2009 - Jaarverslag

The TenCate shareLISTINGThe TenCate share is listed on NYSE Euronext Amsterdam and hasformed part of the AMX (midcap) index since 2008. The share isfollowed by around ten analysts from leading Dutch banks andsecurities houses.visitors to both the corporate website and the operating companies’websites. There is increasing brand perception in the market. Recentresearch has shown that TenCate has relatively high corporate brandvalue as an industrial company, in terms of its nature and size,compared to Dutch listed companies as a whole.Trading in the TenCate share rose by an annualised rate of 6%.The average number of shares traded per day in 2009 was 102,106.As at 31 December 2009, 25,067,580 ordinary TenCate shares were inissue, each of a par value of € 2.50. The closing price of the share was€ 18.43.INVESTOR RELATIONS POLICY AND COMMUNICATIONTenCate has a broad base of international institutional investors.There is growing interest among American investors and a loyal baseof private shareholders. Sustainable investment funds are alsoshowing great interest in the TenCate share.TenCate regularly organises roadshows and takes part in investorconferences held by banks and securities houses in order to discussthe strategy and performance directly with investors.In 2009, TenCate began issuing trading updates for the first and thirdquarters instead of detailed quantitative reports. TenCate primarilyanticipates long-term trends, and public-sector projects are liable tohave a major impact on quarterly figures.The corporate communication policy is framed and defined by theholding company, in order to properly reflect TenCate’s image andreputation.Close co-operation takes place with the market groups, ensuring activesupport for the marketing communication. Following the overhaul ofthe corporate website, an increase has been seen in the number ofDIVIDEND POLICY AND PROPOSED DIVIDENDTenCate operates in sustainable growth markets. The specific growthtrends for TenCate remain intact, despite lower budgets in the publicand private sectors. The aim is to finance growth internally as far aspossible, while maintaining healthy financial ratios.A consistent dividend policy is pursued on the basis of a payout ratio of40% and payment of dividends to shareholders optionally in cash or asshares charged to the share premium reserve. In view of the slowdownin growth as a result of the worldwide economic situation, TenCate isnevertheless endeavouring to restrict the growth in the number ofshares in issue, in order to maximise growth in earnings per share.Any share issue is directly linked to the acquisition policy and takesplace only if growth in earnings per share is not jeopardised.In view of the exceptional nature of developments in 2009 and therelated focus on cash management, which resulted in a strongimprovement in the financial position, it is proposed on a one-off basisto raise the distribution rate and to set the dividend at € 0.60 per€ 2.50 par value share, payable at shareholders’ discretion either fullyin cash or in shares charged to the share premium reserve.Source: NYSE EuronextISIN code: NL 0000375731Reuters code: NTCN.ASBloomberg code: KTC.NA◾ Royal Ten Cate◾ AEX◾ AMX1501401301201101009080706012Royal Ten Cate50JAN FEB MA APR MAY JUN JUL AUG SEP OCT NOV DEC