JOSE DOMINGO DE AMPUERO Y OSMA
CHAIRMAN
We have concluded the 2024 financial year with the best results in our history. Our business model successfully adapted to an adverse and infrequent scenario such as the inventory adjustment process carried out by customers around the world in the second half of 2023 and the early months of 2024 as a result of the imbalances that occurred in an economic environment of great volatility, the narrowing of supply chains and rising prices in production inputs that occurred in previous years.
These changes in the environment have not diverted us from our long-term growth and transformation objective, which are the basis of our Beyond25 strategic plan, by means of which Viscofan aims to have a greater impact on the food and well-being of millions of people around the world.
In this regard, in 2024 we successfully completed a multitude of projects, of which I would like to highlight the inauguration of the new production plant in Thailand, which strengthens our presence in Southeast Asia, and the acquisition of Brasfibra's companies in Brazil, which will provide new opportunities for growth in New Business.
This transformation has been accompanied by growth, profitability and cash generation that we have shared with our shareholders by increasing dividend remuneration. New this year is the "Viscofan flexible dividend" scheme, which allows shareholders to choose between receiving cash or new shares in the company. This has been accompanied by share buyback programmes and the corresponding capital reduction that prevents dilution of the stake of shareholders who have opted for cash.
Shareholders received ordinary remuneration equivalent to €2.01 per share, to which an additional €1.00 has been added as an extraordinary dividend, placing the total remuneration charged to the results of the year at €3.01 per share. This is 54% more than in the previous year, to which is added the performance of the share price, which grew by 14% in the year.
After an exceptional financial year such as the one presented in these financial statements, the Board of Directors has proposed for approval at the General Shareholders' Meeting the distribution of an higher ordinary dividend, estimated at the equivalent of €2.10 per share and the distribution once again of an extraordinary dividend equivalent to €1.00 per share. This will place total remuneration at €3.10, marking a new all-time high in the distribution of results, without compromising the usual strength of our balance sheet. In addition, we will continue with the flexible dividend scheme, including share buybacks and capital reductions to prevent dilution for our shareholders.
On the verge of our 50th anniversary as a company, I believe that we are at the best moment in our history. I would like to thank the excellent team that makes Viscofan's extraordinary work as a company possible, and you, the shareholders, for your support and trust.
Thank you very much