Published on Wednesday, 18 November 2015

The new plan builds on the one presented in March 2015, accelerating value creation across the four strategic pillars, with the addition of Group Simplification as a fifth focus area.
Upgraded efficiencies: targeting savings of 1.8 billion euros over the 2014-2019 period, with an opex reduction of 1 billion euros, and decrease in maintenance capex by 0.8 billion euros, leveraging global scale and business flexibility.
Shorter time to EBITDA and increase in growth capex by 2.7 billion euros to drive industrial growth, generating cumulative growth EBITDA from 6.7 to 7.2 billion euros over the 2015-2019 period.
Further simplification of Group’s corporate structure to enhance value creation; proposed integration of EGP and reorganisation of LatAm operations underway.
Active portfolio management: increased capital recycling target from 5 billion euros to about 6 billion euros. 
Dividend policy confirmed: minimum 0.16 euro DPS in 2015 and minimum 0.18 euro DPS in 2016; payout ratio 65% by 2018.

Price Sensitive | November, 18 2015



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