Redeia Corporación, S.A. (RED) Earnings Call Transcript & Summary

[Foreign Language] remedy the situation and we'll resume immediately after the systems and services have been reestablished. In such a case, as soon as possible, the resumption of the General Meeting will be reported on the company's website. [ That will not happen ], we will now proceed to the constitution of the General Meeting in accordance with the provisions of the law, the articles of association and the regulations of the General Meeting and for the reading of the essential aspects of the proposed resolutions submitted for your approval. Afterwards, the Chief Executive Officer, Roberto, and myself will present the most relevant aspects of the strategy and management of the Red Eléctrica Group during 2021, the results of which are presented at this meeting. We will then move on to the shareholders' turn to speak and answer any questions they may have asked. And then with information on the results of the voting on the proposed resolutions that the Board of Directors submits for your approval, they will be at your disposal in the room to answer any questions you may have during the speaking time the Chairman of the Appointments and Remuneration Committees, Socorro Fernández Larrea; the Chairman of the Audit Committee, Antonio Gomez Ciria; and the Chairman of the Sustainability Committee, Carmen Gómez de Barreda, in case you consider it appropriate to raise any issues with them within the scope of the responsibilities with the respective committees. Both the announcement of the call and the corresponding proposed resolutions and reports have been made available to you on the company's website without interruption through the shareholders' office and at the registered office of our company, and the full text has been provided free of charge to all shareholders who have requested it. In view of their length, these documents are deemed to have been read in their entirety to the extent necessary for the proper conduct of this meeting. I would like to inform you that as in previous years, an external audit of the procedures for the conduct of this general meeting is being carried out in order to enhance the reliability and transparency of its operation, including the [ present ] accounting votes and proxies of this meeting. The preliminary results of such audits will be published immediately on the company's website at the end of the AGM. And once the execution of the final test is completed after the AGM, the final results of the audit will also be made public. In order to ensure proper exercise of shareholders' rights at this AGM, those who so wish may request a certification of their vote, which will be sent to them as soon as possible. Without further ado, the Secretary has the floor to report on the constitution of this general meeting.

First of all, I would like to inform you that in accordance with the remunerations of the articles of association and the regulations of the general meeting, Beatriz Corredor Sierra, Chairwoman of the Board of Directors, will act as Chairman of this general meeting. And I will act as Secretary and my capacity as Secretary of the Board of Directors. This Ordinary General Meeting of Shareholders of Red Eléctrica Corporación has been called by the Board of Directors by means of an announcement published on the website of the Comisión Nacional de Mercado de Valores by the company itself on May 5, 2022, and on the newspapers [Foreign Language] on May 6, 2022. It is hereby stated for the record that no shareholders have submitted any supplements to the notice of this general meeting or alternative proposals for resolutions to those approved by the Board of Directors in relation to the items on the agenda. The general meeting will be held on second call, given that the legal quorum necessary for this constitution was not met on the first call.

The Secretary will now inform you of the list of those attending this meeting.

Ladies and gentlemen, the attendance list is as follows. We have 309 shareholders of 112,557,687 shares and 2,132 shareholders holding 238,951,325 shares. A total of shareholders holding shares equivalent to a certain percentage of the company's share capital are present and represented at this meeting. [ 2,541 ] shareholders holding 351,502,012 shares equivalent to 64.9% of the company's share capital. After applying the legal limitations established in the Electricity Sector Act and the articles of association, the company's shares with voting rights are 517,633,367. Consequently, for the purpose of exercising voting rights of the [ 112,550,587 ] shares held by the shareholders present, 110,747,254 shares are voting rights. And of the 238,951,321 shares held by shareholders represented by proxy, 270,328,000 shares are entitled to vote. In total, 328,055,379 shares with voting rights equivalent to [ 63.373% ] of the aforementioned shares of the company with voting rights are [indiscernible] of this meeting. It is hereby stated that [indiscernible] of the company accounting to 1.8 million shares has been computed for the purpose of calculating the percentages necessary for the constitution of the meeting. Although it has been excluded from the computation of the total number of shares of voting rights in accordance with the provisions of the legislation in force. For the purpose of exercising voting rights, the limitations on shareholders established in the Electricity Sector Act and the articles of association have been taken into account. Shares exceeding the legal limits have been taken into account. And all these shares will not be taken into account for the purposes of calculating voting percentages. The quorum required by the [indiscernible] company's act and the articles of association for the holding of the general meeting on second call and for the discussion of all matters included in the agenda is therefore met. [Audio Gap]

In favor of the proposals made by the Board of Directors with the exception of votes against blank votes and abstentions, expressly stated in the voting or proxy cards received prior to this AGM and votes against, blank votes and abstention expressly stated during this AGM by those attending the meeting, either telematically where the procedure established in the notice of call, or by the shareholders attending physically who must approach the notary's table for the purposes of the necessary identification. The Secretary then has the floor to read out the proposed resolutions formulated by the Board of Directors on the items on the agenda.

As the Chairwoman has already indicated, the content of the proposed resolutions to be submitted for approval of the informative matters included in the agenda are included in full in the documentation that has been made available to the shareholders. They are therefore taken as read, and I will now summarize the content of the essential aspect of each of them. Point 1 of the agenda. Proposed approval of the individual annual accounts and Management Board of Red Eléctrica Corporation corresponding to fiscal year 2021 prepared by the Board of Directors at this meeting of 22nd February 2022 and which has been duly audited by the firm KPMG Auditores. Point 2. Proposal to approve the consolidated annual accounts and the management report of the consolidated group of Red Eléctrica Corporación corresponding to financial year 2021, prepared by the Board of Directors at its meeting held on 22nd February 2022 and which has also been duly audited by the firm KPMG Auditores. Point 3. Proposal for approval of the application of the result of Red Eléctrica Corporación formulated by the Board of Directors at its meeting of 22nd February 2022 and consequently of the distribution of the profit for financial year 2021. Point 4. Proposal to approve the report of the nonfinancial information of the consolidated group of Red Eléctrica Corporación corresponding to financial year 2021. I hereby inform you that the statement of nonfinancial information contained in the aforementioned report has been subject to verification by the firm, Ernst & Young. Point 5. Proposed approval of the management of the Board of Directors of Red Eléctrica Corporación during the 2021 financial year. Point 6. Proposed appointment of directors of the company. Pursuant to the provisions of Article 197-B, Self-Capital Companies Act, this item contains 4 proposals to be voted on separately according to the following sections: section 1, to reelect Socorro Fernández Larrea as an Independent Director of the proposal of the Appointments and Remuneration Committee for the term of 4 years established in the articles of association. Second paragraph, to reelect Antonio Gómez Ciria, an Independent Director of the Proposal of the Appointments and Remuneration Committee for the term 4 years established in the articles of association. Section 3, to reelect Mr. Real Rodrigálvarez as Proprietary Director representing Sociedad Estatal de Participaciones Industriales for the term of 4 years established in the articles of association. Fourth section, to ratify the appointment of Esther María Rituerto Martínez as Proprietary Director representing Sociedad Estatal de Participaciones Industriales agreed by the Board of Directors of the meeting held on May 5, 2022, and consequently, to proceed with the -- her appointment as such for the term of 4 years established in the articles of association. Point 7 of the agenda. Proposals relating to the remuneration of the Board of Directors of the company. This item is divided into 2 separate sections to be voted on separately. In the first section, the annual report on remuneration of the [Audio Gap] the Appointments and Remuneration of the Board for the year 2022 in the same concepts and amounts as in the 2021 financial year and the previous financial years. Point 8 of the agenda. Proposal for the appointment of the auditor of the accounts of the parent company and of the consolidated group for financial years 2023, 2024 and 2025. Given that the current external auditor of the company of the consolidated group, KPMG Auditores, will exhaust in the current fiscal year, the maximum legal period of 10 years to perform its duties as external auditor, it is proposed to appoint the firm Ernst & Young as auditors of the accounts of the parent company, Red Eléctrica Corporación, and of its consolidated group for a period of 3 years, comprising fiscal years 2023, '24 and '25. Point 11. Proposed allegation for the full execution of the resolutions adopted at the General Shareholders' Meeting. It is proposed to delegate to the Board of Directors, to its Chairman and to the other members of the Board of Directors as well as to the Secretary and Vice Secretary thereof to the fullest extent [indiscernible] necessary and appropriate in law to formalize and notarize the foregoing resolutions until they are registered in the appropriate registers. Having concluded the presentation of the proposed resolutions submitted for approval by the general meeting, the Secretary will briefly report on the informative items on the agenda of the meeting.

