It is possible to spin the FPH slightly more positively. Revenue has been flat in NZD for the last few years, but with much of it's business in USD, it's interesting to observe that revenue in USD has increased at about 10% pa. (271m in 2008, 417m in 2012). A few years ago it needed a low NZD to make a profit, maybe now it has got to the stage where it can make a profit even with a higher NZD.