Thank you for standing by, welcome to the Link Administration Holdings Limited 2021 presentation. There will be a presentation followed by a question and answer session. [audio distortion] CEO and Managing Director. Please go ahead. Thank you. Good morning of the Eora Nation, traditional custodians of the land on which we present today, and pay my respects to the elders past, present, and emerging. I extend that respect to all Aboriginal and Torres Strait Islander people. Welcome from me and the entire team at Link Group. My name is Vivek Bhatia, and today I'm joined by Andrew MacLachlan, our Chief Financial Officer. I would also like to take a moment to acknowledge the leadership team of Link Group who are present on this update. I believe we have a great mix of external experience and internal knowledge, fostering curiosity, expertise, and continuity. I'm also pleased that we have been able to achieve a 50/50 gender mix, which is important to both the organization and to me personally. For FY 2021, Andrew will and I will return to summarize and open for Q&A. For those of you on today's call less familiar with Link Group, I'd like to briefly touch on our strategic ambition. Link Group's digitally enabled platforms connect millions of people globally with their assets safely, securely, and responsibly. We partner with a diversified portfolio of global clients across a wide range of asset classes to provide robust, efficient, and scalable services, purpose-built solutions, and modern technology platforms that deliver world-class outcomes and experiences. As you can see on slide five, and as I have mentioned at our half-year results, we have started to reframe our strategy to focus on how we simplify, deliver, and grow as we transform Link Group into a growth-oriented, technology-led business, and in doing so, create value for our shareholders consistently. Since initially outlining the strategy in December of 2020, we have been doing what we said we could do, and I'm pleased with the progress we have made. In terms of simplification, we have created a transparent look-through value of our interest in PEXA with their successful IPO in July of 2021. We simplified our operating model and financial reporting to make the business easier to operate and understand. Our business unit realignment now reflects our four global business units, leading to improved transparency and accountability within the organization and also externally for our investors. We've also taken a more strategic view to portfolio management, resulting in the divestment of Link Market Services South Africa, which was completed in November of 2020. We also elected not to pursue the acquisition of Pepper European Servicing in January of 2021. In terms of delivery, we secured all major client renewals in our RSS business and made good progress on our global transformation program, delivering almost AUD 43 million in gross annualized savings from the program's cost out initiatives. For our shareholders, the improved cash position has enabled us to do the capital management initiatives announced earlier today. When it comes to growth, we have seen increased broadening of the products and services we provide to our clients, whether they are virtual meetings for our Corporate Markets and RSS clients or our appointment to establish the Service Excellence Center for Hostplus, one of the largest industry super funds in Australia. We have leveraged our technology and scale via our Smart Pension partnership in the U.K., where we now serve over 800,000 members. Given the U.K. pension market mirrors many characteristics of the Australian market, we believe this presents a strong future growth opportunity for our RSS business. We have also expanded our footprint in important markets. For example, the expansion of the Link Fund Solutions business into Luxembourg, which is Europe's largest investor fund center, via our Casa4Funds acquisition, which was completed earlier this month. Our operational achievements supported us in delivering a financial performance for FY 2021 that was in line with expectations as seen on slide six. I'd like to call out a few items here. A particular highlight of our financials was our strong cash flow. Our net operating cash flow was AUD 293 million, generating circa AUD 139 million of free cash flow assisting capital management. This strong cash flow position, together with the proceeds received from the PEXA IPO, have substantially strengthened our balance sheet. As at June 30th, our leverage had reduced to 1.8 times EBITDA, which is below our guidance leverage range of two to three times and has allowed us to consider a range of capital management initiatives. We have also significantly reduced our net debt from AUD 750 million in FY 2020 to AUD 455 million in FY 2021. In terms of statutory NPAT, we recorded AUD 163 million loss, which was predominantly due to a non-cash impairment charge of AUD 183 million in the BCM business, which Andrew will talk to shortly in more detail. As we have flagged before, the BCM business has suffered deeply from the impacts of COVID-19, especially in Ireland and in the U.K. I'm also pleased to advise that earlier today, the board announced a fully frank final dividend of AUD 0.055, taking the total dividend for FY 2021 to AUD 0.10 per share, or circa AUD 54 million. We also announced an on-market share buyback of up to AUD 150 million, representing just over 5% of our issued capital at today's price. Building a more sustainable future and being a responsible business and effectively managing the environmental, social, and governance aspects is just as important to us as our financial performance. I'm pleased to advise, as outlined on slide seven, that we have progressed well in this area in FY 2021. We have broadly aligned our strategy to the terms of the Paris Agreement and have set and published short, medium, and long-term net zero carbon emission target by FY 2030. We have also issued our first combined modern slavery statement for Australia and the U.K. and increased awareness on this important topic across our organization. We are proud of the diversity of our people and the richness that it brings in perspectives and experience. We are targeting a 40/40/20 gender equity balance