Thank you for standing by, and welcome to the Helloworld Travel Limited acquisition of Crown Currency Exchange. 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 Andrew Burnes, AO, Chief Executive Officer. Please go ahead. Thank you. Good afternoon, everyone, and thank you very much for joining us this afternoon. As you obviously saw this morning, we announced an acquisition of Crown Currency Exchange this morning, and that will complete at the end of October. We are very excited about this acquisition. It is a great bolt-on to the rest of our retail travel agency businesses. We believe that there is a lot of upside in this business. I want to thank Greg Woolley and Emily Palermo as well. They are respectively the Chairman and owner of this business, and Emily Palermo, the CEO, for their assistance throughout the conversations and negotiations to get this deal across the line. I think that foreign exchange, it is one of those things that sort of sits really not much on people's radars. But it is an important part of the travel industry in particular, because obviously, given the nature of the people who are buying the currency, they are all going somewhere. We sell about 2.4 million airline tickets a year to people going overseas. Whilst we have provided limited currency services to our Helloworld and other associated brands, retail outlets over the years, it has not been something that has been particularly focused on. It is certainly going to get a lot more focus now, of course. The Crown business has been a very successful business. It has been extremely well run by Greg and Emily over the last seven or eight years, whilst particularly Greg has had the ownership of it. I think that it was something that, for us, we were looking for a solution there. We have a number of Travelex outlets located in our agencies in Australia, 18 of them to be precise at the moment. But that was diminishing only because Travelex have been shutting a few outlets of late. We were looking for a better solution. Now, it is either we could start it up, or alternatively, we could get involved with a business such as Crown. When I say get involved with a business such as Crown, there are not really many of these businesses out there. There are really only three. One is Crown Currency Exchange, one is Travelex, and one is Travel Money Oz. Travel Money Oz is owned by Flight Centre, Travelex is owned by the U.K.-based Travelex organization, and of course, Crown is owned by Greg Woolley down in Hobart in Tasmania. It was really the best potential acquisition from our perspective. This is, as I said, it is quite an exciting opportunity for us. It is a business with good margins, good turnover. The average transaction within most of the currency exchange businesses is around AUD 750. It is not that we are at all restricted and held back by it being a small number of large volume transactions. It is a large volume of small transactions, and that generates quite a good outcome overall for the business. I think that the AUD 135 million price that we are paying for this business, an implied multiple of 6.1x based on the FY 2026 EBIT of AUD 22 million. We are funding that through three means. The first is a facility from the National Australia Bank for 50% of the AUD 135 million. The second is through a placement of shares to the vendors. The third is through a vendor line facility, repayable across the next three years. A very reasonable setup from the vendors for us to help fund our way into the business. I think that from our perspective, the commitment, particularly of Greg and Emily to this business in the longer term and to the broader Helloworld business in the longer term, has been extremely appreciated, and we are looking forward to working with them with this business and expanding it through our businesses here at Helloworld. I think I will just pass over. Firstly, I just want to quickly thank David Hall and Mike Smith for the tremendous amount of work they put in over the last few weeks to get this deal over the line. Also, our advisors have been very helpful, Freehills and KPMG, and our thanks to them. My apologies. That is my phone that I have not switched off, making sure before David and Mike's were. We are very grateful for all of the assistance that they have provided and also to our bankers, the National Australia Bank, who also were very accommodating. As I am sure you all know, I just wanted to touch on, obviously, we have been looking at the Webjet business for some time. We own just over 20% of that business. We were considering our options in relation to that business and whether or not we would make a full tilt for that business. I don't think anyone has missed the decline in that share price, which sank below AUD 0.30 on Friday. It was below AUD 0.30 earlier today. I think it might have just got back there again in the latter part of this afternoon. In any event, what we decided to do was pivot, and pivoted away from that business, and we pivoted to the CCE business and made the decision to make that acquisition. I think that is a very wise decision on behalf of our business, on behalf of our board, on behalf of our shareholders, to actually get into what is a genuinely strong profit-making business, that works in a segment and sector that we are very familiar with and allows us to, as well, add value to it moving forward. As far as Webjet goes, where is that sitting at the moment? We own just over 20% of it, and we are fascinated to see what Mr. Weiss and/or others might be able to come up with to try and preserve some value in that business and create some better outcomes for shareholders. But we'll just have to see where that goes. In any event, that's probably enough of an introduction from me. Mike, would you like to add anything to- Oh, no, Andrew, I think from our perspective, this is a great opportunity. As Andrew mentioned, that link between currency exchange and travel agents is obviously strong. This just gives us an opportunity to roll out Crown Currency Exchanges into a number of our travel agencies within our networks. So, a real opportunity to grow the footprint of Crown Currency Exchange. So obviously, that'll improve the top line deal value, and flow through to the bottom line. So we're really excited by the potential upside in EBITDA earnings. Thanks very much. And I'll ask our Head of Acquisitions and Integrations, who's just finished the acquisition, so now is responsible for the integration, Mr. David Hall, to make a couple of comments. Thank you, Andrew. Good afternoon, everybody. I'm very excited by this investment, having done a lot of work on the due diligence alongside Mike, our CFO. It's run by a very capable team with great leadership, a lean but very capable head office down in Hobart, and a very expansive network, predominantly across the eastern seaboard of Australia. It's across New South Wales, Victoria, and Queensland, roughly about 30% each, and about 15% across the other states and territories, including Hobart. And the quality of the reporting, the quality of the compliance, I've been very impressed by, and it was very soundly run, very financially astute business with good returns, and look forward to completing that transaction over the next month, Andrew. Thank you. Thank you, David. As I said, that's probably enough from an introductory standpoint from us here at Helloworld, and we'll pass over back to you in the central commentary box, and see if there's any questions. 