Thank you for standing by, and welcome to the Frontier Digital Ventures 2020 Results Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Shaun Di Gregorio, CEO and founder. Please go ahead. Good morning, everyone. Thanks for calling in. A fair bit of news that was released to the market this morning. Consequently, we have a fair bit to get through this morning. I'll try and stay on point, and as usual, at the conclusion of my presentation, there'll be a Q&A session, which w ill be moderated by the call manager. I'm going to be referring to the document that is titled, Acquisition and 2020 Full Year Results Presentation, which was released to the ASX this morning. I'll give you turn page numbers just so you know what I'm looking at. Fundamentally, it's to announce an acquisition that we've finalized overnight, in Chile, of a business, Yapo, which is the leading general classifieds portal in that market. We'll talk to that acquisition shortly. We'll follow that with our full-year results, which are divided into an operational update, and then the results themselves, with a section there which just talks to the outlook as we see it in the next little while. Referring back to that deck, I'm on now page two, and you've seen our mission. We maintain our ambition. Our mission is to be the leading operator of the best online marketplaces in emerging markets. We've very focused on that outcome, and we've worked pretty diligently over the past 12 months to really accelerate that mission accomplishment as well. Needless to say, we still have a fair way to go. What's made a significant difference that we announced this morning was an acquisition of Yapo. I'm going to go straight into section one and talk to that acquisition. I'm now looking at page five, which is titled Acquisition Overview. Going to walk you through the business. Five key points that we'll talk through this morning. We've acquired 100% of the business in Chile. It's a market that we've looked at for some time, for a number of years. As you'd appreciate, we've made acquisitions in Colombia recently and have our business InfoCasas that is right next door as well. It's a part of the world that we like, and we have maintained the fact that we like the LatAm markets, ex Argentina and ex Brazil. Chile was really a piece of the puzzle that we've been looking at for some time, and we had an opportunity to acquire the business there, which we've done overnight. If you look into the business, I'm on page six. Yapo is a general classifieds. It's the leader in the market. What we were attracted to in this business was the fact that it has really strong vertical positions. More and more when you look at emerging markets, you've got to look at them in the context of transaction businesses or transaction-based platforms. We know that the classifieds model has served consumers and sellers really well, but we also know that that model has evolved rapidly over the past couple of years. Increasingly, it's focused around the ability to provide a full transaction to a buyer and a seller, and that's what all of the companies in our portfolio are doing. We see a really critical opportunity in this business in that it's the leading general classifieds, but it also leads in the verticals. We think that when you consider these markets as the ability to help consumers and sellers make transactions, Yapo is really well-positioned. It only has one main competitor, and Mercado Libre has sort of pivoted to try and be an Amazon-style business, which is focused on new products, which really leaves the general classifieds market open to Yapo. Those competitive dynamics, the brand strength in the market, the potential upside we see in the fact that this business leads in the verticals, made it a very attractive acquisition opportunity for us. It's fair to say that it's probably the last of the businesses that Adevinta were contemplating in exiting in. The fact that, again, it's kind of been left on the shelf a bit by Adevinta in the same way that the other acquisitions were while Adevinta are very focused on bedding down their eBay acquisition in Europe, and focusing on the issues and the challenges that that acquisition has brought them. We were opportunistic, and we were able to engage with Adevinta again off a lot of the goodwill that was developed in the acquisitions we made last year and engineer this transaction in the early part of this year. It really does complete a pretty active period for us. In terms of the business itself, it had 26 million sessions in December. That actually makes it the most trafficked site in our portfolio. The other compelling thing about this business and where we see a lot of upside is that its audience is primarily being driven organically. That means that they're not paying for any traffic. That really demonstrates the strength of the brand in the market, the consumer recollection of the brand, and the fact that it is being able to drive that level of traffic without having to buy it. That provides you with a really powerful platform in terms of what you can do with the business. Very niche market, as you can appreciate, as most of these environments are. The business suffered from COVID a bit in 2020, like most. From our perspective, that presented an opportunity to do a deal again where we think we've done it on really good terms. The business was profitable and growing heading into COVID. It's obviously