distribution announcement - 3.5 cents per unit, page-16

I have come to similar conclusion as Morley doing some calculations myself on the back of the envelope.

Full year funds from operation 6.98 Yen per security translates to approx. 3.55 bill for the full year. Half year result was 2 bill.

So the second half 1.55 bill Yen divided 508 mill shares equals 3.05 yen a share for the second half.

If we take FX rate 80 Yen to Ausie you get 3.81c contribution to profit for the second half from operations.

By the same token the first half's contribution was 5.08c

So the distribution is well and truly covered by net operational income for the whole year.

But the second half is about 25% lower than the first.

this calculation is based only on funds from operations, not on total earnings per share.