The past 12 months have been the most difficult since listing in 2000, and there is no question that Massmart’s earnings were affected by Rand volatility over the past 18 months. Given the Group’s cyclical product mix however, the business has performed reasonably through the recession and is now positioned to perform well in the economic upturn ahead. Given the robustness and agility of the Group’s human performance and operational performance over this period, we are confident that financial performance will follow.