Good morning, ladies and gentlemen. We'd like to thank all shareholders for attending this Annual General Meeting for Ferrovial being held on second summons, because yesterday we didn't reach a sufficient quorum in order to constitute it on first summons. At the request of the board, we have with us the notary of Madrid, Javier Navarro Rubio, here in the room in order to minute the proceedings. I give the floor to the Secretary of the Board of Directors and of the general meeting, Santiago Ortiz, who will now read the quorum.
Good morning. The announcement of this annual general meeting was published pursuant to Article 27 of the Corporate Bylaws and 516 of the Corporate Enterprises Act on the website of the CNMV on the February 24th, 2022, on the websites of the ABC, El Mundo, La Razón, El País, Expansión y Cinco Días, El Economista daily papers on the March 1st, and also on the Ferrovial website. Given that this is a long text and pursuant to Article 19.3 of the General Meeting Regulations, we give you a summary.
It includes the agenda and possible supplements, the recommendation to take part in the AGM remotely, the online shareholders forum, the right to information with a list of the documents available, right to attendance, representation, remote attendance, and delegation of votes over remote communication media, and the rules regarding how to exercise these rights, and also personal data protection. We now give you a summary of the agenda. First of all, examination and approval, where forthcoming, of the individual and consolidated group financial statements and management report for the financial year ending December 31st 2021. Second, application of results for financial year 2021. Third, examination and approval, where forthcoming, of the management of the Board of Directors in the financial year 2021. Fourth, re-election, confirmation, and appointment of directors. This point is divided into seven sections. Each will be voted for separately.
Fifth, the approval of a share capital increase in the amount to be determined by issuing new ordinary shares with a par value of EUR 0.20 each against reserves with no share premium. Sixth, approval of a second capital increase in the amounts to be determined. Seventh, approval of a share capital reduction through the redemption of a maximum of 40,508,783 treasury shares. Eighth, amendment of the Bylaws. This item is divided into three sections. Ninth, the amendment of the Regulations of the General Shareholders Meeting, also in three sections. 10th, advisory vote on the company's Climate Strategy Report for 2021. 11th, approval of the directors' remuneration policy. 12th, advisory vote on the annual report on directors' remuneration for 2021. 13th, authorization of the Board of Directors for the derivative acquisition of treasury shares.
14th, delegation of powers to interpret, rectify, supplement, execute, and implement resolutions adopted by the AGM. 15th, information on the amendments made to the regulations of the Board of Directors. This is a summary of the agenda. No use has been made of the rights given to our shareholders to ask for a supplement to the agenda or to put further proposals. Since the publication of the notice of the General Meeting, the shareholders, pursuant to the Corporate Enterprises Act, have been able to go to the headquarters to look at the documentation or ask for it to be sent to them at home. The company has been posting the information on its website without interruption pursuant to Article 518 of the Corporate Enterprises Act. We now give you the provisional quorum.
Present in this General Shareholders' Meeting, present and represented, 541,484,077 shares, which are 73.012% of the total share capital issued and paid up, which is enough quorum to validly hold this general meeting on second summons. Later, we will give you the final figures.
Ladies and gentlemen, shareholders, on behalf of the Board of Directors and on my own behalf, I'd like to welcome you to the 2022 general meeting of shareholders. I'd like to thank those shareholders who are here in person, and also thank those of you who are connecting online. Above all, I hope that you and your families and all those close to you are in good health. This year, we can report that Ferrovial has noted an improvement in economic activity as a result of better control of the pandemic in most of the markets in which we operate. The company ended the year with a net cash position, excluding infrastructure projects, of EUR 2,182 million, compared against EUR 1,991 million the previous year.
An operating cash flow, ex taxes, amounting to EUR 1,116 million, up from EUR 964 million in 2020. This climate of recovery is tarnished by the situation in Ukraine, which is having an impact by triggering inflationary pressure, higher interest rates, a shortage of raw materials, and disruptions to supply chains, whose full consequences have yet to become evident. We're monitoring the situation, focusing particularly on Poland because of Budimex, in order to adopt the most appropriate responses. Let's turn again to analyzing 2021, when I'd like to emphasize Ferrovial's financial strength, evidenced by the improvement in the net cash position and in its cash flow. Moreover, toll road traffic has increased, particularly in the United States. Roads such as the NTE and the I-35W have now exceeded pre-pandemic traffic levels.
However, in Canada, where restrictions have been more prolonged, Highway 407 is seeing a gradual and progressive improvement, but traffic is still below its 2019 level. As for airports, restrictions, particularly on long-haul flights, are delaying the recovery, but we are confident that traffic will respond positively once they're relaxed. Dividends from our toll roads in North America increased in 2021 to EUR 384 million. In the case of Heathrow and AGS, however, dividends remained suspended until traffic recovers and the situation improves. M&A. Well, we've increased our stake in I-66 to 55.7% and acquired 24.86% of IRB Infrastructure Developers in India. Shareholder remuneration increased by 22.8% year-on-year to EUR 463 million. We continue to make progress in the area of sustainability.
We're committed to maintaining the highest standards of environmental, social, and governance performance. In 2021, we went one step further and created an energy infrastructure and mobility business unit as a firm move into renewable energy, sustainable mobility, and circular economy. At year-end, revenue from continuing operations totaled EUR 6,778 million, which is a 5.4% increase in like for like terms. EBITDA amounted to EUR 596 million, which is 39.5% increase in like for like terms over the EUR 460 million reported in 2020. Net profit was EUR 1,197 million, compared against a loss of EUR 424 million last year.
