Good day, ladies and gentlemen. Please be welcome to these results presentation of OHLA corresponding to the year 2022. We begin this event giving the floor to our president, who will convey a message on the general perspective and path of the company in the last 12 months and the future growth expectations.
Good day, ladies and gentlemen. Please allow me to thank you for participating in this results presentation corresponding to the year 2022. We are carrying out this event remotely. I do apologize for not being present in this event at the headquarters of the company in Madrid. In this regard, while the Chief Executive Officer and the rest of the management team of OHLA will be available to answer any of your questions.
Before I focus in the achievements of OHLA in the last 12 months, I'd like to thank the nearly 25,000 employees of the company for their commitment and effort. Especially, I'd like to do that after a difficult year, full of important achievements. Together with the great performance of the OHLA team, I need to refer to the support of our stakeholders that has allowed us to achieve our main targets. I will give a general overview of the company's evolution. We have obtained a record in our total project pipeline exceeding EUR 7 billion, the best figure since the year 2015. We have boosted our concessions activity, and we have kept working to reduce our debt, which is something we will continue focusing on in 2023. We have achieved all these milestones by reinforcing our presence in three reference geographical areas.
The U.S.A., where we have achieved a total pipeline of EUR 2,830 million with great projects such as the Purple Line. In this country, I'd like to say that OHLA in the last 10 years has participated in contracts for around EUR 2,600 million to improve New York transport. In Latin America, we have more than EUR 1,760 million of total pipeline and new contracts in Mexico, Peru, Colombia, and Chile. We need to highlight the awarding of projects and concessions in Colombia and Chile to promote road and social infrastructures, where the company has had experience for more than 100 years.
In Europe, we have a total pipeline of more than EUR 2,400 million with new infrastructure contracts in Spain, the Czech Republic, Norway, Ireland, or Sweden, where we are the biggest contractor in the Stockholm underground, and we're participating in one of the most advanced railway digitization projects. The technical excellence of our projects has been reflected in obtaining important awards from Europe to the U.S.A., including Latin America. The infrastructures carried out by OHLA have achieved important recognitions, and we have achieved that thanks to our belief in methodologies and innovating solutions that favor efficiency in productive processes, circular economy, and biodiversity protection.
In the slides we're currently showing, you may see the awards given to projects as relevant of the as the Canalejas Center in Madrid, the Curicó Hospital in Chile, and many other infrastructures, single infrastructures in the U.S.A., Colombia, Ireland, or the Czech Republic. I'm closing this presentation sharing our forecast for future growth. A growth that we will achieve together with ethics, transparency, and good governance. Economic development, social advancement, and the welfare of citizens depends greatly on infrastructure investment. It is not the first time we hear that in the world we need to invest in housing, education, health, leisure, and singular spaces so that we can live in communities that favor progress. At OHLA, we will keep working to promote sustainable, safe, and quality infrastructures using resources with greater efficiency and effectiveness together with the sustainable development goals of the UN.
We will do that with the support of the collaboration formulas for public-private partnerships that represent a convenient investing alternative due to the impact in public deficit and management efficiency, and also with the support of the relevant infrastructure programs in the U.S.A., Latin America, and Europe. In the case of Europe, specifically Spain, I need to say that today more than ever, we need to activate the NextGeneration funds. It is essential to pair receiving the funds with their arrival to the real economy.
I finish this presentation highlighting that after the arrival of the Amodio family in the OHLA capital 3 years ago, and after exceeding our initial target of stabilizing and getting the company to grow, our target hereafter is to increase its margins through the promotion of its different business lines to obtain a higher growth in terms of profit, without forgetting our firm commitment to lower debt. I am sure that we will achieve that with the support of the talent of our teams and their excellence when it comes to creating avant-garde infrastructures. Please rest assured that we will keep working to give the maximum value to our employees, investors, shareholders, and society at large. I will next give the floor to the Chief Executive Officer, who will detail the results of the company in this year, 2022. Thank you so much for your attention.
