MCY Mercury NZ ( MRP Mighty River Power)

[Snoopy]

This is from Note 6 2014 accounts. "Imputation credits available to shareholders in the future amount to $45.8 million (2013: $32.5 million)." Accumulated $13.3mil additional Imp Crs in 2014. Paid more in tax than attached to dividends. I guess you could compare dividends to earnings to estimate it all but I haven't tried.

Thanks Aaron. I have decided to follow up on your hint to look at what has happened to MRPs imputation credits over the years. By the end of FY2012 (SOFY2013) just before the public partial float management virtually cleared out their imputation credits($2.9m left) by issuing a lot of tax paid bonus shares. So SOFY2013 is a good base date to work from.

Year	Imputation Credits Available (SOFY)	Declared Net Profit	Implied Imputation Credit Attached	Dividend paid Over Year
2013	$2.9m	$115.0m	$32.2m	$112m
2014	$32.5m	$212m	$59.4m	$173m
2015	$45.6m	$47m	$13.1m	$260m
2016	$16.1m

I always prefer to think in 'per share' figures rather than the above very large absolute numbers. $69m is equivalent to 5.0cps. The final dividend for FY2014, paid in the FY2015 year, was 8.3cps. The available imputation credits just before it was paid (at SOFY2015) were worth $45.6m, or 3.3cps.

3.3cps of imputation credits can support a fully imputed net dividend of: 3.3/0.28 = 11.8cps

The actual final dividend for FY2014 was 8.3cps. So there were excess imputation credits which could be used to support the special dividend for FY2015 paid later.

This year, the actual final dividend for FY2015 has been declared at 8.4cps in conjunction with a special divdend of 2.5cps: a grand total of 10.9cps. However, imputation credits available amount to only $16.1m this time, equivalent to 1.17cps.

1.17cps imputation credits will support a fully imputed dividend of 4.2cps. I think that MRP have until 31st March to make sure their imputation account is in credit (Harvey I hope will correct me if that is wrong!). But it is clear this time there are no imputation credits to spare (in fact there is a deficit), unlike last year. This leads me to suspect there will be no more fully imputed special divdends for FY2016 after the one due for payment on 30th September 2015.

SNOOPY