Fool, page-14

its simple each year the companies net cash position is around zero.. hence minimum cash held by the company.. add the net values below.. some years positive some negative...

so in summary it would seem the business model requires a net cash position of close to zero to achieve growth and pay divs...

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
0		06/06	06/07	06/08	06/09	06/10	06/11	06/12	06/13	06/14	06/15
1	Receipts from customers (m)	150	145	109	106	110	114	129	139	152	181
2	Net operating cashflows (m)	40.00	29.91	38.26	40.62	39.75	47.93	57.33	62.20	65.95	77.67
3	Net investing cashflows (m)	-37	-28	-44	-42	-32	-51	-63	-53	-86	-75
4	Net financing cashflows (m)	-4		1	4	-8	1	5	-4	18	5