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Today the shareholders of La Seda de Barcelona (LSB) met for the annual ordinary meeting to approve the accounts for 2007, which showed a significant rise in all relevant variables (e.g. revenues and EBITDA increased by over 100%). Consolidated net income also reached a record high, growing from € 2.6 to € 14.9 million, of which € 7.41 million was already distributed as interim dividends to shareholders in late 2007. The annual meeting featured a 47.48% turnout. The election of Mr. Musab Al Mahruqi was ratified making him officially a new board member. Mr. Al Mahruqi represents Oman Oil Company, which owns 5.6% of LSB.
Shareholders acclaimed the new profit distribution policy and also endorsed the plans outlined by the Chairman, Mr. Rafael Español, for the 2008-12 period in his opening speech: “We have concluded our recent period of growth through large scale acquisitions and shall now focus on strengthening and intensifying integration among all companies and units…The benefits of such acquisitions and our vertical integration strategy will become more visible throughout the year 2008, as we fully consolidate all new companies and achieve the expected synergies. However, the financial impact can already be felt within the Group, with 2008 first quarter results rising by 54% in revenues and 60% in EBITDA against the first quarter of 2007â€. Following this statement, Mr. Español added “In the past 2 years we have transformed La Seda into a key player in the PET business… an industry which is expected to grow annually at 7% even in the current economic turmoilâ€.
Global size, broad international presence, deep vertical integration and a strong focus on the innovative and noncyclical packaging business are solid foundations for LSB future growth and profitability in this new era, which shareholders have just endorsed.
