Pellet Price, page-248

This will not be good when calculated on 2017 free cash flow as I've calculated a figure of around $20 to $25mil meaning only $5 to $6mil available as a dividend meaning only half a cent. The bugbear in my calculation is that I have to allow for an increase in trade receivables of $33mil from 30Jun to 31Dec. Free cash flow for first six months was only $1.64mil($40.64 ops-$39.00 invest) and for the second six months should be around $20mil(after deducting from sales receipts the above-mentioned increase in debtors).
Moving into 2018 figures, this won't be a problem again as debtors shouldn't increase again so free cash flow should equate to sales less COS or maybe $140/t less $73/t. On 2.8mil tonnes that would be $187.6mil free cash flow and a 25% dividend would be $47mil or 4c/share.
At least the analysts are back from holidays and are cleaning out sell lines and our dumper from the last two weeks has finished his selling operation.