Annual report 2008 - Altarea Cogedim

4. Dividend
policy
(a) Dividends paid over the past five fiscal years
Fiscal year ended
Dividend
per share
Tax credit
Total
12/31/2003 €1.10 €0.55 €1.65
12/31/2004 0 0 0
Fiscal year ended
Dividend
per share
Dividend eligible
for tax relief *
12/31/2005 €2.40 €2.40
12/31/2006 €4.00 €4.00
12/31/2007 €6.00 €6.00
*Individual shareholders resident in France are eligible for 40% tax relief on
these dividends as of 1 January 2006.
(b) Dividend distribution policy
A fiscal 2008 dividend of €7 per share will be proposed
at the Annual General Meeting on 20 May 2009. This is a
16.7% increase on the 2007 dividend.
ALTAREA aims to distribute a dividend equal to around two
thirds of its recurring earnings, in order both to comply with
the requirements for SIIC status and eventually reach the
dividend payouts typically seen in its sector (after current
property development projects are completed).
5 Recent events
and litigation
Recent events and litigation are discussed in Part 4 of
this registration document, in notes 17.7 and 17.8 to the
consolidated financial statements.
6. Human
resources
ALTAREA has the human resources needed to support its
growth.
Alain Taravella and Jacques Nicolet, ALTAREA’s founders
and managers, constitute key personnel with a long history of
experience in ALTAREA’s markets. The company’s business,
outlook, and growth prospects could be negatively impacted
if one or more of its managers becomes unavailable for an
extended period of time.
ALTAREA’s founding managers have established a human
resources policy suited to the company’s size and designed
to support its continued expansion.
6.1 Overview
At 31 December 2008, all ALTAREA employees worked for
subsidiaries that provide various services; no employees
worked directly for ALTAREA, the listed holding company.
At that date, the main subsidiaries employing personnel
were as follows:
• ALTAREA France, which leases operating property, carries
out property development and construction activities for
urban shopping centres, and executes leasing transactions in
France. ALTAREA France also includes most of the company’s
legal, accounting, marketing, and administrative staff.
• ALTAREA Italia, which carries out in Italy the same
activities as ALTAREA France.
• ALTAREA España, which carries out in Spain the same
activities as ALTAREA France.
• Cogedim Gestion, which promotes office and residential
property and provides related services for ALTAREA as well
as third parties.
• Cogedim Vente, which performs market research and
other sales and marketing activities for ALTAREA’s property
promoters (for both office and residential property). Over
the past few years Cogedim Vente has also been involved
in asset management for the subsidiaries of the Group
ALTAREA as well as a few large customers.
• ALTAREA Residence, which carries out property development
and construction activities for residential property.
• CRP Développement, which carries out property development
and construction activities for suburban shopping centres.
• Richelieu International SNC, which employees all the
company’s business development staff in Italy.
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