Faurecia’s combined shareholders’ meeting was held today and all the resolutions were approved.
The shareholders have approved, in particular, the renewal of the mandates for three Board members: Mr. Eric Bourdais de Charbonnière, Mr. Lee Gardner and Mr. Hans-Georg Härter for a duration of four years. The shareholders have, indeed, decided to reduce the duration of Board members’ mandates from five to four years for Board members up for renewal or newly appointed as from this meeting.
The shareholders have approved the distribution of a €0.35 dividend per share, payable in cash or in new shares (on the basis of a share price of €38.28, equal to 90% of the average price quoted in the twenty trading sessions prior to the date of the Combined Shareholders’ Meeting, less the net amount of the dividend) which will carry rights as from January 1, 2015. Trading ex-coupon will occur on June 1, 2015, while the period during which the option can be exercised will run from June 1 to June 16, 2015 inclusive. Payment of the dividend in cash and delivery of the new shares will occur on the same day, i.e. on June 24, 2015.
Faurecia also confirmed its objectives for fiscal 2015:
- an increase in sales of around 5% (like-for-like);
- an operating margin better than 4%;
- a net cash flow above €100 million.
Faurecia maintains its outlook for fiscal 2016:
- sales above €21 billion (at 2014 exchange rates);
- operating margin comprised between 4.5 and 5.0%;
- net cash flow around 300 million euros.
The presentation used for this shareholders’ meeting as well as the results of the votes on the resolutions will be available from the Faurecia website at www.faurecia.com
Faurecia is one of the world's largest automotive equipment suppliers with four Business Groups: Automotive Seating, Emissions Control Technologies, Interior Systems and Automotive Exteriors. In 2014, the Group posted total sales of €18.8 billion. At December 31, 2014, Faurecia employed 100,000 people in 34 countries at 330 sites and 30 R&D centers. Faurecia is listed on the NYSE Euronext Paris stock exchange and trades in the U.S. over-the-counter (OTC) market. For more information, visit: www.faurecia.com
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