AGM 2020

Apr 17, 2020

Slides

Good morning. Ladies and gentlemen, shareholders. We thank you for attending this ordinary general shareholder's meeting of Fabreal remotely. Hell, that second call as, yesterday, sufficient quorum was not reached so that it could be validly constituted on first call. Due to the deterioration of the state of alarm on March 14th due to the health crisis derived from the expansion in Spain of COVID-nineteen, This meeting will be held under different conditions than usual. In these exceptional circumstances, the Board of Directors has decided to maintain the call for the general shareholders meeting so the company can continue to carry out its activities with the least possible disruption. The holding of the meeting on the scheduled date must be reconciled with safeguarding the general interest and the health of our shareholders and of all the people involved in the organization and the holding of this meeting. And therefore, the Board of Directors in with the regulations approved to deal with this situation has decided to hold the general shareholders meeting, exclusively for remote attendance and participation, it has also agreed to extend the means available to shareholders to exercise their participation rights remotely, as described in the supplementary announcement to the call, which was duly published. Meeting is being held without anyone present in person, except for the presiding Board of the meeting composed of the Chairman and the Secretary of the Board of Directors, the Chief Executive Officer and the Chairman of the Audit And Control Committee. Whilst maintaining all the necessary safety and distancing measures, the other members of the board are attending remotely, Mrs. Maria Delpino Ecalvo Sotelo, Mr. Santiago Fernandez, Angelo, Mr. Joaquinel Pino Carlos Hotelo, Mr. Philip Palman and Mrs. Hanna Dellejo, Mr. Joano, Georgina DeRjo, and Mr. Gonzalo, Urqui Hoefonen, the allowance. At the board's request, the Madrid Mr. Javier Navarro Raulieu's service is also present to take the minutes of the meeting. We'll now give the floor to the Secretary of the Board and of this general meeting, Mr. Santiago Ortiz, who will read the call of the meeting and its supplementary announcement. Good morning. The notices for the call of this annual general shareholders meeting have been published pursuant to Article 27 of the bylaws and 516 of the Capital Companies Act on the website of the Spanish Securities Market Commission on February 27, 2020. On Ferrogial's website on March 4 2020. And in the daily newspapers, ABC Lmundo, Arathorel Paris Expansion, Thinkodias and Elekonomista. On March 4, 2020. Following the declaration of the State of Alarm by Royal Decree-four sixty three-twenty 20, the publication of Royal Decree at 82020 on March 17th an extraordinary age of measures to deal with the economic and social impact of COVID-nineteen The Board of Directors agreed to hold this meeting exclusively by telematic means and to extend the means for remote participation of shareholders. Accordance with the latter rule, supplementary announcement to the call has been published on the website of the Spanish Securities Market Commission on March 30, 2020 on website on the same day and in the official cassette of the Mercantile registry on April 1, 2020 given the length of the text of the call, and this supplementary announcement in accordance with article 19.3 of the regulations the General Childers Meeting, this content is summarized The call includes the agendas, possible supplement, the electronic form for shareholders, the right to information listing all the documents available to shareholders, the right to attend, representation, remote attendance and representation on voting using remote communication means containing the rules on the exercise of these rights and on personal data protection. Supplementary announcement indicates that the meeting will be held on the same day and at the same time as foreseen in the call that it will be held exclusively by remote means that the call already takes into account the means of remote participation as required by Article 41 of the aforementioned Rogerule 8. 2020 to hold a shareholders meeting remotely and describes the additional mechanisms that have exceptionally been made available to shareholders to facilitate the exercise of their remote participation rates. The General Shareholders Meeting is understood to be held in the registered office located at Punta Peregar Agara 135 in Madrid. In accordance to the provisions of Article 41 of the Royal Decree A2020 mentioned above and as indicated in the published complementary announcement, If any problem were to arise in the electronic communication systems and services, the general shareholders meeting would be suspended for the time necessary to remedy, And I would resume as soon as possible whilst reporting it on fellow Bios corporate website. We will now summarize the agenda. Matters for approval examination and approval as appropriate of the individual and consolidated financial statements and management report of Ferro Realeste for the year ending December 31, 2019. Application of the profit or loss of financial year 2019. 3 examination approval are appropriate of the management carried out by the Board of Directors of Financial Year 2019. 4th appointment of the company's external auditors and its consolidated group 5 reelection ratification appointment of directors 6th, increase of share capital by a determinable amount by issuing new ordinary shares of $0.20 nominal value each charged 2 reserves, 7. 2nd capital increase for a determinable amount and other terms of performance. 8th approval our share capital reduction through the amortization of a maximum of 27,755,960 Treasury Shares 9th, approval of the directors remuneration policy 10th approval of a share based remuneration system for board members performing executive duties. 11, authorization to continue with the divestment of the Services Division of the Far Gabriel Group 12th, delegation of powers to the Board of Directors Executive Committee, Chairman and Chief Executive Officer for the execution and implementation of the agreements adopted by this general shareholder's meeting. It will allow 2 matters for consultative vote. 13th. Annual Reports And Director's remuneration. Free matters for information. 14 information on the amendments introduced in the regulations of the Board of Directors. That's the summary of the agenda. No use has been made of the rights of the law grants shareholders to request the publication of a supplement to the call or to propose recent proposals regarding matters already included in the agenda. Since the publication of the call, shareholders under the terms defined in the Capital Companies Act have been able to consult the documents that will be reviewed by this general meeting at the registered office or request that it be sent at no cost. And the company has continuously published on its website all the information that Section 518 of the capital companies Act refers to. We will now give you the final list of attendance this general shareholders meeting. There are 123 shareholders present holders of 1,000,001,520 shares, which is 17.295 percent of our share capital. This number includes shareholders that are voted remotely. And there are 1590 shareholders represented only 390 4,670,884 shares, which is 53.674 percent of the share capital. Therefore, attending amongst those present or represented, we have shares adding up to 70.9 68% of total share capital subscribed and paid up. Sophistic quorum for the valid constitution of the General shareholders meeting on second call. Considering the definitive attendance quorum, The secretary has just quoted, the meeting is declared to be validly constituted on second call to deliberate and decide on all items and matters on the agenda. I will now give the floor to the notary. Pursuant