Overall, no positive FCF for shareholders. And at the end of the day, shareholders only get what's left over. Doesn't matter if operating and investing CF covers dividends. Overall it doesn't.
Except that it does (when you use the correct figures).
And here are the correct figures (as published by the company in their audited financial statements.
OPERATING CASH FLOWS (2009-16) [$M]
2009: 564
2010: 280
2011: 294
2012: 438
2013: 444
2014: 550
2015: 251
2016: 192
CUMULATIVE TOTAL = $3.01bn
INVESTING CASH FLOWS (2009-16) [$M]
2009: 133
2010: 145
2011: 106
2012: 106
2013: 347
2014: 104
2015: 189
2016: 80
CUMULATIVE TOTAL = $1.21 bn
=> CUMULATIVE FREE CASH FLOW (Before Dividends) = $3.01bn - $1.21 bn = $1.80bn
($1.8bn in FCF... a little insight, perhaps, into what Dar Group sees in WOR)
DIVIDENDS (2009-16) [$M]
2009: 214
2010: 231
2011: 206
2012: 239
2013: 245
2014: 237
2015: 227
2016: 78
CUMULATIVE TOTAL = $1.68 bn
=> CUMULATIVE FREE CASH FLOW (After Dividends) = $1.80 bn - $1.68 bn = $120m, which is greater than zero.
I would be exiting now, page-59
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