Welcome to our half year results presentation. As per usual, we released a fairly substantive update to the market at the end of last month, which was our quarterly update. That, for those who have followed our company, will come to know, that gives you a pretty good sense of our half year. Obviously, what we released to the market this morning was our audited accounts, and we've provided a presentation, which we'll shortly walk you through, to pull out some of the highlights. Thematically, it's very consistent with what we communicated back in July. What we told you then was we'd had a really strong quarter, and it had rolled into a really strong half for the business. We're quite pleased as to our progress, and we'll share some of the highlights with you today. We've got up to an hour. Whether we'll need that, we'll see. We'll walk through this for the first sort of 20 minutes or so, 30 minutes, and then we can go to Q&A, and happy to answer any questions that folks on the line might have about our results. Just to recap our portfolio as it sits today. It looks very different from what it was this time last year, of course. We used the second half of last year and the first part of this year to build our portfolio through some strategic acquisitions, which are now contributing to our financials quite significantly. We're pretty pleased with that. We'll give you some more information about those businesses through the course of this presentation. Certainly, as we get to the finish of this full financial year, we'll then be in a really good position to provide our investors a far more granular recount of the performance of those 100% owned entities that sit in our portfolio. We now have six 100% owned entities in the portfolio. We'll talk a little bit about those today. Certainly, with the fullness of time this financial year, we'll be able to give investors a really good granular look at those 100% entities toward the end of the reporting period. 16 companies across sort of 21 markets. We mentioned back in July that our revenue run rate has increased significantly, and we're very pleased with what is now a significant recovery or a significant period in time where these economies are opening up post-COVID. We're seeing a lot of traction. It particularly just goes to the strength of market leadership as we've spoken about over the past 18 months, and we're pretty pleased that our portals, our businesses, are all really strong market leaders, and the opportunity for them is to make the most of it over the next little while. Our ambition, as we've communicated regularly, is to be the leading operator of the best online marketplaces in emerging markets. There are some big players in that field, familiar names to those that are in the industry, and we certainly have aspirations to be a global leader. We'll not be in every emerging market. We'll be in select emerging markets. We'll be in those emerging markets where we think we can leverage market leadership and add to those businesses the ability to grow their product offering to consumers. We do have ambitions. We're very selective about where we go. We feel like we're right on track to achieving those ambitions. When we look at the half, just to give you a sense of what I'll walk you through today, a bit of a trading update, July. We'll talk to the results, operational update we've included as well, and some strategy reference material for those who might be a little newer to the FDV story. Just post the results, we have had a really strong start to Q3. This is a consequence of businesses continuing to improve their revenue trajectory through the course of the middle of this year. Certainly off the back of where we were last year. This time last year, I think we were just seeing the seeds of recovery. We saw some green shoots in July and August. Certainly been an interesting journey from there, but we're now seeing pretty consistent and pretty strong recovery across the group. Encouragingly, some of the bigger businesses are performing well, which really bodes well for our overall performance. In July, we had a tick over or around AUD 5.5 million in economic share revenue. You're aware that we report on a 100% basis, but when we carve out the economic share, you'll see that the trajectory is now really strong. We mentioned back in July that our run rate out of Q2 had us in at about AUD 52 million. Our run rate out of July, if you do the math, has us into AUD 60 million. We're seeing some really strong revenue growth trajectory, and as I mentioned, the good businesses are performing well. We're seeing some real momentum in a lot of the businesses. This is off the back of market leadership. It's a really strong part of the recipe when we're thinking about performance of the business. Really pleased with where we've got to this month. All bodes well for a really strong finish to the year. This really puts us in a great position as we continue to build the revenue story in our business and as we continue to invest for growth. Very pleased with where July landed us off the back of what was a really strong Q2 as well. Do wanna continue to update the market around the movement from just pure classified revenue toward more transaction-based revenue. Our skill set is identifying really strong classifieds leaders that have upside potential. The way to think about that is that your classifieds leadership is super critical. That's what we do. We go out and find good, strong classified leaders. We then work with the businesses to help grow them faster than they otherwise would. That, more often than not, involves two key things. One is, of course, optimizing the existing business, the core business, the classifieds business, but moreover, it's