Good morning, ladies and gentlemen, and welcome to the Adcock Ingram year-end results. All participants are in listen only mode. There will be an opportunity to ask questions after the presentation. If you should need assistance during the call, please signal an operator by pressing star then zero. Please note that this call is being recorded. I would now like to turn the conference over to Andy Hall. Please go ahead, sir. Thank you, Danae. Good morning, ladies and gentlemen. Welcome to our webcast for our 30th June 2022 annual results. I'm gonna take you through an overview of the financial performance, which we consider to be very strong. These results can be attributed to a healthy growth in turnover. We had a favorable exchange rate supporting the margin during the year, and obviously on the top line underpinned by a huge sales, marketing, and operational effort from our people. Once I'm done, I'll hand over to Dorette, and she'll talk through the detailed financials for you. For the year under review, turnover increased by 12%, which was driven by volume growth of 6%. What we saw there was really good demand for our OTC and consumer products. We had a mix benefit of 5%, either through partnerships, innovation or new products. We did see some price deflation in both the renal segment of the hospital business as well as the ARV segment in the prescription business. When combined back into the overall group, that resulted in overall price realization of just 1.5%. We saw an improvement in the margin, gross margin to 35.1%, effectively due to the favorable sales mix and the improved exchange rate. Our operating expenditure was up by 10%. This was predominantly a result of higher variable selling and distribution expenses on the back of the higher turnover. Then we had increased investment in marketing of our flagship brands compared to the prior year. Trading profit increased by an excellent 22%. Just looking at the regulatory environment, as you know, we operate in a highly regulated environment, including price controls. The Single Exit Price adjustment for 2022 was 3.5%, and that was on the back of 3.7% in the previous year. The Pharmaceutical Task Group has engaged with the pricing committee on the Single Exit Price for next year. We've submitted a consolidated submission to the department in that regard. As you know, the quantum of the SEP adjustment that's awarded by Department of Health ultimately determines the extent to which our margins remain under pressure with the rising cost of raw materials and packaging, and at the moment, transport as well as utilities and wages. Another regulatory matter that is receiving attention at the moment, in July, SAHPRA requested supporting clinical data to substantiate the safety and efficacy of codeine in the population younger than 12 years. We are busy with our submissions in that regard. They had already received industry-wide submissions for the general population, and those were reviewed sometime this year. Just looking quickly at our business units. Our consumer division, which competes in the healthcare, personal care, and home care segments of the market. In its portfolio, it has analgesia, energy, dermatology, vitamins, minerals and supplements, shoe care and home cleaning products. This business delivered an outstanding performance during the year, reporting an increase in turnover of 23%. This included a sterling performance from Panado, which reached a landmark annual sales value in excess of ZAR 500 million. Other core brands such as EpiMax, Compral, Plush and Probiflora also all showed excellent growth. The division's innovation and marketing performance was exceptional, and trading profit ended 49% ahead of the prior year. In terms of the growth and expansion, newly acquired brands from Peppina on 1 December 2021, which are effectively personal care and healthcare brands, collectively added sales of ZAR 15 million, and then innovation within the existing portfolio added approximately another ZAR 20 million. In this regard on innovation, the team launched sugar-free variants in its Gummy Vites range. Epi-Max launched four variants of emollient washes. Gynagard has expanded its range and now includes larger pack sizes on the washes and also introduced a teen range. Plush, right at the end of the year, launched a bleach range. In June, the division concluded a commercial agreement with Karo Pharma, which has been a long-standing prescription division partner of ours, and that agreement is for the sales, marketing and distribution rights to E45 in South Africa, a very well-known dermatological brand. We expect to be selling that product in the new calendar year. Our over-the-counter division holds market leadership positions in pain, cough, colds and flu, digestive and allergy therapeutic categories, these products moving mainly through the pharmacy channel in South Africa. In Schedule I and II in pharmacy, this business has a 20% market share and about 30% by volume. Its basket of winter products, which were most negatively impacted by the COVID-19 pandemic, have shown a good recovery post the pandemic due to the increased prevalence of colds and flu. Both corporate and independent pharmacy have responded well to this team's commercial strategies. We saw an increase in turnover year-on-year of 19% with Citro-Soda, Allergex, Corenza, Alcophyllex, and Dilinct all posting double-digit ex-factory growth. The gross margin was lower than the prior