EPS, dividend and ROI

Earnings per share

Net income from total operations amounted to €754 million (2009: €285 million), including €90 million attributable to discontinued operations. Earnings per share from total operations increased from €1.23 to €3.23. Earnings per share from continuing operations also more than doubled from €1.09 to €2.85.

Dividend proposal

We have announced a simplified dividend policy and intend to pay a stable to rising dividend, whereby a cash interim and final dividend will be paid. We will propose a 2010 final dividend of €1.08 per share, which would make a total 2010 dividend of €1.40 (2009: €1.35).

Economic Value Added (EVA)

EVA is calculated by deducting from net operating profit after tax (NOPAT) a capital charge representing the cost of capital calculated on the basis of an average return investors expect. EVA for 2010 totaled a negative amount of €142 million (2009: €390 million negative, restated to exclude National Starch).

Returns on invested capital

We monitor our return on investments (ROI) by two measures:

Both measures developed positively during 2010.