Thank you. Good morning, everyone, and thank you for joining us today for Vita Group's full year results announcement. I'm Maxine Horne, CEO of the Vita Group, and joining me today is Andrew Ryan, our CFO. Let's begin on slide two with the FY 2021 performance headlines. Group revenues were AUD 633.5 million, which reflects an 18% decrease year-on-year. This is mainly as a result of COVID-19 and its impact on the retail ICT channel. Pleasingly, the Artisan channel performed well, which is a testament to our strategy to focus on organic growth for a period, prior to re-engaging with our portfolio growth plans. Despite this overall drop in revenue, group EBITDA was up 1% year-on-year to AUD 50.3 million. This is a result of a positive contribution from Artisan, control over expenses, proactive COVID-19 management, and of course, the JobKeeper program. Which for the Vita Group, did exactly what it was intended to do, and that is keep our team members employed while we navigated through what was, and I will say, still is a very challenging period. Both group EBIT and NPAT were up year-on-year, with group EBIT up 8% to AUD 40.3 million, and group NPAT up 17% to AUD 26.3 million. As always, we managed our balance sheet prudently, ensuring that we are in a strong position to mitigate any potential risk that may arise from the continued impacts of COVID-19 and the overall economic uncertainty. This also provides us with flexibility to reinstate our Artisan expansion program when we feel it is appropriate to do so. I am pleased to announce that the Vita board has approved a fully franked dividend of AUD 0.024 per share, bringing the total dividend payable for the year to AUD 0.08 per share. We feel that this level of distribution is a prudent approach to managing the business during this period of ongoing uncertainty, whilst also providing a return to our shareholders. Let me take you through a quick review of our year's activities on slide three. In Artisan, we worked to accelerate Artisan's brand growth and differentiation, incorporating the standardization of our technology investments. We continued to enhance our use of business intelligence tools, which provides us with visibility as well as operational and performance insights. We optimized our portfolio, including with selected acquisitions, and we enhanced our proprietary CosMed Cloud software, benefiting both our internal and our external clients. In our ICT business, we continued to focus on consulting and supporting Telstra in meeting our customers' needs, particularly through an increased number of service transactions. We put a strong focus on expense management and productivity and continued to optimize our physical portfolio. During the period, we divested our Vita Enterprise Solutions channel and several of the Telstra Business Technology Centres, moving our remaining TBTC, which is located in Townsville, into our retail ICT channel. I'm very pleased to say that again, as well, during the period, our Sprout business attained certification to ISO 9001 quality management system and ISO 14001 environmental management system. Which is a comprehensive set of requirements with flow-on effects of improving customer satisfaction, reducing cost, improving legal compliance, and risk management, as well as environmental benefits for both Sprout and Sprout suppliers. I'm proud to say that we did all of this in an unprecedented pandemic period. Thank you to the Vita team for your commitment and dedication in what was a very challenging year. For a more detailed review of the result, I shall now hand over to Andrew to cover the financials, and then I shall come back to cover our outlook on our two main streams of businesses, Artisan Aesthetics Group and the ICT retail channel. Thanks, Maxine. Good morning, everyone. Let's go to the group income statement on slide four. The group delivered revenues of AUD 633.5 million, which was an 18% decline on prior year as a result of ongoing COVID-19 impacts on our retail ICT business. Pleasingly, this was partially offset by strong growth in the Artisan business, which was up 41%. Gross margins improved to just over 29% due to greater relative contribution to total group revenue by our high-margin Artisan business, as well as a favorable product mix in ICT, with fewer low-margin handsets in the mix. As a result, gross profit was down 13% on prior year to just over AUD 184 million. EBITDA, excluding the impact of AASB 16 leases, increased 1% to AUD 50.3 million. EBITDA was supported by tight management of costs, with underlying expenses excluding JobKeeper, down 17% on prior year. The result was further supported by just under AUD 17 million in net JobKeeper receipts in the September and March quarters. This was instrumental in retaining team members across the year and ensuring business continuity amidst ongoing economic uncertainty. EBIT was up 8% to AUD 40.3 million. Underlying EBIT was down 37% to AUD 22.7 million. This is after excluding JobKeeper benefits and a gain recognized on the sale of certain business ICT assets, both of which were offset by some one-off asset remeasurements. Net profit after tax grew 17% to AUD 26.3 million. Moving on to slide five and the income statement for our growth story in our skin health and wellness business, Artisan. The Artisan business, which was comprised of 13 Artisan-branded clinics and seven non-branded clinics at the end of the period, continued its strong performance in a period that had varying impacts from localized lockdowns. Revenues increased 41% to just over AUD 28.4 million, which included solid like-for-like growth of 21% from existing clinics, as well as growth from new clinics that were added to the network during the period. The team delivered organic revenue growth from existing clinics through