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COMPANY ANNOUNCEMENT: Approval of financial statements and declaration of final dividend 2019 15/05/2019

The following is a Company Announcement by Simonds Farsons Cisk plc pursuant to the Malta Financial Services Authority Listing Rules Chapter 5.

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The Board of Directors of Simonds Farsons Cisk plc (the “Company”) has on Wednesday, 15th May 2019 met and approved for publication the financial statements of the Company for the year ended 31st January 2019 and resolved to propose the same for the approval of the shareholders at the forthcoming Annual General Meeting of the Company to be held on 24th June 2019.

The Board of Directors has also authorised for publication the Annual Report and Financial Statements for the financial year ended 31st January 2019, which is attached herewith and is available to the public on http://www.farsons.com/en/financial-statements

In terms of listing rule 5.16.24, the Directors report that during the year under review, the Group’s profit before tax exceeded the projections for Financial Year 2019 in the Financial Analysis Summary dated 16th July 2018 (the “FAS”) by 11%.  This variance was principally due to a lower depreciation charge resulting from timing differences on capital expenditure together with a favourable movement in the loss allowance recognised in the income statement with respect to Group’s Trade and Other Receivables.

The Board of Directors of Simonds Farsons Cisk plc has resolved to recommend for the approval of the Annual General Meeting the distribution, out of tax exempt profits, of a final net dividend of €3,000,000 that is €0.10 per ordinary share of €0.30, to be paid on 25th June 2019.

An interim net dividend of €1,000,000, that is €0.0333 per ordinary share was approved at the Board Meeting held on 19th September 2018 and distributed to shareholders on 10th October 2018. Therefore, the total net dividend settled in cash to the ordinary shareholders relating to the financial year ended 31st January 2019 amounts to €4,000,000, (2018 - €3,600,000) that is €0.1333 (2018 – €0.12) per ordinary share.

The Board of Directors has established 25th May 2019 as the Effective Date on which all shareholders, then on the register of members, shall be entitled to receive notice of and attend the Annual General Meeting, be paid dividends declared by the General Meeting and appoint directors or vote at the election of Directors.

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Antoinette Caruana
Company Secretary