Ja. In Zeitraffer.
A year passing by fast, and the message is things are getting better. Shareholders, ladies and gentlemen, I hereby open this year's annual general meeting of shareholders of our Lufthansa and extend a warm welcome to you all. As in previous years, we are holding the annual general meeting virtually again this year. I would like to welcome the members of the executive board present here, CEO Carsten Spohr.
Im Vorstand Personal und Recht.
The Executive Board member for Human Resources and Legal Affairs, Dr. Michael Niggemann.
Im Vorstand Finanzen.
The Chief Financial Officer, Remco Steenbergen.
Begrüße ich herzlich vom Aufsichtsrat.
I also wish to welcome the members of the Steering and Remuneration Committee of the Supervisory Board here, the Deputy Chairwoman of the Supervisory Board, Ms. Christine Behle, Thomas Enders, and Mr. Ilja Schulz. I would also like to welcome the Chairman of the Audit Committee, Mr. Harald Krüger.
Die weiteren Mitglieder des Vorstands.
The other members of the Executive and Supervisory Boards are participating remotely in this AGM.
Ist zudem der Notar Dr.
The notary public is also present here in the meeting room, and that is Dr. Carsten Angersbach. He's going to record the proceedings at this annual general meeting. The entire AGM today will be transmitted via our online service for the shareholders. The first part with the speech of the chief executive officer and the report by the supervisory board will also be available to the public. You, our shareholders, can also ask up to three follow-up questions in text form this year. Follow-up questions to answers can only be considered if they are submitted by the person who asked the original question.
Die Möglichkeit, Nachfragen zu stellen.
This deadline for submitting follow-up questions is 11:00 A.M. For more information on this item, please refer to the AGM website and our online service.
Jetzt kommt wieder mein Lieblingsthema, die Formalitäten.
This is my favorite part, the formalities.
Ich werde nicht lockerlassen, den Gesetzgeber bitten, die Formalitäten zu verringern. Bisher ist mein Erfolg.
I've always tried to make the legislature reduce the formalities, but so far to little avail. The convening notice for the annual general meeting 2022, including the agenda, the management proposals, and all other prescribed information, was published in the Federal Gazette on March 30th, 2022. The annual meeting has thus been convened in due form and time. It will be broadcast entirely via the web in audio and video format. The exercise of voting rights, the granting of proxies, the prior submission of questions, and the raising of objections will happen by means of electronic communication. The answers to questions submitted in due time have been published in the online service for shareholders. They will be accessible during the entire AGM, as will the corresponding answers. It is therefore not necessary to answer the questions again or read out the answers during this meeting.
Ebenfalls über die gesetzlichen.
Also, going beyond the legal obligations, we have provided the possibility to speak to the meeting live.
Hierfür haben sich vier-
Four shareholders have registered in time to make such a contribution. Counter motions by shareholders against management proposals which have been submitted and published before the deadline will be deemed to have been submitted at the AGM if the shareholder is duly authorized and has registered for the AGM. There are nine items on today's agenda. Agenda item one is the presentation of the adopted annual financial statements, the approved consolidated financial statements, the combined management report for the company and the group, as well as the report of the supervisory board and the explanatory report of the executive board on the statements pursuant to sections 289 and 315a of the German Commercial Code, HGB, each for the 2021 financial year.
The supervisory board had commissioned Ernst & Young as auditors of the financial statements and the consolidated financial statements of Deutsche Lufthansa AG and the combined management report as at December 31st, 2021, as well as the early risk warning system. All audit items have received an unqualified audit opinion. According to the results of the audit, the risk early warning system is suitable for the early identification of developments that could jeopardize the company's continued existence. The combined non-financial declaration in accordance with the CSR Directive Implementation Act was subject to a voluntary limited assurance engagement, and a corresponding opinion has been issued by the independent auditors. On February 24th, 2022, the audit committee discussed the audit results in detail with representatives of the auditor and the chief financial officer.
The representatives of the auditor also participated in the accounts meeting of the supervisory board, and they reported on their audit findings and answered questions. The supervisory board intensively examined the submitted annual and consolidated financial statements and the attached documents and raised no objections. The annual and consolidated financial statements and the combined management report were approved by the supervisory board as recommended by the audit committee. The annual financial statements 2021 of Deutsche Lufthansa AG, prepared by the executive board, are thus adopted. I would now like to ask Mr. Spohr to report on the 2021 financial year, the proposals of the executive board regarding agenda item one and the current situation of the group.
