Ann: Half Year Results to 31 December 2021, page-47

I get ya, its a little vague, but I think they're still playing by the 10% rule. Bit confusing if we're spending last years, or this years allocation... I think its both combined.

• FY21 NPAT was $10.3B, so $1030M of that goes to FFI
• FY21 FFI expenses were $137M
• H1FY22 expenses were $242M
• Williams will cost about $220M
• $1030-$137-$242-$220=$431 unspent.
• In addition FFI should get about $500M from FY22,
• So $431m+$500m =a sh$tload to spend this year.
• Mostly going to our two factories IMO.
• A few hundred mill for wind turbines will be FY23
• Tasmania is still under negotiations (Fy23)
• Overseas projects won't start construction this year, probably not even fy23.

In summary, we are well funded for this year and next i think.
FY24 will involve a huge amount of green bond debt to finance overseas projects i bet.

Re the drop in dividend payout, I'm a little disappointed too, last few years from were 52%,62%,78%,77%,80%, so not completely unreasonable considering but still not the best.