Good morning, ladies and gentlemen. Good morning to you all. I would like to thank you for attending this shareholders' meeting of International Consolidated Airlines Group, S.A. I also wish to thank the members of the board of directors who are here today for their presence. Let us begin the meeting. I would like to inform all the attendees that the board of directors has requested the presence of a notary, Ana Fernández-Tresguerres García , who is seated at the table on the side of the auditorium, to take minutes of the meeting. I also remind you that any shareholders who wish to participate must have first identified themselves and registered on entry to the auditorium, and must have handed over a written account of their comments if they wish them to be recorded verbatim in the minutes drawn up by the notary.
Shareholders attending remotely, that wish to participate, must have sent them using the online platform as indicated in the call notice. Finally, I inform you that the period for voting via the online platform for those shareholders attending remotely will remain open until the end of this shareholders' meeting. I give the floor to the secretary.
Good morning. To comply with the legal formalities, it's hereby placed on record that in Madrid, at Duques de Pastrana, Paseo de la Habana, 2208, with the possibility of attending remotely at 12:00 P.M. on June 15th, 2023, a shareholders' meeting of International Consolidated Airlines Group, S.A., is held on second call, having been called pursuant to the board resolution of May 4th, 2023. The call notice was duly published in the newspaper, La Razón, on May 6th, 2023, on the website of the Spanish National Securities Market Commission, by means of an other regulated and corporate information announcement, dated May 5th, 2023, and on the corporate website, where it's appeared without interruption since May 5th, 2023, and it's therefore deemed to have been read for all purposes.
This shareholders' meeting is chaired by Javier Ferrán, as chairman of the board of directors, and the board secretary, Álvaro López- Jorrín, acts as meeting secretary. The governing panel is therefore composed of these two individuals and the directors attending. A list of attendees has been drawn up, according to which there is sufficient quorum to validly constitute the shareholders' meeting on second call, and to transact all the business on the agenda. Detailed information on the quorum will be provided once the list of attendees has been closed, and prior to the shareholder speeches. Briefly, the agenda for the meeting contains the following items: 1, approval of the 2022 financial statements and management reports of the company, its consolidated group. 2, approval of the non-financial information statement for financial year 2022.
3, approval of the management of the board of directors during the 2022 financial year. 4, approval of the proposal for the allocation of 2022 results. 5, re-election for the 1-year term stipulated in the bylaws of Javier Ferrán, Luis Gallego, Giles Agutter, Peggy Bruzelius, Eva Castillo Sanz, Margaret Ewing, Maurice Lam, Heather Ann McSharry, Robin Phillips, Emilio Saracho, and Nicola Shaw. 6, consultative vote on the 2022 annual report on directors' remuneration. 7, approval of the allotment of a maximum number of shares of the company for share awards, including the awards to executive directors under the Executive Share Plan in relation to the 2023 and 2024 financial years. 8, authorization for the derivative acquisition of the company's own shares by the company itself or its subsidiaries.
9, authorization to the board of directors with express powers of substitution to increase the share capital pursuant to the provisions of Article 297.1.b of the Corporate Enterprises Act. 10, authorization to the board of directors with express powers of substitution to issue securities, including warrants, convertible into and/or exchangeable for shares of the company. Establishment of the criteria for determining the basis for, and the terms and conditions applicable to the conversion or exchange. Authorization to the board of directors with express powers of substitution to develop the basis for, and the terms and conditions applicable to, the conversion or exchange of such securities, as well as to increase the share capital by the required amount on the conversion.
11, authorization to the Board of Directors with express powers of substitution to exclude preemptive rights in connection with the capital increases and the issuance of convertible or exchangeable securities that the Board of Directors may approve under the authorities given under resolutions 9 and 10. A, up to 10% of the share capital on an unrestricted basis, and B, up to an additional 10% of the share capital to be used for either an acquisition or a specified capital investment. 12, delegation of powers to formalize and execute all resolutions adopted by the Shareholders' Meeting. The proposed resolutions prepared by the Board of Directors on the above items and the relevant reports, have been available on the corporate website from the date of publication of the call notice, and are therefore also deemed to have been read for all purposes.
