Dividends | Investors | HMV Group plc


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©HMV Group plc 2008

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The Company outlined at the time of its IPO in May 2002 that it intends to adopt a progressive dividend policy taking into account the long-term earnings potential of the Group, whilst maintaining appropriate levels of dividend cover. Interim dividends are paid by the Company in February, and a final dividend in October of each year. The Group has a target to rebuild the dividend cover to around 2.0 times within the three years to 2009/10. In addition, the Board has given guidance on the leverage levels it believes are appropriate for the Group, which is 4.3-4.5x adjusted net debt to EBITDAR. The Group's target is to meet this guidance within the 3-year period to 2009/10 and to then revisit the issue of returning excess capital to shareholders.

Dividend record

	Interim	Final	Total net

2007/08	1.8p	June 2008	June 2008

2006/07	1.8p	5.6p	7.4p

2005/06	1.8p	5.6p	7.4p

2004/05	1.7p	5.1p	6.8p

2003/04	1.3p	4.5p	5.8p

2002/03	1.1p	3.4p	4.5p

2001/02	Pre- IPO	3.7p	3.7p