suffered some headwinds. Again, we saw that more as opportunity than anything else. That's very much the view that we've taken on all of these businesses and all of the opportunities that came our way in 2020, was to get yourself into a really strong position, to have your portfolio performing well, to have a really strong balance sheet, and then to be able to move quickly and opportunistically when acquisition opportunities came up. We've been able to do this in a market that we think is going to be really valuable. If you move to slide seven, just a little bit about the market itself. As I said, it's a market that we've liked for a long time, sort of similar to Colombia when we were looking at the LATAM opportunities. Again, we've retained the ex-Brazil, ex-Argentina view of the market opportunities in South America. It's certainly one of the largest economies on the continent, and on a GDP basis, is actually clearly one of the two wealthiest as well. Proximity for our other businesses, of course, it bolts right next door to Peru and Bolivia, as you can see on the map, and we'll get a lot of opportunities to look at scale and cost savings where we can utilize the relationships that those businesses can potentially have. Very much a market that we've been looking at for some time and really fits our footprint well, and is an acquisition we're really pleased to be able to finalize overnight. If you go on to slide eight, just gives you a bit of a look at the business. As you can see, it was growing reasonably well into COVID. It took some COVID headwinds, like everything. Again, we saw that as opportunistic. We do view, when we're looking at the business, that there is some significant opportunities to grow the business. Like a lot of the Adevinta businesses, it hasn't had a lot of attention. It hasn't had a lot of love. We see that as an opportunity to really develop aspects of the business that haven't been done before. This business is fundamentally a classifieds business, and it has some advertising or banner-style revenue as well. The opportunity to start to move the business model more toward the facilitation of transactions, that's a very big mantra right across our group. All of our companies are moving toward providing consumers and sellers with the ability to do more of the transaction. Generally, you're able to do that when you've got a really strong brand in the market and you're a really well-known brand. You're a brand that's highly recognized and highly used. As a platform, you can get all of those factors together. A very dominant brand, tons of traffic, really strong positions in the verticals. Only having rolled out a classifieds model, it's a really powerful way to set yourself to say, "Hey, we can actually extend this product offering and start to participate more in the transactions of goods in that market," particularly in the verticals. There's clear opportunity to extend the product offering into property. The general classifieds always have really strong positions in automotive, and again, right across the general categories as well. Big opportunities in those two vertical categories when you're doing it with such a well-positioned brand to really extend the business model and facilitate more of the transactions. When you look at the pie graph there, or the pie chart, you can see the revenue spread across the business. Again, we sort of see this is the beginning of an opportunity in a business that has these sort of dynamics already in it. We're very focused on working with the team to deliver on those. If you move to the next slide nine, you'll just see that on a pro forma basis, this will make a significant contribution to our business, along with the other acquisitions that we made through the course of 2020, which were all very sort of COVID-driven, opportunistic deals that we were able to do. What that does, and Yapo, as I said, will be a significant contribution, is it really provides a pretty exciting platform in terms of our revenue profile as we head into 2021. Over on slide 10, just goes to the strategic fit. Again, it's in a geography that we're very focused on. It has clear market leadership, which is really important. It's going to be a significant contributor to our business on a revenue basis. We know that it was profitable heading into COVID. Many businesses have felt headwinds in COVID, but we can see a really clear path for not only revenue growth in this business by way of extending its product offering to be able to facilitate more of the transactions, but also, we see it returning to profitability as the market generally improves. We think that it's in a really interesting and opportunistic part of its journey. The strategic rationale, again, really strong. Fits right next to the businesses we already have in that market and will allow us to have a really solid footprint in the LATAM markets as well. It fits really nicely from our perspective. There's a quote there from me, I won't read it out or it sounds a bit egotistical, but I'll let you dwell on that in the interest of time. That's page 11. As I move through the deck, I do want to get on to the operational update, which is quite important. Just looking at our business, you can see on slide 13 now that our spread across the geographies is now much more even than it was when we probably spoke to you at this time last year. We had a very big focus on one or two businesses, and