to article on one of the regulations of the McIntal registry as notary of the meeting are hereby warned the assembly that if any person attending telematically, which is to express any reservation or per test regarding The statements made by the chairman and the secretary on the number of shareholders attending and the capital present and represented They may do so by sending from this moment. And until the end of the meeting, an email to the address akfyanistaz@ferabial.com indicated in the call or to the email javier@notarianavaroruvio.com. If there are any It will be recorded in the minutes of the meeting. For proper identification, such an email must necessarily be sent by the shareholder from the email address indicated when registering on the platform that has been made available to you. Next, I would like to say a few words. On behalf of the Board of Directors and on my own behalf, I would like to thank you for attending remotely and to welcome you to this general meeting of Ferrovial shareholders, it's the first time we are celebrating this meeting without the physical presence of our shareholders due to COVID-nineteen. Therefore, I'd like to convey my condolences to those who have lost a loved one due to the pandemic. And my thoughts and encouragement Therabia Workers, shareholders and other stakeholders who have suffered from the disease or have managed to overcome it. I'll begin by describing the key 1,000,000 with revenues from continuing activities amounting to 1,000,000. This result was supported by the good operating performance of our main infrastructure assets last year. We received 1,000,000 in dividends from affiliates, notably from toll roads where the 407 ETR contributed with 1,000,000 as well as the 100 and 1,000,000. That's the very first dividends that we have received from Managed Lane Projects. So Heathrow was also an important source of revenues. As it distributed to Ferrovial, the equivalent of 1,000,000. Moreover Ferrovian enjoys a good financial position. We closed 2019 with the net cash figure, which was 32% higher than the previous year. 2019 was also the year of the launch of the Horizon 24 plan. The main objectives of that plan will be detailed later and the implementation of that plan will be steered by our new CEO, Ignacio Madirejos, who is attending his 1st Peruvian shareholders meeting. With this plan, Ferrevial is focusing on the development, construction and management of sustainable infrastructure assets with high concession values which will enable us to maximize shareholder value. I would also like to highlight our commitment in the face of the challenges posed by climate change. We have reduced our emissions by 5.2% with respect to 2018. And that is a saving of almost 50,000 equivalent tons of CO2. And we will continue to work on new initiatives in this area. In the field of corporate governance, we have continued to make new appointments to the board. 2 independent directors have joined us through corruption. 1, all yours in Katarajo, I'd like to welcome them to their very per shareholders meeting. This appointment will be, put you for a vote later for ratification. Oscar Vahul has also been appointed the Vice Chair of the Board. In this meeting, you will also be asked to vote on continuing their divestment of the services division. The first steps have already been taken with the sale of Broad spec in Australia and New Zealand. We remain committed to divesting the although the current situation in the markets may cause some delays. The company's good operation performance and the prospects of sustained growth going forward enable us to propose shareholder remuneration that could potentially amount to 1,000,000. If that proposal is approved, the timing and the size of the distribution will be determined by the Board of Directors depending on how COVID-nineteen impacts the business. And I will go I will talk to you about this again a little later. As I noted earlier, COVID-nineteen is having a massive impact on Ferrier's activity. Business. From the outset, Ferrogl has focused its strategy on 3 pillars. Firstly, safeguarding the health of our employees and our users. Secondly, keeping the business running and assuring the company's future and especially reinforcing our liquidity. The 3rd pillar is to maintain our social commitment in the most urgent spheres everywhere where we are located flexible working arrangements have been adopted along with teleworking and a freeze on business trips of face to face meetings. And proper protective equipment has been provided to all the workers who need it to do their jobs, following the recommendations issued by the WHO and the health authorities. I would like to pay tribute here to the work of all of our employees. Who have done everything in that power to keep the business running smoothly within the logical constraints of mandatory confinement decreed in Spain, and equivalent measures that have been put in place in other geographies regarding social commitment. We've set up a fund the Fairview Al Fuentes COVID-nineteen fund, which will be endowed by Fairview with up to 1,000,000 to fund the fight against the pandemic in various fields and also to help relieve the subsequent socioeconomic effects. The fund is open to third parties for them to collaborate. In the fund, I very well will commit up to the maximum amount mentioned. I encourage all of you to participate. As part of the measures that we have adopted in response to the COVID-nineteen crisis, I can announce today that the board has agreed to a 20% reduction in the fixed remuneration for the Executive Chairman and the Chief Executive as well as a 20% reduction for directors. And that will affect both fixed and the supplementary remuneration. Now this measure will apply on a temporary basis for the duration of the crisis additionally. The allocation of performance shares to the company's executives in restful 2020 will be suspended into July that of course is something that will be submitted as meeting for approval. And it will be reviewed in the light of how the crisis evolves. Despite the difficulties I'm convinced that we will emerge stronger from this crisis, but Rafael has a liquidity position close to 1000000 and a net cash position of approximately 1,000,000,000 so that the debt maturity is due in 2020, totaling 1,000,000 of recovered. The company also has a portfolio of sand assets. Nevertheless, we still need to be very prudent with regard to traffic protections as well as the impact of COVID-nineteen on traffic on airports and infrastructures and suspension of contracts the pandemic has also affected stock markets and we have not been in exception. Revenues from continuing operations in 2019 rose by 55.5 percent to 1,000,000 EBITDA amounted to 1000000, affected by a provision that was booked in the first quarter of 2019 to cover possible losses on some of our construction contracts in the USA. Net profit from continuing operations amounted to 1,000,000. The same figure as the previous year while total net profit including profit from discontinued operations stood at 1,000,000 That contrasts with the loss of 1,000,000 the previous year. Our financial situation, our net cash position, including infrastructure projects, including the Portion Cross Furniture Services end of 2019. At 1,000,000, 30 2 percent up on the previous year. While consolidated net debt dropped by 19% to 1,000,000. As I mentioned earlier on in this presentation, 2019 was an excellent year in terms of dividends from our assets. As a result, operating cash flow increased by 44% to 1,000,000. In total, our toll roads generated 1,000,000 in dividends, our airports provided 1,000,000. Construction activities provided 1000000 in operating cash flow and services 1,000,000. As I mentioned earlier, one highlight is the 1,000,000 from the 4 7 ETR, the million from the first dividend issued by NTE and the million