Good morning, everyone. I'd like to thank you for attending this General Shareholders' Meeting for the International Consolidated Airlines Group, S.A. I'd also like to thank the members of the Board of Directors for attending. Let's start the session, shall we? I'd like to make you all aware that the Board of Directors has required the presence of a notary, Ana Fernández-Tresguerres García, who's seated at the desk at the side of the auditorium here, who'll be minuting the proceedings. I'd also remind you that any shareholders who wish to participate must have first identified themselves and registered on entry into the auditorium, and you have to hand over the written account of your comments if you wish to be recorded verbatim in the minutes. Shareholders attending online who wish to participate must have sent them in, sending them over the online platform as indicated in the call notice.
Finally, I inform you that the period for voting over 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 is hereby placed on record that in Madrid, at Edificio Mutua Madrileña, Paseo de la Castellana 33, with the possibility of online attendance at 12:00 noon on the 19th of June, 2025, a shareholders' meeting of International Consolidated Airlines Group, S.A., is held on second call, having been called pursuant to the board resolution of 8th of May, 2025.
The call notice was duly published in the newspaper, La Razón, on the 12th of May, 2025, on the website of the Spanish National Securities Market Commission by means of another regulated and corporate information announcement on the 12th of May, and on the corporate website where it's appeared without interruption since the 13th of May, 2025, and is therefore deemed to have been read for all purposes. This AGM is chaired by Javier Ferran as Chairman of the Board of Directors, and the Board Secretary, Álvaro López-Jorrín, acts as Meeting Secretary. The governing panel, therefore, is composed of these two persons and the directors in attendance. An attendance list has been drawn off, according to which there is sufficient quorum to validly constitute this 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 definitely prior to the shareholders' speeches. Briefly, the agenda for the meeting contains the following items. Number one, approval of the 2024 financial statements and management reports of the company and its consolidated group. Two, approval of the consolidated non-financial information statement and sustainability information report for financial year 2024. Three, approval of the management of the board of directors during the 2024 financial year. Four, re-election of KPMG Auditores, S.L., as auditor of the company and of its consolidated group for 2025, plus delegation of powers. Five, approval of the proposal for the allocation of 2024 results. Six, 2024 final dividend approval.
Seven, re-election for the one-year term stipulated in the bylaws of Javier Ferran, Luis Gallego, Eva Castillo, Margaret Ewing, Maurice Lam, Bruno Matte, Heather Ann McSherry, Robin Phillips, and Nicolas Shaw. The appointment for the one-year term stipulated in the bylaws of Simone Mene and Paive Reconen. Eight, consultative vote on the 2024 annual report on directors' remuneration. Nine, approval of the directors' remuneration policy. Ten, approval of a reduction in share capital by means of the cancellation of up to 426,206,309 shares, which is 8.57% of the share capital. Delegation of powers for the implementation thereof. 11, authorization for the derivative acquisition of the company's own shares by the company itself and/or by its subsidiaries. 12, authorization to the board of directors with express power of substitution to increase the share capital pursuant to Article 2971b of the Companies Act.
13, authorization to the Board of Directors with express power 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. 14, authorization to the Board of Directors with express power of substitution to exclude preemptive rights in connection with the capital increases and the issues of convertible or exchangeable securities that the Board of Directors may approve under the authorities granted under resolutions 12 and 13. A, up to 10% of the share capital on an unrestricted basis, and B, up to an additional 10% of the share capital in relation to an acquisition or a specified capital investment. 15, approval of the proposed purchase of 21 AIRBUS A330-900neo family aircraft and 32 Boeing 787-10 family aircraft.
16, delegation of powers to formalize and execute all the resolutions adopted by the AGM. The proposed resolutions prepared by the board of directors on the above items and the relevant reports have been made 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. Thank you.
[Foreign language]
Dear shareholders, it is a pleasure to welcome you to the 2025 IAG's annual general meeting on behalf of the entire board of directors. 2024 has been a very good year for the group, a year in which we have achieved very solid results, and the market has responded favorably. In these initial remarks, I would therefore like to thank, on behalf of the board, the work of more than 74,000 people who form IAG, whose commitment and involvement in the group's transformation plan have been key to making this year a successful one. The strength that our business has demonstrated during 2024 is a result of the dedication of everyone who makes up this industry-leading group. I would also like to thank you, our shareholders, for your trust and continued support. In 2024, we continue to fulfill our purpose of connecting people, businesses, and countries.