Dear shareholders, on behalf of the entire board of directors of IAG, I would like to welcome you to this annual general meeting. It's a great satisfaction to be able to meet again in person, as we were able to do last year. This is yet another sign that things are returning to normal, to a certain normality, which is also true in our operations. As you all know, the last three years have represented the most difficult time for our industry. On the positive side, we also know that these years have been a good reminder of the importance of aviation. The pandemic has taught us that society needs aviation, therefore, our work is relevant, I would even say fundamental for many people.
We should therefore be proud of the impact our contribution has, both for the people and the societies in which we operate. Aviation is a vital driver of wealth creation, employment, and cultural and economic growth. Today, I am pleased to report to you as shareholders of the company, that IAG has continued to recover capacity, improve our financial performance, reinforce our teams and operations in 2022, we have continued to advance in our purpose to connect people, businesses, and countries around the world. The group's over 66,000 people have played a key role in this recovery. To all of them, I would like to say thank you for their commitment and decisive contribution.
I would like to stress the sharp increase in our capacity, reaching pre-pandemic levels in the last part of the year for some of our Airlines, it was unprecedented. However, we have been able to overcome each and every challenge we have encountered, thanks to the extraordinary commitment of everyone at IAG. Today, in addition to thanking them, I would also like to reiterate my full confidence in all our teams. I'm confident that working together, we will succeed in meeting the expectations of all those who fly with us. While we are aware of the complexity of the aviation ecosystem, at IAG, we are working hard to provide our Airlines with a stable and robust operation, as we want to give our customers the best experience.
As we have commented on previous occasions, at IAG, we're laying the foundations to emerge stronger after this critical period for us. Our recovery is taking place in a global economic context that still presents many uncertainties. We are therefore aware that more than any other industry, we will always have to adapt and evolve quickly. After a difficult start in 2022 due to the Omicron variant, in the second half of the year, pent-up demand attracted more people to the skies, and this has allowed us to return to profitability. This for the first time in 3 years. We have started to reduce our debt. We still have many opportunities ahead of us. We know we must continue to transform our business to make it more efficient and profitable.
We are doing this with the confidence that comes from the positive results of the last financial year. We're also demonstrating that it is possible to do this in a sustainable way with all our stakeholders in mind. For us, sustainability and making a positive contribution to society are two priority elements on which we want to base our development. That is why we continue to invest in decarbonization, and we maintain our ambition to be an industry leader in developing initiatives to achieve the transition to a low-carbon future. In this respect, let me list some of the important milestones that took place during the past year. In 2022, we signed agreements with Airbus and Boeing to acquire new aircraft that will reduce emissions by up to 20%.
We've increased funding for future sustainable aviation fuels, SAF, purchases and investments to more than $865 million. We continue to make progress on our commitment to meet at least 10% of the fuel needs with SAF by 2030. Another important event last year was our first ESG day. We were able to present our sustainability strategy, as well as our diversity and inclusion initiatives, to the financial community. It is worth noting that this was the first event on ESG issues organized by a major European Airline. At the end of the year, we've been A rating from the Carbon Disclosure Project.
We are particularly proud of this recognition, as we are one of the only two Airlines in the world to have obtained this qualification and we're the only European Airline to do so. In addition, we're the only Airline group to be awarded a double A, also receiving an A grade for our supply chain activity. We're also the joint highest-ranked Airline group in the Transition Pathway Initiative's rating. On equality, diversion, diversity and inclusion issues, I would like to refer to the update of our group policy, a review that aims to enhance the framework that was established in 2021. A commitment that also carries over to our Airlines, where we are implementing a variety of initiatives to support these issues. In particular, I would like to highlight the work we are doing to increase the presence of women in management positions throughout the group.