programs to increase both client visits and average spend per visit. With several clinics in the portfolio now starting to mature, we are seeing a growing return on our investment and continue to see proof points that our model will be successful at scale. Gross margins were very healthy at just under 75%, benefiting from a high margin offering combined with Vita's proven skill set at consulting with clients to add value through a range of solutions. In Artisan's case, through a combination of therapies. The high margins, coupled with strong productivity, resulted in operational EBITDA, that is EBITDA excluding the impact of AASB 16 and the full allocation of corporate overheads, of AUD 1.4 million. This included AUD 1.1 million of JobKeeper receipts received in half one, but also included just under AUD 1 million of right of use asset remeasurements. This result is a significant increase from the loss in the prior year as clinics continue to mature, clients' visits increase, and operating disciplines are further embedded. Additionally, the group continued to deliver benefits from the investments made in the Artisan brand, our clinic capability, our operational infrastructure, and not to mention our proprietary cloud-based software solution, CosMed Cloud, which delivers an exceptional client experience and also ongoing improvements through business intelligence. Moving on to the ICT slide, on slide six. During the year, the ICT channel, particularly our Telstra retail stores, continued to be impacted by the disruption of COVID-19. As a result, we've continued to see ongoing impacts from local lockdowns, a reduction in foot traffic, social distancing requirements restricting in-store interactions, changes in consumer spending habits, and an increase in service-related transactions. As a result, revenues were just over AUD 604 million, which was down 20% on prior year. Although gross profit was down in overall terms, gross margins lifted slightly, driven by a change in product mix away from devices and accessories and towards connectivity, and bonus related revenue, which comes through at 100% margin. As a result, gross profit for ICT was AUD 162.1 million, down 19% on prior year. Operational EBITDA, again, that is EBITDA excluding the impact of AASB 16 and the full allocation of corporate overheads, was AUD 71.1 million, down 16% on the prior year, and was supported by JobKeeper payments of AUD 13.5 million and a AUD 2.4 million gain on sale of certain business ICT assets. The team carefully managed expenses and continued to roll out refits of our Vita-owned Telstra stores to the latest format. The sale of business ICT assets included divestment of three Telstra Business Technology Centres across the period, as well as the sale of Vita's enterprise business. This leaves only Townsville as the remaining TBTC in our portfolio, and as Maxine mentioned, this has now been rolled into our retail ICT channel. As has been the case for some time now, small business customers continue to be serviced through retail points of presence. On to the balance sheet on slide seven. The group ended the period with gross cash of AUD 38.2 million, benefiting from a strong focus on liquidity in uncertain times and the receipt of divestment proceeds and a manageable level of gross debt. This provides the group with significant capital allocation flexibility. Working capital was tightly controlled with inventory holdings and debt is low and liabilities well managed. Non-current assets increased slightly, primarily due to acquisitions in the period and an increase in assets relating to tax timing differences. Current liabilities were well down, primarily due to lower debt levels, as well as lower volumes in ICT, leading to lower payable balances. Non-current liabilities were also primarily down due to lower debt balances. Closing bank debt was AUD 7.2 million, and net cash was AUD 31 million. I'll finish up on the cash flow statement on slide eight before handing back to Maxine. Operating cash flows were AUD 46.7 million, reflecting solid conversion of profit to cash, coupled with a focus on liquidity and a measured approach to short-term liability management. Investing cash flows of AUD 10.3 million included over AUD 6 million directed towards the refit of Vita-owned Telstra stores, AUD 3.7 million in Telstra store acquisitions, AUD 1.8 million in Artisan treatment equipment, AUD 2.1 million in Artisan acquisitions, and AUD 1.4 million in ICT equipment. This was all offset by AUD 4.9 million in proceeds from sales relating to the business ICT assets. Financing cash flows were AUD 35 million, reflecting lease payments totaling AUD 17.6 million, net dividend payments of AUD 11.9 million, and net debt repayments amounting to AUD 5.6 million. Overall, these results represent a solid performance in the face of some ongoing challenges. Now to talk to the outlook for the business, I'll hand back to Maxine. Thanks, Andrew. Now let's take a look at the outlook for both channels, starting first of all, with the ICT channel on slide nine. As I'm sure many of you already know, back in February 2021, Telstra announced their intention to transition the Telstra branded network to a fully corporate-owned model. In doing so, they announced that they would not be renewing Vita's Telstra dealer agreement, which means our current master license arrangement will expire on the June 30th, 2025. Vita remains in discussions with Telstra to ensure transition arrangements are suitable for both parties, shareholders, and of course, our team members. As we work through these plans, we will continue doing what we do best, which is to manage our network of Telstra stores and lead and coach our frontline teams, so they continue consulting responsibly with our customers and provide great