The considerable increase was attributable mainly to one-off items such as the accounting adjustment of the value of the I-66 concession operating company after acquiring an additional 5.7% and the sale of the environmental services business in Spain and Portugal. Ferrovial ended the year with EUR 6,421 million in liquidity and a robust net cash position, excluding infrastructure projects, as I mentioned earlier. These results are underpinned by good operating cash flow, partly due to higher dividends from infrastructure projects. Meanwhile, consolidated net debt, including discontinued operations, amounted to EUR 4,451 million as compared to EUR 2,541 million at the end of 2020, basically as a result of consolidating the total debt of the I-66 on the balance sheet following the increase in our stake.
Operating cash flow, excluding infrastructure projects and before taxes, amounted to EUR 607 million. Here, toll roads contributed EUR 469 million in dividends and airports EUR 3 million, while services contributed EUR 227 million in operating cash flow and construction EUR 44 million before taxes in all cases. Capital expenditure amounted to EUR 1,112 million, up from EUR 286 million the previous year. EUR 864 million were allocated to toll roads, including the EUR 463 million invested in Interstate 66, comprising capital invested and the purchase of an additional stake, as well as the acquisition of a 24.86% stake in the Indian company IRB for EUR 369 million.
We also announced the acquisition of a 60% stake in Dalaman Airport for EUR 140 million, and services invested EUR 67 million and constructed EUR 55 million in the whole year. Divestments totaled EUR 1,621 million in 2021 as against EUR 501 million in 2020, including the divestment of the environmental services division for EUR 1,032 million and the sale of non-core assets in construction for EUR 529 million and the Norte Litoral toll road for EUR 47 million. These divestments are a continuation of our policy for rotating mature assets in order to extract maximum value for our shareholders.
The construction backlog reached a record EUR 12,216 million in 2021, of which 85% is from international business. Notable additions in the United States included the contract to expand the I-35 in San Antonio for $1,500 million and the I-16/I-75 for $229 million. In Australia, we obtained a contract worth EUR 1,240 million to build a section of the Sydney Metro. We also obtained the Norwich Western Link contract in the United Kingdom for EUR 125 million, as well as the construction of S6 Expressway in Poland, worth EUR 128 million. Ferrovial maintains its position as a global player in the world infrastructure markets.
On a proportionate consolidation basis, which provides a more accurate picture of the company's reality, Ferrovial obtained 86% of revenue and EBITDA on international markets, and 81% of the construction backlog lies outside Spain. During 2021, the company remained focused on its strategy of shielding liquidity and optimizing funding sources. A EUR 500 million euro bond issued in 2013 matured in 2021 and was not refinanced. The company maintains the EUR 250 million euros drawn against the syndicated credit line, and at year-end, we had a EUR 250 million euro outstanding in euro commercial paper at negative rates under the European Central Bank's pandemic emergency purchase programme.
In December 2021, Cintra completed the issuance of $609 million in senior secured notes at LBJ, which increased the amount of the initial debt, extending its maturity at the same time as reducing its cost. Transchile was also refinanced for $115 million, and Centella raised $143 million, both maturing in five years, paying coupons of 3.6% and 2.62%-3.52% respectively. The Ferrovial share ended the year at EUR 27.56, having appreciated by 22% over the year, compared with an 8% gain on the IBEX index. Market capitalization increased by EUR 20,218 million in 2021.
The share closed yesterday at EUR 23.75, which was down 13.8% so far in 2022. Meanwhile, IBEX saw a depreciation of 2.7%. Yesterday, market cap stood at EUR 17,423 million. Total shareholder remuneration in 2021 was EUR 463 million. This is a significant improvement against the EUR 377 million in 2020. The figure includes the EUR 31 million value of the scrip dividend and the EUR 432 million in share buybacks. Among the motions to be presented to you today is a flexible dividend program in similar terms to those implemented in previous years for an equivalent of EUR 0.715 per share, up to the EUR 520 million figure.
In corporate governance, the company is constantly seeking the best approaches to ensure continuous improvement of our governance in terms of both the composition of the board and the policies and procedures it adopts to ensure optimal decision-making for the benefit of our shareholders. Ferrovial's corporate governance seeks to ensure integrity and transparency. Ferrovial currently complies fully or partially with the vast majority of the recommendations in the Good Governance Code for listed companies. We regularly analyze best practices and standards in corporate governance in order to include them where we think it's advisable in our internal regulations. Some years ago, the board undertook a process of renewal to make it more international and to increase its independence and diversity. In May 2021, two new female directors were appointed, Alicia Reyes and Hildegard Wortmann.
This resulted in a material change in the board's profile, which now comprises 33% females and 67% independent members. We believe that the board's more international, more independent, and more diverse composition more accurately reflects the complexity of our society and our economy, as well as the issues it addresses. During the year, the board of directors adopted a sustainability policy. It also amended its own terms of reference, as well as the amendments in the tax compliance and best practices policy and the risk control and management policy, in order to adapt their conduct to the latest amendment in the Corporate Enterprises Act. In the area of sustainability, the board approved Ferrovial's 2020 Climate Strategy report and submits the 2021 report to you today for a consultative vote. I'd like to highlight here two decisions that strengthen the role of the shareholders' meeting in this area.
