if you take all the noise out of previous annual results, you...

if you take all the noise out of previous annual results, you get:
NPAT 2015 - $m74.714; dividends $m11.575 (15% payout)
NPAT 2014 - $m102.354; dividends $m23.142 (22% payout)

est 2016 $52 ~ $55m; dividends $m17.36 (30% ~ 33%)

my September qtr estimate is a shocker at around 5 ->9m only. Largely volumes driven!

higher payout because :
nigh conclusion STDSF
conclusion / funding major maintenance programs nigh complete
deep cash / debtor / inventory holding
stable earnings ahead at around $12 ~ $13m / qtr in which case dividend payout closer to 25%
franking credits are even more worthless if not distributed

hopeful anyway...