across the Group, which we have pleasingly achieved at most levels in the organization. We have also been advised that the Australian Council of Superannuation Investors assessed Link Group at a leading level of ESG reporting following their annual review of the ASX 200 for the period of 31st March 2021, which represents a great outcome for us and an improvement from previous years. Turning to slide eight, one of the key differentiators of Link Group is that we have a global and diverse client base across multiple asset classes. With over 6,000 clients globally and an average client relationship of over 10 years, we help connect some 70 million people across the world with their financial assets across pensions, equities, unlisted companies and investment funds, debt, and property. Importantly, our contract-based revenue model has seen us deliver levels of recurring revenue of 85% this year, which was slightly up from 83% in FY 2020. These high level of recurring revenues, as well as the geographic and sector diversification of our client base, provides a degree of resilience and a solid foundation to deliver consistent shareholder returns. The strength of our relationships, dedication of our people, and our modern technology platforms have enabled us to become a market leader across Australia, New Zealand, India, and Europe. Some interesting stats on our group on Slide nine speak to the scale and scope of our operations and market presence. We service about 35% of all superannuation accounts in Australia, provide share registry services for over a third of the ASX 300 and FTSE 250, and have taken to market approximately a quarter of all IPOs in Australia and the U.K. in FY 2021, including eight of the ten largest IPOs in Australia. Our leadership position in these core markets are due to the strong combination of the expertise of our people, their commitment, alongside our technology-led solutions. Our technology is robust, scalable, and importantly, secure. Referring to Slide 10, our investment in this area with over 1,000 technologists and an investment of over AUD 250 million annually in building and maintaining technology ecosystems is why we are able to offer a level of scalability and industrial robustness that is market leading, underpinned by the security of our ISO 27001 certification. Ultimately, our technology platforms simplify the connectivity between financial market participants and enhances the engagement experience for our clients and their customers. This focus on technology has also led to us consistently winning several awards over the past few years, including our most recent award this year for Digital Platform of the Year for our virtual meeting technology. The development of our proprietary virtual meeting technology is a great example of how we can rapidly develop and deploy technology to support and solve an immediate real-time gap for our clients. With COVID-19 making in-person meetings for shareholders or members nearly impossible, our technology has enabled organizations to hold virtual or hybrid meetings to safely engage and interact with their investors, members, and other stakeholders. As a result, we have facilitated over 2,000 virtual and hybrid meetings in FY 2021, a very significant increase from last year. I now hand over to Andrew to take us through the financial summary. Thanks, Vivek, and good morning, everyone. As Vivek highlighted earlier, as expected, FY 2021 has been a year of consolidation for the business. Importantly, we've delivered on key priorities over the last 12 months, including re-signing the last of our largest RSS clients to long-term contracts, delivering on global transformation benefits, and successfully guiding the IPO of PEXA together with our fellow shareholders and the PEXA team. Together with a very pleasing cash flow result, it's enabled us to provide benefits to our shareholders through the capital management initiatives we've announced today. I'll now turn to the detailed financial performance for the year. As Vivek mentioned earlier, our results for the year shown on slide 12 were in line with expectations. Looking ahead to FY 2022, we expect operating EBIT to be broadly in line with FY 2021, with the first half of 2022 similar to the second half of 2021, with growth resuming in the second half. Vivek will cover the outlook in more detail later. Group revenue was AUD 1.16 billion, which was down 6% on the prior year. Recurring revenue remained resilient at 85% of total revenue, up from 83% in the previous year. Once we normalize for PYS, ERS, and the sale of our South African business in November last year, total recurring revenue was only down by AUD 23 million or 2%, which was mostly due to the BCM business. From a cost perspective, it was pleasing to see our operating costs decline by 4% over the year. This reflects the in-year benefits from the global transformation program and other COVID-19 related reductions, partly offset by rebasing of our staff costs. As mentioned at the half year, this rebasing included reinstatement of bonus provisions and a normalization of annual leave balances. At the operating NPAT line, we've reported earnings of AUD 113.2 million, which includes an equity account of contribution from PEXA of AUD 32.7 million. Vivek will talk to PEXA's contribution in more detail later. Our statutory NPAT loss of AUD 162.7 million included a non-cash impairment charge of AUD 182.8 million in respect to the BCM business. This business is the one that continues to be most impacted by the COVID-19 pandemic and its effect on the new business pipeline. The impairment charge reflects a reduced five year DCF forecast compared to the prior year. On slide 13, we've set out some of the key drivers of the revenue result for the year. As mentioned, once the one-off impacts for PYS, ERS, and the sale of our South African business are excluded, the largest factors behind the decline in the top line was in our BCM business. This business needs to add new portfolios each year to replace the run-off profile of existing books. Unfortunately, there have been next to no new NPL portfolios come to market in the last year. In RSS, we saw strong member growth leading to positive underlying growth in recurring revenue once the