Ann: AGI Chairman and CEO AGM Addresses to Shareholders, page-16

FX impact as their are so many factors.. firstly we don't know how its going to travel for this financial year.. secondly it also depends when sales are made an currency is exchanged... So we need to take a simplistic view

There will be more sales out of the US this FY16 likely to be 20% above FY15
The average AUD/USD FY15 was 0.8364
FY16 to date the average is appx 0.735
Consensus is the AUD will continue to fall mainly due to US raising rates and commodity impact to our economy
We currently have a 10% difference in FX from FY15.. there will be more sales in the US than last year.. FX will likely decline further ..

All contributing to a larger FX gain to last year

Compounding these gains to last years FX number $25.6m x 1.3 =33.3 after tax 23.31 add this to normalised NPAT FY15 52.5 = 75.8m

FY 15 was 70.4m .. 8% increase with upside of the AUS $ dropping further and larger US sales growth..

This has not taken into account Nova acquisition

Hence my thinking NPAT will be 10%+ for FY16

You dont invest in a company for FX gains.... it is an added element to consider.. otherwise you might as well trade FX directly