getting involved in facilitation of transactions across the board. Whether that's houses, cars, or general classifieds, a lot of the growth and what we bring to these businesses when we invest or acquire them, is our ability to grow them faster through unlocking just their core business, but moreover, is this movement toward transactions. We've been talking about the model evolving toward transactions for a long time. You're now seeing an increasing amount of the revenue in these businesses start to be generated from transactions. Perhaps, most encouraging for us is that the businesses that we acquired from Adevinta, four of them, have zero transaction revenue. These are just good, strong classifieds businesses. They're what we love to get our hands on, and you can see that gives, based on the percentage of revenues coming from transactions, there's a lot of headroom in these businesses to grow them faster, and to get their core businesses running better but, of course, to get them involved in transactions and improve their trading performance. That means seeing growth return on the revenue side of these businesses, which was probably not great when we bought them. Also improving their trading performance, which is, we wanna see them get closer to break even and ultimately profitability. Very much in a phase of investing for growth, and this is one area where we're seeing that growth emerge. It just gives you a bit of a flavor of what's happened since we last spoke. When we look now to the results, probably my favorite chart, which goes to the revenue performance of the business from IPO. On the left there, you'll see the 100% view. That's everything, and we carve out what we own, of course, on the right side. Now, just to put it in context, in the month of July, we did more revenue than we did in the second half of 2017. In the month of July, AUD 5.5 million on an economic share basis. In the second half of 2017, we did AUD 5 million as a business. You can see that our trajectory is increasing rapidly. In fact, all of 2016 was AUD 3.8. We did AUD 5.5 July, just gone. When you look at the growth trajectory, we think we've retooled the business. We've put us on a much more aggressive trajectory on our revenue growth, and we're gonna continue to invest to grow the revenue across the portfolio. Very pleased with where the first half got us on an economic share basis, and really pleased with how July and this quarter's starting to look as well. Bearing in mind, as I said, that we've done more in July than we did in the entire second half of 2017. I think that bodes really well for our investors. We look at the EBITDA view, our goal, as you can see, back in the day, where we owned smaller portions of these businesses while they were losing a significant amount of money, was to then grow our position and grow our ownership of these businesses. They got closer to break even, our ambition is to be able to sustain ourselves on a break even basis while we invest for growth over the next 18-24 months. We see a really big opportunity to grow significantly our revenues in the next 18-24 months. We think we've got ourselves into a position where we've got a really sustainable performance. We've got that to break even with the new investments that have come in, we've had a really strong July on an EBITDA basis as well when we look at the portfolio. If you strip out the new ones, obviously we get more profitable, but we are really investing for growth, and we're able to run the business on a sustainable basis now that we've moved past the days of losing lots of money back in 2016 and 2017. This is right on point in terms of our strategy. This is why we increase our ownership of these businesses over time as they trade better. It goes to our ability to identify really strong classifieds businesses with market leadership and grow them faster as they expand their offering into things like transactions. To get us to around that break even part and then invest for growth is the key focus for us. We feel like we're really on track. We're really pleased that we were able to get to this point, given the volume of M&A activity we've had, how those businesses came to us, and what we're now seeing some of them start to do with a bit of input from FDV and really focusing on growing their revenues while we do it on a more efficient basis and get them through to break even as well. When we look through the portfolio, you can study this in your own time, but you'll see that, add back a lot of the currency, actually, which when you look at the Australian dollar this time last year, it was in the AUD 0.60 something. When you look at it, sort of mid-70s now. When you add back some of the currency exchange stuff, these businesses have grown even faster. That's been fantastic, and we're really pleased with it. Even businesses that look like they perhaps have not performed in a stellar way, maybe AutoDeal. When you add back in the local currency EBITDA, they've actually had a pretty strong period. Interestingly, AutoDeal is one that actually grew through COVID in 2020. They're all performing as we'd hoped. There are some smaller ones there that we need to think through, and we need to think about their position in our portfolio and what we do. We really wanna Kick it in with these businesses now and focus on growing them and very much, as I said, is our focus. Good, strong results across the group. Again, what we found was our really good businesses are starting to perform well. We've got some work to do with a couple of them, a couple of the smaller ones. The ability to grow these businesses, certainly through the back half of last year and into this half, has been right on point for us. Perhaps one