Ladies and gentlemen, dear shareholders, I would also like to extend a warm welcome to you to this year's annual general meeting of Deutsche Lufthansa. In this year, we are again meeting only virtually because when we were planning this AGM, a major event like this one with an in-person attendance was a very uncertain option, not to say it was even inconceivable. As a company which brings people together, which makes possible understanding the personal exchange across borders, we are now looking forward to a more direct form of the dialogue with you in future, as also provided for in the current German bill governing the introduction of virtual annual general meetings. The diminishing pandemic will allow us again to meet more in person at long last. We can see this every day at the airports in our aircraft, and also it's reflected in the bookings.
Yes, indeed, the COVID pandemic led us into a deep crisis in the past 24 months, but we are now leaving this behind us, at least mentally. For this reason, we also called our 2021 report New Normal, New Strength, because we will now again fully focus on our strength. Because of our successful crisis management, we actually got through the crisis better than most of our competitors. We made good use of the pandemic to become even better, and now we are back on the offensive. Of course, in so doing, we are well aware of the fact that we have not yet fully mastered the financial consequences, and the additional indebtedness will keep us busy for years to come.
Our Asian traffic is still miles away from the normality of the year 2019, and it will continue to be so for a certain while. Last but not least, for our employees on the ground and the crews on board who every day must work very hard, many hours with masks on, the pandemic is still very present. We know all this, but nevertheless, we are looking ahead with a great deal of confidence because we want to lead our Lufthansa, your company, into a successful future for the benefit of our customers, of our employees, and of course also for your benefit, our shareholders. Before I'm going to report about the past financial year, I would like to briefly refer to what is affecting us currently most and which is really devastating, the war of aggression of Russia against Ukraine.
This war, this absolutely must be called a war, is creating immeasurable suffering to the people in Ukraine. In Ukraine, more than 100 people are still working for the Lufthansa Group, and we support them as best we can. They are employed in a call center of Austrian Airlines in Lviv. Actually, I appreciate it very much how these people keep coming to their workplace every day with a deal of motivation and an unshakable belief in a positive future under very difficult conditions, and they are doing great jobs. I'm sure that I may express our highest appreciation to them also on behalf of all our shareholders.
Ladies and gentlemen, in the past two years, we have not only mastered the worst crisis in our more recent corporate history, but we also used this crisis as an opportunity as we promised to you we would do. Nowadays, we are better prepared for the future than ever before, and we can face up to the future challenges with renewed strength, with more efficient structures, lower costs, and more sustainable and more focused. Within the framework of the necessary restructuring, however, we had to downsize our group, and before the crisis, we employed approximately 140,000 employees all over the world, and one in four, unfortunately, had to leave the Lufthansa Group. Last year, we completed this very painful downsizing process, and I'm very proud that we could do all this in a socially responsible manner.
We have even more than fulfilled our promise to retain more than 100,000 jobs. In the meantime, we have again started to recruit new people in many areas, and we're also launching training courses. Because of our very strict cost management, we could actually stop the outflow of funds as early as in summer 2021, and in the Q3 , we again became profitable. Our savings target of EUR 3.5 billion per year has already been reached at approximately 80%. Up to now, we have translated measures into action which are reducing our costs structurally by almost EUR 3 billion per year. The probably biggest accomplishment of the last year is this. After the successful completion of our capital increase in November, we could fully repay the stabilization funds which we had received from the German government.
This success is also your success, dear shareholders, because without your trust in Lufthansa, without your loyalty and your willingness to purchase new shares, the early repayment would not have been possible. The only stabilization element still remaining, which we got from the German government, is the stake of the Economic Stabilization Fund in the amount of about 14.1% in the share capital of the company. The sale of this stake will actually provide a high profit to the German government in addition to the interest already paid. Actually, the only winners resulting from the stabilization of Lufthansa, and I'm speaking on behalf of all Lufthansa employees, which when I once more thank the German government today and express our deep gratitude.
In Switzerland, we are also about to fully pay back the loan which we had received from the government for Swiss and Edelweiss. At this place, I would also like to thank the governments in Bern, Brussels, and Vienna because they helped us in the interest of a stable Lufthansa Group which reliably connects Europe to the entire world. The year 2021 was still far away from a normal business year for us, but we could actually observe a positive reversal of the trend. During the entire year, our airlines could welcome 47 million passengers on board, almost 30% more than in the prior year. We also reduced by more than half our operating loss. The Adjusted EBIT without restructuring costs was EUR -1.8 billion.
