Are SYD dividends sustainable?, page-5

Thanks for the response Blommer.....as I mentioned in my original post maybe there is something about the structure of the business that I don't understand and indeed that appears to be the case.

I will have another look at it with this in mind.....I'm looking for some long term holds that will provided long term reliable and hopefully growing (even if just gradually) income/dividends.....so SYD appeals to me.