from Heathrow. Investments amounted 1000000 and divestments to 1,000,000. Notably due to the partial sale of the household toll roads in Spain and the route to Zelkadka in Colombia, these divestments are a continuation of our policy of rotating material assets, a policy that enables us to extract the maximum value from our investment. The sale of Broader Spectrum was also agreed and booked in 2019, but it will not be reflected in cash 2020 once it's been completed. The backlog in 2019 stood at 1,000,000. Now of this amount, 1,124,000,000 were accounted for by construction. That's at 4.2% year on year, 88% of that figure is located outside Spain. The services backlog was 1,756,000. Following the proportionate consolidation process, the equity accounting method, 83% of revenues, 84% of EBITDA came from International Business. Once again, following the same method, the United States and Canada are our main source of revenues. They contributed 1,000,000,000, that's 33% of the total in proportional consolidation terms. Sources of funding. Ferrovial has a diversified funding structure during 2019. $1,300,000,000 of debt at NTE were refinanced. Now that reduced the cost of the debt. The, from 5.3% to 3.8% should also extend the maturity in 2019. We also achieved the financial close of of a couple of projects, the NT35 W3C Project Texas in SilverTowne in London. The 407 Highway also made to bond issues amounting to CHF300 1,000,000 $500,000,000. Equipment in this case were 3.14% and 3.67%, respectively. With regard to our credit rating. Standard Poor's and Fitch maintain Perovio's corporate debt in investment grade was a BBB rating. 2019 was a great year for all Ferrevo. ProVial shareholders if we consider the share performance. ProVial is one of the best performance in the ABX 35 with its share price appreciating by 52 percent to US26.97 dollars per share. That's a figure that 52% increase compares favorably to the average for the Spanish index, which was 12% factoring in share buybacks, that brings total shareholder return to 57.2%. The company ended through 2019 with a market capitalization of close to 1,000,000,000 The COVID-nineteen pandemic was made a negative impact on Star market developments of 2020 and we were not an exception So far, in 2020 for our share has fallen by 13.6%, again, better than the Ipex 35, which fell by 29.2%. That means then that we have 1,000,000,000 in market cap that was the figure from yesterday's close. Shareholder remuneration amounted to 1,000,000 in 2019, the same as in 2018. That figure includes the million scrip dividends and share buybacks totaling 1,000,000. As you know, among the proposed resolutions to be presented to you today at this meeting there is the approval of a flexible dividend program similar to those that have been implemented in the last 6 years. And this will be implemented With the sum total after the proposed buyback actions will take the total shareholders return to 1000000. We've charged 2 reserves and a subsequent amortization of treasury stock that were previously acquired in a buyback program. We have the understanding that the company has as a necessary plan to cover these payments while maintaining a financial position. That enables it to invest in the business and create value for shareholders. However, at this time, it is impossible to ignore the uncertainty about the timeline for overcoming the pandemic and the subsequent economic recovery and therefore about how this may affect our projected revenues and cash flow. I should note that for you, shareholders, that the circumstances giving rise to these proposals originally may have changed by the time they are to be implemented. And if that is the case, The board has the option not to execute 1 of both resolutions or, or to ask you to revoke that approval or in the terms of finding section terms, capital increase proposals and it could also terminate early that buyback program amortization proposal as permitted by the proposal to the at least the meeting in item 8 on the agenda. As you know, in October last year, we appointed Ignacio Madreros as CEO. Now he will be addressing you in a few minutes' time. Has the full support of the board and I hope he also has your support to achieve the greatest possible success leading this company. The process of renewing the composition of the Board of Directors also continued in 2019 with the appointment of 2 new independent directors. Juan Hoyos and Gonzaleiro Quijon. Both of these appointments which have to be ratified today at this meeting strengthen the presence on the board independent directors who now account for 2 thirds of the total number of directors on the board. The changes in the board are also made it possible or members of the Audit Control Committee and or members of the Appointments And remuneration Committee to be independent directors During this general shareholders meeting, you will also be asked to approve the appointment of Ocean Young as auditors for the period 2020 to 2022. And lastly, a new Chief Compliance and risk officer was appointed in 2019 reporting to the Order And Control Committee. Turning to corporate social responsibility. Last year, Ravi Al was selected by the Dow's Jones Sustainability Index as the World's Most Sustainable company in our industry Now that ratified our endeavors to ensure the sustainability of our business activities and also that contribution to society, furthermore. Peravial also continues to be included in the international sustainability. Indices such as the MSCI, which if you're good, carbon disclosure project and VICHIA. Our social infrastructure program is also an ongoing source of good news. It's managed to bring water and sanitation to more than 123,000 people Africa in Latin America. And lastly, in the operational area, progress has been made in the commitment to achieve a safe and healthy work environment for all workers at all times. Thanks to everyone's efforts, the accident frequency rate decreased by 15.6% compared to 2018. Although 2019 was a particularly tragic year, as fourteen workers lost their lives. Improving on these figures is one of our top priorities. In 2019, several Peraviar projects were recognized for the innovative nature or their events. These are awards that acknowledge the company's leadership in engineering, in work of production, in environmental commitment, and in infrastructure accessibility. To conclude, In 2020, Peru faces the challenge of the greatest global pandemic that humanity has experienced in the last 100 years. However, our company has world class assets, a great team of professionals, sound numbers, the right level of liquidity and the ability to overcome the crisis and rest the future with termination and optimism. Nevertheless, at this time, I would like to insist must move a great portion and it is very difficult to project the pace at which traffic and disruption projects will return to normality. In the meantime, we will do our best to build the Ferrevio of tomorrow, a company committed with the world on the move In concluding 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 would also like to send a message of encouragement to all Ferrier workers We are going to overcome this crisis. Thank you for your day to day contributions for Aviat by continuing to build a more connected and sustainable future. Thank you very And now the Chairman of the Audit And Control Committee will report on the main activities of this committee during the year 2019, I'm going to give the floor to Mr. Frank Hall. Thank you very much, Chairman. Good morning, ladies and gentlemen. I am addressing you as Chairman of the Audit Uncontrol Committee of Federal Real Estate. Which, as you know, is the board committee that is in charge of supervising financial statements, control systems and the group's risk. As well as various aspects of the group's corporate governance. The committee is currently