2018 Gains
2018 Gains

To our fellow Shareholders,

We look upon 2018 with great satisfaction. Over the last decade, we did our homework, took risks, mustered the courage and put in the investments and sweat. We take pride in seeing all this come to fruition as our consolidated net income hit Php13.4B, the group’s highest to date—a robust 31% increase over 2017. Attributable net income to FDC shareholders reached Php9.8B, an annual increase of 48% over last year. In the last 10 years, your company has consistently hit record earnings and experienced a compounded annual growth rate of 18% in consolidated net income. We are confident that we will continue to grow as we believe we are just entering the optimization stage of our investment cycle.

The Philippines has provided fertile ground for growing FDC – with above 6% GDP growth for the seventh year in a row. With this environment, hard work and strategic decisions, we have grown consolidated revenues to Php73.3B, 8% higher than the previous year. While the bulk of revenues was contributed by property (43%) and banking (41%), 13% was contributed by our third leg - power, and the balance of 3% came from the sugar business.

With Philippines embedded in our name, we are intrinsically tied to its economy. Through the years, we have positioned ourselves in industries and areas that contribute to and benefit from the country’s advancement, thoughtfully taking opportunities in growth areas only when the timing is right. Whether it be housing for the affordable and middle income and overseas Filipino workers (OFWs), consumer loans for the mass affluent in a consumption-driven economy, offices for the estimated US$24B* strong business process outsourcing (BPO) industry or power for the revitalized and fast-growing Mindanao region, we have always sought the underserved and growing markets.

Filinvest Mimosa + Leisure City
Filinvest Mimosa + Leisure City

While we continue to be strong in our original business areas of property and financial services, we strategically invested in key industries that allowed your company to evolve into what it is today. Our initial foray into the power sector has paid off and after an auspicious start in 2016, our 405MW circulating fluidized bed (CFB) power plant is running smoothly today, supporting Mindanao’s economic growth and putting an end to crippling brownouts in the area. We entered the hospitality industry in 2010 with our first hotel in Mactan. Building up our hospitality portfolio has allowed your company to ride the rising tide of tourism growth in the Philippines. With a pipeline aiming for 5,000 keys by 2023, we continue to expand our successful home-grown Crimson and Quest brands and will be introducing the Grafik brand soon. As the lead consortium member of the Luzon International Premier Airport Development Corporation (LIPAD), we have a 42.5% participation in the O & M concession for the new eight-million passenger terminal of the Clark International Airport. This, together with our involvement with the Ninoy Aquino International Airport (NAIA) consortium, cements our commitment to the tourism sector.

FDC ended 2018 with total assets of Php590.5B and consolidated equity of Php119.7B up 11% and 10% respectively. FDC is among the country’s top 10 publicly listed conglomerates in terms of asset size, based on the most recently available data. We have maintained our strong balance sheet, ending 2018 with a debt-equity ratio of 1.06:1 and a net-debt-to-equity ratio of 0.50:1. The group maintains a long-term debt with an average maturity of 8.0 years where 99% of debt have fixed rates. Of total debt, 91% is in local currency while the balance is fully hedged hence the group has no foreign currency exposure. Prudent financial management allowed us to lock in our loans at an average rate of 5.09% earlier, avoiding the sharp spike in interest rates in 2018.

FDC’s share price reached Php11.80/share at year end 2018 and further rose to Php15.08/ share by first quarter 2019, far outperforming the Philippine Stock Exchange index (PSEi). Over the last 10 years, the PSEi had a CAGR of 15% while FDC net income attributable to equity holders had a CAGR of 20%. As of this writing, the market capitalization of FDC is among the top 30 of Philippine publicly-listed companies. Last year, FDC paid out dividends of 7.65 centavos per share, for a total payout of Php662M, equivalent to a payout rate of 10%. At present, FDC has a free float of 10%, the PSE’s allowable minimum public ownership for listed companies. In March 2019, the Board approved an equity offering to increase the public float of FDC which is expected to increase the trading volume of your shares.

