Good morning, ladies and gentlemen, dear shareholders.
Welcome to the general shareholders meetings of Cellnex Telecom that we hold in the second call. There has been a call for the approval of the annual accounts of fiscal year 2022, and the rest of the items in the agenda. I would like now to give the floor to Mr. Secretary, so he can read the call of the meeting with all the figures of participation.
The board of directors of Cellnex Telecom has referred to convene the general shareholders' meeting through the issuance of that call in the website of the CNMV and the company's web-website, and also in the newspaper, Expansión. Given that the call is long and known by everybody, unless someone suggests it'll be considered read. Agreed? Yes.
According to Article 12 and following of social bylaws, the participation of today's shareholders meeting can be done through telematic means. In the call, we have the process to be able to use these procedural. It's also been published in the website, where you can find all the instructions to participate by electronic means. It's also mentioned the right of shareholders to have all the documents, and they have been delivered to those who have requested them. In any case, all the information being published in the website of the company, it's been available for the shareholders since this general shareholders meeting was convened. They have also, those who have got present, have received a copy of the call. We have Mr. Notary Public, Segismundo Álvarez Royo-Villanova .
There has been called to create the minutes of the development of the general shareholders meeting in accordance to Article 203 of our national law. In accordance with the bylaws, the table of the shareholders meeting of Cellnex, SA, is open, made up by the President, Ms. Anne Bouverot, the CEO, Mr. Tobias Martínez, the Secretary, myself, Jaime Velázquez, as well as the Deputy Secretary, Ms. Virginia Navarro, and the Notary Public. As President and Secretary of the board, we will have Ms. Anne Bouverot and myself. Provisional quorum at the start of the meeting is as follows: 395 shareholders at present are represented, owners of 591,074,000 shares, that account for 84.66% of the equity of the company.
Taking into account the data read by the Secretary, the General Shareholders Meeting is now declared open in a second call. We'll include my presentation and the CEO's presentation, and a Q&A session for those shareholders who wish to participate. To the shareholders who want to participate, I would like to ask them, from now till the end of our interventions, please provide your card to the personnel. Those who are going to participate by electronic means have been able to ask the questions through the electronic platform, and they will be able to keep on doing so till 12:00 P.M. today, as can be read in the call.
As Mr. Secretary mentioned, we have the Notary Public, Mr. Segismundo Álvarez Royo-Villanova. He will be creating the minutes of the session. I will now give the floor to Mr. Notary Public.
Good morning. In accordance with the requirement of the board of directors, I will create the minutes in accordance with the pertinent law. I would like to ask all the participants if there are any reservations on the words expressed by the Secretary and the President on the number of shareholders present and the present capital of the company. No reservations or claims? No.
I would like to take the opportunity to mention that in accordance with the present regulations, if you want any other observations to be included in the minutes, I would like to request you to be mentioned expressly. And please make a brief summary of the intervention. Thank you.
Thank you, Mr. Notary Public. I would like to start with my presentation. Dear shareholders and dear colleagues from the Board of Directors, dear Cellnex friends that are here with us today, it's a pleasure to be able to address all of you in this shareholders' meeting, in which we will request you to approve the accounts of 2022, as well as all the other items in the agenda that will be detailed by the Secretary of the Board.
Please allow me as well to welcome all those who follow us via streaming. We provide the possibility to participate to a wider range of shareholders and stakeholders of the company. This is my first intervention in the board as a president of Cellnex, that's why I would like to introduce myself briefly. My career has been developed mainly in the telecommunication sector. With an international and operational profile, including four years as the general director of GSMA, an organization that, as you well know, organizes every year the Mobile World Congress in Barcelona. I am a member of the board of directors of Cellnex since 2018, in the past few years, as well as my responsibilities as director, I've had a chance to participate actively in the Audit Committee and in the Risk Management Committee.
It is truly an honor to, now be the president of the Board of the leading operator of infrastructure communication towers in Europe. I do so with a commitment, with a project that Tobias and his team have refounded in 2015, and I have the will to work jointly and aligned with the Board and the Management of the company.
In this meeting, we hope to receive your approval of the 2022 accounts. First, I would like to present the highlights of the year. 2022 has been a very different year in Cellnex's short history. Since its IPO eight years ago, the company has enjoyed a remarkable growth trajectory. Cellnex has grown from a Spain-based operator to become Europe's leading independent tower company, thanks to the backing of capital from shareholders and the debt market. In that time frame, the company has multiplied its market value almost 10 times. Yet, 2022 came with many challenges, starting with a more uncertain economic environment. The Russia-Ukraine War sent shock waves across economies still recovering from the pandemic.
Rising inflation prompted the Federal Reserve to raise rates for the first time in March of last year, ushering in what many have called the sharpest tightening of monetary conditions since the 1980s, and more risk aversion amongst investors. Of course, the European Central Bank followed suit. More recently, we have seen tensions reemerge in the financial sector that may affect the development of credit markets. Inflation looks to stay above central bank targets this year, which in turn means interest rates could remain at relatively high levels in Europe for a bit longer than expected. In line with the global sector, the substantial change in our outside environment affected our share price in 2022. Since the start of the year, however, our share price has risen 23%, outperforming both the IBEX and the wider sector.
If I look at the evolution of the tower industry, 2022 also saw a strong evolution of our industry. Both Deutsche Telekom and Vodafone divested a substantial stake of their tower subsidiaries following Telefónica the previous year. Almost 70% of the total telco tower portfolio in Europe is managed by infrastructure companies like Cellnex, and that is up from 10% in 2015 when we first started. After years of M&A, we believe that the era of tower outsourcing is over for now, even if at some point, we also believe that further consolidation could happen. Given all these factors, it became clear that Cellnex needed to adapt to this new environment.
In November, we made an important announcement to refocus our strategy from growth through acquisitions, to focus on organic growth and the potential of the businesses that we acquired over the past years. As part of this next chapter, we have changed our capital allocation policy to prioritize cash flows, and we are doing that in order to reduce debts, and we aim to obtain our second investment grade debt rating from Standard & Poor's no later than 2024. With free cash flow set to break even by the end of this year, our expectation is to have more cash flow available for distribution, and we would consider an increase in dividends and/or share buybacks once we have achieved investment grade. A strengthened balance sheet will also ensure that we are prepared for future waves of growth in the sector.