of the more encouraging things we've seen, a steady recovery in Myanmar. We took an impairment on CarsDB in the first half. We actually had an interesting accounting of treatment of iMyanmarHouse, where we'd effectively, according to the auditors, lost control but then regained control in the same reporting period. There was a fairly modest impairment of about AUD 100K on iMyanmarHouse through that accounting mechanism, which was to lose control, to regain control within the same reporting period. The encouraging thing about Myanmar, I guess is that iMyanmarHouse had revenues in July of around AUD 85,000 again. They're now starting to track back really well, which is really encouraging. Back in, I think April and May, they'd effectively shut the businesses down while the domestic politics played out. Now in July, they've now had a really strong comeback. I think that the nervousness we had around Myanmar is subsiding. iMyanmarHouse is really back in business and, CarsDB is not too far behind. Very encouraged with those two businesses in that period. There's always a quote stuck in here somewhere, but essentially, just reflects what I've spoken about over the last 15 to 20 minutes. We've had a really strong half. Our revenues are annualizing at a more rapid and rapid rate. Given our July performance was more than our entire second half of 2017, we think that our strategy is on point in terms of what we've done over the last few years, increasing our stakes in these businesses as they get to that break-even point, where we've added to our portfolios and businesses, which we think have a tremendous amount of opportunity for us to grow. We're able now to do that at this break-even and invest for growth over the next 18 to 24 months. We think that that positions us really well in terms of our vision, which is to be a global leader in this field. We look at big players, and we look at what we've achieved in a reasonably short timeframe, without rushing, but without going too slow. We think we've got the pace about right. The acquisitions were about the right size, and at the end of the day, we're really fixed on how we create long-term value for our shareholders. That gives a bit of a sense of the results over the first half, notwithstanding the fact we shared probably a bit of this material back in July anyway. Just by way of a quick operational update for people, you'll see that we expanded our footprint with some new acquisitions. We also increased our stake in Hoppler during the last couple of months as well. Of course, in Moteur.ma in Morocco, back earlier in the year. We bought out the rest of InfoCasas, which took effect I think in late June. We'll see the benefit of that as the year unfolds. When you consider where we were a year ago, where we are today, our revenue trajectory, the fact that we've got greater economic share of businesses that are starting to perform really well. Key markets for us, like Pakistan, have recovered really strongly, and we're seeing both of those businesses perform well. We had some palpitations back in February, March in Myanmar, but again, those businesses are now back up and running and operating. As I mentioned, iMyanmar are going really well. Look, there's still patchy moments around with COVID, but fundamentally, we think we're clearly past the worst of it, and we're actually now seeing really strong, sustained recoveries and the benefit, I guess, out of that period of being a market leader and having strong classified foundations and then leveraging those brands and that strength into providing more services around the transaction. A footprint we quite like at the moment. We're really now focused on making sure the businesses we have grow really well. When you look at what's been achieved over the past 6-12 months, certainly, if I can just train your eye to the right of screen where you see the revenue by business. Notable that, a couple of years ago, we were critiqued for being too reliant on one business. We think we've spread that risk really well. We've got it across a number of businesses now, and all of which are strong and growing. The minimum performance in our portfolio, that bar just keeps going higher when you look at our portfolio performance. We said a few years ago we wanted to get all of our businesses above AUD 1 million in revenue. You'll see that most of them are there now, and we start to set that bar higher again, where we can have a portfolio of really strong market leaders split pretty reasonably across geographies as well. We've diversified our risk on many measures over the past sort of 6- 12 months. In terms of some of those activities I mentioned fleetingly, we try to keep ourselves busy, and you can see there on screen some of the activity that's been going on in our business over just the last six months, across four pretty good companies. I won't go line by line, but you can see that all of these are market leaders. They're all in markets that we really like, whether that's LATAM, MENA, or developing Asia, and are all important in the development of our portfolio and the value that we're creating, as we take consumers, as we take advertisers and obviously investors on this journey of really strong classifieds market leaders running those businesses well, but leveraging those positions to then develop these transaction streams and these transaction revenue streams. Keep in mind that those transaction streams are going to vary from market to market as well, which is really the fascinating part of what we're doing. Just in terms of a bit of a strategy recap, as we've mentioned in the past, our skill is really identifying good early-stage businesses. As I said, we still track around 1,200 classified sites every