Another 6 cent dividend for 2H14?, page-2

Debt reduction = 18 cents which is 60% of 30 cents

FY13 Net Debt = ($2115m)

Payoff = 18 cents or $245m

FY14 end Net Debt = ($1870m)

Maybe a little less, say $20m as tax expanse (i.e. cash tax actually paid) is less than accounting tax due to using prior tax losses.

FY14 End Net debt (incl tax adj) = ($1850m)

A 13% reduction!
.
The writer implies no investment recommendation. This report contains material speculative in nature. Investors should seek professional investment advice. The writer owns shares in Arrium.