Equity and cash flowsBallast Nedam's shareholders' equity decreased by € 40 million to € 131 million. This decrease comprised the loss for the period of € 41 million, the dividend distribution of € 5 million, an increase of € 5 million in the hedging reserve for interest rate derivatives for the PPP projects, and a positive difference of € 1 million in the option scheme. The loss led to a fall in solvency from 21% at year-end 2011 to 17%. The above solvency is as calculated using the method that accounts for joint ventures by recognizing the share in the assets (i.e. the equity method). The solvency as calculated in accordance with the proportionate consolidation method that is currently allowed under IFRS and is applied for the joint ventures, such as the PPP projects, decreased from 18% at year-end 2011 to 15%. Total assets declined by € 55 million to € 886 million, which was attributable in particular to the sale of a PPP project, and lower property, plant and equipment because of write-downs and disposals. The necessary current assets minus current liabilities also went down by € 23 million to € 7 million. Capital employed therefore decreased by € 53 million to € 176 million. The outstanding liabilities to contribute supplementary capital in the PPPs decreased from € 13 million at year-end 2011 to € 3 million through the sale of 80% of our stake in a PPP project. The cash flow for 2012 was € 11 million negative, compared with a positive cash flow for 2011 of € 26 million. The operating cash flow deteriorated from € 72 million positive for 2011 to € 1 million positive for 2012, attributable mainly to a deterioration in the work in progress position because of lower prepayments. The cash flow from investing activities was € 60 million negative compared with € 52 million negative for 2011, consisting of € 66 million investments, € 9 million disposals, € 4 million acquisition of operations, and € 1 million dividend received. Investments included € 23 million of property, plant and equipment, € 2 million of intangible assets and € 41 million of financial assets. Most of the financial assets were concerned with the PPP receivables for the A15 Maasvlakte - Vaanplein highway project. The € 15 million net investment in property, plant and equipment was lower than the € 23 million of depreciation.