Our goal is to have 40% women in management positions by 2025. In the last financial year, we ended up with 34%. We're also proud to have 45% female representation on the board. A woman, a senior independent director, and three of our board advisory committees being chaired by female directors. In doing so, we are complying with applicable European and Spanish standards, as well as those of the U.K. In addition, in 2022, IAG complied with all applicable recommendations of the CNMV's Good Governance Code. Finally, I would like to thank our employees, our customers, and our shareholders. Thank you for your confidence, thank you for your support in these unique years we have had to face.
We can only reiterate our commitment to boosting and transforming our industry so that flying remains an engine of the economy and a source of value creation, of social value creation. Traveling is a source of enrichment, both personal and collective. It is a way of understanding other ways of thinking, other ways of living, and other cultures. Thank you very much. Gracias. The CEO will now take the floor. Muchas gracias, Javier.
Thank you, Javier. Oops, sorry. My crutches have fallen down, but there they are. Ladies and gentlemen, good afternoon, and thank you for attending our annual general meeting. This is the second year that we're holding this meeting once again in person, and as the Chairman pointed out earlier, this is very good news. Actually, it's another sign that things are getting back to normal. Today, we are reviewing 2022, a year that's been very challenging. It's not been an easy year, but that hasn't stopped us from continuing to transform the business to ensure we emerge stronger from the biggest crisis in modern aviation history. The measures we've been taken to strengthen our activities have shown positive results and enabled us to return to profitability in 2022.
I'm confident that today we are better positioned to fulfill our purpose, and this is, to a large extent, thanks to the resilience and commitment shown by our people. I'd therefore like to start by thanking all of our employees for their decisive contribution to the recovery of the Group. Let me now turn to analyze the financial highlights of the year. In 2022, there was a strong recovery in our core markets, following the lifting of mobility restrictions. Our markets gradually opened up, especially from the second quarter onwards. In this context, we prioritized capacity deployment to the areas of highest demand. Western routes from Europe to North and South America performed best. Demand for European travel during the summer period was also strong.
All this activity boosted our revenues and allowed us to return to profit with a remarkably positive operating cash flow, and in the second quarter, we are profitable again at operational level. As we close the year with an operations profit before exceptional items of EUR 1,225 million, we can compare that against the loss of EUR 2,917 million in 2021. The group's recovery has been multi-speed, influenced by operating constraints and government restrictions. The recovery of leisure traffic is occurring before that of business travel, and the Premium Leisure segment is showing very positive results. Thus, we have gradually rebuilt our capacity, starting with 65% of 2019 levels in the first quarter and reaching 87% of 29 levels in the fourth quarter.
For the full year, we reached 78% of 2019 capacity levels. In 2022, we were affected by the sharp spike in fuel prices and inflation. The unit passenger revenues were 11% higher than in 2019, with a particularly positive performance in the second half of the year. Last year, we invested EUR 3.9 billion to make major improvements in fleet, customer offerings, IT infrastructure, and sustainability. On the debt side, we reduced our net debt by EUR 1.4 million, bringing it down to EUR 10.4 billion, supported by operating profit and significant working capital inflows. In addition, we continued to strengthen our liquidity up to EUR 14 billion by 31st of December 2022, from the EUR 12 billion recorded at the end of 2021.
Regarding the individual performance of our different Airlines, the first thing I'd like to highlight is that Aer Lingus, British Airways, Iberia, and Vueling all returned to profitability in 2022. The speed of each Airline's recovery, once again, depended on the pace of relaxation of travel restrictions imposed by governments and the reopening of travel in its main markets and operational restrictions at hubs and other airports. British Airways operated at 70.3% capacity of 19 levels due to a combination of the limited access to South Asia and operational restrictions at London, Heathrow. As global travel restrictions were relaxed, British Airways was able to resume routes such as Sydney, San Jose in California, Tokyo, and Hong Kong, and more recently, to Shanghai and Beijing.
