Ann: Quarterly Activities Report, page-24

the tax liability is now negligible because they are paying monthly tax instalments. This is mentioned in the report and has been highlighted in recent quarterly management calls. This has changed since last year when there were significnat deferred tax payments as they transitioned from having tax credits to massive profitability.

therefore the cash build is truly a free cash measure (after tax and after capex) which makes the yield even more incredible. All of this means that there is not only the free cash generation that can be paid to shareholders, but also a rapidly growing franking credit balance.