month across about 50 countries in target emerging markets that we like to keep informed about. We know that the best ones are the market leaders, and we seek those out, and we try to invest in those businesses and acquire them on terms that are favorable, I guess. As the businesses grow, we increase our stake, and that goes to the chart of the EBITDA performance of the portfolios. A couple of years ago, we owned mostly minority stakes, as a lot of these businesses were losing money and burning money. As they've evolved, as they've got their models right, as they've got their leadership positions entrenched, that's when we like to step up and own more of them. You can really then leverage that position, as we've said, into dominating markets. It's not about just being a classifieds leader, it's about becoming a marketplace. There are some terrific examples in our portfolio, whether that's Zameen, which everyone's very familiar with, whether it's InfoCasas, which is now hitting it out of the park. We're really pleased with the progress of Fincaraíz in Colombia. These businesses are now starting to sort of flex their muscle a bit as they become marketplaces in each of their geographies. That just puts them in a really strong position to then leverage what they do. As I've said sort of over again, that the businesses we acquired have got all of those early-stage characteristics about them. Our opportunity now is to grow them faster and do them on a more sustainable basis, i.e., reduce losses and ultimately break even on profitability over the near term. The model is predicated, and our strategy seeks to tease out the value that sits there around this model, around what was a traditional online classifieds environment, which is all too familiar to everyone. It's been around a long time. It's not that hard to understand. If you can execute that really well, again, it's moving into the real long-term value in these markets, which is becoming a marketplace. Into that marketplace, it's the opportunities around the transaction that create a whole lot of value. Whether that's these businesses providing ancillary products and services, which are not new, but when you're doing ancillary services and products around just a classifieds base, it's fairly limiting. When you start to think about the transaction, not just advertising and emails, when you start to think about the entire transaction of the goods on your marketplace, those ancillary opportunities are far more value-creating. Now, whether that's finance, which once upon a time when you're running an auto site or a classified property site and you're trying to sell finance at the same time, it's pleasant, but not that impactful. When you're actually now down the path of saying, "Well, you know what? We're facilitating this transaction," providing finance for consumers is far more relevant in this environment, a transaction-based environment. It's far more relevant when someone's about to buy something than just looking at it. When we talk about transaction-based marketplaces, fundamentally, we're talking about the economic event of the car, the house or the goods being bought and sold. When you're at that point, when you think about it as a marketplace, all of those ancillary revenue products and services you were trying to sell when you were just running a classifieds business, they start to make a whole lot more sense to consumers and sellers when you are actually talking about the transaction. This is continued evolution of how this customer journey, how the seller's journey connects around the transaction, not just the advertising, and how all of those other products and services that you can put to these consumers and sellers at that point, they just make a whole lot more sense because they're relevant, right? If I'm looking for a house, I'm probably thinking about finance, but I'm not going to apply for a loan if I'm just talking to a real estate agent or a car seller. If I'm actually talking to that car seller or I'm talking to that real estate agent about the actual transaction, things like finance and other products and services make a whole lot more sense. Of course, this is what we live and breathe every day. When we just sort of step back and look at the overall strategy, this is not a new slide for people who have followed us, but we're right in this phase of building value, right? That's about all of the things I've just mentioned. It's about the current business and optimizing it. It's about the transactional opportunities, and it's about our ability to own more of the companies that are doing well, and get ourselves into a far stronger position. If you want a mission for the next six months for us getting into next year, it's about really strengthening our company, and it's about getting us into next year in a really strong position so that the next 18-24 months are really productive for what we can achieve. We're really focused on that outcome. Of course, if you do all of those things, we're always asked about the demonstrating ability to monetize what we've done, and that's not lost on us. It doesn't keep me up at night, but I'm obviously aware of it, been running public companies for a long time. We're very aware of opportunities that might be on the horizon to ultimately monetize these things. There's just so much value that we're seeing come out of these businesses. If investors get their heads past just classifieds and start to think about the role that classifieds platforms play around transactions over time, the amount of value that's latently sitting there is significant. It just goes to this idea, if we're looking at a classifieds business, we size it up by counting ads and counting advertisers and