Tenth item on the agenda. Information on the annual corporate governance report of Red Eléctrica Corporación corresponding to the 2021 financial year. The report was approved by the Board of Directors at its meeting of February 22, 2022, and communicated [Foreign Language] of relevant information. For years, this report has its own format prepared by Red Eléctrica and the report is attached to it in accordance with the official -- of newsletter 3 2021 or [ CMNV ]. The report has been prepared in accordance with the past international practices -- companies, contains an initial executive summary as well as highlighted contents on the red links to the corporate website and documents of interest to complement the information and facilitate its reading. We show the report includes the most outstanding principles and practices of the year followed by the company in matters of governance. Once again, this year, the report summarizes the most relevant aspects of the annual self-assessment process of the Board of Directors and sets out the forthcoming actions to be taken by the company in the area of corporate governance. The annual corporate governance report is available in Spanish and English on the company's website in the section containing the documentation of the general meeting made available to all of you. Next are the indication of the Chairwoman and in compliance with the good governance code of listed companies, I hereby inform you that Red Eléctrica in 2021 has complied with all the recommendations of the aforementioned code that are applicable to it with the following exceptions. Recommendation number 1, which suggests that the bylaws of listed companies should not limit the maximum number of votes that may be cast by a single shareholders has not been complied with. However, the report itself explains that all the shareholding limitations contained in articles 5 and 14 and in the sole additional provision of the articles of association, are a reproduction of the legal regime established by the Electricity Sector Act applicable to the company. Recommendation 48 has not been complied with, which suggests a large-cap company should have a separate Nomination Committee and Remuneration Committee. As explained in the annual corporate governance report, the Board of Directors did not consider this operation appropriate due to the small size of the Board compared to other large-cap companies. And also because it has considered that a single committee can fully comply with all the functions that the law and the recommendations of code attribute separate separately to one and the other committee. And with the exception of recommendation number 62, which has only been partially complied with since all the recommendations that the Executive Director should maintain ownership of the shares received as part of his annual variable remuneration for at least 3 years is complied with. However, with respect to his multiyear variable remuneration, given that the -- has to duration of 6 years, no additional commitment has been established for the Executive Director to maintain ownership of the shares beyond the aforementioned period. Point 11. Information to the general meeting and the Annual Sustainability Report of Red Eléctrica Group for the 2021 financial year. The Board of Directors of the company, at this meeting held on March 29, 2022, approved the sustainability report of Red Eléctrica Group for the 2021 financial year prepared voluntarily by the company. The sustainability report, 2021 includes the main milestones -- of Red Eléctrica Group achieved in 2021 in relation to its commitment to sustainability 2030 with the objectives linked to the four sustainability 2030 priorities of the group as well as in relation to the performance of Red Eléctrica Group in the area of sustainability, which is also related to various external awards and acknowledgments obtained in 2021 in this area. The report has been externally verified by Ernst & Young, whose report has been included as an appendix to the sustainability report 2021. The sustainability report is available from -- 2022 the sustainability section of the company's website as well as in the documentation of this general meeting made available to shareholders.

Thank you very much, Carlos. Now I will share with you some thoughts on the strategic aspects of the companies and the group's business in 2021. And then the CEO will focus more specifically on this issue. Ladies and gentlemen, good morning. All those that are following us online and are here present, I would like to say -- to greet the members of the Board and the top managers. The General Shareholders' Meeting is particularly significant for the first time in 3 years. And since I have had the honor of chairing this group, the general meeting, like the rest of Spanish societies returning to normality, a normality which will never return to normality we once knew. The concatenation of unusual events in recent years, the global financial crisis, COVID, the war has plunged us in a spiral of change at breakneck speed and certainly has become the norm and has forced us to be prepared for the unexpected. We are at a historic crossroads with current global challenges merge and compound with new difficulties. In addition to the climate crisis, the main challenge of our time, the pandemic, the progressive deglobalization, increasing poverty, the democratic -- demographic challenge, complex polarization of society's disinformation and digital security, we now face the terrible consequences of the war in Ukraine. We never imagined that we would again experience the horror of war in the heart of Europe, but we have come face to face with a barbaric scenario that has now lasted more than 100 days and whose impact is undeniable. Humanitarian crisis, geopolitical risk, international instability, turbulence in global value chains, threat of food shortages and major tensions in the energy markets that we're all suffering. These are undoubtedly large-scale elements that complete an extraordinarily complex equation that threatens to destabilize the part of recovery that began after the health emergency. At that time, the European Union and all its member states showed great unity and vision by articulating a sustainable recovery based on the dual green and digital transformation. We were firmly convinced that this was a way to a better future with a sustainable future. 1.5 years later, we realized that these 2 major transformations, and especially that our energy model, are only the -- also the only way out of the serious situation we're going through today. Because this unfair and unprovoked war had shown that the energy transition is now more necessary than ever. It is the key to Europe's autonomy and the antidote to our vulnerability. It is the fact that Europe has been brave from the outset of the aggression, reacting swiftly and firmly and defending the values it stands for through unity and solidarity. The same spirit of solidarity led us European TCOs to work in record time in March to make the emergency synchronization of the Ukrainian and Moldavian electricity systems. Undoubtedly, a unprecedented milestone to safeguard the electrical security of our neighboring people in need. During this time, the union has worked hard with one main objective, that is to armor itself against the Russian's energy dictatorship. This effort has materialized in the REPowerEU plan, which is a firm commitment to a massive and much more accelerated deployment of renewable energies on energy efficiency and diversification of suppliers. With this plan, the European Union will say goodbye to dependence on fossil fuels, consequences of which the exorbitant prices are being felt by households and businesses across Europe. With REPowerEU, the union has taken the necessary steps towards more affordable and secure and sustainable energy. Europe knows that this is the only viable way and we must all contribute to making it happen as soon as possible. And Spain, with its great renewables potential, can and should be the driving force behind this long fall energy autonomy. But this will not happen if we do not manage to increase our electricity interconnections with continent, something that Vice President Timmermans has already acknowledged as urgent because it is undeniable that Europe needs Spain and Spain needs Europe. However, even today, the Iberian Peninsula is still an energy island. Spain is facing up to this reality with a great capacity for reaction and leadership, adopting far-reaching measures such as the Iberian mechanism, which will cap the price of gas to protect all consumers, particularly the most vulnerable, a historic milestone with which Spain proved that it was right to demand changes for a pricing system that is still inefficient. However, tackling the urgent does not mean postponing what is necessary. And that's why we must not forget that we must comply with the part set out that about ecological transition. We have sufficient resources to accelerate the path in which Spain can already be considered a world leader. A solid, stable regulatory framework, thanks to an intense reform that has placed the energy transition at the heart of the recovery. And unprecedented resource is the injection of the European recovery funds funneled through the national Recovery, Transformation and Resilience Plan and strategic plans that we'll achieve will have a very positive knock-on effect on our economy. We are in a position to do so. It is time for action and business cannot shirk this responsibility. We have an increasing