6 - Vicat

information concerning the asset base,the financial condition and the results of the issuer20Financial20.4. Auditors' fees20.4. AUDITORS’ FEESThe auditors’ fees paid by the Company and theGroup to KPMG Audit and to Cabinet Wolff &Associés for the years 2008 and 2009 are presentedin Note 32 of Section 20.2.2. “Notes to the 2009 consolidatedfinancial statements” of this RegistrationDocument.20.5. DIVIDEND POLICYThe Company can decide to distribute dividends fora given year on a proposal from the Board of directorsand approval of the General Meeting of theshareholders.For the three preceding years, the dividends distributedby the Company and the earnings per sharewere as follows :20092008 2007(dividend proposed tothe General MeetingDividend per share (in euros/share) 1.50 1.50 1.50Consolidated earnings per share (in euros/share) 4.26 5.46 6.40Rate of distribution 35 % 27 % 23 %The Company’s objective for future years is to distributein cash to shareholders a level of dividendin line with that proposed by the Board of directorsfor previous financial periods.Nevertheless, the factors on which the distributionand the amount of distributed dividend dependare the results, the financial condition, the financialneeds related to industrial and financial development,the prospects for the Group and all otherdeterminative factors such as the general economicenvironment.Regardless of the objective which the Company intendsto prioritize, it cannot guarantee that in thefuture dividends will be distributed nor the amountof any future dividend.20.6. LEGAL PROCEEDINGSAND ARBITRATIONThe Group is involved in certain disputes, legal, administrativeor arbitration proceedings in the ordinarycourse of its business. The Group constitutes aprovision each time a given risk presents a substantialprobability of materializing before the end of thefinancial year and when an estimate of the financialconsequences related to such risk is possible.The principal disputes and administrative, legal or arbitrationproceedings in progress in which the Groupis involved are detailed below.20.6.1. “Maurienne” dispute2006 was marked by the discovery of significantdamages linked to the production of aggregates onthe site of Saint-Martin-la-Porte in the Maurienne valleyin 2004.From February to the end of August 2004, a quarryand two concrete batching plants belonging to“Béton Rhône-Alpes” (BRA), a subsidiary of theGroup, located in the Maurienne valley, sold 22,000tonnes of aggregates and 15,000 m 3 of concretes,potentially contaminated with gypsum.These materials, containing heterogeneous sulfate,did not come from a quarry owned by the Group butfrom materials recycled at the request of Lyon-TurinFerroviaire (LTF), a public sector client responsiblefor constructing the high speed railway line fromLyon to Turin. The materials resulting from boring theexploratory headings were intended to be recyclednear their place of extraction, pursuant to principlesof sustainable development.An accidental mixture of limestone and gypsum,which occurred at the time of handling after sorting,contributed to the occurrence of defects whichappeared more than two years after use of the contaminatedmaterials.The appraisals by court order that have been concludedor that are in progress have found BRA liable,notwithstanding the use of materials as well as certain184 VICAT - 2009 registration document