thinking about the percentage of that that we might get our hands on. Moreover, when you think about transactions, you're resizing these markets significantly. That's where the opportunity is in these businesses. We think we're doing that in a really organized way, and we're just very optimistic about the value that's going to be created over the near and medium term around the businesses in our portfolio. I love promoting the fact that you've got to stick at the story for a while. We're not a flash-in-the-pan company. If you look back at my background, it's very considered and consistent. REA for a long time, running iProperty for a long time. We think with FDV, we're still much closer to the beginning than the end of this journey for sure. We like to focus our mission on running our business well, and we know if we do that, then these sorts of graphs take care of themselves. Just a quick snapshot on our register, which again is probably far better balanced than it was 6-12 months ago. Our liquidity is improving, and our market cap obviously sits just neatly above that AUD 500, which is great. I'd love it to be more than that. We passionately believe we can build a AUD 3 billion-AUD 5 billion business. If you look at our revenue trajectory, you look at the trading multiples, I think when people start to look through and see the value in our portfolio, you're going to start to see the share price catch up. I can't remember a business that I've run where it go up ahead. It's always caught up to what we were doing. Certainly what we're doing now in emerging markets with the model that we've done around ownership, our ability to increase our stake over time, and then this dynamic around transactions becoming such a significant part of the equation. I think investors and our share price will continue to catch up to our story over time. Again, I think if you run these businesses well and you're doing all the right things, these things tend to take care of themselves anyway. The appendix just reminds people that when you try to figure out our statutory accounts, it's a bit difficult because two of our biggest and profitable businesses are not consolidated, and it's a bit of a challenge just muddling through the statutory numbers. I would just continue to point you back to the economic share view, which carves out what we own, and I think is the best way to track our progress. We're really pleased with the momentum that's building in the business at the moment. I think that is the last slide. I'm going to go back to the moderator at this point, and I guess we can open up the call to any questions that anyone might have. Thank you. For the phone parties to register a question, please press star one on your telephone and wait for your name to be announced. For those on the webcast, please type your question into the Ask a Question box. The first phone question today comes from Anthony Porto from Morgans Financial. Please go ahead. Hey, Shaun. Thanks for the call, and well done on July. I guess, just moving down that transactional path, just the competitive environment it brings you into. I'm just wondering about the larger competitor set there. I looked at recently in Colombia with La Haus raising $100 million to attack that transactional opportunity. You've generally got a smaller funding envelope in most of your markets, so I guess, and you've shown a propensity to fund within the limitations of the business. Just your ability to get to that aspirational target if it does become a land grab in that area. I guess, probably three from me, just July revenue profile, it looks pretty good. 9% growth on the strong June, obviously, you've pointed out. Is any of that currency-based? I don't think the Pakistani rupee did you any favors in the month. I guess in constant currency terms, is that better or worse? That transaction revenue profile, 48% in the first half. I guess, what does that look like ex M&A to get a sense of the uplift potential in the other assets? I know you mentioned that the Adevinta ones virtually have none, but just, I guess, what does that look like ex M&A? That's probably it for me. Thanks, Shaun. Yeah, no worries. The first question, there's a couple of ways you can look at it. You can look at markets having new competitors come in and raising lots of cash to pursue a model that is still unclear as to what's the best version of it. I think a lot of those companies are trying to buy what the incumbents have developed over many years of work in those markets. InfoCasas is the clear leader. That's something that is really valuable when you want to go down the path of opening up to transactions. La Haus, there'll be others, I'm sure you look across at all of the markets, there's money being thrown around like it's confetti, chasing the transaction model from a starting point at zero. It's tremendously expensive and difficult to go into a market where there's an incumbent and try and launch yourself into doing transactions from scratch. It takes a ton of money, and it's extremely risky. There'll be those that pull it off, and there'll be a longer list of those that don't. Part of our thesis has always been that the best starting point for understanding how you can leverage into transactions is being the market leader. We're very comfortable with that. For us, La Haus is arguably educating the market, and we're also very comfortable with that. We will continue to trial transactions in Colombia, and the yearly results are pretty good. If it becomes a spend fest, I'm also pretty comfortable that if I look back at the history of those competitive moments, I just don't subscribe to blowing tens of millions of MYR chasing something that I don't think you're best positioned to