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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 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 138 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 1,408 3.36