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Analyse the payout decisions made by the company in the last 5 years and compare them with industry or peer firms. Recommend the payout policy
Analyse the payout decisions made by the company in the last 5 years and compare them with industry or peer firms. Recommend the payout policy for next year. Certain factors influence both financing and dividend decisions. Ensure that the sections are appropriately organized and avoid the redundant presentation of facts and statistics.
( The data is not given but must be extracted because it is an ASX listed company so I extract it myself )
(You can skip the part of comparing the company with the industry or peer firms )
| ance Date | Dividend Type | Cent Per Share | Currency | Franked % | Dividend Ex Date | Books Close Date | Pay Date |
| 30/06/2023 | Final | 25.00 | AUD | 100.00 | 06/09/2023 | 07/09/2023 | 29/09/2023 |
| 30/06/2023 | Interim | 50.00 | AUD | 100.00 | 06/03/2023 | 07/03/2023 | 30/03/2023 |
| 30/06/2022 | Final | 48.50 | AUD | 100.00 | 05/09/2022 | 06/09/2022 | 29/09/2022 |
| 30/06/2022 | Interim | 48.50 | AUD | 100.00 | 07/03/2022 | 08/03/2022 | 31/03/2022 |
| 30/06/2021 | Final | 103.00 | AUD | 100.00 | 06/09/2021 | 07/09/2021 | 30/09/2021 |
| 30/06/2021 | Interim | 48.50 | AUD | 100.00 | 08/03/2021 | 09/03/2021 | 31/03/2021 |
| 30/06/2020 | Interim | 62.50 | AUD | 100.00 | 05/03/2020 | 06/03/2020 | 27/03/2020 |
| 30/06/2019 | Final | 91.50 | AUD | 100.00 | 05/09/2019 | 06/09/2019 | 30/09/2019 |
| 30/06/2019 | Interim | 60.00 | AUD | 100.00 | 06/03/2019 | 07/03/2019 | 29/03/2019 |
| 30/06/2018 | Final | 86.50 | AUD | 100.00 | 05/09/2018 | 06/09/2018 | 28/09/2018 |
| 30/06/2018 | Interim | 57.50 | AUD | 100.00 | 06/03/2018 | 07/03/2018 | 29/03/2018 |
| 30/06/2017 | Final | 81.50 | AUD | 100.00 | 05/09/2017 | 06/09/2017 | 28/09/2017 |
| 30/06/2017 | Interim | 53.00 | AUD | 100.00 | 07/03/2017 | 08/03/2017 | 29/03/2017 |
| Item | 06/18 | 06/19 | 06/20 | 06/21 | 06/22 | 06/23 |
| Operating Revenue | 9,136,626,000.00 | 11,512,770,000.00 | 11,932,800,000.00 | 12,348,300,000.00 | 13,082,100,000.00 | 14,863,000,000.00 |
| Other Revenue | 40,124,000.00 | 76,533,000.00 | 476,000,000.00 | 976,900,000.00 | 657,900,000.00 | 466,300,000.00 |
| Total Revenue Excluding Interest | 9,176,750,000.00 | 11,589,303,000.00 | 12,408,800,000.00 | 13,325,200,000.00 | 13,740,000,000.00 | 15,329,300,000.00 |
| Operating Expenses | -7,926,663,000.00 | -9,975,740,000.00 | -10,600,600,000.00 | -11,271,700,000.00 | -11,872,600,000.00 | -13,378,000,000.00 |
| EBITDA | 1,250,087,000.00 | 1,613,563,000.00 | 1,808,200,000.00 | 2,053,500,000.00 | 1,867,400,000.00 | 1,951,300,000.00 |
| Depreciation | -372,791,000.00 | -458,777,000.00 | -841,900,000.00 | -849,300,000.00 | -881,800,000.00 | -940,300,000.00 |
| Amortisation | -19,211,000.00 | -26,901,000.00 | -51,300,000.00 | -50,100,000.00 | -45,800,000.00 | -48,800,000.00 |
| Depreciation and Amortisation | -392,002,000.00 | -485,678,000.00 | -893,200,000.00 | -899,400,000.00 | -927,600,000.00 | -989,100,000.00 |
