Ann: Investor Presentation - 2012 Year End , page-5

A good sale price MM & I was also thinking of trimming my holding at these levels as well, however, given the FY12 FCF yield is an undemanding +10%, Net cash of $10m (13% of mkt cap), CEO looking for 15-20% sales growth with gross margins at least stable at 39.5% in FY13, payout ratio in FY12 was just 51% (based on NPAT ex FFI debacle) indicating they have plenty of scope to raise dividend payments in excess of earnings growth in future years, and a fantastic industry growth thematic coupled with some serious prices being paid for similar companies in Nth America and Europe, I am going to ride this one out. I think Ian and his team could really be onto a multi-bag prospect over the next few years.