The New Zealand Post Group had a successful year, with the majority of businesses across our portfolio improving on their 2011/12 performance at a financial level. This is reflected in an increase in the Group result at an operating level from $80 million to $111 million (up 41 percent). Further progress on the rationalisation of the Group balance sheet was made with the divestment of assets and the release of capital tied up in non-core activities. In particular, the sale of New Zealand Post House in Wellington together with the divestment of our 35 percent stake in Datacom contributed to the release of over $200m in capital. These funds are being utilised for re-investment in the business and for paying down debt.