Pat Deering (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I compliment our guests on their presentation and on summing matters up in seven very precise points.

I have a couple of brief questions on Coillte's financial performance in 2011 and previous years. The company's profit after taxation in recent years has fluctuated considerably. In 2011 it was €19.9 million, in 2010 it was €32 million, and it was €4.2 million in 2009. In those years the turnover has remained more or less the same and capital expenditure has been consistent. Could Mr. Gunning explain the drop in profits?

SmartPly appears to be the linchpin of the business. It will determine whether the company moves backwards or forwards. Perhaps I am not correct in my assertion. Mr. Gunning could clarify the position. SmartPly appears to be waiting for clearance for take-off in terms of investment. The product is ready to roll and many jobs are at stake. Is there a timescale envisaged for whether the company can take off or will it depend on the outcome of deliberations based on the seven areas Mr. Gunning outlined?

The pension deficit is €122 million and bank debt is €180 million, which amounts to approximately €300 million. It is potentially half the amount we are talking about, as Senator O’Keeffe mentioned previously. If those amounts were added together and the target of €600 million or €700 million is not achievable because of outstanding issues, will the sale be hampered or will it progress in either case?