All in all, we are excited about this new strategic cycle, and the Cellnex leadership will work to share more about this in the near future. Despite the challenging environment and volatility in our share price, we met our guide, our guidance for the year 2022 by focusing on organic growth and integrating our past acquisitions, including, of course, the purchase of Hutchison's assets in the United Kingdom. We also completed the acquisition of Hivory in France, of the Hivory assets in France, and we continue to execute on the agreed assets disposals. Our Spanish team also succeeded with two major milestones: the extension of our service contract with Telefónica for another 30 years, and with the Spanish public national broadcaster, Radiotelevisión Española, for another five years. All in all, we're very pleased with the strong growth achieved in all key financial indicators.
Revenues, EBITDA, recurring levered free cash flow per share, grew close to 40% in the year. These figures, of course, reflect the consolidation process within 2022 of the deals announced in 2021 and completed in 2022. Importantly, we also experienced significant organic growth between 5% and 6%, and that makes for a more balanced growth profile in line of our strategic evolution. Moreover, Cellnex continued to show resilience in the face of macroeconomic volatility. The company has very long-term contracts, most of which include consumer price index adjustments to pass on a significant part of any inflation costs to our customers. While this has served us well, we also have had to manage our own costs carefully, as those have been under inflationary pressure as well.
Let me stress here that committed, very long-term contracts with our customers amount to more than EUR 100 billion. A very clear testament to the strength of the company. As I mentioned earlier, rising financial costs have also affected Cellnex, but impact has been limited since we have locked in fixed interest rates for most of our borrowing for the foreseeable future. Cellnex has continued to grow in 2022, adding 10,000 new sites to our portfolio, bringing us to a total of around 111,000 operational sites for the group, and above 130,000 sites if we include all the build-to-suit commitments to 2030. As in prior years, the company is maintaining its employee ownership program available to most of the group's employees.
The company also paid out the dividend amounts of over EUR 36 million for the year 2022 in two tranches, in line of with our policy to increase the dividend annually by 10%. We're maintaining this policy for the coming year with another 10% increase. As we previously indicated, we will aim to review this policy once we reach investment grade status. We have also carefully set the executive remuneration to ensure it is fully aligned with the company's objectives, be they financial objectives or ESG objectives, and of course, aligned with the new strategy and the capital allocation framework, both for short-term and long-term incentives. Regarding management remuneration, it is worth highlighting that the company has delivered on all its annual bonus targets for 2022.
We have also established a new long-term incentive plan for 2023- 2025, which aligns management incentives with objectives of the next chapter. We're now nearly halfway through 2023, and our fundamentals remain very strong. Our customers are continuing to see exploding demand for data, and they need to upgrade and grow their fixed and mobile networks. We continue to see growth in our business, driven by the rollout of 5G networks and services. 5G rollout, indeed, in Europe, continues to present significant both co-location and build opportunities for Europe's tower scores, and fiber to the tower is also becoming increasingly important to deliver on the low latency of the technology.
As you well know, 5G networks are denser, and they require more sites with increased demand for towers, rooftops for small cells, and for other locations. As a result of that, mobile network operators will need to invest significantly, to continue to invest significantly in their networks to manage this growth. In this environment, a neutral and independent and strong operator like Cellnex will continue to play a key role. Our purpose reflects our dedication to our customers, but also to our employees, to our shareholders, to our partners. We provide infrastructure services, which, through our clients, serve more than 250 million people in Europe.
With our next chapter, we seek to maximize the growth of the group's cash flows. We aim to ensure that the group's fundamentals, both financial and non-financial, can sustain and increase the value that the market assigns to our stock. We're confident that investors will recognize the value that Cellnex brings and as we continue to execute our new strategy. Please allow me to now comment briefly on our corporate governance. We currently have a shareholder base of close to 30,000 shareholders. Three of our largest shareholders, Edizione, GIC, and TCI, who together hold almost 25% of our share capital, are represented on the board. We are grateful for the strong shareholder loyalty that we enjoy with some of the world's leading investors as our shareholders, who wish to continue to contribute to the development of the company.
At present, our board has 11 directors who are well qualified to contribute to and maintain oversight over the management team. In order to further reinforce and improve this oversight role, in the context, as I explained, of a new strategic chapter for the company, we are submitting for approval at this AGM, the enlargement of the board to 13 directors. This is already allowed by our bylaws, this is in line with IBEX 35 benchmarks. Thus, we're making sure that we have the right size and the right skills embedded in the board to properly attend to our supervisory tasks and role. If the AGM endorses this proposal, the two new seats on the board would be filled by Dominique D'Hinnin and Oscar Fanjul as independent directors. The final structure of the board would result in three proprietary directors, nine independent directors, and one executive director.
We are proud of the board's composition because it stands out both for its independence and its diversity. During 2022, the board and the management team have worked closely together to set and refine the strategy for Cellnex. This is a continuous process which we have institutionalized in the form of an annual strategy retreat that we hold and where the board and the executive team discuss and agree the company's roadmap. As you know, also, the board delegates some of the more detailed work to two board committees, the Audit and Risk Management Committee, as well as the Nominations, Remunerations and Sustainability Committee, which are both chaired by independent directors. I'd like to comment on some changes to the board since our last shareholders' meeting.
We're continuously striving to update and strengthen our governance. We have appointed three new board members since the last shareholders' meeting. Later in this meeting, we will have a vote to ratify two new independent directors, Ana García Fau, who was appointed member of the board in July 2022 and chairs our Audit and Risk Management Committee. Maite Ballester, who has been appointed board member this year on April 26th. Furthermore, we will ask you to ratify Jonathan Amouyal as new Proprietary Director in representation of TCI. As the Secretary of the Board will explain in the final part of this AGM, today, we also submit to your vote the proposal for re-election of two other directors: Marieta del Rivero, Independent Director, who chairs our Nominations, Remunerations and Sustainability Committee. Christian Coco as Proprietary Director in representation of Edizione.
I cannot close this chapter without a special comment on the proposed nomination of Marco Patuano as the new CEO of Cellnex, with effect as from June 4th. Marco will assume this role after the approval of this AGM and once Tobias Martinez has stepped down from his current CEO role, effective on June 3rd. On behalf of the entire board, I would like to endorse Marco's nomination as the new CEO of Cellnex. His appointment is the result of a thorough and comprehensive recruitment process that we launched in January, right after the announcement of Tobias's decision to step down as CEO. Marco is an experienced and respected leader with a deep understanding of the dynamics of the telecommunication sector and an in-depth knowledge of the tower ecosystem in Europe.
He has more than 25 years of experience in telecoms, with roles such as CEO of Telecom Argentina, then at Telecom Italia as Chief Financial Officer, then Chief Commercial Officer, then Chief Operating Officer, and then CEO for five years. His career has spanned a number of markets in both Europe and Latin America. During this time, he also became a board member of GSMA, where I personally had the opportunity of working with him. Marco also has first-hand experience of Cellnex's development so far as Cellnex's Non-Executive Chair between 2018 and 2019.
