FY14 numbers estimate Capex = ($452m) Asset sales = $228m Total...

FY14 numbers estimate

Capex = ($452m)

Asset sales = $228m

Total (Capex - asset sales) = ($224m)

Accounting DA = $362m

Difference = $138m or 10 cents a share

In a way you can add 10 cents a share to the accounting profit to get the profit after capex and asset sales. A cash flow profit of sorts.

Accounting profit (Reuters has it at 22 cents less 10%) = 20 cents + 10 cents = 30 cents

Dividend = 12 cents which is 40% of 30 cents
Debt reduction = 18 cents which is 60% of 30 cents

So I think the board will announce another 6 cents a share dividend for 2H14
.
The writer implies no investment recommendation. This report contains material speculative in nature. Investors should seek professional investment advice. The writer owns shares in Arrium.