In March 2022, it also launched its new short-haul subsidiary from London Gatwick, which operated flights to 35 new destinations over the summer. Iberia operated at 87.1% of its 2019 levels. The Airline's capacity gradually recovered over the year after being impacted by Omicron in the first quarter. During the year, Iberia significantly increased its capacity in Latin America and the Caribbean compared to 2021, increasing frequencies to destinations such as Mexico and Colombia. Iberia had an occupancy rate of only 0.8 points lower than in 2019. Vueling reached 98.2% of its 2019 levels, including the expansion of its operations at Paris Orly. The Airline began implementing its new deseasonalization strategy last year, with the aim of increasing aircraft utilization during the winter months.
In the last quarter of the financial year, it achieved capacity growth of 11.3% above 2019 levels, despite having fewer aircraft in service. Aer Lingus operated at 86.8% of its 2019 levels. The Airline was able to reestablish most of its transatlantic services, and in addition, operated 3 transatlantic services for its new base in Manchester Airport. These services accounted for 13% of the Airline's transatlantic capacity and 8% of its total network in 2022. The Manchester base was important in the recovery of long-haul capacity levels, especially towards the end of the year. In 2022, LEVEL broke its all-time records in terms of passengers carried, connecting flights, and seats offered. The company consolidated its position as the second-largest operator from Barcelona Airport to the United States and the first to Latin America.
At IAG Cargo, revenues were only 3.5% lower than in 2021, when cargo revenues were at record levels. In 2022, as passenger flight schedules were reinstated, the number of all-cargo flights was drastically reduced to 502, down from 3,788 in 2021. IAG Loyalty achieved better results compared to both 2019 and 2021 by recording significant growth in the number of Avios issued linked to its non-Airline alliances. It also benefited from the recovery of the Group's Airlines, resulting in an operating profit before exceptional items of EUR 282 million. As you all know, on 24th of February, we announced the agreement for the acquisition of the remaining 80% of Air Europa after having acquired 20% of that business in 2022.
I'd like to reiterate that with this agreement, we're demonstrating our firm commitment to the Madrid hub and Spain's air connectivity. This, in turn, will help the recovery of Spanish tourism and the Spanish economy as a whole, enable Madrid to be able to compete with the main European hubs. We think that if the operation's approved, it will consolidate leadership of the Madrid hub in the South Atlantic and will allow us to strengthen our commitment to connectivity with Asia and the Middle East, which will all result in significant benefits for consumers through improved connectivity, increased frequencies on existing routes, and the creation of new routes to currently unserved destinations. At IAG, we're fully convinced of the value of this transaction and are working to demonstrate this to the competition authorities.
Ultimately, our vision is that this agreement will allow us to generate additional value for the Group and at the same time, bring significant benefits to the Madrid hub and to our customers, employees, and all of you as shareholders. Finally, I'd like to point out that in May, we launched a share buyback program to cover the obligation to deliver shares to Globalia as part of the consideration for the planned acquisition of the remaining 80% of the issued share capital of Air Europa. Over and above inorganic growth opportunities, we must also continue to develop the long-term redesign of the businesses and the organic growth to consolidate our leadership position in our core markets. To achieve this, we continually seek new ways of doing things. The transformation of our businesses is key to guaranteeing the Group's success.
We're convinced that innovation is critical to improve our competitive position as demand recovers and companies recover from the impact of the pandemic. The transformation of our activities has much to do with our concern for sustainability issues. As our shareholders well know, we were the first air transport group in the world to commit to a goal of zero net emissions by 2050. Later, we've extended this commitment to Scope 3 emissions. We were also the first European Airline group to commit to using 10% SAF from 2030. To deliver on this commitment, IAG has already agreed to invest more than $865 million in future SAF purchases and investments. We already have 250,000 tons of SAF guaranteed by 2030, which accounts for 25% of our target volume.
Among the initiatives developed by our Airlines, I'd like to point out that in March 2022, British Airways took delivery of the first batch of SAF produced by Phillips 66. This made British Airways the first Airline to start using SAF produced on a commercial scale in the U.K. During the year, Phillips 66 applied 9,980 tons of CO₂. In June, Iberia, in partnership with Repsol, operated its first transatlantic flights to Washington, Dallas, and San Francisco using SAF. Iberia signed an agreement with Cepsa as well to develop SAF, and signed another contract with Gevo for the supply of 6 million gallons of SAF over 5 years.