what we've been able to do through the course of 2020 is diversify that revenue source. Not only geographically, we've diversified it across a couple of the key verticals that we target as well. These acquisitions have added much to our revenue profile. When you look at the pro forma view, you get a bit of a sense of the significance of them, and what our company's going to look like in 12 and 24 months from now, as we see growth return in a post-COVID world. Also, the impact of extending the product reach or the product offering for the new acquisitions, in a much more aggressive manner than perhaps has been done by their current owners at the moment. Really good spread across our three target areas now. On 14, you'll see that what we've been clearly witness to over the past 12 months is this significant shift to digital. We're seeing a significant increase in mobile sessions and in leads being generated and total sessions. What we have seen, just from an advertiser perspective is, COVID has impacted advertisers pretty heavily. The number of advertisers is probably plateaued, but what we have seen is more and more consumers move to digital. This has been something that's been spoken about, but we did want to provide some data just to point to the fact that it's a real trend, and we see it continuing through 2021 and beyond. Consumer behavior significantly moved, and we've seen that in our portfolio on 15. Really just another way to look at the pre-pandemic kind of view versus what we're seeing now with seeing significant traffic return to the websites. This is a trend that's ongoing, and we expect it to continue. Most of that is going to mobile. We are seeing also really interesting movement by consumers who want to do more of a transaction than they were doing before. They want to go way past just looking at ads, and that's where a lot of the value sits in these businesses. On slide 16, one ambition we had at the beginning of the year was really to diversify our portfolio a bit. At the beginning of the year, 12 months ago, we had a really heavy emphasis on probably one geography and one or two businesses. Part of our strategy this year was to spread that geographic revenue, and obviously to spread it by segment a bit better as well. We'll always be biased toward the property vertical. We really like it. It's high value. We still like automotive. We do see significant opportunities in the general classifieds in select markets now where they're really emerging as full transaction platforms. If we think about these markets, and I think people have got to continue to think about these markets in this way, that you're essentially now looking at digital platforms that have large consumer audiences that can provide consumers with transactions of goods and services. In this case, increasingly high value goods and services, which is houses and cars. That fits really well in that general classifieds category. We think we've done a pretty good job of spreading the risk geographically and certainly spreading it a little more balanced way, with still a fair emphasis on the property segment. Moving over the page, just in terms of what we've done over the past 12 months, I looked at this list and thought, "Gee, we've been pretty busy." COVID really provided companies with one of two paths that they could take. They could batten down the hatches and survive, and that can be a pretty unpleasant experience, but a necessity for some. Other companies, and I firmly put us in that category, moved really quickly early in the year, got our portfolio in order, got our balance sheet strengthened. Then we really saw it as an opportunistic period to increase shareholdings in our existing companies, which we were able to do in a number of instances. Also to look at new partnerships which can extend the reach of some of our existing companies. The acquisitions, of course, that we've made and also some consolidations in a couple of our markets as well. It's been a very active year for us. We've fundamentally reshaped our portfolio to put it on a really exciting and much more opportunistic platform. Add to that, we've finished 2020, and certainly even post this transaction, we maintained a really strong balance sheet, which we think bodes well for the rest of the year. There's some slides there, on 18, around strengthening the portfolio. I won't read those because we're on the clock a bit. Fundamentally, we see a lot of tailwinds now into 2021, particularly as we look into the back half of 2021 with vaccine rollouts, optimism returning, normal workplace behavior returning, and of course this flows through to consumer behavior and their propensity to want to look at houses and cars and other goods on the internet. We think we've set ourselves out of a really interesting 2020, got our portfolio in really good shape, made some acquisitions that are going to be material contributors. They fit all of the strategic criteria that we lay out for those sorts of deals. Add to that, we see tailwinds now as COVID starts to be better managed in a lot of our markets. Just moving on to the 2020 results. I'm on page 20 now. We signaled most of these in our quarterly, so there won't be a ton of new information at a headline level per se. Just to look at the bar charts, you can see that we kept our growth happening in 2020, albeit marginal. We're very pleased with that. If you look at the sort of 100% view, which