Sorry I didn't mean reported in terms of the Annual report, I...

Sorry I didn't mean reported in terms of the Annual report, I meant reported in terms of financial ratios used in Australia - PER, market cap, etc...

ie, what I was trying to say was that even thought MML's operating costs haven't really benefited from the fall in the AUD (because the production takes place in the Philippines and the PHP has only fallen by 4%), any USD profits will still be larger in AUD terms because of the 21% fall in the AUD over the last 12 months...