Friday afternoon should be working but I will have a crack.
2015 Cashflow Statement page 29 of the annual report. Operating Cashflow +$309mill; Capital Investments -$103mill; Divs -$260mill $54 mill shortfall $65mill extra borrowings leaves a $11 million increase in cash. One way to look at it is they borrowed 52% for capital investments (54mill/103mill) and paid the dividends out of operating cashflow.
I think with infrastructure companies you hope they aren't skimping on maintenance to pay out big dividends a la Kiwirail. Hopefully we aren't like sir Michael Faye & David Richwhite happy to take what they can get and let the taxpayer pay for it (f**king ars***les)
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