The Vicat Group has shared a summary of the Group's Combined Annual General Meeting, held 03 April. All the resolutions presented to the Annual General Meeting were adopted, including the resolution to maintain the dividend at €1.50 per share, in accordance with the recommendations of the Board of Directors.
During this Combined Shareholders' Meeting, an update was made in light of the exceptional context and the main topics are outlined below.
It is important to note that these items should not be considered as forecasts, even in the very short term, given the very high volatility of the environment.
Business is conducted within the strict framework of procedures adapted to the health situation prevailing in the countries where the Group operates. Visibility is therefore particularly limited due to the rapid evolution of the epidemic. In this context, it is important to note that:
- The twelve countries in which the Group operates are affected by the COVID-19 epidemic with delayed levels of impact in time.
- There is very high volatility in activity.
- Sharing of experience between countries enables implementation of the right processes and operating methods in order to meet the requirements of the situation in each country and to continue the activity when authorised.
- The Group's business therefore continues to operate at a level that varies according to local constraints imposed by public authorities. At this stage, all the Group’s Cement plants are operating, excluding the two plants in India.
- In France, after a very significant slowdown in business at the beginning of the confinement period, business is slowly recovering, with the reopening of trading and the slower reopening of construction sites.
- In Switzerland, activity is close to normal, thanks to strict compliance with protective measures on all construction sites.
- In West Africa and the United States, activity is also close to normal, but the situation is likely to change rapidly.
- In Brazil, activity remains strong.
- In Turkey and Egypt, in an already degraded macro-economic environment, the epidemic has not had any visible impact at this stage.
- In Kazakhstan, activity was particularly dynamic at the beginning of the year. The recent containment decisions should be felt in the coming days.
- Finally, the activity in Italy and India has been totally interrupted following the strict containment decisions taken by the authorities. Thus, the two Indian plants and the grinder in Italy have been shut down.
Read the article online at: https://www.worldcement.com/europe-cis/09042020/vicat-group-shares-summary-of-annual-general-meeting/