South32 decrease full-year dividend 25% and special dividend 43%
South32 have announced a decrease of 25% in their full-year dividend to 7.90 US cents, down from 10.50 US cents. They have also announced a decrease in their special dividend, from 3.0 to 1.7 US cents.
The Group's statutory profit after tax declined by US$943M (or 71%) to US$389M in FY19. Consistent with their accounting policies, various items are excluded from the Group's statutory profit to derive Underlying earnings including: exchange rate loss on restatement of monetary items (US$3M pre-tax); impairment loss (US$504M pre-tax); loss on fair value movements of non-trading derivative instruments and other investments (US$35Mpre-tax); major corporate restructures (US$28M pre-tax); profit associated with earnings adjustments included in their equity accounted investments (EAI) (US$17M); exchange rate gains associated with the Group's non US dollar denominated net debt (US$34M pre-tax), and the tax expense for all pre-tax earnings adjustments and exchange rate variations on tax balances (US$84M).
The Group's Underlying EBITDA declined by US$319M (or 13%) to US$2.2B, for an operating margin of 34%. Lower aluminium and thermal coal prices more than offset stronger prices for alumina, contributing to a US$275M reduction in Revenue, despite higher volumes. While the Group benefitted from weaker producer currencies and cost reduction initiatives across labour, energy and materials usage, total costs rose with higher production and the commencement of several improvement initiatives at Worsley Alumina to support a sustainable increase in production to nameplate capacity. Underlying EBIT decreased by US$334M (or 19%) to US$1.4B as depreciation and amortisation increased by a modest US$15M with the higher production volumes. Underlying earnings declined by US$335M (or 25%) to US$992M as a change in their geographic earnings mix and permanent differences led to an increase in their Underlying effective tax rate (ETR).
The Smiths Group Board has a progressive dividend policy, aiming to increase dividends in line with long-term underlying growth in earnings and cash-flow. This policy enables them to retain sufficient cash-flow to finance investment in the drivers of growth and meet their financial obligations. In setting the level of dividend payments, the Board considers prevailing economic conditions and future investment plans, along with the objective to maintain minimum dividend cover of around 2.0x.Read more
Next are declaring an ordinary dividend of 57.5p, up +4.5% on last year, to be paid on 2 January 2020. Shares will trade ex-dividend from 5 December 2019 and the record date will be 6 December 2019.Read more
Kier group paid an interim dividend of 4.9p on 17 May 2019. However, the Company has suspended the final dividend for FY2019 and the dividend for FY2020. The Board will continue to review the Company's dividend policy for future financial periods.Read more
The Saga Board of Directors has considered the early progress made in the implementation of the Group's revised strategy and is confident in the ability of Saga to achieve the full year target for Underlying Profit Before Tax of between £105m and £120m.Read more
The Games Workshop Board has today declared a dividend of 35 pence per share. This is in line with the Company's policy to distribute truly surplus cash. This will be paid on 8 November 2019 for shareholders on the register at 27 September 2019, with an ex-dividend date of 26 September 2019. The last date for elections for the dividend re-investment plan is 11 October 2019.Read more
The Kingfisher Board has declared an interim dividend of 3.33p, flat on last year (2018/19: 3.33p). They continue to be comfortable with medium term dividend cover in the range of 2.0 to 2.5 times based on adjusted basic earnings per share, a level the Board believes is prudent and consistent with the capital needs of the business.Read more
Cenkos' dividend policy, as stated in the 2018 Annual Report, is to use earnings and cash flow to underpin shareholder returns through a combination of dividend payments and share buy-backs into treasury. Their goal is to pay a stable ordinary dividend, reinvest in the firm and return excess cash to shareholders subject to capital and liquidity requirements and the prevailing market conditions and outlook. As at 30 June 2019, Cenkos had a capital resources surplus of £15.9 million (30 June 2018: £12.0 million) above the Pillar 1 regulatory capital requirement.Read more
The CAML Board of Directors is pleased to declare an interim dividend of 6.5 pence per ordinary share, which is in line with the Company's stated policy and consistent with the previous corresponding period. This will be paid on 25 October 2019 to shareholders registered on 4 October 2019.Read more
The NAHL Board is declaring an interim dividend of 2.6p per share payable on 31 October 2019 to ordinary shareholders registered on 27 September 2019. Their policy is to have a dividend cover of twice underlying EPS, before exceptional costs and non-cash charges.Read more
The Wetherspoons board has proposed, subject to shareholders' approval, to pay an unchanged final dividend of 8.0p per share, on 28 November 2019, to shareholders on the register on 25 October 2019, giving an unchanged total dividend for the year of 12.0p per share. The dividend is covered 5.8 times (2018: 5.3 times).Read more