levels of service. All of this supports a continued value add to customers, and of course, delivers productivity improvements. It is fair to say that challenges remain in the market and the ecosystem that we operate in. Our Sprout accessory brand continues to innovate and strive for the very best standards in quality, with Sprout recently attaining certification of ISO 9001 quality management system and ISO 14001 environmental management system. I think they put that in there twice just to make me repeat it, that I mentioned earlier. Moving on to the aesthetics category and slide 10. Despite the COVID-19 restrictions and a lot of localized shutdowns that we've continued to experience, we do believe that the category remains attractive over the long term, with 10% CAGR over the next five years. We are seeing a number of different treatments and services and new modalities evolving globally. In addition, we are experiencing a greater level of community acceptance to aesthetics treatments and services, with clients wanting to look as good as they feel, and also understanding that a preventative action strategy provides the best natural-looking results, i.e., start early with little and often treatments. As a result of all of these factors, client demand is increasing. From an Australian marketplace perspective, the premium end, which is where we sit, is highly fragmented with a large number of smaller players. With likely legislative changes and margin pressures, we feel that this end of the market is likely to consolidate in the future. We also believe that there's an opportunity for us to continue to differentiate through a multidimensional approach to treating skin. High levels of client service focused on retaining clients and the delivery of results-driven outcomes. From an Artisan perspective, we will continue to develop our position at the premium end of the category. We will continue with the process of rebranding our remaining non-Artisan branded clinics to Artisan. Our investment in brand awareness benefits all clinics. We intend to optimize our clinic portfolio, which includes sweating our assets, our existing assets, through trading days and hours, number of treatment rooms, location of clinics, and their adjacency to each other, as well as targeted acquisitions. We will continue to invest in treatment technology, which will enable the multidimensional approach that I referred to earlier in treating all layers of the skin, which ultimately gives our clients a personalized treatment pathway, a better outcome, importantly, a reason to keep coming back, and ultimately drive an increase in the average spend. We are focused on building out our clinical education and training ecosystem, so all of our clinicians will have a very clear individual development plan that upskills them, ensures that they are knowledgeable in the treatments and services that Artisan provides, and they understand how to effectively undertake a consultation, and we become very confident in the Artisan standard being maintained. In conjunction to our clinical education and training ecosystem, we are also investing in operational standards, client and team safety, along with governance and risk frameworks. Overall, the business is supported by CosMed Cloud, our proprietary software, which provides a transparency across all of our clinics, enabling us to draw business insights and make educated decisions for the future. With Artisan being 100% company-owned, we can measure, monitor, and recognize good performance across the network in a standardized way, which leads to benchmarking and the ability to address variances to KPIs and targets very quickly and effectively. Ultimately, this is what drives improved client experience and, of course, increases our profit. Having said all of the above, everything that we do in Artisan is aimed at attracting, developing, and retaining clinical talent who will provide exceptional clinical outcomes and achieve our brand promise, which for Artisan, is to master the artistry of you. To summarize on slide 12, despite the current difficult trading conditions, Artisan continues to build on its premium positioning in the marketplace with a view to delivering long-term value creation. In ICT, our discussions around ownership continue with Telstra. Putting that aside, I remind you that we have a contract that continues to June 30th, 2025 and a very well-run channel that continues to deliver profit and cash flow, albeit these are reduced due to the known challenging conditions. Lastly, we have a strong balance sheet that provides us with the flexibility during COVID-19, positioning us well for investment in our long-term growth channel, Artisan. Before I finish up today, I would like to, as I always do, acknowledge the commitment and dedication of the team members of Vita. Without them, we would not be able to do what we do. They are a daily inspiration to me, and I, for one, am extremely proud of each and every one of them and of their achievements, both personally and professionally. To everyone across the Vita Group, I say a huge thank you. With that, we will open 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 speakerphone, please pick up the handset to ask your question. Your first question comes from Ron Shamgar from TAMIM Asset Management. Please go ahead. Hi, Maxine. How are you doing? Hey, Ron. How are you? Hey, good, thanks. How are you doing? Yeah, I guess, the main question is obviously on the ICT division and the sale to Telstra. I know you can't comment too much on negotiations, but maybe if we look at the divisional earnings, it came in at AUD 71 million of EBITDA, and I think AUD 13.5 million was JobKeeper. Then obviously you've got the overheads for the group, and we're not sure exactly how much is attributed to