He knows the Cellnex executive team well, which will be decisive in the rapid adoption of the roadmap announced by the company in November 2022 as part of the new chapter, with a focus on organic growth, relationships with our key customers, and strengthening the balance sheet to underpin an investment-grade rating. We are looking forward to supporting him once he takes on responsibility for delivering the next chapter of Cellnex. Marco and Tobias have committed to working together in the coming weeks to ensure a seamless transition after the general meeting. Thank you, Tobias, for your support, and Marco, I would like to wish you a very warm welcome. Let me now move to the ESG chapter of my presentation.
Cellnex continues with the execution of its environment, social, and governance policies. We are pleased that ESG factors are becoming an integral part of the corporate strategy and the day-to-day management of all of our business units. Management's variable compensation depends on its performance in its regard, with 20% of the annual variable compensation in 2022. We also continue to pursue ESG training for the board and for top management to raise awareness and provide up-to-date knowledge and insight in these important subjects. Our 2021, 2025 ESG master plan identifies specific objectives in six areas that link to environment and climate change, to social impact and good governance, and of course, that correlate with the United Nations Sustainable Development Goals.
In 2022, we made good progress, and I would like to particularly note the progress to reduce emissions related to our business, because we are on track to reach carbon neutrality by 2035 and net zero by 2050. As part of the midterm review of our ongoing ESG master plan, we performed a double materiality analysis during the second half of the year. This enabled us to assess the company's impact on our surroundings and review how certain factors, some of them financial, some of them climate change-related, impact our activity in order to come up with the next version of this plan. This analysis, of course, involved all our key stakeholders in order to understand the value chain factors and that have the greatest material impact.
Our activity is evaluated and rated by main sustainability ratings, such as the Corporate Sustainability Assessment from S&P Global, in which Cellnex has continued to improve and consolidate its leading position among telecommunication operators for yet another year, being able to get into the 2023 Sustainability Yearbook as company member. We're also evaluated by CDP, which at the end of the year, confirmed our inclusion in the exclusive Climate Change A List, and by Sustainalytics, FTSE4Good, MSCI, and Bloomberg Gender-Equality Indices, in which we have also continued to strengthen our rating. We're very pleased with this, and we are committed to continuing our work in this area. Let me now say a few words about the Cellnex Foundation. This is a key element of our social strategy.
In addition to reinforcing our commitment to connectivity as an element of cohesion, it allows us to go one step further and contribute to a better connected and socially inclusive environment. As an example, in 2022, we launched the second edition of Cellnex Bridge, our startups accelerator, which aims to reduce the digital divide through connectivity. We have both broadened the scope and duration of the support for companies, and similarly, we have extended the Youth Challenge. We have extended this volunteer program to five countries to help reduce school dropout rates and improve employability among young people at risk of exclusion. We have reinforced the corporate volunteer programs, which already involve the participation of over 240 Cellnex professionals.
I would like to take this opportunity to thank Lluís Deulofeu, who was instrumental in the creation and development of Cellnex over the years, alongside Tobias Martinez, and is now the President of the Cellnex Foundation. Let me now share a short video with a snapshot of the Cellnex Foundation activities.
I would like to finish, to wrap up my intervention in this general board of directors by appreciating the labor done by Tobias Martinez over the past eight years in the transformation of Cellnex since inception into the market in May 2015. Thank you, Tobias, for having able to capturing and anticipating the opportunity that this European market gave to the towers and infrastructures operators in the telecom sector. This, your anticipation has been able to offer us to have created the very first European operator within our sector. Eight years after our trading in the stock market, what was initial challenge into new industry in Europe, has been developed, consolidated and sustain effect successfully.
Thank you, Tobias, for having able to create this marvelous team with determination, energy around, and conduct is also close, near, nearness, tact, and sensitivity as some service employees do really know. Under your direction, this company has been able to be built upon financial, industrial cooperation, strong proximity with our clients and customers, operators in the telecom sector. By knowing that it's through them, we are able to pay a service to all the society. By maintaining connectivity infrastructures, generating opportunities to get people close to each other. Thank you, Tobias, for your continuing commitment to the board of directors of Cellnex. The past years have been marked by a corporate government, supported and directed within management team, through this transformation travel.
Thank you, Tobias, for being able to be the leader that we needed for this great project since its inception and for your impressive development over the past eight years. We are very aware that we take on a great responsibility by giving continuity to this project that is yours, with personality and with great excitement. We'll miss you, that we know that Cellnex Bridge will continue with your project, effort, and collaboration. Thank you, Tobias.
Thank you for your attention. Now to hand over to Tobias. Thank you.
Good morning, everybody. Dear shareholders, dear colleagues, and the board of directors, executive team, friends, 'cause I cannot call them advisors, they're friends. All those of you who are here today through streaming, welcome. Welcome to the general shareholders meeting of 2022. Thank you very much for being here with us. We are very happy to see a full room today, and knowing that there's a lot of people who are following us via streaming. As you can imagine, today is an important shareholders meeting, even more so for me. We are going to go ahead now and start the presentation. My interpretation is going to be based on three different parts. One, of course, has to do with figures in a general shareholders meetings indicators, key indicators and magnitudes of 2022.
Of course, we'll be talking about the results of the first quarter, 2023. Given that we are holding this meeting in June, I'm going to take the opportunity to provide or express the results of the first quarter, 2023, and then I will be talking about the long-term view, a way to look forward and into the future. If I may, let's start with the key indicators of the activities in 2022 that are linked to the figures you saw in the president's presentation. Well, income reached almost, who was gonna say that we're gonna close this year with almost EUR 3.5 billion in revenues, with an increase that's close to 40%?
Compared to the previous year, gross margin, that's a bit above EUR 2.6 billion, and a free cash flow, a recurring free cash flow of EUR 1.3 billion. All those magnitudes, around 37%, 38%, 39% growth compared to the previous year. If we talk about activities and not just indicators or financial indicators, we can see the evolution of our points of presence in our infrastructures. They went from almost 135,000 points of presence to over 147,000. We should remember that out of those 110,000 the president mentioned in her presentation, we started with not over 4,000 in Spain.
We'd also like to highlight organic growth, that shows a growth of 6%, and now we are almost reaching 143,000 points of presence. If we take a look at the our P&L, we'll be able to see that this EUR 3.5 million can be divided in three main lines. Of course, telecommunication infrastructure and services are the ones that show highest growth. We're talking about almost EUR 1 billion just in telecommunication services. A radio infrastructure, a mature business line that's still being resilient, and it's contributed with EUR 224 million to our income. Network and connectivity services, as many of you know, they're very closely linked with security and emergency services that provide over, well, around EUR 112 million.