pursue. If I was going to pursue, for example, transactions in Colombia, I'm going to do it from the position of absolute leadership in a classified sense, having all of the customers and all of the consumers. That's my favorite starting point. If it becomes a spend fest, well then, let them educate the market, and we'll happily take advantage of that. I can't remember whether I've got the order of the next two questions, but you mentioned whether July was helped by some currency. Kind of goes both ways. It was just a strong month, put bluntly. InfoCasas has had a terrific month. Yapo had a really strong month. Zameen had a great month. There might have been a little currency, Anthony, but I don't think it was material in making it look better than it otherwise was. I think your third question was what's the revenue split ex Zameen on transactions versus traditional revenue? Yeah, obviously Zameen over-indexes on transactional, right? Yeah, absolutely. It absolutely does. Two-thirds of their revenue is probably coming from transactions now, so it blurs the line a bit. When we strip it back and we look at all of the other businesses, the volume of revenues is fairly modest on a transaction basis. We have a couple of emerging great case studies in Zameen and increasingly in InfoCasas who are shifting the share of revenue by way of the split more and toward transactions. It is heavily weighted by Zameen. At a portfolio level, that's what it looks like. There's a tremendous amount of opportunity in most of the businesses on this model. It's just execution and time. Thanks, Shaun. Thank you. The next question comes from [Mark Devich] from Patersons. Please go ahead. Yeah. Hi, Shaun. Just a quick one today. Digital Classifieds Group, a couple of the guys running portals up in Asia, FDV Asia, and Pacific. Is that an asset you'd be interested in? It seems to fit quite nicely into your portfolio. I don't know, mate. Are they on the call? I don't know. They probably are. Oh, look, I know the guys really well. Known them for a few years, and it's been really fun talking to them over their journey. Any new business we look at, I have a view that it would need to have MYR 1 million in revenue or more. I think that's our benchmark now. As much as I love what the guys at the Digital Classifieds Group are doing, I think that for us now, maybe if you'd asked the question 5 years ago, maybe, but for us now, they're very small markets that they're in. We want scalable markets that can deliver businesses with MYR 3 million-MYR 5 million and then MYR 10 million in revenue. I think whether it's PNG or I think they're in Fiji, they might be in Cambodia and maybe one other that I've missed. There's certainly opportunity there. It's probably not for us. We're probably looking for slightly bigger opportunities if we were to go down that path. Sure. Got it. Just one other. We're seeing PropertyGuru do a SPAC in the U.S. now. I think it's coming on at 17 times revenue around there. You've been able to acquire assets at much lower valuations. Is there pressure on valuations in the market given some of these public transactions that are happening at much higher multiples now? Yeah, it's an intriguing one, isn't it? Because we're growing faster than PropertyGuru. We trade better, we're arguably better positioned from a risk perspective. I love the fact that they've managed to do what they're doing, I think it shines a light on the model and the business is 100% classifieds. They're getting a multiple of twice what we're currently trading at, yet arguably, we've got a better business. Whilst that is exciting for them, I think our ability to seek out businesses that we see maybe value that's not apparent to the casual user, like a Fincaraiz, for example. Certainly valuations, as you'd appreciate from region to region, from entrepreneur to entrepreneur, vary wildly. I could point to businesses that are trying to-- when you see some tiny businesses and their comparables are REA or Carsales, and you go, "I'm just not sure they're in the same ballpark." Equally, there are some businesses where we think that they're undervalued, and that's really premised around not having extracted all of the value from their classified space, but also the opportunity around market leadership and transactions. It's still a bit of a wild ride on valuations. I think if you're in the public markets, it's clearly more transparent, and it's audited, and they're worth more. I think that the unlisted stuff you see, it's really wild and varied depending on who you're talking to and where they are. We just continue to try and be really either thorough and consistent in how we look at the opportunities. Yeah, we're not sucking into overpaying for stuff. At the same time, some really good quality stuff you might be prepared to pay for if you can see that long-term opportunity. It's a moving feast, to be fair, in emerging markets and valuations. Do you think you'll do acquisitions this year, the rest of this year, or is it more an integration year? What are we in now? Late August, almost September. I think that our priority at the moment is bedding down the new businesses, getting them running how we want them to run, and that means getting growth back into their revenue line and improving the trading performance unit, reducing OpEx and getting them running more efficiently. We've stepped up in a number of other businesses as well. Really, we want to make sure that what we've done lands really well. Last November, we raised a ton of cash and we went and invested it all. Thank you. Shaun is now reconnected. Please continue. I'm not sure what happened there. I must have got cut off, but yeah. Anyway. Thank you. Mark is still standing by. It