made up 4 members, all of whom are independent directors. The committee and its activities and operations follows the recommendations of the CNMV's practical guidelines on audit committees for public interest companies. Let me now sum up the most relevant activities we've carried out in 2019. In any case, the activities of the committee are described in detail in the report produced by the committee and approved by the Board of Directors that has been made available to shareholders by being posted on the company's website. The committee has reviewed and issued favorable opinions on the financial statements before they are presented to the board and then sent to the authorities and the markets. In that endeavor, we've had the cooperation of the external auditor who's attended the 5 meetings who helped in the year. The company's auditor has reported on their limited review of the financial statements for the half year ending on June 30, 2019, and the audit of the financial statements for the year closed on December 30, issuing a fully favorable opinion. On the other hand, the external auditor has focused on the following aspects in order to make sure that their work would contribute to guaranteeing the integrity of our financial statements. Has reported the committee on their working plan for audits in the year has reviewed the main opinions and estimations that can have an impact on state financial statements as reported to the committee on the main risk areas that could have an effect on the reliability of our financial statements. Has, listed the main recommendations for internal control that have emerged from the audit and has also informed on follow-up on the ones that were recommended the previous year. Has met all the requirements for independence with the necessary declaration by the law, analyzing all the other tasks other than the legal audit that were entrusted to them. As well as meetings with management, the auditor has had sufficient time to inform the committee without the company's executives being present. And finally, and complying with best practices, have also reported to their board on the work done and the evolution of the company's accounts and risks. The committee has also assessed services provided by the auditor in the last 5 years in compliance with the board's regulations. Also, the company's management has reported to the committee on the operations of the internal control system for financial data and on the work done in order to improve controls group areas. We have monitored progress based on the improvements and recommendations that were made the previous year. The committee has also had the full support of the internal audit division. We've supervised their activities during 2019 and approve the internal audit plan for the year 2020. I've also received during the previous year 2 reports of the internal audit department on the functioning of Pedro Real's ethical channel, which is the channel that enables Ferrabias, employees or any third parties to act as whistleblowers for any inadequate behaviors or activities. The committee has also been informed periodically on the company's main risks and contingencies as well as the groups. The systems have been that have been established for identifying managing and controlling set risks. Finally, and in connection with activities in the area of corporate governance and compliance, the committee examined before it was presented to the board, the annual corporate governance report. So supervised the operational efficacy of Ferrell's compliance model and produced a report on related transactions published on the company's website. These have, in summary, been all the tasks that we've carried out during the year that ended December 31, 2019. And now, behalf of the audit and control committee, I'd like to thank Mr. Fernandez Ballena, who has shared this committee for the last 4 years and who's had to be replaced as chairman because that's what the regulations require for the excellence of his work as chairman of the Fed Committee. Again, on behalf of the audit and control committee, I'd like to thank you for your attention. Good morning. And now, we are going to get the floor to Mr. Ignacio Maria who will also say a few words. Thank you. Thank you, ladies and gentlemen, shareholders. Good morning, everyone. It's a real pleasure to participate in my very first Ordinary General Meeting to present the 2019 results. And I'd like to, of course, remember all those who we have lost during this COVID-nineteen pandemic and extend my deepest condolences to their relatives and friends. I'd also like to thank all our medical or health professionals who are doing critical work. I'd like to mention our Ferroglale colleagues who work in ambulance services, cleaning hospitals, building field hospitals and maintaining transport infrastructures. We're very, very proud of you. I'd also like to remember all those who've suffered job related accidents, although we've reduced the frequency of said accidents with leaves 15.6%. We still are working hard so that everyone connected to us can return safely home after their day work. As for our financial results, 2019 was a good year. We have excellent infrastructure assets that demonstrate our strength with excellent operating profit and which have enabled us to maintain high liquidity Our toll road and airport assets, in general, have seen an increase in traffic in the year 2019, improving their profitability and customer satisfaction levels bringing in 1,000,000 in dividends. In construction, it was a difficult year with provisions of 1,000,000 in the first quarter for projects in the U. S. But that was offset by positive activity flow at the end of the year and the implementation of different actions us to reach an EBIT of 3.5 percent and by 2024. In services, we have reached an agreement for the broad spectrum divestment, and we maintain our commitment to continue to sell all other service division assets when markets allow. As usual, sustainability and innovation are an essential part of our strategy and help contribute to our profit. I'd also like to as usual, thank all of Ferroglal's workers for the efforts they've made. They are the key in order to achieve our targets. End of January, we presented our strategy 2020, 2024, which we've called Horizon 24, focused on the development and operation of innovative infrastructures efficient and sustainable in our 8 strategic markets, principally. I hope that this plan will position Ferroreal at the forefront of infrastructure. Businesses as well as our core businesses of toll roads, airports and construction linked to the development of infrastructure projects with high concession value. We're also going to explore other businesses, including mobility electrification and water. Linked to infrastructure development. Understand, we've also defined some targets such as annual EBITDA growth of 11% between 20202024. Dividends of 1,000,000,000 in our infrastructure assets and EBIT margin of 3.5 percent from construction in 2024. And a reduction of our total absolute CO2 emissions of 32% in 2030 with respect to 2009 levels. We have a solid backlog of infrastructure projects that we're studying for a total of 1,000,000,000 and we will continue with the rotation of mature assets and the complete divestment of our service business. Also, we're going to be a more agile and innovative and efficient company with a new operating model, which will enable us to save 1,000,000 in structural costs. All of this while maintaining a clear focus on shareholder return strategy, which was, of course, drafted before the COVID-nineteen crisis, which may have a relevant impact on our economy generating challenges, but also opportunities with regards to the plans that I have just discussed. Moving on to our main financial highlights, 2019, our turnover rose by 5.5 percent to a total of 1,000,000,000 our gross