Does anyone know if MML keeps its excess cash in USD or AUD? I...

Does anyone know if MML keeps its excess cash in USD or AUD?

I assume they sell their gold for USD? Is this correct?

I'm interested to know because with the AUD/USD depreciating 20% over the last 6 - 12 months the currency movement will greatly affect their FY14/15 result.

Ie, With MML now producing FCF and being an ASX listed company if they have been converting their USD earnings into AUD through the course of the year then my earnings expectation (in AUD terms) will be much lower than if they have retrained their profits in USD.

Also if they keep their earnings in USD then every cent the AUD/USD falls further increases the profit margin (in AUD terms) for the earnings over the whole year, not just the earnings going forward.

Can anyone comment?