Thank you, dear President.
Well, today in this event, we have Mr. Tomás Ruiz, General Corporate Director, and Mr. José María Sagardoy, General Economic Financial Director. We will all be available for the Q&A session after this presentation. Before I give you the details on the company's evolution in the year 2022, and in line with what the president mentioned, I'd like to share my deepest gratitude to all of our team. No doubt, they have been the stars of a year, where operatively we have exceeded our targets. We have strengthened the company from the business perspective. Especially, I'd like to refer to the important task of our team in Turkey for the support work in humanitarian work they have carried out after the tragic and devastating earthquakes in Turkey and Syria.
I'd also like to remember the Ukrainian people, one year after the beginning of the Russian invasion, and to highlight their courage in defending and protecting freedom, international order, human rights, and the rule of law. After this brief introduction, I'll mention next the topics that I will deal with in this presentation. First, I'll refer to the main milestones and figures of the year 2022. Secondly, I'll focus on the evolution of the company's liquidity, focusing that we're very close to the operating cash flow generation. I will also highlight our firm commitment with reducing debt.
I will finish referring first to the forecast for the year 2023, to focus later on the biggest strategic objective of this company in its short- and midterm roadmap, which will be marked, as I've mentioned, by a new boost in reducing debt for the OHLA Group. As the president has mentioned, OHLA has finished the year 2022 with important operational results, exceeding our forecasts regarding the main economic parameters of the company. We have achieved that in a year marked by inflationary pressures, the tightening of economic and monetary conditions, the Ukrainian war, the tensions in the energy area, and an evolution of the global economic activity that is tending towards slowdown. Thanks to the great work done in the last 12 months, we have achieved important things.
Our sales have been above EUR 3,250 million, versus the more than EUR 3,000 million that we have set as a target for last year. We have achieved a record in contracts in the last eight years with nearly EUR 4,300 million awarded. That represents a great advancement versus the EUR 3,500 million planned for contracts in the short term in the year. Our total pipeline, therefore, exceeds EUR 7,000 million, the best figure since 2015. Our EBITDA has been above EUR 114 million versus the EUR 110 million planned for 2022. That reflects the good evolution of the business operationally.
We have promoted our concession activity line, adding two new assets under the management: the roadway corridor Accesos Norte 2 in Colombia and the enlargement, the extension of the hospital Niño Jesús in Spain. We have reduced our leverage until we place it in 2.8 x the EBITDA, confirming our commitment with decreasing debt. Thanks to that, we have set the basis for future growth. Next, I will focus on the evolution of the main figures of the group in the last 12 months. Sales have been at EUR 3,259.7 million, 17.3% more regarding 2021.
EBITDA closed the year 2022 at EUR 114.1 million, 25.1% more than in 2021. The EBIT amounts to EUR 45.8 million, nearly doubling the EUR 24.5 million of 2021. That is 86.9% more. The net attributable profit reflects losses of EUR 96.8 million. This figure has been affected by a specific one-off accounting impact, such as the reasonable value accounting effect of bonds, the exchange rate differences, and the value ad-adjustment regarding our stake in the Centro Canalejas in Madrid. If we excluded these impacts, the net attributable profit would have been minus EUR 21.2 million.
Regarding the evolution of different divisions, since the P&L from the P&L account perspective, construction has achieved sales of EUR 2,709.3 million, experiencing a growth of 21.3% versus the 2021 figure in EBITDA of EUR 129.3 million, with an advancement of 28.7% regarding 2021. The division improves its margin up to 4.8% of sales. This profitability is higher than what was achieved in 2021, consolidating the improvement trend that began in 2018.
