Ladies and gentlemen, good afternoon. I'm delighted to welcome you to this combined general meeting, which I'm chairing as the Chairman of the Board. Thank you for being here this afternoon. I'd like to specify that this general meeting is being broadcast live from our internet website. I would like to greet all of the shareholders who are in remote mode. I'm delighted to welcome here all of the members of the board of directors who are here with us this afternoon. We also have here this afternoon, Mr. Varun Berry and Mr. Bhupender Singh, who've been nominated as members of the board. This is being put to you today. We have KPMG and Deloitte as auditors. They have been asked to attend. They are present. PricewaterhouseCoopers, whose nomination is being put to you to be appointed as auditors, are also here.
Ronald Parker has verified all of the operations of signing in and will verify that the general meeting is conducted properly without irregularities and that the voting proceeds smoothly. I would ask you to switch off your telephones, please. I suggest that we begin with the preliminary formalities before opening the session, which is to set up the bureau and the formal formalities. We have the Deputy Director General here. We will be presenting to you the salient figures for 2022, the annual results of 2022, and the performance on the stock markets. Madam Clémentine Gauthier, who's in charge of CSR and ESG matters, will be presenting the group's approach when it comes to environmental and social governance, the achievements of 2022, and initiatives taken. Mr.
Patrick Thomas, who is a special member of the board, will be giving a report on governance and remuneration policy. The auditors will give us a summary of their report, and then we will be delighted to answer any questions before submitting to you resolutions for voting. I would like to say that on the website, there is a broadcast, and those who are attending remotely can ask questions as of now, and their questions will be answered later on during the general meeting. I now suggest that we officially open the meeting and that we set up the bureau of the meeting. We have a provisional quorum, which is 73.75%. Some shareholders are still coming in.
Welcome to those who are coming in just now. We will inform you of the final quorum before voting the resolutions. For the bureau, as tellers, I would call up the shareholders who hold the most shares on their own behalf or others, Mrs. Christine Ernoux and Mr. Laurent Koscas. I would suggest that we designate as the secretary of the meeting Mrs. Sonia Cheurfa The combined general meeting is thus regularly constituted and can proceed in the regular manner. I declare open our general meeting and give the floor to Mrs. Sonia Cheurfa for the legal information.
Thank you. You are meeting. This is the first convening as of the. It was in the annual bulletin.
In keeping with the legal requirements, all of the documents that have been submitted to you have been made available to the shareholders at the headquarters or on the internet site of Teleperformance. We have the resolutions, the legal provisions that have been mentioned, the letter from the auditors, the universal report 2022, the annual accounts and report, voting procedures, whether on-site or remotely. I would like to specify that shareholders who've so requested have received all of the documents that they wish to do so and have been able to consult them also at the head office. We have 22 resolutions, four of an extraordinary nature, 18 of an ordinary nature. You have the full statement of these resolutions in the documents.
They relate to the consolidated and social accounts of the exercise that the last year. The dividends, Approval of information as set out in Article L2210 of the French Commercial Code. Matters relating to remuneration 2022 of the CEO and the Deputy Director General. The remuneration policy of members of the board and the Deputy Director General for 2023 and also the CEO. The renewal of the mandate for three members of the board, appointment of two others. Appointment of Pricewaterhouse as an auditor, the renewal of the mandate of Deloitte as auditor. Some financial authorizations are put to you, that for the buyback of shares and the cancellations of those shares, and delegating powers to the board to increase share capital.
Thank you very much. Right. First of all, let's take stock a little bit of the situation of the group. Some, more than 400,000 people in the workforce, about 50% in home working, 91 countries, more than 300 languages, 1,200 clients, 170 markets. That's the geography. We are the world leader for client and citizen experience outsourcing. Our ambition for the coming years is to become an unrivaled global leader for business services which integrate to digital. What about 2022? We had strong growth, +12.5% like for like. That's excluding the impact of the COVID-related activity. 5.7% like for like. It's been understood that EUR 500 million have been wiped off the books. They related to COVID contracts. 14.6% increase the published data.
This is the strongest result, we've ever had. EBITDA growth 18.4% to EUR 1.05 billion. That's a margin over revenue of 21.5%, and that's up 80 basis points compared to the previous year. Growth of EBITDA is 17.8%, EUR 1.2 billion, which gives us a 15.5% margin. That's up 40 basis points as compared to the previous year. Finally, the net income, for attributable to the owners is up 15.8%. Growth of dividend per share is up 16.7%. The dividend that we are suggesting per share is EUR 3.85. Available cash flow is strong, more than EUR 700 million. We have confirmation of our rating by Standard & Poor's is BBB.
That's for the rating of our debt. We had two acquisitions. First of all, October 2022. One acquisition. It was two the previous year. One, it was in October, where we acquired PSG Global Solutions in the U.S. PSG Global Solutions is one of the leaders in recruitment process outsourcing. This involves a lot of software. It's basically a digital solution. In acquiring PSG Global Solutions, we have strengthened our range of high-value added specialized services, which generally means that we can increase our bottom line. It also means that we strengthen our position in a very robust sector, even in times of crisis, which is the health sector in the U.S., very strong sector. With a 400,000 workforce and high staff turnover on the front line, it helps us improve our own internal recruitment process.
In 2022, as previous years, our ESG commitments have been strongly stated and demonstrated. It's essential that this be understood in the light of what I'm about to say. About 50% of our workforce are home working. It's gradually falling, but it will probably flatten out to between 35% and 40%. We were awarded the Best Employer Certification in 64 countries. That represents 97% of our workforce. Finally, there was unfortunate controversy that hit us very hard, and we responded swiftly and with great transparency so that we could demonstrate the reality that was not that of the controversy. Let's talk about this a little bit. In the last quarter of 2022, there was a rumor going around in the media and social media relating to our content moderation business, which is, of course, a essential business.
It protects people, children, families from harmful content out there on social media. It related to the Teleperformance working conditions in the U.S. and Colombia. There were two articles. There was a tweet from the Vice Minister of Labor of the new government appointed in Colombia. That was a butterfly wing effect. There's a song actually about that. It led to Black Thursday for Teleperformance, with a 38% drop in our shares in just one day. What was our response? We launched a series of measures. First of all, we had a share buyback program of EUR 150 million. We decided to put an end to the most offensive segments of content moderation. We did that pending clarification of the issues. Above all, we carried out a whole series of audits.