The first empowered the shareholders meeting to decide on the emissions reduction plan, and the second enables Ferrovial's climate strategy reports to be submitted for a consultative vote each year. In Ferrovial, we demand the highest ethical standards, not only for our executives, employees and directors, but also from third parties with whom we work. As a result, we have updated the procedure for the approval and oversight of sponsorship and patronage projects and donations, and we also approved a code of ethics for suppliers, and we amended the procedure for due diligence with respect to supplier integrity. In the area of sustainability, the Dow Jones Sustainability Index recognized us as one of the most sustainable companies in the industry for the twentieth consecutive year.
Ferrovial also continues to be included in international sustainability indices such as FTSE4Good, MSCI, Vigeo, CDP, and the Bloomberg Gender-Equality Index, among others. We maintain a notable and continued presence in the international indices that measure companies' sustainability. I think that really shows the quality and the importance that Ferrovial attaches to all environmental, social, and governance issues. We also continued with our social infrastructure programs, developing water supply and sanitation projects in Africa, Latin America, and India. I'd also like to highlight that we've set up a Ferrovial Stronger Together for Ukraine fundraiser among our employees and friends, whose funds will be matched by the company to help refugees through a specialized NGO. In health and safety, we have a top priority for the company.
We've made considerable progress during the year in the frequency rate of serious and fatal accidents, which went down 15% compared to the previous year. We're far from being satisfied because unfortunately, we did have eight fatal accidents, and so we're taking all measures we can in order to neutralize these figures. Our commitment to the fight against climate change is firm and unwavering. Our sustainability plan sets ambitious CO2 emission reduction targets. Last year, we reduced scope one and two emissions, those arising from our production processes by 5.3% in absolute terms, and our scope three emissions by 10%. We've got a carbon neutral goal for 2050, and for that, we're significantly increasing our use of electricity from renewable sources using zero-emissions vehicles and improving the efficiency of our asphalt plants and our construction machinery.
Our airports have also set specific emission reduction targets for 2030 and for 2050. The AGS airports achieved carbon neutrality in 2020. In 2021, Ferrovial's work was recognized with a range of awards in the area of environment, digital transformation, social responsibility, and innovative design. Some of our assets also won international awards, such as Heathrow's recognition as the best airport in Western Europe. Ladies and gentlemen, Ferrovial has evidenced its resilience in times of uncertainty. We have a strong cash position and ample liquidity reflecting the company's sound financial health. Accordingly, Ferrovial is ready to seize emerging opportunities with innovative, sustainable solutions in transport, infrastructure, mobility, and renewable energy. To conclude, on behalf of the board of directors, I want to thank you, the shareholders, and also our customers and suppliers for your trust in our company.
I'd also like to acknowledge and express my gratitude for the great work done by all of our employees, especially now in these times that demand such extraordinary resilience. Many thanks for attending. Now, I'll hand over to Mr. Fanjul, the Chair of the Audit and Control Committee, to report to shareholders regarding the main activities of the committee over 2021.
Yes. Thank you, Chairman. Good morning, ladies and gentlemen. I'm addressing you as chairman of the Audit and Control Committee of Ferrovial SA, which is the board committee responsible for supervising and assessing the preparation and integrity of the financial and non-financial information and the risk management and control systems, as well as issues relative to regulatory compliance and corporate governance. Committee currently has four members, all independent directors, Mrs. Alicia Reyes, Mr. Philip Bowman, Mr. Gonzalo Urquijo, and myself. All, as I said, are independent directors. Committee considers in its activities the recommendations of the CNMV's practical guidelines on audit committees for public interest entities. I shall now summarize the most relevant activities carried out in the year 2021.
In any case, the operation of the committee is described in detail in the report prepared by the committee itself, approved by the board of directors, which has been made available to shareholders on Ferrovial's website. The committee has reviewed and reported favorably on the financial and non-financial statements prior to their presentation to the board and their submission to the authorities and the market. In this task, we have had the cooperation of the external auditor, who has taken part in the five meetings held during the year. The external auditor has reported on their limited review of the half-yearly financial statements closed on June 30, 2021, and the audit of the annual financial statements closed on December 31, issuing, in all cases, an unqualified opinion.
The auditor has focused on the following points to make sure that their work would contribute to the integrity and accuracy of the financial information. It has informed the committee on the materiality thresholds, their strategy, and the work plan for conducting the audit for the year. It has reviewed the main judgments and estimations with an impact on financial information and has reported to the committee on the main risk areas which could potentially impact the reliability of the financial information. It has outlined the main internal control recommendations arising from the 2020 audit. It has complied with all the independence requirements with the necessary statement being provided. As well as meetings with management, the external auditors had enough time to report and answer questions from the committee without the presence, in this case, of the company's executives.
It has presented the conclusions of its audit work, both in the preliminary and a final format. Finally, the auditor has also reported to the board on the work carried out and the evolution of the group's accounting position and risks. In turn, the company's management has periodically reported to the committee on the operation of the internal control financial reporting system, in particular on the controls for significant judgments and estimates included in the financial reporting and on the results of the annual risk assessment of such reporting. The committee has also been supported by the internal audit department. The committee has regularly monitored its activities and the degree of compliance with the work plan for 2021 and has approved the audit plan for 2022 and its budget.
