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DIVIDENDS
1. SHAREHOLDER DELIVERY
Trading conditions are stabilising and the group’s financial position and debt ratios have strengthened. Capital expenditure for the year ahead is expected
to be significantly lower than originally forecast and the board has therefore resolved to resume dividend payments. A dividend of 100 cents per share
has been declared. The board will consider future dividends based on the group’s funding requirements and the trading and funding conditions
prevailing at the time.
In the absence of unforeseen circumstances, it is the intention to gradually increase the dividend payout ratio in the coming periods, but this is unlikely
to exceed 50% of fully diluted adjusted headline earnings per share in the foreseeable future.
MANAGING OUR FINANCIAL POSITION
JOINT REPORT OF THE CHIEF EXECUTIVE AND CHIEF FINANCIAL OFFICER continued
Ordinary shareholders’ funds
Ordinary shareholders’ equity increased by R641 million. The significant movements are summarised in the table below:
Share capital, treasury shares and treasury options 116
Share issues following the exercise of treasury share options 118
Shares disposed by Dinokana (deemed a sale of treasury shares) 37
Treasury share options acquired on exercising options by participants (40)
Other 1
Distributable and other reserves 525
Share based payment expense 37
FCTR loss for the year (66)
Profit on increase in minority funding 11
Premium paid on acquisition of minorities’ interests (28)
Profit on shares disposed by Dinokana (deemed a sale of treasury shares) 18
Transfer from hedging reserve to statement of comprehensive income 44
Profit attributable to ordinary shareholders 513
Delivery of share awards (4)
Monticello
Rm
641
29