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Mecalux approves distribution of €8.8 million among shareholders

27/06/2008

Today the Mecalux General Shareholders Meeting approved the distribution of an extraordinary dividend with a gross value of 0.33 euro per share for a total amount of €8,872,446. This is equivalent to 25% of the 2007 net profit of €35.1 M. Payment of the dividend will be charged to the unrestricted reserves. Approval of the appointment of Antonio González-Adalid as the representative of Cartera Industrial REA and approval of the 2007 results were the main topics addressed at the Meeting. Off the agenda, Mecalux president José Luis Carrillo explained the capital increase that has seen Caja Madrid enter the company after acquiring 6,721,550 new shares valued at €25 each. The total amount Caja Madrid will pay out comes to €168M¸ i.e., 20% of the capital.

New Mecalux shareholders: CARTERA INDUSTRIAL REA AND CAJA MADRID
The shareholders in attendance approved the appointment of Antonio González-Adalid as a new member of the Board of Directors representing Cartera Industrial REA S.A, which has a 5% stake in the company. Mr. González-Adalid is second vice-president and CEO of Cartera Industrial REA, S.A. and brings to the Mecalux board his experience in the industrial and finance sectors.

On 3 June, Mecalux approved a capital increase that will permit Caja Madrid to enter the company, taking its stake in the Group to 20%. The increase will be done free of preemptive subscription rights and Caja Madrid will underwrite the totality of the new shares issued. A total of 6,721,550 shares will be issued, bringing the total number of company shares to 33,607,750. The shares will be issued at €25 each, with an issuance premium of €24 per share. This brings the total amount Caja Madrid will expend to €168,038,750. Caja Madrid, which has valued “Mecalux’s solid evolution and significant business project, as well as the stability and strength of its shareholders’ group”, will appoint two members to the Mecalux Board of Directors.

Strategic position in US and presence in Asia
With the strong financial injection involved in this operation, Mecalux expects to execute a purchase option on UFC Interlake, one of the leading companies in the US logistics and storage sector, within the next few months. The cost of the operation is calculated at around $120 M and will provide Mecalux with a strategic position in the North American market. The UFC Interlake Group has five production centres, 500 employees in the US and Mexico and, in the financial year that closed in June 2007, posted a turnover of $312 M.

Mecalux also anticipates boosting its international presence by entering the Asian market via China. The company is looking into establishing a production centre in Shanghai that would be up and running in 2010.

2007 Results
The General Shareholders Meeting also saw the approval of the 2007 results, with sales climbing 13% to reach €598.1 M, up from €531.1 M the previous year. Mecalux is maintaining its growth strategy aimed at developing warehouse automation and growth and penetration in the different markets where it does business. The Mecalux Group has comfortably delivered on its development forecasts with an excellent performance by the automated warehouse division which throughout 2007 signed projects worth €82 M. Furthermore, Mecalux improved its productivity and efficiency ratios, with EBITDA rising 18% to reach €82.9 M. Before-tax profit was up 38% from €35.5 M in 2006 to €49.2 M last year. Net profit fell by comparison, as deductions and tax credits were activated in 2006 that were not present in 2007, leading to a drop from €48.2 M to €35.1 M. Mecalux continued to grow in Q1 2008, improving sales by 7% and showing an 18% growth in EBITDA.

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