Debt reduction = 18 cents which is 60% of 30 cents FY13 Net Debt...

Debt reduction = 18 cents which is 60% of 30 cents

FY13 Net Debt = ($2115m)

Payoff = 18 cents or $245m

FY14 end Net Debt = ($1870m)

Maybe a little less, say $20m as tax expanse (i.e. cash tax actually paid) is less than accounting tax due to using prior tax losses.

FY14 End Net debt (incl tax adj) = ($1850m)

A 13% reduction!
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