Peter Foster, President Almaty, 23rd March 2013 To misquote an old sporting cliché, 2012 was a year of two halves. The first half was seriously affected by sluggish demand and high fuel prices, causing year on year profit for the period to drop by 80%, in contrast to the second half which was our best on record, driven by demand recovery, non-fuel savings and greater efficiency of aircraft and crew utilisation. The full year net profit of $61.1 million was identical to that of 2011, marginally ahead of budget and in our view a good result given the pressures on the industry from high fuel prices and weak demand in Europe. Routes to and from the European Union make up 18% of the airline’s international capacity. Total airline revenues grew 15% to $875.5 million on capacity growth of 11%. We carried 3.3 million passengers, an increase of 10%. Whilst net margin slipped from 8 to 7%, it is likely that we will continue to place amongst the world’s 20 most profitable airlines, as we hav...