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, and if you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Philip Pepe from Shaw and Partners. Please go ahead. Hey, guys. Congrats on the acquisition and thanks for taking the question. Just a couple if I may, please. Firstly, you mentioned good margins. What are the margins? You haven't given us the revenue figure. Secondly, please, what proportion is equity issued to the vendor? I think that's commercially sensitive information, Philip, in relation to what are the margins. I think we'll just keep them to ourselves for the moment. Sorry, what was the second part of your question? You mentioned 50% of the funding is from the NAB facility. Oh, yeah. What percentage is shares? 25%. 25%? Yep. Thank you. Once again, if you wish to ask a question, please press star one. Your next question comes from Belinda Moore from Morgans. Please go ahead. Good afternoon, everyone. Thank you for your time. Andrew, why is the group selling? Is it because they see such a big opportunity with the Helloworld group network? Can you talk a bit more about the synergies you are expecting? When you have your AGM in October, you give guidance, will you include this business? Is there any sort of seasonality we should think about first half, second half? Mike, what is the D&A should we be modeling on a 12-month basis for this group, please? Okay. So let us first question why from their perspective they would be looking to sell. They are looking for the expansion opportunities that tying up with our network and our business can actually provide them. I think the business has been extremely well-run. Including through what was a very difficult period with COVID, came out the other side of that in reasonable shape, and has continued to grow once that came to an end. Obviously, we have all experienced the vagaries of the Gulf War, or whatever you want to call it, the Middle East war. Things do go up and down. But I think, certainly, our view here that the vendors recognized that their business was going very well, but it could go even better with a tie-up with Helloworld. So, I think that was the reason why. I think from a synergies perspective, there are some synergies there. The main synergies are probably not direct synergies, as in less people there or more people there, or less cost here, whatever. It is more around actually getting the access into the agency networks that we have across Australia and New Zealand. This business does not operate in New Zealand, unlike our two major competitors, Travelex and Travel Money Oz. So New Zealand is certainly an opportunity for us as pretty much a greenfield market. But, in terms of adding significant additional outlets directly into a travel agency environment, there are tremendous opportunities there. So I think we will see those sorts of synergies, certainly in our detailed analysis of the business. It runs very efficiently and effectively, and it can add significant numbers of additional outlets without much additional incremental cost. Apart from obviously the incurred costs of the outlet and the personnel in those outlets, it has a system that has got great ability to expand in terms of its transaction values, but without adding a lot of cost to that. We are very positive about how those synergies will play out in terms of increased profitability moving forward. As far as the forecasts go, yes, when we bring our forecasts out before our AGM this year, acknowledging that we will not have actually completed this transaction by the time of the AGM. But certainly, it is our intention to put into those forecasts for FY 2027 the impact of this acquisition. So we will have eight months of ownership of this business in the FY 2027 financial year. As we have disclosed, it has made AUD 22 million in the FY 2026 financial year. That was after the impact of the Middle East war. But, I think that the outcome of the FY 2027 year is going to, of course, be dependent upon various factors we all know and love in the travel industry. But we'll certainly be including our estimate as to how that will go towards adding to our overall EBITDA. And right at the moment, we're thinking AUD 14 million, give or take. And that's really just done on a principle of 8/12 of its AUD 22-odd million. But, we'd like to think it can make a bit more than that. But we'll certainly be including that in our forecast when we come out with them. Thank you. Thank you. Yeah. Sorry, Belinda. In terms of the D&A, the normal depreciation of the fixed assets runs at around AUD 600,000 a year. No amortization within the entities themselves, albeit we'll need to go through the acquisition accounting to come up with any identifiable intangibles, maybe subject to amortization. And that depreciation number I quoted is pre-AASB 16. We'll be working through with them on their lease accounting. Okay, thank you. Maybe just while I have you, just understanding the risks in foreign exchange and trading. Well, the risks in foreign exchange, obviously, the rates are not set in concrete. The rates vary by the hour. Yes. As long as your system obviously is up to speed in terms of putting out an appropriate buy and sell rates, because many people bring currency back and sell it back in through Crown and other such outlets. But obviously, there is the cash in the drawer, a new expression I have learned lately, how much you are holding in the drawer, and that gets revalued every day. We believe we do not have any currency risk as part of this business, as long as the systems, of course, are working and working as they should be, which certainly investigations show that they work extremely well. Thank you, Andrew. Thank you. There are no further questions at this time. I will now hand back to Andrew Burnes AO for closing remarks. Thanks very much. Well, I appreciate your time this afternoon, everyone. I know it was short notice, but that being the nature of, obviously, acquisitions. Thank you for joining us. If anyone has any further questions, you know where to find us, both phone and email. We look forward to sharing with you the expansion plans and other things that we have got in mind for this business. As I said, we believe it is a very, very good bolt-on to our existing network of agency businesses and wholesale businesses and air ticketing businesses as well. We are looking forward to working with our new partners in Greg and Emily, and the rest of the team at Crown Currency Exchange. So thanks very much, everyone, and enjoy the rest of your afternoon. That does conclude our conference for today. Thank you for participating. You may now disconnect.