Ann: Letter to Shareholders, page-11

I can't argue with your figures, but this year's result is impacted by write-downs which should be non-recurring for next year I would think. Might there not be sound rationale in the change in direction to higher-yield enterprises?

It is not my proposition, but an argument the board has advanced that Australian manufacturing is just no longer competitive. If so, is there any point in Australia making anything anymore?