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Viscofan Group


Viscofan BioEngineering

Letter from the chairman
Viscofan Chairman
Dear shareholder,

On Thursday 28th of February we released Viscofan’s 2018 full-year results and on Friday 1st May we did present as well the main projects and outlook for the upcoming year 2019.

In this presentation much of the attention was focused on the transformation that is taking place within our company in order to strengthen our market leading position. Among the projects that were most discussed were the building of a new cellulose and fibrous plan in Cáseda, the investments made to improve our collagen capacity in Serbia, as well as the improvements made to our productive facilities spread across four continents. Also the acquisition of Transform Pack Inc at the beginning of the year – a Canadian company specialized in the transfer of ingredients–, and the recent acquisition of Globus in Australia and New Zealand –curiously in the antipodes of Spain, where our company first started more than 40 years ago-. All these projects have laid the groundings for a brilliant future of growth and profitability in Viscofan.

Once the first part of our strategic plan has concluded, a second phase begins in which the results of this transformation will be more visible. The need for investment decreases considerably to a context of around €60 million, while in the key financial figures we will retake a growth trend: our annual income figure will rise in 2019 between 6% and 8%, setting near €833 and €850 million; recurrent EBITDA will grow between 10% and 13%, up to 208 and €215 million; we will grow between 8% and 14% in the net recurrent result, between €177 and €124 million. Nowadays Viscofan is a more robust company, with a healthy balance position and the expected results and expansion in the operating cash flows which will allow us to increase wealth creation and shareholder remuneration. 

At this point I would like to invite you to the upcoming General Shareholders’ Metting to be held by way of second call on 12 April 2019, at 12:00h at the Hotel Tres Reyes in Pamplona (C/Taconera 1). The call to meeting will be available on our corporate website and will include, among others statements, the approval of the highest distribution of dividends in our history: a remuneration of €1.60 per share, to which an extraordinary dividend of €0.13 must be added due to the extraordinary profit sharing of a financial compensation from a patent infringement. A direct remuneration that is superior to €80 million, that is 11,6% higher than the previous year and  28% more than the amount shared out prior to the MORE TO BE strategy starting period in 2016. A direct remuneration that has been complemented by an indirect remuneration of €5 million from the depreciation of own shares acquired in 2018, approved by the Board of Administrators last January.

Finally I would like to thank you on behalf of the Board of Administrators and all of Viscofan’s team for your support and trust, as well as to reassert my commitment in promoting Viscofan as a leader and a point of reference for sustainable wealth creation to all our shareholders in a future that looks promising and that we regard with optimism and enthusiasm.

José Domingo de Ampuero y Osma
Viscofan Group
® Viscofan Group