We had an external audit in the U.S. We then had an external audit that was carried out by Bureau Veritas in the seven main countries where we did this kind of content moderation. We asked them to make sure that we were compliant with the ISO 26000 standard, which relates to environmental and social responsibility. In all cases, we came through with flying colors. Then, of course, we organized a series of meetings with the new Colombian government, both at local level and national level. I went myself to Bogota and I met the Vice Minister of the Economy, for instance. I explained very clearly what I thought about these rumors. We signed a global agreement with the Union Federation, UNI Global Union. That had to be done.
As I say, it was a global agreement which actually just confirmed an agreement that we had already signed in 2011 when we signed up to the UN Global Compact. We had an open doors policy. We had an open doors operation for investors in many countries, U.S. and Colombia, of course, but also Portugal and Greece, in India, in Albania. Investors were invited, and many of them turned up to see for themselves. We asked for an independent study be carried out by the Korn Ferry consultancy firm about how our employees who are working in content moderation felt about their work for Teleperformance. The outcome of this was that worker satisfaction was higher than the average of the Benchmark, which was 800 firms by double digits higher. The 800 companies were in the Korn Ferry Benchmark base.
In the light of all of this, we decided that there was no reason for us, to shoot ourselves in the foot and be at a disadvantage compared to our global rivals. We decided to move back into, all of content moderation with the full range of content moderation business activities. What is the strategy? What are our financial objectives? It looks a bit complex. There's a lot to read up here. Our strategy is Cube. What does this Cube mean? Well, it means, we divide up reality into specific parts so as to better penetrate. First of all, you have a vertical analysis of our activities by sector, business sector: bank, health, high-tech, digital, and so on. We divide up expertise by business service line. This can be service to clients, sales, debt collection, back office, content moderation, and so on.
As you know, we have different geographies. We have local expertise. The Cube is made more dynamic because of our digital transformation teams, TAP, as we call them, technology, analytics, and process, which design specific solutions for our clients in local markets. This means that although the world is changing very fast, we are able to understand and make the most of the changes that are under place to build the world of the future. Basically, I've tried to summarize what you have up here on the slide.
Turning now to our financial objectives for 2023. Well, obviously, 2023 is today difficult to define overall, given changing perceptions from month to month, week to week, depending on the Fed, depending on the banking crisis, war, uncoupling between China and the U.S.. There are a great many moving parts. I would say that we're solid in the fact that this year, once again, we'll deliver organic growth that will be of the order of 10%. Will it be 9%? Will it be 10%? Will it be 11%? Totally incapable of telling you. It will be of that order. Bearing in mind there'll be a decline in the COVID assistance contract. That's the end of over EUR 200 million. Having deducted COVID contracts, should allow us to achieve growth of above 7%.
Our margin. This is a key point. Our EBITDA margin will be higher in 2023, to what it was in 2022. Saying that, please, use that and commit it to memory. We will, of course, continue our targeted acquisitions. M&A, as you know, I mean, just can't be dictated. To have a successful acquisition is one that creates value. It's an acquisition that fits in fully over the long term. For an acquisition, generally, you need to be two to have the same opinion at the same time. We believe that that will happen during the course of this year, insofar as currently, we're holding talks on a number of deals. For 2025, nothing's changed as compared to last year. If only.
Well, if only that we're ahead of plan, we're ahead of our work plan, our roadmap is EUR 10 billion like for like top-line revenue and EBITDA margin reaching 16% next. Acquisitions will come to add EUR 1 billion or EUR 2 billion to that. As I see it, that's basically what I wanted to say to you. Now you're going to enter into the details of the financials with the master of figures. Over to you, sir.
Good afternoon. Indeed, we're now gonna dive deeper into the financials for 2022 that were reported a few weeks back. Before discussing these figures, I'd like to say three things. First thing is that we probably achieved in 2022 our best year ever. It's a group growing strongly.
These results are good as regards growth, good in terms of profitability, also good in terms of cash flow generation. There are a few companies that can align these three factors. It's been our credo now for some 15 years. Let's look briefly at the financials for 2022. As Daniel said, EUR 8.154 billion revenue, 14.6% growth. The dollar there, organic growth, 5.7%, but of course that incorporates significant drop of COVID-related contracts. We exclude those contracts. Growth comes in at 12.5%. Very few companies that are growing at that pace. This sustained growth for many years, there's added profitability, 180 basis points, 0.8%. That's significant. It's the highest leap in terms of margin the groups achieved over the past 15 years, and it's no accident.
If we take the other items of the P&L, we have the same growth rates between 18%, 15%. Net income per share, pretty significant in a world that's more disrupted nowadays than it was previously. Let's go through the revenue growth analysis. There are a number of events that occurred this year to complicate reading. Positive Forex linked to the rising dollar wouldn't have escaped you during the course of 2022. Organic growth, 5.7%, as split. There are two major items, a negative item that Daniel mentioned earlier. The loss versus last year, over $500 million in revenue linked to COVID contracts that were signed in Europe and notably in the U.K. and that are disappearing, well, or at least disappeared for a large part in 2022.
Over and above the EUR 514 in revenue, we were able to add EUR 937 million new contracts, new volumes generated organically, about EUR 1 billion. That's pretty significant. It's worth underscoring. To that EUR 937 million, as I added, of course, the effects of M&A in part last year, and there's a lag effect, and it's EUR 265 million additional on revenue in 2022 to reach EUR 8.154 billion. Turning now to the figures by geography. I'm not gonna swamp you with figures. What's interesting is when we look at the table, we see whatever the zones, North America, APAC, in English-speaking world, we got LATAM, essentially South America, Europe, that now combines Iberia, the U.K. previously across the two other zones.
Look at the figures, the change, comparable, excluding COVID-related contracts because it heralds the actual recurring business. As a group, we have very high figures across the board. Specialized services, close on 19% growth achieved there. High growth across the board. Another key point is the marked recovery of visa preparation that suffered hugely last year with the border closures and is regaining volume in 22, and that will continue even more this year. To this improved revenues, improved profitability, and this is also very striking across geographies. The core services, the central segment of our activity. Up North America, up sharply. LATAM faring well. Europe slightly down owing to the loss of these famous COVID-related contracts that were very present in 21. All in all, core service business, very similar to last year's level.
