Richemont have released their full year numbers this morning. They have comfortably beaten expectations. Sales numbers faced currency headwinds during the year, the aforementioned European recovery might have been fabulous news for countries themselves, but for companies reporting in Euros, well, not so great. I suspect that there will be many European countries with the same "problems", not the worst one to have however. We will have a better and more detailed analysis of these numbers tomorrow, for the time being the market likes it. So do we, we remain convinced that this is one of the best investments that folks have access to in this market.