Our approach to capital management and distribution policy is “better with you than with us.”

This is the opposite of building a ‘war chest’ and keeping cash for what the future might hold. We’re giving it back to shareholders while also reducing debt.

Since listing in 2013 Z Energy has paid cash dividends of $1.77 per share totalling $709 million of cash dividends. Dividend per share has grown from 22.0 cps in FY14 to 43.0 cps at end of FY19 an almost 100% increase in five years.

At our full year earnings in May 2019 the company announced a simplification to the dividend policy.

In doing so, the Board of Z Energy expect to pay ordinary dividends of 70-85% Operating Cashflow less Integrity Capex; where Operating Cashflow is defined as RC EBITDAF less RC Tax and net financing costs.

It is the intention of the Board to impute dividends to the fullest extent possible.

Dividends to Shareholders are subject to Z`s performance and other relevant factors including the Directors` discretion, their assessment of investment opportunities available to Z and Z`s outlook. Dividends, if paid, are expected to be payable in arrears for the six-month period ended 30 September (interim dividend) and 31 March (final dividend).

Interim dividends are expected to be paid in November/December and are expected to represent approximately 35% of the total full year forecast dividend. Final dividends are expected to be paid in May/June following the completion of the relevant financial year.

No guarantee can be given about future dividends, the level of imputation of such dividends (if any) or the extent of pay-out ratios for any future period as these matters will depend upon future events, including the profitability, growth opportunities, and financial and taxation position of Z and its subsidiaries. The payment of dividends by Z will be at the complete discretion of the Board.