That's how we get to this almost EUR 3.5 billion operational costs. That shows us an EBITDA of EUR 2.6 billion. Non-recurring impact, adjusted impact, amortizations, as you can see, grew by 38%, also aligned with the growth of our income, EBITDA, and the recurring leveraged cash flow. Amortizations here also have a strong growth of 38%, and financial costs. Financial costs that went from EUR 605 million to EUR 729 million, shows a growth of 20%. All of those figures gave us a negative net result, but lower than the previous year. We were at EUR 363 million of losses in our books, and now we are at EUR 297 million.
It is also true that you will see that this path of negative results will be reduced as amortizations grow, but they will be lower than what we have seen in the past few years, in which we've grown through acquisitions. We should also take a swift look at the company we had back in 2021. Well, we were basically a company in which, I mean, 90% of our income came from telecommunication services, audio visual broadcasting infrastructure is 9%. Please allow me to briefly mention that in 2015, when we started, that 9% was 90%. The transformation carried out by the company in the past eight years can be clearly seen here. Connectivity services and emergency services are between 3% and 4% this year.
Of course, it's not the same to have 90% of telecommunication services on EUR 3.5 billion, or That comes from EUR 2.5 billion. That's the figure we had last year or the previous year. Cellnex is not just revenues, EBITDA, and free cash flow. It's also a European, international European structure, a consolidated platform in 12 countries. If we go back in time, and as I mentioned, only 45 days prior to our IPO, we did our first international deal in Italy. Today, we are present in 12 countries. Today, Italy and France are at the avant-garde of contribution to our EBITDA by country, also Spain.
Of course, if you take a look at it, Italy is still 20% after growing EUR 700 million in EBITDA, and France went clearly from 20%-26% on an important figure. The rest of the countries are also growing, but of course, these three countries are the ones that are leading the contribution to our EBITDA by country. We're going to take a look at investments, seems that we must do it, not just given the context. We are talking about inflation and interest rates and the cost of energy, inflation, war. At the end of the day, what does that mean? It meant we'll pick our investments more carefully, but we must not think that there are no investments.
We just have to be more careful in picking the investments. The company invested EUR 7.5 billion in a year in which inflation in many countries was two-figure inflation, and Cellnex kept on complying or meeting its commitments, developing infrastructures all around Europe. Just in some of the deals we were closing, M&A and growth deals, we had EUR 4.8 billion. I mean, that's easy to say. The most relevant deal was the integration of the infrastructures in the UK with CK Hutchison. Just to remember, they outsourced 100% of their infrastructure with Cellnex, 28,500 infrastructures, development of the agreed for the next seven years, and we still have to close that deal in the UK.
Those EUR 3,561 million, you can see here, were partly paid with Cellnex shares, as agreed with the client, but it was also approved by the general shareholders meeting, that approved it as well. We also closed a deal with Iliad, almost EUR 1 billion, and with other clients as well. As I mentioned, it's very. I mean, all these, all our M&A deals are quite appealing and can bring about some headlines in the media. We had, in 2022, we have this investment figure with the construction of new infrastructures.
New infrastructures that aimed at improving the capillarity and the coverage of infrastructures, to be able to develop the 4G grid, but also to develop the deployment of the 5G investment in organic growth with our clients. EUR 350 million, besides this EUR 2,133 million, that we consider expansion CapEx. These expansion CapEx is, well, all the CapEx that's linked to growth projects that also deals. It's not, or there are no, not linked to M&A contracts, but we could be talking about bringing optic fiber to the towers or projects to develop small data processing centers to get ready for the 5G network.
well, 120,000 or 130,000 towers, as we've planned in the following years, require around EUR 100 million for maintenance. Of course, it's not just to dust the towers and paint them. When we're talking about maintenance, we're talking about batteries, we might talk about equipment, we talk about axes, power, and many, many devices that allow us not just to cater for the needs of telecommunication services, but also to provide emergency systems that require a very high availability, as you can imagine. I think it's important to talk about debt and liquidity. If I make a brief summary, we mentioned earlier that the company has invested around EUR 40 billion in these eight years.
I must say that out of these, EUR 40 billion, almost, or the most of them have been invested in the first five, six years. The first two years, didn't have that, level of investment in acquisitions. Out of those EUR 40 billion, we have, financed, I don't always remember that, but EUR 15,000 with a new equity. The company did, for, four capital increases, it would have grown fast, and we have done many difficult things, because we didn't know they were possible.
The financial director here, we leave all the least, well, the last amazing period, and we were able to convince, because not just executing them, but you have to convince all your investors to go with you in this investment, and we were able to get those EUR 15 billion. As I mentioned, EUR 15 billion were funded by, well, through new equity. Sometimes we get the feeling or we oversimplify the debt level of the company, which is, well, the level that we've got. We must not forget that we have had an important part of that debt that has been done through equity.
Almost 50 each, it's 50 debt and 50 equity, and the difference to those EUR 40 billion came from our the cash flow we generated by the business in the past eight years. This is a summary beyond what we can see in this slide, and it shows what I like to call a healthy growth with a combination of equity, debt, when the interest rates were close to zero or negative rates. It didn't seem to be a bad decision, and obviously, reinvesting part of those that cash flow in an activity that kept on growing and that's still growing. Where are we now? Well, now we are at this EUR 18 billion of debt that I mentioned, plus EUR 1.1 billion in treasury. That's about EUR 17 billion of net debt. These...
It's EUR 18 billion minus EUR 1 billion, and our liquidity, which is also important. We have EUR 1 billion in treasury, plus EUR 3.3 billion in credit lines that haven't been used. Liquidity capacity by December 31, 2022, was almost EUR 4.5 billion. That's very clear in with the payments and the needs and the requirements, and that the company had and has. I believe that, after looking at these figures, we can say that it's been a year of growth, or at least, that's what I understand, with growth of 37%, 38%, and 36%. Obviously, a big part of that growth was, well, came through M&A, acquisitions and all the mergers we have carried out.
I believe it's also important to mention that there's a very important part that comes from pure organic growth in Italy and Portugal. It came through the appearance of new operators in these two countries. We're talking about Iliad, a partner, not a client. They're important partners for the company now. In many countries, in France, in Italy, in Switzerland, Poland, well, we are mutual strategic partners, and now they have entered Italy, and they have pushed farther the use of our infrastructures.