impact of PYS, ERS is removed. Non-recurring revenue was down on elevated levels in FY 2020, reflecting a reduced volume of regulatory change activity. Corporate Markets was resilient with a flat revenue performance once margin income and South Africa are removed. This business added new clients across its various jurisdictions and responded quickly to demand for virtual meetings and other value-added services. Turning now to costs and global transformation on slide 14. Over the last year, we've delivered a further AUD 23 million of in-year cost savings from this important program. As at the end of June 2021, the annualized benefits from this program amount to AUD 42.5 million. Well on its way to our AUD 75 million gross savings target by June 2022. Our Mumbai hub now houses nearly 700 Link Group staff, with a further 140 staff confirmed to join us in the next few months. We expect this to grow to around 1,200 staff by June next year. Global transformation has also seen the further rollout of workflow and automation software across the business and good progress made on vendor and premises consolidation. We have insourced more than 100 technology roles with a material improvement in service levels, as well as significant cost savings achieved. We also exited two premises and reduced our footprint in a further three properties as we plan for a flexible working future. As the bridge at the top of the slide illustrates, we've also seen a rebasing of our staff costs as we reinstated bonus provisions, provided staff with a special equity grant, and annual leave balances normalized. This was partly offset by savings from temporary salary reductions, which benefited the first half of FY 2021. Other cost savings achieved in the year comprise COVID-19 related reductions in office expenses, travel and entertainment, and lower levels of doubtful debts and claims. Our cash flow performance for the year, shown on slide 15, was a real highlight and one I'm very proud of. Operating cash flows of AUD 293 million represented a cash conversion of 114%, which was up from the prior year of 108%. This reflects a very strong working capital performance across the business. Our debt collections performance was again very pleasing, with debtor days reduced from 29 days a year ago to 23 days at 30 June 2021. Cash impact of significant items, tax and CapEx were all lower than the prior year, which helped our free cash flow increase by 165% to AUD 139 million for the year. This was an excellent outcome that, together with the PEXA returns, assisted in a substantial reduction in net debt, thereby providing us with the capacity to announce the capital management initiatives that I highlighted earlier. Net debt at 30 June was AUD 455 million, with our leverage ratio of 1.8 times below our guidance and a better outcome than we expected at the time of the PEXA IPO announcement. Looking now at each of our four business units in turn, starting with our largest business, Retirement and Superannuation Solutions, or RSS, on slide 16. RSS reported revenue of AUD 507 million, which was down 4.3% on the prior year, largely due to lower non-recurring revenue, reflecting a more typical level of fee-for-service-related regulatory change activity. Recurring revenue was down just AUD 4.5 million, or 1%, on the prior year. However, once adjusted for the one-off impact of PYS/ERS, it was up by AUD 4.9 million. This underlying growth reflects continuing growth in member numbers, as shown in the graph at the bottom left of the slide. Notwithstanding the impact of PYS and ERS regulatory change programs, actual member numbers for RSS in Australia have remained at 8.4 million for the last three years. This resilient performance illustrates the strength of the underlying member growth we've seen over this period, with the last 12 months showing an increase in the growth rate to 6.5%. Operating EBIT for RSS remained flat at AUD 96 million compared to the prior year, reflecting the benefits of global transformation and other cost savings, which helped offset the lower revenue performance. Looking ahead, in Australia, RSS expects to see member number growth as industry funds continue to grow organically and is well-positioned to benefit from fund consolidation activity. In the U.K., RSS reported revenue of AUD 5.4 million, up from AUD 1.9 million in the previous part year. RSS now administers more than 800,000 members through the Smart Pension Master Trust and is set to benefit from the continuing shift from DB to DC in the U.K. market. Turning now to Corporate Markets and slide 17. As mentioned previously, this business is our most diverse in terms of its geographic presence, with around 56% of its revenue coming from outside Australia and New Zealand. While headline revenue declined by 5.7% to AUD 364.9 million, once the sale of South Africa and margin income are excluded, the revenue performance was flat for the year. In ANZ, Corporate Markets increased its revenue by 1.1% to AUD 160.7 million, reflecting growth in shareholder numbers across the client base, coupled with increased demand for virtual and hybrid meeting services. This was partly offset by price competition on renewals and lower levels of non-recurring revenue. Elsewhere in Asia, we saw double-digit growth in both Hong Kong and India, where we see significant future growth opportunities. Outside of ANZ, our revenue was negatively impacted by the sale of South Africa and the significant reduction in margin income, as illustrated by the graph at the bottom left of the slide. Margin income has now declined by AUD 17.4 million since FY 2019, and with all-time low interest rates expected to continue for some time, no recovery is expected in the short term. Elsewhere, in Germany and Ireland, we saw double-digit revenue growth from new meeting services and corporate actions activity. Operating EBIT for Corporate Markets declined by AUD 17.7 million- AUD 54.2 million, largely reflecting the flow-through impact of lower margin income and the loss of South African earnings from November last year. I'll finish with slide 18 on Fund Solutions and Banking and Credit Management, our two European-based businesses. Firstly, in Fund Solutions, which operates in the U.K., Ireland, Luxembourg, and