Ann: Appendix 4E and Annual Report, page-2

At first glance looks to be a reasonable result given the slowing domestic economy and the THB headwinds for the Thai export ops. My uber review of the figures;

Sales up 5% v COGS up 5.2%, so slight reduction in gross margins.
Reported NPAT up 12.1% or 5.8% adjusted for last years tax catch up, divis up 6.8%.
EPS of 71.9 cps and divis of 39.5 cps a little down on the latest analysts consensus.
ROE/ROC 21.8% (that seems a little high - maybe my bad calc; total equity/NPAT?) v 16.8% last year.

One thing that stands out to me as a shareholder is $50+ in the franking account, I would like to see them borrow $100m and give the shareholders a 30% franked special dividend to bring that down a bit. With a current ROE of around 22% and borrowing costs of maybe 5-6% that would help improve both shareholder and ROC returns while keeping the balance sheet lightly geared.