We are proud that aviation is an engine for economic and social prosperity, enabling people to travel, to make business, to study, see friends and family around the world, or discover new ideas, places, and experiences. Our airlines and the hubs in which they operate are a part of the essential infrastructure that facilitates connections and promotes wider economic growth. Aviation is a key driver of economic activity through direct investment, employment, and supply chain. In terms of financial results, as I mentioned earlier, 2024 has been a very good year for IAG. The results have allowed us to strengthen our balance sheet, reinvest in the business, and also resume remuneration to our shareholders. You.
In September last year, we distributed an interim dividend of EUR 0.03 per share, and today we are putting to the vote the payment of a final dividend for EUR 0.06 per share, thus totaling remuneration of EUR 435 million for 2024. In addition, in November 2024, we launched a share buyback program worth EUR 350 million, and in February this year, we announced our intention to return up to an additional EUR 1 billion of excess capital to you within a maximum period of 12 months through a buyback. Our results are proving that the strategy we updated in 2023 is a successful one. In 2024, we continue to be guided by three strategic imperatives: to strengthen our core through the growth of our leading brands, to drive growth through the complementary business and alliances with other airlines, and to operate under a robust financial and sustainability framework.
As a result, we grew revenues by 9% to EUR 32 billion, increased our operating profit before exceptional items by 26.7% to EUR 4 billion, and our margin by 1.9 percentage points to 13.8%. We generated free cash flow of EUR 3.6 billion and with a strong balance sheet delivered on our commitment to shareholder return. In 2024, we maintained our leadership position in the most valued aviation markets, serving 122 million passengers worldwide. We saw strong travel demand, and our group capacity exceeded pre-pandemic levels, highlighting that travelers continue to prioritize travel, experiences, and in-person connections. Travel demand remained strong throughout the year, particularly in our core markets of the North Atlantic, Latin America, and Europe. We took delivery of 19 new aircraft as part of the continued investment in our fleet, and Iberia was the first airline in the world to operate the AIRBUS A321XLR.
As well as reinforcing our airline's leadership positions, IAG Loyalty is an increasingly attractive part of our portfolio with the addition of British Airways Holidays this year. Therefore, I reiterate that our operational, commercial, and financial results demonstrate that our strategy is working. Sustainability is also a part of IAG's strategy. We have demonstrated our industry leadership by being the first airline group globally to commit to the goal of zero net emissions by 2050. In addition to our investments in more fuel-efficient and therefore lower-emission aircraft, we are investing in lower carbon fuels and technologies, prioritizing sustainable aviation fuel known as SAF. We face regulation, including SAF mandates, that will increase costs for airlines and their passengers. That is why we are working to bring all stakeholders in the aviation ecosystem together to enable the transition to a low-carbon economy while maintaining the competitiveness of the industry in Europe.
In terms of governance, I would like to mention that we are saying goodbye to two of our board members this year, Peggy Brazelius and Emilio Saracho. I would like to thank them both for their outstanding commitment and contribution during the years of service at the IAG board. I would like to thank them both for their outstanding commitment and contribution during the years of service at the IAG board and its advisory committees. To fill these vacancies, we are pleased to propose the appointment of Simone Mene and Paive Reconen. As you have the opportunity to consider the information relating to these appointments and the selection process, allow me just to emphasize how strong these candidates are. I'm very pleased to have them both on our board, and I'm sure that they will measure up to the highly professional individuals to whom we're saying goodbye today.
In terms of compliance with our relevant corporate governance standards, I would like to highlight that in 2024, IAG adhered to all the applicable recommendations of both the CNMV's Good Governance Code and the UK's Corporate Governance Code. Despite the good results, we're mindful of the geopolitical instability and challenges facing the industry. Even with this in mind, we're confident we're hitting our medium-term financial targets. Our outlook for 2025 hasn't changed from what we shared in February. As a group, IAG is resilient thanks to our group model and scale, our valuable core markets of North America, Latin America, and into Europe, and the diversity and strength of our brands. All of this is underpinned by a disciplined and ongoing transformation program, which manages costs and captures future innovation and opportunities.
