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.
Summary and upcoming and historical dividends.
|Dividend||Record date||Payment date||Amount|
|2019 Interim dividend||12 September 2019||19 September 2019||2 cents per share|
|2018 Final dividend||7 March 2019||21 March 2019||4.5 cents per share|
|2018 Interim dividend||13 September 2018||20 September 2018||3 cents per share|
|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|