Projected FY 2021-22 and Final dividends, page-225

Given

• "Net debt of $403.4m as at 31 December 2021"
• "WHC holds a net cash position of $1.0 billion as at30 June 2022"
• $362.6 million spent on buyback
• $80 million in dividends in March (came out during this period on the balance sheet, so it can be used for determining cash generation. However it was for the prior period so it doesn't count for payout analysis for this 6 months)
• Assume 950m shares.

Cash of 1.846B profit in 6 months.

"20 per cent and 50 per cent div policy"

• 369.2 to 923 to be paid in this half. Minus 362.6 paid via buybacks
• 6.6m to 560.4m

Between 1c - 58.9c

This has a few flaws.

• Numbers are close but aren't exact.
• Not all of that buyback occurred in the 6months to end of June. So more cash can be returned. You could probably work it out easily enough if you wanted to be exact.
• Money might have been spent on things (hence is missing) that can count towards capital return.
  
• Number of shares will change a bit as there are still a few days of buyback to occur before the announcement afaik.
• They can just do a special dividend on top of the default dividend.