Par Value: 2.50/-
Closing Price: 48.00
Total Shares Issued: 188542286.00
Market Capitalization: 9,050,029,728
Nation Media Group Limited FY through 31st December 2018 vs. 31st December 2017
FY Revenue 9.6606b vs. 10.6249b -9.076%
FY Profit before tax 1.6340b vs. 1.9546b -16.402%
FY Other comprehensive income/ [ loss] [60.8m] vs. 40.1m -251.621%
FY Total comprehensive income for the year 1.0567b vs. 1.3509b -21.778%
FY Equity 7.8776b vs. 8.1663b -3.535%
Cash and cash equivalents at the end of period 867.1m vs. 1.6926b -48.771%
EPS 5.9 vs. 6.9 -14.493%
Total dividend per share 5.00 vs. 10.0 -50.000%
Scroll Down for Investor Presentation NMGFY2018 @NationMediaGrp
Performance was adversely impacted by depressed regional economies and the discontinuation of Government advertising from July 2018 due to non payment of debts Tobiko NMGFY2018 @dailynation
Revenues for digital grew by 13 per cent in 2018 compared to 2017. Group Finance Director, Richard Tobiko NMGFY2018 @NationMediaGrp
NMGs digital footprint grew by 15% to 37.2 million users during the period between March 2018 and March 2019. NMGFY2018 @NationMediaGrp
Audiences have migrated to different platforms and they exhibit diverse consumption patterns Dr. Wilfred Kiboro, Chairman Board of Directors NMG on innovation within the media space. NMGFY2018 @NationMediaGrp
@dailynation Chairman Dr. Wilfred Kiboro accuses government of running a criminal enterprise out to frustrate and kill businesses. He says govt both National and County not paying debts. NMGFY2018 @FrankDavidPR
The Group's performance was adversely impacted by a temporary shutdown of its television station in Kenya, as well as depressed advertising revenue following suspension of key accounts which had substantial overdue debt. A rise in newsprint prices and currency deprecation particularly in Uganda also affected performance.
Group turnover, at Kshs.9 7 billion was 9.1% lower than prior year while profit after tax at Kshs.1.1 billion was 14.7% below prior year.
The Group has laid the foundation to transition from its rich history in legacy media to remain a successful business in the digital environment, anchored on maintaining leadership in high quality content.
High quality journalism will remain core to the Group, even as we address the unfolding commercial challenges associated with the digital disruption of the media sector.
In 2019, the Group will particularly focus on re-engineering business structures and processes to drive growth in revenues across the legacy products while stepping up innovation led and research-based development of additional digital inventory to accelerate growth of new revenue streams.
Its a Top Quality Franchise but we have seen a more than 5 year decline in Turnover, EPS and the Dividend Pay Out is at a decade low. The Trend speaks to a perfect storm of the Switch to Digital [However, In Africa we have not seen the switch to paid digital subscription unlike the New York Times and the Washington Post and the FT, for example]. So there has been a big macro gale force wind and Print has been in the firing line and the Daily Nation was always the Cash Cow. The violence of Dr. Kiboros comments speaks to a deep level of unhappiness about the local conditions which have been adversarial for quite a time [counterintuitively that absolutely informs us that they have been meeting their watchdog role] The Share Price has retreated dramatically over time and at todays valuation the business is worth $115.18m which is clearly too low. The dividend is the equivalent of 8.09% which is in fact juicy. I would have thought this is a share worth looking at more closely particularly on any reverses. Of course, the question is about the PIVOT. It is after all a Schumpeter level moment in this industry. And can the pivot lead to a rebound across all the metrics. I would say Yes eventually.
Nation Media Group Limited FY 2017 results through 31st December 2017 vs. 31st December 2016
Nation Media reports H1 2018 Earnings through 30th June 2018 versus through 30th June 2017
H1 2018 Revenue 4.9231b versus 5.2742b -6.70%
H1 2018 Profit before Tax 1.1031b versus 1.1909b -7.4%
H1 2018 Provision for overdue debts [291.6m] versus [17.5m]
H1 2018 Profit after Tax 529.2m versus 819.8m -35.5%
H1 2018 Cash and Cash Equivalents 2.445b versus 2.9752b
H1 2018 1.50 Interim Dividend -40%
Revenues Nation -9.00% East African 0% Business Daily 0% Daily Monitor +3.00% Mwananchi -12.00%
Direct Costs Nation -8.00% East African +42% Business Daily +7.00% Daily Monitor +7.00% Mwananchi -24%
Operating results Daily Nation -13% East African +>100% Business Daily -10% Daily Monitor +27% Mwananchi +48%
NTV Kenya Revenues -10% Direct Costs -21% Operating results ->100%
NTV Uganda revenues +1.00% Direct Costs +42% Operating results -32%
Digital Revenues +6% Direct Costs +27% Operating Results +20%
Stephen Gitagama, GCEO Our digital footprint stands at 33.6 million. You notice that social media reach is very significant.