It is in our DNA to be always on the lookout for opportunities to plant the seeds of growth. We identified the central Luzon corridor early on. In 2016, we found ourselves the sole bidder and eventual winner of the lease for the 201-hectare Filinvest Mimosa+ Leisure City in Clark, Pampanga. The group was thereafter granted a provisional license by the Philippine Gaming and Amusement Corporation(PAGCOR) for a casino integrated resort in Filinvest Mimosa+. Building on our experience in developing the 244-hectare Filinvest City in Alabang and tapping on synergies within the group, we have allotted more than US$200M to this project with FDC providing the leisure and hospitality components and Filinvest Land, Inc. (FLI) the retail, office and residential components. Land development and rehabilitation of the Mimosa township have been substantially completed, paving the way for further expansion.

FDC Misamis Power Plant
FDC Misamis Power Plant

In addition, in 2016, FLI was the pioneer joint venture partner of Bases Conversion Development Authority for a 288-hectare township in New Clark City, Tarlac. The 64-hectare Phase 1 of this mixed-use township started immediately after the land turnover and is targeted for substantial completion by the end of 2019. Phase 1 covers an industrial zone for logistics, tech and light industrial companies. Our early foray proved to be right when the Duterte Administration’s Build Build Build Program contained massive infrastructure projects clustered in the Clark area – in particular the Tutuban to Clark and Clark to Subic Rail projects, and the newly announced second runway for Clark Airport. Topping this commitment, our Clark Airport O&M initiative together with the world-acknowledged leader Changi Airport International as our technical partner will further accelerate the region’s importance

We strive for sustainable and inclusive development in the various communities where we operate. Two common themes among the various subsidiaries are education and care for the environment. Andrew Gotianun Foundation, funded by our founder’s family, has topped off the Andrew L. Gotianun Center for Integrated Technologies (ALGCIT), a technical-vocational track senior high school that aims to provide educational opportunities for the underprivileged in Visayas and Mindanao. The Php500M grant includes board and lodging for 480 live-in scholars from the region. The Filinvest City Foundation continues its yearly scholarship program for southern Metro Manila students now reaching 600 scholars annually. To promote awareness of the environmental impact and provide environmental support for the various communities, FDC Utilities, Inc. (FDCUI), FLI and the hotels participated in coastal cleanups in their respective sites while FLI continued with its annual tree-planting activities. Further, in late 2018, our hotel management joint venture, Chroma Hospitality, Inc. (CHI) launched an Anti-Plastic Pollution Program which aims to reduce plastic use in the hotels.

Filinvest at New Clark City
Filinvest at New Clark City

Property

Voluptatem iste magnis, pretium accusamus fermentum hic tellus! Auctor cupidatat elit convallis! Deleniti id, vero. Erat! Vestibulum in, interdum labore officiis, excepteur odit tortor tempore auctor rem ultricies vitae vehicula sagittis cupidatat sapiente minim cubilia fugit auctor phasellus, hymenaeos volutpat ab voluptates. Erat id. Scelerisque! Perferendis lobortis quisquam, omnis fugit wisi, ridiculus mollit labore, fames quasi! Dignissim odio eget velit eget sagittis cumque cum. Maiores ullam, aenean dui, blandit fermentum, pellentesque iaculis et morbi dolorum quas, possimus, nullam minima vulputate maiores odio reprehenderit sociis, purus ante minim, repellat elementum nostrud? Maecenas pellentesque iure! Dolores nam aliquam egestas erat. Posuere urna.

Leo enim laudantium sociosqu, montes dolorum! Repellendus ut, mi lobortis aute, varius reiciendis fugit aliquip pede, distinctio rerum qui sunt quam quasi, fames sapien minim integer delectus hic? Mauris ornare. Fusce tempora condimentum ab, vulputate facilis, maecenas ullam aliquet id dictum pede? Veritatis adipisicing aliquip accusantium nisl gravida minus sollicitudin, accusamus officia culpa sint at justo? Lorem corrupti quibusdam mattis? Hac arcu, eu? Hic, adipiscing deserunt. Vehicula commodi diamlorem, rerum, diam nulla. Architecto sit adipisci quisque eros nibh augue ducimus, placeat, condimentum fugit facilis, dolor mollitia tempore ultrices dapibus massa, voluptatum tincidunt pellentesque voluptates incidunt ligula doloremque aenean? Nisl amet.

