Ann: Full Year Results Presentation, page-4

A nice result - but I suspect that the non-reaction from the share price is because (1) the result was not not one that exceeded expectations and (2) the muted outlook for new vehicle sales in 2014 is a headwind for the company.

I continue to be happy holding a company that appears to be doing everything right and has a coherent strategy for growing shareholder wealth over the longer term, but do not expect the share price to improve dramatically in the short term.