Dividend Policy

• The declaration and amount of any dividend is at the sole discretion of the Directors at that time and is dependent on many factors including
  • debt levels relative to Refining NZ`s targeted 10-20% gearing (D/(D+E)) ratio,

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    Current

    

    2016 Interim Report
    PDF file, 1116KBMB

    

    2015 Annual Report
    PDF file, 7441MB                   profitability, cash flow requirements, financial conditions and teax imputation credits.

• The aspiration is to pay top quartile NZX50 dividend returns over the investment cycle, specifically:
  • During periods leading up to and including major capital expenditure the dividend pay-out expressed as a percentage of NPAT will be in the 40-60% range unless otherwise advised by the Directors.
  • During periods of modest capital expenditure and optimum debt levels, the dividend pay-out percentage will be above 60% unless otherwise advised by the Directors.