Ann: Chairman's letter - Scheme of Arrangement, page-45

It’s not a nonsense statement as AGO have a hedging strategy in place. They advise of the hedging contracts they have in place in each quarterly report.

Also I disagree with your comment anyway. It would be like saying insurance companies always win. Why get insurance if in the long run we lose out? It’s to lock in cashflow movements particularly in the short term so you can margin protect yourself and better plan on the allocation of resources without worrying about adverse movements in the spot markets.