Specialized services continue to grow at a high level following the recovery in the TLScontact business that I mentioned earlier. What else on the P&L? As you can see, two significant developments, of course, growth of our operating income, 40 basis points and one-offs for the most part, non-cash items leading to an increase in EBIT, 14.4% increase, very satisfactory level this year. To wrap up on the P&L, just two things to stress. Firstly, as you can see, net income up close on 15.8% and two items to be cited. Firstly, stability of the financial expense against a backdrop of rising interest rates. We managed to maintain the financial expense pretty much flat.
The group, don't know if we need to welcome that or not, but pays a lot of taxes, high tax bill. That's good because we're supporting all the communities in which we operate. Pretty high tax rate in 2022. Net income up close 16%. We'll come to the dividend in a couple of minutes. To this growth and profitable growth, we have cash flow up coming at EUR 700 million. Two points are noteworthy for the past year. The first is, of course, the resumption of the natural of CapEx previous year. Last year, on the back of COVID, we'd sharply slowed our CapEx because of working from home, and we turned to high levels, more recurring levels as I speak.
Another important point that weighed but won't weigh next year on change in working cap for about EUR 90 million, more than there is some one-offs there that came to reduce our free cash flow generation linked to the lag in a number of expenses that COVID-related last year. That's reassuring. Does show that 2023, all other things being equal, should see an improvement of those items. A word on our financial structure. It's important that debt net is broadly unchanged year on year, where in the meantime, EUR 300 million investment in new acquisitions and paid out some dividends and bought back some shares.
The group was capable with its business and cash to serve a dividend, buy back shares, and make acquisitions that will allow us to grow in the out years to keep pace with and also grow our earnings. Debt is totally bearable. We tend to our debt to EBITDA. We have a ratio 1.5 x net debt to EBITDA ratio. If we take the recurring takes us 1.5 years of business to reimburse our debt, all other things being equal. That's fully satisfactory in line with the group's ability to bear such gearing. The dividend is pretty self-evident here. We've maintained the dividend, the payout ratio 35%.
Dividend growth is, of course, linked to earnings growth and every likelihood those items will continue in 2023. A final point I wanted on value sharing. It's a question that's often put to us, people have some broad figures in mind. We have just over EUR 8.1 billion in revenue, EUR 5.4 billion returned to employees, either in the form of employees or payroll costs. EUR 1.3 billion to our suppliers, that is. Governments, EUR 291 million. Taxes, shareholders, EUR 340 million. It's slightly higher this year 'cause you have the dividend, but also the share buybacks. The lenders, EUR 62 million. We see clearly how the value is shared out across the various stakeholders, the various players.
It comes as no surprise that our people constitute the alpha and omega of our main spending. Just a word on maybe just before the share price performance that Daniel referred to earlier. I'll be very frank, year 2022 is not really the best year we've ever experienced. We see in October or rather November, the impact that we suffered from. There's no denying it. It's the reality, but open about 2022 is to look over the longer period. Dividend, 10 years, if we look where really we really quids in. After the rain, the sunshine. The coming weeks and months, we should be able to see a return to a more satisfactory share price level.
I'm gonna hand over now to Clémentine Gauthier-Medina, who's going to say a few words about our CSR initiative in the various areas in which we operate. Thanks.
Thank you very much. I'm going to be talking about CSR. Teleperformance has long been very actively involved in CSR. Our aim is to create value for all of our stakeholders. We have four key commitments. First of all, we want to be one of the preferred employers on the market. This is part of our strategic objectives. We want to maintain best practice in all of our geographies, and we are very closely interested in getting the best employer certification, as we have been, by Best Workplace Institute. We're also a multicultural group, and we want to promote diversity and equality in all forms. The aim is to make sure that we have more women in roles of leadership in the group, and we also have made a commitment to fight climate change.
We have ambitious climate pledges which have been validated by the science-based Tactic Institute. Another part of our DNA is to give back to local communities. We want to be a force of good. As Daniel just said, we have signed the UN Global Compact. We signed this in 2011. We have undertaken to promote principles and sustainable development goals. 2022 was for us the opportunity to take a new look at our responsibilities and materiality matrix. We've done this in light of commitments with the various stakeholders. This has helped us to prioritize the impacts and reassert our CSR commitments. I'm now going to share with you some of key results which illustrate our advance.
First of all, more than 97% of our workforce work in a workplace environment that's been certified as a great place to work. Our employees actually gave us a very high trust index, 79%. That was on the basis of more than 200,000 replies. More than 63 million hours of training have been provided in 2022. We've got internal promotion that's very good. 63% of supervisor, manager, or director positions have been recruited from internal, within the company. We recruited 125,000 people for their first job experience in 2022. This shows the impact we can have in geographies and people's lives. In terms of parity, we're doing well. We've got 48% of women in managerial positions.
We have renewed our global certification for ISO 27701 and ISO 26000 for the group as a whole, which shows that for data security and data protection aligned with best standards, all of our CSR commitments are in line with that, we've got a reinforced due diligence procedure for all of our suppliers throughout the group. Environmentally speaking, we continue to reduce our carbon emissions. In 2022, our Scope one and Scope two per employee emissions were reduced by 9%, that's a 49% reduction compared to 2019 because a number of energy efficiency initiatives have been taken. Also, we have invested heavily in renewable energy, which represents 28% of our total energy consumption. In terms of charities, we collected more than EUR 11 million in donations for vulnerable communities and emergency aid.
Our workforce gave 99,000 hours of voluntary work in 2022 alone, in particular to help the victims in Ukraine. I'd now briefly like to come back to our high touch strategy, which is at the core of this approach. At every level of life cycle, we help to promote the well-being of our employees, and this begins with talent recruitment. We've invested in new programs and initiatives, from the very time that they are recruited, supporting them throughout with training and career development, and we have programs to commit to enhancing the well-being of our workforce. We have many satisfaction surveys. I talked about the great place to work, but we also have internal surveys, and we have save teams.