Likewise, the committee has been periodically informed by the compliance and risk department of the main risks for the company and its group, both financial and non-financial, and of the systems in place for their identification, management, and control. We have also received during the year information on the incident management system established by Ferrovial, or the concerns management system, which allows any employee or person related to the company to report with full certainty of anonymity and confidentiality, if so desired, any inappropriate behaviors. Finally, and in relation to compliance and corporate governance matters, the committee has examined, before presenting it to the board, the annual corporate governance report. It has proposed the amendment of the board's regulations to include, among other matters, recent changes introduced in the Capital Companies Act, supervise the effectiveness of Ferrovial's compliance programs, and has been duly informed about the crime prevention model.
It has prepared a report on related party transactions, which is posted on the company's website. These were, in summary, the tasks performed by the committee in the year ending December 31, 2021. On behalf of the Audit and Control Committee, I would like to thank you for your attention.
Good morning. Oscar . Thank you very much, Óscar. Now I'd like to give the floor to Ignacio Madridejos, Group CEO.
Ladies and gentlemen, shareholders, good morning, everyone. It's a great honor to take part once again in this general shareholders meeting to share the results of 2021. I would like to thank all of the shareholders who are with us today in person, as well as those who are following proceedings remotely. I'd also like to thank all Ferrovial's employees and their families for their effort and dedication throughout the year. 2021 was the year in which we saw a beginning of an economic recovery. I'm not going to repeat the comments already made by the chairman. I'd just like to underline the improvement of our performance as a result of better control of the pandemic through vaccination campaigns.
A favorable context which has enabled us to see growth in traffic volumes through our highways, and also an excellent performance of our construction division. Sustainability, as I'll have a chance to discuss a bit later, has played a strategic role for Ferrovial and is also an opportunity for the company. 2022 is a year which has begun with the Ukrainian conflict, whose impact on our activities we are yet unable to estimate. We are focused on inflationary trends and rising interest rates, difficulties in accessing certain supplies, as well as scarcity in human resources in some countries. I'd like to point out that Ferrovial, including its Polish subsidiary, Budimex, is focused on helping the millions of Ukrainian refugees fleeing the conflict. We've opened an account where we are receiving support from employees and friends of Ferrovial, contributions that will be matched by the company.
The Horizon 24 plan is on its second year, and in spite of the difficulties caused by the new COVID variants, we're making adequate progress. Our EBITDA has increased over 11% yearly, and we are moving forward on the four strategic priorities: people, sustainable growth, operational excellence, and innovation. I'll now review the main aspects of the Horizon 24 plan. The health and wellbeing plan is still obtaining satisfactory results, with a 15% reduction in 2021 in serious and fatal accidents. We will not rest until we can be sure that every Ferrovial employee will be able to return home safe and sound after their workday. As far as sustainable growth, we're still focused on developing and managing infrastructures in key markets, particularly focused on the U.S., but exploring selective growth opportunities in other geographies. The divestment of our service division has continued to move forward.
In highways, we have AIVIA, which is our initiative to develop smart roads. In airports, we have managed to have reasonable performance in spite of the restrictions caused by the pandemic. Sustainability plan is moving ahead, confirming our commitment with the environment. We've reduced our CO2 emissions 5.3% with respect to the previous year, and we maintain our net zero targets before 2050. We've also launched the Digital Horizon 24 plan, which will promote the company's digitization and innovation in fields such as efficiency, risk management, and client-centered competitiveness. Moving on to the main figures of 2021, our turnover rose 3.8% and is at EUR 6.778 billion. This growth is due to a large extent to the excellent performance of our construction division.
Our EBITDA was 506... EUR 96 million, which is up 4.7% with respect to the EUR 406 million of 2020. EBITDA margin has reached 1.1. Our net profit, rather, is now at EUR 1.19 billion, when it was -EUR 424 million in 2020. There's been an accounting adjustment as a result of the purchase of a percentage of I-66, which is behind a large part of this improvement, together with the divestment of services and the excellent performance of construction. Let's now see the geographic breakdown of our turnover. As I said, it was EUR 6.778 billion, 90% from construction, 9% from highways, and 1% from airports. Our EBITDA was EUR 596 million, EUR 415 million from highways, EUR 245 million from construction.
By countries, 40% of our turnover from the U.S. and Canada, 26% Poland, 16% Spain, 9% U.K., and 9% others. As for our operating margin, the U.S. and Canada brought in EUR 330 million, Poland EUR 164 million, Spain EUR 120 million, and the U.K. booked a negative result of -EUR 17 million due to the reduction in traffic in Heathrow and AGS' airports. These numbers explain the crucial importance of the American market, as well as the exceptional performance of our Polish construction subsidiary. We'll now review the same factors with the proportional integration method, which are probably a better approach to Ferrovial's situation. With this proportional integration method, our turnover was EUR 7.515 billion, 82% from construction, 12% from highways, and 6% from airports.
Our EBITDA was EUR 888 million. 593 was from highways, 245 from construction, and 90 million from airports. By countries, 39% of our turnover was booked in the U.S. and Canada, 23% in Poland, 14% in Spain, 14% in the U.K., and 10% in others. As for our gross margin, the U.S. and Canada represent 55% of the EUR 888 million. 18% is Poland, 14% Spain, the U.K. is 11%, and others 2%. Moving on to cash flow generation, net cash position, the company's market cap, and shareholder remuneration.
2021 was a very good year in terms of cash flow generation, with significant cash flow from dividends from highways and a significant contribution from construction and services. Operational cash flow before taxes was EUR 607 million, and dividends from highways, EUR 469 million, which is 77% of the total. Services had an operational cash flow before taxes of EUR 227 million, and construction EUR 44 million. Our net cash position was still improving with respect to previous years. At the end of the year, it was EUR 2.182 billion versus EUR 1.1991 billion December 2020, up therefore EUR 191 million. Recovery has also improved Ferrovial's market cap up to EUR 20.218 billion, and it was EUR 16.564 billion the previous year.
