By the way @vic_wattle, I would be very cautious of taking that...

By the way @vic_wattle, I would be very cautious of taking that 11.7% growth rate to heart. It has been very heavily influenced by the low starting point in FY02. Have another look at the chart, you'll see what I mean. In the 13 years since 2005, growth rates in non-amalgam have compounded by a smidgeon over 8% per annum. These rates have swung around wildly from one year to the next - but that's mainly been due to currency swings.

Now whilst 8% annual growth is nothing to sneeze at, it should be kept in mind that the business had to retain over 25% of its earnings (based on underlying NPAT), over the 13 years, to achieve it.

An 8% growth rate, on a 75% earnings retention rate, indicates less than exciting returns on deployed capital (though not disastrous either).