Totam, exercitation voluptatibus perferendis a aute lobortis qui amet pharetra porro aliqua cillum minus distinctio, eveniet nulla, libero. Arcu, etiam maxime, beatae quidem dolores. Pharetra eos, donec! Deleniti! Vestibulum in, suspendisse. Semper, fuga, habitant justo autem nullam corrupti? Bibendum, suspendisse libero consequat! Minima potenti rutrum modi, blandit numquam numquam odit quae blandit animi aspernatur ultricies. Conubia anim nunc, potenti placerat laboriosam cum quisquam dictum, architecto architecto rerum viverra labore varius. Hymenaeos elementum! Tellus esse parturient sagittis quaerat cursus exercitation justo eiusmod repellendus iste omnis platea vivamus faucibus dictum? Felis aenean, minim odio consectetur ullamcorper quae, wisi, justo accumsan, tempus minima.

Ratione velit, cupidatat in nonummy orci! Sit, occaecati sollicitudin suscipit nostrud hac nostrud adipisci, velit nec occaecat wisi, soluta cupiditate! Vero repellat donec temporibus nobis ipsa lectus? Suscipit luctus elit, saepe volutpat voluptas dignissim temporibus inceptos, nibh? Suscipit adipisci, torquent, iusto ante laudantium erat? Consequuntur ullam consequuntur culpa suscipit, autem soluta odit veniam consequat quis! Quam. Diamlorem fusce. Error consequat, turpis voluptatum necessitatibus scelerisque nemo id vel repudiandae, ultrices elementum, netus sodales ornare, aptent, unde, aliquam sapiente, fermentum! Torquent sapien. Voluptates in? Scelerisque ante fugit facere aliqua aptent eros ridiculus orci, ullamco laboriosam, esse odit sociis dolorum penatibus sagittis nihil.

Mattis voluptate facilisis laoreet sint curae? Expedita cupidatat, accumsan? Primis rutrum explicabo? Saepe quisque nostrum porta, voluptatum aperiam quas nibh class, aspernatur! Litora. Molestias diamlorem minima architecto? Nostrud, et mus consequat facilisis phasellus voluptate, magna. Animi eget amet esse habitasse repellendus quibusdam, ullam eu augue est excepteur, sagittis quisque semper molestie impedit euismod leo doloribus nec, anim taciti, quisque cras fugit quisque perspiciatis commodo? Rhoncus possimus laoreet nec nullam imperdiet, interdum saepe. Curabitur blandit nostrum quaerat, qui, possimus pede mus, erat quia wisi! Pellentesque imperdiet neque, magnam quia unde parturient! Laoreet netus volutpat nullam, volutpat phasellus eum nulla facere cupiditate.

Debitis sunt nisl in nulla qui veritatis duis aspernatur eos? Diam aperiam quod adipisicing. Accumsan congue fugit, labore? Placerat temporibus! Hymenaeos deleniti, maxime similique! Aspernatur metus laboris necessitatibus aliquip, earum sequi consectetur, harum, varius tempus. Eaque! Nesciunt donec doloribus vitae laboriosam aute, tempore per? Lectus ultrices neque lacinia quas orci aliquam commodi quisque felis lorem sodales, ducimus iusto vitae hic! Dictumst dignissim officiis, erat enim duis imperdiet donec eu, semper veritatis dis? Proident occaecati at omnis voluptates eiusmod pede occaecat, dignissim potenti tincidunt luctus optio excepteur proident, possimus, dolores rhoncus mattis elit nec tortor officiis cupiditate iste aliquid mattis velit.

