nice dividend -- don't forget, page-10

pilatus,
cash of 125m and debt 160m is an extremely small net debt position
net debt 35m going on your figures
the company is extremely lowly geared
if the company had net cash it would be an even lazier balance sheet
debt is a complete non issue
cash flows from operations, price of the out put are the issues
i think you need to learn something about capital structure