Ann: 2016 AGM Presentation, page-105

"...they have struggled to get the traction they need to compete with their larger competitors"

@suhm,

Interesting observation. In what way have they struggled to get traction?

Because my observation is that, for the past 20 years, they have increased their Revenues by a compound average annual growth rate of 7.5% pa. resulting in the company's Sales today being 3.5 times higher than they were in 2000.

(And I note that review period having witnessed all manner of variability in global exchange rates.)


"The company has form blaming currency values for their problems as they used to complain about the difficulties with the high AUSD during the mining boom."

Funny, my experience is that the company couldn't give a hoot what exchange rates do or don't do from one period to another; rather, they invest in growing their business with full acknowledgment of the fact that currencies do, indeed, fluctuate.

What would you prefer, that they take out hedges to protect their short-term financial performance against currency fluctuations?

(Personally, one of the things I like about this company is that it is because it is exposed to short-term exchange rate movements, whenever significant short-term dislocations in various currency markets have occurred, this has presented great buying opportunities for long-term holders of the business; for example, at the time the strong A$ of 2011/2012, the fall in the Brazilian during 2015, and now the fall in the value of the pound.)