Dr. Wilfred Kiboro The Directors have resolved to declare an interim dividend of Kshs.1.50 (60%) per share. #NMGHYResults
Outstanding GAA debt Kshs 856 million 85% overdue (Kshs 726m) Discussions with government ongoing cred2it4su.s3pended Seeking alternative sources of revenue
Nation Media released their 1H18 results this morning before market open. PAT declined by 35.5% y/y to KES 592.2m.
Top line mainly affected by the NTV closure at the beginning of the year following the second elections. Company couldnt bill advertisers and most of them took a wait and see approach.
Bottom line was mainly affected by the provision for bad debt Outstanding GoK debt currently stands at KES 856m of which 85% is overdue (past 90 days).
Provisions for overdue debts stood at KES 291.6m compared to 17.5m in 1H17.
We understand that discussions with GoK are currently ongoing. The company highlighted that credit to the government has been suspended.
Legacy media (traditional media) continues to face challenges.
Digital continues to show improved performance revenues up 6% y/y and direct costs down 27% y/y.
Still a slog. Like for like at -7.4% before Provisioning.
Print Revenues at the Flagship Nation -9.00%
Digital doing well as you would expect.
FY Revenue 10.6249b vs. 11.3248b -6.180%
FY Profit before tax 1.9546b vs. 2.4600b -20.545%
FY Profit for the year 1.3108b vs. 1.6889b -22.387%
FY Other comprehensive income/ [ loss] 40.1m vs. [54.2m] 173.985%
FY Equity 8.1663b vs. 8.7029b -6.166%
Cash and cash equivalents at the end of period 1.6926b vs. 1.3447b +25.872%
EPS 6.9 vs. 8.9 -22.472%
Total dividend per share 10.0 vs. 10.0
The adverse performance was mainly attributed to a shortfall in revenue arising from reduced advertising volumes, following low corporate clients activities which were affected try the prolonged election period.
deterioration in the credit quality across the Group, as a result of delayed payments particularly from the regional governments.
Group Turnover declined by 6.2%
Net Earnings after Tax -17.4%
one off severance of 259m
Final Dividend 7.50 a share plus 2.50 interim.
Its clearly been a tough period. Nevertheless this is a premier league Franchise at at a market cap of $200,000,000.00 its probably underpriced.
My Concern remains that we are watching a significant schumpeter moment in media and I would like to see a more aggressive Pivot by Nation into the Future.
See Comments from the Earnings release below
The exit of 8 columnists wont affect circulation. They are not as important as they think they are. Theres a lot of talent out there. @NationMediaGrp Chairman Wilfred Kiboro
Dr. Wilfred Kiboro Nation Media Group is not on sale to anyone, ignore the rumours on Social Media. #NMGFY2017
NMG Chairman says the amount of debt that Govt owes the local media houses is HUGE. Adds that GOK owes NMG about Sh 700 million which dates back to 2015 @Kenyanwallstreet
Our digital footprint in terms of reach grew by 24% between March 2017 and March 2018 @NationMediaGrp
This year we implemented a multi-channel publishing system, putting in an investment of Ksh150 million.
NMG Digital footprint has grown 24% in the last 12 months #NMGFY2017 #Digital @dailynation @ntvkenya @Nairobi_News @BD_Africa
Digital contribution grew from 1.5% in 2015 to 4% in 2017 #NMGFY2017
H1 Turnover 5.2742b vs. 5.6348b -6.400%
H1 Total costs [4.103b] vs. [4.490b] -8.619%
H1 Profit before income tax 1.1712b vs. 1.1449b +2.297%
H1 Profit after income tax 819.8m vs. 811.5m +1.023%
EPS 4.37 vs. 4.17 +4.796%
Interim dividend per share 2.50 vs. 2.50
Cash and cash equivalents at the end of the year 4.3429b vs. 4.0458b +7.343%
PBT was up 2.3% yy to KES 1.17bn while EPS increased by 4.7% yy to KES 4.40 from KES 4.20 in 1H16.