is probably the most complete way to view the portfolio, you see the bar charts on the left. The most valuable way to look at what we do is then to take the economic share of the portfolio, and that's represented on the right. You can see the AUD 23.7 in revenues for 2020 on a pro forma basis, obviously would've been significantly higher. Again, I think that's more about building a platform for 2021 and beyond. I would remind people, of course, that our statutory results, which are obviously very important, are probably the least instructive when it comes to understanding the progress of our business. We don't consolidate all of our portfolio, so that statutory view actually excludes businesses like Zameen, which is a significant revenue contributor and a significant EBITDA contributor as well. We do point people back to that 100% view, number one, and then to look through that 100% view and look at the economic share view, which picks up Zameen, our 30% stakes in that business. Over the page, if you look at the EBITDA performance, and again, this is on a portfolio basis, we managed to achieve a profitable period in 2020. That's both on an economic share basis. Whichever way you look at it, our ambition was to have those bar charts land right about where they are by 2020. We said that back in late 2016 into 2017, that we had an ambition for our portfolio on a sum of the parts to be profitable in 2020. We managed to achieve that goal, and we're pretty proud of that. In terms of the underlying businesses on page 22, as you can see through COVID, we improved the trading performance of all but one of those businesses. That was a marginal deterioration in the year. If you look at that data, you can see that while we continued to obviously be focused on revenue growth, the opportunity to reduce costs through COVID and improve our EBITDA position was one that we took, and you can see the businesses right across have all improved their EBITDA performance through the period. This just sets you on a really good platform for 2021 and beyond. What it says is everyone knows that 2020 was pretty tough to grow revenue, but what you could do was really recalibrate your cost base, improve your EBITDA performance. When you head into 2021 and you get tailwinds out of COVID and the economic conditions improve more generally, you've got a really good platform to grow the business. Our focus over the next 24 months, of course, with these new acquisitions and rapid revenue growth. We're really about growing the top line of the businesses, but doing it at a sustainable rate. That's one mantra that we've always maintained, that we want to grow our top line. That's our key priority, but we want to do it in a sustainable and responsible manner. We don't necessarily subscribe to the idea that you need to spend $ 1 on marketing to get $ 1 on revenue, and a lot of our businesses in our portfolio we've been able to invest in, to acquire, and they've generally been loss-making. Over a period of time, we're able to grow those businesses and turn them profitable. That really is our MO. That's really our value add in terms of how we view this portfolio of companies. We look at opportunity, we see good market positions, we see good brands. We're able to work with the management teams at growing them more rapidly than they would've grown before we had acquired them, and doing it on a much more sustainable basis than they've been able to in the past. That's what we really see as our competitive advantage. When we can look at a business like Yapo, for example, we can see that in 2019 it was marginally profitable. It slipped back in 2020. We see that as a perfect opportunity to pounce, to buy the business, knowing that we can probably grow it faster than its previous owners, and knowing we can do it on a more sustainable basis. T hat evidence is writ large right through our portfolio. If you look on slide 23, gone over the page, just gives you a full breakdown on some of the numbers. Again, 2020 was pretty tough, but we do really feel like we've positioned ourselves really well for 2021 on beyond, and you see that when you look at the pro forma view of 2020. I've moved on to the outlook section, so this is slide 25. Again, I'm not going to stop and read on these, but we have our clear mission is to becoming the leading operator of the best online marketplaces in emerging markets. There's many factors that play into that ambition. You can probably note by the fact we've been around a little while now, and you can see the sort of work we're able to do when we do acquire these companies. Of course, we do see a genuine opportunity to continue to build our business. We know that the smart money for us is to acquire more of the companies that we're very familiar with, the ones in our portfolio, the ones that we like, and the ones that perform well. When we look at growth, we look at growing our existing portfolio's revenues and doing it on a sustainable basis. We then look at M&A opportunities. They're always going to be consolidations, which are the easiest, but certainly adjacent geographies like we've done in Chile and more recently in Colombia and Morocco and Tunisia, and the market position of those businesses. We're very clear-minded about our strategy. We're really excited about the next 24 months. We had a view last year that what we did over the 12 months from last year into this year was going to have