The revenues, the sales of Lufthansa Group went up in 2021 by Q1 in comparison to the prior year. It rose to EUR 16.8 billion. Lufthansa Cargo and Lufthansa Technik made essential contributions towards this very good result. The Technik division achieved an Adjusted EBIT of more than EUR 360 million, excluding restructuring expenses. In the cargo business, we even had a historic year. Lufthansa Cargo could almost double its Adjusted EBIT with EUR 1.5 billion going from one record to another. Air cargo is profiting from a demand boom, which actually results from two main reasons. On the one hand, in 2021, there were still markedly fewer passenger aircraft in operation than before the pandemic, which means that again, there was a shortage of cargo space with a positive demand effect for pure cargo aircraft.
Furthermore, the global supply trains were disrupted in particular in the case of sea transport. The problem is even getting bigger at the Chinese seaport. Goods which must arrive reliably and safely and quickly are now being rebooked more to air cargo. I'm not promising too much with the announcement that the very pleasant development of Lufthansa Cargo will continue for the near future against this background. Ladies and gentlemen, despite the positive development in the financial year 2021, we cannot, however, pay a dividend in this year because of a new loss. Furthermore, the still valid contract governing the stabilization of Lufthansa rules out a dividend payment for as long as the Economic Stabilization Fund is having a stake in Lufthansa. Our share price also suffered for a long time last year from the consequences of the pandemic.
Since the capital increase, we are recovering again significantly. Since the beginning of the year alone, in a shrinking market, we have actually gained more than 50%. With respect to the past 12 months, our share price is doing better than that of all the other European competitors and even the DAX companies. It is clear that as a shareholder of an aviation company, you still must be mentally strong. All the more, I would like to thank you for having supported us with your loyalty and trust and confidence during these two very tumultuous years of the COVID pandemic. I promise that we will continue to work very hard to regain your confidence every day. Ladies and gentlemen, with respect to the future, we have defined three priorities.
First of all, we want to again raise the travel experience for our guests to the premium level, which they rightly expect from us. Furthermore, we want to enhance our sustainability initiatives so that we can achieve our ambitious target of an even greener aviation. Thirdly, we will step up our transformation so that we make progress on the path towards a more efficient and more focused Lufthansa Group. To put all this into a single sentence, our target is to become an even better Lufthansa. Now, as to the first point, our passengers. People want to fly. After the numerous travel restrictions of the past two years, there is a huge pent-up demand in terms of private and business travel. Because of the Omicron variant, this development actually started a bit later than we expected, but now we have a sharp increase in the number of bookings.
In the meantime, more than three-quarters of our aircraft are again in operation, and they are almost as well booked as before the pandemic on average. Despite the current geopolitical situation, the current outlook is making us positive. Our airlines are expecting further increase in demand for the summer, and the trend towards bookings in the premium segment is still going on. More and more private travelers are opting for the Premium Economy class, business class or even first class. We are strategically and operatively well prepared for the structural changes in demand in the private sector. Even before the pandemic, we began to expand the basis of the Lufthansa Group in this segment, and we markedly accelerated this in the past three years.
Now we are both profiting from our strong network and also the broad range of product of our airlines in the respective markets. With a three-digit number of holiday destinations, we are offering more choice than ever before to our passengers. This applies mainly to our specialized airlines, that is Eurowings Discover, and Edelweiss. Also our hub airlines, Lufthansa, Swiss, Austrian Airlines, and Brussels Airlines, with the regional partners Lufthansa CityLine and Air Dolomiti, are also profiting from this trend. On these aircraft, there are now also about 70% of private travelers, many of them holiday makers. More than ever before, our successful multi-brand and multi-hub strategies are paying off. They provide a maximum of flexibility and choice to our customers.
The recovery in terms of business travel has not yet reached the same level as private travel, but we are becoming more and more confident from week to week. Even if video conferencing and online meetings will replace part of these travels in the longer term, it's still true that business people also want to meet again in person. Right now, there are about, again, 50% of the prior business travel volume, and for the end of the year, we are expecting about 70% in comparison to the number before the pandemic. The trend is moving into the right direction. For the entire year of 2022, we are now expecting an average capacity offering of 75% in comparison to 2019.
