Mr. Adrian Neilan:

In 2007 our borrowing level was set at €12.5 million and the board put in place a strategy predicated on developing more facilities and bringing them to the standard expected. On the back of that, it looked for an extra increase in borrowing levels, to €25 million. That was approved by the Department of Arts, Sport and Tourism and the Department of Finance and we knew we would spend up to that level. As we said earlier, we have generated over €23 million in capital surpluses over the past six years and have paid out approximately €29 million on new buildings. We have stopped the capital expansion programme now and all surpluses in the future will be used to reduce our debt. We plan to pay down our debt by over €5 million to the end of our current strategic year.

The clear message is that we are in control of our future and of our debt. We are a business that is dependent on consumer spending in Ireland, and in that environment we must be careful. We are being careful and prudent. I will now hand over to Mr. Murnane to address specific issues.