Total turnover was however down 6.4% yy to KES 5.27bn on the back of a decline in print revenue.
Earnings growth was mainly supported by cost savings, broadcasting division growth (mainly Kenyan unit) and digital division growth.
Pre tax margin improved by 200bps to 22% from 20% in 1H16 on the back of cost management measures. Total costs declined 8.6% yy to KES 4.1bn mainly attributed to FY16 reorganization benefits.
Print Division Daily Nation revenue down 7% yy due to reduced advertising ahead of the elections.
Business Daily revenue down 3% yy impacted by the political environment.
Broadcasting Division NTV Kenya revenue up 18% yy as the general elections edge closer while NTV Uganda revenue declined 1% yy.
Digital 54% yy revenue growth. Notably, digital division growth was mainly on the back of Kenya Buzz performance (acquired in February this year).
Interim dividend has been maintained at KES 2.50 per share.
The Group performance was positive, despite the decline in revenue arising from reduced advertising volumes and a challenging regional business environment
Group will continue seeking new revenue sources in addition to managing the costs to ensure sustained positive performance
@dailynation #NMGInvestorBriefing H1 results up by 2.3% to Ksh1.2bn
Digital revenues up by 54%
Strong performance by @ntvkenya
Interim dividend Ksh2.50
Headline H1 Revenue decline -6.40%
NMG reports FY 16 Earnings here
FY Revenue 11.3248b vs. 12.3395b -8.223%
FY Profit before tax 2.4600b vs. 2.8232b -12.865%
FY Profit after tax 1.6889b vs. 2.2227b -24.016%
FY Other comprehensive income [54.2m] vs. [151.6m] -64.248%
EPS 8.9 vs. 11.8 -24.576%
Total dividend per share 10.0 vs. 10.0
Total equity 8.7029b vs. 8.9537b -2.801%
The Business environment was challenging in 2016. Revenue shortfall occasioned mainly by a drop in advertising volumes.
Tax expense in 2016 was significantly higher than the previous year as the 2015 tax benefited from a one off investment deduction allowance from new printing press installation
EPS declined 25% yy to KES 8.90 largely attributable to a higher effective tax while PBT came down 13% yy.
Earnings declined on account of reduced revenue (-8% yy) and one off expenditures, but supported by decreased cost of sales (-18% yy).
There was a drop in advertising from the government and key clients on account of challenging economic environment.
The government earlier this year said they would stop advertising on commercial media and instead advertise through their newspaper MyGov.
Digital revenue (+14% yy) and overall circulation down 2 3%.
Revenues Daily Nation (-6% yy), Business Daily (+1% yy), Daily Monitor (-20% yy), Mwananchi (-23% yy), NTV (+7% yy), NTV Uganda (-29% yy).
Cost of sales decreased due to improved efficiencies from the new printing press.
Effective tax rate reported at 31% against 21% the prior year where there was investment deduction on the new plant.
One off expenditures related to the closure of TV and radio stations at KES 142.0m, staff reorganization costs (KES 138.0m) and startup of Spark TV at KES 48.0m.
A final DPS of KES 7.50 has been proposed, in addition to the interim DPS of KES 2.50, bringing the total DPS for FY 16 to KES 10.00 (maintained from FY 15). (Source Company,Kestrel Research)
joe_muganda 3 weeks ago we relaunched @BD_Africa. Weve seen an increase in copy sales up to 20%. NMGInvestorBriefing @NationMediaGrp
Its tough in as far as advertising is concerned and the reason is simple The economy isnt doing well Joe Muganda NMGInvestorBriefing @FQanini
Joe Muganda Approximately 900,000 internet users visit our websites each day. This number is growing. NMGInvestorBriefing @NationMediaGrp
Stephen Gitagama Print revenue in the Daily Nation has declined 6%, but costs down 22%. NMGInvestorBriefing @NationMediaGrp
You cannot grow business by cutting costs. We have to be innovative and find new revenue streams @joe_muganda NMGInvestorBriefing
Nation Media Group declares full year dividend of KSh 10.00, despite drop in profitability and in earnings per share. NMGInvestorBriefing @wgkantai
Nation FY Earnings Per share declined -25% on the back of an 8% FY Revenue decline.