Next summer, we are even expecting up to 90%, and in the next year, that is in 2023, we may again achieve 95% of the pre-pandemic level in the entire year. Up to now, we assumed that we could return to the pre-pandemic level by the middle of this decade, but in view of the very strong and very dynamic demand, it's well possible that this forecast had been too conservative and that we are achieving the pre-pandemic level sooner than originally planned. A maximum of flexibility will continue to be the basic principle of our planning, and we want to, and again, must achieve the pre-crisis level in terms of customer satisfaction. We are painfully aware of the fact that in many areas we have not yet achieved the same product and service quality which we stand for.
In this view, next summer will be very challenging for us. Airports, air traffic control, catering, and other partners have already announced that they are still expecting, to some extent, considerable personnel bottlenecks. Nevertheless, or because of this, the satisfaction of our guests will now have the absolutely highest priority. Together with our partners, we are working intensively to develop solutions in order to come to terms with the increase in passenger numbers. To some extent, these are also painful measures. For instance, because of lacking handling capacities at our port in the Easter travel week alone, we had to cancel a three-digit number of flights from and to Frankfurt. Of course, this cannot be the solution. All parties involved must step up their efforts in order to ensure a very smooth flight operation.
To even more improve the travel experience for our guests on board, we are now investing in new aircraft and cabin furniture. In the next 18 months, we will be introducing new seats in all types of travel, first class, business class, Premium Economy, and economy class. Just some few weeks ago, we presented our new advanced Premium Economy seats first at Swiss, and in late April, one of 4 additional Airbus A350 will actually start its scheduled service with an enhanced business class at Lufthansa in Munich. From the middle of next year, a new Lufthansa long-haul aircraft will be flying with a completely redesigned business class. For the summer of 2023, we are expecting the delivery of new Airbus A350 and Boeing 787, which will be equipped ex-work with this new groundbreaking cabin.
I can assure you that not only I am looking forward to this, our guests can also look forward to this. In the next few months, we will consistently continue this product offensive. What is more, we are investing in many more products and services on board and on the ground. Let me be frank and very honest, mention one particular problem despite all these improvements, our call centers are still available only with excessive waiting times. This is due to still very high call rates, very long call times, and still very complicated travel restrictions, but this may not be an apology for us. We have already hired far more than 500 new call center agents, and we have been able to reduce the waiting times.
Nevertheless, there are still too many customers who are disappointed at our insufficient availability. For this reason, we will continue to work at this problem with all our power. We are also using improved digital self-services, which will make calls to the call center unnecessary because it's anyway a strategic focus of the Lufthansa Group to decisively promote digitization. This applies, for instance, to processes in engineering and maintenance, sales, or also optimization in flight operations. We will be placing a special focus, however, on the improvement and the extension of digital services for the benefit of our guests. It is our target to provide the optimal experience along the entire travel chain. This also is related to my second point, sustainability. Ladies and gentlemen, sustainability is much more than a mere trend. It is the future of all of us.
For this reason, we are orienting our corporate activities towards this rule. This applies to the design of our products. It applies to the procurement of aircraft or synthetic fuel, and it also applies to research and development, which we are conducting ourselves or within our partner networks to mention but three examples. Just 14 days ago, Lufthansa introduced a new option for CO₂ offsetting in its digital booking system. With respect to every online ticket purchase, there is now CO₂ compensation or offsetting possible via climate protection projects of myclimate or the purchase of sustainable fuel or a combination of both. After some few days only, the booking percentage of CO₂ neutral flights at lufthansa.com went up markedly.
Furthermore, together with a partner, we are testing the sale of the net zero all-inclusive travels, and every guest should have the possibility to offset the CO₂ emissions of their flight as easily and effectively as possible. Furthermore, we used the past 24 months for the quickest and most comprehensive fleet transformation in the history of our company, and we are continuing this renewal, this modernization at great speed. Only yesterday could we announce the purchase of another 17 Boeing long-haul aircraft. With this, to some extent, in the short term, available aircraft will, on the one hand, offset some delays in other new deliveries with respect to Boeing 777-9, for instance. We are also increasing our market opportunities in the successful cargo business. For this reason, we have now ordered seven passenger aircraft and 10 cargo aircraft.
Up to 2025, we will have delivered 120 new, especially fuel-efficient aircraft to our airlines. By 2030, even at least 190. This means, on average, every two weeks, one new aircraft will be added, and each of these will emit up to 30% less CO₂ than the respective prior model, and it will produce up to 50% less noise. Thus, in the next few years, we are also investing approximately EUR 2.5 billion in new fuel-efficient aircraft. What is more, we are also even more intensively promoting the development of scalable production methods for sustainable aviation fuel. As the biggest customer for sustainable fuel in Europe, we are actually doing more than all the other airline groups within Europe. This is not enough for us.
