Agreed - all of their decisions are based on financial years.
A critical driver of capital management (buy-backs and dividends) is franking, which is determined by the tax paid in a financial year and generally not known until the final quarter. Hence, the buy-back booklet talked about 86% franking but when the tax statement arrived it was 95% for FY23.
The precise calculation of a company's franking capacity is slightly more complicated as you're allowed to utilise credits on tax to be paid in the next quarter. VGW may have dragged franking credits from FY24 into FY23 although the tax rate for the 1H23 was higher than previous years. From the outside it is a black box. Fortunately they have good CFO.