| EBIT | 858,085,000.00 | 1,127,885,000.00 | 915,000,000.00 | 1,154,100,000.00 | 939,800,000.00 | 962,200,000.00 |
| Interest Revenue | 4,621,000.00 | 6,686,000.00 | 12,700,000.00 | 7,100,000.00 | 36,200,000.00 | 39,900,000.00 |
| Interest Expense | -117,478,000.00 | -175,890,000.00 | -424,000,000.00 | -398,100,000.00 | -389,000,000.00 | -514,200,000.00 |
| Net Interest Expense | -112,857,000.00 | -169,204,000.00 | -411,300,000.00 | -391,000,000.00 | -352,800,000.00 | -474,300,000.00 |
| PreTax Profit | 745,228,000.00 | 958,681,000.00 | 503,700,000.00 | 763,100,000.00 | 587,000,000.00 | 487,900,000.00 |
| Tax Expense | -196,714,000.00 | -274,439,000.00 | -157,000,000.00 | -230,100,000.00 | -159,300,000.00 | -181,500,000.00 |
| Net Profit after Tax Before Abnormals | 548,514,000.00 | 684,242,000.00 | 346,700,000.00 | 533,000,000.00 | 427,700,000.00 | 306,400,000.00 |
| Abnormals | -137,300,000.00 | -111,851,000.00 | -37,500,000.00 | -21,500,000.00 | -48,500,000.00 | 39,200,000.00 |
| Abnormals Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Abnormals | -137,300,000.00 | -111,851,000.00 | -37,500,000.00 | -21,500,000.00 | -48,500,000.00 | 39,200,000.00 |
| Reported NPAT After Abnormals | 411,214,000.00 | 572,391,000.00 | 309,200,000.00 | 511,500,000.00 | 379,200,000.00 | 365,500,000.00 |
| Outside Equity Interests | -22,866,000.00 | -26,918,000.00 | -25,200,000.00 | -62,500,000.00 | -105,200,000.00 | -67,400,000.00 |
| Shares Outstanding at Period End | 200,926,581.00 | 202,081,252.00 | 228,900,000.00 | 228,900,000.00 | 228,900,000.00 | 229,200,000.00 |
| Weighted Average Number of Shares | 201,400,006.00 | 201,082,770.00 | 208,100,000.00 | 227,700,000.00 | 227,800,000.00 | 227,900,000.00 |
| EPS Adjusted (cents/share) | 253.37 | 317.89 | 147.73 | 201.82 | 136.65 | 100.06 |
| EPS After Abnormals (cents/share) | 185.60 | 263.30 | 130.50 | 192.60 | 116.10 | 124.80 |
| Item | 06/18 | 06/19 | 06/20 | 06/21 | 06/22 | 06/23 |
| CA - Cash | 770,566,000.00 | 745,450,000.00 | 1,503,700,000.00 | 1,004,800,000.00 | 314,200,000.00 | 656,100,000.00 |
| CA - Receivables | 1,151,653,000.00 | 1,588,392,000.00 | 1,916,900,000.00 | 1,801,400,000.00 | 2,331,300,000.00 | 2,266,900,000.00 |
| CA - Prepaid Expenses | 113,294,000.00 | 177,028,000.00 | 175,400,000.00 | 133,000,000.00 | 186,400,000.00 | 191,700,000.00 |
| CA - Inventories | 276,112,000.00 | 344,796,000.00 | 411,000,000.00 | 409,400,000.00 | 376,800,000.00 | 388,600,000.00 |
| CA - Investments | 87,000.00 | 0.00 | 0.00 | 0.00 | 11,300,000.00 | 64,500,000.00 |
| CA - NCA Held Sale | 26,682,000.00 | 16,583,000.00 | 0.00 | 0.00 | 0.00 | 251,000,000.00 |
| CA - Other | 33,812,000.00 | 45,836,000.00 | 53,800,000.00 | 2,002,800,000.00 | 66,700,000.00 | 77,000,000.00 |
| Total Current Assets | 2,372,206,000.00 | 2,918,085,000.00 | 4,060,800,000.00 | 5,351,400,000.00 | 3,286,700,000.00 | 3,895,800,000.00 |
| NCA - Receivables | 68,689,000.00 | 79,692,000.00 | 78,100,000.00 | 70,600,000.00 | 79,000,000.00 | 126,900,000.00 |
| NCA - Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NCA - Investments | 283,218,000.00 | 332,981,000.00 | 328,400,000.00 | 300,400,000.00 | 384,600,000.00 | 147,200,000.00 |