Due to tensions in the markets and inflationary trends, our market cap at yesterday's close of market was EUR 17.423 billion. Shareholder remuneration, including dividends and share buyback programs, was EUR 463 million in 2021. Total shareholder return, including dividends and appreciation of the share value, was 24.3%, offsetting the drop experienced last year. The year was particularly active in M&A activity, both with investments and divestments. Investments amounted to EUR 1.1 billion, as well as our capital contribution to finance the construction of I-66. We've increased by 5.7% our stake in that highway for a value of EUR 162 million. We should also point out our entry into the Indian market through the acquisition of a minority 24.9% stake in IRB Infrastructure Developers for a value of EUR 369 million.
We think this is a very important strategic deal which will enable us to take part in the infrastructure development program in India, and to take up a stake in a company with a similar profile to ours, which combines construction and development of highways. In the airport division, we signed an agreement at beginning of 2022 to buy a 60% stake of the Dalaman Airport for a value of EUR 114 million. Divestments amounted to EUR 1.6 billion, significant part due to the progress in the sale of the services business through three different deals. Environment services, Servicios de Medio Ambiente in Spain and Portugal, with EUR 1.032 billion. Infrastructure services in Spain also completed this year, EUR 171 million, and Timec, EUR 14 million.
On the other hand, we've also sold off non-strategic construction assets for a value of EUR 529 million, including real estate company in Poland and the recycled aggregate business of Webber. In highways, we should also consider the rotation of the Norte Litoral highway in Portugal for a total of EUR 47 million. As for other relevant milestones, Budimex sold its real estate division for EUR 351 million. At the beginning of the quarter, we were awarded the improvements for I-16/I-75 in Georgia, and the extension of I-35 in San Antonio. We were also awarded the construction of the S6 highway in Poland. In the U.K., the construction and design of the Norwich Western Link for EUR 125 million. In July, we were awarded a section of the Sydney Metro for EUR 1.2 billion, and later a water project in Texas.
Should also mention the distribution of dividends from highways, including the LBJ and the NTE. In the last quarter of the year, we closed the sale of a part of the services business for EUR 1.032 billion, as well as the purchase of a stake in IRB Infrastructure Developers in India. We were also awarded the construction of a section of the Pan American Highway in Peru for EUR 100 million. We also completed the refinancing of the LBJ for EUR 609 million. Also, Webber was selected by the Texas Department of Transportation to build two roads for $161 million. I am now going to review in detail traffic through our highway and airport assets.
In the case of highways, the gradual lifting of mobility restrictions together with the vaccination campaigns have enabled travel to increase significantly in our American managed lanes and more gradually in the 407 in Toronto, which has evolved in parallel to the lifting of restrictions. Traffic on 407 increased 13%, 46% in I-77, 33% in NTE, 27% in NTE 35 West, and 23% in the LBJ. The NTE and the 35 West are already above pre-pandemic figures. As for airports, traffic recovery has been slower due to travel limitations caused by the pandemic. Heathrow experienced a reduction of 12.3% of its traffic with 19.4 million passengers. In spite of the reduction in traffic through Heathrow with respect to 2020, Q2 of the year showed 133% growth, which meant that terminals two, three, and five are fully operational since last summer.
AGS has experienced a recovery of traffic volumes of 6% versus 2020 with 3.5 million passengers. Highways sales amounted to EUR 188 million, that's or 34% more than the previous year. Our gross margin was $415 million, that's 48% higher than the previous year. Dividends, as I said before, were 469 million, that's 129 million more than in 2020. 407 paid Ferrovial 164 million, while the managed lanes retained 220 million, in both cases, more than the previous year. By geographies and with the proportional integration method, 64% of our highway turnover was in the U.S. and Canada, 20% in Spain, and 5% in Portugal. We'll now review the earnings through our airports business. In Heathrow, the turnover was GBP 1.214 billion.
That's 3.3% more than the previous year. Our gross margin was GBP 357 million versus GBP 89 million the previous year. Dividends still suspended and will not resume until traffic normalizes. In AGS, turnover was GBP 87 million. Gross income minus GBP 6 million with the freeze on dividends. Now I'd like to talk about our focus on sustainability through Sustainable Aviation Fuel. Last September, one flight used this fuel on a flight from Heathrow to Glasgow. Also, the division has announced its plans to develop vertiports in the U.S. and the U.K. I've mentioned the excellent performance of construction. I'll now go into a bit more detail. Our EBIT margin is now at 2.2%. Excellent management, in spite of inflation. Construction turnover up 1.6% in 2021 at EUR 6.07 billion.
Our EBITDA was EUR 245 million, that's 14% more than the previous year. Operational cash flow, always before taxes, was EUR 44 million. By geographies, the main markets were the U.S. and Canada with 38%, Poland with 29%, Spain with 16%, and the U.K. with 9%. That is 84% of our turnover comes from international markets. I should also mention the performance of Budimex, which had an EBIT margin of 7.3%. Our backlog was at EUR 12.216 billion, that's 7.4% more in like for like terms than in 2020. Most of it in the U.S. and Canada, with 40%, followed by Poland with 25% of the backlog, Spain with 15%, and the U.K. with 9%.
