Boral’s Financial Framework is intended to guide the group’s decision making and ensure alignment with the interests of our shareholders. The key financial objective of the Financial Framework is to achieve a Total Shareholder Return (TSR) in the top quartile of the S&P/ASX100. To achieve this, Boral is targeting an ‘earnings per share (EPS)’ growth in the top quartile of the S&P/ASX 100.
To meet these objectives, there are three core pillars to the Financial Framework:
- Maintaining an optimal capital structure, which means having the right amount of debt for our business. The optimal net debt range of 2-2.5 times EBITDA is where Boral’s cost of capital is at its lowest.
- Ensuring return on funds employed (ROFE) is greater than our weighted average cost of capital (WACC). Targeting ROFE greater than 10% will help us deliver ROFE >WACC throughout the cycle.
- Being disciplined about how we allocate our capital. Maintaining an optimal capital structure and achieving ROFE > WACC will generate surplus capital. How we allocate that capital will drive our success.
This means we will:
- reinvest in the business to ensure we maintain a sustainable competitive advantage
- seek to divest assets where we do not have a sustainable competitive advantage and do not see a realistic prospect of building one, and
- return surplus capital to our shareholders in the most efficient form.
Boral completed a $3 billion return of surplus capital to shareholders on 14 February 2022 by way of a $2.65 per share capital return and 7 cents per share unfranked dividend. The return of surplus capital followed the receipt of proceeds from the sale of Boral's North American Building Products and 50% owned Meridian Brick Businesses, and Australian Building Products businesses, which combined were sold for a total consideration of more than $3 billion. Further information can be found at Return of Capital.
Boral does not currently have adequate franking credits available to pay franked dividends.
Payment Date | Dividend | DRP Price |
No final dividend was paid for FY2022 | ||
14 February 2022 | 7 cents per share unfranked special dividend | DRP did not apply |
No interim dividend was paid for FY2022 | ||
No final dividend was paid for FY2021 | ||
No interim dividend was paid for FY2021 | ||
No final dividend was paid for FY2020 | ||
15 April 2020 | 9.5 cents per share 50% franked | $2.06550 |
1 October 2019 | 13.5 cents per share 50% franked | n/a |
15 March 2019 | 13.0 cents per share 50% franked | n/a |
2 October 2018 | 14.0 cents per share 50% franked | n/a |
9 March 2018 | 12.5 cents per share 50% franked | n/a |
3 October 2017 | 12.0 cents per share 50% franked | n/a |
10 March 2017 | 12.0 cents per share fully franked | n/a |
26 September 2016 | 11.5 cents per share fully franked | n/a |
11 March 2016 | 11.0 cents per share fully franked | n/a |
28 September 2015 | 9.5 cents per share fully franked | n/a |
13 March 2015 | 8.5 cents per share fully franked | n/a |
26 September 2014 | 8.0 cents per share fully franked | n/a |
24 March 2014 | 7.0 cents per share fully franked | $5.5465 |
27 September 2013 | 6.0 cents per share fully franked | $4.5621 |
25 March 2013 | 5.0 cents per share fully franked | $4.9876 |
28 September 2012 | 3.5 cents per share fully franked | $3.4077 |
05 April 2012 | 7.5 cents per share fully franked | $4.0308 |
27 September 2011 | 7.0 cents per share fully franked | $3.4696 |
24 March 2011 | 7.5 cents per share fully franked | $5.1944 |
28 September 2010 | 6.5 cents per share fully franked | $4.5648 |
23 March 2010 | 7.0 cents per share fully franked | $5.2999 |
28 September 2009 | 5.5 cents per share fully franked | $5.5790 |
03 April 2009 | 7.5 cents per share fully franked | $2.5070 |
18 September 2008 | 17 cents per share fully franked | $6.446 |
19 March 2008 | 17 cents per share fully franked | $6.0922 |
18 September 2007 | 17 cents per share fully franked | $7.6678 |
17 March 2007 | 17 cents per share fully franked | $8.4342 |
18 September 2006 | 17 cents per share fully franked | $6.7002 |
20 March 2006 | 17 cents per share fully franked | $8.6092 |
16 September 2005 | 17 cents per share fully franked | $6.8861 |
18 March 2005 | 17 cents per share fully franked | $6.3247 |
17 September 2004 | 14 cents per share fully franked | $7.029 |
18 March 2004 | 14 cents per share fully franked | $6.1025 |
18 September 2003 | 12 cents per share fully franked | $5.3264 |
19 March 2003 | 11 cents per share 75% franked | $4.4623 |
19 September 2002 | 10 cents per share 75% franked | $4.3024 |
15 April 2002 | 9 cents per share 35% franked | $3.9568 |
15 October 2001 | 9 cents per share 35% franked | $2.9954 |
17 April 2001 | 9 cents per share 35% franked | n/a |
13 October 2000 | 9 cents per share unfranked | n/a |
Dividend Reinvestment Plan
For information on the DRP, please read the following important documents:
ASX Announcement (10 February) - Re-activation of Dividend Reinvestment Plan (DRP)
ASX Announcement (13 February) - Letters to Shareholders - Re-activation of DRP
Boral Limited - DRP Rules
DRP - Frequently Asked Questions