| NCA - PP&E | 4,113,162,000.00 | 4,643,823,000.00 | 8,925,100,000.00 | 8,900,100,000.00 | 9,434,600,000.00 | 10,187,200,000.00 |
| NCA - Intangibles(ExGW) | 110,428,000.00 | 497,281,000.00 | 462,700,000.00 | 467,300,000.00 | 435,200,000.00 | 407,300,000.00 |
| NCA - Goodwill | 2,154,072,000.00 | 3,676,809,000.00 | 3,783,400,000.00 | 3,766,300,000.00 | 5,363,800,000.00 | 5,756,400,000.00 |
| NCA - Future Tax Benefit | 199,528,000.00 | 372,697,000.00 | 409,100,000.00 | 457,600,000.00 | 478,700,000.00 | 443,700,000.00 |
| NCA - Other | 11,566,000.00 | 11,273,000.00 | 11,100,000.00 | 10,900,000.00 | 10,700,000.00 | 65,700,000.00 |
| Total NCA | 6,940,663,000.00 | 9,614,556,000.00 | 13,997,900,000.00 | 13,973,200,000.00 | 16,186,600,000.00 | 17,134,400,000.00 |
| Total Assets | 9,312,869,000.00 | 12,532,641,000.00 | 18,058,700,000.00 | 19,324,600,000.00 | 19,473,300,000.00 | 21,030,200,000.00 |
| CL - Account Payable | 1,771,569,000.00 | 2,369,490,000.00 | 3,203,500,000.00 | 3,013,700,000.00 | 3,045,800,000.00 | 3,153,900,000.00 |
| CL - Short-Term Debt | 100,078,000.00 | 107,108,000.00 | 380,100,000.00 | 419,900,000.00 | 397,600,000.00 | 486,800,000.00 |
| CL - Provisions | 127,519,000.00 | 179,789,000.00 | 189,300,000.00 | 283,600,000.00 | 282,200,000.00 | 169,700,000.00 |
| CL - NCL Held Sale | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| CL - Other | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Curr. Liabilities | 1,999,166,000.00 | 2,656,387,000.00 | 3,772,900,000.00 | 3,717,200,000.00 | 3,725,600,000.00 | 3,810,400,000.00 |
| NCL - Account Payable | 8,328,000.00 | 16,512,000.00 | 24,300,000.00 | 30,700,000.00 | 98,600,000.00 | 98,300,000.00 |
| NCL - Long-Term Debt | 3,852,032,000.00 | 5,487,543,000.00 | 9,136,900,000.00 | 10,131,800,000.00 | 10,301,100,000.00 | 11,399,500,000.00 |
| NCL - Provisions | 1,005,934,000.00 | 1,349,129,000.00 | 888,700,000.00 | 894,100,000.00 | 821,800,000.00 | 898,800,000.00 |
| NCL - Other | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total NCL | 4,866,294,000.00 | 6,853,184,000.00 | 10,049,900,000.00 | 11,056,600,000.00 | 11,221,500,000.00 | 12,396,600,000.00 |
| Total Liabilities | 6,865,460,000.00 | 9,509,571,000.00 | 13,822,800,000.00 | 14,773,800,000.00 | 14,947,100,000.00 | 16,207,000,000.00 |
| Share Capital | 636,770,000.00 | 631,501,000.00 | 2,119,400,000.00 | 2,120,900,000.00 | 2,125,200,000.00 | 2,148,600,000.00 |
| Reserves | -26,260,000.00 | -33,248,000.00 | -51,000,000.00 | -91,300,000.00 | -152,600,000.00 | -32,700,000.00 |
| Retained Earnings | 1,494,285,000.00 | 1,693,219,000.00 | 1,431,900,000.00 | 1,750,900,000.00 | 1,708,700,000.00 | 1,786,700,000.00 |
| Other Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Convertible Equity | 252,165,000.00 | 252,165,000.00 | 252,200,000.00 | 252,200,000.00 | 252,200,000.00 | 252,200,000.00 |
| SE Held Sale | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Outside Equity | 90,449,000.00 | 479,433,000.00 | 483,400,000.00 | 518,100,000.00 | 592,700,000.00 | 668,400,000.00 |