Australia, we reported revenue of AUD 170.5 million, which was only slightly down by 1.5% on the prior year. AUM in Europe increased to EUR 118.8 billion, reflecting a recovery in markets over the year and new funds from LGPS and other clients, which helped offset some client exits and lower levels of new business activity compared to pre-COVID-19. In Luxembourg, we recently completed the acquisition of Casa4Funds, which will start to contribute revenue and earnings from this month. We see further opportunities to grow, both organically and by acquisition, in this huge funds market. In Australia, the Fund Solutions business grew its revenue to almost AUD 20 million, and we now service seven of the top 10 global asset managers. Operating EBIT for Fund Solutions declined by AUD 4.6 million- AUD 15.7 million, reflecting the lower revenue and increased costs, including staff costs and a higher depreciation amortization charge. Banking and Credit Management had a challenging year, with this business being mostly impacted by COVID-19. The new business pipeline of non-performing loans remains very subdued in our largest markets of Ireland, U.K., and Italy, whilst the run-off profile of existing loans contributed to revenue falling by AUD 24.6 million or 15% to AUD 141.1 million. Outside of these markets, the Netherlands mortgage origination market continued to be positive, and we saw revenue increase by 4% to AUD 19.2 million. Operating EBIT for BCM declined by AUD 18.8 million to a loss of AUD 12.1 million for the year. This reflects the significant decline in revenue, which could only be partly offset by cost reductions given the high fixed cost base of this business. I'll now hand back to Vivek to provide an update on PEXA. Thank you, Andrew. As you'll be aware, over the last 12 months, PEXA has grown to contribute a significant lift to its overall valuation. As slide 20 shows, PEXA is a high-quality business, a local homegrown success story with an established footprint in the property ecosystem here in Australia and a long runway for growth in like overseas markets. More than AUD 1.5 trillion worth of property value has now been processed on the PEXA exchange platform since inception. With circa 80% market penetration and market conditions continuing to be attractive, the business remains poised to capture a number of new growth opportunities ahead. The growth initiatives, such as the launch of a remortgage product in the U.K., PEXA Insights, and PX Ventures, are all progressing well and to plan. The IPO of PEXA on 1st July this year was an important milestone for the company and for Link Group, as it provided our shareholders with a transparent look-through value for PEXA. Following the IPO, Link Group retained 42.8% of the equity in PEXA, which, based on the IPO price, is worth approximately AUD 1.3 billion or AUD 2.40 per Link Group share. As announced by PEXA yesterday, PEXA has delivered a strong FY 2021 performance and has affirmed its prospectus guidance for FY 2022. For Link Group, PEXA contributed 29% of Link Group's FY 2021 operating NPATA, and based on FY 2022 prospectus numbers, will contribute circa AUD 25 million to the operating NPATA of Link Group in FY 2022. Now I'll turn to slide 22 and provide a summary and outlook for FY 2022 and beyond. FY 2021 has been a year of consolidation for us as we progressed on our strategy to simplify, deliver, and grow while also supporting our people, our clients, our community, and continuing to deliver for our shareholders. Today, we are a sustainable business generating strong operating cash flow with high levels of recurring revenue, supported by geographic and asset diversification. Together with solid capital and cash conversion and the positive impact of our global transformation program, it has provided our business with resilience over FY 2021, as well as the ability to return value to our shareholders of more than AUD 200 million in the form of continued dividends and a share buyback program. Our continued investment in our highly competitive technology platforms is also bringing innovation and enhanced experience to all our stakeholders. As we look ahead with slide 23, there are a number of key macro tailwinds that position us well, especially in the medium to longer term. Growth in equity and capital markets, the ongoing trend of consolidation of super funds in Australia, and the increased regulatory oversight and cost pressures across various markets continue to support the demand of our efficient and robust technology-led solutions. We're also seeing a greater uptake of our digital platforms as clients look for scalable solutions to help them remove complexity, achieve efficiency, and support exceptional customer engagement. The migration of the Hostplus Service Excellence Center and our virtual online meeting technology product is a testament to this. FY 2022 will be a year where we continue to simplify and transform our business and cement a solid foundation for future growth. We expect to see low-level single-digit revenue growth in FY 2022, building it to comparatively stronger revenue growth in FY 2023. Continued investment in our technology and our people to enhance our competitive edge, help future-proof the business, and support us in harnessing the benefits of these macro tailwinds will see operating EBIT for FY 2022 broadly in line with that of FY 2021. Our expectation is that the growth in operating EBIT will resume gradually in FY 2023 as the business realizes the increased benefits of these tailwinds and our Simplify, Deliver, and Grow strategy. We enter FY 2022 very excited about the many medium-term growth opportunities for the business shown on slide 24. The longstanding relationships we have with our large global client base provides us a distribution platform to leverage our core product and solutions into new sectors such as the unlisted space for Corporate Markets and new geographies for our RSS business. We have some nuggets in our business. Strong earnings visibility with high levels of recurring revenue, solid cash conversion and a robust balance sheet, simplified operating model for increased transparency and accountability, and a laser-like focus on the execution of our simplify, deliver, and grow strategy. These