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## Direc tors’ repor t (cont’d) 

## Shareholder returns 

<img src='content_image/187195.jpg'>

1 Profit attributable to owners of the Company for 2008 to 2012 have been calculated in accordance with Australian Accounting Standards (AASBs). These include restatement for the change in accounting policy for recognition of revaluation adjustments of Perennial share buy-back liabilities to reserves rather than profit or loss. 

2 Return on equity is calculated by dividing UNPAT pre-amortisation by average capital on issue during the year. 

Returns to shareholders increase / decrease through both dividends and capital growth / decline. Dividends for 2012 and prior years were fully franked. 

## Dividends 

In respect of the financial year ended 30 June 2012, the Directors declared the payment of a final dividend of 18.0 cents per share franked to 100% at 30% corporate income tax rate to the holders of fully paid ordinary shares to be paid on 17 October 2012. The dividend will be paid to all shareholders recorded on the Register of members on 14 September 2012. 

The Directors declared the payment of an interim dividend of 19.0 cents per share franked to 100% at 30% corporate income tax rate to the holders of fully paid ordinary shares paid on 4 April 2012. 

In respect of the financial year ended 30 June 2011, a final dividend of 22.0 cents per share franked to 100% at 30% corporate income tax rate was paid to the holders of fully paid ordinary shares on 20 October 2011. 

## Future developments 

The Group’s future growth will be underpinned by organic and acquisition initiatives. Organic growth will be advanced through: 

• increasing brand and product awareness among financial advisers; 

• enhancing the adviser and client experience through continued technology development and knowledgeable support staff; 

• above benchmark performance in investment management; and 

• continuous improvement in process efficiency to ensure operating costs are minimised. 

The Group has completed several acquisitions in previous years. This experience will be utilised to continue to pursue acquisitions within the Wealth Management sector on an opportunistic basis. Acquisitions will only be considered where they present a sound strategic fit with existing operations and are priced reasonably for the expected value accretion to shareholders. The funding of acquisitions will be considered on a case by case basis taking into account the relative cost of available funding sources and the impact on balance sheet structure overall. 

Further information on future developments is disclosed below in events occurring after balance sheet date. 

