AVJ outlook, page-4

I view it a touch differently. It's a growing business and they have maintained their gearing ratio at around 25% so are managing their risk.

NTA, dividends, underlying profit, earnings are all increasing.

They were happy to pay divis out of debt because the gearing ratio remained at the low end of their risk spectrum. They pay out a strict % of the their divi's each half year. Knowing they could increase the divi payable (again) and do so without impacting their gearing ration is smart capital management. And still enabled Net tangible assets to increase for how many times in a row.

I think people are going to be surprised at how strong the results are.