Notes forming part of the financial statements (continued)
Parent entity
2007
$’000
2006
$’000
Note 26. Dividends
Interim dividend of 8 cents (2006 – 8 cents) per fully paid share paid on
30 March 2007 (2006 paid – 31 March 2006)
Fully franked at 30% 5,929 6,432
Total interim dividend 5,929 6,432
Final dividend of 6 cents (2006 – 2 cents) per fully paid share paid on
22 September 2006 (2006 – paid 15 September 2005)
Fully franked at 30%
Special final dividend of 40 cents (2006 – 5 cents) per fully paid share paid
on
15 September 2006 (2006 – paid 15 September 2005)
Fully franked at 30%
4,834
32,801
1,600
4,001
Total final dividend 37,635 5,601
43,564 12,033
The above dividend payments do not include the value of shares issued to shareholders
who have
elected to forgo their dividend entitlement and in lieu thereof receive bonus
shares in terms of the
bonus share plan.
Dividends paid in cash or satisfied by the issue of shares under the dividend
reinvestment plan and bonus share plan during the year were as follows:
– Paid in cash
– Satisfied by the issue of shares
43,564
2,218
12,033
649
45,782 12,682
Dividends not recognised at year end
In addition to the above dividends, since year end the directors have recommended
the payment
of a final dividend.
The aggregate amount of proposed dividend to be paid on 21 September 2007 out
of retained
profits at 30 June 2007, but not recognised as a liability at year end is:
Final dividend of 7 cents (2006 – 6 cents) per fully paid share
Special dividend of nil cents (2006 – 40 cents) per fully paid share
5,935
—
5,086
33,909
Fully franked at 30% 5,935 38,995
This dividend is based on the number of fully paid and partly paid ordinary
shares on issue
at 30 June 2007, and assuming no participation in the Bonus Share Plan.
Franked dividends
The franked portions of the final dividends recommended after 30 June 2007
will be franked
out of existing franking credits or out of franking credits arising from the
payment of income
tax in the year ended 30 June 2007.
Franking credits available for subsequent financial years based on a tax rate
of 30% 2,907 17,662
The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:
(a) franking credits that will arise from the payment of the current tax liability;
(b) franking debits that will arise from the payment of dividends recognised
as a liability at the reporting date;
(c) franking credits that will arise from the receipt of dividends recognised
as receivables at the reporting date; and
(d) franking credits that may be prevented from being distributed in subsequent
financial years.
Estimated franking credits available for subsequent financial years after payment
of the final dividend (based on a tax rate of 30%)
are 363,000 (2006: 950,000).
Note 27. Key management personnel disclosures
(a) Directors
The following persons were directors of Wattyl Limited during the financial year:
(i) Chairman – non-executive
J.W. Ingram
(ii) Executive directors
Dr J.D. Nolan, Managing Director
U.B. Meyerhans, Finance Director
(iii) Non-executive directors
M.R. Brown
P. Akopiantz
M.B. Luby (appointed 7 March 2007)
D.J. Grady (resigned 27 October 2006)
(b) Other key management personnel
The following persons also had the authority and responsibility for planning,
directing and controlling the activities of the Group, directly or
indirectly, during the financial year:
2007
Name Position Employer
J. Foyle Group Sales & Marketing Manager Wattyl Australia Group Pty Ltd
M. Robb Group Operations Manager Wattyl Australia Pty Ltd
R. Roberts Group Human Resources Manager Wattyl Limited
J. Fuller General Manager Wattyl (NZ) Limited
P. Breeze National Technical Manager Wattyl Australia Pty Ltd
2006
Name Position Employer
J. Neumann Chief Operating Officer Wattyl Australia Group Pty Ltd
J. Foyle General Manager Wattyl (NZ) Limited
M. Robb Group Manufacturing Manager Wattyl Australia Pty Ltd
R. Roberts Group Human Resources Manager Wattyl Limited
J. Croker Chief Information Officer Wattyl Limited
(c) Key management personnel compensation
Consolidated Parent entity
2007
$
2006
$
2007
$
2006
$
Short-term employee benefits
Post-employment benefits
Share-based payments
3,453,014
158,068
743,899
4,275,506
258,189
553,001
2,735,660
59,128
724,007
3,472,909
171,260
532,672
4,354,981 5,086,696 3,518,795 4,176,841
The company has taken advantage of the relief provided by ASIC Class Order
06/50 and has transferred the detailed remuneration
disclosures to the directors’ report. The relevant information can be found
in the remuneration report on pages 27 to 37.
(d) Equity instrument disclosures relating to key management personnel
No options or performance rights were granted to, exercised by or held by non-executive
directors during the year.
(i) Options and performance rights provided as remuneration
Details of options and performance rights over ordinary shares in the company
provided as remuneration and shares issued on the
exercise of such options and performance rights, together with terms and conditions
can be found in the remuneration report on
pages 27 to 37.
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