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The Ercros shareholders' meeting approves, for the first time in its history, the payment of a dividend

Barcelona, June 23, 2017. - The Ercros ordinary general shareholders' meeting, which was held today in Barcelona, has approved all the proposals of agreement contained in the agenda, among which stand out several proposals related to shareholder remuneration.

Junta 2017 web

Specifically, the meeting has approved the payment of a dividend of EUR 0.04 per share covered by the 2016 profit, which was EUR 45.16 million. The shareholder’s remuneration has also included the repurchase of 3.1 million treasury shares for its redemption. The program will culminate with a capital reduction, which has also been approved by the shareholders' meeting, after which the earnings per share (BPA), which at the end of 2016 was 0.40 euros, will be 0.42 euros. The joint payout of the cash payment and the repurchase of shares amounts to EUR 13.44 million, equivalent to 30% of the 2016 profit.

The meeting has also ratified the shareholder remuneration policy for the period 2017-2020. The president of Ercros, Antonio Zabalza Martí, explained that this decision satisfies the demand of shareholders to see their investment paid and has been possible thanks to the prospect of profits in future years and the solid financial situation of the company. The shareholder remuneration policy contemplates a joint maximum payout which follows a growing path until reaching at the end of the period 50% of the profit.

In his speech, the president has highlighted the good results achieved by Ercros in 2016, which have multiplied by 6.2 times those obtained in the previous year. The merit of this achievement must be attributed, according to Zabalza, not only to the good momentum of the markets and the favourable situation of the energies and the supplies, but also to the reduction of costs and improvement of productivity obtained in the last years. "Without the industrial rationalization effort undertaken during the crisis, Ercros would not have been able to place itself in the excellent position in which it is currently to make the most of the economic recovery" he said.

On the progress of 2017 financial year, the president has highlighted the strength shown by most markets, which is allowing the consolidation of sales volume. According to Zabalza, "the increase in the prices of our products has led to an improvement in margins, even in the current context of rising costs of major supplies and procurements". Ercros has presented a forecast of results for the first half with a EUR 37 million ebitda, which represents an improvement by 9.5% compared to that obtained in the same period of 2016, and a profit of EUR 23 million, which improves by 17.1% that obtained in the first six months of the previous year.

The shareholders' meeting has ratified the appointment by co-option of the independent director Carme Moragues Josa, which the council approved to cover the anticipated vacancy caused by the death of Jordi Dagà Sancho. With this appointment, the Ercros board reaches gender parity and surpasses the goal that the number of female directors represents at least 30% of the total in 2020.

8.860 shareholders have attended the meeting, holding 81.372.466 shares, which represent 71,325 % of the subscribed capital with voting rights.


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