| Total Equity | 2,447,409,000.00 | 3,023,070,000.00 | 4,235,900,000.00 | 4,550,800,000.00 | 4,526,200,000.00 | 4,823,200,000.00 |
| Item | 06/18 | 06/19 | 06/20 | 06/21 | 06/22 | 06/23 |
| Receipts from Customers | 9,238,549,000.00 | 11,253,209,000.00 | 12,433,800,000.00 | 12,866,000,000.00 | 13,044,000,000.00 | 14,990,400,000.00 |
| Payments to Suppliers and Employees | -7,891,430,000.00 | -9,938,118,000.00 | -10,366,100,000.00 | -11,095,000,000.00 | -11,728,000,000.00 | -13,401,100,000.00 |
| Dividends Received | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Received | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Paid | -114,187,000.00 | -158,844,000.00 | -418,800,000.00 | -367,500,000.00 | -375,400,000.00 | -465,800,000.00 |
| Tax Paid | -238,245,000.00 | -252,954,000.00 | -203,400,000.00 | -228,200,000.00 | -229,300,000.00 | -234,200,000.00 |
| Other Operating Cashflows | 0.00 | 0.00 | 235,200,000.00 | 305,900,000.00 | 4,200,000.00 | 390,300,000.00 |
| Net Operating Cashflows | 994,687,000.00 | 903,293,000.00 | 1,680,700,000.00 | 1,481,200,000.00 | 715,500,000.00 | 1,279,600,000.00 |
| Payment for Purchase of PPE | -473,841,000.00 | -593,793,000.00 | -680,600,000.00 | -628,900,000.00 | -708,500,000.00 | -720,900,000.00 |
| Proceeds From Sale of PPE | 0.00 | 0.00 | 0.00 | 0.00 | 43,000,000.00 | 73,800,000.00 |
| Investments Purchased | -5,250,000.00 | 0.00 | -31,900,000.00 | -700,000.00 | -48,200,000.00 | 0.00 |
| Proceeds From Sale of Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payments for Purchase of Subsidiaries | -170,647,000.00 | -1,307,582,000.00 | -25,400,000.00 | -2,041,600,000.00 | 739,300,000.00 | -86,600,000.00 |
| Proceeds from Sale of Subsidiaries | 13,239,000.00 | 140,017,000.00 | 34,600,000.00 | 132,100,000.00 | 0.00 | 0.00 |
| Loans Granted | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Loans Repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Investing Cashflows | 4,621,000.00 | 9,064,000.00 | 47,300,000.00 | 34,900,000.00 | 4,400,000.00 | 19,900,000.00 |
| Net Investing Cashflows | -631,878,000.00 | -1,752,294,000.00 | -656,000,000.00 | -2,504,200,000.00 | 30,000,000.00 | -713,800,000.00 |
| Proceeds from Issues | 0.00 | 0.00 | 1,476,900,000.00 | 0.00 | 0.00 | 0.00 |
| Proceeds from Borrowings | 1,230,641,000.00 | 2,758,633,000.00 | 1,182,200,000.00 | 6,243,300,000.00 | 5,123,400,000.00 | 2,868,800,000.00 |
| Repayment of Borrowings | -808,553,000.00 | -1,895,007,000.00 | -2,222,300,000.00 | -5,173,400,000.00 | -5,773,400,000.00 | -2,469,200,000.00 |
| Dividends Paid | -305,666,000.00 | -321,350,000.00 | -335,100,000.00 | -125,100,000.00 | -371,000,000.00 | -236,800,000.00 |
| Other Financing Cashflows | -131,356,000.00 | 269,767,000.00 | -333,600,000.00 | -360,800,000.00 | -389,900,000.00 | -405,200,000.00 |
| Net Financing Cashflows | -14,934,000.00 | 812,043,000.00 | -231,900,000.00 | 584,000,000.00 | -1,410,900,000.00 | -242,400,000.00 |
| Net Increase in Cash | 347,875,000.00 | -36,958,000.00 | 792,800,000.00 | -439,000,000.00 | -665,400,000.00 | 323,400,000.00 |