will provide us with the ability to deliver on the growth of our business, and importantly, deliver consistent returns for our shareholders. In summary, we are pleased to have delivered on our key milestones and market expectations for FY 2021, despite a very challenging year. I am confident that we have the right fundamentals in place to take us forward and deliver sustainable medium-term growth. I would also like to take this opportunity to thank each of the 7,000 members of the Link Group team across the world for their amazing contribution and dedication during what has been an extremely challenging year for all. On that note, I would like to thank you for your attendance today and open up for 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. If you're on a speaker phone, please pick up the handset to ask your question. Your first question comes from Andy Chuk with Macquarie Group. Please go ahead. Morning, Vivek and Andrew. The first question is around the recently renewed Hostplus super admin contract. Can you just provide some color around any revenue impact we should be expecting into FY 2022 from that contract? Do you want to take that answer, Andrew? Sorry, I just missed the last bit of the question. Could you just repeat that? Sure. Just regarding the Hostplus super admin contract, just any color around any revenue impact which we should expect into FY 2022, please. You would have noticed that, as we announced, we won the Hostplus Service Center business, which was incremental to the existing business we had with Hostplus. That came on board in February of this year. You'll see a full year impact of that in the 2022 year. That's worth about AUD 10 million-AUD 12 million a year. Sure. Just any other color on the existing super admin contract? Look, we're not gonna, obviously, comment on the commercial confidentialities in terms of the contract itself. Suffice to say, we're very pleased with the relationship with Host. They've renewed for another extended period, and we've won new business off the back of our performance over the last year. We're very pleased with the outcome there. I'm not gonna comment on the details. Okay, fair enough. Next question is just around CapEx expectations for FY 2022. You've previously talked to a 4%-6% of revenue range. Is that still relevant or how should we think about it? It's probably going to be in the 5%-6% range. Obviously up on 2021, which was actually below that 4%-6% range at around about 3.5%. That was coming off obviously a very high 2020. There was some cash conservation that we did obviously as part of COVID-19. I'd expect it to come back to the upper end of that 4%-6% range going forward. Fantastic. Just one quick last one on the BCM business. When are you assuming new business activities starts to recover? On the BCM business, we are probably going to see some activity come up in calendar 2022, probably towards the second half of that. Great. That's all from me, guys. Thanks a lot. Your next question comes from Kieren Chidgey with Jarden. Please go ahead. Morning, Vivek and Andrew. A couple of questions, if I could, just starting on the guidance for next year of flat EBIT. You talked about low single digit revenue growth, which would imply something in the order of AUD 25 million and based on your cost program trajectory, there also seems to be sort of another AUD 25 million that should hit the P&L next year, so AUD 50 million in total. Where is sort of the offset to that coming from? That would seem to imply around AUD 50 million of sort of other cost growth across the organization or around a bit over 5%. Is that sort of broadly what you're talking or am I missing something? Is there FX considerations that are also impacting? I'm happy to take that, Vivek. Kieren, we're not seeing cost growth as high as that. I think your revenue numbers are a little bit high. What we're seeing next year in terms of costs. A few factors. We're seeing ongoing benefits from global transformation. We are seeing some reinvestment back into the business across a number of areas. We've highlighted some of those, across obviously our staff. We had the benefit of the temporary salary reductions in the 2021 year. We're also seeing return of indexation across our staff cost base in 2022, having followed a year of no salary increases. You've also got investment in IT and data security. That's an area of ongoing investment for the business and a very important area for our clients. Some investment into some of our frontline operations and some of our regulatory and risk functions. The only other factors to call out, obviously insurance continues to be an area where we're seeing pretty significant increases year-on-year, along with the rest of the market. That's in the order of 25%-30% each year that we're seeing. Kieren, also to kind of put into perspective is that, we're also ensuring that some of those key elements that our clients value the most, which keep us competitive, but also market leading in the areas we operate on, is being properly reinvested as well as kept avant-garde. It is really important for us that as a business, we prioritize on where those investments go. Things like cybersecurity and IT security are at the forefront of our proposition. Ensuring that we can actually keep our investments there current, but also more importantly, ensure that we stay ahead of the curve is really important. The same goes for a high level of regulatory and risk and compliance, work that is happening across the sectors that we operate in. Those are the core focus areas for us, and there's a bit of reinvestment back into frontline activity. We really aim to further improve on our high levels of service that we offer to our clients. It is something that we are incredibly proud of, but we always want to keep on enhancing and have a continuous improvement mindset on that. Thanks. Just a second question on Fund Solutions. We saw the recurring revenue there down 3% in the second half, obviously, despite stronger markets. I think in your comments or Andrew's comments, client losses were mentioned. I am just wondering how significant they were and sort of how we should think about the impact there as we look into 2022. Yeah, I don't think the client losses are very