The CEO Joe Muganda said Its tough in as far as advertising is concerned and the reason is simple The economy isnt doing well
NTV booked a +7% Year on Year Revenue gain, Business Daily eked out a 1% Year on Year Revenue gain, whilst the flag-ship Daily Nation was -6%, Daily Monitor -20%, Mwananchi -23% and NTV Uganda -29%. Digital Revenue [towards which NMG has pivoted] was +14% which looks seriously lackadaisical. Nation Media maintained its FY Dividend Pay Out of 10 and is paying a Final Dividend of 7.50 a share. The Dividend Pay Out is 112.35% of the FY Earnings Per Share. Nation stamped down hard on Costs which were -22% Year on Year. Its been a torrid year for the Media Industry and headline growth has been hard to find. They seem to have right sized the Cost Base but its difficult to see where the growth rebound comes from.
H1 Turnover 5.6348b vs. 6.1101b -7.779%
H1 Profit before income tax 1.1449b vs. 1.4296b -19.915%
H1 Profit after income tax 811.5m vs. 1.0231b -20.682%
H1 Other comprehensive income [26.1m] vs. [97.9m] -73.340%
H1 Total comprehensive income 785.4m vs. 925.2m -15.110%
EPS 4.17 vs. 4.94 -15.587%
Interim dividend per share 2.50 vs. 2.50
Total equity 9.7390b vs. 8.9537b +8.771%
Cash and cash equivalents at the end of the period 4.0458b vs. 4.0326b +0.327%
Group Turnover -7.8% and PBT -19.9% versus previous year
Group performance was adversely affected by revenue shortfall, occasioned by a droopy volumes and bad debt provisions due to delayed payments especially by government entities
The economic environment in the local and regional economies remains challenging and is adversely affecting business
Interim Dividend 2.50 per share
Schumpeter moment in the Media World. Share price has been signalling business weakness
FY Revenue 12.3395b vs. 13.3513b -7.578%
FY Profit before tax 2.8232b vs. 3.624b -22.097%
FY Profit after tax 2.2227b vs. 2.4605b -9.665%
FY Other comprehensive income [151.6m] vs. [50.3m] +201.392%
EPS 11.8 vs. 13.1 -9.924%
Dividend per share 10.0 vs. 10.0
Cash and cash equivalents at the end of the year 3.0633b vs. 3.4517b -11.252%
Groups Profit after Tax declined adverse performance was due to revenue shortfall with the broadcasting Division affected by the disruptions of television signal transmission, following the switch from analogue to digital broadcasting early in the year.
Profitability was also adversely effected by foreign exchange losses
Turnover declined -7.6%
The Group Outlook for 2016 is generally positive, with the commissioning of the new 2b state of the art printing Press and business opportunities presented by the group's leading position in the digital space.
They have actually rebounded strongly H2.
I suspect its all priced in now.
First Half Earnings through June 2015 versus through June 2014
First Half Turnover 6.1101b versus 6.4466b -5.2%
First Half Profit Before Tax 1.4296b versus 1.5615b -8.4%
First Half Profit after Tax 1.0231b versus 1.0849b -5.696%
First Half Earnings Per Share 4.94 versus 5.70 -13.333%
Interim Dividend 2.50 and unchanged
June 2015 results include accelerated depreciation expenses amounting to 92.2m
Performance was adversely affected by a general disruption of the Television broadcasting industry
Specifically revenues in the television division in Kenya were depressed
@wgkantai The East African, revenue down 18%, primarily because the paper is still banned in Tanzania. Lobbying happening at highest levels.
it was evidently a tough period.
Full Year Earnings through Dec 2014 versus through Dec 2013
Full Year Revenue 13.3513b versus 13.3737b -1.674%
Full Year Profit before Tax 3.624b versus 3.5871b +1.0286%
Full Year profit after Tax 2.4605b versus 2.5332b -2.869%
Full Year Earnings Per share 13.1 versus 13.4 -2.23%
Final Dividend 7.50 a share [+2.50 Interim]
adverse impact of 230m charge in the accounts in respect of accelerated depreciation and write off of analogue broadcasting equipment
The Digital Migration Fracas occurred in 2015 and therefore was not captured in the reporting period.
