"Most importantly though is that the dividend is paid from cash...

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    "Most importantly though is that the dividend is paid from cash flow, basically from the EBITDA not from the balance sheet"......
    EL ....dividends are paid from balance sheet cash flow availability... not from P&L EBITDA .. 2 difference aspects

    On the 2012 statement of cash flows both 2011 and 2012 resulted in negative cash-flows ...even after the inclusion of proceeds from borrowings... 43m in 2011 and 76m in 2012
    (not sure what cash commitments they have for 2013)

    On the balance-sheet have a look at the liquid ratio of current assets vs current liabilities...pretty well on par... but commitment to borrowings in current liabilities jumped approx $100m in 2012

    not saying things are bad but if the market does not improve things will be tight
 
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