Rio Tinto announces full-year ordinary dividend of $6.2 billion
The Board is committed to maintaining an appropriate balance between cash returns to shareholders and investment in the business, with the intention of maximising shareholder value.
At the end of each financial period, the Board determines an appropriate total level of ordinary dividend per share, taking into account the results for the financial year, the outlook for our major commodities, the Board's view of the long-term growth prospects of the business and the company's objective of maintaining a strong balance sheet. The intention is that the balance between the interim and final dividend be weighted to the final dividend.
The Board expects total cash returns to shareholders over the longer term to be in a range of 40-60% of underlying earnings in aggregate through the cycle. Acknowledging the cyclical nature of the industry, in periods of strong earnings and cash generation, it is the Board's intention to supplement the ordinary dividends with additional returns to shareholders. They determine dividends in US dollars. They declare and pay Rio Tinto plc dividends in pounds sterling and Rio Tinto Limited dividends in Australian dollars. The 2020 interim dividend has been converted at exchange rates applicable on 28 July 2020 (the latest practicable date prior to the declaration of the dividend). American Depository Receipt (ADR) holders receive dividends at the declared rate in US dollars.
Other financial highlights include:
• Sustained improvement in safety performance, with the all injury frequency rate declining to 0.37 (0.42 in 2019), a reduction in the severity rate and fewer process safety incidents.
• They remain committed to their relationship with communities, following the Juukan Gorge events in the Pilbara. They are engaging extensively with Traditional Owners, including the Puutu Kunti Kurrama and Pinikura people, and indigenous leaders in the Pilbara and across Australia. A board-led review of their heritage management processes is underway. We will make a submission to the Inquiry by the Joint Standing Committee on Northern Australia by 31 July.
• $5.6 billion operating cash flow was 12% lower than 2019 first half, mainly due to lower prices and the effect of timing differences. In June 2020 we made a final payment of $1.0 billion in Australian income tax with respect to 2019 profits.
• $2.8 billion free cash flow was 28% lower than 2019 first half, reflecting the lower operating cash flow and a 13% rise in capital expenditure to $2.7 billion due to an increase in development capital.
• $9.6 billion underlying EBITDA was 6% lower than 2019 first half, primarily due to lower prices for aluminium and copper. Iron ore prices were stable, reflected in underlying EBITDA margin of 47%.
• $4.8 billion underlying earnings was 4% lower than 2019 first half. Taking exclusions into account, net earnings of $3.3 billion mainly reflected $1.0 billion of impairments, of four aluminium smelters and the Diavik diamond mine, and exchange rate movements.
• Maintained strength in their balance sheet with $4.8 billion of net debt, an increase of $1.2 billion, which mainly reflects $3.8 billion of cash returns paid to shareholders in 2020 first half, partly offset by the free cash flow of $2.8 billion.
• $2.5 billion interim ordinary dividend declared today, with interim pay-out ratio at 53% of first half underlying earnings, equivalent to 155 US cents per share, 3% higher than 2019 first half.
THE ConvaTEC share, whislt being mindful, have maintained in line with the prior year.Read more
The Aggreko Board withdrew its recommendation to pay the 2019 final dividend at its AGM in April and will not be revisiting this decision. However, given its confidence that the actions that the Group has taken, together with the continued, disciplined execution of its strategy, will increase further the resilience of the business and position it well for the future, the Board has approved the payment of an interim dividend of 5 pence per share for 2020. The reduction on the prior year does not represent a change in the Group's dividend policy, but rather reflects lower current year earnings and a continued level of market uncertainty.Read more
Given the performance throughout 2020, EVRAZ has announced an interim dividend.Read more
The interim dividend of 23.4p per share is expected to be paid on 4 September 2020.Read more
The Aviva Board has declared a second interim dividend in respect of the 2019 financial year of 6 pence per share. While the Board continues to monitor the impact of COVID-19 and the economic outlook, they have decided to take the opportunity to review their longer term dividend policy, in light of our strategic priorities and the future shape of the group, with the objective of a sustainable pay-out and lower levels of debt. They will update shareholders on all dividend matters, including the 2019 final dividend in the fourth quarter.Read more
In the first half of 2020, the final dividend for Spirent in 2019 of $20.5 million was paid (first half 2019: $16.7 million) and 2.0 million shares were purchased and placed into the Employee Share Ownership Trust (ESOT) at a cost of $4.7 million (first half 2019: 3.0 million shares at a cost of $6.1 million).Read more
Tritax have declared a Q2 dividend of 1.5625p resulting in H1 2020 dividend of 3.125p per share (H1 2019: 3.425p) representing a pay-out ratio of 96%. The Board will continue to monitor the dividend position for FY2020 with the potential to progressively increase the dividend when it has better visibility.Read more
The interim dividend proposed is £29.8m (30 June 2019: £29.8m), a payout of 4.5p per share (30 June 2019: 4.5p per share). Dividends continue to be satisfied by the Group's free cash, which comprises Retail free cash generated and dividends received from AICL.Read more
The Segro Board has previously guided that the interim dividend will be set at one-third of the previous year's total dividend. As a result, and consistent with this guidance, the Board has declared an increase in the interim dividend of 0.6 pence per share to 6.9 pence (H1 2019: 6.3 pence), a rise of 9.5 per cent. The Board currently expects to follow its existing policy of targeting a pay-out ratio of 85 to 95 per cent of Adjusted profit after tax when considering the full year 2020 dividend.Read more
Legal & General businesses and balance sheet have shown resilience during the first several months of the COVID-19 pandemic. As a long term company, they take into consideration stakeholders. The Board has declared an interim dividend of 4.93p per share, in line with prior year, in order to maintain flexibility as the economic effect of COVID-19 becomes clearer. The Board will set a final dividend that is prudent, consistent with a risk appetite and in line with their dividend policy.Read more