2009 - Jaarverslag

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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
Number of shares in issueNumber of shares in issue on 31 December 2008 23,966,901Issue of shares –Increase in share capital as a result of stock dividend 1,100,679Total number of outstanding shareson 31 December 2009 25,067,580Changes in the number of outstanding shares 2009 2008Par value € 2.50 € 2.50Highest price € 18.50 € 27.19Lowest price € 10.31 € 11.60Closing price € 18.43 € 16.05Earnings per share € 0.97 € 2.18Dividend per share € 0.60 € 0.85DISCLOSURE OF MAJOR HOLDINGS IN LISTEDCOMPANIES ACTThe register maintained by the Netherlands Authority for theFinancial Markets (AFM) in connection with the disclosure of majorholdings in listed companies contains details of the following investors(percentages based on the latest AFM return).Name Date of disclosure PercentageDelta Deelnemingen Fonds N.V. 15 January 2010 5.09%Kempen Oranje Participaties N.V. 1 January 2010 6.34%Schroders plc 27 October 2009 8.25%Allianz Global Investors mbH 28 October 2008 4.99%WAM Acquisitions GP. Inc. 1 November 2006 8.99%Delta Lloyd N.V. plc 1 November 2006 5.08%Current holdings vary and may differ from the information providedabove. There is a geographically diversified group of institutional andother investors who have long been shareholders in TenCate withsubstantial holdings below the 5% level. As can be seen from theaccompanying geographic breakdown of institutional shareholders,the Netherlands, Germany, the United Kingdom and the United Statesremain the most prominent regions.OPTION PLAN, SHAREHOLDINGS OF PERSONNELAND EXECUTIVE BOARDDetails of the option plan for managers and members of the ExecutiveBoard can be found on page 142 of this annual report. The sharesrepurchased by the company relate to the hedging of granted optionswhich have become fully vested.Details of the company’s shares and options held by members of theExecutive and Supervisory Boards can be found on page 142 of thisreport.Important dates in 2010Publication of 2009 full-year figures4 MarchAnnual General Meeting of Shareholders8 AprilEx-dividend date12 AprilRecord date: determination of dividend entitlements 14 AprilOption period for cash or stock dividend15 April to3 May inclusivePublication of trading update for first quarter4 MayPayment of dividend / delivery of shares (stock)6 MayPublication of half-year figures 201026 AugustPublication of trading update for third quarter4 NovemberGeographic spread of institutional shareholders in per cent21%5%6%22%22%◾ Netherlands◾ United Kingdom◾ United States◾ Germany/Switzerland◾ Belgium◾ Scandinavia24%Annual Report 2009 13
Page 1 and 2: Royal Ten CateAnnual Report 2009Con
Page 3 and 4: COMMERCIAL OVERVIEWas at 1 January
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CORPORATE INFORMATIONbodies, in par
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SPACE COMPOSITESGalileo is the firs
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24 Share capital 10125 Pension liab
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Consolidated balance sheetin millio
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OTHER INFORMATIONThe term of the fi
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Company financial statements58 COMP
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OTHER INFORMATIONSUBSEQUENT EVENTSA
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Ten-year summaryIn millions of euro
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OTHER ACTIVITIESNON-CONSOLIDATED CO
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Royal Ten Cateinvestor relations &
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2009 - Jaarverslag

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