Ann: Annual Report to shareholders, page-22

Hi Tapdancer,

Like you, I tend to link dividend distribution with payout and free cash flow.
However, TWD may be a particular case.
Looking at the last 5 years, their payout has been over 100 % during 4 years out of 5 (dividend suspended during the first covid year).

I think the main reason is that Lev is always (?) opting for a dividend paid in shares (rather than cash) which is, one way for him to keep increasing his holding in TWD.

Anyway, it does not change the fact that, as you indicated, they had a high final dividend of 16 c (+ 23 % vs the previous final dividend).
Regarding interim dividend, I expect them to restore it around 11 c (like the last interim dividend paid), if market conditions remain the same for them.

Will be interesting to see what the stock is doing when it is going ex dividend (20/11).