Annual Report 09 - Viscofan

50Viscofan TodayLetter from the ChairmanViscofan WorldwideMilestones of Company historyA guide to Viscofan productsGroup structureSignificant shareholdingsBoard of DirectorsOrganisational ChartCorporate StrategyStrategic vectorsCreation of value: market and strategyBusiness performance2009 highlights2009 financial resultsCorporate responsibilityGood governance practicesViscofan in the stock marketHuman resourcesViscofan and customers, a commitmentto quality, service and safety food.Research, development and innovationViscofan and the sustainabilityViscofan S.A. and subsidiariesNotes to the consolidated financial statementsConsolidated Director’s ReportViscofan, S.A.Notes to the Viscofan S.A. financial statementsViscofan S.A Directors’ ReportAnnual corporate governance reportDirectory of Viscofan sitesShareholder remuneration: Dividend and share buybacksIn 2009, the Company rewarded its shareholders in terms of dividends, an issue premium refund and a GeneralMeeting attendance bonus in the amount of 0.500 per share gross. Shareholder remuneration thus amountedto over 23.3 million in 2009, 12.3% up on 2008.Viscofan’s Board agreed the distribution of an interim dividend on 2009 results of 0.260 per share gross,payment of which was made on 22 December 2009, ahead of the traditional January payment so as to takeadvantage of the more favourable tax treatment of dividends in 2009 (versus 2010). Meanwhile, in line with theimprovement in returns and earnings, the Board has proposed an additional remuneration to shareholders of0.357 per share in the form of a share premium redemption and of 0.006 per share in the form of GeneralShareholders’ Meeting attendance bonus. As a result, the total shareholder remuneration proposed for 2009stands at 0.623 per share, 24.6% up on the previous year’s figure.This shareholder remuneration implies that 45.2% of 2009 earnings per share will be paid out, thereby meetingthe Company’s target of remunerating this year’s shareholders in line with the improvement seen in its results,thus ensuring that they participate in Viscofan’s positive performance, making visible the cash flow generatedduring a period in which access to liquidity remains difficult.Viscofan, its shareholders and investorsThrough its Investor Relations Department and the Shareholder Desk, one of Viscofan’s objectives is to createvalue for investors by improving transparency and providing them with relevant information in order to gain abetter understanding of the company, its results, its strategy, and operations.Viscofan is in close contact with the financial markets and its agents and, with a growing trading volume in itsshares, it is able to boast one of the best rotation indices among small and medium capitalisation stocks. Againsta backdrop of decreasing liquidity levels, Viscofan’s average daily trading ratios continue to improve, both interms of share volume (90.4% rotation of total number of listed shares) and average daily cash value traded,which has risen to 2.6 million versus 1.9 million last year.In 2009, a total of 17 research companies (both national and international) covered the company on an ongoingbasis, 96% of which had a positive recommendation throughout the year.The Investor Relations Department and the Shareholder Desk provide the financial community and privateinvestors with different communication channels in order to promote a better understanding of the company’sprogress and to make available the information required by both.The main communications channels used by the company have been presentations at seminars and events forthe financial community, road shows with institutional investors set up either by the company or brokers, resultspresentations, the General Shareholders’ Meeting, meetings in Viscofan’s Head Offices, telephone calls to aviscofan.com), information on the website www.viscofan.com, as well as notices and periodic public informationsent to the CNMV.The result of all this was that in 2009 Viscofan held 170 meetings with investors (171 in 2008) in 12 financialcentres in different countries (7 in 2008).