2 reasons why free cash flow can be higher than eps in FY22.
1. In FY21 eps there is a depreciation and amortisation charge of $12.9M ( p58 of the FY21 Annual Report ) .
In cash flows from investing activities there is $1.4M payment for plant and equipment ( p63 ) .
Actual CAPEX payment < NON cash item of depreciation / amortisation .
2. In eps , Income tax expense = $11.3 M ( p58 ) .
In operating cash flows income tax paid = $.229M ( p63 ) .
so actual tax paid is less than charge in eps.
Instead of paying tax the deferred tax asset is reduced by $6.7M and the deferred tax liability is increased by $4.5M ( p78 ) .
No franking credits arise from the actual tax paid in FY21, dividends remain unfranked. ( p125 ) .
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