broadened role to play in a society that trusts us. This is confirmed by the latest Edelman Barometer, which defines as the second most trusted institution after the third sector. There is no doubt that this recognition is an immense honor but it also implies an enormous responsibility that we cannot shrink. It forces us to rethink how we serve the society that welcomes us and in which we generate well. It forces us to reshape ourselves to contribute to the great challenges. It enforces us to reformulate our purpose in order to generate value for all our stakeholders, shareholders, investors, employees, customers and suppliers, NGOs, association, administrations and in public institutions. In short, companies have to be an active part of the articulation of the new social contract that has been forged because the site will only recognize companies that truly serve it. This is a deeply rooted conviction at Red Eléctrica. For this reason, in the group, we have set a purpose that integrates and responds to the main global challenges and places our activity, assets and talent of our professionals at the service of society. With it, we guarantee electricity supply and connectivity, promoting a fair canonical transition, valuing our neutrality and contributing to social and territorial cohesion. This is the [indiscernible] guide. The road map went out last year, our strategic plan up to 2025 and in which we are moving towards with firm steps to make possible in Spain and in Europe, the necessary emerging transformation of our energy model. As TCO, we assume our responsibility to lead, and believe me, we are maximizing our efforts and facing every challenge that this task entails. The milestones achieved in the past attest to this commitment. In 2021, we have continued to drive forward the safe integration of renewables through the work of [indiscernible] and the pioneering renewable energy monitoring center now in its 15th year. In 2021, almost 47% of electricity generated in Spain was from renewable sources. This figure brings us closer to the 74% target set by the PNIEC for 2030. Of course, these records should not have been possible without the work of our professionals in the field of neutral management of access and connection permitting for new renewable facilities. The constant effort has resulted in more than 4.5 new gigawatts of these technologies and service [Audio Gap] 2021 [indiscernible] planning process in which [indiscernible], a system operator, has actively participated on what was finally approved on March 22. The result is a development process that is strategic for the future of Spain. It projects a clean and more connected and more socially and territorially collective country. Its implementation will allow renewable energies to reach 65% of the national mix by 2026. It will be launch to be essential to electrify up to 30 railway access and supply new industrial needs. This plan stands out for its innovative technical initiatives and for the collaborative way in which it will be carried out. Its design has benefited from the contribution of all public administration, sector agents, civil society and prioritizes efficiency and improvement of existing installations with greater renewable resources and less environmental impact. The approval of this plan is also great news for Spain because it will have a very positive impact on its economy. It will save the electricity system and that is consumers over EUR 1.6 million per year. It will increase GDP more than EUR 4.6 billion and will create about 80,000 jobs. Now our responsibility is to execute it in time and form for which we need the collaboration of the administrations with processing processes that are rigorous and demanding as agile. Among all the actions included in this plan, I would particularly refer to the interconnection with France via the Bay of Biscay, an urgent project with Spain. We made progress in its integration into the European internal electricity market, achieving significant efficiency for the entire electricity system and consumers. Also, noteworthy are the other renewable corridor that will bring clean energy to areas of high demand. The link that will connect the peninsula with [indiscernible] and the Balearic Islands, the interconnections between Ibiza and Formentera and Lanzarote and Fuerteventura. And the one that will connect Tenerife with La Gomera. All of these will make it possible to achieve the decarbonization targets in isolated systems as well. In 2021, we have already made significant progress in these and many other projects that our CEO will detail. You can imagine the enormous challenge of turning them from paper into reality. However, I'm expressing Red Eléctrica is committed to ensure that each and every one of the projects included in this plan is undertaken in the shortest possible time. With this goal in mind, [indiscernible] of disciplinary teams are working in the territory hand-in-hand with regional, local institutions and stakeholders. With them from close proximity, we practice a sincere active listening and put into practice an open and transparent dialogue so that our infrastructure can have the most important authorization, the social license to operate. Only then will there be useful infrastructure for the communities we impact. We are determined to achieve this, and that will be the real success of this planning. 2021 has also been a great year for the progress of the first major [ storage ] project on the island, [indiscernible] complex and highly advanced project that enjoys the technological patent and those whose commissioning will be a guarantee of safe and clean energy for the Gran Canaria. Salto de Chira is a collective effort by administration, cities and companies, which I'm sure will go down in history as a milestone in achieving renewable energy and isolated vectors in the systems. These are just some of the verticals in which the group is working to constitute of reaching new heights in our country and the whole of Europe and to which will be added in the near future the development of new vectors such as offshore wind or green hydrogen and whose deployments the TSOs can and must play a very relevant role. We also want to help in the expansion of the so-called energy communities and the collective consumption, which will offer new opportunities for well-being and development to nonurban Spain. Of course, all this work is in addition to our main mission. That is to guarantee and secure a high-quality electricity supply mandate that in 2021, we have again -- once again fulfilled with a peninsula grid availability of almost 99%. And we will continue to do so no matter what, despite some unfounded rumors about the resilience of our system, despite adverse weather phenomenon such as the Filomena Storm and despite the imponderables that may arise. The operation and transmission equipment of Red Eléctrica will continue to be at the service of Spain and the Spanish people. Together with the ecological transition, the other great pillar on which our [indiscernible] as a company rests, is the committee to extend connectivity to enable true digital transformation. The digitalization process accompanying the ecological transition and the post-pandemic recovery is one of the main drivers of competitiveness in our time. Post pandemic, it is experiencing an unstoppable acceleration, but it will not be completed without full connectivity. Therefore, the objective of REE is to contribute to this great transformation, maximizing the potential of its assets and the synergies they generate. Through Reintel, we manage more than 52,000 kilometers of neutral dark fiber-optic networks in Spain, and we have a fleet of Hispasat satellites, which makes it the third largest European operator of satellites. In 2021, we continue to make progress towards the goal set by a strategic plan of consolidating our position as a global and essential communications infrastructure operator. The agreement reached with the U.S. and KKR, which the CEO will discuss in great detail, is in response to the scope offered in Reintel, a strategic partner, adding value to the group setting communications activity, boosted its development and reinforcing the essential services we provide to society. However, the big challenge of this digital revolution is to guarantee the same effect of digital rights so that everyone can take advantage of the opportunities it offers, regardless of where they live or their resources. Because we cannot allow digitalization to be another source of inequality, it is therefore critical to extend universal and inclusive connectivity. And this mission, we must reclaim the important role that satellites are already playing. With its ability to cover large swathes of land, satellite reaches those places that fiber cannot reach, establishing themself as a powerful tool for integration. In 2021, almost 30 years after the launch of its first satellite, Hispasat is fully committed to this goal and becoming a broader and video service provider. Its future Amazonas Nexus satellite, which will cover the entire American continent, Greenland and the North and South Atlantic corridors to provide connectivity services in remote environments and air and maritime mobility service will contribute to this goal. Hispasat is developing new services such as [indiscernible] to offer Internet satellite up to 100 megabytes per second and reduce the digital divide in the entire national territory, and not only in rural home but also in activities more closely linked to the primary sector. In addition, it's