was just in answer to the last question. Sorry, Mark. How much of the last question did you hear? My answer. Yeah. I think we covered it. Okay. Yeah. No. Well done on, we're just talking about acquisitions. You said- Yeah you're more an integration year rather than anything new for the rest of the year. Yeah, that's right. Yeah. Yeah. Okay, thanks. Well done. Thank you. Moving on to the next question. It comes from Ivor Ries, Private Investor. Please go ahead. Hi, Shaun. Thanks for taking the question. Yeah. Just on a couple of those recent acquisitions, Avito and Tayara, do you have a rough idea of the timeline to get those businesses to break even? They're both getting whacked by COVID at the moment, which is a bit unfortunate. We had a pretty good period through April, May, and then the last six weeks has been a bit tougher. Their COVID cases have increased, and they're back in lockdowns. Next year is the goal. Right. For those two. Yep. We feel pretty comfortable about it. It's just getting a few of the moving parts moving at the pace we'd like them to move. I think they're a really strong brand. Both of them are really strong brands, dominant brands in the market. I think what crept into the business is just a bit of happiness and hubris. We're trying to get them to be far more focused on outcomes and not just about today. I think when the operators run these businesses or the guys running them, they will pretty much run for the now. Our focus at the moment is to get them to think about next quarter, next half, next year, and how we get growth back into the businesses and obviously run them at a far more efficient pace. A lot of the analysis we've done internally probably demonstrates that they're not the most efficient businesses when it comes to where they spend and how they spend versus other businesses in our portfolio. That's a real clear marker for us that there's opportunity to run them a bit more efficiently. Yeah. Good. That gives me a good flavor. Just on Yapo in Chile, obviously the window for a general classifieds business there is pretty much closed, given what's happening in that general classified space with Mercado Libre. Is your plan to convert Yapo into a dedicated real estate site over the next 12 months? No. Mercado Libre are moving toward a more an Amazon model, to be accurate. In our mind, that hands the classifieds market to Yapo. The Yapo brand, it's the most trafficked brand of any business in our portfolio. It's quite extraordinary. I think that strength is underestimated by the people running the business and the people who sold the business, in my mind. It's got a tremendously strong traffic presence. It's got a tremendously strong brand, and it's got opportunities. It leads in property, it leads in auto, and it's got a strong classifieds base. We're not going to flip it into a property portal. Mercado Libre are very much in the Amazon fight now. There's tremendous opportunity in that business. I really like it. Isn't the general merchandise market just moving to the Mercado Libre model anyway? I think their traffic in Chile now is what? I don't know, five, eight times whatever Yapo's is. Well, yeah. They're going down an Amazon path. They're not that interested in classifieds. I don't think that that will see the general classifieds bit fall to nowhere. That's very much the bread and butter of Yapo. Right. Just one last question. On Fincaraiz. How long will it be there before you've got the full suite of products from InfoCasas rolled out there in that business? Well, first things first, the brand's been updated, and you're going to see over the next week the new site launch, which is pretty exciting. It's something that the team have been working on for many months. Really since earlier this year. The new site will go live in the next week. That then clears a lot of legacy, sort of tech legacy issues that we had, and puts us in a position where we can start to add components to the business, i.e., things that work well in InfoCasas, for example, onto Fincaraiz. The first thing we needed to do was to get the site redone, and that'll happen. You'll see that in the next week. Once that's done, it puts us in a good position to then say, "Right, how can we add to this business things that obviously work in businesses like InfoCasas? Right. You're not likely to have any kind of material transactional revenue there for what? For the next sort of 12-18 months? I would say we'll have material transaction revenues in that timeframe, but it's a process, right? Yeah. You've got to get the site right. You've got to get the platform right. Yeah set the site up so that you can do things to it. The tech legacy on these, a lot of these Adevinta platforms is, it's like an accumulation of tech over time, which makes it extremely difficult to do anything and to do it quickly. Your small changes take a lot of effort. Until you unpick that, you're kind of wasting your time trying to do transactions because you actually can't move your product fast enough for that market. You need flexibility in that market because the classifieds basis, as you know, Ivor, is pretty generic now. It's pretty much the same everywhere. When you're looking down the path of transactions, you're thinking, "Well, what version of this model am I going to do? What products do I need? How do I tinker with it? Is it just a recycling of leads product, or is it a full-service product where I'm gonna absolutely displace the project marketing teams or the property developers that are in the market?" Those variables you need to be really well set on your platform, and that's the first thing we're getting right with Finca. Fantastic. Thanks, Shaun. Thanks a lot. All right, mate. Thank you. The