Good afternoon, ladies and gentlemen. Welcome to the Avation full year results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time just using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions at any time and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today, and we'll publish those where it's appropriate to do so. Before we begin, we'd like to submit the following poll, and I'm sure the company will be most grateful for your participation, and I'd now like to hand over in the first instance to Group General Counsel, Duncan Scott. Good afternoon. Thanks, and good afternoon to everyone. Today, on twenty-sixth September, Avation published its unaudited financial results for the year ending thirtieth of June, twenty twenty-four. A copy of our results announcement is available on our website at www.avation.net. This conference call is being webcast and recorded, and the webcast will be available for replay on our website. Please note that certain statements in this conference call, including answers to your questions, are forward-looking statements, including without limitation, statements regarding our future operations and performance, revenues, operating expenses, other income and expense items. These statements and any projection as to the company's future performance, represent management's estimates of future results and speak only as of today, twenty-sixth September, twenty twenty-four. These estimates involve risks and uncertainties that could cause actual results to differ materially from expectations. Further information on the factors and risks that may affect Avation's business are included in Avation's regulatory announcements, including its annual report and unaudited results announcements. Avation assumes no obligation to update any forward-looking statements or information in light of new information or future events. Unauthorized recording of this conference call is not permitted. I will now hand over to Executive Chairman, Jeff Chatfield. Thank you, Duncan. Thank you, shareholders, once again for joining the results presentation, which was published today. Clearly, it's a very strong and positive result. If you look at the results forecast, the results outcome was very strong. The net profit, remember that there's a million a month in IFRS 9 non-cash amortization going through that. So in reality, it's an extremely strong profit for shareholders. Talking about the company as it is now, the snapshot at thirtieth of June, we had 34 aircraft, 16 customers all over the world. We have 14 countries. We have a split of all types of aircraft, wide-body, narrow-body, turboprop. We have 7.3 years weighted average aircraft age, 4.1 year weighted average remaining lease term, $1.1 billion in total asset value as of 30 June, and we have $406 million in unearned contracted receivables, which excludes maintenance reserves, net maintenance reserves, which are disclosed in the results announcement. In terms of the aircraft portfolio, we have 15 ATR 72-600s. We have six A321-200s, a couple of wide-body aircraft, so we're well diversified. Investors generally ask about our order book and our purchase rights. We have 12 ATR 72s on order, so the next two obviously will be delivered this year, and they've been effectively pre-sold. The next one for delivery is at the end of next year, so it's actually quite a long way away. And when we talk about the order book and the purchase rights, it's a ten-year program. It's not an instant thing. You know, these come in in two and three years, so it's sort of the ordinary course of business to place them. It is fairly slow. It is a ten-year program. It's more or less because the company generates cash, it's more or less self-funding in a way, depending on how we trade them. But it's a slow growth program. But where it gets us to is, you know, on the face of it, double the size of the company over ten years, which is an interesting situation to be in. If you look at a bit more detail, as I said, we're you know, they're all over the world. At the moment, there's nothing in the United States and in theory, the ATR are making an effort to enter the United States market, because clearly the US regional market is number of aircraft available is shrinking because nothing's being made, and ATR is the only sort of viable option for some of the regional travel. So we would expect in the years to come, that the ATR will enter the market, and I think they've just appointed a sales director for that region. Otherwise, our current fleet is spread all over the place. We've got a mixture of credits, which is good. Diversification in this business is really good, and we're very pleased with the performance of our clients and what's, you know, the recovery from COVID and the growth in the market. In terms of the results, I'll now hand over to Ian, to run through the results. Good afternoon, everybody. So turning to the results, revenue was consistent in 2024 at $92.4 million. While total income was down by about $4 million, primarily due to lower foreign currency exchange gains and lower distributions received from Virgin Australia's administration in 2024. Profit before tax of $30 million includes an unrealized gain of $46.9 million on the company's ATR aircraft purchase rights. The company now holds 24 purchase rights, having been granted an additional six after exercising 10 purchase rights during the year. All of these purchase rights have now been extended to allow for exercise and delivery of aircraft up to June 2034. Net debt is down by nearly $80 million in the year, as the company has deployed surplus cash flows in order to reduce leverage. Debt repaid in the year includes the repurchase of $80 