compatible with the company's long-term strategy, and the gas will continue to play a key role in the long term. And so will the gas distribution infrastructure in the long term. And also the biomethane's ability to replace the traditional fossil gas and biomethane is the alternative that offers lower emissions and more environmentally friendly. We wish -- desires are very high. We want to keep at least the gas market share that we have with biomethane. And thanks to biomethane we hope to be able to increase our share in that sector. And for that -- but for that, we need several things. First, investment. We need to invest a lot. Also because we need to treat the waste and inject biomethane in the networks. Also, we need to find locations for the investment because, as you all know, in this country everyone wants solutions, but no one wants it in their backyard. No one wants to provide the locations and then the time. I ask for patience because investments in an industrial world do not happen overnight. Probably in the next AGM we'll be able to explain to you the advancements made in terms of biomethane because it's one of our growth access for the future. [ Ms. Gomez Perez ] about the energy prices. As I said before, when we talked about the future outlook, the energy prices in 2023 will continue like in 2022. They will continue to be volatile and uncertain. Therefore, talking about prices for the year '23 would be premature. You invest 5 minutes of your time on the Internet to analyze the evolution or the performance of the features on oil, gas, et cetera, you will see how much they change on a daily basis. Having said that, the company is now better prepared than we were in the past to face the volatility and uncertainty. And also -- and secondly, the work of all the professionals, especially those that work on energy management -- well, what they want is to make sure that the energy volatility doesn't translate into results volatility. And we can work on that. We can work on international pricing. But this pricing is intangible, there's so much we can do about it. To Mr. [indiscernible] and talking about gas. I do apologize give me a second. And supply security. You seen it in the slide, but let me recall a major data, [ more than 20% ] of the gas used in Spain has come through the contracts that Naturgy has both with providers that, in this case, it's Sonatrach, which provides gas through the pipelines, but also with many other providers that provide gas by means of tankers, liquified natural gas, LNG. With both groups, what we do amongst other things is we keep contracts that are long-term take-or-pay contracts. What are they? They financially compel the company -- obliges the company to whether we buy or not buy we pay. Just as any other contract, which is relevant and complicated that compels for gas suppliers to be paid no matter the -- if the gas contractors is used or not. This is what a company such as Naturgy due to secure supply, we commit our financial balance to whether we buy or we don't buy, we have to pay. And let me highlight the value of these kind of contracts that we have for 2030, 2040, which entail financial commitments that are relevant, that are part of our commitments for the future of the company, and they are part of the sense of these companies. So measuring the health of the company. And qualifying the results of the company without having in mind all these commitments that we have on the long run would be just having a biased approach of the company and seeing just one side of the coin. But what we do to ensure the gas supply is long-term contracts with major financial commitments. What we do to guarantee electricity is we maintain installations such as combined cycles that are facilities of gas turbines that are dispersed around Spain. We've got 17 operational stations that have operated for certain months of 2022. In the month of October, we -- they were up for many days, at 100% power and running. And what the company does is they're fully maintained so that they can be started as soon as -- as when needed. This is not normal because these are complex facilities, expensive with a very expensive maintenance. And as we have requested to the Ministry, oftentimes, we -- they would need to be paid per capacity to make sure that this availability is really there for any situation at long term. So what Naturgy is doing there to guarantee electricity supply is to have these equipments available at any time, and that has a risk, that we undertake because sometimes they are used, sometimes they're not used in 2022. We had to use them in 2021. They were used just at 50% of what was used in 2022. To [ Mr. Gonzales ] and his request about doing -- if there are advances in the renewable generation investments. As you've seen, yes, renewable investments are -- renewable generation is part of the strategic objective to make the company growth with -- grow with investments at around 60% slightly above [ 50% to 60% ] of the investment in 2022 were devoted to increase the wind and photovoltaic renewable generation fleet. And in the future, we will continue in that track because this is one of the clear strategic lines for growth for the company. It is true that you can read a lot and hear a lot about renewable generation. And well, we do rather than writing is investing and that investment is committed and that commitment you've seen that in figures. But we've got a plan for -- in the coming years, investments go above EUR 8 billion. And these investments have an origin because the company has to generate the results that will allow us to carry out these investments. So let me relate this question on how we are advancing in investments to generation and enough generation of treasury allowing us to without treasury generation to have money to invest and what will provide us on the long run with a competitive position in the world of the energy supply, which is changing greatly. Mr. Secretary, I think all questions have been addressed, right? Now, Secretary will explain how we're meeting the recommendations of the CNMV in terms of corporate governance.