Regarding services, we have sales growing at 9.1% up to EUR 394.3 million. That presents a decline in EBITDA of 27.2%, placing it at EUR 11.5 million due to a one-off extraordinary impact. It is a one-off of EUR 3.5 million the division had to face last December after a Supreme Court ruling. Industrial. It finished the year 2022 with sales of EUR 130.6 million, 21.1% less than in 2021. This division is undergoing a great transformation. It is focused hereafter in renewable energy projects. It shows an improvement in its margins throughout the year, placing them at 3.4%, the result of the production of these assets.
From this division, we have a firm commitment to consolidate a highly specialized team in developing these kind of projects. From the balance sheet perspective and to sum up the 2022 year, we highlight the important reduction of gross financial debt and the total recourse liquidity position, which is something that I will explain in the next slides. Now I will focus on two of the pillars of the company: contract and the pipeline. In the year 2022, the total contracts of the company has been EUR 4,273.7 million. That is 15.6% higher than the 2021 figure, and that is the highest figure since the year 2014. OHLA has closed the year 2022 with a total pipeline of EUR 7,034 million, diversified by geographies, types, and projects.
This total portfolio amount is the best figure since 2015 and represents a growth of 21.1% in comparison to the year 2021. The order book for construction reaches EUR 5,807.3 million. That is 21.1% more, representing a coverage of 25.7 months of sales. The construction contracts in the year were 16.2% higher than in 2021, amounting to EUR 3,576.8 million. Among the main construction contracts achieved in the year, we have in the U.S.A., as the president mentioned, we need to highlight the light train in Maryland known as the Purple Line, one of the biggest railway projects that are being built in the U.S.A., avoiding the commute of 17,000 vehicles daily.
To that, we add other relevant initiatives in the New York underground that will allow us to keep increasing our portfolio in this country where we have a successful track record of more than 16 years. Latin America, we need to refer to the work in the Chile underground and building the concession of Accesos Norte 2 in Colombia. Nearly 8 million inhabitants will be able to benefit from that corridor that aims to improve the mobility and to get rid of traffic jams of vehicles that travel between Bogota and the connection of the capital in the north of the country. In Europe, I'd like to highlight our firm commitment in the in building sustainable mobility projects, such as ones we're doing in Spain with actions in high speed.
Also in the Czech Republic, with railway corridors and other active projects in the railway sphere in Norway or Sweden. On the next slide, you may see the relevant growth of EBITDA since 2018, which reflects the great effort carried out by the company from the operational management perspective and also from the project perspective, focusing on controlling risk, developing active management of the capacity of the guarantees and bonding lines, focus on the activity in our three business areas. Likewise, at the closure of the year 2022, as I've mentioned at the beginning of my presentation, the gross financial debt EBITDA ratio is 3.8 x, including in this figure, the bond repurchase offer that we have closed this very month of February.
Regarding the evolution of the company's liquidity, OHLA has finished the year 2022 with a total liquidity position with recourse of nearly EUR 700 million. As you may see on the slide, the group has improved the control and the management of liquidity since the year 2018. In this regard, it's relevant to refer to the fact that we are very close to positive operating cash flow generation. In 2022, the cash flow consumption of the activity amounts to EUR 49.2 million, 96% lower than in 2018. We need to highlight that this consumption in 2022 is a consequence of specific factors, such as the delay in the recoveries of some clients budgeted for in 2022, that eventually happened at the beginning of January, 2023.
Taking all that into account, as I've stated, the company is very close to positive operating cash flow generation before investments and divestments. Regarding the evolution of gross debt, as you may see on your screens, we have improved our capital structure since the year 2018. OHLA has reduced its gross debt since 2018 in nearly 37% and finishes the year 2022 in pro forma terms in EUR 449 million. EUR 412 million in bonds, which is a figure that includes the repurchase of this month of February, EUR 37 million in policies and others. It is a very relevant figure, taking into account the nearly EUR 700 million of gross financial debt with which the company finished the year 2020.