a very significant impact on what our business was going to look like in three to five years from now. We really look pretty optimistically at the next 24 months. There's a lot of opportunity in our portfolio to grow with tailwinds coming out of COVID, and we'll continue to be focused on those goals. When you look at 2026, just to give you a sense of how we view the businesses, sort of life cycles of businesses. You can see how we plot things. Zameen is obviously a significant business in size, revenue, and contribution for us. We do now have a group of six to seven businesses that are now where Zameen was, probably not that long ago. We're really focused on building the value in those businesses and pushing them through this model, this classifieds 1.0 into a 2.0 world. Of course, if you look on slide 27, we of course recognize that our responsibility is to deliver value for our shareholders. We think in terms of the phases that we're in, that we're right in the business build mode. We're building our portfolio, and we're really excited about that. It's fairly obvious to us that down the track there will be monetization opportunities, but we are 100% focused on building value in the portfolio that we've built over the last five years, and we'll continue to be focused on that. The funny thing about these businesses is that if you run them really well, the monetization opportunities that you can see on the right side of slide 27 tend to look after themselves, and we don't sit around worrying about those things. We focus all of our attention on building really good to great classifieds businesses in emerging markets that are increasingly now becoming full transaction services for their consumers. 28, if all of what I've said over the last half an hour comes together, we should see the graph to the right there, the FDV one, mimic something like the previous two businesses that I've run. We're very focused on giving shareholder value. I know investors can remark that as a founder, I'm still significantly invested in this business. Very aligned on that front. We certainly see ourselves much closer to the beginning of our journey than the end. We really do genuinely aspire to be the leading operator of these marketplaces in emerging markets. We think there's a distinct gap in the market when you look at the very big players that are out there, like Naspers, OLX, and Adevinta and Axel Springer in Europe. We do really feel that we are leading the way in terms of our focus on emerging markets and getting market leaders in our portfolios as we really start to pronounce ourselves on the global stage vis-a-vis those larger competitors. The corporate overview on 29, I'm going to breeze past because you can read that later. Of course, if you go to 30, we were added to the technology index recently. That was a milestone that we were very focused on, and that's been done. We would hope that on the rebalance of the ASX 300 in the not-too-distant future, that that would aspirationally also be something that we could be added to. We'll just run the business, and that review of the ASX 300 will take care of itself. Further in the deck, there is an appendix that just talks to the fact that we don't consolidate all of these entities. When you look at our statutory accounts, they don't really give you a full view, and we keep reminding people of that and hence why we talk to the economic share that what we really focus on as being the best indicator of the value that's inside our portfolio. At that point, that's bang on half an hour. I might hand back to the moderator, who I understand will now facilitate any Q&A that might be on the call. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Anthony Porto from Morgans Financial. Please go ahead. Hey, Shaun. Congratulations on the new acquisition. I guess if you look at the multiple, less than 3x revenue, it's even lower than what you've bought the other assets from Adevinta from recently, and it's well below your own trading multiple. I guess in the context of that, can you just explain the multiple you paid and, you did that a little bit, but just explain, go through that. Second question, I guess is competition for Yapo in the real estate and auto verticals. I mean, you mentioned the one large classifieds competition, but just how you see the competition in the actual verticals for that business. The third question would be, you put the traffic stats in there till December. I mean, from what I'm seeing on Similarweb, there's been a material acceleration in traffic in January for the majority of your sites. I guess maybe just comment on that. Are you starting to have discussions with advertisers or inquiries about spending more on the site and why they should be spending a lot more on the site? Then I guess, does that dovetail into potential pricing increases that you can put through some of these businesses? That's probably it for now, thanks, Shaun. Yep. I can remember the first question. You might have to remind me on the second one. The first question was just the mechanics of the deal. I don't know if you've been following that the seller, Adevinta, has got themselves into a bit of a pickle with the competition regulator in the U.K. that is analyzing their deal to acquire eBay. That doesn't relate directly to Chile, of course, but what it does is put Adevinta in a position where they were increasingly trying to rationalize their