year, partly due to the rate of acceleration in the cost of raw materials, utilities, and wages. We are also absorbing the full depreciation on the new ophthalmic plant at the moment into this division, as that facility is now operating commercially. As a result, trading profit in this division increased by 9% to ZAR 318 million. The very well-established Sponsors of Brave campaign continues to recognize healthcare professionals who are doing exceptional work within their communities, and community pharmacy has been recognized as playing a pivotal role in the delivery of primary health care and, of course, that being a key customer to this division. Our prescription division markets a portfolio of branded and generic medicines. They also have specialized ophthalmology equipment and surgical products and promote brands on behalf of multinational partners. The turnover in the prescription division improved by 7%, which is effectively 10.5% on a like for like basis. You will recall we transferred Epi-Max out of this division in the middle of the prior year. The performance of the business has been aided by the increase in elective surgeries and healthcare practitioner visits, consequent to the reduction in lockdown restrictions. The largest non-OTC brands in this division are Sinuleve and Adco-Zolpidem, and they both performed well in the fiscal year, showing double-digit sales growth. With effect from 1st March 2022, the division entered into a sales, marketing, and distribution agreement with Novartis, again, another long-standing partner of ours, on a well-known range of 19 ophthalmic products, and these were generating revenue in excess of ZAR 200 million per annum. In the final quarter of the financial year, the team launched Dexilant, a new chemical entity on behalf of Takeda, one of our multinational partners. It's a proton pump inhibitor, giving patients 24-hour relief of heartburn symptoms. In its first full year of sales since its launch in the prior financial year, Blitzima, which was the first rituximab biosimilar launched in South Africa, has exceeded ZAR 50 million in sales, while at the same time significantly reducing the cost of these biosimilar treatments to patients. All in all, this division grew trading profit by an exceptional 24% even after the transfer of Epi-Max to the consumer division. Our hospital division is the leading manufacturer and supplier of critical care and hospital products in South Africa. Turnover year-on-year increased by 6%, assisted by the onboarding of a portfolio of renal products from Roche Pharmaceuticals. We've seen improved demand for a number of products due to the increased number of hospital admissions and elective surgeries, and also we saw good sales from the Abbott Diagnostics rapid testing COVID test kits during the year. However, the very welcome but significant decline in COVID-19 related hospitalizations resulted in far less demand for acute renal dialysis products in this division. Trading profit here improved by 2%. Just looking at our manufacturing facilities in Clayville. The high-volume liquids, effervescent, and powders facility delivered a decent performance during the year with improved throughput. This was achieved despite regular interruptions in the municipal water supply in that part of Gauteng. The production of the first commercial batches of Allergex eye drops has been completed, and we're currently awaiting approval from SAHPRA to release that product into the market. At Wadeville, the liquids, creams, and ointments section of that plant has shown good improvement in throughput, and we intend to increase those production levels in the new financial year as we transfer products from a contract manufacturer into that facility. The low allocation by the National Department of Health in the latest ARV tender requires that the oral solid dosage part of that facility be reconfigured, and effectively, we will be doing shorter and more flexible runs of tablets and capsules in that part of the factory. The Aeroton-based critical care facility has had satisfactory throughput through the year and is still undergoing a number of regulatory improvements and infrastructure upgrades to maintain its regulatory compliance with SAHPRA and continue to meet Baxter's quality standards. Our distribution department operates in partnership with RTT, which is our outbound logistics service provider. Our focus area in distribution still remains service levels, regulatory compliance, and cost containment, especially in the current environment of ongoing fuel price hikes. We've renewed the leases of three of our coastal distribution centers in KZN, the Eastern Cape, and the Western Cape, so those have been signed up for another five years. In our ESG journey, our ongoing efforts to move towards the use of renewable energy, we've installed solar panels at our head office, which is also where our main distribution center is located in Midrand. Our distribution centers in Cape Town and Durban will also be using solar energy before the end of this calendar year. All of these initiatives were done in partnership with our respective landlords at those three sites. Solar power at our Clayville manufacturing plant is expected to be commissioned by the end of this month, and that should provide that plant with about 30% of its daytime energy usage. Our other environmental initiatives are focused on waste management and reducing the waste that we currently send