Looking ahead to the ongoing year, we will remain true to our strategy, pursuing sustainable growth and profitability while making a positive contribution to the economies and communities in which we operate. IAG's purpose means economic, social, and cultural development. That is why we should be proud of the positive impact our activity has on the people, businesses, and countries in which we operate. Thank you very much.
If you can fill it in. Now we give the floor to the CEO.
Thank you, Javier. Shareholders, good morning, and thank you for attending this annual general meeting. I'd like to start this speech by underlining what the chairman's already pointed out. 2024 has been a very positive year for the whole group, a year in which we reported sound earnings and an excellent return on invested capital. In 2024, the group maintained its purpose of connecting people, businesses, and countries. More than 122 million people flew with our airlines to 259 destinations in 91 countries. What we collectively achieved has only been possible thanks to the talent and dedication of our employees in all our operating companies. I want to start by thanking them for their commitment.
Furthermore, thanks to our strategy and the transformation program we're implementing throughout the group, we're not only achieving industry-leading results, but also becoming a business at the very forefront of innovation for a more sustainable future. Let me now move on to the financial highlights of the year. In 2024, we met our medium-term financial targets. IAG achieved an operating profit before one-offs of EUR 4.4 billion. Now, that's an improvement of EUR 936 million compared against 2023. Our full-year operating profit before one-offs was 13.8% compared to 11.9%, which is what we obtained in 2023. We generated EUR 3.6 billion of free cash flow, which is EUR 2.2 billion more than in 2023. This, after having invested EUR 2.305 billion in renewing our fleet. Net debt at year-end stood at EUR 7.5 billion with a leverage ratio of 1.1 times.
In addition, thanks to our strategy to reduce gross debt in 2024, we were able to do the early redemption in the first months of the year of two EUR 577 million bond issues maturing in 2027 and 2029. Thanks to our capital allocation framework, our strong free cash flow, and financial position, we've been able to continue to invest in the business. We took delivery of 19 new aircraft, including the first AIRBUS A321XLR, of which Iberia was the first airline in the world to operate. Thanks to our strong margin and balance sheet, we've been able to accelerate the return on capital to our shareholders. We began by announcing an interim dividend of EUR 0.03 per share in August 2024, followed by a proposed final dividend of EUR 0.06 per share, which we are voting on today.
In addition, in November, we announced a share buyback of EUR 350 million. I should also highlight that in February 2025, we announced our intention to return up to EUR 1 billion of capital to our shareholders, within a maximum period of up to 12 months, thanks to our significant cash flow generation. On our costs, I'd like to point out that our unit costs, that is, excluding fuel, remained very similar to 2023 and only slightly increased by 2.6%, which was mainly due to an adverse exchange rate impact. Also, the unit cost of fuel was significantly lower than in 2023. Our financial performance demonstrates that our strategy, underpinned by our transformation program, is working, maximizing value and efficiency to create a more profitable business overall. This year, we continued to build on our three strategic imperatives.
First, we strengthened our brands, taking advantage of growth opportunities within the attractive North Atlantic, Latin American, and European aviation markets. Secondly, we grew our less capital-intensive businesses and our alliances with other airlines. Third, we did so in a sustainable manner, both in financial terms and in environmental and social management terms. In addition, we're making progress in meeting the targets we set ourselves as a result of this strong performance of both our core and ancillary businesses. While our operating margin of 13.8% is in line with our target of between 12-15%, we do aim to be at the upper end of this range. Our return on invested capital is 17.3%. That exceeds our target range of 13-16%.
As to our airline's capacity growth, measured by available seat kilometers, our target is an average of 2%-4% annual growth over the medium term, depending on aircraft deliveries. In 2024, this growth was 6.2%. As to the individual airline performance, in 2024, all brands experienced a significant increase in profitability, with Iberia and Vueling achieving record levels of operating profit. In our core markets, in the North Atlantic, Latin America, and Europe, we're benefiting from the sustained travel demand, which we are seeing as a long-term trend. Between IAG and our joint ventures, we operate an average of 273 daily flights from Europe across the Atlantic, carrying 23 million passengers a year. In 2024, Aer Lingus launched a new route to Denver and reopened Minneapolis, while Iberia added more frequencies to key destinations in the U.S. and Latin America.
