YW.PLL's losses are PLL's losses ... their financial statements...

YW.
PLL's losses are PLL's losses ... their financial statements are standalone

SYA's financial statements are consolidated. If you want too make adjustments for the consolidation go ahead. But keep to the balance sheet as that was what we are looking at.

As far as "paying for" operating losses, I've lost track of how many times this has been run over. Those losses are in SYQ are funded by the equity partners stumping up more capital into SYQ when a cash call is made. PLL doesn't write a check for 25% of operating losses as they occur if that's what you are thinking.

Look at SYA balance sheet in the Annual Report and Half Yearly ... that's where the figures are coming from and just as a heads up PLL doesn't pay 25% of SYA losses. You can see more of that in SYA's Qtrly where the cash waterfall is shown.