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FCC shareholders at the General Meeting approve the distribution of a scrip dividend, the first since dividends were suspended in 2013


FCC shareholders at the General Meeting approve the distribution of a scrip dividend, the first since dividends were suspended in 2013

FCC shareholders at the General Meeting held today in Madrid approved all agenda items, which included distribution of a scrip dividend. FCC will pay €0.40 per share to shareholders wishing to receive the scrip dividend in cash or an equivalent amount of free shares of the company. This is the first time FCC Group is offering this kind of flexible dividend. With the scrip dividend, FCC is resuming the payment of dividends, which had been suspended since 2013. The amount implies a yield of 3,69% taking yesterday's closing share price.

FCC also reviewed its earnings performance in 2018 at the General Meeting. The company reported net attributable profit for the year of €251.6 million, up113.2% from the year earlier, driven mainly by the good performance of operating activities, the reduction in finance costs and the larger contribution from investees and associates.

EBITDA rose by 5.6% from 2017 and revenue by 3.2%, to €5,989.8 million, thanks mostly to the performances by the Environment and Water areas.

Presiding the meeting were FCC Chairman, Esther Alcocer Koplowitz, and the company's CEO, Pablo Colio Abril. They took advantage of this important event to thank the Board of Directors, the management team, and all FCC employees for their hard work during 2018, noting that their dedication contributed to FCC's sound earnings, and to the growth and development of the company.

In her speech, Esther Alcocer told shareholders that the results obtained last year marked the company's return to profit after the in-depth overhaul carried out under the shareholder leadership and management of engineer Carlos Slim. Moreover, a proposal was submitted to the General Meeting for distribution of a scrip dividend, the "first since we suspended dividend payments in 2013. This is good news for shareholders”.

CEO Pablo Colio went over the numbers for 2018 and the FCC Group's financial situation, and discussed some of the year's key highlights. The company's top executive told shareholders that FCC has strengthened its commitment to growth, in a new economic cycle, through execution of major investments after carrying out disposals in recent years. Concentration on the more profitable and higher add-value businesses, the synergies achieved across FCC's various businesses and the measures undertaken to boost productivity, coupled with greater cost efficiency, underpinned the good earnings obtained by FCC in 2018. He also discussed the main highlights in the FCC Group's business areas during the year.

Looking ahead, Colio concluded his presentation as follows: “We want to continue expanding abroad, while at the same time bolstering our footprint in established markets, always striving to forge lasting and trustworthy relations in all our regions of operations with communities, with our partners, with our customers, and with our suppliers. At the same time, we must remember that FCC's core value is becoming part of the cities where we provide services, since we aspire to be present in the cities of the future”.

After the speeches by the chairman and the CEO, shareholders approved the 2018 financial statements, the company's earnings and all the items on the agenda.


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