We're the main partners in the network development in Italy, likewise, in Portugal with Digi, very well known in Spain as well, where they are one of the operators that are growing most in the market share in broadband. They have chosen Cellnex as the trusted partner to develop their infrastructure in Portugal. We feel extremely proud about that. I want, well, repeat the expansion of contracts with very important clients for the company, not just given, well, the business figure we've got with them, but also for the long history we have with Telefonica and with the national Spanish broadcaster. It's not just renewing the contracts, we're actually expanding them.
I mean, that's not done unless there is a great relationship and a mutual satisfaction and trust. Integrations are another very important item because we don't buy infrastructures, I must say. This is not about integrating infrastructures, but integrating people and integrating talent, and integrating people with different cultures, different backgrounds, and in a part of the world that's called Europe, and it's not a single market in which we have to combine and respect the local culture, we have to combine it with the culture of the company and the group as Cellnex. We have devoted a great deal of time, not just to integrate assets, not just integrating towers, which is important.
We haven't just implemented the systems to digitalize the operation of the business, but we have managed people to be able to transform an acquisition into a company and a country, so it's rooted in the land and in the long-term view. Cellnex does not go into a country to sell the company in a few years and get some benefit from it. We go there to be in a country, to be present in a country, and develop a company that can generate value for our shareholders, of course, and. By building a company and a long-term industrial model. These integrations are not just integrating asset portfolios. We have had to divest in some asset portfolios in the U.K. and France.
Well, competition authorities thought that there could be some issues, like, for example, in France, with our market share in urban infrastructures. We are developing those operations as expected. Of course, all these deals take a long time with the competition authorities until they make a decision, and then it takes time to execute as well. I must say that our sustained improvement in ESG metrics isn't just due to an annual report in which we do well in all of the international rankings. What we have done, and what we are still doing, is to embed it in the culture of every Cellnex collaborator. I mean, they need to understand that ESG is up to everybody.
It's not just something that's in the hands of the management or the person who's in charge of ESG things. Those are topics that we are starting to understand, that are part of our individual and collective behavior, or otherwise we will not be able to transform, in the positive sense of the world, the situation and the trend we have had in this area. I'm actually happy on everything that has to do with our social purpose and governance as well. I would like now to briefly mention just one slide, because those are figures, known figures, that we saw in the original presentation of the first quarter.
In the first quarter, we happened to have an M&A, we've grown 19% in income, 15% in EBITDA, and 12% in our recurring cash flow. Not bad. Almost EUR 1 billion in revenues in 1 quarter. While the points of presence have grown by around 10%, it's true that there's an important part of consolidation, effects of the consolidation of the previous years from M&A operations, organic growth has been close to 7%. 7%, we include pure organic growth and build-to-suit. Sorry for these words. The only country that's got as many acronyms in English are is the financial sector. We've got telecommunication and financial sectors, we have developed a language that nobody's able to understand.
Well, what we want to convey is that it's still pushing organic growth in the company, and in many cases, this comes through technology waves. Of course, as the development of 5G networks in Europe, it's been, I mean, if these waves were slower, well, we've seen years in which we haven't been able to see the demand we expected in the market, but we are increasingly seeing in a combination of demand, of what we call co-location services and in macro cells, but we are also seeing that in urban areas and urban infrastructures, and also in the signal, in the interest, also in the industry, when we're talking about private telecommunication networks.
Companies and the manufacturing sector and big corporations are trusting our technological skills and infrastructure skills to be able to cover heavy industries in mining or the oil sector, and also, technologies on commercial networks, that I won't mention any brands, with whom we are developing the coverage in all and, at the most. The brands in the retail world want their clients to have indoor coverage as well. So far, so good, my friends. Let's move on to the future. Let's look into the future. When you look forward, you always need to look back in time to see where you're coming from, taking into account with humility and with pride as well.
I do really think this company is really characterized by the humility, humbleness, as great trait. Trait is to get closer to the market and the client, with the great proud of being able to say that after eight years of almost 40 buying agreements. I don't. Not to mention other projects, projected by sale, but not done. When you project a project, you did the same thing until the night before you present the linking, the law abiding offer, by executing a transaction every 40 days back in. I'm a real crazy fan. So blessed, so blessed. Crazy by taking the benefit from the moments without really think all my life. Like I said before, this is not done for free.
For, for EUR 40,000 million investments, I explained to you how this amount is broken down for you. You can see the print, the footprint. Let's say, the physical asset with which we are collaborating in digitizing not only our clients per se, but also the society as a whole. We are collaborating in digitizing with the governments in each country. France is close to 20,000 infrastructures. Italy, close to 27,000 infrastructures.
... 8,000 in the coming years, being constructed in Italy, Poland, this country, over 20,000 infrastructure. I won't enumerate all these infrastructures, all of them are important. Evidently, the contribution from each of one is important, but each infrastructure is relevant to us because some of these infrastructures have their own maturity time to acquire this dimension, and having to anchor clients per country, and country rates being relevant, important. Some countries, more youth countries with less presence in years for us, but we have identified opportunities, growth opportunities, in these new youth countries, with teams and equipments ready to roll out and to consolidate our presence in these respective countries.
I want to tell other figures that you may know very well, like I said before, sometimes we need to remember and bear in mind that the company that over the past eight years has multiplied by 8% revenues, will be the multiplied by 11% FCL, or by 9% great investments. On the right-hand side, you can see 11 countries, geographically speaking, great coverage and geography, biggest European coverage operator. In Europe, all across Europe, we have a broad European road towards Brussels, with our clients to tackle digitization in the coming years. When it comes to future, one may say, where are you based upon to protect yourself in the future? You need a supporting point to move the world around you.
Oh, let's not give a physics lesson, but can be translated into Spanish, excellent, risk profile from rating agencies, talking about the business risk profile, business risk profile. What is it? What is it for these agencies? They give us the excellent business risk profile, which means that is the biggest level, the level of risk our peers are doing in the States. By developing this activity since the very early 90s, this company has achieved a business risk profile, excellent, being excellent, in very few years, making the difference with this business thing we are seeing. What it makes difference we made during our States, is that our market has the signature of long-term contracts, what is called the backlog.
This volume of contracting, agreed upon, and signed activity, and visibility of cash flows for next coming years, routine EUR 110 billion years. We have invoiced EUR 4 billion. Let's see how long our activity will be in the coming future. The question is that all of this is not achieved without the confidence of for investors and customers. Some clients have not sold their infrastructures. These customers have outsourced these infrastructures, the nuance is very important for us. They have monetized, they have also externalized the management of key assets for them. Key assets for complementing 4G networks and to digitize and transform their respective countries, key to the development of new services of 5G, that are not only related to connectivity per se, also with the social inclusion.