| Cash at Beginning of Period | 419,519,000.00 | 770,566,000.00 | 745,500,000.00 | 1,503,700,000.00 | 1,004,800,000.00 | 314,200,000.00 |
| Exchange Rate Adj | 3,172,000.00 | 11,842,000.00 | -34,600,000.00 | -59,900,000.00 | -25,200,000.00 | 18,500,000.00 |
| Other Cash Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash at End of Period | 770,566,000.00 | 745,450,000.00 | 1,503,700,000.00 | 1,004,800,000.00 | 314,200,000.00 | 656,100,000.00 |
| Item | 06/18 | 06/19 | 06/20 | 06/21 | 06/22 | 06/23 |
| Shares Outstand. (EOP) | 200,926,581.00 | 202,081,252.00 | 228,900,000.00 | 228,900,000.00 | 228,900,000.00 | 229,200,000.00 |
| Weighted Avg. Shares | 201,400,006.00 | 201,082,770.00 | 208,100,000.00 | 227,700,000.00 | 227,800,000.00 | 227,900,000.00 |
| EPS Bef. Abs | 189.32 | 269.43 | 136.47 | 197.19 | 120.28 | 132.65 |
| EPS Aft. Abs. | 185.60 | 263.30 | 130.50 | 192.60 | 116.10 | 124.80 |
| Dilution Factor | -- | -- | -- | -- | -- | -- |
| Cumulative | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Reportd EPS Bef. Abs.Adj | 253.37 | 317.89 | 147.73 | 201.82 | 136.65 | 100.06 |
| DPS - Adj Ex. Special | 144.00 | 151.50 | 62.50 | 151.50 | 97.00 | 75.00 |
| DPS - Adj. | 144.00 | 151.50 | 62.50 | 151.50 | 97.00 | 75.00 |
| Interim Div - Ordinary | 57.50 | 60.00 | 62.50 | 48.50 | 48.50 | 50.00 |
| Interim Franking - Ord (%) | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 |
| Gross Interim Div - Ord | 82.14 | 85.71 | 89.29 | 69.29 | 69.29 | 71.43 |
| Final Dividend - Ordinary | 86.50 | 91.50 | 0.00 | 103.00 | 48.50 | 25.00 |
| Final Franking - Ordinary (%) | 100.00 | 100.00 | -- | 100.00 | 100.00 | 100.00 |
| Gross Final Div - Ord | 123.57 | 130.71 | 0.00 | 147.14 | 69.29 | 35.71 |
| Special Dividend - Ord | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Special Franking - Ord (%) | -- | -- | -- | -- | -- | -- |
| Gross Special Div - Ord | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Div - Ex. Special | 144.00 | 151.50 | 62.50 | 151.50 | 97.00 | 75.00 |
| Total Div - Inc. Special | 144.00 | 151.50 | 62.50 | 151.50 | 97.00 | 75.00 |
| Total Franking - Ex. Spec | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 |
| Total Franking - Inc. Spec (%) | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 |
| Total Gross Div- Ex.Spec | 205.71 | 216.43 | 89.29 | 216.43 | 138.57 | 107.14 |
| Total Gross Div- Inc.Spec | 205.71 | 216.43 | 89.29 | 216.43 | 138.57 | 107.14 |
| Tax Rate (%) | 26.40 | 28.63 | 31.17 | 30.15 | 27.14 | 37.20 |
| Corporate Tax Rate (%) | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 |
| Payout Ratio Ex. Special (%) | 56.83 | 47.66 | 42.31 | 75.07 | 70.98 | 74.96 |
| Payout Ratio (%) | 56.83 | 47.66 | 42.31 | 75.07 | 70.98 | 74.96 |
| Dividend Yield (%) | 2.67 | 2.10 | 0.94 | 2.41 | 1.32 | 1.33 |
| Dividend Yield Ex. Spec (%) | 2.67 | 2.10 | 0.94 | 2.41 | 1.32 | 1.33 |
| Dividend Cover (%) | 175.95 | 209.83 | 236.37 | 133.21 | 140.88 | 133.41 |
| Gross Div. Yield (%) | 3.81 | 3.00 | 1.34 | 3.44 | 1.89 | 1.90 |
| Gross Div. Yield Ex. Spec (%) | 3.81 | 3.00 | 1.34 | 3.44 | 1.89 | 1.90 |
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
