Half Yearly Cashflow Statement

Cash flows from operating activities:
Receipts from customers 186
Payments to suppliers and employees (121)
Net interest received 2
Income taxes paid (4)
---------
Net cash inflow from operating activities 63
---------

Cash flows from investing activities:
Payments for property, plant & equipment (15)
Contributions to property joint venture (10)
-----------
Net cash outflow from investing activities (25)
----------
Cash flows from financing activities:
Repayment of borrowings (4.5)
Dividend paid (11.5)
---------
Net cash outflow from financing activities (16)
----------
Net increase in cash 22

Cash at beginning of year 168
Net foreign exchange differences 4
-------
Cash at end of half year 194
--------
I wanted to do this exercise to see where we are at as regards the payment of a dividend.
We have previously been told that they'll payout 25% of free cashflow as a dividend. My understanding of free cashflow is cash inflows from operating activities less cash outflows from investing activities. So from the above that is +63 & -25 = $38mil so 25% = $9.5mil. I would actually add back the $10mil for contribs to the property venture as that is no more than a shuffling of the cash.
I really can't see any other answer except a fully franked one cent dividend.