Our dividend policy

Our dividend policy is to pay 80% of Free Cash Flow (FCF) as ordinary dividends subject to the Board’s due consideration of the Company’s medium-term asset investment programme, 20% targeted average gearing level and future circumstances, including the profitability, growth opportunities, and the financial and taxation position of Refining NZ. Free Cash Flow is the Net Cash from Operating Activities less normalised stay-in-business capital.

Dividend payments are expected to be split into an interim dividend paid in September and a final dividend paid in March.

It is the intention of the Board to attach imputation credits to dividends to the extent that they are available.

Dividend payments

Summary and upcoming and historical dividends.

Dividend Record date Payment date Amount
2018 Interim dividend tba tba tba
2017 Final dividend 15 March 2018 22 March 2018 12 cents per share
2017 Interim dividend 14 September 2017 28 September 2017 6 cents per share
2016 Final dividend 16 March 2017 30 March 2017 6 cents per share
2016 Interim dividend 8 September 2016 22 September 2016 3 cents per share
2015 Final dividend 10 March 2016 24 March 2016 20 cents per share
2015 Interim dividend 10 September 2015 24 September 2015 5 cents per share