next question comes from Alex Hughes via the webcast. Alex would like to ask, how likely are you to make a new investment or buy another business in the next 12 months? It's a very open-ended question, Alex. I might regret the answer to this because I know it's being recorded. I think as I said earlier, our priority is bedding down what we have. That's the most important thing for us to do, number 1. Number 2, is looking at opportunities to increase our stakes in businesses where we can, that we'd like, and that's ongoing. We've seen evidence of that over the last six months. Number three, for us to do another acquisition, we'd want to do it from a position of real strength. Our ambition is to get ourselves into a really strong position, and that means continued revenue growth on a break-even investing for growth kind of model as we get all of the businesses, like the ones I've acquired, Avito and Tayara, get them to pay for themselves sooner rather than later. Build a position of strength to continue support of our investors, and then if in the course of next year, there'll be M&A opportunities. It's just whether they fit for us, whether they're the right size, and whether they're the right businesses. I hate to say it, but the answer is probably depends on a lot of factors. Our first and foremost is, as I said, get the businesses we've acquired running well. Look for opportunities to increase our stakes in the good ones in our portfolio. That's the best time for us to continue to build strength in our company by way of our P&L performance and then obviously on our balance sheet, so that if opportunities do come up, we can look at them, and if they're good, move fast. If they're not, move on. Thank you. The next question comes from the phones. It's from Roger Coleman, Private Investor. Please go ahead. Shaun, congratulations. Shaun, end of the future, could we have a consolidated balance sheet of 100% basis of the net cash position of the group? Secondly, I'd like you to address how you're gonna move net cash and what the internal gearing for each one of the pillar business segments you've got around the group so you can make acquisitions without coming to the equity market. Yep. Then in terms of trading existing assets, because you wanna make more acquisitions. The lesson from all these verticals is never sell, like from realestate.com.au, AUD 0.26 to AUD 150 to AUD 190. Right? Yeah. It's most important that you appraise us in the market as to when there's an excess cash build-up, is the individual silos like Zameen willing to gear up and have a capital return that then flows through to you, et cetera? Give us an idea of the philosophy and your thinking behind shifting cash surpluses around the group so you can utilize them. I think to your first question, as indicated earlier, given we've got a number of 100% owned businesses now, we'll provide more granular reporting on them at the conclusion of the full year. That'll take care of itself early next year. The way that all of the entities, whether they're 100% or not, so obviously the 100% businesses, if there's cash sitting in them, we can move it around. That's not difficult or hard. Yes. That's easy. Understand. Then those that we own a fraction of, in the shareholder agreements, there are very explicit and clear policies around returns. Returns to shareholders, dividends. That mechanism certainly exists. We absolutely do have the capacity to move cash around. Obviously we want over time to grow our cash balance organically, and that'll come from the trading performance of the businesses, and many of them are pretty close. That was always part of our long play was to get to that point. That goes to the idea that we want to grow these businesses faster than otherwise would when we found them and do it at more efficient basis, because that then falls straight down onto their own balance sheets, which piles up for us and allows us flexibility around funding deals or otherwise. The other way to fund deals, of course, sometimes is easily done with the smaller guys, is using FDV equity. That's not part of our playbook per se, but we have a lot of flexibility. When we set up this business, we had quite a long-term vision. Having been in businesses like iProperty and REA, number one, to your point, selling these things is probably not a great idea too early. The number of people that told us to sell Zameen two years ago just to prove a point around monetization, their revenue is probably gonna be north of AUD 50 million this year. Wouldn't we have looked a bit stupid? Yes, it's always been a long view on this stuff. For that matter, we always had a view, you want to get to the point where you can generate your own cash, and that gives you flexibility around what you do. It's very much part of how we view our purpose. Thank you. We're showing no further questions at this time. I'll hand back to Mr. Di Gregorio for closing remarks. Yeah. Look, once again, thanks everyone for dialing in. I think we probably had more people than ever on this call, which is great, and really pleased that our story, our narrative has remained consistently strong over the period we've been listed. As I said, I think we're far closer to the beginning than the end of this story. If you look at the trajectory that we're starting to generate in the portfolio and the value that's sitting in our portfolio and our understanding of what we do, I just think there's tremendous opportunity for FDV as a business. Obviously I'd love investors to recognize what we're doing and continue to support us along the way. Thanks for everyone for tuning in, and we'll talk to you, I'd say, when we release our Q3 update, which will be in October. Thanks again for tuning in.