Dividends

Our approach to capital management and distribution policy is “better with you than with us.”

This is the opposite of building a ‘war chest’ and keeping cash for what the future might hold. We’re giving it back to shareholders as quickly as possible while also reducing debt.

At our Investor Day September 2017 the Board of Z Energy announced a new dividend policy. Subject to Z's performance and other relevant factors including the Directors' discretion, their assessment of investment opportunities available to Z, and Z's outlook, the Directors expect to pay a dividend of 80 – 100 percent of underlying free cash flow, defined as free cash flow after debt principle repayments, and to impute dividends to the extent possible.

Dividends to Shareholders, to the extent they will be paid, are expected to be payable in arrears for the six-month periods ended 30 September (interim dividend) and 31 March (final dividend). Interim dividends are expected to be paid in November/December and are expected to represent approximately 35% of the total full year forecast dividend. Final dividends are expected to be paid in May/June following the completion of the relevant financial year.

No guarantee can be given about future dividends, the level of imputation of such dividends (if any) or the extent of pay-out ratios for any future period as these matters will depend upon future events, including the profitability, growth opportunities, and financial and taxation position of Z and its subsidiaries. The payment of dividends by Z will be at the complete discretion of the Board.

Since listing in August 2013, Z has paid cash dividends of $448 million and grown the dividend per share from 22 cents in FY14 to 32.3 cents in FY18, an annual growth rate of 10 percent.

Declared Dividends

 

Declared dividends - cents per share

Dividend Payment date Record date Amount
FY 14 Interim Dividend 04 Dec 2013 22 Nov 2013 7.7 cents per share
FY 14 Final Dividend 04 Jun 2014 23 May 2014 14.3 cents per share
FY 15 Interim Dividend 03 Dec 2014 21 Nov 2014 7.7 cents per share
FY 15 Final Dividend 03 Jun 2015 22 May 2015 16.5 cents per share
FY 16 Interim Dividend 02 Dec 2015 20 Nov 2015 8.5 cents per share
FY 16 Final Dividend 08 Jun 2016 27 May 2016 18.1 cents per share
FY 17 Interim Dividend 12 Dec 2016 25 Nov 2016 9.4 cents per share
FY 17 Final Dividend 07 Jun 2017 26 May 2017 19.9 cents per share
FY 18 Interim Dividend 12 Dec 2017 01 Dec 2017 10.4 cents per share
FY 18 Final Dividend 30 May 2018 18 May 2018 21.9 cents per share
FY 19 Interim Dividend 11 Dec 2018 23 Nov 2018 12.5 cents per share