Vueling also became the first low-cost Airline to allow customers to purchase SAF during the flight booking process, and it conducted an experimental flight between Barcelona and Lyon, in which it reported a relevant amount of CO₂ savings, thanks to the use of SAF and a more direct flight route. In April this year, both Iberia and Vueling joined the launch of the Alliance for Air Transport Sustainability, an industry-wide commitment to sustainability, in which the need to scale up SAF production as fast as possible will be one of the key priorities for the alliance. Aer Lingus also furthered its sustainability initiatives with the signing of two new SAF supply contracts. From 2026, 50% of the fuel on its flights from California will have a percentage of SAF.
At IAG, we're convinced that European aviation has the opportunity to lead the global production of SAF, and the U.K. and Spain can play a key role in this. With the right policy support, it's estimated that 30 SAF production plants could be built across Europe over the next 8 years, which would save 7 million tons of CO₂ per year from 2030 onwards. We hope that a regulatory framework can soon be put in place to incentivize investment and scale up commercial production of SAF. I'd also like to take this opportunity to mention the key role of our employees in everything we do. Knowing its importance, we keep working hard to enable all our people to grow and do their very best. All this over the solid foundations of our corporate culture and with the aim that our employees feel valued and fairly recognized.
Among other things, we've launched a number of initiatives to support diversity and inclusion in recruitment, the generation and mentoring and networking opportunities for women and ethnic minority employees, and training programs for diversifying the talent pool. To wrap up, I'd like to share with you a comment on how we've started the year 2023, and our outlook for the year. The first quarter results show that the group's Airlines have continued to recover capacity, bringing us back to near pre-pandemic levels. We've outstripped the profit guidance we gave in February, with all Airlines ahead of expectations, benefiting from strong demand and lower fuel prices during the quarter.
We are one of the few Airlines that delivered a profit in the first quarter, with profit from operations before exceptional items at EUR 9 million, which is EUR 750 million more than in the first quarter of 2022. In addition, for the first time since the first quarter of 2019, we reported a positive result at the start of the year, reflecting strong and sustained demand across all our Airlines. Passenger revenues increased by EUR 2.3 billion compared to first quarter 2022 revenues of EUR 5 billion, due to the increase in capacity operated and the increase in the occupancy rate and passenger yields. Looking ahead to the summer, the outlook's encouraging, as we already have around 80% of the expected second quarter revenues booked.
We're seeing a healthy volume of bookings, with leisure demand particularly strong, while business travel continues to recover, albeit at a slower pace. We now estimate that our capacity for the year will be around 97% compared to 2019 levels. All in all, we now expect our profit from operations before exceptional items for the full year 2023 to be more than the guidance we gave in February of EUR 2.3 billion. We also expect our net debt as of 31st of December 2023 to improve on the previous forecast and to decrease in line with our improved results. Overall, we're finding that despite the uncertain macroeconomic environment, people value flying highly, both for business and leisure travel. We have to be realistic.
There are challenges ahead, but we'll do so with the confidence that we have the right model to succeed through the synergies and efficiencies generated across the group. As every year, it only remains for me now to thank our employees, our customers, and our shareholders. We've had to overcome very difficult times, but without a doubt, your support has always encouraged us to do our very best. I'm convinced that we have a great opportunity ahead of us to continue to make IAG one of the best aviation groups in the world. Thank you very much.
The secretary will now take the floor to report on the definitive quorum now that the list of attendees has been closed.
The share capital right now is EUR 497,147,601, represented by 4,971,476,010 ordinary shares, each with a par value of EUR 0.10 belonging to a single class and series. In accordance with the provisions of Article 28 of the bylaws and Articles 23 of the Shareholders' Meeting Regulations, a list of attendees has been drawn up, according to which we have present 305 shareholders attending in person, owning 236,115,991 shares, representing a nominal amount of, Sorry, EUR 23,611,599, which is 4.75% of the share capital.
