Subsequent balance sheet events On 13 February 2009 the decision was taken to close down the Hungarian production facility, following the declaration of intent of early January 2009. Given that the social negotiations are still ongoing, the restructuring expense cannot yet be estimated and is therefore not included in the balance sheet.
Prospects 2009: steady as she goes, into the wind It is difficult to look ahead in the present economic situation.
The turnover indicators for 2009 are currently inclining toward slightly negative growth, but Van de Velde is pursuing stable turnover in 2009 (excluding Sarda) versus 2008.
Sarda turnover (on an annual basis) will be lower than in 2008, given the restructuring of customers and brands. Sarda will be at full strength at the start of 2010 (first impacts of brand strategy and internationalisation, impact of cost savings).
Van de Velde will continue to roll out all strategic programmes and will combine operational efficiency (cost savings) with strategic growth opportunities. These opportunities are the development of the brands, all customer programmes, the development of new zones, the growth of Intimacy and the quest for suitable acquisition opportunities.
Van de Velde wishes to enter 2010 with a stronger recurrent EBITDA basis, through this blend of efficiency improvements and the continued rollout of strategic programmes.
Van de Velde intends to remain debt-free as long as the recession continues, while the dividend policy will be maintained.
Dividend proposal: maintenance of 2007 level at €0.9/share The Board of Directors proposes to the General Meeting of Shareholders that a dividend be paid over 2008 of 40% of group income, with the exception of the profit based on the equity method.
This dividend will not be paid out on repurchased own shares, so that the gross dividend per share can be kept at 0.9 euros, which results in a dividend payout of 42%.
After payment of the 25% withholding taxes, the net dividend is 0.675 euros per share.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