Here one of the recommendation is precisely to present the follow-up of the 64 recommendations published by the CNMV. 6 them are not to be applied to Naturgy, for example, having a listed subsidiary. So out of the 58, the company meets at 31st December 2022, fully 46 of them. Out of the rest, 9 were partially met and 3, we have an explanation issued. And I will refer to these last 2 groups. As for the 3 recommendations with an explanation, the Board considers that it's not adequate to Naturgy because recommendation 17 and the number of independent board members because if we were to complete that, which is more than half of the independent Board members, we will not be meeting the law of capital share -- capital companies. Or recommendation 48, which says to separate the appointments committee from the Remunerations Committee, but separating that will be against the objective of simplifying Naturgy. For the partially met recommendations, some are objectives are made by other ways. For example, the long-term incentive approved in 2019, then later modified in '22, with a time frame, which is bigger than what's recommended. They recommend 3 years and we have 8 years. And as we have 8 years, that doesn't match with the models established in recommendations 58 or 62. Another recommendation is for the internal working of the Board of Directors. It is not necessary today any modification, such as 25. To establish a maximum number of Board of Directors so limiting the companies that they can assist the Board of Directors. And we have had 22 meetings with the full commitment of our Board of Directors. So this recommendation is not applicable to our company. Thank you very much.

Sorry, no microphone being used. The president is not using a microphone. So let me now read the proposals to be approved by the shareholders.

So the resolutions. So if there are sufficient majority, we will just say if this proposal has been approved depending on the votes that we have in the table without having to counting on all the votings that we're already aware of. We won't explain which favors are in favor, against or abstentions. If there were tight voting, we will have to give all the details. I propose that the people present in the room will need to vote against or to abstain just raise your hand before the reading of any proposal and after reading of each proposal. And then please after come with me and approach the notary public to his table to give the details of your number -- your name and the number of shares that you present and in which as you want to vote so that is recorded in the minutes of the AGM. If you want to vote remotely, you will be -- do it through the voting form, and that is you're available. So your votes will be counted and will be communicated to the notary public, and they will be registered in the minutes. So you can vote at any time. You don't need to wait for the proposals to be read. The result will be examined by you as of tomorrow in the website of the company in the section, AGM 2022 quorum, voting and resolutions. And finally, let me inform that points of the agenda that with other -- it more extends in its drafting. I will make a summary because this drafting has been available since the call of the Board -- of the AGM. To approve the annual accounts and the management report as corresponding to the year 2022 as the figures of 31st December '22. Is it approved? There's a question. Sorry, no microphone being used.

Sorry, the interpreters apologize, but the person taking the floor is not using a microphone. As soon as the microphone is given to these gentlemen, the interpreters will be able to hear and then translate what is being said.

Thank you for that comment. We will take note the president says, and that will so shall we do. Out of the nature of this company and its complexity in the number of companies, though the information is available since long, I know it is too tedious. And a good summary will -- if it is helpful from next year onwards, we will provide that summary. Thank you for that recommendation. So is it approved? Proposal number one?