to landfill. Transformation remains a key focus for the group. We achieved a level two rating in November last year. The group continues to invest in the development and upskilling of our employees. We expanded our enterprise and supplier development program this year, and we also invested more in corporate social responsibility projects than a year ago. This included providing relief to the flood victims in KZN and making a donation to the Independent Community Pharmacy Association Emergency Fund following the looting that took place there in the middle of 2021. That completes my overview for the year. I'll hand over now to Dorette for the financials. Thank you, Andy. Before I get into the details of the financial results, I would just like to mention that the results booklet as well as the annual financial statements are also available, on our website. Looking at the income statement, starting with turnover, which increased by ZAR 929 million to ZAR 8.7 billion, following the increased demand for over-the-counter and consumer healthcare products. Organic volume growth of 5.8% was achieved and mix accounted for 4.6%. Price increases in line with inflation were realized in OTC and consumer. However, when this was combined with the price deflation we've seen in the renal segment of the hospital division and the ARV segment in the prescription division, overall price realization was just 1.5%. Gross profit of just over ZAR 3 billion is 14% above the prior year, with some leverage achieved from the growth seen in sales and the gross margin improving from 34.5% - 35.1%. This was a result of a more favorable sales mix and improved currency, and both of those could offset the increases we've experienced in the production costs. Speaking of the currency, during the year, the following material foreign currencies were bought: EUR 46.5 million at an average rate of ZAR 17.51, which represent a strengthening of 7.5% compared to the prior year, which was at ZAR 18.92. We bought $77.5 million at an average rate of ZAR 15.22 representing 6.3% strengthening compared to the prior year which was at ZAR 16.25. With approximately 60% of our FEC in USD and 40% in euro our basket of all currencies decreased by approximately 6.9% compared to the prior year. At the end of the financial year, we were carrying the following open FECs. EUR 21.5 million at ZAR 17.38, and $26.2 million at ZAR 15.83, which already represent a 4% weakening over the rate we achieved during the previous year. Moving on to the operating expenses of ZAR 1.9 billion, which ended 10% higher than the prior year. The overall increase of 10% in units distributed. Higher cartage costs following several fuel price increases during the year, as well as the increased investment in marketing of our core brands contributed to the increase, as Andy also mentioned earlier. Trading profit of ZAR 1.1 billion ended almost ZAR 200 million or 21.6% above the prior year, a first for the company. Non-trading expenses of almost ZAR 60 million consist mainly of share-based expenses of ZAR 40 million, an intangible asset impairment of ZAR 11.5 million, a fair value adjustment on the long-term receivable of ZAR 4 million, and corporate activity costs of ZAR 3 million. Operating profit of just over ZAR 1 billion is 24% above the prior year. Net finance costs of ZAR 41 million include IFRS 16 lease finance costs of ZAR 28 million. Moving to the equity accounted earnings, which are from the joint ventures during the year. The joint ventures, as you know, are the one with Netcare, National Renal Care, as well as the one in India, the JV with Medreich. Their combined contribution is ZAR 10 million below that of the prior year, as the NRC results decreased by 1.6% and the results from the Indian JV dropped by 15%, the latter due to the increase in the cost of paracetamol experienced across the globe, as well as the discontinuance of a government export incentive in that country. The effective tax rate adjusted for equity accounted earnings is 29.7%, with nondeductible expenditure causing the increase over the statutory rate. Headline earnings from operations for the year increased by 21% to ZAR 812 million. This translates into headline earnings per share of 502 cents, an improvement of 24%. If we turn to the balance sheet, and I'll start at the top with the non-current assets. Under property, plant, and equipment, the depreciation charges for the year amounted to ZAR 183 million, marginally below that of the prior year, and it includes depreciation charges of ZAR 41 million on the separately disclosed right-of-use assets. Intangible assets, including goodwill, have a carrying value of ZAR 1.2 billion and comprise of generic consumer and OTC trademarks and licensing agreements, and includes the addition of another tranche of brands from Aspen for ZAR 165 million, a range of products bought for ZAR 38 million from Peppina, as well as a trademark for Adco-Hygiene. Amortization in the year amounted to ZAR 9 million. Other financial assets of ZAR 22 million are primarily the capital contribution made to the Tiger Brands Black Managers Trust, which has reduced following the fair value adjustment and as a result of options exercised during the year. In turning to current assets, inventory of ZAR 2.2 billion is stated at the lower of cost and net realizable value. The days in inventory at the end of the year are 133 days, higher than the 123 days we reported in June 2021. Inventories