Hi guysI posted the below on the nta estimate thread.Have a read...

Hi guys

I posted the below on the nta estimate thread.

Have a read of that thread for further discussion on dividends.




According to the 29 August presentation, the dividend paid totalling $32m (1.4c per share) was calculated as follows:

Net Cash inflow from operating activities 92.6m

+ Net cash outflow from investing activities (8.3m)

- Net cash (outflow)/inflow from financing activities (73.1m)

Net increase in cash and cash equivalents 11.2m

Cash at beginning 21.3m

Effects of exchange rate changes on cash and cash equivalents (1.1m)

Cash and cash equivalents at end: 31.4m



I suppose the net cash outflow from financing activities can be manipulated as the more debt they pay back, this would decrease the total "taxable income" figure.

It would not be in the interest of the company to have no available cash to them in the balance sheet at any one time.

Cash assets at 30 June 2008 was $31.4m so assuming that net cash inflows/outflows for FY09 is $0, then using the formula that CER has used to calculate taxable income, the dividend will be $31.4m +/- Effects of exchange rate changes on cash and cash equivalents.

I dont know how they calculated this figure. This may be something for Investor Services to answer for me.