Mr. Gerry Britchfield:

I refer to the question on the David Gunning court case. The ex-chief executive officer of Coillte has taken court action against the company on foot of his belief that moneys are due to him under his contract of employment. I cannot comment further. Clearly, the fact that he has taken a claim means the company does not necessarily agree with him and, therefore, the courts will have to determine that issue.

With regard to the Coillte business model, we have been through five extremely difficult years. Our businesses are very much rooted in the construction sector, which has had a difficult time both in Ireland and across Europe. We have been focused over the past five years on making sure we keep the business in as good a position as we possibly can. We have not increased our borrowings significantly over that time. We have managed, as Mr. Egan said earlier, to reduce our costs significantly over that period to keep ourselves in a reasonably good position. The best comparison is operating profit for exceptional items. It was €35 million in 2012, €46 million in 2010 and €41 million in 2011, while this year it will be between €35 million and €40 million. Regarding the question of whether the business model needs an overhaul, we are focused in our new strategy on both growing the business and continuing to take costs out of it. We are not there yet and we do not claim that we are, but it is important to acknowledge that we have taken substantial action. Few, if any, semi-state companies have reduced their workforce by 25% over the past five years. I do not say that with a great deal of pride, but it is a fact. We had to do it because, ultimately, we had to reduce our costs. The model is not broken. We need to be in a position in which we can generate more cash in order that we can invest in growth and start providing the shareholder with a return on its investment.