Among the most relevant awards in this last year, we have the design construction of the I-35 extension in San Antonio and the new subterranean section of the Sydney Metro. I am now going to talk about the services business, which is discontinued with sales last year of EUR 190 million, which is up 8.7% versus the previous year, with an EBITDA of EUR 365 million versus 217 the previous year, while operational cash flow was EUR 227 million. Backlog, finally, is EUR 8.373 billion. This year, we've created the unit of energy and mobility infrastructures in line with our sustainability and climate action commitments.
This is a unit which will promote and develop business, sustainable business opportunities, and will coordinate existing projects in fields such as energy, mobility, and the circular economy. We have Transchile, which has a transmission line, a 304 km transmission line in Chile, as well as the Centella project in Chile, also 250 km, and a PV plant, 50 MW plant in Seville. As for mobility, we have a 50% stake in Zity, which operates in Madrid, Paris, and recently started operating in Lyon, as well as a minority stake in MaaS Global. At the end of the year, we also acquired a minority stake in the Inspiration Mobility company, an American company whose business is investing in the U.S. in electric vehicle assets and the associated charging infrastructure.
As for our water business, we're still strengthening our concession businesses in our priority markets for P3 projects. We've grown the team, and we're promoting organic growth and growth through M&A activity, while seeking opportunities in the U.S., Europe, and Latin America. I will now describe the year in our CO2 reduction efforts. Our Scope 1 and Scope 2 carbon footprint in 2021 was 798 billion tons. We've reduced our emissions in absolute terms 5.3% versus the previous year. That's 45,000 tons. Compared with our base year, 2009, the reduction in absolute terms was 23.5%. In intensity, 58.4%, improving on the targets we had set for 2021, which were 18.3% and 24.5% respectively.
As for scope three targets, we have emitted 2,850,000 tons, which is a 318,000-ton reduction versus the previous year. That's 10% less. Reduction with respect to our base year, 2012, is 45%. In the 2030 horizon, we maintain our target of reducing our Scope 1 and 2 targets by 35% and our scope three emissions by 20%. Our goal is to have 100% renewable energy supply by 2025. In 2021, 78% of the electricity we used was from renewable sources. We're also making progress towards our carbon neutral target by 2050, extending our emission reduction and compensation measures until we reach net zero. The fight against climate change is a key component of our strategy.
This year, we've produced our first EU Taxonomy report with maximum eligibility for all of our activities, with 89% of our sales and 85% of our CapEx. With this report, we have set the foundations to prepare the alignment in mitigation and adaptation of our activities for 2022, as well as those relative to other environmental targets, as well as the social taxonomy. In the strategic plan, Horizon 24, we've defined four priorities which will continue in 2022. The first is connected to people, our most precious asset. Our maximum priority is to guarantee their health and well-being. We're also focusing on attracting local talent with, of course, diversity criteria, increasing the presence of women in Ferrovial, particularly in executive positions. That is still one of our maximum priorities.
The second is sustainable growth, developing and operating high-value, high concessional value infrastructures in our core markets, rotating mature assets, and always seeking maximum shareholder return. We will continue to focus our activity on our core markets, the U.S., Canada, Spain, the U.K., and Poland, and to study opportunities in other regions such as Australia, rest of Europe, Latin America or India. The third is operational excellence based on a model which will make us more agile, efficient, and innovative, all of this by reinforcing our risk management. As I mentioned before, reducing our environmental impact, particularly CO2 emissions, Ferrovial will continue to seek its permanence in sustainability indexes such as Dow Jones Sustainability Index, Carbon Disclosure Project, or FTSE4Good. Our fourth strategic priority is innovation. We will continue to focus on digitization to be more efficient and improve customer service.
We will also be focused on smart mobility by working through projects like AIVIA for the management of smart corridors. Of course, we live in times of extreme volatility with the Ukrainian conflict and inflationary pressures, but we have a strong financial positions, robust assets, particularly in the U.S. and Canada. Our Horizon 24 strategy, which is taking shape, a management team with proven abilities, and we're focused on innovation and the fight against climate change. To finish, I'd like to thank our employees for their effort and dedication for making all of this possible. I'd like to thank our customers for supporting our solutions for a moving world, and our shareholders for their trust in the company and our management. Thank you very much.
We now have the final attendance list, which is as follows. In this meeting, we have 497 shareholders present, holding 271,722,195 shares, which is 37.039% of the shareholder equity. This includes shareholders who voted over remote communication means. We also have 2,089 shareholders represented by proxy holding 270,019,738 shares, which is 36.807% of the shareholder equity. Consequently, between those present and represented by proxy, we have shares amounting to 73.847% of the total fully paid up and subscribed shareholder equity, which gives us sufficient quorum to hold this AGM on second summons.
Considering this, definitive quorum that the secretary has just read out, we can now declare this general meeting to be quorate on second summons in order to deliberate and resolve on all the items of the agenda. I give the floor to the notary.
Pursuant to Article 101 of the Commercial Registry Regulations, as notary of this general meeting, I advise you that if anyone attending wishes to express any reservation or challenge the statements of the chairman and the secretary regarding the number of shareholders attending and the shareholder equity present and represented, they can do so by apprising me personally. Or if they're attending remotely, they can go to the IT platform set up for this purpose, and then these will be duly minuted to the proceedings of the general meeting.