Whenever anybody hands in their resignation, they conduct an interview to try and understand why they're leaving, to understand this and try and make corrective action and keep them if at all possible. We work for recruitment, well-being, and attrition and talent retention. A key event this year, at the beginning of the year, January 2023, was that the OECD National Contact Point published its communique on the follow-up of recommendations relating to the specific circumstance opened in April 2020 relating to the way in which we'd handled COVID-19. The National Contact Point congratulated Teleperformance's companies for following recommendations and having conducted due diligence, and noted that our practices are in line with the OECD guidelines, the procedure is now closed. It also, in February 2023, invited Teleperformance to attend the OECD Ministerial Conference on Responsible Business Management and provide feedback about our experience.
Our outside agency, MSCI and Sustainalytics, have closed the controversy related to this specific circumstance. A key development Daniel mentioned in the preamble is that on the 1st of December 2022, we signed a global agreement with UNI Global Union, which relates to mutual commitments relating to freedom of association, social dialogue, and health and safety at the workplace. At the beginning of March this year, we had the global alliance between Teleperformance and UNI. This was an on-site event which brought together representatives and affiliates from all geographies in the presence of Christy Hoffman, the General Secretary of UNI Global Union, but also Olivier Rigaudy, who is our Deputy Director General . Let's talk about our climate-related strategy. We've made major pledges since the 2008 with the Citizen of the Planet commitments.
Our strategy and approach is supervised by the board, and we have the CSR committee of the board that does this. There are key and firm commitments made. We have undertaken to reduce all three scopes of our carbon emissions, and this, as set out by the Science Based Targets initiative. We have a climate pledge of 400 companies involved in this, who've all committed to net zero in 2040. How can we do this? Our impact is related mainly to energy consumption. We have many actions, initiatives, and programs relating to enhancing energy efficiency. We're also trying to use more renewable energy out of the total energy mix, 28% in 2022, as compared to 11% in 2019. We use digital transformation levers.
For instance, digital compass, and we try and use methods from the circular economy, working with our suppliers, with electronics, recycling and reusing, such hardware. Part of this climate strategy is to involve our stakeholders, the workforce, of course, by training. We have campaigns that are intended to heighten awareness, but also increasingly partnerships with our key clients and suppliers. We also take part in restoration and biodiversity campaigns, so we have a One Tree Planted partnership with them, planting 500,000 trees. Our environmental reporting is aligned with the highest standards, GRI, for instance, or TCFD. In terms of societal action, we feel it's very important to give back to local communities and territories, so we have ambitious goals to do this. We work very closely with impact sourcing, which provide.
Is intended to give a formal job to people who find it hard to get employment: unqualified young people living in poverty, long-term unemployed, disabled people or refugees, for instance. There's a very good positive impact right across the value chain from this policy. The impact of this is increased fourfold in social terms. We have Citizen of the World, a charity, since 2006, that has undertaken partnerships with NGOs throughout the world and various associations. We signed a partnership with UNICEF last year. In 2022, we collected EUR 11 million in donations. More than EUR 62 million since the beginning of the Citizen of the World program. Nearly 99,000 hours of voluntary work and 600,000 children benefited from educational programs, thanks to our work in charities.
Thank you. I'll now ask Mr. Patrick Thomas, who's the Lead Director, to give us a presentation on governance and remuneration policy.
Ladies and gentlemen, good afternoon. As Lead Director, I'm going to present you a summary on the governance of Teleperformance. I have the pointer here. Seems to be working. Report on corporate governance is to be found in the universal registration document for 2022, starting on page 77 for me. Sets out the governance and items of compensation awarded to corporate officers, including those who are going to be subject to a. I'm gonna summarize. To go back, how do we... Press the other button? Red. The board's currently comprised 16 members, two directors representing employees, eight women, eight men, eight nationalities represented.
The board, nine independents out of 16, experienced professionals recognized operating in very diverse areas, all sort of very international in nature. In 2022, the board met on 10 occasions, a five-day seminar devoted to the strategic review. Attendance rate, 96%. Three group committees are comprised essentially of independent directors, chaired by an independent director. 12 meetings during the year, 97% attendance rate. You got a specific description of the board and each of its committees in the annual report reference document. Your meeting is asked to vote on the renewal of two board members, renew top left and to.
On two new directors and renew the term of three to maintain an independent, experienced and very international board after a positive vote on resolutions 11 to 25, taking into account the loss of the independent status in May. It'll still be comprised of eight men, eight women with a high degree of independence and nationality. I'd like to thank Mr. Robert Paszczak and Mr. Stephen Winningham whose terms are expiring at the end of this meeting, for their very vital cooperation and the work of this board for some 12 years now. Regarding general management, it revolves around executive committee, management committee. This governance structure has once again demonstrated in 2022 its agility. Its effectiveness in addressing the various challenges faced by the group. We're now going to turn to the remuneration of corporate officers.
I would summarize items pertaining implementation of 2022 remuneration policy, voted by your general meeting and a remuneration policy proposed for 2023 in respect to the implementation of remuneration for 2022. Under the ex-post global vote, the philosophy is set out in the background documents to your meeting. The vote on the fifth resolution aims at approving all the information pertaining to the 2022 remuneration policy of all corporate officers, directors, CEO and deputy CEO. As regards the vote on the remuneration 2022, the CEO items paid or allocated were done so in accordance with the remuneration adopted by your meeting on the 14th of April last year. As you can see on screen, fixed remuneration and variable if the targets are reached, the total remains unchanged since 2013.
It's very constant, to which is added variable long-term remuneration, share-based and a non-compete clause. That's the sixth resolution put to your vote in order to secure its approval. Regarding the 2022 remuneration of the deputy CEO, it's pretty much the same thing. Not quite so well-paid, but it's precisely the same system, and that'll be the subject of resolution number seven. As regards to the eighth resolution, it concerns the remuneration policy applicable to directors. It's unchanged as compared to that approved last year. Total annual package approved by your meeting according the following principles. You.
It's fixed, pay linked to sitting on the board, community-specific fixed remuneration linked to the position of lead director, variable compensation, lump sum amounts linked to attendance and geographical distance, no remuneration for directors is given for a director who receives remuneration in respect of an employment contract of the group that concerns notably the Chairman and CEO. Details both on fixed and variable are be to found in the corporate governance report. Resolution number nine. Vote ex-ante to approve remuneration for 2023 applicable to Chairman, CEO. Unchanged annual is expressed as a maximum amount, not a target amount, no additional remuneration is granted in effect of outperformance. Annual variable remuneration is subject to financial, non-financial criteria based on priorities identified by the group.