It is approved. Second proposal to approve the annual accounts consolidated and the management report of the consolidated group Naturgy Energy Group corresponding to the fiscal year 31st December 2022. Is it approved? It is approved. And we need to set a norm and by norm, we have to put this separately. The third proposal to approve the consolidated nonfinancial report consolidated included in the consolidated management report of Naturgy Energy Group. Is it approved? Yes, it is approved. Fourth proposal, to approve the following proposal to apply the result of the social business year as of 31st December 2022, EUR 3.75 billion distributing a dividend. It's an amount of the addition of the following 2 [indiscernible], EUR 679 million, corresponding to dividends already paid by Naturgy that represents EUR 0.07 per share depending on the number of shares you may have. And the second amount, which is added to EUR 679 million, which is the complementary dividend, which approve -- was approved by the board, which is EUR 0.50 by number of shares with right to be paid and depending on your -- the amount of shares you have. Out of that dividend, we have already paid EUR 679 million on the 18th of October and the 18th of August 2022. So the payment of the complementary dividend will be done on the next 4th of April. We need to have your authorization for the Board with -- to be able to carry out all the necessary actions to pay this dividend and to appoint the entity that will act as a payment entity. And the second figure is one of the ones to be paid out as a remnant the pending amount reaching EUR 3.755 billion. So to propose the approval of the management done by the Board of Directors last year. Is it approved? Approved. Sixth proposal to approve the annual accounts on the remunerations of the Board members, approved by the Board of Directors at -- on the 14th of February '23 and the tax is available of the shareholders. Is it approved? Approved. Reelection and appointment of board members. And we have 4 sections here. And there might -- first 7.1, to reappoint for 4 years, Mr. Francisco Reynés Massanet with the same conditions as Executive Board member. The Board member is present in this event would accept the position, and there's no compatibility register. Is it approved? Approved. 7.2 to reelect for 4 years Mr. Claudi Santiago Ponsa with the same position as he's been independent Board member, and he would accept this post and there's no legal incompatibility. Is it approved? Approved. Reappoint for 4 years, Mr. Pedro Sainz de Baranda with the same position as he's had as an independent Board member. The Board members is present at this event. So he accepts the position, and there's no legal incompatibility. Is it approved? Approved. 7.4, appoint for 4 years since the moment that this agreement is approved by the General Shareholders Meeting, Mr. José Antonio Torre de Silva López de Letona replacing the Theatre Directorship Services Beta, which will continue the independent Board member. Is it approved? The Board member is present. So he takes the position and there is no legal incompatibility. 8 Proposal to authorize and approve according to Article 515 of the Capital Companies Act that shareholders' meetings in -- when [ extra done ] can be called with a minimum 15-day term, with -- every company offers the shareholders the possibility to vote remote -- in remote way. This authorization is only punctual in and only valid until the next ordinary shareholders' meeting. Is it approved? Approved. Proposal 9 is not to be approved, it just as for information, but we are informing the shareholders meeting the changes in the bylaws of the board admiration for 2022. Article 27 with the Sustainability Commission -- Committee has been changed. We have modified Article 7, regulating the percentage of minimum assistance to the Board members and stating them that we're above 99%, but it's a recommendation, and we have included any bylaws. And a new Article 9 base to establish a different member categories that can be part of the Board of Directors. So the AGM is informed. 10th proposal, 10.1 to delegate in the Board of Directors, [ this the decision the ] President, Secretary or the Board members as widely as possible, as many faculties for complementing, developing, executing and formalizing any of the agreements adopted by the shareholders meeting and carry out any net modifications and additions necessary or to have a good -- the term of the agreements. And 10.2 to delegate and the Secretary to represent any of them and to underwrite any private documents and public documents necessary to execute the agreement and to register them in the correspondent registries in order to change and without altering their scope, nature or content. Is it approved? It's approved.

So thank you, Mr. Secretary, Dear ladies and gentlemen, shareholders, we reach the end of this event. To end the shareholders' meeting on behalf of the Board of Directors, thank you to shareholders that have come and that are present. Thank you for the support given to the proposals that have been requested to be approved today. We hope to see you in coming shareholder meetings in coming years. And as I say, we hope that you will see that the company Naturgy has a bright future ahead with great opportunities, where all the employees in the company, we try to contribute with our best efforts. So thank you for coming. [Statements in English on this transcript were spoken by an interpreter present on the live call.]