Investors / Dividends

DIVIDENDS


Declared dividends

The table below demonstrates the growth in Vector's declared dividend since 2006.

To date the following dividend payments have been announced/made:

DIVIDEND

PAYMENT DATE

AMOUNT

2018 Final Dividend 14 September 2018 8.0
2018 Interim Dividend 11 April 2018 8.25
2017 Final Dividend 15 September 2017 8.0
2017 Interim Dividend 13 April 2017 8.0
2016 Final Dividend 15 September 2016 8.0
2016 Interim Dividend 14 April 2016 7.75
2015 Final Dividend 21 September 2015 8.0
2015 Interim Dividend 15 April 2015 7.5
2014 Final Dividend 15 September 2014 7.75
2014 Interim Dividend 15 April 2014 7.5
2013 Final Dividend 13 September 2013 7.75
2013 Interim Dividend 15 April 2013 7.25
2012 Final Dividend 17 September 2012 7.5
2012 Interim Dividend 16 April 2012 7.0
2011 Final Dividend 19 September 2011 7.5
2011 Interim Dividend 14 April 2011 6.75
2010 Final Dividend 13 September 2010 7.5
2010 Interim Dividend 14 April 2010 6.5
2009 Final Dividend 15 September 2009 7.25
2009 Interim Dividend 14 April 2009 6.5
2008 Final Dividend 18 September 2008 6.75
2008 Interim Dividend 10 April 2008 6.5
2007 Final Dividend 4 September 2007 6.5
2007 Interim Dividend 10 April 2007 6.5

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Dividends per share and Total Dividend paid

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Dividend policy


Policy Statement

Vector will increase dividends by at least 0.25cps annually provided the company has the financial capacity to do so.

Policy Guidelines

Vector will ensure that after the payment of any dividend, the company:
 

  1. Maintains a BBB credit rating from Standard & Poors, or an equivalent rating from another credit rating agency of similar standard;

  2. Has the financial capacity to meet its medium-term investment and operating requirements; and

  3. Complies with all funding covenants and the solvency test mentioned in the Companies Act.


Dividends are made only at the discretion of the board of Vector. The payment of dividends is not guaranteed and Vector’s dividend policy may change.

Payment

Dividend payments will:

  1. Be split between interim and final dividends, in roughly equal measure; and

  2. To the extent it is possible and prudent to do so, be fully imputed.


Review

Vector’s electricity network is exposed to a regulatory reset on 1 April 2020. An adverse reset may impact Vector’s ability to deliver progressive dividends. It is therefore appropriate that we review this policy once the settings for the 2020 reset are finalised.

The dividend pay-out set out in this clause is not to be changed in any manner which results in a lower level of payments to the company's shareholders without the prior written agreement of Entrust, for such time as Entrust is a majority shareholder.