The criterion levels of attainment for variable and long-term compensation are set out in the corporate governance report. Ditto for the 10th resolution that concerns the deputy CEO. Precisely the same system applies with exactly the same criteria. Thanks for your attention. That's it from me.
Thank you. Over now to Mr. Jacques Kier from KPMG, statutory auditors of your company.
Thank you, Chairman. Ladies, gentlemen, I'm pleased to present to you on behalf of the statutory auditors, the reports that we've drawn up in respect of FY 2022. Here we are. I can get the pointer to work. I'm not as adept as the lead director on that, I'm pleased to present the reports that we've drawn up in respect of FY 2022. Said reports cover the annual financials, consolidated financials, related party agreements, as well as transactions in the share capital.
As regards the first report, or rather the first two reports on the annual and consolidated financials, we certified that the financials referenced here in respect of the applicable baseline and faithfully reflect the assets and financials of the group at year-end. The key audit matters in which we focus particularly concerned the consolidated financial statement assessing the goodwill and booking the acquisition of Senture that happened at the end of 2021, and the acquisition price was allocated in a normal traditional manner in 2022. Those two items were key audit matters.
Given the significance of the weight of these assets on the balance sheet of your company on the one hand, and assessments that management went undertake in order to assess a number of assumptions pertaining to the financial trajectory, the discount rate or. The long-term growth rate, we also focused specifically in the annual foundations on the valuation of participation holdings, and we also issued a technical observation regarding the transcription from the European electronic format of the annexes of your company. It's totally technical. That concerns all the marketplace issuers. To grant a report on related party agreements, we bring to your attention the fact that we have been informed of no related party agreement concluded and signed during the past year.
We've been informed of no agreement already approved by your meeting and that continued to be implemented during the course of 2022. Regarding our reports on share capital increases, we've drawn up two reports. The first in respect of resolution 19, the second in respect of resolution that concern the reduction of share capital by the cancellation of shares, the authorization for the issuance of ordinary shares and/or securities, giving access to capital in order to pay for contributions in kind. In respect to the first report, no comments to make. In respect to the second, neither. We'll just issue a supplementary report in the if that delegation is used by your board. Lastly, we've issued one of the auditors, KPMG, issued as an independent third party in respect of verify the consolidated non-financial statement.
We have no comments to make on that. FY 2022 is the last fiscal year during which we had pleasure as statutory auditors to work the group. For 36 years we've been statutory auditors of the group. It's a very pleasurable experience. We'd like to welcome 'cause we can't be renewed, we'd like to take this opportunity to welcome PwC, whose appointment is put to your vote this year. I'd like to thank the chairman, I'd like to thank the management committee, board members, and shareholders for their loyalty and the trust they've placed in us over the past 36 years. Thank you.
Thank you to Kier on behalf of the board. I think it's we who owe you a vote of thanks for the excellent support extended by you and by KPMG. Very valuable.
Our thanks to you for that. We'd like the cooperation to be of a similar nature with the auditor that will follow in your footsteps. Having said that, we're now going to move to questions from shareholders. Before giving the floor to the room, opening it up, I'd like to say that we've received 10 written questions from one shareholder of the company. The answers were supplied by your company, are to be found on the Teleperformance website under the item general meeting. For questions put via the website now, they'll be provided, transferred to us from the control unit. Maybe. There is a microphone doing the rounds in the room for people who would like to ask a question.
Bonjour. Hello. Mr. Julien, Mr. Rigaudy have responded very well to the controversy you mentioned. You really responded. I followed this very closely, and I saw you on television. You weren't able to completely reassure the markets. It was very hard to do so, you were very responsive, and I think you did everything that was required. There was a 42% drop in shares on the market. Do you have an idea how that happened? Minus 40 in a single day. That's a huge amount. Was there an investigation carried out, and do you know how that happened? I have another question. 50% home working seems not very much, given the business lines that you have where you can work from home. It doesn't seem so very much.
At geopolitical level, there's a lot of talk at the moment of national sovereignty, which runs counter to your structure. You're very open, you're global, you share everything. Do you think that Teleperformance is going to be affected by this sort of local, inward-looking approach increasingly adopted by governments and countries? Is that not creating difficulties for you, given your strategy?
Thank you very much indeed for those questions. Hard to answer any one of those questions, really. Your first question relating to the home working rates, it's really customer-driven to a large extent. It's not due to technical reasons, in terms of platforms, the technical possibilities. We can easily have 80% or 90% of people working from home.
These are strategic choices driven by our clients. Sometimes you could even describe them as ideological choices of the vision of what a workplace is. That's how our clients see it. Our approach is that home working has huge benefits for everybody. That's our stand. It's great for the planet because it leads to less pollution. It has lots of benefits for employees, especially if they live in large conurbations. They may have two hours commuting or more a day. It's exhausting. It's not at all productive. Fundamentally, for our clients, given the systems we've set up for home working, you get the same productivity levels, both in terms of quantity and quality. We advocate home working. That being said, choices vary, and they vary depending on the sector. In some areas, data is very sensitive.
In banking, for instance, if you're dealing with highly confidential processes, this is the situation we have, which is largely client-driven. Regarding the Black Thursday incident, I remember it well. I was in New York for a roadshow, I was woken up at 4:00 A.M., I literally fell out of bed. I mean, I wasn't expecting it at all. It was a bolt from the blue. Obviously, there was a rumor going around, it's not a coincidence that it was going around. It was instrumentalized. What I'm saying today is I'm not pointing and accusing a finger at anybody, when we grasped the scale of the psychological damage, I addressed personally the various stakeholders, I said to some of them, "Well, you've gone way too far. You got what you wanted, you've gone way too far.
We need to reach an agreement." Who sold? I'm binational. I have both citizenships. Who sold? Mainly French CSR funds. Who bought? Mainly more conventional American funds that are less susceptible or respond less to certain facets of business activity. The facts are that currently, French shareholders hold 13% of the company, if I'm not mistaken, and international shareholdings represent 87% and two-thirds of that are in English-speaking countries. Your last point on the geopolitical situation. If you were to ask me whether I'm delighted to see the unfolding of the current geopolitical situation, the answer is absolutely not. I'm delighted that I am of a generation that launched globalization, there were way more positive features of that than negative ones. It has lifted hundreds of millions of people out of unbearable poverty.
