On another note for those calling massive dividends.Look at the...

On another note for those calling massive dividends.

Look at the half year relationship between balance sheet and cash flow statement. SWM is paying down its debt. I for one like this strategy.

Pitty the Winter Olympics were a bit of a fizzer, but the market is still forecasting 11c per share earnings out for the next couple of years.

Fast forward and by 2025 that accumulated cash flow will enable debt to be nearly fully paid off. Even with some small dividends paid along the way.

Can't look at just cash holdings since CA-CL is only $55m odd, so the $246m cash is not relevant.

Imagine a 2025 with no debt, and earnings of around 11c. No way will SWM be 60c by 2025. That's only 3 years away.

So I fully support not paying high dividends.