million, face value of unsecured notes in 2026, which were repurchased at an average price of 85.6 cents on the dollar. Moving to the highlights. The company sold 2 older ATR turboprop aircraft during the year and placed its remaining off-lease aircraft with PNG Air on a 6-year lease. Following these transactions, the fleet is 100% utilized. The company also transitioned a 12-year-old A320 to Cebu Pacific, an existing customer airline. Following the exercise of 10 ATR purchase rights, the company's order book stands at a total of 12 aircraft. The first 2 deliveries have been pre-sold to an airline in the Caribbean at a profit, in a transaction that is expected to release around $10 million in cash. Some of this cash will be put to work immediately to fund pre-delivery installment payments on the 10 aircraft, which are scheduled to be delivered between Q4 of 2025 and Q2 of 2028. The first of this series of aircraft has been placed with a Japanese airline, subject to finalization of a lease agreement. Moving to debt analysis. As noted earlier, debt has been reduced substantially during the year. The weighted average cost of debt has increased slightly to 6.4%, as repayments are mostly directed towards secured loans, which have a lower cost than the company's unsecured notes. Unsecured notes at face value now represent around 47% of Avation's total debt. Five older aircraft were refinanced during the year with a new $30 million loan facility. While the weighted average cost of secured debt has increased during the year, the company notes that U.S. interest rates now seem set to fall following the recent U.S. Federal Open Market Committee decision to reduce short-term interest rates by 50 basis points, with further reductions expected in the coming year. Looking at key ratios, we see that net asset value per share has increased by 5.2% to $3.62. Lease yield has improved as all aircraft are now on lease and should further improve to around 11% in the 2025 fiscal year, based on current lease rates. Credit ratios have continued to improve, with net debt to EBITDA, which peaked at 12.6 times at the height of the COVID pandemic in 2021, now reduced to 7.3 times. Cash overheads, including legal and professional fees, have been controlled and only increased marginally by 3.1% to $10.3 million in the year. This figure excludes non-cash expenses booked for employee share warrant grants. On the liquidity update, the company has managed liquidity carefully while reducing leverage and ended the year with $23.6 million in unrestricted cash. Finance lease receivables at year-end includes around $27 million, representing two aircraft, which were sold to the lessee in August following the exercise of purchase options. After repayment of $80 million in associated debt and termination of interest rate swaps, net proceeds to Avation were around $10 million. Improved collections of trade receivables, representing arrears of rent, which built up during the COVID pandemic, contributed to improved operating cash flow in the year. Total receivables have been reduced by over $20 million during the 2024 fiscal year. Avation now has five unencumbered aircraft, which have a combined book value of over $150 million as at 30th of June 2024, and of course, unencumbered aircraft may be refinanced to release cash in the future. Looking at the liability structure, scheduled loan repayments during the 2025 fiscal year amount to around $50 million. These repayments will be funded entirely by contractual rent receipts. There are no loans expiring in the current financial year. Scheduled repayments during 2026 include around $32 million of balloon payments, which the company expects to refinance or roll over at similar levels. As secured loans continue to amortize aggressively, we expect leverage ratios to improve between now and October twenty twenty-six, when the company's unsecured notes mature. Avation will continue to seek opportunities to further reduce the outstanding unsecured notes balance, using on-market purchases at favorable pricing prior to the notes maturity date. I'll now hand you back to Jeff Chatfield, who will take you through the market outlook and strategy. Thank you, Ian. If you wanna ask any financial questions, you can. There's a mechanism in the screen for doing so. In terms of market and strategy, clearly, the aviation market globally is returning to its normal growth pattern. So, there are obviously a shortage of aircraft. The manufacturers are struggling to keep up with demand for various reasons, and traffic is increasing, so therefore, aircraft are becoming fuller if you're buying a ticket. In terms of our business and the environment, interest rates are going down, which is a good thing if we finance stuff, because clearly we become more profitable. Oil price is a good thing for the airlines themselves, because it enables them to increase their yields. So the market backdrop is good, especially for those companies with order books. So in twenty twenty-five, what are we doing? We're managing our liquidity and rent collection. We're continuing to reduce leverage and manage our ratios. We have, as I said, you know, we've got a ten-year program for ATR and, you know, the next delivery of an unplaced ATR is at the end of next year. So, you know, we'll start to see a process to place those. We'll seek opportunities if they come about for prudent growth, because, you know, investors and the company, you know, needs organic growth. In terms of the longer term, clearly there's a lot of government action around CO2 and carbon, and probably the most advanced fuel efficiency and ready for sustainable aviation fuel aircraft is the ATR, and they're aiming for 