Hi dct. You say the business has no net debt. From the last...

Hi dct. You say the business has no net debt. From the last financials:

"The Group’s cash position remains strong, with $147.935M in cash and term deposits at 31 December 2012.

"Gross debt at 31 December 2012 totals ... $114.019M in
equipment finance borrowings."
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So, there is some debt. They also have some cash- and more too now with property debt paid off and cash coming in from property sales. When you say "net debt", do you mean debt is less than cash?