to strengthen the position in the Americas, both the individual field through the incorporation of the media network business and in connectivity solutions linked to the corporate sphere. In fact, the recent acquisition of AXESS will position Hispasat as the leading operator in the region in this vertical. At the same time, the company has continued to develop intense activity with Latin American governments to implement telemedicine and tele-education solutions to guarantee the extension of these fundamental rights in the most isolated and disadvantaged areas. In what concerns connectivity, in 2021, we have also explored new fronts to put our electricity infrastructure, our support at the surface of the deployment of 5G in order to accelerate its development. A reflection of the group's progress in '21 is completed by the work we have done in the field of electricity infrastructure management in Latin America. Last year, we shared our knowledge with Peru, Chile and Brazil, our knowledge and experience in electricity transmission. We manage over 5,100 kilometers of lines -- in these three countries where as a result of our commitment to permanent, we continue to grow. This last May, we had continue to reaffirm our commitment to the region to [indiscernible] Colombia and Brazil, together with the CEO and the management team then we learned the work that we're carrying out together with [indiscernible] which will soon expand its activity by incorporating 322 kilometers of 500 gigawatt line from the company [indiscernible]. All these initiatives to which I have referred to could not have been possible without the group's firm commitment to innovation and the work and passion of our over 2,100 professionals, workers whom I personally thank for their extraordinary work, vocation and effort, demonstrated on a day-to-day-to-day basis, but also an extraordinary moment such as those experienced in recent times. Together with ELEWIT, in 2021, we have contributed to develop innovative solutions to resolve the challenges posed by the 2 missions we have in the group to enable the ecological transition and full connectivity. As a result, in last year and in 2022, ELEWIT has promoted more than 120 R&D projects. It has launched its third venture client program and with new technological challenges, expanding the corporate venture capital and has developed its first entrepreneurship to turn professors into true protagonists of innovation. ELEWIT's disruptive, open and collaborative approach was recognized by -- last February by the Commissioner of Energy, Kadri Simson, whom we had the honor of welcoming to REE where she was able to learn about the operation of the Spanish electricity system through our backup control center. All that has been described in the speech shows the impact of our activity and 2 great revolutions of our time, energy and digital. It is an impact that whatever we operate leaves a footprint of particular value because of the way we work, driven by the values that have characterized us since our foundation, neutrality, independence and a vocation for service guided by a business model that has sustainability in its DNA. Sustainability is at the core of our strategy and purpose to drive the achievement of the SDGs and the 2030 agenda. Sustainability, the way we see it, seeks to improve the well-being of the communities in which we operate through competitive social transformation, generate value for neighbors, administration, shareholders, investors, customers, suppliers, employees. It is a sustainability that fully incorporates the ESG region to make the compatible -- the development of our activity and the generation of value compatible with the protection of social progress and transparent governance. These are the main lines of debate of the sustainability conference held in Autumn '21, with which we opened up to society, [indiscernible] and business, our consideration and recovery from an ESG perspective. In 2022, we will continue to deepen this analysis and the second addition of this conference last October aimed at accelerating action for this recovery. We are certain that only this is the only way to be sustainable and profitable because there's no economic profitability without social profitability. This leadership position of our group has been recognized in 2021 by prestigious international indices such as Dow Jones, Euronext, [indiscernible], FTSE4Good and MSAE. And the sustainability permeates on our activity attended, for example of this, is this very meeting which, as in the past 2 editions, has been certified as a sustainable event by AENOR. In 2021, we have reinforced this committee with significant developments detailed in our annual sustainability report, which is presented for the first time to this Board. It is an exercise in transparency and accountability that has been in place for 18 years, making it one of the highest quality reports of IBEX 35 according to their report. We are continually working on adapting our reporting model to the new features included in the proposed EU Corporate Sustainability Reporting Directive and in defining an internal control system. Likewise, in the area of compliance, risk and internal control, Red Eléctrica has reinforced the due diligence processes with which we identify real and potential impacts of activities on human rights. We have thus anticipated the proposal of a directive adopted [indiscernible] Commission last February to strengthen the respect for human rights and the environment in the operations and governance of companies. Human rights are a fundamental pillar in which the group values are based, just as ethics and compliance are for us the cornerstone of a proper functioning of the business. Thus following the renewal 2020 of the code of ethics and conduct in 2021, and according with the directive on whistleblower protection, we have completed the implementation of tools that reinforce the guarantees for users of the ethics and compliance channel available at the corporate website and the various companies of the group. Likewise, the group's policy map has been updated to ensure the alignment of its contact with the culture of ethics and compliance and with the company's strategy. In addition, during '21, an awareness training plan on ethics and compliance was implemented in the group staff. But allow me to highlight to you a few examples to reaffirm you this exceptional performance of our group and the materialization of our commitment to ESG criteria. In the area of environmental protection in 2021, we contribute to the fight against climate change by reducing our emissions 1 and 2 by 43% against 2050. We have also taken the decision to increase our climate ambitions set in our target of reducing our Scope 1 and 2 emissions by 55% in 2030. That's aligning ourselves with the targets set at the European and national level. We have continued to promote initiatives to preserve natural capital and protect and improve local ecosystems, nearly EUR 27 million and 38 initiatives of biodiversity conservation, species recovery and reforestation among others. The firm, in our intention to go one step further than what is required, in 2021, we also made progress in our aim to turn power lines in real ecological corridors. This is what we're doing with a pioneering grid grazing initiative, a more sustainable alternate for digitation control on the power lines using indigenous sheep and cattle. The International Union for Conservation of Nature is considering including it as a nature-based solution. And for yet another year, we have continued to contribute to the protection of the environment through sustainable financing. As of March 31, 39% of our funding incorporates the ESG criteria. We were one of the first TSOs in the world to update our green funding framework to align it with the EU taxonomy. And in line with our green funding framework, we have already made 2 green bond issues, the second in 2021, which reached the value of EUR 1.3 billion. With regard to social commitment, 2021 was the year in which we consolidated our new innovation strategy. We have set out to ensure that our electricity and telecommunication networks become true networks of life so that in addition to offering essential service and to generate opportunity in all areas of top communities and having the territories where we have an impact. We have [ achieved ] this new approach in 4 pillars that combat for inequality gaps. The first agenda gap to consolidate [ career ] and effective equality of opportunities inside and outside our group. We are one of only 3 IBEX 35 companies presided by a woman. We continue to promote the leadership of our people professionals with 50% of our Board and Executive Committee and 34% of management's positions held by women. And we are also present in international and quality indexes such as the Bloomberg Gender-Equality Index and their Refinitiv Diversity and Inclusion Index. But our obsession is to continue to make an impact on this part. For this reason, we have recently approved a new integrity policy plan with new 15 measures to support core responsibility and selection hiring, training and promotion of women in sectors as highly masculinized as those in which we operate. And our intention is to tackle the problem at its root so that the participation of women in scientific and logical sectors increases and consolidates in the near future. We have just launched the RedeSTEAM initiative to promote scientific technological vocation and students in secondary education who's called for application still in process