100% SAF compatibility by 2025. They say that they'll be ahead of all other aircraft manufacturers. All of our future deliveries will be of the latest technology, which is great. We're also looking at narrow body opportunities because clearly, there are plenty of narrow body opportunities in the world at the moment. In conclusion, the fleet's fully utilized. The leverage has been reduced. There's 10 ATR aircraft out as of the order book. There's purchase rights for further 24. We're positioned for sustainable organic growth. You know, it's a very strong profit result today, bearing in mind that $1 million a month is non-cash IFRS 9 amortization. Pleased to answer any questions you have, if you like. That's great, Jeff. Thank you very much indeed for your presentation and for updating the investor relationship. I'm pleased to continue to submit your questions just using the Q&A tab situated on the right-hand corner of the screen. But just while Jeff and the team take a few moments to review your questions submitted already, I'd just like to remind you, the recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor meeting company dashboard. Jeff, if I may hand back to you. You've had a number of questions from investors throughout today's presentation, along with a number that were pre-submitted, so thank you to everybody for your engagement. Jeff, if I may hand back to you to take us through today's Q&A. Thank you so much. I will share the questions around, probably. The first question we had is: Is the company considering a management buyout? I can say, not at this stage. Second question was: Are you seeing any significant increased changes to utilization compared to pre-pandemic? What effect has increased wear and tear had on residuals? Well, the residual values of aircraft have gone up because there's not many being made, and there's a huge backlog, so it's sort of the reverse in reality. Question three: Would we consider non-core business in the next few years? The answer is no. Question four: Do we have any financial recourse should an aircraft be delivered late, or would the ongoing relationship with ATR discourage such claims? That's a great question, and I'd like Soren to answer that. He's on mute. Yeah, I'm unmuted. Sorry. Can you repeat the question? The investor has asked, "Is there financial recourse to ATR if they're late? The answer is yes, but there are basically limitations to the penalties we can claim. Okay, thank you. The next question is: How did we overcome the typical JOLCO method for financing the JCAS Airways ATR? Duncan's the closest to this because he was there yesterday. Do you want to address that one? I think that the JOLCO structure is usually used when seeking finance from Japanese investors. This aircraft is gonna be financed in our normal way of putting in our equity and seeking commercial banks to finance the rest of the cost of the aircraft. There is a structure that's used to bring externally owned aircraft into Japan, but that is not a JOLCO structure. The next question was, "How many aircraft are financing with an option to buy? And as far as I'm aware, there's only three old ATR 72-500s." We discourage that. It's not the best thing in the world for the lessor to be giving away options. You know, we like getting options. The next question is, "Are ATR 72-600 cargo conversions for your older aircraft as they come off lease worthwhile? And is that a market you have interest in?" Soren, do you want to talk about cargo conversions? Yes. No, we've looked at a few opportunities. And in most cases, our conclusion was we wouldn't do it because the counterparty would actually be fairly weak financially. We're talking about, you know, small carriers who basically try to operate on a single operation, one aircraft. They're often undercapitalized, so there was no real sense for us to look further into cargo conversion, when we could actually place the aircraft as a passenger. Fantastic. The next question was, "Avation has shown the aircraft lease expiry schedule in our presentations. Can you provide your opinion on how many are likely to come to fruition as opposed to extensions?" So Soren, you want to do that? Yes, well, in the next 12 months, we have one aircraft to place. So the airline actually was considering very for a long time to extend the aircraft with us, but finally decided, for tax reasons, to buy another aircraft from ATR. But that aircraft now is very likely to be placed to a fairly good carrier in Europe. That's the only aircraft we have available in the next 12 months. For the aircraft coming, you know, either the new aircraft or the used aircraft that we have, we are one of the last four aircraft to place we have in the next two years, or two years and a half, is going to be extended. The other three are coming back, but we're already talking about placement of those aircraft, which, you know, shows how good the situation is. Because usually in the regional market, unlike with the main carriers, airlines trying to look at twelve months horizon. So currently, most of the airlines would be, in a normal market, be looking only at, you know, aircraft for Q1, Q2 two thousand and twenty-five. But we actually have carriers looking at twenty-six already, and that shows about, you know, the shortage of aircraft more currently. Excellent. Next one is, "Have activist shareholders provided any substandard input to improve the business yet?" Well, the one so-called activist shareholder has been quite supportive and hasn't I think, is enjoying the improvement in the underlying parts of the business. Question ten. "April, Avation announced the appointment of Director of Investor Relations. Is there sufficient