RE: RE: Asian Markets20 Feb 2019 07:14
Well looks like 20 cents again wonder if our ivan will give any specisls through the year.
2018 announced returns to shareholders totalling $5.2 billion (approximately 36c/share); further distributions and buybacks
in 2019
-- Distribution of 20c/share was enhanced by share trust purchases of $0.32 billion and a $2 billion buyback programme, now almost fully executed
-- Dislocation between our current share price levels and the prospects, strength and embedded optionality in our business leads us to conclude that it is difficult to find a better investment than buying back our own shares
-- We have therefore recommended a 20c/share distribution for 2019 (basis 2018 cash flows), in line with the prior year, supplemented by a new $2 billion buyback programme, effective immediately and running until the end of 2019. We will proactively look to top this up (in August, or otherwise) as market conditions support, including automatically from a targeted $1 billion of non-core asset disposals in 2019, from a range of candidate assets
-- Equity cash flows prioritised for: (1) buybacks funded by cash generation; (2) RMI managed consistently below $20 billion; and (3) net debt maintained in a $10-16 billion range, while limiting Net debt:Adjusted EBITDA to around one times, in the current uncertain economic cycle backdrop