Ann: Full Year Results Announcement, page-4

Finance costs per the P&L: $9m

Interest bearing liabilities according to the balance sheet:


Interest bearing liabilties $240m.

So in simple English: the finance cost to support $240m in loans was $9m.

So tell me with current interest rates, a loan of $240m should have an interest rate of what roughly???

I can tell you its not $9m!!! thats a 3.75% interest rate expense.

If anyone can manage to borrow money at 3.75% right now please tell me how?

If no-one can, the answer is that hedging enabled that low interest rate, but the hedging will expire, and then the interest rate will be the current market interest rate.

Translation:
Get ready for much higher interest rate cost in the future, which means much lower dividends in the future.

So, in my opinion, don't buy based on the historical dividends, this is buying using the rear view mirror.