full-time work to justify this additional expenditure?" Well, your answer is, we had feedback from investors that they wanted more engagement. It turned out that they may have not. So we parted ways with, for various reasons, with the Director of Investor Relations. Yeah, the money would be better spent buying back shares, I think. You know, you're right, there probably isn't a full-time job there. So going to new questions. Given the paramount importance of continuing to reduce debt, should shareholders assume that the company will not be repurchasing its shares for the future?" Well, it's a question of degree and timing. So, the company's announced that it's gonna buy shares, but it's also announced that it's gonna buy bonds. And it's also paying back a lot of debt. And so it's a ratio thing, you know, what's the appropriate ratio to satisfy all the audiences that are involved in the company? And clearly, you know, the company has been a buyer of the bonds at prices that work for the company. In size, you know, we've bought $17 million worth in the last few months. But, you know, we couldn't buy $17 million worth of shares because the share price would be very high. So it's a question of how much money you spend on both, and that's sort of a function of the markets. You know, clearly, the company's been doing well, and consider both things, and reducing debt is a good thing, but also we need to respect and look after our shareholders. The next question is the a part from the opportunistic market, it was the refinance of 2026 note. The company uses asset-backed financing, as was pointed out earlier by Ian. The debt's substantially reduced, at 57% leverage. You know, the debt is being paid off or amortized faster than the aircraft are being depreciated. So in other words, your ability to refinance through banks is quite plausible. So, you know, in twenty twenty-six, we'll look at the environment.... Do you want to add to that, Ian? He's looking at me. Yeah, I was just gonna say, I mean, it's important not to just look at the bond in isolation, you know, because we're paying down secured loans aggressively. And by the time we get to the end of 2026 fiscal year, using some reasonable assumptions, I think our leverage ratios will be much improved. So we might be looking at the net debt to EBITDA of around six, and even to interest coverage of one and a half times, at which point you'd be, you know, thinking about refinancing the whole debt stack. And the other issue that we've got is that because we're repaying the cheaper secured loans, by the time we get to the end of fiscal 2026, the unsecured would represent over 15% of our total debt, and we should probably be thinking about getting that down to closer to 30%, which would be, you know, $200 million, not $331 million that we currently have outstanding. So, yeah, I mean, we will certainly see opportunities to refinance the debt stack in an appropriate manner, as we move towards the maturity date. Next question: Can you expand a little more on the way you're thinking about the bond wall? Please, I think Ian has just done that. Next question is, "The market discount tangible net, net book value is proving sticky in spite of market rebound, solid execution, and cash and fleet management measures. Is there any strategic process considered merging with a better balance sheet into these things, the only way to crystallize value?" Well, the company is in organic growth mode and is doing the right things. It's paying down its debt, it's buying back its shares, it's buying back its bonds. It's got an organic growth profile out to for 10 years. So that's the job of the company. It's not up to us to, you know, manufacture transactions that artificially change that. The next question, I think it's the next question: With aircraft values fluctuating, how do you assess the right timing for aircraft sales? Do you foresee any major shifts in aircraft? Well, I wouldn't say fluctuate. Aircraft values are very strong because not many aircraft have been built and delivered, and everything's slow. The A320neos and the 737 MAXes obviously have engine problems. So if you're an existing airline, you probably want to keep the aircraft that you've got for the foreseeable future. So aircraft values should go up. In terms of choosing the time to sell, well, every aircraft you buy, at some point you need to sell. So it's a sort of opportunistic as well as a timing thing based on age. Has the company received any approaches for business combinations in the last 12 months? I think we announced one last year. Next one: How much cash do we need to give Airbus for planes on order in FY 2025 and 2026? Ian, do you want to take this one? Yeah. I mean, we're not supposed to disclose the exact contractual, you know, structure of our contract with. It's ATR, not Airbus. But the pre-delivery installments will be a total of somewhere between $1.5 million and $2 million per aircraft. Next question, you've sold two ATRs rather than placing them on lease. Well, that releases $10 million, which funds a lot of our order book for the next many years. So, there's an answer to your question. Next question from James: Is there any risk on slippage of ATR orders and ATR deliveries, you mean? So, Soren, you want to take this one? The short answer is yes. We expect that, you know, aircraft will be delivered late, but it's not going to be as bad as, you know, it's been in the past. So we can reasonably assume, and that's what we tell our customers that, you know, for a given delivery date, contractually, you know, we probably are going to get two or three months of delay, but nothing beyond that. The next question is. Which is a lot better