Ann: Dividend/Distribution - GRR, page-73

Average prices ($A/t), allowing A$16 / t freight
Oct 16 -> 104.00
Nov 16 -> 125.80
Dec 16 -> 132.00
Jan 17 -> 125.00
Feb 17 -> 130.00
Rough numbers then, assuming 640kT sales at average A$127/t, A$82 costs exclduing royalty:
640 * (127 - 82 - (127 *5%)) -> A$24.738 m quarter gross margin
Assume $1.5m admin; dividends paid A$5.4m -> A$17.838 cash subject to:
(a) inventory movements (expect relatively neutral)
(b) capex (allow $5m ahead of mill replacement)
(c) forex loss on deposits (allow $4m given rate moved 72 -> 76)
=> A$8m cash / liquidity addition.
Would love some more downward pressure on AUDUSD!