Raven worked hard in 2015 to mitigate the impact of a harsh trading environment. Management focused on maintaining income at the best level achievable, in whatever currency the market will allow, while protecting cash balances. It ended the year with $202m in cash, a significant share of the current market cap. Underlying profits provided management the room for continued distributions while maintaining the balance sheet prudence necessary for Raven to participate in the upside when conditions improve. A rouble/oil price recovery or easing of sanctions are potential catalysts.