margin was 1,000,000 impacted by those construction provisions in the first quarter of the year. Our net operating income was 1,000,000, profiting from the capital gains for the Osoil divestment and the net profit, including services, was 1,000,000 versus a negative figure in the previous year, as for an M and A activity. At the end of last year, we signed an agreement for the Broad Spectrum divestment. Our stake was valued at 1,000,000, we hope that this sale will be completed before Q3 this year. We've also confirmed our commitment for the full divestment for service division when market conditions allow. Last year, we also rotated a mature asset, which was outsold by selling 65 percent of it, 1,000,000 generated a significant capital gain. We also sold 11.75 percent of Rudal Gaka for 1,000,000 and they Polish service business for 1,000,000. Our turnover was, again, 1000000000 10% from toll roads are Gross margin was 1,000,004136,000,000 Legends Spain contributed to 105,000,000 for a 100 1,000,000, while the rest was negative, especially the U. S. And Canada with a minus and provision that I mentioned before. Our turnover with the proportional integration method added up to 6.2 1,000,000,000, 68 percent of that from the construction business and 16% from highways and airports. The that was 1,000,000,000. That's 1,000,000 from highways, 1,000,000 from airports, by negative 1,000,000 from construction due to the reasons that I have mentioned above. For the proportional integration method by countries, 32% of our turnover was in the U. S. And Canada, 23% in the UK, 17% in Spain, 16% in Poland and 12% in others. 5 countries represent almost 90% of our turnover. And as for the U. K. Again, it was 55% of the 1,000,000,000 in Canada, 20% Spain, 16% Poland 6%. 2019 was a good year for cash flow generation with significant dividends paid by our infrastructure assets as well as the Construction And Services contribution. Our operational cash flow was 1,000,000 Highway dividends with 1,000,000 was 56% of the total airports 1000000 20% of the total. Construction had a positive operational cash flow of 1,000,000 and services a negative 1,000,000 and others services, positive 1,000,000, but others minus 1,000,000. Our net cash position was of 1,000,000,000. That's 1,000,000 more than the previous year, which puts us in a very solid position to face challenges such as the COVID-nineteen crisis. Shareholder return including dividend and share buybacks was 1,000,000 total shareholder return considering dividend plus the valuation of the shares 57.2 percent because shares rose in the year bringing us to a market cap of 1,000,000,000. That's 1,000,000,000 more than the previous year. However, of course, with the effects of the current pandemic, our shares have been impacted and our market caps is now down to 1,000,131. In the year, we've had significant awards of new projects, including the I-thirty 5 in Waco, Texas, or the award of a because for the construction of a road in Grand Canyon area, in services, we've also been awarded relevant contracts such as road maintenance in Ottawa and New York. Again, Heathrow has been recognized this year as the best European Airport and best airport for shopping in the world. In 2019, we've also been awarded the concession and the construction of the SilverTowne Tunnel and the 3C segment of 35W, but refinance the NTE Highway, which has paid its 1st dividend, and we sold our solar and Rutael Kakau, as I mentioned before, and have opened a new highway into Wumba, Australia. And in the 177, a new managed lane in Charlotte. North Carolina. Moving on in more detail to the highway business, our assets had a good year with good traffic performance constant in the 407, but up in the NTE 14.7% in the LBJ 9.1% in the 35 W 25.3 percent this latter in the fourth quarter of the year. We've also had good increases in EBITDA with which is up 8.1% in the 407, 32.6% in the NTE and 23.7% in the LPG. And we've also maintained good customer satisfaction, 87% in the 407. As I mentioned, We've opened the I-seventy seven to Womba and phase 2 of the 407 East Extension. We've also completed the financial closing of the 35 W3C for $900,000,000 and the SilverTowne tunnel for 1,000,000,000 as well as the refinancing of the NTE for $1,300,000,000. Our dividends from highways were 1,000,000 last year, 1000000 from the 407, 1000000 from the NTE, which paid its 1st dividend. And we hope that this year the LPGA will be paying its 1st dividend the current health crisis alone. Of course, last year, we also rotated the Household and Total Capal assets that I mentioned before with capital gains of 1,000,000 for our Sol and 1,000,000. Fort Hotel. Revenues from our totals totaled 1,000,000 last year. That's 31% up on the previous year. EBITDA totaled 1,000,000. That's 35.7% higher than the figure from the previous years. Dividends, as I mentioned to you earlier, totaled 1,000,000. Turning to geographies. And once again, proportional integration, 40 3 percent of the revenues from our toll roads came from Canada, 21% U. S. Say 20% Spain and 7% Portugal. Let me move on to our airports business. Our airports assets also had a very good year last year in 2019. You saw last year hit a new passenger record figure 80,900,000 passengers. That's 1% up on the previous year. And that means that we have seen 9 consecutive years of growth in those figures, dividend received from our stake in Heathrow totaled 1,000,000. 82% of all of the users of Heathrow Airport rated experience is excellent or very good. The British Court of Appeal decided that the process for the approval of the 3rd runway should include the Paris climate change agreement. And that decision is one that we are asking for permission from the Supreme Court to appear against. And that could also have an effect on the delay on the expansion project for the 3rd runway. AGS, British Airports, traffic dropped last year by 7.8%. Some of the reasons for that included Thomas Cook, Bankers, and also a drop in our revenues. Despite that drop, rather, revenues increased by 1.8 our dividends was 1,000,000, because of Heathrow sales revenues, a total 1,000,000,000, 3.3 percent higher than the previous year. EBITA 1,920,000,000, also a 4.5% up and total dividends of 1,000,000 AGS, revenues 1,000,000, a bit to 1,000,000 and that was 2 point 6% down total dividends 1,000,000. Turning to Construction. Revenues in the Construction business rose by 3.1% in 2019, although the Vito figure was affected by provisions for losses for the tow road work in USA. Nevertheless, we finished the year with positive activity flow. In our Horizon Medical business plan that we've already talked about, we do hope to have positive that you bid in 2020 or that would depend of course on the time it takes for us to overcome the COVID-nineteen pandemic and the different geographies where we're doing business, and what compensation we get for the different works. Nevertheless, our aim is to hit 3.5% as a figure for EBIT in 2024. We're working on the improvement of our key processes, such as retentering and control of our work together with all measures. They've already approved be successful last year. The key awards, 33 section of the 35 W. Fort Worth also the I-thirty 5 go through why the civilton tunnel and work in Port And Railway in Poland. Construction revenues last year total 1,000,000, we have also a recent project that was announced last year. I just had a construction sales last year. 1,000,000,000 that's 2.1 percent up on the previous year. EBIT down 1,000,000 and operational flow 1,000,000 of cash flow. Turning to the geographies breakdown, the key market was Poland representing 54%. USA can invest 30% paying 15% to the UK 7%. Our backlog has hit an all time high of 1,000,000,000, that's 4.2% above the figure for the previous year. The bulk of that is in the USA and Canada sales countries represent 45% followed by