closes on June 22. I invite schools, teachers and students to find out about this competition and to participate. The second territorial divide to tackle the growing imbalance between urban and rural areas, our company is deeply committed to the implementation against depopulation. This is the case of Holapueblo, which promotes rural entrepreneurship to help attract new residents to nonurban areas or rural car, which improves mobility in areas with poor land transport services, or the Hacendera Solar in Soria, which was the first rural energy community. The third, digital device to improve the digital skills of people living in rural areas and put an end to technological exclusion. We collaborate with Acción contra el Hambre, focusing on unemployed people in vulnerable situations. And we have just launched the Eje Digital for free training in digital skills for people living in nonurban areas with the help of the Cibervoluntarios Foundation. And finally, the intergeneration gap focused on [indiscernible] young supporting their employability. We participated in the pilot program Salto del Eje, which will train over 200 young people from Campo de Gibraltar in film making. The next economic year, together with a high commission against child poverty, we're launching a program in Granada to curb early school dropout rates by offering scholarships to students. These 4 pillars comprise a new strategic policy of the company that we will continue to consolidate this year. Our aim is to carry out 11 lines of social innovation to improve the quality of life of 500 municipalities in Spain. Finally, we must talk with our robust and transparent corporate system that follows the best international practice and recommendation that ensure the good governance of the company. All our progress in this area is included in the Annual Corporate Governance report 2021. And without wishing -- going into detail, I will briefly review some of them. For -- as for yet another year, we have consolidated our sustainable engagement with shareholders by holding our regular briefings with proxy advisers. As you know as a proposal were approved at the last AGM in 2021, we have also revised the articles of association in relation to the general meeting and the regulation of the Board to adapt them to the latest amendment of the Capital Companies Act and that of the good governance code approved by the CNMV in June 2020. And we also dropped the new directors' remuneration policy effective '22 -- 2024, which was also approved by the general meeting last year. In addition, the Board has reorganized the composition of its committees to bring it in line with the latest additions while maintaining the majority of independent directors. In addition, at the beginning of this year, the Board approved an action plan to promote the protocol for the relationship of directors with the professionals of the group companies in order to continue with the process of cultural transformation and development of talent. We have also carried out a new annual [indiscernible] approach of the Board of Directors with an independent external support with a corresponding annual plan that has been approved. In addition, the Board has updated its committed [indiscernible] to the contingency plans for the succession of the Chairman and CEO, the induction plan for new Directors and the annual program Board activities. It has also reviewed and updated the compliance comprehensive risk management, corporate reputation and sustainability policies. I will end this chapter by highlighting that as you are aware and as stated in the agenda, the Board has proposed to this General Meeting the reelection of 3 Directors of the company. Socorro Fernández Larrea, Antonio Gómez Ciria and Mercedes Real as well as the ratification as Director of Esther María Rituerto, who joined the Board of Directors in the last month of May at the proposal of the leading proprietary shareholder. And the AGM still decides this Board will remain as the only equal Board of IBEX 35. All its members have the necessary experience and knowledge to continue to help our common and immediate challenges. And I'd like to send my personal thanks to those of the entire Board to María Teresa Costa Campi for her [indiscernible] qualities and professional excellency, for her dedication and hard work during the years she's been a member of our Board, which has been decisive for the success of Red Eléctrica. Ladies and gentlemen, shareholders, today, we are gathered at this meeting to talk about present and future, a present that is plagued by turbulence and constant challenges that daily put us to the test and set a new pace. And in the face of this reality, it's clear to us there's only one possible path to respond with [indiscernible] and giving the best of ourselves without deviating from the mission that gives meaning [indiscernible] to promote a sustainable, connected, prosperous, egalitarian and cohesive future. This is what we believe at Red Eléctrica. As a global manager of essential electricity and communication infrastructure, we are an active agent of this change that is already underway, a condition that we assume with a deep sense of responsibility. We are firmly determined to carry out this mission, and therefore, today, we take a step forward with a new milestone that we want to share with you. Today, we are renewing ourselves to continue moving forward and we do so under a new brand that will drive our journey in the next few years. From today Red Eléctrica Group is Redeia. This new identity takes off with the drive of the reality of our company. With Redeia, we clearly and unequivocally define and transmit who we are, a solid and diversity group, the benchmark in energy and telecommunication sectors, an international group present in Spain and LatAm and firmly committed to the progress now and in the future. A group that after successfully completing its corporate process is moving forward with the strength of its 5 companies: Red Eléctrica, the Spanish TSO; [ Reinte ], which develops our international business in Latin America; Reintel, which manages our dark fiber business and the 5G deployment network; Hispasat, the Spanish satellite company; and ELEWIT, which is now in its third year of providing its capacity for innovation inside and outside the company. This new brand reinforces our cohesion as a group and with our various businesses, separate and distinct but aligned with our purpose, which we developed through responsibility and ethical leadership in each of the areas in which we operate. Red Eléctrica is also a true reflection of our trajectory of our location for public service and commitment to the general interest. That is why we did claim ourselves as the value of what is essential. We bring electricity to all corners of Spain, public services and institutions since the end of the last century, also making possible the digital transformation of our country by providing connectivity services through our fiber optics, and more recently, the Hispasat satellites. During this time, we have shared our knowledge with Latin America and learned a great deal from the countries in which we operate, all with the commitment to -- of innovation. Because today, we're much more than a network, we are Red Eléctrica. We are [ Reinte ], Hispasat and Reintel and we are ELEWIT. We have energy, connectivity, sustainability and innovation. We have more than 2,100 talented people working every day on both sides of the Atlantic to promote well-being and social progress. 2,100 talent pool, let me now address to all of them, the people of our group, as I always like to remember, you are the soul of the company. And today, for the first time I say to you, you are the soul of Redeia. Redeia also speaks of the future of what we are doing and to be and we are going to do to build a better world. We will work tirelessly for it, guided by our strategic plan and drive the 5 pillars of Redeia, our subsidiaries, which maintained their brand. Red Eléctrica, [ Reinte ], Hispasat, Reintel, a new brand of ours, international subsidiary, and ELEWIT. Five companies that now under the umbrella of Redeia's new visual ecosystem, update and modernize the emblems with a more digital, modern, dynamic and flexible approach. But this new Redeia [ identified ] framework will not change. They remain true to the essence and measure to and with the same direction to honor our partner for the future. In short, this step towards that we're taking today neither changes [indiscernible]. The new Redeia companies are grouped in this new phase and this great mission to promote a sustainable future. Together with this new identity, we launched an innovative visual ecosystem which goes beyond the change and colors. It evokes the fluidity and dynamism of the sites in which we live. It connects strokes [indiscernible] in spite the network that saw growth and brings us together. It represents a pioneering character of our companies. This new design reinforces the strength for which we are known and recognized our commitment to sustainability and passion for innovation and focus on people. And believe me, when I say that we will work to ensure that they remain the main hallmark of Redeia's activity. This is the spirit of the new Redeia, which today more than ever places the value of the essential at the center. Thank you very much. [Presentation]

The floor is now given to the Chief Executive Officer, Roberto García Merino, explaining to the meeting the most important aspects of the management company and [indiscernible] 2021. Roberto?