We now open the floor for a Q&A for those shareholders who wish to take the floor or request further information or clarification on the items in the agenda, on the information published by the company and filed with the CNMV since the last AGM was held, or regarding the external auditor's report. The call to meeting also establishes the way in which the shareholders who are attending remotely can ask questions and speak on said items. Pursuant to Articles 197 and 520 of the Corporate Enterprises Act, until five days before the AGM, shareholders have had the opportunity to request further clarification and pass us questions in writing on the agenda items. This right has been used, and the questions made are published on the Ferrovial website with their answers.
Pursuant to Article 20 and following of the General Meeting Regulations, we will proceed as follows now. Attendees who wish to exercise their right to speak must first of all show their identification documents to the notary and then take their place in the microphone here in the hall. If the shareholder wishes to have a verbatim record of what they say, they must give the written version to the notary when they give him their ID document, so that he can check what's actually said against the written version. All interventions will be answered today, and if that's not possible or if further clarification or completion is required, we will get back to you within seven days after this meeting pursuant to Articles 182 and 197 of the Corporate Enterprises Act, and we will publish them on the Ferrovial website.
We now open the floor to your questions and requests for clarification. There aren't any questions from people attending remotely either. In that case, if there are no questions coming in, either from those attending in person here or attending remotely, I can now go on to examine each item on the agenda. I'll give the floor to the secretary who will discuss some practical matters and read the proposed resolutions as per the published agenda so that they can be voted on.
The procedure for reading and approving the resolutions will be as follows. Pursuant to Article 24.1 of the General Meeting Regulations, and given that shareholders can go to the Ferrovial website to see the proposed resolutions, we'll just give you a summary of their content, and it won't be necessary to read them fully. After that, the chairman will ask regarding their approval.
Pursuant to Article 24.4 of the General Meeting Regulations, we will deem all shareholders who haven't voted against or voted blank or expressly have communicated their assent to the notary to have voted in favor of the motion. With proof of sufficient votes to approve the resolution, it will be deemed approved. The exact data of the votes in favor, against, blank votes and abstentions will be minuted and will be posted to the Ferrovial website. We remind you that those attending remotely can issue your vote until when we end reading the final points which are being put out to votes. The first agenda item is divided into two parts because the Commercial Registry regulations say that we must look at the consolidated and the individual statement separately.
First of all, to approve the financial statements, balance sheet, profit and loss account statement of changes in equity, cash flow statement, and notes of Ferrovial S.A. and its consolidated group prepared by the board of directors for the financial year ending December 31 2021, and the management reports of Ferrovial S.A. and its consolidated group prepared by the board of directors for the financial year ending December 31 2021. Approved? Then it's approved. That's agenda item 1.1. 1.2, approve the consolidated statement of non-financial information for the year ending December 31 2021, which forms part of the management report of the consolidated group of Ferrovial S.A. Approved? In that case, item 1.2 is approved.
Item two on the agenda, to approve the application of the results of the financial year 2021 amounting to EUR 31,614,831 entirely to voluntary reserves. Approved? Item two approved. Item three on the agenda, approve the management carried out by the board of directors during 2021. Approved? Item three is approved. Item four. This is divided into seven parts, which makes it possible to separately vote on the resolutions on the composition of the board of directors in order to comply with Mercantile Regulations. Point 4.1, to re-elect as a member of the board as an executive director, Rafael del Pino y Calvo-Sotelo for the bylaws period of three years. Approved? Approved. We've approved item four point one.
4.2, to re-elect as member of the Board of Directors with the category of independent director, Óscar Fanjul Martín, for the bylaw established period of three years. Approved? Item 4.2 is approved. 4.3 To re-elect as a member of the Board of Directors with the category of proprietary director, Director María del Pino y Calvo-Sotelo for the bylaw period of three years starting from the date of the resolution. Approved? Item 4.3 is approved. 4.4 Re-elect as member of the Board of Directors with the category of external director, Director José Fernando Sánchez-Junco Mans for the bylaw term of three years starting from the date of this resolution. Approved? Item 4.4 is approved.
4.5: Reelect as member of the Board of Directors with the category of independent director, Director Bruno Di Leo for the bylaw term of three years starting from the date of the resolution. Approved? Item 4.5 is approved. 4.6: Confirm the appointment of Hildegard Wortmann as director with the category of independent director co-opted by the Board of Directors at its meeting held on the May 6th, 2021, appointing her as a director with the same category for the bylaw term of three years starting from the date of this resolution. Approved? Item 4.6, approved.
Item 4.7: confirm the appointment of Alicia Reyes Revuelta as director with the category of independent made by co-option by the Board of Directors at its meeting held on the May 6th, 2021, and appoint her as director with the same category for the bylaw term of three years starting from the date of the resolution. Approved? Item 4.7 is approved. Item 5, I will give you a summary of the proposed resolution. Approve an increase in share capital for the amount resulting from multiplying the par value of EUR 0.20 per share of Ferrovial, S.A. by the total number of new shares of the company resulting from the formula. The capital increase will be divided between the listing price of the 5 trading days prior to the execution of the capital issue.
The amount of the alternative amount is the market value of which is given to you and is EUR 207,739,215.40. The number of freely assigned rights which are necessary to get a new share will be similar to the outstanding number of shares plus those that are to be issued. The price that Ferrovial will pay for each of these will be the same as the listed price of the Ferrovial share in the five trading sessions prior to the day of the resolution for the increase, divided by the number of rights necessary in order to obtain a new share plus one.
