2016 Guidance Affirmed, page-185

"but cash reserves are not going to being replenished from operating earnings while the operating margin is sub 2%" - I'm not saying that my analysis is perfect by any stretch - but underlying earnings should be around 30cps. This has been relatively contant over the last three years and has seen net debt greatly reduced. The trap with this company is judging it by Statutory earnings, which have accounting nuances in relation to the forward contracts. The only question in this space is how much impact the penalty for the LGC's will have, as they have essentially traded cash for book value.