increased due to the higher safety inventory held to address global supply constraints and to service the increased demand for OTC and consumer healthcare products, as well as the onboarding of the Novartis Ophthalmic brands and the newly launched products. Trade accounts receivable of ZAR 1.6 billion are shown net of provisions of ZAR 34 million, and days were at 58 days at the end of the year, an improvement over the 60 days reported in June of the prior year. Government debt makes up 16% of the trade receivables, and 54% of this customer's total outstanding amount is due within 60 days or less. Cash and cash equivalents ended on a very healthy ZAR 345 million at the end of the year. Looking at the bottom of the balance sheet, the ZAR 76 million movement in the non-distributable reserve since June 2021 relates mainly to an increase in the cash flow hedge accounting reserve of ZAR 17 million, an increase in the foreign currency translation reserve, and an increase in the share-based payment reserve. The group has shareholders' funds of ZAR 5.2 billion in June. The only interest-bearing liabilities relates to leases, and that amounts to just short of ZAR 340 million. Turning to the cash flow, where cash generated from operations was exceptional at almost ZAR 1.2 billion. We paid dividends of ZAR 350 million during the year and taxes to the amount of ZAR 232 million. Investing activities of ZAR 323 million are mainly made up of an investment of ZAR 120 million into property, plant, and equipment and ZAR 210 million for the intangible assets we acquired. Financing activities of ZAR 37 million relate to the repayment of lease liabilities and the settlement of equity options. The result of the aforementioned is an increase of just short of ZAR 300 million in the cash balances. Turning to the segmental information and starting with consumer. Sales of ZAR 1.6 billion improved by 23.3% compared to the prior year, partly to the inclusion of Epi-Max for the full year compared to the six months in the prior year. On a like-for-like basis, sales still improved 14.3%. Volumes improved by 7%, with all material brands posting growth, and most notably, Panado, who benefited from the COVID-19 vaccination campaign and as Andy mentioned, reaching a landmark performance of in excess of ZAR 500 million in sales. The division achieved an average price increase of 4.7%, with mix excluding the impact of Epi-Max contributing 2.6% following the acquisition of a range of brands from Peppina, which was effective the 1st of December last year. A gross margin improvement was realized, driven by the improvement in the exchange rate as well as the favorable sales mix. Operating expenditure ended 14.7% above the comparative year on the back of marketing investments behind the big brands and the distribution of higher volumes. As a result, trading profits ended on an impressive ZAR 351 million, almost 50% ahead of the prior year of ZAR 235 million and 28.7% ahead on a like-for-like basis. Moving to the OTC business, where sales was ZAR 2.1 billion, improving by ZAR 324 million compared to the prior year. This was mainly driven by the improved volumes of 14.3% following the relaxation in the COVID-19 restrictions, which resulted in a higher demand across the division's cough and cold basket. The business benefited from an average price increase of 5.7%, while mix declined by 1.2% due to the repatriation of Abbott's brand. The gross margin was lower than the prior year, mainly due to the rate of acceleration in the cost of raw materials and utilities and wages. In addition, the factory has suffered from regular water supply interruptions during the year, which impacted the recoveries. Subsequent to year-end, we have constructed water storage tanks at the site to provide us with a five-day buffer. Operating expenses ended 20% above the prior year as marketing investments, including TV advertising, was released to support the big brands. As a result, trading profit of ZAR 318 million ended 8.8% above the prior year. Looking at prescription, where sales was ZAR 3.2 billion and ended 6.8% ahead of the prior year. On a like-for-like basis, excluding the Epi-Max transfer, sales improved by 10.1%, aided by the lower levels of lockdown and a steady increase in elective surgeries. Volumes increased by 3.3%, but price deflation in the ARV segment resulted in an overall price increase of less than 1%. Mix, excluding the removal of Epi-Max, contributed 6% to the increase, and it includes the onboarding of the 13 ophthalmology products from Novartis, effective 1st March 2022. The gross margin ended in line with the prior year, even with the removal of Epi-Max. Trading profit increased by 23.5% - ZAR 276 million. Lastly, the hospital division. Hospital turnover improved by 5.9% - ZAR 1.9 billion, driven by a change in mix which contributed 9.5%, including the onboarding of the Roche renal portfolio, as well as the rapid diagnostic test kits on behalf of Abbott Diagnostics and an infant nutrition range for the public sector from Sanulac. Selling prices were decreased in the renal business following the strengthening of the rand, as agreed with customers when prices had been increased during the previous financial year when the rand deteriorated. This resulted in an overall price deflation of 3.8% in this part of the business or in this division. Organic volumes increased by only 0.2%, as all modalities of the renal dialysis treatments declined. The