Notes forming part of the financial statements
8. DIVIDENDS
2020 | 2019 | |
|---|---|---|
€m | €m | |
Dividends charged to Consolidated Income Statement: | ||
Final: paid 9.98c per ordinary share in July 2019 (2019: 9.37c paid in July 2018) | 30.8 | 28.8 |
Interim: paid 5.50c per ordinary share in December 2019 (2019: 5.33c paid in December 2018) | 17.3 | 16.7 |
Total equity dividends | 48.1 | 45.5 |
Settled as follows: | ||
Paid in cash | 29.7 | 36.0 |
Scrip dividend | 18.1 | 9.2 |
Accrued with respect to LTIP 2015 (Part 1) dividend entitlements | 0.3 | 0.3 |
48.1 | 45.5 |
In order to achieve better alignment of the interest of share based remuneration award recipients with the interests of shareholders, shareholder approval was given at the 2012 AGM to a proposal that awards made and that vest under the LTIP 2015 (Part I) incentive programme should reflect the equivalent value to that which accrues to shareholders by way of dividends during the vesting period. An amount of €0.3m (2019: €0.3m) was accrued during the current financial year in this regard.
As outlined in note 29, the Directors have decided that due to the Group’s focus on cash conservation in the current environment of COVID-19, no final dividend has been proposed (2019: 9.98 cent). Total dividend for the year is therefore 5.50 cent per share (2019: 15.31 cent).
Total dividends of 15.48 cent per ordinary share were recognised as a deduction from the retained income reserve in the year ended 29 February 2020 (2019: 14.70 cent).
Final dividends on ordinary shares are recognised as a liability in the financial statements only after they have been approved at an Annual General Meeting of the Company. Interim dividends on ordinary shares are recognised when they are paid.