Dear shareholder,


The year 2018 has been a brilliant year for the Nicolás Correa Group (GNC).


On the one hand, concentrating all activity in Burgos has been completed and this has already yielded its results: With only one plant, we are producing more and in a much more efficient way than with two. Our productivity, measured in terms of turnover per person, has improved significantly.


In addition, we have proceeded to reorganise our range, trying to avoid the overlap or internal competition, which originated when Industrias Anayak was taken over.


On the other hand, the industrial subsidiaries that are also located in Burgos have continued to show an upward trend, similar to that of the last few years, providing not only a strategic source of controlled supply, but also a positive contribution that to the final figures of the parent company.


The consolidated data show a revenue of 71.7 million euros. With an after-tax profit of 8 million euros, which means a proportion of 11%, a figure that is difficult to obtain in our sector. It should also be noted that during the fiscal year 2018, we reduced the net financial debt at group level by 81%, reaching the figure of 1.6 million at the end of the fiscal year.


It is now a question of consolidating this trend to satisfy the shareholders, through dividend payout and the expected increase in value of the shares on the Stock Exchange.

If we wish to ensure the continuity of this positive trend, we must make investments that secure our future, maintaining a reasonable remuneration policy to gain the trust of the shareholders they have placed in our management over time.


I can assure you that I am strongly committed to this.


Very cordially,


Mr. José Nicolás-Correa Barragán