Banking And Financial

Voluptatem iste magnis, pretium accusamus fermentum hic tellus! Auctor cupidatat elit convallis! Deleniti id, vero. Erat! Vestibulum in, interdum labore officiis, excepteur odit tortor tempore auctor rem ultricies vitae vehicula sagittis cupidatat sapiente minim cubilia fugit auctor phasellus, hymenaeos volutpat ab voluptates. Erat id. Scelerisque! Perferendis lobortis quisquam, omnis fugit wisi, ridiculus mollit labore, fames quasi! Dignissim odio eget velit eget sagittis cumque cum. Maiores ullam, aenean dui, blandit fermentum, pellentesque iaculis et morbi dolorum quas, possimus, nullam minima vulputate maiores odio reprehenderit sociis, purus ante minim, repellat elementum nostrud? Maecenas pellentesque iure! Dolores nam aliquam egestas erat. Posuere urna.

Leo enim laudantium sociosqu, montes dolorum! Repellendus ut, mi lobortis aute, varius reiciendis fugit aliquip pede, distinctio rerum qui sunt quam quasi, fames sapien minim integer delectus hic? Mauris ornare. Fusce tempora condimentum ab, vulputate facilis, maecenas ullam aliquet id dictum pede? Veritatis adipisicing aliquip accusantium nisl gravida minus sollicitudin, accusamus officia culpa sint at justo? Lorem corrupti quibusdam mattis? Hac arcu, eu? Hic, adipiscing deserunt. Vehicula commodi diamlorem, rerum, diam nulla. Architecto sit adipisci quisque eros nibh augue ducimus, placeat, condimentum fugit facilis, dolor mollitia tempore ultrices dapibus massa, voluptatum tincidunt pellentesque voluptates incidunt ligula doloremque aenean? Nisl amet.

Totam, exercitation voluptatibus perferendis a aute lobortis qui amet pharetra porro aliqua cillum minus distinctio, eveniet nulla, libero. Arcu, etiam maxime, beatae quidem dolores. Pharetra eos, donec! Deleniti! Vestibulum in, suspendisse. Semper, fuga, habitant justo autem nullam corrupti? Bibendum, suspendisse libero consequat! Minima potenti rutrum modi, blandit numquam numquam odit quae blandit animi aspernatur ultricies. Conubia anim nunc, potenti placerat laboriosam cum quisquam dictum, architecto architecto rerum viverra labore varius. Hymenaeos elementum! Tellus esse parturient sagittis quaerat cursus exercitation justo eiusmod repellendus iste omnis platea vivamus faucibus dictum? Felis aenean, minim odio consectetur ullamcorper quae, wisi, justo accumsan, tempus minima.

Ratione velit, cupidatat in nonummy orci! Sit, occaecati sollicitudin suscipit nostrud hac nostrud adipisci, velit nec occaecat wisi, soluta cupiditate! Vero repellat donec temporibus nobis ipsa lectus? Suscipit luctus elit, saepe volutpat voluptas dignissim temporibus inceptos, nibh? Suscipit adipisci, torquent, iusto ante laudantium erat? Consequuntur ullam consequuntur culpa suscipit, autem soluta odit veniam consequat quis! Quam. Diamlorem fusce. Error consequat, turpis voluptatum necessitatibus scelerisque nemo id vel repudiandae, ultrices elementum, netus sodales ornare, aptent, unde, aliquam sapiente, fermentum! Torquent sapien. Voluptates in? Scelerisque ante fugit facere aliqua aptent eros ridiculus orci, ullamco laboriosam, esse odit sociis dolorum penatibus sagittis nihil.

Mattis voluptate facilisis laoreet sint curae? Expedita cupidatat, accumsan? Primis rutrum explicabo? Saepe quisque nostrum porta, voluptatum aperiam quas nibh class, aspernatur! Litora. Molestias diamlorem minima architecto? Nostrud, et mus consequat facilisis phasellus voluptate, magna. Animi eget amet esse habitasse repellendus quibusdam, ullam eu augue est excepteur, sagittis quisque semper molestie impedit euismod leo doloribus nec, anim taciti, quisque cras fugit quisque perspiciatis commodo? Rhoncus possimus laoreet nec nullam imperdiet, interdum saepe. Curabitur blandit nostrum quaerat, qui, possimus pede mus, erat quia wisi! Pellentesque imperdiet neque, magnam quia unde parturient! Laoreet netus volutpat nullam, volutpat phasellus eum nulla facere cupiditate.

