H. Profit allocation policy
For more than fifteen years, the Board has regularly proposed increasing the return on capital. Its aim, provided the results allow, is to increase the dividend year after year by a rate at least equal to the inflation rate. It is important to reconcile two points of view:
In 2008, a pause in this trend was necessary in view of
the depth of the crisis. For 2009, the Board is proposing to
increase the gross dividend by EUR 0.20 per share to take
it to EUR 6.60.
I. Information to the shareholders
The Company’s website (www.bois-sauvage.be) is regularly
updated in order to ensure better information for its shareholders,
thereby allowing them to exercise their rights as
effectively as possible.
The intrinsic value of the share is published on the site each
month, and also at the time of the press releases on halfyearly
and annual results.
Continuing the Company’s transparency policy, this report
provides the detailed composition of the consolidated portfolio
as at 31 December 2009 on Pages 19, 20, 25 and
42.
Compagnie du Bois Sauvage is quoted on Euronext Brussels.
The Company is part of the BEL Mid index, on which
shares are admitted on the basis of liquidity and floating
market capitalisation.
Since 2004, the company has commissioned the Degroof Bank to improve the share’s Stock Exchange liquidity. This enables Compagnie du Bois Sauvage shares to be quoted on a continuous basis on the new Euronext-NYSE platform, thereby offering investors the possibility of dealing at any time of the day without liquidity constraints.
The number of shares issued was 1,562,710 as at 31 December
2009, unchanged compared to the end of 2008.
The number of fully diluted shares was 1,891,855 at the
end of 2009 as against 1,888,705 at the end of 2008.
This increase is the effect of the allocation of 3,150 options
for the staff at the Extraordinary General Meeting of 22
April 2009.
The annual volume of traded shares in 2009 was 118,540.
The average daily volume was 463, as against 480 in
2008.
Banque Degroof, BNP Paribas Fortis and KBC Banks regularly
publish analyses of the Company, which are available
from the Company.
J. Relationship with the main shareholder
Entreprises et Chemins de Fer en Chine is a holding company
whose shares are traded by public sale and has the
role of ensuring the stability of the Group’s shareholding.
Fingaren, a privately-owned holding owns 86.5% of Entreprises
et Chemins de Fer en Chine.
Since the annual general meeting of 22 April 2009, Compagnie du Bois Sauvage and Entreprises et Chemins de Fer en Chine have two shared directors: Guy Paquot and Pierre-Yves de Laminne de Bex.
There is no agreement whatsoever between the two companies,
and no remuneration, benefit, management or other
fee is paid by Compagnie du Bois Sauvage or any of its
subsidiaries to Entreprises et Chemins de Fer en Chine, Sinorail
or Fingaren.
The company has no knowledge of the existence of any shareholder or director pacts.