We have 433 shareholders attending by proxy, representing a nominal of EUR 209,238,118.7, which is 42.09% of the share capital. Of the shareholders attending in person, 259, owning 1,385,081,565 shares, have exercised their right to vote through remote means. We have 738 shareholders in person or by proxy in the general shareholders meeting, owning 2,328,419,7178 shares, that represent a nominal of EUR 232,849,717.8, which is equivalent to 46.84% of the share capital.
It's hereby placed on record that the treasury stock of the company is 41,378,976, representing 0.83% of the share capital. It's been taken into account to calculate the percentages necessary for the constitution of this general meeting. According to law, the exercise of the voting rights corresponding to those shares is suspended.
In view of the data provided by the secretary, in accordance with the provisions of Articles 193 and 194 of the company's law, Articles 28 of the bylaws, and Articles 22 and 23 of the Shareholders' Meeting Regulations, it is confirmed that the necessary requirements for the valid constitution of the shareholders meeting on the second call, and to transact the business on the agenda, have been met. The notary will now take the floor.
In compliance with the provisions of Spanish corporate legislation, I must ask the meeting whether there are any reservations or protests concerning the statements of the chairman and the secretary, with respect to the number of shareholders in attendance and the capital present in person and by proxy. Shareholders attending remotely, who wish to lodge reservations or protests in this regard, may do so using the section on the online platform provided for this purpose, so that they may be recorded in the minutes.
There being no objections, the valid constitution of the shareholders meeting on second call to transact all the business on the agenda is hereby confirmed. I give the floor to the secretary to order the interventions.
In accordance with the provisions of the Shareholders' Meeting Regulations, the floor is now open to speeches by the attendees who've so requested. Speakers are asked to ensure that their speeches do not run over the five minutes established in the regulations, in order to facilitate the conduct of the meeting. Once all the speeches have been finalized, the appropriate information or clarification requested will provided. Any valid requests for information that cannot be dealt with during the meeting, will be answered within the seven days following the end of this shareholders' meeting, in accordance with the provisions of the applicable legislation. I give the floor, first of all, to Jose Luis de los Santos Garcia. Good morning, ladies and gentlemen. I greet the shareholders and all the people on the executive panel of IAG.
There's a real tragedy, isn't there right now in Ukraine because of Putin's dreadful deeds? It's almost laughable that Spain is buying more gas from Russia than it used to, and, I mean, look at what's happening with Algeria, and they should be there. I've got 6,700 shares. For me, that's quite a lot of treasure, and I mean, for 47 years, I've been keeping them. The kind of people who keep things under the mattress, that's me. Now, you know, the people sitting here at the panel, they're proud of the company we all invest in. I don't agree with item 3, the acquisition of the aircraft that you were talking about, 'cause it means that Spaniards are losing jobs. There are another couple of comments I want to make.
I mean, there seem to be a lot of security and safety breaches. If we look at the Transport industry, especially in Catalonia, the people who live around Prat have reasons to be very concerned as they privatize the air control towers. That is terrible because people are just thinking about money, and that's really bad for safety. That hub in Barcelona, I mean, it was a really big investment, wasn't it? What was it for? It was a lot of money. I mean, it's there. We've also got Madrid, haven't we? In T4, you've got installations, and immediately people can get either an overland train or underground train or buses. In Barcelona, what's the situation there? Look at it.
Another thing I wanted to point out is our concern that the European Union always upholds the hypocrites and the green people, and they really, I don't know to what degree they're supporting us. I will always support the company. I went to Ramón y Cajal recently, which is a hospital here, and I had to have a X-ray there, and I had to be taken in a wheelchair. What was the reason for that? It's 'cause I do gymnastics, and people always say that you have to go to gyms if you want to reach old age. Mr. Prieto, I know that you read a lot, and you know a lot, but mental gymnastics is as important as physical gymnastics. Thank you. Now, Gerardo Pérez Blanco has the floor.
Hola, buenos días. Good morning. two questions to Mr. Gallego. Here you are. First of all, when do you expect to hand out dividends, and dates, please? Number two, what growth is IAG expecting in the coming years? Since the European Airline industry is expecting a growth of 2.1%-3.4% in the coming years. Thank you very much.