than, I mean, if you ordered an Airbus A320neo or a Boeing 737 MAX, the delay might be a lot longer than that. The next question is: What are the competitive situation? I assume you may mean financing costs with other lessors. I'll give this one to Ashley, because he deals with the banks, and he saw a recent transaction in this, our cost of funds. Yeah, thanks, Jeff. I mean, we're talking with a lot of banks and, you know, they're constantly actually saying to us that there's a lot of liquidity out there because, you know, people have been paying down debt, which is expensive. So they have liquidity and funds out there. The challenge is always accessing the cheaper funds. In terms of our situation compared to other lessors, I would say that our cost of funds of senior debt is pretty competitive and pretty keen because we do have a lot of good relationship banks. So I think if you compare our senior debt to others, we're looking pretty good. Yeah, I mean, and that's why we can compete with investment-grade lessors. You know, our asset-backed borrowing is at similar rates to what an investment-grade lessor can issue a bond at. Next question is, can you explain the big working capital in FY twenty-four? Large amount of the finance lease received, was that current? What will that convert to cash? That's a question for Ian. Yeah, I think we covered this on one of the slides. So we had two aircraft on finance lease with lessee held purchase options, and the purchase options were exercisable this year. And those purchase options have been exercised, and we have, you know, received payment of around $27 million. Which is basically clearing out the current balance of finance lease receivables, and we're left with three finance lease aircraft, which are much smaller. Next question is return to shareholders and buybacks, well, we've announced our intention to buy a modest number of shares, so that's been dealt with. Next question, big tax expense, so Ian's prepared for this. The answer to the question is no. Most of the tax adjustments that were put through this year are adjustments to deferred taxation so if you look at the balance sheet liability section, I mean, the non-current deferred tax liability is $34 million, whereas the current income tax payable balance is $1.9 million so no, it's not going to lead to a downfall. So the investor's asking about FY 2025, so. Yeah. So, we need to The answer is no. The answer is no. Yeah. Next one, we talked about investment grade lessors and M&A activity. Well, I think investment grade lessors have had a lot of problems with their order books, and their attention's been taken by delays and other issues. You know, clearly, the Boeing issue is a big one, and the Airbus has been late, and so their concentration's been on other places. Looking forward, do you foresee concentrating on orders and options for the ATR age? Well, the answer is that You know, most of our, half of our book is narrow body aircraft, and they are very important to the company, and clearly, we look for growth opportunities there. Our ATR order book reads large. You know, it's, you know, lots of options, lots of orders, but it's over ten years, and so, you know, it's like two or three a year. So it's not the only thing we're doing. You know, we're also looking at narrow bodies and other things. Next one is, are lessors actually using SAF? Soren, do you want to take this one? Yes, one of our lessees is using SAF, but it seems that they're actually going backwards on it. It seems that it's the aircraft is fully capable. Actually, the ATR is the first aircraft to be fully capable to use SAF, but the many airlines actually do not have access to SAF. They're too small to get it at the right price. And it seems that the customer we have in Scandinavia is actually moving backwards on that. But not because of their own choosing, but because of the lack of support and, you know, and availability of SAF in some small regional airports, mostly. Right. The next question is, the company's floating rate debt percentage at June thirty before the impact of hedging and, Ian, do you want to address this? Yeah, we don't differentiate between fixed rate debt and hedged debt where we have an interest rate swap. I would have to go away and calculate that. That's fair, if you'd like to email me after the meeting, I can have a look at that. When you consider the NAV per shares is fully marked to market, Ian, you will we get it valued, we've got it valued in your valuations. I mean, our most of our assets are booked at fair value, so our aircraft are held at fair value on the balance sheet. Purchase rights are at fair value, deposits on aircraft are at fair value, and most of the other assets and liabilities are considered to be at fair value, as well, just by their nature. So cash, receivables, and equity investment that we hold, et cetera. So in that respect, NAV per share is considered mark to market. I mean, obviously, there's a substantial discount between NAV that we calculate based on our accounts and the share price, which is a different question, I think. Next question: If demand is so high, why are people returning aircraft? Well, they're not really. I don't know that, you know. But we've transitioned a lot of aircraft from airlines that went broke during COVID, and otherwise, when a lease expires, we place it, we transition it. We've talked about the bond. Another question about the bond. Well, it's a question about the liability structure of the company. I mean, we're constantly looking at the debt levels, the bank unsecured levels, the bank loan levels, and so that's part of the job of managing the company. The next question: Are Avation's profit