I'm saying, I made it clear, social inclusion from the viewpoint of opportunities. We're seeing more and more frequently, internal migration from all countries, from the rural world, from the countryside, depopulated areas into big, big cities, Madrid, Paris, Milano, London. All these cities are growing more and more because people are looking for opportunities, better employment, options to their everyday life and education. Since surely, 5G, besides the augmented reality, besides the robotic applications, beyond the famous artificial intelligence, it is a cohesion element for our societies and to give us more opportunities in our everyday lives.
In the fact that in low-density population and rural areas, we can count on a good broadband, establishing short, medium-sized companies, and self-employees, and online workers seeking to work on areas where they can have better quality of living. The fact of population fixation in the countries. When you, when you're talking about the foundation, allow me to make this comment on the foundation. We are talking about also altruism, but also social action. I mean, social action, which is to cut down on these gaps of coverage and services, allowing us to provide opportunities-...
For everybody, for people that not living in a great city, they cannot be lay behind of this world, which I suppose is clear for all of us, that digital world, that digitization can lay society behind and split it into two parts. I'm going back to my original script, if you allow me to do so. We talk about financing coverages. I was to point out the fact that 80% of our debt is fixed debt, and bonds emissions are gonna start renewing next year. All the importance for us to this investment grade as soon as possible.
I myself, I think that for a company to be able to challenge, to give some guidances for the year 2025, when we were, you know, back in the 2021, not anticipating quite positively what changes, time frame and meteorological weather, changes back in time. We're now confirming and manifest our guidance for the year 2025, which is not a little thing. We have spoken about a new chapter. The president make it very clear. I don't want to extend myself on this, but very simply, I want to make it clear that this is not the aim of one single person or a group of people. No. This is the objective of the whole company as a whole, the objective from the board of directors.
Of course, this is the great objective of, from all the management team in each and every of the countries and from the CEO. It's very important to know or get the message across to all of you that the alignment is very important between teams, companies, countries, and whatsoever, and across each and every human organization. I want to say that it's very important to mark, to single out, and to underline that Cellnex, in Cellnex, there is a total alignment, which does not mean that we don't. We also have diverse opinions, but as every good company, we know how to find the alignment in order to reach to the objectives we have put on the table for all of us. Far, so good.
One of the keys of this success for Cellnex is not only talent, talented people, or the alignment people, or being able to be first movers, to be able to anticipate in the market and to execute our decisions well in this market. The mere fact of anticipating does not guarantee that you are going to obtain the right result. Firstly, there is a model, there is industrial model. An industrial model which is alive, and it's alive because models have to be alive. They have to be reinvented in, especially within the sector. I put an example. I set an example with my beloved colleagues and colleagues from the highways regarding the technological risks in highways. They told me that, "No, no risk whatsoever." I told them, "This is not true. The risk is that cars can fly someday," and they laughed at me.
With drones, I don't know, perhaps with drones, somebody can. Is there anybody able to make sure that this won't ever happen? The technical impact takes a lot of years to be delivered and to be adopted by the society. Perhaps in the automation world, these things take around 50 years. Within the telecom infrastructures, we are not impacted by infrastructure in very short cycles of life, where society, citizens adopt it. Adopt these technological changes very quickly. Certainly, when we put the mobile left at home, who is not going back to take back this model in line with technology? This is the successful step in technology. When you cross this line, it's unstoppable. Let's see what happens with artificial intelligence, and I close my brackets here.
Who is going to put doors to the campus site, a neutral platform? I'm saying this again, independence, independence. We want a role of infrastructure operator now managing active equipment in Poland, if they think this is a way to come, is another wave of growth. This person cannot do it if it's not from neutrality and independence. Customers and clients are the real base and support on which we are creating value for our shareholders. Since the creation value for our clients, we are able to generate value for our shareholders. Few clients, this is as a B2B business where the partnership in the long term is very important for us. I do not think, my friends, that as all companies, we are very focused on cutting down on costs and increasing efficiency.
We're running so long that we're sure that we have some opportunities left behind the path, and we can do it better with the productivity, and at a better efficient cost. We have a very good active assets. It's a goodwill of acquisitions. The goodwill, in truth, is that we are sitting in front of a client trusting you. This trust client gives you another point, because if this person trusts in your operational technological capacities, and especially in the financial area. Of course, we are going to support us on our relationship, close relationship with our clients. Like I said before, nothing of these will work, will occur with somebody making it happen, occur, and it's, and deliver that, which is the Cellnex team. So far, so good.
I would say, my friends, we have a clear organization aligned with a very, very clear proposal, and we have the real commitment and participation of all the management team, not only from Spain, but from across the other countries. We are sufficiently intelligent to be able to know that we need to adapt. To adapt with intelligence means to transform and to keep on going all this from clients, to transform what has to be changed in order to be a company, a better company for the future and adapt it to the context we are currently living in. Within this point, I have any more slides to share. This is my very last speech, I will take on and take up five more minutes, my friends, because I didn't prepare any slides.
I didn't have slides, and secondly, because everybody will allow me not to mention people with names and surnames, because otherwise, instead of taking me five minutes, it will take me a long, never-ending list to mention. When it comes to giving thanks to my friends, you need to remember everybody, not to forget. If you start giving names, you always leave somebody behind. I will avoid the great mistake of forgetting somebody. I want to thank, especially, to so many people trusting me from Virtus. We started a project. We couldn't imagine how long this project would be. Somebody gives you the opportunity. They gave me this opportunity to me. Cellnex is not being born of the day by a spontaneous generation or by accident.
Cellnex is born as a project in the year 2000, is the seed upon which new competencies, teams, and equipments were developed, knowledge were developed, and especially ambition. The healthy ambition when it comes to getting out of the environment, the known environment, what is called the comfort position, your comfort area. May God bless the day we wanted to leave our family and to fly, to fly with the same emotional links with the family. If, if it wasn't necessary, we went for tappers, tapper work, that we needed to found this, our own company, project, and I here need to give my special thanks to so many people. I'm not going to name it all.
They helped us, they didn't have it clear, me, myself, I do really understand, otherwise, I would not be here talking to you. If I knew everything, I won't be here. Therefore, so many people in the Virtus, from whom I learned so much. This is good. This was a marvelous school for me, in which I had the great opportunity to work with so many people in telecom area and also at Virtus Corporation, which allowed me to be able to deliver this product. I never thought of it as being so quick in the development, one of their virtues was the fact of understanding the moment when the wave is moving forward, you need to benefit from this opportunity. Here, my deepest thanks.
