All right, so let's have a look at the historical development of sales, margins, and EBITDA for Smithy. In terms of sales, we can see that the sales growth is slowing or going into decline in the last three years. This is not particularly surprising, given the analysis we did in the business risk section. Secondly, the gross margin is held somewhat steady. And thirdly, the EBITDA levels seem rather consistent or even slightly improving. If we look at the bottom here, we can see the total debt to EBITDA ratios, staying well under four, which tells us why Smithy has been able to refinance their debt so well until now. We should notice, as well, at this slide that the EBITDA numbers are unadjusted for credit and we look at how to adjust EBITDA numbers for credit in a moment.