British Airways maintains its position as the leading airline for flights between Europe and the U.S., with direct flights to more than 30 cities in North America. In addition, the introduction of the new AIRBUS A321XLR at Iberia and Aer Lingus will give us a competitive advantage to develop our transatlantic network at a lower cost, taking advantage of our geographic location. Level, our low-cost long-haul airline, obtained its air operator certificate, so it can now develop its network as an airline within the group. We're growing through our alliances as well with other airlines, and also through our less capital-intensive businesses. IAG Loyalty, for example, delivers higher growth and higher margins than our core businesses, as well as sustainable and non-seasonal cash generation. Customer participation in our loyalty program is showing an important growth, with Avios issuance up almost 24% over 2023.
The number of Avios partner airlines increased in 2024, and seven airlines have already signed up to use avios as a global currency. Within IAG Loyalty, British Airways Holidays has the potential to develop, building on customer loyalty and increasing the overall profitability of the business. Our strategic airline partnerships continue to be very important to our business. They give us access to a wider global customer base and reward customers with a wider choice of destinations covered by our loyalty programs. We value our joint ventures and the Oneworld Alliance highly and continue to strengthen them. Another area where we've continued to work during 2024 is the group's transformation plan to become more efficient and resilient for the future. Our transformation is helping us to improve punctuality, intensify aircraft utilization, reduce costs, improve customer satisfaction, increase our revenues, and in general, to be more efficient.
Transformation is enabling us to be competitive, but innovation is helping us to go even further. To identify areas of collaboration and avoid duplication, we have a central innovation team that oversees all innovation activities across the group. In 2025, we named this team IAGI to be able to accommodate all the innovation that comes from within the group, but also to seek it outside through our business accelerator program and venture capital arm to invest in companies that can improve our business. Another element within innovation that we're focusing on is artificial intelligence. Many creative forms of AI are already being used in the industry, from optimizing flight routes to finding personalized travel itineraries. Our size and diverse mix of operating companies allows us to invest far more efficiently than any other airline. Another important focus for 2024 is sustainability.
We recognize the need for the industry to develop sustainably, and we're working towards net zero emissions by 2050. That's why this year we're continuing to make progress along our roadmap. Through the use of sustainable aviation fuel, IAG has saved 469,000 tons of CO2 in 2024, which is an increase of almost 200% compared to 2023. In 2024, 1.9% of IAG's total fuel usage was sustainable aviation fuel, or SAF, which is in line with leading carriers in the industry. We continue to work with US producers to ensure our needs are covered, signing SAF agreements with U.S. producers Twelve and Infineum in 2024. In Spain, we reached an agreement with energy company Repsol for the largest purchase of SAF in Spain.
The industry is focused on its sustainability commitments and is investing to ensure we meet current regulations and SAF mandates in both Europe and the U.K. We need governments to provide more support for SAF production. That must include measures to encourage private sector investment and avoid additional regulations that might threaten to make European aviation less competitive than other global competitors. In 2024, we took delivery of 19 new aircraft with much more fuel-efficient engines and lower emissions, as well as providing a better customer experience. One-third of IAG's fleet is now new generation, and we're investing around EUR 12.6 billion over the next decade for almost 200 new and more fuel-efficient aircraft. Our 74,400 employees are the driving force behind this transformation. We're committed to supporting employees at all stages of their careers to continue to develop and embrace transformation.
We support careers at an early stage through graduate programs and apprenticeships, and our pilot training academies at Aer Lingus, British Airways, and Iberia offer training programs funding a new generation each year. Our objective remains to create and maintain a diverse workforce. By the end of 2024, 36% of our senior management positions were held by women, so we recognize that there's still work to be done, and we remain committed to our goal of reaching 40% by 2025. Our employees are working extremely hard. They did so in 2024, which gave us the excellent performance that we reported then, but aviation is an ecosystem, and we are affected by wider challenges in the industry. There is continued macroeconomic volatility and geopolitical conflict and uncertainty over potential tariffs affecting aircraft.