In our countries, when I say our countries, I mean Europe or the U.S., we have benefited from huge affluence, a vast array of goods at very low cost. The whole world has become wealthier, thanks to globalization. Currently, we're, I think at a historical crossroads, and this is well analyzed in a book by Ray Dalio. When a global power is on the rise and another global power sees its domination contested and dwindling, what happens typically is that they are almost bound to disagree. What about us? Well, I don't know if it's an advantage, but the fact is that the way Teleperformance has been set up is that it's a truly international group, and as such, you don't. It's not run by French people alone or by Americans.
We have our CEOs in the various countries are Indian, Chinese, Brazilian, Mexican, and so on and so forth. That cushions the effect of the current trends on local businesses. For large multinational companies, clearly, tensions between countries are going to generate unstable business environment. On the other hand, Chinese multinational companies are going to export their business to many other geographies. We've been present in China for many years now. We have, amongst our client base, Chinese clients, and we're going to try and adapt to the changing environment as best we can. What else can I say?
Hello, Mr. Julien. Lauren Tini. I'm a shareholder. I'm delighted to see you in flesh and blood and not just on Boursorama, in video conferences and the like.
Congratulations of everything you've done since the beginning, when you founded Teleperformance. You're a self-made man. I've got a number of questions for you. I've started very nice, lots of flattery, and then. I follow closely the share. I live in Morocco. I see your platforms there, the people working for them. When I was a student, when I started out, I worked for Teleperformance in the 15th district of Paris. You must have seen me. I used to pop in regularly at the time. I never took the lift. I used to take the stairs, and I used to bump into people. Let's get to my question. GPT-5 will be coming along at the end of the year with unbelievable artificial intelligence. You've benefited from globalization, telecoms, internet, and the like.
What changes are you expecting for Teleperformance? Talk about Metaverse, productivity gains in the future. I haven't heard Teleperformance mentioned about that. I know that you are active on the Metaverse. What are the productivity gains you're affecting if you were to forecast this? I'm interested in that, to thinking about future profits. I'd like to talk about the share. I see competitors. Your competitors, Accenture, for instance, are at 2024, 2026. You're at 2022. The PR. No, that's not correct. Those figures aren't correct. Is it 2023? 2015 or 2016. Well, they're at 2024 and 2026. Yes. Well, let's get on with the question. Okay, maybe I got that slightly wrong, they haven't budged. They haven't got trees to plant. They're not worried about CO2.
It seems to me that you've lost 46% as compared to the top rate. Tech values in the U.S. have recovered. You're considered to be a fairly defensive tech value, but you're still way down. What's the impact of that, there, takeover bids at the moment? Are you not a target? Haven't you become a target? For instance, Concentrix has carried out a takeover. I mean, it could happen. The world is changing very fast, you know that well. What about the in the CAC 40, you've a recent arrival, and it seems to me that there's a problem with liquidity. Are you not planning to do a split like Dassault Systèmes?
When I see the rate, EUR 5 in a couple of minutes and then loses 10, I mean, it shifts all the time. That's because you haven't got enough liquidity. That's my viewpoint. I see the ups and downs. It's very volatile. Thank you. Those are my questions.
I'm going to try and answer some of those questions. There's a lot in there. Well, I'm gonna try and answer everything, but there's a lot there. First of all, GPT. Great. Here, I've got it here. GPT-4. Nobody can answer your question. Nobody in the world can answer your question. The boss of the largest bank in the world or the people at Google don't know. Will artificial intelligence, which becomes very widespread, will it make humans obsolete? It's the fundamental question, isn't it?
Will these building blocks of artificial intelligence be used by humans to enhance their abilities and capacities and value creation and transform, in a positive way, the world? For us, at our modest level. Well, everybody talks about this because everybody launches the OpenAI test with the pilot operation. We used this technology before the test started in a number of Teleperformance products. We have this technology, and it's already integrated into some of our products. Because we get emails, and then we can use GPT to synthesize this and then synthesize the reply. It may be integrated into translation and interpretation apps. You can go from Hindi to English via, I don't know, some other language. There are huge opportunities, and there are also huge risks. That's why this is not going to be used outright as is.
You have to have an overlay, which provides some degree of protection. People are not going to feed their codes straight into GPT. In our copyright at Teleperformance, we have an overlay to be able to use it on ChatGPT. Now, the other point is that with robotic process automation, we've been seeing technical developments for years now, and we've been transforming our business all the time. When I started out, it was just basic old style business, but now we manage very complex processes, from A to Z, which include artificial intelligence and also, human intervention, because humans, can show empathy, can understand context for all kinds of reasons. People like to talk to another human being. If they do their job well, people say, "Oh, it was great talking to you.
Thank you so much. They're not going to say the same thing to the machine. Fundamentally, the underlying question, is the it or the bit? As Yankov said. Are we just part of a code, digital, and then we have across the board artificial intelligence, and we're obsolete within five years? Is that the case, or is it that we are a continuous function rather than a discrete function? I think we are. Because of that, we use discrete functions in order to enhance our performance. Well, it's a bit self-indulgent what I'm saying there. I'm fascinated by this subject, but I think that artificial intelligence of this type can help us to be more sophisticated and provide a better service to businesses. Is there going to be an impact?
15%-20% of the business we're doing now will probably no longer be done by humans, but by ChatGPT. We ourselves have also by then advanced a lot and be offering new business services that have become possible. Regarding a final point on this, perhaps. There's a major issue which is regulation, legislation. For ethical reasons, for security reasons, that's needed. Of all the people in the room here, probably the one who is the least happy about the share rate is me. We were subject to very bad controversy, rumor. Why did we respond well? Well, because we had nothing to hide.
With Olivier, we met the boss of a large French bank, and he said to me, "Well, Daniel, that happened to us as well in the past." It takes a while for things to go back to normal. Even if you have demonstrated very clearly that it was unfounded, it's going to take something else, another trigger, to help you to get back on track. I think it's safe to say that the triggers are already around. We have them up our sleeve, if you will. This brings me back in line with your question. I don't want to be overhasty about this, but still, I'm not convinced today that we are a target for private equity or takeover bids. There is a tag price even now, which is, like, EUR 15 billion.