Poland, that's 25%, Spain, 12% and the UK 8%. Let me move on to the services business now. We're still committed to the divestment of this division, although the current crisis might of course delay of the sale process until it's relative impact to the markets. Last year, we sold the services division in Poland to BodyMx, and reached an agreement for the sale of Raw Spectrum for the value of our stake, the 1,000,000, which we disclosed by the third quarter this year, our revenues grew by 4.3% in like for like terms and our EBIT was 1000000, 5.3 percent up in Spain, 26.3 percent up in our international business. Turning to safety once again, our accident frequency rate was 15% better. We were awarded key contracts in all of the markets such as defense contracts in the UK city, water in Australia and highway contracts in Canada. The results for services revenues are 1,000,000,000, you put 1% up on the previous year. EBITDA was 1,000,000. Our operational cash flow was 1,000,000, including the payment of 1,000,000 following the agreement with the Birmingham City Council. Sales by geography breakdown 39% UK, 29% Spain, 24% Australia and New Zealand. The total backlog was 1000000000, 46% in UK, 24% Spain, a 23% in Australia and New Zealand. Let me move on to new businesses. The mobility business is providing us with some key information to develop some new transport infrastructures mobility. First of all, we have 2 key initiatives. 1 is city. That's the car sharing business we have with Renault and Madrid. And we're also expanding that to other European cities starting with Paris with The other one is Wanda, which is a mobility platform we have in Spain. In electrification, we are seeking to develop some Greenfield projects for transmission lines, especially in Latin American countries where we've defined the most priority and once they're built, we will rotate the assets as quickly as possible. In water, we are taking advantage of our construction capabilities in the countries, which we have defined as priority countries to develop our new infrastructure concessions. Let me talk about sustainability now. Combating climate change is something that plays a relevant role in Ferrovial strategy. Both to reduce our emissions that come from our business activities as well as to look for more sustainable infrastructure and mobility solutions So group 1 and scope 2, carbon emission footprint in 2019 was 861,000 tons of CO to that's down 5.2% compared to the previous year. And compared with the benchmark year of 2009 in absolute terms, it's a reduction of 19.5%. And intensity, 59%. So it's below the game that was defined for 2020 and a reduction of 35.4% in emission intensity. We've also defined a new goal for 2030. Which means that reducing by 32% in absolute terms has got 1 and 2 emissions compared to 2009 Feel to hit that goal, we will have to reduce our emissions from our vehicle fleet by 33%. We'll have to ensure that all of our energy supply is 100 percent renewable energy by 2025 and we'll have to improve our energy efficiency from other fixed sources by 30% by that year All of the audited emission data such as CO2 reduction plan up to 2013 are available to you on our Web side, we're still working on new initiatives that will help us to become carbon neutral before 2015. And we'll need to develop new technologies to do that corporate social responsibility. We launched our 20.20 or 20.22 plan with initiatives implement over the next 3 years. These initiatives are aligned with our compliance with the SDGs, especially those that are most relevant to our strategy. We're continuing with initiatives such as the Junta Sumamoto's initiative, developing Wharton sanitation programs in those areas where there is a real need for them. We're also participating in the key sustainability indices that will allow us to benchmark our programs And we're very proud of being the leading companies in our industry in the Dow Jones Sustainable Index. Health And Safety, we regret the loss of life of 14 workers and last year, employees and contractor workers but we have to reduce the total number of safety incidents starting with the severest ones. We are intensifying our endeavors in those that we call high potentials and we're learning for them and extending out our best practices all of the company, the whole company, and I must have heard that we're all committed to the health and safety of the people who work with us. So we want all of our workers to go home safe and sound at the end of their working day. Let me talk to you about the priorities for this year, 2020. In our strategy Horizon 24, in that plan, we define 4 strategic priorities. The first one is about the people who make up our company, our key assets. We have to ensure the safety of every single person working in this company And but it's even more important now due to the pandemic that we are facing. We also have to show that we have a good employment environment for these people and shows that we are committed and we have to be able to bring in the top talent from the communities where we are secondly. Sustainable growth, we have to develop and operate high concessional value infrastructure assets in our priority markets, rotating our material assets, or those that don't actually fit into our strategy such as services and always seeking excellence in our shareholder return. The 3rd strategic priority is operational excellence. We have to improve our construction margins through the redesigning of key processes implementing in the operation model to make The company more agile efficient and innovative and reducing our environmental impact, especially CO2 emissions. The 4th strategic priority is innovation. It must be disruptive within the company itself. It must be incremental to the business. It was an always, sir, with sponsors and return on investments. These priorities have been turned into indicators with defined objectives in our Horizon24 plan. Or some of those are for an annual improvement 10% in the severe and fatal accident index reduction of 32% in due to missions. It's group 1 and 2 in 2030, be the leading company in the industry in measured in TIA SAR terms, so the growth held for the next 4 years of 11 percent annually of EBITDA reaching 3.5 percent EBIT margin construction by 2024 while reducing this year by 1,000,000, our structural costs, and that will give us an annualized reduction of 1,000,000 by out of 2021? And question would be 2020 is a year that has been characterized by the impact of COVID-nineteen in Pervia, we're working to reduce its impact and to respond with And to respond to any of the worst possible scenarios, we're getting ready to come out of the crisis strengthened on 25th March. We issued a communicator. We gave information about the impact on traffic in our key assets about the activity of our key businesses and the financial situation of our infrastructure assets. Traffic figures started the year with values that were higher than the previous year, but of course, they they fell off quite substantially and this drop down was increased in March. The 4th of 7 saw traffic falls of minus 12.7% in the first quarter, minus 37.8% in March, minus 76.4% in the last week of March, measured in last the same figures to the previous years and similar figures that has been a BJ. That's minus 3.6% Q1, minus 3% margin, minus 17.3 the last week and for the NTE is 7.7 percent -31.1 percent -67 percent and the same for 35 w. The case of Heathrow, the falloff in the first quarter was minus 13.3% in March, minus 52.4% and AGS British Airports minus 33.9% the first quarter minus 57.3 percent of margin construction services. We've had a temporary suspension of some of our projects some countries. And here I would like to highlight the work has been done by some of our colleagues in critical works in Our liquidity position is strong and our key infrastructure assets are have a good financial position and will and that will allow us to cover our debt without any problems and to be strengthened when we come through this crisis. Sound financial position together with our unique infrastructure assets, the right strategy in our eyes and ready for plan and a great human team now is to continue to generate value for our shareholders. Let me finish by thanking our shareholders for the trustees that you have given us and our employees for the work done during the whole year. Thank you very much. Okay. Your second is that? The shareholders who have registered in the platform, on Ferrogial's website and have logged in to attend the meeting in accordance with the provisions of the notice of call have been able to send any, comments or request information or clarification on 1 items included on the agenda. 