whooooaaah,
This slide explains everything:
Starts the year with net debt of $338mk EBITDA of $382 (good rough proxy for cashflow not including the full impact of lease expense). But then all the additional costs of operating the business comes in and we get Debt pre dividend/buybacks of $298m. So that basically gives us simplistic free cashflow of $40m.
$40m is what can be spent on buybacks and dividends to maintain net debt.
Instead $123m spent on dividends and $67m on buybacks blowing Net debt out to $489m and increase of $151m.
patience.... patience... I will not be buying in yet.
Ann: Final Results Presentation, page-2
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