Nation Media is a strong Franchise but the entire approach to the Migration has been perplexing, to say the least
First Half Earnings through 30th June 2014 versus through 30th June 2013.
First Half 2014 Turnover 6.4466b versus 6.4281b +2.877%
First Half Profit before Income Tax 1.6508b versus 1.6169b +2.0966%
First Half Profit after Tax 1.1470b versus 1.1149b +2.879%
First Half Earnings Per Share 6.03 versus 6.02 +1.166%
Interim Dividend 2.50 versus 2.50 unchanged
The Void in income attributable to the General Elections, which boosted the results in the first Half of 2013, was mitigated by a combination of new innovative income generation projects as well as sustained cost containment initiatives.
The Group will continue to take appropriate actions to mitigate the potential adverse effects of the challenges to its performance and is cautiously optimistic of sustaining growth in the remaining part of the year,
The publisher of Daily Nation and owner of other media outlets in the region said that last years first half had been buoyed by Kenyas elections, which kept the east African nations population glued to televisions, radios and newspapers.
In Line Results.
Company is citing strong cost control
Full Year Earnings through 31st December 2013 versus through 31st December 2012
Full Year Revenue 13.3737b versus 12.3468b +8.3%
Full Year Profit before Tax 3.5871b versus 3.5046b +2.4% [versus +17.507% at the First Half stage]
FY Profit after Tax 2.5332b versus 2.5103b +0.9122% [versus +23.989% at the First Half Stage]
Full Year Earnings Per Share 13.4 versus 13.3 +0.75%
Cash at End of Period 4.097b versus 3.9603b
Final Dividend 7.50 a share +[Interim paid of 2.50 a share] represents a 20% Pay Out Increase because of Bonus share.
The performance was tempered by the temporary business interruptions of the regional subsidiary companies. Challenges were also experienced with delayed payments resulting in high provision for bad and doubtful debts.
Further Commentary via @BD_Africa
Kiswahili TV channel QTV whose revenue expanded by 117 per cent and 54 per cent operating profit growth.
The Business Daily posted a 51 per cent operating profit growth while circulation and advertising revenue increased 12 per cent and 13 per cent respectively.
Tanzanias Mwananchi Communications operating profit grew by 29 per cent while advertising revenue at Nation Newspaper Division grew 12 per cent.
Despite the impact of the general election and the recently introduced VAT, the underlying individual businesses did very well said Mr Gitahi.
This growth is in step with that realised by the groups digital division where online advertising went up 27 per cent.
We are investing heavily in the digital division since we know it is the next frontier, said Mr Gitahi. The performance of this division is proof that the move to digital is extremely beneficial to us and in line with our goal of digital first.
NationHela, NMGs prepaid Visa debit card, is growing and so far has 14,000 users. Mr Gitahi added that plans are under way to install a new printing press.
There is a significant Step Down in the Full Year versus the First Half.
FY Profit Before Tax was +2.4% versus +17.507% at the H1 Stage.
The Dividend Pay Out has been raised 20% because of the Bonus share from 2013.
4.097b Cash on hand
H1 2013 Earnings through June 2013 versus June 2012
H1 Turnover 6.4281b versus 5.8441b +9.992%
H1 PBT 1.6169b versus 1.376b +17.507%
H1 PAT 1.1345b versus 0.9150b +23.989%
H1 EPS 6.02 versus 4.85 +24.123%
H1 Interim Dividend 2.50 versus 2.50 [Because of the Bonus Share Issue The Dividend Pay Out has been hiked +20%]
Cash at End of Period 4.2068b
Nation Media H1 2013 Investor Briefing Document
National Newspapers Division Circulation Revenue +6.00% Advertising Revenue +14% Operating Profit +15%
The East African Circulation Revenue +8% Advertising Revenue +5%
Business Daily Circulation Revenue +10% Advertising Revenue +12% Operating Profit +109%
Monitor Publications [Uganda] Revenue -1.00% Operating Profit -87%
Mwananchi Communications Circulation Revenue +6% Advertising Revenue +26% Operating Profit +51%
@NTVKenya Revenue +7.00% Operating Result +32%
QTV Advertising Revenue +363% Operating Result +78%
NTV Uganda Advertising Revenue +11% Operating Profit +39%
QFM Revenues +51% Operating Profit +702%
Nation Digital Online Advertising +51% Total Revenue +17% Operating Profit +36%
Nation Rwanda Revenue +170% Operating Result +49%
Linus Gitahi referenced the 4.2068b shilling Cash Pile as giving the Organisation maximum Flexibility re Potential M and A Activity.