Currently, the U.K. and the European Union have not imposed tariffs on imports of aircraft, but we are monitoring the situation closely, just in case. The air traffic control situation in Europe continues to be difficult, exacerbated by weather-related disruptions and congestion due to war-related airspace closures. Aircraft delivery delays, while not significantly affecting IAG in 2024, are nonetheless an ongoing concern in terms of limiting future growth. Supply chain issues have had a significant impact, particularly in terms of maintaining British Airways' long-haul fleet. We are protecting our customers insofar as we can from the impact of these problems, and our airlines are taking measures to ensure that the system remains resilient. In the U.K., the government has made the construction of a third runway at London Heathrow Airport a key priority for its growth agenda.
In IAG, we're supporting this, but subject to a change in the regulation that will create an affordable and sustainable plan. What about our future plans? I'd like to highlight the recent announcement we made in May regarding the order of 53 new AIRBUS and Boeing aircraft for our long-haul fleet, comprising 32 Boeing 787-10 aircraft for British Airways and 21 AIRBUS A330-900neo aircraft, which can be used by Aer Lingus, Iberia, or Level. Today, you're voting on the acquisition of these aircraft, which will enable IAG airlines to grow and replace long-haul fleets between 2028 and 2033 with modern, fuel-efficient aircraft that will improve the onboard experience of our customers. 2024 has demonstrated what IAG can achieve as a group.
Through collaboration and sharing best practices, and thanks to the diversity of our businesses and the strengths that the group can provide, we can transform ourselves and become more competitive now and in the future. Our strategy and transformation are delivering sound results and give us confidence in what we can achieve in 2025. We remain committed to executing our strategy and our transformation and delivering a sustainable business for our people, customers, and shareholders. We'll continue to maintain our strong balance sheet, generating significant free cash flow and rewarding our shareholders. As every year, it only remains for me to thank our employees for your commitment, to thank our customers for traveling with our airlines, and to thank you, our shareholders, for your support. I reiterate what I said at the beginning.
2024 has been a very positive year for the entire group, and it has demonstrated the success of our strategy. This gives us confidence to continue along the same lines in 2025. I would like to end by simply saying that today, more than ever, we remain committed to making IAG one of the best aviation groups in the world. Thank you very much. Cedo la palabra, señora. I will give the floor to the secretary now to report on the final quorum after the attendance list has been closed. The share capital right now is EUR 497,147,601, represented by EUR 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 Article 23 of the shareholders' meeting regulations, an attendance list has been drawn up, according to which there are 158 shareholders here holding 137,881,486 shares that represent a nominal of EUR 13,788,148.6, which is equivalent to 2.77% of the share capital. We have 388 shareholders attending by proxy, holding 2,736,019 shares, which accounts for EUR 273,601,901, equivalent to 55.03% of the share capital. As to the shareholders attending in person, 101 holding 9,703,210 shares have exercised their right to vote remotely. Therefore, we have with us at the AGM a total of 546 shareholders attending in person or by proxy, holding 2,873,900,491 shares that represent a nominal of EUR 287,390,049.6, which is 57.81% of the share capital.
We hereby place on record that the treasury stock of the company is 293,520,629 shares, which represents 5.9% of the share capital. This has been taken into account to calculate the percentages required for the constitution of this general meeting, although, according to the law, the exercise of the voting rights corresponding to these shares is suspended. In view of the data provided by the secretary and in accordance with the provisions of Article 193 and 194 of the Companies Law, Article 28 of the bylaws, and Articles 22 and 23 of the shareholders' meeting regulations, it's hereby confirmed that the necessary requirements for the valid constitution of the shareholders' meeting on 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 now 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 or by proxy. Shareholders attending online who wish to lodge reservations or protests in this regard may do so using the section of the online platform provided for this purpose, so that they may be recorded in the minutes. There are no objections, so the valid constitution of the shareholders' meeting on second call to transact all the business on the agenda is hereby confirmed. I will now give the floor to the secretary to organize the shareholders' interventions. In line with the provisions of the shareholders' meeting regulations, the floor is now open to speeches by the attendees who so requested.
If it's possible, speakers are asked to ensure that their speeches do not run over the five minutes established in the regulations to facilitate the conduct of the meeting. After they've finished, we'll try to deal with all the questions, and if we don't do so, we'll get back to you within the seven days after the AGM. Artemis Suárez, Artem has the floor.
