2009 - Jaarverslag

65,2 Translation differences 2009 2008Balance as at 1 January – 8.6 – 20.8Change – 6.7 12.2Balance as at 31 December – 15.3 – 8.665,3 Other legal reserves 2009 2008Balance as at 1 January – –Transfer from Other reserves 4.4 –Change in hedging reserve – 0.2 –Balance as at 31 December 4.2 –The other legal reserves concerned capitalised development costs, undistributable reserves of operatingcompanies and the hedging reserve.Balance of legal reserve as at 31 December – 11.1 – 5.966 OTHER RESERVES 2009 2008Balance as at 1 January 212.1 173.6Transferred to Other legal reserves – 4.4 –Added from 2008 and 2007 46.9 36.4Transferred from legal reserves through sale of joint venture 2.7 –Share and option schemes 1.2 1.7Issue of repurchased shares for share savings plan/option plan 0.1 0.4Rounding – 0.2 –Balance as at 31 December 258.4 212.167 OPTION PLANRoyal Ten Cate operates a stock option plan for the management, established by the Supervisory Board. Themaximum possible account has been taken of the recommendations of VNO-NCW and the Dutch Investors’Association (VEB). Those eligible for options are members of the Executive Board, the corporate and groupdirectors and a number of managers. The implementation of the share option plan is supervised by thecompliance officer.The options are granted on a conditional basis. During the vesting period, a performance condition must befulfilled. This condition is that the earnings per share over the past three, four or five years must have increasedon average by a percentage equal to inflation plus 3% per year. If this performance condition has been fulfilled,the options become unconditional and may be exercised, unless restrictions have been imposed by theNetherlands Authority for the Financial Markets.Royal Ten Cate Annual Report 2009 141