The increase in capital will be null and void if it's not executed after a year after the AGM, and this must be reported to the following general meeting. Approved? We approve item five then. Item six, this is analogous to the previous one, and here the amount of the alternative option will be established by the board of directors as a function of the number of shares outstanding and the remuneration paid to the shareholders and charged to 2021 to date. It's not able to be over EUR 312. This capital increase will be made null and void on the same conditions as in the previous item. Approved. Item six then is approved. Item seven, I'll sum up the content.
To ratify the share buyback program, to reduce the share capital approved by the board on the February 24th 2022, and to approve a reduction in the share capital by the redemption of the nominal value of 6,500,783 shares, which the company has in treasury stock, and the shares which are acquired through the buyback program. The definitive figure will be established as a function of the final number of shares that are acquired in the program. It's established to. There are two caps on this. The maximum investment will be EUR 500 million, and in no case can the number of shares purchased be more than 34 million, representing 4.635% of the share capital of the company on the date of the resolution.
The program will remain valid until the December 5th, 2022, although the board may extend its term in light of the circumstances and the best interests of the company and shareholders. They can also bring an end to the program once they have reached the quantitative limits established, or if there are other circumstances making this advisable. The reduction of the capital will be executed in the month following the termination of the buyback program. Approved? Item seven is approved. Item eight of the agenda, we put to your approval the modification of the Corporate Bylaws, and this point is divided into three sections, each referring to a set of bylaw articles which will be voted on separately. The full text of the three proposals and the board report has been made available to shareholders along with the rest of the documents for this general meeting.
Item 8, Section One of the agenda: to amend Articles 25, 27, 28, 30, and 36 to regulate the powers to hold exclusively telematic general meetings pursuant to Article 182 of the Corporate Enterprises Act. Approved? Item 8.1 is approved. 8.2, to modify Articles 11, 38, 51, 52, 56, 57, and 59 in order to incorporate the changes made to the Corporate Enterprises Act after its modification by Law 5/2021. Approved? Item 8.2 is approved. Item 8, Section Three, to include an index and modify Articles 8, 9, 12, 20, 29, 38.2, and/or 58 in order to introduce technical improvements. Approved? We have approved 8.3. Item 9, we're putting to your approval the modification of the general meeting regulations, which is divided into three sections, each referring to a set of articles which will be voted on separately.
We've also made available to shareholders a complete text with the three proposed resolutions and the board report explaining why they are there. Item 9.1, amendment of Article 7, 10, et cetera, in order to have remote general meetings under the new articles in the Corporate Enterprises Act. Approved? Item 9.1 is approved. 9.2, amend Articles 8, 12, and 24.5 in order to incorporate changes introduced into the Corporate Enterprises Act after its modification by Law 5/2021. Approved? Item 9.2 is approved. Item 9, Section Three, to include an index and modify Articles 8 to A, 10.4, 11, 12.4, 16, 18, 19, and 22, and reorder Article 23, changing the names in Section Four of Title Four and creating a new Section Five in Title Four to introduce technical and wording improvements. Approved? We've approved Item 9.3.
Item 10 on the agenda is to approve on a consultative vote the Ferrovial Climate Strategy Report for 2021. The full wording of the report has been made available to the shareholders with the calling of this general meeting. Approved? We have approved Item 10. Item 11, to approve pursuant to Article 529 of the Corporate Enterprises Act, the policy for the remuneration of the Ferrovial, S.A. directors. The remuneration policy will revoke the current one from the date of its approval and will remain in force for the following three years, namely 2023, 2024, and 2025. The document with the policy and the report from the appointments and remuneration committee have been made available to the shareholders with the call to this meeting. Approved? Item 11 is approved.
Item 12, to approve with a consultative vote the annual report on the director remunerations for 2021. Approved? Then Item 12 is approved. Item 13, let me give you a summary. To authorize the Board of Directors to acquire treasury stock of the company directly or indirectly, subject to the following limits and requirements. Maximum number of shares to be purchased. Shares of Ferrovial SA in a number such that the face value of the shares that are acquired added to those which are already owned by Ferrovial aren't more than 10% of the shareholder equity. The minimum price for purchasing the shares will be equivalent of 75% of their listed value on the date of acquisition and 125% of said value on the said date. The term of authorization is five years.
The Board of Directors is empowered in order to do the following with the shares, to use them in order to execute programs, in order to redeem or amortize shares, or to use them for shareholder options. The powers conferred in this resolution could be sub-delegated to the Executive Committee, the Chairman, or the CEO of the company, and in all cases may be exercised by the person responsible for the Treasury Stock Management. This authorization will substitute the resolution passed by the AGM on the April 5th, 2017, which is now null and void insofar as it hasn't been used. Approved? Item 13 has been approved. Item 14 of the agenda, we propose to give powers to the Board, which can then sub-delegate it to the Executive Committee, the Chairman, and the CEO.
The powers to interpret, correct, and execute the resolutions adopted by this general meeting, and to delegate powers to the Chairman, CEO, and Secretary of the Board in order to place these resolutions on public record. Approved? Yes. Item 14 approved. Item 15, the shareholders have been given a document showing the modifications brought into the board of directors regulations since the last AGM. These modifications were approved in the board meeting of the July 27th 2021. Having seen the results of the votes for each of the agenda items, which will be duly minuted in the notarized proceedings, which will be posted to the website, we can now adjourn this session. I'd like to thank all of you for participating in this annual general meeting of Ferrovial SA. Good afternoon.