gross margin ended in line with the comparative year, and trading profit improved by 1.8% to ZAR 164 million. That's all from my side. Thank you. I will hand back to Danae, and we shall deal with any questions you might have. Thank you, ma'am. Ladies and gentlemen, for those on the conference call, if you would like to ask a question, please press star and then one. If you would like to remove yourself from the queue, you can press star and then two. For participants on the webcast, please submit your questions via the text box. We'll pause a moment to see if we have any questions on the conference call. Now, at this stage, we have no questions on the conference call. Are there questions from the webcast? Thank you, Danae. I will read the question. We have a question on if we could provide more detail as to why Panado and the other core brands did so well this year. Asking if the consumers used Panado to overcome some of the symptoms of the COVID vaccine. Andy? Tanya, good morning. Yeah. I think if we look, first of all, at our marketing investment this year, you'll see it's quite a bit higher than it was in the prior year. As we came out of COVID's lockdown restrictions, we made sure that we put marketing spend behind the big brands, and we've effectively increased that number by 16%. One would expect the brands to react. In addition to that, we had much better footfall in retail and in pharmacy than we had a year ago. If our products are well merchandised and visible to the consumer, that tends to help us. Then on the Panado side, your analysis is correct. We launched a campaign around COVID-19 vaccines, because as you know, when people get these vaccines, sometimes they get symptoms, including headache and fever and the like. That campaign effectively paid off in pushing those sales of Panado to record levels. It was really a combination of those three things. The next question is from Grant Morris. Morning, Grant. Asking for clarity on a few things on the ARV contract. Firstly, wanting to know when the existing contract is ending, how much revenue in rand, how much in rand valued inventory we are typically holding, and does the ARV stock generally turn more slowly than the group average? Grant, good morning. Yeah, on that ARV contract, that contract already ended at the end of June 2022, so it effectively runs for three years from the 1st of July this year. We were doing about ZAR 400 million per annum on that previous tender. Our business on the tender, we effectively have all of the single molecule products or most of them, I should never say all. That'll reduce our revenue there to about ZAR 100 million per annum on the ARV tender. The stock does turn a little bit slower in the ARV business, and it's mainly because a lot of the stock is related to active ingredients that's purchased from the East that we have to keep there to be able to respond to any orders that we receive from government. It does turn a bit slower. At the end of the year, we were holding around about ZAR 100 million in ARV inventory across the business. Thanks, Andy. We had a question from Luyanda from Nedbank, also relating to the tender, wanting to know the impact on revenue and EBITDA. I think Andy pretty much just answered the impact on the revenue numbers. We mentioned the repurposing of Wadeville, how much CapEx will be allocated and over what timeframe this will be done. Sorry, I'm just trying to go through. Also asking if we have EBITDA margin targets for divisions. Andy. On the ARV tender, as I said, the reduction in revenue we anticipate around about ZAR 300 million per annum, maybe just higher than that, Luyanda. EBITDA, look, the ARV margin on the tenders is thin. It's in the single digits, so the profitability impact is not severe to us, although we still obviously need to make sure that we recover in the factory the production that's been lost there. That's effectively what we're looking at from a financial perspective. The repurposing of the Wadeville factory is not an expensive exercise 'cause that factory where the oral solid dosage portion of that factory was well configured for long runs of ARVs, and now effectively we're just moving to shorter runs. It makes the factory a little bit more flexible. There is some equipment that we'll need to purchase, but it's not material. I can't see the CapEx for this project running at more than about ZAR 30 million over the six-month period that we are in now. We don't have a target EBITDA margin on the consumer division. Our divisions here are measured on trading profit and return on funds employed in the main, and that's effectively how our top management in those divisions are incentivized. Hedging, as Dorette had mentioned, we hedge all our foreign denominated purchases. As soon as we have a firm order, whether it's in dollars or euro, and we have some other very small currencies, we take out an FEC at that stage that matches effectively the anticipated delivery date. Cost of raw materials, what we're currently seeing on active ingredient pricing, it's stable in hard currency terms at the moment. In fact, we've just seen paracetamol prices come down a little bit, which was a nice surprise. Where we are experiencing pressure at the moment is on packaging, particularly cans, plastics, cardboard related packaging, and some of the chemicals that go into our home care business, also seeing quite significant price increases there. Thanks, Andy. Jared from All Weather