Newcrest’s dividend policy balances financial performance and capital commitments with a prudent gearing level for the company. Newcrest’s ordinary dividends are expected to be sustainable and grow moderately over time. Newcrest’s special dividends are linked to shorter term market conditions and financial performance, balanced against capital requirements.
The Newcrest Board determined there would be no interim dividend paid for the 2014 financial year, due to the reduced level of profitability in the period, the level of gearing at 31 December 2013, and the planned application of operating cash flow to completion of the Cadia East Panel Cave 2 in the 2015 financial year. This is consistent with the Company’s Dividend Policy, with dividend levels set having regard to profitability, balance sheet strength and reinvestment options in the business.
The Dividend Reinvestment Programme (DRP) remains in place and is offered to eligible shareholders at market price. At this time, it is not offered to shareholders with addresses in Canada, Japan or the United States of America.
Newcrest's dividend history is indicated in the table below.
|Payment Date||Payment Amount
|2014 Interim Dividend||0||0||0|
|2013 Final Dividend||0||0||0|
* For non resident investors, the unfranked portion of the dividend has been paid from foreign sourced income and is therefore exempt from Australian withholding tax.
** Of the 19.55 cents per share unfranked portion, 17.25 cents is funded out of conduit foreign income.
The DRP price represents the volume weighted average sale price for the fully paid ordinary shares in the capital of the Company in the five trading days immediately before the Record Date
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