I don't think the $11m of loan repayment will be included in that, as that would come under financing cashflow.
However, the HY and FY numbers may not be apples-with-apples, as at half year distribution announcement the referred to "after capex and Japan Withholding tax", while at FY, that has been extended to include hedging and Australian costs.
Actually, I have had a closer look at cashflow statement to try and figure out which numbers they assigned to that figure at half year, but it is not very clear. The 5.63cps of total cashflow generated would have been equivalent to $28.6m. It's pretty hard to see how they could find $28.6m of free cashflow from the cashflow statement though - perhaps by excluding the non-property expenses and change in deposits?
Overall, concluded that it is probably premature to compare first and second halves to get a feel for rental income without seeing the detail. The Japanese withholding tax looks to vary quite substantially in different periods and the effect of forex can be significant.
I'd also conclude that, looking at first half cashflow, it seems unlikely that this years total dividend will have been paid without eroding cash when all costs are considered.
AJA Price at posting:
$3.75 Sentiment: None Disclosure: Not Held
