Newcrest’s dividend policy seeks to balance financial performance and capital commitments with a prudent leverage and gearing level for the Company. Newcrest looks to pay ordinary dividends that are sustainable over time having regard to its financial policy metrics, profitability, balance sheet strength and reinvestment options in the business. Going forward, Newcrest is targeting a total dividend payout of at least 10-30% of free cash flow generated for that financial year, with the dividend being no less than US 15 cents per share on a full year basis.
The Newcrest Board has determined that, having regard to the Company’s financial performance in the 2018 financial year and target financial policy metrics at year end, a final fully franked dividend of US 11.0 cents per share will be paid on 5 October 2018. The record date for entitlement is 29 August 2018. The financial impact of the dividend amounting to $84 million has not been recognised in the Consolidated Financial Statements for the year. The Dividend Reinvestment Plan remains in place. Key dates are below:
|Announcement/Declaration||Wednesday, 22 August 2018|
|Ex-Dividend Date||Tuesday, 28 August 2018|
|Record Date and Currency Conversion Date||Wednesday, 29 August 2018|
|Election Date - final date to elect to receive US dollars or PNG kina and/or to participate in the Dividend Reinvestment Plan (DRP)||Thursday, 30 August 2018|
|VWAP* period begins for DRP||Friday, 31 August 2018|
|VWAP* period ends for DRP||Thursday, 6 September 2018|
|Payment/Issue Date||Friday, 5 October 2018|
Newcrest changed its reporting currency from Australian dollars to US dollars in 2015. As a result, dividends are now determined in US dollars.
Shareholders will receive their dividend in Australian dollars unless:
(a) they have:
• nominated a PNG kina bank account domiciled in PNG by 17:00 AEST Thursday, 30 August 2018; or
• a registered address in PNG and have not nominated an Australian dollar bank account domiciled in Australia or a US dollar bank account domiciled in the United States of America by 17:00 AEST Thursday, 30 August 2018,
in which case they will receive their dividend in PNG kina; or
(b) they have nominated a US dollar bank account domiciled in the United States of America by 17:00 AEST Thursday, 30 August 2018, in which case they will receive their dividend in US dollars.
As dividends are determined in US dollars, for payments to be made in Australian dollars or Papua New Guinea kina, conversion into the relevant currency will be based on the foreign currency exchange rates applicable on the Record Date.
Newcrest's dividend history is indicated in the table below.
|2018 Final Dividend||US 11||100%||available 7 September|
|2018 Interim Dividend||US 7.5||100%||19.85|
|2017 Final Dividend||US 7.5||70||21.46|
|2017 Interim Dividend*||US 7.5||0||22.56|
|2016 Final Dividend*||US 7.5||0||22.49|
|2016 Interim Dividend||AU 0||0||0|
|2015 Final Dividend||AU 0||0||0|
|2015 Interim Dividend||AU 0||0||0|
|2014 Final Dividend||AU 0||0||0|
|2014 Interim Dividend||AU 0||0||0|
|2013 Final Dividend||AU 0||0||0|
* For non resident investors, the unfranked portion of the dividend has been paid from conduit foreign 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.
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