significant. We have definitely seen some runoffs that happen. Also, there are some clients where even though the markets go up high, we are capped at in terms of the volume impact and the benefit that we get in terms of markets being higher. There is a combination of a mix of our portfolio that is probably impacting that, to be honest. The other thing is that, the pipeline has been slower in 2021 because of COVID. There has been not too many new funds coming to the market, so that has obviously also halted the pipeline. At the moment, we're starting to see the pipeline come back in a healthy way, and we're hoping that we start to see some conversion to that in FY 2022 onwards. All right. A final question just on RSS. It seems based on the disclosure around member numbers that the impact of PYS and early super exits is fully in the base of June. Are there any other sort of one-off or sort of non-recurring headwinds around member numbers into 2022, or should we expect a cleaner growth in member numbers more consistent with the underlying growth from here? I think it is the latter, Kieren. We do definitely expect more cleaner numbers going forward. There is still going to be a bit of reminiscence of one of the last waves of PYS and ERS flow-through, but that is quite small. We should start to see some of the member numbers start to grow, which is what the underlying numbers have been without the offsets of the one-offs that we have seen in the last two years. In addition to that, Vivek, I'd also add, Kieren, that there's a number of fund consolidational mergers that have been announced, that we will be the beneficiary of probably more in the second half of the year. Okay. Thank you. Thanks. Your next question comes from Ed Henning with CLSA. Please go ahead. Hi. Thanks for taking my questions. I've got a couple. Can we just start with D&A that was below your guidance expectations. Can you just talk about how we should think about that into 2022 as a first question? Look, I'd expect D&A next year to be roughly similar, Ed, so coming in at that sort of similar level to 2021. Okay. That's helpful. Thank you. Second one, just on the RSS business. You just mentioned before some potential contract wins coming through. If you did see a merger that you were a beneficiary of today, how long is the lead time until you start to see revenue come through and then get the full impact of the revenue? I think in the ones that have already been flagged to the market, I think we would see that come in probably the last quarter of FY 2022. The true impact will obviously come into the FY 2023 numbers. There's typically you would say a 12 month lead time. Until such time you start to see some numbers back into the P&L. That's a 12 month lead time, not from first propose, but actually confirmed, and then 12 months' time you get the full impact? That's correct. Yeah. Just on RSS, you continue to talk about the U.K. opportunity there. Can you just give us a little bit of update on how that's going, what the pipeline's looking like, and also, have you assumed any contract wins in your guidance for 2022? Yeah. Look, I think from our perspective, Ed, we definitely see the characteristics of the U.K. market very similar to Australia, probably a few years behind in terms of the way our market has behaved here. We do see some more opportunities come our way. We have obviously been working on the Smart Pension Master Trust, which has been performing really well and growing really strongly. As we flagged earlier today, that there are 800,000 members that we currently serve. We see those numbers going up on a regular basis, both through organic activity that the Master Trust does, but also through other bolt-ons that the Master Trust is looking at. We definitely see that kind of opportunity. Outside the Smart relationship, we continue to speak with potential organizations out there that we have ongoing conversations with. At this point in time, there's nothing to flag more concrete on that one. Okay. There's an increasing pipeline of activity of potential contracts, although they're not inclusively in your guidance? Yes. That is a correct assumption. Yeah. Okay. No, that's great. Then just the last one, going back to your overall guidance, maybe a little bit more divisionally if you can give it. In the 2022 year, where do you see growth coming through? I imagine RSS and BCM still see some headwinds, RSS more from just some legacy roll-off, and BCM, we know the headwinds there. Can Corporate Markets and Fund Solutions grow off the base of 2021? Absolutely. I think we definitely see some growth in Corporate Markets. Hopefully we see some growth in RSS too. Obviously, it will need to offset the one offset you speak about, Ed. For us, it is about making sure that the underlying number growth that we are talking about can actually start to be seen in the numbers from FY 2022 onwards. We probably will see a small component in FY 2022, but we should start to see some of that. I think LFS is probably on a more constant basis because there are some rollovers that we need to consider in terms of client contracts, but also in terms of, it is difficult to, at the moment, predict how quickly the pipeline will start to convert. We should start to see some increase in the second half of FY 2022, and BCM remains subdued as we have flagged already. No, that's great. Really appreciate the time. Thanks, Ed. Your next question comes from Jenny Hau with Morgan Stanley. Morning, Vivek and Andrew. My first few questions relate to the BCM. You announced an impairment of AUD 183 million. Few moving parts. I want to understand if you had any offsets from last year's Corporate Markets and EMEA impairment. Second part to this is: Is it safe to assume sustained levels of impairment in this division given that you're flagging recovery won't be seen until the second half of FY 2022? Just on BCM, we're not expecting any further impairment. We've taken the impairment based on our updated projections for the next five years, and those projections take into account what we talked about in terms of a subdued environment in the short to medium term, with some recovery, obviously, in the outer years. We're not expecting any further impairments. In fact, in our financial