22c cash backing & EPS of 3.1c for the quarter, page-62

I'd say it's because the cash doesn't just sit in their account for the full quarter; it's also their working capital.
Although they have their sale contracts locked in before they purchase the products, there is still the delay between paying for the product and receiving the cash from the customers.
Last quarter working capital was around $177m while customer receipts were $208m. Cash at beginning of the quarter was $166m, so theoretically they may have had a very small amount in the bank at some stages.
Would much rather having the cash being put to work with the generous margins they earn, than sitting in the bank earning around 1.5%.