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FCC collects outstanding debt
from Spanish local governments
The Spanish government-approved plan to
enable local and regional governments to
pay suppliers is underway.
FCC has collected the outstanding debt
that city councils owed to the Citizen Ser-
vices Group.
“These payments will enable FCC to reduce
debt and will have a notable impact on the
company’s value since the impact on leve-
rage will be enhanced by the reduction in
financial expenses.”
In his meeting with the media, Mr Falcones
also spoke about the economic crisis affec-
ting Spain and the European Union, and
defended the need for a counter-cyclical
policy at European level which makes grea-
ter use of the Structural Funds and the Co-
hesion Fund and for a stronger role on the
part of the European Investment Bank to
finance major projects, especially in coun-
tries where budget austerity measures have
been imposed.
He also expressed his conviction that Spain
would surmount the current situation and
lay the foundations for a new period of ba-
lanced, stable growth. Mr Falcones empha-
sized the imperative of seeking formulas
which facilitate the integration of young
people into the labour market, stating: “We
must achieve a structural and cultural chan-
ge while also promoting competition and
entrepreneurship.”
Supplementary dividend
of 0.65 euro per share
The press briefing was held in Barcelona
a few hours prior to the Annual General
Meeting which took place on the last day
of May in the same city. At the AGM, the
FCC Board of Directors approved the pro-
posal for the payment of a supplementary
dividend of 0.65 Euros per share which,
combined with the interim dividend already
paid, implies the total sum of 1.30 Euros
per share, bringing the dividend yield for
2011 to 9.2%.
On the appointments and re-election of di-
rectors, the Group’s Board of Directors pro-
posed the re-election of B-1998, represen-
ted by Esther Koplowitz and César Ortega.
Shareholders also decided to reappoint De-
loitte as the auditor and also approved the
income statement and management report
for 2011, the year in which the Citizen Ser-
vices Group posted 108 million Euros in net
profit.
The agenda also includes two issues which
are notable in terms of transparency: the
annual report on director remuneration will
be put to an advisory vote, and the corpo-
rate website will be proposed for approval
as the official medium of communication
with shareholders.
Shareholders will also be asked to amend
the Articles of Incorporation and the Rules
of the General Meeting with a view to adap-
ting them to the changes in company law.