Every year for the last three years our business has delivered on our dual obligations under the Australian Postal Corporation Act 1989 – by earning a commercial rate of return, while also delivering a reliable and accessible postal service for the entire Australian community. For the 13th consecutive year, we met or exceeded all of the performance standards that relate to our community service obligations. We delivered 95.5 per cent of domestic letters on time or early (against our 94 per cent target) and we increased the number of postal outlets to 4,429 nationwide. Commercially, it was a strong year too. Total revenue grew to $5.9 billion and our after-tax profit increased by 10.9 per cent to $311.9 million. This means net profit has grown 21 per cent per annum since we enacted our Future Ready transformation program. While the overall result is strong, our performance was weighed down by the $218.4 million loss in the regulated mail services. This record loss has grown by 16.9 per cent since last year. On the other hand, the profitability of our commercial, non-regulated services increased again this year to $648.1 million (up 16.7 per cent). Ahmed Fahour Managing Director & CEO