Leverage averaged 73% from 2006 to 2011. Two of the most recent major acquisitions(StarParks in May 2006 and STVI in October 2007) were partly financed by capital increases. The ongoing disposal of non-strategic assets combined with the generation of free cash flow and completion of a €100 million capital increase in July 2010 brought net debt down by nearly 30% in 2010. As at September 30, 2011, it was stable at 46% of equity (one of the lowest levels reached in the last 15 years).