My deepest thanks to all the members of the Board of Directors now present here. I do really give my welcome to Óscar and Dominique D'Hinnin Jonathan Amouyal, and like as well, I do really think we have a marvelous Board of Directors to tackle all the future. The finances is very important for me to have a good Board of Directors, my friends, aligned with management CEO, in order to be more efficient and to be able to reach and deliver on all objectives. I do really want to give my deepest thanks to everybody here. Some of them are missing, but some others went through here and, but they gave us also their collaboration. Thanks to them, not missing here. Cellnex is what is here, great project.
Especially, my deepest thanks to all collaborators, employees, workers, with whom I can create my own rock and roll group with you after so many years working with you, especially with some people. You don't know how. What else you can share. You're sharing more with them than with my own wife. You are my family. In the very end, my employees are more famous in my home than my own family members. My family members know you much better than me. A marvelous trip, marvelous travel. I learned so much from you, my friends. I met the soccer hooligan from. I like the bar stand. These players have made me be a better person.
I do really say with satisfaction and proud, this team has made me be a better person. Many thanks to all of you, having been with me throughout this voyage and adventure, because I do really think we have created something we are very proud of. It's moving forward. It's moving more and more into the future. It's, you deserve great acknowledgment to all the investors. All investors need to be gratefully mentioned. EUR 50 billion of new equity, EUR 7 billion asset amplification without the banking world, without a doubt. I would like to add upon that it's not only about. It's not only an equity enlargements with 50% of this off. Almost EUR 17 billion equity enlargement with great demand, thanks to our investors.
Our investors have accompanied us along through this travel. Investors are supporting us more and more evidently, that the context has changed, the circumstances are different. The company is going to adapt to this, and more and more strengthened, more strong after these changes and adaptations. Therefore, my friends, I am grateful to all investors, without a doubt, openly, sincere, and especially to all the institutional support we have received in, across all the countries, including Spain, being a company based in Spain, traded in Spain, where we have the support from all the public administrations at all levels, but also, across all the countries we are present in. A priori, Spanish companies, sometimes we are, we go there with a kind of identity complexes.
How are you going to receive me? Some kind of complexes, psychological complexes, perhaps because it was the very first time. Poland has been the latest one, the United Kingdom has been also another country to sum up on that. Extraordinary support, attention for the United Kingdom, Poland, the degree of importance of this company for the digital transformation in our society, and you realize that we have a role and a responsibility beyond generating revenues, EBITDA, and recurring free flow of cash is our priority, but our objective is beyond that. Let's wrap it up by giving my deepest thanks to my friends, advisors, dear advisors. I don't want to mention all. Many of you know that after all this, we are sharing so much, we are profound friends.
We have gone through bad moments, tough moments, that are these moments, these bad moments make us be stronger and united. In the bad times, you really know the good, who are with you, but when the good things are excellent, you don't find so many. You may find friends when everything is going well with you, but in regular and bad times, you really know who are your friends. Thank you. Thank you for being there. The real friends are with you in the bad times. Let's remember those who are with you always in the bad times. Fortunately, your friends are the family you really choose to be as somebody. A father of a friend of mine told me, "You have the family, the family that pertains to you by birth, by the family friends.
Your real friends are those who you choose." You are my chosen family, thanks to my wife and my brother as well. Thanks to those who, thanks to friendship, we have shared much more than jobs or work. A life full of stimuli, let's put it this way. I consider myself being a privileged person because I have done in this life something that is what I really like, which is working within this sector, industry, this company, and with these people. Life goes on and on. Life continues. The product continues and moves forward. I only have to tell you thank you, everybody, and forever. Thank you. I will be here with you forever.
... Muchas gracias, Tobias. continue.
Thank you, Tobias. We will now continue with the procedure of the meeting. I will now give the floor to the secretary, so he can read the figures for the quorum.
Thank you, Madam President. Final participation count, the number of votes, both in person and, well, we had 116 shareholders present, owning 935 million, 408 shares, that account for 30.18% of the capital, and 116 shareholders by proxy, that account for 70 around 70% of the capital. We have 1 million, 94,000, that account for 0.9% of the equity of the company, and according to law, they have some voting rights.
409 shareholders, and 591 9 million, 463 shares, that account for 83.66% of the capital of the company. In accordance with Article 148 of the Spanish legislation, I must say that we have, including treasury stock, for the constitution and approval of proposals in this shareholders meeting. The shareholders meeting is officially convened in second call. Before we start with the president final remarks, I would like to inform on the reasons why the company is not following some of the recommendations, the good governance. Well, the company has a high degree of compliance, given that it complies with 62 out of 64 of the good governance protocol.
The ones they don't follow is in recommendation number 16, that says that the proportion of treasury directors, compared to non-executive council directors, are under the weight of the guidance. The board is made of 11 members, and one was our executive chief, treasury directors, and there's one independent. These treasury directors have chosen by two of the companies that were in the capital. We consider that we comply with the latest ratio of this recommendation, given that the number of independent directors make the influence of these independent directors to be enough.
Besides that, we should remember that after the shareholders meeting, and if this proposal is approved, this board will be made up by 13 members, in which we have one executive director, 11 independent directors. In that case, the proportion between the number of independent directors and all the non-executive directors will be very close to the proportion between the shareholders that have appointed these directors, which is 25%. The second recommendation it doesn't follow is recommendation 48 for high capitalization, high cap companies, and that we consider the ones included in IBEX 35. We recommend the separation between the appointment and retribution committees. These, well, traditionally speaking, we've considered that it wasn't necessary to have different committees.
However, one of the reasons why we request the rise to 13 directors is to make sure that the board is able to separate these two committees, the appointment committees and the retribution committee. On the other hand, since the previous shareholders meetings, we have changed our bylaws in the following way. In November 2022, we changed article linked to the capital. Given the increase of the well, Hutchison capital, through which Cellnex acquired around 6,000 towers, or financial and economic rights on these locations that Hutchison had in the U.K.
Since the latest shareholders meeting, the company kept on working on the developing an update of its internal regulations, like remuneration to shareholders, ethical code, the conflict of interest policy, the purchase policy, the code of conduct for suppliers, and the processes to prevent corruption. We'll now open the Q&A session for participants. I have a card. Just one card, so I would like to ask the shareholder to please clarify if he's acting on his behalf or in repetition of other shareholder. Mr. Cosimato Boyeros Ita, you've got the floor.
Can you hear me?
Gracias. Buenos días. En nombre de Quimar Tarraco.
