Largest Dividend You Will Ever See, page-60

Few points.

1. I am pretty sure it wasn't mentioned but the increase of US$300m in the accounts receivable will give a boost to cash flow in the current half (assuming there is no increase in sales). Accordingly, the current half should have great cash generation. Which, absent any debt repayments, extra capex or acquisitions = higher dividends.

2. Franking - while tax expense is being recognized for accounting purpose, Aus tax is not paid until a tax return is lodged. Therefore no franking in the foreseeable future (suspect that CRN has a tax year end of 31 Dec rather than 30 June).

3. The "lost" 1.5m tons of production at a margin of USD200 / ton = ouch....

Best

BSP

NFA, DYOR, GLTAH etc.