Ann: Half Yearly Report and Accounts December 2015, page-26

Makes sense to look at it in constant currency to try to decipher the underlying trend which does put in a more favourable light.

On the other side of the coin, there's also been a massive tailwind of declining silver prices, (which can be viewed as similar to a currency effect on an important input cost) down something on the order of 60% over 3y, 70% over 5y, albeit in USD so will be less in AUD but still significant. This obviously only applies to the declining but still significant amalgam business.

The interweave of currency effects and silver prices make for a more difficult analysis. Still, my own current view is the very low price you're paying compensates for the risks.