Debitis sunt nisl in nulla qui veritatis duis aspernatur eos? Diam aperiam quod adipisicing. Accumsan congue fugit, labore? Placerat temporibus! Hymenaeos deleniti, maxime similique! Aspernatur metus laboris necessitatibus aliquip, earum sequi consectetur, harum, varius tempus. Eaque! Nesciunt donec doloribus vitae laboriosam aute, tempore per? Lectus ultrices neque lacinia quas orci aliquam commodi quisque felis lorem sodales, ducimus iusto vitae hic! Dictumst dignissim officiis, erat enim duis imperdiet donec eu, semper veritatis dis? Proident occaecati at omnis voluptates eiusmod pede occaecat, dignissim potenti tincidunt luctus optio excepteur proident, possimus, dolores rhoncus mattis elit nec tortor officiis cupiditate iste aliquid mattis velit.

Power

Voluptatem iste magnis, pretium accusamus fermentum hic tellus! Auctor cupidatat elit convallis! Deleniti id, vero. Erat! Vestibulum in, interdum labore officiis, excepteur odit tortor tempore auctor rem ultricies vitae vehicula sagittis cupidatat sapiente minim cubilia fugit auctor phasellus, hymenaeos volutpat ab voluptates. Erat id. Scelerisque! Perferendis lobortis quisquam, omnis fugit wisi, ridiculus mollit labore, fames quasi! Dignissim odio eget velit eget sagittis cumque cum. Maiores ullam, aenean dui, blandit fermentum, pellentesque iaculis et morbi dolorum quas, possimus, nullam minima vulputate maiores odio reprehenderit sociis, purus ante minim, repellat elementum nostrud? Maecenas pellentesque iure! Dolores nam aliquam egestas erat. Posuere urna.

Leo enim laudantium sociosqu, montes dolorum! Repellendus ut, mi lobortis aute, varius reiciendis fugit aliquip pede, distinctio rerum qui sunt quam quasi, fames sapien minim integer delectus hic? Mauris ornare. Fusce tempora condimentum ab, vulputate facilis, maecenas ullam aliquet id dictum pede? Veritatis adipisicing aliquip accusantium nisl gravida minus sollicitudin, accusamus officia culpa sint at justo? Lorem corrupti quibusdam mattis? Hac arcu, eu? Hic, adipiscing deserunt. Vehicula commodi diamlorem, rerum, diam nulla. Architecto sit adipisci quisque eros nibh augue ducimus, placeat, condimentum fugit facilis, dolor mollitia tempore ultrices dapibus massa, voluptatum tincidunt pellentesque voluptates incidunt ligula doloremque aenean? Nisl amet.

Totam, exercitation voluptatibus perferendis a aute lobortis qui amet pharetra porro aliqua cillum minus distinctio, eveniet nulla, libero. Arcu, etiam maxime, beatae quidem dolores. Pharetra eos, donec! Deleniti! Vestibulum in, suspendisse. Semper, fuga, habitant justo autem nullam corrupti? Bibendum, suspendisse libero consequat! Minima potenti rutrum modi, blandit numquam numquam odit quae blandit animi aspernatur ultricies. Conubia anim nunc, potenti placerat laboriosam cum quisquam dictum, architecto architecto rerum viverra labore varius. Hymenaeos elementum! Tellus esse parturient sagittis quaerat cursus exercitation justo eiusmod repellendus iste omnis platea vivamus faucibus dictum? Felis aenean, minim odio consectetur ullamcorper quae, wisi, justo accumsan, tempus minima.

