8. Dividends

Recognised amounts

	2019 $m	2018 $m
Final dividend
Final dividend for 2018 of 63.0 cents per share, franked to 80%, paid 21 September 2018 (2018: Final dividend for 2017 of 50.0 cents per share, franked to 80%, paid 22 September 2017)	413	328
Interim dividend
Interim dividend for 2019 of 55.0 cents per share, franked to 80%, paid 22 March 2019 (2018: Interim dividend for 2018 of 54.0 cents per share, franked to 80%, paid 26 March 2018)	361	354
Dividends paid as per the Consolidated Statement of Cash Flows	774	682

Unrecognised amounts

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Since the end of the financial year, the Directors have declared a final dividend for 2019 of 64.0 cents per share, franked to 80% (2018: 63.0 cents per share, franked to 80%), payable 20 September 2019.	420	413

Dividend reinvestment plan

The AGL Dividend Reinvestment Plan (DRP) will operate in respect of the 2019 final dividend. AGL will acquire shares on market and allot them to DRP participants at no discount to the simple average of the daily weighted average price at which AGL’s ordinary shares trade during each of the 10 trading days commencing 26 August 2019. The last date for shareholders to elect to participate in the DRP for the 2019 final dividend is 23 August 2019.

Dividend franking account

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	2019 $m	2018 $m
Adjusted franking account balance	(111)	(94)
Impact on franking account balance of dividends proposed after the reporting date but not recognised as a liability	(144)	(142)

ACCOUNTING POLICY

Dividends

Dividends represent a distribution of profits that holders of ordinary shares receive from time to time. Dividends are not accrued as a liability until a dividend declaration is made by the Board of Directors. The liability is reduced when the dividend is paid. The Board of Directors takes into consideration factors including AGL’s relative capital strength and the existing dividend payout ratio guidelines in determining the amount of dividends to be paid.