that. Would the JobKeeper, as part of the EBITDA, would be included as sort of an earnings number to determine the multiple for the sale? Would Telstra want to exclude that JobKeeper number from that? Just give us an indication, maybe. I think your first sentence was correct, Ron. We really can't comment on any discussions that we're currently having with Telstra. Yeah, okay. Can you give us an indication of maybe of sort of a timeframe? It's been quite a while since February. It seems like they've pretty much completed acquiring all the individual franchisees. What I can say is that normally, in the past when we've historically negotiated our master agreement, negotiations traditionally have taken about 18 months. We feel that they're moving along at speed. I don't really have an answer as to when they will be completed. Okay. In terms of the skin clinics, they kind of just sort of turned breakeven-ish. As you continue growing the top line, should we expect the EBITDA margins to expand and EBITDA to grow? Are you sort of looking to potentially dip back into losses? No. Obviously, it's our plan to continue to grow the business, and that's why we've focused on organic growth, because there's no point. You can have a strategy of acquisition, but if you're not providing organic growth even to your acquisitions, what's the point, really? It is absolutely our intention to grow the profit of that channel. At a four-wall, which excludes our corporate allocation, you're correct, it's at breakeven, which in a year, we've turned that business around during, which has been quite a challenging year. We're very pleased about the trajectory of that business. We've still got quite a way to go, but absolutely an intention is not to go backwards. Yep. Okay. All right. Thank you. Thank you. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We will now pause for any further questions to come through. Thank you. Your next question comes from Warren Jeffries from Canaccord Genuity. Please go ahead. Morning, guys. How are you? Good, thanks, Warren. How's yourself? Not too bad. I think just on the back of Ron's question, anything Telstra is going to consider in you guys with regards to the earnings base, it's got to be maintainable. It's never going to be COVID. You're never going to have to suffer the impacts of COVID. To that extent, I guess JobKeeper forms part of what you would think is your base case number going forward. Unfortunately, Warren, my answer's the same. I really can't quote on anything. No, not specifics, but I think it would be reasonable to assume that you're only going to deal on what's realistically maintainable earnings, not if for whatever reason your store shut down for a year For a further catastrophe to COVID, you're going to get something for it, not nothing. That's what I'm trying to say. I think that's what Ron's asking as well. It would be reasonable to expect not to be penalized during what has been a challenging period. Yes. Yeah. It would be reasonable. Good one. Have you guys got some sort of idealistic timeline yourselves? They're hanging onto it till 2025, I think is a bit of an ask. Yeah, look, we have said before that it's in the interest of both parties- Yeah to have a speedy negotiation. Yes, absolutely. We are still in agreement with that. Yep. All right. Good one. Thank you. Your next question comes from Michael Kent from EL&C Baillieu. Please go ahead. Hi, good morning. I'm also a shareholder, and I'm conscious of the big franking credit balance that the company has. I'm looking ahead, beyond the Telstra transaction, whenever it happens, and wondering whether the board's got any thoughts or had a serious think about how they might distribute those franking credits that belong to shareholders. Yes, as a board, we are considering all the potential options that are available. I will say potential. I think just our track record in rewarding shareholders, even if I look at the cents per share that we've allocated this year, we are all fairly cognizant of making sure that we look after our shareholders. Have we made a final decision? No, not at this moment in time, because really it is still looking into the future, and that is not determined as yet. Okay. Thank you. All options would be on the table, presumably, like, a special dividend, off-market buybacks. How much capital do you think you need to retain for the Artisan business and, that would seem to imply quite a large amount of capital that could be distributed to shareholders if a transaction with Telstra eventuates? Yes. Those options are available to us, yes. Yep. We're considering all of those options. Okay. Thank you. I know you can't say very much, but, as a shareholder, I'm just keen that the message be heard loud and clear that you've got AUD 75 million in franking credits- Yeah which is a huge asset that belongs to shareholders. I'm with you there, Michael. Okay. Thanks. Thank you. Thank you. Once again, we'll pause for any further questions to come through. Thank you. There are no further questions at this time. I'll now hand back to Ms. Maxine Horne for closing remarks. Thank you. Well, we've had the least amount of questions today, and I do apologize for us not being able to provide more information, but hopefully you can all appreciate the reasons why. I do want to thank you for joining us on the call today to hear about our full-year results. Again, a big shout-out to the team members at Vita who have done an extraordinary job throughout the whole year, managing all of the shutdowns, managing our COVID-19 management plans, having to deal with very frustrated customers in the Telstra stores. As I said before, I'm in awe of them, and they are an absolute daily inspiration to me. Thank you, guys.
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