Strong Results. Nation Media is full of complexity [Nation Chairman] and has depth and geographical reach. These were strong results and Linus Gitahi oozed confidence.
FY 2012 versus FY 2011
FY Revenue 12.3468b versus 11.2458b +9.79%
FY PBT 3.5046b versus 2.8103b +24.7055%
FY PAT 2.5103b versus 2.0068b +25.089%
FY EPS 15.9 versus 12.7 +25.196%
Final Dividend 7.50 [Interim Dividend 2.50] Total Dividend Pay Out 10.00 +25%
Bonus Share Issue 1 for every 5 Held
The Share Price has struck a Sequence of All Time Highs and is still headed higher.
These were muscular Earnings.
Linus Issued a whole Suite of new Initiatives through 2012 and spoke of consolidating Gains this Year.
The Media Real Estate has depth and Geographical Reach.
The Bonus Share will keep the Price underpinned.
@CKirubi @LGTWITS Jonathan Ciano at @NTVKenya Nation Media FY Earnings Twitpic
@LGTwits with his Hela Card before the FY Earnings Release @NTVKenya NMG Nation Media Twitpic
Swot Analysis 6 Months through June 2012 versus 6 Months through 2011
Turnover 5.8441b versus 5.148b +13.5217%
Profit Before Tax 1.376b versus 1.1154b +23.363%
Profit After Tax 915.1m versus 730.6m +25.253%
Earnings Per Share 5.82 versus 4.65 +25.161%
Interim Dividend 2.50 versus 1.50 last time +66.66%
Please see the Investor Briefing Presentation here
Circulation Revenue +13%
Advertising Revenue +9.00%
East African Circulation Revenue +28%
Talking about Rwanda Today
Business Daily Operating Profit +190%
NTV Uganda Operating Profit +777%
Nation Digital Revenues +54%
National Digital Operating Profit +116%
These were Strong Results I thought. They launched an International Card in conjunction with Diamond Trust Bank. Their Regional Businesses have gotten some Real Traction.
Swot Analysis 12 Months to Dec 2011 versus 12 Months to Dec 2010
Revenue 11.2458b versus 9.6025b +17.1%
Profit Before Tax 2.8103b versus 2.1466b +30.9%
Profit After Tax 2.0068b versus 1.5384b
Earnings per Share 12.7 versus 9.8
Final Dividend 6.50 Total Dividend 8.00
Linus Gitahi, the chief executive of the group, told an investors briefing that his company, which has a strategy to expand in the region, had
recorded growth across its business including its digital division.
Swot Analysis 6 Months to June 2011 versus 6 months to June 2010
Turnover 5.148b versus 4.4687b +15.2%
Profit before Tax 1.1154b versus 0.8916b +25.1%
Profit after Tax 730.6m versus 558.1m +30.9%
EPS 4.65 versus 3.55 +31%
Interim Dividend 1.50 Unchanged
Nation Media Group LtdNet income for the six month period rose to 747 million shillings ($8.2 million) as sales climbed 17 percent to 5.2 billion shillings, Chief Executive Officer Linus Gitahi told reporters today in the capital, Nairobi.A rising inflation rate, weakening local
currency, drought and high energy costs pose considerable economic risks
for the rest of this year, Gitahi said.
We remain cautiously optimistic for the remainder of the year even as we pursue new market opportunities, he said. Nation Media plans opena radio station in Rwanda by the end of the year and start operations in South Sudan, Gitani said, without giving a timeframe.
I think they have plenty of Valuable Media Real Estate and that there remains plenty of good Momentum. The Growth Trajectory I think can be
maintained at this Run Rate for the next 18 months.
FY 2010 versus FY 2009 Results
Turnover 9.6025b versus 8.1898b +17.2495%
Profit Before Income Tax 2.1466b versus 1.6174b +32.71%
EPS 9.8 versus 7.00
Final Dividend 4.00
Special Dividend 2.50
Interim Dividend already Paid 1.50.