Among the main milestones of the year 2022, we have the total cancellation of the credit with ICO guarantee that amounted to EUR 54.5 million and the repayment of EUR 43.1 million of principal of a bond repurchase offer. Something that happened after 2022, as I've already stated, last February 20th of this year, 2023, we formalized another partial bond repurchase for an amount of EUR 33.5 million after receiving the funds coming from the de-delayed recoveries of the Old War Office project. Since, as all of you know, our commitment with reducing the leveraging has been, is, and will keep being firm and decisive to advance towards sustained growth.
For that, I am now announcing that we'll proceed to accelerate non-strategic divestments of the company, such as services, the CHEO Hospital in Canada, and our participation, our stake at the Centro Canalejas, concentrating our efforts in our main business activities, which is construction and concessions. For all that, we keep working at OHLA, and we are acting in accordance to our Sustainability 2022-2024 Plan that sets our strategic priorities in ESG terms, that is environmental, social, and governance. In that way, we advance towards a sustainable growth, promoting decarbonization of the economy through fighting climate change, the belief in circular economy, innovation, transformation, and biodiversity protection in all of our projects. Well, responsible management. We focus on ethics, good corporate governance, and the respect and protection of human rights, as well as transparency as great assets of the company. Social progress.
We keep working to contribute to the growth and welfare of the companies where we are present, boosting local economies and generating shared value. I am now beginning the end of this presentation, and I would like to share with you our midterm targets. First, I'll focus on achieving the milestones set since the year 2019. That year, in February, I made the first presentation to the market. Since then, the evolution of the company has been constant. Between the year 2019 and 2022, sales have grown more than 10%. EBITA has grown in more than 76%. Gross financial debt has been reduced in more than 40%. Leverage has gone from 11.3 x to 3.8 x. Contracts have grown in more than 60%. The total pipeline has grown in about 30%.
All these figures reflect the transformation of the company in the last four years. No doubt, we will keep working to reach sustained growth. Next, I'll mention the targets of the company for the year 2023 in operational terms. In this regard, our forecast is to achieve sales around EUR 3,450 million. An EBITDA higher than EUR 125 million, and contracts above EUR 4,200 million. Regarding our business lines for 2023, in construction, we'll keep reinforcing our portfolio with new projects awarded in our geographical areas of reference, where we have great experience in civil works and singular buildings. In services, we will reinforce our position and added value in the sector with the support of digital transformation.
We have recently implemented in Spain, Cordinal and Versat, two digital solutions that are proprietary and pioneering in our country to improve urban climate management. In industrial, we will focus on renewable energy projects, where we expect to add new awards. Currently, the company already has more than 25 projects of renewable energies. Some of them have been built, others are being built now in Europe, the Americas, and the Middle East, with a total installed power of more than 1,200 MW. In concession, after the recent awards in Chile, Colombia, and Spain, the Chilean Public Works Department has just awarded us design, building, supply, and installation of medical equipment and maintenance of the National Cancer Institute in the city of Santiago with an investment higher than EUR 300 million.
In developments, we highlight our great experience in hotel tourist resorts that have a great heritage value, such as the case of the Centro Canalejas in Spain. Once we've mentioned our forecast, I'll next refer to the roadmap that will set the strategy of this company in the midterm. Ladies and gentlemen, this roadmap includes, no doubt, and as a priority, promoting the reduction of debt of the company. The new global financial scenario with a more aggressive monetary policy that tends to normalization is forcing us to anticipate specifically.
In that way, we'll work in the short and medium term to reduce our gross financial debt below 2.5x EBITDA, which is something that will allow us to have an improvement of our credit rating, to achieve financial and operational stability, to partially or totally release collateral cash, and therefore, it will increase the working capital funding of financing lines. All that will entail an improvement of margins, profits, and recurring operating cash flow generation. We will achieve all of that continuing the divestment plan of the group. In this regard, the company will assess proactively the divestment of assets or non-strategic companies or not linked to our main activity of construction and concessions. We need to build the future of our OHLA, and we need to do that with the support of all of our stakeholders.
