February 02, 2024
- The Board of Directors appoints Luis Isasi as new President
- The General Shareholder Meeting approves the change of the company's corporate name to Logista Integral, S.A.
Today, Logista, one of the top logistics operators in Europe, held its General Shareholder Meeting, which approved the distribution of €245 million in dividends, or €1.85 per share, representing a 34% increase year-on-year. The dividend, which includes the interim dividend distributed in August 2023, accounts for a 90% pay-out of the annual Net Profit.
The significant increase in results and, consequently, in the dividend compared to the previous year is partly due to the high financial income given higher interest rates, along with the notable stock appreciation obtained and the integration of new acquisitions.
The Shareholder’s Meeting has approved, with an ample margin, all the agreement proposals presented, including, among others, the approval of the yearly accounts, the change in the company's corporate name, the approval of the management carried out by the Board of Directors and, the ratification, appointment, and re-election of Board Members.
Moreover, following the resignation of Gregorio Marañón, the Board of Directors in its session immediately following the Shareholder’s Meeting, approved the appointment of Vice-President Luis Isasi as the new non-executive Chairman of the Board of Directors, with an independent status. Luis Isasi joined Logista in 2020 as an independent Board Member and in September 2023 he was appointed Vice-President of the Board of Directors. He is currently non-executive President of Santander Spain, external director of Banco Santander, S.A. and member of its Executive Committee, Remuneration Committee and Risk Committee. Previously he held different positions at Morgan Stanley such as Managing Director of investment banking for Europe, President, and Country Head of Spain. Additionally, the Board of Directors has appointed the independent Director Cristina Garmendia as Vice-President.
Logista’s Board specifically recognised and expressed gratitude for Mr. Marañón’s significant contribution and his fruitful dedication to his position. Gregorio Marañón has contributed to the growth, diversification, and modernization of Logista throughout all his years as Chairman of the Board, participating in the diversification strategy that, among other reasons, has led Logista to be part of the Ibex 35.
The General Shareholders Meeting also approved the re-election of Iñigo Meirás and María Echenique Moscoso del Prado, both as Executive Directors. Furthermore, the GSM approved the re-election of Independent Board Member Pilar Platero, the appointment and ratification of Independent Director Teresa Paz-Ares and the appointment of Manuel González-Cid as Independent Board Member. Lastly, David Tilerekatne and Julia Lefevre have been ratified and appointed as Proprietary Directors, and Propriety Director Richard Hathaway has been re-elected.
After these new incorporations, 50% of the 12 members comprising Logista’s Board are currently women, thus surpassing the recommendation of a 40% minimum female presence in Boards of Directors.
During the Meeting, Logista’s shareholders also approved the yearly accounts for 2023, which ended with a Net Profit 37% higher than the previous year, after reaching €272 million. Total Sales amounted to €1,684 million after increasing 36% year-on-year.
In 2023, Logista recorded a new milestone in terms of its diversification strategy after obtaining for the first time, 50% of economic sales through business not related to tobacco.
Gregorio Marañón highlighted Logista’s first anniversary in the Ibex Spanish stock market index. “We are still the only company in the sector featured in this index and, after just over one year, our shares have consolidated as a reference for investors”.
For his part, Íñigo Meirás, CEO of Logista, pointed out that “2023 has been a truly positive year and has seen the continuation of our inorganic growth strategy via the acquisition of businesses that favour our geographical and business diversification, and which have allowed us to generate synergies thanks to our leading market position”.
Specifically, it is worth mentioning the latest transactions within the framework of this strategic plan. Last July, Logista announced the acquisition of Gramma Farmaceutici in Italy. This acquisition was the cornerstone for Logista pharma’s expansion in Italy. In August 2023, Logista increased its participation in Transportes El Mosca by an additional 13.3%, thus reaching a total of 73.3% at the end of the year. Upon closing the 2023 fiscal year, the company announced the acquisition of SGEL Libros and the acquisition of Belgium Parcel Services, continuing the execution of our strategy.
About Logista – www.logista.com
Logista is one of the largest logistics operators in Europe and specialises in distribution to local channels. It regularly serves almost 200,000 points of sale in Spain, France, Italy, Portugal, the Netherlands and Poland and offers the best and fastest market access to a wide range of convenience products, pharmaceuticals, electronic top-up, books, publications, tobacco and lotteries, among others. It is also notable for being the largest transport network in Spain, which is also certified in food safety.
Logista has a team of highly qualified professionals made up of more than 7,450 direct employees and a large number of collaborators such as Nacex franchisees, Logista Parcel delegates, drivers, etc. Employees and collaborators all work focused on serving their customers in the most efficient way and adapted to their needs.