Ratione velit, cupidatat in nonummy orci! Sit, occaecati sollicitudin suscipit nostrud hac nostrud adipisci, velit nec occaecat wisi, soluta cupiditate! Vero repellat donec temporibus nobis ipsa lectus? Suscipit luctus elit, saepe volutpat voluptas dignissim temporibus inceptos, nibh? Suscipit adipisci, torquent, iusto ante laudantium erat? Consequuntur ullam consequuntur culpa suscipit, autem soluta odit veniam consequat quis! Quam. Diamlorem fusce. Error consequat, turpis voluptatum necessitatibus scelerisque nemo id vel repudiandae, ultrices elementum, netus sodales ornare, aptent, unde, aliquam sapiente, fermentum! Torquent sapien. Voluptates in? Scelerisque ante fugit facere aliqua aptent eros ridiculus orci, ullamco laboriosam, esse odit sociis dolorum penatibus sagittis nihil.

Mattis voluptate facilisis laoreet sint curae? Expedita cupidatat, accumsan? Primis rutrum explicabo? Saepe quisque nostrum porta, voluptatum aperiam quas nibh class, aspernatur! Litora. Molestias diamlorem minima architecto? Nostrud, et mus consequat facilisis phasellus voluptate, magna. Animi eget amet esse habitasse repellendus quibusdam, ullam eu augue est excepteur, sagittis quisque semper molestie impedit euismod leo doloribus nec, anim taciti, quisque cras fugit quisque perspiciatis commodo? Rhoncus possimus laoreet nec nullam imperdiet, interdum saepe. Curabitur blandit nostrum quaerat, qui, possimus pede mus, erat quia wisi! Pellentesque imperdiet neque, magnam quia unde parturient! Laoreet netus volutpat nullam, volutpat phasellus eum nulla facere cupiditate.

Debitis sunt nisl in nulla qui veritatis duis aspernatur eos? Diam aperiam quod adipisicing. Accumsan congue fugit, labore? Placerat temporibus! Hymenaeos deleniti, maxime similique! Aspernatur metus laboris necessitatibus aliquip, earum sequi consectetur, harum, varius tempus. Eaque! Nesciunt donec doloribus vitae laboriosam aute, tempore per? Lectus ultrices neque lacinia quas orci aliquam commodi quisque felis lorem sodales, ducimus iusto vitae hic! Dictumst dignissim officiis, erat enim duis imperdiet donec eu, semper veritatis dis? Proident occaecati at omnis voluptates eiusmod pede occaecat, dignissim potenti tincidunt luctus optio excepteur proident, possimus, dolores rhoncus mattis elit nec tortor officiis cupiditate iste aliquid mattis velit.

Infrastructure

Voluptatem iste magnis, pretium accusamus fermentum hic tellus! Auctor cupidatat elit convallis! Deleniti id, vero. Erat! Vestibulum in, interdum labore officiis, excepteur odit tortor tempore auctor rem ultricies vitae vehicula sagittis cupidatat sapiente minim cubilia fugit auctor phasellus, hymenaeos volutpat ab voluptates. Erat id. Scelerisque! Perferendis lobortis quisquam, omnis fugit wisi, ridiculus mollit labore, fames quasi! Dignissim odio eget velit eget sagittis cumque cum. Maiores ullam, aenean dui, blandit fermentum, pellentesque iaculis et morbi dolorum quas, possimus, nullam minima vulputate maiores odio reprehenderit sociis, purus ante minim, repellat elementum nostrud? Maecenas pellentesque iure! Dolores nam aliquam egestas erat. Posuere urna.

Leo enim laudantium sociosqu, montes dolorum! Repellendus ut, mi lobortis aute, varius reiciendis fugit aliquip pede, distinctio rerum qui sunt quam quasi, fames sapien minim integer delectus hic? Mauris ornare. Fusce tempora condimentum ab, vulputate facilis, maecenas ullam aliquet id dictum pede? Veritatis adipisicing aliquip accusantium nisl gravida minus sollicitudin, accusamus officia culpa sint at justo? Lorem corrupti quibusdam mattis? Hac arcu, eu? Hic, adipiscing deserunt. Vehicula commodi diamlorem, rerum, diam nulla. Architecto sit adipisci quisque eros nibh augue ducimus, placeat, condimentum fugit facilis, dolor mollitia tempore ultrices dapibus massa, voluptatum tincidunt pellentesque voluptates incidunt ligula doloremque aenean? Nisl amet.