Our aim is to achieve sustained growth, creating value for our shareholders, investors, and the rest of our stakeholders. To achieve these important targets, we will work with our greatest effort and commitment. We're going through turbulent times of transformation and great uncertainty, but also great opportunities for the infrastructure sector in the geographies where we're present. That will be essential when it comes to finding a new, more resilient growth model. The need to invest, to renew and adapt infrastructure to technological advancements and fighting climate change is already a priority. A clear example of that is Spain, but the U.S.A. and Latin America are not far behind.
After arrival of our country in the European Union in the middle of the 1980s, there was a great investing effort in all the transport infrastructures with a target to converge and connect our networks with those of the rest of Europe. The strong drop of investments and maintenance that happened since 2010 due to the financial crisis has led to an aging of all the infrastructures in Spain and many other countries. It is now the time to approach that deficit and modernize those infrastructures, promoting more efficient and sustainable transport methods with the necessary addition of public-private partnership formulas by the hand of digitization new technologies.
As the next generation funds promote, we're walking towards modes of transport that are less polluting in the framework of the 2030 UN agenda, and towards a neutral mobility, safe and connected, that will set the new configuration of future cities. It is in our hands to bolster up the growth and improvement of the quality of life of citizens. The investment in infrastructures has an impact on the cost structure of the company. The productivity of production factors, connectivity, and territorial accessibility, and also in the general welfare of the population. At OHLA, we really put infrastructure and service of citizens, and we do that thanks to technical excellence of our human team and the support of our stakeholders. With your support, we will contribute to progress together with innovation and digitization as external differential values that create advancement, competitiveness and sustainability.
Always take into account the role of the business sector committed with creating economic and social value. A committed company must believe in a business model able to generate value for all their stakeholders. It's strengthening business success in the long term and contributing likewise and at the same time to improving society. Thank you very much for your attention. Ladies and gentlemen, next, we're going to begin the Q&A session. I'll give the floor to Mr. Pedro Arellano, Investor Relations Director. Thank you.
Thank you, everyone, and thank you for your time. Please remember that this presentation will be available on the website after we finish the presentation. Except for some human error, I hope I will not forget any question. We have quite a few that we're getting through webcast. I'll mention those questions now.
If any question has not been mentioned or gets to us later, to the investors account or that for any reason is not being answered now, please remember that we'll answer them all one by one from the Investor Relations department. José Antonio, Tomás, María, we'll hear the first questions we got this morning. The first question is: What's the current situation of the lawsuits with Qatar and the claim of EUR 50 million of the Madrid region in the train from M`ostoles to Navalcarnero ? Is there any delay in the recovery? Has there been any advancement? Which information can we give to markets in that regard?
Well, regarding those two important lawsuits for the company, there hasn't been any significant change in the year 2022. However, we're getting closer to the time when both lawsuits should resolve, and we hope that will happen in the year 2023, probably towards the end of the year.
Thank you. After having answered that question, the next one is regarding Pacadar. How much does it contribute to company, and what do we expect from the company in the future? Could it be a possible sale in that divestment plan that has been announced?
Pacadar has contributed this year in 2022 with EUR 9.1 million EBITDA. It has given a 10% margin, and that's a company that gives good vibes. It's in a recovery process, and if we got an attractive offer for sale, we could assess that. Right now we are trying to make the company grow profitably.
The next question refers to the consumption of cash flow this year. Even though it's better than the former years, it is still negative in EUR 49 million. The question refers to whether we expect that this consumption will repeat again in 2023. Where do we see the cash flow consumption for next year? Could we give some guidance figure, and could we give a few more details about it?
Regarding the cash flow consumption, the Chief Executive Officer has already explained it. The cash flow for these type of companies is deeply marked and affected of whether the money is recovered before or after. Cash flow does not respond to problems that we may have had in the past, legacy problems or nothing like that. This time, we have identified three specific recoveries that should have taken place in December.