On behalf of Quimar Tarraco, that's the shareholder. The questions, there are two questions, can actually be joining with just one question. First of all, on the remuneration policy, the shareholder remuneration policy through the dividend payout. I must say that it's not very appealing, or it's been, hasn't been very appealing since the company was caught, except, given the growth in the price of the share. That has been the way in which we have remunerated, or the company has remunerated the shareholders. The question is, what, well, can we expect in the following years in that sense? Is there going to be an improvement in the remuneration to shareholders through the payout of dividend?
The second question is linked to what's been mentioned in this meeting and the presentation of both the president and the CEO. The company was listed in 2015. Since 2015, the company has grown a lot in Europe, and it's remarkable, and we should value it. What's going to happen in the future? Is there still potential in Europe? Are there growth possibilities beyond acquisitions? In 2015, operators as Cellnex. I mean, 10% of the tower market was in the hands of Cellnex and others. Now, that 10% is 70%. Is there still potential for growth in Europe beyond M&A? In Europe, out of Europe. Those are the questions. Thank you.
No, you can take over. Okay. Yes, thank you very much for your question. I will answer in English. I think in terms of the shareholder remuneration policy, this is a good question. We have made clear and we have said, including in this shareholders' meeting, that once we reach investment grade status, and there is a commitment to do this by the end of 2024, we will review the shareholder remuneration policy, and this will include looking at potentially increasing the dividend and/or establishing share buybacks programs. Yes, once we reach investment grade status, you can expect some changes. In terms of the growth of Cellnex since 2015, it is true that it has been impressive, and thank you for noting this.
There is still a lot to do ahead of us. There is organic growth, there is integration of the acquisitions that we have done, and that represents still significant development through co-locations and through the agreed build-to-suit programs that we already have contractualized. Again, once we have strengthened our balance sheet or through partnerships, we will find ways, if our customers have requirements that we think are important and valuable, in partnership, we will find ways to continue to grow. As has been said very clearly, our roadmap is in Europe, and we're not planning at this stage any development outside of Europe. Thank you.
Well, we have not received any other questions through the platform. If there are no more requests, we will now start voting the items in the agenda. Any other requests? In that case, on the results of the voting, we have processed all the votes received up now, both those votes issued remotely as well as the votes received through all the channels that were available to our shareholders. We'll now like to make some previous comments. We will consider all the votes coming from shareholders. I would like to ask if any shareholder wishes to vote against or vote against any of these proposed resolutions.
If that's the case, I would like them to please come to the table so the notary public can write them down. On those shareholders who are voting remotely, we will take into account all the votes received through the platform until this moment. Now we will close on this voting process. In the following days, you will be able to check in the website the final results of this voting process. Last, I would like to mention the items included in the share, the call, and we will show on screen the votes we have received up now. Item one on the agenda: to approve the individual annual accounts and consolidated annual accounts and the management reports for the year ended December 31st, 2022.
Item 2 on the agenda: in accordance with the non-financial information, the approval of non-financial information, including the consolidated management report for the year ended December 31, 2022. Sorry, let's continue with the voting. Thank you. That is right, according to the process. Item 3 on the agenda, relating the approval of the proposed allocation of the profit for the year ended December 31, 2022. Item 4 on the agenda, relating the approval of the management and activity carried out by the board of directors in the year ended December 31, 2022.
Fifth, relating the approval of the payment charged to show premium reserve of up to EUR 85 million, to be paid in one or several payments during the years 2023, 2024, and 2025, additionally, to delegate powers on the Board of Directors. Sixth, relating the legal obligation to have the company's annual accounts audited by Deloitte, S.L. for the financial year 2024. Seventh, 7.1, on relating that to set the maximum global amount of the directors' remuneration in their capacity as such, in EUR 2.7 million. 7.2, the agenda on the approval of changing the remuneration of our directors, approved in the general shareholders' meeting of April 28th, 2022. Eighth, 8.1, in accordance with the.
setting, or a maximum of 13 members in the board of directors. 8.2, to re-elect as independent director for the three-year term, Ms. Concepción del Rivero Bermejo. 8.3, on the re-election of Mr. Christian Coco as a proprietary director for a three-year term. Item 8.4, to ratify the appointment by co-optation of Ms. Ana García Fau, and her re-election as independent director of the company for the three-year term specified in the corporate bylaws. 8.5, to ratify the appointment by co-optation of Mr. Jonathan Amouyal, to re-elect him as a proprietary director of the company for the three-year term specified in the corporate bylaws. 8.6, to ratify the appointment by co-optation of Ms.
María Teresa Ballester Fornés, to re-elect her as independent director of the company for the 3-year term specified in the corporate bylaws. 8.7, to appoint Mr. Óscar Fanjul Martínez, independent director, for the 3-year term specified in the corporate bylaws. 8.8, to appoint Mr. Dominique D'Hinnin as independent director of the company for the 3-year term specified in the corporate bylaws. 8.9, to appoint Mr. Marco Patuano as an executive director with effects from June 4, 2023, for the 3-year term specified in the corporate bylaws. 9th, to authorize the board of directors of the company to for the derivative acquisition of own shares.
Tenth, to delegate on the company board of directors, in accordance with Article 297.1 B of the Spanish Companies Law, the power to increase the share capital without prior consultation of the shareholders' meeting, within the period specified in the purpose to the maximum amount specified by the Spanish company bylaws. 11, to delegate the board of directors the power to issue securities convertible into shares. 12, on the approval of powers to delegate on the chair of directors all the powers to ensure the resolutions of the general shareholders' meeting. 13th, to approve general report on the remission of directors for the year ended December 31st, 2022.
Given the results, I would like to mention that irrespective of the votes that haven't yet been counted on those shareholders, at present, through streaming, there are enough votes to approve all the items in the agenda. You know, in terms of... I would like to ask if you accept the appointment, Ms. Del Rivero, do you accept to be appointed as a director? Mr. Coco, do you accept to be appointed as a director? Ms. García Fau, do you accept to be appointed as Independent Director? Mr. Amouyal, do you accept to be appointed as a director? Ms. Ballester, do you accept the appointment as a director? Mr. Fanjul, do you accept to be appointed director? Mr. Patuano, do you accept to be appointed as Chief Executive Officer?
Thank you all for your answers. On item 8.8, Mr. Dominique D'Hinnin will be accepting his appointment. In accordance with, well, all these resolutions will be included in the minutes, in accordance with Article 525 of the Spanish Companies Law. In the next 5 days, we will include in the website of the company, the results of the votings and all the proposals accepted in the general shareholders meeting. With the approval of all the items in the agenda, we can now close the general shareholders meeting. I would like to once again thank you all for participating in this meeting. Meeting is adjourned. Thank you.