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075
ANNUAL REPORT FY2013/14
2009/10 2010/11 2011/12 2012/13 2013/14
Performance of the Group (continued)
Dividends
For the financial year ended 31 March 2014, the Board recommends a final dividend of 11 cents per share. After considering
the liquidity position of the Company, which is adequate to grow its business organically and to pursue strategic opportunities,
the Board is recommending a special dividend of 25 cents per share. Including the interim dividend of 10 cents per share paid
on 3 December 2013, the total dividend for the 2013/14 financial year will be 46 cents per share. This amounts to a payout
of approximately $541 million based on the number of issued shares as at 31 March 2014. Excluding the special dividend, the
total ordinary dividend per share of 21 cents translates to a payout ratio of 68.7 per cent, a decrease of 2.6 percentage points
compared to the 2012/13 payout ratio of 71.3 per cent.
Capital Expenditure and Cash Flow of the Group
Capital expenditure was $2,575 million, 37.3 per cent higher than last year. About 97 per cent of the capital spending was on
aircraft, spares and spare engines. Internally generated cash flow of $3,222 million (+12.7 per cent) was 1.25 times of capital
expenditure. The increase in internally generated cash flow was primarily due to cash flow from operations and higher proceeds
from disposal of aircraft, spares and spare engines.
Dividend Payout
Cents
150
120
90
60
30
0
Per Cent
50
60
70
80
40
2009/10 2010/11 2011/12 2012/13
R2
Group Capital Expenditure
$ Million
2,400
1,600
800
0
Times
1
2
3
4
0
R2 Excludes 80.0 cents and 25.0 cents per share special dividend in 2010/11 and 2013/14 respectively.
2013/14
R2