The recovery of those projects has been somewhat delayed, and we have recovered that, and we'll recover it fully in the first quarter of the year. For 2023, the target of the company is to break even in cash flow generation before the investments. I could add that if we look at the trend since 2019, the last few years, it's a positive trend. Therefore, the expectation for 2023 is favorable.
The next question comes from minority investments asking about the Grupo Villar Mir debt. How much is it? When does it mature? Whether we expect to get an early payment of that somehow.
Well, a relevant fact was issued by the company back in the day, that company had three branches.
One of them has already been collected in the year, and the other two, if I'm not mistaken, one of them has a low maturity, which is 2025, 2026, related to the value evolution of the Ferrol shares, and the other one does not depend on us. They need to get a recovery, and as they get it, we have the recovery right on that recovery they get. There are some questions that are related, whether Spain is still a strategic market for us, or whether we see Europe as a strategic market, because they say there are many opportunities in Europe, and we're not having the same number of contracts that we had up to 2018. Could Spain be a primary strategic market for us? Well, of course, it is strategic.
These companies have quartered in Madrid, Spain, and it is clearly a strategic market. In fact, production has been increased. For this year, we expect productions above EUR 450 million. Contracts have also improved, but we are very selective in contracts because we're always looking for markets with the highest margins.
Well, there are other questions regarding the debt and the figures we've given about the figure of 2.5 ratio of financial debt/EBITDA. How to reach it has been mentioned briefly during the presentation. Could we give some deadlines, amounts for each of the examples that have been mentioned? There is another question related. Do we expect to do any sort of tender offer or bond repurchase offer throughout 2023, taking into account the terms of the first question?
Well, part of the question has already been answered. We're going to reduce the leverage and achieve the target of being under 2.5 times debt EBITDA by divestments. These divestments will take time. Obviously, we will try to maximize the value to reduce the debt volume as much as we can. We think that will take time. Foreseeably, we will see some divestments in the last part of this year or the beginning of next year. That's a realistic approach regarding divestments and leverage reduction. Regarding leverage and bonds, there's a specific question that mentioned that in September, the step up of the bond will go up in the big part. We should remember that we have a cash part and a big part that is capitalizable at the end of maturity of the bonds. It is not cash flow.
Do we expect to do any active action for possible refinance or go to market or holding some sort of conversation or alternatives?
For the company right now, it is not a priority to refinance the bonds. Our bonds mature at 50% in March 2025 and the other 20% in March 2026. We are attentive to the markets to see the evolution of the situation and try to extend the maturities. That links to what we've already mentioned. It will be easier to refinance, aiming to extend the term and cheapen the costs after the debt volume has been reduced. That's the strategy we'll follow, and we have plenty of time ahead to do that term extension and refinancing.
There's another question mentioning Mr. Gaillard, also it might be for the financial director or even for Tomás, about whether the company has thought of investing money in self-treasury stock and whether this could be well perceived by the market.
We have not thought about it. Our money gets reinvested in our business, and that's it. Well, the message that has been given here since 2018, as our CEO was mentioning, is that our priority is to grow the company, to deleverage and to normalize, to keep growing in comparison to last few years. Regarding self-treasury stock, we only have a liquidity contract managed separately from the company. From the investor relations department, we get questions about people who think that we manage that self-treasury stock, but that is managed by Santander Corporate & Investment Banking. I think the question is hereby answered.
Regarding the presentation targets, as I mentioned before, an investor is asking the following. The targets, taking into account the sales, the contracts of last year and the EBITDA, do not seem too hopeful. That person says they're not very aggressive. Why is that? Why do we not think that the targets could be higher? Secondly, do we think that the net profit could be positive from 2023 onwards with this?
Well, the company tries to be cautious in its estimates. We are still at a moment of uncertainty. We need to remember that inflation is not going down yet, not just in Spain, but also in all the geographies where we're present. Despite the fact that we have had an important growth of contracts that we're satisfied with and proud of, those contracts do not always represent a lot of production in the year after.