Capital had a few questions. I'm going to deal with them pretty much one by one. The first one was asking about the impairment we've taken, and I'll answer it. If you look at the financials we've published, we've taken an impairment on the Vita-Thion brand, as the sales, the future sales just doesn't support the value that we had on the balance sheet. And this is because this is really a niche kind of brand at a price point that is at the higher-end level. And we've also seen the market following the COVID pandemic, that the vitamins, minerals, and supplements are all coming down. We felt it necessary to take an impairment there. The next three questions from Jared, I'll hand over to Andy, asking for detail on the Aspen brands that we acquired, strategy to replace the ARV volumes and why we haven't done a buyback in the current period, given our cash position. Jared, good morning. On the Aspen brands acquired, Aspen identified a portfolio of generic products. These are generally prescription products, but a handful of them are also over-the-counter products that they identified as non-core for their operation in South Africa. I suspect it might have something to do with Aspen's manufacturing strategy, 'cause these are not huge brands for them. You know, potentially they do create complications in their supply chain. I'd much prefer Steven or someone there answer that question for you. What it does for us is it effectively broadens our portfolio of generic products in our prescription division, and then it adds some brands in our OTC business that allow us to operate at different price points to what we're currently operating with, particularly in digestive products. In the main in digestive products. Replacing the ARV volumes, not a simple answer, but the Wadeville factory, it's effectively two facilities. You've got a liquids, creams and ointments facility. What we're doing there is we are bringing liquids that are made by a contract manufacturer in-house, so that'll push up the volumes in the liquids part of the facility. In the tablet and capsule part of the facility, which is the other half, what we're doing is we obviously still have to continue making the single molecules of ARVs, the capsules there. We are gonna use Wadeville as a backup site for the Bangalore facility. For instance, products like Naprosyn and Panado are made mainly the tablets in Bangalore. We're gonna run batches of those products in South Africa as a backup to Bangalore. The reason being that we saw during COVID that when global supply chain problems hit and we have difficulties getting product out of the East, having a backup facility for those products would be useful in South Africa. I don't think we'll replace those ARV volumes in total, in aggregate. I think that would be optimistic. Certainly I think we can get a long way to recovering, to getting those recoveries back. Share buyback. Share buybacks. Look, over the course of this last financial year, we've had two, in our terms would be pretty significant acquisitions that we were looking at. Neither of those acquisitions materialized for different reasons. The one we in fact only called off after the close of the year-end period, after June. We were keeping some cash back, in the event that those, either of those acquisitions had materialized. Depending on how the share price reacts now, you know, going forward or where it lies, certainly we've got authority to get into the market, so shareholders have approved that. There is a potential that we start looking at a share buyback again. Morning Call from BusinessLIVE is asking if our expectations around the SEP decision, and how do we prioritize or how will we deal with the cost push in terms of our operations? Yeah. Carl, good morning. Look, on the SEP decision, it's always difficult to comment 'cause this is a decision that's made by the minister after input from the pricing committee, and the pricing committee gets comments from industry prior to the increase. The formula hasn't changed, so it's still weighted towards CPI in the country, 70%, and then 30% towards the rand/dollar and rand/euro exchange rates in equal measure. What tends to happen is, you know, wherever that number comes out, we don't tend to get the full number. We tend to get a little bit less than that. You know, we'll have to see what the decision is going into next year. Despite the 3.5% increase that we got, we, you know, were happy that we managed to push the margin up. A portion of that was fortuitous because the rand did fall in our favor during the year. In terms of, you know, controlling of costs, that's really just an ongoing operational issue at Adcock Ingram. We do try and have dual suppliers on most of our active and inactive ingredients to try and make sure that we're not limited to one source of supply for these types of products. The rest is really trying to generate efficiencies out of the cost base that we have, both in the sales and marketing area where we try and bring on that are complementary, that we can bolt in there, and improving throughput through the factory. You know, those are really the only couple of levers that we have at the moment, because so much of our costs are effectively fixed 'cause they are people costs. Richard from Avior is asking about the supply constraints following the end of the year, if it is starting to improve. If we anticipate ongoing strategic investment in inventory or are inventory levels