portfolio. Not that this acquisition had any impact on the competition issue in the U.K. They did have an ambition to rationalize their portfolio so they c ould concentrate on eBay. We had contemplated in a very vague manner this acquisition last year, and for a whole range of reasons. It wasn't included in that, and it was never more than a vague discussion. There's nothing of any materiality that was discussed re this business last year. We got into the earlier part of this year, and we kind of caught our breath and went back and looked at the business, and it was probably one that, all things being equal, we could have done last year, and for various reasons, it didn't happen. It really was a business that when we approached the idea of acquiring it, we'd established the multiples that we were prepared to pay, and they were established through the deal that we did last year. That deal we think was done under conditions that really suited us. We were able to go to the seller and say, "We've set the mark here. This is what we're willi ng to transact at." From their side, again, it was an appealing pitch because we could offer deal certainty and we could offer the ability to complete. Adevinta also knew that we had cash on the balance sheet to do it. From their perspective, it was a no-risk deal as far as completion is concerned. It's fair to say when we did the deal last year, that there was a large capital raise that was required to go with it. We were fortunate to have that money on the balance sheet, and we were able to approach this opportunity and say, "Well, we can absolutely pay for this. That's evident, you know that. The benchmark is the deals that we've done. We can provide you certainty, and we know that you've got other areas to focus on." In that sense, Anthony, all roads led to Rome, and we were able to negotiate the terms that the deal was done on. What was the second question, sorry? The second question was just the competition within the verticals. You mentioned Mercado Libre as the other large classifieds player, just what you see in the verticals, in the real estate and auto there. In the horizontal, it's Mercado Libre, they are Amazon Lite now. They've changed that business significantly, which has really left open the competitive landscape in the general classifieds for Yapo. It was more competitive some time back, it's actually opened up a bit. When you look into cars and houses, there's really one main operator in cars, that's Chileautos. After that, there's Autocosmos. Again, it's significantly smaller. In the property segment, there's probably two or three, or probably two actually, sites that are significant. We're well aware of them. Fortunately, the brand that Yapo has, and when you look into the traffic stats, we're actually leading both those key verticals. We see opportunity there. Chile is a valuable market, and it's got some established players there in the verticals, but this business, Yapo, really comes at it having not really focused much on those verticals, but has clear leadership when it comes to the traffic to those verticals. We see that as a pretty good launching pad where you can make a bit more ground into that vertical space. The third question, Anthony, was? Just on traffic in January. Look, grain of salt, I'm looking at Similarweb and it's not always reliable, but it does show some reasonable accelerations in most of the businesses. I guess, your ability to monetize that, and are you having pricing discussions with some of these advertisers? Yeah. January's always generally a good traffic month. It's always bouncing out of the Christmas, New Year break. It's also 31 days, which gives you a little bit of a longer a month compared to some. You always do get a natural bump in January. Again, of course, we welcome that to the extent that January alone gives you pricing power. It obviously doesn't. The long-term trend, which you saw in the deck there, we are seeing more consumers generate more leads and make more inquiries off the same number of advertisers than we were pre-COVID. The number of advertisers hasn't changed a lot in the market, but you are seeing more people generate more leads for the same number of advertisers. Naturally, that gives you scope for pricing. Where we think it gives you greater scope is to say, "Up until now, Mr. Consumer or Mrs. Consumer, you've come here and clicked on an ad and made an inquiry. Rather than us charge you more for that, why don't we take you further down the transaction path?" Your dependency on these brands and these platforms is increasing. Your use of these brands and platforms is increasing. Your willingness to do more is increasing. We see that as a really opportunistic way to say, "Hey, let's take the consumer further down the transaction path." There is a limit to which these businesses over time can simply put up price for ads. You can do that, and great businesses like REA have been doing that forever. However, we do think that the significant value when you look at what's in these markets is getting them closer to the transaction. The businesses that have done that, Zameen InfoCasas, this is the AutoDeal of the world, that is where the real growth is likely to come from. Yes, we of course welcome the traffic. What we look at more, though, is their behavior and their dependency and your ability to say, "Hey, how can we make more of that dependency than we have in the