Up to 2024, we will invest more than a quarter billion U.S dollars in sustainable fuels, and at the same time, we will expand our cooperation in this field. Technology and infrastructure, they are and will be the most important levers in order to combat climate change in the aviation industry. For this reason, we established the Lufthansa CleanTech Hub last year as a competence center and think tank. This hub will focus new input from science and the global start-up scene, and it will interconnect it with our comprehensive airline expertise. With the CleanTech Hub, we want to find the most promising companies in the field of sustainable technology and integrate them in our partnership ecosystem. All this is subject to the main target.
That is, we want to reduce CO₂ emissions of the Lufthansa Group by 2030 by 50%, and by 2050, we want to be completely carbon neutral. In order to make these net targets more tangible, we joined the Science Based Targets initiative. In so doing, we want to reconcile our CO₂ reduction path with the Paris Agreement of the United Nations, and we want to do this transparently and on the basis of scientific methods. Ladies and gentlemen, we are well aware of the responsibility of the aviation industry because the global air traffic is contributing approximately 3% to the global man-made CO₂ emissions. We want to, and do, and we will make our contribution towards a more climate-friendly air traffic and thus we will be the leaders of our industry on the path into a more sustainable future.
For this reason, we do support the very ambitious targets of the European Union and the climate protection package Fit for 55. An effective climate protection policy must be designed in such a way that it will not distort competition neither within Europe nor between European and non-European airlines, because we shouldn't put at a disadvantage those which do a lot for sustainable air traffic, but favor those which, who do the opposite. It cannot be desired politically in our democracy that autocratic government companies will be profiteers from European regulations, nor can it be desired that after the energy industry and the defense capability, we are becoming more dependent on others now also in air traffic. We are seeing this now more clearly than ever before. Europe needs strong airlines, and we must not weaken them with more unfair regulations.
For this reason, we are demanding a European climate policy which will effectively reduce emissions, avoid carbon leakage, and which also guarantees a fair international competition. Only then will Europe have an opportunity to become a global role model for the decarbonization of air traffic. I'm now coming to my third point, that is our path towards a stronger, more efficient, and more focused Lufthansa Group. In future, we want to focus even more on what we are best at. That is flying people and merchandise goods safely to their destinations as an airline group. In so doing, however, we will continue to be profitable. We will remain active in profitable business fields, which have a high level of synergy with our airlines. Where these synergies are low, we are looking for better owners.
This means specifically that we have launched a process to find a purchaser for our credit card business, AirPlus. We also have the intention to sell the still remaining international business of our catering subsidiary, LSG. We are convinced that the greater independence of the group will actually benefit the further development of Lufthansa Technik. For this reason, we are now making the preparation for a sale of a minority holding in the next year. At the same time, we are also carefully observing the renewed consolidation in the airline industry. With the recovery of the European air traffic, consolidation pressure is going up. In this, we, as the largest European airline group, will continue to play an active role. A very strict and at the same time simple rule applies to us.
Every transaction must create value, and we will speak about mergers and acquisitions only when the time is ripe instead of keeping speculating about it what might happen and what might not happen. There is one thing which we can predict even now. Airlines from strong home markets with a well-functioning business model and a strong balance sheet will be even stronger after the COVID pandemic, while those who are anyway weak will become even weaker. We have done our homework because we have improved our competitiveness in the past two years sustainably and structurally. Now we can allocate capacities within the group in such a way that in each case, we are acting with competitive cost on products in the relevant market segments. We will also increase our flexibility in our process and operations organization.
Because last, in the course of our successful crisis management, we could actually see what the huge potential is of an overarching cooperation oriented towards clear objectives and we will now enhance this strength of our group because one thing is certain, competition in the aviation industry will become even fiercer in future. Ladies and gentlemen, in this year, I would also like to use this AGM to thank our employees. In a year full of major challenges, they have been doing great jobs. They have again demonstrated why it is something special to be working for Lufthansa. Without their great commitment, their motivation and the agency of our employees, we would not have got through this crisis as well as we have done, not even remotely so.
It does pay off for our company that with the very best social standards in the industry and the best pay, we can attract the very best people to join us on board. I can certainly express my gratitude also on your behalf, dear shareholders. I initially said that after two years of the pandemic, we are now leaving the crisis behind us mentally and we are looking ahead stronger than ever before. We're doing so with the firm knowledge that people all over the world want again to travel in large numbers, and they will do so. For this reason, aviation air traffic is more up to date than ever before. Lufthansa Group connects people, cultures, and economies in a sustainable manner.