expected to revert to normal? Yeah, Richard, I'd suggest that at the moment, our supply chain constraints are not problematic. We're getting the product we need from offshore in general from our partners. I think it's returned pretty much to normal levels. We don't get too much noise on getting product into the country. I think that's not a real issue for us at the moment. Your other question around strategic inventory levels. Look, to be honest, we make these decisions on a product by product basis. You know, if Panado is moving better than we expect and we think there are gonna be some issues on paracetamol pricing or production of paracetamol in India and China or whatever the case might be, we'll stock up in Panado. What you see is really an aggregation of what is made on an individual product basis. Overall, I can tell you that if you were asking for a comfort level, I'm always more comfortable with us holding a little bit more inventory than not enough inventory, 'cause there is nothing more annoying in a business than not being able to service an order. I don't think you're gonna see that figure necessarily reduce significantly other than a release of some of the antiretroviral inventory, that number we'd mentioned earlier on. We have two questions from Alex from Sasfin. The first is around capacity utilization at our plants and guidance on CapEx. He also would like to know the sustainability with regards to the strong volumes. Right. Alex, good morning and thank you. The capacity utilization at the Clayville facility, liquids and effervescence has improved over last year. We're running at two shifts there at the moment, so around about 70%-75% capacity. The ophthalmic plant is only really just fired up now. As I said, we've only produced one product's first commercial batches. That product, that facility is still only operating at about 20%. As we now bring new products, additional products into that facility, that certainly should improve. At the Wadeville facility, the liquids, creams and ointments plant is at 100% utilization at the moment. The additional capacity that we're bringing in there, we are just gonna add shifts to that part of the business. The tablet oral solid dosage facility there is running low at the moment. As we reconfigure there, all we're making sure that we do is service the single molecule ARV tender orders that come in from government, but there's nothing else being done there at the moment while we reconfigure. I would imagine that round about end of September, maybe October, we'll be making those other products there that I had mentioned. On the sustainability of the volumes, I guess that's an interesting one. I think it'll be difficult to sustain the Panado volumes, you know, given that a large portion of that, I think, or not a large portion, but a significant portion was probably around the COVID-19 vaccines and the like. Our view still is that, you know, we have a very broad portfolio at Adcock Ingram. It's affordable. We trade across price points, we trade across therapeutic categories, and we trade across the entire healthcare customer base, including hospitals, government, community, pharmacy, corporate pharmacy, and FMCG. I still think we've got a relatively well-positioned defensive portfolio, you know, regardless of what happens to the consumer. In other words, you know, if a consumer's having a problem with the price point of Panado, we can give them Napamol. If they're having difficulty with the price point of Solphyllex, we can give them Alcophyllex. I'm still cautious, but I'm not pessimistic about the year ahead. What I am concerned about is the headwind on the rand, you know, and what that could do to us, in the short term, given that we're running off the back of this 3.5% price increase. We had a similar question from a few of the people on the call with regards to our strategy on M&A and bolt-ons, what we looked at this past year, and in which businesses these new lines are, and if anything would be of a material nature. We have a separate strategy for each of the four divisions, you know, because we believe that we have a duty to grow each of those divisions. If we looked at it from a corporate perspective, we're still pretty focused on the personal care category in the consumer business. Whatever assets we can find in that part of the business, we think still can complement it really well. On the regulated side, you know, there things are not available often. Even this portfolio of brands we got from Aspen, these are assets that come available rarely, and they, the acquisitions there are very opportunistic. I think the best way for us to keep growing the regulated portfolio is through these multinational partnerships where we can market brands that they consider non-core or where they can't put investment behind those brands. In terms of materiality, I can tell you there's nothing big on the table at the moment. There's really nothing we see that is gonna make a significant difference to any of the divisions certainly in the next six months. We're continually on the lookout. Thank you, Andy. Those were the questions on the webcast. Danae, I don't know if you can confirm if there are any questions on the call. At this stage, there are four more questions on the conference. Danae, then, thank you. We'll close the webcast and thank everybody for dialing in and wish everyone a good day further. Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.