The Board has adopted the following capital management and dividend policy:
A target reduction in net debt of $10-15 million per annum until such time as the leverage ratio is within our target range of 1.0 – 1.5 times rolling 12-month Trading EBITDA; and
Subject to achieving annual debt reduction targets, and having regard to NZME’s capital requirements, operating performance, financial position and cash flow at the time, NZME intends to pay dividends of 30 – 50% of reported NPAT.
The payment of dividends is not guaranteed and NZME’s dividend policy may change. Payment of dividends is at the discretion of the Board.