past? Great. Thanks, Shaun, and congratulations again. Thanks, Anthony. Your next question comes from James Filius from Bell Potter. Please go ahead. Hi, Shaun. Great result today. I just wanted to obviously, the way the positioning of the portfolio for the year ahead is focused towards LatAm. Given the things going on in Myanmar, can you give some comments around what you see happening in that market, and what that bodes for the year ahead? Yeah. Just on the LatAm focus, whilst there will be a significant focus from us on that area, we feel like we're balanced for now. We feel like we're way better balanced. We'll certainly be focusing on Asia, that's for sure. We see Asia as a dynamic market where there's more opportunity. With regard to Myanmar, yeah, we're in a bit of a wait and see. If you follow the news like everyone else has, you'll know that there is a coup by the military. Just a backstory on Myanmar. The military, were very present anyway. They control a lot of the economy, and they've stepped in to take political control, which is not unprecedented. What it has meant is that you've got a fair amount of civil strikes and protest and disruption, which makes the business of selling houses and cars a bit tough at the minute. We've seen a distinct slowdown in commercial activity in Myanmar over the past few weeks. I think we'll know more over the next couple of weeks. I think it'll go one of two ways, which is it'll settle down, and they'll be accepting into the regime, or it won't settle down, and it'll get worse. Either way, we expect it to be much clearer by the middle of March, over the next couple of weeks. Then I think we'll be able to guide the market if there are any material changes in those two businesses. Yeah, we're in a wait and see pattern at the moment. I guess, the way we do view it, James, is Well, there was a coup in Thailand a couple of years ago. It was almost a very passive coup, and the economy returned to full activity pretty quickly thereafter. That's the only guide that we have here. Now to the extent that that'll occur in Myanmar, we don't know. We'll certainly have a better sense of it by about the middle of March, in our view. Okay, great. Thanks for that, Shaun. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We'll now pause momentarily if anyone else wishes to register. Your next question comes from Kevin Bertoli from PM Capital. Please go ahead. Hi, Shaun. Just a couple of questions from me. Firstly, on Zameen, when you look forward, what are your thoughts around growth rates for that business and how they might compare to that pre-COVID environment? Secondly, Avito and Moteur, the opportunities there now that you're at 100% in both businesses. Look, Zameen finished the year really well. The Q2 was very tough in Pakistan, but they reemerged out of COVID in probably July, August, and finished the year really well. The conversations with the management team, if I spoke to the middle of last year, like a lot of people, pretty grim or pretty pessimistic. By the end of the year, they were very optimistic about 2021. A lot changed through September, October, and we saw commercial activity return. I think that was underpinned a lot by the government support of the property market and various initiatives that were undertaken in Pakistan by way of reducing transaction costs and friction, taxes, reducing stamp duties, reducing borrowing hurdles they had to get over for mortgages, reducing the cost of money. They reduced interest rates. That certainly spurred the property market along. A fair bit of momentum's returned to that business. Obviously, probably by the end of Q1, we'll have a better sense of that momentum, how sustained it is, and at what levels it's at. We expect that business to grow pretty well this year, and we expect it to grow profitably as well. It's been a really interesting 12 months. If you had to stop the clock now, look back 12 months, yeah, really interesting period with Zameen. Probably were amongst the most pessimistic in our portfolio when we spoke to them in April, May, into being the most optimistic when we spoke to them six months later, as time had passed. We remain pretty bullish about Zameen. With regards to Morocco, we've started that process. We bedded down the deal. There's a little bit of get to know you between Avito and Moteur. They'll obviously known to each other, but now there's the actual physical meetings and the like taking place. We'll start to look at the ways in which they can grow the market together. They were competing pretty fiercely before we acquired Avito. Avito is very strong in the used car market. Moteur, very strong in the new car market. Neither business had made a hell of a lot of ground into the other's market. It's a really complementary fit, and as we get into Q2, we'll probably see some benefits start to emerge from that deal. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Chris Bainbridge of Pie Funds Management. Please go ahead. Hi, Shaun. Fantastic exposition and great result. Thank you. Just one question from me. Yapo, I guess, you've provided the results there for FY 2020. Are you able to just give us any color as to how that worked throughout the year and potentially how they were performing in that final December quarter? Yeah, everyone came home really strong. Maybe getting Fincaraíz to go when we did, I think was good timing as well. They probably finished the year really strong, as did Yapo. I actually don't have the monthly P&L in front of me. I'm happy to revert that to you on that, just to give you a more accurate response. All of those businesses finished the year Q4 really strongly. Remember that LATAM was at one point there, of the 15 countries who were most impacted by COVID, six of those countries were in LATAM. They had it pretty bad through last year. It just happened to be opportunistically when we were able to buy Fincaraíz, when it was probably at its toughest, and certainly Chile was no exception. We're now seeing some optimism return. You're seeing some normality return. You're starting to see glimmers of a post-COVID world. They finished the year really well. I can't give you numbers. I just don't have them in front of me to that level. Again, we're cautiously optimistic in this first half for those businesses. That they're certainly trading better than they were, that's for sure. Again, most are. We're cautiously optimistic as they progress through Q1. I think by the middle of the year, when you see a demonstrated rollout of vaccines, when you see that optimism return in a really significant way, we expect a greater pickup clearly into the back half of the year. So far so good with these guys in 2021. We remain cautiously optimistic, I guess, as we head into the middle of the year and we start to see some of those clear signals of the post-COVID recovery. That's going to be spurred by vaccines, that much we know. Yeah, it traded pretty well into the end of last year. Yeah, it sounds like you've capitalized perfectly on a crisis. Final question from me, just on Yapo, I guess. You ever provide any color around the management team there? Has there been a management team in place for a while? Or is there any founder left involved? Apologies for the ignorance, but any color would be great. It's a business that has a really strong core management team that have all been there for some time. It's an appeal for us. When we look at these businesses, clearly one of the key drivers, Chris, if you accepted that you're a market leader, you've got a good brand, you've got lots of advertisers and lots of leads, and you're doing well on revenue. Those things are all very definable and very obvious to even a casual observer. What makes a big difference is just the quality of that management team, combined with a clear strategy and ability to execute. The team there, the core of it's really solid, been there for some time. They've also suffered as did Finca, as did Adevinta and to an extent, Tayara, on being just not that important. You're not an important business if you're an Adevinta. You just don't matter enough. These businesses, they've been run day to day, month to month. They've got passionate management teams that have probably grown frustrated over an extended period now. They see the opportunity with FDV as almost a reawakening. It's almost like an ability to refresh and go again. The great thing about this acquisition is that they were very, very familiar with FDV already because we'd acquired Finca, who are their neighbors. It was a very easy familiarity to form with the management team. We'll go deeper into the business tonight, actually, with a town hall. T T here was a real sense of familiarity when we spoke to them, and they were really intrigued and excited about, I guess, jumping the fence from Adevinta and being part of FDV. It's a good team. All right. Thanks for that. Yeah, congratulations again. Thanks much. There are no further questions at this time. I'll now hand back to Mr. Di Gregorio for closing remarks. Once again, thanks everyone for your time this morning. I hope to be able to get on a plane soon and come and see some of you face to face, but, we don't know when that'll be. Just to, I guess, press on some highlights. We think that the acquisition, again, has fit the kind of criteria that we established when we bought the businesses in November of last year. We were able to execute these transactions through that same lens of an established valuation metrics and our ability to complete the deal and be well-funded from the seller's perspective is really attractive. We do see some significant value upside, given many of the same traits that this business has as the ones we acquired last year. It'll make a significant difference to our portfolio. Again, goes to diversifying our revenue mix both geographically and by segment, and gives us another key market in LATAM. As far as our results are concerned, as I said, I think they were flagged when we released our quarterly in January. We think we've just built a really solid platform for 2021 and beyond, and that's taken a lot of work through 2020. Businesses had one of two paths they could take, survival or use the period to try and grow and thrive, and we've certainly chose the latter. We think we've calibrated our portfolio to be stronger than it's ever been. We'll continue to focus on revenue growth and how to do that on a sustainable basis. W e're really bullish about the next sort of 24 months. We look at the next, beyond that 24 months in that three to five-year view and our aspiration clearly is to become the leading operator of the best online marketplaces in emerging markets. I'd like to thank everyone for attending today, and we'll speak to you soon. That does conclude the conference call today. Thank you for participating. You may now disconnect.