2009 - Jaarverslag

46.8 Objective with regard to equity and financingThe objective with regard to equity and financing, as in 2008, is to guarantee the continuity of the company bymeans of attractive returns for shareholders and by guaranteeing benefits for other stakeholders. The capitalstructure is adjusted if necessary in line with economic developments and the risks relating to assets.With regard to financing, the longer-term objective is a ratio of net debt to EBITDA of a maximum of 2.5.The calculation as at 31 December is as follows:31 December200931 December2008Long-term interest-bearing liabilities 192.0 316.2Short-term portion of long-term liabilities 1.6 0.9Cash loans and overdrafts 14.7 19.4Total debt 208.3 336.5Less: cash and cash equivalents 12.8 5.4Net debt 195.5 331.1EBITDA * 82.9 127.0Net debt / EBITDA 2.36 2.61*In accordance with the covenant relating to the loan facility, the EBITDA for acquired and divested businesses is annualised. The effect ofthis extrapolation is a € 2.1 million decrease in EBITDA (2008: € 0.9 million increase). In addition, in accordance with the financing agreement,the result from divested operations (€9.5 million) and other changes (€0.1 million) is included in EBITDA.47 EARNINGS PER SHARE47.1 Ordinary earnings per shareThe calculation of the ordinary earnings per share as at 31 December 2009 is based on the net income of€ 23.9 million (2008: € 51.1 million) attributable to holders of ordinary shares and a weighted average number ofoutstanding ordinary shares during the 2009 financial year of 24,544,316 (2008: 23,426,397), calculated asfollows:2009 2008Net profit for the financial year attributable to holders of ordinary shares 23.9 51.1Royal Ten Cate Annual Report 2009 119