2 information available to the general public provided by the company to the CNMV Since the last general shareholders meeting was held or 3, the auditors report. On the other hand, in case that request for informational clarification on these matters made by proxies attending remotely, exists, they would be answered within the 7 days following the holding of this meeting in accordance with Article, 197.2 of the Capital Companies Act. In addition, And in accordance with articles $197,000,000 $520,000,000 of said act, shareholders have had the opportunity to request clarifications and ask any questions they might have in writing regarding these same matters up to the 5th day prior to this general shareholders meeting. We have had no requests for statements or clarification by shareholders attending remotely. So we will now read and approve the items on the agenda. We will review first the items for approval. I call on the Secretary who will explain some practical aspects and read the proposed resolutions on the agenda published so we can proceed separately to their vote. Procedure for the reading and the approval shall be as follows. In accordance with Article 20four-one of the regulations of the general shareholders meeting and given that shareholders have the tech of the proposed resolutions at their disposal on the company's website, a summary of the contents will be read of those whose full reading is not required due to their length. Chairman will then decide will then speak on their approval. According with Article 24.4 of the regulations of the General Child meeting, initial holder was not voted against in Casper Blankvote or expressly stated their extension through any of the remote communication means enabled by the company in described in the call and the supplementary announcement shall be deemed to vote in favor of the proposed resolution. Provided that after the vote corresponding to each item on the agenda. There is evidence that there are enough votes for an agreement to be approved. This shall be deemed as approved. The exact numbers of the votes for a guest abstentions and blanks should be duly indicated in the minutes of the General Shareholders Meeting. Furthermore, the adopted agreements and voting results should be published on Pedro Real's website. Glad will remind you that shareholders attending remotely may cast their vote until the last of the items submitted for voting at the meeting is read. Item 1, on the agenda. Point is divided into 2 sections since Mercantile regulations require separate approval often consolidated non financial information statement. 1st, item Section 1, the agenda to approve the annual accounts balance sheet, profit and loss accounts, statements of changes in equity, cash flow statement and report of Federal Real Estate and its consolidated group, prepared by the Board of Directors for the financial year ended December 31, 2019, and the management reports of Federal LSE and consolidated group prepared by the Board of Directors for the Financial Year Ending December 31, 2019. Item 1, Section 1 on the agenda is approved. Item 1, Section 2, To approve the consolidated statement of non financial information for the year ending 31st December 2019, which is part of the management report, of the consolidated group fororial S. A. Item 1, Section 2 of the agenda is approved. Item 2, the agenda to approve the application of the resulting profit from the financial year 2019 amounting to 672,387,000 1.14 entirely to voluntary reserves. Item to view on the agenda is approved. Item 3, to approve the management carried out by the Board of Directors during the financial period of 2019. Item 3 on the agenda is approved. 4th item on the agenda, the content of this post agreement is summarized. It is proposed that Espan Young SL be appointed as the audit of Fabienne and it's consolidated group of companies for the years 2020 to 2022. Item 4 on the agenda is approved. 5th is divided into 5 sections, which allow separate voting on resolutions relating to the composition of the company's Board of Directors this, thus complying with mercantile regulations. 5th, section 1, to reelect Director Mr. Philip Baumann as member of the Board of Directors with the category of Independent Director for the statutory period, 3 years on the date of this agreement. 5th, Section 1 on the agenda is approved. 5th, Section 2, 2 reelect as Director of the Board in the category of Independent Director, Director Mrs. Hanna Beshit Breindbeck, sorensen, from the for the statutory period of 3 years from the date of this agreement. 5th, Section 2 on the agenda is approved. 5th, Section 3, to confirm the appointment of Mr. Ignacio Maria Hernandez Fernandez Director for the category of Executive Director made by the Board of Directors by co option in its meeting of September 30, 2019 and to appoint MS Director with the same category statutory period of 3 years from the date of this agreement. 5th Section 3 of the agenda is approved. 5th, Section 4. To confirm the appointment of this designation of Mr. Juanajos Martinez, Director category of independent director appointed by the Board of Directors by co option. It's meeting of September 30, 2019. And to appoint him as Director of same category for the statutory period of 3 years starting from the date of this agreement. 5th Section 4 on the agenda is approved. 5th section, 5, to confirm the nomination of Mr. Alfaro Quijofenandenerialysis Director, the category of independent director appointed by the Board of Directors by co option. And speaking of December 19, 2019, To appoint them as directed with the same category for the statutory period of 3 years from the date of this agreement, 5th Section 5 on the agenda is approved. Item 6 on the agenda, I'm going to summarize the content of this. Parcel, to approve a capital increase charged to reserves for the amount resulting from multiply in the nominal value of $0.20 per share of Ferrari, by the total number of new shares to be issued. Provitional number of shares to be issued will be equal to the amount of the alternative option divided by the quoted price of Ferrer's share in their 5 trading sessions prior to the day on which the resolution to execute the capital increase is adopted. The amount of the alternative option is the market value of the capital increase and is set at 234,000,22500 and EUR0.24. Each share in circulation shall grant 1 free of charge allocation rate. These rights may be traded in the market in the period determined by the Board of Directors with a minimum of 15 calendar days. The number of free of charge allocation rights existing shares needed to obtain 1 new share shall be equal to the number of shares in circulation divided by the provisional number of shares to be issued. Price that Farabial undertakes to pay for each free of charge allocation rate will be equal. So the quarterly price of Ferabial share in the 5 trading sessions prior to the day on which the resolution to carry out the capital increases adopted divided by the number of rights required for a new share. A capital increase