If we were a target, it would go up to EUR 20 billion-EUR 22 billion. I don't see many people who are going to make a bid of that type. On the other hand, you mentioned an acquisition that was made by one of our competitors who bought up Webhelp. If they make a go of that, it's not gonna be straightforward. That will just bring them up to the same level as we're at in terms of scale and business. It's gonna take them a while, so I don't think they're going to get there quickly. It's going to be tough. I don't think you need to have any concerns about this. We're not sort of resting on our laurels and half asleep. When we do M&A, it has to be meaningful. It has to make sense. It's not just a financial operation.
We need to have shared values with the management of the company that we want to bring on board. We don't want a cultural war in the group. There has to be fundamental agreement as regards the main clients. It also has to generate value. We've done it in the past. It will happen again in 2023 or 2024. Probably 2023 rather than 2024, in my opinion. I mean, I don't know this. It's just my opinion. Metaverse is not because we're talking about ChatGPT, metaverse is dead, even if they're scaling back spending. What you're going to see this year, that it's going to be a bit hard for everybody. Everybody's going to be scaling back a bit. It's probably not going to be a great year. Not gonna be a boom year.
The Metaverse has a Trojan horse, and its Trojan horse is digital gaming. It's gaming. The gaming sector at the moment is twice as large as Hollywood, a conventional form of entertainment. There's a whole virtual economy with NFTs. You buy loads of virtual stuff. I mean, when you. I say you, not me necessarily. But people who are between 15 and 30 today are avid gamers. They spend hours and hours gaming. Then if artificial intelligence increases productivity and generates more free time, what are people gonna do with all that free time? They're not gonna go to the gym. They're going to be in virtual world, in Second Life. I think that Metaverse has got a future. What we know with content moderation for social media is that the virtual world is just as horrible as the real world.
There are thieves, there are murderers, there are rapists, they're all out there, and you need a police. You need a police force, you need someone to regulate, and that's what we can do. We can do it with avatars, and we've known how to do this for the last 10 years. I'll wind up on that.
Okay, let's return to more mundane matters. Liquidity don't quite agree with you, especially when you look at the numbers on Teleperformance, EUR 40 million unchanged every day. We're ranked 30th in the CAC 40. I watch that really closely. We're 30th, well ahead a number of other stocks in the CAC 40 Benchmark. What's happening? There's probably liquidity, but it's not the liquidity you're talking about volatility. Volatility has skyrocketed with two things: uncertainty that we referred to earli- political, economic, interest rates. Not a week passes by before the Fed's gonna up it, what? 50, 25 basis points, et cetera. We just don't know. Generates a huge amount of volatility. It's not lost for anyone. Volatility. We try and regulate the share price as much as possible, following the legislative principles that are imposed.
We follow, we work on that. I don't think it's liquidity that poses a problem. As to a share split into two, four or six, I mean, I got real doubts about that. Did a number of studies on loads of splits done over the past few years. We don't arrive at improved liquidity thanks to a split. Hope to return to high levels. We mention, maybe we'll address this further. We'll, you know, we'll look at the split possibility in due course, maybe. Off. Yeah, that's off mic. Sorry. Yeah, when you know, when you look at what happened with Bouygues and all those stocks got off studies a mile. You don't change liquidity. Look at Hermès, almost at EUR 2,000 a share. Look at LVMH, EUR 900 .
These are the most traded stocks on the CAC 40 today. Of course, I'd prefer to be at 400. No denying. Okay, well, I think we're really kind of answered. We've done the rounds there. We can move to another question, if you don't mind. Yes, I represent the Association of French Shareholders. Question on inflation, sharply rising inflation across. What's the impact for Teleperformance? Thanks. We manage normally. We're managing it in three ways. First off, by integrating price adjustment factors in our contracts with the clients. Secondly, 'cause our clients are facing their own constraints by factoring in more digital in order to improve productivity and to manage to preserve the business model.
The third thing we do, and let's not forget, it's that worldwide, we have markets and production areas. Our markets are. Well, leading market far and away is the U.S.. Our second largest market is Europe, and followed, well, we've got a bit of China, a bit of Brazil, et cetera. Our production areas, and that's essentially India, the Philippines, Egypt, North Africa, Latin. Less and less, of course, 'cause it costs too much. Less and less, obviously, the U.S., France, Germany, et cetera. What's actually happening, our contracts are generally in a strong currency, be it in the dollar or the euro. Our production areas are in weak currencies. The devaluation or depreciation of the currency in production areas makes it possible to cover a significant portion of the inflation.
Well, it's not always the case, there are aberrations, but, you know, Mexico, we were in a bit of a bind because, you know, like the Americans and the Chinese are really in a face-off. I mean, a lot of things are coming back to Mexico. The Mexican peso is strong. There, well, it brings us to be a bit fleet-footed. You know, we're very present in Latin America, making sure that instead of being in the big cities, we're developing more the work-at-home model in less costly areas. Mexico, I mean, it's like France. Whether you're in Paris or in Angoulême or somewhere else in France, I mean, the cost of living is not the same. I've got a question. I'm a bit surprised by your answer for the falling share price.
You seem to know the people who acted. Have you filed a complaint? Is there an SEC investigation or the French authorities? 'Cause, you know, is it commercial? Are they competitors, peers who launched? Is it kind of foul play with hedge funds, et cetera, short sellers? I mean, we're bearing the brunt of that. We're regulated. I fail to understand that you haven't kind of filed a more robust response. I've got about the scale of the fall. Lot of funds say Article 9, so-called, buy companies that are virtues in ESG. ESG, Teleperformance was very much bought, almost overbought by this fund. Soon as the controversy erupted, they all sold. That amplified the fall. I've got another comment about pay levels.
Your salaries in dollars and the CEO in francs, in euros rather. We're in a company, French law company. It was like you're presenting the accounts in dollars. I don't know. No, I'm not paid in euros. I'm paid in dollars. Sorry. If I may, let me just say one thing you need to know, which is that over 50% of the market, this company is American. You need to know one other thing, one further point. 70% of the revenue of this company is generated with U.S. multinationals. Just bear that in mind. If your Chairman was in France, I don't think you'd have the global leader of outsourcing, 'cause if you're far from your markets, then you're very unlikely to become global leader. Just a word.