Thank you very much, woman, and a very good morning to you all. Dear shareholders, it is a pleasure to address you all at this general meeting to analyze the evolution of our company in the last financial year, sharing the most relevant aspects of management in a year in which we have laid the foundations of our 2021-2025 strategic plan. And we are focused on preparing for the exciting future that awaits this great group in the coming years. Globally, 2021 has been a year marked by increasing volatility and complexity, compounded by a series of events that have added further uncertainty and instability in the market, such as geopolitical tensions, especially arising from the situation in Ukraine, the effects of the latest COVID variants worldwide as well as the rise in the prices of raw materials and fuels, especially gas, the key element in the escalation of prices in the wholesale electricity market. These events are, to some extent, slowing down the growth and economic recovery that we had begun after the crisis generated by the COVID effect. And it is at this juncture that Redeia is making a solid progress to redouble its commitment to green and digital transformation. As the only way to relaunch a sustainable, fair and inclusive economic recovery, overcoming not without effort the current circumstances. We play a fundamental role in this transcendental process of the country, and we offer you everything that Redeia stands for. Most importantly, the work, commitment and human and professional excellence of the more than 2,100 employees who were part of Redeia. The potential of our infrastructure and assets in [indiscernible] electricity and telecommunications sectors. And finally, the experience of more than 37 years as managers of electricity and telecommunications infrastructures through Red Eléctrica, which will continue to be the backbone of the electricity system in Spanish transmission agent and system operator. And as such, a key player in guaranteeing a secure, quality and increasingly renewable electricity supply. Through Reintel, as the largest provider of dark fiber in Spain being an essential element and the deployment of a new generation of universal and inclusive connectivity. With Hispasat, which with its satellite capacity, will be one of the protagonists of the digital transformation in Spain and Latin America, and a key player in guaranteeing universal connectivity and overcoming the digital divide. With [ Reinte ], our international team through which we share with Latin America all of our knowledge and experience in the energy sector. And through ELEWIT, our technology platform. We provide innovative solutions to new challenges in the field of electricity and connectivity. With this potential, Redeia believes that our contribution will be essential to make possible the road map of the national Recovery, Transformation and Resilience Plan necessary to articulate a sustainable way out of the crisis whilst guaranteeing universal access to telecommunications. In addition, the new electricity planning '21-'26, approved last March by the government, possess important challenges of the company and is a key part of our strategic plan. This planning will be essential for the development of the energy transition on the achievement of a practically decarbonized economy in the coming years. The electricity planning envisages an investment of close to EUR 7 billion in infrastructures, which will enable savings of more than EUR 1.6 billion per year for the electricity system as a whole. Part of this investment is focused on maximizing the use of the existing grid, renewing and expanding its capacity by incorporating new technologies into the system. Upgrading the existing grid will involve 8,000 kilometers of lines plus a further 2,700 kilometers of new lines and 700 kilometers of submarine cables. In the coming years, we must implement a significant number of large-scale projects such as interconnections of our countries, France, Portugal, Morocco and Andorra. The submarine links between n non-mainland systems from the development of new hubs with most of our investments being earmarked for the integration of renewables. To achieve this, we will have to evolve in a [indiscernible] transmission company, making every effort to facilitate and speed up procedures and guarantee commissioning in accordance with the needs of the system with the utmost respect for the environment. The operation of the system will benefit from the planning as we will be able to count the new infrastructures and tools to manage its day-to-day operations and continue to meet the objective of guaranteeing security of supply, taking on the challenges of integrating all these investments proposed by the new planning in an efficient and safe manner. I am confident that we will make this planning reality and fulfill Red Eléctrica's role as the backbone of the energy transition on a world reference and the safe integration of renewable energies. On the other hand, we will continue to place our telecommunications assets at the disposal of society to guarantee universal connectivities throughout our national territory, to allow access to telecommunications on equal terms in a neutral manner and to contribute to our capabilities to reduce the digital divide. These are challenges that we will tackle with the professionalism and excellence that have always characterized the team that makes up Redeia. This is the group's main asset, the talent of the more than 2,100 professionals who make it possible for this company to provide the countries in which it operates, the citizens and the productive public with essential services, social and economic development. This is what they did during the health crisis, and this is what they have continued to demonstrate on the return to normality. It has been a gradual return with strict compliance with health recommendations and in which we have prioritized the safety and well-being of employees. To all of them, thank you very much. Turning now to the management of our activity as operators and transporter of the Spanish electricity system during 2021. I would like to begin by highlighting the volume of investments linked to our activity as TSO, which amounted to EUR 425.8 million, [ 51% ] up on the previous year. One of the most important projects has been the progress of the Salto de Chira pumping station in Gran Canaria on which we have already started work. Once we obtain the declaration of general interest and the administrative authorization for this new infrastructure, which will be fundamental for the ecological transition in the Canary Islands. The Salto de Chira plant is, therefore, one of the most important projects for the company, both in terms of its importance in advancing the integration of renewable energies in Gran Canaria as well as its relevance in achieving the objectives we have set in our strategic plan. Other highlights of the year were the significant progress made on 3 new submarine links between islands: Ibiza-Formentera, Lanzarote-Fuerteventura and the connection between Tenerife and La Gomera, interconnections that will decisively improve the security and quality of supply and facilitate the progress of the energy transition in the Balearic and Canary Islands archipelagos. It is also important to highlight the progress made in the processing of the interconnection with France via the Bay of Biscay, a project of response to the need to continue increasing interconnection capacity with the European electricity system which will be key to making progress in energy union in Europe and achieving the planned decarbonization objectives. In addition to all these efforts, in 2021, we have continued to make progress in the sustainable development of a transmission grid, where we have made an investment of EUR 391 million which has allowed us to put into service 206 kilometers of circuits and 134 substation positions, largely intended for the connection of new renewable power on the supply of railway lines. I would also like to add that last April, we obtained the environmental impact declaration for the Spain, Portugal North electricity interconnection, a project declared of common interest by the European Union. We have made a presentation in the territory of the electricity interconnection that will link the Peninsula with [indiscernible]. Both projects, included in the 2026 electricity plan, are a priority to guarantee the reliability and security of supply and to promote the integration of clean energies, thereby reducing CO2 emissions and electricity generation costs, passing the savings on to consumers. For its part, the performance of the transmission grid in 2021 with very high levels of service quality. The availability index of the National Transmission Grid reached 98.5% similar to the 2020 index, which was 98.57%. Via electricity systems, the availability index of the mainland transmission grid stood at 98.48%, while in the Canary Islands and Balearic Island grids, we reached 99.21% and 98.61%, respectively. Furthermore, we can proudly say that we are decisively promoting the integration of renewable energies into the electricity system, contributing to the achievement of milestones as important as the one experienced last year, in which renewable energy sources reached the best historical record, representing 46.7% of all electricity production in our country, highlighting wind energy as the main source of generation and [indiscernible] take as a technology that most increased its production with respect to 2020. As you can see, all these facts highlight our commitment to the energy transition, which is the basis of our strategic plan and in which we will focus all our efforts to ensure that it becomes a reality. Looking at our activities in the telecommunications and international electricity businesses, we would highlight the significant value contributed to the group by our diversification businesses. The year 2021, as seen the consolidation of the Red Eléctrica Group as a key player in the telecommunications sector in our country, with Reintel the largest operator of dark fiber-optic infrastructure in Spain, now with Hispasat, they're benchmarked as a large operator with 9 satellites in orbit. In both cases, we have taken firm steps towards achieving our strategic plan. In the fiber-optic business, I would like to start by highlighting the agreement reached with the U.S. fund, KKR, for the acquisition of 49% of Reintel's share capital for EUR 971 million, a valuation with a multiple of more than 22x EBITDA, which highlights the enormous potential of Redeia's fiber-optic business, which remains the majority shareholder in Reintel. This is an agreement that reinforces our leadership position on which our partners such as KKR, with extensive experience in critical infrastructure investment, will enable Reintel to accelerate its growth by taking advantage of the multiple business opportunities expected in the telecommunications field in the coming years such as the deployment of 5G. The transaction strengthens the group's financial capacity to, among other things, develop our strategic plan on its main objective, the promotion of the energy transition for which the high levels of investment mentioned above are essential. Hispasat has also made positive progress in fulfilling its road map designed to transform the company into a provider of managed broadband and video services. Hispasat closed 2021 with an excellent performance, thanks to its organic growth and the execution of the measures envisaged in its strategic plan, among which I will mention the incorporation of a media networks business in Peru, which reinforces Hispasat's position as the benchmark operator in the video vertical in the region and constitutes the first major milestone in this program to become a satellite solutions company. The strategy that has recently accelerated with the agreement reached last March for the acquisition of the company AXESS Networks, which will consolidate Hispasat as a leader in the market of services for telecommunications operators, corporate network and public administration and government in Latin America. At the same time, the Hispasat group has become one of the main tools for universal connectivity in Spain through its wholesale rural satellite broadband service of up to 100 megabytes per second for 100% of the Spanish territory. All in all, it has been a good year for Hispasat, which had a complex time in the satellite market, and while finalizing the upcoming launch of the Amazonas Nexus satellite has achieved total revenues of EUR 181 million, 15% up on the previous year. The net result amounted to EUR 55.8 million, of which EUR 44.6 million were allocated to dividends. The telecommunications industry is moving into a transformational environment where global connectivity and the increased need for data are at the core of this change. Market growth over the next decade will be marked by the evolution of new business verticals, which will complement existing ones using disruptive technologies such as 5G. And additionally, this context of Redeia, through Reintel's fiber-optic infrastructure and Hispasat satellites, can play a particularly relevant role promoting these new technologies to guarantee connectivity and access to telecommunication services for citizens in any part of our land. In our activity as a manager of electricity infrastructures at an international level, the good dynamics in the 3 countries in which we are present, Brazil, Chile and Peru, are noteworthy. With the commissioning of the Centinela substation in Chile, which will improve the transmission greater than north of the country and favor the integration of new renewable energy projects being of particular importance this year. In addition, in the 31st of January of this year, the acquisition of a Brazilian company, Rialma Transmissora de Energia III, was completely a while ago, a company which Redeia holds a 50% stake. This transaction at 322 kilometers of 500-kilovolt lines, the company's assets in Brazil, while it already manages 1,742 kilometers of electricity network in addition to the 1,558 kilometers managed in Peru and 1,491 kilometers managed in Chile. In this context, it should be noted that investments in high-voltage grids in Latin America are particularly relevant as one of the fundamental elements in the face of the growing climate crisis. And there are areas where the degree of development is low compared to other regions of the world, especially in countries such as Brazil, where there's a strong need for investment in the transmission grid. I would also like to mention our ongoing commitment to innovation, which we drive with the help of ELEWIT, our platform for innovation and technological development. In 2021, we carried out multiple initiatives, incorporating new technologies in collaboration with start-ups. And additionally, we invested EUR 2.3 million through technology-based investment funds which, in turn, invest in start-ups of technological interest to the group. Overall, the group has made a total effort in innovation and technological development of EUR 11.4 million over the course of 2021. In this context, we have focused on launching pilot projects, particularly those aimed at facilitating the management of the electricity system in the energy transition process and those aimed at reducing the digital divide and solving connectivity problems in rural areas in order to offer greater connectivity through satellite technology and 5G. In this line of promoting innovation, we have also launched an internal entrepreneurship program with the aim of boosting the talent of our professionals, making them the protagonists of innovation and offering them the opportunity to become entrepreneurs within the group. Another of our commitments during 2021 has been to ensure the soundness and balance of our financial structure, which will enable us to achieve our objectives at the end of the period. In this regard of note was the issue of EUR 600 million green bonds with a 12-year maturity and an interest rate of [ 0.625% ] as well as the new financing for Reintel for EUR 325 million with a term of 5 years and a Euribor-linked rate. In addition, we have updated our green financing framework to adapt it to the European Union Taxonomy. This makes us one of the first companies in the world dedicated to the transmission and operation of the electricity system to submit the environmental sustainability of our activity to examination in order to assess whether it is in line with what the European Union has defined as sustainable. In this regard, it should be noted that the high-voltage electricity transmission activity is classified in the taxonomy regulation as an activity that contributes to mitigating climate change with 82% of the group's activity being sustainable according to this taxonomy. If we now analyze the evolution of our main financial figures, 2021 has been a year with a positive performance as reflected by the good results obtained by the group in the year impacted by the reduction in regulated revenue in Spain due to the application of a more restricted remuneration framework. Thus, the group's net profit amounted to EUR 681 million, 9.6% higher than in 2020 and was particularly affected by 2 aspects. The positive results provided by our diversification businesses, mainly the satellite business and the positive contribution of Argo in Brazil and the reduction in the financial results due to the better interest rates in our financing operations. Revenues for the year amounted to EUR 1.983 billion, reflecting lower regulated revenues in Spain as a result of the application of remuneration adjustments such as the reduction in the financial remuneration rate applied to electricity transmission assets going down from 6% in 2020 to 5.58% in 2021, and the reestimation of revenues associated with the system operator for the 2014-2019 period. This has been largely offset by revenues from the telecommunications activity, thanks to the contribution of Hispasat. The EBITDA evolution has been the result of this lower turnover and a certain increase in operating expenses due to the progress in maintenance work on critical assets to provide the network with greater security and reliability as well as a certain increase in Hispasat expenses linked to the development of new business lines and the incorporation of staff due to the acquisition of the business in Peru. This was partly offset by the positive performance of the results of companies accounted for by the equity method, mainly due to the contribution of Argo and Hispasat. EBIT increased by 6.8%, marked the effect of the impairment of assets in the satellite business in 2020. The financial result was EUR 19 million better than the previous year as a result of a lower average rate of [ 1.52% ] compared to 1.74% in 2020. Investments amounted to EUR 576 