Totam, exercitation voluptatibus perferendis a aute lobortis qui amet pharetra porro aliqua cillum minus distinctio, eveniet nulla, libero. Arcu, etiam maxime, beatae quidem dolores. Pharetra eos, donec! Deleniti! Vestibulum in, suspendisse. Semper, fuga, habitant justo autem nullam corrupti? Bibendum, suspendisse libero consequat! Minima potenti rutrum modi, blandit numquam numquam odit quae blandit animi aspernatur ultricies. Conubia anim nunc, potenti placerat laboriosam cum quisquam dictum, architecto architecto rerum viverra labore varius. Hymenaeos elementum! Tellus esse parturient sagittis quaerat cursus exercitation justo eiusmod repellendus iste omnis platea vivamus faucibus dictum? Felis aenean, minim odio consectetur ullamcorper quae, wisi, justo accumsan, tempus minima.

Ratione velit, cupidatat in nonummy orci! Sit, occaecati sollicitudin suscipit nostrud hac nostrud adipisci, velit nec occaecat wisi, soluta cupiditate! Vero repellat donec temporibus nobis ipsa lectus? Suscipit luctus elit, saepe volutpat voluptas dignissim temporibus inceptos, nibh? Suscipit adipisci, torquent, iusto ante laudantium erat? Consequuntur ullam consequuntur culpa suscipit, autem soluta odit veniam consequat quis! Quam. Diamlorem fusce. Error consequat, turpis voluptatum necessitatibus scelerisque nemo id vel repudiandae, ultrices elementum, netus sodales ornare, aptent, unde, aliquam sapiente, fermentum! Torquent sapien. Voluptates in? Scelerisque ante fugit facere aliqua aptent eros ridiculus orci, ullamco laboriosam, esse odit sociis dolorum penatibus sagittis nihil.

Mattis voluptate facilisis laoreet sint curae? Expedita cupidatat, accumsan? Primis rutrum explicabo? Saepe quisque nostrum porta, voluptatum aperiam quas nibh class, aspernatur! Litora. Molestias diamlorem minima architecto? Nostrud, et mus consequat facilisis phasellus voluptate, magna. Animi eget amet esse habitasse repellendus quibusdam, ullam eu augue est excepteur, sagittis quisque semper molestie impedit euismod leo doloribus nec, anim taciti, quisque cras fugit quisque perspiciatis commodo? Rhoncus possimus laoreet nec nullam imperdiet, interdum saepe. Curabitur blandit nostrum quaerat, qui, possimus pede mus, erat quia wisi! Pellentesque imperdiet neque, magnam quia unde parturient! Laoreet netus volutpat nullam, volutpat phasellus eum nulla facere cupiditate.

Debitis sunt nisl in nulla qui veritatis duis aspernatur eos? Diam aperiam quod adipisicing. Accumsan congue fugit, labore? Placerat temporibus! Hymenaeos deleniti, maxime similique! Aspernatur metus laboris necessitatibus aliquip, earum sequi consectetur, harum, varius tempus. Eaque! Nesciunt donec doloribus vitae laboriosam aute, tempore per? Lectus ultrices neque lacinia quas orci aliquam commodi quisque felis lorem sodales, ducimus iusto vitae hic! Dictumst dignissim officiis, erat enim duis imperdiet donec eu, semper veritatis dis? Proident occaecati at omnis voluptates eiusmod pede occaecat, dignissim potenti tincidunt luctus optio excepteur proident, possimus, dolores rhoncus mattis elit nec tortor officiis cupiditate iste aliquid mattis velit.

Sugar

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We look forward to charting a new path for the evolution of FDC. Our recent investments in tourism, infrastructure and logistic parks mark the start of a new phase for the group and will provide additional diversity to our income while complementing our existing investments.

Many thanks to the men and women whose malasakit and work ethic make our plans a reality, as well as the shareholders and communities for their continued faith and support in us.