We connect people, cultures, and economies in a sustainable way. Thus, we together with you, that is our shareholders, are contributing towards international understanding between the nations and to peace. This has never been more important and more up to date than today. I hope that you will continue to support us. Thank you very much indeed for your attention.
Thank you very much, Mr. Spohr. Shareholders, I will now give my report on the activities of the Supervisory Board in fiscal 2021. In 2021, the Supervisory Board held five meetings, three of which were conducted virtually. There were a total of 18 meetings of the Supervisory Board and its committees. Overall, the attendance at all Supervisory Board and committee meetings was very high. The Supervisory Board delegated its responsibilities for urgent cases to the Steering Committee for the period from May 5th to September 2nd, 2021. The Steering Committee also discussed the capital increase that took place in October 2021. The Steering Committee met six times in fiscal 2021. Key topics of all meetings of the Supervisory Board and its committees were, again, the liquidity situation, the stabilization and refinancing activities, and the implementation of the necessary restructuring measures. No surprise.
At its meeting on May 3rd, 2021, the supervisory board approved the acquisition of 10 long-haul aircraft. At meeting on the September 21st, the supervisory board decided to upgrade the 747-8 fleet to the future product standard. At an extraordinary meeting on September 19th, the supervisory board approved the aforementioned capital increase, which generated, as you know, gross proceeds of EUR 2.2 billion. The meeting in September was dedicated above all to the strategic development of the group, which finally approved at the supervisory board meeting on December 8, 2021. At that December meeting, the supervisory board also approved the medium-term financial planning from 2022 - 2025.
At its meeting on March 3rd, the Supervisory Board reappointed Detlef Kayser with effect from January 1st, 2022, for a term of three years, ending on December 31st, 2024, as member of the Executive Board of Deutsche Lufthansa AG as Chief Operating Officer. Moreover, the Supervisory Board decided to extend the contracts with Executive Board members Christina Foerster and Michael Niggemann ahead of time by five years until December 31st, 2027. The allocation of responsibilities within the Executive Board was adjusted on this occasion with effect from July 1st, 2022. The Supervisory Board reviewed and confirmed the appropriateness of the Executive Board compensation at two of its meetings. At the meeting on March 3rd, the Supervisory Board decided in view of the company's economic position to suspend the commitment to pay an annual bonus and long-term variable remuneration.
The board did set concrete targets for the executive board members, both for the financial year 2021 and for the current four-year period up to and including 2024. These include short-term targets for the individual executive board members, while the long-term objectives are aimed in particular to bring the stabilization measures to an end quickly and to return to profitability. This represents a divergence from the remuneration structure for 2021 approved by the annual general meeting. Some remarks on the agenda now. Under agenda item four, the annual general meeting resolves on the approval of the remuneration report, which has been prepared and audited, of course. You can find all details under agenda item 4 of the convening notice. On the agenda items five to eight, capital facilities.
Due to the capital increase in 2021 and the repayment of the received financing assistance to the Economic Stabilization Fund, the remaining Authorized Capital C is no longer required and will be canceled as proposed under agenda item eight. This also entails the cancellation of the contingent capitals 2021/2 and three pursuant to agenda item six, as these are no longer required either. After the capital increase, both the Authorized Capital A and the contingent capital for the issuance of bonds no longer correspond to the target ratio of approximately 30% and 10% of the share capital respectively. In order to be able to continue to operate on the capital market if required, the Authorized Capital A and the conditional capital pursuant to agenda items five and seven will be raised again to the ratios just mentioned. Let me now announce the attendance.
The share capital has not changed since the convening of the AGM. Everything else, anything else would be a surprise. Of these, [550,590,048] registered shares are represented today. This corresponds to 11.76% of the share capital. Moreover, the company has received 307 million shares. This corresponds to [438,307] shares. This attendance information as well as a list of participants, which due to the lack of physical shareholders, only shows the proxies appointed by the company who are present here. This can be viewed via the online service. I would like to point out that all those who follow our virtual annual general meeting via our website, that the public part of the broadcast ends at this point.
From now on, only the shareholders of the company and their proxies will be able to follow the further course of the annual general meeting via our online service. I would like to thank all other viewers for their attention and interest in Lufthansa. Thank you very much.