Investor Presentaiton
Disciplined capital allocation in a
transforming market
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Maintain balance sheet strength consistent
with Baa2 credit rating to enable optimal
response to opportunities as they emerge
Agile Capital approach to drive improved
return on equity over time amid rapidly
evolving business environment...
Optionality: maintain and maximise ability to
pivot/exit as objectives evolve
Quantum: AGL capital deployed only to level
required to achieve strategic objectives
Time to value: within appropriately short
time-frame relative to uncertainty
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agl
Maintain target dividend payout ratio of
75 percent of Underlying Profit after tax,
franked to 80 percent
Continued application of threshold hurdle
rate supported by ongoing analysis of cost
of capital and appropriate risk adjustment
for competing investment classes
Return excess cash to shareholders if
more accretive opportunities are not
identified within reasonable time-frame
Investor Day | 13 December 2017
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