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Dividend Policy

The Company has the following dividend policy:

  • Regular payout ratio is 50% of underlying net earnings (net earning adjusted for non-cash foreign gains/losses and impairment charges) for the period on a semi-annual basis, subject to a hard ceiling of Net debt / Adjusted EBITDA ratio below 2.5x;
  • After the end of each financial year, the Board considers a special dividend payment, based, among other factors, on the Company’s available free cash flow (post regular dividends), forward-looking financial projections, market outlook and other investment requirements;
  • This practice has been started since March 2017. Link to the press release

Dividend History

Dividend Type Record Date Date Paid Amount, US$M Amount,
per share, US$
Exchange Rate Press Release
Final dividend for 2019 11 May 2020 29 May 2020 197 0.42 TBA 15 May 2020
Special dividend for 2019 14 Feb 2020 05 Mar 2020 94 0.20 £1.00=US$1.29948
€1.00=US$1.08180
Interim dividend for 2019 06 Sep 2019 27 Sep 2019 94 0.20 £1.00=US$1.2369
€1.00=US$1.1045
Final dividend for 2018 10 May 2019 24 May 2019 146 0.31 £1.00=US$1.2930
€1.00=US$1.1222
Interim dividend for 2018 07 Sep 2018 28 Sep 2018 77 0.17 £1.00=US$1.3009
€1.00=US$1.1598
Final dividend for 2017 11 May 2018 23 May 2018 136 0.30 £1.00=US$1.3478
Interim dividend for 2017 8 Sep 2017 29 Sep 2017 60 0.14 £1.00=US$1.3203
Final dividend for 2016 5 May 2017 26 May 2017 77 0.18 £1.00=US$1.2882
Special dividend for 2016 16 Dec 2016 29 Dec 2016 64 0.15 £1.00=US$1.2392
Interim dividend for 1H 2016 2 Sep 2016 23 Sep 2016 38 0.09 £1.00=US$1.3362
Final dividend for 2015 6 May 2016 27 May 2016 55 0.13 £1.00=US$1.4487
Special dividend for 2015 11 Dec 2015 24 Dec 2015 127 0.30 £1.00=US$1.5180
Interim dividend for 1H 2015 4 Sep 2015 25 Sep 2015 34 0.08 £1.00=US$1.5380
Final dividend for 2014 1 May 2015 29 May 2015 55 0.13 £1.00=US$1.5203
Special dividend for 2014 19 Dec 2014 23 Jan 2015 84 0.20 £1.00=US$1.5537
Interim dividend for 1H 2014 5 Sep 2014 26 Sep 2014 31 0.08 £1.00=US$1.6267
Final dividend for 2013 2 May 2014 30 May 2014 31 0.08 £1.00=US$1.6975
Interim dividend for 1H 2013 6 Sep 2013 26 Sep 2013 4 0.01 £1.00=US$1.5712
Final dividend for 2012 17 May 2013 19 Jun 2013 119 0.31 £1.00=US$1.5136
Special dividend for 2012 14 Dec 2012 21 Jan 2013 191 0.50 £1.00=US$1.6050
Final dividend for 2011 18 May 2012 18 Jun 2012 77 0.20 £1.00=US$1.5576
TOTAL 1,793 4.18