JOSÉ 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 businesses.
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 increasing 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.
JOSÉ ANTONIO CANALES. CEO
This year has been a one of special significance. We have returned to the path of growth, particularly in the second half of the year, and we have done so with sufficient commercial and operational discipline to recover part of the margins we lost in the years of high cost inflation while protecting, if not improving, the market share in our main casing families. All this in a year that has not been easy, whether due to the competitive environment or the operational challenges that have led us to make adjustments to continue improving our competitiveness.
We have achieved historic economic results: growth in volumes has been accompanied by increases of 6% in EBITDA and 11% in net profit, with operating margins that are close to the medium-term profitability objectives set out in our Beyond25 strategic plan.
A company that has improved not only in its economic results, but also in its competitive, operational and sustainability positioning.
Our commercial proposition and competitive positioning improved this year with the opening of the production plant in Thailand. This plant is our first in the region, with the capacity to carry out the finishing phase of cellulosic and collagen casings and it has, from the start, the most advanced digital solutions. With Thailand we offer an unparalleled geographical positioning in the entire industry. Not only will we boost our service and growth in Southeast Asia, but we will expand our own industrial and commercial presence to 21 countries on four continents from which we serve customers in more than 100 countries around the world.
In the field of New Business, I would like to highlight the acquisition of Brasfibra and Master Couros in Brazil. A company that offers a range of collagen-derived products that offer very attractive solutions with significant growth potential.
This 2024 was also a year in which we sharpened our focus on our own organisation. As investment needs have diminished, we have allocated resources to operational and efficiency improvements, which have positioned the plants with great production potential. Here, I would like to highlight the healthy results of the plants in the United States following the technological renovation of recent years. It will allow us to service our customers in the US from their own country at a competitive cost.
I cannot fail to highlight the progress we have made in sustainability, where we are pursuing a constant and coherent path in line with our commitment as signatories of the United Nations Global Compact. In particular, quite significant progress in decarbonisation, efficient use of resources and improvement of the social pillar is being made. This is happening not only in our own operations, but we are also being stricter in our demands on the value chain. In this regard, noteworthy is the transformation of our largest production plant in Cáseda (Spain) to a more diversified and decarbonised energy model, which includes the use of biomass, renewable electricity and even green hydrogen when available as an energy source.
For 2025, the final year of our Beyond25 strategic plan, the priorities are clear: lead growth in the market, especially the transition from animal gut to collagen; make a qualitative and quantitative leap in New Business; and maintain the spirit of continuous improvement, efficiency and profitability, with the aim of reaching new all-time highs in revenue, EBITDA and net profit
There is no better company than Viscofan to successfully tackle these challenges. These are the achievements of an exceptional team, with more than five thousand people with whom I share the enthusiasm and commitment to transform an industry that is the basis of the well-being and nutrition of millions of people and that is ready to pursue new goals with daring and total confidence in our potential.
Thank you very much for your support and trust