is constrained by the reduction in the fleet? Share price is half the net asset value. Well, you've got multiple audiences. You need to. There's got to be a catalyst for a share price to change, and the company's got to do what it's going to do. You know, it's got to continue to perform well, it's got to continue to transact business well, and reduce its debt, and at some point, there'll be a catalyst, and shareholders will, the shares will catch up. Next one is restricted cash on the balance sheet. Restricted cash is cash attached to a particular aircraft and a particular financing, which becomes unrestricted whenever you deal in that aircraft. So the next one's challenging. It said, "The share market does not believe the NAV." I don't know whether the share market believes the NAV or not. I mean, there could be, there could be an argument that says that big shareholders think, "Well, you've got all this big order book, how are you going to fund it? You know, you're going to need more money." But what they don't think about is it's actually over a very long time. Over 10 years, you do generate a lot, a lot of money, and we have demonstrated that, you know, by selling two aircraft right now, we fund what we need to pay for, substantially in PDPs for, for quite a while. So, I don't know, it's just NAV. I think if big shareholders also consider whether you're going to call on them for another few hundred million dollars to fund your order book, and the answer is, well, it's a 10-year program. Can you explain the tax position? Another one for Ian. Yes, certainly. So as I mentioned earlier, I mean, we had to make a few adjustments to the deferred tax provisions this year, particularly in relation to our subsidiary in Luxembourg that issues the unsecured notes, where we had to change the basis of calculating deferred tax to use Luxembourg GAAP, instead of International Financial Reporting Standards. And that created, I think, a $1.8 million tax charge. Although most of that, as I mentioned, is deferred tax. And then, you know, if you look at the P&L account, you'll see that we've made a big gain on revaluing purchase rights. And we consider that, you know, won't qualify for the reduced rate of tax that we pay in Singapore under the aircraft leasing scheme. So that we deferred tax on that gain at 17%, which is, you know, the standard tax rate in Singapore. So the interplay of those various factors has created an unusually high tax charge this year, but we wouldn't expect that to be repeated in future. Next one, challenges: The company can afford to pay off its debt, buy back bonds, buy shares, and invest in growth at the same time. Well, the company this year, the company's done all those things. So, the reality is, we have done those things, and we continue to do it. You know, we do have an ace in our pocket, in the sense that, we disclose in our results, if you get that far, read them, and about page seven. You know, the company has a surplus of about $163 million in cash, that doesn't appear on the balance sheet, which is excess maintenance reserves which are in excess of any potential maintenance claims during the current lease terms. So, you know, there is... Like, the company is able to generate plenty of money to manage all those things within reason. You know, it can't go and buy $20 million worth of shares tomorrow, but it can certainly buy a few. Next one is: Would you expect a major restructuring of debt, issue off the table? You know, I assume you're talking about the bond again. Well, I think we've addressed that. What was the $6 million impairment in the second half results? That was mostly related to the two wide-body aircraft, where the value that we use for residual value in the leasing company value calculation is based on a broker assessment. And the brokers marked down their assessed residual values for the two wide-body aircraft in here. The next one talks about, are you saying we need to wait ten years? No, I don't think we need to wait ten years. So I think that is all of the questions. That's great. That's indeed correct. Jeff, thank you to everybody for your engagement, for your submitting your questions, and Jeff and the team, thank you very much indeed. You've answered actually every question that's come through, so thank you once again. Jeff, Ian, and the entire team, I know investor feedback will be particularly important to you all. I'll shortly redirect to the investors on the call to provide you with their thoughts and expectations, but before doing so, Jeff, if I may, just ask you for a couple of closing comments. Look, I mean, thank you for your support and patience since COVID. Clearly, it's been a recovery journey. This, this is a very good result given we're, you know. That profit is reduced by an unusual tax gain, which is a deferred tax, which we'll probably never ever pay anyway, and reduced by about a million a month in amortization. So it's actually, fundamentally quite a good result. Thank you for your support. We, you know, we've had a lot of dialogue with, and feedback from, from shareholders and and bondholders as well. And thank you for your support, and we'll keep organically moving forward. Thank you very much. That's great, Jeff, and to the team from Avation, thank you for your time this afternoon. Could I please ask investors not to close this session, as we'll now automatically redirect you for the opportunity to provide your feedback, in order that the company can better understand your views and expectations? This will only take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team of Avation PLC, I'd like to thank you for attending today's presentation, and good afternoon to you all.