Thank you very much for everything that you've said. Your question about the remuneration of the board, well, all the data are published in the annual report. The non-executive directors receive fixed amounts, and the chairs of committees... have an additional assignation of EUR 20,000, and in the case of the senior independent director, are an additional remuneration of EUR 30,000. The directors have access to a program we have for travel, using air tickets, which falls within the global group policy, in the terms established in the bylaws of the company. Dividends. You asked about dividends. Of course, the company will always aim in the medium term to pay out a sustainable dividend and a growing dividend.
The company started to pay out in 2015 until 2019, during that period of time, including the buyback of shares, the company paid out a total of EUR 4,100 million. Our intention is to look at the general environment around us and look at the structure of the company's balance sheet, its performance and net profit, and its investment plans, and then pay out on that basis. I'll now hand over to the CEO.
Hola. Yes, thank you. Regarding your first question. Well, thank you very much for those 40 years in Iberia. I'm certain that the Iberia we have today is, has grown with excellent professionals such as yourself. Now, concerning your concern on how some flights and short-haul flights being forbidden in Europe, we of course, we don't share that. We agree with you. We think this company, in fact, is leading and wants to lead a transition towards sustainable aviation, and we believe that these sort of policies don't change aviation at all. We have a roadmap to achieve zero emissions to reach zero by 2050, and the use of sustainable fuels is a priority for us, and that's what we think we're going to focus on in the short and medium term.
Regarding your second question on growth for the next 5 years, IAG Group is expecting to fly at 97% capacity that we had in 2019. These capacity levels are over and above the other major networks in Europe. Airline groups, I meant to say. Of course, vis-à-vis North America, we've been able to catch up or attain the same level of capacity that we had in 2019, and South America, too, is coming strong. Asian markets, however, with a later opening, very late opening of the markets in China, means that at present, we're flying at a third the capacity that we had back in 2019. By the way, in 2019, our flights to Asia accounted to 8% of the group's capacity. It's not as significant as it might be to...
for other European groups. Sorry. Regarding the inter- intra-European flights, we don't break down per market, but if we look at Vueling's performance, Vueling will have about 9% more capacity than it had in 2019, and its flights, as you know, are strict mainly to Europe.
Since shares representing more than 25%, but less than 50% of the subscribed voting capital are present, in person or by proxy, the proposed resolutions will require a majority of two-thirds of the shares present, in person or by proxy, for the approval of items 9, 10, and 11 on the agenda, and a simple majority for the remaining items. Shareholders may vote for, against, or abstain from voting in relation to some or all of the proposed resolutions. For which purpose, they must complete and sign the voting card given to them on entry to the auditorium, and hand it in to the notary's desk at the end of the meeting, or follow the voting procedures established in the online platform for those attending remotely.
If cards are handed in with some of the voting boxes left unchecked, the vote will be deemed cast in favor of the resolutions prepared by the board of directors. However, if voting cards are not handed in, the shareholder will be deemed to have abstained from voting on all items put to the vote. I remind the meeting that in accordance with the provisions of Article 32.2 of the shareholders' meeting resolutions, once the chairman has a record of the existence of sufficient votes in favor, he'll declare that the resolutions have been approved without prejudice to any statements made to the notary by the shareholders. Both votes cast using remote means and the direction of votes cast on the different proposed resolutions prepared by the board of directors in the case of proxies, have been duly processed, and the results will be provided to the notary.
In light of the available data, with more than 95% of the votes having been counted, it's been verified that all the resolutions proposed by the board of directors have received the favorable vote of a number of shares exceeding the majority required by law and the bylaws for their valid approval, as explained previously.
Accordingly, I declare that all proposed resolutions prepared by the board of directors have been approved without prejudice of the votes cast at this meeting by the shareholders present, which will be duly counted in the results of the votes. The notary will authorize the minutes of this meeting, adding the necessary legal requirements. This shareholders' meeting is therefore adjourned. Many thanks for your attendance.