Dividends declared for the year ended 31 March 2009 totalled R5 200 million, compared to R5 940 million in the prior year. The final dividend for the year of R2 200 million was paid on 8 April 2009. As a private company, Vodacom Group has historically paid a dividend equal to approximately all of its free cash flow on a semi-annual basis. As a publicly listed entity and for the financial year ending 31 March 2010, Vodacom Group anticipates a dividend payout ratio of approximately 40% of headline earnings. The first dividend is expected to be the interim dividend for the 2010 financial year.