Listing

On 9 April 1999 the shares of VPK PACKAGING GROUP NV (VPG) were listed on the Cash Market, double fixing of the Brussels stock exchange, at a rate of € 29.
Since 24 March 2000 the shares have been traded on the Continuous Market.

Brussels Stock Exchange and the price of VPK in 2009.

The VPG share price increased by 11.0% during the year of 2009. The closing price at the end of December 2009 was € 23.85, while it stood at € 21.49 at the end of December 2008.
The recovery of the VPG share price did not keep pace with the general improvement in share prices witnessed in 2009. For comparison, the Bel-20 grew by more than 30% over the same period.
The VPG share price reached its lowest point during 2009 on 30 January. It then fluctuated between € 18 and € 20.
From the second half of August, the share price averaged a higher level, between € 23 and € 27. The maximum price in 2009 was achieved on 9 September (€ 27.01). The closing price at the end of December was € 23.85. At the end of 2009 the stock market capitalisation of the company was € 209.2 m compared to € 188.5 m at the end of 2008.

Dividend

Since its stock market launch, VPK PACKAGING GROUP NV has adopted a consistent dividend policy that aims to foster both a sound financial policy and appropriate reward for shareholders. This is dependent on circumstances and the company’s results, all in comparison with other companies listed on Euronext Brussels.
In line with the above policy, and in view of the exceptional circumstances affecting the results for 2008, no dividend was paid in respect of the 2008 financial year.
Considering the robust results and the strong balance sheet, the board of directors proposes, in respect of the 2009 financial year, to fix the gross dividend at € 0.75 per share, representing € 0.56 net for ordinary shares (after deduction of the 25% withholding tax), and € 0.64 net for VVPR shares (after deduction of the 15% withholding tax). This is an increase of 15.4% compared to the previous dividend paid over 2007 (€ 0.65) and results in a payout ratio of 25.1% compared to 19.2% over 2007.
The dividend will be payable as from 20 May 2010. This enables the company to resume its dividend policy of increasing the dividend each year, in the absence of exceptional circumstances.

Purchase of own shares

In 2009, in accordance with the articles of association and company law rules, a subsidiary of VPK PACKAGING GROUP NV purchased 66,212 of the company’s own shares. At 31 December 2009 we held a total of 606,209 of the company’s own shares in our portfolio (compared to 539,997 at 31 December 2008).