statements, Jenny, you'll see we've actually disclosed the headroom on all of our business units in terms of the carrying value versus the value in use, and you'll see that that's quite substantial in terms of all our other business units. Okay. Second question relates to the Casa4Funds, so your recent acquisition, wanting to understand the ballpark uplift going into the FY 2022 contribution, given that you're saying it is able to add significant scale in the Luxembourg area. Look, its annual revenue is around AUD 10 million, and earnings about AUD 1 million. That's the uplift. It's come on Board from August. Third question relates to whether or not you think Link may need to invest in better share registry costs, because been seeing a bit of news flow around miscounting of votes. Do you see Link investing more in the corporate share registry area as well on top of other divisions? I think our investment is ongoing in each of our four businesses, Jenny. I think it is suffice to say that clearly, as technology and the ecosystem around share registries change, we constantly look at those micro trends and obviously choose the products and services that we need to invest in, whether it is employee share plans, whether it is the virtual meeting technology or voting technology. These things that keep on happening, there's a constant product roadmap that the team looks at, and there's investment profile that follows that. Okay. Another question relates to now that you have a lower leverage and you're looking at capital management options as well. Is your appetite for M&A bolt-on acquisitions, has that increased? Given that last year you were thinking of the Pepper acquisition and that fell through, are you opening up to other forms of bolt-on going into FY 2022 and 2023 with the lower leverage level now? Jenny, our focus as we flagged earlier in the year and reiterated today, is on organic growth. We do have a good pipeline. There's been a lot of focus over the last 12 months on building that organic muscle, ensuring that we have more rigorous and structured pipeline management. We have implemented Salesforce across the organization, which actually helps us give visibility of the pipeline, but also look at cross BU opportunities as well that we are working towards. We've also invested in an uplift of some of that sales capability that we have in our front lines. Look, that always remains a core part of it. M&A with bolt-ons will come and they will be more opportunistic as opposed to us chasing them. If something comes on our radar that we believe is accretive and adds value, we'll look at it, but we are not going out chasing targets at this point in time. Okay. My last question circling back to BCM. Do you think strategic-wise, it makes sense for Link to retain the BCM division or do you think going forward it makes more sense to potentially look at divestment options for this division? I think we are looking at each of the divisions in terms of the strategy as we speak. In November, we will be coming to the market with the investor forum and talk about our growth plans and where those opportunities are to return the margins that we ask of our businesses. At this point in time, we have a good plan. We will continue to pursue it. There is no immediate plans or any way for us to look at a divestment option. We believe that there's a good growth opportunity for us in the BCM. We have got a great franchise. We've got some very strong blue chip clients. We believe that some of the market dynamics will turn come calendar 2022. We continue to pursue some of the other than non-NPL activity in mortgage servicing, et cetera, where we do have a good, healthy pipeline, and hopefully we can see some conversion over the next six to 12 months. Thank you. That's all the questions I have. 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 Siddharth Parameswaran with JP Morgan. Good morning, gentlemen. Just a couple questions if I can. Firstly, just the change in the guidance for 2022. I think you previously said that 2021 was going to be the bottom and 2022 was where you expected some growth. Maybe just at a high level, just what has changed in your thinking by division? Great question, Siddharth. From our perspective, one of the key things that we have said is that we have a baseline year in 2021. 2022, the growth is starting to come through in some of the revenue bits that we have flagged. There is a reinvestment that is required in our business. We talked and flagged a bit about that, which is why we have indicated to a flat EBIT performance in FY 2022. I think those important elements of cybersecurity, of more digitization and automation within our business, more service line, our front service line operations growth, but also focused around the regulatory and the risk and compliance area. There is some catch-up investment that we are focused around at this point in time. We believe that those things are really important for us to future-proof our business. Also more importantly, enhance our value proposition for our clients, and hence the FY 2022 flat. I don't know, Andrew, whether you want to add something. Yeah. Look, I mean, the only other thing to say, Siddharth, is probably the return to growth in the BCM business is probably going to take a little bit longer than what we thought six months ago. Okay. Thank you. Thank you for that color. That's quite helpful. Just maybe a couple of questions around Corporate Markets as well, if I can. Just the non-recurring revenues in that segment seemed a little soft given the buoyant markets we've had. You flagged that you've been involved in a lot of corporate actions, particularly in Australia. Just wondering if you could just give us some idea around two things. Why perhaps we're not seeing that full benefit come through, but also maybe just in terms of client wins in the U.K. or the number of clients in the U.K. If you could just talk about what's happening in that space as well. I can kick off and then Andrew can add on and give some more color. If you look at our Corporate Markets business, it's a bit of a tale of two halves. In 2021, the Australian market, as you very rightly point out, Siddharth. It actually has been the beneficiary of strong momentum in