Ann: Full Year Financial Result 2021, page-8

Is definitely higher than expected, even by their normal % of NPAT target, however with operating cash flow of 1.9B they have still reasonably reduced debt. At end of 2021 their Net debt was only $1.9M (Debt of 3.44M less Cash of 1.5M). With dividends not paid till 29th April, as 1860 rightly says, with API5 @ us$150 currently and Newc @ us$250 it is giving them more than sufficient cashflow from current quarter to easily cover this dividend and look to keep net debt down.

While Yancoal Is/has been very highly leveraged, they've also been pretty solid last few years in steadily reducing that debt. Even 1H21 when margin was still slim, they put all $250M profit in to debt pay down. Means possibly low/no dividends during bottom of cycle, but they certainly pay it back on the upswing.