Mr. Michael O'Flynn:

I mean, at the end of '08 we were well into the crisis at that stage, which started in '07. And even ... if you look at that, you're still talking about a difference of a few hundred million, I think, in equity, despite the downturn of '07 and '08. But if you go back to the earlier years, we would have been dealing with an equity ratio, excluding joint ventures now, of maybe 70%, 30%. Well, we had substantial equity on our balance sheet, in our company and, as I said in my opening statement, we had cash balances and we always applied equity to our ... to our projects.