will be without effect if the board does not implement it within 1 year from its approval this general shareholders' meeting. And shareholders must be informed thereof. The next general shareholders' meeting held thereafter. The board may also submit general shareholders meeting the possibility of revoking the capital increase. Chairman has indicated in his speech that the board will assess the situation of the company and the concurrent circumstances and will decide whether to execute this capital increase and the one proposed in the following item on the agenda? Item 6 on the agenda is duly approved, item 7. Now this proposed resolution is analogous to the previous item In this case, the management team of options is to be set by the Board of Directors. Depending on the number of shares in circulation and the remuneration paid expected to the shareholders charged the past year 2020. So, up to that time, and it cannot exceed 1,000,000. It's 1,000,005 8 Euros and this capital increase may be canceled or revoked in the same with the previous one. Item 7 on the agenda is approved. Item 8, let me summarize the content of this proposal. To reduce the share capital by amortization of the sum of the nominal value of firstly $2,275,160 shares of $0.20 of a year as the company has us Treasury Stocks and 2, shares of $0.20 of euros that acquired through a buyback program that will be targeted at all shareholders and approved by the directors. The final figure of that reduction shall be set depending on the final number of shares acquired in the buyback program. Now this buyback program shall be subject to 2 quantitative limits: 1, the maximum investment will be 1,000,000 and 2, In no case may the number of shares to be acquired exceed 25,000,000 shares representing 3.4% of the company's share capital at the date of this proposed resolution. The program will be maintained up until 4th December 2020 without prejudice to the possibility of terminating it earlier when it has the fullest purpose or when other circumstances arise as that makes it advisable to terminate it. The treasury shares acquired by the company under the buyback program must be amortized within the month following its termination. The capital reduction must be carried out within this period. And in any event within the year following the date, this agreement was adopted. Item 8 on the agenda is approved. Item 9. To approve in accordance with the provisions of Article 529 Nova Destiny say, so, of the capital companies at the directors, remuneration policy at Peraville SA for the years 2020, 2021 and 2022 Your information policy shall be effective and shall supersede the policy currently in effect as of the date of this agreement and should remain in effect until the 3rd anniversary of that date. The text of the policy, together with the mandatory report from the nominations and remuneration committee, has been made available shareholders since the date of the call to this general shareholder meeting. Item 9 in the agenda is approved. Item 10 let me summarize the content of this proposed agreement. A plan to leverage Isaac Ferrer via SAIDRA to executive directors submitted for your approval. It consists of allocating to beneficiaries a number of units that will serve as a basis for determining the final shares they may receive that now the plan is valid for 3 years. The total number of shares that may be granted annually under this plan may not exceed 175,000 shares representing 0.024 percent of the company's share capital. As a condition for the delivery of the as it is required. Firstly, to remain in the company for period of 3 years, that's the maturity period. From the date of allocation of the units, And 2, to comply during this maturity period with certain ratios calculated on the basis of the activity Cash flow and the total shareholder return in relation to a comparison group. Item 10 on the agenda is approved. Item 11 on the agenda. In development of the authorization agreed by the ordinary general shareholders meeting of 5th for 2019, the Board of Directors is authorized to continue the process of divestment of the Services Division of the Ferro Vial Group and consequently the companies price it thus the sale of the remaining business may be carried out in 1 or several operations that may affect all the assets that may the business are only part of them. The Board of Directors on the basis of the market situation and the interest shown by potential acquirers will determine the method of proceeding that it considers most convenient for the interest of Peripheral and its shareholders subject to the following rules: A) the divestment process was a total partial and understanding partial to mean not the entire services division but one or more of its large units for geographical reasons or by business line must be competitive and led by a financial advisor of recognized prestige B. However, when in the opinion of the Board, it is appropriate, the partial divestment may not be structured as a competitive process and or may not be interested to the management of a financial advisor in accordance with above rule. In which case, the price or consideration must be backed by a report from a specialized entity of recognized prestige that would state that such consideration is fair to the company from a financial point of view. C, the board may also choose to dispose off all or part of the remaining business of the Services Division in the context of a mission to trading on an change or other regulated market or multilateral trading facility of securities representing its ownership? The disposal may be carried out in 1 or several operations and may affect, in each case, all the remaining assets that make up the services division are only part of them. In any of these cases, the corresponding process must be conducted by 1 or more specialized entities of recognized prestige And the sale price of the securities must be determined through a book building procedure in accordance with the usual practice for maximizing the price. D. In any case, and for clarification purposes, it is here by stated that the conditions, that they will not be subject to the resolution of those investment transactions, one of little relative substance or 2 referring to protocol assets or 3 that do not represent 1 of the large units of the Service Division for geographical reasons or business line item 11 on the agenda is approved. Item 12. To summarize, the proposal is to delegate to the Board of Directors with powers to sub delegate to the effective committee, the Chairman and the CEO, the power to interpret, correct, and execute the resolutions adopted at this general meeting. And to delegate to the Chairman, the CEO on the 6th view of the board so that any of them may formalize and record such agreements in a public document. Item 12 on agenda is approved. Let's continue with the matters on the agenda for an advisory vote and the matters for information the Secretary will once again take the floor. Item 13, to approve the annual report and regulatory remediation for the financial year 2019 2019 in advisory capacity. Item 13 on the agenda is approved. Item 14 A document which will cause that the amendments to the regulations of the Board of Directors since the date of the above general meeting has been made available to the shareholders. Those amendments were approved at the meeting of the Board of Directors held on 27th February 2020. Now that we have announced the results of the votes corresponding to each one of the items on the agenda, which will be duly recorded in the notarial minutes and published on the website. The meeting is now into, we will thank we are thanking all of the shareholders for their participation in the meeting through the channels and means that have been put in place the company in these exceptional circumstances. Thank you very much and good afternoon to all of you.