million, in line with the investments foreseen in the strategic plan for this financial year, showing a significant progress in those earmarked for the Spanish transmission network derived from certain acceleration initiatives that are underway. Net financial debt amounted to EUR 5,648 million, with a significant reduction of EUR 465 million compared to 2020. Its structure is characterized by a diversification of funding sources with 81% of it at a fixed rate until maturity and with a clear predominance of the euro against other currencies. In line with our commitment to maintain a solid credit rating, I would like to highlight the strength of our balance sheet with FFO net debt solvency ratios of 20.9% and net financial debt to EBITDA of 3.8x. This financial strength has been recognized by the rating agencies, both Standard & Poor's and Fitch, both giving us a credit rating of A- with a stable outlook. We already have 39% of our funding linked to ESG criteria, and we continue to work to increase this percentage as shown by the aforementioned update of our green framework aligned with the European Union taxonomy. Furthermore, 45.4% of our shareholding corresponds to the structure of responsible investors, which is above the average for the sector. In view of the above, the Board of Directors has proposed for the approval of the general meeting a final dividend of EUR 0.7273 per share out of the profit for the financial year 2021. This final dividend, plus the interim dividend paid in January of this year, EUR 0.2727 per share, represents a total amount of EUR 1 per share, in line with our commitment to our shareholders and the market. At the strategic level, 2021 has been a particularly relevant year in the deployment of our '21-'25 plan. The approval of the '21-'26 plan, the agreements with KKR for the sale of 49% of Reintel and the good development of Hispasat's strategic plan have meant the fulfillment of essential milestones to guarantee the good evolution of the group's strategic plan in the coming years. Objectively, what you note is the approval of the '21-'26 electricity plan with which we will promote the execution of fundamental actions to achieve the objectives of the plan. We will promote the investments included in this plan through decisive action in a territory, trying to speed up the granting of the necessary authorizations and transmitting the advantages of electrical installations for society. The year 2022 will be a year of acceleration in the development of the plan. We estimate that in 2022, the investments in the TSO would amount to more than EUR 500 million, continuing with the increased investment plan that should lead us to meet the objectives of the strategic plan once electricity planning has been approved. 2022 will also be a key year for boosting connectivity where we estimate an organic investment in Hispasat of about EUR 110 million. The development of the Amazonas Nexus satellite, Amazonas Nexus satellite accounts for over 80% of investments being a key year in which the satellite manufacturing process will be completed and the final launch phase will be undertaken. In optic fiber, of particular note is a plan to renew the backbone fiber-optic railway network, and we will begin to develop projects associated with the promotion of 5G technology by adapting electrical support for deployment of initiatives with mobile operators and other telecom infrastructure companies. Internationally, we will continue to develop those transmission infrastructures in which the group is already positioned with a significant volume of commissioning estimated by the end of the year. In short, 2022 will be a year of significant process of a strategic plan in which important milestones for the group will be addressed, which will consolidate the good starting position to ensure compliance with our commitments. Concerning the objectives of the '21-'25 strategic plan, after the first year of the plan, we continue to maintain the commitments made in February last year. The most important of these is the implementation of a EUR 4.4 billion investment plan, 75% of which will be allocated to the transmission grid system operation and storage facility in Spain. Based on management, based on operational and financial efficiency, we maintain a target EBITDA margin of 70% in 2025 with solvency ratios of net debt to EBITDA of less than 5x and operating funds debt of over 15% and with the objective of maintaining a solid credit rating during the period. And finally, we will take into account a retribution of EUR 1 per shareholders and at least EUR 0.8 in the period '23-'25. As mentioned, Red Eléctrica will be the backbone of the energy transition in Spain with a strong investment plan marked by the PNIEC and the '21-'26 plan. In addition, the impetus given by strategic plan, both from the telecom and international spheres, would allow the group to be in an unbeatable position in 2025 to address the major challenges we will face in the coming years in the electricity and telecom fields. This is our commitment and we will work hard to meet the objectives we have set ourselves and to make the pillars on which our strategic plan is based a reality. Thank you very much.

Thank you very much, the CEO. And according to the agenda, we will now open the floor for the shareholders to speak. I'm informed that there are no questions raised by shareholders through the telematic assistant platform neither do we have interventions of physically present shareholders. Since there are no questions of shareholders or proxies physically present, we will continue with the development of the meeting. As the Secretary has already read out the essential aspects of all the proposal resolutions submitted for approval at this meeting, I hereby inform you that the period of shareholders present or represented to exercise their voting rights through a telematic assistant or physically present at this meeting is now closed. As you know, we will now -- the term for voting were opened last May 22. Now we will now inform the general meeting on the results of the vote and the proposals submitted to this meeting. Next, the Secretary will refer to the voting on the proposed resolutions submitted by the Board of Directors to this AGM.

Thank you, President. We have submitted to -- to vote separately on each of the proposed resolutions in accordance with the item and section of the general meeting, which I read to you a few minutes ago. Since the majority of shareholders present and represented have not expressed any objection, all the proposed resolutions are considered to be read out in full. In view of the information provided by the Secretary on the votes cast by the shareholders, I hereby inform you that all the proposals by the Board of Directors have been submitted separately to this meeting have been approved via sufficient majority in each case. I would like to inform you that today, we will publish on the company corporate website the percentages and number of votes in favor, both against, abstentions and blank votes that have been reached in the voting of each of the proposals that have been just approved by this Ordinary General Holders' Meeting. Once all the items of the agenda have been dealt with, the notary will proceed to authorize the minutes of this general meeting, which in the next few days will be available to all shareholders. In this way, ladies gentlemen, shareholders, I would like to reiterate my thanks and those of the entire Board for their participation in this meeting, both in person and virtually. It's a very special meeting for this group, which today begins a new era with its new identity that is Redeia. Redeia expresses to the world who we are today, a large global group with a clear and transcendent purpose that is tangible in every project and initiative. Redeia is the impulse with which we're going to make possible the next few years a green and digital transformation in Spain and Latin America through which we have already moved and whose absolute necessity has become even more evident in the current international situation. Redeia's impetus with which we'll continue to strive to demonstrate that the economic and business development can and must be compatible with social progress and the defense of the environment with which we will continue to fight for real and effective equal opportunity and continue to strengthen ties with the communities served by our infrastructure. So these are the [indiscernible] lines with which the new brand merges to show that Redeia is sustainable energy and universal connectivity. It is the future that we want. A future will be for everyone. This is the spirit of the new Redeia that we present to you today of its 5 leading companies and of the more than 2,100 professionals that make up this great family and to whom I now address. Without you, Redeia, Red Eléctrica, Reintel, Hispasat, [indiscernible] and ELEWIT would not have reached the point and only with you, they will advance along the path we have set. To all of you, thank you. You are an example of professionalism, passion and dedication to service that inspires us all. Now it's the time for action, let's put the value of the essential epicenter with Redeia. Thank you very much. This Ordinary General Meeting of Red Eléctrica Corporación, S.A. corresponding to the 2021 financial year is now closed. [Statements in English on this transcript were spoken by an interpreter present on the live call.]