corporate actions and IPOs, and we have certainly seen that in the numbers. In the U.K. business, there was a long period of COVID impact in FY 2021. Sometimes it is difficult to remember, but it was only a couple of months ago that the U.K. came out of a four or five-month lockdown, which was really subdued in terms of market activity in the U.K. We have definitely seen a bit of a pause on corporate actions, especially in the clients that we serve. I think the top 20, 30 of the FTSE 250 has probably seen more corporate action. I think that that has not translated down into lower in the FTSE 250, where we see most of our clients reside. I think there is a bit of delayed action, and so we start to hopefully see some more action come in FY 2022 on that. The 2021 numbers reflect on what was predominantly a very severely COVID-impacted year in the U.K. Yeah, not much I would add to that, Vivek. I think, Siddharth, as Vivek said, the mix of clients in Australia compared to the U.K. is quite different. We're obviously a lot better represented at the top end of the market in Australia than we are in the U.K. That tends to be where a lot of the activity resides. Okay. Thank you for that color. Just because the second part of the question was just around the client numbers in the U.K., just checking how those are tracking. Yeah, they are tracking absolutely fine, Siddharth. I think we have kind of stemmed the outflow that we had seen probably 12 months ago. I think we are starting to see some client wins in Europe, we are also starting to hopefully see a return to sensible pricing activity as well, with some of the changes that have happened recently in the U.K. market. Okay. Thanks very much. Just a final question, just on margin income. I was just hoping to just get some thoughts on whether there's any opportunities to take some tenor in some of the funds that you're holding, just to try and boost that margin income at all. Sorry, Siddharth, could you just repeat that opportunity? Yeah, sorry. The question is just around margin income in Corporate Markets. That's fallen a lot. Just is there any opportunity just to lift the tenor of your investments and try and gain some more yields on those funds? Look, that's something that we do look at from time to time. I guess, given where we are at the moment and where rates are, even over the medium term, they're pretty low. Look, it's something that we would continue to look at. We haven't done anything to date, but it's an area of ongoing review. Okay, thanks. Your next question comes from Nigel Pittaway with Citi. Oh, good morning, Vivek, Andrew. Just first of all, can you give us any insight on how you're thinking about PEXA now? Are you sort of feeling that the 42.8% stake is a long-term holding, or at some stage, would you be looking to sort of demerge the stake? Can you give us sort of a feeling for what your thoughts are there now? Sure, Nigel. Our intent on PEXA has always been to make sure that we retain that shareholding in PEXA for the benefit of Link Group shareholders, and do it in the best post-tax way as we can. That continues to be our stand, and we will look at it on an ongoing basis to see what the best option there is to deliver on that outcome. Right. Okay. It's just wait and see for the moment, and that's about it, or? That's correct, Nigel. Yeah. Okay, fair enough. I just wanted to ask a question. Obviously, you're sort of saying you think the Woodford case in the U.K. will be hopefully resolved by the end of the year. More a question, how is this affecting the business at the moment? Are you still incurring additional costs? Is it still affecting new clients? Can you maybe make some comments as to what the resolution will hopefully bring in terms of that business moving forward? Yeah. Other than, obviously, the absolute amount, which obviously you won't talk about. Yeah. Absolutely, Nigel. Look, we are hopeful that based on the information that has already been made public by the FCA, that their intent is to have an outcome of their investigation disclosed by FY 2022, sometime in FY 2022. It is difficult to set a proper or an exact time for that. In terms of business activity, look, obviously, there are further questions that come through as part of RFPs and as part of tenders that we need to address with our current and prospective clients. We haven't seen any client losses as a result of Woodford investigations. We have been able to successfully demonstrate the checks and balances that are in place within our business to our existing clients and our prospective clients. Those conversations are ongoing, and they happen. It would be fair to say that it is part of every client discussion, given the profile of Mr. Woodford himself, but also the investigation that the FCA has been conducting. Okay. Any of the cost base in that still elevated as a result of having to deal with that issue? Not really. I don't know, Andrew, whether you wanted to comment on that. Not really, Nigel. It's fair to say it's still absorbing a lot of time. There's still a lot of management time that's involved in responding to the FCA and their investigation. It is something that, I suppose from an opportunity cost perspective, that time, once the conclusion of the FCA investigation, that time can be redirected elsewhere, which should be helpful for the business. Okay. Maybe just finally, on the buyback. Obviously, last time the company announced a buyback, I don't think there was a lot of it actually that got carried out. Can you give us any assurance that this time we will see a fair proportion of that AUD 125 million applied to buyback activity? Yeah. It is actually 150. 150, sorry. Yes. No, I think, Nigel, we're going to follow a very different pathway this time around when it comes to the buyback. There's a clear commitment from us and the board, on ensuring that we can follow through on that. Okay. Thanks very much. Thanks, Nigel. There are no further questions at this time. I'll now hand back to Mr. Bhatia for closing remarks. Thank you. I'd like to say a big thank you to everybody who has been on the call today, and also for your support during FY 2021, which as we all have described, has been a challenging and quite an unprecedented year. Thank you very much.