It just means a lot of years of production. For example, the Purple Line, the Maryland Railway. I mean, that doesn't mean that we're gonna take a differential leap in production, but rather that we're gonna be having a guaranteed production for 5 years. Regarding the EBITDA, as I was saying, the world is still undergoing that high inflation, and we need to be cautious because all construction companies are trying to defend those inflationary cost rises, and the administrations are beginning to acknowledge them. Well, regarding the contracts, of course, contracts are an objective, a target, but not at any price. Internationally, we keep being demanding in one of the essential points which is the contract margin defense. We have a question that is twofold, related to our constant conversations with rating agencies, whether we talk to them.
I can say, yes, from the investor relations department, we constantly speak to them. We have constant communication with Moody's. When do we expect Moody's to review our rating, and which result can we expect? I think that has more to do with the, with Moody's analysis. For about 1 year since the last review they had, they made, they have a positive perspective. Would you like to add anything here?
I think that briefly they should do a review, since they review annually the ratings of the companies, and they should take into account these results presentation with guidance, and thereafter, they would make a decision. We think that the evolution in the last few years should be positively assessed to reduce debt and generate EBITDA.
All of that together with our willingness to keep reducing debt, that should be taken into consideration by rating agencies. We have other questions from bondholders asking something related to what we mentioned earlier, whether we will refinance bonds now, whether we have an expiration in the future. I think that's been answered. We also have some other questions related to what we've seen so far. There is a question that I might answer myself if you allow me, regarding the current repayment of bonds. That tender offer for that partial repurchase finished just now in February for a total of EUR 33.5 million, including paid interest and nominal. The question refers to the criteria you take into account to decide which amount to repay or cancel, and why it was done that way.
I'll just say that that was done with a calculation agent, which is a financial intermediary that calculates all the received offers, and then they cautiously assess that with the legal parameters and the terms and conditions of the bonds and the offer announced back in the day. The company made a pragmatic decision so that the rounding matches the offer of EUR 33.5 million, and no investor could be out on that. They received a low nominal value that the minimum that was ultra-liquid. The company decided to go for that minimum that is set and announced in the relevant factor market. There's an investor asking why we're not repurchasing from him. That's why I give this simple explanation.
If they have any question, please remember that we can give you the details from the investor relations department regarding this specific situation. There are other questions regarding whether we are happy with the share price currently. They're asking about future perspectives. Someone is asking whether there is any obligation for the management team or the board of directors to hold shares. Whether we are happy with the share value, of course we are not, but the market is as it is. Regarding whether the management team or the board of directors have a stake, as of today, no, but maybe in the future we could have share plans, which is something quite common.
There's an investor who's asking, well, in the past, a strict long-term plan was presented, not yearly, but in the very long term, specific, until 2023 or 2024 to achieve the internal targets that have been set. The investor is asking, as of now, are you planning to publish a strategic plan for the next 4 to 5 years to shed light and details on the investments and how do we see the company in the year 2030? Well, right now we're not thinking on that. Right now, the priority has been expressed by the Chief Executive Officer, with the expectation to achieve targets in the last part of the year or the beginning of next year. It is a short and midterm target, as mentioned by the Chief Executive Officer, which is the additional boost to deleveraging.
We'll review the projects and the plans in the long term. Well, we could remind that in that strategic plan, we spoke about 3.5x EBITDA as acceptable figures. The financial world has changed. The company is very responsible, and we are acting accordingly. Okay. Unless I'm missing any update, I think that we are hereby covering all the questions we got. From the investor relations department, if there is any pending question, we will contact the people who left their email. If they have not left their email, please write to us again. I'd just like to thank everyone connected for their time. They can check the recording afterwards. I'd like to thank our colleagues for their kindness and transparency. Also to all of you, the bondholders, investors.
Please remember, we're here to respond to anything you need. Ladies and gentlemen, we hereby finish the presentation. Thanks so much for your attention. See you soon. Thank you, everyone.