Of course, we've been in contact with the French, securities, regulator, the AMF. It won't have escaped you the famous, Black Thursday. We suspended the share price. We're in contact with the AMF Euronext. We followed events closely. I mean, there's no suit to be filed. I mean, for something. If there's any foul play, you've gotta find some specifics. What happened? You stressed it yourself. A number of people sold massively the Article 9 simply on the rumor. After a certain level, you trigger automatic levels, trading thresholds. A number of companies that have mechanical protections that are triggered. That's what happened. The group, well, started by blocking the fall. There are a few CAC 40 companies that suspended trading in the middle of session.
We suspended trading at 11:10 A.M., two half hours after opening. It wasn't done at a drop of a hat, as you'll appreciate. We found nothing extraordinary. To what caused people that were short sellers. In a second phase, not initially, we found nothing. You can't file a suit. File a suit against who? The people are allowed to sell. You can't prevent people from selling their shares. Good luck. Good luck to you if you wanna, you know, soothe the prayers or people who propagate rumors. Good afternoon. I'm an individual shareholder. When we look at your financials, there's $8 billion in revenue out of 1,200 clients. That's $7 million on average per client. What's your independence in terms of your largest client? Well, that's very easy. I can give you the answer immediately.
Our number one client, that's about 5% of revenue, give or take. We got some mega clients. Our top 20 probably represents about 30% of our revenue. Our top 100 clients probably represents about 60% of our revenue. In our sector, we're the most diversified company in the market. Risk, we are the most diversified in our market. The risk, of course, there's always a risk, but you know, like an ad agency, an advertising. Think of an advertising, it always has a risk. Find company, find me a company today that has such diversification of its revenue, a B2B company. B2B, there aren't many. Is less risky than it was 10, 20, or even 30, 40 years ago. We derisk it constantly. You know, we cited a few companies that were front page news.
I mean, their concentration is very higher, considerably higher than ours. Well, no further questions? No internet questions. Okay, let's. Thank you for your questions. Let's vote on the resolutions. Over to Madame Sonia Cheurfa.
Thank you. Before voting, let me say you that the definitive quorum is 73.76% of shares voting rights. I'd like to remind you that dual voting right applies to those who've held shares for more than four years. You vote on the majority of votes expressed for ordinary resolutions, that's resolutions one to 18, and a 2/3 majority for the extraordinary resolutions 19 to 22. We suggest that we have an electronic vote. We have electronic voting devices. If you want to vote for, use one. If you want to vote against, use two. If you wish to abstain, use three. The first resolution is the approval of the statutory financial statements for the year ended 31st of December, 2022. You can now vote. Vote has ended. Resolution is adopted.
Second resolution: approval of the consolidated financial statements for the year ended 31st of December, 2022. The vote has started. Voting has ended. Adopted. The third resolution is the dividends. The coupon will be detached on the 23rd of April, and payment 25th of April. Appropriation 2022 results determined of dividend amount and payment date. Voting has started. Voting has ended. Adopted. Fourth resolution: the purpose is approval of the special report of the statutory auditors on regulated agreements and commitments and acknowledgement of the absence of new agreements. Voting has started. Ended. Adopted. Fifth resolution: approval of the information referred to in paragraph one of Article L22-10-9 of the French Commercial Code for all of the company's corporate officers. Voting has started. Ended. Adopted.
Sixth resolution of the ordinary type: approval of the fixed variable and exceptional elements comprising the total remuneration and benefits of all kind paid in the 2022 financial year or granted in respect to the 2022 financial year to Mr. Daniel Julien, Chairman and Chief Executive Officer. Voting has started. Ended. It's adopted. Seventh resolution: the approval of the fixed variable exceptional elements comprising total remuneration and benefits of all kind paid in 2022 FY or granted in respect of the same FY to Mr. Olivier Rigaudy, Deputy Chief Executive Officer. Voting has started. Ended. It's adopted. Eighth resolution: approval of the remuneration policy for directors for 2023. Opened. Ended. Adopted. nine, approval of the remuneration policy for the Chairman and Chief Executive Officer for 2023. Open. Closed. Adopted. 10, ordinary resolution. Approval of the remuneration policy for the Deputy CEO for 2023. Open. Closed.
Adopted. 11, renewal of the term of office of Ms. Christobel Selecky for a three-year term as director. Open. Closed. Adopted. 12, this is the renewal of the term of office as Director of Ms. Angela Maria Sierra-Moreno for a three-year period. Open. Closed. Adopted. 13th resolution, renewal of the term of office as Director of Mr. Jean Guez for a two-year period. Open. Closed. Adopted. 14, we have here the appointment of Mr. Varun Bery as a director for a three-year period. The voting is open. Closed. It's approved. 15th ordinary resolution, the appointment of Mr. Bhupender Singh as a director for a three-year period. Open. Closed. Also adopted. 16, we have the appointment of PricewaterhouseCoopers Audit SAS to replace KPMG Audit IS as statutory auditor for a 6th financial year period. Voting is open. Closed. Adopted.
17 now, renewal of the term of office of Deloitte et Associés as statutory auditor for six financial years. Open. Closed. Adopted. 18, authorization to be given to the board of directors to allow the company to repurchase its own shares pursuant to the provisions of Article L22-10-62 of the French Commercial Code. Voting is open. Closed. That's also adopted. Moving on to extraordinary resolutions. 19, authorization to be given to the board of directors to cancel the shares repurchased by the company. The voting is open. Closed. Also adopted. We now move on to the 20th resolution. It's an extraordinary resolution. The purpose is to delegate authority to the board of directors to increase the share capital by capitalization of reserves, profits and/or premiums. Voting open. Closed. That's also adopted. We're moving on to the 21st extraordinary resolution.
Delegation to be given to the board of directors to increase share capital by issuing ordinary shares and/or securities giving access to capital in order to pay for contributions in kind of shares or securities giving access to capital. Voting is open. Closed. Adopted. We have one final resolution, 2022, the purpose of which is to give powers for formalities that follow on from the general meeting. Voting is open. Closed. Adopted. Great. We have nothing left on the agenda, and I declare the general meeting closed. I'm once again thanking you for your presence and participation. Thank you.