Good morning, Chairman, CEO, shareholders. After two years where I've not been able to attend this IAG meeting, it's a huge pleasure for me to be here in Madrid celebrating something so important for all shareholders of this company, which is represented by, of course, the resuming of the dividends. Almost five years since we've had a cash dividend since 2019, when we had a shareholder of EUR 0.35.
Long wait as a result of COVID and its impact, which meant we had to set aside capital for the operations. I had 1,500 shares back then. I participated in the capital increase, which closed yesterday at EUR 3. The share value closed yesterday at EUR 3.7. It was a good decision. I have handsome capital gains and with an increase of 30% in the shareholder, and the price actually reaches the level when I actually bought my shares. Mr. Chairman, I'd like to congratulate all of you for the fantastic management in the course of these very difficult years. I want to underline this without needing a bailout from authorities, which means that when you manage risk successfully, one can manage difficult times. Also, it's important to give investors solid signs of solidity of the company.
Now, recovering, resuming these cash dividends is good, but we need other catalyzers that can bring our shareholder price back to the level prior to the pandemic of EUR 8.55%. We have dropped. My questions regarding these policies are as follows: Are you continuing to reduce the capital with more repurchase agreements and cancellation of shares that, in the meantime, can bring us back to the capital prior to the 2020 capital increase? Are you considering also doing a counter split to reduce the number of shares enlisted and strengthen IAG's position in the markets? What are the measures that you can manage at board level to make sure that IAG's consolidation has greater value in coming years? Thank you very much for your answers. Once again, congratulations for your fantastic management. Thank you very much and have a good day.
[Foreign language]
Thank you, Mr. Suárez, for your questions, and particularly for your very kind comments and your congratulations to the management team. We have several of the senior management and other managers here today. I would like to answer your questions in reverse order, starting with the final one. What about the measures then? They are pretty well the same as we have been working on throughout our transformation plan. Our transformation is an ongoing effort. It will never end. Every day we have to do things better. That covers revenues. It covers our image, the quality of our service, and is directly correlated with the revenues we get. It also covers costs. Finding this equilibrium between efficiency and costs whilst maintaining a high-quality product is really important. That is why we have the demand of our customers met.
You asked about the possible reduction of the number of shares or the possible increase in the number of shares. The number as such is not something that will create a value for the company. It is just a matter of the stock market value. That does not change the value of the company, the business as such. We think we are where we should be. We think that we are at quite a high level, which means that individual investors could do things, but we do not have penny stocks, as they call them, so that one can be overwhelmed by retail investors without enough institutional investors. As to your question about reviewing things, in the board, we are always looking at the structure of the company's capital, what kind of resources we have, what our funding is, and we always want to invest in the business.
We have declared a policy of sustainable dividends, and the dividend, I would say, is one that we hope we are not going to reduce, but rather we will be able to increase in the future. At the moment, the buyback policy we have was announced recently. You remember at the beginning of the year, EUR 1 billion. At the moment, we are implementing it. We think that buying our own shares is the best way of investing. We will continue to review things in this manner on a regular basis. Were there any more questions, Mr. Secretary? Many thanks then for taking the floor. Now we will go on to voting the agenda resolutions as sent in by the director. I give the floor to the secretary.
Since shares representing more than 50% of the subscribed voting capital are present in person or by proxy, the proposed resolutions will require an absolute majority for the approval of agenda items 10, 12, 13, and 14 on the agenda, and a simple majority for the other items. Shareholders may vote for, against, or abstain from voting in relation to some or all of the proposed resolutions, for which purposes 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 procedure established in the online platform for those attending remotely. If cards are handed in with some of the voting box 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 on all items put to a vote. I remind the meeting that in line with the provisions of Article 32(2) of the shareholders' meeting resolution, once the Chairman has a record of the existence of sufficient votes in favor, he will declare that the resolutions have been approved. Of course, any statements made to the notary by the shareholders will be minuted. Both votes cast using remote means, as well as 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 counted, it's been checked that 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 has already been explained. In that case, I can declare that all the proposed resolutions prepared by the board of directors have been approved without prejudice to the votes cast at this meeting by the shareholders' president, which will be duly counted in the final result of the votes. The notary will now authorize the minutes of this meeting, adding the necessary legal requirements. This shareholders' meeting is therefore adjourned. Many thanks for your attendance.