This change will reduce the impact of movements in exchange rates on reported results and provide shareholders with a more accurate reflection of the Company’s underlying performance, given Australian dollar denominated sales represent less than 5% of sales for the group.
Dividends will be declared in US dollars, however shareholders will continue to receive dividends in Australian dollars. The relevant exchange rate will be announced at the time the dividend is declared.
Results for the Flexibles segment will continue to be presented and discussed in Euro’s, with US dollar results reported alongside.
The first reported results in US dollars will be for the six months ended 31 December 2014.
To assist shareholders during the transition, financial information for the year ended 30 June 2013 and the six months ended 31 December 2013, restated in US dollars, is provided in the extended release.